CONSECO VARIABLE ANNUITY ACCOUNT H
485BPOS, 2000-12-29
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                                                         File Nos. 333-90737
                                                                   811-09693
================================================================================

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM N-4

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933                  [ ]
     Pre-Effective Amendment No.                                         [ ]
     Post-Effective Amendment No. 2                                      [X]

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940          [ ]
     Amendment No. 3                                                     [X]

                      (Check appropriate box or boxes.)

     CONSECO VARIABLE ANNUITY ACCOUNT H
     -------------------------------------------------
     (Exact Name of Registrant)

     CONSECO VARIABLE INSURANCE COMPANY
     ----------------------------------------
     (Name of Depositor)

     11815 N. Pennsylvania Street
     Carmel, Indiana                                               46032-4572
     ---------------------------------------------------           ----------
     (Address of Depositor's Principal Executive Offices)          (Zip Code)



Depositor's Telephone Number, including Area Code   (317) 817-3700

     Name and Address of Agent for Service
       Michael A. Colliflower
       Conseco Variable Insurance Company
       11815 N. Pennsylvania Street
       Carmel, Indiana 46032-4572
       (317) 817-3700

     Copies to:
       Judith A. Hasenauer
       Blazzard, Grodd & Hasenauer, P.C.
       943 Post Road East
       Westport, CT 06880




It is proposed that this filing will become effective:

     _____  immediately upon filing pursuant to paragraph (b) of Rule 485
     __X__  on December 31, 2000  pursuant to  paragraph  (b) of Rule 485
     _____  60 days after  filing  pursuant  to  paragraph  (a)(1)  of Rule 485
     _____  on (date) pursuant to paragraph (a)(1) of Rule 485

If appropriate, check the following:

     _____ This post-effective  amendment  designates a new effective date for a
previously filed post-effective amendment.


Title of Securities Registered:
     Individual Variable Annuity Contracts





                              CROSS REFERENCE SHEET
                             (required by Rule 495)

<TABLE>
<CAPTION>
ITEM NO.                                                                  Location
--------                                                                  --------
<S>              <C>                                                      <C>

                                     PART A

Item 1.          Cover Page                                               Cover Page

Item 2.          Definitions                                              Index of Special Terms


<PAGE>



Item 3.          Synopsis                                                 Highlights

Item 4.          Condensed Financial Information                          Appendix B


Item 5.          General Description of Registrant,
                 Depositor, and Portfolio Companies                       Other Information -
                                                                          Conseco Variable; The
                                                                          Separate Account;
                                                                          Investment Options;
                                                                          Appendix A


Item 6.          Deductions and Expenses                                  Expenses

Item 7.          General Description of Variable
                 Annuity Contracts                                        The Annuity Contract

Item 8.          Annuity Period                                           Annuity Payments
                                                                          (The Annuity Period)

Item 9.          Death Benefit                                            Death Benefit

Item 10.         Purchases and Contract Value                             Purchase

Item 11.         Redemptions                                              Access to Your Money

Item 12.         Taxes                                                    Taxes

Item 13.         Legal Proceedings                                        None

Item 14.         Table of Contents of the Statement
                 of Additional Information                                Table of Contents of the
                                                                          Statement of Additional
                                                                          Information
</TABLE>


                              CROSS REFERENCE SHEET
                             (required by Rule 495)

<TABLE>
<CAPTION>
ITEM NO.                                                                        LOCATION
--------                                                                        --------
<S>                 <C>                                                         <C>

                                     PART B

Item 15.            Cover Page                                                  Cover Page

Item 16.            Table of Contents                                           Table of Contents


<PAGE>



Item 17.            General Information and History                             Company

Item 18.            Services                                                    Not Applicable

Item 19.            Purchase of Securities Being Offered                        Not Applicable

Item 20.            Underwriters                                                Distribution

Item 21.            Calculation of Performance Data                             Calculation of Performance
                                                                                Information

Item 22.            Annuity Payments                                            Annuity Provisions

Item 23.            Financial Statements                                        Financial Statements

</TABLE>

                                     PART C

Information required to be included in Part C is set forth under the appropriate
Item so numbered in Part C to this Registration Statement.

                                     PART A


The Prospectus was filed in Post-Effective  Amendment No. 1 to Form N-4 on April
28, 2000 and was amended as of July 17,  2000 and filed  pursuant to  Securities
Act Rule 497 and is incorporated herein by reference.




                             CONSECO ADVANTAGE PLUS
                       CONSECO VARIABLE ANNUITY ACCOUNT H
                       CONSECO VARIABLE INSURANCE COMPANY

                          Supplement dated January 1, 2001

The following  supplements certain information  contained in your prospectus for
the Conseco Advantage Plus 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>


                                                                      Other Expenses*        Total Annual
                                                                      (after expense        Portfolio Expenses*
                                                                      reimbursement, if     (after expense
                                                                      any, for certain      reimbursement, if
                                                                      portfolios)           any, for certain
                         Management Fees       12b-1 Fees                                   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%


* 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.

</TABLE>


4.  The following Examples are added to the prospectus:

Chart 1:
                                                    Time Periods

                                              1 Year            3 Years

Pioneer Fund VCT Portfolio                    (a)$107           (a)$172
                                              (b)$ 32           (b)$ 98
Pioneer Equity-Income VCT Portfolio           (a)$107           (a)$173
                                              (b)$ 32           (b)$ 98
Pioneer Europe VCT Portfolio                  (a)$115           (a)$195
                                              (b)$ 40           (b)$121

Chart 2:


                                                    Time Periods

                                              1 Year            3 Years

Pioneer Fund VCT Portfolio                    (a)$113           (a)$192
                                              (b)$ 39           (b)$118
Pioneer Equity-Income VCT Portfolio           (a)$114           (a)$193
                                              (b)$ 39           (b)$118
Pioneer Europe VCT Portfolio                  (a)$121           (a)$215
                                              (b)$ 46           (b)$140


5.  The following accumulation unit values  for the  period ended  September 30,
   2000 are added to the prospectus:

ACCUMULATION UNIT VALUE HISTORY

     The following  schedule  includes  Accumulation  Unit values for the period
indicated.  This data has been taken from the Conseco  Variable  Annuity Account
H's financial  statements.  This information  should be read in conjunction with
Conseco  Variable  Annuity  Account H's financial  statements  and related notes
which are included in the Statement of Additional Information.

STANDARD CONTRACT

THE ALGER AMERICAN FUND:
Leveraged AllCap

Accumulation unit value at beginning of    $27.188
period

Accumulation unit value at end of          $24.875
period

Number of accumulation units                92,938
outstanding at end of period

Small
Capitalization

Accumulation unit value at beginning of    $17.030
period

Accumulation unit value at end of          $14.224
period

Number of accumulation units                34,680
outstanding at end of period

Growth Portfolio

Accumulation unit value at beginning of    $18.274
period

Accumulation unit value at end of          $18.140
period



<PAGE>



Number of accumulation units                89,501
outstanding at end of period

Midcap Growth Portfolio

Accumulation unit value at beginning of    $16.997
period

Accumulation unit value at end of          $19.384
period

Number of accumulation units               120,864
outstanding at end of period

---------------------------------------------------
AMERICAN CENTURY VARIABLE PORTFOLIO, INC.:
International Fund

Accumulation unit value at beginning of    $19.265
period

Accumulation unit value at end of          $15.617
period

Number of accumulation units                66,319
outstanding at end of period

Value Fund

Accumulation unit value at beginning of     $8.867
period

Accumulation unit value at end of          $10.331
period

Number of accumulation units                30,804
outstanding at end of period

Income and Growth Fund

Accumulation unit value at beginning of    $13.065
period

Accumulation unit value at end of          $13.356
period

Number of accumulation units                23,721
outstanding at end of period

---------------------------------------------------

BERGER INSTITUTIONAL  PRODUCTS TRUST:


<PAGE>



Growth Fund

Accumulation unit value at beginning of    $17.075
period

Accumulation unit value at end of          $17.588
period

Number of accumulation units                28,649
outstanding at end of period

---------------------------------------------------

Growth & Income Fund

Accumulation unit value at beginning of    $20.314
period

Accumulation unit value at end of          $20.932
period

Number of accumulation units                85,325
outstanding at end of period

New Generation

Accumulation unit value at beginning of    $10.000
period

Accumulation unit value at end of          $10.398
period

Number of accumulation units                 8,886
outstanding at end of period

Small Company Growth Fund

Accumulation unit value at beginning of    $21.009
period

Accumulation unit value at end of          $21.306
period

Number of accumulation units                45,324
outstanding at end of period

BIAM International Fund

Accumulation unit value at beginning of    $13.741
period

Accumulation unit value at end of          $12.549


<PAGE>



period

Number of accumulation units                 3,864
outstanding at end of period

---------------------------------------------------
CONSECO SERIES TRUST:
BALANCED

Accumulation unit value at beginning of    $14.840
period

Accumulation unit value at end of          $16.375
period

Number of accumulation units               159,592
outstanding at end of period



---------------------------------------------------

EQUITY

Accumulation unit value  at beginning      $18.002
of period

Accumulation unit value at end of          $20.306
period

Number of accumulation units                46,481
outstanding at end of period

FIXED INCOME

Accumulation unit value at beginning of    $10.193
period

Accumulation unit value  at end of         $10.773
period

Number of accumulation units                 6,554
outstanding at end of period

Conseco 20 Focus

Accumulation unit value at beginning of    $10.000
period

Accumulation unit value  at end of         $13.358
period



<PAGE>



Number of accumulation units                11,274
outstanding at end of period


GOVERNMENT SECURITIES

Accumulation unit value at beginning of    $10.058
period

Accumulation unit value at end of          $10.672
period

Number of accumulation units                12,696
outstanding at end of period

Conseco High Yield

Accumulation unit value at beginning of    $10.000
period

Accumulation unit value at end of          $10.102
period

Number of accumulation units                44,369
outstanding at end of period

MONEY MARKET

Accumulation unit value at beginning of    $10.742
period

Accumulation unit value at end of          $11.056
period

Number of accumulation units               395,684
outstanding at end of period
---------------------------------------------------

DREYFUS STOCK INDEX FUND:

Accumulation unit value at beginning of    $13.601
period

Accumulation unit value at end of          $14.043
period

Number of accumulation units               110,547
outstanding at end of period
---------------------------------------------------

THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND,
INC.


<PAGE>



Accumulation unit value at beginning of    $15.216
period

Accumulation unit value at end of          $15.853
period

Number of accumulation units                22,910
outstanding at end of period
---------------------------------------------------

DREYFUS VARIABLE INVESTMENT FUND:
Disciplined Stock Portfolio

Accumulation unit value at beginning of    $11.947
period

Accumulation unit value at end of          $12.553
period

Number of accumulation units                20,753
outstanding at end of period

International Value Portfolio

Accumulation unit value at beginning of    $10.970
period

Accumulation unit value at end of          $10.798
period


Number of accumulation units                 2,034
outstanding at end of period

---------------------------------------------------

FEDERATED INSURANCE SERIES:
High Income Bond II

Accumulation unit value at beginning of     $9.909
period

Accumulation unit value at end of           $9.678
period

Number of accumulation units                19,089
outstanding at end of period

International Equity
II

Accumulation unit value at beginning of    $23.610


<PAGE>



period

Accumulation unit value at end of          $17.736
period


Number of accumulation units                12,706
outstanding at end of period

Utility II

Accumulation unit value at beginning of    $11.425
period

Accumulation unit value at end of          $11.233
period

Number of accumulation units                20,430
outstanding at end of period

---------------------------------------------------

INVESCO VARIABLE INVESTMENT FUND:
High Yield Portfolio

Accumulation unit value at beginning of    $10.164
period

Accumulation unit value at end of           $9.968
period

Number of accumulation units                21,765
outstanding at end of period

---------------------------------------------------


Equity Income Portfolio

Accumulation unit value at beginning of    $11.178
period

Accumulation unit value at end of          $12.228
period

Number of accumulation units                 6,932
outstanding at end of period

---------------------------------------------------

JANUS ASPEN SERIES:
Aggressive Growth


<PAGE>



Accumulation unit value at beginning of    $32.871
period

Accumulation unit value at end of          $28.088
period


Number of accumulation units               119,141
outstanding at end of period

Growth

Accumulation unit value at beginning of    $18.730
period

Accumulation unit value at end of          $18.319
period

Number of accumulation units               169,027
outstanding at end of period

Worldwide Growth

Accumulation unit value at beginning of    $21.113
period

Accumulation unit value at end of          $18.441
period


Number of accumulation units               164,987
outstanding at end of period

---------------------------------------------------
LAZARD RETIREMENT SERIES INC.:
Equity Portfolio

Accumulation unit value at beginning of    $10.639
period

Accumulation unit value at end of          $11.570
period


Number of accumulation units                 2,105
outstanding at end of period

Small Cap Portfolio

Accumulation unit value at beginning of     $9.382
period



<PAGE>



Accumulation unit value at end of          $10.954
period


Number of accumulation units                13,632
outstanding at end of period

---------------------------------------------------
LORD ABBETT SERIES FUND, INC. :
Growth & Income Portfolio

Accumulation unit value at beginning of    $11.333
period

Accumulation unit value at end of          $13.073
period

Number of accumulation units                18,368
outstanding at end of period

---------------------------------------------------

MITCHELL HUTCHINS SERIES TRUST:
Growth & Income Portfolio

Accumulation unit value at beginning of    $11.533
period

Accumulation unit value at end of          $11.424
period

Number of accumulation units                 4,407
outstanding at end of period

---------------------------------------------------

NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST
Limited Maturity Bond Portfolio

Accumulation unit value at beginning of    $10.212
period

Accumulation unit value at end of          $10.562
period

Number of accumulation units                24,393
outstanding at end of period

Partners Portfolio

Accumulation unit value at beginning of    $10.062
period


<PAGE>



Accumulation unit value at end of          $10.551
period


Number of accumulation units                 4,641
outstanding at end of period
---------------------------------------------------

RYDEX VARIABLE TRUST
NOVA Portfolio

Accumulation unit value at beginning of    $18.407
period

Accumulation unit value at end of          $17.573
period

Number of accumulation units                58,308
outstanding at end of period

OTC Portfolio

Accumulation unit value at beginning of    $39.086
period

Accumulation unit value at end of          $36.495
period

Number of accumulation units                42,658
outstanding at end of period
---------------------------------------------------

SELIGMAN PORTFOLIOS, INC.
Communications and Information Portfolio

Accumulation unit value at beginning of    $10.000
period

Accumulation unit value at end of           $7.735
period

Number of accumulation units                41,126
outstanding at end of period

Global Technology  Portfolio

Accumulation unit value at beginning of    $10.000
period

Accumulation unit value at end of           $8.459
period



<PAGE>



Number of accumulation units                49,837
outstanding at end of period
---------------------------------------------------

STRONG VARIABLE INSURANCE FUNDS, INC.:
Mid Cap Growth Fund II

Accumulation unit value at beginning of    $25.427
period

Accumulation unit value at end of          $25.851
period


Number of accumulation units                87,516
outstanding at end of period
---------------------------------------------------

STRONG OPPORTUNITY FUND II :

Accumulation unit value at beginning of    $14.103
period

Accumulation unit value at end of          $15.164
period


Number of accumulation units                22,326
outstanding at end of period

---------------------------------------------------
THE VAN ECK WORLDWIDE INSURANCE TRUST:
Worldwide Hard Assets Fund

Accumulation unit value at beginning of     $7.839
period

Accumulation unit value at end of           $9.062
period

Number of accumulation units                10,592
outstanding at end of period

Worldwide Bond

Accumulation unit value at beginning of     $9.858
period

Accumulation unit value at end of           $9.596
period




<PAGE>



Number of accumulation units                 1,485
outstanding at end of period

Worldwide Emerging Markets Fund

Accumulation unit value at beginning of    $14.919
period

Accumulation unit value at end of           $9.950
period

Number of accumulation units                27,627
outstanding at end of period

Real Estate

Accumulation unit value at beginning of     $8.068
period

Accumulation unit value at end of           $9.437
period

Number of accumulation units                 1,730
outstanding at end of period

---------------------------------------------------

CONTRACTS WITH GMDB

THE ALGER AMERICAN FUND:
Leveraged AllCap

Accumulation unit value at beginning of    $27.164
period

Accumulation unit value at end of          $24.806
period

Number of accumulation units                26,858
outstanding at end of period

Small
Capitalization

Accumulation unit value at beginning of    $17.015
period

Accumulation unit value at end of          $14.185
period

Number of accumulation units                16,179
outstanding at end of period


<PAGE>



Growth Portfolio

Accumulation unit value at beginning of    $18.258
period

Accumulation unit value at end of          $18.090
period


Number of accumulation units                18,804
outstanding at end of period

Midcap Growth Portfolio

Accumulation unit value at beginning of    $16.983
period

Accumulation unit value at end of          $19.331
period

Number of accumulation units                34,971
outstanding at end of period

---------------------------------------------------
AMERICAN CENTURY VARIABLE PORTFOLIO, INC.:
International Fund

Accumulation unit value at beginning of    $19.248
period

Accumulation unit value at end of          $15.574
period

Number of accumulation units                14,212
outstanding at end of period

Value Fund

Accumulation unit value at beginning of     $8.860
period

Accumulation unit value at end of          $10.302
period


Number of accumulation units                 3,630
outstanding at end of period

Income and Growth Fund

Accumulation unit value at beginning of    $13.054
period


<PAGE>



Accumulation unit value at end of          $13.319
period


Number of accumulation units                 4,617
outstanding at end of period
---------------------------------------------------

BERGER INSTITUTIONAL  PRODUCTS TRUST:
Growth Fund

Accumulation unit value at beginning of    $17.060
period

Accumulation unit value at end of          $17.539
period


Number of accumulation units                 8,812
outstanding at end of period

---------------------------------------------------

Growth & Income Fund

Accumulation unit value at beginning of    $20.296
period

Accumulation unit value at end of          $20.874
period


Number of accumulation units                18,994
outstanding at end of period

New Generation

Accumulation unit value at beginning of    $10.000
period

Accumulation unit value at end of          $10.385
period

Number of accumulation units                 4,669
outstanding at end of period

Small Company Growth Fund

Accumulation unit value at beginning of    $20.991
period

Accumulation unit value at end of          $21.247


<PAGE>



period

Number of accumulation units                21,535
outstanding at end of period

BIAM International Fund

Accumulation unit value at beginning of    $13.729
period

Accumulation unit value at end of          $12.515
period


Number of accumulation units                     0
outstanding at end of period

---------------------------------------------------
CONSECO SERIES TRUST:
BALANCED

Accumulation unit value at beginning of    $14.827
period

Accumulation unit value at end of          $16.330
period


Number of accumulation units                25,265
outstanding at end of period



---------------------------------------------------

EQUITY

Accumulation unit value  at beginning      $17.987
of period

Accumulation unit value at end of          $20.250
period

Number of accumulation units                12,311
outstanding at end of period

FIXED INCOME

Accumulation unit value at beginning of    $10.184
period

Accumulation unit value  at end of         $10.744


<PAGE>



period


Number of accumulation units                   922
outstanding at end of period

Conseco 20 Focus

Accumulation unit value at beginning of    $10.000
period

Accumulation unit value  at end of         $13.341
period


Number of accumulation units                 2,312
outstanding at end of period


GOVERNMENT SECURITIES

Accumulation unit value at beginning of    $10.049
period

Accumulation unit value at end of          $10.642
period

Number of accumulation units                   630
outstanding at end of period

Conseco High Yield

Accumulation unit value at beginning of    $10.000
period

Accumulation unit value at end of          $10.090
period

Number of accumulation units                     0
outstanding at end of period

MONEY MARKET

Accumulation unit value at beginning of    $10.733
period

Accumulation unit value at end of          $11.026
period

Number of accumulation units                23,903
outstanding at end of period
---------------------------------------------------


<PAGE>



DREYFUS STOCK INDEX FUND:

Accumulation unit value at beginning of    $13.589
period

Accumulation unit value at end of          $14.005
period

Number of accumulation units                47,711
outstanding at end of period
---------------------------------------------------

THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND,
INC.

Accumulation unit value at beginning of    $15.203
period

Accumulation unit value at end of          $15.809
period


Number of accumulation units                 7,922
outstanding at end of period
---------------------------------------------------

DREYFUS VARIABLE INVESTMENT FUND:
Disciplined Stock Portfolio

Accumulation unit value at beginning of    $11.937
period

Accumulation unit value at end of          $12.518
period

Number of accumulation units                 3,018
outstanding at end of period

International Value Portfolio

Accumulation unit value at beginning of    $10.961
period

Accumulation unit value at end of          $10.768
period

Number of accumulation units                     0
outstanding at end of period

---------------------------------------------------

FEDERATED INSURANCE SERIES:


<PAGE>



High Income Bond II

Accumulation unit value at beginning of     $9.901
period

Accumulation unit value at end of           $9.652
period

Number of accumulation units                 8,405
outstanding at end of period

International Equity
II

Accumulation unit value at beginning of    $23.589
period

Accumulation unit value at end of          $17.687
period

Number of accumulation units                 4,091
outstanding at end of period

Utility II

Accumulation unit value at beginning of    $11.415
period

Accumulation unit value at end of          $11.202
period

Number of accumulation units                   870
outstanding at end of period

---------------------------------------------------

INVESCO VARIABLE INVESTMENT FUND:
High Yield Portfolio

Accumulation unit value at beginning of    $10.155
period

Accumulation unit value at end of           $9.941
period

Number of accumulation units                    60
outstanding at end of period

---------------------------------------------------


Equity Income Portfolio


<PAGE>



Accumulation unit value at beginning of    $11.168
period

Accumulation unit value at end of          $12.195
period

Number of accumulation units                 3,898
outstanding at end of period

---------------------------------------------------

JANUS ASPEN SERIES:
Aggressive Growth

Accumulation unit value at beginning of    $32.843
period

Accumulation unit value at end of          $28.010
period

Number of accumulation units                39,666
outstanding at end of period

Growth

Accumulation unit value at beginning of    $18.714
period

Accumulation unit value at end of          $18.268
period

Number of accumulation units                59,928
outstanding at end of period

Worldwide Growth

Accumulation unit value at beginning of    $21.095
period

Accumulation unit value at end of          $18.391
period

Number of accumulation units                34,111
outstanding at end of period

---------------------------------------------------
LAZARD RETIREMENT SERIES INC.:
Equity Portfolio

Accumulation unit value at beginning of    $10.630
period



<PAGE>



Accumulation unit value at end of          $11.538
period

Number of accumulation units                     0
outstanding at end of period

Small Cap Portfolio

Accumulation unit value at beginning of     $9.374
period

Accumulation unit value at end of          $10.924
period

Number of accumulation units                 1,203
outstanding at end of period

---------------------------------------------------
LORD ABBETT SERIES FUND, INC. :
Growth & Income Portfolio

Accumulation unit value at beginning of    $11.324
period

Accumulation unit value at end of          $13.037
period

Number of accumulation units                18,992
outstanding at end of period

---------------------------------------------------

MITCHELL HUTCHINS SERIES TRUST:
Growth & Income Portfolio

Accumulation unit value at beginning of    $11.523
period

Accumulation unit value at end of          $11.392
period

Number of accumulation units                 3,737
outstanding at end of period

---------------------------------------------------

NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST
Limited Maturity Bond Portfolio

Accumulation unit value at beginning of    $10.203
period



<PAGE>



Accumulation unit value at end of          $10.533
period


Number of accumulation units                 1,615
outstanding at end of period

Partners Portfolio

Accumulation unit value at beginning of    $10.053
period

Accumulation unit value at end of          $10.522
period

Number of accumulation units                10,610
outstanding at end of period
---------------------------------------------------

RYDEX VARIABLE TRUST
NOVA Portfolio

Accumulation unit value at beginning of    $18.407
period

Accumulation unit value at end of          $17.551
period

Number of accumulation units                 1,796
outstanding at end of period

OTC Portfolio

Accumulation unit value at beginning of    $39.086
period

Accumulation unit value at end of          $36.449
period

Number of accumulation units                 1,501
outstanding at end of period
---------------------------------------------------

SELIGMAN PORTFOLIOS, INC.
Communications and Information Portfolio

Accumulation unit value at beginning of    $10.000
period

Accumulation unit value at end of           $7.725
period



<PAGE>



Number of accumulation units                 9,231
outstanding at end of period

Global Technology  Portfolio

Accumulation unit value at beginning of    $10.000
period

Accumulation unit value at end of           $8.448
period

Number of accumulation units                 5,033
outstanding at end of period
---------------------------------------------------

STRONG VARIABLE INSURANCE FUNDS, INC.:
Mid Cap Growth Fund II

Accumulation unit value at beginning of    $25.405
period

Accumulation unit value at end of          $25.779
period

Number of accumulation units                22,574
outstanding at end of period
---------------------------------------------------

STRONG OPPORTUNITY FUND II :

Accumulation unit value at beginning of    $14.091
period

Accumulation unit value at end of          $15.122
period

Number of accumulation units                17,123
outstanding at end of period

---------------------------------------------------
THE VAN ECK WORLDWIDE INSURANCE TRUST:
Worldwide Hard Assets Fund

Accumulation unit value at beginning of     $7.832
period

Accumulation unit value at end of           $9.037
period

Number of accumulation units                     0
outstanding at end of period



<PAGE>



Worldwide Bond

Accumulation unit value at beginning of     $9.849
period

Accumulation unit value at end of           $9.569
period

Number of accumulation units                 1,100
outstanding at end of period

Worldwide Emerging Markets Fund

Accumulation unit value at beginning of    $14.906
period

Accumulation unit value at end of           $9.922
period

Number of accumulation units                   268
outstanding at end of period

Real Estate

Accumulation unit value at beginning of     $8.061
period

Accumulation unit value at end of           $9.411
period

Number of accumulation units                 1,403
outstanding at end of period

---------------------------------------------------




CONTRACTS WITH GMDB & GMIB


THE ALGER AMERICAN
FUND:
Leveraged AllCap

Accumulation unit value at beginning of       $27.141
period

Accumulation unit                             $24.738
value at end of period

Number of accumulation units                    8,287


<PAGE>



outstanding at end of period

Small Capitalization

Accumulation unit value at beginning of       $17.001
period

Accumulation unit                             $14.146
value at end of period


Number of accumulation units                   11,551
outstanding at end of period

Growth Portfolio

Accumulation unit value at beginning of       $18.243
period

Accumulation unit                             $18.040
value at end of period


Number of accumulation units                    5,692
outstanding at end of period

Midcap Growth
Portfolio

Accumulation unit value at beginning of       $16.968
period

Accumulation unit                             $19.277
value at end of period

Number of accumulation units                    2,205
outstanding at end of period

------------------------------------------------------
AMERICAN CENTURY VARIABLE PORTFOLIO,
INC.:
International Fund

Accumulation unit value at beginning of       $19.232
period

Accumulation unit                             $15.531
value at end of period

Number of accumulation units                      316
outstanding at end of period



<PAGE>



Value Fund

Accumulation unit value at beginning of        $8.852
period

Accumulation unit                             $10.274
value at end of period

Number of accumulation units                    1,561
outstanding at end of period

Income and Growth
Fund

Accumulation unit value at beginning of       $13.042
period

Accumulation unit                             $13.282
value at end of period

Number of accumulation units                    2,989
outstanding at end of period


------------------------------------------------------

BERGER INSTITUTIONAL  PRODUCTS TRUST:
Growth Fund

Accumulation unit value at beginning of       $17.045
period

Accumulation unit                             $17.491
value at end of period

Number of accumulation units                    1,707
outstanding at end of period

------------------------------------------------------
Growth & Income Fund

Accumulation unit value at beginning of       $20.279
period

Accumulation unit                             $20.816
value at end of period

Number of accumulation units                    4,730
outstanding at end of period

New Generation



<PAGE>



Accumulation unit value at beginning of       $10.000
period

Accumulation unit                             $10.372
value at end of period

Number of accumulation units                      450
outstanding at end of period

Small Company Growth
Fund

Accumulation unit value at beginning of       $20.973
period

Accumulation unit                             $21.188
value at end of period

Number of accumulation units                    5,284
outstanding at end of period

BIAM International
Fund

Accumulation unit value at beginning of       $13.717
period

Accumulation unit                             $12.480
value at end of period

Number of accumulation units                        0
outstanding at end of period

------------------------------------------------------
CONSECO SERIES TRUST:
BALANCED

Accumulation unit value at beginning of       $14.814
period

Accumulation unit                             $16.285
value at end of period

Number of accumulation units                    2,915
outstanding at end of period
------------------------------------------------------

EQUITY

Accumulation unit value  at beginning         $17.971
of period



<PAGE>



Accumulation unit                             $20.194
value at end of period

Number of accumulation units                      315
outstanding at end of period

FIXED INCOME

Accumulation unit value at beginning of       $10.175
period

Accumulation unit                             $10.714
value  at end of
period

Number of accumulation units                    3,364
outstanding at end of period

Conseco 20 Focus

Accumulation unit value at beginning of       $10.000
period

Accumulation unit                             $13.324
value  at end of
period

Number of accumulation units                        0
outstanding at end of period


GOVERNMENT SECURITIES

Accumulation unit value at beginning of       $10.041
period

Accumulation unit                             $10.613
value at end of period

Number of accumulation units                    2,359
outstanding at end of period

Conseco High Yield

Accumulation unit value at beginning of       $10.000
period

Accumulation unit                             $10.077
value at end of period

Number of accumulation units                        0
outstanding at end of period


<PAGE>



MONEY MARKET

Accumulation unit value at beginning of       $10.724
period

Accumulation unit                             $10.996
value at end of period

Number of accumulation units                   12,848
outstanding at end of period
------------------------------------------------------

DREYFUS STOCK INDEX
FUND:

Accumulation unit value at beginning of       $13.577
period

Accumulation unit                             $13.966
value at end of period

Number of accumulation units                    5,762
outstanding at end of period
------------------------------------------------------

THE DREYFUS SOCIALLY RESPONSIBLE GROWTH
FUND, INC.

Accumulation unit value at beginning of       $15.189
period

Accumulation unit                             $15.766
value at end of period

Number of accumulation units                      830
outstanding at end of period
------------------------------------------------------

DREYFUS VARIABLE
INVESTMENT FUND:
Disciplined Stock
Portfolio

Accumulation unit value at beginning of       $11.926
period

Accumulation unit                             $12.483
value at end of period

Number of accumulation units                    1,622
outstanding at end of period



<PAGE>



International Value
Portfolio

Accumulation unit value at beginning of       $10.951
period

Accumulation unit                             $10.739
value at end of period


Number of accumulation units                      277
outstanding at end of period

------------------------------------------------------

FEDERATED INSURANCE
SERIES:
High Income Bond II

Accumulation unit value at beginning of        $9.892
period

Accumulation unit                              $9.625
value at end of period

Number of accumulation units                      818
outstanding at end of period

International Equity
II

Accumulation unit value at beginning of       $23.569
period

Accumulation unit                             $17.639
value at end of period

Number of accumulation units                      840
outstanding at end of period

Utility II

Accumulation unit value at beginning of       $11.406
period

Accumulation unit                             $11.171
value at end of period

Number of accumulation units                        0
outstanding at end of period

------------------------------------------------------


<PAGE>



INVESCO VARIABLE
INVESTMENT FUND:
High Yield Portfolio

Accumulation unit value at beginning of       $10.146
period

Accumulation unit                              $9.913
value at end of period

Number of accumulation units                      672
outstanding at end of period

------------------------------------------------------

Equity Income
Portfolio

Accumulation unit value at beginning of       $11.158
period

Accumulation unit                             $12.161
value at end of period

Number of accumulation units                      389
outstanding at end of period

------------------------------------------------------

JANUS ASPEN SERIES:
Aggressive Growth

Accumulation unit value at beginning of       $32.815
period

Accumulation unit                             $27.933
value at end of period


Number of accumulation units                    7,380
outstanding at end of period

Growth

Accumulation unit value at beginning of       $18.697
period

Accumulation unit                             $18.218
value at end of period

Number of accumulation units                   18,139
outstanding at end of period


<PAGE>



Worldwide Growth

Accumulation unit value at beginning of       $21.077
period

Accumulation unit                             $18.340
value at end of period

Number of accumulation units                   13,131
outstanding at end of period

------------------------------------------------------
LAZARD RETIREMENT
SERIES INC.:
Equity Portfolio

Accumulation unit value at beginning of       $10.621
period

Accumulation unit                             $11.506
value at end of period

Number of accumulation units                      400
outstanding at end of period

Small Cap Portfolio

Accumulation unit value at beginning of        $9.366
period

Accumulation unit                             $10.894
value at end of period

Number of accumulation units                        0
outstanding at end of period

------------------------------------------------------
LORD ABBETT SERIES
FUND, INC. :
Growth & Income
Portfolio

Accumulation unit value at beginning of       $11.314
period

Accumulation unit                             $13.001
value at end of period

Number of accumulation units                    1,423
outstanding at end of period

------------------------------------------------------


<PAGE>



MITCHELL HUTCHINS SERIES TRUST:
Growth & Income
Portfolio

Accumulation unit value at beginning of       $11.514
period

Accumulation unit                             $11.361
value at end of period

Number of accumulation units                    1,139
outstanding at end of period

------------------------------------------------------

NEUBERGER BERMAN ADVISERS MANAGEMENT
TRUST
Limited Maturity Bond
Portfolio

Accumulation unit value at beginning of       $10.194
period

Accumulation unit                             $10.504
value at end of period

Number of accumulation units                    4,015
outstanding at end of period

Partners Portfolio

Accumulation unit value at beginning of       $10.044
period

Accumulation unit                             $10.493
value at end of period


Number of accumulation units                        0
outstanding at end of period
------------------------------------------------------

RYDEX VARIABLE TRUST
NOVA Portfolio

Accumulation unit value at beginning of       $18.407
period

Accumulation unit                             $17.528
value at end of period

Number of accumulation units                      251


<PAGE>



outstanding at end of period

OTC Portfolio

Accumulation unit value at beginning of       $39.086
period

Accumulation unit                             $36.402
value at end of period

Number of accumulation units                      808
outstanding at end of period
------------------------------------------------------

SELIGMAN PORTFOLIOS, INC.
Communications and Information
Portfolio

Accumulation unit value at beginning of       $10.000
period

Accumulation unit                              $7.716
value at end of period

Number of accumulation units                      427
outstanding at end of period

Global Technology
Portfolio

Accumulation unit value at beginning of       $10.000
period

Accumulation unit                              $8.437
value at end of period

Number of accumulation units                    1,123
outstanding at end of period
------------------------------------------------------

STRONG VARIABLE INSURANCE FUNDS, INC.:
Mid Cap Growth Fund
II

Accumulation unit value at beginning of       $25.383
period

Accumulation unit                             $25.708
value at end of period


Number of accumulation units                    6,442


<PAGE>



outstanding at end of period
------------------------------------------------------

STRONG OPPORTUNITY
FUND II :

Accumulation unit value at beginning of       $14.079
period

Accumulation unit                             $15.081
value at end of period

Number of accumulation units                    1,646
outstanding at end of period

------------------------------------------------------
THE VAN ECK WORLDWIDE INSURANCE TRUST:
Worldwide Hard Assets
Fund

Accumulation unit value at beginning of        $7.825
period

Accumulation unit                              $9.012
value at end of period

Number of accumulation units                        0
outstanding at end of period

Worldwide Bond

Accumulation unit value at beginning of        $9.841
period

Accumulation unit                              $9.543
value at end of period

Number of accumulation units                        0
outstanding at end of period

Worldwide Emerging
Markets Fund

Accumulation unit value at beginning of       $14.893
period

Accumulation unit                              $9.895
value at end of period

Number of accumulation units                    1,612
outstanding at end of period



<PAGE>



Real Estate

Accumulation unit value at beginning of        $8.054
period

Accumulation unit                              $9.385
value at end of period

Number of accumulation units                        0
outstanding at end of period

------------------------------------------------------

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 A:

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.




                                     PART B


                       STATEMENT OF ADDITIONAL INFORMATION

                 INDIVIDUAL VARIABLE DEFERRED ANNUITY CONTRACTS

                                    issued by

                       CONSECO VARIABLE ANNUITY ACCOUNT H

                                       and

                       CONSECO VARIABLE INSURANCE COMPANY

THIS IS NOT A PROSPECTUS.  THIS  STATEMENT OF ADDITIONAL  INFORMATION  SHOULD BE
READ  IN  CONJUNCTION  WITH  THE  PROSPECTUS  DATED  JANUARY  1,  2001,  FOR THE
INDIVIDUAL VARIABLE DEFERRED ANNUITY CONTRACTS WHICH ARE DESCRIBED HEREIN.

THE PROSPECTUS  CONCISELY  SETS FORTH  INFORMATION  THAT A PROSPECTIVE  INVESTOR
OUGHT TO KNOW BEFORE  INVESTING.  FOR A COPY OF THE PROSPECTUS  CALL US AT (800)
342-6307 OR WRITE US AT OUR ADMINISTRATIVE OFFICE: 11815 N. PENNSYLVANIA STREET,
CARMEL, INDIANA 46032.

THIS STATEMENT OF ADDITIONAL INFORMATION IS DATED JANUARY 1, 2001.



<PAGE>



                                TABLE OF CONTENTS

                                                                            PAGE

COMPANY ...............................................................
INDEPENDENT ACCOUNTANTS ...............................................
LEGAL OPINIONS ........................................................
DISTRIBUTION ..........................................................
 Reduction or Elimination of the Contingent Deferred Sales Charge .....
CALCULATION OF PERFORMANCE INFORMATION ................................
 Total Return .........................................................
 Performance Information ..............................................
 Historical Unit Values ...............................................
 Reporting Agencies ...................................................
FEDERAL TAX STATUS
 General ..............................................................
 Diversification ......................................................
 Multiple Contracts ...................................................
 Partial 1035 Exchanges ...............................................
 Contracts Owned by Other than Natural Persons ........................


<PAGE>



 Tax Treatment of Assignments .........................................
 Death Benefits .......................................................
 Income Tax Withholding ...............................................
 Tax Treatment of Withdrawals-- Non-Qualified Contracts ...............
 Qualified Plans ......................................................
 Roth IRAs ............................................................
 Tax Treatment of Withdrawals-- Qualified Contracts ...................
 Tax-Sheltered Annuities-- Withdrawal Limitations .....................
 Mandatory Distributions-- Qualified Plans ............................
ANNUITY PROVISIONS ....................................................
 Variable Annuity Payout ..............................................
 Annuity Unit .........................................................
 Fixed Annuity Payout .................................................
FINANCIAL STATEMENTS ..................................................




<PAGE>


                                     COMPANY

Information  regarding Conseco Variable Insurance Company ("Company" or "Conseco
Variable")  is  contained  in the  prospectus.  On October 7, 1998,  the Company
changed its name from Great American  Reserve  Insurance  Company to its present
name.

                             INDEPENDENT ACCOUNTANTS

The financial  statements of Conseco  Variable as of December 31, 1999 and 1998,
and for the years  ended  December  31,  1999,  1998 and 1997,  included in this
statement of additional information, have been audited by PricewaterhouseCoopers
LLP,  2900  One  American  Square,  Indianapolis,   Indiana  46282,  independent
accountants, as set forth in their report appearing therein.

                                 LEGAL OPINIONS

Blazzard, Grodd & Hasenauer, P.C. of Westport, Connecticut has provided advice
on certain matters relating to the federal securities and income tax laws in
connection with the Contracts described in the prospectus.

                                  DISTRIBUTION

Conseco Equity Sales, Inc., an affiliate of the Company, acts as the
distributor. The offering is on a continuous basis.

REDUCTION OR ELIMINATION OF THE CONTINGENT DEFERRED SALES CHARGE

The amount of the  Contingent  Deferred  Sales  Charge on the  Contracts  may be
reduced or eliminated  when sales of the Contracts are made to individuals or to
a group of individuals in a manner that results in savings of sales expenses.


<PAGE>



The  entitlement  to reduction of the  Contingent  Deferred Sales Charge will be
determined by the Company after examination of all the relevant factors such as:

1. The size and type of group to which sales are to be made will be  considered.
Generally,  the sales  expenses  for a larger  group are less than for a smaller
group because of the ability to implement  large numbers of Contracts with fewer
sales contacts.

2. The total amount of purchase payments to be received will be considered.  Per
Contract sales expenses are likely to be less on larger  purchase  payments than
on smaller ones.

3. Any prior or existing  relationship with the Company will be considered.  Per
Contract  sales  expenses  are likely to be less when there is a prior  existing
relationship  because of the likelihood of implementing  the Contract with fewer
sales contacts.

4.  There may be other  circumstances,  of which the  Company  is not  presently
aware, which could result in reduced sales expenses.

If, after  consideration of the foregoing  factors,  the Company determines that
there will be a  reduction  in sales  expenses,  the  Company  may provide for a
reduction or elimination of the Contingent Deferred Sales Charge.

The Contingent  Deferred  Sales Charge may be eliminated  when the Contracts are
issued  to an  officer,  director  or  employee  of  the  Company  or any of its
affiliates. In no  event  will any  reduction or  elimination of the  Contingent
Deferred  Sales Charge be permitted  where the  reduction or elimination will be
unfairly discriminatory to any person.

                     CALCULATION OF PERFORMANCE INFORMATION

TOTAL RETURN

From time to time, we may advertise  performance  data.  Such data will show the
percentage  change in the value of an Accumulation Unit based on the performance
of an  investment  portfolio  over a period of time,  usually a  calendar  year,
determined  by dividing  the increase  (decrease)  in value for that unit by the
Accumulation Unit value at the beginning of the period.

Any such  advertisement  will include  standardized  average annual total return
figures for the time periods indicated in the  advertisement.  Such total return
figures will reflect the deduction of the Insurance  Charge and the expenses for
the underlying investment portfolio being advertised and any applicable Contract
Maintenance Charges and Contingent Deferred Sales Charges.

The Company may also advertise performance data which will be calculated in the
same manner as described  above but which will not reflect the  deduction of any
Contract  Maintenance Charge and Contingent Deferred Sales Charge. The deduction
of any Contract  Maintenance  Charge and Contingent  Deferred Sales Charge would
reduce any percentage increase or make greater any percentage decrease.

The hypothetical value of a Contract purchased for the time periods described in
the  advertisement  will be  determined  by using the actual  Accumulation  Unit
values for an initial  $1,000  purchase  payment,  and deducting any  applicable
Contract  Maintenance  Charges  and any  applicable  Contingent  Deferred  Sales
Charges to arrive at the ending  hypothetical  value.  The average  annual total
return is then  determined  by computing  the fixed  interest rate that a $1,000
purchase payment would have to earn annually,  compounded  annually,  to grow to
the  hypothetical  value at the end of the time periods  described.  The formula
used in these calculations is:

                                        n
                                  P (1+T) = ERV

   Where:

         P   =     a hypothetical initial payment of $1,000
         T   =     average annual total return
         n   =     number of years
         ERV =     ending  redeemable  value at the end of the time periods
                   used (or fractional  portion  thereof) of a hypothetical
                   $1,000 payment made at the beginning of the time periods
                   used.

You should note that the investment  results of each  investment  portfolio will
fluctuate over time, and any  presentation of the investment  portfolio's  total
return for any period should not be considered  as a  representation  of what an
investment may earn or what your total return may be in any future period.

PERFORMANCE INFORMATION

The Contracts and the Separate  Account are  relatively new and therefore do not
have a meaningful investment performance history. However, certain corresponding
Portfolios have been in existence for some time and consequently have investment
performance   history.  In  order  to  demonstrate  how  the  actual  investment
experience of the Portfolios  affects  Accumulation Unit values, the Company has
developed performance information.  The information is based upon the historical
experience of the Portfolios and is for the periods shown.

Future  performance  of the  portfolios  will vary and the results shown are not
necessarily  representative  of future  results.  Performance for periods ending
after  those  shown  may  vary   substantially  from  the  examples  shown.  The
performance of the  portfolios is calculated  for a specified  period of time by
assuming an initial purchase  payment of $1,000 allocated to the portfolio.  The
percentage  increases  (decreases)  are  determined by  subtracting  the initial
purchase  payment  from the  ending  value and  dividing  the  remainder  by the
beginning  value.  The  performance  may also show figures when no withdrawal is
assumed.



<PAGE>



The following  charts  reflect  performance  information  for the periods shown.
Section I is standardized  performance  information  which presents  performance
data  commencing  from the date  the  Separate  Account  first  invested  in the
portfolio.  Section II presents  performance  data commencing from the inception
date of the  underlying  portfolio  (which  may  precede  the date the  Separate
Account  first  invested in the  portfolio).  Column A is average  annual  total
return  which  reflects  the  deduction  of  the  insurance  charges,   contract
maintenance  charge,  contingent deferred sales charge and the fees and expenses
of the portfolios.  Column B reflects the deduction of the insurance charges and
the fees and expenses of the portfolios.

Chart 1 in each section is for the standard  contracts;  Chart 2 in each section
is for contracts with the guaranteed minimum death benefit;  and Chart 3 in each
section  is  for  contracts  with  the  guaranteed  minimum  death  benefit  and
guaranteed minimum income benefit.


SECTION I

CHART 1 - STANDARD CONTRACT

TOTAL RETURN FOR THE PERIODS ENDED SEPTEMBER 30, 2000:




<TABLE>
<CAPTION>
                                                                       COLUMN A                              COLUMN B
                                                     SEPARATE
                                                     ACCOUNT                           10 YRS/                           10 YRS/
                                                    INCEPTION                           SINCE                             SINCE
                                                      DATE    1 YR     3 YRS   5 YRS  INCEPTION  1 YR   3 YRS   5 YRS   INCEPTION
                                                   ---------- -----    -----   -----  ---------    -----  -----   -----  ----------
<S>                                                <C>        <C>       <C>    <C>     <C>     <C>      <C>     <C>     <C>
CONSECO SERIES TRUST
Balanced Portfolio .............................  02/11/2000    N/A    N/A     N/A     2.40       N/A     N/A      N/A       10.35
Equity Portfolio ...............................  02/11/2000    N/A    N/A     N/A     4.68       N/A     N/A      N/A       12.80
Fixed Income Portfolio .........................  02/11/2000    N/A    N/A     N/A    (1.92)      N/A     N/A      N/A        5.69
Government Securities Portfolio ................  02/11/2000    N/A    N/A     N/A    (1.54)      N/A     N/A      N/A        6.10
Conseco 20 Focus Portfolio......................  02/11/2000    N/A    N/A     N/A    23.96       N/A     N/A      N/A       33.58
High Yield Portfolio............................  02/11/2000    N/A    N/A     N/A    (6.25)      N/A     N/A      N/A        1.02
THE ALGER AMERICAN FUND
Alger American Growth Portfolio ................  02/11/2000    N/A    N/A     N/A    (7.88)      N/A     N/A      N/A        (.73)
Alger American Leveraged AllCap Portfolio ......  02/11/2000    N/A    N/A     N/A   (15.10)      N/A     N/A      N/A       (8.51)
Alger American MidCap Growth Portfolio .........  02/11/2000    N/A    N/A     N/A     5.83       N/A     N/A      N/A       14.04
Alger American Small Capitalization Portfolio ..  02/11/2000    N/A    N/A     N/A   (22.49)      N/A     N/A      N/A      (16.48)

AMERICAN CENTURY VARIABLE PORTFOLIOS, INC.
VP Income & Growth .............................  02/11/2000    N/A    N/A     N/A    (5.13)      N/A     N/A      N/A        2.23
VP International ...............................  02/11/2000    N/A    N/A     N/A   (24.77)      N/A     N/A      N/A      (18.93)
VP Value .......................................  02/11/2000    N/A    N/A     N/A     8.12       N/A     N/A      N/A       16.51


<PAGE>



BERGER INSTITUTIONAL PRODUCTS TRUST
Berger IPT--Growth Fund ........................  02/11/2000    N/A    N/A     N/A    (4.41)      N/A     N/A      N/A        3.00
Berger IPT--Growth and Income Fund .............  02/11/2000    N/A    N/A     N/A    (4.38)      N/A     N/A      N/A        3.04
Berger IPT--Small Company Growth Fund ..........  02/11/2000    N/A    N/A     N/A    (5.89)      N/A     N/A      N/A        1.42
Berger/BIAM IPT-International Fund ............   02/11/2000    N/A    N/A     N/A   (15.25)      N/A     N/A       N/A       (8.67)
Berger IPT -- New Generation Fund ..............  02/11/2000    N/A    N/A     N/A    (3.50)      N/A     N/A      N/A        3.98
THE DREYFUS SOCIALLY RESPONSIBLE
GROWTH FUND, INC. ..............................  02/11/2000    N/A    N/A     N/A    (3.32)      N/A     N/A      N/A        4.19

DREYFUS STOCK INDEX FUND .......................  02/11/2000    N/A    N/A     N/A    (4.18)      N/A     N/A      N/A        3.25

DREYFUS VARIABLE INVESTMENT FUND
Dreyfus VIF Disciplined Stock Portfolio ........  02/11/2000    N/A    N/A     N/A    (2.50)      N/A     N/A      N/A        5.07
Dreyfus VIF International Value Portfolio ......  02/11/2000    N/A    N/A     N/A    (8.66)      N/A     N/A      N/A       (1.57)

</TABLE>

<TABLE>
<CAPTION>




                                                                       COLUMN A                            COLUMN B
                                                    SEPARATE
                                                    ACCOUNT                          10 YRS/                             10 YRS/
                                                    INCEPTION                          SINCE                               SINCE
                                                      DATE    1 YR    3 YRS    5 YRS  INCEPTION     1 YR   3 YRS   5 YRS  INCEPTION
                                                   ---------- -----   -----    -----  ----------   ----    -----   -----  ---------
<S>                                                <C>        <C>     <C>      <C>      <C>        <C>     <C>      <C>     <C>


FEDERATED INSURANCE SERIES
Federated High Income Bond Fund II ............. 02/11/2000   N/A      N/A      N/A      (9.37)    N/A      N/A     N/A       (2.33)
Federated International Equity Fund II.......... 02/11/2000   N/A      N/A      N/A     (30.29)    N/A      N/A     N/A      (24.88)
Federated Utility Fund II            .........   02/11/2000   N/A      N/A      N/A      (8.77)    N/A      N/A     N/A       (1.69)

INVESCO VARIABLE INVESTMENT FUNDS, INC.
INVESCO VIF-Equity Income Fund ..................02/11/2000   N/A      N/A      N/A       1.52     N/A      N/A     N/A        9.40
INVESCO VIF-High Yield Fund ................     02/11/2000   N/A      N/A     N/A       (8.99)    N/A     N/A      N/A       (1.92)

JANUS ASPEN SERIES
Aggressive Growth Portfolio .................... 02/11/2000   N/A      N/A      N/A     (20.71)    N/A      N/A     N/A      (14.55)
Growth Portfolio ............................... 02/11/2000   N/A      N/A      N/A      (9.24)    N/A      N/A      N/A      (2.19)
Worldwide Growth Portfolio ..................... 02/11/2000   N/A      N/A      N/A     (18.94)    N/A      N/A     N/A      (12.65)

LAZARD RETIREMENT SERIES, INC.
Lazard Retirement Equity Portfolio ............. 02/11/2000   N/A      N/A      N/A        .92     N/A      N/A     N/A        8.75
Lazard Retirement Small Cap Portfolio .......... 02/11/2000   N/A      N/A      N/A       8.35     N/A      N/A     N/A       16.76

LORD ABBETT SERIES FUND, INC.
Growth & Income Portfolio ...................... 02/11/2000   N/A      N/A      N/A       7.05     N/A      N/A      N/A      15.35

MITCHELL HUTCHINS SERIES TRUST


<PAGE>



Growth and Income Portfolio .................... 02/11/2000   N/A      N/A      N/A      (8.08)    N/A      N/A      N/A       (.95)

NEUBERGER BERMAN ADVISERS
MANAGEMENT TRUST
Limited Maturity Bond Portfolio ................ 02/11/2000   N/A      N/A      N/A      (4.01)    N/A      N/A     N/A        3.43
Partners Portfolio ............................. 02/11/2000   N/A      N/A      N/A      (2.69)    N/A      N/A     N/A        4.86

RYDEX VARIABLE TRUST
Nova Fund ...................................... 02/11/2000   N/A      N/A      N/A     (11.41)    N/A      N/A     N/A       (4.54)
OTC Fund ...................................... 02/11/2000    N/A      N/A      N/A     (13.35)    N/A      N/A     N/A       (6.63)

SELIGMAN PORTFOLIOS, INC.
Seligman Communications and Information Portfolio02/11/2000  N/A       N/A      N/A     (28.22)    N/A      N/A     N/A      (22.65)
Seligman Global Technology Portfolio ........... 02/11/2000   N/A      N/A      N/A     (21.50)    N/A      N/A     N/A      (15.41)


</TABLE>


                                                                               4
<PAGE>

<TABLE>
<CAPTION>
                                                                      COLUMN A                             COLUMN B
                                                 SEPARATE
                                                 ACCOUNT                            10 YRS/                              10 YRS/
                                                 INCEPTION                           SINCE                                SINCE
                                                   DATE    1 YR     3 YRS   5 YRS   INCEPTION     1 YR   3 YRS    5 YRS  INCEPTION
                                                ---------- -----    -----   -----   ----------   ----    -----    -----  ---------
<S>                                           <C>        <C>       <C>     <C>       <C>        <C>     <C>       <C>     <C>
STRONG OPPORTUNITY FUND II, INC.
Opportunity Fund II ......................... 02/11/2000   N/A      N/A      N/A     (.22)     N/A      N/A      N/A        7.53

STRONG VARIABLE INSURANCE FUNDS, INC.
Strong MidCap Growth Fund II ................ 02/11/2000   N/A      N/A      N/A    (5.65)     N/A      N/A     N/A         1.67

VAN ECK WORLDWIDE INSURANCE TRUST
Worldwide Bond Fund ......................... 02/11/2000   N/A      N/A      N/A    (9.67)     N/A      N/A     N/A        (2.66)
Worldwide Emerging Markets Fund ............. 02/11/2000   N/A      N/A      N/A   (38.11)     N/A      N/A     N/A       (33.31)
Worldwide Hard Assets Fund .................. 02/11/2000   N/A      N/A      N/A     7.28      N/A      N/A     N/A        15.61
Worldwide Real Estate Fund .................. 02/11/2000   N/A      N/A      N/A     8.55      N/A      N/A     N/A        16.97
</TABLE>


<PAGE>



CHART 2 - CONTRACTS WITH GMDB
TOTAL RETURN FOR THE PERIODS ENDED SEPTEMBER 30, 2000:

<TABLE>
<CAPTION>
                                                                      COLUMN A                             COLUMN B
                                                 SEPARATE
                                                 ACCOUNT                            10 YRS/                              10 YRS/
                                                 INCEPTION                           SINCE                                SINCE
                                                   DATE    1 YR     3 YRS   5 YRS   INCEPTION  1 YR   3 YRS    5 YRS  INCEPTION
                                                ---------- -----    -----   -----   ----------  ----    -----    -----  ---------
<S>                                           <C>        <C>       <C>     <C>       <C>        <C>      <C>      <C>     <C>
CONSECO SERIES TRUST
Balanced Portfolio .............................     02/11/2000     N/A      N/A     N/A     2.21      N/A     N/A    N/A    10.14
Equity Portfolio ...............................     02/11/2000     N/A      N/A     N/A     4.48      N/A     N/A    N/A    12.58
Fixed Income Portfolio .........................     02/11/2000     N/A      N/A     N/A    (2.10)     N/A     N/A    N/A     5.49
Government Securities Portfolio ................     02/11/2000     N/A      N/A     N/A    (1.73)     N/A     N/A    N/A     5.90
Conseco 20 Focus Portfolio......................     02/11/2000     N/A      N/A     N/A    23.80      N/A     N/A    N/A    33.41
High Yield Portfolio............................     02/11/2000     N/A      N/A     N/A    (6.37)     N/A     N/A    N/A      .90

THE ALGER AMERICAN FUND
Alger American Growth Portfolio ................     02/11/2000     N/A      N/A     N/A    (8.06)     N/A     N/A    N/A     (.92)
Alger American Leveraged AllCap Portfolio ......     02/11/2000     N/A      N/A     N/A   (15.26)     N/A     N/A    N/A    (8.68)
Alger American MidCap Growth Portfolio .........     02/11/2000     N/A      N/A     N/A     5.63      N/A     N/A    N/A    13.83
Alger American Small Capitalization Portfolio ..     02/11/2000     N/A      N/A     N/A   (22.64)     N/A     N/A    N/A   (16.63)

AMERICAN CENTURY VARIABLE PORTFOLIOS, INC.
VP Income & Growth .............................     02/11/2000     N/A      N/A     N/A    (5.31)     N/A     N/A    N/A     2.03
VP International ...............................     02/11/2000     N/A      N/A     N/A   (24.91)     N/A     N/A    N/A   (19.09)
VP Value .......................................     02/11/2000     N/A      N/A     N/A     7.91      N/A     N/A    N/A    16.29

BERGER INSTITUTIONAL PRODUCTS TRUST
Berger IPT--Growth Fund ........................     02/11/2000     N/A      N/A     N/A    (4.59)     N/A     N/A    N/A     2.81
Berger IPT--Growth and Income Fund .............     02/11/2000     N/A      N/A     N/A    (4.56)     N/A     N/A    N/A     2.85
Berger IPT--Small Company Growth Fund ..........     02/11/2000     N/A      N/A     N/A    (6.07)     N/A     N/A    N/A     1.22
Berger/BIAM IPT-International Fund ............      02/11/2000     N/A      N/A     N/A   (15.41)     N/A     N/A    N/A    (8.85)
Berger IPT -- New Generation Fund ..............     02/11/2000     N/A      N/A     N/A    (3.62)     N/A     N/A    N/A     3.85
THE DREYFUS SOCIALLY RESPONSIBLE
GROWTH FUND, INC. ..............................     02/11/2000     N/A      N/A     N/A    (3.50)     N/A     N/A    N/A     3.99

DREYFUS STOCK INDEX FUND .......................     02/11/2000     N/A      N/A     N/A    (4.36)     N/A     N/A    N/A     3.06

DREYFUS VARIABLE INVESTMENT FUND
Dreyfus VIF Disciplined Stock Portfolio ........     02/11/2000     N/A      N/A     N/A    (2.68)     N/A     N/A    N/A     4.87
Dreyfus VIF International Value Portfolio ......     02/11/2000     N/A      N/A     N/A    (8.83)     N/A     N/A    N/A    (1.76)



</TABLE>
<TABLE>
<CAPTION>




                                                                       COLUMN A                           COLUMN B
                                                  SEPARATE
                                                  ACCOUNT                             10 YRS/                           10 YRS/
                                                  INCEPTION                            SINCE                             SINCE
                                                   DATE        1 YR   3 YRS  5 YRS   INCEPTION    1 YR  3 YRS  5 YRS   INCEPTION
                                                  ---------    ----   -----  ----   -----------   ----  -----  -----  ----------
<S>                                                <C>       <C>      <C>    <C>      <C>       <C>    <C>     <C>    <C>
FEDERATED INSURANCE SERIES
Federated High Income Bond Fund II ............. 02/11/2000   N/A      N/A      N/A      (9.54)   N/A      N/A     N/A       (2.52)
Federated International Equity Fund II ......... 02/11/2000   N/A      N/A      N/A     (30.42)   N/A      N/A     N/A      (25.02)
Federated Utility Fund II            .........  02/11/2000    N/A      N/A      N/A     (8.94)    N/A      N/A     N/A       (1.88)

INVESCO VARIABLE INVESTMENT FUNDS, INC.
INVESCO VIF-Equity Income Fund ..................02/11/2000   N/A      N/A      N/A       1.33    N/A      N/A     N/A        9.19
INVESCO VIF-High Yield Fund ................     02/11/2000    N/A      N/A     N/A      (9.16)   N/A      N/A     N/A       (2.11)

JANUS ASPEN SERIES
Aggressive Growth Portfolio .................... 02/11/2000   N/A      N/A      N/A     (20.86)   N/A      N/A     N/A      (14.72)
Growth Portfolio ............................... 02/11/2000   N/A      N/A      N/A      (9.41)   N/A      N/A      N/A      (2.38)
Worldwide Growth Portfolio ..................... 02/11/2000   N/A      N/A      N/A     (19.10)   N/A      N/A     N/A      (12.82)

LAZARD RETIREMENT SERIES, INC.
Lazard Retirement Equity Portfolio ............. 02/11/2000   N/A      N/A      N/A        .73    N/A      N/A     N/A        8.54
Lazard Retirement Small Cap Portfolio .......... 02/11/2000   N/A      N/A      N/A       8.15    N/A      N/A     N/A       16.54

LORD ABBETT SERIES FUND, INC.
Growth & Income Portfolio ...................... 02/11/2000   N/A      N/A      N/A       6.84    N/A      N/A      N/A      15.13

MITCHELL HUTCHINS SERIES TRUST
Growth and Income Portfolio .................... 02/11/2000   N/A      N/A      N/A      (8.26)   N/A      N/A      N/A      (1.14)

NEUBERGER BERMAN ADVISERS
MANAGEMENT TRUST
Limited Maturity Bond Portfolio ................ 02/11/2000   N/A      N/A      N/A      (4.20)   N/A      N/A     N/A        3.24
Partners Portfolio ............................. 02/11/2000   N/A      N/A      N/A      (2.87)   N/A      N/A     N/A        4.67

RYDEX VARIABLE TRUST
Nova Fund ...................................... 02/11/2000   N/A      N/A      N/A     (11.52)   N/A      N/A     N/A       (4.66)
OTC Fund ...................................... 02/11/2000    N/A      N/A      N/A     (13.46)   N/A      N/A     N/A       (6.75)

SELIGMAN PORTFOLIOS, INC.
Seligman Communications and Information Portfolio02/11/2000  N/A       N/A      N/A     (28.31)   N/A      N/A     N/A      (22.75)
Seligman Global Technology Portfolio ........... 02/11/2000   N/A      N/A      N/A     (21.60)   N/A      N/A     N/A      (15.52)

</TABLE>

<PAGE>
<TABLE>
<CAPTION>



                                                                                COLUMN A                             COLUMN B
                                                 SEPARATE
                                                 ACCOUNT                            10 YRS/                              10 YRS/
                                                 INCEPTION                           SINCE                                SINCE
                                                   DATE    1 YR     3 YRS   5 YRS   INCEPTION     1 YR   3 YRS    5 YRS  INCEPTION
                                                ---------- -----    -----   -----   ----------   ----    -----    -----  ---------
<S>                                           <C>        <C>       <C>     <C>       <C>        <C>     <C>       <C>     <C>
STRONG OPPORTUNITY FUND II, INC.
Opportunity Fund II ......................... 02/11/2000      N/A      N/A      N/A    (.41)    N/A      N/A      N/A        7.32

STRONG VARIABLE INSURANCE FUNDS, INC.
Strong MidCap Growth Fund II ................ 02/11/2000      N/A      N/A      N/A   (5.83)    N/A      N/A     N/A         1.48

VAN ECK WORLDWIDE INSURANCE TRUST
Worldwide Bond Fund ......................... 02/11/2000      N/A      N/A      N/A   (9.84)    N/A      N/A     N/A        (2.84)
Worldwide Emerging Markets Fund ............. 02/11/2000      N/A      N/A      N/A  (38.23)    N/A      N/A     N/A       (33.43)
Worldwide Hard Assets Fund .................. 02/11/2000      N/A      N/A      N/A    7.08     N/A      N/A     N/A        15.39
Worldwide Real Estate Fund .................. 02/11/2000      N/A      N/A      N/A    8.35     N/A      N/A     N/A        16.75
</TABLE>

                                                                               6



<PAGE>


CHART 3 - CONTRACTS WITH GMIB & GMDB

TOTAL RETURN FOR THE PERIODS ENDED SEPTEMBER 30, 2000:

<TABLE>
<CAPTION>
                                                                      COLUMN A                               COLUMN B
                                                     SEPARATE
                                                     ACCOUNT                             10 YRS/                          10 YRS/
                                                     INCEPTION                           SINCE                             SINCE
                                                     DATE      1 YR    3 YRS     5 YRS   INCEPTION  1 YR   3 YRS  5 YRS  INCEPTION
                                                     --------   -----  -----     -----   ---------  ----    ----   ----  ---------
<S>                                                   <C>        <C>   <C>       <C>     <C>       <C>      <C>   <C>    <C>
CONSECO SERIES TRUST
Balanced Portfolio .............................     02/11/2000   N/A      N/A     N/A        2.01    N/A     N/A      N/A     9.93
Equity Portfolio ...............................     02/11/2000   N/A      N/A     N/A        4.28    N/A     N/A      N/A    12.37
Fixed Income Portfolio .........................     02/11/2000   N/A      N/A     N/A       (2.29)   N/A     N/A      N/A     5.29
Government Securities Portfolio ................     02/11/2000   N/A      N/A     N/A       (1.91)   N/A     N/A      N/A     5.70
Conseco 20 Focus Portfolio......................     02/11/2000   N/A      N/A     N/A       23.65    N/A     N/A      N/A    33.24
High Yield Portfolio............................     02/11/2000   N/A      N/A     N/A       (6.49)   N/A     N/A      N/A      .77

THE ALGER AMERICAN FUND
Alger American Growth Portfolio ................     02/11/2000   N/A      N/A     N/A       (8.23)   N/A     N/A      N/A    (1.11)
Alger American Leveraged AllCap Portfolio ......     02/11/2000   N/A      N/A     N/A      (15.42)   N/A     N/A      N/A    (8.86)
Alger American MidCap Growth Portfolio .........     02/11/2000   N/A      N/A     N/A        5.43    N/A     N/A      N/A    13.61
Alger American Small Capitalization Portfolio ..     02/11/2000   N/A      N/A     N/A      (22.78)   N/A     N/A      N/A   (16.79)

AMERICAN CENTURY VARIABLE PORTFOLIOS, INC.


<PAGE>



VP Income & Growth .............................     02/11/2000   N/A      N/A     N/A       (5.49)   N/A     N/A      N/A     1.84
VP International ...............................     02/11/2000   N/A      N/A     N/A      (25.06)   N/A     N/A      N/A   (19.24)
VP Value .......................................     02/11/2000   N/A      N/A     N/A        7.71    N/A     N/A      N/A    16.07

BERGER INSTITUTIONAL PRODUCTS TRUST
Berger IPT--Growth Fund ........................     02/11/2000   N/A      N/A     N/A       (4.77)   N/A     N/A      N/A     2.62
Berger IPT--Growth and Income Fund .............     02/11/2000   N/A      N/A     N/A       (4.74)   N/A      N/A     N/A     2.65
Berger IPT--Small Company Growth Fund ..........     02/11/2000   N/A      N/A     N/A       (6.25)   N/A      N/A     N/A     1.03
Berger/BIAM IPT-International Fund ............      02/11/2000   N/A      N/A     N/A      (15.57)   N/A      N/A     N/A    (9.02)
Berger IPT -- New Generation Fund ..............     02/11/2000   N/A      N/A     N/A       (3.75)   N/A     N/A      N/A     3.72
THE DREYFUS SOCIALLY RESPONSIBLE
GROWTH FUND, INC. ..............................     02/11/2000   N/A      N/A     N/A       (3.68)   N/A     N/A      N/A     3.79

DREYFUS STOCK INDEX FUND .......................     02/11/2000   N/A      N/A     N/A       (4.54)   N/A     N/A      N/A     2.86

DREYFUS VARIABLE INVESTMENT FUND
Dreyfus VIF Disciplined Stock Portfolio ........     02/11/2000   N/A      N/A     N/A       (2.87)   N/A     N/A      N/A     4.67
Dreyfus VIF International Value Portfolio ......     02/11/2000   N/A      N/A     N/A       (9.00)   N/A     N/A      N/A    (1.94)

</TABLE>

<PAGE>
<TABLE>
<CAPTION>


                                                                        SEPARATE
                                                  ACCOUNT                             10 YRS/                           10 YRS/
                                                  INCEPTION                            SINCE                             SINCE
                                                     DATE      1 YR   3 YRS  5 YRS   INCEPTION    1 YR  3 YRS  5 YRS   INCEPTION
                                                  ---------    ----   -----  ----   -----------   ----  -----  -----  ----------
<S>                                                <C>       <C>      <C>    <C>      <C>       <C>    <C>     <C>    <C>
FEDERATED INSURANCE SERIES
Federated High Income Bond Fund II ............. 02/11/2000   N/A      N/A      N/A      (9.71)  N/A      N/A     N/A       (2.70)
Federated International Equity Fund II ......... 02/11/2000   N/A      N/A      N/A     (30.55)  N/A      N/A     N/A      (25.16)
Federated Utility Equity Fund II        ........ 02/11/2000   N/A      N/A      N/A      (9.11)  N/A      N/A     N/A       (2.06)

INVESCO VARIABLE INVESTMENT FUNDS, INC.
INVESCO VIF-Equity Income Fund ..................02/11/2000   N/A      N/A      N/A       1.14   N/A      N/A     N/A        8.98
INVESCO VIF-High Yield Fund ................     02/11/2000   N/A      N/A      N/A       (9.33) N/A     N/A      N/A       (2.30)

JANUS ASPEN SERIES
Aggressive Growth Portfolio .................... 02/11/2000   N/A      N/A      N/A     (21.01)  N/A      N/A     N/A      (14.88)
Growth Portfolio ............................... 02/11/2000   N/A      N/A      N/A      (9.58)  N/A      N/A     N/A      (2.57)
Worldwide Growth Portfolio ..................... 02/11/2000   N/A      N/A      N/A     (19.25)  N/A      N/A     N/A      (12.99)

LAZARD RETIREMENT SERIES, INC.
Lazard Retirement Equity Portfolio ............. 02/11/2000   N/A      N/A      N/A        .54   N/A      N/A     N/A        8.34
Lazard Retirement Small Cap Portfolio .......... 02/11/2000   N/A      N/A      N/A       7.94   N/A      N/A     N/A       16.32

LORD ABBETT SERIES FUND, INC.
Growth & Income Portfolio ...................... 02/11/2000   N/A      N/A      N/A       6.64   N/A      N/A     N/A      14.92

MITCHELL HUTCHINS SERIES TRUST
Growth and Income Portfolio .................... 02/11/2000   N/A      N/A      N/A      (8.43)  N/A      N/A     N/A      (1.33)


<PAGE>



NEUBERGER BERMAN ADVISERS
MANAGEMENT TRUST
Limited Maturity Bond Portfolio ................ 02/11/2000   N/A      N/A      N/A      (4.38)  N/A      N/A     N/A        3.04
Partners Portfolio ............................. 02/11/2000   N/A      N/A      N/A      (3.06)  N/A      N/A     N/A        4.47

RYDEX VARIABLE TRUST
Nova Fund ...................................... 02/11/2000   N/A      N/A      N/A     (11.63)  N/A      N/A     N/A       (4.78)
OTC Fund ...................................... 02/11/2000    N/A      N/A      N/A     (13.57)  N/A      N/A     N/A       (6.86)

SELIGMAN PORTFOLIOS, INC.
Seligman Communications and Information Portfolio02/11/2000   N/A      N/A      N/A     (28.40)  N/A      N/A     N/A      (22.84)
Seligman Global Technology Portfolio ........... 02/11/2000   N/A      N/A      N/A     (21.70)  N/A      N/A     N/A      (15.63)


</TABLE>

<PAGE>
<TABLE>
<CAPTION>




                                                                      COLUMN A                               COLUMN B
                                             SEPARATE
                                             ACCOUNT                                  10 YRS/                               10 YRS/
                                             INCEPTION                                 SINCE                                 SINCE
                                              DATE       1 YR      3 YRS     5 YRS   INCEPTION    1 YR     3 YRS    5 YRS  INCEPTION
                                              --------   -----     -----     -----   ---------    ----      ----     ----  ---------
<S>                                           <C>        <C>       <C>       <C>       <C>       <C>       <C>      <C>      <C>

STRONG OPPORTUNITY FUND II, INC.
Opportunity Fund II ......................... 02/11/2000      N/A      N/A      N/A     (.59)    N/A      N/A      N/A        7.12

STRONG VARIABLE INSURANCE FUNDS, INC.
Strong MidCap Growth Fund II ................ 02/11/2000      N/A      N/A      N/A    (6.01)    N/A      N/A     N/A         1.28

VAN ECK WORLDWIDE INSURANCE TRUST
Worldwide Bond Fund ......................... 02/11/2000      N/A      N/A      N/A   (10.01)    N/A      N/A     N/A        (3.03)
Worldwide Emerging Markets Fund ............. 02/11/2000      N/A      N/A      N/A   (38.34)    N/A      N/A     N/A       (33.56)
Worldwide Hard Assets Fund .................. 02/11/2000      N/A      N/A      N/A     6.88     N/A      N/A     N/A        15.17
Worldwide Real Estate Fund .................. 02/11/2000      N/A      N/A      N/A     8.14     N/A      N/A     N/A        16.53

</TABLE>


SECTION II

CHART 1 - STANDARD CONTRACT

TOTAL RETURN FOR THE PERIODS ENDED SEPTEMBER 30, 2000:

<TABLE>
<CAPTION>
                                                                      COLUMN A                              COLUMN B
                                                    PORTFOLIO                          10 YRS/                           10 YRS/
                                                    INCEPTION                           SINCE                             SINCE
                                                      DATE    1 YR  3 YRS   5 YRS  INCEPTION  1 YR   3 YRS   5 YRS   INCEPTION
                                                   ---------- -----  -----   -----  ---------  -----  -----   -----  ----------
<S>                                                <C>        <C>       <C>    <C>     <C>     <C>      <C>     <C>     <C>
CONSECO SERIES TRUST
Balanced Portfolio .............................   05/01/93   34.99  15.40    19.32   19.67    45.58    18.38   20.93   20.60
Equity Portfolio ...............................   11/03/86   54.17  23.07    28.04   28.47    66.25    26.24   29.76   29.48
Fixed Income Portfolio .........................   11/03/86 (2.00)     .83     3.46    5.49     5.70     3.44    4.87    6.32
Government Securities Portfolio ................   05/01/93 (2.83)     .59     2.40    4.03     4.80     3.19    3.79    4.84
Conseco 20 Focus Portfolio......................   05/01/00   N/A    N/A      N/A     23.91    N/A      N/A     N/A     33.58
High Yield Portfolio............................   05/01/00   N/A    N/A      N/A     (6.30)   N/A      N/A     N/A      1.02

THE ALGER AMERICAN FUND
Alger American Growth Portfolio ................   12/31/89  11.12   19.35    18.48   24.16    19.85    22.42   20.08   24.19
Alger American Leveraged AllCap Portfolio ......   01/24/95  23.40   31.49    25.69   35.40    33.08    34.86   27.39   36.74
Alger American MidCap Growth Portfolio .........   04/30/93  39.65   19.24    17.11   24.71    50.60    22.31   18.70   25.19
Alger American Small Capitalization Portfolio ..   12/31/89   8.78    7.85     7.08   18.05    17.32    10.64    8.54   18.08

AMERICAN CENTURY VARIABLE PORTFOLIOS, INC.
VP Income & Growth .............................   02/06/98    .06   N/A      N/A      8.39     7.92    N/A     N/A     11.55
VP International ...............................   05/02/94  18.49   13.61    16.03   15.77    27.79    16.53   17.59   16.65
VP Value .......................................   05/01/96  (5.88)  (1.44)   N/A      7.39     1.51     1.11   N/A      9.03

BERGER INSTITUTIONAL PRODUCTS TRUST
Berger IPT--Growth Fund ........................   05/01/96 46.82    18.39    N/A     17.65    58.33    21.44   N/A     19.46
Berger IPT--Growth and Income Fund .............   05/01/96 40.73    24.40    N/A     25.03    51.77    27.60   N/A     26.95
Berger IPT--Small Company Growth Fund ..........   05/01/96 65.25    25.30    N/A     22.18    78.20    28.52   N/A     24.06
Berger/BIAM IPT-International Fund ............    04/30/97   .47     5.28    N/A      5.35     8.37     8.00   N/A      7.73
Berger IPT -- New Generation Fund ..............   05/01/00   N/A    N/A      N/A     (3.55)   N/A      N/A     N/A      3.98


</TABLE>

<PAGE>
<TABLE>
<CAPTION>


                                                                                COLUMN A                            COLUMN B
                                                    PORTFOLIO                         10 YRS/                             10 YRS/
                                                    INCEPTION                          SINCE                               SINCE
                                                      DATE    1 YR    3 YRS    5 YRS  INCEPTION   1 YR   3 YRS   5 YRS  INCEPTION
                                                   ---------- -----   -----    -----  ----------  ----    -----   -----  ---------
<S>                                                <C>        <C>     <C>      <C>      <C>        <C>     <C>      <C>     <C>
THE DREYFUS SOCIALLY RESPONSIBLE
GROWTH FUND, INC. ..............................   10/07/93 11.69   14.97    19.39   20.95       20.46    17.93   21.00   21.77

DREYFUS STOCK INDEX FUND .......................   12/31/89  3.34   11.66    18.04   19.72       11.45    14.54   19.63   19.75

DREYFUS VARIABLE INVESTMENT FUND
Dreyfus VIF Disciplined Stock Portfolio ........   04/30/96  6.04    8.82    N/A     16.23       14.37    11.63   N/A    18.00
Dreyfus VIF International Value Portfolio ......   05/01/96 (8.17)    .61    N/A      4.30       ( .95)    3.21   N/A     5.90


<PAGE>



FEDERATED INSURANCE SERIES
Federated High Income Bond Fund II .............   03/01/94 (8.66)  (2.28)    3.96    4.73      (1.48)     .25    5.37    5.50
Federated International Equity Fund II .........   05/08/95 24.26   19.67    16.35   15.49       34.02    22.75   17.92  16.72
Federated Utility Fund II ......................   02/10/94 (6.05)  5.00      8.70    9.86        1.33     7.70   10.17  10.66

INVESCO VARIABLE INVESTMENT FUNDS, INC.
INVESCO VIF-Equity Income Fund ................    12/15/93  4.53    8.42    13.32   15.15       12.74    11.22   14.85  15.95
INVESCO VIF--High Yield Fund ...................   12/15/93 (6.91)  (0.35)    2.68    6.39         .41     2.23    4.08   7.15

JANUS ASPEN SERIES
Aggressive Growth Portfolio ....................   09/13/93 44.63   39.63    27.67   30.26       55.98    43.22   29.39  30.80
Growth Portfolio ...............................   09/13/93 16.31   20.97    21.98   22.55      25.44    24.08    23.62  23.05
Worldwide Growth Portfolio .....................   09/13/93 25.73   20.70    24.54   23.61       35.59    23.80   26.22  24.13

LAZARD RETIREMENT SERIES, INC.
Lazard Retirement Equity Portfolio .............   01/30/98 (1.96)  N/A      N/A      2.64       5.74    N/A     N/A      5.61
Lazard Retirement Small Cap Portfolio ..........   11/04/97  6.21   N/A      N/A       .83      14.55    N/A     N/A      3.51

LORD ABBETT SERIES FUND, INC.
Growth & Income Portfolio ......................   12/31/89  7.16    7.56    10.48   14.24      15.58    10.34    11.98   14.28

MITCHELL HUTCHINS SERIES TRUST
Growth and Income Portfolio ....................   02/06/98 (.89)   N/A      N/A      2.18       6.90    N/A      N/A      5.16

NEUBERGER BERMAN ADVISERS
MANAGEMENT TRUST
Limited Maturity Bond Portfolio ................   12/31/89 (4.31)   (.18)    2.15    4.57       3.21     2.40    3.54     4.62
Partners Portfolio .............................   03/22/94  (.37)   (.32)   11.49   14.57       7.45     2.25   13.00    15.00

PIONEER VARIABLE CONTRACTS TRUST
Pioneer Equity-Income VCT Portfolio ..........     09/14/99 (10.59) N/A      N/A    (13.34)     (3.60)   N/A     N/A     (6.81)
Pioneer Fund VCT Portfolio ...................     05/01/00   N/A   N/A      N/A     (8.26)     N/A      N/A     N/A     (1.09)

RYDEX VARIABLE TRUST
Nova Fund ....................................... 10/25/96   1.99   10.29    N/A     14.73      10.00    13.13   N/A     17.32
OTC Fund ......................................   10/25/96   33.19  41.50    N/A     42.24      43.64    45.13   N/A     45.45

SELIGMAN PORTFOLIOS, INC.
Seligman Communications and Information Portfolio  10/13/94   N/A   N/A      N/A    (28.26)     N/A      N/A     N/A    (22.65)
Seligman Global Technology Portfolio ...........   05/02/96   N/A   N/A      N/A    (21.55)     N/A      N/A     N/A    (15.41)

</TABLE>

<PAGE>
<TABLE>
<CAPTION>



                                                                      COLUMN A                             COLUMN B
                                                 PORTFOLIO                          10 YRS/                              10 YRS/
                                                 INCEPTION                           SINCE                                SINCE
                                                   DATE    1 YR     3 YRS   5 YRS   INCEPTION     1 YR   3 YRS    5 YRS  INCEPTION
                                                ---------- -----    -----   -----   ----------   ----    -----    -----  ---------
<S>                                           <C>        <C>       <C>     <C>       <C>        <C>     <C>       <C>     <C>


STRONG OPPORTUNITY FUND II, INC.
Opportunity Fund II .........................  05/08/92  14.09     12.50    16.99   18.18      23.04    15.40    18.57   18.34

STRONG VARIABLE INSURANCE FUNDS, INC.
Strong MidCap Growth Fund II ................  12/31/96  47.31     31.40    N/A     34.62      58.86    34.78    N/A     37.40

VAN ECK WORLDWIDE INSURANCE TRUST
Worldwide Bond Fund .........................  12/31/89 (13.32)    (3.18)   (1.07)   6.13      (6.50)    (.67)    .28     6.17
Worldwide Emerging Markets Fund .............  12/27/95   8.43    (13.03)    N/A     (.51)     16.94    (10.76)   N/A      .91
Worldwide Hard Assets Fund ..................  12/31/89   2.39    (10.80)   (1.36)   6.27      10.44    (8.48)   (.01)    6.30
Worldwide Real Estate Fund ..................  02/06/98    .46      N/A      N/A    (4.36)      8.35    N/A       N/A    (1.58)
</TABLE>


<PAGE>


Section II
CHART 2 - CONTRACTS WITH GMDB


TOTAL RETURN FOR THE PERIODS ENDED SEPTEMBER 30, 2000:

<TABLE>
<CAPTION>
                                                                      COLUMN A                             COLUMN B
                                                 PORTFOLIO                          10 YRS/                              10 YRS/
                                                 INCEPTION                           SINCE                                SINCE
                                                   DATE    1 YR     3 YRS   5 YRS   INCEPTION     1 YR   3 YRS    5 YRS  INCEPTION
                                                ---------- -----    -----   -----   ----------   ----    -----    -----  ---------
<S>                                           <C>        <C>       <C>     <C>       <C>        <C>      <C>      <C>     <C>
CONSECO SERIES TRUST
Balanced Portfolio .............................   05/01/93 34.59    15.06    18.96   19.31      45.15    18.03   20.57  20.24
Equity Portfolio ...............................   11/03/86 53.70    22.70    27.65   28.08      65.76    25.86   29.37  29.09
Fixed Income Portfolio .........................   11/03/86 (2.29)     .48     2.96    4.93       5.39     3.08    4.36   5.76
Government Securities Portfolio ................   05/01/93 (3.13)     .29     2.09    3.71       4.49     2.88    3.48   4.53
Conseco 20 Focus Portfolio......................   05/01/00   N/A      N/A      N/A   23.76      N/A      N/A     N/A    33.41
High Yield Portfolio............................   05/01/00   N/A      N/A      N/A   (6.41)     N/A      N/A     N/A      .90

THE ALGER AMERICAN FUND
Alger American Growth Portfolio ................   12/31/89  10.79     18.94  18.18   23.57      19.49    21.99   19.78  23.60
Alger American Leveraged AllCap Portfolio ......   01/24/95  23.03     30.99  25.06   34.68      32.68    34.35   26.74  36.00
Alger American MidCap Growth Portfolio .........   04/30/93  39.23     19.49  16.93   24.41      50.15    22.56   18.51  24.89
Alger American Small Capitalization Portfolio ..   12/31/89   8.45      7.48   6.63   17.39      16.97    10.25    8.08  17.42

AMERICAN CENTURY VARIABLE PORTFOLIOS, INC.
VP Income & Growth .............................   02/06/98   (.24)    N/A      N/A    8.07       7.60    N/A     N/A    11.22
VP International ...............................   05/02/94  18.13     13.21    15.46 15.15      27.41    16.13   17.02  16.03
VP Value .......................................   05/01/96  (6.16)    (1.63)   N/A    6.74       1.21     0.91   N/A     8.37

BERGER INSTITUTIONAL PRODUCTS TRUST
Berger IPT--Growth Fund ........................   05/01/96 46.38      17.98    N/A   17.11      51.32    27.14   N/A    26.57


<PAGE>



Berger IPT--Growth and Income Fund .............   05/01/96 40.31      23.95    N/A   24.65      57.85    21.02   N/A    18.91
Berger IPT--Small Company Growth Fund ..........   05/01/96 64.75      24.86    N/A   21.62      77.67    28.08   N/A    23.49
Berger IPT-International Fund ............         04/30/97   .17       4.97    N/A    5.03       8.04     7.68   N/A     7.41
Berger IPT -- New Generation Fund ..............   05/01/00   N/A      N/A      N/A   (3.67)     N/A      N/A     N/A     3.85

</TABLE>


<PAGE>
<TABLE>
<CAPTION>


                                                                                COLUMN A                            COLUMN B
                                                    PORTFOLIO                         10 YRS/                             10 YRS/
                                                    INCEPTION                          SINCE                               SINCE
                                                      DATE    1 YR    3 YRS    5 YRS  INCEPTION     1 YR   3 YRS   5 YRS  INCEPTION
                                                   ---------- -----   -----    -----  ----------   ----    -----   -----  ---------
<S>                                                <C>        <C>     <C>      <C>      <C>        <C>     <C>      <C>     <C>
THE DREYFUS SOCIALLY RESPONSIBLE
GROWTH FUND, INC. ..............................   10/07/93 11.36      14.63    18.84   20.28      20.10    17.58   20.45  21.09

DREYFUS STOCK INDEX FUND .......................   12/31/89  3.03      11.28    17.66   19.11      11.12    14.14   19.24  19.14

DREYFUS VARIABLE INVESTMENT FUND
Dreyfus VIF Disciplined Stock Portfolio ........   04/30/96  5.72       8.71    N/A     15.89      14.02    11.52   N/A    17.65
Dreyfus VIF International Value Portfolio ......   05/01/96 (8.45)       .53    N/A      4.00      (1.25)    3.12   N/A     5.60

FEDERATED INSURANCE SERIES
Federated High Income Bond Fund II .............   03/01/94 (8.93)     (2.61)    3.60    4.33      (1.77)    (.10)   5.00   5.10
Federated International Equity Fund II .........   05/08/95 23.89      19.26    15.78   14.90      33.62    22.32   17.34  16.14
Federated Utility Fund II ......................   02/10/94 (6.33)      4.63     8.24    9.31       1.03     7.33    9.70  10.12

INVESCO VARIABLE INVESTMENT FUNDS, INC.
INVESCO VIF-Equity Income Fund ................    12/15/93  4.21       8.04    12.95   14.78      12.39    10.83   14.47  15.58
INVESCO VIF--High Yield Fund ...................   12/15/93 (7.20)     (0.69)    2.34    6.05        .10     1.87    3.73   6.80

JANUS ASPEN SERIES
Aggressive Growth Portfolio ....................   09/13/93 44.19      39.15    27.05   29.55      55.51    42.72   28.76  30.08
Growth Portfolio ...............................   09/13/93 15.96      20.55    21.38   21.87      25.06    23.65   23.02  22.38
Worldwide Growth Portfolio .....................   09/13/93 25.35      20.28    23.93   22.94      35.19    23.38   25.60  23.45

LAZARD RETIREMENT SERIES, INC.
Lazard Retirement Equity Portfolio .............   01/30/98 (2.26)     N/A      N/A      2.33       5.42    N/A     N/A     5.29
Lazard Retirement Small Cap Portfolio ..........   11/04/97  5.89      N/A      N/A       .44      14.21    N/A     N/A     3.10

LORD ABBETT SERIES FUND, INC.
Growth & Income Portfolio ......................   12/31/89  6.84     7.19    10.08     13.87      15.23    9.96    11.58  13.90

MITCHELL HUTCHINS SERIES TRUST
Growth and Income Portfolio ....................   02/06/98 (1.18)     N/A      N/A      1.87       6.58    N/A      N/A    4.84

NEUBERGER BERMAN ADVISERS
MANAGEMENT TRUST
Limited Maturity Bond Portfolio ................   12/31/89 (4.59)     (.53)    1.64     6.18       2.91     2.04    3.02    6.22


<PAGE>



Partners Portfolio .............................   03/22/94  (.67)     (.67)   10.93    13.94       7.13     1.90   12.43   14.79

PIONEER VARIABLE CONTRACTS TRUST
Pioneer Equity-Income VCT Portfolio ..........     09/14/99(10.85)     N/A      N/A     (13.60)    (3.89)   N/A     N/A    (7.09)
Pioneer Fund VCT Portfolio ...................     05/01/00   N/A      N/A      N/A      (8.37)     N/A     N/A     N/A    (1.21)

RYDEX VARIABLE TRUST
Nova Fund ....................................... 10/25/96    1.68      9.96    N/A     14.38       9.67    12.79   N/A    16.97
OTC Fund ......................................   10/25/96   32.79     41.08    N/A     41.82      43.21    44.70   N/A    45.01

SELIGMAN PORTFOLIOS, INC.
Seligman Communications and Information Portfolio  10/13/94   N/A      N/A      N/A    (28.35)     N/A      N/A     N/A   (22.75)
Seligman Global Technology Portfolio ...........   05/02/96   N/A      N/A      N/A    (21.65)     N/A      N/A     N/A   (15.52)

</TABLE>

<PAGE>
<TABLE>
<CAPTION>



                                                                      COLUMN A                             COLUMN B
                                                 PORTFOLIO                          10 YRS/                              10 YRS/
                                                 INCEPTION                           SINCE                                SINCE
                                                   DATE    1 YR     3 YRS   5 YRS   INCEPTION     1 YR   3 YRS    5 YRS  INCEPTION
                                                ---------- -----    -----   -----   ----------   ----    -----    -----  ---------
<S>                                           <C>        <C>       <C>     <C>       <C>        <C>     <C>       <C>     <C>
STRONG OPPORTUNITY FUND II, INC.
Opportunity Fund II .........................  05/08/92  13.74         12.11    16.45   17.52    22.67    15.00   18.02   17.68

STRONG VARIABLE INSURANCE FUNDS, INC.
Strong MidCap Growth Fund II ................  12/31/96  46.87         32.76    N/A     34.93    58.39    36.17    N/A    37.71

VAN ECK WORLDWIDE INSURANCE TRUST
Worldwide Bond Fund .........................  12/31/89 (13.58)        (3.51)   (1.56)   5.50    (6.78)   (1.02))  (.22)   5.53
Worldwide Emerging Markets Fund .............  12/27/95   8.11         (13.34)   N/A    (0.98)   16.59    (11.07)  N/A      .43
Worldwide Hard Assets Fund ..................  12/31/89   2.09         (11.73)  (2.10)   5.71    10.11    (9.43)   (.76)   5.75
Worldwide Real Estate Fund ..................  02/06/98    .16         N/A      N/A     (5.22)    8.03    N/A      N/A    (2.46)
</TABLE>

6


<PAGE>




CHART 3 - CONTRACTS WITH GMDB and GMIB

TOTAL RETURN FOR THE PERIODS ENDED SEPTEMBER 30, 2000:


<TABLE>
<CAPTION>
                                                                      COLUMN A                             COLUMN B
                                                 PORTFOLIO                          10 YRS/                              10 YRS/
                                                 INCEPTION                           SINCE                                SINCE
                                                   DATE    1 YR     3 YRS   5 YRS   INCEPTION     1 YR   3 YRS    5 YRS  INCEPTION
                                                ---------- -----    -----   -----   ----------   ----    -----    -----  ---------
<S>                                              <C>        <C>       <C>     <C>       <C>     <C>      <C>      <C>     <C>
CONSECO SERIES TRUST
Balanced Portfolio .............................   05/01/93 34.19      14.71    18.60   18.95   44.71    17.67   20.20    19.88
Equity Portfolio ...............................   11/03/86  53.24     22.33    27.27   27.70   65.26    25.48   28.98    28.70
Fixed Income Portfolio .........................   11/03/86 (2.59)       .18     2.65    4.62    5.07     2.77    4.04     5.44
Government Securities Portfolio ................   05/01/93 (3.42)      (.01)    1.78    3.40    4.18     2.57    3.17     4.22
Conseco 20 Focus Portfolio......................   05/01/00   N/A      N/A      N/A     23.60   N/A      N/A     N/A      33.24
High Yield Portfolio............................   05/01/00   N/A      N/A      N/A     (6.53)  N/A      N/A     N/A       0.77

THE ALGER AMERICAN FUND
Alger American Growth Portfolio ................   12/31/89  10.46     18.58    17.83   23.20   19.13    21.63   19.42    23.23
Alger American Leveraged AllCap Portfolio ......   01/24/95  22.66     30.60    24.68   34.28   32.29    33.95   26.36    35.59
Alger American MidCap Growth Portfolio .........   04/30/93  38.82     19.13    16.58   24.04   49.70    22.20   18.16    24.51
Alger American Small Capitalization Portfolio ..   12/31/89   8.13      7.16     6.31   17.04   16.62     9.92    7.76    17.07

AMERICAN CENTURY VARIABLE PORTFOLIOS, INC.
VP Income & Growth .............................   02/06/98   (.54)    N/A      N/A      7.74    7.28    N/A     N/A      10.89
VP International ...............................   05/02/94  17.78     12.88    15.11   14.81   27.02    15.78   16.66    15.68
VP Value .......................................   05/01/96  (6.44)    (1.93)   N/A      6.42    0.91     0.61   N/A       8.05

BERGER INSTITUTIONAL PRODUCTS TRUST
Berger IPT--Growth Fund ........................   05/01/96 45.94      17.63    N/A     16.76   57.38    20.66   N/A      18.56
Berger IPT--Growth and Income Fund .............   05/01/96 39.89      23.58    N/A     24.28   50.86    26.76   N/A      26.19
Berger IPT--Small Company Growth Fund ..........   05/01/96 64.26      24.49    N/A     21.25   77.14    27.70   N/A      23.12
Berger IPT-International Fund ............         04/30/97  (.13)      4.65    N/A      4.72    7.72     7.35   N/A       7.08
Berger IPT -- New Generation Fund ..............   05/01/00   N/A      N/A      N/A     (3.79)  N/A      N/A     N/A       3.72
</TABLE>



<PAGE>
<TABLE>
<CAPTION>


                                                                                COLUMN A                            COLUMN B
                                                    PORTFOLIO                         10 YRS/                             10 YRS/
                                                    INCEPTION                          SINCE                               SINCE
                                                      DATE    1 YR    3 YRS    5 YRS  INCEPTION     1 YR   3 YRS   5 YRS  INCEPTION
                                                   ---------- -----   -----    -----  ----------   ----    -----   -----  ---------
<S>                                                <C>        <C>     <C>      <C>      <C>        <C>     <C>      <C>     <C>
THE DREYFUS SOCIALLY RESPONSIBLE
GROWTH FUND, INC. ..............................   10/07/93 11.03      14.28    18.49   19.92     19.74    17.22   20.09   20.73

DREYFUS STOCK INDEX FUND .......................   12/31/89  2.72      10.94    17.31   18.75     10.79    13.80   18.89   18.78

DREYFUS VARIABLE INVESTMENT FUND
Dreyfus VIF Disciplined Stock Portfolio ........   04/30/96  5.41       8.39    N/A     15.54     13.68    11.18   N/A     17.30
Dreyfus VIF International Value Portfolio ......   05/01/96 (8.72)       .23    N/A      3.69     (1.55)    2.82   N/A      5.28


<PAGE>



FEDERATED INSURANCE SERIES
Federated High Income Bond Fund II .............   03/01/94 (9.20)     (2.91)    3.29    4.01     (2.07)    (.40)   4.69    4.79
Federated International Equity Fund II .........   05/08/95 23.52      18.90    15.43   14.56     33.22    21.96   16.99   15.79
Federated Utility Fund II ......................   02/10/94 (6.61)      4.32     7.91    8.99       .73     7.01    9.37    9.79

INVESCO VARIABLE INVESTMENT FUNDS, INC.
INVESCO VIF-Equity Income Fund ................    12/15/93  3.89       7.72    12.61   14.43     12.05    10.50   14.13   15.24
INVESCO VIF--High Yield Fund ...................   12/15/93 (7.48)     (0.99)    2.03    5.73      (.20)    1.57    3.42    6.48

JANUS ASPEN SERIES
Aggressive Growth Portfolio ....................   09/13/93 43.76      38.73    26.66   29.16     55.04    42.29   28.38   29.69
Growth Portfolio ...............................   09/13/93 15.61      20.19    21.02   21.51     24.69    23.28   22.65   22.01
Worldwide Growth Portfolio .....................   09/13/93 24.97      19.92    23.56   22.57     34.78    23.01   25.23   23.08

LAZARD RETIREMENT SERIES, INC.
Lazard Retirement Equity Portfolio .............   01/30/98 (2.55)     N/A      N/A      2.03      5.10    N/A      N/A     4.98
Lazard Retirement Small Cap Portfolio ..........   11/04/97  5.58      N/A      N/A       .14     13.87    N/A      N/A     2.80

LORD ABBETT SERIES FUND, INC.
Growth & Income Portfolio ......................   12/31/89  6.52       6.87     9.75   13.52     14.88     9.63    11.25   13.56

MITCHELL HUTCHINS SERIES TRUST
Growth and Income Portfolio ....................   02/06/98 (1.48)     N/A      N/A      1.57      6.26    N/A      N/A      4.53

NEUBERGER BERMAN ADVISERS
MANAGEMENT TRUST
Limited Maturity Bond Portfolio ................   12/31/89 (4.88)      (.83)    1.33    5.86      2.60     1.74    2.71     5.90
Partners Portfolio .............................   03/22/94  (.97)      (.96)   10.60   13.60      6.80     1.59   12.09    14.44

PIONEER VARIABLE CONTRACTS TRUST
Pioneer Equity-Income VCT Portfolio ..........     09/14/99 (11.12)    N/A      N/A    (13.86)    (4.18)   N/A     N/A     (7.37)
Pioneer Fund VCT Portfolio ...................     05/01/00   N/A      N/A      N/A     (8.48)    N/A      N/A     N/A     (1.33)

RYDEX VARIABLE TRUST
Nova Fund ....................................... 10/25/96   1.38     9.63      N/A     14.04     9.34    12.45   N/A      16.62
OTC Fund ......................................   10/25/96  32.39    40.66      N/A     41.39    42.78    44.27   N/A      44.58

SELIGMAN PORTFOLIOS, INC.
Seligman Communications and Information Portfolio  10/13/94   N/A      N/A      N/A    (28.45)    N/A     N/A     N/A    (22.84)
Seligman Global Technology Portfolio ...........   05/02/96   N/A      N/A      N/A    (21.75)    N/A     N/A     N/A    (15.63)

</TABLE>

<PAGE>
<TABLE>
<CAPTION>



                                                                      COLUMN A                             COLUMN B
                                                 PORTFOLIO                          10 YRS/                              10 YRS/
                                                 INCEPTION                           SINCE                                SINCE
                                                   DATE    1 YR     3 YRS   5 YRS   INCEPTION     1 YR   3 YRS    5 YRS  INCEPTION
                                                ---------- -----    -----   -----   ----------   ----    -----    -----  ---------
<S>                                           <C>        <C>       <C>     <C>       <C>        <C>     <C>       <C>     <C>


STRONG OPPORTUNITY FUND II, INC.
Opportunity Fund II .........................  05/08/92  13.40    11.77    16.10   17.17        22.30    14.65   17.66    17.33

STRONG VARIABLE INSURANCE FUNDS, INC.
Strong MidCap Growth Fund II ................  12/31/96  46.43    32.36    N/A     34.52        57.92    35.76    N/A     37.29

VAN ECK WORLDWIDE INSURANCE TRUST
Worldwide Bond Fund .........................  12/31/89 (13.84)   (3.80)   (1.86)   5.18        (7.06)   (1.31)   (.52)    5.22
Worldwide Emerging Markets Fund .............  12/27/95   7.79    (13.60)   N/A    (1.28)       16.24    (11.34)   N/A      .13
Worldwide Hard Assets Fund ..................  12/31/89   1.78    (11.99)  (2.39)   5.39         9.78    (9.70)  (1.46)    5.43
Worldwide Real Estate Fund ..................  02/06/98   (.14)   N/A      N/A     (5.50)        7.70    N/A      N/A     (2.75)
</TABLE>



HISTORICAL UNIT VALUES

The  Company  may also show  historical  Accumulation  Unit  values  in  certain
advertisements  containing  illustrations.  These illustrations will be based on
actual Accumulation Unit values.

In addition,  the Company may  distribute  sales  literature  which compares the
percentage  change  in  Accumulation  Unit  values  for  any of  the  investment
portfolios against  established market indices such as the Standard & Poor's 500
Composite  Stock  Price  Index,  the  Dow  Jones  Industrial  Average  or  other
management  investment companies which have investment objectives similar to the
investment  portfolio being compared.  The Standard & Poor's 500 Composite Stock
Price Index is an unmanaged,  unweighted  average of 500 stocks, the majority of
which  are  listed on the New York  Stock  Exchange.  The Dow  Jones  Industrial
Average  is an  unmanaged,  weighted  average  of thirty  blue  chip  industrial
corporations  listed on the New York Stock Exchange.  Both the Standard & Poor's
500  Composite  Stock Price Index and the Dow Jones  Industrial  Average  assume
quarterly reinvestment of dividends.

REPORTING AGENCIES

The Company may also distribute  sales literature which compares the performance
of the  Accumulation  Unit  values  of the  Contracts  with the unit  values  of
variable annuities issued by other insurance companies. Such information will be
derived  from  the  Lipper  Variable  Insurance  Products  Performance  Analysis
Service, the VARDS Report or from Morningstar.

                                                                               8
<PAGE>


The Lipper Variable Insurance Products Performance Analysis Service is published
by Lipper  Analytical  Services,  Inc.,  a publisher of  statistical  data which
currently  tracks the  performance  of almost 4,000  investment  companies.  The
rankings  compiled by Lipper may or may not reflect the deduction of asset-based
insurance charges.  The Company's sales literature utilizing these rankings will
indicate whether or not such charges have been deducted. Where the charges have
not been deducted,  the sales  literature  will indicate that if the charges had
been deducted, the ranking might have been lower.

The VARDS Report is a monthly  variable annuity  industry  analysis  compiled by
Variable  Annuity  Research & Data Service of Roswell,  Georgia and published by
Financial Planning Resources, Inc. The VARDS rankings may or may not reflect the
deduction of asset-based  insurance  charges.  In addition,  VARDS prepares risk
adjusted  rankings,  which  consider  the effects of market risk on total return
performance.  This type of ranking may  address  the  question as to which funds
provide the highest total return with the least amount of risk.

Other ranking services may be used as sources of performance comparison, such as
CDA/Weisenberger.  Morningstar  rates a variable  annuity against its peers with
similar  investment  objectives.  Morningstar does not rate any variable annuity
that has less than three years of performance data.

                               FEDERAL TAX STATUS

NOTE:  THE FOLLOWING  DESCRIPTION IS BASED UPON THE COMPANY'S  UNDERSTANDING  OF
CURRENT  FEDERAL INCOME TAX LAW APPLICABLE TO ANNUITIES IN GENERAL.  THE COMPANY
CANNOT  PREDICT  THE  PROBABILITY  THAT ANY  CHANGES  IN SUCH LAWS WILL BE MADE.
PURCHASERS ARE CAUTIONED TO SEEK COMPETENT TAX ADVICE  REGARDING THE POSSIBILITY
OF SUCH CHANGES. THE COMPANY DOES NOT GUARANTEE THE TAX STATUS OF THE CONTRACTS.
PURCHASERS  BEAR THE  COMPLETE  RISK THAT THE  CONTRACTS  MAY NOT BE  TREATED AS
"ANNUITY  CONTRACTS"  UNDER  FEDERAL  INCOME  TAX LAWS.  IT  SHOULD  BE  FURTHER
UNDERSTOOD  THAT THE  FOLLOWING  DISCUSSION IS NOT  EXHAUSTIVE  AND THAT SPECIAL
RULES NOT DESCRIBED HEREIN MAY BE APPLICABLE IN CERTAIN SITUATIONS. MOREOVER, NO
ATTEMPT HAS BEEN MADE TO CONSIDER ANY APPLICABLE STATE OR OTHER TAX LAWS.

GENERAL

Section 72 of the Internal  Revenue Code of 1986,  as amended  ("Code")  governs
taxation of  annuities  in general.  An Owner is not taxed on  increases  in the
value of a Contract until distribution occurs,  either in the form of a lump sum
payment or as annuity payments under the annuity option selected. For a lump sum
payment received as a total withdrawal (total surrender), the recipient is taxed
on the portion of the payment that exceeds the cost basis of the  Contract.  For
non-qualified  Contracts,  this cost basis is generally  the purchase  payments,
while for qualified Contracts there may be no cost basis. The taxable portion of
the lump sum payment is taxed at ordinary income tax rates.

For annuity payments, a portion of each payment in excess of an exclusion amount
is includible in taxable  income.  The exclusion  amount for payments based on a
fixed annuity option is determined by multiplying  the payment by the ratio that
the cost basis of the Contract (adjusted for any period or refund feature) bears
to the expected  return under the Contract.  The  exclusion  amount for payments
based on a variable  annuity  option is determined by dividing the cost basis of
the Contract (adjusted for any period certain or refund guarantee) by the number
of years over which the annuity is expected to be paid.  Payments received after
the  investment in the Contract has been recovered  (i.e.  when the total of the
excludable amount equals the investment in the Contract) are fully taxable.  The
taxable portion is taxed at ordinary income tax rates. For certain types of
Qualified Plans there may be no cost basis in the Contract within the

                                                                               9
<PAGE>


meaning of Section 72 of the Code.  Owners,  annuitants and beneficiaries  under
the Contracts should seek competent  financial advice about the tax consequences
of any distributions.

The Company is taxed as a life  insurance  company  under the Code.  For federal
income tax  purposes,  the  Separate  Account is not a separate  entity from the
Company, and its operations form a part of the Company.

DIVERSIFICATION

Section  817(h) of the Code  imposes  certain  diversification  standards on the
underlying  assets of  variable  annuity  contracts.  The Code  provides  that a
variable  annuity  contract  will not be treated as an annuity  contract for any
period  (and any  subsequent  period)  for which  the  investments  are not,  in
accordance with regulations  prescribed by the United States Treasury Department
("Treasury  Department"),   adequately  diversified.   Disqualification  of  the
Contract as an annuity contract would result in the imposition of federal income
tax to the Owner with respect to earnings allocable to the Contract prior to the
receipt  of  payments  under  the  Contract.  The Code  contains  a safe  harbor
provision  which  provides that annuity  contracts such as the Contract meet the
diversification  requirements if, as of the end of each quarter,  the underlying
assets meet the diversification standards for a regulated investment company and
no more than fifty-five  percent (55%) of the total assets consist of cash, cash
items, U.S. Government  securities and securities of other regulated  investment
companies.

Regulations issued by the Treasury  Department ("the  Regulations")  amplify the
diversification  requirements  for variable  contracts set forth in the Code and
provide an alternative to the safe harbor provision  described above.  Under the
Regulations,  an investment portfolio will be deemed adequately  diversified if:
(1) no more  than 55% of the  value of the  total  assets  of the  portfolio  is
represented  by any one  investment;  (2) no more  than 70% of the  value of the
total assets of the portfolio is represented by any two investments; (3) no more
than 80% of the value of the total assets of the portfolio is represented by any
three investments;  and (4) no more than 90% of the value of the total assets of
the portfolio is represented by any four investments.

The  Code  provides  that,  for  purposes  of  determining  whether  or not  the
diversification standards imposed on the underlying assets of variable contracts
by Section  817(h) of the Code have been met,  "each  United  States  government
agency or instrumentality shall be treated as a separate issuer."

The Company intends that all investment portfolios underlying the Contracts will
be  managed  in  such  a  manner  as  to  comply   with  these   diversification
requirements.



<PAGE>



The Treasury  Department has indicated that the  diversification  Regulations do
not provide guidance  regarding the  circumstances in which Owner control of the
investments  of the  Separate  Account will cause the Owner to be treated as the
owner of the assets of the Separate  Account,  thereby  resulting in the loss of
favorable tax  treatment for the Contract.  At this time it cannot be determined
whether additional guidance will be provided and what standards may be contained
in such guidance.

The  amount of Owner  control  which may be  exercised  under  the  Contract  is
different in some respects from the  situations  addressed in published  rulings
issued by the  Internal  Revenue  Service  in which it was held that the  policy
owner was not the owner of the  assets of the  separate  account.  It is unknown
whether  these  differences,  such as the  Owner's  ability  to  transfer  among
investment choices or the number and type of investment choices available, would
cause the Owner to be  considered  as the  owner of the  assets of the  Separate
Account  resulting  in the  imposition  of federal  income tax to the Owner with
respect to earnings allocable to the Contract prior to receipt of payments under
the Contract.

                                                                              10
<PAGE>


In the event any forthcoming guidance or ruling is considered to set forth a new
position,  such guidance or ruling will generally be applied only prospectively.
However,  if such  ruling  or  guidance  was not  considered  to set forth a new
position,  it  may be  applied  retroactively  resulting  in  the  Owners  being
retroactively determined to be the owners of the assets of the Separate Account.

Due to the  uncertainty in this area,  the Company  reserves the right to modify
the Contract in an attempt to maintain favorable tax treatment.

MULTIPLE CONTRACTS

The Code provides that multiple non-qualified annuity contracts which are issued
within  a  calendar  year to the  same  contract  owner  by one  company  or its
affiliates are treated as one annuity  contract for purposes of determining  the
tax consequences of any  distribution.  Such treatment may result in adverse tax
consequences  including more rapid taxation of the distributed amounts from such
combination  of contracts.  For purposes of this rule,  contracts  received in a
Section 1035 exchange will be considered issued in the year of the exchange.

Owners  should  consult  a  tax  adviser  prior  to  purchasing  more  than  one
non-qualified annuity contract in any calendar year.

PARTIAL 1035 EXCHANGES

Section 1035 of the Code provides that an annuity contract may be exchanged in a
tax-free  transaction  for  another  annuity  contract.  In 1998 in  CONWAY  VS.
COMMISSIONER,  the Tax Court  held that the direct  transfer  of a portion of an
annuity  contract  into another  annuity  contract  qualified  as a  non-taxable
exchange. On November 22, 1999, the Internal Revenue Service filed an Action on
Decision which indicated that it acquiesced in the Tax Court decision in CONWAY.
However,  in its  acquiescence  with the decision of the Tax Court, the Internal
Revenue Service stated that it will challenge transactions where taxpayers enter
into a series of partial  exchanges  and  annuitizations  as part of a design to
avoid application of the 10% premature distribution penalty or other limitations
imposed on annuity  contracts under the Code. In the absence of further guidance
from the Internal  Revenue  Service it is unclear what specific types of partial
exchange  designs and  transactions  will be challenged by the Internal  Revenue
Service.  Due to the  uncertainty in this area,  owners should consult their own
tax advisers prior to entering into a partial exchange of an annuity contract.

CONTRACTS OWNED BY OTHER THAN NATURAL PERSONS

Under Section  72(u) of the Code,  the  investment  earnings on premiums for the
Contracts  will be taxed  currently  to the Owner if the Owner is a  non-natural
person, e.g., a corporation or certain other entities.  Such Contracts generally
will not be treated as annuities for federal income tax purposes.  However, this
treatment  is not  applied to a Contract  held by a trust or other  entity as an
agent for a natural person nor to Contracts held by Qualified Plans.  Purchasers
should  consult their own tax counsel or other tax adviser  before  purchasing a
Contract to be owned by a non-natural person.

TAX TREATMENT OF ASSIGNMENTS

An  assignment  or  pledge of a  Contract  may be a taxable  event.  You  should
therefore  consult  competent  tax advisers  should you wish to assign or pledge
your Contract.

If the Contract is issued pursuant to a retirement plan which receives favorable
treatment  under  the  provision  of  Section  408 of the  Code,  it may  not be
assigned,  pledged or otherwise  transferred  except as allowed under applicable
law.

DEATH BENEFITS

Any death benefits paid under the Contract are taxable to the beneficiary.

The rules  governing  the  taxation of  payments  from an annuity  contract,  as
discussed above,  generally apply to the payment of death benefits and depend on
whether the death benefits are paid as a lump sum or as annuity payments. Estate
taxes may also apply.

INCOME TAX WITHHOLDING

All distributions or the portion thereof which is includible in the gross income
of the Owner are subject to federal income tax withholding.  Generally,  amounts
are withheld from periodic payments at the same rate as wages and at the rate of
10% from non-periodic payments. However, the Owner, in many cases, may elect not
to have taxes withheld or to have withholding done at a different rate.

Certain  distributions  from  retirement  plans  qualified  under Section 401 or
Section  403(b)  of the Code,  which are not  directly  rolled  over to  another
eligible  retirement  plan  or  individual   retirement  account  or  individual
retirement  annuity,  are subject to a  mandatory  20%  withholding  for federal
income tax. The 20%  withholding  requirement  generally does not apply to: a) a
series of  substantially  equal  payments made at least annually for the life or
life expectancy of the participant or joint and last survivor  expectancy of the
participant and a designated  beneficiary or for a specified  period of 10 years
or more; or b) distributions which are required minimum distributions; or c) the
portion of the  distributions  not  includible in gross income (i.e.  returns of
after-tax  contributions);  or  d)  hardship  withdrawals.  Participants  should
consult  their  own tax  counsel  or other  tax  adviser  regarding  withholding
requirements.

TAX TREATMENT OF WITHDRAWALS -- NON-QUALIFIED CONTRACTS

Section  72  of  the  Code  governs  treatment  of  distributions  from  annuity
contracts. It provides that if the Contract Value exceeds the aggregate purchase
payments  made,  any amount  withdrawn  will be treated as coming first from the
principal.  Withdrawn  earnings  are  includible  in gross  income.  It  further
provides that a ten percent  (10%)  penalty will apply to the income  portion of
any  premature  distribution.  However,  the  penalty is not  imposed on amounts
received:  (a)  after you reach age 59 1/2;  (b) after  your  death;  (c) if you
become  totally  disabled (for this purpose  disability is as defined in Section
72(m)(7) of the Code); (d) in a series of substantially  equal periodic payments
made not less frequently than annually for your life (or life expectancy) or for
the joint lives (or joint life  expectancies) of you and your  Beneficiary;  (e)
under an immediate annuity; or (f) which are allocable to purchase payments made
prior to August 14, 1982.

With  respect  to (d)  above,  if the  series of  substantially  equal  periodic
payments is modified  before the later of your  attaining  age 59 1/2 or 5 years
from the date of the first  periodic  payment,  then the tax for the year of the
modification  is  increased  by an amount equal to the tax which would have been
imposed (the 10% penalty tax) but for the  exception,  plus interest for the tax
years in which the exception was used.

The above information does not apply to Qualified Contracts.  However,  separate
tax withdrawal penalties and restrictions may apply to such Qualified Contracts.
(See "Tax Treatment of Withdrawals -- Qualified Contracts" below.)

QUALIFIED PLANS

The  Contracts  are  designed  to be  suitable  for use under  various  types of
Qualified Plans. Taxation of participants in each Qualified Plan varies with the
type of plan and terms and conditions of each specific plan. Owners,  annuitants
and  beneficiaries  are cautioned  that benefits  under a Qualified  Plan may be
subject  to the terms and  conditions  of the plan  regardless  of the terms and
conditions of the Contracts issued pursuant to the plan.  Some retirement  plans
are subject to distribution and other requirements that  are  not   incorporated
into  the  Company's administrative  procedures. The Company is not bound by the
terms and conditions of such plans to the extent  such terms  conflict  with the
terms of a  Contract,  unless the  Company  specifically  consents  to be bound.
Owners,  participants and  beneficiaries are  responsible for  determining  that
contributions, distributions and other transactions with respect to the
Contracts comply with applicable law.

A Qualified  Contract will not provide any necessary or additional  tax deferral
if it is used to fund a  Qualified  Plan  that  is tax  deferred.  However,  the
Contract has features and benefits  other than tax deferral  that may make it an
appropriate  investment for a Qualified Plan. Following are general descriptions
of the types of  Qualified  Plans with  which the  Contracts  may be used.  Such
descriptions are not exhaustive and are for general informational purposes only.
The tax rules regarding Qualified Plans are very complex and will have differing
applications  depending on individual  facts and  circumstances.  Each purchaser
should obtain competent tax advice prior to purchasing a Contract issued under a
Qualified Plan.

Contracts  issued  pursuant  to  Qualified  Plans  include  special   provisions
restricting  Contract  provisions  that may  otherwise be available as described
herein.  Generally,  Contracts  issued  pursuant  to  Qualified  Plans  are  not
transferable except upon surrender or annuitization.  Various penalty and excise
taxes  may  apply  to  contributions  or  distributions  made  in  violation  of
applicable   limitations.   Furthermore,   certain   withdrawal   penalties  and
restrictions  may  apply to  surrenders  from  Qualified  Contracts.  (See  "Tax
Treatment of Withdrawals -- Qualified Contracts" below.)

On July 6, 1983,  the Supreme  Court decided in ARIZONA  GOVERNING  COMMITTEE V.
NORRIS that optional  annuity  benefits  provided  under an employer's  deferred
compensation  plan could not,  under Title VII of the Civil  Rights Act of 1964,
vary between men and women. The Contracts sold by the Company in connection with
Qualified  Plans will utilize annuity tables which do not  differentiate  on the
basis of sex.  Such annuity  tables will also be available for use in connection
with certain non-qualified deferred compensation plans.

a. TAX-SHELTERED ANNUITIES

Section 403(b) of the Code permits the purchase of "tax-sheltered  annuities" by
public schools and certain charitable,  educational and scientific organizations
described in Section 501(c)(3) of the Code. These qualifying  employers may make
contributions  to the  Contracts  for  the  benefit  of  their  employees.  Such
contributions  are not includible in the gross income of the employees until the
employees receive distributions from the Contracts.  The amount of contributions
to the tax-sheltered annuity is limited to certain maximums imposed by the Code.
Furthermore, the Code sets forth additional restrictions governing such items as
transferability,  distributions,  nondiscrimination  and withdrawals.  (See "Tax
Treatment of Withdrawals Qualified Contracts" and "Tax-Sheltered Annuities
Withdrawal Limitations" below.) Any employee should obtain competent tax advice
as to the tax treatment and suitability of such an investment.

b. INDIVIDUAL RETIREMENT ANNUITIES

The Contracts  offered by the  prospectus are designed to be suitable for use as
an Individual Retirement Annuity (IRA). Generally, individuals who purchase IRAs
are not taxed on increases to the value of the contributions  until distribution
occurs.  Following is a general  description of IRAs with which the Contract may
be used. The  description  is not  exhaustive  and is for general  informational
purposes only.

Section  408(b) of the Code permits  eligible  individuals  to  contribute to an
individual  retirement  program known as an IRA. Under  applicable  limitations,
certain  amounts may be contributed to an IRA which will be deductible  from the
individual's   taxable  income.   These  IRAs  are  subject  to  limitations  on
eligibility, contributions,   transferability  and  distributions.  (See  "Tax
Treatment  of Withdrawals   --  Qualified   Contracts"   below.)  Under  certain
conditions, distributions  from  other  IRAs and other  Qualified  Plans  may be
rolled over or transferred on a tax-deferred basis into an IRA. Sales of
Contracts for use with IRAs are  subject to special  requirements imposed by the
Code,  including  the requirement that certain  informational  disclosure be
given to persons desiring to establish  an IRA.  Purchasers  of  Contracts  to
be qualified as  Individual Retirement  Annuities should obtain competent tax
advice as to the tax treatment and suitability of such an investment.

  ROTH IRAS

Section  408A of the Code  provides  that  beginning  in 1998,  individuals  may
purchase  a new  type of  non-deductible  IRA,  known  as a Roth  IRA.  Purchase
payments  for a Roth IRA are limited to a maximum of $2,000 per year and are not
deductible from taxable income.  Lower maximum  limitations apply to individuals
with adjusted gross incomes  between  $95,000 and $110,000 in the case of single
taxpayers, between $150,000 and $160,000 in the case of married taxpayers filing
joint  returns,  and  between $0 and  $10,000  in the case of married  taxpayers
filing separately. An overall $2,000 annual limitation continues apply to all of
a taxpayer's IRA contributions, including Roth IRA and non-Roth IRAs.

Qualified  distributions  from Roth IRAs are free from  federal  income  tax.  A
qualified  distribution  requires that an individual  has held a Roth IRA for at
least five taxable years and, in addition,  that the  distribution  is made: (i)
after the  individual  reaches  age 59 1/2,  (ii) on the  individual's  death or
disability,  or (iii) as a  qualified  first-time  home  purchase  (subject to a
$10,000 lifetime maximum) for the individual,  a spouse, child,  grandchild,  or
ancestor. Any distribution which is not a qualified distribution is taxable to


<PAGE>



the extent of earnings in the  distribution.  Distributions  are treated as made
from  contributions  first and  therefore  no  distributions  are taxable  until
distributions  exceed the amount of  contributions  and  conversions to the Roth
IRA. The 10% penalty tax and the regular IRA  exceptions  to the 10% penalty tax
apply to taxable distributions from a Roth IRA.

Amounts may be rolled over from one Roth IRA to another  Roth IRA.  Furthermore,
an  individual  may make a rollover  contribution  from a non-Roth IRA to a Roth
IRA,  ("conversion  deposits")  unless the  individual has adjusted gross income
over $100,000 or the individual is a married taxpayer filing a separate return.

The  individual  must pay tax on any  portion of the IRA being  rolled over that
represents  income or a previously  deductible IRA  contribution.  However,  for
rollovers in 1998, the individual may pay that tax ratably over the four taxable
year period  beginning with tax year 1998. In addition,  distribution of amounts
attributable to conversion deposits held for less than 5 taxable years will also
be subject to the penalty tax.

Purchasers  of Contracts  intended to be  qualified as a Roth IRA should  obtain
competent  tax  advice  as to the  tax  treatment  and  suitability  of  such an
investment.

c. PENSION AND PROFIT-SHARING PLANS

Sections 401(a) and 401(k) of the Code permit employers, including self-employed
individuals, to establish various types of retirement plans for employees. These
retirement  plans may permit the purchase of the  Contracts to provide  benefits
under the Plan.  Contributions to the Plan for the benefit of employees will not
be includible in the gross income of the employees  until  distributed  from the
Plan.  The  tax  consequences  to  participants  may  vary  depending  upon  the
particular plan design. However, the Code places limitations and restrictions on
all Plans including on such items as: amount of allowable  contributions;  form,
manner and timing of distributions; transferability of benefits; vesting and

                                                                              14
<PAGE>


nonforfeitability   of   interests;   nondiscrimination   in   eligibility   and
participation;   and  the  tax  treatment  of  distributions,   withdrawals  and
surrenders.   Special  considerations  apply  to  plans  covering  self-employed
individuals,  including  limitations  on  contributions  and  benefits  for  key
employees or 5 percent  owners.  (See "Tax Treatment of Withdrawals -- Qualified
Contracts"  below.)  Purchasers  of  Contracts  for use with  Pension  or Profit
Sharing  Plans should  obtain  competent  tax advice as to the tax treatment and
suitability of such an investment.

d. GOVERNMENT AND TAX-EXEMPT ORGANIZATION'S DEFERRED COMPENSATION PLAN UNDER
   SECTION 457

Under Code provisions, employees and independent contractors performing services
for state and local governments and other tax-exempt organizations may


<PAGE>



participate  in Deferred  Compensation  Plans under Section 457 of the Code. The
amounts deferred under a Plan which meets the requirements of Section 457 of the
Code are not taxable as income to the  participant  until paid or otherwise made
available to the  participant  or  beneficiary.  As a general rule,  the maximum
amount  which can be  deferred in any one year is the lesser of $8,000 or 33 1/3
percent  of the  participant's  includible  compensation.  However,  in  limited
circumstances,  the plan may provide for additional  catch-up  contributions  in
each of the last three years before normal retirement age. Furthermore, the Code
provides  additional  requirements  and restrictions  regarding  eligibility and
distributions.

All of the assets and income of a Plan  established by a  governmental  employer
after  August  20,  1996,  must be held in trust for the  exclusive  benefit  of
participants and their beneficiaries.  For this purpose,  custodial accounts and
certain annuity contracts are treated as trusts. Plans that were in existence on
August  20,  1996 may be  amended to  satisfy  the trust and  exclusive  benefit
requirements  any time prior to January 1, 1999,  and must be amended  not later
than that date to continue to receive  favorable tax treatment.  The requirement
of  a  trust  does  not  apply  to  amounts   under  a  Plan  of  a  tax  exempt
(non-governmental)  employer.  In addition,  the requirement of a trust does not
apply to amounts under a Plan of a  governmental  employer if the Plan is not an
eligible  plan within the meaning of section  457(b) of the Code. In the absence
of such a trust,  amounts  under the plan will be  subject  to the claims of the
employer's general creditors.

In general,  distributions  from a Plan are prohibited  under section 457 of the
Code unless made after the participating employee:

         attains age 70 1/2,
         separates from service,
         dies, or
         suffers an unforeseeable financial emergency as defined in the Code.

Under present federal tax law,  amounts  accumulated in a Plan under section 457
of the Code cannot be transferred or rolled over on a tax-deferred  basis except
for certain transfers to other Plans under section 457.

TAX TREATMENT OF WITHDRAWALS -- QUALIFIED CONTRACTS

In the case of a withdrawal under a Qualified Contract, a ratable portion of the
amount  received is taxable,  generally  based on the ratio of the  individual's
cost basis to the individual's  total accrued benefit under the retirement plan.
Special tax rules may be available  for certain  distributions  from a Qualified
Contract.  Section  72(t) of the Code  imposes a 10%  penalty tax on the taxable
portion of any distribution from qualified retirement plans, including Contracts
issued and qualified under Code Sections 401 (Pension and Profit-Sharing Plans),
403(b)  (Tax-Sheltered  Annuities)  and  408  and  408A  (Individual  Retirement
Annuities).  To the extent  amounts are not  includible in gross income  because
they have been rolled over to an IRA or to another  eligible  Qualified Plan, no
tax penalty  will be imposed.  The tax penalty  will not apply to the  following
distributions: (a) made on or after the date on which the Owner or Annuitant (as
applicable)  reaches age 59 1/2 (b)  following  the death or  disability  of the
Owner or Annuitant (as applicable) (for this purpose disability is as defined in
Section 72(m) (7) of the Code); (c) after separation from service, distributions
that are part of substantially  equal periodic payments made not less frequently
than  annually for the life (or life  expectancy)  of the Owner or Annuitant (as
applicable)  or the joint  lives (or joint life  expectancies)  of such Owner or
Annuitant (as applicable) and his or her designated Beneficiary; (d) to an Owner
or  Annuitant  (as  applicable)  who has  separated  from  service  after he has
attained  age 55;  (e) made to the Owner or  Annuitant  (as  applicable)  to the
extent  such  distributions  do not exceed the amount  allowable  as a deduction
under Code Section 213 to the Owner or  Annuitant  (as  applicable)  for amounts
paid during the taxable year for medical  care;  (f) made to an alternate  payee
pursuant to a qualified  domestic relations order; (g) made on account of an IRS
levy upon the qualified contract;  (h) from an Individual Retirement Annuity for
the purchase of medical  insurance (as described in Section  213(d)(1)(D) of the
Code) for the Owner or  Annuitant  (as  applicable)  and his or her  spouse  and
dependents if the Owner or Annuitant (as applicable)  has received  unemployment
compensation  for at least 12 weeks (this  exception  will no longer apply after
the Owner or Annuitant  (as  applicable)  has been  re-employed  for at least 60
days); (i) from an Individual  Retirement Annuity made to the Owner or Annuitant
(as  applicable)  to the extent such  distributions  do not exceed the qualified
higher  education  expenses (as defined in Section  72(t)(7) of the Code) of the
Owner or Annuitant (as applicable)  for the taxable year; and (j)  distributions
up to  $10,000  from an  Individual  Retirement  Annuity  made to the  Owner  or
Annuitant   (as   applicable)   which  are  qualified   first-time   home  buyer
distributions  (as  defined in Section  72(t)(8)  of the Code).  The  exceptions
stated in (d) and (f) above do not apply in the case of an Individual Retirement
Annuity.  The exception stated in (c) above applies to an Individual  Retirement
Annuity  without the requirement  that there be a separation from service.  With
respect to (c) above, if the series of substantially  equal periodic payments is
modified  before the later of your attaining age 59 1/2 or 5 years from the date
of the first periodic payment,  then the tax for the year of the modification is
increased  by an amount  equal to the tax which would have been imposed (the 10%
penalty tax) but for the exception, plus interest for the tax years in which the
exception was used.

TAX-SHELTERED ANNUITIES -- WITHDRAWAL LIMITATIONS

The Code limits the withdrawal of amounts  attributable  to  contributions  made
pursuant to a salary  reduction  agreement (as defined in Section  403(b)(11) of
the Code) to  circumstances  only when the Owner:  (1)  attains  age 591/2;  (2)
separates from service;  (3) dies; (4) becomes  disabled  (within the meaning of
Section 72(m)(7) of the Code); (5) in the case of hardship; or (6) made pursuant
to a qualified  domestic  relations  order, if otherwise  permissible.  However,
withdrawals  for hardship are restricted to the portion of the Owner's  Contract
Value which represents  contributions made by the Owner and does not include any
investment results. The limitations on withdrawals became effective on January


<PAGE>



1, 1989 and apply only to salary reduction contributions made after December 31,
1988, to income attributable to such contributions and to income attributable to
amounts held as of December 31, 1988.  The  limitations  on  withdrawals  do not
affect rollovers and transfers  between certain  Qualified Plans.  Owners should
consult their own tax counsel or other tax adviser regarding any distributions.

MANDATORY DISTRIBUTIONS -- QUALIFIED PLANS

Generally,  distributions  from a qualified  plan must begin no later than April
1st of the  calendar  year  following  the  later of (a) the  year in which  the
employee  attains  age 70 1/2 or (b) the  calendar  year in which  the  employee
retires.  The date set forth in (b) does not apply to an  Individual  Retirement
Annuity. There are no mandatory distribution requirements for Roth IRAs prior to
death.  Required  distributions  must be over a period  not  exceeding  the life
expectancy of the individual or the joint lives or life expectancies of the

                                                                              16
<PAGE>


individual and his or her designated beneficiary. If the required minimum
distributions are not made, a 50% penalty tax is imposed as to the amount not
distributed.

                               ANNUITY PROVISIONS

The Company makes available payment plans on a fixed and variable basis.

VARIABLE ANNUITY PAYOUT

A variable annuity is an annuity with payments which: (1) are not  predetermined
as to dollar amount; and (2) will vary in amount with the net investment results
of the applicable  investment  portfolio.  Annuity payments also depend upon the
age of the annuitant and any joint  annuitant  and the assumed  interest  factor
utilized. The Annuity Table used will depend upon the annuity option chosen. The
dollar amount of annuity payments after the first is determined as follows:

1. The dollar  amount of the first  variable  annuity  payment is divided by the
value of an annuity unit for each  investment  portfolio as of the annuity date.
This  sets the  number  of  annuity  units  for  each  monthly  payment  for the
applicable investment portfolio.

2. The  fixed  number  of  annuity  units for each  payment  in each  investment
portfolio is multiplied by the annuity unit value for that investment  portfolio
for the last  valuation  period of the month  preceding  the month for which the
payment  is due.  This  result  is the  dollar  amount of the  payment  for each
applicable investment portfolio.

The total  dollar  amount of each  variable  annuity  payment  is the sum of all
variable  annuity  payments  reduced by the  applicable  portion of the Contract
Maintenance Charge.



<PAGE>



The  calculation  of the first annuity  payment is made on the annuity date. The
Company assesses the insurance  charges during both the  accumulation  phase and
the annuity phase. The deduction of the insurance charges will affect the amount
of the first and any subsequent  annuity  payments.  In addition,  under certain
circumstances,  the Company may assess a contingent deferred sales charge and/or
the  contract  maintenance  charge on the annuity  date which  would  affect the
amount of the first annuity  payment (see  "Expenses" and "Annuity  Payments" in
the prospectus).

ANNUITY UNIT

The value of an annuity unit was  arbitrarily  set initially at $10. The annuity
unit  value at the end of any  subsequent  valuation  period  is  determined  as
follows:

1. The net investment  factor for the current  valuation period is multiplied by
the value of the  annuity  unit for  investment  portfolio  for the  immediately
preceding valuation period.

2. The result in (1) is then divided by the assumed investment rate factor which
equals  1.00 plus the assumed  investment  rate for the number of days since the
previous valuation period.

The owner can choose either a 5% or a 3% assumed investment rate.

FIXED ANNUITY PAYOUT

A fixed  annuity is an annuity with payments  which are  guaranteed as to dollar
amount by the  Company  and do not vary with the  investment  experience  of the
investment  portfolios.  The  dollar  amount of each  fixed  annuity  payment is
determined in accordance with Annuity Tables contained in the Contract.

                                                                              17
<PAGE>


                              FINANCIAL STATEMENTS

The  financial  statements of the Company  included  herein should be considered
only as bearing  upon the ability of the Company to meet its  obligations  under
the Contracts.




                       CONSECO VARIABLE ANNUITY ACCOUNT H
                       STATEMENT OF ASSETS AND LIABILITIES
                               SEPTEMBER 30, 2000
                                    Unaudited
<TABLE>
<CAPTION>
========================================================================================================

                                                                      Shares       Cost         Value
                                                                   -----------   ---------    ---------
<S>                                                                 <C>           <C>          <C>
ASSETS:
  Investments in portfolio shares, at net asset value (Note 2):
    The Alger American Fund:
      Growth Portfolio                                                 37,331.4   $2,215,982   $2,068,533
      Leveraged AllCap Portfolio                                       64,119.1    3,310,029    3,186,719
      MidCap Growth Portfolio                                          89,864.1    3,003,216    3,064,366
      Small Capitalization Portfolio                                   30,293.1      896,701      887,286

    American Century Variable Portfolios, Inc:
      Income and Growth Fund                                           54,699.7      424,531      418,453
      International Fund                                              116,954.6    1,319,506    1,263,109
      Value Fund                                                       63,062.2      356,944      372,067

    Berger Institutional Products Trust:
      Growth Fund                                                      31,721.9      665,639      688,999
      Growth and Income Fund                                           78,331.8    2,232,334    2,283,372
      International Fund                                                3,662.1       49,690       48,523
      New Generation Fund                                              13,928.2      144,344      145,689
      Small Company Growth Fund                                        56,174.6    1,521,027    1,536,936

    Conseco Series Trust:
      Balanced Portfolio                                              175,433.4    2,912,820    3,076,556
      Conseco 20 Focus Portfolio                                       13,515.4      173,496      181,602
      Equity Portfolio                                                 40,458.0    1,127,261    1,200,880
      Fixed Income Portfolio                                           12,278.6      116,162      116,685
      Government Securities Portfolio                                  14,941.0      166,838      167,403
      High Yield Portfolio                                             44,650.4      448,671      448,701
      Money Market Portfolio                                        4,783,966.0    4,783,966    4,783,966

    The Dreyfus Socially Responsible Growth Fund, Inc                  12,617.8      502,254      502,063

    Dreyfus Stock Index Fund                                           61,350.8    2,343,891    2,303,721

    Dreyfus Variable Investment Fund:
      Disciplined Stock Portfolio                                      11,707.2      317,362      318,905
      International Value Portfolio                                     1,773.8       25,531       24,958

    Federated Insurance Series:
      High Income Bond Fund II                                         30,106.9      278,507      273,972
      International Equity Fund II                                     15,261.9      340,753      312,869
      Utility Fund II                                                  17,634.6      236,769      239,478

    Invesco Variable Investment Funds, Inc:
      Equity Income Fund                                                6,168.9      132,624      137,195
      High Yield Fund                                                  19,851.7      225,244      224,523

    Janus Aspen Series:
      Aggressive Growth Portfolio                                      88,340.6    5,046,215    4,668,801
      Growth Portfolio                                                141,769.6    4,725,884    4,526,704
      Worldwide Growth Portfolio                                       92,209.0    4,349,953    3,915,196

    Lazard Retirement Series, Inc:
      Equity Portfolio                                                  2,511.9       29,468       28,988
      Small Cap Portfolio                                              14,438.2      161,423      162,574

    Lord Abbett Series Fund, Inc:
      Growth and Income Portfolio                                      21,557.5      494,781      507,033

    Mitchell Hutchins Series Trust:
      Growth and Income Portfolio                                       7,240.4      110,046      105,999
</TABLE>

    The accompanying notes are an integral part of these financial statements.

<PAGE>


                                  CONSECO VARIABLE ANNUITY ACCOUNT H
                                 STATEMENT OF ASSETS AND LIABILITIES
                                          SEPTEMBER 30, 2000
                                              Unaudited

<TABLE>
<CAPTION>
===========================================================================================================
                                                                         Shares        Cost         Value
                                                                      -----------    ---------    ---------
<S>                                                                      <C>         <C>          <C>
ASSETS: (CONTINUED)
  Investments in portfolio shares, at net asset value (Note 2):

    Neuberger Berman Advisers Management Trust:
      Limited Maturity Bond Portfolio                                    24,613.5      315,467      317,021
      Partners Portfolio                                                  9,999.0      159,023      160,783

    Rydex Variable Trust:
      Nova Portfolio                                                     66,064.5    1,122,360    1,061,657
      OTC Portfolio                                                      46,745.4    1,759,217    1,642,632

    Seligman Portfolios, Inc.
      Communications and Information Portfolio                           16,609.7      443,307      393,151
      Global Technology Portfolio                                        18,096.8      500,858      473,955

    Strong Variable Insurance Funds, Inc:
      Mid Cap Growth Fund II                                             88,939.4    2,913,458    3,013,267
      Strong Opportunity Fund II, Inc                                    22,656.7      631,322      623,060

    Van Eck Worldwide Insurance Trust:
      Worldwide Bond Fund                                                 2,514.5       24,576       24,793
      Worldwide Emerging Markets Fund                                    27,256.0      339,799      293,820
      Worldwide Hard Assets Fund                                          8,153.7       99,881       96,051
      Worldwide Real Estate Fund                                          2,892.7       29,396       29,564

-----------------------------------------------------------------------------------------------------------

TOTAL ASSETS                                                                                     52,322,578


LIABILITIES:
  Amounts payable to Conseco Variable Insurance Company                                              56,282
                                                                                                -----------

           NET ASSETS (NOTE 6)                                                                  $52,266,296
===========================================================================================================
</TABLE>

   The accompanying notes are an integral part of these financial statements.

<PAGE>


                       CONSECO VARIABLE ANNUITY ACCOUNT H
                       STATEMENT OF ASSETS AND LIABILITIES
                               SEPTEMBER 30, 2000
                                    Unaudited
<TABLE>
<CAPTION>
====================================================================================================================================
                                                                                                          Reported    Sub - Account
                                                                          Units         Unit Value          Value         Total
                                                                        --------------------------        ---------   --------------
<S>                                                                     <C>              <C>              <C>             <C>
NET ASSETS ATTRIBUTABLE TO:
   Contract owners' deferred annuity reserves:
      The Alger American Fund:
         Growth Portfolio
            Standard                                                     89,500.8       $18.140001        1,623,544
            GMDB * (See note below)                                      18,803.8        18.089980          340,160
            GMDB & GMIB * (See note below)                                5,691.7        18.040096          102,679        2,066,383
                                                                                                                      --------------
         Leveraged AllCap Portfolio
            Standard                                                     92,937.5        24.874542        2,311,779
            GMDB                                                         26,857.5        24.805952          666,227
            GMDB & GMIB                                                   8,287.3        24.737551          205,009        3,183,015
                                                                                                                      --------------
         Midcap Growth Portfolio
            Standard                                                    120,864.0        19.384003        2,342,828
            GMDB                                                         34,970.6        19.330580          676,002
            GMDB & GMIB                                                   2,205.0        19.277304           42,506        3,061,336
                                                                                                                      --------------
         Small Capitalization Portfolio
            Standard                                                     34,679.6        14.224235          493,291
            GMDB                                                         16,179.3        14.184983          229,503
            GMDB & GMIB                                                  11,550.6        14.145840          163,392          886,186
                                                                                                                      --------------
      American Century Variable Portfolios, Inc:
         Income and Growth Fund
            Standard                                                     23,721.1        13.355742          316,813
            GMDB                                                          4,617.2        13.318917           61,496
            GMDB & GMIB                                                   2,988.7        13.282193           39,696          418,005
                                                                                                                      --------------
         International Fund
            Standard                                                     66,318.6        15.617213        1,035,712
            GMDB                                                         14,212.1        15.574183          221,342
            GMDB & GMIB                                                     315.6        15.531270            4,902        1,261,956
                                                                                                                      --------------
         Value Fund
            Standard                                                     30,804.2        10.330874          318,234
            GMDB                                                          3,629.6        10.302377           37,394
            GMDB & GMIB                                                   1,560.7        10.273958           16,034          371,662
                                                                                                                      --------------
      Berger Institutional Products Trust:
         Growth Fund
            Standard                                                     28,649.0        17.587851          503,874
            GMDB                                                          8,811.9        17.539373          154,556
            GMDB & GMIB                                                   1,706.9        17.491027           29,856          688,286
                                                                                                                      --------------
         Growth and Income Fund
            Standard                                                     85,325.1        20.931583        1,785,989
            GMDB                                                         18,993.7        20.873896          396,472
            GMDB & GMIB                                                   4,730.1        20.816367           98,463        2,280,924
                                                                                                                      --------------
         International Fund
            Standard                                                      3,863.7        12.549336           48,486
            GMDB                                                              0.0        12.514723                0
            GMDB & GMIB                                                       0.0        12.480205                0           48,486
                                                                                                                      --------------
         New Generation Fund
            Standard                                                      8,886.1        10.398444           92,401
            GMDB                                                          4,668.8        10.385300           48,487
            GMDB & GMIB                                                     449.8        10.372172            4,666          145,554
                                                                                                                      --------------
         Small Company Growth Fund
            Standard                                                     45,324.4        21.305720          965,669
            GMDB                                                         21,534.5        21.247017          457,544
            GMDB & GMIB                                                   5,284.2        21.188476          111,964        1,535,177
                                                                                                                      --------------
      Conseco Series Trust:
         Balanced Portfolio
            Standard                                                    159,592.2        16.374883        2,613,304
            GMDB                                                         25,265.3        16.329750          412,577
            GMDB & GMIB                                                   2,915.3        16.284742           47,474        3,073,355
                                                                                                                      --------------
         Conseco 20 Focus
            Standard                                                     11,274.4        13.357758          150,601
            GMDB                                                          2,311.7        13.340910           30,841
            GMDB & GMIB                                                       0.0        13.324083                0          181,442
                                                                                                                      --------------
         Equity Portfolio
            Standard                                                     46,480.8        20.305953          943,837
            GMDB                                                         12,311.1        20.249990          249,299
            GMDB & GMIB                                                     314.9        20.194180            6,359        1,199,495
                                                                                                                      --------------
</TABLE>

   The accompanying notes are an integral part of these financial statements.

<PAGE>


                       CONSECO VARIABLE ANNUITY ACCOUNT H
                       STATEMENT OF ASSETS AND LIABILITIES
                               SEPTEMBER 30, 2000
                                    Unaudited
<TABLE>
<CAPTION>
====================================================================================================================================
                                                                                                          Reported    Sub - Account
                                                                          Units         Unit Value          Value         Total
                                                                        --------------------------        ---------   --------------
<S>                                                                     <C>              <C>              <C>             <C>
NET ASSETS ATTRIBUTABLE TO:
   Contract owners' deferred annuity reserves:

      Conseco Series Trust (continued):
         Fixed Income Portfolio
            Standard                                                      6,553.8        10.773243           70,606
            GMDB                                                            921.5        10.743535            9,900
            GMDB & GMIB                                                   3,363.8        10.713909           36,040          116,546
                                                                                                                      --------------
         Government Securities Portfolio
            Standard                                                     12,695.5        10.671679          135,482
            GMDB                                                            629.9        10.642251            6,704
            GMDB & GMIB                                                   2,359.1        10.612904           25,037          167,223
                                                                                                                      --------------
         High Yield Portfolio
            Standard                                                     44,369.3        10.102369          448,235
            GMDB                                                              0.0        10.089591                0
            GMDB & GMIB                                                       0.0        10.076830                0          448,235
                                                                                                                      --------------
         Money Market Portfolio
            Standard                                                    395,684.4        11.056453        4,374,866
            GMDB                                                         23,902.8        11.025968          263,552
            GMDB & GMIB                                                  12,848.0        10.995567          141,272        4,779,690
                                                                                                                      --------------
      The Dreyfus Socially Responsible Growth Fund, Inc
            Standard                                                     22,909.5        15.852828          363,180
            GMDB                                                          7,921.9        15.809130          125,238
            GMDB & GMIB                                                     830.4        15.765552           13,092          501,510
                                                                                                                      --------------
      Dreyfus Stock Index Fund
            Standard                                                    110,547.2        14.043409        1,552,459
            GMDB                                                         47,710.6        14.004694          668,172
            GMDB & GMIB                                                   5,762.4        13.966085           80,478        2,301,109
                                                                                                                      --------------
      Dreyfus Variable Investment Fund:
         Disciplined Stock Portfolio
            Standard                                                     20,753.2        12.552580          260,506
            GMDB                                                          3,017.9        12.517972           37,779
            GMDB & GMIB                                                   1,622.4        12.483458           20,253          318,538
                                                                                                                      --------------
         International Value Portfolio
            Standard                                                      2,033.9        10.798062           21,962
            GMDB                                                              0.0        10.768269                0
            GMDB & GMIB                                                     277.4        10.738557            2,979           24,941
                                                                                                                      --------------
      Federated Insurance Series:
         High Income Bond Fund II
            Standard                                                     19,089.2         9.678278          184,751
            GMDB                                                          8,404.9         9.651585           81,120
            GMDB & GMIB                                                     817.7         9.624965            7,870          273,741
                                                                                                                      --------------
         International Equity Fund II
            Standard                                                     12,706.3        17.736201          225,361
            GMDB                                                          4,090.5        17.687329           72,351
            GMDB & GMIB                                                     839.5        17.638591           14,808          312,520
                                                                                                                      --------------
         Utility Fund II
            Standard                                                     20,429.8        11.232507          229,478
            GMDB                                                            870.3        11.201516            9,749
            GMDB & GMIB                                                       0.0        11.170610                0          239,227
                                                                                                                      --------------
      Invesco Variable Investment Funds, Inc:
         Equity Income Fund
            Standard                                                      6,932.1        12.228354           84,768
            GMDB                                                          3,898.2        12.194632           47,538
            GMDB & GMIB                                                     388.7        12.161002            4,727          137,033
                                                                                                                      --------------
         High Yield Fund
            Standard                                                     21,764.5         9.968372          216,956
            GMDB                                                             60.0         9.940881              596
            GMDB & GMIB                                                     672.4         9.913466            6,666          224,218
                                                                                                                      --------------
</TABLE>

   The accompanying notes are an integral part of these financial statements.

<PAGE>


                       CONSECO VARIABLE ANNUITY ACCOUNT H
                       STATEMENT OF ASSETS AND LIABILITIES
                               SEPTEMBER 30, 2000
                                    Unaudited

<TABLE>
<CAPTION>
====================================================================================================================================

                                                                                                          Reported    Sub - Account
                                                                          Units         Unit Value          Value         Total
                                                                        --------------------------        ---------   --------------
<S>                                                                     <C>              <C>              <C>             <C>

NET ASSETS ATTRIBUTABLE TO:
   Contract owners' deferred annuity reserves:
      Janus Aspen Series:
         Aggressive Growth Portfolio
            Standard                                                    119,140.7        28.087299        3,346,340
            GMDB                                                         39,665.7        28.009800        1,111,029
            GMDB & GMIB                                                   7,379.9        27.932514          206,138        4,663,507
                                                                                                                      --------------
         Growth Portfolio
            Standard                                                    169,026.9        18.318764        3,096,365
            GMDB                                                         59,928.3        18.268250        1,094,785
            GMDB & GMIB                                                  18,138.5        18.217875          330,446        4,521,596
                                                                                                                      --------------
         Worldwide Growth Portfolio
            Standard                                                    164,986.5        18.441370        3,042,577
            GMDB                                                         34,111.4        18.390550          627,327
            GMDB & GMIB                                                  13,130.9        18.339871          240,819        3,910,723
                                                                                                                      --------------
      Lazard Retirement Series, Inc:
         Equity Portfolio
            Standard                                                      2,104.8        11.569657           24,352
            GMDB                                                              0.0        11.537764                0
            GMDB & GMIB                                                     399.9        11.505958            4,601           28,953
                                                                                                                      --------------
         Small Cap Portfolio
            Standard                                                     13,632.0        10.954304          149,329
            GMDB                                                          1,203.1        10.924102           13,143
            GMDB & GMIB                                                       0.0        10.893982                0          162,472
                                                                                                                      --------------
      Lord Abbett Series Fund, Inc:
         Growth and Income Portfolio
            Standard                                                     18,367.6        13.073428          240,128
            GMDB                                                         18,992.2        13.037387          247,608
            GMDB & GMIB                                                   1,422.9        13.001445           18,499          506,235
                                                                                                                      --------------
      Mitchell Hutchins Series Trust:
         Growth and Income Portfolio
            Standard                                                      4,407.4        11.423744           50,349
            GMDB                                                          3,737.1        11.392244           42,573
            GMDB & GMIB                                                   1,139.2        11.360829           12,942          105,864
                                                                                                                      --------------
      Neuberger Berman Advisers Management Trust:
         Limited Maturity Bond Portfolio
            Standard                                                     24,393.4        10.562111          257,645
            GMDB                                                          1,615.0        10.532987           17,011
            GMDB & GMIB                                                   4,015.4        10.503942           42,177          316,833
                                                                                                                      --------------
         Partners Portfolio
            Standard                                                      4,640.8        10.551269           48,966
            GMDB                                                         10,609.8        10.522165          111,638
            GMDB & GMIB                                                       0.0        10.493140                0          160,604
                                                                                                                      --------------
      Rydex Variable Trust:
         Nova Portfolio:
            Standard                                                     58,308.3        17.572956        1,024,650
            GMDB                                                          1,796.0        17.550710           31,521
            GMDB & GMIB                                                     251.1        17.528493            4,401        1,060,572
                                                                                                                      --------------
         OTC Portfolio:
            Standard                                                     42,658.0        36.494889        1,556,800
            GMDB                                                          1,501.2        36.448647           54,716
            GMDB & GMIB                                                     807.6        36.402463           29,399        1,640,915
                                                                                                                      --------------
      Seligman Portfolios, Inc.:
         Communications and Information Portfolio
            Standard                                                     41,126.0         7.735170          318,117
            GMDB                                                          9,230.5         7.725370           71,309
            GMDB & GMIB                                                     426.5         7.715582            3,291          392,717
                                                                                                                      --------------
         Global Technology Portfolio
            Standard                                                     49,836.7         8.458632          421,550
            GMDB                                                          5,033.1         8.447926           42,519
            GMDB & GMIB                                                   1,122.7         8.437233            9,472          473,541
                                                                                                                      --------------
</TABLE>

   The accompanying notes are an integral part of these financial statements.

<PAGE>


                       CONSECO VARIABLE ANNUITY ACCOUNT H
                       STATEMENT OF ASSETS AND LIABILITIES
                               SEPTEMBER 30, 2000
                                    Unaudited
<TABLE>
<CAPTION>
====================================================================================================================================

                                                                                                          Reported    Sub - Account
                                                                          Units         Unit Value          Value         Total
                                                                        --------------------------        ---------   --------------
<S>                                                                     <C>              <C>              <C>             <C>
NET ASSETS ATTRIBUTABLE TO:
   Contract owners' deferred annuity reserves:
      Strong Variable Insurance Funds, Inc:
         Mid Cap Growth Fund II
            Standard                                                     87,515.8        25.850517        2,262,329
            GMDB                                                         22,573.7        25.779249          581,933
            GMDB & GMIB                                                   6,441.9        25.708176          165,609        3,009,871
                                                                                                                      --------------
      Strong Opportunity Fund II, Inc
            Standard                                                     22,325.8        15.164171          338,552
            GMDB                                                         17,122.5        15.122368          258,933
            GMDB & GMIB                                                   1,646.3        15.080679           24,827          622,312
                                                                                                                      --------------
      Van Eck Worldwide Insurance Trust:
         Worldwide Bond Fund
            Standard                                                      1,484.8         9.595568           14,247
            GMDB                                                          1,099.9         9.569097           10,525
            GMDB & GMIB                                                       0.0         9.542698                0           24,772
                                                                                                                      --------------
         Worldwide Emerging Markets Fund
            Standard                                                     27,626.5         9.950003          274,883
            GMDB                                                            267.9         9.922557            2,659
            GMDB & GMIB                                                   1,612.4         9.895186           15,955          293,497
                                                                                                                      --------------
         Worldwide Hard Assets Fund
            Standard                                                     10,592.2         9.062094           95,987
            GMDB                                                              0.0         9.037102                0
            GMDB & GMIB                                                       0.0         9.012179                0           95,987
                                                                                                                      --------------
         Worldwide Real Estate Fund
            Standard                                                      1,730.3         9.437128           16,329
            GMDB                                                          1,402.9         9.411103           13,203
            GMDB & GMIB                                                       0.0         9.385150                0           29,532
                                                                                                                      --------------


               NET ASSETS                                                                                             $   52,266,296
====================================================================================================================================
</TABLE>

            * GMDB = Guaranteed minimum death benefit
            * GMIB = Guaranteed minimum income benefit

   The accompanying notes are an integral part of these financial statements.

<PAGE>


<TABLE>
<CAPTION>
                                                                                                                  AMERICAN
                                                                                                                  CENTURY
                                                                                                                  VARIABLE
                                                                                   THE ALGER AMERICAN FUNDS      PORTFOLIOS
          CONSECO VARIABLE ANNUITY ACCOUNT H                ------------------------------------------------------------------
               STATEMENT OF OPERATIONS
FOR THE PERIOD FEBRUARY 11, 2000 TO SEPTEMBER 30, 2000
                       Unaudited                                          Leveraged                  Small       Income and
                                                              Growth       All Cap      MidCap   Capitalization    Growth
                                                            ==================================================================
<S>                                                           <C>         <C>          <C>          <C>            <C>
Investment income:
    Dividends from investments in portfolio shares            $81,098     $142,436      $98,595     $122,528       $      --
-------------------------------------------------------------------------------------------------------------------------------
Expenses:
    Mortality and expense risk fees                             7,614       14,988        9,759        3,859           1,876
-------------------------------------------------------------------------------------------------------------------------------
               Net investment income                           73,484      127,448       88,836      118,669          (1,876)
-------------------------------------------------------------------------------------------------------------------------------

Net realized gains (losses) and unrealized
  appreciation (depreciation) of investments:
    Net realized gains (losses) on sales
      of investments in portfolio shares                      (18,772)     (56,223)     (18,041)    (139,031)         (3,248)
    Net change in unrealized appreciation
      (depreciation) of investments in
      portfolio shares                                       (147,449)    (123,310)      61,150       (9,415)         (6,079)
-------------------------------------------------------------------------------------------------------------------------------

               Net gain (loss) on investments
                 in portfolio shares                         (166,221)    (179,533)      43,109     (148,446)         (9,327)
-------------------------------------------------------------------------------------------------------------------------------

Net increase (decrease) in net assets from operations        ($92,737)    ($52,085)    $131,945     ($29,777)       ($11,203)
===============================================================================================================================


<CAPTION>
       AMERICAN CENTURY
     VARIABLE PORTFOLIOS                                                                                  CONSECO SERIES TRUST
         (CONTINUED)                          BERGER INSTITUTIONAL PRODUCTS TRUST                               PORTFOLIOS
 --------------------------- --------------------------------------------------------------------------  ------------------------


                                               Growth and                        New        Small                        Conseco
International       Value          Growth        Income      International    Generation   Company       Balanced       20 Focus
================================================================================================================================

        --     $      --       $     --       $      --      $     --       $   --      $      --        $ 25,622       $    --
--------------------------------------------------------------------------------------------------------------------------------

     3,678          1,913          2,749          7,471           180          258          7,571           9,875           512
--------------------------------------------------------------------------------------------------------------------------------
    (3,678)        (1,913)        (2,749)        (7,471)         (180)        (258)        (7,571)         15,747          (512)
--------------------------------------------------------------------------------------------------------------------------------



    (5,327)       (13,187)        (7,862)        (3,295)         (445)         357         25,124         (12,771)       17,672

   (56,397)        15,123         23,360         51,038        (1,167)       1,345         15,908         163,737         8,106
--------------------------------------------------------------------------------------------------------------------------------

   (61,724)         1,936         15,498         47,743        (1,612)       1,702         41,032         150,966        25,778
--------------------------------------------------------------------------------------------------------------------------------

  ($65,402)           $23        $12,749        $40,272       ($1,792)      $1,444        $33,461        $166,713       $25,266
================================================================================================================================

<CAPTION>
                    CONSECO SERIES TRUST PORTFOLIOS                                                   DREYFUS VARIABLE
                             (CONTINUED)                                                              INVESTMENT FUNDS
---------------------------------------------------------------                                ---------------------------------
                                                                    DREYFUS
                                                                   SOCIALLY        DREYFUS
                  Fixed       Government        High     Money    RESPONSIBLE       STOCK       Disciplined     International
   Equity         Income      Securities       Yield     Market      GROWTH         INDEX          Stock            Value
=================================================================================================================================

$     24          $1,763        $2,271        $3,315    $75,569       $10         $10,768              $1             $36
---------------------------------------------------------------------------------------------------------------------------------

   4,917             307           448           868     17,809     2,246          11,548           1,513              68
---------------------------------------------------------------------------------------------------------------------------------
  (4,893)          1,456         1,823         2,447     57,760    (2,236)           (780)         (1,512)            (32)
---------------------------------------------------------------------------------------------------------------------------------




  67,525             396           484           110          0       594           2,669           1,324               1

  73,619             523           565            30          0      (191)        (40,169)          1,543            (573)
---------------------------------------------------------------------------------------------------------------------------------


 141,144             919         1,049           140          0       403         (37,500)          2,867            (572)
---------------------------------------------------------------------------------------------------------------------------------

$136,251          $2,375        $2,872        $2,587    $57,760   ($1,833)       ($38,280)         $1,355           ($604)
=================================================================================================================================
















<CAPTION>
                                                      INVESCO VARIABLE
          FEDERATED INSURANCE SERIES                  INSURANCE FUNDS
-------------------------------------------    -------------------------------


 High Income     International                   Equity
   Bond II         Equity II      Utility II     Income        High Yield
==============================================================================

$       --             $27          $1,919            --      $       --
------------------------------------------------------------------------------

       493           1,183           1,043           782           2,317
------------------------------------------------------------------------------
     (493)          (1,156)            876          (782)         (2,317)
------------------------------------------------------------------------------




       408          (3,450)         (5,323)        1,615           6,888

   (4,534)         (27,883)          2,709         4,572            (721)
------------------------------------------------------------------------------


   (4,126)         (31,333)         (2,614)        6,187           6,167
------------------------------------------------------------------------------

  ($4,619)        ($32,489)        ($1,738)       $5,405          $3,850
==============================================================================

<CAPTION>
                                                       LAZARD RETIREMENT
       JANUS ASPEN SERIES PORTFOLIOS                   SERIES PORTFOLIOS              LORD         MITCHELL
 ------------------------------------------      ------------------------------       ABBETT        HUTCHINS
                                                                                      SERIES         SERIES
                                                                                      TRUST          TRUST
 Aggressive                      Worldwide                                            GROWTH         GROWTH
   Growth          Growth          Growth             Equity           Small Cap    AND INCOME     AND INCOME
=================================================================================================================

$  $405,153        $240,887        $239,560              $3               $ 8      $    --        $    --
-----------------------------------------------------------------------------------------------------------------

     22,650          21,997          18,361             102               545         2,792            565
-----------------------------------------------------------------------------------------------------------------
    382,503         218,890         221,199             (99)             (537)       (2,792)          (565)
-----------------------------------------------------------------------------------------------------------------




    (64,089)        (11,504)        (49,151)             (1)            3,479         7,838             146


   (377,414)       (199,180)       (434,757)           (481)            1,151         12,252         (4,046)
------------------------------------------------------------------------------------------------------------------

   (441,503)       (210,684)       (483,908)           (482)            4,630         20,090         (3,900)
------------------------------------------------------------------------------------------------------------------

   ($59,000)         $8,206       ($262,709)          ($581)           $4,093        $17,298        ($4,465)
==================================================================================================================


<CAPTION>
                                                                                           STRONG
      NEUBERGER BERMAN                                                                    VARIABLE
    ADVISERS MANAGEMENT                                                                   INSURANCE
     TRUST PORTFOLIOS            RYDEX VARIABLE TRUST           SELIGMAN PORTFOLIOS         FUNDS
--------------------------     -------------------------    ---------------------------   ---------
                                                            Communications                               STRONG
    Limited                                                       and         Global       Mid Cap    OPPORTUNITY
 Maturity Bond    Partners          Nova           OTC        Information   Technology    Growth II     FUND II
==================================================================================================================

$      --        $      --        $51,583        $56,575     $     --       $    --      $     --      $     --
------------------------------------------------------------------------------------------------------------------

      355              890          3,360          4,652          872           827         9,723         2,930
------------------------------------------------------------------------------------------------------------------
     (355)            (890)        48,223         51,923         (872)         (827)       (9,723)       (2,930)
------------------------------------------------------------------------------------------------------------------



      804              125         72,373        157,242       (1,897)         (163)       11,693           753

    1,554            1,761        (60,704)      (116,585)     (50,156)      (26,903)       99,809        (8,263)
------------------------------------------------------------------------------------------------------------------

    2,358            1,886         11,669         40,657      (52,053)      (27,066)      111,502        (7,510)
------------------------------------------------------------------------------------------------------------------

   $2,003             $996        $59,892        $92,580     ($52,925)     ($27,893)     $101,779      ($10,440)
=================================================================================================================

<PAGE>


<CAPTION>
    VAN ECK WORLDWIDE INSURANCE TRUST FUNDS
-----------------------------------------------


              Emerging      Hard        Real       Combined
    Bond       Markets     Assets      Estate        Total
=============================================================

  $     --    $     --    $     --    $     --     $1,559,751
-----------------------------------------------   -----------

        93       1,479         343         811        211,192
-------------------------------------------------------------
       (93)     (1,479)       (343)       (811)     1,348,559
-------------------------------------------------------------



       391     (14,543)     (8,555)    (13,082)       (69,949)

       217     (45,979)     (3,830)        168     (1,205,946)
-------------------------------------------------------------

       608     (60,522)    (12,385)    (12,914)    (1,275,895)
-------------------------------------------------------------

      $515    ($62,001)   ($12,728)   ($13,725)       $72,664
=============================================================
</TABLE>


<TABLE>
<CAPTION>
                                                                                                                          AMERICAN
                                                                                                                          CENTURY
                                                                                                                          VARIABLE
                                                                                  THE ALGER AMERICAN FUNDS               PORTFOLIOS
       STATEMENT OF CHANGES IN NET ASSETS                    -----------------------------------------------------------------------
 For the Period February 11, 2000 to September 30, 2000
                        Unaudited
                                                                             Leveraged                      Small       Income and
                                                                Growth        All Cap         MidCap     Capitalization    Growth
                                                             =======================================================================
<S>                                                             <C>           <C>             <C>           <C>             <C>
Changes from operations:
  Net investment income                                         $73,484       $127,448        $88,836       $118,669        ($1,876)
  Net realized gains (losses) on sales of investments
    in portfolio shares                                         (18,772)       (56,223)       (18,041)      (139,031)        (3,248)
  Net change in unrealized appreciation (depreciation)
    of investments in portfolio shares                         (147,449)      (123,310)        61,150         (9,415)        (6,079)
------------------------------------------------------------------------------------------------------------------------------------
      Net increase (decrease) in net assets
        from operations                                         (92,737)       (52,085)       131,945        (29,777)       (11,203)
------------------------------------------------------------------------------------------------------------------------------------

Changes from contract owners' transactions:
  Net contract purchase payments                              1,929,434      2,969,162      2,041,020        797,207        383,646
  Contract redemptions                                           (7,468)        (5,374)       (25,922)        (2,813)        (4,638)
  Net transfers                                                 237,154        271,311        914,293        121,570         50,201
------------------------------------------------------------------------------------------------------------------------------------
      Net increase (decrease) in net assets from
        contract owners' transactions                         2,159,120      3,235,099      2,929,391        915,964        429,209
------------------------------------------------------------------------------------------------------------------------------------

        Net increase (decrease) in net assets                 2,066,383      3,183,014      3,061,336        886,187        418,006
------------------------------------------------------------------------------------------------------------------------------------

Net assets, beginning of period                                       0              0              0              0              0
------------------------------------------------------------------------------------------------------------------------------------

        Net assets, end of period (Note 6)                   $2,066,383     $3,183,014     $3,061,336       $886,187       $418,006
====================================================================================================================================


<CAPTION>
       AMERICAN CENTURY
     VARIABLE PORTFOLIOS                                                                                  CONSECO SERIES TRUST
         (CONTINUED)                          BERGER INSTITUTIONAL PRODUCTS TRUST                               PORTFOLIOS
 --------------------------- --------------------------------------------------------------------------  -----------------------


                                               Growth and                      New         Small                        Conseco
International      Value          Growth         Income     International   Generation    Company         Balanced      20 Focus
================================================================================================================================


   ($3,678)       ($1,913)       ($2,749)       ($7,471)        ($180)       ($258)       ($7,571)        $15,747         ($512)

    (5,327)       (13,187)        (7,862)        (3,295)         (445)         357         25,124         (12,771)       17,672

   (56,397)        15,123         23,360         51,038        (1,167)       1,345         15,908         163,737         8,106
--------------------------------------------------------------------------------------------------------------------------------

   (65,402)            23         12,749         40,272        (1,792)       1,444         33,461         166,713        25,266
--------------------------------------------------------------------------------------------------------------------------------


   672,967        215,524        614,800      1,915,077        49,965      127,694      1,435,749       2,818,782       121,720
    (6,786)        (3,711)       (11,650)        (8,784)            0          (43)       (20,958)        (23,945)          (44)
   661,177        159,826         72,386        334,359           313       16,459         86,925         111,805        34,500
--------------------------------------------------------------------------------------------------------------------------------

 1,327,358        371,639        675,536      2,240,652        50,278      144,110      1,501,716       2,906,642       156,176
--------------------------------------------------------------------------------------------------------------------------------

 1,261,956        371,662        688,285      2,280,924        48,486      145,554      1,535,177       3,073,355       181,442
--------------------------------------------------------------------------------------------------------------------------------

         0              0              0              0             0            0              0               0             0
--------------------------------------------------------------------------------------------------------------------------------

$1,261,956       $371,662       $688,285     $2,280,924       $48,486     $145,554     $1,535,177      $3,073,355      $181,442
================================================================================================================================

<PAGE>


<CAPTION>
                     CONSECO SERIES TRUST PORTFOLIOS
                               (CONTINUED)
-----------------------------------------------------------------------
                                                                           DREYFUS
                                                                           SOCIALLY        DREYFUS
                    Fixed       Government       High         Money       RESPONSIBLE       STOCK
    Equity          Income      Securities      Yield         Market         GROWTH         INDEX
========================================================================================================


   ($4,893)         $1,456        $1,823        $2,447         $57,760   ($2,236)          ($780)

    67,525             396           484           110               0       594           2,669

    73,619             523           565            30               0      (191)        (40,169)
--------------------------------------------------------------------------------------------------------

   136,251           2,375         2,872         2,587          57,760    (1,833)        (38,280)
--------------------------------------------------------------------------------------------------------


   909,003          86,855       148,073        24,649      10,379,528    487,505       2,245,965
    (9,212)           (178)       (1,458)         (756)       (169,566)      (337)        (26,724)
   163,453          27,493        17,736       421,755      (5,488,033)    16,175         120,148
--------------------------------------------------------------------------------------------------------

 1,063,244         114,170       164,351       445,648       4,721,929    503,343       2,339,389
--------------------------------------------------------------------------------------------------------

 1,199,495         116,545       167,223       448,235       4,779,689    501,510       2,301,109
---------------------------------------------------------------------------------------------------------

         0               0             0             0               0          0               0
--------------------------------------------------------------------------------------------------------

$1,199,495        $116,545      $167,223      $448,235      $4,779,689   $501,510      $2,301,109
========================================================================================================


<CAPTION>
      DREYFUS VARIABLE                                                             INVESCO VARIABLE
       INVESTMENT FUNDS                  FEDERATED INSURANCE SERIES                INSURANCE FUNDS
------------------------------  -------------------------------------------    ------------------------


Disciplined     International    High Income    International                   Equity
   Stock            Value          Bond II        Equity II     Utility II      Income        High Yield
=============================================================================================================


 ($1,512)           ($32)           ($493)        ($1,156)           $876          ($782)        ($2,317)

   1,324               1              408          (3,450)         (5,323)         1,615           6,888

   1,543            (573)          (4,534)        (27,883)          2,709          4,572            (721)
-------------------------------------------------------------------------------------------------------------

   1,355            (604)          (4,619)        (32,489)         (1,738)         5,405           3,850
-------------------------------------------------------------------------------------------------------------


  290,626          13,885          76,546         322,151         214,968        147,900         655,582
     (987)              0            (636)         (1,131)           (875)             0            (683)
   27,544          11,661         202,450          23,989          26,872        (16,273)       (434,531)
-------------------------------------------------------------------------------------------------------------

  317,183          25,546         278,360         345,009         240,965        131,627         220,368
-------------------------------------------------------------------------------------------------------------

  318,538          24,942         273,741         312,520         239,227        137,032         224,218
-------------------------------------------------------------------------------------------------------------

        0               0               0               0               0              0               0
-------------------------------------------------------------------------------------------------------------

 $318,538         $24,942        $273,741        $312,520        $239,227       $137,032        $224,218
=============================================================================================================

<CAPTION>
                                                         LAZARD RETIREMENT
         JANUS ASPEN SERIES PORTFOLIOS                   SERIES PORTFOLIOS              LORD         MITCHELL
   ------------------------------------------      ------------------------------      ABBETT        HUTCHINS
                                                                                       SERIES         SERIES
                                                                                       TRUST          TRUST
  Aggressive                      Worldwide                                            GROWTH         GROWTH
    Growth          Growth          Growth             Equity           Small Cap    AND INCOME     AND INCOME
================================================================================================================


    $382,503        $218,890        $221,199            ($99)            ($537)      ($2,792)         ($565)
                                                                                       7,838            146
     (64,089)        (11,504)        (49,151)             (1)            3,479
                                                                                      12,252         (4,046)
    (377,414)       (199,180)       (434,757)           (481)            1,151
----------------------------------------------------------------------------------------------------------------

     (59,000)          8,206        (262,709)           (581)            4,093        17,298         (4,465)
----------------------------------------------------------------------------------------------------------------


   4,826,696       4,663,317       4,063,576          29,535            52,748       461,663        111,163
     (28,341)        (33,937)        (22,507)              0                 0        (4,112)          (700)
     (75,849)       (115,991)        132,363               0           105,631        31,387           (133)
----------------------------------------------------------------------------------------------------------------

   4,722,506       4,513,389       4,173,432          29,535           158,379       488,938        110,330
----------------------------------------------------------------------------------------------------------------

   4,663,506       4,521,595       3,910,723          28,954           162,472       506,236        105,865
----------------------------------------------------------------------------------------------------------------

           0               0               0               0                 0             0              0
----------------------------------------------------------------------------------------------------------------

  $4,663,506      $4,521,595      $3,910,723         $28,954          $162,472      $506,236       $105,865
================================================================================================================

<PAGE>


<CAPTION>
                                                                                           STRONG
     NEUBERGER BERMAN                                                                     VARIABLE
   ADVISERS MANAGEMENT                                                                   INSURANCE
    TRUST PORTFOLIOS            RYDEX VARIABLE TRUST             SELIGMAN PORTFOLIOS       FUNDS
 ------------------------     -------------------------      --------------------------  ---------

                                                             Communications                            STRONG
    Limited                                                       and         Global     Mid Cap    OPPORTUNITY
 Maturity Bond    Partners          Nova           OTC        Information   Technology   Growth II     FUND II
================================================================================================================


     ($355)         ($890)       $48,223        $51,923         ($872)        ($827)     ($9,723)      ($2,930)
       804            125         72,373        157,242        (1,897)         (163)      11,693           753

     1,554          1,761        (60,704)      (116,585)      (50,156)      (26,903)      99,809        (8,263)

----------------------------------------------------------------------------------------------------------------

     2,003            996         59,892         92,580       (52,925)      (27,893)     101,779       (10,440)
----------------------------------------------------------------------------------------------------------------


   140,286        158,377        190,482        623,918       269,459       180,086     1,879,322      625,331
      (231)             0        (13,347)       (14,240)         (603)       (1,518)      (11,122)        (964)
   174,775          1,231        823,545        938,657       176,786       322,866     1,039,893        8,386
----------------------------------------------------------------------------------------------------------------

   314,830        159,608      1,000,680      1,548,335       445,642       501,434     2,908,093      632,753
----------------------------------------------------------------------------------------------------------------

   316,833        160,604      1,060,572      1,640,915       392,717       473,541     3,009,872      622,313
----------------------------------------------------------------------------------------------------------------

         0              0              0              0             0             0             0            0
----------------------------------------------------------------------------------------------------------------

  $316,833       $160,604     $1,060,572     $1,640,915      $392,717      $473,541     $3,009,872    $622,313
================================================================================================================

<CAPTION>
              VAN ECK WORLDWIDE INSURANCE FUNDS
-----------------------------------------------------------


             Emerging     Hard        Real       Combined
    Bond     Markets     Assets      Estate        Total
===========================================================


   ($93)    ($1,479)      ($343)      ($811)    $1,348,559

    391     (14,543)     (8,555)    (13,082)       (69,949)

    217     (45,979)     (3,830)        168     (1,205,946)
-----------------------------------------------------------

    515     (62,001)    (12,728)    (13,725)        72,664
-----------------------------------------------------------


 15,050     418,418       6,800      66,554     50,878,764
   (218)     (4,706)       (299)     (6,296)      (477,820)
  9,424     (58,213)    102,213     (17,001)     1,792,688
-----------------------------------------------------------

 24,256     355,499     108,714      43,257     52,193,632
-----------------------------------------------------------

 24,771     293,498      95,986      29,532     52,266,296
-----------------------------------------------------------

      0           0           0           0              0
-----------------------------------------------------------

$24,771    $293,498     $95,986     $29,532    $52,266,296
===========================================================
</TABLE>


The accompanying notes are an integral part of these financial statements
<PAGE>


                       CONSECO VARIABLE ANNUITY ACCOUNT H
                          NOTES TO FINANCIAL STATEMENTS
                                   Unaudited

(1)  GENERAL

     Conseco  Variable  Annuity Account H ("Account H") is registered  under the
Investment Company Act of 1940, as amended, as a unit investment trust.  Account
H was established on November 1, 1999, and commenced  operations on February 11,
2000,  as a  segregated  investment  account  for  individual  variable  annuity
contracts which are registered  under the Securities Act of 1933. The operations
of  Account H are  included  in the  operations  of Conseco  Variable  Insurance
Company (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.

Currently, the following investment options are 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
     Growth Fund
     Growth and Income Fund
     International Fund
     New Generation Fund
     Small Company Growth Fund

CONSECO SERIES TRUST
     Balanced Portfolio
     Conseco 20 Focus Portfolio
     Equity Portfolio
     Fixed Income Portfolio
     Government Securities Portfolio
     High Yield Portfolio
     Money Market Portfolio

THE DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC.

DREYFUS STOCK INDEX FUND

DREYFUS VARIABLE INVESTMENT FUND
     Disciplined Stock Portfolio
     International Value 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

RYDEX VARIABLE TRUST
     Nova Fund
     OTC Fund
<PAGE>


                       CONSECO VARIABLE ANNUITY ACCOUNT H
                          NOTES TO FINANCIAL STATEMENTS
                                   Unaudited

(1)  GENERAL (CONTINUED)

SELIGMAN PORTFOLIOS, INC.
     Communications and Information Portfolio
     Global Technology Portfolio

STRONG VARIABLE INSURANCE FUNDS, INC.
     Mid Cap Growth Fund II

STRONG OPPORTUNITY FUND II

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 H 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
Account H 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 H 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 H and are not taxable
until  received  by the  contract  owner or  beneficiary  in the form of annuity
payments or other distributions.

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 were
$71,095,680  for the period  February  11,2000  through  September 30, 2000. The
aggregate   proceeds  from  sales  of  investments  in  portfolio   shares  were
$17,497,205 for the period February 11, 2000 through September 30, 2000.

(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 Account H a
fee, which is equal on an annual basis to 1.40 percent of the daily value of the
total investments of

<PAGE>


                       CONSECO VARIABLE ANNUITY ACCOUNT H
                          NOTES TO FINANCIAL STATEMENTS
                                   Unaudited

Account H, for assuming the mortality  and expense  risks on standard  contracts
which do not contain the  guaranteed  minimum  death  benefit or the  guaranteed
minimum income benefit. For contracts with the guaranteed minimum death benefit,
the fee is 1.70 percent.  For contracts that include both the guaranteed minimum
death  benefit  and  the  guaranteed  minimum  income  benefit,  the fee is 2.00
percent.  The total fees for all contracts were $211,192 for the period February
11, 2000 through September 30, 2000.

     Pursuant to an agreement  between  Account H and the Company  (which may be
terminated  by  the  Company  at any  time),  the  Company  provides  sales  and
administrative  services to Account H. The Company  may deduct a  percentage  of
amounts  surrendered to cover sales expenses.  The percentage  varies up to 8.00
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.  There were no sales and  administrative
charges for the period February 11, 2000 through September 30, 2000.

(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., an affiliate of the Company.

(6)  NET ASSETS

     Net assets consisted of the following at September 30, 2000:

Proceeds from the sales of units since organization,
  less cost of units redeemed ....................................  $52,193,632
Undistributed net investment income ..............................    1,348,559
Undistributed net realized losses on sales of investments ........      (69,949)
Net unrealized depreciation of investments .......................   (1,205,946)
                                                                    -----------
      Net assets .................................................  $52,266,296
                                                                    ===========






                        REPORT OF INDEPENDENT ACCOUNTANTS




To the Shareholder and Board of Directors
Conseco Variable Insurance Company

     In our opinion, the accompanying balance sheet and the related statements
of operations, shareholder's equity and cash flows present fairly, in all
material respects, the financial position of Conseco Variable Insurance Company
(the "Company") at December 31, 1999 and 1998, and the results of its operations
and its cash flows for each of the three years in the period ended December 31,
1999, in conformity with accounting principles generally accepted in the United
States. These financial statements are the responsibility of the Company's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these 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 provide a
reasonable basis for the opinion expressed above.




                                            /s/ PricewaterhouseCoopers LLP
                                            --------------------------------
                                            PricewaterhouseCoopers LLP


April 13, 2000



                                       F-1

<PAGE>

<TABLE>
<CAPTION>


                       CONSECO VARIABLE INSURANCE COMPANY

                                  BALANCE SHEET
                           December 31, 1999 and 1998
                              (Dollars in millions)


                                     ASSETS


                                                                                            1999             1998
                                                                                            ----             ----

<S>                                                                                      <C>                <C>
Investments:
    Actively managed fixed maturities at fair value (amortized cost:
       1999 - $1,491.8; 1998 - $1,520.5)...............................................  $1,398.7           $1,524.1
    Equity securities at fair value (cost: 1999 - $47.8 million; 1998 - $46.0 million).      49.8               45.7
    Mortgage loans.....................................................................     108.0              110.2
    Policy loans.......................................................................      75.5               79.6
    Other invested assets .............................................................      50.8              120.3
                                                                                         --------           --------

          Total investments............................................................   1,682.8            1,879.9

Cash and cash equivalents..............................................................      81.5               48.4
Accrued investment income..............................................................      35.6               30.5
Cost of policies purchased.............................................................     131.6               98.0
Cost of policies produced..............................................................     147.6               82.5
Reinsurance receivables................................................................      26.4               22.2
Goodwill...............................................................................      45.3               46.7
Assets held in separate accounts.......................................................   1,457.0              696.4
Other assets...........................................................................       6.0                7.1
                                                                                         --------           --------

          Total assets.................................................................  $3,613.8           $2,911.7
                                                                                         ========           ========

</TABLE>




















                            (continued on next page)



                          The accompanying notes are an
                         integral part of the financial
                                   statements.

                                       F-2

<PAGE>

<TABLE>
<CAPTION>


                       CONSECO VARIABLE INSURANCE COMPANY

                            BALANCE SHEET (Continued)
                           December 31, 1999 and 1998
                 (Dollars in millions, except per share amount)


                      LIABILITIES AND SHAREHOLDER'S EQUITY


                                                                                            1999             1998
                                                                                            ----             ----

<S>                                                                                      <C>                <C>
Liabilities:
    Insurance liabilities:
       Interest-sensitive products.....................................................  $1,289.2           $1,365.2
       Traditional products............................................................     242.8              246.2
       Claims payable and other policyholder funds.....................................      64.1               62.6
       Liabilities related to separate accounts........................................   1,457.0              696.4
    Income tax liabilities.............................................................      33.4               37.5
    Investment borrowings..............................................................     135.1               65.7
    Other liabilities..................................................................      16.5               33.0
                                                                                         --------           --------

            Total liabilities..........................................................   3,238.1            2,506.6
                                                                                         --------           --------

Shareholder's equity:
    Common stock and additional paid-in capital (par value $4.80 per share, 1,065,000
       shares authorized,  1,043,565 shares issued and outstanding)....................     380.8              380.8
    Accumulated other comprehensive loss...............................................     (28.4)               (.8)
    Retained earnings..................................................................      23.3               25.1
                                                                                         --------           --------

            Total shareholder's equity.................................................     375.7              405.1
                                                                                         --------           --------

            Total liabilities and shareholder's equity.................................  $3,613.8           $2,911.7
                                                                                         ========           ========

</TABLE>






















                          The accompanying notes are an
                         integral part of the financial
                                   statements.

                                       F-3

<PAGE>


<TABLE>
<CAPTION>

                       CONSECO VARIABLE INSURANCE COMPANY

                             STATEMENT OF OPERATIONS
              for the years ended December 31, 1999, 1998 and 1997
                              (Dollars in millions)


                                                                         1999              1998            1997
                                                                         ----              ----            ----

<S>                                                                     <C>              <C>               <C>
Revenues:
    Insurance policy income..........................................    $ 72.1           $ 73.6            $ 75.7
    Net investment income............................................     297.6            198.0             222.6
    Net gains (losses) from sale of investments......................     (10.0)            18.5              13.3
                                                                         ------           ------            ------

          Total revenues.............................................     359.7            290.1             311.6
                                                                         ------           ------            ------

Benefits and expenses:
    Insurance policy benefits........................................     266.8            170.6             191.0
    Amortization.....................................................      13.8             33.6              27.1
    Other operating costs and expenses...............................      40.3             38.7              32.2
                                                                         ------           ------            ------

          Total benefits and expenses................................     320.9            242.9             250.3
                                                                         ------           ------            ------

          Income before income taxes.................................      38.8             47.2              61.3

Income tax expense...................................................      13.6             16.6              22.1
                                                                         ------           ------            ------

          Net income.................................................    $ 25.2           $ 30.6            $ 39.2
                                                                         ======           ======            ======

</TABLE>



























                          The accompanying notes are an
                         integral part of the financial
                                   statements.

                                       F-4

<PAGE>

<TABLE>
<CAPTION>


                       CONSECO VARIABLE INSURANCE COMPANY

                        STATEMENT OF SHAREHOLDER'S EQUITY
              for the years ended December 31, 1999, 1998 and 1997
                              (Dollars in millions)

                                                                            Common stock       Accumulated other
                                                                           and additional        comprehensive     Retained
                                                              Total        paid-in capital       income (loss)     earnings
                                                              -----        ---------------       -------------     --------

<S>                                                           <C>             <C>                  <C>              <C>
Balance, December 31, 1996.................................   $396.9          $380.8               $ (4.6)         $ 20.7

   Comprehensive income, net of tax:
     Net income............................................     39.2             -                    -              39.2
     Change in unrealized appreciation (depreciation) of
       securities (net of applicable income tax expense
        of $7.2)...........................................     13.3             -                   13.3             -
                                                              ------

         Total comprehensive income........................     52.5             -                    -               -

   Dividends on common stock...............................    (32.5)            -                    -             (32.5)
                                                              ------          ------               ------          ------

Balance, December 31, 1997.................................    416.9           380.8                  8.7            27.4

   Comprehensive income, net of tax:
     Net income............................................     30.6             -                    -              30.6
     Change in unrealized appreciation (depreciation) of
       securities (net of applicable income tax benefit
        of $5.1)...........................................     (9.5)            -                   (9.5)            -
                                                              ------

         Total comprehensive income........................     21.1

   Dividends on common stock...............................    (32.9)            -                    -             (32.9)
                                                              ------          ------               ------          ------

Balance, December 31, 1998.................................    405.1           380.8                  (.8)           25.1

Comprehensive loss, net of tax:
   Net income..............................................     25.2             -                    -              25.2
   Change in unrealized depreciation of securities (net
     of applicable income tax benefit of $15.7 million)....    (27.6)            -                  (27.6)            -
                                                              ------

         Total comprehensive loss..........................     (2.4)

   Dividends on common stock...............................    (27.0)            -                    -             (27.0)
                                                              ------          ------               ------          ------

Balance, December 31, 1999.................................   $375.7          $380.8               $(28.4)         $ 23.3
                                                              ======          ======               ======          ======

</TABLE>











                          The accompanying notes are an
                         integral part of the financial
                                   statements.

                                       F-5

<PAGE>

<TABLE>
<CAPTION>


                       CONSECO VARIABLE INSURANCE COMPANY

                             STATEMENT OF CASH FLOWS
              for the years ended December 31, 1999, 1998 and 1997
                              (Dollars in millions)


                                                                         1999              1998             1997
                                                                         ----              ----             ----

<S>                                                                   <C>              <C>                 <C>
Cash flows from operating activities:
   Net income........................................................ $    25.2        $    30.6           $  39.2
     Adjustments to reconcile net income to net
       cash provided by operating activities:
         Amortization................................................      13.8             43.0              27.1
         Income taxes................................................      11.4             (1.2)              6.7
         Insurance liabilities.......................................     162.6            120.0              95.2
         Accrual and amortization of investment income...............     (11.4)             1.6                .3
         Deferral of cost of policies produced.......................     (62.7)           (35.3)            (31.8)
         Net (gains) losses from sale of investments.................      10.0            (18.5)            (13.3)
         Other.......................................................        .7            (38.3)             (4.6)
                                                                      ---------        ---------           -------

         Net cash provided by operating activities...................     149.6            101.9             118.8
                                                                      ---------        ---------           -------

Cash flows from investing activities:
   Sales of investments..............................................     904.8          1,185.0             755.2
   Maturities and redemptions........................................     109.0            145.5             150.4
   Purchases of investments..........................................  (1,502.0)        (1,420.7)           (923.5)
                                                                      ---------        ---------           -------

         Net cash used by investing activities.......................    (488.2)           (90.2)            (17.9)
                                                                      ---------        ---------           -------

Cash flows from financing activities:
   Deposits to insurance liabilities.................................     654.1            400.4             255.9
   Investment borrowings.............................................      69.4              4.7              12.6
   Withdrawals from insurance liabilities............................    (324.8)          (385.0)           (302.2)
   Dividends paid on common stock....................................     (27.0)           (32.9)            (32.5)
                                                                      ---------        ---------           -------

         Net cash provided (used) by financing activities............     371.7            (12.8)            (66.2)
                                                                      ---------        ---------           -------

         Net increase (decrease) in cash and cash equivalents........      33.1             (1.1)             34.7

Cash and cash equivalents, beginning of year.........................      48.4             49.5              14.8
                                                                      ---------        ---------           -------

Cash and cash equivalents, end of year............................... $    81.5        $    48.4           $  49.5
                                                                      =========        =========           =======

</TABLE>












                         The accompanying notes are an
                         integral part of the financial
                                  statements.

                                      F-6

<PAGE>

                       CONSECO VARIABLE INSURANCE COMPANY

                          Notes to Financial Statements
                         ------------------------------

1.   SIGNIFICANT ACCOUNTING POLICIES

     Basis of Presentation

     Conseco Variable Insurance Company ("we" or the "Company") markets
tax-qualified annuities and certain employee benefit-related insurance products
through professional independent agents. Prior to its name change in October
1998, the Company was named Great American Reserve Insurance Company. Since
August 1995, the Company has been a wholly owned subsidiary of Conseco, Inc.
("Conseco"), a financial services holding company operating throughout the
United States. Conseco's life insurance subsidiaries develop, market and
administer supplemental health insurance, annuity, individual life insurance,
individual and group major medical insurance and other insurance products.
Conseco's finance subsidiaries originate, purchase, sell and service consumer
and commercial finance loans. On March 31, 2000, Conseco announced its plan to
explore the sale of its finance subsidiaries and its hiring of Lehman Brothers
to assist in the planned sale.

     The following summary explains the accounting policies we use to arrive at
the more significant numbers in our financial statements. We prepare our
financial statements in accordance with generally accepted accounting principles
("GAAP"). We follow the accounting standards established by the Financial
Accounting Standards Board, the American Institute of Certified Public
Accountants and the Securities and Exchange Commission. We reclassified certain
amounts in our 1998 and 1997 financial statements and notes to conform with the
1999 presentation.

     Investments

     Fixed maturities are securities that mature more than one year after
issuance and include bonds, notes receivable and redeemable preferred stock.
Fixed maturities that we may sell prior to maturity are classified as actively
managed and are carried at estimated fair value, with any unrealized gain or
loss, net of tax and related adjustments, recorded as a component of
shareholder's equity. Fixed maturity securities that we intend to sell in the
near term are classified as trading and included in other invested assets. We
include any unrealized gain or loss on trading securities in net investment
gains.

     Equity securities include investments in common stocks and non-redeemable
preferred stock. We carry these investments at estimated fair value. We record
any unrealized gain or loss, net of tax and related adjustments, as a component
of shareholder's equity.

     Mortgage loans held in our investment portfolio are carried at amortized
unpaid balances, net of provisions for estimated losses.

     Policy loans are stated at their current unpaid principal balances.

     Other invested assets include trading securities and certain
non-traditional investments. Non-traditional investments include investments in
certain limited partnerships, mineral rights and promissory notes; we account
for them using either the cost method, or for investments in partnerships over
whose operations the Company exercises significant influence, the equity method.

     We defer any fees received or costs incurred when we originate investments
(primarily mortgage loans). We amortize fees, costs, discounts and premiums as
yield adjustments over the contractual lives of the investments. We consider
anticipated prepayments on mortgage-backed securities in determining estimated
future yields on such securities.

     When we sell a security (other than a trading security), we report the
difference between our sale proceeds and its amortized cost (determined based on
specific identification) as an investment gain or loss.

     We regularly evaluate all of our investments based on current economic
conditions, credit loss experience and other investee-specific developments. If
there is a decline in a security's net realizable value that is other than
temporary, we treat it as a realized loss and reduce our cost basis of the
security to its estimated fair value.

                                       F-7

<PAGE>
                       CONSECO VARIABLE INSURANCE COMPANY

                          Notes to Financial Statements
                         ------------------------------

     Cash and Cash Equivalents

     Cash and cash equivalents include commercial paper, invested cash and other
investments purchased with maturities of less than three months. We carry them
at amortized cost, which approximates their estimated fair value.

     Separate Accounts

     Separate accounts are funds on which investment income and gains or losses
accrue directly to certain policyholders. The assets of these accounts are
legally segregated. They are not subject to the claims that may arise out of any
other business of the Company. We report separate account assets at market
value; the underlying investment risks are assumed by the contract holders. We
record the related liabilities at amounts equal to the market value of the
underlying assets. We record the fees earned for administrative and
contractholder services performed for the separate accounts in insurance policy
income.

     Cost of Policies Produced

     The costs that vary with, and are primarily related to, producing new
insurance business are referred to as cost of policies produced. We amortize
these costs using the interest rate credited to the underlying policy: (i) in
relation to the estimated gross profits for universal life-type and
investment-type products; or (ii) in relation to future anticipated premium
revenue for other products.

     When we realize a gain or loss on investments backing our universal life or
investment-type products, we adjust the amortization to reflect the change in
estimated gross profits from the products due to the current realized gain or
loss and the effect of the event on future investment yields. We also adjust the
cost of policies produced for the change in amortization that would have been
recorded if actively managed fixed maturity securities had been sold at their
stated aggregate fair value and the proceeds reinvested at current yields. We
include the impact of this adjustment in accumulated other comprehensive income
(loss) within shareholder's equity.

     Each year, we evaluate the recoverability of the unamortized balance of the
cost of policies produced. We consider estimated future gross profits or future
premiums, expected mortality or morbidity, interest earned and credited rates,
persistency and expenses in determining whether the balance is recoverable.

     Cost of Policies Purchased

     The cost assigned to the right to receive future cash flows from contracts
existing at the date of an acquisition is referred to as the cost of policies
purchased. The balance of this account is amortized, evaluated for recovery, and
adjusted for the impact of unrealized gains (losses) in the same manner as the
cost of policies produced described above.

     The discount rate we use to determine the value of the cost of policies
purchased is the rate of return we need to earn in order to invest in the
business being acquired. In determining this required rate of return, we
consider many factors including: (i) the magnitude of the risks associated with
each of the actuarial assumptions used in determining expected future cash
flows; (ii) the cost of our capital required to fund the acquisition; (iii) the
likelihood of changes in projected future cash flows that might occur if there
are changes in insurance regulations and tax laws; (iv) the acquired company's
compatibility with other Company activities that may favorably affect future
cash flows; (v) the complexity of the acquired company; and (vi) recent prices
(i.e., discount rates used in determining valuations) paid by others to acquire
similar blocks of business.

     Goodwill

     Goodwill is the excess of the amount paid to acquire the Company over the
fair value of its net assets. Our analysis indicates that the anticipated
ongoing cash flows from the earnings of the Company extends significantly beyond
the maximum 40-year period allowed for goodwill amortization. Accordingly, we
amortize goodwill on the straight-line basis generally over a 40-year period. At
December 31, 1999, the total accumulated amortization of goodwill was $16.1
million. We continually
                                       F-8

<PAGE>
                       CONSECO VARIABLE INSURANCE COMPANY

                          Notes to Financial Statements
                         ------------------------------

monitor the value of our goodwill based on our estimates of future earnings. We
determine whether goodwill is fully recoverable from projected undiscounted net
cash flows from our earnings over the remaining amortization period. If we were
to determine that changes in such projected cash flows no longer support the
recoverability of goodwill over the remaining amortization period, we would
reduce its carrying value with a corresponding charge to expense or shorten the
amortization period (no such changes have occurred).

     Recognition of Insurance Policy Income and Related Benefits and Expenses
     on Insurance Contracts

     Generally, we recognize insurance premiums for traditional life and
accident and health contracts as earned over the premium-paying periods. We
establish reserves for future benefits on a net-level premium method based upon
assumptions as to investment yields, mortality, morbidity, withdrawals and
dividends. We record premiums for universal life-type and investment-type
contracts that do not involve significant mortality or morbidity risk as
deposits to insurance liabilities. Revenues for these contracts consist of
mortality, morbidity, expense and surrender charges. We establish reserves for
the estimated present value of the remaining net costs of all reported and
unreported claims.

     Reinsurance

     In the normal course of business, we seek to limit our exposure to loss on
any single insured or to certain groups of policies by ceding reinsurance to
other insurance enterprises. We currently retain no more than $.5 million of
mortality risk on any one policy. We diversify the risk of reinsurance loss by
using a number of reinsurers that have strong claims-paying ratings. If any
reinsurer could not meet its obligations, the Company would assume the
liability. The likelihood of a material loss being incurred as the result of the
failure of one of our reinsurers is considered remote. The cost of reinsurance
is recognized over the life of the reinsured policies using assumptions
consistent with those used to account for the underlying policy. The cost of
reinsurance ceded totaled $23.1 million, $21.0 million and $24.2 million in
1999, 1998 and 1997, respectively. A receivable is recorded for the reinsured
portion of insurance policy benefits paid and liabilities for insurance
products. Reinsurance recoveries netted against insurance policy benefits
totaled $20.8 million, $21.8 million and $14.9 million in 1999, 1998 and 1997,
respectively.

     Income Taxes

     Our income tax expense includes deferred income taxes arising from
temporary differences between the tax and financial reporting bases of assets
and liabilities. In assessing the realization of deferred income tax assets, we
consider whether it is more likely than not that the deferred income tax assets
will be realized. The ultimate realization of deferred income tax assets depends
upon generating future taxable income during the periods in which temporary
differences become deductible. If future income is not generated as expected,
deferred income tax assets may need to be written off (no such write-offs have
occurred).

     Investment Borrowings

     As part of our investment strategy, we may enter into reverse repurchase
agreements and dollar-roll transactions to increase our investment return or to
improve our liquidity. We account for these transactions as collateral
borrowings, where the amount borrowed is equal to the sales price of the
underlying securities. Reverse repurchase agreements involve a sale of
securities and an agreement to repurchase the same securities at a later date at
an agreed-upon price. Dollar rolls are similar to reverse repurchase agreements
except that, with dollar rolls, the repurchase involves securities that are only
substantially the same as the securities sold. Such borrowings averaged $137.7
million during 1999 and $66.0 million during 1998. These borrowings were
collateralized by investment securities with fair values approximately equal to
the loan value. The weighted average interest rate on short-term collateralized
borrowings was 5.0 percent and 4.4 percent in 1999 and 1998, respectively. The
primary risk associated with short-term collateralized borrowings is that a
counterparty will be unable to perform under the terms of the contract. Our
exposure is limited to the excess of the net replacement cost of the securities
over the value of the short-term investments (such excess was not material at
December 31, 1999). We believe the counterparties to our reverse repurchase and
dollar-roll agreements are financially responsible and that the counterparty
risk is minimal.

                                       F-9

<PAGE>
                       CONSECO VARIABLE INSURANCE COMPANY

                          Notes to Financial Statements
                         ------------------------------

     Use of Estimates

     When we prepare financial statements in conformity with GAAP, we are
required to make estimates and assumptions that significantly affect various
reported amounts of assets and liabilities, and the disclosure of contingent
assets and liabilities at the date of the financial statements and revenues and
expenses during the reporting periods. For example, we use significant estimates
and assumptions in calculating values for the cost of policies produced, the
cost of policies purchased, goodwill, insurance liabilities, liabilities related
to litigation, guaranty fund assessment accruals and deferred income taxes. If
our future experience differs materially from these estimates and assumptions,
our financial statements could be affected.

     Fair Values of Financial Instruments

     We use the following methods and assumptions to determine the estimated
fair values of financial instruments:

     Investment securities. For fixed maturity securities (including redeemable
     preferred stocks) and for equity and trading securities, we use quotes from
     independent pricing services, where available. For investment securities
     for which such quotes are not available, we use values obtained from
     broker-dealer market makers or by discounting expected future cash flows
     using a current market rate appropriate for the yield, credit quality, and
     (for fixed maturity securities) the maturity of the investment being
     priced.

     Cash and cash equivalents. The carrying amount for these instruments
     approximates their estimated fair value.

     Mortgage loans and policy loans. We discount future expected cash flows for
     loans included in our investment portfolio based on interest rates
     currently being offered for similar loans to borrowers with similar credit
     ratings. We aggregate loans with similar characteristics in our
     calculations.

     Other invested assets. We use quoted market prices, where available. When
     quotes are not available, we estimate the fair value based on: (i)
     discounted future expected cash flows; or (ii) independent transactions
     which establish a value for our investment. When we are unable to estimate
     a fair value, we assume a market value equal to carrying value.

     Insurance liabilities for interest-sensitive products. We discount future
     expected cash flows based on interest rates currently being offered for
     similar contracts with similar maturities.

     Investment borrowings. Due to the short-term nature of these borrowings
     (terms generally less than 30 days), estimated fair values are assumed to
     approximate the carrying amount reported in the balance sheet.

     Here are the estimated fair values of our financial instruments:

<TABLE>
<CAPTION>
                                                                              1999                           1998
                                                                   ---------------------------   ------------------------
                                                                   Carrying           Fair       Carrying            Fair
                                                                    Amount            Value       Amount             Value
                                                                    ------            -----       ------             -----
                                                                                     (Dollars in millions)
<S>                                                                <C>             <C>           <C>             <C>
Financial assets:
   Actively managed fixed maturities............................   $1,398.7        $1,398.7      $1,524.1        $1,524.1
   Equity securities ...........................................       49.8            49.8          45.7            45.7
   Mortgage loans...............................................      108.0           102.8         110.2           119.0
   Policy loans.................................................       75.5            75.5          79.6            79.6
   Other invested assets........................................       50.8            50.8         120.3           120.3
   Cash and cash equivalents....................................       81.5            81.5          48.4            48.4

Financial liabilities:
   Insurance liabilities for interest-sensitive products (1)....    1,289.2         1,289.2       1,365.2         1,365.2
   Investment borrowings........................................      135.1           135.1          65.7            65.7

                                      F-10

<PAGE>
                       CONSECO VARIABLE INSURANCE COMPANY

                          Notes to Financial Statements
                         ------------------------------
<FN>
     (1) The estimated fair value of the liabilities for interest-sensitive
         products was approximately equal to its carrying value at December 31,
         1999 and 1998. This was because interest rates credited on the vast
         majority of account balances approximate current rates paid on similar
         products and because these rates are not generally guaranteed beyond
         one year. We are not required to disclose fair values for insurance
         liabilities, other than those for interest-sensitive products .
         However, we take into consideration the estimated fair values of all
         insurance liabilities in our overall management of interest rate risk.
         We attempt to minimize exposure to changing interest rates by matching
         investment maturities with amounts due under insurance contracts.
</FN>
</TABLE>

     Recently Issued Accounting Standards

     Statement of Financial Accounting Standards No. 133, "Accounting for
Derivative Instruments and Hedging Activities" ("SFAS 133"), as amended by
Statement of Financial Accounting Standards No. 137, "Deferral of the Effective
Date of FASB Statement No. 133" requires all derivative instruments to be
recorded on the balance sheet at estimated fair value. Changes in the fair value
of derivative instruments are to be recorded each period either in current
earnings or other comprehensive income, depending on whether a derivative is
designated as part of a hedge transaction and, if it is, on the type of hedge
transaction. SFAS 133 is required to be implemented in year 2001. We are
currently evaluating the impact of SFAS 133; at present, we do not believe it
will have a material effect on our consolidated financial position or results of
operations. Because of ongoing changes to implementation guidance, we do not
plan on adopting the new standard until the first quarter of 2001.

     We implemented the Statement of Position 98-1, "Accounting for the Costs of
Computer Software Developed or Obtained for Internal Use" ("SOP 98-1") on
January 1, 1999. SOP 98-1 defines internal use software and when the costs
associated with internal use software should be capitalized. The implementation
of SOP 98-1 did not have a material effect on our consolidated financial
position or results of operations.

2.   INVESTMENTS:

     At December 31, 1999, the amortized cost and estimated fair value of
actively managed fixed maturities and equity securities were as follows:
<TABLE>
<CAPTION>
                                                                                        Gross         Gross      Estimated
                                                                         Amortized   unrealized    unrealized      fair
                                                                           cost         gains        losses        value
                                                                           ----          -----       ------        -----
                                                                                         (Dollars in millions)
<S>                                                                      <C>             <C>         <C>        <C>
Investment grade:
   Corporate securities................................................  $  840.6        $2.2        $59.3      $  783.5
   United States Treasury securities and obligations of
     United States government corporations and agencies................      15.5          .1           .7          14.9
   States and political subdivisions...................................      11.7         -            1.1          10.6
   Debt securities issued by foreign governments.......................      12.2         -            1.6          10.6
   Mortgage-backed securities .........................................     482.3          .2         22.7         459.8
Below-investment grade (primarily corporate securities)................     129.5         2.4         12.6         119.3
                                                                         --------        ----        -----      --------

     Total actively managed fixed maturities...........................  $1,491.8        $4.9        $98.0      $1,398.7
                                                                         ========        ====        =====      ========

Equity securities......................................................     $47.8        $3.9         $1.9         $49.8
                                                                            =====        ====         ====         =====
</TABLE>




                                      F-11

<PAGE>

                       CONSECO VARIABLE INSURANCE COMPANY

                          Notes to Financial Statements
                         ------------------------------

     At December 31, 1998, the amortized cost and estimated fair value of
actively managed fixed maturities and equity securities were as follows:

<TABLE>
<CAPTION>
                                                                                        Gross         Gross      Estimated
                                                                         Amortized   unrealized    unrealized      fair
                                                                           cost         gains        losses        value
                                                                           ----         -----        ------        -----
                                                                                      (Dollars in millions)
<S>                                                                      <C>            <C>          <C>        <C>
Investment grade:
   Corporate securities................................................  $  860.4       $20.7        $15.0      $  866.1
   United States Treasury securities and obligations of
     United States government corporations and agencies................      26.9          .8           .2          27.5
   States and political subdivisions...................................      17.3          .3          -            17.6
   Debt securities issued by foreign governments.......................      11.7         -             .8          10.9
   Mortgage-backed securities .........................................     487.4         8.0          1.2         494.2
Below-investment grade (primarily corporate securities)................     116.8         1.2         10.2         107.8
                                                                         --------       -----        -----      --------

     Total actively managed fixed maturities...........................  $1,520.5       $31.0        $27.4      $1,524.1
                                                                         ========       =====        =====      ========

Equity securities......................................................  $   46.0       $  .8        $ 1.1      $   45.7
                                                                         ========       =====        =====      ========
</TABLE>

     Accumulated other comprehensive loss included in shareholder's equity as of
December 31, 1999 and 1998, is summarized as follows:
<TABLE>
<CAPTION>

                                                                                                        1999       1998
                                                                                                        ----       ----
                                                                                                     (Dollars in millions)

<S>                                                                                                    <C>         <C>
Unrealized gains (losses) on investments.............................................................  $(90.8)        .9
Adjustments to cost of policies purchased and cost of policies produced..............................    46.3       (2.1)
Deferred income tax benefit..........................................................................    16.1         .4
                                                                                                       ------      -----

       Accumulated other comprehensive loss..........................................................  $(28.4)     $ (.8)
                                                                                                       ======      =====
</TABLE>

     The following table sets forth the amortized cost and estimated fair value
of actively managed fixed maturities at December 31, 1999, by contractual
maturity. Actual maturities will differ from contractual maturities because
borrowers may have the right to call or prepay obligations with or without call
or prepayment penalties. Most of the mortgage-backed securities shown below
provide for periodic payments throughout their lives.
<TABLE>
<CAPTION>
                                                                                                                 Estimated
                                                                                                 Amortized         fair
                                                                                                   cost            value
                                                                                                   ----            -----
                                                                                                    (Dollars in millions)
<S>                                                                                               <C>           <C>
Due in one year or less........................................................................   $    8.2      $    8.2
Due after one year through five years..........................................................       90.8          89.5
Due after five years through ten years.........................................................      279.9         259.6
Due after ten years............................................................................      628.2         579.4
                                                                                                  --------      --------

     Subtotal..................................................................................    1,007.1         936.7
Mortgage-backed securities (a).................................................................      484.7         462.0
                                                                                                  --------      --------

        Total actively managed fixed maturities ...............................................   $1,491.8      $1,398.7
                                                                                                  ========      ========
<FN>

--------------------
(a) Includes below-investment grade mortgage-backed securities with an amortized
    cost  and   estimated   fair  value  of  $2.4  million  and  $2.2   million,
    respectively.

</FN>
</TABLE>

                                      F-12

<PAGE>

                       CONSECO VARIABLE INSURANCE COMPANY

                          Notes to Financial Statements
                         ------------------------------

       Net investment income consisted of the following:
<TABLE>
<CAPTION>
                                                                                          1999         1998         1997
                                                                                          ----         ----         ----
                                                                                               (Dollars in millions)

<S>                                                                                      <C>           <C>         <C>
Actively managed fixed maturity securities...........................................    $114.8        $118.4      $133.6
Equity securities....................................................................      12.2           3.2         1.7
Mortgage loans.......................................................................       9.9          12.1        16.4
Policy loans.........................................................................       4.8           5.1         5.4
Other invested assets................................................................       3.5          13.3         7.7
Cash and cash equivalents............................................................       2.1           2.9         3.4
Separate accounts....................................................................     151.8          44.1        55.7
                                                                                         ------        ------      ------

    Gross investment income..........................................................     299.1         199.1       223.9
Investment expenses..................................................................       1.5           1.1         1.3
                                                                                         ------        ------      ------

       Net investment income.........................................................    $297.6        $198.0      $222.6
                                                                                         ======        ======      ======
</TABLE>

     The Company had no significant fixed maturity investments or mortgage loans
that were not accruing investment income in 1999, 1998 and 1997.

     Investment gains (losses), net of investment expenses, were included in
revenue as follows:
<TABLE>
<CAPTION>
                                                                                           1999         1998         1997
                                                                                           ----         ----         ----
                                                                                                (Dollars in millions)
<S>                                                                                      <C>          <C>           <C>
Fixed maturities:
    Gross gains........................................................................  $  8.6       $ 34.0        $20.6
    Gross losses.......................................................................   (14.5)       (12.4)        (5.1)
    Other than temporary decline in fair value.........................................    (1.3)         -            (.3)
                                                                                         ------       ------        -----

         Net investment gains (losses) from fixed maturities before expenses...........    (7.2)        21.6         15.2

Other..................................................................................      .7           .1          2.2
                                                                                         ------       ------        -----

         Net investment gains (losses) before expenses.................................    (6.5)        21.7         17.4
Investment expenses....................................................................     3.5          3.2          4.1
                                                                                         ------       ------        -----

         Net investment gains (losses).................................................  $(10.0)      $ 18.5        $13.3
                                                                                         ======       ======        =====
</TABLE>

     At December 31, 1999, the mortgage loan balance was primarily comprised of
commercial loans. Approximately 16 percent, 11 percent, 10 percent, 8 percent, 8
percent and 8 percent of the mortgage loan balance were on properties located in
Michigan, Texas, Florida, California, Georgia and Tennessee, respectively. No
other state comprised greater than 7 percent of the mortgage loan balance.
Noncurrent mortgage loans were insignificant at December 31, 1999. At December
31, 1999, our allowance for loss on mortgage loans was $.3 million.

     Life insurance companies are required to maintain certain investments on
deposit with state regulatory authorities. Such assets had an aggregate carrying
value of $11.5 million at December 31, 1999.

     The Company had no investments in any single entity in excess of 10 percent
of shareholder's equity at December 31, 1999, other than investments issued or
guaranteed by the United States government or a United States government agency.

                                      F-13

<PAGE>
                       CONSECO VARIABLE INSURANCE COMPANY

                          Notes to Financial Statements
                         ------------------------------

3.   INSURANCE LIABILITIES:

     These liabilities consisted of the following:
<TABLE>
<CAPTION>
                                                                                    Interest
                                                         Withdrawal    Mortality      rate
                                                         assumption   assumption   assumption      1999            1998
                                                         ----------   ----------   ----------      ----            ----
                                                                                                   (Dollars in millions)
   <S>                                                   <C>              <C>          <C>       <C>            <C>
   Future policy benefits:
     Interest-sensitive products:
       Investment contracts............................      N/A          N/A          (c)      $   976.7       $1,036.0
       Universal life-type contracts...................      N/A          N/A          N/A          312.5          329.2
                                                                                               ----------       --------

         Total interest-sensitive products.............                                           1,289.2        1,365.2
                                                                                                ---------       --------
     Traditional products:
       Traditional life insurance contracts............    Company        (a)         7.6%          137.0          139.9
                                                         experience
       Limited-payment contracts.......................    Company        (b)         7.5%          105.8          106.3
                                                         experience,                                      ----------       --------
                                                        if applicable


         Total traditional products....................                                             242.8          246.2
                                                                                               ----------       --------

   Claims payable and other policyholder funds ........      N/A          N/A          N/A           64.1           62.6
   Liabilities related to separate accounts............      N/A          N/A          N/A        1,457.0          696.4
                                                                                                ---------       --------

       Total...........................................                                          $3,053.1       $2,370.4
                                                                                                 ========       ========
<FN>
-------------
     (a) Principally, modifications of the 1975 - 80 Basic, Select and Ultimate
         Tables.

     (b) Principally, the 1984 United States Population Table and the NAIC 1983
         Individual Annuitant Mortality Table.

     (c) At December 31, 1999 and 1998, approximately 97 percent and 95 percent,
         respectively, of this liability represented account balances where
         future benefits are not guaranteed. The weighted average interest rate
         on the remainder of the liabilities representing the present value of
         guaranteed future benefits was approximately 6 percent at December 31,
         1999.
</FN>
</TABLE>

4.   INCOME TAXES:

     Income tax liabilities were comprised of the following:
<TABLE>
<CAPTION>
                                                                                                     1999           1998
                                                                                                     ----           ----
                                                                                                    (Dollars in millions)
<S>                                                                                                 <C>            <C>
Deferred income tax liabilities (assets):
    Investments (primarily actively managed fixed maturities)..................................     $  3.6         $  5.4
    Cost of policies purchased and cost of policies produced...................................       75.3           56.7
    Insurance liabilities......................................................................      (39.2)         (28.2)
    Unrealized depreciation....................................................................      (16.1)           (.4)
    Other......................................................................................       10.2           (2.2)
                                                                                                    ------         ------

         Deferred income tax liabilities.......................................................       33.8           31.3
Current income tax liabilities (assets)........................................................        (.4)           6.2
                                                                                                    ------         ------
         Income tax liabilities................................................................     $ 33.4         $ 37.5
                                                                                                    ======         ======
</TABLE>
                                      F-14
<PAGE>
                       CONSECO VARIABLE INSURANCE COMPANY

                          Notes to Financial Statements
                         ------------------------------

       Income tax expense was as follows:
<TABLE>
<CAPTION>
                                                                                               1999       1998       1997
                                                                                               ----       ----       ----
                                                                                                  (Dollars in millions)
<S>                                                                                            <C>        <C>        <C>
Current tax provision.....................................................................     $ 4.3      $20.8      $16.3
Deferred tax provision (benefit)..........................................................       9.3       (4.2)       5.8
                                                                                               -----      -----      -----

         Income tax expense...............................................................     $13.6      $16.6      $22.1
                                                                                               =====      =====      =====
</TABLE>

     A reconciliation of the income tax provisions based on the U.S. statutory
corporate tax rate to the provisions reflected in the statement of operations is
as follows:
<TABLE>
<CAPTION>

                                                                                                1999       1998       1997
                                                                                                ----       ----       ----
                                                                                                   (Dollars in millions)

<S>                                                                                             <C>        <C>        <C>
Tax on income before income taxes at statutory rate.......................................      35.0%      35.0%      35.0%
State taxes...............................................................................       1.5        1.0         .7
Other.....................................................................................      (1.4)       (.8)        .3
                                                                                                ----       ----       ----

         Income tax expense...............................................................      35.1%      35.2%      36.0%
                                                                                                ====       ====       ====
</TABLE>

5.   OTHER DISCLOSURES:

     Litigation

     The Company is involved on an ongoing basis in lawsuits related to its
operations. Although the ultimate outcome of certain of such matters cannot be
predicted, such lawsuits currently pending against the Company are not expected,
individually or in the aggregate, to have a material adverse effect on the
Company's financial condition, cash flows or results of operations.

     Guaranty Fund Assessments

     The balance sheet at December 31, 1999, includes: (i) accruals of $1.6
million, representing our estimate of all known assessments that will be levied
against the Company by various state guaranty associations based on premiums
written through December 31, 1999; and (ii) receivables of $1.1 million that we
estimate will be recovered through a reduction in future premium taxes as a
result of such assessments. These estimates are subject to change when the
associations determine more precisely the losses that have occurred and how such
losses will be allocated among the insurance companies. We recognized expense
for such assessments of $1.1 million in 1999, $1.1 million in 1998 and $1.2
million in 1997.

     Related Party Transactions

     The Company operates without direct employees through management and
service agreements with subsidiaries of Conseco. Fees for such services
(including data processing, executive management and investment management
services) are based on Conseco's direct and directly allocable costs plus a 10
percent margin. Total fees incurred by the Company under such agreements were
$43.4 million in 1999, $37.8 million in 1998 and $36.7 million in 1997.

     During 1998 and 1997, the Company purchased $13.0 million and $11.2 million
par value, respectively, of senior subordinated notes issued by subsidiaries of
Conseco. The total carrying value of such notes purchased during 1998, 1997 and
prior years was $45.5 million at December 31, 1998. Such notes are classified as
"other invested assets" in the accompanying balance sheet. In 1999, all such
notes were repurchased from the Company by Conseco or its subsidiaries.


                                      F-15

<PAGE>
                       CONSECO VARIABLE INSURANCE COMPANY

                          Notes to Financial Statements
                         ------------------------------

6.   OTHER OPERATING STATEMENT DATA:

     Insurance policy income consisted of the following:
<TABLE>
<CAPTION>
                                                                                           1999         1998         1997
                                                                                           ----         ----         ----
                                                                                                (Dollars in millions)
<S>                                                                                       <C>           <C>         <C>
Traditional products:
    Direct premiums collected.........................................................    $700.4        $445.8      $309.6
    Reinsurance assumed...............................................................      18.7          15.6        14.9
    Reinsurance ceded.................................................................     (23.1)        (21.0)      (24.2)
                                                                                          ------        ------      ------

          Premiums collected, net of reinsurance......................................     696.0         440.4       300.3
    Less premiums on universal life and products
       without mortality and morbidity risk which are
       recorded as additions to insurance liabilities ................................     654.1         400.4       255.9
                                                                                          ------        ------      ------
          Premiums on traditional products with mortality or morbidity risk,
             recorded as insurance policy income......................................      41.9          40.0        44.4
Fees and surrender charges on interest-sensitive products.............................      30.2          33.6        31.3
                                                                                          ------        ------      ------

          Insurance policy income.....................................................    $ 72.1        $ 73.6      $ 75.7
                                                                                          ======        ======      ======
</TABLE>

     The five states with the largest shares of 1999 collected premiums were
California (14 percent), Texas (14 percent), Florida (13 percent), Michigan (8.8
percent) and Indiana (5.2 percent). No other state accounted for more than 4
percent of total collected premiums.

     Changes in the cost of policies purchased were as follows:
<TABLE>
<CAPTION>

                                                                                           1999         1998         1997
                                                                                           ----         ----         ----
                                                                                                (Dollars in millions)

<S>                                                                                       <C>          <C>         <C>
Balance, beginning of year............................................................    $ 98.0       $106.4      $143.0
    Amortization......................................................................      (4.1)       (21.1)      (15.4)
    Amounts related to fair value adjustment of actively managed fixed maturities           37.7         11.8       (21.2)
    Other ............................................................................       -             .9         -
                                                                                          ------       ------      ------

Balance, end of year..................................................................    $131.6       $ 98.0      $106.4
                                                                                          ======       ======      ======
</TABLE>

     Based on current conditions and assumptions as to future events on all
policies in force, the Company expects to amortize approximately 9 percent of
the December 31, 1999, balance of cost of policies purchased in 2000, 10 percent
in 2001, 9 percent in 2002, 7 percent in 2003 and 6 percent in 2004. The
discount rates used to determine the amortization of the cost of policies
purchased ranged from 3.6 percent to 8.0 percent and averaged 5.8 percent.

     Changes in the cost of policies produced were as follows:
<TABLE>
<CAPTION>

                                                                                           1999         1998         1997
                                                                                           ----         ----         ----
                                                                                                (Dollars in millions)

<S>                                                                                       <C>          <C>          <C>
Balance, beginning of year............................................................    $ 82.5       $ 55.9       $38.2
    Additions.........................................................................      62.7         35.3        31.8
    Amortization......................................................................      (8.3)       (11.0)      (10.2)
    Amounts related to fair value adjustment of actively managed fixed maturities           10.7          2.3        (3.9)
                                                                                          ------       ------       -----

Balance, end of year..................................................................    $147.6       $ 82.5       $55.9
                                                                                          ======       ======       =====
</TABLE>
                                      F-16

<PAGE>

                       CONSECO VARIABLE INSURANCE COMPANY

                          Notes to Financial Statements
                         ------------------------------

7.   STATEMENT OF CASH FLOWS:

     Income taxes paid during 1999, 1998, and 1997, were $2.1 million, $17.1
million and $14.8 million, respectively.

8.   STATUTORY INFORMATION:

     Statutory accounting practices prescribed or permitted by regulatory
authorities for insurance companies differ from GAAP. The Company reported the
following amounts to regulatory agencies:
<TABLE>
<CAPTION>


                                                                                     1999            1998
                                                                                     ----            ----
                                                                                     (Dollars in millions)
   <S>                                                                            <C>              <C>
   Statutory capital and surplus.................................................. $112.6           $134.0
   Asset valuation reserve........................................................   41.4             30.9
   Interest maintenance reserve...................................................   66.7             73.1
                                                                                   -------          ------

       Total...................................................................... $220.7           $238.0
                                                                                   ======           ======
</TABLE>

     Our statutory net income was $14.6 million, $32.7 million and $32.7 million
in 1999, 1998 and 1997, respectively. Statutory net income differs from net
income presented in our financial statements prepared in accordance with GAAP,
primarily because for GAAP reporting we are required to defer and amortize costs
that vary with and are primarily related to the production of new business as
described in note 1.

     State insurance laws generally restrict the ability of insurance companies
to pay dividends or make other distributions. We may pay dividends to our parent
in 2000 of $12.8 million without permission from state regulatory authorities.

     In 1998, the National Association of Insurance Commissioners adopted
codified statutory accounting principles, which are expected to constitute the
only source of prescribed statutory accounting practices and are effective in
2001. The changes to statutory accounting practices resulting from the
codification are not expected to have a material effect on the statutory capital
and surplus or statutory operating earnings data shown above.













                                      F-17







                                    PART C
                              OTHER INFORMATION

ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS

A.   FINANCIAL STATEMENTS

The financial  statements of Conseco Variable  Insurance Company (the "Company")
and the Separate Account are included in Part B hereof.

B.   EXHIBITS

1.   Resolution   of  Board  of  Directors  of  the  Company   authorizing   the
     establishment of the Separate Account.+

2.   Not Applicable.

3.  (i)  Form of Principal Underwriters Agreement.++
    (ii) Form of Selling Agreement.++

4.  (i)    Individual Variable Deferred Annuity Contract.+
    (ii)   Guaranteed Minimum Death Benefit Rider+
    (iii)  Guaranteed Minimum Income Benefit Rider+
    (iv)   Unemployment Benefit Rider+

5.   Application Form.

6.  (i) Articles of Incorporation of the Company.*
   (ii) Articles of Amendment to the Articles of Incorporation
        of the Company.+++
   (iii) Amended and Restated By-Laws of the Company.+++

7.   Not Applicable.

8.   (i)  Form of Fund  Participation  Agreement by and among The Alger American
          Fund,  Great  American  Reserve  Insurance  Company and Fred Alger and
          Company, Incorporated.**

     (ii) Form of Fund  Participation  Agreement  by and  among  Great  American
          Reserve Insurance  Company,  Berger  Institutional  Products Trust and
          BBOI Worldwide LLC.**

     (iii)Form of Fund  Participation  by and  between  Great  American  Reserve


<PAGE>



          Insurance   Company,   Insurance   Management   Series  and  Federated
          Securities Corp.**

     (iv) Form of Fund  Participation  between Great American Reserve  Insurance
          Company,  Van Eck  Worldwide  Insurance  Trust and Van Eck  Associates
          Corporation.**

     (v)  Form of Fund Participation Agreement by and between Lord Abbett Series
          Fund, Inc., Lord,  Abbett and Co. and Great American Reserve Insurance
          Company.**

     (vi) Form of Fund  Participation  Agreement by and between American Century
          Investment  Services,   Inc.  and  Great  American  Reserve  Insurance
          Company.**

    (vii) Form  of  Fund   Participation   Agreement  between  INVESCO  Variable
          Investment Funds, Inc., INVESCO Funds Group, Inc. and the Company.***


   (viii) Form of Fund Participation Agreement between Rydex Variable Trust and
          the Company.+++

     (ix) Form of Fund Participation Agreement between Pioneer Variable
          Contracts Trust and the Company.

9.   Opinion and Consent of Counsel.

10.  Consent of Independent Accountants.

11.  Not Applicable.

12.  Not Applicable.

13.  Calculation of Performance Information.

14.  Not Applicable.

15. Company Organizational Chart. +++

*Incorporated  by reference to Form N-4 (Conseco  Variable  Annuity  Account F -
File Nos. 333-40309 and 811-08483) filed electronically on November 14, 1997.

**Incorporated  by  reference  to  Pre-Effective  Amendment  No.  1 to Form  N-4
(Conseco  Variable Annuity Account F - File Nos.  333-40309 and 811-08483) filed
electronically on February 3, 1998.

***Incorporated  by reference to Conseco  Variable  Annuity Account G, Form N-4,
File Nos. 333-00373 and 811-07501, filed electronically on January 23, 1996.

+Incorporated  by reference to Form N-4 (Conseco  Variable  Annuity  Account H -
File Nos. 333-90737 and 811-09693) filed electronically on November 12, 1999.



<PAGE>



++Incorporated by reference to Pre-Effective Amendment No. 1 to Form N-4
(File Nos. 333-90737 and 811-09693) filed electronically on February 4, 2000.

+++ Incorporated by reference to Post-Effective Amendment No. 1 to Form N-4
(File No. 333-90737) filed electronically on April 28, 2000.

ITEM 25. DIRECTORS AND OFFICERS OF THE DEPOSITOR

     The following are the Executive Officers and Directors of the Company which
are engaged  directly or indirectly in activities  relating to the Registrant or
the Contracts offered by the Registrant:


Name and Principal              Position and Offices
  Business Address*                with Depositor
-------------------  ---------------------------------------

Ngaire E. Cuneo         Director


John M. Howard          Director

David K. Herzog         Director, Executive Vice President,
                        General Counsel and Secretary

Thomas J. Kilian        Director and President


James S. Adams          Director and Senior Vice President,
                        Chief Accounting Officer
                        and Treasurer


*The Principal  business  address for all officers and directors listed above is
11825 N. Pennsylvania Street, Carmel, Indiana 46032.

ITEM 26.  PERSONS  CONTROLLED  BY OR UNDER COMMON  CONTROL WITH THE DEPOSITOR OR
          REGISTRANT

     The Company  organizational chart was filed as Exhibit 15 in Post-Effective
Amendment No. 1 and is incorporated herein by reference.

ITEM 27. NUMBER OF CONTRACT OWNERS

     As of September 30, 2000, there were 371 non-qualified  contract owners and
538 qualified contract owners.

ITEM 28. INDEMNIFICATION

     The Bylaws (Article VI) of the Company provide, in part, that:

The Corporation  shall  indemnify any person who was or is a party, or is
threatened to be made a party, to any threatened,  pending, or completed action,
suit or proceeding, whether civil, criminal,  administrative,  or investigative,
by  reason  of  the  fact  that  he is or  was a  director  or  officer  of  the
Corporation,  or is or was  serving  at the  request  of  the  Corporation  as a
director, officer, employee or agent of another corporation,  partnership, joint
venture,  trust or other  enterprise  (collectively,  "Agent")  against expenses
(including  attorneys'  fees),  judgments,  fines,  penalties,  court  costs and
amounts paid in settlement actually and reasonably incurred by him in connection
with such action,  suit or  proceeding if he acted in good faith and in a manner
he  reasonably  believed  to be in or not opposed to the best  interests  of the
Corporation,  and,  with respect to any criminal  action or  proceeding,  had no
reasonable  cause to believe his conduct was unlawful.  The  termination  of any
action,  suit,  or proceeding by judgment,  order,  settlement  (whether with or
without court  approval),  conviction  or upon a plea of nolo  contendere or its
equivalent,  shall not, of itself,  create a presumption  that the Agent did not
act in good faith and in a manner which he  reasonably  believed to be in or not
opposed to the best  interests  of the  Corporation,  and,  with  respect to any
criminal  action or  proceeding,  had no  reasonable  cause to believe  that his
conduct was unlawful.  If several  claims,  issues or matters are  involved,  an
Agent may be entitled to  indemnification  as to some  matters even though he is
not entitled as to other  matters.  Any  director or officer of the  Corporation
serving in any  capacity  of  another  corporation,  of which a majority  of the
shares  entitled to vote in the election of its  directors is held,  directly or
indirectly, by the Corporation, shall be deemed to be doing so at the request of
the Corporation.

     Insofar as  indemnification  for liability arising under the Securities Act
of 1933 may be permitted  directors and officers or  controlling  persons of the
Company  pursuant to the foregoing,  or otherwise,  the Company has been advised
that  in  the  opinion  of  the   Securities   and  Exchange   Commission   such
indemnification is against public policy as expressed in the Act and, therefore,
unenforceable.  In the  event  that a claim  for  indemnification  against  such
liabilities  (other than the payment by the Company of expenses incurred or paid
by a director,  officer or  controlling  person of the Company in the successful
defense of any action, suit or proceeding) is asserted by such director, officer
or controlling  person in connection with the securities being  registered,  the
Company  will,  unless in the opinion of its counsel the matter has been settled
by  controlling  precedent,  submit to a court of appropriate  jurisdiction  the
question  whether  such  indemnification  by  it is  against  public  policy  as
expressed  in the Act and will be  governed  by the final  adjudication  of such
issue.

ITEM 29.   PRINCIPAL UNDERWRITERS

(a) Conseco Equity Sales,  Inc. is the principal  underwriter  for the following
investment companies (other than the Registrant):

     Conseco Variable Annuity Account C
     Conseco Variable Annuity Account E
     Conseco Variable Annuity Account F
     Conseco Variable Annuity Account G
     Conseco Fund Group
     Rydex Advisor Variable Annuity Account
     BMA Variable Life Account A

(b) Conseco  Equity Sales,  Inc.  ("CES") is the principal  underwriter  for the
Contracts.  The  following  persons are the officers  and  directors of CES. The
principal  business  address for each  officer  and  director of CES is 11815 N.
Pennsylvania Street, Carmel, Indiana 46032.

     Name and Principal              Positions and Offices
     Business Address                  with Underwriter
 ------------------------  ---------------------------------------

     L. Gregory Gloeckner      President and Director

     William P. Kovacs         Vice President, General Counsel,
                               Secretary and Director

     James S. Adams            Senior Vice President, Chief Accounting Officer,
                               Treasurer and Director

     William T. Devanney, Jr.  Senior Vice President, Corporate
                               Taxes

     Donald B. Johnston        Vice President, Director Mutual Fund
                               Sales & Marketing

(c)   Not Applicable.

ITEM 30.   LOCATION OF ACCOUNTS AND RECORDS

     K. Lowell Short, whose address is 11815 N. Pennsylvania Street,  Carmel, IN
46032, maintains physical possession of the accounts,  books or documents of the
Separate  Account  required to be maintained by Section 31(a) of the  Investment
Company Act of 1940 and the rules promulgated thereunder.

ITEM 31.   MANAGEMENT SERVICES

     Not Applicable.

ITEM 32.   UNDERTAKINGS

     a. Registrant hereby undertakes to file a post-effective  amendment to this
registration  statement as frequently as is necessary to ensure that the audited
financial  statements in the registration  statement are never more than sixteen
(16) months old for so long as payment under the variable annuity  contracts may
be accepted.

     b.  Registrant  hereby  undertakes  to  include  either  (1) as part of any
application to purchase a contract  offered by the  Prospectus,  a space that an
applicant can check to request a Statement of Additional  Information,  or (2) a
postcard  or  similar  written  communication  affixed  to or  included  in  the
Prospectus that the applicant can remove to send for a Statement of Additional
Information.

     c.  Registrant  hereby  undertakes  to deliver any  Statement of Additional
Information and any financial statement required to be made available under this
Form promptly upon written or oral request.

     d. Conseco Variable  Insurance  Company (the "Company")  hereby  represents
that the  fees  and  charges  deducted  under  the  Contracts  described  in the
Prospectus,  in the  aggregate,  are  reasonable  in  relation  to the  services
rendered, the expenses to be incurred and the risks assumed by the Company.

     e. The Securities and Exchange  Commission  (the "SEC") issued the American
Council of Life Insurance an industry wide  no-action  letter dated November 28,
1988,  stating  that the SEC  would  not  recommend  any  enforcement  action if
registered  separate accounts funding  tax-sheltered  annuity contracts restrict
distributions  to plan  participants  in  accordance  with the  requirements  of
Section 403(b)(11), provided certain conditions and requirements were met. Among
these conditions and  requirements,  any registered  separate account relying on
the no-action position of the SEC must:

          (1)  Include   appropriate   disclosure   regarding   the   redemption
     restrictions imposed by Section 403(b)(11) in each registration  statement,
     including  the  prospectus,  used  in  connection  with  the  offer  of the
     contract;

          (2)  Include   appropriate   disclosure   regarding   the   redemption
     restrictions imposed by Section 403 (b)(11) in any sales literature used in
     connection with the offer in the contract;

          (3)  Instruct  sales   representatives  who  solicit  participants  to
     purchase the contract  specifically  to bring the  redemption  restrictions
     imposed  by  Section   403(b)(11)   to  the   attention  of  the  potential
     participants; and

          (4) Obtain from each plan  participant  who purchases a Section 403(b)
     annuity  contract,  prior  to or at the  time of such  purchase,  a  signed
     statement   acknowledging  the  participant's   understanding  of  (i)  the
     restrictions  on  redemption  imposed by Section  403(b)(11),  and (ii) the
     investment  alternatives  available  under the  employer's  Section  403(b)
     arrangement,  to which the  participant  may elect to transfer his contract
     value.

     The  Registrant  is  relying  on the  no-action  letter.  Accordingly,  the
provisions of paragraphs (1) - (4) above have been complied with.



                                   SIGNATURES


As  required by the  Securities  Act of 1933 and the  Investment  Company Act of
1940, the Registrant certifies that it meets the requirements of Securities Act
Rule 485(b) for effectiveness of this Registration Statement and has caused this
Registration  Statement to be signed on its behalf,  in the City of Carmel,  and
State of Indiana on this 26th day of December, 2000.

                               CONSECO VARIABLE ANNUITY
                               ACCOUNT H
                               Registrant

                           By: CONSECO VARIABLE INSURANCE COMPANY

                           By: /S/ THOMAS J. KILIAN
                               ------------------------------


                           By: CONSECO VARIABLE INSURANCE COMPANY
                                Depositor

                           By:   /S/ THOMAS J. KILIAN
                               -------------------------------




As required by the Securities Act of 1933, this Registration  Statement has been
signed by the following persons in the capacities and on the dates indicated.
<TABLE>
<CAPTION>

SIGNATURE                                 TITLE                                DATE
------------------------         --------------------------                 ---------------
<S>                              <C>                                        <C>

                                      Director
---------------------------------                                            --------------
    Ngaire E. Cuneo


/S/ THOMAS J. KILIAN                   Director and President                December 26, 2000
--------------------------------      (principal executive officer)          -----------------
    Thomas J. Kilian



/S/ JAMES S. ADAMS                  Senior Vice President,                  December 26, 2000
---------------------------------   Chief Accounting Officer and Treasurer   -----------------
    James S. Adams                  and Director (principal financial
                                    officer and principal accounting officer)


/S/ DAVID K. HERZOG                                                          December 26, 2000
---------------------------------      Director                              --------------
    David K. Herzog




<PAGE>



/S/ JOHN M. HOWARD                                                           December 26, 2000
------------------------------        Director                                ------------------
    John M. Howard


</TABLE>

                            EXHIBITS TO

                POST-EFFECTIVE AMENDMENT NO. 2 TO

                             FORM N-4


                         INDEX TO EXHIBITS


EX-99.B8(ix)  Form of Fund Participation Agreement between Pioneer Variable
              Contracts Trust and the Company
EX-99.B9      Opinion and Consent of Counsel
EX-99.B10     Consent of Independent Accountants
EX-99.B13     Calculation of Performance Information



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