WRL FREEDOM CONQUEROR/REGISTERED TRADEMARK/
Supplement dated February 28, 1997, to the Prospectus dated May 1, 1996,
as Supplemented January 1, 1997
The Global Sector Sub-Account is currently available to Contract Owners
for allocation of Net Purchase Payments and transfers from other Sub-Accounts
and the Fixed Account. The Global Sector Sub-Account invests in the Global
Sector Portfolio ("Portfolio") of the WRL Series Fund, Inc. ("Fund"). One of the
current Co-Sub-Advisers to the Portfolio is INVESCO Global Asset Management
Limited ("IGAM"). There is a description of IGAM on page 11 of the WRL Freedom
Conqueror/REGISTERED TRADEMARK/ prospectus in the first column.
On February 28, 1997, the parent company of all the INVESCO entities,
INVESCO PLC, will merge with A I M Management Group, Inc. As a result, the
current sub-advisory agreement ("Agreement") between WRL Investment Management,
Inc. ("WRL Investment") and IGAM will automatically terminate by operation of
law. By mutual agreement, IGAM and WRL Investment have determined that it would
be impractical to enter into a new sub-advisory agreement on behalf of the
Portfolio. Therefore, IGAM will cease to serve as a Co-Sub-Adviser to the
Portfolio.
As a result, the other current Co-Sub-Adviser to the Portfolio,
Meridian Investment Management Corporation ("Meridian"), will become the sole
Sub-Adviser to the Portfolio, and will assume the duties previously held by
IGAM, as well as continue to fulfill the duties and responsibilities under the
current sub-advisory agreement between WRL Investment and Meridian, which will
continue.
Consistent with these changes, the following changes are hereby made to
the Prospectus for the WRL Freedom Conqueror/REGISTERED TRADEMARK/ Variable
Annuity:
- -- PAGE 4 - Under the sub-heading entitled, "Summary of Charges and Expenses -
Fund Annual Expenses (as a % of Fund average net assets) - Global Sector
Portfolio", change the percentage for the line "Management Fees" to 0.70%
and change the percentage for the line "Total Fund Annual Expenses" to
0.90%.
- -- PAGE 11 - In the first column, in the seventh full paragraph, delete all
references to INVESCO Global Asset Management Limited.
