SUPPLEMENT DATED MAY 14, 1996
TO PROSPECTUS DATED MAY 1, 1996
LIFE OF VIRGINIA SEPARATE ACCOUNT 4
Policy Form P1140 10/90
Prior to November 23, 1995, Policyowners could allocate Net Premiums
Payments and Account Value to six Investment Subdivisions which are now
closed to new investment (the "Closed Investment Subdivisions"). Although no
new allocations can be made to the Closed Investment Subdivisions, existing
allocations of Account Value will be permitted to remain there.
Alternatively, Policyowners may transfer amounts from the Closed Investment
Subdivisions to other Investment Subdivisions currently available under the
Policy. This supplement contains information about the investment objective,
adviser, and expenses of these Closed Investment Subdivisions and their
underlying portfolios. For more information about the portfolios, see the
individual prospectus for each portfolio.
THE FUNDS
Oppenheimer Variable Account Funds ("OVAF")
Oppenheimer Money Fund seeks the maximum current income from investments in
"money market" securities consistent with low capital risk and the
maintenance of liquidity.
Oppenheimer Funds, Inc. ("OFI") serves as investment adviser to the OVAF.
Variable Insurance Products Fund ("VIPF")
Money Market Portfolio seeks high current income while maintaining a stable
share price by investing in a broad range of money market securities.
High Income Portfolio seeks high current income by investing mainly in high-
yielding, high-risk debt securities, with an emphasis on lower-quality
securities.
Fidelity Management & Research Company ("FMR") serves as investment advisor
to the VIPF.
Neuberger & Berman Advisers Management Trust
Each portfolio of the Advisers Management Trust invests all of its net
investable assets in its corresponding series of Advisers Managers Trust.
Balanced Portfolio has the investment objective of providing long-term
capital growth and reasonable current income without undue risk to principal.
Its corresponding series, AMT Balanced Investments, has the same investment
objective.
Limited Maturity Bond Portfolio has the investment objective of providing the
highest current income consistent with low risk to principal and liquidity;
and secondarily, total return. Its corresponding series, AMT Limited
Maturity Bond Investments, has the same investment objective.
Growth Portfolio has the investment objective of seeking capital appreciation
without regard to income. Its corresponding series, AMT Growth Investments,
has the same investment objective.
Neuberger & Berman Management Incorporated provides investment management
services to Advisers Managers Trust.
THERE IS NO ASSURANCE THAT THE STATED OBJECTIVES
AND POLICIES OF ANY OF THE FUNDS WILL BE ACHIEVED.
More detailed information concerning the investment objectives and policies
of the Funds and the investment advisory services and charges can be found in
the current prospectuses for the Funds. A prospectus for each Fund can be
obtained by writing or calling Life of Virginia's Home Office. The
prospectus for each Fund should be read carefully before any decision is made
concerning the allocation of premium payments or transfers among the
investment subdivisions. FEE TABLE
The purpose of this table is to assist the Owner in understanding the
various costs and expenses that a Owner will bear, directly and indirectly.
The Table reflects charges and expenses of the portfolios for the most recent
fiscal year. For more information on the charges described in these Tables
see the individual prospectus for each portfolio.
Variable Insurance Products Fund Annual Expenses
(as a % of average net assets)
<TABLE>
<CAPTION>
Money High
Market Income
Portfolio Portfolio
<S> <C>
Management Fees 0.24% 0.60%
Other Expenses (after any expense reimbursement) 0.09% 0.11%
Total Fund Annual Expenses 0.33% 0.71%
</TABLE>
Neuberger & Berman Advisers Management Trust Annual Expenses
(as a % of average net assets)
<TABLE>
<CAPTION>
Limited
Balanced Growth Maturity Bond
Portfolio Portfolio Portfolio
<S> <C>
Annual Operating Expenses 0.85% 0.84% 0.65%
Other Expenses (after any expense reimbursement) 0.19% 0.10% 0.10%
Total Fund Annual Expenses 1.04% 0.94% 0.75%
</TABLE>
Oppenheimer Variable Account Funds Annual Expenses
(as a % of average net assets)
Opp.
Money
Fund
Management Fees .45%
Other Expenses .06%
Total Fund Annual Expenses .51%
EXAMPLES: A Policyowner would pay the following expense on a $1,000
investment, assuming a 5% annual return on assets and the charges and
expenses reflected in the Fee Table above:
1. If you surrender* your Policy at the end of the applicable period:
1 Year 3 Years 5 Years 10 Years
Variable Insurance Products Fund
Money Market Portfolio $78.09 $109.43 $131.76 $209.46
High Income Portfolio 81.91 121.07 151.33 249.29
Neuberger & Berman Advisers Management Trust
Balanced Portfolio 85.21 131.09 168.02 282.59
Growth Portfolio 84.21 128.07 163.00 272.63
Limited Maturity Bond Portfolio 82.31 122.30 153.37 253.39
Oppenheimer Variable Account Funds
Oppenheimer Money Fund 79.90 114.97 141.08 228.53
* surrender includes annuitization over a period of less than 5 years
2. If you annuitize at the end of the applicable period, or do not
surrender*:
1 Year 3 Years 5 Years 10 Years
Variable Insurance Products Fund
Money Market Portfolio $18.09 $56.03 $96.45 $209.46
High Income Portfolio 21.91 67.60 115.93 249.29
Neuberger & Berman Advisers Management Trust
Balanced Portfolio 25.21 77.55 132.55 282.59
Growth Portfolio 24.21 74.55 127.55 272.63
Limited Maturity Bond Portfolio 22.31 68.82 117.96 253.39
Oppenheimer Variable Account Funds
Oppenheimer Money Fund 19.90 61.53 105.73 228.53
* surrender includes annuitization over a period of less than 5 years
For purposes of these examples, the $30 Annual Policy Maintenance Charge
has been translated into an assumed charge at an annual rate of 0.10% of
Account Value. The actual amount of the policy maintenance charge
attributable to a $1,000 investment will depend on the amount of the total
investment in the Policy.
THESE EXAMPLES SHOULD NOT BE CONSIDERED REPRESENTATIVE OF 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.
THE LIFE INSURANCE COMPANY OF VIRGINIA
6610 West Broad Street
Richmond, Virginia 23230
(804) 281-6000
