[VERSION B]
PHOENIX LIFE AND ANNUITY COMPANY
PHOENIX LIFE AND ANNUITY VARIABLE UNIVERSAL LIFE ACCOUNT
CORPORATE EDGE
SUPPLEMENT DATED JUNE 5, 2000 TO PROSPECTUS DATED MAY 1, 2000
The information contained in this supplement updates your prospectus.
================================================================================
THE FOLLOWING INVESTMENT OPTIONS ARE ADDED TO THE FIRST PAGE OF YOUR PROSPECTUS:
<TABLE>
<CAPTION>
THE ALGER AMERICAN FUND FIDELITY(R) VARIABLE INSURANCE PRODUCTS
----------------------- ---------------------------------------
<S> <C>
MANAGED BY FRED ALGER MANAGEMENT, INC. MANAGED BY FIDELITY MANAGEMENT & RESEARCH COMPANY
[diamond] Alger American Leveraged AllCap Portfolio [diamond] VIP Contrafund(R) Portfolio
[diamond] VIP Growth Opportunities Portfolio
[diamond] VIP Growth Portfolio
</TABLE>
These funds are not yet available to California residents and are pending
California state approval.
================================================================================
THE FOLLOWING IS ADDED TO THE "FUND ANNUAL EXPENSES" CHART IN PART I OF THE
PROSPECTUS:
<TABLE>
FUND ANNUAL EXPENSES (AS A PERCENTAGE OF FUND AVERAGE NET ASSETS)
----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
OTHER EXPENSES TOTAL EXPENSES TOTAL EXPENSES
MANAGEMENT RULE 12b-1 BEFORE BEFORE AFTER
SERIES FEES FEES REIMBURSEMENT REIMBURSEMENT REIMBURSEMENT
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
THE ALGER AMERICAN FUND
----------------------------------------------------------------------------------------------------------------------------
Alger American Leveraged AllCap Portfolio .85% N/A .08%(7) .93% .93%
FIDELITY(R) VARIABLE INSURANCE PRODUCTS
----------------------------------------------------------------------------------------------------------------------------
VIP Contrafund(R) Portfolio(8) .58% .10% .10% .78% .75%(10)
VIP Growth Opportunities Portfolio(9) .58% .10% .11% .79% .78%(10)
VIP Growth Portfolio(9) .58% .10% .09% .77% .75%(10)
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
7 Included in "Other Expenses" is 0.01% of interest expense.
8 Effective November 3, 1997, the advisor has voluntarily agreed to reimburse
the fund to the extent that total operating expenses (excluding interest,
taxes, certain securities lending costs, brokerage commissions, and
extraordinary expenses), as a percentage of its average net assets, exceed
1.10%. This arrangement can be discontinued at any time.
9 Effective November 3, 1997, the advisor has voluntarily agreed to reimburse
the fund to the extent that total operating expenses (excluding interest,
taxes, certain securities lending costs, brokerage commissions, and
extraordinary expenses), as a percentage of its average net assets, exceed
1.60%. This arrangement can be discontinued at any time.
10 A portion of the brokerage commissions that the fund pays is used to reduce
the fund's expenses. In addition, through arrangements with the fund's
custodian, credits realized as a result of uninvested cash balances are used
to reduce custodian expenses.
TF591 Page 1 of 3
<PAGE>
================================================================================
THE FOLLOWING ARE ADDITIONS TO THE SECTION TITLED "INVESTMENTS OF THE VUL
ACCOUNT" IN YOUR PROSPECTUS:
THE ALGER AMERICAN FUND
A certain subaccount invests in a corresponding portfolio of The Alger
American Fund. The following portfolio is currently available:
ALGER AMERICAN LEVERAGED ALLCAP PORTFOLIO: The investment objective of the
portfolio is long-term capital appreciation. It invests primarily in equity
securities, such as common or preferred stocks, which are listed on U.S.
exchanges or in the over-the-counter market. The portfolio invests
primarily in "growth" stocks. Under normal circumstances, the portfolio
invests in the equity securities of companies of any size, which
demonstrate promising growth potential. The portfolio can leverage, that
is, borrow money, up to one-third of its total assets to buy additional
securities.
FIDELITY(R) VARIABLE INSURANCE PRODUCTS
Certain subaccounts invest in a corresponding portfolio of the Fidelity(R)
Variable Insurance Products. The following portfolios are currently available:
VIP CONTRAFUND(R) PORTFOLIO: The investment objective of the portfolio is
to seek long-term capital appreciation. Principal investment strategies
include:
o Normally investing primarily in common stocks.
o Investing in securities of companies whose value it believes is not fully
recognized by the public.
o Investing in domestic and foreign issuers.
o Investing in either "growth" stocks or "value" stocks or both.
o Using fundamental analysis of each issuer's financial condition and
industry position and market and economic conditions to select
investments.
VIP GROWTH OPPORTUNITIES PORTFOLIO: The investment objective of the
portfolio is to seek to provide capital growth. Principal investment
strategies include:
o Normally investing primarily in common stocks.
o Potentially investing in other types of securities, including bonds which
may be lower-quality debt securities.
o Investing in domestic and foreign issuers.
o Investing in either "growth" stocks or "value" stocks or both.
o Using fundamental analysis of each issuer's financial condition and
industry position and market and economic conditions to select
investments.
VIP GROWTH PORTFOLIO: The investment objective of the portfolio is to seek
to achieve capital appreciation. Principal investment strategies include:
o Normally investing primarily in common stocks.
o Investing in companies that it believes have above-average growth
potential.
o Investing in securities of domestic and foreign issuers.
o Using fundamental analysis of each issuer's financial condition and
industry position and market and economic conditions to select
investments.
================================================================================
THE FOLLOWING ADVISORS AND THEIR INVESTMENT OPTIONS ARE ADDED TO THE "INVESTMENT
ADVISORS" SECTION IN YOUR PROSPECTUS:
<TABLE>
<S> <C>
[diamond] Fred Alger Management, Inc. [diamond] Fidelity Management & Research Company
o Alger American Leveraged AllCap Portfolio o VIP Contrafund(R) Portfolio
o VIP Growth Opportunities Portfolio
o VIP Growth Portfolio
</TABLE>
TF591 Page 2 of 3
<PAGE>
================================================================================
IN APPENDIX A, THE "GLOSSARY OF SPECIAL TERMS" SECTION OF YOUR PROSPECTUS, THE
'FUNDS' ENTRY IS REPLACED BY THE FOLLOWING:
FUNDS: The Phoenix Edge Series Fund, The Alger American Fund, Deutsche Asset
Management VIT Funds, Federated Insurance Series, Fidelity(R) Variable Insurance
Products, Franklin Templeton Variable Insurance Products Trust, The Universal
Institutional Funds, Inc., and Wanger Advisors Trust.
================================================================================
THE FOLLOWING IS ADDED TO THE CHARTS IN "PERFORMANCE HISTORY," APPENDIX B:
<TABLE>
---------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED DECEMBER 31, 1999
----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
SUBACCOUNT INCEPTION DATE 1 YEAR 5 YEARS 10 YEARS SINCE INCEPTION
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Alger American Leveraged AllCap Portfolio............... 1/25/95 76.33% N/A N/A 45.30%
----------------------------------------------------------------------------------------------------------------------------
VIP Contrafund(R) Portfolio............................. 11/3/97 22.84% N/A N/A 23.38%
----------------------------------------------------------------------------------------------------------------------------
VIP Growth Opportunities Portfolio...................... 11/3/97 3.05% N/A N/A 13.81%
----------------------------------------------------------------------------------------------------------------------------
VIP Growth Portfolio.................................... 11/3/97 35.88% N/A N/A 34.05%
----------------------------------------------------------------------------------------------------------------------------
ANNUAL TOTAL RETURN
----------------------------------------------------------------------------------------------------------------------------
SERIES 1996 1997 1998 1999
----------------------------------------------------------------------------------------------------------------------------
Alger American Leveraged AllCap Portfolio............................. 12.04% 19.68% 57.83% 78.06%
----------------------------------------------------------------------------------------------------------------------------
VIP Contrafund(R) Portfolio........................................... N/A N/A 29.94% 24.15%
----------------------------------------------------------------------------------------------------------------------------
VIP Growth Opportunities Portfolio.................................... N/A N/A 24.51% 4.18%
----------------------------------------------------------------------------------------------------------------------------
VIP Growth Portfolio.................................................. N/A N/A 39.38% 37.29%
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
================================================================================
KEEP THIS SUPPLEMENT WITH YOUR PROSPECTUS FOR FUTURE REFERENCE.
TF591 Page 3 of 3
<PAGE>
[VERSION C]
PHOENIX LIFE AND ANNUITY COMPANY
PHOENIX LIFE AND ANNUITY
VARIABLE UNIVERSAL LIFE ACCOUNT
EXECUTIVE BENEFIT VUL
SUPPLEMENT DATED JUNE 5, 2000 TO PROSPECTUS DATED MAY 1, 2000
The information contained in this supplement updates your prospectus.
================================================================================
THE FOLLOWING INVESTMENT OPTIONS SHOULD BE ADDED TO THE FIRST PAGE OF YOUR
PROSPECTUS:
<TABLE>
<S> <C>
THE ALGER AMERICAN FUND FIDELITY(R) VARIABLE INSURANCE PRODUCTS
----------------------- ---------------------------------------
MANAGED BY FRED ALGER MANAGEMENT, INC. MANAGED BY FIDELITY MANAGEMENT & RESEARCH COMPANY
[Diamond] Alger American Leveraged AllCap Portfolio [Diamond] VIP Contrafund(R) Portfolio
[Diamond] VIP Growth Opportunities Portfolio
[Diamond] VIP Growth Portfolio
</TABLE>
These funds are not yet available to California residents and are pending
California state approval.
================================================================================
THE FOLLOWING IS ADDED TO THE INFORMATION IN THE "FUND ANNUAL EXPENSES" CHART IN
PART I OF THE PROSPECTUS:
<TABLE>
<CAPTION>
FUND ANNUAL EXPENSES (AS A PERCENTAGE OF FUND AVERAGE NET ASSETS)
============================================================================================================================
OTHER EXPENSES TOTAL EXPENSES TOTAL EXPENSES
MANAGEMENT RULE 12b-1 BEFORE BEFORE AFTER
SERIES FEES FEES REIMBURSEMENT REIMBURSEMENT REIMBURSEMENT
----------------------------------------------------------------------------------------------------------------------------
THE ALGER AMERICAN FUND
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Alger American Leveraged AllCap Portfolio .85% N/A .08%(7) .93% .93%
FIDELITY(R) VARIABLE INSURANCE PRODUCTS
----------------------------------------------------------------------------------------------------------------------------
VIP Contrafund(R) Portfolio(8) .58% .10% .10% .78% .75%(10)
VIP Growth Opportunities Portfolio(9) .58% .10% .11% .79% .78%(10)
VIP Growth Portfolio(9) .58% .10% .09% .77% .75%(10)
============================================================================================================================
</TABLE>
7 Included in "Other Expenses" is 0.01% of interest expense.
8 Effective November 3, 1997, the advisor has voluntarily agreed to reimburse
the fund to the extent that total operating expenses (excluding interest,
taxes, certain securities lending costs, brokerage commissions, and
extraordinary expenses), as a percentage of its average net assets, exceed
1.10%. This arrangement can be discontinued at any time.
9 Effective November 3, 1997, the advisor has voluntarily agreed to reimburse
the fund to the extent that total operating expenses (excluding interest,
taxes, certain securities lending costs, brokerage commissions, and
extraordinary expenses), as a percentage of its average net assets, exceed
1.60%. This arrangement can be discontinued at any time.
10 A portion of the brokerage commissions that the fund pays is used to reduce
the fund's expenses. In addition, through arrangements with the fund's
custodian, credits realized as a result of uninvested cash balances are
used to reduce custodian expenses.
TF 601 Page 1 of 3
<PAGE>
================================================================================
THE FOLLOWING ARE ADDITIONS TO THE SECTION TITLED "INVESTMENTS OF THE VUL
ACCOUNT" IN YOUR PROSPECTUS:
THE ALGER AMERICAN FUND
A certain subaccount invests in a corresponding portfolio of The Alger
American Fund. The following portfolio is currently available:
ALGER AMERICAN LEVERAGED ALLCAP PORTFOLIO: The investment objective of the
portfolio is long-term capital appreciation. It invests primarily in equity
securities, such as common or preferred stocks, which are listed on U.S.
exchanges or in the over-the-counter market. The portfolio invests
primarily in "growth" stocks. Under normal circumstances, the portfolio
invests in the equity securities of companies of any size, which
demonstrate promising growth potential. The portfolio can leverage, that
is, borrow money, up to one-third of its total assets to buy additional
securities.
FIDELITY(R) VARIABLE INSURANCE PRODUCTS
Certain subaccounts invest in a corresponding portfolio of the Fidelity(R)
Variable Insurance Products. The following portfolios are currently available:
VIP CONTRAFUND(R) PORTFOLIO: The investment objective of the portfolio is
to seek long-term capital appreciation. Principal investment strategies
include:
o Normally investing primarily in common stocks.
o Investing in securities of companies whose value it believes is not fully
recognized by the public.
o Investing in domestic and foreign issuers.
o Investing in either "growth" stocks or "value" stocks or both.
o Using fundamental analysis of each issuer's financial condition and
industry position and market and economic conditions to select
investments.
VIP GROWTH OPPORTUNITIES PORTFOLIO: The investment objective of the
portfolio is to seek to provide capital growth. Principal investment
strategies include:
o Normally investing primarily in common stocks.
o Potentially investing in other types of securities, including bonds which
may be lower-quality debt securities.
o Investing in domestic and foreign issuers.
o Investing in either "growth" stocks or "value" stocks or both.
o Using fundamental analysis of each issuer's financial condition and
industry position and market and economic conditions to select
investments.
VIP GROWTH PORTFOLIO: The investment objective of the portfolio is to seek
to achieve capital appreciation. Principal investment strategies include:
o Normally investing primarily in common stocks.
o Investing in companies that it believes have above-average growth
potential.
o Investing in securities of domestic and foreign issuers.
o Using fundamental analysis of each issuer's financial condition and
industry position and market and economic conditions to select
investments.
================================================================================
IN THE "INVESTMENT ADVISORS" SECTION IN YOUR PROSPECTUS, ADD THE FOLLOWING
ADVISORS AND THEIR INVESTMENT OPTIONS:
<TABLE>
<S> <C>
[diamond] Fred Alger Management, Inc. [diamond] Fidelity Management & Research Company
o Alger American Leveraged AllCap Portfolio o VIP Contrafund(R) Portfolio
o VIP Growth Opportunities Portfolio
o VIP Growth Portfolio
</TABLE>
TF 601 Page 2 of 3
<PAGE>
================================================================================
IN APPENDIX A, THE "GLOSSARY OF SPECIAL TERMS" SECTION OF YOUR PROSPECTUS, THE
'FUNDS' ENTRY IS REPLACED BY THE FOLLOWINGS:
FUNDS: The Phoenix Edge Series Fund, The Alger American Fund, Deutsche Asset
Management VIT Funds, Federated Insurance Series, Fidelity(R) Variable Insurance
Products, Franklin Templeton Variable Insurance Products Trust, The Universal
Institutional Funds, Inc., and Wanger Advisors Trust.
================================================================================
THE FOLLOWING ARE ADDED TO THE CHARTS IN "PERFORMANCE HISTORY," APPENDIX B:
<TABLE>
<CAPTION>
=============================================================================================================================
AVERAGE ANNUAL TOTAL RETURN FOR THE PERIOD ENDED DECEMBER 31, 1999
=============================================================================================================================
SINCE
SUBACCOUNT INCEPTION DATE 1 YEAR 5 YEARS 10 YEARS INCEPTION
=============================================================================================================================
<S> <C> <C> <C> <C> <C>
Alger American Leveraged AllCap Portfolio............... 1/25/95 76.51% N/A N/A 45.45%
-----------------------------------------------------------------------------------------------------------------------------
VIP Contrafund(R) Portfolio.............................. 11/3/97 22.97% N/A N/A 23.50%
-----------------------------------------------------------------------------------------------------------------------------
VIP Growth Opportunities Portfolio...................... 11/3/97 3.15% N/A N/A 13.92%
-----------------------------------------------------------------------------------------------------------------------------
VIP Growth Portfolio.................................... 11/3/97 36.01% N/A N/A 34.18%
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
ANNUAL TOTAL RETURN
=============================================================================================================================
SERIES 1996 1997 1998 1999
=============================================================================================================================
<S> <C> <C> <C> <C>
Alger American Leveraged AllCap Portfolio............................. 12.04% 19.68% 57.83% 78.06%
----------------------------------------------------------------------------------------------------------------------------
VIP Contrafund(R) Portfolio............................................ N/A N/A 29.94% 24.15%
----------------------------------------------------------------------------------------------------------------------------
VIP Growth Opportunities Portfolio.................................... N/A N/A 24.51% 4.18%
----------------------------------------------------------------------------------------------------------------------------
VIP Growth Portfolio.................................................. N/A N/A 39.38% 37.29%
=============================================================================================================================
=============================================================================================================================
</TABLE>
KEEP THIS SUPPLEMENT WITH YOUR PROSPECTUS FOR FUTURE REFERENCE.
TF 601 Page 3 of 3
