<PAGE> 1
SEPTEMBER 29, 2000 SUPPLEMENT TO THE TRAVELERS CORPORATE OWNED VARIABLE
UNIVERSAL LIFE INSURANCE POLICIES
PROSPECTUS DATED MAY 1, 2000
THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION UNDER "INVESTMENT
OPTIONS" ON PAGE 5:
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<S> <C>
INTERNATIONAL LARGE CAP
Janus Aspen Series Worldwide Growth Portfolio - Service Fidelity VIP II Contrafund(R) Portfolio - Service
Shares Class 2
SMALL CAP BALANCED
Franklin Small Cap Fund - Class 2 Janus Aspen Series Balanced Portfolio - Service
Shares
NON-STYLE SPECIFIC
Janus Aspen Series Global Technology Portfolio -
Service Shares
</TABLE>
THE FOLLOWING INFORMATION SUPPLEMENTS THE "1999 FUND EXPENSES" TABLE ON PAGES
7, 8 AND 9:
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<CAPTION>
TOTAL
MANAGEMENT FEE 12b-1 FEES OTHER EXPENSES EXPENSES
FUND NAME (AFTER EXPENSE (AFTER (AFTER EXPENSE (AFTER EXPENSE
REIMBURSEMENTS, EXPENSE REIMBURSEMENTS, REIMBURSEMENTS,
IF APPLICABLE) REIMBURSEMENTS, IF APPLICABLE) IF APPLICABLE)
IF
APPLICABLE)
------------------------------------------------- ------------------ -------------- ---------------- -----------------
<S> <C> <C> <C> <C>
FIDELITY'S VARIABLE INSURANCE PRODUCTS FUND II
Contrafund Portfolio - Service Class 2 (16) 0.58% 0.25% 0.12% 0.95%
FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS
TRUST
Franklin Small Cap Fund - Class 2 (17) 0.55% 0.25% 0.27% 1.07%
JANUS ASPEN SERIES
Balanced Portfolio - Service Shares (18) 0.65% 0.25% 0.02% 0.92%
Global Technology Portfolio - Service
Shares (18) 0.65% 0.25% 0.13% 1.03%
Worldwide Growth Portfolio - Service
Shares (18) 0.65% 0.25% 0.05% 0.95%
</TABLE>
(16) A portion of the brokerage commissions that certain funds pay was used to
reduce fund expenses. In addition, through arrangements with certain funds,
custodian credits realized as a result of univested cash balances were used to
reduce a portion of the fund's expenses. With these reductions, the total
operating expenses is 0.90% for CONTRAFUND PORTFOLIO - SERVICE CLASS 2. Service
Class 2 expenses are based on estimated expenses for the first.
(17) Franklin Small Cap Fund - Class 2 (previously offered as Franklin Small
Cap Investment Fund) On 2/8/00, a merger and reorganization was approved that
merged the assets of Franklin Small Cap Investments Fund into Franklin Small
Cap Fund, effective 5/1/00. The above table shows restated total expenses based
upon the new fees and assets of Franklin Small Cap Fund as of 12/31/99, and not
the assets of the combined fund on 5/1/00. However, if the table reflected both
the new fees and the combined assets, the fund's expenses after 5/1/00 would be
estimated as: Management Fees 0.55%, Distribution and Service Fee 0.25%, Other
Expenses 0.27% and Total Annual Operating Expenses 1.07%. The Fund's Class 2
distribution plan or "Rule 12b-1 Plan" is described in the Fund's prospectus.
(18) Expenses are based on the estimated expenses that the new Service Shares
Class of each Portfolio expects to incur in its initial fiscal year. All
expenses are shown without the effect of offset arrangements.
<PAGE> 2
THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION IN "THE INVESTMENT
OPTIONS" SECTION ON PAGES 11-17:
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<CAPTION>
FUNDING INVESTMENT INVESTMENT OPTION
OBJECTIVE ADVISER/SUBADVISER
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
FRANKLIN TEMPLETON VARIABLE INSURANCE
PRODUCTS TRUST
Franklin Small Cap Fund - Class 2 Seeks long-term capital growth; the Franklin Advisers, Inc.
Fund seeks to accomplish its Subadviser: Templeton Investment
objective by investing primarily Counsel, Inc.
(normally at least 65% of its
assets) in equity securities of
smaller capitalization growth
companies.
JANUS ASPEN SERIES
Balanced Portfolio - Service Shares Seeks current income and long-term Janus
capital growth of capital,
consistent with preservation of
capital and balanced by current
income. It pursues its objective by
normally investing 40-60% of its
assets in securities selected
primarily for their growth potential
and 40-60% of its assets in
securities selected primarily for
their income potential. This
Portfolio normally invests at least
25% of its assets in fixed-income
securities.
Global Technology Portfolio - Service Seeks long-term growth of capital. Janus
Shares It pursues its objective by
investing primarily in equity
securities of U.S. and foreign
companies selected for their growth
potential. Normally, it invests at
least 65% of its total assets in
securities of companies that the
portfolio manager believes will benefit
significantly from advances or
improvements in technology.
Worldwide Growth Portfolio - Service Seeks long-term growth of capital in Janus
Shares a manner consistent with the
preservation of capital. It pursues its
objective by investing primarily in
common stocks of companies of any size
throughout the world. The Portfolio
normally invests in issuers from at
least five different countries,
including the United States. The
Portfolio may at times invest in fewer
that five countries or even a single
company.
VARIABLE INSURANCE PRODUCTS FUND II
Contrafund Portfolio - Service Class 2 Seeks long-term capital appreciation Fidelity Management & Research
by investing primarily in common Company
stocks of companies whose value the ("FMR")
advisor believes is not fully
recognized by the public.
</TABLE>
THE FOLLOWING INFORMATION REPLACES THE "DISTRIBUTION" SECTION:
DISTRIBUTION
The Company intends to sell the Policies in all jurisdictions where it is
licensed to do business and where the Policy is approved. Any sales
representative or employee associated with a broker-dealer who sells the
Contracts will be qualified to sell variable life insurance under applicable
federal and state laws. Each broker-dealer is registered with the SEC under the
Securities Exchange Act of 1934, and all are members of the NASD. The Policy is
offered through both affiliated and non-affiliated broker-dealers.
The principal underwriter of the Policies is CFBDS, Inc. 21 Milk Street,
Boston, MA. CFBDS is not affiliated with the Company or the Separate Account.
However, it is currently anticipated that Travelers Distribution LLC, One Tower
Square, Hartford, Connecticut 06183, an affiliated broker-dealer, may become
the principal underwriter for the Contracts sometime in 2000.
<PAGE> 3
The maximum commission payable by the Company for distribution to the broker
dealer will not exceed 25% of the premium paid in the first Contract Year or
15% of the premium paid in Contract Years 2-4. After Contract Year 4, the
maximum commission will not exceed 5% of the premiums paid plus 0.50% of the
current Contract Value. From time to time, the Company may pay or permit other
promotional incentives, in cash, credit or other compensation.
The following information supplements the information in the Average Annual
Returns table in the Appendix on page A-2:
AVERAGE ANNUAL RETURNS THORUGH 12/31/99
TRAVELERS CORPORATE VARIABLE LIFE FUND PERFORMANCE
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<CAPTION>
--------------------------------------------- -------------------------------------------------------------------------- ----------
AVERAGE ANNUAL RETURNS
--------------------------------------------- -------------------------------------------------------------------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT OPTION INCEPTION MO QTR YTD 1 YR 3 YR 5 YR 10YR SINCE
DATE INCEPTION
---------------------------------- ---------- --------- ---------- --------- ---------- ---------- ---------- ---------- ----------
Fidelity VIP Contrafund 3-Jan-95 8.85% 17.15% 23.35% 23.35% 25.23% 26.84% - 26.84%
Portfolio - Service Class 2
---------------------------------- ---------- --------- ---------- --------- ---------- ---------- ---------- ---------- ----------
Franklin Small Cap Fund - Class 2 1-May-98 15.45% 39.37% 72.13% 72.13% - - - 31.44%
---------------------------------- ---------- --------- ---------- --------- ---------- ---------- ---------- ---------- ----------
Janus Aspen Series Balanced 13-Sep-93 7.70% 16.14% 25.96% 25.96% 26.81% 23.85% - 19.82%
Portfolio - Service Shares
---------------------------------- ---------- --------- ---------- --------- ---------- ---------- ---------- ---------- ----------
Janus Aspen Series Global 18-Jan-00 N/A N/A N/A N/A N/A N/A N/A N/A
Technology Portfolio - Service
Shares
---------------------------------- ---------- --------- ---------- --------- ---------- ---------- ---------- ---------- ----------
Janus Aspen Series Worldwide 13-Sep-93 15.50% 42.04% 63.57% 63.57% 36.50% 32.70% - 28.89%
Growth Portfolio - Service Shares
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L-20577-A
