<PAGE>
SUPPLEMENT DATED JANUARY 1, 1997
TO
PROSPECTUS DATED MAY 1, 1996, AS REVISED NOVEMBER 4, 1996
THE ENDEAVOR VARIABLE ANNUITY
Effective January 1, 1997, WRL Investment Management, Inc. ("WRL
Management"), a Florida corporation, will replace Western Reserve Life Assurance
Co. of Ohio ("Western Reserve") as the investment adviser for the WRL Series
Fund, Inc. WRL Management is a wholly-owned subsidiary of Western Reserve.
Throughout the Prospectus, wherever Western Reserve is referred to as the WRL
Series Fund Inc.'s investment adviser, Western Reserve will be replaced with WRL
Management.
The following footnote modifies the information provided on page 13 of the
- --------------------------------------------------------------------------
Prospectus under the heading "SUMMARY -- Charges and Deductions -- Expense Data"
- --------------------------------------------------------------------------------
referring to the information presented on the Growth Portfolio of the WRL Series
- --------------------------------------------------------------------------------
Fund, Inc.
- ----------
* Effective January 1, 1997, the WRL Series Fund, Inc. has adopted a Plan
of Distribution pursuant to rule 12b-1 under the 1940 Act ("Distribution
Plan") and pursuant to the Distribution Plan, has entered into a
Distribution agreement with InterSecurities, Inc. ("ISI"), principal
underwriter for the WRL Series Fund, Inc. Under the distribution Plan,
the WRL Series Fund, Inc., on behalf of the WRL Growth Portfolio, is
authorized to pay to various service providers, as direct payment for
expenses incurred in connection with the distribution of the Portfolio's
shares, amounts equal to actual expenses associated with distributing
the Portfolio's shares, up to a maximum rate of 0.15% (fifteen one-
hundredths of one percent) on an annualized basis of the average daily
net assets. This fee is measured and accrued daily and paid monthly. ISI
has determined that it will not seek payment by the WRL Series Fund,
Inc. of distribution expenses with respect to any Portfolio (including
the WRL Growth Portfolio) during the fiscal year ending December 31,
1997. Prior to ISI's seeking reimbursement, Policyowners will be
notified in advance.
The following information is added on page 51 of the Prospectus after the first
- -------------------------------------------------------------------------------
paragraph under the heading "CHARGES AND DEDUCTIONS -- Other Expenses Including
- -------------------------------------------------------------------------------
Investment Advisory Fees."
- -------------------------
Effective January 1, 1997, the WRL Series Fund, Inc. has adopted a Plan of
Distribution pursuant to rule 12b-1 under the 1940 Act ("Distribution Plan") and
pursuant to the Distribution Plan, has entered into a Distribution agreement
with InterSecurities, Inc. ("ISI"), principal underwriter for the WRL Series
Fund, Inc.
Under the Distribution Plan, the WRL Series Fund, Inc., on behalf of the WRL
Growth Portfolio, is authorized to pay to various service providers, as direct
payment for expenses incurred in connection with the distribution of the
Portfolio's shares, amounts equal to actual expenses associated with
distributing the Portfolio's shares, up to a maximum rate of 0.15% (fifteen
one-hundredths of one percent) on an annualized basis of the average daily net
assets. This fee is measured and accrued daily and paid monthly. ISI has
determined that it will not seek payment by the WRL Series Fund, Inc. of
distribution expenses with respect to any Portfolio (including the WRL Growth
Portfolio) during the fiscal year ending December 31, 1997. Prior to ISI's
seeking reimbursement, Policyowners will be notified in advance.
SUPPFL12.96
