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<PAGE> PAGE 1 Prospectus Supplement* October 21, 1996 Privileged Assets Select Annuity 30325C (4/96) As of October 21, 1996, subaccount CSB investing in Strong Short- Term Bond Fund II is no longer available under the annuity. Any information disclosed in the prospectus supplement dated September 3, 1996, regarding Strong Short-Term Bond Fund II no longer applies. *valid until 10/30/96
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