AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL 27, 1998
REGISTRATION NO. 33-
811-8190
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-4
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [x]
PRE-EFFECTIVE AMENDMENT NO.__ [ ]
POST-EFFECTIVE AMENDMENT NO.__ [ ]
and
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [x]
AMENDMENT NO. 11
UNITED OF OMAHA SEPARATE ACCOUNT C
(EXACT NAME OF REGISTRANT)
UNITED OF OMAHA LIFE INSURANCE COMPANY
(NAME OF DEPOSITOR)
Mutual of Omaha Plaza, Omaha, Nebraska, 68175
NAME AND ADDRESS OF AGENT FOR SERVICE:
Kenneth W. Reitz, Esquire
Mutual of Omaha Companies
Mutual of Omaha Plaza, 3-Law
Omaha, Nebraska, 68175-1008
Telephone: (402) 351-5087
Fax: (402 351-5906
Internet: [email protected]
Approximate date of proposed public offering: As soon
as practical after effectiveness of the Registration Statement.
FLEXIBLE PAYMENT VARIABLE DEFERRED ANNUITY POLICY
(TITLE, AMOUNT, AND PROPOSED MAXIMUM OFFERING PRICE OF
SECURITIES BEING REGISTERED)
Pursuant to Rule 24f-2 under the Investment Company Act of 1940, the Registrant
declares that an indefinite amount of securities are being registered under the
Securities Act of 1933. The Securities Act registration fee of $500 is being
paid with this initial filing.
-------
The Registrant hereby amends this Registration Statement on such date or dates
as may be necessary to delay its effective date until the Registrant shall file
a further amendment which specifically states that this Registration Statement
shall thereafter become effective in accordance with Section 8(a) of the
Securities Act of 1933 or until the Registration Statement shall become
effective on such date as the Commission, acting pursuant to said Section 8(a),
shall determine.
<PAGE>
CROSS REFERENCE SHEET
Pursuant to Rule 495
Showing Location in Part A (Prospectus) and
Part B (Statement of Additional Information)
of Registration Statement of Information Required by Form N-4
PART A
Item of Form N-4 Prospectus Caption
1. Cover Page...................... Cover Page
2. Definitions..................... Definitions
3. Synopsis........................ Summary; Historical Performance Data
4. Condensed Financial Information. Financial Statements
5. General
(a) Depositor....................... United of Omaha Life Insurance Company
(b) Registrant...................... The Variable Account
(c) Portfolio Company............... The Series Funds
(d) Fund Prospectus................. The Series Funds
(e) Voting Rights................... Voting Rights
6. Deductions and Expenses
(a) General......................... Charges and Deductions
(b) Sales Load %.................... N/A
(c) Special Purchase Plan........... N/A
(d) Commissions..................... Distributor of the Policies
(e) Expenses - Registrant........... N/A
(f) Fund Expenses................... Expenses Including Investment
Advisory Fees
(g) Organizational Expenses......... N/A
7. Policies
(a) Persons with Rights............. The Policy; Election of Annuity Option;
Determination of Annuity Payments; Annuity
Starting Date; Ownership of the Policy;
Voting Rights
(b) (i) Allocation of Premium
Payments.................. Allocation of Purchase Payments
(ii) Transfers................. Transfers
(iii) Exchanges................. N/A
(c) Changes......................... Addition, Deletion or Substitution of
Investments; Election of Annuity Option;
Annuity Starting Date; Beneficiary;
Ownership of the Policy
(d) Inquiries....................... Summary
8. Annuity Period.................. Payout Options
9. Death Benefit................... Death of Annuitant or Owner Prior to
Annuity Starting Date
10. Purchase and Policy Values
(a) Purchases....................... Policy Application and Issuance of
Policies; Purchase Payments
(b) Valuation....................... Accumulation Value; The Variable Account
Value
(c) Daily Calculation............... The Variable Account Value
(d) Underwriter..................... Distributor of the Policies
11. Redemptions
(a) By Owners....................... Withdrawals
By Annuitant.................... N/A
(b) Texas ORP....................... Restrictions Under the Texas Optional
Retirement Program
(c) Check Delay..................... Payment not Honored by Bank
(d) Lapse........................... N/A
(e) Free Look....................... Summary
12. Taxes........................... Certain Federal Income Tax Consequences
13. Legal Proceedings............... Legal Proceedings
14. Table of Contents for the
Statement of Statement of Additional
Additional Information.............. Information
PART B
Item of Form N-4 Statement of Additional
Information Caption
15. Cover Page..................... Cover Page
16. Table of Contents.............. Table of Contents
17. General Information
and History.................... (Prospectus) United of Omaha Life Insurance
Company
18. Services
(a) Fees and Expenses
of Registrant.................. N/A
(b) Management Policies............ N/A
(c) Custodian...................... Custody of Assets
Independent
Auditors ..................... Independent Auditors
(d) Assets of Registrant........... Custody of Assets
(e) Affiliated Person.............. N/A
(f) Principal Underwriter.......... Distribution of the Policies
19. Purchase of Securities
Being Offered.................. Distribution of the Policies
Offering Sales Load............ N/A
20. Underwriters................... Distribution of the Policies; (Prospectus)
Distributor of the Policies
21. Calculation of Performance
Data Calculation of Yields and Total Returns;
Other Performance Data
22. Annuity Payments............... (Prospectus) Election of Payout Option;
(Prospectus) Determination of Annuity
Payments
23. Financial Statements........... Financial Statements
PART C -- OTHER INFORMATION
Item of Form N-4 Part C Caption
24. Financial Statements
and Exhibits........................ Financial Statements and Exhibits
(a) Financial Statements............ Financial Statements
(b) Exhibits........................ Exhibits
25. Directors and Officers of....... Directors and Officers of the
the Depositor................... Depositor
26. Persons Controlled By or
Under Common Control
with the Depositor Persons Controlled By or Under Common
or Registrant................... Control with the Depositor or Registrant
27. Number of Policy Owners......... Number of Policy Owners
28. Indemnification................. Indemnification
29. Principal Underwriters.......... Principal Underwriters
30. Location of Accounts
and Records..................... Location of Accounts and Records
31. Management Services............. Management Services
32. Undertakings.................... Undertakings
Signature Page...................... Signatures
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[GRAPHIC OMITTED] PROSPECTUS: Dated _________, 1998
ULTRA-ACCESS
Flexible Payment Variable
Deferred Annuity Policy
This Prospectus describes the Ultra-Access Variable Annuity Policy (the
"Policy"), a Flexible Payment Variable Deferred Annuity offered by UNITED OF
OMAHA LIFE INSURANCE COMPANY ("we, us, our, United of Omaha"). The Policy is
designed to aid in long-term financial planning and provides for the
accumulation of capital by individuals on a tax-deferred basis for retirement or
other long-term purposes.
The Owner ("you, your") may allocate Net Purchase Payments to one or more of
the 27 Eligible investments, which are the 25 Ultra-Access Variable Annuity
Subaccounts of the UNITED OF OMAHA SEPARATE ACCOUNT C (the "Variable Account")
and the Fixed Account or Systematic Transfer Account. Assets of each Subaccount
of the Variable Account are invested in a corresponding mutual fund Portfolio.
The mutual funds offered through the Policy, while they may have the same or
similar names of retail mutual funds, are not the same as those funds. By law,
the Policy may not offer those retail mutual funds, so it offers funds whose
names and characteristics may be similar to them but whose performance is not
necessarily related to the retail funds. The Portfolios are described in
separate prospectuses that accompany this Prospectus. The Policy's available
investment options are:
ALGER AMERICAN GROWTH PORTFOLIO
ALGER AMERICAN SMALL CAPITALIZATION PORTFOLIO
FEDERATED PRIME MONEY FUND II ("MONEY MARKET") PORTFOLIO
FEDERATED FUND FOR U.S. GOVERNMENT SECURITIES PORTFOLIO
FIDELITY ASSET MANAGER: GROWTH PORTFOLIO
FIDELITY EQUITY INCOME PORTFOLIO
FIDELITY CONTRAFUND PORTFOLIO
FIDELITY INDEX 500 PORTFOLIO
MFS EMERGING GROWTH PORTFOLIO
MFS HIGH INCOME FUND PORTFOLIO
MFS RESEARCH PORTFOLIO
MFS WORLD GOVERNMENT PORTFOLIO
MFS VALUE SERIES PORTFOLIO
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
MORGAN STANLEY FIXED INCOME PORTFOLIO
PIONEER CAPITAL GROWTH PORTFOLIO
PIONEER REAL ESTATE PORTFOLIO
SCUDDER GLOBAL DISCOVERY PORTFOLIO
SCUDDER GROWTH & INCOME PORTFOLIO
SCUDDER INTERNATIONAL PORTFOLIO
T. ROWE PRICE EQUITY INCOME PORTFOLIO
T. ROWE PRICE INTERNATIONAL PORTFOLIO
T. ROWE PRICE LIMITED TERM BOND PORTFOLIO
T. ROWE PRICE NEW AMERICA GROWTH PORTFOLIO
T. ROWE PRICE PERSONAL STRATEGY BALANCED PORTFOLIO
FIXED ACCOUNT
SYSTEMATIC TRANSFER ACCOUNT
The Accumulation Value in the Variable Account will vary in accordance with
the investment performance of the Subaccounts selected by the Owner. This means
you bear the entire investment risk under this Policy for all amounts allocated
to the Variable Account. Amounts allocated to the Fixed Account or Systematic
Transfer Account are guaranteed by us and will earn a specified rate of interest
declared periodically.
It may not always be in your best interest to replace existing annuity coverage
with the Policy described in this prospectus.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION NOR HAS THE COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY
OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
AN INTEREST IN THE POLICY IS NOT A DEPOSIT OR OBLIGATION OF, OR GUARANTEED OR
ENDORSED BY ANY BANK, NOR IS THE POLICY FEDERALLY INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD, OR ANY OTHER AGENCY. THE
POLICY INVOLVES INVESTMENT RISK, INCLUDING POSSIBLE LOSS OF PRINCIPAL.
<PAGE>
This Prospectus sets forth information you should consider before investing in
a Policy. A Statement of Additional Information about the Policy and the
Variable Account, which has the same date as this Prospectus, has been filed
with the Securities and Exchange Commission and is incorporated herein by
reference.You may obtain a copy of the Statement of Additional Information at no
cost by writing to us at our Service Office (United of Omaha Variable Product
Service, P.O. Box 8430, Omaha, Nebraska 68108-0430) or by calling us at
1-800-238-9354. The table of contents of the Statement of Additional Information
is included at the end of this Prospectus.
The Policy may be purchased with an initial Purchase Payment of at least
$5,000. An Owner generally may pay additional Purchase Payments of at least $500
each (but no additional Purchase Payments are required).
The Policy provides for periodic annuity payments to be made by us to you, if
living, for the life of the Annuitant or for some other period, beginning on the
Annuity Starting Date selected by you. Prior to the Annuity Starting Date, you
can transfer Accumulation Value among the Eligible Investments, that is, among
the Fixed Account or Systematic Transfer Account and the 25 Subaccounts of the
Variable Account (some prohibitions and restrictions apply, especially on
transfers out of the Fixed Account or Systematic Transfer Account). You can also
elect to withdraw all or a portion of the Cash Surrender Value; however,
withdrawals may be taxable, subject to a tax penalty, and withdrawals from the
Fixed Account or Systematic Transfer Account may be delayed.
THIS PROSPECTUS AND THE STATEMENT OF ADDITIONAL INFORMATION GENERALLY DESCRIBE
ONLY THE POLICIES AND THE VARIABLE ACCOUNT, EXCEPT WHEN THE FIXED ACCOUNT IS
SPECIFICALLY MENTIONED.
PLEASE READ THIS PROSPECTUS CAREFULLY
AND RETAIN IT FOR FUTURE REFERENCE.
THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFERING IN ANY JURISDICTION IN WHICH
SUCH OFFERING MAY NOT LAWFULLY BE MADE. NO DEALER, SALESPERSON OR OTHER PERSON
IS AUTHORIZED TO GIVE ANY INFORMATION OR MAKE ANY REPRESENTATIONS IN CONNECTION
WITH THIS OFFERING OTHER THAN THOSE CONTAINED IN THIS PROSPECTUS, AND, IF GIVEN
OR MADE, SUCH OTHER INFORMATION OR REPRESENTATIONS MUST NOT BE RELIED UPON.
THIS PROSPECTUS MUST BE ACCOMPANIED OR PRECEDED
BY A CURRENT PROSPECTUS FOR EACH PORTFOLIO
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TABLE OF CONTENTS
Page
DEFINITIONS ................................................................ 4
SUMMARY ................................................................... 6
FINANCIAL STATEMENTS........................................................ 13
UNITED OF OMAHA LIFE INSURANCE COMPANY...................................... 15
THE ELIGIBLE INVESTMENTS.................................................... 16
The Variable Account
Historical Performance Data
Standardized Performance Data
The Fixed Account and The Systematic Transfer Account
Transfers
Dollar Cost Averaging
Asset Allocation Program
THE POLICY.................................................................. 28
Policy Application and Issuance of Policies
Purchase Payments
Accumulation Value
Telephone Transactions
DISTRIBUTIONS UNDER THE POLICY.............................................. 30
Withdrawals
Systematic Withdrawal Plan
Annuity Payments
Annuity Starting Date
Election of Payout Option
Payout Options
Death Benefit
Death of Owner Prior to Annuity Starting Date
Accidental Death Benefit
Death of Owner On or After Annuity Starting Date
Beneficiary
IRS Required Distributions
Restrictions Under the Texas Optional Retirement Program
CHARGES AND DEDUCTIONS...................................................... 34
Withdrawal Charge
Mortality and Expense Risk Charge
Administrative Charges
Transfer Fee
Premium Taxes
Federal, State and Local Taxes
Other Expenses Including Investment Advisory Fees
CERTAIN FEDERAL INCOME TAX CONSEQUENCES..................................... 37
Tax Status of the Policy
Taxation of Annuities
DISTRIBUTOR OF THE POLICIES................................................. 41
VOTING RIGHTS............................................................... 41
PREPARING FOR THE YEAR 2000................................................. 41
LEGAL PROCEEDINGS........................................................... 41
STATEMENT OF ADDITIONAL INFORMATION......................................... 42
3
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DEFINITIONS
Accumulation Unit -- An accounting unit of measure used in calculating the
Accumulation Value in the Variable Account prior to the Annuity Starting Date.
Accumulation Value -- The dollar value as of any Valuation Date prior to the
Annuity Starting Date of all amounts accumulated under the Policy.
Anniversary Value -- An amount equal to the Accumulation Value on a Policy
Anniversary.
Annuitant -- The person on whose life Annuity Payments involving life
contingencies are based. If the Annuitant is other than the Owner, the Annuitant
has no rights under the Policy.
Annuity Payment -- A payment made by United of Omaha under an annuity Payout
Option.
Annuity Purchase Value -- An amount equal to the Accumulation Value for the
Valuation Period which ends immediately preceding the Annuity Starting Date
reduced by any Withdrawal Charge, and any charge for applicable premium or
similar taxes.
Annuity Starting Date -- The date upon which Annuity Payments are to begin. The
latest Annuity Starting Date permitted is when the Annuitant attains age 95.
(Age 85 in Pennsylvania.)
Beneficiary -- The person(s) or other legal entity listed by the Owner in the
Policy application and referred to in the Policy as the named beneficiary. In
the case of joint Owners, the surviving joint Owner is the primary Beneficiary
and the named Beneficiary is the contingent Beneficiary. If the named
Beneficiary does not survive the Owner, the estate of the Owner is the
Beneficiary.
Cash Surrender Value -- The Accumulation Value less any applicable Withdrawal
Charge, any applicable Policy Fee, and any applicable premium tax charge not
previously deducted.
Current Interest Rate Guarantee -- Our guarantee to pay a declared current
interest rate on amounts under a Policy allocated to the Fixed Account or to
amounts allocated to the Systematic Transfer Account. A particular Current
Interest Rate Guarantee will be in effect for at least one year.
Date of Issue -- The date the Policy is issued, as shown on the Policy Data
Page.
Due Proof of Death -- A certified copy of a death certificate, a certified copy
of a decree of a court of competent jurisdiction as to the finding of death, a
written statement by the attending physician, or any other proof satisfactory to
us will constitute Due Proof of Death.
Eligible Investments -- The Fixed Account and any of the Subaccounts of the
Variable Account.
Fixed Account -- An account which consists of general account assets of United
of Omaha Life Insurance Company.
Net Purchase Payment -- A Purchase Payment less any charge for applicable
premium taxes.
Nonqualified Policy -- A Policy other than a Qualified Policy.
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<PAGE>
Payee -- The person who receives Annuity Payments under the Policy.
Payout Option -- Any method of payment of Policy Proceeds under the Policy.
Policy -- The variable annuity policy offered by this Prospectus.
Policy Anniversary -- The same month and day as the Date of Issue in each
calendar year after the calendar year in which the Date of Issue occurs.
Policy Owner or Owner ("you, your") -- The person(s) who may exercise all rights
and privileges under the Policy. If there are joint Owners, the signatures of
both Owners are needed to exercise rights under the Policy. The Policy Owner may
change the ownership of the Policy or pledge it as collateral by assigning it.
Policy Year -- A Policy Year begins on the Date of Issue and each Policy
Anniversary.
Portfolio -- A Series Fund's separate investment series that is available under
the Policy.
Purchase Payment -- An amount paid to United of Omaha by the Policy Owner or on
the Policy Owner's behalf as consideration for the benefits provided by, and in
accordance with the provisions of, the Policy.
Proceeds -- The death benefit or the Annuity Purchase Value.
Qualified Policy -- A Policy that may be issued as set forth herein in
connection with a qualified plan that receives favorable tax treatment under
Section 401, 403(b), or 408 of the Internal Revenue Code of 1986, as amended.
Series Funds -- Diversified, open-end investment management companies in which
the Variable Account invests.
Service Office - United of Omaha Variable Product Service, P.O. Box 8430, Omaha,
Nebraska 68108-0430. Telephone: 1-800-238-9354.
Subaccount -- A segregated account within the Variable Account which invests in
a specified Portfolio of one of the Series Funds.
Systematic Transfer Account -- An account which consists of general account
assets of United of Omaha Life Insurance Company and is available for use
exclusively by Owners electing to participating in the Systematic Transfer
Enrollment Program.
United of Omaha ("we, us, our") - The issuer of the Policies: United of Omaha
Life Insurance Company, Mutual of Omaha Plaza, Omaha, Nebraska 68175. Please use
our Service Office address for communications regarding the Policies.
Valuation Date -- Each day that the New York Stock Exchange is open for trading.
Valuation Period -- The period commencing at the close of business of the New
York Stock Exchange on each Valuation Date and ending at the close of business
for the next succeeding Valuation Date.
Variable Account -- United of Omaha Separate Account C, a separate account
maintained by us in which a portion of our assets has been allocated for the
Policy and certain other policies.
Written Notice or Request -- Written notice, signed by the Policy Owner, that
gives us the information we require and is received at our Service Office.
5
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SUMMARY
THE POLICY
The Ultra-Access Variable Annuity is a Flexible Payment Variable Deferred
Annuity Policy. You may purchase the Policy on a non-tax qualified basis
("Nonqualified Policy") or in connection with certain plans qualifying for
favorable federal income tax treatment ("Qualified Policy"). You allocate the
Net Purchase Payments among one of the 25 Variable Account Subaccounts and the
Fixed Account or Systematic Transfer Account (the Eligible Investments).
THE ELIGIBLE INVESTMENTS
THE VARIABLE ACCOUNT. The Variable Account is a segregated investment
account of United of Omaha. It is divided into Subaccounts, each of which
invests exclusively in shares of a corresponding mutual fund Portfolio. The
available Portfolios are identified on the first page of this prospectus and are
described more fully later in this prospectus. Because the Accumulation Value
will increase or decrease in accordance with the investment experience of the
selected Subaccounts, you bear the entire investment risk with respect to Net
Purchase Payments allocated to, and amounts transferred to, the Variable
Account. (See "THE ELIGIBLE INVESTMENTS: The Variable Account." )
THE FIXED ACCOUNT. The Fixed Account guarantees safety of principal and a
minimum 3% effective annual return on Net Purchase Payments allocated to, and
amounts transferred to, the Fixed Account. We may, in our sole discretion,
declare a higher current interest rate. A current interest rate is guaranteed
for at least one year. (See "THE ELIGIBLE INVESTMENTS: The Fixed Account and the
Systematic Transfer Account." )
THE SYSTEMATIC TRANSFER ACCOUNT. The Systematic Transfer Account is a fixed
account to which your assets may initially be allocated if you elect to
participate in the Systematic Transfer Enrollment Program to automatically
transfer a predetermined dollar amount on a monthly basis to any of the
subaccounts chosen at the time of application. The Systematic Transfer Account
guarantees safety of principal and a minimum 3% effective annual return on Net
Purchase Payments allocated to, and amounts transferred to, the Fixed Account.
We may, in our sole discretion, declare a higher current interest rate. A
current interest rate is guaranteed for at least one year. (See "THE ELIGIBLE
INVESTMENTS: The Fixed Account and Systematic Transfer Account.")
PURCHASE PAYMENTS
A Nonqualified Policy or a Qualified Policy may be purchased with an
Initial Purchase Payment of at least $5,000. You may pay additional Purchase
Payments of at least $500 each at any time prior to the Annuity Starting Date
and up to the Policy Anniversary next following your 88th birthday. There is no
deduction from Purchase Payments for sales or administrative expenses, although
a charge for any applicable premium taxes will be deducted from Purchase
Payments. (See "CHARGES AND DEDUCTIONS." )
Net Purchase Payments will be allocated among the Eligible Investments
pursuant to the allocation percentages you specify in the Policy application.
Any allocation must be in whole percentages, and the total allocation must equal
100%. (The Policy provides for a "Free Look Period" during which you can return
the Policy for a full refund of the Accumulation Value or Purchase Payments as
determined by the law of the state of issue. In some states the Net Purchase
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<PAGE>
Payment(s) allocated to the Variable Account will be held in the Money Market
Subaccount during the Free Look Period, and then allocated among the other
Subaccounts you chose. See "SUMMARY: Free Look Right.") Allocations for
additional Net Purchase Payments may be changed by sending Written Notice to our
Service Office or by telephone (subject to the provisions described below under
"THE POLICY: Telephone Transactions.")
TRANSFERS
You can transfer Accumulation Value from one Subaccount to another
Subaccount or to the Fixed Account with certain limitations. The minimum amount
which may be transferred is the lesser of $500 or the entire Subaccount Value.
However, if following a transfer out of a particular Subaccount less than $500
remains in that Subaccount, then you must transfer that entire Subaccount Value.
Transfers out of the Variable Account currently may be made as often as you wish
either by telephone (subject to the provisions described below under "THE
POLICY: Telephone Transactions.") or by sending Written Notice to our Service
Office.
There is no charge for the first 12 transfers during any Policy Year.
However, a charge of $10 may be imposed for any transfers from Subaccounts in
excess of 12 per Policy Year. No such charge will be imposed on transfers out of
the Fixed Account or the Systematic Transfer Account.
Transfers from the Fixed Account to one or more Subaccounts of the Variable
Account may be made only once each Policy Year. The maximum amount that can be
transferred out of the Fixed Account during any Policy Year is 10% of the Fixed
Account Value on the date of the transfer. (See "THE ELIGIBLE INVESTMENTS:
Transfers.") Transfers from the Fixed Account may be delayed up to 6 months.
All funds deposited in the Systematic Transfer Account will be
automatically transferred to the subaccounts or the Fixed Account within 13
months of deposit pursuant to your instructions. These transfers do not count
toward the 12 free transfers allowed each policy year. You may not transfer
funds to the Systematic Transfer Account. No additional funds (other than funds
designated in the application to be transferred into the Policy pursuant to an
Internal Revenue Code Section 1035 transfer) may be allocated to the Systematic
Transfer Account after the Date of Policy Issue. (See "THE ELIGIBLE INVESTMENTS:
Transfers.")
WITHDRAWALS
You may elect to surrender the Policy for its Cash Surrender Value, or to
withdraw a portion of the Cash Surrender Value ($500 minimum) at any time prior
to the earlier of the Owner's death or the Annuity Starting Date. The Cash
Surrender Value equals the Accumulation Value less any applicable Policy Fee,
and any applicable premium taxes. A surrender or withdrawal request must be made
by Written Request, and a request for a partial withdrawal may specify the
Eligible Investment(s) from which the withdrawal is to be made, but no more than
a pro-rata amount can be deducted from the Fixed Account or Systematic Transfer
Account. If you do not provide specific withdrawal instructions, the withdrawal
will be made pro-rata from each Eligible Investment. There is currently no limit
on the frequency or timing of withdrawals from the Variable Account, but
surrenders and partial withdrawals from the Fixed Account or Systematic Transfer
Account may be delayed for up to six months. Withdrawals may be taxable, and
subject to a tax penalty. (See "CHARGES AND DEDUCTIONS: Federal, State and Local
Taxes.") If the Contract is issued pursuant to a Qualified Plan, withdrawals may
be restricted by applicable law or the terms of the Qualified Plan.
CHARGES AND DEDUCTIONS
WITHDRAWAL CHARGE. There is no charge to withdraw Purchase Payments or
apply them to provide Annuity Payments.
ACCOUNT CHARGES. We deduct a daily charge equal to a percentage of the net
assets in the Variable Account for the mortality and expense risks assumed by
United of Omaha. The annual rate of this charge is 1.40% of the value of each
Subaccount's net assets. (See "CHARGES AND DEDUCTIONS: Mortality and Expense
Risk Charge.")
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<PAGE>
We also deduct a daily Administrative Expense Charge from the net assets of
the Variable Account to partially cover expenses incurred by us in connection
with the administration of the Variable Account and the Policies. The annual
rate of this charge is .20% of the value of each Subaccount's net assets. (See
"CHARGES AND DEDUCTIONS: Administrative Charges.")
The account charges for mortality and expense risks and administrative
expenses are guaranteed not to increase.
ANNUAL POLICY FEE. There is also an annual Policy Fee for Policy
maintenance and related administrative expenses. This fee is $30 per year and is
deducted from the Accumulation Value on the last Valuation Date of each Policy
Year (and upon complete surrender of the Policy). This fee will be waived if the
Accumulation Value is greater than $50,000 on the last Valuation Date of the
applicable Policy Year. This fee will not be increased in the future. (See
"CHARGES AND DEDUCTIONS: Administrative Charges.")
TRANSFER FEE. No fee is imposed for transfers from the Fixed Account or for
the first 12 transfers from Subaccounts of the Variable Account in each Policy
Year. However, a $10 Transfer Fee is imposed for the thirteenth and each
subsequent request to transfer Accumulation Value from a Subaccount during a
single Policy Year. This fee will not be increased in the future. (See "CHARGES
AND DEDUCTIONS: Transfer Fee.")
TAXES. We may incur premium taxes relating to the Policies. We will deduct
any premium taxes related to a particular Policy from Purchase Payments, upon
surrender, upon death of any Owner, or at the Annuity Starting Date. (See
"CHARGES AND DEDUCTIONS: Premium Taxes.")
No deductions are currently made for federal, state, or local income taxes.
Should we determine that charges for any such taxes should be imposed with
respect to any of the Accounts, we may deduct charges for such taxes or the
economic burden thereof from Purchase Payments or from amounts held in the
relevant Account. (See "CHARGES AND DEDUCTIONS: Federal, State and Local
Taxes.")
CHARGES AGAINST THE SERIES FUNDS. The value of the net assets of the
Subaccounts of the Variable Account will reflect the investment advisory fee and
other expenses incurred by the Portfolios of the Series Funds. (See "CHARGES AND
DEDUCTIONS: Other Expenses Including Investment Advisory Fees.")
EXPENSE DATA. The charges and deductions are summarized in the following
table. The purpose of this table is to help you understand the costs and
expenses that the Owner will bear directly and indirectly. This table and the
examples that follow should be considered only in conjunction with the detailed
descriptions under the heading "Charges and Deductions" of this prospectus. This
tabular information regarding expenses assumes that the entire Accumulation
Value is in the Variable Account and reflects expenses of the Variable Account
as well as of the Portfolios. In addition to the expenses listed below, a charge
for premium taxes may be applicable.
POLICY OWNER TRANSACTION EXPENSES
Transfer Fee - First 12 Transfers Per Year: NO FEE
- Over 12 Transfers in One Year: $10 each
VARIABLE ACCOUNT ANNUAL EXPENSES (% of account value)
Mortality and Expense Risk Fees 1.40%
Administrative Expense Charge 0.20%
TOTAL VARIABLE ACCOUNT ANNUAL EXPENSES 1.60%
OTHER ANNUAL EXPENSES
Annual Policy Fee $30 Per Year
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SERIES FUND ANNUAL EXPENSES 1/ MANAGEMENT OTHER TOTAL SERIES
(as a percentage of average net assets) FEES EXPENSES FUND ANNUAL
EXPENSES
=============================================== ---------- ---------- =========
Portfolio:
Alger American Growth 0.75% 0.10% 0.85%
Alger American Small Capitalization 0.85% 0.07% 0.92%
Federated Prime Money Fund II * 0.30% 0.50% 0.80%
Federated Fund for U.S. Government Securities 0.15% 0.65% 0.80%
II * 0.65% 0.22% 0.87%
Fidelity VIP II Asset Manager: Growth *** 0.61% 0.13% 0.74%
Fidelity VIP II Contrafund *** 0.51% 0.07% 0.58%
Fidelity VIP Equity Income *** 0.13% 0.15% 0.28%
Fidelity VIP II Index 500 ** 0.75% 0.25% 1.00%
MFS Emerging Growth 0.75% 0.25% 1.00%
MFS High Income Fund 0.75% 0.25% 1.00%
MFS Research 0.75% 0.25% 1.00%
MFS Value Series 0.75% 0.25% 1.00%
MFS World Government 0.00% 1.75% 1.75%
Morgan Stanley Emerging Markets Equity ** 0.00% 0.70% 0.70%
Morgan Stanley Fixed Income ** 0.65% 0.60% 1.25%
Pioneer Capital Growth 1.00% 0.25% 1.25%
Pioneer Real Estate ** 0.16% 1.59% 1.75%
Scudder Global Discovery **, ***** 0.48% 0.43% 0.91%
Scudder Growth & Income ***, ***** 0.86% 0.44% 1.30%
Scudder International 0.00% 0.85% 0.85%
T. Rowe Price Equity Income **** 0.00% 1.05% 1.05%
T. Rowe Price International **** 0.00% 0.70% 0.70%
T. Rowe Price Limited-Term Bond **** 0.00% 0.85% 0.85%
T. Rowe Price New America Growth **** 0.00% 0.90% 0.90%
T. Rowe Price Personal Strategy Balanced ****
----------------------------------------------- ---------- --------- =========
==============================================================================
* Both Federated Prime Money Fund II and Federated Fund for U.S. Government
Securities II currently bundle their fees and expenses and limit the total
charge. Absent any fee waiver or expense reimbursement, the total fees and
expenses for each fund would have been 1.00% and 1.25% respectively.
** Without fee waiver or expense reimbursement limits the following funds
would have had the charges set forth below:
1/ The fee and expense data regarding each Series Fund, which are fees and
expenses for 1997, was provided to United of Omaha by the Series Fund. The
Series Funds are not affiliated with United of Omaha.
9
<PAGE>
MANAGEMENT OTHER TOTAL
FEES EXPENSES EXPENSES
---------------------------------------------
Fidelity VIP II Index 500 0.28% 0.15% 0.43%
Morgan Stanley Emerging
Markets Equity 1.25% 2.87% 4.12%
Morgan Stanley Fixed Income 0.40% 1.31% 1.71%
Pioneer Real Estate 0.88% 0.48% 1.36%
Scudder Global Discovery 0.98% 2.00%***** 2.98%
*** These funds have voluntarily agreed to limit their total annual expenses to
the limits shown below:
Fidelity VIP II Asset Manager: Growth and Fidelity VIP II Contrafund - 1.00%
Fidelity VIP Equity Income and Scudder Growth & Income - 1.50%
**** T. Rowe Price Funds do not itemize management fees and other expenses.
***** Includes .25% 12b-1 fee assessed for payment of distribution
administration expenses.
===============================================================================
10
<PAGE>
- ------------------------------------------- =============================
EXAMPLES.2/ POLICY IS SURRENDERED,
AN OWNER WOULD PAY THE FOLLOWING EXPENSES ANNUITIZED, OR CONTINUED
ON A $1,000 INVESTMENT, ASSUMING A 5% IN FORCE AT END OF THE TIME
ANNUAL RETURN ON ASSETS: PERIOD.
$
- ------------------------------------------- =============================
Portfolio 1Yr 3Yr 5Yr 10Yr
=========================================== ====== ======= ======= ======
Alger American Growth 25 78 137 311
Alger American Small Capitalization 26 81 143 323
Federated Prime Money Fund II 25 79 138 312
Federated Fund for U.S. Government
Securities II 25 79 138 312
Fidelity VIP II Asset Manager: Growth 26 81 141 321
Fidelity VIP II Contrafund 24 77 137 304
Fidelity VIP Equity Income 23 72 125 284
Fidelity VIP II Index 500 20 62 109 246
MFS Emerging Growth 27 85 149 337
MFS High Income Fund 27 85 149 337
MFS Research 27 85 149 337
MFS Value Series 27 85 149 337
MFS World Government 27 85 149 337
Morgan Stanley Emerging Markets Equity 35 109 190 431
Morgan Stanley Fixed Income 24 76 132 299
Pioneer Capital Growth 25 78 137 311
Pioneer Real Estate 30 93 162 368
Scudder Global Discovery 35 109 190 431
Scudder Growth & Income 25 79 138 312
Scudder International 27 85 149 337
T. Rowe Price Equity Income 26 80 140 318
T. Rowe Price International 28 87 151 343
T. Rowe Price Limited-Term Bond 24 76 132 299
T. Rowe Price New America Growth 26 80 140 318
T. Rowe Price Personal Strategy Balanced 26 82 143 324
=========================================== ====== ======= ======= ======
These examples should not be considered representations of past or future
expenses. Actual expenses paid may be greater than or less than those shown,
subject to the guarantees in the Policy. The assumed 5% annual rate of return is
hypothetical and should not be considered a representation of past or future
annual returns, which may be greater or less than this assumed rate.
2/ The $30 annual Policy Fee is reflected as a daily 0.10% charge in these
Examples, based on an average Accumulation Value of $30,000.
11
<PAGE>
DEATH BENEFIT
In the event that any Owner dies prior to the Annuity Starting Date (and the
Policy is in force), the death benefit payable to the Beneficiary is calculated
and is payable upon our receipt of Due Proof of Death of any Owner, as well as
an election of the method of settlement. If any Owner dies, the death benefit
will equal the greater of (a) the Accumulation Value on the later of the date on
which Due Proof of Death or an election of Payout Option is received by our
Service Office, less any applicable premium taxes; or (b) the sum of Net
Purchase Payments less partial withdrawals. Subject to any limitations of state
or federal law, the death benefit may be paid as either a lump sum cash benefit
or as an Annuity. (See "DISTRIBUTIONS UNDER THE POLICY: Death Benefit.")
Any applicable premium taxes not previously deducted will be deducted from
the death benefit payable.
ACCIDENTAL DEATH BENEFIT
If you dies from bodily injury sustained in a common carrier accident, we
will pay the Death Benefit, as applicable, multiplied by two, instead of the
amount that would otherwise be payable.
(See Accidental Death Benefit, p. 30).
FREE LOOK RIGHT
You may review the Policy for a period of time and return it to our Service
Office or the agent you purchased it from for a refund. The applicable period
will depend on the state in which the Policy is issued. In most states it is ten
(10) days after you received the Policy. Return of the Policy is effective upon
being postmarked, properly addressed, and postage pre-paid. We will pay the
refund within seven (7) days after we receive written notice of cancellation and
the returned Policy.
In states that permit us to do so, we will promptly refund the Accumulation
Value calculated on the date we receive the Policy and refund request. This
amount may be more or less than the Purchase Payments made. In other states, we
will refund the greater of Accumulation Value or Purchase Payments made under
the Policy. (In these states, any portion of the initial Net Purchase Payment
that is allocated to the Variable Account will be held in the Money Market
Subaccount for the applicable Free Look Period plus 5 days from the date the
Policy is mailed from our Service Office, to allow for this Free Look Right; the
extra days are to provide time for mail or other delivery of the Policy.)
FEDERAL INCOME TAX CONSEQUENCES OF INVESTMENT IN THE POLICY
With respect to Owners who are natural persons under existing tax law, there
should be no federal income tax on increases (if any) in the Accumulation Value
until a distribution under the Policy occurs (e.g., a withdrawal or Annuity
Payment) or is deemed to occur (e.g., a pledge or assignment of a Policy).
Generally, a portion of any distribution or deemed distribution will be taxable
as ordinary income. The taxable portion of certain distributions will be subject
to withholding unless the recipient (if permitted) elects otherwise. In
addition, a penalty tax of 10% of the amount withdrawn may apply to certain
distributions or deemed distributions under the Policy made prior to your
attaining age 59 1/2. (See "CERTAIN FEDERAL INCOME TAX CONSEQUENCES.")
INQUIRIES AND WRITTEN NOTICES AND REQUESTS
Send Written Notices, Written Requests or your questions about the Policy to
us at: United of Omaha Variable Product Service, P.O. Box 8430, Omaha, Nebraska
68108-0430. Telephone requests and inquiries may be made by calling
1-800-238-9354. All inquiries, Notices and Requests should include the Policy
number, the Owner's name and the Annuitant's name.
12
<PAGE>
VARIATIONS IN POLICY PROVISIONS
Certain provisions of the Policies may vary from the descriptions in this
Prospectus in order to comply with different state laws. Any such variations
will be included in the Policy itself or in riders or amendments. A policy
provision which may vary by state is the Free Look provision. One or a very few
number of states also require variations in the Annuity Starting Date,
Termination, and Delay of Payments or Transfers from the Fixed Account
provisions.
* * *
NOTE: THE FOREGOING SUMMARY IS QUALIFIED IN ITS ENTIRETY BY THE DETAILED
INFORMATION IN THE REMAINDER OF THIS PROSPECTUS AND IN THE STATEMENT OF
ADDITIONAL INFORMATION AND IN THE PROSPECTUSES FOR THE SERIES FUNDS AND IN THE
POLICY, ALL OF WHICH SHOULD BE REFERRED TO FOR MORE DETAILED INFORMATION. THIS
PROSPECTUS GENERALLY DESCRIBES ONLY THE POLICY AND THE VARIABLE ACCOUNT.
SEPARATE PROSPECTUSES DESCRIBE THE SERIES FUNDS. (THERE IS NO PROSPECTUS FOR THE
FIXED ACCOUNT OR SYSTEMATIC TRANSFER ACCOUNT SINCE INTERESTS IN THE FIXED
ACCOUNT AND SYSTEMATIC TRANSFER ACCOUNT ARE NOT SECURITIES. SEE "THE ELIGIBLE
INVESTMENTS: THE FIXED ACCOUNT AND THE SYSTEMATIC TRANSFER ACCOUNT.,")
FINANCIAL STATEMENTS
Our Financial Statements and the related independent auditor's report are
contained in the Statement of Additional Information, which is available free
upon request. Since this the first prospectus for the Ultra-Access variable
annuity Contracts, sales had not yet begun as of the effective date of this
prospectus. Therefore, no condensed financial information is presented for such
Contracts.
13
<PAGE>
UNITED OF OMAHA LIFE INSURANCE COMPANY
We are a stock life insurance company. We incorporated under the name United
Benefit Life Insurance Company under the laws of the State of Nebraska on August
9, 1926. In 1981, we changed our name to United of Omaha Life Insurance Company.
We are principally engaged in the sale of life insurance, accident and health
insurance, and annuity policies, and are licensed in all states except New York
and in several foreign countries and the District of Columbia. As of December
31, 1997, United of Omaha had assets of over $9.2 billion. We are a wholly-owned
subsidiary of Mutual of Omaha Insurance Company.
We may from time to time publish the ratings and other information assigned
to us by one or more independent rating organizations such as A.M. Best Company,
Moody's, Standard & Poor's, and Duff & Phelps. The purpose of the ratings is to
reflect our financial strength and/or claims-paying ability. The ratings should
not be considered as bearing on the investment performance or safety of assets
held in the Variable Account. Each year the A.M. Best Company reviews the
financial status of thousands of insurers, culminating in the assignment of
Best's Ratings. These ratings reflect A.M. Best Company's current opinion of our
relative financial strength and operating performance in comparison to the norms
of the life/health insurance industry. In addition, we may publish rating and
other information about our claims-paying ability, as measured by Moody's
Insurance Credit Report, Standard and Poor's Insurance Ratings Services, or Duff
& Phelps. These ratings are opinions regarding our financial capacity to meet
the obligations of our insurance and annuity policies in accordance with their
terms. Such ratings do not reflect the investment performance of the Variable
Account or the degree of risk associated with an investment in the Variable
Account.
15
<PAGE>
THE ELIGIBLE INVESTMENTS
Net Purchase Payments made under a Policy may be allocated to one of the 25
Ultra-Access Subaccounts of the Variable Account, to the Fixed Account, or to a
combination of these Eligible Investment(s).
THE VARIABLE ACCOUNT
United of Omaha Separate Account C (the "Variable Account") was established
as a separate investment account under the laws of the State of Nebraska on
December 1, 1993. The Variable Account will receive and invest the Net Purchase
Payments under the Policies that are allocated to it for investment in shares of
a Series Fund.
The Variable Account currently is divided into 25 Subaccounts. Each
Subaccount invests exclusively in shares of a Portfolio of one of the Series
Funds. Under Nebraska law, the assets of the Variable Account are owned by us,
but they are held separately from our other assets and are not chargeable with
any liabilities arising out of any other separate investment account or any of
our other business which has no specific and determinable relation to or
dependence upon the Variable Account. The income, gains and losses, realized or
unrealized, from assets allocated to the Variable Account are credited to or
charged against the Variable Account, without regard to our other income, gains,
or losses. Section 44-2212 of the Nebraska Statutes provides that "Any surplus
or deficit which may arise in the Variable Account by virtue of mortality
experience guaranteed by [United of Omaha] or by expense costs is adjusted by
withdrawals from or additions to the Variable Account so that the assets of the
Variable Account equal the liabilities." The investment performance of any
Subaccount should be entirely independent of the investment performance of our
general account assets or any other accounts maintained by us.
The Variable Account is registered with the Securities and Exchange
Commission (the "SEC") under the Investment Company Act of 1940 as a unit
investment trust. However, the SEC does not supervise the management or the
investment practices or policies of the Variable Account or United of Omaha.
16
<PAGE>
THE SERIES FUNDS. Each Subaccount of the Variable Account invests exclusively
in shares of a specific Portfolio of one of the Series Funds, each of which is a
mutual fund registered with the SEC under the Investment Company Act of 1940
(the "1940 Act") as an open-end, diversified investment management company. 3/
The assets of each Portfolio of each Series Fund are held separate from the
assets of that Series Fund's other Portfolios, and each Portfolio has its own
distinct investment objectives and policies. Each Portfolio operates as a
separate investment fund, and the income or losses of one Portfolio generally
have no effect on the investment performance of any other Portfolio. Each of the
Series Funds is managed by an investment adviser registered with the SEC under
the Investment Advisers Act of 1940, as amended. Each investment manager is
responsible for selecting Portfolio investments consistent with the investment
objectives and policies of the Portfolio, and conducts securities trading for
the Portfolio.
The Variable Account Portfolios, while they may have the same or similar
names of retail mutual funds, are not the same as those funds. By law, insurance
product variable account portfolios and retail mutual funds must be separate
investment pools. A variable account portfolio and a retail mutual fund may have
similar names, the same or similar investment objective and strategy, and the
same investment manager. Even when these similarities exist, however, the
investment manager is under no obligation to ensure that the Variable Account
Portfolio and the retail mutual fund have duplicate holdings, trading activity
or performance. Any similarities in this regard are coincidental, and the
Variable Account Portfolio and retail mutual fund may differ substantially in
these areas. The investment manager's obligation is to attempt to achieve the
investment objective stated in the prospectus. For information about the
performance history of any Variable Account Portfolio, please refer to further
disclosure in this Prospectus or in the Series Fund prospectus for that
particular Variable Account Portfolio.
The Variable Account Portfolios, their investment objectives and investment
advisers are summarized as follows:
ALGER AMERICAN FUND - ALGER AMERICAN GROWTH PORTFOLIO -- seeks long-term
capital appreciation by investing in a diversified portfolio of equity
securities, primarily of companies with total market capitalization of $1
billion or greater. (1)
ALGER AMERICAN FUND - ALGER AMERICAN SMALL CAPITALIZATION PORTFOLIO --
seeks long-term capital appreciation by investing in a diversified portfolio
of equity securities, primarily of smaller, newer companies with total
market capitalization of less than $1 billion. The securities of such
companies may have limited marketability and may be subject to more abrupt
or erratic price changes than securities of larger, more established
companies or the market averages in general.(1) (*)
INSURANCE MANAGEMENT SERIES - FEDERATED PRIME MONEY FUND II PORTFOLIO --
invests in money market instruments maturing in thirteen months or less to
achieve current income consistent with stability of principal and liquidity.
The Portfolio attempts to maintain a stable net asset value of $1.00 per
share, but there can be no assurance the Portfolio will be able to do so.
(2)
INSURANCE MANAGEMENT SERIES - FEDERATED FUND FOR U.S. GOVERNMENT SECURITIES
II PORTFOLIO --seeks current income by investing in a diversified portfolio
limited to U.S. government securities. (2)
FIDELITY VARIABLE INSURANCE PRODUCTS FUND II - FIDELITY VIP II ASSET
MANAGER: GROWTH PORTFOLIO -- seeks to obtain high total return with reduced
risk over the long-term by allocating its assets among stocks, bonds, and
short-term fixed-income instruments. Although the Portfolio seeks to reduce
its overall risk by diversifying among different types of investments, the
fund aggressively invests in a wide variety of security types, including
stocks and bonds issued in developing countries and derivative transactions.
The Portfolio spreads investment risk by limiting its holdings in any one
company or industry.(3, 4) (*)
3/ The registration of the Series Funds does not involve supervision of the
management or investment practices or policies of the Series Funds by the SEC.
17
<PAGE>
FIDELITY VARIABLE INSURANCE PRODUCTS FUND - FIDELITY VIP EQUITY-INCOME
PORTFOLIO -- seeks reasonable income by investing mainly in income-producing
equity securities. In selecting investments, the Portfolio also considers
the potential for capital appreciation. The Portfolio seeks to achieve a
return that surpasses that of the S&P 500. The Portfolio does not expect to
invest in debt securities of companies that do not have proven earnings or
credit.(3)
FIDELITY VARIABLE INSURANCE PRODUCTS FUND II - FIDELITY CONTRAFUND
PORTFOLIO -- seeks to increase the value of the Portfolio over the long term
by investing in securities of companies that are undervalued or
out-of-favor. This strategy can lead to investments in domestic or foreign
companies, many of which may not be well known. The stocks of small
companies often involve more risk than those of larger companies. The
Portfolio may use various investment techniques to hedge the Portfolio's
risk, but there is no guarantee that these strategies will work as
intended.(3) (*)
FIDELITY VARIABLE INSURANCE PRODUCTS FUND II - FIDELITY INDEX 500 PORTFOLIO
-- seeks to match the total return of the S&P 500 while keeping expenses
low. The Portfolio utilizes a "passive" or "indexing" approach and tries to
allocate its assets similarly to those of the index. Normally 80% (65% if
fund assets are below $20 million) of the fund's assets are invested in
equity securities of companies that compose the S&P 500. The Standard &
Poor's Corporation is neither an affiliate nor a sponsor of the fund.
MFS VARIABLE INSURANCE TRUST - MFS EMERGING GROWTH PORTFOLIO -- seeks to
provide long-term growth of capital through investing primarily in common
stocks of emerging growth companies, which involves greater risk than is
customarily associated with investments in more established companies. The
Portfolio may invest to a limited extent in lower rated fixed income
securities or comparable unrated securities.(5) (*)
MFS VARIABLE INSURANCE TRUST - MFS HIGH INCOME PORTFOLIO -- seeks high
current income by investing primarily in a diversified portfolio of fixed
income securities, some of which may involve equity features. The Portfolio
may invest in lower rated fixed income securities or comparable unrated
securities.(5) (*)
MFS VARIABLE INSURANCE TRUST - MFS RESEARCH PORTFOLIO -- seeks to provide
long-term growth of capital and future income by investing a substantial
portion of its assets in the common stocks or securities convertible into
common stocks of companies believed to possess better than average prospects
for long-term growth. No more than 5% of the Portfolio's convertible
securities, if any, will consist of securities in lower rated categories or
securities believed to be of similar quality to lower rated securities. The
Portfolio may invest to a limited extent in lower rated fixed income
securities or comparable unrated securities.(5) (*)
MFS VARIABLE INSURANCE TRUST - MFS VALUE SERIES PORTFOLIO -- seeks capital
appreciation by investing primarily in common stocks, including to a limited
extent foreign securities which are not traded on a U.S. exchange. The
Portfolio may invest to a limited extent in lower rated fixed income
securities or comparable unrated securities. (5) (*)
MFS VARIABLE INSURANCE TRUST - MFS WORLD GOVERNMENT PORTFOLIO -- seeks
preservation and growth of capital, together with moderate current income by
investing its assets in an internationally diversified portfolio consisting
primarily of debt securities and, to a lesser extent, equity securities. The
Portfolio investments are expected to consist primarily of securities which
are of relatively high quality and minimal credit risk. However, an error of
judgment in selecting a currency or an interest rate environment could
result in a loss of capital, and a held security whose quality deteriorates
significantly will be sold only if the Portfolio investment adviser believes
it is advantageous to do so. (5)
MORGAN STANLEY UNIVERSAL FUNDS, INC.- MORGAN STANLEY EMERGING MARKETS EQUITY
PORTFOLIO. --seeks long-term capital appreciation by investing primarily in
common and preferred stocks and other equity securities of emerging market
country issuers. The Adviser's approach is to focus the portfolio's
investments on those emerging market countries in which it believes the
economies are developing strongly and in which the markets are becoming more
sophisticated. Investing in many such countries is not feasible or may
involve unacceptable political risks. Emerging market country securities
pose greater liquidity risks and other risks than securities of companies
located in developed countries and traded in more established markets. (6)
18
<PAGE>
MORGAN STANLEY UNIVERSAL FUNDS, INC. - MORGAN STANLEY FIXED INCOME
PORTFOLIO. - seeks to achieve above-average total return over a market
cycle of three to five years by investing in a diversified portfolio of
U.S. Governments and Agencies, corporate bonds, foreign bonds, mortgage
backed securities primarily of domestic issuers, and other fixed income
securities and derivatives.(7)
PIONEER VARIABLE CONTRACTS TRUST - PIONEER CAPITAL GROWTH PORTFOLIO -- seeks
capital appreciation by investing in a diversified portfolio of securities
consisting primarily of common stocks.(8)
PIONEER VARIABLE CONTRACTS TRUST - PIONEER REAL ESTATE PORTFOLIO -- seeks
long-term growth of capital by investing primarily in securities of real
estate investment trusts (REITs) and other real estate industry companies.
Current income is the Portfolio's secondary investment objective.(8)
SCUDDER VARIABLE LIFE INVESTMENT FUND - SCUDDER GLOBAL DISCOVERY PORTFOLIO
-- seeks above-average capital appreciation over the long term by investing
primarily in the equity securities of small companies located throughout the
world, including to a limited extent in lower rated fixed income securities
or comparable unrated securities. Since the Portfolio normally will invest
in both U.S. and foreign securities markets, changes in the Portfolio's unit
value may have a low correlation with movements in the U.S. markets. (9)(*)
SCUDDER VARIABLE LIFE INVESTMENT FUND - SCUDDER GROWTH & INCOME PORTFOLIO --
seeks long term growth of capital, current income and growth of income by
investing primarily in common stocks, preferred stocks, and securities
convertible into common stocks of companies which offer the prospect for
growth of earnings while paying higher than average current dividends. (9)
SCUDDER VARIABLE LIFE INVESTMENT FUND - SCUDDER INTERNATIONAL PORTFOLIO --
seeks long-term growth of capital primarily through diversified holdings of
marketable foreign equity investments. The Portfolio invests in companies,
wherever organized, which do business primarily outside the United States.
The Portfolio intends to diversify investments among several countries, and
does not intend to concentrate investments in any particular industry.
(9)
T. ROWE PRICE EQUITY SERIES, INC. - T. ROWE PRICE EQUITY INCOME PORTFOLIO
-- Seeks to provide substantial dividend income and also capital
appreciation by investing primarily in dividend-paying common stocks of
established companies.(11)
T. ROWE PRICE INTERNATIONAL SERIES, INC. - T. ROWE PRICE INTERNATIONAL
STOCK PORTFOLIO -- seeks a total return on its assets from long-term growth
of capital and income, by investing substantially all of its assets in
common stocks of established non-U.S. companies. (10)
T. ROWE PRICE FIXED INCOME SERIES, INC. - T. ROWE PRICE LIMITED-TERM BOND
PORTFOLIO -- seeks a high level of income consistent with modest price
fluctuation by investing primarily in investment grade debt securities.
(10)
T. ROWE PRICE EQUITY SERIES, INC. - T. ROWE PRICE NEW AMERICA GROWTH
PORTFOLIO -- seeks long-term growth of capital through investments primarily
in common stocks of U.S. growth companies which operate in service
industries believed to be above-average performers in their fields. Total
return will consist primarily of capital appreciation or depreciation. (11)
T. ROWE PRICE EQUITY SERIES, INC. - T. ROWE PRICE PERSONAL STRATEGY
BALANCED PORTFOLIO -- seeks the highest total return over time consistent
with an emphasis on both capital appreciation and income. There are no
limitations on market capitalization or types of stock the Portfolio can
hold. While bond holdings are primarily investment grade, the Portfolio can
also invest in more volatile below-investment grade bonds.(11) (*)
19
<PAGE>
INVESTMENT ADVISERS AND SUBADVISERS OF THE SERIES FUNDS:
(1) Fred Alger Management, Inc.
(2) Federated Advisors.
(3) Fidelity Management & Research Company.
(4) Fidelity Investment Management and Research (U.K.) Inc., and
Fidelity Management and Research Far East Inc., regarding
research and investment recommendations with respect to companies
based outside the United States.
(5) Massachusetts Financial Services Company.
(6) Morgan Stanley Asset Management, Inc.
(7) Miller Anderson & Sherrerd, LLP.
(8) Pioneer Fund Group.
(9) Scudder Kemper Investments, Inc.
(10) Rowe Price-Fleming International, Inc., a joint venture between
T.Rowe Price Associates, Inc. and Robert Fleming Holdings Limited
(11) T. Rowe Price Associates, Inc.
- -----------------
(*) THESE PORTFOLIOS' INVESTMENT STRATEGIES MAY PROVIDE THE OPPORTUNITY FOR
HIGHER THAN AVERAGE RETURNS BY INVESTING IN SECURITIES WITH HIGHER THAN
AVERAGE RISK, SUCH AS LOWER RATED AND UNRATED DEBT AND COMPARABLE EQUITY
INSTRUMENTS. PLEASE CONSULT EACH PORTFOLIO'S PROSPECTUS ACCOMPANYING THIS
PROSPECTUS FOR MORE INFORMATION ABOUT THE RISK ASSOCIATED WITH SUCH
INVESTMENTS.
THERE IS NO ASSURANCE THAT ANY PORTFOLIO WILL ACHIEVE ITS STATED OBJECTIVE.
MORE DETAILED INFORMATION, INCLUDING A DESCRIPTION OF EACH PORTFOLIO'S
INVESTMENT OBJECTIVE AND POLICIES AND A DESCRIPTION OF RISKS INVOLVED IN
INVESTING IN EACH OF THE PORTFOLIOS AND OF EACH PORTFOLIO'S FEES AND EXPENSES,
IS CONTAINED IN THE PROSPECTUSES FOR THE SERIES FUNDS, CURRENT COPIES OF WHICH
ACCOMPANY THIS PROSPECTUS. INFORMATION CONTAINED IN THE SERIES FUNDS'
PROSPECTUSES SHOULD BE READ CAREFULLY BEFORE INVESTING IN A SUBACCOUNT OF THE
VARIABLE ACCOUNT.
An investment in the Variable Account, or in any Portfolio, including the
Money Market Portfolio, is not insured or guaranteed by the U.S. Government and
there can be no assurance that the Money Market Portfolio will be able to
maintain a stable net asset value per share.
We may receive compensation from certain Portfolios and/or affiliate(s) of
certain of the Portfolios. The amounts may be based upon an annual percentage of
the average assets held in that Portfolio by the Variable Account. These amounts
are intended to compensate us for administrative and other services we provide
on behalf of the Portfolios.
ADDITION, DELETION, OR SUBSTITUTION OF INVESTMENTS. We do not control the
Series Funds and cannot and do not guarantee that any of the Portfolios will
always be available for Net Purchase Payments, allocations, or transfers. We
retain the right, subject to any applicable law, to make certain changes in the
Variable Account and its investments. We reserve the right to eliminate the
shares of any Portfolio held by a Subaccount and to substitute shares of another
Portfolio of a Series Fund, or of another registered open-end management
investment company for the shares of any Portfolio, if the shares of the
Portfolio are no longer available for investment or if, in our judgment,
investment in any Portfolio would be inappropriate in view of the purposes of
the Variable Account. To the extent required by the 1940 Act, substitutions of
shares attributable to your interest in a Subaccount will not be made without
prior notice to you and the prior approval of the SEC. If required, approval of
or change of any investment policy will be filed with the Insurance Department
of any state in which the Policy is sold. Nothing contained herein shall prevent
the Variable Account from purchasing other securities for other series or
classes of variable annuity policies, or from effecting an exchange between
series or classes of variable annuity policies on the basis of requests made by
Owners.
20
<PAGE>
New Subaccounts may be established when, in our sole discretion, marketing,
tax, investment or other conditions warrant. Any new Subaccounts may be made
available to existing Owners on a basis to be determined by us. Each additional
Subaccount will purchase shares in a Portfolio of a Series Fund or in another
mutual fund or investment vehicle. We may also eliminate one or more Subaccounts
if, in its sole discretion, marketing, tax, investment or other conditions
warrant such change. If any Subaccount is eliminated, we will notify you and
request a reallocation of the amounts invested in the eliminated Subaccount. If
you do not provide us with reallocation instructions, we will reinvest the
amounts invested in the eliminated Subaccount in the Subaccount that invests in
the Money Market Portfolio (or in a similar portfolio of money market
instruments).
In the event of any such substitution or change, we may, by appropriate
endorsement, make such changes in the Policies as may be necessary or
appropriate to reflect such substitution or change. Furthermore, the Variable
Account may be (i) operated as a management company under the 1940 Act or any
other form permitted by law, (ii) deregistered under the 1940 Act in the event
such registration is no longer required or (iii) combined with one or more other
separate accounts. To the extent permitted by applicable law, we also may
transfer the assets of the Variable Account associated with the Policies to
another account or accounts.
HISTORICAL PERFORMANCE DATA
From time to time, we may advertise or include in sales literature yields,
effective yields, and total returns for the Subaccounts of the Variable Account.
THESE FIGURES ARE BASED ON HISTORICAL PERFORMANCE AND DO NOT INDICATE OR PROJECT
FUTURE PERFORMANCE. Performance relative to certain performance rankings and
indices compiled by independent organizations may also be advertised or included
in sales literature. More detailed information as to the calculation of
performance information, as well as comparisons with unmanaged market indices,
appears in the Statement of Additional Information.
PERFORMANCE DATA. Effective yields and total returns for the Subaccounts are
based on the investment performance of the corresponding Portfolios of the
Series Funds. The Series Funds' performance in part reflects the Series Funds'
expenses. See the Prospectuses for the Series Funds.
The yield of the Money Market Subaccount refers to the annualized income
generated by an investment in the Subaccount over a specified seven-day period.
The yield is calculated by assuming that the income generated for that seven-day
period is generated each seven-day period over a 52-week period and is shown as
a percentage of the investment. The effective yield is calculated similarly but,
when annualized, the income earned by an investment in the Subaccount is assumed
to be reinvested. The effective yield will be slightly higher than the yield
because of the compounding effect of this assumed reinvestment.
The yield of a Subaccount (except the Money Market Subaccount) refers to
the annualized income generated by an investment in the Subaccount over a
specified 30-day or one-month period. The yield is calculated by assuming that
the income generated by the investment during that 30-day or one-month period is
generated each period over a 12-month period and is shown as a percentage of the
investment.
The total return of a Subaccount refers to return quotations assuming
Accumulation Value has been held in the Subaccount for various periods of time
including, but not limited to, a period measured from the date the Subaccount
commenced operations. When a Subaccount has been in operation for one, five, and
ten years, respectively, the total return for these periods will be provided.
The average annual total return quotations represent the average annual
compounded rates of return that would equate an initial investment of $1,000
under a Policy to the redemption value of that investment as of the last day of
each of the periods for which total return quotations are provided. Average
annual total return information shows the average percentage change in the value
of an investment in the Subaccount from the beginning date of the measuring
period to the end of that period. This standardized version of average annual
total return reflects all historical investment results, less all charges and
deductions applied against the Subaccount excluding any deductions for premium
tax charges). In addition, we may from time to time disclose average annual
total return in non-standard formats and cumulative total return for Policies
funded by the Subaccounts.
21
<PAGE>
THE FIGURES ABOVE ARE AN INDICATION OF PAST, BUT NOT FUTURE, PERFORMANCE OF THE
APPLICABLE SUBACCOUNTS AVAILABLE UNDER THE POLICY.
ADJUSTED HISTORICAL PERFORMANCE DATA. We may, from time to time, also
disclose yield and standard total returns for the Portfolios of the Series
Funds, including such disclosure for periods prior to the dates the Subaccounts
commenced operations. For periods prior to the date the Subaccount commenced
operations, performance information for Policies will be calculated based on the
performance of the Series Fund Portfolios and the assumption that the
Subaccounts were in existence for the same periods as those indicated for the
Series Fund Portfolios, with the level of Policy charges that are currently in
effect (this is referred to as "adjusted historical" performance data). Such
standardized but "adjusted historical" average annual total return information
for the Subaccounts of Policies is as follows:
<TABLE>
<CAPTION>
================================================ --------- --------- ------------ ===========
SUBACCOUNT 1 Year 5 Years 10 Years Since
"ADJUSTED HISTORICAL" Ended Ended Ended Inception
AVERAGE ANNUAL TOTAL RETURN TABLE 12/31/97 12/31/97 12/31/97 to
Subaccount (date of inception of corresponding % % % 12/31/97
Portfolio) %
================================================ ========= ========= ============ ===========
<S> <C> <C> <C> <C>
Alger American Growth (1/9/89) 23.66 17.30 N/A 17.44
Alger American Small Capitalization (9/21/88) 9.53 10.77 N/A 17.24
Federated Prime Money Fund II (11/21/94) 3.17 N/A N/A 3.14
Federated Fund for U.S. Government
Securities (3/28/94) 6.76 N/A N/A 4.59
Fidelity VIP II Asset Manager: Growth (1/3/95) 23.00 N/A N/A 20.72
Fidelity VIP II Contrafund (1/3/95) 22.08 N/A N/A 26.07
Fidelity VIP Equity Income (10/9/86) 25.99 18.16 14.78 12.75
Fidelity VIP II Index 500 (8/27/92) 30.51 17.92 N/A 17.86
MFS Emerging Growth (7/24/95) 19.88 N/A N/A 21.45
MFS High Income (7/26/95) 11.72 N/A N/A 10.74
MFS Research (7/26/95) 18.26 N/A N/A 20.08
MFS Value Series (8/14/96) 24.37 N/A N/A 22.49
MFS World Government (6/14/94) -2.80 N/A N/A 3.14
Morgan Stanley Emerging Markets
Equity (10/1/96) -1.18 N/A N/A -2.89
Morgan Stanley Fixed Income (1/2/97) 8.09 N/A N/A 8.09
Pioneer Capital Growth (3/1/95) 22.62 N/A N/A 18.09
Pioneer Real Estate (3/1/95) 19.17 N/A N/A 23.81
Scudder Global Discovery (5/2/97) N/A N/A N/A 15.18
Scudder Growth & Income (5/1/97) N/A N/A N/A 21.28
Scudder International (5/1/87) 7.24 11.81 9.93 8.01
T. Rowe Price International (3/31/94) 1.36 N/A N/A 6.26
T. Rowe Price New America Growth (3/31/94) 19.11 N/A N/A 21.62
T. Rowe Price Equity Income (3/31/94) 26.72 N/A N/A 21.69
T. Rowe Price Limited-Term Bond (5/13/94) 4.95 N/A N/A 4.36
T. Rowe Price Personal Strategy
Balanced (12/31/94) 16.07 N/A N/A 18.13
================================================ ========= ========= ============ ===========
</TABLE>
THE FIGURES ABOVE DO NOT INDICATE PRESENT, PAST, OR FUTURE PERFORMANCE OF THE
APPLICABLE SUBACCOUNTS OR OF THE ACTUAL PORTFOLIOS AVAILABLE UNDER THE POLICY.
22
<PAGE>
PORTFOLIO PERFORMANCE DATA. We may also disclose average annual total returns
for Series Fund Portfolios (or comparable portfolios) since their inception,
including such disclosure for periods prior to the date the Variable Account
commenced operations. These figures do not reflect the Variable Account or
Policy expenses. Such average annual total return information is as follows:
<TABLE>
<CAPTION>
- -------------------------------------------------- ---------- ---------- --------- =============
SERIES FUND 1 Year 5 Years 10 Years Since
AVERAGE ANNUAL TOTAL RETURN Ended Ended Ended Inception
(date of inception) 12/31/97 12/31/97 12/31/97 to 12/31/97
% % % %
- -------------------------------------------------- ---------- ---------- --------- =============
<S> <C> <C> <C> <C>
Alger American Growth (1/9/89) 24.80 17.76 N/A 19.43
Alger American Small Capitalization (9/21/88) 18.75 11.21 N/A 19.23
Federated Prime Money Fund II (11/21/94) 4.93 N/A N/A 4.95
Federated Fund for U.S. Government
Securities (3/28/94) 8.58 N/A N/A 6.40
Fidelity VIP II Asset Manager: Growth (1/3/95) 25.07 N/A N/A 22.73
Fidelity VIP II Contrafund (1/3/95) 24.14 N/A N/A 28.16
Fidelity VIP Equity Income (10/9/86) 28.11 20.16 16.72 14.66
Fidelity VIP II Index 500 (8/27/92) 32.82 19.91 N/A 19.87
MFS Emerging Growth (7/24/95) 21.90 N/A N/A 23.53
MFS High Income (7/26/95) 13.62 N/A N/A 12.66
MFS Research (7/26/95) 20.26 N/A N/A 22.13
MFS Value Series (8/14/96) 26.47 N/A N/A 25.99
MFS World Government (6/14/94) 1.13 N/A N/A 4.92
Morgan Stanley Emerging Markets Equity (10/1/96) 0.52 N/A N/A -1.22
Morgan Stanley Fixed Income (1/2/97) N/A N/A N/A 9.93
Pioneer Capital Growth (3/1/95) 22.98 N/A N/A 18.39
Pioneer Real Estate (3/1/95) 19.50 N/A N/A 24.16
Scudder Global Discovery (5/2/97) N/A N/A N/A 14.03
Scudder Growth & Income (5/1/97) N/A N/A N/A 22.89
Scudder International (5/1/87) 9.07 13.71 11.79 9.84
T. Rowe Price International (3/31/94) 3.09 N/A N/A 8.07
T. Rowe Price New America Growth (3/31/94) 21.12 N/A N/A 23.66
T. Rowe Price Equity Income (3/31/94) 28.85 N/A N/A 23.73
T. Rowe Price Limited-Term Bond (5/13/94) 6.74 N/A N/A 6.16
T. Rowe Price Personal Strategy Balanced (12/31/94) 18.04 N/A N/A 20.13
================================================== ========== ========== ========= =============
</TABLE>
For additional information regarding the calculation of other performance
data, please refer to the Statement of Additional Information.
23
<PAGE>
In advertising and sales literature, the performance of each Subaccount
may be compared to the performance of other variable annuity issuers in general
or to the performance of particular types of variable annuities investing in
mutual funds, or mutual fund portfolios with investment objectives similar to
each of the Subaccounts. Lipper Analytical Services, Inc. ("Lipper") and the
Variable Annuity Research Data Service ("VARDS") are independent services which
monitor and rank the performance of variable annuity issuers in each of the
major categories of investment objectives on an industry-wide basis.
Lipper's rankings include variable life insurance issuers as well as
variable annuity issuers. VARDS rankings compare only variable annuity issuers.
The performance analyses prepared by Lipper and VARDS each rank such issuers on
the basis of total return, assuming reinvestment of distributions, but do not
take sales charges, redemption fees, or certain expense deductions at the
separate account level into consideration. In addition, VARDS prepares risk
adjusted rankings, which consider the effects of market risk on total return
performance. This type of ranking provides data as to which funds provide the
highest total return within various categories of funds defined by the degree of
risk inherent in their investment objectives.
Advertising and sales literature may also compare the performance of each
Subaccount to the Standard & Poor's Index of 500 Common Stocks, a widely used
measure of stock performance. This unmanaged index assumes the reinvestment of
dividends but does not reflect any "deduction" for the expense of operating or
managing an investment portfolio. Other independent ranking services and indices
may also be used as a source of performance comparison.
We may also report other information including the effect of tax-deferred
compounding on a Subaccount's investment returns, or returns in general, which
may be illustrated by tables, graphs, or charts. All income and capital gains
derived from Subaccount investments are reinvested and can lead to substantial
long-term accumulation of assets, provided that the underlying portfolio's
investment experience is positive.
THE FIXED ACCOUNT AND THE SYSTEMATIC TRANSFER ACCOUNT
This Prospectus is generally intended to serve as a disclosure document only
for the Policy and the Variable Account. For complete details regarding the
Fixed Account and the Systematic Transfer Account, see the Policy itself.
The Systematic Transfer Account is the fixed account option used if, at the
time of your application, you elect to participate in the Systematic Transfer
Enrollment Program ("STEP program"), which is used to automatically transfer a
predetermined dollar amount on a monthly basis to any of the subaccounts which
are chosen at the time of application. The allocation and the predetermined
dollar amount may not be changed. You must make a minimum allocation of $5,000
to the Systematic Transfer Account in order to participate in the STEP program.
No additional funds (other than funds designated in the application to be
transferred into the Policy pursuant to an Internal Revenue Code Section 1035
transfer) may be allocated to the Systematic Transfer Account after the Date of
Issue.
NET PURCHASE PAYMENTS ALLOCATED TO THE SYSTEMATIC TRANSFER ACCOUNT AND NET
PURCHASE PAYMENTS ALLOCATED AND AMOUNTS TRANSFERRED TO THE FIXED ACCOUNT BECOME
PART OF OUR GENERAL ACCOUNT ASSETS. INTERESTS IN THE GENERAL ACCOUNT HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "1933 ACT"), NOR IS THE
GENERAL ACCOUNT REGISTERED AS AN INVESTMENT COMPANY UNDER THE 1940 ACT.
ACCORDINGLY, NEITHER THE GENERAL ACCOUNT NOR ANY INTERESTS THEREIN ARE GENERALLY
SUBJECT TO THE PROVISIONS OF THE 1933 OR 1940 ACTS, AND THE SECURITIES AND
EXCHANGE COMMISSION HAS NOT REVIEWED THE DISCLOSURES IN THIS PROSPECTUS WHICH
RELATE TO THE FIXED ACCOUNT.
The Fixed Account and the Systematic Transfer Account includes all our assets
except those segregated in the Variable Account or in any other separate
investment account. You may allocate Net Purchase Payments to the Fixed Account
at the time of a Purchase Payment or transfer amounts from the Variable Account
to the Fixed Account. Instead of you bearing the investment risk, as is the case
for Accumulation Value in the Variable Account, we bear the full investment risk
for all Accumulation Value in the Fixed Account. We have sole discretion to
invest the assets of its general account, including the Fixed Account, subject
to applicable law.
24
<PAGE>
We guarantee that we will credit interest to amounts in the Fixed Account and
the Systematic Transfer Account at an effective rate of at least 3% per year. We
may, in our sole discretion, credit amounts in the Fixed Account and the
Systematic Transfer Account with interest at a current interest rate in excess
of 3%. Once declared, a current interest rate will be guaranteed for at least
one year. Different amounts of interest may be credited to the Systematic
Transfer Account and the Fixed Account. One transfer out of the Fixed Account is
allowed each Policy Year. Moreover, the maximum amount that can be transferred
out of the Fixed Account during any Policy Year is 10% of Fixed Account Value on
the date of the transfer. No charge is imposed on such transfers. Funds
allocated to the Systematic Transfer Account must be completely transferred to
subaccounts or the Fixed Account within 13 months of deposit. Such transfers
from the Systematic Transfer Account do not count toward the 12 free transfers
between subaccounts or to the Fixed Account allowed each Policy year. You may
not transfer funds to the Systematic Transfer Account. We reserve the right to
modify transfer privileges at any time. (See "THE ELIGIBLE INVESTMENTS:
Transfers.") Partial withdrawals from the Fixed Account are limited to a pro
rata amount (with withdrawals from the Variable Account). Withdrawals and
transfers from the Fixed Account and the Systematic Transfer Account may be
delayed for up to six months. (See "DISTRIBUTIONS UNDER THE POLICY:
Withdrawals." ) For purposes of crediting interest, the oldest payment or
transfer into the Fixed Account, plus interest allocable to that payment or
transfer, is considered to be withdrawn or transferred out first; the next
oldest payment plus interest is considered to be transferred out next, and so on
(this is a "first-in, first-out" procedure).
We guarantee that, at any time prior to the Annuity Starting Date, the amount
in the Fixed Account or Systematic Transfer Account allocable to a particular
Policy will be not be less than the amount of the Net Purchase Payments
allocated or transferred to the Fixed Account or allocated to the Systematic
Transfer Account, plus interest at an effective rate of 3% per year, plus any
excess interest credited to amounts in the Fixed Account or Systematic Transfer
Account, less any applicable premium or other taxes allocable to the Fixed
Account or Systematic Transfer Account, and less any amounts deducted from the
Fixed Account or Systematic Transfer Account in connection with partial
withdrawals or transfers to the Variable Account.
The current interest rates will be determined by us in our sole discretion.
OUR MANAGEMENT HAS COMPLETE AND SOLE DISCRETION TO DETERMINE THE CURRENT
INTEREST RATES IN THE FIXED ACCOUNT AND THE SYSTEMATIC TRANSFER ACCOUNT. THE
RATE OF INTEREST CREDITED TO EACH DEPOSIT INTO THE SYSTEMATIC TRANSFER ACCOUNT
IS FIXED ON THE DATE OF EACH DEPOSIT. WE CANNOT PREDICT OR GUARANTEE THE LEVEL
OF FUTURE CURRENT INTEREST RATES, EXCEPT THAT WE GUARANTEE THAT FUTURE CURRENT
INTEREST RATES WILL NOT BE BELOW AN EFFECTIVE RATE OF 3% PER YEAR COMPOUNDED
ANNUALLY. YOU BEAR THE RISK THAT CURRENT INTEREST RATES WILL NOT EXCEED AN
EFFECTIVE RATE OF 3% PER YEAR.
25
<PAGE>
TRANSFERS
Subject to the limitations and restrictions described below, you may transfer
Accumulation Value out of a Subaccount of the Variable Account any time prior to
the Annuity Starting Date. Do so by sending Written Notice, signed by you, to
our Service Office. Transfers also may be requested by telephone, subject to the
provisions described below under "THE POLICY: Telephone Transactions." We
reserve the right, at any time and without notice to any party, to modify the
transfer privileges under the Policy.
You can transfer Accumulation Value from one Subaccount of the Variable
Account to another, or from the Variable Account to the Fixed Account or from
the Fixed Account to any Subaccount of the Variable Account within certain
limits. The minimum amount which may be transferred is the lesser of $500 or the
entire Subaccount Value. If the Subaccount Value remaining after a transfer is
less than $500, we will include that amount as part of the transfer. Transfers
out of a Subaccount currently may be made as often as you wish, subject to the
minimum amount specified above. (We reserve the right to otherwise limit or
restrict transfers in the future or to eliminate the transfer privilege.) We
reserves the right to restrict transfers from the Variable Account to the Fixed
Account of amounts previously transferred from the Fixed Account, for a period
of time determined by us.
A transfer fee of $10 may be imposed for any transfer in excess of 12 per
Policy Year. The transfer fee is deducted from the amount transferred. (See
"CHARGES AND DEDUCTIONS.")
Transfers from the Fixed Account currently may be made only once each Policy
Year. Transfers from the Fixed Account do not count toward the 12 free transfer
limit described above, and no transfer charge will be imposed on transfers from
the Fixed Account. Moreover, the maximum amount that can be transferred out of
the Fixed Account during any Policy Year is 10% of the Fixed Account Value on
the date of the transfer.
All funds allocated to the Systematic Transfer Account will be automatically
transferred to subaccounts or the Fixed Account within 13 months of deposit
pursuant to the Owner's allocation instructions but at a monthly rate of not
less than 1/12th of the amount allocated to the Systematic Transfer Account.
Transfers from the Systematic Transfer Account do not count toward the 12 free
transfer limit described above, and no transfer charge will be imposed on
transfers from the Systematic Transfer Account.
The Policy is designed as a long-term investment, for retirement or other
financial planning. The Policy is not intended for active trading or "market
timing." Excessive transfers could harm other Policy Owners by having a
detrimental effect on portfolio management (which could occur, for example, if
it caused excessive commission expense or caused the manager to keep higher cash
reserves than otherwise). Therefore, we reserve the right to limit the number of
Transfers from the Subaccounts of the Variable Account and the Fixed Account if
we believe that: (a) excessive trading by you or a specific Transfer request
would have a detrimental effect on Accumulation Unit values or the share prices
of the Portfolios; or (b) we are informed by one or more of the Series Funds or
the Variable Account that the purchase or redemption of shares is to be
restricted because of excessive trading or a Transfer or group of Transfers is
deemed to have a detrimental effect on share prices of one or more Portfolios or
the Variable Account.
Where permitted by law, we may accept your authorization of third party
reallocation on your behalf, subject to our rules. We may suspend or cancel such
acceptance at any time. For example, third party reallocation by "market timers"
could be suspended if they cause harm to other Policy Owners. We will notify you
of any such suspension or cancellation. We may restrict the availability of
Subaccounts and the Fixed Account for Transfers during any period in which you
authorize such third party to act on your behalf. We will give you prior
notification of any such restrictions. However, we will not enforce such
restrictions if we are provided with satisfactory evidence that: (a) such third
party has been appointed by a court of competent jurisdiction to act on your
behalf; or (b) you appoint such third party to act on your behalf for all your
financial affairs.
DOLLAR COST AVERAGING
Under the Dollar Cost Averaging program, you can instruct us to automatically
transfer, on a periodic basis, a predetermined amount or percentage you specify
from any one Subaccount or the Fixed Account to any Subaccount(s) of the
Variable Account. The automatic transfers can occur monthly, quarterly,
semi-annually, or annually, and the amount transferred each time must be at
least $100 and must be $50 per Subaccount. At the time the program begins, there
must be at least $5,000 of Accumulation Value in the applicable Subaccount or
the Fixed Account. If transfers are made from the Fixed Account, the maximum
periodic transfer amount is 10% of that account's value at the time of the first
Dollar Cost Averaging transfer. There is no maximum transfer amount requirement
out of the Subaccounts of the Variable Account.
If a percentage is specified for Dollar Cost Averaging transfers, the
percentage is calculated on the date each transfer is processed. This means the
amount of the transfer may vary with each transaction, and is dependent upon the
Accumulation Value of the Subaccount(s) or Fixed Account from which the transfer
is to be made. If a predetermined dollar amount is specified for Dollar Cost
Averaging transfers, the amount of the transfer will not vary with each
transaction regardless of changes in the Accumulation Value of the Subaccount(s)
or Fixed Account from which transfers are made. The predetermined dollar amount
may be changed by providing us with Written Notice.
Dollar Cost Averaging results in the purchase of more Accumulation Units when
the Accumulation Unit value is low, and fewer units when the Accumulation Unit
value is high. However, there is no guarantee that the Dollar Cost Averaging
program will result in higher Accumulation Value or otherwise be successful.
You can request participation in the Dollar Cost Averaging program when
purchasing the Policy or at a later date. Dollar Cost Averaging program
transfers cannot begin before the end of a Policy's free look (a/k/a "right to
examine") period. Transfers will begin on the 1st through the 28th day (or, if
not a Valuation Date, the next following Valuation Date), as specified by you,
following the Policy's free look period. If no date is selected, the Dollar Cost
Averaging program will begin on the next Policy monthly anniversary following
the date the Policy's free look period ends. You can specify that only a certain
number of transfers will be made, in which case the program will terminate when
that number of transfers has been made. Otherwise, the program will terminate
when the amount remaining in the applicable Subaccount or, if applicable, the
Fixed Account is less than $500.
You can increase or decrease the amount or percentage of the transfers or
discontinue the program by sending Written Notice to our Service Office or by
telephone, if telephone transactions are authorized. There is no charge for
participation in this program.
26
<PAGE>
SYSTEMATIC TRANSFER ENROLLMENT PROGRAM ("STEP PROGRAM")
At the time of application, you may elect to participate in the Systematic
Transfer Enrollment Program to automatically transfer funds on a monthly basis
from the Systematic Transfer Account to any of the Subaccounts of the Variable
Account or to the Fixed Account which are chosen by you at the time of
application. At the time the program begins, there must be at least $5,000 of
Accumulation Value in the Systematic Transfer Account, and the monthly dollar
amount to be transferred must be no less than 1/12th of the amount sufficient to
transfer the entire amount in the Systematic Transfer Account within 13 months
of deposit, and must allocate at least $50 per Subaccount. The allocation and
the dollar amount to be transferred each month may not be changed. No new
purchase payments (other than funds designated in the application to be
transferred into the Policy pursuant to an Internal Revenue Code Section 1035
transfer) may be allocated to this account after the Policy Issue Date. Upon
receipt of funds by IRC Section 1035 transfer, the 13 month period requirement
is restarted from the date the transfer is received, and the 1/12th minimum
monthly transfer amount is recalculated. No transfers may be made into the
Systematic Transfer Account. There is no charge for participation in this
program.
Like the Dollar Cost Averaging program, the STEP program results in the
purchase of more Accumulation Units when the Accumulation Unit value is low, and
fewer units when the Accumulation Unit value is high. However, there is no
guarantee that the STEP program will result in higher Accumulation Value or
otherwise be successful. Use the STEP program if you desire to have most of your
Policy funds allocated to Subaccounts of the Variable Account within a 13 month
period by using dollar cost averaging concepts. If you desire is to move your
Policy funds from a guaranteed interest fixed account into subaccounts of the
Variable Account over a longer time period using the same concepts, you use the
Dollar Cost Averaging program. Under the STEP program, all funds remaining in
the Systematic Transfer Account on the date of the 13th monthly transfer date
will be transferred to the Subaccounts designated by you in a pro rata amount
consistent with your allocation instructions.
STEP program transfers cannot begin before the end of the Policy's free look
(a/k/a "right to examine") period. Transfers will begin on the 1st through the
28th day (or, if not a Valuation Date, the next following Valuation Date), as
specified by you, following the free look period. If no date is selected, the
STEP program will begin on the next Policy monthly anniversary following the
date the Policy's free look period ends. The program will terminate the earlier
of the date when the amount in the Systematic Transfer Account have been fully
transferred or the date of the 13th monthly STEP program transfer.
ASSET ALLOCATION PROGRAM
Under the Asset Allocation Program, you can instruct us to allocate purchase
payments and Accumulation Value among the Subaccounts of the Variable Account
and the Fixed Account in accordance with your allocation instructions. We will
rebalance your investment by allocating purchase payments and transferring
Accumulation Value among the Subaccounts and the Fixed Account to ensure
conformity with current allocation instructions. Rebalancing will be performed
on a quarterly, semi-annual or annual basis as specified by you. Transfers of
Accumulation Value made pursuant this program will not be counted in determining
whether the Transfer Fee applies. At the time the program begins, there must be
at least $10,000 of Accumulation Value under the Policy. ........The asset
allocations are divided into 5 asset allocation models, with subaccount
allocations in each. The 5 models are: Principal Preserver (conservative),
Portfolio Protector (moderately conservative), Income Builder (moderate),
Capital Accumulator (moderately aggressive), and Equity Maximizer (aggressive).
United of Omaha uses the services of Ibbotson Associates to develop subaccount
allocations for each model. Ibbotson Associates is a Chicago-based investment
consulting firm specializing in applying investment theories and empirical
findings (such as historical return data collected on the subaccount portfolios)
to quantify the benefits of diversification for particular investment profiles.
The current subaccount allocations for each asset allocation model are
as follows:
<TABLE>
<CAPTION>
- ------------------------------ ------------------------------------------------------------------------
ASSET ALLOCATION MODEL
ALLOCATIONS
- ------------------------------ ------------------------------------------------------------------------
- ------------------------------ -------------- -------------- ------------- -------------- -------------
PORTFOLIO PRINCIPAL PORTFOLIO INCOME CAPITAL EQUITY
(LISTED AGGRESSIVE CONSERVER PROTECTOR BUILDER ACCUMULATOR MAXIMIZER
(CONSERVATIVE) (MODERATELY (MODERATE) (MODERATELY (AGGRESSIVE)
TO CONSERVATIVE) CONSERVATIVE) AGGRESSIVE)
% % % % %
- ------------------------------ -------------- -------------- ------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
Alger American Small
Capitalization 5 4 10 12
Pioneer Real Estate Growth 4 5 6
T.Rowe Price International 6 13 22 25
Scudder International 16
MFS High Income 4 5 5
T.Rowe Price New America
Growth 10
MFS Value Series 5 10 15 10
Fidelity VIP II Index 500 5 10 15 12 16
T.Rowe Price Equity Income 10 20
Fidelity VIP Equity Income 8 16 16
MFS World Government 3 5 5
Federated Fund for U.S.
Government Securities 5
T.Rowe Price Limited-Term Bond 50 37 20 16
Morgan Stanley Fixed Income Bond 5
Federated Prime Money Fund II 19 10 5
- ------------------------------ -------------- -------------- ------------- -------------- -------------
</TABLE>
You can request participation in the Asset Allocation Program when purchasing
the Policy or at a later date. You can change his allocation percentage or
discontinue the program by sending Written Notice to our Service Office or by
calling 1-(800) 238-9354. There is no charge for participation in this program.
27
<PAGE>
THE POLICY
The Ultra-Access Variable Annuity Policy is a Flexible Payment Variable
Deferred Annuity Policy. The rights and benefits under the Policy are summarized
below; however, the description of the Policy contained in this Prospectus is
qualified in its entirety by the Policy itself, a copy of which is available
upon request from us. The Policy may be purchased as a Nonqualified Policy or as
a Qualified Policy. The Policy will remain in force until surrendered for its
Cash Surrender Value, or all Proceeds have been paid under a Payout Option or as
a death benefit or upon termination.
POLICY APPLICATION AND ISSUANCE OF POLICIES
Before we will issue a Policy, we must receive a completed Policy application
and a minimum initial Purchase Payment of $5,000. A Nonqualified Policy
ordinarily will be issued only in respect of Owner's Age 0 through 85, and a
Qualified Policy ordinarily will be issued only in respect of Owner's Age 0
through 70 1/2. We reserve the right to reject any application or Purchase
Payment.
Under our Electronic Fund Transfer program, you can select a monthly payment
schedule pursuant to which purchase payments will be automatically deducted from
a bank or credit union account or other sources. The minimum size of an initial
Purchase Payment must be at least $2,000. Each subsequent monthly payment must
be at least $100.
If your application is complete and we can accept it, we will credit your
initial Net Purchase Payment to the Accumulation Value within two business days
after the later of receipt of the application or receipt of the initial Purchase
Payment. If the initial Purchase Payment cannot be credited because the
application or other issuing requirements are incomplete, we will contact you
within five business days and give you an explanation for the delay; your
initial Purchase Payment will be returned at that time unless you consent to our
retaining and crediting it, net of any charge for applicable premium taxes, as
soon as the necessary requirements are completed.
The date on which we credit the initial Net Purchase Payment to the
Accumulation Value is the Date of Issue, and is the date used to determine
Policy Years and Policy anniversaries.
PURCHASE PAYMENTS
Make Purchase Payment checks or drafts payable to us and send them to our
Service Office or give them to your United of Omaha representative who will
forward them to us. The death benefit will not take effect until the check or
draft for the Purchase Payment is honored.
INITIAL PURCHASE PAYMENT. The minimum initial Purchase Payment we currently
accept under both a Nonqualified Policy and a Qualified Policy is $5,000 except
under the Electronic Fund Transfer Program where the minimum initial Purchase
Payment is $2,000. We reserve the right to increase or decrease this amount. The
initial Purchase Payment is the only Purchase Payment required to be paid under
a Policy.
ADDITIONAL PURCHASE PAYMENTS. You may pay additional Purchase Payments. The
minimum additional Purchase Payment under both a Nonqualified Policy and a
Qualified Policy is $500 except under the Electronic Transfer Program where the
minimum additional Purchase Payment is $100. Additional Net Purchase Payments
will be credited to your Policy and added to the Accumulation Value as of the
Valuation Date when our Service Office receives them. We will not accept any
additional Purchase Payments beginning on the Policy Anniversary following the
your 88th birthday.
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ALLOCATION OF NET PURCHASE PAYMENTS. You must allocate Net Purchase Payments
to one or more of the Eligible Investments. You must specify the initial
allocation in the Policy application. This allocation will be used for
additional Net Purchase Payments unless you request a change of allocation. All
allocations must be made in whole percentages and must total 100%. The minimum
allocation amount is $500 ($100 under the Electronic Fund Transfer Program). If
you fail to specify how Net Purchase Payments are to be allocated, we will not
accept your Purchase Payment(s). In states that permit us to refund only the
Accumulation Value upon your cancellation of the Policy during the free look
period, your initial Net Purchase Payment will be allocated to your selected
Subaccounts on the Date of Issue. In states where at least the full Purchase
Payment is refunded, we will hold the portion of the initial Net Purchase
Payment (and of any additional Purchase Payments made during the free look
period) allocated to the Variable Account in the Money Market Subaccount for the
applicable Free Look period specified by the state of issue plus 5 days, from
the date that your Policy is mailed from our Service Office. (Since the Free
Look period is measured from your date of receipt of the Policy, the extra 5
days is to allow for estimated time needed for delivery of the Policy.) At the
end of that period, if your Policy has not been returned for a refund, we will
invest the initial Net Purchase Payment in the Subaccounts in accordance with
the allocation instructions provided in your application. All additional Net
Purchase Payments received after the end of the free look period will be
allocated and credited to your Policy as of the Valuation Period during which
they are received.
You may change the allocation instructions for future additional Net Purchase
Payments by sending Written Notice, signed by you, to our Service Office, or by
telephone (subject to the provisions described below under "THE POLICY:
Telephone Transactions."). The allocation change will apply to payments received
on or after the date the Written Notice or telephone request is received.
PAYMENT NOT HONORED BY BANK. Any payment due under the Policy which is
derived, all or in part, from any amount paid to us by check or draft may be
postponed until such time as we determine that such instrument has been honored.
Payment by certified check, banker's draft, or cashier's check will be promptly
applied.
ACCUMULATION VALUE
On the Date of Issue, the Accumulation Value equals the initial Purchase
Payment less any charge for applicable premium taxes. On any Valuation Date
thereafter, the Accumulation Value equals the sum of the values in the Variable
Account, the Fixed Account and the Systematic Transfer Account.
The Accumulation Value is expected to change from Valuation Period to
Valuation Period, reflecting the expenses and investment experience of (or
interest credited to) the selected Eligible Investments as well as the Variable
Account deductions for charges.
THE VARIABLE ACCOUNT VALUE. The Accumulation Value for each Subaccount is
equal to:
(a) the current number of Accumulation Units in the Subaccount for the
Policy; multiplied by
(b) the current Accumulation Unit value.
A Net Purchase Payment or transfer allocated to a Subaccount is converted
into Accumulation Units by dividing it by the Accumulation Unit value for the
Valuation Period during which the Net Purchase Payment or transfer is allocated
to the Variable Account. The initial Accumulation Unit value for each Subaccount
was set at $10 when the Subaccount was established. The Accumulation Unit value
may increase or decrease from one Valuation Date to the next.
The Accumulation Unit value for a Subaccount on any Valuation Date is
calculated as follows:
(a) The net asset value per share of the Portfolio multiplied by
the number of shares held in the Subaccount, before the purchase or
redemption of any shares on that date; minus
(b) the cumulative unpaid charge for the Mortality and Expense Risk
Charge and Administrative Expense Charge; minus
(c) any applicable charge for federal and state income taxes, if any;
the result divided by
(d) the total number of Accumulation Units held in the Subaccount on
the Valuation Date, before the purchase or redemption of any
Accumulation Units on that day.
Positive investment experience of the applicable Portfolio will increase the
Accumulation Unit values and negative investment experience will decrease the
Unit values. Expenses and deductions will have a negative effect on Unit values.
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THE FIXED ACCOUNT VALUE. The Accumulation Value of the Fixed Account on
any Valuation Date is equal to:
(a) the Accumulation Value at the end of the preceding Policy Month;
plus
(b) any Net Purchase Payments credited since the end of the previous
Policy Month; plus
(c) any transfers from the Subaccounts credited to the Fixed Account
since the end of the previous Policy Month; minus
(d) any transfers from the Fixed Account to the Subaccounts since the
end of the previous Policy Month; minus
(e) any partial withdrawal taken from the Fixed Account since the end
of the previous Policy Month; plus
(f) interest credited on the Fixed Account balance.
We guarantee that the Accumulation Value in the Fixed Account will be credited
with an effective annual interest rate of at least 3%.
THE SYSTEMATIC TRANSFER ACCOUNT VALUE. The Accumulation Value of the
Systematic Transfer Account on any Valuation Date is equal to:
(a) the value at the Issue Date; plus
(b) any transfers from the Systematic Transfer Account to the
Subaccounts since the end of the previous Policy Month; plus
(c) interest credited on the Systematic Account balance.
We guarantee the Accumulation Value in the Systematic Transfer Account will be
credited with an effective interest rate of at least 3%.
TELEPHONE TRANSACTIONS
You can make transfers, partial withdrawals of $10,000 or less, and/or
change the allocation of subsequent Net Purchase Payments by telephone if you
checked the "Telephone Transaction Authorization" box in the application or
subsequently authorized telephone transactions in writing. (Requests to withdraw
amounts exceeding $10,000 must be made in writing, signed by you.) We will not
be liable for following instructions communicated by telephone that we believe
to be genuine. However, we will employ reasonable procedures to confirm that
instructions communicated by telephone are genuine. If we fail to do so, it may
be liable for any losses due to unauthorized or fraudulent instructions. All
telephone requests will be recorded on voice recorder equipment for your
protection. You may be required to provide your social security number and/or
other information for identification purposes when you make requests by
telephone.
Telephone requests must be received at our Service Office no later than
4:00 p.m. Eastern time in order to be processed. Telephone transfer requests
will not be accepted after that time.
The telephone transaction privilege may be discontinued at any time as to
some or all Owners.
NON-PARTICIPATING POLICY
The Policy does not participate or share in our profits or surplus
earnings. No dividends are payable on the Policy.
TERMINATION
If the Accumulation Value is less than $500, we may cancel the Policy upon
60 days' notice to the you. This cancellation will be considered a full
surrender of the Policy. If the Accumulation Value in any Subaccount falls below
$500, we reserve the right to transfer the remaining balance, without charge, to
the Money Market Subaccount.
DISTRIBUTIONS UNDER THE POLICY
WITHDRAWALS
You may withdraw all or a portion of the Cash Surrender Value in exchange
for a cash payment from us. The Cash Surrender Value is the Accumulation Value
less any applicable Policy Fee and any applicable premium taxes. (See "CHARGES
AND DEDUCTIONS.")
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You may withdraw Cash Surrender Value from the Variable Account at any time
prior to the Annuity Starting Date by sending a Written Request to our Service
Office. The minimum amount that can be withdrawn from any Eligible Investment is
$500. After a partial withdrawal, the remaining Accumulation Value must be at
least $500. In the absence of other written instructions from you, withdrawals
will result in cancellation of Accumulation Units from each applicable
Subaccount and the deduction of Accumulation Value from the Fixed Account or
Systematic Transfer Account in the ratio that the value of each such Eligible
Investment bears to the total Accumulation Value of the Policy (i.e., pro rata
from each Eligible Investment). No more than a pro-rata amount may be withdrawn
from the Fixed Account or Systematic Transfer Account for any partial
withdrawal. Withdrawals from the Systematic Transfer Account will not affect the
minimum monthly transfer amount from that Account, so will cause the total
amount to be transferred to be complete in less time than originally
anticipated. If you request a surrender, the Policy must be returned to our
Service Office.
Withdrawals from the Fixed Account and Systematic Transfer Account may be
delayed for up to six months.
Withdrawals may be taxable and subject to a penalty tax. (See "CHARGES AND
DEDUCTIONS: Certain Federal Income Tax Consequences.")
Since you assume the investment risk with respect to Net Purchase Payments
allocated to the Variable Account, and because surrenders and withdrawals are
possibly subject to a charge for premium taxes, the total amount paid upon total
surrender of the Policy (taking any prior partial withdrawals into account) may
be more or less than the total Purchase Payments made. Following a surrender of
the Policy, or at any time the Accumulation Value is zero, all your rights in
the Policy will terminate.
SYSTEMATIC WITHDRAWAL PLAN
Under the Systematic Withdrawal Plan, the you can instruct us to make
automatic payments of a predetermined dollar amount or fixed percentage of
Accumulation Value to them monthly, quarterly, semi-annually or annually from a
specified Eligible Investment. The minimum systematic withdrawal payment is
$100. The "Request for Systematic Withdrawal" form must specify a date for the
first payment, which must be at least 30 but not more than 90 days after the
form is submitted. You may specify the Eligible Investments from which
Systematic Withdrawals will be made, but no more than a pro-rata amount can be
withdrawn from the Fixed Account or Systematic Transfer Account. If you do not
specify the Eligible Investments from which Systematic Withdrawals are to be
taken, Systematic Withdrawals will be taken from each Eligible Investment in the
proportion that the Accumulation Value in each Eligible Investment bears to the
total Accumulation Value of the Policy.
A qualified tax adviser should be consulted before a Systematic Withdrawal
Plan is requested since distributions under such a Plan may be taxable and
subject to a penalty tax. (See "CHARGES AND DEDUCTIONS: Certain Federal Income
Tax Consequences.")
ANNUITY PAYMENTS
Payees receiving Annuity Payments under the Policy must be individuals who
receive payments in their own behalf unless otherwise agreed to us. Any Payout
Option chosen will be effective when we acknowledges it. We may require proof of
your or the Annuitant's age or survival. The level of Annuity Payments is
determined by the Accumulation Value, the age and sex of the Annuitant, and the
Payout Option elected. Where required by law, Annuity Payments will be
determined without regard to the Annuitant's sex.
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ANNUITY STARTING DATE. Unless the Annuity Starting Date is changed, Annuity
Payments under a Policy will begin on the Annuity Starting Date you selected on
your Policy application. The Annuity Starting Date may not be any earlier than
the second Policy Anniversary. The Payout Options available between the second
and eighth Policy Anniversary are Options 2 or 3 provided payment installments
are over a period of at least eight years, or Option 4. After the eighth Policy
Anniversary, all Payout Options are available.
The latest Annuity Starting Date permitted is when the Annuitant attains
age 95 (age 85 in Pennsylvania). An earlier Annuity Starting Date is required
for Qualified Contracts. You may change the Annuity Starting Date by sending
Written Notice to us, provided that we receive your notice at our Service Office
at least thirty (30) days prior to the then current Annuity Starting Date.
ELECTION OF PAYOUT OPTION. You will choose a Payout Option, to provide
variable annuity payments or fixed annuity payments or a combination of both,
under which the Policy Proceeds will be paid to the Payee(s)shown in the Policy
application. During your lifetime and prior to the Annuity Starting Date, you
may change the election, but Written Notice of any election or change of
election must be received by you at our Service Office at least thirty (30) days
prior to the Annuity Starting Date. If no election is made prior to the Annuity
Starting Date, then the Accumulation Value in the Variable Account will be used
to provide variable Annuity Payments, and the Accumulation Value in the Fixed
Account will be used to provide fixed Annuity Payments, and Annuity Payments
will be made under Option 4 providing lifetime income with payments guaranteed
for 10 years. We reserve the right to pay the Proceeds in one sum when the
Proceeds are less than $2,000, or when the Payout Option chosen would result in
periodic payments of less than $20.
If you die prior to the Annuity Starting Date (and the Policy is in force),
the Beneficiary may elect to receive the death benefit under one of the Payout
Options, to the extent allowed by law and subject to the terms of any settlement
agreement. (See "DISTRIBUTIONS UNDER THE POLICY: Death Benefit.")
The longer the guaranteed or projected Payout Option period, the lower the
amount of each payment.
Unless you specify otherwise, the Payee shall be the Annuitant.
FIXED ANNUITY PAYMENTS. Fixed annuity payments are available under all six
Payout Options below. Under each fixed Payout Option the amount of each payment
will be set on the Annuity Starting Date and will not change. Annuity Payments
will begin on that date. The Annuity Purchase Value will be transferred to our
general account, and the Annuity Payments will be fixed in amount by the fixed
annuity provisions selected and the age and sex (if consideration of sex is
allowed) of the Annuitant. The guaranteed effective annual interest rate used in
the Payout Options is 3%. Using a procedure approved by our Board of Directors,
we may, at its sole discretion, declare additional interest to be paid or
credited annually for Payout Options 1, 2, 3, or 6. Current immediate annuity
rates for the same class of annuities will be used if higher than the guaranteed
amounts (guaranteed amounts are based upon the tables contained in the Policy).
The guaranteed amounts are based on the 1983 Table "A" mortality table, and 3.0%
guaranteed interest rate. Current amounts may be obtained from us. For further
information, contact our Service Office.
VARIABLE ANNUITY PAYMENTS. Only Payout Options 2, 4, and 6 are available
for variable annuity payments. The dollar amount of the first monthly annuity
payment will be determined by applying the Annuity Purchase Value allocated to
variable annuity payments to the annuity table applicable to the Payout Option
chosen. The tables are determined from the 1983 Table "a" mortality table with
an assumed investment rate of 4%. If more than one subaccount has been selected,
the Annuity Purchase Value of each subaccount is applied separately to the
annuity table to determine the amount of the first annuity payment attributable
to that particular subaccount.
All variable annuity payments other than the first will vary in amount
according to the investment performance of the applicable subaccounts. The
amount of each subsequent payment is the sum of: the number of Variable Annuity
Units for each subaccount as determined for the first annuity payment multiplied
by the value of a Variable Annuity Unit for that subaccount 10 days prior to the
date the variable annuity payment is due. This amount may increase or decrease
from month to month.
If the net investment return of a subaccount for a payment period is equal
to the pro-rated portion of the 4% annual assumed investment rate, the variable
annuity payment attributable to that subaccount for that period will equal the
payment for the prior period. To the extent that such net investment return
exceeds an annualized rate of 4% for a payment period, the payment for that
period will be greater than the payment for the prior period and to the extent
that such return for a period falls short of an annualized rate of 4%, the
payment for that period will be less than the payment for the prior period.
TRANSFERS BETWEEN FIXED AND VARIABLE SUBACCOUNTS. After the Annuity
Starting Date, the annuitant may exchange the value of a designated number of
Variable Annuity Units of a particular subaccount into other Variable Annuity
Units, the value of which would be such that the dollar amount of an annuity
payment made on the date of the exchange would be unaffected by the fact of the
exchange. No more than four (4) exchanges may be made within each account year.
Transfers may be made between subaccounts and from a subaccount to the
fixed account. No exchanges may be made from the fixed account to the variable
subaccounts. Transfers will be made using the Variable Annuity Unit values for
the Valuation Period during which any request is received by our Service Office.
PAYOUT OPTIONS. The Policy provides six Payout Options which are described
below.
OPTION 1 -- PROCEEDS HELD ON DEPOSIT AT INTEREST. While the proceeds
are held by us, we will annually:
(a) pay interest to the Payee; or
(b) add interest to the Proceeds.
OPTION 2 -- INCOME OF A SPECIFIED AMOUNT. The Proceeds will be paid in
monthly installments of a specified amount over at least a five year period
until the Proceeds, with interest, have been fully paid.
OPTION 3 -- INCOME FOR A SPECIFIED PERIOD. The Proceeds will be paid in
installments for the number of years chosen. The monthly incomes for each $1,000
of Proceeds, shown in the table set forth in the Policy, include interest.
United of Omaha will provide the income amounts for payments other than monthly
upon request.
OPTION 4 -- LIFETIME INCOME. The Proceeds will be paid as monthly
income for as long as the Annuitant lives. The following guarantees are
available:
GUARANTEED PERIOD - The monthly income will be paid for a minimum of
10 years and as long thereafter as the Annuitant lives; or
GUARANTEED AMOUNT - The monthly income will be paid until the sum of
all payments equals the Proceeds placed under this option and as
long thereafter as the Annuitant lives.
The monthly income will be the amount computed using either the Lifetime Monthly
Income Table set forth in the Policy (which is based on the 1983 Table "A"
mortality table and interest at 3%, adjusted to age last birthday) or, if more
favorable to the Annuitant, United of Omaha's then current lifetime monthly
income rates for payment of Proceeds. If a variable Payout Option is chosen, all
variable annuity payments, other than the first variable annuity payment, will
vary in amount according to the investment performance of the applicable
Subaccounts (see "DISTRIBUTIONS UNDER THE POLICY: Variable Annuity Payments.").
Note Carefully. If no guarantee is elected, then it would be possible for
only one Annuity Payment to be made if the Annuitant(s) were to die before the
due date of the second annuity payment; only two Annuity Payments if the
Annuitant(s) were to die before the due date of the third annuity payment; and
so forth.
When the Annuitant dies, any remaining guaranteed Annuity Payments will be
paid to the Beneficiary. When the last Payee dies, we will pay to the estate of
that Payee any remaining guaranteed Annuity Payments.
OPTION 5 -- LUMP SUM. The Proceeds will be paid in one sum.
OPTION 6 -- ALTERNATIVE SCHEDULE. Upon request and if available, we
will provide payments for other options, including joint and survivor periods.
Certain options may not be available in some states. If variable Annuity
Payments are being made under Option 2 or 6 and do not involve life
contingencies, then the Owner may surrender the Contract and receive the
commuted value of any unpaid Annuity Payments.
Additional information about any Payout Option may be obtained by contacting our
Service Office.
* * *
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A portion or the entire amount of the Annuity Payments may be taxable as
ordinary income. If, at the time the Annuity Payments begin, you have not
provided us with a written election not to have federal income taxes withheld,
we must by law withhold such taxes from the taxable portion of such annuity
payments and remit that amount to the federal government. Withholding is
mandatory for certain Qualified Policies. (See "CHARGES AND DEDUCTIONS: Certain
Federal Income Tax Consequences.")
DEATH BENEFIT
DEATH OF OWNER PRIOR TO ANNUITY STARTING DATE. If any Owner or joint Owner
dies prior the Annuity Starting Date (and the Policy is in force), the Policy
will terminate, and a death benefit will be paid to the Beneficiary. The death
benefit will equal the largest of (i) the Accumulation Value, on the later of
the date on which Due Proof of Death or an election of Payout Option is received
our Service Office, less any charge for applicable premium taxes; or (ii) the
sum of Net Purchase Payments, less partial withdrawals.
The death benefit is payable upon receipt of Due Proof of Death of the
first Owner to die, election of a Payout Option, and proof that such Owner died
prior to the commencement of Annuity Payments. The death benefit generally will
be paid within seven days, or as soon thereafter as we have sufficient
information about the Beneficiary to make the payment. The Beneficiary may
receive the amount payable in a lump sum cash benefit, or, subject to any
limitation under any state or federal law, rule, or regulation, under one of the
Payout Options described above, unless a settlement agreement is effective at
the death of the Owner that prevents such election. The Beneficiary must make
such election within sixty days of the date we receive Due Proof of Death;
otherwise a lump sum payment will be made.
If an Owner of the Policy is a corporation, trust or other nonindividual,
the primary Annuitant will be treated as an Owner of the Policy for purposes of
the death benefit. The "primary Annuitant" is that individual whose life affects
the timing or the amount of the payout under the Policy. A change in the primary
Annuitant will be treated as the death of an Owner.
If the Annuitant is an Owner or joint Owner, the death of the Annuitant
will be treated as the death of an Owner rather than of the Annuitant.
(If the Annuitant is not an Owner and the Annuitant dies before the Annuity
Starting Date, the Owner may name a new Annuitant if such Owner(s) is not a
corporation or other non-individual or if such Owner is the trustee of a Code
Sec. 401(a) retirement plan. If the Owner does not name a new Annuitant, the
Owner will become the Annuitant.)
Any applicable premium tax not previously deducted will be deducted from
the death benefit payable.
ACCIDENTAL DEATH BENEFIT. If any Owner or Joint Owner dies from bodily
injury sustained in a common carrier accident, we will pay the Death Benefit,
multiplied by two, instead of the amount that would otherwise be payable.
For this benefit to be payable, you must sustain bodily injury while a
passenger in a common carrier. Death must be independent of any sickness or
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other causes and must occur within 90 days of the date of the accident. We will
pay only the Death Benefit if your death results from the following: (a)
suicide; (b) an act of declared or undeclared war; (c) an injury received while
intoxicated; (d) an injury received while the owner is under the influence of a
controlled substance, unless administered on the advice of a physician; or (e)
an injury received while committing a felony or engaged in an illegal
occupation. The Accidental Death Benefit may not be available in all states.
DEATH OF OWNER ON OR AFTER ANNUITY STARTING DATE. If any Owner or joint
Owner dies on or after the Annuity Starting Date and before all the Proceeds
have been paid, any remaining Proceeds will be paid at least as rapidly as under
the Payout Option in effect at the time of the death.
BENEFICIARY. You may change the named Beneficiary by sending Written Notice
to our Service Office unless the named Beneficiary is irrevocable. When we
record and acknowledge the change, it will be effective as of the date you
signed the request. The change will not apply to any payments made or other
action taken by us before recording. If the named Beneficiary is irrevocable,
you may change the named Beneficiary only by joint written request from you and
the Beneficiary. If more than one named Beneficiary is designated, and you fail
to specify their interests, they will share equally.
If there are joint Owners, the surviving joint Owner will be deemed the
Beneficiary, and the Beneficiary named in the Policy application or as
subsequently changed will be deemed the contingent Beneficiary. If both joint
Owners die simultaneously, the death benefit will be paid to the contingent
Beneficiary.
If the Beneficiary is your surviving spouse, the spouse may elect either to
receive the death benefit, in which case the Policy will terminate, or to
continue the Policy in force with the spouse as Owner.
If the named Beneficiary does not survive you, then your estate is the
Beneficiary.
IRS REQUIRED DISTRIBUTION
Federal tax law requires that if a Policy Owner of a nonqualified Policy
dies before the Annuity Starting Date, then the entire value of the Policy must
generally be distributed within five years of the date of death of such Policy
Owner. Therefore, generally, any death benefit must be paid within five years
after the date of death. The five-year rule does not apply to that portion of
the Proceeds which (a) is payable to or for the benefit of an individual
Beneficiary; and (b) will be paid over the lifetime or the life expectancy of
that Beneficiary as long as payments begin not later than one year after the
date of the Owner's death. Special rules may apply to the spouse of the deceased
Owner. See "Federal Tax Matters" in the Statement of Additional Information for
a detailed description of these rules. Other required distribution rules apply
to Qualified Contracts. (See "CHARGES AND DEDUCTIONS: Certain Federal Income Tax
Consequences.") The Policy contains provisions designed to comply with these
requirements.
RESTRICTIONS UNDER THE TEXAS OPTIONAL RETIREMENT PROGRAM
The Texas Educational Code permits participants in the Texas Optional
Retirement Program (ORP) to withdraw their interest in a variable annuity Policy
issued under the ORP only upon: (1) termination of employment in the Texas
public institutions of higher education; (2) retirement; (3) death or (4)
participant's attainment of age 70 1/2. Accordingly, a participant in the ORP
(or the participant's estate if the participant has died) will be required to
obtain a certificate of termination from the employer or a certificate of death
before the Policy can be redeemed.
CHARGES AND DEDUCTIONS
We will make certain charges and deductions in connection with the Policy
in order to compensate it for incurring expenses in distributing the Policy,
bearing mortality and expense risks under the Policy, and administering the
Accounts and the Policies. Charges may also be made for premium taxes, federal,
state or local taxes (or the economic burden thereof), or for certain transfers.
Charges and expenses are also deducted from each Portfolio.
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WITHDRAWAL CHARGE
We impose no charges upon withdrawals of Purchase Payments from the Policy
or from amounts applied to provide Annuity Benefits.
MORTALITY AND EXPENSE RISK CHARGE
We impose a daily charge as compensation for bearing certain mortality and
expense risks in connection with the Policies. This charge is equal to an annual
rate of 1.40% (.000038626% daily) of the value of the net assets in the Variable
Account and it will not increase. The Mortality and Expense Risk Charge is
reflected in the accumulation unit values for each Subaccount.
Accumulation Values and Annuity Payments are not affected by changes in
actual mortality experience or by actual expenses incurred by us. The mortality
risks we assume arise from our contractual obligations to make Annuity Payments
(determined in accordance with the Annuity tables and other provisions contained
in the Policy) and to pay death benefits prior to the Annuity Starting Date.
Thus, you are assured that neither an Annuitant's own longevity nor an
unanticipated improvement in general life expectancy will adversely affect the
periodic Annuity Payments that the Payee will receive under your Policy.
The expense risk assumed by us is the risk that our actual expenses in
administering the Policy will exceed the amount recovered through the
Administrative Charges.
If the Mortality and Expense Risk Charge is insufficient to cover our
actual costs, we will bear the loss; conversely, if the charge is more than
sufficient to cover costs, the excess will be profit to us. We expect a profit
from this charge.
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ADMINISTRATIVE CHARGES
In order to cover the costs of administering the Policies, we deduct an
annual Policy Fee from the Accumulation Value and also deducts a daily
Administrative Expense Charge from the assets of each Subaccount.
The annual Policy Fee is deducted from the Accumulation Value of each
Policy on the last Valuation Date of each Policy Year prior to the Annuity
Starting Date (and upon a complete surrender). This annual Policy Fee is $30,
and it will not be increased. The annual Policy Fee will be deducted from each
Subaccount of the Variable Account in the same proportion that the Accumulation
Value in each such Subaccount bears to the total Accumulation Value in the
Variable Account. The portion of the annual Policy Fee deducted from the
Subaccounts will be deducted by canceling Accumulation Units. This fee is waived
if the Accumulation Value exceeds $50,000 on the last Valuation Date of the
applicable Policy Year. The fee is also waived for sales of the Policy to
employees of United of Omaha or its affiliated companies.
We also deduct a daily Administrative Expense Charge from the assets of
each Subaccount of the Variable Account. This charge is equal to an annual rate
of .20% (.000005485% daily) of the net assets of each Subaccount of the Variable
Account. The Administrative Expense Charge will not be increased in the future.
TRANSFER FEE
There is no charge for transfers from the Fixed Account or Systematic
Transfer Account or for the first 12 transfers from Subaccounts of the Variable
Account in each Policy Year. However, there is a $10 fee for the thirteenth and
each subsequent request made by the Owner to transfer Accumulation Value from a
Subaccount during a single Policy Year. Any applicable Transfer Fee is deducted
from the amount transferred. All transfer requests made simultaneously will be
treated as a single request. No transfer fee will be imposed for any transfer
which is not at your request.
The Transfer Fee will not increase.
PREMIUM TAXES
Various states and other governmental entities levy a premium tax,
currently ranging up to 3.5%, on annuity contracts issued by insurance
companies. Premium tax rates are subject to change from time to time by
legislative and other governmental action. In addition, other governmental units
within a state may levy such taxes.
The timing of tax levies varies from one taxing authority to another. If
premium taxes are applicable to your Policy, a charge for such taxes will be
deducted (except in Oregon), depending on when such taxes are paid to the taxing
authority, either (a) from Purchase Payments as they are received, (b) upon
payment in respect of a Surrender of the Policy, (c) upon death of any Owner, or
(d) upon application of the Proceeds to a Payout Option.
FEDERAL, STATE AND LOCAL TAXES
No charges are currently made for federal, state, or local taxes other than
premium taxes. However, we reserve the right to deduct amounts from the
Subaccounts for such taxes or any other economic burden resulting from
imposition of the tax laws that we determine to be properly attributable to the
Variable Account in the future.
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<PAGE>
OTHER EXPENSES INCLUDING INVESTMENT ADVISORY FEES
Each Portfolio of the Series Funds is responsible for all of its expenses.
The net assets of each Portfolio of the Series Funds will reflect deductions in
connection with the investment advisory fee and other expenses.
For more information concerning the investment advisory fee and other
charges against the Portfolios, see the Summary of this Prospectus and the
prospectuses for the Series Funds, current copies of which accompany this
Prospectus.
CERTAIN FEDERAL INCOME TAX CONSEQUENCES
THE FOLLOWING DISCUSSION IS A GENERAL DESCRIPTION OF FEDERAL TAX
CONSIDERATIONS RELATING TO THE POLICY AND IS NOT INTENDED AS TAX ADVICE. THIS
DISCUSSION IS NOT INTENDED TO ADDRESS THE TAX CONSEQUENCES RESULTING FROM ALL OF
THE SITUATIONS IN WHICH A PERSON MAY BE ENTITLED TO OR MAY RECEIVE A
DISTRIBUTION UNDER THE POLICY. ANY PERSON CONCERNED ABOUT THESE TAX IMPLICATIONS
SHOULD CONSULT A COMPETENT TAX ADVISOR BEFORE INITIATING ANY TRANSACTION. THIS
DISCUSSION IS BASED UPON OUR UNDERSTANDING OF THE PRESENT FEDERAL INCOME TAX
LAWS AS THEY ARE CURRENTLY INTERPRETED BY THE INTERNAL REVENUE SERVICE. NO
REPRESENTATION IS MADE AS TO THE LIKELIHOOD OF THE CONTINUATION OF THE PRESENT
FEDERAL INCOME TAX LAWS OR OF THE CURRENT INTERPRETATION BY THE INTERNAL REVENUE
SERVICE. MOREOVER, THIS SUMMARY DISCUSSES ONLY CERTAIN FEDERAL INCOME TAX
CONSEQUENCES TO "UNITED STATES PERSONS," AND NO ATTEMPT HAS BEEN MADE TO
CONSIDER ANY APPLICABLE STATE OR OTHER TAX LAWS. UNITED STATES PERSONS MEANS
CITIZENS OR RESIDENTS OF THE UNITED STATES, DOMESTIC CORPORATIONS, DOMESTIC
PARTNERSHIPS AND TRUSTS OR ESTATES THAT ARE SUBJECT TO UNITED STATES FEDERAL
INCOME TAX REGARDLESS OF THE SOURCE OF THEIR INCOME.
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<PAGE>
The Policy may be purchased on a non-tax qualified basis ("Nonqualified
Policy") or purchased and used in connection with plans qualifying for favorable
tax treatment ("Qualified Policy"). Qualified Policies are designed for use by
individuals whose Purchase Payments are comprised solely of proceeds from and/or
contributions under retirement plans which are intended to qualify as plans
entitled to special income tax treatment under Sections 401(a), 403(b), or 408A
of the Internal Revenue Code of 1986, as amended (the "Code"). The ultimate
effect of Federal income taxes on the amounts held under a Policy, on Annuity
Payments, and on the economic benefit to the Policy Owner, the Annuitant, or the
Beneficiary depends, among other things, on the type of retirement plan, on the
tax and employment status of the individual concerned and on the employer's tax
status. In addition, certain requirements must be satisfied in purchasing a
Qualified Policy with proceeds from a tax qualified plan and receiving
distributions from a Qualified Policy in order to continue receiving favorable
tax treatment. Therefore, purchasers of Qualified Policies should seek competent
legal and tax advice regarding the suitability of the Policy for their
situation, the applicable requirements, and the tax treatment of the rights and
benefits of the Policy. The following discussion assumes that a Qualified Policy
is purchased with proceeds from and/or contributions under retirement plans that
qualify for the intended special Federal income tax treatment.
TAX STATUS OF THE POLICY
The following discussion is based on the assumption that the Policy
qualifies as an annuity contract for federal income tax purposes. The Statement
of Additional Information discusses the requirements for qualifying as an
annuity.
TAXATION OF ANNUITIES
IN GENERAL. Section 72 of the Code governs taxation of annuities in
general. We believe that the Policy Owner who is a natural person generally is
not taxed on increases (if any) in the value of a Policy until distribution
occurs by withdrawing all or part of the Accumulation Value (e.g., partial
withdrawals, full surrenders or Annuity Payments under the Payout Option
elected). For this purpose, the assignment, pledge, or agreement to assign or
pledge any portion of the Accumulation Value (and in the case of a Qualified
Policy, any portion of an interest in the qualified plan) generally will be
treated as a distribution. The taxable portion of a distribution (in the form of
a single sum payment or an annuity) is taxable as ordinary income.
The owner of any annuity contract who is not a natural person generally
must include in income any increase in the excess of the Policy's Accumulation
Value over the "investment in the contract" (discussed below) during the taxable
year. There are some exceptions to this rule, and a prospective Policy Owner
that is not a natural person may wish to discuss these with a competent tax
adviser.
<PAGE>
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THE FOLLOWING DISCUSSION GENERALLY APPLIES TO A POLICY OWNED BY A NATURAL
PERSON.
SURRENDERS AND PARTIAL WITHDRAWALS. In the case of a surrender or partial
withdrawal (including systematic withdrawals) under a Qualified Policy, under
Section 72(e) of the Code a ratable portion of the amount received is taxable,
generally based on the ratio of the "investment in the contract" to the
individual's total accrued benefit for balance under the retirement plan. The
"investment in the contract" generally equals the amount of any purchase
payments paid by or on behalf of any individual. For a Policy issued in
connection with qualified plans, the "investment in the contract" can be zero.
Special tax rules may be available for certain distributions from a Qualified
Policy.
With respect to Nonqualified Policies, partial withdrawals (including
systematic withdrawals) are generally treated as taxable income to the extent
that the Accumulation Value immediately before the partial withdrawal exceeds
the "investment in the contract" at that time.
Full surrenders are treated as taxable income to the extent that the amount
received exceeds the "investment in the contract."
ANNUITY PAYMENTS. Although tax consequences may vary depending on the
Payout Option elected under the Policy, in general, only the portion of the
payout that represents the amount by which the Accumulation Value exceeds the
"investment in the contract" will be taxed; after the "investment in the
contract" is recovered, the full amount of any additional payments is taxable.
In general there is no tax on the portion of each Annuity Payment which
represents the same ratio that the "investment in the contract" bears to the
total expected value of the Annuity Payments for the term of the payments;
however, the remainder of each Annuity Payment is taxable. Once the "investment
in the contract" has been fully recovered, the full amount of any additional
Annuity Payments is taxable. If Annuity Payments cease by reason of the death of
the Annuitant, the excess (if any) of the "investment in the contract" as of the
Annuity Starting Date over the aggregate amount of Annuity Payments received on
or after the Annuity Starting Date that was excluded from gross income is
allowable as a deduction for the last taxable year of the Annuitant.
PENALTY TAX. In the case of a distribution pursuant to a Nonqualified
Policy, there may be imposed a Federal penalty tax equal to 10% of the amount
treated as taxable income. In general, however, there is no penalty tax on
distributions: (a) made on or after the date on which the Policy Owner attains
age 59 1/2; (b) made as a result of death or disability of a Policy Owner; (c)
received in substantially equal periodic payments as a life annuity or a joint
and survivor annuity for the lives or life expectancies of the Policy Owner and
a "designated beneficiary"; (d) from a qualified plan; (e) allocable to
investment in the Policy before August 14, 1982; (f) under a qualified funding
asset (as defined in Code section 130(d)); (g) under an immediate annuity (as
defined in Code Section 72(u)(4)); or (h) which are purchased by an employer on
termination of certain types of qualified plans and which are held by the
employer until the employee separates from service. Other tax penalties may
apply to certain distributions under a Qualified Policy.
DEATH BENEFIT PROCEEDS. Amounts may be distributed from the Account because
of the death of a Policy Owner. Generally, such amounts are includable in the
income of the recipient as follows: (1) if distributed in a lump sum, they are
taxed in the same manner as a full surrender as described above; or (2) if
distributed under an Annuity Payout Option, they are taxed in the same manner as
Annuity Payments, as described above.
TRANSFERS, ASSIGNMENTS, OR EXCHANGES OF THE POLICY. A transfer of ownership
of a Policy, the designation of an Annuitant or Beneficiary who is not also the
Policy Owner, the selection of certain annuity starting dates, or the exchange
of a Policy may result in certain tax consequences to the Policy Owner that are
not discussed herein. Policy Owners contemplating any such transfer, assignment,
or exchange of a Policy should contact a competent tax adviser with respect to
the potential tax effects of such a transaction.
MULTIPLE POLICIES. All nonqualified deferred annuity contracts that are
issued by United of Omaha (or its affiliates) to the same Policy Owner during
any calendar year are treated as one annuity contract for purposes of
determining the amount includable in gross income under section 72(e) of the
Code. In addition, the Treasury Department has specific authority to issue
regulations that prevent the avoidance of section 72(e) through the serial
purchase of annuity contracts or otherwise. Congress has also indicated that the
Treasury Department may have authority to treat the combination purchase of an
immediate annuity contract and separate deferred annuity contract as a single
annuity contract under its general authority to prescribe rules as may be
necessary to enforce the income tax laws. Any Policy Owner or prospective Policy
Owner contemplating the purchase of more than one annuity in a calendar year
should consult a tax advisor.
WITHHOLDING. Pension and annuity distributions generally are subject to
withholding for the recipient's federal income tax liability at rates that vary
according to the type of distribution and the recipient's tax status.
Recipients, however, generally are provided the opportunity to elect not to have
tax withheld from distributions. Effective January 1, 1994, distributions from
certain qualified plans are generally subject to mandatory withholding. Certain
states also require withholding of state income taxes whenever federal income
taxes are withheld.
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<PAGE>
POSSIBLE CHANGES IN TAXATION. Legislation has been proposed in 1998 that, if
enacted, would adversely affect the federal taxation of certain insurance and
annuity contracts. For example, one proposal would tax transfers among
investment options and tax exchanges involving variable insurance contracts. A
second proposal would reduce the "investment in the contract" under Cash Value
Life insurance and certain annuity contracts by certain amounts, thereby
increasing the amount of income for purposes of computing gain. Although the
likelihood of there being any changes is uncertain, there is always the
possibility that the tax treatment of the Policies could change by legislation
or other means. Moreover, it is also possible that any change could be
retroactive (that is, effective prior to the date of the change). You should
consult a tax advisor with respect to legislative developments and their effect
on the Policy.
OTHER TAX CONSEQUENCES. As noted above, the foregoing discussion of the
Federal income tax consequences under the Policy is not exhaustive and special
rules are provided with respect to other tax situations not discussed in this
Prospectus. Further, the Federal income tax consequences discussed herein
reflect United of Omaha's understanding of current law and the law may change.
Federal estate and state and local estate, inheritance, and other tax
consequences of ownership or receipt of distributions under the Policy depend on
the individual circumstances of each Policy Owner or recipient of the
distribution. A competent tax adviser should be consulted for further
information.
QUALIFIED PLANS
The Policy may be used with certain qualified plans as described in the
following paragraphs. The tax rules applicable to Policy Owners in qualified
plans, including restrictions on contributions and benefits, taxation of
distributions and any tax penalties, vary according to the type of plan and the
terms and condition of the plan itself. Various tax penalties may apply to
contributions in excess of specified limits, distribution that do not satisfy
specified requirements and certain other transactions with respect to qualified
plans. Therefore, no attempt is made to provide more than general information
about the use of the Policy with qualified plans. Policy Owners, Annuitants and
Beneficiaries are cautioned that the rights of any person to any benefits under
qualified plans may be subject to the terms and conditions of the plans
themselves, regardless of the provisions of the Policy. Some retirement plans
are subject to distribution and other requirements that are not incorporated in
United of Omaha's Policy provisions or administration procedures. Policy Owners,
participants and beneficiaries are responsible for determining that
contributions, distributions and other transactions with respect to the Policy
comply with applicable law. Following are brief descriptions of the
circumstances in which United of Omaha will issue the Policy in connection with
qualified plans. When issued in connection with a qualified plan, the Policy
will be amended to conform with certain requirements of the Code, and this
amendment must be approved by the applicable State Insurance Department before
the Policy is available for use with a qualified plan. The Policy may not be
available in all States for all types of qualified plans.
For qualified plans under Section 401(a) and 403(b), the Code requires that
distributions generally must commence no later than the later of April 1 of the
calendar year following the calendar year in which the Policy Owner (or plan
participant) (i) reaches age 70 1/2 or (ii) retires, and must be made in a
specified form or manner. If the plan participant is a "5 percent owner" (as
defined in the Code), distributions generally must begin no later than April 1
of the calendar year following the calendar year in which the Policy Owner (or
plan participant) reaches age 70 1/2. For IRAs described in Section 408,
distributions generally must commence no later than the later of April 1 of the
calendar year following the calendar year in which the Policy Owner (or plan
participant) reaches age 70 1/2. Roth IRAs under Section 408A do not require
distributions at any time prior to the Policy Owner's death.
QUALIFIED PENSION OR PROFIT SHARING PLANS. Section 401(a) of the Code
permits employers to establish retirement plans for employees and also permits
self-employed individuals to establish retirement plans for themselves and their
employees. Subject to the Policy's purchase payment limits, the Policy may be
issued to the trustee of such plan if the trustee is the Owner and Beneficiary
of the Policy, if the trustee or the employer selects the Policy as a plan
investment, and if the trustee arranges for plan services from a party other
than United of Omaha (unless an officer of United of Omaha agrees in writing to
perform services before the Policy is issued). If the participant directs
investments under the plan, an individual Policy must be issued for each
participant. Purchasers of a Policy for use with such plans should seek
competent advice regarding the suitability of the Policy to their specific
needs. Adverse tax or other legal consequences to the plan, the participant or
to both may result if the Policy is assigned or transferred to any individual as
a means to provide benefit payments, unless the plan establishes compliance with
all legal requirements applicable to such benefits prior to transfer of the
Policy. INDIVIDUAL RETIREMENT ANNUITIES. Section 408 of the Code permits
eligible individuals to contribute to an individual retirement program known as
an Individual Retirement Annuity ("IRA"). Also, distribution from certain other
types of qualified plans may be "rolled over" on a tax-deferred basis to an IRA.
The Taxpayer Relief Act of 1997 added several features to the IRA permitting
withdrawals prior to age 59 1/2 without federal tax penalty for such uses as
purchase of a first residence and education. This Act also created a new kind of
IRA, known as a "Roth IRA." Unlike the traditional IRA, deposits in a Roth IRA
are not deductible, but if certain specified conditions are met, distributions
from Roth IRA's can be tax free. Assets in a Roth IRA accumulate on a
tax-deferred, and potentially tax-free, basis. Subject to the Policy's purchase
payment limits, the Policy may be issued as an IRA or Roth IRA. Purchasers of a
Policy for use as an IRA or Roth IRA will be provided with supplemental
information required by the Internal Revenue Service. Such purchasers will have
the right to revoke their purchase within seven days of the earlier of the
establishment of the IRA/Roth IRA or their purchase. Purchasers should seek
competent advice as to the suitability of the Policy to their specific needs. An
IRA or Roth IRA cannot be assigned.
SIMPLE RETIREMENT ACCOUNTS. Certain small employers may establish Simple
Retirement Accounts as provided by Section 408(p) of the Code, under which
employees may elect to defer up to $6,000 (as increased for cost of living
adjustments) as a percentage of compensation. The sponsoring employer is
required to make a matching contribution on behalf of contributing employees.
Distributions from a Simple Retirement Account are subject to the same
restrictions that apply to IRA distributions and are taxed as ordinary income.
Subject to certain exceptions, premature distributions prior to age 59 1/2 are
subject to a 10% penalty tax, which is increased to 25% if the distribution
occurs within the first two years after the commencement of the employee's
participation in the plan. The failure of the Simple Retirement Account to meet
Code requirements may result in adverse tax consequences.
TAX SHELTERED ANNUITIES. Section 403(b) of the Code permits public school
employees and employees of certain types of religious, charitable, educational
and scientific organizations specified in Section 501(c)(3) of the Code to
direct the purchase of annuity contracts and, subject to certain limitations,
exclude the amount of purchase payments from gross income for income tax
purposes. This Section 403(b) annuity contract is commonly referred to as a "Tax
Sheltered Annuity". Subject to the Policy's purchase payment limits, the Policy
may be issued as a Tax Sheltered Annuity if each purchase payment is a direct
transfer from another Tax Sheltered Annuity Policy. The Policy may not be issued
to accept direct purchase payments from an employer's payroll office. In
addition, the Policy prohibits withdrawals or distributions except upon the
Annuitant's death, attainment of age 59 1/2, separation from service or
disability; and the Policy does not provide for hardship withdrawals. Purchasers
of a Policy for use as a Tax Sheltered Annuity should seek competent advice as
to the suitability of the Policy to their specific needs. A Tax Sheltered
Annuity cannot be assigned.
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<PAGE>
DISTRIBUTOR OF THE POLICIES
Mutual of Omaha Investor Services, Inc. ("MOIS"), Mutual of Omaha Plaza,
Omaha Nebraska 68175, is the principal underwriter of the Policies. Like United
of Omaha, MOIS is a 100% owned subsidiary of Mutual of Omaha Insurance Company.
MOIS has entered or will enter into one or more contracts with various
broker-dealers for the distribution of the Policies. MOIS is registered with the
Securities and Exchange Commission as a broker-dealer and is a member of the
National Association of Securities Dealers, Inc. Commissions paid to a
broker-dealer will be up to 7 1/2% of Purchase Payments.
VOTING RIGHTS
To the extent required by law, we will vote Series Fund shares held by the
Variable Account at regular and special shareholder meetings of the Series Funds
in accordance with instructions received from persons having voting interests in
the portfolios. If, however, the 1940 Act or any regulation thereunder should be
amended or if the present interpretation thereof should be amended or if the
present interpretation thereof should change, and as a result we determine that
we are permitted to vote Series Fund shares in its own right, it may elect to do
so. The Series Funds may not hold routine annual Shareholder meetings.
You hold the voting interest in the selected Portfolios. The number of
votes that you have the right to instruct will be calculated separately for each
Subaccount. The number of votes that you have the right to instruct for a
particular Subaccount will be determined by dividing your Accumulation Value in
the Subaccount by the net asset value per share of the corresponding Portfolio
in which the Subaccount invests. Fractional shares will be counted. Each Owner
having a voting interest in a Subaccount will receive proxy material, reports,
and other materials relating to the appropriate Portfolio.
PREPARING FOR YEAR 2000
Like all financial services providers, we utilize systems that may be
affected by Year 2000 transition issues and relies upon service providers,
including investment managers, whose own systems may also be affected. We have
developed, and is in the process of implementing, a Year 2000 transition plan,
and are confirming that our service providers are also so engaged. The resources
that are being devoted to this effort are substantial. It is difficult to
predict with precision whether the amount of resources ultimately devoted, or
the outcome of these efforts, will have any negative impact on us. However, as
of the date of this prospectus, we do not anticipate that you will experience
negative effects on your investment, or on the services provided in connection
therewith, as a result of Year 20000 transition implementation.
LEGAL PROCEEDINGS
There are no legal proceedings to which the Variable Account is a party or
to which the assets of the Variable Account are subject. We are not involved in
any litigation that is of material importance in relation to our total assets or
that relates to the Variable Account.
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<PAGE>
STATEMENT OF ADDITIONAL INFORMATION
A Statement of Additional Information is available (at no cost) which
contains more details concerning the subjects discussed in this Prospectus. The
following is the Table of Contents for that Statement:
TABLE OF CONTENTS
Page
The Policy-General Provisions.................................... 2
Owner and Joint Owner....................................... 2
Death of Annuitant.......................................... 2
Entire Contract............................................. 2
Deferment of Payment and Transfers.......................... 2
Incontestability ........................................... 2
Misstatement of Age or Sex.................................. 2
Nonparticipating............................................ 3
Assignment .............................................. 3
Evidence of Age or Survival................................. 3
Federal Tax Matters.............................................. 3
Tax Status of the Policy.................................... 3
Taxation of United of Omaha................................. 4
State Regulation of United of Omaha ............................. 4
Administration .............................................. 5
Records and Reports ............................................. 5
Distribution of the Policies .................................... 5
Custody of Assets .............................................. 5
Historical Performance Data...................................... 5
Money Market Yields ........................................ 6
Other Subaccount Yields .................................... 6
Total Returns .............................................. 7
Other Performance Data...................................... 7
Legal Matters .............................................. 10
Other Information .............................................. 10
Financial Statements............................................. 10
<PAGE>
STATEMENT OF ADDITIONAL INFORMATION
THE ULTRA-ACCESS VARIABLE ANNUITY
Issued through: UNITED OF OMAHA SEPARATE ACCOUNT C
Offered by: UNITED OF OMAHA LIFE INSURANCE COMPANY
Mutual of Omaha Plaza
Omaha, Nebraska 68175
This Statement of Additional information expands upon subjects discussed in
the current Prospectus for the Ultra-Access Variable Annuity Policy (the
"Policy") offered by United of Omaha Life Insurance Company ("we, us, our,
United of Omaha"). You may obtain a copy of the Prospectus dated May 1, 1998 by
calling 1-800-238-9354 or by writing to the Service Office: United of Omaha
Variable Product Service, P.O. Box 8430, Omaha, Nebraska 68108-0430. Terms used
in the current Prospectus for the Policy are incorporated in this Statement.
THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT A PROSPECTUS AND SHOULD BE
READ ONLY IN CONJUNCTION WITH THE PROSPECTUSES FOR THE POLICY AND THE SERIES
FUNDS
Dated: ______, 1998
TABLE OF CONTENTS
Page
The Policy-General Provisions ...........................................2
Owner and Joint Owner...............................................2
Death of Annuitant..................................................2
Entire Contract ....................................................2
Deferment of Payment and Transfers..................................2
Incontestability .................................................. 2
Misstatement of Age or Sex..........................................2
Nonparticipating....................................................3
Assignment..........................................................3
Evidence of Age or Survival.........................................3
Federal Tax Matters .....................................................3
Tax Status of the Policy............................................3
Taxation of United of Omaha.........................................4
State Regulation of United of Omaha......................................4
Administration ..........................................................5
Records and Reports......................................................5
Distribution of the Policies ............................................5
Custody of Assets........................................................5
Historical Performance Data .............................................5
Money Market Yields.................................................6
Other Subaccount Yields.............................................6
Total Returns.......................................................7
Other Performance Data..............................................7
Legal Matters............................................................10
Other Information........................................................10
Financial Statements ....................................................10
(Numbers in parentheses indicate corresponding sections of the Prospectus).
<PAGE>
In order to supplement the description in the Prospectus, the following
provides additional information about United of Omaha and the Policy which may
be of interest to an Owner ("you, your").
THE POLICY - GENERAL PROVISIONS
OWNER AND JOINT OWNER
While you are alive, only you may exercise the rights under the Policy.
Ownership may be changed as described below under "Assignment." If there are
joint Owners, the signatures of both Owners are needed to exercise rights under
the Policy. If the Annuitant is other than the Owner, the Annuitant has no
rights under the Policy.
DEATH OF ANNUITANT
If the Annuitant is an Owner or joint Owner, the death of the Annuitant
will be treated as the death of the Owner rather than of the Annuitant.
If the Annuitant is not an Owner and the Annuitant dies before the Annuity
Starting Date, the Owner may name a new Annuitant if such Owner(s) is not a
corporation or other non-individual. If the Owner does not name a new Annuitant,
the Owner will become the Annuitant.
ENTIRE CONTRACT
The entire contract is the Policy, data page, any riders and the signed
application, a copy of which will be attached to the Policy. All statements made
in the application will be deemed representations and not warranties. No
statement, unless it is in the application, will be used by us to contest the
Policy or deny a claim.
Any change of the Policy and any riders requires the consent of the
president, vice president, assistant vice president, the secretary or assistant
secretary of United of Omaha. No agent or Registered Representative has
authority to change or waive any provision of the Policy.
We reserve the right to amend the Policies to meet the requirements of, or
take advantage of, the Internal Revenue Code, regulations or published rulings.
A Policy Owner can refuse such a change by giving Written Notice, but a refusal
may result in adverse tax consequences.
DEFERMENT OF PAYMENT AND TRANSFERS
We will usually pay any amounts payable from the Variable Account as a
result of a partial withdrawal or cash surrender within seven days after
receiving written request at the Service Office in a form satisfactory to us. We
can postpone such payments or any transfers of amounts between Subaccounts or
into the Fixed Account if:
(a) the New York Stock Exchange is closed for other than customary
weekend and holiday closings;
(b) trading on the New York Stock Exchange is restricted;
(c) an emergency exists as determined by the Securities Exchange
Commission, as a result of which it is not reasonably practical to
dispose of securities, or not reasonably practical to determine the
value of the net assets of the Variable Account; or
(d) the Securities Exchange Commission permits delay for the protection
of security holders.
The applicable rules of the Securities Exchange Commission will govern as to
whether the conditions in (c) or (d) exist.
We may defer transfers, payment of partial withdrawals or a surrender
from the Fixed Account for up to six months from the date written request is
received at our Service Office.
INCONTESTABILITY
We will not contest the validity of the Policy after the Date of Issue.
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<PAGE>
MISSTATEMENT OF AGE OR SEX
We may require proof of the age of the Annuitant before making any life
annuity payment. If the age or sex of the Annuitant has been misstated, the
Annuity Starting Date and Annuity Payments will be determined using the correct
age and sex. If misstatement of age or sex results in Annuity Payments that are
too large, the overpayments will be deducted from future Annuity Payments. If we
have made payments that are too small, the underpayments will be added to the
next payment. Adjustments for overpayments or underpayments will include 6%
interest.
NONPARTICIPATING
No dividends will be paid. Neither you nor the Beneficiary will have the
right to share in our surplus earnings or profits.
ASSIGNMENT
You may change the ownership of the Policy or pledge it as collateral by
assigning it. No assignment will be binding on us until we record and
acknowledge it. The rights of any Payee will be subject to a collateral
assignment.
If the named Beneficiary is irrevocable, a change of ownership or a
collateral assignment may be made only by joint written request from you and
your named Beneficiary. On the Annuity Starting Date, you may select another
Payee, but you retain all rights of ownership unless you signs an absolute
assignment.
EVIDENCE OF AGE OR SURVIVAL
We reserve the right to require proof of the age or survival of any
Owner, Annuitant or Payee. No payment will be made until we receives such proof.
VARIABLE ANNUITY UNITS.
All variable annuity payments other than the first are determined by
means of Variable Annuity Units credited to the Policy with respect to the
particular Payee. The number of Variable Annuity Units for each applicable
subaccount is the amount of the first annuity payment attributable to that
subaccount divided by the Annuity Unit Value for that subaccount as of the
Annuity Starting Date. The number of Variable Annuity Units of each particular
subaccount credited with respect to the Payee or Annuitant then remains fixed
unless a transfer of Variable Annuity Units is made as described below. The
number of Variable Annuity Units will not change as a result of investment
experience.
For any Valuation Period, the value of a Variable Annuity Unit of
a particular subaccount is the Variable Annuity Unit value during the last
Valuation Period for that particular Subaccount, multiplied by the Net
Investment Factor for that subaccount for the current Valuation Period. The
value of a subaccount may increase or decrease from one Valuation Period to the
next.
The Net Investment Factor for any subaccount for any Valuation
Period is determined by dividing (a) by (b) and then subtracting (c) from the
result where:
(a) is the net result of:
(1)the net asset value of a Portfolio share held in the subaccount
determined as of the end of the current Valuation Period, plus
(2)the per share amount of any declared and unpaid dividends or
capital gains accruing to that Portfolio, plus or minus
(3)a per share credit or charge with respect to any taxes paid or
reserved for by us during the Valuation Period which is
determined by us to be attributable to the operations of the
subaccount;
(b) is the net asset value per share of the Fund held in the subaccount
determined as of the end of the preceding Valuation Period plus or
minus the per share credit or charge with respect to any taxes paid
or reserved for the preceding Valuation Period; and
(c) is the asset charge factor determined by us for the Valuation Period
to reflect the Mortality and Expense Risk Charge and the
Administrative Expense Charge deducted from the Variable Account.
This factor is equal, on an annual basis, to 1.20% of the net asset
value of the Variable Account.
The result is then multiplied by a factor that offsets the Assumed Investment
Rate used to establish the Annuity Payment Rates found in the applicable
Contract, which allows the actual investment rate to be credited. For a one day
Valuation Period the factor is 0.99989255 using an Assumed Investment Rate of 4%
per year.
FEDERAL TAX MATTERS
TAX STATUS OF THE POLICY
DIVERSIFICATION REQUIREMENTS. Section 817(h) of the Internal Revenue
Code provides that in order for a variable contract which is based on a
segregated asset account to qualify as an annuity contract under the Code, the
investments made by such account must be "adequately diversified" in accordance
with Treasury regulations. The Treasury regulations issued under Section 817(h)
(Treas. Reg. ss. 1.817-5) apply a diversification requirement to each of the
Subaccounts of the Variable Account. The Variable Account, through the Series
Funds and their Portfolios, intends to comply with those diversification
requirements. United of Omaha and the Series Funds have entered into agreements
regarding participation in the Series Funds that requires the Series Funds and
their Portfolios to be operated in compliance with the Treasury regulations.
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<PAGE>
OWNER CONTROL. In certain circumstances, owners of variable annuity
contracts may be considered the owners, for federal income tax purposes, of the
assets of the separate account used to support their contracts. In those
circumstances, income and gains from the separate account assets would be
includible in the variable contract owner's gross income. The IRS has stated in
published rulings that a variable contract owner will be considered the owner of
separate account assets if the contract owner possesses incidents of ownership
in those assets, such as the ability to exercise investment control over the
assets. The Treasury Department also announced, in connection with the issuance
of regulations concerning diversification, that those regulations "do not
provide guidance concerning the circumstances in which investor control of the
investments of a segregated asset account may cause the investor (i.e., the
Owner), rather than the insurance company, to be treated as the owner of the
assets in the account." This announcement also stated that guidance would be
issued by way of regulations or rulings on the "extent to which policyholders
may direct their investments to particular subaccounts without being treated as
owners of the underlying assets." As of the date of this prospectus, no such
guidance has been issued.
The ownership rights under the Policy are similar to, but different in
certain respects from, those described by the IRS in rulings in which it was
determined that policy owners were not owners of separate account assets. For
example, you have additional flexibility in allocating premium payments and
policy values. These differences could result in you being treated as the owner
of a pro-rata portion of the assets of the Separate Account. In addition, we do
not know what standards will be set forth, if any, in the regulations or rulings
which the Treasury Department has stated it expects to issue. We therefore
reserves the right to modify the Policy as necessary to attempt to prevent you
from being considered the owner of a pro-rata share of the assets of the
Variable Account or to otherwise qualify the Policy for favorable tax treatment.
DISTRIBUTION REQUIREMENTS. The Code also requires that Nonqualified
Policies contain specific provisions for distribution of Policy Proceeds upon
your death. In order to be treated as an annuity contract for federal income tax
purposes, the Code requires that such Policies provide that if you die on or
after the Annuity Starting Date and before the entire interest in the Policy has
been distributed, the remaining portion must be distributed at least as rapidly
as under the method in effect on your death. If you die before the Annuity
Starting Date, the entire interest in the Policy must generally be distributed
within five years after your date of death, these requirements are considered to
be satisfied if the entire interest in the Policy is used to purchase an
immediate annuity under which payments will begin within one year of your death
and will be made for the life of the Beneficiary or for a period not extending
beyond the life expectancy of the Beneficiary. If the Beneficiary is your
surviving spouse, the Policy may be continued with your surviving spouse as the
new Owner. The Policy contains provisions intended to comply with these
requirements of the Code. No regulations interpreting these requirements of the
Code have yet been issued and thus no assurance can be given that the provisions
contained in the Policies satisfy all such Code requirements. The provisions
contained in the Policies will be reviewed and modified if necessary to assure
that they comply with the Code requirements when clarified by regulation or
otherwise.
TAXATION OF UNITED OF OMAHA
United of Omaha at present is taxed as a life insurance company under
part I of Subchapter L of the Code. The Variable Account is treated as part of
United of Omaha and, accordingly, will not be taxed separately as a "regulated
investment company" under Subchapter M of the Code. We do not expect to incur
any federal income tax liability with respect to investment income and net
capital gains arising from the activities of the Variable Account retained as
part of the reserves under the Policy. Based on this expectation, it is
anticipated that no charges will be made against the Variable Account for
federal income taxes. If, in future years, any federal income taxes or related
economic burdens are incurred by us with respect to the Variable Account, we may
make a charge to the Variable Account.
STATE REGULATION OF UNITED OF OMAHA
United of Omaha is subject to the laws of Nebraska governing insurance
companies and to regulation by the Nebraska Division of Insurance. An annual
statement in a prescribed form is filed with the Department of Insurance each
year covering the operation of United of Omaha for the preceding year and its
financial condition as of the end of such year. Regulation by the Department of
Insurance includes periodic examination to determine our contract liabilities
and reserves so that the Department may certify the items are correct. OUR books
and accounts are subject to review by the Department of Insurance at all times
and a full examination of its operations is conducted periodically by the
National Association of Insurance Commissioners. In addition, we are subject to
regulation under the insurance laws of other jurisdictions in which it may
operate.
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ADMINISTRATION
We perform all administration for the Policies.
RECORDS AND REPORTS
All records and accounts relating to the Variable Account will be
maintained by us. As presently required by the Investment Company Act of 1940
and regulations promulgated thereunder, we will mail to all Policy Owners at
their last known address of record, at least annually, financial statements of
the Variable Account and such other information as may be required under that
Act or by any other applicable law or regulation. Policy Owners will also
receive confirmation of each financial transaction and any other reports
required by applicable state and federal laws, rules, and regulations.
DISTRIBUTION OF THE POLICIES
The Policies are offered to the public through brokers licensed under
the federal securities laws and state insurance laws. The offering of the
Policies is continuous and we do not anticipate discontinuing the offering of
the Policies. However, we reserve the right to discontinue the offering of the
Policies.
Mutual of Omaha Investor Services, Inc. ("MOIS") will be the principal
underwriter of the Policies. The Policies will be distributed by MOIS through
retail broker-dealers. Commissions payable to a broker-dealer will be up to 7.5%
of Purchase Payments.
CUSTODY OF ASSETS
The assets of each of the Subaccounts of the Variable Account are held
by us. The assets of the Variable Account are segregated and held separate and
apart from our general account assets. We maintain records of all purchases and
redemptions of shares of the Series Funds held by each of the Subaccounts.
Additional protection for the assets of the Variable Account is afforded by our
fidelity bond, presently in the amount of $10 million, covering the acts of
officers and employees of United of Omaha.
5
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HISTORICAL PERFORMANCE DATA
From time to time, we may disclose yields, total returns, and other
performance data pertaining to the Policies for a Subaccount. Such performance
data will be computed, or accompanied by performance data computed, in
accordance with the standards defined by the Securities and Exchange Commission.
The yields and total returns of the Subaccounts of the Variable Account
normally will fluctuate over time. THEREFORE, THE DISCLOSED YIELDS AND TOTAL
RETURNS FOR ANY GIVEN PAST PERIOD ARE NOT AN INDICATION OR REPRESENTATION OF
FUTURE YIELDS OR RATES OF RETURN. A Subaccount's actual yield and total return
is affected by the types and quality of portfolio securities held by the
Portfolio and its operating expenses.
Because of the charges and deductions imposed under a Policy, the yields
and total returns for the Subaccounts will be lower than the yields and total
returns for their respective Portfolios. The calculations of yields, total
returns, and other performance data do not reflect the effect of any premium tax
charge that may be applicable to a particular Policy. Premium taxes currently
range for 0% to 3.5% of Purchase Payments based on the state in which the Policy
is sold.
MONEY MARKET YIELDS
From time to time, advertisements and sales literature may quote the
current annualized yield of the Money Market Subaccount for a seven-day period
in a manner which does not take into consideration any realized or unrealized
gains or losses on shares of the Money Market Portfolio or on its portfolio
securities.
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<PAGE>
This current annualized yield is computed by determining the net change
(exclusive of realized gains and losses on the sale of securities, unrealized
appreciation and depreciation, and excluding income other than investment
income) at the end of the seven-day period in the value of a hypothetical
account under a Policy having a balance of one Accumulation Unit of the Money
Market Subaccount at the beginning of the period to determine the base period
return, and annualizing this quotient on a 365-day basis. The net change in
account value reflects: (1) net income from the Portfolio attributable to the
hypothetical account; and (2) charges and deductions imposed under the Policy
which are attributable to the hypothetical account. The charges and deductions
include the per Unit charges for the hypothetical account for: (1) the annual
Policy Fee; (2) the Administrative Expense Charge; and (3) the Mortality and
Expense Risk Charge. The $30 annual Policy Fee is reflected as an annual 0.10%
charged daily, based on an average Accumulation Value of $30,000.
Because of the charges and deductions imposed under the Policy, the
yield for the Money Market Subaccount will be lower than the yield for the Money
Market Portfolio.
The Securities and Exchange Commission also permits us to disclose the
effective yield of the Money Market Subaccount for the same seven-day period,
determined on a compounded basis. The effective yield is calculated by
compounding the unannualized base period return by adding one to the base period
return, raising the sum to a power equal to 365 divided by 7, and subtracting
one from the result.
The current and effective yields on amounts held in the Money Market
Subaccount normally will fluctuate on a daily basis. THEREFORE, THE DISCLOSED
YIELD FOR ANY GIVEN PAST PERIOD IS NOT AN INDICATION OR REPRESENTATION OF FUTURE
YIELDS OR RATES OF RETURN. The Money Market Subaccount's actual yield is
affected by changes in interest rates on money market securities, average
portfolio maturity of the Money Market Portfolio, the types of quality of
portfolio securities held by the Money Market Portfolio and the Money Market
Portfolio's operating expenses.
OTHER SUBACCOUNT YIELDS
From time to time, sales literature or advertisements may quote the
current annualized yield of one or more of the Subaccounts (except the Money
Market Subaccount) for a Policy for 30-day or one-month periods. The annualized
yield of a Subaccount refers to income generated by the Subaccount over a
specific 30-day or one-month period. Because the yield is annualized, the yield
generated by a Subaccount during a 30-day or one-month period is assumed to be
generated each period over a 12-month period.
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<PAGE>
The yield is computed by: (a) dividing the net investment income of the
Portfolio attributable to the Subaccount Accumulation Units less Subaccount
expenses for the period by the maximum offering price per Accumulation Unit on
the last day of the period times the daily average number of units outstanding
for the period; (b) compounding that yield for a six-month period; and (c)
multiplying that result by 2. Expenses attributable to the Subaccount include:
(a) the annual Policy Fee; (b) the Administrative Expense Charge; and (c) the
Mortality and Expense Risk Charge. The $30 annual Policy Fee is reflected as an
annual 0.10% charged daily in the yield calculation, based on an average
Accumulation Value of $30,000. The 30-day or one-month yield is calculated
according to the following formula:
Yield = [2 {a-b + 1} 6 - 1]
[ cd ]
Where:
a =-- net income of the Portfolio for the 30-day or
one-month period attributable to the Subaccount's
Accumulation Units.
b =-- expenses of the Subaccount for the 30-day or one-month period.
c =-- the average number of Accumulation Units outstanding.
d =-- the Accumulation Unit value at the close of the last day
in the 30-day or one-month period.
Because of the charges and deductions imposed under the Policies, the
yield for a Subaccount will be lower than the yield for the corresponding Series
Fund Portfolio.
AVERAGE ANNUAL TOTAL RETURNS
From time to time, sales literature or advertisements may also quote
average annual total returns for one or more of the Subaccounts for various
periods of time.
When a Subaccount has been in operation for 1, 5, and 10 years,
respectively, the average annual total return for these periods will be
provided. Until a Subaccount has been in operation for 10 years, United of Omaha
will always include quotes of average annual total return for the period
measured from the date the Policies were first offered for sale. Average annual
total returns for other periods of time may, from time to time, also be
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<PAGE>
disclosed.
Average annual total returns represent the average annual compounded
rates of return that would equate an initial investment of $1,000 under a Policy
to the redemption value of that investment as of the last day of each of the
periods. Average annual total returns will be calculated using Subaccount
Accumulation Unit values which we calculate at the end of each Valuation Period
based on the performance of the Subaccount's underlying Portfolio, the
deductions for (a) the annual Policy Fee; (b) the Administrative Expense Charge;
and (c) the Mortality and Expense Risk Charge. The $30 annual Policy Fee is
reflected as an annual 0.10% charged daily in the calculation of average annual
total returns, based on an anticipated average Accumulation Value of $30,000.
The calculation also assumes surrender of the Policy at the end of the period
for the return quotation. The total return will then be calculated according to
the following formula:
P(1+TR) n = ERV
Where:
P =-- a hypothetical initial Purchase Payment of $1,000.
TR =-- the average annual total return.
ERV =-- the ending redeemable value of the hypothetical
account at the end of the period.
n =-- the number of years in the period.
We may disclose Cumulative Total Returns in conjunction with the
standard formats described above. The Cumulative Total Returns will be
calculated using the following formula:
CTR = (ERV/P) - 1
Where:
CTR = -- The Cumulative Total Return net of Subaccount
recurring charges for the period.
ERV = -- The ending redeemable value of the hypothetical
investment at the end of the period.
P = -- A hypothetical initial Purchase Payment of $1,000.
OTHER INFORMATION
The following is a partial list of those publications which may be cited
in the Series Funds' advertising shareholder materials which contain articles
describing investment results or other data relative to one or more of the
Subaccounts. Other publications may also be cited.
Across the Board
Advertising Age
American Banker
Barron's
Best's Review
Broker World
Business Insurance
Business Month
Business Week
Changing Times
Consumer Reports
Economist
Financial Planning
Financial World
Forbes
Fortune
Inc.
Institutional Investor
Insurance Forum
Insurance Sales
Insurance Week
Journal of Accountancy
Journal of the American Society of CLU & ChFC
Journal of Commerce
Life Association News
Life Insurance Selling
Manager's Magazine
Market Facts
Money
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LEGAL MATTERS
We know of no material legal proceedings pending to which the Variable
Account is a party or which would materially affect the Variable Account. We are
not involved in any litigation of material importance to our total assets or to
the Variable Account. Legal matters in connection with the Policy have been
passed upon by our Law Staff.
OTHER INFORMATION
A Registration Statement has been filed with the Securities and Exchange
Commission, under the Securities Act of 1933 as amended, with respect to the
Policies discussed in this Statement of Additional Information. Not all of the
information set forth in the Registration Statement, amendments and exhibits
thereto has been included in the Prospectus or this Statement of Additional
Information. Statements contained in the Prospectus and this Statement of
Additional Information concerning the content of the Policies and other legal
instruments are intended to be summaries. For a complete statement of the terms
of these documents, reference should be made to the instruments filed with the
Securities and Exchange Commission.
FINANCIAL STATEMENTS
This Statement of Additional Information contains financial statements
for the Variable Account as of December 31, 1997 and for the years ended
December 31, 1997 and 1996 which have been audited by Deloitte & Touche, LLP,
independent auditors, Omaha, Nebraska, as stated in their report appearing
herein.
The Financial Statements of United of Omaha Life Insurance Company as of
and for the years ended December 31, 1997 and 1996 included in this Statement of
Additional Information have been audited by Deloitte & Touche LLP, independent
auditors, Omaha, Nebraska, as stated in their report appearing herein. The
financial statements of United of Omaha Life Insurance Company for the year
ended December 31, 1995 have been audited by Coopers & Lybrand, L.L.P.,
independent auditors, Omaha, Nebraska, as stated in their report appearing
herein. The financial statements of United of Omaha Life Insurance Company
should be considered only as bearing on the ability of United of Omaha to meet
its obligations under the Policies. They should not be considered as bearing on
the investment performance of the assets held in the Variable Account.
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***********TO: SEC
AUDITED FINANCIAL STATEMENTS OF UNITED OF OMAHA and THE UNITED SEPARATE
ACCOUNT C WILL BE ADDED TO THE REGISTRATION BY A PRE-EFFECTIVE
AMENDMENT REGISTRATION.
*****
<PAGE>
PART C OTHER INFORMATION
ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements
All required financial statements are included in Part B of this
Registration Statement.
(b) Exhibits: The following exhibits are filed herewith:
Exhibit No. Description of Exhibit
(1) (a) Resolution of the Board of Directors establishing the Variable Account.*
(2) Not applicable.
(3) (a) Principal Underwriter Agreement by and between United, on its own
behalf and on behalf of the Variable Account, and Mutual of Omaha
Investor Services. *
(b) Form of Broker/Dealer Supervision and Sales Agreement by and between
Mutual of Omaha Investor Services, Inc. and the Broker/Dealer.*
(4) (a) Form of Policy for the Ultra-Access variable annuity Policy.
(b) Form of Riders to the Policy (except the Elective Death Benefit Rider is
not available).*.
(c) Systematic Transfer Enrollment Program Endorsement to the Policy. ***
(5) Form of Application to the Policy.*
(6) (a) Articles of Incorporation of United of Omaha Life Insurance Company.*
(b) Bylaws of United of Omaha Life Insurance Company.*
(7) Not applicable.
(8) (a) Participation Agreement with the Alger American Fund*
(b) Participation Agreement with the Insurance Management Series*
(c) Participation Agreement with the Fidelity VIP Fund and Fidelity
VIP Fund II.*
(d)
Participation Agreement with the MFS Variable Insurance Trust.*
(e) Participation Agreement with the Pioneer Variable Contracts Trust.*
(f) Participation Agreement with the Scudder Variable Life Investment Fund.*
(g) Participation Agreement with T. Rowe Price International Series, T.
Rowe Price Fixed Income Series, and T. Rowe Price Equity Series.*
(i)
Participation Agreement with Morgan Stanley Universal Funds, et. al. ***
(9) Opinion and Consent of Counsel.
(10) Consents of Independent Auditors. *****
(11) Not applicable.
(12) Not applicable.
(13) Schedules of Computation of Performance Data.
(14) Powers of Attorney.**
* Incorporated by Reference to the Registration Statement for United of Omaha
Separate Account C filed on April 24, 1997 (File No. 33-89848).
** Incorporated by Reference to the Registration Statement for United of Omaha
Separate Account B filed on June 20, 1997 (File No. 333-18881).
*** Incorporated by Reference to the Registration Statement for United of Omaha
Separate Account B filed on April 16, 1998 (File No. 333-18881).
*****To be filed by pre-effective amendment to this Registration Statement.
ITEM 25. DIRECTORS AND OFFICERS OF THE DEPOSITOR
Our Directors and senior officers* are:
DIRECTORS*
Foggie, Samuel L. Banking and Finance Industry Executive
Plunkett III, Hugh V. Attorney (Plunkett, Schwartz & Petersen)
Sampson, Richard J. Retired Group Insurance Executive (United of
Omaha Life Insurance Company)
Straus, Oscar S. Investments; President, The Daniel and
Florence Guggenheim Foundation
Sturgeon, John A. President, Chief Operation Officer
(United of Omaha Life Insurance Company)
Wayne, Michael A. Foundation and Cancer Institute Executive
Weekly, John W. Chairman of the Board and Chief Executive Officer
(United of Omaha Life Insurance Company)
OFFICERS*
John W. Weekly Chairman of the Board, Chief Executive Officer
John A. Sturgeon President, Chief Operation Officer
G. Ronald Ames Executive Vice President (Small Group and
Information Services)
Robert B. Bogart Executive Vice President (Human Resources)
Stephen R. Booma Executive Vice President (Managed Care)
Cecil D. Bykerk Executive Vice President (Chief Actuary)
James L. Hanson Executive Vice President (Information Services)
Kim Harm Executive Vice President (Customer Services)
Lawrence F. Harr Executive Vice President (Executive Counsel)
Randall C. Horn Executive Vice President (Group Insurance)
M. Jane Huerter Executive Vice President (Corporate
Secretary; Corporate Administration)
John L. Maginn Executive Vice President (Treasurer; Chief Investment
Officer)
William C. Mattox Executive Vice President (Federal Affairs)
Thomas J. McCusker Executive Vice President (General Counsel)
Tommie D. Thompson Executive Vice President (Corporate Comptroller)
*Business address for all directors and officers is Mutual of Omaha
Plaza, Omaha, Nebraska 68175.
ITEM 26. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE DEPOSITOR OR
REGISTRANT
Name of Corporation (where organized) Type of Corporation
Mutual of Omaha Insurance Company (NE) Accident & Health Insurance
KFS Corporation (NE) Holding corporation
Kirkpatrick, Pettis, Smith, Polian Inc.(NE) Registered broker-dealer
& investment advisor
KPM Investment Management, Inc. (NE) Investment advisor
Kirkpatrick Pettis Trust Company (NE) Trust company
Mutual of Omaha Health Plans, Inc. (NE) Holding corporation
Exclusive Healthcare, Inc. (NE) HMO
Mutual of Omaha of Colorado, Inc. (CO) (50%) HMO
Mutual of Omaha Health Plans of
Lincoln, Inc.(NE)Staff Model HMO
Preferred Health Alliance, Inc. (NE) (51%) Joint venture w/physician
& hospital organization
Mutual of Omaha Dental Plans of
Nebraska, Inc. (NE) Limited pre-paid DHMO
Mutual of Omaha Health Plans of
Indiana, Inc. (IN) HMO
Mutual of Omaha Health Plans of
Ohio, Inc. (OH) HMO
Mutual of Omaha of South Dakota &
Community Health Plus HMO, Inc. (SD) HMO
Mutual of Omaha Tri-State Health
Plans, Inc. (TN) HMO
Mutual of Omaha Holdings, Inc. (NE) Holding corporation
innowave incorporated (NE) Markets water distillation
products
Mutual Asset Management Co. (NE) Asset management services
Mutual of Omaha Investor Services,
Inc. (NE) Registered
securities Broker-Dealer
Mutual of Omaha Marketing
Corporation (NE) Markets health insurance
Omex Realty, Inc. (NE) Real estate investments
Mutual of Omaha U.K. Limited (U.K.) Insurance in United Kingdom
(inactive)
The Omaha Indemnity Company (WI) Property & casualty
insurance (no new business
since 1986)
Omaha Property and Casualty Insurance
Company (NE) Property & casualty insurance
Adjustment Services, Inc. (NE) Claims adjusting services
Tele-Trip Company, Inc. (DE) Markets travel/flight
insurance in airports
United of Omaha Life Insurance Company (NE) Life, H&A
insurance/annuities
Companion Life Insurance Company (NY) Life insurance/annuities
Mutual of Omaha Structured Settlement
Company, Inc. (CT) Structured settlements
Mutual of Omaha Structure Settlement
Company of New York, Inc. (NY) Structured settlements
United World Life Insurance
Company (NE) Accident & health and life
insurance
United Properties Co. (CA) (50%) Real estate general
partnership
*Subsidiaries of subsidiaries are indicated by indentations.
ITEM 27. NUMBER OF POLICYOWNERS
As of April 27, 1998 there were no Owners of the Policies.
ITEM 28. INDEMNIFICATION
The Nebraska Business Corporation Act (Section 21-2004(15)) provides for
permissive indemnification in certain situations, mandatory indemnification in
other situations, and prohibits indemnification in certain situations. The
Nevada Business Corporation Act also specifies procedures for determining when
indemnification payments can be made.
Insofar as indemnification for liabilities arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of
United of Omaha pursuant to the foregoing provisions, or otherwise, United of
Omaha 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 is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by United of Omaha of expenses
incurred or paid by a director, officer or controlling person in connection with
the securities being registered), United of Omaha 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. With respect to indemnification, Section XI of
United of Omaha's Articles of Incorporation provides as follows:
An outside director of the Company shall not be personally liable
in the Company on its Stockholders for monetary damages for breach of
fiduciary duty as a director, except for liability for: (i) any act or
omission not in good faith which involves intentional misconduct or a
knowing violation of the law; (ii) any transaction from which the outside
director derived an improper direct or indirect financial benefit; (iii)
paying or approving a dividend which is in violation of Nebraska law; (v)
any act or omission which violates a declaratory or injunctive order
obtained by the Company or its Stockholders; and (v) any act or omission
occurring prior to the effective date of the amendments to the Articles of
Incorporation of the Company incorporating this ARTICLE XI.
For purposes of this ARTICLE XI, an outside director shall mean a
member of the Board of Directors who is not an officer or a person who may
control the conduct of the Company through management agreements, voting
trusts, directorships in related corporations, or any other device or
relationship.
If the Nebraska Business Corporation Act is amended after
approval by the Stockholders of this ARTICLE XI to authorize corporate
action further eliminating or limiting the personal liability of
directors, then the liability of a director of the Company shall be
eliminated or limited to the fullest extent permitted by the Nebraska
Business Corporation Act as so amended.
Any repeal or modification of the foregoing ARTICLE XI by the
Stockholders of the Company shall not adversely affect any right or
protection of a director of the Company existing at the time of such
repeal or modification.
Article VII of United of Omaha's Bylaws provides as follows:
Any person made or threatened to be made a party to any action or
proceeding, whether civil or criminal, by reason of the fact that such
person then is or was a director, officer, employee, or agent of the
Company (or is or was serving at the request of the Company in any such
capacity for an other legal entity or enterprise, shall be indemnified by
the Company against expense, judgements, fines, and amounts paid in
settlement to the full extent that such persons are permitted to be
indemnified by the laws of the State of Nebraska as in effect as of any
date of determination. The provisions of this Article shall not adversely
affect any right to indemnification which any person may have apart from
the provisions of this Article.
ITEM 29. PRINCIPAL UNDERWRITER
(a) In addition to Registrant, Mutual of Omaha Investor Services is
the Principal Underwriter for policies offered by United of Omaha Life Insurance
Company through United of Omaha Separate Account B and offered by Companion Life
Insurance Company through Companion Life Separate Account C and Companion Life
Separate Account B.
(b) The directors and officers of Mutual of Omaha Investor Services,
Inc. (principal address: Mutual of Omaha Plaza, Omaha, Nebraska 68175) are as
follows:
NAME TITLE
John W. Weekly Chairman, Director
Richard A. Witt President, Director
William J. Bluvas Vice President, Finance and Treasurer
M. Jane Huerter Secretary and Director
Kimberly S. Harm Director
Lawrence F. Harr Director
Ronald W. Leach Director
John L. Maginn Director
(c) Mutual of Omaha Investor Services, Inc. ("MOIS") is the
principal underwriter of the Policies. Commissions payable to a broker-dealer
will be up to 7.5% of Purchase Payments.
ITEM 30. LOCATION OF ACCOUNTS AND RECORDS
The records required to be maintained by Section 31(a) of the
Investment Company Act of 1940 and Rules 31a-1 to 31a-3 promulgated thereunder,
are maintained by United of Omaha Life Insurance Company at Mutual of Omaha
Plaza, Omaha, Nebraska 68175.
ITEM 31. MANAGEMENT SERVICES.
All management policies are discussed in Part A or Part B of this
registration statement.
ITEM 32. UNDERTAKINGS
(a)Registrant undertakes that it will file a post-effective
amendment to this registration statement as frequently as necessary to ensure
that the audited financial statements in the registration statement are never
more than 16 months old for so long as Purchase Payments under the Policy may be
accepted.
(b)Registrant undertakes that it will include either (i) 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 or
(ii) a space in the Policy application that an applicant can check to request a
Statement of Additional Information.
(c) Registrant undertakes to deliver any Statement of Additional
Information and any financial statements required to be made available under
this Form promptly upon written or oral request to United of Omaha at the
address or phone number listed in the Prospectus.
(d) Registrant represents that the fees and charges under the
Policy, in the aggregate, are reasonable in relation to the services rendered,
the expenses expected to be incurred, and the risks assumed by United of Omaha.
SECTION 403(B) REPRESENTATIONS
United of Omaha represents that it is relying on a no-action letter
dated November 28, 1988, to the American Council of Life Insurance (Ref. No.
IP-6-88), regarding Sections 22(e), 27(c)(1), and 27(d) of the Investment
Company Act of 1940, in connection with redeemability restrictions on Section
403(b) Policies, and that paragraphs numbered (1) through (4) of that letter
will be complied with.
STATEMENT PURSUANT TO RULE 6C-7: TEXAS OPTIONAL RETIREMENT PROGRAM
United of Omaha and the Variable Account rely on 17 C.F.R. ss. 270.6c-7,
and represent that the provisions of that Rule have been or will be complied
with.
<PAGE>
SIGNATURES
As required by the Securities Act of 1933 and the Investment Company Act
of 1940, the Registrant certifies that it meets all of the requirements for the
effectiveness of this Registration Statement under the Securities Act of 1993
and has caused this Registration Statement to be signed on its behalf, in the
City of Omaha and State of Nebraska, on this 27th day of April, 1998.
UNITED OF OMAHA SEPARATE ACCOUNT C
UNITED OF OMAHA LIFE INSURANCE COMPANY
Depositor
/s/ Kenneth W. Reitz
---------------------------------------
By: Kenneth W. Reitz
First Vice President & Counsel
As required by the Securities Act of 1933, this Registration Statement
has been signed by the following persons in the capacities and on the duties
indicated.
Signatures Title Date
/s/ John W. Weekly
by__________________________* Chairman of the Board, 4/27/1998
John W. Weekly Chief Executive Officer
/s/ John A. Sturgeon
by__________________________* President, Chief Operation Officer 4/27/1998
John A. Sturgeon
/s/ Tommie D. Thompson
By__________________________* Executive V.P., Corporate Comptroller 4/27/1998
(Principal Financial Officer and
Principal Accounting Officer)
/s/ Samuel L. Foggie
by__________________________* Director 4/27/1998
Samuel L. Foggie
/s/ Hugh V. Plunkett, III
by__________________________ Director 4/27/1998
Hugh V. Plunkett, III
/s/ Richard J. Sampson
by__________________________* Director 4/27/1998
Richard J. Sampson
/s/ Oscar S. Straus
by__________________________* Director 4/27/1998
Oscar S. Straus
/s/Michael A. Wayne
by__________________________* Director 4/27/1998
Michael A. Wayne
*Signed by Kenneth W. Reitz under Powers of Attorney executed on May 20, 1997.
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------
UNITED OF OMAHA SEPARATE ACCOUNT C
OF
UNITED OF OMAHA LIFE INSURANCE COMPANY
- --------------------------------------------------------------------------------
EXHIBITS
- --------------------------------------------------------------------------------
TO
THE REGISTRATION STATEMENT ON FORM N-4
under
THE SECURITIES ACT OF 1933, Initial Registration
and
THE INVESTMENT COMPANY ACT OF 1940, Amendment No. 11
April 27, 1998
<PAGE>
EXHIBIT INDEX
Exhibit No. Description of Exhibit
(4) (a) Form of Policy for the Ultra-Access variable annuity Policy.
(9) Opinion and Consent of Counsel.
(13) Schedules of Computation of Performance Data.
<PAGE>
Exhibit 4 (a). Form of Policy for the Ultra-Access variable annuity Policy.
United of Omaha
Life Insurance Company
Annuity Policy
- --------------------------------------------------------------------------------
United of Omaha Life Insurance Company will pay you, if living, the annuity
payments as set forth in this policy beginning on the annuity starting date. If
you die before the annuity starting date and while this policy is in force, we
will pay the death benefit according to the policy provisions.
READ YOUR POLICY CAREFULLY.
IT INCLUDES THE PROVISIONS ON THE FOLLOWING PAGES.
THIS POLICY IS A LEGAL CONTRACT BETWEEN THE OWNER AND UNITED OF OMAHA LIFE
INSURANCE COMPANY.
IF YOU ARE NOT SATISFIED WITH YOUR POLICY, RETURN IT TO US OR OUR AGENT WITHIN
10 DAYS AFTER YOU RECEIVE IT. RETURN OF THIS POLICY BY MAIL IS EFFECTIVE ON
BEING POSTMARKED, PROPERLY ADDRESSED, AND POSTAGE PRE-PAID. THE RETURNED POLICY
WILL BE TREATED AS IF WE HAD NEVER ISSUED IT. WE WILL PROMPTLY REFUND THE
ACCUMULATION VALUE IN STATES WHERE PERMITTED. THIS MAY BE MORE OR LESS THAN THE
PURCHASE PAYMENTS. WE RESERVE THE RIGHT TO ALLOCATE PAYMENTS TO THE MONEY MARKET
FUND UNTIL THE EXPIRATION OF 15 DAYS FROM THE DATE THE POLICY IS MAILED FROM OUR
HOME OFFICE. IF WE SO ALLOCATE PAYMENTS, WE WILL REFUND THE GREATER OF THE
PURCHASE PAYMENTS OR THE ACCUMULATION VALUE.
THIS IS A FLEXIBLE PAYMENT VARIABLE DEFERRED ANNUITY POLICY. THE POLICY'S
ACCUMULATION VALUE IN THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE
IN THAT ACCOUNT AND WILL INCREASE OR DECREASE DAILY. THE DOLLAR AMOUNT IS NOT
GUARANTEED. NO DIVIDENDS ARE PAYABLE.
For inquiries regarding coverage or customer service, please call 800/238-9354.
[GRAPHIC OMITTED]
President
HOME OFFICE: MUTUAL OF OMAHA PLAZA
OMAHA, NEBRASKA 68175
Corporate Secretary
<PAGE>
POLICY DATA
POLICY NUMBER: 1234567
POLICY OWNER: JOHN J. DOE
ANNUITANT: JOHN J. DOE
DATE OF ISSUE: FEBRUARY 1, 1995
ANNUITY STARTING DATE: FEBRUARY 1, 2025
INITIAL PURCHASE PAYMENT: $5,000
SUBSEQUENT MINIMUM PURCHASE PAYMENT: $500
ELIGIBLE INVESTMENTS: INITIAL ALLOCATION (%):
UNITED OF OMAHA FIXED ACCOUNT 10
(ALGER AMERICAN GROWTH PORTFOLIO) 0
(ALGER AMERICAN SMALL CAPITALIZATION PORTFOLIO) 0
(FEDERATED PRIME MONEY MARKET PORTFOLIO) 30
(FEDERATED U.S. GOVERNMENT BOND PORTFOLIO) 30
(FIDELITY EQUITY INCOME PORTFOLIO) 0
(FIDELITY ASSET MANAGER GROWTH PORTFOLIO) 0
(FIDELITY CONTRAFUND PORTFOLIO) 0
(MFS EMERGING GROWTH PORTFOLIO) 30
(MFS HIGH INCOME PORTFOLIO) 0
(MFS RESEARCH PORTFOLIO) 0
(MFS WORLD GOVERNMENT PORTFOLIO) 0
(SCUDDER INTERNATIONAL PORTFOLIO) 0
(T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO) 0
(T. ROWE PRICE NEW AMERICAN GROWTH PORTFOLIO) 0
(T. ROWE PRICE EQUITY INCOME PORTFOLIO) 0
(T. ROWE PRICE PERSONAL STRATEGY BALANCED PORTFOLIO) 0
(T. ROWE PRICE LIMITED TERM BOND PORTFOLIO) 0
(MORGAN STANLEY FIXED INCOME PORTFOLIO) 0
(MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO) 0
SYSTEMATIC TRANSFER ACCOUNT 0
SEPARATE ACCOUNT: UNITED OF OMAHA SEPARATE ACCOUNT C
<PAGE>
POLICY CHARGES
POLICY FEE: $30.00 EACH POLICY YEAR
MORTALITY AND EXPENSE CHARGE: EQUAL ON AN ANNUAL BASIS TO 1.40% OF THE
AVERAGE DAILY NET ASSETS OF THE SEPARATE
ACCOUNT
ADMINISTRATIVE EXPENSE CHARGE: EQUAL ON AN ANNUAL BASIS TO 0.20% OF THE
AVERAGE DAILY NET ASSETS OF THE SEPARATE
ACCOUNT
<PAGE>
Form 6500L-0898 Page ii
TABLE OF CONTENTS PAGE
DEFINITIONS..........................................................1
GENERAL PROVISIONS...................................................3
The Entire Contract..............................................3
Delay of Payments................................................3
Incontestability.................................................3
Misstatement of Age or Sex.......................................3
Nonparticipating.................................................3
Periodic Reports.................................................4
Policy Dates.....................................................5
Taxes............................................................5
Termination......................................................5
OWNER, JOINT OWNER, ANNUITANT AND BENEFICIARY........................5
Owner And Joint Owner............................................5
Death Of Owner, Joint Owner......................................5
Annuitant........................................................5
Death of Annuitant...............................................6
Beneficiary......................................................6
Beneficiary Change...............................................6
Assignment.......................................................6
PURCHASE PAYMENTS....................................................6
Consideration....................................................6
Purchase Payments................................................6
Allocation of Purchase Payments..................................7
Systematic Transfer Enrollment Program...........................7
THE SEPARATE ACCOUNT.................................................7
General Description..............................................7
Investment Allocations to the Separate Account...................7
Valuation of Assets..............................................7
Transfers Between Subaccounts....................................7
Dollar Cost Averaging............................................9
Asset Allocation Program.........................................9
THE FIXED ACCOUNT....................................................9
General Description..............................................9
Transfers From the Fixed Account.................................9
THE SYSTEMATIC TRANSFER ACCOUNT.....................................10
General Description.............................................10
Transfers From the Systematic Transfer Account..................10
VALUES..............................................................10
Accumulation Value..............................................10
Accumulation Unit...............................................10
The Fixed Account...............................................10
Systematic Transfer Account.....................................11
Policy Charges..................................................11
Partial Withdrawals or Cash Surrender...........................11
i
Systematic Withdrawals..........................................11
Death Benefit...................................................13
Accidental Death Benefit........................................13
Computations....................................................13
PAYOUT OPTIONS FOR PAYMENT OF POLICY PROCEEDS.......................13
General Conditions..............................................13
Payout Options..................................................14
Variable Annuity Payout Options.................................16
First Variable Annuity Payment..................................16
Second and Later Variable Annuity Payments......................16
Annuity Unit Value..............................................16
Number of Annuity Units.........................................16
Exchange of Annuity Units.......................................18
ii
<PAGE>
DEFINITIONS
ACCUMULATION UNIT is an accounting unit of measure used to calculate the
accumulation value of the Separate Account prior to the Annuity Starting Date.
ACCUMULATION VALUE is the dollar value as of any Valuation Date of all amounts
accumulated under this policy prior to the Annuity Starting Date.
AGE means age last birthday.
ANNUITY PURCHASE VALUE is an amount equal to the Accumulation Value for the
Valuation Period which ends immediately preceding the Annuity Starting Date,
reduced by any applicable premium tax or similar taxes.
ANNUITY STARTING DATE means the date on which the annuity payments are to begin.
The Annuity Starting Date may be changed at any time, but the latest date
allowed is the policy anniversary following the annuitant's 95th birthday. If
you do not select a date, the automatic starting date will be the policy
anniversary following the annuitant's 95th birthday.
DUE PROOF OF DEATH means a certified copy of a death certificate, a certified
copy of a decree of a court of competent jurisdiction as to the finding of
death, a written statement by the attending physician, or any other proof
satisfactory to us.
ELIGIBLE INVESTMENT(S) are those investments available under the policy. Current
Eligible Investments are shown on the Data Pages.
EXECUTIVE OFFICER means the president, executive vice presidents, vice
presidents, the corporate secretary, or assistant corporate secretary of United
of Omaha Life Insurance Company.
FIXED ACCOUNT is the account which consists of the general account assets of
United of Omaha Life Insurance Company.
FUND means a segment of an Eligible Investment which constitutes a separate and
distinct class of interests under an Eligible Investment.
NET ASSETS OF THE SEPARATE ACCOUNT means the market value of the investments
held by the Separate Account.
NET ASSET VALUE PER SHARE means the net assets of a Fund divided by the number
of shares in the Fund.
NET PURCHASE PAYMENT means a Purchase Payment minus any applicable premium tax.
OUR, US, and WE refer to United of Omaha Life Insurance Company, Omaha,
Nebraska.
PAYEE means the person who receives payments under this policy.
PAYOUT OPTION is any option of payment of policy proceeds available under this
policy.
PROCEEDS mean the death benefit or the Annuity Purchase Value.
PURCHASE PAYMENT is the amount paid to United of Omaha Life Insurance Company in
accordance with the provisions of this policy.
SUBACCOUNTS are that portion of the Separate Account which invests in shares of
mutual funds or any other investment portfolios we determine to be suitable for
this policy's purposes.
1
<PAGE>
VALUATION DATE means each day that the New York Stock Exchange is open for
trading.
VALUATION PERIOD is the period commencing at the close of business of the New
York Stock Exchange on each Valuation Date and ending at the close of business
for the next succeeding Valuation Date.
SEPARATE ACCOUNT means a Separate Account maintained by us in which a portion of
our assets has been allocated for this and certain other policies. It has been
designated on the Data Page.
2
<PAGE>
SYSTEMATIC TRANSFER ACCOUNT is the fixed account used for the Systematic
Transfer Program.
YOU and YOUR refer to the owner(s) of this policy.
GENERAL PROVISIONS
THE ENTIRE CONTRACT
The entire contract is this policy, any riders, endorsements and amendments, and
the signed application(s), a copy of which is attached. All statements made in
the application will, in the absence of fraud, be deemed representations and not
warranties. We will not use any statement to contest this policy or deny a claim
unless it is in the application.
Any change of this policy requires the written consent of an Executive Officer.
No agent has the authority to change this contract or waive any of its terms.
DELAY OF PAYMENTS
We will usually pay any amounts payable from the Separate Account as a result of
a partial withdrawal or cash surrender within seven days after we receive your
written request at our Home Office in a form satisfactory to us. We can postpone
such payments or any transfers of amounts between Subaccounts or into the Fixed
Account if:
(a)the New York Stock Exchange is closed for other than customary
weekend and holiday closings;
(b) trading on the New York Stock Exchange is restricted;
(c)an emergency exists as determined by the Securities Exchange
Commission, as a result of which it is not reasonably practical to
dispose of securities, or not reasonably practical to determine the
value of the net assets of the Separate Account;
(d) the Securities Exchange Commission permits delay for the protection
of security holders.
The applicable rules of the Securities Exchange Commission will govern as to
whether the conditions in (c) or (d) exist.
We may defer payment of partial withdrawals or a cash surrender from the Fixed
Account for up to six months from the date we receive written request.
INCONTESTABILITY
We will not contest the validity of this policy after it has been in force
during the lifetime of the owner for two years from the date of issue.
MISSTATEMENT OF AGE OR SEX
We may require proof of the age of the annuitant before making any life annuity
payment provided for by this policy. If the age or sex of the annuitant has been
misstated, the Annuity Starting Date and monthly income will be determined using
the correct age and sex.
If a misstatement of age or sex results in monthly income payments which are too
large, the overpayments will be deducted from future payments. If we have made
payments which are too small, the underpayments will be added to the next
payment. Adjustments for overpayments or underpayments will include 6% interest.
3
<PAGE>
NONPARTICIPATING
No dividends will be paid. This policy will not share in our surplus earnings or
profits.
PERIODIC REPORTS
At least quarterly each calendar year we will send you a statement showing your
Accumulation Value as of a date not more than two months prior to the date of
mailing. We will also send such statements as may be required by applicable
state and federal laws, rules and regulations.
4
<PAGE>
POLICY DATES
Policy years and policy anniversaries are measured from the date of issue shown
on the Data Page.
TAXES
Premium taxes, if any, levied by any unit of government will be deducted as
required by state law or when annuity payments begin.
TERMINATION
This policy will remain in force until surrendered for its full value, or all
annuity payments have been made, or the death benefit has been paid.
If the Accumulation Value is less than $500, we may cancel this policy upon 60
days' notice to you. The cancellation would be considered a full surrender of
this policy.
If the Accumulation Value in any Fund falls below $500, we reserve the right to
transfer the remaining balance, without charge, to the Money Market Fund.
OWNER, JOINT OWNER, ANNUITANT AND BENEFICIARY
OWNER AND JOINT OWNER
While you are alive, only you may exercise the rights under this policy.
Ownership may be changed as described in the ASSIGNMENTS provision. If there are
joint owners, the signatures of both owners are needed to exercise rights under
the policy.
DEATH OF OWNER, JOINT OWNER
Prior to the Annuity Starting Date upon the death of the owner or joint owner,
the policy will end and the death benefit will be paid to the beneficiary.
If there are joint owners, the surviving joint owner shall be the beneficiary
regardless of whether a beneficiary was named on the application. If both joint
owners die simultaneously, the death benefit will be paid to the named
beneficiary.
If the owner of this policy is a corporation or other nonindividual, the primary
annuitant will be treated as the owner of this policy. The "primary annuitant"
is that individual, the events in the life of whom affect the timing or the
amount of the payout under the policy. A change in the primary annuitant will be
treated as the death of the owner.
If the beneficiary is the surviving spouse, the spouse may either receive the
death benefit and the policy will end or the spouse may continue the policy in
force as the owner.
If any owner or joint owner dies on or after the Annuity Starting Date and
before all the Proceeds have been paid, any remaining Proceeds will be paid at
least as rapidly as under the payment option in effect at the time of such
owner's death.
Generally, any death benefit must be paid within five years after the date of
death. The five-year rule does not apply to that portion of the Proceeds which:
(a) is payable to or for the benefit of an individual named beneficiary;
and (b) will be paid over the lifetime or the life expectancy of that
named beneficiary
as long as payments begin no later than one year after the date of death.
ANNUITANT
The annuitant is the person upon whose life the annuity payments are based. If
the owner is different from the annuitant, the annuitant does not have any
rights under this policy.
5
<PAGE>
DEATH OF ANNUITANT
If the annuitant is an owner or joint owner, the death of the annuitant will be
treated as the death of an owner.
If the annuitant is not an owner and the annuitant dies before the Annuity
Starting Date, you may name a new annuitant. If you do not name a new annuitant,
you will become the annuitant
BENEFICIARY
The beneficiary is:
(a) the person(s) or legal entity you name in the application to receive the
death benefit and referred to in the policy as the "named beneficiary";
or
(b) if there are joint owners, the surviving joint owner, regardless of
whether a beneficiary was named on the application. If both joint owners
die simultaneously, we will pay the death benefit to the named
beneficiary.
If the beneficiary is the surviving spouse, the spouse may either receive the
death benefit and the policy will end, or the spouse may continue the policy in
force as the owner.
If no beneficiary survives you, we will pay the DEATH BENEFIT to your estate.
BENEFICIARY CHANGE
You may change the named beneficiary by sending us a written request Home Office
unless the beneficiary is irrevocable. When recorded and acknowledged by us, the
change will be effective as of the date you signed the request. The change will
not apply to any payments made or other action taken by us before recording.
If the named beneficiary is irrevocable, you may change the named beneficiary
only by joint written request from you and the named beneficiary.
ASSIGNMENT
You may change the owner by making an absolute assignment or pledge this policy
as collateral by making a collateral assignment. Any assignment must be in
writing. No assignment will be binding on us until we record and acknowledge it.
We are not responsible for the validity or effect of any assignment. The right
of any Payee will be subject to a collateral assignment.
If the named beneficiary of this policy is irrevocable, a change of ownership or
a collateral assignment may be made only by joint written request from you and
the irrevocable named beneficiary.
On the Annuity Starting Date you may select a Payee other than yourself, but you
retain all rights of ownership unless you sign an absolute assignment.
PURCHASE PAYMENTS
CONSIDERATION
The consideration for this policy is the application and the first purchase
payment.
PURCHASE PAYMENTS
Purchase Payments after the first may be made at any time but are not required.
Purchase Payments are payable at our Home Office. Upon request, we will send you
a receipt signed by our Secretary or an Assistant Secretary for any Purchase
Payment. The minimum Purchase Payment allowed is shown on the Data Page.
6
<PAGE>
ALLOCATION OF PURCHASE PAYMENTS
We will allocate Net Purchase Payments to one or more Eligible Investments
according to your instructions. We have the right to allocate the initial Net
Purchase Payment to the Money Market Fund until the expiration of 15 days from
the date the policy is mailed from our Home Office. Thereafter, the Accumulation
Value will be allocated to one or more Funds as shown in the Data Pages.
Changes in the allocation will be effective on the date your written request is
received at our Home Office. The change will apply to future Purchase Payments.
SYSTEMATIC TRANSFER ENROLLMENT PROGRAM
At the time of application you may elect to participate in the Systematic
Transfer Enrollment Program. This program will automatically transfer a
predetermined dollar amount on a monthly basis to any of the Subaccounts which
are chosen at the time of application. The allocation and the predetermined
dollar amount may not be changed. All funds within the Systematic Transfer
Account must be transferred within 13 months of deposit. No new Purchase
Payments may be allocated to this account after the issue date of the policy. No
transfers may be made into the Systematic Transfer Account.
There is no charge for participation in this program.
THE SEPARATE ACCOUNT
GENERAL DESCRIPTION
The name of the Separate Account is shown on the Data Page. The assets of the
Separate Account are our property but are not chargeable with the liabilities
arising out of any other business we may conduct, except to the extent that the
assets of the Separate Account exceed the liabilities of the Separate Account
arising under the contracts supported by the Separate Account.
INVESTMENT ALLOCATIONS TO THE SEPARATE ACCOUNT
The assets of the Separate Account are segregated by Eligible Investments or
Funds and, where appropriate, by Funds within the Eligible Investment. This
establishes a series of Subaccounts within the Separate Account.
We may, from time to time, add other Eligible Investments or Funds. In such
event you may be permitted to select from these other Eligible Investments or
Funds, limited by the terms and conditions we may impose on such transactions.
We may also substitute other Eligible Investments or Funds. If required,
approval of or change of any investment policy will be filed with the Insurance
Department of the state in which this policy is delivered.
VALUATION OF ASSETS
Assets of Eligible Investments within each Subaccount will be valued at their
net asset value on each Valuation Date.
TRANSFERS BETWEEN SUBACCOUNTS
Prior to the Annuity Starting Date, you may transfer all or part of your
interest in a Subaccount to another Subaccount or to the Fixed Account. You may
make 12 transfers each policy year without charge. We reserve the right to
charge a $10 fee for additional transfers, to be deducted from the amount
transferred.
7
<PAGE>
The minimum transfer amount is $500 or the entire amount in the Subaccount if it
is less than $500. The minimum amount that can remain in a Subaccount after a
transfer is $500.
We reserve the right at any time and without prior notice to any party to modify
the transfer privileges described above.
8
<PAGE>
DOLLAR COST AVERAGING
Under the Dollar Cost Averaging program, you may instruct us to automatically
transfer, on a periodic basis, a predetermined amount or percentage you specify.
The automatic transfers will be made from any one Subaccount or the Fixed
Account to any other Subaccount.
Automatic transfers can occur monthly, quarterly, semi-annually or annually. The
amount transferred each time must be at least $100 and at least $50 per
Subaccount. At the time the program begins there must be at least $5000 of
Accumulation Value in the applicable Subaccount or the Fixed Account, or enough
to cover one year's transfers.
If transfers are made from the Fixed Account, the maximum periodic transfer
amount is 10% of that account's value at the time of election, or enough to
provide transfers for 10 months. There is no maximum transfer amount applicable
to Subaccounts.
You may request Dollar Cost Averaging at the time of application or at a later
date. Transfers will begin on the first or 15th day of the month, as you
specify. If the first or 15th day of a month is not a valuation date, then the
transfer will be processed on the next following valuation date. The program
will terminate when the number of transfers you have specified have been made,
or when the value in the applicable Subaccount or the Fixed Account is less than
$500, whichever occurs first.
You may increase or decrease the amount or percentage of the transfers or
discontinue the program by sending us written notice. There is no charge for
participation in this program.
ASSET ALLOCATION PROGRAM
Under the Asset Allocation Program you may instruct us to allocate Purchase
Payments and the Accumulation Value among the Subaccounts and the Fixed Account
according to your instructions, or according to instructions recommended by us
and approved by you. We will allocate your Purchase Payments and transfer
Accumulation Value among the Eligible Investments to maintain conformity with
current instructions, thereby "rebalancing" your investments.
At the time the program begins, there must be at least $10,000 of Accumulation
Value in the policy. Rebalancing will be performed on a quarterly, semi-annual
or annual basis as you specify. Transfers made in accordance with this program
will not be counted toward the 12 free transfers allowed each policy year.
You may request participation in the Asset Allocation Program at the time of
application or at a later date. You may change your allocation percentages or
discontinue the program by sending us written notice. There is no charge for
participation in this program.
THE FIXED ACCOUNT
GENERAL DESCRIPTION
Any portion of the Purchase Payments allocated to the Fixed Account and
transfers to the Fixed Account under the policy become part of the general
account assets of United of Omaha Life Insurance Company. The Fixed Account
includes all of our assets except those assets segregated in Separate Accounts.
We maintain sole discretion to invest the assets of the Fixed Account, subject
to applicable law.
9
<PAGE>
TRANSFERS FROM THE FIXED ACCOUNT
You may transfer part of the Accumulation Value in the Fixed Account to the
Subaccounts once each policy year. The maximum percentage that may be
transferred is 10% of the value in the Fixed Account on the date of the
transfer. These transfers do not count toward the 12 free transfers allowed each
policy year.
We reserve the right to defer transfers from the Fixed Account to the
Subaccounts for up to six months from the date we receive your written request.
You may transfer amounts from the Subaccounts to the Fixed Account at any time.
However, we reserve the right to restrict transfers back to the Fixed Account
for up to six months immediately following a transfer to the Subaccounts.
THE SYSTEMATIC TRANSFER ACCOUNT
GENERAL DESCRIPTION
Any portion of the Purchase Payments allocated to the Systematic Transfer
Account become part of the general account assets of United of Omaha Life
Insurance Company. The Systematic Transfer Account includes all of our assets
except those assets segregated in Separate Accounts. We maintain sole discretion
to invest the assets of the Systematic Transfer Account, subject to applicable
law.
TRANSFERS FROM THE SYSTEMATIC TRANSFER ACCOUNT
You must transfer all of the funds from the Systematic Transfer Account to the
Subaccounts within 13 months of deposit. These transfers do not count toward the
12 free transfers allowed each year.
You may not transfer funds to the Systematic Transfer Account. No additional
funds may be allocated to the Systematic Transfer Account after the date of
policy issue.
VALUES
ACCUMULATION VALUE
On the date of issue the Accumulation Value is equal to the initial Purchase
Payment, reduced by any applicable premium taxes. On any Valuation Date after
the date of issue the Accumulation Value is equal to the total of your values in
each Subaccount plus the Accumulation Value of the Fixed Account.
The value for each Subaccount is equal to:
(a)your current number of Accumulation Units; multiplied by (b)the
current unit value.
ACCUMULATION UNIT
Each Net Purchase Payment is converted into Accumulation Units by dividing it by
the Accumulation Unit value for the Valuation Period during which the Net
Purchase Payment is allocated to the Separate Account. The initial Accumulation
Unit value for each Subaccount was set when the Subaccount was established. The
unit value may increase or decrease from one Valuation Date to the next.
The Accumulation Unit value for a Subaccount on any Valuation Date is calculated
as follows:
(a)the Net Asset Value Per Share of the Fund multiplied by the number
of shares held in the Subaccount, before the purchase or redemption
of any shares on that date; less
(b)the cumulative unpaid charge for the Mortality and Expense Risk
Charge and Administrative Expense Charge, which are shown on the Data
Page; less
(c)any applicable charge for federal and state income tax; the result
divided by
(d)the total number of Accumulation Units held in the Subaccount on
the Valuation Date, before the purchase or redemption of any shares
on that date.
10
<PAGE>
THE FIXED ACCOUNT
The Accumulation Value of the Fixed Account on any Valuation Date is equal to:
(a) the value at the end of the preceding policy month; plus
(b) any Net Purchase Payments credited since the end of the previous
policy month; plus
(c) any transfers from the Subaccounts to the Fixed Account since the
end of the previous policy month; minus
(d)any transfers from the Fixed Account to the Subaccounts since the
end of the previous policy month; minus
(e)any partial withdrawal taken from the Fixed Account since the end of
the previous policy month; plus
(f) interest credited on the balance.
We guarantee that the Accumulation Value in the Fixed Account will be credited
with an effective annual interest rate of at least 3%.
SYSTEMATIC TRANSFER ACCOUNT
The Accumulation Value of the Systematic Transfer Account on any Valuation Date
is equal to:
(a) the value at the end of the preceding policy month; plus
(b) any net purchase payments credited since the end of the previous
policy month; minus
(c) any transfers from the Systematic Transfer Account to the
Subaccounts since the end of the previous policy month; plus
(d) interest credited on the balance.
We guarantee the Accumulation Value in the Systematic Transfer Account will be
credited with an effective interest rate of at least 3% and is set at the date
of issue.
POLICY CHARGES
The following charges are deducted under the policy:
(A)ANNUAL POLICY FEE - An annual charge, shown on the Data Pages, is
deducted from the Accumulation Value on the last Valuation Date of
each policy year or on a full surrender, if between policy
anniversaries. The annual policy fee is deducted from the Subaccounts
on a pro rata basis by canceling the Accumulation Units.
(B)ADMINISTRATIVE EXPENSE CHARGE - A charge equal, on an annual basis,
to the amount shown on the Data Pages. The administrative expense
charge compensates us for some of the costs associated with the
administration of this policy and the Separate Account.
(C)MORTALITY AND EXPENSE RISK CHARGE - A charge equal, on an annual
basis, to the amount shown on the Data Pages. The mortality and
expense risk charge compensates us for assuming the mortality and
expense risks under this policy.
(D)OTHER - Depending on Fund choices, other charges may apply, such as
management fees or other expenses.
PARTIAL WITHDRAWALS OR CASH SURRENDER
You may withdraw part of the Accumulation Value prior to the annuity starting
date. The minimum withdrawal amount is $500.
The amount of the cash withdrawal requested will be deducted from the
Accumulation Value on the date your written request is received at our Home
Office. Partial withdrawals will result in cancellation of Accumulation Units
from each applicable Subaccount. In the absence of instructions from you,
amounts will be deducted from the Subaccounts and the Fixed Account on a
pro-rata basis. No more than a pro-rata amount may be withdrawn from the Fixed
Account for any partial withdrawal. We reserve the right to defer withdrawals
from the Fixed Account for up to six months from the date your written request
is received at our Home Office.
If you request a cash surrender, the policy must be returned to us to receive
the cash surrender value. The cash surrender value equals:
11
<PAGE>
(a)the Accumulation Value at the end of the Valuation Period in which
your written request is received at our Home Office; less
(b)any applicable policy fee; and
(c)any applicable premium tax not previously deducted.
SYSTEMATIC WITHDRAWALS
You can instruct us to make automatic periodic withdrawals of a predetermined
dollar amount or fixed percentage of the Accumulation Value under the Systematic
Withdrawal program. Systematic withdrawals may be made monthly, quarterly,
semi-annually or annually. The minimum systematic withdrawal amount is $100. The
"Request for Systematic Withdrawal" form must specify a date for the first
payment, which must be at least 30 days but not more than 90 days after the date
of your request.
You may specify the Eligible Investments from which systematic withdrawals will
be made, but no more than a pro-rata amount may be withdrawn from the Fixed
Account. If you do not specify the Eligible Investments from which withdrawals
will be taken, we will make systematic withdrawals pro-rata from each Eligible
Investment.
12
<PAGE>
DEATH BENEFIT
The death benefit is the amount payable to the beneficiary if any owner dies
before the Annuity Starting Date. The death benefit equals the greater of:
(a)the Accumulation Value as of the end of the Valuation Period during
which we receive Due Proof of Death and an election of a Payout
Option, less any applicable premium taxes; or
(b)the sum of the Net Purchase Payments less any partial withdrawals.
ACCIDENTAL DEATH BENEFIT
If your death results from accidental bodily injury sustained in a common
carrier accident, we will pay the death benefit amount defined in the DEATH
BENEFIT provision multiplied by two, instead of the amount that would otherwise
be payable.
The accidental bodily injury must be sustained while riding as a passenger, and
not as an operator or member of the crew, in any public land, air or water
conveyance provided by a common carrier primarily for passenger service. Death
resulting from accidental bodily injury must be independent of sickness and all
other causes and occur within 90 days of the date of the accident.
We will pay only the amount defined in the DEATH BENEFIT provision if your death
results from:
(a) suicide, while sane or insane;
(b) an act of declared or undeclared war;
(c)injury received while intoxicated. Intoxication means a blood
alcohol level that equals or exceeds the legal limit for operating a
motor vehicle in your state of residence;
(d)injury received while under the influence of any controlled
substance, unless administered on the advice of a physician; or
(e)injury received while committing or attempting to commit a felony or
being engaged in an illegal occupation.
COMPUTATIONS
We have filed a detailed statement of the method used to compute the policy
values and benefits with the state in which this policy is delivered. With
regard to amounts allocated to the Fixed Account, the Accumulation Value, cash
surrender value, death benefit and paid-up annuity benefit are not less than
those required by the state in which this policy is delivered.
PAYOUT OPTIONS FOR PAYMENT OF POLICY PROCEEDS
GENERAL CONDITIONS
You may choose to have the Proceeds applied under any of the options for payment
shown in the PAYOUT OPTIONS provision. If you do not choose an option, Option 4
with a guaranteed period of 10 years will be the automatic option.
A beneficiary may also have the death benefit applied to a Payout Option. If the
beneficiary does not choose an option within 60 days of the date we receive Due
Proof of Death, we will make payment in a lump sum.
If the option chosen provides for monthly income payments, the payments will
begin as of the Annuity Starting Date. We reserve the right to pay the Proceeds
in one lump sum when the Proceeds are less than $2,000, or when the option of
payment chosen would result in periodic payments of less than $20. Payees must
be individuals who receive payments in their own behalf unless otherwise agreed
to by us. Any option chosen will be effective when we acknowledge it.
We may require proof of your age or survival or the age or survival of the
annuitant.
The guaranteed interest rate used in these options is 3%. Using a procedure
approved by our Board of Directors, we may pay or credit additional interest
annually.
13
<PAGE>
PAYOUT OPTIONS
1. PROCEEDS HELD ON DEPOSIT AT INTEREST
While the Proceeds are held by us, we will annually pay interest to the
Payee or add interest to the Proceeds.
2. INCOME OF A SPECIFIED AMOUNT
We will pay the Proceeds in installments of a specified amount until the
Proceeds with interest have been fully paid.
3. INCOME FOR A SPECIFIED PERIOD
We will pay the Proceeds in installments for the number of years you choose.
The monthly incomes for each $1,000 of Proceeds are shown in the following
table. These amounts include interest. We will provide the income amounts
for payments other than monthly upon request.
- --------=========-------========----------------
Years Monthly Years Monthly Years Monthly
Chosen Income Chosen Income Chosen Income
- --------=========-------========----------------
1 $84.47 8 $11.68 15 $6.87
2 42.86 9 10.53 16 6.53
3 28.99 10 9.61 17 6.23
4 22.06 11 8.86 18 5.96
5 17.91 12 8.24 19 5.73
6 15.14 13 7.71 20 5.51
7 13.16 14 7.26
- --------=========-------========----------------
4. LIFETIME INCOME
We will pay the Proceeds as a monthly income for as long as the annuitant
lives. The following guarantees are available:
(A)GUARANTEED PERIOD - We will pay the monthly income for a minimum of
10 years and as long thereafter as the annuitant lives; or
(B)GUARANTEED AMOUNT - We will pay the monthly income until the sum of
all payments equals the Proceeds placed under this option and as long
thereafter as the annuitant lives.
We will compute the income amount using one of the following bases:
(a) the Lifetime Monthly Income Table shown in this policy; or
(b)if more favorable to the payee, our then current lifetime monthly
rates for payment of policy proceeds.
The Lifetime Monthly Income Table is based on the 1983a Mortality Table and
interest at 3%. The table has been adjusted to age last birthday
5. LUMP SUM
We will pay the Proceeds in one sum.
6. ALTERNATIVE SCHEDULE
Upon request and if available, we will provide payments for other options,
including joint and survivor periods.
You may obtain additional information about any of the options by contacting us.
14
<PAGE>
<TABLE>
<CAPTION>
LIFETIME MONTHLY INCOME TABLE FOR OPTION 4
MONTHLY INCOME FOR EACH $1,000 OF PROCEEDS
- --------------------===========--------------------===========--------------------------------
Age Last Guaranteed Guaranteed Age Last Guaranteed Guaranteed Age Last Guaranteed Guaranteed
Birthday Period Amount Birthday Period Amount Birthday Period Amount
------------============ ------------============ ------------------------
of Payee Male Female Male Femalof Payee Male Female Male Femalof Payee Male Female Male Female
- --------------------------=====--------------------------=====--------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
7 and
under $2.84 $2.77 $2.83$2.76
8 2.85 2.78 2.84 2.77 34 $3.40$3.23 $3.36$3.20 60 $5.14 $4.66 $4.86 $4.48
9 2.86 2.79 2.85 2.78 35 3.44 3.26 3.39 3.23 61 5.27 4.76 4.96 4.56
10 2.87 2.80 2.86 2.79 36 3.48 3.29 3.42 3.26 62 5.39 4.87 5.07 4.66
11 2.89 2.81 2.88 2.80 37 3.52 3.32 3.46 3.29 63 5.53 4.98 5.19 4.75
12 2.90 2.82 2.89 2.82 38 3.56 3.35 3.49 3.32 64 5.66 5.10 5.30 4.86
13 2.91 2.83 2.90 2.83 39 3.60 3.38 3.53 3.35 65 5.81 5.22 5.43 4.96
14 2.93 2.85 2.92 2.84 40 3.65 3.42 3.57 3.38 66 5.96 5.36 5.56 5.08
15 2.95 2.86 2.93 2.85 41 3.69 3.46 3.61 3.42 67 6.12 5.50 5.70 5.20
16 2.96 2.87 2.95 2.86 42 3.74 3.50 3.66 3.45 68 6.28 5.65 5.85 5.33
17 2.98 2.89 2.96 2.88 43 3.79 3.54 3.70 3.49 69 6.44 5.80 6.00 5.47
18 3.00 2.90 2.98 2.89 44 3.85 3.58 3.75 3.53 70 6.61 5.97 6.16 5.61
19 3.01 2.92 3.00 2.91 45 3.90 3.63 3.80 3.57 71 6.79 6.14 6.33 5.76
20 3.03 2.93 3.02 2.92 46 3.96 3.67 3.85 3.61 72 6.96 6.32 6.51 5.93
21 3.05 2.95 3.04 2.94 47 4.02 3.72 3.90 3.66 73 7.14 6.50 6.69 6.10
22 3.07 2.96 3.06 2.95 48 4.09 3.78 3.96 3.70 74 7.32 6.69 6.90 6.28
23 3.09 2.98 3.08 2.97 49 4.15 3.83 4.01 3.75 75 7.50 6.89 7.10 6.47
24 3.12 3.00 3.10 2.99 50 4.22 3.89 4.07 3.80 76 7.67 7.09 7.32 6.68
25 3.14 3.02 3.12 3.01 51 4.30 3.95 4.14 3.86 77 7.84 7.29 7.54 6.90
26 3.16 3.04 3.14 3.02 52 4.37 4.01 4.20 3.91 78 8.01 7.49 7.78 7.12
27 3.19 3.06 3.16 3.04 53 4.45 4.08 4.27 3.97 79 8.18 7.69 8.03 7.37
28 3.22 3.08 3.19 3.06 54 4.54 4.15 4.34 4.03 80 8.33 7.89 8.30 7.64
29 3.24 3.10 3.21 3.09 55 4.62 4.22 4.42 4.10 81 8.48 8.08 8.58 7.90
30 3.27 3.12 3.24 3.11 56 4.72 4.30 4.50 4.17 82 8.61 8.26 8.88 8.20
31 3.30 3.15 3.27 3.13 57 4.82 4.38 4.58 4.24 83 8.74 8.43 9.19 8.50
32 3.33 3.17 3.30 3.15 58 4.92 4.47 4.67 4.31 84 8.86 8.59 9.53 8.81
33 3.37 3.20 3.33 3.18 59 5.03 4.56 4.77 4.39 85 8.97 8.74 9.83 9.18
and over
- --------------------------=====--------------------------=====--------------------------------
</TABLE>
15
<PAGE>
VARIABLE ANNUITY PAYOUT OPTIONS
You may choose payout options 2, 4 or 6 to be paid as a variable annuity.
Variable annuity payments will vary according to the net investment return of
the Subaccounts chosen.
FIRST VARIABLE ANNUITY PAYMENT
We will compute the dollar amount of the first monthly variable annuity payment
by applying all or part of the Accumulation Value to the Variable Annuity Payout
Options table shown in this policy for the payout option you choose. The table
shows the dollar amount of monthly payment that you can buy with each $1,000 of
Accumulation Value.
If you have chosen more than one Subaccount, we will apply the accumulation
value of each Subaccount separately to the Variable Annuity Payout Options
table. The total amount of the first variable annuity payment equals the sum of
the payment amounts payable for each Subaccount.
SECOND AND LATER VARIABLE ANNUITY PAYMENTS
The dollar amount of the second and later variable annuity payments is not set.
It may change from month to month. We will compute the payment on the 10th
valuation date before the payment is due.
The amount of each variable annuity payment after the first equals the sum of:
(a) the number of annuity units under each Subaccount; multiplied by
(b) the current annuity unit value for each Subaccount as of the date we
compute the payment.
An annuity unit is a measuring unit used in computing the amount of the variable
annuity payments. The value of an annuity unit for each Subaccount will vary
with the net investment return of the Subaccount.
ANNUITY UNIT VALUE
The current value of an annuity unit for each Subaccount is:
(a) the value as of the date we computed the last payment; multiplied by
(b) the Net Investment Factor for the Subaccount as of the date on which we
are computing the current payment.
The Net Investment Factor is figured by dividing (a) by (b), then subtracting
(c) from the result, then multiplying by the offset factor described below. The
values of (a), (b) and (c) are defined as follows:
(a) is the net result of
(1)the net asset value of a Fund share held in a Subaccount as of the
end of the current payment period; plus or minus
(2)a per share credit or charge for any taxes we incurred since the last
computation date that were charged to the operation of the
Subaccount.
(b) is the net asset value of a Fund share held in the Subaccount as of the
beginning of the current payment period.
(c) is the asset charge factor that reflects the mortality and expense risk
charge and administrative expense charge deducted from the Separate
Account. This factor is equal, on an annual basis, to 1.20% of the daily
net asset value of the Separate Account.
The result of the calculation described above is then multiplied by a factor
that offsets the assumed investment rate upon which the Variable Annuity Payout
Options table is based. This allows the actual investment rate to be credited.
For a one-day valuation period the factor is 0.99989255, using an assumed
investment rate of 4% per year.
16
<PAGE>
NUMBER OF ANNUITY UNITS
The number of annuity units payable for each Subaccount equals:
(a) the amount of the first monthly variable annuity payment payable for
that Subaccount; divided by
(b) the annuity unit value for that Subaccount as of the 10th valuation date
before the Annuity Starting Date.
17
<PAGE>
The number of annuity units payable for each Subaccount is fixed when we compute
the first variable annuity payment. The number remains fixed unless you exchange
annuity units between Subaccounts. The number of annuity units will not change
as a result of investment experience.
We guarantee that the dollar amount of each variable annuity payment after the
first will not be affected by actual expenses or changes in mortality
experience.
EXCHANGE OF ANNUITY UNITS
After the Annuity Starting Date you may exchange the value of a specified number
of Annuity Units of one Subaccount for Annuity Units of another Subaccount or
the Fixed Account. You may not exchange Annuity Units of the Fixed Account for
Annuity Units of the Subaccounts.
The value of the Annuity Units being exchanged will be the value for the
Valuation Period during which we receive your request for the exchange. The
value of the new Annuity Units will be such that the dollar amount of an annuity
payment made on the date of the exchange would not change as a result of the
exchange.
No more than four exchanges may be made each policy year.
18
<PAGE>
<TABLE>
<CAPTION>
VARIABLE ANNUITY PAYOUT OPTIONS
MONTHLY PAYOUTS PER $1,000 BASED ON 4.00% INTEREST AND
1983A MORTALITY TABLE ALB PROJECTED 20 YEARS WITH
PROJECTION SCALE 'G'
- -------------------------------------------------------------------------------------------------------
- ---------------------------------------------------- --------------------------------------------------
FEMALE RATES MALE RATES
- ---------------------------------------------------- --------------------------------------------------
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
Age 20 Year 10 Year Life Only Installmen20 Year 10 Year Life Only Installment Age
Certain Certain Refund Certain Certain Refund
& Life & Life & Life & Life
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 3.44 3.44 3.44 3.44 3.49 3.49 3.50 3.49 0
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
1 3.44 3.44 3.44 3.44 3.49 3.49 3.50 3.49 1
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
2 3.44 3.44 3.44 3.44 3.49 3.49 3.50 3.49 2
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
3 3.44 3.44 3.44 3.44 3.49 3.49 3.50 3.49 3
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
4 3.44 3.44 3.44 3.44 3.49 3.49 3.50 3.49 4
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
5 3.44 3.44 3.44 3.44 3.49 3.49 3.50 3.49 5
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
6 3.44 3.44 3.44 3.44 3.49 3.49 3.50 3.49 6
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
7 3.44 3.44 3.44 3.44 3.49 3.49 3.50 3.49 7
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
8 3.44 3.45 3.45 3.44 3.50 3.50 3.51 3.50 8
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
9 3.45 3.45 3.45 3.45 3.51 3.51 3.51 3.50 9
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
10 3.46 3.46 3.46 3.46 3.52 3.52 3.53 3.51 10
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
11 3.47 3.47 3.47 3.47 3.53 3.53 3.53 3.52 11
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
12 3.48 3.48 3.48 3.47 3.54 3.54 3.54 3.53 12
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
13 3.48 3.49 3.49 3.48 3.55 3.55 3.56 3.54 13
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
14 3.49 3.50 3.50 3.49 3.56 3.57 3.57 3.56 14
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
15 3.50 3.51 3.51 3.50 3.57 3.58 3.58 3.57 15
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
16 3.51 3.51 3.52 3.51 3.58 3.59 3.59 3.58 16
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
17 3.52 3.53 3.53 3.52 3.60 3.60 3.60 3.59 17
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
18 3.53 3.54 3.54 3.53 3.61 3.62 3.62 3.60 18
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
19 3.54 3.55 3.55 3.54 3.62 3.63 3.63 3.62 19
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
20 3.55 3.56 3.56 3.55 3.64 3.64 3.65 3.63 20
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
21 3.57 357 3.57 3.56 3.65 3.66 3.66 3.65 21
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
22 3.58 3.58 3.58 3.58 3.67 3.67 3.68 3.66 22
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
23 3.59 3.60 3.60 3.59 3.68 3.69 3.70 3.68 23
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
24 3.61 3.61 3.61 3.60 3.70 3.71 3.71 3.70 24
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
25 3.62 3.62 3.63 3.62 3.72 3.73 3.73 3.71 25
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
26 3.63 3.64 3.64 3.63 3.74 3.75 3.75 3.73 26
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
27 3.65 3.65 3.66 3.65 3.76 3.77 3.77 3.75 27
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
28 3.67 3.67 3.67 3.66 3.78 3.79 3.79 3.77 28
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
29 3.68 3.69 3.69 3.68 3.80 3.81 3.81 3.79 29
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
30 3.70 3.71 3.71 3.70 3.82 3.83 3.84 3.81 30
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
31 3.72 3.73 3.73 3.72 3.84 3.86 3.86 3.84 31
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
32 3.74 3.75 3.75 3.74 3.87 3.88 3.89 3.86 32
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
33 3.76 3.77 3.77 3.76 3.89 3.91 3.91 3.89 33
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
34 3.78 3.79 3.79 3.78 3.92 3.94 3.94 3.92 34
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
35 3.80 3.81 3.81 3.80 3.95 3.97 3.97 3.94 35
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
36 3.82 3.84 3.84 3.82 3.97 4.00 4.00 3.97 36
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
37 3.85 3.86 3.86 3.85 4.00 4.03 4.04 4.00 37
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
38 3.87 3.89 3.89 3.87 4.04 4.07 4.07 4.03 38
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
39 3.90 3.92 3.92 3.90 4.07 4.10 4.11 4.06 39
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
40 3.93 3.95 3.95 3.93 4.10 4.14 4.15 4.10 40
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
41 3.96 3.98 3.98 3.96 4.14 4.18 4.19 4.14 41
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
42 3.99 4.01 4.01 3.99 4.18 4.22 4.24 4.18 42
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
43 4.02 4.04 4.05 4.02 4.22 4.27 4.28 4.21 43
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
44 4.05 4.08 4.09 4.05 4.25 4.32 4.33 4.25 44
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
45 4.09 4.12 4.13 4.09 4.30 4.36 4.38 4.30 45
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
46 4.13 4.16 4.17 4.13 4.34 4.41 4.43 4.35 46
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
47 4.16 4.20 4.21 4.16 4.38 4.47 4.49 4.39 47
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
48 4.20 4.24 4.25 4.20 4.43 4.52 4.55 4.44 48
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
49 4.24 4.29 4.30 4.24 4.48 4.58 4.61 4.49 49
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
50 4.29 4.34 4.35 4.29 4.53 4.64 4.68 4.55 50
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
51 4.33 4.39 4.40 4.34 4.58 4.70 4.74 4.61 51
19
<PAGE>
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
52 4.38 4.44 4.46 4.39 4.63 4.77 4.81 4.67 52
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
53 4.43 4.50 4.52 4.44 4.69 4.84 4.89 4.73 53
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
54 4.48 4.56 4.58 4.49 4.74 4.91 4.97 4.80 54
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
55 4.53 4.62 4.65 4.56 4.80 4.99 5.06 4.87 55
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
56 4.59 4.69 4.72 4.62 4.86 5.08 5.14 4.94 56
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
57 4.65 4.76 4.79 4.68 4.92 5.16 5.24 5.02 57
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
58 4.71 4.83 4.87 4.74 4.98 5.25 5.34 5.10 58
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
59 4.77 4.91 4.96 4.82 5.04 5.35 5.45 5.19 59
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
60 4.83 5.00 5.05 4.89 5.01 5.45 5.57 5.28 60
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
61 4.89 5.08 5.14 4.97 5.17 5.56 5.69 5.37 61
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
62 4.96 5.18 5.24 5.06 5.23 5.67 5.82 5.47 62
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
63 5.03 5.28 5.35 5.14 5.29 5.79 5.97 5.58 63
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
64 5.09 5.38 5.47 5.24 5.35 5.92 6.11 5.69 64
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
65 5.16 5.49 5.59 5.34 5.41 6.05 6.28 5.81 65
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
66 5.23 5.61 5.72 5.45 5.47 6.19 6.45 5.93 66
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
67 5.30 5.74 5.86 5.56 5.52 6.32 6.63 6.06 67
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
68 5.37 5.86 6.02 5.68 5.58 6.47 6.84 6.20 68
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
69 5.43 6.00 6.18 5.80 5.63 6.62 7.05 6.35 69
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
70 5.50 6.15 6.36 5.93 5.67 6.78 7.28 6.50 70
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
71 5.56 6.30 6.55 6.07 5.72 6.94 7.51 6.64 71
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
72 5.61 6.46 6.76 6.22 5.76 7.10 7.77 6.82 72
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
73 5.67 6.63 6.99 6.37 5.80 7.27 8.04 6.99 73
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
74 5.72 6.80 7.23 6.55 5.83 7.43 8.33 7.17 74
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
75 5.76 6.99 7.49 6.72 5.86 7.60 8.64 7.37 75
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
76 5.80 7.17 7.77 6.91 5.89 7.77 8.97 7.57 76
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
77 5.83 7.36 8.07 7.11 5.91 7.94 9.32 7.78 77
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
78 5.86 7.55 8.40 7.33 5.93 8.11 9.70 8.01 78
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
79 5.89 7.74 8.75 7.55 5.94 8.28 10.10 8.25 79
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
80 5.91 7.93 9.14 7.78 5.96 8.44 10.54 8.50 80
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
81 5.93 8.12 9.55 8.03 5.97 8.60 10.99 8.76 81
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
82 5.95 8.31 9.99 8.30 5.98 8.75 11.49 9.03 82
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
83 5.96 8.49 10.47 8.57 5.98 8.89 12.01 9.33 83
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
84 5.97 8.66 10.99 8.86 5.99 9.03 12.57 9.62 84
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
85 5.98 8.82 11.56 9.18 6.00 9.16 13.14 9.94 85
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
86 5.99 8.97 12.17 9.49 6.00 9.28 13.77 10.28 86
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
87 5.99 9.11 12.80 9.82 6.00 9.38 14.44 10.62 87
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
88 6.00 9.24 13.51 10.17 6.00 9.48 15.18 11.00 88
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
89 6.00 9.35 14.25 10.53 6.00 9.58 16.96 11.38 89
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
90 6.00 9.46 15.04 10.90 6.00 9.66 15.80 11.81 90
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
91 6.00 9.56 15.81 11.29 6.00 9.74 17.62 12.22 91
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
92 6.00 9.63 16.60 11.69 6.00 9.79 18.52 12.65 92
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
93 6.00 9.71 17.43 12.10 6.00 9.85 19.47 13.15 93
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
94 6.00 9.78 18.32 12.53 6.00 9.90 20.48 13.66 94
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
95 6.00 9.84 19.20 12.99 6.00 9.94 21.59 14.21 95
- ----------- --------- --------- ---------- --------- --------- --------- ---------- --------- ---------
</TABLE>
20
<PAGE>
THIS IS A FLEXIBLE PAYMENT DEFERRED VARIABLE ANNUITY. THE POLICY'S ACCUMULATION
VALUE IN THE SEPARATE ACCOUNT IS BASED ON THE INVESTMENT EXPERIENCE IN THAT
ACCOUNT AND WILL INCREASE OR DECREASE DAILY. THE DOLLAR AMOUNT IS NOT
GUARANTEED. NO DIVIDENDS ARE PAYABLE.
Exhibit (9): Opinion and Consent of Counsel
UNITED OF OMAHA LIFE INSURANCE COMPANY
Mutual of Omaha Plaza, 3-Law
Omaha, Nebraska 68175-1008
April 27, 1998
United of Omaha Life Insurance Company
Mutual of Omaha Plaza
Omaha, NE 68175-1008
Re: Registration Statement
Ultra-Access Variable Annuity
1933 Act # 33- , Initial Registration 1940 Act # 811-8190, Amendment #11
To Whom It May Concern:
With reference to the Registration Statement on Form N-4 as amended, filed by
United of Omaha Life Insurance Company and United of Omaha Separate Account C
with the Securities and Exchange Commission covering individual variable annuity
contracts, I have examined such documents and such laws I considered necessary
and appropriate and on the basis of such examination, it is my opinion that:
1. United of Omaha Life Insurance Company is duly organized and validly
existing under the laws of the State of Nebraska and has been duly
authorized to issue individual variable annuity contracts by the
Insurance Department of the State of Nebraska.
2. United of Omaha Separate Account C is a duly authorized and existing
separate account to establish pursuant to the provision of Nebraska
Revised Statutes ss.ss.44-2221 and 44-402.01(1991).
3. The individual variable annuity contracts, when issued as contemplated
by said Form N-4 Registration Statement, will constitute legal, validly
issued and binding obligations of United of Omaha Life Insurance
Company.
I hereby consent to the filing of this opinion as an Exhibit to said Form N-4
Registration Statement and to the use of my name under the caption "Legal
Matters" in the Registration Statement.
Sincerely,
/s/ Kenneth W. Reitz
Kenneth W. Reitz
First V.P. & Counsel
United of Omaha Life Insurance Company
Exhibit (13): Schedules of Computation of Performance Data
<PAGE>
Alger American Growth
12/1997
Assume ($10000 @ $10.00 on 1/ 9/1989)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
4/90 0.0600000000 12.18 0.493 100.492611
4/91 0.0470000000 15.77 0.300 100.792113
4/92 0.0490000000 16.96 0.291 101.083317
4/93 0.0250000000 19.63 0.129 101.212053
5/94 1.7590000000 21.45 8.300 109.511913
5/95 0.3180000000 25.96 1.341 110.853392
5/96 0.9520000000 33.02 3.196 114.049407
5/97 0.3570000000 37.31 1.091 115.140686
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 34.33 114.0494069 3915.31614 1000.00000
1 1997 36.86 114.0494069 4203.86114 1.41667 1072.27981
2 1997 35.51 114.0494069 4049.89444 1.51906 1031.48843
3 1997 34.09 114.0494069 3887.94428 1.46128 988.77923
4 1997 35.60 114.0494069 4060.15889 1.40077 1031.17596
5 1997 37.43 115.1406864 4309.71589 1.46083 1093.09619
6 1997 39.53 115.1406864 4551.51133 1.54855 1152.87550
7 1997 43.66 115.1406864 5027.04237 1.63324 1271.69194
8 1997 41.90 115.1406864 4824.39476 1.80156 1218.62657
9 1997 44.28 115.1406864 5098.42960 1.72639 1286.12050
10 1997 42.19 115.1406864 4857.78556 1.82200 1223.59407
11 1997 42.92 115.1406864 4941.83826 1.73342 1243.03210
12 1997 42.76 115.1406864 4923.41575 1.76096 1236.63728
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 25.75%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1236.64 1236.64
TOTAL RETURN 23.66% 23.66%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 34.33 114.0494069 3915.31614 1000.00000
1 1997 36.86 114.0494069 4203.86114 1.41667 1072.27981
2 1997 35.51 114.0494069 4049.89444 1.51906 1031.48843
3 1997 34.09 114.0494069 3887.94428 1.46128 988.77923
4 1997 35.60 114.0494069 4060.15889 1.40077 1031.17596
5 1997 37.43 115.1406864 4309.71589 1.46083 1093.09619
6 1997 39.53 115.1406864 4551.51133 1.54855 1152.87550
7 1997 43.66 115.1406864 5027.04237 1.63324 1271.69194
8 1997 41.90 115.1406864 4824.39476 1.80156 1218.62657
9 1997 44.28 115.1406864 5098.42960 1.72639 1286.12050
10 1997 42.19 115.1406864 4857.78556 1.82200 1223.59407
11 1997 42.92 115.1406864 4941.83826 1.73342 1243.03210
12 1997 42.76 115.1406864 4923.41575 1.76096 1236.63728
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 25.75%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1236.64 1236.64
TOTAL RETURN 23.66% 23.66%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 23.13 109.5119128 2533.01054 1000.00000
1 1995 23.07 109.5119128 2526.43983 1.41667 995.98930
2 1995 24.14 109.5119128 2643.61757 1.41098 1040.77288
3 1995 24.71 109.5119128 2706.03936 1.47443 1063.87345
4 1995 26.05 109.5119128 2852.78533 1.50715 1120.05915
5 1995 26.27 110.8533915 2912.11860 1.58675 1141.76780
6 1995 28.60 110.8533915 3170.40700 1.61750 1241.41862
7 1995 30.91 110.8533915 3426.47833 1.75868 1339.92837
8 1995 31.52 110.8533915 3494.09890 1.89823 1364.47324
9 1995 32.73 110.8533915 3628.23150 1.93300 1414.92008
10 1995 31.63 110.8533915 3506.29277 2.00447 1365.36254
11 1995 31.59 110.8533915 3501.85864 1.93426 1361.70161
12 1995 31.16 110.8533915 3454.19168 1.92908 1341.23718
1 1996 32.17 110.8533915 3566.15361 1.90009 1382.81109
2 1996 33.26 110.8533915 3686.98380 1.95898 1427.70520
3 1996 32.70 110.8533915 3624.90590 2.02258 1401.64428
4 1996 33.53 110.8533915 3716.91422 1.98566 1435.23553
5 1996 33.06 114.0494069 3770.47339 2.03325 1453.88342
6 1996 32.25 114.0494069 3678.09337 2.05967 1416.20229
7 1996 29.89 114.0494069 3408.93677 2.00629 1310.56073
8 1996 31.14 114.0494069 3551.49853 1.85663 1363.51176
9 1996 33.15 114.0494069 3780.73784 1.93164 1449.59100
10 1996 33.47 114.0494069 3817.23365 2.05359 1461.53044
11 1996 35.37 114.0494069 4033.92752 2.07050 1542.42701
12 1996 34.33 114.0494069 3915.31614 2.18510 1494.88923
1 1997 36.86 114.0494069 4203.86114 2.11776 1602.93954
2 1997 35.51 114.0494069 4049.89444 2.27083 1541.96094
3 1997 34.09 114.0494069 3887.94428 2.18444 1478.11543
4 1997 35.60 114.0494069 4060.15889 2.09400 1541.49384
5 1997 37.43 115.1406864 4309.71589 2.18378 1634.05772
6 1997 39.53 115.1406864 4551.51133 2.31491 1723.42117
7 1997 43.66 115.1406864 5027.04237 2.44151 1901.03859
8 1997 41.90 115.1406864 4824.39476 2.69314 1821.71174
9 1997 44.28 115.1406864 5098.42960 2.58076 1922.60768
10 1997 42.19 115.1406864 4857.78556 2.72369 1829.13760
11 1997 42.92 115.1406864 4941.83826 2.59128 1858.19530
12 1997 42.76 115.1406864 4923.41575 2.63244 1848.63576
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 94.37%
GROSS ANNUAL RETURN = 24.80%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1848.64 1848.64
TOTAL RETURN 84.86% 84.86%
AVERAGE ANNUAL RETURN 22.73% 22.73%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1992 20.17 101.0833169 2038.85050 1000.00000
1 1993 20.90 101.0833169 2112.64132 1.41667 1034.77570
2 1993 19.96 101.0833169 2017.62300 1.46593 986.76962
3 1993 20.59 101.0833169 2081.30549 1.39792 1016.51723
4 1993 19.70 101.2120526 1993.87744 1.44007 972.37698
5 1993 20.98 101.2120526 2123.42886 1.37753 1034.17927
6 1993 21.20 101.2120526 2145.69552 1.46509 1043.55877
7 1993 21.32 101.2120526 2157.84096 1.47837 1047.98733
8 1993 22.50 101.2120526 2277.27118 1.48465 1104.50573
9 1993 23.30 101.2120526 2358.24083 1.56472 1142.21233
10 1993 23.68 101.2120526 2396.70141 1.61813 1159.22255
11 1993 23.29 101.2120526 2357.22871 1.64223 1138.48839
12 1993 24.67 101.2120526 2496.90134 1.61286 1204.33427
1 1994 25.75 101.2120526 2606.21035 1.70614 1255.35132
2 1994 25.50 101.2120526 2580.90734 1.77841 1241.38503
3 1994 23.64 101.2120526 2392.65292 1.75863 1149.07831
4 1994 23.94 101.2120526 2423.01654 1.62786 1162.03266
5 1994 21.72 109.5119128 2378.59875 1.64621 1139.08452
6 1994 20.68 109.5119128 2264.70636 1.61370 1082.92902
7 1994 21.42 109.5119128 2345.74517 1.53415 1120.14571
8 1994 23.15 109.5119128 2535.20078 1.58687 1209.02813
9 1994 22.44 109.5119128 2457.44732 1.71279 1170.23499
10 1994 23.48 109.5119128 2571.33971 1.65783 1222.81265
11 1994 22.58 109.5119128 2472.77899 1.73232 1174.20932
12 1994 23.13 109.5119128 2533.01054 1.66346 1201.14706
1 1995 23.07 109.5119128 2526.43983 1.70162 1196.32962
2 1995 24.14 109.5119128 2643.61757 1.69480 1250.12128
3 1995 24.71 109.5119128 2706.03936 1.77101 1277.86846
4 1995 26.05 109.5119128 2852.78533 1.81031 1345.35575
5 1995 26.27 110.8533915 2912.11860 1.90592 1371.43103
6 1995 28.60 110.8533915 3170.40700 1.94286 1491.12632
7 1995 30.91 110.8533915 3426.47833 2.11243 1609.45102
8 1995 31.52 110.8533915 3494.09890 2.28006 1638.93302
9 1995 32.73 110.8533915 3628.23150 2.32182 1699.52709
10 1995 31.63 110.8533915 3506.29277 2.40766 1640.00119
11 1995 31.59 110.8533915 3501.85864 2.32333 1635.60388
12 1995 31.16 110.8533915 3454.19168 2.31711 1611.02309
1 1996 32.17 110.8533915 3566.15361 2.28228 1660.95946
2 1996 33.26 110.8533915 3686.98380 2.35303 1714.88390
3 1996 32.70 110.8533915 3624.90590 2.42942 1683.58091
4 1996 33.53 110.8533915 3716.91422 2.38507 1723.92893
5 1996 33.06 114.0494069 3770.47339 2.44223 1746.32779
6 1996 32.25 114.0494069 3678.09337 2.47396 1701.06721
7 1996 29.89 114.0494069 3408.93677 2.40985 1574.17617
8 1996 31.14 114.0494069 3551.49853 2.23008 1637.77814
9 1996 33.15 114.0494069 3780.73784 2.32019 1741.17196
10 1996 33.47 114.0494069 3817.23365 2.46666 1755.51299
11 1996 35.37 114.0494069 4033.92752 2.48698 1852.68167
12 1996 34.33 114.0494069 3915.31614 2.62463 1795.58180
1 1997 36.86 114.0494069 4203.86114 2.54374 1925.36611
2 1997 35.51 114.0494069 4049.89444 2.72760 1852.12185
3 1997 34.09 114.0494069 3887.94428 2.62384 1775.43400
4 1997 35.60 114.0494069 4060.15889 2.51520 1851.56079
5 1997 37.43 115.1406864 4309.71589 2.62304 1962.74362
6 1997 39.53 115.1406864 4551.51133 2.78055 2070.08227
7 1997 43.66 115.1406864 5027.04237 2.93262 2283.42691
8 1997 41.90 115.1406864 4824.39476 3.23485 2188.14369
9 1997 44.28 115.1406864 5098.42960 3.09987 2309.33456
10 1997 42.19 115.1406864 4857.78556 3.27156 2197.06325
11 1997 42.92 115.1406864 4941.83826 3.11251 2231.96582
12 1997 42.76 115.1406864 4923.41575 3.16195 2220.48340
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 141.48%
GROSS ANNUAL RETURN = 19.28%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2220.48 2220.48
TOTAL RETURN 122.05% 122.05%
AVERAGE ANNUAL RETURN 17.30% 17.30%
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1988 10.00 100.0000000 1000.00000 1000.00000
1 1989 10.31 100.0000000 1031.00000 1.41667 1029.58333
2 1989 10.07 100.0000000 1007.00000 1.45858 1004.15773
3 1989 10.25 100.0000000 1025.00000 1.42256 1020.68437
4 1989 10.92 100.0000000 1092.00000 1.44597 1085.95631
5 1989 11.40 100.0000000 1140.00000 1.53844 1132.15221
6 1989 11.15 100.0000000 1115.00000 1.60388 1105.72043
7 1989 11.98 100.0000000 1198.00000 1.56644 1186.46323
8 1989 12.47 100.0000000 1247.00000 1.68082 1233.31054
9 1989 12.59 100.0000000 1259.00000 1.74719 1243.43161
10 1989 12.12 100.0000000 1212.00000 1.76153 1195.25127
11 1989 12.41 100.0000000 1241.00000 1.69327 1222.15724
12 1989 12.41 100.0000000 1241.00000 1.73139 1220.42585
1 1990 11.27 100.0000000 1127.00000 1.72894 1106.58689
2 1990 11.24 100.0000000 1124.00000 1.56766 1102.07356
3 1990 11.74 100.0000000 1174.00000 1.56127 1149.53691
4 1990 11.75 100.4926108 1180.78818 1.62851 1154.55513
5 1990 13.27 100.4926108 1333.53695 1.63562 1302.27473
6 1990 13.63 100.4926108 1369.71429 1.84489 1335.75907
7 1990 13.12 100.4926108 1318.46305 1.89233 1283.88603
8 1990 11.93 100.4926108 1198.87685 1.81884 1165.61717
9 1990 11.42 100.4926108 1147.62562 1.65129 1114.13648
10 1990 11.74 100.4926108 1179.78325 1.57836 1143.77735
11 1990 12.43 100.4926108 1249.12315 1.62035 1209.38071
12 1990 12.86 100.4926108 1292.33498 1.71329 1249.50441
1 1991 13.73 100.4926108 1379.76355 1.77013 1332.26529
2 1991 14.76 100.4926108 1483.27094 1.88738 1430.32207
3 1991 15.33 100.4926108 1540.55172 2.02629 1483.53179
4 1991 14.98 100.7921132 1509.86586 2.10167 1451.88002
5 1991 15.50 100.7921132 1562.27776 2.05683 1500.22223
6 1991 14.67 100.7921132 1478.62030 2.12531 1417.76243
7 1991 15.81 100.7921132 1593.52331 2.00850 1525.92771
8 1991 16.43 100.7921132 1656.01442 2.16173 1583.60628
9 1991 16.59 100.7921132 1672.14116 2.24344 1596.78444
10 1991 16.30 100.7921132 1642.91145 2.26211 1566.60988
11 1991 16.00 100.7921132 1612.67381 2.21936 1535.55721
12 1991 18.00 100.7921132 1814.25804 2.17537 1725.32649
1 1992 18.60 100.7921132 1874.73331 2.44421 1780.39316
2 1992 18.73 100.7921132 1887.83628 2.52222 1790.31454
3 1992 17.57 100.7921132 1770.91743 2.53628 1676.89920
4 1992 17.10 101.0833169 1728.52472 2.37561 1634.38152
5 1992 17.04 101.0833169 1722.45972 2.31537 1626.33147
6 1992 16.54 101.0833169 1671.91806 2.30397 1576.30651
7 1992 17.36 101.0833169 1754.80638 2.23310 1652.22161
8 1992 17.03 101.0833169 1721.44889 2.34065 1618.47353
9 1992 17.66 101.0833169 1785.13138 2.29284 1676.05376
10 1992 18.31 101.0833169 1850.83553 2.37441 1735.36875
11 1992 19.38 101.0833169 1958.99468 2.45844 1834.32182
12 1992 20.17 101.0833169 2038.85050 2.59862 1906.49689
1 1993 20.90 101.0833169 2112.64132 2.70087 1972.79665
2 1993 19.96 101.0833169 2017.62300 2.79480 1881.27320
3 1993 20.59 101.0833169 2081.30549 2.66514 1937.98693
4 1993 19.70 101.2120526 1993.87744 2.74548 1853.83368
5 1993 20.98 101.2120526 2123.42886 2.62626 1971.65955
6 1993 21.20 101.2120526 2145.69552 2.79318 1989.54154
7 1993 21.32 101.2120526 2157.84096 2.81852 1997.98458
8 1993 22.50 101.2120526 2277.27118 2.83048 2105.73674
9 1993 23.30 101.2120526 2358.24083 2.98313 2177.62425
10 1993 23.68 101.2120526 2396.70141 3.08497 2210.05419
11 1993 23.29 101.2120526 2357.22871 3.13091 2170.52458
12 1993 24.67 101.2120526 2496.90134 3.07491 2296.05954
1 1994 25.75 101.2120526 2606.21035 3.25275 2393.32338
2 1994 25.50 101.2120526 2580.90734 3.39054 2366.69669
3 1994 23.64 101.2120526 2392.65292 3.35282 2190.71423
4 1994 23.94 101.2120526 2423.01654 3.10351 2215.41166
5 1994 21.72 109.5119128 2378.59875 3.13850 2171.66110
6 1994 20.68 109.5119128 2264.70636 3.07652 2064.60081
7 1994 21.42 109.5119128 2345.74517 2.92485 2135.55432
8 1994 23.15 109.5119128 2535.20078 3.02537 2305.00836
9 1994 22.44 109.5119128 2457.44732 3.26543 2231.04937
10 1994 23.48 109.5119128 2571.33971 3.16065 2331.28851
11 1994 22.58 109.5119128 2472.77899 3.30266 2238.62641
12 1994 23.13 109.5119128 2533.01054 3.17139 2289.98313
1 1995 23.07 109.5119128 2526.43983 3.24414 2280.79869
2 1995 24.14 109.5119128 2643.61757 3.23113 2383.35233
3 1995 24.71 109.5119128 2706.03936 3.37642 2436.25225
4 1995 26.05 109.5119128 2852.78533 3.45136 2564.91656
5 1995 26.27 110.8533915 2912.11860 3.63363 2614.62899
6 1995 28.60 110.8533915 3170.40700 3.70406 2842.82770
7 1995 30.91 110.8533915 3426.47833 4.02734 3068.41336
8 1995 31.52 110.8533915 3494.09890 4.34692 3124.62071
9 1995 32.73 110.8533915 3628.23150 4.42655 3240.14311
10 1995 31.63 110.8533915 3506.29277 4.59020 3126.65718
11 1995 31.59 110.8533915 3501.85864 4.42943 3118.27371
12 1995 31.16 110.8533915 3454.19168 4.41755 3071.41051
1 1996 32.17 110.8533915 3566.15361 4.35116 3166.61405
2 1996 33.26 110.8533915 3686.98380 4.48604 3269.42082
3 1996 32.70 110.8533915 3624.90590 4.63168 3209.74176
4 1996 33.53 110.8533915 3716.91422 4.54713 3286.66514
5 1996 33.06 114.0494069 3770.47339 4.65611 3329.36850
6 1996 32.25 114.0494069 3678.09337 4.71661 3243.07934
7 1996 29.89 114.0494069 3408.93677 4.59436 3001.16196
8 1996 31.14 114.0494069 3551.49853 4.25165 3122.41893
9 1996 33.15 114.0494069 3780.73784 4.42343 3319.53892
10 1996 33.47 114.0494069 3817.23365 4.70268 3346.88006
11 1996 35.37 114.0494069 4033.92752 4.74141 3532.13184
12 1996 34.33 114.0494069 3915.31614 5.00385 3423.27112
1 1997 36.86 114.0494069 4203.86114 4.84963 3670.70451
2 1997 35.51 114.0494069 4049.89444 5.20016 3531.06454
3 1997 34.09 114.0494069 3887.94428 5.00234 3384.85939
4 1997 35.60 114.0494069 4060.15889 4.79522 3529.99488
5 1997 37.43 115.1406864 4309.71589 5.00083 3741.96461
6 1997 39.53 115.1406864 4551.51133 5.30112 3946.60541
7 1997 43.66 115.1406864 5027.04237 5.59102 4353.34629
8 1997 41.90 115.1406864 4824.39476 6.16724 4171.68914
9 1997 44.28 115.1406864 5098.42960 5.90989 4402.73916
10 1997 42.19 115.1406864 4857.78556 6.23721 4188.69425
11 1997 42.92 115.1406864 4941.83826 5.93398 4255.23589
12 1997 42.76 115.1406864 4923.41575 6.02825 4233.34469
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 392.34%
GROSS ANNUAL RETURN = 19.43%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 4233.34 4233.34
TOTAL RETURN 323.33% 323.33%
AVERAGE ANNUAL RETURN 17.44% 17.44%
Alger American Small Capitalization
12/1997
Assume ($10000 @ $10.00 on 9/21/1988)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/88 0.0650000000 9.60 0.677 100.677083
4/90 0.1400000000 16.33 0.863 101.540206
4/91 0.0200000000 22.07 0.092 101.632222
4/92 0.3810000000 21.55 1.797 103.429061
5/94 2.0910000000 25.74 8.402 111.831166
5/96 0.1640000000 45.19 0.406 112.237015
5/97 1.5570000000 37.42 4.670 116.907058
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 40.91 112.2370145 4591.61626 1000.00000
1 1997 41.55 112.2370145 4663.44795 1.41667 1014.22743
2 1997 38.60 112.2370145 4332.34876 1.43682 940.78168
3 1997 36.06 112.2370145 4047.26674 1.33277 877.54255
4 1997 35.68 112.2370145 4004.61668 1.24319 867.05183
5 1997 37.56 116.9070581 4391.02910 1.22832 949.48684
6 1997 39.53 116.9070581 4621.33601 1.34511 997.94176
7 1997 43.50 116.9070581 5085.45703 1.41375 1096.75136
8 1997 43.38 116.9070581 5071.42818 1.55373 1092.17210
9 1997 46.66 116.9070581 5454.88333 1.54724 1173.20496
10 1997 43.95 116.9070581 5138.06520 1.66204 1103.40349
11 1997 43.44 116.9070581 5078.44260 1.56315 1089.03634
12 1997 43.75 116.9070581 5114.68379 1.54280 1095.26521
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 11.39%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1095.27 1095.27
TOTAL RETURN 9.53% 9.53%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 40.91 112.2370145 4591.61626 1000.00000
1 1997 41.55 112.2370145 4663.44795 1.41667 1014.22743
2 1997 38.60 112.2370145 4332.34876 1.43682 940.78168
3 1997 36.06 112.2370145 4047.26674 1.33277 877.54255
4 1997 35.68 112.2370145 4004.61668 1.24319 867.05183
5 1997 37.56 116.9070581 4391.02910 1.22832 949.48684
6 1997 39.53 116.9070581 4621.33601 1.34511 997.94176
7 1997 43.50 116.9070581 5085.45703 1.41375 1096.75136
8 1997 43.38 116.9070581 5071.42818 1.55373 1092.17210
9 1997 46.66 116.9070581 5454.88333 1.54724 1173.20496
10 1997 43.95 116.9070581 5138.06520 1.66204 1103.40349
11 1997 43.44 116.9070581 5078.44260 1.56315 1089.03634
12 1997 43.75 116.9070581 5114.68379 1.54280 1095.26521
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 11.39%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1095.27 1095.27
TOTAL RETURN 9.53% 9.53%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 27.31 111.8311656 3054.10913 1000.00000
1 1995 26.84 111.8311656 3001.54849 1.41667 981.37352
2 1995 28.76 111.8311656 3216.26432 1.39028 1050.18582
3 1995 29.59 111.8311656 3309.08419 1.48776 1079.00592
4 1995 30.89 111.8311656 3454.46471 1.52859 1124.88212
5 1995 32.07 111.8311656 3586.42548 1.59358 1166.25910
6 1995 36.02 111.8311656 4028.15859 1.65220 1308.25279
7 1995 41.18 111.8311656 4605.20740 1.85336 1493.81154
8 1995 41.72 111.8311656 4665.59623 2.11623 1511.28390
9 1995 42.83 111.8311656 4789.72882 2.14099 1549.35205
10 1995 40.83 111.8311656 4566.06649 2.19492 1474.80822
11 1995 40.76 111.8311656 4558.23831 2.08931 1470.19046
12 1995 39.41 111.8311656 4407.26624 2.08277 1419.41394
1 1996 39.55 111.8311656 4422.92260 2.01084 1422.44543
2 1996 41.24 111.8311656 4611.91727 2.01513 1481.21242
3 1996 40.87 111.8311656 4570.53974 2.09838 1465.82479
4 1996 44.02 111.8311656 4922.80791 2.07659 1576.72466
5 1996 45.10 112.2370145 5061.88935 2.23369 1619.03733
6 1996 42.33 112.2370145 4750.99282 2.29364 1517.30392
7 1996 37.34 112.2370145 4190.93012 2.14951 1336.28962
8 1996 39.67 112.2370145 4452.44237 1.89308 1417.78044
9 1996 42.45 112.2370145 4764.46127 2.00852 1515.12734
10 1996 40.49 112.2370145 4544.47672 2.14643 1443.02450
11 1996 41.18 112.2370145 4621.92026 2.04428 1465.57115
12 1996 40.91 112.2370145 4591.61626 2.07623 1453.88579
1 1997 41.55 112.2370145 4663.44795 2.05967 1474.57085
2 1997 38.60 112.2370145 4332.34876 2.08898 1367.78912
3 1997 36.06 112.2370145 4047.26674 1.93770 1275.84664
4 1997 35.68 112.2370145 4004.61668 1.80745 1260.59433
5 1997 37.56 116.9070581 4391.02910 1.78584 1380.44543
6 1997 39.53 116.9070581 4621.33601 1.95563 1450.89335
7 1997 43.50 116.9070581 5085.45703 2.05543 1594.55121
8 1997 43.38 116.9070581 5071.42818 2.25895 1587.89350
9 1997 46.66 116.9070581 5454.88333 2.24952 1705.70601
10 1997 43.95 116.9070581 5138.06520 2.41642 1604.22266
11 1997 43.44 116.9070581 5078.44260 2.27265 1583.33446
12 1997 43.75 116.9070581 5114.68379 2.24306 1592.39052
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 67.47%
GROSS ANNUAL RETURN = 18.75%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1592.39 1592.39
TOTAL RETURN 59.24% 59.24%
AVERAGE ANNUAL RETURN 16.77% 16.77%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1992 27.26 103.4290612 2819.47621 1000.00000
1 1993 26.52 103.4290612 2742.93870 1.41667 971.43733
2 1993 24.38 103.4290612 2521.60051 1.37620 891.67214
3 1993 24.96 103.4290612 2581.58937 1.26320 911.62181
4 1993 24.29 103.4290612 2512.29190 1.29146 885.85973
5 1993 26.36 103.4290612 2726.39005 1.25497 960.09796
6 1993 26.72 103.4290612 2763.62452 1.36014 971.84993
7 1993 26.72 103.4290612 2763.62452 1.37679 970.47314
8 1993 28.89 103.4290612 2988.06558 1.37484 1047.91293
9 1993 30.17 103.4290612 3120.45478 1.48454 1092.85720
10 1993 30.16 103.4290612 3119.42049 1.54821 1090.94676
11 1993 29.06 103.4290612 3005.64852 1.54551 1049.61208
12 1993 30.88 103.4290612 3193.88941 1.48695 1113.86133
1 1994 30.54 103.4290612 3158.72353 1.57797 1100.01934
2 1994 30.23 103.4290612 3126.66052 1.55836 1087.29510
3 1994 28.11 103.4290612 2907.39091 1.54033 1009.50383
4 1994 28.37 103.4290612 2934.28247 1.43013 1017.41098
5 1994 25.48 111.8311656 2849.45810 1.44133 986.55829
6 1994 24.29 111.8311656 2716.37901 1.39762 939.08514
7 1994 24.74 111.8311656 2766.70304 1.33037 955.15240
8 1994 26.69 111.8311656 2984.77381 1.35313 1029.08411
9 1994 26.52 111.8311656 2965.76251 1.45787 1021.07157
10 1994 27.76 111.8311656 3104.43316 1.44652 1067.36746
11 1994 26.40 111.8311656 2952.34277 1.51210 1013.56358
12 1994 27.31 111.8311656 3054.10913 1.43588 1047.06493
1 1995 26.84 111.8311656 3001.54849 1.48334 1027.56179
2 1995 28.76 111.8311656 3216.26432 1.45571 1099.61274
3 1995 29.59 111.8311656 3309.08419 1.55778 1129.78926
4 1995 30.89 111.8311656 3454.46471 1.60053 1177.82461
5 1995 32.07 111.8311656 3586.42548 1.66858 1221.14901
6 1995 36.02 111.8311656 4028.15859 1.72996 1369.82561
7 1995 41.18 111.8311656 4605.20740 1.94059 1564.11768
8 1995 41.72 111.8311656 4665.59623 2.21583 1582.41237
9 1995 42.83 111.8311656 4789.72882 2.24175 1622.27220
10 1995 40.83 111.8311656 4566.06649 2.29822 1544.21996
11 1995 40.76 111.8311656 4558.23831 2.18764 1539.38487
12 1995 39.41 111.8311656 4407.26624 2.18080 1486.21856
1 1996 39.55 111.8311656 4422.92260 2.10548 1489.39272
2 1996 41.24 111.8311656 4611.91727 2.10997 1550.92557
3 1996 40.87 111.8311656 4570.53974 2.19714 1534.81372
4 1996 44.02 111.8311656 4922.80791 2.17432 1650.93310
5 1996 45.10 112.2370145 5061.88935 2.33882 1695.23720
6 1996 42.33 112.2370145 4750.99282 2.40159 1588.71572
7 1996 37.34 112.2370145 4190.93012 2.25068 1399.18200
8 1996 39.67 112.2370145 4452.44237 1.98217 1484.50818
9 1996 42.45 112.2370145 4764.46127 2.10305 1586.43670
10 1996 40.49 112.2370145 4544.47672 2.24745 1510.94035
11 1996 41.18 112.2370145 4621.92026 2.14050 1534.54815
12 1996 40.91 112.2370145 4591.61626 2.17394 1522.31282
1 1997 41.55 112.2370145 4663.44795 2.15661 1543.97142
2 1997 38.60 112.2370145 4332.34876 2.18729 1432.16402
3 1997 36.06 112.2370145 4047.26674 2.02890 1335.89427
4 1997 35.68 112.2370145 4004.61668 1.89252 1319.92411
5 1997 37.56 116.9070581 4391.02910 1.86989 1445.41599
6 1997 39.53 116.9070581 4621.33601 2.04767 1519.17954
7 1997 43.50 116.9070581 5085.45703 2.15217 1669.59865
8 1997 43.38 116.9070581 5071.42818 2.36526 1662.62760
9 1997 46.66 116.9070581 5454.88333 2.35539 1785.98495
10 1997 43.95 116.9070581 5138.06520 2.53015 1679.72528
11 1997 43.44 116.9070581 5078.44260 2.37961 1657.85398
12 1997 43.75 116.9070581 5114.68379 2.34863 1667.33627
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 81.41%
GROSS ANNUAL RETURN = 12.65%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1667.34 1667.34
TOTAL RETURN 66.73% 66.73%
AVERAGE ANNUAL RETURN 10.77% 10.77%
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1988 10.00 100.0000000 1000.00000 1000.00000
9 1988 10.10 100.0000000 1010.00000 1.41667 1008.58333
10 1988 9.95 100.0000000 995.00000 1.42883 992.17555
11 1988 9.69 100.0000000 969.00000 1.40558 964.84377
12 1988 9.60 100.6770833 966.50000 1.36686 960.98763
1 1989 10.69 100.6770833 1076.23802 1.36140 1068.73837
2 1989 10.90 100.6770833 1097.38021 1.51405 1088.21918
3 1989 11.72 100.6770833 1179.93542 1.54164 1168.54357
4 1989 12.64 100.6770833 1272.55833 1.65544 1258.61681
5 1989 13.31 100.6770833 1340.01198 1.78304 1323.54843
6 1989 13.12 100.6770833 1320.88333 1.87503 1302.77977
7 1989 14.48 100.6770833 1457.80417 1.84560 1435.97841
8 1989 15.59 100.6770833 1569.55573 2.03430 1544.02256
9 1989 16.25 100.6770833 1636.00260 2.18737 1607.20113
10 1989 15.32 100.6770833 1542.37292 2.27687 1512.94290
11 1989 15.71 100.6770833 1581.63698 2.14334 1549.31443
12 1989 15.79 100.6770833 1589.69115 2.19486 1555.00914
1 1990 14.39 100.6770833 1448.74323 2.20293 1414.93333
2 1990 15.15 100.6770833 1525.25781 2.00449 1487.65778
3 1990 16.04 100.6770833 1614.86042 2.10752 1572.94402
4 1990 15.85 101.5402059 1609.41226 2.22834 1565.40894
5 1990 18.05 101.5402059 1832.80072 2.21766 1780.47202
6 1990 18.24 101.5402059 1852.09336 2.52234 1796.69149
7 1990 17.23 101.5402059 1749.53775 2.54531 1694.65833
8 1990 15.63 101.5402059 1587.07342 2.40077 1534.88941
9 1990 14.46 101.5402059 1468.27138 2.17443 1417.81923
10 1990 14.22 101.5402059 1443.90173 2.00858 1392.27838
11 1990 15.75 101.5402059 1599.25824 1.97239 1540.10809
12 1990 17.02 101.5402059 1728.21430 2.18182 1662.11277
1 1991 18.25 101.5402059 1853.10876 2.35466 1779.87554
2 1991 19.58 101.5402059 1988.15723 2.52149 1907.06553
3 1991 21.40 101.5402059 2172.96041 2.70168 2081.62939
4 1991 20.56 101.6322224 2089.55849 2.94897 1998.78394
5 1991 21.70 101.6322224 2205.41923 2.83161 2106.77984
6 1991 20.17 101.6322224 2049.92193 2.98460 1955.25270
7 1991 21.85 101.6322224 2220.66406 2.76994 2115.33970
8 1991 22.01 101.6322224 2236.92522 2.99673 2127.83287
9 1991 22.65 101.6322224 2301.96984 3.01443 2186.69091
10 1991 23.75 101.6322224 2413.76528 3.09781 2289.79001
11 1991 22.82 101.6322224 2319.24732 3.24387 2196.88278
12 1991 26.79 101.6322224 2722.72724 3.11225 2575.96267
1 1992 27.52 101.6322224 2796.91876 3.64928 2642.50573
2 1992 27.27 101.6322224 2771.51071 3.74355 2614.75686
3 1992 24.23 101.6322224 2462.54875 3.70424 2319.56524
4 1992 22.15 103.4290612 2290.95371 3.28605 2154.64751
5 1992 22.15 103.4290612 2290.95371 3.05242 2151.59509
6 1992 21.21 103.4290612 2193.73039 3.04809 2057.23777
7 1992 22.06 103.4290612 2281.64509 2.91442 2136.76805
8 1992 21.67 103.4290612 2241.30776 3.02709 2095.96492
9 1992 22.87 103.4290612 2365.42263 2.96928 2209.06199
10 1992 23.93 103.4290612 2475.05744 3.12950 2308.32014
11 1992 25.96 103.4290612 2685.01843 3.27012 2500.86656
12 1992 27.26 103.4290612 2819.47621 3.54289 2622.55967
1 1993 26.52 103.4290612 2742.93870 3.71529 2547.65237
2 1993 24.38 103.4290612 2521.60051 3.60917 2338.46340
3 1993 24.96 103.4290612 2581.58937 3.31282 2390.78260
4 1993 24.29 103.4290612 2512.29190 3.38694 2323.22001
5 1993 26.36 103.4290612 2726.39005 3.29123 2517.91418
6 1993 26.72 103.4290612 2763.62452 3.56704 2548.73443
7 1993 26.72 103.4290612 2763.62452 3.61071 2545.12373
8 1993 28.89 103.4290612 2988.06558 3.60559 2748.21418
9 1993 30.17 103.4290612 3120.45478 3.89330 2866.08323
10 1993 30.16 103.4290612 3119.42049 4.06028 2861.07296
11 1993 29.06 103.4290612 3005.64852 4.05319 2752.67030
12 1993 30.88 103.4290612 3193.88941 3.89962 2921.16779
1 1994 30.54 103.4290612 3158.72353 4.13832 2884.86635
2 1994 30.23 103.4290612 3126.66052 4.08689 2851.49627
3 1994 28.11 103.4290612 2907.39091 4.03962 2647.48404
4 1994 28.37 103.4290612 2934.28247 3.75060 2668.22102
5 1994 25.48 111.8311656 2849.45810 3.77998 2587.30799
6 1994 24.29 111.8311656 2716.37901 3.66535 2462.80682
7 1994 24.74 111.8311656 2766.70304 3.48898 2504.94415
8 1994 26.69 111.8311656 2984.77381 3.54867 2698.83449
9 1994 26.52 111.8311656 2965.76251 3.82335 2677.82112
10 1994 27.76 111.8311656 3104.43316 3.79358 2799.23486
11 1994 26.40 111.8311656 2952.34277 3.96558 2658.13097
12 1994 27.31 111.8311656 3054.10913 3.76569 2745.99025
1 1995 26.84 111.8311656 3001.54849 3.89015 2694.84212
2 1995 28.76 111.8311656 3216.26432 3.81769 2883.80002
3 1995 29.59 111.8311656 3309.08419 4.08538 2962.93974
4 1995 30.89 111.8311656 3454.46471 4.19750 3088.91533
5 1995 32.07 111.8311656 3586.42548 4.37596 3202.53613
6 1995 36.02 111.8311656 4028.15859 4.53693 3592.44940
7 1995 41.18 111.8311656 4605.20740 5.08930 4101.99194
8 1995 41.72 111.8311656 4665.59623 5.81115 4149.97087
9 1995 42.83 111.8311656 4789.72882 5.87913 4254.50564
10 1995 40.83 111.8311656 4566.06649 6.02722 4049.80900
11 1995 40.76 111.8311656 4558.23831 5.73723 4037.12867
12 1995 39.41 111.8311656 4407.26624 5.71927 3897.69685
1 1996 39.55 111.8311656 4422.92260 5.52174 3906.02129
2 1996 41.24 111.8311656 4611.91727 5.53353 4067.39486
3 1996 40.87 111.8311656 4570.53974 5.76214 4025.14057
4 1996 44.02 111.8311656 4922.80791 5.70228 4329.67056
5 1996 45.10 112.2370145 5061.88935 6.13370 4445.86071
6 1996 42.33 112.2370145 4750.99282 6.29830 4166.50179
7 1996 37.34 112.2370145 4190.93012 5.90254 3669.43827
8 1996 39.67 112.2370145 4452.44237 5.19837 3893.21128
9 1996 42.45 112.2370145 4764.46127 5.51538 4160.52492
10 1996 40.49 112.2370145 4544.47672 5.89408 3962.53122
11 1996 41.18 112.2370145 4621.92026 5.61359 4024.44410
12 1996 40.91 112.2370145 4591.61626 5.70130 3992.35621
1 1997 41.55 112.2370145 4663.44795 5.65584 4049.15718
2 1997 38.60 112.2370145 4332.34876 5.73631 3755.93559
3 1997 36.06 112.2370145 4047.26674 5.32091 3503.46244
4 1997 35.68 112.2370145 4004.61668 4.96324 3461.57974
5 1997 37.56 116.9070581 4391.02910 4.90390 3790.68968
6 1997 39.53 116.9070581 4621.33601 5.37014 3984.13899
7 1997 43.50 116.9070581 5085.45703 5.64420 4378.62209
8 1997 43.38 116.9070581 5071.42818 6.20305 4360.34008
9 1997 46.66 116.9070581 5454.88333 6.17715 4683.85209
10 1997 43.95 116.9070581 5138.06520 6.63546 4405.17979
11 1997 43.44 116.9070581 5078.44260 6.24067 4347.82099
12 1997 43.75 116.9070581 5114.68379 6.15941 4372.68884
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 411.47%
GROSS ANNUAL RETURN = 19.24%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 4372.69 4372.69
TOTAL RETURN 337.27% 337.27%
AVERAGE ANNUAL RETURN 17.24% 17.24%
Federated Government Bond
12/1997
Assume ($10000 @ $10.00 on 3/28/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
3/94 0.0000000000 10.00 0.000 100.000000
4/94 0.0240000000 9.99 0.240 100.240240
5/94 0.0190000000 9.97 0.191 100.431270
6/94 0.0290000000 9.98 0.292 100.723104
7/94 0.0320000000 9.96 0.324 101.046713
8/94 0.0310000000 9.97 0.314 101.360900
9/94 0.0290000000 9.97 0.295 101.655731
10/94 0.0300000000 9.98 0.306 101.961309
11/94 0.0360000000 9.97 0.368 102.329475
12/94 0.0380000000 9.97 0.390 102.719497
1/95 0.0350000000 9.97 0.361 103.080097
2/95 0.0390000000 9.98 0.403 103.482915
3/95 0.0420000000 9.97 0.436 103.918851
4/95 0.0400000000 9.98 0.417 104.335359
5/95 0.0400000000 9.98 0.418 104.753537
6/95 0.0400000000 9.98 0.420 105.173391
7/95 0.0400000000 9.99 0.421 105.594505
8/95 0.0520000000 9.96 0.551 106.145802
9/95 0.0520000000 10.07 0.548 106.693923
10/95 0.0520000000 10.12 0.548 107.242153
11/95 0.0530000000 10.17 0.559 107.801035
12/95 0.0530000000 10.22 0.559 108.360082
1/96 0.0490000000 10.28 0.517 108.876584
2/96 0.0490000000 10.21 0.523 109.399107
3/96 0.0893000000 10.04 0.973 110.372148
4/96 0.0480000000 9.98 0.531 110.902996
5/96 0.0480000000 9.94 0.536 111.438544
6/96 0.0480000000 9.83 0.544 111.982700
7/96 0.0440000000 9.87 0.499 112.481913
8/96 0.0440000000 9.98 0.496 112.977826
9/96 0.0480000000 9.89 0.548 113.526151
10/96 0.0480000000 10.02 0.544 114.069989
11/96 0.0480000000 10.21 0.536 114.606263
12/96 0.0480000000 10.11 0.544 115.150387
1/97 0.0480000000 10.05 0.550 115.700359
2/97 0.0480000000 10.12 0.549 116.249136
3/97 0.0480000000 9.96 0.560 116.809373
4/97 0.0480000000 9.92 0.565 117.374579
5/97 0.0480000000 10.00 0.563 117.937977
6/97 0.0480000000 10.12 0.559 118.497367
7/97 0.0510000000 10.16 0.595 119.092186
8/97 0.0510000000 10.15 0.598 119.690581
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 10.09 115.1503875 1161.86741 1000.00000
1 1997 10.08 115.7003595 1166.25962 1.41667 1002.36364
2 1997 10.05 116.2491359 1168.30382 1.42002 1002.70054
3 1997 9.91 116.8093727 1157.58088 1.42049 992.07706
4 1997 10.00 117.3745793 1173.74579 1.40544 1004.52537
5 1997 10.04 117.9379773 1184.09729 1.42308 1011.96140
6 1997 10.10 118.4973669 1196.82341 1.43361 1021.40387
7 1997 10.21 119.0921864 1215.93122 1.44699 1036.26404
8 1997 10.17 119.6905806 1217.25321 1.46804 1035.92265
9 1997 10.29 119.6905806 1231.61607 1.46756 1046.67837
10 1997 10.42 119.6905806 1247.17585 1.48279 1058.41891
11 1997 10.45 119.6905806 1250.76657 1.49943 1059.96676
12 1997 10.54 119.6905806 1261.53872 1.50162 1067.59404
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 8.58%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1067.59 1067.59
TOTAL RETURN 6.76% 6.76%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 10.09 115.1503875 1161.86741 1000.00000
1 1997 10.08 115.7003595 1166.25962 1.41667 1002.36364
2 1997 10.05 116.2491359 1168.30382 1.42002 1002.70054
3 1997 9.91 116.8093727 1157.58088 1.42049 992.07706
4 1997 10.00 117.3745793 1173.74579 1.40544 1004.52537
5 1997 10.04 117.9379773 1184.09729 1.42308 1011.96140
6 1997 10.10 118.4973669 1196.82341 1.43361 1021.40387
7 1997 10.21 119.0921864 1215.93122 1.44699 1036.26404
8 1997 10.17 119.6905806 1217.25321 1.46804 1035.92265
9 1997 10.29 119.6905806 1231.61607 1.46756 1046.67837
10 1997 10.42 119.6905806 1247.17585 1.48279 1058.41891
11 1997 10.45 119.6905806 1250.76657 1.49943 1059.96676
12 1997 10.54 119.6905806 1261.53872 1.50162 1067.59404
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 8.58%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1067.59 1067.59
TOTAL RETURN 6.76% 6.76%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 9.98 102.7194966 1025.14058 1000.00000
1 1995 9.99 103.0800966 1029.77017 1.41667 1003.09939
2 1995 9.99 103.4829147 1033.79432 1.42106 1005.59826
3 1995 9.99 103.9188507 1038.14932 1.42460 1008.40988
4 1995 9.99 104.3353591 1042.31024 1.42858 1011.02302
5 1995 9.99 104.7535369 1046.48783 1.43228 1013.64294
6 1995 9.99 105.1733908 1050.68217 1.43599 1016.26964
7 1995 10.01 105.5945055 1057.00100 1.43972 1020.94179
8 1995 10.07 106.1458021 1068.88823 1.44633 1030.97716
9 1995 10.11 106.6939234 1078.67557 1.46055 1038.95681
10 1995 10.16 107.2421530 1089.58027 1.47186 1047.98813
11 1995 10.23 107.8010354 1102.80459 1.48465 1059.22299
12 1995 10.29 108.3600819 1115.02524 1.50057 1069.46013
1 1996 10.32 108.8765842 1123.60635 1.51507 1076.17551
2 1996 10.17 109.3991065 1112.58891 1.52458 1064.09857
3 1996 10.03 110.3721484 1107.03265 1.50747 1057.27699
4 1996 9.94 110.9029964 1102.37578 1.49781 1051.33162
5 1996 9.87 111.4385441 1099.89843 1.48939 1047.47959
6 1996 9.94 111.9826997 1113.10804 1.48393 1058.57572
7 1996 9.92 112.4819134 1115.82058 1.49965 1059.65573
8 1996 9.85 112.9778256 1112.83158 1.50118 1055.31601
9 1996 9.96 113.5261508 1130.72046 1.49503 1070.78528
10 1996 10.11 114.0699886 1153.24758 1.51695 1090.60139
11 1996 10.21 114.6062628 1170.12994 1.54502 1105.02165
12 1996 10.09 115.1503875 1161.86741 1.56545 1095.65341
1 1997 10.08 115.7003595 1166.25962 1.55218 1098.24314
2 1997 10.05 116.2491359 1168.30382 1.55584 1098.61227
3 1997 9.91 116.8093727 1157.58088 1.55637 1086.97261
4 1997 10.00 117.3745793 1173.74579 1.53988 1100.61165
5 1997 10.04 117.9379773 1184.09729 1.55920 1108.75896
6 1997 10.10 118.4973669 1196.82341 1.57074 1119.10463
7 1997 10.21 119.0921864 1215.93122 1.58540 1135.38624
8 1997 10.17 119.6905806 1217.25321 1.60846 1135.01218
9 1997 10.29 119.6905806 1231.61607 1.60793 1146.79672
10 1997 10.42 119.6905806 1247.17585 1.62463 1159.66030
11 1997 10.45 119.6905806 1250.76657 1.64285 1161.35620
12 1997 10.54 119.6905806 1261.53872 1.64525 1169.71305
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 23.06%
GROSS ANNUAL RETURN = 7.16%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1169.71 1169.71
TOTAL RETURN 16.97% 16.97%
AVERAGE ANNUAL RETURN 5.36% 5.36%
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
3 1994 10.00 100.0000000 1000.00000 1000.00000
4 1994 9.97 100.2402402 999.39520 1.41667 997.97853
5 1994 9.98 100.4312698 1002.30407 1.41380 999.46948
6 1994 9.99 100.7231041 1006.22381 1.41592 1001.96222
7 1994 9.97 101.0467125 1007.43572 1.41945 1001.74955
8 1994 9.98 101.3608999 1011.58178 1.41915 1004.45306
9 1994 9.97 101.6557310 1013.50764 1.42298 1004.94237
10 1994 9.99 101.9613093 1018.59348 1.42367 1008.56157
11 1994 9.98 102.3294745 1021.24816 1.42880 1009.76130
12 1994 9.98 102.7194966 1025.14058 1.43050 1012.17944
1 1995 9.99 103.0800966 1029.77017 1.43392 1015.31658
2 1995 9.99 103.4829147 1033.79432 1.43837 1017.84588
3 1995 9.99 103.9188507 1038.14932 1.44195 1020.69175
4 1995 9.99 104.3353591 1042.31024 1.44598 1023.33672
5 1995 9.99 104.7535369 1046.48783 1.44973 1025.98854
6 1995 9.99 105.1733908 1050.68217 1.45348 1028.64724
7 1995 10.01 105.5945055 1057.00100 1.45725 1033.37630
8 1995 10.07 106.1458021 1068.88823 1.46395 1043.53389
9 1995 10.11 106.6939234 1078.67557 1.47834 1051.61073
10 1995 10.16 107.2421530 1089.58027 1.48978 1060.75205
11 1995 10.23 107.8010354 1102.80459 1.50273 1072.12374
12 1995 10.29 108.3600819 1115.02524 1.51884 1082.48556
1 1996 10.32 108.8765842 1123.60635 1.53352 1089.28273
2 1996 10.17 109.3991065 1112.58891 1.54315 1077.05870
3 1996 10.03 110.3721484 1107.03265 1.52583 1070.15404
4 1996 9.94 110.9029964 1102.37578 1.51605 1064.13626
5 1996 9.87 111.4385441 1099.89843 1.50753 1060.23731
6 1996 9.94 111.9826997 1113.10804 1.50200 1071.46859
7 1996 9.92 112.4819134 1115.82058 1.51791 1072.56175
8 1996 9.85 112.9778256 1112.83158 1.51946 1068.16917
9 1996 9.96 113.5261508 1130.72046 1.51324 1083.82685
10 1996 10.11 114.0699886 1153.24758 1.53542 1103.88430
11 1996 10.21 114.6062628 1170.12994 1.56384 1118.48020
12 1996 10.09 115.1503875 1161.86741 1.58451 1108.99786
1 1997 10.08 115.7003595 1166.25962 1.57108 1111.61913
2 1997 10.05 116.2491359 1168.30382 1.57479 1111.99276
3 1997 9.91 116.8093727 1157.58088 1.57532 1100.21134
4 1997 10.00 117.3745793 1173.74579 1.55863 1114.01648
5 1997 10.04 117.9379773 1184.09729 1.57819 1122.26303
6 1997 10.10 118.4973669 1196.82341 1.58987 1132.73470
7 1997 10.21 119.0921864 1215.93122 1.60471 1149.21461
8 1997 10.17 119.6905806 1217.25321 1.62805 1148.83600
9 1997 10.29 119.6905806 1231.61607 1.62752 1160.76407
10 1997 10.42 119.6905806 1247.17585 1.64442 1173.78431
11 1997 10.45 119.6905806 1250.76657 1.66286 1175.50087
12 1997 10.54 119.6905806 1261.53872 1.66529 1183.95951
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 26.15%
GROSS ANNUAL RETURN = 6.37%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1183.96 1183.96
TOTAL RETURN 18.40% 18.40%
AVERAGE ANNUAL RETURN 4.59% 4.59%
Federated Prime Money
12/1997
Assume ($10000 @ $10.00 on 11/21/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
10/94 0.0000000000 1.00 0.000 100.000000
11/94 0.0012659720 1.00 0.127 100.126597
12/94 0.0037707980 1.00 0.378 100.504154
1/95 0.0037829400 1.00 0.380 100.884356
2/95 0.0038735110 1.00 0.391 101.275132
3/95 0.0044113260 1.00 0.447 101.721890
4/95 0.0042677160 1.00 0.434 102.156010
5/95 0.0045457280 1.00 0.464 102.620383
6/95 0.0043985090 1.00 0.451 103.071760
7/95 0.0043850150 1.00 0.452 103.523731
8/95 0.0043262630 1.00 0.448 103.971602
9/95 0.0041606740 1.00 0.433 104.404194
10/95 0.0042481520 1.00 0.444 104.847719
11/95 0.0041265140 1.00 0.433 105.280375
12/95 0.0042405070 1.00 0.446 105.726817
1/96 0.0039644280 1.00 0.419 106.145963
2/96 0.0036463730 1.00 0.387 106.533011
3/96 0.0038803070 1.00 0.413 106.946392
4/96 0.0037531920 1.00 0.401 107.347782
5/96 0.0038792420 1.00 0.416 107.764210
6/96 0.0037639920 1.00 0.406 108.169834
7/96 0.0039246140 1.00 0.425 108.594359
8/96 0.0039447460 1.00 0.428 109.022736
9/96 0.0035630470 1.00 0.388 109.411189
10/96 0.0039363050 1.00 0.431 109.841865
11/96 0.0038677480 1.00 0.425 110.266705
12/96 0.0039950720 1.00 0.441 110.707229
1/97 0.0039476070 1.00 0.437 111.144257
2/97 0.0035105160 1.00 0.390 111.534431
3/97 0.0039524920 1.00 0.441 111.975270
4/97 0.0038910440 1.00 0.436 112.410971
5/97 0.0040826040 1.00 0.459 112.869900
6/97 0.0040162330 1.00 0.453 113.323212
7/97 0.0041567170 1.00 0.471 113.794264
8/97 0.0041616600 1.00 0.474 114.267838
9/97 0.0040263600 1.00 0.460 114.727921
10/97 0.0041704510 1.00 0.478 115.206388
11/97 0.0040698850 1.00 0.469 115.675265
12/97 0.0042698450 1.00 0.494 116.169180
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 1.00 110.7072287 110.70723 1000.00000
1 1997 1.00 111.1442573 111.14426 1.41667 1002.53094
2 1997 1.00 111.5344310 111.53443 1.42025 1004.63009
3 1997 1.00 111.9752700 111.97527 1.42323 1007.17766
4 1997 1.00 112.4109707 112.41097 1.42683 1009.66979
5 1997 1.00 112.8699002 112.86990 1.43037 1012.36151
6 1997 1.00 113.3232120 113.32321 1.43418 1014.99321
7 1997 1.00 113.7942645 113.79426 1.43791 1017.77434
8 1997 1.00 114.2678375 114.26784 1.44185 1020.56813
9 1997 1.00 114.7279210 114.72792 1.44580 1023.23150
10 1997 1.00 115.2063882 115.20639 1.44958 1026.04926
11 1997 1.00 115.6752649 115.67526 1.45357 1028.77159
12 1997 1.00 116.1691804 116.16918 1.45743 1031.70686
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 4.93%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1031.71 1031.71
TOTAL RETURN 3.17% 3.17%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 1.00 110.7072287 110.70723 1000.00000
1 1997 1.00 111.1442573 111.14426 1.41667 1002.53094
2 1997 1.00 111.5344310 111.53443 1.42025 1004.63009
3 1997 1.00 111.9752700 111.97527 1.42323 1007.17766
4 1997 1.00 112.4109707 112.41097 1.42683 1009.66979
5 1997 1.00 112.8699002 112.86990 1.43037 1012.36151
6 1997 1.00 113.3232120 113.32321 1.43418 1014.99321
7 1997 1.00 113.7942645 113.79426 1.43791 1017.77434
8 1997 1.00 114.2678375 114.26784 1.44185 1020.56813
9 1997 1.00 114.7279210 114.72792 1.44580 1023.23150
10 1997 1.00 115.2063882 115.20639 1.44958 1026.04926
11 1997 1.00 115.6752649 115.67526 1.45357 1028.77159
12 1997 1.00 116.1691804 116.16918 1.45743 1031.70686
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 4.93%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1031.71 1031.71
TOTAL RETURN 3.17% 3.17%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 1.00 100.5041544 100.50415 1000.00000
1 1995 1.00 100.8843556 100.88436 1.41667 1002.36627
2 1995 1.00 101.2751322 101.27513 1.42002 1004.82893
3 1995 1.00 101.7218898 101.72189 1.42351 1007.83805
4 1995 1.00 102.1560100 102.15601 1.42777 1010.71145
5 1995 1.00 102.6203834 102.62038 1.43184 1013.87403
6 1995 1.00 103.0717601 103.07176 1.43632 1016.89724
7 1995 1.00 103.5237313 103.52373 1.44060 1019.91574
8 1995 1.00 103.9716022 103.97160 1.44488 1022.88329
9 1995 1.00 104.4041941 104.40419 1.44908 1025.69009
10 1995 1.00 104.8477190 104.84772 1.45306 1028.59431
11 1995 1.00 105.2803746 105.28037 1.45718 1031.38165
12 1995 1.00 105.7268168 105.72682 1.46112 1034.29410
1 1996 1.00 106.1459631 106.14596 1.46525 1036.92924
2 1996 1.00 106.5330109 106.53301 1.46898 1039.24129
3 1996 1.00 106.9463917 106.94639 1.47226 1041.80160
4 1996 1.00 107.3477820 107.34778 1.47589 1044.23580
5 1996 1.00 107.7642101 107.76421 1.47933 1046.80731
6 1996 1.00 108.1698337 108.16983 1.48298 1049.26451
7 1996 1.00 108.5943585 108.59436 1.48646 1051.89601
8 1996 1.00 109.0227357 109.02274 1.49019 1054.55528
9 1996 1.00 109.4111888 109.41119 1.49395 1056.81876
10 1996 1.00 109.8418646 109.84186 1.49716 1059.48156
11 1996 1.00 110.2667053 110.26671 1.50093 1062.07844
12 1996 1.00 110.7072287 110.70723 1.50461 1064.81690
1 1997 1.00 111.1442573 111.14426 1.50849 1067.51189
2 1997 1.00 111.5344310 111.53443 1.51231 1069.74710
3 1997 1.00 111.9752700 111.97527 1.51547 1072.45979
4 1997 1.00 112.4109707 112.41097 1.51932 1075.11346
5 1997 1.00 112.8699002 112.86990 1.52308 1077.97965
6 1997 1.00 113.3232120 113.32321 1.52714 1080.78193
7 1997 1.00 113.7942645 113.79426 1.53111 1083.74333
8 1997 1.00 114.2678375 114.26784 1.53530 1086.71819
9 1997 1.00 114.7279210 114.72792 1.53952 1089.55420
10 1997 1.00 115.2063882 115.20639 1.54354 1092.55459
11 1997 1.00 115.6752649 115.67526 1.54779 1095.45338
12 1997 1.00 116.1691804 116.16918 1.55189 1098.57890
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 15.59%
GROSS ANNUAL RETURN = 4.95%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1098.58 1098.58
TOTAL RETURN 9.86% 9.86%
AVERAGE ANNUAL RETURN 3.18% 3.18%
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
10 1994 1.00 100.0000000 100.00000 1000.00000
11 1994 1.00 100.1265972 100.12660 1.41667 999.84931
12 1994 1.00 100.5041544 100.50415 1.41645 1002.20308
1 1995 1.00 100.8843556 100.88436 1.41979 1004.57457
2 1995 1.00 101.2751322 101.27513 1.42315 1007.04265
3 1995 1.00 101.7218898 101.72189 1.42664 1010.05840
4 1995 1.00 102.1560100 102.15601 1.43092 1012.93813
5 1995 1.00 102.6203834 102.62038 1.43500 1016.10767
6 1995 1.00 103.0717601 103.07176 1.43949 1019.13755
7 1995 1.00 103.5237313 103.52373 1.44378 1022.16270
8 1995 1.00 103.9716022 103.97160 1.44806 1025.13678
9 1995 1.00 104.4041941 104.40419 1.45228 1027.94977
10 1995 1.00 104.8477190 104.84772 1.45626 1030.86039
11 1995 1.00 105.2803746 105.28037 1.46039 1033.65386
12 1995 1.00 105.7268168 105.72682 1.46434 1036.57274
1 1996 1.00 106.1459631 106.14596 1.46848 1039.21368
2 1996 1.00 106.5330109 106.53301 1.47222 1041.53082
3 1996 1.00 106.9463917 106.94639 1.47550 1044.09678
4 1996 1.00 107.3477820 107.34778 1.47914 1046.53634
5 1996 1.00 107.7642101 107.76421 1.48259 1049.11351
6 1996 1.00 108.1698337 108.16983 1.48624 1051.57612
7 1996 1.00 108.5943585 108.59436 1.48973 1054.21342
8 1996 1.00 109.0227357 109.02274 1.49347 1056.87855
9 1996 1.00 109.4111888 109.41119 1.49724 1059.14702
10 1996 1.00 109.8418646 109.84186 1.50046 1061.81569
11 1996 1.00 110.2667053 110.26671 1.50424 1064.41828
12 1996 1.00 110.7072287 110.70723 1.50793 1067.16278
1 1997 1.00 111.1442573 111.14426 1.51181 1069.86371
2 1997 1.00 111.5344310 111.53443 1.51564 1072.10384
3 1997 1.00 111.9752700 111.97527 1.51881 1074.82251
4 1997 1.00 112.4109707 112.41097 1.52267 1077.48203
5 1997 1.00 112.8699002 112.86990 1.52643 1080.35453
6 1997 1.00 113.3232120 113.32321 1.53050 1083.16298
7 1997 1.00 113.7942645 113.79426 1.53448 1086.13090
8 1997 1.00 114.2678375 114.26784 1.53869 1089.11232
9 1997 1.00 114.7279210 114.72792 1.54291 1091.95457
10 1997 1.00 115.2063882 115.20639 1.54694 1094.96158
11 1997 1.00 115.6752649 115.67526 1.55120 1097.86675
12 1997 1.00 116.1691804 116.16918 1.55531 1100.99916
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 16.17%
GROSS ANNUAL RETURN = 4.94%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1101.00 1101.00
TOTAL RETURN 10.10% 10.10%
AVERAGE ANNUAL RETURN 3.14% 3.14%
Fidelity Asset Manager Growth
12/1997
Assume ($10000 @ $10.00 on 1/ 3/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/95 0.5300000000 11.72 4.522 104.522184
2/96 0.4200000000 11.62 3.778 108.300095
12/96 0.5400000000 13.21 4.427 112.727199
2/97 0.0200000000 13.67 0.165 112.892126
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 13.10 112.7271991 1476.72631 1000.00000
1 1997 13.66 112.7271991 1539.85354 1.41667 1041.33143
2 1997 13.77 112.8921255 1554.52457 1.47522 1049.77754
3 1997 13.12 112.8921255 1481.14469 1.48718 998.73659
4 1997 13.67 112.8921255 1543.23536 1.41488 1039.18948
5 1997 14.50 112.8921255 1636.93582 1.47219 1100.81366
6 1997 14.93 112.8921255 1685.47943 1.55949 1131.89899
7 1997 15.94 112.8921255 1799.50048 1.60352 1206.86733
8 1997 15.44 112.8921255 1743.05442 1.70973 1167.30104
9 1997 16.01 112.8921255 1807.40293 1.65368 1208.74073
10 1997 15.63 112.8921255 1764.50392 1.71238 1178.33868
11 1997 16.08 112.8921255 1815.30538 1.66931 1210.59467
12 1997 16.36 112.8921255 1846.91517 1.71501 1229.95967
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 25.07%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1229.96 1229.96
TOTAL RETURN 23.00% 23.00%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 13.10 112.7271991 1476.72631 1000.00000
1 1997 13.66 112.7271991 1539.85354 1.41667 1041.33143
2 1997 13.77 112.8921255 1554.52457 1.47522 1049.77754
3 1997 13.12 112.8921255 1481.14469 1.48718 998.73659
4 1997 13.67 112.8921255 1543.23536 1.41488 1039.18948
5 1997 14.50 112.8921255 1636.93582 1.47219 1100.81366
6 1997 14.93 112.8921255 1685.47943 1.55949 1131.89899
7 1997 15.94 112.8921255 1799.50048 1.60352 1206.86733
8 1997 15.44 112.8921255 1743.05442 1.70973 1167.30104
9 1997 16.01 112.8921255 1807.40293 1.65368 1208.74073
10 1997 15.63 112.8921255 1764.50392 1.71238 1178.33868
11 1997 16.08 112.8921255 1815.30538 1.66931 1210.59467
12 1997 16.36 112.8921255 1846.91517 1.71501 1229.95967
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 25.07%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1229.96 1229.96
TOTAL RETURN 23.00% 23.00%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 10.00 100.0000000 1000.00000 1000.00000
1 1995 10.02 100.0000000 1002.00000 1.41667 1000.58333
2 1995 10.17 100.0000000 1017.00000 1.41749 1014.14463
3 1995 10.31 100.0000000 1031.00000 1.43670 1026.66862
4 1995 10.58 100.0000000 1058.00000 1.45445 1052.10074
5 1995 10.73 100.0000000 1073.00000 1.49048 1065.52663
6 1995 11.16 100.0000000 1116.00000 1.50950 1106.71764
7 1995 11.57 100.0000000 1157.00000 1.56785 1145.80877
8 1995 12.09 100.0000000 1209.00000 1.62323 1195.68257
9 1995 12.27 100.0000000 1227.00000 1.69388 1211.79041
10 1995 11.80 100.0000000 1180.00000 1.71670 1163.65631
11 1995 12.01 100.0000000 1201.00000 1.64851 1182.71693
12 1995 11.78 104.5221843 1231.27133 1.67552 1210.85192
1 1996 12.05 104.5221843 1259.49232 1.71537 1236.88952
2 1996 11.67 108.3000946 1263.86210 1.75226 1239.42862
3 1996 11.88 108.3000946 1286.60512 1.75586 1259.97611
4 1996 12.16 108.3000946 1316.92915 1.78497 1287.88755
5 1996 12.35 108.3000946 1337.50617 1.82451 1306.18628
6 1996 12.40 108.3000946 1342.92117 1.85043 1309.62406
7 1996 12.09 108.3000946 1309.34814 1.85530 1275.02816
8 1996 12.18 108.3000946 1319.09515 1.80629 1282.71339
9 1996 12.68 108.3000946 1373.24520 1.81718 1333.55276
10 1996 13.05 108.3000946 1413.31623 1.88920 1370.57637
11 1996 13.90 108.3000946 1505.37131 1.94165 1457.90598
12 1996 13.10 112.7271991 1476.72631 2.06537 1428.09880
1 1997 13.66 112.7271991 1539.85354 2.02314 1487.12416
2 1997 13.77 112.8921255 1554.52457 2.10676 1499.18605
3 1997 13.12 112.8921255 1481.14469 2.12385 1426.29453
4 1997 13.67 112.8921255 1543.23536 2.02058 1484.06525
5 1997 14.50 112.8921255 1636.93582 2.10243 1572.07067
6 1997 14.93 112.8921255 1685.47943 2.22710 1616.46359
7 1997 15.94 112.8921255 1799.50048 2.28999 1723.52579
8 1997 15.44 112.8921255 1743.05442 2.44166 1667.02122
9 1997 16.01 112.8921255 1807.40293 2.36161 1726.20119
10 1997 15.63 112.8921255 1764.50392 2.44545 1682.78407
11 1997 16.08 112.8921255 1815.30538 2.38394 1728.84880
12 1997 16.36 112.8921255 1846.91517 2.44920 1756.50393
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 84.69%
GROSS ANNUAL RETURN = 22.69%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1756.50 1756.50
TOTAL RETURN 75.65% 75.65%
AVERAGE ANNUAL RETURN 20.66% 20.66%
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 10.00 100.0000000 1000.00000 1000.00000
1 1995 10.02 100.0000000 1002.00000 1.41667 1000.58333
2 1995 10.17 100.0000000 1017.00000 1.41749 1014.14463
3 1995 10.31 100.0000000 1031.00000 1.43670 1026.66862
4 1995 10.58 100.0000000 1058.00000 1.45445 1052.10074
5 1995 10.73 100.0000000 1073.00000 1.49048 1065.52663
6 1995 11.16 100.0000000 1116.00000 1.50950 1106.71764
7 1995 11.57 100.0000000 1157.00000 1.56785 1145.80877
8 1995 12.09 100.0000000 1209.00000 1.62323 1195.68257
9 1995 12.27 100.0000000 1227.00000 1.69388 1211.79041
10 1995 11.80 100.0000000 1180.00000 1.71670 1163.65631
11 1995 12.01 100.0000000 1201.00000 1.64851 1182.71693
12 1995 11.78 104.5221843 1231.27133 1.67552 1210.85192
1 1996 12.05 104.5221843 1259.49232 1.71537 1236.88952
2 1996 11.67 108.3000946 1263.86210 1.75226 1239.42862
3 1996 11.88 108.3000946 1286.60512 1.75586 1259.97611
4 1996 12.16 108.3000946 1316.92915 1.78497 1287.88755
5 1996 12.35 108.3000946 1337.50617 1.82451 1306.18628
6 1996 12.40 108.3000946 1342.92117 1.85043 1309.62406
7 1996 12.09 108.3000946 1309.34814 1.85530 1275.02816
8 1996 12.18 108.3000946 1319.09515 1.80629 1282.71339
9 1996 12.68 108.3000946 1373.24520 1.81718 1333.55276
10 1996 13.05 108.3000946 1413.31623 1.88920 1370.57637
11 1996 13.90 108.3000946 1505.37131 1.94165 1457.90598
12 1996 13.10 112.7271991 1476.72631 2.06537 1428.09880
1 1997 13.66 112.7271991 1539.85354 2.02314 1487.12416
2 1997 13.77 112.8921255 1554.52457 2.10676 1499.18605
3 1997 13.12 112.8921255 1481.14469 2.12385 1426.29453
4 1997 13.67 112.8921255 1543.23536 2.02058 1484.06525
5 1997 14.50 112.8921255 1636.93582 2.10243 1572.07067
6 1997 14.93 112.8921255 1685.47943 2.22710 1616.46359
7 1997 15.94 112.8921255 1799.50048 2.28999 1723.52579
8 1997 15.44 112.8921255 1743.05442 2.44166 1667.02122
9 1997 16.01 112.8921255 1807.40293 2.36161 1726.20119
10 1997 15.63 112.8921255 1764.50392 2.44545 1682.78407
11 1997 16.08 112.8921255 1815.30538 2.38394 1728.84880
12 1997 16.36 112.8921255 1846.91517 2.44920 1756.50393
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 84.69%
GROSS ANNUAL RETURN = 22.76%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1756.50 1756.50
TOTAL RETURN 75.65% 75.65%
AVERAGE ANNUAL RETURN 20.72% 20.72%
Fidelity Contrafund
12/1997
Assume ($10000 @ $10.00 on 1/ 3/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/95 0.1800000000 13.64 1.320 101.319648
2/96 0.1300000000 13.78 0.956 102.275494
2/97 0.5100000000 16.46 3.169 105.444419
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 16.56 102.2754938 1693.68218 1000.00000
1 1997 17.20 102.2754938 1759.13849 1.41667 1037.23068
2 1997 16.22 105.4444186 1710.30847 1.46941 1006.96990
3 1997 15.80 105.4444186 1666.02181 1.42654 979.46892
4 1997 16.18 105.4444186 1706.09069 1.38758 1001.63819
5 1997 17.18 105.4444186 1811.53511 1.41899 1062.12515
6 1997 17.93 105.4444186 1890.61843 1.50468 1106.98798
7 1997 19.47 105.4444186 2053.00283 1.56823 1200.49847
8 1997 18.92 105.4444186 1995.00840 1.70071 1164.88538
9 1997 20.20 105.4444186 2129.97726 1.65025 1242.04344
10 1997 19.59 105.4444186 2065.65616 1.75956 1202.77663
11 1997 19.58 105.4444186 2064.60172 1.70393 1200.45872
12 1997 19.94 105.4444186 2102.56171 1.70065 1220.82983
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 24.14%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1220.83 1220.83
TOTAL RETURN 22.08% 22.08%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 16.56 102.2754938 1693.68218 1000.00000
1 1997 17.20 102.2754938 1759.13849 1.41667 1037.23068
2 1997 16.22 105.4444186 1710.30847 1.46941 1006.96990
3 1997 15.80 105.4444186 1666.02181 1.42654 979.46892
4 1997 16.18 105.4444186 1706.09069 1.38758 1001.63819
5 1997 17.18 105.4444186 1811.53511 1.41899 1062.12515
6 1997 17.93 105.4444186 1890.61843 1.50468 1106.98798
7 1997 19.47 105.4444186 2053.00283 1.56823 1200.49847
8 1997 18.92 105.4444186 1995.00840 1.70071 1164.88538
9 1997 20.20 105.4444186 2129.97726 1.65025 1242.04344
10 1997 19.59 105.4444186 2065.65616 1.75956 1202.77663
11 1997 19.58 105.4444186 2064.60172 1.70393 1200.45872
12 1997 19.94 105.4444186 2102.56171 1.70065 1220.82983
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 24.14%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1220.83 1220.83
TOTAL RETURN 22.08% 22.08%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 10.00 100.0000000 1000.00000 1000.00000
1 1995 9.87 100.0000000 987.00000 1.41667 985.58333
2 1995 10.37 100.0000000 1037.00000 1.39624 1034.11532
3 1995 10.89 100.0000000 1089.00000 1.46500 1084.50568
4 1995 11.48 100.0000000 1148.00000 1.53638 1141.72580
5 1995 11.73 100.0000000 1173.00000 1.61744 1164.97172
6 1995 12.50 100.0000000 1250.00000 1.65038 1239.79434
7 1995 13.47 100.0000000 1347.00000 1.75638 1334.24600
8 1995 13.64 100.0000000 1364.00000 1.89018 1349.19486
9 1995 13.94 100.0000000 1394.00000 1.91136 1376.95787
10 1995 13.65 100.0000000 1365.00000 1.95069 1346.36172
11 1995 13.90 100.0000000 1390.00000 1.90735 1369.11301
12 1995 13.78 101.3196481 1396.18475 1.93958 1373.26525
1 1996 13.89 101.3196481 1407.32991 1.94546 1382.28200
2 1996 13.81 102.2754938 1412.42457 1.95823 1385.32775
3 1996 14.26 102.2754938 1458.44854 1.96255 1428.50622
4 1996 14.73 102.2754938 1506.51802 2.02372 1473.56510
5 1996 14.90 102.2754938 1523.90486 2.08755 1488.48408
6 1996 14.78 102.2754938 1511.63180 2.10869 1474.38760
7 1996 14.09 102.2754938 1441.06171 2.08872 1403.46753
8 1996 14.63 102.2754938 1496.29047 1.98825 1455.26725
9 1996 15.25 102.2754938 1559.70128 2.06163 1514.87792
10 1996 15.72 102.2754938 1607.77076 2.14608 1559.41988
11 1996 16.66 102.2754938 1703.90973 2.20918 1650.45846
12 1996 16.56 102.2754938 1693.68218 2.33815 1638.21359
1 1997 17.20 102.2754938 1759.13849 2.32080 1699.20539
2 1997 16.22 105.4444186 1710.30847 2.40721 1649.63178
3 1997 15.80 105.4444186 1666.02181 2.33698 1604.57931
4 1997 16.18 105.4444186 1706.09069 2.27315 1640.89730
5 1997 17.18 105.4444186 1811.53511 2.32460 1739.98786
6 1997 17.93 105.4444186 1890.61843 2.46498 1813.48276
7 1997 19.47 105.4444186 2053.00283 2.56910 1966.67292
8 1997 18.92 105.4444186 1995.00840 2.78612 1908.33107
9 1997 20.20 105.4444186 2129.97726 2.70347 2034.73245
10 1997 19.59 105.4444186 2065.65616 2.88254 1970.40502
11 1997 19.58 105.4444186 2064.60172 2.79141 1966.60779
12 1997 19.94 105.4444186 2102.56171 2.78603 1999.98003
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 110.26%
GROSS ANNUAL RETURN = 28.11%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1999.98 1999.98
TOTAL RETURN 100.00% 100.00%
AVERAGE ANNUAL RETURN 25.99% 25.99%
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 10.00 100.0000000 1000.00000 1000.00000
1 1995 9.87 100.0000000 987.00000 1.41667 985.58333
2 1995 10.37 100.0000000 1037.00000 1.39624 1034.11532
3 1995 10.89 100.0000000 1089.00000 1.46500 1084.50568
4 1995 11.48 100.0000000 1148.00000 1.53638 1141.72580
5 1995 11.73 100.0000000 1173.00000 1.61744 1164.97172
6 1995 12.50 100.0000000 1250.00000 1.65038 1239.79434
7 1995 13.47 100.0000000 1347.00000 1.75638 1334.24600
8 1995 13.64 100.0000000 1364.00000 1.89018 1349.19486
9 1995 13.94 100.0000000 1394.00000 1.91136 1376.95787
10 1995 13.65 100.0000000 1365.00000 1.95069 1346.36172
11 1995 13.90 100.0000000 1390.00000 1.90735 1369.11301
12 1995 13.78 101.3196481 1396.18475 1.93958 1373.26525
1 1996 13.89 101.3196481 1407.32991 1.94546 1382.28200
2 1996 13.81 102.2754938 1412.42457 1.95823 1385.32775
3 1996 14.26 102.2754938 1458.44854 1.96255 1428.50622
4 1996 14.73 102.2754938 1506.51802 2.02372 1473.56510
5 1996 14.90 102.2754938 1523.90486 2.08755 1488.48408
6 1996 14.78 102.2754938 1511.63180 2.10869 1474.38760
7 1996 14.09 102.2754938 1441.06171 2.08872 1403.46753
8 1996 14.63 102.2754938 1496.29047 1.98825 1455.26725
9 1996 15.25 102.2754938 1559.70128 2.06163 1514.87792
10 1996 15.72 102.2754938 1607.77076 2.14608 1559.41988
11 1996 16.66 102.2754938 1703.90973 2.20918 1650.45846
12 1996 16.56 102.2754938 1693.68218 2.33815 1638.21359
1 1997 17.20 102.2754938 1759.13849 2.32080 1699.20539
2 1997 16.22 105.4444186 1710.30847 2.40721 1649.63178
3 1997 15.80 105.4444186 1666.02181 2.33698 1604.57931
4 1997 16.18 105.4444186 1706.09069 2.27315 1640.89730
5 1997 17.18 105.4444186 1811.53511 2.32460 1739.98786
6 1997 17.93 105.4444186 1890.61843 2.46498 1813.48276
7 1997 19.47 105.4444186 2053.00283 2.56910 1966.67292
8 1997 18.92 105.4444186 1995.00840 2.78612 1908.33107
9 1997 20.20 105.4444186 2129.97726 2.70347 2034.73245
10 1997 19.59 105.4444186 2065.65616 2.88254 1970.40502
11 1997 19.58 105.4444186 2064.60172 2.79141 1966.60779
12 1997 19.94 105.4444186 2102.56171 2.78603 1999.98003
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 110.26%
GROSS ANNUAL RETURN = 28.20%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1999.98 1999.98
TOTAL RETURN 100.00% 100.00%
AVERAGE ANNUAL RETURN 26.07% 26.07%
Fidelity Equity Income Fund
12/1997
Assume ($10000 @ $10.00 on 10/ 9/1986)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
3/87 0.0700000000 11.62 0.602 100.602410
6/87 0.1200000000 11.72 1.030 101.632468
9/87 0.1200000000 11.80 1.034 102.666019
12/87 0.2300000000 9.45 2.499 105.164769
3/88 0.1400000000 10.60 1.389 106.553737
6/88 0.1400000000 10.89 1.370 107.923574
9/88 0.1400000000 10.87 1.390 109.313574
12/88 0.1100000000 10.95 1.098 110.411701
3/89 0.2200000000 11.56 2.101 112.512962
6/89 0.1300000000 12.49 1.171 113.684034
9/89 0.1300000000 12.93 1.143 114.827029
12/89 0.1300000000 12.03 1.241 116.067886
2/90 0.3900000000 11.20 4.042 120.109536
3/90 0.2000000000 11.05 2.174 122.283464
6/90 0.1300000000 11.24 1.414 123.697774
9/90 0.1300000000 9.67 1.663 125.360723
12/90 0.1300000000 9.57 1.703 127.063638
3/91 0.2300000000 10.60 2.757 129.820679
6/91 0.1200000000 11.10 1.403 131.224146
9/91 0.1200000000 11.38 1.384 132.607880
12/91 0.1200000000 11.18 1.423 134.031220
3/92 0.1200000000 12.33 1.304 135.335660
6/92 0.1000000000 12.45 1.087 136.422694
9/92 0.1000000000 12.56 1.086 137.508862
12/92 0.1000000000 13.29 1.035 138.543541
3/93 0.1000000000 14.36 0.965 139.508329
6/93 0.1000000000 14.40 0.969 140.477137
9/93 0.1000000000 15.18 0.925 141.402546
12/93 0.0900000000 15.29 0.832 142.234870
2/94 0.7700000000 15.04 7.282 149.516841
3/94 0.1000000000 14.97 0.999 150.515618
6/94 0.0900000000 14.96 0.906 151.421126
9/94 0.0900000000 15.79 0.863 152.284198
12/94 0.0900000000 15.34 0.893 153.177651
2/95 0.7800000000 15.11 7.907 161.084903
3/95 0.1000000000 15.60 1.033 162.117498
6/95 0.1000000000 16.78 0.966 163.083633
9/95 0.1000000000 18.32 0.890 163.973828
12/95 0.1000000000 19.01 0.863 164.836394
2/96 0.8900000000 18.86 7.779 172.614994
2/97 2.1700000000 19.80 18.918 191.532900
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 21.03 172.6149937 3630.09332 1000.00000
1 1997 21.85 172.6149937 3771.63761 1.41667 1037.57525
2 1997 19.91 191.5328996 3813.42003 1.46990 1047.59967
3 1997 19.17 191.5328996 3671.68569 1.48410 1007.17917
4 1997 19.85 191.5328996 3801.92806 1.42684 1041.47908
5 1997 21.08 191.5328996 4037.51352 1.47543 1104.53863
6 1997 22.06 191.5328996 4225.21577 1.56476 1154.32339
7 1997 23.67 191.5328996 4533.58373 1.63529 1236.93382
8 1997 22.56 191.5328996 4320.98221 1.75232 1177.17573
9 1997 23.80 191.5328996 4558.48301 1.66767 1240.21098
10 1997 22.93 191.5328996 4391.84939 1.75697 1193.11857
11 1997 23.77 191.5328996 4552.73702 1.69025 1235.13611
12 1997 24.28 191.5328996 4650.41880 1.74978 1259.88694
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 28.11%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1259.89 1259.89
TOTAL RETURN 25.99% 25.99%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 21.03 172.6149937 3630.09332 1000.00000
1 1997 21.85 172.6149937 3771.63761 1.41667 1037.57525
2 1997 19.91 191.5328996 3813.42003 1.46990 1047.59967
3 1997 19.17 191.5328996 3671.68569 1.48410 1007.17917
4 1997 19.85 191.5328996 3801.92806 1.42684 1041.47908
5 1997 21.08 191.5328996 4037.51352 1.47543 1104.53863
6 1997 22.06 191.5328996 4225.21577 1.56476 1154.32339
7 1997 23.67 191.5328996 4533.58373 1.63529 1236.93382
8 1997 22.56 191.5328996 4320.98221 1.75232 1177.17573
9 1997 23.80 191.5328996 4558.48301 1.66767 1240.21098
10 1997 22.93 191.5328996 4391.84939 1.75697 1193.11857
11 1997 23.77 191.5328996 4552.73702 1.69025 1235.13611
12 1997 24.28 191.5328996 4650.41880 1.74978 1259.88694
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 28.11%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1259.89 1259.89
TOTAL RETURN 25.99% 25.99%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 15.35 153.1776512 2351.27695 1000.00000
1 1995 15.59 153.1776512 2388.03958 1.41667 1014.21851
2 1995 15.39 161.0849025 2479.09665 1.43681 1051.45433
3 1995 15.82 162.1174981 2564.69882 1.48956 1086.27105
4 1995 16.26 162.1174981 2636.03052 1.53888 1114.94451
5 1995 16.75 162.1174981 2715.46809 1.57950 1146.96419
6 1995 16.89 163.0836333 2754.48257 1.62487 1161.81833
7 1995 17.54 163.0836333 2860.48693 1.64591 1204.88419
8 1995 17.76 163.0836333 2896.36533 1.70692 1218.28985
9 1995 18.25 163.9738278 2992.52236 1.72591 1257.01019
10 1995 18.04 163.9738278 2958.08785 1.78076 1240.76520
11 1995 18.82 163.9738278 3085.98744 1.75775 1292.65473
12 1995 19.27 164.8363940 3176.39731 1.83126 1328.69425
1 1996 19.83 164.8363940 3268.70569 1.88232 1365.42474
2 1996 19.00 172.6149937 3279.68488 1.93435 1368.07668
3 1996 19.20 172.6149937 3314.20788 1.93811 1380.53938
4 1996 19.45 172.6149937 3357.36163 1.95576 1396.55939
5 1996 19.66 172.6149937 3393.61078 1.97846 1409.65946
6 1996 19.48 172.6149937 3362.54008 1.99702 1394.75610
7 1996 18.53 172.6149937 3198.55583 1.97590 1324.76078
8 1996 18.91 172.6149937 3264.14953 1.87674 1350.05128
9 1996 19.72 172.6149937 3403.96768 1.91257 1405.96745
10 1996 20.04 172.6149937 3459.20447 1.99179 1426.79055
11 1996 21.38 172.6149937 3690.50857 2.02129 1520.17342
12 1996 21.03 172.6149937 3630.09332 2.15358 1493.13394
1 1997 21.85 172.6149937 3771.63761 2.11527 1549.23882
2 1997 19.91 191.5328996 3813.42003 2.19475 1564.20662
3 1997 19.17 191.5328996 3671.68569 2.21596 1503.85340
4 1997 19.85 191.5328996 3801.92806 2.13046 1555.06777
5 1997 21.08 191.5328996 4037.51352 2.20301 1649.22412
6 1997 22.06 191.5328996 4225.21577 2.33640 1723.55942
7 1997 23.67 191.5328996 4533.58373 2.44171 1846.90786
8 1997 22.56 191.5328996 4320.98221 2.61645 1757.68103
9 1997 23.80 191.5328996 4558.48301 2.49005 1851.80111
10 1997 22.93 191.5328996 4391.84939 2.62338 1781.48584
11 1997 23.77 191.5328996 4552.73702 2.52377 1844.22365
12 1997 24.28 191.5328996 4650.41880 2.61265 1881.17995
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 97.78%
GROSS ANNUAL RETURN = 25.52%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1881.18 1881.18
TOTAL RETURN 88.12% 88.12%
AVERAGE ANNUAL RETURN 23.45% 23.45%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1992 13.40 138.5435409 1856.48345 1000.00000
1 1993 13.80 138.5435409 1911.90087 1.41667 1028.43408
2 1993 14.11 138.5435409 1954.84936 1.45695 1050.07964
3 1993 14.43 139.5083288 2013.10519 1.48761 1079.88510
4 1993 14.37 139.5083288 2004.73469 1.52984 1073.86510
5 1993 14.63 139.5083288 2041.00685 1.52131 1091.77350
6 1993 14.70 140.4771367 2065.01391 1.54668 1103.06865
7 1993 14.90 140.4771367 2093.10934 1.56268 1116.51371
8 1993 15.47 140.4771367 2173.18130 1.58173 1157.64425
9 1993 15.31 141.4025460 2164.87298 1.64000 1151.57845
10 1993 15.45 141.4025460 2184.66934 1.63140 1160.47748
11 1993 15.18 141.4025460 2146.49065 1.64401 1138.55328
12 1993 15.44 142.2348697 2196.10639 1.61295 1163.25778
1 1994 16.12 142.2348697 2292.82610 1.64795 1212.84139
2 1994 14.94 149.5168411 2233.78161 1.71819 1179.89030
3 1994 14.22 150.5156176 2140.33208 1.67151 1128.85847
4 1994 14.71 150.5156176 2214.08473 1.59922 1166.15803
5 1994 14.85 150.5156176 2235.15692 1.65206 1175.60469
6 1994 14.67 151.4211260 2221.34792 1.66544 1166.67626
7 1994 15.16 151.4211260 2295.54427 1.65279 1203.99220
8 1994 15.94 151.4211260 2413.65275 1.70566 1264.23337
9 1994 15.59 152.2841976 2374.11064 1.79100 1241.73084
10 1994 15.91 152.2841976 2422.84158 1.75912 1265.45946
11 1994 15.39 152.2841976 2343.65380 1.79273 1222.30665
12 1994 15.35 153.1776512 2351.27695 1.73160 1224.55081
1 1995 15.59 153.1776512 2388.03958 1.73478 1241.96210
2 1995 15.39 161.0849025 2479.09665 1.75945 1287.55925
3 1995 15.82 162.1174981 2564.69882 1.82404 1330.19409
4 1995 16.26 162.1174981 2636.03052 1.88444 1365.30620
5 1995 16.75 162.1174981 2715.46809 1.93418 1404.51593
6 1995 16.89 163.0836333 2754.48257 1.98973 1422.70558
7 1995 17.54 163.0836333 2860.48693 2.01550 1475.44192
8 1995 17.76 163.0836333 2896.36533 2.09021 1491.85782
9 1995 18.25 163.9738278 2992.52236 2.11347 1539.27285
10 1995 18.04 163.9738278 2958.08785 2.18064 1519.38004
11 1995 18.82 163.9738278 3085.98744 2.15245 1582.92140
12 1995 19.27 164.8363940 3176.39731 2.24247 1627.05362
1 1996 19.83 164.8363940 3268.70569 2.30499 1672.03197
2 1996 19.00 172.6149937 3279.68488 2.36871 1675.27941
3 1996 19.20 172.6149937 3314.20788 2.37331 1690.54062
4 1996 19.45 172.6149937 3357.36163 2.39493 1710.15793
5 1996 19.66 172.6149937 3393.61078 2.42272 1726.19964
6 1996 19.48 172.6149937 3362.54008 2.44545 1707.94972
7 1996 18.53 172.6149937 3198.55583 2.41960 1622.23689
8 1996 18.91 172.6149937 3264.14953 2.29817 1653.20639
9 1996 19.72 172.6149937 3403.96768 2.34204 1721.67859
10 1996 20.04 172.6149937 3459.20447 2.43904 1747.17753
11 1996 21.38 172.6149937 3690.50857 2.47517 1861.52960
12 1996 21.03 172.6149937 3630.09332 2.63717 1828.41838
1 1997 21.85 172.6149937 3771.63761 2.59026 1897.12166
2 1997 19.91 191.5328996 3813.42003 2.68759 1915.45049
3 1997 19.17 191.5328996 3671.68569 2.71355 1841.54490
4 1997 19.85 191.5328996 3801.92806 2.60886 1904.25950
5 1997 21.08 191.5328996 4037.51352 2.69770 2019.55873
6 1997 22.06 191.5328996 4225.21577 2.86104 2110.58609
7 1997 23.67 191.5328996 4533.58373 2.99000 2261.63253
8 1997 22.56 191.5328996 4320.98221 3.20398 2152.36973
9 1997 23.80 191.5328996 4558.48301 3.04919 2267.62455
10 1997 22.93 191.5328996 4391.84939 3.21247 2181.51993
11 1997 23.77 191.5328996 4552.73702 3.09049 2258.34557
12 1997 24.28 191.5328996 4650.41880 3.19932 2303.60044
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 150.50%
GROSS ANNUAL RETURN = 20.16%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2303.60 2303.60
TOTAL RETURN 130.36% 130.36%
AVERAGE ANNUAL RETURN 18.16% 18.16%
Return for 10 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1987 9.42 105.1647686 990.65212 1000.00000
1 1988 10.09 105.1647686 1061.11252 1.41667 1069.70860
2 1988 10.59 105.1647686 1113.69490 1.51542 1121.20153
3 1988 10.27 106.5537373 1094.30688 1.58837 1100.09447
4 1988 10.44 106.5537373 1112.42102 1.55847 1116.74594
5 1988 10.58 106.5537373 1127.33854 1.58206 1130.13940
6 1988 11.04 107.9235741 1191.47626 1.60103 1192.83544
7 1988 11.02 107.9235741 1189.31779 1.68985 1188.98465
8 1988 10.88 107.9235741 1174.20849 1.68439 1172.19519
9 1988 11.01 109.3135742 1203.54245 1.66061 1199.81825
10 1988 11.20 109.3135742 1224.31203 1.69974 1218.82382
11 1988 11.02 109.3135742 1204.63559 1.72667 1197.50891
12 1988 11.01 110.4117014 1215.63283 1.69647 1206.74462
1 1989 11.69 110.4117014 1290.71279 1.70955 1279.56607
2 1989 11.68 110.4117014 1289.60867 1.81272 1276.65877
3 1989 11.66 112.5129621 1311.90114 1.80860 1296.91878
4 1989 12.11 112.5129621 1362.53197 1.83730 1345.13409
5 1989 12.47 112.5129621 1403.03664 1.90561 1383.21596
6 1989 12.35 113.6840338 1403.99782 1.95956 1382.20400
7 1989 13.07 113.6840338 1485.85032 1.95812 1460.82781
8 1989 13.28 113.6840338 1509.72397 2.06951 1482.22991
9 1989 13.00 114.8270287 1492.75137 2.09983 1463.46658
10 1989 12.25 114.8270287 1406.63110 2.07324 1376.96257
11 1989 12.32 114.8270287 1414.66899 1.95070 1382.88023
12 1989 12.29 116.0678861 1426.47432 1.95908 1392.46121
1 1990 11.46 116.0678861 1330.13797 1.97265 1296.44927
2 1990 11.14 120.1095357 1338.02023 1.83664 1302.29525
3 1990 10.96 122.2834639 1340.22676 1.84492 1302.59795
4 1990 10.58 122.2834639 1293.75905 1.84535 1255.58954
5 1990 11.28 122.2834639 1379.35747 1.77875 1336.88382
6 1990 11.04 123.6977744 1365.62343 1.89392 1321.67876
7 1990 10.77 123.6977744 1332.22503 1.87238 1287.48272
8 1990 9.91 123.6977744 1225.84494 1.82393 1182.85144
9 1990 9.02 125.3607228 1130.75372 1.67571 1089.41960
10 1990 8.79 125.3607228 1101.92075 1.54334 1060.09726
11 1990 9.42 125.3607228 1180.89801 1.50180 1134.57512
12 1990 9.51 127.0636375 1208.37519 1.60731 1159.36715
1 1991 10.02 127.0636375 1273.17765 1.64244 1219.89898
2 1991 10.71 127.0636375 1360.85156 1.72819 1302.17581
3 1991 10.70 129.8206787 1389.08126 1.84475 1327.34358
4 1991 10.75 129.8206787 1395.57230 1.88040 1331.66572
5 1991 11.34 129.8206787 1472.16650 1.88653 1402.86596
6 1991 10.76 131.2241455 1411.97181 1.98739 1343.51747
7 1991 11.37 131.2241455 1492.01853 1.90332 1417.78011
8 1991 11.61 131.2241455 1523.51233 2.00852 1445.69835
9 1991 11.41 132.6078799 1513.05591 2.04807 1433.72792
10 1991 11.60 132.6078799 1538.25141 2.03111 1455.57133
11 1991 11.10 132.6078799 1471.94747 2.06206 1390.76912
12 1991 11.85 134.0312203 1588.26996 1.97026 1498.70614
1 1992 12.01 134.0312203 1609.71496 2.12317 1516.81867
2 1992 12.40 134.0312203 1661.98713 2.14883 1563.92540
3 1992 12.13 135.3356604 1641.62156 2.21556 1542.54590
4 1992 12.51 135.3356604 1693.04911 2.18527 1588.68440
5 1992 12.61 135.3356604 1706.58268 2.25064 1599.13308
6 1992 12.40 136.4226938 1691.64140 2.26544 1582.86710
7 1992 12.78 136.4226938 1743.48203 2.24239 1629.13192
8 1992 12.50 136.4226938 1705.28367 2.30794 1591.13095
9 1992 12.53 137.5088618 1722.98604 2.25410 1605.39421
10 1992 12.68 137.5088618 1743.61237 2.27431 1622.33851
11 1992 13.14 137.5088618 1806.86644 2.29831 1678.89475
12 1992 13.40 138.5435409 1856.48345 2.37843 1722.61918
1 1993 13.80 138.5435409 1911.90087 2.44038 1771.60027
2 1993 14.11 138.5435409 1954.84936 2.50977 1808.88732
3 1993 14.43 139.5083288 2013.10519 2.56259 1860.23079
4 1993 14.37 139.5083288 2004.73469 2.63533 1849.86061
5 1993 14.63 139.5083288 2041.00685 2.62064 1880.70997
6 1993 14.70 140.4771367 2065.01391 2.66434 1900.16722
7 1993 14.90 140.4771367 2093.10934 2.69190 1923.32793
8 1993 15.47 140.4771367 2173.18130 2.72471 1994.18019
9 1993 15.31 141.4025460 2164.87298 2.82509 1983.73112
10 1993 15.45 141.4025460 2184.66934 2.81029 1999.06077
11 1993 15.18 141.4025460 2146.49065 2.83200 1961.29372
12 1993 15.44 142.2348697 2196.10639 2.77850 2003.85017
1 1994 16.12 142.2348697 2292.82610 2.83879 2089.26385
2 1994 14.94 149.5168411 2233.78161 2.95979 2032.50167
3 1994 14.22 150.5156176 2140.33208 2.87938 1944.59325
4 1994 14.71 150.5156176 2214.08473 2.75484 2008.84619
5 1994 14.85 150.5156176 2235.15692 2.84587 2025.11919
6 1994 14.67 151.4211260 2221.34792 2.86892 2009.73890
7 1994 15.16 151.4211260 2295.54427 2.84713 2074.02006
8 1994 15.94 151.4211260 2413.65275 2.93819 2177.79266
9 1994 15.59 152.2841976 2374.11064 3.08521 2139.02937
10 1994 15.91 152.2841976 2422.84158 3.03029 2179.90475
11 1994 15.39 152.2841976 2343.65380 3.08820 2105.56888
12 1994 15.35 153.1776512 2351.27695 2.98289 2109.43472
1 1995 15.59 153.1776512 2388.03958 2.98837 2139.42774
2 1995 15.39 161.0849025 2479.09665 3.03086 2217.97427
3 1995 15.82 162.1174981 2564.69882 3.14213 2291.41786
4 1995 16.26 162.1174981 2636.03052 3.24618 2351.90265
5 1995 16.75 162.1174981 2715.46809 3.33186 2419.44608
6 1995 16.89 163.0836333 2754.48257 3.42755 2450.77992
7 1995 17.54 163.0836333 2860.48693 3.47194 2541.62455
8 1995 17.76 163.0836333 2896.36533 3.60063 2569.90290
9 1995 18.25 163.9738278 2992.52236 3.64070 2651.58094
10 1995 18.04 163.9738278 2958.08785 3.75641 2617.31320
11 1995 18.82 163.9738278 3085.98744 3.70786 2726.77076
12 1995 19.27 164.8363940 3176.39731 3.86293 2802.79377
1 1996 19.83 164.8363940 3268.70569 3.97062 2880.27434
2 1996 19.00 172.6149937 3279.68488 4.08039 2885.86845
3 1996 19.20 172.6149937 3314.20788 4.08831 2912.15770
4 1996 19.45 172.6149937 3357.36163 4.12556 2945.95086
5 1996 19.66 172.6149937 3393.61078 4.17343 2973.58461
6 1996 19.48 172.6149937 3362.54008 4.21258 2942.14695
7 1996 18.53 172.6149937 3198.55583 4.16804 2794.49638
8 1996 18.91 172.6149937 3264.14953 3.95887 2847.84505
9 1996 19.72 172.6149937 3403.96768 4.03445 2965.79656
10 1996 20.04 172.6149937 3459.20447 4.20154 3009.72153
11 1996 21.38 172.6149937 3690.50857 4.26377 3206.70660
12 1996 21.03 172.6149937 3630.09332 4.54283 3149.66857
1 1997 21.85 172.6149937 3771.63761 4.46203 3268.01815
2 1997 19.91 191.5328996 3813.42003 4.62969 3299.59175
3 1997 19.17 191.5328996 3671.68569 4.67442 3172.28057
4 1997 19.85 191.5328996 3801.92806 4.49406 3280.31394
5 1997 21.08 191.5328996 4037.51352 4.64711 3478.93061
6 1997 22.06 191.5328996 4225.21577 4.92848 3635.73609
7 1997 23.67 191.5328996 4533.58373 5.15063 3895.93157
8 1997 22.56 191.5328996 4320.98221 5.51924 3707.71339
9 1997 23.80 191.5328996 4558.48301 5.25259 3906.25355
10 1997 22.93 191.5328996 4391.84939 5.53386 3757.92807
11 1997 23.77 191.5328996 4552.73702 5.32373 3890.26939
12 1997 24.28 191.5328996 4650.41880 5.51121 3968.22630
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 369.43%
GROSS ANNUAL RETURN = 16.72%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 3968.23 3968.23
TOTAL RETURN 296.82% 296.82%
AVERAGE ANNUAL RETURN 14.78% 14.78%
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
9 1986 10.00 100.0000000 1000.00000 1000.00000
10 1986 10.11 100.0000000 1011.00000 1.41667 1009.58333
11 1986 10.33 100.0000000 1033.00000 1.43024 1030.12226
12 1986 10.02 100.0000000 1002.00000 1.45934 997.74928
1 1987 11.17 100.0000000 1117.00000 1.41348 1110.84795
2 1987 11.43 100.0000000 1143.00000 1.57370 1135.13105
3 1987 11.65 100.6024096 1172.01807 1.60810 1162.34124
4 1987 11.36 100.6024096 1142.84337 1.64665 1131.76078
5 1987 11.43 100.6024096 1149.88554 1.60333 1137.13133
6 1987 11.55 101.6324684 1173.85501 1.61094 1159.22400
7 1987 11.99 101.6324684 1218.57330 1.64223 1201.74268
8 1987 12.32 101.6324684 1252.11201 1.70247 1233.11570
9 1987 11.94 102.6660190 1225.83227 1.74691 1205.48774
10 1987 9.61 102.6660190 986.62044 1.70777 968.53822
11 1987 9.18 102.6660190 942.47405 1.37210 923.82883
12 1987 9.42 105.1647686 990.65212 1.30876 969.74501
1 1988 10.09 105.1647686 1061.11252 1.37381 1037.34458
2 1988 10.59 105.1647686 1113.69490 1.46957 1087.27960
3 1988 10.27 106.5537373 1094.30688 1.54031 1066.81112
4 1988 10.44 106.5537373 1112.42102 1.51132 1082.95880
5 1988 10.58 106.5537373 1127.33854 1.53419 1095.94705
6 1988 11.04 107.9235741 1191.47626 1.55259 1156.74622
7 1988 11.02 107.9235741 1189.31779 1.63872 1153.01194
8 1988 10.88 107.9235741 1174.20849 1.63343 1136.73044
9 1988 11.01 109.3135742 1203.54245 1.61037 1163.51776
10 1988 11.20 109.3135742 1224.31203 1.64832 1181.94832
11 1988 11.02 109.3135742 1204.63559 1.67443 1161.27829
12 1988 11.01 110.4117014 1215.63283 1.64514 1170.23458
1 1989 11.69 110.4117014 1290.71279 1.65783 1240.85282
2 1989 11.68 110.4117014 1289.60867 1.75787 1238.03348
3 1989 11.66 112.5129621 1311.90114 1.75388 1257.68052
4 1989 12.11 112.5129621 1362.53197 1.78171 1304.43708
5 1989 12.47 112.5129621 1403.03664 1.84795 1341.36678
6 1989 12.35 113.6840338 1403.99782 1.90027 1340.38544
7 1989 13.07 113.6840338 1485.85032 1.89888 1416.63049
8 1989 13.28 113.6840338 1509.72397 2.00689 1437.38507
9 1989 13.00 114.8270287 1492.75137 2.03630 1419.18942
10 1989 12.25 114.8270287 1406.63110 2.01052 1335.30259
11 1989 12.32 114.8270287 1414.66899 1.89168 1341.04121
12 1989 12.29 116.0678861 1426.47432 1.89981 1350.33231
1 1990 11.46 116.0678861 1330.13797 1.91297 1257.22521
2 1990 11.14 120.1095357 1338.02023 1.78107 1262.89432
3 1990 10.96 122.2834639 1340.22676 1.78910 1263.18787
4 1990 10.58 122.2834639 1293.75905 1.78952 1217.60170
5 1990 11.28 122.2834639 1379.35747 1.72494 1296.43642
6 1990 11.04 123.6977744 1365.62343 1.83662 1281.69139
7 1990 10.77 123.6977744 1332.22503 1.81573 1248.52995
8 1990 9.91 123.6977744 1225.84494 1.76875 1147.06428
9 1990 9.02 125.3607228 1130.75372 1.62501 1056.45922
10 1990 8.79 125.3607228 1101.92075 1.49665 1028.02403
11 1990 9.42 125.3607228 1180.89801 1.45637 1100.24857
12 1990 9.51 127.0636375 1208.37519 1.55869 1124.29051
1 1991 10.02 127.0636375 1273.17765 1.59274 1182.99095
2 1991 10.71 127.0636375 1360.85156 1.67590 1262.77849
3 1991 10.70 129.8206787 1389.08126 1.78894 1287.18482
4 1991 10.75 129.8206787 1395.57230 1.82351 1291.37619
5 1991 11.34 129.8206787 1472.16650 1.82945 1360.42227
6 1991 10.76 131.2241455 1411.97181 1.92726 1302.86937
7 1991 11.37 131.2241455 1492.01853 1.84573 1374.88519
8 1991 11.61 131.2241455 1523.51233 1.94775 1401.95876
9 1991 11.41 132.6078799 1513.05591 1.98611 1390.35050
10 1991 11.60 132.6078799 1538.25141 1.96966 1411.53304
11 1991 11.10 132.6078799 1471.94747 1.99967 1348.69142
12 1991 11.85 134.0312203 1588.26996 1.91065 1453.36281
1 1992 12.01 134.0312203 1609.71496 2.05893 1470.92734
2 1992 12.40 134.0312203 1661.98713 2.08381 1516.60886
3 1992 12.13 135.3356604 1641.62156 2.14853 1495.87619
4 1992 12.51 135.3356604 1693.04911 2.11916 1540.61878
5 1992 12.61 135.3356604 1706.58268 2.18254 1550.75133
6 1992 12.40 136.4226938 1691.64140 2.19690 1534.97748
7 1992 12.78 136.4226938 1743.48203 2.17455 1579.84256
8 1992 12.50 136.4226938 1705.28367 2.23811 1542.99131
9 1992 12.53 137.5088618 1722.98604 2.18590 1556.82303
10 1992 12.68 137.5088618 1743.61237 2.20550 1573.25468
11 1992 13.14 137.5088618 1806.86644 2.22878 1628.09981
12 1992 13.40 138.5435409 1856.48345 2.30647 1670.50136
1 1993 13.80 138.5435409 1911.90087 2.36654 1718.00053
2 1993 14.11 138.5435409 1954.84936 2.43383 1754.15946
3 1993 14.43 139.5083288 2013.10519 2.48506 1803.94953
4 1993 14.37 139.5083288 2004.73469 2.55560 1793.89311
5 1993 14.63 139.5083288 2041.00685 2.54135 1823.80912
6 1993 14.70 140.4771367 2065.01391 2.58373 1842.67769
7 1993 14.90 140.4771367 2093.10934 2.61046 1865.13767
8 1993 15.47 140.4771367 2173.18130 2.64228 1933.84630
9 1993 15.31 141.4025460 2164.87298 2.73962 1923.71336
10 1993 15.45 141.4025460 2184.66934 2.72526 1938.57921
11 1993 15.18 141.4025460 2146.49065 2.74632 1901.95481
12 1993 15.44 142.2348697 2196.10639 2.69444 1943.22371
1 1994 16.12 142.2348697 2292.82610 2.75290 2026.05320
2 1994 14.94 149.5168411 2233.78161 2.87024 1971.00836
3 1994 14.22 150.5156176 2140.33208 2.79226 1885.75961
4 1994 14.71 150.5156176 2214.08473 2.67149 1948.06858
5 1994 14.85 150.5156176 2235.15692 2.75976 1963.84924
6 1994 14.67 151.4211260 2221.34792 2.78212 1948.93428
7 1994 15.16 151.4211260 2295.54427 2.76099 2011.27061
8 1994 15.94 151.4211260 2413.65275 2.84930 2111.90357
9 1994 15.59 152.2841976 2374.11064 2.99186 2074.31307
10 1994 15.91 152.2841976 2422.84158 2.93861 2113.95176
11 1994 15.39 152.2841976 2343.65380 2.99476 2041.86492
12 1994 15.35 153.1776512 2351.27695 2.89264 2045.61380
1 1995 15.59 153.1776512 2388.03958 2.89795 2074.69939
2 1995 15.39 161.0849025 2479.09665 2.93916 2150.86949
3 1995 15.82 162.1174981 2564.69882 3.04706 2222.09105
4 1995 16.26 162.1174981 2636.03052 3.14796 2280.74587
5 1995 16.75 162.1174981 2715.46809 3.23106 2346.24578
6 1995 16.89 163.0836333 2754.48257 3.32385 2376.63160
7 1995 17.54 163.0836333 2860.48693 3.36689 2464.72774
8 1995 17.76 163.0836333 2896.36533 3.49170 2492.15053
9 1995 18.25 163.9738278 2992.52236 3.53055 2571.35740
10 1995 18.04 163.9738278 2958.08785 3.64276 2538.12642
11 1995 18.82 163.9738278 3085.98744 3.59568 2644.27235
12 1995 19.27 164.8363940 3176.39731 3.74605 2717.99529
1 1996 19.83 164.8363940 3268.70569 3.85049 2793.13168
2 1996 19.00 172.6149937 3279.68488 3.95694 2798.55654
3 1996 19.20 172.6149937 3314.20788 3.96462 2824.05041
4 1996 19.45 172.6149937 3357.36163 4.00074 2856.82116
5 1996 19.66 172.6149937 3393.61078 4.04716 2883.61885
6 1996 19.48 172.6149937 3362.54008 4.08513 2853.13233
7 1996 18.53 172.6149937 3198.55583 4.04194 2709.94893
8 1996 18.91 172.6149937 3264.14953 3.83909 2761.68353
9 1996 19.72 172.6149937 3403.96768 3.91238 2876.06642
10 1996 20.04 172.6149937 3459.20447 4.07443 2918.66245
11 1996 21.38 172.6149937 3690.50857 4.13477 3109.68774
12 1996 21.03 172.6149937 3630.09332 4.40539 3054.37539
1 1997 21.85 172.6149937 3771.63761 4.32703 3169.14431
2 1997 19.91 191.5328996 3813.42003 4.48962 3199.76265
3 1997 19.17 191.5328996 3671.68569 4.53300 3076.30327
4 1997 19.85 191.5328996 3801.92806 4.35810 3181.06808
5 1997 21.08 191.5328996 4037.51352 4.50651 3373.67561
6 1997 22.06 191.5328996 4225.21577 4.77937 3525.73695
7 1997 23.67 191.5328996 4533.58373 4.99479 3778.06022
8 1997 22.56 191.5328996 4320.98221 5.35225 3595.53657
9 1997 23.80 191.5328996 4558.48301 5.09368 3788.06991
10 1997 22.93 191.5328996 4391.84939 5.36643 3644.23201
11 1997 23.77 191.5328996 4552.73702 5.16266 3772.56935
12 1997 24.28 191.5328996 4650.41880 5.34447 3848.16767
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 365.04%
GROSS ANNUAL RETURN = 14.67%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 3848.17 3848.17
TOTAL RETURN 284.82% 284.82%
AVERAGE ANNUAL RETURN 12.75% 12.75%
Fidelity Index 500
12/1997
Assume ($10000 @ $10.00 on 8/27/1992)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/92 0.5500000000 52.28 1.052 101.052028
2/93 0.1500000000 54.16 0.280 101.331898
12/93 1.8200000000 55.63 3.315 104.647089
2/94 0.1000000000 56.17 0.186 104.833393
2/95 1.0800000000 57.65 1.964 106.797315
2/96 3.2500000000 75.06 4.624 111.421499
2/97 3.1200000000 91.92 3.782 115.203430
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 89.13 111.4214989 9930.99819 1000.00000
1 1997 94.57 111.4214989 10537.13115 1.41667 1059.61778
2 1997 92.15 115.2034296 10615.99604 1.50113 1066.04733
3 1997 88.32 115.2034296 10174.76690 1.51023 1020.22933
4 1997 93.57 115.2034296 10779.58491 1.44532 1079.42943
5 1997 99.26 115.2034296 11435.09243 1.52919 1143.54044
6 1997 103.62 115.2034296 11937.37938 1.62002 1192.15049
7 1997 111.86 115.2034296 12886.65564 1.68888 1285.26300
8 1997 105.60 115.2034296 12165.48217 1.82079 1211.51528
9 1997 111.31 115.2034296 12823.29375 1.71631 1275.30798
10 1997 107.63 115.2034296 12399.34513 1.80669 1231.33857
11 1997 112.50 115.2034296 12960.38583 1.74440 1285.30929
12 1997 114.39 115.2034296 13178.12032 1.82085 1305.08164
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 32.70%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1305.08 1305.08
TOTAL RETURN 30.51% 30.51%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 89.13 111.4214989 9930.99819 1000.00000
1 1997 94.57 111.4214989 10537.13115 1.41667 1059.61778
2 1997 92.15 115.2034296 10615.99604 1.50113 1066.04733
3 1997 88.32 115.2034296 10174.76690 1.51023 1020.22933
4 1997 93.57 115.2034296 10779.58491 1.44532 1079.42943
5 1997 99.26 115.2034296 11435.09243 1.52919 1143.54044
6 1997 103.62 115.2034296 11937.37938 1.62002 1192.15049
7 1997 111.86 115.2034296 12886.65564 1.68888 1285.26300
8 1997 105.60 115.2034296 12165.48217 1.82079 1211.51528
9 1997 111.31 115.2034296 12823.29375 1.71631 1275.30798
10 1997 107.63 115.2034296 12399.34513 1.80669 1231.33857
11 1997 112.50 115.2034296 12960.38583 1.74440 1285.30929
12 1997 114.39 115.2034296 13178.12032 1.82085 1305.08164
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 32.70%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1305.08 1305.08
TOTAL RETURN 30.51% 30.51%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 56.22 104.8333932 5893.73337 1000.00000
1 1995 57.71 104.8333932 6049.93512 1.41667 1025.08636
2 1995 58.82 106.7973146 6281.81804 1.45221 1062.92383
3 1995 60.54 106.7973146 6465.50942 1.50581 1092.49978
4 1995 62.32 106.7973146 6655.60864 1.54771 1123.07380
5 1995 64.77 106.7973146 6917.26207 1.59102 1165.63443
6 1995 66.24 106.7973146 7074.25412 1.65132 1190.43800
7 1995 68.45 106.7973146 7310.27618 1.68645 1228.46875
8 1995 68.62 106.7973146 7328.43173 1.74033 1229.77941
9 1995 71.49 106.7973146 7634.94002 1.74219 1279.47218
10 1995 71.25 106.7973146 7609.30866 1.81259 1273.36426
11 1995 74.35 106.7973146 7940.38034 1.80393 1326.96284
12 1995 75.71 106.7973146 8085.62469 1.87986 1349.35560
1 1996 78.30 106.7973146 8362.22973 1.91159 1393.60477
2 1996 75.75 111.4214989 8440.17854 1.97427 1404.62103
3 1996 76.53 111.4214989 8527.08731 1.98988 1417.09458
4 1996 77.60 111.4214989 8646.30831 2.00755 1434.90006
5 1996 79.58 111.4214989 8866.92288 2.03277 1469.47942
6 1996 79.92 111.4214989 8904.80619 2.08176 1473.67591
7 1996 76.38 111.4214989 8510.37408 2.08771 1406.31277
8 1996 77.95 111.4214989 8685.30584 1.99228 1433.22742
9 1996 82.31 111.4214989 9171.10357 2.03041 1511.36214
10 1996 84.58 111.4214989 9424.03037 2.14110 1550.90239
11 1996 90.92 111.4214989 10130.44268 2.19711 1664.95878
12 1996 89.13 111.4214989 9930.99819 2.35869 1629.82098
1 1997 94.57 111.4214989 10537.13115 2.30891 1726.98729
2 1997 92.15 115.2034296 10615.99604 2.44657 1737.46632
3 1997 88.32 115.2034296 10174.76690 2.46141 1662.79117
4 1997 93.57 115.2034296 10779.58491 2.35562 1759.27673
5 1997 99.26 115.2034296 11435.09243 2.49231 1863.76620
6 1997 103.62 115.2034296 11937.37938 2.64034 1942.99188
7 1997 111.86 115.2034296 12886.65564 2.75257 2094.74860
8 1997 105.60 115.2034296 12165.48217 2.96756 1974.55302
9 1997 111.31 115.2034296 12823.29375 2.79728 2078.52371
10 1997 107.63 115.2034296 12399.34513 2.94458 2006.86143
11 1997 112.50 115.2034296 12960.38583 2.84305 2094.82406
12 1997 114.39 115.2034296 13178.12032 2.96767 2127.04944
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 123.60%
GROSS ANNUAL RETURN = 30.76%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2127.05 2127.05
TOTAL RETURN 112.70% 112.70%
AVERAGE ANNUAL RETURN 28.61% 28.61%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1992 52.60 101.0520275 5315.33665 1000.00000
1 1993 52.98 101.0520275 5353.73642 1.41667 1005.80767
2 1993 53.57 101.3318984 5428.34980 1.42489 1018.40041
3 1993 54.75 101.3318984 5547.92144 1.44273 1039.39024
4 1993 53.40 101.3318984 5411.12337 1.47247 1012.28897
5 1993 54.79 101.3318984 5551.97471 1.43408 1037.20473
6 1993 54.93 101.3318984 5566.16118 1.46937 1038.38564
7 1993 54.68 101.3318984 5540.82820 1.47105 1032.18864
8 1993 56.75 101.3318984 5750.58523 1.46227 1069.80155
9 1993 56.29 101.3318984 5703.97256 1.51555 1059.61448
10 1993 57.44 101.3318984 5820.50424 1.50112 1079.76119
11 1993 56.88 101.3318984 5763.75838 1.52966 1067.70461
12 1993 55.74 104.6470890 5833.02874 1.51258 1079.02398
1 1994 57.62 104.6470890 6029.76527 1.52862 1113.88871
2 1994 55.96 104.8333932 5866.47669 1.57801 1082.14613
3 1994 53.53 104.8333932 5611.73154 1.53304 1033.62211
4 1994 54.17 104.8333932 5678.82491 1.46430 1044.51571
5 1994 55.01 104.8333932 5766.88496 1.47973 1059.23301
6 1994 53.67 104.8333932 5626.40822 1.50058 1031.93035
7 1994 55.44 104.8333932 5811.96332 1.46190 1064.50081
8 1994 57.65 104.8333932 6043.64512 1.50804 1105.42687
9 1994 56.25 104.8333932 5896.87837 1.56602 1077.01614
10 1994 57.50 104.8333932 6027.92011 1.52577 1099.42406
11 1994 55.41 104.8333932 5808.81832 1.55752 1057.90487
12 1994 56.22 104.8333932 5893.73337 1.49870 1071.87094
1 1995 57.71 104.8333932 6049.93512 1.51848 1098.76028
2 1995 58.82 106.7973146 6281.81804 1.55658 1139.31717
3 1995 60.54 106.7973146 6465.50942 1.61403 1171.01877
4 1995 62.32 106.7973146 6655.60864 1.65894 1203.79017
5 1995 64.77 106.7973146 6917.26207 1.70537 1249.40967
6 1995 66.24 106.7973146 7074.25412 1.77000 1275.99590
7 1995 68.45 106.7973146 7310.27618 1.80766 1316.75996
8 1995 68.62 106.7973146 7328.43173 1.86541 1318.16481
9 1995 71.49 106.7973146 7634.94002 1.86740 1371.42904
10 1995 71.25 106.7973146 7609.30866 1.94286 1364.88214
11 1995 74.35 106.7973146 7940.38034 1.93358 1422.33291
12 1995 75.71 106.7973146 8085.62469 2.01497 1446.33505
1 1996 78.30 106.7973146 8362.22973 2.04897 1493.76445
2 1996 75.75 111.4214989 8440.17854 2.11617 1505.57246
3 1996 76.53 111.4214989 8527.08731 2.13289 1518.94249
4 1996 77.60 111.4214989 8646.30831 2.15184 1538.02767
5 1996 79.58 111.4214989 8866.92288 2.17887 1575.09229
6 1996 79.92 111.4214989 8904.80619 2.23138 1579.59038
7 1996 76.38 111.4214989 8510.37408 2.23775 1507.38579
8 1996 77.95 111.4214989 8685.30584 2.13546 1536.23482
9 1996 82.31 111.4214989 9171.10357 2.17633 1619.98515
10 1996 84.58 111.4214989 9424.03037 2.29498 1662.36720
11 1996 90.92 111.4214989 10130.44268 2.35502 1784.62093
12 1996 89.13 111.4214989 9930.99819 2.52821 1746.95775
1 1997 94.57 111.4214989 10537.13115 2.47486 1851.10749
2 1997 92.15 115.2034296 10615.99604 2.62240 1862.33965
3 1997 88.32 115.2034296 10174.76690 2.63831 1782.29753
4 1997 93.57 115.2034296 10779.58491 2.52492 1885.71761
5 1997 99.26 115.2034296 11435.09243 2.67143 1997.71683
6 1997 103.62 115.2034296 11937.37938 2.83010 2082.63653
7 1997 111.86 115.2034296 12886.65564 2.95040 2245.30015
8 1997 105.60 115.2034296 12165.48217 3.18084 2116.46600
9 1997 111.31 115.2034296 12823.29375 2.99833 2227.90916
10 1997 107.63 115.2034296 12399.34513 3.15620 2151.09645
11 1997 112.50 115.2034296 12960.38583 3.04739 2245.38103
12 1997 114.39 115.2034296 13178.12032 3.18096 2279.92248
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 147.93%
GROSS ANNUAL RETURN = 19.91%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2279.92 2279.92
TOTAL RETURN 127.99% 127.99%
AVERAGE ANNUAL RETURN 17.92% 17.92%
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
7 1992 50.00 100.0000000 5000.00000 1000.00000
8 1992 50.07 100.0000000 5007.00000 1.41667 999.98333
9 1992 50.65 100.0000000 5065.00000 1.41664 1010.15028
10 1992 50.76 100.0000000 5076.00000 1.43105 1010.91304
11 1992 52.49 100.0000000 5249.00000 1.43213 1043.93481
12 1992 52.60 101.0520275 5315.33665 1.47891 1055.64911
1 1993 52.98 101.0520275 5353.73642 1.49550 1061.77997
2 1993 53.57 101.3318984 5428.34980 1.50419 1075.07348
3 1993 54.75 101.3318984 5547.92144 1.52302 1097.23138
4 1993 53.40 101.3318984 5411.12337 1.55441 1068.62195
5 1993 54.79 101.3318984 5551.97471 1.51388 1094.92425
6 1993 54.93 101.3318984 5566.16118 1.55114 1096.17087
7 1993 54.68 101.3318984 5540.82820 1.55291 1089.62902
8 1993 56.75 101.3318984 5750.58523 1.54364 1129.33505
9 1993 56.29 101.3318984 5703.97256 1.59989 1118.58108
10 1993 57.44 101.3318984 5820.50424 1.58466 1139.84894
11 1993 56.88 101.3318984 5763.75838 1.61479 1127.12142
12 1993 55.74 104.6470890 5833.02874 1.59676 1139.07071
1 1994 57.62 104.6470890 6029.76527 1.61368 1175.87563
2 1994 55.96 104.8333932 5866.47669 1.66582 1142.36660
3 1994 53.53 104.8333932 5611.73154 1.61835 1091.14226
4 1994 54.17 104.8333932 5678.82491 1.54578 1102.64208
5 1994 55.01 104.8333932 5766.88496 1.56208 1118.17838
6 1994 53.67 104.8333932 5626.40822 1.58409 1089.35636
7 1994 55.44 104.8333932 5811.96332 1.54325 1123.73933
8 1994 57.65 104.8333932 6043.64512 1.59196 1166.94289
9 1994 56.25 104.8333932 5896.87837 1.65317 1136.95113
10 1994 57.50 104.8333932 6027.92011 1.61068 1160.60603
11 1994 55.41 104.8333932 5808.81832 1.64419 1116.77633
12 1994 56.22 104.8333932 5893.73337 1.58210 1131.51960
1 1995 57.71 104.8333932 6049.93512 1.60299 1159.90531
2 1995 58.82 106.7973146 6281.81804 1.64320 1202.71915
3 1995 60.54 106.7973146 6465.50942 1.70385 1236.18492
4 1995 62.32 106.7973146 6655.60864 1.75126 1270.78002
5 1995 64.77 106.7973146 6917.26207 1.80027 1318.93821
6 1995 66.24 106.7973146 7074.25412 1.86850 1347.00393
7 1995 68.45 106.7973146 7310.27618 1.90826 1390.03648
8 1995 68.62 106.7973146 7328.43173 1.96922 1391.51950
9 1995 71.49 106.7973146 7634.94002 1.97132 1447.74785
10 1995 71.25 106.7973146 7609.30866 2.05098 1440.83662
11 1995 74.35 106.7973146 7940.38034 2.04119 1501.48447
12 1995 75.71 106.7973146 8085.62469 2.12710 1526.82231
1 1996 78.30 106.7973146 8362.22973 2.16300 1576.89112
2 1996 75.75 111.4214989 8440.17854 2.23393 1589.35623
3 1996 76.53 111.4214989 8527.08731 2.25159 1603.47029
4 1996 77.60 111.4214989 8646.30831 2.27158 1623.61754
5 1996 79.58 111.4214989 8866.92288 2.30012 1662.74477
6 1996 79.92 111.4214989 8904.80619 2.35555 1667.49318
7 1996 76.38 111.4214989 8510.37408 2.36228 1591.27046
8 1996 77.95 111.4214989 8685.30584 2.25430 1621.72491
9 1996 82.31 111.4214989 9171.10357 2.29744 1710.13588
10 1996 84.58 111.4214989 9424.03037 2.42269 1754.87646
11 1996 90.92 111.4214989 10130.44268 2.48607 1883.93350
12 1996 89.13 111.4214989 9930.99819 2.66891 1844.17439
1 1997 94.57 111.4214989 10537.13115 2.61258 1954.11997
2 1997 92.15 115.2034296 10615.99604 2.76834 1965.97720
3 1997 88.32 115.2034296 10174.76690 2.78513 1881.48080
4 1997 93.57 115.2034296 10779.58491 2.66543 1990.65611
5 1997 99.26 115.2034296 11435.09243 2.82010 2108.88799
6 1997 103.62 115.2034296 11937.37938 2.98759 2198.53340
7 1997 111.86 115.2034296 12886.65564 3.11459 2370.24910
8 1997 105.60 115.2034296 12165.48217 3.35785 2234.24545
9 1997 111.31 115.2034296 12823.29375 3.16518 2351.89032
10 1997 107.63 115.2034296 12399.34513 3.33184 2270.80305
11 1997 112.50 115.2034296 12960.38583 3.21697 2370.33449
12 1997 114.39 115.2034296 13178.12032 3.35797 2406.79813
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 163.56%
GROSS ANNUAL RETURN = 19.88%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2406.80 2406.80
TOTAL RETURN 140.68% 140.68%
AVERAGE ANNUAL RETURN 17.86% 17.86%
MFS Emerging Growth
12/1997
Assume ($10000 @ $10.00 on 7/24/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/95 0.3276700000 11.30 2.900 102.899735
12/96 0.1128000000 13.27 0.875 103.774421
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 13.24 103.7744210 1373.97333 1000.00000
1 1997 14.07 103.7744210 1460.10610 1.41667 1061.27216
2 1997 13.44 103.7744210 1394.72822 1.50347 1012.24904
3 1997 12.39 103.7744210 1285.76508 1.43402 931.73306
4 1997 12.88 103.7744210 1336.61454 1.31996 967.26131
5 1997 14.09 103.7744210 1462.18159 1.37029 1056.75951
6 1997 14.67 103.7744210 1522.37076 1.49708 1098.76283
7 1997 16.03 103.7744210 1663.50397 1.55658 1199.06838
8 1997 15.57 103.7744210 1615.76774 1.69868 1162.96100
9 1997 16.68 103.7744210 1730.95734 1.64753 1244.22206
10 1997 16.10 103.7744210 1670.76818 1.76265 1199.19509
11 1997 16.30 103.7744210 1691.52306 1.69886 1212.39307
12 1997 16.14 103.7744210 1674.91916 1.71756 1198.77472
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 21.90%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1198.77 1198.77
TOTAL RETURN 19.88% 19.88%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 13.24 103.7744210 1373.97333 1000.00000
1 1997 14.07 103.7744210 1460.10610 1.41667 1061.27216
2 1997 13.44 103.7744210 1394.72822 1.50347 1012.24904
3 1997 12.39 103.7744210 1285.76508 1.43402 931.73306
4 1997 12.88 103.7744210 1336.61454 1.31996 967.26131
5 1997 14.09 103.7744210 1462.18159 1.37029 1056.75951
6 1997 14.67 103.7744210 1522.37076 1.49708 1098.76283
7 1997 16.03 103.7744210 1663.50397 1.55658 1199.06838
8 1997 15.57 103.7744210 1615.76774 1.69868 1162.96100
9 1997 16.68 103.7744210 1730.95734 1.64753 1244.22206
10 1997 16.10 103.7744210 1670.76818 1.76265 1199.19509
11 1997 16.30 103.7744210 1691.52306 1.69886 1212.39307
12 1997 16.14 103.7744210 1674.91916 1.71756 1198.77472
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 21.90%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1198.77 1198.77
TOTAL RETURN 19.88% 19.88%
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
6 1995 10.00 100.0000000 1000.00000 1000.00000
7 1995 10.07 100.0000000 1007.00000 1.41667 1005.58333
8 1995 10.37 100.0000000 1037.00000 1.42458 1034.11655
9 1995 10.87 100.0000000 1087.00000 1.46500 1082.51253
10 1995 11.06 100.0000000 1106.00000 1.53356 1099.90053
11 1995 11.69 100.0000000 1169.00000 1.55819 1160.99490
12 1995 11.41 102.8997345 1174.08597 1.64474 1164.40130
1 1996 11.61 102.8997345 1194.66592 1.64957 1183.16192
2 1996 12.07 102.8997345 1241.99980 1.67615 1228.36385
3 1996 12.19 102.8997345 1254.34776 1.74018 1238.83607
4 1996 13.05 102.8997345 1342.84154 1.75502 1324.48048
5 1996 13.42 102.8997345 1380.91444 1.87635 1360.15645
6 1996 13.13 102.8997345 1351.07351 1.92689 1328.83721
7 1996 12.18 102.8997345 1253.31877 1.88252 1230.80881
8 1996 12.51 102.8997345 1287.27568 1.74365 1262.41221
9 1996 13.58 102.8997345 1397.37839 1.78842 1368.59989
10 1996 13.38 102.8997345 1376.79845 1.93885 1346.50493
11 1996 13.97 102.8997345 1437.50929 1.90755 1403.97241
12 1996 13.24 103.7744210 1373.97333 1.98896 1339.92978
1 1997 14.07 103.7744210 1460.10610 1.89823 1422.03017
2 1997 13.44 103.7744210 1394.72822 2.01454 1356.34263
3 1997 12.39 103.7744210 1285.76508 1.92149 1248.45688
4 1997 12.88 103.7744210 1336.61454 1.76865 1296.06223
5 1997 14.09 103.7744210 1462.18159 1.83609 1415.98354
6 1997 14.67 103.7744210 1522.37076 2.00598 1472.26504
7 1997 16.03 103.7744210 1663.50397 2.08571 1606.66743
8 1997 15.57 103.7744210 1615.76774 2.27611 1558.28608
9 1997 16.68 103.7744210 1730.95734 2.20757 1667.17019
10 1997 16.10 103.7744210 1670.76818 2.36182 1606.83722
11 1997 16.30 103.7744210 1691.52306 2.27635 1624.52158
12 1997 16.14 103.7744210 1674.91916 2.30141 1606.27395
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 67.49%
GROSS ANNUAL RETURN = 23.56%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1606.27 1606.27
TOTAL RETURN 60.63% 60.63%
AVERAGE ANNUAL RETURN 21.45% 21.45%
MFS High Income
12/1997
Assume ($10000 @ $10.00 on 7/26/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/95 0.2343800000 10.26 2.284 102.284405
12/96 0.6346600000 10.87 5.972 108.256422
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 10.87 108.2564221 1176.74731 1000.00000
1 1997 11.02 108.2564221 1192.98577 1.41667 1012.38278
2 1997 11.24 108.2564221 1216.80218 1.43421 1031.15948
3 1997 11.01 108.2564221 1191.90321 1.46081 1008.59843
4 1997 11.13 108.2564221 1204.89398 1.42885 1018.16248
5 1997 11.42 108.2564221 1236.28834 1.44240 1043.24903
6 1997 11.61 108.2564221 1256.85706 1.47794 1059.12813
7 1997 11.87 108.2564221 1285.00373 1.50043 1081.34633
8 1997 11.89 108.2564221 1287.16886 1.53191 1081.63640
9 1997 12.12 108.2564221 1312.06784 1.53232 1101.02724
10 1997 12.09 108.2564221 1308.82014 1.55979 1096.74214
11 1997 12.20 108.2564221 1320.72835 1.55372 1105.16705
12 1997 12.35 108.2564221 1336.96681 1.56565 1117.18952
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 13.62%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1117.19 1117.19
TOTAL RETURN 11.72% 11.72%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 10.87 108.2564221 1176.74731 1000.00000
1 1997 11.02 108.2564221 1192.98577 1.41667 1012.38278
2 1997 11.24 108.2564221 1216.80218 1.43421 1031.15948
3 1997 11.01 108.2564221 1191.90321 1.46081 1008.59843
4 1997 11.13 108.2564221 1204.89398 1.42885 1018.16248
5 1997 11.42 108.2564221 1236.28834 1.44240 1043.24903
6 1997 11.61 108.2564221 1256.85706 1.47794 1059.12813
7 1997 11.87 108.2564221 1285.00373 1.50043 1081.34633
8 1997 11.89 108.2564221 1287.16886 1.53191 1081.63640
9 1997 12.12 108.2564221 1312.06784 1.53232 1101.02724
10 1997 12.09 108.2564221 1308.82014 1.55979 1096.74214
11 1997 12.20 108.2564221 1320.72835 1.55372 1105.16705
12 1997 12.35 108.2564221 1336.96681 1.56565 1117.18952
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 13.62%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1117.19 1117.19
TOTAL RETURN 11.72% 11.72%
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
6 1995 10.00 100.0000000 1000.00000 1000.00000
7 1995 9.97 100.0000000 997.00000 1.41667 995.58333
8 1995 9.93 100.0000000 993.00000 1.41041 990.17861
9 1995 10.08 100.0000000 1008.00000 1.40275 1003.73324
10 1995 10.30 100.0000000 1030.00000 1.42196 1024.21816
11 1995 10.35 100.0000000 1035.00000 1.45098 1027.73911
12 1995 10.29 102.2844055 1052.50653 1.45596 1043.66687
1 1996 10.48 102.2844055 1071.94057 1.47853 1061.45916
2 1996 10.51 102.2844055 1075.00910 1.50373 1062.99395
3 1996 10.42 102.2844055 1065.80350 1.50591 1052.38533
4 1996 10.51 102.2844055 1075.00910 1.49088 1059.98416
5 1996 10.57 102.2844055 1081.14617 1.50164 1064.53380
6 1996 10.59 102.2844055 1083.19185 1.50809 1065.03997
7 1996 10.71 102.2844055 1095.46598 1.50881 1075.59960
8 1996 10.90 102.2844055 1114.90002 1.52377 1093.15743
9 1996 11.18 102.2844055 1143.53965 1.54864 1119.68990
10 1996 11.19 102.2844055 1144.56250 1.58623 1119.10519
11 1996 11.41 102.2844055 1167.06507 1.58540 1139.52186
12 1996 10.87 108.2564221 1176.74731 1.61432 1147.36127
1 1997 11.02 108.2564221 1192.98577 1.62543 1161.56880
2 1997 11.24 108.2564221 1216.80218 1.64556 1183.11245
3 1997 11.01 108.2564221 1191.90321 1.67608 1157.22678
4 1997 11.13 108.2564221 1204.89398 1.63940 1168.20020
5 1997 11.42 108.2564221 1236.28834 1.65495 1196.98353
6 1997 11.61 108.2564221 1256.85706 1.69573 1215.20259
7 1997 11.87 108.2564221 1285.00373 1.72154 1240.69490
8 1997 11.89 108.2564221 1287.16886 1.75765 1241.02772
9 1997 12.12 108.2564221 1312.06784 1.75812 1263.27602
10 1997 12.09 108.2564221 1308.82014 1.78964 1258.35946
11 1997 12.20 108.2564221 1320.72835 1.78268 1268.02587
12 1997 12.35 108.2564221 1336.96681 1.79637 1281.81998
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 33.70%
GROSS ANNUAL RETURN = 12.68%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1281.82 1281.82
TOTAL RETURN 28.18% 28.18%
AVERAGE ANNUAL RETURN 10.74% 10.74%
MFS Research
12/1997
Assume ($10000 @ $10.00 on 7/26/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/95 0.1712900000 10.82 1.583 101.583087
12/96 0.1927500000 13.18 1.486 103.068682
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 13.13 103.0686817 1353.29179 1000.00000
1 1997 13.64 103.0686817 1405.85682 1.41667 1037.42568
2 1997 13.61 103.0686817 1402.76476 1.46969 1033.67426
3 1997 12.86 103.0686817 1325.46325 1.46437 975.24768
4 1997 13.45 103.0686817 1386.27377 1.38160 1018.60917
5 1997 14.38 103.0686817 1482.12764 1.44303 1087.59785
6 1997 14.92 103.0686817 1537.78473 1.54076 1126.89873
7 1997 16.03 103.0686817 1652.19097 1.59644 1209.13993
8 1997 15.33 103.0686817 1580.04289 1.71295 1154.62612
9 1997 16.12 103.0686817 1661.46715 1.63572 1212.49168
10 1997 15.30 103.0686817 1576.95083 1.71770 1149.09636
11 1997 15.76 103.0686817 1624.36242 1.62789 1182.01647
12 1997 15.79 103.0686817 1627.45448 1.67452 1182.59198
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 20.26%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1182.59 1182.59
TOTAL RETURN 18.26% 18.26%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 13.13 103.0686817 1353.29179 1000.00000
1 1997 13.64 103.0686817 1405.85682 1.41667 1037.42568
2 1997 13.61 103.0686817 1402.76476 1.46969 1033.67426
3 1997 12.86 103.0686817 1325.46325 1.46437 975.24768
4 1997 13.45 103.0686817 1386.27377 1.38160 1018.60917
5 1997 14.38 103.0686817 1482.12764 1.44303 1087.59785
6 1997 14.92 103.0686817 1537.78473 1.54076 1126.89873
7 1997 16.03 103.0686817 1652.19097 1.59644 1209.13993
8 1997 15.33 103.0686817 1580.04289 1.71295 1154.62612
9 1997 16.12 103.0686817 1661.46715 1.63572 1212.49168
10 1997 15.30 103.0686817 1576.95083 1.71770 1149.09636
11 1997 15.76 103.0686817 1624.36242 1.62789 1182.01647
12 1997 15.79 103.0686817 1627.45448 1.67452 1182.59198
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 20.26%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1182.59 1182.59
TOTAL RETURN 18.26% 18.26%
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
6 1995 10.00 100.0000000 1000.00000 1000.00000
7 1995 10.00 100.0000000 1000.00000 1.41667 998.58333
8 1995 10.10 100.0000000 1010.00000 1.41466 1007.15451
9 1995 10.40 100.0000000 1040.00000 1.42680 1035.64319
10 1995 10.47 100.0000000 1047.00000 1.46716 1041.14670
11 1995 10.81 100.0000000 1081.00000 1.47496 1073.48166
12 1995 10.89 101.5830869 1106.23982 1.52077 1097.02517
1 1996 11.12 101.5830869 1129.60393 1.55412 1118.64055
2 1996 11.54 101.5830869 1172.26882 1.58474 1159.30662
3 1996 11.52 101.5830869 1170.23716 1.64235 1155.65507
4 1996 11.98 101.5830869 1216.96538 1.63718 1200.16384
5 1996 12.37 101.5830869 1256.58278 1.70023 1237.53405
6 1996 12.21 101.5830869 1240.32949 1.75317 1219.77397
7 1996 11.60 101.5830869 1178.36381 1.72801 1157.10721
8 1996 11.96 101.5830869 1214.93372 1.63924 1191.37820
9 1996 12.68 101.5830869 1288.07354 1.68779 1261.41218
10 1996 12.79 101.5830869 1299.24768 1.78700 1270.56803
11 1996 13.55 101.5830869 1376.45083 1.79997 1344.26701
12 1996 13.13 103.0686817 1353.29179 1.90438 1319.74510
1 1997 13.64 103.0686817 1405.85682 1.86964 1369.13745
2 1997 13.61 103.0686817 1402.76476 1.93961 1364.18654
3 1997 12.86 103.0686817 1325.46325 1.93260 1287.07835
4 1997 13.45 103.0686817 1386.27377 1.82336 1344.30446
5 1997 14.38 103.0686817 1482.12764 1.90443 1435.35193
6 1997 14.92 103.0686817 1537.78473 2.03342 1487.21908
7 1997 16.03 103.0686817 1652.19097 2.10689 1595.75650
8 1997 15.33 103.0686817 1580.04289 2.26065 1523.81216
9 1997 16.12 103.0686817 1661.46715 2.15873 1600.17995
10 1997 15.30 103.0686817 1576.95083 2.26692 1516.51429
11 1997 15.76 103.0686817 1624.36242 2.14840 1559.96044
12 1997 15.79 103.0686817 1627.45448 2.20994 1560.71997
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 62.75%
GROSS ANNUAL RETURN = 22.16%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1560.72 1560.72
TOTAL RETURN 56.07% 56.07%
AVERAGE ANNUAL RETURN 20.08% 20.08%
MFS Value Series
12/1997
Assume ($10000 @ $10.00 on 8/14/1996)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
11/96 0.0538500000 10.59 0.508 100.508499
12/97 1.7629200000 11.43 15.502 116.010550
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 10.66 100.5084986 1071.42059 1000.00000
1 1997 10.96 100.5084986 1101.57314 1.41667 1026.72592
2 1997 10.85 100.5084986 1090.51721 1.45453 1014.96666
3 1997 10.50 100.5084986 1055.33924 1.43787 980.78793
4 1997 10.76 100.5084986 1081.47144 1.38945 1003.68466
5 1997 11.46 100.5084986 1151.82739 1.42189 1067.55825
6 1997 11.86 100.5084986 1192.03079 1.51237 1103.30794
7 1997 12.66 100.5084986 1272.43759 1.56302 1176.16704
8 1997 12.54 100.5084986 1260.37657 1.66624 1163.35230
9 1997 13.11 100.5084986 1317.66642 1.64808 1214.58387
10 1997 12.85 100.5084986 1291.53421 1.72066 1188.77535
11 1997 13.30 100.5084986 1336.76303 1.68410 1228.72152
12 1997 11.68 116.0105495 1355.00322 1.74069 1243.74679
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 26.47%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1243.75 1243.75
TOTAL RETURN 24.37% 24.37%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 10.66 100.5084986 1071.42059 1000.00000
1 1997 10.96 100.5084986 1101.57314 1.41667 1026.72592
2 1997 10.85 100.5084986 1090.51721 1.45453 1014.96666
3 1997 10.50 100.5084986 1055.33924 1.43787 980.78793
4 1997 10.76 100.5084986 1081.47144 1.38945 1003.68466
5 1997 11.46 100.5084986 1151.82739 1.42189 1067.55825
6 1997 11.86 100.5084986 1192.03079 1.51237 1103.30794
7 1997 12.66 100.5084986 1272.43759 1.56302 1176.16704
8 1997 12.54 100.5084986 1260.37657 1.66624 1163.35230
9 1997 13.11 100.5084986 1317.66642 1.64808 1214.58387
10 1997 12.85 100.5084986 1291.53421 1.72066 1188.77535
11 1997 13.30 100.5084986 1336.76303 1.68410 1228.72152
12 1997 11.68 116.0105495 1355.00322 1.74069 1243.74679
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 26.47%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1243.75 1243.75
TOTAL RETURN 24.37% 24.37%
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
7 1996 10.00 100.0000000 1000.00000 1000.00000
8 1996 9.96 100.0000000 996.00000 1.41667 994.58333
9 1996 10.46 100.0000000 1046.00000 1.40899 1043.10322
10 1996 10.37 100.0000000 1037.00000 1.47773 1032.65042
11 1996 10.80 100.5084986 1085.49178 1.46292 1079.47589
12 1996 10.66 100.5084986 1071.42059 1.52926 1063.95342
1 1997 10.96 100.5084986 1101.57314 1.50727 1092.38856
2 1997 10.85 100.5084986 1090.51721 1.54755 1079.87726
3 1997 10.50 100.5084986 1055.33924 1.52983 1043.51268
4 1997 10.76 100.5084986 1081.47144 1.47831 1067.87373
5 1997 11.46 100.5084986 1151.82739 1.51282 1135.83225
6 1997 11.86 100.5084986 1192.03079 1.60910 1173.86826
7 1997 12.66 100.5084986 1272.43759 1.66298 1251.38695
8 1997 12.54 100.5084986 1260.37657 1.77280 1237.75266
9 1997 13.11 100.5084986 1317.66642 1.75348 1292.26067
10 1997 12.85 100.5084986 1291.53421 1.83070 1264.80161
11 1997 13.30 100.5084986 1336.76303 1.79180 1307.30247
12 1997 11.68 116.0105495 1355.00322 1.85201 1323.28865
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 35.50%
GROSS ANNUAL RETURN = 24.61%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1323.29 1323.29
TOTAL RETURN 32.33% 32.33%
AVERAGE ANNUAL RETURN 22.49% 22.49%
MFS World Government
12/1997
Assume ($10000 @ $10.00 on 6/14/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/94 0.2600000000 9.86 2.637 102.636917
12/95 1.0600000000 10.15 10.719 113.355649
4/97 0.2459000000 10.02 2.782 116.137501
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 10.58 113.3556490 1199.30277 1000.00000
1 1997 10.33 113.3556490 1170.96385 1.41667 974.95384
2 1997 10.33 113.3556490 1170.96385 1.38118 973.57266
3 1997 10.24 113.3556490 1160.76185 1.37923 963.71119
4 1997 9.87 116.1375007 1146.27713 1.36526 950.32014
5 1997 10.08 116.1375007 1170.66601 1.34629 969.19343
6 1997 10.15 116.1375007 1178.79563 1.37302 974.55092
7 1997 10.04 116.1375007 1166.02051 1.38061 962.60867
8 1997 10.06 116.1375007 1168.34326 1.36370 963.16252
9 1997 10.30 116.1375007 1196.21626 1.36448 984.77607
10 1997 10.41 116.1375007 1208.99138 1.39510 993.89800
11 1997 10.24 116.1375007 1189.24801 1.40802 976.25917
12 1997 10.21 116.1375007 1185.76388 1.38303 972.01601
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -1.13%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 972.02 972.02
TOTAL RETURN -2.80% -2.80%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 10.58 113.3556490 1199.30277 1000.00000
1 1997 10.33 113.3556490 1170.96385 1.41667 974.95384
2 1997 10.33 113.3556490 1170.96385 1.38118 973.57266
3 1997 10.24 113.3556490 1160.76185 1.37923 963.71119
4 1997 9.87 116.1375007 1146.27713 1.36526 950.32014
5 1997 10.08 116.1375007 1170.66601 1.34629 969.19343
6 1997 10.15 116.1375007 1178.79563 1.37302 974.55092
7 1997 10.04 116.1375007 1166.02051 1.38061 962.60867
8 1997 10.06 116.1375007 1168.34326 1.36370 963.16252
9 1997 10.30 116.1375007 1196.21626 1.36448 984.77607
10 1997 10.41 116.1375007 1208.99138 1.39510 993.89800
11 1997 10.24 116.1375007 1189.24801 1.40802 976.25917
12 1997 10.21 116.1375007 1185.76388 1.38303 972.01601
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -1.13%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 972.02 972.02
TOTAL RETURN -2.80% -2.80%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 9.82 102.6369168 1007.89452 1000.00000
1 1995 9.91 102.6369168 1017.13185 1.41667 1007.74830
2 1995 10.12 102.6369168 1038.68560 1.42764 1027.67557
3 1995 10.64 102.6369168 1092.05680 1.45587 1079.02516
4 1995 10.69 102.6369168 1097.18864 1.52862 1082.56715
5 1995 10.88 102.6369168 1116.68966 1.53364 1100.27465
6 1995 10.91 102.6369168 1119.76876 1.55872 1101.74977
7 1995 10.89 102.6369168 1117.71602 1.56081 1098.16925
8 1995 10.73 102.6369168 1101.29412 1.55574 1080.47879
9 1995 10.86 102.6369168 1114.63692 1.53068 1092.03873
10 1995 11.02 102.6369168 1131.05882 1.54705 1106.58064
11 1995 11.21 102.6369168 1150.55984 1.56766 1124.09196
12 1995 10.17 113.3556490 1152.82695 1.59246 1124.71446
1 1996 10.13 113.3556490 1148.29272 1.59335 1118.69745
2 1996 9.95 113.3556490 1127.88871 1.58482 1097.23450
3 1996 9.94 113.3556490 1126.75515 1.55442 1094.57733
4 1996 10.01 113.3556490 1134.69005 1.55065 1100.73497
5 1996 10.04 113.3556490 1138.09072 1.55937 1102.47450
6 1996 10.10 113.3556490 1144.89206 1.56184 1107.50116
7 1996 10.27 113.3556490 1164.16252 1.56896 1124.57331
8 1996 10.29 113.3556490 1166.42963 1.59315 1125.17018
9 1996 10.34 113.3556490 1172.09741 1.59399 1129.04348
10 1996 10.52 113.3556490 1192.50143 1.59948 1147.09854
11 1996 10.66 113.3556490 1208.37122 1.62506 1160.73905
12 1996 10.58 113.3556490 1199.30277 1.64438 1150.38368
1 1997 10.33 113.3556490 1170.96385 1.62971 1121.57099
2 1997 10.33 113.3556490 1170.96385 1.58889 1119.98210
3 1997 10.24 113.3556490 1160.76185 1.58664 1108.63763
4 1997 9.87 116.1375007 1146.27713 1.57057 1093.23278
5 1997 10.08 116.1375007 1170.66601 1.54875 1114.94431
6 1997 10.15 116.1375007 1178.79563 1.57950 1121.10747
7 1997 10.04 116.1375007 1166.02051 1.58824 1107.36930
8 1997 10.06 116.1375007 1168.34326 1.56877 1108.00645
9 1997 10.30 116.1375007 1196.21626 1.56968 1132.87032
10 1997 10.41 116.1375007 1208.99138 1.60490 1143.36404
11 1997 10.24 116.1375007 1189.24801 1.61977 1123.07262
12 1997 10.21 116.1375007 1185.76388 1.59102 1118.19135
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 17.65%
GROSS ANNUAL RETURN = 5.57%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1118.19 1118.19
TOTAL RETURN 11.82% 11.82%
AVERAGE ANNUAL RETURN 3.79% 3.79%
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
5 1994 10.00 100.0000000 1000.00000 1000.00000
6 1994 10.02 100.0000000 1002.00000 1.41667 1000.58333
7 1994 9.92 100.0000000 992.00000 1.41749 989.17998
8 1994 9.90 100.0000000 990.00000 1.40134 985.78433
9 1994 9.94 100.0000000 994.00000 1.39653 988.37077
10 1994 10.16 100.0000000 1016.00000 1.40019 1008.84598
11 1994 10.06 100.0000000 1006.00000 1.42920 997.48720
12 1994 9.82 102.6369168 1007.89452 1.41311 997.95258
1 1995 9.91 102.6369168 1017.13185 1.41377 1005.68502
2 1995 10.12 102.6369168 1038.68560 1.42472 1025.57149
3 1995 10.64 102.6369168 1092.05680 1.45289 1076.81594
4 1995 10.69 102.6369168 1097.18864 1.52549 1080.35068
5 1995 10.88 102.6369168 1116.68966 1.53050 1098.02193
6 1995 10.91 102.6369168 1119.76876 1.55553 1099.49403
7 1995 10.89 102.6369168 1117.71602 1.55762 1095.92084
8 1995 10.73 102.6369168 1101.29412 1.55255 1078.26660
9 1995 10.86 102.6369168 1114.63692 1.52754 1089.80287
10 1995 11.02 102.6369168 1131.05882 1.54389 1104.31501
11 1995 11.21 102.6369168 1150.55984 1.56445 1121.79047
12 1995 10.17 113.3556490 1152.82695 1.58920 1122.41170
1 1996 10.13 113.3556490 1148.29272 1.59008 1116.40701
2 1996 9.95 113.3556490 1127.88871 1.58158 1094.98800
3 1996 9.94 113.3556490 1126.75515 1.55123 1092.33628
4 1996 10.01 113.3556490 1134.69005 1.54748 1098.48131
5 1996 10.04 113.3556490 1138.09072 1.55618 1100.21728
6 1996 10.10 113.3556490 1144.89206 1.55864 1105.23364
7 1996 10.27 113.3556490 1164.16252 1.56575 1122.27084
8 1996 10.29 113.3556490 1166.42963 1.58988 1122.86648
9 1996 10.34 113.3556490 1172.09741 1.59073 1126.73186
10 1996 10.52 113.3556490 1192.50143 1.59620 1144.74995
11 1996 10.66 113.3556490 1208.37122 1.62173 1158.36253
12 1996 10.58 113.3556490 1199.30277 1.64101 1148.02837
1 1997 10.33 113.3556490 1170.96385 1.62637 1119.27467
2 1997 10.33 113.3556490 1170.96385 1.58564 1117.68903
3 1997 10.24 113.3556490 1160.76185 1.58339 1106.36778
4 1997 9.87 116.1375007 1146.27713 1.56735 1090.99448
5 1997 10.08 116.1375007 1170.66601 1.54558 1112.66155
6 1997 10.15 116.1375007 1178.79563 1.57627 1118.81210
7 1997 10.04 116.1375007 1166.02051 1.58498 1105.10206
8 1997 10.06 116.1375007 1168.34326 1.56556 1105.73789
9 1997 10.30 116.1375007 1196.21626 1.56646 1130.55087
10 1997 10.41 116.1375007 1208.99138 1.60161 1141.02310
11 1997 10.24 116.1375007 1189.24801 1.61645 1120.77322
12 1997 10.21 116.1375007 1185.76388 1.58776 1115.90195
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 18.58%
GROSS ANNUAL RETURN = 4.92%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1115.90 1115.90
TOTAL RETURN 11.59% 11.59%
AVERAGE ANNUAL RETURN 3.14% 3.14%
Morgan Stanley Emerging Markets
12/1997
Assume ($10000 @ $10.00 on 10/ 1/1996)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/96 0.0171000000 9.76 0.175 100.175205
12/97 0.3656000000 9.07 4.038 104.213138
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 9.78 100.1752049 979.71350 1000.00000
1 1997 10.60 100.1752049 1061.85717 1.41667 1082.42791
2 1997 10.94 100.1752049 1095.91674 1.53344 1115.61386
3 1997 10.57 100.1752049 1058.85192 1.58045 1076.30241
4 1997 10.83 100.1752049 1084.89747 1.52476 1101.25245
5 1997 11.26 100.1752049 1127.97281 1.56011 1143.41704
6 1997 12.20 100.1752049 1222.13750 1.61984 1237.25120
7 1997 12.83 100.1752049 1285.24788 1.75277 1299.38927
8 1997 11.64 100.1752049 1166.03939 1.84080 1177.02834
9 1997 12.05 100.1752049 1207.11122 1.66746 1216.81979
10 1997 10.21 100.1752049 1022.78884 1.72383 1029.29111
11 1997 9.87 100.1752049 988.72927 1.45816 993.55685
12 1997 9.45 104.2131382 984.81416 1.40754 988.21508
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 0.52%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 988.22 988.22
TOTAL RETURN -1.18% -1.18%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 9.78 100.1752049 979.71350 1000.00000
1 1997 10.60 100.1752049 1061.85717 1.41667 1082.42791
2 1997 10.94 100.1752049 1095.91674 1.53344 1115.61386
3 1997 10.57 100.1752049 1058.85192 1.58045 1076.30241
4 1997 10.83 100.1752049 1084.89747 1.52476 1101.25245
5 1997 11.26 100.1752049 1127.97281 1.56011 1143.41704
6 1997 12.20 100.1752049 1222.13750 1.61984 1237.25120
7 1997 12.83 100.1752049 1285.24788 1.75277 1299.38927
8 1997 11.64 100.1752049 1166.03939 1.84080 1177.02834
9 1997 12.05 100.1752049 1207.11122 1.66746 1216.81979
10 1997 10.21 100.1752049 1022.78884 1.72383 1029.29111
11 1997 9.87 100.1752049 988.72927 1.45816 993.55685
12 1997 9.45 104.2131382 984.81416 1.40754 988.21508
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 0.52%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 988.22 988.22
TOTAL RETURN -1.18% -1.18%
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
9 1996 10.00 100.0000000 1000.00000 1000.00000
10 1996 9.57 100.0000000 957.00000 1.41667 955.58333
11 1996 9.69 100.0000000 969.00000 1.35374 966.21183
12 1996 9.78 100.1752049 979.71350 1.36880 975.52570
1 1997 10.60 100.1752049 1061.85717 1.38199 1055.93625
2 1997 10.94 100.1752049 1095.91674 1.49591 1088.31000
3 1997 10.57 100.1752049 1058.85192 1.54177 1049.96066
4 1997 10.83 100.1752049 1084.89747 1.48744 1074.30007
5 1997 11.26 100.1752049 1127.97281 1.52193 1115.43272
6 1997 12.20 100.1752049 1222.13750 1.58020 1206.97035
7 1997 12.83 100.1752049 1285.24788 1.70987 1267.58763
8 1997 11.64 100.1752049 1166.03939 1.79575 1148.22140
9 1997 12.05 100.1752049 1207.11122 1.62665 1187.03898
10 1997 10.21 100.1752049 1022.78884 1.68164 1004.09994
11 1997 9.87 100.1752049 988.72927 1.42247 969.24024
12 1997 9.45 104.2131382 984.81416 1.37309 964.02921
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -1.52%
GROSS ANNUAL RETURN = -1.22%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 964.03 964.03
TOTAL RETURN -3.60% -3.60%
AVERAGE ANNUAL RETURN -2.89% -2.89%
Morgan Stanley Fixed Income
12/1997
Assume ($10000 @ $10.00 on 1/ 2/1997)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/97 0.5830000000 10.41 5.600 105.600384
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 10.00 100.0000000 1000.00000 1000.00000
1 1997 10.07 100.0000000 1007.00000 1.41667 1005.58333
2 1997 10.11 100.0000000 1011.00000 1.42458 1008.15313
3 1997 9.99 100.0000000 999.00000 1.42822 994.75870
4 1997 10.13 100.0000000 1013.00000 1.40924 1007.29002
5 1997 10.22 100.0000000 1022.00000 1.42699 1014.81230
6 1997 10.35 100.0000000 1035.00000 1.43765 1026.28322
7 1997 10.63 100.0000000 1063.00000 1.45390 1052.59350
8 1997 10.53 100.0000000 1053.00000 1.49117 1041.20023
9 1997 10.69 100.0000000 1069.00000 1.47503 1055.54590
10 1997 10.82 100.0000000 1082.00000 1.49536 1066.88693
11 1997 10.89 100.0000000 1089.00000 1.51142 1072.27773
12 1997 10.41 105.6003842 1099.30000 1.51906 1080.90051
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 9.93%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1080.90 1080.90
TOTAL RETURN 8.09% 8.09%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 10.00 100.0000000 1000.00000 1000.00000
1 1997 10.07 100.0000000 1007.00000 1.41667 1005.58333
2 1997 10.11 100.0000000 1011.00000 1.42458 1008.15313
3 1997 9.99 100.0000000 999.00000 1.42822 994.75870
4 1997 10.13 100.0000000 1013.00000 1.40924 1007.29002
5 1997 10.22 100.0000000 1022.00000 1.42699 1014.81230
6 1997 10.35 100.0000000 1035.00000 1.43765 1026.28322
7 1997 10.63 100.0000000 1063.00000 1.45390 1052.59350
8 1997 10.53 100.0000000 1053.00000 1.49117 1041.20023
9 1997 10.69 100.0000000 1069.00000 1.47503 1055.54590
10 1997 10.82 100.0000000 1082.00000 1.49536 1066.88693
11 1997 10.89 100.0000000 1089.00000 1.51142 1072.27773
12 1997 10.41 105.6003842 1099.30000 1.51906 1080.90051
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 9.93%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1080.90 1080.90
TOTAL RETURN 8.09% 8.09%
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 10.00 100.0000000 1000.00000 1000.00000
1 1997 10.07 100.0000000 1007.00000 1.41667 1005.58333
2 1997 10.11 100.0000000 1011.00000 1.42458 1008.15313
3 1997 9.99 100.0000000 999.00000 1.42822 994.75870
4 1997 10.13 100.0000000 1013.00000 1.40924 1007.29002
5 1997 10.22 100.0000000 1022.00000 1.42699 1014.81230
6 1997 10.35 100.0000000 1035.00000 1.43765 1026.28322
7 1997 10.63 100.0000000 1063.00000 1.45390 1052.59350
8 1997 10.53 100.0000000 1053.00000 1.49117 1041.20023
9 1997 10.69 100.0000000 1069.00000 1.47503 1055.54590
10 1997 10.82 100.0000000 1082.00000 1.49536 1066.88693
11 1997 10.89 100.0000000 1089.00000 1.51142 1072.27773
12 1997 10.41 105.6003842 1099.30000 1.51906 1080.90051
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 9.93%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1080.90 1080.90
TOTAL RETURN 8.09% 8.09%
Pioneer Capital Growth
12/1997
Assume ($10000 @ $10.00 on 3/ 1/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/95 0.1475000000 11.57 1.275 101.274849
6/96 0.0729000000 13.29 0.556 101.830374
12/96 0.1855000000 13.05 1.447 103.277848
6/97 0.1139000000 15.09 0.780 104.057394
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 13.05 103.2778483 1347.77592 1000.00000
1 1997 13.77 103.2778483 1422.13597 1.41667 1053.75575
2 1997 13.92 103.2778483 1437.62765 1.49282 1063.74175
3 1997 13.82 103.2778483 1427.29986 1.50697 1054.59296
4 1997 13.60 103.2778483 1404.57874 1.49401 1036.31093
5 1997 14.71 103.2778483 1519.21715 1.46811 1119.42408
6 1997 14.94 104.0573942 1554.61747 1.58585 1143.92270
7 1997 15.81 104.0573942 1645.14740 1.62056 1208.91611
8 1997 16.14 104.0573942 1679.48634 1.71263 1232.43703
9 1997 16.88 104.0573942 1756.48881 1.74595 1287.19686
10 1997 15.98 104.0573942 1662.83716 1.82353 1216.74317
11 1997 16.03 104.0573942 1668.04003 1.72372 1218.82653
12 1997 16.15 104.0573942 1680.52692 1.72667 1226.22395
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 24.69%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1226.22 1226.22
TOTAL RETURN 22.62% 22.62%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 13.05 103.2778483 1347.77592 1000.00000
1 1997 13.77 103.2778483 1422.13597 1.41667 1053.75575
2 1997 13.92 103.2778483 1437.62765 1.49282 1063.74175
3 1997 13.82 103.2778483 1427.29986 1.50697 1054.59296
4 1997 13.60 103.2778483 1404.57874 1.49401 1036.31093
5 1997 14.71 103.2778483 1519.21715 1.46811 1119.42408
6 1997 14.94 104.0573942 1554.61747 1.58585 1143.92270
7 1997 15.81 104.0573942 1645.14740 1.62056 1208.91611
8 1997 16.14 104.0573942 1679.48634 1.71263 1232.43703
9 1997 16.88 104.0573942 1756.48881 1.74595 1287.19686
10 1997 15.98 104.0573942 1662.83716 1.82353 1216.74317
11 1997 16.03 104.0573942 1668.04003 1.72372 1218.82653
12 1997 16.15 104.0573942 1680.52692 1.72667 1226.22395
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 24.69%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1226.22 1226.22
TOTAL RETURN 22.62% 22.62%
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
2 1995 10.00 100.0000000 1000.00000 1000.00000
3 1995 9.91 100.0000000 991.00000 1.41667 989.58333
4 1995 10.07 100.0000000 1007.00000 1.40191 1004.15855
5 1995 10.13 100.0000000 1013.00000 1.42256 1008.71906
6 1995 10.65 100.0000000 1065.00000 1.42902 1059.07029
7 1995 11.46 100.0000000 1146.00000 1.50035 1138.11895
8 1995 11.80 100.0000000 1180.00000 1.61234 1170.27280
9 1995 11.98 100.0000000 1198.00000 1.65789 1186.46653
10 1995 11.60 100.0000000 1160.00000 1.68083 1147.15154
11 1995 11.84 100.0000000 1184.00000 1.62513 1169.26058
12 1995 11.57 101.2748487 1171.75000 1.65645 1155.50662
1 1996 11.83 101.2748487 1198.08146 1.63697 1179.83610
2 1996 11.87 101.2748487 1202.13245 1.67143 1182.15396
3 1996 12.47 101.2748487 1262.89736 1.67472 1240.23429
4 1996 13.21 101.2748487 1337.84075 1.75700 1312.07580
5 1996 13.74 101.2748487 1391.51642 1.85877 1362.85898
6 1996 13.29 101.8303744 1353.32568 1.93072 1323.52403
7 1996 12.20 101.8303744 1242.33057 1.87499 1213.09816
8 1996 12.71 101.8303744 1294.26406 1.71856 1262.09108
9 1996 12.91 101.8303744 1314.63013 1.78796 1280.16293
10 1996 12.75 101.8303744 1298.33727 1.81356 1262.48368
11 1996 13.13 101.8303744 1337.03282 1.78852 1298.32212
12 1996 13.05 103.2778483 1347.77592 1.83929 1306.91490
1 1997 13.77 103.2778483 1422.13597 1.85146 1377.16908
2 1997 13.92 103.2778483 1437.62765 1.95099 1390.21994
3 1997 13.82 103.2778483 1427.29986 1.96948 1378.26325
4 1997 13.60 103.2778483 1404.57874 1.95254 1354.37019
5 1997 14.71 103.2778483 1519.21715 1.91869 1462.99201
6 1997 14.94 104.0573942 1554.61747 2.07257 1495.00962
7 1997 15.81 104.0573942 1645.14740 2.11793 1579.95048
8 1997 16.14 104.0573942 1679.48634 2.23826 1610.69031
9 1997 16.88 104.0573942 1756.48881 2.28181 1682.25675
10 1997 15.98 104.0573942 1662.83716 2.38320 1590.17977
11 1997 16.03 104.0573942 1668.04003 2.25275 1592.90255
12 1997 16.15 104.0573942 1680.52692 2.25661 1602.57035
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 68.05%
GROSS ANNUAL RETURN = 20.09%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1602.57 1602.57
TOTAL RETURN 60.26% 60.26%
AVERAGE ANNUAL RETURN 18.09% 18.09%
Pioneer Real Estate
12/1997
Assume ($10000 @ $10.00 on 3/ 1/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
6/95 0.1500000000 10.57 1.419 101.419111
9/95 0.1700000000 11.15 1.546 102.965411
12/95 0.1252000000 11.23 1.148 104.113342
3/96 0.1500000000 11.39 1.371 105.484458
6/96 0.1600000000 11.51 1.466 106.950792
9/96 0.1400000000 12.52 1.196 108.146728
12/96 0.1987000000 14.46 1.486 109.632810
3/97 0.1300000000 14.61 0.976 110.608325
6/97 0.1200000000 14.88 0.892 111.500327
7/97 0.0270000000 15.70 0.192 111.692079
9/97 0.1200000000 16.59 0.808 112.499979
12/97 0.1703000000 16.29 1.176 113.676084
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 14.46 109.6328103 1585.29044 1000.00000
1 1997 14.68 109.6328103 1609.40966 1.41667 1013.79772
2 1997 14.68 109.6328103 1609.40966 1.43621 1012.36150
3 1997 14.61 110.6083247 1615.98762 1.43418 1015.06504
4 1997 13.98 110.6083247 1546.30438 1.43801 969.85626
5 1997 14.44 110.6083247 1597.18421 1.37396 1000.39459
6 1997 15.09 111.5003273 1682.53994 1.41723 1052.43984
7 1997 15.89 111.6920795 1774.78714 1.49096 1108.65012
8 1997 15.74 111.6920795 1758.03333 1.57059 1096.61398
9 1997 17.17 112.4999788 1931.62464 1.55354 1203.34204
10 1997 16.56 112.4999788 1862.99965 1.70473 1158.88608
11 1997 16.54 112.4999788 1860.74965 1.64176 1155.84470
12 1997 16.90 113.6760836 1921.12581 1.63745 1191.71121
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 21.18%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1191.71 1191.71
TOTAL RETURN 19.17% 19.17%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 14.46 109.6328103 1585.29044 1000.00000
1 1997 14.68 109.6328103 1609.40966 1.41667 1013.79772
2 1997 14.68 109.6328103 1609.40966 1.43621 1012.36150
3 1997 14.61 110.6083247 1615.98762 1.43418 1015.06504
4 1997 13.98 110.6083247 1546.30438 1.43801 969.85626
5 1997 14.44 110.6083247 1597.18421 1.37396 1000.39459
6 1997 15.09 111.5003273 1682.53994 1.41723 1052.43984
7 1997 15.89 111.6920795 1774.78714 1.49096 1108.65012
8 1997 15.74 111.6920795 1758.03333 1.57059 1096.61398
9 1997 17.17 112.4999788 1931.62464 1.55354 1203.34204
10 1997 16.56 112.4999788 1862.99965 1.70473 1158.88608
11 1997 16.54 112.4999788 1860.74965 1.64176 1155.84470
12 1997 16.90 113.6760836 1921.12581 1.63745 1191.71121
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 21.18%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1191.71 1191.71
TOTAL RETURN 19.17% 19.17%
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
2 1995 10.00 100.0000000 1000.00000 1000.00000
3 1995 10.00 100.0000000 1000.00000 1.41667 998.58333
4 1995 9.83 100.0000000 983.00000 1.41466 980.19276
5 1995 10.35 100.0000000 1035.00000 1.38861 1030.65565
6 1995 10.57 101.4191107 1072.00000 1.46010 1066.04025
7 1995 10.90 101.4191107 1105.46831 1.51022 1097.81227
8 1995 11.06 101.4191107 1121.69536 1.55523 1112.37171
9 1995 11.15 102.9654110 1148.06433 1.57586 1136.94563
10 1995 10.77 102.9654110 1108.93748 1.61067 1096.58704
11 1995 10.79 102.9654110 1110.99679 1.55350 1097.06991
12 1995 11.23 104.1133424 1169.19284 1.55418 1152.98227
1 1996 11.34 104.1133424 1180.64530 1.63339 1162.64256
2 1996 11.54 104.1133424 1201.46797 1.64708 1181.50064
3 1996 11.39 105.4844576 1201.46797 1.67379 1179.82685
4 1996 11.36 105.4844576 1198.30344 1.67142 1175.04789
5 1996 11.59 105.4844576 1222.56486 1.66465 1197.17382
6 1996 11.51 106.9507923 1231.00362 1.69600 1203.74132
7 1996 11.68 106.9507923 1249.18525 1.70530 1219.81500
8 1996 12.27 106.9507923 1312.28622 1.72807 1279.70430
9 1996 12.52 108.1467277 1353.99703 1.81291 1318.56658
10 1996 12.79 108.1467277 1383.19665 1.86797 1345.13415
11 1996 13.29 108.1467277 1437.27001 1.90561 1395.81393
12 1996 14.46 109.6328103 1585.29044 1.97740 1537.58751
1 1997 14.68 109.6328103 1609.40966 2.17825 1558.80271
2 1997 14.68 109.6328103 1609.40966 2.20830 1556.59440
3 1997 14.61 110.6083247 1615.98762 2.20518 1560.75133
4 1997 13.98 110.6083247 1546.30438 2.21106 1491.23887
5 1997 14.44 110.6083247 1597.18421 2.11259 1538.19423
6 1997 15.09 111.5003273 1682.53994 2.17911 1618.21835
7 1997 15.89 111.6920795 1774.78714 2.29248 1704.64657
8 1997 15.74 111.6920795 1758.03333 2.41492 1686.13996
9 1997 17.17 112.4999788 1931.62464 2.38870 1850.24369
10 1997 16.56 112.4999788 1862.99965 2.62118 1781.88875
11 1997 16.54 112.4999788 1860.74965 2.52434 1777.21237
12 1997 16.90 113.6760836 1921.12581 2.51772 1832.36026
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 92.11%
GROSS ANNUAL RETURN = 25.89%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1832.36 1832.36
TOTAL RETURN 83.24% 83.24%
AVERAGE ANNUAL RETURN 23.81% 23.81%
Scudder International
12/1997
Assume ($10000 @ $10.00 on 5/ 1/1987)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/87 0.1020000000 5.26 1.939 101.939163
1/90 0.0350000000 8.34 0.428 102.366966
2/91 0.2000000000 8.44 2.426 104.792723
2/92 0.0900000000 8.23 1.146 105.938695
2/93 0.2550000000 8.12 3.327 109.265587
2/94 0.0700000000 11.01 0.695 109.960282
2/95 0.0500000000 10.18 0.540 110.500362
2/96 0.2750000000 11.89 2.556 113.056090
4/96 0.0100000000 12.52 0.090 113.146390
2/97 0.3200000000 13.23 2.737 115.883113
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 13.25 113.1463899 1499.18967 1000.00000
1 1997 13.25 113.1463899 1499.18967 1.41667 998.58333
2 1997 13.15 115.8831129 1523.86293 1.41466 1013.60309
3 1997 13.21 115.8831129 1530.81592 1.43594 1016.79196
4 1997 13.28 115.8831129 1538.92774 1.44046 1020.73950
5 1997 14.04 115.8831129 1626.99891 1.44605 1077.70927
6 1997 14.76 115.8831129 1710.43475 1.52675 1131.44966
7 1997 15.33 115.8831129 1776.48812 1.60289 1173.54097
8 1997 14.01 115.8831129 1623.52241 1.66252 1070.82991
9 1997 14.96 115.8831129 1733.61137 1.51701 1141.92450
10 1997 13.93 115.8831129 1614.25176 1.61773 1061.68496
11 1997 13.98 115.8831129 1620.04592 1.50405 1063.99170
12 1997 14.11 115.8831129 1635.11072 1.50732 1072.37843
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 9.07%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1072.38 1072.38
TOTAL RETURN 7.24% 7.24%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 13.25 113.1463899 1499.18967 1000.00000
1 1997 13.25 113.1463899 1499.18967 1.41667 998.58333
2 1997 13.15 115.8831129 1523.86293 1.41466 1013.60309
3 1997 13.21 115.8831129 1530.81592 1.43594 1016.79196
4 1997 13.28 115.8831129 1538.92774 1.44046 1020.73950
5 1997 14.04 115.8831129 1626.99891 1.44605 1077.70927
6 1997 14.76 115.8831129 1710.43475 1.52675 1131.44966
7 1997 15.33 115.8831129 1776.48812 1.60289 1173.54097
8 1997 14.01 115.8831129 1623.52241 1.66252 1070.82991
9 1997 14.96 115.8831129 1733.61137 1.51701 1141.92450
10 1997 13.93 115.8831129 1614.25176 1.61773 1061.68496
11 1997 13.98 115.8831129 1620.04592 1.50405 1063.99170
12 1997 14.11 115.8831129 1635.11072 1.50732 1072.37843
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 9.07%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1072.38 1072.38
TOTAL RETURN 7.24% 7.24%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 10.69 109.9602821 1175.47542 1000.00000
1 1995 10.18 109.9602821 1119.39567 1.41667 950.87519
2 1995 10.14 110.5003621 1120.47367 1.34707 950.44383
3 1995 10.39 110.5003621 1148.09876 1.34646 972.53040
4 1995 10.93 110.5003621 1207.76896 1.37775 1021.69803
5 1995 10.94 110.5003621 1208.87396 1.44741 1021.18538
6 1995 11.09 110.5003621 1225.44902 1.44668 1033.74033
7 1995 11.75 110.5003621 1298.37925 1.46447 1093.79693
8 1995 11.53 110.5003621 1274.06917 1.54955 1071.76779
9 1995 11.82 110.5003621 1306.11428 1.51834 1097.20631
10 1995 11.55 110.5003621 1276.27918 1.55438 1070.58885
11 1995 11.66 110.5003621 1288.43422 1.51667 1079.26827
12 1995 11.82 110.5003621 1306.11428 1.52896 1092.54916
1 1996 12.04 110.5003621 1330.42436 1.54778 1111.33648
2 1996 11.84 113.0560895 1338.58410 1.57439 1116.57812
3 1996 12.09 113.0560895 1366.84812 1.58182 1138.57269
4 1996 12.48 113.1463899 1412.06695 1.61298 1174.62661
5 1996 12.48 113.1463899 1412.06695 1.66405 1172.96255
6 1996 12.61 113.1463899 1426.77598 1.66170 1183.51921
7 1996 12.14 113.1463899 1373.59717 1.67665 1137.73043
8 1996 12.33 113.1463899 1395.09499 1.61178 1153.92497
9 1996 12.61 113.1463899 1426.77598 1.63473 1178.49454
10 1996 12.55 113.1463899 1419.98719 1.66953 1171.21758
11 1996 13.11 113.1463899 1483.34917 1.65922 1221.81985
12 1996 13.25 113.1463899 1499.18967 1.73091 1233.13660
1 1997 13.25 113.1463899 1499.18967 1.74694 1231.38965
2 1997 13.15 115.8831129 1523.86293 1.74447 1249.91107
3 1997 13.21 115.8831129 1530.81592 1.77071 1253.84338
4 1997 13.28 115.8831129 1538.92774 1.77628 1258.71124
5 1997 14.04 115.8831129 1626.99891 1.78317 1328.96274
6 1997 14.76 115.8831129 1710.43475 1.88270 1395.23198
7 1997 15.33 115.8831129 1776.48812 1.97658 1447.13631
8 1997 14.01 115.8831129 1623.52241 2.05011 1320.47955
9 1997 14.96 115.8831129 1733.61137 1.87068 1408.14889
10 1997 13.93 115.8831129 1614.25176 1.99488 1309.20258
11 1997 13.98 115.8831129 1620.04592 1.85470 1312.04710
12 1997 14.11 115.8831129 1635.11072 1.85873 1322.38909
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 39.10%
GROSS ANNUAL RETURN = 11.63%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1322.39 1322.39
TOTAL RETURN 32.24% 32.24%
AVERAGE ANNUAL RETURN 9.76% 9.76%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1992 8.12 105.9386947 860.22220 1000.00000
1 1993 8.14 105.9386947 862.34097 1.41667 1001.04639
2 1993 8.15 109.2655872 890.51454 1.41815 1032.33345
3 1993 8.62 109.2655872 941.86936 1.46247 1090.40431
4 1993 9.00 109.2655872 983.39028 1.54474 1136.92844
5 1993 9.17 109.2655872 1001.96543 1.61065 1156.79311
6 1993 9.02 109.2655872 985.57560 1.63879 1136.23186
7 1993 9.24 109.2655872 1009.61403 1.60966 1162.33517
8 1993 9.86 109.2655872 1077.35869 1.64664 1238.68071
9 1993 10.03 109.2655872 1095.93384 1.75480 1258.28248
10 1993 10.34 109.2655872 1129.80617 1.78257 1295.39000
11 1993 9.93 109.2655872 1085.00728 1.83514 1242.19027
12 1993 10.85 109.2655872 1185.53162 1.75977 1355.51762
1 1994 11.31 109.2655872 1235.79379 1.92032 1411.06625
2 1994 11.08 109.9602821 1218.35993 1.99901 1389.16073
3 1994 10.72 109.9602821 1178.77422 1.96798 1342.05757
4 1994 10.95 109.9602821 1204.06509 1.90125 1368.95046
5 1994 10.86 109.9602821 1194.16866 1.93935 1355.75947
6 1994 10.86 109.9602821 1194.16866 1.92066 1353.83881
7 1994 11.12 109.9602821 1222.75834 1.91794 1384.33322
8 1994 11.42 109.9602821 1255.74642 1.96114 1419.71920
9 1994 11.12 109.9602821 1222.75834 2.01127 1380.41233
10 1994 11.37 109.9602821 1250.24841 1.95558 1409.49120
11 1994 10.76 109.9602821 1183.17264 1.99678 1331.87528
12 1994 10.69 109.9602821 1175.47542 1.88682 1321.32384
1 1995 10.18 109.9602821 1119.39567 1.87188 1256.41406
2 1995 10.14 110.5003621 1120.47367 1.77992 1255.84409
3 1995 10.39 110.5003621 1148.09876 1.77911 1285.02761
4 1995 10.93 110.5003621 1207.76896 1.82046 1349.99396
5 1995 10.94 110.5003621 1208.87396 1.91249 1349.31659
6 1995 11.09 110.5003621 1225.44902 1.91153 1365.90574
7 1995 11.75 110.5003621 1298.37925 1.93503 1445.25996
8 1995 11.53 110.5003621 1274.06917 2.04745 1416.15232
9 1995 11.82 110.5003621 1306.11428 2.00622 1449.76486
10 1995 11.55 110.5003621 1276.27918 2.05383 1414.59457
11 1995 11.66 110.5003621 1288.43422 2.00401 1426.06289
12 1995 11.82 110.5003621 1306.11428 2.02026 1443.61125
1 1996 12.04 110.5003621 1330.42436 2.04512 1468.43538
2 1996 11.84 113.0560895 1338.58410 2.08028 1475.36128
3 1996 12.09 113.0560895 1366.84812 2.09010 1504.42324
4 1996 12.48 113.1463899 1412.06695 2.13127 1552.06213
5 1996 12.48 113.1463899 1412.06695 2.19875 1549.86338
6 1996 12.61 113.1463899 1426.77598 2.19564 1563.81215
7 1996 12.14 113.1463899 1373.59717 2.21540 1503.31033
8 1996 12.33 113.1463899 1395.09499 2.12969 1524.70857
9 1996 12.61 113.1463899 1426.77598 2.16000 1557.17293
10 1996 12.55 113.1463899 1419.98719 2.20599 1547.55770
11 1996 13.11 113.1463899 1483.34917 2.19237 1614.41970
12 1996 13.25 113.1463899 1499.18967 2.28709 1629.37278
1 1997 13.25 113.1463899 1499.18967 2.30828 1627.06450
2 1997 13.15 115.8831129 1523.86293 2.30501 1651.53729
3 1997 13.21 115.8831129 1530.81592 2.33968 1656.73315
4 1997 13.28 115.8831129 1538.92774 2.34704 1663.16516
5 1997 14.04 115.8831129 1626.99891 2.35615 1755.99015
6 1997 14.76 115.8831129 1710.43475 2.48765 1843.55328
7 1997 15.33 115.8831129 1776.48812 2.61170 1912.13571
8 1997 14.01 115.8831129 1623.52241 2.70886 1744.78111
9 1997 14.96 115.8831129 1733.61137 2.47177 1860.62069
10 1997 13.93 115.8831129 1614.25176 2.63588 1729.88058
11 1997 13.98 115.8831129 1620.04592 2.45066 1733.63911
12 1997 14.11 115.8831129 1635.11072 2.45599 1747.30423
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 90.08%
GROSS ANNUAL RETURN = 13.71%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1747.30 1747.30
TOTAL RETURN 74.73% 74.73%
AVERAGE ANNUAL RETURN 11.81% 11.81%
Return for 10 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1987 5.26 101.9391635 536.20000 1000.00000
1 1988 5.16 101.9391635 526.00608 1.41667 979.57193
2 1988 5.46 101.9391635 556.58783 1.38773 1035.13606
3 1988 5.71 101.9391635 582.07262 1.46644 1081.06595
4 1988 5.94 101.9391635 605.51863 1.53151 1123.08001
5 1988 5.89 101.9391635 600.42167 1.59103 1112.03544
6 1988 5.83 101.9391635 594.30532 1.57538 1099.13202
7 1988 5.82 101.9391635 593.28593 1.55710 1095.68962
8 1988 5.49 101.9391635 559.64601 1.55223 1032.01066
9 1988 5.57 101.9391635 567.80114 1.46202 1045.58705
10 1988 5.86 101.9391635 597.36350 1.48125 1098.54391
11 1988 6.10 101.9391635 621.82890 1.55627 1141.97919
12 1988 6.14 101.9391635 625.90646 1.61780 1147.84978
1 1989 6.49 101.9391635 661.58517 1.62612 1211.65484
2 1989 6.68 101.9391635 680.95361 1.71651 1245.41050
3 1989 6.72 101.9391635 685.03118 1.76433 1251.10372
4 1989 7.00 101.9391635 713.57414 1.77240 1301.46064
5 1989 7.02 101.9391635 715.61293 1.84374 1303.33536
6 1989 6.97 101.9391635 710.51597 1.84639 1292.20596
7 1989 7.60 101.9391635 774.73764 1.83063 1407.17444
8 1989 7.64 101.9391635 778.81521 1.99350 1412.58712
9 1989 7.94 101.9391635 809.39696 2.00116 1466.05404
10 1989 7.54 101.9391635 768.62129 2.07691 1390.12050
11 1989 7.93 101.9391635 808.37757 1.96934 1460.05395
12 1989 8.46 101.9391635 862.40532 2.06841 1555.56796
1 1990 8.43 102.3669657 862.95352 2.20372 1554.35305
2 1990 8.32 102.3669657 851.69315 2.20200 1531.86886
3 1990 8.53 102.3669657 873.19022 2.17015 1568.36368
4 1990 8.43 102.3669657 862.95352 2.22185 1547.75538
5 1990 8.87 102.3669657 907.99499 2.19265 1626.34711
6 1990 9.02 102.3669657 923.35003 2.30399 1651.54617
7 1990 9.27 102.3669657 948.94177 2.33969 1694.98105
8 1990 8.40 102.3669657 859.88251 2.40122 1533.50393
9 1990 7.46 102.3669657 763.65756 2.17246 1359.72508
10 1990 8.03 102.3669657 822.00673 1.92628 1461.69200
11 1990 7.82 102.3669657 800.50967 2.07073 1421.39520
12 1990 7.78 102.3669657 796.41499 2.01364 1412.11100
1 1991 7.99 102.3669657 817.91206 2.00049 1448.22661
2 1991 8.45 104.7927232 885.49851 2.05165 1565.84614
3 1991 8.23 104.7927232 862.44411 2.21828 1522.86027
4 1991 8.25 104.7927232 864.53997 2.15739 1524.40364
5 1991 8.44 104.7927232 884.45058 2.15957 1557.35154
6 1991 7.92 104.7927232 829.95837 2.20625 1459.19473
7 1991 8.23 104.7927232 862.44411 2.06719 1514.24248
8 1991 8.08 104.7927232 846.72520 2.14518 1484.49871
9 1991 8.41 104.7927232 881.30680 2.10304 1543.02495
10 1991 8.26 104.7927232 865.58789 2.18595 1513.31775
11 1991 8.05 104.7927232 843.58142 2.14387 1472.69970
12 1991 8.47 104.7927232 887.59437 2.08632 1547.44988
1 1992 8.54 104.7927232 894.92986 2.19222 1558.04650
2 1992 8.38 105.9386947 887.76626 2.20723 1543.36766
3 1992 8.04 105.9386947 851.74711 2.18644 1478.56249
4 1992 8.15 105.9386947 863.61224 2.09463 1497.06475
5 1992 8.55 105.9386947 905.77584 2.12084 1568.03417
6 1992 8.53 105.9386947 903.65707 2.22138 1562.14487
7 1992 8.26 105.9386947 875.05362 2.21304 1510.48527
8 1992 8.53 105.9386947 903.65707 2.13985 1557.71964
9 1992 8.40 105.9386947 889.88504 2.20677 1531.77271
10 1992 8.13 105.9386947 861.28159 2.17001 1480.36715
11 1992 8.10 105.9386947 858.10343 2.09719 1472.80735
12 1992 8.12 105.9386947 860.22220 2.08648 1474.35743
1 1993 8.14 105.9386947 862.34097 2.08867 1475.90018
2 1993 8.15 109.2655872 890.51454 2.09086 1522.02849
3 1993 8.62 109.2655872 941.86936 2.15621 1607.64571
4 1993 9.00 109.2655872 983.39028 2.27750 1676.23890
5 1993 9.17 109.2655872 1001.96543 2.37467 1705.52652
6 1993 9.02 109.2655872 985.57560 2.41616 1675.21189
7 1993 9.24 109.2655872 1009.61403 2.37322 1713.69750
8 1993 9.86 109.2655872 1077.35869 2.42774 1826.25812
9 1993 10.03 109.2655872 1095.93384 2.58720 1855.15813
10 1993 10.34 109.2655872 1129.80617 2.62814 1909.86788
11 1993 9.93 109.2655872 1085.00728 2.70565 1831.43246
12 1993 10.85 109.2655872 1185.53162 2.59453 1998.51747
1 1994 11.31 109.2655872 1235.79379 2.83123 2080.41602
2 1994 11.08 109.9602821 1218.35993 2.94726 2048.11945
3 1994 10.72 109.9602821 1178.77422 2.90150 1978.67255
4 1994 10.95 109.9602821 1204.06509 2.80312 2018.32229
5 1994 10.86 109.9602821 1194.16866 2.85929 1998.87405
6 1994 10.86 109.9602821 1194.16866 2.83174 1996.04232
7 1994 11.12 109.9602821 1222.75834 2.82773 2041.00198
8 1994 11.42 109.9602821 1255.74642 2.89142 2093.17356
9 1994 11.12 109.9602821 1222.75834 2.96533 2035.22118
10 1994 11.37 109.9602821 1250.24841 2.88323 2078.09383
11 1994 10.76 109.9602821 1183.17264 2.94397 1963.66022
12 1994 10.69 109.9602821 1175.47542 2.78185 1948.10362
1 1995 10.18 109.9602821 1119.39567 2.75981 1852.40341
2 1995 10.14 110.5003621 1120.47367 2.62424 1851.56308
3 1995 10.39 110.5003621 1148.09876 2.62305 1894.59001
4 1995 10.93 110.5003621 1207.76896 2.68400 1990.37363
5 1995 10.94 110.5003621 1208.87396 2.81970 1989.37495
6 1995 11.09 110.5003621 1225.44902 2.81828 2013.83329
7 1995 11.75 110.5003621 1298.37925 2.85293 2130.82977
8 1995 11.53 110.5003621 1274.06917 3.01868 2087.91471
9 1995 11.82 110.5003621 1306.11428 2.95788 2137.47160
10 1995 11.55 110.5003621 1276.27918 3.02808 2085.61802
11 1995 11.66 110.5003621 1288.43422 2.95463 2102.52642
12 1995 11.82 110.5003621 1306.11428 2.97858 2128.39898
1 1996 12.04 110.5003621 1330.42436 3.01523 2164.99862
2 1996 11.84 113.0560895 1338.58410 3.06708 2175.20988
3 1996 12.09 113.0560895 1366.84812 3.08155 2218.05759
4 1996 12.48 113.1463899 1412.06695 3.14225 2288.29435
5 1996 12.48 113.1463899 1412.06695 3.24175 2285.05260
6 1996 12.61 113.1463899 1426.77598 3.23716 2305.61807
7 1996 12.14 113.1463899 1373.59717 3.26629 2216.41677
8 1996 12.33 113.1463899 1395.09499 3.13992 2247.96541
9 1996 12.61 113.1463899 1426.77598 3.18462 2295.82948
10 1996 12.55 113.1463899 1419.98719 3.25242 2281.65320
11 1996 13.11 113.1463899 1483.34917 3.23234 2380.23168
12 1996 13.25 113.1463899 1499.18967 3.37199 2402.27787
1 1997 13.25 113.1463899 1499.18967 3.40323 2398.87465
2 1997 13.15 115.8831129 1523.86293 3.39841 2434.95629
3 1997 13.21 115.8831129 1530.81592 3.44952 2442.61683
4 1997 13.28 115.8831129 1538.92774 3.46037 2452.09992
5 1997 14.04 115.8831129 1626.99891 3.47381 2588.95714
6 1997 14.76 115.8831129 1710.43475 3.66769 2718.05648
7 1997 15.33 115.8831129 1776.48812 3.85058 2819.17150
8 1997 14.01 115.8831129 1623.52241 3.99383 2572.43100
9 1997 14.96 115.8831129 1733.61137 3.64428 2743.21995
10 1997 13.93 115.8831129 1614.25176 3.88623 2550.46230
11 1997 13.98 115.8831129 1620.04592 3.61315 2556.00371
12 1997 14.11 115.8831129 1635.11072 3.62101 2576.15098
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 204.94%
GROSS ANNUAL RETURN = 11.79%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2576.15 2576.15
TOTAL RETURN 157.62% 157.62%
AVERAGE ANNUAL RETURN 9.93% 9.93%
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
4 1987 6.00 100.0000000 600.00000 1000.00000
5 1987 5.96 100.0000000 596.00000 1.41667 991.91667
6 1987 6.37 100.0000000 637.00000 1.40522 1058.74733
7 1987 6.75 100.0000000 675.00000 1.49989 1120.40662
8 1987 7.17 100.0000000 717.00000 1.58724 1188.53357
9 1987 7.23 100.0000000 723.00000 1.68376 1196.79570
10 1987 5.31 100.0000000 531.00000 1.69546 877.27897
11 1987 5.04 100.0000000 504.00000 1.24281 831.42876
12 1987 5.26 101.9391635 536.20000 1.17786 883.36996
1 1988 5.16 101.9391635 526.00608 1.25144 865.32441
2 1988 5.46 101.9391635 556.58783 1.22588 914.40809
3 1988 5.71 101.9391635 582.07262 1.29541 954.98119
4 1988 5.94 101.9391635 605.51863 1.35289 992.09514
5 1988 5.89 101.9391635 600.42167 1.40547 982.33870
6 1988 5.83 101.9391635 594.30532 1.39165 970.94021
7 1988 5.82 101.9391635 593.28593 1.37550 967.89929
8 1988 5.49 101.9391635 559.64601 1.37119 911.64721
9 1988 5.57 101.9391635 567.80114 1.29150 923.64019
10 1988 5.86 101.9391635 597.36350 1.30849 970.42068
11 1988 6.10 101.9391635 621.82890 1.37476 1008.79011
12 1988 6.14 101.9391635 625.90646 1.42912 1013.97601
1 1989 6.49 101.9391635 661.58517 1.43647 1070.33948
2 1989 6.68 101.9391635 680.95361 1.51631 1100.15822
3 1989 6.72 101.9391635 685.03118 1.55856 1105.18744
4 1989 7.00 101.9391635 713.57414 1.56568 1149.67123
5 1989 7.02 101.9391635 715.61293 1.62870 1151.32731
6 1989 6.97 101.9391635 710.51597 1.63105 1141.49592
7 1989 7.60 101.9391635 774.73764 1.61712 1243.05562
8 1989 7.64 101.9391635 778.81521 1.76100 1247.83702
9 1989 7.94 101.9391635 809.39696 1.76777 1295.06809
10 1989 7.54 101.9391635 768.62129 1.83468 1227.99069
11 1989 7.93 101.9391635 808.37757 1.73965 1289.76779
12 1989 8.46 101.9391635 862.40532 1.82717 1374.14200
1 1990 8.43 102.3669657 862.95352 1.94670 1373.06879
2 1990 8.32 102.3669657 851.69315 1.94518 1353.20693
3 1990 8.53 102.3669657 873.19022 1.91704 1385.44535
4 1990 8.43 102.3669657 862.95352 1.96271 1367.24061
5 1990 8.87 102.3669657 907.99499 1.93692 1436.66618
6 1990 9.02 102.3669657 923.35003 2.03528 1458.92628
7 1990 9.27 102.3669657 948.94177 2.06681 1497.29534
8 1990 8.40 102.3669657 859.88251 2.12117 1354.65130
9 1990 7.46 102.3669657 763.65756 1.91909 1201.14028
10 1990 8.03 102.3669657 822.00673 1.70162 1291.21480
11 1990 7.82 102.3669657 800.50967 1.82922 1255.61782
12 1990 7.78 102.3669657 796.41499 1.77879 1247.41643
1 1991 7.99 102.3669657 817.91206 1.76717 1279.31988
2 1991 8.45 104.7927232 885.49851 1.81237 1383.22144
3 1991 8.23 104.7927232 862.44411 1.95956 1345.24901
4 1991 8.25 104.7927232 864.53997 1.90577 1346.61238
5 1991 8.44 104.7927232 884.45058 1.90770 1375.71757
6 1991 7.92 104.7927232 829.95837 1.94893 1289.00878
7 1991 8.23 104.7927232 862.44411 1.82610 1337.63631
8 1991 8.08 104.7927232 846.72520 1.89498 1311.36157
9 1991 8.41 104.7927232 881.30680 1.85776 1363.06189
10 1991 8.26 104.7927232 865.58789 1.93100 1336.81944
11 1991 8.05 104.7927232 843.58142 1.89383 1300.93867
12 1991 8.47 104.7927232 887.59437 1.84300 1366.97074
1 1992 8.54 104.7927232 894.92986 1.93654 1376.33147
2 1992 8.38 105.9386947 887.76626 1.94980 1363.36463
3 1992 8.04 105.9386947 851.74711 1.93143 1306.11769
4 1992 8.15 105.9386947 863.61224 1.85033 1322.46203
5 1992 8.55 105.9386947 905.77584 1.87349 1385.15428
6 1992 8.53 105.9386947 903.65707 1.96230 1379.95185
7 1992 8.26 105.9386947 875.05362 1.95493 1334.31731
8 1992 8.53 105.9386947 903.65707 1.89028 1376.04273
9 1992 8.40 105.9386947 889.88504 1.94939 1353.12199
10 1992 8.13 105.9386947 861.28159 1.91692 1307.71186
11 1992 8.10 105.9386947 858.10343 1.85259 1301.03377
12 1992 8.12 105.9386947 860.22220 1.84313 1302.40307
1 1993 8.14 105.9386947 862.34097 1.84507 1303.76588
2 1993 8.15 109.2655872 890.51454 1.84700 1344.51425
3 1993 8.62 109.2655872 941.86936 1.90473 1420.14592
4 1993 9.00 109.2655872 983.39028 2.01187 1480.73909
5 1993 9.17 109.2655872 1001.96543 2.09771 1506.61089
6 1993 9.02 109.2655872 985.57560 2.13437 1479.83185
7 1993 9.24 109.2655872 1009.61403 2.09643 1513.82889
8 1993 9.86 109.2655872 1077.35869 2.14459 1613.26156
9 1993 10.03 109.2655872 1095.93384 2.28545 1638.79096
10 1993 10.34 109.2655872 1129.80617 2.32162 1687.11991
11 1993 9.93 109.2655872 1085.00728 2.39009 1617.83242
12 1993 10.85 109.2655872 1185.53162 2.29193 1765.43030
1 1994 11.31 109.2655872 1235.79379 2.50103 1837.77701
2 1994 11.08 109.9602821 1218.35993 2.60352 1809.24719
3 1994 10.72 109.9602821 1178.77422 2.56310 1747.89989
4 1994 10.95 109.9602821 1204.06509 2.47619 1782.92528
5 1994 10.86 109.9602821 1194.16866 2.52581 1765.74529
6 1994 10.86 109.9602821 1194.16866 2.50147 1763.24382
7 1994 11.12 109.9602821 1222.75834 2.49793 1802.95983
8 1994 11.42 109.9602821 1255.74642 2.55419 1849.04664
9 1994 11.12 109.9602821 1222.75834 2.61948 1797.85325
10 1994 11.37 109.9602821 1250.24841 2.54696 1835.72566
11 1994 10.76 109.9602821 1183.17264 2.60061 1734.63844
12 1994 10.69 109.9602821 1175.47542 2.45740 1720.89622
1 1995 10.18 109.9602821 1119.39567 2.43794 1636.35753
2 1995 10.14 110.5003621 1120.47367 2.31817 1635.61520
3 1995 10.39 110.5003621 1148.09876 2.31712 1673.62389
4 1995 10.93 110.5003621 1207.76896 2.37097 1758.23627
5 1995 10.94 110.5003621 1208.87396 2.49083 1757.35406
6 1995 11.09 110.5003621 1225.44902 2.48958 1778.95983
7 1995 11.75 110.5003621 1298.37925 2.52019 1882.31100
8 1995 11.53 110.5003621 1274.06917 2.66661 1844.40113
9 1995 11.82 110.5003621 1306.11428 2.61290 1888.17819
10 1995 11.55 110.5003621 1276.27918 2.67492 1842.37230
11 1995 11.66 110.5003621 1288.43422 2.61003 1857.30868
12 1995 11.82 110.5003621 1306.11428 2.63119 1880.16371
1 1996 12.04 110.5003621 1330.42436 2.66357 1912.49474
2 1996 11.84 113.0560895 1338.58410 2.70937 1921.51506
3 1996 12.09 113.0560895 1366.84812 2.72215 1959.36544
4 1996 12.48 113.1463899 1412.06695 2.77577 2021.41048
5 1996 12.48 113.1463899 1412.06695 2.86366 2018.54682
6 1996 12.61 113.1463899 1426.77598 2.85961 2036.71374
7 1996 12.14 113.1463899 1373.59717 2.88534 1957.91599
8 1996 12.33 113.1463899 1395.09499 2.77371 1985.78511
9 1996 12.61 113.1463899 1426.77598 2.81320 2028.06679
10 1996 12.55 113.1463899 1419.98719 2.87309 2015.54389
11 1996 13.11 113.1463899 1483.34917 2.85535 2102.62516
12 1996 13.25 113.1463899 1499.18967 2.97872 2122.10010
1 1997 13.25 113.1463899 1499.18967 3.00631 2119.09380
2 1997 13.15 115.8831129 1523.86293 3.00205 2150.96723
3 1997 13.21 115.8831129 1530.81592 3.04720 2157.73433
4 1997 13.28 115.8831129 1538.92774 3.05679 2166.11141
5 1997 14.04 115.8831129 1626.99891 3.06866 2287.00696
6 1997 14.76 115.8831129 1710.43475 3.23993 2401.04944
7 1997 15.33 115.8831129 1776.48812 3.40149 2490.37141
8 1997 14.01 115.8831129 1623.52241 3.52803 2272.40827
9 1997 14.96 115.8831129 1733.61137 3.21924 2423.27809
10 1997 13.93 115.8831129 1614.25176 3.43298 2253.00177
11 1997 13.98 115.8831129 1620.04592 3.19175 2257.89689
12 1997 14.11 115.8831129 1635.11072 3.19869 2275.69438
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 172.52%
GROSS ANNUAL RETURN = 9.85%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2275.69 2275.69
TOTAL RETURN 127.57% 127.57%
AVERAGE ANNUAL RETURN 8.01% 8.01%
Scudder Global Discovery
12/1997
Assume ($10000 @ $10.00 on 5/ 2/1997)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
M and E Charge = 0.0014167
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
4 1997 6.07 100.0000000 607.00000 1000.00000
5 1997 6.63 100.0000000 663.00000 1.41667 1090.84034
6 1997 6.93 100.0000000 693.00000 1.54536 1138.65427
7 1997 7.06 100.0000000 706.00000 1.61309 1158.40121
8 1997 6.98 100.0000000 698.00000 1.64107 1143.63378
9 1997 7.31 100.0000000 731.00000 1.62015 1196.08228
10 1997 6.98 100.0000000 698.00000 1.69445 1140.39233
11 1997 6.89 100.0000000 689.00000 1.61556 1124.07257
12 1997 7.07 100.0000000 707.00000 1.59244 1151.84633
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 16.47%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1151.85 1151.85
TOTAL RETURN 15.18% 15.18%
Scudder Growth & Income
12/1997
Assume ($10000 @ $10.00 on 5/ 1/1997)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
4/97 0.0650000000 9.22 0.705 100.704989
7/97 0.0650000000 10.97 0.597 101.301691
10/97 0.0600000000 11.06 0.550 101.851249
M and E Charge = 0.0014167
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
4 1997 9.46 100.7049892 952.66920 1000.00000
5 1997 10.00 100.7049892 1007.04989 1.41667 1055.66579
6 1997 10.54 100.7049892 1061.43059 1.49553 1111.17621
7 1997 11.17 101.3016915 1131.53989 1.57417 1182.99714
8 1997 10.76 101.3016915 1090.00620 1.67591 1137.89877
9 1997 11.43 101.3016915 1157.87833 1.61202 1207.14104
10 1997 11.01 101.8512486 1121.38225 1.71012 1167.38208
11 1997 11.33 101.8512486 1153.97465 1.65379 1199.65765
12 1997 11.47 101.8512486 1168.23382 1.69951 1212.78180
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 22.63%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1212.78 1212.78
TOTAL RETURN 21.28% 21.28%
T. Rowe Price Personal Strategy Bal
12/1997
Assume ($10000 @ $10.00 on 12/30/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
3/95 0.0900000000 10.70 0.841 100.841121
6/95 0.1000000000 11.39 0.885 101.726469
9/95 0.1100000000 11.76 0.952 102.677992
12/95 0.1000000000 12.39 0.829 103.506709
1/96 0.0800000000 12.47 0.664 104.170746
3/96 0.0800000000 12.56 0.664 104.834254
6/96 0.1100000000 12.59 0.916 105.750200
9/96 0.1100000000 12.96 0.898 106.647771
12/96 0.3400000000 13.51 2.684 109.331727
3/97 0.1200000000 13.58 0.966 110.297840
6/97 0.1200000000 14.48 0.914 111.211910
9/97 0.1200000000 15.09 0.884 112.096299
12/97 0.3400000000 15.00 2.541 114.637149
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 13.44 109.3317272 1469.41841 1000.00000
1 1997 13.64 109.3317272 1491.28476 1.41667 1013.46429
2 1997 13.75 109.3317272 1503.31125 1.43574 1020.20164
3 1997 13.30 110.2978396 1466.96127 1.44529 994.08794
4 1997 13.61 110.2978396 1501.15360 1.40829 1015.85012
5 1997 14.18 110.2978396 1564.02337 1.43912 1056.95579
6 1997 14.48 111.2119101 1610.34846 1.49735 1086.76460
7 1997 15.15 111.2119101 1684.86044 1.53958 1135.51039
8 1997 14.63 111.2119101 1627.03025 1.60864 1094.92714
9 1997 15.12 112.0962991 1694.89604 1.55115 1139.04700
10 1997 14.92 112.0962991 1672.47678 1.61365 1122.36659
11 1997 15.18 112.0962991 1701.62182 1.59002 1140.33524
12 1997 15.13 114.6371485 1734.46006 1.61547 1160.72618
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 18.04%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1160.73 1160.73
TOTAL RETURN 16.07% 16.07%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 13.44 109.3317272 1469.41841 1000.00000
1 1997 13.64 109.3317272 1491.28476 1.41667 1013.46429
2 1997 13.75 109.3317272 1503.31125 1.43574 1020.20164
3 1997 13.30 110.2978396 1466.96127 1.44529 994.08794
4 1997 13.61 110.2978396 1501.15360 1.40829 1015.85012
5 1997 14.18 110.2978396 1564.02337 1.43912 1056.95579
6 1997 14.48 111.2119101 1610.34846 1.49735 1086.76460
7 1997 15.15 111.2119101 1684.86044 1.53958 1135.51039
8 1997 14.63 111.2119101 1627.03025 1.60864 1094.92714
9 1997 15.12 112.0962991 1694.89604 1.55115 1139.04700
10 1997 14.92 112.0962991 1672.47678 1.61365 1122.36659
11 1997 15.18 112.0962991 1701.62182 1.59002 1140.33524
12 1997 15.13 114.6371485 1734.46006 1.61547 1160.72618
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 18.04%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1160.73 1160.73
TOTAL RETURN 16.07% 16.07%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 10.00 100.0000000 1000.00000 1000.00000
1 1995 10.17 100.0000000 1017.00000 1.41667 1015.58333
2 1995 10.49 100.0000000 1049.00000 1.43874 1046.10001
3 1995 10.65 100.8411215 1073.95794 1.48197 1069.50699
4 1995 10.86 100.8411215 1095.13458 1.51513 1089.08072
5 1995 11.23 100.8411215 1132.44579 1.54286 1124.64282
6 1995 11.39 101.7264694 1158.66449 1.59324 1149.08761
7 1995 11.61 101.7264694 1181.04431 1.62787 1169.65458
8 1995 11.63 101.7264694 1183.07884 1.65701 1170.01248
9 1995 11.82 102.6779925 1213.65387 1.65752 1198.59231
10 1995 11.90 102.6779925 1221.86811 1.69801 1205.00660
11 1995 12.27 102.6779925 1259.85897 1.70709 1240.76610
12 1995 12.43 103.5067091 1286.58839 1.75775 1265.33270
1 1996 12.62 104.1707457 1314.63481 1.79255 1291.12321
2 1996 12.59 104.1707457 1311.50969 1.82909 1286.22489
3 1996 12.55 104.8342537 1315.66988 1.82215 1288.48272
4 1996 12.62 104.8342537 1323.00828 1.82535 1293.84413
5 1996 12.72 104.8342537 1333.49171 1.83295 1302.26351
6 1996 12.67 105.7502003 1339.85504 1.84487 1306.63295
7 1996 12.42 105.7502003 1313.41749 1.85106 1278.99987
8 1996 12.59 105.7502003 1331.39502 1.81192 1294.69439
9 1996 12.97 106.6477714 1383.22160 1.83415 1343.25819
10 1996 13.19 106.6477714 1406.68411 1.90295 1364.13988
11 1996 13.85 106.6477714 1477.07163 1.93253 1430.46605
12 1996 13.44 109.3317272 1469.41841 2.02649 1421.02782
1 1997 13.64 109.3317272 1491.28476 2.01312 1440.16094
2 1997 13.75 109.3317272 1503.31125 2.04023 1449.73492
3 1997 13.30 110.2978396 1466.96127 2.05379 1412.62662
4 1997 13.61 110.2978396 1501.15360 2.00122 1443.55128
5 1997 14.18 110.2978396 1564.02337 2.04503 1501.96357
6 1997 14.48 111.2119101 1610.34846 2.12778 1544.32273
7 1997 15.15 111.2119101 1684.86044 2.18779 1613.59186
8 1997 14.63 111.2119101 1627.03025 2.28592 1555.92192
9 1997 15.12 112.0962991 1694.89604 2.20422 1618.61747
10 1997 14.92 112.0962991 1672.47678 2.29304 1594.91414
11 1997 15.18 112.0962991 1701.62182 2.25946 1620.44809
12 1997 15.13 114.6371485 1734.46006 2.29563 1649.42419
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 73.45%
GROSS ANNUAL RETURN = 20.15%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1649.42 1649.42
TOTAL RETURN 64.94% 64.94%
AVERAGE ANNUAL RETURN 18.15% 18.15%
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 10.00 100.0000000 1000.00000 1000.00000
1 1995 10.17 100.0000000 1017.00000 1.41667 1015.58333
2 1995 10.49 100.0000000 1049.00000 1.43874 1046.10001
3 1995 10.65 100.8411215 1073.95794 1.48197 1069.50699
4 1995 10.86 100.8411215 1095.13458 1.51513 1089.08072
5 1995 11.23 100.8411215 1132.44579 1.54286 1124.64282
6 1995 11.39 101.7264694 1158.66449 1.59324 1149.08761
7 1995 11.61 101.7264694 1181.04431 1.62787 1169.65458
8 1995 11.63 101.7264694 1183.07884 1.65701 1170.01248
9 1995 11.82 102.6779925 1213.65387 1.65752 1198.59231
10 1995 11.90 102.6779925 1221.86811 1.69801 1205.00660
11 1995 12.27 102.6779925 1259.85897 1.70709 1240.76610
12 1995 12.43 103.5067091 1286.58839 1.75775 1265.33270
1 1996 12.62 104.1707457 1314.63481 1.79255 1291.12321
2 1996 12.59 104.1707457 1311.50969 1.82909 1286.22489
3 1996 12.55 104.8342537 1315.66988 1.82215 1288.48272
4 1996 12.62 104.8342537 1323.00828 1.82535 1293.84413
5 1996 12.72 104.8342537 1333.49171 1.83295 1302.26351
6 1996 12.67 105.7502003 1339.85504 1.84487 1306.63295
7 1996 12.42 105.7502003 1313.41749 1.85106 1278.99987
8 1996 12.59 105.7502003 1331.39502 1.81192 1294.69439
9 1996 12.97 106.6477714 1383.22160 1.83415 1343.25819
10 1996 13.19 106.6477714 1406.68411 1.90295 1364.13988
11 1996 13.85 106.6477714 1477.07163 1.93253 1430.46605
12 1996 13.44 109.3317272 1469.41841 2.02649 1421.02782
1 1997 13.64 109.3317272 1491.28476 2.01312 1440.16094
2 1997 13.75 109.3317272 1503.31125 2.04023 1449.73492
3 1997 13.30 110.2978396 1466.96127 2.05379 1412.62662
4 1997 13.61 110.2978396 1501.15360 2.00122 1443.55128
5 1997 14.18 110.2978396 1564.02337 2.04503 1501.96357
6 1997 14.48 111.2119101 1610.34846 2.12778 1544.32273
7 1997 15.15 111.2119101 1684.86044 2.18779 1613.59186
8 1997 14.63 111.2119101 1627.03025 2.28592 1555.92192
9 1997 15.12 112.0962991 1694.89604 2.20422 1618.61747
10 1997 14.92 112.0962991 1672.47678 2.29304 1594.91414
11 1997 15.18 112.0962991 1701.62182 2.25946 1620.44809
12 1997 15.13 114.6371485 1734.46006 2.29563 1649.42419
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 73.45%
GROSS ANNUAL RETURN = 20.13%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1649.42 1649.42
TOTAL RETURN 64.94% 64.94%
AVERAGE ANNUAL RETURN 18.13% 18.13%
T. Rowe Price Equity Income Fund
12/1997
Assume ($10000 @ $10.00 on 3/31/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
6/94 0.0900000000 10.10 0.891 100.891089
9/94 0.1000000000 10.52 0.959 101.850130
12/94 0.1000000000 10.43 0.977 102.826641
1/95 0.2600000000 10.54 2.537 105.363162
3/95 0.1100000000 10.95 1.058 106.421604
6/95 0.1100000000 11.57 1.012 107.433392
9/95 0.1100000000 12.27 0.963 108.396527
12/95 0.1100000000 13.15 0.907 109.303266
1/96 0.0100000000 13.39 0.082 109.384897
3/96 0.1000000000 13.76 0.795 110.179845
6/96 0.1100000000 13.92 0.871 111.050519
9/96 0.1000000000 14.32 0.775 111.826012
12/96 0.1800000000 15.46 1.302 113.127996
3/97 0.1900000000 16.00 1.343 114.471391
6/97 0.0900000000 17.17 0.600 115.071416
9/97 0.1000000000 18.42 0.625 115.696125
12/97 0.6300000000 18.40 3.961 119.657460
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 15.26 113.1279961 1726.33322 1000.00000
1 1997 15.69 113.1279961 1774.97826 1.41667 1026.76158
2 1997 16.07 113.1279961 1817.96690 1.45458 1050.17439
3 1997 15.54 114.4713911 1778.88542 1.48775 1026.11067
4 1997 15.93 114.4713911 1823.52926 1.45366 1050.40883
5 1997 16.68 114.4713911 1909.38280 1.48808 1098.37503
6 1997 17.22 115.0714158 1981.52978 1.55603 1138.32164
7 1997 18.20 115.0714158 2094.29977 1.61262 1201.49155
8 1997 17.72 115.0714158 2039.06549 1.70211 1168.10175
9 1997 18.47 115.6961249 2136.90743 1.65481 1222.49680
10 1997 17.98 115.6961249 2080.21633 1.73187 1188.33269
11 1997 18.67 115.6961249 2160.04665 1.68347 1232.25264
12 1997 18.59 119.6574597 2224.43217 1.74569 1267.23728
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 28.85%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1267.24 1267.24
TOTAL RETURN 26.72% 26.72%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 15.26 113.1279961 1726.33322 1000.00000
1 1997 15.69 113.1279961 1774.97826 1.41667 1026.76158
2 1997 16.07 113.1279961 1817.96690 1.45458 1050.17439
3 1997 15.54 114.4713911 1778.88542 1.48775 1026.11067
4 1997 15.93 114.4713911 1823.52926 1.45366 1050.40883
5 1997 16.68 114.4713911 1909.38280 1.48808 1098.37503
6 1997 17.22 115.0714158 1981.52978 1.55603 1138.32164
7 1997 18.20 115.0714158 2094.29977 1.61262 1201.49155
8 1997 17.72 115.0714158 2039.06549 1.70211 1168.10175
9 1997 18.47 115.6961249 2136.90743 1.65481 1222.49680
10 1997 17.98 115.6961249 2080.21633 1.73187 1188.33269
11 1997 18.67 115.6961249 2160.04665 1.68347 1232.25264
12 1997 18.59 119.6574597 2224.43217 1.74569 1267.23728
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 28.85%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1267.24 1267.24
TOTAL RETURN 26.72% 26.72%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 10.42 102.8266412 1071.45360 1000.00000
1 1995 10.57 105.3631618 1113.68862 1.41667 1038.00176
2 1995 10.87 105.3631618 1145.29757 1.47050 1065.99205
3 1995 10.90 106.4216045 1159.99549 1.51016 1078.16206
4 1995 11.18 106.4216045 1189.79354 1.52740 1104.33057
5 1995 11.58 106.4216045 1232.36218 1.56447 1142.27704
6 1995 11.55 107.4333916 1240.85567 1.61823 1148.53144
7 1995 11.80 107.4333916 1267.71402 1.62709 1171.76434
8 1995 11.99 107.4333916 1288.12636 1.66000 1188.97173
9 1995 12.33 108.3965271 1336.52918 1.68438 1231.96432
10 1995 12.40 108.3965271 1344.11694 1.74528 1237.21316
11 1995 12.90 108.3965271 1398.31520 1.75272 1285.34807
12 1995 13.21 109.3032661 1443.89615 1.82091 1325.42571
1 1996 13.57 109.3848966 1484.35305 1.87769 1360.68547
2 1996 13.62 109.3848966 1489.82229 1.92764 1363.77141
3 1996 13.70 110.1798450 1509.46388 1.93201 1379.81915
4 1996 13.78 110.1798450 1518.27826 1.95474 1385.92174
5 1996 14.01 110.1798450 1543.61963 1.96339 1407.09058
6 1996 13.99 111.0505191 1553.59676 1.99338 1414.19188
7 1996 13.59 111.0505191 1509.17655 2.00344 1371.75408
8 1996 13.88 111.0505191 1541.38120 1.94332 1399.08292
9 1996 14.37 111.8260115 1606.93979 1.98203 1456.60719
10 1996 14.70 111.8260115 1643.84237 2.06353 1487.99393
11 1996 15.55 111.8260115 1738.89448 2.10799 1571.92640
12 1996 15.26 113.1279961 1726.33322 2.22690 1558.34438
1 1997 15.69 113.1279961 1774.97826 2.20765 1600.04813
2 1997 16.07 113.1279961 1817.96690 2.26673 1636.53336
3 1997 15.54 114.4713911 1778.88542 2.31842 1599.03380
4 1997 15.93 114.4713911 1823.52926 2.26530 1636.89869
5 1997 16.68 114.4713911 1909.38280 2.31894 1711.64654
6 1997 17.22 115.0714158 1981.52978 2.42483 1773.89713
7 1997 18.20 115.0714158 2094.29977 2.51302 1872.33760
8 1997 17.72 115.0714158 2039.06549 2.65248 1820.30479
9 1997 18.47 115.6961249 2136.90743 2.57876 1905.07101
10 1997 17.98 115.6961249 2080.21633 2.69885 1851.83157
11 1997 18.67 115.6961249 2160.04665 2.62343 1920.27398
12 1997 18.59 119.6574597 2224.43217 2.72039 1974.79210
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 107.61%
GROSS ANNUAL RETURN = 27.57%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1974.79 1974.79
TOTAL RETURN 97.48% 97.48%
AVERAGE ANNUAL RETURN 25.46% 25.46%
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
3 1994 10.00 100.0000000 1000.00000 1000.00000
4 1994 10.16 100.0000000 1016.00000 1.41667 1014.58333
5 1994 10.35 100.0000000 1035.00000 1.43733 1032.11951
6 1994 10.08 100.8910891 1016.98218 1.46217 1012.68967
7 1994 10.36 100.8910891 1045.23168 1.43464 1039.38529
8 1994 10.82 100.8910891 1091.64158 1.47246 1084.06314
9 1994 10.50 101.8501299 1069.42636 1.53576 1060.46639
10 1994 10.65 101.8501299 1084.70388 1.50233 1074.11358
11 1994 10.41 101.8501299 1060.25985 1.52166 1048.38655
12 1994 10.42 102.8266412 1071.45360 1.48521 1057.96973
1 1995 10.57 105.3631618 1113.68862 1.49879 1098.17444
2 1995 10.87 105.3631618 1145.29757 1.55575 1127.78732
3 1995 10.90 106.4216045 1159.99549 1.59770 1140.66282
4 1995 11.18 106.4216045 1189.79354 1.61594 1168.34832
5 1995 11.58 106.4216045 1232.36218 1.65516 1208.49453
6 1995 11.55 107.4333916 1240.85567 1.71203 1215.11149
7 1995 11.80 107.4333916 1267.71402 1.72141 1239.69120
8 1995 11.99 107.4333916 1288.12636 1.75623 1257.89610
9 1995 12.33 108.3965271 1336.52918 1.78202 1303.38095
10 1995 12.40 108.3965271 1344.11694 1.84646 1308.93407
11 1995 12.90 108.3965271 1398.31520 1.85432 1359.85934
12 1995 13.21 109.3032661 1443.89615 1.92647 1402.26027
1 1996 13.57 109.3848966 1484.35305 1.98654 1439.56403
2 1996 13.62 109.3848966 1489.82229 2.03938 1442.82887
3 1996 13.70 110.1798450 1509.46388 2.04401 1459.80689
4 1996 13.78 110.1798450 1518.27826 2.06806 1466.26325
5 1996 14.01 110.1798450 1543.61963 2.07721 1488.65923
6 1996 13.99 111.0505191 1553.59676 2.10893 1496.17220
7 1996 13.59 111.0505191 1509.17655 2.11958 1451.27429
8 1996 13.88 111.0505191 1541.38120 2.05597 1480.18738
9 1996 14.37 111.8260115 1606.93979 2.09693 1541.04631
10 1996 14.70 111.8260115 1643.84237 2.18315 1574.25253
11 1996 15.55 111.8260115 1738.89448 2.23019 1663.05055
12 1996 15.26 113.1279961 1726.33322 2.35599 1648.68117
1 1997 15.69 113.1279961 1774.97826 2.33563 1692.80248
2 1997 16.07 113.1279961 1817.96690 2.39814 1731.40275
3 1997 15.54 114.4713911 1778.88542 2.45282 1691.72935
4 1997 15.93 114.4713911 1823.52926 2.39662 1731.78926
5 1997 16.68 114.4713911 1909.38280 2.45337 1810.87023
6 1997 17.22 115.0714158 1981.52978 2.56540 1876.72946
7 1997 18.20 115.0714158 2094.29977 2.65870 1980.87650
8 1997 17.72 115.0714158 2039.06549 2.80624 1925.82736
9 1997 18.47 115.6961249 2136.90743 2.72826 2015.50746
10 1997 17.98 115.6961249 2080.21633 2.85530 1959.18174
11 1997 18.67 115.6961249 2160.04665 2.77551 2031.59174
12 1997 18.59 119.6574597 2224.43217 2.87809 2089.27025
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 122.44%
GROSS ANNUAL RETURN = 23.74%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2089.27 2089.27
TOTAL RETURN 108.93% 108.93%
AVERAGE ANNUAL RETURN 21.69% 21.69%
T. Rowe Price Internat. Stock Fund
12/1997
Assume ($10000 @ $10.00 on 3/31/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
1/95 0.0500000000 9.73 0.514 100.513875
1/96 0.1000000000 11.31 0.889 101.402591
12/96 0.1600000000 12.47 1.301 102.703667
12/97 0.2900000000 12.70 2.345 105.048869
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 12.64 102.7036672 1298.17435 1000.00000
1 1997 12.48 102.7036672 1281.74177 1.41667 985.92511
2 1997 12.65 102.7036672 1299.20139 1.39673 997.95845
3 1997 12.62 102.7036672 1296.12028 1.41377 994.17797
4 1997 12.71 102.7036672 1305.36361 1.40842 999.85957
5 1997 13.53 102.7036672 1389.58062 1.41647 1062.95017
6 1997 14.11 102.7036672 1449.14874 1.50585 1107.01056
7 1997 14.47 102.7036672 1486.12206 1.56826 1133.68636
8 1997 13.16 102.7036672 1351.58026 1.60606 1029.44526
9 1997 14.03 102.7036672 1440.93245 1.45838 1096.04291
10 1997 12.98 102.7036672 1333.09360 1.55273 1012.46274
11 1997 12.96 102.7036672 1331.03953 1.43432 1009.46838
12 1997 12.74 105.0488691 1338.32259 1.43008 1013.56182
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 3.09%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1013.56 1013.56
TOTAL RETURN 1.36% 1.36%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 12.64 102.7036672 1298.17435 1000.00000
1 1997 12.48 102.7036672 1281.74177 1.41667 985.92511
2 1997 12.65 102.7036672 1299.20139 1.39673 997.95845
3 1997 12.62 102.7036672 1296.12028 1.41377 994.17797
4 1997 12.71 102.7036672 1305.36361 1.40842 999.85957
5 1997 13.53 102.7036672 1389.58062 1.41647 1062.95017
6 1997 14.11 102.7036672 1449.14874 1.50585 1107.01056
7 1997 14.47 102.7036672 1486.12206 1.56826 1133.68636
8 1997 13.16 102.7036672 1351.58026 1.60606 1029.44526
9 1997 14.03 102.7036672 1440.93245 1.45838 1096.04291
10 1997 12.98 102.7036672 1333.09360 1.55273 1012.46274
11 1997 12.96 102.7036672 1331.03953 1.43432 1009.46838
12 1997 12.74 105.0488691 1338.32259 1.43008 1013.56182
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 3.09%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1013.56 1013.56
TOTAL RETURN 1.36% 1.36%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 10.18 100.0000000 1018.00000 1000.00000
1 1995 9.66 100.5138746 970.96403 1.41667 952.37904
2 1995 9.72 100.5138746 976.99486 1.34920 956.94523
3 1995 10.10 100.5138746 1015.19013 1.35567 993.00100
4 1995 10.46 100.5138746 1051.37513 1.40675 1026.98834
5 1995 10.52 100.5138746 1057.40596 1.45490 1031.42439
6 1995 10.52 100.5138746 1057.40596 1.46118 1029.96321
7 1995 11.05 100.5138746 1110.67831 1.45911 1080.39387
8 1995 10.84 100.5138746 1089.57040 1.53056 1058.33094
9 1995 10.97 100.5138746 1102.63720 1.49930 1069.52380
10 1995 10.82 100.5138746 1087.56012 1.51516 1053.38434
11 1995 10.90 100.5138746 1095.60123 1.49229 1059.68047
12 1995 11.26 100.5138746 1131.78623 1.50121 1093.17788
1 1996 11.45 101.4025915 1161.05967 1.54867 1119.90406
2 1996 11.52 101.4025915 1168.15785 1.58653 1125.16410
3 1996 11.72 101.4025915 1188.43837 1.59398 1143.10422
4 1996 12.06 101.4025915 1222.91525 1.61940 1174.64655
5 1996 12.02 101.4025915 1218.85915 1.66408 1169.08646
6 1996 12.17 101.4025915 1234.06954 1.65621 1182.01952
7 1996 11.78 101.4025915 1194.52253 1.67453 1142.46597
8 1996 11.96 101.4025915 1212.77499 1.61849 1158.30451
9 1996 12.23 101.4025915 1240.15369 1.64093 1182.81260
10 1996 12.17 101.4025915 1234.06954 1.67565 1175.33411
11 1996 12.71 101.4025915 1288.82694 1.66506 1225.82027
12 1996 12.64 102.7036672 1298.17435 1.73658 1232.97415
1 1997 12.48 102.7036672 1281.74177 1.74671 1215.62017
2 1997 12.65 102.7036672 1299.20139 1.72213 1230.45697
3 1997 12.62 102.7036672 1296.12028 1.74315 1225.79574
4 1997 12.71 102.7036672 1305.36361 1.73654 1232.80100
5 1997 13.53 102.7036672 1389.58062 1.74647 1310.59008
6 1997 14.11 102.7036672 1449.14874 1.85667 1364.91540
7 1997 14.47 102.7036672 1486.12206 1.93363 1397.80597
8 1997 13.16 102.7036672 1351.58026 1.98023 1269.27939
9 1997 14.03 102.7036672 1440.93245 1.79815 1351.39257
10 1997 12.98 102.7036672 1333.09360 1.91447 1248.34038
11 1997 12.96 102.7036672 1331.03953 1.76848 1244.64841
12 1997 12.74 105.0488691 1338.32259 1.76325 1249.69552
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 31.47%
GROSS ANNUAL RETURN = 9.55%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1249.70 1249.70
TOTAL RETURN 24.97% 24.97%
AVERAGE ANNUAL RETURN 7.71% 7.71%
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
3 1994 10.00 100.0000000 1000.00000 1000.00000
4 1994 10.23 100.0000000 1023.00000 1.41667 1021.58333
5 1994 10.23 100.0000000 1023.00000 1.44724 1020.13609
6 1994 10.10 100.0000000 1010.00000 1.44519 1005.72729
7 1994 10.41 100.0000000 1041.00000 1.42478 1035.17137
8 1994 10.79 100.0000000 1079.00000 1.46649 1071.49211
9 1994 10.52 100.0000000 1052.00000 1.51795 1043.16204
10 1994 10.73 100.0000000 1073.00000 1.47781 1062.50780
11 1994 10.32 100.0000000 1032.00000 1.50522 1020.40349
12 1994 10.18 100.0000000 1018.00000 1.44557 1005.11524
1 1995 9.66 100.5138746 970.96403 1.42391 957.25069
2 1995 9.72 100.5138746 976.99486 1.35611 961.84024
3 1995 10.10 100.5138746 1015.19013 1.36261 998.08044
4 1995 10.46 100.5138746 1051.37513 1.41395 1032.24163
5 1995 10.52 100.5138746 1057.40596 1.46234 1036.70037
6 1995 10.52 100.5138746 1057.40596 1.46866 1035.23171
7 1995 11.05 100.5138746 1110.67831 1.46658 1085.92035
8 1995 10.84 100.5138746 1089.57040 1.53839 1063.74456
9 1995 10.97 100.5138746 1102.63720 1.50697 1074.99467
10 1995 10.82 100.5138746 1087.56012 1.52291 1058.77266
11 1995 10.90 100.5138746 1095.60123 1.49993 1065.10099
12 1995 11.26 100.5138746 1131.78623 1.50889 1098.76975
1 1996 11.45 101.4025915 1161.05967 1.55659 1125.63263
2 1996 11.52 101.4025915 1168.15785 1.59465 1130.91958
3 1996 11.72 101.4025915 1188.43837 1.60214 1148.95147
4 1996 12.06 101.4025915 1222.91525 1.62768 1180.65514
5 1996 12.02 101.4025915 1218.85915 1.67259 1175.06661
6 1996 12.17 101.4025915 1234.06954 1.66468 1188.06583
7 1996 11.78 101.4025915 1194.52253 1.68309 1148.30996
8 1996 11.96 101.4025915 1212.77499 1.62677 1164.22952
9 1996 12.23 101.4025915 1240.15369 1.64933 1188.86297
10 1996 12.17 101.4025915 1234.06954 1.68422 1181.34622
11 1996 12.71 101.4025915 1288.82694 1.67357 1232.09064
12 1996 12.64 102.7036672 1298.17435 1.74546 1239.28110
1 1997 12.48 102.7036672 1281.74177 1.75565 1221.83835
2 1997 12.65 102.7036672 1299.20139 1.73094 1236.75105
3 1997 12.62 102.7036672 1296.12028 1.75206 1232.06598
4 1997 12.71 102.7036672 1305.36361 1.74543 1239.10707
5 1997 13.53 102.7036672 1389.58062 1.75540 1317.29406
6 1997 14.11 102.7036672 1449.14874 1.86617 1371.89727
7 1997 14.47 102.7036672 1486.12206 1.94352 1404.95609
8 1997 13.16 102.7036672 1351.58026 1.99035 1275.77206
9 1997 14.03 102.7036672 1440.93245 1.80734 1358.30527
10 1997 12.98 102.7036672 1333.09360 1.92427 1254.72594
11 1997 12.96 102.7036672 1331.03953 1.77753 1251.01509
12 1997 12.74 105.0488691 1338.32259 1.77227 1256.08801
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 33.83%
GROSS ANNUAL RETURN = 8.07%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1256.09 1256.09
TOTAL RETURN 25.61% 25.61%
AVERAGE ANNUAL RETURN 6.26% 6.26%
T. Rowe Price Limited Term Bond
12/1997
Assume ($10000 @ $10.00 on 5/13/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
5/94 0.0101080000 5.00 0.202 100.202160
6/94 0.0227390860 4.99 0.457 100.658774
7/94 0.0254802850 5.04 0.509 101.167666
8/94 0.0310070990 5.04 0.622 101.790070
9/94 0.0333695090 5.01 0.678 102.468051
10/94 0.0289283280 4.98 0.595 103.063278
11/94 0.0311052550 4.93 0.650 103.713543
12/94 0.0273000000 4.92 0.575 104.289027
1/95 0.0280000000 4.94 0.591 104.880139
2/95 0.0287000000 4.96 0.607 105.487006
3/95 0.0301000000 4.97 0.639 106.125871
4/95 0.0262000000 4.98 0.558 106.684204
5/95 0.0283000000 5.02 0.601 107.285631
6/95 0.0295000000 5.01 0.632 107.917352
7/95 0.0254251330 5.00 0.549 108.466115
8/95 0.0274278140 5.00 0.595 109.061113
9/95 0.0286146590 5.00 0.624 109.685262
10/95 0.0264917600 5.01 0.580 110.265253
11/95 0.0261262300 5.04 0.572 110.836844
12/95 0.0265365700 5.06 0.581 111.418114
1/96 0.0242378560 5.07 0.533 111.950764
2/96 0.0235427380 4.99 0.528 112.478946
3/96 0.0239636480 4.94 0.546 113.024575
4/96 0.0235631940 4.90 0.544 113.568089
5/96 0.0250830810 4.87 0.585 114.153025
6/96 0.0220828540 4.89 0.516 114.668531
7/96 0.0238193190 4.88 0.560 115.228229
8/96 0.0255629680 4.86 0.606 115.834315
9/96 0.0221304100 4.89 0.524 116.358540
10/96 0.0240874040 4.94 0.567 116.925903
11/96 0.0247578130 4.97 0.582 117.508364
12/96 0.0241618420 4.93 0.576 118.084270
1/97 0.0251917050 4.92 0.605 118.688893
2/97 0.0236114340 4.91 0.571 119.259650
3/97 0.0226738380 4.86 0.556 119.816043
4/97 0.0238675950 4.88 0.586 120.402052
5/97 0.0250013980 4.89 0.616 121.017639
6/97 0.0235752560 4.91 0.581 121.598702
7/97 0.0249375280 4.96 0.611 122.210067
8/97 0.0256476800 4.92 0.637 122.847141
9/97 0.0238382100 4.95 0.592 123.438749
10/97 0.0260796860 4.96 0.649 124.087790
11/97 0.0224935020 4.95 0.564 124.651662
12/97 0.0248429880 4.96 0.624 125.276001
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 4.93 118.0842702 582.15545 1000.00000
1 1997 4.92 118.6888930 583.94935 1.41667 1001.66482
2 1997 4.91 119.2596496 585.56488 1.41903 1003.01695
3 1997 4.86 119.8160434 582.30597 1.42094 996.01381
4 1997 4.88 120.4020518 587.56201 1.41102 1003.59306
5 1997 4.89 121.0176386 591.77625 1.42176 1009.36949
6 1997 4.91 121.5987021 597.04963 1.42994 1016.93414
7 1997 4.96 122.2100673 606.16193 1.44066 1031.01416
8 1997 4.92 122.8471414 604.40794 1.46060 1026.57020
9 1997 4.95 123.4387487 611.02181 1.45431 1036.34937
10 1997 4.96 124.0877897 615.47544 1.46816 1042.43498
11 1997 4.95 124.6516623 617.02573 1.47678 1043.58393
12 1997 4.96 125.2760009 621.36896 1.47841 1049.45130
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 6.74%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1049.45 1049.45
TOTAL RETURN 4.95% 4.95%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 4.93 118.0842702 582.15545 1000.00000
1 1997 4.92 118.6888930 583.94935 1.41667 1001.66482
2 1997 4.91 119.2596496 585.56488 1.41903 1003.01695
3 1997 4.86 119.8160434 582.30597 1.42094 996.01381
4 1997 4.88 120.4020518 587.56201 1.41102 1003.59306
5 1997 4.89 121.0176386 591.77625 1.42176 1009.36949
6 1997 4.91 121.5987021 597.04963 1.42994 1016.93414
7 1997 4.96 122.2100673 606.16193 1.44066 1031.01416
8 1997 4.92 122.8471414 604.40794 1.46060 1026.57020
9 1997 4.95 123.4387487 611.02181 1.45431 1036.34937
10 1997 4.96 124.0877897 615.47544 1.46816 1042.43498
11 1997 4.95 124.6516623 617.02573 1.47678 1043.58393
12 1997 4.96 125.2760009 621.36896 1.47841 1049.45130
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 6.74%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1049.45 1049.45
TOTAL RETURN 4.95% 4.95%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 4.92 104.2890271 513.10201 1000.00000
1 1995 4.94 104.8801389 518.10789 1.41667 1008.33943
2 1995 4.96 105.4870059 523.21555 1.42848 1016.85146
3 1995 4.97 106.1258708 527.44558 1.44054 1023.63184
4 1995 4.98 106.6842037 531.28733 1.45015 1029.63752
5 1995 5.02 107.2856306 538.57387 1.45865 1042.30020
6 1995 5.01 107.9173524 540.66594 1.47659 1044.87239
7 1995 5.00 108.4661150 542.33058 1.48024 1046.60918
8 1995 5.00 109.0611127 545.30556 1.48270 1050.86772
9 1995 5.00 109.6852620 548.42631 1.48873 1055.39304
10 1995 5.01 110.2652532 552.42892 1.49514 1061.60053
11 1995 5.04 110.8368435 558.61769 1.50393 1071.98953
12 1995 5.06 111.4181142 563.77566 1.51865 1080.36904
1 1996 5.07 111.9507643 567.59038 1.53052 1086.14870
2 1996 4.99 112.4789462 561.26994 1.53871 1072.51512
3 1996 4.94 113.0245749 558.34140 1.51940 1065.39966
4 1996 4.90 113.5680892 556.48364 1.50932 1060.34545
5 1996 4.87 114.1530250 555.92523 1.50216 1057.77928
6 1996 4.89 114.6685311 560.72912 1.49852 1065.42129
7 1996 4.88 115.2282291 562.31376 1.50935 1066.92286
8 1996 4.86 115.8343146 562.95477 1.51147 1066.62763
9 1996 4.89 116.3585397 568.99326 1.51106 1076.55767
10 1996 4.94 116.9259031 577.61396 1.52512 1091.34326
11 1996 4.97 117.5083638 584.01657 1.54607 1101.89427
12 1996 4.93 118.0842702 582.15545 1.56102 1096.82179
1 1997 4.92 118.6888930 583.94935 1.55383 1098.64779
2 1997 4.91 119.2596496 585.56488 1.55642 1100.13084
3 1997 4.86 119.8160434 582.30597 1.55852 1092.44964
4 1997 4.88 120.4020518 587.56201 1.54764 1100.76273
5 1997 4.89 121.0176386 591.77625 1.55941 1107.09845
6 1997 4.91 121.5987021 597.04963 1.56839 1115.39552
7 1997 4.96 122.2100673 606.16193 1.58014 1130.83880
8 1997 4.92 122.8471414 604.40794 1.60202 1125.96456
9 1997 4.95 123.4387487 611.02181 1.59512 1136.69057
10 1997 4.96 124.0877897 615.47544 1.61031 1143.36540
11 1997 4.95 124.6516623 617.02573 1.61977 1144.62560
12 1997 4.96 125.2760009 621.36896 1.62155 1151.06105
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 21.10%
GROSS ANNUAL RETURN = 6.59%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1151.06 1151.06
TOTAL RETURN 15.11% 15.11%
AVERAGE ANNUAL RETURN 4.80% 4.80%
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
4 1994 5.00 100.0000000 500.00000 1000.00000
5 1994 5.00 100.2021600 501.01080 1.41667 1000.60493
6 1994 4.99 100.6587743 502.28728 1.41752 1001.73677
7 1994 5.04 101.1676661 509.88504 1.41913 1015.47022
8 1994 5.04 101.7900700 513.02195 1.43858 1020.27902
9 1994 5.01 102.4680510 513.36494 1.44540 1019.51573
10 1994 4.98 103.0632777 513.25512 1.44431 1017.85334
11 1994 4.93 103.7135434 511.30777 1.44196 1012.54952
12 1994 4.92 104.2890271 513.10201 1.43445 1014.66824
1 1995 4.94 104.8801389 518.10789 1.43745 1023.12999
2 1995 4.96 105.4870059 523.21555 1.44943 1031.76688
3 1995 4.97 106.1258708 527.44558 1.46167 1038.64671
4 1995 4.98 106.6842037 531.28733 1.47142 1044.74049
5 1995 5.02 107.2856306 538.57387 1.48005 1057.58891
6 1995 5.01 107.9173524 540.66594 1.49825 1060.19882
7 1995 5.00 108.4661150 542.33058 1.50195 1061.96109
8 1995 5.00 109.0611127 545.30556 1.50444 1066.28210
9 1995 5.00 109.6852620 548.42631 1.51057 1070.87379
10 1995 5.01 110.2652532 552.42892 1.51707 1077.17233
11 1995 5.04 110.8368435 558.61769 1.52599 1087.71373
12 1995 5.06 111.4181142 563.77566 1.54093 1096.21615
1 1996 5.07 111.9507643 567.59038 1.55297 1102.08058
2 1996 4.99 112.4789462 561.26994 1.56128 1088.24703
3 1996 4.94 113.0245749 558.34140 1.54168 1081.02719
4 1996 4.90 113.5680892 556.48364 1.53146 1075.89884
5 1996 4.87 114.1530250 555.92523 1.52419 1073.29504
6 1996 4.89 114.6685311 560.72912 1.52050 1081.04914
7 1996 4.88 115.2282291 562.31376 1.53149 1082.57274
8 1996 4.86 115.8343146 562.95477 1.53364 1082.27318
9 1996 4.89 116.3585397 568.99326 1.53322 1092.34888
10 1996 4.94 116.9259031 577.61396 1.54749 1107.35134
11 1996 4.97 117.5083638 584.01657 1.56875 1118.05711
12 1996 4.93 118.0842702 582.15545 1.58391 1112.91023
1 1997 4.92 118.6888930 583.94935 1.57662 1114.76302
2 1997 4.91 119.2596496 585.56488 1.57925 1116.26782
3 1997 4.86 119.8160434 582.30597 1.58138 1108.47395
4 1997 4.88 120.4020518 587.56201 1.57034 1116.90898
5 1997 4.89 121.0176386 591.77625 1.58229 1123.33763
6 1997 4.91 121.5987021 597.04963 1.59139 1131.75641
7 1997 4.96 122.2100673 606.16193 1.60332 1147.42621
8 1997 4.92 122.8471414 604.40794 1.62552 1142.48048
9 1997 4.95 123.4387487 611.02181 1.61851 1153.36382
10 1997 4.96 124.0877897 615.47544 1.63393 1160.13655
11 1997 4.95 124.6516623 617.02573 1.64353 1161.41524
12 1997 4.96 125.2760009 621.36896 1.64534 1167.94508
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 24.27%
GROSS ANNUAL RETURN = 6.16%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1167.95 1167.95
TOTAL RETURN 16.79% 16.79%
AVERAGE ANNUAL RETURN 4.36% 4.36%
T. Rowe Price New American Growth
12/1997
Assume ($10000 @ $10.00 on 3/31/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
1/95 0.0200000000 10.31 0.194 100.193986
1/96 0.4000000000 14.88 2.693 102.887373
12/96 0.1400000000 17.53 0.822 103.709064
12/97 0.0500000000 20.66 0.251 103.960054
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 17.67 103.7090635 1832.53915 1000.00000
1 1997 17.99 103.7090635 1865.72605 1.41667 1016.69312
2 1997 17.91 103.7090635 1857.42933 1.44032 1010.73166
3 1997 16.90 103.7090635 1752.68317 1.43187 952.30152
4 1997 17.05 103.7090635 1768.23953 1.34909 959.40481
5 1997 18.33 103.7090635 1900.98713 1.35916 1030.07135
6 1997 19.25 103.7090635 1996.39947 1.45927 1080.31234
7 1997 20.25 103.7090635 2100.10854 1.53044 1134.90202
8 1997 19.82 103.7090635 2055.51364 1.60778 1109.19508
9 1997 21.23 103.7090635 2201.74342 1.57136 1186.53215
10 1997 20.61 103.7090635 2137.44380 1.68092 1150.19980
11 1997 20.82 103.7090635 2159.22270 1.62945 1160.29000
12 1997 21.35 103.9600535 2219.54714 1.64374 1191.06248
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 21.12%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1191.06 1191.06
TOTAL RETURN 19.11% 19.11%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 17.67 103.7090635 1832.53915 1000.00000
1 1997 17.99 103.7090635 1865.72605 1.41667 1016.69312
2 1997 17.91 103.7090635 1857.42933 1.44032 1010.73166
3 1997 16.90 103.7090635 1752.68317 1.43187 952.30152
4 1997 17.05 103.7090635 1768.23953 1.34909 959.40481
5 1997 18.33 103.7090635 1900.98713 1.35916 1030.07135
6 1997 19.25 103.7090635 1996.39947 1.45927 1080.31234
7 1997 20.25 103.7090635 2100.10854 1.53044 1134.90202
8 1997 19.82 103.7090635 2055.51364 1.60778 1109.19508
9 1997 21.23 103.7090635 2201.74342 1.57136 1186.53215
10 1997 20.61 103.7090635 2137.44380 1.68092 1150.19980
11 1997 20.82 103.7090635 2159.22270 1.62945 1160.29000
12 1997 21.35 103.9600535 2219.54714 1.64374 1191.06248
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 21.12%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1191.06 1191.06
TOTAL RETURN 19.11% 19.11%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 10.10 100.0000000 1010.00000 1000.00000
1 1995 10.37 100.1939864 1039.01164 1.41667 1027.30773
2 1995 10.66 100.1939864 1068.06790 1.45535 1054.58133
3 1995 11.37 100.1939864 1139.20563 1.49399 1123.32681
4 1995 11.23 100.1939864 1125.17847 1.59138 1107.90379
5 1995 11.55 100.1939864 1157.24054 1.56953 1137.90409
6 1995 12.48 100.1939864 1250.42095 1.61203 1227.91551
7 1995 13.43 100.1939864 1345.60524 1.73955 1319.64709
8 1995 13.76 100.1939864 1378.66925 1.86950 1350.20377
9 1995 14.36 100.1939864 1438.78565 1.91279 1407.16614
10 1995 14.58 100.1939864 1460.82832 1.99349 1426.73091
11 1995 15.05 100.1939864 1507.91950 2.02120 1470.70172
12 1995 15.23 100.1939864 1525.95441 2.08349 1486.20802
1 1996 15.14 102.8873732 1557.71483 2.10546 1515.03571
2 1996 15.59 102.8873732 1604.01415 2.14630 1557.92019
3 1996 16.19 102.8873732 1665.74657 2.20705 1615.67158
4 1996 16.47 102.8873732 1694.55504 2.28887 1641.32515
5 1996 16.82 102.8873732 1730.56562 2.32521 1673.87935
6 1996 16.84 102.8873732 1732.62336 2.37133 1673.49836
7 1996 15.65 102.8873732 1610.18739 2.37079 1552.86967
8 1996 16.45 102.8873732 1692.49729 2.19990 1630.04969
9 1996 17.38 102.8873732 1788.18255 2.30924 1719.89524
10 1996 17.27 102.8873732 1776.86493 2.43652 1706.57331
11 1996 17.98 102.8873732 1849.91497 2.41765 1774.31589
12 1996 17.67 103.7090635 1832.53915 2.51361 1755.13654
1 1997 17.99 103.7090635 1865.72605 2.48644 1784.43525
2 1997 17.91 103.7090635 1857.42933 2.52795 1773.97207
3 1997 16.90 103.7090635 1752.68317 2.51313 1671.41920
4 1997 17.05 103.7090635 1768.23953 2.36784 1683.88644
5 1997 18.33 103.7090635 1900.98713 2.38551 1807.91587
6 1997 19.25 103.7090635 1996.39947 2.56121 1896.09566
7 1997 20.25 103.7090635 2100.10854 2.68614 1991.90800
8 1997 19.82 103.7090635 2055.51364 2.82187 1946.78882
9 1997 21.23 103.7090635 2201.74342 2.75795 2082.52594
10 1997 20.61 103.7090635 2137.44380 2.95024 2018.75770
11 1997 20.82 103.7090635 2159.22270 2.85991 2036.46737
12 1997 21.35 103.9600535 2219.54714 2.88500 2090.47728
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 119.76%
GROSS ANNUAL RETURN = 30.01%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2090.48 2090.48
TOTAL RETURN 109.05% 109.05%
AVERAGE ANNUAL RETURN 27.86% 27.86%
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
3 1994 10.00 100.0000000 1000.00000 1000.00000
4 1994 10.12 100.0000000 1012.00000 1.41667 1010.58333
5 1994 9.98 100.0000000 998.00000 1.43166 995.17127
6 1994 9.67 100.0000000 967.00000 1.40983 962.84931
7 1994 9.79 100.0000000 979.00000 1.36404 973.43377
8 1994 10.45 100.0000000 1045.00000 1.37903 1037.67949
9 1994 10.22 100.0000000 1022.00000 1.47005 1013.37056
10 1994 10.37 100.0000000 1037.00000 1.43561 1026.80830
11 1994 9.95 100.0000000 995.00000 1.45465 983.76643
12 1994 10.10 100.0000000 1010.00000 1.39367 997.20341
1 1995 10.37 100.1939864 1039.01164 1.41270 1024.43477
2 1995 10.66 100.1939864 1068.06790 1.45128 1051.63210
3 1995 11.37 100.1939864 1139.20563 1.48981 1120.18533
4 1995 11.23 100.1939864 1125.17847 1.58693 1104.80544
5 1995 11.55 100.1939864 1157.24054 1.56514 1134.72184
6 1995 12.48 100.1939864 1250.42095 1.60752 1224.48153
7 1995 13.43 100.1939864 1345.60524 1.73468 1315.95658
8 1995 13.76 100.1939864 1378.66925 1.86427 1346.42780
9 1995 14.36 100.1939864 1438.78565 1.90744 1403.23088
10 1995 14.58 100.1939864 1460.82832 1.98791 1422.74093
11 1995 15.05 100.1939864 1507.91950 2.01555 1466.58877
12 1995 15.23 100.1939864 1525.95441 2.07767 1482.05170
1 1996 15.14 102.8873732 1557.71483 2.09957 1510.79878
2 1996 15.59 102.8873732 1604.01415 2.14030 1553.56333
3 1996 16.19 102.8873732 1665.74657 2.20088 1611.15321
4 1996 16.47 102.8873732 1694.55504 2.28247 1636.73504
5 1996 16.82 102.8873732 1730.56562 2.31871 1669.19819
6 1996 16.84 102.8873732 1732.62336 2.36470 1668.81827
7 1996 15.65 102.8873732 1610.18739 2.36416 1548.52693
8 1996 16.45 102.8873732 1692.49729 2.19375 1625.49111
9 1996 17.38 102.8873732 1788.18255 2.30278 1715.08540
10 1996 17.27 102.8873732 1776.86493 2.42970 1701.80072
11 1996 17.98 102.8873732 1849.91497 2.41088 1769.35385
12 1996 17.67 103.7090635 1832.53915 2.50658 1750.22814
1 1997 17.99 103.7090635 1865.72605 2.47949 1779.44492
2 1997 17.91 103.7090635 1857.42933 2.52088 1769.01100
3 1997 16.90 103.7090635 1752.68317 2.50610 1666.74493
4 1997 17.05 103.7090635 1768.23953 2.36122 1679.17730
5 1997 18.33 103.7090635 1900.98713 2.37883 1802.85987
6 1997 19.25 103.7090635 1996.39947 2.55405 1890.79306
7 1997 20.25 103.7090635 2100.10854 2.67862 1986.33745
8 1997 19.82 103.7090635 2055.51364 2.81398 1941.34445
9 1997 21.23 103.7090635 2201.74342 2.75024 2076.70197
10 1997 20.61 103.7090635 2137.44380 2.94199 2013.11206
11 1997 20.82 103.7090635 2159.22270 2.85191 2030.77221
12 1997 21.35 103.9600535 2219.54714 2.87693 2084.63107
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 121.95%
GROSS ANNUAL RETURN = 23.67%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2084.63 2084.63
TOTAL RETURN 108.46% 108.46%
AVERAGE ANNUAL RETURN 21.62% 21.62%
