<PAGE> 1
DECEMBER 17, 1997 SUPPLEMENT TO
PROSPECTUSES DATED MAY 1, 1997
UNIVERSAL ANNUITY
The following expense information replaces the information provided in the fee
table for the underlying funds shown below:
<TABLE>
<CAPTION>
Total Underlying
Management Fee Other Expenses Fund Expenses
-------------- -------------- ----------------
<S> <C> <C> <C>
Smith Barney International Equity Portfolio 0.90% 0.20% 1.10%
Putman Diversified Income Portfolio 0.75% 0.21% 0.96%
Smith Barney High Income Portfolio 0.60% 0.24% 0.84%
MFS Total Return Portfolio 0.80% 0.11% 0.91%
</TABLE>