[GRAPHIC](SM)
C O N S E C O(R)
STEP UP.(SM)
CONSECO VARIABLE INSURANCE COMPANY
A N N U A L R E P O R T T O
C O N T R A C T O W N E R S
DECEMBER 31, 1999
Conseco Variable Annuity Account f
<PAGE>
ANNUAL REPORT TO CONTRACT OWNERS
TABLE OF CONTENTS
DECEMBER 31, 1999
================================================================================
CONSECO VARIABLE ANNUITY ACCOUNT F PAGE
Statement of Assets and Liabilities as of December 31, 1999.................. 2
Statements of Operations for the Year Ended December 31, 1999 and
Statements of Changes in Net Assets for the Year Ended December 31, 1999... 4
Statements of Operations for the Period February 12, 1998 through
December 31, 1998 and Statements of Changes in
Net Assets for the Period February 12, 1998 through December 31, 1998.... 10
Notes to Financial Statements............................................... 16
Report of Independent Accountants........................................... 18
1
<PAGE>
CONSECO VARIABLE ANNUITY ACCOUNT F
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
<TABLE>
<CAPTION>
===================================================================================================================================
SHARES COST REPORTED VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Assets:
Market value adjustment cash account................................................ $ 312,640
Investments in portfolio shares, at net asset value (Note 2):
The Alger American Fund:
Growth Portfolio. 557,806.4 $ 30,720,879 35,911,573
Leveraged AllCap Portfolio...................................................... 614,503.5 26,532,283 35,622,770
MidCap Growth Portfolio......................................................... 302,549.3 8,226,576 9,751,164
Small Capitalization Portfolio.................................................. 139,624.4 6,004,731 7,700,284
American Century Variable Portfolios, Inc.:
Income and Growth Fund.......................................................... 1,414,181.8 9,752,817 11,313,455
International Fund ............................................................. 412,479.0 3,350,113 5,155,987
Value Fund ..................................................................... 1,034,104.4 6,541,567 6,152,921
Berger Institutional Products Trust:
100 Fund ....................................................................... 132,386.3 1,836,756 2,544,464
Growth and Income Fund.......................................................... 600,834.5 11,928,100 15,892,072
Small Company Growth Fund....................................................... 220,004.5 3,545,073 5,172,306
BIAM International Fund......................................................... 20,354.6 246,908 297,787
Conseco Series Trust:
Balanced Portfolio.............................................................. 625,620.0 8,755,822 9,165,838
Equity Portfolio................................................................ 447,077.0 9,573,736 10,363,566
Fixed Income Portfolio.......................................................... 960,082.4 9,385,109 9,010,853
Government Securities Portfolio................................................. 416,009.7 4,803,151 4,559,896
Money Market Portfolio.......................................................... 52,392,728.6 52,392,729 52,392,729
Dreyfus Stock Index Fund.......................................................... 1,400,802.6 46,839,868 53,860,861
The Dreyfus Socially Responsible Growth Fund, Inc. ............................... 375,270.5 12,871,798 14,661,817
Dreyfus Variable Investment Fund:
Disciplined Stock Portfolio.................................................. 130,845.9 3,229,903 3,522,371
International Value Portfolio................................................ 68,645.2 1,046,711 1,075,671
Federated Insurance Series:
High Income Bond Fund II ....................................................... 840,112.9 8,784,364 8,602,756
International Equity Fund II ................................................... 151,587.3 3,378,024 4,189,873
Utility Fund II ................................................................ 438,628.0 6,265,693 6,294,311
Invesco Variable Investment Funds, Inc:
Equity Income Fund.............................................................. 178,386.0 3,582,202 3,747,890
High Yield Fund................................................................. 441,451.8 5,244,619 5,081,110
Janus Aspen Series:
Aggressive Growth Portfolio..................................................... 738,910.9 29,535,602 44,105,593
Growth Portfolio................................................................ 1,640,691.8 44,049,273 55,209,279
Worldwide Growth Portfolio...................................................... 910,881.4 29,200,626 43,494,588
Lazard Retirement Series, Inc.:
Equity Portfolio ............................................................... 136,027.8 1,470,859 1,568,400
Small Cap Portfolio ............................................................ 99,773.2 967,297 979,773
Lord Abbett Series Fund, Inc.:
Growth and Income Portfolio ................................................... 427,328.9 9,417,689 9,469,608
Mitchell Hutchins Series Trust:
Growth and Income Portfolio..................................................... 33,324.9 485,102 544,529
Neuberger Berman Advisers Management Trust:
Limited Maturity Bond Portfolio................................................. 713,102.2 9,490,018 9,441,473
Partners Portfolio.............................................................. 284,442.4 5,270,432 5,586,448
Strong Variable Insurance Funds, Inc.:
Mid Cap Growth Fund II.......................................................... 478,771.7 11,341,233 14,540,297
Strong Opportunity Fund II, Inc. ................................................. 273,166.7 6,030,456 7,099,601
Van Eck Worldwide Insurance Trust:
Worldwide Bond Fund ............................................................ 79,782.2 860,578 852,871
Worldwide Emerging Markets Fund.... 197,090.8 1,964,910 2,810,514
Worldwide Hard Assets Fund......... 52,258.1 537,825 572,749
Worldwide Real Estate Fund ....... 31,655.4 304,627 289,647
- -----------------------------------------------------------------------------------------------------------------------------------
Total assets ............................................................................................ 518,922,335
Liabilities:
Net amounts due to Conseco Variable Insurance Company .......................................................... 595,654
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets (Note 6) ...... .................................................................................. $518,326,681
===================================================================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
2
<PAGE>
CONSECO VARIABLE ANNUITY ACCOUNT F
STATEMENT OF ASSETS AND LIABILITIES - CONTINUED
DECEMBER 31, 1999
<TABLE>
<CAPTION>
===================================================================================================================================
UNITS UNIT VALUE REPORTED VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net assets attributable to:
Contract owners' deferred annuity reserves:
Market value adjustment accounts - 1 Year... ................................... $ 302,276
Market value adjustment accounts - 5 Year... ................................... 10,486
The Alger American Fund:
Growth Portfolio ............................................................... 1,954,847.9 $18.349209 35,869,913
Leveraged AllCap Portfolio......... ............................................ 1,362,969.0 26.105651 35,581,193
MidCap Portfolio................................................................ 604,589.9 16.109755 9,739,795
Small Capitalization Portfolio ................................................. 485,731.3 15.834233 7,691,183
American Century Variable Portfolios, Inc.:
Income and Growth Fund ......................................................... 805,221.4 14.033340 11,299,946
International Fund ............................................................. 286,551.2 17.972904 5,150,157
Value Fund ..................................................................... 615,220.8 9.989754 6,145,904
Berger Institutional Products Trust:
100 Fund........................................................................ 161,596.2 15.727365 2,541,482
Growth and Income Fund.......................................................... 827,032.9 19.192747 15,873,033
Small Company Growth Fund ...................................................... 279,264.7 18.500508 5,166,539
BIAM International Fund......................................................... 21,269.1 14.002359 297,818
Conseco Series Trust:
Balanced Portfolio ............................................................. 675,068.3 13.562053 9,155,312
Equity Portfolio................................................................ 646,422.4 16.012935 10,351,120
Fixed Income Portfolio.......................................................... 881,706.4 10.207736 9,000,226
Government Securities Portfolio................................................. 451,881.9 10.079080 4,554,554
Money Market Portfolio ......................................................... 4,895,748.7 10.689683 52,334,002
Dreyfus Stock Index Fund.......................................................... 3,732,394.5 14.413769 53,797,872
The Dreyfus Socially Responsible Growth Fund, Inc. ............................... 931,176.3 15.727365 14,644,950
Dreyfus Variable Investment Fund:
Disciplined Stock Portfolio..................................................... 280,700.5 12.534297 3,518,383
International Value Portfolio................................................... 90,422.7 11.882741 1,074,470
Federated Insurance Series:
High Income Bond Fund II........................................................ 859,801.8 9.993764 8,592,656
International Equity Fund II.................................................... 200,437.7 20.888997 4,186,943
Utility Fund II ................................................................ 550,507.2 11.419878 6,286,725
Invesco Variable Investment Funds, Inc.:
Equity Income Fund.............................................................. 320,677.7 11.673618 3,743,469
High Yield Fund................................................................. 495,080.5 10.251437 5,075,287
Janus Aspen Series:
Aggressive Growth Portfolio..................................................... 1,540,760.6 28.593392 44,055,572
Growth Portfolio ............................................................... 3,067,175.0 17.979753 55,147,048
Worldwide Growth Portfolio...................................................... 2,253,670.9 19.277664 43,445,510
Lazard Retirement Series, Inc.:
Equity Portfolio ............................................................... 134,126.2 11.679204 1,566,487
Small Cap Portfolio ............................................................ 101,384.2 9.652585 978,620
Lord Abbett Series Fund, Inc. :
Growth and Income Portfolio..................................................... 759,959.9 12.447055 9,459,263
Mitchell Hutchins Series Trust:
Growth and Income Portfolio..................................................... 45,323.1 12.000004 543,877
Neuberger Berman Advisers Management Trust:
Limited Maturity Bond Portfolio................................................. 921,343.4 10.235735 9,430,627
Partners Portfolio.............................................................. 524,038.9 10.647332 5,579,616
Strong Variable Insurance Funds, Inc.:
Mid Cap Growth Fund II Fund..................................................... 620,231.3 23.416477 14,523,632
Strong Opportunity Fund II, Inc. ................................................. 489,673.9 14.482342 7,091,625
Van Eck Worldwide InsuranceTrust:
Worldwide Bond Fund ............................................................ 85,090.2 10.011282 851,862
Worldwide Emerging Markets Fund................................................. 211,063.4 13.300962 2,807,346
Worldwide Hard Assets Fund...................................................... 67,745.9 8.422660 570,601
Worldwide Real Estate Fund ..................................................... 34,644.5 8.350561 289,301
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets ............................................................................................. $518,326,681
===================================================================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
3
<PAGE>
CONSECO VARIABLE ANNUITY ACCOUNT F
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
====================================================================================================================================
AMERICAN
CENTURY
VARIABLE
THE ALGER AMERICAN FUNDS PORTFOLIOS
------------------------------------------------------- ----------
LEVERAGED SMALL INCOME AND
GROWTH ALL CAP MIDCAP CAPITALIZATION GROWTH
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment Income:
Dividends from investments in portfolio shares......... $ 1,430,547 $ 500,458 $ 582,461 $ 338,300 $ 1,088
Expenses:
Mortality and expense risk fees........................ 239,548 162,697 62,770 49,939 92,646
Administrative fees.................................... 28,746 19,524 7,532 5,993 11,117
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses....................................... 268,294 182,221 70,302 55,932 103,763
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income (loss)..................... 1,162,253 318,237 512,159 282,368 (102,675)
- ------------------------------------------------------------------------------------------------------------------------------------
Net realized gains (losses) and unrealized appreciation
(depreciation) of investments:
Net realized gains (losses) on sales of investments
in portfolio shares ............................... 631,065 835,798 44,078 190,892 275,972
Net change in unrealized appreciation (depreciation)
of investments in portfolio shares ................ 4,270,524 8,807,983 1,300,470 1,534,112 1,113,705
- ------------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) on investments in portfolio shares 4,901,589 9,643,781 1,344,548 1,725,004 1,389,677
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations .............................. $ 6,063,842 $ 9,962,018 $ 1,856,707 $ 2,007,372 $1,287,002
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
====================================================================================================================================
AMERICAN
CENTURY
VARIABLE
THE ALGER AMERICAN FUNDS PORTFOLIOS
----------------------------------------------- ----------
LEVERAGED SMALL INCOME AND
GROWTH ALL CAP MIDCAP CAPITALIZATION GROWTH
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Changes from operations:
Net investment income (loss)........................... $ 1,162,253 $ 318,237 $ 512,159 $ 282,368 $ (102,675)
Net realized gains (losses) on sales of investments
in portfolio shares ................................. 631,065 835,798 44,078 190,892 275,972
Net change in unrealized appreciation (depreciation)
of investments in portfolio shares .................. 4,270,524 8,807,983 1,300,470 1,534,112 1,113,705
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations ................................. 6,063,842 9,962,018 1,856,707 2,007,372 1,287,002
- ------------------------------------------------------------------------------------------------------------------------------------
Changes from contract owners' transactions:
Net contract purchase payments......................... 23,999,459 22,672,749 5,927,981 4,314,899 6,525,629
Contract redemptions................................... (601,059) (671,251) (125,849) (299,566) (407,475)
Net transfers ......................................... 335,450 1,993,274 154,267 (47,082) (345,171)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
from contract owners' transactions ................ 23,733,850 23,994,772 5,956,399 3,968,251 5,772,983
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets ...................... 29,797,692 33,956,790 7,813,106 5,975,623 7,059,985
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, beginning of year............................. 6,072,221 1,624,403 1,926,689 1,715,560 4,239,961
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of year (Note 6) ................ $ 35,869,913 $ 35,581,193 $9,739,795 $ 7,691,183 $ 11,299,946
====================================================================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
4
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
AMERICAN CENTURY
VARIABLE PORTFOLIOS
(CONTINUED) BERGER INSTITUTIONAL PRODUCTS TRUST CONSECO SERIES TRUST PORTFOLIOS
- -------------------------- ----------------------------------------------------- --------------------------------------------------
GROWTH AND SMALL BIAM FIXED
INTERNATIONAL VALUE 100 INCOME COMPANY INTERNATIONAL BALANCED EQUITY INCOME
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ -- $ 259,443 $ 388 $ -- $ -- $ 1,621 $ 1,615,190 $ 2,905,627 $ 448,871
32,399 48,544 18,601 82,781 26,598 2,821 74,401 85,073 84,189
3,888 5,825 2,232 9,934 3,192 339 8,928 10,209 10,103
- ------------------------------------------------------------------------------------------------------------------------------------
36,287 54,369 20,833 92,715 29,790 3,160 83,329 95,282 94,292
- ------------------------------------------------------------------------------------------------------------------------------------
(36,287) 205,074 (20,445) (92,715) (29,790) (1,539) 1,531,861 2,810,345 354,579
- ------------------------------------------------------------------------------------------------------------------------------------
42,779 (20,013) 149,335 714,562 287,230 31,785 43,280 96,287 (74,662)
1,769,042 (450,172) 596,846 3,728,856 1,576,116 33,827 289,656 218,479 (350,289)
- ------------------------------------------------------------------------------------------------------------------------------------
1,811,821 (470,185) 746,181 4,443,418 1,863,346 65,612 332,936 314,766 (424,951)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 1,775,534 $ (265,111) $ 725,736 $ 4,350,703 $ 1,833,556 $ 64,073 $ 1,864,797 $ 3,125,111 $ (70,372)
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
====================================================================================================================================
AMERICAN CENTURY
VARIABLE PORTFOLIOS
(CONTINUED) BERGER INSTITUTIONAL PRODUCTS TRUST CONSECO SERIES TRUST PORTFOLIOS
- --------------------------- ---------------------------------------------------- --------------------------------------------------
GROWTH AND SMALL BIAM FIXED
INTERNATIONAL VALUE 100 INCOME COMPANY INTERNATIONAL BALANCED EQUITY INCOME
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$(36,287) $ 205,074 $ (20,445) $ (92,715) $ (29,790) $ (1,539) $ 1,531,861 $ 2,810,345 $ 354,579
42,779 (20,013) 149,335 714,562 287,230 31,785 43,280 96,287 (74,662)
1,769,042 (450,172) 596,846 3,728,856 1,576,116 33,827 289,656 218,479 (350,289)
- ------------------------------------------------------------------------------------------------------------------------------------
1,775,534 (265,111) 725,736 4,350,703 1,833,556 64,073 1,864,797 3,125,111 (70,372)
- ------------------------------------------------------------------------------------------------------------------------------------
1,949,052 4,786,556 1,070,592 8,539,084 1,615,245 180,697 4,669,802 2,833,070 6,836,281
(66,096) (281,584) (103,349) (398,035) (164,543) (9,547) (443,212) (265,819) (375,828)
206,351 157,453 47,610 1,507,635 783,390 (161,119) (1,131,962) (196,581) (596,579)
- ------------------------------------------------------------------------------------------------------------------------------------
2,089,307 4,662,425 1,014,853 9,648,684 2,234,092 10,031 3,094,628 2,370,670 5,863,874
- ------------------------------------------------------------------------------------------------------------------------------------
3,864,841 4,397,314 1,740,589 13,999,387 4,067,648 74,104 4,959,425 5,495,781 5,793,502
- ------------------------------------------------------------------------------------------------------------------------------------
1,285,316 1,748,590 800,893 1,873,646 1,098,891 223,714 4,195,887 4,855,339 3,206,724
- ------------------------------------------------------------------------------------------------------------------------------------
$ 5,150,157 $ 6,145,904 $ 2,541,482 $ 15,873,033 $ 5,166,539 $ 297,818 $ 9,155,312 $ 10,351,120 $ 9,000,226
====================================================================================================================================
</TABLE>
5
<PAGE>
CONSECO VARIABLE ANNUITY ACCOUNT F
STATEMENTS OF OPERATIONS - CONTINUED
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
====================================================================================================================================
CONSECO SERIES DREYFUS
TRUST PORTFOLIOS VARIABLE
(CONTINUED) INVESTMENT
------------------------ ----------
DREYFUS
SOCIALLY DREYFUS
GOVERNMENT MONEY RESPONSIBLE STOCK DISCIPLINED
SECURITIES MARKET GROWTH INDEX STOCK
===================================================================================================================================
<S> <C> <C> <C> <C> <C>
Investment Income:
Dividends from investments in portfolio shares......... $ 281,491 $ 1,215,490 $ 488,441 $ 745,968 $ 33,603
Expenses:
Mortality and expense risk fees........................ 44,106 307,888 90,565 416,597 21,719
Administrative fees.................................... 5,293 36,947 10,868 49,992 2,606
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses....................................... 49,399 344,835 101,433 466,589 24,325
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income (loss) .................... 232,092 870,655 387,008 279,379 9,278
- ------------------------------------------------------------------------------------------------------------------------------------
Net realized gains (losses) and unrealized appreciation
(depreciation) of investments:
Net realized gains (losses) on sales of investments
in portfolio shares .............................. (131,084) -- 297,068 455,568 98,218
Net change in unrealized appreciation (depreciation)
of investments in portfolio shares .............. (226,870) -- 1,579,997 5,525,574 230,188
- ------------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) on investments in
portfolio shares ............................... (357,954) -- 1,877,065 5,981,142 328,406
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations .............................. $ (125,862) $ 870,655 $ 2,264,073 $ 6,260,521 $ 337,684
====================================================================================================================================
</TABLE>
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
====================================================================================================================================
CONSECO SERIES DREYFUS
TRUST PORTFOLIOS VARIABLE
(CONTINUED) INVESTMENT
--------------------------- ----------
DREYFUS
SOCIALLY DREYFUS
GOVERNMENT MONEY RESPONSIBLE STOCK DISCIPLINED
SECURITIES MARKET GROWTH INDEX STOCK
====================================================================================================================================
<S> <C> <C> <C> <C> <C>
Changes from operations:
Net investment income (loss)........................... $ 232,092 $ 870,655 $ 387,008 $ 279,379 $ 9,278
Net realized gains (losses) on sales of investments
in portfolio shares ................................. (131,084) -- 297,068 455,568 98,218
Net change in unrealized appreciation (depreciation)
of investments in portfolio shares................... (226,870) -- 1,579,997 5,525,574 230,188
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations ................................... (125,862) 870,655 2,264,073 6,260,521 337,684
- ------------------------------------------------------------------------------------------------------------------------------------
Changes from contract owners' transactions:
Net contract purchase payments......................... 4,118,914 59,631,055 10,577,697 32,861,489 2,565,980
Contract redemptions................................... (201,285) (1,483,540) (287,765) (1,623,692) (49,554)
Net transfers ......................................... (843,467) (14,743,455) (517,924) 1,393,465 (28,893)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
from contract owners' transactions ............... 3,074,162 43,404,060 9,772,008 32,631,262 2,487,533
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets ....................... 2,948,300 44,274,715 12,036,081 38,891,783 2,825,217
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, beginning of year ............................ 1,606,254 8,059,287 2,608,869 14,906,089 693,166
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of year (Note 6).................. $ 4,554,554 $ 52,334,002 $14,644,950 $ 53,797,872 $ 3,518,383
====================================================================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
<TABLE>
<CAPTION>
DREYFUS
VARIABLE
INVESTMENT
(CONTINUED) FEDERATED INSURANCE SERIES FUNDS INVESCO VARIABLE INV. FUNDS JANUS ASPEN SERIES PORTFOLIOS
- ---------- ----------------------------------------- --------------------------- -------------------------------------------
INTERNATIONAL HIGH INCOME INTERNATIONAL EQUITY AGGRESSIVE WORLDWIDE
VALUE BOND II EQUITY II UTILITY II INCOME HIGH YIELD GROWTH GROWTH GROWTH
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 78,832 $ 429,612 $ 20,577 $ 255,143 $ 61,662 $ 332,050 $ 377,706 $ 195,641 $ 36,846
6,746 89,638 15,544 62,734 30,439 38,863 174,776 309,609 264,551
809 10,756 1,865 7,528 3,653 4,664 20,973 37,153 31,746
- ------------------------------------------------------------------------------------------------------------------------------------
7,555 100,394 17,409 70,262 34,092 43,527 195,749 346,762 296,297
- ------------------------------------------------------------------------------------------------------------------------------------
71,277 329,218 3,168 184,881 27,570 288,523 181,957 (151,121) (259,451)
- ------------------------------------------------------------------------------------------------------------------------------------
58,025 (110,092) 358,044 (23,472) 118,345 (40,772) 1,837,085 548,965 279,156
29,284 (263,120) 744,761 (157,650) 131,828 (75,138) 14,145,816 10,359,912 13,666,073
- ------------------------------------------------------------------------------------------------------------------------------------
87,309 (373,212) 1,102,805 (181,122) 250,173 (115,910) 15,982,901 10,908,877 13,945,229
- ------------------------------------------------------------------------------------------------------------------------------------
$ 158,586 $ (43,994) $ 1,105,973 $ 3,759 $ 277,743 $172,613 $16,164,858 $ 10,757,756 $ 13,685,778
====================================================================================================================================
</TABLE>
7
<TABLE>
<CAPTION>
DREYFUS
VARIABLE
INVESTMENT
(CONTINUED) FEDERATED INSURANCE SERIES FUNDS INVESCO VARIABLE INV. FUNDS JANUS ASPEN SERIES PORTFOLIOS
- ---------- -------------------------------------------- ------------------------- ------------------------------------------
INTERNATIONAL HIGH INCOME INTERNATIONAL EQUITY AGGRESSIVE WORLDWIDE
VALUE BOND II EQUITY II UTILITY II INCOME HIGH YIELD GROWTH GROWTH GROWTH
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 71,277 $ 329,218 $ 3,168 $ 184,881 $ 27,570 $ 288,523 $ 181,957 $ (151,121) $ (259,451)
58,025 (110,092) 358,044 (23,472) 118,345 (40,772) 1,837,085 548,965 279,156
29,284 (263,120) 744,761 (157,650) 131,828 (75,138) 14,145,816 10,359,912 13,666,073
- ------------------------------------------------------------------------------------------------------------------------------------
158,586 (43,994) 1,105,973 3,759 277,743 172,613 16,164,858 10,757,756 13,685,778
- ------------------------------------------------------------------------------------------------------------------------------------
840,806 7,321,216 933,308 5,844,449 3,018,942 3,486,048 19,543,752 33,785,060 21,071,153
(40,517) (466,202) (61,598) (370,882) (138,318) (197,921) (778,660) (1,112,922) (844,503)
(24,630) (2,668,737) 1,641,488 (1,781,878) (242,967) 476,518 6,687,738 6,336,414 1,226,023
- ------------------------------------------------------------------------------------------------------------------------------------
775,659 4,186,277 2,513,198 3,691,689 2,637,657 3,764,645 25,452,830 39,008,552 21,452,673
- ------------------------------------------------------------------------------------------------------------------------------------
934,245 4,142,283 3,619,171 3,695,448 2,915,400 3,937,258 41,617,688 49,766,308 35,138,451
- ------------------------------------------------------------------------------------------------------------------------------------
140,225 4,450,373 567,772 2,591,277 828,069 1,138,029 2,437,884 5,380,740 8,307,059
- ------------------------------------------------------------------------------------------------------------------------------------
$ 1,074,470 $ 8,592,656 $ 4,186,943 $ 6,286,725 $ 3,743,469 $ 5,075,287 $44,055,572 $ 55,147,048 $ 43,445,510
====================================================================================================================================
</TABLE>
7
<PAGE>
CONSECO VARIABLE ANNUITY ACCOUNT F
STATEMENTS OF OPERATIONS - CONTINUED
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
====================================================================================================================================
NEUBERGER
BERMAN
ADVISERS
MANAGEMENT
LAZARD RETIREMENT TRUST
SERIES PORTFOLIOS PORTFOLIOS
--------------------------- ----------
MITCHELL
LORD ABBETT HUTCHINS
SERIES TRUST SERIES TRUST LIMITED
GROWTH AND GROWTH AND MATURITY
EQUITY SMALL CAP INCOME INCOME BOND
====================================================================================================================================
<S> <C> <C> <C> <C> <C>
Investment Income:
Dividends from investments in portfolio shares......... $ 56,529 $ 17,315 $ 682,606 $ 6 $ 215,089
Expenses:
Mortality and expense risk fees........................ 17,109 9,106 73,203 5,219 73,387
Administrative fees.................................... 2,053 1,093 8,784 626 8,806
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses....................................... 19,162 10,199 81,987 5,845 82,193
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income (loss)..................... 37,367 7,116 600,619 (5,839) 132,896
- ------------------------------------------------------------------------------------------------------------------------------------
Net realized gains (losses) and unrealized appreciation
(depreciation) of investments:
Net realized gains (losses) on sales of investments
in portfolio shares ............................... 50,644 (2,998) 141,491 (1,884) (24,364)
Net change in unrealized appreciation (depreciation)
of investments in portfolio shares ................ (14,591) 3,120 29,462 53,299 (88,777)
- ------------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) on investments in
portfolio shares .............................. 36,053 122 170,953 51,415 (113,141)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations ............................. $ 73,420 $ 7,238 $ 771,572 $ 45,576 $ 19,755
====================================================================================================================================
</TABLE>
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
FOR THE YEAR ENDED DECEMBER 31, 1999
<TABLE>
<CAPTION>
====================================================================================================================================
NEUBERGER
BERMAN
ADVISERS
MANAGEMENT
LAZARD RETIREMENT TRUST
SERIES PORTFOLIOS PORTFOLIOS
--------------------------- ----------
MITCHELL
LORD ABBETT HUTCHINS
SERIES TRUST SERIES TRUST LIMITED
GROWTH AND GROWTH AND MATURITY
EQUITY SMALL CAP INCOME INCOME BOND
====================================================================================================================================
<S> <C> <C> <C> <C> <C>
Changes from operations:
Net investment income (loss)........................... $ 37,367 $ 7,116 $ 600,619 $ (5,839) $ 132,896
Net realized gains (losses) on sales of investments
in portfolio shares ................................. 50,644 (2,998) 141,491 (1,884) (24,364)
Net change in unrealized appreciation (depreciation)
of investments in portfolio shares .................. (14,591) 3,120 29,462 53,299 (88,777)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations 73,420 7,238 771,572 45,576 19,755
- ------------------------------------------------------------------------------------------------------------------------------------
Changes from contract owners' transactions:
Net contract purchase payments......................... 700,824 555,835 6,299,864 290,152 5,057,231
Contract redemptions................................... (154,780) (33,426) (586,145) (25,373) (244,897)
Net transfers.......................................... (82,240) 24,951 379,049 (27,176) 1,438,296
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from contract owners' transactions .............. 463,804 547,360 6,092,768 237,603 6,250,630
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets..................... 537,224 554,598 6,864,340 283,179 6,270,385
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, beginning of year............................. 1,029,263 424,022 2,594,923 260,698 3,160,242
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of year (Note 6)............... $ 1,566,487 $ 978,620 $ 9,459,263 $ 543,877 $ 9,430,627
====================================================================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
8
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
NEUBERGER
BERMAN
ADVISERS
MANAGEMENT STRONG
TRUST VARIABLE
PORTFOLIOS INSURANCE
(CONTINUED) FUNDS VAN ECK WORLDWIDE INSURANCE TRUST FUNDS
- ----------- ----------- STRONG ----------------------------------------------------------
MID CAP OPPORTUNITY EMERGING HARD REAL MVA MVA COMBINED
PARTNERS GROWTH II FUND II BOND MARKETS ASSETS ESTATE 1 YEAR 5 YEAR TOTAL
===================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 119,531 $ 1,625 $ 272,745 $ 23,948 $ (180) $ 1,398 $ 4,706 $ -- $ -- $ 14,032,374
57,527 52,552 49,053 10,401 12,485 11,065 3,607 -- -- 3,311,496
6,903 6,306 5,886 1,248 1,498 1,328 433 -- -- 397,379
- -----------------------------------------------------------------------------------------------------------------------------------
64,430 58,858 54,939 11,649 13,983 12,393 4,040 -- -- 3,708,875
- -----------------------------------------------------------------------------------------------------------------------------------
55,101 (57,233) 217,806 12,299 (14,163) (10,995) 666 -- -- 10,323,499
- -----------------------------------------------------------------------------------------------------------------------------------
1,536 852,914 6,446 (55,264) 95,619 6,037 (2,034) -- -- 8,061,585
159,379 3,106,033 956,131 (15,426) 855,528 35,225 (11,908) -- -- 75,197,285
- -----------------------------------------------------------------------------------------------------------------------------------
160,915 3,958,947 962,577 (70,690) 951,147 41,262 (13,942) -- -- 83,258,870
- -----------------------------------------------------------------------------------------------------------------------------------
$ 216,016 $ 3,901,714 $1,180,383 $ (58,391) $ 936,984 $ 30,267 $ (13,276) $ -- $ -- $ 93,582,369
===================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
====================================================================================================================================
NEUBERGER
BERMAN
ADVISERS
MANAGEMENT STRONG
TRUST VARIABLE
PORTFOLIOS INSURANCE
(CONTINUED) FUNDS VAN ECK WORLDWIDE INSURANCE TRUST FUNDS
- ----------- ----------- STRONG ----------------------------------------------------------
MID CAP OPPORTUNITY EMERGING HARD REAL MVA MVA COMBINED
PARTNERS GROWTH II FUND II BOND MARKETS ASSETS ESTATE 1 YEAR 5 YEAR TOTAL
===================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 55,101 $ (57,233) $ 217,806 $ 12,299 $ (14,163) $ (10,995) $ 666 $ -- $ -- $ 10,323,499
1,536 852,914 6,446 (55,264) 95,619 6,037 (2,034) -- -- 8,061,585
159,379 3,106,033 956,131 (15,426) 855,528 35,225 (11,908) -- -- 75,197,285
- -----------------------------------------------------------------------------------------------------------------------------------
216,016 3,901,714 1,180,383 (58,391) 936,984 30,267 (13,276) -- -- 93,582,369
- -----------------------------------------------------------------------------------------------------------------------------------
2,582,652 5,903,521 4,320,118 726,162 1,573,173 193,714 194,286 185,339 10,486 330,114,322
(150,240) (216,136) (124,917) (42,225) (173,421) (43,708) (36,747) (3,082) -- (13,705,669)
(172,085) 4,264,561 (262,554) (119,407) 227,140 302,264 (73,229) -- -- 5,516,201
- -----------------------------------------------------------------------------------------------------------------------------------
2,260,327 9,951,946 3,932,647 564,530 1,626,892 452,270 84,310 182,257 10,486 321,924,854
- -----------------------------------------------------------------------------------------------------------------------------------
2,476,343 13,853,660 5,113,030 506,139 2,563,876 482,537 71,034 182,257 10,486 415,507,223
- -----------------------------------------------------------------------------------------------------------------------------------
3,103,273 669,972 1,978,595 345,723 243,470 88,064 218,267 120,019 -- 102,819,458
- -----------------------------------------------------------------------------------------------------------------------------------
$5,579,616 $14,523,632 $7,091,625 $ 851,862 $2,807,346 $ 570,601 $ 289,301 $ 302,276 $ 10,486 $ 518,326,681
===================================================================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
CONSECO VARIABLE ANNUITY ACCOUNT F
STATEMENTS OF OPERATIONS
FOR THE PERIOD FEBRUARY 12, 1998 THROUGH DECEMBER 31, 1998
<TABLE>
<CAPTION>
===================================================================================================================================
AMERICAN
CENTURY
VARIABLE
THE ALGER AMERICAN FUNDS PORTFOLIOS
--------------------------------------------------------- ----------
LEVERAGED SMALL INCOME AND
GROWTH ALL CAP MIDCAP CAPITALIZATION GROWTH
===================================================================================================================================
<S> <C> <C> <C> <C> <C>
Investment Income:
Dividends from investments in portfolio shares......... $ 44,824 $ 5,239 $ 19,215 $ 8,041 $ 20,268
Expenses:
Mortality and expense risk fees........................ 16,142 4,492 5,699 4,156 14,180
Administrative fees.................................... 1,937 539 684 499 1,702
- -----------------------------------------------------------------------------------------------------------------------------------
Total expenses....................................... 18,079 5,031 6,383 4,655 15,882
- -----------------------------------------------------------------------------------------------------------------------------------
Net investment income (loss)..................... 26,745 208 12,832 3,386 4,386
- -----------------------------------------------------------------------------------------------------------------------------------
Net realized gains (losses) and unrealized appreciation
(depreciation) of investments:
Net realized gains (losses) on sales of investments
in portfolio shares ............................... (43,791) (13,041) (1,715) (13,013) (11,738)
Net change in unrealized appreciation (depreciation)
of investments in portfolio shares ................ 920,170 282,503 224,117 161,441 446,932
- -----------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) on investments in
portfolio shares .............................. 876,379 269,462 222,402 148,428 435,194
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations ............................. $ 903,124 $ 269,670 $ 235,234 $ 151,814 $ 439,580
===================================================================================================================================
</TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIOD FEBRUARY 12, 1998 THROUGH DECEMBER 31, 1998
<TABLE>
<CAPTION>
===================================================================================================================================
AMERICAN
CENTURY
VARIABLE
THE ALGER AMERICAN FUNDS PORTFOLIOS
--------------------------------------------------------- ----------
LEVERAGED SMALL INCOME AND
GROWTH ALL CAP MIDCAP CAPITALIZATION GROWTH
===================================================================================================================================
<S> <C> <C> <C> <C> <C>
Changes from operations:
Net investment income (loss).......................... $ 26,745 $ 208 $ 12,832 $ 3,386 $ 4,386
Net realized gains (losses) on sales of investments
in portfolio shares ................................ (43,791) (13,041) (1,715) (13,013) (11,738)
Net change in unrealized appreciation (depreciation)
of investments in portfolio shares ................. 920,170 282,503 224,117 161,441 446,932
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets from operations ............................. 903,124 269,670 235,234 151,814 439,580
- -----------------------------------------------------------------------------------------------------------------------------------
Changes from contract owners' transactions:
Net contract purchase payments ....................... 4,317,694 1,143,802 1,451,960 1,231,991 3,142,214
Contract redemptions ................................. (21,245) (11,673) (6,638) (18,187) (29,140)
Net transfers.......................................... 872,648 222,604 246,133 349,942 687,307
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets ........................
from contract owners' transactions .............. 5,169,097 1,354,733 1,691,455 1,563,746 3,800,381
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets..................... 6,072,221 1,624,403 1,926,689 1,715,560 4,239,961
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, beginning of period........................... -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period...................... $ 6,072,221 $ 1,624,403 $ 1,926,689 $ 1,715,560 $ 4,239,961
===================================================================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
10
<PAGE>
<TABLE>
<CAPTION>
===================================================================================================================================
AMERICAN CENTURY
VARIABLE PORTFOLIOS
(CONTINUED) BERGER INSTITUTIONAL PRODUCTS TRUST CONSECO SERIES TRUST PORTFOLIOS
- --------------------------- ------------------------------------------------------ ---------------------------------------
GROWTH AND SMALL BIAM FIXED
INTERNATIONAL VALUE 100 INCOME COMPANY INTERNATIONAL BALANCED EQUITY INCOME
===================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ -- $ -- $ 1,732 $ 12,247 $ 447 $ 3,077 $ 79,590 $ 29,115 $ 65,841
5,071 6,462 2,414 6,538 4,116 1,013 20,394 23,088 11,308
609 775 290 784 494 122 2,447 2,770 1,357
- ------------------------------------------------------------------------------------------------------------------------------------
5,680 7,237 2,704 7,322 4,610 1,135 22,841 25,858 12,665
- ------------------------------------------------------------------------------------------------------------------------------------
(5,680) (7,237) (972) 4,925 (4,163) 1,942 56,749 3,257 53,176
- ------------------------------------------------------------------------------------------------------------------------------------
(31,607) (12,093) (6,400) (1,159) (33,167) (7,753) (27,377) (147,801) 953
36,833 61,526 110,862 235,116 51,117 17,053 120,360 571,352 (23,967)
- ------------------------------------------------------------------------------------------------------------------------------------
5,226 49,433 104,462 233,957 17,950 9,300 92,983 423,551 (23,014)
- ------------------------------------------------------------------------------------------------------------------------------------
$ (454) $ 42,196 $ 103,490 $ 238,882 $ 13,787 $ 11,242 $ 149,732 $ 426,808 $ 30,162
===================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
===================================================================================================================================
AMERICAN CENTURY
VARIABLE PORTFOLIOS
(CONTINUED) BERGER INSTITUTIONAL PRODUCTS TRUST CONSECO SERIES TRUST PORTFOLIOS
- --------------------------- ------------------------------------------------------ ---------------------------------------
GROWTH AND SMALL BIAM FIXED
INTERNATIONAL VALUE 100 INCOME COMPANY INTERNATIONAL BALANCED EQUITY INCOME
===================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ (5,680) $ (7,237) $ (972) $ 4,925 $ (4,163) $ 1,942 $ 56,749 $ 3,257 $ 53,176
(31,607) (12,093) (6,400) (1,159) (33,167) (7,753) (27,377) (147,801) 953
36,833 61,526 110,862 235,116 51,117 17,053 120,360 571,352 (23,967)
- ------------------------------------------------------------------------------------------------------------------------------------
(454) 42,196 103,490 238,882 13,787 11,242 149,732 426,808 30,162
- ------------------------------------------------------------------------------------------------------------------------------------
1,230,650 1,684,005 477,451 1,404,705 1,080,620 170,977 3,934,083 4,110,264 3,039,345
(9,277) (4,736) (7,805) (16,694) (5,604) (3,228) (10,218) (15,923) (18,393)
64,397 27,125 227,757 246,753 10,088 44,723 122,290 334,190 155,610
- ------------------------------------------------------------------------------------------------------------------------------------
1,285,770 1,706,394 697,403 1,634,764 1,085,104 212,472 4,046,155 4,428,531 3,176,562
- ------------------------------------------------------------------------------------------------------------------------------------
1,285,316 1,748,590 800,893 1,873,646 1,098,891 223,714 4,195,887 4,855,339 3,206,724
- ------------------------------------------------------------------------------------------------------------------------------------
-- -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
$1,285,316 $1,748,590 $ 800,893 $1,873,646 $1,098,891 $ 223,714 $4,195,887 $4,855,339 $3,206,724
===================================================================================================================================
</TABLE>
11
<PAGE>
CONSECO VARIABLE ANNUITY ACCOUNT F
STATEMENTS OF OPERATIONS - CONTINUED
FOR THE PERIOD FEBRUARY 12, 1998 THROUGH DECEMBER 31, 1998
<TABLE>
<CAPTION>
===================================================================================================================================
CONSECO SERIES DREYFUS
TRUST PORTFOLIOS VARIABLE
(CONTINUED) INVESTMENT
--------------------------- -----------
DREYFUS
SOCIALLY DREYFUS
GOVERNMENT MONEY RESPONSIBLE STOCK DISCIPLINED
SECURITIES MARKET GROWTH INDEX STOCK
===================================================================================================================================
<S> <C> <C> <C> <C> <C>
Investment Income:
Dividends from investments in portfolio shares......... $ 24,315 $ 139,625 $ 94,038 $ 92,450 $ 3,141
Expenses:
Mortality and expense risk fees........................ 4,736 35,056 7,101 54,979 1,598
Administrative fees.................................... 568 4,207 852 6,598 192
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses....................................... 5,304 39,263 7,953 61,577 1,790
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income (loss)..................... 19,011 100,362 86,085 30,873 1,351
- ------------------------------------------------------------------------------------------------------------------------------------
Net realized gains (losses) and unrealized appreciation
(depreciation) of investments:
Net realized gains (losses) on sales of investments
in portfolio shares................................ 3,870 -- (5,652) (11,282) (1,834)
Net change in unrealized appreciation (depreciation)
of investments in portfolio shares................. (16,384) -- 210,022 1,495,419 62,278
- ------------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) on investments in
portfolio shares.............................. (12,514) -- 204,370 1,484,137 60,444
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations.............................. $ 6,497 $ 100,362 $ 290,455 $ 1,515,010 $ 61,795
===================================================================================================================================
</TABLE>
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
FOR THE PERIOD FEBRUARY 12, 1998 THROUGH DECEMBER 31, 1998
<TABLE>
<CAPTION>
===================================================================================================================================
CONSECO SERIES DREYFUS
TRUST PORTFOLIOS VARIABLE
(CONTINUED) INVESTMENT
--------------------------- -----------
DREYFUS
SOCIALLY DREYFUS
GOVERNMENT MONEY RESPONSIBLE STOCK DISCIPLINED
SECURITIES MARKET GROWTH INDEX STOCK
===================================================================================================================================
<S> <C> <C> <C> <C> <C>
Changes from operations:
Net investment income (loss)........................... $ 19,011 $ 100,362 $ 86,085 $ 30,873 $ 1,351
Net realized gains (losses) on sales of investments
in portfolio shares.................................. 3,870 -- (5,652) (11,282) (1,834)
Net change in unrealized appreciation (depreciation)
of investments in portfolio shares................... (16,384) -- 210,022 1,495,419 62,278
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations.................................. 6,497 100,362 290,455 1,515,010 61,795
- -----------------------------------------------------------------------------------------------------------------------------------
Changes from contract owners' transactions:
Net contract purchase payments................... 1,569,026 15,825,441 1,559,268 12,135,910 408,149
Contract redemptions............................. (11,336) (61,590) (6,160) (101,245) (418)
Net transfers.................................... 42,067 (7,804,926) 765,306 1,356,414 223,640
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
from contract owners' transactions.......... 1,599,757 7,958,925 2,318,414 13,391,079 631,371
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets................ 1,606,254 8,059,287 2,608,869 14,906,089 693,166
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, beginning of period........................... -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period................. $ 1,606,254 $ 8,059,287 $ 2,608,869 $ 14,906,089 $ 693,166
===================================================================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
12
<PAGE>
<TABLE>
<CAPTION>
DREYFUS
VARIABLE
INVESTMENT
(CONTINUED) FEDERATED INSURANCE SERIES FUNDS INVESCO VARIABLE INV. FUNDS JANUS ASPEN SERIES PORTFOLIOS
- ------------- ------------------------------------------- --------------------------- ---------------------------------------
INTERNATIONAL HIGH INCOME INTERNATIONAL EQUITY AGGRESSIVE WORLDWIDE
VALUE BOND II EQUITY II UTILITY II INCOME HIGH YIELD GROWTH GROWTH GROWTH
===================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 9,429 $ 175 $ -- $ -- $ 35,026 $ 102,311 $ -- $ 36,996 $ 68,213
345 18,760 2,322 9,110 2,158 3,237 7,592 14,610 29,356
41 2,251 279 1,093 259 388 911 1,753 3,523
- -----------------------------------------------------------------------------------------------------------------------------------
386 21,011 2,601 10,203 2,417 3,625 8,503 16,363 32,879
- -----------------------------------------------------------------------------------------------------------------------------------
9,043 (20,836) (2,601) (10,203) 32,609 98,686 (8,503) 20,633 35,334
- -----------------------------------------------------------------------------------------------------------------------------------
(117) (11,727) (44,568) 4,967 (4,300) (3,555) (15,714) (7,738) 966
(324) 81,512 67,088 186,268 33,860 (88,371) 424,175 800,093 627,889
- -----------------------------------------------------------------------------------------------------------------------------------
(441) 69,785 22,520 191,235 29,560 (91,926) 408,461 792,355 628,855
- -----------------------------------------------------------------------------------------------------------------------------------
$ 8,602 $ 48,949 $ 19,919 $ 181,032 $ 62,169 $ 6,760 $ 399,958 $ 812,988 $ 664,189
===================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
DREYFUS
VARIABLE
INVESTMENT
(CONTINUED) FEDERATED INSURANCE SERIES FUNDS INVESCO VARIABLE INV. FUNDS JANUS ASPEN SERIES PORTFOLIOS
- ------------- ------------------------------------------- --------------------------- ---------------------------------------
INTERNATIONAL HIGH INCOME INTERNATIONAL EQUITY AGGRESSIVE WORLDWIDE
VALUE BOND II EQUITY II UTILITY II INCOME HIGH YIELD GROWTH GROWTH GROWTH
===================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 9,043 $ (20,836) $ (2,601) $ (10,203) $ 32,609 $ 98,686 $ (8,503) $ 20,633 $ 35,334
(117) (11,727) (44,568) 4,967 (4,300) (3,555) (15,714) (7,738) 966
(324) 81,512 67,088 186,268 33,860 (88,371) 424,175 800,093 627,889
- -----------------------------------------------------------------------------------------------------------------------------------
8,602 48,949 19,919 181,032 62,169 6,760 399,958 812,988 664,189
- -----------------------------------------------------------------------------------------------------------------------------------
135,146 4,354,443 508,305 2,177,715 756,675 1,078,012 1,830,473 3,908,010 6,838,671
(7,000) (49,908) (2,340) (34,186) (4,889) (18,269) (11,640) (27,028) (62,473)
3,477 96,889 41,888 266,716 14,114 71,526 219,093 686,770 866,672
- -----------------------------------------------------------------------------------------------------------------------------------
131,623 4,401,424 547,853 2,410,245 765,900 1,131,269 2,037,926 4,567,752 7,642,870
- -----------------------------------------------------------------------------------------------------------------------------------
140,225 4,450,373 567,772 2,591,277 828,069 1,138,029 2,437,884 5,380,740 8,307,059
- -----------------------------------------------------------------------------------------------------------------------------------
-- -- -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
$ 140,225 $ 4,450,373 $ 567,772 $ 2,591,277 $ 828,069 $ 1,138,029 $ 2,437,884 $ 5,380,740 $ 8,307,059
===================================================================================================================================
</TABLE>
13
<PAGE>
CONSECO VARIABLE ANNUITY ACCOUNT F
STATEMENTS OF OPERATIONS - CONTINUED
FOR THE PERIOD FEBRUARY 12, 1998 THROUGH DECEMBER 31, 1998
<TABLE>
<CAPTION>
NEUBERGER
BERMAN
ADVISERS
MANAGEMENT
LAZARD RETIREMENT TRUST
SERIES PORTFOLIOS PORTFOLIOS
-------------------------- -------------
MITCHELL
LORD ABBETT HUTCHINS
SERIESTRUST SERIES TRUST LIMITED
GROWTH AND GROWTH AND MATURITY
EQUITY SMALL CAP INCOME INCOME BOND
===================================================================================================================================
<S> <C> <C> <C> <C> <C>
Investment Income:
Dividends from investments in portfolio shares......... $ 3,310 $ 102 $ 158,981 $ 18,134 $ --
Expenses:
Mortality and expense risk fees........................ 3,366 1,896 9,783 920 18,429
Administrative fees.................................... 404 227 1,174 110 2,212
- -----------------------------------------------------------------------------------------------------------------------------------
Total expenses....................................... 3,770 2,123 10,957 1,030 20,641
- -----------------------------------------------------------------------------------------------------------------------------------
Net investment income (loss)....................... (460) (2,021) 148,024 17,104 (20,641)
- -----------------------------------------------------------------------------------------------------------------------------------
Net realized gains (losses) and unrealized appreciation
(depreciation) of investments:
Net realized gains (losses) on sales of investments
in portfolio shares............................... (11,087) (736) (16,190) (1,355) 12,267
Net change in unrealized appreciation (depreciation)
of investments in portfolio shares................ 112,132 9,356 22,457 6,129 40,232
- -----------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) on investments in
portfolio shares.............................. 101,045 8,620 6,267 4,774 52,499
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations............................... $ 100,585 $ 6,599 $ 154,291 $ 21,878 $ 31,858
===================================================================================================================================
</TABLE>
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
FOR THE PERIOD FEBRUARY 12, 1998 THROUGH DECEMBER 31, 1998
<TABLE>
<CAPTION>
NEUBERGER
BERMAN
ADVISERS
MANAGEMENT
LAZARD RETIREMENT TRUST
SERIES PORTFOLIOS PORTFOLIOS
-------------------------- -------------
MITCHELL
LORD ABBETT HUTCHINS
SERIESTRUST SERIES TRUST LIMITED
GROWTH AND GROWTH AND MATURITY
EQUITY SMALL CAP INCOME INCOME BOND
===================================================================================================================================
<S> <C> <C> <C> <C> <C>
Changes from operations:
Net investment income (loss)........................... $ (460) $ (2,021) $ 148,024 $ 17,104 $ (20,641)
Net realized gains (losses) on sales of investments
in portfolio shares.................................. (11,087) (736) (16,190) (1,355) 12,267
Net change in unrealized appreciation (depreciation)
of investments in portfolio shares................... 112,132 9,356 22,457 6,129 40,232
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations......... 100,585 6,599 154,291 21,878 31,858
- -----------------------------------------------------------------------------------------------------------------------------------
Changes from contract owners' transactions:
Net contract purchase payments......................... 876,175 421,467 2,410,638 238,350 3,759,396
Contract redemptions................................... (16,447) (5,060) (37,669) (1,623) (21,138)
Net transfers.......................................... 68,950 1,016 67,663 2,093 (609,874)
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
from contract owners' transactions................. 928,678 417,423 2,440,632 238,820 3 ,128,384
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets...................... 1,029,263 424,022 2,594,923 260,698 3,160,242
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, beginning of period........................ -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period....................... $1,029,263 $ 424,022 $ 2,594,923 $ 260,698 $ 3,160,242
===================================================================================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
14
<PAGE>
<TABLE>
<CAPTION>
NEUBERGER
BERMAN
ADVISERS
MANAGEMENT STRONG
TRUST VARIABLE
PORTFOLIOS INSURANCE
(CONTINUED) FUNDS VAN ECK WORLDWIDE INSURANCE TRUST FUNDS
- ---------------------------- -------------------------------------------------------
STRONG
MID CAP OPPORTUNITY EMERGING HARD REAL MVA COMBINED
PARTNERS GROWTH II FUND II BOND MARKETS ASSETS ESTATE 1 YEAR TOTAL
===================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ -- $ -- $ 12,544 $ -- $ -- $ -- $ -- $ -- $1,088,426
14,590 2,289 7,328 1,464 1,021 306 891 -- 378,316
1,751 275 879 176 122 37 106 -- 45,397
- -----------------------------------------------------------------------------------------------------------------------------------
16,341 2,564 8,207 1,640 1,143 343 997 -- 423,713
- -----------------------------------------------------------------------------------------------------------------------------------
(16,341) (2,564) 4,337 (1,640) (1,143) (343) (997) -- 664,713
- -----------------------------------------------------------------------------------------------------------------------------------
(31,441) (133) (10,406) 7,950 (11,927) (6,210) (1,023) -- (516,677)
156,637 93,031 113,013 7,720 (9,923) (301) (3,072) -- 7,646,351
- -----------------------------------------------------------------------------------------------------------------------------------
125,196 92,898 102,607 15,670 (21,850) (6,511) (4,095) -- 7,129,674
- -----------------------------------------------------------------------------------------------------------------------------------
$ 108,855 $ 90,334 $ 106,944 $ 14,030 $ (22,993) $ (6,854) $ (5,092) -- $7,794,387
===================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
NEUBERGER
BERMAN
ADVISERS
MANAGEMENT STRONG
TRUST VARIABLE
PORTFOLIOS INSURANCE
(CONTINUED) FUNDS VAN ECK WORLDWIDE INSURANCE TRUST FUNDS
- ---------------------------- ---------------------------------------------------
STRONG
MID CAP OPPORTUNITY EMERGING HARD REAL MVA COMBINED
PARTNERS GROWTH II FUND II BOND MARKETS ASSETS ESTATE 1 YEAR TOTAL
===================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ (16,341) $ (2,564) $ 4,337 $ (1,640) $ (1,143) $ (343) $ (997) $ -- $ 664,713
(31,441) (133) (10,406) 7,950 (11,927) (6,210) (1,023) -- (516,677)
156,637 93,031 113,013 7,720 (9,923) (301) (3,072) -- 7,646,351
- -----------------------------------------------------------------------------------------------------------------------------------
108,855 90,334 106,944 14,030 (22,993) (6,854) (5,092) -- 7,794,387
- -----------------------------------------------------------------------------------------------------------------------------------
2,802,173 565,903 1,665,434 367,032 261,623 94,936 215,374 175,272 95,358,778
(12,839) (1,429) (6,171) (3,447) (6,492) -- (600) -- (690,158)
205,084 15,164 212,388 (31,892) 11,332 (18) 8,585 (55,253) 356,451
- -----------------------------------------------------------------------------------------------------------------------------------
2,994,418 579,638 1,871,651 331,693 266,463 94,918 223,359 120,019 95,025,071
- -----------------------------------------------------------------------------------------------------------------------------------
3,103,273 669,972 1,978,595 345,723 243,470 88,064 218,267 120,019 102,819,458
- -----------------------------------------------------------------------------------------------------------------------------------
-- -- -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
$ 3,103,273 $ 669,972 $1,978,595 $ 345,723 $ 243,470 $ 88,064 $ 218,267 $ 120,019 $102,819,458
===================================================================================================================================
</TABLE>
15
<PAGE>
CONSECO VARIABLE ANNUITY ACCOUNT F
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998
- --------------------------------------------------------------------------------
(1) GENERAL
Conseco Variable Insurance Company (the "Company") has established two
separate accounts within Conseco Variable Annuity Account F ("Account F"). Both
accounts were established on September 26, 1997, and commenced operations on
February 12, 1998. Account F is a segregated investment account for individual
and group variable annuity contracts which are registered under the Securities
Act of 1933. One account, also named Conseco Variable Annuity Account F
("Variable Account"), which serves the variable annuity portion of the contract,
is registered under the Investment Company Act of 1940, as amended, as a unit
investment trust. The other account, Conseco Variable Market Value Adjustment
Account ("MVA"), offers investment options which pay fixed rates of interest as
declared by the Company for specified periods (one, three and five years) from
the date amounts are allocated to the MVA. The MVA is not registered as an
investment company under the Investment Company Act of 1940. The operations of
Account F are included in the operations of the Company pursuant to the
provisions of the Texas Insurance Code. The Company is an indirect wholly owned
subsidiary of Conseco, Inc., a publicly-held specialized financial services
holding company listed on the New York Stock Exchange.
Besides the three guarantee periods of the MVA option, the following Variable
Account investment options are currently available:
THE ALGER AMERICAN FUND
Growth Portfolio
Leveraged AllCap Portfolio
MidCap Growth Portfolio
Small Capitalization Portfolio
AMERICAN CENTURY VARIABLE PORTFOLIOS, INC.
Income and Growth Fund
International Fund
Value Fund
BERGER INSTITUTIONAL PRODUCTS TRUST
100 Fund
Growth and Income Fund
Small Company Growth Fund
BIAM International Fund
CONSECO SERIES TRUST
Balanced Portfolio
Equity Portfolio
Fixed Income Portfolio
Government Securities Portfolio
Money Market Portfolio
THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.
DREYFUS STOCK INDEX FUND
DREYFUS VARIABLE INVESTMENT FUND
International Value Portfolio
Disciplined Stock Portfolio
FEDERATED INSURANCE SERIES
High Income Bond Fund II
International Equity Fund II
Utility Fund II
INVESCO VARIABLE INVESTMENT FUNDS, INC.
Equity Income Fund
High Yield Fund
JANUS ASPEN SERIES
Aggressive Growth Portfolio
Growth Portfolio
Worldwide Growth Portfolio
LAZARD RETIREMENT SERIES, INC.
Equity Portfolio
Small Cap Portfolio
LORD ABBETT SERIES FUND, INC.
Growth and Income Portfolio
MITCHELL HUTCHINS SERIES TRUST
Growth and Income Portfolio
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST
Limited Maturity Bond Portfolio
Partners Portfolio
STRONG VARIABLE INSURANCE FUNDS, INC.
Mid Cap Growth Fund II
STRONG OPPORTUNITY FUND II, INC.
VAN ECK WORLDWIDE INSURANCE TRUST
Worldwide Bond Fund
Worldwide Emerging Markets Fund
Worldwide Hard Assets Fund
Worldwide Real Estate Fund
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported increases and decreases in net assets from operations during the
reporting period. Actual results could differ from those estimates.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
INVESTMENT VALUATION, TRANSACTIONS AND INCOME
Investments in portfolio shares are valued using the net asset value of the
respective portfolios at the end of each New York Stock Exchange business day.
Investment share transactions are accounted for on a trade date basis (the date
the order to purchase or redeem shares is executed) and dividend income is
recorded on the ex-dividend date. The cost of investments in portfolio shares
sold is determined on a first-in first-out basis. Account F does not hold any
investments which are restricted as to resale.
Net investment income and net realized gains (losses) and unrealized
appreciation (depreciation) on investments are allocated to the contracts on
each valuation date based on each contract's pro rata share of the assets of the
Variable Account as of the beginning of the valuation date.
FEDERAL INCOME TAXES
No provision for federal income taxes has been made in the accompanying
financial statements because the operations of Account F are included in the
total operations of the Company, which is treated as a life insurance company
for federal income tax purposes under the Internal Revenue Code. Net investment
income and realized gains (losses) are retained in Account F and are not taxable
until received by the contract owner or beneficiary in the form of annuity
payments or other distributions.
16
<PAGE>
CONSECO VARIABLE ANNUITY ACCOUNT F
NOTES TO FINANCIAL STATEMENTS - CONTINUED
DECEMBER 31, 1999 AND 1998
- --------------------------------------------------------------------------------
ANNUITY RESERVES
Deferred annuity contract reserves are comprised of net contract purchase
payments less redemptions and benefits. These reserves are adjusted daily for
the net investment income and net realized gains (losses) and unrealized
appreciation (depreciation) on investments.
(3) PURCHASES AND SALES OF INVESTMENTS IN PORTFOLIO SHARES
The aggregate cost of purchases of investments in portfolio shares was
$428,880,284 and $110,554,029 for the year ended December 31, 1999 and the
period February 12, 1998 through December 31, 1998, respectively. The aggregate
proceeds from sales of investments in portfolio shares were $96,341,276 and
$14,871,886 for the year ended December 31, 1999 and the period February 12,
1998 through December 31, 1998, respectively.
(4) DEDUCTIONS AND EXPENSES
Although periodic retirement payments to contract owners vary according to
the investment performance of the portfolios, such payments are not affected by
mortality or expense experience because the Company assumes the mortality and
expense risks under the contracts.
The mortality risk assumed by the Company results from the life annuity
payment option in the contracts in which the Company agrees to make annuity
payments regardless of how long a particular annuitant or other payee lives. The
annuity payments are determined in accordance with annuity purchase rate
provisions established at the time the contracts are issued. Based on the
actuarial determination of expected mortality, the Company is required to fund
any deficiency in the annuity payment reserves from its general account assets.
The expense risk assumed by the Company is the risk that the deductions for
sales and administrative expenses may prove insufficient to cover the actual
sales and administrative expenses. The Company deducts daily from the Variable
Account a fee, which is equal on an annual basis to 1.25 percent of the daily
value of the total investments of the Variable Account, for assuming the
mortality and expense risks. These fees were $3,311,496 and $378,316 for the
year ended December 31, 1999 and the period February 12, 1998 through December
31, 1998, respectively.
Pursuant to an agreement between the Variable Account and the Company (which
may be terminated by the Company at any time), the Company provides sales and
administrative services to the Variable Account, as well as a minimum death
benefit prior to retirement for the contracts. The Company may deduct a
percentage of amounts surrendered to cover sales expenses. The percentage varies
up to 7.00 percent based upon the number of years the contract has been held. In
addition, the Company deducts units from individual contracts annually and upon
full surrender to cover an administrative fee of $30, unless the value of the
contract is $50,000 or greater. This fee is recorded as a redemption in the
accompanying Statements of Changes in Net Assets. Sales and administrative
charges were $366,942 for the year ended December 31, 1999. There were no sales
and administrative charges for the period February 12, 1998 through December 31,
1998. The Company also deducts daily from the Variable Account a fee, which is
equal on an annual basis to 0.15 percent of the daily value of the total
investments of the Variable Account, for administrative expenses. These expenses
were $397,379 and $45,397 for the year ended December 31, 1999 and the period
February 12, 1998 through December 31, 1998, respectively.
The MVA account is subject to a market value adjustment if the amounts are
withdrawn prior to the end of the guarantee period (with certain exceptions).
The adjustment can be positive or negative depending on changes in the U.S.
Treasury rates during the holding period of the MVA contract. The adjustment
charges were $16 and $527 for the year ended December 31, 1999 and the period
February 12, 1998, through December 31, 1998, respectively.
(5) OTHER TRANSACTIONS WITH AFFILIATES
Conseco Equity Sales, Inc., an affiliate of the Company, is the principal
underwriter and performs all variable annuity sales functions on behalf of the
Company through various retail broker/dealers including Conseco Securities, Inc.
(formerly Conseco Financial Services, Inc. prior to its name change in August
1999) an affiliate of the Company.
(6) NET ASSETS
Net assets consisted of the following at December 31, 1999:
- --------------------------------------------------------------------------------
Proceeds from the sales of units since organization,
less cost of units redeemed.............................. $ 416,949,925
Undistributed net investment income........................ 10,988,212
Undistributed net realized gain on sales of investments.... 7,544,908
Net unrealized appreciation of investments................. 82,843,636
- --------------------------------------------------------------------------------
Net assets................................................. $ 518,326,681
================================================================================
17
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE BOARD OF DIRECTORS OF CONSECO VARIABLE
INSURANCE COMPANY AND CONTRACT OWNERS OF
CONSECO VARIABLE ANNUITY ACCOUNT F
In our opinion, the accompanying statement of assets and liabilities and the
related statements of operations and of changes in net assets present fairly, in
all material respects, the financial position of the Variable Annuity Account F
(the "Account") at December 31, 1999, and the results of its operations and the
changes in its net assets for the year ended December 31, 1999 and from
inception (February 12, 1998) through December 31, 1998, in conformity with
accounting principles generally accepted in the United States. These financial
statements are the responsibility of the Account's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with auditing standards generally accepted in the United States, which require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included confirmation
of portfolio shares owned at December 31, 1999 by correspondence with the funds,
provide a reasonable basis for the opinion expressed above.
/s/ PRICEWATERHOUSECOOPERS LLP
- ------------------------------
PRICEWATERHOUSECOOPERS LLP
Indianapolis, Indiana
February 10, 2000
18
<PAGE>
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19
<PAGE>
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20
<PAGE>
CONSECO VARIABLE ANNUITY ACCOUNT F
SPONSOR
Conseco Variable Insurance Company - Carmel, Indiana.
DISTRIBUTOR
Conseco Equity Sales, Inc. - Carmel, Indiana.
INDEPENDENT PUBLIC ACCOUNTANTS
PricewaterhouseCoopers LLP - Indianapolis, Indiana.
21
<PAGE>
CONSECO VARIABLE ANNUITY ACCOUNT F IS ISSUED BY
CONSECO VARIABLE INSURANCE COMPANY. THE PRODUCT IS UNDERWRITTEN,
AND THE SECURITIES WITHIN ARE OFFERED, BY CONSECO EQUITY SALES, INC.,
A BROKER-DEALER FOR CONSECO VARIABLE INSURANCE COMPANY.
BOTH COMPANIES ARE SUBSIDIARIES OF CONSECO, INC., A FINANCIAL SERVICES
ORGANIZATION HEADQUARTERED IN CARMEL, INDIANA. CONSECO, THROUGH ITS
SUBSIDIARY COMPANIES, IS ONE OF MIDDLE AMERICA'S LEADING SOURCES FOR
INSURANCE, INVESTMENT AND LENDING PRODUCTS, HELPING 12 MILLION
CUSTOMERS STEP UP TO A BETTER, MORE SECURE FUTURE.
CONSECO EQUITY SALES, INC., IS A MEMBER OF THE NASD.
CONSECO VARIABLE INSURANCE COMPANY
11815 NORTH PENNSYLVANIA STREET
CARMEL, INDIANA 46032
CV-209 (2/00) 05988
(C)1999 CONSECO VARIABLE INSURANCE COMPANY
www.conseco.com
INSURANCE INVESTMENTS LENDING [GRAPHIC](SM)
- -----------------------------------------------------------------------
C O N S E C O(R)
STEP UO.(SM)
