As filed with the Securities and Exchange Commission on April 26, 1999
Registration No. 333-51051
811-8190
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-4
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [ ]
Pre-Effective Amendment No. [ ]
Post-Effective Amendment No. 3 [x]
and
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [x]
Amendment No. 18
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
(Address of Depositor's Principal Executive Offices)
Depositor's Telephone Number, including Area Code
(402) 351-5087
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
Internet: [email protected]
It is proposed that this filing will become effective (check appropriate
box):
[ ] immediately upon filing pursuant to paragraph (b)
[x] on May 1, 1999 pursuant to paragraph (b)
[ ] 60 days after filing pursuant to paragraph (a)(i)
[ ] on the 80th day after filing pursuant to paragraph (a)(i)
If appropriate, check the following box:
[x] This Post-Effective Amendment designates a new effective date for
a previously filed Post-Effective Amendment.
<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.................................. Introduction and Summary
4. Condensed Financial Information........... Financial Statements
5. General
(a) Depositor................................. About Us
(b) Registrant................................ Variable Investment Options
(c) Portfolio Company......................... Variable Investment Options
(d) Fund Prospectus........................... Variable Investment Options
(e) Voting Rights............................. Voting Rights
6. Deductions and Expenses
(a) General................................... Expenses
(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............................. Other Expenses; Investment
Advisory Fees
(g) Organizational Expenses................... N/A
7. Policies
(a) Persons with Rights....................... Important Policy Provisions;
Policy Distributions; Voting
Rights
(b) (i) Allocation of Premium
Payments............................ Introduction and Summary:
Purchase Payment Flow Chart;
Investment Options; Dollar
Cost Averaging; Systematic
Transfer Enrollment Program
(ii) Transfers........................... Transfers
(iii) Exchanges........................... N/A
(c) Changes................................... Adding, Deleting or
Substituting Variable
Investments; Selecting an
Annuity Payout Option;
Annuity Starting Date
(d) Inquiries................................. Miscellaneous: Do You Have
Questions?
8. Annuity Period............................ Annuity Payout Options
9. Death Benefit............................. Death Benefits
10. Purchase and Policy Values
(a) Purchases................................. Policy Application and
Issuance
(b) Valuation................................. Accumulation Value
(c) Daily Calculation......................... Accumulation Value
(d) Underwriter............................... Distributor of the Policies
11. Redemptions
(a) By Owners................................. Withdrawals
By Annuitant.............................. N/A
(b) Check Delay............................... Policy Application and
Issuance
(c) Lapse..................................... N/A
(d) Free Look................................. Summary
12. Taxes..................................... Federal Tax Matters
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) About Us
18. Services
(a) Fees and Expenses
of Registrant............................. N/A
(b) Management Policies....................... N/A
(c) Custodian................................. Custody of Assets
Independent
Auditors ................................ Financial Statements
(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
DataCalculation of Yields and Total Returns; Other Performance Data
22. Annuity Payments.......................... (Prospectus) 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 Persons Controlled By or
with the Depositor or Registrant ............. Under Common 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
<PAGE>
PROSPECTUS: May 1, 1999
United of Omaha
A Mutual of Omaha Company ULTRA-ACCESS
Flexible Payment
Variable Deferred Annuity Policy
This prospectus describes the ULTRA-ACCESS, a variable annuity policy
offered by United of Omaha Life Insurance Company with no withdrawal charge. To
purchase a Policy, generally you must invest at least $5,000. Further investment
is optional.
<TABLE>
<CAPTION>
<S> <C>
The Policy includes 25 variable options (where you
The investment portfolios offered have the investment risk) with investment
through the Policy may have names that portfolios from:
are nearly the same or similar to the
names of retail mutual funds. However, ss. Alger American Fund
these investment portfolios are not the ss. Federated's Insurance Management Series
same as those retail mutual funds, even ss. Fidelity's VIP Fund and VIP Fund II
though they have similar names and ss. MFS Variable Insurance Trust
characteristics and the same managers. ss. Morgan Stanley Dean Witter Universal Funds
The investment performance of these ss. Pioneer Variable Contracts Trust
investment portfolios is not necessarily ss. Scudder Variable Life Investment Fund
related to the performance of the retail ss. T.Rowe Price Equity Series, Fixed Income Series
mutual funds. The investment portfolios and International Series
are described in separate prospectuses
that accompany this prospectus. and three fixed rate options (where we have the
investment risk).
</TABLE>
The variable options are not direct investments in mutual fund shares, but
are offered through subaccounts of United of Omaha Separate Account C. The value
of your Policy will go up or down based on the investment performance of the
variable options that you choose.
Please Read this Prospectus Carefully. It provides
information you should consider before investing in a
Policy. Keep this prospectus and the other prospectuses for
the investment portfolios for future reference.
A Statement of Additional Information about us and the Policy, with the same
date as this Prospectus, is on file with the Securities and Exchange Commission
("SEC") and is incorporated into this prospectus by reference. You may obtain a
copy by writing or calling us, or you may access it in our registration on the
SEC's Web site (HTTP://WWW.SEC.GOV), or you may review and copy it at the SEC's
Public Reference Room in Washington D.C. (call the SEC at 1-800-SEC-0330 for
details and public hours). The Table of Contents for the Statement of Additional
Information is at the end of this prospectus.
The SEC does not pass upon the accuracy or adequacy of this prospectus, and has
not approved or disapproved the Policy. Any representation to the contrary is a
criminal offense.
Remember that the Policy and the investment portfolios:
o are subject to risk, including possible loss of principal
o are not bank deposits
o are not government insured
o are not endorsed by any bank orgovernment agency
o may not achieve their goals
<PAGE>
- ----------------------------------------------------------
CONTENTS
Page(s)
--------
DEFINITIONS 3
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INTRODUCTION AND SUMMARY 4-8
Comparison to Other Policies and
Investments
How the Policy Operates
Summary of Expense Charges
Examples of Expenses
------------------------------------------------ --------
FINANCIAL STATEMENTS 9-10
------------------------------------------------ --------
ABOUT US 10
------------------------------------------------ --------
INVESTMENT OPTIONS 11-18
Variable Investment Options
Fixed Rate Options
Transfers
Dollar Cost Averaging
STEP Program
Asset Allocation Program
Rebalancing Program
------------------------------------------------ --------
IMPORTANT POLICY PROVISIONS 19-21
Policy Application and Issuance
Accumulation Value
Telephone Transactions
Death of Annuitant
Minor Owner or Beneficiary
Policy Termination
------------------------------------------------ --------
EXPENSES
Mortality and Expense Risk Charge 22-23
Administrative Charges
Transfer Fee
Premium Tax Charge
Other Taxes
Other Expenses
------------------------------------------------ --------
POLICY DISTRIBUTIONS 23-27
Withdrawals
Annuity Payments
Death Benefits
------------------------------------------------ --------
FEDERAL TAX MATTERS 27-30
------------------------------------------------ --------
MISCELLANEOUS 30
Distributor of the Policies
Voting Rights
Year 2000 Issues
Legal Proceedings
Do You Have Questions?
------------------------------------------------ --------
Statement of Additional Information Table of 31 -57
Contents
2
<PAGE>
- -----------------------------------------------------------
DEFINITIONS
Accumulation Value is the dollar value of all amounts accumulated under the
Policy (in both the variable investment options and the fixed rate options).
Annuitant is the person on whose life annuity payments involving life
contingencies are based.
Annuity Starting Date is the date when annuity payments are scheduled to begin
(the end of the accumulation phase). The latest Annuity Starting Date permitted
is the Annuitant's 95th birthday (85th birthday in Pennsylvania).
Beneficiary is the person(s) or other legal entity who receives Policy benefits,
if any, upon your death. If there are joint Owners, the surviving joint Owner is
the primary Beneficiary and any named Beneficiary is a contingent Beneficiary.
Business Day is each day that the New York Stock Exchange is open for trading.
Cash Surrender Value is the Accumulation Value less any Policy Fee and any
premium tax charge not previously deducted.
Owner is you --- 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.
Policy Year -- A Policy Year begins on the Date of Issue and each Policy
anniversary.
Series Funds are diversified, open-end investment management companies in which
the Variable Account invests. Each Series Fund has a number of different
investment portfolios.
Subaccount is a segregated account within the Variable Account investing in a
specified investment portfolio of one of the Series Funds.
Us, We, Our is United of Omaha Life Insurance Company.
Valuation Period is the period commencing at the close of business of the New
York Stock Exchange on each business day and ending at the close of business for
the next succeeding Business Day.
Variable Account -- United of Omaha Separate Account C, a separate account
maintained by us.
Written Notice or Request -- Written Notice, signed by you, that gives us the
information we require and is received at United of Omaha, Variable Product
Service, P.O. Box 8430, Omaha, Nebraska 68103-0430.
- -----------------------------------------------------------
This prospectus may only be used to offer the Policy where the Policy may
lawfully be sold. No one is authorized to give information or make
representations about the Policy that isn't in the prospectus; if anyone does
so, you should not rely upon it as being accurate or adequate.
This prospectus generally describes only the variable investment options,
except when the fixed rate options are specifically mentioned.
3
<PAGE>
- -------------------------------------------------------------------
INTRODUCTION AND SUMMARY
This Introduction and Summary briefly notes some of the important things
about the Policy but it is not a complete description of the Policy. The rest of
this prospectus contains more complete information. You should read the entire
prospectus carefully.
The UltraAccess Policy is a contract between you and United of Omaha Life
Insurance Company. It is a variable annuity policy, which means that you can
allocate your investment to up to 25 different variable investment portfolios,
where you can gain or lose money on your investment. You can also allocate your
investment to up to three fixed rate options, where we guarantee you will earn a
fixed rate of interest. It is a deferred annuity, which means it has two phases:
an accumulation (or deferral) phase and an annuity payout phase.
During the accumulation phase, any earnings that you leave in the Policy are
not taxed. During this phase you can put additional money into the Policy,
transfer amounts among the investment options, and withdraw some or all of the
value of your Policy. Some restrictions may apply to transfers (especially to
transfers out of the fixed rate options). Withdrawals may be taxable and subject
to a penalty tax.
The accumulation phase ends and the annuity payout phase begins on the
Annuity Starting Date that you select. During the annuity payout phase, we will
make periodic payments to you. You can select payments that are guaranteed to
last for your entire life or for some other period. You can select payments that
vary in amount, depending on the investment performance of the portfolios you
pick, or payments that are fixed in amount. Some or all of each payment will be
taxable.
o COMPARISON TO OTHER POLICIES AND INVESTMENTS
Compared to fixed annuities. Like fixed-interest annuities, the Policy:
o offers the ability to accumulate capital on a tax-deferred basis;
o offers the ability to have a guaranteed minimum return on your
investment (if you choose a fixed rate option);
o allows you to make partial or full withdrawals from your Policy;
o and can provide annuity payments for the rest of your life or for
some other period.
The Policy is different from fixed-interest annuities in that, to the extent
you select variable investment options, your Accumulation Value will reflect the
investment experience of the selected variable investment options, so you have
both the investment risk and opportunity, not us.
Compared to mutual funds. Although the underlying investment portfolios
operate like mutual funds and have the same investment risk, in many ways the
Policy differs from mutual fund investments. The main differences are:
o The Policy provides a death benefit that could be higher than the value of
the Policy.
o Insurance-related charges not associated with direct mutual fund
investments are deducted from the Policy.
o Federal income tax liability on any earnings generally is deferred until
you receive a distribution from the Policy. You can make transfers from one
underlying investment portfolio to another without tax liability (under
current law).
o Dividends and capital gains distributed by the investment portfolios are
automatically reinvested. Withdrawals before age 59 1/2 generally are
subject to a 10% federal tax penalty. Also, Policy earnings that would be
treated as capital gains in a mutual fund are treated as ordinary income
when distributed, although taxation of them is deferred until such earnings
are distributed. Taxable earnings are considered to be paid out first
followed by the return of your investment.
o Most states grant you a short time period to review your policy and cancel
it. The terms of this "right to examine" period vary by state (see the
cover of your Policy).
4
<PAGE>
HOW THE POLICY OPERATES
The following chart summarizes how the Policy operates. For complete
information, refer to specific sections of this prospectus.
--------------------------------------------------
PURCHASE PAYMENT FLOW CHART
--------------------------------------------------
PURCHASE PAYMENTS
o Minimum initial purchase payment is $5,000
($2,000 if you elect to make electronic
funds transfer payments of at least $100 per
month, or quarterly, semiannual or annual
payment equivalents).
o Minimum additional purchase payment is $500.
o No purchase payments after earlier of the
Annuity Starting Date or your 88th birthday.
--------------------------------------------------
------------------------------------------------------------------
DEDUCTIONS BEFORE ALLOCATING PURCHASE PAYMENTS
In some states, premium taxes up to 3.5% are deducted.
------------------------------------------------------------------
-------------------------------------------------------------------------------
INVESTMENT OF PURCHASE PAYMENTS
Youdirect the allocation of all purchase payments among 25
Subaccounts of the Variable Account, the Fixed Account and
the Systematic Transfer Account. Each Subaccount invests in a corresponding
investment portfolio of one of the Series Funds.
-------------------------------------------------------------------------------
------------------------------------------------------------------------------
DEDUCTIONS FROM ASSETS
o Daily charges deducted from the net assets in the Variable Account equal
an annual rate of:
- 1.40% for our mortality and expense risk;
- 0.20% for our administrative expenses;
o Annual Policy Fee of $30 per year (waived if Accumulation Value is
more than $50,000 on the Policy anniversary).
o $10 transfer fee (first 12 transfers per year are free).
o Investment advisory fees and fund expenses are deducted from the assets
of each investment portfolio.
o Where a state levies premium taxes on the Policy, we will deduct those
taxes from purchase payments, upon surrender, upon death of any Owner, or
at the Annuity Starting Date.The timing of the deduction varies by state.
-----------------------------------------------------------------------------
-------------------------------------------------------------------------
ACCUMULATION VALUE
o Your Accumulation Value is equal to your purchase payments adjusted
up or down each Business Day to reflect the Subaccounts' investment
experience, charges deducted and other Policy transactions (such as
partial withdrawals).
o Accumulation Value may vary daily. There is no minimum guaranteed
Accumulation Value for the variable options.
o Accumulation Value can be transferred among the Subaccounts and the
Fixed Account.
o Dollar cost averaging and asset rebalancing programs are available.
o Accumulation Value is the starting point for calculating the Cash
Surrender Value and the death benefit amount.
----------------------------------------------------------------------
5
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------ ---------------------------------------------------
<S> <C>
ACCUMULATION VALUE BENEFITS DEATH BENEFITS
o You can withdraw all or part of the Cash o Available as a lump sum or under a variety of
Surrender Value. (The Cash Surrender Value is payment options.
the Accumulation Value less any applicable
Policy fee or premium tax charge.) (Income o If you die by accident, you receive double
taxes and penalties may apply.) the death benefit payable if death was not by
accident.*
o Fixed and variable Annuity Payout Options are
available. * The Accidental Death Benefit may not be
available in all states.
- ------------------------------------------------------ ---------------------------------------------------
</TABLE>
o SUMMARY OF CHARGES AND EXPENSES
The following table lists various costs and expenses that you will pay (directly
or indirectly) if you invest in a Policy. In addition to these expenses, in some
states you will pay a premium tax charge.
Policy Owner Transaction Expenses
o Transfer Fee - First 12 Transfers Per Year: NO FEE
- Over 12 Transfers in One Year: $10 each
Variable Account Annual Expenses
(deducted daily to equal this annual % of Accumulation Value)
o Mortality and Expense Risk Fees 1.40%
o Administrative Expense Charge 0.20%
Total Variable Account Annual Expenses 1.60%
Other Annual Expenses
o Annual Policy Fee $30 Per Year
(waived if Accumulation Value is greater than
$50,000 on the Policy Anniversary)
Series Fund Annual Expenses
o The following table shows the expenses for each investment
portfolio for 1998. Expenses could be higher (or lower) in the
future. These expenses may reflect fee waivers and/or expense
reimbursements. Fee waivers and expense reimbursements could stop
at any time.
6
<PAGE>
<TABLE>
<CAPTION>
Series Fund Annual Expenses1 Management Other Expenses Total Portfolio
(as a percentage of average net assets) Fees ( after Annual Expenses
(after fee expense (after fee waiver
Portfolio: waiver)(a) reimbursement)(a) and expense
reimbursement)(a)
- ------------------------------------------------- ---------------- ---------------- ===================
<S> <C> <C> <C>
Alger American Growth 0.75% 0.04% 0.79%
Alger American Small Capitalization 0.85% 0.04% 0.89%
Federated Prime Money Fund II (a) 0.49% 0.31% 0.80%
Federated Fund for U.S. Government
Securities II (a) 0.52% 0.33% 0.85%
Fidelity VIP II Asset Manager: Growth (a) 0.59% 0.13% 0.72%
Fidelity VIP II Contrafund (a) 0.59% 0.07% 0.66%
Fidelity VIP Equity Income (a) 0.49% 0.08% 0.57%
Fidelity VIP II Index 500 (a) 0.24% 0.04% 0.28%
MFS Capital Opportunities Series (a) 0.75% 0.25% 1.00%
MFS Emerging Growth Series 0.75% 0.10% 0.85%
MFS Global Governments Series (a) 0.75% 0.25% 1.00%
MFS High Income Series (a) 0.75% 0.25% 1.00%
MFS Research Series 0.75% 0.11% 0.86%
MSDW Emerging Markets Equity (a) 0.00% 1.95% 1.95%
MSDW Fixed Income (a) 0.06% 0.64% 0.70%
Pioneer Capital Growth 0.65% 0.09% 0.74%
Pioneer Real Estate Growth (a) 1.00% 0.19% 1.19%
Scudder VLIF Global Discovery (a), (b) 0.91% 1.06% 1.97%
Scudder VLIF Growth & Income (c) 0.47% 0.32% 0.79%
Scudder VLIF International 0.87% 0.18% 1.05%
T. Rowe Price Equity Income (d) 0.00% 0.85% 0.85%
T. Rowe Price International Stock (d) 0.00% 1.05% 1.05%
T. Rowe Price Limited-Term Bond (d) 0.00% 0.70% 0.70%
T. Rowe Price New America Growth (d) 0.00% 0.85% 0.85%
T. Rowe Price Personal Strategy Balanced (d) 0.00% 0.90% 0.90%
=======================================================================================================
(a) Without fee waiver or expense reimbursement limits the following funds would
have had the charges set forth below:
Total Portfolio
Portfolio Management Fees Other Expenses Annual Expenses
--------------------------------------
------------------ --------------- ===================
Federated Prime Money Fund II 0.50% 0.31% 0.81%
Federated Fund for U.S. Government
Securities II 0.60% 0.33% 0.93%
Fidelity VIP II Asset Manager: Growth 0.59% 0.14% 0.73%
Fidelity VIP II Contrafund 0.59% 0.11% 0.70%
Fidelity VIP Equity Income 0.49% 0.09% 0.58%
Fidelity VIP II Index 500 0.24% 0.11% 0.35%
MFS Capital Opportunities Series 0.75% 0.36% 1.11%
MFS Global Governments Series 0.75% 0.36% 1.11%
MFS High Income Series 0.75% 0.21% 0.96%
MSDW Emerging Markets Equity 1.25% 2.20% 3.45%
MSDW Fixed Income 0.40% 0.64% 1.04%
Pioneer Real Estate Growth 1.00% 0.20% 1.20%
Scudder VLIF Global Discovery 0.97% 1.06% 2.03%
-------------------------------------- ------------------ --------------- ===================
(b) Other Expenses include a 0.25% 12b-1 fee assessed for payment of
distribution administration expenses.
(c) Other Expenses include a 0.23% 12b-1 fee assessed for payment of
distribution administration expenses.
(d) T. Rowe Price Funds do not itemize management fees and other expenses.
=======================================================================================================
</TABLE>
- --------
1 The fee and expense data regarding each Series Fund, which are fees and
expenses for 1998, was provided to United of Omaha by the Series Fund. The
Series Funds are not affiliated with United of Omaha. We have not independently
verified these figures.
7
<PAGE>
o EXAMPLES OF EXPENSES
The following tables contain examples of the overall expenses you would pay,
in different situations, over different time periods. These examples are based
on certain assumptions, so your actual expenses will, in all likelihood, be
different. In addition, the examples do not reflect any premium tax charges,
which apply in some states. These examples can help you compare the expenses of
the Ultra-Access Policy with expenses of other variable annuity policies.
<PAGE>
------------------------------------------ -----
Examples2 Policy is surrendered,
An Owner would pay the following annuitized, or continued
expenses on a $1,000 investment, in force at end of the
assuming a 5% annual return on assets if: time 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 26 80 140 318
Securities II
========================================== ----- ----- ------ ======
Fidelity VIP II Asset Manager Growth 24 76 133 302
Fidelity VIP II Contrafund 24 74 130 294
Fidelity VIP Equity Income 23 71 125 283
Fidelity VIP II Index 500 20 62 109 246
------------------------------------------ ----- ----- ------ ======
MFS Capital Opportunities Series 27 85 149 337
MFS Emerging Growth Series 26 80 140 318
MFS Global Governments Series 27 85 149 337
MFS High Income Series 26 81 141 319
MFS Research Series 27 85 149 337
========================================== ----- ----- ------ ======
MSDW Emerging Markets Equity 37 115 201 457
MSDW Fixed Income 24 76 132 299
------------------------------------------ ----- ----- ------ ======
Pioneer Capital Growth 24 77 134 304
Pioneer Real Estate Growth 29 91 159 361
------------------------------------------ ----- ----- ------ ======
Scudder VLIF Global Discovery 37 116 202 459
Scudder VLIF Growth & Income 25 78 137 311
Scudder VLIF International 28 87 151 343
========================================== ===== ===== ====== ======
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.
For more detailed information about the Policy,
Please read the rest of this Prospectus and the Policy.
8
<PAGE>
- ----------------------------------------------------------
FINANCIAL STATEMENTS
The Financial Statements for United of Omaha and the Variable Account and the
related independent auditor's reports are contained in the Statement of
Additional Information. (See the cover page on how to get a copy.) At December
31, 1998, net assets of the Subaccounts were represented by the following
Accumulation Unit Values and Accumulation Units. This information should be read
in conjunction with the Variable Account's financial statements and related
notes included in the Statement of Additional Information.
<TABLE>
<CAPTION>
Accumulation Unit Accumulation Unit Number of
Subaccount Value on Value at End of Accumulation Units
(Date of Inception) Commencement Date Year at End of Year**
($)* (December 31) (December 31)
($)*
------------------------------------------ -------- --------------------- ---------------------
<S> <C> <C> <C>
Alger American Growth (8/14/98) 10.000
1998..................................... 12.140 226
Alger American Small Capitalization 10.000
(8/14/98)
1998..................................... 11.351 32
Federated Prime Money Fund II (8/14/98) 1.000
1998..................................... 1.011 392
Federated Fund for U.S. Government 10.000
Securities II (8/14/98)
1998..................................... 10.251 0
Fidelity VIP II Asset Manager: Growth 10.000
(8/14/98)
1998..................................... 11.114 0
Fidelity VIP II Contrafund (8/14/98) 10.000
1998..................................... 11.595 0
Fidelity VIP Equity Income (8/14/98) 10.000
1998..................................... 10.980 343
Fidelity VIP II Index 500 (8/14/98) 10.000
1998..................................... 11.569 111
MFS Emerging Growth Series (8/14/98) 10.000
1998..................................... 11.915 0
MFS High Income Fund Series (8/14/98) 10.000
1998..................................... 9.534 170
MFS Research Series (8/14/98) 10.000
1998..................................... 11.270 0
MFS Capital Opportunities Series (8/14/98) 10.000
1998..................................... 11.600 184
MFS Global Governments Series (8/14/98) 10.000
1998..................................... 10.570 38
MSDW Emerging Markets Equity (8/14/98) 10.000
1998 9.893 0
MSDW Fixed Income (8/14/98) 10.000
1998 10.272 0
Pioneer Capital Growth (8/14/98) 10.000
1998..................................... 9.744 0
Pioneer Real Estate Growth (8/14/98) 10.000
1998..................................... 9.282 34
Scudder VLIF Global Discovery (8/14/98) 10.000
1998..................................... 10.744 0
Scudder VLIF Growth & Income (8/14/98) 10.000
1998..................................... 10.647 0
Scudder VLIF International (8/14/98) 10.000
1998..................................... 10.381 363
9
<PAGE>
T.Rowe Price Equity Income (8/14/98) 10.000
1998..................................... 10.892 0
T.Rowe Price International (8/14/98) 10.000
1998..................................... 10.747 0
T.Rowe Price Limited-Term Bond (8/14/98) 10.000
1998..................................... 10.248 155
T.Rowe Price New America Growth (8/14/98) 10.000
1998..................................... 11.353 0
T.Rowe Price Personal Strategy Balanced 10.000
(8/14/98)
1998..................................... 16.755 0
* Accumulation Unit Values are rounded to the nearest hundredth of a cent.
** Number of Accumulation Units is rounded to the nearest unit.
</TABLE>
- -----------------------------------------------------------
ABOUT US
We are United of Omaha Life Insurance Company, a stock life insurance
company organized under the laws of the State of Nebraska in 1926. We are a
wholly-owned subsidiary of Mutual of Omaha Insurance Company. The Mutual of
Omaha family of companies provide life, health, disability, home and auto
insurance, trust services, and investment sales and brokerage services. The
Mutual of Omaha Companies have a proud tradition of supporting environmental
education, made popular through its long-running Mutual of Omaha's Wild Kingdom
television program, and continued through its Wildlife Heritage Trust. United of
Omaha is principally engaged in the business of issuing group and individual
life insurance and annuity policies, and group accident and health insurance in
all states (except New York), and the District of Columbia. As of December 31,
1998, United of Omaha had assets of over $10 billion.
We may from time to time publish (in advertisements, sales literature and
reports to policy owners) the ratings and other information assigned to us by
one or more independent rating organizations such as A.M. Best, Moody's
Investors Service, Standard & Poor's Corporation, and Duff & Phelps, Inc. The
purpose of the ratings is to reflect our financial strength and/or claims-paying
ability. The ratings do not bear on the investment performance of assets held in
the Variable Account or on the safety or the degree of risk associated with an
investment in the Policy.
10
<PAGE>
- -----------------------------------------------------------
INVESTMENT OPTIONS
The investment results of each investment portfolio, whose
investment objectives are described below, are likely to
differ significantly. You should consider carefully, and on
a continuing basis, which portfolios or combination of
investment portfolios and fixed rate options best suits your
long-term investment objectives.
We recognize you have very personal goals and investment strategies. The
Policy allows you to choose from a wide array of investment options --- each
chosen for its potential to meet specific investment objectives. You may
allocate all or a part of your purchase payments to one or a combination of the
variable investment options or the fixed rate options (allocations to the
Systematic Transfer Accounts are limited to initial purchase payment and
rollovers only). Allocations must be in whole percentages and total 100%.
You can choose among 25 variable investment options and three fixed rate
options.
o VARIABLE INVESTMENT OPTIONS
The investment portfolios are not available for purchase
directly by the general public, and are not the same as
other mutual fund portfolios with very similar or nearly
identical names that are sold directly to the public.
However, the investment objectives and policies of certain
portfolios available under the Policy are very similar to
the investment objectives and policies of other portfolios
that are or may be managed by the same investment adviser or
manager. Nevertheless, the investment performance and
results of the portfolios available under the Policy may be
lower, or higher, than the investment results of such other
(publicly available) portfolios. There can be no assurance,
and no representation is made, that the investment results
of any of the portfolios available under the Policy will be
comparable to the investment results of any other mutual
fund portfolio, even if the other portfolio has the same
investment adviser or manager and the same investment
objectives and policies, and a very similar name.
For detailed information about any portfolio, including its
performance history, refer to the prospectus for that
portfolio.
With the Policy's variable investment options, you bear the investment
risk, not us. You control the amount of money you invest in each of the
investment portfolios, and you bear the risk those portfolios will perform worse
than you expect.
The Variable Account, United of Omaha Separate Account C, provides you
with 25 variable investment options in the form of Series Fund investment
portfolios. Each Series Fund is an open-end investment management company. When
you allocate Policy funds to a Series Fund portfolio, those funds are placed in
a Subaccount of the Variable Account corresponding to that portfolio, and the
Subaccount in turn invests in the portfolio. The Accumulation Value of your
policy depends directly on the investment performance of the portfolios that you
select.
The Variable Account is registered with the SEC 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. The Variable Account was
established as a separate investment account of United of Omaha under Nebraska
law on December 1, 1993. Under Nebraska law, we own the Variable Account assets,
but they are held separately from our other assets and are not charged with any
liability or credited with any gain of other separate investment accounts or
other business unrelated to the Variable Account. Any and all distributions made
by the Series Funds with respect to the shares held by the Variable Account will
be reinvested in additional shares at net asset value. We are responsible to you
for meeting the obligations of the Policy, but we do not guarantee the
investment performance of any of the portfolios. We do not make any
representations about their future performance. The portfolios may fail to meet
their objectives, and they could go down in value. 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. Complete
descriptions of each portfolio's investment objectives and restrictions and
other material information related to an investment in the portfolio are
contained in the prospectuses for each of the Series Funds which accompany this
prospectus.
11
<PAGE>
<TABLE>
<CAPTION>
- ---------------- ---------------------------------------------------- ------------------------------------
Variable Investment Options
Asset under United of Omaha Separate Account C Objective
Category * (Series Fund - Portfolio)
- ---------------- -----------------------------------------------------------------------------------------
Investments
- ---------------- ---------------------------------------------------- ------------------------------------
<S> <C> <C> <C>
MFS Variable Insurance Trust -
MFS Emerging Growth Series Portfolio (5) Long-term capital appreciation.
Aggressive
Growth
- ---------------- ---------------------------------------------------- ------------------------------------
Common stocks of small and medium-sized companies
with growth potential.
May make limited investments in lower rated bonds or
comparable unrated securities.
- ---------------- -----------------------------------------------------------------------------------------
Alger American Fund -
Alger American Small Capitalization Portfolio (1) Long-term capital appreciation.
- ---------------- ---------------------------------------------------- ------------------------------------
Common stocks of companies with total market
capitalization of less than $1 billion. Such
securities may have limited marketability and be
subject to more abrupt or erratic market movements
than the general equity market.
- ---------------- -----------------------------------------------------------------------------------------
Pioneer Variable Contracts Trust - Long-term capital appreciation
Real Estate Pioneer Real Estate Growth Portfolio (8) with current income.
- ---------------- ---------------------------------------------------- ------------------------------------
Real estate investment trusts (REITs) and other real
estate industry companies.
- ---------------- -----------------------------------------------------------------------------------------
T. Rowe Price International Series, Inc. -
T. Rowe Price International Stock Portfolio (10) Long-term capital appreciation.
International
- ---------------- ---------------------------------------------------- ------------------------------------
Common stock of foreign companies.
- ---------------- -----------------------------------------------------------------------------------------
Scudder Variable Life Investment Fund -
Scudder VLIF International Portfolio (9) Long-term capital appreciation.
- ---------------- ---------------------------------------------------- ------------------------------------
Common stock of foreign companies, diversified among
several countries and industries.
- ---------------- -----------------------------------------------------------------------------------------
Scudder Variable Life Investment Fund - Long-term capital
appreciation Scudder VLIF Global Discovery Portfolio (9) with
current income.
- ---------------- -----------------------------------------------------------------------------------------
Common stocks of small foreign and domestic
companies, including to a limited extent in lower
rated bonds or comparable unrated securities.
- ---------------- -----------------------------------------------------------------------------------------
Morgan Stanley Dean Witter Universal Funds, Inc. -
MSDW Emerging Markets Equity Portfolio (6) Long-term capital appreciation.
- ---------------- ---------------------------------------------------- ------------------------------------
Securities of "emerging" foreign countries (countries whose economies are
developing strongly and where equity markets are becoming sophisticated).
Such investments may not be feasible or may involve unacceptable political
risks in some countries, and may involve greater
risk than securities in more developed countries and
markets.
- ---------------- -----------------------------------------------------------------------------------------
MFS Variable Insurance Trust - High current income
Bond - MFS High Income Series Portfolio (5) and capital appreciation.
High Yield
- ---------------- ---------------------------------------------------- ------------------------------------
Diversified bond portfolio, some of which may
involve equity features, including lower-rated bonds
or comparable unrated securities.
- ---------------- -----------------------------------------------------------------------------------------
T. Rowe Price Equity Series, Inc. -
T. Rowe Price New American Growth Portfolio (11) Long-term capital appreciation.
Growth
- ---------------- -----------------------------------------------------------------------------------------
Common stocks of companies in the service sector of
the economy.
- ---------------- -----------------------------------------------------------------------------------------
MFS Variable Insurance Trust -
- ---------------- ---------------------------------------------------- ------------------------------------
Long-term capital appreciation.
- ---------------- ---------------------------------------------------- ------------------------------------
Common stocks or securities convertible into common stocks of companies
expected to possess better than average prospects for long-term growth. May
invest to a limited extent in lower-rated securities or comparable unrated
securities.
- ---------------- -----------------------------------------------------------------------------------------
Fidelity Variable Insurance Products Fund II -
Fidelity VIP II Contrafund Portfolio (3) Long-term capital appreciation.
- ---------------- ---------------------------------------------------- ------------------------------------
Securities of companies, foreign and domestic, that
are currently undervalued, unpopular or overlooked,
but analysts believe show potential for growth. May
use techniques to hedge risk.
- ---------------- -----------------------------------------------------------------------------------------
Alger American Fund -
Alger American Growth Portfolio (1) Long-term capital appreciation.
- ---------------- ---------------------------------------------------- ------------------------------------
Common stocks of companies with total market
capitalization of $1 billion or more.
- ---------------- -----------------------------------------------------------------------------------------
Pioneer Variable Contracts Trust -
Pioneer Capital Growth Portfolio (8) Long-term capital appreciation.
- ---------------- ---------------------------------------------------- ------------------------------------
12
<PAGE>
Securities of companies, foreign and domestic, that are currently
undervalued, unpopular or overlooked, but analysts believe show potential
for growth.
- ---------------- ---------------------------------------------------- ------------------------------------
MFS Variable Insurance Trust -
MFS Capital Opportunities Series Portfolio (5) Long-term capital appreciation.
- ---------------- ---------------------------------------------------- ------------------------------------
Common stocks of foreign and domestic companies. May
make limited investments in lower rated bonds or
comparable unrated securities.
- ---------------- -----------------------------------------------------------------------------------------
Fidelity Variable Insurance Products Fund II - Long-term
capital appreciation Fidelity VIP II Index 500 Portfolio (3)
with current income.
Growth &
Income
- ---------------- ---------------------------------------------------- ------------------------------------
Common stocks of companies that comprise the
Standard & Poor's 500 index.
- ---------------- -----------------------------------------------------------------------------------------
Scudder Variable Life Investment Fund - Long-term capital
appreciation Scudder VLIF Growth & Income Portfolio (9) with
current income.
- ---------------- -----------------------------------------------------------------------------------------
Common and preferred stocks, and securities
convertible into common stocks, of large established
companies.
- ---------------- -----------------------------------------------------------------------------------------
T. Rowe Price Equity Series, Inc. -
T. Rowe Price Equity Income Portfolio (11) Dividend income and capital
Equity appreciation.
Income
- ---------------- -----------------------------------------------------------------------------------------
Common stocks of established companies that pay
dividends.
- ---------------- ---------------------------------------------------- ------------------------------------
Fidelity Variable Insurance Products Fund - Dividend income and
capital Fidelity VIP Equity Income Portfolio (3) appreciation
surpassing the S&P 500 average.
- ---------------- ---------------------------------------------------- ------------------------------------
Securities of established companies that produce
income and capital appreciation.
- ---------------- -----------------------------------------------------------------------------------------
T. Rowe Price Equity Series, Inc. - (11)
T. Rowe Price Personal Strategy Balanced Portfolio Dividend income and capital
appreciation.
Balanced
- ---------------- -----------------------------------------------------------------------------------------
Diversified portfolio of stocks, bond and money market securities. Bond
holdings are primarily investment grade, but can include more volatile
unrated bonds.
- ---------------- -----------------------------------------------------------------------------------------
Fidelity Variable Insurance Products Fund II -
Fidelity VIP II Asset Manager Growth Portfolio Long term capital appreciation.
(3,4)
- ---------------- ---------------------------------------------------- ------------------------------------
Diversified portfolio of domestic and foreign
stocks, bonds, money market securities, and
derivative transactions.
- ---------------- -----------------------------------------------------------------------------------------
MFS Variable Insurance Trust - Capital appreciation and growth
Bond - MFS Global Governments Series Portfolio (5) with moderate current income.
International
- ---------------- ---------------------------------------------------- ------------------------------------
Foreign and U.S. government bonds.
- ---------------- -----------------------------------------------------------------------------------------
Insurance Management Series -
Federated Fund for U.S. Government Securities II Current income.
Portfolio (2)
Bond -
Domestic
- ---------------- -----------------------------------------------------------------------------------------
U.S. Government bonds.
- ---------------- -----------------------------------------------------------------------------------------
T. Rowe Price Fixed Income Series, Inc. - High level of current income
T. Rowe Price Limited Term Bond Portfolio (11) consistent with modest price
fluctuations.
- ---------------- ---------------------------------------------------- ------------------------------------
Short- and intermediate-term investment grade debt
securities.
- ---------------- -----------------------------------------------------------------------------------------
Above average return from a
Morgan Stanley Dean Witter Universal Funds, Inc. - diversified portfolio of fixed
MSDW Fixed Income Portfolio (7) income securities and derivatives.
- ---------------- ---------------------------------------------------- ------------------------------------
Medium to high quality fixed income investments of
intermediate maturity.
- ---------------- -----------------------------------------------------------------------------------------
Insurance Management Series - Current income consistent with the
Money Market Federated Prime Money Fund II Portfolio (2) stability of principal.
- ---------------- ---------------------------------------------------- ------------------------------------
Money market instruments maturing in 13 months or
less. This portfolio is not insured by the U.S.
government, and there is no guarantee it will be
able to maintain a stable net asset value per share.
- ---------------- -----------------------------------------------------------------------------------------
(*) Asset Category designations are our own to help you gain insight into each
portfolio's intended objectives, but do not assure any portfolio will perform
consistent with the categorization. Information contained in the Series Funds'
prospectuses should be read carefully before investing in any Subaccount of the
Variable Account.
</TABLE>
13
<PAGE>
We do not assure that any portfolio will achieve its stated
objective. Detailed information, including a description of
each portfolio's investment objective and policies, a
description of risks involved in investing in each of the
portfolios, and each portfolio's fees and expenses, is
contained in the prospectuses for the Series Funds, current
copies of which accompany this Prospectus. None of these
portfolios are insured or guaranteed by the U.S. government.
Investment advisers 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 Dean Witter Asset Management, Inc.
(7) Miller Anderson & Sherrerd, LLP.
(8) Pioneer Investment Management.
(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.
The investment advisers of the Series Funds and the investment portfolios
are described in the prospectuses for the Series Funds.
The performance history of each Variable Account Subaccount, which gives you
an indication of how each portfolio has performed and the effect of Policy
expenses on that performance, is discussed in the Statement of Additional
Information. You may obtain a copy from us. The performance history of each
portfolio is more fully described in the Series Fund prospectus for each
portfolio. Past performance may not be an indication of future performance.
Each investment portfolio is designed to provide an investment vehicle for
variable annuity and variable life insurance contracts issued by various
insurance companies. For more information about the risks associated with the
use of the same funding vehicle for both variable annuity and variable life
insurance contracts of various insurance companies, see the prospectuses of the
Series Fund which accompany this prospectus.
We may receive revenues from the investment portfolios or their investment
advisers. These revenues may depend on the amount our Variable Account invests
in the Series Fund and/or any portfolio thereof.
o Adding, Deleting, or Substituting Variable Investments
We do not control the Series Funds, so cannot guarantee that any of the
portfolios will always be available. We retain the right to change the Variable
Account and its investments. This means we may eliminate the shares of any
portfolio held in our Variable Account and to substitute shares of another
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. We will first notify you and receive any
necessary SEC and state approval before making such a change.
New portfolios may be added, or existing portfolios eliminated, when, in our
sole discretion, conditions warrant such a change. If a portfolio is eliminated,
we will ask you to reallocate any amount in the eliminated portfolio. If you do
not reallocate these amounts, we will automatically reinvest them in the
Federated Prime Money Fund II Portfolio.
If we make a portfolio substitution or change, we may change the Policy to
reflect the substitution or change. Our Variable Account may be (i) operated as
an investment management company or any other form permitted by law, (ii)
deregistered with the SEC if registration is no longer required or (iii)
combined with one or more other separate accounts. To the extent permitted by
law, we also may transfer assets of the Variable Account to other accounts.
14
<PAGE>
FIXED RATE OPTIONS
With fixed rate options, we bear the investment risk. This means we
guarantee that you will earn a minimum interest rate of at least 3% per year
(compounded annually). However, you bear the risk that we will not credit more
than 3% interest per year. We may declare a higher current interest rate.
Whatever interest rate we declare will be guaranteed for at least one year. We
have full control over how assets allocated to fixed rate options are invested,
and we bear the risk that those assets will perform better or worse than the
amount of interest we have declared. The focus of this Prospectus is to disclose
the Variable Account aspects of the Policy. For details regarding the fixed
investment options, see the Policy.
There are three fixed rate options: two Systematic Transfer Accounts and a
Fixed Account.
o Systematic Transfer Accounts
All amounts allocated to the fixed rate options become part
of the general account assets of United of Omaha. Interests
in the general account have not been registered with the SEC
and are not subject to the SEC's regulation, nor is the
general account registered as an investment company with the
SEC. Therefore, SEC staff have not reviewed the general
account disclosures in this Prospectus.
The Systematic Transfer Accounts are the fixed rate options used if you
elect (when you buy the Policy) to participate in the Systematic Transfer
Enrollment Program ("STEP program"). You may only elect one: the four-month or
12-month Account. The STEP program is used to automatically transfer a
predetermined dollar amount on a monthly basis to any of the Subaccounts you
choose. The allocation and the predetermined dollar amount may not be changed.
You must have a minimum of $5,000 in the Systematic Transfer Account in order to
participate in the STEP program. No additional funds may be allocated to a
Systematic Transfer Account after you purchase the Policy (except for funds
designated in the application to be transferred into the Policy pursuant to an
Internal Revenue Code Section 1035 exchange or IRA rollover or transfer).
Funds allocated to the Systematic Transfer Account must be completely
transferred to the Variable Account in either four or 12 months (whichever you
choose). There are currently two Systematic Transfer Accounts, one for
four-month transfers and one for 12-month transfers. We may credit different
rates of interest to these two accounts. Transfers from the Systematic Transfer
Accounts do not count toward the 12 free transfers allowed each Policy Year. You
may not transfer funds into any Systematic Transfer Account.
o Fixed Account
One transfer out of the Fixed Account is allowed each Policy Year. (This
limit does not apply under the Dollar Cost Averaging or Asset Allocation
programs.) 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. We reserve the right to modify
transfer privileges at any time. 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 may be delayed for up to six
months. For purposes of crediting interest, the most recent 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 most recent
payment plus interest is considered to be transferred out next, and so on (a
"last-in, first-out" procedure).
o Fixed Account and Systematic Transfer Accounts
We have sole discretion to set current interest rates of fixed
rate options. We do not guarantee the level of future interest
rates of fixed rate options, except that they will not be less
than an effective rate of 3% per year (compounded annually).
The Fixed Account and the Systematic Transfer Account are part of our
general account assets. The General Account includes all our assets except those
segregated in the Variable Account or in any other separate investment account.
You may allocate purchase payments to the Fixed Account or transfer amounts from
the Variable Account to the Fixed Account. Instead of you bearing the investment
risk, as you do with investments allocated to the Variable Account, we bear the
full investment risk for investments in the fixed rate options. We have sole
discretion to invest the assets of our general account, subject to applicable
law.
We guarantee that money invested in any fixed rate option will earn an
effective rate of at least 3% per year (compounded annually). Once declared, we
guarantee that any rate will last for at least one year. Different rates of
interest may be credited to each Systematic Transfer Account and the Fixed
Account.
We guarantee that, at any time prior to the Annuity Starting Date, the
amount in your Fixed Account or Systematic Transfer Account will not be less
than the amount of purchase payment allocated or Accumulation Value transferred
to the Fixed Account or Systematic Transfer Account, plus interest at an
effective rate of 3% per year, plus excess interest (if any) credited to amounts
in the Fixed Account or Systematic Transfer Account, less 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.
15
<PAGE>
o TRANSFERS
The Policy is designed for long-term investment, not for active trading or
"market timing." Excessive transfers could harm other Policy owners by having a
detrimental effect on portfolio management. Prior to the Annuity Starting Date,
you may transfer Policy value from one Subaccount to another, from the Variable
Account to the Fixed Account, or from the Fixed Account to any Subaccount, as
often as you like, subject to these rules:
Transfer Rules:
o We must receive notice of the transfer --- either Written Notice or an
authorized Telephone Transaction.
o The transferred amount must be at least $500, or the entire Subaccount
value if it is less. (If the Subaccount value remaining after a transfer
will be less than $500, we will include that amount as part of the
transfer.)
o The first 12 transfers each Policy Year from Variable Account Subaccounts
are free. The rest cost $10 each. This fee is deducted from the amount
transferred.
o A transfer from the Fixed Account:
- currently may be made only once each Policy Year;
- is free;
- does not count toward the 12 free transfer limit; and
- is limited during any Policy Year to 10% of the Fixed Account value on
the date of the transfer.
o We reserve the right to limit transfers, or to modify transfer privileges,
for any permissible reason.
o If the Accumulation Value in any Subaccount falls below $500, we may
transfer the remaining balance, without charge, to the Federated Prime
Money Fund II Portfolio.
o Transfers made pursuant to participation in the Dollar Cost Averaging,
Asset Allocation or Rebalancing programs are not subject to the amount or
timing limitations of these rules, nor are they subject to a Transfer fee.
See the sections of this prospectus describing those programs for the rules
of each program.
o If you transfer amounts from the Fixed Account to the Variable Account, we
can restrict or limit any transfer of those amounts back to the Fixed
Account.
Third-Party Transfers. Where permitted and subject to our rules, we may
accept your authorization to have a third party exercise transfers on your
behalf. We can suspend or cancel our acceptance any time upon notice to you. An
example of a reason might be if the third party is practicing "market timing."
We can also limit the availability of Subaccounts and the Fixed Account for
transfers by the third party, upon notice to you. We would not impose such
restrictions where we have Written Notice that the third party has been duly
appointed by a court or by you to act on your behalf for all your financial
affairs.
o DOLLAR COST AVERAGING
The Dollar Cost Averaging and the STEP program are intended
to result 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 either program will result in higher Policy
value or otherwise be successful.
Our Dollar Cost Averaging program allows you to automatically transfer, on a
periodic basis, a set dollar amount or percentage from one Subaccount or the
Fixed Account to any Subaccount(s). You can begin Dollar Cost Averaging when you
purchase the Policy or later. You can increase or decrease the amount or
percentage of transfers or discontinue the program at any time. Rules of the
Dollar Cost Averaging program are:
Dollar Cost Averaging Rules:
o The Dollar Cost Averaging program is free.
o We must receive notice of your election and any changed instruction ---
either Written Notice or an authorized Telephone Transaction.
o Automatic transfers can occur monthly, quarterly, semi-annually, or
annually.
o There must be at least $5,000 of Accumulation Value in the applicable
Subaccount or Fixed Account.
o Amount of each transfer must be at least $100, and must be $50 per
Subaccount.
o If transfers are made from the Fixed Account, the maximum annual 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 limitation out of
the Subaccounts of the Variable Account.
o Dollar Cost Averaging program transfers cannot begin before the end of a
Policy's free look ("right to examine") period.
16
<PAGE>
o You may specify that transfers be made on the 1st through the 28th day of
the month. Transfers will be made on the date you specify (or if that is
not a Business Day, then on the next Business Day). If you do not select a
date, the program will begin on the next Policy monthly anniversary
following the date the Policy's free look period ends.
o You can limit the number of transfers to be made, in which case the program
will end when that number has been made. Otherwise, the program will
terminate when the amount remaining in the applicable Subaccount or the
Fixed Account is less than $500.
o SYSTEMATIC TRANSFER ENROLLMENT
PROGRAM ("STEP program")
The STEP program allows you to automatically transfer funds on a monthly
basis from the Systematic Transfer Account to any other investment option. It
allows you to use a dollar cost averaging concept to move your initial purchase
payment from a fixed interest rate account into variable investment options
within either a four-month or a 12-month period, depending upon which time
period you elect. If you want to move funds from a fixed interest rate account
into variable investment options over a longer time period using the same
concept, then you should use the Dollar Cost Averaging program. (However, we
anticipate crediting a higher interest rate on amounts in a Systematic Transfer
Account than on amounts in the regular Fixed Account.)
STEP Program Rules:
o The STEP program is free.
o Can only be selected on the initial application.
o Must have at least $5,000 in Systematic Transfer Account to begin.
o Amount transferred each month must be at least an amount sufficient to
transfer the entire amount out of the Systematic Transfer Account in either
four or 12 equal monthly payments.
o You may only participate in one Systematic Transfer Account, but not both.
o Transfers must be at least $50 per Subaccount.
o No new purchase payments may be allocated to this account after the Policy
Issue Date, except for funds designated in the application to be
transferred into the Policy pursuant to an Internal Revenue Code Section
1035 exchange.
- Upon receipt of funds by Section 1035 exchange, the four or 12 monthly
payment requirement is restarted and the minimum monthly transfer
amount is recalculated.
o Cannot begin before the end of the Policy's free look period.
- You may specify transfers be made on the 1st through the 28th day of
the month. If that is not a Business Day, transfers will be made on
the next Business Day. If you do not select a start date, the STEP
program will begin on the next Policy monthly anniversary following
the date the Policy's free look period ends.
o No transfers may be made into the Systematic Transfer Account.
o All funds remaining in the Systematic Transfer Account on the date of the
last monthly transfer will be transferred to the Subaccounts in a pro rata
amount consistent with your allocation instructions.
o The STEP program ends the earlier of the date when all amounts in the
Systematic Transfer Account have been transferred or the date of the last
monthly STEP program transfer.
o ASSET ALLOCATION PROGRAM
The Asset Allocation program allows you to allocate purchase payments and
policy value among the variable investment options. You can specify your own
desired allocation instructions, or you can choose to use one of the five Asset
Allocation Models outlined below. The fixed rate options are not included in
this program.
The Asset Allocation Program does not protect against a
loss, and otherwise is not guaranteed to achieve your goal.
Asset Allocation Program Rules:
o The Asset Allocation program is free.
o You must request the Asset Allocation program in the Policy application or
by Written Notice or authorized Telephone Transaction. Changed
instructions, or a request to end this program, must also be by Written
Notice or authorized Telephone Transaction.
o You must have at least $10,000 of Accumulation Value to begin the Asset
Allocation program.
o Transfers made pursuant to this program do not count in
determining whether a Transfer Fee applies.
o Asset Allocation and STEP programs cannot run at the same time.
17
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
ASSET ALLOCATION MODELS
CURRENT 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 3 5 12 18
Pioneer Real Estate Growth 4 5 6
T.Rowe Price International Stock 6 15 27 31
Scudder International 19
MFS High Income Series 4 5 5
T.Rowe Price New America Growth 6
MFS Capital Opportunities Series 3 8 12 16 10
Fidelity VIP II Index 500 5 10 10 13 13
T.Rowe Price Equity Income 10 15
Fidelity VIP Equity Income 8 15 16
MFS Global Governments Series 4 5 5
T.Rowe Price Limited-Term Bond 43 31 20 12
MSDW Fixed Income 3
Federated Prime Money Fund II 24 13 5
- --------------------------------------------------------------------------------
* We retain the right to change allocation model allocations or to substitute
portfolio options therein in future updated prospectuses. Amounts you allocate
to a model portfolio will be invested pursuant to the then current portfolio
allocations for that model.
- --------------------------------------------------------------------------------
</TABLE>
We use Ibbotson Associates to develop the Asset Allocation Model
allocations. They are an investment consulting firm specializing in applying
investment theories and empirical findings (such as historical return data
collected on the investment portfolios) to quantify the benefits of
diversification for particular investment profiles.
o REBALANCING PROGRAM
The Rebalancing program allows you to rebalance your Accumulation Value amount
the variable investment options and the Fixed Account pursuant to your initial
allocation percentage instructions on a quarterly, semiannual, or annual basis.
Rebalancing utilizes your allocation instructions in effect at the end of the
STEP program period (so never rebalances any assets to the Systematic Transfer
Account). You may change your rebalancing allocation instructions at any time.
Any change will not be effective until the next rebalancing occurs.
The Rebalancing Program does not protect against a loss, and
otherwise is not guaranteed to achieve your goal.
Rebalancing Program Rules:
o The Rebalancing program is free.
o You must request the Rebalancing program and give us your rebalancing
instructions by Written Notice. Changed instructions, or a request to end
this program must also be by Written Notice.
o You must have at least $10,000 of Policy Accumulation Value to begin the
Rebalancing program.
o You may have rebalancing occur quarterly, semiannually or annually.
o Transfers made pursuant to this program do not count in determining whether
a Transfer Fee applies.
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IMPORTANT POLICY PROVISIONS
The Ultra-Access Policy is a flexible purchase payment variable deferred
annuity policy. The Policy allows you to save and invest your assets on a
tax-deferred basis. A feature of the Policy distinguishing it from non-annuity
investments is its ability to guarantee annuity payments to you for as long as
you live. In addition, if you die before those payments begin, the Policy will
pay a death benefit to your Beneficiary. Some key rights and benefits under the
Policy are summarized in this prospectus; however, you must refer to the Policy
itself for the actual terms of the Policy. You may obtain a copy of the Policy
from us. The Policy can be purchased as a tax-qualified or nonqualified annuity.
The Policy remains in force until surrendered for its Cash Surrender Value, or
all proceeds have been paid under an Annuity Payout Option or as a death
benefit.
o POLICY APPLICATION AND ISSUANCE
Replacing an existing annuity policy is not always your best
choice. Evaluate any replacement carefully.
To purchase a Policy, you must submit an application and a minimum initial
purchase payment. A Policy usually will be issued only if you are age 0 through
85 (0 through 78 in Pennsylvania). We may reject any application or purchase
payment.
If your application is in good order upon receipt, we will credit your
initial net purchase payment to the Policy's Accumulation Value within two
Business Days after the later of the date we receive your application or your
payment. If the application is incomplete or otherwise not in good order, we
will contact you within five Business Days to explain the delay; at that time we
will refund your initial purchase payment unless you consent to our retaining it
to apply it to your Policy once all Policy issuance requirements are met. The
date we credit your initial net purchase payment to your Policy's Accumulation
Value is the Date of Issue.
You can purchase a tax-qualified policy in connection with a Section 401(a)
pension or profit-sharing plan, a Section 403(b) tax-sheltered annuity or an IRA
or Roth IRA, subject to certain limitations (see the FEDERAL TAX MATTERS section
of this prospectus).
o Application in Good Order. All questions must be answered, but particularly
note these requirements:
- - The Owner's and the Annuitant's full name, Social Security number, and date
of birth must be included.
- - Your purchase payment allocations must be completed, be in whole
percentages, and total 100%.
- - Initial purchase payment must meet minimum purchase payment requirements.
- - Your signature and your agent's signature must be on the application.
- - Identify the type of plan, whether it is nonqualified or qualified.
- - City, state, and date application was signed must be completed.
- - Your agent must be both properly licensed and appointed with us.
o Purchase Payment Requirements
Your purchase payment checks should be made payable to "United of Omaha Life
Insurance Company" and sent to us. We may postpone crediting any payment made by
check to your Policy's Accumulation Value until the check has been honored by
your bank. Payment by certified check, banker's draft, or cashier's check will
be promptly applied. Under our Electronic Fund Transfer program, you may select
a monthly payment schedule for us to automatically deduct purchase payments from
your bank account or other sources.
Initial Purchase Payment:
- - The only purchase payment required. All others are optional.
- - Must be at least $5,000; $2,000 if payment is made via our Electronic Fund
Transfer program. We have the right to change these payment requirements.
Additional Purchase Payments:
- - Must be at least $500; $100 if payments are made via our Electronic Fund
Transfer program. We have the right to change these payment requirements.
- - Will not be accepted on or after the Policy anniversary following your 88th
birthday.
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Allocating Your Purchase Payments
You must allocate your purchase payments to one or more of the variable
investment or fixed rate options. Initial allocations in your Policy application
will be used for additional purchase payments until you change your allocation.
If you do not specify any allocation, we will not accept your purchase payment.
- - Allocations must be in whole percentages, and total 100%.
- - The minimum allocation amount is $500 ($100 under the Electronic Fund
Transfer program).
- - Change your allocation by sending us Written Notice or through an
authorized Telephone Transaction. The change will apply to payments
received on or after the date we receive your notice or authorization.
- - All purchase payments will be allocated pursuant to your instructions on
record with us, except your initial purchase payment and any additional
purchase payments received during your Policy's free look period may be
subject to special requirements.
Free Look Period Allocations:
Return of Value States. In states that permit us to refund your Accumulation
Value upon your cancellation of the Policy during the free look period, we will
allocate your initial purchase payment to your selected Subaccounts on the Date
of Issue.
Return of Purchase Payment States. In states that require us to refund at
least your full purchase payment upon your cancellation of the Policy during the
free look period, we will hold the portion of your initial purchase payment
allocated to the Variable Account in the Federated Prime Money Fund II
Subaccount for the applicable free look period specified by the state of issue,
plus five days from the date we mail the Policy to you. (Since the free look
period is measured from the date you receive the Policy, the extra five days is
to allow for estimated time needed to deliver the Policy.) At the end of that
period, if you decide to keep your Policy, we will invest your initial purchase
payment in the Subaccounts pursuant to your application instructions. (Any
additional purchase payments we receive during the free look period plus five
days will be allocated in the same manner.)
o ACCUMULATION VALUE
On your Policy's Date of Issue, the Accumulation Value equals the initial
purchase payment less any charge for applicable premium taxes. On any Business
Day thereafter, the Accumulation Value equals the sum of the values in the
Variable Account and the fixed rate options. The Accumulation Value is expected
to change from day to day, reflecting the expenses and investment experience of
the selected investment portfolios (and interest earned in the fixed rate
options) as well as the Policy's deductions for charges.
A Business Day is any day the New York Stock Exchange is open.
o Variable Account Value.
The value in the Variable Account equals the sum of the Accumulation Values
for each Subaccount. The Accumulation Value for each Subaccount equals:
(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
day 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 (except it was $1 for the
Federated Prime Money Fund II Subaccount). The Accumulation Unit value may
increase or decrease from one day to the next.
The Accumulation Unit value for a Subaccount on any Business Day is
calculated as follows:
(a) The net asset value per share of the investment 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 that
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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<PAGE>
o Fixed Account Value.
The Accumulation Value of the Fixed Account on any Business Day equals:
(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.
o Systematic Transfer Account Value.
The Accumulation Value of the Systematic Transfer Account on any Business
Day equals:
(a) the value at the Issue Date; minus
(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.
<TABLE>
<CAPTION>
o TELEPHONE TRANSACTIONS
<S> <C>
Telephone Transactions Permitted Telephone Transaction Rules:
o Transfers. o Only you may elect. Do so on the Policy application or by
o Partial Withdrawals of $10,000 or prior Written Notice authorization to us.
less by you (may be restricted o Must be received by close of the New York Stock Exchange
in community property states). ("NYSE")(usually 3 p.m. Central Time); if later, the
o Change of purchase payment transaction will be processed the next day the NYSE is
allocations. open.
o Will be recorded for your protection.
o For security, you must provide
your Social Security number and/or
other identification information.
o May be discontinued at any time as
to some or all Policy Owners.
</TABLE>
We are not liable for following authorized Telephone Transaction
instructions we reasonably believe to be genuine.
o DEATH OF ANNUITANT
Upon the Annuitant's death, you may name a new Annuitant. If any Owner is
the Annuitant, then upon that Owner's death, the Policy's applicable death
benefit becomes payable to the named Beneficiary(ies). However, if the
Beneficiary is the deceased Owner's spouse, then upon that Owner's death the
spouse may be permitted under federal tax law to become the new owner of the
Policy and to name an Annuitant and different Beneficiaries.
o MINOR OWNER OR BENEFICIARY
A minor may not own the Policy solely in the minor's name and cannot receive
payments directly as a Policy Beneficiary. Contrary to common belief, in most
states parental status does not automatically give parents the power to provide
an adequate release to us to make Beneficiary payments to the parent for the
minor's benefit. A minor can "own" a Policy through the Trustee of a Trust
established for the minor's benefit, or through the minor's named and court
appointed guardian, who own the Policy in their capacity as Trustee or Guardian.
Where a minor is a named Beneficiary, we are able to pay the minor's Beneficiary
payments to the minor's Trustee or Guardian. Some states allow us to make such
payments up to a limited amount directly to parents. Parents seeking to have a
minor's interest made payable to them for the minor's benefit are encouraged to
check with their local court to determine the process to be appointed as the
minor's guardian; it is often a very simple process that can be accomplished
without of an attorney. If there is no adult representative able to give us an
adequate release for payment of the minor's Beneficiary interest, we retain the
minor's interest on deposit until the minor attains the age of majority.
o POLICY TERMINATION
We may cancel your Policy upon 60 days' notice to you if the Accumulation
Value falls below $500. This cancellation would be a full surrender of the
Policy.
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EXPENSES
The charges and fees described below compensate us for our expenses in
distributing the Policy, bearing mortality and expense risks under the Policy,
and administering the investment options and the Policy. Except where stated
otherwise, charges and fees shown are the maximum we will charge, and some
actual expenses may be less. Each Series Fund also deducts expenses from each
portfolio; those expenses are described in each Series Fund prospectus.
o MORTALITY and EXPENSE RISK CHARGE
1.40% annual Rate, deducted daily from net assets in the
Variable Account.
We impose a daily charge to compensate us for the mortality and expense
risks we have under the Policy. 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
will not increase. This charge is reflected in the accumulation unit values for
each Subaccount.
Our mortality risk arises from our obligation to make annuity payments and
to pay death benefits prior to the Annuity Starting Date. The mortality risk we
assume is that Annuitants will live longer than we project, so our cost in
making annuity payments will be higher than projected. However, an Annuitant's
own longevity, or improvement in general life expectancy, will not affect the
periodic annuity payments we pay under your Policy.
Our expense risk is that our costs to administer your Policy will exceed the
amount we collect through Administrative Charges.
If the Mortality and Expense Risk Charge does not cover our costs, we bear
the loss, not you. If the charge exceeds our costs, the excess is profit to us.
We expect a profit from this charge.
o ADMINISTRATIVE CHARGES
Policy Fee $30 annually
- ------------------- ------------------------------------
0.20% annual Rate (0.000005485%
Administrative daily), deducted daily from net
Expense Charge assets of each Subaccount
These charges help cover our cost to administer your Policy and will not
increase.
We deduct the Policy Fee from your Policy's Accumulation Value on the last
business day of each Policy Year prior to the Annuity Starting Date (and upon a
complete surrender). This fee is levied by canceling Accumulation Units. The
Policy Fee is deducted from each Subaccount in the same proportion that the
value in each Subaccount bears to the total value in the Variable Account. This
fee is waived if your Policy's Accumulation Value exceeds $50,000 on the last
Business Day of the applicable Policy Year. This fee is also waived for
employees of ours or our affiliated Mutual of Omaha Companies.
o TRANSFER FEE
$10 per Subaccount transfer after 12 free transfers each
Policy Year.
The first 12 transfers from Variable Account Subaccounts, and all transfers
from the Fixed Account or the Systematic Transfer Accounts are free. The
Transfer Fee is deducted from the amount transferred. Simultaneous requests are
treated as a single request. We will not impose the fee for transfers that are
not the result of your request. Dollar Cost Averaging, Asset Allocation, and
Rebalancing program transfers do not count toward the 12 free transfers.
o PREMIUM TAX CHARGE
Varies, up to 3.5%.
Some states and municipalities levy a tax on annuity contracts issued by
insurance companies, ranging up to 3.5% of your purchase payments. These tax
rates, and the timing of the tax, vary and may change. Depending upon when the
tax is paid by us in the state governing your Policy, if any, we deduct a charge
for the tax (except in Oregon) either (a) from purchase payments as they are
received, (b) upon surrender of the Policy, (c) upon your death, or (d) upon
applying the Policy proceeds to an Annuity Payout Option.
o OTHER TAXES
Currently, NONE.
No charges are currently made for taxes other than premium taxes. We reserve
the right to levy charges in the future for taxes or other economic burdens
resulting from taxes that we determine are properly attributable to the Variable
Account.
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<PAGE>
OTHER EXPENSES;
INVESTMENT ADVISORY FEES
See INTRODUCTION AND SUMMARY section and each Series Fund's
prospectus.
Each Series Fund portfolio is responsible for its own expenses. The net
assets of each portfolio reflects deductions for investment advisory fees and
other expenses. These charges are disclosed in each Series Fund's prospectus
which accompany this prospectus. They are also summarized in Series Fund Annual
Expenses Table in the INTRODUCTION AND SUMMARY section at the beginning of this
prospectus.
-----------------------------------------------------------
POLICY DISTRIBUTIONS
There are several ways to take all or part of your investment out of your
Policy, both before and after the Annuity Starting Date. Tax penalties may apply
to amounts taken out of your Policy before the Annuity Starting Date. Your
Policy also provides several kinds of death benefits to be paid upon your death
prior to the Annuity Starting Date. All or part of a death benefit may be
taxable.
o WITHDRAWALS
Withdrawals may be subject to:
- - Income Tax
- - Penalty Tax
Premium Tax Charge
You may withdraw all or part of your Policy's Cash Surrender Value prior to
the Annuity Starting Date. The Cash Surrender Value is the Accumulation Value
less any Policy Fee, and premium tax charge (if applicable). Following a full
surrender of the Policy, or at any time the Accumulation Value is zero, all your
rights in the Policy end. Total surrender requires you to return your Policy to
us.
Systematic Withdrawal Plan
The Systematic Withdrawal Plan allows you to automatically withdraw payments
of a predetermined dollar amount or fixed percentage of Accumulation Value from
a specified investment option monthly, quarterly, semiannually or annually.
Although this Plan mimics annuity payments, each distribution is a withdrawal
that may be taxable; you may wish to consult a tax adviser before requesting
this Plan.
Withdrawal Rules
o Withdrawals must be by Written Notice or authorized Telephone Transaction.
The request for "Systematic Withdrawal Plan" 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 received by us.
o Minimum withdrawal is $500 from any investment option ($100 for the
Systematic Withdrawal Plan).
o Any partial withdrawal must leave an Accumulation Value of at least $500.
If less than $500 remains in an investment option, we will treat your
withdrawal request as a full withdrawal of that investment option.
o No more than a pro rata amount (or 10% of the Fixed Account, whichever is
less) 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 they will cause the total amount to be transferred to be
complete in less time than originally anticipated.) Only one withdrawal per
year is allowed out of the Fixed Account.
o Withdrawals result in cancellation of Accumulation Units from each
applicable Subaccount and deduction of Accumulation Value from the fixed
rate options in the ratio that the value of each such investment option
bears to the Policy's total Accumulation Value (i.e., pro rata from each
applicable investment option). If you do not specify which investment
option(s) to take the withdrawal from, it will be taken from each
investment option in the proportion that the Accumulation Value in each
investment option bears to the Policy's total Accumulation Value.
o Because a Premium Tax Charge may apply to withdrawals, and because you bear
the investment risk for all amounts you allocate the Variable Account, the
total amount paid to you upon total surrender of the Policy (taking any
prior partial withdrawals into account) may be less than the total purchase
payments made.
o Unless you give us Written Notice to not withhold taxes from a withdrawal,
we must withhold 10% of the amount withdrawn to be paid as a federal tax.
23
<PAGE>
ANNUITY PAYMENTS
Annuity payments:
- - may be fixed or variable;
- - may be taxable, and if premature, subject to a tax penalty.
A primary function of an annuity contract, like this Policy, is to provide
annuity payments to the payee(s) that you name. The level of annuity payments is
determined by your Policy Accumulation Value, the Annuitant's sex (except where
prohibited by law) and age, and the Annuity Payout Option selected.
Annuity payment payees must be individuals receiving payments on their own
behalf, unless otherwise agreed to by us. Any Annuity Payout Option is only
effective once we acknowledge it. We may require initial and ongoing proof of
the Owner's or Annuitant's age or survival. Unless you specify otherwise, the
payee is the Annuitant.
Fixed Annuity Payments. Fixed annuity payments are based on a fixed rate of
interest at or higher than the minimum guaranteed effective annual rate of
3%. We have sole discretion whether or not to pay a higher rate for Payout
Options 1, 2, 3, or 6 (see below). Current immediate annuity rates for the
same class of annuities are 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%
guaranteed interest rate. Current amounts, and further information, may be
obtained from us.
Fixed annuity payments are available under all six Annuity Payout
Options. The amount of each fixed annuity payment is set and begins on the
Annuity Starting Date, and does not change.
Variable Annuity Payments. Variable annuity payments, other than the first,
vary in amount depending upon the investment performance of the applicable
Subaccounts.
"Annuity Purchase Value" is the Accumulation Value on the
Annuity Starting Date reduced by the annual Policy fee,
premium taxes, income taxes and penalty tax.
The first variable annuity payment amount is 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.
Subsequent annuity payment amounts (after the first) are 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. The number of Variable
Annuity Units for each Subaccount is calculated by dividing the dollar amount of
the first payment attributable to that Subaccount by the Annuity Unit Value as
of the date the Amount of the first payment is calculated.
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. 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.
Only Annuity Payout Options 2, 4 and 6 are available for variable annuity
payments.
o Annuity Starting Date
Only 4 transfers are allowed each Policy Year after the Annuity
Starting Date.
You select the Annuity Starting Date on the Policy application. This is the
date that annuity payments begin. This date may be as late as the Policy's
annual anniversary date following the Annuitant's 95th birthday (85th in
Pennsylvania). Tax-qualified Policies may require an earlier Annuity Starting
Date. You may change this date by sending Written Notice for our receipt at
least 30 days before the then current Annuity Starting Date.
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<PAGE>
Transfers after the Annuity Starting Date
After the Annuity Starting Date, you may transfer amounts applied to
variable annuity payments from one Subaccount to another or to the Fixed
Account. Transfers are based on the Variable Annuity Unit values for the
Business Day during which we receive your transfer request. A designated number
of Variable Annuity Units of the designated Subaccount(s) is exchanged for
another Subaccount(s) Variable Annuity Units, the value of which is such that
the dollar amount of an annuity payment made on the date of the exchange would
be unaffected by the exchange.
o Selecting an Annuity Payout Option
The longer the guaranteed or projected Annuity Payout Option
period, the lower the amount of each annuity payment.
You choose the Annuity Payout Option on your Policy application. You may
change your selection during your life by sending Written Notice for our receipt
at least 30 days before the Annuity Starting Date. If no selection is made by
then, we will apply Accumulation Value in the Variable Account to provide
variable annuity payments, and Accumulation Value in the Fixed Account to
provide fixed annuity payments, and annuity payments will be made under Option 4
providing lifetime income with payments guaranteed for 10 years. We may pay your
Policy proceeds in one sum if they are less than $2,000, or when the Payout
Option chosen would result in periodic payments of less than $20.
If you die before the Annuity Starting Date (and the Policy is in force),
your Beneficiary may elect to receive the death benefit under one of the Annuity
Payout Options (unless applicable law or a settlement agreement dictate
otherwise).
o Annuity Payout Options
If the continuation of variable payments being made under Option 2 or 6 does
not depend upon the payee's remaining alive, you may surrender your Policy and
receive the commuted value of any unpaid payments. However, if your payment
under Option 2 or 6 depends upon the payee's continued life, you cannot
surrender your Policy for cash. In this case, once Option payments commence,
payments will end upon the payee's death.
When the Owner dies, we will pay any unpaid guaranteed payments to your
Beneficiary. Upon the last payee's death, we will pay any unpaid guaranteed
payments to that payee's estate.
NOTE: Unless you elect a Payout Option with a guaranteed period or Option 1,
it is possible that only one annuity payment would be made under this annuity
Payout Option if the Annuitant dies before the due date of the second annuity
payment, only two annuity payments would be made if the Annuitant died before
the due date of the third annuity payment, etc.
Part or all of any annuity payment may be taxable as ordinary income. If, at
the time annuity payments begin, you have not given us Written Notice to not
withhold federal income taxes, we must by law withhold such taxes from the
taxable portion of each annuity payment and remit it to the Internal Revenue
Service.
(Withholding is mandatory for certain tax-qualified Policies.)
The following Annuity Payout Options are currently available:
1) Proceeds Held on Deposit at Interest. While proceeds remain on deposit, we
annually credit interest to the proceeds. The interest may be paid to the
payee or added to the amount on deposit.
2) Income of a Specified Amount. Proceeds are paid in monthly installments of a
specified amount over at least a five-year period until proceeds, with
interest, have been fully paid.
3) Income for a Specified Period. Periodic payments of proceeds are paid for
the number of years chosen. If no other frequency is selected, payments will
be made monthly. Monthly incomes for each $1,000 of proceeds, which include
interest, are shown in a table in the Policy.
4) Lifetime Income. Proceeds are paid as monthly income during the Annuitant's
life. The amount of the monthly income annuity payment will be the amount
computed using either the Lifetime Monthly Income Table set forth in the
Policy (based on the 1983 Table "a" mortality table and interest at 3%,
adjusted to age last birthday) or, if more favorable to the Annuitant, our
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 variable investment options.
Guarantees available:
Guaranteed Period - An amount of monthly income annuity payments is
determined that we guarantee to pay for a specified number of years, and
thereafter during the Annuitant's life. Guaranteed Amount - An amount of
monthly income annuity payment is determined that we guarantee to pay
until the sum of the payments equal the proceeds placed under the Option
and as long after that as the Annuitant lives.
5) Lump-Sum. Proceeds are paid in one sum.
25
<PAGE>
6) Alternative Schedule. We may be able to accommodate making annuity payments
under other Options, including joint and survivor periods. Contact us for
more information.
o DEATH BENEFITS
A Death Benefit is payable upon:
- - Purchase Payment check or draft being honored (i.e., your Policy is in
force);
- - receipt of Due Proof of Death of the first Owner to die;
- - election of an Annuity Payout Option (or lump- sum payment) ; and
- - proof that such Owner died before Annuity Payments begin.
"Due Proof of Death" is 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.
We will pay the death benefit within seven days after we receive necessary
documentation of an Owner's death, or as soon thereafter as we have sufficient
information about the Beneficiary to make the payment. Death benefits may be
paid pursuant to an annuity Payout Option (including a lump-sum payment) to the
extent allowed by applicable law and any settlement agreement in effect at your
death. If the Beneficiary does not make an Annuity Payout Option election within
60 days of our receipt of Due Proof of Death regarding your death, we will issue
a lump-sum payment to the Beneficiary.
If an Owner of the Policy is a corporation, trust or other nonindividual, we
treat the primary Annuitant as an Owner for purposes of the death benefit. The
"primary Annuitant" is that individual whose life affects the timing or the
amount of the death benefit 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 Annuitant's death is
treated as an Owner's death. (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 an Internal Revenue Code
Section 401(a) retirement plan. If the Owner does not name a new Annuitant, the
Owner will become the Annuitant.)
We will deduct any applicable premium tax not previously deducted from the
death benefit payable.
o Standard Death Benefit
If you or a joint Owner dies before the Annuity Starting Date (and the
Policy is in force), the Policy will terminate, and we will pay a death benefit
to your Beneficiary. The death benefit equals the largest of:
1) your Policy's Accumulation Value on the later of the date we receive Due
Proof of Death and an annuity Payout Option election less any charge for
applicable premium taxes; or
2) the sum of net Purchase Payments, less partial withdrawals.
(If you or a joint Owner dies on or after the Annuity Starting Date and
before all Proceeds have been paid, no death benefit is payable, but any
remaining Proceeds will be paid at least as rapidly as under the Annuity Payout
Option then in effect.)
o Accidental Death Benefit
If you or any joint Owner die from bodily injury sustained in a common
carrier accident, we will pay double the Standard Death Benefit, as applicable,
instead of the amount otherwise payable.
For the Accidental Death Benefit to be payable, bodily injury must be
sustained by the Owner while a passenger in a common carrier. Death must be
independent of any sickness or other causes and must occur within 90 days of the
date of the accident. We will pay only the Standard Death Benefit, if
applicable, instead of the Accidental Death Benefit, if the Owner's 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.
26
<PAGE>
o Beneficiary
You may change your Beneficiary by sending Written Notice to us, unless the
named Beneficiary is irrevocable. Once we record and acknowledge the change, it
is effective as of the date you signed the Written Notice. 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
Written Notice signed by both 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 dies before you, then your estate is the
Beneficiary until you name a new Beneficiary.
o IRS Required Distribution
Federal law requires that if your Policy is tax non-qualified and you die
before the Annuity Starting Date, then the entire value of your Policy must be
distributed within five years of your death. Therefore, any death benefit must
be paid within five years after your death. The five-year rule does not apply to
that portion of the proceeds which (a) is 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 your death. Special rules may apply to your surviving spouse. The
Statement of Additional Information has a more detailed description of these
rules. Other required distribution rules apply to tax-qualified Policies.
- -------------------------------------------------------
FEDERAL TAX MATTERS
The following discussion is general in nature and is not intended as tax
advice. Each person concerned should consult a competent tax advisor. No attempt
is made to consider any applicable state tax or other tax laws, or to address
any federal estate, or state and local estate, inheritance and other tax
consequences of ownership or receipt of distributions under a Policy.
When you invest in an annuity contract, you usually do not pay taxes on
your investment gains until you withdraw the money - generally for retirement
purposes. If you invest in a variable annuity as part of a pension plan or
employer-sponsored retirement program, your contract is called a "Qualified
Policy." If your annuity is independent of any formal retirement or pension
plan, it is termed a "Nonqualified Policy." The tax rules applicable to
Qualified Policies vary according to the type of retirement plan and the terms
and conditions of the plan.
27
<PAGE>
TAXATION OF NONQUALIFIED POLICIES
o NonNatural Person
If a nonnatural person (e.g., a corporation or a trust) owns a Nonqualified
Policy, the taxpayer generally must include in income any increase in the excess
of the Accumulation Value over the investment in the Policy (generally, the
purchase payments paid for the Policy) during the taxable year. There are some
exceptions to this rule and a prospective owner that is not a natural person
should discuss these with a tax adviser.
The following discussion generally applies to Policies owned by natural
persons.
<PAGE>
o Withdrawals. When a withdrawal from a Nonqualified Policy occurs, the amount
received will be treated as ordinary income subject to tax up to an amount equal
to the excess (if any) of the Accumulation Value immediately before the
distribution over the Owner's investment in the Policy (generally, the purchase
payments paid for the Policy, reduced by any amount previously distributed from
the Policy that was not subject to tax) at that time. In the case of a surrender
under a Nonqualified Policy, the amount received generally will be taxable only
to the extent it exceeds the Owner's investment in the Policy.
o Penalty Tax on Certain Withdrawals. In the case of a distribution from a
Nonqualified Policy, there may be imposed a federal tax penalty equal to ten
percent of the amount treated as income. In general, however, there is no
penalty on distributions:
- made on or after the taxpayer reaches age 59 1/2;
- made on or after an Owner's death;
- attributable to the taxpayer's becoming disabled; or
- made as part of a series of substantially equal periodic payments for
the life (or life expectancy) of the taxpayer.
Other exceptions may be applicable under certain circumstances and special rules
may be applicable in connection with the exceptions enumerated above. Also,
additional exceptions apply to distributions from a Qualified Policy. You should
consult a tax adviser with regard to exceptions from the penalty tax.
o Annuity Payments. Although tax consequences may vary depending on the payout
option elected under an annuity contract, a portion of each annuity payment is
generally not taxed and the remainder is taxed as ordinary income. The
non-taxable portion of an annuity payment is generally determined in a manner
that is designed to allow you to recover your investment in the Policy ratably
on a tax-free basis over the expected stream of annuity payments, as determined
when annuity payments start. Once your investment in the Policy has been fully
recovered, however, the full amount of each annuity payment is subject to tax as
ordinary income.
o Taxation of Death Benefit Proceeds. Amounts may be distributed from the Policy
because of your death or the death of the Annuitant. Generally, such amounts are
includible in the income of the recipient as follows: (i) if distributed in a
lump sum, they are taxed in the same manner as a surrender of the Policy, or
(ii) if distributed under a payout option, they are taxed in the same way as
annuity payments.
o Transfers, Assignments or Exchanges of a Policy. A transfer or assignment of
ownership of the Policy, the designation of an Annuitant, the selection of
certain Annuity Starting Dates, or the exchange of the Policy may result in
certain tax consequences to you that are not discussed herein. An Owner
contemplating any such transfer, assignment, or exchange, should consult a tax
advisor as to the tax consequences.
o Withholding. Annuity distributions are generally subject to withholding for
the recipient's federal income tax liability. Recipients can generally elect,
however, not to have tax withheld from distributions.
o Multiple Policies. All Non-Qualified deferred annuity contracts that are
issued by us (or our affiliates) to the same Owner during any calendar year are
treated as one annuity contract for purposes of determining the amount
includible in such Owner's income when a taxable distribution occurs.
o Further Information. We believe that the Policy qualifies as an annuity
contract for Federal income tax purposes and the above discussion is based on
that assumption. Further details can be found in the Statement of Additional
Information under the heading "Tax Status of the Policy."
28
<PAGE>
TAXATION OF QUALIFIED POLICIES
The tax rules applicable to Qualified Policies vary according to the type
of retirement plan and the terms and conditions of the plan. Your rights under a
Qualified Policy may be subject to the terms of the retirement plan itself,
regardless of the terms of the Policy. Adverse tax consequences may result if
you do not ensure that contributions, distributions and other transactions with
respect to the Policy comply with the law. Also, you may wish to consult a tax
and/or financial adviser regarding the use of the Policy within a qualified or
other retirement plan, since many such plans already provide the same type of
tax deferral as provided by the Policy. However, the Policy provides extra
benefits and features that most retirement plans themselves do not provide (note
that there are costs and charges in the Policy related to these extra benefits
and features).
o
<PAGE>
o Individual Retirement Accounts (IRAs), as defined in Section 408 of the
Internal Revenue Code (Code), permit individuals to make annual contributions of
up to the lesser of $2,000 or 100% of adjusted gross income. The contributions
may be deductible in whole or in part, depending on the individual's income.
Distributions from certain pension plans may be "rolled over" into an IRA on a
tax-deferred basis without regard to these limits. Amounts in the IRA (other
than nondeductible contributions) are taxed when distributed from the IRA. A 10%
penalty tax generally applies to distributions made before age 59 1/2 , unless
certain exceptions apply. The Internal Revenue Service has not reviewed the
Policy for qualification as an IRA, and has not addressed in a ruling of general
applicability whether a death benefit provision in the Policy comports with IRA
qualification requirements.
o Roth IRAs, as described in Code section 408A, permit certain eligible
individuals to make non-deductible contributions to a Roth IRA in cash or as a
rollover or transfer from another Roth IRA or other IRA. A rollover from or
conversion of an IRA to a Roth IRA is generally subject to tax and other special
rules apply. The Owner may wish to consult a tax adviser before combining any
converted amounts with any other Roth IRA contributions, including any other
conversion amounts from other tax years. Distributions from a Roth IRA generally
are not taxed, except that, once aggregate distributions exceed contributions to
the Roth IRA, income tax and a 10% penalty tax may apply to distributions made
(1) before age 59 1/2 (subject to certain exceptions), or (2) during the five
taxable years starting with the year in which the first contribution is made to
any Roth IRA. A 10% penalty tax may apply to amounts attributable to a
conversion from an IRA if they are distributed during the five taxable years
beginning with the year in which the conversion was made.
o Corporate pension and profit-sharing plans under Section 401(a) of the Code
allow corporate employers to establish various types of retirement plans for
employees, and self-employed individuals to establish qualified plans for
themselves and their employees. Adverse tax consequences to the retirement plan,
the participant, or both may result if the Policy is transferred to any
individual as a means to provide benefit payments, unless the plan complies with
all the requirements applicable to such benefits prior to transferring the
Policy. The Standard Death Benefit could be characterized as an incidental
benefit, the amount of which is limited in any pension or profit-sharing plan.
Because the death benefit may exceed this limitation, employers using the Policy
in connection with such plans should consult their tax adviser.
o Tax-Sheltered Annuities under section 403(b) of the Code allow employees of
certain Section 501(c)(3) organizations and public schools to exclude from their
gross income the purchase payments made, within certain limits, on a policy that
will provide an annuity for the employee's retirement. The Policy will only
accept transfers from an existing tax-sheltered annuity contract, and will not
accept direct payments of salary reduction contributions. Distributions of (1)
salary reduction contributions made in years beginning after December 31, 1988;
(2) earnings on those contributions; and (3) earnings on amounts held as of the
last year beginning before January 1, 1989, are not allowed prior to age 59 1/2
, separation from service, death or disability. Salary reduction contributions
may also be distributed upon hardship, but would generally be subject to
penalties. The Standard Death Benefit could be characterized as an incidental
benefit, the amount of which is limited in a tax-sheltered annuity. Because the
death benefit may exceed this limitation, individuals using the Policy in
connection with such plans should consult their tax adviser.
o Other Tax Issues. Qualified Policies have minimum distribution rules that
govern the timing and amount of distributions. You should refer to your
retirement plan, adoption agreement, or consult a tax advisor for more
information about these distribution rules.
Distributions from Qualified Policies generally are subject to withholding
for the Owner's federal income tax liability. The withholding rate varies
according to the type of distribution and the Owner's tax status. The Owner will
be provided the opportunity to elect not to have tax withheld from
distributions.
"Eligible rollover distributions" from section 401(a) plans are subject to
a mandatory federal income tax withholding of 20%. An eligible rollover
distribution is the taxable portion of any distribution from such a plan, except
certain distributions such as distributions required by the Code or
distributions in a specified annuity form. The 20% withholding does not apply,
however, if the Owner chooses a "direct rollover" from the plan to another
tax-qualified plan or IRA.
29
<PAGE>
o POSSIBLE TAX LAW CHANGES
Although the likelihood of legislative changes is uncertain, there is
always the possibility that the tax treatment of the Policy could change by
legislation or otherwise. Consult a tax adviser with respect to legislative
developments and their effect on the Policy.
We have the right to modify the Policy in response to legislative changes
that could otherwise diminish the favorable tax treatment that annuity contract
Owners currently receive. We make no guarantee regarding the tax status of any
Policy and do not intend the above discussion as tax advice.
- -----------------------------------------------------------
MISCELLANEOUS
o 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 us,
MOIS is an affiliate of Mutual of Omaha Insurance Company. MOIS enters into
contracts with various broker-dealers to distribute 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 are up to 7 1/2 % of purchase payments.
o VOTING RIGHTS
We will vote Series Fund shares held by the Variable Account at regular and
special shareholder meetings of the Series Funds pursuant to instructions
received from persons having voting interests in the portfolios, if and to the
extent required by law. If, however, applicable law or regulation or
interpretation of them is amended, and as a result we may vote Series Fund
shares in its own right, we may do so. The Series Funds may not hold routine
annual shareholder meetings.
As a Policy Owner, you may have a voting interest in the portfolios you are
invested in. You will receive proxy material, reports, and other materials
relating to the appropriate portfolio in which you have voting interests.
o
YEAR 2000 ISSUES
Like all financial services providers, we use systems affected by Year 2000
transition issues and rely upon service providers, including investment
managers, whose own systems may also be affected. We are implementing a Year
2000 transition plan, and are confirming that our service providers are also
doing so. 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 prevent any negative
impact on us. However, as of the date of this prospectus, we do not believe Year
2000 transition implementation will harm purchaser of Policies, or our Policy
administration efforts.
o LEGAL PROCEEDINGS
As of the date of this prospectus, there are no legal proceedings affecting
the Variable Account, or that are material in relation to our total assets.
DO YOU HAVE QUESTIONS?
If you have questions about your Policy or this prospectus, you may
contact your agent or broker who gave this prospectus to you, or you
may contact us at: UNITED OF OMAHA, Variable Product Service, P.O. Box
8430, Omaha, Nebraska 68103-0430. Telephone 1-800-238-9354.
30
<PAGE>
o STATEMENT OF ADDITIONAL INFORMATION
You may obtain, at no cost, a Statement of Additional Information which
contains more details concerning the disclosures in this prospectus by
contacting us. You may also access it in our registration on the SEC's Web site
(http://www.sec.gov), or you may review and copy it at the SEC's Public
Reference Room in Washington D.C. (call the SEC at 1-800-SEC-0330 for details
and public hours).
Here is the Table of Contents to our Statement of Additional Information:
Contents Page(s)
-------------------------------------- --------
The Policy - general provisions 2-3
Owner and Joint Owner
Death of Annuitant
Entire Contract
Deferment of Payment and
Transfers
Incontestability
Misstatement of Age or Sex
Nonparticipating
Assignment
Evidence of Age or Survival
-------------------------------------- --------
Federal Tax Matters 3-4
Tax Status of the Policy
Taxation of United of Omaha
-------------------------------------- --------
State Regulation of United of Omaha 4
-------------------------------------- --------
Administration 4-5
Records and Reports
Distribution of the Policies
Custody of Assets
-------------------------------------- --------
Historical Performance Data 5-9
Money Market Yields
Other Subaccount Yields
Total Returns
Other Performance Data
-------------------------------------- --------
Legal Matters 9
-------------------------------------- --------
Other Information 9
-------------------------------------- --------
Financial Statements 9
31
<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 ("We, us, our")
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"). You may obtain a copy of the prospectus dated May 1, 1999 by calling
1-800-238-9354 or by writing to us at: United of Omaha, Variable Product
Service, P.O. Box 8430, Omaha, Nebraska 68103-0430. Terms used in the current
prospectus for the Policy have the same meaning in this Statement.
This Statement of Additional Information is not a
prospectus. You should read it only in conjunction with the prospectuses for
the Policy and the Series Funds.
Dated: May 1, 1999
Contents Page(s)
--------------------------------------- ---------
The Policy - general provisions 2
Owner and Joint Owner
Death of Annuitant
Entire Contract
Deferment of Payment and Transfers
Incontestability
Misstatement of Age or Sex
Nonparticipating
Assignment
Evidence of Age or Survival
--------------------------------------- ---------
Federal Tax Matters 3-4
Tax Status of the Policy
Taxation of United of Omaha
--------------------------------------- ---------
State Regulation of United of Omaha 4
--------------------------------------- ---------
Administration 4-5
Records and Reports
Distribution of the Policies
Custody of Assets
--------------------------------------- ---------
Historical Performance Data 5-9
Money Market Yields
Other Subaccount Yields
Total Returns
Other Performance Information
--------------------------------------- ---------
Legal Matters 9
--------------------------------------- ---------
Other Information 9
--------------------------------------- ---------
Financial Statements 9
1
<PAGE>
The following provides additional information about us and the Policy which
may be of interest to you and is not addressed in the prospectus.
THE POLICY - GENERAL PROVISIONS
Owner and Joint Owner
While you are alive, only you may exercise the rights under the Policy. You
may change the Owner of the Policy 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.
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 are 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 our
authorized officer. No agent or registered representative has authority to
change or waive any provision of the Policy.
We reserve the right to amend the Policy to meet the requirements of, or
take advantage of, the Internal Revenue Code, regulations or published rulings.
You 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 Notice. 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 we receive Written
Notice.
Incontestability
We will not contest the validity of the Policy after its Date of Issue.
Misstatement of Age or Sex
We may require proof of the Annuitant's age before making any life
annuity payment. If the Annuitant's age or sex 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 shares in our
surplus earnings or profits.
Assignment
You may change the Owner of the Policy or pledge it as collateral by
assigning it. No assignment is binding on us until we record and acknowledge it.
The rights of any payee will be subject to a collateral assignment.
If the Beneficiary designation is irrevocable, the Owner may be changed
or the Policy assigned only upon Written Notice signed by both you and the
Beneficiary. On the Annuity Starting Date, you may select another payee, but you
retain all rights of ownership unless you sign an absolute assignment of the
Policy.
Evidence of Age or Survival
We may require proof of the age or survival of any Owner, Annuitant or
payee. No payment will be made until we receive such proof.
2
<PAGE>
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 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 1.60% 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 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." 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. We and the Series Funds have entered into
agreements regarding participation in the Series Funds that requires the Series
Funds and their portfolios to comply with the Treasury regulations.
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 owner's 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 future regulations or
rulings issued by the Treasury Department. We therefore reserve 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.
3
<PAGE>
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 your Policy must generally be distributed
within five years after your death. This requirement can be satisfied if the
entire interest in your 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 Policy
satisfies all such Code requirements. The provisions contained in the Policy
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
We at present are taxed as a life insurance company under part I of
Subchapter L of the Code. The Variable Account is treated as part of us and,
accordingly, is not 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
We are subject to Nebraska law and to regulation by the Nebraska
Division of Insurance. We file an annual statement with the Nebraska Department
of Insurance covering our operation for the preceding year and our 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 our 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 we operate.
ADMINISTRATION
We perform all administration for your Policy.
RECORDS AND REPORTS
All our records and accounts relating to the Variable Account are
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. For the fiscal year ended December 31, 1998, we paid
$8,627 in total compensation to MOIS; of this amount MOIS retained $152 as
concessions for its services as Principal Underwriter and for distribution
concessions, with the remaining amount paid to other broker-dealers.
4
<PAGE>
CUSTODY OF ASSETS
We hold the assets of each of the Subaccounts of the Variable Account.
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 our
officers and employees.
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 (Federated Price Money
Fund II portfolio) 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. As of 12/31/98, this current
annualized yield is 2.95%.
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 United of Omaha 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
5
<PAGE>
generated each period over a 12-month period.
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, we 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 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 (net of any applicable
withdrawal charge) of the hypothetical account at the end
of the period.
n =-- the number of years in the period.
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 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.
Such average annual total return information for the Subaccounts of
Policies is as follows:
6
<PAGE>
============================================== ============
From
SUBACCOUNT TOTAL RETURN Inception
Subaccount (date of inception) to 12/31/98
%
============================================== ============
Alger American Growth (8/14/98) 36.94
Alger American Small Capitalization
(8/14/98) 33.68
Federated Prime Money Fund II (8/14/98) 0.99
Federated Fund for U.S. Government
Securities II (8/14/98) 1.63
Fidelity VIP II Asset Manager: Growth
(8/14/98) 21.42
Fidelity VIP II Contrafund (8/14/98) 30.07
Fidelity VIP Equity Income (8/14/98) 21.55
Fidelity VIP II Index 500 (8/14/98) 28.49
MFS Emerging Growth Series (8/14/98) 38.60
MFS High Income Series (8/14/98) 1.55
MFS Research Series (8/14/98) 27.60
MFS Capital Opportunities Series (8/14/98) 27.88
MFS Global Governments Series (8/14/98) 5.97
MSDW Emerging Markets Equity (8/14/98) 16.90
MSDW Fixed Income (8/14/98) 2.58
Pioneer Capital Growth (8/14/98) 12.22
Pioneer Real Estate Growth (8/14/98) 3.39
Scudder VLIF Global Discovery (8/14/98) 21.82
Scudder VLIF Growth & Income (8/14/98) 14.95
Scudder VLIF International (8/14/98) 11.04
T. Rowe Price Personal Strategy Balanced
(8/14/98) 14.14
T. Rowe Price Equity Income (8/14/98) 16.44
T. Rowe Price International (8/14/98) 14.59
T. Rowe Price Limited-Term Bond (8/14/98) 2.10
T. Rowe Price New America Growth (8/14/98) 32.04
============================================== ============
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, standard total returns, and non-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
were in effect at the inception of the Subaccounts (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:
7
<PAGE>
<TABLE>
<CAPTION>
================================================= --------- --------- ------------ ============
SUBACCOUNT 1 Year 5 Years 10 Years Since
"ADJUSTED HISTORICAL" Ended Ended Ended Inception
AVERAGE ANNUAL TOTAL RETURN TABLE 12/31/98 12/31/98 12/31/98 to 12/31/98
Subaccount (date of inception of corresponding % % % %
Portfolio)
================================================= ========= ========= ============ ============
<S> <C> <C> <C> <C>
Alger American Growth (1/9/89) 45.65 21.84 19.95 20.00
Alger American Small Capitalization (9/21/88) 13.60 11.20 17.85 16.88
Federated Prime Money Fund II (11/21/94) 3.16 N/A N/A 3.15
Federated Fund for U.S. Government Securities
(3/28/94) 5.85 N/A N/A 4.86
Fidelity VIP II Asset Manager: Growth (1/3/95) 15.61 N/A N/A 19.42
Fidelity VIP II Contrafund (1/3/95) 27.83 N/A N/A 26.51
Fidelity VIP Equity Income (10/9/86) 9.76 16.80 13.70 12.50
Fidelity VIP II Index 500 (8/27/92) 26.20 21.67 N/A 19.14
MFS Emerging Growth Series (7/24/95) 31.94 N/A N/A 24.42
MFS High Income Series (7/26/95) -1.86 N/A N/A 6.91
MFS Research Series (7/26/95) 21.33 N/A N/A 20.44
MFS Capital Opportunities Series (8/14/96) 24.70 N/A N/A 23.41
MFS Global Governments Series (6/14/95) 6.09 N/A N/A 3.78
MSDW Emerging Markets Equity (10/1/96) -25.65 N/A N/A -13.76
MSDW Fixed Income (1/2/97) 6.09 N/A N/A 7.11
Pioneer Capital Growth (3/1/95) -5.58 N/A N/A 11.40
Pioneer Real Estate Growth (3/1/95) -20.14 N/A N/A 10.44
Scudder VLIF Global Discovery (5/2/97) 14.24 N/A N/A 17.91
Scudder VLIF Growth & Income (5/1/97) 4.87 N/A N/A 15.50
Scudder VLIF International (5/1/87) 16.51 8.47 10.09 8.72
T. Rowe Price Personal Strategy Balanced
(12/31/94 ) 12.39 N/A N/A 16.67
T. Rowe Price Equity Income (3/31/94) 7.36 N/A N/A 18.52
T. Rowe Price International (3/31/94) 13.92 N/A N/A 7.83
T. Rowe Price Limited-Term Bond (5/13/94) 5.48 N/A N/A 4.60
T. Rowe Price New America Growth (3/31/94) 16.53 N/A N/A 20.53
================================================= ========= ========= ============ ============
</TABLE>
The figures above are not an indication of present, past, or future performance
of the applicable Subaccounts or of the actual portfolios available under the
Policy.
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 Performance 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
8
<PAGE>
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 ("SEC"), 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, refer to the instruments filed with the SEC. They may be
accessed on the SEC's Web site:
http://www.sec.gov.
FINANCIAL STATEMENTS
This Statement of Additional Information contains financial statements
for the Variable Account as of December 31, 1998 and for the years ended
December 31, 1998 and 1997 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
December 31, 1998 and 1997, and for each of the three years ended December 31,
1998 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 should be considered only as bearing on our ability 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.
9
<PAGE>
UNITED OF OMAHA
LIFE INSURANCE COMPANY
(a WHOLLY-OWNED SUBSIDIARY OF MUTUAL
OF OMAHA INSURANCE COMPANY)
STATUTORY BASIS FINANCIAL STATEMENTS
AND INDEPENDENT AUDITORS' REPORT
DECEMBER 31, 1998, 1997 AND 1996
10
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Board of Directors
United of Omaha Life Insurance Company
Omaha, Nebraska
We have audited the accompanying statutory basis statements of admitted assets,
liabilities, and surplus of United of Omaha Life Insurance Company (a
wholly-owned subsidiary of Mutual of Omaha Insurance Company) as of December 31,
1998 and 1997, and the related statutory basis statements of income, changes in
surplus, and cash flows for each of the three years in the period ended December
31, 1998. The financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
As more fully described in Note 1 to the financial statements, the Company has
prepared these financial statements in conformity with accounting practices
prescribed or permitted by the Insurance Department of the State of Nebraska.
Those practices differ from generally accepted accounting principles. The
effects on the financial statements of the differences between the statutory
basis of accounting and generally accepted accounting principles are not
reasonably determinable, but are presumed to be material.
In our opinion, because of the effects of the matter discussed in the preceding
paragraph, the financial statements referred to above do not present fairly, in
conformity with generally accepted accounting principles, the financial position
of United of Omaha Life Insurance Company as of December 31, 1998 and 1997, or
the results of its operations or its cash flows for each of the three years in
the period ended December 31, 1998.
In our opinion, the statutory basis financial statements referred to above
present fairly, in all material respects, the admitted assets, liabilities, and
surplus of United of Omaha Life Insurance Company as of December 31, 1998 and
1997, and the results of its operations and its cash flows for each of the three
years in the period ended December 31, 1998, on the basis of accounting
described in Note 1.
DELOITTE & TOUCHE LLP
March 4, 1999
11
<PAGE>
UNITED OF OMAHA LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF MUTUAL OF OMAHA INSURANCE COMPANY)
<TABLE>
<CAPTION>
STATUTORY BASIS STATEMENTS OF ADMITTED ASSETS, LIABILITIES AND SURPLUS
DECEMBER 31, 1998 AND 1997
(in thousands)
- ---------------------------------------------------------------------------------------------------
ADMITTED ASSETS 1998 1997
Cash and invested assets:
<S> <C> <C>
Bonds $ 7,253,217 $6,921,762
Preferred stocks 3,955 3,955
Common stocks 104,108 96,599
Mortgage loans 599,396 587,413
Real estate occupied by the Company, net of accumulated depreciation
of $59,319 in 1998 and $55,634 in 1997 79,262 82,536
Real estate acquired in satisfaction of debt, net of
accumulated depreciation of $180 in 1998 and $2,809 in 1997 8,049 24,103
Investment in real estate, net of accumulated depreciation
of $4,001 in 1998 and $3,836 in 1997 2,261 2,426
Policy loans 133,474 125,623
Cash and short-term investments 208,351 115,195
Other invested assets 90,478 75,603
--------- ---------
Total cash and invested assets 8,482,551 8,035,215
Premiums deferred and uncollected 112,870 105,487
Investment income due and accrued 83,742 81,723
Electronic data processing equipment, net of accumulated depreciation
of $83,573 in 1998 and $70,130 in 1997 40,003 43,989
Receivable from parent, subsidiaries and affiliates 114,882 36,856
Other assets 60,210 55,383
Separate accounts assets 1,128,411 927,950
--------- ---------
Total admitted assets $10,022,669 $9,286,603
========== =========
LIABILITIES
Policy reserves:
Aggregate reserve for policies and contracts $ 6,115,601 $5,880,532
Liability for premium and other deposit funds 1,767,288 1,527,069
Policy and contract claims 69,436 68,226
Other 73,861 75,725
--------- ---------
Total policy reserves 8,026,186 7,551,552
Interest maintenance reserve 28,297 18,902
Asset valuation reserve 99,409 94,144
General expenses and taxes due or accrued 28,696 30,843
Federal income taxes due or accrued 30,644 17,739
Other liabilities 83,682 77,148
Separate accounts liabilities 1,106,149 908,200
--------- ---------
Total liabilities 9,403,063 8,698,528
--------- ---------
SURPLUS
Capital stock, $10 par value, 900,000 shares authorized issued and outstanding 9,000 9,000
Gross paid-in and contributed surplus 62,724 62,724
Unassigned surplus 547,882 516,351
--------- ---------
Total surplus 619,606 588,075
--------- ---------
Total liabilities and surplus $10,022,669 $9,286,603
========== =========
The accompanying notes are an integral part of these statutory basis financial
statements.
</TABLE>
12
<PAGE>
UNITED OF OMAHA LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF MUTUAL OF OMAHA INSURANCE COMPANY)
<TABLE>
<CAPTION>
STATUTORY BASIS STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996
(in thousands)
- ----------------------------------------------------------------------------------------------------
1998 1997 1996
Income:
<S> <C> <C> <C>
Net premiums and annuity considerations $ 1,084,976 $ 1,187,104 $ 1,285,507
Other considerations and fund deposits 236,638 293,228 260,508
Net investment income 579,276 587,480 546,634
Other income 44,798 25,019 20,604
--------- --------- ---------
Total income 1,945,688 2,092,831 2,113,253
--------- --------- ---------
Benefits and expenses:
Policyholder and beneficiary benefits 1,163,585 1,030,686 890,668
Increase in reserves for policyholder and beneficiary benefits 262,888 365,393 561,185
Commissions 118,499 130,343 126,692
Operating expenses 225,067 203,684 175,723
Expense realignment costs - 4,442 9,099
Net transfers to separate accounts 87,759 278,480 277,638
--------- --------- ---------
Total benefits and expenses 1,857,798 2,013,028 2,041,005
--------- --------- ---------
Net gain from operations before federal income taxes and
net realized capital gains 87,890 79,803 72,248
Federal income taxes 47,032 37,918 41,101
--------- --------- ---------
Net gain from operations before net
realized capital gains 40,858 41,885 31,147
Net realized capital gains 8,692 51,537 23,461
--------- --------- ---------
Net income $ 49,550 $ 93,422 $ 54,608
========= ========= =========
The accompanying notes are an integral part of these statutory basis financial
statements.
</TABLE>
13
<PAGE>
UNITED OF OMAHA LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF MUTUAL OF OMAHA INSURANCE COMPANY)
<TABLE>
<CAPTION>
STATUTORY BASIS STATEMENTS OF CHANGES IN SURPLUS
FOR THE YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996
(in thousands)
- --------------------------------------------------------------------------------------------------
1998 1997 1996
Capital stock:
<S> <C> <C> <C>
Balance at beginning and end of year $ 9,000 $ 9,000 $ 9,000
------ ------ ------
Gross paid-in and contributed surplus:
Balance at beginning of year 62,724 62,724 62,724
------ ------ ------
Unassigned surplus:
Balance at beginning of year 516,351 463,096 440,889
Net income 49,550 93,422 54,608
Change in net unrealized capital gains and losses (1,876) (45,543) (23,064)
(Increase) decrease in:
Non-admitted assets 3,154 (15,448) 2,561
Asset valuation reserve (5,265) 20,352 (8,150)
Additional pension plan contribution (9,732) - (3,599)
Change in group pension reserve valuation basis - 17,437 -
Adoption of actuarial guidelines - (17,235) -
Surplus contributed to separate account - (20,000) -
Change in surplus in separate account - 20,000 -
Other, net (4,300) 270 (149)
------ ------ ------
Balance at end of year 547,882 516,351 463,096
------- ------- -------
Total surplus $ 619,606 $ 588,075 $ 534,820
======= ======= =======
The accompanying notes are an integral part of these statutory basis financial
statements.
</TABLE>
14
<PAGE>
UNITED OF OMAHA LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF MUTUAL OF OMAHA INSURANCE COMPANY)
<TABLE>
<CAPTION>
STATUTORY BASIS STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996
(in thousands)
- ----------------------------------------------------------------------------------------------------
1998 1997 1996
Cash from operations:
<S> <C> <C> <C>
Premiums, annuity considerations and other fund deposits $ 1,318,298 $ 1,467,305 $ 1,539,502
Net investment income 568,917 572,888 537,288
Other income 38,789 24,599 20,642
Benefits (1,167,244) (1,015,334) (888,661)
Commissions and general expenses (364,713) (358,217) (314,100)
Federal income taxes (6,096) (50,033) (42,235)
Net transfers to separate accounts (88,584) (291,034) (292,935)
------- ------- -------
Net cash from operations 299,367 350,174 559,501
------- ------- ------
Cash from investments:
Proceeds from investments sold, redeemed or matured:
Bonds 1,193,524 1,061,409 992,065
Mortgage loans 146,104 335,103 132,406
Stocks 9,347 143,363 52,062
Real estate 26,750 37,927 18,601
Other invested assets 25,276 40,376 32,150
Tax on capital gains (34,197) (15,797) (9,665)
Cost of investments acquired:
Bonds (1,502,417) (1,774,643) (1,818,632)
Mortgage loans (152,355) (19,863) (22,607)
Stocks (8,358) (23,479) (25,848)
Other invested assets (38,745) (27,564) (53,150)
Real estate (7,991) (3,083) (4,205)
Net increase in policy loans (7,849) (7,474) (6,815)
------- ------- ------
Net cash from investments (350,911) (253,725) (713,638)
------- ------- ------
Cash from financing and other sources:
Decrease (increase) in receivable from parent,
subsidiaries and affiliates (78,026) (28,781) 20,009
Increase (decrease) in other nonqualified deposits 213,068 (49,216) 70,102
Other cash provided 18,349 18,881 12,512
Other cash used (8,691) (39,640) (6,984)
------- ------- ------
Net cash from financing and other sources 144,700 (98,756) 95,639
------- ------- ------
Net change in cash and short-term investments 93,156 (2,307) (58,498)
Cash and short-term investments:
Beginning of year 115,195 117,502 176,000
------- ------- ------
End of year $ 208,351 $ 115,195 $ 117,502
======= ======= ======
The accompanying notes are an integral part of these statutory basis financial
statements.
</TABLE>
15
<PAGE>
UNITED OF OMAHA LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF MUTUAL OF OMAHA INSURANCE COMPANY)
NOTES TO STATUTORY BASIS FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996
(dollar amounts in thousands)
- --------------------------------------------------------------------------------
1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations - United of Omaha Life Insurance Company (the Company)
is a wholly-owned subsidiary of Mutual of Omaha Insurance Company (Mutual
of Omaha), a mutual health and accident and life insurance company
domiciled in the State of Nebraska. At December 31, 1998, the Company owned
100% of the outstanding common stock of the following entities: Companion
Life Insurance Company (Companion), United World Life Insurance Company
(United World), Mutual of Omaha Structured Settlement Company-Nebraska
(MOSSCO-NE), Mutual of Omaha Structured Settlement Company-Connecticut
(MOSSCO-CT), and Mutual of Omaha Structured Settlement Company of New York,
Inc. (MOSSCO-NY). The Company has insurance licenses to operate in 49
states, the District of Columbia, Guam, Puerto Rico, and the U.S. Virgin
Islands. Individual life insurance and annuity products are sold through a
network of career agents, direct mail, brokers, financial planners and
banks. Group business is produced by representatives located in Mutual of
Omaha group offices throughout the country.
Basis of Presentation - The accompanying financial statements have been
prepared in conformity with accounting practices prescribed or permitted by
the Insurance Department of the State of Nebraska. Prescribed statutory
accounting practices are contained in a variety of publications of the
National Association of Insurance Commissioners (NAIC), as well as state
laws, regulations, and general administrative rules. Permitted statutory
accounting practices encompass all accounting practices which may not
necessarily be prescribed but are not prohibited.
The accompanying statutory financial statements vary in some respects from
those that would be presented in conformity with generally accepted
accounting principles. The most significant differences include: (a) bonds
are generally carried at amortized cost rather than being valued at either
amortized cost or fair value based on their classification according to the
Company's ability and intent to hold or trade the securities; (b)
acquisition costs, such as commissions and other costs related to acquiring
new business, are charged to operations as incurred and not deferred,
whereas premiums are taken into income on a pro rata basis over the
respective term of the policies; (c) deferred federal income taxes are not
provided for temporary differences between tax and financial reporting; (d)
no provision has been made for federal income taxes on unrealized
appreciation of investments which are carried at market value; (e) asset
valuation reserves (AVR) and interest maintenance reserves (IMR) are
established; (f) different actuarial assumptions are used for calculating
certain policy reserves; (g) changes in certain assets designated as
"non-admitted" have been charged to unassigned surplus; (h) comprehensive
income and its components are not presented in the financial statements;
and (i) the change in the underlying book value of wholly-owned
subsidiaries is reported as a change in net unrealized capital gains
(losses), a component of unassigned surplus, rather than as a component of
the Company's net income. The effects of the foregoing differences on the
accompanying statutory financial statements are not reasonably determinable
but are presumed to be material.
Use of Estimates - The preparation of financial statements in accordance
with statutory accounting practices requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ significantly from
those estimates.
16
<PAGE>
Investments - Bonds are generally stated at amortized cost. Premiums and
discounts on bonds not backed by other loans are amortized using the
scientific method. Premiums and discounts on loan-backed bonds and
structured securities are amortized using the interest method based on
anticipated prepayments at the date of purchase. Changes in estimated cash
flows from the original purchase assumptions are accounted for using the
retrospective method. Preferred stocks are stated at cost. Common stocks of
unaffiliated companies are stated at estimated fair value and stocks of
affiliated companies (principally insurance companies) are valued at the
Company's equity in the underlying book value. The change in the stated
value is recorded as a change in net unrealized capital gains (losses), a
component of unassigned surplus, ignoring the effect of income taxes.
Mortgage loans and policy loans are stated at the aggregate unpaid balance.
In accordance with statutory accounting practices, the Company records a
general reserve for losses on mortgage loans as part of the asset valuation
reserve.
The home office properties, investment real estate, and electronic data
processing equipment are valued at cost, less accumulated depreciation.
Property acquired in satisfaction of debt is initially valued at the lower
of cost or estimated fair value. Depreciation is provided on the
straight-line basis over the estimated useful lives of the related assets.
Short-term investments include all investments whose maturities, at the
time of acquisition, are one year or less and are stated at cost which
approximates market.
Investment income is recorded when earned. Realized gains and losses on
sale or maturity of investments are determined on the specific
identification basis. Any portion of invested assets designated as
"non-admitted" is excluded from the statutory basis statements of admitted
assets, liabilities and surplus.
Asset Valuation and Interest Maintenance Reserves - The Company establishes
certain reserves as promulgated by the NAIC. The AVR is established for the
specific risk characteristics of invested assets of the Company. The IMR is
established for the realized gains and losses on the redemption of fixed
income securities resulting from changes in interest rates, net of tax.
Gains and losses pertaining to the IMR are subsequently amortized into
investment income over the expected remaining period to maturity of the
investments sold or called.
Policy Reserves - Policy reserves provide amounts adequate to discharge
estimated future obligations in excess of estimated future premiums on
policies in force. Reserves for life policies are computed principally by
using the Commissioners' Reserve Valuation Method (CRVM) or the Net Level
Premium Method with assumed interest rates (2.5% to 6%) and mortality
(American Experience, 1941 CSO, 1958 CSO, 1960 CSG and 1980 CSO tables) as
prescribed by regulatory authorities. Reserves for annuities and deposit
administration contracts are computed on the basis of interest rates
ranging from 2.5% to 12.75%. Policy and contract claim liabilities include
provisions for reported claims and estimates for claims incurred but not
reported. To the extent the ultimate liability differs from the amounts
recorded, such differences are reflected in operations when additional
information becomes known.
During 1997, the Company adopted two actuarial guidelines. The total impact
of the adoption of these guidelines was a $17,235 decrease in unassigned
surplus. The Company also recorded a reduction in group pension reserves
based on a change in the calculation of these reserves. The impact of this
change was a $17,437 increase in unassigned surplus.
Premiums and Related Commissions - Premiums are recognized as income over
the premium paying period of the policies. Commissions and other expenses
related to the acquisition of policies are charged to operations as
incurred.
17
<PAGE>
Federal Income Taxes - The Company files a consolidated federal income tax
return with its parent and other eligible subsidiaries. The method of
allocating taxes among the companies is subject to a written agreement
approved by the Board of Directors. Each company's provision for federal
income taxes is based on a separate return calculation with each company
recognizing tax benefits of net operating loss carryforwards and tax
credits on a separate return basis.
The provision for federal income taxes is based on income which is
currently taxable. Deferred federal income taxes are not provided for
temporary differences between income tax and statutory reporting. The
Company recognizes the benefits of net operating loss, foreign tax and
general business credit carryforwards when realized.
Non-Admitted Assets - Certain assets designated as "non-admitted",
principally receivables greater than ninety days due and office furniture
and equipment, are excluded from the statutory basis statements of admitted
assets, liabilities, and surplus. The net change in such assets is charged
or credited to unassigned surplus.
Fair Values of Financial Instruments - The following methods and
assumptions were used by the Company in estimating its fair value
disclosures for financial instruments:
Cash, Short-Term Investments and Other Invested Assets - The carrying
amounts for these instruments approximate their fair values.
Bonds - The fair values for bonds are based on quoted market prices,
where available. For bonds not actively traded, fair values are estimated
using values obtained from independent pricing services or based on
expected future cash flows using a current market rate applicable to the
yield, credit quality and maturity of the investments.
Unaffiliated Common Stocks - The fair values for unaffiliated common
stocks are based on quoted market prices.
Affiliated Common Stock - The fair values of affiliated common stocks are
based on the Company's equity in the underlying book value.
Preferred Stocks - The fair values for preferred stocks are based on
quoted market prices.
Mortgage Loans - The fair values for mortgage loans are estimated using
discounted cash flow calculations which are based on interest rates
currently being offered for similar loans to borrowers with similar
credit ratings, credit quality, and maturity of the investments.
Policy Loans - The Company does not believe an estimate of the fair value
of policy loans can be made without incurring excessive cost. Policy
loans have no stated maturities and are usually repaid by reductions to
benefits and surrenders. Because of the numerous assumptions which would
have to be made to estimate fair value, the Company believes that such
information would not be meaningful.
Investment Contracts - The fair values for liabilities under
investment-type insurance contracts are estimated using discounted cash
flow calculations, which are based on interest rates currently being
offered for similar contracts with maturities consistent with those
remaining for the contracts being valued.
Derivatives - The fair value of interest-rate swaps, foreign currency
swaps and interest-rate caps represents the amount at which the contracts
could be settled based upon estimates obtained from issuing brokers. The
fair value of equity-linked notes represents the appreciation of the
underlying debt security based upon the accumulative return of the
designated index.
18
<PAGE>
Derivatives - The Company invests in certain derivative financial
instruments to reduce exposure to interest-rate and foreign-currency risks
associated with assets held or liabilities incurred. Derivative financial
instruments utilized by the Company include interest-rate swaps,
interest-rate caps, foreign-currency swaps and equity-linked notes. The
Company does not engage in trading of these instruments.
Interest-rate swap transactions generally involve the exchange of fixed and
floating rate interest payment obligations without the exchange of the
underlying principal amount. Net settlement amounts are reported as
adjustments to net investment income on an accrual basis over the life of
the swap agreement. Gains and losses resulting from early termination of
interest-rate swaps used for hedging are deferred and amortized over the
remaining period originally covered by the swap. The Company enters into
interest-rate swap agreements to manage interest-rate exposure. The primary
purpose for the interest-rate swap agreements is to modify the
interest-rate sensitivities of certain investments so that they are highly
correlated with the interest-rate sensitivities of certain insurance
liabilities.
Interest-rate caps represent a right to receive the excess of a referenced
interest rate over a given rate in exchange for the payment of a premium.
Premiums are amortized and recorded as an adjustment to net investment
income over the life of the investment using the effective interest method.
The Company uses interest-rate caps to more effectively manage
interest-rate risk associated with single premium deferred annuity
contracts. This allows the Company to limit the risk associated with an
increase in interest rates.
Foreign-currency swaps are stated at market value. The differences between
the amounts paid or received on foreign-currency swaps are reflected in the
statutory basis statements of income. The change in estimated fair value is
recorded as a change in net unrealized gains (losses). The Company has
purchased corporate bonds in the foreign bond markets. These bonds are
typically issued by U.S. corporations and denominated in a variety of
currencies. These bonds, on occasion, are available for purchase in the
secondary market at attractive yields. The Company enters into currency
swaps simultaneously with its foreign-currency bond purchases so that all
future foreign currency-denominated interest and principal payments on such
bonds are swapped with high quality counterparties at the time of purchase
for known amounts of U.S. dollars.
Equity-linked notes are stated at amortized cost. These instruments pay
interest based on a very modest (or no) semi-annual or annual coupon rate
and pay at maturity all principal plus "contingent" interest based on a
coupon rate equal to the percentage increase in a designated index. If the
index has declined over the term of the note, no contingent interest is
payable, but at maturity all principal would nevertheless be payable. The
designated index is typically linked to the performance of a known stock
index or basket of indices. Interest income is accrued at the coupon rate
while "contingent" interest is recognized upon maturity. The Company uses
equity-linked notes to more cost effectively diversify its exposure to
equity markets and as an asset replication instrument to match the
liabilities of certain group annuity contracts where the customer seeks
equity market participation. Equity-linked notes help reduce the Company's
exposure to fluctuations in equity instruments by linking a substantial
portion of their expected total return to certain market indices while
preserving the invested principal.
Separate Accounts - The assets of the separate accounts shown in the
statutory basis statements of admitted assets, liabilities, and surplus are
carried at fair value and consist primarily of common stocks, mutual funds
and commercial paper held by the Company for the benefit of certificate
holders under specific individual and group annuity contracts. Benefits
paid to separate account certificate holders are reflected in the statutory
basis statements of income, but are offset by transfers from the separate
accounts. Deposits, net investment income and realized and unrealized
capital gains and losses on the separate accounts are not reflected in the
statutory basis statements of income. Mortality, policy administration and
surrender charges to all separate accounts are included in revenue.
Reclassifications - Certain reclassifications have been made to the prior
year amounts to conform with current year presentation with no changes to
unassigned surplus or net income.
19
<PAGE>
2. INVESTMENTS
The cost or amortized cost, gross unrealized gains, gross unrealized losses
and estimated fair value of the Company's investment securities were as
follows:
<TABLE>
<CAPTION>
Cost or Gross Gross Estimated
Amortized Unrealized Unrealized Fair
Cost Gains Losses Value
At December 31, 1998:
<S> <C> <C> <C> <C>
U.S. Government $ 30,199 $ 2,300 $ 63 $ 32,436
Political subdivisions 10,549 302 - 10,851
Mortgage-backed securities 380,824 15,037 2,221 393,640
Special revenue 52,399 3,220 - 55,619
Public utilities 419,753 21,077 1,270 439,560
Industrial and miscellaneous 4,984,347 186,244 28,243 5,142,348
Collateralized mortgage obligations 1,370,460 38,428 3,698 1,405,190
Credit-tenant loans 219,091 20,303 180 239,214
--------- ------- ------ ---------
Total $ 7,467,622 $ 286,911 $ 35,675 $ 7,718,858
========= ======= ====== =========
Bonds $ 7,253,217
Short-term investments 214,405
---------
$ 7,467,622
=========
Preferred stocks $ 3,955 $ 2,036 $ - $ 5,991
========= ======= ====== =========
Common stocks:
Affiliated $ 66,086 $ 24,184 $ - $ 90,270
Unaffiliated 165 13,723 50 13,838
--------- ------- ------ ---------
$ 66,251 $ 37,907 $ 50 $ 104,108
========= ======= ====== =========
</TABLE>
20
<PAGE>
<TABLE>
<CAPTION>
Cost or Gross Gross Estimated
Amortized Unrealized Unrealized Fair
Cost Gains Losses Value
At December 31, 1997:
<S> <C> <C> <C> <C>
U.S. Governments $ 58,738 $ 1,010 $ 43 $ 59,705
States, territories and possessions 130 3 - 133
Political subdivisions 11,068 118 1 11,185
Mortgage-backed securities 281,614 7,452 258 288,808
Special revenue 60,518 3,453 4 63,967
Public utilities 428,968 25,627 151 454,444
Industrial and miscellaneous 4,392,543 161,013 26,560 4,526,996
Collateralized mortgage obligations 1,563,787 48,341 4,982 1,607,146
Credit-tenant loans 248,796 17,543 359 265,980
-------- ------- ---- -------
Total $ 7,046,162 $ 264,560 $ 32,358 $ 7,278,364
============ ========== ========= ===========
Bonds $ 6,921,762
Short-term investments 124,400
-------
$ 7,046,162
Preferred stocks $ 3,955 $ 1,937 $ - $ 5,892
======== ======== ==== =======
Common stocks:
Affiliated $ 66,086 $ 14,609 $ - $ 80,695
Unaffiliated 435 15,546 77 15,904
---- ------- --- ------
$ 66,521 $ 30,155 $ 77 $ 96,599
========= ========= ===== ========
</TABLE>
The amortized cost and estimated fair value of debt securities at December
31, 1998, by contractual maturity, are shown below. Expected maturities
will differ from contractual maturities because borrowers may have the
right to call or prepay obligations with or without call or prepayment
penalties.
Amortized Estimated
Cost Fair Value
Due in one year or less $ 464,039 $ 465,511
Due after one year through five years 1,541,941 1,570,052
Due after five years through ten years 1,420,471 1,474,675
Due after ten years 2,289,887 2,409,791
--------- ---------
5,716,338 5,920,029
Collateralized mortgage obligations and
mortgage backed securities 1,751,284 1,798,829
--------- ---------
$7,467,622 $7,718,858
========= =========
21
<PAGE>
The sources of net investment income were as follows:
1998 1997 1996
Bonds $515,152 $501,101 $439,884
Preferred stocks 299 399 399
Common stocks 146 449 1,789
Mortgage loans 52,305 70,469 87,035
Real estate 19,833 25,531 29,860
Policy loans 7,324 7,454 6,855
Short-term investments 4,962 4,658 7,339
Other (1,970) (1,239) (2,732)
------- ------- -------
598,051 608,822 570,429
Investment expense (22,067) (25,194) (28,270)
Amortization of interest maintenance reserve 3,292 3,852 4,475
------- ------- -------
$579,276 $587,480 $546,634
======= ======= ========
Gross realized gains and losses from investment securities consist of the
following:
Net
Gross Gross Realized
Realized Realized Gains
Gains Losses (Losses)
Year ended December 31, 1998:
Bonds $ 13,939 $ 240 $ 13,699
Common stocks 376 55 321
Mortgage loans 5,819 181 5,638
Real estate 4,248 697 3,551
Other 9,711 77 9,634
------- ----- -------
$ 34,093 $ 1,250 32,843
======= =====
Capital gains tax (11,465)
Transfer to IMR (12,686)
------
Net realized capital gains $ 8,692
======
22
<PAGE>
Net
Gross Gross Realized
Realized Realized Gains
Gains Losses (Losses)
Year ended December 31, 1997:
Bonds $ 8,304 $ 5,237 $ 3,067
Common stocks 64,382 4,130 60,252
Mortgage loans 1,520 5,318 (3,798)
Real estate 2,800 5,109 (2,309)
Derivative instruments 8 8,911 (8,903)
Other 24,572 48 24,524
------- ------ ------
$101,586 $28,753 72,833
======= ====== =======
Capital gains tax (25,412)
Transfer to IMR 4,116
------
Net realized capital gains $51,537
======
Year ended December 31, 1996:
Bonds $ 9,290 $ 1,489 $ 7,801
Common stocks 41,198 351 40,847
Mortgage loans 660 7,618 (6,958)
Real estate 2,690 2,949 (259)
Other 3,830 34 3,796
------- ------ ------
$ 57,668 $12,441 45,227
====== ======
Capital gains tax (15,798)
Transfer to IMR (5,968)
-------
Net realized capital gains $23,461
======
Proceeds from the sale of bonds were $141,015, $265,701 and $197,362 during
1998, 1997 and 1996, respectively.
The Company invests in mortgage loans collateralized principally by
commercial real estate. The maximum and minimum lending rates for mortgage
loans during 1998 ranged from 6.4% to 9.6%. The maximum percentage of any
one loan to the value of security at the time the loan was originated,
exclusive of insured, guaranteed or purchase money mortgages, was 75%. The
estimated fair value of the mortgage loan portfolio was $645,962 and
$625,176 at December 31, 1998 and 1997, respectively.
23
<PAGE>
The Company's mortgage loans finance various types of commercial properties
throughout the United States. The geographic distributions of the mortgage
loans at December 31, 1998 and 1997 were as follows:
1998 1997
Texas $ 43,616 $ 21,146
California 39,923 51,109
Alabama 34,493 13,020
Nebraska 34,079 34,435
Louisiana 31,037 22,036
Washington 25,053 31,426
All other states 391,195 414,241
------- -------
$599,396 $587,413
======= =======
There were no non-performing or restructured mortgage loans at December 31,
1998. At December 31, 1997, the Company held non-performing loans of
$7,146. There were no restructured mortgage loans at December 31, 1997.
Securities with an amortized cost of $5,493 and $5,469 were on deposit with
government agencies at December 31, 1998 and 1997, respectively, as
required by law in various jurisdictions in which the Company conducts
business.
The Company has a securities lending program whereby securities are loaned
to third parties, primarily major brokerage firms. Company policy requires
a minimum of 102% of the fair value of the loaned securities to be
separately maintained as collateral for the loans. The collateral is
recorded in memorandum records and is not reflected in the accompanying
statutory basis statements of admitted assets, liabilities and surplus. To
further minimize the credit risks related to this lending program, the
Company regularly monitors the financial condition of counterparties to
these agreements and also receives an indemnification from the financial
intermediary who structures the transactions.
The Company has commitments to fund bond investments of approximately
$45,372 and $60,900 as of December 31, 1998 and 1997, respectively. The
Company also has commitments to fund mortgage loans of approximately
$21,231 and $1,900 as of December 31, 1998 and 1997, respectively. These
commitments are legally binding and have fixed expiration dates or other
termination clauses that may require a payment of a fee. In the event that
the financial condition of a borrower deteriorates materially, the
commitment may be terminated. Since some of the commitments may expire or
terminate, the total commitments do not necessarily represent future
liquidity requirements.
24
<PAGE>
3. DERIVATIVE FINANCIAL INSTRUMENTS
The following table summarizes the Company's derivative financial
instruments. Notional amounts are used on certain instruments to express
the volume of these transactions, but do not represent the much smaller
amounts potentially subject to credit risk.
<TABLE>
<CAPTION>
Estimated
Notional Statement Fair Year(s) of Interest Rate
Amount Value Value Maturity Paid Received
At December 31, 1998:
<S> <C> <C> <C> <C> <C> <C> <C>
Interest-rate swaps $202,500 $ - $ (9,713)2002 - 2003 6.97 % 6.50 %
========= ==== =========
Interest-rate caps $600,000 $ 2,924 $ 633 2000 - 2003 - -
========= ======== ======
Equity-linked notes $101,000 $ 3,541 $ 62,671 2001 - 2016 - -
========= ======== =========
At December 31, 1997:
Interest-rate swaps $202,500 $ - $ (5,399)2002 - 2003 6.97 % 6.50 %
========= ==== =========
Interest-rate caps $470,000 $ 3,269 $ 14 2000 - 2002 - -
========= ======== =====
Foreign currency swaps $ 6,500 $ (268) $ (268) 1998 - -
======== ======== ========
Equity-linked notes $101,000 $ 4,721 $ 41,226 2001 - 2016 - -
========= ======== =========
</TABLE>
These derivative financial instruments involve, to varying degrees,
elements of credit and market risk which are not recognized in the
statutory basis statements of admitted assets, liabilities and surplus.
Credit risk is defined as the possibility that a loss may occur from the
failure of another party to perform in accordance with the terms of the
contract which exceeds the value of existing collateral, if any. Market
risk is the possibility that future changes in market conditions may make
the derivative financial instrument less valuable. The Company evaluates
the risk associated with derivatives in much the same way as the risks with
on-balance sheet financial instruments. The derivative's risk of credit
loss is generally a small fraction of the notional value of the instrument
and is represented by the fair value of the derivative financial
instrument. The Company attempts to limit its credit risk by dealing with
creditworthy counterparties and obtaining collateral where appropriate.
The Company has considerable experience in evaluating and managing credit
risk. Each issuer or counterparty is extensively reviewed to evaluate its
financial stability before entering into each agreement and throughout the
period that the financial instrument is owned.
During 1997, the Company terminated two interest-rate swap transactions
with a combined notional amount of $200,000 at a cost of approximately
$8,900. This amount was charged to IMR in accordance with statutory
accounting practices. These swaps were replaced with four other
interest-rate swap agreements with a combined notional amount of $200,000.
Terms of the new interest-rate swaps allow for more frequent repricing of
the variable rate paid by the Company thereby reducing its exposure.
4. FEDERAL INCOME TAXES
The provision for federal income taxes reflects an effective income tax
rate which differs from the prevailing federal income tax rate primarily as
a result of income and expense recognition differences between statutory
and income tax reporting. The major differences include capitalization and
amortization of certain policy acquisition amounts for tax purposes,
different methods for determining statutory and tax insurance reserves,
timing of the recognition of market discounts on bonds and certain accrued
expenses, and the acceleration of depreciation for tax purposes.
25
<PAGE>
The Company's tax returns have been examined by the Internal Revenue
Service (IRS) through 1992. The Company is currently contesting certain
adjustments proposed by the IRS for tax years 1990 through 1992. The tax
returns for 1993 through 1995 are currently under examination. Management
believes the results of these examinations will have no material impact on
the Company's statutory financial statements.
Under federal income tax law in effect prior to 1984, the Company
accumulated approximately $31,615 of deferred taxable income which could
become subject to income taxes in the future under certain conditions.
Management believes the chance that those conditions will exist is not
likely.
5. RETIREMENT BENEFITS
The Company participates with affiliated companies in a noncontributory
defined benefit plan covering all United States employees meeting certain
minimum requirements. Mutual of Omaha and certain subsidiaries
(collectively referred to as the Companies) generally make annual
contributions to the plan in an amount between the minimum ERISA required
contribution and the maximum tax deductible contribution. Funds for the
plan are held in the general and separate accounts of the Company under the
terms of a group annuity contract and in domestic equity and international
common stock funds.
Information regarding accrued benefits and net assets has not been
determined on an individual company basis. The Company's allocation of
salary expense was approximately 28% and 30% of the total Companies' salary
expense in 1998 and 1997, respectively, and approximately 28% in 1996. The
Companies expensed contributions of $10,254, $7,972 and $12,152 in 1998,
1997 and 1996, respectively. During 1996, the Companies changed mortality
tables from 1971 group annuity mortality table to the 1983 group annuity
mortality table. As a result of the table change, the actuarial present
value of accrued benefits as of January 1, 1996, increased by $21,637. The
Companies made an additional contribution of $21,637 and recorded it net of
federal income taxes of $7,573 as a direct charge to surplus. In 1998, the
Companies changed the plan's assumed annual investment return and in order
to improve the funding status of the plan, increased the amount that will
be contributed for 1998. At December 31, 1998, the Companies recorded a
direct charge to surplus of $37,541, which represents an additional
contribution of $57,815, net of tax. The Company's share of this
contribution was $9,732, net of tax.
The plan was amended effective January 1, 1997 to include a Postretirement
Medical 401(h) Account for the funding of certain postretirement medical
benefits provided by the Companies. In 1998 and 1997, Mutual of Omaha and
the Company contributed approximately $2,700 and $2,600, respectively, to
this account.
A comparison of accrued benefits and net assets for the entire plan as of
January 1, 1998 and 1997 follows:
1998 1997
Actuarial present value of accrued benefits:
Vested $442,595 $380,495
Nonvested 3,302 2,204
-------- --------
$445,897 $382,699
======= =======
Net assets available for benefits $389,956 $369,871
======= =======
Assumptions:
Annual investment return 8.00 % 9.00 %
Mortality table 1983 GAM 1983 GAM
Discount rate 6.73 % 7.37 %
26
<PAGE>
The Companies also provide the Mutual of Omaha 401(k) Long-Term Savings
Plan covering all United States employees who have completed one year of
service and have reached their 21st birthday. Participants may elect to
contribute 1% to 16% of their salary annually subject to plan and IRS
limitations. The Companies match at least 25% of the first 6% of the
contributions made by each participant. The Companies match up to an
additional 75% of the first 6% of the contributions made by each
participant if certain company-wide performance measures are met.
Contributions expensed by the Companies were $3,054, $8,428 and $5,600 in
1998, 1997 and 1996, respectively.
The Companies provide certain postretirement medical and life insurance
benefits. The Companies subsidize these benefits with certain limitations
to retirees and eligible employee groups. Employees retiring on or before
December 31, 1997, were eligible for the full subsidy if they were at least
age 55 with at least 10 years of service and 10 years of continuous
coverage under one of the Companies' health plans. Employees retiring after
December 31, 1997, must be at least age 60 with at least 15 years of
service and 15 years of continuous coverage under one of the Companies'
health plans, prior to retirement, to be eligible for a subsidy. Employees
hired on or after January 1, 1995, are not eligible for a subsidy. The cost
of these postretirement benefits is allocated to the Companies in
accordance with an intercompany cost-sharing agreement. The Companies use
the accrual method of accounting for postretirement benefits and elected to
amortize the original transition obligation over 20 years. During the year
ended December 31, 1997, liabilities of $6,418 that were previously
recorded by the Company for postretirement benefits, were paid to Mutual of
Omaha.
The following table compares the accumulated benefit obligation and the
accrued liability for the Companies' postretirement benefits at December
31, 1998 and 1997:
1998 1997
Accumulated postretirement benefits obligation:
Fully eligible actives $ 4,905 $ 9,695
Retirees 83,322 76,208
------ ------
88,227 85,903
Plan assets in Postretirement Medical 401(h) Account (5,642) (2,713)
Unrecognized transition obligation (56,257) (60,275)
Unrecognized gain 7,555 9,460
------ ------
Total accrued postretirement benefit liability $33,883 $ 32,375
====== ======
Assumptions:
Discount rate 7.00 % 7.25 %
Health care cost trend rate:
First year 5.00 % 5.00 %
The Companies' net periodic postretirement benefit costs include the
following components:
1998 1997 1996
Eligibility costs $ - $ 1,598 $ 1,385
Interest costs 6,118 5,986 5,909
Deferral of gain on plan assets 36 55 -
Amortization of transition obligation 4,018 4,018 4,018
Amortization of gain (99) - -
Return on assets (220) (55) -
----- ------ ------
Total benefit costs $9,853 $11,602 $11,312
===== ====== ======
27
<PAGE>
The health care cost trend rate assumption has a significant effect on the
amounts reported. To illustrate, increasing the assumed health care cost
trend rate by one percentage point in each year would increase the
Companies' accumulated postretirement benefits obligation as of December
31, 1998, by approximately $6,200 and the estimated eligibility and
interest cost components of the net periodic postretirement benefit costs
for 1998 by approximately $800.
The Company has deferred compensation plans for certain officers and key
employees. The plans were adopted upon approval by the board of directors.
6. RELATED PARTY TRANSACTIONS
The home office properties are occupied jointly by the Company, Mutual of
Omaha and certain affiliates. Because of this relationship, the Companies
incur joint operating expenses subject to allocation. Management believes
the method of allocating such expenses is fair and reasonable.
The Company received management and administrative service fees from
MOSSCO-CT of $5 for the year ended December 31, 1998 and $106 from
MOSSCO-NY and MOSS-CT for the year ended December 31, 1997 and $349 from
MOSSCO-NE, MOSSCO-NY and MOSSCO-CT for the year ended December 31, 1996.
The Company paid $410, $427 and $444 during 1998, 1997 and 1996,
respectively, to Kirkpatrick, Pettis, Smith, Polian, Inc., an affiliate,
for equity investment management services. In addition, the Company paid
assignment fees of $8 to MOSSCO-CT for the year ended December 31, 1998 and
$165 to MOSSCO-NY and MOSSCO-CT for the year ended December 31, 1997 and
$439 to MOSSCO-NE, MOSSCO-NY and MOSSCO-CT for the year ended December 31,
1996.
On January 2, 1996, the Company sold 7,580 shares of First National of
Nebraska, Inc. common stock to Mutual of Omaha for $27,667. The share price
was determined by the stock's publicly traded market value at the date of
the transaction. The Company recognized a realized gain of $27,632 and
related federal income taxes were $9,671.
Under the terms of a reinsurance treaty effected June 1, 1955, all health
and accident insurance written by the Company is ceded to Mutual of Omaha.
The operating results of certain lines of group health and accident and
life insurance are shared equally by the Company and Mutual of Omaha. The
amounts ceded were as follows:
1998 1997
Aggregate reserve for policies and contracts $ 84,042 $92,276
======= ======
Policy and contract claims $100,213 $92,555
======= ======
1998 1997 1996
Premium considerations $387,139 $378,854 $368,126
======= ======= =======
Policyholder and beneficiary benefits $337,101 $286,033 $273,576
======= ======= =======
Group reinsurance settlement expense (included
in operating expenses) $ 18,777 $ 10,405 $ 2,818
======= ======= =======
28
<PAGE>
The Company also assumes group and individual life insurance from
Companion. The Company entered into a coinsurance treaty with Companion
relating to bank annuity business in which Companion cedes 90% of the 1998
and 75% of the 1997 related premiums to the Company and the Company pays
90% and 75% of the related benefits, in 1998 and 1997, respectively. The
total amounts assumed by the Company relating to the treaties with
Companion were as follows:
1998 1997
Aggregate reserve for policies and contracts $47,634 $30,498
======== =======
Policy and contract claims $ 2,917 $ 2,370
======== =======
The amounts ceded by the Company and included in the statutory statements
of income were as follows:
1998 1997 1996
Premium considerations $19,790 $31,343 $2,668
======== ======== ======
Policyholder and beneficiary benefits $ 5,507 $ 3,151 $2,390
======== ======== ======
7. REINSURANCE
In the normal course of business, the Company assumes and cedes insurance
business. The ceding of insurance business does not discharge an insurer
from its primary legal liability to a policyholder. The Company remains
liable to the extent that a reinsurer is unable to meet its obligations.
The reconciliation of total premiums to net premiums is as follows:
1998 1997 1996
Direct $1,460,516 $1,541,127 $1,641,295
Assumed:
Affiliated 19,790 31,344 2,668
Nonaffiliates 26,438 23,548 23,913
Ceded:
Affiliated (387,139) (378,854) (367,598)
Nonaffiliated (34,629) (30,061) (14,771)
--------- --------- --------
Net $1,084,976 $1,187,104 $1,285,507
=========== =========== ==========
8. CREDIT ARRANGEMENTS
The Company and Mutual of Omaha are authorized by their Boards of Directors
to borrow a maximum of $75,000 on a joint basis under certain lines of
credit. At December 31, 1998, the Company had no outstanding borrowings
against its uncommitted, uncollateralized revolving lines of credit.
Interest rates applicable to borrowings under these lines of credit are
negotiated with the lender at the time of borrowing.
9. COMMITMENTS AND CONTINGENCIES
Various lawsuits have arisen in the ordinary course of the Company's
business. The Company believes that its defenses are meritorious and the
eventual outcome of those lawsuits will not have a material effect on the
Company's financial position.
29
<PAGE>
Leases - The Company leases certain property to house Home Office
operations in Omaha, Nebraska, from its parent, Mutual of Omaha. The
current lease expires December 31, 2035.
The Company and Mutual of Omaha rent office space, equipment and computer
software under noncancellable operating leases. Future required minimum
rental payments under those leases as of December 31, 1998 were
approximately:
1999 $17,080,000
2000 14,168,000
2001 8,550,000
2002 4,948,000
2003 2,392,000
Thereafter 2,291,000
----------
Total $49,429,000
0. DEPOSIT FUNDS
The estimated fair value and statement value of guaranteed investment and
select maturity contracts were:
1998 1997
Estimated fair value $1,346,065 $1,118,746
=========== ==========
Statement value $1,353,266 $1,119,540
=========== ==========
The fair values of liabilities under all insurance contracts are taken into
consideration in the Company's overall management of interest-rate risk,
which minimizes exposure to changing interest rates through the matching of
investment maturities with amounts due under insurance contracts.
At December 31, 1998 and 1997, the Company held annuity reserves and
deposit fund liabilities of $1,877,117 and $1,256,277, respectively, that
were subject to discretionary withdrawal at book value with a surrender
charge of less than 5%.
11. STOCKHOLDER DIVIDENDS
Regulatory restrictions limit the amount of dividends available for
distribution without prior approval of regulatory authorities. The maximum
amount of dividends which can be paid to the stockholder without prior
approval of the Director of Insurance of the State of Nebraska is the
greater of 10% of the insurer's surplus as of the previous December 31 or
net gain from operations for the previous twelve month period ending
December 31. Based upon these restrictions, the Company is permitted a
maximum dividend distribution of $61,061 in 1999.
12. BUSINESS RISKS
The Company is subject to regulation by state insurance departments and
undergoes periodic examinations by those departments. The following is a
description of the most significant risks facing life and health insurers
and how the Company manages those risks:
Legal/Regulatory Risk is the risk that changes in the legal or regulatory
environment in which an insurer operates will occur and create additional
costs or expenses not anticipated by the insurer in pricing its products.
The Company mitigates this risk by operating throughout the United
States, thus reducing its exposure to any single jurisdiction, and by
diversifying its products.
30
<PAGE>
Credit Risk is the risk that issuers of securities owned by the Company
will default, or that other parties, including reinsurers which owe the
Company money, will not pay. The Company minimizes this risk by adhering
to a conservative investment strategy and by maintaining sound
reinsurance, credit and collection policies.
Interest-Rate Risk is the risk that interest rates will change and cause
a decrease in the value of an insurer's investments. The Company
mitigates this risk by attempting to match the maturity schedule of its
assets with the expected payouts of its liabilities. To the extent that
liabilities come due more quickly than assets mature, the Company may
have to sell assets prior to maturity and recognize a gain or loss.
13. EXPENSE REALIGNMENT COSTS
In March 1996, the Companies announced the elimination of approximately
1,000 positions as a part of the initiative to reduce operating costs 15%
by the end of 1997. The Company incurred approximately $4,442 and $9,099 of
severance and related costs, consulting fees and other one-time costs
associated with expense realignment activities during 1997 and 1996,
respectively.
14. CODIFICATION OF STATUTORY ACCOUNTING PRINCIPLES
In March 1998, the National Association of Insurance Commissioners adopted
the Codification of Statutory Accounting Principles (Codification). The
Codification, which is intended to standardize regulatory accounting and
reporting for the insurance industry, is proposed to be effective January
1, 2001. During 1999, the State of Nebraska adopted the Codification. The
Company has not finalized the quantification of the effects of Codification
on its statutory financial statements.
31
<PAGE>
UNITED OF OMAHA
SEPARATE ACCOUNT C
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS' REPORT AS OF
DECEMBER 31, 1998 AND FOR THE TWO YEARS
ENDED DECEMBER 31, 1998 AND 1997
32
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Board of Directors
United of Omaha Life Insurance Company
We have audited the accompanying statements of net assets, including the
schedules of investments, of United of Omaha Separate Account C (comprised of
the Growth, Asset Manager, Index 500, Money Market, Bond, International (T. Rowe
Price), New America Growth, Equity Income (T. Rowe Price), Limited Term Bond,
Contrafund, Asset Manager: Growth, Equity Income (Fidelity), International
(Scudder), Global Discovery, Growth & Income, Personal Strategy Balanced,
Limited-Term Bond, American Small Capitalization, American Growth, Prime Money
Fund II, U.S. Government Securities, Global Governments, Capital Opportunities,
High Income, Research, Emerging Growth, Real Estate Growth, Capital Growth,
Emerging Markets Equity and Fixed Income portfolios) as of December 31, 1998,
and the related statements of operations and changes in net assets for the years
ended December 31, 1998 and 1997. These financial statements are the
responsibility of the Company's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures included
confirmation of investments owned, by correspondence with the transfer agents.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of each of the respective
portfolios constituting United of Omaha Separate Account C as of December 31,
1998, and the results of their operations and changes in their net assets for
the two years ended December 31, 1998 and 1997 in conformity with generally
accepted accounting principles.
April 23, 1999
33
<PAGE>
UNITED OF OMAHA SEPARATE ACCOUNT C
STATEMENTS OF NET ASSETS
DECEMBER 31, 1998
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Series I
------------------------------------------------------------------------------------------------------
Fidelity Scudder T. Rowe Price
---------------------------------- --------------------- -------------------------------------------
New Limited
Asset Index Money America Equity Term
ASSETS Growth Manager 500 Market Bond International Growth Income Bond
Investments in portfolio shares,
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
at cost $ 935,574 $ 564,775 $ 289,429 $ 113,580 $ 463,418 $ 576,633 $ 440,520 $ 616,730 $ 74,469
========== ========== ========== ========== ========== ========== ========== ========== ========
Investments in portfolio shares,
at market value $ 1,256,672 $ 652,498 $ 499,961 $ 113,580 $ 471,641 $ 637,213 $ 653,577 $ 664,571 $ 75,816
---------------------- ---------- ---------- ---------- ---------- ---------- ---------- --------
Net assets $ 1,256,672 $ 652,498 $ 499,961 $ 113,580 $ 471,641 $ 637,213 $ 653,577 $ 664,571 $ 75,816
====================== ========== ========== ========== ========== ========== ========== ========
Accumulation units outstanding 47,718 38,278 18,187 96,114 35,396 44,846 26,453 30,241 6,073
======= ======= ======= ======= ======= ======= ======= ======= =====
Net asset value per unit $ 26.34 $ 17.05 $ 27.49 $ 1.00 $ 13.32 $ 14.21 $ 24.71 $ 21.97 $ 12.48
======== ======== ======== ======= ======== ======== ======== ======== =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
34
<PAGE>
UNITED OF OMAHA SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF NET ASSETS
DECEMBER 31, 1998 (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Series V
-----------------------------------------------------------------------------------------
Fidelity Scudder
---------------------------------------------------- -----------------------------------
Asset
Manager: Equity Index Global Growth &
ASSETS Contrafund Growth Income 500 International Discovery Income
<S> <C> <C> <C> <C> <C> <C> <C>
Investments in portfolio shares, at cost $ 49,952,740 $ 44,800,694 $ 61,249,999 $ 27,860,150 $ 35,484,970 $ 3,672,050 $ 13,964,165
============ ============ ============= ============ =========== ============= ===========
Investments in portfolio shares,
at market value $69,982,543 $ 54,858,364 $ 71,991,987 $ 32,520,940 $ 37,207,964 $ 3,943,781 $ 13,729,985
----------- -------------------------- ------------ -------------- ----------- ------------
Net assets $ 69,982,543 $ 54,858,364 $ 71,991,987 $ 32,520,940 $ 37,207,964 $ 3,943,781 $ 13,729,985
============ ============= =========== ============ ============== =========== ============
Accumulation units outstanding 3,173,298 2,875,591 3,996,435 2,150,305 2,455,997 300,000 1,075,906
========== ========= ========== ========== ========== ======== =========
Net asset value per unit $ 22.05 $ 19.08 $ 18.01 $ 15.12 $ 15.15 $ 13.15 $ 12.76
======== ======= ======== ======== ======== ======== =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
35
<PAGE>
UNITED OF OMAHA SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF NET ASSETS
DECEMBER 31, 1998 (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Series V
----------------------------------------------------------------------------------------------
T. Rowe Price Alger
---------------------------------------------------------------- -------------------------
New Personal Limited- American
America Strategy Equity Term Small American
ASSETS Growth Balanced Income International Bond Capitalization Growth
Investments in
portfolio shares,
<S> <C> <C> <C> <C> <C> <C> <C>
at cost $ 31,666,280 $ 45,018,607 $ 71,804,786 $ 37,592,411 $ 27,311,537 $ 31,000,888 $ 36,025,482
============ ============ ============ ============ ============ ============ ============
Investments in
portfolio shares,
at market value $ 41,232,584 $ 51,609,273 $ 81,842,040 $ 41,248,435 $ 27,627,294 $ 33,231,834 $ 48,735,164
------------ ------------ ----------- ------------- ------------- ------------- -------------
Net assets $ 41,232,584 $ 51,609,273 $ 81,842,040 $ 41,248,435 $ 27,627,294 $ 33,231,834 $ 48,735,164
============ ============ ============ ============ ============== ============ =============
Accumulation units
outstanding 1,914,746 3,090,073 4,407,085 2,966,530 2,346,709 2,138,235 2,064,926
========== ========== ========== ========== ========== ========== ==========
Net asset value per unit $ 21.53 $ 16.70 $ 18.57 $ 13.90 $ 11.77 $ 15.54 $ 23.60
======== ======== ======== ======== ======== ======== ========
Federated
--------------------------
Prime U.S.
Money Government
Fund II Securities
Investments in
portfolio shares,
<S> <C> <C>
at cost $ 39,107,358 $ 29,005,708
============= ============
Investments in
portfolio shares,
at market value $ 39,107,358 $ 30,849,440
------------ ------------
Net assets $ 39,107,358 $ 30,849,440
========== =============
Accumulation units
outstanding 34,415,377 2,487,692
=========== =========
Net asset value per unit $ 1.00 $ 12.40
======= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
36
<PAGE>
UNITED OF OMAHA SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF NET ASSETS
DECEMBER 31, 1998 (continued)
Series V
MFS Pioneer
Real
Global Capital High Emerging Estate Capital
ASSETS Governments Opportunities Income Research Growth Growth Growth
<S> <C> <C> <C> <C> <C> <C> <C>
Investments in portfolio shares,
at cost $14,890,077 $ 15,127,642 $ 26,406,186 $ 42,206,508 $ 49,568,391 $ 7,660,099 $ 8,978,672
============ ============ ============== =========== ============== ============ ============
Investments in portfolio shares,
at market value $ 15,831,422 $ 17,021,997 $ 25,498,509 $ 53,875,971 $ 66,234,681 $ 6,359,022 $ 8,017,162
------------ -------------- ----------- ------------ ------------- ------------ ------------
Net assets $ 15,831,422 $ 17,021,997 $ 25,498,509 $ 53,875,971 $ 66,234,681 $ 6,359,022 $ 8,017,162
========================== ======================================= ============ ============
Accumulation units outstanding 1,444,795 1,117,864 2,002,704 2,811,129 3,084,172 650,704 722,689
========== ========== ========== ========== ========== ======== ========
Net asset value per unit $ 10.96 $ 15.23 $ 12.73 $ 19.17 $ 21.48 $ 9.77 $ 11.09
======== ======== ======== ======== ======== ======= ========
Dean Witter
Emerging
Markets Fixed
Equity Income
<C> <C>
Investments in portfolio share
at cost $ 98,818 $859,698
========= ========
Investments in portfolio share
at market value $103,017 $841,443
--------- --------
Net assets $103,017 $841,443
========= ========
Accumulation units outstanding 14,713 80,837
======= ======
Net asset value per unit $ 7.00 $ 10.41
======= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
37
<PAGE>
UNITED OF OMAHA SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
- ------------------------------------------------------------------------------------------------------------------------------------
Series I
----------------------------------------------------------------------------------------------
Fidelity Scudder T. Rowe Price
-------------------------------- -------------------- --------------------------------------
New Limited-
Asset Index Money nternational America Equity Term
1998 Growth Manager 500 Market Bond Stock Growth Income Bond
Investment income:
Reinvested dividends and capital
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
gain distributions $134,152 $ 81,607 $ 16,747 $ 7,255 $ 24,094 $ 9,936 $ 12,924 $ 33,137 $ 4,027
Mortality risk charges and expenses
(Note 4) (14,853) (9,085) (6,390) (1,955) (5,317) (8,905) (8,365) (8,866) (970)
--------- -------- -------- -------- -------- -------- -------- -------- -----
Net investment income
(expense) 119,299 72,522 10,357 5,300 18,777 1,031 4,559 24,271 3,057
-------- ------- ------- ------ ------- ------ ------ ------- -----
Gains (losses) on investments:
Net realized gains (losses) 38,962 14,474 5,584 - 2,489 19,915 7,525 82,003 53
Net change in unrealized gains
(losses) 204,637 (5,205) 93,043 - (3,266) 60,436 82,575 (67,065) 815
-------- -------- ------- -- -------- ------- ------- --------- ---
Net gains (losses) on
investments 243,599 9,269 98,627 - (777) 80,351 90,100 14,938 868
-------- ------ ------- -- ------ ------- ------- ------- ---
Increase in net assets from operations $362,898 $ 81,791 $108,984 $ 5,300 $ 18,000 $ 81,382 $ 94,659 $ 39,209 $ 3,925
========= ========= ========= ======== ========= ======== ========= ========= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
38
<PAGE>
UNITED OF OMAHA SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 (continued)
- -----------------------------------------------------------------------------------------------------------------------------
Series V
-----------------------------------------------------------------------------------------
Fidelity Scudder
-------------------------------------------------- ----------------------------------
Asset
Manager: Equity Index Global Growth &
1998 (continued) Contrafund Growth Income 500 InternationaDiscovery Income
Investment income:
Reinvested dividends and capital
<S> <C> <C> <C> <C> <C> <C> <C>
gain distributions $ 3,089,619 $ 5,406,960 $ 3,813,349 $ 458,398 $ 4,144,357 $ 65,852 $ 799,685
Mortality risk charges and expenses
(Note 4) (710,977) (607,791) (796,919) (237,927) (417,876) (39,278) (142,819)
---------- ---------- ---------- ---------- ---------- --------- ----------
Net investment income
(expense) 2,378,642 4,799,169 3,016,430 220,471 3,726,481 26,574 656,866
---------- ---------- ---------- -------- ---------- ------- --------
Gains (losses) on investments:
Net realized gains (losses) 1,456,092 870,446 1,100,664 299,643 1,053,943 68,569 65,051
Net change in unrealized gains
(losses) 11,277,313 1,704,498 2,139,634 4,244,236 (22,111) 251,048 (504,207)
----------- ---------- ---------- ---------- --------- -------- ----------
Net gains (losses) on
investments 12,733,405 2,574,944 3,240,298 4,543,879 1,031,832 319,617 (439,156)
----------- ---------- ---------- ---------- ---------- -------- ----------
Increase in net assets from
operations $15,112,047 $ 7,374,113 $ 6,256,728 $ 4,764,350 $ 4,758,313 $346,191 $ 217,710
=========== ============ =========== ============ ============ ========= ==========
------------------------
T. Rowe Price
------------------------
New Personal
America Strategy
Growth Balanced
Investment income:
Reinvested dividends and capital
<S> <C> <C>
gain distributions $ 818,675 $ 3,316,357
Mortality risk charges and expense
(Note 4) (420,616) (571,457)
---------- ---------
Net investment income
(expense) 398,059 2,744,900
-------- ---------
Gains (losses) on investments:
Net realized gains (losses) 474,432 644,781
Net change in unrealized gains
(losses) 4,639,282 2,185,079
---------- ---------
Net gains (losses) on
investments 5,113,714 2,829,860
---------- ---------
Increase in net assets from
operations $5,511,773 $ 5,574,760
========== ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
39
<PAGE>
UNITED OF OMAHA SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Series V
----------------------------------------------------------------------------------------
T. Rowe Price Alger Federated
------------------------------------- ------------------------- ----------------------
Limited- American Prime U.S.
Equity Term Small American Money Government
1998 (continued) Income International Bond Capitalization Growth Fund II Securities
Investment income:
Reinvested dividends and capital gain
<S> <C> <C> <C> <C> <C> <C> <C>
distributions $4,075,310 $ 642,256 $ 1,259,311 $3,823,721 $ 5,897,690 $1,451,901 $ 407,214
Mortality risk charges and expenses (Note 4) (922,963) (470,596) (259,639) (347,043) (460,057) (366,184) (334,326)
---------- ---------- --------- ---------- ---------- ---------- ---------
Net investment income (expense) 3,152,347 171,660 999,672 3,476,678 5,437,633 1,085,717 72,888
---------- -------- -------- ---------- ---------- ---------- ------
Gains (losses) on investments:
Net realized gains (losses) 1,926,140 1,337,167 65,242 (255,903) 1,971,427 - 696,005
Net change in unrealized gains (losses) 338,327 3,586,446 187,101 829,458 7,452,117 - 941,440
-------- ---------- -------- -------- ---------- -- -------
Net gains (losses) on investments 2,264,467 4,923,613 252,343 573,555 9,423,544 - 1,637,445
---------- ---------- -------- -------- ---------- -- ---------
Increase in net assets from operations $ 5,416,814 $5,095,273 $ 1,252,015 $4,050,233 $ 14,861,177 $1,085,717 $1,710,333
============ =========== ============ =========== ============= ========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
40
<PAGE>
UNITED OF OMAHA SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 (continued)
Series V
Morgan Stanley
MFS Pioneer Dean Witter
Real Emerging
Global Capital High Emerging Estate Capital Markets Fixed
1998 (continued) Governments Opportunities Income Research Growth Growth Growth Equity Income
Investment income:
Reinvested dividends and capital
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
gain distributions $ 179,273 $ 34,126 1,714,934 1,077,367 $ 489,487 $ 298,938 $ 501,544 $ 531 34,976
Mortality risk charges and expenses
(Note 4) (181,446) (119,210) (295,312) (582,668) (678,228) (72,153) (83,985) (425) (2,619)
--------- --------- --------- --------- ---------- --------- --------- ------ -------
Net investment income
(expense) (2,173) (85,084) 1,419,622 494,699 (188,741) 226,785 417,559 106 32,357
------- ------------------ -------- ---------- -------- -------- ---- ------
Gains (losses) on investments:
Net realized gains (losses) 103,089 49,710 479,122 2,087,913 4,564,396 (29,215) (5,064) (2,895) 1,380
Net change in unrealized gains
(losses) 895,000 2,151,845 (1,990,063) 6,571,348 11,325,013 (1,537,728) (1,004,636) 4,199 (18,255)
-------- ---------- ----------- ---------- ----------- ------------ ----------- ------ --------
Net gains (losses) on
investments 998,089 2,201,555 (1,510,941) 8,659,261 15,889,409 (1,566,943) (1,009,700) 1,304 (16,875)
------- ---------- ---------------------- ----------- ------------ ----------- ------ --------
Increase (decrease) in net assets from
operations $ 995,916 $ 2,116,471 $ (91,319) 9,153,960 15,700,668 $(1,340,158) $ (592,141) 1,410 15,482
========== =========== ========= ====================== ============= ========== ======= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
41
<PAGE>
UNITED OF OMAHA SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Series I
--------------------------------------------------------------------------------------
Fidelity Scudder T. Rowe Price
---------------------------------------------- ---------------------------------------
New Limited
Asset Index Money America Equity Term
1997 Growth Manager 500 Market Bond International Growth Income Bond
Investment income:
Reinvested dividends and capital gain
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
distributions $28,533 $ 61,409 $ 11,589 $ 5,069 $ 20,453 $ 12,584 $ 1,295 $ 30,857 $ 4,337
Mortality risk charges and expenses (Note 4) (12,173) (8,113) (5,522) (1,403) (4,463) (9,225) (7,081) (7,422) (1,027)
-------- -------- -------- -------- -------- -------- -------- -------- -------
Net investment income (expense) 16,360 53,296 6,067 3,666 15,990 3,359 (5,786) 23,435 3,310
------- ------- ------ ------ ------- ------ -------- ------- -----
Gains (losses) on investments:
Net realized gains (losses) 77,035 8,473 29,983 - 735 47,137 15,634 30,791 (778)
Net change in unrealized gains (losses) 74,772 37,964 69,782 - 6,591 (50,959) 82,137 72,058 936
------- ------- ------- -- ------ --------- ------- ------- ---
Net gains (losses) on investments 151,807 46,437 99,765 - 7,326 (3,822) 97,771 102,849 158
-------- ------- ------- -- ------ -------- ------- -------- ---
Increase (decrease) in net assets from
operations $168,167 $ 99,733 $105,832 $ 3,666 $ 23,316 $ (463) $ 91,985 $126,284 $ 3,468
======== ======== ======== ======== ========= ======== ======== ========= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
42
<PAGE>
UNITED OF OMAHA SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 (continued)
Series V
Fidelity Scudder T. Rowe Price
Asset New Personal
Manager: Equity Index Global Growth & America Strategy
1997 (continued) Contrafund Growth Income 500 International Discovery Income Growth Balanced
Investment income:
Reinvested dividends and capital
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
gain distributions $ 833,552 $ 37,343 $ 3,268,324 $ - $ 415,666 $ - $ 36,878 $ 69,250 $ 1,697,950
Mortality risk charges and expenses
(Note 4) (464,692) (423,138) (531,924) (33,089) (276,084) (10,709) (25,263) (272,898) (383,372)
--------- ---------- ---------- -------- ------------------- -------- ---------- --------
Net investment income
(expense) 368,860 (385,795) 2,736,400 (33,089) 139,582 (10,709) 11,615 (203,648) 1,314,578
-------- -------------------- -------- -------- --------- ------- -------------------
Gains (losses) on investments:
Net realized gains 629,484 365,565 655,557 17,387 264,676 21,330 20,076 221,401 100,725
Net change in unrealized gains 6,710,488 7,280,611 6,572,810 416,554 799,404 20,683 270,027 4,398,725 3,522,132
--------- --------- ---------- -------- -------- ------- -------- --------- ---------
Net gains on investments 7,339,972 7,646,176 7,228,367 433,941 1,064,080 42,013 290,103 4,620,126 3,622,857
--------- --------- ---------- -------- ---------- ------- -------- --------- ---------
Increase in net assets from
operations $7,708,832 7,260,381 $ 9,964,767 $400,852 1,203,662 31,304 $301,718 4,416,478 $ 4,937,435
========== ========== ========== ========= ========== ======= ========= ========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
43
<PAGE>
UNITED OF OMAHA SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Series V
----------------------------------------------------------------------------------------
T. Rowe Price Alger Federated
------------------------------------ -------------------------- ----------------------
Limited- American Prime U.S.
Equity Term Small American Money Government
1997 (continued) Income International Bond Capitalization Growth Fund II Securities
Investment income:
Reinvested dividends and capital gain
<S> <C> <C> <C> <C> <C> <C> <C>
distributions $3,148,705 $ 780,803 $ 591,649 $ 838,472 $ 220,950 $ 1,163,294 $ 579,257
Mortality risk charges and expenses (Note 4) (557,127) (378,701) (119,951) (279,259) (304,181) (290,032) (199,164)
---------- ---------- --------- ---------- --------- -------- ---------
Net investment income (expense) 2,591,578 402,102 471,698 559,213 (83,231) 873,262 380,093
---------- -------- -------- -------- -------- -------- -------
Gains (losses) on investments:
Net realized gains (losses) 389,805 751,583 (20,027) 165,014 561,387 - 38,905
Net change in unrealized gains (losses) 8,011,281 (979,177) 117,407 1,643,596 4,429,566 - 817,166
---------- ---------- -------- ---------- ---------- -- -------
Net gains (losses) on investments 8,401,086 (227,594) 97,380 1,808,610 4,990,953 - 856,071
---------- ---------- ------- ---------- ---------- -- -------
Increase in net assets from operations $ 10,992,664 $ 174,508 $ 569,078 $ 2,367,823 $ 4,907,722 $ 873,262 $ 1,236,164
============= ========== ========== ============ ============ ========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
44
<PAGE>
UNITED OF OMAHA SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 (continued)
Series V
MFS Pioneer
Global Capital High Emerging Estate Capital
1997 (continued) Governments Opportunities Income Research Growth Growth Growth
Investment income:
Reinvested dividends and capital gain
<S> <C> <C> <C> <C> <C> <C> <C>
distributions $229,599 $ 466,662 $ - $ - $ - $ 73,322 $ 3,234
Mortality risk charges and expenses (Note 4) (132,850) (12,625) (205,937) (369,367) (475,969) (17,753) (14,831)
---------- --------- ---------- ---------- --------- -------- --------
Net investment income (expense) 96,749 454,037 (205,937) (369,367) (475,969) 55,569 (11,597)
------- -------- ---------- ---------- --------- ------- --------
Gains (losses) on investments:
Net realized gains 20,167 4,244 1,241,723 1,073,282 1,843,154 48,987 1,476
Net change in unrealized gains (losses) (302,708) (257,490) 1,013,285 4,051,206 5,506,481 236,651 43,126
---------- ---------- ---------- ---------- ---------- -------- ------
Net gains (losses) on investments (282,541) (253,246) 2,255,008 5,124,488 7,349,635 285,638 44,602
---------- ---------- ---------- ---------- ---------- -------- ------
Increase (decrease) in net assets from operations $(185,792) $ 200,791 $ 2,049,071 $ 4,755,121 $ 6,873,666 $341,207 $ 33,005
=========== ========== ============ =========== =========== ======== ========
The accompanying notes are an integral part of these financial statements.
</TABLE>
45
<PAGE>
UNITED OF OMAHA SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
- ------------------------------------------------------------------------------------------------------------------------------------
Series I
------------------------------------------------------------------------------------------
Fidelity Scudder T. Rowe Price
------------------------------ -------------------- ------------------------------------
New Limited
Asset Index Money Inter- America Equity Term
1998 Growth Manager 500 Market Bond national Growth Income Bond
From operations:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net investment income (expense) $ 119,299 $ 72,522 $ 10,357 $ 5,300 $ 18,777 $ 1,031 $ 4,559 $ 24,271 $ 3,057
Net realized gains (losses) 38,962 14,474 5,584 - 2,489 19,915 7,525 82,003 53
Net change in unrealized gains (losses) 204,637 (5,205) 93,043 - (3,266) 60,436 82,575 (67,065) 815
-------- -------- ------- -- -------- ------- ------- --------- ---
362,898 81,791 108,984 5,300 18,000 81,382 94,659 39,209 3,925
-------- ------- -------- ------ ------- ------- ------- ------- -----
From policyowner transactions:
Purchases 272,659 23,896 1,749 654,064 239,999 130,619 18,550 326,456 12,419
Withdrawals (324,590) (92,144) (36,580) (664,205) (110,837) (139,784) (13,168) (297,634) (3,825)
------------------- --------- -------------------- ----------------- ------------ -----
(51,931) (68,248) (34,831) (10,141) 129,162 (9,165) 5,382 28,822 8,594
------------------ --------- ----------------- -------- ------ ------- -----
Increase (decrease) in net assets 310,967 13,543 74,153 (4,841) 147,162 72,217 100,041 68,031 12,519
Net assets, beginning of year 945,705 638,955 425,808 118,421 324,479 564,996 553,536 596,540 63,297
-------- -------- -------- -------- -------- -------- -------- -------- ------
Net assets, end of year $1,256,672 $652,498 $499,961 $ 113,580 $ 471,641 $ 637,213 $653,577 $ 664,571 $ 75,816
============================= ==================== =====================================
Accumulation unit purchases 12,597 1,525 73 562,756 18,429 9,726 856 15,120 1,029
Accumulation unit withdrawals (14,262) (5,769) (1,485) (570,692) (8,626) (10,301) (581) (14,072) (319)
--------- -------- -------- ---------- -------- --------- ------ --------- -----
Net increase (decrease) in units outstanding (1,665) (4,244) (1,412) (7,936) 9,803 (575) 275 1,048 710
Units outstanding, beginning of year 49,383 42,522 19,599 104,050 25,593 45,421 26,178 29,193 5,363
------- ------- ------- -------- ------- ------- ------- ------- -----
Units outstanding, end of year 47,718 38,278 18,187 96,114 35,396 44,846 26,453 30,241 6,073
======= ======= ======= ======= ======= ======= ======= ======= =====
The accompanying notes are an integral part of these financial statements.
</TABLE>
46
<PAGE>
UNITED OF OMAHA SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 (continued)
Series V
Fidelity Scudder
Asset
Manager: Equity Index Global Growth &
1998 (continued) Contrafund Growth Income 500 InternationaDiscovery Income
From operations:
Net investment income
<S> <C> <C> <C> <C> <C> <C> <C>
(expense) $ 2,378,642 $ 4,799,169 $ 3,016,430 $ 220,471 $ 3,726,481 $ 26,574 $ 656,866
Net realized gains (losses) 1,456,092 870,446 1,100,664 299,643 1,053,943 68,569 65,051
Net change in unrealized gains 11,277,313 1,704,498 2,139,634 4,244,236 (22,111) 251,048 (504,207)
----------- ---------- ---------- ---------- ----------------- ----------
15,112,047 7,374,113 6,256,728 4,764,350 4,758,313 346,191 217,710
----------- ---------- ---------- ---------- ---------- -------- --------
From policyowner transactions:
Purchases 8,442,500 5,710,428 13,239,127 19,837,426 11,056,886 2,066,128 8,142,779
Withdrawals (5,208,496) (3,578,049)(5,968,305) (2,168,188) (9,708,314) (696,644) (1,476,579) )
----------------------------------------------- ---------------------------------- -
3,234,004 2,132,379 7,270,822 17,669,238 1,348,572 1,369,484 6,666,200
---------- ---------- ---------- ----------- ---------- ---------- ----------
Increase (decrease) in
net assets 18,346,051 9,506,492 13,527,550 22,433,588 6,106,885 1,715,675 6,883,910
Net assets, beginning of year 51,636,492 45,351,872 58,464,437 10,087,352 31,101,079 2,228,106 6,846,075
----------- ----------- ---------------------- ----------- ---------- ----------
Net assets, end of year $69,982,543 $54,858,364 $71,991,987$32,520,940 $37,207,964 $3,943,781$13,729,985 $
=============================================== ==================================
Accumulation unit purchases 477,393 358,922 851,493 1,509,166 786,536 167,565 641,880
Accumulation unit withdrawals (296,210) (231,851) (383,154) (187,979) (722,194) (61,675) (127,568)
---------- ---------- ---------- ---------- ---------- --------- ----------
Net increase (decrease) in units
outstanding 181,183 127,071 468,339 1,321,187 64,342 105,890 514,312
Units outstanding,
beginning of year 2,992,115 2,748,520 3,528,096 829,118 2,391,655 194,110 561,594
---------- ---------- ---------- -------- ---------- -------- --------
Units outstanding, end of year 3,173,298 2,875,591 3,996,435 2,150,305 2,455,997 300,000 1,075,906
========== ========== ========== ========== ========== ======== ==========
T. Rowe Price
New Personal Limited-
America Strategy Equity Term
Growth Balanced Income International Bond
1998 (continued)
From operations:
Net investment income
<S> <C> <C> <C> <C>
(expense) $ 398,059 $ 2,744,900$ 3,152,347 $ 171,660 $ 999,672
Net realized gains (losses) 474,432 644,781 1,926,140 1,337,167 65,242
Net change in unrealized gains 4,639,282 2,185,079 338,327 3,586,446 187,101
---------- ---------- -------- ---------- -------
5,511,773 5,574,760 5,416,814 5,095,273 1,252,015
---------- ---------- ---------- ---------- ---------
rom policyowner transactions:
Purchases 7,744,835 7,426,015 15,460,179 11,413,923 14,463,748
Withdrawals (1,690,710)(2,819,625) (6,119,408)(10,116,157) (2,624,745
---------------------------------------------------------
6,054,125 4,606,390 9,340,771 1,297,766 11,839,003
---------- ---------- ---------- ---------- ----------
ncrease (decrease) in
et assets 11,565,898 10,181,150 14,757,585 6,393,039 13,091,018
et assets, beginning of year 29,666,686 41,428,123 67,084,455 34,855,396 14,536,276
----------- ---------------------- ----------- ----------
et assets, end of year $ 41,232,584 $51,609,273$81,842,040 $ 41,248,435$27,627,294
==========================================================
ccumulation unit purchases 499,770 524,423 948,617 901,060 1,291,144
ccumulation unit withdrawals (184,848) (227,284) (378,920) (791,799) (247,015)
---------- ---------- ---------- ---------- ---------
et increase (decrease) in units
outstanding 314,922 297,139 569,697 109,261 1,044,129
nits outstanding,
beginning of year 1,599,824 2,792,934 3,837,388 2,857,269 1,302,580
---------- ---------- ---------- ---------- ---------
nits outstanding, end of year 1,914,746 3,090,073 4,407,085 2,966,530 2,346,709
========== ========== ========== ========== =========
</TABLE>
The accompanying notes are an integral part of these financial statements.
47
<PAGE>
UNITED OF OMAHA SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 (continued)
Series V
Alger Federated MFS
American Prime U.S.
Small American Money Government Global Capital High Emerging
1998 (continued) CapitalizatioGrowth Fund II Securities Governments OpportunitiesIncome Research Growth
From operations:
Net investment income
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
(expense) 3,476,678 $ 5,437,633 $ 1,085,717 $ 72,888 $ (2,173) $ (85,084)$ 1,419,622 $ 494,699 $ (188,741)
Net realized gains
(loss) (255,903) 1,971,427 - 696,005 103,089 49,710 479,122 2,087,913 4,564,396
Net change in
unrealized
gains (losses) 829,458 7,452,117 - 941,440 895,000 2,151,845 (1,990,063)6,571,348 11,325,013
-------- ---------- -- -------- -------- ---------- --------------------- -----------
4,050,233 14,861,177 1,085,717 1,710,333 995,916 2,116,471 (91,319)9,153,960 15,700,668
---------- ----------- ---------- ---------- -------- ---------- ------------------ -----------
From policyowner
transactions:
Purchases 4,518,346 9,530,357 86,150,077 14,895,491 3,184,647 11,602,172 25,681,655 10,044,190 24,074,623
Withdrawals (3,014,435) (6,812,535) (69,514,719) (7,058,231) (1,746,557) (318,230)(22,507,105)(6,476,665) (20,466,865)
---------- ----------- ------------ ---------------- ------------ -----------------------------------------
1,503,911 2,717,822 16,635,358 7,837,260 1,438,090 11,283,942 3,174,550 3,567,525 3,607,758
---------- ---------- ----------- ---------- ---------- ----------- ---------- ---------- ----------
Increase (decrease)
in net assets 5,554,144 17,578,999 17,721,075 9,547,593 2,434,006 13,400,413 3,083,231 12,721,485 19,308,426
Net assets, beginning
of year 27,677,690 31,156,165 21,386,283 21,301,847 13,397,416 3,621,584 22,415,278 41,154,486 46,926,255
---------------------- ----------- ----------- ----------- ---------- ----------- ----------- -----------
Net assets, end
of year $33,231,834 $48,735,164 $39,107,358 $30,849,440 $15,831,422 $17,021,997$25,498,509 $53,875,971$ 66,234,681
========== ============ ======================== ==========================================================
Accumulation unit purchase 345,456 522,470 77,323,685 1,254,460 315,249 857,379 1,964,939 540,416 1,345,849
Accumulation unit
withdrawal (228,697) (376,025) (62,393,332) (591,558) (173,297) (31,712) (1,691,870) (338,022) (1,152,483)
--------- ----------------------- ---------- ---------- --------------------- ---------- ------------
Net increase (decrease)
in units outstanding 116,759 146,445 14,930,353 662,902 141,952 825,667 273,069 202,394 193,366
Units outstanding,
beginning of year 2,021,476 1,918,481 19,485,024 1,824,790 1,302,843 292,197 1,729,635 2,608,735 2,890,806
--------- ---------- ----------- ---------- ---------- -------- ---------- ---------- ----------
Units outstanding, end
of year 2,138,235 2,064,926 34,415,377 2,487,692 1,444,795 1,117,864 2,002,704 2,811,129 3,084,172
========= ========== =========== ========== ========== ========== ========== ========== ==========
Pioneer Dean Witter
Real Emerging
Estate Capital Markets Fixed
Growth Growth Equity Income
<C> <C> <C> <C>
(expense) $ 226,785 $ 417,559 $ 106 $ 32,357
Net realized gains
(loss) (29,215) (5,064) (2,895) 1,380
Net change in unrealized
gains (losses) (1,537,728)(1,004,636) 4,199 (18,255)
----------------------- ------ --------
(1,340,158) (592,141) 1,410 15,482
------------ ---------- ------ ------
From policyowner transactions:
Purchases 4,652,337 4,528,117 109,733 867,518
Withdrawals (2,194,334) (432,785) (8,126) (41,557)
------------ ---------- ----------------
2,458,003 4,095,332 101,607 825,961
---------- ---------- -------- -------
Increase (decrease) in
net assets 1,117,845 3,503,191 103,017 841,443
Net assets, beginning
of year 5,241,177 4,513,971 - -
---------- ---------- -- -
Net assets, end
of year $ 6,359,022 $ 8,017,162 $103,017 $841,443
================================= ========
Accumulation unit purchase 421,925 378,915 15,973 85,024
Accumulation unit
withdrawal (199,793) (40,182) (1,260) (4,187)
---------- --------- -------- -------
Net increase (decrease) in
units outstanding 222,132 338,733 # 14,713 80,837
Units outstanding, beginning
of year 428,572 383,956 - -
-------- -------- -- -
Units outstanding, end
of year 650,704 722,689 14,713 80,837
======== ======== ======= ======
</TABLE>
The accompanying notes are an integral part of these financial statements.
48
<PAGE>
UNITED OF OMAHA SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Series I
------------------------------------------------------------------------------------------
Fidelity Scudder T. Rowe Price
----------------------------- --------------------- ------------------------------------
New Limited
Asset Index Money Inter- America Equity Term
1997 Growth Manager 500 Market Bond national Growth Income Bond
From operations:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net investment income (expense) $ 16,360 $ 53,296 $ 6,067 $ 3,666 $ 15,990 $ 3,359 $ (5,786) $ 23,435 $ 3,310
Net realized gains (losses) 77,035 8,473 29,983 - 735 47,137 15,634 30,791 (778)
Net change in unrealized gains (losses) 74,772 37,964 69,782 - 6,591 (50,959) 82,137 72,058 936
------- ------- ------- -- ------ ---------------- ------- ---
168,167 99,733 105,832 3,666 23,316 (463) 91,985 126,284 3,468
-------- ------- -------- ------ ------- ------------- -------- -----
From policyowner transactions:
Purchases 196,856 84,933 6,287 635,356 102,548 240,931 31,103 101,705 4,401
Withdrawals (282,373) (47,931) (78,917) (543,406) (205,263) (456,332) (66,700) (178,913) (34,960)
---------- ----------------- ---------- ---------- ----------------------------- -------
(85,517) 37,002 (72,630) 91,950 (102,715) (215,401) (35,597) (77,208) (30,559)
--------- ------- -------- ------- ---------- ------------------- --------- -------
Increase (decrease) in net assets 82,650 136,735 33,202 95,616 (79,399) (215,864) 56,388 49,076 (27,091)
Net assets, beginning of year 863,055 502,220 392,606 22,805 403,878 780,860 497,148 547,464 90,388
-------- -------- -------- ------- -------- -------- -------- -------- ------
Net assets, end of year $ 945,705 $638,955 $425,808 $ 118,421 $ 324,479 $ 564,996 $553,536 $ 596,540 $ 63,297
========= ========== ======== ==================== =====================================
Accumulation unit purchases 11,390 6,364 316 558,453 8,629 18,532 1,743 5,558 385
Accumulation unit withdrawals (16,881) (3,599) (4,351) (475,143) (17,294) (36,915) (3,634) (10,394) (3,081)
--------- -------- ------- ---------- --------- --------- -------- --------- ------
Net increase (decrease) in units outstanding (5,491) 2,765 (4,035) 83,310 (8,665) (18,383) (1,891) (4,836) (2,696)
Units outstanding, beginning of year 54,874 39,757 23,634 20,740 34,258 63,804 28,069 34,029 8,059
------- ------- ------- ------- ------- ------- ------- ------- -----
Units outstanding, end of year 49,383 42,522 19,599 104,050 25,593 45,421 26,178 29,193 5,363
======= ======= ======= ======== ======= ======= ======= ======= =====
</TABLE>
The accompanying notes are an integral part of these financial statements.
49
<PAGE>
UNITED OF OMAHA SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Series V
-------------------------------------------------------------------------------------------------------
Fidelity Scudder T. Rowe Price
---------------------------------------------- --------------------------------- --------------------
Asset New Personal
Manager: Equity Index Global Growth & America Strategy
1997 (continued) Contrafund Growth Income 500 InternationDiscovery Income Growth Balanced
From operations:
Net investment income
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
(expenses) $368,860 $ (385,795)$ 2,736,400 $ (33,089) $ 139,582 $ (10,709) $ 11,615 $ (203,648)$ 1,314,578
Net realized gains 629,484 365,565 655,557 17,387 264,676 21,330 20,076 221,401 100,725
Net change in unrealized
gains 6,710,488 7,280,611 6,572,810 416,554 799,404 20,683 270,027 4,398,725 3,522,132
---------- ---------- ---------- -------- -------- ------- -------- ---------- ----------
7,708,832 7,260,381 9,964,767 400,852 1,203,662 31,304 301,718 4,416,478 4,937,435
---------- ---------- ---------- -------- ---------- ------- -------- ---------- ----------
From policyowner transactions:
Purchases 22,379,007 17,334,055 22,761,995 9,857,232 16,095,092 2,463,504 6,650,954 12,184,226 15,294,651
Withdrawals (3,567,820) (1,344,564)(3,806,596) (170,732) (1,517,313) (266,702) (106,597) (1,147,692) (467,115)
----------------------------------- --------- ------------ ---------- --------- ------------ --------
18,811,187 15,989,491 18,955,399 9,686,500 14,577,779 2,196,802 6,544,357 11,036,534 14,827,536
---------------------- ----------- ---------- --------------------- ---------- ----------------------
Increase in net assets 26,520,019 23,249,872 28,920,166 10,087,352 15,781,441 2,228,106 6,846,075 15,453,012 19,764,971
Net assets, beginning of year25,116,473 22,102,000 29,544,271 - 15,319,638 - - 14,213,674 21,663,152
---------------------- ----------- -- ----------- -- -- ----------------------
Net assets, end of year $51,636,492$45,351,872 $58,464,437$10,087,352 $31,101,079$2,228,106 $6,846,075 $29,666,686$41,428,123
============================================== ================================= ======================
Accumulation unit purchases 1,465,961 1,212,666 1,553,926 846,841 1,254,739 217,515 572,374 762,008 1,148,375
Accumulation unit withdrawals (259,120) (119,180) (282,508) (17,723) (132,541) (23,405) (10,780) (79,439) (58,658)
---------- ---------- ---------- -------- ---------- --------- -------- --------- -------
Net increase in units
outstanding 1,206,841 1,093,486 1,271,418 829,118 1,122,198 194,110 561,594 682,569 1,089,717
Units outstanding, beginning
of year 1,785,274 1,655,034 2,256,678 - 1,269,457 - - 917,255 1,703,217
---------- ---------- ---------- -- ---------- -- -- -------- ---------
Units outstanding, end
of year 2,992,115 2,748,520 3,528,096 829,118 2,391,655 194,110 561,594 1,599,824 2,792,934
========== ========== ========== ======== ========== ======== ======== ========== ==========
----------------------------------
----------------------------------
Limited -
Equity Term
Income International Bond
<C> <C> <C>
(expenses) $ 393,627 $ 148,852 $ 147,574
Net realized gains 139,631 211,865 (8,394)
Net change in unrealized
gains 1,630,152 998,543 7,327
---------- -------- -----
2,163,410 1,359,260 146,507
---------- ---------- -------
From policyowner transactions
Purchases 23,732,206 20,749,014 6,350,319
Withdrawals (1,754,680) (3,224,170) (395,866)
------------------------ ---------
21,977,526 17,524,844 5,954,453
---------------------- ---------
Increase in net assets 24,140,936 18,884,104 6,100,960
Net assets, beginning of year1,417,800 1,916,743 580,948
---------- ---------- -------
Net assets, end of year $25,558,736$20,800,847 $6,681,908
=================================
Accumulation unit purchases 1,892,614 1,853,967 616,757
Accumulation unit withdrawals (153,310) (298,582) (41,338)
----------- ---------- --------
Net increase in units
outstanding 1,739,304 1,555,385 575,419
Units outstanding, beginning
of year 121,994 181,399 56,018
-------- -------- ------
Units outstanding, end
of year 1,861,298 1,736,784 631,437
========== ========== =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
50
<PAGE>
UNITED OF OMAHA SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Series V
-----------------------------------------------------------------------------------
T. Rowe Price Alger Federated
----------------------------------- ----------------------- ----------------------
Limited- American Prime U.S.
Equity Term Small American Money Government
1997 (continued) Income International Bond CapitalizationGrowth Fund II Securities
From operations:
<S> <C> <C> <C> <C> <C> <C> <C>
Net investment income (expense) $ 2,591,578 $ 402,102 $ 471,698 $ 559,213 $ (83,231) $ 873,262 $ 380,093
Net realized gains (losses) 389,805 751,583 (20,027) 165,014 561,387 - 38,905
Net change in unrealized gains (losses) 8,011,281 (979,177) 117,407 1,643,596 4,429,566 - 817,166
---------- ---------- -------- ---------- ---------- -- --------
10,992,664 174,508 569,078 2,367,823 4,907,722 873,262 1,236,164
----------- -------- -------- ---------- ---------- -------- ----------
From policyowner transactions:
Purchases 31,761,358 20,600,651 8,192,864 11,476,371 11,315,296 74,848,619 9,443,646
Withdrawals (1,228,303)(6,720,610) (907,574) (4,517,065)(2,832,455) (77,124,634)(1,657,930)
----------------------- ---------- ----------------------- ------------------------
30,533,055 13,880,041 7,285,290 6,959,306 8,482,841 (2,276,015) 7,785,716
----------- ----------- ---------- ---------- ---------- ----------------------
Increase (decrease) in net assets 41,525,719 14,054,549 7,854,368 9,327,129 13,390,563 (1,402,753) 9,021,880
Net assets, beginning of year 25,558,736 20,800,847 6,681,908 18,350,561 17,765,602 22,789,036 12,279,967
----------- ----------- ---------- ----------- ----------- ----------------------
Net assets, end of year $67,084,455 $34,855,396 $14,536,276 $27,677,690 $31,156,165 $21,386,283$21,301,847
======================= ============ ======================== =======================
Accumulation unit purchases 2,082,909 1,684,252 763,943 906,849 767,866 69,996,486 856,007
Accumulation unit withdrawals (106,819) (563,767) (92,800) (359,479) (208,267) (72,037,285) (159,756)
---------- ---------- --------- ---------- ---------- ------------- ----------
Net increase (decrease) in units outstanding 1,976,090 1,120,485 671,143 547,370 559,599 (2,040,799) 696,251
Units outstanding, beginning of year 1,861,298 1,736,784 631,437 1,474,106 1,358,882 21,525,823 1,128,539
---------- ---------- -------- ---------- ---------- ----------- ----------
Units outstanding, end of year 3,837,388 2,857,269 1,302,580 2,021,476 1,918,481 19,485,024 1,824,790
========== ========== ========== ========== ========== =========== ==========
------------------------------------------------
MFS
---------------------------------------------
World High Emerging
Government Income Research Growth
<C> <C> <C> <C>
Net investment income (expense) $ (59,094) $ 469,197 $ 161,107 $ 55,790
Net realized gains (losses) (67,457) 152,606 214,289 774,322
Net change in unrealized gains (losses) 391,014 75,136 1,023,212 (182,142)
-------- ------- ---------- ---------
264,463 696,939 1,398,608 647,970
-------- -------- ---------- -------
From policyowner transactions:
Purchases 9,995,282 12,970,271 17,476,610 33,768,862
Withdrawals 2,208,387)(4,658,885)(1,822,076)(10,862,876)
--------------------------------------------
7,786,895 8,311,386 15,654,534 22,905,986
--------- ---------- ---------------------
Increase (decrease) in net assets 8,051,358 9,008,325 17,053,142 23,553,956
Net assets, beginning of year 577,616 913,288 1,287,154 1,439,514
-------- -------- ---------- ---------
Net assets, end of year $8,628,974 $9,921,613 $18,340,296$24,993,470
============================================
Accumulation unit purchases 987,874 1,205,897 1,423,099 2,557,929
Accumulation unit withdrawals (224,581) (433,914) (158,948) (827,244)
---------- ---------- ---------- ---------
Net increase (decrease) in units outstanding 763,293 771,983 1,264,151 1,730,685
Units outstanding, beginning of year 56,393 87,378 117,165 123,460
------- ------- -------- -------
Units outstanding, end of year 819,686 859,361 1,381,316 1,854,145
======== ======== ========== =========
</TABLE>
The accompanying notes are an integral part of these financial statements.
51
<PAGE>
UNITED OF OMAHA SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Series V
-----------------------------------------------------------------------------------
MFS Pioneer
----------------------------------------------------------- ----------------------
Real
Global Capital High Emerging Estate Capital
1997 (continued) Governments Opportunities Income Research Growth Growth Growth
From operations:
<S> <C> <C> <C> <C> <C> <C> <C>
Net investment income (expense) $ 96,749 $ 454,037 $ (205,937)$ (369,367) $ (475,969) $ 55,569 $ (11,597)
Net realized gains 20,167 4,244 1,241,723 1,073,282 1,843,154 48,987 1,476
Net change in unrealized gains (losses) (302,708) (257,490) 1,013,285 4,051,206 5,506,481 236,651 43,126
--------- ----------- ---------- ---------- ---------- -------- ------
(185,792) 200,791 2,049,071 4,755,121 6,873,666 341,207 33,005
--------- --------- ---------- ---------- ---------- -------- ------
From policyowner transactions:
Purchases 5,546,808 3,434,948 24,758,400 22,797,803 38,214,835 5,315,096 4,483,329
Withdrawals (592,574) (14,155) (14,313,806)(4,738,734)(23,155,716) (415,126) (2,363)
---------- --------- ------------------------------------ ---------- -------
4,954,234 3,420,793 10,444,594 18,059,069 15,059,119 4,899,970 4,480,966
---------- ---------- ----------- ---------------------- ---------- ---------
Increase in net assets 4,768,442 3,621,584 12,493,665 22,814,190 21,932,785 5,241,177 4,513,971
Net assets, beginning of year 8,628,974 - 9,921,613 18,340,296 24,993,470 - -
---------- -- ---------- ---------------------- -- -
Net assets, end of year $13,397,416 $3,621,584 $ 22,415,278 $41,154,486$46,926,255 $5,241,177 $4,513,971
=========================================================== =====================
Accumulation unit purchases 552,637 294,523 2,032,372 1,566,127 2,635,503 465,341 385,493
Accumulation unit withdrawals (69,480) (2,326) (1,162,098) (338,708) (1,598,843) (36,769) (1,537)
--------- -------- ------------ ---------------------- --------- -------
Net increase in units outstanding 483,157 292,197 870,274 1,227,419 1,036,660 428,572 383,956
Units outstanding, beginning of year 819,686 - 859,361 1,381,316 1,854,146 - -
-------- -- -------- ---------- ---------- -- -
Units outstanding, end of year 1,302,843 292,197 1,729,635 2,608,735 2,890,806 428,572 383,956
========== ======== ========== ========== ========== ======== =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
52
<PAGE>
UNITED OF OMAHA SEPARATE ACCOUNT C
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
- --------------------------------------------------------------------------------
1. NATURE OF OPERATIONS
United of Omaha Separate Account C (Separate Account) was established by
United of Omaha Life Insurance Company (United of Omaha) on December 1,
1993, under procedures established by Nebraska law, and is registered as a
unit investment trust under the Investment Company Act of 1940, as amended.
The assets of the Separate Account are owned by United of Omaha. The net
assets of the Separate Account are restricted from use in the ordinary
business of United of Omaha.
2. SUB-ACCOUNTS
The Separate Account is divided into sub-accounts, each of which invests
exclusively in shares of a corresponding mutual fund portfolio. The
available portfolios are:
Series I
Fidelity T. Rowe Price
Growth International
Asset Manager New America Growth
Index 500 Equity Income
Limited Term Bond
Scudder
Money Market
Bond
Series V
Fidelity Alger
Contrafund American Small Capitalization
Asset Manager: Growth American Growth
Equity Income
Index 500
Scudder Federated
International Prime Money Fund II
Global Discovery U.S. Government Securities
Growth & Income
Morgan Stanley Dean Witter
Emerging Markets Equity
Fixed Income
53
<PAGE>
T. Rowe Price MFS
New America Growth Global Governments
Personal Strategy Balanced Capital Opportunities
Equity Income High Income
International Research
Limited-Term Bond Emerging Growth
Pioneer
Real Estate Growth
Capital Growth
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates - The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosures of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period.
Actual results could differ from those estimates.
Security Valuation and Related Investment Income - The market value of
investments is based on year end closing bid prices. Investment
transactions are accounted for on the trade date (date the order to buy or
sell is executed) and dividend income and capital gain distributions are
recorded on the ex-dividend date. Charges for investment advisory fees and
other expenses are reflected in the net asset values of the mutual fund
portfolios.
Federal Income Taxes - Operations of the Separate Account are included in
the federal income tax return of United of Omaha, which is taxed as a life
insurance company under the Internal Revenue Code. Under existing federal
income tax law, no taxes are payable on the investment income or on the
capital gains of the Separate Accounts.
4. ACCOUNT CHARGES
United of Omaha deducts a daily charge as compensation for the mortality
and expense risks assumed by United of Omaha. The nominal annual rate is a
percentage of the net asset value of each sub-account. United of Omaha
guarantees that the mortality and expense charge shall not increase. The
percentages are:
Series I 1.25%
Series V 1.00% - 1.40%
United of Omaha may incur premium taxes relating to the policies. United of
Omaha will deduct a charge of up to 3.5% of purchase payments for any
premium taxes related to a particular policy at the time of purchase
payments, upon surrender, upon death of any owner, or at the annuity start
date.
No charges are currently deducted from the Separate Account for federal or
state income taxes, since none are currently imposed. Should such taxes be
imposed in the future, United of Omaha may make deductions from the
Separate Account to pay such taxes.
54
<PAGE>
United of Omaha deducts a daily administrative expense charge from the net
assets of the Separate Account. The nominal annual rate is a percentage of
the net asset value of each subaccount as follows:
Series I .15%
Series V .20%
There is also an annual policy fee of $30 that is deducted from the
accumulation value on the last valuation date of each policy year or at
complete surrender. The annual policy fee is waived if the accumulation
value is greater than $50,000 on the last valuation date of the applicable
policy year. United of Omaha guarantees that the daily administrative
expense charge and the annual policy fee will not increase.
One of the variable annuity products includes a feature which provides the
policyowner an option to purchase an enhanced death benefit. A charge equal
to the annual rate of .35% of the average death benefit amount will be
assessed on each policy anniversary or pro rata upon full surrender.
A withdrawal charge will be assessed on withdrawals in excess of a
percentage of the participant's accumulation value as of the last contract
anniversary preceding the request for the withdrawal. The allowable
withdrawal percentage is as follows:
Series I 10%
Series V 15%
The amount of the charge will depend upon the period of time elapsed since
the purchase payment (first-in, first-out arrangement) was made, as
follows:
Charge on Withdrawal
Exceeding
Purchase Payment Year Allowable Amount
1 7%
2 6%
3 5%
4 4%
5 3%
6 2%
7 1%
There is no charge for the first 12 transfers between subaccounts of the
Separate Account in each policy year. However, there is a $10 fee for the
13th and each subsequent request during a single policy year. Any
applicable transfer fee is deducted from the amount transferred. All
transfer requests made simultaneously are treated as a single request. No
transfer fee is imposed for any transfer which is not at the policyowner's
request. The transfer fee will not increase.
55
<PAGE>
5. NET ASSETS
Total net assets (policyowners' cumulative investment accounts) consist of
the following at December 31, 1998:
<TABLE>
<CAPTION>
Series I
-------------------------------------------------------------------------------------------------
Fidelity Scudder T. Rowe Price
------------------------------- --------------------- -----------------------------------------
New Limited-
Asset Index Money America Equity Term
Growth Manager 500 Market Bond InternationGrowth Income Bond
<S> <C> <C> <C> <C> <C> <C> <C>
Shares purchased $1,872,080 $ 798,438 $ 667,798 $5,047,964$1,350,081 $1,834,363$ 810,337 $1,565,124 $ 355,779
Shares sold (1,365,765) (456,760) (524,219) (4,962,444) (978,652) (1,443,680)(528,595)(1,257,315) (304,185)
Dividends and capital
gain distributions 198,494 165,560 37,851 28,060 87,077 29,698 20,723 87,817 25,147
Net realized gains (losses) 230,765 57,537 107,999 - 4,912 156,252 138,055 221,104 (2,272)
Change in unrealized gains
(losses) 321,098 87,723 210,532 - 8,223 60,580 213,057 47,841 1,347
-------- ------- -------- -- ------ ------- -------- ------- -----
Net assets $1,256,672 $ 652,498 $ 499,961 $ 113,580 $ 471,641 $ 637,213 $ 653,577 $ 664,571 $ 75,816
========== ========= ============ ======== ========= ========== ======== ============ ========
Series V
------------------------------------------------------------------------------------
Fidelity Scudder
----------------------------------------------------------------------------------
Asset
Manager: Equity Index Global Growth &
Contrafund Growth Income 500 InternationaDiscovery Income
Shares purchased $61,553,421$44,479,805 $67,654,945 $29,694,658 $46,017,448 $4,529,632 $14,793,733
Shares sold (17,801,674)(6,821,159)(14,727,073)(2,372,009) (16,228,084) (974,055)(1,608,439)
Dividends and capital gain distributions 3,261,512 5,886,547 6,495,609 220,471 4,233,076 26,574 693,744
Net realized gains (losses) 2,939,481 1,255,501 1,826,518 317,030 1,462,530 89,899 85,127
Change in unrealized gains (losses) 20,029,803 10,057,670 10,741,988 4,660,790 1,722,994 271,731 (234,180)
------------ ---------- ----------- ------------------------ -------- ---------
Net assets $69,982,543 $54,858,364 $71,991,987 $32,520,940 $37,207,964 $3,943,781 $13,729,985
=============================================== ============= ========= ============
</TABLE>
56
<PAGE>
5. NET ASSETS (continued)
<TABLE>
<CAPTION>
Series V
T. Rowe Price Alger Federated
New Personal Limited- American Prime U.S.
America Strategy Equity Term Small American Money Government
Growth Balanced Income International Bond CapitalizatioGrowth Fund II Securities
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Shares purchased $35,386,660 $44,357,574 $72,308,975 $ 54,694,626 $29,598,715 $36,626,175 $39,019,845 $ 263,484,683 $38,321,340
Shares sold (5,297,262) (5,370,200) (9,808,580) (20,635,724) (4,106,105) (9,950,160)(11,407,726) (227,300,564) (11,050,712)
Dividends and capital gain
distributions 604,089 5,212,229 6,848,633 1,232,264 1,782,061 4,347,835 5,868,464 2,923,260 1,049,066
Net realized gains
(losses) 972,793 819,004 2,455,758 2,301,245 36,866 (22,962) 2,547,899 (21) 686,014
Change in unrealized gains
(losses) 9,566,304 6,590,666 10,037,254 3,656,024 315,757 2,230,946 12,706,682 - 1,843,732
---------------------------------------------------------------------- ----------- -- ----------
Net assets $41,232,584 $51,609,273 $81,842,040 $ 41,248,435 $27,627,294 $33,231,834 $48,735,164 $ 39,107,358 $30,849,440
================================================ =========== =========== =========== ============== ===========
MFS
World High Emerging
Government Income Research Growth
<C> <C> <C>
$10,649,322 $13,958,827 $18,734,529$35,284,231
(2,352,776 (4,821,690) (1,931,478)(11,152,213)
(65,793) 155,504 215,116 780,423
349,053 69,101 1,046,909 (165,204)
-------- ------- ---------- ---------
$ 8,579,806 $ 9,361,742 $18,065,076$24,747,237
======================= ======================
Series V
Morgan Stanley
MFS Pioneer Dean Witter
Emerging
Global Capital High Emerging Real Capital Markets Fixed
Governments OpportunitiesIncome Research Growth Estate Growth Equity Income
Shares purchased $ 19,380,777$ 15,037,12 $ 64,398,882$ 51,576,522$ 97,573,689 $ 9,967,433$ 9,011,446 $ 109,733$ 867,518
Shares sold (4,824,757) (345,010) (41,848,538)(13,516,244)(55,250,763) (2,627,213) (449,979) (8,126) (41,557)
Dividends and capital gain
distributions 276,594 381,578 1,979,493 769,919 57,492 300,107 420,793 106 32,357
Net realized gains (losses) 57,463 53,954 1,876,349 3,376,311 7,187,973 19,772 (3,588) (2,895) 1,380
Change in unrealized gains
loss) 941,345 1,894,355 (907,677) 11,669,463 16,666,290 (1,301,077) (961,510) 4,199 (18,255)
------- ---------- -------------------- ----------- ------------ ---------- ------ --------
Net assets $ 15,831,422$ 17,021,997 $25,498,509$ 53,875,971$ 66,234,681 $ 6,359,022$ 8,017,162 $ 103,017$ 841,443
</TABLE>
57
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 C filed on April 26, 1999 (File No. 33-89848).
*** Incorporated by Reference to the Registration Statement for United of Omaha
Separate Account B filed on April 16, 1998 (File No. 333-18881).
Item 25. Directors and Officers of the Depositor
<TABLE>
<CAPTION>
Our Directors and senior officers* are:
Directors*
<S> <C> <C>
Foggie, Samuel L. Banking and Finance Industry Executive
Hallett, Carol B. President, Chief Executive Officer; Air Transport Association of
America
Heller, Jeffrey M. President, Chief Operating Officer; Electronic Data Systems
Osborne, Thomas W. Former Head Football Coach, University of Nebraska - Lincoln
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)
Kimberly S. Harm Executive Vice President (Customer Services)
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)
James N. Plato Executive Vice President (Individual Financial Services)
Tommie D. Thompson Executive Vice President (Corporate Comptroller)
</TABLE>
*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
C-2
<PAGE>
<TABLE>
<CAPTION>
Name of Corporation (where organized) Type of Corporation
<S> <C>
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
</TABLE>
*Subsidiaries of subsidiaries are indicated by indentations.
Item 27. Number of Policyowners
As of December 31, 1998, there were 3 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.
C-3
<PAGE>
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 principal 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
M. Jane Huerter Secretary and Director
Kimberly S. Harm Director
Brian P. McGinty Director
John L. Maginn Director
James N. Plato Director
William J. Bluvas Vice President, Treasurer
(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. For the fiscal year ended December 31,
1998, United of Omaha paid $8,627 in total compensation to MOIS; of this amount
MOIS retained $152 as concessions for its services as Principal Underwriter and
for distribution concessions, with the remaining amount paid to other
broker-dealers.
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.
C-4
<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 pursuant to Rule 485(b) under the
Securities Act of 1993 and has caused this Post-effective Amendment No. 4 to the
Registration Statement to be signed on its behalf, in the City of Omaha and
State of Nebraska, on April 26, 1999.
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 Post-effective Amendment
No. 4 to the Registration Statement has been signed by the following persons on
April 26, 1999 in the capacities and on the duties indicated.
Signatures Title
/s/ John W. Weekly
by__________________________* Chairman of the Board,
John W. Weekly Chief Executive Officer
/s/ John A. Sturgeon
by__________________________* President, Chief Operation Officer, Director
John A. Sturgeon
/s/ Tommie D. Thompson
By__________________________* Executive V.P., Corporate Comptroller
(Principal Financial Officer and Principal
Accounting Officer)
/s/ Kenneth W. Reitz
by__________________________, for and on behalf of
Kenneth W. Reitz
Samuel L. Foggie* Director
Carol B. Hallett* Director
Jeffrey M. Heller* Director
Thomas W. Osborn* Director
Richard J. Sampson* Director
Oscar S. Straus* Director
Michael A. Wayne* Director
* Signed by Kenneth W. Reitz under Powers of Attorney effective January 1, 1999.
<PAGE>
Registration No. 333-51051
811-8910
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, Post-effective Amendment # 3
and
THE INVESTMENT COMPANY ACT OF 1940, Amendment No. 18
April 26, 1999
<PAGE>
EXHIBIT INDEX
Exhibit No. Description of Exhibit
(9) Opinion and Consent of Counsel.
(10) Consent of Independent Auditors
(13) Schedules of Computations of Performance Data
Exhibit (9): Opinion and Consent of Counsel
UNITED OF OMAHA LIFE INSURANCE COMPANY
Mutual of Omaha Plaza, 3-Law
Omaha, Nebraska 68175-1008
April 23, 1999
United of Omaha Life Insurance Company
Mutual of Omaha Plaza
Omaha, NE 68175-1008
Re: Registration Statement
Ultra-Access Variable Annuity
1933 Act # 333-51051
1940 Act # 811-8190
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
Proceedings" in the Registration Statement.
Sincerely,
/s/ Kenneth W. Reitz
Kenneth W. Reitz
First V.P. & Counsel
United of Omaha Life Insurance Company
Exhibit (10): Consent of Independent Auditors
INDEPENDENT AUDITOR'S CONSENT
We consent to the use in this Post-Effective Amendment No. 3 to Registration
Statement No. 333-51051 of United of Omaha Separate Account C of our report
dated April 23, 1999 on the financial statements of United of Omaha Separate
Account C and our report dated March 4, 1999 on the financial statements of
United of Omaha Life Insurance Company appearing in the Statement of Additional
Information, which is a part of such Registration Statement, and to the related
reference to us under the heading "Financial Statements" in such Statement of
Additional Information.
DELOITTE & TOUCHE LLP
Omaha, Nebraska
April 23, 1999
Exhibit (13): Schedules of Computations of Performance Data
Alger American Growth
12/1998
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
5/98 7.9500000000 41.91 21.841 136.981976
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 42.76 115.1406864 4923.41575 1000.00000
1 1998 43.50 115.1406864 5008.61986 1.41667 1015.88923
2 1998 46.92 115.1406864 5402.40101 1.43918 1094.31996
3 1998 49.67 115.1406864 5719.03790 1.55029 1156.90821
4 1998 50.23 115.1406864 5783.51668 1.63895 1168.31271
5 1998 41.91 136.9819763 5740.91463 1.65511 1158.05168
6 1998 45.66 136.9819763 6254.59704 1.64057 1260.03062
7 1998 46.65 136.9819763 6390.20919 1.78504 1285.56555
8 1998 38.66 136.9819763 5295.72320 1.82122 1063.55851
9 1998 42.26 136.9819763 5788.85832 1.50671 1161.08984
10 1998 44.21 136.9819763 6055.97317 1.64488 1213.02105
11 1998 47.46 136.9819763 6501.16459 1.71845 1300.47515
12 1998 53.22 136.9819763 7290.18078 1.84234 1456.46544
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 48.07%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1456.47 1456.47
TOTAL RETURN 45.65% 45.65%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 42.76 115.1406864 4923.41575 1000.00000
1 1998 43.50 115.1406864 5008.61986 1.41667 1015.88923
2 1998 46.92 115.1406864 5402.40101 1.43918 1094.31996
3 1998 49.67 115.1406864 5719.03790 1.55029 1156.90821
4 1998 50.23 115.1406864 5783.51668 1.63895 1168.31271
5 1998 41.91 136.9819763 5740.91463 1.65511 1158.05168
6 1998 45.66 136.9819763 6254.59704 1.64057 1260.03062
7 1998 46.65 136.9819763 6390.20919 1.78504 1285.56555
8 1998 38.66 136.9819763 5295.72320 1.82122 1063.55851
9 1998 42.26 136.9819763 5788.85832 1.50671 1161.08984
10 1998 44.21 136.9819763 6055.97317 1.64488 1213.02105
11 1998 47.46 136.9819763 6501.16459 1.71845 1300.47515
12 1998 53.22 136.9819763 7290.18078 1.84234 1456.46544
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 48.07%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1456.47 1456.47
TOTAL RETURN 45.65% 45.65%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 31.16 110.8533915 3454.19168 1000.00000
1 1996 32.17 110.8533915 3566.15361 1.41667 1030.99668
2 1996 33.26 110.8533915 3686.98380 1.46058 1064.46885
3 1996 32.70 110.8533915 3624.90590 1.50800 1045.03835
4 1996 33.53 110.8533915 3716.91422 1.48047 1070.08331
5 1996 33.06 114.0494069 3770.47339 1.51595 1083.98681
6 1996 32.25 114.0494069 3678.09337 1.53565 1055.89251
7 1996 29.89 114.0494069 3408.93677 1.49585 977.12824
8 1996 31.14 114.0494069 3551.49853 1.38426 1016.60749
9 1996 33.15 114.0494069 3780.73784 1.44019 1080.78647
10 1996 33.47 114.0494069 3817.23365 1.53111 1089.68829
11 1996 35.37 114.0494069 4033.92752 1.54372 1150.00317
12 1996 34.33 114.0494069 3915.31614 1.62917 1114.55994
1 1997 36.86 114.0494069 4203.86114 1.57896 1195.12012
2 1997 35.51 114.0494069 4049.89444 1.69309 1149.65568
3 1997 34.09 114.0494069 3887.94428 1.62868 1102.05372
4 1997 35.60 114.0494069 4060.15889 1.56124 1149.30742
5 1997 37.43 115.1406864 4309.71589 1.62819 1218.32122
6 1997 39.53 115.1406864 4551.51133 1.72595 1284.94885
7 1997 43.66 115.1406864 5027.04237 1.82034 1417.37689
8 1997 41.90 115.1406864 4824.39476 2.00795 1358.23236
9 1997 44.28 115.1406864 5098.42960 1.92416 1433.45839
10 1997 42.19 115.1406864 4857.78556 2.03073 1363.76894
11 1997 42.92 115.1406864 4941.83826 1.93201 1385.43379
12 1997 42.76 115.1406864 4923.41575 1.96270 1378.30638
1 1998 43.50 115.1406864 5008.61986 1.95260 1400.20660
2 1998 46.92 115.1406864 5402.40101 1.98363 1508.30818
3 1998 49.67 115.1406864 5719.03790 2.13677 1594.57396
4 1998 50.23 115.1406864 5783.51668 2.25898 1610.29286
5 1998 41.91 136.9819763 5740.91463 2.28125 1596.15001
6 1998 45.66 136.9819763 6254.59704 2.26121 1736.70823
7 1998 46.65 136.9819763 6390.20919 2.46034 1771.90320
8 1998 38.66 136.9819763 5295.72320 2.51020 1465.90948
9 1998 42.26 136.9819763 5788.85832 2.07670 1600.33753
10 1998 44.21 136.9819763 6055.97317 2.26714 1671.91464
11 1998 47.46 136.9819763 6501.16459 2.36855 1792.45319
12 1998 53.22 136.9819763 7290.18078 2.53931 2007.45561
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 111.05%
GROSS ANNUAL RETURN = 28.27%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2007.46 2007.46
TOTAL RETURN 100.75% 100.75%
AVERAGE ANNUAL RETURN 26.15% 26.15%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1993 24.67 101.2120526 2496.90134 1000.00000
1 1994 25.75 101.2120526 2606.21035 1.41667 1042.36120
2 1994 25.50 101.2120526 2580.90734 1.47668 1030.76451
3 1994 23.64 101.2120526 2392.65292 1.46025 954.11909
4 1994 23.94 101.2120526 2423.01654 1.35167 964.87553
5 1994 21.72 109.5119128 2378.59875 1.36691 945.82090
6 1994 20.68 109.5119128 2264.70636 1.33991 899.19306
7 1994 21.42 109.5119128 2345.74517 1.27386 930.09536
8 1994 23.15 109.5119128 2535.20078 1.31764 1003.89747
9 1994 22.44 109.5119128 2457.44732 1.42219 971.68620
10 1994 23.48 109.5119128 2571.33971 1.37656 1015.34323
11 1994 22.58 109.5119128 2472.77899 1.43840 974.98622
12 1994 23.13 109.5119128 2533.01054 1.38123 997.35355
1 1995 23.07 109.5119128 2526.43983 1.41292 993.35346
2 1995 24.14 109.5119128 2643.61757 1.40725 1038.01852
3 1995 24.71 109.5119128 2706.03936 1.47053 1061.05796
4 1995 26.05 109.5119128 2852.78533 1.50317 1117.09497
5 1995 26.27 110.8533915 2912.11860 1.58255 1138.74616
6 1995 28.60 110.8533915 3170.40700 1.61322 1238.13327
7 1995 30.91 110.8533915 3426.47833 1.75402 1336.38231
8 1995 31.52 110.8533915 3494.09890 1.89321 1360.86223
9 1995 32.73 110.8533915 3628.23150 1.92789 1411.17556
10 1995 31.63 110.8533915 3506.29277 1.99917 1361.74917
11 1995 31.59 110.8533915 3501.85864 1.92914 1358.09793
12 1995 31.16 110.8533915 3454.19168 1.92397 1337.68766
1 1996 32.17 110.8533915 3566.15361 1.89506 1379.15154
2 1996 33.26 110.8533915 3686.98380 1.95380 1423.92684
3 1996 32.70 110.8533915 3624.90590 2.01723 1397.93490
4 1996 33.53 110.8533915 3716.91422 1.98041 1431.43724
5 1996 33.06 114.0494069 3770.47339 2.02787 1450.03578
6 1996 32.25 114.0494069 3678.09337 2.05422 1412.45437
7 1996 29.89 114.0494069 3408.93677 2.00098 1307.09239
8 1996 31.14 114.0494069 3551.49853 1.85171 1359.90329
9 1996 33.15 114.0494069 3780.73784 1.92653 1445.75472
10 1996 33.47 114.0494069 3817.23365 2.04815 1457.66257
11 1996 35.37 114.0494069 4033.92752 2.06502 1538.34505
12 1996 34.33 114.0494069 3915.31614 2.17932 1490.93308
1 1997 36.86 114.0494069 4203.86114 2.11216 1598.69744
2 1997 35.51 114.0494069 4049.89444 2.26482 1537.88021
3 1997 34.09 114.0494069 3887.94428 2.17866 1474.20367
4 1997 35.60 114.0494069 4060.15889 2.08846 1537.41435
5 1997 37.43 115.1406864 4309.71589 2.17800 1629.73327
6 1997 39.53 115.1406864 4551.51133 2.30879 1718.86022
7 1997 43.66 115.1406864 5027.04237 2.43505 1896.00758
8 1997 41.90 115.1406864 4824.39476 2.68601 1816.89066
9 1997 44.28 115.1406864 5098.42960 2.57393 1917.51959
10 1997 42.19 115.1406864 4857.78556 2.71649 1824.29688
11 1997 42.92 115.1406864 4941.83826 2.58442 1853.27768
12 1997 42.76 115.1406864 4923.41575 2.62548 1843.74343
1 1998 43.50 115.1406864 5008.61986 2.61197 1873.03909
2 1998 46.92 115.1406864 5402.40101 2.65347 2017.64524
3 1998 49.67 115.1406864 5719.03790 2.85833 2133.04191
4 1998 50.23 115.1406864 5783.51668 3.02181 2154.06889
5 1998 41.91 136.9819763 5740.91463 3.05160 2135.15017
6 1998 45.66 136.9819763 6254.59704 3.02480 2323.17317
7 1998 46.65 136.9819763 6390.20919 3.29116 2370.25304
8 1998 38.66 136.9819763 5295.72320 3.35786 1960.92901
9 1998 42.26 136.9819763 5788.85832 2.77798 2140.75177
10 1998 44.21 136.9819763 6055.97317 3.03273 2236.49958
11 1998 47.46 136.9819763 6501.16459 3.16837 2397.74251
12 1998 53.22 136.9819763 7290.18078 3.39680 2685.34859
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 191.97%
GROSS ANNUAL RETURN = 23.90%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2685.35 2685.35
TOTAL RETURN 168.53% 168.53%
AVERAGE ANNUAL RETURN 21.84% 21.84%
Return for 10 Years
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
1 1998 43.50 115.1406864 5008.61986 5.99724 4300.60927
2 1998 46.92 115.1406864 5402.40101 6.09253 4632.63361
3 1998 49.67 115.1406864 5719.03790 6.56290 4897.59122
4 1998 50.23 115.1406864 5783.51668 6.93825 4945.87042
5 1998 41.91 136.9819763 5740.91463 7.00665 4902.43192
6 1998 45.66 136.9819763 6254.59704 6.94511 5334.14392
7 1998 46.65 136.9819763 6390.20919 7.55670 5442.24211
8 1998 38.66 136.9819763 5295.72320 7.70984 4502.40977
9 1998 42.26 136.9819763 5788.85832 6.37841 4915.29352
10 1998 44.21 136.9819763 6055.97317 6.96333 5135.13621
11 1998 47.46 136.9819763 6501.16459 7.27478 5505.35957
12 1998 53.22 136.9819763 7290.18078 7.79926 6165.72026
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 629.02%
GROSS ANNUAL RETURN = 21.98%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 6165.72 6165.72
TOTAL RETURN 516.57% 516.57%
AVERAGE ANNUAL RETURN 19.95% 19.95%
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
1 1998 43.50 115.1406864 5008.61986 5.99724 4300.60927
2 1998 46.92 115.1406864 5402.40101 6.09253 4632.63361
3 1998 49.67 115.1406864 5719.03790 6.56290 4897.59122
4 1998 50.23 115.1406864 5783.51668 6.93825 4945.87042
5 1998 41.91 136.9819763 5740.91463 7.00665 4902.43192
6 1998 45.66 136.9819763 6254.59704 6.94511 5334.14392
7 1998 46.65 136.9819763 6390.20919 7.55670 5442.24211
8 1998 38.66 136.9819763 5295.72320 7.70984 4502.40977
9 1998 42.26 136.9819763 5788.85832 6.37841 4915.29352
10 1998 44.21 136.9819763 6055.97317 6.96333 5135.13621
11 1998 47.46 136.9819763 6501.16459 7.27478 5505.35957
12 1998 53.22 136.9819763 7290.18078 7.79926 6165.72026
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 629.02%
GROSS ANNUAL RETURN = 22.04%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 6165.72 6165.72
TOTAL RETURN 516.57% 516.57%
AVERAGE ANNUAL RETURN 20.00% 20.00%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 38.66 136.9819763 5295.72320 1000.00000
9 1998 42.26 136.9819763 5788.85832 1.41667 1091.70284
10 1998 44.21 136.9819763 6055.97317 1.54658 1140.53062
11 1998 47.46 136.9819763 6501.16459 1.61575 1222.75844
12 1998 53.22 136.9819763 7290.18078 1.73224 1369.42672
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 37.66%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1369.43 1369.43
TOTAL RETURN 36.94% 36.94%
Alger American Small Capitalization
12/1998 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
5/98 6.0570000000 40.51 17.480 134.386842
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 43.75 116.9070581 5114.68379 1000.00000
1 1998 42.94 116.9070581 5019.98908 1.41667 980.06905
2 1998 46.10 116.9070581 5389.41538 1.38843 1050.80493
3 1998 48.62 116.9070581 5684.02117 1.48864 1106.75726
4 1998 48.75 116.9070581 5699.21908 1.56791 1108.14860
5 1998 40.51 134.3868421 5444.01098 1.56988 1056.95639
6 1998 43.13 134.3868421 5796.10450 1.49735 1123.81810
7 1998 40.70 134.3868421 5469.54448 1.59208 1058.90866
8 1998 32.72 134.3868421 4397.13747 1.50012 849.78959
9 1998 35.27 134.3868421 4739.82392 1.20387 914.81322
10 1998 36.44 134.3868421 4897.05653 1.29599 943.86403
11 1998 39.00 134.3868421 5241.08684 1.33714 1008.83566
12 1998 43.97 134.3868421 5908.98945 1.42918 1135.96836
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 15.53%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1135.97 1135.97
TOTAL RETURN 13.60% 13.60%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 43.75 116.9070581 5114.68379 1000.00000
1 1998 42.94 116.9070581 5019.98908 1.41667 980.06905
2 1998 46.10 116.9070581 5389.41538 1.38843 1050.80493
3 1998 48.62 116.9070581 5684.02117 1.48864 1106.75726
4 1998 48.75 116.9070581 5699.21908 1.56791 1108.14860
5 1998 40.51 134.3868421 5444.01098 1.56988 1056.95639
6 1998 43.13 134.3868421 5796.10450 1.49735 1123.81810
7 1998 40.70 134.3868421 5469.54448 1.59208 1058.90866
8 1998 32.72 134.3868421 4397.13747 1.50012 849.78959
9 1998 35.27 134.3868421 4739.82392 1.20387 914.81322
10 1998 36.44 134.3868421 4897.05653 1.29599 943.86403
11 1998 39.00 134.3868421 5241.08684 1.33714 1008.83566
12 1998 43.97 134.3868421 5908.98945 1.42918 1135.96836
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 15.53%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1135.97 1135.97
TOTAL RETURN 13.60% 13.60%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 39.41 111.8311656 4407.26624 1000.00000
1 1996 39.55 111.8311656 4422.92260 1.41667 1002.13573
2 1996 41.24 111.8311656 4611.91727 1.41969 1043.53802
3 1996 40.87 111.8311656 4570.53974 1.47835 1032.69719
4 1996 44.02 111.8311656 4922.80791 1.46299 1110.82794
5 1996 45.10 112.2370145 5061.88935 1.57367 1140.63789
6 1996 42.33 112.2370145 4750.99282 1.61590 1068.96507
7 1996 37.34 112.2370145 4190.93012 1.51437 941.43757
8 1996 39.67 112.2370145 4452.44237 1.33370 998.84917
9 1996 42.45 112.2370145 4764.46127 1.41504 1067.43163
10 1996 40.49 112.2370145 4544.47672 1.51219 1016.63402
11 1996 41.18 112.2370145 4621.92026 1.44023 1032.51850
12 1996 40.91 112.2370145 4591.61626 1.46273 1024.28597
1 1997 41.55 112.2370145 4663.44795 1.45107 1038.85893
2 1997 38.60 112.2370145 4332.34876 1.47172 963.62948
3 1997 36.06 112.2370145 4047.26674 1.36514 898.85452
4 1997 35.68 112.2370145 4004.61668 1.27338 888.10902
5 1997 37.56 116.9070581 4391.02910 1.25815 972.54605
6 1997 39.53 116.9070581 4621.33601 1.37777 1022.17775
7 1997 43.50 116.9070581 5085.45703 1.44809 1123.38703
8 1997 43.38 116.9070581 5071.42818 1.59146 1118.69657
9 1997 46.66 116.9070581 5454.88333 1.58482 1201.69738
10 1997 43.95 116.9070581 5138.06520 1.70240 1130.20072
11 1997 43.44 116.9070581 5078.44260 1.60112 1115.48464
12 1997 43.75 116.9070581 5114.68379 1.58027 1121.86479
1 1998 42.94 116.9070581 5019.98908 1.58931 1099.50495
2 1998 46.10 116.9070581 5389.41538 1.55763 1178.86105
3 1998 48.62 116.9070581 5684.02117 1.67005 1241.63199
4 1998 48.75 116.9070581 5699.21908 1.75898 1243.19289
5 1998 40.51 134.3868421 5444.01098 1.76119 1185.76216
6 1998 43.13 134.3868421 5796.10450 1.67983 1260.77196
7 1998 40.70 134.3868421 5469.54448 1.78609 1187.95234
8 1998 32.72 134.3868421 4397.13747 1.68293 953.34902
9 1998 35.27 134.3868421 4739.82392 1.35058 1026.29673
10 1998 36.44 134.3868421 4897.05653 1.45392 1058.88781
11 1998 39.00 134.3868421 5241.08684 1.50009 1131.77721
12 1998 43.97 134.3868421 5908.98945 1.60335 1274.40290
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 34.07%
GROSS ANNUAL RETURN = 10.27%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1274.40 1274.40
TOTAL RETURN 27.44% 27.44%
AVERAGE ANNUAL RETURN 8.42% 8.42%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1993 30.88 103.4290612 3193.88941 1000.00000
1 1994 30.54 103.4290612 3158.72353 1.41667 987.57297
2 1994 30.23 103.4290612 3126.66052 1.39906 976.14943
3 1994 28.11 103.4290612 2907.39091 1.38288 906.31016
4 1994 28.37 103.4290612 2934.28247 1.28394 913.40902
5 1994 25.48 111.8311656 2849.45810 1.29400 885.71016
6 1994 24.29 111.8311656 2716.37901 1.25476 843.08982
7 1994 24.74 111.8311656 2766.70304 1.19438 857.51464
8 1994 26.69 111.8311656 2984.77381 1.21481 923.88890
9 1994 26.52 111.8311656 2965.76251 1.30884 916.69541
10 1994 27.76 111.8311656 3104.43316 1.29865 958.25884
11 1994 26.40 111.8311656 2952.34277 1.35753 909.95491
12 1994 27.31 111.8311656 3054.10913 1.28910 940.03167
1 1995 26.84 111.8311656 3001.54849 1.33171 922.52219
2 1995 28.76 111.8311656 3216.26432 1.30691 987.20793
3 1995 29.59 111.8311656 3309.08419 1.39854 1014.29974
4 1995 30.89 111.8311656 3454.46471 1.43692 1057.42482
5 1995 32.07 111.8311656 3586.42548 1.49802 1096.32050
6 1995 36.02 111.8311656 4028.15859 1.55312 1229.79906
7 1995 41.18 111.8311656 4605.20740 1.74222 1404.23017
8 1995 41.72 111.8311656 4665.59623 1.98933 1420.65474
9 1995 42.83 111.8311656 4789.72882 2.01259 1456.44001
10 1995 40.83 111.8311656 4566.06649 2.06329 1386.36644
11 1995 40.76 111.8311656 4558.23831 1.96402 1382.02560
12 1995 39.41 111.8311656 4407.26624 1.95787 1334.29407
1 1996 39.55 111.8311656 4422.92260 1.89025 1337.14376
2 1996 41.24 111.8311656 4611.91727 1.89429 1392.38659
3 1996 40.87 111.8311656 4570.53974 1.97255 1377.92173
4 1996 44.02 111.8311656 4922.80791 1.95206 1482.17113
5 1996 45.10 112.2370145 5061.88935 2.09974 1521.94637
6 1996 42.33 112.2370145 4750.99282 2.15609 1426.31375
7 1996 37.34 112.2370145 4190.93012 2.02061 1256.15457
8 1996 39.67 112.2370145 4452.44237 1.77955 1332.75852
9 1996 42.45 112.2370145 4764.46127 1.88807 1424.26769
10 1996 40.49 112.2370145 4544.47672 2.01771 1356.48874
11 1996 41.18 112.2370145 4621.92026 1.92169 1377.68331
12 1996 40.91 112.2370145 4591.61626 1.95172 1366.69870
1 1997 41.55 112.2370145 4663.44795 1.93616 1386.14331
2 1997 38.60 112.2370145 4332.34876 1.96370 1285.76510
3 1997 36.06 112.2370145 4047.26674 1.82150 1199.33626
4 1997 35.68 112.2370145 4004.61668 1.69906 1184.99860
5 1997 37.56 116.9070581 4391.02910 1.67875 1297.66243
6 1997 39.53 116.9070581 4621.33601 1.83836 1363.88571
7 1997 43.50 116.9070581 5085.45703 1.93217 1498.92865
8 1997 43.38 116.9070581 5071.42818 2.12348 1492.67019
9 1997 46.66 116.9070581 5454.88333 2.11462 1603.41768
10 1997 43.95 116.9070581 5138.06520 2.27151 1508.02011
11 1997 43.44 116.9070581 5078.44260 2.13636 1488.38454
12 1997 43.75 116.9070581 5114.68379 2.10854 1496.89753
1 1998 42.94 116.9070581 5019.98908 2.12060 1467.06293
2 1998 46.10 116.9070581 5389.41538 2.07834 1572.94731
3 1998 48.62 116.9070581 5684.02117 2.22834 1656.70220
4 1998 48.75 116.9070581 5699.21908 2.34699 1658.78489
5 1998 40.51 134.3868421 5444.01098 2.34995 1582.15541
6 1998 43.13 134.3868421 5796.10450 2.24139 1682.24054
7 1998 40.70 134.3868421 5469.54448 2.38317 1585.07776
8 1998 32.72 134.3868421 4397.13747 2.24553 1272.04794
9 1998 35.27 134.3868421 4739.82392 1.80207 1369.38164
10 1998 36.44 134.3868421 4897.05653 1.93996 1412.86773
11 1998 39.00 134.3868421 5241.08684 2.00156 1510.12361
12 1998 43.97 134.3868421 5908.98945 2.13934 1700.42823
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 85.01%
GROSS ANNUAL RETURN = 13.09%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1700.43 1700.43
TOTAL RETURN 70.04% 70.04%
AVERAGE ANNUAL RETURN 11.20% 11.20%
Return for 10 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1988 9.60 100.6770833 966.50000 1000.00000
1 1989 10.69 100.6770833 1076.23802 1.41667 1112.12500
2 1989 10.90 100.6770833 1097.38021 1.57551 1132.39666
3 1989 11.72 100.6770833 1179.93542 1.60423 1215.98190
4 1989 12.64 100.6770833 1272.55833 1.72264 1309.71177
5 1989 13.31 100.6770833 1340.01198 1.85542 1377.27936
6 1989 13.12 100.6770833 1320.88333 1.95115 1355.66757
7 1989 14.48 100.6770833 1457.80417 1.92053 1494.27356
8 1989 15.59 100.6770833 1569.55573 2.11689 1606.70389
9 1989 16.25 100.6770833 1636.00260 2.27616 1672.44726
10 1989 15.32 100.6770833 1542.37292 2.36930 1574.36252
11 1989 15.71 100.6770833 1581.63698 2.23035 1612.21059
12 1989 15.79 100.6770833 1589.69115 2.28396 1618.13648
1 1990 14.39 100.6770833 1448.74323 2.29236 1472.37414
2 1990 15.15 100.6770833 1525.25781 2.08586 1548.05091
3 1990 16.04 100.6770833 1614.86042 2.19307 1636.79944
4 1990 15.85 101.5402059 1609.41226 2.31880 1628.95847
5 1990 18.05 101.5402059 1832.80072 2.30769 1852.75227
6 1990 18.24 101.5402059 1852.09336 2.62473 1869.63020
7 1990 17.23 101.5402059 1749.53775 2.64864 1763.45488
8 1990 15.63 101.5402059 1587.07342 2.49823 1597.19996
9 1990 14.46 101.5402059 1468.27138 2.26270 1475.37719
10 1990 14.22 101.5402059 1443.90173 2.09012 1448.79948
11 1990 15.75 101.5402059 1599.25824 2.05247 1602.63050
12 1990 17.02 101.5402059 1728.21430 2.27039 1729.58809
1 1991 18.25 101.5402059 1853.10876 2.45025 1852.13158
2 1991 19.58 101.5402059 1988.15723 2.62385 1984.48499
3 1991 21.40 101.5402059 2172.96041 2.81135 2166.13547
4 1991 20.56 101.6322224 2089.55849 3.06869 2079.92681
5 1991 21.70 101.6322224 2205.41923 2.94656 2192.30693
6 1991 20.17 101.6322224 2049.92193 3.10577 2034.62837
7 1991 21.85 101.6322224 2220.66406 2.88239 2201.21428
8 1991 22.01 101.6322224 2236.92522 3.11839 2214.21463
9 1991 22.65 101.6322224 2301.96984 3.13680 2275.46207
10 1991 23.75 101.6322224 2413.76528 3.22357 2382.74660
11 1991 22.82 101.6322224 2319.24732 3.37556 2286.06770
12 1991 26.79 101.6322224 2722.72724 3.23860 2680.53676
1 1992 27.52 101.6322224 2796.91876 3.79743 2749.78121
2 1992 27.27 101.6322224 2771.51071 3.89552 2720.90584
3 1992 24.23 101.6322224 2462.54875 3.85462 2413.73059
4 1992 22.15 103.4290612 2290.95371 3.41945 2242.11784
5 1992 22.15 103.4290612 2290.95371 3.17633 2238.94150
6 1992 21.21 103.4290612 2193.73039 3.17183 2140.75364
7 1992 22.06 103.4290612 2281.64509 3.03273 2223.51254
8 1992 21.67 103.4290612 2241.30776 3.14998 2181.05296
9 1992 22.87 103.4290612 2365.42263 3.08982 2298.74133
10 1992 23.93 103.4290612 2475.05744 3.25655 2402.02898
11 1992 25.96 103.4290612 2685.01843 3.40287 2602.39204
12 1992 27.26 103.4290612 2819.47621 3.68672 2729.02542
1 1993 26.52 103.4290612 2742.93870 3.86612 2651.07717
2 1993 24.38 103.4290612 2521.60051 3.75569 2433.39594
3 1993 24.96 103.4290612 2581.58937 3.44731 2487.83910
4 1993 24.29 103.4290612 2512.29190 3.52444 2417.53373
5 1993 26.36 103.4290612 2726.39005 3.42484 2620.13173
6 1993 26.72 103.4290612 2763.62452 3.71185 2652.20316
7 1993 26.72 103.4290612 2763.62452 3.75729 2648.44587
8 1993 28.89 103.4290612 2988.06558 3.75196 2859.78102
9 1993 30.17 103.4290612 3120.45478 4.05136 2982.43509
10 1993 30.16 103.4290612 3119.42049 4.22512 2977.22143
11 1993 29.06 103.4290612 3005.64852 4.21773 2864.41803
12 1993 30.88 103.4290612 3193.88941 4.05793 3039.75587
1 1994 30.54 103.4290612 3158.72353 4.30632 3001.98073
2 1994 30.23 103.4290612 3126.66052 4.25281 2967.25596
3 1994 28.11 103.4290612 2907.39091 4.20361 2754.96162
4 1994 28.37 103.4290612 2934.28247 3.90286 2776.54044
5 1994 25.48 111.8311656 2849.45810 3.93343 2692.34265
6 1994 24.29 111.8311656 2716.37901 3.81415 2562.78722
7 1994 24.74 111.8311656 2766.70304 3.63062 2606.63517
8 1994 26.69 111.8311656 2984.77381 3.69273 2808.39670
9 1994 26.52 111.8311656 2965.76251 3.97856 2786.53026
10 1994 27.76 111.8311656 3104.43316 3.94758 2912.87293
11 1994 26.40 111.8311656 2952.34277 4.12657 2766.04077
12 1994 27.31 111.8311656 3054.10913 3.91856 2857.46680
1 1995 26.84 111.8311656 3001.54849 4.04808 2804.24225
2 1995 28.76 111.8311656 3216.26432 3.97268 3000.87111
3 1995 29.59 111.8311656 3309.08419 4.25123 3083.22360
4 1995 30.89 111.8311656 3454.46471 4.36790 3214.31331
5 1995 32.07 111.8311656 3586.42548 4.55361 3332.54667
6 1995 36.02 111.8311656 4028.15859 4.72111 3738.28891
7 1995 41.18 111.8311656 4605.20740 5.29591 4268.51690
8 1995 41.72 111.8311656 4665.59623 6.04707 4318.44358
9 1995 42.83 111.8311656 4789.72882 6.11779 4427.22206
10 1995 40.83 111.8311656 4566.06649 6.27190 4214.21553
11 1995 40.76 111.8311656 4558.23831 5.97014 4201.02043
12 1995 39.41 111.8311656 4407.26624 5.95145 4055.92822
1 1996 39.55 111.8311656 4422.92260 5.74590 4064.59060
2 1996 41.24 111.8311656 4611.91727 5.75817 4232.51531
3 1996 40.87 111.8311656 4570.53974 5.99606 4188.54566
4 1996 44.02 111.8311656 4922.80791 5.93377 4505.43839
5 1996 45.10 112.2370145 5061.88935 6.38270 4626.34541
6 1996 42.33 112.2370145 4750.99282 6.55399 4335.64559
7 1996 37.34 112.2370145 4190.93012 6.14216 3818.40323
8 1996 39.67 112.2370145 4452.44237 5.40940 4051.26055
9 1996 42.45 112.2370145 4764.46127 5.73929 4329.42609
10 1996 40.49 112.2370145 4544.47672 6.13335 4123.39461
11 1996 41.18 112.2370145 4621.92026 5.84148 4187.82092
12 1996 40.91 112.2370145 4591.61626 5.93275 4154.43038
1 1997 41.55 112.2370145 4663.44795 5.88544 4213.53725
2 1997 38.60 112.2370145 4332.34876 5.96918 3908.41200
3 1997 36.06 112.2370145 4047.26674 5.53692 3645.68942
4 1997 35.68 112.2370145 4004.61668 5.16473 3602.10645
5 1997 37.56 116.9070581 4391.02910 5.10298 3944.57698
6 1997 39.53 116.9070581 4621.33601 5.58815 4145.87958
7 1997 43.50 116.9070581 5085.45703 5.87333 4556.37716
8 1997 43.38 116.9070581 5071.42818 6.45487 4537.35297
9 1997 46.66 116.9070581 5454.88333 6.42792 4873.99831
10 1997 43.95 116.9070581 5138.06520 6.90483 4584.01300
11 1997 43.44 116.9070581 5078.44260 6.49402 4524.32565
12 1997 43.75 116.9070581 5114.68379 6.40946 4550.20305
1 1998 42.94 116.9070581 5019.98908 6.44612 4459.51317
2 1998 46.10 116.9070581 5389.41538 6.31764 4781.37581
3 1998 48.62 116.9070581 5684.02117 6.77362 5035.97025
4 1998 48.75 116.9070581 5699.21908 7.13429 5042.30112
5 1998 40.51 134.3868421 5444.01098 7.14326 4809.36620
6 1998 43.13 134.3868421 5796.10450 6.81327 5113.60056
7 1998 40.70 134.3868421 5469.54448 7.24427 4818.24942
8 1998 32.72 134.3868421 4397.13747 6.82585 3866.71520
9 1998 35.27 134.3868421 4739.82392 5.47785 4162.58588
10 1998 36.44 134.3868421 4897.05653 5.89700 4294.77297
11 1998 39.00 134.3868421 5241.08684 6.08426 4590.40711
12 1998 43.97 134.3868421 5908.98945 6.50308 5168.88669
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 511.38%
GROSS ANNUAL RETURN = 19.85%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 5168.89 5168.89
TOTAL RETURN 416.89% 416.89%
AVERAGE ANNUAL RETURN 17.85% 17.85%
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
1 1998 42.94 116.9070581 5019.98908 6.19464 4285.53699
2 1998 46.10 116.9070581 5389.41538 6.07118 4594.84301
3 1998 48.62 116.9070581 5684.02117 6.50936 4839.50511
4 1998 48.75 116.9070581 5699.21908 6.85597 4845.58900
5 1998 40.51 134.3868421 5444.01098 6.86458 4621.74143
6 1998 43.13 134.3868421 5796.10450 6.54747 4914.10688
7 1998 40.70 134.3868421 5469.54448 6.96165 4630.27809
8 1998 32.72 134.3868421 4397.13747 6.55956 3715.86548
9 1998 35.27 134.3868421 4739.82392 5.26414 4000.19355
10 1998 36.44 134.3868421 4897.05653 5.66694 4127.22370
11 1998 39.00 134.3868421 5241.08684 5.84690 4411.32446
12 1998 43.97 134.3868421 5908.98945 6.24938 4967.23617
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 490.90%
GROSS ANNUAL RETURN = 18.87%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 4967.24 4967.24
TOTAL RETURN 396.72% 396.72%
AVERAGE ANNUAL RETURN 16.88% 16.88%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 32.72 134.3868421 4397.13747 1000.00000
9 1998 35.27 134.3868421 4739.82392 1.41667 1076.51732
10 1998 36.44 134.3868421 4897.05653 1.52507 1110.70320
11 1998 39.00 134.3868421 5241.08684 1.57350 1187.15935
12 1998 43.97 134.3868421 5908.98945 1.68181 1336.76426
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 34.38%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1336.76 1336.76
TOTAL RETURN 33.68% 33.68%
Federated Government Bond
12/1998Assume ($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
3/98 0.1864000000 10.54 2.117 121.807310
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 10.54 119.6905806 1261.53872 1000.00000
1 1998 10.67 119.6905806 1277.09850 1.41667 1010.91730
2 1998 10.67 119.6905806 1277.09850 1.43213 1009.48517
3 1998 10.52 121.8073097 1281.41290 1.43010 1011.46539
4 1998 10.57 121.8073097 1287.50326 1.43291 1014.83983
5 1998 10.66 121.8073097 1298.46592 1.43769 1022.04316
6 1998 10.71 121.8073097 1304.55629 1.44789 1025.38909
7 1998 10.76 121.8073097 1310.64665 1.45263 1028.72352
8 1998 10.91 121.8073097 1328.91775 1.45736 1041.60710
9 1998 11.11 121.8073097 1353.27921 1.47561 1059.22603
10 1998 11.07 121.8073097 1348.40692 1.50057 1053.91186
11 1998 11.11 121.8073097 1353.27921 1.49304 1056.22699
12 1998 11.15 121.8073097 1358.15150 1.49632 1058.53347
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 7.66%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1058.53 1058.53
TOTAL RETURN 5.85% 5.85%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 10.54 119.6905806 1261.53872 1000.00000
1 1998 10.67 119.6905806 1277.09850 1.41667 1010.91730
2 1998 10.67 119.6905806 1277.09850 1.43213 1009.48517
3 1998 10.52 121.8073097 1281.41290 1.43010 1011.46539
4 1998 10.57 121.8073097 1287.50326 1.43291 1014.83983
5 1998 10.66 121.8073097 1298.46592 1.43769 1022.04316
6 1998 10.71 121.8073097 1304.55629 1.44789 1025.38909
7 1998 10.76 121.8073097 1310.64665 1.45263 1028.72352
8 1998 10.91 121.8073097 1328.91775 1.45736 1041.60710
9 1998 11.11 121.8073097 1353.27921 1.47561 1059.22603
10 1998 11.07 121.8073097 1348.40692 1.50057 1053.91186
11 1998 11.11 121.8073097 1353.27921 1.49304 1056.22699
12 1998 11.15 121.8073097 1358.15150 1.49632 1058.53347
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 7.66%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1058.53 1058.53
TOTAL RETURN 5.85% 5.85%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 10.29 108.3600819 1115.02524 1000.00000
1 1996 10.32 108.8765842 1123.60635 1.41667 1006.27922
2 1996 10.17 109.3991065 1112.58891 1.42556 994.98666
3 1996 10.03 110.3721484 1107.03265 1.40956 988.60814
4 1996 9.94 110.9029964 1102.37578 1.40053 983.04891
5 1996 9.87 111.4385441 1099.89843 1.39265 979.44707
6 1996 9.94 111.9826997 1113.10804 1.38755 989.82252
7 1996 9.92 112.4819134 1115.82058 1.40225 990.83238
8 1996 9.85 112.9778256 1112.83158 1.40368 986.77452
9 1996 9.96 113.5261508 1130.72046 1.39793 1001.23909
10 1996 10.11 114.0699886 1153.24758 1.41842 1019.76815
11 1996 10.21 114.6062628 1170.12994 1.44467 1033.25184
12 1996 10.09 115.1503875 1161.86741 1.46377 1024.49206
1 1997 10.08 115.7003595 1166.25962 1.45136 1026.91359
2 1997 10.05 116.2491359 1168.30382 1.45479 1027.25874
3 1997 9.91 116.8093727 1157.58088 1.45528 1016.37507
4 1997 10.00 117.3745793 1173.74579 1.43986 1029.12826
5 1997 10.04 117.9379773 1184.09729 1.45793 1036.74642
6 1997 10.10 118.4973669 1196.82341 1.46872 1046.42015
7 1997 10.21 119.0921864 1215.93122 1.48243 1061.64428
8 1997 10.17 119.6905806 1217.25321 1.50400 1061.29453
9 1997 10.29 119.6905806 1231.61607 1.50350 1072.31367
10 1997 10.42 119.6905806 1247.17585 1.51911 1084.34177
11 1997 10.45 119.6905806 1250.76657 1.53615 1085.92753
12 1997 10.54 119.6905806 1261.53872 1.53840 1093.74162
1 1998 10.67 119.6905806 1277.09850 1.54947 1105.68232
2 1998 10.67 119.6905806 1277.09850 1.56638 1104.11594
3 1998 10.52 121.8073097 1281.41290 1.56416 1106.28179
4 1998 10.57 121.8073097 1287.50326 1.56723 1109.97255
5 1998 10.66 121.8073097 1298.46592 1.57246 1117.85113
6 1998 10.71 121.8073097 1304.55629 1.58362 1121.51072
7 1998 10.76 121.8073097 1310.64665 1.58881 1125.15772
8 1998 10.91 121.8073097 1328.91775 1.59397 1139.24903
9 1998 11.11 121.8073097 1353.27921 1.61394 1158.51959
10 1998 11.07 121.8073097 1348.40692 1.64124 1152.70726
11 1998 11.11 121.8073097 1353.27921 1.63300 1155.23942
12 1998 11.15 121.8073097 1358.15150 1.63659 1157.76211
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 21.80%
GROSS ANNUAL RETURN = 6.80%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1157.76 1157.76
TOTAL RETURN 15.78% 15.78%
AVERAGE ANNUAL RETURN 5.00% 5.00%
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
1 1998 10.67 119.6905806 1277.09850 1.67728 1196.88515
2 1998 10.67 119.6905806 1277.09850 1.69559 1195.18956
3 1998 10.52 121.8073097 1281.41290 1.69319 1197.53407
4 1998 10.57 121.8073097 1287.50326 1.69651 1201.52926
5 1998 10.66 121.8073097 1298.46592 1.70217 1210.05771
6 1998 10.71 121.8073097 1304.55629 1.71425 1214.01916
7 1998 10.76 121.8073097 1310.64665 1.71986 1217.96699
8 1998 10.91 121.8073097 1328.91775 1.72545 1233.22063
9 1998 11.11 121.8073097 1353.27921 1.74706 1254.08073
10 1998 11.07 121.8073097 1348.40692 1.77661 1247.78897
11 1998 11.11 121.8073097 1353.27921 1.76770 1250.52999
12 1998 11.15 121.8073097 1358.15150 1.77158 1253.26077
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 35.82%
GROSS ANNUAL RETURN = 6.64%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1253.26 1253.26
TOTAL RETURN 25.33% 25.33%
AVERAGE ANNUAL RETURN 4.86% 4.86%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 10.91 121.8073097 1328.91775 1000.00000
9 1998 11.11 121.8073097 1353.27921 1.41667 1016.91514
10 1998 11.07 121.8073097 1348.40692 1.44063 1011.81325
11 1998 11.11 121.8073097 1353.27921 1.43340 1014.03590
12 1998 11.15 121.8073097 1358.15150 1.43655 1016.25025
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 2.20%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1016.25 1016.25
TOTAL RETURN 1.63% 1.63%
Federated Prime Money
12/1998
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
1/98 0.0042412960 1.00 0.493 116.661888
2/98 0.0037723400 1.00 0.440 117.101977
3/98 0.0041885600 1.00 0.490 117.592465
4/98 0.0040065850 1.00 0.471 118.063609
5/98 0.0041321570 1.00 0.488 118.551467
6/98 0.0040199110 1.00 0.477 119.028033
7/98 0.0041630600 1.00 0.496 119.523554
8/98 0.0041412200 1.00 0.495 120.018527
9/98 0.0039845110 1.00 0.478 120.496742
10/98 0.0039935070 1.00 0.481 120.977947
11/98 0.0037441480 1.00 0.453 121.430906
12/98 0.0037968280 1.00 0.461 121.891959
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 1.00 116.1691804 116.16918 1000.00000
1 1998 1.00 116.6618882 116.66189 1.41667 1002.82463
2 1998 1.00 117.1019765 117.10198 1.42067 1005.18696
3 1998 1.00 117.5924652 117.59247 1.42401 1007.97323
4 1998 1.00 118.0636094 118.06361 1.42796 1010.58380
5 1998 1.00 118.5514668 118.55147 1.43166 1013.32803
6 1998 1.00 119.0280331 119.02803 1.43555 1015.96597
7 1998 1.00 119.5235540 119.52355 1.43929 1018.75621
8 1998 1.00 120.0185273 120.01853 1.44324 1021.53187
9 1998 1.00 120.4967424 120.49674 1.44717 1024.15500
10 1998 1.00 120.9779470 120.97795 1.45089 1026.79408
11 1998 1.00 121.4309064 121.43091 1.45462 1029.18393
12 1998 1.00 121.8919586 121.89196 1.45801 1031.63355
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 1031.63 1031.63
TOTAL RETURN 3.16% 3.16%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 1.00 116.1691804 116.16918 1000.00000
1 1998 1.00 116.6618882 116.66189 1.41667 1002.82463
2 1998 1.00 117.1019765 117.10198 1.42067 1005.18696
3 1998 1.00 117.5924652 117.59247 1.42401 1007.97323
4 1998 1.00 118.0636094 118.06361 1.42796 1010.58380
5 1998 1.00 118.5514668 118.55147 1.43166 1013.32803
6 1998 1.00 119.0280331 119.02803 1.43555 1015.96597
7 1998 1.00 119.5235540 119.52355 1.43929 1018.75621
8 1998 1.00 120.0185273 120.01853 1.44324 1021.53187
9 1998 1.00 120.4967424 120.49674 1.44717 1024.15500
10 1998 1.00 120.9779470 120.97795 1.45089 1026.79408
11 1998 1.00 121.4309064 121.43091 1.45462 1029.18393
12 1998 1.00 121.8919586 121.89196 1.45801 1031.63355
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 1031.63 1031.63
TOTAL RETURN 3.16% 3.16%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 1.00 105.7268168 105.72682 1000.00000
1 1996 1.00 106.1459631 106.14596 1.41667 1002.54776
2 1996 1.00 106.5330109 106.53301 1.42028 1004.78315
3 1996 1.00 106.9463917 106.94639 1.42344 1007.25857
4 1996 1.00 107.3477820 107.34778 1.42695 1009.61206
5 1996 1.00 107.7642101 107.76421 1.43028 1012.09830
6 1996 1.00 108.1698337 108.16983 1.43381 1014.47403
7 1996 1.00 108.5943585 108.59436 1.43717 1017.01828
8 1996 1.00 109.0227357 109.02274 1.44078 1019.58938
9 1996 1.00 109.4111888 109.41119 1.44442 1021.77781
10 1996 1.00 109.8418646 109.84186 1.44752 1024.35232
11 1996 1.00 110.2667053 110.26671 1.45117 1026.86309
12 1996 1.00 110.7072287 110.70723 1.45472 1029.51076
1 1997 1.00 111.1442573 111.14426 1.45847 1032.11639
2 1997 1.00 111.5344310 111.53443 1.46216 1034.27748
3 1997 1.00 111.9752700 111.97527 1.46523 1036.90023
4 1997 1.00 112.4109707 112.41097 1.46894 1039.46591
5 1997 1.00 112.8699002 112.86990 1.47258 1042.23706
6 1997 1.00 113.3232120 113.32321 1.47650 1044.94643
7 1997 1.00 113.7942645 113.79426 1.48034 1047.80963
8 1997 1.00 114.2678375 114.26784 1.48440 1050.68586
9 1997 1.00 114.7279210 114.72792 1.48847 1053.42783
10 1997 1.00 115.2063882 115.20639 1.49236 1056.32875
11 1997 1.00 115.6752649 115.67526 1.49647 1059.13142
12 1997 1.00 116.1691804 116.16918 1.50044 1062.15331
1 1998 1.00 116.6618882 116.66189 1.50472 1065.15350
2 1998 1.00 117.1019765 117.10198 1.50897 1067.66265
3 1998 1.00 117.5924652 117.59247 1.51252 1070.62210
4 1998 1.00 118.0636094 118.06361 1.51671 1073.39492
5 1998 1.00 118.5514668 118.55147 1.52064 1076.30971
6 1998 1.00 119.0280331 119.02803 1.52477 1079.11161
7 1998 1.00 119.5235540 119.52355 1.52874 1082.07528
8 1998 1.00 120.0185273 120.01853 1.53294 1085.02345
9 1998 1.00 120.4967424 120.49674 1.53712 1087.80962
10 1998 1.00 120.9779470 120.97795 1.54106 1090.61273
11 1998 1.00 121.4309064 121.43091 1.54503 1093.15111
12 1998 1.00 121.8919586 121.89196 1.54863 1095.75299
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 15.29%
GROSS ANNUAL RETURN = 4.86%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1095.75 1095.75
TOTAL RETURN 9.58% 9.58%
AVERAGE ANNUAL RETURN 3.09% 3.09%
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
1 1998 1.00 116.6618882 116.66189 1.55975 1104.10908
2 1998 1.00 117.1019765 117.10198 1.56415 1106.71000
3 1998 1.00 117.5924652 117.59247 1.56784 1109.77768
4 1998 1.00 118.0636094 118.06361 1.57218 1112.65191
5 1998 1.00 118.5514668 118.55147 1.57626 1115.67331
6 1998 1.00 119.0280331 119.02803 1.58054 1118.57768
7 1998 1.00 119.5235540 119.52355 1.58465 1121.64973
8 1998 1.00 120.0185273 120.01853 1.58900 1124.70573
9 1998 1.00 120.4967424 120.49674 1.59333 1127.59380
10 1998 1.00 120.9779470 120.97795 1.59742 1130.49943
11 1998 1.00 121.4309064 121.43091 1.60154 1133.13064
12 1998 1.00 121.8919586 121.89196 1.60527 1135.82768
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 21.89%
GROSS ANNUAL RETURN = 4.94%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1135.83 1135.83
TOTAL RETURN 13.58% 13.58%
AVERAGE ANNUAL RETURN 3.15% 3.15%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 1.00 120.0185273 120.01853 1000.00000
9 1998 1.00 120.4967424 120.49674 1.41667 1002.56784
10 1998 1.00 120.9779470 120.97795 1.42030 1005.15130
11 1998 1.00 121.4309064 121.43091 1.42396 1007.49077
12 1998 1.00 121.8919586 121.89196 1.42728 1009.88876
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 1.56%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1009.89 1009.89
TOTAL RETURN 0.99% 0.99%
Fidelity Asset Manager Growth
12/1998 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
2/98 1.9300000000 14.91 14.613 127.505258
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 16.36 112.8921255 1846.91517 1000.00000
1 1998 16.36 112.8921255 1846.91517 1.41667 998.58333
2 1998 15.37 127.5052578 1959.75581 1.41466 1058.17894
3 1998 15.94 127.5052578 2032.43381 1.49909 1095.92266
4 1998 15.89 127.5052578 2026.05855 1.55256 1090.93245
5 1998 15.73 127.5052578 2005.65771 1.54549 1078.40212
6 1998 16.10 127.5052578 2052.83465 1.52774 1102.24049
7 1998 15.96 127.5052578 2034.98391 1.56151 1091.09428
8 1998 13.95 127.5052578 1778.69835 1.54572 952.13631
9 1998 14.47 127.5052578 1845.00108 1.34886 986.27927
10 1998 15.39 127.5052578 1962.30592 1.39723 1047.58950
11 1998 16.16 127.5052578 2060.48497 1.48409 1098.51893
12 1998 17.03 127.5052578 2171.41454 1.55624 1156.10325
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 17.57%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1156.10 1156.10
TOTAL RETURN 15.61% 15.61%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 16.36 112.8921255 1846.91517 1000.00000
1 1998 16.36 112.8921255 1846.91517 1.41667 998.58333
2 1998 15.37 127.5052578 1959.75581 1.41466 1058.17894
3 1998 15.94 127.5052578 2032.43381 1.49909 1095.92266
4 1998 15.89 127.5052578 2026.05855 1.55256 1090.93245
5 1998 15.73 127.5052578 2005.65771 1.54549 1078.40212
6 1998 16.10 127.5052578 2052.83465 1.52774 1102.24049
7 1998 15.96 127.5052578 2034.98391 1.56151 1091.09428
8 1998 13.95 127.5052578 1778.69835 1.54572 952.13631
9 1998 14.47 127.5052578 1845.00108 1.34886 986.27927
10 1998 15.39 127.5052578 1962.30592 1.39723 1047.58950
11 1998 16.16 127.5052578 2060.48497 1.48409 1098.51893
12 1998 17.03 127.5052578 2171.41454 1.55624 1156.10325
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 17.57%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1156.10 1156.10
TOTAL RETURN 15.61% 15.61%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 11.78 104.5221843 1231.27133 1000.00000
1 1996 12.05 104.5221843 1259.49232 1.41667 1021.50354
2 1996 11.67 108.3000946 1263.86210 1.44713 1023.60049
3 1996 11.88 108.3000946 1286.60512 1.45010 1040.56994
4 1996 12.16 108.3000946 1316.92915 1.47414 1063.62102
5 1996 12.35 108.3000946 1337.50617 1.50680 1078.73330
6 1996 12.40 108.3000946 1342.92117 1.52821 1081.57243
7 1996 12.09 108.3000946 1309.34814 1.53223 1053.00089
8 1996 12.18 108.3000946 1319.09515 1.49175 1059.34786
9 1996 12.68 108.3000946 1373.24520 1.50074 1101.33430
10 1996 13.05 108.3000946 1413.31623 1.56022 1131.91081
11 1996 13.90 108.3000946 1505.37131 1.60354 1204.03326
12 1996 13.10 112.7271991 1476.72631 1.70571 1179.41656
1 1997 13.66 112.7271991 1539.85354 1.67084 1228.16353
2 1997 13.77 112.8921255 1554.52457 1.73990 1238.12501
3 1997 13.12 112.8921255 1481.14469 1.75401 1177.92647
4 1997 13.67 112.8921255 1543.23536 1.66873 1225.63728
5 1997 14.50 112.8921255 1636.93582 1.73632 1298.31785
6 1997 14.93 112.8921255 1685.47943 1.83928 1334.98041
7 1997 15.94 112.8921255 1799.50048 1.89122 1423.39932
8 1997 15.44 112.8921255 1743.05442 2.01648 1376.73417
9 1997 16.01 112.8921255 1807.40293 1.95037 1425.60883
10 1997 15.63 112.8921255 1764.50392 2.01961 1389.75216
11 1997 16.08 112.8921255 1815.30538 1.96882 1427.79540
12 1997 16.36 112.8921255 1846.91517 2.02271 1450.63480
1 1998 16.36 112.8921255 1846.91517 2.05507 1448.57973
2 1998 15.37 127.5052578 1959.75581 2.05215 1535.03119
3 1998 15.94 127.5052578 2032.43381 2.17463 1589.78355
4 1998 15.89 127.5052578 2026.05855 2.25219 1582.54458
5 1998 15.73 127.5052578 2005.65771 2.24194 1564.36764
6 1998 16.10 127.5052578 2052.83465 2.21619 1598.94841
7 1998 15.96 127.5052578 2034.98391 2.26518 1582.77933
8 1998 13.95 127.5052578 1778.69835 2.24227 1381.20207
9 1998 14.47 127.5052578 1845.00108 1.95670 1430.73103
10 1998 15.39 127.5052578 1962.30592 2.02687 1519.66979
11 1998 16.16 127.5052578 2060.48497 2.15287 1593.54978
12 1998 17.03 127.5052578 2171.41454 2.25753 1677.08361
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 76.36%
GROSS ANNUAL RETURN = 20.82%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1677.08 1677.08
TOTAL RETURN 67.71% 67.71%
AVERAGE ANNUAL RETURN 18.81% 18.81%
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
1 1998 16.36 112.8921255 1846.91517 2.48838 1754.01555
2 1998 15.37 127.5052578 1959.75581 2.48486 1858.69546
3 1998 15.94 127.5052578 2032.43381 2.63315 1924.99246
4 1998 15.89 127.5052578 2026.05855 2.72707 1916.22714
5 1998 15.73 127.5052578 2005.65771 2.71465 1894.21756
6 1998 16.10 127.5052578 2052.83465 2.68347 1936.08975
7 1998 15.96 127.5052578 2034.98391 2.74279 1916.51139
8 1998 13.95 127.5052578 1778.69835 2.71506 1672.43118
9 1998 14.47 127.5052578 1845.00108 2.36928 1732.40342
10 1998 15.39 127.5052578 1962.30592 2.45424 1840.09508
11 1998 16.16 127.5052578 2060.48497 2.60680 1929.55281
12 1998 17.03 127.5052578 2171.41454 2.73353 2030.69991
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 117.14%
GROSS ANNUAL RETURN = 21.44%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2030.70 2030.70
TOTAL RETURN 103.07% 103.07%
AVERAGE ANNUAL RETURN 19.42% 19.42%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 13.95 127.5052578 1778.69835 1000.00000
9 1998 14.47 127.5052578 1845.00108 1.41667 1035.85932
10 1998 15.39 127.5052578 1962.30592 1.46747 1100.25160
11 1998 16.16 127.5052578 2060.48497 1.55869 1153.74124
12 1998 17.03 127.5052578 2171.41454 1.63447 1214.22031
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 22.08%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1214.22 1214.22
TOTAL RETURN 21.42% 21.42%
Fidelity Contrafund
12/1998Assume ($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
2/98 1.1700000000 19.35 6.376 111.820128
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 19.94 105.4444186 2102.56171 1000.00000
1 1998 19.92 105.4444186 2100.45282 1.41667 997.58032
2 1998 20.15 111.8201276 2253.17557 1.41324 1068.70059
3 1998 21.13 111.8201276 2362.75930 1.51399 1119.16311
4 1998 21.33 111.8201276 2385.12332 1.58548 1128.17075
5 1998 20.83 111.8201276 2329.21326 1.59824 1100.12687
6 1998 21.95 111.8201276 2454.45180 1.55851 1157.72064
7 1998 21.98 111.8201276 2457.80641 1.64010 1157.66284
8 1998 18.69 111.8201276 2089.91819 1.64002 982.74208
9 1998 19.78 111.8201276 2211.80212 1.39222 1038.66334
10 1998 20.43 111.8201276 2284.48521 1.47144 1071.32391
11 1998 21.79 111.8201276 2436.56058 1.51771 1141.12291
12 1998 24.44 111.8201276 2732.88392 1.61659 1278.28447
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 29.98%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1278.28 1278.28
TOTAL RETURN 27.83% 27.83%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 19.94 105.4444186 2102.56171 1000.00000
1 1998 19.92 105.4444186 2100.45282 1.41667 997.58032
2 1998 20.15 111.8201276 2253.17557 1.41324 1068.70059
3 1998 21.13 111.8201276 2362.75930 1.51399 1119.16311
4 1998 21.33 111.8201276 2385.12332 1.58548 1128.17075
5 1998 20.83 111.8201276 2329.21326 1.59824 1100.12687
6 1998 21.95 111.8201276 2454.45180 1.55851 1157.72064
7 1998 21.98 111.8201276 2457.80641 1.64010 1157.66284
8 1998 18.69 111.8201276 2089.91819 1.64002 982.74208
9 1998 19.78 111.8201276 2211.80212 1.39222 1038.66334
10 1998 20.43 111.8201276 2284.48521 1.47144 1071.32391
11 1998 21.79 111.8201276 2436.56058 1.51771 1141.12291
12 1998 24.44 111.8201276 2732.88392 1.61659 1278.28447
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 29.98%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1278.28 1278.28
TOTAL RETURN 27.83% 27.83%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 13.78 101.3196481 1396.18475 1000.00000
1 1996 13.89 101.3196481 1407.32991 1.41667 1006.56592
2 1996 13.81 102.2754938 1412.42457 1.42597 1008.78381
3 1996 14.26 102.2754938 1458.44854 1.42911 1040.22600
4 1996 14.73 102.2754938 1506.51802 1.47365 1073.03749
5 1996 14.90 102.2754938 1523.90486 1.52014 1083.90136
6 1996 14.78 102.2754938 1511.63180 1.53553 1073.63643
7 1996 14.09 102.2754938 1441.06171 1.52098 1021.99304
8 1996 14.63 102.2754938 1496.29047 1.44782 1059.71315
9 1996 15.25 102.2754938 1559.70128 1.50126 1103.12113
10 1996 15.72 102.2754938 1607.77076 1.56275 1135.55621
11 1996 16.66 102.2754938 1703.90973 1.60870 1201.84972
12 1996 16.56 102.2754938 1693.68218 1.70262 1192.93312
1 1997 17.20 102.2754938 1759.13849 1.68999 1237.34682
2 1997 16.22 105.4444186 1710.30847 1.75291 1201.24774
3 1997 15.80 105.4444186 1666.02181 1.70177 1168.44091
4 1997 16.18 105.4444186 1706.09069 1.65529 1194.88737
5 1997 17.18 105.4444186 1811.53511 1.69276 1267.04426
6 1997 17.93 105.4444186 1890.61843 1.79498 1320.56262
7 1997 19.47 105.4444186 2053.00283 1.87080 1432.11438
8 1997 18.92 105.4444186 1995.00840 2.02883 1389.63035
9 1997 20.20 105.4444186 2129.97726 1.96864 1481.67475
10 1997 19.59 105.4444186 2065.65616 2.09904 1434.83207
11 1997 19.58 105.4444186 2064.60172 2.03268 1432.06696
12 1997 19.94 105.4444186 2102.56171 2.02876 1456.36833
1 1998 19.92 105.4444186 2100.45282 2.06319 1452.84440
2 1998 20.15 111.8201276 2253.17557 2.05820 1556.42171
3 1998 21.13 111.8201276 2362.75930 2.20493 1629.91371
4 1998 21.33 111.8201276 2385.12332 2.30904 1643.03215
5 1998 20.83 111.8201276 2329.21326 2.32763 1602.18994
6 1998 21.95 111.8201276 2454.45180 2.26977 1686.06768
7 1998 21.98 111.8201276 2457.80641 2.38860 1685.98351
8 1998 18.69 111.8201276 2089.91819 2.38848 1431.23444
9 1998 19.78 111.8201276 2211.80212 2.02758 1512.67639
10 1998 20.43 111.8201276 2284.48521 2.14296 1560.24221
11 1998 21.79 111.8201276 2436.56058 2.21034 1661.89528
12 1998 24.44 111.8201276 2732.88392 2.35435 1861.65302
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 95.74%
GROSS ANNUAL RETURN = 25.09%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1861.65 1861.65
TOTAL RETURN 86.17% 86.17%
AVERAGE ANNUAL RETURN 23.02% 23.02%
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
1 1998 19.92 105.4444186 2100.45282 2.83330 1995.14072
2 1998 20.15 111.8201276 2253.17557 2.82645 2137.37984
3 1998 21.13 111.8201276 2362.75930 3.02795 2238.30386
4 1998 21.33 111.8201276 2385.12332 3.17093 2256.31896
5 1998 20.83 111.8201276 2329.21326 3.19645 2200.23177
6 1998 21.95 111.8201276 2454.45180 3.11699 2315.41816
7 1998 21.98 111.8201276 2457.80641 3.28018 2315.30257
8 1998 18.69 111.8201276 2089.91819 3.28001 1965.46453
9 1998 19.78 111.8201276 2211.80212 2.78441 2077.30593
10 1998 20.43 111.8201276 2284.48521 2.94285 2142.62641
11 1998 21.79 111.8201276 2436.56058 3.03539 2282.22304
12 1998 24.44 111.8201276 2732.88392 3.23315 2556.54340
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 173.29%
GROSS ANNUAL RETURN = 28.64%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2556.54 2556.54
TOTAL RETURN 155.65% 155.65%
AVERAGE ANNUAL RETURN 26.51% 26.51%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 18.69 111.8201276 2089.91819 1000.00000
9 1998 19.78 111.8201276 2211.80212 1.41667 1056.90329
10 1998 20.43 111.8201276 2284.48521 1.49728 1090.13741
11 1998 21.79 111.8201276 2436.56058 1.54436 1161.16216
12 1998 24.44 111.8201276 2732.88392 1.64498 1300.73240
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 30.77%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1300.73 1300.73
TOTAL RETURN 30.07% 30.07%
Fidelity Equity Income Fund12/1998Assume ($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
2/98 1.5500000000 23.41 12.682 204.214488
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 24.28 191.5328996 4650.41880 1000.00000
1 1998 24.22 191.5328996 4638.92683 1.41667 996.11216
2 1998 24.18 204.2144884 4937.90633 1.41116 1058.90058
3 1998 25.30 204.2144884 5166.62656 1.50011 1106.44797
4 1998 25.30 204.2144884 5166.62656 1.56747 1104.88050
5 1998 24.89 204.2144884 5082.89862 1.56525 1085.41008
6 1998 25.17 204.2144884 5140.07867 1.53766 1096.08273
7 1998 24.55 204.2144884 5013.46569 1.55278 1067.53069
8 1998 20.80 204.2144884 4247.66136 1.51234 902.95359
9 1998 22.02 204.2144884 4496.80304 1.27918 954.63610
10 1998 23.65 204.2144884 4829.67265 1.35240 1023.94932
11 1998 24.65 204.2144884 5033.88714 1.45059 1065.79468
12 1998 25.42 204.2144884 5191.13230 1.50988 1097.57737
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 11.63%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1097.58 1097.58
TOTAL RETURN 9.76% 9.76%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 24.28 191.5328996 4650.41880 1000.00000
1 1998 24.22 191.5328996 4638.92683 1.41667 996.11216
2 1998 24.18 204.2144884 4937.90633 1.41116 1058.90058
3 1998 25.30 204.2144884 5166.62656 1.50011 1106.44797
4 1998 25.30 204.2144884 5166.62656 1.56747 1104.88050
5 1998 24.89 204.2144884 5082.89862 1.56525 1085.41008
6 1998 25.17 204.2144884 5140.07867 1.53766 1096.08273
7 1998 24.55 204.2144884 5013.46569 1.55278 1067.53069
8 1998 20.80 204.2144884 4247.66136 1.51234 902.95359
9 1998 22.02 204.2144884 4496.80304 1.27918 954.63610
10 1998 23.65 204.2144884 4829.67265 1.35240 1023.94932
11 1998 24.65 204.2144884 5033.88714 1.45059 1065.79468
12 1998 25.42 204.2144884 5191.13230 1.50988 1097.57737
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 11.63%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1097.58 1097.58
TOTAL RETURN 9.76% 9.76%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 19.27 164.8363940 3176.39731 1000.00000
1 1996 19.83 164.8363940 3268.70569 1.41667 1027.64405
2 1996 19.00 172.6149937 3279.68488 1.45583 1029.63995
3 1996 19.20 172.6149937 3314.20788 1.45866 1039.01961
4 1996 19.45 172.6149937 3357.36163 1.47194 1051.07657
5 1996 19.66 172.6149937 3393.61078 1.48903 1060.93593
6 1996 19.48 172.6149937 3362.54008 1.50299 1049.71938
7 1996 18.53 172.6149937 3198.55583 1.48710 997.03960
8 1996 18.91 172.6149937 3264.14953 1.41247 1016.07370
9 1996 19.72 172.6149937 3403.96768 1.43944 1058.15725
10 1996 20.04 172.6149937 3459.20447 1.49906 1073.82910
11 1996 21.38 172.6149937 3690.50857 1.52126 1144.11079
12 1996 21.03 172.6149937 3630.09332 1.62082 1123.76037
1 1997 21.85 172.6149937 3771.63761 1.59199 1165.98595
2 1997 19.91 191.5328996 3813.42003 1.65181 1177.25099
3 1997 19.17 191.5328996 3671.68569 1.66777 1131.82804
4 1997 19.85 191.5328996 3801.92806 1.60342 1170.37292
5 1997 21.08 191.5328996 4037.51352 1.65803 1241.23674
6 1997 22.06 191.5328996 4225.21577 1.75842 1297.18288
7 1997 23.67 191.5328996 4533.58373 1.83768 1390.01721
8 1997 22.56 191.5328996 4320.98221 1.96919 1322.86343
9 1997 23.80 191.5328996 4558.48301 1.87406 1393.69995
10 1997 22.93 191.5328996 4391.84939 1.97441 1340.77937
11 1997 23.77 191.5328996 4552.73702 1.89944 1387.99701
12 1997 24.28 191.5328996 4650.41880 1.96633 1415.81102
1 1998 24.22 191.5328996 4638.92683 2.00573 1410.30658
2 1998 24.18 204.2144884 4937.90633 1.99793 1499.20310
3 1998 25.30 204.2144884 5166.62656 2.12387 1566.52123
4 1998 25.30 204.2144884 5166.62656 2.21924 1564.30199
5 1998 24.89 204.2144884 5082.89862 2.21609 1536.73555
6 1998 25.17 204.2144884 5140.07867 2.17704 1551.84601
7 1998 24.55 204.2144884 5013.46569 2.19845 1511.42172
8 1998 20.80 204.2144884 4247.66136 2.14118 1278.41164
9 1998 22.02 204.2144884 4496.80304 1.81108 1351.58431
10 1998 23.65 204.2144884 4829.67265 1.91474 1449.71873
11 1998 24.65 204.2144884 5033.88714 2.05377 1508.96385
12 1998 25.42 204.2144884 5191.13230 2.13770 1553.96214
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 63.43%
GROSS ANNUAL RETURN = 17.79%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1553.96 1553.96
TOTAL RETURN 55.40% 55.40%
AVERAGE ANNUAL RETURN 15.83% 15.83%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1993 15.44 142.2348697 2196.10639 1000.00000
1 1994 16.12 142.2348697 2292.82610 1.41667 1042.62478
2 1994 14.94 149.5168411 2233.78161 1.47705 1014.29822
3 1994 14.22 150.5156176 2140.33208 1.43692 970.42847
4 1994 14.71 150.5156176 2214.08473 1.37477 1002.49321
5 1994 14.85 150.5156176 2235.15692 1.42020 1010.61408
6 1994 14.67 151.4211260 2221.34792 1.43170 1002.93871
7 1994 15.16 151.4211260 2295.54427 1.42083 1035.01754
8 1994 15.94 151.4211260 2413.65275 1.46627 1086.80414
9 1994 15.59 152.2841976 2374.11064 1.53964 1067.45973
10 1994 15.91 152.2841976 2422.84158 1.51223 1087.85816
11 1994 15.39 152.2841976 2343.65380 1.54113 1050.76163
12 1994 15.35 153.1776512 2351.27695 1.48858 1052.69084
1 1995 15.59 153.1776512 2388.03958 1.49131 1067.65854
2 1995 15.39 161.0849025 2479.09665 1.51252 1106.85634
3 1995 15.82 162.1174981 2564.69882 1.56805 1143.50758
4 1995 16.26 162.1174981 2636.03052 1.61997 1173.69187
5 1995 16.75 162.1174981 2715.46809 1.66273 1207.39870
6 1995 16.89 163.0836333 2754.48257 1.71048 1223.03551
7 1995 17.54 163.0836333 2860.48693 1.73263 1268.37056
8 1995 17.76 163.0836333 2896.36533 1.79686 1282.48257
9 1995 18.25 163.9738278 2992.52236 1.81685 1323.24312
10 1995 18.04 163.9738278 2958.08785 1.87459 1306.14216
11 1995 18.82 163.9738278 3085.98744 1.85037 1360.76579
12 1995 19.27 164.8363940 3176.39731 1.92775 1398.70426
1 1996 19.83 164.8363940 3268.70569 1.98150 1437.37011
2 1996 19.00 172.6149937 3279.68488 2.03627 1440.16179
3 1996 19.20 172.6149937 3314.20788 2.04023 1453.28116
4 1996 19.45 172.6149937 3357.36163 2.05881 1470.14528
5 1996 19.66 172.6149937 3393.61078 2.08271 1483.93561
6 1996 19.48 172.6149937 3362.54008 2.10224 1468.24698
7 1996 18.53 172.6149937 3198.55583 2.08002 1394.56354
8 1996 18.91 172.6149937 3264.14953 1.97563 1421.18662
9 1996 19.72 172.6149937 3403.96768 2.01335 1480.04906
10 1996 20.04 172.6149937 3459.20447 2.09674 1501.96935
11 1996 21.38 172.6149937 3690.50857 2.12779 1600.27264
12 1996 21.03 172.6149937 3630.09332 2.26705 1571.80842
1 1997 21.85 172.6149937 3771.63761 2.22673 1630.86952
2 1997 19.91 191.5328996 3813.42003 2.31040 1646.62598
3 1997 19.17 191.5328996 3671.68569 2.33272 1583.09270
4 1997 19.85 191.5328996 3801.92806 2.24271 1637.00560
5 1997 21.08 191.5328996 4037.51352 2.31909 1736.12312
6 1997 22.06 191.5328996 4225.21577 2.45951 1814.37522
7 1997 23.67 191.5328996 4533.58373 2.57036 1944.22299
8 1997 22.56 191.5328996 4320.98221 2.75432 1850.29472
9 1997 23.80 191.5328996 4558.48301 2.62125 1949.37407
10 1997 22.93 191.5328996 4391.84939 2.76161 1875.35382
11 1997 23.77 191.5328996 4552.73702 2.65675 1941.39734
12 1997 24.28 191.5328996 4650.41880 2.75031 1980.30091
1 1998 24.22 191.5328996 4638.92683 2.80543 1972.60182
2 1998 24.18 204.2144884 4937.90633 2.79452 2096.94177
3 1998 25.30 204.2144884 5166.62656 2.97067 2191.09992
4 1998 25.30 204.2144884 5166.62656 3.10406 2187.99586
5 1998 24.89 204.2144884 5082.89862 3.09966 2149.43856
6 1998 25.17 204.2144884 5140.07867 3.04504 2170.57363
7 1998 24.55 204.2144884 5013.46569 3.07498 2114.03200
8 1998 20.80 204.2144884 4247.66136 2.99488 1788.11981
9 1998 22.02 204.2144884 4496.80304 2.53317 1890.46674
10 1998 23.65 204.2144884 4829.67265 2.67816 2027.72776
11 1998 24.65 204.2144884 5033.88714 2.87261 2110.59417
12 1998 25.42 204.2144884 5191.13230 2.99001 2173.53347
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 136.38%
GROSS ANNUAL RETURN = 18.77%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2173.53 2173.53
TOTAL RETURN 117.35% 117.35%
AVERAGE ANNUAL RETURN 16.80% 16.80%
Return for 10 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1988 11.01 110.4117014 1215.63283 1000.00000
1 1989 11.69 110.4117014 1290.71279 1.41667 1060.34537
2 1989 11.68 110.4117014 1289.60867 1.50216 1057.93616
3 1989 11.66 112.5129621 1311.90114 1.49874 1074.72514
4 1989 12.11 112.5129621 1362.53197 1.52253 1114.68000
5 1989 12.47 112.5129621 1403.03664 1.57913 1146.23751
6 1989 12.35 113.6840338 1403.99782 1.62384 1145.39893
7 1989 13.07 113.6840338 1485.85032 1.62265 1210.55258
8 1989 13.28 113.6840338 1509.72397 1.71495 1228.28798
9 1989 13.00 114.8270287 1492.75137 1.74007 1212.73926
10 1989 12.25 114.8270287 1406.63110 1.71805 1141.05549
11 1989 12.32 114.8270287 1414.66899 1.61650 1145.95931
12 1989 12.29 116.0678861 1426.47432 1.62344 1153.89883
1 1990 11.46 116.0678861 1330.13797 1.63469 1074.33606
2 1990 11.14 120.1095357 1338.02023 1.52198 1079.18049
3 1990 10.96 122.2834639 1340.22676 1.52884 1079.43133
4 1990 10.58 122.2834639 1293.75905 1.52919 1040.47660
5 1990 11.28 122.2834639 1379.35747 1.47401 1107.84319
6 1990 11.04 123.6977744 1365.62343 1.56944 1095.24313
7 1990 10.77 123.6977744 1332.22503 1.55159 1066.90570
8 1990 9.91 123.6977744 1225.84494 1.51145 980.20029
9 1990 9.02 125.3607228 1130.75372 1.38862 902.77560
10 1990 8.79 125.3607228 1101.92075 1.27893 878.47689
11 1990 9.42 125.3607228 1180.89801 1.24451 940.19489
12 1990 9.51 127.0636375 1208.37519 1.33194 960.73944
1 1991 10.02 127.0636375 1273.17765 1.36105 1010.90069
2 1991 10.71 127.0636375 1360.85156 1.43211 1079.08151
3 1991 10.70 129.8206787 1389.08126 1.52870 1099.93743
4 1991 10.75 129.8206787 1395.57230 1.55824 1103.51908
5 1991 11.34 129.8206787 1472.16650 1.56332 1162.52100
6 1991 10.76 131.2241455 1411.97181 1.64690 1113.34034
7 1991 11.37 131.2241455 1492.01853 1.57723 1174.87999
8 1991 11.61 131.2241455 1523.51233 1.66441 1198.01515
9 1991 11.41 132.6078799 1513.05591 1.69719 1188.09555
10 1991 11.60 132.6078799 1538.25141 1.68314 1206.19665
11 1991 11.10 132.6078799 1471.94747 1.70878 1152.49664
12 1991 11.85 134.0312203 1588.26996 1.63270 1241.94143
1 1992 12.01 134.0312203 1609.71496 1.75942 1256.95084
2 1992 12.40 134.0312203 1661.98713 1.78068 1295.98705
3 1992 12.13 135.3356604 1641.62156 1.83598 1278.27037
4 1992 12.51 135.3356604 1693.04911 1.81088 1316.50423
5 1992 12.61 135.3356604 1706.58268 1.86505 1325.16280
6 1992 12.40 136.4226938 1691.64140 1.87731 1311.68357
7 1992 12.78 136.4226938 1743.48203 1.85822 1350.02211
8 1992 12.50 136.4226938 1705.28367 1.91253 1318.53163
9 1992 12.53 137.5088618 1722.98604 1.86792 1330.35124
10 1992 12.68 137.5088618 1743.61237 1.88466 1344.39257
11 1992 13.14 137.5088618 1806.86644 1.90456 1391.25935
12 1992 13.40 138.5435409 1856.48345 1.97095 1427.49273
1 1993 13.80 138.5435409 1911.90087 2.02228 1468.08218
2 1993 14.11 138.5435409 1954.84936 2.07978 1498.98105
3 1993 14.43 139.5083288 2013.10519 2.12356 1541.52814
4 1993 14.37 139.5083288 2004.73469 2.18383 1532.93462
5 1993 14.63 139.5083288 2041.00685 2.17166 1558.49874
6 1993 14.70 140.4771367 2065.01391 2.20787 1574.62249
7 1993 14.90 140.4771367 2093.10934 2.23072 1593.81521
8 1993 15.47 140.4771367 2173.18130 2.25790 1652.52876
9 1993 15.31 141.4025460 2164.87298 2.34108 1643.86986
10 1993 15.45 141.4025460 2184.66934 2.32882 1656.57317
11 1993 15.18 141.4025460 2146.49065 2.34681 1625.27654
12 1993 15.44 142.2348697 2196.10639 2.30247 1660.54203
1 1994 16.12 142.2348697 2292.82610 2.35243 1731.32228
2 1994 14.94 149.5168411 2233.78161 2.45271 1684.28483
3 1994 14.22 150.5156176 2140.33208 2.38607 1611.43726
4 1994 14.71 150.5156176 2214.08473 2.28287 1664.68211
5 1994 14.85 150.5156176 2235.15692 2.35830 1678.16715
6 1994 14.67 151.4211260 2221.34792 2.37740 1665.42188
7 1994 15.16 151.4211260 2295.54427 2.35935 1718.69012
8 1994 15.94 151.4211260 2413.65275 2.43481 1804.68396
9 1994 15.59 152.2841976 2374.11064 2.55664 1772.56176
10 1994 15.91 152.2841976 2422.84158 2.51113 1806.43419
11 1994 15.39 152.2841976 2343.65380 2.55911 1744.83386
12 1994 15.35 153.1776512 2351.27695 2.47185 1748.03739
1 1995 15.59 153.1776512 2388.03958 2.47639 1772.89188
2 1995 15.39 161.0849025 2479.09665 2.51160 1837.98148
3 1995 15.82 162.1174981 2564.69882 2.60381 1898.84240
4 1995 16.26 162.1174981 2636.03052 2.69003 1948.96468
5 1995 16.75 162.1174981 2715.46809 2.76103 2004.93629
6 1995 16.89 163.0836333 2754.48257 2.84033 2030.90187
7 1995 17.54 163.0836333 2860.48693 2.87711 2106.18262
8 1995 17.76 163.0836333 2896.36533 2.98376 2129.61620
9 1995 18.25 163.9738278 2992.52236 3.01696 2197.30082
10 1995 18.04 163.9738278 2958.08785 3.11284 2168.90396
11 1995 18.82 163.9738278 3085.98744 3.07261 2259.60879
12 1995 19.27 164.8363940 3176.39731 3.20111 2322.60722
1 1996 19.83 164.8363940 3268.70569 3.29036 2386.81349
2 1996 19.00 172.6149937 3279.68488 3.38132 2391.44919
3 1996 19.20 172.6149937 3314.20788 3.38789 2413.23445
4 1996 19.45 172.6149937 3357.36163 3.41875 2441.23803
5 1996 19.66 172.6149937 3393.61078 3.45842 2464.13744
6 1996 19.48 172.6149937 3362.54008 3.49086 2438.08581
7 1996 18.53 172.6149937 3198.55583 3.45395 2315.73137
8 1996 18.91 172.6149937 3264.14953 3.28062 2359.94011
9 1996 19.72 172.6149937 3403.96768 3.34325 2457.68367
10 1996 20.04 172.6149937 3459.20447 3.48172 2494.08323
11 1996 21.38 172.6149937 3690.50857 3.53328 2657.31998
12 1996 21.03 172.6149937 3630.09332 3.76454 2610.05395
1 1997 21.85 172.6149937 3771.63761 3.69758 2708.12738
2 1997 19.91 191.5328996 3813.42003 3.83651 2734.29166
3 1997 19.17 191.5328996 3671.68569 3.87358 2628.79197
4 1997 19.85 191.5328996 3801.92806 3.72412 2718.31660
5 1997 21.08 191.5328996 4037.51352 3.85095 2882.90542
6 1997 22.06 191.5328996 4225.21577 4.08412 3012.84631
7 1997 23.67 191.5328996 4533.58373 4.26820 3228.46400
8 1997 22.56 191.5328996 4320.98221 4.57366 3072.49216
9 1997 23.80 191.5328996 4558.48301 4.35270 3237.01757
10 1997 22.93 191.5328996 4391.84939 4.58577 3114.10385
11 1997 23.77 191.5328996 4552.73702 4.41165 3223.77189
12 1997 24.28 191.5328996 4650.41880 4.56701 3288.37289
1 1998 24.22 191.5328996 4638.92683 4.65853 3275.58823
2 1998 24.18 204.2144884 4937.90633 4.64042 3482.05995
3 1998 25.30 204.2144884 5166.62656 4.93292 3638.41352
4 1998 25.30 204.2144884 5166.62656 5.15442 3633.25910
5 1998 24.89 204.2144884 5082.89862 5.14712 3569.23308
6 1998 25.17 204.2144884 5140.07867 5.05641 3604.32874
7 1998 24.55 204.2144884 5013.46569 5.10613 3510.43899
8 1998 20.80 204.2144884 4247.66136 4.97312 2969.24810
9 1998 22.02 204.2144884 4496.80304 4.20643 3139.19948
10 1998 23.65 204.2144884 4829.67265 4.44720 3367.12718
11 1998 24.65 204.2144884 5033.88714 4.77010 3504.73032
12 1998 25.42 204.2144884 5191.13230 4.96503 3609.24368
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 327.03%
GROSS ANNUAL RETURN = 15.62%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 3609.24 3609.24
TOTAL RETURN 260.92% 260.92%
AVERAGE ANNUAL RETURN 13.70% 13.70%
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
1 1998 24.22 191.5328996 4638.92683 5.45157 3833.20663
2 1998 24.18 204.2144884 4937.90633 5.43038 4074.82697
3 1998 25.30 204.2144884 5166.62656 5.77267 4257.79732
4 1998 25.30 204.2144884 5166.62656 6.03188 4251.76544
5 1998 24.89 204.2144884 5082.89862 6.02333 4176.83998
6 1998 25.17 204.2144884 5140.07867 5.91719 4217.91014
7 1998 24.55 204.2144884 5013.46569 5.97537 4108.03710
8 1998 20.80 204.2144884 4247.66136 5.81972 3474.71681
9 1998 22.02 204.2144884 4496.80304 4.92252 3673.59980
10 1998 23.65 204.2144884 4829.67265 5.20427 3940.32867
11 1998 24.65 204.2144884 5033.88714 5.58213 4101.35663
12 1998 25.42 204.2144884 5191.13230 5.81025 4223.66177
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 419.11%
GROSS ANNUAL RETURN = 14.42%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 4223.66 4223.66
TOTAL RETURN 322.37% 322.37%
AVERAGE ANNUAL RETURN 12.50% 12.50%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 20.80 204.2144884 4247.66136 1000.00000
9 1998 22.02 204.2144884 4496.80304 1.41667 1057.23718
10 1998 23.65 204.2144884 4829.67265 1.49775 1133.99994
11 1998 24.65 204.2144884 5033.88714 1.60650 1180.34270
12 1998 25.42 204.2144884 5191.13230 1.67215 1215.54130
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 22.21%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1215.54 1215.54
TOTAL RETURN 21.55% 21.55%
Fidelity Index 500
12/1998Assume ($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
2/98 4.5100000000 114.96 4.520 119.722980
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 114.39 115.2034296 13178.12032 1000.00000
1 1998 115.64 115.2034296 13322.12460 1.41667 1009.51086
2 1998 119.18 119.7229796 14268.58471 1.43014 1079.80065
3 1998 125.21 119.7229796 14990.51428 1.52972 1132.90424
4 1998 126.45 119.7229796 15138.97077 1.60495 1142.51885
5 1998 124.19 119.7229796 14868.39684 1.61857 1120.48041
6 1998 129.25 119.7229796 15474.19512 1.58735 1164.54594
7 1998 127.85 119.7229796 15306.58295 1.64977 1150.28213
8 1998 109.35 119.7229796 13091.70782 1.62957 982.20580
9 1998 116.38 119.7229796 13933.36037 1.39146 1043.95935
10 1998 125.83 119.7229796 15064.74253 1.47894 1127.24940
11 1998 133.41 119.7229796 15972.24271 1.59694 1193.55798
12 1998 141.25 119.7229796 16910.87087 1.69087 1262.00798
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 28.33%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1262.01 1262.01
TOTAL RETURN 26.20% 26.20%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 114.39 115.2034296 13178.12032 1000.00000
1 1998 115.64 115.2034296 13322.12460 1.41667 1009.51086
2 1998 119.18 119.7229796 14268.58471 1.43014 1079.80065
3 1998 125.21 119.7229796 14990.51428 1.52972 1132.90424
4 1998 126.45 119.7229796 15138.97077 1.60495 1142.51885
5 1998 124.19 119.7229796 14868.39684 1.61857 1120.48041
6 1998 129.25 119.7229796 15474.19512 1.58735 1164.54594
7 1998 127.85 119.7229796 15306.58295 1.64977 1150.28213
8 1998 109.35 119.7229796 13091.70782 1.62957 982.20580
9 1998 116.38 119.7229796 13933.36037 1.39146 1043.95935
10 1998 125.83 119.7229796 15064.74253 1.47894 1127.24940
11 1998 133.41 119.7229796 15972.24271 1.59694 1193.55798
12 1998 141.25 119.7229796 16910.87087 1.69087 1262.00798
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 28.33%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1262.01 1262.01
TOTAL RETURN 26.20% 26.20%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 75.71 106.7973146 8085.62469 1000.00000
1 1996 78.30 106.7973146 8362.22973 1.41667 1032.79282
2 1996 75.75 111.4214989 8440.17854 1.46312 1040.95691
3 1996 76.53 111.4214989 8527.08731 1.47469 1050.20098
4 1996 77.60 111.4214989 8646.30831 1.48778 1063.39653
5 1996 79.58 111.4214989 8866.92288 1.50648 1089.02310
6 1996 79.92 111.4214989 8904.80619 1.54278 1092.13310
7 1996 76.38 111.4214989 8510.37408 1.54719 1042.21064
8 1996 77.95 111.4214989 8685.30584 1.47647 1062.15694
9 1996 82.31 111.4214989 9171.10357 1.50472 1120.06215
10 1996 84.58 111.4214989 9424.03037 1.58675 1149.36522
11 1996 90.92 111.4214989 10130.44268 1.62827 1233.89178
12 1996 89.13 111.4214989 9930.99819 1.74801 1207.85135
1 1997 94.57 111.4214989 10537.13115 1.71112 1279.86076
2 1997 92.15 115.2034296 10615.99604 1.81314 1287.62671
3 1997 88.32 115.2034296 10174.76690 1.82414 1232.28537
4 1997 93.57 115.2034296 10779.58491 1.74574 1303.79029
5 1997 99.26 115.2034296 11435.09243 1.84704 1381.22686
6 1997 103.62 115.2034296 11937.37938 1.95674 1439.94058
7 1997 111.86 115.2034296 12886.65564 2.03992 1552.40665
8 1997 105.60 115.2034296 12165.48217 2.19924 1463.33037
9 1997 111.31 115.2034296 12823.29375 2.07305 1540.38247
10 1997 107.63 115.2034296 12399.34513 2.18221 1487.27395
11 1997 112.50 115.2034296 12960.38583 2.10697 1552.46257
12 1997 114.39 115.2034296 13178.12032 2.19932 1576.34462
1 1998 115.64 115.2034296 13322.12460 2.23315 1591.33701
2 1998 119.18 119.7229796 14268.58471 2.25439 1702.13794
3 1998 125.21 119.7229796 14990.51428 2.41136 1785.84750
4 1998 126.45 119.7229796 15138.97077 2.52995 1801.00344
5 1998 124.19 119.7229796 14868.39684 2.55142 1766.26327
6 1998 129.25 119.7229796 15474.19512 2.50221 1835.72573
7 1998 127.85 119.7229796 15306.58295 2.60061 1813.24105
8 1998 109.35 119.7229796 13091.70782 2.56876 1548.29482
9 1998 116.38 119.7229796 13933.36037 2.19342 1645.63970
10 1998 125.83 119.7229796 15064.74253 2.33132 1776.93353
11 1998 133.41 119.7229796 15972.24271 2.51732 1881.45869
12 1998 141.25 119.7229796 16910.87087 2.66540 1989.35949
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 109.15%
GROSS ANNUAL RETURN = 27.88%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1989.36 1989.36
TOTAL RETURN 98.94% 98.94%
AVERAGE ANNUAL RETURN 25.77% 25.77%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1993 55.74 104.6470890 5833.02874 1000.00000
1 1994 57.62 104.6470890 6029.76527 1.41667 1032.31136
2 1994 55.96 104.8333932 5866.47669 1.46244 1002.89349
3 1994 53.53 104.8333932 5611.73154 1.42077 957.92320
4 1994 54.17 104.8333932 5678.82491 1.35706 968.01899
5 1994 55.01 104.8333932 5766.88496 1.37136 981.65845
6 1994 53.67 104.8333932 5626.40822 1.39068 956.35534
7 1994 55.44 104.8333932 5811.96332 1.35484 986.54045
8 1994 57.65 104.8333932 6043.64512 1.39760 1024.46923
9 1994 56.25 104.8333932 5896.87837 1.45133 998.13920
10 1994 57.50 104.8333932 6027.92011 1.41403 1018.90604
11 1994 55.41 104.8333932 5808.81832 1.44345 980.42757
12 1994 56.22 104.8333932 5893.73337 1.38894 993.37082
1 1995 57.71 104.8333932 6049.93512 1.40728 1018.29088
2 1995 58.82 106.7973146 6281.81804 1.44258 1055.87752
3 1995 60.54 106.7973146 6465.50942 1.49583 1085.25740
4 1995 62.32 106.7973146 6655.60864 1.53745 1115.62875
5 1995 64.77 106.7973146 6917.26207 1.58047 1157.90723
6 1995 66.24 106.7973146 7074.25412 1.64037 1182.54637
7 1995 68.45 106.7973146 7310.27618 1.67527 1220.32501
8 1995 68.62 106.7973146 7328.43173 1.72879 1221.62698
9 1995 71.49 106.7973146 7634.94002 1.73064 1270.99033
10 1995 71.25 106.7973146 7609.30866 1.80057 1264.92290
11 1995 74.35 106.7973146 7940.38034 1.79197 1318.16617
12 1995 75.71 106.7973146 8085.62469 1.86740 1340.41048
1 1996 78.30 106.7973146 8362.22973 1.89891 1384.36631
2 1996 75.75 111.4214989 8440.17854 1.96119 1395.30955
3 1996 76.53 111.4214989 8527.08731 1.97669 1407.70040
4 1996 77.60 111.4214989 8646.30831 1.99424 1425.38785
5 1996 79.58 111.4214989 8866.92288 2.01930 1459.73798
6 1996 79.92 111.4214989 8904.80619 2.06796 1463.90664
7 1996 76.38 111.4214989 8510.37408 2.07387 1396.99007
8 1996 77.95 111.4214989 8685.30584 1.97907 1423.72629
9 1996 82.31 111.4214989 9171.10357 2.01695 1501.34304
10 1996 84.58 111.4214989 9424.03037 2.12690 1540.62118
11 1996 90.92 111.4214989 10130.44268 2.18255 1653.92147
12 1996 89.13 111.4214989 9930.99819 2.34306 1619.01661
1 1997 94.57 111.4214989 10537.13115 2.29361 1715.53878
2 1997 92.15 115.2034296 10615.99604 2.43035 1725.94834
3 1997 88.32 115.2034296 10174.76690 2.44509 1651.76823
4 1997 93.57 115.2034296 10779.58491 2.34000 1747.61417
5 1997 99.26 115.2034296 11435.09243 2.47579 1851.41096
6 1997 103.62 115.2034296 11937.37938 2.62283 1930.11144
7 1997 111.86 115.2034296 12886.65564 2.73432 2080.86214
8 1997 105.60 115.2034296 12165.48217 2.94789 1961.46336
9 1997 111.31 115.2034296 12823.29375 2.77874 2064.74480
10 1997 107.63 115.2034296 12399.34513 2.92505 1993.55759
11 1997 112.50 115.2034296 12960.38583 2.82421 2080.93709
12 1997 114.39 115.2034296 13178.12032 2.94799 2112.94884
1 1998 115.64 115.2034296 13322.12460 2.99334 2133.04481
2 1998 119.18 119.7229796 14268.58471 3.02181 2281.56352
3 1998 125.21 119.7229796 14990.51428 3.23221 2393.76870
4 1998 126.45 119.7229796 15138.97077 3.39117 2414.08389
5 1998 124.19 119.7229796 14868.39684 3.41995 2367.51779
6 1998 129.25 119.7229796 15474.19512 3.35398 2460.62600
7 1998 127.85 119.7229796 15306.58295 3.48589 2430.48730
8 1998 109.35 119.7229796 13091.70782 3.44319 2075.35060
9 1998 116.38 119.7229796 13933.36037 2.94008 2205.83270
10 1998 125.83 119.7229796 15064.74253 3.12493 2381.82032
11 1998 133.41 119.7229796 15972.24271 3.37425 2521.92695
12 1998 141.25 119.7229796 16910.87087 3.57273 2666.55830
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 189.92%
GROSS ANNUAL RETURN = 23.72%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2666.56 2666.56
TOTAL RETURN 166.66% 166.66%
AVERAGE ANNUAL RETURN 21.67% 21.67%
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
1 1998 115.64 115.2034296 13322.12460 3.40963 2429.68886
2 1998 119.18 119.7229796 14268.58471 3.44206 2598.86218
3 1998 125.21 119.7229796 14990.51428 3.68172 2726.67180
4 1998 126.45 119.7229796 15138.97077 3.86278 2749.81224
5 1998 124.19 119.7229796 14868.39684 3.89557 2696.77016
6 1998 129.25 119.7229796 15474.19512 3.82042 2802.82700
7 1998 127.85 119.7229796 15306.58295 3.97067 2768.49689
8 1998 109.35 119.7229796 13091.70782 3.92204 2363.97108
9 1998 116.38 119.7229796 13933.36037 3.34896 2512.59941
10 1998 125.83 119.7229796 15064.74253 3.55952 2713.06176
11 1998 133.41 119.7229796 15972.24271 3.84350 2872.65311
12 1998 141.25 119.7229796 16910.87087 4.06959 3037.39845
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 238.22%
GROSS ANNUAL RETURN = 21.17%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 3037.40 3037.40
TOTAL RETURN 203.74% 203.74%
AVERAGE ANNUAL RETURN 19.14% 19.14%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 109.35 119.7229796 13091.70782 1000.00000
9 1998 116.38 119.7229796 13933.36037 1.41667 1062.87231
10 1998 125.83 119.7229796 15064.74253 1.50574 1147.67130
11 1998 133.41 119.7229796 15972.24271 1.62587 1215.18116
12 1998 141.25 119.7229796 16910.87087 1.72151 1284.87124
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 29.17%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1284.87 1284.87
TOTAL RETURN 28.49% 28.49%
MFS Emerging Growth
12/1998Assume ($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
4/98 0.1585900000 18.55 0.887 104.661622
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 16.14 103.7744210 1674.91916 1000.00000
1 1998 16.55 103.7744210 1717.46667 1.41667 1023.98606
2 1998 18.13 103.7744210 1881.43025 1.45065 1120.29360
3 1998 19.48 103.7744210 2021.52572 1.58708 1202.12606
4 1998 19.07 104.6616224 1995.89714 1.70301 1185.18269
5 1998 18.25 104.6616224 1910.07461 1.67901 1132.54144
6 1998 19.45 104.6616224 2035.66856 1.60443 1205.40549
7 1998 18.96 104.6616224 1984.38436 1.70766 1173.33029
8 1998 15.41 104.6616224 1612.83560 1.66222 951.97806
9 1998 16.90 104.6616224 1768.78142 1.34864 1042.67663
10 1998 17.31 104.6616224 1811.69268 1.47713 1066.49521
11 1998 18.98 104.6616224 1986.47759 1.51087 1167.87556
12 1998 21.47 104.6616224 2247.08503 1.65449 1319.43551
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 34.16%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1319.44 1319.44
TOTAL RETURN 31.94% 31.94%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 16.14 103.7744210 1674.91916 1000.00000
1 1998 16.55 103.7744210 1717.46667 1.41667 1023.98606
2 1998 18.13 103.7744210 1881.43025 1.45065 1120.29360
3 1998 19.48 103.7744210 2021.52572 1.58708 1202.12606
4 1998 19.07 104.6616224 1995.89714 1.70301 1185.18269
5 1998 18.25 104.6616224 1910.07461 1.67901 1132.54144
6 1998 19.45 104.6616224 2035.66856 1.60443 1205.40549
7 1998 18.96 104.6616224 1984.38436 1.70766 1173.33029
8 1998 15.41 104.6616224 1612.83560 1.66222 951.97806
9 1998 16.90 104.6616224 1768.78142 1.34864 1042.67663
10 1998 17.31 104.6616224 1811.69268 1.47713 1066.49521
11 1998 18.98 104.6616224 1986.47759 1.51087 1167.87556
12 1998 21.47 104.6616224 2247.08503 1.65449 1319.43551
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 34.16%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1319.44 1319.44
TOTAL RETURN 31.94% 31.94%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 11.41 102.8997345 1174.08597 1000.00000
1 1996 11.61 102.8997345 1194.66592 1.41667 1016.11182
2 1996 12.07 102.8997345 1241.99980 1.43949 1054.93171
3 1996 12.19 102.8997345 1254.34776 1.49449 1063.92536
4 1996 13.05 102.8997345 1342.84154 1.50723 1137.47767
5 1996 13.42 102.8997345 1380.91444 1.61143 1168.11657
6 1996 13.13 102.8997345 1351.07351 1.65483 1141.21928
7 1996 12.18 102.8997345 1253.31877 1.61673 1057.03147
8 1996 12.51 102.8997345 1287.27568 1.49746 1084.17279
9 1996 13.58 102.8997345 1397.37839 1.53591 1175.36789
10 1996 13.38 102.8997345 1376.79845 1.66510 1156.39250
11 1996 13.97 102.8997345 1437.50929 1.63822 1205.74618
12 1996 13.24 103.7744210 1373.97333 1.70814 1150.74570
1 1997 14.07 103.7744210 1460.10610 1.63022 1221.25436
2 1997 13.44 103.7744210 1394.72822 1.73011 1164.84122
3 1997 12.39 103.7744210 1285.76508 1.65019 1072.18781
4 1997 12.88 103.7744210 1336.61454 1.51893 1113.07179
5 1997 14.09 103.7744210 1462.18159 1.57685 1216.06146
6 1997 14.67 103.7744210 1522.37076 1.72275 1264.39660
7 1997 16.03 103.7744210 1663.50397 1.79123 1379.82277
8 1997 15.57 103.7744210 1615.76774 1.95475 1338.27236
9 1997 16.68 103.7744210 1730.95734 1.89589 1431.78318
10 1997 16.10 103.7744210 1670.76818 2.02836 1379.96859
11 1997 16.30 103.7744210 1691.52306 1.95496 1395.15610
12 1997 16.14 103.7744210 1674.91916 1.97647 1379.48485
1 1998 16.55 103.7744210 1717.46667 1.95427 1412.57325
2 1998 18.13 103.7744210 1881.43025 2.00115 1545.42805
3 1998 19.48 103.7744210 2021.52572 2.18936 1658.31469
4 1998 19.07 104.6616224 1995.89714 2.34928 1634.94156
5 1998 18.25 104.6616224 1910.07461 2.31617 1562.32376
6 1998 19.45 104.6616224 2035.66856 2.21329 1662.83861
7 1998 18.96 104.6616224 1984.38436 2.35569 1618.59136
8 1998 15.41 104.6616224 1612.83560 2.29300 1313.23932
9 1998 16.90 104.6616224 1768.78142 1.86042 1438.35661
10 1998 17.31 104.6616224 1811.69268 2.03767 1471.21398
11 1998 18.98 104.6616224 1986.47759 2.08422 1611.06664
12 1998 21.47 104.6616224 2247.08503 2.28234 1820.14129
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 91.39%
GROSS ANNUAL RETURN = 24.16%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1820.14 1820.14
TOTAL RETURN 82.01% 82.01%
AVERAGE ANNUAL RETURN 22.10% 22.10%
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
1 1998 16.55 103.7744210 1717.46667 2.27555 1644.80213
2 1998 18.13 103.7744210 1881.43025 2.33014 1799.49842
3 1998 19.48 103.7744210 2021.52572 2.54929 1930.94378
4 1998 19.07 104.6616224 1995.89714 2.73550 1903.72807
5 1998 18.25 104.6616224 1910.07461 2.69695 1819.17182
6 1998 19.45 104.6616224 2035.66856 2.57716 1936.21143
7 1998 18.96 104.6616224 1984.38436 2.74297 1884.68988
8 1998 15.41 104.6616224 1612.83560 2.66998 1529.13756
9 1998 16.90 104.6616224 1768.78142 2.16628 1674.82430
10 1998 17.31 104.6616224 1811.69268 2.37267 1713.08347
11 1998 18.98 104.6616224 1986.47759 2.42687 1875.92808
12 1998 21.47 104.6616224 2247.08503 2.65756 2119.37489
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 124.71%
GROSS ANNUAL RETURN = 26.55%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2119.37 2119.37
TOTAL RETURN 111.94% 111.94%
AVERAGE ANNUAL RETURN 24.42% 24.42%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 15.41 104.6616224 1612.83560 1000.00000
9 1998 16.90 104.6616224 1768.78142 1.41667 1095.27379
10 1998 17.31 104.6616224 1811.69268 1.55164 1120.29389
11 1998 18.98 104.6616224 1986.47759 1.58708 1226.78831
12 1998 21.47 104.6616224 2247.08503 1.73795 1385.99361
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 39.33%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1385.99 1385.99
TOTAL RETURN 38.60% 38.60%
MFS High Income
12/1998Assume ($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
4/98 0.8327900000 12.03 7.494 115.750592
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 12.35 108.2564221 1336.96681 1000.00000
1 1998 12.60 108.2564221 1364.03092 1.41667 1018.82625
2 1998 12.66 108.2564221 1370.52630 1.44334 1022.23446
3 1998 12.84 108.2564221 1390.01246 1.44817 1035.32044
4 1998 12.04 115.7505921 1393.63713 1.46670 1036.55349
5 1998 12.08 115.7505921 1398.26715 1.46845 1038.52874
6 1998 12.09 115.7505921 1399.42466 1.47125 1037.91720
7 1998 12.21 115.7505921 1413.31473 1.47038 1046.74872
8 1998 11.29 115.7505921 1306.82419 1.48289 966.39533
9 1998 11.21 115.7505921 1297.56414 1.36906 958.17847
10 1998 10.92 115.7505921 1263.99647 1.35742 932.03321
11 1998 11.62 115.7505921 1345.02188 1.32038 990.45854
12 1998 11.53 115.7505921 1334.60433 1.40315 981.38403
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -0.18%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 981.38 981.38
TOTAL RETURN -1.86% -1.86%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 12.35 108.2564221 1336.96681 1000.00000
1 1998 12.60 108.2564221 1364.03092 1.41667 1018.82625
2 1998 12.66 108.2564221 1370.52630 1.44334 1022.23446
3 1998 12.84 108.2564221 1390.01246 1.44817 1035.32044
4 1998 12.04 115.7505921 1393.63713 1.46670 1036.55349
5 1998 12.08 115.7505921 1398.26715 1.46845 1038.52874
6 1998 12.09 115.7505921 1399.42466 1.47125 1037.91720
7 1998 12.21 115.7505921 1413.31473 1.47038 1046.74872
8 1998 11.29 115.7505921 1306.82419 1.48289 966.39533
9 1998 11.21 115.7505921 1297.56414 1.36906 958.17847
10 1998 10.92 115.7505921 1263.99647 1.35742 932.03321
11 1998 11.62 115.7505921 1345.02188 1.32038 990.45854
12 1998 11.53 115.7505921 1334.60433 1.40315 981.38403
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -0.18%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 981.38 981.38
TOTAL RETURN -1.86% -1.86%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 10.29 102.2844055 1052.50653 1000.00000
1 1996 10.48 102.2844055 1071.94057 1.41667 1017.04786
2 1996 10.51 102.2844055 1075.00910 1.44082 1018.51844
3 1996 10.42 102.2844055 1065.80350 1.44290 1008.35369
4 1996 10.51 102.2844055 1075.00910 1.42850 1015.63458
5 1996 10.57 102.2844055 1081.14617 1.43882 1019.99386
6 1996 10.59 102.2844055 1083.19185 1.44499 1020.47885
7 1996 10.71 102.2844055 1095.46598 1.44568 1030.59667
8 1996 10.90 102.2844055 1114.90002 1.46001 1047.41989
9 1996 11.18 102.2844055 1143.53965 1.48384 1072.84224
10 1996 11.19 102.2844055 1144.56250 1.51986 1072.28199
11 1996 11.41 102.2844055 1167.06507 1.51907 1091.84443
12 1996 10.87 108.2564221 1176.74731 1.54678 1099.35585
1 1997 11.02 108.2564221 1192.98577 1.55742 1112.96893
2 1997 11.24 108.2564221 1216.80218 1.57671 1133.61120
3 1997 11.01 108.2564221 1191.90321 1.60595 1108.80858
4 1997 11.13 108.2564221 1204.89398 1.57081 1119.32288
5 1997 11.42 108.2564221 1236.28834 1.58571 1146.90192
6 1997 11.61 108.2564221 1256.85706 1.62478 1164.35870
7 1997 11.87 108.2564221 1285.00373 1.64951 1188.78440
8 1997 11.89 108.2564221 1287.16886 1.68411 1189.10330
9 1997 12.12 108.2564221 1312.06784 1.68456 1210.42074
10 1997 12.09 108.2564221 1308.82014 1.71476 1205.70988
11 1997 12.20 108.2564221 1320.72835 1.70809 1214.97186
12 1997 12.35 108.2564221 1336.96681 1.72121 1228.18883
1 1998 12.60 108.2564221 1364.03092 1.73993 1251.31101
2 1998 12.66 108.2564221 1370.52630 1.77269 1255.49695
3 1998 12.84 108.2564221 1390.01246 1.77862 1271.56899
4 1998 12.04 115.7505921 1393.63713 1.80139 1273.08342
5 1998 12.08 115.7505921 1398.26715 1.80353 1275.50939
6 1998 12.09 115.7505921 1399.42466 1.80697 1274.75831
7 1998 12.21 115.7505921 1413.31473 1.80591 1285.60509
8 1998 11.29 115.7505921 1306.82419 1.82127 1186.91595
9 1998 11.21 115.7505921 1297.56414 1.68146 1176.82409
10 1998 10.92 115.7505921 1263.99647 1.66717 1144.71277
11 1998 11.62 115.7505921 1345.02188 1.62168 1216.47012
12 1998 11.53 115.7505921 1334.60433 1.72333 1205.32490
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 26.80%
GROSS ANNUAL RETURN = 8.24%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1205.32 1205.32
TOTAL RETURN 20.53% 20.53%
AVERAGE ANNUAL RETURN 6.42% 6.42%
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
1 1998 12.60 108.2564221 1364.03092 1.81591 1305.95185
2 1998 12.66 108.2564221 1370.52630 1.85010 1310.32057
3 1998 12.84 108.2564221 1390.01246 1.85629 1327.09443
4 1998 12.04 115.7505921 1393.63713 1.88005 1328.67498
5 1998 12.08 115.7505921 1398.26715 1.88229 1331.20689
6 1998 12.09 115.7505921 1399.42466 1.88588 1330.42301
7 1998 12.21 115.7505921 1413.31473 1.88477 1341.74343
8 1998 11.29 115.7505921 1306.82419 1.90080 1238.74485
9 1998 11.21 115.7505921 1297.56414 1.75489 1228.21232
10 1998 10.92 115.7505921 1263.99647 1.73997 1194.69879
11 1998 11.62 115.7505921 1345.02188 1.69249 1269.58956
12 1998 11.53 115.7505921 1334.60433 1.79859 1257.95766
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 33.46%
GROSS ANNUAL RETURN = 8.77%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1257.96 1257.96
TOTAL RETURN 25.80% 25.80%
AVERAGE ANNUAL RETURN 6.91% 6.91%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 11.29 115.7505921 1306.82419 1000.00000
9 1998 11.21 115.7505921 1297.56414 1.41667 991.49742
10 1998 10.92 115.7505921 1263.99647 1.40462 964.44300
11 1998 11.62 115.7505921 1345.02188 1.36629 1024.89997
12 1998 11.53 115.7505921 1334.60433 1.45194 1015.50991
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 2.13%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1015.51 1015.51
TOTAL RETURN 1.55% 1.55%
MFS Research
12/1998Assume ($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
4/98 0.3991400000 17.58 2.340 105.408775
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 15.79 103.0686817 1627.45448 1000.00000
1 1998 16.12 103.0686817 1661.46715 1.41667 1019.48264
2 1998 17.41 103.0686817 1794.42575 1.44427 1099.62228
3 1998 18.30 103.0686817 1886.15688 1.55780 1154.27722
4 1998 18.02 105.4087746 1899.46612 1.63523 1160.78689
5 1998 17.69 105.4087746 1864.68122 1.64445 1137.88497
6 1998 18.35 105.4087746 1934.25101 1.61200 1178.72656
7 1998 17.91 105.4087746 1887.87115 1.66986 1148.79296
8 1998 14.85 105.4087746 1565.32030 1.62746 950.88932
9 1998 15.66 105.4087746 1650.70141 1.34709 1001.40891
10 1998 16.56 105.4087746 1745.56931 1.41866 1057.54249
11 1998 17.78 105.4087746 1874.16801 1.49819 1133.95504
12 1998 19.05 105.4087746 2008.03716 1.60644 1213.34539
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 23.39%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1213.35 1213.35
TOTAL RETURN 21.33% 21.33%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 15.79 103.0686817 1627.45448 1000.00000
1 1998 16.12 103.0686817 1661.46715 1.41667 1019.48264
2 1998 17.41 103.0686817 1794.42575 1.44427 1099.62228
3 1998 18.30 103.0686817 1886.15688 1.55780 1154.27722
4 1998 18.02 105.4087746 1899.46612 1.63523 1160.78689
5 1998 17.69 105.4087746 1864.68122 1.64445 1137.88497
6 1998 18.35 105.4087746 1934.25101 1.61200 1178.72656
7 1998 17.91 105.4087746 1887.87115 1.66986 1148.79296
8 1998 14.85 105.4087746 1565.32030 1.62746 950.88932
9 1998 15.66 105.4087746 1650.70141 1.34709 1001.40891
10 1998 16.56 105.4087746 1745.56931 1.41866 1057.54249
11 1998 17.78 105.4087746 1874.16801 1.49819 1133.95504
12 1998 19.05 105.4087746 2008.03716 1.60644 1213.34539
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 23.39%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1213.35 1213.35
TOTAL RETURN 21.33% 21.33%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 10.89 101.5830869 1106.23982 1000.00000
1 1996 11.12 101.5830869 1129.60393 1.41667 1019.70363
2 1996 11.54 101.5830869 1172.26882 1.44458 1056.77303
3 1996 11.52 101.5830869 1170.23716 1.49710 1053.44444
4 1996 11.98 101.5830869 1216.96538 1.49238 1094.01668
5 1996 12.37 101.5830869 1256.58278 1.54986 1128.08173
6 1996 12.21 101.5830869 1240.32949 1.59812 1111.89242
7 1996 11.60 101.5830869 1178.36381 1.57518 1054.76815
8 1996 11.96 101.5830869 1214.93372 1.49425 1086.00808
9 1996 12.68 101.5830869 1288.07354 1.53851 1149.84798
10 1996 12.79 101.5830869 1299.24768 1.62895 1158.19405
11 1996 13.55 101.5830869 1376.45083 1.64077 1225.37481
12 1996 13.13 103.0686817 1353.29179 1.73595 1203.02171
1 1997 13.64 103.0686817 1405.85682 1.70428 1248.04562
2 1997 13.61 103.0686817 1402.76476 1.76806 1243.53258
3 1997 12.86 103.0686817 1325.46325 1.76167 1173.24413
4 1997 13.45 103.0686817 1386.27377 1.66210 1225.40895
5 1997 14.38 103.0686817 1482.12764 1.73600 1308.40383
6 1997 14.92 103.0686817 1537.78473 1.85357 1355.68364
7 1997 16.03 103.0686817 1652.19097 1.92055 1454.62159
8 1997 15.33 103.0686817 1580.04289 2.06071 1389.04028
9 1997 16.12 103.0686817 1661.46715 1.96781 1458.65381
10 1997 15.30 103.0686817 1576.95083 2.06643 1382.38787
11 1997 15.76 103.0686817 1624.36242 1.95838 1421.99148
12 1997 15.79 103.0686817 1627.45448 2.01449 1422.68383
1 1998 16.12 103.0686817 1661.46715 2.01547 1450.40146
2 1998 17.41 103.0686817 1794.42575 2.05474 1564.41483
3 1998 18.30 103.0686817 1886.15688 2.21625 1642.17153
4 1998 18.02 105.4087746 1899.46612 2.32641 1651.43274
5 1998 17.69 105.4087746 1864.68122 2.33953 1618.85055
6 1998 18.35 105.4087746 1934.25101 2.29337 1676.95522
7 1998 17.91 105.4087746 1887.87115 2.37569 1634.36916
8 1998 14.85 105.4087746 1565.32030 2.31536 1352.81485
9 1998 15.66 105.4087746 1650.70141 1.91649 1424.68827
10 1998 16.56 105.4087746 1745.56931 2.01831 1504.54859
11 1998 17.78 105.4087746 1874.16801 2.13144 1613.25950
12 1998 19.05 105.4087746 2008.03716 2.28545 1726.20687
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 81.52%
GROSS ANNUAL RETURN = 21.99%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1726.21 1726.21
TOTAL RETURN 72.62% 72.62%
AVERAGE ANNUAL RETURN 19.96% 19.96%
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
1 1998 16.12 103.0686817 1661.46715 2.21102 1591.12691
2 1998 17.41 103.0686817 1794.42575 2.25410 1716.20245
3 1998 18.30 103.0686817 1886.15688 2.43129 1801.50351
4 1998 18.02 105.4087746 1899.46612 2.55213 1811.66328
5 1998 17.69 105.4087746 1864.68122 2.56652 1775.91980
6 1998 18.35 105.4087746 1934.25101 2.51589 1839.66208
7 1998 17.91 105.4087746 1887.87115 2.60619 1792.94411
8 1998 14.85 105.4087746 1565.32030 2.54000 1484.07194
9 1998 15.66 105.4087746 1650.70141 2.10244 1562.91889
10 1998 16.56 105.4087746 1745.56931 2.21413 1650.52768
11 1998 17.78 105.4087746 1874.16801 2.33825 1769.78628
12 1998 19.05 105.4087746 2008.03716 2.50720 1893.69238
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 100.80%
GROSS ANNUAL RETURN = 22.52%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1893.69 1893.69
TOTAL RETURN 89.37% 89.37%
AVERAGE ANNUAL RETURN 20.44% 20.44%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 14.85 105.4087746 1565.32030 1000.00000
9 1998 15.66 105.4087746 1650.70141 1.41667 1053.12879
10 1998 16.56 105.4087746 1745.56931 1.49193 1112.16150
11 1998 17.78 105.4087746 1874.16801 1.57556 1192.52054
12 1998 19.05 105.4087746 2008.03716 1.68940 1276.01117
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 28.28%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1276.01 1276.01
TOTAL RETURN 27.60% 27.60%
MFS Value Series
12/1998
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
12/98 0.0299500000 14.65 0.237 116.247718
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 11.68 116.0105495 1355.00322 1000.00000
1 1998 11.88 116.0105495 1378.20533 1.41667 1015.70662
2 1998 12.88 116.0105495 1494.21588 1.43892 1099.76489
3 1998 13.66 116.0105495 1584.70411 1.55800 1164.80756
4 1998 13.95 116.0105495 1618.34717 1.65014 1187.88613
5 1998 13.69 116.0105495 1588.18442 1.68284 1164.06348
6 1998 13.87 116.0105495 1609.06632 1.64909 1177.71982
7 1998 13.48 116.0105495 1563.82221 1.66844 1142.93598
8 1998 11.52 116.0105495 1336.44153 1.61916 975.13325
9 1998 11.94 116.0105495 1385.16596 1.38144 1009.30354
10 1998 13.22 116.0105495 1533.65946 1.42985 1116.07374
11 1998 13.95 116.0105495 1618.34717 1.58110 1176.12152
12 1998 14.78 116.2477179 1718.14127 1.66617 1246.97996
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 26.80%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1246.98 1246.98
TOTAL RETURN 24.70% 24.70%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 11.68 116.0105495 1355.00322 1000.00000
1 1998 11.88 116.0105495 1378.20533 1.41667 1015.70662
2 1998 12.88 116.0105495 1494.21588 1.43892 1099.76489
3 1998 13.66 116.0105495 1584.70411 1.55800 1164.80756
4 1998 13.95 116.0105495 1618.34717 1.65014 1187.88613
5 1998 13.69 116.0105495 1588.18442 1.68284 1164.06348
6 1998 13.87 116.0105495 1609.06632 1.64909 1177.71982
7 1998 13.48 116.0105495 1563.82221 1.66844 1142.93598
8 1998 11.52 116.0105495 1336.44153 1.61916 975.13325
9 1998 11.94 116.0105495 1385.16596 1.38144 1009.30354
10 1998 13.22 116.0105495 1533.65946 1.42985 1116.07374
11 1998 13.95 116.0105495 1618.34717 1.58110 1176.12152
12 1998 14.78 116.2477179 1718.14127 1.66617 1246.97996
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 26.80%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1246.98 1246.98
TOTAL RETURN 24.70% 24.70%
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
1 1998 11.88 116.0105495 1378.20533 1.87466 1344.07305
2 1998 12.88 116.0105495 1494.21588 1.90410 1455.30640
3 1998 13.66 116.0105495 1584.70411 2.06168 1541.37663
4 1998 13.95 116.0105495 1618.34717 2.18362 1571.91624
5 1998 13.69 116.0105495 1588.18442 2.22688 1540.39199
6 1998 13.87 116.0105495 1609.06632 2.18222 1558.46328
7 1998 13.48 116.0105495 1563.82221 2.20782 1512.43421
8 1998 11.52 116.0105495 1336.44153 2.14262 1290.38276
9 1998 11.94 116.0105495 1385.16596 1.82804 1335.59993
10 1998 13.22 116.0105495 1533.65946 1.89210 1476.88772
11 1998 13.95 116.0105495 1618.34717 2.09226 1556.34826
12 1998 14.78 116.2477179 1718.14127 2.20483 1650.11443
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 71.81%
GROSS ANNUAL RETURN = 25.52%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1650.11 1650.11
TOTAL RETURN 65.01% 65.01%
AVERAGE ANNUAL RETURN 23.41% 23.41%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 11.52 116.0105495 1336.44153 1000.00000
9 1998 11.94 116.0105495 1385.16596 1.41667 1035.04167
10 1998 13.22 116.0105495 1533.65946 1.46631 1144.53460
11 1998 13.95 116.0105495 1618.34717 1.62142 1206.11365
12 1998 14.78 116.2477179 1718.14127 1.70866 1278.77904
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 28.56%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1278.78 1278.78
TOTAL RETURN 27.88% 27.88%
MFS World Government
12/1998Assume ($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
4/98 0.1280000000 10.20 1.457 117.594913
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 10.21 116.1375007 1185.76388 1000.00000
1 1998 10.28 116.1375007 1193.89351 1.41667 1005.43936
2 1998 10.31 116.1375007 1197.37763 1.42437 1006.94915
3 1998 10.20 116.1375007 1184.60251 1.42651 994.77924
4 1998 10.24 117.5949125 1204.17190 1.40927 1009.80352
5 1998 10.33 117.5949125 1214.75545 1.43055 1017.24819
6 1998 10.30 117.5949125 1211.22760 1.44110 1012.85284
7 1998 10.26 117.5949125 1206.52380 1.43487 1007.48455
8 1998 10.21 117.5949125 1200.64406 1.42727 1001.14752
9 1998 10.72 117.5949125 1260.61746 1.41829 1049.73757
10 1998 10.74 117.5949125 1262.96936 1.48713 1050.20891
11 1998 10.74 117.5949125 1262.96936 1.48780 1048.72111
12 1998 10.88 117.5949125 1279.43265 1.48569 1060.90591
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 7.90%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1060.91 1060.91
TOTAL RETURN 6.09% 6.09%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 10.21 116.1375007 1185.76388 1000.00000
1 1998 10.28 116.1375007 1193.89351 1.41667 1005.43936
2 1998 10.31 116.1375007 1197.37763 1.42437 1006.94915
3 1998 10.20 116.1375007 1184.60251 1.42651 994.77924
4 1998 10.24 117.5949125 1204.17190 1.40927 1009.80352
5 1998 10.33 117.5949125 1214.75545 1.43055 1017.24819
6 1998 10.30 117.5949125 1211.22760 1.44110 1012.85284
7 1998 10.26 117.5949125 1206.52380 1.43487 1007.48455
8 1998 10.21 117.5949125 1200.64406 1.42727 1001.14752
9 1998 10.72 117.5949125 1260.61746 1.41829 1049.73757
10 1998 10.74 117.5949125 1262.96936 1.48713 1050.20891
11 1998 10.74 117.5949125 1262.96936 1.48780 1048.72111
12 1998 10.88 117.5949125 1279.43265 1.48569 1060.90591
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 7.90%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1060.91 1060.91
TOTAL RETURN 6.09% 6.09%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 10.17 113.3556490 1152.82695 1000.00000
1 1996 10.13 113.3556490 1148.29272 1.41667 994.65020
2 1996 9.95 113.3556490 1127.88871 1.40909 975.56717
3 1996 9.94 113.3556490 1126.75515 1.38205 973.20464
4 1996 10.01 113.3556490 1134.69005 1.37871 978.67949
5 1996 10.04 113.3556490 1138.09072 1.38646 980.22613
6 1996 10.10 113.3556490 1144.89206 1.38865 984.69541
7 1996 10.27 113.3556490 1164.16252 1.39499 999.87450
8 1996 10.29 113.3556490 1166.42963 1.41649 1000.40519
9 1996 10.34 113.3556490 1172.09741 1.41724 1003.84900
10 1996 10.52 113.3556490 1192.50143 1.42212 1019.90201
11 1996 10.66 113.3556490 1208.37122 1.44486 1032.02999
12 1996 10.58 113.3556490 1199.30277 1.46204 1022.82288
1 1997 10.33 113.3556490 1170.96385 1.44900 997.20510
2 1997 10.33 113.3556490 1170.96385 1.41271 995.79239
3 1997 10.24 113.3556490 1160.76185 1.41071 985.70586
4 1997 9.87 116.1375007 1146.27713 1.39642 972.00919
5 1997 10.08 116.1375007 1170.66601 1.37701 991.31322
6 1997 10.15 116.1375007 1178.79563 1.40436 996.79298
7 1997 10.04 116.1375007 1166.02051 1.41212 984.57817
8 1997 10.06 116.1375007 1168.34326 1.39482 985.14467
9 1997 10.30 116.1375007 1196.21626 1.39562 1007.25150
10 1997 10.41 116.1375007 1208.99138 1.42694 1016.58162
11 1997 10.24 116.1375007 1189.24801 1.44016 998.54022
12 1997 10.21 116.1375007 1185.76388 1.41460 994.20021
1 1998 10.28 116.1375007 1193.89351 1.40845 999.60802
2 1998 10.31 116.1375007 1197.37763 1.41611 1001.10906
3 1998 10.20 116.1375007 1184.60251 1.41824 989.00973
4 1998 10.24 117.5949125 1204.17190 1.40110 1003.94688
5 1998 10.33 117.5949125 1214.75545 1.42226 1011.34837
6 1998 10.30 117.5949125 1211.22760 1.43274 1006.97851
7 1998 10.26 117.5949125 1206.52380 1.42655 1001.64136
8 1998 10.21 117.5949125 1200.64406 1.41899 995.34107
9 1998 10.72 117.5949125 1260.61746 1.41007 1043.64932
10 1998 10.74 117.5949125 1262.96936 1.47850 1044.11792
11 1998 10.74 117.5949125 1262.96936 1.47917 1042.63875
12 1998 10.88 117.5949125 1279.43265 1.47707 1054.75288
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 10.98%
GROSS ANNUAL RETURN = 3.53%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1054.75 1054.75
TOTAL RETURN 5.48% 5.48%
AVERAGE ANNUAL RETURN 1.79% 1.79%
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
1 1998 10.28 116.1375007 1193.89351 1.58086 1121.97174
2 1998 10.31 116.1375007 1197.37763 1.58946 1123.65651
3 1998 10.20 116.1375007 1184.60251 1.59185 1110.07609
4 1998 10.24 117.5949125 1204.17190 1.57261 1126.84172
5 1998 10.33 117.5949125 1214.75545 1.59636 1135.14924
6 1998 10.30 117.5949125 1211.22760 1.60813 1130.24446
7 1998 10.26 117.5949125 1206.52380 1.60118 1124.25398
8 1998 10.21 117.5949125 1200.64406 1.59269 1117.18246
9 1998 10.72 117.5949125 1260.61746 1.58268 1171.40420
10 1998 10.74 117.5949125 1262.96936 1.65949 1171.93017
11 1998 10.74 117.5949125 1262.96936 1.66023 1170.26993
12 1998 10.88 117.5949125 1279.43265 1.65788 1183.86697
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 27.94%
GROSS ANNUAL RETURN = 5.57%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1183.87 1183.87
TOTAL RETURN 18.39% 18.39%
AVERAGE ANNUAL RETURN 3.78% 3.78%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 10.21 117.5949125 1200.64406 1000.00000
9 1998 10.72 117.5949125 1260.61746 1.41667 1048.53436
10 1998 10.74 117.5949125 1262.96936 1.48542 1049.00516
11 1998 10.74 117.5949125 1262.96936 1.48609 1047.51907
12 1998 10.88 117.5949125 1279.43265 1.48399 1059.68989
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 6.56%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1059.69 1059.69
TOTAL RETURN 5.97% 5.97%
Morgan Stanley Emerging Markets
12/1998Assume ($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
7/98 0.0040000000 8.15 0.051 104.264286
12/98 0.0361000000 7.01 0.537 104.801225
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 9.45 104.2131382 984.81416 1000.00000
1 1998 9.07 104.2131382 945.21316 1.41667 958.37169
2 1998 9.73 104.2131382 1013.99383 1.35769 1026.75218
3 1998 10.00 104.2131382 1042.13138 1.45457 1053.78920
4 1998 10.10 104.2131382 1052.55270 1.49287 1062.83422
5 1998 8.70 104.2131382 906.65430 1.50568 914.00499
6 1998 7.98 104.2131382 831.62084 1.29484 837.06835
7 1998 8.28 104.2642858 863.30829 1.18585 867.77752
8 1998 6.08 104.2642858 633.92686 1.22935 635.97926
9 1998 6.24 104.2642858 650.60914 0.90097 651.81459
10 1998 6.80 104.2642858 708.99714 0.92340 709.38736
11 1998 7.25 104.2642858 755.91607 1.00497 755.32715
12 1998 7.11 104.8012245 745.13671 1.07005 743.48614
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -24.34%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 743.49 743.49
TOTAL RETURN -25.65% -25.65%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 9.45 104.2131382 984.81416 1000.00000
1 1998 9.07 104.2131382 945.21316 1.41667 958.37169
2 1998 9.73 104.2131382 1013.99383 1.35769 1026.75218
3 1998 10.00 104.2131382 1042.13138 1.45457 1053.78920
4 1998 10.10 104.2131382 1052.55270 1.49287 1062.83422
5 1998 8.70 104.2131382 906.65430 1.50568 914.00499
6 1998 7.98 104.2131382 831.62084 1.29484 837.06835
7 1998 8.28 104.2642858 863.30829 1.18585 867.77752
8 1998 6.08 104.2642858 633.92686 1.22935 635.97926
9 1998 6.24 104.2642858 650.60914 0.90097 651.81459
10 1998 6.80 104.2642858 708.99714 0.92340 709.38736
11 1998 7.25 104.2642858 755.91607 1.00497 755.32715
12 1998 7.11 104.8012245 745.13671 1.07005 743.48614
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -24.34%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 743.49 743.49
TOTAL RETURN -25.65% -25.65%
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 12.02 100.1752049 1204.10596 1.58020 1189.13928
7 1997 12.83 100.1752049 1285.24788 1.68461 1267.58801
8 1997 11.64 100.1752049 1166.03939 1.79575 1148.22174
9 1997 12.05 100.1752049 1207.11122 1.62665 1187.03933
10 1997 10.21 100.1752049 1022.78884 1.68164 1004.10023
11 1997 9.87 100.1752049 988.72927 1.42248 969.24053
12 1997 9.45 104.2131382 984.81416 1.37309 964.02949
1 1998 9.07 104.2131382 945.21316 1.36571 923.89858
2 1998 9.73 104.2131382 1013.99383 1.30886 989.81939
3 1998 10.00 104.2131382 1042.13138 1.40224 1015.88387
4 1998 10.10 104.2131382 1052.55270 1.43917 1024.60354
5 1998 8.70 104.2131382 906.65430 1.45152 881.12776
6 1998 7.98 104.2131382 831.62084 1.24826 806.95858
7 1998 8.28 104.2642858 863.30829 1.14319 836.56312
8 1998 6.08 104.2642858 633.92686 1.18513 613.10277
9 1998 6.24 104.2642858 650.60914 0.86856 628.36849
10 1998 6.80 104.2642858 708.99714 0.89019 683.87034
11 1998 7.25 104.2642858 755.91607 0.96882 728.15765
12 1998 7.11 104.8012245 745.13671 1.03156 716.74256
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -25.49%
GROSS ANNUAL RETURN = -12.26%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 716.74 716.74
TOTAL RETURN -28.33% -28.33%
AVERAGE ANNUAL RETURN -13.76% -13.76%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 6.08 104.2642858 633.92686 1000.00000
9 1998 6.24 104.2642858 650.60914 1.41667 1024.89912
10 1998 6.80 104.2642858 708.99714 1.45194 1115.42531
11 1998 7.25 104.2642858 755.91607 1.58019 1187.66003
12 1998 7.11 104.8012245 745.13671 1.68252 1169.04148
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 17.54%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1169.04 1169.04
TOTAL RETURN 16.90% 16.90%
Morgan Stanley Fixed Income
12/1998Assume ($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
7/98 0.0386000000 10.77 0.378 105.978859
12/98 0.4906000000 10.66 4.877 110.856273
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 10.41 105.6003842 1099.30000 1000.00000
1 1998 10.56 105.6003842 1115.14006 1.41667 1012.99256
2 1998 10.55 105.6003842 1114.08405 1.43507 1010.59821
3 1998 10.58 105.6003842 1117.25207 1.43168 1012.04027
4 1998 10.63 105.6003842 1122.53208 1.43372 1015.38934
5 1998 10.71 105.6003842 1130.98012 1.43847 1021.59256
6 1998 10.78 105.6003842 1138.37214 1.44726 1026.82238
7 1998 10.77 105.9788592 1141.39231 1.45466 1028.09194
8 1998 10.85 105.9788592 1149.87062 1.45646 1034.27219
9 1998 11.09 105.9788592 1175.30555 1.46522 1055.68488
10 1998 11.02 105.9788592 1167.88703 1.49555 1047.52585
11 1998 11.18 105.9788592 1184.84365 1.48399 1061.25094
12 1998 10.70 110.8562727 1186.16212 1.50344 1060.92844
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 7.90%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1060.93 1060.93
TOTAL RETURN 6.09% 6.09%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 10.41 105.6003842 1099.30000 1000.00000
1 1998 10.56 105.6003842 1115.14006 1.41667 1012.99256
2 1998 10.55 105.6003842 1114.08405 1.43507 1010.59821
3 1998 10.58 105.6003842 1117.25207 1.43168 1012.04027
4 1998 10.63 105.6003842 1122.53208 1.43372 1015.38934
5 1998 10.71 105.6003842 1130.98012 1.43847 1021.59256
6 1998 10.78 105.6003842 1138.37214 1.44726 1026.82238
7 1998 10.77 105.9788592 1141.39231 1.45466 1028.09194
8 1998 10.85 105.9788592 1149.87062 1.45646 1034.27219
9 1998 11.09 105.9788592 1175.30555 1.46522 1055.68488
10 1998 11.02 105.9788592 1167.88703 1.49555 1047.52585
11 1998 11.18 105.9788592 1184.84365 1.48399 1061.25094
12 1998 10.70 110.8562727 1186.16212 1.50344 1060.92844
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 7.90%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1060.93 1060.93
TOTAL RETURN 6.09% 6.09%
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
1 1998 10.56 105.6003842 1115.14006 1.53128 1094.94417
2 1998 10.55 105.6003842 1114.08405 1.55117 1092.35612
3 1998 10.58 105.6003842 1117.25207 1.54750 1093.91484
4 1998 10.63 105.6003842 1122.53208 1.54971 1097.53486
5 1998 10.71 105.6003842 1130.98012 1.55484 1104.23992
6 1998 10.78 105.6003842 1138.37214 1.56434 1109.89284
7 1998 10.77 105.9788592 1141.39231 1.57235 1111.26510
8 1998 10.85 105.9788592 1149.87062 1.57429 1117.94533
9 1998 11.09 105.9788592 1175.30555 1.58376 1141.09032
10 1998 11.02 105.9788592 1167.88703 1.61654 1132.27122
11 1998 11.18 105.9788592 1184.84365 1.60405 1147.10668
12 1998 10.70 110.8562727 1186.16212 1.62507 1146.75809
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 18.62%
GROSS ANNUAL RETURN = 8.94%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1146.76 1146.76
TOTAL RETURN 14.68% 14.68%
AVERAGE ANNUAL RETURN 7.11% 7.11%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 10.85 105.9788592 1149.87062 1000.00000
9 1998 11.09 105.9788592 1175.30555 1.41667 1020.70315
10 1998 11.02 105.9788592 1167.88703 1.44600 1012.81448
11 1998 11.18 105.9788592 1184.84365 1.43482 1026.08477
12 1998 10.70 110.8562727 1186.16212 1.45362 1025.77296
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 3.16%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1025.77 1025.77
TOTAL RETURN 2.58% 2.58%
Pioneer Capital Growth
12/1998
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
6/98 1.1295000000 16.19 7.260 111.316988
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 16.15 104.0573942 1680.52692 1000.00000
1 1998 15.98 104.0573942 1662.83716 1.41667 988.05702
2 1998 17.01 104.0573942 1770.01628 1.39975 1050.34305
3 1998 17.93 104.0573942 1865.74908 1.48799 1105.66374
4 1998 18.20 104.0573942 1893.84457 1.56636 1120.74709
5 1998 17.86 104.0573942 1858.46506 1.58772 1098.22233
6 1998 16.38 111.3169882 1823.37227 1.55581 1075.92914
7 1998 15.50 111.3169882 1725.41332 1.52423 1016.60163
8 1998 12.85 111.3169882 1430.42330 1.44019 841.35536
9 1998 12.95 111.3169882 1441.55500 1.19192 846.71095
10 1998 13.79 111.3169882 1535.06127 1.19951 900.43324
11 1998 13.97 111.3169882 1555.09833 1.27561 910.91092
12 1998 14.50 111.3169882 1614.09633 1.29046 944.17900
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -3.95%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 944.18 944.18
TOTAL RETURN -5.58% -5.58%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 16.15 104.0573942 1680.52692 1000.00000
1 1998 15.98 104.0573942 1662.83716 1.41667 988.05702
2 1998 17.01 104.0573942 1770.01628 1.39975 1050.34305
3 1998 17.93 104.0573942 1865.74908 1.48799 1105.66374
4 1998 18.20 104.0573942 1893.84457 1.56636 1120.74709
5 1998 17.86 104.0573942 1858.46506 1.58772 1098.22233
6 1998 16.38 111.3169882 1823.37227 1.55581 1075.92914
7 1998 15.50 111.3169882 1725.41332 1.52423 1016.60163
8 1998 12.85 111.3169882 1430.42330 1.44019 841.35536
9 1998 12.95 111.3169882 1441.55500 1.19192 846.71095
10 1998 13.79 111.3169882 1535.06127 1.19951 900.43324
11 1998 13.97 111.3169882 1555.09833 1.27561 910.91092
12 1998 14.50 111.3169882 1614.09633 1.29046 944.17900
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -3.95%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 944.18 944.18
TOTAL RETURN -5.58% -5.58%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 11.57 101.2748487 1171.75000 1000.00000
1 1996 11.83 101.2748487 1198.08146 1.41667 1021.05524
2 1996 11.87 101.2748487 1202.13245 1.44649 1023.06118
3 1996 12.47 101.2748487 1262.89736 1.44934 1073.32512
4 1996 13.21 101.2748487 1337.84075 1.52054 1135.49829
5 1996 13.74 101.2748487 1391.51642 1.60862 1179.44713
6 1996 13.29 101.8303744 1353.32568 1.67088 1145.40584
7 1996 12.20 101.8303744 1242.33057 1.62266 1049.84094
8 1996 12.71 101.8303744 1294.26406 1.48727 1092.24046
9 1996 12.91 101.8303744 1314.63013 1.54734 1107.88022
10 1996 12.75 101.8303744 1298.33727 1.56950 1092.58022
11 1996 13.13 101.8303744 1337.03282 1.54782 1123.59557
12 1996 13.05 103.2778483 1347.77592 1.59176 1131.03194
1 1997 13.77 103.2778483 1422.13597 1.60230 1191.83141
2 1997 13.92 103.2778483 1437.62765 1.68843 1203.12589
3 1997 13.82 103.2778483 1427.29986 1.70443 1192.77832
4 1997 13.60 103.2778483 1404.57874 1.68977 1172.10076
5 1997 14.71 103.2778483 1519.21715 1.66048 1266.10439
6 1997 14.94 104.0573942 1554.61747 1.79365 1293.81311
7 1997 15.81 104.0573942 1645.14740 1.83290 1367.32274
8 1997 16.14 104.0573942 1679.48634 1.93704 1393.92564
9 1997 16.88 104.0573942 1756.48881 1.97473 1455.86076
10 1997 15.98 104.0573942 1662.83716 2.06247 1376.17538
11 1997 16.03 104.0573942 1668.04003 1.94958 1378.53173
12 1997 16.15 104.0573942 1680.52692 1.95292 1386.89845
1 1998 15.98 104.0573942 1662.83716 1.96477 1370.33475
2 1998 17.01 104.0573942 1770.01628 1.94131 1456.71915
3 1998 17.93 104.0573942 1865.74908 2.06369 1533.44333
4 1998 18.20 104.0573942 1893.84457 2.17238 1554.36240
5 1998 17.86 104.0573942 1858.46506 2.20201 1523.12285
6 1998 16.38 111.3169882 1823.37227 2.15776 1492.20446
7 1998 15.50 111.3169882 1725.41332 2.11396 1409.92323
8 1998 12.85 111.3169882 1430.42330 1.99739 1166.87445
9 1998 12.95 111.3169882 1441.55500 1.65307 1174.30211
10 1998 13.79 111.3169882 1535.06127 1.66359 1248.80946
11 1998 13.97 111.3169882 1555.09833 1.76915 1263.34095
12 1998 14.50 111.3169882 1614.09633 1.78973 1309.48040
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 37.75%
GROSS ANNUAL RETURN = 11.27%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1309.48 1309.48
TOTAL RETURN 30.95% 30.95%
AVERAGE ANNUAL RETURN 9.40% 9.40%
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
1 1998 15.98 104.0573942 1662.83716 2.27031 1583.43088
2 1998 17.01 104.0573942 1770.01628 2.24319 1683.24862
3 1998 17.93 104.0573942 1865.74908 2.38460 1771.90392
4 1998 18.20 104.0573942 1893.84457 2.51020 1796.07605
5 1998 17.86 104.0573942 1858.46506 2.54444 1759.97854
6 1998 16.38 111.3169882 1823.37227 2.49330 1724.25213
7 1998 15.50 111.3169882 1725.41332 2.44269 1629.17563
8 1998 12.85 111.3169882 1430.42330 2.30800 1348.33115
9 1998 12.95 111.3169882 1441.55500 1.91014 1356.91386
10 1998 13.79 111.3169882 1535.06127 1.92229 1443.00760
11 1998 13.97 111.3169882 1555.09833 2.04426 1459.79883
12 1998 14.50 111.3169882 1614.09633 2.06805 1513.11327
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 61.41%
GROSS ANNUAL RETURN = 13.29%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1513.11 1513.11
TOTAL RETURN 51.31% 51.31%
AVERAGE ANNUAL RETURN 11.40% 11.40%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 12.85 111.3169882 1430.42330 1000.00000
9 1998 12.95 111.3169882 1441.55500 1.41667 1006.36543
10 1998 13.79 111.3169882 1535.06127 1.42568 1070.21751
11 1998 13.97 111.3169882 1555.09833 1.51614 1082.67085
12 1998 14.50 111.3169882 1614.09633 1.53378 1122.21191
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 12.84%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1122.21 1122.21
TOTAL RETURN 12.22% 12.22%
Pioneer Real Estate
12/1998Assume ($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
3/98 0.1500000000 16.02 1.064 114.740466
6/98 0.2409000000 15.14 1.826 116.566158
9/98 0.1600000000 13.52 1.379 117.945640
12/98 0.1604000000 12.69 1.491 119.436458
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 16.90 113.6760836 1921.12581 1000.00000
1 1998 16.66 113.6760836 1893.84355 1.41667 984.38215
2 1998 16.46 113.6760836 1871.10834 1.39454 971.17030
3 1998 16.63 114.7404664 1908.13396 1.37582 989.01206
4 1998 16.18 114.7404664 1856.50075 1.40110 960.84875
5 1998 16.07 114.7404664 1843.87929 1.36120 952.95520
6 1998 15.51 116.5661585 1807.94112 1.35002 933.03159
7 1998 14.60 116.5661585 1701.86591 1.32179 876.96713
8 1998 12.88 116.5661585 1501.37212 1.24237 772.41082
9 1998 13.27 117.9456396 1565.13864 1.09425 804.12253
10 1998 13.04 117.9456396 1538.01114 1.13917 789.04604
11 1998 13.10 117.9456396 1545.08788 1.11782 791.55880
12 1998 13.07 119.4364576 1561.03450 1.12137 798.60699
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -18.74%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 798.61 798.61
TOTAL RETURN -20.14% -20.14%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 16.90 113.6760836 1921.12581 1000.00000
1 1998 16.66 113.6760836 1893.84355 1.41667 984.38215
2 1998 16.46 113.6760836 1871.10834 1.39454 971.17030
3 1998 16.63 114.7404664 1908.13396 1.37582 989.01206
4 1998 16.18 114.7404664 1856.50075 1.40110 960.84875
5 1998 16.07 114.7404664 1843.87929 1.36120 952.95520
6 1998 15.51 116.5661585 1807.94112 1.35002 933.03159
7 1998 14.60 116.5661585 1701.86591 1.32179 876.96713
8 1998 12.88 116.5661585 1501.37212 1.24237 772.41082
9 1998 13.27 117.9456396 1565.13864 1.09425 804.12253
10 1998 13.04 117.9456396 1538.01114 1.13917 789.04604
11 1998 13.10 117.9456396 1545.08788 1.11782 791.55880
12 1998 13.07 119.4364576 1561.03450 1.12137 798.60699
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -18.74%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 798.61 798.61
TOTAL RETURN -20.14% -20.14%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 11.23 104.1133424 1169.19284 1000.00000
1 1996 11.34 104.1133424 1180.64530 1.41667 1008.37852
2 1996 11.54 104.1133424 1201.46797 1.42854 1024.73444
3 1996 11.39 105.4844576 1201.46797 1.45171 1023.28274
4 1996 11.36 105.4844576 1198.30344 1.44965 1019.13787
5 1996 11.59 105.4844576 1222.56486 1.44378 1038.32805
6 1996 11.51 106.9507923 1231.00362 1.47096 1044.02414
7 1996 11.68 106.9507923 1249.18525 1.47903 1057.96510
8 1996 12.27 106.9507923 1312.28622 1.49878 1109.90805
9 1996 12.52 108.1467277 1353.99703 1.57237 1143.61393
10 1996 12.79 108.1467277 1383.19665 1.62012 1166.65641
11 1996 13.29 108.1467277 1437.27001 1.65276 1210.61179
12 1996 14.46 109.6328103 1585.29044 1.71503 1333.57429
1 1997 14.68 109.6328103 1609.40966 1.88923 1351.97457
2 1997 14.68 109.6328103 1609.40966 1.91530 1350.05927
3 1997 14.61 110.6083247 1615.98762 1.91258 1353.66464
4 1997 13.98 110.6083247 1546.30438 1.91769 1293.37538
5 1997 14.44 110.6083247 1597.18421 1.83228 1334.10051
6 1997 15.09 111.5003273 1682.53994 1.88998 1403.50671
7 1997 15.89 111.6920795 1774.78714 1.98830 1478.46729
8 1997 15.74 111.6920795 1758.03333 2.09450 1462.41621
9 1997 17.17 112.4999788 1931.62464 2.07176 1604.74601
10 1997 16.56 112.4999788 1862.99965 2.27339 1545.46067
11 1997 16.54 112.4999788 1860.74965 2.18940 1541.40477
12 1997 16.90 113.6760836 1921.12581 2.18366 1589.23542
1 1998 16.66 113.6760836 1893.84355 2.25142 1564.41498
2 1998 16.46 113.6760836 1871.10834 2.21625 1543.41824
3 1998 16.63 114.7404664 1908.13396 2.18651 1571.77299
4 1998 16.18 114.7404664 1856.50075 2.22668 1527.01488
5 1998 16.07 114.7404664 1843.87929 2.16327 1514.47017
6 1998 15.51 116.5661585 1807.94112 2.14550 1482.80685
7 1998 14.60 116.5661585 1701.86591 2.10064 1393.70722
8 1998 12.88 116.5661585 1501.37212 1.97442 1227.54264
9 1998 13.27 117.9456396 1565.13864 1.73902 1277.94001
10 1998 13.04 117.9456396 1538.01114 1.81041 1253.97992
11 1998 13.10 117.9456396 1545.08788 1.77647 1257.97329
12 1998 13.07 119.4364576 1561.03450 1.78213 1269.17452
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 33.51%
GROSS ANNUAL RETURN = 10.11%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1269.17 1269.17
TOTAL RETURN 26.92% 26.92%
AVERAGE ANNUAL RETURN 8.27% 8.27%
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
1 1998 16.66 113.6760836 1893.84355 2.59584 1803.74273
2 1998 16.46 113.6760836 1871.10834 2.55530 1779.53386
3 1998 16.63 114.7404664 1908.13396 2.52101 1812.22639
4 1998 16.18 114.7404664 1856.50075 2.56732 1760.62107
5 1998 16.07 114.7404664 1843.87929 2.49421 1746.15725
6 1998 15.51 116.5661585 1807.94112 2.47372 1709.65000
7 1998 14.60 116.5661585 1701.86591 2.42200 1606.91971
8 1998 12.88 116.5661585 1501.37212 2.27647 1415.33489
9 1998 13.27 117.9456396 1565.13864 2.00506 1473.44217
10 1998 13.04 117.9456396 1538.01114 2.08738 1445.81661
11 1998 13.10 117.9456396 1545.08788 2.04824 1450.42090
12 1998 13.07 119.4364576 1561.03450 2.05476 1463.33571
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 56.10%
GROSS ANNUAL RETURN = 12.31%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1463.34 1463.34
TOTAL RETURN 46.33% 46.33%
AVERAGE ANNUAL RETURN 10.44% 10.44%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 12.88 116.5661585 1501.37212 1000.00000
9 1998 13.27 117.9456396 1565.13864 1.41667 1041.05549
10 1998 13.04 117.9456396 1538.01114 1.47483 1021.53675
11 1998 13.10 117.9456396 1545.08788 1.44718 1024.78989
12 1998 13.07 119.4364576 1561.03450 1.45179 1033.91481
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 3.97%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1033.91 1033.91
TOTAL RETURN 3.39% 3.39%
Scudder International
12/1998Assume ($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
2/98 1.9700000000 13.29 17.178 133.060670
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 14.11 115.8831129 1635.11072 1000.00000
1 1998 14.47 115.8831129 1676.82864 1.41667 1024.09715
2 1998 13.44 133.0606699 1788.33540 1.45080 1090.74738
3 1998 14.00 133.0606699 1862.84938 1.54523 1134.64996
4 1998 14.32 133.0606699 1905.42879 1.60742 1158.97740
5 1998 14.68 133.0606699 1953.33063 1.64188 1186.47181
6 1998 14.83 133.0606699 1973.28973 1.68083 1196.91433
7 1998 15.05 133.0606699 2002.56308 1.69563 1212.97468
8 1998 13.04 133.0606699 1735.11114 1.71838 1049.25769
9 1998 12.64 133.0606699 1681.88687 1.48645 1015.58542
10 1998 13.55 133.0606699 1802.97208 1.43875 1087.26240
11 1998 14.02 133.0606699 1865.51059 1.54029 1123.43527
12 1998 14.56 133.0606699 1937.36335 1.59153 1165.11442
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 18.49%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1165.11 1165.11
TOTAL RETURN 16.51% 16.51%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 14.11 115.8831129 1635.11072 1000.00000
1 1998 14.47 115.8831129 1676.82864 1.41667 1024.09715
2 1998 13.44 133.0606699 1788.33540 1.45080 1090.74738
3 1998 14.00 133.0606699 1862.84938 1.54523 1134.64996
4 1998 14.32 133.0606699 1905.42879 1.60742 1158.97740
5 1998 14.68 133.0606699 1953.33063 1.64188 1186.47181
6 1998 14.83 133.0606699 1973.28973 1.68083 1196.91433
7 1998 15.05 133.0606699 2002.56308 1.69563 1212.97468
8 1998 13.04 133.0606699 1735.11114 1.71838 1049.25769
9 1998 12.64 133.0606699 1681.88687 1.48645 1015.58542
10 1998 13.55 133.0606699 1802.97208 1.43875 1087.26240
11 1998 14.02 133.0606699 1865.51059 1.54029 1123.43527
12 1998 14.56 133.0606699 1937.36335 1.59153 1165.11442
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 18.49%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1165.11 1165.11
TOTAL RETURN 16.51% 16.51%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 11.82 110.5003621 1306.11428 1000.00000
1 1996 12.04 110.5003621 1330.42436 1.41667 1017.19585
2 1996 11.84 113.0560895 1338.58410 1.44103 1021.99348
3 1996 12.09 113.0560895 1366.84812 1.44782 1042.12491
4 1996 12.48 113.1463899 1412.06695 1.47634 1075.12472
5 1996 12.48 113.1463899 1412.06695 1.52309 1073.60162
6 1996 12.61 113.1463899 1426.77598 1.52094 1083.26404
7 1996 12.14 113.1463899 1373.59717 1.53462 1041.35399
8 1996 12.33 113.1463899 1395.09499 1.47525 1056.17670
9 1996 12.61 113.1463899 1426.77598 1.49625 1078.66500
10 1996 12.55 113.1463899 1419.98719 1.52811 1072.00446
11 1996 13.11 113.1463899 1483.34917 1.51867 1118.32025
12 1996 13.25 113.1463899 1499.18967 1.58429 1128.67836
1 1997 13.25 113.1463899 1499.18967 1.59896 1127.07940
2 1997 13.15 115.8831129 1523.86293 1.59670 1144.03188
3 1997 13.21 115.8831129 1530.81592 1.62071 1147.63109
4 1997 13.28 115.8831129 1538.92774 1.62581 1152.08659
5 1997 14.04 115.8831129 1626.99891 1.63212 1216.38714
6 1997 14.76 115.8831129 1710.43475 1.72322 1277.04275
7 1997 15.33 115.8831129 1776.48812 1.80914 1324.55030
8 1997 14.01 115.8831129 1623.52241 1.87645 1208.62255
9 1997 14.96 115.8831129 1733.61137 1.71222 1288.86547
10 1997 13.93 115.8831129 1614.25176 1.82589 1198.30085
11 1997 13.98 115.8831129 1620.04592 1.69759 1200.90441
12 1997 14.11 115.8831129 1635.11072 1.70128 1210.37033
1 1998 14.47 115.8831129 1676.82864 1.71469 1239.53681
2 1998 13.44 133.0606699 1788.33540 1.75601 1320.20827
3 1998 14.00 133.0606699 1862.84938 1.87029 1373.34665
4 1998 14.32 133.0606699 1905.42879 1.94557 1402.79185
5 1998 14.68 133.0606699 1953.33063 1.98729 1436.07028
6 1998 14.83 133.0606699 1973.28973 2.03443 1448.70959
7 1998 15.05 133.0606699 2002.56308 2.05234 1468.14856
8 1998 13.04 133.0606699 1735.11114 2.07988 1269.99037
9 1998 12.64 133.0606699 1681.88687 1.79915 1229.23446
10 1998 13.55 133.0606699 1802.97208 1.74142 1315.99015
11 1998 14.02 133.0606699 1865.51059 1.86432 1359.77272
12 1998 14.56 133.0606699 1937.36335 1.92634 1410.21993
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 48.33%
GROSS ANNUAL RETURN = 14.05%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1410.22 1410.22
TOTAL RETURN 41.02% 41.02%
AVERAGE ANNUAL RETURN 12.14% 12.14%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1993 10.85 109.2655872 1185.53162 1000.00000
1 1994 11.31 109.2655872 1235.79379 1.41667 1040.97965
2 1994 11.08 109.9602821 1218.35993 1.47472 1024.81939
3 1994 10.72 109.9602821 1178.77422 1.45183 990.07018
4 1994 10.95 109.9602821 1204.06509 1.40260 1009.90976
5 1994 10.86 109.9602821 1194.16866 1.43071 1000.17842
6 1994 10.86 109.9602821 1194.16866 1.41692 998.76150
7 1994 11.12 109.9602821 1222.75834 1.41491 1021.25801
8 1994 11.42 109.9602821 1255.74642 1.44678 1047.36315
9 1994 11.12 109.9602821 1222.75834 1.48376 1018.36547
10 1994 11.37 109.9602821 1250.24841 1.44268 1039.81769
11 1994 10.76 109.9602821 1183.17264 1.47307 982.55844
12 1994 10.69 109.9602821 1175.47542 1.39196 974.77438
1 1995 10.18 109.9602821 1119.39567 1.38093 926.88877
2 1995 10.14 110.5003621 1120.47367 1.31309 926.46829
3 1995 10.39 110.5003621 1148.09876 1.31250 947.99772
4 1995 10.93 110.5003621 1207.76896 1.34300 995.92505
5 1995 10.94 110.5003621 1208.87396 1.41089 995.42535
6 1995 11.09 110.5003621 1225.44902 1.41019 1007.66359
7 1995 11.75 110.5003621 1298.37925 1.42752 1066.20522
8 1995 11.53 110.5003621 1274.06917 1.51046 1044.73177
9 1995 11.82 110.5003621 1306.11428 1.48004 1069.52860
10 1995 11.55 110.5003621 1276.27918 1.51517 1043.58258
11 1995 11.66 110.5003621 1288.43422 1.47841 1052.04305
12 1995 11.82 110.5003621 1306.11428 1.49039 1064.98892
1 1996 12.04 110.5003621 1330.42436 1.50873 1083.30232
2 1996 11.84 113.0560895 1338.58410 1.53468 1088.41174
3 1996 12.09 113.0560895 1366.84812 1.54192 1109.85149
4 1996 12.48 113.1463899 1412.06695 1.57229 1144.99592
5 1996 12.48 113.1463899 1412.06695 1.62208 1143.37384
6 1996 12.61 113.1463899 1426.77598 1.61978 1153.66420
7 1996 12.14 113.1463899 1373.59717 1.63436 1109.03047
8 1996 12.33 113.1463899 1395.09499 1.57113 1124.81649
9 1996 12.61 113.1463899 1426.77598 1.59349 1148.76628
10 1996 12.55 113.1463899 1419.98719 1.62742 1141.67288
11 1996 13.11 113.1463899 1483.34917 1.61737 1190.99868
12 1996 13.25 113.1463899 1499.18967 1.68725 1202.02996
1 1997 13.25 113.1463899 1499.18967 1.70288 1200.32708
2 1997 13.15 115.8831129 1523.86293 1.70046 1218.38128
3 1997 13.21 115.8831129 1530.81592 1.72604 1222.21440
4 1997 13.28 115.8831129 1538.92774 1.73147 1226.95946
5 1997 14.04 115.8831129 1626.99891 1.73819 1295.43883
6 1997 14.76 115.8831129 1710.43475 1.83520 1360.03638
7 1997 15.33 115.8831129 1776.48812 1.92672 1410.63140
8 1997 14.01 115.8831129 1623.52241 1.99839 1287.16963
9 1997 14.96 115.8831129 1733.61137 1.82349 1372.62745
10 1997 13.93 115.8831129 1614.25176 1.94456 1276.17713
11 1997 13.98 115.8831129 1620.04592 1.80792 1278.94989
12 1997 14.11 115.8831129 1635.11072 1.81185 1289.03100
1 1998 14.47 115.8831129 1676.82864 1.82613 1320.09298
2 1998 13.44 133.0606699 1788.33540 1.87013 1406.00718
3 1998 14.00 133.0606699 1862.84938 1.99184 1462.59897
4 1998 14.32 133.0606699 1905.42879 2.07202 1493.95779
5 1998 14.68 133.0606699 1953.33063 2.11644 1529.39895
6 1998 14.83 133.0606699 1973.28973 2.16665 1542.85967
7 1998 15.05 133.0606699 2002.56308 2.18572 1563.56196
8 1998 13.04 133.0606699 1735.11114 2.21505 1352.52568
9 1998 12.64 133.0606699 1681.88687 1.91608 1309.12109
10 1998 13.55 133.0606699 1802.97208 1.85459 1401.51493
11 1998 14.02 133.0606699 1865.51059 1.98548 1448.14288
12 1998 14.56 133.0606699 1937.36335 2.05154 1501.86861
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 63.42%
GROSS ANNUAL RETURN = 10.32%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1501.87 1501.87
TOTAL RETURN 50.19% 50.19%
AVERAGE ANNUAL RETURN 8.47% 8.47%
Return for 10 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1988 6.14 101.9391635 625.90646 1000.00000
1 1989 6.49 101.9391635 661.58517 1.41667 1055.58659
2 1989 6.68 101.9391635 680.95361 1.49541 1084.99433
3 1989 6.72 101.9391635 685.03118 1.53708 1089.95422
4 1989 7.00 101.9391635 713.57414 1.54410 1133.82488
5 1989 7.02 101.9391635 715.61293 1.60625 1135.45813
6 1989 6.97 101.9391635 710.51597 1.60857 1125.76226
7 1989 7.60 101.9391635 774.73764 1.59483 1225.92212
8 1989 7.64 101.9391635 778.81521 1.73672 1230.63762
9 1989 7.94 101.9391635 809.39696 1.74340 1277.21768
10 1989 7.54 101.9391635 768.62129 1.80939 1211.06483
11 1989 7.93 101.9391635 808.37757 1.71568 1271.99044
12 1989 8.46 101.9391635 862.40532 1.80199 1355.20169
1 1990 8.43 102.3669657 862.95352 1.91987 1354.14327
2 1990 8.32 102.3669657 851.69315 1.91837 1334.55518
3 1990 8.53 102.3669657 873.19022 1.89062 1366.34924
4 1990 8.43 102.3669657 862.95352 1.93566 1348.39542
5 1990 8.87 102.3669657 907.99499 1.91023 1416.86407
6 1990 9.02 102.3669657 923.35003 2.00722 1438.81735
7 1990 9.27 102.3669657 948.94177 2.03832 1476.65755
8 1990 8.40 102.3669657 859.88251 2.09193 1335.97964
9 1990 7.46 102.3669657 763.65756 1.89264 1184.58452
10 1990 8.03 102.3669657 822.00673 1.67816 1273.41750
11 1990 7.82 102.3669657 800.50967 1.80401 1238.31117
12 1990 7.78 102.3669657 796.41499 1.75427 1230.22282
1 1991 7.99 102.3669657 817.91206 1.74282 1261.68654
2 1991 8.45 104.7927232 885.49851 1.78739 1364.15598
3 1991 8.23 104.7927232 862.44411 1.93255 1326.70694
4 1991 8.25 104.7927232 864.53997 1.87950 1328.05151
5 1991 8.44 104.7927232 884.45058 1.88141 1356.75554
6 1991 7.92 104.7927232 829.95837 1.92207 1271.24189
7 1991 8.23 104.7927232 862.44411 1.80093 1319.19917
8 1991 8.08 104.7927232 846.72520 1.86887 1293.28658
9 1991 8.41 104.7927232 881.30680 1.83216 1344.27430
10 1991 8.26 104.7927232 865.58789 1.90439 1318.39355
11 1991 8.05 104.7927232 843.58142 1.86772 1283.00735
12 1991 8.47 104.7927232 887.59437 1.81759 1348.12927
1 1992 8.54 104.7927232 894.92986 1.90985 1357.36098
2 1992 8.38 105.9386947 887.76626 1.92293 1344.57286
3 1992 8.04 105.9386947 851.74711 1.90481 1288.11498
4 1992 8.15 105.9386947 863.61224 1.82483 1304.23404
5 1992 8.55 105.9386947 905.77584 1.84766 1366.06218
6 1992 8.53 105.9386947 903.65707 1.93525 1360.93145
7 1992 8.26 105.9386947 875.05362 1.92799 1315.92592
8 1992 8.53 105.9386947 903.65707 1.86423 1357.07622
9 1992 8.40 105.9386947 889.88504 1.92252 1334.47141
10 1992 8.13 105.9386947 861.28159 1.89050 1289.68718
11 1992 8.10 105.9386947 858.10343 1.82706 1283.10113
12 1992 8.12 105.9386947 860.22220 1.81773 1284.45156
1 1993 8.14 105.9386947 862.34097 1.81964 1285.79559
2 1993 8.15 109.2655872 890.51454 1.82154 1325.98230
3 1993 8.62 109.2655872 941.86936 1.87847 1400.57152
4 1993 9.00 109.2655872 983.39028 1.98414 1460.32951
5 1993 9.17 109.2655872 1001.96543 2.06880 1485.84471
6 1993 9.02 109.2655872 985.57560 2.10495 1459.43478
7 1993 9.24 109.2655872 1009.61403 2.06753 1492.96322
8 1993 9.86 109.2655872 1077.35869 2.11503 1591.02537
9 1993 10.03 109.2655872 1095.93384 2.25395 1616.20289
10 1993 10.34 109.2655872 1129.80617 2.28962 1663.86570
11 1993 9.93 109.2655872 1085.00728 2.35714 1595.53323
12 1993 10.85 109.2655872 1185.53162 2.26034 1741.09671
1 1994 11.31 109.2655872 1235.79379 2.46655 1812.44624
2 1994 11.08 109.9602821 1218.35993 2.56763 1784.30966
3 1994 10.72 109.9602821 1178.77422 2.52777 1723.80793
4 1994 10.95 109.9602821 1204.06509 2.44206 1758.35055
5 1994 10.86 109.9602821 1194.16866 2.49100 1741.40736
6 1994 10.86 109.9602821 1194.16866 2.46699 1738.94037
7 1994 11.12 109.9602821 1222.75834 2.46350 1778.10896
8 1994 11.42 109.9602821 1255.74642 2.51899 1823.56054
9 1994 11.12 109.9602821 1222.75834 2.58338 1773.07277
10 1994 11.37 109.9602821 1250.24841 2.51185 1810.42316
11 1994 10.76 109.9602821 1183.17264 2.56477 1710.72927
12 1994 10.69 109.9602821 1175.47542 2.42353 1697.17646
1 1995 10.18 109.9602821 1119.39567 2.40433 1613.80300
2 1995 10.14 110.5003621 1120.47367 2.28622 1613.07090
3 1995 10.39 110.5003621 1148.09876 2.28518 1650.55571
4 1995 10.93 110.5003621 1207.76896 2.33829 1734.00184
5 1995 10.94 110.5003621 1208.87396 2.45650 1733.13180
6 1995 11.09 110.5003621 1225.44902 2.45527 1754.43976
7 1995 11.75 110.5003621 1298.37925 2.48546 1856.36641
8 1995 11.53 110.5003621 1274.06917 2.62985 1818.97906
9 1995 11.82 110.5003621 1306.11428 2.57689 1862.15273
10 1995 11.55 110.5003621 1276.27918 2.63805 1816.97819
11 1995 11.66 110.5003621 1288.43422 2.57405 1831.70870
12 1995 11.82 110.5003621 1306.11428 2.59492 1854.24871
1 1996 12.04 110.5003621 1330.42436 2.62685 1886.13410
2 1996 11.84 113.0560895 1338.58410 2.67202 1895.03009
3 1996 12.09 113.0560895 1366.84812 2.68463 1932.35877
4 1996 12.48 113.1463899 1412.06695 2.73751 1993.54862
5 1996 12.48 113.1463899 1412.06695 2.82419 1990.72443
6 1996 12.61 113.1463899 1426.77598 2.82019 2008.64095
7 1996 12.14 113.1463899 1373.59717 2.84557 1930.92930
8 1996 12.33 113.1463899 1395.09499 2.73548 1958.41429
9 1996 12.61 113.1463899 1426.77598 2.77442 2000.11319
10 1996 12.55 113.1463899 1419.98719 2.83349 1987.76290
11 1996 13.11 113.1463899 1483.34917 2.81600 2073.64389
12 1996 13.25 113.1463899 1499.18967 2.93766 2092.85040
1 1997 13.25 113.1463899 1499.18967 2.96487 2089.88553
2 1997 13.15 115.8831129 1523.86293 2.96067 2121.31965
3 1997 13.21 115.8831129 1530.81592 3.00520 2127.99347
4 1997 13.28 115.8831129 1538.92774 3.01466 2136.25508
5 1997 14.04 115.8831129 1626.99891 3.02636 2255.48428
6 1997 14.76 115.8831129 1710.43475 3.19527 2367.95487
7 1997 15.33 115.8831129 1776.48812 3.35460 2456.04568
8 1997 14.01 115.8831129 1623.52241 3.47940 2241.08681
9 1997 14.96 115.8831129 1733.61137 3.17487 2389.87714
10 1997 13.93 115.8831129 1614.25176 3.38566 2221.94780
11 1997 13.98 115.8831129 1620.04592 3.14776 2226.77545
12 1997 14.11 115.8831129 1635.11072 3.15460 2244.32763
1 1998 14.47 115.8831129 1676.82864 3.17946 2298.40954
2 1998 13.44 133.0606699 1788.33540 3.25608 2447.99448
3 1998 14.00 133.0606699 1862.84938 3.46799 2546.52626
4 1998 14.32 133.0606699 1905.42879 3.60758 2601.12499
5 1998 14.68 133.0606699 1953.33063 3.68493 2662.83148
6 1998 14.83 133.0606699 1973.28973 3.77234 2686.26790
7 1998 15.05 133.0606699 2002.56308 3.80555 2722.31259
8 1998 13.04 133.0606699 1735.11114 3.85661 2354.87802
9 1998 12.64 133.0606699 1681.88687 3.33608 2279.30642
10 1998 13.55 133.0606699 1802.97208 3.22902 2440.17304
11 1998 14.02 133.0606699 1865.51059 3.45691 2521.35681
12 1998 14.56 133.0606699 1937.36335 3.57192 2614.89849
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 209.53%
GROSS ANNUAL RETURN = 11.96%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2614.90 2614.90
TOTAL RETURN 161.49% 161.49%
AVERAGE ANNUAL RETURN 10.09% 10.09%
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
1 1998 14.47 115.8831129 1676.82864 3.22390 2330.53214
2 1998 13.44 133.0606699 1788.33540 3.30159 2482.20768
3 1998 14.00 133.0606699 1862.84938 3.51646 2582.11654
4 1998 14.32 133.0606699 1905.42879 3.65800 2637.47834
5 1998 14.68 133.0606699 1953.33063 3.73643 2700.04724
6 1998 14.83 133.0606699 1973.28973 3.82507 2723.81121
7 1998 15.05 133.0606699 2002.56308 3.85873 2760.35966
8 1998 13.04 133.0606699 1735.11114 3.91051 2387.78982
9 1998 12.64 133.0606699 1681.88687 3.38270 2311.16203
10 1998 13.55 133.0606699 1802.97208 3.27415 2474.27692
11 1998 14.02 133.0606699 1865.51059 3.50523 2556.59532
12 1998 14.56 133.0606699 1937.36335 3.62184 2651.44434
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 222.89%
GROSS ANNUAL RETURN = 10.57%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2651.44 2651.44
TOTAL RETURN 165.14% 165.14%
AVERAGE ANNUAL RETURN 8.72% 8.72%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 13.04 133.0606699 1735.11114 1000.00000
9 1998 12.64 133.0606699 1681.88687 1.41667 967.90849
10 1998 13.55 133.0606699 1802.97208 1.37120 1036.22057
11 1998 14.02 133.0606699 1865.51059 1.46798 1070.69530
12 1998 14.56 133.0606699 1937.36335 1.51682 1110.41781
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 11.66%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1110.42 1110.42
TOTAL RETURN 11.04% 11.04%
Scudder Global Discovery
12/1998Assume ($10000 @ $10.00 on 5/ 2/1997)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
2/98 0.1900000000 7.47 2.544 102.543507
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 7.07 100.0000000 707.00000 1000.00000
1 1998 7.08 100.0000000 708.00000 1.41667 999.99776
2 1998 7.60 102.5435074 779.33066 1.41666 1099.33039
3 1998 8.09 102.5435074 829.57697 1.55738 1168.65088
4 1998 8.22 102.5435074 842.90763 1.65559 1185.77460
5 1998 7.93 102.5435074 813.17001 1.67985 1142.26086
6 1998 8.04 102.5435074 824.44980 1.61820 1156.48738
7 1998 8.04 102.5435074 824.44980 1.63836 1154.84903
8 1998 6.54 102.5435074 670.63454 1.63604 937.75608
9 1998 6.65 102.5435074 681.91432 1.32849 952.20025
10 1998 6.85 102.5435074 702.42303 1.34895 979.48890
11 1998 7.38 102.5435074 756.77108 1.38761 1053.88656
12 1998 8.01 102.5435074 821.37349 1.49301 1142.35949
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 16.18%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1142.36 1142.36
TOTAL RETURN 14.24% 14.24%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 7.07 100.0000000 707.00000 1000.00000
1 1998 7.08 100.0000000 708.00000 1.41667 999.99776
2 1998 7.60 102.5435074 779.33066 1.41666 1099.33039
3 1998 8.09 102.5435074 829.57697 1.55738 1168.65088
4 1998 8.22 102.5435074 842.90763 1.65559 1185.77460
5 1998 7.93 102.5435074 813.17001 1.67985 1142.26086
6 1998 8.04 102.5435074 824.44980 1.61820 1156.48738
7 1998 8.04 102.5435074 824.44980 1.63836 1154.84903
8 1998 6.54 102.5435074 670.63454 1.63604 937.75608
9 1998 6.65 102.5435074 681.91432 1.32849 952.20025
10 1998 6.85 102.5435074 702.42303 1.34895 979.48890
11 1998 7.38 102.5435074 756.77108 1.38761 1053.88656
12 1998 8.01 102.5435074 821.37349 1.49301 1142.35949
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 16.18%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1142.36 1142.36
TOTAL RETURN 14.24% 14.24%
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
1 1998 7.08 100.0000000 708.00000 1.63178 1151.84375
2 1998 7.60 102.5435074 779.33066 1.63178 1266.25967
3 1998 8.09 102.5435074 829.57697 1.79387 1346.10623
4 1998 8.22 102.5435074 842.90763 1.90698 1365.83012
5 1998 7.93 102.5435074 813.17001 1.93493 1315.70897
6 1998 8.04 102.5435074 824.44980 1.86392 1332.09575
7 1998 8.04 102.5435074 824.44980 1.88714 1330.20861
8 1998 6.54 102.5435074 670.63454 1.88446 1080.15090
9 1998 6.65 102.5435074 681.91432 1.53021 1096.78836
10 1998 6.85 102.5435074 702.42303 1.55378 1128.22069
11 1998 7.38 102.5435074 756.77108 1.59831 1213.91537
12 1998 8.01 102.5435074 821.37349 1.71971 1315.82258
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 35.32%
GROSS ANNUAL RETURN = 19.91%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1315.82 1315.82
TOTAL RETURN 31.58% 31.58%
AVERAGE ANNUAL RETURN 17.91% 17.91%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 6.54 102.5435074 670.63454 1000.00000
9 1998 6.65 102.5435074 681.91432 1.41667 1015.40291
10 1998 6.85 102.5435074 702.42303 1.43849 1044.50285
11 1998 7.38 102.5435074 756.77108 1.47971 1123.83869
12 1998 8.01 102.5435074 821.37349 1.59210 1218.18403
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 22.48%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1218.18 1218.18
TOTAL RETURN 21.82% 21.82%
Scudder Growth & Income
12/1998Assume ($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
1/98 0.0550000000 11.42 0.491 102.341776
2/98 0.7900000000 11.35 7.123 109.465124
4/98 0.0550000000 11.62 0.518 109.983246
7/98 0.0600000000 11.16 0.591 110.574554
10/98 0.0550000000 10.42 0.584 111.158201
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 11.47 101.8512486 1168.23382 1000.00000
1 1998 11.43 102.3417756 1169.76649 1.41667 999.89529
2 1998 11.42 109.4651238 1250.09171 1.41652 1067.13932
3 1998 12.03 109.4651238 1316.86544 1.51178 1122.62885
4 1998 11.86 109.9832462 1304.40130 1.59039 1110.41277
5 1998 11.65 109.9832462 1281.30482 1.57308 1089.17808
6 1998 11.67 109.9832462 1283.50448 1.54300 1089.50491
7 1998 11.16 110.5745540 1234.01202 1.54347 1045.94969
8 1998 9.75 110.5745540 1078.10190 1.48176 912.31837
9 1998 10.14 110.5745540 1121.22598 1.29245 947.51865
10 1998 10.70 111.1582009 1189.39275 1.34232 1003.78228
11 1998 11.14 111.1582009 1238.30236 1.42202 1043.63729
12 1998 11.21 111.1582009 1246.08343 1.47849 1048.71667
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 6.66%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1048.72 1048.72
TOTAL RETURN 4.87% 4.87%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 11.47 101.8512486 1168.23382 1000.00000
1 1998 11.43 102.3417756 1169.76649 1.41667 999.89529
2 1998 11.42 109.4651238 1250.09171 1.41652 1067.13932
3 1998 12.03 109.4651238 1316.86544 1.51178 1122.62885
4 1998 11.86 109.9832462 1304.40130 1.59039 1110.41277
5 1998 11.65 109.9832462 1281.30482 1.57308 1089.17808
6 1998 11.67 109.9832462 1283.50448 1.54300 1089.50491
7 1998 11.16 110.5745540 1234.01202 1.54347 1045.94969
8 1998 9.75 110.5745540 1078.10190 1.48176 912.31837
9 1998 10.14 110.5745540 1121.22598 1.29245 947.51865
10 1998 10.70 111.1582009 1189.39275 1.34232 1003.78228
11 1998 11.14 111.1582009 1238.30236 1.42202 1043.63729
12 1998 11.21 111.1582009 1246.08343 1.47849 1048.71667
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 6.66%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1048.72 1048.72
TOTAL RETURN 4.87% 4.87%
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
1 1998 11.43 102.3417756 1169.76649 1.71811 1212.65481
2 1998 11.42 109.4651238 1250.09171 1.71793 1294.20715
3 1998 12.03 109.4651238 1316.86544 1.83346 1361.50384
4 1998 11.86 109.9832462 1304.40130 1.92880 1346.68840
5 1998 11.65 109.9832462 1281.30482 1.90781 1320.93535
6 1998 11.67 109.9832462 1283.50448 1.87132 1321.33173
7 1998 11.16 110.5745540 1234.01202 1.87189 1268.50874
8 1998 9.75 110.5745540 1078.10190 1.79705 1106.44311
9 1998 10.14 110.5745540 1121.22598 1.56746 1149.13338
10 1998 10.70 111.1582009 1189.39275 1.62794 1217.36889
11 1998 11.14 111.1582009 1238.30236 1.72461 1265.70431
12 1998 11.21 111.1582009 1246.08343 1.79308 1271.86449
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 30.80%
GROSS ANNUAL RETURN = 17.46%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1271.86 1271.86
TOTAL RETURN 27.19% 27.19%
AVERAGE ANNUAL RETURN 15.50% 15.50%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 9.75 110.5745540 1078.10190 1000.00000
9 1998 10.14 110.5745540 1121.22598 1.41667 1038.58333
10 1998 10.70 111.1582009 1189.39275 1.47133 1100.25438
11 1998 11.14 111.1582009 1238.30236 1.55869 1143.93980
12 1998 11.21 111.1582009 1246.08343 1.62058 1149.50735
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 15.58%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1149.51 1149.51
TOTAL RETURN 14.95% 14.95%
T. Rowe Price Personal Strategy Bal
12/1998
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
3/98 0.1400000000 16.19 0.991 115.628452
6/98 0.1300000000 16.27 0.924 116.552342
9/98 0.1200000000 15.37 0.910 117.462315
12/98 0.6972405220 15.72 5.210 122.672206
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 15.13 114.6371485 1734.46006 1000.00000
1 1998 15.28 114.6371485 1751.65563 1.41667 1008.49741
2 1998 15.84 114.6371485 1815.85243 1.42870 1044.02934
3 1998 16.21 115.6284519 1874.33720 1.47904 1076.17628
4 1998 16.28 115.6284519 1882.43120 1.52458 1079.29898
5 1998 16.21 115.6284519 1874.33720 1.52901 1073.12925
6 1998 16.35 116.5523424 1905.63080 1.52027 1089.52575
7 1998 16.20 116.5523424 1888.14795 1.54349 1077.98661
8 1998 14.82 116.5523424 1727.30571 1.52715 984.63097
9 1998 15.18 117.4623151 1783.07794 1.39489 1015.02840
10 1998 15.82 117.4623151 1858.25383 1.43796 1056.38479
11 1998 16.36 117.4623151 1921.68348 1.49655 1090.94690
12 1998 16.16 122.6722061 1982.38285 1.54551 1123.86065
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 14.29%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1123.86 1123.86
TOTAL RETURN 12.39% 12.39%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 15.13 114.6371485 1734.46006 1000.00000
1 1998 15.28 114.6371485 1751.65563 1.41667 1008.49741
2 1998 15.84 114.6371485 1815.85243 1.42870 1044.02934
3 1998 16.21 115.6284519 1874.33720 1.47904 1076.17628
4 1998 16.28 115.6284519 1882.43120 1.52458 1079.29898
5 1998 16.21 115.6284519 1874.33720 1.52901 1073.12925
6 1998 16.35 116.5523424 1905.63080 1.52027 1089.52575
7 1998 16.20 116.5523424 1888.14795 1.54349 1077.98661
8 1998 14.82 116.5523424 1727.30571 1.52715 984.63097
9 1998 15.18 117.4623151 1783.07794 1.39489 1015.02840
10 1998 15.82 117.4623151 1858.25383 1.43796 1056.38479
11 1998 16.36 117.4623151 1921.68348 1.49655 1090.94690
12 1998 16.16 122.6722061 1982.38285 1.54551 1123.86065
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 14.29%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1123.86 1123.86
TOTAL RETURN 12.39% 12.39%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 12.43 103.5067091 1286.58839 1000.00000
1 1996 12.62 104.1707457 1314.63481 1.41667 1020.38239
2 1996 12.59 104.1707457 1311.50969 1.44554 1016.51122
3 1996 12.55 104.8342537 1315.66988 1.44006 1018.29560
4 1996 12.62 104.8342537 1323.00828 1.44259 1022.53275
5 1996 12.72 104.8342537 1333.49171 1.44859 1029.18664
6 1996 12.67 105.7502003 1339.85504 1.45801 1032.63984
7 1996 12.42 105.7502003 1313.41749 1.46291 1010.80124
8 1996 12.59 105.7502003 1331.39502 1.43197 1023.20472
9 1996 12.97 106.6477714 1383.22160 1.44954 1061.58498
10 1996 13.19 106.6477714 1406.68411 1.50391 1078.08790
11 1996 13.85 106.6477714 1477.07163 1.52729 1130.50588
12 1996 13.44 109.3317272 1469.41841 1.60155 1123.04678
1 1997 13.64 109.3317272 1491.28476 1.59098 1138.16780
2 1997 13.75 109.3317272 1503.31125 1.61240 1145.73417
3 1997 13.30 110.2978396 1466.96127 1.62312 1116.40726
4 1997 13.61 110.2978396 1501.15360 1.58158 1140.84721
5 1997 14.18 110.2978396 1564.02337 1.61620 1187.01080
6 1997 14.48 111.2119101 1610.34846 1.68160 1220.48749
7 1997 15.15 111.2119101 1684.86044 1.72902 1275.23129
8 1997 14.63 111.2119101 1627.03025 1.80658 1229.65440
9 1997 15.12 112.0962991 1694.89604 1.74201 1279.20306
10 1997 14.92 112.0962991 1672.47678 1.81220 1260.47018
11 1997 15.18 112.0962991 1701.62182 1.78567 1280.64982
12 1997 15.13 114.6371485 1734.46006 1.81425 1303.54980
1 1998 15.28 114.6371485 1751.65563 1.84670 1314.62660
2 1998 15.84 114.6371485 1815.85243 1.86239 1360.94424
3 1998 16.21 115.6284519 1874.33720 1.92800 1402.84938
4 1998 16.28 115.6284519 1882.43120 1.98737 1406.91996
5 1998 16.21 115.6284519 1874.33720 1.99314 1398.87742
6 1998 16.35 116.5523424 1905.63080 1.98174 1420.25108
7 1998 16.20 116.5523424 1888.14795 2.01202 1405.20923
8 1998 14.82 116.5523424 1727.30571 1.99071 1283.51551
9 1998 15.18 117.4623151 1783.07794 1.81831 1323.14007
10 1998 15.82 117.4623151 1858.25383 1.87445 1377.05018
11 1998 16.36 117.4623151 1921.68348 1.95082 1422.10360
12 1998 16.16 122.6722061 1982.38285 2.01465 1465.00832
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 54.08%
GROSS ANNUAL RETURN = 15.50%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1465.01 1465.01
TOTAL RETURN 46.50% 46.50%
AVERAGE ANNUAL RETURN 13.57% 13.57%
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
1 1998 15.28 114.6371485 1751.65563 2.33668 1663.44002
2 1998 15.84 114.6371485 1815.85243 2.35654 1722.04725
3 1998 16.21 115.6284519 1874.33720 2.43957 1775.07119
4 1998 16.28 115.6284519 1882.43120 2.51468 1780.22184
5 1998 16.21 115.6284519 1874.33720 2.52198 1770.04534
6 1998 16.35 116.5523424 1905.63080 2.50756 1797.09013
7 1998 16.20 116.5523424 1888.14795 2.54588 1778.05719
8 1998 14.82 116.5523424 1727.30571 2.51891 1624.07414
9 1998 15.18 117.4623151 1783.07794 2.30077 1674.21240
10 1998 15.82 117.4623151 1858.25383 2.37180 1742.42663
11 1998 16.36 117.4623151 1921.68348 2.46844 1799.43419
12 1998 16.16 122.6722061 1982.38285 2.54920 1853.72294
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 98.24%
GROSS ANNUAL RETURN = 18.64%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1853.72 1853.72
TOTAL RETURN 85.37% 85.37%
AVERAGE ANNUAL RETURN 16.67% 16.67%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 14.82 116.5523424 1727.30571 1000.00000
9 1998 15.18 117.4623151 1783.07794 1.41667 1030.87190
10 1998 15.82 117.4623151 1858.25383 1.46040 1072.87382
11 1998 16.36 117.4623151 1921.68348 1.51990 1107.97540
12 1998 16.16 122.6722061 1982.38285 1.56963 1141.40290
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 14.77%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1141.40 1141.40
TOTAL RETURN 14.14% 14.14%
T. Rowe Price Equity Income Fund12/1998Assume ($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
3/98 0.1400000000 20.07 0.835 120.492140
6/98 0.1000000000 19.50 0.618 121.110049
9/98 0.1000000000 18.33 0.661 121.770769
12/98 0.6534299020 18.06 4.406 126.176565
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 18.59 119.6574597 2224.43217 1000.00000
1 1998 18.47 119.6574597 2210.07328 1.41667 992.12825
2 1998 19.37 119.6574597 2317.76499 1.40551 1039.06683
3 1998 20.13 120.4921405 2425.50679 1.47201 1085.89606
4 1998 20.01 120.4921405 2411.04773 1.53835 1077.88441
5 1998 19.67 120.4921405 2370.08040 1.52700 1058.04253
6 1998 19.53 121.1100489 2365.27925 1.49889 1054.40032
7 1998 18.96 121.1100489 2296.24653 1.49373 1022.13300
8 1998 17.13 121.1100489 2074.61514 1.44802 922.02974
9 1998 17.96 121.7707693 2187.00302 1.30621 970.67253
10 1998 19.03 121.7707693 2317.29774 1.37512 1027.12701
11 1998 19.79 121.7707693 2409.84352 1.45510 1066.69223
12 1998 19.25 126.1765645 2428.89887 1.51115 1073.61573
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 9.19%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1073.62 1073.62
TOTAL RETURN 7.36% 7.36%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 18.59 119.6574597 2224.43217 1000.00000
1 1998 18.47 119.6574597 2210.07328 1.41667 992.12825
2 1998 19.37 119.6574597 2317.76499 1.40551 1039.06683
3 1998 20.13 120.4921405 2425.50679 1.47201 1085.89606
4 1998 20.01 120.4921405 2411.04773 1.53835 1077.88441
5 1998 19.67 120.4921405 2370.08040 1.52700 1058.04253
6 1998 19.53 121.1100489 2365.27925 1.49889 1054.40032
7 1998 18.96 121.1100489 2296.24653 1.49373 1022.13300
8 1998 17.13 121.1100489 2074.61514 1.44802 922.02974
9 1998 17.96 121.7707693 2187.00302 1.30621 970.67253
10 1998 19.03 121.7707693 2317.29774 1.37512 1027.12701
11 1998 19.79 121.7707693 2409.84352 1.45510 1066.69223
12 1998 19.25 126.1765645 2428.89887 1.51115 1073.61573
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 9.19%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1073.62 1073.62
TOTAL RETURN 7.36% 7.36%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 13.21 109.3032661 1443.89615 1000.00000
1 1996 13.57 109.3848966 1484.35305 1.41667 1026.60259
2 1996 13.62 109.3848966 1489.82229 1.45435 1028.93086
3 1996 13.70 110.1798450 1509.46388 1.45765 1041.03847
4 1996 13.78 110.1798450 1518.27826 1.47480 1045.64272
5 1996 14.01 110.1798450 1543.61963 1.48133 1061.61407
6 1996 13.99 111.0505191 1553.59676 1.50395 1066.97182
7 1996 13.59 111.0505191 1509.17655 1.51154 1034.95358
8 1996 13.88 111.0505191 1541.38120 1.46618 1055.57250
9 1996 14.37 111.8260115 1606.93979 1.49539 1098.97309
10 1996 14.70 111.8260115 1643.84237 1.55688 1122.65359
11 1996 15.55 111.8260115 1738.89448 1.59043 1185.97851
12 1996 15.26 113.1279961 1726.33322 1.68014 1175.73122
1 1997 15.69 113.1279961 1774.97826 1.66562 1207.19564
2 1997 16.07 113.1279961 1817.96690 1.71019 1234.72281
3 1997 15.54 114.4713911 1778.88542 1.74919 1206.43035
4 1997 15.93 114.4713911 1823.52926 1.70911 1234.99845
5 1997 16.68 114.4713911 1909.38280 1.74958 1291.39380
6 1997 17.22 115.0714158 1981.52978 1.82947 1338.36029
7 1997 18.20 115.0714158 2094.29977 1.89601 1412.63112
8 1997 17.72 115.0714158 2039.06549 2.00123 1373.37369
9 1997 18.47 115.6961249 2136.90743 1.94561 1437.32765
10 1997 17.98 115.6961249 2080.21633 2.03621 1397.15984
11 1997 18.67 115.6961249 2160.04665 1.97931 1448.79790
12 1997 18.59 119.6574597 2224.43217 2.05246 1489.93043
1 1998 18.47 119.6574597 2210.07328 2.11073 1478.20207
2 1998 19.37 119.6574597 2317.76499 2.09412 1548.13729
3 1998 20.13 120.4921405 2425.50679 2.19319 1617.90958
4 1998 20.01 120.4921405 2411.04773 2.29204 1605.97278
5 1998 19.67 120.4921405 2370.08040 2.27513 1576.40976
6 1998 19.53 121.1100489 2365.27925 2.23325 1570.98313
7 1998 18.96 121.1100489 2296.24653 2.22556 1522.90706
8 1998 17.13 121.1100489 2074.61514 2.15745 1373.76016
9 1998 17.96 121.7707693 2187.00302 1.94616 1446.23455
10 1998 19.03 121.7707693 2317.29774 2.04883 1530.34780
11 1998 19.79 121.7707693 2409.84352 2.16799 1589.29722
12 1998 19.25 126.1765645 2428.89887 2.25150 1599.61275
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 68.22%
GROSS ANNUAL RETURN = 18.93%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1599.61 1599.61
TOTAL RETURN 59.96% 59.96%
AVERAGE ANNUAL RETURN 16.95% 16.95%
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
1 1998 18.47 119.6574597 2210.07328 2.95980 2072.82404
2 1998 19.37 119.6574597 2317.76499 2.93650 2170.89142
3 1998 20.13 120.4921405 2425.50679 3.07543 2268.73034
4 1998 20.01 120.4921405 2411.04773 3.21403 2251.99183
5 1998 19.67 120.4921405 2370.08040 3.19032 2210.53678
6 1998 19.53 121.1100489 2365.27925 3.13159 2202.92723
7 1998 18.96 121.1100489 2296.24653 3.12081 2135.51207
8 1998 17.13 121.1100489 2074.61514 3.02531 1926.36930
9 1998 17.96 121.7707693 2187.00302 2.72902 2027.99725
10 1998 19.03 121.7707693 2317.29774 2.87300 2145.94592
11 1998 19.79 121.7707693 2409.84352 3.04009 2228.60835
12 1998 19.25 126.1765645 2428.89887 3.15720 2243.07341
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 142.89%
GROSS ANNUAL RETURN = 20.53%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2243.07 2243.07
TOTAL RETURN 124.31% 124.31%
AVERAGE ANNUAL RETURN 18.52% 18.52%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 17.13 121.1100489 2074.61514 1000.00000
9 1998 17.96 121.7707693 2187.00302 1.41667 1052.75621
10 1998 19.03 121.7707693 2317.29774 1.49140 1113.98470
11 1998 19.79 121.7707693 2409.84352 1.57814 1156.89569
12 1998 19.25 126.1765645 2428.89887 1.63894 1164.40467
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 17.08%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1164.40 1164.40
TOTAL RETURN 16.44% 16.44%
T. Rowe Price Internat. Stock Fund
12/1998Assume ($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
12/98 0.2300000000 13.91 1.737 106.785838
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 12.74 105.0488691 1338.32259 1000.00000
1 1998 13.18 105.0488691 1384.54409 1.41667 1033.12023
2 1998 13.94 105.0488691 1464.38123 1.46359 1091.22958
3 1998 14.42 105.0488691 1514.80469 1.54591 1127.25829
4 1998 14.56 105.0488691 1529.51153 1.59695 1136.60560
5 1998 14.47 105.0488691 1520.05714 1.61019 1127.96968
6 1998 14.49 105.0488691 1522.15811 1.59796 1127.93077
7 1998 14.70 105.0488691 1544.21838 1.59790 1142.67969
8 1998 12.81 105.0488691 1345.67601 1.61880 994.14494
9 1998 12.49 105.0488691 1312.06037 1.40837 967.90234
10 1998 13.64 105.0488691 1432.86657 1.37119 1055.64946
11 1998 14.29 105.0488691 1501.14834 1.49550 1104.45983
12 1998 14.52 106.7858381 1550.53037 1.56465 1139.22768
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 15.86%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1139.23 1139.23
TOTAL RETURN 13.92% 13.92%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 12.74 105.0488691 1338.32259 1000.00000
1 1998 13.18 105.0488691 1384.54409 1.41667 1033.12023
2 1998 13.94 105.0488691 1464.38123 1.46359 1091.22958
3 1998 14.42 105.0488691 1514.80469 1.54591 1127.25829
4 1998 14.56 105.0488691 1529.51153 1.59695 1136.60560
5 1998 14.47 105.0488691 1520.05714 1.61019 1127.96968
6 1998 14.49 105.0488691 1522.15811 1.59796 1127.93077
7 1998 14.70 105.0488691 1544.21838 1.59790 1142.67969
8 1998 12.81 105.0488691 1345.67601 1.61880 994.14494
9 1998 12.49 105.0488691 1312.06037 1.40837 967.90234
10 1998 13.64 105.0488691 1432.86657 1.37119 1055.64946
11 1998 14.29 105.0488691 1501.14834 1.49550 1104.45983
12 1998 14.52 106.7858381 1550.53037 1.56465 1139.22768
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 15.86%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1139.23 1139.23
TOTAL RETURN 13.92% 13.92%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 11.26 100.5138746 1131.78623 1000.00000
1 1996 11.45 101.4025915 1161.05967 1.41667 1024.44815
2 1996 11.52 101.4025915 1168.15785 1.45130 1029.25985
3 1996 11.72 101.4025915 1188.43837 1.45812 1045.67083
4 1996 12.06 101.4025915 1222.91525 1.48137 1074.52462
5 1996 12.02 101.4025915 1218.85915 1.52224 1069.43845
6 1996 12.17 101.4025915 1234.06954 1.51504 1081.26915
7 1996 11.78 101.4025915 1194.52253 1.53180 1045.08698
8 1996 11.96 101.4025915 1212.77499 1.48054 1059.57552
9 1996 12.23 101.4025915 1240.15369 1.50107 1081.99463
10 1996 12.17 101.4025915 1234.06954 1.53283 1075.15358
11 1996 12.71 101.4025915 1288.82694 1.52313 1121.33652
12 1996 12.64 102.7036672 1298.17435 1.58856 1127.88062
1 1997 12.48 102.7036672 1281.74177 1.59783 1112.00582
2 1997 12.65 102.7036672 1299.20139 1.57534 1125.57799
3 1997 12.62 102.7036672 1296.12028 1.59457 1121.31407
4 1997 12.71 102.7036672 1305.36361 1.58853 1127.72224
5 1997 13.53 102.7036672 1389.58062 1.59761 1198.88090
6 1997 14.11 102.7036672 1449.14874 1.69841 1248.57576
7 1997 14.47 102.7036672 1486.12206 1.76882 1278.66288
8 1997 13.16 102.7036672 1351.58026 1.81144 1161.09136
9 1997 14.03 102.7036672 1440.93245 1.64488 1236.20556
10 1997 12.98 102.7036672 1333.09360 1.75129 1141.93710
11 1997 12.96 102.7036672 1331.03953 1.61774 1138.55982
12 1997 12.74 105.0488691 1338.32259 1.61296 1143.17674
1 1998 13.18 105.0488691 1384.54409 1.61950 1181.03901
2 1998 13.94 105.0488691 1464.38123 1.67314 1247.46827
3 1998 14.42 105.0488691 1514.80469 1.76725 1288.65545
4 1998 14.56 105.0488691 1529.51153 1.82560 1299.34108
5 1998 14.47 105.0488691 1520.05714 1.84073 1289.46870
6 1998 14.49 105.0488691 1522.15811 1.82675 1289.42422
7 1998 14.70 105.0488691 1544.21838 1.82668 1306.28484
8 1998 12.81 105.0488691 1345.67601 1.85057 1136.48336
9 1998 12.49 105.0488691 1312.06037 1.61002 1106.48344
10 1998 13.64 105.0488691 1432.86657 1.56752 1206.79390
11 1998 14.29 105.0488691 1501.14834 1.70962 1262.59279
12 1998 14.52 106.7858381 1550.53037 1.78867 1302.33858
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 37.00%
GROSS ANNUAL RETURN = 11.06%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1302.34 1302.34
TOTAL RETURN 30.23% 30.23%
AVERAGE ANNUAL RETURN 9.20% 9.20%
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
1 1998 13.18 105.0488691 1384.54409 1.77946 1297.68993
2 1998 13.94 105.0488691 1464.38123 1.83839 1370.68039
3 1998 14.42 105.0488691 1514.80469 1.94180 1415.93562
4 1998 14.56 105.0488691 1529.51153 2.00591 1427.67666
5 1998 14.47 105.0488691 1520.05714 2.02254 1416.82920
6 1998 14.49 105.0488691 1522.15811 2.00717 1416.78032
7 1998 14.70 105.0488691 1544.21838 2.00711 1435.30626
8 1998 12.81 105.0488691 1345.67601 2.03335 1248.73354
9 1998 12.49 105.0488691 1312.06037 1.76904 1215.77053
10 1998 13.64 105.0488691 1432.86657 1.72234 1325.98863
11 1998 14.29 105.0488691 1501.14834 1.87848 1387.29875
12 1998 14.52 106.7858381 1550.53037 1.96534 1430.97023
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 55.05%
GROSS ANNUAL RETURN = 9.67%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1430.97 1430.97
TOTAL RETURN 43.10% 43.10%
AVERAGE ANNUAL RETURN 7.83% 7.83%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 12.81 105.0488691 1345.67601 1000.00000
9 1998 12.49 105.0488691 1312.06037 1.41667 973.60285
10 1998 13.64 105.0488691 1432.86657 1.37927 1061.86676
11 1998 14.29 105.0488691 1501.14834 1.50431 1110.96460
12 1998 14.52 106.7858381 1550.53037 1.57387 1145.93721
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 15.22%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1145.94 1145.94
TOTAL RETURN 14.59% 14.59%
T. Rowe Price Limited Term Bond
12/1998Assume ($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
1/98 0.0241935100 4.99 0.607 125.883389
2/98 0.0235600440 4.97 0.597 126.480133
3/98 0.0233776860 4.97 0.595 127.075065
4/98 0.0239243030 4.96 0.613 127.688005
5/98 0.0236435830 4.97 0.607 128.295450
6/98 0.0233259920 4.97 0.602 128.897587
7/98 0.0248340500 4.97 0.644 129.541661
8/98 0.0216810700 4.99 0.563 130.104507
9/98 0.0229926270 5.08 0.589 130.693374
10/98 0.0234590180 5.06 0.606 131.299291
11/98 0.0219889630 5.04 0.573 131.872135
12/98 0.0350158400 5.05 0.914 132.786514
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 4.96 125.2760009 621.36896 1000.00000
1 1998 4.99 125.8833889 628.15811 1.41667 1009.50944
2 1998 4.97 126.4801330 628.60626 1.43014 1008.79953
3 1998 4.97 127.0750652 631.56307 1.42913 1012.11554
4 1998 4.96 127.6880052 633.33251 1.43383 1013.51733
5 1998 4.97 128.2954502 637.62839 1.43582 1018.95618
6 1998 4.97 128.8975868 640.62101 1.44352 1022.29499
7 1998 4.97 129.5416611 643.82206 1.44825 1025.95493
8 1998 4.99 130.1045071 649.22149 1.45344 1033.10570
9 1998 5.08 130.6933741 663.92234 1.46357 1055.03558
10 1998 5.06 131.2992908 664.37441 1.49463 1054.25933
11 1998 5.04 131.8721351 664.63556 1.49353 1053.18020
12 1998 5.02 132.7865140 666.58830 1.49201 1054.78250
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 7.28%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1054.78 1054.78
TOTAL RETURN 5.48% 5.48%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 4.96 125.2760009 621.36896 1000.00000
1 1998 4.99 125.8833889 628.15811 1.41667 1009.50944
2 1998 4.97 126.4801330 628.60626 1.43014 1008.79953
3 1998 4.97 127.0750652 631.56307 1.42913 1012.11554
4 1998 4.96 127.6880052 633.33251 1.43383 1013.51733
5 1998 4.97 128.2954502 637.62839 1.43582 1018.95618
6 1998 4.97 128.8975868 640.62101 1.44352 1022.29499
7 1998 4.97 129.5416611 643.82206 1.44825 1025.95493
8 1998 4.99 130.1045071 649.22149 1.45344 1033.10570
9 1998 5.08 130.6933741 663.92234 1.46357 1055.03558
10 1998 5.06 131.2992908 664.37441 1.49463 1054.25933
11 1998 5.04 131.8721351 664.63556 1.49353 1053.18020
12 1998 5.02 132.7865140 666.58830 1.49201 1054.78250
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 7.28%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1054.78 1054.78
TOTAL RETURN 5.48% 5.48%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 5.06 111.4181142 563.77566 1000.00000
1 1996 5.07 111.9507643 567.59038 1.41667 1005.34971
2 1996 4.99 112.4789462 561.26994 1.42425 992.73034
3 1996 4.94 113.0245749 558.34140 1.40637 986.14419
4 1996 4.90 113.5680892 556.48364 1.39704 981.46597
5 1996 4.87 114.1530250 555.92523 1.39041 979.09070
6 1996 4.89 114.6685311 560.72912 1.38705 986.16422
7 1996 4.88 115.2282291 562.31376 1.39707 987.55409
8 1996 4.86 115.8343146 562.95477 1.39903 987.28082
9 1996 4.89 116.3585397 568.99326 1.39865 996.47216
10 1996 4.94 116.9259031 577.61396 1.41167 1010.15784
11 1996 4.97 117.5083638 584.01657 1.43106 1019.92396
12 1996 4.93 118.0842702 582.15545 1.44489 1015.22882
1 1997 4.92 118.6888930 583.94935 1.43824 1016.91899
2 1997 4.91 119.2596496 585.56488 1.44064 1018.29171
3 1997 4.86 119.8160434 582.30597 1.44258 1011.18192
4 1997 4.88 120.4020518 587.56201 1.43251 1018.87660
5 1997 4.89 121.0176386 591.77625 1.44341 1024.74100
6 1997 4.91 121.5987021 597.04963 1.45172 1032.42085
7 1997 4.96 122.2100673 606.16193 1.46260 1046.71529
8 1997 4.92 122.8471414 604.40794 1.48285 1042.20366
9 1997 4.95 123.4387487 611.02181 1.47646 1052.13175
10 1997 4.96 124.0877897 615.47544 1.49052 1058.31004
11 1997 4.95 124.6516623 617.02573 1.49927 1059.47649
12 1997 4.96 125.2760009 621.36896 1.50092 1065.43321
1 1998 4.99 125.8833889 628.15811 1.50936 1075.56488
2 1998 4.97 126.4801330 628.60626 1.52372 1074.80851
3 1998 4.97 127.0750652 631.56307 1.52265 1078.34151
4 1998 4.96 127.6880052 633.33251 1.52765 1079.83502
5 1998 4.97 128.2954502 637.62839 1.52977 1085.62975
6 1998 4.97 128.8975868 640.62101 1.53798 1089.18702
7 1998 4.97 129.5416611 643.82206 1.54301 1093.08645
8 1998 4.99 130.1045071 649.22149 1.54854 1100.70512
9 1998 5.08 130.6933741 663.92234 1.55933 1124.06994
10 1998 5.06 131.2992908 664.37441 1.59243 1123.24290
11 1998 5.04 131.8721351 664.63556 1.59126 1122.09316
12 1998 5.02 132.7865140 666.58830 1.58963 1123.80031
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 18.24%
GROSS ANNUAL RETURN = 5.74%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1123.80 1123.80
TOTAL RETURN 12.38% 12.38%
AVERAGE ANNUAL RETURN 3.97% 3.97%
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
1 1998 4.99 125.8833889 628.15811 1.65459 1179.05159
2 1998 4.97 126.4801330 628.60626 1.67032 1178.22245
3 1998 4.97 127.0750652 631.56307 1.66915 1182.09538
4 1998 4.96 127.6880052 633.33251 1.67464 1183.73258
5 1998 4.97 128.2954502 637.62839 1.67695 1190.08486
6 1998 4.97 128.8975868 640.62101 1.68595 1193.98440
7 1998 4.97 129.5416611 643.82206 1.69148 1198.25902
8 1998 4.99 130.1045071 649.22149 1.69753 1206.61072
9 1998 5.08 130.6933741 663.92234 1.70937 1232.22362
10 1998 5.06 131.2992908 664.37441 1.74565 1231.31701
11 1998 5.04 131.8721351 664.63556 1.74437 1230.05664
12 1998 5.02 132.7865140 666.58830 1.74258 1231.92804
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 33.32%
GROSS ANNUAL RETURN = 6.40%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1231.93 1231.93
TOTAL RETURN 23.19% 23.19%
AVERAGE ANNUAL RETURN 4.60% 4.60%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 4.99 130.1045071 649.22149 1000.00000
9 1998 5.08 130.6933741 663.92234 1.41667 1021.22715
10 1998 5.06 131.2992908 664.37441 1.44674 1020.47577
11 1998 5.04 131.8721351 664.63556 1.44567 1019.43122
12 1998 5.02 132.7865140 666.58830 1.44419 1020.98218
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 2.68%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1020.98 1020.98
TOTAL RETURN 2.10% 2.10%
T. Rowe Price New American Growth12/1998
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
12/98 0.5000000000 22.05 2.357 106.317424
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 21.35 103.9600535 2219.54714 1000.00000
1 1998 21.33 103.9600535 2217.46794 1.41667 997.64657
2 1998 23.40 103.9600535 2432.66525 1.41333 1093.05125
3 1998 24.99 103.9600535 2597.96174 1.54849 1165.77420
4 1998 24.42 103.9600535 2538.70451 1.65151 1137.53239
5 1998 23.35 103.9600535 2427.46725 1.61150 1086.07815
6 1998 25.00 103.9600535 2599.00134 1.53861 1161.28596
7 1998 23.94 103.9600535 2488.80368 1.64516 1110.40228
8 1998 19.06 103.9600535 1981.47862 1.57307 882.48155
9 1998 19.79 103.9600535 2057.36946 1.25018 915.03050
10 1998 21.51 103.9600535 2236.18075 1.29629 993.26187
11 1998 22.57 103.9600535 2346.37841 1.40712 1040.80210
12 1998 24.74 106.3174243 2630.29308 1.47447 1165.26597
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 18.51%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1165.27 1165.27
TOTAL RETURN 16.53% 16.53%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 21.35 103.9600535 2219.54714 1000.00000
1 1998 21.33 103.9600535 2217.46794 1.41667 997.64657
2 1998 23.40 103.9600535 2432.66525 1.41333 1093.05125
3 1998 24.99 103.9600535 2597.96174 1.54849 1165.77420
4 1998 24.42 103.9600535 2538.70451 1.65151 1137.53239
5 1998 23.35 103.9600535 2427.46725 1.61150 1086.07815
6 1998 25.00 103.9600535 2599.00134 1.53861 1161.28596
7 1998 23.94 103.9600535 2488.80368 1.64516 1110.40228
8 1998 19.06 103.9600535 1981.47862 1.57307 882.48155
9 1998 19.79 103.9600535 2057.36946 1.25018 915.03050
10 1998 21.51 103.9600535 2236.18075 1.29629 993.26187
11 1998 22.57 103.9600535 2346.37841 1.40712 1040.80210
12 1998 24.74 106.3174243 2630.29308 1.47447 1165.26597
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 18.51%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1165.27 1165.27
TOTAL RETURN 16.53% 16.53%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 15.23 100.1939864 1525.95441 1000.00000
1 1996 15.14 102.8873732 1557.71483 1.41667 1019.39681
2 1996 15.59 102.8873732 1604.01415 1.44415 1048.25178
3 1996 16.19 102.8873732 1665.74657 1.48502 1087.10999
4 1996 16.47 102.8873732 1694.55504 1.54007 1104.37108
5 1996 16.82 102.8873732 1730.56562 1.56453 1126.27528
6 1996 16.84 102.8873732 1732.62336 1.59556 1126.01893
7 1996 15.65 102.8873732 1610.18739 1.59519 1044.85352
8 1996 16.45 102.8873732 1692.49729 1.48021 1096.78435
9 1996 17.38 102.8873732 1788.18255 1.55378 1157.23722
10 1996 17.27 102.8873732 1776.86493 1.63942 1148.27352
11 1996 17.98 102.8873732 1849.91497 1.62672 1193.85434
12 1996 17.67 103.7090635 1832.53915 1.69129 1180.94945
1 1997 17.99 103.7090635 1865.72605 1.67301 1200.66319
2 1997 17.91 103.7090635 1857.42933 1.70094 1193.62300
3 1997 16.90 103.7090635 1752.68317 1.69097 1124.61996
4 1997 17.05 103.7090635 1768.23953 1.59321 1133.00858
5 1997 18.33 103.7090635 1900.98713 1.60510 1216.46220
6 1997 19.25 103.7090635 1996.39947 1.72332 1275.79426
7 1997 20.25 103.7090635 2100.10854 1.80738 1340.26191
8 1997 19.82 103.7090635 2055.51364 1.89870 1309.90333
9 1997 21.23 103.7090635 2201.74342 1.85570 1401.23450
10 1997 20.61 103.7090635 2137.44380 1.98508 1358.32782
11 1997 20.82 103.7090635 2159.22270 1.92430 1370.24384
12 1997 21.35 103.9600535 2219.54714 1.94118 1406.58458
1 1998 21.33 103.9600535 2217.46794 1.99266 1403.27427
2 1998 23.40 103.9600535 2432.66525 1.98797 1537.46904
3 1998 24.99 103.9600535 2597.96174 2.17808 1639.76001
4 1998 24.42 103.9600535 2538.70451 2.32299 1600.03552
5 1998 23.35 103.9600535 2427.46725 2.26672 1527.66078
6 1998 25.00 103.9600535 2599.00134 2.16419 1633.44693
7 1998 23.94 103.9600535 2488.80368 2.31405 1561.87473
8 1998 19.06 103.9600535 1981.47862 2.21266 1241.28494
9 1998 19.79 103.9600535 2057.36946 1.75849 1287.06779
10 1998 21.51 103.9600535 2236.18075 1.82335 1397.10683
11 1998 22.57 103.9600535 2346.37841 1.97923 1463.97619
12 1998 24.74 106.3174243 2630.29308 2.07397 1639.04514
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 72.37%
GROSS ANNUAL RETURN = 19.90%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1639.05 1639.05
TOTAL RETURN 63.90% 63.90%
AVERAGE ANNUAL RETURN 17.90% 17.90%
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
1 1998 21.33 103.9600535 2217.46794 2.95323 2079.72503
2 1998 23.40 103.9600535 2432.66525 2.94628 2278.60861
3 1998 24.99 103.9600535 2597.96174 3.22803 2430.20911
4 1998 24.42 103.9600535 2538.70451 3.44280 2371.33537
5 1998 23.35 103.9600535 2427.46725 3.35939 2264.07226
6 1998 25.00 103.9600535 2599.00134 3.20744 2420.85280
7 1998 23.94 103.9600535 2488.80368 3.42954 2314.77910
8 1998 19.06 103.9600535 1981.47862 3.27927 1839.64845
9 1998 19.79 103.9600535 2057.36946 2.60617 1907.50101
10 1998 21.51 103.9600535 2236.18075 2.70229 2070.58456
11 1998 22.57 103.9600535 2346.37841 2.93333 2169.68841
12 1998 24.74 106.3174243 2630.29308 3.07373 2429.14964
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 163.03%
GROSS ANNUAL RETURN = 22.56%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2429.15 2429.15
TOTAL RETURN 142.91% 142.91%
AVERAGE ANNUAL RETURN 20.53% 20.53%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1998 19.06 103.9600535 1981.47862 1000.00000
9 1998 19.79 103.9600535 2057.36946 1.41667 1036.88344
10 1998 21.51 103.9600535 2236.18075 1.46892 1125.53274
11 1998 22.57 103.9600535 2346.37841 1.59450 1179.40382
12 1998 24.74 106.3174243 2630.29308 1.67082 1320.44230
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 32.74%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1320.44 1320.44
TOTAL RETURN 32.04% 32.04%
