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SUPPLEMENT TO PROSPECTUS
AND STATEMENT OF ADDITIONAL INFORMATION
WESTERN-SOUTHERN LIFE ASSURANCE COMPANY
SEPARATE ACCOUNT 1 AND SEPARATE ACCOUNT 2
GROWTH & INCOME II PORTFOLIO
OF SELECT ADVISORS PORTFOLIOS
THIS SUPPLEMENT IS DATED AS OF SEPTEMBER 7, 1998.
The Prospectuses and Statements of Additional Information of
Western-Southern Life Assurance Company Separate Account 1 and Separate Account
2, each dated May 1, 1998, are hereby amended and supplemented with the
following information.
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On September 7, 1998, Zurich Insurance Company ("Zurich") combined its
financial services businesses, including Zurich's 70% interest in Scudder Kemper
Investments, Inc. ("Scudder Kemper") with the financial services businesses of
B.A.T Industries p.l.c. ("B.A.T") to form a new global insurance and financial
services company, known as Zurich Financial Services. By way of a dual holding
company structure, Zurich's shareholders own approximately 57% of the new
organization, with the balance owned by B.A.T's shareholders.
Scudder Kemper serves as portfolio advisor to the Growth & Income II
Portfolio (the "Growth & Income Portfolio") of Select Advisors Portfolios (the
"SA Trust"). The Growth & Income Sub-Account of Separate Account 1 and the
Growth & Income Sub-Account of Separate Account 2 each invests in the Growth &
Income Portfolio.
As a result of the transaction, the Portfolio Advisory Agreement with
Scudder Kemper for the Growth & Income Portfolio was deemed to have been
assigned and therefore terminated. The Board of Trustees of SA Trust (the
"Board") approved a new Portfolio Advisory Agreement with Scudder Kemper on
September 2, 1998. The new Portfolio Advisory Agreement is substantially
identical to the previous Portfolio Advisory Agreement, except for the date of
execution and termination. The new Portfolio Advisory Agreement became effective
as of September 7, 1998.
The Board will seek approval of the new Portfolio Advisory Agreement
through a proxy solicitation in connection with a meeting of the interest
holders of the Growth & Income Portfolio. The meeting is scheduled for late
January, 1999. At the meeting, each of Separate Account 1 and Separate Account 2
will vote the interests it holds in the Growth & Income Portfolio in accordance
with the instructions that it receives from Contract Owners who have allocated
purchase payments to its Growth & Income Sub-Account.
