CONSECO ADVANTAGE
CONSECO VARIABLE ANNUITY ACCOUNT F
CONSECO VARIABLE INSURANCE COMPANY
SUPPLEMENT DATED JANUARY 1, 2001
The following supplements certain information contained in your prospectus for
the Conseco Advantage fixed and variable annuity:
1. Effective as of the date of this supplement, you may also invest in
the following investment portfolios:
PIONEER VARIABLE CONTRACTS TRUST, CLASS II SHARES
MANAGED BY PIONEER INVESTMENT MANAGEMENT, INC.
Pioneer Fund VCT Portfolio
Pioneer Equity-Income VCT Portfolio
Pioneer Europe VCT Portfolio
2. As of the date of this supplement, you may invest in the INVESCO VIF--High
Yield Fund and the INVESCO VIF--Equity Income Fund of INVESCO Variable
Investment Funds, Inc. Information regarding these funds is contained in
the prospectus.
3. The following is added to the "Investment Portfolio Expenses" table:
<TABLE>
<CAPTION>
TOTAL ANNUAL
OTHER EXPENSES* PORTFOLIO EXPENSES*
(AFTER EXPENSE (AFTER EXPENSE
REIMBURSEMENT, IF REIMBURSEMENT, IF
ANY, FOR CERTAIN ANY, FOR CERTAIN
MANAGEMENT FEES 12B-1 FEES PORTFOLIOS) PORTFOLIOS)
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Pioneer Fund VCT Portfolio. .65% .25% .07% .97%
Pioneer Equity-Income VCT Portfolio .65% .25% .09% .99%
Pioneer Europe VCT Portfolio** 1.00% .25% .47% 1.72%
</TABLE>
-------------
* Expenses for fiscal year ended December 31, 2000 are estimated.
** Absent expense offsets, other expenses are estimated to be .49% for the
year ended December 31, 2000.
4. The following Examples are added to the prospectus:
You would pay the following expenses assuming the current charges under your
contract were assessed on a $1,000 investment, assuming a hypothetical 5% annual
return on assets, and assuming the entire $1,000 is invested in the option
listed: (a) if you surrender your contract at the end of each time period; (b)
if you do not surrender your contract; (c) if you annuitize your contract
(except under certain circumstances).
TIME PERIODS
1 YEAR 3 YEARS
----------------------------------------------------------------------------
Pioneer Fund VCT Portfolio.................. (a) $ 88 (a) $130
(b) $ 25 (b) $ 76
(c) $ 88 (c) $130
Pioneer Equity-Income VCT Portfolio......... (a) $ 88 (a) $130
(b) $ 25 (b) $ 77
(c) $ 88 (c) $130
Pioneer Europe VCT Portfolio................ (a) $ 95 (a) $152
(b) $ 32 (b) $ 98
(c) $ 95 (c) $152
You would pay the following expenses assuming the current charges, except for
the administrative charge and the contract maintenance charge, which are assumed
to be the maximum charges, were assessed on a $1,000 investment, assuming a
hypothetical 5% annual return on assets, and assuming the entire $1,000 is
invested in the option listed: (a) if you surrender your contract at the end of
each time period; (b) if you do not surrender your contract; (c) if you
annuitize your contract (except under certain circumstances).
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<PAGE>
TIME PERIODS
1 YEAR 3 YEARS
----------------------------------------------------------------------------
Pioneer Fund VCT Portfolio.................. (a) $ 89 (a) $133
(b) $ 26 (b) $ 79
(c) $ 89 (c) $133
Pioneer Equity-Income VCT Portfolio......... (a) $ 89 (a) $133
(b) $ 26 (b) $ 80
(c) $ 89 (c) $133
Pioneer Europe VCT Portfolio................ (a) $ 96 (a) $155
(b) $ 33 (b) $101
(c) $ 96 (c) $155
5. The following accumulation unit values for the period ended September 30,
2000 are added to Appendix A:
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SUB-ACCOUNT
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THE ALGER AMERICAN FUND:
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ALGER AMERICAN LEVERAGED ALLCAP PORTFOLIO (a)
Accumulation unit value at beginning of period ............... $26.106
Accumulation unit value at end of period ..................... $24.875
Number of accumulation units outstanding at end of period .... 2,540,933
ALGER AMERICAN SMALL CAPITALIZATION PORTFOLIO (a)
Accumulation unit value at beginning of period ............... $15.834
Accumulation unit value at end of period ..................... $14.224
Number of accumulation units outstanding at end of period .... 1,101,511
ALGER AMERICAN GROWTH PORTFOLIO (a)
Accumulation unit value at beginning of period ............... $18.349
Accumulation unit value at end of period ..................... $18.140
Number of accumulation units outstanding at end of period .... 3,047,868
ALGER AMERICAN MIDCAP GROWTH PORTFOLIO (a)
Accumulation unit value at beginning of period ............... $16.110
Accumulation unit value at end of period ..................... $19.384
Number of accumulation units outstanding at end of period .... 1,727,060
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AMERICAN CENTURY VARIABLE PORTFOLIO, INC.:
-------------------------------------------------------------------------------
VP INTERNATIONAL (a)
Accumulation unit value at beginning of period ............... $17.973
Accumulation unit value at end of period ..................... $15.617
Number of accumulation units outstanding at end of period .... 664,703
VP VALUE (a)
Accumulation unit value at beginning of period ............... $9.990
Accumulation unit value at end of period ..................... $10.331
Number of accumulation units outstanding at end of period .... 1,062,056
VP INCOME & GROWTH (a)
Accumulation unit value at beginning of period ............... $14.033
Accumulation unit value at end of period ..................... $13.356
Number of accumulation units outstanding at end of period .... 1,133,903
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<PAGE>
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BERGER INSTITUTIONAL PRODUCTS TRUST:
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BERGER IPT-GROWTH FUND (a)
Accumulation unit value at beginning of period ............... $15.727
Accumulation unit value at end of period ..................... $17.588
Number of accumulation units outstanding at end of period .... 407,952
BERGER IPT-GROWTH AND INCOME FUND (a)
Accumulation unit value at beginning of period ............... $19.193
Accumulation unit value at end of period ..................... $20.932
Number of accumulation units outstanding at end of period .... 1,963,015
BERGER IPT-NEW GENERATION FUND (b)
Accumulation unit value at beginning of period ............... $10.000
Accumulation unit value at end of period ..................... $10.398
Number of accumulation units outstanding at end of period .... 167,315
BERGER IPT-SMALL COMPANY GROWTH FUND (a)
Accumulation unit value at beginning of period ............... $18.501
Accumulation unit value at end of period ..................... $21.306
Number of accumulation units outstanding at end of period .... 874,880
BERGER IPT-INTERNATIONAL FUND (a)
Accumulation unit value at beginning of period ............... $14.002
Accumulation unit value at end of period ..................... $12.549
Number of accumulation units outstanding at end of period .... 74,743
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CONSECO SERIES TRUST:
-------------------------------------------------------------------------------
BALANCED PORTFOLIO (a)
Accumulation unit value at beginning of period ............... $13.562
Accumulation unit value at end of period ..................... $16.375
Number of accumulation units outstanding at end of period .... 1,402,639
EQUITY PORTFOLIO (a)
Accumulation unit value at beginning of period ............... $16.013
Accumulation unit value at end of period ..................... $20.306
Number of accumulation units outstanding at end of period .... 1,360,322
FIXED INCOME PORTFOLIO (a)
Accumulation unit value at beginning of period ............... $10.208
Accumulation unit value at end of period ..................... $10.773
Number of accumulation units outstanding at end of period .... 1,183,265
CONSECO 20 FOCUS PORTFOLIO (b)
Accumulation unit value at beginning of period ............... $10.000
Accumulation unit value at end of period ..................... $13.358
Number of accumulation units outstanding at end of period .... 132,361
GOVERNMENT SECURITIES PORTFOLIO (a)
Accumulation unit value at beginning of period ............... $10.079
Accumulation unit value at end of period ..................... $10.672
Number of accumulation units outstanding at end of period .... 612,707
CONSECO HIGH YIELD PORTFOLIO (b)
Accumulation unit value at beginning of period ............... $10.000
Accumulation unit value at end of period ..................... $10.102
Number of accumulation units outstanding at end of period .... 217,713
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<PAGE>
MONEY MARKET PORTFOLIO (a)
Accumulation unit value at beginning of period ............... $10.690
Accumulation unit value at end of period ..................... $11.056
Number of accumulation units outstanding at end of period .... 5,348,368
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DREYFUS STOCK INDEX FUND (a):
-------------------------------------------------------------------------------
Accumulation unit value at beginning of period ............... $14.414
Accumulation unit value at end of period ..................... $14.043
Number of accumulation units outstanding at end of period .... 5,012,596
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THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC. (a):
-------------------------------------------------------------------------------
Accumulation unit value at beginning of period ............... $15.727
Accumulation unit value at end of period ..................... $15.853
Number of accumulation units outstanding at end of period .... 1,541,977
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DREYFUS VARIABLE INVESTMENT FUND:
-------------------------------------------------------------------------------
DREYFUS VIF DISCIPLINED STOCK PORTFOLIO (a)
Accumulation unit value at beginning of period ............... $12.534
Accumulation unit value at end of period ..................... $12.553
Number of accumulation units outstanding at end of period .... 497,471
DREYFUS VIF INTERNATIONAL VALUE PORTFOLIO (a)
Accumulation unit value at beginning of period ............... $11.883
Accumulation unit value at end of period ..................... $10.798
Number of accumulation units outstanding at end of period .... 157,956
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FEDERATED INSURANCE SERIES:
-------------------------------------------------------------------------------
FEDERATED HIGH INCOME BOND FUND II (a)
Accumulation unit value at beginning of period ............... $9.994
Accumulation unit value at end of period ..................... $9.678
Number of accumulation units outstanding at end of period .... 1,029,360
FEDERATED INTERNATIONAL EQUITY FUND II (a)
Accumulation unit value at beginning of period ............... $20.889
Accumulation unit value at end of period ..................... $17.736
Number of accumulation units outstanding at end of period .... 400,637
FEDERATED UTILITY FUND II (a)
Accumulation unit value at beginning of period ............... $11.420
Accumulation unit value at end of period ..................... $11.233
Number of accumulation units outstanding at end of period .... 740,585
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INVESCO VARIABLE INVESTMENT FUND:
-------------------------------------------------------------------------------
INVESCO VIF-HIGH YIELD FUND (a)
Accumulation unit value at beginning of period ............... $10.251
Accumulation unit value at end of period ..................... $9.968
Number of accumulation units outstanding at end of period .... 677,517
INVESCO VIF-EQUITY INCOME FUND (a)
Accumulation unit value at beginning of period ............... $11.674
Accumulation unit value at end of period ..................... $12.228
Number of accumulation units outstanding at end of period .... 435,483
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<PAGE>
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JANUS ASPEN SERIES:
-------------------------------------------------------------------------------
AGGRESSIVE GROWTH PORTFOLIO (a)
Accumulation unit value at beginning of period ............... $28.593
Accumulation unit value at end of period ..................... $28.088
Number of accumulation units outstanding at end of period .... 3,402,191
GROWTH PORTFOLIO (a)
Accumulation unit value at beginning of period ............... $17.980
Accumulation unit value at end of period ..................... $18.319
Number of accumulation units outstanding at end of period .... 5,565,929
WORLDWIDE GROWTH PORTFOLIO (a)
Accumulation unit value at beginning of period ............... $19.278
Accumulation unit value at end of period ..................... $18.441
Number of accumulation units outstanding at end of period .... 4,491,749
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LAZARD RETIREMENT SERIES, INC.:
-------------------------------------------------------------------------------
LAZARD RETIREMENT EQUITY PORTFOLIO (a)
Accumulation unit value at beginning of period ............... $11.679
Accumulation unit value at end of period ..................... $11.570
Number of accumulation units outstanding at end of period .... 131,019
LAZARD RETIREMENT SMALL CAP PORTFOLIO (a)
Accumulation unit value at beginning of period ............... $9.653
Accumulation unit value at end of period ..................... $10.954
Number of accumulation units outstanding at end of period .... 632,561
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LORD ABBETT SERIES FUND, INC.:
-------------------------------------------------------------------------------
LORD ABBETT GROWTH & INCOME PORTFOLIO (a)
Accumulation unit value at beginning of period ............... $12.447
Accumulation unit value at end of period ..................... $13.073
Number of accumulation units outstanding at end of period .... 1,160,191
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MITCHELL HUTCHINS SERIES TRUST:
-------------------------------------------------------------------------------
GROWTH AND INCOME PORTFOLIO (a)
Accumulation unit value at beginning of period ............... $12.000
Accumulation unit value at end of period ..................... $11.424
Number of accumulation units outstanding at end of period .... 90,113
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NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST:
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LIMITED MATURITY BOND PORTFOLIO (a)
Accumulation unit value at beginning of period ............... $10.236
Accumulation unit value at end of period ..................... $10.562
Number of accumulation units outstanding at end of period .... 1,073,282
PARTNERS PORTFOLIO (a)
Accumulation unit value at beginning of period ............... $10.647
Accumulation unit value at end of period ..................... $10.551
Number of accumulation units outstanding at end of period .... 505,242
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<PAGE>
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RYDEX VARIABLE TRUST:
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NOVA FUND (c)
Accumulation unit value at beginning of period ............... $18.407
Accumulation unit value at end of period ..................... $17.573
Number of accumulation units outstanding at end of period .... 97,006
OTC FUND (c)
Accumulation unit value at beginning of period ............... $39.086
Accumulation unit value at end of period ..................... $36.495
Number of accumulation units outstanding at end of period .... 217,852
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SELIGMAN PORTFOLIOS, INC.:
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SELIGMAN COMMUNICATIONS AND INFORMATION PORTFOLIO (b)
Accumulation unit value at beginning of period ............... $10.000
Accumulation unit value at end of period ..................... $7.735
Number of accumulation units outstanding at end of period .... 406,376
SELIGMAN GLOBAL TECHNOLOGY PORTFOLIO (b)
Accumulation unit value at beginning of period ............... $10.000
Accumulation unit value at end of period ..................... $8.459
Number of accumulation units outstanding at end of period .... 223,456
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STRONG VARIABLE INSURANCE FUNDS, INC.:
-------------------------------------------------------------------------------
STRONG MID CAP GROWTH FUND II (a)
Accumulation unit value at beginning of period ............... $23.416
Accumulation unit value at end of period ..................... $25.851
Number of accumulation units outstanding at end of period .... 1,673,647
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STRONG OPPORTUNITY FUND II:
-------------------------------------------------------------------------------
OPPORTUNITY FUND II (a)
Accumulation unit value at beginning of period ............... $14.482
Accumulation unit value at end of period ..................... $15.164
Number of accumulation units outstanding at end of period .... 862,383
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THE VAN ECK WORLDWIDE INSURANCE TRUST:
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WORLDWIDE HARD ASSETS FUND (a)
Accumulation unit value at beginning of period ............... $8.423
Accumulation unit value at end of period ..................... $9.062
Number of accumulation units outstanding at end of period .... 94,749
WORLDWIDE BOND FUND (a)
Accumulation unit value at beginning of period ............... $10.011
Accumulation unit value at end of period ..................... $9.596
Number of accumulation units outstanding at end of period .... 135,058
WORLDWIDE EMERGING MARKETS FUND (a)
Accumulation unit value at beginning of period ............... $13.301
Accumulation unit value at end of period ..................... $9.950
Number of accumulation units outstanding at end of period .... 569,790
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<PAGE>
Worldwide Real Estate Fund (a)
Accumulation unit value at beginning of period ............... $8.351
Accumulation unit value at end of period ..................... $9.437
Number of accumulation units outstanding at end of period .... 105,740
-----------
(a) This unit value was $10.000 on the inception date of February 9, 1998.
(b) This unit value was $10.000 on the inception date of May 1, 2000.
(c) These unit values were $18.407 for Rydex NOVA and $39.086 for Rydex OTC on
the inception date of May 1, 2000.
There are no accumulation unit values shown for the sub-accounts investing
Pioneer Fund VCT Portfolio, Pioneer Equity-Income VCT Portfolio and Pioneer
Europe VCT Portfolio because they were not available under your contract until
the date of this supplement.
6. The following is added to Appendix B:
PIONEER VARIABLE CONTRACTS TRUST
Pioneer Variable Contracts Trust is managed by Pioneer Investment Management,
Inc. The Pioneer Variable Contracts Trust is a mutual fund with multiple
portfolios. The following Class II portfolios are available under the contract:
PIONEER FUND VCT PORTFOLIO
The Pioneer Fund VCT Portfolio seeks reasonable income and capital growth. The
Portfolio invests the major portion of its assets in equity securities,
primarily of U.S. issuers.
PIONEER EQUITY-INCOME VCT PORTFOLIO
The Pioneer Equity-Income VCT Portfolio seeks current income and long-term
growth of capital from a portfolio consisting primarily of income producing
equity securities of U.S. corporations.
PIONEER EUROPE VCT PORTFOLIO
The Pioneer Europe VCT Portfolio seeks long-term growth of capital. The
portfolio invests primarily in equity securities of European issuers.
CV317
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