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Prospectus Supplement*
July 15, 1996
Privileged Assets Select Annuity
30325C (4/96)
Page 33 of the prospectus is revised as follows:
The Distribution of the contracts paragraph is replaced with:
"The contracts will be distributed by American Express
Service Corporation, the principal underwriter for the
variable account."
The third paragraph in the section About American Partners Life is
replaced with:
"American Express Service Corporation is the principal
underwriter for the variable account. Its home office is 200
Vesey Street, New York, NY 60285. Its service office is
located at 80 South 8th Street, Minneapolis, MN 55440-0010.
American Express Service Corporation is registered with the
SEC under the Securities Exchange Act of 1934 as a broker-
dealer and is a member of the National Association of
Securities Dealers, Inc. American Express Service
Corporation is a wholly owned subsidiary of American Express
Travel Related Service company which is a wholly owned
subsidiary of American Express Company."
* valid until next prospectus update
