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Prospectus Supplement
January 22, 1996
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Privileged Assets Select Annuity
30325 A (11/95)
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The following information modifies the disclosure of the prospectus
for the APL Variable Annuity Account 1, the Privileged Assets
Select Annuity dated Oct. 31, 1995.
Subaccounts Available for investment:
You may now invest your purchase payments in two new subaccounts,
for a total of 9 subaccounts:
Subaccount
TCI Growth CGR
Janus Aspen Series Worldwide
Growth Portfolio CWG
Investment Goals and Policies of the Funds:
TCI Growth
Objective: capital growth. Invests primarily in common stocks that
are considered by management to have better-than-average prospects
for appreciation.
Janus Aspen Series Worldwide Growth Portfolio
Objective: long-term growth of capital in a manner consistent with
the preservation of capital. Invests primarily in common stocks of
foreign and domestic issuers.
All funds are available to serve as the underlying investment for
variable annuities, and some funds are available to serve as the
underlying investment for variable annuities, variable life
insurance contracts and qualified plans. It is conceivable that in
the future it may be disadvantageous for variable annuity separate
accounts, variable life insurance separate accounts and/or
qualified plans to invest in the available funds simultaneously.
Although American Partners Life Insurance Company (American
Partners Life) and the funds do not currently foresee any such
disadvantages, the boards of directors or trustees of the
appropriate funds will monitor events in order to identify any
material conflicts between such contract owners, policy owners and
qualified plans to determine what action, if any, should be taken
in response to a conflict. If a board were to conclude that
separate funds should be established for variable annuities and
variable life insurance and qualified plan separate accounts, the
variable contract holders would not bear any expenses associated
with establishing separate funds.
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The Expense Summary section on page 8 is revised to include the
following:
Expense Summary
Operating expenses of underlying mutual funds: management fees and
other expenses deducted as a percentage of average net assets as
follows:*
Janus Aspen Series
Worldwide
TCI Growth Growth Portfolio
Management fees 1.00% .69%
Other expenses .00 .49
Total** 1.00% 1.18%
*Premium taxes imposed by some state and local governments are not
reflected in this table. American Partners Life has entered into
arrangements with the investment advisers of certain funds under
which it is compensated for the administrative services it provides
to the funds.
**Annualized operating expenses of underlying mutual funds for the
year end Dec. 31, 1994. The figures given above reflect the
amounts actually deducted during 1994, except for three funds. The
INVESCO VIF Industrial Income Portfolio commenced investment
operations on Aug. 10, 1994, and therefore the expenses for this
Portfolio are annualized. 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 Total Portfolio Annual
Expenses that would have been incurred for the last completed
fiscal year would be: 32.55% for the INVESCO VIF Industrial Income
Portfolio. The expense figures shown are net of certain expense
waivers and fee reductions from Janus Capital. Without such
waivers, management fees, other expenses and total fund expenses
would have been 1.00%, .49% and 1.49% respectively for the
Worldwide Growth Portfolio. See the Portfolios' prospectus for a
discussion of fee waiver and expense reimbursements.
Example:* You would pay the following expenses on a $1,000
investment, assuming 5% annual return and surrender, on surrender
or selection of an annuity payout plan at the end of each time
period:
TCI Janus Aspen Series
Growth Worldwide Growth
1 year $ 23.43 $ 25.28
3 years 72.18 77.72
5 years 123.55 132.79
10 years 264.41 282.82
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This example should not be considered a representation of past or
future expenses. Actual expenses may be more or less than those
shown.
*In this example, the $30 annual contract administrative charge is
approximated as a .286% charge based on our estimated average
contract size.
Investors Research Corporation, Twentieth Century Tower, 4500 Main
Street, Kansas City, MO, 64111, serves as the investment manager of
TCI Portfolios, Inc. Janus Capital Corporation, 100 Fillmore
Street, Denver, CO 80206-4923, is the investment manager for Janus
Aspen Series Worldwide Growth Portfolio.
Paragraph 3 of page 10 "IDS Life Capital Resource Fund" is revised
to:
"Objective: capital appreciation. Invests primarily in U.S.
common stocks and other securities convertible into common
stock, diversified over many different companies in a variety
of industries."
Expires 4-30-96
