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<PAGE> PAGE 1 Prospectus Supplement* May 1, 1997 AEL Personal PortfolioSM 37301 F (4/97) "The funds" section of the prospectus is revised for GT Global Variable Latin America Fund and GT Global Variable New Pacific Fund as follows: If your annuity was purchased in California, you cannot allocate payments to the subaccounts that invest in these funds. 37301-33 A (4/97) *Valid until further notice. <PAGE>
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