Supplement Dated June 16, 2000*
to the Statement of Additional Information Dated May 1, 2000
of Wells Fargo Advantage(SM) Builder Variable Annuity
The following information applies to contracts purchased in the state of Oregon.
1. The name of the product is changed from the Wells Fargo AdvantageSM
Builder Variable Annuity to the Advantage Builder Variable Annuity
throughout the Statement of Additional Information (SAI).
2. The Guaranteed Minimum Income Benefit Rider is not available under
contracts purchased in Oregon. Any reference in this prospectus to the
Guaranteed Minimum Income Benefit Rider, and any contract features or
benefits associated with the Guaranteed Minimum Income Benefit Rider
are deleted.
3. The six year withdrawal charge schedule is not available under
contracts purchased in Oregon. Any reference in this SAI to the six
year withdrawal charge schedule, and any contract features or benefits
associated with the six year withdrawal charge schedule are deleted.
<PAGE>
4. The performance figures on pages 10 of the SAI are deleted in their
entirety and replaced with the following information:
Average Annual Total Return (Without Purchase Payment Credits) For
Annuities Without Withdrawal and Selection of the Optional Enhanced
Death Benefit Rider For Periods Ending Dec. 31, 1999
<TABLE>
<CAPTION>
Performance Since Commencement of the
Fund*
Since
Subaccount Investing In: 1 Year 5 Years 10 Years Commencement
---------- ------------- ------ ------- -------- ------------
<S> <C> <C> <C> <C> <C>
AXPSM VARIABLE PORTFOLIO -
WBCA4 Blue Chip Advantage Fund (9/99)** --% --% --% 10.47%
WCAR4 Capital Resource Fund (10/81) 21.90 19.54 13.78 14.25
WDEI4 Diversified Equity Income Fund (9/99) -- -- -- 1.75
WEXI4 Extra Income Fund (5/96) 4.65 -- -- 3.93
WFDI4 Federal Income Fund (9/99) -- -- -- 0.13
WNDM4 New Dimensions Fund(R)(5/96) 30.04 -- -- 24.46
WSCA4 Small Cap Advantage Fund (9/99) -- -- -- 11.63
AIM V.I.
WCAP4 Capital Appreciation Fund (5/93) 42.52 23.72 -- 20.50
WVAL4 Value Fund (5/93) 27.99 25.33 -- 21.22
Dreyfus
WSRG4 The Dreyfus Socially Responsible Growth Fund, 28.18 26.78 -- 22.36
Inc. (10/93)
FRANKLIN TEMPLETON VIP TRUST
WISE4 Franklin Income Securities Fund - Class 2 ( -3.55 8.03 8.32 8.29
1/89)***
WRES4 Franklin Real Estate Fund - Class 2 (1/89)*** -7.78 6.36 7.37 7.04
WSMC4 Franklin Small Cap Fund - Class 2 (11/95)*** 103.30 -- -- 31.60
WMSS4 Mutual Shares Securities Fund - Class 2 ( 11.89 -- -- 9.19
11/96)***
GOLDMAN SACHS Variable Insurance Trust (VIT)
WUSE4 CORESM U.S. Equity Fund (2/98)**** 22.46 -- -- 18.93
WGLI4 Global Income Fund (1/98) -2.51 -- -- 2.03
WITO4 Internet Tollkeeper Fund (--/--;4/00)+ -- -- -- --
WMCV4 Mid Cap Value Fund (4/98) 4.65 -- -- -6.40
MFS(R)
WGIS4 Growth with Income Series (10/95) 5.09 -- -- 19.28
WUTS4 Utilities Series (1/95) 28.89 -- -- 24.59
PUTNAM VARIABLE TRUST
WIGR4 Putnam VT International Growth Fund - Class 57.73 -- -- 28.19
IB Shares (1/97)++
WVIS4 Putnam VT Vista Fund - Class IB Shares 50.48 -- -- 29.13
(1/97)++
WELLS FARGO VARIABLE TRUST
WAAL4 Asset Allocation Fund (4/94) 7.69 10.83 -- 9.23
WCBD4 Corporate Bond Fund (9/99) -- -- -- -0.64
WEQI4 Equity Income Fund (5/96) 6.29 -- -- 15.41
WEQV4 Equity Value Fund (5/98) -3.95 -- -- -5.19
WGRO4 Growth Fund (4/94) 18.64 21.73 -- 19.42
WLCG4 Large Company Growth Fund (9/99) -- -- -- 19.77
WMMK4 Money Market Fund (5/94) 2.89 3.30 -- 3.25
WSCG4 Small Cap Growth Fund (5/95) 63.90 -- -- 18.82
*Current applicable charges deducted from fund performance include a $30
contract administrative charge, a 1.10% mortality and expense risk fee, a
0.15% variable account administrative charge and a 0.20% Enhanced Death
Benefit Rider fee. Premium taxes are not reflected in the above total
returns.
**(Commencement date of the Fund)
***Class 2 shares were issued Jan. 6, 1999. Prior to Jan. 6, 1999, Class 2
performance represents the historical performance results of Class 1
shares. Performance of Class 2 shares for periods after its Jan. 6, 1999
inception reflect Class 2's additional 12b-1 fee expense, which also
affects all future performance. Figures assume reinvestment of dividends
and capital gains.
****CORESM is a service mark of Goldman, Sachs & Co.
+Fund had not commenced operations as of Dec. 31, 1999.
++Each of the above Funds' Class IB Shares commenced operations on April 30,
1998. For periods prior to the inception dates of the Funds' Class IB
Shares, the performance shown is based on the historical performance of the
Funds' Class IA Shares adjusted to reflect the current expenses of the
Funds' Class IB Shares, including a 12b-1 fee of 0.15%.
<PAGE>
*Valid until April 30, 2001.
5. The performance figures on pages 11 of the SAI are deleted in their
entirety and replaced with the following information:
Average Annual Total Return (Without Purchase Payment Credits) For
Annuities With Withdrawal and Selection of the Optional Enhanced Death
Benefit Rider For Periods Ending Dec. 31, 1999
Performance Since Commencement of the
Fund*
Since
Subaccount Investing In: 1 Year 5 Years 10 Years Commencement
---------- ------------- ------ ------- -------- ------------
AXPSM VARIABLE PORTFOLIO -
WBCA4 Blue Chip Advantage Fund (9/99)** --% --% --% 2.83%
WCAR4 Capital Resource Fund (10/81) 13.90 18.75 13.78 14.25
WDEI4 Diversified Equity Income Fund (9/99) -- -- -- -5.19
WEXI4 Extra Income Fund (5/96) -2.53 -- -- 1.95
WFDI4 Federal Income Fund (9/99) -- -- -- -6.68
WNDM4 New Dimensions Fund(R)(5/96) 22.04 -- -- 23.23
WSCA4 Small Cap Advantage Fund (9/99) -- -- -- 3.90
AIM V.I.
WCAP4 Capital Appreciation Fund (5/93) 34.52 23.03 -- 20.29
WVAL4 Value Fund (5/93) 19.99 24.68 -- 21.02
Dreyfus
WSRG4 The Dreyfus Socially Responsible Growth 20.18 26.15 -- 22.13
Fund, Inc. (10/93)
FRANKLIN TEMPLETON VIP TRUST
WISE4 Franklin Income Securities Fund - Class 2 -10.07 6.83 8.32 8.29
( 1/89)***
WRES4 Franklin Real Estate Fund - Class 2 -13.96 5.08 7.37 7.04
(1/89)***
WSMC4 Franklin Small Cap Fund - Class 2 95.30 -- -- 30.76
(11/95)***
WMSS4 Mutual Shares Securities Fund - Class 2 ( 4.14 -- -- 7.05
11/96)***
GOLDMAN SACHS Variable Insurance Trust (VIT)
WUSE4 CORESM U.S. Equity Fund (2/98)**** 14.46 -- -- 15.22
WGLI4 Global Income Fund (1/98) -9.11 -- -- -1.53
WITO4 Internet Tollkeeper Fund (--/--;4/00)+ -- -- -- --
WMCV4 Mid Cap Value Fund (4/98) -2.52 -- -- -10.24
MFS(R)
WGIS4 Growth with Income Series (10/95) -2.11 -- -- 18.20
WUTS4 Utilities Series (1/95) 20.89 -- -- 23.92
PUTNAM VARIABLE TRUST
WIGR4 Putnam VT International Growth Fund - 49.73 -- -- 26.54
Class IB Shares (1/97)++
WVIS4 Putnam VT Vista Fund - Class IB Shares 42.48 -- -- 27.51
(1/97)++`
WELLS FARGO VARIABLE TRUST
WAAL4 Asset Allocation Fund (4/94) 0.28 9.75 -- 8.53
WCBD4 Corporate Bond Fund (9/99) -- -- -- -7.39
WEQI4 Equity Income Fund (5/96) -1.01 -- -- 13.88
WEQV4 Equity Value Fund (5/98) -10.44 -- -- -9.05
WGRO4 Growth Fund (4/94) 10.64 20.99 -- 18.97
WLCG4 Large Company Growth Fund (9/99) -- -- -- 11.77
WMMK4 Money Market Fund (5/94) -4.14 1.86 -- 2.31
WSCG4 Small Cap Growth Fund (5/95) 55.90 -- -- 17.88
</TABLE>
*Current applicable charges deducted from fund performance include a $30
contract administrative charge, a 1.10% mortality and expense risk fee, a
0.15% variable account administrative charge, a 0.20% Enhanced Death
Benefit Rider fee, and applicable withdrawal charges associated with the
eight-year withdrawal charge schedule. Premium taxes are not reflected in
the above total returns.
**(Commencement date of the Fund)
***Class 2 shares were issued Jan. 6, 1999. Prior to Jan. 6, 1999, Class 2
performance represents the historical performance results of Class 1
shares. Performance of Class 2 shares for periods after its Jan. 6, 1999
inception reflect Class 2's additional 12b-1 fee expense, which also
affects all future performance. Figures assume reinvestment of dividends
and capital gains.
****CORESM is a service mark of Goldman, Sachs & Co.
+Fund had not commenced operations as of Dec. 31, 1999.
++Each of the above Funds' Class IB Shares commenced operations on April 30,
1998. For periods prior to the inception dates of the Funds' Class IB
Shares, the performance shown is based on the historical performance of the
Funds' Class IA Shares adjusted to reflect the current expenses of the
Funds' Class IB Shares, including a 12b-1 fee of 0.15%.
