<PAGE>
PAGE 1
Prospectus Supplement*
May 9, 1996
Privileged Assets Select Annuity
30325 C (4/96)
Page 10 of the prospectus is revised as follows:
The operating expenses of Janus Aspen Series Worldwide Growth are
revised as follows:
Janus Aspen
Series World-
Wide Growth
Management fees .68%
Other expenses .22
Total*** .90%
The footnote "***" accompanying the operating expenses is revised
as follows:
*** The figures given above reflect the amounts actually deducted
during 1995, for these three funds. As of the date of this
prospectus, certain fees are being waived or expenses are being
assumed by the respective investment managers or service providers
for certain of the underlying mutual funds, in each case on a
voluntary basis. Without such waivers or reimbursements, the other
expenses and Total Portfolio Annual Expenses that would have been
incurred for the last completed fiscal year would be: 1.56% and
2.31%, respectively, for the INVESCO VIF-Industrial Income
Portfolio. The management fees, other expenses and Total Portfolio
Annual Expenses that would have been incurred for the last
completed fiscal year would be .87%, .22% and 1.09%, respectively,
for Janus Aspen Series Worldwide Growth. See the Portfolios'
prospectuses for a discussion of fee waiver and expense
reimbursements.
The Example for Janus Aspen Series Worldwide Growth is revised as
follows:
1 year $ 22.41
3 years 69.09
5 years 118.39
10 years 254.04
* Valid until next prospectus update
