AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL 26, 2000
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. 5 [x]
and
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [x]
Amendment No. 21
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) 351-5225
NAME AND ADDRESS OF AGENT FOR SERVICE:
Michael E. Huss, 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) of Rule 485.
|X| on May 1, 2000 pursuant to paragraph (b) of Rule 485.
[ ] 60 days after filing pursuant to paragraph (a)(i) of Rule 485.
[ ] on (date) pursuant to paragraph (a)(i) of Rule 485.
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 (a)
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
(g) Organizational Expenses................... N/A
7. General Description of Variable Annuity Contracts
(a) Persons with Rights....................... Important Policy Provisions;
Policy Distributions;
Voting Rights
(b) (i) Allocation of Premium
Payments............................ Introduction and Summary: How
the Policy Operates; Dollar
Cost Averaging; STEP Program;
Asset Allocation Program
(ii) Transfers........................... Transfers
(iii) Exchanges........................... N/A
(c) Changes................................... Variable Investment Options;
Policy Distributions
(d) Inquiries................................. Miscellaneous: Do You Have
Questions?
8. Annuity Period............................ Policy Distributions
9. Death Benefit............................. Death Benefits
10. Purchases and Contract Value
(a) Purchases................................. Policy Application and
Issuance
(b) Valuation................................. Accumulation Value
(c) Daily Calculation......................... Accumulation Value
(d) Underwriter............................... Distributor of the Policies
2
<PAGE>
11. Redemptions
(a) By Owners................................. Withdrawals
By Annuitant.............................. N/A
(b) Check Delay............................... Policy Application and
Issuance
(c) Lapse..................................... N/A
(d) Free Look................................. Introduction and Summary
12. Taxes..................................... Federal Tax Matters
13. Legal Proceedings......................... Legal Proceedings
14. Table of Contents for the Statement of
Additional Information.................... Statement of Additional
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................ Historical Performance Data
22. Annuity Payments.......................... (Prospectus) Annuity Payments
23. Financial Statements...................... Financial Statements
3
<PAGE>
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 the Depositor... Directors and Officers of the
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 Contractowners.................. 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
4
<PAGE>
PROSPECTUS: May 1, 2000
ULTRA-ACCESS
Flexible Payment
Variable Deferred Annuity Policy
This Prospectus describes 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 30 variable options (where you
The investment portfolios offered have the investment risk) with investment portfolios
through the Policy may have names that from:
are nearly the same or similar to the
names of retail mutual funds. However, THE ALGER AMERICAN FUND
these investment portfolios are not the DEUTSCHE ASSET MANAGEMENT VIT FUNDS
same as those retail mutual funds, even FEDERATED'S INSURANCE SERIES
though they have similar names and may FIDELITY'S VARIABLE INSURANCE PRODUCTS FUND AND
have similar characteristics and the VARIABLE INSURANCE PRODUCTS FUND II
same managers. The investment MFS VARIABLE INSURANCE TRUST
performance of these investment MORGAN STANLEY DEAN WITTER UNIVERSAL FUNDS
portfolios is not necessarily related to PIONEER VARIABLE CONTRACTS TRUST
the performance of the retail mutual SCUDDER VARIABLE LIFE INVESTMENT FUND
funds. The investment portfolios are T. ROWE PRICE EQUITY SERIES, FIXED INCOME SERIES
described in separate prospectuses that AND INTERNATIONAL SERIES
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.
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 of the Statement of Additional Information 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.
Please Read This Prospectus Carefully. It
provides information you should consider before
investing in a Policy. Keep this Prospectus and
the prospectuses for the investment portfolios
for future reference.
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 OR GOVERNMENT AGENCY
o MAY NOT ACHIEVE THEIR GOALS
UNITED OF OMAHA, Variable Product Services, P. O. Box 8430, Omaha, Nebraska
68103-0430 1-800-238-9354
<PAGE>
- -
- -----------------------------------------------------------
CONTENTS
PAGE(S)
------------------------------------------------ --------
DEFINITIONS 3
------------------------------------------------ --------
INTRODUCTION AND SUMMARY 4-8
Comparison to Other Policies and
Investments
How the Policy Operates
Summary of Charges and Expenses
Examples of Expenses
------------------------------------------------ --------
FINANCIAL STATEMENTS 9-10
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ABOUT US 11
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INVESTMENT OPTIONS 12-20
Variable Investment Options
Fixed Rate Options
Transfers
Dollar Cost Averaging
STEP Program
Asset Allocation Program
Rebalancing Program
------------------------------------------------ --------
IMPORTANT POLICY PROVISIONS 21-24
Policy Application and Issuance
Accumulation Value
Telephone Transactions
Death of Annuitant
Delay of Payments
Minor Owner or Beneficiary
Policy Termination
------------------------------------------------ --------
EXPENSES 24-25
Mortality and Expense Risk Charge
Administrative Charges
Transfer Fee
Premium Tax Charge
Other Taxes
Other Expenses; Investment Advisory Fees
------------------------------------------------ --------
POLICY DISTRIBUTIONS 26-30
Withdrawals
Annuity Payments
Death Benefits
------------------------------------------------ --------
FEDERAL TAX MATTERS 31-33
Taxation of Nonqualified Policies
Taxation of Qualified Policies
Possible Tax Law Changes
------------------------------------------------ --------
MISCELLANEOUS 34
Distributor of the Policies
Voting Rights
Distribution of Materials
Legal Proceedings
Do You Have Questions?
------------------------------------------------ --------
STATEMENT OF ADDITIONAL INFORMATION 35
------------------------------------------------ --------
2
<PAGE>
- -----------------------------------------------------------
DEFINITIONS
ACCUMULATION UNIT is a measurement of value in a particular Subaccount prior to
the Annuity Starting Date. Purchase payments that are invested in the variable
investment options are used to purchase Accumulation Units. The Policy sets
forth the calculation of the value of Accumulation Units.
ACCUMULATION VALUE is the dollar value of all amounts accumulated under the
Policy (in both the variable investment options and the fixed investment
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 is the Ultra-Access, a variable annuity policy with no withdrawal charge
offered by us through this Prospectus.
POLICY YEAR is measured from the annual anniversary dates of the date of issue
of the Policy.
SERIES FUNDS are diversified, open-end investment management companies in which
the Variable Account invests.
SUBACCOUNT is a segregated account within the Variable Account investing in a
specified investment portfolio of one of the Series Funds.
US, WE, OUR, UNITED OF OMAHA 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 is United of Omaha Separate Account C, a separate account
maintained by us.
VARIABLE ANNUITY UNIT is a measurement of value in a particular Subaccount after
the Annuity Starting Date. The Policy sets forth the calculation of the value of
Variable Annuity Units.
WRITTEN NOTICE is written notice, signed by you, that gives us the information
we require and is received at United of Omaha, Variable Product Services, 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, AND YOU SHOULD READ THE
ENTIRE PROSPECTUS CAREFULLY.
The ULTRA-ACCESS Policy described in this Prospectus is a contract between
you and United of Omaha Life Insurance Company. The Policy is a variable annuity
policy, which means that you can allocate your purchase payments to up to 30
different variable investment options, where you can gain or lose money on your
investment. The variable investment options are not direct investments in mutual
funds, but are Subaccounts of the Variable Account. Each Subaccount in turn
invests in a particular investment portfolio. You can also allocate your
purchase payment 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 invest 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 a
penalty tax may apply.
The accumulation phase ends and the annuity payout phase begin 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
A significant advantage of the Policy is that it
provides the ability to accumulate capital on a
tax-deferred basis. The purchase of a Policy to
fund a tax-qualified retirement account does not
provide any additional tax deferred treatment
beyond the treatment provided by the
tax-qualified retirement plan itself. However,
the Policy does provide benefits such as
lifetime income payments, family protection
through death benefits, guaranteed fees, and
asset allocation models.
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; and
o 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 risks, 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 value of the Policy.
o Federal income tax liability on any earnings generally is deferred until
you receive a distribution from the Policy.
o You can make transfers from one underlying investment portfolio to another
without tax liability.
o Dividends and capital gains distributed by the investment portfolios are
automatically reinvested.
o 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
purchase payments.
o Most states grant you a short time period to review your Policy and cancel
it for a return of premium paid. The terms of this "right to examine"
period vary by state (see the cover of your Policy).
o We, not you, own the shares of the underlying investment portfolios. You
have interests in our Subaccounts that invest in the investment portfolios
that you select.
4
<PAGE>
o HOW THE POLICY OPERATES
The following chart summarizes how the Policy operates. For more
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
purchase payment equivalents).
o Minimum additional purchase payment is $500.
o No additional purchase payments will be
accepted after earlier of the Annuity
Starting Date or your 88th birthday.
--------------------------------------------------
------------------------------------------------------------------
DEDUCTIONS BEFORE ALLOCATING PURCHASE PAYMENTS
In some states we are required to pay premium taxes, which
may be up to 3.5% of the purchase payment you make. The
amount of premium tax we are required to pay in your state
may be deducted from your purchase payment, upon surrender,
upon the death of an Owner, or at the Annuity Starting Date.
The timing of the deduction will vary in accordance with
state law.
------------------------------------------------------------------
---------------------------------------------------------------------------
INVESTMENT OF PURCHASE PAYMENTS
You direct the allocation of all net purchase payments among the
30 Subaccounts of the Variable Account, the fixed account and
the systematic transfer accounts. 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 assessed on each Policy anniversary
(waived if Accumulation Value is more than $50,000).
o $10 fee for transfers among the Subaccounts and the fixed account (first 12
transfers per Policy Year are free).
o Investment advisory fees and operating expenses are deducted from the
assets of each investment portfolio.
-----------------------------------------------------------------------------
-------------------------------------------------------------------------
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, earnings on amounts you have invested in the fixed
account and the systematic transfer accounts, 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 Subaccounts.
o Accumulation Value can be transferred among the Subaccounts and the
fixed account.
o Dollar cost averaging, asset allocation and rebalancing programs are
available.
o Accumulation Value is the starting point for calculating certain
values under the Policy, such as the Cash Surrender Value and the
death benefit.
----------------------------------------------------------------------
5
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------- ------------------------------------------------
<S> <C>
ACCUMULATION VALUE BENEFITS DEATH BENEFITS
o You can withdraw all or part of the Cash Surrender o Available as a lump-sum or under a variety
Value. of payment options.
o Fixed and variable annuity payout options are o If you die by accident, you may receive
available. double the death benefit that would be
paid if death was not by accident as a
result of the accidental death benefit.*
*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 $10 each
Policy Year:
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 management fees and other expenses
for each investment portfolio for 1999. Expenses could be higher
(or lower) in the future. These expenses may reflect fee waivers
and/or expense reimbursements. Fee waivers and expense
reimbursements can be terminated at any time.
6
<PAGE>
<TABLE>
<CAPTION>
Series Fund Annual Expenses/1 Total Portfolio
(as a percentage of average net assets) Management Other Expenses Annual Expenses
Fees ( after (after fee waiver
Portfolio: (after fee expense and expense
waiver)(a) reimbursement)(a)reimbursement)(a)
================================================= ================ ================ ===================
<S> <C> <C> <C>
Alger American Growth 0.75% 0.04% 0.79%
Alger American Small Capitalization 0.85% 0.05% 0.90%
Deutsche VIT EAFE Equity Index Fund (a) 0.26% 0.39% 0.65%
Deutsche VIT Small Cap Equity Index Fund (a) 0.13% 0.32% 0.45%
Federated Prime Money Fund II (a) 0.50% 0.23% 0.73%
Federated Fund for U.S. Govt. Securities II (a) 0.60% 0.18% 0.78%
Fidelity VIP II Asset Manager (a) 0.58% 0.12% 0.70%
Fidelity VIP II Contrafund (a) 0.58% 0.07% 0.65%
Fidelity VIP Equity Income (a) 0.48% 0.08% 0.56%
Fidelity VIP II Index 500 (a) 0.24% 0.04% 0.28%
MFS Capital Opportunities Series (a) 0.75% 0.16% 0.91%
MFS Emerging Growth Series 0.75% 0.09% 0.84%
MFS Global Governments Series (a) 0.75% 0.16% 0.91%
MFS High Income Series (a) 0.75% 0.16% 0.91%
MFS Research Series 0.75% 0.11% 0.86%
MSDW Emerging Markets Equity (a) 0.42% 1.37% 1.79%
MSDW Fixed Income (a) 0.14% 0.56% 0.70%
Pioneer Equity-Income 0.64% 0.06% 0.70%
Pioneer Growth Shares 0.65% 0.11% 0.76%
Pioneer Fund 0.63% 0.07% 0.70%
Pioneer Midcap Value Fund 0.65% 0.11% 0.76%
Pioneer Real Estate Growth (a) 1.00% 0.14% 1.14%
Scudder VLIF Global Discovery (b), (d) 0.98% 0.90% 1.88%
Scudder VLIF Growth and Income (b) 0.48% 0.32% 0.80%
Scudder VLIF International 0.85% 0.18% 1.03%
T. Rowe Price Equity Income (c) 0.00% 0.85% 0.85%
T. Rowe Price International Stock (c) 0.00% 1.05% 1.05%
T. Rowe Price Limited Term Bond (c) 0.00% 0.70% 0.70%
T. Rowe Price New America Growth (c) 0.00% 0.85% 0.85%
T. Rowe Price Personal Strategy Balanced (c) 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
-------------------------------------- ------------------ --------------- -------------------
Deutsche VIT EAFE Equity Index Fund 0.45% 0.69% 1.l5%
Deutsche VIT Small Cap Equity Index
Fund 0.35% 0.83% 1.18%
Federated Prime Money Fund II 0.50% 0.48% 0.98%
Federated Fund for U.S. Govt.
Securities II 0.60% 0.43% 1.03%
Fidelity VIP II Asset Manager 0.58% 0.13% 0.71%
Fidelity VIP II Contrafund 0.58% 0.09% 0.67%
Fidelity VIP Equity Income 0.48% 0.09% 0.57%
Fidelity VIP II Index 500 0.24% 0.10% 0.34%
MFS Capital Opportunities 0.75% 0.27% 1.02%
MFS Global Governments 0.75% 0.30% 1.05%
MFS High Income 0.75% 0.22% 0.97%
MSDW Emerging Markets Equity 1.25% 1.37% 2.62%
MSDW Fixed Income 0.40% 0.56% 0.96%
Pioneer Real Estate Growth 1.00% 0.30% 1.30%
-------------------------------------- ------------------ --------------- -------------------
(b) Other Expenses include a 0.25% 12b-1 fee assessed for payment of
distribution administration expenses.
(c) T. Rowe Price Funds do not itemize management fees and other expenses.
(d) Effective May 1, 2000, Scudder Kemper Investments has agreed to waive all or
a portion of its management fees to limit the expenses of the Global Discovery
Portfolio to 1.50% of the portfolio's average daily net assets. These expenses
will remain in effect until at least April 30, 2001.
- -------------------------------------------------------------------------------------------------------
</TABLE>
- --------
/1 The fee and expense data regarding each Series Fund, which are fees and
expenses for 1999, was provided to United of Omaha by the respective Series
Fund. The Series Funds are not affiliated with United of Omaha. We have not
independently verified these figures.
7
<PAGE>
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 Policy with expenses of other variable annuity policies. These examples
assume that the fee waiver and expense reimbursements limits set forth in the
table above will be received.
========================================== ========================
Examples/2 Policy is surrendered,
An Owner would pay the following annuitized, or
expenses on a $1,000 investment, continued in force at
assuming a 5% annual return on assets if: end of the time
- ------------------------------------------ ------------------------
Portfolio 1Yr 3Yr 5Yr 10Yr
------
Alger American Growth 25 78 137 311
Alger American Small Capitalization 26 82 143 324
- ------------------------------------------ ----- ----- ----- ------
------
Deutsche VIT EAFE Equity Index Fund 24 74 129 293
Deutsche VIT Small Cap Equity Index Fund 22 68 118 268
- ------------------------------------------ ----- ----- ----- ------
Federated Prime Money Fund II 24 76 134 303
Federated Fund for U.S. Govt. Securities 25 78 137 309
II
- ------------------------------------------ ----- ----- ----- ------
Fidelity VIP II Asset Manager 24 76 132 299
Fidelity VIP II Contrafund 24 74 129 293
Fidelity VIP Equity Income 23 71 124 282
Fidelity VIP II Index 500 20 62 109 246
- ------------------------------------------ ----- ----- ----- ------
MFS Capital Opportunities Series 26 82 144 326
MFS Emerging Growth Series 26 82 144 326
MFS High Income Series 25 80 140 317
MFS Research Series 26 82 144 326
MFS Global Governments Series 26 81 141 319
- ------------------------------------------ ----- ----- ----- ------
MSDW Emerging Markets Equity 35 110 192 436
MSDW Fixed Income 24 76 132 299
- ------------------------------------------ ----- ----- ----- ------
Pioneer Midcap Value Fund 25 77 135 307
Pioneer Real Estate Growth 28 89 156 355
Pioneer Equity-Income 24 76 132 299
Pioneer Growth Shares 25 77 135 307
Pioneer Fund 24 76 132 299
- ------------------------------------------ ----- ----- ----- ------
Scudder VLIF Global Discovery 36 113 197 448
Scudder VLIF Growth & Income 25 79 138 312
Scudder VLIF International 27 86 150 341
- ------------------------------------------ ----- ----- ----- ------
T. Rowe Price Equity Income 26 80 140 318
T. Rowe Price International Stock 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. These examples are based on each investment portfolio's expenses for
1999. Actual expenses paid may be greater than or less than those shown, subject
to the guarantees in the Policy. The assumed 5% annual rate of return is
hypothetical and should not be considered a representation of past or future
annual returns, which may be greater or less than this assumed rate.
- --------
/2 The $30 annual Policy Fee is reflected as a daily 0.10% charge in these
examples, based on an average Accumulation Value of $30,000.
For more detailed information about the Policy,
Please read the rest of this Prospectus and the Policy.
8
<PAGE>
- -----------------------------------------------------------
FINANCIAL STATEMENTS
The financial statements for United of Omaha and the Variable Account and the
related independent auditors reports are contained in the Statement of
Additional Information. (See the cover page on how to get a copy.) At December
31, 1999, net assets of the Subaccounts were represented by the following
Accumulation Unit values and Accumulation Units. This information should be read
in conjunction with the Variable Account's financial statements and related
notes included in the Statement of Additional Information.
<TABLE>
<CAPTION>
Accumulation Unit Accumulation Unit Number of
Subaccount Value on Value at End of Accumulation Units
(Date of Inception) Commencement Date Year at End of Year**
($)* (December 31) (December 31)
($)*
- ------------------------------------------- -------- --------------------- ---------------------
<S> <C> <C> <C>
ALGER AMERICAN GROWTH (8/14/98) 10.000
1998..................................... 12.140 226
1999..................................... 15.977 9,754
ALGER AMERICAN SMALL CAPITALIZATION 10.000
(8/14/98)
1998..................................... 11.351 32
1999..................................... 16.022 944
FEDERATED PRIME MONEY FUND II (8/14/98) 1.000
1998..................................... 1.011 392
1999..................................... 1.041 297,968
FEDERATED FUND FOR U.S. GOVT. SECURITIES 10.000
II (8/14/98)
1998..................................... 10.251 0
1999..................................... 10.027 8,245
FIDELITY VIP II ASSET MANAGER (8/14/98) 10.000
1998..................................... 11.114 0
1999..................................... 12.605 6,876
FIDELITY VIP II CONTRAFUND (8/14/98) 10.000
1998..................................... 11.595 0
1999..................................... 14.177 11,263
FIDELITY VIP EQUITY INCOME (8/14/98) 10.000
1998..................................... 10.980 343
1999..................................... 11.489 11,265
FIDELITY VIP II INDEX 500 (8/14/98) 10.000
1998..................................... 11.569 111
1999..................................... 13.719 12,092
MFS EMERGING GROWTH SERIES (8/14/98) 10.000
1998..................................... 11.915 0
1999..................................... 20.652 3,780
MFS HIGH INCOME SERIES (8/14/98) 10.000
1998..................................... 9.534 170
1999..................................... 9.986 6,032
MFS RESEARCH SERIES (8/14/98) 10.000
1998..................................... 11.270 0
1999..................................... 13.757 5,220
MFS CAPITAL OPPORTUNITIES SERIES (8/14/98) 10.000
1998..................................... 11.600 184
1999..................................... 16.827 5,123
MFS GLOBAL GOVERNMENTS SERIES (8/14/98) 10.000
1998..................................... 10.570 38
1999..................................... 10.143 698
MSDW EMERGING MARKETS EQUITY (8/14/98) 10.000
1998..................................... 9.893 0
1999..................................... 17.416 31
MSDW FIXED INCOME (8/14/98) 10.000
1998..................................... 10.272 0
1999..................................... 9.941 1,066
9
<PAGE>
PIONEER MIDCAP VALUE FUND (8/14/98) 10.000
1998..................................... 9.744 0
1999..................................... 10.405 2,255
PIONEER REAL ESTATE GROWTH (8/14/98) 10.000
1998..................................... 9.282 34
1999..................................... 8.758 312
SCUDDER VLIF GLOBAL DISCOVERY (8/14/98) 10.000
1998..................................... 10.744 0
1999..................................... 12.166 1,244
SCUDDER VLIF GROWTH AND INCOME (8/14/98) 10.000
1998..................................... 10.647 0
1999..................................... 11.081 1,596
SCUDDER VLIF INTERNATIONAL (8/14/98) 10.000
1998..................................... 10.381 363
1999..................................... 15.784 68,385
T. ROWE PRICE EQUITY INCOME (8/14/98) 10.000
1998..................................... 10.892 0
1999..................................... 11.117 9,711
T. ROWE PRICE INTERNATIONAL (8/14/98) 10.000
1998..................................... 10.747 0
1999..................................... 13.931 70,922
T. ROWE PRICE LIMITED TERM BOND (8/14/98) 10.000
1998..................................... 10.248 155
1999..................................... 10.170 6,958
T. ROWE PRICE NEW AMERICA GROWTH (8/14/98) 10.000
1998..................................... 11.353 0
1999..................................... 12.596 1,201
T. ROWE PRICE PERSONAL STRATEGY BALANCED 10.000
(8/14/98)
1998..................................... 10.770 0
1999..................................... 11.490 5,486
* Accumulation Unit values are rounded to the nearest hundredth of a cent.
** Number of Accumulation Units is rounded to the nearest unit.
</TABLE>
10
<PAGE>
- -----------------------------------------------------------
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, beginning with 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,
1999, 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 Company, Moody's
Investors Service, Inc., Standard & Poor's, and Duff & Phelps Credit Rating
Company. 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 Variable Account.
11
<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 (although allocations to
the systematic transfer accounts are limited to initial purchase payments and
rollovers only). Allocations must be in whole percentages and total 100%.
You can choose among 30 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 investment
portfolio, including its performance history,
refer to the prospectus for that investment
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 30 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 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
investment portfolios. We do not make any representations about their future
performance. The investment 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.
12
<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 stock of emerging growth companies
- ------------------- -----------------------------------------------------------------------------------------
Alger American Fund -
ALGER AMERICAN SMALL CAPITALIZATION PORTFOLIO (1) Long-term capital appreciation.
- ------------------- ---------------------------------------------------- ------------------------------------
Common stock of small capitalization companies.
- ------------------- -----------------------------------------------------------------------------------------
Deutsche Asset Management VIT Funds -
DEUTSCHE VIT SMALL CAP EQUITY INDEX FUND PORTFOLIO Long-term capital appreciation.
(12)
- ------------------- -----------------------------------------------------------------------------------------
Common stock of small capitalization companies.
- ------------------- ---------------------------------------------------- ------------------------------------
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 non-U.S. companies.
- ------------------- -----------------------------------------------------------------------------------------
Scudder Variable Life Investment Fund -
SCUDDER VLIF INTERNATIONAL PORTFOLIO (9) Long-term capital appreciation.
- ------------------- ---------------------------------------------------- ------------------------------------
Common stock of non-U.S. companies.
- ------------------- -----------------------------------------------------------------------------------------
Scudder Variable Life Investment Fund -
SCUDDER VLIF GLOBAL DISCOVERY PORTFOLIO (9) Long-term capital appreciation.
- ------------------- -----------------------------------------------------------------------------------------
Common stock of small U.S. and non-U.S. companies.
- ------------------- -----------------------------------------------------------------------------------------
Morgan Stanley Dean Witter Universal Funds, Inc. -
MSDW EMERGING MARKETS EQUITY PORTFOLIO (6) Long-term capital appreciation.
- ------------------- ---------------------------------------------------- ------------------------------------
Equity securities of growth companies located in
"emerging" foreign countries (countries whose
economies are less economically mature than those
of developed nations).
- ------------------- -----------------------------------------------------------------------------------------
Deutsche Asset Management VIT Funds - Long-term capital appreciation.
DEUTSCHE VIT EAFE EQUITY INDEX FUND PORTFOLIO (12)
- ------------------- -----------------------------------------------------------------------------------------
Common stock of non-U.S. companies.
- ------------------- -----------------------------------------------------------------------------------------
MFS Variable Insurance Trust -
BOND - MFS HIGH INCOME SERIES PORTFOLIO (5) High current income.
HIGH YIELD
- ------------------- ---------------------------------------------------- ------------------------------------
High yield, lower-rated bonds or comparable
unrated securities.
- ------------------- -----------------------------------------------------------------------------------------
T. Rowe Price Equity Series, Inc. -
T. ROWE PRICE NEW AMERICA GROWTH PORTFOLIO (11) Long-term capital appreciation.
GROWTH
- ------------------- -----------------------------------------------------------------------------------------
Common stock of U.S. growth companies.
- ------------------- -----------------------------------------------------------------------------------------
13
<PAGE>
MFS Variable Insurance Trust - Long-term capital appreciation
MFS RESEARCH SERIES PORTFOLIO (5) and future income.
------------------ -----------------------------------------------------------------------------------------
Common stock or comparable securities of
companies expected to possess better-than-average
prospects for long-term growth.
- ------------------- -----------------------------------------------------------------------------------------
Fidelity Variable Insurance Products Fund II -
FIDELITY VIP II CONTRAFUND PORTFOLIO (3) Long-term capital appreciation.
- ------------------- ---------------------------------------------------- ------------------------------------
Common stock of companies, foreign and domestic,
which the fund manager believes are currently
undervalued.
- ------------------- -----------------------------------------------------------------------------------------
Alger American Fund -
ALGER AMERICAN GROWTH PORTFOLIO (1) Long-term capital appreciation.
- ------------------- ---------------------------------------------------- ------------------------------------
Equity securities of companies with total market
capitalization of $1 billion or more.
- ------------------- -----------------------------------------------------------------------------------------
Pioneer Variable Contracts Trust -
PIONEER MIDCAP VALUE FUND PORTFOLIO (8) Long-term capital appreciation.
- ------------------- ---------------------------------------------------- ------------------------------------
Securities of mid-size companies, which the fund
manager believes are currently undervalued.
- ------------------- ---------------------------------------------------- ------------------------------------
MFS Variable Insurance Trust -
MFS CAPITAL OPPORTUNITIES SERIES PORTFOLIO (5) Capital appreciation.
- ------------------- ---------------------------------------------------- ------------------------------------
Common stock and related securities of foreign
and domestic companies.
- ------------------- -----------------------------------------------------------------------------------------
Pioneer Variable Contracts Trust - Capital appreciation.
PIONEER GROWTH SHARES PORTFOLIO (8)
- ------------------- ---------------------------------------------------- ------------------------------------
Common stock and equity securities of U.S. companies.
- ------------------- -----------------------------------------------------------------------------------------
GROWTH & Fidelity Variable Insurance Products Fund II - Capital appreciation
INCOME FIDELITY VIP II INDEX 500 PORTFOLIO (3) with current income.
- ------------------- ---------------------------------------------------- ------------------------------------
Common stock of companies that comprise the S&P
500 index.
- ------------------- -----------------------------------------------------------------------------------------
Scudder Variable Life Investment Fund - Long-term capital appreciation
SCUDDER VLIF GROWTH AND INCOME PORTFOLIO (9) with current income.
- ------------------- ---------------------------------------------------- ------------------------------------
Common and preferred stock, and securities
convertible into common stock, of companies that
offer the prospect for growth while paying
current dividends.
- ------------------- -----------------------------------------------------------------------------------------
Pioneer Variable Contracts Trust -
PIONEER FUND PORTFOLIO (8) Current income and capital
appreciation.
- ------------------- -----------------------------------------------------------------------------------------
Equity securities, primarily of U.S. companies.
- ------------------- -----------------------------------------------------------------------------------------
T. Rowe Price Equity Series, Inc. - Dividend income and long-term
T. ROWE PRICE EQUITY INCOME PORTFOLIO (11) capital appreciation.
EQUITY
INCOME
- ------------------- -----------------------------------------------------------------------------------------
Common stock 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.
- ------------------- -----------------------------------------------------------------------------------------
Pioneer Variable Contracts Trust - Current income and long-term
PIONEER EQUITY-INCOME PORTFOLIO (8) capital appreciation.
- ------------------- -----------------------------------------------------------------------------------------
Income producing equity securities of U.S. companies.
- ------------------- -----------------------------------------------------------------------------------------
T. Rowe Price Equity Series, Inc. -
T. ROWE PRICE PERSONAL STRATEGY BALANCED PORTFOLIO Capital appreciation and income.
(11)
BALANCED
- ------------------- -----------------------------------------------------------------------------------------
Diversified portfolio of stock, bonds and money
market securities.
- ------------------- -----------------------------------------------------------------------------------------
Fidelity Variable Insurance Products Fund II -
FIDELITY VIP II ASSET MANAGER PORTFOLIO (3,4) High total return.
- ------------------- ---------------------------------------------------- ------------------------------------
Diversified portfolio of domestic and foreign
stock, bonds, short-term and money market
securities.
- ------------------- -----------------------------------------------------------------------------------------
MFS Variable Insurance Trust -
BOND - MFS GLOBAL GOVERNMENTS SERIES PORTFOLIO (5) Income and capital appreciation.
INTERNATIONAL
- ------------------- -----------------------------------------------------------------------------------------
Foreign and U.S. government bonds or other debt securities.
- ------------------- -----------------------------------------------------------------------------------------
Federated Insurance Series -
FEDERATED FUND FOR U.S. GOVT. SECURITIES II Current income.
PORTFOLIO (2)
BOND -
DOMESTIC
- ------------------- -----------------------------------------------------------------------------------------
U.S. government securities.
- ------------------- -----------------------------------------------------------------------------------------
T. Rowe Price Fixed Income Series, Inc. -
T. ROWE PRICE LIMITED TERM BOND PORTFOLIO (11) Current income.
- ------------------- ---------------------------------------------------- ------------------------------------
Short- and intermediate-term investment grade
debt securities.
- ------------------- -----------------------------------------------------------------------------------------
Morgan Stanley Dean Witter Universal Funds, Inc. -
MSDW FIXED INCOME PORTFOLIO (7) Current income.
- ------------------- ---------------------------------------------------- ------------------------------------
Diversified portfolio of fixed income securities.
- ------------------- ---------------------------------------------------- ------------------------------------
Federated Insurance Series -
MONEY MARKET FEDERATED PRIME MONEY FUND II PORTFOLIO (2) Current income.
- ------------------- -----------------------------------------------------------------------------------------
High quality fixed income securities maturing in
13 months or less.
- ------------------- -----------------------------------------------------------------------------------------
</TABLE>
(*) 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.
14
<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 Investment Management Company.
(3) Fidelity Management & Research Company.
(4) Fidelity Management & 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 Investment Management Inc.
(7) Miller Anderson & Sherrerd, LLP.
(8) Pioneer Investment Management, Inc.
(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.
(12) Bankers Trust Company.
The investment advisers of the Series Funds and the investment portfolios
are described in greater detail 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 Funds 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 we cannot guarantee that any of the
portfolios will always be available. We retain the right to change the
investments of the Variable Account. 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.
15
<PAGE>
o FIXED RATE OPTIONS
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 fixed account
disclosures in this Prospectus.
There are three fixed rate options: a fixed account and two systematic
transfer accounts. With fixed rate options, we bear the investment risk. This
means we guarantee that you will earn a minimum interest rate. This minimum
interest rate is guaranteed to yield at least 3% per year, compounded annually.
We may declare a higher current interest rate. Whatever interest rate we declare
will be guaranteed for at least one year. However, you bear the risk that we
will not credit more interest than will yield 3% per year for the life of the
Policy. 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 additional details
regarding the fixed investment options, see the Policy.
o SYSTEMATIC TRANSFER ACCOUNTS
A systematic transfer account is the fixed rate option used if you elect
(when you buy the Policy) to participate in the systematic transfer enrollment
program ("STEP program"). You may only elect one program: 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. You cannot transfer amounts from the STEP program to the fixed account.
The allocation and the predetermined dollar amount may not be changed once the
STEP program is elected. You must have a minimum of $5,000 in your 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 to be transferred into the Policy pursuant
to an Internal Revenue Code Section 1035 exchange or an 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). We may credit a different rate of interest to the four-month account
than to the 12-month account. 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. The systematic transfer
accounts may not be used to practice "market timing", and we may disallow
transactions involving this account on that basis.
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
the minimum interest rate which is guaranteed to
yield 3% per year (compounded annually).
The fixed account and the systematic transfer accounts are part of our
general account assets. Our 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 interest which will yield at least 3% per year, compounded
annually. However, we have complete discretion to declare interest in excess of
the guaranteed minimum rate, or not to declare any excess interest. 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 to the
fixed account.
We guarantee that, at any time prior to the Annuity Starting Date or the
death of the Owner, the amount in your fixed account or systematic transfer
account will not be less than:
(i) the amount of purchase payment allocated or Accumulation Value
transferred to the fixed account or systematic transfer account, plus
(ii) interest at a rate which is guaranteed to yield 3% per year, plus
(iii)excess interest (if any) credited to amounts in the fixed account or
systematic transfer account, less
(iv) premium taxes or other taxes allocable to the fixed account or
systematic transfer account, and less
(v) any amounts deducted from the fixed account or systematic transfer
account in connection with partial withdrawals or transfers to the
Variable Account.
16
<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. Subject to restrictions during the
"right to examine period" and 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 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 Subaccounts are free. The rest
cost $10 each. This fee is deducted from the amount transferred. You cannot
make more than 24 transfers in a Policy Year.
o A transfer from the fixed account:
- - may be made only once each Policy Year;
- - is free;
- - may be delayed up to six months (30 days in West Virginia);
- - 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 initial transfer during that year.
o We reserve the right to limit transfers, or to modify transfer privileges.
and we reserve the right to changes the transfers rules at any time.
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,
STEP, 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. Third-party transfers are subject to the same rules as all other
transfers.
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 a higher Accumulation 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 from which transfers are being made to begin
dollar cost averaging.
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 during that year. There is no maximum
transfer amount limitation out of the Subaccounts.
o Dollar cost averaging program transfers cannot begin before the end
of a Policy's "right to examine"period.
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 "right to examine" 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.
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<PAGE>
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 Subaccount. 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. You cannot transfer amounts from the STEP program to the fixed account.
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. We may credit a different interest
rate on amounts in a systematic transfer account than on amounts in the fixed
account.
STEP PROGRAM RULES:
You cannot transfer amounts from the STEP
program to the fixed account.
o The STEP program is free.
o Can only be selected on the initial application.
o Must have at least $5,000 in a systematic transfer account to begin the
program.
o You may only participate in one systematic transfer account, but not both.
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 Transfers must be at least $50 per Subaccount.
o No new purchase payments may be allocated to this 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 an IRA rollover or transfer.
o 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 "right to examine" period.
o You may specify 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, the 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 "right to examine"
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 does not protect
against a loss, and otherwise is not guaranteed
to achieve your goal.
The asset allocation program allows you to allocate purchase payments and
policy value among designated Subaccounts and the fixed account. 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.
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 an authorized telephone transaction.
o 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.
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<PAGE>
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.
o The asset allocation program will automatically rebalance your accumulation
Value in the Subaccounts to the model you select on an annual basis, unless
you designate semiannual or quarterly rebalancing. Your Accumulation Value
will be rebalanced to the then-current version of the model in effect.
o The Series Funds that are included in a model may change from period to
period. Your election to use a model will remain in effect, without regard
to changes in the funds in that model, unless you provide us with changed
instructions.
The asset allocation program does not protect against a loss, and otherwise is
not guaranteed to achieve your goal.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
ASSET ALLOCATION MODELS
CURRENT ALLOCATIONS*
- ------------------------------------ ------------- ------------- ----------- -------------- ------------
Portfolio Principal Portfolio Income Capital Equity
Conserver Protector Builder Accumulator Maximizer
(conservative)(moderately (moderate) (moderately (aggressive)
conservative) aggressive)
% % % % %
<S> <C> <C> <C> <C> <C>
MFS Emerging Growth Series 3 5
Alger American Small Capitalization 5 10
Deutsche Small Cap Equity Index 3 4 6 7
VIT Fund
Pioneer Real Estate Growth 4 5 6
T. Rowe Price International Stock 6 7 12
Scudder VLIF International 15
Deutsche EAFE Equity Index VIT Fund 5 7 9 9 10
MFS High Income Series 5 5 5
T. Rowe Price New America Growth 5 7 9
MFS Capital Opportunities Series 4 8 10 10 9
Fidelity VIP II Index 500 5 10 10 11 12
Pioneer Equity Income 7 10 10 8 6
Fidelity VIP Equity Income 5 9 11
MFS Global Governments Series 5 6 6
T. Rowe Price Limited Term Bond 43 32 20 15
MSDW Fixed Income 6
Federated Prime Money Fund II 20 13 5
- --------------------------------------------------------------------------------------------------------
* WE RETAIN THE RIGHT TO CHANGE MODEL ALLOCATIONS OR TO SUBSTITUTE
PORTFOLIO OPTIONS THEREIN IN FUTURE 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, Inc. 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 among
designated Subaccounts and the fixed account pursuant to your instructions on a
quarterly, semiannual, or annual basis. Rebalancing utilizes your allocation
instructions in effect at the end of any 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 be effective
when the next rebalancing occurs.
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<PAGE>
REBALANCING PROGRAM RULES:
The rebalancing program does not protect against
a loss, and otherwise is not guaranteed to
achieve your goal.
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.
o If you elect the asset allocation program, your Accumulation Value in the
Subaccounts will automatically be rebalanced to the model you select on an
annual basis, unless you elect semiannual or quarterly rebalancing. Your
Accumulation Value will be rebalanced to the then-current version of the
model in effect.
The rebalancing program does not protect against a loss and may not achieve your
investment goal.
20
<PAGE>
- ----------------------------------------------------------------------
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 reserve the right to reject any
application or purchase payment for any reason.
If your application is in good order upon receipt, we will credit your
initial net purchase payment to the Policy's Accumulation Value in accordance
with the "right to examine" rules in your state 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 of the Policy.
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 for details.
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." 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.
- - Mustbe at least $5,000; $2,000 if payment is made via our electronic fund
transfer program and you elect to make additional electronic fund
transfer payments of $100 per month, or quarterly, semiannual or annual
payment equivalents. We have the right to change these payment
requirements.
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<PAGE>
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 sooner of (i) the Policy anniversary
following your 88th birthday (78th birthday in Pennsylvania) or (ii)
your Annuity Starting Date.
o 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).
- - You may 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 Written Notice or
authorized telephone transaction.
- - 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 "right to examine"
period may be subject to special requirements.
"Right to Examine" Period Allocations:
-------------------------------------
RETURN OF VALUE STATES. In states that permit us to refund your Accumulation
Value upon your cancellation of the Policy during the "right to examine" period,
we will allocate your initial purchase payment to your selected Subaccounts on
the date of issue of the Policy.
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
"right to examine" 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 "right to examine" period specified by the state
of issue, plus five days from the date we mail the Policy to you. (Since the
"right to examine" 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 "right to
examine" 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.
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 the purchase payment or transfer 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 applicable 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 the 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.
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<PAGE>
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 Accumulation
Unit values.
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 any systematic transfer account on any Business
Day equals:
(a) the value at the Policy 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 transfer 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 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 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 DELAY OF PAYMENTS
We will usually pay any amounts from the Variable Account requested as a
partial withdrawal or cash surrender within seven days after we receive your
Written Notice. We can postpone such payments or any transfers out of a
Subaccount if: (i) the NYSE is closed for other than customary weekend and
holiday closings; (ii) trading on the NYSE is restricted; (iii) an emergency
exists as determined by the SEC, 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 (iv) the SEC permits delay
for the protection of security holders. The applicable rules of the SEC will
govern as to whether the conditions in (iii) or (iv) exist.
We may defer payments of partial withdrawals or a cash surrender from the
fixed account for up to six months (30 days in West Virginia) from the date we
receive your Written Notice.
23
<PAGE>
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 owns the Policy in his or her 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 the assistance 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 will 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.
-----------------------------------------------------------
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%
(.0038626% 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 (0.0005485%
Administrative daily), deducted daily from the
Expense Charge net 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.
24
<PAGE>
o TRANSFER FEE
$10 per Subaccount transfer after 12 free
transfers each Policy Year.
The first 12 transfers from Subaccounts, and all transfers from the fixed
account or the systematic transfer accounts are free. A transfer fee of $10 may
be imposed for any transfer in excess of 12 per Policy Year. The transfer fee is
deducted from the amount transferred. 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, STEP program 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) we are obliged to remit 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.
o OTHER EXPENSES;
INVESTMENT ADVISORY FEES
See the 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 the Series Fund
annual expenses table in the INTRODUCTION AND SUMMARY section at the beginning
of this Prospectus.
25
<PAGE>
- -----------------------------------------------------------
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 that may 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. 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, as well as any amounts required by state law to be
withheld for state income taxes.
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<PAGE>
o 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 effective annual rate which
is guaranteed to yield 3% on an annual basis. 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 an interest rate which is
guaranteed to yield 3% on an annual basis. Current interest rates, 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, and 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 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 the
assumed investment rate 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 the assumed interest rate, 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 by completing an election form that you
can request from us at any time. The Annuity Starting Date is the date that
annuity payments begin. The Annuity Starting Date may not be any earlier than
the second Policy anniversary. 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.
o 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
Variable Annuity Units of another Subaccount, 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.
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<PAGE>
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 your annuity payout option by completing an election form that
you can request from us at any time. 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 payout 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 remaining alive, you may surrender your Policy and
receive the commuted value of any unpaid payments. However, if your payments
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
(DESCRIBED BELOW), IT IS POSSIBLE THAT ONLY ONE ANNUITY PAYMENT WOULD BE MADE
UNDER THE 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:
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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.
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 illustrated by 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 an amount
computed using either the Lifetime Monthly Income Table set forth in the
Policy (based on the 1983 Table "A" mortality table) 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 FOR THE LIFETIME INCOME OPTION Guaranteed Period - An
amount of monthly income is guaranteed for a specified number of years, and
thereafter as long as the Annuitant lives. Guaranteed Amount - An amount of
monthly income is guaranteed 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.
6) ALTERNATIVE SCHEDULES. We may be able to accommodate making annuity
payments under other options, including joint and survivor periods. Contact
us for more information.
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<PAGE>
o DEATH BENEFITS
We will pay the death benefit 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 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.
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.
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- -------------------------------------------------------
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. This
discussion of federal income tax considerations relating to the Policy is based
upon our understanding of laws as they now exist and are currently interpreted
by the Internal Revenue Service ("IRS").
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.
o TAXATION OF NONQUALIFIED POLICIES
If a non-natural 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.
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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 Nonqualified 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."
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<PAGE>
o 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 the purchase of a Policy to fund a tax-qualified
retirement account does not provide any additional tax deferred treatment of
earnings beyond the treatment provided by the tax-qualified retirement plan
itself. However, the Policy does provide benefits such as lifetime income
payments, family protection through death benefits, guaranteed fees and asset
allocation models that most retirement plans do not provide.
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<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.
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.
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<PAGE>
o POSSIBLE TAX LAW CHANGES
Although the likelihood of legislative change 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 ("Distributors") to distribute Policies.
All persons selling the Policy will be registered representatives of the
Distributors, and may also be licensed as insurance agents to sell variable
annuities. 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 distributors may be up to 7 1/2% of purchase
payments. We may also pay other distribution expenses such as production
incentive bonuses, including non-cash awards. These distribution expenses do not
result in any charges under the Policy that are not described under the EXPENSES
section of the Prospectus.
o VOTING RIGHTS
As required by law, 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 Series
Funds. The Series Funds may not hold routine annual shareholder meetings.
As a Policy Owner, you may have a voting interest in the Series Fund you are
invested in. You will receive proxy material, reports, and other materials
relating to each Series Fund in which you have voting interests.
o DISTRIBUTION OF MATERIALS
We will distribute proxy statements, updated prospectuses and other
materials to you from time to time. In order to achieve cost savings, we may
send consolidated mailings to several owners with the same last name who share a
common address or post office box in accordance with the rules of the Securities
and Exchange Commission.
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 Services, P.O. Box 8430, Omaha,
Nebraska 68103-0430. Telephone 1-800-238-9354.
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- -------------------------------------------------------------------------------
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
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
Records and Reports
Distribution of the Policies
Custody of Assets
-------------------------------------- --------
Historical Performance Data 5-9
Money Market Yields
Other Subaccount Yields
Average Annual Total Returns
Other Performance Information
-------------------------------------- --------
Other Information 9
-------------------------------------- --------
Financial Statements 9
-------------------------------------- --------
<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, 2000 by calling
1-800-238-9354 or by writing to us at: United of Omaha, Variable Product
Services, 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, 2000
CONTENTS PAGE(S)
-------------------------------------- ---------
The Policy - General Provisions 2-3
Owner and Joint Owner
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
Records and Reports
Distribution of the Policies
Custody of Assets
-------------------------------------- ---------
Historical Performance Data 5-9
Money Market Yields
Other Subaccount Yields
Average Annual Total Returns
Other Performance Information
-------------------------------------- ---------
Other Information 9
-------------------------------------- ---------
Financial Statements 9
-------------------------------------- ---------
<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, as well as the data page and any riders
to the Policy 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 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 it has been in force
during the lifetime of the Owner for two years from the date of its Issue.
MISSTATEMENT OF AGE OR SEX
We may require proof of the Annuitant's age before making any life annuity
payment provided for by the Policy. If the Annuitant's age or sex has been
misstated, the Annuity Starting Date and monthly annuity payments will be
determined using the correct age and sex.
If a misstatement of age or sex results in monthly annuity payments that are
too large, the overpayments will be deducted from future monthly 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.
2
<PAGE>
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.
FEDERAL TAX MATTERS
TAX STATUS OF THE POLICY
DIVERSIFICATION REQUIREMENTS. Section 817(h) of the Internal Revenue Code
(the "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 the 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.
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.
3
<PAGE>
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 Department
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. 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 agents and 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") is 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, 1999, we paid
$566,991 in total compensation to MOIS; of this amount MOIS retained $226,599 as
concessions for its services as Principal Underwriter and for distribution
concessions, with the remaining amount paid to other broker-dealers. In 1998,
these amounts were $8,627 and $152 respectively.
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.
4
<PAGE>
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 12/31/99, this current
annualized yield is 3.39%.
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. Yield figures
will not reflect the withdrawal charge.
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 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 Accumulation 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:
5
<PAGE>
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 to an initial investment of $1,000 under a Policy to
the redemption value of that investment as of the last day of each of the
periods. Average annual total returns will be calculated using Subaccount
Accumulation Unit values which we calculate at the end of each Valuation Period
based on the performance of the Subaccount's underlying portfolio, the
deductions for (a) the annual Policy fee; (b) the administrative expense charge;
and (c) the mortality and expense risk charge. The $30 annual Policy fee is
reflected as an annual 0.10% charged daily in the calculation of average annual
total returns, based on an anticipated average Accumulation Value of $30,000.
The calculation also assumes surrender of the Policy at the end of the period
for the return quotation. The total return will then be calculated according to
the following formula:
P(1+TR) n = ERV
Where:
P =-- a hypothetical initial purchase payment of $1,000
TR =-- the average annual total return.
ERV =-- the ending redeemable value of the hypothetical account at the
end of the period.
n =-- the number of years in the period.
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>
============================================== ============= =============
SUBACCOUNT 1 Year From
AVERAGE ANNUAL TOTAL RETURN Ended Inception
Subaccount (date of inception) 12/31/99 To 12/31/99
%
- ---------------------------------------------- ------------- -------------
Alger American Growth (8/14/98) 31.54% 32.21%
Alger American Small Capitalization 41.07% 22.05%
(8/14/98)
Federated Prime Money Fund II (8/14/98) 2.85% 2.99%
Federated Fund for U.S. Govt.
Securities II (8/14/98) -2.28% 2.72%
Fidelity VIP II Asset Manager (8/14/98) 13.33% 14.51%
Fidelity VIP II Contrafund (8/14/98) 22.19% 23.00%
Fidelity VIP Equity Income (8/14/98) 4.54% 9.01%
Fidelity VIP II Index 500 (8/14/98) 18.51% 22.18%
MFS Emerging Growth Series (8/14/98) 73.86% 43.54%
MFS High Income Series (8/14/98) 4.66% 2.51%
MFS Research Series (8/14/98) 21.99% 19.10%
MFS Capital Opportunities Series (8/14/98) 45.01% 31.90%
MFS Global Governments Series (8/14/98) -4.15% 1.09%
MSDW Emerging Markets Equity (8/14/98) 91.58% 7.80%
MSDW Fixed Income (8/14/98) -3.30% 2.68%
Pioneer Midcap Value Fund (8/14/98) 11.16% 1.84%
Pioneer Real Estate Growth (8/14/98) -5.80% -8.11%
Scudder VLIF Global Discovery (8/14/98) 62.95% 30.21%
Scudder VLIF Growth & Income (8/14/98) 3.99% 6.52%
Scudder VLIF International (8/14/98) 51.99% 27.21%
T. Rowe Price Personal Strategy Balanced (8/14/98) 6.59% 10.56%
T. Rowe Price Equity Income (8/14/98) 1.97% 7.49%
T. Rowe Price International (8/14/98) 31.12% 17.59%
T. Rowe Price Limited Term Bond (8/14/98) -0.86% 2.84%
T. Rowe Price New America Growth (8/14/98) 10.87% 14.74%
============================================== ============= =============
THE FIGURES ABOVE ARE AN INDICATION OF PAST, BUT NOT FUTURE, PERFORMANCE OF THE
APPLICABLE SUBACCOUNTS AVAILABLE UNDER THE POLICY.
7
<PAGE>
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:
<TABLE>
<CAPTION>
================================================= ========= ========= ============ ============
SUBACCOUNT 1 Year 5 Years 10 Years Since
"ADJUSTED HISTORICAL" Ended Ended Ended Inception
AVERAGE ANNUAL TOTAL RETURN TABLE 12/31/99 12/31/99 12/31/99 to 12/31/99
Subaccount (date of inception of corresponding % % % %
portfolio)
- ------------------------------------------------- --------- --------- ------------ ------------
<S> <C> <C> <C> <C>
Alger American Growth (1/9/89) 31.54% 28.78% 20.85% 21.01%
Alger American Small Capitalization (9/21/88) 41.07% 20.61% 16.25% 18.84%
Deutsche VIT EAFE Equity Index Fund (3/20/98) 25.49% - - 15.04%
Deutsche VIT Small Cap Equity Index Fund (3/20/98) 18.17% - - 7.49%
Federated Prime Money Fund II (11/21/94) 2.85% 3.11% - 3.09%
Federated Fund for U.S. Govt. Securities (3/28/94) -2.28% 3.89% - 3.58%
Fidelity VIP II Asset Manager (1/3/95) 13.33% 18.14% - 18.17%
Fidelity VIP II Contrafund (1/3/95) 22.19% 25.59% - 25.63%
Fidelity VIP Equity Income (10/9/86) 4.54% 16.64% 12.58% 11.88%
Fidelity VIP II Index 500 (8/27/92) 18.51% 26.04% - 19.05%
MFS Emerging Growth Series (7/24/95) 73.86% - - 34.16%
MFS High Income Series (7/26/95) 4.66% - - 6.40%
MFS Research Series (7/26/95) 21.99% - - 20.79%
MFS Capital Opportunities Series (8/14/96) 45.01% - - 29.44%
MFS Global Governments Series (6/14/95) -4.15% 2.60% - 2.30%
MSDW Emerging Markets Equity (10/1/96) 91.58% - - 10.25%
MSDW Fixed Income (1/2/97) -3.30% - - 3.51%
Pioneer Midcap Value Fund (3/1/95) 11.16% - - 11.35%
Pioneer Equity-Income (2/26/99) N/A N/A N/A N/A
Pioneer Growth Shares (10/9/99) N/A N/A N/A N/A
Pioneer Fund (5/3/99) N/A N/A N/A N/A
Pioneer Real Estate Growth (3/1/95) -5.80% - - 6.86%
Scudder VLIF Global Discovery (5/2/97) 62.95% - - 33.12%
Scudder VLIF Growth & Income (5/1/97) 3.99% - - 11.05%
Scudder VLIF International (5/1/87) 51.99% 18.55% 11.36% 11.63%
T. Rowe Price Personal Strategy Balanced (12/31/94) 6.59% 14.59% - 14.58%
T. Rowe Price Equity Income (3/31/94 1.97% 16.67% - 15.47%
T. Rowe Price International (3/31/94) 31.12% 13.30% - 11.56%
T. Rowe Price Limited Term Bond (5/13/94) -0.86% 3.78% - 3.61%
T. Rowe Price New America Growth (3/31/94) 10.87% 21.98% - 18.79%
- ------------------------------------------------- --------- --------- ------------ ------------
</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.
8
<PAGE>
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
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, 1999 and for the years ended December
31, 1999 and 1998 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, 1999 and 1998, and for the years ended December 31, 1997, 1998 and
1999 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 the ability of United
of Omaha to meet its obligations under the Policies. They should not be
considered as bearing on the investment performance of the assets held in the
Variable Account.
9
<PAGE>
- -----------------------------------------------------------
FINANCIAL STATEMENTS
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, 1999, 1998 AND 1997
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 (the
"Company") (a wholly-owned subsidiary of Mutual of Omaha Insurance Company) as
of December 31, 1999 and 1998, 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, 1999. 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,
which practices differ from generally accepted accounting principles. The
effects on such financial statements of the differences between the statutory
basis of accounting and generally accepted accounting principles are described
in Note 13.
In our opinion, because of the effects of the matters discussed in the preceding
paragraph, the financial statements 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, 1999 and 1998, or the results of
its operations or its cash flows for each of the three years in the period ended
December 31, 1999.
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, 1999 and
1998, and the results of its operations and its cash flows for each of the three
years in the period ended December 31, 1999, on the basis of accounting
described in Note 1 to the financial statements.
11
<PAGE>
>
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. Schedule 1 - Selected Financial Data is
presented to comply with the National Association of Insurance Commissioners
Annual Statement Instructions and is not a required part of the basic financial
statements. This schedule is the responsibility of the Company's management.
This schedule has been subjected to the auditing procedures applied in our audit
of the basic financial statements and, in our opinion, is fairly stated in all
material respects when considered in relation to the basic financial statements
taken as a whole.
/s/ DELOITTE & TOUCHE LLP
Omaha, Nebraska
February 11, 2000
12
<PAGE>
<TABLE>
<CAPTION>
[UNITED OF OMAHA LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF MUTUAL OF OMAHA INSURANCE COMPANY)
STATUTORY BASIS STATEMENTS OF ADMITTED ASSETS, LIABILITIES AND SURPLUS
DECEMBER 31, 1999 AND 1998
- -----------------------------------------------------------------------------------------------------
ADMITTED ASSETS 1999 1998
<S> <C> <C>
Cash and invested assets:
Bonds $ 7,686,772,659 $7,253,217,367
Preferred stocks 0 3,954,659
Common stocks - unaffiliated 9,984,000 13,838,123
Common stocks - affiliated 95,788,706 90,269,520
Mortgage loans 655,076,191 599,396,008
Real estate occupied by the Company, net of
accumulated depreciation of $62,841,429
in 1999 and $59,318,600 in 1998 76,636,056 79,261,655
Real estate acquired in satisfaction of debt, net of
accumulated depreciation of $211,026
in 1999 and $180,255 in 1998 5,467,051 8,048,921
Investment real estate, net of accumulated depreciation
of $4,166,244 in 1999 and
$4,000,880 in 1998 2,095,524 2,260,888
Policy loans 137,852,831 133,473,608
Cash and short-term investments 78,892,569 208,351,098
Other invested assets 132,785,146 90,478,302
------------- -------------
Total cash and invested assets 8,881,350,733 8,482,550,149
Premiums deferred and uncollected 122,227,550 112,869,786
Investment income due and accrued 87,758,433 83,741,880
Electronic data processing equipment, net of accumulated depreciation
of $85,709,043 in 1999 and $83,572,760 in 1998 23,152,822 40,003,368
Receivable from parent, subsidiaries and affiliates 61,263,672 64,865,536
Other assets 108,508,586 110,226,256
Separate accounts assets 1,463,646,824 1,128,411,359
------------- -------------
Total admitted assets $ 10,747,908,620 $10,022,668,334
============== ===============
LIABILITIES
Policy reserves:
Aggregate reserve for policies and contracts $ 6,380,304,112 $6,115,600,947
Liability for premium and other deposit funds 1,828,111,153 1,767,287,656
Policy and contract claims 79,515,156 69,435,931
Other 73,438,833 73,861,169
------------- -------------
Total policy reserves 8,361,369,254 8,026,185,703
Interest maintenance reserve 27,418,733 28,297,114
Asset valuation reserve 122,704,340 99,408,763
General expenses and taxes due or accrued 34,725,171 34,224,408
Federal income taxes due or accrued 24,753,676 30,643,535
Other liabilities 55,493,246 78,153,618
Separate accounts liabilities 1,434,665,900 1,106,149,444
------------- -------------
Total liabilities 10,061,130,320 9,403,062,585
-------------- -------------
SURPLUS
Capital stock, $10 par value, 900,000 shares
authorized issued and outstanding 9,000,000 9,000,000
Gross paid-in and contributed surplus 62,723,580 62,723,580
Unassigned surplus 615,054,720 547,882,169
------------- -------------
Total surplus 686,778,300 619,605,749
------------- -------------
Total liabilities and surplus $10,747,908,620 $10,022,668,334
============== ===============
The accompanying notes are an integral part of these statutory basis financial statements.
</TABLE>
13
<PAGE>
<TABLE>
<CAPTION>
UNITED OF OMAHA LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF MUTUAL OF OMAHA INSURANCE COMPANY)
STATUTORY BASIS STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997
- ---------------------------------------------------------------------------------------------------
1999 1998 1997
Income:
<S> <C> <C> <C>
Net premiums and annuity considerations $1,140,044,210 $1,084,975,517 $1,187,103,621
Other considerations and fund deposits 275,898,803 236,637,747 293,227,972
Net investment income 612,041,206 579,276,068 587,480,573
Other income 61,053,155 44,797,965 25,019,350
------------- ------------- -------------
Total income 2,089,037,374 1,945,687,297 2,092,831,516
------------- ------------- -------------
Benefits and expenses:
Policyholder and beneficiary benefits 1,284,737,992 1,163,584,636 1,030,686,286
Increase in reserves for policyholder and
beneficiary benefits 263,438,655 262,888,025 365,393,381
Commissions 118,993,023 118,498,787 130,342,914
Operating expenses 231,963,954 225,066,608 208,126,020
Net transfers to separate accounts 101,849,962 87,759,133 278,479,918
------------- ------------- -------------
Total benefits and expenses 2,000,983,586 1,857,797,189 2,013,028,519
------------- ------------- -------------
Net gain from operations before federal
income taxes and
net realized capital gains 88,053,788 87,890,108 79,802,997
Federal income taxes 45,205,000 47,032,000 37,918,000
------------- ------------- -------------
Net gain from operations before net
realized capital gains 42,848,788 40,858,108 41,884,997
Net realized capital gains 12,124,165 8,691,807 51,537,439
------------- ------------- -------------
Net income $ 54,972,953 $ 49,549,915 $ 93,422,436
============= ============= =============
The accompanying notes are an integral part of these statutory basis financial statements.
</TABLE>
14
<PAGE>
<TABLE>
<CAPTION>
UNITED OF OMAHA LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF MUTUAL OF OMAHA INSURANCE COMPANY)
STATUTORY BASIS STATEMENTS OF CHANGES IN SURPLUS
FOR THE YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997
- --------------------------------------------------------------------------------------------------
1999 1998 1997
Capital stock:
<S> <C> <C> <C>
Balance at beginning and end of year $ 9,000,000 $ 9,000,000 $ 9,000,000
---------- ---------- ----------
Gross paid-in and contributed surplus:
Balance at beginning and end of year 62,723,580 62,723,580 62,723,580
---------- ---------- ----------
Unassigned surplus:
Balance at beginning of year 547,882,169 516,351,285 463,096,236
Net income 54,972,953 49,549,915 93,422,436
Change in net unrealized capital gains and losses 25,943,741 (1,875,466) (45,543,494)
(Increase) decrease in:
Non-admitted assets 5,596,094 3,153,680 (15,448,463)
Asset valuation reserve (23,295,577) (5,265,183) 20,352,007
Additional pension plan contribution 0 (9,732,000) 0
Change in group pension reserve valuation basis 0 0 17,437,454
Adoption of actuarial guidelines 0 0 (17,235,000)
Surplus contributed to separate account 0 0 (20,000,000)
Change in surplus in separate account 3,964,183 0 20,000,000
Other, net (8,843) (4,300,062) 270,109
---------- ---------- ----------
Balance at end of year 615,054,720 547,882,169 516,351,285
----------- ----------- -----------
Total surplus $ 686,778,300 $ 619,605,749 $ 588,074,865
=========== =========== ===========
The accompanying notes are an integral part of these statutory basis financial statements.
</TABLE>
15
<PAGE>
<TABLE>
<CAPTION>
UNITED OF OMAHA LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF MUTUAL OF OMAHA INSURANCE COMPANY)
STATUTORY BASIS STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 1999, 1998 AND 1997
- ---------------------------------------------------------------------------------------------------
1999 1998 1997
<S> <C> <C> <C>
Cash from operations:
Premiums, annuity considerations and
other fund deposits $ 1,405,400,064 $ 1,318,297,844 $ 1,467,305,934
Net investment income 592,873,645 568,917,450 572,888,599
Other income 67,077,830 38,788,628 24,599,736
Benefits (1,277,572,534) (1,167,243,929) (1,015,334,974)
Commissions and general expenses (344,072,398) (364,713,014) (358,217,598)
Federal income taxes (57,072,123) (6,095,871) (50,033,368)
Net transfers to separate accounts (104,327,662) (88,584,356) (291,034,339)
------------- ------------ -------------
Net cash from operations 282,306,822 299,366,752 350,173,990
------------- ------------ -------------
Cash from investments:
Proceeds from investments sold, redeemed or matured:
Bonds 1,522,098,100 1,193,524,488 1,061,409,895
Mortgage loans 88,676,462 146,103,815 335,103,045
Stocks 17,382,690 9,347,151 143,363,377
Real estate 4,050,000 26,750,000 37,927,500
Other invested assets 39,411,955 25,274,875 40,376,307
Tax on capital gains (7,555,834) (34,196,691) (15,797,771)
Cost of investments acquired:
Bonds (1,941,582,149) (1,502,417,064) (1,774,643,430)
Mortgage loans (141,987,030) (152,354,622) (19,862,952)
Stocks (12,911,323) (8,357,754) (23,479,436)
Other invested assets (25,079,860) (38,744,814) (27,563,717)
Real estate (1,777,668) (7,991,164) (3,082,524)
Net increase in policy loans (4,380,901) (7,849,129) (7,474,627)
------------- ------------ -------------
Net cash from investments (463,655,558) (350,910,909) (253,724,333)
------------- ------------ -------------
Cash from financing and other sources:
Decrease (increase) in receivable from parent,
subsidiaries and affiliates 53,617,926 (78,025,309) (28,781,394)
Increase (decrease) in other nonqualified deposits 58,702,188 213,068,165 (49,216,009)
Other cash provided 52,076,765 18,348,507 18,880,708
Other cash used (112,506,672) (8,691,343) (39,639,966)
------------- ------------ -------------
Net cash from financing and other sources 51,890,207 144,700,020 (98,756,661)
------------- ------------ -------------
Net change in cash and short-term investments (129,458,529) 93,155,863 (2,307,004)
Cash and short-term investments:
Beginning of year 208,351,098 115,195,235 117,502,239
------------- ------------ -------------
End of year $ 78,892,569 $ 208,351,098 $ 115,195,235
============= ============ =============
The accompanying notes are an integral part of these statutory basis financial statements.
</TABLE>
16
<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, 1999, 1998 AND 1997
- --------------------------------------------------------------------------------
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, 1999, 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-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.
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.
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 retrospective 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.
17
<PAGE>
Investment income is recorded when earned. Realized gains and losses on the
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.
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.
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 prescribed by 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 losses 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 and 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.
18
<PAGE>
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.
DERIVATIVES - The Company invests in certain derivative financial
instruments to reduce exposure to interest-rate risks associated with assets
held or liabilities incurred. Derivative financial instruments utilized by the
Company include interest-rate swaps, interest-rate caps 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.
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 are carried at fair value and
consist primarily of common stock, mutual funds and commercial paper held by the
Company for the benefit of certificate holders under specific individual and
group annuity contracts. Deposits received from, and 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. Net investment
income and realized 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>
<TABLE>
<CAPTION>
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:
Cost or Gross Gross Estimated
Amortized Unrealized Unrealized Fair
Cost Gains Losses Value
At December 31, 1999:
<S> <C> <C> <C> <C>
U.S. Government $ 46,168,157 $ 457 $ 3,177,130 $ 42,991,484
Political subdivisions 8,901,869 29,232 153,840 8,777,261
Mortgage-backed securities 548,241,963 1,154,597 20,511,842 528,884,718
Special revenue 78,011,554 1,991,241 544,672 79,458,123
Public utilities 437,618,913 5,884,840 10,832,743 432,671,010
Industrial and
miscellaneous 5,314,640,630 86,295,749 162,461,206 5,238,475,173
Collateralized mortgage
obligations 1,143,743,612 12,587,089 21,602,019 1,134,728,682
Credit-tenant loans 192,017,120 1,909,775 5,299,337 188,627,558
------------- ----------- ----------- -------------
Total $ 7,769,343,818 $ 109,852,980 $ 224,582,789 $ 7,654,614,009
============= =========== =========== =============
Bonds $ 7,688,459,932
Short-term investments 80,883,886
-------------
$ 7,769,343,818
==============
Preferred stocks $ 0 $ 0 $ 0 $ 0
============= =========== =========== =============
Common stocks - unaffiliated $ 19,336 $ 9,964,664 $ 0 $ 9,984,000
============= =========== =========== =============
The amortized cost of bonds includes $1,687,273 of non-admitted assets
related to bonds that were in or near default.
20
<PAGE>
Cost or Gross Gross Estimated
Amortized Unrealized Unrealized Fair
Cost Gains Losses Value
At December 31, 1998:
U.S. Government $ 30,199,066 $ 2,299,673 $ 62,962 $ 32,435,777
Political subdivisions 10,549,019 301,829 20 10,850,828
Mortgage-backed securities 380,824,126 15,036,684 2,221,337 393,639,473
Special revenue 52,399,410 3,220,019 0 55,619,429
Public utilities 419,752,875 21,077,425 1,270,460 439,559,840
Industrial and miscellaneous 4,991,608,991 186,244,422 32,747,478 5,145,105,935
Collateralized mortgage
obligations 1,370,459,693 38,427,779 3,697,538 1,405,189,934
Credit-tenant loans 219,090,991 20,303,274 179,976 239,214,289
------------- ----------- ---------- -------------
Total $ 7,474,884,171 $ 286,911,105 $ 40,179,771 $ 7,721,615,505
============= =========== ========== =============
Bonds $ 7,257,722,248
Short-term investments 214,404,693
-------------
$ 7,472,126,941
=============
Preferred stocks $ 3,954,659 $ 2,036,021 $ 0 $ 5,990,680
========= ========= ======== ==========
Common stocks - unaffiliated $ 165,254 $ 13,722,869 $ 50,000 $ 13,838,123
========= ========= ======== ==========
</TABLE>
The amortized cost of bonds includes $4,504,881 of non-admitted assets
related to bonds that were in or near default.
The amortized cost and estimated fair value of debt securities at December
31, 1999, 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.
<TABLE>
<CAPTION>
Amortized Estimated
Cost Fair Value
<S> <C> <C>
Due in one year or less $ 388,795,092 $ 388,940,177
Due after one year through five years 1,468,765,587 1,484,657,528
Due after five years through ten years 1,794,735,444 1,750,136,290
Due after ten years 2,425,062,120 2,367,266,614
------------- -------------
6,077,358,243 5,991,000,609
Collateralized mortgage obligations and mortgage backed
securities 1,691,985,575 1,663,613,400
------------- -------------
$ 7,769,343,818 $ 7,654,614,009
============= =============
</TABLE>
21
<PAGE>
<TABLE>
<CAPTION>
The sources of net investment income were as follows:
1999 1998 1997
<S> <C> <C> <C>
Bonds $544,343,674 $515,151,979 $501,101,332
Preferred stocks 87,536 299,096 398,794
Common stocks 161,075 145,600 448,589
Mortgage loans 49,565,958 52,305,094 70,469,627
Real estate 18,318,351 19,833,382 25,531,545
Policy loans 9,465,535 7,323,862 7,454,749
Short-term investments 7,990,378 4,961,823 4,657,874
Other (2,910,505) (1,969,054) (1,239,823)
----------- ----------- -----------
627,022,002 598,051,782 608,822,687
Investment expense (19,083,356) (22,067,317) (25,194,958)
Amortization of interest maintenance
reserve 4,102,560 3,291,603 3,852,844
----------- ----------- -----------
$612,041,206 $579,276,068 $587,480,573
=========== =========== ===========
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, 1999:
Bonds $ 5,963,118 $4,998,234 $ 964,884
Common stocks 112,286 1,716,877 (1,604,591)
Preferred stocks 1,975,380 0 1,975,380
Mortgage loans 2,313,158 0 2,313,158
Real estate 779,916 0 779,916
Other invested assets 19,800,435 647,740 19,152,695
----------- --------- -----------
$30,944,293 $7,362,851 23,581,442
========== =========
Capital gains tax (8,233,097)
Transfer to IMR (3,224,180)
----------
Net realized capital gains $12,124,165
==========
22
<PAGE>
Net
Gross Gross Realized
Realized Realized Gains
Gains Losses (Losses)
Year ended December 31, 1998:
Bonds $13,939,103 $ 239,888 $13,699,215
Common stocks 375,644 54,386 321,258
Mortgage loans 5,818,177 180,586 5,637,591
Real estate 4,248,433 697,886 3,550,547
Other 9,711,346 76,758 9,634,588
----------- ---------- -----------
$34,092,703 $1,249,504 32,843,199
========== =========
Capital gains tax (11,465,087)
Transfer to IMR (12,686,305)
----------
Net realized capital gains $ 8,691,807
=========
Net
Gross Gross Realized
Realized Realized Gains
Gains Losses (Losses)
Year ended December 31, 1997:
Bonds $ 8,303,767 $ 5,237,203 $ 3,066,564
Common stocks 64,382,938 4,130,324 60,252,614
Mortgage loans 1,519,891 5,317,698 (3,797,807)
Real estate 2,799,542 5,108,653 (2,309,111)
Derivative instruments 7,544 8,910,996 (8,903,452)
Other 24,572,499 48,747 24,523,752
----------- ----------- -----------
$101,586,181 $28,753,621 72,832,560
=========== ==========
Capital gains tax (25,411,492)
Transfer to IMR 4,116,371
-----------
Net realized capital gains $51,537,439
===========
</TABLE>
Proceeds from the sale of bonds were $321,474,524, $141,015,129 and
$265,701,061 during 1999, 1998 and 1997, respectively.
The Company invests in mortgage loans collateralized principally by
commercial real estate. The maximum and minimum lending rates for mortgage loans
during 1999 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 $652,163,412 and $645,961,540 at December 31, 1999
and 1998, 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, 1999 and 1998 were as follows:
1999 1998
Texas $ 76,057,533 $ 43,616,098
California 49,904,476 39,923,263
Florida 46,980,000 28,948,059
New York 40,206,436 17,553,448
Alabama 34,241,544 34,492,873
Nebraska 31,536,113 34,078,520
All other states 376,150,089 400,783,747
----------- -----------
$655,076,191 $599,396,008
=========== ===========
At December 31, 1999, the Company held non-performing loans of $441,432.
There were no restructured mortgage loans at December 31, 1999. There were no
non-performing or restructured mortgage loans at December 31, 1998.
Securities with an amortized cost of $5,417,960 and $5,493,285 were on
deposit with government agencies at December 31, 1999 and 1998, 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
$27,155,005 as of December 31, 1999. The Company also has commitments to fund
mortgage loans of approximately $20,142,500 as of December 31, 1999. 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.
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, 1999:
<S> <C> <C> <C> <C> <C> <C>
Interest-rate swaps $ 202,500,000 $ 0 $ 880,563 2002 - 2003 6.97 % 6.23 %
============== ==== =========
Interest-rate caps $ 685,000,000 $ 2,950,371 $ 3,484,314 2000 - 2004 0 0
============= =========== ===========
Equity-linked notes $ 101,000,000 $ 2,360,800 $ 89,887,364 2001 -2016 0 0
============= =========== ============
AT DECEMBER 31, 1998:
Interest-rate swaps $ 202,500,000 $ 0 $(9,712,510) 2002 - 2003 6.97 % 6.50 %
============== ==== =============
Interest-rate caps $ 600,000,000 $ 2,924,037 $ 632,846 2000 - 2003 0 0
============= =========== ==========
Equity-linked notes $ 101,000,000 $ 3,541,200 $ 62,670,541 2001 - 2016 0 0
============= =========== ===========
</TABLE>
24
<PAGE>
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 $200,000,000 at a cost of approximately
$8,900,000. 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 $200,000,000. 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.
The tax returns for 1993 through 1995 are currently under examination by the
Internal Revenue Service ("IRS"). Management believes the result of this
examination 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 $31,615,000 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 Mutual of Omaha and certain subsidiaries (the
"Companies") in a noncontributory defined benefit plan covering all United
States employees meeting certain minimum requirements. Retirement benefits are
based upon years of credited service and final average earnings history.
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 31%, 28% and 30% of the total Companies' salary
expense in 1999, 1998 and 1997, respectively. The Companies expensed
contributions of $12,971,440, $10,254,308 and $7,972,335 in 1999, 1998 and 1997,
respectively. Total benefit costs were $26,101,000, $26,160,000 and $24,148,000
in 1999, 1998 and 1997, respectively. Plan assets include United of Omaha Life
Insurance Company guaranteed investment contracts of $291,281,000 and
$267,183,000 at December 31, 1999 and 1998, respectively. 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 was contributed for 1998.
At December 31, 1998, the Companies recorded a direct charge to surplus of
$37,540,647, which represented an additional contribution of $57,814,647, net of
tax. The Company's share of this contribution was $9,731,808, net of tax. The
valuation date for the pension benefit amounts in the table below is January 1,
1999.
The Companies also provide certain postretirement medical and life insurance
benefits to employees hired before January 1, 1995. Benefits are based on hire
date, age and years of service. The cost of these postretirement benefits is
allocated to the Companies in accordance with an intercompany cost-sharing
agreement. Plan assets are invested in a United of Omaha Life Insurance Company
investment contract. The Companies use the accrual method of accounting for
postretirement benefits and elected to amortize the original transition
obligation over 20 years. Employer contributions for other benefits were
$3,684,000, $2,709,000 and $2,600,000 during the years ended December 31, 1999,
1998 and 1997, respectively. Total benefit costs were $10,129,600, $9,853,410
and $11,602,000 in 1999, 1998 and 1997, respectively.
25
<PAGE>
<TABLE>
<CAPTION>
January 1, December 31,
Pension Benefits Other Benefits
---------------------- ---------------------
1999 1998 1999 1998
<S> <C> <C> <C> <C>
Benefit obligation $ 475,851,413 $ 445,896,799 $ 90,913,152 $ 88,227,132
Fair value of plan assets 458,944,992 389,955,899 9,564,322 5,641,539
----------- ----------- ---------- ----------
Funded status $ (16,906,421) $ (55,940,900) $(81,348,830) $(82,585,593)
=========== =========== ========== ============
Pension Benefits Other Benefits
----------------- ----------------
Weighted average assumptions 1999 1998 1999 1998
Discount rate 6.55 % 6.73 % 7.75 % 7.00 %
Expected return on plan assets 9.00 % 9.00 % N/A N/A
Rate of compensation increase 5.00 % 5.00 % N/A N/A
Health care cost trend rate N/A N/A 5.00 % 5.00 %
</TABLE>
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 benefit obligation as of December 31, 1999 by
approximately $6,200,000 and the estimated eligibility and interest cost
components of the net periodic postretirement benefit costs for 1999 by
approximately $800,000.
The Companies sponsor various savings and investment plans. The expense for
defined contribution plans was $10,526,000, $6,472,000 and $14,817,000 in 1999,
1998 and 1997, respectively.
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 paid $302,133, $410,598 and $427,447 during 1999, 1998 and 1997,
respectively, to Kirkpatrick, Pettis, Smith, Polian, Inc., an affiliate, for
equity investment management services. In addition, the Company paid assignment
fees of $750 to MOSSCO-CT for the year ended December 31, 1999, $7,500 to
MOSSCO-CT for the year ended December 31, 1998, and $165,000 to MOSSCO-NY and
MOSSCO-CT for the year ended December 31, 1997.
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:
<TABLE>
<CAPTION>
1999 1998
<S> <C> <C>
Aggregate reserve for policies and contracts $ 91,073,753 $84,042,215
========== ==========
Policy and contract claims $100,988,273 $98,669,575
=========== ==========
1999 1998 1997
Premium considerations $440,864,375 $387,138,546 $378,854,027
=========== =========== ===========
Policyholder and beneficiary benefits $370,484,415 $337,101,103 $286,033,083
=========== =========== ===========
Group reinsurance settlement expense
(included in operating expenses) $ 25,391,147 $ 18,777,060 $ 10,405,717
=========== =========== ===========
</TABLE>
26
<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 1999 and 1998 related
premiums to the Company and the Company pays 90% of the related benefits, in
1999 and 1998, respectively. The total amounts assumed by the Company relating
to the treaties with Companion were as follows:
1999 1998
Aggregate reserve for policies and contracts $67,290,793 $47,633,504
========== ==========
Policy and contract claims $ 2,740,908 $ 2,916,924
========== ==========
The amounts assumed by the Company from Companion and included in the
statutory statements of income were as follows:
1999 1998 1997
Premium considerations $23,134,359 $19,789,981 $31,343,629
========== ========== ==========
Policyholder and beneficiary benefits $ 7,951,294 $ 7,559,683 $ 3,570,731
========== ========== ==========
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:
1999 1998 1997
Direct $ 1,567,106,907 $ 1,460,515,466 $ 1,541,126,581
Assumed:
Affiliated 23,134,359 19,789,981 31,343,629
Nonaffiliates 32,345,121 26,437,129 23,548,361
Ceded:
Affiliated (440,864,375) (387,138,546) (378,854,027)
Nonaffiliated (41,677,802) (34,628,513) (30,060,923)
-------------- -------------- -------------
Net $ 1,140,044,210 $ 1,084,975,517 $ 1,187,103,621
============= ============= =============
8. CREDIT ARRANGEMENTS
The Company and Mutual of Omaha are authorized by their Boards of Directors
to borrow a maximum of $125,000,000 on a joint basis under certain lines of
credit. At December 31, 1999, 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.
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.
27
<PAGE>
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, 1999 were approximately:
2000 $20,124,290
2001 14,722,563
2002 9,635,808
2003 5,475,019
2004 2,572,647
Thereafter 2,938,052
------------
Total $55,468,379
============
10. DEPOSIT FUNDS
The estimated fair value and statement value of guaranteed investment and
select maturity contracts were:
1999 1998
Estimated fair value $ 1,138,068,000 $ 1,346,065,000
============= =============
Statement value $ 1,406,712,000 $ 1,353,266,000
============= =============
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, 1999 and 1998, the Company held annuity reserves and deposit
fund liabilities of $2,472,653,621 and $1,877,116,893, 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
$67,777,830 in 2000.
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.
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.
28
<PAGE>
13. RECONCILIATION OF STATUTORY NET INCOME AND SURPLUS TO GAAP NET INCOME
AND EQUITY
As described in Note 1, the Company has prepared these financial statements
in conformity with statutory accounting practices prescribed or permitted by the
Insurance Department of the State of Nebraska. These practices differ from
generally accepted accounting principles (GAAP). The following tables reconcile
statutory net income to GAAP net income and statutory surplus to GAAP equity.
<TABLE>
<CAPTION>
1999 1998 1997
<S> <C> <C> <C>
Statutory net income as reported $ 54,972,953 $ 49,549,915 $ 93,422,436
Future policy benefits and policyholder
account balances 14,442,932 (36,682,957) (39,572,000)
Deferred policy acquisition costs 28,205,163 47,066,276 63,151,000
Deferred income taxes and other tax
reclassifications (6,785,000) 16,252,000 (4,793,000)
Valuation of investments 15,115,420 (118,976) 14,183,000
Earnings of subsidiaries 10,828,173 10,515,942 7,846,000
Other 2,983,278 7,916,496 (2,833,000)
----------- ---------- ------------
Net income in conformity with generally
accepted accounting principles $ 119,762,919 $ 94,498,696 $131,404,436
=========== =========== ===========
1999 1998
Statutory surplus $ 686,778,300 $ 619,605,749
Future policy benefits and policyholder
account balances (312,316,678) (325,783,497)
Deferred policy acquisition costs 845,530,005 774,559,624
Deferred income taxes (7,514,000) (130,475,000)
Valuation of investments (144,254,888) 261,236,362
Statutory asset valuation reserve 122,704,340 99,408,763
Subsidiary equity 25,350,012 36,681,569
Statutory interest maintenance reserve 27,418,733 28,297,114
Other (13,214,697) 5,138,810
------------ -----------
Equity in conformity with generally
accepted accounting principles $1,230,481,127 $1,368,669,494
============== =============
</TABLE>
14. CODIFICATION OF STATUTORY ACCOUNTING PRINCIPLES
In March 1998, the National Association of Insurance Commissioners adopted
the Codification of Statutory Accounting Principles ("Codification").
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.
29
<PAGE>
UNITED OF OMAHA LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF MUTUAL OF OMAHA INSURANCE COMPANY)
ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 1999
SCHEDULE 1 - SELECTED FINANCIAL DATA
- --------------------------------------------------------------------------------
Investment income earned:
U.S. Government bonds $ 2,888,604
Other bonds (unaffiliated) 541,455,069
Bonds (affiliated) 0
Preferred stocks (unaffiliated) 87,536
Preferred stocks (affiliated) 0
Common stocks (unaffiliated) 161,075
Common stocks (affiliated) 0
Mortgage loans 49,565,958
Real estate 18,318,351
Premium notes, policy loans and liens 9,465,535
Collateral loans 0
Cash on hand and on deposit 0
Short-term investments 7,990,378
Other invested assets 783,375
Derivative instruments (4,223,126)
Aggregate write-ins for investment income 529,247
-------
Gross investment income $627,022,002
============
Real estate owned - book value less encumbrances $ 84,198,631
============
Mortgage loans - book value:
Farm mortgages $ 0
Residential mortgages 0
Commercial mortgages 655,076,191
-----------
Total mortgage loans $655,076,191
============
Mortgage loans by standing - book value:
Good standing $654,634,759
============
Good standing with restructured terms $ 0
===
Interest overdue more than three months, not in foreclosure $ 441,432
=========
Foreclosure in process $ 0
===
Other long-term assets - statement value $114,018,939
============
Collateral loans $ 0
===
30
<PAGE>
UNITED OF OMAHA LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF MUTUAL OF OMAHA INSURANCE COMPANY)
ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 1999
SCHEDULE 1 - SELECTED FINANCIAL DATA (CONTINUED)
- --------------------------------------------------------------------------------
Bonds and stocks of subsidiaries and affiliates - book value:
Bonds $ 0
===
Preferred stocks $ 0
===
Common stocks $ 66,086,000
============
Bonds and short-term investments by class and
expected maturity; Bonds by
expected maturity - statement value:
Due within one year or less $ 955,764,084
Over 1 year and through 5 years 3,069,851,220
Over 5 years through 10 years 2,270,225,205
Over 10 years through 20 years 1,132,674,991
Over 20 years 339,141,045
-----------
Total by maturity 7,767,656,545
==============
Bonds by class - statement value:
Class 1 4,277,993,415
Class 2 3,054,217,918
Class 3 333,664,012
Class 4 97,251,871
Class 5 3,844,571
Class 6 684,758
-------
Total by class 7,767,656,545
==============
Total bonds publicly traded 3,475,922,697
==============
Total bonds privately placed 4,291,733,848
==============
Preferred stocks - statement value $ 0
===
Common stocks - market value $ 105,772,706
=============
Short-term investments - book value $ 80,883,886
============
Options, caps and floors owned - statement value $ 5,311,171
===========
Options, caps and floors written and in force - statement value $ 0
===
Collar, swap and forward agreements open - statement value $ 0
===
Futures contracts open - current value $ 0
===
Cash on deposit $ (1,991,317)
=============
31
<PAGE>
UNITED OF OMAHA LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF MUTUAL OF OMAHA INSURANCE COMPANY)
ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 1999
SCHEDULE 1 - SELECTED FINANCIAL DATA (CONTINUED)
- --------------------------------------------------------------------------------
Life insurance in force (in thousands):
Industrial $ 0
===
Ordinary $ 58,020,660
============
Credit life $ 411
=====
Group life $ 65,721,874
============
Amount of accidental death insurance in force
under ordinary policies (in thousands) $ 2,582,244
===========
Life insurance policies with disability provisions
in force (in thousands):
Industrial $ 0
===
Ordinary $ 9,283,592
===========
Credit life $ 0
===
Group life $ 37,209,356
============
Supplementary contracts in force: Ordinary -
not involving life contingencies:
Amount on deposit $ 16,935,580
============
Income payable $ 3,174,827
===========
Ordinary - involving life contingencies - income payable $ 1,521,854
===========
Group - not involving life contingencies:
Amount on deposit $ 0
===
Income payable $ 0
===
Group - involving life contingencies - income payable $ 0
===
Annuities:
Ordinary:
Immediate - amount of income payable $ 44,488,735
============
Deferred - fully paid - account balance $ 2,506,338,292
===============
Deferred - not fully paid - account balance $ 437,543,222
=============
32
<PAGE>
UNITED OF OMAHA LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF MUTUAL OF OMAHA INSURANCE COMPANY)
ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 1999
SCHEDULE 1 - SELECTED FINANCIAL DATA (CONTINUED)
- --------------------------------------------------------------------------------
Group:
Amount of income payable $ 169,310,272
=============
Fully paid - account balance $ 108,056,340
=============
Not fully paid - account balance $ 0
===
Accident and health insurance - premiums in force:
Ordinary $ 147,887
=========
Group $ 540,489,071
=============
Credit $ 0
===
Deposit funds and dividend accumulations:
Deposit funds - account balance $ 2,900,133,519
===============
Dividend accumulations - account balance $ 51,107
========
Claim payments 1999:
Group accident and health - year ended December 31, 1999:
1999 $ 0
===
1998 $ 0
===
1997 $ 0
===
1996 $ 0
===
1995 $ 0
===
Prior $ 0
===
33
<PAGE>
UNITED OF OMAHA LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF MUTUAL OF OMAHA INSURANCE COMPANY)
ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 1999
SCHEDULE 1 - SELECTED FINANCIAL DATA (CONTINUED)
- --------------------------------------------------------------------------------
Claim payments 1999:
Other accident and health:
1999 $ 0
===
1998 $ 0
===
1997 $ 0
===
1996 $ 0
===
1995 $ 0
===
Prior $ 0
===
Other coverages that use developmental methods to calculate claim reserves:
1999 $ 1,018
=======
1998 $ 916
=====
1997 $ 611
=====
1996 $ 0
===
1995 $ 0
===
Prior $ 0
===
34
<PAGE>
UNITED OF OMAHA
SEPARATE ACCOUNT C
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS' REPORT AS OF
DECEMBER 31, 1999 AND FOR THE YEARS
ENDED DECEMBER 31, 1999 AND 1998
35
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Board of Directors
United of Omaha Life Insurance Company
We have audited the accompanying statement of net assets of each of the
sub-accounts ("portfolios" that include American Growth, American Small
Capitalization, Prime Money Fund II, U.S. Government Securities II, Asset
Manager, Asset Manager: Growth, Contrafund, Equity Income (Fidelity), Growth,
Index 500, Capital Opportunities, Emerging Growth, Global Governments, High
Income, Research, Emerging Markets Equity, Fixed Income, Capital Growth, Real
Estate Growth, Bond, Global Discovery, Growth & Income, Money Market,
International (Scudder), Equity Income (T. Rowe Price), International Stock,
Limited-Term Bond, New America Growth and Personal Strategy Balanced) that
comprise United of Omaha Separate Account C (the "Separate Account") as of
December 31, 1999, and the related statements of operations and changes in net
assets for the years ended December 31, 1999 and 1998. 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 as of December 31, 1999 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 the Separate Account as of December 31, 1999, and the
results of their operations and changes in their net assets for the years ended
December 31, 1999 and 1998 in conformity with generally accepted accounting
principles.
/s/ DELOITTE & TOUCHE LLP
Omaha, Nebraska
March 31, 2000
36
<PAGE>
<TABLE>
<CAPTION>
UNITED OF OMAHA SEPARATE ACCOUNT C
STATEMENT OF NET ASSETS
DECEMBER 31, 1999
- ---------------------------------------------------------------------------------------------------
Market
Units Market Value
ASSETS Cost Outstanding Value per Unit
Investments:
Alger:
<S> <C> <C> <C> <C>
American Growth $ 51,734,990 2,449,006 $ 74,650,753 $ 30.48
American Small Capitalization 35,683,606 2,185,680 47,845,738 21.89
Federated:
Prime Money Fund II 60,045,795 51,447,904 60,219,917 1.17
U.S. Government Securities II 29,123,256 2,385,800 29,002,468 12.16
Fidelity:
Asset Manager 583,808 36,652 684,390 18.67
Asset Manager: Growth 45,365,740 2,682,326 57,747,743 21.53
Contrafund 56,842,852 3,297,195 87,727,414 26.61
Equity Income 68,962,787 4,232,981 79,103,997 18.69
Growth 1,051,323 39,917 1,424,604 35.69
Index 500 48,827,439 3,448,542 61,314,022 17.78
MFS:
Capital Opportunities 23,488,722 1,589,008 34,989,297 22.02
Emerging Growth 49,012,611 2,860,288 106,797,471 37.34
Global Governments 16,052,148 1,485,152 15,670,360 10.55
High Income 27,403,753 2,062,583 27,487,503 13.33
Research 38,749,295 2,438,674 56,842,707 23.31
Morgan Stanley Dean Witter:
Emerging Markets Equity 1,014,749 107,744 1,414,880 13.13
Fixed Income 1,830,977 170,627 1,734,240 10.16
Pioneer:
Capital Growth 7,986,502 649,244 8,017,720 12.35
Real Estate Growth 8,848,069 773,039 7,127,459 9.22
Scudder:
Bond 295,290 21,626 281,438 13.01
Global Discovery 4,257,047 302,927 6,503,532 21.47
Growth & Income 14,084,592 1,019,652 13,490,316 13.23
Money Market 239,297 195,617 239,316 1.22
International 37,713,248 2,344,482 53,416,405 22.78
T. Rowe Price:
Equity Income 72,205,142 4,058,263 76,252,217 18.79
International Stock 39,096,522 2,915,312 52,861,556 18.13
Limited-Term Bond 35,788,640 2,961,717 34,645,511 11.70
New America Growth 32,297,450 1,778,300 42,385,714 23.83
Personal Strategy Balanced 46,233,478 2,855,213 50,728,354 17.77
----------- -----------
Total invested assets $ 854,819,128 $ 1,090,607,042
============== ===============
LIABILITIES $ - $ -
---- ---
Net assets $ 854,819,128 $ 1,090,607,042
============== ===============
The accompanying notes are an integral part of these financial statements.
</TABLE>
37
<PAGE>
<TABLE>
<CAPTION>
UNITED OF OMAHA SEPARATE ACCOUNT C
STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998
- ---------------------------------------------------------------------------------------------------
Alger Federated
------------------------------------------------ -------------------------
American American Prime Money
Growth Small Capitalization Fund II
----------------------- ----------------------- -------------------------
1999 1998 1999 1998 1999 1998
<S> <C> <C> <C> <C> <C> <C>
Income:
Investment income:
Reinvested dividends and
capital gain
distributions $5,530,832 $ 5,897,690 $ 4,300,844 $ 3,823,721 $ 2,325,388 $ 1,451,901
Expenses:
Mortality and expense
risk charges 726,305 460,057 444,473 347,043 570,568 366,184
-------- -------- -------- -------- -------- -------
Net investment
income
(expense) 4,804,527 5,437,633 3,856,371 3,476,678 1,754,820 1,085,717
Net realized gains
(losses) 2,243,216 1,971,427 184,639 (255,903) - -
Net change in unrealized
gains (losses) 10,206,081 7,452,117 9,931,186 829,458 - -
----------- ---------- ---------- -------- -- --
Net increase (decrease) in
net assets from
operations 17,253,824 14,861,177 13,972,196 4,050,233 1,754,820 1,085,717
Purchases made by
policyowners 13,193,891 9,530,357 4,440,009 4,518,346 108,884,735 86,150,077
Withdrawals made by
policyowners (4,532,126) (6,812,535) (3,798,301) (3,014,435) (89,526,996)(69,514,719)
----------- ---------- ----------- ------------ ------------ -----------
Net policyowner
transactions 8,661,765 2,717,822 641,708 1,503,911 19,357,739 16,635,358
---------- ---------- -------- ---------- ----------- ----------
Increase (decrease) in
net assets 25,915,589 17,578,999 14,613,904 5,554,144 21,112,559 17,721,075
Net assets, beginning of
year 48,735,164 31,156,165 33,231,834 27,677,690 39,107,358 21,386,283
----------- ----------- ----------- ----------- ----------- ----------
Net assets, end
of year $74,650,753 $48,735,164 $47,845,738 $33,231,834 $ 60,219,917 $39,107,358
========== ============ =========== ============ ============ ============
Accumulation unit:
Purchases 572,950 522,470 295,730 345,456 97,743,427 77,323,685
Withdrawals (188,870) (376,025) (248,285) (228,697) (80,710,900)(62,393,332)
--------- ---------- ---------- --------- -----------------------
Net increase (decrease) in
units outstanding 384,080 146,445 47,445 116,759 17,032,527 14,930,353
Units outstanding,
beginning of year 2,064,926 1,918,481 2,138,235 2,021,476 34,415,377 19,485,024
---------- ---------- ---------- ---------- ----------- ----------
Units outstanding, end
of year 2,449,006 2,064,926 2,185,680 2,138,235 51,447,904 34,415,377
========== ========== ========== ========== =========== ==========
The accompanying notes are an integral part of these financial statements.
38
<PAGE>
Fidelity
- ------------------------- ----------------------------------------------------------------------
U.S. Government Asset Asset Manager:
Securities II Manager Growth Contrafund
- ------------------------- ------------------- ----------------------- -----------------------
1999 1998 1999 1998 1999 1998 1999 1998
$ 1,386,713 $ 407,214 $ 48,763 $ 81,607 $ 3,485,423 $ 5,406,960 $ 2,887,608$ 3,089,619
356,923 334,326 9,219 9,085 669,434 607,791 929,971 710,977
-------- -------- ------ ------ -------- -------- -------- -------
1,029,790 72,888 39,544 72,522 2,815,989 4,799,169 1,957,637 2,378,642
381,973 696,005 6,757 14,474 2,081,653 870,446 3,393,824 1,456,092
(1,964,520) 941,440 12,859 (5,205) 2,324,333 1,704,498 10,854,759 11,277,313
------------ -------- ------- -------- ---------- ---------- ----------- ----------
(552,757) 1,710,333 59,160 81,791 7,221,975 7,374,113 16,206,220 15,112,047
4,852,194 14,895,491 17,585 23,896 2,731,354 5,710,428 8,613,937 8,442,500
(6,146,409) (7,058,231) (44,853) (92,144) (7,063,950) (3,578,049) (7,075,286)(5,208,496)
----------- ----------- --------- --------- ----------- ----------- ----------- -----------
(1,294,215) 7,837,260 (27,268) (68,248) (4,332,596) 2,132,379 1,538,651 3,234,004
----------- ----------- -------- --------- ----------- --------- ---------- ---------
(1,846,972) 9,547,593 31,892 13,543 2,889,379 9,506,492 17,744,871 18,346,051
30,849,440 21,301,847 652,498 638,955 54,858,364 45,351,872 69,982,543 51,636,492
----------- ----------- -------- -------- ----------- ----------- ----------- ----------
$29,002,468 $30,849,440 $684,390 $652,498 $57,747,743 $54,858,364 $87,727,414 69,982,543
============ ============ ======== ========= =========== =========== =========== ==========
414,270 1,254,460 976 1,525 177,473 358,922 447,757 477,393
(516,162) (591,558) (2,602) (5,769) (370,738) (231,851) (323,860) (296,210)
---------- ---------- -------- -------- ---------- ---------- ---------- ---------
(101,892) 662,902 (1,626) (4,244) (193,265) 127,071 123,897 181,183
2,487,692 1,824,790 38,278 42,522 2,875,591 2,748,520 3,173,298 2,992,115
---------- ---------- ------- ------- ---------- ---------- ---------- ---------
2,385,800 2,487,692 36,652 38,278 2,682,326 2,875,591 3,297,195 3,173,298
========== ========== ======= ======= ========== ========== ========== =========
</TABLE>
39
<PAGE>
<TABLE>
<CAPTION>
UNITED OF OMAHA SEPARATE ACCOUNT C
STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998 (Continued)
- ---------------------------------------------------------------------------------------------------
Fidelity (continued)
------------------------------------------------------------------------
Equity Income Growth Index 500
----------------------- ---------------------- -----------------------
1999 1998 1999 1998 1999 1998
<S> <C> <C> <C> <C> <C> <C>
Income:
Investment income:
Reinvested dividends and
capital gain
distributions $3,484,880 $ 3,813,349 $ 142,681 $ 134,152 $ 597,576 $ 475,145
Expenses:
Mortality and expense
risk charges 953,450 796,919 18,153 14,853 584,535 244,317
-------- -------- ------- ------- -------- -------
Net investment
income
(expense) 2,531,430 3,016,430 124,528 119,299 13,041 230,828
Net realized gains (losses) 1,720,983 1,100,664 207,807 38,962 905,876 305,227
Net change in unrealized
gains (losses) (600,778) 2,139,634 52,183 204,637 7,615,261 4,337,279
--------- ---------- ------- -------- ---------- ---------
Net increase (decrease) in
net assets from operations 3,651,635 6,256,728 384,518 362,898 8,534,178 4,873,334
Purchases made by
policyowners 10,078,467 13,239,127 435,940 272,659 22,630,890 19,839,175
Withdrawals made by
policyowners (6,618,092) (5,968,305) (652,526) (324,590) (2,871,947) (2,204,768)
---------- ------------ ---------- ---------- ---------- ------------
Net policyowner
transactions 3,460,375 7,270,822 (216,586) (51,931) 19,758,943 17,634,407
---------- ---------- ---------- --------- ---------- ----------
Increase (decrease) in
net assets 7,112,010 13,527,550 167,932 310,967 28,293,121 22,507,741
Net assets, beginning of
year 71,991,987 58,464,437 1,256,672 945,705 33,020,901 10,513,160
----------- ----------- ---------- -------- ----------- ----------
Net assets, end of year $79,103,997 $71,991,987 $1,424,604 $1,256,672 $61,314,022 33,020,901
=========== ============ ========== =========== =========== ==========
Accumulation unit:
Purchases 627,088 851,493 14,529 12,597 1,490,382 1,509,239
Withdrawals (390,542) (383,154) (22,330) (14,262) (210,332) (189,464)
---------- ---------- --------- --------- ---------- ---------
Net increase (decrease) in
units outstanding 236,546 468,339 (7,801) (1,665) 1,280,050 1,319,775
Units outstanding,
beginning of year 3,996,435 3,528,096 47,718 49,383 2,168,492 848,717
---------- ---------- ------- ------- ---------- -------
Units outstanding, end
of year 4,232,981 3,996,435 39,917 47,718 3,448,542 2,168,492
========== ========== ======= ======= ========== =========
The accompanying notes are an integral part of these financial statements.
40
<PAGE>
MFS
- --------------------------------------------------------------------------------------------------------------------------
Capital Emerging Global High
Opportunities Growth Governments Income Research
- --------------------- --------------------------- ----------------------- ----------------------- -----------------------
1999 1998 1999 1998 1999 1998 1999 1998 1999 1998
$ 66,931 $ 34,126 $ - $ 489,487 $ 861,319 $ 179,273 $ 1,690,567 $ 1,714,934 $ 667,353 $ 1,077,367
288,480 119,210 874,802 678,228 190,155 181,446 311,397 295,312 635,281 582,668
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------
(221,549) (85,084) (874,802) (188,741) 671,164 (2,173) 1,379,170 1,419,622 32,072 494,699
541,338 49,710 5,850,262 4,564,396 66,612 103,089 (1,022,376) 479,122 4,304,401 2,087,913
9,606,220 2,151,845 41,118,570 11,325,013 (1,323,133) 895,000 991,427 (1,990,063) 6,423,949 6,571,348
---------- ---------- ----------- ----------- ------------ -------- -------- ------------ ---------- ---------
9,926,009 2,116,471 46,094,030 15,700,668 (585,357) 995,916 1,348,221 (91,319) 10,760,422 9,153,960
9,883,061 11,602,172 6,783,296 24,074,623 2,367,677 3,184,647 20,934,824 25,681,655 4,187,672 10,044,190
(1,841,770) (318,230) (12,314,536)(20,466,865) (1,943,382)(1,746,557) (20,294,051)(22,507,105)(11,981,358)(6,476,665)
------------ -------- ------------- ------------ ---------- ----------- ----------- ------------ ----------- ----------
8,041,291 11,283,942 (5,531,240) 3,607,758 424,295 1,438,090 640,773 3,174,550 (7,793,686)3,567,525
---------- ----------- ----------- ---------- -------- ---------- -------- ---------- --------------------
17,967,300 13,400,413 40,562,790 19,308,426 (161,062) 2,434,006 1,988,994 3,083,231 2,966,736 12,721,485
17,021,997 3,621,584 66,234,681 46,926,255 15,831,422 13,397,416 25,498,509 22,415,278 53,875,971 41,154,486
----------- ---------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------
$ 34,989,297 $ 17,021,997 $106,797,471 $66,234,681 $15,670,360 $15,831,422 $27,487,503 $25,498,509 $56,842,707 $53,875,971
============ ============= =========== =========== ============ =========== =========== =========== =========== ==========
596,937 857,379 293,704 1,345,849 231,787 315,249 1,606,829 1,964,939 242,371 540,416
(125,793) (31,712) (517,588) (1,152,483) (191,430) (173,297) (1,546,950)(1,691,870) (614,826) (338,022)
---------- --------- --------- ------------ ---------- ---------- ----------- ----------- ---------- ---------
471,144 825,667 (223,884) 193,366 40,357 141,952 59,879 273,069 (372,455) 202,394
1,117,864 292,197 3,084,172 2,890,806 1,444,795 1,302,843 2,002,704 1,729,635 2,811,129 2,608,735
---------- -------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------
1,589,008 1,117,864 2,860,288 3,084,172 1,485,152 1,444,795 2,062,583 2,002,704 2,438,674 2,811,129
========== ========== ========== ========== ========== ========== ========== ========== ========== =========
</TABLE>
41
<PAGE>
<TABLE>
<CAPTION>
UNITED OF OMAHA SEPARATE ACCOUNT C
STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998 (Continued)
- ----------------------------------------------------------------------------------------------------------------
Morgan Stanley Dean Witter Pioneer
------------------------------------------ ---------------------------------------------
Emerging Markets Fixed Capital Real Estate
Equity Income Growth Growth
-------------------- -------------------- ---------------------- -------------------------
1999 1998 1999 1998 1999 1998 1999 1998
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Income:
Investment income:
Reinvested dividends and
capital
gain distributions $105 $ 531 $ 79,814 $ 34,976 $ 68,141 $ 501,544 $ 437,196 $ 298,938
Expenses:
Mortality and expense
risk charges 6,421 425 19,465 2,619 96,863 83,985 81,863 72,153
------ ---- ------- ------ ------- ------- ------- - -----
Net investment
income
(expense) (6,316) 106 60,349 32,357 (28,722) 417,559 355,333 226,785
Net realized gains
(losses) 60,496 (2,895) (27,552) 1,380 (95,435) (5,064) (314,427) (29,215)
Net change in unrealized
gains (losses) 395,932 4,199 (78,482) (18,255) 992,728 (1,004,636) (419,533)(1,537,728)
-------- ------ ------- --------- -------- ------------ --------- -----------
Net increase (decrease) in
net assets from
operations 450,112 1,410 (45,685) 15,482 868,571 (592,141) (378,627)(1,340,158)
Purchases made by
policyowners 1,091,719 109,733 1,767,199 867,518 882,944 4,528,117 2,113,462 4,652,337
Withdrawals made by
policyowners (229,968) (8,126) (828,717) (41,557) (1,750,957) (432,785) (966,398) (2,194,334)
---------- -------- ------------------- ------------ ---------- --------- -----------
Net policyowner
transactions 861,751 101,607 938,482 825,961 (868,013) 4,095,332 1,147,064 2,458,003
-------- -------- -------- -------- ---------- --------- ---------- ---------
Increase (decrease) in
net assets 1,311,863 103,017 892,797 841,443 558 3,503,191 768,437 1,117,845
Net assets, beginning of
year 103,017 - 841,443 - 8,017,162 4,513,971 6,359,022 5,241,177
-------- -- -------- -- ---------- ---------- ---------- ---------
Net assets, end
of year $1,414,880 $103,017 $1,734,240 $841,443 $8,017,720 8,017,162 $7,127,459 $6,359,022
========== ========= ========== ========= =========== =========== ========= ===========
Accumulation unit:
Purchases 117,757 15,973 171,274 85,024 81,586 378,915 231,879 421,925
Withdrawals (24,726) (1,260) (81,484) (4,187) (155,031) (40,182) (109,544) (199,793)
--------- -------- --------- -------- ---------- --------- --------- ---------
Net increase (decrease) in
units outstanding 93,031 14,713 89,790 80,837 (73,445) 338,733 122,335 222,132
Units outstanding,
beginning of year 14,713 - 80,837 - 722,689 383,956 650,704 428,572
------- -- ------- -- -------- -------- -------- -------
Units outstanding, end
of year 107,744 14,713 170,627 80,837 649,244 722,689 773,039 650,704
======== ======= ======== ======= ======== ======== ======== =======
The accompanying notes are an integral part of these financial statements.
42
<PAGE>
- --------------------------------------------------------------------------------------------
Scudder
- --------------------------------------------------------------------------------------------
Global Growth & Money
Bond Discovery Income Market
- --------------------- --------------------- ----------------------- --------------------
1999 1998 1999 1998 1999 1998 1999 1998
$ 15,176 $ 24,094 $ 36,736 $ 65,852 $1,153,628 $ 799,685 $ 11,862 $ 7,255
4,559 5,317 48,432 39,278 167,247 142,819 3,426 1,955
------ ------ ------- ------- -------- -------- ------ -----
10,617 18,777 (11,696) 26,574 986,381 656,866 8,436 5,300
3,996 2,489 327,096 68,569 (11,082) 65,051 - -
(22,075) (3,266) 1,974,754 251,048 (360,096) (504,207) - -
--------- -------- ---------- -------- ---------- ---------- -- --
(7,462) 18,000 2,290,154 346,191 615,203 217,710 8,436 5,300
39,715 239,999 2,000,755 2,066,128 1,680,074 8,142,779 680,385 654,064
(222,456) (110,837) (1,731,158) (696,644) (2,534,946) (1,476,579) (563,085) (664,205)
--------- --------- ---------- ------------ ----------- ----------- ---------- ---------
(182,741) 129,162 269,597 1,369,484 (854,872) 6,666,200 117,300 (10,141)
------------------ -------- ---------- -------------------- -------- --------
(190,203) 147,162 2,559,751 1,715,675 (239,669) 6,883,910 125,736 (4,841)
471,641 324,479 3,943,781 2,228,106 13,729,985 6,846,075 113,580 118,421
-------- -------- ---------- ---------- ----------- ---------- -------- -------
$281,438 $471,641 $6,503,532 $3,943,781 $13,490,316 13,729,985 $ 239,316 $ 113,580
========= ========= ========== =========== =========== =========== ========= ==========
3,071 18,429 126,988 167,565 142,434 641,880 567,340 562,756
(16,841) (8,626) (124,061) (61,675) (198,688) (127,568) (467,837) (570,692)
--------- -------- ---------- --------- ---------- ---------- --------- ---------
(13,770) 9,803 2,927 105,890 (56,254) 514,312 99,503 (7,936)
35,396 25,593 300,000 194,110 1,075,906 561,594 96,114 104,050
------- ------- -------- -------- ---------- -------- ------- -------
21,626 35,396 302,927 300,000 1,019,652 1,075,906 195,617 96,114
======= ======= ======== ======== ========== ========== ======== ======
</TABLE>
43
<PAGE>
<TABLE>
<CAPTION>
UNITED OF OMAHA SEPARATE ACCOUNT C
STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998 (Continued)
- -------------------------------------------------------------------------------------------------------------
Scudder (continued) T. Rowe Price
----------------------- ---------------------------------------------------
Equity International
International Income Stock
----------------------- ------------------------ -------------------------
1999 1998 1999 1998 1999 1998
<S> <C> <C> <C> <C> <C> <C>
Income:
Investment income:
Reinvested dividends and
capital gain distributions $3,786,673 $4,144,357 $ 4,878,975 $ 4,108,447 $ 782,580 $ 652,192
Expenses:
Mortality and expense
risk charges 494,220 417,876 991,084 931,829 528,197 479,501
-------- -------- -------- -------- -------- -------
Net investment
income (expense) 3,292,453 3,726,481 3,887,891 3,176,618 254,383 172,691
Net realized gains (losses) 1,384,984 1,053,943 4,416,430 2,008,143 2,577,767 1,357,082
Net change in unrealized
gains (losses) 13,980,163 (22,111) (6,038,020) 271,262 10,048,430 3,646,882
----------- --------- ------------ -------- ----------- ---------
Net increase (decrease) in
net assets from operations 18,657,600 4,758,313 2,266,301 5,456,023 12,880,580 5,176,655
Purchases made by
policyowners 18,425,569 11,056,886 5,501,762 15,786,635 17,507,231 11,544,542
Withdrawals made by
policyowners (20,874,728) (9,708,314) (14,022,457) (6,417,042) (19,411,903)(10,255,941)
------------ ----------- ------------ ---------- ------------- -----------
Net policyowner
transactions (2,449,159) 1,348,572 (8,520,695) 9,369,593 (1,904,672) 1,288,601
----------- ----------- --------- ----------- ---------- -----------
Increase (decrease) in
net assets 16,208,441 6,106,885 (6,254,394) 14,825,616 10,975,908 6,465,256
Net assets, beginning of
year 37,207,964 31,101,079 82,506,611 67,680,995 41,885,648 35,420,392
---------- ----------- ----------- ----------- ----------- ----------
Net assets, end of year $53,416,405 $37,207,964 $ 76,252,217 $82,506,611 $ 52,861,556 $41,885,648
=========== =========== ============= =========== ============ =============
Accumulation unit:
Purchases 1,426,789 786,536 366,614 963,737 1,372,957 910,786
Withdrawals (1,538,304) (722,194) (745,677) (392,992) (1,469,021) (802,100)
------------ ---------- ---------- ---------- ------------ ---------
Net increase (decrease) in
units outstanding (111,515) 64,342 (379,063) 570,745 (96,064) 108,686
Units outstanding,
beginning of year 2,455,997 2,391,655 4,437,326 3,866,581 3,011,376 2,902,690
---------- ---------- ---------- ---------- ---------- ---------
Units outstanding, end
of year 2,344,482 2,455,997 4,058,263 4,437,326 2,915,312 3,011,376
========== ========== ========== ========== ========== =========
The accompanying notes are an integral part of these financial statements.
44
<PAGE>
Limited-Term New America Personal Strategy
Bond Growth Balanced Total
- ------------------------- ----------------------- ------------------------ --------------------------
1999 1998 1999 1998 1999 1998 1999 1998
$ 1,783,798 $ 1,263,338 $2,425,063 $ 831,599 $ 4,558,783 $ 3,316,357 $ 47,495,408 $ 44,125,710
392,924 260,609 492,872 428,981 622,030 571,457 11,512,749 9,187,220
-------- -------- -------- -------- -------- -------- ----------- ---------
1,390,874 1,002,729 1,932,191 402,618 3,936,753 2,744,900 35,982,659 34,938,490
(42,941) 65,295 2,150,036 481,957 1,664,651 644,781 32,960,984 19,193,140
(1,460,233) 187,916 308,903 4,721,857 (2,095,790) 2,185,079 112,475,078 56,012,354
------------ -------- -------- ---------- ---------------------- ------------ ----------
(112,300) 1,255,940 4,391,130 5,606,432 3,505,614 5,574,760 181,418,721 110,143,984
10,215,807 14,476,167 1,809,996 7,763,385 3,034,671 7,426,015 286,786,821 326,523,648
(3,161,106) (2,628,570) (5,701,573) (1,703,878) (7,421,204) (2,819,625) (256,126,239)(194,450,131)
----------- ------------ ----------- ------------ ----------- ------------ ------------- ------------
7,054,701 11,847,597 (3,891,577) 6,059,507 (4,386,533) 4,606,390 30,660,582 132,073,517
---------- ----------- ----------- ----------- ----------- ---------- ----------- -----------
6,942,401 13,103,537 499,553 11,665,939 (880,919) 10,181,150 212,079,303 242,217,501
27,703,110 14,599,573 41,886,161 30,220,222 51,609,273 41,428,123 878,527,739 636,310,238
----------- ----------- ----------- ----------- ----------- ----------- ------------ -----------
$34,645,511 $27,703,110 $42,385,714 $41,886,161 $50,728,354 $51,609,273 $1,090,607,042 878,527,739
============ ============ ============ =========== ======================== ============== ============
909,488 1,292,173 101,420 500,626 215,029 524,423
(300,553) (247,334) (264,319) (185,429) (449,889) (227,284)
---------- ---------- ---------- ---------- ---------- ---------
608,935 1,044,839 (162,899) 315,197 (234,860) 297,139
2,352,782 1,307,943 1,941,199 1,626,002 3,090,073 2,792,934
---------- ---------- ---------- ---------- ---------- ---------
2,961,717 2,352,782 1,778,300 1,941,199 2,855,213 3,090,073
========== ========== ========== ========== ========== =========
</TABLE>
45
<PAGE>
UNITED OF OMAHA SEPARATE ACCOUNT C
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998
- --------------------------------------------------------------------------------
1. NATURE OF OPERATIONS
United of Omaha Separate Account C (the "Separate Account") was established
by United of Omaha Life Insurance Company ("United") 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, however, the net assets
of the Separate Account are restricted from use in the ordinary business of
United.
A separate policyholder may allocate funds to a fixed income account, which
is part of United's general account, in addition to those sub-accounts
detailed below. Because of interests in the fixed income account has not
been registered under the Securities Act of 1933 and United has not been
registered as an investment company under the Investment Company Act of
1940, due to exemptive and exclusionary provisions under such accounts.
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:
ALGER MORGAN STANLEY DEAN WITTER
American Growth Emerging Markets Equity
American Small Capitalization Fixed Income
FEDERATED PIONEER
Prime Money Fund II Capital Growth
U.S. Government Securities II Real Estate Growth
FIDELITY SCUDDER
Asset Manager Bond
Asset Manager: Growth Global Discovery
Contrafund Growth & Income
Equity Income Money Market
Growth International
Index 500
46
<PAGE>
MFS T. ROWE PRICE
Capital Opportunities Equity Income
Emerging Growth International Stock
Global Governments Limited-Term Bond
High Income New America Growth
Research Personal Strategy Balanced
The availability of some portfolios is dependent upon the product under
which each policy was written.
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 (the date the order to buy
or sell is executed) and dividend income and capital gain distributions are
recorded on the ex-dividend date. Realized gains and losses on the sales of
investments are computed on the specific identification basis. Charges for
investment advisory fees and other expenses are reflected in the net asset
values of the mutual fund portfolios.
ANNUITY RESERVES - Annuity reserves are computed for policies receiving
annuity payments using the 1983 Individual Annuity Mortality Table. The
assumed investment return is 4.0%. The mortality risk is fully borne by
United and may result in additional amounts being transferred into the
Separate Account by United.
FEDERAL INCOME TAXES - Operations of the Separate Account are included in
the federal income tax return of United, 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.
RECLASSIFICATIONS - Certain reclassifications have been made to the prior
year amounts to conform with current year presentation with no changes to
net assets.
4. ACCOUNT CHARGES
United deducts a daily charge as compensation for the mortality and expense
risks assumed by United. The annual rate is a percentage of the net asset
value of each sub-account for the various products offered. The percentages
by product are:
Series I 1.25%
Series V 1.00%
Ultra-Access 1.40%
United guarantees that the mortality and expense charge shall not increase
above these levels.
47
<PAGE>
United may incur premium taxes relating to the policies. United 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.
Net taxable income (loss) of the Separate Account is included in the
federal income tax return of United, which is taxed as a life insurance
company under the Internal Revenue Code. No charges are currently made to
the Separate Account for taxes other than premium taxes. United reserves
the right to levy charges in the future for taxes or other economic burdens
resulting from taxes that United determines are properly attributable to
the Separate Account.
United deducts a daily administrative expense charge from the net assets of
the Separate Account. The annual rate is a percentage of the net asset
value of each sub-account by product based on the following:
Series I .15%
Series V .20%
Ultra-Access .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 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 daily charge
equivalent to an annual rate of .35% of the net assets is deducted from
each policy with this feature.
A withdrawal charge will be assessed on withdrawals in excess of an
allowable percentage of the participant's accumulation value as of the last
contract anniversary preceding the request for the withdrawal. The
allowable withdrawal percentage by product is as follows:
Series I 10%
Series V 15%
Ultra-Access 0%
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%
48
<PAGE>
All account charges are paid through the redemption of shares. Shares are
redeemed based on each policyowner's variable portfolio allocation.
There is no charge for the first 12 transfers between sub-accounts 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. United guarantees that the transfer fee will not increase above
these levels.
5. MARKET VALUE PER UNIT
The market value per unit on the Statement of Net Assets is calculated as
an aggregate valuation for all assets and all products combined for each
sub-account. The distinct market values per unit for Series I, Series V and
Ultra-Access products may differ from the aggregate amount calculated due
to differing product fees and the timing of the initial valuation of each
product.
6. NET ASSETS
The components of net assets consist of the following cumulative
investment-related accounts at December 31, 1999:
<TABLE>
<CAPTION>
Net Net Changes in
Investment Realized Unrealized
Shares Shares Income Gains Gains Net
Purchased Sold (Expense) (Losses) (Losses) Assets
Alger:
<S> <C> <C> <C> <C> <C> <C>
American Growth $ 52,213,736 $ (15,939,852 $10,672,991$ 4,791,115 $ 22,912,763 $ 74,650,753
American Small
Capitalization 41,066,184 (13,748,461) 8,204,206 161,677 12,162,132 47,845,738
Federated:
Prime Money
Fund II 372,369,397 (316,827,560) 4,678,080 - - 60,219,917
U.S. Government
Securities II 43,173,534 (17,197,121) 2,078,856 1,067,987 (120,788) 29,002,468
Fidelity:
Asset Manager 816,023 (501,613) 205,104 64,294 100,582 684,390
Asset Manager:
Growth 47,211,159 (13,885,109) 8,702,536 3,337,154 12,382,003 57,747,743
Contrafund 70,167,358 (24,876,960) 5,219,149 6,333,305 30,884,562 87,727,414
Equity Income 77,733,412 (21,345,165) 9,027,039 3,547,501 10,141,210 79,103,997
Growth 2,308,020 (2,018,291) 323,022 438,572 373,281 1,424,604
Index 500 52,993,346 (5,768,175) 271,363 1,330,905 12,486,583 61,314,022
MFS:
Capital
Opportunities 24,920,181 (2,186,780) 160,029 595,292 11,500,575 34,989,297
Emerging Growth 104,356,985 (67,565,299) (817,310) 13,038,235 57,784,860 106,797,471
Global Governments 21,748,454 (6,768,139) 947,758 124,075 (381,788) 15,670,360
High Income 85,333,706 (62,142,589) 3,358,663 853,973 83,750 27,487,503
Research 55,764,194 (25,497,602) 801,991 7,680,712 18,093,412 56,842,707
Morgan Stanley Dean
Witter:
Emerging Markets
Equity 1,201,452 (238,094) (6,210) 57,601 400,131 1,414,880
Fixed Income 2,634,717 (870,274) 92,706 (26,172) (96,737) 1,734,240
49
<PAGE>
(continued) Net Net Changes in
Investment Realized Unrealized
Shares Shares Income Gains Gains Net
Purchased Sold (Expense) (Losses) (Losses) Assets
Pioneer:
Capital Growth 9,894,390 (2,200,936) 392,071 (99,023) 31,218 8,017,720
Real Estate Growth 12,080,895 (3,593,611) 655,440 (294,655) (1,720,610) 7,127,459
Scudder:
Bond 1,389,796 (1,201,108) 97,694 8,908 (13,852) 281,438
Global Discovery 6,530,387 (2,705,213) 14,878 416,995 2,246,485 6,503,532
Growth & Income 16,473,807 (4,143,385) 1,680,125 74,045 (594,276) 13,490,316
Money Market 5,728,349 (5,525,529) 36,496 - - 239,316
International 64,443,017 (37,102,812) 7,525,529 2,847,514 15,703,157 53,416,405
T. Rowe Price:
Equity Income 79,375,861 (25,088,352) 10,824,341 7,093,292 4,047,075 76,252,217
International
Stock 74,036,220 (41,491,307) 1,516,345 5,035,264 13,765,034 52,861,556
Limited Term Bond 40,170,301 (7,571,396) 3,198,082 (8,347) (1,143,129) 34,645,511
New America Growth 38,006,993 (11,527,430) 2,557,003 3,260,884 10,088,264 42,385,714
Personal Strategy
Balanced 47,392,245 (12,791,404) 9,148,982 2,483,655 4,494,876 50,728,354
Total $1,451,534,119 (752,319,567) $91,566,959 $64,214,758 235,610,773 1,090,607,042
</TABLE>
50
<PAGE>
PART C OTHER INFORMATION
ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements
All required financial statements are included in Part B of this
Registration Statement.
(b) Exhibits: The following exhibits are filed herewith:
Exhibit No. Description of Exhibit
(1) (a) Resolution of the Board of Directors of United of Omaha Life
Insurance Company establishing the Variable Account. *
(2) Not applicable.
(3) (a) Principal Underwriter Agreement by and between United of
Omaha Life Insurance Company, on its own behalf and on behalf of
the Variable Account, and Mutual of Omaha Investor Services, Inc.
*
(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.*
(1) 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 by and between United of Omaha Life
Insurance Company and the Alger American Fund*
(b) Participation Agreement by and between United of Omaha Life
Insurance Company and the Insurance Management Series*
(c) Participation Agreement by and between United of Omaha Life
Insurance Company and the Fidelity VIP Fund and Fidelity VIP Fund
II.*
(d) Participation Agreement by and between United of Omaha Life
Insurance Company and the MFS Variable Insurance Trust.*
(e) Participation Agreement by and between United of Omaha Life
Insurance Company and the Pioneer Variable Contracts Trust.*
(f) Participation Agreement by and between United of Omaha Life
Insurance Company and the Scudder Variable Life Investment Fund.*
(g) Participation Agreement by and between United of Omaha Life
Insurance Company and T. Rowe Price International Series, T. Rowe
Price Fixed Income Series, and T. Rowe Price Equity Series.*
(h) Participation Agreement by and between United of Omaha Life
Insurance Company and Morgan Stanley Universal Fund, et. al.***
(i) Participation Agreement by and between United of Omaha Life
Insurance Company and BT Insurance Funds Trust.****
<PAGE>
(9) Opinion and Consent of Counsel.
(10) Consent 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 26, 1999 (File No. 33-89848).
****Incorporated by reference to the Registration Statement for United of Omaha
Separate Account C filed on April 26, 2000 (File No. 33-89848).
<PAGE>
ITEM 25. DIRECTORS AND OFFICERS OF THE DEPOSITOR
Our Directors and Senior Officers are:
DIRECTORS*
Samuel L. Foggie, Sr. Retired Banking and Finance Industry Executive
Carol B. Hallett President and CEO, Air Transport Association of America
Jeffrey M. Heller President & COO, Electronic Data Systems
Thomas W. Osborne University of Nebraska Alumni Association
Richard J. Sampson Retired Insurance Executive of our Company
Oscar S. Straus II Chairman, The Daniel and Florence Guggenheim Foundation
John A. Sturgeon President and COO of our Company
Michael A. Wayne John Wayne Cancer Institute and John Wayne Foundation
Executive
John W. Weekly Chairman of the Board and CEO of our Company
SENIOR OFFICERS*
John W. Weekly Chairman and Chief Executive Officer
John A. Sturgeon President and Chief Operating Officer
G. Ronald Ames Executive Vice President
Cecil D. Bykerk Executive Vice President (Chief Actuary)
James L. Hanson Executive Vice President (Information Services)
Randall C. Horn Executive Vice President (Individual Insurance)
M. Jane Huerter Executive Vice President (Corporate Secretary)
William C. Mattox Executive Vice President (Federal Government Affairs)
Thomas J. McCusker Executive Vice President (General Counsel)
Daniel P. Neary Executive Vice President (Group Insurance)
Tommie D. Thompson Executive Vice President (Treasurer; Comptroller)
Richard A. Witt Executive Vice President (Chief Investment Officer)
*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
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Name of Corporation (where organized)* Type of Corporation
- -------------------------------------- -------------------
Mutual of Omaha Insurance Company (NE) Accident & Health Insurance
KFS Corporation (NE) Holding Corporation
Fulcrum Growth Partners, L.L.C. (NE) Investment Partnership
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 Health Plans of Lincoln, Inc.(NE) Staff Model HMO
Preferred Health Alliance, Inc. (NE) Joint venture w/physician &
hospital organization
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 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
Mutual of Omaha U.K. Limited (U.K.) Insurance in United Kingdom (inactive)
The Omaha Indemnity Company (WI) Property & casualty insurance (inactive)
Omaha Property and Casualty Insurance Company (NE) Property & casualty insurance
Adjustment Services, Inc. (NE) Claims adjusting services
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
</TABLE>
*Subsidiaries of subsidiaries are indicated by indentations.
ITEM 27. NUMBER OF POLICYOWNERS
As of December 31, 1999, there were 218 Owners of the Policies.
<PAGE>
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
Nebraska 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 Life Insurance Company pursuant to the foregoing provisions, or
otherwise, United 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
expenses incurred or paid by a director, officer or controlling person in
connection with the securities being registered), United 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's Articles of Incorporation provides as
follows:
An outside director of the Company shall not be personally liable to
the Company or 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; (iv) any act or omission which violates a declaratory or
injunctive order obtained by the Company or its Stockholders; and (v)
any act or omission occurring prior to the effective date of the
amendments to the Articles of Incorporation of the Company incorporating
this ARTICLE XI.
For purposes of this ARTICLE XI, an outside director shall mean a
member of the Board of Directors who is not an officer or a person who
may control the conduct of the Company through management agreements,
voting trusts, directorships in related corporations, or any other
device or relationship.
If the Nebraska Business Corporation Act is amended after approval
by the Stockholders of this ARTICLE XI to authorize corporate action
further eliminating or limiting the personal liability of directors,
then the liability of a director of the Company shall be eliminated or
limited to the fullest extent permitted by the Nebraska Business
Corporation Act as so amended.
Any repeal or modification of the foregoing ARTICLE XI by the
Stockholders of the Company shall not adversely affect any right or
protection of a director of the Company existing at the time of such
repeal or modification.
Article VII of United of Omaha's Bylaws provides as follows:
Any person made or threatened to be made a party to any action or
proceeding, whether civil or criminal, by reason of the fact that such
person then is or was a director, officer, employee, or agent of the
Company (or is or was serving at the request of the Company in any such
capacity for an other legal entity or enterprise, shall be indemnified
by the Company against expense, judgements, fines, and amounts paid in
settlement to the full extent that such persons are permitted to be
indemnified by the laws of the State of Nebraska as in effect as of any
date of determination. The provisions of this Article shall not
adversely affect any right to indemnification which any person may have
apart from the provisions of this Article.
<PAGE>
ITEM 29. PRINCIPAL UNDERWRITER
(a) In addition to Registrant, Mutual of Omaha Investor Services,
Inc. 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
Brian P. McGinty Director
Randall C. Horn Director
William J. Bluvas Vice President, Treasurer
(c) Mutual of Omaha Investor Services, Inc. is the principal
underwriter of the Policies. Commissions payable to a
broker-dealer may be up to 7.5% of purchase payments. For the
fiscal year ended December 31, 1999, United paid $566,991 in
total compensation to MOIS; of this amount MOIS retained $226,599
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 is 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 at the address or
phone number listed in the Prospectus.
(d) United 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.
SECTION 403(B) REPRESENTATIONS
United 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 and the Variable Account rely on 17 C.F.R. ss. 270.6c-7, and
represent that the provisions of that Rule have been or will be complied with.
<PAGE>
SIGNATURES
As required by the Securities Act of 1933 and the Investment Company Act of
1940, the registrant certifies that it meets the requirements of Securities Act
Rule 485(b) for effectiveness of this registration statement and has caused this
post-effective amendment No.5 to the registration statement to be signed on its
behalf, in the City of Omaha and State of Nebraska, on April 26, 2000.
UNITED OF OMAHA SEPARATE ACCOUNT C
UNITED OF OMAHA LIFE INSURANCE COMPANY
Depositor
/s/ Thomas J. McCusker
---------------------------------------
By: Thomas J. McCusker
As required by the Securities Act of 1933, this post-effective amendment No.
5 to the registration statement has been signed by the following persons on
April 26, 2000 in the capacities and on the duties indicated.
Signatures Title Date
by__________________________* Chairman of the Board, 4/26/00
John W. Weekly Chief Executive Officer
by__________________________* President, Chief Operation Officer, 4/26/00
John A. Sturgeon Director
by__________________________* Treasurer and Comptroller 4/26/00
Tommie Thompson (Principal Financial Officer
and Principal Accounting Officer)
by__________________________ * Director 4/26/00
Samuel L. Foggie, Sr.
by__________________________* Director 4/26/00
Carol B. Hallett
by__________________________* Director 4/26/00
Jeffrey M. Heller
by__________________________* Director 4/26/00
Thomas W. Osborn
by_________________________* Director 4/26/00
Richard J. Sampson
by________________________* Director 4/26/00
Oscar S. Straus II
by_______________________* Director 4/26/00
Michael A. Wayne
* Signed by Thomas J. McCusker 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 # 5
and
THE INVESTMENT COMPANY ACT OF 1940, Amendment No. 21
April 26, 2000
<PAGE>
EXHIBIT INDEX
Exhibit No. Description of Exhibit
(9) Opinion and Consent of Counsel.
(10) Consent of Independent Auditors.
(13) Schedules of Computation 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 21, 2000
United of Omaha Life Insurance Company
Mutual of Omaha Plaza
Omaha, NE 68175-1008
To Whom It May Concern:
With reference to the Post-Effective Amendment for Registration Number 333-51051
on Form N-4 filed by United of Omaha Life Insurance Company and United of Omaha
Separate Account C with the Securities and Exchange Commission covering variable
annuity contracts, I have examined such documents and such laws as 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 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 established pursuant to the provisions of Sections
44-402.01 and 44-2221 of the Statutes of the State of Nebraska.
3. The variable annuity contracts, when issued as contemplated by the 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 the
Post-Effective Amendment to the Form N-4 Registration Statement and to the use
of my name under the caption "Legal Proceedings" in the Prospectus contained in
the Registration Statement.
Sincerely,
/s/ Thomas J. McCusker
General Counsel
United of Omaha Life Insurance Company
Exhibit (10): Consents of Independent Auditors
INDEPENDENT AUDITORS CONSENT
We consent to the use in this Post-Effective Amendment No. 5 to Registration
Statement No. 333-51051 of United of Omaha Separate Account C of our report
dated March 31, 2000 on the financial statements of United of Omaha Separate
Account C and our report dated February 11, 2000 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.
/s/ DELOITTE & TOUCHE LLP
Omaha, Nebraska
April 26, 2000
Exhibit (13): Schedules of Computations of Performance Data
Alger American Growth
12/1999
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
5/99 5.4730000000 51.83 14.465 151.446618
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 53.22 136.9819763 7290.18078 1000.00000
1 1999 57.00 136.9819763 7807.97265 1.41667 1069.60926
2 1999 55.33 136.9819763 7579.21275 1.51528 1036.75631
3 1999 59.06 136.9819763 8090.15552 1.46874 1105.17915
4 1999 59.03 136.9819763 8086.04606 1.56567 1103.05209
5 1999 50.97 151.4466175 7719.23410 1.56266 1051.45105
6 1999 55.84 151.4466175 8456.77912 1.48956 1150.42386
7 1999 53.98 151.4466175 8175.08841 1.62977 1110.47410
8 1999 53.28 151.4466175 8069.07578 1.57317 1094.50056
9 1999 52.92 151.4466175 8014.55500 1.55054 1085.55474
10 1999 56.04 151.4466175 8487.06845 1.53787 1148.01783
11 1999 59.35 151.4466175 8988.35675 1.62636 1214.19909
12 1999 64.38 151.4466175 9750.13324 1.72012 1315.38414
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 33.74%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1315.38 1315.38
TOTAL RETURN 31.54% 31.54%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 53.22 136.9819763 7290.18078 1000.00000
1 1999 57.00 136.9819763 7807.97265 1.41667 1069.60926
2 1999 55.33 136.9819763 7579.21275 1.51528 1036.75631
3 1999 59.06 136.9819763 8090.15552 1.46874 1105.17915
4 1999 59.03 136.9819763 8086.04606 1.56567 1103.05209
5 1999 50.97 151.4466175 7719.23410 1.56266 1051.45105
6 1999 55.84 151.4466175 8456.77912 1.48956 1150.42386
7 1999 53.98 151.4466175 8175.08841 1.62977 1110.47410
8 1999 53.28 151.4466175 8069.07578 1.57317 1094.50056
9 1999 52.92 151.4466175 8014.55500 1.55054 1085.55474
10 1999 56.04 151.4466175 8487.06845 1.53787 1148.01783
11 1999 59.35 151.4466175 8988.35675 1.62636 1214.19909
12 1999 64.38 151.4466175 9750.13324 1.72012 1315.38414
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 33.74%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1315.38 1315.38
TOTAL RETURN 31.54% 31.54%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 34.33 114.0494069 3915.31614 1000.00000
1 1997 36.86 114.0494069 4203.86114 1.41667 1072.27981
2 1997 35.51 114.0494069 4049.89444 1.51906 1031.48843
3 1997 34.09 114.0494069 3887.94428 1.46128 988.77923
4 1997 35.60 114.0494069 4060.15889 1.40077 1031.17596
5 1997 37.43 115.1406864 4309.71589 1.46083 1093.09619
6 1997 39.53 115.1406864 4551.51133 1.54855 1152.87550
7 1997 43.66 115.1406864 5027.04237 1.63324 1271.69194
8 1997 41.90 115.1406864 4824.39476 1.80156 1218.62657
9 1997 44.28 115.1406864 5098.42960 1.72639 1286.12050
10 1997 42.19 115.1406864 4857.78556 1.82200 1223.59407
11 1997 42.92 115.1406864 4941.83826 1.73342 1243.03210
12 1997 42.76 115.1406864 4923.41575 1.76096 1236.63728
1 1998 43.50 115.1406864 5008.61986 1.75190 1256.28649
2 1998 46.92 115.1406864 5402.40101 1.77974 1353.27686
3 1998 49.67 115.1406864 5719.03790 1.91714 1430.67582
4 1998 50.23 115.1406864 5783.51668 2.02679 1444.77906
5 1998 41.91 136.9819763 5740.91463 2.04677 1432.08988
6 1998 45.66 136.9819763 6254.59704 2.02879 1558.20083
7 1998 46.65 136.9819763 6390.20919 2.20745 1589.77829
8 1998 38.66 136.9819763 5295.72320 2.25219 1315.23610
9 1998 42.26 136.9819763 5788.85832 1.86325 1435.84699
10 1998 44.21 136.9819763 6055.97317 2.03412 1500.06705
11 1998 47.46 136.9819763 6501.16459 2.12509 1608.21605
12 1998 53.22 136.9819763 7290.18078 2.27831 1801.11947
1 1999 57.00 136.9819763 7807.97265 2.55159 1926.49407
2 1999 55.33 136.9819763 7579.21275 2.72920 1867.32197
3 1999 59.06 136.9819763 8090.15552 2.64537 1990.55968
4 1999 59.03 136.9819763 8086.04606 2.81996 1986.72860
5 1999 50.97 151.4466175 7719.23410 2.81453 1893.78895
6 1999 55.84 151.4466175 8456.77912 2.68287 2072.05080
7 1999 53.98 151.4466175 8175.08841 2.93541 2000.09651
8 1999 53.28 151.4466175 8069.07578 2.83347 1971.32626
9 1999 52.92 151.4466175 8014.55500 2.79271 1955.21378
10 1999 56.04 151.4466175 8487.06845 2.76989 2067.71726
11 1999 59.35 151.4466175 8988.35675 2.92927 2186.91762
12 1999 64.38 151.4466175 9750.13324 3.09813 2369.16398
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 149.03%
GROSS ANNUAL RETURN = 35.54%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2369.16 2369.16
TOTAL RETURN 136.92% 136.92%
AVERAGE ANNUAL RETURN 33.31% 33.31%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 23.13 109.5119128 2533.01054 1000.00000
1 1995 23.07 109.5119128 2526.43983 1.41667 995.98930
2 1995 24.14 109.5119128 2643.61757 1.41098 1040.77288
3 1995 24.71 109.5119128 2706.03936 1.47443 1063.87345
4 1995 26.05 109.5119128 2852.78533 1.50715 1120.05915
5 1995 26.27 110.8533915 2912.11860 1.58675 1141.76780
6 1995 28.60 110.8533915 3170.40700 1.61750 1241.41862
7 1995 30.91 110.8533915 3426.47833 1.75868 1339.92837
8 1995 31.52 110.8533915 3494.09890 1.89823 1364.47324
9 1995 32.73 110.8533915 3628.23150 1.93300 1414.92008
10 1995 31.63 110.8533915 3506.29277 2.00447 1365.36254
11 1995 31.59 110.8533915 3501.85864 1.93426 1361.70161
12 1995 31.16 110.8533915 3454.19168 1.92908 1341.23718
1 1996 32.17 110.8533915 3566.15361 1.90009 1382.81109
2 1996 33.26 110.8533915 3686.98380 1.95898 1427.70520
3 1996 32.70 110.8533915 3624.90590 2.02258 1401.64428
4 1996 33.53 110.8533915 3716.91422 1.98566 1435.23553
5 1996 33.06 114.0494069 3770.47339 2.03325 1453.88342
6 1996 32.25 114.0494069 3678.09337 2.05967 1416.20229
7 1996 29.89 114.0494069 3408.93677 2.00629 1310.56073
8 1996 31.14 114.0494069 3551.49853 1.85663 1363.51176
9 1996 33.15 114.0494069 3780.73784 1.93164 1449.59100
10 1996 33.47 114.0494069 3817.23365 2.05359 1461.53044
11 1996 35.37 114.0494069 4033.92752 2.07050 1542.42701
12 1996 34.33 114.0494069 3915.31614 2.18510 1494.88923
1 1997 36.86 114.0494069 4203.86114 2.11776 1602.93954
2 1997 35.51 114.0494069 4049.89444 2.27083 1541.96094
3 1997 34.09 114.0494069 3887.94428 2.18444 1478.11543
4 1997 35.60 114.0494069 4060.15889 2.09400 1541.49384
5 1997 37.43 115.1406864 4309.71589 2.18378 1634.05772
6 1997 39.53 115.1406864 4551.51133 2.31491 1723.42117
7 1997 43.66 115.1406864 5027.04237 2.44151 1901.03859
8 1997 41.90 115.1406864 4824.39476 2.69314 1821.71174
9 1997 44.28 115.1406864 5098.42960 2.58076 1922.60768
10 1997 42.19 115.1406864 4857.78556 2.72369 1829.13760
11 1997 42.92 115.1406864 4941.83826 2.59128 1858.19530
12 1997 42.76 115.1406864 4923.41575 2.63244 1848.63576
1 1998 43.50 115.1406864 5008.61986 2.61890 1878.00915
2 1998 46.92 115.1406864 5402.40101 2.66051 2022.99901
3 1998 49.67 115.1406864 5719.03790 2.86592 2138.70188
4 1998 50.23 115.1406864 5783.51668 3.02983 2159.78466
5 1998 41.91 136.9819763 5740.91463 3.05969 2140.81574
6 1998 45.66 136.9819763 6254.59704 3.03282 2329.33765
7 1998 46.65 136.9819763 6390.20919 3.29989 2376.54245
8 1998 38.66 136.9819763 5295.72320 3.36677 1966.13229
9 1998 42.26 136.9819763 5788.85832 2.78535 2146.43220
10 1998 44.21 136.9819763 6055.97317 3.04078 2242.43408
11 1998 47.46 136.9819763 6501.16459 3.17678 2404.10486
12 1998 53.22 136.9819763 7290.18078 3.40582 2692.47410
1 1999 57.00 136.9819763 7807.97265 3.81434 2879.89524
2 1999 55.33 136.9819763 7579.21275 4.07985 2791.43951
3 1999 59.06 136.9819763 8090.15552 3.95454 2975.66624
4 1999 59.03 136.9819763 8086.04606 4.21553 2969.93919
5 1999 50.97 151.4466175 7719.23410 4.20741 2831.00472
6 1999 55.84 151.4466175 8456.77912 4.01059 3097.48644
7 1999 53.98 151.4466175 8175.08841 4.38811 2989.92275
8 1999 53.28 151.4466175 8069.07578 4.23572 2946.91440
9 1999 52.92 151.4466175 8014.55500 4.17480 2922.82802
10 1999 56.04 151.4466175 8487.06845 4.14067 3091.00828
11 1999 59.35 151.4466175 8988.35675 4.37893 3269.19961
12 1999 64.38 151.4466175 9750.13324 4.63137 3541.63773
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 284.92%
GROSS ANNUAL RETURN = 30.94%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 3541.64 3541.64
TOTAL RETURN 254.16% 254.16%
AVERAGE ANNUAL RETURN 28.78% 28.78%
Return for 10 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1989 12.41 100.0000000 1241.00000 1000.00000
1 1990 11.27 100.0000000 1127.00000 1.41667 906.72193
2 1990 11.24 100.0000000 1124.00000 1.28452 903.02377
3 1990 11.74 100.0000000 1174.00000 1.27928 941.91459
4 1990 11.75 100.4926108 1180.78818 1.33438 946.02645
5 1990 13.27 100.4926108 1333.53695 1.34020 1067.06583
6 1990 13.63 100.4926108 1369.71429 1.51168 1094.50244
7 1990 13.12 100.4926108 1318.46305 1.55055 1051.99839
8 1990 11.93 100.4926108 1198.87685 1.49033 955.09052
9 1990 11.42 100.4926108 1147.62562 1.35304 912.90796
10 1990 11.74 100.4926108 1179.78325 1.29329 937.19528
11 1990 12.43 100.4926108 1249.12315 1.32769 990.94976
12 1990 12.86 100.4926108 1292.33498 1.40385 1023.82656
1 1991 13.73 100.4926108 1379.76355 1.45042 1091.63968
2 1991 14.76 100.4926108 1483.27094 1.54649 1171.98604
3 1991 15.33 100.4926108 1540.55172 1.66031 1215.58535
4 1991 14.98 100.7921132 1509.86586 1.72208 1189.65033
5 1991 15.50 100.7921132 1562.27776 1.68534 1229.26127
6 1991 14.67 100.7921132 1478.62030 1.74145 1161.69485
7 1991 15.81 100.7921132 1593.52331 1.64573 1250.32398
8 1991 16.43 100.7921132 1656.01442 1.77129 1297.58500
9 1991 16.59 100.7921132 1672.14116 1.83825 1308.38300
10 1991 16.30 100.7921132 1642.91145 1.85354 1283.65839
11 1991 16.00 100.7921132 1612.67381 1.81852 1258.21426
12 1991 18.00 100.7921132 1814.25804 1.78247 1413.70857
1 1992 18.60 100.7921132 1874.73331 2.00275 1458.82943
2 1992 18.73 100.7921132 1887.83628 2.06667 1466.95888
3 1992 17.57 100.7921132 1770.91743 2.07819 1374.02792
4 1992 17.10 101.0833169 1728.52472 1.94654 1339.18952
5 1992 17.04 101.0833169 1722.45972 1.89719 1332.59343
6 1992 16.54 101.0833169 1671.91806 1.88784 1291.60367
7 1992 17.36 101.0833169 1754.80638 1.82977 1353.80745
8 1992 17.03 101.0833169 1721.44889 1.91789 1326.15474
9 1992 17.66 101.0833169 1785.13138 1.87872 1373.33518
10 1992 18.31 101.0833169 1850.83553 1.94556 1421.93706
11 1992 19.38 101.0833169 1958.99468 2.01441 1503.01783
12 1992 20.17 101.0833169 2038.85050 2.12928 1562.15708
1 1993 20.90 101.0833169 2112.64132 2.21306 1616.48218
2 1993 19.96 101.0833169 2017.62300 2.29002 1541.48914
3 1993 20.59 101.0833169 2081.30549 2.18378 1587.95958
4 1993 19.70 101.2120526 1993.87744 2.24961 1519.00558
5 1993 20.98 101.2120526 2123.42886 2.15192 1615.55046
6 1993 21.20 101.2120526 2145.69552 2.28870 1630.20272
7 1993 21.32 101.2120526 2157.84096 2.30945 1637.12082
8 1993 22.50 101.2120526 2277.27118 2.31925 1725.41145
9 1993 23.30 101.2120526 2358.24083 2.44433 1784.31508
10 1993 23.68 101.2120526 2396.70141 2.52778 1810.88771
11 1993 23.29 101.2120526 2357.22871 2.56542 1778.49770
12 1993 24.67 101.2120526 2496.90134 2.51954 1881.35931
1 1994 25.75 101.2120526 2606.21035 2.66526 1961.05595
2 1994 25.50 101.2120526 2580.90734 2.77816 1939.23841
3 1994 23.64 101.2120526 2392.65292 2.74725 1795.04082
4 1994 23.94 101.2120526 2423.01654 2.54297 1815.27756
5 1994 21.72 109.5119128 2378.59875 2.57164 1779.42895
6 1994 20.68 109.5119128 2264.70636 2.52086 1691.70524
7 1994 21.42 109.5119128 2345.74517 2.39658 1749.84356
8 1994 23.15 109.5119128 2535.20078 2.47894 1888.69185
9 1994 22.44 109.5119128 2457.44732 2.67565 1828.09088
10 1994 23.48 109.5119128 2571.33971 2.58980 1910.22544
11 1994 22.58 109.5119128 2472.77899 2.70615 1834.29940
12 1994 23.13 109.5119128 2533.01054 2.59859 1876.38038
1 1995 23.07 109.5119128 2526.43983 2.65821 1868.85478
2 1995 24.14 109.5119128 2643.61757 2.64754 1952.88581
3 1995 24.71 109.5119128 2706.03936 2.76659 1996.23127
4 1995 26.05 109.5119128 2852.78533 2.82799 2101.65702
5 1995 26.27 110.8533915 2912.11860 2.97735 2142.39070
6 1995 28.60 110.8533915 3170.40700 3.03505 2329.37355
7 1995 30.91 110.8533915 3426.47833 3.29995 2514.21531
8 1995 31.52 110.8533915 3494.09890 3.56180 2560.27082
9 1995 32.73 110.8533915 3628.23150 3.62705 2654.92828
10 1995 31.63 110.8533915 3506.29277 3.76115 2561.93948
11 1995 31.59 110.8533915 3501.85864 3.62941 2555.07018
12 1995 31.16 110.8533915 3454.19168 3.61968 2516.67113
1 1996 32.17 110.8533915 3566.15361 3.56528 2594.67959
2 1996 33.26 110.8533915 3686.98380 3.67580 2678.91802
3 1996 32.70 110.8533915 3624.90590 3.79513 2630.01784
4 1996 33.53 110.8533915 3716.91422 3.72586 2693.04778
5 1996 33.06 114.0494069 3770.47339 3.81515 2728.03832
6 1996 32.25 114.0494069 3678.09337 3.86472 2657.33419
7 1996 29.89 114.0494069 3408.93677 3.76456 2459.11044
8 1996 31.14 114.0494069 3551.49853 3.48374 2558.46672
9 1996 33.15 114.0494069 3780.73784 3.62449 2719.98411
10 1996 33.47 114.0494069 3817.23365 3.85331 2742.38705
11 1996 35.37 114.0494069 4033.92752 3.88505 2894.17979
12 1996 34.33 114.0494069 3915.31614 4.10009 2804.98083
1 1997 36.86 114.0494069 4203.86114 3.97372 3007.72431
2 1997 35.51 114.0494069 4049.89444 4.26094 2893.30526
3 1997 34.09 114.0494069 3887.94428 4.09885 2773.50679
4 1997 35.60 114.0494069 4060.15889 3.92913 2892.42879
5 1997 37.43 115.1406864 4309.71589 4.09761 3066.11385
6 1997 39.53 115.1406864 4551.51133 4.34366 3233.79368
7 1997 43.66 115.1406864 5027.04237 4.58121 3567.07151
8 1997 41.90 115.1406864 4824.39476 5.05335 3418.22416
9 1997 44.28 115.1406864 5098.42960 4.84248 3607.54334
10 1997 42.19 115.1406864 4857.78556 5.11069 3432.15791
11 1997 42.92 115.1406864 4941.83826 4.86222 3486.68121
12 1997 42.76 115.1406864 4923.41575 4.93946 3468.74387
1 1998 43.50 115.1406864 5008.61986 4.91405 3523.85952
2 1998 46.92 115.1406864 5402.40101 4.99213 3795.91566
3 1998 49.67 115.1406864 5719.03790 5.37755 4013.01825
4 1998 50.23 115.1406864 5783.51668 5.68511 4052.57756
5 1998 41.91 136.9819763 5740.91463 5.74115 4016.98465
6 1998 45.66 136.9819763 6254.59704 5.69073 4370.72347
7 1998 46.65 136.9819763 6390.20919 6.19186 4459.29763
8 1998 38.66 136.9819763 5295.72320 6.31734 3689.21206
9 1998 42.26 136.9819763 5788.85832 5.22638 4027.52327
10 1998 44.21 136.9819763 6055.97317 5.70566 4207.65931
11 1998 47.46 136.9819763 6501.16459 5.96085 4511.01520
12 1998 53.22 136.9819763 7290.18078 6.39060 5052.10558
1 1999 57.00 136.9819763 7807.97265 7.15715 5403.77892
2 1999 55.33 136.9819763 7579.21275 7.65535 5237.80233
3 1999 59.06 136.9819763 8090.15552 7.42022 5583.48174
4 1999 59.03 136.9819763 8086.04606 7.90993 5572.73564
5 1999 50.97 151.4466175 7719.23410 7.89471 5312.04171
6 1999 55.84 151.4466175 8456.77912 7.52539 5812.06278
7 1999 53.98 151.4466175 8175.08841 8.23376 5610.23238
8 1999 53.28 151.4466175 8069.07578 7.94783 5529.53237
9 1999 52.92 151.4466175 8014.55500 7.83350 5484.33716
10 1999 56.04 151.4466175 8487.06845 7.76948 5799.90729
11 1999 59.35 151.4466175 8988.35675 8.21653 6134.26201
12 1999 64.38 151.4466175 9750.13324 8.69020 6645.45955
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 685.67%
GROSS ANNUAL RETURN = 22.89%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 6645.46 6645.46
TOTAL RETURN 564.55% 564.55%
AVERAGE ANNUAL RETURN 20.85% 20.85%
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
1 1999 57.00 136.9819763 7807.97265 8.73477 6594.91151
2 1999 55.33 136.9819763 7579.21275 9.34279 6392.34938
3 1999 59.06 136.9819763 8090.15552 9.05583 6814.22547
4 1999 59.03 136.9819763 8086.04606 9.65349 6801.11065
5 1999 50.97 151.4466175 7719.23410 9.63491 6482.95304
6 1999 55.84 151.4466175 8456.77912 9.18418 7093.19168
7 1999 53.98 151.4466175 8175.08841 10.04869 6846.87264
8 1999 53.28 151.4466175 8069.07578 9.69974 6748.38426
9 1999 52.92 151.4466175 8014.55500 9.56021 6693.22686
10 1999 56.04 151.4466175 8487.06845 9.48207 7078.35680
11 1999 59.35 151.4466175 8988.35675 10.02767 7486.41195
12 1999 64.38 151.4466175 9750.13324 10.60575 8110.29065
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 875.01%
GROSS ANNUAL RETURN = 23.06%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 8110.29 8110.29
TOTAL RETURN 711.03% 711.03%
AVERAGE ANNUAL RETURN 21.01% 21.01%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 41.90 115.1406864 4824.39476 1000.00000
9 1997 44.28 115.1406864 5098.42960 1.41667 1055.38524
10 1997 42.19 115.1406864 4857.78556 1.49513 1004.07631
11 1997 42.92 115.1406864 4941.83826 1.42244 1020.02708
12 1997 42.76 115.1406864 4923.41575 1.44504 1014.77952
1 1998 43.50 115.1406864 5008.61986 1.43760 1030.90358
2 1998 46.92 115.1406864 5402.40101 1.46045 1110.49348
3 1998 49.67 115.1406864 5719.03790 1.57320 1174.00675
4 1998 50.23 115.1406864 5783.51668 1.66318 1185.57981
5 1998 41.91 136.9819763 5740.91463 1.67957 1175.16712
6 1998 45.66 136.9819763 6254.59704 1.66482 1278.65326
7 1998 46.65 136.9819763 6390.20919 1.81143 1304.56559
8 1998 38.66 136.9819763 5295.72320 1.84813 1079.27739
9 1998 42.26 136.9819763 5788.85832 1.52898 1178.25019
10 1998 44.21 136.9819763 6055.97317 1.66919 1230.94891
11 1998 47.46 136.9819763 6501.16459 1.74384 1319.69554
12 1998 53.22 136.9819763 7290.18078 1.86957 1477.99130
1 1999 57.00 136.9819763 7807.97265 2.09382 1580.87319
2 1999 55.33 136.9819763 7579.21275 2.23957 1532.31681
3 1999 59.06 136.9819763 8090.15552 2.17078 1633.44517
4 1999 59.03 136.9819763 8086.04606 2.31405 1630.30140
5 1999 50.97 151.4466175 7719.23410 2.30959 1554.03550
6 1999 55.84 151.4466175 8456.77912 2.20155 1700.31645
7 1999 53.98 151.4466175 8175.08841 2.40878 1641.27105
8 1999 53.28 151.4466175 8069.07578 2.32513 1617.66230
9 1999 52.92 151.4466175 8014.55500 2.29169 1604.44046
10 1999 56.04 151.4466175 8487.06845 2.27296 1696.76037
11 1999 59.35 151.4466175 8988.35675 2.40374 1794.57570
12 1999 64.38 151.4466175 9750.13324 2.54232 1944.12632
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 102.10%
GROSS ANNUAL RETURN = 34.38%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1944.13 1944.13
TOTAL RETURN 94.41% 94.41%
AVERAGE ANNUAL RETURN 32.21% 32.21%
<PAGE>
Alger American Small Capitalization
12/1999
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
5/99 5.6800000000 39.60 19.276 153.662531
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 43.97 134.3868421 5908.98945 1000.00000
1 1999 44.47 134.3868421 5976.18287 1.41667 1009.95472
2 1999 42.46 134.3868421 5706.06532 1.43077 962.87500
3 1999 44.28 134.3868421 5950.64937 1.36407 1002.78348
4 1999 45.36 134.3868421 6095.78716 1.42061 1025.82100
5 1999 39.59 153.6625306 6083.49959 1.45325 1022.29996
6 1999 43.58 153.6625306 6696.61308 1.44826 1123.88218
7 1999 41.62 153.6625306 6395.43452 1.59217 1071.74369
8 1999 40.61 153.6625306 6240.23537 1.51830 1044.21719
9 1999 42.08 153.6625306 6466.11929 1.47931 1080.53643
10 1999 44.05 153.6625306 6768.83447 1.53076 1129.59162
11 1999 48.17 153.6625306 7401.92410 1.60025 1233.64216
12 1999 55.15 153.6625306 8474.48856 1.74766 1410.65353
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 43.42%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1410.65 1410.65
TOTAL RETURN 41.07% 41.07%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 43.97 134.3868421 5908.98945 1000.00000
1 1999 44.47 134.3868421 5976.18287 1.41667 1009.95472
2 1999 42.46 134.3868421 5706.06532 1.43077 962.87500
3 1999 44.28 134.3868421 5950.64937 1.36407 1002.78348
4 1999 45.36 134.3868421 6095.78716 1.42061 1025.82100
5 1999 39.59 153.6625306 6083.49959 1.45325 1022.29996
6 1999 43.58 153.6625306 6696.61308 1.44826 1123.88218
7 1999 41.62 153.6625306 6395.43452 1.59217 1071.74369
8 1999 40.61 153.6625306 6240.23537 1.51830 1044.21719
9 1999 42.08 153.6625306 6466.11929 1.47931 1080.53643
10 1999 44.05 153.6625306 6768.83447 1.53076 1129.59162
11 1999 48.17 153.6625306 7401.92410 1.60025 1233.64216
12 1999 55.15 153.6625306 8474.48856 1.74766 1410.65353
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 43.42%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1410.65 1410.65
TOTAL RETURN 41.07% 41.07%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 40.91 112.2370145 4591.61626 1000.00000
1 1997 41.55 112.2370145 4663.44795 1.41667 1014.22743
2 1997 38.60 112.2370145 4332.34876 1.43682 940.78168
3 1997 36.06 112.2370145 4047.26674 1.33277 877.54255
4 1997 35.68 112.2370145 4004.61668 1.24319 867.05183
5 1997 37.56 116.9070581 4391.02910 1.22832 949.48684
6 1997 39.53 116.9070581 4621.33601 1.34511 997.94176
7 1997 43.50 116.9070581 5085.45703 1.41375 1096.75136
8 1997 43.38 116.9070581 5071.42818 1.55373 1092.17210
9 1997 46.66 116.9070581 5454.88333 1.54724 1173.20496
10 1997 43.95 116.9070581 5138.06520 1.66204 1103.40349
11 1997 43.44 116.9070581 5078.44260 1.56315 1089.03634
12 1997 43.75 116.9070581 5114.68379 1.54280 1095.26521
1 1998 42.94 116.9070581 5019.98908 1.55163 1073.43553
2 1998 46.10 116.9070581 5389.41538 1.52070 1150.91008
3 1998 48.62 116.9070581 5684.02117 1.63046 1212.19272
4 1998 48.75 116.9070581 5699.21908 1.71727 1213.71660
5 1998 40.51 134.3868421 5444.01098 1.71943 1157.64756
6 1998 43.13 134.3868421 5796.10450 1.64000 1230.87887
7 1998 40.70 134.3868421 5469.54448 1.74374 1159.78581
8 1998 32.72 134.3868421 4397.13747 1.64303 930.74498
9 1998 35.27 134.3868421 4739.82392 1.31856 1001.96309
10 1998 36.44 134.3868421 4897.05653 1.41945 1033.78143
11 1998 39.00 134.3868421 5241.08684 1.46452 1104.94260
12 1998 43.97 134.3868421 5908.98945 1.56534 1244.18662
1 1999 44.47 134.3868421 5976.18287 1.76260 1256.57215
2 1999 42.46 134.3868421 5706.06532 1.78014 1197.99619
3 1999 44.28 134.3868421 5950.64937 1.69716 1247.64978
4 1999 45.36 134.3868421 6095.78716 1.76750 1276.31276
5 1999 39.59 153.6625306 6083.49959 1.80811 1271.93193
6 1999 43.58 153.6625306 6696.61308 1.80190 1398.31917
7 1999 41.62 153.6625306 6395.43452 1.98095 1333.44915
8 1999 40.61 153.6625306 6240.23537 1.88905 1299.20105
9 1999 42.08 153.6625306 6466.11929 1.84053 1344.38897
10 1999 44.05 153.6625306 6768.83447 1.90455 1405.42278
11 1999 48.17 153.6625306 7401.92410 1.99102 1534.88107
12 1999 55.15 153.6625306 8474.48856 2.17441 1755.11624
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 84.56%
GROSS ANNUAL RETURN = 22.66%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1755.12 1755.12
TOTAL RETURN 75.51% 75.51%
AVERAGE ANNUAL RETURN 20.62% 20.62%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 27.31 111.8311656 3054.10913 1000.00000
1 1995 26.84 111.8311656 3001.54849 1.41667 981.37352
2 1995 28.76 111.8311656 3216.26432 1.39028 1050.18582
3 1995 29.59 111.8311656 3309.08419 1.48776 1079.00592
4 1995 30.89 111.8311656 3454.46471 1.52859 1124.88212
5 1995 32.07 111.8311656 3586.42548 1.59358 1166.25910
6 1995 36.02 111.8311656 4028.15859 1.65220 1308.25279
7 1995 41.18 111.8311656 4605.20740 1.85336 1493.81154
8 1995 41.72 111.8311656 4665.59623 2.11623 1511.28390
9 1995 42.83 111.8311656 4789.72882 2.14099 1549.35205
10 1995 40.83 111.8311656 4566.06649 2.19492 1474.80822
11 1995 40.76 111.8311656 4558.23831 2.08931 1470.19046
12 1995 39.41 111.8311656 4407.26624 2.08277 1419.41394
1 1996 39.55 111.8311656 4422.92260 2.01084 1422.44543
2 1996 41.24 111.8311656 4611.91727 2.01513 1481.21242
3 1996 40.87 111.8311656 4570.53974 2.09838 1465.82479
4 1996 44.02 111.8311656 4922.80791 2.07659 1576.72466
5 1996 45.10 112.2370145 5061.88935 2.23369 1619.03733
6 1996 42.33 112.2370145 4750.99282 2.29364 1517.30392
7 1996 37.34 112.2370145 4190.93012 2.14951 1336.28962
8 1996 39.67 112.2370145 4452.44237 1.89308 1417.78044
9 1996 42.45 112.2370145 4764.46127 2.00852 1515.12734
10 1996 40.49 112.2370145 4544.47672 2.14643 1443.02450
11 1996 41.18 112.2370145 4621.92026 2.04428 1465.57115
12 1996 40.91 112.2370145 4591.61626 2.07623 1453.88579
1 1997 41.55 112.2370145 4663.44795 2.05967 1474.57085
2 1997 38.60 112.2370145 4332.34876 2.08898 1367.78912
3 1997 36.06 112.2370145 4047.26674 1.93770 1275.84664
4 1997 35.68 112.2370145 4004.61668 1.80745 1260.59433
5 1997 37.56 116.9070581 4391.02910 1.78584 1380.44543
6 1997 39.53 116.9070581 4621.33601 1.95563 1450.89335
7 1997 43.50 116.9070581 5085.45703 2.05543 1594.55121
8 1997 43.38 116.9070581 5071.42818 2.25895 1587.89350
9 1997 46.66 116.9070581 5454.88333 2.24952 1705.70601
10 1997 43.95 116.9070581 5138.06520 2.41642 1604.22266
11 1997 43.44 116.9070581 5078.44260 2.27265 1583.33446
12 1997 43.75 116.9070581 5114.68379 2.24306 1592.39052
1 1998 42.94 116.9070581 5019.98908 2.25589 1560.65266
2 1998 46.10 116.9070581 5389.41538 2.21092 1673.29182
3 1998 48.62 116.9070581 5684.02117 2.37050 1762.38976
4 1998 48.75 116.9070581 5699.21908 2.49672 1764.60532
5 1998 40.51 134.3868421 5444.01098 2.49986 1683.08734
6 1998 43.13 134.3868421 5796.10450 2.38437 1789.55729
7 1998 40.70 134.3868421 5469.54448 2.53521 1686.19611
8 1998 32.72 134.3868421 4397.13747 2.38878 1353.19689
9 1998 35.27 134.3868421 4739.82392 1.91703 1456.73989
10 1998 36.44 134.3868421 4897.05653 2.06371 1503.00013
11 1998 39.00 134.3868421 5241.08684 2.12925 1606.46035
12 1998 43.97 134.3868421 5908.98945 2.27582 1808.90525
1 1999 44.47 134.3868421 5976.18287 2.56262 1826.91240
2 1999 42.46 134.3868421 5706.06532 2.58813 1741.74964
3 1999 44.28 134.3868421 5950.64937 2.46748 1813.94029
4 1999 45.36 134.3868421 6095.78716 2.56975 1855.61299
5 1999 39.59 153.6625306 6083.49959 2.62878 1849.24376
6 1999 43.58 153.6625306 6696.61308 2.61976 2032.99638
7 1999 41.62 153.6625306 6395.43452 2.88008 1938.68278
8 1999 40.61 153.6625306 6240.23537 2.74647 1888.88995
9 1999 42.08 153.6625306 6466.11929 2.67593 1954.58802
10 1999 44.05 153.6625306 6768.83447 2.76900 2043.32421
11 1999 48.17 153.6625306 7401.92410 2.89471 2231.54178
12 1999 55.15 153.6625306 8474.48856 3.16135 2551.73857
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 177.48%
GROSS ANNUAL RETURN = 22.64%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2551.74 2551.74
TOTAL RETURN 155.17% 155.17%
AVERAGE ANNUAL RETURN 20.61% 20.61%
Return for 10 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1989 15.79 100.6770833 1589.69115 1000.00000
1 1990 14.39 100.6770833 1448.74323 1.41667 909.91962
2 1990 15.15 100.6770833 1525.25781 1.28905 956.68748
3 1990 16.04 100.6770833 1614.86042 1.35531 1011.53361
4 1990 15.85 101.5402059 1609.41226 1.43301 1006.68793
5 1990 18.05 101.5402059 1832.80072 1.42614 1144.99135
6 1990 18.24 101.5402059 1852.09336 1.62207 1155.42182
7 1990 17.23 101.5402059 1749.53775 1.63685 1089.80602
8 1990 15.63 101.5402059 1587.07342 1.54389 987.06134
9 1990 14.46 101.5402059 1468.27138 1.39834 911.77549
10 1990 14.22 101.5402059 1443.90173 1.29168 895.35061
11 1990 15.75 101.5402059 1599.25824 1.26841 990.41739
12 1990 17.02 101.5402059 1728.21430 1.40309 1068.87652
1 1991 18.25 101.5402059 1853.10876 1.51424 1144.60776
2 1991 19.58 101.5402059 1988.15723 1.62153 1226.40149
3 1991 21.40 101.5402059 2172.96041 1.73740 1338.66055
4 1991 20.56 101.6322224 2089.55849 1.89644 1285.38404
5 1991 21.70 101.6322224 2205.41923 1.82096 1354.83438
6 1991 20.17 101.6322224 2049.92193 1.91935 1257.38984
7 1991 21.85 101.6322224 2220.66406 1.78130 1360.33907
8 1991 22.01 101.6322224 2236.92522 1.92715 1368.37322
9 1991 22.65 101.6322224 2301.96984 1.93853 1406.22383
10 1991 23.75 101.6322224 2413.76528 1.99215 1472.52511
11 1991 22.82 101.6322224 2319.24732 2.08608 1412.77805
12 1991 26.79 101.6322224 2722.72724 2.00144 1656.55789
1 1992 27.52 101.6322224 2796.91876 2.34679 1699.35061
2 1992 27.27 101.6322224 2771.51071 2.40741 1681.50578
3 1992 24.23 101.6322224 2462.54875 2.38213 1491.67306
4 1992 22.15 103.4290612 2290.95371 2.11320 1385.61726
5 1992 22.15 103.4290612 2290.95371 1.96296 1383.65430
6 1992 21.21 103.4290612 2193.73039 1.96018 1322.97471
7 1992 22.06 103.4290612 2281.64509 1.87421 1374.11928
8 1992 21.67 103.4290612 2241.30776 1.94667 1347.87948
9 1992 22.87 103.4290612 2365.42263 1.90950 1420.61029
10 1992 23.93 103.4290612 2475.05744 2.01253 1484.44152
11 1992 25.96 103.4290612 2685.01843 2.10296 1608.26486
12 1992 27.26 103.4290612 2819.47621 2.27838 1686.52363
1 1993 26.52 103.4290612 2742.93870 2.38924 1638.35202
2 1993 24.38 103.4290612 2521.60051 2.32100 1503.82614
3 1993 24.96 103.4290612 2581.58937 2.13042 1537.47173
4 1993 24.29 103.4290612 2512.29190 2.17808 1494.02338
5 1993 26.36 103.4290612 2726.39005 2.11653 1619.22790
6 1993 26.72 103.4290612 2763.62452 2.29391 1639.04788
7 1993 26.72 103.4290612 2763.62452 2.32198 1636.72589
8 1993 28.89 103.4290612 2988.06558 2.31869 1767.32992
9 1993 30.17 103.4290612 3120.45478 2.50372 1843.12950
10 1993 30.16 103.4290612 3119.42049 2.61110 1839.90749
11 1993 29.06 103.4290612 3005.64852 2.60654 1770.19557
12 1993 30.88 103.4290612 3193.88941 2.50778 1878.55345
1 1994 30.54 103.4290612 3158.72353 2.66128 1855.20861
2 1994 30.23 103.4290612 3126.66052 2.62821 1833.74888
3 1994 28.11 103.4290612 2907.39091 2.59781 1702.55207
4 1994 28.37 103.4290612 2934.28247 2.41195 1715.88767
5 1994 25.48 111.8311656 2849.45810 2.43084 1663.85387
6 1994 24.29 111.8311656 2716.37901 2.35713 1583.78929
7 1994 24.74 111.8311656 2766.70304 2.24370 1610.88709
8 1994 26.69 111.8311656 2984.77381 2.28209 1735.57468
9 1994 26.52 111.8311656 2965.76251 2.45873 1722.06133
10 1994 27.76 111.8311656 3104.43316 2.43959 1800.14045
11 1994 26.40 111.8311656 2952.34277 2.55020 1709.39893
12 1994 27.31 111.8311656 3054.10913 2.42165 1765.89975
1 1995 26.84 111.8311656 3001.54849 2.50169 1733.00725
2 1995 28.76 111.8311656 3216.26432 2.45509 1854.52287
3 1995 29.59 111.8311656 3309.08419 2.62724 1905.41628
4 1995 30.89 111.8311656 3454.46471 2.69934 1986.42905
5 1995 32.07 111.8311656 3586.42548 2.81411 2059.49666
6 1995 36.02 111.8311656 4028.15859 2.91762 2310.24327
7 1995 41.18 111.8311656 4605.20740 3.27284 2637.92143
8 1995 41.72 111.8311656 4665.59623 3.73706 2668.77586
9 1995 42.83 111.8311656 4789.72882 3.78077 2736.00040
10 1995 40.83 111.8311656 4566.06649 3.87600 2604.36346
11 1995 40.76 111.8311656 4558.23831 3.68951 2596.20896
12 1995 39.41 111.8311656 4407.26624 3.67796 2506.54272
1 1996 39.55 111.8311656 4422.92260 3.55094 2511.89603
2 1996 41.24 111.8311656 4611.91727 3.55852 2615.67263
3 1996 40.87 111.8311656 4570.53974 3.70554 2588.49962
4 1996 44.02 111.8311656 4922.80791 3.66704 2784.33769
5 1996 45.10 112.2370145 5061.88935 3.94448 2859.05760
6 1996 42.33 112.2370145 4750.99282 4.05033 2679.40662
7 1996 37.34 112.2370145 4190.93012 3.79583 2359.75350
8 1996 39.67 112.2370145 4452.44237 3.34298 2503.65813
9 1996 42.45 112.2370145 4764.46127 3.54685 2675.56299
10 1996 40.49 112.2370145 4544.47672 3.79038 2548.23661
11 1996 41.18 112.2370145 4621.92026 3.61000 2588.05173
12 1996 40.91 112.2370145 4591.61626 3.66641 2567.41655
1 1997 41.55 112.2370145 4663.44795 3.63717 2603.94429
2 1997 38.60 112.2370145 4332.34876 3.68892 2415.37846
3 1997 36.06 112.2370145 4047.26674 3.42179 2253.01726
4 1997 35.68 112.2370145 4004.61668 3.19177 2226.08321
5 1997 37.56 116.9070581 4391.02910 3.15362 2437.72823
6 1997 39.53 116.9070581 4621.33601 3.45345 2562.13220
7 1997 43.50 116.9070581 5085.45703 3.62969 2815.81758
8 1997 43.38 116.9070581 5071.42818 3.98907 2804.06074
9 1997 46.66 116.9070581 5454.88333 3.97242 3012.10582
10 1997 43.95 116.9070581 5138.06520 4.26715 2832.89639
11 1997 43.44 116.9070581 5078.44260 4.01327 2796.00992
12 1997 43.75 116.9070581 5114.68379 3.96101 2812.00202
1 1998 42.94 116.9070581 5019.98908 3.98367 2755.95614
2 1998 46.10 116.9070581 5389.41538 3.90427 2954.86559
3 1998 48.62 116.9070581 5684.02117 4.18606 3112.20364
4 1998 48.75 116.9070581 5699.21908 4.40895 3116.11608
5 1998 40.51 134.3868421 5444.01098 4.41450 2972.16351
6 1998 43.13 134.3868421 5796.10450 4.21056 3160.17877
7 1998 40.70 134.3868421 5469.54448 4.47692 2977.65329
8 1998 32.72 134.3868421 4397.13747 4.21834 2389.61005
9 1998 35.27 134.3868421 4739.82392 3.38528 2572.45661
10 1998 36.44 134.3868421 4897.05653 3.64431 2654.14754
11 1998 39.00 134.3868421 5241.08684 3.76004 2836.84792
12 1998 43.97 134.3868421 5908.98945 4.01887 3194.34531
1 1999 44.47 134.3868421 5976.18287 4.52532 3226.14414
2 1999 42.46 134.3868421 5706.06532 4.57037 3075.75524
3 1999 44.28 134.3868421 5950.64937 4.35732 3203.23670
4 1999 45.36 134.3868421 6095.78716 4.53792 3276.82651
5 1999 39.59 153.6625306 6083.49959 4.64217 3265.57908
6 1999 43.58 153.6625306 6696.61308 4.62624 3590.06779
7 1999 41.62 153.6625306 6395.43452 5.08593 3423.51942
8 1999 40.61 153.6625306 6240.23537 4.84999 3335.59028
9 1999 42.08 153.6625306 6466.11929 4.72542 3451.60649
10 1999 44.05 153.6625306 6768.83447 4.88978 3608.30571
11 1999 48.17 153.6625306 7401.92410 5.11177 3940.67906
12 1999 55.15 153.6625306 8474.48856 5.58263 4506.11449
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 433.09%
GROSS ANNUAL RETURN = 18.22%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 4506.11 4506.11
TOTAL RETURN 350.61% 350.61%
AVERAGE ANNUAL RETURN 16.25% 16.25%
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
1 1999 44.47 134.3868421 5976.18287 7.03692 5016.68363
2 1999 42.46 134.3868421 5706.06532 7.10697 4782.82753
3 1999 44.28 134.3868421 5950.64937 6.77567 4981.06236
4 1999 45.36 134.3868421 6095.78716 7.05650 5095.49518
5 1999 39.59 153.6625306 6083.49959 7.21862 5078.00533
6 1999 43.58 153.6625306 6696.61308 7.19384 5582.58823
7 1999 41.62 153.6625306 6395.43452 7.90867 5323.60400
8 1999 40.61 153.6625306 6240.23537 7.54177 5186.87338
9 1999 42.08 153.6625306 6466.11929 7.34807 5367.27965
10 1999 44.05 153.6625306 6768.83447 7.60365 5610.94837
11 1999 48.17 153.6625306 7401.92410 7.94884 6127.79197
12 1999 55.15 153.6625306 8474.48856 8.68104 7007.04923
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 747.45%
GROSS ANNUAL RETURN = 20.87%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 7007.05 7007.05
TOTAL RETURN 600.70% 600.70%
AVERAGE ANNUAL RETURN 18.84% 18.84%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 43.38 116.9070581 5071.42818 1000.00000
9 1997 46.66 116.9070581 5454.88333 1.41667 1074.19421
10 1997 43.95 116.9070581 5138.06520 1.52178 1010.28353
11 1997 43.44 116.9070581 5078.44260 1.43123 997.12887
12 1997 43.75 116.9070581 5114.68379 1.41260 1002.83206
1 1998 42.94 116.9070581 5019.98908 1.42068 982.84467
2 1998 46.10 116.9070581 5389.41538 1.39236 1053.78088
3 1998 48.62 116.9070581 5684.02117 1.49286 1109.89166
4 1998 48.75 116.9070581 5699.21908 1.57235 1111.28694
5 1998 40.51 134.3868421 5444.01098 1.57432 1059.94976
6 1998 43.13 134.3868421 5796.10450 1.50160 1127.00083
7 1998 40.70 134.3868421 5469.54448 1.59658 1061.90756
8 1998 32.72 134.3868421 4397.13747 1.50437 852.19625
9 1998 35.27 134.3868421 4739.82392 1.20728 917.40403
10 1998 36.44 134.3868421 4897.05653 1.29966 946.53711
11 1998 39.00 134.3868421 5241.08684 1.34093 1011.69275
12 1998 43.97 134.3868421 5908.98945 1.43323 1139.18549
1 1999 44.47 134.3868421 5976.18287 1.61385 1150.52577
2 1999 42.46 134.3868421 5706.06532 1.62991 1096.89323
3 1999 44.28 134.3868421 5950.64937 1.55393 1142.35639
4 1999 45.36 134.3868421 6095.78716 1.61834 1168.60040
5 1999 39.59 153.6625306 6083.49959 1.65552 1164.58928
6 1999 43.58 153.6625306 6696.61308 1.64983 1280.31028
7 1999 41.62 153.6625306 6395.43452 1.81377 1220.91486
8 1999 40.61 153.6625306 6240.23537 1.72963 1189.55707
9 1999 42.08 153.6625306 6466.11929 1.68521 1230.93143
10 1999 44.05 153.6625306 6768.83447 1.74382 1286.81439
11 1999 48.17 153.6625306 7401.92410 1.82299 1405.34726
12 1999 55.15 153.6625306 8474.48856 1.99091 1606.99604
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 67.10%
GROSS ANNUAL RETURN = 24.07%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1607.00 1607.00
TOTAL RETURN 60.70% 60.70%
AVERAGE ANNUAL RETURN 22.05% 22.05%
<PAGE>
Federated Prime Money
12/1999
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
1/99 0.0037577460 1.00 0.458 122.349998
2/99 0.0032804910 1.00 0.401 122.751366
3/99 0.0036061150 1.00 0.443 123.194021
4/99 0.0034557690 1.00 0.426 123.619751
5/99 0.0036217100 1.00 0.448 124.067466
6/99 0.0035657240 1.00 0.442 124.509857
7/99 0.0037650200 1.00 0.469 124.978639
8/99 0.0039044250 1.00 0.488 125.466608
9/99 0.0038986980 1.00 0.489 125.955765
10/99 0.0040849430 1.00 0.515 126.470287
11/99 0.0038243960 1.00 0.484 126.953959
12/99 0.0043464291 1.00 0.552 127.505756
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 1.00 121.8919586 121.89196 1000.00000
1 1999 1.00 122.3499976 122.35000 1.41667 1002.34108
2 1999 1.00 122.7513657 122.75137 1.41998 1004.20927
3 1999 1.00 123.1940213 123.19402 1.42263 1006.40793
4 1999 1.00 123.6197513 123.61975 1.42574 1008.46010
5 1999 1.00 124.0674662 124.06747 1.42865 1010.68380
6 1999 1.00 124.5098566 124.50986 1.43180 1012.85582
7 1999 1.00 124.9786387 124.97864 1.43488 1015.23436
8 1999 1.00 125.4666084 125.46661 1.43825 1017.76002
9 1999 1.00 125.9557648 125.95576 1.44183 1020.28613
10 1999 1.00 126.4702869 126.47029 1.44541 1023.00854
11 1999 1.00 126.9539594 126.95396 1.44926 1025.47166
12 1999 1.00 127.5057558 127.50576 1.45275 1028.47605
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 4.61%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1028.48 1028.48
TOTAL RETURN 2.85% 2.85%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 1.00 121.8919586 121.89196 1000.00000
1 1999 1.00 122.3499976 122.35000 1.41667 1002.34108
2 1999 1.00 122.7513657 122.75137 1.41998 1004.20927
3 1999 1.00 123.1940213 123.19402 1.42263 1006.40793
4 1999 1.00 123.6197513 123.61975 1.42574 1008.46010
5 1999 1.00 124.0674662 124.06747 1.42865 1010.68380
6 1999 1.00 124.5098566 124.50986 1.43180 1012.85582
7 1999 1.00 124.9786387 124.97864 1.43488 1015.23436
8 1999 1.00 125.4666084 125.46661 1.43825 1017.76002
9 1999 1.00 125.9557648 125.95576 1.44183 1020.28613
10 1999 1.00 126.4702869 126.47029 1.44541 1023.00854
11 1999 1.00 126.9539594 126.95396 1.44926 1025.47166
12 1999 1.00 127.5057558 127.50576 1.45275 1028.47605
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 4.61%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1028.48 1028.48
TOTAL RETURN 2.85% 2.85%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 1.00 110.7072287 110.70723 1000.00000
1 1997 1.00 111.1442573 111.14426 1.41667 1002.53094
2 1997 1.00 111.5344310 111.53443 1.42025 1004.63009
3 1997 1.00 111.9752700 111.97527 1.42323 1007.17766
4 1997 1.00 112.4109707 112.41097 1.42683 1009.66979
5 1997 1.00 112.8699002 112.86990 1.43037 1012.36151
6 1997 1.00 113.3232120 113.32321 1.43418 1014.99321
7 1997 1.00 113.7942645 113.79426 1.43791 1017.77434
8 1997 1.00 114.2678375 114.26784 1.44185 1020.56813
9 1997 1.00 114.7279210 114.72792 1.44580 1023.23150
10 1997 1.00 115.2063882 115.20639 1.44958 1026.04926
11 1997 1.00 115.6752649 115.67526 1.45357 1028.77159
12 1997 1.00 116.1691804 116.16918 1.45743 1031.70686
1 1998 1.00 116.6618882 116.66189 1.46158 1034.62105
2 1998 1.00 117.1019765 117.10198 1.46571 1037.05828
3 1998 1.00 117.5924652 117.59247 1.46917 1039.93289
4 1998 1.00 118.0636094 118.06361 1.47324 1042.62623
5 1998 1.00 118.5514668 118.55147 1.47705 1045.45747
6 1998 1.00 119.0280331 119.02803 1.48106 1048.17906
7 1998 1.00 119.5235540 119.52355 1.48492 1051.05777
8 1998 1.00 120.0185273 120.01853 1.48900 1053.92143
9 1998 1.00 120.4967424 120.49674 1.49306 1056.62774
10 1998 1.00 120.9779470 120.97795 1.49689 1059.35050
11 1998 1.00 121.4309064 121.43091 1.50075 1061.81612
12 1998 1.00 121.8919586 121.89196 1.50424 1064.34341
1 1999 1.00 122.3499976 122.35000 1.50782 1066.83512
2 1999 1.00 122.7513657 122.75137 1.51135 1068.82352
3 1999 1.00 123.1940213 123.19402 1.51417 1071.16365
4 1999 1.00 123.6197513 123.61975 1.51748 1073.34786
5 1999 1.00 124.0674662 124.06747 1.52058 1075.71464
6 1999 1.00 124.5098566 124.50986 1.52393 1078.02641
7 1999 1.00 124.9786387 124.97864 1.52720 1080.55800
8 1999 1.00 125.4666084 125.46661 1.53079 1083.24617
9 1999 1.00 125.9557648 125.95576 1.53460 1085.93482
10 1999 1.00 126.4702869 126.47029 1.53841 1088.83239
11 1999 1.00 126.9539594 126.95396 1.54251 1091.45401
12 1999 1.00 127.5057558 127.50576 1.54623 1094.65171
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 15.17%
GROSS ANNUAL RETURN = 4.82%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1094.65 1094.65
TOTAL RETURN 9.47% 9.47%
AVERAGE ANNUAL RETURN 3.06% 3.06%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 1.00 100.5041544 100.50415 1000.00000
1 1995 1.00 100.8843556 100.88436 1.41667 1002.36627
2 1995 1.00 101.2751322 101.27513 1.42002 1004.82893
3 1995 1.00 101.7218898 101.72189 1.42351 1007.83805
4 1995 1.00 102.1560100 102.15601 1.42777 1010.71145
5 1995 1.00 102.6203834 102.62038 1.43184 1013.87403
6 1995 1.00 103.0717601 103.07176 1.43632 1016.89724
7 1995 1.00 103.5237313 103.52373 1.44060 1019.91574
8 1995 1.00 103.9716022 103.97160 1.44488 1022.88329
9 1995 1.00 104.4041941 104.40419 1.44908 1025.69009
10 1995 1.00 104.8477190 104.84772 1.45306 1028.59431
11 1995 1.00 105.2803746 105.28037 1.45718 1031.38165
12 1995 1.00 105.7268168 105.72682 1.46112 1034.29410
1 1996 1.00 106.1459631 106.14596 1.46525 1036.92924
2 1996 1.00 106.5330109 106.53301 1.46898 1039.24129
3 1996 1.00 106.9463917 106.94639 1.47226 1041.80160
4 1996 1.00 107.3477820 107.34778 1.47589 1044.23580
5 1996 1.00 107.7642101 107.76421 1.47933 1046.80731
6 1996 1.00 108.1698337 108.16983 1.48298 1049.26451
7 1996 1.00 108.5943585 108.59436 1.48646 1051.89601
8 1996 1.00 109.0227357 109.02274 1.49019 1054.55528
9 1996 1.00 109.4111888 109.41119 1.49395 1056.81876
10 1996 1.00 109.8418646 109.84186 1.49716 1059.48156
11 1996 1.00 110.2667053 110.26671 1.50093 1062.07844
12 1996 1.00 110.7072287 110.70723 1.50461 1064.81690
1 1997 1.00 111.1442573 111.14426 1.50849 1067.51189
2 1997 1.00 111.5344310 111.53443 1.51231 1069.74710
3 1997 1.00 111.9752700 111.97527 1.51547 1072.45979
4 1997 1.00 112.4109707 112.41097 1.51932 1075.11346
5 1997 1.00 112.8699002 112.86990 1.52308 1077.97965
6 1997 1.00 113.3232120 113.32321 1.52714 1080.78193
7 1997 1.00 113.7942645 113.79426 1.53111 1083.74333
8 1997 1.00 114.2678375 114.26784 1.53530 1086.71819
9 1997 1.00 114.7279210 114.72792 1.53952 1089.55420
10 1997 1.00 115.2063882 115.20639 1.54354 1092.55459
11 1997 1.00 115.6752649 115.67526 1.54779 1095.45338
12 1997 1.00 116.1691804 116.16918 1.55189 1098.57890
1 1998 1.00 116.6618882 116.66189 1.55632 1101.68198
2 1998 1.00 117.1019765 117.10198 1.56072 1104.27718
3 1998 1.00 117.5924652 117.59247 1.56439 1107.33812
4 1998 1.00 118.0636094 118.06361 1.56873 1110.20604
5 1998 1.00 118.5514668 118.55147 1.57279 1113.22079
6 1998 1.00 119.0280331 119.02803 1.57706 1116.11878
7 1998 1.00 119.5235540 119.52355 1.58117 1119.18408
8 1998 1.00 120.0185273 120.01853 1.58551 1122.23336
9 1998 1.00 120.4967424 120.49674 1.58983 1125.11508
10 1998 1.00 120.9779470 120.97795 1.59391 1128.01432
11 1998 1.00 121.4309064 121.43091 1.59802 1130.63975
12 1998 1.00 121.8919586 121.89196 1.60174 1133.33086
1 1999 1.00 122.3499976 122.35000 1.60555 1135.98407
2 1999 1.00 122.7513657 122.75137 1.60931 1138.10135
3 1999 1.00 123.1940213 123.19402 1.61231 1140.59316
4 1999 1.00 123.6197513 123.61975 1.61584 1142.91895
5 1999 1.00 124.0674662 124.06747 1.61914 1145.43913
6 1999 1.00 124.5098566 124.50986 1.62271 1147.90075
7 1999 1.00 124.9786387 124.97864 1.62619 1150.59643
8 1999 1.00 125.4666084 125.46661 1.63001 1153.45883
9 1999 1.00 125.9557648 125.95576 1.63407 1156.32175
10 1999 1.00 126.4702869 126.47029 1.63812 1159.40714
11 1999 1.00 126.9539594 126.95396 1.64249 1162.19868
12 1999 1.00 127.5057558 127.50576 1.64645 1165.60364
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 26.87%
GROSS ANNUAL RETURN = 4.87%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1165.60 1165.60
TOTAL RETURN 16.56% 16.56%
AVERAGE ANNUAL RETURN 3.11% 3.11%
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
1 1999 1.00 122.3499976 122.35000 1.60909 1138.48674
2 1999 1.00 122.7513657 122.75137 1.61286 1140.60868
3 1999 1.00 123.1940213 123.19402 1.61586 1143.10598
4 1999 1.00 123.6197513 123.61975 1.61940 1145.43689
5 1999 1.00 124.0674662 124.06747 1.62270 1147.96263
6 1999 1.00 124.5098566 124.50986 1.62628 1150.42967
7 1999 1.00 124.9786387 124.97864 1.62978 1153.13128
8 1999 1.00 125.4666084 125.46661 1.63360 1156.00000
9 1999 1.00 125.9557648 125.95576 1.63767 1158.86922
10 1999 1.00 126.4702869 126.47029 1.64173 1161.96141
11 1999 1.00 126.9539594 126.95396 1.64611 1164.75910
12 1999 1.00 127.5057558 127.50576 1.65008 1168.17156
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 27.51%
GROSS ANNUAL RETURN = 4.87%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1168.17 1168.17
TOTAL RETURN 16.82% 16.82%
AVERAGE ANNUAL RETURN 3.09% 3.09%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 1.00 114.2678375 114.26784 1000.00000
9 1997 1.00 114.7279210 114.72792 1.41667 1002.60969
10 1997 1.00 115.2063882 115.20639 1.42036 1005.37066
11 1997 1.00 115.6752649 115.67526 1.42428 1008.03813
12 1997 1.00 116.1691804 116.16918 1.42805 1010.91424
1 1998 1.00 116.6618882 116.66189 1.43213 1013.76970
2 1998 1.00 117.1019765 117.10198 1.43617 1016.15781
3 1998 1.00 117.5924652 117.59247 1.43956 1018.97449
4 1998 1.00 118.0636094 118.06361 1.44355 1021.61356
5 1998 1.00 118.5514668 118.55147 1.44729 1024.38774
6 1998 1.00 119.0280331 119.02803 1.45122 1027.05447
7 1998 1.00 119.5235540 119.52355 1.45499 1029.87516
8 1998 1.00 120.0185273 120.01853 1.45899 1032.68111
9 1998 1.00 120.4967424 120.49674 1.46296 1035.33288
10 1998 1.00 120.9779470 120.97795 1.46672 1038.00077
11 1998 1.00 121.4309064 121.43091 1.47050 1040.41669
12 1998 1.00 121.8919586 121.89196 1.47392 1042.89305
1 1999 1.00 122.3499976 122.35000 1.47743 1045.33455
2 1999 1.00 122.7513657 122.75137 1.48089 1047.28287
3 1999 1.00 123.1940213 123.19402 1.48365 1049.57584
4 1999 1.00 123.6197513 123.61975 1.48690 1051.71603
5 1999 1.00 124.0674662 124.06747 1.48993 1054.03511
6 1999 1.00 124.5098566 124.50986 1.49322 1056.30029
7 1999 1.00 124.9786387 124.97864 1.49643 1058.78086
8 1999 1.00 125.4666084 125.46661 1.49994 1061.41485
9 1999 1.00 125.9557648 125.95576 1.50367 1064.04932
10 1999 1.00 126.4702869 126.47029 1.50740 1066.88849
11 1999 1.00 126.9539594 126.95396 1.51143 1069.45727
12 1999 1.00 127.5057558 127.50576 1.51506 1072.59053
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 11.58%
GROSS ANNUAL RETURN = 4.71%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1072.59 1072.59
TOTAL RETURN 7.26% 7.26%
AVERAGE ANNUAL RETURN 2.99% 2.99%
<PAGE>
Federated US Government Bond
12/1999
Assume ($10000 @ $10.00 on 3/28/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
3/94 0.0000000000 10.00 0.000 100.000000
4/94 0.0240000000 9.99 0.240 100.240240
5/94 0.0190000000 9.97 0.191 100.431270
6/94 0.0290000000 9.98 0.292 100.723104
7/94 0.0320000000 9.96 0.324 101.046713
8/94 0.0310000000 9.97 0.314 101.360900
9/94 0.0290000000 9.97 0.295 101.655731
10/94 0.0300000000 9.98 0.306 101.961309
11/94 0.0360000000 9.97 0.368 102.329475
12/94 0.0380000000 9.97 0.390 102.719497
1/95 0.0350000000 9.97 0.361 103.080097
2/95 0.0390000000 9.98 0.403 103.482915
3/95 0.0420000000 9.97 0.436 103.918851
4/95 0.0400000000 9.98 0.417 104.335359
5/95 0.0400000000 9.98 0.418 104.753537
6/95 0.0400000000 9.98 0.420 105.173391
7/95 0.0400000000 9.99 0.421 105.594505
8/95 0.0520000000 9.96 0.551 106.145802
9/95 0.0520000000 10.07 0.548 106.693923
10/95 0.0520000000 10.12 0.548 107.242153
11/95 0.0530000000 10.17 0.559 107.801035
12/95 0.0530000000 10.22 0.559 108.360082
1/96 0.0490000000 10.28 0.517 108.876584
2/96 0.0490000000 10.21 0.523 109.399107
3/96 0.0893000000 10.04 0.973 110.372148
4/96 0.0480000000 9.98 0.531 110.902996
5/96 0.0480000000 9.94 0.536 111.438544
6/96 0.0480000000 9.83 0.544 111.982700
7/96 0.0440000000 9.87 0.499 112.481913
8/96 0.0440000000 9.98 0.496 112.977826
9/96 0.0480000000 9.89 0.548 113.526151
10/96 0.0480000000 10.02 0.544 114.069989
11/96 0.0480000000 10.21 0.536 114.606263
12/96 0.0480000000 10.11 0.544 115.150387
1/97 0.0480000000 10.05 0.550 115.700359
2/97 0.0480000000 10.12 0.549 116.249136
3/97 0.0480000000 9.96 0.560 116.809373
4/97 0.0480000000 9.92 0.565 117.374579
5/97 0.0480000000 10.00 0.563 117.937977
6/97 0.0480000000 10.12 0.559 118.497367
7/97 0.0510000000 10.16 0.595 119.092186
8/97 0.0510000000 10.15 0.598 119.690581
3/98 0.1864000000 10.54 2.117 121.807310
3/99 0.5252000000 10.60 6.035 127.842517
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 11.15 121.8073097 1358.15150 1000.00000
1 1999 11.21 121.8073097 1365.45994 1.41667 1003.96450
2 1999 11.08 121.8073097 1349.62499 1.42228 990.89945
3 1999 10.61 127.8425171 1356.40911 1.40377 994.47660
4 1999 10.64 127.8425171 1360.24438 1.40884 995.87966
5 1999 10.55 127.8425171 1348.73856 1.41083 986.04504
6 1999 10.49 127.8425171 1341.06800 1.39690 979.04030
7 1999 10.43 127.8425171 1333.39745 1.38697 972.05348
8 1999 10.42 127.8425171 1332.11903 1.37708 969.74442
9 1999 10.58 127.8425171 1352.57383 1.37380 983.26113
10 1999 10.61 127.8425171 1356.40911 1.39295 984.65625
11 1999 10.61 127.8425171 1356.40911 1.39493 983.26132
12 1999 10.56 127.8425171 1350.01698 1.39295 977.23471
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -0.60%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 977.23 977.23
TOTAL RETURN -2.28% -2.28%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 11.15 121.8073097 1358.15150 1000.00000
1 1999 11.21 121.8073097 1365.45994 1.41667 1003.96450
2 1999 11.08 121.8073097 1349.62499 1.42228 990.89945
3 1999 10.61 127.8425171 1356.40911 1.40377 994.47660
4 1999 10.64 127.8425171 1360.24438 1.40884 995.87966
5 1999 10.55 127.8425171 1348.73856 1.41083 986.04504
6 1999 10.49 127.8425171 1341.06800 1.39690 979.04030
7 1999 10.43 127.8425171 1333.39745 1.38697 972.05348
8 1999 10.42 127.8425171 1332.11903 1.37708 969.74442
9 1999 10.58 127.8425171 1352.57383 1.37380 983.26113
10 1999 10.61 127.8425171 1356.40911 1.39295 984.65625
11 1999 10.61 127.8425171 1356.40911 1.39493 983.26132
12 1999 10.56 127.8425171 1350.01698 1.39295 977.23471
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -0.60%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 977.23 977.23
TOTAL RETURN -2.28% -2.28%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 10.09 115.1503875 1161.86741 1000.00000
1 1997 10.08 115.7003595 1166.25962 1.41667 1002.36364
2 1997 10.05 116.2491359 1168.30382 1.42002 1002.70054
3 1997 9.91 116.8093727 1157.58088 1.42049 992.07706
4 1997 10.00 117.3745793 1173.74579 1.40544 1004.52537
5 1997 10.04 117.9379773 1184.09729 1.42308 1011.96140
6 1997 10.10 118.4973669 1196.82341 1.43361 1021.40387
7 1997 10.21 119.0921864 1215.93122 1.44699 1036.26404
8 1997 10.17 119.6905806 1217.25321 1.46804 1035.92265
9 1997 10.29 119.6905806 1231.61607 1.46756 1046.67837
10 1997 10.42 119.6905806 1247.17585 1.48279 1058.41891
11 1997 10.45 119.6905806 1250.76657 1.49943 1059.96676
12 1997 10.54 119.6905806 1261.53872 1.50162 1067.59404
1 1998 10.67 119.6905806 1277.09850 1.51242 1079.24928
2 1998 10.67 119.6905806 1277.09850 1.52894 1077.72035
3 1998 10.52 121.8073097 1281.41290 1.52677 1079.83442
4 1998 10.57 121.8073097 1287.50326 1.52977 1083.43695
5 1998 10.66 121.8073097 1298.46592 1.53487 1091.12718
6 1998 10.71 121.8073097 1304.55629 1.54576 1094.69928
7 1998 10.76 121.8073097 1310.64665 1.55082 1098.25909
8 1998 10.91 121.8073097 1328.91775 1.55587 1112.01353
9 1998 11.11 121.8073097 1353.27921 1.57535 1130.82339
10 1998 11.07 121.8073097 1348.40692 1.60200 1125.15002
11 1998 11.11 121.8073097 1353.27921 1.59396 1127.62164
12 1998 11.15 121.8073097 1358.15150 1.59746 1130.08402
1 1999 11.21 121.8073097 1365.45994 1.60095 1134.56424
2 1999 11.08 121.8073097 1349.62499 1.60730 1119.79964
3 1999 10.61 127.8425171 1356.40911 1.58638 1123.84212
4 1999 10.64 127.8425171 1360.24438 1.59211 1125.42770
5 1999 10.55 127.8425171 1348.73856 1.59436 1114.31374
6 1999 10.49 127.8425171 1341.06800 1.57861 1106.39780
7 1999 10.43 127.8425171 1333.39745 1.56740 1098.50211
8 1999 10.42 127.8425171 1332.11903 1.55621 1095.89268
9 1999 10.58 127.8425171 1352.57383 1.55251 1111.16769
10 1999 10.61 127.8425171 1356.40911 1.57415 1112.74430
11 1999 10.61 127.8425171 1356.40911 1.57639 1111.16791
12 1999 10.56 127.8425171 1350.01698 1.57415 1104.35734
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 16.19%
GROSS ANNUAL RETURN = 5.13%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1104.36 1104.36
TOTAL RETURN 10.44% 10.44%
AVERAGE ANNUAL RETURN 3.36% 3.36%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 9.98 102.7194966 1025.14058 1000.00000
1 1995 9.99 103.0800966 1029.77017 1.41667 1003.09939
2 1995 9.99 103.4829147 1033.79432 1.42106 1005.59826
3 1995 9.99 103.9188507 1038.14932 1.42460 1008.40988
4 1995 9.99 104.3353591 1042.31024 1.42858 1011.02302
5 1995 9.99 104.7535369 1046.48783 1.43228 1013.64294
6 1995 9.99 105.1733908 1050.68217 1.43599 1016.26964
7 1995 10.01 105.5945055 1057.00100 1.43972 1020.94179
8 1995 10.07 106.1458021 1068.88823 1.44633 1030.97716
9 1995 10.11 106.6939234 1078.67557 1.46055 1038.95681
10 1995 10.16 107.2421530 1089.58027 1.47186 1047.98813
11 1995 10.23 107.8010354 1102.80459 1.48465 1059.22299
12 1995 10.29 108.3600819 1115.02524 1.50057 1069.46013
1 1996 10.32 108.8765842 1123.60635 1.51507 1076.17551
2 1996 10.17 109.3991065 1112.58891 1.52458 1064.09857
3 1996 10.03 110.3721484 1107.03265 1.50747 1057.27699
4 1996 9.94 110.9029964 1102.37578 1.49781 1051.33162
5 1996 9.87 111.4385441 1099.89843 1.48939 1047.47959
6 1996 9.94 111.9826997 1113.10804 1.48393 1058.57572
7 1996 9.92 112.4819134 1115.82058 1.49965 1059.65573
8 1996 9.85 112.9778256 1112.83158 1.50118 1055.31601
9 1996 9.96 113.5261508 1130.72046 1.49503 1070.78528
10 1996 10.11 114.0699886 1153.24758 1.51695 1090.60139
11 1996 10.21 114.6062628 1170.12994 1.54502 1105.02165
12 1996 10.09 115.1503875 1161.86741 1.56545 1095.65341
1 1997 10.08 115.7003595 1166.25962 1.55218 1098.24314
2 1997 10.05 116.2491359 1168.30382 1.55584 1098.61227
3 1997 9.91 116.8093727 1157.58088 1.55637 1086.97261
4 1997 10.00 117.3745793 1173.74579 1.53988 1100.61165
5 1997 10.04 117.9379773 1184.09729 1.55920 1108.75896
6 1997 10.10 118.4973669 1196.82341 1.57074 1119.10463
7 1997 10.21 119.0921864 1215.93122 1.58540 1135.38624
8 1997 10.17 119.6905806 1217.25321 1.60846 1135.01218
9 1997 10.29 119.6905806 1231.61607 1.60793 1146.79672
10 1997 10.42 119.6905806 1247.17585 1.62463 1159.66030
11 1997 10.45 119.6905806 1250.76657 1.64285 1161.35620
12 1997 10.54 119.6905806 1261.53872 1.64525 1169.71305
1 1998 10.67 119.6905806 1277.09850 1.65709 1182.48316
2 1998 10.67 119.6905806 1277.09850 1.67518 1180.80798
3 1998 10.52 121.8073097 1281.41290 1.67281 1183.12427
4 1998 10.57 121.8073097 1287.50326 1.67609 1187.07139
5 1998 10.66 121.8073097 1298.46592 1.68168 1195.49722
6 1998 10.71 121.8073097 1304.55629 1.69362 1199.41100
7 1998 10.76 121.8073097 1310.64665 1.69917 1203.31132
8 1998 10.91 121.8073097 1328.91775 1.70469 1218.38142
9 1998 11.11 121.8073097 1353.27921 1.72604 1238.99051
10 1998 11.07 121.8073097 1348.40692 1.75524 1232.77446
11 1998 11.11 121.8073097 1353.27921 1.74643 1235.48250
12 1998 11.15 121.8073097 1358.15150 1.75027 1238.18042
1 1999 11.21 121.8073097 1365.45994 1.75409 1243.08918
2 1999 11.08 121.8073097 1349.62499 1.76104 1226.91230
3 1999 10.61 127.8425171 1356.40911 1.73813 1231.34145
4 1999 10.64 127.8425171 1360.24438 1.74440 1233.07869
5 1999 10.55 127.8425171 1348.73856 1.74686 1220.90166
6 1999 10.49 127.8425171 1341.06800 1.72961 1212.22853
7 1999 10.43 127.8425171 1333.39745 1.71732 1203.57758
8 1999 10.42 127.8425171 1332.11903 1.70507 1200.71856
9 1999 10.58 127.8425171 1352.57383 1.70102 1217.45468
10 1999 10.61 127.8425171 1356.40911 1.72473 1219.18209
11 1999 10.61 127.8425171 1356.40911 1.72717 1217.45491
12 1999 10.56 127.8425171 1350.01698 1.72473 1209.99289
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 31.69%
GROSS ANNUAL RETURN = 5.66%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1209.99 1209.99
TOTAL RETURN 21.00% 21.00%
AVERAGE ANNUAL RETURN 3.89% 3.89%
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
1 1999 11.21 121.8073097 1365.45994 1.77545 1258.22932
2 1999 11.08 121.8073097 1349.62499 1.78249 1241.85541
3 1999 10.61 127.8425171 1356.40911 1.75930 1246.33850
4 1999 10.64 127.8425171 1360.24438 1.76565 1248.09691
5 1999 10.55 127.8425171 1348.73856 1.76814 1235.77156
6 1999 10.49 127.8425171 1341.06800 1.75068 1226.99280
7 1999 10.43 127.8425171 1333.39745 1.73824 1218.23649
8 1999 10.42 127.8425171 1332.11903 1.72583 1215.34264
9 1999 10.58 127.8425171 1352.57383 1.72174 1232.28260
10 1999 10.61 127.8425171 1356.40911 1.74573 1234.03105
11 1999 10.61 127.8425171 1356.40911 1.74821 1232.28284
12 1999 10.56 127.8425171 1350.01698 1.74573 1224.72993
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 35.00%
GROSS ANNUAL RETURN = 5.35%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1224.73 1224.73
TOTAL RETURN 22.47% 22.47%
AVERAGE ANNUAL RETURN 3.58% 3.58%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 10.17 119.6905806 1217.25321 1000.00000
9 1997 10.29 119.6905806 1231.61607 1.41667 1010.38274
10 1997 10.42 119.6905806 1247.17585 1.43138 1021.71616
11 1997 10.45 119.6905806 1250.76657 1.44743 1023.21033
12 1997 10.54 119.6905806 1261.53872 1.44955 1030.57312
1 1998 10.67 119.6905806 1277.09850 1.45998 1041.82420
2 1998 10.67 119.6905806 1277.09850 1.47592 1040.34828
3 1998 10.52 121.8073097 1281.41290 1.47383 1042.38905
4 1998 10.57 121.8073097 1287.50326 1.47672 1045.86665
5 1998 10.66 121.8073097 1298.46592 1.48164 1053.29021
6 1998 10.71 121.8073097 1304.55629 1.49216 1056.73843
7 1998 10.76 121.8073097 1310.64665 1.49705 1060.17481
8 1998 10.91 121.8073097 1328.91775 1.50191 1073.45228
9 1998 11.11 121.8073097 1353.27921 1.52072 1091.60988
10 1998 11.07 121.8073097 1348.40692 1.54645 1086.13324
11 1998 11.11 121.8073097 1353.27921 1.53869 1088.51915
12 1998 11.15 121.8073097 1358.15150 1.54207 1090.89615
1 1999 11.21 121.8073097 1365.45994 1.54544 1095.22100
2 1999 11.08 121.8073097 1349.62499 1.55156 1080.96839
3 1999 10.61 127.8425171 1356.40911 1.53137 1084.87069
4 1999 10.64 127.8425171 1360.24438 1.53690 1086.40128
5 1999 10.55 127.8425171 1348.73856 1.53907 1075.67273
6 1999 10.49 127.8425171 1341.06800 1.52387 1068.03129
7 1999 10.43 127.8425171 1333.39745 1.51304 1060.40939
8 1999 10.42 127.8425171 1332.11903 1.50225 1057.89046
9 1999 10.58 127.8425171 1352.57383 1.49868 1072.63578
10 1999 10.61 127.8425171 1356.40911 1.51957 1074.15771
11 1999 10.61 127.8425171 1356.40911 1.52172 1072.63599
12 1999 10.56 127.8425171 1350.01698 1.51957 1066.06158
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 10.91%
GROSS ANNUAL RETURN = 4.44%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1066.06 1066.06
TOTAL RETURN 6.61% 6.61%
AVERAGE ANNUAL RETURN 2.72% 2.72%
<PAGE>
Fidelity Asset Manager Growth
12/1999
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
2/99 1.0900000000 16.05 8.659 136.164493
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 17.03 127.5052578 2171.41454 1000.00000
1 1999 17.53 127.5052578 2235.16717 1.41667 1027.94329
2 1999 15.99 136.1644934 2177.27025 1.45625 999.86050
3 1999 16.15 136.1644934 2199.05657 1.41647 1008.44889
4 1999 16.63 136.1644934 2264.41553 1.42864 1036.99273
5 1999 16.34 136.1644934 2224.92782 1.46907 1017.44020
6 1999 17.15 136.1644934 2335.22106 1.44137 1066.43497
7 1999 16.80 136.1644934 2287.56349 1.51078 1043.16021
8 1999 16.76 136.1644934 2282.11691 1.47781 1039.19868
9 1999 16.42 136.1644934 2235.82098 1.47220 1016.64489
10 1999 17.09 136.1644934 2327.05119 1.44025 1056.68771
11 1999 17.39 136.1644934 2367.90054 1.49697 1073.73997
12 1999 18.38 136.1644934 2502.70339 1.52113 1133.34607
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 15.26%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1133.35 1133.35
TOTAL RETURN 13.33% 13.33%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 17.03 127.5052578 2171.41454 1000.00000
1 1999 17.53 127.5052578 2235.16717 1.41667 1027.94329
2 1999 15.99 136.1644934 2177.27025 1.45625 999.86050
3 1999 16.15 136.1644934 2199.05657 1.41647 1008.44889
4 1999 16.63 136.1644934 2264.41553 1.42864 1036.99273
5 1999 16.34 136.1644934 2224.92782 1.46907 1017.44020
6 1999 17.15 136.1644934 2335.22106 1.44137 1066.43497
7 1999 16.80 136.1644934 2287.56349 1.51078 1043.16021
8 1999 16.76 136.1644934 2282.11691 1.47781 1039.19868
9 1999 16.42 136.1644934 2235.82098 1.47220 1016.64489
10 1999 17.09 136.1644934 2327.05119 1.44025 1056.68771
11 1999 17.39 136.1644934 2367.90054 1.49697 1073.73997
12 1999 18.38 136.1644934 2502.70339 1.52113 1133.34607
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 15.26%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1133.35 1133.35
TOTAL RETURN 13.33% 13.33%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 13.10 112.7271991 1476.72631 1000.00000
1 1997 13.66 112.7271991 1539.85354 1.41667 1041.33143
2 1997 13.77 112.8921255 1554.52457 1.47522 1049.77754
3 1997 13.12 112.8921255 1481.14469 1.48718 998.73659
4 1997 13.67 112.8921255 1543.23536 1.41488 1039.18948
5 1997 14.50 112.8921255 1636.93582 1.47219 1100.81366
6 1997 14.93 112.8921255 1685.47943 1.55949 1131.89899
7 1997 15.94 112.8921255 1799.50048 1.60352 1206.86733
8 1997 15.44 112.8921255 1743.05442 1.70973 1167.30104
9 1997 16.01 112.8921255 1807.40293 1.65368 1208.74073
10 1997 15.63 112.8921255 1764.50392 1.71238 1178.33868
11 1997 16.08 112.8921255 1815.30538 1.66931 1210.59467
12 1997 16.36 112.8921255 1846.91517 1.71501 1229.95967
1 1998 16.36 112.8921255 1846.91517 1.74244 1228.21722
2 1998 15.37 127.5052578 1959.75581 1.73997 1301.51741
3 1998 15.94 127.5052578 2032.43381 1.84382 1347.94067
4 1998 15.89 127.5052578 2026.05855 1.90958 1341.80292
5 1998 15.73 127.5052578 2005.65771 1.90089 1326.39111
6 1998 16.10 127.5052578 2052.83465 1.87905 1355.71134
7 1998 15.96 127.5052578 2034.98391 1.92059 1342.00196
8 1998 13.95 127.5052578 1778.69835 1.90117 1171.08926
9 1998 14.47 127.5052578 1845.00108 1.65904 1213.08373
10 1998 15.39 127.5052578 1962.30592 1.71854 1288.49284
11 1998 16.16 127.5052578 2060.48497 1.82536 1351.13397
12 1998 17.03 127.5052578 2171.41454 1.91411 1421.96037
1 1999 17.53 127.5052578 2235.16717 2.01444 1461.69462
2 1999 15.99 136.1644934 2177.27025 2.07073 1421.76201
3 1999 16.15 136.1644934 2199.05657 2.01416 1433.97436
4 1999 16.63 136.1644934 2264.41553 2.03146 1474.56257
5 1999 16.34 136.1644934 2224.92782 2.08896 1446.75965
6 1999 17.15 136.1644934 2335.22106 2.04958 1516.42827
7 1999 16.80 136.1644934 2287.56349 2.14827 1483.33248
8 1999 16.76 136.1644934 2282.11691 2.10139 1477.69934
9 1999 16.42 136.1644934 2235.82098 2.09341 1445.62874
10 1999 17.09 136.1644934 2327.05119 2.04797 1502.56806
11 1999 17.39 136.1644934 2367.90054 2.12864 1526.81569
12 1999 18.38 136.1644934 2502.70339 2.16299 1611.57320
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 69.48%
GROSS ANNUAL RETURN = 19.23%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1611.57 1611.57
TOTAL RETURN 61.16% 61.16%
AVERAGE ANNUAL RETURN 17.24% 17.24%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 10.00 100.0000000 1000.00000 1000.00000
1 1995 10.02 100.0000000 1002.00000 1.41667 1000.58333
2 1995 10.17 100.0000000 1017.00000 1.41749 1014.14463
3 1995 10.31 100.0000000 1031.00000 1.43670 1026.66862
4 1995 10.58 100.0000000 1058.00000 1.45445 1052.10074
5 1995 10.73 100.0000000 1073.00000 1.49048 1065.52663
6 1995 11.16 100.0000000 1116.00000 1.50950 1106.71764
7 1995 11.57 100.0000000 1157.00000 1.56785 1145.80877
8 1995 12.09 100.0000000 1209.00000 1.62323 1195.68257
9 1995 12.27 100.0000000 1227.00000 1.69388 1211.79041
10 1995 11.80 100.0000000 1180.00000 1.71670 1163.65631
11 1995 12.01 100.0000000 1201.00000 1.64851 1182.71693
12 1995 11.78 104.5221843 1231.27133 1.67552 1210.85192
1 1996 12.05 104.5221843 1259.49232 1.71537 1236.88952
2 1996 11.67 108.3000946 1263.86210 1.75226 1239.42862
3 1996 11.88 108.3000946 1286.60512 1.75586 1259.97611
4 1996 12.16 108.3000946 1316.92915 1.78497 1287.88755
5 1996 12.35 108.3000946 1337.50617 1.82451 1306.18628
6 1996 12.40 108.3000946 1342.92117 1.85043 1309.62406
7 1996 12.09 108.3000946 1309.34814 1.85530 1275.02816
8 1996 12.18 108.3000946 1319.09515 1.80629 1282.71339
9 1996 12.68 108.3000946 1373.24520 1.81718 1333.55276
10 1996 13.05 108.3000946 1413.31623 1.88920 1370.57637
11 1996 13.90 108.3000946 1505.37131 1.94165 1457.90598
12 1996 13.10 112.7271991 1476.72631 2.06537 1428.09880
1 1997 13.66 112.7271991 1539.85354 2.02314 1487.12416
2 1997 13.77 112.8921255 1554.52457 2.10676 1499.18605
3 1997 13.12 112.8921255 1481.14469 2.12385 1426.29453
4 1997 13.67 112.8921255 1543.23536 2.02058 1484.06525
5 1997 14.50 112.8921255 1636.93582 2.10243 1572.07067
6 1997 14.93 112.8921255 1685.47943 2.22710 1616.46359
7 1997 15.94 112.8921255 1799.50048 2.28999 1723.52579
8 1997 15.44 112.8921255 1743.05442 2.44166 1667.02122
9 1997 16.01 112.8921255 1807.40293 2.36161 1726.20119
10 1997 15.63 112.8921255 1764.50392 2.44545 1682.78407
11 1997 16.08 112.8921255 1815.30538 2.38394 1728.84880
12 1997 16.36 112.8921255 1846.91517 2.44920 1756.50393
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
1 1999 17.53 127.5052578 2235.16717 2.87682 2087.44434
2 1999 15.99 136.1644934 2177.27025 2.95721 2030.41663
3 1999 16.15 136.1644934 2199.05657 2.87642 2047.85707
4 1999 16.63 136.1644934 2264.41553 2.90113 2105.82104
5 1999 16.34 136.1644934 2224.92782 2.98325 2066.11572
6 1999 17.15 136.1644934 2335.22106 2.92700 2165.60939
7 1999 16.80 136.1644934 2287.56349 3.06795 2118.34534
8 1999 16.76 136.1644934 2282.11691 3.00099 2110.30067
9 1999 16.42 136.1644934 2235.82098 2.98959 2064.50068
10 1999 17.09 136.1644934 2327.05119 2.92471 2145.81564
11 1999 17.39 136.1644934 2367.90054 3.03991 2180.44366
12 1999 18.38 136.1644934 2502.70339 3.08896 2301.48576
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 150.27%
GROSS ANNUAL RETURN = 20.14%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2301.49 2301.49
TOTAL RETURN 130.15% 130.15%
AVERAGE ANNUAL RETURN 18.14% 18.14%
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
1 1999 17.53 127.5052578 2235.16717 2.87682 2087.44434
2 1999 15.99 136.1644934 2177.27025 2.95721 2030.41663
3 1999 16.15 136.1644934 2199.05657 2.87642 2047.85707
4 1999 16.63 136.1644934 2264.41553 2.90113 2105.82104
5 1999 16.34 136.1644934 2224.92782 2.98325 2066.11572
6 1999 17.15 136.1644934 2335.22106 2.92700 2165.60939
7 1999 16.80 136.1644934 2287.56349 3.06795 2118.34534
8 1999 16.76 136.1644934 2282.11691 3.00099 2110.30067
9 1999 16.42 136.1644934 2235.82098 2.98959 2064.50068
10 1999 17.09 136.1644934 2327.05119 2.92471 2145.81564
11 1999 17.39 136.1644934 2367.90054 3.03991 2180.44366
12 1999 18.38 136.1644934 2502.70339 3.08896 2301.48576
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 150.27%
GROSS ANNUAL RETURN = 20.17%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2301.49 2301.49
TOTAL RETURN 130.15% 130.15%
AVERAGE ANNUAL RETURN 18.17% 18.17%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 15.44 112.8921255 1743.05442 1000.00000
9 1997 16.01 112.8921255 1807.40293 1.41667 1035.50043
10 1997 15.63 112.8921255 1764.50392 1.46696 1009.45570
11 1997 16.08 112.8921255 1815.30538 1.43006 1037.08866
12 1997 16.36 112.8921255 1846.91517 1.46921 1053.67821
1 1998 16.36 112.8921255 1846.91517 1.49271 1052.18550
2 1998 15.37 127.5052578 1959.75581 1.49060 1114.98009
3 1998 15.94 127.5052578 2032.43381 1.57956 1154.74983
4 1998 15.89 127.5052578 2026.05855 1.63590 1149.49176
5 1998 15.73 127.5052578 2005.65771 1.62845 1136.28882
6 1998 16.10 127.5052578 2052.83465 1.60974 1161.40678
7 1998 15.96 127.5052578 2034.98391 1.64533 1149.66227
8 1998 13.95 127.5052578 1778.69835 1.62869 1003.24529
9 1998 14.47 127.5052578 1845.00108 1.42126 1039.22098
10 1998 15.39 127.5052578 1962.30592 1.47223 1103.82223
11 1998 16.16 127.5052578 2060.48497 1.56375 1157.48546
12 1998 17.03 127.5052578 2171.41454 1.63977 1218.16081
1 1999 17.53 127.5052578 2235.16717 1.72573 1252.20022
2 1999 15.99 136.1644934 2177.27025 1.77395 1217.99088
3 1999 16.15 136.1644934 2199.05657 1.72549 1228.45291
4 1999 16.63 136.1644934 2264.41553 1.74031 1263.22390
5 1999 16.34 136.1644934 2224.92782 1.78957 1239.40577
6 1999 17.15 136.1644934 2335.22106 1.75582 1299.08928
7 1999 16.80 136.1644934 2287.56349 1.84038 1270.73688
8 1999 16.76 136.1644934 2282.11691 1.80021 1265.91110
9 1999 16.42 136.1644934 2235.82098 1.79337 1238.43696
10 1999 17.09 136.1644934 2327.05119 1.75445 1287.21556
11 1999 17.39 136.1644934 2367.90054 1.82356 1307.98795
12 1999 18.38 136.1644934 2502.70339 1.85298 1380.59776
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 43.58%
GROSS ANNUAL RETURN = 16.41%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1380.60 1380.60
TOTAL RETURN 38.06% 38.06%
AVERAGE ANNUAL RETURN 14.51% 14.51%
<PAGE>
Fidelity Contrafund
12/1999
Assume ($10000 @ $10.00 on 1/ 3/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/95 0.1800000000 13.64 1.320 101.319648
2/96 0.1300000000 13.78 0.956 102.275494
2/97 0.5100000000 16.46 3.169 105.444419
2/98 1.1700000000 19.35 6.376 111.820128
2/99 1.0000000000 23.94 4.671 116.490977
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 24.44 111.8201276 2732.88392 1000.00000
1 1999 25.84 111.8201276 2889.43210 1.41667 1055.86648
2 1999 23.89 116.4909767 2782.96943 1.49581 1015.46670
3 1999 24.74 116.4909767 2881.98676 1.43858 1050.15817
4 1999 25.27 116.4909767 2943.72698 1.48772 1071.16777
5 1999 24.76 116.4909767 2884.31658 1.51749 1048.03194
6 1999 26.10 116.4909767 3040.41449 1.48471 1103.26624
7 1999 25.67 116.4909767 2990.32337 1.56296 1083.52686
8 1999 24.92 116.4909767 2902.95514 1.53500 1050.33448
9 1999 24.84 116.4909767 2893.63586 1.48797 1045.47464
10 1999 25.75 116.4909767 2999.64265 1.48109 1082.29395
11 1999 26.77 116.4909767 3118.46345 1.53325 1123.63215
12 1999 29.15 116.4909767 3395.71197 1.59181 1221.93741
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 24.25%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1221.94 1221.94
TOTAL RETURN 22.19% 22.19%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 24.44 111.8201276 2732.88392 1000.00000
1 1999 25.84 111.8201276 2889.43210 1.41667 1055.86648
2 1999 23.89 116.4909767 2782.96943 1.49581 1015.46670
3 1999 24.74 116.4909767 2881.98676 1.43858 1050.15817
4 1999 25.27 116.4909767 2943.72698 1.48772 1071.16777
5 1999 24.76 116.4909767 2884.31658 1.51749 1048.03194
6 1999 26.10 116.4909767 3040.41449 1.48471 1103.26624
7 1999 25.67 116.4909767 2990.32337 1.56296 1083.52686
8 1999 24.92 116.4909767 2902.95514 1.53500 1050.33448
9 1999 24.84 116.4909767 2893.63586 1.48797 1045.47464
10 1999 25.75 116.4909767 2999.64265 1.48109 1082.29395
11 1999 26.77 116.4909767 3118.46345 1.53325 1123.63215
12 1999 29.15 116.4909767 3395.71197 1.59181 1221.93741
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 24.25%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1221.94 1221.94
TOTAL RETURN 22.19% 22.19%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 16.56 102.2754938 1693.68218 1000.00000
1 1997 17.20 102.2754938 1759.13849 1.41667 1037.23068
2 1997 16.22 105.4444186 1710.30847 1.46941 1006.96990
3 1997 15.80 105.4444186 1666.02181 1.42654 979.46892
4 1997 16.18 105.4444186 1706.09069 1.38758 1001.63819
5 1997 17.18 105.4444186 1811.53511 1.41899 1062.12515
6 1997 17.93 105.4444186 1890.61843 1.50468 1106.98798
7 1997 19.47 105.4444186 2053.00283 1.56823 1200.49847
8 1997 18.92 105.4444186 1995.00840 1.70071 1164.88538
9 1997 20.20 105.4444186 2129.97726 1.65025 1242.04344
10 1997 19.59 105.4444186 2065.65616 1.75956 1202.77663
11 1997 19.58 105.4444186 2064.60172 1.70393 1200.45872
12 1997 19.94 105.4444186 2102.56171 1.70065 1220.82983
1 1998 19.92 105.4444186 2100.45282 1.72951 1217.87582
2 1998 20.15 111.8201276 2253.17557 1.72532 1304.70157
3 1998 21.13 111.8201276 2362.75930 1.84833 1366.30771
4 1998 21.33 111.8201276 2385.12332 1.93560 1377.30450
5 1998 20.83 111.8201276 2329.21326 1.95118 1343.06770
6 1998 21.95 111.8201276 2454.45180 1.90268 1413.37990
7 1998 21.98 111.8201276 2457.80641 2.00229 1413.30934
8 1998 18.69 111.8201276 2089.91819 2.00219 1199.76085
9 1998 19.78 111.8201276 2211.80212 1.69966 1268.03119
10 1998 20.43 111.8201276 2284.48521 1.79638 1307.90419
11 1998 21.79 111.8201276 2436.56058 1.85286 1393.11690
12 1998 24.44 111.8201276 2732.88392 1.97358 1560.56781
1 1999 25.84 111.8201276 2889.43210 2.21080 1647.75123
2 1999 23.89 116.4909767 2782.96943 2.33431 1584.70465
3 1999 24.74 116.4909767 2881.98676 2.24500 1638.84303
4 1999 25.27 116.4909767 2943.72698 2.32169 1671.62994
5 1999 24.76 116.4909767 2884.31658 2.36814 1635.52490
6 1999 26.10 116.4909767 3040.41449 2.31699 1721.72178
7 1999 25.67 116.4909767 2990.32337 2.43911 1690.91714
8 1999 24.92 116.4909767 2902.95514 2.39547 1639.11817
9 1999 24.84 116.4909767 2893.63586 2.32208 1631.53407
10 1999 25.75 116.4909767 2999.64265 2.31134 1688.99310
11 1999 26.77 116.4909767 3118.46345 2.39274 1753.50417
12 1999 29.15 116.4909767 3395.71197 2.48413 1906.91619
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 100.49%
GROSS ANNUAL RETURN = 26.10%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1906.92 1906.92
TOTAL RETURN 90.69% 90.69%
AVERAGE ANNUAL RETURN 24.01% 24.01%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 10.00 100.0000000 1000.00000 1000.00000
1 1995 9.87 100.0000000 987.00000 1.41667 985.58333
2 1995 10.37 100.0000000 1037.00000 1.39624 1034.11532
3 1995 10.89 100.0000000 1089.00000 1.46500 1084.50568
4 1995 11.48 100.0000000 1148.00000 1.53638 1141.72580
5 1995 11.73 100.0000000 1173.00000 1.61744 1164.97172
6 1995 12.50 100.0000000 1250.00000 1.65038 1239.79434
7 1995 13.47 100.0000000 1347.00000 1.75638 1334.24600
8 1995 13.64 100.0000000 1364.00000 1.89018 1349.19486
9 1995 13.94 100.0000000 1394.00000 1.91136 1376.95787
10 1995 13.65 100.0000000 1365.00000 1.95069 1346.36172
11 1995 13.90 100.0000000 1390.00000 1.90735 1369.11301
12 1995 13.78 101.3196481 1396.18475 1.93958 1373.26525
1 1996 13.89 101.3196481 1407.32991 1.94546 1382.28200
2 1996 13.81 102.2754938 1412.42457 1.95823 1385.32775
3 1996 14.26 102.2754938 1458.44854 1.96255 1428.50622
4 1996 14.73 102.2754938 1506.51802 2.02372 1473.56510
5 1996 14.90 102.2754938 1523.90486 2.08755 1488.48408
6 1996 14.78 102.2754938 1511.63180 2.10869 1474.38760
7 1996 14.09 102.2754938 1441.06171 2.08872 1403.46753
8 1996 14.63 102.2754938 1496.29047 1.98825 1455.26725
9 1996 15.25 102.2754938 1559.70128 2.06163 1514.87792
10 1996 15.72 102.2754938 1607.77076 2.14608 1559.41988
11 1996 16.66 102.2754938 1703.90973 2.20918 1650.45846
12 1996 16.56 102.2754938 1693.68218 2.33815 1638.21359
1 1997 17.20 102.2754938 1759.13849 2.32080 1699.20539
2 1997 16.22 105.4444186 1710.30847 2.40721 1649.63178
3 1997 15.80 105.4444186 1666.02181 2.33698 1604.57931
4 1997 16.18 105.4444186 1706.09069 2.27315 1640.89730
5 1997 17.18 105.4444186 1811.53511 2.32460 1739.98786
6 1997 17.93 105.4444186 1890.61843 2.46498 1813.48276
7 1997 19.47 105.4444186 2053.00283 2.56910 1966.67292
8 1997 18.92 105.4444186 1995.00840 2.78612 1908.33107
9 1997 20.20 105.4444186 2129.97726 2.70347 2034.73245
10 1997 19.59 105.4444186 2065.65616 2.88254 1970.40502
11 1997 19.58 105.4444186 2064.60172 2.79141 1966.60779
12 1997 19.94 105.4444186 2102.56171 2.78603 1999.98003
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
1 1999 25.84 111.8201276 2889.43210 3.62177 2699.36847
2 1999 23.89 116.4909767 2782.96943 3.82411 2596.08470
3 1999 24.74 116.4909767 2881.98676 3.67779 2684.77493
4 1999 25.27 116.4909767 2943.72698 3.80343 2738.48689
5 1999 24.76 116.4909767 2884.31658 3.87952 2679.33913
6 1999 26.10 116.4909767 3040.41449 3.79573 2820.54802
7 1999 25.67 116.4909767 2990.32337 3.99578 2770.08344
8 1999 24.92 116.4909767 2902.95514 3.92428 2685.22567
9 1999 24.84 116.4909767 2893.63586 3.80407 2672.80130
10 1999 25.75 116.4909767 2999.64265 3.78647 2766.93146
11 1999 26.77 116.4909767 3118.46345 3.91982 2872.61437
12 1999 29.15 116.4909767 3395.71197 4.06954 3123.93602
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 239.57%
GROSS ANNUAL RETURN = 27.70%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 3123.94 3123.94
TOTAL RETURN 212.39% 212.39%
AVERAGE ANNUAL RETURN 25.59% 25.59%
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
1 1999 25.84 111.8201276 2889.43210 3.62177 2699.36847
2 1999 23.89 116.4909767 2782.96943 3.82411 2596.08470
3 1999 24.74 116.4909767 2881.98676 3.67779 2684.77493
4 1999 25.27 116.4909767 2943.72698 3.80343 2738.48689
5 1999 24.76 116.4909767 2884.31658 3.87952 2679.33913
6 1999 26.10 116.4909767 3040.41449 3.79573 2820.54802
7 1999 25.67 116.4909767 2990.32337 3.99578 2770.08344
8 1999 24.92 116.4909767 2902.95514 3.92428 2685.22567
9 1999 24.84 116.4909767 2893.63586 3.80407 2672.80130
10 1999 25.75 116.4909767 2999.64265 3.78647 2766.93146
11 1999 26.77 116.4909767 3118.46345 3.91982 2872.61437
12 1999 29.15 116.4909767 3395.71197 4.06954 3123.93602
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 239.57%
GROSS ANNUAL RETURN = 27.75%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 3123.94 3123.94
TOTAL RETURN 212.39% 212.39%
AVERAGE ANNUAL RETURN 25.63% 25.63%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 18.92 105.4444186 1995.00840 1000.00000
9 1997 20.20 105.4444186 2129.97726 1.41667 1066.23661
10 1997 19.59 105.4444186 2065.65616 1.51050 1032.52787
11 1997 19.58 105.4444186 2064.60172 1.46275 1030.53806
12 1997 19.94 105.4444186 2102.56171 1.45993 1048.02571
1 1998 19.92 105.4444186 2100.45282 1.48470 1045.48983
2 1998 20.15 111.8201276 2253.17557 1.48111 1120.02570
3 1998 21.13 111.8201276 2362.75930 1.58670 1172.91171
4 1998 21.33 111.8201276 2385.12332 1.66162 1182.35195
5 1998 20.83 111.8201276 2329.21326 1.67500 1152.96125
6 1998 21.95 111.8201276 2454.45180 1.63336 1213.32100
7 1998 21.98 111.8201276 2457.80641 1.71887 1213.26043
8 1998 18.69 111.8201276 2089.91819 1.71879 1029.93897
9 1998 19.78 111.8201276 2211.80212 1.45908 1088.54588
10 1998 20.43 111.8201276 2284.48521 1.54211 1122.77500
11 1998 21.79 111.8201276 2436.56058 1.59060 1195.92616
12 1998 24.44 111.8201276 2732.88392 1.69423 1339.67499
1 1999 25.84 111.8201276 2889.43210 1.89787 1414.51791
2 1999 23.89 116.4909767 2782.96943 2.00390 1360.39534
3 1999 24.74 116.4909767 2881.98676 1.92723 1406.87063
4 1999 25.27 116.4909767 2943.72698 1.99307 1435.01667
5 1999 24.76 116.4909767 2884.31658 2.03294 1404.02217
6 1999 26.10 116.4909767 3040.41449 1.98903 1478.01819
7 1999 25.67 116.4909767 2990.32337 2.09386 1451.57384
8 1999 24.92 116.4909767 2902.95514 2.05640 1407.10683
9 1999 24.84 116.4909767 2893.63586 1.99340 1400.59623
10 1999 25.75 116.4909767 2999.64265 1.98418 1449.92214
11 1999 26.77 116.4909767 3118.46345 2.05406 1505.30189
12 1999 29.15 116.4909767 3395.71197 2.13251 1636.99899
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 70.21%
GROSS ANNUAL RETURN = 25.03%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1637.00 1637.00
TOTAL RETURN 63.70% 63.70%
AVERAGE ANNUAL RETURN 23.00% 23.00%
<PAGE>
Fidelity Equity Income
12/1999
Assume ($10000 @ $10.00 on 10/ 9/1986)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
3/87 0.0700000000 11.62 0.602 100.602410
6/87 0.1200000000 11.72 1.030 101.632468
9/87 0.1200000000 11.80 1.034 102.666019
12/87 0.2300000000 9.45 2.499 105.164769
3/88 0.1400000000 10.60 1.389 106.553737
6/88 0.1400000000 10.89 1.370 107.923574
9/88 0.1400000000 10.87 1.390 109.313574
12/88 0.1100000000 10.95 1.098 110.411701
3/89 0.2200000000 11.56 2.101 112.512962
6/89 0.1300000000 12.49 1.171 113.684034
9/89 0.1300000000 12.93 1.143 114.827029
12/89 0.1300000000 12.03 1.241 116.067886
2/90 0.3900000000 11.20 4.042 120.109536
3/90 0.2000000000 11.05 2.174 122.283464
6/90 0.1300000000 11.24 1.414 123.697774
9/90 0.1300000000 9.67 1.663 125.360723
12/90 0.1300000000 9.57 1.703 127.063638
3/91 0.2300000000 10.60 2.757 129.820679
6/91 0.1200000000 11.10 1.403 131.224146
9/91 0.1200000000 11.38 1.384 132.607880
12/91 0.1200000000 11.18 1.423 134.031220
3/92 0.1200000000 12.33 1.304 135.335660
6/92 0.1000000000 12.45 1.087 136.422694
9/92 0.1000000000 12.56 1.086 137.508862
12/92 0.1000000000 13.29 1.035 138.543541
3/93 0.1000000000 14.36 0.965 139.508329
6/93 0.1000000000 14.40 0.969 140.477137
9/93 0.1000000000 15.18 0.925 141.402546
12/93 0.0900000000 15.29 0.832 142.234870
2/94 0.7700000000 15.04 7.282 149.516841
3/94 0.1000000000 14.97 0.999 150.515618
6/94 0.0900000000 14.96 0.906 151.421126
9/94 0.0900000000 15.79 0.863 152.284198
12/94 0.0900000000 15.34 0.893 153.177651
2/95 0.7800000000 15.11 7.907 161.084903
3/95 0.1000000000 15.60 1.033 162.117498
6/95 0.1000000000 16.78 0.966 163.083633
9/95 0.1000000000 18.32 0.890 163.973828
12/95 0.1000000000 19.01 0.863 164.836394
2/96 0.8900000000 18.86 7.779 172.614994
2/97 2.1700000000 19.80 18.918 191.532900
2/98 1.5500000000 23.41 12.682 204.214488
2/99 1.2200000000 23.78 10.477 214.691430
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 25.42 204.2144884 5191.13230 1000.00000
1 1999 25.34 204.2144884 5174.79514 1.41667 995.43621
2 1999 23.81 214.6914302 5111.80295 1.41020 981.90867
3 1999 24.68 214.6914302 5298.58450 1.39104 1016.39586
4 1999 26.87 214.6914302 5768.75873 1.43989 1105.14669
5 1999 26.14 214.6914302 5612.03399 1.56562 1073.55661
6 1999 27.25 214.6914302 5850.34147 1.52087 1117.62288
7 1999 26.44 214.6914302 5676.44141 1.58330 1082.81849
8 1999 25.72 214.6914302 5521.86359 1.53399 1051.79776
9 1999 24.88 214.6914302 5341.52278 1.49005 1015.95662
10 1999 25.79 214.6914302 5536.89199 1.43927 1051.67654
11 1999 25.45 214.6914302 5463.89690 1.48988 1036.32199
12 1999 25.71 214.6914302 5519.71667 1.46812 1045.44104
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 6.33%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1045.44 1045.44
TOTAL RETURN 4.54% 4.54%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 25.42 204.2144884 5191.13230 1000.00000
1 1999 25.34 204.2144884 5174.79514 1.41667 995.43621
2 1999 23.81 214.6914302 5111.80295 1.41020 981.90867
3 1999 24.68 214.6914302 5298.58450 1.39104 1016.39586
4 1999 26.87 214.6914302 5768.75873 1.43989 1105.14669
5 1999 26.14 214.6914302 5612.03399 1.56562 1073.55661
6 1999 27.25 214.6914302 5850.34147 1.52087 1117.62288
7 1999 26.44 214.6914302 5676.44141 1.58330 1082.81849
8 1999 25.72 214.6914302 5521.86359 1.53399 1051.79776
9 1999 24.88 214.6914302 5341.52278 1.49005 1015.95662
10 1999 25.79 214.6914302 5536.89199 1.43927 1051.67654
11 1999 25.45 214.6914302 5463.89690 1.48988 1036.32199
12 1999 25.71 214.6914302 5519.71667 1.46812 1045.44104
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 6.33%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1045.44 1045.44
TOTAL RETURN 4.54% 4.54%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 21.03 172.6149937 3630.09332 1000.00000
1 1997 21.85 172.6149937 3771.63761 1.41667 1037.57525
2 1997 19.91 191.5328996 3813.42003 1.46990 1047.59967
3 1997 19.17 191.5328996 3671.68569 1.48410 1007.17917
4 1997 19.85 191.5328996 3801.92806 1.42684 1041.47908
5 1997 21.08 191.5328996 4037.51352 1.47543 1104.53863
6 1997 22.06 191.5328996 4225.21577 1.56476 1154.32339
7 1997 23.67 191.5328996 4533.58373 1.63529 1236.93382
8 1997 22.56 191.5328996 4320.98221 1.75232 1177.17573
9 1997 23.80 191.5328996 4558.48301 1.66767 1240.21098
10 1997 22.93 191.5328996 4391.84939 1.75697 1193.11857
11 1997 23.77 191.5328996 4552.73702 1.69025 1235.13611
12 1997 24.28 191.5328996 4650.41880 1.74978 1259.88694
1 1998 24.22 191.5328996 4638.92683 1.78484 1254.98871
2 1998 24.18 204.2144884 4937.90633 1.77790 1334.09501
3 1998 25.30 204.2144884 5166.62656 1.88997 1393.99935
4 1998 25.30 204.2144884 5166.62656 1.97483 1392.02452
5 1998 24.89 204.2144884 5082.89862 1.97203 1367.49399
6 1998 25.17 204.2144884 5140.07867 1.93728 1380.94032
7 1998 24.55 204.2144884 5013.46569 1.95633 1344.96798
8 1998 20.80 204.2144884 4247.66136 1.90537 1137.61943
9 1998 22.02 204.2144884 4496.80304 1.61163 1202.73356
10 1998 23.65 204.2144884 4829.67265 1.70387 1290.06038
11 1998 24.65 204.2144884 5033.88714 1.82759 1342.78080
12 1998 25.42 204.2144884 5191.13230 1.90227 1382.82340
1 1999 25.34 204.2144884 5174.79514 1.95900 1376.51248
2 1999 23.81 214.6914302 5111.80295 1.95006 1357.80629
3 1999 24.68 214.6914302 5298.58450 1.92356 1405.49598
4 1999 26.87 214.6914302 5768.75873 1.99112 1528.22270
5 1999 26.14 214.6914302 5612.03399 2.16498 1484.53920
6 1999 27.25 214.6914302 5850.34147 2.10310 1545.47507
7 1999 26.44 214.6914302 5676.44141 2.18942 1497.34675
8 1999 25.72 214.6914302 5521.86359 2.12124 1454.45056
9 1999 24.88 214.6914302 5341.52278 2.06047 1404.88860
10 1999 25.79 214.6914302 5536.89199 1.99026 1454.28293
11 1999 25.45 214.6914302 5463.89690 2.06023 1433.05029
12 1999 25.71 214.6914302 5519.71667 2.03015 1445.66034
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 52.05%
GROSS ANNUAL RETURN = 14.99%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1445.66 1445.66
TOTAL RETURN 44.57% 44.57%
AVERAGE ANNUAL RETURN 13.07% 13.07%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 15.35 153.1776512 2351.27695 1000.00000
1 1995 15.59 153.1776512 2388.03958 1.41667 1014.21851
2 1995 15.39 161.0849025 2479.09665 1.43681 1051.45433
3 1995 15.82 162.1174981 2564.69882 1.48956 1086.27105
4 1995 16.26 162.1174981 2636.03052 1.53888 1114.94451
5 1995 16.75 162.1174981 2715.46809 1.57950 1146.96419
6 1995 16.89 163.0836333 2754.48257 1.62487 1161.81833
7 1995 17.54 163.0836333 2860.48693 1.64591 1204.88419
8 1995 17.76 163.0836333 2896.36533 1.70692 1218.28985
9 1995 18.25 163.9738278 2992.52236 1.72591 1257.01019
10 1995 18.04 163.9738278 2958.08785 1.78076 1240.76520
11 1995 18.82 163.9738278 3085.98744 1.75775 1292.65473
12 1995 19.27 164.8363940 3176.39731 1.83126 1328.69425
1 1996 19.83 164.8363940 3268.70569 1.88232 1365.42474
2 1996 19.00 172.6149937 3279.68488 1.93435 1368.07668
3 1996 19.20 172.6149937 3314.20788 1.93811 1380.53938
4 1996 19.45 172.6149937 3357.36163 1.95576 1396.55939
5 1996 19.66 172.6149937 3393.61078 1.97846 1409.65946
6 1996 19.48 172.6149937 3362.54008 1.99702 1394.75610
7 1996 18.53 172.6149937 3198.55583 1.97590 1324.76078
8 1996 18.91 172.6149937 3264.14953 1.87674 1350.05128
9 1996 19.72 172.6149937 3403.96768 1.91257 1405.96745
10 1996 20.04 172.6149937 3459.20447 1.99179 1426.79055
11 1996 21.38 172.6149937 3690.50857 2.02129 1520.17342
12 1996 21.03 172.6149937 3630.09332 2.15358 1493.13394
1 1997 21.85 172.6149937 3771.63761 2.11527 1549.23882
2 1997 19.91 191.5328996 3813.42003 2.19475 1564.20662
3 1997 19.17 191.5328996 3671.68569 2.21596 1503.85340
4 1997 19.85 191.5328996 3801.92806 2.13046 1555.06777
5 1997 21.08 191.5328996 4037.51352 2.20301 1649.22412
6 1997 22.06 191.5328996 4225.21577 2.33640 1723.55942
7 1997 23.67 191.5328996 4533.58373 2.44171 1846.90786
8 1997 22.56 191.5328996 4320.98221 2.61645 1757.68103
9 1997 23.80 191.5328996 4558.48301 2.49005 1851.80111
10 1997 22.93 191.5328996 4391.84939 2.62338 1781.48584
11 1997 23.77 191.5328996 4552.73702 2.52377 1844.22365
12 1997 24.28 191.5328996 4650.41880 2.61265 1881.17995
1 1998 24.22 191.5328996 4638.92683 2.66500 1873.86623
2 1998 24.18 204.2144884 4937.90633 2.65464 1991.98254
3 1998 25.30 204.2144884 5166.62656 2.82198 2081.42774
4 1998 25.30 204.2144884 5166.62656 2.94869 2078.47905
5 1998 24.89 204.2144884 5082.89862 2.94451 2041.85168
6 1998 25.17 204.2144884 5140.07867 2.89262 2061.92886
7 1998 24.55 204.2144884 5013.46569 2.92107 2008.21734
8 1998 20.80 204.2144884 4247.66136 2.84497 1698.61819
9 1998 22.02 204.2144884 4496.80304 2.40638 1795.84230
10 1998 23.65 204.2144884 4829.67265 2.54411 1926.23293
11 1998 24.65 204.2144884 5033.88714 2.72883 2004.95158
12 1998 25.42 204.2144884 5191.13230 2.84035 2064.74055
1 1999 25.34 204.2144884 5174.79514 2.92505 2055.31750
2 1999 23.81 214.6914302 5111.80295 2.91170 2027.38666
3 1999 24.68 214.6914302 5298.58450 2.87213 2098.59375
4 1999 26.87 214.6914302 5768.75873 2.97301 2281.84118
5 1999 26.14 214.6914302 5612.03399 3.23261 2216.61586
6 1999 27.25 214.6914302 5850.34147 3.14021 2307.60128
7 1999 26.44 214.6914302 5676.44141 3.26910 2235.73925
8 1999 25.72 214.6914302 5521.86359 3.16730 2171.68950
9 1999 24.88 214.6914302 5341.52278 3.07656 2097.68684
10 1999 25.79 214.6914302 5536.89199 2.97172 2171.43919
11 1999 25.45 214.6914302 5463.89690 3.07621 2139.73603
12 1999 25.71 214.6914302 5519.71667 3.03129 2158.56451
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 134.75%
GROSS ANNUAL RETURN = 18.61%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2158.56 2158.56
TOTAL RETURN 115.86% 115.86%
AVERAGE ANNUAL RETURN 16.64% 16.64%
Return for 10 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1989 12.29 116.0678861 1426.47432 1000.00000
1 1990 11.46 116.0678861 1330.13797 1.41667 931.04875
2 1990 11.14 120.1095357 1338.02023 1.31899 935.24706
3 1990 10.96 122.2834639 1340.22676 1.32493 935.46445
4 1990 10.58 122.2834639 1293.75905 1.32524 901.70522
5 1990 11.28 122.2834639 1379.35747 1.27742 960.08694
6 1990 11.04 123.6977744 1365.62343 1.36012 949.16738
7 1990 10.77 123.6977744 1332.22503 1.34465 924.60940
8 1990 9.91 123.6977744 1225.84494 1.30986 849.46814
9 1990 9.02 125.3607228 1130.75372 1.20341 782.36980
10 1990 8.79 125.3607228 1101.92075 1.10836 761.31188
11 1990 9.42 125.3607228 1180.89801 1.07853 814.79837
12 1990 9.51 127.0636375 1208.37519 1.15430 832.60284
1 1991 10.02 127.0636375 1273.17765 1.17952 876.07394
2 1991 10.71 127.0636375 1360.85156 1.24110 935.16128
3 1991 10.70 129.8206787 1389.08126 1.32481 953.23559
4 1991 10.75 129.8206787 1395.57230 1.35042 956.33955
5 1991 11.34 129.8206787 1472.16650 1.35481 1007.47221
6 1991 10.76 131.2241455 1411.97181 1.42725 964.85092
7 1991 11.37 131.2241455 1492.01853 1.36687 1018.18284
8 1991 11.61 131.2241455 1523.51233 1.44243 1038.23240
9 1991 11.41 132.6078799 1513.05591 1.47083 1029.63581
10 1991 11.60 132.6078799 1538.25141 1.45865 1045.32272
11 1991 11.10 132.6078799 1471.94747 1.48087 998.78483
12 1991 11.85 134.0312203 1588.26996 1.41495 1076.30011
1 1992 12.01 134.0312203 1609.71496 1.52476 1089.30767
2 1992 12.40 134.0312203 1661.98713 1.54319 1123.13751
3 1992 12.13 135.3356604 1641.62156 1.59111 1107.78375
4 1992 12.51 135.3356604 1693.04911 1.56936 1140.91825
5 1992 12.61 135.3356604 1706.58268 1.61630 1148.42200
6 1992 12.40 136.4226938 1691.64140 1.62693 1136.74054
7 1992 12.78 136.4226938 1743.48203 1.61038 1169.96575
8 1992 12.50 136.4226938 1705.28367 1.65745 1142.67525
9 1992 12.53 137.5088618 1722.98604 1.61879 1152.91845
10 1992 12.68 137.5088618 1743.61237 1.63330 1165.08704
11 1992 13.14 137.5088618 1806.86644 1.65054 1205.70307
12 1992 13.40 138.5435409 1856.48345 1.70808 1237.10390
1 1993 13.80 138.5435409 1911.90087 1.75256 1272.27981
2 1993 14.11 138.5435409 1954.84936 1.80240 1299.05761
3 1993 14.43 139.5083288 2013.10519 1.84033 1335.93007
4 1993 14.37 139.5083288 2004.73469 1.89257 1328.48270
5 1993 14.63 139.5083288 2041.00685 1.88202 1350.63725
6 1993 14.70 140.4771367 2065.01391 1.91340 1364.61053
7 1993 14.90 140.4771367 2093.10934 1.93320 1381.24346
8 1993 15.47 140.4771367 2173.18130 1.95676 1432.12621
9 1993 15.31 141.4025460 2164.87298 2.02885 1424.62218
10 1993 15.45 141.4025460 2184.66934 2.01821 1435.63121
11 1993 15.18 141.4025460 2146.49065 2.03381 1408.50870
12 1993 15.44 142.2348697 2196.10639 1.99539 1439.07073
1 1994 16.12 142.2348697 2292.82610 2.03868 1500.41081
2 1994 14.94 149.5168411 2233.78161 2.12558 1459.64689
3 1994 14.22 150.5156176 2140.33208 2.06783 1396.51521
4 1994 14.71 150.5156176 2214.08473 1.97840 1442.65864
5 1994 14.85 150.5156176 2235.15692 2.04377 1454.34514
6 1994 14.67 151.4211260 2221.34792 2.06032 1443.29974
7 1994 15.16 151.4211260 2295.54427 2.04467 1489.46344
8 1994 15.94 151.4211260 2413.65275 2.11007 1563.98803
9 1994 15.59 152.2841976 2374.11064 2.21565 1536.15006
10 1994 15.91 152.2841976 2422.84158 2.17621 1565.50483
11 1994 15.39 152.2841976 2343.65380 2.21780 1512.12032
12 1994 15.35 153.1776512 2351.27695 2.14217 1514.89658
1 1995 15.59 153.1776512 2388.03958 2.14610 1536.43616
2 1995 15.39 161.0849025 2479.09665 2.17662 1592.84457
3 1995 15.82 162.1174981 2564.69882 2.25653 1645.58830
4 1995 16.26 162.1174981 2636.03052 2.33125 1689.02562
5 1995 16.75 162.1174981 2715.46809 2.39279 1737.53213
6 1995 16.89 163.0836333 2754.48257 2.46150 1760.03461
7 1995 17.54 163.0836333 2860.48693 2.49338 1825.27495
8 1995 17.76 163.0836333 2896.36533 2.58581 1845.58313
9 1995 18.25 163.9738278 2992.52236 2.61458 1904.24044
10 1995 18.04 163.9738278 2958.08785 2.69767 1879.63096
11 1995 18.82 163.9738278 3085.98744 2.66281 1958.23823
12 1995 19.27 164.8363940 3176.39731 2.77417 2012.83437
1 1996 19.83 164.8363940 3268.70569 2.85152 2068.47726
2 1996 19.00 172.6149937 3279.68488 2.93034 2072.49469
3 1996 19.20 172.6149937 3314.20788 2.93603 2091.37439
4 1996 19.45 172.6149937 3357.36163 2.96278 2115.64304
5 1996 19.66 172.6149937 3393.61078 2.99716 2135.48830
6 1996 19.48 172.6149937 3362.54008 3.02527 2112.91125
7 1996 18.53 172.6149937 3198.55583 2.99329 2006.87557
8 1996 18.91 172.6149937 3264.14953 2.84307 2045.18807
9 1996 19.72 172.6149937 3403.96768 2.89735 2129.89529
10 1996 20.04 172.6149937 3459.20447 3.01735 2161.44013
11 1996 21.38 172.6149937 3690.50857 3.06204 2302.90552
12 1996 21.03 172.6149937 3630.09332 3.26245 2261.94350
1 1997 21.85 172.6149937 3771.63761 3.20442 2346.93659
2 1997 19.91 191.5328996 3813.42003 3.32483 2369.61126
3 1997 19.17 191.5328996 3671.68569 3.35695 2278.18237
4 1997 19.85 191.5328996 3801.92806 3.22742 2355.76684
5 1997 21.08 191.5328996 4037.51352 3.33734 2498.40398
6 1997 22.06 191.5328996 4225.21577 3.53941 2611.01428
7 1997 23.67 191.5328996 4533.58373 3.69894 2797.87441
8 1997 22.56 191.5328996 4320.98221 3.96366 2662.70498
9 1997 23.80 191.5328996 4558.48301 3.77217 2805.28717
10 1997 22.93 191.5328996 4391.84939 3.97416 2698.76680
11 1997 23.77 191.5328996 4552.73702 3.82325 2793.80810
12 1997 24.28 191.5328996 4650.41880 3.95789 2849.79308
1 1998 24.22 191.5328996 4638.92683 4.03721 2838.71355
2 1998 24.18 204.2144884 4937.90633 4.02151 3017.64754
3 1998 25.30 204.2144884 5166.62656 4.27500 3153.14777
4 1998 25.30 204.2144884 5166.62656 4.46696 3148.68081
5 1998 24.89 204.2144884 5082.89862 4.46063 3093.19413
6 1998 25.17 204.2144884 5140.07867 4.38202 3123.60899
7 1998 24.55 204.2144884 5013.46569 4.42511 3042.24158
8 1998 20.80 204.2144884 4247.66136 4.30984 2573.23088
9 1998 22.02 204.2144884 4496.80304 3.64541 2720.51536
10 1998 23.65 204.2144884 4829.67265 3.85406 2918.04368
11 1998 24.65 204.2144884 5033.88714 4.13390 3037.29430
12 1998 25.42 204.2144884 5191.13230 4.30283 3127.86840
1 1999 25.34 204.2144884 5174.79514 4.43115 3113.59345
2 1999 23.81 214.6914302 5111.80295 4.41092 3071.28112
3 1999 24.68 214.6914302 5298.58450 4.35098 3179.15250
4 1999 26.87 214.6914302 5768.75873 4.50380 3456.75340
5 1999 26.14 214.6914302 5612.03399 4.89707 3357.94379
6 1999 27.25 214.6914302 5850.34147 4.75709 3495.77728
7 1999 26.44 214.6914302 5676.44141 4.95235 3386.91375
8 1999 25.72 214.6914302 5521.86359 4.79813 3289.88499
9 1999 24.88 214.6914302 5341.52278 4.66067 3177.77862
10 1999 25.79 214.6914302 5536.89199 4.50185 3289.50581
11 1999 25.45 214.6914302 5463.89690 4.66013 3241.47879
12 1999 25.71 214.6914302 5519.71667 4.59209 3270.00200
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 286.95%
GROSS ANNUAL RETURN = 14.49%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 3270.00 3270.00
TOTAL RETURN 227.00% 227.00%
AVERAGE ANNUAL RETURN 12.58% 12.58%
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
1 1999 25.34 204.2144884 5174.79514 5.98352 4204.38584
2 1999 23.81 214.6914302 5111.80295 5.95621 4147.25013
3 1999 24.68 214.6914302 5298.58450 5.87527 4292.91235
4 1999 26.87 214.6914302 5768.75873 6.08163 4667.76581
5 1999 26.14 214.6914302 5612.03399 6.61267 4534.34001
6 1999 27.25 214.6914302 5850.34147 6.42365 4720.46102
7 1999 26.44 214.6914302 5676.44141 6.68732 4573.45908
8 1999 25.72 214.6914302 5521.86359 6.47907 4442.43801
9 1999 24.88 214.6914302 5341.52278 6.29345 4291.05715
10 1999 25.79 214.6914302 5536.89199 6.07900 4441.92599
11 1999 25.45 214.6914302 5463.89690 6.29273 4377.07355
12 1999 25.71 214.6914302 5519.71667 6.20085 4415.58936
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 451.97%
GROSS ANNUAL RETURN = 13.79%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 4415.59 4415.59
TOTAL RETURN 341.56% 341.56%
AVERAGE ANNUAL RETURN 11.88% 11.88%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 22.56 191.5328996 4320.98221 1000.00000
9 1997 23.80 191.5328996 4558.48301 1.41667 1053.54787
10 1997 22.93 191.5328996 4391.84939 1.49253 1013.54330
11 1997 23.77 191.5328996 4552.73702 1.43585 1049.23682
12 1997 24.28 191.5328996 4650.41880 1.48642 1070.26242
1 1998 24.22 191.5328996 4638.92683 1.51621 1066.10141
2 1998 24.18 204.2144884 4937.90633 1.51031 1133.30149
3 1998 25.30 204.2144884 5166.62656 1.60551 1184.18968
4 1998 25.30 204.2144884 5166.62656 1.67760 1182.51208
5 1998 24.89 204.2144884 5082.89862 1.67523 1161.67362
6 1998 25.17 204.2144884 5140.07867 1.64570 1173.09616
7 1998 24.55 204.2144884 5013.46569 1.66189 1142.53798
8 1998 20.80 204.2144884 4247.66136 1.61860 966.39729
9 1998 22.02 204.2144884 4496.80304 1.36906 1021.71115
10 1998 23.65 204.2144884 4829.67265 1.44742 1095.89448
11 1998 24.65 204.2144884 5033.88714 1.55252 1140.67999
12 1998 25.42 204.2144884 5191.13230 1.61596 1174.69582
1 1999 25.34 204.2144884 5174.79514 1.66415 1169.33475
2 1999 23.81 214.6914302 5111.80295 1.65656 1153.44401
3 1999 24.68 214.6914302 5298.58450 1.63405 1193.95597
4 1999 26.87 214.6914302 5768.75873 1.69144 1298.21119
5 1999 26.14 214.6914302 5612.03399 1.83913 1261.10246
6 1999 27.25 214.6914302 5850.34147 1.78656 1312.86692
7 1999 26.44 214.6914302 5676.44141 1.85989 1271.98235
8 1999 25.72 214.6914302 5521.86359 1.80197 1235.54243
9 1999 24.88 214.6914302 5341.52278 1.75035 1193.44000
10 1999 25.79 214.6914302 5536.89199 1.69071 1235.40003
11 1999 25.45 214.6914302 5463.89690 1.75015 1217.36310
12 1999 25.71 214.6914302 5519.71667 1.72460 1228.07522
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 27.74%
GROSS ANNUAL RETURN = 10.83%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1228.08 1228.08
TOTAL RETURN 22.81% 22.81%
AVERAGE ANNUAL RETURN 9.01% 9.01%
<PAGE>
Fidelity Index 500
12/1999
Assume ($10000 @ $10.00 on 8/27/1992)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/92 0.5500000000 52.28 1.052 101.052028
2/93 0.1500000000 54.16 0.280 101.331898
12/93 1.8200000000 55.63 3.315 104.647089
2/94 0.1000000000 56.17 0.186 104.833393
2/95 1.0800000000 57.65 1.964 106.797315
2/96 3.2500000000 75.06 4.624 111.421499
2/97 3.1200000000 91.92 3.782 115.203430
2/98 4.5100000000 114.96 4.520 119.722980
2/99 2.3500000000 140.00 2.010 121.732615
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 141.25 119.7229796 16910.87087 1000.00000
1 1999 146.92 119.7229796 17589.70017 1.41667 1038.72493
2 1999 139.95 121.7326154 17036.47952 1.47153 1004.58405
3 1999 145.58 121.7326154 17721.83414 1.42316 1043.57395
4 1999 151.13 121.7326154 18397.45016 1.47840 1081.88011
5 1999 147.50 121.7326154 17955.56076 1.53266 1054.36171
6 1999 155.65 121.7326154 18947.68158 1.49368 1111.12598
7 1999 150.79 121.7326154 18356.06107 1.57410 1074.85820
8 1999 149.99 121.7326154 18258.67498 1.52272 1067.63294
9 1999 145.84 121.7326154 17753.48462 1.51248 1036.58065
10 1999 155.01 121.7326154 18869.77271 1.46849 1100.28937
11 1999 158.11 121.7326154 19247.14381 1.55874 1120.73499
12 1999 167.41 121.7326154 20379.25714 1.58771 1185.06870
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 20.51%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1185.07 1185.07
TOTAL RETURN 18.51% 18.51%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 141.25 119.7229796 16910.87087 1000.00000
1 1999 146.92 119.7229796 17589.70017 1.41667 1038.72493
2 1999 139.95 121.7326154 17036.47952 1.47153 1004.58405
3 1999 145.58 121.7326154 17721.83414 1.42316 1043.57395
4 1999 151.13 121.7326154 18397.45016 1.47840 1081.88011
5 1999 147.50 121.7326154 17955.56076 1.53266 1054.36171
6 1999 155.65 121.7326154 18947.68158 1.49368 1111.12598
7 1999 150.79 121.7326154 18356.06107 1.57410 1074.85820
8 1999 149.99 121.7326154 18258.67498 1.52272 1067.63294
9 1999 145.84 121.7326154 17753.48462 1.51248 1036.58065
10 1999 155.01 121.7326154 18869.77271 1.46849 1100.28937
11 1999 158.11 121.7326154 19247.14381 1.55874 1120.73499
12 1999 167.41 121.7326154 20379.25714 1.58771 1185.06870
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 20.51%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1185.07 1185.07
TOTAL RETURN 18.51% 18.51%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 89.13 111.4214989 9930.99819 1000.00000
1 1997 94.57 111.4214989 10537.13115 1.41667 1059.61778
2 1997 92.15 115.2034296 10615.99604 1.50113 1066.04733
3 1997 88.32 115.2034296 10174.76690 1.51023 1020.22933
4 1997 93.57 115.2034296 10779.58491 1.44532 1079.42943
5 1997 99.26 115.2034296 11435.09243 1.52919 1143.54044
6 1997 103.62 115.2034296 11937.37938 1.62002 1192.15049
7 1997 111.86 115.2034296 12886.65564 1.68888 1285.26300
8 1997 105.60 115.2034296 12165.48217 1.82079 1211.51528
9 1997 111.31 115.2034296 12823.29375 1.71631 1275.30798
10 1997 107.63 115.2034296 12399.34513 1.80669 1231.33857
11 1997 112.50 115.2034296 12960.38583 1.74440 1285.30929
12 1997 114.39 115.2034296 13178.12032 1.82085 1305.08164
1 1998 115.64 115.2034296 13322.12460 1.84887 1317.49409
2 1998 119.18 119.7229796 14268.58471 1.86645 1409.22799
3 1998 125.21 119.7229796 14990.51428 1.99641 1478.53252
4 1998 126.45 119.7229796 15138.97077 2.09459 1491.08037
5 1998 124.19 119.7229796 14868.39684 2.11236 1462.31841
6 1998 129.25 119.7229796 15474.19512 2.07162 1519.82753
7 1998 127.85 119.7229796 15306.58295 2.15309 1501.21209
8 1998 109.35 119.7229796 13091.70782 2.12672 1281.85875
9 1998 116.38 119.7229796 13933.36037 1.81597 1362.45217
10 1998 125.83 119.7229796 15064.74253 1.93014 1471.15249
11 1998 133.41 119.7229796 15972.24271 2.08413 1557.69060
12 1998 141.25 119.7229796 16910.87087 2.20673 1647.02344
1 1999 146.92 119.7229796 17589.70017 2.33328 1710.80430
2 1999 139.95 121.7326154 17036.47952 2.42364 1654.57348
3 1999 145.58 121.7326154 17721.83414 2.34398 1718.79076
4 1999 151.13 121.7326154 18397.45016 2.43495 1781.88190
5 1999 147.50 121.7326154 17955.56076 2.52433 1736.55845
6 1999 155.65 121.7326154 18947.68158 2.46012 1830.05053
7 1999 150.79 121.7326154 18356.06107 2.59257 1770.31665
8 1999 149.99 121.7326154 18258.67498 2.50795 1758.41648
9 1999 145.84 121.7326154 17753.48462 2.49109 1707.27262
10 1999 155.01 121.7326154 18869.77271 2.41864 1812.20238
11 1999 158.11 121.7326154 19247.14381 2.56729 1845.87680
12 1999 167.41 121.7326154 20379.25714 2.61499 1951.83593
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 105.21%
GROSS ANNUAL RETURN = 27.08%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1951.84 1951.84
TOTAL RETURN 95.18% 95.18%
AVERAGE ANNUAL RETURN 24.97% 24.97%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 56.22 104.8333932 5893.73337 1000.00000
1 1995 57.71 104.8333932 6049.93512 1.41667 1025.08636
2 1995 58.82 106.7973146 6281.81804 1.45221 1062.92383
3 1995 60.54 106.7973146 6465.50942 1.50581 1092.49978
4 1995 62.32 106.7973146 6655.60864 1.54771 1123.07380
5 1995 64.77 106.7973146 6917.26207 1.59102 1165.63443
6 1995 66.24 106.7973146 7074.25412 1.65132 1190.43800
7 1995 68.45 106.7973146 7310.27618 1.68645 1228.46875
8 1995 68.62 106.7973146 7328.43173 1.74033 1229.77941
9 1995 71.49 106.7973146 7634.94002 1.74219 1279.47218
10 1995 71.25 106.7973146 7609.30866 1.81259 1273.36426
11 1995 74.35 106.7973146 7940.38034 1.80393 1326.96284
12 1995 75.71 106.7973146 8085.62469 1.87986 1349.35560
1 1996 78.30 106.7973146 8362.22973 1.91159 1393.60477
2 1996 75.75 111.4214989 8440.17854 1.97427 1404.62103
3 1996 76.53 111.4214989 8527.08731 1.98988 1417.09458
4 1996 77.60 111.4214989 8646.30831 2.00755 1434.90006
5 1996 79.58 111.4214989 8866.92288 2.03277 1469.47942
6 1996 79.92 111.4214989 8904.80619 2.08176 1473.67591
7 1996 76.38 111.4214989 8510.37408 2.08771 1406.31277
8 1996 77.95 111.4214989 8685.30584 1.99228 1433.22742
9 1996 82.31 111.4214989 9171.10357 2.03041 1511.36214
10 1996 84.58 111.4214989 9424.03037 2.14110 1550.90239
11 1996 90.92 111.4214989 10130.44268 2.19711 1664.95878
12 1996 89.13 111.4214989 9930.99819 2.35869 1629.82098
1 1997 94.57 111.4214989 10537.13115 2.30891 1726.98729
2 1997 92.15 115.2034296 10615.99604 2.44657 1737.46632
3 1997 88.32 115.2034296 10174.76690 2.46141 1662.79117
4 1997 93.57 115.2034296 10779.58491 2.35562 1759.27673
5 1997 99.26 115.2034296 11435.09243 2.49231 1863.76620
6 1997 103.62 115.2034296 11937.37938 2.64034 1942.99188
7 1997 111.86 115.2034296 12886.65564 2.75257 2094.74860
8 1997 105.60 115.2034296 12165.48217 2.96756 1974.55302
9 1997 111.31 115.2034296 12823.29375 2.79728 2078.52371
10 1997 107.63 115.2034296 12399.34513 2.94458 2006.86143
11 1997 112.50 115.2034296 12960.38583 2.84305 2094.82406
12 1997 114.39 115.2034296 13178.12032 2.96767 2127.04944
1 1998 115.64 115.2034296 13322.12460 3.01332 2147.27951
2 1998 119.18 119.7229796 14268.58471 3.04198 2296.78936
3 1998 125.21 119.7229796 14990.51428 3.25378 2409.74332
4 1998 126.45 119.7229796 15138.97077 3.41380 2430.19408
5 1998 124.19 119.7229796 14868.39684 3.44277 2383.31723
6 1998 129.25 119.7229796 15474.19512 3.37637 2477.04679
7 1998 127.85 119.7229796 15306.58295 3.50915 2446.70696
8 1998 109.35 119.7229796 13091.70782 3.46617 2089.20029
9 1998 116.38 119.7229796 13933.36037 2.95970 2220.55314
10 1998 125.83 119.7229796 15064.74253 3.14578 2397.71521
11 1998 133.41 119.7229796 15972.24271 3.39676 2538.75682
12 1998 141.25 119.7229796 16910.87087 3.59657 2684.35337
1 1999 146.92 119.7229796 17589.70017 3.80283 2788.30475
2 1999 139.95 121.7326154 17036.47952 3.95010 2696.65857
3 1999 145.58 121.7326154 17721.83414 3.82027 2801.32125
4 1999 151.13 121.7326154 18397.45016 3.96854 2904.14852
5 1999 147.50 121.7326154 17955.56076 4.11421 2830.27940
6 1999 155.65 121.7326154 18947.68158 4.00956 2982.65476
7 1999 150.79 121.7326154 18356.06107 4.22543 2885.29922
8 1999 149.99 121.7326154 18258.67498 4.08751 2865.90407
9 1999 145.84 121.7326154 17753.48462 4.06003 2782.54875
10 1999 155.01 121.7326154 18869.77271 3.94194 2953.56547
11 1999 158.11 121.7326154 19247.14381 4.18422 3008.44875
12 1999 167.41 121.7326154 20379.25714 4.26197 3181.14316
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 245.78%
GROSS ANNUAL RETURN = 28.16%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 3181.14 3181.14
TOTAL RETURN 218.11% 218.11%
AVERAGE ANNUAL RETURN 26.04% 26.04%
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
1 1999 146.92 119.7229796 17589.70017 4.30298 3155.02148
2 1999 139.95 121.7326154 17036.47952 4.46961 3051.32204
3 1999 145.58 121.7326154 17721.83414 4.32271 3169.74991
4 1999 151.13 121.7326154 18397.45016 4.49048 3286.10097
5 1999 147.50 121.7326154 17955.56076 4.65531 3202.51662
6 1999 155.65 121.7326154 18947.68158 4.53690 3374.93233
7 1999 150.79 121.7326154 18356.06107 4.78115 3264.77263
8 1999 149.99 121.7326154 18258.67498 4.62509 3242.82664
9 1999 145.84 121.7326154 17753.48462 4.59400 3148.50845
10 1999 155.01 121.7326154 18869.77271 4.46039 3342.01722
11 1999 158.11 121.7326154 19247.14381 4.73452 3404.11873
12 1999 167.41 121.7326154 20379.25714 4.82250 3599.52584
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 307.59%
GROSS ANNUAL RETURN = 21.08%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 3599.53 3599.53
TOTAL RETURN 259.95% 259.95%
AVERAGE ANNUAL RETURN 19.05% 19.05%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 105.60 115.2034296 12165.48217 1000.00000
9 1997 111.31 115.2034296 12823.29375 1.41667 1052.65530
10 1997 107.63 115.2034296 12399.34513 1.49126 1016.36239
11 1997 112.50 115.2034296 12960.38583 1.43985 1060.91051
12 1997 114.39 115.2034296 13178.12032 1.50296 1077.23085
1 1998 115.64 115.2034296 13322.12460 1.52608 1087.47625
2 1998 119.18 119.7229796 14268.58471 1.54059 1163.19457
3 1998 125.21 119.7229796 14990.51428 1.64786 1220.39940
4 1998 126.45 119.7229796 15138.97077 1.72890 1230.75656
5 1998 124.19 119.7229796 14868.39684 1.74357 1207.01607
6 1998 129.25 119.7229796 15474.19512 1.70994 1254.48482
7 1998 127.85 119.7229796 15306.58295 1.77719 1239.11940
8 1998 109.35 119.7229796 13091.70782 1.75542 1058.06239
9 1998 116.38 119.7229796 13933.36037 1.49892 1124.58522
10 1998 125.83 119.7229796 15064.74253 1.59316 1214.30784
11 1998 133.41 119.7229796 15972.24271 1.72027 1285.73748
12 1998 141.25 119.7229796 16910.87087 1.82146 1359.47393
1 1999 146.92 119.7229796 17589.70017 1.92592 1412.11946
2 1999 139.95 121.7326154 17036.47952 2.00050 1365.70583
3 1999 145.58 121.7326154 17721.83414 1.93475 1418.71159
4 1999 151.13 121.7326154 18397.45016 2.00984 1470.78781
5 1999 147.50 121.7326154 17955.56076 2.08362 1433.37726
6 1999 155.65 121.7326154 18947.68158 2.03062 1510.54681
7 1999 150.79 121.7326154 18356.06107 2.13994 1461.24170
8 1999 149.99 121.7326154 18258.67498 2.07009 1451.41915
9 1999 145.84 121.7326154 17753.48462 2.05618 1409.20437
10 1999 155.01 121.7326154 18869.77271 1.99637 1495.81472
11 1999 158.11 121.7326154 19247.14381 2.11907 1523.61001
12 1999 167.41 121.7326154 20379.25714 2.15845 1611.07001
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 67.52%
GROSS ANNUAL RETURN = 24.20%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1611.07 1611.07
TOTAL RETURN 61.11% 61.11%
AVERAGE ANNUAL RETURN 22.18% 22.18%
<PAGE>
MFS Capital Opportunities Series
12/1999
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
6/99 0.0475400000 17.44 0.317 116.564600
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 14.78 116.2477179 1718.14127 1000.00000
1 1999 15.69 116.2477179 1823.92669 1.41667 1060.15302
2 1999 15.28 116.2477179 1776.26513 1.50188 1030.94797
3 1999 15.42 116.2477179 1792.53981 1.46051 1038.93332
4 1999 16.33 116.2477179 1898.32523 1.47182 1098.77338
5 1999 16.49 116.2477179 1916.92487 1.55660 1107.98248
6 1999 17.44 116.5645995 2032.88662 1.56964 1173.43872
7 1999 17.28 116.5645995 2014.23628 1.66237 1161.01086
8 1999 16.85 116.5645995 1964.11350 1.64477 1130.47520
9 1999 16.99 116.5645995 1980.43255 1.60151 1138.26636
10 1999 17.88 116.5645995 2084.17504 1.61254 1196.28049
11 1999 19.26 116.5645995 2245.03419 1.69473 1286.91613
12 1999 21.73 116.5645995 2532.94875 1.82313 1450.13364
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 47.42%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1450.13 1450.13
TOTAL RETURN 45.01% 45.01%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 14.78 116.2477179 1718.14127 1000.00000
1 1999 15.69 116.2477179 1823.92669 1.41667 1060.15302
2 1999 15.28 116.2477179 1776.26513 1.50188 1030.94797
3 1999 15.42 116.2477179 1792.53981 1.46051 1038.93332
4 1999 16.33 116.2477179 1898.32523 1.47182 1098.77338
5 1999 16.49 116.2477179 1916.92487 1.55660 1107.98248
6 1999 17.44 116.5645995 2032.88662 1.56964 1173.43872
7 1999 17.28 116.5645995 2014.23628 1.66237 1161.01086
8 1999 16.85 116.5645995 1964.11350 1.64477 1130.47520
9 1999 16.99 116.5645995 1980.43255 1.60151 1138.26636
10 1999 17.88 116.5645995 2084.17504 1.61254 1196.28049
11 1999 19.26 116.5645995 2245.03419 1.69473 1286.91613
12 1999 21.73 116.5645995 2532.94875 1.82313 1450.13364
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 47.42%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1450.13 1450.13
TOTAL RETURN 45.01% 45.01%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 10.66 100.5084986 1071.42059 1000.00000
1 1997 10.96 100.5084986 1101.57314 1.41667 1026.72592
2 1997 10.85 100.5084986 1090.51721 1.45453 1014.96666
3 1997 10.50 100.5084986 1055.33924 1.43787 980.78793
4 1997 10.76 100.5084986 1081.47144 1.38945 1003.68466
5 1997 11.46 100.5084986 1151.82739 1.42189 1067.55825
6 1997 11.86 100.5084986 1192.03079 1.51237 1103.30794
7 1997 12.66 100.5084986 1272.43759 1.56302 1176.16704
8 1997 12.54 100.5084986 1260.37657 1.66624 1163.35230
9 1997 13.11 100.5084986 1317.66642 1.64808 1214.58387
10 1997 12.85 100.5084986 1291.53421 1.72066 1188.77535
11 1997 13.30 100.5084986 1336.76303 1.68410 1228.72152
12 1997 11.68 116.0105495 1355.00322 1.74069 1243.74679
1 1998 11.88 116.0105495 1378.20533 1.76197 1263.28185
2 1998 12.88 116.0105495 1494.21588 1.78965 1367.82905
3 1998 13.66 116.0105495 1584.70411 1.93776 1448.72566
4 1998 13.95 116.0105495 1618.34717 2.05236 1477.42956
5 1998 13.69 116.0105495 1588.18442 2.09303 1447.80021
6 1998 13.87 116.0105495 1609.06632 2.05105 1464.78525
7 1998 13.48 116.0105495 1563.82221 2.07511 1421.52295
8 1998 11.52 116.0105495 1336.44153 2.01382 1212.81885
9 1998 11.94 116.0105495 1385.16596 1.71816 1255.31804
10 1998 13.22 116.0105495 1533.65946 1.77837 1388.11313
11 1998 13.95 116.0105495 1618.34717 1.96649 1462.79736
12 1998 14.78 116.2477179 1718.14127 2.07230 1550.92731
1 1999 15.69 116.2477179 1823.92669 2.19715 1644.22028
2 1999 15.28 116.2477179 1776.26513 2.32931 1598.92536
3 1999 15.42 116.2477179 1792.53981 2.26514 1611.31006
4 1999 16.33 116.2477179 1898.32523 2.28269 1704.11765
5 1999 16.49 116.2477179 1916.92487 2.41417 1718.40029
6 1999 17.44 116.5645995 2032.88662 2.43440 1819.91817
7 1999 17.28 116.5645995 2014.23628 2.57822 1800.64345
8 1999 16.85 116.5645995 1964.11350 2.55091 1753.28486
9 1999 16.99 116.5645995 1980.43255 2.48382 1765.36839
10 1999 17.88 116.5645995 2084.17504 2.50094 1855.34408
11 1999 19.26 116.5645995 2245.03419 2.62840 1995.91337
12 1999 21.73 116.5645995 2532.94875 2.82754 2249.05188
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 136.41%
GROSS ANNUAL RETURN = 33.22%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2249.05 2249.05
TOTAL RETURN 124.91% 124.91%
AVERAGE ANNUAL RETURN 31.02% 31.02%
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
1 1999 15.69 116.2477179 1823.92669 2.33766 1749.37380
2 1999 15.28 116.2477179 1776.26513 2.47828 1701.18212
3 1999 15.42 116.2477179 1792.53981 2.41001 1714.35885
4 1999 16.33 116.2477179 1898.32523 2.42867 1813.10181
5 1999 16.49 116.2477179 1916.92487 2.56856 1828.29787
6 1999 17.44 116.5645995 2032.88662 2.59009 1936.30816
7 1999 17.28 116.5645995 2014.23628 2.74310 1915.80077
8 1999 16.85 116.5645995 1964.11350 2.71405 1865.41343
9 1999 16.99 116.5645995 1980.43255 2.64267 1878.26975
10 1999 17.88 116.5645995 2084.17504 2.66088 1973.99969
11 1999 19.26 116.5645995 2245.03419 2.79650 2123.55887
12 1999 21.73 116.5645995 2532.94875 3.00837 2392.88644
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 153.29%
GROSS ANNUAL RETURN = 31.64%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2392.89 2392.89
TOTAL RETURN 139.29% 139.29%
AVERAGE ANNUAL RETURN 29.44% 29.44%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 12.54 100.5084986 1260.37657 1000.00000
9 1997 13.11 100.5084986 1317.66642 1.41667 1044.03788
10 1997 12.85 100.5084986 1291.53421 1.47905 1021.85327
11 1997 13.30 100.5084986 1336.76303 1.44763 1056.19039
12 1997 11.68 116.0105495 1355.00322 1.49627 1069.10588
1 1998 11.88 116.0105495 1378.20533 1.51457 1085.89792
2 1998 12.88 116.0105495 1494.21588 1.53836 1175.76511
3 1998 13.66 116.0105495 1584.70411 1.66567 1245.30261
4 1998 13.95 116.0105495 1618.34717 1.76418 1269.97605
5 1998 13.69 116.0105495 1588.18442 1.79913 1244.50711
6 1998 13.87 116.0105495 1609.06632 1.76305 1259.10719
7 1998 13.48 116.0105495 1563.82221 1.78374 1221.91958
8 1998 11.52 116.0105495 1336.44153 1.73105 1042.52069
9 1998 11.94 116.0105495 1385.16596 1.47690 1079.05235
10 1998 13.22 116.0105495 1533.65946 1.52866 1193.20100
11 1998 13.95 116.0105495 1618.34717 1.69037 1257.39843
12 1998 14.78 116.2477179 1718.14127 1.78131 1333.15360
1 1999 15.69 116.2477179 1823.92669 1.88863 1413.34682
2 1999 15.28 116.2477179 1776.26513 2.00224 1374.41200
3 1999 15.42 116.2477179 1792.53981 1.94708 1385.05770
4 1999 16.33 116.2477179 1898.32523 1.96216 1464.83370
5 1999 16.49 116.2477179 1916.92487 2.07518 1477.11084
6 1999 17.44 116.5645995 2032.88662 2.09257 1564.37406
7 1999 17.28 116.5645995 2014.23628 2.21620 1547.80581
8 1999 16.85 116.5645995 1964.11350 2.19272 1507.09708
9 1999 16.99 116.5645995 1980.43255 2.13505 1517.48391
10 1999 17.88 116.5645995 2084.17504 2.14977 1594.82564
11 1999 19.26 116.5645995 2245.03419 2.25934 1715.65688
12 1999 21.73 116.5645995 2532.94875 2.43051 1933.25089
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 100.97%
GROSS ANNUAL RETURN = 34.07%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1933.25 1933.25
TOTAL RETURN 93.33% 93.33%
AVERAGE ANNUAL RETURN 31.90% 31.90%
<PAGE>
MFS Emerging Growth Series
12/1999
Assume ($10000 @ $10.00 on 7/24/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/95 0.3276700000 11.30 2.900 102.899735
12/96 0.1128000000 13.27 0.875 103.774421
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 1998 21.47 104.6616224 2247.08503 1000.00000
1 1999 23.50 104.6616224 2459.54813 1.41667 1093.13387
2 1999 21.80 104.6616224 2281.62337 1.54861 1012.50749
3 1999 22.25 104.6616224 2328.72110 1.43439 1031.97349
4 1999 22.57 104.6616224 2362.21282 1.46196 1045.35340
5 1999 22.32 104.6616224 2336.04741 1.48092 1032.29346
6 1999 24.22 104.6616224 2534.90449 1.46242 1118.70549
7 1999 23.81 104.6616224 2491.99323 1.58483 1098.18304
8 1999 23.94 104.6616224 2505.59924 1.55576 1102.62324
9 1999 24.47 104.6616224 2561.06990 1.56205 1125.47181
10 1999 25.82 104.6616224 2702.36309 1.59442 1185.96922
11 1999 29.71 104.6616224 3109.49680 1.68012 1362.96532
12 1999 37.94 104.6616224 3970.86195 1.93087 1738.59099
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 76.71%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1738.59 1738.59
TOTAL RETURN 73.86% 73.86%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 21.47 104.6616224 2247.08503 1000.00000
1 1999 23.50 104.6616224 2459.54813 1.41667 1093.13387
2 1999 21.80 104.6616224 2281.62337 1.54861 1012.50749
3 1999 22.25 104.6616224 2328.72110 1.43439 1031.97349
4 1999 22.57 104.6616224 2362.21282 1.46196 1045.35340
5 1999 22.32 104.6616224 2336.04741 1.48092 1032.29346
6 1999 24.22 104.6616224 2534.90449 1.46242 1118.70549
7 1999 23.81 104.6616224 2491.99323 1.58483 1098.18304
8 1999 23.94 104.6616224 2505.59924 1.55576 1102.62324
9 1999 24.47 104.6616224 2561.06990 1.56205 1125.47181
10 1999 25.82 104.6616224 2702.36309 1.59442 1185.96922
11 1999 29.71 104.6616224 3109.49680 1.68012 1362.96532
12 1999 37.94 104.6616224 3970.86195 1.93087 1738.59099
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 76.71%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1738.59 1738.59
TOTAL RETURN 73.86% 73.86%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 13.24 103.7744210 1373.97333 1000.00000
1 1997 14.07 103.7744210 1460.10610 1.41667 1061.27216
2 1997 13.44 103.7744210 1394.72822 1.50347 1012.24904
3 1997 12.39 103.7744210 1285.76508 1.43402 931.73306
4 1997 12.88 103.7744210 1336.61454 1.31996 967.26131
5 1997 14.09 103.7744210 1462.18159 1.37029 1056.75951
6 1997 14.67 103.7744210 1522.37076 1.49708 1098.76283
7 1997 16.03 103.7744210 1663.50397 1.55658 1199.06838
8 1997 15.57 103.7744210 1615.76774 1.69868 1162.96100
9 1997 16.68 103.7744210 1730.95734 1.64753 1244.22206
10 1997 16.10 103.7744210 1670.76818 1.76265 1199.19509
11 1997 16.30 103.7744210 1691.52306 1.69886 1212.39307
12 1997 16.14 103.7744210 1674.91916 1.71756 1198.77472
1 1998 16.55 103.7744210 1717.46667 1.69826 1227.52860
2 1998 18.13 103.7744210 1881.43025 1.73900 1342.97964
3 1998 19.48 103.7744210 2021.52572 1.90255 1441.07833
4 1998 19.07 104.6616224 1995.89714 2.04153 1420.76704
5 1998 18.25 104.6616224 1910.07461 2.01275 1357.66205
6 1998 19.45 104.6616224 2035.66856 1.92335 1445.00963
7 1998 18.96 104.6616224 1984.38436 2.04710 1406.55869
8 1998 15.41 104.6616224 1612.83560 1.99262 1141.20724
9 1998 16.90 104.6616224 1768.78142 1.61671 1249.93438
10 1998 17.31 104.6616224 1811.69268 1.77074 1278.48749
11 1998 18.98 104.6616224 1986.47759 1.81119 1400.01969
12 1998 21.47 104.6616224 2247.08503 1.98336 1581.70593
1 1999 23.50 104.6616224 2459.54813 2.24075 1729.01633
2 1999 21.80 104.6616224 2281.62337 2.44944 1601.48911
3 1999 22.25 104.6616224 2328.72110 2.26878 1632.27860
4 1999 22.57 104.6616224 2362.21282 2.31239 1653.44167
5 1999 22.32 104.6616224 2336.04741 2.34238 1632.78470
6 1999 24.22 104.6616224 2534.90449 2.31311 1769.46312
7 1999 23.81 104.6616224 2491.99323 2.50674 1737.00262
8 1999 23.94 104.6616224 2505.59924 2.46075 1744.02571
9 1999 24.47 104.6616224 2561.06990 2.47070 1780.16544
10 1999 25.82 104.6616224 2702.36309 2.52190 1875.85455
11 1999 29.71 104.6616224 3109.49680 2.65746 2155.81034
12 1999 37.94 104.6616224 3970.86195 3.05406 2749.93968
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 189.01%
GROSS ANNUAL RETURN = 42.44%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2749.94 2749.94
TOTAL RETURN 174.99% 174.99%
AVERAGE ANNUAL RETURN 40.10% 40.10%
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
1 1999 23.50 104.6616224 2459.54813 3.00245 2316.76047
2 1999 21.80 104.6616224 2281.62337 3.28208 2145.88295
3 1999 22.25 104.6616224 2328.72110 3.04000 2187.13870
4 1999 22.57 104.6616224 2362.21282 3.09845 2215.49573
5 1999 22.32 104.6616224 2336.04741 3.13862 2187.81684
6 1999 24.22 104.6616224 2534.90449 3.09941 2370.95633
7 1999 23.81 104.6616224 2491.99323 3.35885 2327.46155
8 1999 23.94 104.6616224 2505.59924 3.29724 2336.87199
9 1999 24.47 104.6616224 2561.06990 3.31057 2385.29669
10 1999 25.82 104.6616224 2702.36309 3.37917 2513.51337
11 1999 29.71 104.6616224 3109.49680 3.56081 2888.63447
12 1999 37.94 104.6616224 3970.86195 4.09223 3684.72608
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 297.09%
GROSS ANNUAL RETURN = 36.44%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 3684.73 3684.73
TOTAL RETURN 268.47% 268.47%
AVERAGE ANNUAL RETURN 34.16% 34.16%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 15.57 103.7744210 1615.76774 1000.00000
9 1997 16.68 103.7744210 1730.95734 1.41667 1069.87428
10 1997 16.10 103.7744210 1670.76818 1.51566 1031.15676
11 1997 16.30 103.7744210 1691.52306 1.46081 1042.50535
12 1997 16.14 103.7744210 1674.91916 1.47688 1030.79529
1 1998 16.55 103.7744210 1717.46667 1.46029 1055.52001
2 1998 18.13 103.7744210 1881.43025 1.49532 1154.79337
3 1998 19.48 103.7744210 2021.52572 1.63596 1239.14588
4 1998 19.07 104.6616224 1995.89714 1.75546 1221.68073
5 1998 18.25 104.6616224 1910.07461 1.73071 1167.41839
6 1998 19.45 104.6616224 2035.66856 1.65384 1242.52630
7 1998 18.96 104.6616224 1984.38436 1.76025 1209.46334
8 1998 15.41 104.6616224 1612.83560 1.71341 981.29451
9 1998 16.90 104.6616224 1768.78142 1.39017 1074.78616
10 1998 17.31 104.6616224 1811.69268 1.52261 1099.33824
11 1998 18.98 104.6616224 1986.47759 1.55740 1203.84062
12 1998 21.47 104.6616224 2247.08503 1.70544 1360.06791
1 1999 23.50 104.6616224 2459.54813 1.92676 1486.73630
2 1999 21.80 104.6616224 2281.62337 2.10621 1377.07895
3 1999 22.25 104.6616224 2328.72110 1.95086 1403.55403
4 1999 22.57 104.6616224 2362.21282 1.98837 1421.75161
5 1999 22.32 104.6616224 2336.04741 2.01415 1403.98921
6 1999 24.22 104.6616224 2534.90449 1.98898 1521.51544
7 1999 23.81 104.6616224 2491.99323 2.15548 1493.60351
8 1999 23.94 104.6616224 2505.59924 2.11594 1499.64248
9 1999 24.47 104.6616224 2561.06990 2.12449 1530.71809
10 1999 25.82 104.6616224 2702.36309 2.16852 1612.99867
11 1999 29.71 104.6616224 3109.49680 2.28508 1853.72540
12 1999 37.94 104.6616224 3970.86195 2.62611 2364.60181
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 145.76%
GROSS ANNUAL RETURN = 45.89%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2364.60 2364.60
TOTAL RETURN 136.46% 136.46%
AVERAGE ANNUAL RETURN 43.54% 43.54%
<PAGE>
MFS Global Governments Series
12/1999
Assume ($10000 @ $10.00 on 6/14/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/94 0.2600000000 9.86 2.637 102.636917
12/95 1.0600000000 10.15 10.719 113.355649
4/97 0.2459000000 10.02 2.782 116.137501
4/98 0.1280000000 10.20 1.457 117.594913
4/99 0.5925000000 10.28 6.778 124.372635
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 10.88 117.5949125 1279.43265 1000.00000
1 1999 10.97 117.5949125 1290.01619 1.41667 1006.85539
2 1999 10.72 117.5949125 1260.61746 1.42638 982.48336
3 1999 10.79 117.5949125 1268.84911 1.39185 987.50698
4 1999 10.25 124.3726349 1274.81951 1.39897 990.75459
5 1999 10.09 124.3726349 1254.91989 1.40357 973.88558
6 1999 9.99 124.3726349 1242.48262 1.37967 962.85393
7 1999 10.01 124.3726349 1244.97007 1.36404 963.41752
8 1999 9.99 124.3726349 1242.48262 1.36484 960.12777
9 1999 10.13 124.3726349 1259.89479 1.36018 972.22283
10 1999 10.11 124.3726349 1257.40734 1.37732 968.92602
11 1999 10.04 124.3726349 1248.70125 1.37265 960.84469
12 1999 10.03 124.3726349 1247.45753 1.36120 958.52648
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -2.50%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 958.53 958.53
TOTAL RETURN -4.15% -4.15%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 10.88 117.5949125 1279.43265 1000.00000
1 1999 10.97 117.5949125 1290.01619 1.41667 1006.85539
2 1999 10.72 117.5949125 1260.61746 1.42638 982.48336
3 1999 10.79 117.5949125 1268.84911 1.39185 987.50698
4 1999 10.25 124.3726349 1274.81951 1.39897 990.75459
5 1999 10.09 124.3726349 1254.91989 1.40357 973.88558
6 1999 9.99 124.3726349 1242.48262 1.37967 962.85393
7 1999 10.01 124.3726349 1244.97007 1.36404 963.41752
8 1999 9.99 124.3726349 1242.48262 1.36484 960.12777
9 1999 10.13 124.3726349 1259.89479 1.36018 972.22283
10 1999 10.11 124.3726349 1257.40734 1.37732 968.92602
11 1999 10.04 124.3726349 1248.70125 1.37265 960.84469
12 1999 10.03 124.3726349 1247.45753 1.36120 958.52648
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -2.50%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 958.53 958.53
TOTAL RETURN -4.15% -4.15%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 10.58 113.3556490 1199.30277 1000.00000
1 1997 10.33 113.3556490 1170.96385 1.41667 974.95384
2 1997 10.33 113.3556490 1170.96385 1.38118 973.57266
3 1997 10.24 113.3556490 1160.76185 1.37923 963.71119
4 1997 9.87 116.1375007 1146.27713 1.36526 950.32014
5 1997 10.08 116.1375007 1170.66601 1.34629 969.19343
6 1997 10.15 116.1375007 1178.79563 1.37302 974.55092
7 1997 10.04 116.1375007 1166.02051 1.38061 962.60867
8 1997 10.06 116.1375007 1168.34326 1.36370 963.16252
9 1997 10.30 116.1375007 1196.21626 1.36448 984.77607
10 1997 10.41 116.1375007 1208.99138 1.39510 993.89800
11 1997 10.24 116.1375007 1189.24801 1.40802 976.25917
12 1997 10.21 116.1375007 1185.76388 1.38303 972.01601
1 1998 10.28 116.1375007 1193.89351 1.37702 977.30315
2 1998 10.31 116.1375007 1197.37763 1.38451 978.77069
3 1998 10.20 116.1375007 1184.60251 1.38659 966.94134
4 1998 10.24 117.5949125 1204.17190 1.36983 981.54519
5 1998 10.33 117.5949125 1214.75545 1.39052 988.78153
6 1998 10.30 117.5949125 1211.22760 1.40077 984.50917
7 1998 10.26 117.5949125 1206.52380 1.39472 979.29111
8 1998 10.21 117.5949125 1200.64406 1.38733 973.13141
9 1998 10.72 117.5949125 1260.61746 1.37860 1020.36172
10 1998 10.74 117.5949125 1262.96936 1.44551 1020.81987
11 1998 10.74 117.5949125 1262.96936 1.44616 1019.37371
12 1998 10.88 117.5949125 1279.43265 1.44411 1031.21752
1 1999 10.97 117.5949125 1290.01619 1.46089 1038.28692
2 1999 10.72 117.5949125 1260.61746 1.47091 1013.15405
3 1999 10.79 117.5949125 1268.84911 1.43530 1018.33450
4 1999 10.25 124.3726349 1274.81951 1.44264 1021.68349
5 1999 10.09 124.3726349 1254.91989 1.44738 1004.28788
6 1999 9.99 124.3726349 1242.48262 1.42274 992.91184
7 1999 10.01 124.3726349 1244.97007 1.40663 993.49302
8 1999 9.99 124.3726349 1242.48262 1.40745 990.10058
9 1999 10.13 124.3726349 1259.89479 1.40264 1002.57322
10 1999 10.11 124.3726349 1257.40734 1.42031 999.17349
11 1999 10.04 124.3726349 1248.70125 1.41550 990.83988
12 1999 10.03 124.3726349 1247.45753 1.40369 988.44930
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 4.02%
GROSS ANNUAL RETURN = 1.32%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 988.45 988.45
TOTAL RETURN -1.16% -1.16%
AVERAGE ANNUAL RETURN -0.39% -0.39%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 9.82 102.6369168 1007.89452 1000.00000
1 1995 9.91 102.6369168 1017.13185 1.41667 1007.74830
2 1995 10.12 102.6369168 1038.68560 1.42764 1027.67557
3 1995 10.64 102.6369168 1092.05680 1.45587 1079.02516
4 1995 10.69 102.6369168 1097.18864 1.52862 1082.56715
5 1995 10.88 102.6369168 1116.68966 1.53364 1100.27465
6 1995 10.91 102.6369168 1119.76876 1.55872 1101.74977
7 1995 10.89 102.6369168 1117.71602 1.56081 1098.16925
8 1995 10.73 102.6369168 1101.29412 1.55574 1080.47879
9 1995 10.86 102.6369168 1114.63692 1.53068 1092.03873
10 1995 11.02 102.6369168 1131.05882 1.54705 1106.58064
11 1995 11.21 102.6369168 1150.55984 1.56766 1124.09196
12 1995 10.17 113.3556490 1152.82695 1.59246 1124.71446
1 1996 10.13 113.3556490 1148.29272 1.59335 1118.69745
2 1996 9.95 113.3556490 1127.88871 1.58482 1097.23450
3 1996 9.94 113.3556490 1126.75515 1.55442 1094.57733
4 1996 10.01 113.3556490 1134.69005 1.55065 1100.73497
5 1996 10.04 113.3556490 1138.09072 1.55937 1102.47450
6 1996 10.10 113.3556490 1144.89206 1.56184 1107.50116
7 1996 10.27 113.3556490 1164.16252 1.56896 1124.57331
8 1996 10.29 113.3556490 1166.42963 1.59315 1125.17018
9 1996 10.34 113.3556490 1172.09741 1.59399 1129.04348
10 1996 10.52 113.3556490 1192.50143 1.59948 1147.09854
11 1996 10.66 113.3556490 1208.37122 1.62506 1160.73905
12 1996 10.58 113.3556490 1199.30277 1.64438 1150.38368
1 1997 10.33 113.3556490 1170.96385 1.62971 1121.57099
2 1997 10.33 113.3556490 1170.96385 1.58889 1119.98210
3 1997 10.24 113.3556490 1160.76185 1.58664 1108.63763
4 1997 9.87 116.1375007 1146.27713 1.57057 1093.23278
5 1997 10.08 116.1375007 1170.66601 1.54875 1114.94431
6 1997 10.15 116.1375007 1178.79563 1.57950 1121.10747
7 1997 10.04 116.1375007 1166.02051 1.58824 1107.36930
8 1997 10.06 116.1375007 1168.34326 1.56877 1108.00645
9 1997 10.30 116.1375007 1196.21626 1.56968 1132.87032
10 1997 10.41 116.1375007 1208.99138 1.60490 1143.36404
11 1997 10.24 116.1375007 1189.24801 1.61977 1123.07262
12 1997 10.21 116.1375007 1185.76388 1.59102 1118.19135
1 1998 10.28 116.1375007 1193.89351 1.58410 1124.27359
2 1998 10.31 116.1375007 1197.37763 1.59272 1125.96183
3 1998 10.20 116.1375007 1184.60251 1.59511 1112.35354
4 1998 10.24 117.5949125 1204.17190 1.57583 1129.15357
5 1998 10.33 117.5949125 1214.75545 1.59963 1137.47813
6 1998 10.30 117.5949125 1211.22760 1.61143 1132.56328
7 1998 10.26 117.5949125 1206.52380 1.60446 1126.56052
8 1998 10.21 117.5949125 1200.64406 1.59596 1119.47449
9 1998 10.72 117.5949125 1260.61746 1.58592 1173.80747
10 1998 10.74 117.5949125 1262.96936 1.66289 1174.33452
11 1998 10.74 117.5949125 1262.96936 1.66364 1172.67088
12 1998 10.88 117.5949125 1279.43265 1.66128 1186.29581
1 1999 10.97 117.5949125 1290.01619 1.68059 1194.42833
2 1999 10.72 117.5949125 1260.61746 1.69211 1165.51589
3 1999 10.79 117.5949125 1268.84911 1.65115 1171.47539
4 1999 10.25 124.3726349 1274.81951 1.65959 1175.32802
5 1999 10.09 124.3726349 1254.91989 1.66505 1155.31639
6 1999 9.99 124.3726349 1242.48262 1.63670 1142.22958
7 1999 10.01 124.3726349 1244.97007 1.61816 1142.89816
8 1999 9.99 124.3726349 1242.48262 1.61911 1138.99554
9 1999 10.13 124.3726349 1259.89479 1.61358 1153.34387
10 1999 10.11 124.3726349 1257.40734 1.63390 1149.43288
11 1999 10.04 124.3726349 1248.70125 1.62836 1139.84603
12 1999 10.03 124.3726349 1247.45753 1.61478 1137.09594
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 23.77%
GROSS ANNUAL RETURN = 4.36%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1137.10 1137.10
TOTAL RETURN 13.71% 13.71%
AVERAGE ANNUAL RETURN 2.60% 2.60%
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
1 1999 10.97 117.5949125 1290.01619 1.67714 1191.98284
2 1999 10.72 117.5949125 1260.61746 1.68864 1163.12959
3 1999 10.79 117.5949125 1268.84911 1.64777 1169.07689
4 1999 10.25 124.3726349 1274.81951 1.65619 1172.92163
5 1999 10.09 124.3726349 1254.91989 1.66164 1152.95097
6 1999 9.99 124.3726349 1242.48262 1.63335 1139.89096
7 1999 10.01 124.3726349 1244.97007 1.61485 1140.55817
8 1999 9.99 124.3726349 1242.48262 1.61579 1136.66355
9 1999 10.13 124.3726349 1259.89479 1.61027 1150.98249
10 1999 10.11 124.3726349 1257.40734 1.63056 1147.07951
11 1999 10.04 124.3726349 1248.70125 1.62503 1137.51229
12 1999 10.03 124.3726349 1247.45753 1.61148 1134.76783
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 24.75%
GROSS ANNUAL RETURN = 4.07%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1134.77 1134.77
TOTAL RETURN 13.48% 13.48%
AVERAGE ANNUAL RETURN 2.30% 2.30%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 10.06 116.1375007 1168.34326 1000.00000
9 1997 10.30 116.1375007 1196.21626 1.41667 1022.44019
10 1997 10.41 116.1375007 1208.99138 1.44846 1031.91100
11 1997 10.24 116.1375007 1189.24801 1.46187 1013.59755
12 1997 10.21 116.1375007 1185.76388 1.43593 1009.19210
1 1998 10.28 116.1375007 1193.89351 1.42969 1014.68146
2 1998 10.31 116.1375007 1197.37763 1.43747 1016.20512
3 1998 10.20 116.1375007 1184.60251 1.43962 1003.92335
4 1998 10.24 117.5949125 1204.17190 1.42222 1019.08574
5 1998 10.33 117.5949125 1214.75545 1.44370 1026.59884
6 1998 10.30 117.5949125 1211.22760 1.45435 1022.16308
7 1998 10.26 117.5949125 1206.52380 1.44806 1016.74545
8 1998 10.21 117.5949125 1200.64406 1.44039 1010.35016
9 1998 10.72 117.5949125 1260.61746 1.43133 1059.38686
10 1998 10.74 117.5949125 1262.96936 1.50080 1059.86253
11 1998 10.74 117.5949125 1262.96936 1.50147 1058.36106
12 1998 10.88 117.5949125 1279.43265 1.49934 1070.65786
1 1999 10.97 117.5949125 1290.01619 1.51677 1077.99764
2 1999 10.72 117.5949125 1260.61746 1.52716 1051.90353
3 1999 10.79 117.5949125 1268.84911 1.49020 1057.28210
4 1999 10.25 124.3726349 1274.81951 1.49782 1060.75919
5 1999 10.09 124.3726349 1254.91989 1.50274 1042.69825
6 1999 9.99 124.3726349 1242.48262 1.47716 1030.88712
7 1999 10.01 124.3726349 1244.97007 1.46042 1031.49054
8 1999 9.99 124.3726349 1242.48262 1.46128 1027.96834
9 1999 10.13 124.3726349 1259.89479 1.45629 1040.91801
10 1999 10.11 124.3726349 1257.40734 1.47463 1037.38826
11 1999 10.04 124.3726349 1248.70125 1.46963 1028.73592
12 1999 10.03 124.3726349 1247.45753 1.45738 1026.25390
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 6.77%
GROSS ANNUAL RETURN = 2.79%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1026.25 1026.25
TOTAL RETURN 2.63% 2.63%
AVERAGE ANNUAL RETURN 1.09% 1.09%
<PAGE>
MFS High Income Series
12/1999
Assume ($10000 @ $10.00 on 7/26/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/95 0.2343800000 10.26 2.284 102.284405
12/96 0.6346600000 10.87 5.972 108.256422
4/98 0.8327900000 12.03 7.494 115.750592
4/99 0.7865000000 11.54 7.889 123.639486
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 11.53 115.7505921 1334.60433 1000.00000
1 1999 11.83 115.7505921 1369.32951 1.41667 1024.60241
2 1999 11.90 115.7505921 1377.43205 1.45152 1029.21363
3 1999 12.10 115.7505921 1400.58216 1.45805 1045.05329
4 1999 11.57 123.6394865 1430.50886 1.48049 1065.90279
5 1999 11.39 123.6394865 1408.25375 1.51003 1047.81000
6 1999 11.33 123.6394865 1400.83538 1.48440 1040.80597
7 1999 11.36 123.6394865 1404.54457 1.47448 1042.08738
8 1999 11.25 123.6394865 1390.94422 1.47629 1030.52046
9 1999 11.20 123.6394865 1384.76225 1.45990 1024.48046
10 1999 11.18 123.6394865 1382.28946 1.45135 1021.19968
11 1999 11.40 123.6394865 1409.49015 1.44670 1039.84815
12 1999 11.49 123.6394865 1420.61770 1.47312 1046.58436
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 6.44%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1046.58 1046.58
TOTAL RETURN 4.66% 4.66%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 11.53 115.7505921 1334.60433 1000.00000
1 1999 11.83 115.7505921 1369.32951 1.41667 1024.60241
2 1999 11.90 115.7505921 1377.43205 1.45152 1029.21363
3 1999 12.10 115.7505921 1400.58216 1.45805 1045.05329
4 1999 11.57 123.6394865 1430.50886 1.48049 1065.90279
5 1999 11.39 123.6394865 1408.25375 1.51003 1047.81000
6 1999 11.33 123.6394865 1400.83538 1.48440 1040.80597
7 1999 11.36 123.6394865 1404.54457 1.47448 1042.08738
8 1999 11.25 123.6394865 1390.94422 1.47629 1030.52046
9 1999 11.20 123.6394865 1384.76225 1.45990 1024.48046
10 1999 11.18 123.6394865 1382.28946 1.45135 1021.19968
11 1999 11.40 123.6394865 1409.49015 1.44670 1039.84815
12 1999 11.49 123.6394865 1420.61770 1.47312 1046.58436
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 6.44%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1046.58 1046.58
TOTAL RETURN 4.66% 4.66%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 10.87 108.2564221 1176.74731 1000.00000
1 1997 11.02 108.2564221 1192.98577 1.41667 1012.38278
2 1997 11.24 108.2564221 1216.80218 1.43421 1031.15948
3 1997 11.01 108.2564221 1191.90321 1.46081 1008.59843
4 1997 11.13 108.2564221 1204.89398 1.42885 1018.16248
5 1997 11.42 108.2564221 1236.28834 1.44240 1043.24903
6 1997 11.61 108.2564221 1256.85706 1.47794 1059.12813
7 1997 11.87 108.2564221 1285.00373 1.50043 1081.34633
8 1997 11.89 108.2564221 1287.16886 1.53191 1081.63640
9 1997 12.12 108.2564221 1312.06784 1.53232 1101.02724
10 1997 12.09 108.2564221 1308.82014 1.55979 1096.74214
11 1997 12.20 108.2564221 1320.72835 1.55372 1105.16705
12 1997 12.35 108.2564221 1336.96681 1.56565 1117.18952
1 1998 12.60 108.2564221 1364.03092 1.58269 1138.22200
2 1998 12.66 108.2564221 1370.52630 1.61248 1142.02963
3 1998 12.84 108.2564221 1390.01246 1.61788 1156.64914
4 1998 12.04 115.7505921 1393.63713 1.63859 1158.02669
5 1998 12.08 115.7505921 1398.26715 1.64054 1160.23342
6 1998 12.09 115.7505921 1399.42466 1.64366 1159.55022
7 1998 12.21 115.7505921 1413.31473 1.64270 1169.41670
8 1998 11.29 115.7505921 1306.82419 1.65667 1079.64673
9 1998 11.21 115.7505921 1297.56414 1.52950 1070.46694
10 1998 10.92 115.7505921 1263.99647 1.51649 1041.25773
11 1998 11.62 115.7505921 1345.02188 1.47512 1106.52990
12 1998 11.53 115.7505921 1334.60433 1.56758 1096.39195
1 1999 11.83 115.7505921 1369.32951 1.55322 1123.36584
2 1999 11.90 115.7505921 1377.43205 1.59143 1128.42154
3 1999 12.10 115.7505921 1400.58216 1.59860 1145.78801
4 1999 11.57 123.6394865 1430.50886 1.62320 1168.64723
5 1999 11.39 123.6394865 1408.25375 1.65558 1148.81045
6 1999 11.33 123.6394865 1400.83538 1.62748 1141.13129
7 1999 11.36 123.6394865 1404.54457 1.61660 1142.53622
8 1999 11.25 123.6394865 1390.94422 1.61859 1129.85433
9 1999 11.20 123.6394865 1384.76225 1.60063 1123.23213
10 1999 11.18 123.6394865 1382.28946 1.59125 1119.63511
11 1999 11.40 123.6394865 1409.49015 1.58615 1140.08114
12 1999 11.49 123.6394865 1420.61770 1.61511 1147.46667
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 20.72%
GROSS ANNUAL RETURN = 6.48%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1147.47 1147.47
TOTAL RETURN 14.75% 14.75%
AVERAGE ANNUAL RETURN 4.69% 4.69%
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
1 1999 11.83 115.7505921 1369.32951 1.78211 1288.90646
2 1999 11.90 115.7505921 1377.43205 1.82595 1294.70717
3 1999 12.10 115.7505921 1400.58216 1.83417 1314.63279
4 1999 11.57 123.6394865 1430.50886 1.86240 1340.86058
5 1999 11.39 123.6394865 1408.25375 1.89955 1318.10062
6 1999 11.33 123.6394865 1400.83538 1.86731 1309.28985
7 1999 11.36 123.6394865 1404.54457 1.85483 1310.90181
8 1999 11.25 123.6394865 1390.94422 1.85711 1296.35110
9 1999 11.20 123.6394865 1384.76225 1.83650 1288.75305
10 1999 11.18 123.6394865 1382.28946 1.82573 1284.62597
11 1999 11.40 123.6394865 1409.49015 1.81989 1308.08495
12 1999 11.49 123.6394865 1420.61770 1.85312 1316.55881
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 42.06%
GROSS ANNUAL RETURN = 8.24%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1316.56 1316.56
TOTAL RETURN 31.66% 31.66%
AVERAGE ANNUAL RETURN 6.40% 6.40%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 11.89 108.2564221 1287.16886 1000.00000
9 1997 12.12 108.2564221 1312.06784 1.41667 1017.92732
10 1997 12.09 108.2564221 1308.82014 1.44206 1013.96563
11 1997 12.20 108.2564221 1320.72835 1.43645 1021.75468
12 1997 12.35 108.2564221 1336.96681 1.44749 1032.86975
1 1998 12.60 108.2564221 1364.03092 1.46323 1052.31481
2 1998 12.66 108.2564221 1370.52630 1.49078 1055.83505
3 1998 12.84 108.2564221 1390.01246 1.49577 1069.35116
4 1998 12.04 115.7505921 1393.63713 1.51491 1070.62474
5 1998 12.08 115.7505921 1398.26715 1.51672 1072.66492
6 1998 12.09 115.7505921 1399.42466 1.51961 1072.03328
7 1998 12.21 115.7505921 1413.31473 1.51871 1081.15509
8 1998 11.29 115.7505921 1306.82419 1.53164 998.16050
9 1998 11.21 115.7505921 1297.56414 1.41406 989.67356
10 1998 10.92 115.7505921 1263.99647 1.40204 962.66890
11 1998 11.62 115.7505921 1345.02188 1.36378 1023.01467
12 1998 11.53 115.7505921 1334.60433 1.44927 1013.64188
1 1999 11.83 115.7505921 1369.32951 1.43599 1038.57991
2 1999 11.90 115.7505921 1377.43205 1.47132 1043.25403
3 1999 12.10 115.7505921 1400.58216 1.47794 1059.30977
4 1999 11.57 123.6394865 1430.50886 1.50069 1080.44370
5 1999 11.39 123.6394865 1408.25375 1.53063 1062.10409
6 1999 11.33 123.6394865 1400.83538 1.50465 1055.00452
7 1999 11.36 123.6394865 1404.54457 1.49459 1056.30341
8 1999 11.25 123.6394865 1390.94422 1.49643 1044.57869
9 1999 11.20 123.6394865 1384.76225 1.47982 1038.45630
10 1999 11.18 123.6394865 1382.28946 1.47115 1035.13076
11 1999 11.40 123.6394865 1409.49015 1.46644 1054.03363
12 1999 11.49 123.6394865 1420.61770 1.49321 1060.86173
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 10.37%
GROSS ANNUAL RETURN = 4.23%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1060.86 1060.86
TOTAL RETURN 6.09% 6.09%
AVERAGE ANNUAL RETURN 2.51% 2.51%
<PAGE>
MFS Research Series
12/1999
Assume ($10000 @ $10.00 on 7/26/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/95 0.1712900000 10.82 1.583 101.583087
12/96 0.1927500000 13.18 1.486 103.068682
4/98 0.3991400000 17.58 2.340 105.408775
4/99 0.2447200000 19.61 1.315 106.724207
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 19.05 105.4087746 2008.03716 1000.00000
1 1999 19.65 105.4087746 2071.28242 1.41667 1030.07940
2 1999 18.93 105.4087746 1995.38810 1.45928 990.87675
3 1999 19.34 105.4087746 2038.60570 1.40374 1010.93415
4 1999 19.43 106.7242073 2073.65135 1.43216 1026.88095
5 1999 19.16 106.7242073 2044.83581 1.45475 1011.15663
6 1999 20.48 106.7242073 2185.71177 1.43247 1079.38631
7 1999 19.89 106.7242073 2122.74448 1.52913 1046.76157
8 1999 19.61 106.7242073 2092.86171 1.48291 1030.54295
9 1999 19.15 106.7242073 2043.76857 1.45994 1004.90914
10 1999 20.24 106.7242073 2160.09796 1.42362 1060.68400
11 1999 21.26 106.7242073 2268.95665 1.50264 1112.63481
12 1999 23.34 106.7242073 2490.94300 1.57623 1219.91466
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 24.05%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1219.91 1219.91
TOTAL RETURN 21.99% 21.99%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 19.05 105.4087746 2008.03716 1000.00000
1 1999 19.65 105.4087746 2071.28242 1.41667 1030.07940
2 1999 18.93 105.4087746 1995.38810 1.45928 990.87675
3 1999 19.34 105.4087746 2038.60570 1.40374 1010.93415
4 1999 19.43 106.7242073 2073.65135 1.43216 1026.88095
5 1999 19.16 106.7242073 2044.83581 1.45475 1011.15663
6 1999 20.48 106.7242073 2185.71177 1.43247 1079.38631
7 1999 19.89 106.7242073 2122.74448 1.52913 1046.76157
8 1999 19.61 106.7242073 2092.86171 1.48291 1030.54295
9 1999 19.15 106.7242073 2043.76857 1.45994 1004.90914
10 1999 20.24 106.7242073 2160.09796 1.42362 1060.68400
11 1999 21.26 106.7242073 2268.95665 1.50264 1112.63481
12 1999 23.34 106.7242073 2490.94300 1.57623 1219.91466
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 24.05%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1219.91 1219.91
TOTAL RETURN 21.99% 21.99%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 13.13 103.0686817 1353.29179 1000.00000
1 1997 13.64 103.0686817 1405.85682 1.41667 1037.42568
2 1997 13.61 103.0686817 1402.76476 1.46969 1033.67426
3 1997 12.86 103.0686817 1325.46325 1.46437 975.24768
4 1997 13.45 103.0686817 1386.27377 1.38160 1018.60917
5 1997 14.38 103.0686817 1482.12764 1.44303 1087.59785
6 1997 14.92 103.0686817 1537.78473 1.54076 1126.89873
7 1997 16.03 103.0686817 1652.19097 1.59644 1209.13993
8 1997 15.33 103.0686817 1580.04289 1.71295 1154.62612
9 1997 16.12 103.0686817 1661.46715 1.63572 1212.49168
10 1997 15.30 103.0686817 1576.95083 1.71770 1149.09636
11 1997 15.76 103.0686817 1624.36242 1.62789 1182.01647
12 1997 15.79 103.0686817 1627.45448 1.67452 1182.59198
1 1998 16.12 103.0686817 1661.46715 1.67534 1205.63199
2 1998 17.41 103.0686817 1794.42575 1.70798 1300.40449
3 1998 18.30 103.0686817 1886.15688 1.84224 1365.03898
4 1998 18.02 105.4087746 1899.46612 1.93381 1372.73727
5 1998 17.69 105.4087746 1864.68122 1.94471 1345.65364
6 1998 18.35 105.4087746 1934.25101 1.90634 1393.95258
7 1998 17.91 105.4087746 1887.87115 1.97477 1358.55334
8 1998 14.85 105.4087746 1565.32030 1.92462 1124.51408
9 1998 15.66 105.4087746 1650.70141 1.59306 1184.25815
10 1998 16.56 105.4087746 1745.56931 1.67770 1250.64126
11 1998 17.78 105.4087746 1874.16801 1.77174 1341.00614
12 1998 19.05 105.4087746 2008.03716 1.89976 1434.89253
1 1999 19.65 105.4087746 2071.28242 2.03276 1478.05323
2 1999 18.93 105.4087746 1995.38810 2.09391 1421.80165
3 1999 19.34 105.4087746 2038.60570 2.01422 1450.58187
4 1999 19.43 106.7242073 2073.65135 2.05499 1473.46381
5 1999 19.16 106.7242073 2044.83581 2.08741 1450.90110
6 1999 20.48 106.7242073 2185.71177 2.05544 1548.80335
7 1999 19.89 106.7242073 2122.74448 2.19414 1501.99036
8 1999 19.61 106.7242073 2092.86171 2.12782 1478.71839
9 1999 19.15 106.7242073 2043.76857 2.09485 1441.93662
10 1999 20.24 106.7242073 2160.09796 2.04274 1521.96755
11 1999 21.26 106.7242073 2268.95665 2.15612 1596.51138
12 1999 23.34 106.7242073 2490.94300 2.26172 1750.44644
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 84.07%
GROSS ANNUAL RETURN = 22.55%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1750.45 1750.45
TOTAL RETURN 75.04% 75.04%
AVERAGE ANNUAL RETURN 20.52% 20.52%
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
1 1999 19.65 105.4087746 2071.28242 2.68273 1950.65351
2 1999 18.93 105.4087746 1995.38810 2.76343 1876.41576
3 1999 19.34 105.4087746 2038.60570 2.65826 1914.39831
4 1999 19.43 106.7242073 2073.65135 2.71206 1944.59664
5 1999 19.16 106.7242073 2044.83581 2.75485 1914.81961
6 1999 20.48 106.7242073 2185.71177 2.71266 2044.02563
7 1999 19.89 106.7242073 2122.74448 2.89570 1982.24442
8 1999 19.61 106.7242073 2092.86171 2.80818 1951.53134
9 1999 19.15 106.7242073 2043.76857 2.76467 1902.98878
10 1999 20.24 106.7242073 2160.09796 2.69590 2008.60922
11 1999 21.26 106.7242073 2268.95665 2.84553 2106.98806
12 1999 23.34 106.7242073 2490.94300 2.98490 2310.14311
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 149.09%
GROSS ANNUAL RETURN = 22.86%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2310.14 2310.14
TOTAL RETURN 131.01% 131.01%
AVERAGE ANNUAL RETURN 20.79% 20.79%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 15.33 103.0686817 1580.04289 1000.00000
9 1997 16.12 103.0686817 1661.46715 1.41667 1050.11628
10 1997 15.30 103.0686817 1576.95083 1.48766 995.21079
11 1997 15.76 103.0686817 1624.36242 1.40988 1023.72227
12 1997 15.79 103.0686817 1627.45448 1.45027 1024.22071
1 1998 16.12 103.0686817 1661.46715 1.45098 1044.17523
2 1998 17.41 103.0686817 1794.42575 1.47925 1126.25591
3 1998 18.30 103.0686817 1886.15688 1.59553 1182.23464
4 1998 18.02 105.4087746 1899.46612 1.67483 1188.90198
5 1998 17.69 105.4087746 1864.68122 1.68428 1165.44535
6 1998 18.35 105.4087746 1934.25101 1.65105 1207.27616
7 1998 17.91 105.4087746 1887.87115 1.71031 1176.61754
8 1998 14.85 105.4087746 1565.32030 1.66687 973.92053
9 1998 15.66 105.4087746 1650.70141 1.37972 1025.66375
10 1998 16.56 105.4087746 1745.56931 1.45302 1083.15692
11 1998 17.78 105.4087746 1874.16801 1.53447 1161.42024
12 1998 19.05 105.4087746 2008.03716 1.64535 1242.73348
1 1999 19.65 105.4087746 2071.28242 1.76054 1280.11415
2 1999 18.93 105.4087746 1995.38810 1.81349 1231.39571
3 1999 19.34 105.4087746 2038.60570 1.74448 1256.32172
4 1999 19.43 106.7242073 2073.65135 1.77979 1276.13934
5 1999 19.16 106.7242073 2044.83581 1.80786 1256.59820
6 1999 20.48 106.7242073 2185.71177 1.78018 1341.38950
7 1999 19.89 106.7242073 2122.74448 1.90030 1300.84565
8 1999 19.61 106.7242073 2092.86171 1.84286 1280.69023
9 1999 19.15 106.7242073 2043.76857 1.81431 1248.83423
10 1999 20.24 106.7242073 2160.09796 1.76918 1318.14752
11 1999 21.26 106.7242073 2268.95665 1.86738 1382.70853
12 1999 23.34 106.7242073 2490.94300 1.95884 1516.02879
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 57.65%
GROSS ANNUAL RETURN = 21.07%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1516.03 1516.03
TOTAL RETURN 51.60% 51.60%
AVERAGE ANNUAL RETURN 19.10% 19.10%
<PAGE>
MSDW Emerging Markets
12/1999
Assume ($10000 @ $10.00 on 10/ 1/1996)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/96 0.0171000000 9.76 0.175 100.175205
12/97 0.3656000000 9.07 4.038 104.213138
7/98 0.0040000000 8.15 0.051 104.264286
12/98 0.0361000000 7.01 0.537 104.801225
7/99 0.0021000000 10.02 0.022 104.823189
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 7.11 104.8012245 745.13671 1000.00000
1 1999 7.20 104.8012245 754.56882 1.41667 1011.24156
2 1999 7.13 104.8012245 747.23273 1.43259 999.97745
3 1999 7.97 104.8012245 835.26576 1.41663 1116.37022
4 1999 8.82 104.8012245 924.34680 1.58152 1233.84951
5 1999 8.75 104.8012245 917.01071 1.74795 1222.30910
6 1999 9.82 104.8012245 1029.14802 1.73160 1370.04844
7 1999 9.57 104.8231888 1003.15792 1.94090 1333.50833
8 1999 9.56 104.8231888 1002.10969 1.88914 1330.22577
9 1999 9.26 104.8231888 970.66273 1.88449 1286.59780
10 1999 9.74 104.8231888 1020.97786 1.82268 1351.46701
11 1999 11.30 104.8231888 1184.50203 1.91458 1566.00916
12 1999 13.84 104.8231888 1450.75293 2.21851 1915.79625
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 94.70%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1915.80 1915.80
TOTAL RETURN 91.58% 91.58%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 7.11 104.8012245 745.13671 1000.00000
1 1999 7.20 104.8012245 754.56882 1.41667 1011.24156
2 1999 7.13 104.8012245 747.23273 1.43259 999.97745
3 1999 7.97 104.8012245 835.26576 1.41663 1116.37022
4 1999 8.82 104.8012245 924.34680 1.58152 1233.84951
5 1999 8.75 104.8012245 917.01071 1.74795 1222.30910
6 1999 9.82 104.8012245 1029.14802 1.73160 1370.04844
7 1999 9.57 104.8231888 1003.15792 1.94090 1333.50833
8 1999 9.56 104.8231888 1002.10969 1.88914 1330.22577
9 1999 9.26 104.8231888 970.66273 1.88449 1286.59780
10 1999 9.74 104.8231888 1020.97786 1.82268 1351.46701
11 1999 11.30 104.8231888 1184.50203 1.91458 1566.00916
12 1999 13.84 104.8231888 1450.75293 2.21851 1915.79625
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 94.70%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1915.80 1915.80
TOTAL RETURN 91.58% 91.58%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 9.78 100.1752049 979.71350 1000.00000
1 1997 10.60 100.1752049 1061.85717 1.41667 1082.42791
2 1997 10.94 100.1752049 1095.91674 1.53344 1115.61386
3 1997 10.57 100.1752049 1058.85192 1.58045 1076.30241
4 1997 10.83 100.1752049 1084.89747 1.52476 1101.25245
5 1997 11.26 100.1752049 1127.97281 1.56011 1143.41704
6 1997 12.02 100.1752049 1204.10596 1.61984 1218.97278
7 1997 12.83 100.1752049 1285.24788 1.72688 1299.38965
8 1997 11.64 100.1752049 1166.03939 1.84080 1177.02869
9 1997 12.05 100.1752049 1207.11122 1.66746 1216.82015
10 1997 10.21 100.1752049 1022.78884 1.72383 1029.29142
11 1997 9.87 100.1752049 988.72927 1.45816 993.55714
12 1997 9.45 104.2131382 984.81416 1.40754 988.21537
1 1998 9.07 104.2131382 945.21316 1.39997 947.07764
2 1998 9.73 104.2131382 1013.99383 1.34169 1014.65229
3 1998 10.00 104.2131382 1042.13138 1.43742 1041.37068
4 1998 10.10 104.2131382 1052.55270 1.47528 1050.30912
5 1998 8.70 104.2131382 906.65430 1.48794 903.23378
6 1998 7.98 104.2131382 831.62084 1.27958 827.20381
7 1998 8.28 104.2642858 863.30829 1.17187 857.55108
8 1998 6.08 104.2642858 633.92686 1.21486 628.48448
9 1998 6.24 104.2642858 650.60914 0.89035 644.13319
10 1998 6.80 104.2642858 708.99714 0.91252 701.02750
11 1998 7.25 104.2642858 755.91607 0.99312 746.42590
12 1998 7.11 104.8012245 745.13671 1.05744 734.72443
1 1999 7.20 104.8012245 754.56882 1.04086 742.98388
2 1999 7.13 104.8012245 747.23273 1.05256 734.70786
3 1999 7.97 104.8012245 835.26576 1.04084 820.22447
4 1999 8.82 104.8012245 924.34680 1.16198 906.53938
5 1999 8.75 104.8012245 917.01071 1.28426 898.06036
6 1999 9.82 104.8012245 1029.14802 1.27225 1006.60806
7 1999 9.57 104.8231888 1003.15792 1.42603 979.76115
8 1999 9.56 104.8231888 1002.10969 1.38799 977.34937
9 1999 9.26 104.8231888 970.66273 1.38458 945.29483
10 1999 9.74 104.8231888 1020.97786 1.33917 992.95583
11 1999 11.30 104.8231888 1184.50203 1.40669 1150.58518
12 1999 13.84 104.8231888 1450.75293 1.63000 1407.58230
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 48.08%
GROSS ANNUAL RETURN = 13.98%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1407.58 1407.58
TOTAL RETURN 40.76% 40.76%
AVERAGE ANNUAL RETURN 12.07% 12.07%
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
1 1999 7.20 104.8012245 754.56882 1.01539 724.79987
2 1999 7.13 104.8012245 747.23273 1.02680 716.72640
3 1999 7.97 104.8012245 835.26576 1.01536 800.15006
4 1999 8.82 104.8012245 924.34680 1.13355 884.35246
5 1999 8.75 104.8012245 917.01071 1.25283 876.08096
6 1999 9.82 104.8012245 1029.14802 1.24111 981.97203
7 1999 9.57 104.8231888 1003.15792 1.39113 955.78218
8 1999 9.56 104.8231888 1002.10969 1.35402 953.42943
9 1999 9.26 104.8231888 970.66273 1.35069 922.15940
10 1999 9.74 104.8231888 1020.97786 1.30639 968.65393
11 1999 11.30 104.8231888 1184.50203 1.37226 1122.42542
12 1999 13.84 104.8231888 1450.75293 1.59010 1373.13271
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 45.08%
GROSS ANNUAL RETURN = 12.13%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1373.13 1373.13
TOTAL RETURN 37.31% 37.31%
AVERAGE ANNUAL RETURN 10.25% 10.25%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 11.64 100.1752049 1166.03939 1000.00000
9 1997 12.05 100.1752049 1207.11122 1.41667 1033.80670
10 1997 10.21 100.1752049 1022.78884 1.46456 874.48286
11 1997 9.87 100.1752049 988.72927 1.23885 844.12313
12 1997 9.45 104.2131382 984.81416 1.19584 839.58478
1 1998 9.07 104.2131382 945.21316 1.18941 804.63428
2 1998 9.73 104.2131382 1013.99383 1.13990 862.04550
3 1998 10.00 104.2131382 1042.13138 1.22123 884.74537
4 1998 10.10 104.2131382 1052.55270 1.25339 892.33943
5 1998 8.70 104.2131382 906.65430 1.26415 767.38467
6 1998 7.98 104.2131382 831.62084 1.08713 702.78985
7 1998 8.28 104.2642858 863.30829 0.99562 728.57279
8 1998 6.08 104.2642858 633.92686 1.03214 533.95851
9 1998 6.24 104.2642858 650.60914 0.75644 547.25360
10 1998 6.80 104.2642858 708.99714 0.77528 595.59083
11 1998 7.25 104.2642858 755.91607 0.84375 634.16118
12 1998 7.11 104.8012245 745.13671 0.89839 624.21964
1 1999 7.20 104.8012245 754.56882 0.88431 631.23685
2 1999 7.13 104.8012245 747.23273 0.89425 624.20557
3 1999 7.97 104.8012245 835.26576 0.88429 696.86022
4 1999 8.82 104.8012245 924.34680 0.98722 770.19310
5 1999 8.75 104.8012245 917.01071 1.09111 762.98935
6 1999 9.82 104.8012245 1029.14802 1.08090 855.21115
7 1999 9.57 104.8231888 1003.15792 1.21155 832.40209
8 1999 9.56 104.8231888 1002.10969 1.17924 830.35305
9 1999 9.26 104.8231888 970.66273 1.17633 803.11962
10 1999 9.74 104.8231888 1020.97786 1.13775 843.61225
11 1999 11.30 104.8231888 1184.50203 1.19512 977.53368
12 1999 13.84 104.8231888 1450.75293 1.38484 1195.87765
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 24.42%
GROSS ANNUAL RETURN = 9.61%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1195.88 1195.88
TOTAL RETURN 19.59% 19.59%
AVERAGE ANNUAL RETURN 7.80% 7.80%
<PAGE>
MSDW Fixed Income
12/1999
Assume ($10000 @ $10.00 on 1/ 2/1997)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/97 0.5830000000 10.41 5.600 105.600384
7/98 0.0386000000 10.77 0.378 105.978859
12/98 0.4906000000 10.66 4.877 110.856273
12/99 0.4771000000 10.11 5.231 116.087680
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 10.70 110.8562727 1186.16212 1000.00000
1 1999 10.79 110.8562727 1196.13918 1.41667 1006.99455
2 1999 10.60 110.8562727 1175.07649 1.42658 987.83591
3 1999 10.68 110.8562727 1183.94499 1.39943 993.89184
4 1999 10.71 110.8562727 1187.27068 1.40801 995.27566
5 1999 10.56 110.8562727 1170.64224 1.40997 979.92625
6 1999 10.49 110.8562727 1162.88230 1.38823 972.04230
7 1999 10.38 110.8562727 1150.68811 1.37706 960.47223
8 1999 10.37 110.8562727 1149.57955 1.36067 958.18625
9 1999 10.53 110.8562727 1167.31655 1.35743 971.61279
10 1999 10.59 110.8562727 1173.96793 1.37645 975.77260
11 1999 10.59 110.8562727 1173.96793 1.38234 974.39025
12 1999 10.05 116.0876800 1166.68118 1.38039 966.96189
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -1.64%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 966.96 966.96
TOTAL RETURN -3.30% -3.30%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 10.70 110.8562727 1186.16212 1000.00000
1 1999 10.79 110.8562727 1196.13918 1.41667 1006.99455
2 1999 10.60 110.8562727 1175.07649 1.42658 987.83591
3 1999 10.68 110.8562727 1183.94499 1.39943 993.89184
4 1999 10.71 110.8562727 1187.27068 1.40801 995.27566
5 1999 10.56 110.8562727 1170.64224 1.40997 979.92625
6 1999 10.49 110.8562727 1162.88230 1.38823 972.04230
7 1999 10.38 110.8562727 1150.68811 1.37706 960.47223
8 1999 10.37 110.8562727 1149.57955 1.36067 958.18625
9 1999 10.53 110.8562727 1167.31655 1.35743 971.61279
10 1999 10.59 110.8562727 1173.96793 1.37645 975.77260
11 1999 10.59 110.8562727 1173.96793 1.38234 974.39025
12 1999 10.05 116.0876800 1166.68118 1.38039 966.96189
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -1.64%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 966.96 966.96
TOTAL RETURN -3.30% -3.30%
Return for 3 Years
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
1 1999 10.79 110.8562727 1196.13918 1.62457 1154.77915
2 1999 10.60 110.8562727 1175.07649 1.63594 1132.80882
3 1999 10.68 110.8562727 1183.94499 1.60481 1139.75351
4 1999 10.71 110.8562727 1187.27068 1.61465 1141.34042
5 1999 10.56 110.8562727 1170.64224 1.61690 1123.73836
6 1999 10.49 110.8562727 1162.88230 1.59196 1114.69737
7 1999 10.38 110.8562727 1150.68811 1.57915 1101.42930
8 1999 10.37 110.8562727 1149.57955 1.56036 1098.80784
9 1999 10.53 110.8562727 1167.31655 1.55664 1114.20483
10 1999 10.59 110.8562727 1173.96793 1.57846 1118.97512
11 1999 10.59 110.8562727 1173.96793 1.58521 1117.38991
12 1999 10.05 116.0876800 1166.68118 1.58297 1108.87137
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 16.67%
GROSS ANNUAL RETURN = 5.27%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1108.87 1108.87
TOTAL RETURN 10.89% 10.89%
AVERAGE ANNUAL RETURN 3.50% 3.50%
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
1 1999 10.79 110.8562727 1196.13918 1.62457 1154.77915
2 1999 10.60 110.8562727 1175.07649 1.63594 1132.80882
3 1999 10.68 110.8562727 1183.94499 1.60481 1139.75351
4 1999 10.71 110.8562727 1187.27068 1.61465 1141.34042
5 1999 10.56 110.8562727 1170.64224 1.61690 1123.73836
6 1999 10.49 110.8562727 1162.88230 1.59196 1114.69737
7 1999 10.38 110.8562727 1150.68811 1.57915 1101.42930
8 1999 10.37 110.8562727 1149.57955 1.56036 1098.80784
9 1999 10.53 110.8562727 1167.31655 1.55664 1114.20483
10 1999 10.59 110.8562727 1173.96793 1.57846 1118.97512
11 1999 10.59 110.8562727 1173.96793 1.58521 1117.38991
12 1999 10.05 116.0876800 1166.68118 1.58297 1108.87137
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 16.67%
GROSS ANNUAL RETURN = 5.28%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1108.87 1108.87
TOTAL RETURN 10.89% 10.89%
AVERAGE ANNUAL RETURN 3.51% 3.51%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 10.53 100.0000000 1053.00000 1000.00000
9 1997 10.69 100.0000000 1069.00000 1.41667 1013.77802
10 1997 10.82 100.0000000 1082.00000 1.43619 1024.67028
11 1997 10.89 100.0000000 1089.00000 1.45162 1029.84777
12 1997 10.41 105.6003842 1099.30000 1.45895 1038.12934
1 1998 10.56 105.6003842 1115.14006 1.47068 1051.61730
2 1998 10.55 105.6003842 1114.08405 1.48979 1049.13166
3 1998 10.58 105.6003842 1117.25207 1.48627 1050.62870
4 1998 10.63 105.6003842 1122.53208 1.48839 1054.10547
5 1998 10.71 105.6003842 1130.98012 1.49332 1060.54522
6 1998 10.78 105.6003842 1138.37214 1.50244 1065.97445
7 1998 10.77 105.9788592 1141.39231 1.51013 1067.29241
8 1998 10.85 105.9788592 1149.87062 1.51200 1073.70831
9 1998 11.09 105.9788592 1175.30555 1.52109 1095.93745
10 1998 11.02 105.9788592 1167.88703 1.55258 1087.46732
11 1998 11.18 105.9788592 1184.84365 1.54058 1101.71574
12 1998 10.70 110.8562727 1186.16212 1.56076 1101.38095
1 1999 10.79 110.8562727 1196.13918 1.56029 1109.08461
2 1999 10.60 110.8562727 1175.07649 1.57120 1087.98365
3 1999 10.68 110.8562727 1183.94499 1.54131 1094.65354
4 1999 10.71 110.8562727 1187.27068 1.55076 1096.17765
5 1999 10.56 110.8562727 1170.64224 1.55292 1079.27210
6 1999 10.49 110.8562727 1162.88230 1.52897 1070.58887
7 1999 10.38 110.8562727 1150.68811 1.51667 1057.84581
8 1999 10.37 110.8562727 1149.57955 1.49861 1055.32808
9 1999 10.53 110.8562727 1167.31655 1.49505 1070.11582
10 1999 10.59 110.8562727 1173.96793 1.51600 1074.69735
11 1999 10.59 110.8562727 1173.96793 1.52249 1073.17486
12 1999 10.05 116.0876800 1166.68118 1.52033 1064.99340
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 10.80%
GROSS ANNUAL RETURN = 4.40%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1064.99 1064.99
TOTAL RETURN 6.50% 6.50%
AVERAGE ANNUAL RETURN 2.68% 2.68%
<PAGE>
Pioneer Capital Growth
12/1999
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
6/99 0.1339000000 16.47 0.905 112.221988
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 14.50 111.3169882 1614.09633 1000.00000
1 1999 14.49 111.3169882 1612.98316 1.41667 997.89368
2 1999 14.08 111.3169882 1567.34319 1.41368 968.24422
3 1999 14.83 111.3169882 1650.83093 1.37168 1018.44805
4 1999 15.82 111.3169882 1761.03475 1.44280 1084.99335
5 1999 16.10 111.3169882 1792.20351 1.53707 1102.65970
6 1999 16.77 112.2219879 1881.96274 1.56210 1156.32229
7 1999 16.38 112.2219879 1838.19616 1.63812 1127.79295
8 1999 15.67 112.2219879 1758.51855 1.59771 1077.31044
9 1999 14.96 112.2219879 1678.84094 1.52619 1026.97185
10 1999 15.12 112.2219879 1696.79646 1.45488 1036.50063
11 1999 15.69 112.2219879 1760.76299 1.46838 1074.10668
12 1999 16.26 112.2219879 1824.72952 1.52165 1111.60611
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 13.05%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1111.61 1111.61
TOTAL RETURN 11.16% 11.16%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 14.50 111.3169882 1614.09633 1000.00000
1 1999 14.49 111.3169882 1612.98316 1.41667 997.89368
2 1999 14.08 111.3169882 1567.34319 1.41368 968.24422
3 1999 14.83 111.3169882 1650.83093 1.37168 1018.44805
4 1999 15.82 111.3169882 1761.03475 1.44280 1084.99335
5 1999 16.10 111.3169882 1792.20351 1.53707 1102.65970
6 1999 16.77 112.2219879 1881.96274 1.56210 1156.32229
7 1999 16.38 112.2219879 1838.19616 1.63812 1127.79295
8 1999 15.67 112.2219879 1758.51855 1.59771 1077.31044
9 1999 14.96 112.2219879 1678.84094 1.52619 1026.97185
10 1999 15.12 112.2219879 1696.79646 1.45488 1036.50063
11 1999 15.69 112.2219879 1760.76299 1.46838 1074.10668
12 1999 16.26 112.2219879 1824.72952 1.52165 1111.60611
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 13.05%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1111.61 1111.61
TOTAL RETURN 11.16% 11.16%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 13.05 103.2778483 1347.77592 1000.00000
1 1997 13.77 103.2778483 1422.13597 1.41667 1053.75575
2 1997 13.92 103.2778483 1437.62765 1.49282 1063.74175
3 1997 13.82 103.2778483 1427.29986 1.50697 1054.59296
4 1997 13.60 103.2778483 1404.57874 1.49401 1036.31093
5 1997 14.71 103.2778483 1519.21715 1.46811 1119.42408
6 1997 14.94 104.0573942 1554.61747 1.58585 1143.92270
7 1997 15.81 104.0573942 1645.14740 1.62056 1208.91611
8 1997 16.14 104.0573942 1679.48634 1.71263 1232.43703
9 1997 16.88 104.0573942 1756.48881 1.74595 1287.19686
10 1997 15.98 104.0573942 1662.83716 1.82353 1216.74317
11 1997 16.03 104.0573942 1668.04003 1.72372 1218.82653
12 1997 16.15 104.0573942 1680.52692 1.72667 1226.22395
1 1998 15.98 104.0573942 1662.83716 1.73715 1211.57918
2 1998 17.01 104.0573942 1770.01628 1.71640 1287.95580
3 1998 17.93 104.0573942 1865.74908 1.82460 1355.79136
4 1998 18.20 104.0573942 1893.84457 1.92070 1374.28692
5 1998 17.86 104.0573942 1858.46506 1.94691 1346.66652
6 1998 16.38 111.3169882 1823.37227 1.90778 1319.33008
7 1998 15.50 111.3169882 1725.41332 1.86905 1246.58127
8 1998 12.85 111.3169882 1430.42330 1.76599 1031.69009
9 1998 12.95 111.3169882 1441.55500 1.46156 1038.25725
10 1998 13.79 111.3169882 1535.06127 1.47086 1104.13280
11 1998 13.97 111.3169882 1555.09833 1.56419 1116.98079
12 1998 14.50 111.3169882 1614.09633 1.58239 1157.77491
1 1999 14.49 111.3169882 1612.98316 1.64018 1155.33626
2 1999 14.08 111.3169882 1567.34319 1.63673 1121.00886
3 1999 14.83 111.3169882 1650.83093 1.58810 1179.13359
4 1999 15.82 111.3169882 1761.03475 1.67044 1256.17807
5 1999 16.10 111.3169882 1792.20351 1.77959 1276.63173
6 1999 16.77 112.2219879 1881.96274 1.80856 1338.76093
7 1999 16.38 112.2219879 1838.19616 1.89658 1305.73037
8 1999 15.67 112.2219879 1758.51855 1.84978 1247.28300
9 1999 14.96 112.2219879 1678.84094 1.76698 1189.00223
10 1999 15.12 112.2219879 1696.79646 1.68442 1200.03441
11 1999 15.69 112.2219879 1760.76299 1.70005 1243.57376
12 1999 16.26 112.2219879 1824.72952 1.76173 1286.98966
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 35.39%
GROSS ANNUAL RETURN = 10.63%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1286.99 1286.99
TOTAL RETURN 28.70% 28.70%
AVERAGE ANNUAL RETURN 8.77% 8.77%
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
1 1999 14.49 111.3169882 1612.98316 2.14358 1509.92617
2 1999 14.08 111.3169882 1567.34319 2.13906 1465.06318
3 1999 14.83 111.3169882 1650.83093 2.07551 1541.02726
4 1999 15.82 111.3169882 1761.03475 2.18312 1641.71784
5 1999 16.10 111.3169882 1792.20351 2.32577 1668.44902
6 1999 16.77 112.2219879 1881.96274 2.36364 1749.64660
7 1999 16.38 112.2219879 1838.19616 2.47867 1706.47848
8 1999 15.67 112.2219879 1758.51855 2.41751 1630.09273
9 1999 14.96 112.2219879 1678.84094 2.30930 1553.92473
10 1999 15.12 112.2219879 1696.79646 2.20139 1568.34285
11 1999 15.69 112.2219879 1760.76299 2.22182 1625.24507
12 1999 16.26 112.2219879 1824.72952 2.30243 1681.98596
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 82.47%
GROSS ANNUAL RETURN = 13.24%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1681.99 1681.99
TOTAL RETURN 68.20% 68.20%
AVERAGE ANNUAL RETURN 11.35% 11.35%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 16.14 104.0573942 1679.48634 1000.00000
9 1997 16.88 104.0573942 1756.48881 1.41667 1044.43216
10 1997 15.98 104.0573942 1662.83716 1.47961 987.26600
11 1997 16.03 104.0573942 1668.04003 1.39863 988.95644
12 1997 16.15 104.0573942 1680.52692 1.40102 994.95871
1 1998 15.98 104.0573942 1662.83716 1.40952 983.07593
2 1998 17.01 104.0573942 1770.01628 1.39269 1045.04796
3 1998 17.93 104.0573942 1865.74908 1.48048 1100.08976
4 1998 18.20 104.0573942 1893.84457 1.55846 1115.09707
5 1998 17.86 104.0573942 1858.46506 1.57972 1092.68587
6 1998 16.38 111.3169882 1823.37227 1.54797 1070.50506
7 1998 15.50 111.3169882 1725.41332 1.51655 1011.47664
8 1998 12.85 111.3169882 1430.42330 1.43293 837.11384
9 1998 12.95 111.3169882 1441.55500 1.18591 842.44243
10 1998 13.79 111.3169882 1535.06127 1.19346 895.89389
11 1998 13.97 111.3169882 1555.09833 1.26918 906.31875
12 1998 14.50 111.3169882 1614.09633 1.28395 939.41912
1 1999 14.49 111.3169882 1612.98316 1.33084 937.44040
2 1999 14.08 111.3169882 1567.34319 1.32804 909.58713
3 1999 14.83 111.3169882 1650.83093 1.28858 956.74957
4 1999 15.82 111.3169882 1761.03475 1.35540 1019.26350
5 1999 16.10 111.3169882 1792.20351 1.44396 1035.85960
6 1999 16.77 112.2219879 1881.96274 1.46747 1086.27126
7 1999 16.38 112.2219879 1838.19616 1.53888 1059.47026
8 1999 15.67 112.2219879 1758.51855 1.50092 1012.04603
9 1999 14.96 112.2219879 1678.84094 1.43373 964.75699
10 1999 15.12 112.2219879 1696.79646 1.36674 973.70850
11 1999 15.69 112.2219879 1760.76299 1.37942 1009.03635
12 1999 16.26 112.2219879 1824.72952 1.42947 1044.26403
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 8.65%
GROSS ANNUAL RETURN = 3.55%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1044.26 1044.26
TOTAL RETURN 4.43% 4.43%
AVERAGE ANNUAL RETURN 1.84% 1.84%
<PAGE>
Pioneer Real Estate
12/1999
Assume ($10000 @ $10.00 on 3/ 1/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
6/95 0.1500000000 10.57 1.419 101.419111
9/95 0.1700000000 11.15 1.546 102.965411
12/95 0.1252000000 11.23 1.148 104.113342
3/96 0.1500000000 11.39 1.371 105.484458
6/96 0.1600000000 11.51 1.466 106.950792
9/96 0.1400000000 12.52 1.196 108.146728
12/96 0.1987000000 14.46 1.486 109.632810
3/97 0.1300000000 14.61 0.976 110.608325
6/97 0.1200000000 14.88 0.892 111.500327
7/97 0.0270000000 15.70 0.192 111.692079
9/97 0.1200000000 16.59 0.808 112.499979
12/97 0.1703000000 16.29 1.176 113.676084
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
3/99 0.1600000000 11.88 1.609 121.045029
6/99 0.2739000000 13.28 2.497 123.541583
9/99 0.1700000000 11.89 1.766 125.307947
12/99 0.2016000000 11.39 2.218 127.525865
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 13.07 119.4364576 1561.03450 1000.00000
1 1999 12.69 119.4364576 1515.64865 1.41667 969.50912
2 1999 12.56 119.4364576 1500.12191 1.37347 958.20372
3 1999 12.06 121.0450295 1459.80306 1.35746 931.09257
4 1999 13.46 121.0450295 1629.26610 1.31905 1037.86056
5 1999 13.80 121.0450295 1670.42141 1.47030 1062.60664
6 1999 13.27 123.5415832 1639.39681 1.50536 1041.36558
7 1999 12.75 123.5415832 1575.15519 1.47527 999.08322
8 1999 12.65 123.5415832 1562.80103 1.41537 989.83190
9 1999 12.00 125.3079473 1503.69537 1.40226 950.99387
10 1999 11.65 125.3079473 1459.83759 1.34724 921.90930
11 1999 11.55 125.3079473 1447.30679 1.30604 912.68988
12 1999 11.73 127.5258650 1495.87840 1.29298 942.02677
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -4.17%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 942.03 942.03
TOTAL RETURN -5.80% -5.80%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 13.07 119.4364576 1561.03450 1000.00000
1 1999 12.69 119.4364576 1515.64865 1.41667 969.50912
2 1999 12.56 119.4364576 1500.12191 1.37347 958.20372
3 1999 12.06 121.0450295 1459.80306 1.35746 931.09257
4 1999 13.46 121.0450295 1629.26610 1.31905 1037.86056
5 1999 13.80 121.0450295 1670.42141 1.47030 1062.60664
6 1999 13.27 123.5415832 1639.39681 1.50536 1041.36558
7 1999 12.75 123.5415832 1575.15519 1.47527 999.08322
8 1999 12.65 123.5415832 1562.80103 1.41537 989.83190
9 1999 12.00 125.3079473 1503.69537 1.40226 950.99387
10 1999 11.65 125.3079473 1459.83759 1.34724 921.90930
11 1999 11.55 125.3079473 1447.30679 1.30604 912.68988
12 1999 11.73 127.5258650 1495.87840 1.29298 942.02677
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -4.17%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 942.03 942.03
TOTAL RETURN -5.80% -5.80%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 14.46 109.6328103 1585.29044 1000.00000
1 1997 14.68 109.6328103 1609.40966 1.41667 1013.79772
2 1997 14.68 109.6328103 1609.40966 1.43621 1012.36150
3 1997 14.61 110.6083247 1615.98762 1.43418 1015.06504
4 1997 13.98 110.6083247 1546.30438 1.43801 969.85626
5 1997 14.44 110.6083247 1597.18421 1.37396 1000.39459
6 1997 15.09 111.5003273 1682.53994 1.41723 1052.43984
7 1997 15.89 111.6920795 1774.78714 1.49096 1108.65012
8 1997 15.74 111.6920795 1758.03333 1.57059 1096.61398
9 1997 17.17 112.4999788 1931.62464 1.55354 1203.34204
10 1997 16.56 112.4999788 1862.99965 1.70473 1158.88608
11 1997 16.54 112.4999788 1860.74965 1.64176 1155.84470
12 1997 16.90 113.6760836 1921.12581 1.63745 1191.71121
1 1998 16.66 113.6760836 1893.84355 1.68826 1173.09924
2 1998 16.46 113.6760836 1871.10834 1.66189 1157.35452
3 1998 16.63 114.7404664 1908.13396 1.63959 1178.61675
4 1998 16.18 114.7404664 1856.50075 1.66971 1145.05423
5 1998 16.07 114.7404664 1843.87929 1.62216 1135.64740
6 1998 15.51 116.5661585 1807.94112 1.60883 1111.90420
7 1998 14.60 116.5661585 1701.86591 1.57520 1045.09155
8 1998 12.88 116.5661585 1501.37212 1.48055 920.49063
9 1998 13.27 117.9456396 1565.13864 1.30403 958.28183
10 1998 13.04 117.9456396 1538.01114 1.35757 940.31501
11 1998 13.10 117.9456396 1545.08788 1.33211 943.30950
12 1998 13.07 119.4364576 1561.03450 1.33636 951.70890
1 1999 12.69 119.4364576 1515.64865 1.34825 922.69045
2 1999 12.56 119.4364576 1500.12191 1.30714 911.93100
3 1999 12.06 121.0450295 1459.80306 1.29190 886.12909
4 1999 13.46 121.0450295 1629.26610 1.25535 987.74113
5 1999 13.80 121.0450295 1670.42141 1.39930 1011.29220
6 1999 13.27 123.5415832 1639.39681 1.43266 991.07689
7 1999 12.75 123.5415832 1575.15519 1.40403 950.83639
8 1999 12.65 123.5415832 1562.80103 1.34702 942.03183
9 1999 12.00 125.3079473 1503.69537 1.33455 905.06933
10 1999 11.65 125.3079473 1459.83759 1.28218 877.38929
11 1999 11.55 125.3079473 1447.30679 1.24297 868.61508
12 1999 11.73 127.5258650 1495.87840 1.23054 896.53526
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -5.64%
GROSS ANNUAL RETURN = -1.92%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 896.54 896.54
TOTAL RETURN -10.35% -10.35%
AVERAGE ANNUAL RETURN -3.58% -3.58%
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
1 1999 12.69 119.4364576 1515.64865 2.07306 1418.71732
2 1999 12.56 119.4364576 1500.12191 2.00985 1402.17372
3 1999 12.06 121.0450295 1459.80306 1.98641 1362.50101
4 1999 13.46 121.0450295 1629.26610 1.93021 1518.73842
5 1999 13.80 121.0450295 1670.42141 2.15155 1554.95025
6 1999 13.27 123.5415832 1639.39681 2.20285 1523.86744
7 1999 12.75 123.5415832 1575.15519 2.15881 1461.99415
8 1999 12.65 123.5415832 1562.80103 2.07116 1448.45637
9 1999 12.00 125.3079473 1503.69537 2.05198 1391.62329
10 1999 11.65 125.3079473 1459.83759 1.97147 1349.06281
11 1999 11.55 125.3079473 1447.30679 1.91117 1335.57170
12 1999 11.73 127.5258650 1495.87840 1.89206 1378.50141
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 49.59%
GROSS ANNUAL RETURN = 8.68%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1378.50 1378.50
TOTAL RETURN 37.85% 37.85%
AVERAGE ANNUAL RETURN 6.86% 6.86%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 15.74 111.6920795 1758.03333 1000.00000
9 1997 17.17 112.4999788 1931.62464 1.41667 1097.32509
10 1997 16.56 112.4999788 1862.99965 1.55454 1056.78579
11 1997 16.54 112.4999788 1860.74965 1.49711 1054.01237
12 1997 16.90 113.6760836 1921.12581 1.49318 1086.71896
1 1998 16.66 113.6760836 1893.84355 1.53952 1069.74674
2 1998 16.46 113.6760836 1871.10834 1.51547 1055.38917
3 1998 16.63 114.7404664 1908.13396 1.49513 1074.77815
4 1998 16.18 114.7404664 1856.50075 1.52260 1044.17256
5 1998 16.07 114.7404664 1843.87929 1.47924 1035.59449
6 1998 15.51 116.5661585 1807.94112 1.46709 1013.94311
7 1998 14.60 116.5661585 1701.86591 1.43642 953.01680
8 1998 12.88 116.5661585 1501.37212 1.35011 839.39348
9 1998 13.27 117.9456396 1565.13864 1.18914 873.85520
10 1998 13.04 117.9456396 1538.01114 1.23796 857.47129
11 1998 13.10 117.9456396 1545.08788 1.21475 860.20196
12 1998 13.07 119.4364576 1561.03450 1.21862 867.86136
1 1999 12.69 119.4364576 1515.64865 1.22947 841.39950
2 1999 12.56 119.4364576 1500.12191 1.19198 831.58798
3 1999 12.06 121.0450295 1459.80306 1.17808 808.05926
4 1999 13.46 121.0450295 1629.26610 1.14475 900.71907
5 1999 13.80 121.0450295 1670.42141 1.27602 922.19524
6 1999 13.27 123.5415832 1639.39681 1.30644 903.76094
7 1999 12.75 123.5415832 1575.15519 1.28033 867.06572
8 1999 12.65 123.5415832 1562.80103 1.22834 859.03686
9 1999 12.00 125.3079473 1503.69537 1.21697 825.33083
10 1999 11.65 125.3079473 1459.83759 1.16922 800.08946
11 1999 11.55 125.3079473 1447.30679 1.13346 792.08828
12 1999 11.73 127.5258650 1495.87840 1.12213 817.54863
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -14.91%
GROSS ANNUAL RETURN = -6.56%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 817.55 817.55
TOTAL RETURN -18.25% -18.25%
AVERAGE ANNUAL RETURN -8.11% -8.11%
<PAGE>
Scudder Global Discovery
12/1999
Assume ($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
4/99 0.1000000000 8.35 1.228 103.771573
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 8.01 102.5435074 821.37349 1000.00000
1 1999 8.41 102.5435074 862.39090 1.41667 1048.52091
2 1999 7.72 102.5435074 791.63588 1.48540 961.00942
3 1999 8.15 102.5435074 835.72959 1.36143 1013.17571
4 1999 8.33 103.7715733 864.41721 1.43533 1046.51909
5 1999 8.11 103.7715733 841.58746 1.48257 1017.39737
6 1999 8.75 103.7715733 908.00127 1.44131 1096.24388
7 1999 8.98 103.7715733 931.86873 1.55301 1123.50643
8 1999 9.14 103.7715733 948.47218 1.59163 1141.93272
9 1999 9.30 103.7715733 965.07563 1.61774 1160.30506
10 1999 9.72 103.7715733 1008.65969 1.64377 1211.06216
11 1999 11.29 103.7715733 1171.58106 1.71567 1404.96044
12 1999 13.11 103.7715733 1360.44533 1.99036 1629.45618
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 65.63%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1629.46 1629.46
TOTAL RETURN 62.95% 62.95%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 8.01 102.5435074 821.37349 1000.00000
1 1999 8.41 102.5435074 862.39090 1.41667 1048.52091
2 1999 7.72 102.5435074 791.63588 1.48540 961.00942
3 1999 8.15 102.5435074 835.72959 1.36143 1013.17571
4 1999 8.33 103.7715733 864.41721 1.43533 1046.51909
5 1999 8.11 103.7715733 841.58746 1.48257 1017.39737
6 1999 8.75 103.7715733 908.00127 1.44131 1096.24388
7 1999 8.98 103.7715733 931.86873 1.55301 1123.50643
8 1999 9.14 103.7715733 948.47218 1.59163 1141.93272
9 1999 9.30 103.7715733 965.07563 1.61774 1160.30506
10 1999 9.72 103.7715733 1008.65969 1.64377 1211.06216
11 1999 11.29 103.7715733 1171.58106 1.71567 1404.96044
12 1999 13.11 103.7715733 1360.44533 1.99036 1629.45618
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 65.63%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1629.46 1629.46
TOTAL RETURN 62.95% 62.95%
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
1 1999 8.41 102.5435074 862.39090 1.86408 1379.66749
2 1999 7.72 102.5435074 791.63588 1.95453 1264.51789
3 1999 8.15 102.5435074 835.72959 1.79140 1333.15948
4 1999 8.33 103.7715733 864.41721 1.88864 1377.03345
5 1999 8.11 103.7715733 841.58746 1.95080 1338.71442
6 1999 8.75 103.7715733 908.00127 1.89651 1442.46245
7 1999 8.98 103.7715733 931.86873 2.04349 1478.33512
8 1999 9.14 103.7715733 948.47218 2.09431 1502.58086
9 1999 9.30 103.7715733 965.07563 2.12866 1526.75559
10 1999 9.72 103.7715733 1008.65969 2.16290 1593.54294
11 1999 11.29 103.7715733 1171.58106 2.25752 1848.67867
12 1999 13.11 103.7715733 1360.44533 2.61896 2144.07523
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 124.13%
GROSS ANNUAL RETURN = 35.36%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2144.08 2144.08
TOTAL RETURN 114.41% 114.41%
AVERAGE ANNUAL RETURN 33.12% 33.12%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 6.98 100.0000000 698.00000 1000.00000
9 1997 7.31 100.0000000 731.00000 1.41667 1045.86127
10 1997 6.98 100.0000000 698.00000 1.48164 997.16565
11 1997 6.89 100.0000000 689.00000 1.41265 982.89556
12 1997 7.07 100.0000000 707.00000 1.39244 1007.18110
1 1998 7.08 100.0000000 708.00000 1.42684 1007.17884
2 1998 7.60 102.5435074 779.33066 1.42684 1107.22478
3 1998 8.09 102.5435074 829.57697 1.56857 1177.04307
4 1998 8.22 102.5435074 842.90763 1.66748 1194.28976
5 1998 7.93 102.5435074 813.17001 1.69191 1150.46354
6 1998 8.04 102.5435074 824.44980 1.62982 1164.79223
7 1998 8.04 102.5435074 824.44980 1.65012 1163.14211
8 1998 6.54 102.5435074 670.63454 1.64778 944.49020
9 1998 6.65 102.5435074 681.91432 1.33803 959.03809
10 1998 6.85 102.5435074 702.42303 1.35864 986.52270
11 1998 7.38 102.5435074 756.77108 1.39757 1061.45462
12 1998 8.01 102.5435074 821.37349 1.50373 1150.56288
1 1999 8.41 102.5435074 862.39090 1.62996 1206.38924
2 1999 7.72 102.5435074 791.63588 1.70905 1105.70176
3 1999 8.15 102.5435074 835.72959 1.56641 1165.72236
4 1999 8.33 103.7715733 864.41721 1.65144 1204.08602
5 1999 8.11 103.7715733 841.58746 1.70579 1170.57964
6 1999 8.75 103.7715733 908.00127 1.65832 1261.29752
7 1999 8.98 103.7715733 931.86873 1.78684 1292.66479
8 1999 9.14 103.7715733 948.47218 1.83128 1313.86540
9 1999 9.30 103.7715733 965.07563 1.86131 1335.00392
10 1999 9.72 103.7715733 1008.65969 1.89126 1393.40317
11 1999 11.29 103.7715733 1171.58106 1.97399 1616.49533
12 1999 13.11 103.7715733 1360.44533 2.29003 1874.79179
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 94.91%
GROSS ANNUAL RETURN = 32.35%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1874.79 1874.79
TOTAL RETURN 87.48% 87.48%
AVERAGE ANNUAL RETURN 30.21% 30.21%
<PAGE>
Scudder Growth & Income
12/1999
Assume ($10000 @ $10.00 on 5/ 1/1997)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
4/97 0.0650000000 9.22 0.705 100.704989
7/97 0.0650000000 10.97 0.597 101.301691
10/97 0.0600000000 11.06 0.550 101.851249
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
1/99 0.0600000000 10.75 0.620 111.778619
4/99 0.8950000000 11.37 8.799 120.577375
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 11.21 111.1582009 1246.08343 1000.00000
1 1999 10.94 111.7786187 1222.85809 1.41667 979.94466
2 1999 10.92 111.7786187 1220.62252 1.38825 976.76492
3 1999 11.16 111.7786187 1247.44938 1.38375 996.84853
4 1999 11.36 120.5773754 1369.75898 1.41220 1093.17507
5 1999 11.11 120.5773754 1339.61464 1.54866 1067.56886
6 1999 11.56 120.5773754 1393.87446 1.51239 1109.29733
7 1999 11.12 120.5773754 1340.82041 1.57150 1065.50344
8 1999 10.69 120.5773754 1288.97214 1.50946 1022.79195
9 1999 10.30 120.5773754 1241.94697 1.44896 984.02879
10 1999 10.67 120.5773754 1286.56060 1.39404 1017.98336
11 1999 10.63 120.5773754 1281.73750 1.44214 1012.72497
12 1999 10.93 120.5773754 1317.91071 1.43469 1039.87142
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 5.76%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1039.87 1039.87
TOTAL RETURN 3.99% 3.99%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 11.21 111.1582009 1246.08343 1000.00000
1 1999 10.94 111.7786187 1222.85809 1.41667 979.94466
2 1999 10.92 111.7786187 1220.62252 1.38825 976.76492
3 1999 11.16 111.7786187 1247.44938 1.38375 996.84853
4 1999 11.36 120.5773754 1369.75898 1.41220 1093.17507
5 1999 11.11 120.5773754 1339.61464 1.54866 1067.56886
6 1999 11.56 120.5773754 1393.87446 1.51239 1109.29733
7 1999 11.12 120.5773754 1340.82041 1.57150 1065.50344
8 1999 10.69 120.5773754 1288.97214 1.50946 1022.79195
9 1999 10.30 120.5773754 1241.94697 1.44896 984.02879
10 1999 10.67 120.5773754 1286.56060 1.39404 1017.98336
11 1999 10.63 120.5773754 1281.73750 1.44214 1012.72497
12 1999 10.93 120.5773754 1317.91071 1.43469 1039.87142
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 5.76%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1039.87 1039.87
TOTAL RETURN 3.99% 3.99%
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
1 1999 10.94 111.7786187 1222.85809 1.80181 1246.35681
2 1999 10.92 111.7786187 1220.62252 1.76567 1242.31261
3 1999 11.16 111.7786187 1247.44938 1.75994 1267.85624
4 1999 11.36 120.5773754 1369.75898 1.79613 1390.37055
5 1999 11.11 120.5773754 1339.61464 1.96969 1357.80292
6 1999 11.56 120.5773754 1393.87446 1.92355 1410.87588
7 1999 11.12 120.5773754 1340.82041 1.99874 1355.17598
8 1999 10.69 120.5773754 1288.97214 1.91983 1300.85276
9 1999 10.30 120.5773754 1241.94697 1.84287 1251.55128
10 1999 10.67 120.5773754 1286.56060 1.77303 1294.73688
11 1999 10.63 120.5773754 1281.73750 1.83421 1288.04893
12 1999 10.93 120.5773754 1317.91071 1.82474 1322.57552
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 38.34%
GROSS ANNUAL RETURN = 12.93%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1322.58 1322.58
TOTAL RETURN 32.26% 32.26%
AVERAGE ANNUAL RETURN 11.05% 11.05%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 10.76 101.3016915 1090.00620 1000.00000
9 1997 11.43 101.3016915 1157.87833 1.41667 1060.85099
10 1997 11.01 101.8512486 1121.38225 1.50287 1025.91031
11 1997 11.33 101.8512486 1153.97465 1.45337 1054.27450
12 1997 11.47 101.8512486 1168.23382 1.49356 1065.80817
1 1998 11.43 102.3417756 1169.76649 1.50989 1065.69657
2 1998 11.42 109.4651238 1250.09171 1.50974 1137.36580
3 1998 12.03 109.4651238 1316.86544 1.61127 1196.50700
4 1998 11.86 109.9832462 1304.40130 1.69505 1183.48700
5 1998 11.65 109.9832462 1281.30482 1.67661 1160.85489
6 1998 11.67 109.9832462 1283.50448 1.64454 1161.20323
7 1998 11.16 110.5745540 1234.01202 1.64504 1114.78172
8 1998 9.75 110.5745540 1078.10190 1.57927 972.35637
9 1998 10.14 110.5745540 1121.22598 1.37750 1009.87312
10 1998 10.70 111.1582009 1189.39275 1.43065 1069.83935
11 1998 11.14 111.1582009 1238.30236 1.51561 1112.31714
12 1998 11.21 111.1582009 1246.08343 1.57578 1117.73079
1 1999 10.94 111.7786187 1222.85809 1.58345 1095.31431
2 1999 10.92 111.7786187 1220.62252 1.55170 1091.76022
3 1999 11.16 111.7786187 1247.44938 1.54666 1114.20829
4 1999 11.36 120.5773754 1369.75898 1.57846 1221.87544
5 1999 11.11 120.5773754 1339.61464 1.73099 1193.25458
6 1999 11.56 120.5773754 1393.87446 1.69044 1239.89578
7 1999 11.12 120.5773754 1340.82041 1.75652 1190.94600
8 1999 10.69 120.5773754 1288.97214 1.68717 1143.20606
9 1999 10.30 120.5773754 1241.94697 1.61954 1099.87928
10 1999 10.67 120.5773754 1286.56060 1.55816 1137.83134
11 1999 10.63 120.5773754 1281.73750 1.61193 1131.95388
12 1999 10.93 120.5773754 1317.91071 1.60360 1162.29629
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 20.91%
GROSS ANNUAL RETURN = 8.30%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1162.30 1162.30
TOTAL RETURN 16.23% 16.23%
AVERAGE ANNUAL RETURN 6.52% 6.52%
<PAGE>
Scudder International
12/1999
Assume ($10000 @ $10.00 on 5/ 1/1987)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/87 0.1020000000 5.26 1.939 101.939163
1/90 0.0350000000 8.34 0.428 102.366966
2/91 0.2000000000 8.44 2.426 104.792723
2/92 0.0900000000 8.23 1.146 105.938695
2/93 0.2550000000 8.12 3.327 109.265587
2/94 0.0700000000 11.01 0.695 109.960282
2/95 0.0500000000 10.18 0.540 110.500362
2/96 0.2750000000 11.89 2.556 113.056090
4/96 0.0100000000 12.52 0.090 113.146390
2/97 0.3200000000 13.23 2.737 115.883113
2/98 1.9700000000 13.29 17.178 133.060670
4/99 1.5100000000 14.24 14.110 147.170334
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 14.56 133.0606699 1937.36335 1000.00000
1 1999 14.90 133.0606699 1982.60398 1.41667 1021.93498
2 1999 14.29 133.0606699 1901.43697 1.44774 978.64963
3 1999 14.90 133.0606699 1982.60398 1.38642 1019.03902
4 1999 14.26 147.1703336 2098.64896 1.44364 1077.24136
5 1999 13.51 147.1703336 1988.27121 1.52609 1019.05812
6 1999 14.48 147.1703336 2131.02643 1.44367 1090.78147
7 1999 15.07 147.1703336 2217.85693 1.54527 1133.68102
8 1999 15.43 147.1703336 2270.83825 1.60605 1159.15693
9 1999 15.76 147.1703336 2319.40446 1.64214 1182.30558
10 1999 16.40 147.1703336 2413.59347 1.67493 1228.64305
11 1999 17.75 147.1703336 2612.27342 1.74058 1328.04077
12 1999 20.34 147.1703336 2993.44459 1.88139 1519.94111
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 54.51%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1519.94 1519.94
TOTAL RETURN 51.99% 51.99%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 14.56 133.0606699 1937.36335 1000.00000
1 1999 14.90 133.0606699 1982.60398 1.41667 1021.93498
2 1999 14.29 133.0606699 1901.43697 1.44774 978.64963
3 1999 14.90 133.0606699 1982.60398 1.38642 1019.03902
4 1999 14.26 147.1703336 2098.64896 1.44364 1077.24136
5 1999 13.51 147.1703336 1988.27121 1.52609 1019.05812
6 1999 14.48 147.1703336 2131.02643 1.44367 1090.78147
7 1999 15.07 147.1703336 2217.85693 1.54527 1133.68102
8 1999 15.43 147.1703336 2270.83825 1.60605 1159.15693
9 1999 15.76 147.1703336 2319.40446 1.64214 1182.30558
10 1999 16.40 147.1703336 2413.59347 1.67493 1228.64305
11 1999 17.75 147.1703336 2612.27342 1.74058 1328.04077
12 1999 20.34 147.1703336 2993.44459 1.88139 1519.94111
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 54.51%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1519.94 1519.94
TOTAL RETURN 51.99% 51.99%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 13.25 113.1463899 1499.18967 1000.00000
1 1997 13.25 113.1463899 1499.18967 1.41667 998.58333
2 1997 13.15 115.8831129 1523.86293 1.41466 1013.60309
3 1997 13.21 115.8831129 1530.81592 1.43594 1016.79196
4 1997 13.28 115.8831129 1538.92774 1.44046 1020.73950
5 1997 14.04 115.8831129 1626.99891 1.44605 1077.70927
6 1997 14.76 115.8831129 1710.43475 1.52675 1131.44966
7 1997 15.33 115.8831129 1776.48812 1.60289 1173.54097
8 1997 14.01 115.8831129 1623.52241 1.66252 1070.82991
9 1997 14.96 115.8831129 1733.61137 1.51701 1141.92450
10 1997 13.93 115.8831129 1614.25176 1.61773 1061.68496
11 1997 13.98 115.8831129 1620.04592 1.50405 1063.99170
12 1997 14.11 115.8831129 1635.11072 1.50732 1072.37843
1 1998 14.47 115.8831129 1676.82864 1.51920 1098.21970
2 1998 13.44 133.0606699 1788.33540 1.55581 1169.69396
3 1998 14.00 133.0606699 1862.84938 1.65707 1216.77414
4 1998 14.32 133.0606699 1905.42879 1.72376 1242.86236
5 1998 14.68 133.0606699 1953.33063 1.76072 1272.34678
6 1998 14.83 133.0606699 1973.28973 1.80249 1283.54511
7 1998 15.05 133.0606699 2002.56308 1.81836 1300.76788
8 1998 13.04 133.0606699 1735.11114 1.84275 1125.20131
9 1998 12.64 133.0606699 1681.88687 1.59404 1089.09190
10 1998 13.55 133.0606699 1802.97208 1.54288 1165.95674
11 1998 14.02 133.0606699 1865.51059 1.65177 1204.74775
12 1998 14.56 133.0606699 1937.36335 1.70673 1249.44358
1 1999 14.90 133.0606699 1982.60398 1.77004 1276.85010
2 1999 14.29 133.0606699 1901.43697 1.80887 1222.76750
3 1999 14.90 133.0606699 1982.60398 1.73225 1273.23176
4 1999 14.26 147.1703336 2098.64896 1.80374 1345.95230
5 1999 13.51 147.1703336 1988.27121 1.90677 1273.25562
6 1999 14.48 147.1703336 2131.02643 1.80378 1362.86989
7 1999 15.07 147.1703336 2217.85693 1.93073 1416.47046
8 1999 15.43 147.1703336 2270.83825 2.00667 1448.30118
9 1999 15.76 147.1703336 2319.40446 2.05176 1477.22411
10 1999 16.40 147.1703336 2413.59347 2.09273 1535.12017
11 1999 17.75 147.1703336 2612.27342 2.17475 1659.31201
12 1999 20.34 147.1703336 2993.44459 2.35069 1899.08065
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 99.67%
GROSS ANNUAL RETURN = 25.92%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1899.08 1899.08
TOTAL RETURN 89.91% 89.91%
AVERAGE ANNUAL RETURN 23.84% 23.84%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 10.69 109.9602821 1175.47542 1000.00000
1 1995 10.18 109.9602821 1119.39567 1.41667 950.87519
2 1995 10.14 110.5003621 1120.47367 1.34707 950.44383
3 1995 10.39 110.5003621 1148.09876 1.34646 972.53040
4 1995 10.93 110.5003621 1207.76896 1.37775 1021.69803
5 1995 10.94 110.5003621 1208.87396 1.44741 1021.18538
6 1995 11.09 110.5003621 1225.44902 1.44668 1033.74033
7 1995 11.75 110.5003621 1298.37925 1.46447 1093.79693
8 1995 11.53 110.5003621 1274.06917 1.54955 1071.76779
9 1995 11.82 110.5003621 1306.11428 1.51834 1097.20631
10 1995 11.55 110.5003621 1276.27918 1.55438 1070.58885
11 1995 11.66 110.5003621 1288.43422 1.51667 1079.26827
12 1995 11.82 110.5003621 1306.11428 1.52896 1092.54916
1 1996 12.04 110.5003621 1330.42436 1.54778 1111.33648
2 1996 11.84 113.0560895 1338.58410 1.57439 1116.57812
3 1996 12.09 113.0560895 1366.84812 1.58182 1138.57269
4 1996 12.48 113.1463899 1412.06695 1.61298 1174.62661
5 1996 12.48 113.1463899 1412.06695 1.66405 1172.96255
6 1996 12.61 113.1463899 1426.77598 1.66170 1183.51921
7 1996 12.14 113.1463899 1373.59717 1.67665 1137.73043
8 1996 12.33 113.1463899 1395.09499 1.61178 1153.92497
9 1996 12.61 113.1463899 1426.77598 1.63473 1178.49454
10 1996 12.55 113.1463899 1419.98719 1.66953 1171.21758
11 1996 13.11 113.1463899 1483.34917 1.65922 1221.81985
12 1996 13.25 113.1463899 1499.18967 1.73091 1233.13660
1 1997 13.25 113.1463899 1499.18967 1.74694 1231.38965
2 1997 13.15 115.8831129 1523.86293 1.74447 1249.91107
3 1997 13.21 115.8831129 1530.81592 1.77071 1253.84338
4 1997 13.28 115.8831129 1538.92774 1.77628 1258.71124
5 1997 14.04 115.8831129 1626.99891 1.78317 1328.96274
6 1997 14.76 115.8831129 1710.43475 1.88270 1395.23198
7 1997 15.33 115.8831129 1776.48812 1.97658 1447.13631
8 1997 14.01 115.8831129 1623.52241 2.05011 1320.47955
9 1997 14.96 115.8831129 1733.61137 1.87068 1408.14889
10 1997 13.93 115.8831129 1614.25176 1.99488 1309.20258
11 1997 13.98 115.8831129 1620.04592 1.85470 1312.04710
12 1997 14.11 115.8831129 1635.11072 1.85873 1322.38909
1 1998 14.47 115.8831129 1676.82864 1.87338 1354.25490
2 1998 13.44 133.0606699 1788.33540 1.91853 1442.39243
3 1998 14.00 133.0606699 1862.84938 2.04339 1500.44873
4 1998 14.32 133.0606699 1905.42879 2.12564 1532.61906
5 1998 14.68 133.0606699 1953.33063 2.17121 1568.97738
6 1998 14.83 133.0606699 1973.28973 2.22272 1582.78645
7 1998 15.05 133.0606699 2002.56308 2.24228 1604.02448
8 1998 13.04 133.0606699 1735.11114 2.27237 1387.52692
9 1998 12.64 133.0606699 1681.88687 1.96566 1342.99908
10 1998 13.55 133.0606699 1802.97208 1.90258 1437.78393
11 1998 14.02 133.0606699 1865.51059 2.03686 1485.61854
12 1998 14.56 133.0606699 1937.36335 2.10463 1540.73460
1 1999 14.90 133.0606699 1982.60398 2.18271 1574.53058
2 1999 14.29 133.0606699 1901.43697 2.23058 1507.83935
3 1999 14.90 133.0606699 1982.60398 2.13611 1570.06868
4 1999 14.26 147.1703336 2098.64896 2.22426 1659.74304
5 1999 13.51 147.1703336 1988.27121 2.35130 1570.09810
6 1999 14.48 147.1703336 2131.02643 2.22431 1680.60474
7 1999 15.07 147.1703336 2217.85693 2.38086 1746.70157
8 1999 15.43 147.1703336 2270.83825 2.47449 1785.95319
9 1999 15.76 147.1703336 2319.40446 2.53010 1821.61911
10 1999 16.40 147.1703336 2413.59347 2.58063 1893.01286
11 1999 17.75 147.1703336 2612.27342 2.68177 2046.15837
12 1999 20.34 147.1703336 2993.44459 2.89872 2341.82585
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 154.66%
GROSS ANNUAL RETURN = 20.56%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2341.83 2341.83
TOTAL RETURN 134.18% 134.18%
AVERAGE ANNUAL RETURN 18.55% 18.55%
Return for 10 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1989 8.46 101.9391635 862.40532 1000.00000
1 1990 8.43 102.3669657 862.95352 1.41667 999.21900
2 1990 8.32 102.3669657 851.69315 1.41556 984.76499
3 1990 8.53 102.3669657 873.19022 1.39508 1008.22575
4 1990 8.43 102.3669657 862.95352 1.42832 994.97767
5 1990 8.87 102.3669657 907.99499 1.40955 1045.50052
6 1990 9.02 102.3669657 923.35003 1.48113 1061.69979
7 1990 9.27 102.3669657 948.94177 1.50407 1089.62199
8 1990 8.40 102.3669657 859.88251 1.54363 985.81610
9 1990 7.46 102.3669657 763.65756 1.39657 874.10201
10 1990 8.03 102.3669657 822.00673 1.23831 939.65165
11 1990 7.82 102.3669657 800.50967 1.33117 913.74678
12 1990 7.78 102.3669657 796.41499 1.29447 907.77840
1 1991 7.99 102.3669657 817.91206 1.28602 930.99540
2 1991 8.45 104.7927232 885.49851 1.31891 1006.60735
3 1991 8.23 104.7927232 862.44411 1.42603 978.97380
4 1991 8.25 104.7927232 864.53997 1.38688 979.96595
5 1991 8.44 104.7927232 884.45058 1.38829 1001.14658
6 1991 7.92 104.7927232 829.95837 1.41829 938.04627
7 1991 8.23 104.7927232 862.44411 1.32890 973.43383
8 1991 8.08 104.7927232 846.72520 1.37903 954.31299
9 1991 8.41 104.7927232 881.30680 1.35194 991.93671
10 1991 8.26 104.7927232 865.58789 1.40524 972.83937
11 1991 8.05 104.7927232 843.58142 1.37819 946.72797
12 1991 8.47 104.7927232 887.59437 1.34120 994.78128
1 1992 8.54 104.7927232 894.92986 1.40927 1001.59334
2 1992 8.38 105.9386947 887.76626 1.41892 992.15702
3 1992 8.04 105.9386947 851.74711 1.40556 950.49688
4 1992 8.15 105.9386947 863.61224 1.34654 962.39110
5 1992 8.55 105.9386947 905.77584 1.36339 1008.01393
6 1992 8.53 105.9386947 903.65707 1.42802 1004.22798
7 1992 8.26 105.9386947 875.05362 1.42266 971.01851
8 1992 8.53 105.9386947 903.65707 1.37561 1001.38321
9 1992 8.40 105.9386947 889.88504 1.41863 984.70318
10 1992 8.13 105.9386947 861.28159 1.39500 951.65701
11 1992 8.10 105.9386947 858.10343 1.34818 946.79718
12 1992 8.12 105.9386947 860.22220 1.34130 947.79365
1 1993 8.14 105.9386947 862.34097 1.34271 948.78541
2 1993 8.15 109.2655872 890.51454 1.34411 978.43909
3 1993 8.62 109.2655872 941.86936 1.38612 1033.47829
4 1993 9.00 109.2655872 983.39028 1.46409 1077.57356
5 1993 9.17 109.2655872 1001.96543 1.52656 1096.40117
6 1993 9.02 109.2655872 985.57560 1.55323 1076.91334
7 1993 9.24 109.2655872 1009.61403 1.52563 1101.65389
8 1993 9.86 109.2655872 1077.35869 1.56068 1174.01372
9 1993 10.03 109.2655872 1095.93384 1.66319 1192.59215
10 1993 10.34 109.2655872 1129.80617 1.68951 1227.76242
11 1993 9.93 109.2655872 1085.00728 1.73933 1177.34005
12 1993 10.85 109.2655872 1185.53162 1.66790 1284.75099
1 1994 11.31 109.2655872 1235.79379 1.82006 1337.39963
2 1994 11.08 109.9602821 1218.35993 1.89465 1316.63772
3 1994 10.72 109.9602821 1178.77422 1.86524 1271.99364
4 1994 10.95 109.9602821 1204.06509 1.80199 1297.48256
5 1994 10.86 109.9602821 1194.16866 1.83810 1284.98022
6 1994 10.86 109.9602821 1194.16866 1.82039 1283.15983
7 1994 11.12 109.9602821 1222.75834 1.81781 1312.06224
8 1994 11.42 109.9602821 1255.74642 1.85875 1345.60085
9 1994 11.12 109.9602821 1222.75834 1.90627 1308.34604
10 1994 11.37 109.9602821 1250.24841 1.85349 1335.90681
11 1994 10.76 109.9602821 1183.17264 1.89253 1262.34293
12 1994 10.69 109.9602821 1175.47542 1.78832 1252.34235
1 1995 10.18 109.9602821 1119.39567 1.77415 1190.82127
2 1995 10.14 110.5003621 1120.47367 1.68700 1190.28106
3 1995 10.39 110.5003621 1148.09876 1.68623 1217.94101
4 1995 10.93 110.5003621 1207.76896 1.72542 1279.51570
5 1995 10.94 110.5003621 1208.87396 1.81265 1278.87370
6 1995 11.09 110.5003621 1225.44902 1.81174 1294.59679
7 1995 11.75 110.5003621 1298.37925 1.83401 1369.80822
8 1995 11.53 110.5003621 1274.06917 1.94056 1342.22018
9 1995 11.82 110.5003621 1306.11428 1.90148 1374.07793
10 1995 11.55 110.5003621 1276.27918 1.94661 1340.74375
11 1995 11.66 110.5003621 1288.43422 1.89939 1351.61335
12 1995 11.82 110.5003621 1306.11428 1.91479 1368.24558
1 1996 12.04 110.5003621 1330.42436 1.93835 1391.77373
2 1996 11.84 113.0560895 1338.58410 1.97168 1398.33806
3 1996 12.09 113.0560895 1366.84812 1.98098 1425.88280
4 1996 12.48 113.1463899 1412.06695 2.02000 1471.03464
5 1996 12.48 113.1463899 1412.06695 2.08397 1468.95067
6 1996 12.61 113.1463899 1426.77598 2.08101 1482.17123
7 1996 12.14 113.1463899 1373.59717 2.09974 1424.82799
8 1996 12.33 113.1463899 1395.09499 2.01851 1445.10910
9 1996 12.61 113.1463899 1426.77598 2.04724 1475.87861
10 1996 12.55 113.1463899 1419.98719 2.09083 1466.76537
11 1996 13.11 113.1463899 1483.34917 2.07792 1530.13674
12 1996 13.25 113.1463899 1499.18967 2.16769 1544.30918
1 1997 13.25 113.1463899 1499.18967 2.18777 1542.12141
2 1997 13.15 115.8831129 1523.86293 2.18467 1565.31656
3 1997 13.21 115.8831129 1530.81592 2.21753 1570.24116
4 1997 13.28 115.8831129 1538.92774 2.22451 1576.33738
5 1997 14.04 115.8831129 1626.99891 2.23314 1664.31632
6 1997 14.76 115.8831129 1710.43475 2.35778 1747.30809
7 1997 15.33 115.8831129 1776.48812 2.47535 1812.31008
8 1997 14.01 115.8831129 1623.52241 2.56744 1653.69246
9 1997 14.96 115.8831129 1733.61137 2.34273 1763.48448
10 1997 13.93 115.8831129 1614.25176 2.49827 1639.56983
11 1997 13.98 115.8831129 1620.04592 2.32272 1643.13214
12 1997 14.11 115.8831129 1635.11072 2.32777 1656.08385
1 1998 14.47 115.8831129 1676.82864 2.34612 1695.99076
2 1998 13.44 133.0606699 1788.33540 2.40265 1806.36912
3 1998 14.00 133.0606699 1862.84938 2.55902 1879.07548
4 1998 14.32 133.0606699 1905.42879 2.66202 1919.36375
5 1998 14.68 133.0606699 1953.33063 2.71910 1964.89681
6 1998 14.83 133.0606699 1973.28973 2.78360 1982.19049
7 1998 15.05 133.0606699 2002.56308 2.80810 2008.78778
8 1998 13.04 133.0606699 1735.11114 2.84578 1737.65871
9 1998 12.64 133.0606699 1681.88687 2.46168 1681.89461
10 1998 13.55 133.0606699 1802.97208 2.38268 1800.59770
11 1998 14.02 133.0606699 1865.51059 2.55085 1860.50301
12 1998 14.56 133.0606699 1937.36335 2.63571 1929.52718
1 1999 14.90 133.0606699 1982.60398 2.73350 1971.85133
2 1999 14.29 133.0606699 1901.43697 2.79346 1888.33107
3 1999 14.90 133.0606699 1982.60398 2.67514 1966.26349
4 1999 14.26 147.1703336 2098.64896 2.78554 2078.56649
5 1999 13.51 147.1703336 1988.27121 2.94464 1966.30034
6 1999 14.48 147.1703336 2131.02643 2.78559 2104.69249
7 1999 15.07 147.1703336 2217.85693 2.98165 2187.46834
8 1999 15.43 147.1703336 2270.83825 3.09891 2236.62481
9 1999 15.76 147.1703336 2319.40446 3.16855 2281.29075
10 1999 16.40 147.1703336 2413.59347 3.23183 2370.70017
11 1999 17.75 147.1703336 2612.27342 3.35849 2562.49077
12 1999 20.34 147.1703336 2993.44459 3.63020 2932.76768
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 247.10%
GROSS ANNUAL RETURN = 13.25%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2932.77 2932.77
TOTAL RETURN 193.28% 193.28%
AVERAGE ANNUAL RETURN 11.36% 11.36%
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
1 1999 14.90 133.0606699 1982.60398 3.75621 2709.60373
2 1999 14.29 133.0606699 1901.43697 3.83861 2594.83504
3 1999 14.90 133.0606699 1982.60398 3.67602 2701.92525
4 1999 14.26 147.1703336 2098.64896 3.82773 2856.24552
5 1999 13.51 147.1703336 1988.27121 4.04635 2701.97588
6 1999 14.48 147.1703336 2131.02643 3.82780 2892.14635
7 1999 15.07 147.1703336 2217.85693 4.09721 3005.89212
8 1999 15.43 147.1703336 2270.83825 4.25835 3073.44009
9 1999 15.76 147.1703336 2319.40446 4.35404 3134.81743
10 1999 16.40 147.1703336 2413.59347 4.44099 3257.67867
11 1999 17.75 147.1703336 2612.27342 4.61504 3521.22620
12 1999 20.34 147.1703336 2993.44459 4.98840 4030.03925
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 398.91%
GROSS ANNUAL RETURN = 13.53%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 4030.04 4030.04
TOTAL RETURN 303.00% 303.00%
AVERAGE ANNUAL RETURN 11.63% 11.63%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 14.01 115.8831129 1623.52241 1000.00000
9 1997 14.96 115.8831129 1733.61137 1.41667 1066.39204
10 1997 13.93 115.8831129 1614.25176 1.51072 991.45994
11 1997 13.98 115.8831129 1620.04592 1.40457 993.61410
12 1997 14.11 115.8831129 1635.11072 1.40762 1001.44609
1 1998 14.47 115.8831129 1676.82864 1.41872 1025.57809
2 1998 13.44 133.0606699 1788.33540 1.45290 1092.32470
3 1998 14.00 133.0606699 1862.84938 1.54746 1136.29077
4 1998 14.32 133.0606699 1905.42879 1.60975 1160.65338
5 1998 14.68 133.0606699 1953.33063 1.64426 1188.18756
6 1998 14.83 133.0606699 1973.28973 1.68327 1198.64518
7 1998 15.05 133.0606699 2002.56308 1.69808 1214.72875
8 1998 13.04 133.0606699 1735.11114 1.72087 1050.77501
9 1998 12.64 133.0606699 1681.88687 1.48860 1017.05405
10 1998 13.55 133.0606699 1802.97208 1.44083 1088.83468
11 1998 14.02 133.0606699 1865.51059 1.54252 1125.05986
12 1998 14.56 133.0606699 1937.36335 1.59383 1166.79929
1 1999 14.90 133.0606699 1982.60398 1.65297 1192.39301
2 1999 14.29 133.0606699 1901.43697 1.68922 1141.88769
3 1999 14.90 133.0606699 1982.60398 1.61767 1189.01400
4 1999 14.26 147.1703336 2098.64896 1.68444 1256.92445
5 1999 13.51 147.1703336 1988.27121 1.78064 1189.03628
6 1999 14.48 147.1703336 2131.02643 1.68447 1272.72303
7 1999 15.07 147.1703336 2217.85693 1.80302 1322.77820
8 1999 15.43 147.1703336 2270.83825 1.87394 1352.50348
9 1999 15.76 147.1703336 2319.40446 1.91605 1379.51330
10 1999 16.40 147.1703336 2413.59347 1.95431 1433.57983
11 1999 17.75 147.1703336 2612.27342 2.03090 1549.55703
12 1999 20.34 147.1703336 2993.44459 2.19521 1773.46620
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 84.38%
GROSS ANNUAL RETURN = 29.30%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1773.47 1773.47
TOTAL RETURN 77.35% 77.35%
AVERAGE ANNUAL RETURN 27.21% 27.21%
<PAGE>
TRP Equity Income
12/1999
Assume ($10000 @ $10.00 on 3/31/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
6/94 0.0900000000 10.10 0.891 100.891089
9/94 0.1000000000 10.52 0.959 101.850130
12/94 0.1000000000 10.43 0.977 102.826641
1/95 0.2600000000 10.54 2.537 105.363162
3/95 0.1100000000 10.95 1.058 106.421604
6/95 0.1100000000 11.57 1.012 107.433392
9/95 0.1100000000 12.27 0.963 108.396527
12/95 0.1100000000 13.15 0.907 109.303266
1/96 0.0100000000 13.39 0.082 109.384897
3/96 0.1000000000 13.76 0.795 110.179845
6/96 0.1100000000 13.92 0.871 111.050519
9/96 0.1000000000 14.32 0.775 111.826012
12/96 0.1800000000 15.46 1.302 113.127996
3/97 0.1900000000 16.00 1.343 114.471391
6/97 0.0900000000 17.17 0.600 115.071416
9/97 0.1000000000 18.42 0.625 115.696125
12/97 0.6300000000 18.40 3.961 119.657460
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
3/99 0.1600000000 19.33 1.044 127.220964
6/99 0.1000000000 20.98 0.606 127.827356
9/99 0.0900000000 19.32 0.595 128.422825
12/99 0.8800000000 18.59 6.079 134.502012
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 19.25 126.1765645 2428.89887 1000.00000
1 1999 18.76 126.1765645 2367.07235 1.41667 973.12879
2 1999 18.61 126.1765645 2348.14587 1.37860 963.96931
3 1999 18.96 127.2209644 2412.10949 1.36562 988.86226
4 1999 21.04 127.2209644 2676.72909 1.40089 1095.94415
5 1999 20.87 127.2209644 2655.10153 1.55259 1085.53650
6 1999 21.35 127.8273561 2729.11405 1.53784 1114.25863
7 1999 20.89 127.8273561 2670.31347 1.57853 1088.67265
8 1999 20.26 127.8273561 2589.78223 1.54229 1054.29821
9 1999 19.45 128.4228251 2497.82395 1.49359 1015.36848
10 1999 20.09 128.4228251 2580.01456 1.43844 1047.34062
11 1999 19.77 128.4228251 2538.91925 1.48373 1029.17451
12 1999 18.73 134.5020121 2519.22269 1.45800 1019.73233
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 3.72%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1019.73 1019.73
TOTAL RETURN 1.97% 1.97%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 19.25 126.1765645 2428.89887 1000.00000
1 1999 18.76 126.1765645 2367.07235 1.41667 973.12879
2 1999 18.61 126.1765645 2348.14587 1.37860 963.96931
3 1999 18.96 127.2209644 2412.10949 1.36562 988.86226
4 1999 21.04 127.2209644 2676.72909 1.40089 1095.94415
5 1999 20.87 127.2209644 2655.10153 1.55259 1085.53650
6 1999 21.35 127.8273561 2729.11405 1.53784 1114.25863
7 1999 20.89 127.8273561 2670.31347 1.57853 1088.67265
8 1999 20.26 127.8273561 2589.78223 1.54229 1054.29821
9 1999 19.45 128.4228251 2497.82395 1.49359 1015.36848
10 1999 20.09 128.4228251 2580.01456 1.43844 1047.34062
11 1999 19.77 128.4228251 2538.91925 1.48373 1029.17451
12 1999 18.73 134.5020121 2519.22269 1.45800 1019.73233
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 3.72%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1019.73 1019.73
TOTAL RETURN 1.97% 1.97%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 15.26 113.1279961 1726.33322 1000.00000
1 1997 15.69 113.1279961 1774.97826 1.41667 1026.76158
2 1997 16.07 113.1279961 1817.96690 1.45458 1050.17439
3 1997 15.54 114.4713911 1778.88542 1.48775 1026.11067
4 1997 15.93 114.4713911 1823.52926 1.45366 1050.40883
5 1997 16.68 114.4713911 1909.38280 1.48808 1098.37503
6 1997 17.22 115.0714158 1981.52978 1.55603 1138.32164
7 1997 18.20 115.0714158 2094.29977 1.61262 1201.49155
8 1997 17.72 115.0714158 2039.06549 1.70211 1168.10175
9 1997 18.47 115.6961249 2136.90743 1.65481 1222.49680
10 1997 17.98 115.6961249 2080.21633 1.73187 1188.33269
11 1997 18.67 115.6961249 2160.04665 1.68347 1232.25264
12 1997 18.59 119.6574597 2224.43217 1.74569 1267.23728
1 1998 18.47 119.6574597 2210.07328 1.79525 1257.26191
2 1998 19.37 119.6574597 2317.76499 1.78112 1316.74423
3 1998 20.13 120.4921405 2425.50679 1.86539 1376.08797
4 1998 20.01 120.4921405 2411.04773 1.94946 1365.93531
5 1998 19.67 120.4921405 2370.08040 1.93507 1340.79094
6 1998 19.53 121.1100489 2365.27925 1.89945 1336.17540
7 1998 18.96 121.1100489 2296.24653 1.89292 1295.28505
8 1998 17.13 121.1100489 2074.61514 1.83499 1168.43046
9 1998 17.96 121.7707693 2187.00302 1.65528 1230.07243
10 1998 19.03 121.7707693 2317.29774 1.74260 1301.61365
11 1998 19.79 121.7707693 2409.84352 1.84395 1351.75216
12 1998 19.25 126.1765645 2428.89887 1.91498 1360.52588
1 1999 18.76 126.1765645 2367.07235 1.92741 1323.96691
2 1999 18.61 126.1765645 2348.14587 1.87562 1311.50520
3 1999 18.96 127.2209644 2412.10949 1.85797 1345.37270
4 1999 21.04 127.2209644 2676.72909 1.90594 1491.06039
5 1999 20.87 127.2209644 2655.10153 2.11234 1476.90051
6 1999 21.35 127.8273561 2729.11405 2.09228 1515.97771
7 1999 20.89 127.8273561 2670.31347 2.14763 1481.16732
8 1999 20.26 127.8273561 2589.78223 2.09832 1434.40000
9 1999 19.45 128.4228251 2497.82395 2.03207 1381.43510
10 1999 20.09 128.4228251 2580.01456 1.95703 1424.93403
11 1999 19.77 128.4228251 2538.91925 2.01866 1400.21856
12 1999 18.73 134.5020121 2519.22269 1.98364 1387.37223
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 45.93%
GROSS ANNUAL RETURN = 13.43%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1387.37 1387.37
TOTAL RETURN 38.74% 38.74%
AVERAGE ANNUAL RETURN 11.53% 11.53%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 10.42 102.8266412 1071.45360 1000.00000
1 1995 10.57 105.3631618 1113.68862 1.41667 1038.00176
2 1995 10.87 105.3631618 1145.29757 1.47050 1065.99205
3 1995 10.90 106.4216045 1159.99549 1.51016 1078.16206
4 1995 11.18 106.4216045 1189.79354 1.52740 1104.33057
5 1995 11.58 106.4216045 1232.36218 1.56447 1142.27704
6 1995 11.55 107.4333916 1240.85567 1.61823 1148.53144
7 1995 11.80 107.4333916 1267.71402 1.62709 1171.76434
8 1995 11.99 107.4333916 1288.12636 1.66000 1188.97173
9 1995 12.33 108.3965271 1336.52918 1.68438 1231.96432
10 1995 12.40 108.3965271 1344.11694 1.74528 1237.21316
11 1995 12.90 108.3965271 1398.31520 1.75272 1285.34807
12 1995 13.21 109.3032661 1443.89615 1.82091 1325.42571
1 1996 13.57 109.3848966 1484.35305 1.87769 1360.68547
2 1996 13.62 109.3848966 1489.82229 1.92764 1363.77141
3 1996 13.70 110.1798450 1509.46388 1.93201 1379.81915
4 1996 13.78 110.1798450 1518.27826 1.95474 1385.92174
5 1996 14.01 110.1798450 1543.61963 1.96339 1407.09058
6 1996 13.99 111.0505191 1553.59676 1.99338 1414.19188
7 1996 13.59 111.0505191 1509.17655 2.00344 1371.75408
8 1996 13.88 111.0505191 1541.38120 1.94332 1399.08292
9 1996 14.37 111.8260115 1606.93979 1.98203 1456.60719
10 1996 14.70 111.8260115 1643.84237 2.06353 1487.99393
11 1996 15.55 111.8260115 1738.89448 2.10799 1571.92640
12 1996 15.26 113.1279961 1726.33322 2.22690 1558.34438
1 1997 15.69 113.1279961 1774.97826 2.20765 1600.04813
2 1997 16.07 113.1279961 1817.96690 2.26673 1636.53336
3 1997 15.54 114.4713911 1778.88542 2.31842 1599.03380
4 1997 15.93 114.4713911 1823.52926 2.26530 1636.89869
5 1997 16.68 114.4713911 1909.38280 2.31894 1711.64654
6 1997 17.22 115.0714158 1981.52978 2.42483 1773.89713
7 1997 18.20 115.0714158 2094.29977 2.51302 1872.33760
8 1997 17.72 115.0714158 2039.06549 2.65248 1820.30479
9 1997 18.47 115.6961249 2136.90743 2.57876 1905.07101
10 1997 17.98 115.6961249 2080.21633 2.69885 1851.83157
11 1997 18.67 115.6961249 2160.04665 2.62343 1920.27398
12 1997 18.59 119.6574597 2224.43217 2.72039 1974.79210
1 1998 18.47 119.6574597 2210.07328 2.79762 1959.24703
2 1998 19.37 119.6574597 2317.76499 2.77560 2051.94096
3 1998 20.13 120.4921405 2425.50679 2.90692 2144.41895
4 1998 20.01 120.4921405 2411.04773 3.03793 2128.59761
5 1998 19.67 120.4921405 2370.08040 3.01551 2089.41402
6 1998 19.53 121.1100489 2365.27925 2.96000 2082.22142
7 1998 18.96 121.1100489 2296.24653 2.94981 2018.50017
8 1998 17.13 121.1100489 2074.61514 2.85954 1820.81703
9 1998 17.96 121.7707693 2187.00302 2.57949 1916.87645
10 1998 19.03 121.7707693 2317.29774 2.71557 2028.36231
11 1998 19.79 121.7707693 2409.84352 2.87351 2106.49538
12 1998 19.25 126.1765645 2428.89887 2.98420 2120.16786
1 1999 18.76 126.1765645 2367.07235 3.00357 2063.19638
2 1999 18.61 126.1765645 2348.14587 2.92286 2043.77675
3 1999 18.96 127.2209644 2412.10949 2.89535 2096.55399
4 1999 21.04 127.2209644 2676.72909 2.97012 2323.58557
5 1999 20.87 127.2209644 2655.10153 3.29175 2301.51961
6 1999 21.35 127.8273561 2729.11405 3.26049 2362.41534
7 1999 20.89 127.8273561 2670.31347 3.34675 2308.16877
8 1999 20.26 127.8273561 2589.78223 3.26991 2235.28918
9 1999 19.45 128.4228251 2497.82395 3.16666 2152.75161
10 1999 20.09 128.4228251 2580.01456 3.04973 2220.53793
11 1999 19.77 128.4228251 2538.91925 3.14576 2182.02272
12 1999 18.73 134.5020121 2519.22269 3.09120 2162.00371
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 135.12%
GROSS ANNUAL RETURN = 18.65%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2162.00 2162.00
TOTAL RETURN 116.20% 116.20%
AVERAGE ANNUAL RETURN 16.67% 16.67%
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
1 1999 18.76 126.1765645 2367.07235 3.17769 2182.79931
2 1999 18.61 126.1765645 2348.14587 3.09230 2162.25393
3 1999 18.96 127.2209644 2412.10949 3.06319 2218.09065
4 1999 21.04 127.2209644 2676.72909 3.14229 2458.28319
5 1999 20.87 127.2209644 2655.10153 3.48257 2434.93807
6 1999 21.35 127.8273561 2729.11405 3.44950 2499.36391
7 1999 20.89 127.8273561 2670.31347 3.54077 2441.97268
8 1999 20.26 127.8273561 2589.78223 3.45946 2364.86828
9 1999 19.45 128.4228251 2497.82395 3.35023 2277.54604
10 1999 20.09 128.4228251 2580.01456 3.22652 2349.26190
11 1999 19.77 128.4228251 2538.91925 3.32812 2308.51398
12 1999 18.73 134.5020121 2519.22269 3.27039 2287.33447
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 151.92%
GROSS ANNUAL RETURN = 17.42%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2287.33 2287.33
TOTAL RETURN 128.73% 128.73%
AVERAGE ANNUAL RETURN 15.47% 15.47%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 17.72 115.0714158 2039.06549 1000.00000
9 1997 18.47 115.6961249 2136.90743 1.41667 1046.56705
10 1997 17.98 115.6961249 2080.21633 1.48264 1017.31950
11 1997 18.67 115.6961249 2160.04665 1.44120 1054.91893
12 1997 18.59 119.6574597 2224.43217 1.49447 1084.86892
1 1998 18.47 119.6574597 2210.07328 1.53690 1076.32911
2 1998 19.37 119.6574597 2317.76499 1.52480 1127.25131
3 1998 20.13 120.4921405 2425.50679 1.59694 1178.05489
4 1998 20.01 120.4921405 2411.04773 1.66891 1169.36329
5 1998 19.67 120.4921405 2370.08040 1.65660 1147.83745
6 1998 19.53 121.1100489 2365.27925 1.62610 1143.88614
7 1998 18.96 121.1100489 2296.24653 1.62051 1108.88033
8 1998 17.13 121.1100489 2074.61514 1.57091 1000.28141
9 1998 17.96 121.7707693 2187.00302 1.41707 1053.05247
10 1998 19.03 121.7707693 2317.29774 1.49182 1114.29818
11 1998 19.79 121.7707693 2409.84352 1.57859 1157.22125
12 1998 19.25 126.1765645 2428.89887 1.63940 1164.73234
1 1999 18.76 126.1765645 2367.07235 1.65004 1133.43457
2 1999 18.61 126.1765645 2348.14587 1.60570 1122.76623
3 1999 18.96 127.2209644 2412.10949 1.59059 1151.75986
4 1999 21.04 127.2209644 2676.72909 1.63166 1276.48160
5 1999 20.87 127.2209644 2655.10153 1.80835 1264.35947
6 1999 21.35 127.8273561 2729.11405 1.79118 1297.81307
7 1999 20.89 127.8273561 2670.31347 1.83857 1268.01225
8 1999 20.26 127.8273561 2589.78223 1.79635 1227.97522
9 1999 19.45 128.4228251 2497.82395 1.73963 1182.63251
10 1999 20.09 128.4228251 2580.01456 1.67540 1219.87150
11 1999 19.77 128.4228251 2538.91925 1.72815 1198.71284
12 1999 18.73 134.5020121 2519.22269 1.69818 1187.71522
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 23.55%
GROSS ANNUAL RETURN = 9.29%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1187.72 1187.72
TOTAL RETURN 18.77% 18.77%
AVERAGE ANNUAL RETURN 7.49% 7.49%
<PAGE>
TRP International Stock
12/1999
Assume ($10000 @ $10.00 on 3/31/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
1/95 0.0500000000 9.73 0.514 100.513875
1/96 0.1000000000 11.31 0.889 101.402591
12/96 0.1600000000 12.47 1.301 102.703667
12/97 0.2900000000 12.70 2.345 105.048869
12/98 0.2300000000 13.91 1.737 106.785838
12/99 0.2900000000 17.36 1.784 108.569703
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 14.52 106.7858381 1550.53037 1000.00000
1 1999 14.34 106.7858381 1531.30892 1.41667 986.18664
2 1999 14.10 106.7858381 1505.68032 1.39710 968.28433
3 1999 14.69 106.7858381 1568.68396 1.37174 1007.42945
4 1999 15.23 106.7858381 1626.34831 1.42719 1043.03506
5 1999 14.55 106.7858381 1553.73394 1.47763 994.98725
6 1999 15.07 106.7858381 1609.26258 1.40957 1029.13737
7 1999 15.36 106.7858381 1640.23047 1.45794 1047.48366
8 1999 15.50 106.7858381 1655.18049 1.48394 1055.54710
9 1999 15.61 106.7858381 1666.92693 1.49536 1061.54272
10 1999 16.12 106.7858381 1721.38771 1.50385 1094.72092
11 1999 17.24 106.7858381 1840.98785 1.55085 1169.23008
12 1999 19.04 108.5697029 2067.16714 1.65641 1311.22244
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 33.32%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1311.22 1311.22
TOTAL RETURN 31.12% 31.12%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 14.52 106.7858381 1550.53037 1000.00000
1 1999 14.34 106.7858381 1531.30892 1.41667 986.18664
2 1999 14.10 106.7858381 1505.68032 1.39710 968.28433
3 1999 14.69 106.7858381 1568.68396 1.37174 1007.42945
4 1999 15.23 106.7858381 1626.34831 1.42719 1043.03506
5 1999 14.55 106.7858381 1553.73394 1.47763 994.98725
6 1999 15.07 106.7858381 1609.26258 1.40957 1029.13737
7 1999 15.36 106.7858381 1640.23047 1.45794 1047.48366
8 1999 15.50 106.7858381 1655.18049 1.48394 1055.54710
9 1999 15.61 106.7858381 1666.92693 1.49536 1061.54272
10 1999 16.12 106.7858381 1721.38771 1.50385 1094.72092
11 1999 17.24 106.7858381 1840.98785 1.55085 1169.23008
12 1999 19.04 108.5697029 2067.16714 1.65641 1311.22244
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 33.32%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1311.22 1311.22
TOTAL RETURN 31.12% 31.12%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 12.64 102.7036672 1298.17435 1000.00000
1 1997 12.48 102.7036672 1281.74177 1.41667 985.92511
2 1997 12.65 102.7036672 1299.20139 1.39673 997.95845
3 1997 12.62 102.7036672 1296.12028 1.41377 994.17797
4 1997 12.71 102.7036672 1305.36361 1.40842 999.85957
5 1997 13.53 102.7036672 1389.58062 1.41647 1062.95017
6 1997 14.11 102.7036672 1449.14874 1.50585 1107.01056
7 1997 14.47 102.7036672 1486.12206 1.56826 1133.68636
8 1997 13.16 102.7036672 1351.58026 1.60606 1029.44526
9 1997 14.03 102.7036672 1440.93245 1.45838 1096.04291
10 1997 12.98 102.7036672 1333.09360 1.55273 1012.46274
11 1997 12.96 102.7036672 1331.03953 1.43432 1009.46838
12 1997 12.74 105.0488691 1338.32259 1.43008 1013.56182
1 1998 13.18 105.0488691 1384.54409 1.43588 1047.13122
2 1998 13.94 105.0488691 1464.38123 1.48344 1106.02864
3 1998 14.42 105.0488691 1514.80469 1.56687 1142.54596
4 1998 14.56 105.0488691 1529.51153 1.61861 1152.02004
5 1998 14.47 105.0488691 1520.05714 1.63203 1143.26701
6 1998 14.49 105.0488691 1522.15811 1.61963 1143.22757
7 1998 14.70 105.0488691 1544.21838 1.61957 1158.17651
8 1998 12.81 105.0488691 1345.67601 1.64075 1007.62735
9 1998 12.49 105.0488691 1312.06037 1.42747 981.02886
10 1998 13.64 105.0488691 1432.86657 1.38979 1069.96599
11 1998 14.29 105.0488691 1501.14834 1.51579 1119.43832
12 1998 14.52 106.7858381 1550.53037 1.58587 1154.67768
1 1999 14.34 106.7858381 1531.30892 1.63579 1138.72770
2 1999 14.10 106.7858381 1505.68032 1.61320 1118.05630
3 1999 14.69 106.7858381 1568.68396 1.58391 1163.25630
4 1999 15.23 106.7858381 1626.34831 1.64795 1204.36931
5 1999 14.55 106.7858381 1553.73394 1.70619 1148.88957
6 1999 15.07 106.7858381 1609.26258 1.62759 1188.32195
7 1999 15.36 106.7858381 1640.23047 1.68346 1209.50600
8 1999 15.50 106.7858381 1655.18049 1.71347 1218.81668
9 1999 15.61 106.7858381 1666.92693 1.72666 1225.73969
10 1999 16.12 106.7858381 1721.38771 1.73646 1264.04981
11 1999 17.24 106.7858381 1840.98785 1.79074 1350.08388
12 1999 19.04 108.5697029 2067.16714 1.91262 1514.03928
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 59.24%
GROSS ANNUAL RETURN = 16.77%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1514.04 1514.04
TOTAL RETURN 51.40% 51.40%
AVERAGE ANNUAL RETURN 14.83% 14.83%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 10.18 100.0000000 1018.00000 1000.00000
1 1995 9.66 100.5138746 970.96403 1.41667 952.37904
2 1995 9.72 100.5138746 976.99486 1.34920 956.94523
3 1995 10.10 100.5138746 1015.19013 1.35567 993.00100
4 1995 10.46 100.5138746 1051.37513 1.40675 1026.98834
5 1995 10.52 100.5138746 1057.40596 1.45490 1031.42439
6 1995 10.52 100.5138746 1057.40596 1.46118 1029.96321
7 1995 11.05 100.5138746 1110.67831 1.45911 1080.39387
8 1995 10.84 100.5138746 1089.57040 1.53056 1058.33094
9 1995 10.97 100.5138746 1102.63720 1.49930 1069.52380
10 1995 10.82 100.5138746 1087.56012 1.51516 1053.38434
11 1995 10.90 100.5138746 1095.60123 1.49229 1059.68047
12 1995 11.26 100.5138746 1131.78623 1.50121 1093.17788
1 1996 11.45 101.4025915 1161.05967 1.54867 1119.90406
2 1996 11.52 101.4025915 1168.15785 1.58653 1125.16410
3 1996 11.72 101.4025915 1188.43837 1.59398 1143.10422
4 1996 12.06 101.4025915 1222.91525 1.61940 1174.64655
5 1996 12.02 101.4025915 1218.85915 1.66408 1169.08646
6 1996 12.17 101.4025915 1234.06954 1.65621 1182.01952
7 1996 11.78 101.4025915 1194.52253 1.67453 1142.46597
8 1996 11.96 101.4025915 1212.77499 1.61849 1158.30451
9 1996 12.23 101.4025915 1240.15369 1.64093 1182.81260
10 1996 12.17 101.4025915 1234.06954 1.67565 1175.33411
11 1996 12.71 101.4025915 1288.82694 1.66506 1225.82027
12 1996 12.64 102.7036672 1298.17435 1.73658 1232.97415
1 1997 12.48 102.7036672 1281.74177 1.74671 1215.62017
2 1997 12.65 102.7036672 1299.20139 1.72213 1230.45697
3 1997 12.62 102.7036672 1296.12028 1.74315 1225.79574
4 1997 12.71 102.7036672 1305.36361 1.73654 1232.80100
5 1997 13.53 102.7036672 1389.58062 1.74647 1310.59008
6 1997 14.11 102.7036672 1449.14874 1.85667 1364.91540
7 1997 14.47 102.7036672 1486.12206 1.93363 1397.80597
8 1997 13.16 102.7036672 1351.58026 1.98023 1269.27939
9 1997 14.03 102.7036672 1440.93245 1.79815 1351.39257
10 1997 12.98 102.7036672 1333.09360 1.91447 1248.34038
11 1997 12.96 102.7036672 1331.03953 1.76848 1244.64841
12 1997 12.74 105.0488691 1338.32259 1.76325 1249.69552
1 1998 13.18 105.0488691 1384.54409 1.77040 1291.08572
2 1998 13.94 105.0488691 1464.38123 1.82904 1363.70472
3 1998 14.42 105.0488691 1514.80469 1.93191 1408.72964
4 1998 14.56 105.0488691 1529.51153 1.99570 1420.41092
5 1998 14.47 105.0488691 1520.05714 2.01225 1409.61866
6 1998 14.49 105.0488691 1522.15811 1.99696 1409.57003
7 1998 14.70 105.0488691 1544.21838 1.99689 1428.00169
8 1998 12.81 105.0488691 1345.67601 2.02300 1242.37847
9 1998 12.49 105.0488691 1312.06037 1.76004 1209.58322
10 1998 13.64 105.0488691 1432.86657 1.71358 1319.24040
11 1998 14.29 105.0488691 1501.14834 1.86892 1380.23850
12 1998 14.52 106.7858381 1550.53037 1.95534 1423.68773
1 1999 14.34 106.7858381 1531.30892 2.01689 1404.02181
2 1999 14.10 106.7858381 1505.68032 1.98903 1378.53451
3 1999 14.69 106.7858381 1568.68396 1.95292 1434.26495
4 1999 15.23 106.7858381 1626.34831 2.03188 1484.95622
5 1999 14.55 106.7858381 1553.73394 2.10369 1416.55114
6 1999 15.07 106.7858381 1609.26258 2.00678 1465.17024
7 1999 15.36 106.7858381 1640.23047 2.07566 1491.28963
8 1999 15.50 106.7858381 1655.18049 2.11266 1502.76945
9 1999 15.61 106.7858381 1666.92693 2.12892 1511.30535
10 1999 16.12 106.7858381 1721.38771 2.14102 1558.54074
11 1999 17.24 106.7858381 1840.98785 2.20793 1664.61851
12 1999 19.04 108.5697029 2067.16714 2.35821 1866.77129
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 103.06%
GROSS ANNUAL RETURN = 15.22%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1866.77 1866.77
TOTAL RETURN 86.68% 86.68%
AVERAGE ANNUAL RETURN 13.30% 13.30%
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
1 1999 14.34 106.7858381 1531.30892 2.02721 1411.20372
2 1999 14.10 106.7858381 1505.68032 1.99921 1385.58604
3 1999 14.69 106.7858381 1568.68396 1.96291 1441.60155
4 1999 15.23 106.7858381 1626.34831 2.04227 1492.55213
5 1999 14.55 106.7858381 1553.73394 2.11445 1423.79714
6 1999 15.07 106.7858381 1609.26258 2.01705 1472.66494
7 1999 15.36 106.7858381 1640.23047 2.08628 1498.91793
8 1999 15.50 106.7858381 1655.18049 2.12347 1510.45648
9 1999 15.61 106.7858381 1666.92693 2.13981 1519.03603
10 1999 16.12 106.7858381 1721.38771 2.15197 1566.51305
11 1999 17.24 106.7858381 1840.98785 2.21923 1673.13344
12 1999 19.04 108.5697029 2067.16714 2.37027 1876.32027
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 106.72%
GROSS ANNUAL RETURN = 13.45%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1876.32 1876.32
TOTAL RETURN 87.63% 87.63%
AVERAGE ANNUAL RETURN 11.56% 11.56%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 13.16 102.7036672 1351.58026 1000.00000
9 1997 14.03 102.7036672 1440.93245 1.41667 1064.69276
10 1997 12.98 102.7036672 1333.09360 1.50831 983.50323
11 1997 12.96 102.7036672 1331.03953 1.39330 980.59452
12 1997 12.74 105.0488691 1338.32259 1.38918 984.57088
1 1998 13.18 105.0488691 1384.54409 1.39481 1017.18008
2 1998 13.94 105.0488691 1464.38123 1.44101 1074.39286
3 1998 14.42 105.0488691 1514.80469 1.52206 1109.86568
4 1998 14.56 105.0488691 1529.51153 1.57231 1119.06877
5 1998 14.47 105.0488691 1520.05714 1.58535 1110.56610
6 1998 14.49 105.0488691 1522.15811 1.57330 1110.52779
7 1998 14.70 105.0488691 1544.21838 1.57325 1125.04915
8 1998 12.81 105.0488691 1345.67601 1.59382 978.80615
9 1998 12.49 105.0488691 1312.06037 1.38664 952.96846
10 1998 13.64 105.0488691 1432.86657 1.35004 1039.36171
11 1998 14.29 105.0488691 1501.14834 1.47243 1087.41898
12 1998 14.52 106.7858381 1550.53037 1.54051 1121.65039
1 1999 14.34 106.7858381 1531.30892 1.58900 1106.15663
2 1999 14.10 106.7858381 1505.68032 1.56706 1086.07649
3 1999 14.69 106.7858381 1568.68396 1.53861 1129.98364
4 1999 15.23 106.7858381 1626.34831 1.60081 1169.92069
5 1999 14.55 106.7858381 1553.73394 1.65739 1116.02784
6 1999 15.07 106.7858381 1609.26258 1.58104 1154.33233
7 1999 15.36 106.7858381 1640.23047 1.63530 1174.91046
8 1999 15.50 106.7858381 1655.18049 1.66446 1183.95482
9 1999 15.61 106.7858381 1666.92693 1.67727 1190.67981
10 1999 16.12 106.7858381 1721.38771 1.68680 1227.89415
11 1999 17.24 106.7858381 1840.98785 1.73952 1311.46738
12 1999 19.04 108.5697029 2067.16714 1.85791 1470.73316
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 52.94%
GROSS ANNUAL RETURN = 19.54%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1470.73 1470.73
TOTAL RETURN 47.07% 47.07%
AVERAGE ANNUAL RETURN 17.59% 17.59%
<PAGE>
TRP Limited Term Bond
12/1999
Assume ($10000 @ $10.00 on 5/13/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
5/94 0.0101080000 5.00 0.202 100.202160
6/94 0.0227390860 4.99 0.457 100.658774
7/94 0.0254802850 5.04 0.509 101.167666
8/94 0.0310070990 5.04 0.622 101.790070
9/94 0.0333695090 5.01 0.678 102.468051
10/94 0.0289283280 4.98 0.595 103.063278
11/94 0.0311052550 4.93 0.650 103.713543
12/94 0.0273000000 4.92 0.575 104.289027
1/95 0.0280000000 4.94 0.591 104.880139
2/95 0.0287000000 4.96 0.607 105.487006
3/95 0.0301000000 4.97 0.639 106.125871
4/95 0.0262000000 4.98 0.558 106.684204
5/95 0.0283000000 5.02 0.601 107.285631
6/95 0.0295000000 5.01 0.632 107.917352
7/95 0.0254251330 5.00 0.549 108.466115
8/95 0.0274278140 5.00 0.595 109.061113
9/95 0.0286146590 5.00 0.624 109.685262
10/95 0.0264917600 5.01 0.580 110.265253
11/95 0.0261262300 5.04 0.572 110.836844
12/95 0.0265365700 5.06 0.581 111.418114
1/96 0.0242378560 5.07 0.533 111.950764
2/96 0.0235427380 4.99 0.528 112.478946
3/96 0.0239636480 4.94 0.546 113.024575
4/96 0.0235631940 4.90 0.544 113.568089
5/96 0.0250830810 4.87 0.585 114.153025
6/96 0.0220828540 4.89 0.516 114.668531
7/96 0.0238193190 4.88 0.560 115.228229
8/96 0.0255629680 4.86 0.606 115.834315
9/96 0.0221304100 4.89 0.524 116.358540
10/96 0.0240874040 4.94 0.567 116.925903
11/96 0.0247578130 4.97 0.582 117.508364
12/96 0.0241618420 4.93 0.576 118.084270
1/97 0.0251917050 4.92 0.605 118.688893
2/97 0.0236114340 4.91 0.571 119.259650
3/97 0.0226738380 4.86 0.556 119.816043
4/97 0.0238675950 4.88 0.586 120.402052
5/97 0.0250013980 4.89 0.616 121.017639
6/97 0.0235752560 4.91 0.581 121.598702
7/97 0.0249375280 4.96 0.611 122.210067
8/97 0.0256476800 4.92 0.637 122.847141
9/97 0.0238382100 4.95 0.592 123.438749
10/97 0.0260796860 4.96 0.649 124.087790
11/97 0.0224935020 4.95 0.564 124.651662
12/97 0.0248429880 4.96 0.624 125.276001
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
1/99 0.0203619440 5.02 0.539 133.325118
2/99 0.0222086770 4.95 0.598 133.923295
3/99 0.0223930540 4.96 0.605 134.527922
4/99 0.0235243380 4.96 0.638 135.165962
5/99 0.0210175620 4.90 0.580 135.745729
6/99 0.0226967120 4.88 0.631 136.377078
7/99 0.0232992890 4.86 0.654 137.030882
8/99 0.0217921510 4.84 0.617 137.647865
9/99 0.0226363830 4.85 0.642 138.290309
10/99 0.0227915630 4.83 0.653 138.942866
11/99 0.0230826770 4.81 0.667 139.609638
12/99 0.0246172520 4.79 0.717 140.327134
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 5.02 132.7865140 666.58830 1000.00000
1 1999 5.02 133.3251179 669.29209 1.41667 1002.63950
2 1999 4.95 133.9232945 662.92031 1.42041 991.67378
3 1999 4.96 134.5279219 667.25849 1.40487 996.75847
4 1999 4.96 135.1659623 670.42317 1.41207 1000.07383
5 1999 4.90 135.7457294 665.15407 1.41677 990.79712
6 1999 4.88 136.3770781 665.52014 1.40363 989.93878
7 1999 4.86 137.0308824 665.97009 1.40241 989.20564
8 1999 4.84 137.6478654 666.21567 1.40137 988.16904
9 1999 4.85 138.2903087 670.70800 1.39991 993.43242
10 1999 4.83 138.9428661 671.09404 1.40736 992.59685
11 1999 4.81 139.6096381 671.52236 1.40618 991.82418
12 1999 4.79 140.3271340 672.16697 1.40508 991.37118
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 0.84%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 991.37 991.37
TOTAL RETURN -0.86% -0.86%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 5.02 132.7865140 666.58830 1000.00000
1 1999 5.02 133.3251179 669.29209 1.41667 1002.63950
2 1999 4.95 133.9232945 662.92031 1.42041 991.67378
3 1999 4.96 134.5279219 667.25849 1.40487 996.75847
4 1999 4.96 135.1659623 670.42317 1.41207 1000.07383
5 1999 4.90 135.7457294 665.15407 1.41677 990.79712
6 1999 4.88 136.3770781 665.52014 1.40363 989.93878
7 1999 4.86 137.0308824 665.97009 1.40241 989.20564
8 1999 4.84 137.6478654 666.21567 1.40137 988.16904
9 1999 4.85 138.2903087 670.70800 1.39991 993.43242
10 1999 4.83 138.9428661 671.09404 1.40736 992.59685
11 1999 4.81 139.6096381 671.52236 1.40618 991.82418
12 1999 4.79 140.3271340 672.16697 1.40508 991.37118
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 0.84%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 991.37 991.37
TOTAL RETURN -0.86% -0.86%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 4.93 118.0842702 582.15545 1000.00000
1 1997 4.92 118.6888930 583.94935 1.41667 1001.66482
2 1997 4.91 119.2596496 585.56488 1.41903 1003.01695
3 1997 4.86 119.8160434 582.30597 1.42094 996.01381
4 1997 4.88 120.4020518 587.56201 1.41102 1003.59306
5 1997 4.89 121.0176386 591.77625 1.42176 1009.36949
6 1997 4.91 121.5987021 597.04963 1.42994 1016.93414
7 1997 4.96 122.2100673 606.16193 1.44066 1031.01416
8 1997 4.92 122.8471414 604.40794 1.46060 1026.57020
9 1997 4.95 123.4387487 611.02181 1.45431 1036.34937
10 1997 4.96 124.0877897 615.47544 1.46816 1042.43498
11 1997 4.95 124.6516623 617.02573 1.47678 1043.58393
12 1997 4.96 125.2760009 621.36896 1.47841 1049.45130
1 1998 4.99 125.8833889 628.15811 1.48672 1059.43100
2 1998 4.97 126.4801330 628.60626 1.50086 1058.68597
3 1998 4.97 127.0750652 631.56307 1.49981 1062.16597
4 1998 4.96 127.6880052 633.33251 1.50474 1063.63708
5 1998 4.97 128.2954502 637.62839 1.50682 1069.34489
6 1998 4.97 128.8975868 640.62101 1.51491 1072.84880
7 1998 4.97 129.5416611 643.82206 1.51987 1076.68973
8 1998 4.99 130.1045071 649.22149 1.52531 1084.19412
9 1998 5.08 130.6933741 663.92234 1.53594 1107.20846
10 1998 5.06 131.2992908 664.37441 1.56855 1106.39383
11 1998 5.04 131.8721351 664.63556 1.56739 1105.26133
12 1998 5.02 132.7865140 666.58830 1.56579 1106.94287
1 1999 5.02 133.3251179 669.29209 1.56817 1109.86464
2 1999 4.95 133.9232945 662.92031 1.57231 1097.72622
3 1999 4.96 134.5279219 667.25849 1.55511 1103.35468
4 1999 4.96 135.1659623 670.42317 1.56309 1107.02460
5 1999 4.90 135.7457294 665.15407 1.56828 1096.75581
6 1999 4.88 136.3770781 665.52014 1.55374 1095.80567
7 1999 4.86 137.0308824 665.97009 1.55239 1094.99413
8 1999 4.84 137.6478654 666.21567 1.55124 1093.84668
9 1999 4.85 138.2903087 670.70800 1.54962 1099.67293
10 1999 4.83 138.9428661 671.09404 1.55787 1098.74801
11 1999 4.81 139.6096381 671.52236 1.55656 1097.89271
12 1999 4.79 140.3271340 672.16697 1.55535 1097.39126
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 15.46%
GROSS ANNUAL RETURN = 4.91%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1097.39 1097.39
TOTAL RETURN 9.74% 9.74%
AVERAGE ANNUAL RETURN 3.15% 3.15%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 4.92 104.2890271 513.10201 1000.00000
1 1995 4.94 104.8801389 518.10789 1.41667 1008.33943
2 1995 4.96 105.4870059 523.21555 1.42848 1016.85146
3 1995 4.97 106.1258708 527.44558 1.44054 1023.63184
4 1995 4.98 106.6842037 531.28733 1.45015 1029.63752
5 1995 5.02 107.2856306 538.57387 1.45865 1042.30020
6 1995 5.01 107.9173524 540.66594 1.47659 1044.87239
7 1995 5.00 108.4661150 542.33058 1.48024 1046.60918
8 1995 5.00 109.0611127 545.30556 1.48270 1050.86772
9 1995 5.00 109.6852620 548.42631 1.48873 1055.39304
10 1995 5.01 110.2652532 552.42892 1.49514 1061.60053
11 1995 5.04 110.8368435 558.61769 1.50393 1071.98953
12 1995 5.06 111.4181142 563.77566 1.51865 1080.36904
1 1996 5.07 111.9507643 567.59038 1.53052 1086.14870
2 1996 4.99 112.4789462 561.26994 1.53871 1072.51512
3 1996 4.94 113.0245749 558.34140 1.51940 1065.39966
4 1996 4.90 113.5680892 556.48364 1.50932 1060.34545
5 1996 4.87 114.1530250 555.92523 1.50216 1057.77928
6 1996 4.89 114.6685311 560.72912 1.49852 1065.42129
7 1996 4.88 115.2282291 562.31376 1.50935 1066.92286
8 1996 4.86 115.8343146 562.95477 1.51147 1066.62763
9 1996 4.89 116.3585397 568.99326 1.51106 1076.55767
10 1996 4.94 116.9259031 577.61396 1.52512 1091.34326
11 1996 4.97 117.5083638 584.01657 1.54607 1101.89427
12 1996 4.93 118.0842702 582.15545 1.56102 1096.82179
1 1997 4.92 118.6888930 583.94935 1.55383 1098.64779
2 1997 4.91 119.2596496 585.56488 1.55642 1100.13084
3 1997 4.86 119.8160434 582.30597 1.55852 1092.44964
4 1997 4.88 120.4020518 587.56201 1.54764 1100.76273
5 1997 4.89 121.0176386 591.77625 1.55941 1107.09845
6 1997 4.91 121.5987021 597.04963 1.56839 1115.39552
7 1997 4.96 122.2100673 606.16193 1.58014 1130.83880
8 1997 4.92 122.8471414 604.40794 1.60202 1125.96456
9 1997 4.95 123.4387487 611.02181 1.59512 1136.69057
10 1997 4.96 124.0877897 615.47544 1.61031 1143.36540
11 1997 4.95 124.6516623 617.02573 1.61977 1144.62560
12 1997 4.96 125.2760009 621.36896 1.62155 1151.06105
1 1998 4.99 125.8833889 628.15811 1.63067 1162.00700
2 1998 4.97 126.4801330 628.60626 1.64618 1161.18984
3 1998 4.97 127.0750652 631.56307 1.64502 1165.00678
4 1998 4.96 127.6880052 633.33251 1.65043 1166.62032
5 1998 4.97 128.2954502 637.62839 1.65271 1172.88077
6 1998 4.97 128.8975868 640.62101 1.66158 1176.72394
7 1998 4.97 129.5416611 643.82206 1.66703 1180.93676
8 1998 4.99 130.1045071 649.22149 1.67299 1189.16773
9 1998 5.08 130.6933741 663.92234 1.68465 1214.41037
10 1998 5.06 131.2992908 664.37441 1.72041 1213.51685
11 1998 5.04 131.8721351 664.63556 1.71915 1212.27471
12 1998 5.02 132.7865140 666.58830 1.71739 1214.11906
1 1999 5.02 133.3251179 669.29209 1.72000 1217.32372
2 1999 4.95 133.9232945 662.92031 1.72454 1204.01003
3 1999 4.96 134.5279219 667.25849 1.70568 1210.18346
4 1999 4.96 135.1659623 670.42317 1.71443 1214.20870
5 1999 4.90 135.7457294 665.15407 1.72013 1202.94566
6 1999 4.88 136.3770781 665.52014 1.70417 1201.90353
7 1999 4.86 137.0308824 665.97009 1.70270 1201.01342
8 1999 4.84 137.6478654 666.21567 1.70144 1199.75487
9 1999 4.85 138.2903087 670.70800 1.69965 1206.14523
10 1999 4.83 138.9428661 671.09404 1.70871 1205.13075
11 1999 4.81 139.6096381 671.52236 1.70727 1204.19264
12 1999 4.79 140.3271340 672.16697 1.70594 1203.64264
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 31.00%
GROSS ANNUAL RETURN = 5.55%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1203.64 1203.64
TOTAL RETURN 20.36% 20.36%
AVERAGE ANNUAL RETURN 3.78% 3.78%
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
1 1999 5.02 133.3251179 669.29209 1.74523 1235.17971
2 1999 4.95 133.9232945 662.92031 1.74984 1221.67074
3 1999 4.96 134.5279219 667.25849 1.73070 1227.93471
4 1999 4.96 135.1659623 670.42317 1.73957 1232.01900
5 1999 4.90 135.7457294 665.15407 1.74536 1220.59076
6 1999 4.88 136.3770781 665.52014 1.72917 1219.53334
7 1999 4.86 137.0308824 665.97009 1.72767 1218.63017
8 1999 4.84 137.6478654 666.21567 1.72639 1217.35316
9 1999 4.85 138.2903087 670.70800 1.72458 1223.83725
10 1999 4.83 138.9428661 671.09404 1.73377 1222.80790
11 1999 4.81 139.6096381 671.52236 1.73231 1221.85603
12 1999 4.79 140.3271340 672.16697 1.73096 1221.29796
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 34.43%
GROSS ANNUAL RETURN = 5.39%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1221.30 1221.30
TOTAL RETURN 22.13% 22.13%
AVERAGE ANNUAL RETURN 3.61% 3.61%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 4.92 122.8471414 604.40794 1000.00000
9 1997 4.95 123.4387487 611.02181 1.41667 1009.52606
10 1997 4.96 124.0877897 615.47544 1.43016 1015.45416
11 1997 4.95 124.6516623 617.02573 1.43856 1016.57337
12 1997 4.96 125.2760009 621.36896 1.44015 1022.28888
1 1998 4.99 125.8833889 628.15811 1.44824 1032.01028
2 1998 4.97 126.4801330 628.60626 1.46201 1031.28453
3 1998 4.97 127.0750652 631.56307 1.46099 1034.67446
4 1998 4.96 127.6880052 633.33251 1.46579 1036.10749
5 1998 4.97 128.2954502 637.62839 1.46782 1041.66757
6 1998 4.97 128.8975868 640.62101 1.47570 1045.08079
7 1998 4.97 129.5416611 643.82206 1.48053 1048.82231
8 1998 4.99 130.1045071 649.22149 1.48583 1056.13246
9 1998 5.08 130.6933741 663.92234 1.49619 1078.55114
10 1998 5.06 131.2992908 664.37441 1.52795 1077.75759
11 1998 5.04 131.8721351 664.63556 1.52682 1076.65441
12 1998 5.02 132.7865140 666.58830 1.52526 1078.29242
1 1999 5.02 133.3251179 669.29209 1.52758 1081.13857
2 1999 4.95 133.9232945 662.92031 1.53161 1069.31432
3 1999 4.96 134.5279219 667.25849 1.51486 1074.79711
4 1999 4.96 135.1659623 670.42317 1.52263 1078.37204
5 1999 4.90 135.7457294 665.15407 1.52769 1068.36903
6 1999 4.88 136.3770781 665.52014 1.51352 1067.44348
7 1999 4.86 137.0308824 665.97009 1.51221 1066.65295
8 1999 4.84 137.6478654 666.21567 1.51109 1065.53519
9 1999 4.85 138.2903087 670.70800 1.50951 1071.21064
10 1999 4.83 138.9428661 671.09404 1.51755 1070.30966
11 1999 4.81 139.6096381 671.52236 1.51627 1069.47650
12 1999 4.79 140.3271340 672.16697 1.51509 1068.98803
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 11.21%
GROSS ANNUAL RETURN = 4.56%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1068.99 1068.99
TOTAL RETURN 6.90% 6.90%
AVERAGE ANNUAL RETURN 2.84% 2.84%
<PAGE>
TRP New American Growth
12/1999
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
12/99 1.5900000000 24.28 6.962 113.279727
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 24.74 106.3174243 2630.29308 1000.00000
1 1999 25.28 106.3174243 2687.70449 1.41667 1020.41033
2 1999 24.20 106.3174243 2572.88167 1.44558 975.37127
3 1999 24.90 106.3174243 2647.30387 1.38178 1002.20272
4 1999 25.41 106.3174243 2701.52575 1.41979 1021.30997
5 1999 26.11 106.3174243 2775.94795 1.44686 1047.99838
6 1999 27.47 106.3174243 2920.53965 1.48466 1101.10114
7 1999 26.29 106.3174243 2795.08509 1.55989 1052.24240
8 1999 24.04 106.3174243 2555.87088 1.49068 960.69675
9 1999 24.14 106.3174243 2566.50262 1.36099 963.33200
10 1999 25.36 106.3174243 2696.20988 1.36472 1010.65266
11 1999 25.88 106.3174243 2751.49494 1.43176 1029.94406
12 1999 26.18 113.2797268 2965.66325 1.45909 1108.65281
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 12.75%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1108.65 1108.65
TOTAL RETURN 10.87% 10.87%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 24.74 106.3174243 2630.29308 1000.00000
1 1999 25.28 106.3174243 2687.70449 1.41667 1020.41033
2 1999 24.20 106.3174243 2572.88167 1.44558 975.37127
3 1999 24.90 106.3174243 2647.30387 1.38178 1002.20272
4 1999 25.41 106.3174243 2701.52575 1.41979 1021.30997
5 1999 26.11 106.3174243 2775.94795 1.44686 1047.99838
6 1999 27.47 106.3174243 2920.53965 1.48466 1101.10114
7 1999 26.29 106.3174243 2795.08509 1.55989 1052.24240
8 1999 24.04 106.3174243 2555.87088 1.49068 960.69675
9 1999 24.14 106.3174243 2566.50262 1.36099 963.33200
10 1999 25.36 106.3174243 2696.20988 1.36472 1010.65266
11 1999 25.88 106.3174243 2751.49494 1.43176 1029.94406
12 1999 26.18 113.2797268 2965.66325 1.45909 1108.65281
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 12.75%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1108.65 1108.65
TOTAL RETURN 10.87% 10.87%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 17.67 103.7090635 1832.53915 1000.00000
1 1997 17.99 103.7090635 1865.72605 1.41667 1016.69312
2 1997 17.91 103.7090635 1857.42933 1.44032 1010.73166
3 1997 16.90 103.7090635 1752.68317 1.43187 952.30152
4 1997 17.05 103.7090635 1768.23953 1.34909 959.40481
5 1997 18.33 103.7090635 1900.98713 1.35916 1030.07135
6 1997 19.25 103.7090635 1996.39947 1.45927 1080.31234
7 1997 20.25 103.7090635 2100.10854 1.53044 1134.90202
8 1997 19.82 103.7090635 2055.51364 1.60778 1109.19508
9 1997 21.23 103.7090635 2201.74342 1.57136 1186.53215
10 1997 20.61 103.7090635 2137.44380 1.68092 1150.19980
11 1997 20.82 103.7090635 2159.22270 1.62945 1160.29000
12 1997 21.35 103.9600535 2219.54714 1.64374 1191.06248
1 1998 21.33 103.9600535 2217.46794 1.68734 1188.25939
2 1998 23.40 103.9600535 2432.66525 1.68337 1301.89233
3 1998 24.99 103.9600535 2597.96174 1.84435 1388.50990
4 1998 24.42 103.9600535 2538.70451 1.96706 1354.87215
5 1998 23.35 103.9600535 2427.46725 1.91940 1293.58694
6 1998 25.00 103.9600535 2599.00134 1.83258 1383.16414
7 1998 23.94 103.9600535 2488.80368 1.95948 1322.55850
8 1998 19.06 103.9600535 1981.47862 1.87362 1051.09066
9 1998 19.79 103.9600535 2057.36946 1.48905 1089.85850
10 1998 21.51 103.9600535 2236.18075 1.54397 1183.03695
11 1998 22.57 103.9600535 2346.37841 1.67597 1239.66033
12 1998 24.74 106.3174243 2630.29308 1.75619 1387.90457
1 1999 25.28 106.3174243 2687.70449 1.96620 1416.23217
2 1999 24.20 106.3174243 2572.88167 2.00633 1353.72225
3 1999 24.90 106.3174243 2647.30387 1.91777 1390.96173
4 1999 25.41 106.3174243 2701.52575 1.97053 1417.48078
5 1999 26.11 106.3174243 2775.94795 2.00810 1454.52174
6 1999 27.47 106.3174243 2920.53965 2.06057 1528.22331
7 1999 26.29 106.3174243 2795.08509 2.16498 1460.41204
8 1999 24.04 106.3174243 2555.87088 2.06892 1333.35541
9 1999 24.14 106.3174243 2566.50262 1.88892 1337.01289
10 1999 25.36 106.3174243 2696.20988 1.89410 1402.68945
11 1999 25.88 106.3174243 2751.49494 1.98714 1429.46408
12 1999 26.18 113.2797268 2965.66325 2.02507 1538.70430
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 61.83%
GROSS ANNUAL RETURN = 17.41%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1538.70 1538.70
TOTAL RETURN 53.87% 53.87%
AVERAGE ANNUAL RETURN 15.45% 15.45%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 10.10 100.0000000 1010.00000 1000.00000
1 1995 10.37 100.1939864 1039.01164 1.41667 1027.30773
2 1995 10.66 100.1939864 1068.06790 1.45535 1054.58133
3 1995 11.37 100.1939864 1139.20563 1.49399 1123.32681
4 1995 11.23 100.1939864 1125.17847 1.59138 1107.90379
5 1995 11.55 100.1939864 1157.24054 1.56953 1137.90409
6 1995 12.48 100.1939864 1250.42095 1.61203 1227.91551
7 1995 13.43 100.1939864 1345.60524 1.73955 1319.64709
8 1995 13.76 100.1939864 1378.66925 1.86950 1350.20377
9 1995 14.36 100.1939864 1438.78565 1.91279 1407.16614
10 1995 14.58 100.1939864 1460.82832 1.99349 1426.73091
11 1995 15.05 100.1939864 1507.91950 2.02120 1470.70172
12 1995 15.23 100.1939864 1525.95441 2.08349 1486.20802
1 1996 15.14 102.8873732 1557.71483 2.10546 1515.03571
2 1996 15.59 102.8873732 1604.01415 2.14630 1557.92019
3 1996 16.19 102.8873732 1665.74657 2.20705 1615.67158
4 1996 16.47 102.8873732 1694.55504 2.28887 1641.32515
5 1996 16.82 102.8873732 1730.56562 2.32521 1673.87935
6 1996 16.84 102.8873732 1732.62336 2.37133 1673.49836
7 1996 15.65 102.8873732 1610.18739 2.37079 1552.86967
8 1996 16.45 102.8873732 1692.49729 2.19990 1630.04969
9 1996 17.38 102.8873732 1788.18255 2.30924 1719.89524
10 1996 17.27 102.8873732 1776.86493 2.43652 1706.57331
11 1996 17.98 102.8873732 1849.91497 2.41765 1774.31589
12 1996 17.67 103.7090635 1832.53915 2.51361 1755.13654
1 1997 17.99 103.7090635 1865.72605 2.48644 1784.43525
2 1997 17.91 103.7090635 1857.42933 2.52795 1773.97207
3 1997 16.90 103.7090635 1752.68317 2.51313 1671.41920
4 1997 17.05 103.7090635 1768.23953 2.36784 1683.88644
5 1997 18.33 103.7090635 1900.98713 2.38551 1807.91587
6 1997 19.25 103.7090635 1996.39947 2.56121 1896.09566
7 1997 20.25 103.7090635 2100.10854 2.68614 1991.90800
8 1997 19.82 103.7090635 2055.51364 2.82187 1946.78882
9 1997 21.23 103.7090635 2201.74342 2.75795 2082.52594
10 1997 20.61 103.7090635 2137.44380 2.95024 2018.75770
11 1997 20.82 103.7090635 2159.22270 2.85991 2036.46737
12 1997 21.35 103.9600535 2219.54714 2.88500 2090.47728
1 1998 21.33 103.9600535 2217.46794 2.96151 2085.55747
2 1998 23.40 103.9600535 2432.66525 2.95454 2284.99881
3 1998 24.99 103.9600535 2597.96174 3.23708 2437.02446
4 1998 24.42 103.9600535 2538.70451 3.45245 2377.98562
5 1998 23.35 103.9600535 2427.46725 3.36881 2270.42170
6 1998 25.00 103.9600535 2599.00134 3.21643 2427.64192
7 1998 23.94 103.9600535 2488.80368 3.43916 2321.27074
8 1998 19.06 103.9600535 1981.47862 3.28847 1844.80762
9 1998 19.79 103.9600535 2057.36946 2.61348 1912.85047
10 1998 21.51 103.9600535 2236.18075 2.70987 2076.39137
11 1998 22.57 103.9600535 2346.37841 2.94155 2175.77315
12 1998 24.74 106.3174243 2630.29308 3.08235 2435.96203
1 1999 25.28 106.3174243 2687.70449 3.45095 2485.68083
2 1999 24.20 106.3174243 2572.88167 3.52138 2375.96738
3 1999 24.90 106.3174243 2647.30387 3.36595 2441.32776
4 1999 25.41 106.3174243 2701.52575 3.45855 2487.87231
5 1999 26.11 106.3174243 2775.94795 3.52449 2552.88425
6 1999 27.47 106.3174243 2920.53965 3.61659 2682.24057
7 1999 26.29 106.3174243 2795.08509 3.79984 2563.22254
8 1999 24.04 106.3174243 2555.87088 3.63123 2340.22079
9 1999 24.14 106.3174243 2566.50262 3.31531 2346.64018
10 1999 25.36 106.3174243 2696.20988 3.32441 2461.91150
11 1999 25.88 106.3174243 2751.49494 3.48771 2508.90463
12 1999 26.18 113.2797268 2965.66325 3.55428 2700.63614
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 193.63%
GROSS ANNUAL RETURN = 24.04%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2700.64 2700.64
TOTAL RETURN 170.06% 170.06%
AVERAGE ANNUAL RETURN 21.98% 21.98%
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
1 1999 25.28 106.3174243 2687.70449 3.44130 2478.72940
2 1999 24.20 106.3174243 2572.88167 3.51153 2369.32278
3 1999 24.90 106.3174243 2647.30387 3.35654 2434.50037
4 1999 25.41 106.3174243 2701.52575 3.44888 2480.91476
5 1999 26.11 106.3174243 2775.94795 3.51463 2545.74489
6 1999 27.47 106.3174243 2920.53965 3.60647 2674.73945
7 1999 26.29 106.3174243 2795.08509 3.78921 2556.05426
8 1999 24.04 106.3174243 2555.87088 3.62108 2333.67616
9 1999 24.14 106.3174243 2566.50262 3.30604 2340.07759
10 1999 25.36 106.3174243 2696.20988 3.31511 2455.02655
11 1999 25.88 106.3174243 2751.49494 3.47795 2501.88826
12 1999 26.18 113.2797268 2965.66325 3.54434 2693.08357
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 196.57%
GROSS ANNUAL RETURN = 20.80%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2693.08 2693.08
TOTAL RETURN 169.31% 169.31%
AVERAGE ANNUAL RETURN 18.79% 18.79%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 19.82 103.7090635 2055.51364 1000.00000
9 1997 21.23 103.7090635 2201.74342 1.41667 1069.72360
10 1997 20.61 103.7090635 2137.44380 1.51544 1036.96799
11 1997 20.82 103.7090635 2159.22270 1.46904 1046.06486
12 1997 21.35 103.9600535 2219.54714 1.48193 1073.80793
1 1998 21.33 103.9600535 2217.46794 1.52123 1071.28079
2 1998 23.40 103.9600535 2432.66525 1.51765 1173.72710
3 1998 24.99 103.9600535 2597.96174 1.66278 1251.81758
4 1998 24.42 103.9600535 2538.70451 1.77341 1221.49131
5 1998 23.35 103.9600535 2427.46725 1.73045 1166.23933
6 1998 25.00 103.9600535 2599.00134 1.65217 1246.99808
7 1998 23.94 103.9600535 2488.80368 1.76658 1192.35878
8 1998 19.06 103.9600535 1981.47862 1.68917 947.61568
9 1998 19.79 103.9600535 2057.36946 1.34246 982.56701
10 1998 21.51 103.9600535 2236.18075 1.39197 1066.57247
11 1998 22.57 103.9600535 2346.37841 1.51098 1117.62155
12 1998 24.74 106.3174243 2630.29308 1.58330 1251.27184
1 1999 25.28 106.3174243 2687.70449 1.77264 1276.81071
2 1999 24.20 106.3174243 2572.88167 1.80882 1220.45461
3 1999 24.90 106.3174243 2647.30387 1.72898 1254.02803
4 1999 25.41 106.3174243 2701.52575 1.77654 1277.93641
5 1999 26.11 106.3174243 2775.94795 1.81041 1311.33086
6 1999 27.47 106.3174243 2920.53965 1.85772 1377.77685
7 1999 26.29 106.3174243 2795.08509 1.95185 1316.64128
8 1999 24.04 106.3174243 2555.87088 1.86524 1202.09278
9 1999 24.14 106.3174243 2566.50262 1.70296 1205.39020
10 1999 25.36 106.3174243 2696.20988 1.70764 1264.60121
11 1999 25.88 106.3174243 2751.49494 1.79152 1288.74000
12 1999 26.18 113.2797268 2965.66325 1.82571 1387.22603
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 44.28%
GROSS ANNUAL RETURN = 16.65%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1387.23 1387.23
TOTAL RETURN 38.72% 38.72%
AVERAGE ANNUAL RETURN 14.74% 14.74%
<PAGE>
TRP Personal Strategy Bal
12/1999
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
3/99 0.4600000000 15.85 3.560 126.232409
6/99 0.1400000000 16.18 1.092 127.324655
9/99 0.1200000000 15.71 0.973 128.297217
12/99 0.7300000000 15.55 6.023 134.320174
M and E Charge = 0.0014167
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 16.16 122.6722061 1982.38285 1000.00000
1 1999 16.14 122.6722061 1979.92941 1.41667 997.34571
2 1999 15.80 122.6722061 1938.22086 1.41291 974.92304
3 1999 15.77 126.2324089 1990.68509 1.38114 999.93135
4 1999 16.39 126.2324089 2068.94918 1.41657 1037.82724
5 1999 16.10 126.2324089 2032.34178 1.47026 1017.99397
6 1999 16.39 127.3246547 2086.85109 1.44216 1043.85536
7 1999 16.21 127.3246547 2063.93265 1.47880 1030.91262
8 1999 16.06 127.3246547 2044.83395 1.46046 1019.91257
9 1999 15.75 128.2972173 2020.68117 1.44488 1006.42088
10 1999 16.08 128.2972173 2063.01925 1.42576 1026.08203
11 1999 16.23 128.2972173 2082.26384 1.45362 1034.20008
12 1999 16.00 134.3201735 2149.12278 1.46512 1065.94186
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 8.41%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1065.94 1065.94
TOTAL RETURN 6.59% 6.59%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 16.16 122.6722061 1982.38285 1000.00000
1 1999 16.14 122.6722061 1979.92941 1.41667 997.34571
2 1999 15.80 122.6722061 1938.22086 1.41291 974.92304
3 1999 15.77 126.2324089 1990.68509 1.38114 999.93135
4 1999 16.39 126.2324089 2068.94918 1.41657 1037.82724
5 1999 16.10 126.2324089 2032.34178 1.47026 1017.99397
6 1999 16.39 127.3246547 2086.85109 1.44216 1043.85536
7 1999 16.21 127.3246547 2063.93265 1.47880 1030.91262
8 1999 16.06 127.3246547 2044.83395 1.46046 1019.91257
9 1999 15.75 128.2972173 2020.68117 1.44488 1006.42088
10 1999 16.08 128.2972173 2063.01925 1.42576 1026.08203
11 1999 16.23 128.2972173 2082.26384 1.45362 1034.20008
12 1999 16.00 134.3201735 2149.12278 1.46512 1065.94186
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 8.41%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1065.94 1065.94
TOTAL RETURN 6.59% 6.59%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 13.44 109.3317272 1469.41841 1000.00000
1 1997 13.64 109.3317272 1491.28476 1.41667 1013.46429
2 1997 13.75 109.3317272 1503.31125 1.43574 1020.20164
3 1997 13.30 110.2978396 1466.96127 1.44529 994.08794
4 1997 13.61 110.2978396 1501.15360 1.40829 1015.85012
5 1997 14.18 110.2978396 1564.02337 1.43912 1056.95579
6 1997 14.48 111.2119101 1610.34846 1.49735 1086.76460
7 1997 15.15 111.2119101 1684.86044 1.53958 1135.51039
8 1997 14.63 111.2119101 1627.03025 1.60864 1094.92714
9 1997 15.12 112.0962991 1694.89604 1.55115 1139.04700
10 1997 14.92 112.0962991 1672.47678 1.61365 1122.36659
11 1997 15.18 112.0962991 1701.62182 1.59002 1140.33524
12 1997 15.13 114.6371485 1734.46006 1.61547 1160.72618
1 1998 15.28 114.6371485 1751.65563 1.64436 1170.58934
2 1998 15.84 114.6371485 1815.85243 1.65833 1211.83219
3 1998 16.21 115.6284519 1874.33720 1.71676 1249.14598
4 1998 16.28 115.6284519 1882.43120 1.76962 1252.77057
5 1998 16.21 115.6284519 1874.33720 1.77476 1245.60921
6 1998 16.35 116.5523424 1905.63080 1.76461 1264.64106
7 1998 16.20 116.5523424 1888.14795 1.79157 1251.24728
8 1998 14.82 116.5523424 1727.30571 1.77260 1142.88695
9 1998 15.18 117.4623151 1783.07794 1.61909 1178.17004
10 1998 15.82 117.4623151 1858.25383 1.66907 1226.17348
11 1998 16.36 117.4623151 1921.68348 1.73708 1266.29062
12 1998 16.16 122.6722061 1982.38285 1.79391 1304.49448
1 1999 16.14 122.6722061 1979.92941 1.84803 1301.03197
2 1999 15.80 122.6722061 1938.22086 1.84313 1271.78172
3 1999 15.77 126.2324089 1990.68509 1.80169 1304.40493
4 1999 16.39 126.2324089 2068.94918 1.84791 1353.83990
5 1999 16.10 126.2324089 2032.34178 1.91794 1327.96751
6 1999 16.39 127.3246547 2086.85109 1.88129 1361.70355
7 1999 16.21 127.3246547 2063.93265 1.92908 1344.81982
8 1999 16.06 127.3246547 2044.83395 1.90516 1330.47031
9 1999 15.75 128.2972173 2020.68117 1.88483 1312.87048
10 1999 16.08 128.2972173 2063.01925 1.85990 1338.51834
11 1999 16.23 128.2972173 2082.26384 1.89623 1349.10829
12 1999 16.00 134.3201735 2149.12278 1.91124 1390.51526
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 46.26%
GROSS ANNUAL RETURN = 13.51%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1390.52 1390.52
TOTAL RETURN 39.05% 39.05%
AVERAGE ANNUAL RETURN 11.62% 11.62%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 10.00 100.0000000 1000.00000 1000.00000
1 1995 10.17 100.0000000 1017.00000 1.41667 1015.58333
2 1995 10.49 100.0000000 1049.00000 1.43874 1046.10001
3 1995 10.65 100.8411215 1073.95794 1.48197 1069.50699
4 1995 10.86 100.8411215 1095.13458 1.51513 1089.08072
5 1995 11.23 100.8411215 1132.44579 1.54286 1124.64282
6 1995 11.39 101.7264694 1158.66449 1.59324 1149.08761
7 1995 11.61 101.7264694 1181.04431 1.62787 1169.65458
8 1995 11.63 101.7264694 1183.07884 1.65701 1170.01248
9 1995 11.82 102.6779925 1213.65387 1.65752 1198.59231
10 1995 11.90 102.6779925 1221.86811 1.69801 1205.00660
11 1995 12.27 102.6779925 1259.85897 1.70709 1240.76610
12 1995 12.43 103.5067091 1286.58839 1.75775 1265.33270
1 1996 12.62 104.1707457 1314.63481 1.79255 1291.12321
2 1996 12.59 104.1707457 1311.50969 1.82909 1286.22489
3 1996 12.55 104.8342537 1315.66988 1.82215 1288.48272
4 1996 12.62 104.8342537 1323.00828 1.82535 1293.84413
5 1996 12.72 104.8342537 1333.49171 1.83295 1302.26351
6 1996 12.67 105.7502003 1339.85504 1.84487 1306.63295
7 1996 12.42 105.7502003 1313.41749 1.85106 1278.99987
8 1996 12.59 105.7502003 1331.39502 1.81192 1294.69439
9 1996 12.97 106.6477714 1383.22160 1.83415 1343.25819
10 1996 13.19 106.6477714 1406.68411 1.90295 1364.13988
11 1996 13.85 106.6477714 1477.07163 1.93253 1430.46605
12 1996 13.44 109.3317272 1469.41841 2.02649 1421.02782
1 1997 13.64 109.3317272 1491.28476 2.01312 1440.16094
2 1997 13.75 109.3317272 1503.31125 2.04023 1449.73492
3 1997 13.30 110.2978396 1466.96127 2.05379 1412.62662
4 1997 13.61 110.2978396 1501.15360 2.00122 1443.55128
5 1997 14.18 110.2978396 1564.02337 2.04503 1501.96357
6 1997 14.48 111.2119101 1610.34846 2.12778 1544.32273
7 1997 15.15 111.2119101 1684.86044 2.18779 1613.59186
8 1997 14.63 111.2119101 1627.03025 2.28592 1555.92192
9 1997 15.12 112.0962991 1694.89604 2.20422 1618.61747
10 1997 14.92 112.0962991 1672.47678 2.29304 1594.91414
11 1997 15.18 112.0962991 1701.62182 2.25946 1620.44809
12 1997 15.13 114.6371485 1734.46006 2.29563 1649.42419
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
1 1999 16.14 122.6722061 1979.92941 2.62611 1848.80262
2 1999 15.80 122.6722061 1938.22086 2.61914 1807.23721
3 1999 15.77 126.2324089 1990.68509 2.56025 1853.59569
4 1999 16.39 126.2324089 2068.94918 2.62593 1923.84416
5 1999 16.10 126.2324089 2032.34178 2.72545 1887.07877
6 1999 16.39 127.3246547 2086.85109 2.67336 1935.01862
7 1999 16.21 127.3246547 2063.93265 2.74128 1911.02638
8 1999 16.06 127.3246547 2044.83395 2.70729 1890.63532
9 1999 15.75 128.2972173 2020.68117 2.67840 1865.62547
10 1999 16.08 128.2972173 2063.01925 2.64297 1902.07180
11 1999 16.23 128.2972173 2082.26384 2.69460 1917.12040
12 1999 16.00 134.3201735 2149.12278 2.71592 1975.96087
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 114.91%
GROSS ANNUAL RETURN = 16.53%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1975.96 1975.96
TOTAL RETURN 97.60% 97.60%
AVERAGE ANNUAL RETURN 14.59% 14.59%
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
1 1999 16.14 122.6722061 1979.92941 2.62611 1848.80262
2 1999 15.80 122.6722061 1938.22086 2.61914 1807.23721
3 1999 15.77 126.2324089 1990.68509 2.56025 1853.59569
4 1999 16.39 126.2324089 2068.94918 2.62593 1923.84416
5 1999 16.10 126.2324089 2032.34178 2.72545 1887.07877
6 1999 16.39 127.3246547 2086.85109 2.67336 1935.01862
7 1999 16.21 127.3246547 2063.93265 2.74128 1911.02638
8 1999 16.06 127.3246547 2044.83395 2.70729 1890.63532
9 1999 15.75 128.2972173 2020.68117 2.67840 1865.62547
10 1999 16.08 128.2972173 2063.01925 2.64297 1902.07180
11 1999 16.23 128.2972173 2082.26384 2.69460 1917.12040
12 1999 16.00 134.3201735 2149.12278 2.71592 1975.96087
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 114.91%
GROSS ANNUAL RETURN = 16.52%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1975.96 1975.96
TOTAL RETURN 97.60% 97.60%
AVERAGE ANNUAL RETURN 14.58% 14.58%
Return for Product Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
8 1997 14.63 111.2119101 1627.03025 1000.00000
9 1997 15.12 112.0962991 1694.89604 1.41667 1040.29479
10 1997 14.92 112.0962991 1672.47678 1.47375 1025.06052
11 1997 15.18 112.0962991 1701.62182 1.45217 1041.47134
12 1997 15.13 114.6371485 1734.46006 1.47542 1060.09444
1 1998 15.28 114.6371485 1751.65563 1.50180 1069.10250
2 1998 15.84 114.6371485 1815.85243 1.51456 1106.76971
3 1998 16.21 115.6284519 1874.33720 1.56792 1140.84850
4 1998 16.28 115.6284519 1882.43120 1.61620 1144.15885
5 1998 16.21 115.6284519 1874.33720 1.62089 1137.61835
6 1998 16.35 116.5523424 1905.63080 1.61163 1155.00020
7 1998 16.20 116.5523424 1888.14795 1.63625 1142.76761
8 1998 14.82 116.5523424 1727.30571 1.61892 1043.80182
9 1998 15.18 117.4623151 1783.07794 1.47872 1076.02597
10 1998 15.82 117.4623151 1858.25383 1.52437 1119.86765
11 1998 16.36 117.4623151 1921.68348 1.58648 1156.50674
12 1998 16.16 122.6722061 1982.38285 1.63838 1191.39843
1 1999 16.14 122.6722061 1979.92941 1.68781 1188.23611
2 1999 15.80 122.6722061 1938.22086 1.68333 1161.52178
3 1999 15.77 126.2324089 1990.68509 1.64549 1191.31665
4 1999 16.39 126.2324089 2068.94918 1.68770 1236.46575
5 1999 16.10 126.2324089 2032.34178 1.75166 1212.83641
6 1999 16.39 127.3246547 2086.85109 1.71818 1243.64764
7 1999 16.21 127.3246547 2063.93265 1.76183 1228.22768
8 1999 16.06 127.3246547 2044.83395 1.73999 1215.12223
9 1999 15.75 128.2972173 2020.68117 1.72142 1199.04826
10 1999 16.08 128.2972173 2063.01925 1.69865 1222.47252
11 1999 16.23 128.2972173 2082.26384 1.73184 1232.14435
12 1999 16.00 134.3201735 2149.12278 1.74554 1269.96145
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 32.09%
GROSS ANNUAL RETURN = 12.40%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1269.96 1269.96
TOTAL RETURN 27.00% 27.00%
AVERAGE ANNUAL RETURN 10.56% 10.56%
