SUPPLEMENT DATED JULY 11, 1995 TO PROSPECTUS DATED MAY 1, 1995
LIFE OF VIRGINIA SERIES FUND, INC.
Add the following to page 3 of the prospectus:
<TABLE>
<CAPTION>
EXPENSES
COMMON REAL
MONEY GOVERNMENT STOCK TOTAL INTERNATIONAL ESTATE
MARKET SECURITIES INDEX RETURN EQUITY SECURITIES
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C> <C> <C>
SHAREHOLDER TRANSACTION EXPENSES None None None None None None
ANNUAL PORTFOLIO OPERATING EXPENSES
Investment Advisory Fees (after waivers) .22% .50% .35% .50% 1.00% .85%
Other Expenses (after reimbursement) .20% .31% .40% .27% .50% .40%
Total Operating Expenses (after waivers and
reimbursements) .42% .81% .75% .77% 1.50% 1.25%
</TABLE>
EXAMPLE. The table below shows the amount of expenses that a shareholder would
pay on a $1,000 investment, assuming a 5% annual return and redemption at the
end of each time period. Expenses would remain the same if shares were not
redeemed at the end of the time periods:
<TABLE>
<CAPTION>
COMMON REAL
MONEY GOVERNMENT STOCK TOTAL INTERNATIONAL ESTATE
MARKET SECURITIES INDEX RETURN EQUITY SECURITIES
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
<S> <C> <C> <C> <C> <C> <C>
1 Year $ 4.30 $ 8.27 $ 7.66 $ 7.86 $ 15.26 $ 12.73
3 Years 13.49 25.86 23.97 24.60 47.41 39.65
5 Years 23.54 44.96 41.69 42.78 81.84 68.63
10 Years 52.99 100.17 93.03 95.42 179.05 151.13
</TABLE>
The purpose of the preceding table is to assist investors in understanding the
various costs and expenses that they will bear. All expenses are borne directly
or indirectly by shareholders. For more information about expenses, see
"Investment Adviser" herein. The table does not, however, show all of the
expenses that an owner of a variable life insurance or annuity contract (a
"variable contract") or a participant in the Plan or in an unaffiliated plan
would bear if a portfolio of the Fund is selected as an investment option under
a variable contract or plan. For more information about expenses under variable
contracts, see the prospectus for such contracts. For more information about
the expenses under the Plan or an unaffiliated plan, see plan disclosure
documents.
Because the International Equity Portfolio and Real Estate Securities Portfolio
were recently organized and have little or no operating history, total annual
expenses and other expenses for these portfolios are estimates. Expenses for
the other portfolios are based on the actual expenses for the fiscal year ended
December 31, 1994.
<PAGE>
Pursuant to investment advisory agreements between Aon Advisors, Inc. ("AAI")
and Life of Virginia Series Fund, Inc. (the "Fund"), AAI has agreed to reimburse
each of the portfolios for any operating expenses in excess of certain limits
established for that portfolio. The total annual expenses for the Common Stock
Index Portfolio shown above reflect such reimbursements. Without such
reimbursement, total annual expenses for the Common Stock Index Portfolio would
have been 1.10%. AAI has also waived a portion of its advisory fee for the
Money Market Portfolio and the fee and the total expenses for the Money Market
Portfolio shown above reflect this waiver. Absent this waiver, total annual
expenses for the Money Market Portfolio would have been 0.70%. See "Investment
Adviser" herein for a discussion of reimbursement obligations and fee waivers.
In addition to AAI's obligation to reimburse each portfolio under the investment
advisory agreements, AAI on a voluntary basis (outside the investment advisory
agreements) has agreed until May 1, 1996, to reimburse International Equity
Portfolio and Real Estate Securities Portfolio for expenses in excess of the
following amounts: International Equity Portfolio, 1.50% of the first $30
million of average daily net assets; Real Estate Securities Portfolio, 1.25% of
the first $30 million of average daily net assets. Although AAI may end the
voluntary reimbursements after May 1, 1996, it currently has no intention of
doing so. Estimates of total annual expenses for the International Equity
Portfolio and Real Estate Securities Portfolio reflect anticipated
reimbursements from AAI. Without such reimbursements the estimated total annual
expenses would be 1.75% for the International Equity Portfolio and 1.50% for the
Real Estate Securities Portfolio.
PROSPECTIVE INVESTORS SHOULD NOT CONSIDER THE EXAMPLES TO REPRESENT PAST OR
FUTURE EXPENSES AND ACTUAL EXPENSES PAID MAY BE GREATER OR LESS THAN THOSE
SHOWN. THE ASSUMED 5% ANNUAL RETURN IS HYPOTHETICAL; PAST OR FUTURE ANNUAL
RETURNS MAY BE GREATER OR LESS THAN THE ASSUMED AMOUNT.
