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<PAGE> PAGE 1 Supplement to the Statement of Additional Information* July 15, 1996 Privileged Assets Select Annuity 30325-11C (4/96) Page 6 of the Statement of Additional Information is revised as follows: The Principal Underwriter paragraph is replaced with: "The principal underwriter for the accounts is American Express Service Corporation which offers the variable contracts on a continuous basis." *valid until next update
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