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 following accumulation unit values for the period ended June 30, 2000 are
added to Appendix A:
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Russell Insurance Funds
Aggressive Equity Sub-Account
Beginning of Period $10.42
End of Period $10.70
Number of Accum. Units 1,043,006
Outstanding
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Core Bond Sub-Account
Beginning of Period $10.38
End of Period $10.69
Number of Accum. Units 2,895,759
Outstanding
- -------------------------------------------------------------------------
Multi-Style Equity Sub-Account
Beginning of Period $14.67
End of Period $13.93
Number of Accum. Units 4,424,671
Outstanding
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Non-U.S. Sub-Account
Beginning of Period $14.65
End of Period $13.87
Number of Accum. Units 1,778,484
Outstanding
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Real Estate Securities Sub-Account
Beginning of Period $ 9.39
End of Period $10.43
Number of Accum. Units 134,092
Outstanding
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General American Capital Company
Money Market Sub-Account
Beginning of Period $11.53
End of Period $11.80
Number of Accum. Units 2,526,087
Outstanding
2. The following replaces Appendix B - 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 unit values investing
in these portfolios.
<PAGE>
o Column A presents performance figures for the accumulation units which
reflect the insurance charges, the contract maintenance charge, the fees
and expenses of the 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 the fees and expenses of the portfolio.
<TABLE>
<CAPTION>
Total Return for the periods ended 6/30/00:
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Accumulation Unit Performance
Column A Column B
(reflects all (reflects insurance
charges and charges and
portfolio expenses) portfolio expenses)
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Separate Account
Inception Date since since
Portfolio in Portfolio 1 yr inception 1 yr inception
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<S> <C> <C> <C> <C> <C>
Russell Insurance Funds
Aggressive Equity 12/31/97 2.48% 0.88% 7.08% 2.75%
Core Bond 12/31/97 -1.84% 0.82% 2.76% 2.70%
Multi-Stlye Equity 12/31/97 -6.07% 12.59% 1.47% 14.18%
Non-U.S. 12/31/97 12.53% 12.39 17.13% 13.99%
Real Estate Securities 7/01/99 N/A -0.81% N/A 4.29%
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General American
Capital Company
Money Market 6/3/96 -0.20% 3.03% 4.40% 4.14%
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</TABLE>
PART 2 - HISTORICAL FUND PERFORMANCE
The portfolios of Russell Insurance Funds and the Money Market Fund of General
American Capital Company 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 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.
Total Return for the periods ended 6/30/00:
<TABLE>
<CAPTION>
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Accumulation Unit Performance
Column B Column C
(reflects all (reflects insurance
Portfolio Performance charges and charges and
Column A portfolio expenses) portfolio expenses)
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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
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Russell Insurance Funds
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Aggressive Equity 1/2 /97 8.57% N/A 12.24% 2.48% N/A 9.43% 7.08% N/A 10.84%
Core Bond 1/2 /97 4.21% N/A 5.72% -1.84% N/A 2.91% 2.76% N/A 4.32%
Multi-Style Equity 1/2 /97 -0.08% N/A 19.32% -6.07% N/A 16.51% -1.47% N/A 17.92%
Non-U.S. 1/2 /97 18.73% N/A 11.01% 12.53% N/A 8.20% 17.13% N/A 9.61%
Real Estate Securities 4/30/99 5.32% N/A 3.17% -0.68% N/A -2.19% 3.92% N/A 1.77%
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General American
Capital Company
Money Market 10/1/87 5.88% 5.61% 5.24% -0.20% 4.11% 3.74% 4.40% 4.21% 3.84%
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</TABLE>
CL-4400 (9/00) 21-RUSS-S-1
