LONDON PACIFIC LIFE & ANNUITY COMPANY
LPLA SEPARATE ACCOUNT ONE
LPT VARIABLE INSURANCE SERIES TRUST -
STRONG INTERNATIONAL STOCK PORTFOLIO
Supplement dated June 1, 1998 to
Prospectuses dated May 1, 1998
The following information supplements the information in the attached
prospectuses:
Effective as of the date of this Supplement, the Sub-Advisory Agreement dated
July 24, 1995, among Strong Capital Management, Inc., LPIMC Insurance Marketing
Services ("Adviser") and LPT Variable Insurance Series Trust ("Trust"), with
respect to the Strong International Stock Portfolio ("Portfolio") only, has been
terminated. In addition to the other duties which it currently performs in its
role as the investment adviser to the Portfolio, Adviser has now assumed the
portfolio management function for the Portfolio as of the date of this
Supplement. The Portfolio will be managed by an investment management team of
the Adviser. The Adviser has served as the investment adviser to the Portfolio
since its inception pursuant to the Investment Advisory Agreement dated January
9, 1996 between the Trust and the Adviser. As of the date of this Supplement,
the name of the Portfolio has been changed to the International Stock Portfolio
and the Strong International Stock Sub-Account has been renamed the
International Stock Sub-Account.
London Pacific Life & Annuity Company ("Company") proposes to substitute shares
of the Morgan Stanley U.F. International Magnum Portfolio of Morgan Stanley
Universal Funds, Inc. for shares of the Portfolio. The Company will file an
application with the Securities and Exchange Commission ("Commission") shortly
requesting an order approving the Substitution, and subject to any prior
approval by applicable state insurance authorities, the Company and LPLA
Separate Account One ("Separate Account") propose to effect the Substitution as
soon as is practical.
An Owner, prior to the date of the Substitution, may transfer his/her Contract
Value in the International Stock Sub-Account to any other Sub-Account of the
Separate Account without any limitation or charge being imposed. Moreover,
following the Substitution for a period of 30 days, the Company will permit
transfers from the Morgan Stanley U.F. International Magnum Sub-Account to any
other Sub-Account of the Separate Account available under your Contract without
any limitation or charge being imposed. After the 30 days, any transfers from
the Morgan Stanley U.F. International Magnum Sub-Account will be subject to the
restrictions described in the Prospectus.
A complete list of all available Portfolios which the Separate Account invests
in is set forth in the Prospectus. You may obtain a Prospectus by writing or
calling the Company's Annuity Service Center at the address or telephone number
set forth below.
The Company will effect the Substitution by simultaneously placing an order to
redeem the shares of the Portfolio and an order to purchase shares of the Morgan
Stanley U.F. International Magnum Portfolio.
The Company will bear the expenses attributable to the Substitution. The Company
will send affected Owners a notice within five days after the Substitution.
ANNUITY SERVICE CENTER:
P.O. BOX 29564
RALEIGH, NORTH CAROLINA 27626
(800) 852-3152
