COVA FINANCIAL SERVICES LIFE INSURANCE COMPANY
COVA VARIABLE ANNUITY ACCOUNT ONE
Supplement dated September 1, 2000
The following supplements certain information contained in your Cova variable
annuity prospectus:
1. The MFS New Discovery Series of MFS Variable Insurance Trust is an available
investment portfolio under your contract. Massachusetts Financial Services
Company is the investment adviser to the MFS New Discovery Series.
Investment Objective: The Series' investment objective is capital
appreciation. The Series invests, under normal market conditions, at least 65%
of its total assets in equity securities of emerging growth companies.
<PAGE>
2. The following is added to the Investment Portfolio Expenses table -
MFS Variable Insurance Trust:
Management Other Expenses(a) Total Annual
Fees (after expense Portfolio Expenses(a)
reimbursement) (after expense reimbursement)
MFS New Discovery Series .90% .17%(b) 1.07% (b)
<PAGE>
(a) The Series has an expense offset arrangement which reduces the Series'
custodian fee based on cash maintained by the Series with its custodian and
dividend disbursing agent. The Series may enter into other such arrangements and
directed brokerage arrangements, which would also have the effect of reducing
the Series' expenses. "Other Expenses" above do not take into account these
expense reductions, and are therefore higher than the actual expenses of the
Series. Had these fee reductions been taken into account, net expenses would be
lower and would equal 1.05%.
(b) MFS has contractually agreed, subject to reimbursement, to bear expenses for
the Series such that the Series' "Other Expenses" (after taking into account the
expense offset arrangement described above) do not exceed .15% of the average
daily net assets of the Series during the current fiscal year. This contractual
fee arrangement will continue until at least May 1, 2001, unless changed with
the consent of the board of trustees which oversees the series. Absent the
reimbursement, "Total Annual Portfolio Expenses" were 2.49%.
3. The following Examples are added:
You would pay the following expenses on a $1,000 investment, assuming a 5%
annual return on assets: (a) if you surrender the contract at the end of each
time period; (b) if you do not surrender the contract or if you apply the
contract value to an annuity option.
Time Periods
1 Year 3 Years
MFS New Discovery Series (a) $76.00 (a) $124.77
(b) $26.00 (b) $ 79.77
4. The following accumulation unit values for the period ended June 30, 2000 are
added to Appendix A:
AIM Variable Insurance Funds Managed by A I M Advisors, Inc.
AIM V.I. Capital Appreciation Sub-Account
Beginning of Period $16.79
End of Period $18.04
Number of Accum. Units Outstanding 2,127,052
<PAGE>
- ----------------------------------------------------------------------------
AIM V.I. International Equity Sub-Account
Beginning of Period $17.42
End of Period $15.42
Number of Accum. Units Outstanding 431,055
- ----------------------------------------------------------------------------
AIM V.I. Value Sub-Account
Beginning of Period $16.73
End of Period $16.57
Number of Accum. Units Outstanding 4,430,868
- ----------------------------------------------------------------------------
Alliance Variable Products Series Fund, Inc. (Class A)
Managed by Alliance Capital Management L.P.
Premier Growth Sub-Account
Beginning of Period $19.04
End of Period $19.49
Number of Accum. Units Outstanding 3,066,420
- ----------------------------------------------------------------------------
Real Estate Investment Sub-Account
Beginning of Period $ 7.47
End of Period $ 8.61
Number of Accum. Units Outstanding 648,615
- ----------------------------------------------------------------------------
American Century Variable Portfolios, Inc
Managed by American Century Investment Management, Inc.
VP Income & Growth
Beginning of Period $10.32
End of Period $ 9.88
Number of Accum. Units Outstanding 367,574
-----------------------------------------------------------------------------
VP International Sub-Account
Beginning of Period $12.51
End of Period $11.68
Number of Accum. Units Outstanding 25,526
-----------------------------------------------------------------------------
VP Value Sub-Account
Beginning of Period $ 9.58
End of Period $ 9.13
Number of Accum. Units Outstanding 191,955
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Cova Series Trust
Managed by Lord, Abbett & Co.
Bond Debenture Sub-Account
Beginning of Period $13.77
End of Period $13.86
Number of Accum. Units Outstanding 10,965,278
- ----------------------------------------------------------------------------
Developing Growth Sub-Account
Beginning of Period $14.45
End of Period $12.66
Number of Accum. Units Outstanding 2,987,923
- ----------------------------------------------------------------------------
Large Cap Research Sub-Account
Beginning of Period $14.64
End of Period $13.84
Number of Accum. Units Outstanding 2,659,673
- ----------------------------------------------------------------------------
Lord Abbett Growth and Income Sub Account
Beginning of Period $39.46
End of Period $38.33
Number of Accum. Units Outstanding 20,485,223
- ----------------------------------------------------------------------------
Mid-Cap Value Sub-Account
Beginning of Period $10.88
End of Period $12.72
Number of Accum. Units Outstanding 2,867,155
- ----------------------------------------------------------------------------
Managed by J.P. Morgan Investment Management Inc.
International Equity Sub-Account
Beginning of Period $16.33
End of Period $15.56
Number of Accum. Units Outstanding 7,926,508
- ----------------------------------------------------------------------------
Large Cap Stock Sub-Account
Beginning of Period $22.55
End of Period $21.91
Number of Accum. Units Outstanding 10,893,382
- ----------------------------------------------------------------------------
Quality Bond Sub-Account
Beginning of Period $11.57
End of Period $11.90
Number of Accum. Units Outstanding 7,064,346
- ----------------------------------------------------------------------------
Select Equity Sub-Account
Beginning of Period $18.38
End of Period $18.07
Number of Accum. Units Outstanding 12,265,969
- ----------------------------------------------------------------------------
Small Cap Stock Sub-Account
Beginning of Period $17.93
End of Period $17.95
Number of Accum. Units Outstanding 5,592,635
- ----------------------------------------------------------------------------
Dreyfus Stock Index Fund
Managed by The Dreyfus Corporation
Dreyfus Stock Index Fund Sub-Account
Beginning of Period $10.32
End of Period $10.19
Number of Accum. Units Outstanding 60,525
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Dreyfus Variable Investment Fund
Managed by The Dreyfus Corporation
Dreyfus VIF - CapitalAppreciation Sub-Account
Beginning of Period $10.12
End of Period $10.32
Number of Accum. Units Outstanding 177,716
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Dreyfus VIF - Disciplined Stock Sub-Account
Beginning of Period $10.30
End of Period $10.25
Number of Accum. Units Outstanding 11,772
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Franklin Templeton Variable Insurance Products Trust,
Class 1 Shares
Managed by Franklin Mutual Advisers, LLC
Mutual Shares Securities Sub-Account
Beginning of Period $10.41
End of Period $10.39
Number of Accum. Units Outstanding 409,282
- ----------------------------------------------------------------------------
Managed by Templeton Asset Management Ltd.
Templeton Developing Markets Securities Sub-Account
Beginning of Period $11.46
End of Period $ 9.45
Number of Accum. Units Outstanding 459,583
- ----------------------------------------------------------------------------
Managed by Templeton Investment Counsel, Inc.
Templeton International Securities Sub-Account
Beginning of Period $11.15
End of Period $11.13
Number of Accum. Units Outstanding 1,209,737
- -----------------------------------------------------------------------------
Managed by Franklin Advisers, Inc.
Franklin Small Cap Sub-Account
Beginning of Period $17.68
End Of Period $18.33
Number of Accum Units Outstanding 167,354
- -----------------------------------------------------------------------------
General American Capital Company
Managed by Conning Asset Management Company
Money Market Sub-Account
Beginning of Period $11.53
End of Period $11.80
Number of Accum. Units Outstanding 2,526,087
- -----------------------------------------------------------------------------
Goldman Sachs Variable Insurance Trust
Managed by Goldman Sachs Asset Management
Goldman Sachs VIT Growth and Income Sub-Account
Beginning of Period $10.30
End of Period $10.30
Number of Accum. Units Outstanding 686,985
- -----------------------------------------------------------------------------
Managed by Goldman Sachs Asset Management International
Goldman Sachs VIT Global Income Sub-Account
Beginning of Period $10.52
End of Period $10.79
Number of Accum. Units Outstanding 47,038
- -----------------------------------------------------------------------------
Goldman Sachs VIT International Equity Sub-Account
Beginning of Period $14.83
End of Period $14.49
Number of Accum. Units Outstanding 286.126
- -----------------------------------------------------------------------------
INVESCO Variable Investment Funds, Inc.
Managed by INVESCO Funds Group, Inc.
INVESCO VIF - Dynamics Sub-Account
Beginning of Period $11.14
End of Period $12.58
Number of Accum. Units Outstanding 185,417
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INVESCO VIF - High Yield Sub-Account
Beginning of Period $10.12
End of Period $ 9.92
Number of Accum. Units Outstanding 104,934
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Kemper Variable Series
Managed by Scudder Kemper Investments, Inc.
Kemper Government Securities Sub-Account
Beginning of Period $10.48
End of Period $10.82
Number of Accum. Units Outstanding 196,881
- -----------------------------------------------------------------------------
Kemper Small Cap Growth Sub-Account
Beginning of Period $15.49
End of Period $16.76
Number of Accum. Units Outstanding 213,982
- ------------------------------------------------------------------------------
Kemper Small Cap Value Sub-Account
Beginning of Period $ 8.87
End of Period $ 8.65
Number of Accum. Units Outstanding 531,511
--------------------------------------------------------------------------------
Liberty Variable Investment Trust
Managed by Newport Fund Management, Inc.
Newport Tiger Fund, Variable Sub-Account
Beginning of Period $15.29
End of Period $15.13
Number of Accum. Units Outstanding 59,317
- ------------------------------------------------------------------------------
MFS Variable Insurance Trust
Managed by Massachusetts Financial Services Company
MFS Emerging Growth Sub-Account
Beginning of Period $23.06
End of Period $22.37
Number of Accum. Units Outstanding 1,539,223
- ------------------------------------------------------------------------------
MFS Global Governments Sub-Account
Beginning of Period $10.26
End of Period $10.33
Number of Accum. Units Outstanding 10,819
- ------------------------------------------------------------------------------
MFS Growth With Income Sub-Account
Beginning of Period $12.70
End of Period $12.67
Number of Accum. Units Outstanding 1,763,191
- ------------------------------------------------------------------------------
MFS High Income Sub-Account
Beginning of Period $10.33
End of Period $10.29
Number of Accum. Units Outstanding 488,268
- ------------------------------------------------------------------------------
MFS Research Sub-Account
Beginning of Period $14.89
End of Period $15.72
Number of Accum. Units Outstanding 1,313,226
- ------------------------------------------------------------------------------
PIMCO Variable Insurance Trust
Managed by Pacific Investment Management Company
PIMCO High Yield Bond Sub-Account
Beginning of Period $10.08
End of Period $ 9.92
Number of Accum. Units Outstanding 3,284
--------------------------------------------------------------------------------
PIMCO Low Duration Bond Sub-Account
Beginning of Period $ 9.97
End of Period $10.24
Number of Accum. Units Outstanding 1,000
--------------------------------------------------------------------------------
PIMCO StocksPLUS Growth and Income Sub-Account
Beginning of Period $10.31
End of Period $10.11
Number of Accum. Units Outstanding 22,299
--------------------------------------------------------------------------------
PIMCO Total Return Bond Sub-Account
Beginning of Period $ 9.88
End of Period $10.14
Number of Accum. Units Outstanding 214,794
--------------------------------------------------------------------------------
Putnam Variable Trust
Managed by Putnam Investment Management, Inc.
Putnam VT Growth and Income Sub-Account
Beginning of Period $11.40
End of Period $10.99
Number of Accum. Units Outstanding 2,621,992
- ------------------------------------------------------------------------------
Putnam VT International Growth Sub-Account
Beginning of Period $18.49
End of Period $18.47
Number of Accum. Units Outstanding 1,321,944
- ------------------------------------------------------------------------------
Putnam VT International New Opportunities Sub-Account
Beginning of Period $22.82
End of Period $19.16
Number of Accum. Units Outstanding 239,432
- ------------------------------------------------------------------------------
Putnam VT New Value Sub-Account
Beginning of Period $10.37
End of Period $10.60
Number of Accum. Units Outstanding 96,066
- ------------------------------------------------------------------------------
Putnam VT Vista Sub-Account
Beginning of Period $17.77
End of Period $20.51
Number of Accum. Units Outstanding 613,841
-------------------------------------------------------------------------------
Scudder Variable Life Investment Fund
Managed by Scudder Kemper Investments, Inc.
International Sub-Account
Beginning of Period $11.63
End of Period $10.29
Number of Accum. Units Outstanding 113,601
------------------------------------------------------------------------------
5. The following replaces Appendix C - Performance Information:
APPENDIX C
PERFORMANCE INFORMATION
Future performance will vary and the results shown are not necessarily
representative of future results.
Note: The figures below present investment performance information for the
periods ended June 30, 2000. While these numbers represent the returns as of
that date, they do not represent performance information of the portfolios since
that date. Performance information for the periods after June 30, 2000 may be
different than the numbers shown below.
PART 1 - SEPARATE ACCOUNT PERFORMANCE
The portfolios listed below began operations before June 30, 2000. As a result,
performance information is available for the accumulation units investing in
these portfolios.
o Column A presents performance figures for the accumulation units which
reflect the insurance charges, the contract maintenance charge, the fees
and expenses of each portfolio, and assumes that you make a withdrawal at
the end of the period and therefore the withdrawal charge is reflected.
o Column B presents performance figures for the accumulation units which
reflect the insurance charges and fees and expenses of each portfolio.
o Performance figures shown for sub-accounts in existence for less than one
year are not annualized.
Total Return for the periods ended 6/30/00:
<TABLE>
<CAPTION>
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Accumulation Unit Performance
Column A Column B
(reflects all (reflects insurance
charges and charges and portfolio
portfolio expenses) expenses)
- ----------------------------------------------------------------------------------------------------------------------------------
Separate Account
Inception Date Since Since
Portfolio in Portfolio 1 yr 5 yrs inception 1 yr 5 yrs inception
- ----------------------------------------------------------------------------------------------------------------------------------
AIM Variable Insurance
Funds
<S> <C> <C> <C> <C> <C> <C> <C>
AIM V.I. Capital
Appreciation 12/31/97 36.32% N/A 25.26% 40.92% N/A 26.64%
AIM V.I. International
Equity 12/31/97 25.91% N/A 17.42% 30.51% N/A 18.92%
AIM V.I. Value 12/31/97 7.03% N/A 20.95% 11.63% N/A 22.39%
- ----------------------------------------------------------------------------------------------------------------------------------
Alliance Variable Products
Series Fund, Inc.
Premier Growth (Class A) 12/31/97 14.29% N/A 29.31% 18.89% N/A 30.62%
Real Estate Investment (Class A) 12/31/97 -2.25% N/A -7.97% 2.35% N/A -5.82%
- ----------------------------------------------------------------------------------------------------------------------------------
Cova Series Trust
Bond Debenture 5/1/96 -2.18% N/A 6.94% 2.42% N/A 7.90%
Developing Growth 8/20/97 -5.09% N/A 7.13% -0.49% N/A 8.59%
International Equity 5/1/96 10.43% N/A 9.74% 15.03% N/A 10.63%
Large Cap Research 8/20/97 -0.71% N/A 10.63% 3.89% N/A 12.02%
Large Cap Stock 5/1/96 -3.92% N/A 20.02% 0.69% N/A 20.70%
Lord Abbett Growth and Income 1/8/99 -6.55% N/A 1.40% -1.95% N/A 4.53%
Mid-Cap Value 8/20/97 5.40% N/A 7.29% 10.01% N/A 8.76%
Quality Bond 5/1/96 -1.82% N/A 3.47% 2.78% N/A 4.53%
Select Equity 5/1/96 -8.40% N/A 14.24% -3.80% N/A 15.03%
Small Cap Stock 5/1/96 30.89% N/A 12.86% 35.49% N/A 13.70%
- ----------------------------------------------------------------------------------------------------------------------------------
Franklin Templeton Variable Insurance Products Trust,
Class 1 Shares
Mutual Shares Securities (1) 5/1/98 -10.97% N/A -3.84% -6.37% N/A -1.56%
Templeton Developing
Markets Securities (2) 5/1/98 -16.59% N/A -4.89% -11.99% N/A -2.58%
Templeton International
Securities (3) 5/1/98 6.56% N/A 2.95% 11.16% N/A 5.08%
Franklin Small Cap (4) 3/1/99 60.03% N/A 64.89% 64.63% N/A 67.82%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Effective May 1, 2000, the Mutual Shares Investments Fund (previously
offered under the contract) merged into the Mutual Shares Securities Fund.
Performance shown reflects historical performance of the Mutual Shares
Securities Fund.
(2) Previously, the Templeton Developing Markets Securities Fund was known as
the Templeton Developing Markets Fund. Effective May 1, 2000, the Templeton
Developing Markets Securities Fund merged into the Templeton Developing Markets
Equity Fund. Performance shown reflects historical performance of the Templeton
Developing Markets Securities Fund.
(3) Previously, the Templeton International Securities Fund was known as the
Templeton International Fund. Effective May 1, 2000, the Templeton International
Securities Fund merged into the Templeton International Equity Fund. Performance
shown reflects historical performance of the Templeton International Securities
Fund.
(4) Effective May 1, 2000, the Franklin Small Cap Investments Fund
(previously offered under the contract) merged into the Franklin Small Cap Fund.
Performance shown reflects historical performance of the Franklin Small Cap
Fund.
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Accumulation Unit Performance
Column A Column B
(reflects all (reflects insurance
charges and charges and portfolio
portfolio expenses) expenses)
- ----------------------------------------------------------------------------------------------------------------------------------
Separate Account
Inception Date Since Since
Portfolio in Portfolio 1 yr 5 yrs inception 1 yr 5 yrs inception
- ----------------------------------------------------------------------------------------------------------------------------------
General American Capital Company
<S> <C> <C> <C> <C> <C> <C>
Money Market 6/3/96 -0.20% N/A 3.03% 4.40% N/A 4.14%
- ----------------------------------------------------------------------------------------------------------------------------------
Goldman Sachs Variable
Insurance Trust
Goldman Sachs
VIT Global Income 1/29/98 -2.33% N/A 1.27% 2.27% N/A 3.20%
Goldman Sachs VIT Growth
and Income 1/29/98 -9.79% N/A -0.74% -5.19% N/A 1.24%
Goldman Sachs VIT
International Equity 1/29/98 20.00% N/A 14.94% 24.60% N/A 6.57%
- ----------------------------------------------------------------------------------------------------------------------------------
Kemper Variable Series
Kemper Government
Securities 12/31/97 -1.44% N/A 1.34% 3.16% N/A 3.20%
Kemper Small Cap Growth 12/31/97 34.15% N/A 21.51% 38.75% N/A 22.95%
Kemper Small Cap Value 12/31/97 -10.75% N/A -7.79% -6.15% N/A -5.66%
- ----------------------------------------------------------------------------------------------------------------------------------
Liberty Variable Investment Trust
Newport Tiger Fund,
Variable Series 12/31/97 23.04% N/A 16.48% 27.64% N/A 18.01%
- ----------------------------------------------------------------------------------------------------------------------------------
MFS Variable Insurance Trust
MFS Emerging Growth 12/31/97 46.32% N/A 36.82% 50.92% N/A 38.03%
MFS Global Governments 12/31/97 -4.18% N/A -0.59% 0.42% N/A 1.32%
MFS Growth With Income 12/31/97 -4.69% N/A 8.25% -0.09% N/A 9.94%
MFS High Income 12/31/97 -4.35% N/A -0.77% 0.25% N/A 1.14%
MFS Research 12/31/97 14.87% N/A 18.36% 19.47% N/A 19.85%
- ----------------------------------------------------------------------------------------------------------------------------------
Putnam Variable Trust
Putnam VT Growth and
Income - Class IA Shares 12/31/97 -16.69% N/A 2.02% -12.09% N/A 3.85%
Putnam VT International
Growth - Class IA Shares 12/31/97 36.83% N/A 26.49% 41.43% N/A 27.84%
Putnam VT International
New Opportunities -
Class IA Shares 12/31/97 36.96% N/A 28.40% 41.56% N/A 29.73%
Putnam VT New Value -
Class IA Shares 12/31/97 -15.51% N/A 0.49% -10.91% N/A 2.37%
Putnam VT Vista -
Class IA Shares 12/31/97 50.81% N/A 32.03% 55.41% N/A 33.32%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
APPENDIX C
PART 2 - HISTORICAL FUND PERFORMANCE
Certain portfolios have been in existence for some time and have an investment
performance history. In order to show how the historical performance of the
portfolios affects the contract's accumulation unit values, the following
performance information was developed.
The information is based upon the historical experience of the portfolios and is
for the periods shown. The chart below shows the investment performance of the
portfolios and the accumulation unit performance calculated by assuming that the
contracts were invested in the portfolios for the same periods.
o The performance figures in Column A reflect the fees and expenses paid by
each portfolio.
o Column B presents performance figures for the accumulation units which
reflect the insurance charges, the contract maintenance charge, the fees
and expenses of each portfolio, and assumes that you make a withdrawal at
the end of the period and therefore the withdrawal charge is reflected.
o Column C presents performance figures for the accumulation units which
reflect the insurance charges and the fees and expenses of each portfolio.
o Performance figures shown for portfolios in existence for less than one
year are not annualized.
Total Return for the periods ended 6/30/00:
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Accumulation Unit Performance
Column B Column C
(reflects all (reflects insurance
Portfolio Performance charges and charges and portfolio
Column A portfolio expenses) expenses)
- ----------------------------------------------------------------------------------------------------------------------------------
Portfolio 10 yrs or 10 yrs or 10 yrs or
Inception since since since
Portfolio Date 1 yr 5 yrs inception 1 yr 5 yrs inception 1 yr 5 yrs inception
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AIM Variable Insurance Funds
AIM V.I. Capital
Appreciation 5/5/93 42.91% 22.36% 21.98% 36.32% 20.86% 20.48% 40.92% 20.96% 20.58%
AIM V.I.
International Equity 5/5/93 32.34% 17.27% 15.54% 25.91% 15.77% 14.04% 30.51% 15.87% 14.14%
AIM V.I. Value 5/5/93 13.20% 21.82% 21.26% 7.03% 20.32% 19.76% 11.63% 20.42% 19.86%
- ----------------------------------------------------------------------------------------------------------------------------------
Alliance Variable Products Series Fund, Inc.
Premier Growth
(Class A) 6/26/92 20.57% 30.30% 24.99% 14.29% 28.80% 23.49% 18.89% 28.90% 23.59%
Real Estate
Investment (Class A) 1/9/97 3.79% N/A 2.76% -2.25% N/A -0.06% 2.35% N/A 1.36%
- ----------------------------------------------------------------------------------------------------------------------------------
American Century Variable Portfolios, Inc.
VP Income & Growth 10/30/97 3.68% N/A 18.05% -2.32% N/A 14.84% 2.28% N/A 16.65%
VP International 5/1/94 43.62% 21.81% 17.13% 37.62% 20.31% 15.63% 42.22% 20.41% 15.73%
VP Value 5/1/96 -15.88% N/A 8.64% -21.88% N/A 6.04% -17.28% N/A 7.24%
------------------------------------------------------------------------------------------------------------------------------------
Dreyfus Stock Index Fund 9/29/89 6.96% 22.38% 17.31% 0.96% 20.88% 15.81% 5.56% 20.98% 15.91%
------------------------------------------------------------------------------------------------------------------------------------
Dreyfus Variable Investment Fund
Dreyfus VIF -
Appreciation 4/5/93 6.56% 22.29% 18.99% 0.56% 20.79% 17.49% 5.16% 20.89% 17.59%
Dreyfus VIF -
Disciplined Stock 5/1/96 7.56% N/A 22.78% 1.56% N/A 20.18% 6.16% N/A 21.38%
------------------------------------------------------------------------------------------------------------------------------------
Franklin Templeton Variable Insurance Products Trust,
Class 1 Shares
Mutual Shares
Securities (1) 11/08/96 0.24% N/A 9.69% -10.97 N/A 6.93% -6.37% N/A 8.29%
Templeton Developing
Markets Securities
Fund (2) 3/04/96 -10.74% N/A -8.71% -16.59 N/A -11.27% -11.99% N/A -10.11%
Templeton
International
Securities Fund (3) 5/01/92 12.73% 15.54% 14.44% 6.56% 14.04% 12.94% 11.16% 14.14% 13.04%
Franklin Small Cap
Fund (4) 11/01/95 80.21% N/A 28.51% 60.03% N/A 26.03% 64.63% N/A 27.11%
</TABLE>
1) Effective May 1, 2000, the Mutual Shares Investments Fund (previously
offered under the contract) merged into the Mutual Shares Securities Fund.
Performance shown reflects historical performance and inception date of the
Mutual Shares Securities Fund.
(2) Previously, the Templeton Developing Markets Fund. Effective May 1, 2000,
the Templeton Developing Markets Fund merged into the Templeton Developing
Markets Equity Fund. Performance shown reflects historical performance and
inception date of the Templeton Developing Markets Securities Fund.
(3) Previously, the Templeton International Fund. Effective May 1, 2000, the
Templeton International Securities Fund merged into the Templeton International
Equity Fund. Performance shown reflects historical performance and inception
date of the Templeton International Securities Fund.
(4) Effective May 1, 2000, the Franklin Small Cap Investments Fund
(previously offered under the contract) merged into the Franklin Small Cap Fund.
Performance shown reflects historical performance and inception date of the
Franklin Small Cap Fund.
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Accumulation Unit Performance
Column B Column C
(reflects all (reflects insurance
Portfolio Performance charges and charges and portfolio
Column A portfolio expenses) expenses)
- ----------------------------------------------------------------------------------------------------------------------------------
Portfolio 10 yrs or 10 yrs or 10 yrs or
Inception since since since
Portfolio Date 1 yr 5 yrs inception 1 yr 5 yrs inception 1 yr 5 yrs inception
- ----------------------------------------------------------------------------------------------------------------------------------
General American Capital Company
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Money Market 10/1/87 5.88% 5.61% 5.24% -0.20% 4.11% 3.74% 4.40% 4.21% 3.84%
- ----------------------------------------------------------------------------------------------------------------------------------
Goldman Sachs Variable Insurance Trust
Goldman Sachs VIT
Global Income 1/12/98 3.71% N/A 4.20% -2.33% N/A 0.85% 2.27% N/A 2.80%
Goldman Sachs VIT
Growth and Income 1/12/98 -3.83% N/A 4.70% -9.79% N/A 1.35% -5.19% N/A 3.30%
Goldman Sachs VIT
International Equity 1/12/98 26.28% N/A 19.68% 20.00% N/A 16.33% 24.60% N/A 18.28%
- ----------------------------------------------------------------------------------------------------------------------------------
INVESCO Variable Investment Funds, Inc.
INVESCO VIF -
Dynamics 8/25/97 46.96% N/A 31.51% 40.96% N/A 28.41% 45.56% N/A 30.11%
INVESCO VIF -
High Yield 5/27/94 1.50% 10.24% 10.14% -4.50% 8.74% 8.64% 0.10% 8.84% 8.74%
------------------------------------------------------------------------------------------------------------------------------------
Kemper Variable Series
Kemper Government
Securities 9/3/87 4.60% 5.91% 7.24% -1.44% 4.41% 5.74% 3.16% 4.51% 5.84%
Kemper Small
Cap Growth 5/2/94 40.72% 27.42% 25.37% 34.15% 25.92% 23.87% 38.75% 26.02% 23.97%
Kemper Small
Cap Value 5/1/96 -4.82% N/A 2.54% -10.75% N/A -0.06% -6.15% N/A 1.14%
------------------------------------------------------------------------------------------------------------------------------------
Scudder Variable Life Investment Fund
International 5/1/87 25.18% 16.83% 11.19% 19.18% 15.33% 9.69% 23.78% 15.43% 9.79%
------------------------------------------------------------------------------------------------------------------------------------
Liberty Variable Investment Trust
Newport Tiger Fund,
Variable Series 5/1/95 29.44% 4.92% 6.415 23.045 3.42% 5.01% 27.64% 3.52% 5.11%
- ----------------------------------------------------------------------------------------------------------------------------------
MFS Variable Insurance Trust
MFS Emerging
Growth 7/24/95 53.05% N/A 31.60% 46.32% N/A 29.17% 50.92% N/A 30.20%
MFS Global
Governments 6/14/94 1.84% 2.48% 3.97% -4.18% 0.98% 2.47% 0.42% 1.08% 2.57%
MFS Growth
With Income 10/09/95 1.33% N/A 18.83% -4.69% N/A 16.36% -0.09% N/A 17.43%
MFS High Income 7/26/95 1.67% N/A 7.43% -4.35% N/A 5.00% 0.25% N/A 6.03%
MFS Research 7/26/95 21.16% N/A 21.83% 14.87% N/A 19.40% 19.47% N/A 20.43%
MFS New Discovery 5/1/98 56.28% N/A 35.18% 50.28% N/A 31.58% 54.88% N/A 33.78%
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PIMCO Variable Insurance Trust
PIMCO High Yield Bond 4/30/98 0.60% N/A 1.80% -5.40% N/A -1.80% -0.80% N/A 0.40%
PIMCO Low
Duration Bond 2/16/99 4.14% N/A 3.97% -1.86% N/A -0.84% 2.74% N/A 2.57%
PIMCO StocksPLUS
Growth and Income 12/31/97 6.24% N/A 18.91% 0.24% N/A 15.58% 4.84% N/A 17.51%
PIMCO Total
Return Bond 12/31/97 4.62% N/A 4.51% -1.38% N/A 1.18% 3.22% N/A 3.11%
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Putnam Variable Trust
Putnam VT Growth
and Income -
Class IA Shares 2/01/88 -10.85% 14.68% 13.25% -16.69% 13.18% 11.75% -12.09% 13.28% 11.85%
Putnam VT International
Growth - Class
IA Shares 1/02/97 43.43% N/A 25.69% 36.83% N/A 22.88% 41.43% N/A 24.29%
Putnam VT International
New Opportunities -
Class IA Shares 1/02/97 43.56% N/A 21.64% 36.96% N/A 18.83% 41.56% N/A 20.24%
Putnam VT New Value -
Class IA Shares 1/02/97 -9.71% N/A 7.58% -15.51% N/A 4.77% -10.91% N/A 6.18%
Putnam VT Vista -
Class IA Shares 1/02/97 57.61% N/A 31.73% 50.81% N/A 28.92% 55.41% N/A 30.33%
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</TABLE>
CL-4402 (9/00) 21-NAVI-S-1
