Supplement dated July 1, 1998
to the following prospectuses dated May 1, 1998
Separate Account A - Value Guard II, Individual and Group Variable
Annuity Contracts
Separate Account B - Value Plus, Single Premium Variable Life Policy
Separate Account D - Guardian Investor, Variable Annuity Contracts (individual)
Separate Account D - Guardian Investor, Variable Annuity Contracts (group)
Separate Account E - Guardian Investor Retirement Asset Manager
Separate Account K - Park Avenue Life Variable Whole Life Insurance Policy With
Modified Scheduled Premiums
Separate Account M - Park Avenue VUL, Flexible Premium Adjustable Life
Insurance Policy
This Supplement should be retained with the Prospectus for future reference.
The following supplements disclosure found on the first page of each of the
above-listed prospectuses and all sales literature:
THE POLICY OR CONTRACT IS NOT A DEPOSIT OR OBLIGATION OF OR GUARANTEED OR
ENDORSED BY, ANY BANK OR DEPOSITORY INSTITUTION, AND THE POLICY IS NOT FEDERALLY
INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD
OR ANY OTHER AGENCY, AND INVOLVES INVESTMENT RISK, INCLUDING POSSIBLE LOSS OF
PRINCIPAL AMOUNT INVESTED.
