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MAY 30,2000 SUPPLEMENT TO THE MAY 1,2000 CITIELITE ANNUITY PROSPECTUS
The following paragraphs replace the first three paragraphs under "The Funding
Options" subsection of "The Annuity Contract" section of your prospectus.
THE FUNDING OPTIONS
You choose which of the following variable funding options to have your purchase
payments allocated to. These funding options are subsections of the Separate
Account, which invest in the underlying mutual funds ("underlying funds"). You
will find detailed information about the options and their inherent risks in
the current prospectus for the funding options which must accompany this
prospectus. The Company has entered into agreements with either the investment
adviser or distributor of certain of the underlying funds in which the adviser
or distributor pays us a fee for providing administrative services, which fee
may vary. The fee is ordinarily based upon an annual percentage of the average
aggregate net amount invested in the underlying funds on behalf of the Separate
Account. You are not investing directly in the underlying fund. Since each
option has varying degrees of risk, please read the prospecutses carefully
before investing. Contact your registered representative or call (800)497-4857
to request additional copies of the prospectuses.
If any of the funding options become unavailable for allocating purchase
payments, or if we believe that further investment in a funding option is
inappropriate for the purposes of the Contract, we may substitute another
funding option. However, we will not make any substitutions without notifying
you and obtaining any state and SEC approval, if necessary. From time to time,
we may make new funding options available.
The current variable funding options are listed below, along with their
investment adviser and any subadviser:
