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SUPPLEMENT DATED NOVEMBER 20, 1996 TO BE ATTACHED TO
KEYNOTE SERIES ACCOUNT PROSPECTUS
DATED MAY 1, 1996
Effective November 15, 1996, Diversified Investment Advisors, Inc.
("Diversified") terminated its Subadvisory Agreement with respect to the Equity
Growth Series with Jundt Associates, Inc. ("Jundt") and entered into a new
Subadvisory Agreement with respect to the Equity Growth Series with Chancellor
LGT Asset Management, Inc. ("Chancellor"). Under the terms of this new
Subadvisory Agreement, Chancellor receives a per annum subadvisory fee equal to
0.50% on the first $50 million of assets; 0.30% on the next $75 million of
assets; 0.25% on the next $75 million of assets; and 0.20% on assets in excess
of $200 million. In addition, the Investment Advisory Agreement between
Diversified and Diversified Investors Portfolios, on behalf of the Equity Growth
Series, was amended effective November 15, 1996 to provide for a per annum
investment advisory fee payable to Diversified of 0.62% on all assets. The
principal address of Chancellor is 1166 Avenue of the Americas, New York, New
York 10036. Total assets under management for Equity Growth clients at September
30, 1996 were approximately $1.5 billion, none of which were assets of
registered investment companies. Investment management decisions of Chancellor
are made by committee and not by managers individually. The Equity Growth Series
invests primarily in stocks of companies that have a market value of all their
issued and outstanding common stock of $1 billion or greater. The Series'
weighted average market capitalization is expected to be $10 billion or greater.
The average annual total returns at December 31, 1995 for all private accounts
and collective investment vehicles managed by Chancellor with investment
objectives, policies and restrictions substantially similar to the Equity Growth
Subaccount, adjusted to assume that all charges, expenses and fees of the Equity
Growth Subaccount presently in effect were deducted, are as follows: 1
year -- 37.1%; 3 years -- 11.1%; 5 years -- 17.8%; 10 years -- 17.6%; and Since
Inception -- 17.6%.
All information in the Keynote Series Account prospectus dated May 1, 1996
relating to Jundt and the Equity Growth Series, including, without limitation,
fee information on page 44 and the fifth paragraph on page 45, is hereby
supplemented and/or superseded, as appropriate, by the information set forth in
the preceding paragraphs of this Prospectus Supplement.
134435L-S/96A 33-19836
