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Previous: MORGAN STANLEY DEAN WITTER CHARTER MILLBURN LP, POS AM, 2000-09-25 |
Next: SECURITY OF PENNSYLVANIA FINANCIAL CORP, DEFM14A, 2000-09-25 |
<PAGE>
THE UNITED STATES LIFE INSURANCE COMPANY
IN THE CITY OF NEW YORK
SEPARATE ACCOUNT USL VA-R
GENERATIONS-Registered Trademark-
FLEXIBLE PAYMENT VARIABLE AND FIXED GROUP DEFERRED
ANNUITY CERTIFICATES
SUPPLEMENT DATED SEPTEMBER 25, 2000
TO
PROSPECTUS DATED MAY 1, 2000
On May 1, 2000, American General Securities Incorporated ("AGSI") replaced Van
Kampen Funds Inc. as the distributor of the Generations Certificates.
Effective September 25, 2000, you will no longer be able to direct purchase
payments or transfers into the Division that is funded by the Asian Equity
Portfolio. All references in your Generations Prospectus and Statement of
Additional Information to the Asian Equity Portfolio and its corresponding
Division are hereby deleted.
Also effective on September 25, 2000, the Morgan Stanley Real Estate Securities
Portfolio, a Series of the Van Kampen Life Investment Trust, was replaced by the
U.S. Real Estate Portfolio, a Series of The Universal Institutional Funds, Inc.,
as the underlying investment option for the Morgan Stanley Real Estate
Securities Division. On this date, all of the assets and liabilities of the
Morgan Stanley Real Estate Securities Portfolio were automatically allocated to
the U.S. Real Estate Portfolio. Additionally, the Morgan Stanley Real Estate
Securities Division was re-named the U.S. Real Estate Division.
The purpose of this Supplement is to replace the information in your Generations
Certificate Prospectus regarding the Morgan Stanley Real Estate Securities
Portfolio with information on the U.S. Real Estate Portfolio.
PLEASE NOTE THE FOLLOWING GENERATIONS CERTIFICATE PROSPECTUS CHANGES:
- Except on pages 8 and 9, replace all references to the Morgan Stanley Real
Estate Securities Portfolio, a Series of the Van Kampen Life Investment
Trust and the Morgan Stanley Real Estate Securities Division, with the U.S.
Real Estate Portfolio, a Series of The Universal Institutional Funds, Inc.
and the U.S. Real Estate Division, respectively.
<PAGE>
- Please delete all of the information on page 8 and replace with the
following:
THE SERIES' ANNUAL EXPENSES(1,2) (as a percentage of average net assets)
<TABLE>
<CAPTION>
Management Other Annual
Fees After Expenses Expenses
Expense After Expense After Expense
Reimbursement Reimbursement Reimbursement
------------- ------------- -------------
<S> <C> <C> <C>
Domestic Income(3) 0.01% 0.60% 0.61%
Emerging Growth 0.67% 0.18% 0.85%
Enterprise 0.48% 0.12% 0.60%
Government 0.36% 0.24% 0.60%
Growth and Income 0.43% 0.32% 0.75%
Money Market(4) 0.19% 0.43% 0.62%
Strategic Stock 0.24% 0.41% 0.65%
Emerging Markets Equity 0.42% 1.37% 1.79%
Equity Growth 0.29% 0.56% 0.85%
Global Equity 0.47% 0.68% 1.15%
International Magnum 0.29% 0.87% 1.16%
U.S. Real Estate 0.00% 1.10% 1.10%
Fixed Income 0.14% 0.56% 0.70%
High Yield 0.19% 0.61% 0.80%
Mid Cap Value 0.43% 0.62% 1.05%
Value 0.18% 0.67% 0.85%
</TABLE>
--------------------
(1) The Series' advisers have entered into administrative services agreements
with USL. The advisers pay fees to USL for these services. The fees do not
have a direct relationship to the Series' Annual Expenses. (See "Services
Agreements.")
(2) Management fees and other expenses would have been the percentages shown in
the following table without certain voluntary expense reimbursements from
the investment adviser.
(3) The ratio of expenses to average net assets do not reflect credits earned
on overnight cash balances. If these credits were reflected as a reduction
of expenses, the ratios would decrease by .01% for the year ended
December 31, 1999.
(4) The ratio of expenses to average net assets do not reflect credits earned
on overnight cash balances. If these credits were reflected as a reduction
of expenses, the ratios would decrease by .02% for the year ended
December 31, 1999.
<TABLE>
<CAPTION>
Management Other Total Annual
Fees Expenses Expenses
---------- -------- ------------
<S> <C> <C> <C>
Domestic Income 0.50% 0.60% 1.10%
Emerging Growth 0.70% 0.18% 0.88%
Enterprise 0.50% 0.12% 0.62%
Government 0.50% 0.24% 0.74%
Growth and Income 0.60% 0.32% 0.92%
Money Market 0.50% 0.43% 0.93%
Strategic Stock 0.50% 0.41% 0.91%
Emerging Markets Equity 1.25% 1.37% 2.62%
Equity Growth 0.55% 0.56% 1.11%
Global Equity 0.80% 0.68% 1.48%
International Magnum 0.80% 0.87% 1.67%
U.S. Real Estate 0.80% 1.10% 1.90%
Fixed Income 0.40% 0.56% 0.96%
High Yield 0.50% 0.61% 1.11%
Mid Cap Value 0.75% 0.62% 1.37%
Value 0.55% 0.67% 1.22%
</TABLE>
<PAGE>
- Please delete all of the information on page 9 and replace with the
following:
EXAMPLE The following expenses would apply to a $1,000 investment at the end of
the applicable time period, if you surrender your Certificate (or if you
annuitize under circumstances where you owe a surrender charge)(3),
and if you assume a 5% annual return on assets:
<TABLE>
<CAPTION>
If all amounts are invested
in one of the following Series 1 year 3 years 5 years 10 years
------------------------------ ------ ------- ------- --------
<S> <C> <C> <C> <C>
Domestic Income $72 $108 $146 $240
Emerging Growth $75 $115 $158 $265
Enterprise $72 $107 $145 $239
Government $72 $107 $145 $239
Growth and Income $74 $112 $153 $255
Money Market $72 $108 $146 $241
Strategic Stock $73 $109 $148 $245
Emerging Markets Equity $84 $143 $204 $356
Equity Growth $75 $115 $158 $265
Global Equity $78 $124 $173 $295
International Magnum $78 $124 $174 $296
U.S. Real Estate $77 $123 $171 $290
Fixed Income $73 $110 $150 $250
High Yield $74 $113 $156 $260
Mid Cap Value $77 $121 $168 $285
Value $75 $115 $158 $265
</TABLE>
EXAMPLE The following expenses would apply to a $1,000 investment at the end of
the applicable time period, if you do NOT surrender your Certificate (or if you
annuitize under circumstances where a surrender charge is not payable)(3),
and if you assume a 5% annual return on assets:
<TABLE>
<CAPTION>
If all amounts are invested
in one of the following Series 1 year 3 years 5 years 10 years
------------------------------ ------ ------- ------- --------
<S> <C> <C> <C> <C>
Domestic Income $21 $65 $112 $240
Emerging Growth $24 $73 $124 $265
Enterprise $21 $65 $111 $239
Government $21 $65 $111 $239
Growth and Income $23 $69 $119 $255
Money Market $21 $66 $112 $241
Strategic Stock $22 $66 $114 $245
Emerging Markets Equity $33 $100 $170 $356
Equity Growth $24 $73 $124 $265
Global Equity $27 $82 $139 $295
International Magnum $27 $82 $140 $296
U.S. Real Estate $26 $80 $137 $290
Fixed Income $22 $68 $116 $250
High Yield $23 $71 $122 $260
Mid Cap Value $26 $79 $134 $285
Value $24 $73 $124 $265
</TABLE>
(3) See "Surrender Charge" for a description of the circumstances when you may
be required to pay the Surrender Charge upon annuitization.
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