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ASSET ACCUMULATOR
ASSET PORTFOLIO MANAGER
CORPORATE BENEFITS
STRATEGIC INVESTOR

FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICIES
issued by
Security Life of Denver Insurance Company
and its
Security Life Separate Account L1

Supplement Effective as of April 30, 2010

This supplement updates and amends certain information contained in your current variable life insurance
prospectus and supplements thereto. Please read it carefully and keep it with your prospectus for future reference.
__________________________________________________________________________

NOTICE OF UPCOMING FUND MERGERS

Effective on or about August 23, 2010 (the “Merger Effective Date”), the following Disappearing Funds will merge into and become part of the following Surviving Funds as follows:

Disappearing Funds  Surviving Funds 
ING Opportunistic LargeCap Portfolio (Class I) 1  ING Growth and Income Portfolio (Class I) 
ING Wells Fargo Small Cap Disciplined Portfolio (Class S)  ING Small Company Portfolio (Class S) 

IMPORTANT INFORMATION REGARDING THE
UPCOMING FUND MERGERS

  		•  Prior to the Merger Effective Date, you may transfer amounts allocated to a subaccount that invests in a
    Disappearing Fund to any other available subaccount or to the fixed account. See the “Transfers”
    section of your policy prospectus for information about making subaccount transfers, including
    applicable restrictions and limits on transfers.
  		• On the Merger Effective Date, your investment in a subaccount that invests in a Disappearing Fund will
    automatically become an investment in the subaccount that invests in the corresponding Surviving Fund
    with an equal total net asset value. Unless you provide us with alternative allocation instructions, all
    future premiums received that would have been allocated to a subaccount corresponding to a
    Disappearing Fund will be automatically allocated to the subaccount corresponding to the applicable
    Surviving Fund. You may give us alternative allocation instructions by contacting our ING Customer
    Service Center at P.O. Box 5065, Minot, ND 58702-5065, 1-877-253-5050 or
    www.ingservicecenter.com. See the “Transfers” section of your policy prospectus for information
    about making allocation changes.
  		• After the Merger Effective Date, the Disappearing Funds will no longer exist and there will be no
    further disclosure regarding them in future supplements to the policy prospectus.
  		• You will not incur any fees or charges or any tax liability because of the mergers, and your policy value
    immediately before the mergers will equal your policy value immediately after the mergers.
  		• Because of the upcoming fund mergers, the ING Small Company Portfolio (Class S) will be added,
    effective April 30, 2010, to your policy as an available investment option.

    1

    		 On April 28, 2008, the subaccount that invested in this fund was closed to new investors and to new investments
    by existing investors.
    AAPOCBSI-10  Page 1 of 11  April 2010 


    IMPORTANT INFORMATION REGARDING FUND NAME CHANGES

    Effective April 30, 2010, certain of the funds available through Security Life Separate Account L1 will change their names as follows:

    Former Fund Name  Current Fund Name 
    AIM V.I. Core Equity Fund 2  Invesco V.I. Core Equity Fund 2 
    ING Evergreen Health Sciences Portfolio  ING Wells Fargo Health Care Portfolio 
    ING Evergreen Omega Portfolio  ING Wells Fargo Omega Growth Portfolio 
    ING Focus 5 Portfolio  ING DFA Global All Equity Portfolio 
    ING Legg Mason Partners Aggressive Growth Portfolio 3  ING Legg Mason ClearBridge Aggressive Growth Portfolio 3 
    ING Lord Abbett Affiliated Portfolio 3  ING Lord Abbett Growth and Income Portfolio 3 
    ING Oppenheimer Strategic Income Portfolio  ING Oppenheimer Global Strategic Income Portfolio 
    ING Stock Index Portfolio  ING U.S. Stock Index Portfolio 
    M Fund – Frontier Capital Appreciation Fund 4  M Capital Appreciation Fund 4 
    M Fund – Brandes International Equity Fund 4  M International Equity Fund 4 
    Van Eck Worldwide Hard Assets Fund 2, 5   Van Eck VIP Global Hard Assets Fund 2, 5 

    IMPORTANT INFORMATION ABOUT THE FUNDS AVAILABLE THROUGH THE POLICY

    Effective April 30, 2010, subaccounts which invest in the following funds are available through the policy:

    • American Funds – Growth Fund (Class 2)
    • American Funds – Growth-Income Fund (Class 2)
    • American Funds – International Fund (Class 2)
    • BlackRock Global Allocation V.I. Fund (Class III)
    • Fidelity® VIP Contrafund® Portfolio (Service Class)
    • Fidelity® VIP Equity-Income Portfolio (Service Class)
    • ING Artio Foreign Portfolio (Class I)
    • ING BlackRock Large Cap Growth Portfolio (Class I)
    • ING Clarion Global Real Estate Portfolio (Class S)
    • ING DFA Global All Equity Portfolio (Class I) 6
    • ING DFA Global Allocation Portfolio (Class I) 6
    • ING FMRSM Diversified Mid Cap Portfolio (Class I)
    • ING Franklin Templeton Founding Strategy Portfolio (Class I) 6
    • ING Global Resources Portfolio (Class I)
    • ING JPMorgan Emerging Markets Equity Portfolio (Class I)
    • ING JPMorgan Small Cap Core Equity Portfolio (Class I)
    • ING Limited Maturity Bond Portfolio (Class S)
    • ING Liquid Assets Portfolio (Class S)
    • ING MFS Total Return Portfolio (Class I)
    • ING MFS Utilities Portfolio (Class S)
    • ING Marsico Growth Portfolio (Class I)
    • ING Marsico International Opportunities Portfolio (Class I)
    • ING PIMCO Total Return Bond Portfolio (Class I)
    • ING Pioneer Fund Portfolio (Class I)
    • ING Pioneer Mid Cap Value Portfolio (Class I)
    • ING Retirement Growth Portfolio (Class I) 6
    • ING Retirement Moderate Growth Portfolio (Class I) 6
    • ING Retirement Moderate Portfolio (Class I) 6
    • ING T. Rowe Price Capital Appreciation Portfolio (Class I)
    • ING T. Rowe Price Equity Income Portfolio (Class I)
    • ING U.S. Stock Index Portfolio (Class I)
    • ING Van Kampen Growth and Income Portfolio (Class S)
    • ING Wells Fargo Health Care Portfolio (Class I)
    • ING Wells Fargo Omega Growth Portfolio (Class I)
    • ING Wells Fargo Small Cap Disciplined Portfolio (Class S)
    • ING Baron Small Cap Growth Portfolio (I Class)
    • ING Columbia Small Cap Value Portfolio (I Class)
    • ING JPMorgan Mid Cap Value Portfolio (I Class) 

    Listing of available funds continued on next page.

    2      On April 28, 2006, the subaccount that invested in this fund was closed to new investors and to new investments by existing investors.
    3      On April 28, 2008, the subaccount that invested in this fund was closed to new investors and to new investments by existing investors.
    4      This fund is only available through broker/dealers associated with the M Financial Group.
    5      This fund will change its name on May 1, 2010.
    6      This fund is structured as a “fund of funds.” A fund structured as a “fund of funds” may have higher fees and expenses than a fund that invests directly in debt and equity securities because it also incurs the fees and expenses of the underlying funds in which it invests. Please refer to the fund prospectus for information about the aggregate annual operating expenses of the fund and its corresponding underlying fund or funds.
    AAPOCBSI-10  Page 2 of 11  April 2010 


    Continued from previous page.

    • ING Oppenheimer Global Portfolio (I Class)
    • ING Oppenheimer Global Strategic Income Portfolio (S Class)
    • ING Pioneer High Yield Portfolio (I Class)
    • ING T. Rowe Price Diversified Mid Cap Growth Portfolio (I Class)
    • ING UBS U.S. Large Cap Equity Portfolio (I Class)
    • ING Van Kampen Comstock Portfolio (I Class)
    • ING Van Kampen Equity and Income Portfolio (I Class)
    • ING Balanced Portfolio (Class I)
    • ING Intermediate Bond Portfolio (Class I)
    • ING Growth and Income Portfolio (Class I)
    • ING Index Plus LargeCap Portfolio (Class I)
    • ING Index Plus MidCap Portfolio (Class I)
    • ING Index Plus SmallCap Portfolio (Class I)
    • ING International Index Portfolio (Class S)
    • ING RussellTM Large Cap Growth Index Portfolio (Class I)
    • ING RussellTM Large Cap Index Portfolio (Class I)
    • ING RussellTM Large Cap Value Index Portfolio (Class I)
    • ING RussellTM Mid Cap Growth Index Portfolio (Class I)
    • ING RussellTM Small Cap Index Portfolio (Class I)
    • ING Small Company Portfolio (Class S)
    • ING U.S. Bond Index Portfolio (Class I)
    • ING SmallCap Opportunities Portfolio (Class I)
    • M Business Opportunity Value Fund 7
    • M Capital Appreciation Fund 7
    • M International Equity Fund 7
    • M Large Cap Growth Fund 7
    • Neuberger Berman AMT Socially Responsive Portfolio® (Class I)

    The following chart lists the investment advisers and subadvisers and information regarding the investment objectives of the funds available through the policy. More detailed information about these funds can be found in the current prospectus and Statement of Additional Information for each fund. If you received a summary prospectus for any of the funds available through your policy, you may obtain a full prospectus and other fund information free of charge by either accessing the internet address, calling the telephone number or sending an email request to the contact information shown on the front of the fund’s summary prospectus.

    There is no assurance that the stated investment objectives of any of the funds will be achieved. Shares of the funds will rise and fall in value and you could lose money by allocating policy value to the subaccounts that invest in the funds. Shares of the funds are not bank deposits and are not guaranteed, endorsed or insured by any financial institution, the Federal Deposit Insurance Corporation or any other government agency. Except as noted, all funds are diversified, as defined under the 1940 Act.

      Investment Adviser/   
    Fund Name  Subadviser  Investment Objective 
    American Funds – Growth Fund  Investment Adviser:  Seeks growth of capital by 
    (Class 2)  Capital Research and Management  investing primarily in common 
      Company  stocks. 
    American Funds – Growth-  Investment Adviser:  Seeks capital growth and income 
    Income Fund (Class 2)  Capital Research and Management  over time by investing primarily in 
      Company  U.S. common stocks or other 
        securities that demonstrate the 
        potential for appreciation and/or 
        dividends. 
    American Funds – International  Investment Adviser:  Seeks growth of capital over time 
    Fund (Class 2)  Capital Research and Management  by investing primarily in common 
      Company  stocks of companies located outside 
        the United States. 
    BlackRock Global Allocation V.I.  Investment Adviser:  The fund seeks to provide high total 
    Fund (Class III)  BlackRock Advisors, LLC  return through a fully managed 
      Subadvisers:  investment policy utilizing U.S. and 
      BlackRock Investment Management,  foreign equity, debt and money 
      LLC; BlackRock Asset Management  market instruments, the 
      U.K. Limited  combination of which will be 
        varied from time to time both with 
        respect to types of securities and 
        markets in response to changing 
        market and economic trends. 

    7      This fund is only available through broker/dealers associated with the M Financial Group.
    AAPOCBSI-10  Page 3 of 11  April 2010 


      Investment Adviser/   
    Fund Name  Subadviser  Investment Objective 
    Fidelity® VIP Contrafund®   Investment Adviser:  Seeks long-term capital 
    Portfolio (Service Class)  Fidelity Management & Research  appreciation. 
      Company   
      Subadvisers:   
      FMR Co., Inc.; Fidelity   
      Management & Research (U.K.)   
      Inc.; Fidelity Research & Analysis
    Company; Fidelity Investments         		  
      Japan Limited; Fidelity   
      International Investment Advisors;
    Fidelity International Investment         		  
      Advisors (U.K.) Limited   
    Fidelity® VIP Equity-Income  Investment Adviser:  Seeks reasonable income. Also 
    Portfolio (Service Class)  Fidelity Management & Research  considers the potential for capital 
      Company  appreciation. Seeks to achieve a 
      Subadvisers:  yield which exceeds the composite 
      FMR Co., Inc.; Fidelity  yield on the securities comprising 
      Management & Research (U.K.)  the Standard & Poor's 500SM Index. 
      Inc.; Fidelity Research & Analysis
    Company; Fidelity Investments         		  
      Japan Limited; Fidelity   
      International Investment Advisors;
    Fidelity International Investment         		  
      Advisors (U.K.) Limited   
    ING Artio Foreign Portfolio  Investment Adviser:  Seeks long-term growth of capital. 
    (Class I)  Directed Services LLC   
      Subadviser:   
      Artio Global Management, LLC   
    ING BlackRock Large Cap  Investment Adviser:  Seeks long-term growth of capital. 
    Growth Portfolio (Class I)  Directed Services LLC   
      Subadviser:   
      BlackRock Investment   
      Management, LLC   
    ING Clarion Global Real Estate  Investment Adviser:  A non-diversified portfolio that 
    Portfolio (Class S)  ING Investments, LLC  seeks to provide investors with high 
      Subadviser:  total return consisting of capital 
      ING Clarion Real Estate Securities  appreciation and current income. 
      LLC   
    ING DFA Global All Equity  Investment Adviser:  Seeks long-term capital 
    Portfolio (Class I)  Directed Services LLC  appreciation. 
      Subadviser:   
      Dimensional Fund Advisors LP   
    ING DFA Global Allocation  Investment Adviser:  Seeks high level of total return, 
    Portfolio (Class I)  Directed Services LLC  consisting of capital appreciation 
      Subadviser:  and income. 
      Dimensional Fund Advisors LP   
    ING FMRSM Diversified Mid Cap  Investment Adviser:  Seeks long-term growth of capital. 
    Portfolio (Class I)  Directed Services LLC   
      Subadviser:   
      Fidelity Management & Research
    Company         		  

    AAPOCBSI-10  Page 4 of 11  April 2010 


      Investment Adviser/   
    Fund Name  Subadviser  Investment Objective 
    ING Franklin Templeton  Investment Adviser:  Seeks capital appreciation and 
    Founding Strategy Portfolio  Directed Services LLC  secondarily, income. 
    (Class I)     
    ING Global Resources Portfolio  Investment Adviser:  A non-diversified portfolio that 
    (Class I)  Directed Services LLC  seeks long-term capital 
      Subadviser:  appreciation. 
    ING Investment Management Co.
    ING JPMorgan Emerging  Investment Adviser:  Seeks capital appreciation. 
    Markets Equity Portfolio  Directed Services LLC   
    (Class I)  Subadviser:   
      J.P. Morgan Investment   
      Management Inc.   
    ING JPMorgan Small Cap Core  Investment Adviser:  Seeks capital growth over the long 
    Equity Portfolio (Class I)  Directed Services LLC  term. 
      Subadviser:   
      J.P. Morgan Investment   
      Management Inc.   
    ING Limited Maturity Bond  Investment Adviser:  Seeks highest current income 
    Portfolio (Class S)  Directed Services LLC  consistent with low risk to principal 
      Subadviser:  and liquidity and secondarily, seeks 
      ING Investment Management Co.  to enhance its total return through 
        capital appreciation when market 
        factors, such as falling interest rates 
        and rising bond prices, indicate that 
        capital appreciation may be 
        available without significant risk to 
        principal. 
    ING Liquid Assets Portfolio  Investment Adviser:  Seeks high level of current income 
    (Class S)  Directed Services LLC  consistent with the preservation of 
      Subadviser:  capital and liquidity. 
    ING Investment Management Co.
    ING MFS Total Return Portfolio  Investment Adviser:  Seeks above-average income 
    (Class I)  Directed Services LLC  (compared to a portfolio entirely 
      Subadviser:  invested in equity securities) 
      Massachusetts Financial Services  consistent with the prudent 
      Company  employment of capital. Secondarily 
        seeks reasonable opportunity for 
        growth of capital and income. 
    ING MFS Utilities Portfolio  Investment Adviser:  Seeks total return. 
    (Class S)  Directed Services LLC   
      Subadviser:   
      Massachusetts Financial Services
    Company         		  
    ING Marsico Growth Portfolio  Investment Adviser:  Seeks capital appreciation. 
    (Class I)  Directed Services LLC   
      Subadviser:   
    Marsico Capital Management, LLC
    ING Marsico International  Investment Adviser:  Seeks long-term growth of capital. 
    Opportunities Portfolio (Class I)  Directed Services LLC   
      Subadviser:   
    Marsico Capital Management, LLC

    AAPOCBSI-10  Page 5 of 11  April 2010 


      Investment Adviser/   
    Fund Name  Subadviser  Investment Objective 
    ING PIMCO Total Return Bond  Investment Adviser:  Seeks maximum total return, 
    Portfolio (Class I)  Directed Services LLC  consistent with preservation of 
      Subadviser:  capital and prudent investment 
      Pacific Investment Management  management. 
      Company LLC   
    ING Pioneer Fund Portfolio  Investment Adviser:  Seeks reasonable income and 
    (Class I)  Directed Services LLC  capital growth. 
      Subadviser:   
      Pioneer Investment Management,
    Inc.         		  
    ING Pioneer Mid Cap Value  Investment Adviser:  Seeks capital appreciation. 
    Portfolio (Class I)  Directed Services LLC   
      Subadviser:   
      Pioneer Investment Management,
    Inc.         		  
    ING Retirement Growth Portfolio  Investment Adviser:  Seeks a high level of total return 
    (Class I)  Directed Services LLC  (consisting of capital appreciation 
      Asset Allocation Consultants:  and income) consistent with a level 
      Asset Allocation Committee.  of risk that can be expected to be 
        greater than that of ING Retirement 
        Moderate Growth Portfolio. 
    ING Retirement Moderate  Investment Adviser:  Seeks a high level of total return 
    Growth Portfolio (Class I)  Directed Services LLC  (consisting of capital appreciation 
      Asset Allocation Consultants:  and income) consistent with a level 
      Asset Allocation Committee  of risk that can be expected to be 
        greater than that of ING Retirement 
        Moderate Portfolio but less than 
        that of ING Retirement Growth 
        Portfolio. 
    ING Retirement Moderate  Investment Adviser:  Seeks a high level of total return 
    Portfolio (Class I)  Directed Services LLC  (consisting of capital appreciation 
      Asset Allocation Consultants:  and income) consistent with a level 
      Asset Allocation Committee  of risk that can be expected to be 
        less than that of ING Retirement 
        Moderate Growth Portfolio. 
    ING T. Rowe Price Capital  Investment Adviser:  Seeks, over the long-term, a high 
    Appreciation Portfolio (Class I)  Directed Services LLC  total investment return, consistent 
      Subadviser:  with the preservation of capital and 
      T. Rowe Price Associates, Inc.  prudent investment risk. 
    ING T. Rowe Price Equity  Investment Adviser:  Seeks substantial dividend income 
    Income Portfolio (Class I)  Directed Services LLC  as well as long-term growth of 
      Subadviser:  capital. 
      T. Rowe Price Associates, Inc.   
    ING U.S. Stock Index Portfolio  Investment Adviser:  Seeks total return. 
    (Class I)  Directed Services LLC   
      Subadviser:   
    ING Investment Management Co.
    ING Van Kampen Growth and  Investment Adviser:  Seeks long-term growth of capital 
    Income Portfolio (Class S)  Directed Services LLC  and income. 
      Subadviser:   
      Van Kampen   

    AAPOCBSI-10  Page 6 of 11  April 2010 


      Investment Adviser/   
    Fund Name  Subadviser  Investment Objective 
    ING Wells Fargo Health Care  Investment Adviser:  A non-diversified portfolio that 
    Portfolio (Class I)  Directed Services LLC  seeks long-term capital growth. 
      Subadviser:   
    Wells Capital Management, Inc.
    ING Wells Fargo Omega Growth  Investment Adviser:  Seeks long-term capital growth. 
    Portfolio (Class I)  Directed Services LLC   
      Subadviser:   
    Wells Capital Management, Inc.
    ING Wells Fargo Small Cap  Investment Adviser:  Seeks long-term capital 
    Disciplined Portfolio (Class S)  Directed Services LLC  appreciation. 
      Subadviser:   
    Wells Capital Management, Inc.
    ING Baron Small Cap Growth  Investment Adviser:  Seeks capital appreciation. 
    Portfolio (Initial Class)  Directed Services LLC   
      Subadviser:   
      BAMCO, Inc.   
    ING Columbia Small Cap Value  Investment Adviser:  Seeks long-term growth of capital. 
    Portfolio (Initial Class)  Directed Services LLC   
      Subadviser:   
    Columbia Management Advisors,
      LLC   
    ING JPMorgan Mid Cap Value  Investment Adviser:  Seeks growth from capital 
    Portfolio (Initial Class)  Directed Services LLC  appreciation. 
      Subadviser:   
      J. P. Morgan Investment   
      Management Inc.   
    ING Oppenheimer Global  Investment Adviser:  Seeks capital appreciation. 
    Portfolio (Initial Class)  Directed Services LLC   
      Subadviser:   
      OppenheimerFunds, Inc.   
    ING Oppenheimer Global  Investment Adviser:  Seeks a high level of current 
    Strategic Income Portfolio  Directed Services LLC  income principally derived from 
    (Service Class)  Subadviser:  interest on debt securities. 
      OppenheimerFunds, Inc.   
    ING Pioneer High Yield Portfolio  Investment Adviser:  Seeks to maximize total return 
    (Initial Class)  Directed Services LLC  through income and capital 
      Subadviser:  appreciation. 
      Pioneer Investment Management,
    Inc.         		  
    ING T. Rowe Price Diversified  Investment Adviser:  Seeks long-term capital 
    Mid Cap Growth Portfolio  Directed Services LLC  appreciation. 
    (Initial Class)  Subadviser:   
      T. Rowe Price Associates, Inc.   
    ING UBS U.S. Large Cap Equity  Investment Adviser:  Seeks long-term growth of capital 
    Portfolio (Initial Class)  Directed Services LLC  and future income. 
      Subadviser:   
      UBS Global Asset Management
    (Americas) Inc.         		  

    AAPOCBSI-10  Page 7 of 11  April 2010 


      Investment Adviser/   
    Fund Name  Subadviser  Investment Objective 
    ING Van Kampen Comstock  Investment Adviser:  Seeks capital growth and income. 
    Portfolio (Initial Class)  Directed Services LLC   
      Subadviser:   
      Van Kampen   
    ING Van Kampen Equity and  Investment Adviser:  Seeks total return, consisting of 
    Income Portfolio (Initial Class)  Directed Services LLC  long-term capital appreciation and 
      Subadviser:  current income. 
      Van Kampen   
    ING Balanced Portfolio (Class I)  Investment Adviser:  Prior to July 15, 2010, the portfolio 
      ING Investments, LLC  seeks to maximize investment 
      Subadviser:  return, consistent with reasonable 
      ING Investment Management Co.  safety of principal, by investing in a 
        diversified portfolio of one or more 
        of the following asset classes: 
        stocks, bonds and cash equivalents, 
        based on the judgment of the 
        portfolio’s management, of which 
        of those sectors or mix thereof 
        offers the best investment 
        prospects. 
     
        Effective July 15, 2010, the 
        portfolio seeks total return 
        consisting of capital appreciation 
        (both realized and unrealized) and 
        current income; the secondary 
        investment objective is long-term 
        capital appreciation. 
    ING Intermediate Bond Portfolio  Investment Adviser:  Seeks to maximize total return 
    (Class I)  ING Investments, LLC  consistent with reasonable risk. The 
      Subadviser:  portfolio seeks its objective through 
      ING Investment Management Co.  investments in a diversified 
        portfolio consisting primarily of 
        debt securities. It is anticipated that 
        capital appreciation and investment 
        income will both be major factors 
        in achieving total return. 
    ING Growth and Income  Investment Adviser:  Seeks to maximize total return 
    Portfolio (Class I)  ING Investments, LLC  through investments in a diversified 
      Subadviser:  portfolio of common stocks and 
      ING Investment Management Co.  securities convertible into common 
        stocks. It is anticipated that capital 
        appreciation and investment income 
        will both be major factors in 
        achieving total return. 
    ING Index Plus LargeCap  Investment Adviser:  Seeks to outperform the total return 
    Portfolio (Class I)  ING Investments, LLC  performance of the Standard & 
      Subadviser:  Poor’s 500® Composite Stock Price 
      ING Investment Management Co.  Index, while maintaining a market 
        level of risk. 

    AAPOCBSI-10  Page 8 of 11  April 2010 


      Investment Adviser/   
    Fund Name  Subadviser  Investment Objective 
    ING Index Plus MidCap Portfolio  Investment Adviser:  Seeks to outperform the total return 
    (Class I)  ING Investments, LLC  performance of the Standard & 
      Subadviser:  Poor’s MidCap 400 Index, while 
      ING Investment Management Co.  maintaining a market level of risk. 
    ING Index Plus SmallCap  Investment Adviser:  Seeks to outperform the total return 
    Portfolio (Class I)  ING Investments, LLC  performance of the Standard & 
      Subadviser:  Poor’s SmallCap 600 Index, while 
      ING Investment Management Co.  maintaining a market level of risk. 
    ING International Index  Investment Adviser:  Seeks investment results (before 
    Portfolio (Class S)  ING Investments, LLC  fees and expenses) that correspond 
      Subadviser:  to the total return of a widely 
      ING Investment Management Co.  accepted International Index. 
    ING RussellTM Large Cap  Investment Adviser:  A non diversified portfolio that 
    Growth Index Portfolio (Class I)  ING Investments, LLC  seeks investment results (before 
      Subadviser:  fees and expenses) that correspond 
      ING Investment Management Co.  to the total return of the Russell 
        Top 200® Growth Index. 
    ING RussellTM Large Cap Index  Investment Adviser:  Seeks investment results (before 
    Portfolio (Class I)  ING Investments, LLC  fees and expenses) that correspond 
      Subadviser:  to the total return of the Russell 
      ING Investment Management Co.  Top 200® Index. 
    ING RussellTM Large Cap Value  Investment Adviser:  A non diversified portfolio that 
    Index Portfolio (Class I)  ING Investments, LLC  seeks investment results (before 
      Subadviser:  fees and expenses) that correspond 
      ING Investment Management Co.  to the total return of the Russell 
        Top 200® Value Index. 
    ING RussellTM Mid Cap Growth  Investment Adviser:  A non-diversified portfolio that 
    Index Portfolio (Class I)  ING Investments, LLC  seeks investment results (before 
      Subadviser:  fees and expenses) that correspond 
      ING Investment Management Co.  to the total return of the Russell 
        Midcap® Growth Index. 
    ING RussellTM Small Cap Index  Investment Adviser:  Seeks investment results (before 
    Portfolio (Class I)  ING Investments, LLC  fees and expenses) that correspond 
      Subadviser:  to the total return of the Russell 
      ING Investment Management Co.  2000® Index. 
    ING Small Company Portfolio  Investment Adviser:  Seeks growth of capital primarily 
    (Class S)  ING Investments, LLC  through investment in a diversified 
      Subadviser:  portfolio of common stocks of 
      ING Investment Management Co.  companies with smaller market 
        capitalizations. 
    ING U.S. Bond Index Portfolio  Investment Adviser:  Seeks investment results (before 
    (Class I)  ING Investments, LLC  fees and expenses) that correspond 
      Subadviser:  to the total return of the Barclays 
      Neuberger Berman Fixed Income  Capital U.S. Aggregate Bond 
      LLC  Index® . 
    ING SmallCap Opportunities  Investment Adviser:  Seeks long-term capital 
    Portfolio (Class I)  ING Investments, LLC  appreciation. 
      Subadviser:   
    ING Investment Management Co.

    AAPOCBSI-10  Page 9 of 11  April 2010 


      Investment Adviser/   
    Fund Name  Subadviser  Investment Objective 
    M Business Opportunity Value  Investment Adviser:  Seeks to provide long-term capital 
    Fund 8  M Financial Investment Advisers,  appreciation. 
      Inc.   
      Subadviser:   
      Iridian Asset Management LLC   
    M Capital Appreciation Fund 8  Investment Adviser:  Seeks to provide maximum capital 
      M Financial Investment Advisers,  appreciation. 
      Inc.   
      Subadviser:   
      Frontier Capital Management   
      Company, LLC   
    M International Equity Fund 8  Investment Adviser:  Seeks to provide long-term capital 
      M Financial Investment Advisers,  appreciation. 
      Inc.   
      Subadviser:   
    Brandes Investment Partners, L.P.
    M Large Cap Growth Fund 8  Investment Adviser:  Seeks to provide long-term capital 
      M Financial Investment Advisers,  appreciation. 
      Inc.   
      Subadviser:   
      DSM Capital Partners LLC   
    Neuberger Berman AMT Socially  Investment Adviser:  Seeks long-term growth of capital 
    Responsive Portfolio® (Class I)  Neuberger Berman Management  by investing primarily in securities 
      LLC  of companies that meet the 
      Subadviser:  portfolio’s financial criteria and 
      Neuberger Berman LLC  social policy. 

    IMPORTANT INFORMATION ABOUT FUNDS CLOSED TO NEW INVESTMENT

    The subaccounts that invest in the following funds have been closed to new investment:

    • Fidelity® VIP Investment Grade Bond Portfolio
    • ING American Century Small-Mid Cap Value Portfolio
    • ING BlackRock Large Cap Value Portfolio
    • ING Legg Mason ClearBridge Aggressive Growth Portfolio
    • ING Lord Abbett Growth and Income Portfolio
    • ING MidCap Opportunities Portfolio
    • ING Opportunistic LargeCap Portfolio
    • ING PIMCO Total Return Portfolio
    • ING Strategic Allocation Conservative Portfolio
    • ING Strategic Allocation Growth Portfolio
    • ING Strategic Allocation Moderate Portfolio
    • Invesco V.I. Core Equity Fund
    • Van Eck VIP Global Hard Assets Fund 9
    8      This fund is only available through broker/dealers associated with the M Financial Group.
    9      The Van Eck VIP Global Hard Assets Fund was never offered as an investment option in the ING Corporate Benefits product.
    AAPOCBSI-10  Page 10 of 11  April 2010 


    Policy owners who have policy value allocated to one or more of the subaccounts that correspond to these funds may leave their policy value in those subaccounts, but future allocations and transfers into those subaccounts are prohibited. If your most recent premium allocation instructions includes a subaccount that corresponds to one of these funds, premium received that would have been allocated to a subaccount corresponding to one of these funds may be automatically allocated among the other available subaccounts according to your most recent premium allocation instructions. If your most recent allocation instructions do not include any available funds, you must provide us with alternative allocation instructions or the premium payment will be returned to you. You may give us alternative allocation instructions by contacting our ING Customer Service Center at P.O. Box 5065, Minot, ND 58702-5065, 1-877-253-5050 or www.ingservicecenter.com. See the “Transfers” section of your policy prospectus for information about making allocation changes.

    Your failure to provide us with alternative allocation instructions before we return your premium payment(s) may result in your policy entering the 61 day grace period and/or your policy lapsing without value. See the “Lapse” section of your policy prospectus for more information about how to keep your policy from lapsing. See also the “Reinstatement” section of your policy prospectus for information about how to put your policy back in force if it has lapsed.

    MORE INFORMATION IS AVAILABLE

    More information about the funds available through your policy, including information about the risks associated with investing in them, can be found in the current prospectus and Statement of Additional Information for each fund. You may obtain these documents by contacting us at our:

      ING Customer Service Center
    P.O. Box 5065
    Minot, ND 58702-5065
    1-877-253-5050

    If you received a summary prospectus for any of the funds available through your policy, you may obtain a full prospectus and other fund information free of charge by either accessing the internet address, calling the telephone number or sending an email request to the contact information shown on the front of the fund’s summary prospectus.

    AAPOCBSI-10

    Page 11 of 11

    April 2010