As filed with the Securities and Exchange Commission on April 26, 1999
Registration No. 33-98062
811-8814
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. 9
COMPANION LIFE SEPARATE ACCOUNT C
(Exact Name of Registrant)
COMPANION LIFE INSURANCE COMPANY
(Name of Depositor)
401 Theodore Fremd Avenue, Rye, New York 10580-1493
(Address of Depositor's Principal Executive Offices)
Depositor's Telephone Number, including Area Code
(402) 351-5087
Name and Address of Agent for Service:
Kenneth W. Reitz, Esquire
Mutual of Omaha Companies
Mutual of Omaha Plaza, 3-Law
Omaha, Nebraska, 68175-1008
Internet: [email protected]
It is proposed that this filing will become effective (check appropriate
box):
[ ] immediately upon filing pursuant to paragraph (b)
[x] on May 1, 1999 pursuant to paragraph (b)
[ ] 60 days after filing pursuant to paragraph (a)(i)
[ ] on the 80th day after filing pursuant to paragraph (a)(i)
If appropriate, check the following box:
[x] This Post-Effective Amendment designates a new effective date for
a previously filed Post-Effective Amendment.
<PAGE>
CROSS REFERENCE SHEET
Pursuant to Rule 495
Showing Location in Part A (Prospectus) and
Part B (Statement of Additional Information)
of Registration Statement of Information Required by Form N-4
PART A
Item of Form N-4 Prospectus Caption
1. Cover Page................................ Cover Page
2. Definitions............................... Definitions
3. Synopsis.................................. Introduction and Summary
4. Condensed Financial Information........... Financial Statements
5. General
(a) Depositor................................. About Us
(b) Registrant................................ Variable Investment Options
(c) Portfolio Company......................... Variable Investment Options
(d) Fund Prospectus........................... Variable Investment Options
(e) Voting Rights............................. Voting Rights
6. Deductions and Expenses
(a) General................................... Expenses
(b) Sales Load %.............................. Withdrawal Charge
(c) Special Purchase Plan..................... N/A
(d) Commissions............................... Distributor of the Policies
(e) Expenses - Registrant..................... N/A
(f) Fund Expenses............................. Other Expenses; Investment
Advisory Fees
(g) Organizational Expenses................... N/A
7. Policies
(a) Persons with Rights....................... Important Policy Provisions;
Policy Distributions; Voting
Rights
(b) (i) Allocation of Premium
Payments............................ Introduction and Summary:
Purchase Payment Flow Chart;
Investment Options; Dollar
Cost Averaging; Systematic
Transfer Enrollment Program
(ii) Transfers........................... Transfers
(iii) Exchanges........................... N/A
(c) Changes................................... Adding, Deleting or
Substituting Variable
Investments; Selecting an
Annuity Payout Option;
Annuity Starting Date
(d) Inquiries................................. Miscellaneous: Do You Have
Questions?
8. Annuity Period............................ Annuity Payout Options
9. Death Benefit............................. Death Benefits
10. Purchase and Policy Values
(a) Purchases................................. Policy Application and
Issuance
(b) Valuation................................. Accumulation Value
(c) Daily Calculation......................... Accumulation Value
(d) Underwriter............................... Distributor of the Policies
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................................. Summary
12. Taxes..................................... Federal Tax Matters
13. Legal Proceedings......................... Legal Proceedings
14. Table of Contents for the
Statement of Statement of Additional
Additional Information........................ Information
PART B
Item of Form N-4 Statement of Additional
Information Caption
15. Cover Page................................ Cover Page
16. Table of Contents......................... Table of Contents
17. General Information
and History................................... (Prospectus) About Us
18. Services
(a) Fees and Expenses
of Registrant............................. N/A
(b) Management Policies....................... N/A
(c) Custodian................................. Custody of Assets
Independent
Auditors ................................ Financial Statements
(d) Assets of Registrant...................... Custody of Assets
(e) Affiliated Person......................... N/A
(f) Principal Underwriter..................... Distribution of the Policies
19. Purchase of Securities
Being Offered................................. Distribution of the Policies
Offering Sales Load........................... N/A
20. Underwriters.............................. Distribution of the Policies;
(Prospectus) Distributor of
the Policies
21. Calculation of Performance
Data Calculation of Yields and Total Returns; Other 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................. Directors and Officers of the
the Depositor................................. Depositor
26. Persons Controlled By or Under Common Persons Controlled By or
Control with the Depositor or Registrant ..... Under Common Control with the
Depositor or Registrant
27. Number of Policy Owners................... Number of Policy Owners
28. Indemnification........................... Indemnification
29. Principal Underwriters.................... Principal Underwriters
30. Location of Accounts
and Records................................... Location of Accounts and
Records
31. Management Services....................... Management Services
32. Undertakings.............................. Undertakings
Signature Page................................ Signatures
4
<PAGE>
Companion PROSPECTUS: May 1, 1999
of New York
A Mutual of Omaha Company ULTRANNUITY SERIES V
Flexible Payment
Variable Deferred Annuity Policy
This prospectus describes the ULTRANNUITY SERIES V, a variable annuity
policy offered by Companion Life Insurance Company. To purchase a Policy,
generally you must invest at least $5,000. Further investment is optional.
<TABLE>
<CAPTION>
<S> <C>
The Policy includes 25 variable options (where you
The investment portfolios offered have the investment risk) with investment portfolios
through the Policy may have names that from:
are nearly the same or similar to the
names of retail mutual funds. However, ss. Alger American Fund
these investment portfolios are not the ss. Federated's Insurance Management Series
same as those retail mutual funds, even ss. Fidelity's VIP Fund and VIP Fund II
though they have similar names and ss. MFS Variable Insurance Trust
characteristics and the same managers. ss. Morgan Stanley Dean Witter Universal Funds
The investment performance of these ss. Pioneer Variable Contracts Trust
investment portfolios is not necessarily ss. Scudder Variable Life Investment Fund
related to the performance of the retail ss. T.Rowe Price Equity Series, Fixed Income Series
mutual funds. The investment portfolios and International Series
are described in separate prospectuses
that accompany this prospectus. and a fixed rate option (where we have the
investment risk).
</TABLE>
The variable options are not direct investments in mutual fund shares, but
are offered through subaccounts of Companion Life Separate Account C. The value
of your Policy will go up or down based on the investment performance of the
variable options that you choose.
Please Read this Prospectus Carefully. It provides
information you should consider before investing in a
Policy. Keep this prospectus and the other prospectuses for
the investment portfolios for future reference.
A Statement of Additional Information about us and the Policy, with the same
date as this Prospectus, is on file with the Securities and Exchange Commission
("SEC") and is incorporated into this prospectus by reference. You may obtain a
copy by writing or calling us, or you may access it in our registration on the
SEC's Web site (HTTP://WWW.SEC.GOV), or you may review and copy it at the SEC's
Public Reference Room in Washington D.C. (call the SEC at 1-800-SEC-0330 for
details and public hours). The Table of Contents for the Statement of Additional
Information is at the end of this prospectus.
The SEC does not pass upon the accuracy or adequacy of this prospectus, and has
not approved or disapproved the Policy. Any representation to the contrary is a
criminal offense.
Remember that the Policy and the investment portfolios:
o are subject to risk, including possible loss of principal
o are not bank deposits
o are not government insured
o are not endorsed by any bank or government agency
o may not achieve their goals
<PAGE>
CONTENTS
Page(s)
--------
DEFINITIONS 3
------------------------------------------------ --------
INTRODUCTION AND SUMMARY 4-8
Comparison to Other Policies and
Investments
How the Policy Operates
Summary of Expense Charges
Examples of Expenses
------------------------------------------------ --------
FINANCIAL STATEMENTS 9-10
------------------------------------------------ --------
ABOUT US 11
------------------------------------------------ --------
INVESTMENT OPTIONS 12-18
Variable Investment Options
Fixed Rate Option
Transfers
Dollar Cost Averaging
Asset Allocation Program
Rebalancing Program
------------------------------------------------ --------
IMPORTANT POLICY PROVISIONS 19-21
Policy Application and Issuance
Accumulation Value
Telephone Transactions
Death of Annuitant
Minor Owner or Beneficiary
Policy Termination
------------------------------------------------ --------
EXPENSES 22-23
Withdrawal Charge
Mortality and Expense Risk Charge
Administrative Charges
Transfer Fee
Other Taxes
Other Expenses
------------------------------------------------ --------
POLICY DISTRIBUTIONS 24-28
Withdrawals
Annuity Payments
Death Benefits
------------------------------------------------ --------
FEDERAL TAX MATTERS 28-31
------------------------------------------------ --------
MISCELLANEOUS 31
Distributor of the Policies
Voting Rights
Year 2000 Issues
Legal Proceedings
Do You Have Questions?
------------------------------------------------ --------
Statement of Additional Information Table of 32-50
Contents
2
<PAGE>
- -----------------------------------------------------------
DEFINITIONS
Accumulation Value is the dollar value of all amounts accumulated under the
Policy (in both the variable investment options and the fixed rate option).
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 90th Birthday.
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 Withdrawal Charge, any
Policy Fee.
Owner is you --- the person(s) who may exercise all rights and privileges under
the Policy. If there are joint Owners, the signatures of both Owners are needed
to exercise rights under the Policy.
Policy Year -- A Policy Year begins on the Date of Issue and each Policy
anniversary.
Series Funds are diversified, open-end investment management companies in which
the Variable Account invests. Each Series Fund has a number of different
investment portfolios.
Subaccount is a segregated account within the Variable Account investing in a
specified investment portfolio of one of the Series Funds.
Us, We, Our is Companion 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 -- Companion Life Separate Account C, a separate account
maintained by us.
Written Notice or Request -- Written Notice, signed by you, that gives us the
information we require and is received at Companion, Variable Product Service,
P.O. Box 3664, Omaha, Nebraska 68103-0664.
- -----------------------------------------------------------
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 option is 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 Ultrannuity Policy is a contract between you and Companion Life
Insurance Company. It is a variable annuity policy, which means that you can
allocate your investment to up to 25 different variable investment portfolios,
where you can gain or lose money on your investment. You can also allocate your
investment to a fixed rate option, where we guarantee you will earn a fixed rate
of interest. It is a deferred annuity, which means it has two phases: an
accumulation (or deferral) phase and an annuity payout phase.
During the accumulation phase, any earnings that you leave in the policy are
not taxed. During this phase you can put additional money into the Policy,
transfer amounts among the investment options, and withdraw some or all of the
value of your Policy. Some restrictions may apply to transfers (especially to
transfers out of the fixed rate option). Withdrawals may be subject to a
withdrawal charge, they may be taxable, and a penalty tax may apply.
The accumulation phase ends and the annuity payout phase begins on the
Annuity Starting Date that you select. During the annuity payout phase, we will
make periodic payments to you. You can select payments that are guaranteed to
last for your entire life or for some other period. You can select payments that
vary in amount, depending on the investment performance of the portfolios you
pick, or payments that are fixed in amount. Some or all of each payment will be
taxable.
o COMPARISON TO OTHER POLICIES AND INVESTMENTS
Compared to fixed annuities. Like fixed-interest annuities, the Policy:
o offers the ability to accumulate capital on a tax-deferred basis;
o offers the ability to have a guaranteed minimum return on your
investment (if you choose a fixed rate option);
o allows you to make partial or full withdrawals from your Policy;
o and can provide annuity payments for the rest of your life or for some
other period.
The Policy is different from fixed-interest annuities in that, to the extent
you select variable investment options, your Accumulation Value will reflect the
investment experience of the selected variable investment options, so you have
both the investment risk and opportunity, not us.
Compared to mutual funds. Although the underlying investment portfolios
operate like mutual funds and have the same investment risk, in many ways the
Policy differs from mutual fund investments. The main differences are:
o The Policy provides a death benefit that could be higher than the
value of the Policy.
o Insurance-related charges not associated with direct mutual fund
investments are deducted from the Policy.
o Federal income tax liability on any earnings generally is deferred
until you receive a distribution from the Policy. You can make
transfers from one underlying investment portfolio to another without
tax liability (under current law).
o Dividends and capital gains distributed by the investment portfolios
are automatically reinvested Withdrawals before age 59 1/2 generally
are subject to a 10% federal tax penalty. Also, Policy earnings that
would be treated as capital gains in a mutual fund are treated as
ordinary income when distributed, although taxation of them is
deferred until such earnings are distributed. Taxable earnings are
considered to be paid out first followed by the return of your
investment.
o New York insurance law grants you 10 days to review your policy and
cancel it. The terms of this "right to examine" period are stated on
the cover of your Policy.
4
<PAGE>
HOW THE POLICY OPERATES
The following chart summarizes how the Policy operates. For complete
information, refer to specific sections of this prospectus.
--------------------------------------------------
PURCHASE PAYMENT FLOW CHART
--------------------------------------------------
PURCHASE PAYMENTS
o Minimum initial purchase payment is $5,000
($2,000 if you elect to make electronic funds
transfer payments of at least $100 per month, or
quarterly, semiannual or annual payment
equivalents).
o Minimum additional Purchase Payment is $500.
o No purchase payments after earlier of the
Annuity Starting Date or your 83rd birthday.
--------------------------------------------------
------------------------------------------------------------------
DEDUCTIONS BEFORE ALLOCATING PURCHASE PAYMENTS
None.
------------------------------------------------------------------
----------------------------------------------------------------------------
INVESTMENT OF PURCHASE PAYMENTS
You direct the allocation of all purchase payments among 25 Subaccounts of
the Variable Account and the Fixed Account. Each Subaccount invests in a
corresponding investment portfolio of one of the Series Funds.
----------------------------------------------------------------------------
-----------------------------------------------------------------------------
DEDUCTIONS FROM ASSETS
o Daily charges deducted from the net assets in the Variable Account equal an
annual rate of
- 1.00% for our mortality and expense risk;
- 0.20% for our administrative expenses;
o Annual Policy Fee of $30 per year (waived if Accumulation Value is more
than $50,000 on the Policy anniversary).
o $10 transfer fee (first 12 transfers per year are free).
o Investment advisory fees and fund expenses are deducted from the assets
of each investment portfolio.
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
ACCUMULATION VALUE
o Your Accumulation Value is equal to your purchase payments adjusted
up or down each Business Day to reflect the Subaccounts' investment
experience, charges deducted and other Policy transactions (such as
partial withdrawals).
o Accumulation Value may vary daily. There is no minimum guaranteed
Accumulation Value for the variable options.
o Accumulation Value can be transferred among the Subaccounts and the
Fixed Account.
o Dollar cost averaging and asset rebalancing programs are available.
o Accumulation Value is the starting point for calculating the Cash
Surrender Value and the death benefit amount.
-----------------------------------------------------------------------------
5
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
- --------------------------------------------------------------------------------- ------------------------
ACCUMULATION VALUE BENEFITS DEATH BENEFITS
o You can withdraw all or part of the Cash Surrender Value. (The Cash
Surrender Value is the Accumulation Value less any applicable withdrawal o Available as a
charge or Policy fee.) Each Policy Year, up to 15% of the Accumulation lump- sum or under
Value as of the date of the first withdrawal that year may be withdrawn a variety of
without a Withdrawal Charge. Thereafter, the Withdrawal Charge is payment options.
calculated separately for each purchase payment withdrawn based on the
number of years elapsed since the purchase payment was made; it is 7% in
the first year after a purchase payment is made and then decreases by 1%
in each successive year to 0% after the seventh year. (Income taxes and
penalties may apply.)
o Fixed and variable Annuity Payout Options are available.
- --------------------------------------------------------------------------------- ------------------------
</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.
Policy Owner Transaction Expenses
o Maximum Withdrawal Charge 7%
(as a % of each purchase payment withdrawn) 1
o Transfer Fee - First 12 Transfers Per Year: NO FEE
- Over 12 Transfers in One Year: $10 each
Variable Account Annual Expenses
(deducted daily to equal this annual % of Accumulation Value)
o Mortality and Expense Risk Fees 1.00%
o Administrative Expense Charge 0.20%
Total Variable Account Annual Expenses 1.20%
Other Annual Expenses
o Annual Policy Fee $30 Per Year
(waived if Accumulation Value is greater than
$50,000 on the Policy Anniversary)
Series Fund Annual Expenses
o The following table shows the expenses for each investment
portfolio for 1998. Expenses could be higher (or lower) in the
future. These expenses may reflect fee waivers and/or expense
reimbursements. Fee waivers and expense reimbursements could stop
at any time.
1 Each Policy year up to fifteen percent (15%) of the Accumulation Value as of
the date of the first withdrawal that year can be withdrawn without a Withdrawal
Charge. Thereafter, the Withdrawal Charge is calculated separately for each
purchase payment withdrawn based on the number of years elapsed since the
purchase payment was made; it is 7% in the first year after a purchase payment
is made and then decreases by 1% in each successive year to 0% after the seventh
year.
6
<PAGE>
<TABLE>
<CAPTION>
Series Fund Annual Expenses1 Management Other Expenses Total Portfolio
(as a percentage of average net assets) Fees ( after Annual Expenses
(after fee expense (after fee waiver
Portfolio: waiver)(a) reimbursement)(a) and expense
reimbursement)(a)
- ------------------------------------------------- ---------------- ---------------- ===================
<S> <C> <C> <C>
Alger American Growth 0.75% 0.04% 0.79%
Alger American Small Capitalization 0.85% 0.04% 0.89%
Federated Prime Money Fund II (a) 0.49% 0.31% 0.80%
Federated Fund for U.S. Government
Securities II (a) 0.52% 0.33% 0.85%
Fidelity VIP II Asset Manager: Growth (a) 0.59% 0.13% 0.72%
Fidelity VIP II Contrafund (a) 0.59% 0.07% 0.66%
Fidelity VIP Equity Income (a) 0.49% 0.08% 0.57%
Fidelity VIP II Index 500 (a) 0.24% 0.04% 0.28%
MFS Capital Opportunities Series (a) 0.75% 0.25% 1.00%
MFS Emerging Growth Series 0.75% 0.10% 0.85%
MFS Global Governments Series (a) 0.75% 0.25% 1.00%
MFS High Income Series (a) 0.75% 0.25% 1.00%
MFS Research Series 0.75% 0.11% 0.86%
MSDW Emerging Markets Equity (a) 0.00% 1.95% 1.95%
MSDW Fixed Income (a) 0.06% 0.64% 0.70%
Pioneer Capital Growth 0.65% 0.09% 0.74%
Pioneer Real Estate Growth (a) 1.00% 0.19% 1.19%
Scudder VLIF Global Discovery (a), (b) 0.91% 1.06% 1.97%
Scudder VLIF Growth & Income (c) 0.47% 0.32% 0.79%
Scudder VLIF International 0.87% 0.18% 1.05%
T. Rowe Price Equity Income (d) 0.00% 0.85% 0.85%
T. Rowe Price International Stock (d) 0.00% 1.05% 1.05%
T. Rowe Price Limited-Term Bond (d) 0.00% 0.70% 0.70%
T. Rowe Price New America Growth (d) 0.00% 0.85% 0.85%
T. Rowe Price Personal Strategy Balanced (d) 0.00% 0.90% 0.90%
=======================================================================================================
(a) Without fee waiver or expense reimbursement limits the following funds would
have had the charges set forth below:
Total Portfolio
Portfolio Management Fees Other Expenses Annual Expenses
--------------------------------------
------------------ --------------- ===================
Federated Prime Money Fund II 0.50% 0.31% 0.81%
Federated Fund for U.S. Government 0.60% 0.33% 0.93%
Securities II 0.59% 0.14% 0.73%
Fidelity VIP II Asset Manager: Growth 0.59% 0.11% 0.70%
Fidelity VIP II Contrafund 0.49% 0.09% 0.58%
Fidelity VIP Equity Income 0.24% 0.11% 0.35%
Fidelity VIP II Index 500 0.75% 0.36% 1.11%
MFS Capital Opportunities Series 0.75% 0.36% 1.11%
MFS Global Governments Series 0.75% 0.21% 0.96%
MFS High Income Series 1.25% 2.20% 3.45%
MSDW Emerging Markets Equity 0.40% 0.64% 1.04%
MSDW Fixed Income 1.00% 0.20% 1.20%
Pioneer Real Estate Growth 0.97% 1.06% 2.03%
Scudder VLIF Global Discovery
-------------------------------------- ------------------ --------------- ===================
</TABLE>
(b) Other Expenses include a 0.25% 12b-1 fee assessed for payment of
distribution administration expenses.
(c) Other Expenses include a 0.23% 12b-1 fee assessed for payment of
distribution administration expenses.
(d) T. Rowe Price Funds do not itemize management fees and other expenses.
===========================================================================
2 The fee and expense data regarding each Series Fund, which are fees and
expenses for 1998, was provided to Companion by the Series Fund. The Series
Funds are not affiliated with Companion. We have not independently verified
these figures.
7
<PAGE>
o EXAMPLES OF EXPENSES
The following tables contain examples of the overall expenses you would pay,
in different situations, over different time periods. These examples are based
on certain assumptions, so your actual expenses will, in all likelihood, be
different. These examples can help you compare the expenses of the Ultrannuity
Series V Policy with expenses of other variable annuity policies.
<TABLE>
<CAPTION>
======================== ====================== ------------------
Examples1 1. Surrender Policy 2. Annuitize Policy 3.Policyis
An Owner would pay the following at end of the time at the end of the not surrendered
expenses on a $1,000 investment, period or annuitize time period and and is not
assuming a 5% annual return on and Annuity Option 4 Annuity Option 4 annuitized
assets if: (Lifetime Income) is (Lifetime Income) IS
NOT chosen chosen
- ------------------------------------ ======================== ====================== ------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Portfolio 1Yr 3Yr 5Yr 10Yr 1Yr 3Yr 5Yr 10Yr 1Yr 3Yr 5Yr 10Yr
==================================== ----- ----- ----- ------ ---- ----- ----- ----- ----- ---- ----- ======
Alger American Growth $83 115 148 260 $83 66 115 260 $21 66 115 260
Alger American Small Capitalization 84 118 153 273 84 69 120 273 22 69 120 273
- ------------------------------------ ----- ----- ----- ------ ---- ----- ----- ----- ----- ---- ----- ======
Federated Prime Money Fund II 83 115 148 262 83 66 116 262 21 66 116 262
Federated Fund for U.S. Government
Securities II 84 117 151 268 84 68 118 268 22 68 118 268
- ------------------------------------ ----- ----- ----- ------ ---- ----- ----- ----- ----- ---- ----- ======
Fidelity VIP II Asset Manager Growth 83 113 144 251 83 64 111 251 20 64 111 251
Fidelity VIP II Contrafund 82 111 140 244 82 62 108 244 20 62 108 244
Fidelity VIP Equity Income 81 108 135 233 81 59 103 233 19 59 103 233
Fidelity VIP II Index 500 78 99 119 196 78 50 87 196 16 50 87 196
- ------------------------------------ ----- ----- ----- ------ ---- ----- ----- ----- ----- ---- ----- ======
MFS Emerging Growth Series 85 122 159 287 85 72 127 287 23 72 127 287
MFS High Income Series 84 117 151 268 84 68 118 268 22 68 118 268
MFS Research Series 85 122 159 287 85 72 127 287 23 72 127 287
MFS Capital Opportunities Series 85 122 159 287 85 72 127 287 23 72 127 287
MFS Global Governments Series 84 117 151 269 84 68 119 269 22 68 119 269
- ------------------------------------ ----- ----- ----- ------ ---- ----- ----- ----- ----- ---- ----- ======
MSDW Emerging Markets Equity 95 152 212 406 95 102 179 406 33 102 179 406
MSDW Fixed Income 82 112 143 249 82 63 110 249 20 63 110 249
- ------------------------------------ ----- ----- ----- ------ ---- ----- ----- ----- ----- ---- ----- ======
Pioneer Capital Growth 83 113 145 254 83 64 112 254 20 64 112 254
Pioneer Real Estate Growth 87 128 170 311 87 78 137 311 25 78 137 311
- ------------------------------------ ----- ----- ----- ------ ---- ----- ----- ----- ----- ---- ----- ======
Scudder VLIF Global Discovery 95 152 213 409 95 103 180 409 33 103 180 409
Scudder VLIF Growth & Income 83 115 148 260 83 66 115 260 21 66 115 260
Scudder VLIF International 86 123 162 293 86 74 129 293 24 74 129 293
- ------------------------------------ ----- ----- ----- ------ ---- ----- ----- ----- ----- ---- ----- ======
T. Rowe Price Equity Income 84 117 151 268 84 68 118 268 22 68 118 268
T. Rowe Price International Stock 86 123 162 293 86 74 129 293 24 74 129 293
T. Rowe Price Limited-Term Bond 82 112 143 249 82 63 110 249 20 63 110 249
T. Rowe Price New America Growth 84 117 151 268 84 68 118 268 22 68 118 268
T. Rowe Price Personal Strategy
Balanced 84 118 154 274 84 69 121 274 22 69 121 274
==================================== ===== ===== ===== ====== ==== ===== ===== ===== ===== ==== ===== ======
</TABLE>
These examples should not be considered representations of past or future
expenses. Actual expenses paid may be greater than or less than those shown,
subject to the guarantees in the Policy. The assumed 5% annual rate of return is
hypothetical and should not be considered a representation of past or future
annual returns, which may be greater or less than this assumed rate.
For more detailed information about the Policy,
please read the rest of this Prospectus and the Policy.
3 The $30 annual Policy Fee is reflected as a daily 0.10% charge
in these Examples, based on an average Accumulation Value of $30,000.
8
<PAGE>
FINANCIAL STATEMENTS
The Financial Statements for Companion and the Variable Account and the
related independent auditor's reports are contained in the Statement of
Additional Information. (See the cover page on how to get a copy.) At December
31, 1998, net assets of the Subaccounts were represented by the following
Accumulation Unit Values and Accumulation Units. This information should be read
in conjunction with the Variable Account's financial statements and related
notes included in the Statement of Additional Information.
<TABLE>
<CAPTION>
Accumulation Unit Accumulation Unit Number of
Subaccount Value on Value at End of Accumulation Units
(Date of Inception) Commencement Date Year at End of Year**
($)* (December 31) (December 31)
($)*
- ------------------------------------------- -------- --------------------- ---------------------
<S> <C> <C> <C>
Alger American Growth (12/13/96) 12.972
1996..................................... 13.071 0
1997..................................... 16.240 26,564
1998..................................... 23.759 74,076
Alger American Small Capitalization 12.400
(12/13/96)
1996..................................... 12.448 0
1997..................................... 13.690 16,717
1998..................................... 15.638 36,378
Federated Prime Money Fund II (12/13/96) 1.057
1996..................................... 1.059 0
1997..................................... 1.098 410,506
1998..................................... 1.138 1,234,433
Federated Fund for U.S. Government 10.901
Securities II (12/13/96)
1996..................................... 10.882 0
1997..................................... 11.674 31,521
1998..................................... 12.417 115,478
Fidelity VIP II Asset Manager: Growth 13.346
(12/13/96)
1996..................................... 13.353 0
1997..................................... 16.500 58,425
1998..................................... 19.167 121,890
Fidelity VIP II Contrafund (12/13/96) 13.704
1996..................................... 14.070 0
1997..................................... 17.257 27,082
1998..................................... 22.162 43,182
Fidelity VIP Equity Income (12/13/96) 12.900
1996..................................... 13.090 0
1997..................................... 16.571 48,536
1998..................................... 18.276 122,503
Fidelity VIP II Index 500 (5/1/98) 14.036
1997..................................... 12.166 N/A
1998..................................... 15.425 22,471
MFS Emerging Growth Series (12/13/96) 13.637
1996..................................... 13.480 0
1997..................................... 16.230 21,242
1998..................................... 21.521 52,838
MFS High Income Series (12/13/96) 11.517
1996..................................... 11.548 0
1997..................................... 12.960 17,267
1998..................................... 12.782 27,426
9
<PAGE>
MFS Research Series (12/13/96) 13.093
1996..................................... 13.277 0
1997..................................... 15.775 30,779
1998..................................... 19.231 62,140
MFS Capital Opportunities Series (5/1/98) 14.829
1997..................................... 12.394 292,197
1998..................................... 15.528 8,136
MFS Global Governments Series (12/13/96) 10.503
1996..................................... 10.527 0
1997..................................... 10.283 14,907
1998..................................... 10.963 39,700
MSDW Emerging Markets Equity (5/1/99) N/A
1998 N/A N/A
MSDW Fixed Income (5/1/99) N/A
1998 N/A N/A
Pioneer Capital Growth (5/1/98) 11.923
1998..................................... 11.156 11,695
Pioneer Real Estate Growth (5/1/98) 13.283
1998..................................... 9.818 4,031
Scudder VLIF Global Discovery (5/1/98) 13.680
1998..................................... 13.176 1,790
Scudder VLIF Growth & Income (5/1/98) 13.683
1998..................................... 12.847 22,458
Scudder VLIF International (12/13/96) 11.719
1996..................................... 12.067 0
1997..................................... 13.004 15,759
1998..................................... 15.223 40,818
T.Rowe Price Equity Income (12/13/96) 13.501
1996..................................... 13.731 0
1997..................................... 17.481 52,630
1998..................................... 18.839 118,982
T.Rowe Price International (12/13/96) 11.560
1996..................................... 11.976 0
1997..................................... 12.200 23,539
1998..................................... 13.964 57,275
T.Rowe Price Limited-Term Bond (12/13/96) 10.582
1996..................................... 10.582 0
1997..................................... 11.160 31,032
1998..................................... 11.828 114,315
T.Rowe Price New America Growth 15.121
(12/13/96)
1996..................................... 15.496 0
1997..................................... 18.543 19,742
1998..................................... 21.712 55,861
T.Rowe Price Personal Strategy Balanced 12.552
(12/13/96)
1996..................................... 12.719 0
1997..................................... 14.833 50,339
1998..................................... 16.755 130,290
* 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 Companion Life Insurance Company, a stock life insurance company
organized under the laws of the State of New York in1949. We are a wholly-owned
subsidiary of United of Omaha Life Insurance Company, which is a subsidiary of
Mutual of Omaha Insurance Company. The Mutual of Omaha family of companies
provide life, health, disability, home and auto insurance, trust services, and
investment sales and brokerage services. The Mutual of Omaha Companies have a
proud tradition of supporting environmental education, made popular through its
long-running Mutual of Omaha's Wild Kingdom television program, and continued
through its Wildlife Heritage Trust. Companion is principally engaged in the
business of issuing group and individual life insurance and annuity policies,
and group accident and health insurance in New York. As of December 31, 1998,
United of Omaha had assets of over $502 million.
We may from time to time publish (in advertisements, sales literature and
reports to policy owners) the ratings and other information assigned to us by
one or more independent rating organizations such as A.M. Best, Moody's
Investors Service, Standard & Poor's Corporation, and Duff & Phelps, Inc. The
purpose of the ratings is to reflect our financial strength and/or claims-paying
ability. The ratings do not bear on the investment performance of assets held in
the Variable Account or on the safety or the degree of risk associated with an
investment in the Policy.
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
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 option. Allocations must be in
whole percentages and total 100%.
You can choose among 25 variable investment options and a fixed rate option.
o VARIABLE INVESTMENT OPTIONS
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 investment portfolios are not available for purchase directly
by the general public, and are not the same as other mutual fund
portfolios with very similar or nearly identical names that are
sold directly to the public. However, the investment objectives
and policies of certain portfolios available under the Policy are
very similar to the investment objectives and policies of other
portfolios that are or may be managed by the same investment
adviser or manager. Nevertheless, the investment performance and
results of the portfolios available under the Policy may be
lower, or higher, than the investment results of such other
(publicly available) portfolios. There can be no assurance, and
no representation is made, that the investment results of any of
the portfolios available under the Policy will be comparable to
the investment results of any other mutual fund portfolio, even
if the other portfolio has the same investment adviser or manager
and the same investment objectives and policies, and a very
similar name. For detailed information about any portfolio,
including its performance history, refer to the prospectus for
that portfolio.
The Variable Account, Companion Separate Account C, provides you with 25
variable investment options in the form of Series Fund investment portfolios.
Each Series Fund is an open-end investment management company. When you allocate
Policy funds to a Series Fund portfolio, those funds are placed in a Subaccount
of the Variable Account corresponding to that portfolio, and the Subaccount in
turn invests in the portfolio. The Accumulation Value of your policy depends
directly on the investment performance of the portfolios that you select.
The Variable Account is registered with the SEC as a unit investment trust.
However, the SEC does not supervise the management or the investment practices
or policies of the Variable Account or Companion. The Variable Account was
established as a separate investment account of Companion under New York law on
February 14, 1994. Under New York law, we own the Variable Account assets, but
they are held separately from our other assets and are not charged with any
liability or credited with any gain of other separate investment accounts or
other business unrelated to the Variable Account. Any and all distributions made
by the Series Funds with respect to the shares held by the Variable Account will
be reinvested in additional shares at net asset value. We are responsible to you
for meeting the obligations of the Policy, but we do not guarantee the
investment performance of any of the portfolios. We do not make any
representations about their future performance. THE PORTFOLIOS MAY FAIL TO MEET
THEIR OBJECTIVES, AND THEY COULD GO DOWN IN VALUE. Each portfolio operates as a
separate investment fund, and the income or losses of one portfolio generally
have no effect on the investment performance of any other portfolio. Complete
descriptions of each portfolio's investment objectives and restrictions and
other material information related to an investment in the portfolio are
contained in the prospectuses for each of the Series Funds which accompany this
prospectus.
12
<PAGE>
<TABLE>
<CAPTION>
- ---------------- ---------------------------------------------------- ------------------------------------
<S> <C> <C> <C>
Variable Investment Options
Asset under Companion Separate Account C Objective
Category * (Series Fund - Portfolio)
---------------- -----------------------------------------------------------------------------------------
Investments
- ---------------- -----------------------------------------------------------------------------------------
MFS Variable Insurance Trust -
MFS Emerging Growth Series Portfolio (5) Long-term capital appreciation.
-----------------------------------------------------------------------------------------
Aggressive
Growth
-----------------------------------------------------------------------------------------
Common stocks of small and medium-sized companies with growth potential.
May make limited investments in lower rated bonds or comparable unrated
securities.
-----------------------------------------------------------------------------------------
Alger American Fund -
Alger American Small Capitalization Portfolio (1) Long-term capital appreciation.
---------------------------------------------------- ------------------------------------
Common stocks of companies with total market capitalization of less than $1
billion.
Such securities may have limited marketability and be subject to more abrupt
or erratic market movements than the general equity market.
- ---------------- -----------------------------------------------------------------------------------------
Pioneer Variable Contracts Trust - Long-term capital appreciation
Real Estate Pioneer Real Estate Growth Portfolio (8) with current income.
- ---------------- ---------------------------------------------------- ------------------------------------
Real estate investment trusts (REITs) and other real estate industry
companies.
- ---------------- -----------------------------------------------------------------------------------------
T. Rowe Price International Series, Inc. -
T. Rowe Price International Stock Portfolio (10) Long-term capital appreciation.
International
- ---------------- ---------------------------------------------------- ------------------------------------
Common stock of foreign companies.
- ---------------- -----------------------------------------------------------------------------------------
Scudder Variable Life Investment Fund -
Scudder VLIF International Portfolio (9) Long-term capital appreciation.
- ---------------- ---------------------------------------------------- ------------------------------------
Common stock of foreign companies, diversified among several countries and
industries.
- ---------------- -----------------------------------------------------------------------------------------
Scudder Variable Life Investment Fund - Long-term capital appreciation
Scudder VLIF Global Discovery Portfolio (9) with current income.
- ---------------- -----------------------------------------------------------------------------------------
Common stocks of small foreign and domestic companies, including to a
limited extent in lower rated bonds or comparable unrated securities.
- ---------------- -----------------------------------------------------------------------------------------
Morgan Stanley Dean Witter Universal Funds, Inc. -
MSDW Emerging Markets Equity Portfolio (6) Long-term capital appreciation.
- ---------------- ---------------------------------------------------- ------------------------------------
Securities of "emerging" foreign countries (countries whose economies are
developing strongly and where equity markets are becoming sophisticated).
Such investments may not be feasible or may involve unacceptable political
risks in some countries, and may involve greater risk than securities in
more developed countries and markets.
- ---------------- -----------------------------------------------------------------------------------------
MFS Variable Insurance Trust - High current income
Bond - MFS High Income Series Portfolio (5) and capital appreciation.
High Yield
- ---------------- ---------------------------------------------------- ------------------------------------
Diversified bond portfolio, some of which may involve equity features,
including lower-rated bonds or comparable unrated securities.
- ---------------- -----------------------------------------------------------------------------------------
T. Rowe Price Equity Series, Inc. -
T. Rowe Price New American Growth Portfolio (11) Long-term capital appreciation.
Growth
- ---------------- -----------------------------------------------------------------------------------------
Common stocks of companies in the service sector of the economy.
- ---------------- -----------------------------------------------------------------------------------------
MFS Variable Insurance Trust -
MFS High Income New American Growth Portfolio (11) Long-term capital appreciation.
- ---------------- ---------------------------------------------------- ------------------------------------
Common stocks or securities convertilbe into common stocks of companies
expected to possess better than average prospects for long-term growth. May
invest to a limited extent in lower-rated securities or comparable unrated
securities.
- ---------------- -----------------------------------------------------------------------------------------
Fidelity Variable Insurance Products Fund II -
Fidelity VIP II Contrafund Portfolio (3) Long-term capital appreciation.
- ---------------- ---------------------------------------------------- ------------------------------------
Securities of companies, foreign and domestic, that are currently
undervalued, unpopular or overlooked, but analysts believe show potential
for growth. May use techniques to hedge risk.
- ---------------- -----------------------------------------------------------------------------------------
Alger American Fund -
Alger American Growth Portfolio (1) Long-term capital appreciation.
- ---------------- ---------------------------------------------------- ------------------------------------
Common stocks of companies with total market capitalization of $1 billion or
more.
13
<PAGE>
- ---------------- -----------------------------------------------------------------------------------------
Pioneer Variable Contracts Trust -
Pioneer Capital Growth Portfolio (8) Long-term capital appreciation.
- ---------------- ---------------------------------------------------- ------------------------------------
Securities of companies, foreign and domestic, that are currently
undervalued, unpopular or overlooked, but analysts believe show potential
for growth.
- ---------------- ---------------------------------------------------- ------------------------------------
MFS Variable Insurance Trust -
MFS Capital Opportunities Series Portfolio (5) Long-term capital appreciation.
- ---------------- ---------------------------------------------------- ------------------------------------
Common stocks of foreign and domestic companies. May make limited
investments in lower rated bonds or comparable unrated securities.
- ---------------- -----------------------------------------------------------------------------------------
Fidelity Variable Insurance Products Fund II - Long-term capital appreciation
Fidelity VIP II Index 500 Portfolio (3) with current income.
Growth &
Income
- ---------------- ---------------------------------------------------- ------------------------------------
Common stocks of companies that comprise the Standard & Poor's 500 index.
- ---------------- -----------------------------------------------------------------------------------------
Scudder Variable Life Investment Fund - Long-term capital appreciation
Scudder VLIF Growth & Income Portfolio (9) with current income.
- ---------------- ---------------------------------------------------- ------------------------------------
Common and preferred stocks, and securities convertible into common stocks,
of large established companies.
- ---------------- -----------------------------------------------------------------------------------------
T. Rowe Price Equity Series, Inc. -
T. Rowe Price Equity Income Portfolio (11) Dividend income and capital
Equity appreciation.
Income
- ---------------- -----------------------------------------------------------------------------------------
Common stocks of established companies that pay dividends.
- ---------------- -----------------------------------------------------------------------------------------
Fidelity Variable Insurance Products Fund - Dividend income and capital
Fidelity VIP Equity Income Portfolio (3) appreciation surpassing the S&P
500 average.
- ---------------- ---------------------------------------------------- ------------------------------------
Securities of established companies that produce income and capital
appreciation.
- ---------------- -----------------------------------------------------------------------------------------
T. Rowe Price Equity Series, Inc. - (11)
T. Rowe Price Personal Strategy Balanced Portfolio Dividend income and capital
appreciation.
Balanced
- ---------------- ---------------------------------------------------- ------------------------------------
Diversified portfolio of stocks, bond and money market securities. Bond
holdings are primarily investment grade, but can include more volatile
unrated bonds.
- ---------------- -----------------------------------------------------------------------------------------
Fidelity Variable Insurance Products Fund II -
Fidelity VIP II Asset Manager Growth Portfolio Long term capital appreciation.
(3,4)
- ---------------- ---------------------------------------------------- ------------------------------------
Diversified portfolio of domestic and foreign stocks, bonds, money market
securities, and derivative transactions.
- ---------------- -----------------------------------------------------------------------------------------
MFS Variable Insurance Trust - Capital appreciation and growth
Bond - MFS Global Governments Series Portfolio (5) with moderate current income.
International
- ---------------- ---------------------------------------------------- ------------------------------------
Foreign and U.S. government bonds.
- ---------------- -----------------------------------------------------------------------------------------
Insurance Management Series -
Federated Fund for U.S. Government Securities II Current income.
Portfolio (2)
Bond -
Domestic
- ---------------- -----------------------------------------------------------------------------------------
U.S. Government bonds.
- ---------------- -----------------------------------------------------------------------------------------
T. Rowe Price Fixed Income Series, Inc. - High level of current income
T. Rowe Price Limited Term Bond Portfolio (11) consistent with modest price
fluctuations.
- ---------------- ---------------------------------------------------- ------------------------------------
Short- and intermediate-term investment grade debt securities.
- ---------------- -----------------------------------------------------------------------------------------
Above average return from a
Morgan Stanley Dean Witter Universal Funds, Inc. - diversified portfolio of fixed
MSDW Fixed Income Portfolio (7) income securities and derivatives.
- ---------------- ---------------------------------------------------- ------------------------------------
Medium to high quality fixed income investments of intermediate maturity.
- ---------------- -----------------------------------------------------------------------------------------
Insurance Management Series - Current income consistent with the
Money Market Federated Prime Money Fund II Portfolio (2) stability of principal.
- ---------------- ---------------------------------------------------- ------------------------------------
Money market instruments maturing in 13 months or less. This portfolio is
not insured by the U.S. government, and there is no guarantee it will be
able to maintain a stable net asset value per share.
- ---------------- -----------------------------------------------------------------------------------------
</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>
Investment advisers of the Series Funds:
(1) Fred Alger Management, Inc.
(2) Federated Advisors.
(3) Fidelity Management & Research Company.
(4) Fidelity Investment Management and Research (U.K.) Inc., and Fidelity
Management and Research Far East Inc., regarding research and
investment recommendations with respect to companies based outside the
United States.
(5) Massachusetts Financial Services Company.
(6) Morgan Stanley Dean Witter Asset Management, Inc.
(7) Miller Anderson & Sherrerd, LLP.
(8) Pioneer Investment Management.
(9) Scudder Kemper Investments, Inc.
(10) Rowe Price-Fleming International, Inc., a joint venture
between T. Rowe Price Associates, Inc. and Robert
Fleming Holdings Limited.
(11) T. Rowe Price Associates, Inc.
The investment advisers of the Series Funds and the investment
portfolios are described in the prospectuses for the Series
Funds. 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.
The performance history of each Variable Account Subaccount, which gives you
an indication of how each portfolio has performed and the effect of Policy
expenses on that performance, is discussed in the Statement of Additional
Information. You may obtain a copy from us. The performance history of each
portfolio is more fully described in the Series Fund prospectus for each
portfolio. Past performance may not be an indication of future performance.
Each investment portfolio is designed to provide an investment vehicle for
variable annuity and variable life insurance contracts issued by various
insurance companies. For more information about the risks associated with the
use of the same funding vehicle for both variable annuity and variable life
insurance contracts of various insurance companies, see the prospectuses of the
Series Fund which accompany this prospectus.
We may receive revenues from the investment portfolios or their investment
advisers. These revenues may depend on the amount our Variable Account invests
in the Series Fund and/or any portfolio thereof.
o Adding, Deleting, or Substituting Variable Investments
We do not control the Series Funds, so cannot guarantee that any of the
portfolios will always be available. We retain the right to change the Variable
Account and its investments. This means we may eliminate the shares of any
portfolio held in our Variable Account and to substitute shares of another
open-end management investment company for the shares of any portfolio, if the
shares of the portfolio are no longer available for investment or if, in our
judgment, investment in any portfolio would be inappropriate in view of the
purposes of the Variable Account. We will first notify you and receive any
necessary SEC and state approval before making such a change.
New portfolios may be added, or existing portfolios eliminated, when, in our
sole discretion, conditions warrant such a change. If a portfolio is eliminated,
we will ask you to reallocate any amount in the eliminated portfolio. If you do
not reallocate these amounts, we will automatically reinvest them in the
Federated Prime Money Fund II Portfolio.
If we make a portfolio substitution or change, we may change the Policy to
reflect the substitution or change. Our Variable Account may be (i) operated as
an investment management company or any other form permitted by law, (ii)
deregistered with the SEC if registration is no longer required or (iii)
combined with one or more other separate accounts. To the extent permitted by
law, we also may transfer assets of the Variable Account to other accounts.
15
<PAGE>
FIXED RATE OPTION
All amounts allocated to the Fixed Account become part of
the general account assets of Companion Life. Interests in
the general account have not been registered with the SEC
and are not subject to the SEC's regulation, nor is the
general account registered as an investment company with the
SEC. Therefore, SEC staff have not reviewed the general
account disclosures in this Prospectus.
With the fixed rate option, we bear the investment risk. This means we
guarantee that you will earn a minimum interest rate of at least 3% per year
(compounded annually). However, you bear the risk that we will not credit more
than 3% interest per year. We may declare a higher current interest rate.
Whatever interest rate we declare will be guaranteed for at least one year. We
have full control over how assets allocated to the fixed rate option are
invested, and we bear the risk that those assets will perform better or worse
than the amount of interest we have declared. The focus of this Prospectus is to
disclose the Variable Account aspects of the Policy. For details regarding the
fixed investment options, see the Policy.
o Fixed Account
One transfer out of the Fixed Account is allowed each Policy Year. (This
limit does not apply under the Dollar Cost Averaging or Asset Allocation
programs.) The maximum amount that can be transferred out of the Fixed Account
during any Policy Year is 10% of Fixed Account value on the date of the
transfer. No charge is imposed on such transfers. We reserve the right to modify
transfer privileges at any time. Partial withdrawals from the Fixed Account are
limited to a pro rata amount (with withdrawals from the Variable Account).
Withdrawals and transfers from the Fixed Account may be delayed for up to six
months, and withdrawals may be subject to a Withdrawal Charge. For purposes of
crediting interest, the most recent payment or transfer into the Fixed Account,
plus interest allocable to that payment or transfer, is considered to be
withdrawn or transferred out first; the next most recent payment plus interest
is considered to be transferred out next, and so on (a "last-in, first-out"
procedure).
We have sole discretion to set the current interest rates of
the Ffixed Account. We do not guarantee the level of future
current interest rates of the Fixed Account, except that
they will not be less than an effective rate of 3% per year
compounded annually.
The Fixed Account is part of our general account assets. The General Account
includes all our assets except those segregated in the Variable Account or in
any other separate investment account. You may allocate purchase payments to the
Fixed Account or transfer amounts from the Variable Account to the Fixed
Account. Instead of you bearing the investment risk, as you do with investments
allocated to the Variable Account, we bear the full investment risk for
investments in the fixed rate option. We have sole discretion to invest the
assets of our general account, subject to applicable law.
We guarantee that money invested in any fixed rate option will earn an
effective rate of at least 3% per year (compounded annually). Once declared, we
guarantee that any rate will last for at least one year.
We guarantee that, at any time prior to the Annuity Starting Date, the
amount in your Fixed Account will not be less than the amount of purchase
payment allocated or Accumulation Value transferred to the Fixed Account, plus
interest at an effective rate of 3% per year, plus excess interest (if any)
credited to amounts in the Fixed Account, less premium or other taxes allocable
to the Fixed Account, and less any amounts deducted from the Fixed Account in
connection with partial withdrawals (including any Withdrawal Charges) or
transfers to the Variable Account.
o TRANSFERS
The Policy is designed for long-term investment, not for active trading or
"market timing." Excessive transfers could harm other Policy owners by having a
detrimental effect on portfolio management. Prior to the Annuity Starting Date,
you may transfer Policy value from one Subaccount to another, from the Variable
Account to the Fixed Account, or from the Fixed Account to any Subaccount, as
often as you like, subject to these rules:
Transfer Rules:
o We must receive notice of the transfer --- either Written Notice or an
authorized Telephone Transaction.
o The transferred amount must be at least $500, or the entire Subaccount
value if it is less. (If the Subaccount value remaining after a transfer
will be less than $500, we will include that amount as part of the
transfer.)
o The first 12 transfers each Policy Year from Variable Account Subaccounts
are free. The rest cost $10 each. This fee is deducted from the amount
transferred.
o A transfer from the Fixed Account:
- currently may be made only once each Policy Year;
- is free;
- does not count toward the 12 free transfer limit; and
- is limited during any Policy Year to 10% of the Fixed Account value on
the date of the transfer.
o We reserve the right to limit transfers, or to modify transfer privileges,
for any permissible reason.
16
<PAGE>
o If the Accumulation Value in any Subaccount falls below $500, we may
transfer the remaining balance, without charge, to the Federated Prime
Money Fund II Portfolio.
o Transfers made pursuant to participation in the Dollar Cost Averaging,
Asset Allocation or Rebalancing programs are not subject to the amount or
timing limitations of these rules, nor are they subject to a Transfer fee.
See the sections of this prospectus describing those programs for the rules
of each program.
o If you transfer amounts from the Fixed Account to the Variable Account, we
can restrict or limit any transfer of those amounts back to the Fixed
Account.
Third-Party Transfers. Where permitted and subject to our rules, we may
accept your authorization to have a third party exercise transfers on your
behalf. We can suspend or cancel our acceptance any time upon notice to you. An
example of a reason might be if the third party is practicing "market timing."
We can also limit the availability of Subaccounts and the Fixed Account for
transfers by the third party, upon notice to you. We would not impose such
restrictions where we have Written Notice that the third party has been duly
appointed by a court or by you to act on your behalf for all your financial
affairs.
o DOLLAR COST AVERAGING
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:
The Dollar Cost Averaging program is intended to result in
the purchase of more Accumulation Units when the
Accumulation Unit value is low, and fewer units when the
Accumulation Unit value is high. However, there is no
guarantee that either program will result in higher Policy
value or otherwise be successful.
Dollar Cost Averaging Rules:
o The Dollar Cost Averaging program is free.
o We must receive notice of your election and any changed instruction ---
either Written Notice or an authorized Telephone Transaction.
o Automatic transfers can occur monthly, quarterly, semi-annually, or
annually.
o There must be at least $5,000 of Accumulation Value in the applicable
Subaccount or Fixed Account.
o Amount of each transfer must be at least $100, and must be $50 per
Subaccount.
o If transfers are made from the Fixed Account, the maximum annual transfer
amount is 10% of that account's value at the time of the first Dollar Cost
Averaging transfer. There is no maximum transfer amount limitation out of
the Subaccounts of the Variable Account.
o Dollar Cost Averaging program transfers cannot begin before the end of a
Policy's free look ("right to examine") period.
o You may specify that transfers be made on the 1st through the 28th day of
the month. Transfers will be made on the date you specify (or if that is
not a Business Day, then on the next Business Day). If you do not select a
date, the program will begin on the next Policy monthly anniversary
following the date the Policy's free look period ends.
o You can limit the number of transfers to be made, in which case the program
will end when that number has been made. Otherwise, the program will
terminate when the amount remaining in the applicable Subaccount or the
Fixed Account is less than $500.
o ASSET ALLOCATION PROGRAM
The Asset Allocation program allows you to allocate purchase payments and
policy value among the variable investment options. You can specify your own
desired allocation instructions, or you can choose to use one of the five Asset
Allocation Models outlined below. The fixed rate option is not included in this
program.
The Asset Allocation Program does not protect against a
loss, and otherwise is not guaranteed to achieve your goal.
Asset Allocation Program Rules:
o The Asset Allocation program is free.
o You must request the Asset Allocation program in the Policy application or
by Written Notice. Changed instructions, or a request to end this program,
must also be by Written Notice.
o You must have at least $10,000 of Accumulation Value to begin the Asset
Allocation program.
o Transfers made pursuant to this program do not count in determining whether
a Transfer Fee applies.
17
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
ASSET ALLOCATION MODELS
CURRENT ALLOCATIONS*
- ------------------------------------ ------------- ------------- ----------- -------------- ------------
Portfolio Principal Portfolio Income Capital Equity
(listed aggressive Conserver Protector Builder Accumulator Maximizer
(conservative)(moderately (moderate) (moderately (aggressive)
to conservative) conservative) aggressive)
% % % % %
- ------------------------------------ ------------- ------------- ----------- -------------- ------------
<S> <C> <C> <C> <C>
Alger American Small Capitalization 3 5 12 18
Pioneer Real Estate Growth 4 5 6
T.Rowe Price International Stock 6 15 27 31
Scudder International 19
MFS High Income Series 4 5 5
T.Rowe Price New America Growth 6
MFS Capital Opportunities Series 3 8 12 16 10
Fidelity VIP II Index 500 5 10 10 13 13
T.Rowe Price Equity Income 10 15
Fidelity VIP Equity Income 8 15 16
MFS Global Governments Series 4 5 5
T.Rowe Price Limited-Term Bond 43 31 20 12
MSDW Fixed Income 3
Federated Prime Money Fund II 24 13 5
- --------------------------------------------------------------------------------------------------------
* We retain the right to change allocation model allocations or to substitute
portfolio options therein in future updated prospectuses. Amounts you
allocate to a model portfolio will be invested pursuant to the then current
portfolio allocations for that model.
- --------------------------------------------------------------------------------------------------------
</TABLE>
We use Ibbotson Associates to develop the Asset Allocation Model
allocations. They are an investment consulting firm specializing in applying
investment theories and empirical findings (such as historical return data
collected on the investment portfolios) to quantify the benefits of
diversification for particular investment profiles.
o REBALANCING PROGRAM
The Rebalancing program allows you to rebalance your Accumulation Value amount
the variable investment options and the Fixed Account pursuant to your initial
allocation percentage instructions on a quarterly, semiannual, or annual basis.
You may change your rebalancing allocation instructions at any time. Any change
will not be effective until the next rebalancing occurs.
The Rebalancing Program does not protect against a loss, and
otherwise is not guaranteed to achieve your goal.
Rebalancing Program Rules:
o The Rebalancing program is free.
o You must request the Rebalancing program and give us your rebalancing
instructions by Written Notice. Changed instructions, or a request to end
this program must also be by Written Notice.
o You must have at least $10,000 of Policy Accumulation Value to begin the
Rebalancing program.
o You may have rebalancing occur quarterly, semiannually or annually.
o Transfers made pursuant to this program do not count in determining whether
a Transfer Fee applies.
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IMPORTANT POLICY PROVISIONS
The Ultrannuity Series V 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
83. We may reject any application or purchase payment.
If your application is in good order upon receipt, we will credit your
initial net purchase payment to the Policy's Accumulation Value within two
Business Days after the later of the date we receive your application or your
payment. If the application is incomplete or otherwise not in good order, we
will contact you within five Business Days to explain the delay; at that time we
will refund your initial purchase payment unless you consent to our retaining it
to apply it to your Policy once all Policy issuance requirements are met. The
date we credit your initial net purchase payment to your Policy's Accumulation
Value is the Date of Issue.
You can purchase a tax-qualified policy in connection with a Section 401(a)
pension or profit-sharing plan, a Section 403(b) tax-sheltered annuity or an IRA
or Roth IRA, subject to certain limitations (see the FEDERAL TAX MATTERS section
of this prospectus).
o Application in Good Order. All questions must be answered, but particularly
note these requirements:
- - The Owner's and the Annuitant's full name, Social Security number, and date
of birth must be included.
- - Your purchase payment allocations must be completed, be in whole
percentages, and total 100%.
- - Initial purchase payment must meet minimum purchase payment requirements.
- - Your signature and your agent's signature must be on the application.
- - Identify the type of plan, whether it is nonqualified or qualified.
- - City, state, and date application was signed must be completed.
- - Your agent must be both properly licensed and appointed with us.
o Purchase Payment Requirements
Your purchase payment checks should be made payable to " Companion Life
Insurance Company" and sent to us. We may postpone crediting any payment made by
check to your Policy's Accumulation Value until the check has been honored by
your bank. Payment by certified check, banker's draft, or cashier's check will
be promptly applied. Under our Electronic Fund Transfer program, you may select
a monthly payment schedule for us to automatically deduct purchase payments from
your bank account or other sources.
Initial Purchase Payment:
- - The only purchase payment required. All others are optional.
- - Must be at least $5,000; $2,000 if payment is made via our Electronic Fund
Transfer program. We have the right to change these payment requirements.
Additional Purchase Payments:
- - Must be at least $500; $100 if payments are made via our Electronic Fund
Transfer program. We have the right to change these payment requirements.
- - A separate Withdrawal Charge period applies to each purchase payment.
- - Will not be accepted on or after the Policy anniversary following your 83rd
birthday.
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o Allocating Your Purchase Payments
You must allocate your purchase payments to one or more of the variable
investment or fixed rate option. Initial allocations in your Policy application
will be used for additional purchase payments until you change your allocation.
If you do not specify any allocation, we will not accept your purchase payment.
- - Allocations must be in whole percentages, and total 100%.
- - The minimum allocation amount is $500 ($100 under the Electronic Fund
Transfer program).
- - Change your allocation by sending us Written Notice or through an
authorized Telephone Transaction. The change will apply to payments
received on or after the date we receive your notice or authorization.
- - All purchase payments will be allocated pursuant to your instructions on
record with us, except your initial purchase payment and any additional
purchase payments received during your Policy's free look period may be
subject to special requirements.
- - We will allocate your initial purchase payment to your selected Subaccounts
on the Date of Issue.
o ACCUMULATION VALUE
On your Policy's Date of Issue, the Accumulation Value equals the initial
purchase payment. On any Business Day thereafter, the Accumulation Value equals
the sum of the values in the Variable Account and the Fixed Account. 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 Account) as well as the Policy's deductions for
charges. A Business Day is any day the New York Stock Exchange is open.
o Variable Account Value.
The value in the Variable Account equals the sum of the Accumulation Values
for each Subaccount. The Accumulation Value for each Subaccount equals:
(a) the current number of Accumulation Units in the Subaccount for the
Policy; multiplied by
(b) the current Accumulation Unit value.
A net purchase payment or transfer allocated to a Subaccount is converted
into Accumulation Units by dividing it by the Accumulation Unit value for the
day during which the net purchase payment or transfer is allocated to the
Variable Account. The initial Accumulation Unit value for each Subaccount was
set at $10 when the Subaccount was established (except it was $1 for the
Federated Prime Money Fund II Subaccount). The Accumulation Unit value may
increase or decrease from one day to the next.
The Accumulation Unit value for a Subaccount on any Business Day is
calculated as follows:
(a) The net asset value per share of the investment portfolio
multiplied by the number of shares held in the Subaccount, before
the purchase or redemption of any shares on that date; minus
(b) the cumulative unpaid charge for the Mortality and Expense Risk
Charge and Administrative Expense Charge; minus
(c) any applicable charge for federal and state income taxes, if any;
the result divided by
(d) the total number of Accumulation Units held in the Subaccount on
that date, before the purchase or redemption of any Accumulation
Units on that day.
Positive investment experience of the applicable portfolio will increase the
Accumulation Unit values and negative investment experience will decrease the
Unit values. Expenses and deductions will have a negative effect on Unit values.
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 and Withdrawal Charge taken from the Fixed
Account since the end of the previous Policy Month; plus
(f) interest credited on the Fixed Account balance.
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<TABLE>
<CAPTION>
o TELEPHONE TRANSACTIONS
<S> <C>
Telephone Transactions Permitted Telephone Transaction Rules:
o Transfers. o Only you may elect. Do so on the Policy application or by
o Partial Withdrawals of $10,000 or prior Written Notice authorization to us.
less by you (may be restricted o Must be received by close of the New York Stock Exchange
in community property states). ("NYSE") (usually 3 p.m. Central Time); if later, the
o Change of purchase payment transaction will be processed the next day the NYSE is
allocations. open.
o Will be recorded for your protection.
o For security, you must provide
your Social Security number and/or
other identification information.
o May be discontinued at any time as
to some or all Policy Owners.
We are not liable for following authorized Telephone Transaction
instructions we reasonably believe to be genuine.
</TABLE>
o DEATH OF ANNUITANT
Upon the Annuitant's death, you may name a new Annuitant. If any Owner is
the Annuitant, then upon that Owner's death, the Policy's applicable death
benefit becomes payable to the named Beneficiary(ies). However, if the
Beneficiary is the deceased Owner's spouse, then upon that Owner's death the
spouse may be permitted under federal tax law to become the new owner of the
Policy and to name an Annuitant and different Beneficiaries.
o MINOR OWNER OR BENEFICIARY
A minor may not own the Policy solely in the minor's name and cannot receive
payments directly as a Policy Beneficiary. Contrary to common belief, in most
states parental status does not automatically give parents the power to provide
an adequate release to us to make Beneficiary payments to the parent for the
minor's benefit. A minor can "own" a Policy through the Trustee of a Trust
established for the minor's benefit, or through the minor's named and court
appointed guardian, who own the Policy in their capacity as Trustee or Guardian.
Where a minor is a named Beneficiary, we are able to pay the minor's Beneficiary
payments to the minor's Trustee or Guardian. Some states allow us to make such
payments up to a limited amount directly to parents. Parents seeking to have a
minor's interest made payable to them for the minor's benefit are encouraged to
check with their local court to determine the process to be appointed as the
minor's guardian; it is often a very simple process that can be accomplished
without of an attorney. If there is no adult representative able to give us an
adequate release for payment of the minor's Beneficiary interest, we retain the
minor's interest on deposit until the minor attains the age of majority.
o POLICY TERMINATION
We may cancel your Policy upon 60 days' notice to you if the Accumulation
Value falls below $500. This cancellation would be a full surrender of the
Policy.
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EXPENSES
The charges and fees described below compensate us for our expenses in
distributing the Policy, bearing mortality and expense risks under the Policy,
and administering the investment options and the Policy. Except where stated
otherwise, charges and fees shown are the maximum we will charge, and some
actual expenses may be less. Each Series Fund also deducts expenses from each
portfolio; those expenses are described in each Series Fund prospectus.
o WITHDRAWAL CHARGE
-----------------------------------------------------------------------------
Years Since Receipt of Purchase 1 2 3 4 5 6 7 8+
Payment
Applicable Withdrawal Charge 7% 6% 5% 4% 3% 2% 1% 0%
Percentage
-----------------------------------------------------------------------------
We determine the amount of the Withdrawal Charge by multiplying the amount of
each purchase payment withdrawn by the applicable Withdrawal Charge percentages.
The oldest purchase payment is considered to be withdrawn first; the next oldest
purchase payment is considered to be withdrawn next, and so on (this is a
"first-in, first-out" procedure). All purchase payments are deemed to be
withdrawn before any earnings.
We will deduct a Withdrawal Charge, expressed as a percentage of any
purchase payment surrendered or withdrawn, upon a full surrender or partial
withdrawal. A Withdrawal Charge may also be deducted on the Annuity Starting
Date from amounts applied to provide annuity payments. This charge partially
covers our distribution expenses, including commissions and other promotional
expenses. The Withdrawal Charge percentage varies depending upon the number of
years elapsed since the date the purchase payment was made. The amount of a
partial withdrawal you request plus the Withdrawal Charge is deducted from the
Accumulation Value on the date we receive your withdrawal request. Partial
withdrawals (including any charge) are deducted from the Subaccounts and the
Fixed Account on a pro rata basis, unless you instruct us otherwise.
The Withdrawal Charge will not cover our cost of distributing the Policies.
Any deficiency is met from our general funds, including amounts (if any) derived
from the Mortality and Expense Risk Charge (described below).
o Free Withdrawals
Each Policy Year, you can withdraw up to 15% of Accumulation Value without
incurring a Withdrawal Charge. This "free withdrawal amount" is based on the
Accumulation Value at the time of the first withdrawal each Policy Year.
Additional limits apply to withdrawals from the Fixed Account. A Withdrawal
Charge is not applied on the Annuity Starting Date if you apply the Accumulation
Value after the second Policy anniversary to provide lifetime annuity payments
under Payout Option 4 (but it does apply to proceeds placed under any other
Payout Options). No Withdrawal Charge is deducted upon death benefit payments
or, under tax-qualified plans, any refund of contributions paid in excess of
your deductible amounts.
o Withdrawal Charge Waivers
We will waive the Withdrawal Charge upon partial withdrawals and surrenders
in the following situation.
Disability Waiver. Any withdrawal where you are physically disabled. We may
require proof of such disability. Proof of continued disability may be required
through the date of any partial withdrawal or surrender. We reserve the right to
have any Owner claiming such disability examined by a licensed physician of our
choice and at our expense.
The Disability Waiver is not available if any Owner is age 65 or older on
the date of withdrawal.
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<PAGE>
MORTALITY and EXPENSE RISK CHARGE
1.00%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 1.00%
(.0027535% 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. If the Withdrawal Charge does not cover our
Policy distribution costs, the deficiency is met from our general corporate
assets, which may include amounts, if any, derived from this Mortality and
Expense Risk Charge.
o ADMINISTRATIVE CHARGES
Policy Fee $30 annually
- ------------------- ------------------------------------
0.20% annual Rate (0.0005485%
Administrative daily), deducted daily from net
Expense Charge assets of each Subaccount
These charges help cover our cost to administer your Policy and will not
increase.
We deduct the Policy Fee from your Policy's Accumulation Value on the last
Business Day of each Policy Year prior to the Annuity Starting Date (and upon a
complete surrender). This fee is levied by canceling Accumulation Units. The
Policy Fee is deducted from each Subaccount in the same proportion that the
value in each Subaccount bears to the total value in the Variable Account. This
fee is waived if your Policy's Accumulation Value exceeds $50,000 on the last
Business Day of the applicable Policy Year. This fee is also waived for
employees of ours or our affiliated Mutual of Omaha Companies.
o TRANSFER FEE
$10 per Subaccount transfer after 12 free transfers each
Policy Year.
The first 12 transfers from Variable Account Subaccounts, and all transfers
from the Fixed Account are free. The Transfer Fee is deducted from the amount
transferred. Simultaneous requests are treated as a single request. We will not
impose the fee for transfers that are not the result of your request. Dollar
Cost Averaging, Asset Allocation, and Rebalancing program transfers do not count
toward the 12 free transfers.
o TAXES
Currently, NONE.
No charges are currently made for 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 INTRODUCTION AND SUMMARY section and each Series Fund's
prospectus.
Each Series Fund portfolio is responsible for its own expenses. The net
assets of each portfolio reflects deductions for investment advisory fees and
other expenses. These charges are disclosed in each Series Fund's prospectus
which accompany this prospectus. They are also summarized in Series Fund Annual
Expenses Table in the INTRODUCTION AND SUMMARY section at the beginning of this
prospectus.
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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 and
Withdrawal Charges may apply to amounts taken out of your Policy before the
Annuity Starting Date. Your Policy also provides several kinds of death benefits
to be paid upon your death prior to the Annuity Starting Date. All or part of a
death benefit may be taxable.
o WITHDRAWALS
Withdrawals may be subject to:
- Income Tax
- Penalty Tax
- Withdrawal Charge
You may withdraw all or part of your Policy's Cash Surrender Value prior to
the Annuity Starting Date. The Cash Surrender Value is the Accumulation Value
less any Withdrawal Charge or Policy Fee. Amounts withdrawn, except for "Free"
Withdrawals described below, are subject to a Withdrawal Charge. 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.
"Free" Withdrawals
Each Policy Year you may withdraw up to 15% of your Policy's Accumulation
Value, as of the date of the first withdrawal that year, without deduction of a
Withdrawal Charge (additional limits apply to withdrawals from the Fixed
Account). The 15% amount is determined when the first withdrawal is made;
additional Purchase Payments contributed later in that Policy Year or on the
date of your request are not included in determining that 15% amount.
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 and subject to Charges; 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 for any partial withdrawal.
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
Account 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 Withdrawal 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.
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<PAGE>
ANNUITY PAYMENTS
Annuity payments:
- - be fixed or variable;
- - may be subject to a Withdrawal Charge if made within 2 years of the
last purchase payment.
- - 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 payments may be subject to a Withdrawal Charge. A Withdrawal Charge
is not applied on the Annuity Starting Date if you apply the Accumulation Value
after the second Policy anniversary to provide lifetime annuity payments under
Annuity Payout Option 4. However, the Withdrawal Charge does apply to Proceeds
placed under other Annuity Payout Options.
Annuity payment payees must be individuals receiving payments on their own
behalf, unless otherwise agreed to by us. Any Annuity Payout Option is only
effective once we acknowledge it. We may require initial and ongoing proof of
the Owner's or Annuitant's age or survival. Unless you specify otherwise, the
payee is the Annuitant.
Fixed Annuity Payments. Fixed annuity payments are based on a fixed rate of
interest at or higher than the minimum guaranteed effective annual rate of
3%. We have sole discretion whether or not to pay a higher rate for Payout
Options 1, 2, 3, or 6 (see below). Current immediate annuity rates for the
same class of annuities are used if higher than the guaranteed amounts
(guaranteed amounts are based upon the tables contained in the Policy). The
guaranteed amounts are based on the 1983 Table "a" mortality table, and 3%
guaranteed interest rate. Current amounts, and further information, may be
obtained from us.
Fixed annuity payments are available under all six Annuity Payout
Options. The amount of each fixed annuity payment is set and begins on the
Annuity Starting Date, and does not change.
Variable Annuity Payments. Variable annuity payments, other than the first,
vary in amount depending upon the investment performance of the applicable
Subaccounts.
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.
"Annuity Purchase Value" is the Accumulation Value on the Annuity
Starting Date reduced by any applicable Withdrawal Charge, annual
Policy fee, income taxes and penalty tax.
Subsequent annuity payment amounts (after the first) are the sum of: the
number of Variable Annuity Units for each Subaccount as determined for the first
annuity payment multiplied by the value of a Variable Annuity Unit for that
Subaccount 10 days prior to the date the variable annuity payment is due. This
amount may increase or decrease from month to month. The number of Variable
Annuity Units for each Subaccount is calculated by dividing the dollar amount of
the first payment attributable to that Subaccount by the Annuity Unit Value as
of the date the Amount of the first payment is calculated.
If the net investment return of a Subaccount for a payment period is equal
to the pro rated portion of the 4% annual assumed investment rate, the variable
annuity payment attributable to that Subaccount for that period will equal the
payment for the prior period. To the extent that such net investment return
exceeds an annualized rate of 4% for a payment period, the payment for that
period will be greater than the payment for the prior period. To the extent that
such return for a period falls short of an annualized rate of 4%, the payment
for that period will be less than the payment for the prior period.
Only Annuity Payout Options 2, 4 and 6 are available for variable annuity
payments.
o Annuity Starting Date
Only 4 transfers are allowed each Policy Year after the Annuity
Starting Date.
You select the Annuity Starting Date on the Policy application. This is the
date that annuity payments begin. This date may be as late as the Annuitant's
90th birthday. Tax- qualified Policies may require an earlier Annuity Starting
Date. You may change this date be sending Written Notice for our receipt at
least 30 days before the then current Annuity Starting Date.
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<PAGE>
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
another Subaccount(s) Variable Annuity Units, the value of which is such that
the dollar amount of an annuity payment made on the date of the exchange would
be unaffected by the exchange.
o Selecting an Annuity Payout Option
The longer the guaranteed or projected Annuity Payout Option
period, the lower the amount of each annuity payment.
You choose the Annuity Payout Option on your Policy application. You may
change your selection during your life by sending Written Notice for our receipt
at least 30 days before the Annuity Starting Date. If no selection is made by
then, we will apply Accumulation Value in the Variable Account to provide
variable annuity payments, and Accumulation Value in the Fixed Account to
provide fixed annuity payments, and annuity payments will be made under Option 4
providing lifetime income with payments guaranteed for 10 years. We may pay your
Policy proceeds in one sum if they are less than $2,000, or when the Payout
Option chosen would result in periodic payments of less than $20.
If you die before the Annuity Starting Date (and the Policy is in force),
your Beneficiary may elect to receive the death benefit under one of the Annuity
Payout Options (unless applicable law or a settlement agreement dictate
otherwise).
o Annuity Payout Options
If the continuation of variable payments being made under Option 2 or 6 does
not depend upon the payee 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,
it is possible that only one annuity payment would be made under this Annuity
Payout Option if the Annuitant dies before the due date of the second annuity
payment, only two annuity payments would be made if the Annuitant died before
the due date of the third annuity payment, etc.
Part or all of any annuity payment may be taxable as ordinary income. If, at
the time annuity payments begin, you have not given us Written Notice to not
withhold federal income taxes, we must by law withhold such taxes from the
taxable portion of each annuity payment and remit it to the Internal Revenue
Service.
(Withholding is mandatory for certain tax-qualified Policies.)
The following Annuity Payout Options are currently available:
1) Proceeds Held on Deposit at Interest. While proceeds remain on deposit, we
annually credit interest to the proceeds. The interest may be paid to the
payee or added to the amount on deposit.
2) Income of a Specified Amount. Proceeds are paid in monthly installments of a
specified amount over at least a five-year period until proceeds, with
interest, have been fully paid.
3) Income for a Specified Period. Periodic payments of proceeds are paid for
the number of years chosen. If no other frequency is selected, payments will
be made monthly. Monthly incomes for each $1,000 of proceeds, which include
interest, are shown in a table in the Policy.
4) Lifetime Income. Proceeds are paid as monthly income during the Annuitant's
life. The amount of the monthly income annuity payment will be the amount
computed using either the Lifetime Monthly Income Table set forth in the
Policy (based on the 1983 Table "a" mortality table and interest at 3%,
adjusted to age last birthday) or, if more favorable to the Annuitant, our
then current lifetime monthly income rates for payment of proceeds. If a
variable Payout Option is chosen, all variable annuity payments, other than
the first variable annuity payment, will vary in amount according to the
investment performance of the applicable variable investment options.
Guarantees available:
Guaranteed Period - An amount of monthly income annuity payments is
determined that we guarantee to pay for a specified number of years, and
thereafter during the Annuitant's life. Guaranteed Amount - An amount of
monthly income annuity payment is determined that we guarantee to pay
until the sum of the payments equal the proceeds placed under the Option
and as long after that as the Annuitant lives.
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<PAGE>
5) Lump-Sum. Proceeds are paid in one sum.
6) Alternative Schedule. We may be able to accommodate making annuity payments
under other Options, including joint and survivor periods. Contact us for
more information.
o DEATH BENEFITS
A Death Benefit is payable upon:
- - Purchase Payment check or draft being honored (i.e., your Policy is in
force);
- - receipt of Due Proof of Death of the first Owner to die;
- - election of an Annuity Payout Option (or lump- sum payment) ; and
- - proof that such Owner died before Annuity Payments begin.
"Due Proof of Death" is a certified copy of a death certificate,
a certified copy of a decree of a court of competent jurisdiction
as to the finding of death, a written statement by the attending
physician, or any other proof satisfactory to us.
We will pay the death benefit within seven days after we receive necessary
documentation of an Owner's death, or as soon thereafter as we have sufficient
information about the Beneficiary to make the payment. Death benefits may be
paid pursuant to an Annuity Payout Option (including a lump-sum payment) to the
extent allowed by applicable law and any settlement agreement in effect at your
death. If the Beneficiary does not make an Annuity Payout Option election within
60 days of our receipt of Due Proof of Death regarding your death, we will issue
a lump-sum payment to the Beneficiary.
If an Owner of the Policy is a corporation, trust or other nonindividual, we
treat the primary Annuitant as an Owner for purposes of the death benefit. The
"primary Annuitant" is that individual whose life affects the timing or the
amount of the death benefit payout under the Policy. A change in the primary
Annuitant will be treated as the death of an Owner.
If the Annuitant is an Owner or joint Owner, the Annuitant's death is
treated as an Owner's death. (If the Annuitant is not an Owner and the
Annuitant dies before the Annuity Starting Date, the Owner may
name a new Annuitant if such Owner(s) is not a corporation or other
non-individual or if such Owner is the trustee of an Internal Revenue Code
Section 401(a) retirement plan. If the Owner does not name a new Annuitant, the
Owner will become the Annuitant.)
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 (without deduction of the Withdrawal
Charge) on the later of the date we receive Due Proof of Death and an
annuity Payout Option election; 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 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 the 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.
27
<PAGE>
o IRS Required Distribution
Federal law requires that if your Policy is tax non-qualified and you die
before the Annuity Starting Date, then the entire value of your Policy must be
distributed within five years of your death. Therefore, any death benefit must
be paid within five years after your death. The five-year rule does not apply to
that portion of the proceeds which (a) is for the benefit of an individual
Beneficiary; and (b) will be paid over the lifetime or the life expectancy of
that Beneficiary as long as payments begin not later than one year after the
date of your death. Special rules may apply to your surviving spouse. The
Statement of Additional Information has a more detailed description of these
rules. Other required distribution rules apply to tax-qualified Policies.
- -------------------------------------------------------
FEDERAL TAX MATTERS
The following discussion is general in nature and is not intended as tax
advice. Each person concerned should consult a competent tax advisor. No attempt
is made to consider any applicable state tax or other tax laws, or to address
any federal estate, or state and local estate, inheritance and other tax
consequences of ownership or receipt of distributions under a Policy.
When you invest in an annuity contract, you usually do not pay taxes on
your investment gains until you withdraw the money - generally for retirement
purposes. If you invest in a variable annuity as part of a pension plan or
employer-sponsored retirement program, your contract is called a "Qualified
Policy." If your annuity is independent of any formal retirement or pension
plan, it is termed a "Nonqualified Policy." The tax rules applicable to
Qualified Policies vary according to the type of retirement plan and the terms
and conditions of the plan. o
28
<PAGE>
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.
o Withdrawals. When a withdrawal from a Nonqualified Policy occurs, the amount
received will be treated as ordinary income subject to tax up to an amount equal
to the excess (if any) of the Accumulation Value immediately before the
distribution over the Owner's investment in the Policy (generally, the purchase
payments paid for the Policy, reduced by any amount previously distributed from
the Policy that was not subject to tax) at that time. In the case of a surrender
under a Nonqualified Policy, the amount received generally will be taxable only
to the extent it exceeds the Owner's investment in the Policy.
o Penalty Tax on Certain Withdrawals. In the case of a distribution from a
Nonqualified Policy, there may be imposed a federal tax penalty equal to ten
percent of the amount treated as income. In general, however, there is no
penalty on distributions:
- - made on or after the taxpayer reaches age 59 1/2;
- - made on or after an Owner's death;
- - attributable to the taxpayer's becoming disabled; or
- - made as part of a series of substantially equal periodic payments for the life
(or life expectancy) of the taxpayer.
Other exceptions may be applicable under certain circumstances and special rules
may be applicable in connection with the exceptions enumerated above. Also,
additional exceptions apply to distributions from a Qualified Policy. You should
consult a tax adviser with regard to exceptions from the penalty tax.
o Annuity Payments. Although tax consequences may vary depending on the payout
option elected under an annuity contract, a portion of each annuity payment is
generally not taxed and the remainder is taxed as ordinary income. The
non-taxable portion of an annuity payment is generally determined in a manner
that is designed to allow you to recover your investment in the Policy ratably
on a tax-free basis over the expected stream of annuity payments, as determined
when annuity payments start. Once your investment in the Policy has been fully
recovered, however, the full amount of each annuity payment is subject to tax as
ordinary income.
o Taxation of Death Benefit Proceeds. Amounts may be distributed from the Policy
because of your death or the death of the Annuitant. Generally, such amounts are
includible in the income of the recipient as follows: (i) if distributed in a
lump sum, they are taxed in the same manner as a surrender of the Policy, or
(ii) if distributed under a payout option, they are taxed in the same way as
annuity payments.
o Transfers, Assignments or Exchanges of a Policy. A transfer or assignment of
ownership of the Policy, the designation of an Annuitant, the selection of
certain Annuity Starting Dates, or the exchange of the Policy may result in
certain tax consequences to you that are not discussed herein. An Owner
contemplating any such transfer, assignment, or exchange, should consult a tax
advisor as to the tax consequences.
o Withholding. Annuity distributions are generally subject to withholding for
the recipient's federal income tax liability. Recipients can generally elect,
however, not to have tax withheld from distributions.
o Multiple Policies. All Non-Qualified deferred annuity contracts that are
issued by us (or our affiliates) to the same Owner during any calendar year are
treated as one annuity contract for purposes of determining the amount
includible in such Owner's income when a taxable distribution occurs.
o Further Information. We believe that the Policy qualifies as an annuity
contract for Federal income tax purposes and the above discussion is based on
that assumption. Further details can be found in the Statement of Additional
Information under the heading "Tax Status of the Policy."
29
<PAGE>
TAXATION OF QUALIFIED POLICIES
The tax rules applicable to Qualified Policies vary according to the type
of retirement plan and the terms and conditions of the plan. Your rights under a
Qualified Policy may be subject to the terms of the retirement plan itself,
regardless of the terms of the Policy. Adverse tax consequences may result if
you do not ensure that contributions, distributions and other transactions with
respect to the Policy comply with the law. Also, you may wish to consult a tax
and/or financial adviser regarding the use of the Policy within a qualified or
other retirement plan, since many such plans already provide the same type of
tax deferral as provided by the Policy. However, the Policy provides extra
benefits and features that most retirement plans themselves do not provide (note
that there are costs and charges in the Policy related to these extra benefits
and features).
o Individual Retirement Accounts (IRAs), as defined in Section 408 of the
Internal Revenue Code (Code), permit individuals to make annual contributions of
up to the lesser of $2,000 or 100% of adjusted gross income. The contributions
may be deductible in whole or in part, depending on the individual's income.
Distributions from certain pension plans may be "rolled over" into an IRA on a
tax-deferred basis without regard to these limits. Amounts in the IRA (other
than nondeductible contributions) are taxed when distributed from the IRA. A 10%
penalty tax generally applies to distributions made before age 59 1/2 , unless
certain exceptions apply. The Internal Revenue Service has not reviewed the
Policy for qualification as an IRA, and has not addressed in a ruling of general
applicability whether a death benefit provision in the Policy comports with IRA
qualification requirements.
o Roth IRAs, as described in Code section 408A, permit certain eligible
individuals to make non-deductible contributions to a Roth IRA in cash or as a
rollover or transfer from another Roth IRA or other IRA. A rollover from or
conversion of an IRA to a Roth IRA is generally subject to tax and other special
rules apply. The Owner may wish to consult a tax adviser before combining any
converted amounts with any other Roth IRA contributions, including any other
conversion amounts from other tax years. Distributions from a Roth IRA generally
are not taxed, except that, once aggregate distributions exceed contributions to
the Roth IRA, income tax and a 10% penalty tax may apply to distributions made
(1) before age 59 1/2 (subject to certain exceptions) or (2) during the five
taxable years starting with the year in which the first contribution is made to
any Roth IRA. A 10% penalty tax may apply to amounts attributable to a
conversion from an IRA if they are distributed during the five taxable years
beginning with the year in which the conversion was made.
o Corporate pension and profit-sharing plans under Section 401(a) of the Code
allow corporate employers to establish various types of retirement plans for
employees, and self-employed individuals to establish qualified plans for
themselves and their employees. Adverse tax consequences to the retirement plan,
the participant, or both may result if the Policy is transferred to any
individual as a means to provide benefit payments, unless the plan complies with
all the requirements applicable to such benefits prior to transferring the
Policy. The Standard Death Benefit could be characterized as an incidental
benefit, the amount of which is limited in any pension or profit-sharing plan.
Because the death benefit may exceed this limitation, employers using the Policy
in connection with such plans should consult their tax adviser.
o Tax-Sheltered Annuities under section 403(b) of the Code allow employees of
certain Section 501(c)(3) organizations and public schools to exclude from their
gross income the purchase payments made, within certain limits, on a policy that
will provide an annuity for the employee's retirement. The Policy will only
accept transfers from an existing tax-sheltered annuity contract, and will not
accept direct payments of salary reduction contributions. Distributions of (1)
salary reduction contributions made in years beginning after December 31, 1988;
(2) earnings on those contributions; and (3) earnings on amounts held as of the
last year beginning before January 1, 1989, are not allowed prior to age 59 1/2,
separation from service, death or disability. Salary reduction contributions may
also be distributed upon hardship, but would generally be subject to penalties.
The Standard Death Benefit could be characterized as an incidental benefit, the
amount of which is limited in a tax-sheltered annuity. Because the death benefit
may exceed this limitation, individuals using the Policy in connection with such
plans should consult their tax adviser.
o Other Tax Issues. Qualified Policies have minimum distribution rules that
govern the timing and amount of distributions. You should refer to your
retirement plan, adoption agreement, or consult a tax advisor for more
information about these distribution rules.
Distributions from Qualified Policies generally are subject to withholding
for the Owner's federal income tax liability. The withholding rate varies
according to the type of distribution and the Owner's tax status. The Owner will
be provided the opportunity to elect not to have tax withheld from
distributions.
"Eligible rollover distributions" from section 401(a) plans are subject to
a mandatory federal income tax withholding of 20%. An eligible rollover
distribution is the taxable portion of any distribution from such a plan, except
certain distributions such as distributions required by the Code or
distributions in a specified annuity form. The 20% withholding does not apply,
however, if the Owner chooses a "direct rollover" from the plan to another
tax-qualified plan or IRA.
30
<PAGE>
o POSSIBLE TAX LAW CHANGES
Although the likelihood of legislative changes is uncertain, there is
always the possibility that the tax treatment of the Policy could change by
legislation or otherwise. Consult a tax adviser with respect to legislative
developments and their effect on the Policy.
We have the right to modify the Policy in response to legislative changes
that could otherwise diminish the favorable tax treatment that annuity contract
Owners currently receive. We make no guarantee regarding the tax status of any
Policy and do not intend the above discussion as tax advice.
- -----------------------------------------------------------
MISCELLANEOUS
o DISTRIBUTOR OF THE POLICIES
Mutual of Omaha Investor Services, Inc. ("MOIS"), Mutual of Omaha Plaza,
Omaha Nebraska 68175, is the principal underwriter of the Policies. Like us,
MOIS is an affiliate of Mutual of Omaha Insurance Company. MOIS enters into
contracts with various broker-dealers to distribute Policies. MOIS is registered
with the Securities and Exchange Commission as a broker-dealer and is a member
of the National Association of Securities Dealers, Inc. Commissions paid to a
broker-dealer are up to 7 1/2% of purchase payments.
o VOTING RIGHTS
We will vote Series Fund shares held by the Variable Account at regular and
special shareholder meetings of the Series Funds pursuant to instructions
received from persons having voting interests in the portfolios, if and to the
extent required by law. If, however, applicable law or regulation or
interpretation of them is amended, and as a result we may vote Series Fund
shares in its own right, we may do so. The Series Funds may not hold routine
annual shareholder meetings.
As a Policy Owner, you may have a voting interest in the portfolios you are
invested in. You will receive proxy material, reports, and other materials
relating to the appropriate portfolio in which you have voting interests.
o
YEAR 2000 ISSUES
Like all financial services providers, we use systems affected by Year 2000
transition issues and rely upon service providers, including investment
managers, whose own systems may also be affected. We are implementing a Year
2000 transition plan, and are confirming that our service providers are also
doing so. The resources that are being devoted to this effort are substantial.
It is difficult to predict with precision whether the amount of resources
ultimately devoted, or the outcome of these efforts, will prevent any negative
impact on us. However, as of the date of this prospectus, we do not believe Year
2000 transition implementation will harm purchaser of Policies, or our Policy
administration efforts.
o LEGAL PROCEEDINGS
As of the date of this prospectus, there are no legal proceedings affecting
the Variable Account, or that are material in relation to our total assets.
DO YOU HAVE QUESTIONS?
If you have questions about your Policy or this prospectus, you
may contact your agent or broker who gave this prospectus to you,
or you may contact us at: COMPANION LIFE, Variable Product
Service, P.O. Box 3664, Omaha, Nebraska 68103-0664. Telephone
1-800-494-0067.
31
<PAGE>
o STATEMENT OF ADDITIONAL INFORMATION
You may obtain, at no cost, a Statement of Additional Information which
contains more details concerning the disclosures in this prospectus by
contacting us. You may also access it in our registration on the SEC's Web site
(HTTP://WWW.SEC.GOV), or you may review and copy it at the SEC's Public
Reference Room in Washington D.C. (call the SEC at 1-800-SEC-0330 for details
and public hours).
Here is the Table of Contents to our Statement of Additional Information:
Contents Page(s)
-------------------------------------- --------
The Policy - general provisions 2-3
Owner and Joint Owner
Death of Annuitant
Entire Contract
Deferment of Payment and
Transfers
Incontestability
Misstatement of Age or Sex
Nonparticipating
Assignment
Evidence of Age or Survival
-------------------------------------- --------
Federal Tax Matters 3-4
Tax Status of the Policy
Taxation of Companion
-------------------------------------- --------
State Regulation of Companion 4
-------------------------------------- --------
Administration 4-5
Records and Reports
Distribution of the Policies
Custody of Assets
-------------------------------------- --------
Historical Performance Data 5-14
Money Market Yields
Other Subaccount Yields
Total Returns
Other Performance Data
-------------------------------------- --------
Legal Matters 14
-------------------------------------- --------
Other Information 14
-------------------------------------- --------
Financial Statements 14
32
<PAGE>
STATEMENT OF ADDITIONAL INFORMATION
THE ULTRANNUITY SERIES V VARIABLE ANNUITY
Issued through: COMPANION LIFE SEPARATE ACCOUNT C
Offered by: COMPANION LIFE INSURANCE COMPANY ("We, us, our")
401 Theodore Fremd Ave., Rye, New York 10590-1493
Service Office: P.O.Box 3664, Omaha, Nebraska 68108-0664
This Statement of Additional information expands upon subjects discussed in
the current prospectus for the Ultrannuity Series V Variable Annuity Policy (the
"Policy"). You may obtain a copy of the prospectus dated May 1, 1999 by calling
1-800-238-9354 or by writing to us at: Companion Life, Variable Product Service,
P.O. Box 3664, Omaha, Nebraska 68103-0664. Terms used in the current prospectus
for the Policy have the same meaning in this Statement.
This Statement of Additional Information is not a prospectus. You should
read it only in conjunction with the prospectuses for the Policy and the
Series Funds.
Dated: May 1, 1999
Contents Page(s)
-------------------------------------- ---------
The Policy - general provisions 2
Owner and Joint Owner
Death of Annuitant
Entire Contract
Deferment of Payment and
Transfers
Incontestability
Misstatement of Age or Sex
Nonparticipating
Assignment
Evidence of Age or Survival
-------------------------------------- ---------
Federal Tax Matters 3-4
Tax Status of the Policy
Taxation of Companion Life
-------------------------------------- ---------
State Regulation of Companion Life 4-5
Administration
Records and Reports
Distribution of the Policies
-------------------------------------- ---------
Custody of Assets 5-11
Historical Performance Data
Money Market Yields
Other Subaccount Yields
Total Returns
Other Performance Information
-------------------------------------- ---------
Legal Matters 11
Other Information
Financial Statements
1
<PAGE>
The following provides additional information about us and the Policy which
may be of interest to you and is not addressed in the prospectus.
THE POLICY - GENERAL PROVISIONS
Owner and Joint Owner
While you are alive, only you may exercise the rights under the Policy. You
may change the Owner of the Policy as described below under "Assignment." If
there are joint Owners, the signatures of both Owners are needed to exercise
rights under the Policy. If the Annuitant is other than the Owner, the Annuitant
has no rights under the Policy.
Entire Contract
The entire contract is the Policy, data page, any riders and the signed
application, a copy of which will be attached to the Policy. All statements made
in the application are deemed representations and not warranties. No statement,
unless it is in the application, will be used by us to contest the Policy or
deny a claim.
Any change of the Policy and any riders requires the consent of our
authorized officer. No agent or registered representative has authority to
change or waive any provision of the Policy.
We reserve the right to amend the Policy to meet the requirements of, or
take advantage of, the Internal Revenue Code, regulations or published rulings.
You can refuse such a change by giving Written Notice, but a refusal may result
in adverse tax consequences.
Deferment of Payment and Transfers
We will usually pay any amounts payable from the Variable Account as a
result of a partial withdrawal or cash surrender within seven days after
receiving Written Notice. We can postpone such payments or any transfers of
amounts between Subaccounts or into the Fixed Account if:
(a) the New York Stock Exchange is closed for other than customary weekend
and holiday closings;
(b) trading on the New York Stock Exchange is restricted;
(c) an emergency exists as determined by the Securities Exchange
Commission, as a result of which it is not reasonably practical to
dispose of securities, or not reasonably practical to determine the
value of the net assets of the Variable Account; or
(d) the Securities Exchange Commission permits delay for the protection of
security holders. The applicable rules of the Securities Exchange
Commission will govern as to whether the conditions in (c) or (d)
exist.
We may defer transfers, payment of partial withdrawals or a surrender
from the Fixed Account for up to six months from the date we receive Written
Notice.
Incontestability
We will not contest the validity of the Policy after its Date of Issue.
Misstatement of Age or Sex
We may require proof of the Annuitant's age before making any life
annuity payment. If the Annuitant's age or sex has been misstated, the Annuity
Starting Date and annuity payments will be determined using the correct age and
sex. If misstatement of age or sex results in annuity payments that are too
large, the overpayments will be deducted from future annuity payments. If we
have made payments that are too small, the underpayments will be added to the
next payment. Adjustments for overpayments or underpayments will include 6%
interest.
Nonparticipating
No dividends will be paid. Neither you nor the Beneficiary shares in our
surplus earnings or profits.
Assignment
You may change the Owner of the Policy or pledge it as collateral by
assigning it. No assignment is binding on us until we record and acknowledge it.
The rights of any payee will be subject to a collateral assignment.
If the Beneficiary designation is irrevocable, the Owner may be changed
or the Policy assigned only upon Written Notice signed by both you and the
Beneficiary. On the Annuity Starting Date, you may select another payee, but you
retain all rights of ownership unless you sign an absolute assignment of the
Policy.
Evidence of Age or Survival
We may require proof of the age or survival of any Owner, Annuitant or
payee. No payment will be made until we receive such proof.
2
<PAGE>
Variable Annuity Units.
All variable annuity payments other than the first are determined by
means of Variable Annuity Units credited to the Policy with respect to the
particular payee. The number of Variable Annuity Units for each Subaccount is
the amount of the first annuity payment attributable to that Subaccount divided
by the Annuity Unit Value for that Subaccount as of the Annuity Starting Date.
The number of Variable Annuity Units of each particular Subaccount credited with
respect to the payee or Annuitant then remains fixed unless a transfer of
Variable Annuity Units is made as described below. The number of Variable
Annuity Units will not change as a result of investment experience.
For any Valuation Period, the value of a Variable Annuity Unit of
a particular Subaccount is the Variable Annuity Unit value during the last
Valuation Period for that particular Subaccount, multiplied by the Net
Investment Factor for that Subaccount for the current Valuation Period. The
value of a Subaccount may increase or decrease from one Valuation Period to the
next.
The Net Investment Factor for any Subaccount for any Valuation
Period is determined by dividing (a) by (b) and then subtracting (c) from the
result where:
(a) is the net result of:
(1) the net asset value of a portfolio share held in the
Subaccount determined as of the end of the current Valuation
Period, plus
(2) the per share amount of any declared and unpaid dividends or
capital gains accruing to that portfolio, plus or minus
(3) a per share credit or charge with respect to any taxes paid
or reserved for by us during the Valuation Period which is
determined by us to be attributable to the operations of the
Subaccount;
(b) is the net asset value per share of the Fund held in the Subaccount
determined as of the end of the preceding Valuation Period plus or
minus the per share credit or charge with respect to any taxes paid
or reserved for the preceding Valuation Period; and
(c) is the asset charge factor determined by us for the Valuation Period
to reflect the Mortality and Expense Risk Charge and the
Administrative Expense Charge deducted from the Variable Account.
This factor is equal, on an annual basis, to 1.20% of the net asset
value of the Variable Account.
The result is then multiplied by a factor that offsets the Assumed Investment
Rate used to establish the Annuity Payment Rates found in the applicable
Contract, which allows the actual investment rate to be credited. For a one day
Valuation Period the factor is 0.99989255 using an Assumed Investment Rate of 4%
per year.
FEDERAL TAX MATTERS
Tax Status of the Policy
Diversification Requirements. Section 817(h) of the Internal Revenue
Code provides that in order for a variable contract based on a segregated asset
account to qualify as an annuity contract under the Code, the investments made
by such account must be "adequately diversified." The Treasury regulations
issued under Section 817(h) (Treas. Reg. ss. 1.817-5) apply a diversification
requirement to each of the Subaccounts of the Variable Account. The Variable
Account, through the Series Funds and their portfolios, intends to comply with
those diversification requirements. We and the Series Funds have entered into
agreements regarding participation in the Series Funds that requires the Series
Funds and their portfolios to comply with the Treasury regulations.
Owner Control. In certain circumstances, owners of variable annuity
contracts may be considered the owners, for federal income tax purposes, of the
assets of the separate account used to support their contracts. In those
circumstances, income and gains from the separate account assets would be
includible in the variable contract owner's gross income. The IRS has stated in
published rulings that a variable contract owner will be considered the owner of
separate account assets if the contract owner possesses incidents of ownership
in those assets, such as the ability to exercise investment control over the
assets. The Treasury Department also announced, in connection with the issuance
of regulations concerning diversification, that those regulations "do not
provide guidance concerning the circumstances in which investor control of the
investments of a segregated asset account may cause the investor (i.e., the
Owner), rather than the insurance company, to be treated as the owner of the
assets in the account." This announcement also stated that guidance would be
issued by way of regulations or rulings on the "extent to which policyholders
may direct their investments to particular Subaccounts without being treated as
owners of the underlying assets." As of the date of this prospectus, no such
guidance has been issued.
The Owner's rights under the Policy are similar to, but different in
certain respects from, those described by the IRS in rulings in which it was
determined that policy owners were not owners of separate account assets. For
example, you have additional flexibility in allocating premium payments and
Policy values. These differences could result in you being treated as the Owner
of a pro-rata portion of the assets of the Separate Account. In addition, we do
not know what standards will be set forth, if any, in future regulations or
rulings issued by the Treasury Department. We therefore reserve the right to
modify the Policy as necessary to attempt to prevent you from being considered
the Owner of a pro-rata share of the assets of the Variable Account or to
otherwise qualify the Policy for favorable tax treatment.
3
<PAGE>
Distribution Requirements. The Code also requires that nonqualified
Policies contain specific provisions for distribution of Policy Proceeds upon
your death. In order to be treated as an annuity contract for federal income tax
purposes, the Code requires that such Policies provide that if you die on or
after the Annuity Starting Date and before the entire interest in the Policy has
been distributed, the remaining portion must be distributed at least as rapidly
as under the method in effect on your death. If you die before the Annuity
Starting Date, the entire interest in your Policy must generally be distributed
within five years after your death. This requirement can be satisfied if the
entire interest in your Policy is used to purchase an immediate annuity under
which payments will begin within one year of your death and will be made for the
life of the Beneficiary or for a period not extending beyond the life expectancy
of the Beneficiary. If the Beneficiary is your surviving spouse, the Policy may
be continued with your surviving spouse as the new Owner. The Policy contains
provisions intended to comply with these requirements of the Code. No
regulations interpreting these requirements of the Code have yet been issued and
thus no assurance can be given that the provisions contained in the Policy
satisfies all such Code requirements. The provisions contained in the Policy
will be reviewed and modified if necessary to assure that they comply with the
Code requirements when clarified by regulation or otherwise.
Taxation of Companion Life
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 COMPANION LIFE
We are subject to New York law and to regulation by the New York
Division of Insurance. We file an annual statement with the New York Department
of Insurance covering our operation for the preceding year and our financial
condition as of the end of such year. Regulation by the Department of Insurance
includes periodic examination to determine our contract liabilities and reserves
so that the Department may certify the items are correct. Our books and accounts
are subject to review by the Department of Insurance at all times and a full
examination of our operations is conducted periodically by the National
Association of Insurance Commissioners. In addition, we are subject to
regulation under the insurance laws of other jurisdictions in which we operate.
ADMINISTRATION
Effective on or about March 3, 1997, we perform all administration for
your Policy. Before then, we had an administrative services agreement with The
Continuum Company, Inc. (a/k/a Vantage Computer Systems), ("Vantage"), P.O. Box
419472, Kansas City, Missouri 64141-6472. The services provided by Vantage under
the agreement included issuance and redemption of the Policies, maintenance of
records concerning the Policies, and certain valuation services. We have not
paid any fees to Vantage in 1998. For the fiscal year ended December 31, 1997,
Companion Life paid $ 11,132 total compensation to Vantage, and in fiscal year
ended December 31, 1996 the amount was $ 64,445.
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.
4
<PAGE>
DISTRIBUTION OF THE POLICIES
The Policies are offered to the public through brokers licensed under
the federal securities laws and state insurance laws. The offering of the
Policies is continuous and we do not anticipate discontinuing the offering of
the Policies. However, we reserve the right to discontinue the offering of the
Policies.
Mutual of Omaha Investor Services, Inc. ("MOIS") will be the principal
underwriter of the Policies. The Policies will be distributed by MOIS through
retail broker-dealers. Commissions payable to a broker-dealer will be up to 7.5%
of Purchase Payments. For the fiscal year ended December 31, 1998, we paid $
1,237,130 in total compensation to MOIS; of this amount MOIS retained $ 415,824
as concessions for its services as Principal Underwriter and for distribution
concessions, with the remaining amount paid to other broker-dealers. In 1997,
these amounts were $ 317,260 and $ 165,800 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.
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 yield figures will not reflect the
withdrawal charge.
Money Market Yields
From time to time, advertisements and sales literature may quote the
current annualized yield of the Money Market Subaccount (Federated Price Money
Fund II portfolio) for a seven-day period in a manner which does not take into
consideration any realized or unrealized gains or losses on shares of the Money
Market portfolio or on its portfolio securities. As of 12/31/98, this current
annualized yield is 3.37%.
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 us to disclose the
effective yield of the Money Market Subaccount for the same seven-day period,
determined on a compounded basis. The effective yield is calculated by
compounding the unannualized base period return by adding one to the base period
return, raising the sum to a power equal to 365 divided by 7, and subtracting
one from the result.
The current and effective yields on amounts held in the Money Market
Subaccount normally will fluctuate on a daily basis. Therefore, the disclosed
yield for any given past period is not an indication or representation of future
yields or rates of return. The Money Market Subaccount's actual yield is
affected by changes in interest rates on money market securities, average
portfolio maturity of the Money Market portfolio, the types of quality of
portfolio securities held by the Money Market portfolio and the Money Market
portfolio's operating expenses. Yields figures do not reflect the effect of any
withdrawal charge that may be applicable to a Policy.
5
<PAGE>
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 units outstanding
for the period; (b) compounding that yield for a six-month period; and (c)
multiplying that result by 2. Expenses attributable to the Subaccount include:
(a) the annual Policy Fee; (b) the Administrative Expense Charge; and (c) the
Mortality and Expense Risk Charge. The $30 annual Policy Fee is reflected as an
annual 0.10% charged daily in the yield calculation, based on an average
Accumulation Value of $30,000. The 30-day or one-month yield is calculated
according to the following formula:
Yield = [2 {a-b + 1} 6 - 1]
[ cd ]
Where:
a =-- net income of the portfolio for the 30-day or
one-month period attributable to the Subaccount's
Accumulation Units.
b =-- expenses of the Subaccount for the 30-day or one-month period.
c =-- the average number of Accumulation Units outstanding.
d =-- the Accumulation Unit value at the close of the last day in
the 30-day or one-month period.
Because of the charges and deductions imposed under the Policies, the
yield for a Subaccount will be lower than the yield for the corresponding Series
Fund portfolio.
Yield calculations do not take into account the withdrawal charge under
the Policy (a maximum of 7% of the purchase payments surrendered or withdrawn).
Average Annual Total Returns
From time to time, sales literature or advertisements may also quote
average annual total returns for one or more of the Subaccounts for various
periods of time.
When a Subaccount has been in operation for 1, 5, and 10 years,
respectively, the average annual total return for these periods will be
provided. Until a Subaccount has been in operation for 10 years, we will always
include quotes of average annual total return for the period measured from the
date the Policies were first offered for sale. Average annual total returns for
other periods of time may, from time to time, also be disclosed.
Average annual total returns represent the average annual compounded
rates of return that would equate an initial investment of $1,000 under a Policy
to the redemption value of that investment as of the last day of each of the
periods. Average annual total returns will be calculated using Subaccount
Accumulation Unit values which we calculate at the end of each Valuation Period
based on the performance of the Subaccount's underlying portfolio, the
deductions for (a) the annual Policy Fee; (b) the Administrative Expense Charge;
and (c) the Mortality and Expense Risk Charge. The $30 annual Policy Fee is
reflected as an annual 0.10% charged daily in the calculation of average annual
total returns, based on an anticipated average Accumulation Value of $30,000.
The calculation also assumes surrender of the Policy at the end of the period
for the return quotation. Standard total returns will therefore reflect a
deduction of any applicable withdrawal charge. The total return will then be
calculated according to the following formula:
P(1+TR) n = ERV
Where:
P = -- a hypothetical initial Purchase Payment of $1,000.
TR = -- the average annual total return.
ERV = -- the ending redeemable value (net of any applicable
withdrawal charge) of the hypothetical account at the end
of the period.
n =-- the number of years in the period.
6
<PAGE>
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:
=============================================== =========== ===========
SUBACCOUNT 1 Year From
AVERAGE ANNUAL TOTAL RETURN (reflects Ended Inception
Withdrawal Charges) 12/31/98 to
Subaccount (date of inception) % 12/31/98
%
=============================================== =========== ===========
Alger American Growth (12/13/96) 37.51 30.39
Alger American Small Capitalization (12/13/96) 7.26 8.87
Federated Prime Money Fund II (12/13/96) -2.59 0.88
Federated Fund for U.S. Government Securities
(12/13/96) -0.05 3.87
Fidelity VIP II Asset Manager: Growth (12/13/96) 9.16 16.19
Fidelity VIP II Contrafund (12/13/96) 20.70 21.59
Fidelity VIP Equity Income (12/13/96) 3.64 14.62
Fidelity VIP II Index 500 (5/1/98) 19.16 6.17
MFS Emerging Growth Series (12/13/96) 24.58 22.39
MFS High Income Series (12/13/96) -7.33 2.35
MFS Research Series (12/13/96) 14.57 16.71
MFS Capital Opportunities Series (5/1/98) N/A 0.98
MFS Global Governments Series (12/13/96) 0.18 -0.66
MSDW Emerging Markets Equity (5/1/99) N/A N/A
MSDW Fixed Income (5/1/99) N/A N/A
Pioneer Capital Growth (5/1/98) N/A -18.95
Pioneer Real Estate Growth (5/1/98) N/A -20.99
Scudder VLIF Global Discovery (5/1/98) N/A -5.72
Scudder VLIF Growth & Income (5/1/98) N/A -9.23
Scudder VLIF International (12/13/96) 10.01 9.09
T. Rowe Price Personal Strategy Balanced
(12/13/96) 6.12 11.41
T. Rowe Price Equity Income (12/13/96) 1.38 13.72
T. Rowe Price International (12/13/96) 7.57 4.97
T. Rowe Price Limited-Term Bond (12/13/96) -0.40 2.83
T. Rowe Price New America Growth (12/13/96) 10.03 14.83
=============================================== =========== ===========
7
<PAGE>
Non-Standardized Performance Data. In addition to the version described above,
total return performance information computed on different non-standard bases
may be used in advertisements. Average annual total return information may be
presented, computed on the same basis as described above, except deductions will
not include the withdrawal charge. Such non-standardized average annual total
return information for the Subaccounts of Policies is as follows:
=============================================== ----------- ===========
SUBACCOUNT NON-STANDARDIZED 1 Year From
AVERAGE ANNUAL TOTAL RETURN Ended Inception
(does not reflect Withdrawal Charges) 12/31/98 to
Subaccount (date of inception) % 12/31/98
%
=============================================== =========== ===========
Alger American Growth (12/13/96) 46.21 33.77
Alger American Small Capitalization (12/13/96) 14.05 11.68
Federated Prime Money Fund II (12/13/96) 3.58 3.49
Federated Fund for U.S. Government Securities
II (12/13/96) 6.28 6.56
Fidelity VIP II Asset Manager: Growth
(12/13/96) 16.07 19.20
Fidelity VIP II Contrafund (12/13/96) 28.33 24.73
Fidelity VIP Equity Income (12/13/96) 10.20 17.59
Fidelity VIP II Index 500 (5/1/98) N/A 12.89
MFS Emerging Growth Series (12/13/96) 32.46 25.56
MFS High Income Series (12/13/96) -1.47 5.00
MFS Research Series (12/13/96) 21.81 19.73
MFS Capital Opportunities Series (5/1/98) N/A 7.37
MFS Global Governments Series (12/13/96) 6.51 1.91
MSDW Emerging Markets Equity (5/1/99) N/A N/A
MSDW Fixed Income (5/1/99) N/A N/A
Pioneer Capital Growth (5/1/98) N/A -13.82
Pioneer Real Estate Growth (5/1/98) N/A -16.00
Scudder VLIF Global Discovery (5/1/98) N/A 0.24
Scudder VLIF Growth & Income (5/1/98) N/A -3.49
Scudder VLIF International (12/13/96) 16.97 11.91
T. Rowe Price Personal Strategy Balanced
(12/13/96) 12.83 14.29
T. Rowe Price Equity Income (12/13/96) 7.79 16.66
T. Rowe Price International (12/13/96) 14.38 7.69
T. Rowe Price Limited-Term Bond (12/13/96) 5.90 5.49
T. Rowe Price New America Growth (12/13/96) 16.99 17.80
=============================================== =========== ===========
In addition, we may from time to time disclose average annual total return in
non-standard formats and cumulative total return for Policies funded by the
Subaccounts.
THE FIGURES ABOVE ARE AN INDICATION OF PAST, BUT NOT FUTURE, PERFORMANCE OF THE
APPLICABLE SUBACCOUNTS AVAILABLE UNDER THE POLICY.
Adjusted Historical Performance Data. We may, from time to time, also
disclose yield, standard total returns, and non-standard total returns for the
Portfolios of the Series Funds, including such disclosure for periods prior to
the dates the Subaccounts commenced operations. For periods prior to the date
the Subaccount commenced operations, performance information for Policies will
be calculated based on the performance of the Series Fund portfolios and the
assumption that the Subaccounts were in existence for the same periods as those
indicated for the Series Fund portfolios, with the level of Policy charges that
were in effect at the inception of the Subaccounts (this is referred to as
"adjusted historical" performance data). Such standardized but "adjusted
historical" average annual total return information for the Subaccounts of
Policies is as follows:
8
<PAGE>
<TABLE>
<CAPTION>
================================================= --------- --------- ------------ ============
SUBACCOUNT 1 Year 5 Years 10 Years Since
"ADJUSTED HISTORICAL" Ended Ended Ended Inception
AVERAGE ANNUAL TOTAL RETURN TABLE 12/31/98 12/31/98 12/31/98 to 12/31/98
(Reflects Withdrawal Charges) % % % %
Subaccount (date of inception of corresponding
Portfolio)
================================================= ========= ========= ============ ============
<S> <C> <C> <C> <C>
Alger American Growth (1/9/89) 37.51 21.69 20.42 20.48
Alger American Small Capitalization (9/21/88) 7.26 11.07 18.32 17.34
Federated Prime Money Fund II (11/21/94) -2.59 N/A N/A 2.92
Federated Fund for U.S. Government Securities
(3/28/94) -0.05 N/A N/A 4.70
Fidelity VIP II Asset Manager: Growth (1/3/95) 9.16 N/A N/A 18.86
Fidelity VIP II Contrafund (1/3/95) 20.70 N/A N/A 25.91
Fidelity VIP Equity Income (10/9/86) 3.64 16.66 14.15 12.95
Fidelity VIP II Index 500 (8/27/92) 19.16 21.52 N/A 19.45
MFS Emerging Growth Series (7/24/95) 24.58 N/A N/A 23.66
MFS High Income Series (7/26/95) -7.33 N/A N/A 6.27
MFS Research Series (7/26/95) 14.57 N/A N/A 19.72
MFS Capital Opportunities Series (8/14/96) 17.74 N/A N/A 21.67
MFS Global Governments Series (6/14/95) 0.18 N/A N/A 3.61
MSDW Emerging Markets Equity (10/1/96) -29.79 N/A N/A -15.07
MSDW Fixed Income (1/2/97) 0.18 N/A N/A 4.75
Pioneer Capital Growth (3/1/95) -10.84 N/A N/A 10.84
Pioneer Real Estate Growth (3/1/95) -24.58 N/A N/A 9.88
Scudder VLIF Global Discovery (5/2/97) 7.87 N/A N/A 14.72
Scudder VLIF Growth & Income (5/1/97) -0.97 N/A N/A 12.38
Scudder VLIF International (5/1/87) 10.01 8.35 10.53 9.15
T. Rowe Price Personal Strategy Balanced
(12/31/94) 6.12 N/A N/A 16.13
T. Rowe Price Equity Income (3/31/94) 1.38 N/A N/A 18.35
T. Rowe Price International (3/31/94) 7.57 N/A N/A 7.67
T. Rowe Price Limited-Term Bond (5/13/94) -0.40 N/A N/A 4.44
T. Rowe Price New America Growth (3/31/94) 10.03 N/A N/A 20.35
================================================= ========= ========= ============ ============
</TABLE>
Such non-standardized (i.e., assuming no withdrawal charge) but adjusted
historical average annual total return information for the Subaccounts is as
follows:
9
<PAGE>
<TABLE>
<CAPTION>
================================================= --------- --------- ------------ ============
SUBACCOUNT NON-STANDARDIZED 1 Year 5 Years 10 Years Since
"ADJUSTED HISTORICAL" Ended Ended Ended Inception
AVERAGE ANNUAL TOTAL RETURN TABLE 12/31/98 12/31/98 12/31/98 to 12/31/98
(Does not reflect Surrender Charges) % % % %
Subaccount (date of inception of corresponding
Portfolio)
================================================= ========= ========= ============ ============
<S> <C> <C> <C> <C>
Alger American Growth (1/9/89) 46.21 22.32 20.42 20.48
Alger American Small Capitalization (9/21/88) 14.05 11.64 18.32 17.34
Federated Prime Money Fund II (11/21/94) 3.58 N/A N/A 3.57
Federated Fund for U.S. Government Securities
(3/28/94) 6.28 N/A N/A 5.27
Fidelity VIP II Asset Manager: Growth (1/3/95) 16.07 N/A N/A 19.89
Fidelity VIP II Contrafund (1/3/95) 28.33 N/A N/A 27.01
Fidelity VIP Equity Income (10/9/86) 10.20 17.26 14.15 12.95
Fidelity VIP II Index 500 (8/27/92) 26.70 22.15 N/A 19.61
MFS Emerging Growth Series (7/24/95) 32.46 N/A N/A 24.91
MFS High Income Series (7/26/95) -1.47 N/A N/A 7.35
MFS Research Series (7/26/95) 21.81 N/A N/A 20.93
MFS Capital Opportunities Series (8/14/96) 25.19 N/A N/A 23.91
MFS Global Governments Series (6/14/95) 6.51 N/A N/A 4.20
MSDW Emerging Markets Equity (10/1/96) -25.34 N/A N/A -13.41
MSDW Fixed Income (1/2/97) 6.52 N/A N/A 7.53
Pioneer Capital Growth (3/1/95) -5.20 N/A N/A 11.85
Pioneer Real Estate Growth (3/1/95) -19.81 N/A N/A 10.87
Scudder VLIF Global Discovery (5/2/97) 14.69 N/A N/A 18.38
Scudder VLIF Growth & Income (5/1/97) 5.29 N/A N/A 15.96
Scudder VLIF International (5/1/87) 16.97 8.91 10.53 9.15
T. Rowe Price Personal Strategy Balance
(12/31/94) 12.83 N/A N/A 17.13
T. Rowe Price Equity Income (3/31/94) 7.79 N/A N/A 18.99
T. Rowe Price International (3/31/94) 14.38 N/A N/A 8.26
T. Rowe Price Limited-Term Bond (5/13/94) 5.90 N/A N/A 5.02
T. Rowe Price New America Growth (3/31/94) 16.99 N/A N/A 21.00
================================================= ========= ========= ============ ============
</TABLE>
THE FIGURES ABOVE ARE NOT AN INDICATION OF PRESENT, PAST, OR FUTURE PERFORMANCE
OF THE APPLICABLE SUBACCOUNTS OR OF THE ACTUAL PORTFOLIOS AVAILABLE UNDER THE
POLICY.
We may disclose Cumulative Total Returns in conjunction with the
standard formats described above. The Cumulative Total Returns will be
calculated using the following formula:
CTR = (ERV/P) - 1
Where:
CTR = -- The Cumulative Total Return net of Subaccount recurring
charges for the period.
ERV = -- The ending redeemable value of the
hypothetical investment at the end of the period.
P = -- A hypothetical initial purchase payment of $1,000.
Other Performance Information
The following is a partial list of those publications which may be cited
in the Series Funds' advertising shareholder materials which contain articles
describing investment results or other data relative to one or more of the
Subaccounts. Other publications may also be cited.
10
<PAGE>
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
LEGAL MATTERS
We know of no material legal proceedings pending to which the Variable
Account is a party or which would materially affect the Variable Account. We are
not involved in any litigation of material importance to our total assets or to
the Variable Account. Legal matters in connection with the Policy have been
passed upon by our legal staff.
OTHER INFORMATION
A Registration Statement has been filed with the Securities and Exchange
Commission ("SEC"), under the Securities Act of 1933 as amended, with respect to
the Policies discussed in this Statement of Additional Information. Not all of
the information set forth in the Registration Statement, amendments and exhibits
thereto has been included in the prospectus or this Statement of Additional
Information. Statements contained in the prospectus and this Statement of
Additional Information concerning the content of the Policies and other legal
instruments are intended to be summaries. For a complete statement of the terms
of these documents, refer to the instruments filed with the SEC. They may be
accessed on the SEC's Web site: http://www.sec.gov. You may also review and copy
our SEC registration of the Policy at the SEC's Public Reference Room in
Washington, D.C. (call the SEC at 1-800-SEC-0330 for details and public hours).
FINANCIAL STATEMENTS
This Statement of Additional Information contains financial statements
for the Variable Account as of December 31, 1998 and for the years ended
December 31, 1998 and 1997 which have been audited by Deloitte & Touche, LLP,
independent auditors, Omaha, Nebraska, as stated in their report appearing
herein.
The Financial Statements of Companion Life Insurance Company as of
December 31, 1998 and 1997, and for each of the three years ended December 31,
1998 included in this Statement of Additional Information have been audited by
Deloitte & Touche LLP, independent auditors, Omaha, Nebraska, as stated in their
report appearing herein. The financial statements of United of Omaha Life
Insurance Company should be considered only as bearing on our ability to meet
its obligations under the Policies. They should not be considered as bearing on
the investment performance of the assets held in the Variable Account.
11
<PAGE>
COMPANION LIFE
INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF
UNITED OF OMAHA LIFE INSURANCE COMPANY)
STATUTORY BASIS FINANCIAL STATEMENTS
AND INDEPENDENT AUDITORS' REPORT
DECEMBER 31, 1998, 1997 AND 1996
12
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Board of Directors
Companion Life Insurance Company
Rye, New York
We have audited the accompanying statutory basis statements of admitted assets,
liabilities, and surplus of Companion Life Insurance Company (a wholly-owned
subsidiary of United of Omaha Life Insurance Company) as of December 31, 1998
and 1997, and the related statutory basis statements of income and changes in
surplus, and cash flows for each of the three years in the period ended December
31, 1998. The financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
As more fully described in Note 1 to the financial statements, the Company has
prepared these financial statements in conformity with accounting practices
prescribed or permitted by the Insurance Department of the State of New York.
Those practices differ from generally accepted accounting principles. The
effects on the financial statements of the differences between the statutory
basis of accounting and generally accepted accounting principles are not
reasonably determinable, but are presumed to be material.
In our opinion, because of the effects of the matter discussed in the preceding
paragraph, the financial statements referred to above do not present fairly, in
conformity with generally accepted accounting principles, the financial position
of Companion Life Insurance Company as of December 31, 1998 and 1997, or the
results of its operations or its cash flows for each of the three years in the
period ended December 31, 1998.
However, in our opinion, the statutory basis financial statements referred to
above present fairly, in all material respects, the admitted assets,
liabilities, and surplus of Companion Life Insurance Company as of December 31,
1998 and 1997, and the results of its operations and its cash flows for each of
the three years in the period ended December 31, 1998, on the basis of
accounting described in Note 1 to the financial statements.
DELOITTE & TOUCHE LLP
March 4, 1999
13
<PAGE>
COMPANION LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF UNITED OF OMAHA LIFE INSURANCE COMPANY)
STATUTORY BASIS STATEMENTS OF ADMITTED ASSETS, LIABILITIES AND SURPLUS
AS OF DECEMBER 31, 1998 AND 1997
- --------------------------------------------------------------------------------
ADMITTED ASSETS 1998 1997
Cash and invested assets:
Bonds $ 435,631,63 $ 415,833,604
Mortgage loans 6,827,862 9,921,770
Policy loans 10,521,818 10,728,769
Cash and short-term investments 12,499,909 7,468,756
Other invested assets 214,292 125,749
-------- -------
Total cash and invested assets 465,695,518 444,078,648
Premiums deferred and uncollected 5,101,969 4,519,554
Investment income due and accrued 4,799,859 4,245,616
Other assets 497,050 2,379,872
Separate accounts assets 26,252,806 10,586,320
----------- ----------
Total admitted assets $ 502,347,202 $ 465,810,010
============= =============
LIABILITIES
Policy reserves:
Aggregate reserve for policies and contracts $ 345,518,702 $ 351,541,554
Policy and contract claims 4,152,097 4,255,129
Other reserves 425,946 396,966
-------- -------
Total policy reserves 350,096,745 356,193,649
Interest maintenance reserve 563,032 611,679
Asset valuation reserve 2,967,253 2,599,582
General expenses and taxes due or accrued 1,103,741 920,089
Funds held under reinsurance treaties 51,303,292 35,481,219
Reinsurance in unauthorized companies 34,604 34,361
Amounts due reinsurers 5,821 35,897
Federal income taxes due or accrued 1,965,047 423,000
Other liabilities 6,934,207 3,822,571
Separate accounts liabilities 26,214,408 10,552,259
----------- ----------
Total liabilities 441,188,150 410,674,306
------------ -----------
SURPLUS
Capital stock, $400 par value, 5,000 shares
authorized and outstanding 2,000,000 2,000,000
Gross paid-in and contributed surplus 45,650,000 45,650,000
Special surplus and contingency reserve 474,502 428,417
Unassigned surplus 13,034,550 7,057,287
----------- ---------
Total surplus 61,159,052 55,135,704
----------- ----------
Total liabilities and surplus $ 502,347,202 $ 465,810,010
============= =============
The accompanying notes are an integral part of these statutory basis financial
statements.
14
<PAGE>
<TABLE>
<CAPTION>
COMPANION LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF UNITED OF OMAHA LIFE INSURANCE COMPANY)
STATUTORY BASIS STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996
- --------------------------------------------------------------------------------------------------
1998 1997 1996
Income:
<S> <C> <C> <C>
Net premiums and annuity considerations $ 40,257,141 $ 45,556,708 $ 90,179,915
Other considerations and fund deposits 14,493,777 8,684,292 2,048,423
Net investment income 32,813,466 31,122,199 27,824,853
Other income 1,859,531 2,768,489 179,622
---------- ---------- -------
Total income 89,423,915 88,131,688 120,232,813
----------- ----------- -----------
Benefits and expenses:
Policyholder and beneficiary benefits 51,057,581 42,230,053 32,338,175
Increase (decrease) in reserves for policyholder and
beneficiary benefits (6,022,852) 13,755,209 63,390,378
Commissions 4,817,705 5,608,866 4,839,995
Operating expenses 15,681,296 14,693,625 14,298,328
Net transfers to separate accounts 12,653,190 7,143,343 1,219,275
----------- ---------- ---------
Total benefits and expenses 78,186,920 83,431,096 116,086,151
----------- ----------- -----------
Net gain from operations before federal income
taxes and net realized capital losses 11,236,995 4,700,592 4,146,662
Federal income taxes 4,929,330 2,424,710 2,544,690
---------- ---------- ---------
Net gain from operations before net
realized capital losses 6,307,665 2,275,882 1,601,972
Net realized capital (losses) - (336,684) -
----------- ----------- ----------
Net income $ 6,307,665 $ 1,939,198 $ 1,601,972
============ ============ ===========
The accompanying notes are an integral part of these statutory basis financial statements.
</TABLE>
15
<PAGE>
<TABLE>
<CAPTION>
COMPANION LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF UNITED OF OMAHA LIFE INSURANCE COMPANY)
STATUTORY BASIS STATEMENTS OF CHANGES IN SURPLUS
FOR THE YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996
- --------------------------------------------------------------------------------------------------
1998 1997 1996
Capital stock:
<S> <C> <C> <C>
Balance at beginning and end of year $ 2,000,000 $ 2,000,000 $ 2,000,000
------------ ------------ -----------
Gross paid-in and contributed surplus:
Balance at beginning and end of year 45,650,000 45,650,000 45,650,000
Special surplus and contingency reserve:
Balance at beginning of year 428,417 400,297 359,960
Increase in group contingency life reserve 46,085 28,120 40,337
------- ------- ------
Balance at end of year 474,502 428,417 400,297
-------- -------- -------
Unassigned surplus:
Balance at beginning of year 7,057,287 3,674,850 2,856,838
Net income 6,307,665 1,939,198 1,601,972
Change in separate accounts surplus - 22,283 (1,578)
Increase (decrease) in net unrealized capital
gains and losses - 599,129 (217,103)
(Increase) decrease in:
Non-admitted assets 83,597 271,491 (126,840)
Liability for reinsurance in unauthorized companies (243) (233) 13,049
Asset valuation reserve (367,671) 578,689 (350,675)
Contingency reserve (46,085) (28,120) (40,337)
Pension plan contribution - - (60,476)
-- -- --------
Balance at end of year 13,034,550 7,057,287 3,674,850
----------- ---------- ---------
Total surplus $ 61,159,052 $ 55,135,704 $ 51,725,147
============= ============= ============
The accompanying notes are an integral part of these statutory basis financial statements.
</TABLE>
16
<PAGE>
<TABLE>
<CAPTION>
COMPANION LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF UNITED OF OMAHA LIFE INSURANCE COMPANY)
STATUTORY BASIS STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996
- --------------------------------------------------------------------------------------------------
1998 1997 1996
Cash from operations:
<S> <C> <C> <C>
Premiums, annuity considerations and fund deposits $ 54,346,857 $ 53,672,663 $ 92,070,411
Net investment income 31,767,402 30,446,317 27,379,305
Other income 1,824,882 2,715,619 249,692
Benefits (49,517,053) (44,468,851) (30,290,432)
Commissions and general expenses (17,533,477) (19,297,511) (18,543,667)
Federal income taxes (3,472,953) (2,395,000) (2,346,798)
Other operating expenses (15,808,890) (8,693,487) (1,670,344)
------------- ------------ -----------
Net cash from operations 1,606,768 11,979,750 66,848,167
---------- ----------- ----------
Cash from investments:
Proceeds from investments sold, redeemed
or matured:
Bonds 67,223,733 41,740,375 32,351,850
Mortgage loans 4,681,032 6,500,559 5,134,099
Taxes on capital gains - (193,958) (48,286)
Cost of investments acquired:
Bonds (86,578,763) (86,319,745) (103,666,996)
Mortgage loans (1,486,237) - -
Other invested assets (88,543) (64,552) (61,197)
Net decrease in policy loans 206,951 858,076 509,218
-------- -------- -------
Net cash from investments (16,041,827) (37,479,245) (65,781,312)
------------- ------------- ------------
Cash from financing and other sources:
Other cash provided 20,487,467 29,732,631 260,521
Other cash used (1,021,255) (426,840) (1,326,093)
------------ ---------- -----------
Net cash from financing and other sources 19,466,212 29,305,791 (1,065,572)
----------- ----------- -----------
Net change in cash and short-term investments 5,031,153 3,806,296 1,283
Cash and short-term investments:
Beginning of year 7,468,756 3,662,460 3,661,177
---------- ---------- ---------
End of year $ 12,499,909 $ 7,468,756 $ 3,662,460
============= ============ ===========
The accompanying notes are an integral part of these statutory basis financial statements.
</TABLE>
17
<PAGE>
COMPANION LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF UNITED OF OMAHA LIFE INSURANCE COMPANY)
NOTES TO STATUTORY BASIS FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996
- --------------------------------------------------------------------------------
1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations - Companion Life Insurance Company (the Company),
domiciled in the State of New York, is a wholly-owned subsidiary of United
of Omaha Life Insurance Company (United of Omaha), which 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. The Company has insurance licenses to operate in three states,
New York, New Jersey and Connecticut. Individual annuity and life insurance
products are sold primarily through a network of Mutual of Omaha career
agents, direct mail, stockbrokers, financial planners and banks.
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 New York. 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) comprehensive income and its components are
not presented in the financial statements; and (h) changes in certain
assets designated as "non-admitted" assets have been charged or credited to
unassigned surplus. The effects of the foregoing differences in the
accompanying statutory financial statements are not reasonably determinable
but are presumed to be material.
Use of Estimates - The preparation of financial statements in accordance
with statutory accounting practices requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenue and expenses
during the reporting period. Actual results could differ significantly from
those estimates.
18
<PAGE>
Investments - Bonds are generally stated at amortized cost. Premiums and
discounts on bonds not backed by other loans are amortized using the
scientific method. Premiums and discounts on loan-backed bonds and
structured securities are amortized using the interest method based on
anticipated prepayments at the date of purchase. Changes in estimated cash
flows from the original purchase assumptions are accounted for using the
retrospective method.
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.
Short-term investments include all investments whose maturities, at the
time of acquisition, are one year or less and are stated at cost which
approximates market.
Investment income is recorded when earned. Realized gains and losses on
sale or maturity of investments are determined on the specific
identification basis. Any portion of invested assets designated as
"non-admitted" are 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) basis or the Net
Level Premium Method with assumed interest rates (2.5% to 6.0%) and
mortality (1941, 1958 and 1980 CSO tables) as prescribed by regulatory
authorities. Annuity reserves are based primarily upon the 1937
Standardized Annuity Table with interest rates ranging from 2.5% to 3.5%,
the 1971 Individual Annuity Mortality Table with interest rates ranging
from 4.0% to 7.5%, or the 1983a Individual Annuity Mortality Table with
interest rates ranging from 5.25% to 9.25%. 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.
Special Surplus and Contingency Reserve - The Company is required by the
State of New York to maintain a group contingency life reserve. This
reserve is equal to an annual accumulation of 2% of the net group life
premiums less dividends thereon, up to a maximum accumulation of one-half
of the net aggregate group life premiums received. This reserve is held as
a portion of total surplus on the statutory basis statements of admitted
assets, liabilities and surplus.
Premiums and Related Commissions - Premiums are recognized as income over
the premium paying period of the policies. Commissions and other expenses
related to the acquisition of policies are charged to operations as
incurred.
19
<PAGE>
Federal Income Taxes - The Company files a consolidated federal income tax
return with Mutual of Omaha and other eligible subsidiaries. The method of
allocating taxes among the companies is subject to a written agreement
approved by the Board of Directors. Each company's provision for federal
income taxes is based on a separate return calculation with each company
recognizing tax benefits of net operating loss carry-forwards 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 investment tax carry-forwards when
realized.
Non-Admitted Assets - Certain assets designated as "non-admitted",
principally receivables greater than ninety days due and office furniture
and equipment, are excluded from the statutory basis statements of admitted
assets, liabilities and surplus. The net change in such assets is charged
or credited to unassigned surplus.
Fair Values of Financial Instruments - The following methods and
assumptions were used by the Company in estimating its fair value
disclosures for financial instruments:
Cash, Short-Term Investments and Other Invested Assets - The carrying
amounts for these instruments approximate their fair values.
Bonds - The fair values for bonds are based on quoted market prices,
where available. For bonds not actively traded, fair values are estimated
using values obtained from independent pricing services or based on
expected future cash flows using a current market rate applicable to the
yield, credit quality, and maturity of the investments.
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.
Separate Accounts - The assets of the separate accounts shown in the
statutory basis statements of admitted assets, liabilities and surplus are
carried at fair value and consist primarily of common stock, mutual funds
and commercial paper held by the Company for the benefit of certificate
holders under specific individual and group annuity contracts. Benefits
paid to separate account certificate holders are reflected in the statutory
basis statements of income, but are offset by transfers from the separate
accounts. Deposits, net investment income and realized and unrealized
capital gains and losses on the separate accounts, are not reflected in the
statutory basis statements of income. Mortality, policy administration and
surrender charges are included in revenue.
Reclassifications - Certain reclassifications have been made to prior year
amounts to conform with current year presentation with no changes to
unassigned surplus or net income.
20
<PAGE>
2. INVESTMENTS
The cost or amortized cost, gross unrealized gains, gross unrealized losses
and estimated fair value of the Company's investment securities were as
follows:
<TABLE>
<CAPTION>
Cost or Gross Gross
Amortized Unrealized Unrealized Estimated
Cost Gains Losses Fair Value
At December 31, 1998:
<S> <C> <C> <C> <C>
U.S. Government $ 497,870 $ 7,440 $ - $ 505,310
Mortgage backed securities 40,568,422 1,876,477 10,254 42,434,645
Special revenue 610,045 117,953 - 727,998
Industrial and miscellaneous 311,542,595 9,573,684 1,319,204 319,797,075
Public utilities 25,740,286 1,012,547 325 26,752,508
Collateralized mortgage obligations 66,610,503 345,644 27,536 66,928,611
Credit-tenant loans 1,451,916 110,913 - 1,562,829
---------- -------- -- ---------
$ 447,021,637 $ 13,044,658 $ 1,357,319 $458,708,976
============= ============= =========== =============
Bonds $ 435,631,637
Short-term investments 11,390,000
----------
$ 447,021,637
Cost or Gross Gross
Amortized Unrealized Unrealized Estimated
Cost Gains Losses Fair Value
At December 31, 1997:
U.S. Government $ 700,071 $ 21,689 $ - $ 721,760
Mortgage backed securities 32,360,405 594,678 15,540 32,939,543
Special revenue 2,727,867 173,233 - 2,901,100
Industrial and miscellaneous 272,298,590 8,501,766 195,242 280,605,114
Public utilities 25,397,122 862,841 31,288 26,228,675
Collateralized mortgage obligations 88,457,664 702,903 151,331 89,009,236
Credit-tenant loans 1,621,885 91,951 - 1,713,836
---------- ------- -- ---------
$ 423,563,604 $ 10,949,061 $ 393,401 $ 434,119,264
============= ============= ========== =============
Bonds $ 415,833,604
Short-term investments 7,730,000
---------
$ 423,563,604
</TABLE>
21
<PAGE>
The amortized cost and estimated fair value of debt securities at December
31, 1998, by contractual maturity, are shown below. Expected maturities
will differ from contractual maturities because borrowers may have the
right to call or prepay obligations with or without call or prepayment
penalties.
Amortized Estimated
Cost Fair Value
Due in one year or less $ 21,544,072 $ 21,655,058
Due after one year through five years 100,426,018 103,525,279
Due after five years through ten years 116,605,999 120,683,138
Due after ten years 101,266,623 103,482,245
------------ -----------
339,842,712 349,345,720
Collateralized mortgage obligations and mortgage
backed securities 107,178,925 109,363,256
------------ -----------
$447,021,637 $458,708,976
The sources of net investment income were as follows:
1998 1997 1996
Bonds $31,323,770 $29,303,742 $25,415,169
Mortgage loans 775,087 1,273,829 1,751,301
Policy loans 491,873 544,364 569,200
Short-term investments 457,330 389,780 442,382
Other 24,526 25,165 40,513
------- ------- -------
33,072,586 31,536,880 28,218,565
Investment expense (466,868) (595,604) (542,595)
Amortization of interest
maintenance reserve 207,748 180,923 148,883
-------- -------- --------
$32,813,466 $31,122,199 $27,824,853
============ ============ ===========
22
<PAGE>
Gross realized gains and losses on the sale or prepayment of investment
securities consist of the following:
Net
Gross Gross Realized
Realized Realized Gains
Gains Losses (Losses)
Year ended December 31, 1998:
Bonds $147,062 $ 3,362 $ 143,700
Mortgage loans 101,073 - 101,073
-------- -- -------
$248,135 $ 3,362 244,773
========= ========
Capital gains tax (85,671)
Transfers to IMR (159,102)
Net realized capital gains (losses) $ -
========
Year ended December 31, 1997:
Bonds $293,471 $548,904 $(255,433)
Mortgage loans - 66,717 (66,717)
-- ------- --------
$293,471 $615,621 (322,150)
========= =========
Capital gains tax benefit 112,753
Transfers to IMR (127,287)
Net realized capital gains (losses) $(336,684)
========
Year ended December 31, 1996:
Bonds $527,165 $ 2 $ 527,163
Mortgage loans 27,001 - 27,001
------- -- ------
$554,166 $ 2 554,164
========= ====
Capital gains tax (193,958)
Transfers to IMR (360,206)
-------
Net realized capital gains (losses) $ -
=======
Proceeds from the sale of bonds were $739,806, $5,707,696 and $2,312,104
during 1998, 1997 and 1996, respectively.
At December 31, 1998 and 1997, securities with an amortized cost of
$274,747 and $274,376, respectively, were deposited with the Insurance
Department of the State of New York.
The Company invests in mortgage loans collateralized principally by
commercial real estate. The maximum percentage of any one loan to the value
of the 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 $7,281,385 and $10,474,689 at December
31, 1998 and 1997, respectively.
23
<PAGE>
The Company has commitments to fund bond investments of approximately
$4,928,800 as of December 31, 1998. 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. 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 discount on bonds and certain accrued
expenses, and the acceleration of depreciation for tax purposes.
The Company's tax returns have been examined by the Internal Revenue
Service (IRS) through 1992. The tax returns for 1993 through 1995 are
currently under examination. Management believes the results of these
examinations will have no material impact on the Company's statutory basis
financial statements.
Under federal income tax law in effect prior to 1984, the Company
accumulated approximately $2,623,000 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.
4. RETIREMENT BENEFITS
The Company participates with affiliated companies in a noncontributory
defined benefit plan covering all United States employees meeting certain
minimum requirements. Mutual of Omaha and certain subsidiaries
(collectively referred to as the Companies) generally make annual
contributions to the plan in an amount between the minimum ERISA required
contribution and the maximum tax deductible contribution. The Company was
not required to make a contribution in 1998, 1997 and 1996. Funds for the
plan are held in the general and separate accounts of United of Omaha under
the terms of a group annuity contract and in domestic equity and
international common stock funds.
Information regarding accrued benefits and net assets has not been
determined on an individual company basis. The Company's allocation of
salary expense was less than 1% of the total Companies' salary expense in
1998, 1997 and 1996. The Companies expensed contributions of $10,254,308,
$7,972,335, and $12,152,156 in 1998, 1997 and 1996, respectively. In 1998,
the Companies changed the plan's assumed annual investment return and, in
order to improve the funded status of the plan, increased the amount that
will be contributed for 1998. At December 31, 1998, the Companies recorded
a direct charge to surplus of $37,540,647, which represents an additional
contribution of $57,814,647, net of tax.
During 1996, the Companies changed mortality tables from the 1971 group
annuity mortality table to the 1983 group annuity mortality table. As a
result of the table change, the actuarial present value of accrued benefits
as of January 1, 1996, increased by $21,637,154. The Companies made an
additional contribution of $21,637,154 and recorded it net of federal
income taxes of $7,573,004 as a direct charge to surplus.
24
<PAGE>
The Plan was amended effective January 1, 1997, to include a postretirement
medical 401(h) account for the funding of certain postretirement medical
benefits provided by the Companies.
A comparison of accrued benefits and net assets for the entire plan as of
January 1, 1998 and 1997 follows:
1998 1997
Actuarial present value of accrued benefits:
Vested $442,595,104 $380,495,581
Nonvested 3,301,695 2,203,724
---------- ---------
$445,896,799 $382,699,305
Net assets available for benefits $389,955,899 $369,871,820
============= ============
Assumptions:
Annual investment return 8.00 % 9.00 %
Mortality table 1983 GAM 1983 GAM
Discount rate 6.73 % 7.37 %
The Companies also provide the Mutual of Omaha 401(k) Long-Term Savings
Plan covering all United States employees who have completed one year of
service and have reached their 21st birthday. Participants may elect to
contribute 1% to 16% of their salary annually subject to plan and IRS
limitations. The Companies match at least 25% of the first 6% of the
contributions made by each participant. The Companies match up to an
additional 75% of the first 6% of the contributions made by each
participant if certain company-wide performance measures are met.
Contributions expensed by the Companies were $3,054,449, $8,428,515 and
$5,600,402 in 1998, 1997 and 1996, respectively.
The Companies provide certain postretirement medical and life insurance
benefits. The Companies subsidize these benefits with certain limitations
to retirees and eligible employee groups. Employees retiring on or before
December 31, 1997, were eligible for the full subsidy if they were at least
age 55 with at least 10 years of service and 10 years of continuous
coverage under one of the Companies' health plans. Employees retiring after
December 31, 1997, must be at least age 60 with at least 15 years of
service and 15 years of continuous coverage under one of the Companies'
health plans prior to retirement to be eligible for a subsidy. Employees
hired on or after January 1, 1995, are not eligible for a subsidy. The cost
of these postretirement benefits is allocated to the Companies based on an
actuarial valuation. The Companies use the accrual method of accounting for
postretirement benefits and elected to amortize the original transition
obligation over 20 years.
25
<PAGE>
The following table compares the accumulated benefit obligations and
accrued liability for the Companies' postretirement benefit at December 31,
1998 and 1997:
1998 1997
Accumulated postretirement benefits obligation:
Fully eligible actives $ 4,904,841 $ 9,694,945
Retirees 83,322,291 76,208,522
----------- ----------
88,227,132 85,903,467
Plan assets in Postretirement Medical 401(h) Account (5,641,539) (2,713,304)
Unrecognized transition obligation (56,257,109) (60,275,474)
Unrecognized gain 7,554,953 9,460,055
---------- ---------
Total accrued postretirement benefit liability $ 33,883,437 $ 32,374,744
============= ============
Assumptions:
Discount rate 7.00 % 7.25 %
Health care cost trend rate 5.00 % 5.00 %
The Companies' net periodic postretirement benefit costs include the
following components:
1998 1997 1996
Eligibility costs $ - $ 1,597,970 $ 1,384,687
Interest costs 6,117,777 5,985,721 5,908,779
Deferral of gain on plan assets 36,397 55,859 -
Amortization of transition obligation 4,018,365 4,018,365 4,018,365
Amortization of gain (99,584) - -
Return on assets (219,545) (55,859) -
--------- --------- -
Total benefit costs $9,853,410 $11,602,056 $11,311,831
=========== ============ ===========
The health care cost trend rate assumption has a significant effect on the
amounts reported. To illustrate, increasing the assumed health care trend
rate by one percentage point in each year would increase the Companies'
accumulated postretirement benefits obligation as of December 31, 1998 by
approximately $6,200,000 and the estimated eligibility and interest cost
components of the net periodic postretirement benefit costs for 1998 by
approximately $800,000.
5. RELATED PARTY TRANSACTIONS
The Company's investments in mortgage loans are held through joint
participants with United of Omaha.
United of Omaha provides actuarial, data processing, consulting and various
other services to the Company. Charges for these services amounted to
approximately $3,854,000, $2,652,000 and $1,881,000 for 1998, 1997 and
1996, respectively. Included in other liabilities are unsettled balances
related to these services of approximately $1,606,000 and $442,000 as of
December 31, 1998 and 1997, respectively.
26
<PAGE>
The Company cedes group and individual life insurance and individual
annuity business to United of Omaha. The Company entered into a coinsurance
treaty with United of Omaha relating to bank annuity business in which the
Company cedes 90% of the 1998 and 75% of the 1997 related premiums to
United of Omaha and United of Omaha pays 90% and 75% of the related
benefits in 1998 and 1997, respectively. The total amounts ceded by the
Company relating to the treaties with United of Omaha were as follows:
1998 1997
Amounts recoverable from reinsurance $ 136,059 $ 2,278
========== =======
Policy and contract claims $ 2,379,306 $ 2,368,173
============ ===========
Aggregate reserve for policies and contracts $47,633,504 $30,498,349
============ ===========
Funds held under reinsurance treaties $51,303,292 $35,481,219
============ ===========
Premium considerations $19,735,848 $31,394,836
============ ===========
Policyholder and beneficiary benefits $ 5,507,308 $ 4,001,768
============ ===========
The Company also ceded group and individual accident and health insurance
to Mutual of Omaha. The amounts ceded by the Company were as follows:
1998 1997
Amounts recoverable from reinsurance $ 1,950 $ 3,165
======== =======
Policy and contract claims $ 797,861 $ 442,312
========== =========
Aggregate reserves for policies and contracts $ 703,126 $1,236,251
========== ==========
Premium considerations $2,035,628 $2,530,305
=========== ==========
Policyholder and beneficiary benefits $2,775,801 $1,068,038
=========== ==========
6. REINSURANCE
In the normal course of business, the Company assumes and cedes
reinsurance. 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.
27
<PAGE>
The reconciliation of total premiums to net premiums is as follows:
1998 1997 1996
Direct $62,316,801 $80,118,628 $93,379,787
Assumed:
Nonaffiliates 607,058 612,149 646,451
Ceded:
Affiliates (21,771,476) (33,925,141) (2,663,552)
Nonaffiliates (895,242) (1,248,928) (1,182,771)
---------- ------------ -----------
Net $40,257,141 $45,556,708 $90,179,915
============ ============ ===========
7. DEPOSIT FUNDS
At December 31, 1998 and 1997, the Company held annuity reserves and
deposit fund liabilities of $99,439,484 and $90,498,996, respectively, that
were subject to discretionary withdrawal at book value with a surrender
charge of less than 5%.
8. CONTINGENT LIABILITIES
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.
9. STOCKHOLDER DIVIDENDS
Dividends to the Company's stockholder are subject to prior approval by the
Superintendent of Insurance Department of the State of New York.
10. BUSINESS RISKS
The Company is subject to regulation by state insurance departments and it
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 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.
11. CONSOLIDATION OF ADMINISTRATIVE OPERATIONS
During 1997, the Company consolidated certain administrative operations
with those of Mutual of Omaha. The Company incurred and expensed
approximately $795,000 related to severance and other consolidation
expenses.
12. CODIFICATION OF STATUTORY ACCOUNTING PRINCIPLES
In March 1998, the National Association of Insurance Commissioners adopted
the Codification of Statutory Accounting Principles (Codification). The
Codification, which is intended to standardize regulatory accounting and
reporting for the insurance industry, is proposed to be effective January
1, 2001. However, statutory accounting principles will continue to be
established by individual state laws and permitted practices and it is
uncertain when, or if, the state of New York will require adoption of the
Codification for the preparation of statutory financial statements. The
Company has not finalized the quantification of the effects of Codification
on its statutory financial statements.
28
<PAGE>
COMPANION LIFE
SEPARATE ACCOUNT C
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS' REPORT AS OF
DECEMBER 31, 1998 AND FOR THE TWO YEARS
ENDED DECEMBER 31, 1998 AND 1997
29
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Board of Directors
Companion Life Insurance Company
We have audited the accompanying statements of net assets, including the
schedules of investments, of Companion Life Separate Account C (comprised of the
Growth, Asset Manager, Index 500, International (T. Rowe Price), New America
Growth, Equity Income (T. Rowe Price), Limited Term Bond, Money Market, Bond,
Emerging Growth, Research, High Income, Global Governments, Capital
Opportunities, Personal Strategy Balanced, International Stock, Limited-Term
Bond, Contrafund, Asset Manager: Growth, Equity Income (Fidelity), U.S.
Government Securities II, Prime Money Fund II, American Small Capitalization,
American Growth, International (Scudder), Global Discovery, Growth & Income,
Real Estate Growth and Capital Growth portfolios) as of December 31, 1998, and
the related statements of operations and changes in net assets for the years
ended December 31, 1998 and 1997. These financial statements are the
responsibility of the Company's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the 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. Our procedures included
confirmation of investments owned, by correspondence with the transfer agents.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of each of the respective
portfolios constituting Companion Life Separate Account C as of December 31,
1998, and the results of their operations and changes in their net assets for
the two years ended December 31, 1998 and 1997 in conformity with generally
accepted accounting principles.
April 23, 1999
30
<PAGE>
COMPANION LIFE SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF NET ASSETS
DECEMBER 31, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
Series I
-------------------------------------------------------------------------------------------
Fidelity T. Rowe Price Scudder
---------------------------- ---------------------------------------- -------------------
New Limited
Asset Index America Equity Term Money
ASSETS Growth Manager 500 International Growth Income Bond Market Bond
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Investments in portfolio shares, at cost $414,065 $328,670 $186,137 $209,793 $504,809 $442,943 $ 14,105 $189,985 $117,433
======== ========= ========= ========= ========= ================== ======== =========
Investments in portfolio shares,
at market value $576,123 $380,339 $258,118 $256,836 $683,146 $578,611 $ 14,252 $189,985 $131,958
-------- --------- --------- --------- --------- ------------------ -------- ---------
Net assets $576,123 $380,339 $258,118 $256,836 $683,146 $578,611 $ 14,252 $189,985 $131,958
======== ========= ========= ========= ========= ================== ======== =========
Accumulation units outstanding 21,876 22,314 9,390 18,076 27,650 26,330 1,141 160,770 9,902
======= ======= ====== ======= ======= ======= ====== ======== =====
Net asset value per unit $ 26.33 $ 17.04 $ 27.49 $ 13.65 $ 24.71 $ 21.98 $ 12.49 $ 1.18 $ 13.33
======== ======== ======== ======== ======== ======== ======== ======= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
31
<PAGE>
COMPANION LIFE SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF NET ASSETS
DECEMBER 31, 1998 (continued)
Series V
MFS T. Rowe Price
New Personal Limited-
Emerging High Global Capital America Strategy Equity International Term
ASSETS Growth Research Income GovernmentsOpportunities Growth Balanced Income Stock Bond
Investments in portfolio
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
shares, at cost $920,420 $1,032,057 $357,131 $413,344 $110,649 $1,077,955 $2,104,549 $2,166,921 $757,221 $1,344,769
========= ========== ======== ======== ========= =========== ========== ========== ======== ==========
Investments in portfolio
shares, at market $1,137,061l $1,195,027 $350,554 $435,220 $126,341 $1,212,830 $2,182,974 $2,241,471 $799,775 $1,352,173
---------- ---------- -------- -------- --------- ----------- ---------- ---------- -------- ----------
Net assets $1,137,061 $1,195,027 $350,554 $435,220 $126,341 $1,212,830 $2,182,974 $2,241,471 $799,775 $1,352,173
========== ========== ======= ========= ======== ========== ========== ========== ========= ==========
Accumulation units outstanding 52,838 62,140 27,426 39,700 8,136 55,861 130,290 118,982 57,275 114,315
======= ======= ====== ======= ===== ======= ======== ======== ======= =======
Net asset value per unit $ 21.52 $ 19.23 $ 12.78 $ 10.96 $ 15.53 $ 21.71 $ 16.75 $ 18.84 $ 13.96 $ 11.83
======== ======== ======= ======== ======= ======== ======== ======== ======== =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
32
<PAGE>
COMPANION LIFE SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF NET ASSETS
DECEMBER 31, 1998 (continued)
Series V
Fidelity Federated Alger
Asset U.S. Prime American
Manager: Equity Index Government Money Small American
ASSETS Contrafund Growth Income 500 Securities IFund II CapitalizatioGrowth
Investments in portfolio
<S> <C> <C> <C> <C> <C> <C> <C>
shares, at cost $ 792,513 $2,131,861 $2,077,996 $312,682 $ 1,381,789$ 1,404,565 $ 556,378 $ 1,469,485
========= ========= ========== ========== ======================= ========== ==========
Investments in portfolio
shares, at market $955,044 $2,338,238 $2,238,858 $346,625 $ 1,433,899$ 1,404,572 $ 568,860 $ 1,760,404
-------- ---------- ---------- --------- ----------------------- ---------- -----------
Net assets $ 955,044 $2,338,238 $2,238,858 $346,625 $ 1,433,899$ 1,404,572 $ 568,860 $ 1,760,404
========= ========= ========== =========== ======================= ========== =========
Accumulation units outstanding 43,182 121,890 122,503 22,471 115,478 1,234,433 36,379 74,096
======= ======== ======== ======= ======== ========== ======= =======
Net asset value per unit $ 22.12 $ 19.18 $ 18.28 $ 15.43 $ 12.42 $ 1.14 $ 15.64 $ 23.76
======== ======== ======== ======== ======== ======= ======== ========
Scudder Pioneer
Real
Inter- Global Growth & Estate Capital
national Discovery Income Growth Growth
ASSETS
$ 604,105 $ 22,621 $ 275,639 $ 41,879 $ 126,932
Investments in portfolio =============================== ==================
shares, at cost
$ 621,377 $ 23,586 $ 288,513 $ 39,568 $ 130,469
Investments in portfolio ------------------------------ ------------------
shares, at market
$ 621,377 $ 23,586 $ 288,513 $ 39,568 $ 130,469
================================ ==================
Net assets
40,818 1,790 22,458 4,031 11,695
======= ====== ======= ====== ======
Accumulation units outstanding
$ 15.22 $ 13.18 $ 12.85 $ 9.82 $ 11.16
======== ======== ======== ======= =======
Net asset value per unit
</TABLE>
The accompanying notes are an integral part of these financial statements.
33
<PAGE>
COMPANION LIFE SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
- ------------------------------------------------------------------------------------------------------------------------------------
Series I
------------------------------------------------------------------------------------
Fidelity T. Rowe Price Scudder
----------------------------- ----------------------------------- ---------------
New Limited
Asset Index America Equity Term Money
1998 Growth Manager 500 InternationGrowth Income Bond Market Bond
Investment income:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Reinvested dividends and capital
gain distributions $74,141 $ 59,524 $ 7,157 $ 4,004 $ 13,512 $29,241 $ 809 $ 4,692 $ 8,563
Mortality risk charges and expenses (Note 4) (7,350) (6,065) (3,008) (3,456) (9,153) (7,932) (195) (1,290)(1,932)
-------- -------- -------- -------- -------- -------- ------ --------------
Net investment income (expense) 66,791 53,459 4,149 548 4,359 21,309 614 3,402 6,631
------- ------- ------ ---- ------ ------- ---- ------ -----
Gains (losses) on investments:
Net realized gains (losses) 40,935 12,721 17,131 1,661 52,176 18,869 (1) - (4,807)
Net change in unrealized gains (losses) 62,692 (17,242) 30,370 30,157 48,312 2,804 166 - 5,048
------- -------- -------- ------- ------- ------ ---- -- -----
Net gains (losses) on investments 103,627 (4,521) 47,501 31,818 100,488 21,673 165 - 241
-------- ------- -------- ------- -------- ------- ---- -- ---
Increase in net assets from operations $ 170,418 $ 48,938 $ 51,650 $32,366 $104,847 $42,982 $ 779 $ 3,402 $ 6,872
========== ========= ======= ======== ========= ======== ====== ======== ======
</TABLE>
The accompanying notes are an integral part of these financial statements.
34
<PAGE>
COMPANION LIFE SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Series V
---------------------------------------------------------------------------------------------
MFS T. Rowe Price
--------------------------------------------------- ----------------------------------------
New Personal Limited-
Emerging High Global Capital America Strategy Equity InternationalTerm
1998 (continued) Growth Research Income GovernmentsOpportunitiesGrowth Balanced Income Stock Bond
Investment income:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Reinvested dividends and capital
gain distributions $5,047 $ 16,294 $ 16,975 $ 3,172 $ 256 $ 23,944 $126,190 $101,049 $ 12,464 $46,660
Mortality risk charges and
expenses (Note 4) (8,772) (9,998) (3,346) (3,631) (377) (9,009) (17,862) (19,236) (6,589) (9,484)
-------- -------- -------- -------- ------ -------- ------------------ -------- ------
Net investment
income (expense) (3,725) 6,296 13,629 (459) (121) 14,935 108,328 81,813 5,875 37,176
-------- ------ ------- ------ ------ ------- -------- ------- ------ ------
Gains (losses) on investments:
Net realized gains (losses) 16,427 17,034 3,239 1,715 (949) 12,242 16,593 12,399 (239) 2,156
Net change in unrealized
gains (losses) 200,069 141,684 (22,998) 21,034 15,692 111,395 60,291 30,896 60,716 5,306
-------- -------- --------- ------- ------- -------- ------- ------- ------- -----
Net gains (losses)
on investments 216,496 158,718 (19,759) 22,749 14,743 123,637 76,884 43,295 60,477 7,462
-------- -------- --------- ------- ------- -------- ------- ------- ------- -----
Increase (decrease) in net
assets from operations $212,771 $165,014 $ (6,130) 22,290 $14,622 $138,572 $185,212 $125,108 $ 66,352 $44,638
========= ========= ========== ======== ======== ======== ======== ========= ======== =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
35
<PAGE>
COMPANION LIFE SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 (continued)
Series V
Fidelity Federated Alger
Asset U.S. Prime American
Manager: Equity Index Government Money Small American
1998 (continued) Contrafund Growth Income 500 SecuritiesFund II CapitalizatGrowth
Investment income:
Reinvested dividends and capital
<S> <C> <C> <C> <C> <C> <C> <C> <C>
gain distributions $27,558 $120,514 $ 55,771 $ - $ 9,037 $36,586 $56,021 $165,947
Mortality risk charges and expenses (Note 4) (7,888) (19,717) (17,341) (923) (9,617) (9,260) (4,901) (12,812)
----------------- --------- ------ -------- -------- -------- ---------
Net investment income (expense) 19,670 100,797 38,430 (923) (580) 27,326 51,120 153,135
------- -------- ------- ------ ------ ------- ------- --------
Gains (losses) on investments:
Net realized gains (losses) 24,971 14,405 20,122 (226) 5,443 - 4,530 14,266
Net change in unrealized gains (losses) 133,559 152,678 86,013 33,943 42,754 37 5,636 260,817
-------- -------- ------- ------- ------- --- ------ --------
Net gains (losses) on investments 158,530 167,083 106,135 33,717 48,197 37 10,166 275,083
-------- -------- -------- ------- ------- --- ------- --------
Increase (decrease) in net assets from
operatiions $178,200 $267,880 $144,565 $32,794 $47,617 $27,363 $61,286 $428,218
========= ================== ======== ======== ======== ======== =========
Scudder Pioneer
Real
Inter- Global Growth & Estate Capital
national DiscoverIncome Growth Growth
1998 (continued)
Investment income:
Reinvested dividends and capital
<S> <C> <C> <C> <C> <C>
gain distributions $36,148 $ - $ 1,127 $ 944 $ 350
Mortality risk charges and expenses (Note 4) (5,023) (91) (882) (169) (427)
-------- ----- ------ ------ -----
Net investment income (expense) 31,125 (91) 245 775 (77)
------- ----- ---- ---- ----
Gains (losses) on investments:
Net realized gains (losses) 1,217 (32) (920) (98) (2,023)
Net change in unrealized gains (losses) 20,646 965 12,874 (2,311) 3,537
------- ---- ------- -------- -----
Net gains (losses) on investments 21,863 933 11,954 (2,409) 1,514
------- ---- ------- -------- -----
Increase (decrease) in net assets from
operatiions $52,988 $ 842 $12,199 $ (1,634) $ 1,437
======== ====== ======== =================
</TABLE>
The accompanying notes are an integral part of these financial statements.
36
<PAGE>
COMPANION LIFE SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 (continued)
Series I
Fidelity T. Rowe Price Scudder
New Limited
Asset Index America Equity Term Money
1997 Growth Manager 500 InternationGrowth Income Bond Market Bond
Investment income:
Reinvested dividends and
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
capital gain distributions $12,004 $ 43,575 $ 3,703 $ 5,094 $ 1,500 $ 28,974 $ 831 $ 2,580 $ 15,437
Mortality risk charges and expenses (Note 4) (5,972) (5,781) (2,019) (3,362) (7,303) (6,849) (196) (697) (3,380)
-------- -------- -------- -------- -------- -------- ----- ------ ------
Net investment income (expense) 6,032 37,794 1,684 1,732 (5,803) 22,125 635 1,883 12,057
------ ------- ------ ------ --------------- ---- ------ ------
Gains (losses) on investments:
Net realized gains (losses) 3,600 1,295 3,666 3,871 12,434 13,187 (862) - 3,387
Net change in unrealized gains (losses) 75,023 32,507 31,991 (1,051) 93,840 82,123 744 - 7,360
------- ------- ------- -------- ------- ------- ---- -- -----
Net gains (losses) on investments 78,623 33,802 35,657 2,820 106,274 95,310 (118) - 10,747
------- ------- ------- ------ -------- ------- ----- -- ------
Increase in net assets from operations $ 84,655 $ 71,596 $ 37,341 $ 4,552 $100,471 $117,435 $ 517 $ 1,883 $22,804
======== ======== ========= ======== ========= ========= ====== ======== ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
37
<PAGE>
COMPANION LIFE SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Series V
-----------------------------------------------------------------------------------------
MFS T. Rowe Price
--------------------------------------- ------------------------------------------------
New Personal Limited-
Emerging High Global America Strategy Equity International Term
1997 (continued) Growth Research Income Governments Growth Balanced Income Stock Bond
Investment income:
Reinvested dividends and capital
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
gain distributions $- $ - $ - $ 138 $ 812 $ 21,415 $ 35,594 $ 6,665 $ 7,598
Mortality risk charges and
expenses (Note 4) (1,544) (2,376) (1,689) (734) (1,580) (3,308) (4,124) (1,220) (1,544)
-------- -------- -------- ------ -------- -------- -------- -------- -------
Net investment income (expense) (1,544) (2,376) (1,689) (596) (768) 18,107 31,470 5,445 6,054
-------- -------- -------- ------ ------ ------- ------- ------ -----
Gains (losses) on investments:
Net realized gains (losses) 1,893 2,226 3,940 184 1,446 3,691 4,920 620 103
Net change in unrealized gains (losses) 16,572 21,286 16,421 842 23,480 18,134 43,654 (18,162) 2,098
------- ------- ------- ---- ------- ------- ------- --------- -----
Net gains (losses)
on investments 18,465 23,512 20,361 1,026 24,926 21,825 48,574 (17,542) 2,201
------- ------- ------- ------ ------- ------- ------- --------- -----
Increase (decrease) in net assets
from operations $16,921 $ 21,136 $ 18,672 $ 430 $ 24,158 $ 39,932 $ 80,044 $ (12,097) 8,255
======= ========== ========= ====== ========= ================== ==================
</TABLE>
The accompanying notes are an integral part of these financial statements.
38
<PAGE>
COMPANION LIFE SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Series V
-----------------------------------------------------------------------------------
Fidelity Federated Alger Scudder
----------------------------- --------------------- -------------------- -------
Asset U.S. Prime American
Manager: Equity Government Money Small American Inter-
1997 (continued) Contrafund Growth Income Securities IFund II Capitalization Growth national
Investment income:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Reinvested dividends and capital gain distributions $ 31 $ 2 $ 104 $ 2,083 $ 14,198 $ 1,834 $ 1,443 $ 111
Mortality risk charges and expenses (Note 4) (1,743) (3,840) (4,276) (1,489) (3,474) (1,011) (2,427) (885)
-------- -------- -------- -------- -------- -------- -------- -----
Net investment income (expense) (1,712) (3,838) (4,172) 594 10,724 823 (984) (774)
-------- -------- -------- ---- ------- ---- ------ -----
Gains (losses) on investments:
Net realized gains (losses) 347 6,205 5,490 649 - 765 1,378 1,036
Net change in unrealized gains (losses) 28,972 53,699 74,849 9,356 - 6,846 30,102 (3,374)
------- ------- ------- ------ -- ------ ------- -------
Net gains (losses) on investments 29,319 59,904 80,339 10,005 - 7,611 31,480 (2,338)
------- ------- ------- ------- -- ------ ------- -------
Increase (decrease) in net assets from operations $ 27,607 $ 56,066 $ 76,167 $ 10,599 $ 10,724 $ 8,434 $ 30,496 $(3,112)
======== ========= ========= ========= ========= ======== ========= ========
</TABLE>
The accompanying notes are an integral part of these financial statements.
39
<PAGE>
COMPANION LIFE SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
- ------------------------------------------------------------------------------------------------------------------------------------
Series I
------------------------------------------------------------------------------------------
Fidelity T. Rowe Price Scudder
----------------------------- --------------------------------------- -------------------
New Limited
Asset Index America Equity Term Money
1998 Growth Manager 500 InternationGrowth Income Bond Market Bond
From operations:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net investment income (expense) $ 66,791 $ 53,459 $ 4,149 $ 548 $ 4,359 $ 21,309 $ 614 $ 3,402 $ 6,631
Net realized gains (losses) 40,935 12,721 17,131 1,661 52,176 18,869 (1) - (4,807)
Net change in unrealized gains (losses) 62,692 (17,242) 30,370 30,157 48,312 2,804 166 - 5,048
------- --------- ------- ------- ------- ------ ---- -- -----
170,418 48,938 51,650 32,366 104,847 42,982 779 3,402 6,872
-------- ------- ------- ------- -------- ------- ---- ------ -----
From policyowner transactions:
Purchases 69,094 14,145 69,808 - 90,606 23,964 - 174,211 501
Withdrawals (180,268) (148,062) (39,432) (4,131) (153,377) (42,283) (10) (27,834) (32,120)
-------- --------- --------- --------------------------- ----- --------- --------
(111,174) (133,917) 30,376 (4,131) (62,771) (18,319) (10) 146,377 (31,619)
-------- -------- ------- -------- ------------------ ----- -------- --------
Increase (decrease) in net assets 59,244 (84,979) 82,026 28,235 42,076 24,663 769 149,779 (24,747)
Net assets, beginning of year 516,879 465,318 176,092 228,601 641,070 553,948 13,483 40,206 156,705
-------- -------- -------- -------- -------- -------- ------ ------- -------
Net assets, end of year $576,123 $380,339 $258,118 $256,836 $683,146 $578,611 $14,252 $ 189,985 $ 131,958
========= ======== ========== ========= ========= ======== ======== ========= =========
Accumulation unit purchases 3,279 904 2,870 (4) 4,040 1,149 - 149,322 -
Accumulation unit withdrawals (8,397) (9,557) (1,586) (298) (6,705) (1,928) (1) (23,876) (2,454)
-------- -------- -------- ------ -------- -------- ---- --------- -------
Net increase (decrease) in units outstanding (5,118) (8,653) 1,284 (302) (2,665) (779) (1) 125,446 (2,454)
Units outstanding, beginning of year 26,994 30,967 8,106 18,378 30,315 27,109 1,142 35,324 12,356
------- ------- ------ ------- ------- ------- ------ ------- ------
Units outstanding, end of year 21,876 22,314 9,390 18,076 27,650 26,330 1,141 160,770 9,902
======= ======= ====== ======= ======= ======= ====== ======== =====
</TABLE>
The accompanying notes are an integral part of these financial statements.
40
<PAGE>
COMPANION LIFE SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 (continued)
Series V
MFS T. Rowe Price
New Personal Inter- Limited-
Emerging High Global Capital America Strategy Equity national Term
1998 (continued) Growth Research Income GovernmentsOpportunities Growth Balanced Income Stock Bond
From operations:
Net investment income
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
(expense) (3,725) $ 6,296 $ 13,629 $ (459) $ (121) $ 14,935 $ 108,328 $ 81,813 $ 5,875 $ 37,176
Net realized gains (losses) 16,427 17,034 3,239 1,715 (949) 12,242 16,593 12,399 (239) 2,156
Net change in unrealized
gains (losses) 200,069 141,684 (22,998) 21,034 15,692 111,395 60,291 30,896 60,716 5,306
------- -------- --------- ------- ------- -------- ------- ------- ------- -----
212,771 165,014 (6,130) 22,290 14,622 138,572 185,212 125,108 66,352 44,638
-------- -------- -------- ------- ------- -------- -------- -------- ------- ------
From policyowner transactions:
Purchases 630,583 608,408 162,004 319,485 119,622 758,625 1,341,488 1,247,144 493,760 1,022,226
Withdrawals (51,165) (63,952) (29,091) (59,850) (7,903) (50,460) (90,417) (50,847) (47,485) (60,995)
--------- ------------------ --------- -------- --------- --------- --------- --------- --------
579,418 544,456 132,913 259,635 111,719 708,165 1,251,071 1,196,297 446,275 961,231
-------- -------- -------- -------- -------- -------- ---------- ---------- -------- -------
Increase in net assets 792,189 709,470 126,783 281,925 126,341 846,737 1,436,283 1,321,405 512,627 1,005,869
Net assets, beginning of year 344,872 485,557 223,771 153,295 - 366,093 746,691 920,066 287,148 346,304
-------- -------- -------- -------- -- -------- -------- -------- -------- -------
Net assets, end of year $1,137,061 $1,195,027 $350,554 $435,220 126,341 1,212,830 $2,182,974 $2,241,471 $799,775 $1,352,173
========== ========== ======== ========= ======= ========== ========= ========== ======== =========
Accumulation unit purchases 34,375 34,620 11,850 30,671 8,743 39,103 86,363 69,763 37,743 89,045
Accumulation unit withdrawals (2,778) (3,259) (1,691) (5,878) (607) (2,984) (6,412) (3,411) (4,007) (5,762)
-------- -------- -------- -------- ------ -------- -------- -------- -------- -------
Net increase in units
outstanding 31,597 31,361 10,159 24,793 8,136 36,119 79,951 66,352 33,736 83,283
Units outstanding, beginning
of year 21,241 30,779 17,267 14,907 - 19,742 50,339 52,630 23,539 31,032
------- ------- ------- ------- -- ------- ------- ------- ------- ------
Units outstanding, end of year 52,838 62,140 27,426 39,700 8,136 55,861 130,290 118,982 57,275 114,315
======= ======= ======= ======= ====== ======= ======== ======== ======= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
41
<PAGE>
COMPANION LIFE SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 (continued)
Series V
Fidelity Federated Alger Scudder
Asset U.S. Prime American
Manager: Equity Index Government Money Small American Inter-
1998 (continued) Contrafund Growth Income 500 Securities IIFund II CapitalizatioGrowth national
From operations:
Net investment
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
income (expense) 19,670 $ 100,797 $ 38,430 $ (923) $ (580) $ 27,326 $ 51,120 $ 153,135 $ 31,125
Net realized gains (losses 24,971 14,405 20,122 (226) 5,443 - 4,530 14,266 1,217
Net change in unrealized
gains (losses) 133,559 152,678 86,013 33,943 42,754 37 5,636 260,817 20,646
------- -------- ------- ------- ------- --- ------ -------- -------
178,200 267,880 144,565 32,794 47,617 27,363 61,286 428,218 52,988
-------- -------- -------- ------- ------- ------- ------- -------- -------
From policyowner
transactions:
Purchases 438,663 1,182,899 1,377,428 322,206 1,077,205 1,144,774 301,163 947,874 399,159
Withdrawals (129,209) (76,586) (87,434) (8,375) (58,890) (218,126) (22,606) (47,081) (35,706)
---------- --------- --------- -------- --------- ---------- --------- --------- --------
309,454 1,106,313 1,289,994 313,831 1,018,315 926,648 278,557 900,793 363,453
-------- ---------- ---------- -------- ---------- -------- -------- -------- --------
Increase in net assets 487,654 1,374,193 1,434,559 346,625 1,065,932 954,011 339,843 1,329,011 416,441
Net assets, beginning
of year 467,390 964,045 804,299 - 367,967 450,561 229,017 431,393 204,936
-------- -------- -------- -- -------- -------- -------- -------- --------
Net assets, end of year $955,044 $2,338,238 $2,238,858 $346,625 $1,433,899 $1,404,572 $568,860 $1,760,404 $621,377
======== ========== ========== ========= =========== =========== ========= =========== =========
Accumulation unit
purchases 22,678 68,534 79,713 23,130 89,225 1,023,134 21,431 50,042 27,765
Accumulation unit
withdrawals (6,578) (5,069) (5,746) (659) (5,268) (199,207) (1,769) (2,510) (2,706)
-------- -------- -------- ------ -------- ---------- -------- -------- --------
Net increase in
units outstanding 16,100 63,465 73,967 22,471 83,957 823,927 19,662 47,532 25,059
Units outstanding,
beginning of year 27,082 58,425 48,536 - 31,521 410,506 16,717 26,564 15,759
------ ------- ------- -- ------- -------- ------- ------- -------
Units outstanding,
end of year 43,182 121,890 122,503 22,471 115,478 1,234,433 36,379 74,096 40,818
======= ======== ======== ======= ======== ========== ======= ======= =======
Pioneer
Real
Global Growth & Estate Capital
1998 (continued) DiscoveryIncome Growth Growth
From operations:
Net investment
income (expense) $ (91) $ 245 $ 775 $ (77)
Net realized gains (loss (32) (920) (98) (2,023)
Net change in unrealized
gains (losses) 965 12,874 (2,311) 3,537
---- ------- -------- -----
842 12,199 (1,634) 1,437
---- ------- -------- -----
From policyowner
transactions:
Purchases 23,203 284,235 42,090 136,411
Withdrawals (459) (7,921) (888) (7,379)
- ------ -------- ------ -------
22,744 276,314 41,202 129,032
------- -------- ------- -------
Increase in net assets 23,586 288,513 39,568 130,469
Net assets, beginning
of year - - - -
-- -- -- -
Net assets, end of year $23,586 $288,513 $39,568 $130,469
================= ======== ========
Accumulation unit
purchases 1,828 23,159 4,118 12,426
Accumulation unit
withdrawals (38) (701) (87) (731)
----- ------ ----- -----
Net increase in
units outstanding 1,790 22,458 4,031 11,695
Units outstanding,
beginning of year - - - -
-- -- -- -
Units outstanding,
end of year 1,790 22,458 4,031 11,695
====== ======= ====== ======
</TABLE>
The accompanying notes are an integral part of these financial statements.
42
<PAGE>
COMPANION LIFE SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Series I
------------------------------------------------------------------------------------------
Fidelity T. Rowe Price Scudder
----------------------------- --------------------------------------- -------------------
New Limited
Asset Index America Equity Term Money
1997 Growth Manager 500 InternationGrowth Income Bond Market Bond
From operations:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net investment income (expense) $ 6,032 $ 37,794 $ 1,684 $ 1,732 $ (5,803)$ 22,125 $ 635 $ 1,883 $ 12,057
Net realized gains (losses) 3,600 1,295 3,666 3,871 12,434 13,187 (862) - 3,387
Net change in unrealized gains (losses) 75,023 32,507 31,991 (1,051) 93,840 82,123 744 - 7,360
------- ------- ------- -------- ------- ------- ---- -- -----
84,655 71,596 37,341 4,552 100,471 117,435 517 1,883 22,804
------- ------- ------- ------ -------- -------- ---- ------ ------
From policyowner transactions:
Purchases 129,725 42,849 76,168 8,737 199,624 57,769 - 101,157 95,391
Withdrawals (21,643) (3,743) (9,962) (18,767) (58,796) (37,248) (32,674) (101,562) (186,558)
--------- -------- -------- --------- ------------------ ----------------------------
108,082 39,106 66,206 (10,030) 140,828 20,521 (32,674) (405) (91,167)
-------- ------- ------- ----------------- ------- --------- ------ --------
Increase (decrease) in net assets 192,737 110,702 103,547 (5,478) 241,299 137,956 (32,157) 1,478 (68,363)
Net assets, beginning of year 324,142 354,616 72,545 234,079 399,771 415,992 45,640 38,728 225,068
-------- -------- ------- -------- -------- -------- ------- ------- -------
Net assets, end of year $516,879 $465,318 $176,092 $228,601 $641,070 $553,948 $ 13,483 $ 40,206 $ 156,705
========= ================== ========= ========= ================== ======== =========
Accumulation unit purchases 7,537 3,148 4,217 724 10,716 3,310 - 90,969 8,208
Accumulation unit withdrawals (1,154) (252) (479) (1,470) (2,992) (2,061) (2,927) (90,973) (14,943)
-------- ------ ------ -------- -------- -------- -------- --------- --------
Net increase (decrease) in units outstanding 6,383 2,896 3,738 (746) 7,724 1,249 (2,927) (4) (6,735)
Units outstanding, beginning of year 20,611 28,071 4,368 19,124 22,591 25,860 4,069 35,328 19,091
------- ------- ------ ------- ------- ------- ------ ------- ------
Units outstanding, end of year 26,994 30,967 8,106 18,378 30,315 27,109 1,142 35,324 12,356
======= ======= ====== ======= ======= ======= ====== ======= ======
</TABLE>
The accompanying notes are an integral part of these financial statements.
43
<PAGE>
COMPANION LIFE SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 (continued)
- --------------------------------------------------------------------------------------------------------------
Series V
-----------------------------------------------------------------------------------
MFS T. Rowe Price
--------------------------------------- ----------------------------------------
New Personal
Emerging High Global America Strategy Equity International
1997 (continued) Growth Research Income Governments Growth Balanced Income Stock
From operations:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net investment income
(expense) $ (1,544) $ (2,376)$ (1,689) $ (596) $ (768) $ 18,107 $ 31,470 $ 5,445
Net realized gains 1,893 2,226 3,940 184 1,446 3,691 4,920 620
Net change in
unrealized gains (16,572) 21,286 16,421 842 23,480 18,134 43,654 (18,162)
------ ------- ------- ---- ------- ------- ------- ---------
16,921 21,136 18,672 430 24,158 39,932 80,044 (12,097)
------- ------- ------- ---- ------- ------- ------- ---------
From policyowne
transactions:
Purchases 340,236 479,858 308,293 162,987 354,167 753,260 879,735 325,828
Withdrawals (12,285) (15,437)(103,194) (10,122) (12,232) (46,501) (39,713) (26,583)
--------- -------- --------- --------- --------- ----------------- ---------
327,951 464,421 205,099 152,865 341,935 706,759 840,022 299,245
-------- -------- -------- ------- ------- -------- -------- -------- -
Increase in net assets 344,872 485,557 223,771 153,295 366,093 746,691 920,066 287,148
Net assets,
beginning of year - - - - - - - -
-- -- -- -- -- -- -- --
Net assets, end of year $344,872 $485,557 $223,771 153,295 366,093 $746,691 $920,066 $287,148
======== ========== ================== ======= =========== ======== =========
Accumulation unit purchases 21,846 31,643 25,473 15,726 20,329 52,946 54,601 25,413
Accumulation unit withdrawals (605) (864) (8,206) (819) (587) (2,607) (1,971) (1,874)
------ ------ -------- ------ ------ -------- -------- --------
Net increase in units
outstanding 21,241 30,779 17,267 14,907 19,742 50,339 52,630 23,539
Units outstanding,
beginning of year - - - - - - - -
-- -- -- -- -- -- -- --
Units outstanding,
end of year 21,241 30,779 17,267 14,907 19,742 50,339 52,630 23,539
======= ======= ======= ======= ======= ======= ======= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
44
<PAGE>
COMPANION LIFE SEPARATE ACCOUNT C
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Series V
---------------------------------------------------------------------------------------
Fidelity Federated Alger Scudder
----------------------------- --------------------- --------------------- ---------
Asset U.S. Prime American
Manager: Equity Government Money Small American Inter-
1997 (continued) ContrafundGrowth Income Securities IFund II CapitalizatiGrowth national
From operations:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net investment income (expense) $ (1,712) $ (3,838) $ (4,172) $ 594 $ 10,724 $ 823 $ (984) $ (774)
Net realized gains 347 6,205 5,490 649 - 765 1,378 1,036
Net change in unrealized gains
(losses) 28,972 53,699 74,849 9,356 - 6,846 30,102 (3,374)
------- ------- ------- ------ -- ------ ------- -------
27,607 56,066 76,167 10,599 10,724 8,434 30,496 (3,112)
------- ------- ------- ------- ------- ------ ------- -------
From policyowner transactions:
Purchases 441,927 965,580 772,884 381,170 718,572 230,256 414,426 222,894
Withdrawals (2,144) (57,601) (44,752) (23,802) (278,735) (9,673) (13,529) (14,846)
-------- --------- --------- --------- ---------- -------- -------- --------
439,783 907,979 728,132 357,368 439,837 220,583 400,897 208,048
-------- -------- -------- -------- -------- -------- -------- -------
Increase in net assets 467,390 964,045 804,299 367,967 450,561 229,017 431,393 204,936
Net assets, beginning of year - - - - - - - -
-- -- -- -- -- -- -- -
Net assets, end of year $467,390 $964,045 $804,299 $367,967 $ 450,561 $229,017 $ 431,393 $ 204,936
======== ========== ========= ========= ========== ========= ========= =========
Accumulation unit purchases 27,130 60,997 50,915 33,143 655,432 17,324 27,017 16,585
Accumulation unit withdrawals (48) (2,572) (2,379) (1,622) (244,926) (607) (453) (826)
----- -------- -------- -------- ---------- ------ ------ -----
Net increase in units outstanding 27,082 58,425 48,536 31,521 410,506 16,717 26,564 15,759
Units outstanding, beginning of year - - - - - - - -
-- -- -- -- -- -- -- -
Units outstanding, end of year 27,082 58,425 48,536 31,521 410,506 16,717 26,564 15,759
======= ======= ======= ======= ======== ======= ======= ======
</TABLE>
The accompanying notes are an integral part of these financial statements.
45
<PAGE>
<PAGE>
COMPANION LIFE SEPARATE ACCOUNT C
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
- --------------------------------------------------------------------------------
1. NATURE OF OPERATIONS
Companion Life Separate Account C (the Separate Account) was established by
Companion Life Insurance Company (Companion) on February 18, 1994, under
the laws of the State of New York, 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 Companion. The net assets of the Separate
Account are restricted from use in the ordinary business of Companion.
2. SUB-ACCOUNTS
The Separate Account is divided into sub-accounts, each of which invests
exclusively in shares of a corresponding mutual fund portfolio. The
available portfolios are:
Series I
Fidelity T. Rowe Price
Growth International
Asset Manager New America Growth
Index 500 Equity Income
Limited Term Bond
Scudder
Money Market
Bond
Series V
Fidelity Alger
Contrafund American Small Capitalization
Asset Manager: Growth American Growth
Equity Income
Index 500
Scudder Federated
International U.S. Government Securities II
Global Discovery Prime Money Fund II
Growth & Income
T. Rowe Price MFS
New America Growth Emerging Growth
Personal Strategy Balanced Research
Equity Income High Income
International Stock Global Governments
Limited-Term Bond Capital Opportunities
46
<PAGE>
Pioneer
Capital Growth
Real Estate Growth
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates - The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosures of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and
expenses during the reporting period.
Actual results could differ from those estimates.
Security Valuation and Related Investment Income - The market value of
investments is based on year end closing bid prices. Investment
transactions are accounted for on the trade date (date the order to buy or
sell is executed) and dividend income and capital gain distributions are
recorded on the ex-dividend date. Charges for investment advisory fees and
other expenses are reflected in the net asset values of the mutual fund
portfolios.
Federal Income Taxes - Operations of the Separate Accounts are included in
the federal income tax return of United of Omaha, which is taxed as a life
insurance company under the Internal Revenue Code. Under existing federal
tax law, no taxes are payable on the investment income or on the capital
gains of the Separate Account.
4. ACCOUNT CHARGES
Mortality and Expense Risk Charge - Companion deducts a daily charge as
compensation for the mortality and expense risks assumed by Companion. The
nominal annual rate is a percentage of the net asset value of each
sub-account. Companion guarantees that this annual percentage rate will not
increase. The percentages are:
Series I 1.25%
Series V 1.00%
Taxes - Companion may incur premium taxes relating to the policies.
Companion will deduct a charge for any premium taxes related to a
particular policy at the time of purchase payments, upon surrender, upon
death of any owner, or at the annuity start date.
No charges are currently deducted from the Separate Account for federal or
state income taxes, since none are currently imposed. Should such taxes be
imposed in the future, Companion may make deductions from the Separate
Account to pay such taxes.
Administrative Charge - Companion deducts a daily administrative expense
charge from the net assets of the Separate Account. The nominal annual rate
is a percentage of the net asset value of each subaccount as follows:
Series I .15%
Series V .20%
There is also an annual policy fee of $30 that is deducted from the
accumulation value on the last valuation date of each policy year or at
complete surrender. The annual policy fee is waived if the accumulation
value is greater than $50,000 on the last valuation date of the applicable
policy year. Companion guarantees that the daily administrative expense
charge and the annual policy fee will not increase.
47
<PAGE>
On the Series V products, the policyowner has the option to purchase the
enhanced death benefit. A charge equal to the annual rate of .35% of the
average death benefit amount will be assessed on each policy anniversary or
pro rata upon full surrender.
Withdrawal Charge - A withdrawal charge will be assessed on withdrawals in
excess of a percentage of the participant's accumulation value as of the
last contract anniversary preceding the request for the withdrawal. The
allowable withdrawal percentage is as follows:
Series I 10%
Series V 15%
The amount of the charge will depend upon the period of time elapsed since
the purchase payment (first-in, first-out arrangement) was made, as
follows:
Charge on Withdrawal
Exceeding
Purchase Payment Year Allowable Amount
1 7%
2 6%
3 5%
4 4%
5 3%
6 2%
7 1%
Transfer Fee - 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. The transfer fee will not increase.
48
<PAGE>
5. NET ASSETS
Total net assets (policyowners' cumulative investment accounts) consist of
the following at December 31, 1998:
<TABLE>
<CAPTION>
Series I
--------------------------------------------------------------------------------------------
Fidelity T. Rowe Price Scudder
----------------------------- ---------------------------------------- --------------------
New Limited
Asset Index American Equity Term Money
Growth Manager 500 InternationaGrowth Income Bond Market Bond
<S> <C> <C> <C> <C> <C> <C> <C>
Shares purchased $ 512,035 $ 388,259$ 217,686 $ 253,680$ 737,300 $ 455,417 $ 44,513 $ 559,228 $ 482,754
Shares sold (228,438)(180,150) (62,140) (59,266) (314,843) (109,975) (33,482) (381,921) (391,172)
Dividends and capital
gain distributiopns 84,140 105,301 8,783 9,011 11,314 62,352 3,941 12,678 32,139
Net realized gains (losses) 46,328 15,260 21,808 6,368 71,038 35,149 (867) - (6,288)
Unrealized gains (losses)
on investments 162,058 51,669 71,981 47,043 178,337 135,668 147 - 14,525
-------- ------- ------- ------- -------- -------- ---- -- ------
Net assets $ 576,123 $ 380,339$ 258,118 $ 256,836 $ 683,146 $ 578,611 $ 14,252 $ 189,985 $ 131,958
============================= ========== ============================= ===================
Series V
MFS T. Rowe Price
New Personal
Emerging High Global Capital America Strategy Equity
Growth Research Income GovernmentsOpportunitiesGrowth Balanced Income
Shares purchased $ 970,819 $ 1,088,266$ 470,297 $482,472 $ 119,622 $ 1,112,792 $2,094,748 $2,126,879
Shares sold (64,994) (81,765) (133,974) (70,706) (7,903) (64,272) (140,226) (94,684)
Dividends and capital
gain distributions (3,725) 6,296 13,629 (321) (121) 15,747 129,743 117,407
Net realized gains (losses) 18,320 19,260 7,179 1,899 (949) 13,688 20,284 17,319
Unrealized gains (losses)
on investments 216,641 162,970 (6,577) 21,876 15,692 134,875 78,425 74,550
-------- -------- ------- ------- ------- -------- ------- -------
Net assets $ 1,137,06$ 1,195,027$ 350,554 $ 435,220 $ 126,341 $1,212,830 $ 2,182,974 $2,241,471
=============================== ========== ========= ====================== ==========
49
<PAGE>
5. NET ASSETS (continued)
Series V
T. Rowe Price Fidelity Federated Scudder
Inter- Limited- Asset U.S. Prime
national Term Manager: Equity Index Government Money Inter-
Stock Bond Contrafund Growth Income 500 Securities IFund II national Bond
Shares purchased $ 819,588 1,384,746 880,590$ 2,148,479$ 2,150,312$ 322,206 $1,458,375 1,863,346 $ 222,894 $ 386,862
Shares sold (75,288) (87,010) (133,096) (138,027) (136,462) (8,375) (84,181) (500,335) (15,731) (169,114)
Dividends and capital
gain distribution1 2,540 44,774 19,701 100,799 38,534 (923) 1,503 41,554 111 10,071
Net realized gains (losses) 381 2,259 25,318 20,610 25,612 (226) 6,092 - 1,036 (4,868)
Unrealized gains (losses)
on investments 42,554 7,404 162,531 206,377 160,862 33,943 52,110 7 (3,374) 2,117
------- ------ -------- -------- -------- ------- ------- -- -------- -----
Net assets $ 799,775 1,352,173 955,044 $ 2,338,238 $2,238,858 $346,625 $1,433,899 $1,404,572 $ 204,936 $ 225,068
========= ========= ======== =========== =========== ======== =========== ===============================
Alger Scudder Pioneer
American Real
Small American Global Growth & Estate Capital
Cap Growth InternatioDiscovery Income Growth Growth
Shares purchased $ 531,419 $ 1,362,300 $ 622,053 $ 23,203 $ 284,235 $ 42,09$ 136,411
Shares sold (33,290) (63,037) (51,437) (459) (7,921) (888) (7,379)
Dividends and capital gain distributions 52,954 154,578 31,236 (91) 245 775 (77)
Net realized gains (losses) 5,295 15,644 2,253 (32) (920) (98) (2,023)
Unrealized gains (losses) on investments 12,482 290,919 17,272 965 12,874 (2,311) 3,537
------- -------- ------- ---- ------- -------- -----
Net assets $ 568,860 $ 1,760,404 $ 621,377 $ 23,586 $ 288,513 $ 39,568 $ 130,469
========= =========== ============================= ==================
</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 establishing the Variable Account. *
(2) Not applicable.
(3) (a) Principal Underwriter Agreement by and between Companion Life, on its
own behalf and on behalf of the Variable Account, and Mutual of Omaha
Investor Services. *
(b) Form of Broker/Dealer Supervision and Sales Agreement by and between
Mutual of Omaha Investor Services, Inc. and the Broker/Dealer. *
(4) (a) Form of Policy for the SERIES V variable annuity Policy. *
(b) Form of Riders to the Policy. *
(5) Form of Application to the Policy. *
(6) (a) Articles of Incorporation of Companion Life Insurance Company. *
(b) Bylaws of Companion Life Insurance Company. *
(7) Not applicable.
(8) (a) Participation Agreement with the Alger American Fund. *
(b) Participation Agreement with the Insurance Management Series. *
(c) Participation Agreement with the Fidelity VIP Fund and Fidelity VIP
Fund II. *
(d) Participation Agreement with the MFS Variable Insurance Trust. *
(e) Participation Agreement with the Pioneer Variable Contracts Trust. *
(f) Participation Agreement with the Scudder Variable Life Investment
Fund. *
(g) Participation Agreement with T. Rowe Price International Series, T.
Rowe Price Fixed Income Series, and T. Rowe Price Equity Series. *
(h) Administrative Services Agreement with Vantage Computer Systems. *
(i) Participation Agreement with the Morgan Stanley Dean Witter
Universal Funds, et. al. **
(9) Opinion and Consent of Counsel.
(10) Consents of Independent Auditors.
(11) Not applicable.
(12) Not applicable.
(13) Schedules of Computation of Performance Data.
(14) Powers of Attorney.
* Incorporated by Reference to the Registration Statement for Companion Life
Separate Account C filed on April 24, 1997 (File No. 33-98062).
** Incorporated by Reference to the Registration Statement for United of Omaha
Separate Account B filed on April 7, 1998 (File No. 333-18881).
C-1
<PAGE>
Item 25. Directors and Officers of the Depositor
Principal Positions
Name and and Offices with
Business Address 1 Depositor
John W. Weekly Chairman
Kimberley S. Harm President, Director
William G. Campbell Director
Samuel L. Foggie Director
M. Jane Huerter Director, Vice President & Secretary
Charles T. Locke III Director
John L. Maginn Director, Vice President & Assistant Treasurer
James U. O'Neill Director
Oscar S. Straus Director
John A. Sturgeon Director
Fred C. Boddy Vice President, Treasurer and Assistant Secretary
Item 26. Persons Controlled by or Under Common Control with the Depositor or
Registrant
<TABLE>
<CAPTION>
Name of Corporation (where organized) Type of Corporation
<S> <C>
Mutual of Omaha Insurance Company (NE) Accident & Health Insurance
KFS Corporation (NE) Holding corporation
Kirkpatrick, Pettis, Smith, Polian Inc. (NE) Registered broker-dealer & investment advisor
KPM Investment Management, Inc. (NE) Investment advisor
Kirkpatrick Pettis Trust Company (NE) Trust company
Mutual of Omaha Health Plans, Inc. (NE) Holding corporation
Exclusive Healthcare, Inc. (NE) HMO
Mutual of Omaha of Colorado, Inc. (CO) (50%) HMO
Mutual of Omaha Health Plans of Lincoln, Inc. (NE) Staff Model HMO
Preferred Health Alliance, Inc. (NE) (51%) Joint venture w/physician & hospital organization
Mutual of Omaha Dental Plans of Nebraska, Inc. (NE) Limited pre-paid DHMO
Mutual of Omaha Health Plans of Indiana, Inc. (IN) HMO
Mutual of Omaha Health Plans of Ohio, Inc. (OH) HMO
Mutual of Omaha of South Dakota & Community Health
Plus HMO, Inc. (SD) HMO
Mutual of Omaha Tri-State Health Plans, Inc. (TN) HMO
Mutual of Omaha Holdings, Inc. (NE) Holding corporation
innowave incorporated (NE) Markets water distillation products
Mutual Asset Management Co. (NE) Asset management services
Mutual of Omaha Investor Services, Inc. (NE) Registered securities Broker-Dealer
Mutual of Omaha Marketing Corporation (NE) Markets health insurance
Omex Realty, Inc. (NE) Real estate investments
Mutual of Omaha U.K. Limited (U.K.) Insurance in United Kingdom (inactive)
The Omaha Indemnity Company (WI) Property & casualty insurance (no new business since 1986)
Omaha Property and Casualty Insurance Company (NE) Property & casualty insurance
Adjustment Services, Inc. (NE) Claims adjusting services
Tele-Trip Company, Inc. (DE) Markets travel/flight insurance in airports
United of Omaha Life Insurance Company (NE) Life, H&A insurance/annuities
Companion Life Insurance Company (NY) Life insurance/annuities
Mutual of Omaha Structured Settlement Company, Inc. (CT) Structured settlements
Mutual of Omaha Structure Settlement Company of
New York, Inc. (NY) Structured settlements
United World Life Insurance Company (NE) Accident & health and life insurance
United Properties Co. (CA) (50%) Real estate general partnership
</TABLE>
1 Business address is Companion Life Insurance Company, Mutual of Omaha Plaza,
Omaha, Nebraska 68175.
C-2
<PAGE>
*Subsidiaries of subsidiaries are indicated by indentations.
Item 27. Number of Policyowners
As of December 31, 1998, there were 339 Owners of the Policies.
Item 28. Indemnification
Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons of
Companion pursuant to the foregoing provisions, or otherwise, Companion 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 Companion of expenses incurred or
paid by a director, officer or controlling person in connection with the
securities being registered), Companion 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, Article V, Section
8 of Companion's Bylaws provides as follows:
The Corporation shall indemnify any person, made, or threatened to be
made, a party to any action or proceeding other than one by or in the right of
the Corporation to procure a judgment in its favor, whether civil or criminal,
which any officer of the Corporation served in any capacity at the request of
the Corporation, by reason of the fact that he, his testator or intestate, was
an officer of the Corporation, against judgments, fines, amounts paid in
settlement and reasonable expenses, including attorneys' fees actually and
necessarily incurred as a result of such action or proceeding, or any appeal
therein, if such officer acted, in good faith, for a purpose which he is
reasonably believed to be in the best interests of the Corporation and, in
criminal actions or proceedings, in addition, had no reasonable cause to believe
that his conduct was unlawful.. The termination of any such civil or criminal
action proceeding by judgment, settlement, conviction or upon a plea of nolo
contendere, or its equivalent, shall not in itself create a presumption that any
such officer did not act, in good faith, for a purpose which he is reasonably
believed to be in the best interests of the Corporation or that he had
reasonable cause to believe that his conduct was unlawful.
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 C.
(b) The directors and principal officers of Mutual of Omaha Investor Services,
Inc. (principal address: Mutual of Omaha Plaza, Omaha, Nebraska 68175) are
as follows:
NAME TITLE
John W. Weekly Chairman, Director
Richard A. Witt President, Director
M. Jane Huerter Secretary and Director
Kimberly S. Harm Director
Brian P. McGinty Director
John L. Maginn Director
James N. Plato Director
William J. Bluvas Vice President, Treasurer
C-3
<PAGE>
(c) Mutual of Omaha Investor Services, Inc. ("MOIS") is the principal
underwriter of the Policies. Commissions payable to a broker-dealer will be
up to 7% of purchase payments. For the fiscal year ended December 31, 1998,
Companion paid $ 1,237,130 in total compensation to MOIS; of this amount
MOIS retained $ 165,800 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 Companion Life Insurance Company at Mutual of Omaha Plaza, Omaha,
Nebraska 68175.
Item 31. Management Services.
All management policies are discussed in Part A or Part B of this
registration statement.
Item 32. Undertakings
(a) Registrant undertakes that it will file a post-effective amendment
to this registration statement as frequently as necessary to ensure that the
audited financial statements in the registration statement are never more than
16 months old for so long as purchase payments under the Policy may be accepted.
(b) Registrant undertakes that it will include either (i) a postcard or
similar written communication affixed to or included in the prospectus that the
applicant can remove to send for a Statement of Additional Information or (ii) a
space in the Policy application that an applicant can check to request a
Statement of Additional Information.
(c) Registrant undertakes to deliver any Statement of Additional
Information and any financial statements required to be made available under
this Form promptly upon written or oral request to Companion at the address or
phone number listed in the prospectus.
(d) Companion Life Insurance Company hereby represents that the fees and
charges deducted 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 Companion Life Insurance Company.
C-4
<PAGE>
SIGNATURES
As required by the Securities Act of 1933 and the Investment Company Act
of 1940, the Registrant certifies that it meets all of the requirements for the
effectiveness of this Registration Statement pursuant to Rule 485(a) under the
Securities Act of 1993 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, 1999.
COMPANION SEPARATE ACCOUNT C
COMPANION LIFE INSURANCE COMPANY
Depositor
/s/Kenneth W. Reitz
---------------------------------------
By: Kenneth W. Reitz
Assistant Secretary
As required by the Securities Act of 1933, this Post-effective amendment
No. 5 Registration Statement has been signed by the following persons on April
26, 1999 in the capacities and on the duties indicated.
Signatures Title
/s/ John W. Weekly*
- -----------------------
John W. Weekly Chairman
/s/ Fred C. Boddy *
- ------------------------
Fred C. Boddy Vice President and Treasurer
(Principal Financial & Accounting
Officer)
/s/ Kenneth W. Reitz
by __________________________________, for and on behalf of:
Kenneth W. Reitz
John W. Weekly* Chairman
William G. Campbell* Director
Samuel L. Foggie* Director
Kimberley S. Harm* Director
M. Jane Huerter* Director
Charles T. Locke* Director
John L. Maginn* Director
James J. O'Neill* Director
Oscar S. Straus* Director
John A. Sturgeon* Director
* These individuals have granted Powers of Attorney executed effective January
1, 1999, whereby Kenneth W. Reitz is authorized to execute this Registration
Statement on their behalf.
<PAGE>
Registration No. 33-98062
811-8814
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------
COMPANION LIFE SEPARATE ACCOUNT C
OF
COMPANION LIFE INSURANCE COMPANY
- --------------------------------------------------------------------------------
EXHIBITS
- --------------------------------------------------------------------------------
TO
THE REGISTRATION STATEMENT ON FORM N-4
under
THE SECURITIES ACT OF 1933, Post-Effective Amendment No. 5
and
THE INVESTMENT COMPANY ACT OF 1940, Amendment No. 9
April 26, 1999
<PAGE>
EXHIBIT INDEX
Exhibit No. Description of Exhibit
(9) Opinion and Consent of Counsel.
(10) Consent of Independent Auditors
(13) Schedules of Computation of Performance Data.
(14) Powers of Attorney
Exhibit (9): Opinion and Consent of Counsel
COMPANION LIFE INSURANCE COMPANY
Mutual of Omaha Plaza, 3-Law
Omaha, Nebraska 68175-1008
April 23, 1998
Companion Life Insurance Company
Mutual of Omaha Plaza
Omaha, NE 68175-1008
Re: Registration Statement
To Whom It May Concern:
With reference to the Registration Statement on Form N-4 as amended, filed by
Companion Life Insurance Company and Companion Life Separate Account C with the
Securities and Exchange Commission covering individual variable annuity
contracts, I have examined such documents and such laws I considered necessary
and appropriate and on the basis of such examination, it is my opinion that:
1. Companion Life Insurance Company is duly organized and validly existing
under the laws of the State of New York and has been duly authorized to
issue individual variable annuity contracts by the Insurance Department
of the State of New York.
2. Companion Life Separate Account C is a duly authorized and existing
separate account to establish pursuant to the provisions of New York
law.
3. The individual variable annuity contracts, when issued as contemplated
by said Form N-4 Registration Statement, will constitute legal, validly
issued and binding obligations of Companion Life Insurance Company.
I hereby consent to the filing of this opinion as an Exhibit to said Form N-4
Registration Statement and to the use of my name under the caption "Legal
Proceedings" in the Registration Statement.
Sincerely,
/s/ Kenneth W. Reitz
Kenneth W. Reitz
Assistant Secretary
Companion Life Insurance Company
Exhibit (10): Consents of Independent Auditors
INDEPENDENT AUDITOR'S CONSENT
We consent to the use in this Post-Effective Amendment No. 5 to Registration
Statement No. 33-98062 of Companion Life Separate Account C of our report dated
April 23, 1999 on the financial statements of Companion Life Separate Account C
and our report dated March 4, 1999 on the financial statements of Companion Life
Insurance Company appearing in the Statement of Additional Information, which is
a part of such Registration Statement, and to the related reference to us under
the heading "Financial Statements" in such Statement of Additional Information.
DELOITTE & TOUCHE LLP
Omaha, Nebraska
April 23, 1999
Exhibit (13): Schedules of Computations of Performance Data
Alger American Growth
12/1998
Assume ($10000 @ $10.00 on 1/ 9/1989)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
4/90 0.0600000000 12.18 0.493 100.492611
4/91 0.0470000000 15.77 0.300 100.792113
4/92 0.0490000000 16.96 0.291 101.083317
4/93 0.0250000000 19.63 0.129 101.212053
5/94 1.7590000000 21.45 8.300 109.511913
5/95 0.3180000000 25.96 1.341 110.853392
5/96 0.9520000000 33.02 3.196 114.049407
5/97 0.3570000000 37.31 1.091 115.140686
5/98 7.9500000000 41.91 21.841 136.981976
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 42.76 115.1406864 4923.41575 1000.00000
1 1998 43.50 115.1406864 5008.61986 1.08333 1016.22256
2 1998 46.92 115.1406864 5402.40101 1.10091 1095.01777
3 1998 49.67 115.1406864 5719.03790 1.18627 1158.01093
4 1998 50.23 115.1406864 5783.51668 1.25451 1169.81231
5 1998 41.91 136.9819763 5740.91463 1.26730 1159.92804
6 1998 45.66 136.9819763 6254.59704 1.25659 1262.45886
7 1998 46.65 136.9819763 6390.20919 1.36766 1288.46382
8 1998 38.66 136.9819763 5295.72320 1.39584 1066.38576
9 1998 42.26 136.9819763 5788.85832 1.15525 1164.53182
10 1998 44.21 136.9819763 6055.97317 1.26158 1217.00515
11 1998 47.46 136.9819763 6501.16459 1.31842 1305.15216
12 1998 53.22 136.9819763 7290.18078 1.41391 1462.13851
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 48.07%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1462.14 1375.14
TOTAL RETURN 46.21% 37.51%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 42.76 115.1406864 4923.41575 1000.00000
1 1998 43.50 115.1406864 5008.61986 1.08333 1016.22256
2 1998 46.92 115.1406864 5402.40101 1.10091 1095.01777
3 1998 49.67 115.1406864 5719.03790 1.18627 1158.01093
4 1998 50.23 115.1406864 5783.51668 1.25451 1169.81231
5 1998 41.91 136.9819763 5740.91463 1.26730 1159.92804
6 1998 45.66 136.9819763 6254.59704 1.25659 1262.45886
7 1998 46.65 136.9819763 6390.20919 1.36766 1288.46382
8 1998 38.66 136.9819763 5295.72320 1.39584 1066.38576
9 1998 42.26 136.9819763 5788.85832 1.15525 1164.53182
10 1998 44.21 136.9819763 6055.97317 1.26158 1217.00515
11 1998 47.46 136.9819763 6501.16459 1.31842 1305.15216
12 1998 53.22 136.9819763 7290.18078 1.41391 1462.13851
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 48.07%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1462.14 1375.14
TOTAL RETURN 46.21% 37.51%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 31.16 110.8533915 3454.19168 1000.00000
1 1996 32.17 110.8533915 3566.15361 1.08333 1031.33002
2 1996 33.26 110.8533915 3686.98380 1.11727 1065.15678
3 1996 32.70 110.8533915 3624.90590 1.15392 1046.06877
4 1996 33.53 110.8533915 3716.91422 1.13324 1071.48712
5 1996 33.06 114.0494069 3770.47339 1.16078 1085.76603
6 1996 32.25 114.0494069 3678.09337 1.17625 1057.98753
7 1996 29.89 114.0494069 3408.93677 1.14615 979.41965
8 1996 31.14 114.0494069 3551.49853 1.06104 1019.31795
9 1996 33.15 114.0494069 3780.73784 1.10426 1084.00781
10 1996 33.47 114.0494069 3817.23365 1.17434 1093.29750
11 1996 35.37 114.0494069 4033.92752 1.18441 1154.17659
12 1996 34.33 114.0494069 3915.31614 1.25036 1118.98946
1 1997 36.86 114.0494069 4203.86114 1.21224 1200.24280
2 1997 35.51 114.0494069 4049.89444 1.30026 1154.98356
3 1997 34.09 114.0494069 3887.94428 1.25123 1107.54600
4 1997 35.60 114.0494069 4060.15889 1.19984 1155.40437
5 1997 37.43 115.1406864 4309.71589 1.25169 1225.16942
6 1997 39.53 115.1406864 4551.51133 1.32727 1292.57996
7 1997 43.66 115.1406864 5027.04237 1.40029 1426.22533
8 1997 41.90 115.1406864 4824.39476 1.54508 1367.18697
9 1997 44.28 115.1406864 5098.42960 1.48112 1443.36468
10 1997 42.19 115.1406864 4857.78556 1.56365 1373.67475
11 1997 42.92 115.1406864 4941.83826 1.48815 1395.95485
12 1997 42.76 115.1406864 4923.41575 1.51228 1389.23863
1 1998 43.50 115.1406864 5008.61986 1.50501 1411.77564
2 1998 46.92 115.1406864 5402.40101 1.52942 1521.24099
3 1998 49.67 115.1406864 5719.03790 1.64801 1608.75353
4 1998 50.23 115.1406864 5783.51668 1.74282 1625.14846
5 1998 41.91 136.9819763 5740.91463 1.76058 1611.41685
6 1998 45.66 136.9819763 6254.59704 1.74570 1753.85662
7 1998 46.65 136.9819763 6390.20919 1.90001 1789.98372
8 1998 38.66 136.9819763 5295.72320 1.93915 1481.46430
9 1998 42.26 136.9819763 5788.85832 1.60492 1617.81260
10 1998 44.21 136.9819763 6055.97317 1.75263 1690.71057
11 1998 47.46 136.9819763 6501.16459 1.83160 1813.16780
12 1998 53.22 136.9819763 7290.18078 1.96427 2031.25930
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 111.05%
GROSS ANNUAL RETURN = 28.27%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2031.26 1944.93
TOTAL RETURN 103.13% 94.49%
AVERAGE ANNUAL RETURN 26.65% 24.82%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1993 24.67 101.2120526 2496.90134 1000.00000
1 1994 25.75 101.2120526 2606.21035 1.08333 1042.69453
2 1994 25.50 101.2120526 2580.90734 1.12959 1031.44170
3 1994 23.64 101.2120526 2392.65292 1.11740 955.08973
4 1994 23.94 101.2120526 2423.01654 1.03468 966.17548
5 1994 21.72 109.5119128 2378.59875 1.04669 947.41724
6 1994 20.68 109.5119128 2264.70636 1.02637 901.02651
7 1994 21.42 109.5119128 2345.74517 0.97611 932.29216
8 1994 23.15 109.5119128 2535.20078 1.00998 1006.57935
9 1994 22.44 109.5119128 2457.44732 1.09046 974.61756
10 1994 23.48 109.5119128 2571.33971 1.05584 1018.73116
11 1994 22.58 109.5119128 2472.77899 1.10363 978.57907
12 1994 23.13 109.5119128 2533.01054 1.06013 1001.35501
1 1995 23.07 109.5119128 2526.43983 1.08480 997.67266
2 1995 24.14 109.5119128 2643.61757 1.08081 1042.86449
3 1995 24.71 109.5119128 2706.03936 1.12977 1066.35911
4 1995 26.05 109.5119128 2852.78533 1.15522 1123.03153
5 1995 26.27 110.8533915 2912.11860 1.21662 1145.17213
6 1995 28.60 110.8533915 3170.40700 1.24060 1245.50180
7 1995 30.91 110.8533915 3426.47833 1.34929 1344.75073
8 1995 31.52 110.8533915 3494.09890 1.45681 1369.83219
9 1995 32.73 110.8533915 3628.23150 1.48398 1420.93377
10 1995 31.63 110.8533915 3506.29277 1.53934 1371.63924
11 1995 31.59 110.8533915 3501.85864 1.48594 1368.41869
12 1995 31.16 110.8533915 3454.19168 1.48245 1348.30946
1 1996 32.17 110.8533915 3566.15361 1.46067 1390.55201
2 1996 33.26 110.8533915 3686.98380 1.50643 1436.16096
3 1996 32.70 110.8533915 3624.90590 1.55584 1410.42442
4 1996 33.53 110.8533915 3716.91422 1.52796 1444.69622
5 1996 33.06 114.0494069 3770.47339 1.56509 1463.94860
6 1996 32.25 114.0494069 3678.09337 1.58594 1426.49459
7 1996 29.89 114.0494069 3408.93677 1.54537 1320.56078
8 1996 31.14 114.0494069 3551.49853 1.43061 1374.35603
9 1996 33.15 114.0494069 3780.73784 1.48889 1461.57799
10 1996 33.47 114.0494069 3817.23365 1.58338 1474.10336
11 1996 35.37 114.0494069 4033.92752 1.59695 1556.18721
12 1996 34.33 114.0494069 3915.31614 1.68587 1508.74407
1 1997 36.86 114.0494069 4203.86114 1.63447 1618.29872
2 1997 35.51 114.0494069 4049.89444 1.75316 1557.27526
3 1997 34.09 114.0494069 3887.94428 1.68705 1493.31475
4 1997 35.60 114.0494069 4060.15889 1.61776 1557.84264
5 1997 37.43 115.1406864 4309.71589 1.68766 1651.90752
6 1997 39.53 115.1406864 4551.51133 1.78957 1742.79778
7 1997 43.66 115.1406864 5027.04237 1.88803 1922.99310
8 1997 41.90 115.1406864 4824.39476 2.08324 1843.39112
9 1997 44.28 115.1406864 5098.42960 1.99701 1946.10225
10 1997 42.19 115.1406864 4857.78556 2.10828 1852.13865
11 1997 42.92 115.1406864 4941.83826 2.00648 1882.17913
12 1997 42.76 115.1406864 4923.41575 2.03903 1873.12359
1 1998 43.50 115.1406864 5008.61986 2.02922 1903.51045
2 1998 46.92 115.1406864 5402.40101 2.06214 2051.10362
3 1998 49.67 115.1406864 5719.03790 2.22203 2169.09759
4 1998 50.23 115.1406864 5783.51668 2.34986 2191.20303
5 1998 41.91 136.9819763 5740.91463 2.37380 2172.68858
6 1998 45.66 136.9819763 6254.59704 2.35375 2364.74147
7 1998 46.65 136.9819763 6390.20919 2.56180 2413.45198
8 1998 38.66 136.9819763 5295.72320 2.61457 1997.47232
9 1998 42.26 136.9819763 5788.85832 2.16393 2181.31202
10 1998 44.21 136.9819763 6055.97317 2.36309 2279.60105
11 1998 47.46 136.9819763 6501.16459 2.46957 2444.71129
12 1998 53.22 136.9819763 7290.18078 2.64844 2738.76612
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 191.97%
GROSS ANNUAL RETURN = 23.90%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2738.77 2668.93
TOTAL RETURN 173.88% 166.89%
AVERAGE ANNUAL RETURN 22.32% 21.69%
Return for 10 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1988 10.00 100.0000000 1000.00000 1000.00000
1 1989 10.31 100.0000000 1031.00000 1.08333 1029.91667
2 1989 10.07 100.0000000 1007.00000 1.11574 1004.82614
3 1989 10.25 100.0000000 1025.00000 1.08856 1021.69872
4 1989 10.92 100.0000000 1092.00000 1.10684 1087.37609
5 1989 11.40 100.0000000 1140.00000 1.17799 1133.99485
6 1989 11.15 100.0000000 1115.00000 1.22849 1107.89805
7 1989 11.98 100.0000000 1198.00000 1.20022 1189.16916
8 1989 12.47 100.0000000 1247.00000 1.28827 1236.51970
9 1989 12.59 100.0000000 1259.00000 1.33956 1247.07928
10 1989 12.12 100.0000000 1212.00000 1.35100 1199.17330
11 1989 12.41 100.0000000 1241.00000 1.29910 1226.56728
12 1989 12.41 100.0000000 1241.00000 1.32878 1225.23850
1 1990 11.27 100.0000000 1127.00000 1.32734 1111.35903
2 1990 11.24 100.0000000 1124.00000 1.20397 1107.19670
3 1990 11.74 100.0000000 1174.00000 1.19946 1155.24976
4 1990 11.75 100.4926108 1180.78818 1.25152 1160.67800
5 1990 13.27 100.4926108 1333.53695 1.25740 1309.56788
6 1990 13.63 100.4926108 1369.71429 1.41870 1343.67626
7 1990 13.12 100.4926108 1318.46305 1.45565 1291.94366
8 1990 11.93 100.4926108 1198.87685 1.39961 1173.36319
9 1990 11.42 100.4926108 1147.62562 1.27114 1121.93151
10 1990 11.74 100.4926108 1179.78325 1.21543 1152.15374
11 1990 12.43 100.4926108 1249.12315 1.24817 1218.62160
12 1990 12.86 100.4926108 1292.33498 1.32017 1259.45808
1 1991 13.73 100.4926108 1379.76355 1.36441 1343.29807
2 1991 14.76 100.4926108 1483.27094 1.45524 1442.61464
3 1991 15.33 100.4926108 1540.55172 1.56283 1496.76254
4 1991 14.98 100.7921132 1509.86586 1.62149 1465.32740
5 1991 15.50 100.7921132 1562.27776 1.58744 1514.60580
6 1991 14.67 100.7921132 1478.62030 1.64082 1431.86028
7 1991 15.81 100.7921132 1593.52331 1.55118 1541.57840
8 1991 16.43 100.7921132 1656.01442 1.67004 1600.36242
9 1991 16.59 100.7921132 1672.14116 1.73373 1614.21347
10 1991 16.30 100.7921132 1642.91145 1.74873 1584.24763
11 1991 16.00 100.7921132 1612.67381 1.71627 1553.37343
12 1991 18.00 100.7921132 1814.25804 1.68282 1745.86229
1 1992 18.60 100.7921132 1874.73331 1.89135 1802.16635
2 1992 18.73 100.7921132 1887.83628 1.95235 1812.80978
3 1992 17.57 100.7921132 1770.91743 1.96388 1698.57365
4 1992 17.10 101.0833169 1728.52472 1.84012 1656.07260
5 1992 17.04 101.0833169 1722.45972 1.79408 1648.46775
6 1992 16.54 101.0833169 1671.91806 1.78584 1598.31137
7 1992 17.36 101.0833169 1754.80638 1.73150 1675.81901
8 1992 17.03 101.0833169 1721.44889 1.81547 1642.14753
9 1992 17.66 101.0833169 1785.13138 1.77899 1701.11739
10 1992 18.31 101.0833169 1850.83553 1.84288 1761.88642
11 1992 19.38 101.0833169 1958.99468 1.90871 1862.93885
12 1992 20.17 101.0833169 2038.85050 2.01818 1936.86090
1 1993 20.90 101.0833169 2112.64132 2.09827 2004.86221
2 1993 19.96 101.0833169 2017.62300 2.17193 1912.51944
3 1993 20.59 101.0833169 2081.30549 2.07190 1970.81263
4 1993 19.70 101.2120526 1993.87744 2.13505 1885.89093
5 1993 20.98 101.2120526 2123.42886 2.04305 2006.38293
6 1993 21.20 101.2120526 2145.69552 2.17358 2025.24863
7 1993 21.32 101.2120526 2157.84096 2.19402 2034.51829
8 1993 22.50 101.2120526 2277.27118 2.20406 2144.91889
9 1993 23.30 101.2120526 2358.24083 2.32366 2218.85902
10 1993 23.68 101.2120526 2396.70141 2.40376 2252.64265
11 1993 23.29 101.2120526 2357.22871 2.44036 2213.10218
12 1993 24.67 101.2120526 2496.90134 2.39753 2341.83737
1 1994 25.75 101.2120526 2606.21035 2.53699 2441.82102
2 1994 25.50 101.2120526 2580.90734 2.64531 2415.46872
3 1994 23.64 101.2120526 2392.65292 2.61676 2236.66483
4 1994 23.94 101.2120526 2423.01654 2.42305 2262.62585
5 1994 21.72 109.5119128 2378.59875 2.45118 2218.69710
6 1994 20.68 109.5119128 2264.70636 2.40359 2110.05755
7 1994 21.42 109.5119128 2345.74517 2.28590 2183.27662
8 1994 23.15 109.5119128 2535.20078 2.36522 2357.24513
9 1994 22.44 109.5119128 2457.44732 2.55368 2282.39581
10 1994 23.48 109.5119128 2571.33971 2.47260 2385.70270
11 1994 22.58 109.5119128 2472.77899 2.58451 2291.67303
12 1994 23.13 109.5119128 2533.01054 2.48265 2345.01058
1 1995 23.07 109.5119128 2526.43983 2.54043 2336.38712
2 1995 24.14 109.5119128 2643.61757 2.53109 2442.21902
3 1995 24.71 109.5119128 2706.03936 2.64574 2497.23960
4 1995 26.05 109.5119128 2852.78533 2.70534 2629.95721
5 1995 26.27 110.8533915 2912.11860 2.84912 2681.80689
6 1995 28.60 110.8533915 3170.40700 2.90529 2916.76266
7 1995 30.91 110.8533915 3426.47833 3.15983 3149.18752
8 1995 31.52 110.8533915 3494.09890 3.41162 3207.92421
9 1995 32.73 110.8533915 3628.23150 3.47525 3327.59580
10 1995 31.63 110.8533915 3506.29277 3.60490 3212.15603
11 1995 31.59 110.8533915 3501.85864 3.47984 3204.61403
12 1995 31.16 110.8533915 3454.19168 3.47167 3157.52147
1 1996 32.17 110.8533915 3566.15361 3.42065 3256.44667
2 1996 33.26 110.8533915 3686.98380 3.52782 3363.25541
3 1996 32.70 110.8533915 3624.90590 3.64353 3302.98461
4 1996 33.53 110.8533915 3716.91422 3.57823 3383.24360
5 1996 33.06 114.0494069 3770.47339 3.66518 3428.32954
6 1996 32.25 114.0494069 3678.09337 3.71402 3340.61833
7 1996 29.89 114.0494069 3408.93677 3.61900 3092.53858
8 1996 31.14 114.0494069 3551.49853 3.35025 3218.51831
9 1996 33.15 114.0494069 3780.73784 3.48673 3422.77795
10 1996 33.47 114.0494069 3817.23365 3.70801 3452.11033
11 1996 35.37 114.0494069 4033.92752 3.73979 3644.33737
12 1996 34.33 114.0494069 3915.31614 3.94803 3533.23325
1 1997 36.86 114.0494069 4203.86114 3.82767 3789.79241
2 1997 35.51 114.0494069 4049.89444 4.10561 3646.88540
3 1997 34.09 114.0494069 3887.94428 3.95079 3497.10027
4 1997 35.60 114.0494069 4060.15889 3.78853 3648.21411
5 1997 37.43 115.1406864 4309.71589 3.95223 3868.49876
6 1997 39.53 115.1406864 4551.51133 4.19087 4081.34896
7 1997 43.66 115.1406864 5027.04237 4.42146 4503.33710
8 1997 41.90 115.1406864 4824.39476 4.87862 4316.92222
9 1997 44.28 115.1406864 5098.42960 4.67667 4557.45497
10 1997 42.19 115.1406864 4857.78556 4.93724 4337.40750
11 1997 42.92 115.1406864 4941.83826 4.69886 4407.75741
12 1997 42.76 115.1406864 4923.41575 4.77507 4386.55081
1 1998 43.50 115.1406864 5008.61986 4.75210 4457.71190
2 1998 46.92 115.1406864 5402.40101 4.82919 4803.35109
3 1998 49.67 115.1406864 5719.03790 5.20363 5079.67380
4 1998 50.23 115.1406864 5783.51668 5.50298 5131.44115
5 1998 41.91 136.9819763 5740.91463 5.55906 5088.08330
6 1998 45.66 136.9819763 6254.59704 5.51209 5537.83993
7 1998 46.65 136.9819763 6390.20919 5.99933 5651.91204
8 1998 38.66 136.9819763 5295.72320 6.12290 4677.75532
9 1998 42.26 136.9819763 5788.85832 5.06757 5108.27801
10 1998 44.21 136.9819763 6055.97317 5.53397 5338.45493
11 1998 47.46 136.9819763 6501.16459 5.78333 5725.11627
12 1998 53.22 136.9819763 7290.18078 6.20221 6413.74486
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 629.02%
GROSS ANNUAL RETURN = 21.98%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 6413.74 6413.74
TOTAL RETURN 541.37% 541.37%
AVERAGE ANNUAL RETURN 20.42% 20.42%
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 1.08333 1029.91667
2 1989 10.07 100.0000000 1007.00000 1.11574 1004.82614
3 1989 10.25 100.0000000 1025.00000 1.08856 1021.69872
4 1989 10.92 100.0000000 1092.00000 1.10684 1087.37609
5 1989 11.40 100.0000000 1140.00000 1.17799 1133.99485
6 1989 11.15 100.0000000 1115.00000 1.22849 1107.89805
7 1989 11.98 100.0000000 1198.00000 1.20022 1189.16916
8 1989 12.47 100.0000000 1247.00000 1.28827 1236.51970
9 1989 12.59 100.0000000 1259.00000 1.33956 1247.07928
10 1989 12.12 100.0000000 1212.00000 1.35100 1199.17330
11 1989 12.41 100.0000000 1241.00000 1.29910 1226.56728
12 1989 12.41 100.0000000 1241.00000 1.32878 1225.23850
1 1990 11.27 100.0000000 1127.00000 1.32734 1111.35903
2 1990 11.24 100.0000000 1124.00000 1.20397 1107.19670
3 1990 11.74 100.0000000 1174.00000 1.19946 1155.24976
4 1990 11.75 100.4926108 1180.78818 1.25152 1160.67800
5 1990 13.27 100.4926108 1333.53695 1.25740 1309.56788
6 1990 13.63 100.4926108 1369.71429 1.41870 1343.67626
7 1990 13.12 100.4926108 1318.46305 1.45565 1291.94366
8 1990 11.93 100.4926108 1198.87685 1.39961 1173.36319
9 1990 11.42 100.4926108 1147.62562 1.27114 1121.93151
10 1990 11.74 100.4926108 1179.78325 1.21543 1152.15374
11 1990 12.43 100.4926108 1249.12315 1.24817 1218.62160
12 1990 12.86 100.4926108 1292.33498 1.32017 1259.45808
1 1991 13.73 100.4926108 1379.76355 1.36441 1343.29807
2 1991 14.76 100.4926108 1483.27094 1.45524 1442.61464
3 1991 15.33 100.4926108 1540.55172 1.56283 1496.76254
4 1991 14.98 100.7921132 1509.86586 1.62149 1465.32740
5 1991 15.50 100.7921132 1562.27776 1.58744 1514.60580
6 1991 14.67 100.7921132 1478.62030 1.64082 1431.86028
7 1991 15.81 100.7921132 1593.52331 1.55118 1541.57840
8 1991 16.43 100.7921132 1656.01442 1.67004 1600.36242
9 1991 16.59 100.7921132 1672.14116 1.73373 1614.21347
10 1991 16.30 100.7921132 1642.91145 1.74873 1584.24763
11 1991 16.00 100.7921132 1612.67381 1.71627 1553.37343
12 1991 18.00 100.7921132 1814.25804 1.68282 1745.86229
1 1992 18.60 100.7921132 1874.73331 1.89135 1802.16635
2 1992 18.73 100.7921132 1887.83628 1.95235 1812.80978
3 1992 17.57 100.7921132 1770.91743 1.96388 1698.57365
4 1992 17.10 101.0833169 1728.52472 1.84012 1656.07260
5 1992 17.04 101.0833169 1722.45972 1.79408 1648.46775
6 1992 16.54 101.0833169 1671.91806 1.78584 1598.31137
7 1992 17.36 101.0833169 1754.80638 1.73150 1675.81901
8 1992 17.03 101.0833169 1721.44889 1.81547 1642.14753
9 1992 17.66 101.0833169 1785.13138 1.77899 1701.11739
10 1992 18.31 101.0833169 1850.83553 1.84288 1761.88642
11 1992 19.38 101.0833169 1958.99468 1.90871 1862.93885
12 1992 20.17 101.0833169 2038.85050 2.01818 1936.86090
1 1993 20.90 101.0833169 2112.64132 2.09827 2004.86221
2 1993 19.96 101.0833169 2017.62300 2.17193 1912.51944
3 1993 20.59 101.0833169 2081.30549 2.07190 1970.81263
4 1993 19.70 101.2120526 1993.87744 2.13505 1885.89093
5 1993 20.98 101.2120526 2123.42886 2.04305 2006.38293
6 1993 21.20 101.2120526 2145.69552 2.17358 2025.24863
7 1993 21.32 101.2120526 2157.84096 2.19402 2034.51829
8 1993 22.50 101.2120526 2277.27118 2.20406 2144.91889
9 1993 23.30 101.2120526 2358.24083 2.32366 2218.85902
10 1993 23.68 101.2120526 2396.70141 2.40376 2252.64265
11 1993 23.29 101.2120526 2357.22871 2.44036 2213.10218
12 1993 24.67 101.2120526 2496.90134 2.39753 2341.83737
1 1994 25.75 101.2120526 2606.21035 2.53699 2441.82102
2 1994 25.50 101.2120526 2580.90734 2.64531 2415.46872
3 1994 23.64 101.2120526 2392.65292 2.61676 2236.66483
4 1994 23.94 101.2120526 2423.01654 2.42305 2262.62585
5 1994 21.72 109.5119128 2378.59875 2.45118 2218.69710
6 1994 20.68 109.5119128 2264.70636 2.40359 2110.05755
7 1994 21.42 109.5119128 2345.74517 2.28590 2183.27662
8 1994 23.15 109.5119128 2535.20078 2.36522 2357.24513
9 1994 22.44 109.5119128 2457.44732 2.55368 2282.39581
10 1994 23.48 109.5119128 2571.33971 2.47260 2385.70270
11 1994 22.58 109.5119128 2472.77899 2.58451 2291.67303
12 1994 23.13 109.5119128 2533.01054 2.48265 2345.01058
1 1995 23.07 109.5119128 2526.43983 2.54043 2336.38712
2 1995 24.14 109.5119128 2643.61757 2.53109 2442.21902
3 1995 24.71 109.5119128 2706.03936 2.64574 2497.23960
4 1995 26.05 109.5119128 2852.78533 2.70534 2629.95721
5 1995 26.27 110.8533915 2912.11860 2.84912 2681.80689
6 1995 28.60 110.8533915 3170.40700 2.90529 2916.76266
7 1995 30.91 110.8533915 3426.47833 3.15983 3149.18752
8 1995 31.52 110.8533915 3494.09890 3.41162 3207.92421
9 1995 32.73 110.8533915 3628.23150 3.47525 3327.59580
10 1995 31.63 110.8533915 3506.29277 3.60490 3212.15603
11 1995 31.59 110.8533915 3501.85864 3.47984 3204.61403
12 1995 31.16 110.8533915 3454.19168 3.47167 3157.52147
1 1996 32.17 110.8533915 3566.15361 3.42065 3256.44667
2 1996 33.26 110.8533915 3686.98380 3.52782 3363.25541
3 1996 32.70 110.8533915 3624.90590 3.64353 3302.98461
4 1996 33.53 110.8533915 3716.91422 3.57823 3383.24360
5 1996 33.06 114.0494069 3770.47339 3.66518 3428.32954
6 1996 32.25 114.0494069 3678.09337 3.71402 3340.61833
7 1996 29.89 114.0494069 3408.93677 3.61900 3092.53858
8 1996 31.14 114.0494069 3551.49853 3.35025 3218.51831
9 1996 33.15 114.0494069 3780.73784 3.48673 3422.77795
10 1996 33.47 114.0494069 3817.23365 3.70801 3452.11033
11 1996 35.37 114.0494069 4033.92752 3.73979 3644.33737
12 1996 34.33 114.0494069 3915.31614 3.94803 3533.23325
1 1997 36.86 114.0494069 4203.86114 3.82767 3789.79241
2 1997 35.51 114.0494069 4049.89444 4.10561 3646.88540
3 1997 34.09 114.0494069 3887.94428 3.95079 3497.10027
4 1997 35.60 114.0494069 4060.15889 3.78853 3648.21411
5 1997 37.43 115.1406864 4309.71589 3.95223 3868.49876
6 1997 39.53 115.1406864 4551.51133 4.19087 4081.34896
7 1997 43.66 115.1406864 5027.04237 4.42146 4503.33710
8 1997 41.90 115.1406864 4824.39476 4.87862 4316.92222
9 1997 44.28 115.1406864 5098.42960 4.67667 4557.45497
10 1997 42.19 115.1406864 4857.78556 4.93724 4337.40750
11 1997 42.92 115.1406864 4941.83826 4.69886 4407.75741
12 1997 42.76 115.1406864 4923.41575 4.77507 4386.55081
1 1998 43.50 115.1406864 5008.61986 4.75210 4457.71190
2 1998 46.92 115.1406864 5402.40101 4.82919 4803.35109
3 1998 49.67 115.1406864 5719.03790 5.20363 5079.67380
4 1998 50.23 115.1406864 5783.51668 5.50298 5131.44115
5 1998 41.91 136.9819763 5740.91463 5.55906 5088.08330
6 1998 45.66 136.9819763 6254.59704 5.51209 5537.83993
7 1998 46.65 136.9819763 6390.20919 5.99933 5651.91204
8 1998 38.66 136.9819763 5295.72320 6.12290 4677.75532
9 1998 42.26 136.9819763 5788.85832 5.06757 5108.27801
10 1998 44.21 136.9819763 6055.97317 5.53397 5338.45493
11 1998 47.46 136.9819763 6501.16459 5.78333 5725.11627
12 1998 53.22 136.9819763 7290.18078 6.20221 6413.74486
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 629.02%
GROSS ANNUAL RETURN = 22.04%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 6413.74 6413.74
TOTAL RETURN 541.37% 541.37%
AVERAGE ANNUAL RETURN 20.48% 20.48%
Return for Product Inception
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 1.08333 1072.61314
2 1997 35.51 114.0494069 4049.89444 1.16200 1032.16662
3 1997 34.09 114.0494069 3887.94428 1.11818 989.77340
4 1997 35.60 114.0494069 4060.15889 1.07225 1032.54267
5 1997 37.43 115.1406864 4309.71589 1.11859 1094.88915
6 1997 39.53 115.1406864 4551.51133 1.18613 1155.13148
7 1997 43.66 115.1406864 5027.04237 1.25139 1274.56547
8 1997 41.90 115.1406864 4824.39476 1.38078 1221.80505
9 1997 44.28 115.1406864 5098.42960 1.32362 1289.88229
10 1997 42.19 115.1406864 4857.78556 1.39737 1227.60294
11 1997 42.92 115.1406864 4941.83826 1.32990 1247.51385
12 1997 42.76 115.1406864 4923.41575 1.35147 1241.51181
1 1998 43.50 115.1406864 5008.61986 1.34497 1261.65231
2 1998 46.92 115.1406864 5402.40101 1.36679 1359.47750
3 1998 49.67 115.1406864 5719.03790 1.47277 1437.68425
4 1998 50.23 115.1406864 5783.51668 1.55749 1452.33580
5 1998 41.91 136.9819763 5740.91463 1.57336 1440.06437
6 1998 45.66 136.9819763 6254.59704 1.56007 1567.35759
7 1998 46.65 136.9819763 6390.20919 1.69797 1599.64306
8 1998 38.66 136.9819763 5295.72320 1.73295 1323.93052
9 1998 42.26 136.9819763 5788.85832 1.43426 1445.78001
10 1998 44.21 136.9819763 6055.97317 1.56626 1510.92627
11 1998 47.46 136.9819763 6501.16459 1.63684 1620.36182
12 1998 53.22 136.9819763 7290.18078 1.75539 1815.26223
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 86.20%
GROSS ANNUAL RETURN = 35.44%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1815.26 1722.68
TOTAL RETURN 81.53% 72.27%
AVERAGE ANNUAL RETURN 33.77% 30.39%
Alger American Small Capitalization12/1998Assume ($10000 @ $10.00 on 9/21/1988)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/88 0.0650000000 9.60 0.677 100.677083
4/90 0.1400000000 16.33 0.863 101.540206
4/91 0.0200000000 22.07 0.092 101.632222
4/92 0.3810000000 21.55 1.797 103.429061
5/94 2.0910000000 25.74 8.402 111.831166
5/96 0.1640000000 45.19 0.406 112.237015
5/97 1.5570000000 37.42 4.670 116.907058
5/98 6.0570000000 40.51 17.480 134.386842
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 43.75 116.9070581 5114.68379 1000.00000
1 1998 42.94 116.9070581 5019.98908 1.08333 980.40238
2 1998 46.10 116.9070581 5389.41538 1.06210 1051.48913
3 1998 48.62 116.9070581 5684.02117 1.13911 1107.82838
4 1998 48.75 116.9070581 5699.21908 1.20015 1109.59034
5 1998 40.51 134.3868421 5444.01098 1.20206 1058.70140
6 1998 43.13 134.3868421 5796.10450 1.14693 1126.02639
7 1998 40.70 134.3868421 5469.54448 1.21986 1061.36475
8 1998 32.72 134.3868421 4397.13747 1.14981 852.11443
9 1998 35.27 134.3868421 4739.82392 0.92312 917.59998
10 1998 36.44 134.3868421 4897.05653 0.99407 947.04515
11 1998 39.00 134.3868421 5241.08684 1.02597 1012.55145
12 1998 43.97 134.3868421 5908.98945 1.09693 1140.48992
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 15.53%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1140.49 1072.63
TOTAL RETURN 14.05% 7.26%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 43.75 116.9070581 5114.68379 1000.00000
1 1998 42.94 116.9070581 5019.98908 1.08333 980.40238
2 1998 46.10 116.9070581 5389.41538 1.06210 1051.48913
3 1998 48.62 116.9070581 5684.02117 1.13911 1107.82838
4 1998 48.75 116.9070581 5699.21908 1.20015 1109.59034
5 1998 40.51 134.3868421 5444.01098 1.20206 1058.70140
6 1998 43.13 134.3868421 5796.10450 1.14693 1126.02639
7 1998 40.70 134.3868421 5469.54448 1.21986 1061.36475
8 1998 32.72 134.3868421 4397.13747 1.14981 852.11443
9 1998 35.27 134.3868421 4739.82392 0.92312 917.59998
10 1998 36.44 134.3868421 4897.05653 0.99407 947.04515
11 1998 39.00 134.3868421 5241.08684 1.02597 1012.55145
12 1998 43.97 134.3868421 5908.98945 1.09693 1140.48992
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 15.53%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1140.49 1072.63
TOTAL RETURN 14.05% 7.26%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 39.41 111.8311656 4407.26624 1000.00000
1 1996 39.55 111.8311656 4422.92260 1.08333 1002.46906
2 1996 41.24 111.8311656 4611.91727 1.08601 1044.21928
3 1996 40.87 111.8311656 4570.53974 1.13124 1033.71944
4 1996 44.02 111.8311656 4922.80791 1.11986 1112.27211
5 1996 45.10 112.2370145 5061.88935 1.20496 1142.49157
6 1996 42.33 112.2370145 4750.99282 1.23770 1071.08311
7 1996 37.34 112.2370145 4190.93012 1.16034 943.65996
8 1996 39.67 112.2370145 4452.44237 1.02230 1001.52164
9 1996 42.45 112.2370145 4764.46127 1.08498 1070.62143
10 1996 40.49 112.2370145 4544.47672 1.15984 1020.02889
11 1996 41.18 112.2370145 4621.92026 1.10503 1036.30642
12 1996 40.91 112.2370145 4591.61626 1.12267 1028.38913
1 1997 41.55 112.2370145 4663.44795 1.11409 1043.36326
2 1997 38.60 112.2370145 4332.34876 1.13031 968.15542
3 1997 36.06 112.2370145 4047.26674 1.04884 903.39895
4 1997 35.68 112.2370145 4004.61668 0.97868 892.90025
5 1997 37.56 116.9070581 4391.02910 0.96731 978.09044
6 1997 39.53 116.9070581 4621.33601 1.05960 1028.33111
7 1997 43.50 116.9070581 5085.45703 1.11403 1130.49244
8 1997 43.38 116.9070581 5071.42818 1.22470 1126.14914
9 1997 46.66 116.9070581 5454.88333 1.21999 1210.07827
10 1997 43.95 116.9070581 5138.06520 1.31092 1138.48634
11 1997 43.44 116.9070581 5078.44260 1.23336 1124.04187
12 1997 43.75 116.9070581 5114.68379 1.21771 1130.84564
1 1998 42.94 116.9070581 5019.98908 1.22508 1108.68376
2 1998 46.10 116.9070581 5389.41538 1.20107 1189.07189
3 1998 48.62 116.9070581 5684.02117 1.28816 1252.78289
4 1998 48.75 116.9070581 5699.21908 1.35718 1254.77540
5 1998 40.51 134.3868421 5444.01098 1.35934 1197.22786
6 1998 43.13 134.3868421 5796.10450 1.29700 1273.36204
7 1998 40.70 134.3868421 5469.54448 1.37948 1200.23970
8 1998 32.72 134.3868421 4397.13747 1.30026 963.60989
9 1998 35.27 134.3868421 4739.82392 1.04391 1037.66393
10 1998 36.44 134.3868421 4897.05653 1.12414 1070.96188
11 1998 39.00 134.3868421 5241.08684 1.16021 1145.03939
12 1998 43.97 134.3868421 5908.98945 1.24046 1289.71805
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 34.07%
GROSS ANNUAL RETURN = 10.27%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1289.72 1234.91
TOTAL RETURN 28.97% 23.49%
AVERAGE ANNUAL RETURN 8.85% 7.29%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1993 30.88 103.4290612 3193.88941 1000.00000
1 1994 30.54 103.4290612 3158.72353 1.08333 987.90630
2 1994 30.23 103.4290612 3126.66052 1.07023 976.80821
3 1994 28.11 103.4290612 2907.39091 1.05821 907.24741
4 1994 28.37 103.4290612 2934.28247 0.98285 914.65603
5 1994 25.48 111.8311656 2849.45810 0.99088 887.22423
6 1994 24.29 111.8311656 2716.37901 0.96116 844.82678
7 1994 24.74 111.8311656 2766.70304 0.91523 859.56293
8 1994 26.69 111.8311656 2984.77381 0.93119 926.38225
9 1994 26.52 111.8311656 2965.76251 1.00358 919.47815
10 1994 27.76 111.8311656 3104.43316 0.99610 961.47424
11 1994 26.40 111.8311656 2952.34277 1.04160 913.32871
12 1994 27.31 111.8311656 3054.10913 0.98944 943.82144
1 1995 26.84 111.8311656 3001.54849 1.02247 926.55597
2 1995 28.76 111.8311656 3216.26432 1.00377 991.83341
3 1995 29.59 111.8311656 3309.08419 1.07449 1019.38277
4 1995 30.89 111.8311656 3454.46471 1.10433 1063.06375
5 1995 32.07 111.8311656 3586.42548 1.15165 1102.52120
6 1995 36.02 111.8311656 4028.15859 1.19440 1237.12222
7 1995 41.18 111.8311656 4605.20740 1.34022 1413.00439
8 1995 41.72 111.8311656 4665.59623 1.53075 1430.00259
9 1995 42.83 111.8311656 4789.72882 1.54917 1466.49999
10 1995 40.83 111.8311656 4566.06649 1.58871 1396.43125
11 1995 40.76 111.8311656 4558.23831 1.51280 1392.52437
12 1995 39.41 111.8311656 4407.26624 1.50857 1344.89441
1 1996 39.55 111.8311656 4422.92260 1.45697 1348.21504
2 1996 41.24 111.8311656 4611.91727 1.46057 1404.36468
3 1996 40.87 111.8311656 4570.53974 1.52140 1390.24350
4 1996 44.02 111.8311656 4922.80791 1.50610 1495.88854
5 1996 45.10 112.2370145 5061.88935 1.62055 1536.53053
6 1996 42.33 112.2370145 4750.99282 1.66457 1440.49368
7 1996 37.34 112.2370145 4190.93012 1.56053 1269.12300
8 1996 39.67 112.2370145 4452.44237 1.37488 1346.94085
9 1996 42.45 112.2370145 4764.46127 1.45919 1439.87278
10 1996 40.49 112.2370145 4544.47672 1.55986 1371.83116
11 1996 41.18 112.2370145 4621.92026 1.48615 1393.72272
12 1996 40.91 112.2370145 4591.61626 1.50987 1383.07480
1 1997 41.55 112.2370145 4663.44795 1.49833 1403.21342
2 1997 38.60 112.2370145 4332.34876 1.52015 1302.06681
3 1997 36.06 112.2370145 4047.26674 1.41057 1214.97619
4 1997 35.68 112.2370145 4004.61668 1.31622 1200.85656
5 1997 37.56 116.9070581 4391.02910 1.30093 1315.42837
6 1997 39.53 116.9070581 4621.33601 1.42505 1382.99677
7 1997 43.50 116.9070581 5085.45703 1.49825 1520.39296
8 1997 43.38 116.9070581 5071.42818 1.64709 1514.55168
9 1997 46.66 116.9070581 5454.88333 1.64076 1627.42750
10 1997 43.95 116.9070581 5138.06520 1.76305 1531.14392
11 1997 43.44 116.9070581 5078.44260 1.65874 1511.71764
12 1997 43.75 116.9070581 5114.68379 1.63769 1520.86798
1 1998 42.94 116.9070581 5019.98908 1.64761 1491.06259
2 1998 46.10 116.9070581 5389.41538 1.61532 1599.17615
3 1998 48.62 116.9070581 5684.02117 1.73244 1684.86071
4 1998 48.75 116.9070581 5699.21908 1.82527 1687.54042
5 1998 40.51 134.3868421 5444.01098 1.82817 1610.14506
6 1998 43.13 134.3868421 5796.10450 1.74432 1712.53749
7 1998 40.70 134.3868421 5469.54448 1.85525 1614.19566
8 1998 32.72 134.3868421 4397.13747 1.74871 1295.95355
9 1998 35.27 134.3868421 4739.82392 1.40395 1395.54843
10 1998 36.44 134.3868421 4897.05653 1.51184 1440.33065
11 1998 39.00 134.3868421 5241.08684 1.56036 1539.95707
12 1998 43.97 134.3868421 5908.98945 1.66829 1734.53460
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 85.01%
GROSS ANNUAL RETURN = 13.09%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1734.53 1690.30
TOTAL RETURN 73.45% 69.03%
AVERAGE ANNUAL RETURN 11.64% 11.07%
Return for 10 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1988 9.60 100.6770833 966.50000 1000.00000
1 1989 10.69 100.6770833 1076.23802 1.08333 1112.45833
2 1989 10.90 100.6770833 1097.38021 1.20516 1133.10689
3 1989 11.72 100.6770833 1179.93542 1.22753 1217.12226
4 1989 12.64 100.6770833 1272.55833 1.31855 1311.34573
5 1989 13.31 100.6770833 1340.01198 1.42062 1379.43473
6 1989 13.12 100.6770833 1320.88333 1.49439 1358.24894
7 1989 14.48 100.6770833 1457.80417 1.47144 1497.57160
8 1989 15.59 100.6770833 1569.55573 1.62237 1610.74926
9 1989 16.25 100.6770833 1636.00260 1.74498 1677.19508
10 1989 15.32 100.6770833 1542.37292 1.81696 1579.39095
11 1989 15.71 100.6770833 1581.63698 1.71101 1617.88637
12 1989 15.79 100.6770833 1589.69115 1.75271 1624.37242
1 1990 14.39 100.6770833 1448.74323 1.75974 1478.58980
2 1990 15.15 100.6770833 1525.25781 1.60181 1555.07891
3 1990 16.04 100.6770833 1614.86042 1.68467 1644.74871
4 1990 15.85 101.5402059 1609.41226 1.78181 1637.41791
5 1990 18.05 101.5402059 1832.80072 1.77387 1862.91971
6 1990 18.24 101.5402059 1852.09336 2.01816 1880.51123
7 1990 17.23 101.5402059 1749.53775 2.03722 1774.34482
8 1990 15.63 101.5402059 1587.07342 1.92221 1607.65467
9 1990 14.46 101.5402059 1468.27138 1.74163 1485.57037
10 1990 14.22 101.5402059 1443.90173 1.60937 1459.30424
11 1990 15.75 101.5402059 1599.25824 1.58091 1614.73707
12 1990 17.02 101.5402059 1728.21430 1.74930 1743.19197
1 1991 18.25 101.5402059 1853.10876 1.88846 1867.28037
2 1991 19.58 101.5402059 1988.15723 2.02289 2001.33873
3 1991 21.40 101.5402059 2172.96041 2.16812 2185.19904
4 1991 20.56 101.6322224 2089.55849 2.36730 2098.96009
5 1991 21.70 101.6322224 2205.41923 2.27387 2213.06824
6 1991 20.17 101.6322224 2049.92193 2.39749 2054.63414
7 1991 21.85 101.6322224 2220.66406 2.22585 2223.54291
8 1991 22.01 101.6322224 2236.92522 2.40884 2237.41631
9 1991 22.65 101.6322224 2301.96984 2.42387 2300.05134
10 1991 23.75 101.6322224 2413.76528 2.49172 2409.26190
11 1991 22.82 101.6322224 2319.24732 2.61003 2312.31024
12 1991 26.79 101.6322224 2722.72724 2.50500 2712.07831
1 1992 27.52 101.6322224 2796.91876 2.93808 2783.04158
2 1992 27.27 101.6322224 2771.51071 3.01496 2754.74463
3 1992 24.23 101.6322224 2462.54875 2.98431 2444.66741
4 1992 22.15 103.4290612 2290.95371 2.64839 2271.66998
5 1992 22.15 103.4290612 2290.95371 2.46098 2269.20901
6 1992 21.21 103.4290612 2193.73039 2.45831 2170.45018
7 1992 22.06 103.4290612 2281.64509 2.35132 2255.08060
8 1992 21.67 103.4290612 2241.30776 2.44300 2212.76989
9 1992 22.87 103.4290612 2365.42263 2.39717 2332.90728
10 1992 23.93 103.4290612 2475.05744 2.52732 2438.50772
11 1992 25.96 103.4290612 2685.01843 2.64172 2642.72646
12 1992 27.26 103.4290612 2819.47621 2.86295 2772.20343
1 1993 26.52 103.4290612 2742.93870 3.00322 2693.94597
2 1993 24.38 103.4290612 2521.60051 2.91844 2473.64275
3 1993 24.96 103.4290612 2581.58937 2.67978 2529.81091
4 1993 24.29 103.4290612 2512.29190 2.74063 2459.16270
5 1993 26.36 103.4290612 2726.39005 2.66409 2666.06908
6 1993 26.72 103.4290612 2763.62452 2.88824 2699.59149
7 1993 26.72 103.4290612 2763.62452 2.92456 2696.66693
8 1993 28.89 103.4290612 2988.06558 2.92139 2912.74881
9 1993 30.17 103.4290612 3120.45478 3.15548 3038.64555
10 1993 30.16 103.4290612 3119.42049 3.29187 3034.34651
11 1993 29.06 103.4290612 3005.64852 3.28721 2920.39016
12 1993 30.88 103.4290612 3193.88941 3.16376 3100.12765
1 1994 30.54 103.4290612 3158.72353 3.35847 3062.63564
2 1994 30.23 103.4290612 3126.66052 3.31786 3028.23013
3 1994 28.11 103.4290612 2907.39091 3.28058 2812.58277
4 1994 28.37 103.4290612 2934.28247 3.04696 2835.55044
5 1994 25.48 111.8311656 2849.45810 3.07185 2750.50838
6 1994 24.29 111.8311656 2716.37901 2.97972 2619.07085
7 1994 24.74 111.8311656 2766.70304 2.83733 2664.75480
8 1994 26.69 111.8311656 2984.77381 2.88682 2871.90323
9 1994 26.52 111.8311656 2965.76251 3.11123 2850.49962
10 1994 27.76 111.8311656 3104.43316 3.08804 2980.69286
11 1994 26.40 111.8311656 2952.34277 3.22908 2831.43560
12 1994 27.31 111.8311656 3054.10913 3.06739 2925.96693
1 1995 26.84 111.8311656 3001.54849 3.16980 2872.44179
2 1995 28.76 111.8311656 3216.26432 3.11181 3074.81017
3 1995 29.59 111.8311656 3309.08419 3.33104 3160.21669
4 1995 30.89 111.8311656 3454.46471 3.42357 3295.63333
5 1995 32.07 111.8311656 3586.42548 3.57027 3417.95647
6 1995 36.02 111.8311656 4028.15859 3.70279 3835.23678
7 1995 41.18 111.8311656 4605.20740 4.15484 4380.49399
8 1995 41.72 111.8311656 4665.59623 4.74554 4433.19058
9 1995 42.83 111.8311656 4789.72882 4.80262 4546.33718
10 1995 40.83 111.8311656 4566.06649 4.92520 4329.11512
11 1995 40.76 111.8311656 4558.23831 4.68987 4317.00330
12 1995 39.41 111.8311656 4407.26624 4.67675 4169.34435
1 1996 39.55 111.8311656 4422.92260 4.51679 4179.63873
2 1996 41.24 111.8311656 4611.91727 4.52794 4353.70976
3 1996 40.87 111.8311656 4570.53974 4.71652 4309.93232
4 1996 44.02 111.8311656 4922.80791 4.66909 4637.44543
5 1996 45.10 112.2370145 5061.88935 5.02390 4763.44078
6 1996 42.33 112.2370145 4750.99282 5.16039 4465.71429
7 1996 37.34 112.2370145 4190.93012 4.83786 3934.44331
8 1996 39.67 112.2370145 4452.44237 4.26231 4175.68857
9 1996 42.45 112.2370145 4764.46127 4.52366 4463.78941
10 1996 40.49 112.2370145 4544.47672 4.83577 4252.85170
11 1996 41.18 112.2370145 4621.92026 4.60726 4320.71833
12 1996 40.91 112.2370145 4591.61626 4.68078 4287.70842
1 1997 41.55 112.2370145 4663.44795 4.64502 4350.14073
2 1997 38.60 112.2370145 4332.34876 4.71265 4036.57332
3 1997 36.06 112.2370145 4047.26674 4.37295 3766.58129
4 1997 35.68 112.2370145 4004.61668 4.08046 3722.80862
5 1997 37.56 116.9070581 4391.02910 4.03304 4077.99586
6 1997 39.53 116.9070581 4621.33601 4.41783 4287.46652
7 1997 43.50 116.9070581 5085.45703 4.64476 4713.41226
8 1997 43.38 116.9070581 5071.42818 5.10620 4695.30354
9 1997 46.66 116.9070581 5454.88333 5.08658 5045.23300
10 1997 43.95 116.9070581 5138.06520 5.46567 4746.74158
11 1997 43.44 116.9070581 5078.44260 5.14230 4686.51764
12 1997 43.75 116.9070581 5114.68379 5.07706 4714.88488
1 1998 42.94 116.9070581 5019.98908 5.10779 4622.48436
2 1998 46.10 116.9070581 5389.41538 5.00769 4957.65018
3 1998 48.62 116.9070581 5684.02117 5.37079 5223.28326
4 1998 48.75 116.9070581 5699.21908 5.65856 5231.59070
5 1998 40.51 134.3868421 5444.01098 5.66756 4991.65520
6 1998 43.13 134.3868421 5796.10450 5.40763 5309.08481
7 1998 40.70 134.3868421 5469.54448 5.75151 5004.21260
8 1998 32.72 134.3868421 4397.13747 5.42123 4017.62143
9 1998 35.27 134.3868421 4739.82392 4.35242 4326.37826
10 1998 36.44 134.3868421 4897.05653 4.68691 4465.20885
11 1998 39.00 134.3868421 5241.08684 4.83731 4774.06350
12 1998 43.97 134.3868421 5908.98945 5.17190 5377.27866
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 511.38%
GROSS ANNUAL RETURN = 19.85%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 5377.28 5377.28
TOTAL RETURN 437.73% 437.73%
AVERAGE ANNUAL RETURN 18.32% 18.32%
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 1.08333 1008.91667
10 1988 9.95 100.0000000 995.00000 1.09299 992.83976
11 1988 9.69 100.0000000 969.00000 1.07558 965.82063
12 1988 9.60 100.6770833 966.50000 1.04631 962.28253
1 1989 10.69 100.6770833 1076.23802 1.04247 1070.49922
2 1989 10.90 100.6770833 1097.38021 1.15971 1090.36897
3 1989 11.72 100.6770833 1179.93542 1.18123 1171.21549
4 1989 12.64 100.6770833 1272.55833 1.26882 1261.88509
5 1989 13.31 100.6770833 1340.01198 1.36704 1327.40594
6 1989 13.12 100.6770833 1320.88333 1.43802 1307.01923
7 1989 14.48 100.6770833 1457.80417 1.41594 1441.08699
8 1989 15.59 100.6770833 1569.55573 1.56118 1549.99588
9 1989 16.25 100.6770833 1636.00260 1.67916 1613.93553
10 1989 15.32 100.6770833 1542.37292 1.74843 1519.82033
11 1989 15.71 100.6770833 1581.63698 1.64647 1556.86380
12 1989 15.79 100.6770833 1589.69115 1.68660 1563.10521
1 1990 14.39 100.6770833 1448.74323 1.69336 1422.82114
2 1990 15.15 100.6770833 1525.25781 1.54139 1496.42527
3 1990 16.04 100.6770833 1614.86042 1.62113 1582.71295
4 1990 15.85 101.5402059 1609.41226 1.71461 1575.65865
5 1990 18.05 101.5402059 1832.80072 1.70696 1792.65510
6 1990 18.24 101.5402059 1852.09336 1.94204 1809.58311
7 1990 17.23 101.5402059 1749.53775 1.96038 1707.42103
8 1990 15.63 101.5402059 1587.07342 1.84971 1547.01801
9 1990 14.46 101.5402059 1468.27138 1.67594 1429.53842
10 1990 14.22 101.5402059 1443.90173 1.54867 1404.26297
11 1990 15.75 101.5402059 1599.25824 1.52128 1553.83328
12 1990 17.02 101.5402059 1728.21430 1.68332 1677.44318
1 1991 18.25 101.5402059 1853.10876 1.81723 1796.85128
2 1991 19.58 101.5402059 1988.15723 1.94659 1925.85330
3 1991 21.40 101.5402059 2172.96041 2.08634 2102.77886
4 1991 20.56 101.6322224 2089.55849 2.27801 2019.79263
5 1991 21.70 101.6322224 2205.41923 2.18811 2129.59691
6 1991 20.17 101.6322224 2049.92193 2.30706 1977.13854
7 1991 21.85 101.6322224 2220.66406 2.14190 2139.67650
8 1991 22.01 101.6322224 2236.92522 2.31798 2153.02663
9 1991 22.65 101.6322224 2301.96984 2.33245 2213.29923
10 1991 23.75 101.6322224 2413.76528 2.39774 2318.39064
11 1991 22.82 101.6322224 2319.24732 2.51159 2225.09575
12 1991 26.79 101.6322224 2722.72724 2.41052 2609.78559
1 1992 27.52 101.6322224 2796.91876 2.82727 2678.07230
2 1992 27.27 101.6322224 2771.51071 2.90124 2650.84263
3 1992 24.23 101.6322224 2462.54875 2.87175 2352.46074
4 1992 22.15 103.4290612 2290.95371 2.54850 2185.98834
5 1992 22.15 103.4290612 2290.95371 2.36815 2183.62019
6 1992 21.21 103.4290612 2193.73039 2.36559 2088.58629
7 1992 22.06 103.4290612 2281.64509 2.26264 2170.02467
8 1992 21.67 103.4290612 2241.30776 2.35086 2129.30982
9 1992 22.87 103.4290612 2365.42263 2.30675 2244.91593
10 1992 23.93 103.4290612 2475.05744 2.43199 2346.53338
11 1992 25.96 103.4290612 2685.01843 2.54208 2543.04951
12 1992 27.26 103.4290612 2819.47621 2.75497 2667.64293
1 1993 26.52 103.4290612 2742.93870 2.88995 2592.33715
2 1993 24.38 103.4290612 2521.60051 2.80837 2380.34321
3 1993 24.96 103.4290612 2581.58937 2.57871 2434.39285
4 1993 24.29 103.4290612 2512.29190 2.63726 2366.40931
5 1993 26.36 103.4290612 2726.39005 2.56361 2565.51170
6 1993 26.72 103.4290612 2763.62452 2.77930 2597.76973
7 1993 26.72 103.4290612 2763.62452 2.81425 2594.95548
8 1993 28.89 103.4290612 2988.06558 2.81120 2802.88730
9 1993 30.17 103.4290612 3120.45478 3.03646 2924.03553
10 1993 30.16 103.4290612 3119.42049 3.16771 2919.89864
11 1993 29.06 103.4290612 3005.64852 3.16322 2810.24044
12 1993 30.88 103.4290612 3193.88941 3.04443 2983.19868
1 1994 30.54 103.4290612 3158.72353 3.23180 2947.12078
2 1994 30.23 103.4290612 3126.66052 3.19271 2914.01296
3 1994 28.11 103.4290612 2907.39091 3.15685 2706.49927
4 1994 28.37 103.4290612 2934.28247 2.93204 2728.60066
5 1994 25.48 111.8311656 2849.45810 2.95598 2646.76617
6 1994 24.29 111.8311656 2716.37901 2.86733 2520.28613
7 1994 24.74 111.8311656 2766.70304 2.73031 2564.24700
8 1994 26.69 111.8311656 2984.77381 2.77793 2763.58231
9 1994 26.52 111.8311656 2965.76251 2.99388 2742.98599
10 1994 27.76 111.8311656 3104.43316 2.97157 2868.26867
11 1994 26.40 111.8311656 2952.34277 3.10729 2724.64101
12 1994 27.31 111.8311656 3054.10913 2.95169 2815.60687
1 1995 26.84 111.8311656 3001.54849 3.05024 2764.10056
2 1995 28.76 111.8311656 3216.26432 2.99444 2958.83611
3 1995 29.59 111.8311656 3309.08419 3.20541 3041.02132
4 1995 30.89 111.8311656 3454.46471 3.29444 3171.33039
5 1995 32.07 111.8311656 3586.42548 3.43561 3289.03980
6 1995 36.02 111.8311656 4028.15859 3.56313 3690.58136
7 1995 41.18 111.8311656 4605.20740 3.99813 4215.27284
8 1995 41.72 111.8311656 4665.59623 4.56655 4265.98185
9 1995 42.83 111.8311656 4789.72882 4.62148 4374.86085
10 1995 40.83 111.8311656 4566.06649 4.73943 4165.83186
11 1995 40.76 111.8311656 4558.23831 4.51298 4154.17687
12 1995 39.41 111.8311656 4407.26624 4.50036 4012.08723
1 1996 39.55 111.8311656 4422.92260 4.34643 4021.99334
2 1996 41.24 111.8311656 4611.91727 4.35716 4189.49885
3 1996 40.87 111.8311656 4570.53974 4.53862 4147.37258
4 1996 44.02 111.8311656 4922.80791 4.49299 4462.53273
5 1996 45.10 112.2370145 5061.88935 4.83441 4583.77586
6 1996 42.33 112.2370145 4750.99282 4.96576 4297.27885
7 1996 37.34 112.2370145 4190.93012 4.65539 3786.04607
8 1996 39.67 112.2370145 4452.44237 4.10155 4018.19217
9 1996 42.45 112.2370145 4764.46127 4.35304 4295.42658
10 1996 40.49 112.2370145 4544.47672 4.65338 4092.44491
11 1996 41.18 112.2370145 4621.92026 4.43348 4157.75178
12 1996 40.91 112.2370145 4591.61626 4.50423 4125.98691
1 1997 41.55 112.2370145 4663.44795 4.46982 4186.06443
2 1997 38.60 112.2370145 4332.34876 4.53490 3884.32399
3 1997 36.06 112.2370145 4047.26674 4.20802 3624.51538
4 1997 35.68 112.2370145 4004.61668 3.92656 3582.39371
5 1997 37.56 116.9070581 4391.02910 3.88093 3924.18418
6 1997 39.53 116.9070581 4621.33601 4.25120 4125.75414
7 1997 43.50 116.9070581 5085.45703 4.46957 4535.63428
8 1997 43.38 116.9070581 5071.42818 4.91360 4518.20858
9 1997 46.66 116.9070581 5454.88333 4.89473 4854.93958
10 1997 43.95 116.9070581 5138.06520 5.25952 4567.70651
11 1997 43.44 116.9070581 5078.44260 4.94835 4509.75406
12 1997 43.75 116.9070581 5114.68379 4.88557 4537.05136
1 1998 42.94 116.9070581 5019.98908 4.91514 4448.13595
2 1998 46.10 116.9070581 5389.41538 4.81881 4770.66017
3 1998 48.62 116.9070581 5684.02117 5.16822 5026.27424
4 1998 48.75 116.9070581 5699.21908 5.44513 5034.26835
5 1998 40.51 134.3868421 5444.01098 5.45379 4803.38260
6 1998 43.13 134.3868421 5796.10450 5.20366 5108.83958
7 1998 40.70 134.3868421 5469.54448 5.53458 4815.46637
8 1998 32.72 134.3868421 4397.13747 5.21676 3866.08692
9 1998 35.27 134.3868421 4739.82392 4.18826 4163.19822
10 1998 36.44 134.3868421 4897.05653 4.51013 4296.79248
11 1998 39.00 134.3868421 5241.08684 4.65486 4593.99791
12 1998 43.97 134.3868421 5908.98945 4.97683 5174.46132
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 490.90%
GROSS ANNUAL RETURN = 18.87%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 5174.46 5174.46
TOTAL RETURN 417.45% 417.45%
AVERAGE ANNUAL RETURN 17.34% 17.34%
Return for Product Inception
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 1.08333 1014.56076
2 1997 38.60 112.2370145 4332.34876 1.09911 941.42906
3 1997 36.06 112.2370145 4047.26674 1.01988 878.46022
4 1997 35.68 112.2370145 4004.61668 0.95167 868.25135
5 1997 37.56 116.9070581 4391.02910 0.94061 951.08983
6 1997 39.53 116.9070581 4621.33601 1.03035 999.94358
7 1997 43.50 116.9070581 5085.45703 1.08327 1099.28470
8 1997 43.38 116.9070581 5071.42818 1.19089 1095.06130
9 1997 46.66 116.9070581 5454.88333 1.18632 1176.67353
10 1997 43.95 116.9070581 5138.06520 1.27473 1107.05792
11 1997 43.44 116.9070581 5078.44260 1.19931 1093.01221
12 1997 43.75 116.9070581 5114.68379 1.18410 1099.62815
1 1998 42.94 116.9070581 5019.98908 1.19126 1078.07806
2 1998 46.10 116.9070581 5389.41538 1.16792 1156.24704
3 1998 48.62 116.9070581 5684.02117 1.25260 1218.19927
4 1998 48.75 116.9070581 5699.21908 1.31972 1220.13677
5 1998 40.51 134.3868421 5444.01098 1.32181 1164.17786
6 1998 43.13 134.3868421 5796.10450 1.26119 1238.21032
7 1998 40.70 134.3868421 5469.54448 1.34139 1167.10655
8 1998 32.72 134.3868421 4397.13747 1.26437 937.00901
9 1998 35.27 134.3868421 4739.82392 1.01509 1009.01877
10 1998 36.44 134.3868421 4897.05653 1.09310 1041.39751
11 1998 39.00 134.3868421 5241.08684 1.12818 1113.43007
12 1998 43.97 134.3868421 5908.98945 1.20622 1254.11482
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 28.69%
GROSS ANNUAL RETURN = 13.10%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1254.11 1190.15
TOTAL RETURN 25.41% 19.02%
AVERAGE ANNUAL RETURN 11.68% 8.87%
Federated Government Bond
12/1998Assume ($10000 @ $10.00 on 3/28/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
3/94 0.0000000000 10.00 0.000 100.000000
4/94 0.0240000000 9.99 0.240 100.240240
5/94 0.0190000000 9.97 0.191 100.431270
6/94 0.0290000000 9.98 0.292 100.723104
7/94 0.0320000000 9.96 0.324 101.046713
8/94 0.0310000000 9.97 0.314 101.360900
9/94 0.0290000000 9.97 0.295 101.655731
10/94 0.0300000000 9.98 0.306 101.961309
11/94 0.0360000000 9.97 0.368 102.329475
12/94 0.0380000000 9.97 0.390 102.719497
1/95 0.0350000000 9.97 0.361 103.080097
2/95 0.0390000000 9.98 0.403 103.482915
3/95 0.0420000000 9.97 0.436 103.918851
4/95 0.0400000000 9.98 0.417 104.335359
5/95 0.0400000000 9.98 0.418 104.753537
6/95 0.0400000000 9.98 0.420 105.173391
7/95 0.0400000000 9.99 0.421 105.594505
8/95 0.0520000000 9.96 0.551 106.145802
9/95 0.0520000000 10.07 0.548 106.693923
10/95 0.0520000000 10.12 0.548 107.242153
11/95 0.0530000000 10.17 0.559 107.801035
12/95 0.0530000000 10.22 0.559 108.360082
1/96 0.0490000000 10.28 0.517 108.876584
2/96 0.0490000000 10.21 0.523 109.399107
3/96 0.0893000000 10.04 0.973 110.372148
4/96 0.0480000000 9.98 0.531 110.902996
5/96 0.0480000000 9.94 0.536 111.438544
6/96 0.0480000000 9.83 0.544 111.982700
7/96 0.0440000000 9.87 0.499 112.481913
8/96 0.0440000000 9.98 0.496 112.977826
9/96 0.0480000000 9.89 0.548 113.526151
10/96 0.0480000000 10.02 0.544 114.069989
11/96 0.0480000000 10.21 0.536 114.606263
12/96 0.0480000000 10.11 0.544 115.150387
1/97 0.0480000000 10.05 0.550 115.700359
2/97 0.0480000000 10.12 0.549 116.249136
3/97 0.0480000000 9.96 0.560 116.809373
4/97 0.0480000000 9.92 0.565 117.374579
5/97 0.0480000000 10.00 0.563 117.937977
6/97 0.0480000000 10.12 0.559 118.497367
7/97 0.0510000000 10.16 0.595 119.092186
8/97 0.0510000000 10.15 0.598 119.690581
3/98 0.1864000000 10.54 2.117 121.807310
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 10.54 119.6905806 1261.53872 1000.00000
1 1998 10.67 119.6905806 1277.09850 1.08333 1011.25063
2 1998 10.67 119.6905806 1277.09850 1.09552 1010.15511
3 1998 10.52 121.8073097 1281.41290 1.09433 1012.47337
4 1998 10.57 121.8073097 1287.50326 1.09685 1016.18866
5 1998 10.66 121.8073097 1298.46592 1.10087 1023.74029
6 1998 10.71 121.8073097 1304.55629 1.10905 1027.43302
7 1998 10.76 121.8073097 1310.64665 1.11305 1031.11658
8 1998 10.91 121.8073097 1328.91775 1.11704 1044.37384
9 1998 11.11 121.8073097 1353.27921 1.13140 1062.38769
10 1998 11.07 121.8073097 1348.40692 1.15092 1057.41179
11 1998 11.11 121.8073097 1353.27921 1.14553 1060.08708
12 1998 11.15 121.8073097 1358.15150 1.14843 1062.75535
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 7.66%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1062.76 999.52
TOTAL RETURN 6.28% -0.05%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 10.54 119.6905806 1261.53872 1000.00000
1 1998 10.67 119.6905806 1277.09850 1.08333 1011.25063
2 1998 10.67 119.6905806 1277.09850 1.09552 1010.15511
3 1998 10.52 121.8073097 1281.41290 1.09433 1012.47337
4 1998 10.57 121.8073097 1287.50326 1.09685 1016.18866
5 1998 10.66 121.8073097 1298.46592 1.10087 1023.74029
6 1998 10.71 121.8073097 1304.55629 1.10905 1027.43302
7 1998 10.76 121.8073097 1310.64665 1.11305 1031.11658
8 1998 10.91 121.8073097 1328.91775 1.11704 1044.37384
9 1998 11.11 121.8073097 1353.27921 1.13140 1062.38769
10 1998 11.07 121.8073097 1348.40692 1.15092 1057.41179
11 1998 11.11 121.8073097 1353.27921 1.14553 1060.08708
12 1998 11.15 121.8073097 1358.15150 1.14843 1062.75535
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 7.66%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1062.76 999.52
TOTAL RETURN 6.28% -0.05%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 10.29 108.3600819 1115.02524 1000.00000
1 1996 10.32 108.8765842 1123.60635 1.08333 1006.61255
2 1996 10.17 109.3991065 1112.58891 1.09050 995.65179
3 1996 10.03 110.3721484 1107.03265 1.07862 989.60089
4 1996 9.94 110.9029964 1102.37578 1.07207 984.36595
5 1996 9.87 111.4385441 1099.89843 1.06640 981.08740
6 1996 9.94 111.9826997 1113.10804 1.06284 991.80726
7 1996 9.92 112.4819134 1115.82058 1.07446 993.14975
8 1996 9.85 112.9778256 1112.83158 1.07591 989.41344
9 1996 9.96 113.5261508 1130.72046 1.07186 1004.24650
10 1996 10.11 114.0699886 1153.24758 1.08793 1023.16597
11 1996 10.21 114.6062628 1170.12994 1.10843 1037.03564
12 1996 10.09 115.1503875 1161.86741 1.12346 1028.58945
1 1997 10.08 115.7003595 1166.25962 1.11431 1031.36353
2 1997 10.05 116.2491359 1168.30382 1.11731 1032.05397
3 1997 9.91 116.8093727 1157.58088 1.11806 1021.46351
4 1997 10.00 117.3745793 1173.74579 1.10659 1034.62104
5 1997 10.04 117.9379773 1184.09729 1.12084 1042.62473
6 1997 10.10 118.4973669 1196.82341 1.12951 1052.70085
7 1997 10.21 119.0921864 1215.93122 1.14043 1068.36726
8 1997 10.17 119.6905806 1217.25321 1.15740 1068.37141
9 1997 10.29 119.6905806 1231.61607 1.15740 1079.82016
10 1997 10.42 119.6905806 1247.17585 1.16981 1092.29240
11 1997 10.45 119.6905806 1250.76657 1.18332 1094.25388
12 1997 10.54 119.6905806 1261.53872 1.18544 1102.49263
1 1998 10.67 119.6905806 1277.09850 1.19437 1114.89637
2 1998 10.67 119.6905806 1277.09850 1.20780 1113.68857
3 1998 10.52 121.8073097 1281.41290 1.20650 1116.24443
4 1998 10.57 121.8073097 1287.50326 1.20926 1120.34051
5 1998 10.66 121.8073097 1298.46592 1.21370 1128.66613
6 1998 10.71 121.8073097 1304.55629 1.22272 1132.73734
7 1998 10.76 121.8073097 1310.64665 1.22713 1136.79843
8 1998 10.91 121.8073097 1328.91775 1.23153 1151.41446
9 1998 11.11 121.8073097 1353.27921 1.24737 1171.27460
10 1998 11.07 121.8073097 1348.40692 1.26888 1165.78871
11 1998 11.11 121.8073097 1353.27921 1.26294 1168.73820
12 1998 11.15 121.8073097 1358.15150 1.26613 1171.67994
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 21.80%
GROSS ANNUAL RETURN = 6.80%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1171.68 1121.88
TOTAL RETURN 17.17% 12.19%
AVERAGE ANNUAL RETURN 5.42% 3.91%
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 1.08333 998.31186
5 1994 9.98 100.4312698 1002.30407 1.08150 1000.13608
6 1994 9.99 100.7231041 1006.22381 1.08348 1002.96386
7 1994 9.97 101.0467125 1007.43572 1.08654 1003.08530
8 1994 9.98 101.3608999 1011.58178 1.08668 1006.12678
9 1994 9.97 101.6557310 1013.50764 1.08997 1006.95228
10 1994 9.99 101.9613093 1018.59348 1.09086 1010.91436
11 1994 9.98 102.3294745 1021.24816 1.09516 1012.45387
12 1994 9.98 102.7194966 1025.14058 1.09682 1015.21595
1 1995 9.99 103.0800966 1029.77017 1.09982 1018.70090
2 1995 9.99 103.4829147 1033.79432 1.10359 1021.57820
3 1995 9.99 103.9188507 1038.14932 1.10671 1024.77503
4 1995 9.99 104.3353591 1042.31024 1.11017 1027.77217
5 1995 9.99 104.7535369 1046.48783 1.11342 1030.77808
6 1995 9.99 105.1733908 1050.68217 1.11668 1033.79278
7 1995 10.01 105.5945055 1057.00100 1.11994 1038.89009
8 1995 10.07 106.1458021 1068.88823 1.12546 1049.44817
9 1995 10.11 106.6939234 1078.67557 1.13690 1057.92060
10 1995 10.16 107.2421530 1089.58027 1.14608 1067.46941
11 1995 10.23 107.8010354 1102.80459 1.15643 1079.26895
12 1995 10.29 108.3600819 1115.02524 1.16921 1090.05958
1 1996 10.32 108.8765842 1123.60635 1.18090 1097.26766
2 1996 10.17 109.3991065 1112.58891 1.18871 1085.31977
3 1996 10.03 110.3721484 1107.03265 1.17576 1078.72393
4 1996 9.94 110.9029964 1102.37578 1.16862 1073.01753
5 1996 9.87 111.4385441 1099.89843 1.16244 1069.44372
6 1996 9.94 111.9826997 1113.10804 1.15856 1081.12900
7 1996 9.92 112.4819134 1115.82058 1.17122 1082.59239
8 1996 9.85 112.9778256 1112.83158 1.17281 1078.51960
9 1996 9.96 113.5261508 1130.72046 1.16840 1094.68851
10 1996 10.11 114.0699886 1153.24758 1.18591 1115.31187
11 1996 10.21 114.6062628 1170.12994 1.20825 1130.43063
12 1996 10.09 115.1503875 1161.86741 1.22463 1121.22379
1 1997 10.08 115.7003595 1166.25962 1.21466 1124.24770
2 1997 10.05 116.2491359 1168.30382 1.21793 1125.00032
3 1997 9.91 116.8093727 1157.58088 1.21875 1113.45608
4 1997 10.00 117.3745793 1173.74579 1.20624 1127.79857
5 1997 10.04 117.9379773 1184.09729 1.22178 1136.52307
6 1997 10.10 118.4973669 1196.82341 1.23123 1147.50665
7 1997 10.21 119.0921864 1215.93122 1.24313 1164.58397
8 1997 10.17 119.6905806 1217.25321 1.26163 1164.58849
9 1997 10.29 119.6905806 1231.61607 1.26164 1177.06831
10 1997 10.42 119.6905806 1247.17585 1.27516 1190.66379
11 1997 10.45 119.6905806 1250.76657 1.28989 1192.80192
12 1997 10.54 119.6905806 1261.53872 1.29220 1201.78266
1 1998 10.67 119.6905806 1277.09850 1.30193 1215.30347
2 1998 10.67 119.6905806 1277.09850 1.31658 1213.98689
3 1998 10.52 121.8073097 1281.41290 1.31515 1216.77293
4 1998 10.57 121.8073097 1287.50326 1.31817 1221.23790
5 1998 10.66 121.8073097 1298.46592 1.32301 1230.31333
6 1998 10.71 121.8073097 1304.55629 1.33284 1234.75119
7 1998 10.76 121.8073097 1310.64665 1.33765 1239.17802
8 1998 10.91 121.8073097 1328.91775 1.34244 1255.11036
9 1998 11.11 121.8073097 1353.27921 1.35970 1276.75910
10 1998 11.07 121.8073097 1348.40692 1.38316 1270.77915
11 1998 11.11 121.8073097 1353.27921 1.37668 1273.99427
12 1998 11.15 121.8073097 1358.15150 1.38016 1277.20095
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 35.82%
GROSS ANNUAL RETURN = 6.64%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1277.20 1244.63
TOTAL RETURN 27.72% 24.46%
AVERAGE ANNUAL RETURN 5.27% 4.70%
Return for Product Inception
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 1.08333 1002.69697
2 1997 10.05 116.2491359 1168.30382 1.08626 1003.36822
3 1997 9.91 116.8093727 1157.58088 1.08698 993.07212
4 1997 10.00 117.3745793 1173.74579 1.07583 1005.86394
5 1997 10.04 117.9379773 1184.09729 1.08969 1013.64517
6 1997 10.10 118.4973669 1196.82341 1.09812 1023.44123
7 1997 10.21 119.0921864 1215.93122 1.10873 1038.67219
8 1997 10.17 119.6905806 1217.25321 1.12523 1038.67623
9 1997 10.29 119.6905806 1231.61607 1.12523 1049.80676
10 1997 10.42 119.6905806 1247.17585 1.13729 1061.93233
11 1997 10.45 119.6905806 1250.76657 1.15043 1063.83929
12 1997 10.54 119.6905806 1261.53872 1.15249 1071.84905
1 1998 10.67 119.6905806 1277.09850 1.16117 1083.90803
2 1998 10.67 119.6905806 1277.09850 1.17423 1082.73380
3 1998 10.52 121.8073097 1281.41290 1.17296 1085.21862
4 1998 10.57 121.8073097 1287.50326 1.17565 1089.20085
5 1998 10.66 121.8073097 1298.46592 1.17997 1097.29506
6 1998 10.71 121.8073097 1304.55629 1.18874 1101.25311
7 1998 10.76 121.8073097 1310.64665 1.19302 1105.20133
8 1998 10.91 121.8073097 1328.91775 1.19730 1119.41111
9 1998 11.11 121.8073097 1353.27921 1.21270 1138.71924
10 1998 11.07 121.8073097 1348.40692 1.23361 1133.38583
11 1998 11.11 121.8073097 1353.27921 1.22783 1136.25334
12 1998 11.15 121.8073097 1358.15150 1.23094 1139.11332
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 16.89%
GROSS ANNUAL RETURN = 7.91%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1139.11 1081.02
TOTAL RETURN 13.91% 8.10%
AVERAGE ANNUAL RETURN 6.56% 3.87%
Federated Prime Money
12/1998Assume ($10000 @ $10.00 on 11/21/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
10/94 0.0000000000 1.00 0.000 100.000000
11/94 0.0012659720 1.00 0.127 100.126597
12/94 0.0037707980 1.00 0.378 100.504154
1/95 0.0037829400 1.00 0.380 100.884356
2/95 0.0038735110 1.00 0.391 101.275132
3/95 0.0044113260 1.00 0.447 101.721890
4/95 0.0042677160 1.00 0.434 102.156010
5/95 0.0045457280 1.00 0.464 102.620383
6/95 0.0043985090 1.00 0.451 103.071760
7/95 0.0043850150 1.00 0.452 103.523731
8/95 0.0043262630 1.00 0.448 103.971602
9/95 0.0041606740 1.00 0.433 104.404194
10/95 0.0042481520 1.00 0.444 104.847719
11/95 0.0041265140 1.00 0.433 105.280375
12/95 0.0042405070 1.00 0.446 105.726817
1/96 0.0039644280 1.00 0.419 106.145963
2/96 0.0036463730 1.00 0.387 106.533011
3/96 0.0038803070 1.00 0.413 106.946392
4/96 0.0037531920 1.00 0.401 107.347782
5/96 0.0038792420 1.00 0.416 107.764210
6/96 0.0037639920 1.00 0.406 108.169834
7/96 0.0039246140 1.00 0.425 108.594359
8/96 0.0039447460 1.00 0.428 109.022736
9/96 0.0035630470 1.00 0.388 109.411189
10/96 0.0039363050 1.00 0.431 109.841865
11/96 0.0038677480 1.00 0.425 110.266705
12/96 0.0039950720 1.00 0.441 110.707229
1/97 0.0039476070 1.00 0.437 111.144257
2/97 0.0035105160 1.00 0.390 111.534431
3/97 0.0039524920 1.00 0.441 111.975270
4/97 0.0038910440 1.00 0.436 112.410971
5/97 0.0040826040 1.00 0.459 112.869900
6/97 0.0040162330 1.00 0.453 113.323212
7/97 0.0041567170 1.00 0.471 113.794264
8/97 0.0041616600 1.00 0.474 114.267838
9/97 0.0040263600 1.00 0.460 114.727921
10/97 0.0041704510 1.00 0.478 115.206388
11/97 0.0040698850 1.00 0.469 115.675265
12/97 0.0042698450 1.00 0.494 116.169180
1/98 0.0042412960 1.00 0.493 116.661888
2/98 0.0037723400 1.00 0.440 117.101977
3/98 0.0041885600 1.00 0.490 117.592465
4/98 0.0040065850 1.00 0.471 118.063609
5/98 0.0041321570 1.00 0.488 118.551467
6/98 0.0040199110 1.00 0.477 119.028033
7/98 0.0041630600 1.00 0.496 119.523554
8/98 0.0041412200 1.00 0.495 120.018527
9/98 0.0039845110 1.00 0.478 120.496742
10/98 0.0039935070 1.00 0.481 120.977947
11/98 0.0037441480 1.00 0.453 121.430906
12/98 0.0037968280 1.00 0.461 121.891959
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 1.00 116.1691804 116.16918 1000.00000
1 1998 1.00 116.6618882 116.66189 1.08333 1003.15796
2 1998 1.00 117.1019765 117.10198 1.08675 1005.85546
3 1998 1.00 117.5924652 117.59247 1.08968 1008.97887
4 1998 1.00 118.0636094 118.06361 1.09306 1011.92837
5 1998 1.00 118.5514668 118.55147 1.09626 1015.01356
6 1998 1.00 119.0280331 119.02803 1.09960 1017.99423
7 1998 1.00 119.5235540 119.52355 1.10283 1021.12937
8 1998 1.00 120.0185273 120.01853 1.10622 1024.25187
9 1998 1.00 120.4967424 120.49674 1.10961 1027.22341
10 1998 1.00 120.9779470 120.97795 1.11283 1030.21280
11 1998 1.00 121.4309064 121.43091 1.11606 1032.95401
12 1998 1.00 121.8919586 121.89196 1.11903 1035.75692
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 4.93%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1035.76 974.13
TOTAL RETURN 3.58% -2.59%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 1.00 116.1691804 116.16918 1000.00000
1 1998 1.00 116.6618882 116.66189 1.08333 1003.15796
2 1998 1.00 117.1019765 117.10198 1.08675 1005.85546
3 1998 1.00 117.5924652 117.59247 1.08968 1008.97887
4 1998 1.00 118.0636094 118.06361 1.09306 1011.92837
5 1998 1.00 118.5514668 118.55147 1.09626 1015.01356
6 1998 1.00 119.0280331 119.02803 1.09960 1017.99423
7 1998 1.00 119.5235540 119.52355 1.10283 1021.12937
8 1998 1.00 120.0185273 120.01853 1.10622 1024.25187
9 1998 1.00 120.4967424 120.49674 1.10961 1027.22341
10 1998 1.00 120.9779470 120.97795 1.11283 1030.21280
11 1998 1.00 121.4309064 121.43091 1.11606 1032.95401
12 1998 1.00 121.8919586 121.89196 1.11903 1035.75692
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 4.93%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1035.76 974.13
TOTAL RETURN 3.58% -2.59%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 1.00 105.7268168 105.72682 1000.00000
1 1996 1.00 106.1459631 106.14596 1.08333 1002.88109
2 1996 1.00 106.5330109 106.53301 1.08645 1005.45152
3 1996 1.00 106.9463917 106.94639 1.08924 1008.26374
4 1996 1.00 107.3477820 107.34778 1.09229 1010.95566
5 1996 1.00 107.7642101 107.76421 1.09520 1013.78220
6 1996 1.00 108.1698337 108.16983 1.09826 1016.49981
7 1996 1.00 108.5943585 108.59436 1.10121 1019.38797
8 1996 1.00 109.0227357 109.02274 1.10434 1022.30486
9 1996 1.00 109.4111888 109.41119 1.10750 1024.83988
10 1996 1.00 109.8418646 109.84186 1.11024 1027.76372
11 1996 1.00 110.2667053 110.26671 1.11341 1030.62544
12 1996 1.00 110.7072287 110.70723 1.11651 1033.62635
1 1997 1.00 111.1442573 111.14426 1.11976 1036.58694
2 1997 1.00 111.5344310 111.53443 1.12297 1039.10293
3 1997 1.00 111.9752700 111.97527 1.12569 1042.08428
4 1997 1.00 112.4109707 112.41097 1.12892 1045.01015
5 1997 1.00 112.8699002 112.86990 1.13209 1048.14442
6 1997 1.00 113.3232120 113.32321 1.13549 1051.21852
7 1997 1.00 113.7942645 113.79426 1.13882 1054.44932
8 1997 1.00 114.2678375 114.26784 1.14232 1057.69526
9 1997 1.00 114.7279210 114.72792 1.14584 1060.80808
10 1997 1.00 115.2063882 115.20639 1.14921 1064.08292
11 1997 1.00 115.6752649 115.67526 1.15276 1067.26086
12 1997 1.00 116.1691804 116.16918 1.15620 1070.66170
1 1998 1.00 116.6618882 116.66189 1.15988 1074.04281
2 1998 1.00 117.1019765 117.10198 1.16355 1076.93092
3 1998 1.00 117.5924652 117.59247 1.16668 1080.27503
4 1998 1.00 118.0636094 118.06361 1.17030 1083.43295
5 1998 1.00 118.5514668 118.55147 1.17372 1086.73614
6 1998 1.00 119.0280331 119.02803 1.17730 1089.92743
7 1998 1.00 119.5235540 119.52355 1.18075 1093.28411
8 1998 1.00 120.0185273 120.01853 1.18439 1096.62725
9 1998 1.00 120.4967424 120.49674 1.18801 1099.80876
10 1998 1.00 120.9779470 120.97795 1.19146 1103.00939
11 1998 1.00 121.4309064 121.43091 1.19493 1105.94430
12 1998 1.00 121.8919586 121.89196 1.19811 1108.94527
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 15.29%
GROSS ANNUAL RETURN = 4.86%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1108.95 1061.82
TOTAL RETURN 10.89% 6.18%
AVERAGE ANNUAL RETURN 3.51% 2.02%
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 1.08333 1000.18264
12 1994 1.00 100.5041544 100.50415 1.08353 1002.87059
1 1995 1.00 100.8843556 100.88436 1.08644 1005.57795
2 1995 1.00 101.2751322 101.27513 1.08938 1008.38369
3 1995 1.00 101.7218898 101.72189 1.09242 1011.73959
4 1995 1.00 102.1560100 102.15601 1.09605 1014.96135
5 1995 1.00 102.6203834 102.62038 1.09954 1018.47555
6 1995 1.00 103.0717601 103.07176 1.10335 1021.85197
7 1995 1.00 103.5237313 103.52373 1.10701 1025.22580
8 1995 1.00 103.9716022 103.97160 1.11066 1028.55054
9 1995 1.00 104.4041941 104.40419 1.11426 1031.71574
10 1995 1.00 104.8477190 104.84772 1.11769 1034.98093
11 1995 1.00 105.2803746 105.28037 1.12123 1038.13057
12 1995 1.00 105.7268168 105.72682 1.12464 1041.40812
1 1996 1.00 106.1459631 106.14596 1.12819 1044.40852
2 1996 1.00 106.5330109 106.53301 1.13144 1047.08538
3 1996 1.00 106.9463917 106.94639 1.13434 1050.01405
4 1996 1.00 107.3477820 107.34778 1.13752 1052.81744
5 1996 1.00 107.7642101 107.76421 1.14055 1055.76102
6 1996 1.00 108.1698337 108.16983 1.14374 1058.59116
7 1996 1.00 108.5943585 108.59436 1.14681 1061.59891
8 1996 1.00 109.0227357 109.02274 1.15007 1064.63658
9 1996 1.00 109.4111888 109.41119 1.15336 1067.27658
10 1996 1.00 109.8418646 109.84186 1.15622 1070.32149
11 1996 1.00 110.2667053 110.26671 1.15951 1073.30171
12 1996 1.00 110.7072287 110.70723 1.16274 1076.42688
1 1997 1.00 111.1442573 111.14426 1.16613 1079.51006
2 1997 1.00 111.5344310 111.53443 1.16947 1082.13023
3 1997 1.00 111.9752700 111.97527 1.17231 1085.23503
4 1997 1.00 112.4109707 112.41097 1.17567 1088.28206
5 1997 1.00 112.8699002 112.86990 1.17897 1091.54611
6 1997 1.00 113.3232120 113.32321 1.18251 1094.74751
7 1997 1.00 113.7942645 113.79426 1.18598 1098.11209
8 1997 1.00 114.2678375 114.26784 1.18962 1101.49243
9 1997 1.00 114.7279210 114.72792 1.19328 1104.73416
10 1997 1.00 115.2063882 115.20639 1.19680 1108.14460
11 1997 1.00 115.6752649 115.67526 1.20049 1111.45413
12 1997 1.00 116.1691804 116.16918 1.20408 1114.99579
1 1998 1.00 116.6618882 116.66189 1.20791 1118.51691
2 1998 1.00 117.1019765 117.10198 1.21173 1121.52461
3 1998 1.00 117.5924652 117.59247 1.21498 1125.00720
4 1998 1.00 118.0636094 118.06361 1.21876 1128.29587
5 1998 1.00 118.5514668 118.55147 1.22232 1131.73585
6 1998 1.00 119.0280331 119.02803 1.22605 1135.05928
7 1998 1.00 119.5235540 119.52355 1.22965 1138.55495
8 1998 1.00 120.0185273 120.01853 1.23343 1142.03652
9 1998 1.00 120.4967424 120.49674 1.23721 1145.34978
10 1998 1.00 120.9779470 120.97795 1.24080 1148.68294
11 1998 1.00 121.4309064 121.43091 1.24441 1151.73937
12 1998 1.00 121.8919586 121.89196 1.24772 1154.86461
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 21.89%
GROSS ANNUAL RETURN = 4.94%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1154.86 1125.42
TOTAL RETURN 15.49% 12.54%
AVERAGE ANNUAL RETURN 3.57% 2.92%
Return for Product Inception
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 1.08333 1002.86427
2 1997 1.00 111.5344310 111.53443 1.08644 1005.29841
3 1997 1.00 111.9752700 111.97527 1.08907 1008.18277
4 1997 1.00 112.4109707 112.41097 1.09220 1011.01345
5 1997 1.00 112.8699002 112.86990 1.09526 1014.04576
6 1997 1.00 113.3232120 113.32321 1.09855 1017.01985
7 1997 1.00 113.7942645 113.79426 1.10177 1020.14554
8 1997 1.00 114.2678375 114.26784 1.10516 1023.28589
9 1997 1.00 114.7279210 114.72792 1.10856 1026.29744
10 1997 1.00 115.2063882 115.20639 1.11182 1029.46574
11 1997 1.00 115.6752649 115.67526 1.11525 1032.54030
12 1997 1.00 116.1691804 116.16918 1.11859 1035.83050
1 1998 1.00 116.6618882 116.66189 1.12215 1039.10161
2 1998 1.00 117.1019765 117.10198 1.12569 1041.89576
3 1998 1.00 117.5924652 117.59247 1.12872 1045.13109
4 1998 1.00 118.0636094 118.06361 1.13223 1048.18627
5 1998 1.00 118.5514668 118.55147 1.13554 1051.38200
6 1998 1.00 119.0280331 119.02803 1.13900 1054.46947
7 1998 1.00 119.5235540 119.52355 1.14234 1057.71695
8 1998 1.00 120.0185273 120.01853 1.14586 1060.95132
9 1998 1.00 120.4967424 120.49674 1.14936 1064.02933
10 1998 1.00 120.9779470 120.97795 1.15270 1067.12584
11 1998 1.00 121.4309064 121.43091 1.15605 1069.96527
12 1998 1.00 121.8919586 121.89196 1.15913 1072.86861
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 10.10%
GROSS ANNUAL RETURN = 4.81%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1072.87 1018.15
TOTAL RETURN 7.29% 1.82%
AVERAGE ANNUAL RETURN 3.49% 0.88%
Fidelity Asset Manager Growth12/1998
Assume ($10000 @ $10.00 on 1/ 3/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/95 0.5300000000 11.72 4.522 104.522184
2/96 0.4200000000 11.62 3.778 108.300095
12/96 0.5400000000 13.21 4.427 112.727199
2/97 0.0200000000 13.67 0.165 112.892126
2/98 1.9300000000 14.91 14.613 127.505258
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 16.36 112.8921255 1846.91517 1000.00000
1 1998 16.36 112.8921255 1846.91517 1.08333 998.91667
2 1998 15.37 127.5052578 1959.75581 1.08216 1058.86514
3 1998 15.94 127.5052578 2032.43381 1.14710 1096.98629
4 1998 15.89 127.5052578 2026.05855 1.18840 1092.35690
5 1998 15.73 127.5052578 2005.65771 1.18339 1080.17433
6 1998 16.10 127.5052578 2052.83465 1.17019 1104.41193
7 1998 15.96 127.5052578 2034.98391 1.19645 1093.61190
8 1998 13.95 127.5052578 1778.69835 1.18475 954.69783
9 1998 14.47 127.5052578 1845.00108 1.03426 989.25088
10 1998 15.39 127.5052578 1962.30592 1.07169 1051.07559
11 1998 16.16 127.5052578 2060.48497 1.13867 1102.52485
12 1998 17.03 127.5052578 2171.41454 1.19440 1160.68667
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 17.57%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1160.69 1091.63
TOTAL RETURN 16.07% 9.16%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 16.36 112.8921255 1846.91517 1000.00000
1 1998 16.36 112.8921255 1846.91517 1.08333 998.91667
2 1998 15.37 127.5052578 1959.75581 1.08216 1058.86514
3 1998 15.94 127.5052578 2032.43381 1.14710 1096.98629
4 1998 15.89 127.5052578 2026.05855 1.18840 1092.35690
5 1998 15.73 127.5052578 2005.65771 1.18339 1080.17433
6 1998 16.10 127.5052578 2052.83465 1.17019 1104.41193
7 1998 15.96 127.5052578 2034.98391 1.19645 1093.61190
8 1998 13.95 127.5052578 1778.69835 1.18475 954.69783
9 1998 14.47 127.5052578 1845.00108 1.03426 989.25088
10 1998 15.39 127.5052578 1962.30592 1.07169 1051.07559
11 1998 16.16 127.5052578 2060.48497 1.13867 1102.52485
12 1998 17.03 127.5052578 2171.41454 1.19440 1160.68667
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 17.57%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1160.69 1091.63
TOTAL RETURN 16.07% 9.16%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 11.78 104.5221843 1231.27133 1000.00000
1 1996 12.05 104.5221843 1259.49232 1.08333 1021.83687
2 1996 11.67 108.3000946 1263.86210 1.10699 1024.27512
3 1996 11.88 108.3000946 1286.60512 1.10963 1041.59718
4 1996 12.16 108.3000946 1316.92915 1.12840 1065.01821
5 1996 12.35 108.3000946 1337.50617 1.15377 1080.50535
6 1996 12.40 108.3000946 1342.92117 1.17055 1083.70932
7 1996 12.09 108.3000946 1309.34814 1.17402 1055.44257
8 1996 12.18 108.3000946 1319.09515 1.14340 1062.15606
9 1996 12.68 108.3000946 1373.24520 1.15067 1104.60786
10 1996 13.05 108.3000946 1413.31623 1.19666 1135.64345
11 1996 13.90 108.3000946 1505.37131 1.23028 1208.38228
12 1996 13.10 112.7271991 1476.72631 1.30908 1184.07946
1 1997 13.66 112.7271991 1539.85354 1.28275 1233.41384
2 1997 13.77 112.8921255 1554.52457 1.33620 1243.82906
3 1997 13.12 112.8921255 1481.14469 1.34748 1183.76778
4 1997 13.67 112.8921255 1543.23536 1.28242 1232.10978
5 1997 14.50 112.8921255 1636.93582 1.33479 1305.58488
6 1997 14.93 112.8921255 1685.47943 1.41438 1342.88784
7 1997 15.94 112.8921255 1799.50048 1.45480 1432.27810
8 1997 15.44 112.8921255 1743.05442 1.55163 1385.79930
9 1997 16.01 112.8921255 1807.40293 1.50128 1435.45771
10 1997 15.63 112.8921255 1764.50392 1.55508 1399.83180
11 1997 16.08 112.8921255 1815.30538 1.51648 1438.61758
12 1997 16.36 112.8921255 1846.91517 1.55850 1462.10963
1 1998 16.36 112.8921255 1846.91517 1.58395 1460.52568
2 1998 15.37 127.5052578 1959.75581 1.58224 1548.17691
3 1998 15.94 127.5052578 2032.43381 1.67719 1603.91422
4 1998 15.89 127.5052578 2026.05855 1.73757 1597.14555
5 1998 15.73 127.5052578 2005.65771 1.73024 1579.33329
6 1998 16.10 127.5052578 2052.83465 1.71094 1614.77131
7 1998 15.96 127.5052578 2034.98391 1.74934 1598.98049
8 1998 13.95 127.5052578 1778.69835 1.73223 1395.87290
9 1998 14.47 127.5052578 1845.00108 1.51220 1446.39324
10 1998 15.39 127.5052578 1962.30592 1.56693 1536.78774
11 1998 16.16 127.5052578 2060.48497 1.66485 1612.01220
12 1998 17.03 127.5052578 2171.41454 1.74635 1697.05116
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 76.36%
GROSS ANNUAL RETURN = 20.82%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1697.05 1624.93
TOTAL RETURN 69.71% 62.49%
AVERAGE ANNUAL RETURN 19.28% 17.56%
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 1.08333 1000.91667
2 1995 10.17 100.0000000 1017.00000 1.08433 1014.81612
3 1995 10.31 100.0000000 1031.00000 1.09938 1027.68668
4 1995 10.58 100.0000000 1058.00000 1.11333 1053.48658
5 1995 10.73 100.0000000 1073.00000 1.14128 1067.28131
6 1995 11.16 100.0000000 1116.00000 1.15622 1108.89592
7 1995 11.57 100.0000000 1157.00000 1.20130 1148.43362
8 1995 12.09 100.0000000 1209.00000 1.24414 1198.80448
9 1995 12.27 100.0000000 1227.00000 1.29870 1215.35398
10 1995 11.80 100.0000000 1180.00000 1.31663 1167.48344
11 1995 12.01 100.0000000 1201.00000 1.26477 1186.99592
12 1995 11.78 104.5221843 1231.27133 1.28591 1215.62836
1 1996 12.05 104.5221843 1259.49232 1.31693 1242.17388
2 1996 11.67 108.3000946 1263.86210 1.34569 1245.13789
3 1996 11.88 108.3000946 1286.60512 1.34890 1266.19507
4 1996 12.16 108.3000946 1316.92915 1.37171 1294.66634
5 1996 12.35 108.3000946 1337.50617 1.40256 1313.49295
6 1996 12.40 108.3000946 1342.92117 1.42295 1317.38778
7 1996 12.09 108.3000946 1309.34814 1.42717 1283.02592
8 1996 12.18 108.3000946 1319.09515 1.38994 1291.18703
9 1996 12.68 108.3000946 1373.24520 1.39879 1342.79264
10 1996 13.05 108.3000946 1413.31623 1.45469 1380.52039
11 1996 13.90 108.3000946 1505.37131 1.49556 1468.94377
12 1996 13.10 112.7271991 1476.72631 1.59136 1439.40057
1 1997 13.66 112.7271991 1539.85354 1.55935 1499.37285
2 1997 13.77 112.8921255 1554.52457 1.62432 1512.03388
3 1997 13.12 112.8921255 1481.14469 1.63804 1439.02169
4 1997 13.67 112.8921255 1543.23536 1.55894 1497.78760
5 1997 14.50 112.8921255 1636.93582 1.62260 1587.10601
6 1997 14.93 112.8921255 1685.47943 1.71936 1632.45255
7 1997 15.94 112.8921255 1799.50048 1.76849 1741.11789
8 1997 15.44 112.8921255 1743.05442 1.88621 1684.61694
9 1997 16.01 112.8921255 1807.40293 1.82500 1744.98310
10 1997 15.63 112.8921255 1764.50392 1.89040 1701.67524
11 1997 16.08 112.8921255 1815.30538 1.84348 1748.82433
12 1997 16.36 112.8921255 1846.91517 1.89456 1777.38194
1 1998 16.36 112.8921255 1846.91517 1.92550 1775.45644
2 1998 15.37 127.5052578 1959.75581 1.92341 1882.00776
3 1998 15.94 127.5052578 2032.43381 2.03884 1949.76362
4 1998 15.89 127.5052578 2026.05855 2.11224 1941.53543
5 1998 15.73 127.5052578 2005.65771 2.10333 1919.88234
6 1998 16.10 127.5052578 2052.83465 2.07987 1962.96181
7 1998 15.96 127.5052578 2034.98391 2.12654 1943.76603
8 1998 13.95 127.5052578 1778.69835 2.10575 1696.86268
9 1998 14.47 127.5052578 1845.00108 1.83827 1758.27665
10 1998 15.39 127.5052578 1962.30592 1.90480 1868.16276
11 1998 16.16 127.5052578 2060.48497 2.02384 1959.60775
12 1998 17.03 127.5052578 2171.41454 2.12291 2062.98352
SURRENDER CHARGE = 4.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 117.14%
GROSS ANNUAL RETURN = 21.44%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2062.98 1992.84
TOTAL RETURN 106.30% 99.28%
AVERAGE ANNUAL RETURN 19.89% 18.86%
Return for Product Inception
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 1.08333 1041.66476
2 1997 13.77 112.8921255 1554.52457 1.12847 1050.46080
3 1997 13.12 112.8921255 1481.14469 1.13800 999.73678
4 1997 13.67 112.8921255 1543.23536 1.08305 1040.56343
5 1997 14.50 112.8921255 1636.93582 1.12728 1102.61593
6 1997 14.93 112.8921255 1685.47943 1.19450 1134.11970
7 1997 15.94 112.8921255 1799.50048 1.22863 1209.61317
8 1997 15.44 112.8921255 1743.05442 1.31041 1170.36006
9 1997 16.01 112.8921255 1807.40293 1.26789 1212.29846
10 1997 15.63 112.8921255 1764.50392 1.31332 1182.21103
11 1997 16.08 112.8921255 1815.30538 1.28073 1214.96709
12 1997 16.36 112.8921255 1846.91517 1.31621 1234.80702
1 1998 16.36 112.8921255 1846.91517 1.33771 1233.46931
2 1998 15.37 127.5052578 1959.75581 1.33626 1307.49410
3 1998 15.94 127.5052578 2032.43381 1.41645 1354.56637
4 1998 15.89 127.5052578 2026.05855 1.46745 1348.84997
5 1998 15.73 127.5052578 2005.65771 1.46125 1333.80684
6 1998 16.10 127.5052578 2052.83465 1.44496 1363.73560
7 1998 15.96 127.5052578 2034.98391 1.47738 1350.39965
8 1998 13.95 127.5052578 1778.69835 1.46293 1178.86759
9 1998 14.47 127.5052578 1845.00108 1.27711 1221.53393
10 1998 15.39 127.5052578 1962.30592 1.32333 1297.87551
11 1998 16.16 127.5052578 2060.48497 1.40603 1361.40542
12 1998 17.03 127.5052578 2171.41454 1.47486 1433.22405
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 47.04%
GROSS ANNUAL RETURN = 20.70%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1433.22 1360.13
TOTAL RETURN 43.32% 36.01%
AVERAGE ANNUAL RETURN 19.20% 16.19%
Fidelity Contrafund 12/1998Assume ($10000 @ $10.00 on 1/ 3/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/95 0.1800000000 13.64 1.320 101.319648
2/96 0.1300000000 13.78 0.956 102.275494
2/97 0.5100000000 16.46 3.169 105.444419
2/98 1.1700000000 19.35 6.376 111.820128
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 19.94 105.4444186 2102.56171 1000.00000
1 1998 19.92 105.4444186 2100.45282 1.08333 997.91366
2 1998 20.15 111.8201276 2253.17557 1.08107 1069.39033
3 1998 21.13 111.8201276 2362.75930 1.15851 1120.24187
4 1998 21.33 111.8201276 2385.12332 1.21360 1129.63161
5 1998 20.83 111.8201276 2329.21326 1.22377 1101.92796
6 1998 21.95 111.8201276 2454.45180 1.19376 1159.98334
7 1998 21.98 111.8201276 2457.80641 1.25665 1160.31209
8 1998 18.69 111.8201276 2089.91819 1.25700 985.37779
9 1998 19.78 111.8201276 2211.80212 1.06749 1041.77749
10 1998 20.43 111.8201276 2284.48521 1.12859 1074.88325
11 1998 21.79 111.8201276 2436.56058 1.16446 1145.27245
12 1998 24.44 111.8201276 2732.88392 1.24071 1283.31453
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 29.98%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1283.31 1206.96
TOTAL RETURN 28.33% 20.70%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 19.94 105.4444186 2102.56171 1000.00000
1 1998 19.92 105.4444186 2100.45282 1.08333 997.91366
2 1998 20.15 111.8201276 2253.17557 1.08107 1069.39033
3 1998 21.13 111.8201276 2362.75930 1.15851 1120.24187
4 1998 21.33 111.8201276 2385.12332 1.21360 1129.63161
5 1998 20.83 111.8201276 2329.21326 1.22377 1101.92796
6 1998 21.95 111.8201276 2454.45180 1.19376 1159.98334
7 1998 21.98 111.8201276 2457.80641 1.25665 1160.31209
8 1998 18.69 111.8201276 2089.91819 1.25700 985.37779
9 1998 19.78 111.8201276 2211.80212 1.06749 1041.77749
10 1998 20.43 111.8201276 2284.48521 1.12859 1074.88325
11 1998 21.79 111.8201276 2436.56058 1.16446 1145.27245
12 1998 24.44 111.8201276 2732.88392 1.24071 1283.31453
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 29.98%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1283.31 1206.96
TOTAL RETURN 28.33% 20.70%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 13.78 101.3196481 1396.18475 1000.00000
1 1996 13.89 101.3196481 1407.32991 1.08333 1006.89925
2 1996 13.81 102.2754938 1412.42457 1.09081 1009.45351
3 1996 14.26 102.2754938 1458.44854 1.09357 1041.25306
4 1996 14.73 102.2754938 1506.51802 1.12802 1074.44403
5 1996 14.90 102.2754938 1523.90486 1.16398 1085.68029
6 1996 14.78 102.2754938 1511.63180 1.17615 1075.76040
7 1996 14.09 102.2754938 1441.06171 1.16541 1024.37343
8 1996 14.63 102.2754938 1496.29047 1.10974 1062.52286
9 1996 15.25 102.2754938 1559.70128 1.15107 1106.40011
10 1996 15.72 102.2754938 1607.77076 1.19860 1139.30039
11 1996 16.66 102.2754938 1703.90973 1.23424 1206.19226
12 1996 16.56 102.2754938 1693.68218 1.30671 1197.64550
1 1997 17.20 102.2754938 1759.13849 1.29745 1242.63387
2 1997 16.22 105.4444186 1710.30847 1.34619 1206.79475
3 1997 15.80 105.4444186 1666.02181 1.30736 1174.23870
4 1997 16.18 105.4444186 1706.09069 1.27209 1201.20779
5 1997 17.18 105.4444186 1811.53511 1.30131 1274.14676
6 1997 17.93 105.4444186 1890.61843 1.38033 1328.38984
7 1997 19.47 105.4444186 2053.00283 1.43909 1441.04558
8 1997 18.92 105.4444186 1995.00840 1.56113 1398.77695
9 1997 20.20 105.4444186 2129.97726 1.51534 1491.89345
10 1997 19.59 105.4444186 2065.65616 1.61622 1445.22501
11 1997 19.58 105.4444186 2064.60172 1.56566 1442.92161
12 1997 19.94 105.4444186 2102.56171 1.56317 1467.88816
1 1998 19.92 105.4444186 2100.45282 1.59021 1464.82564
2 1998 20.15 111.8201276 2253.17557 1.58689 1569.74540
3 1998 21.13 111.8201276 2362.75930 1.70056 1644.38978
4 1998 21.33 111.8201276 2385.12332 1.78142 1658.17286
5 1998 20.83 111.8201276 2329.21326 1.79635 1617.50701
6 1998 21.95 111.8201276 2454.45180 1.75230 1702.72580
7 1998 21.98 111.8201276 2457.80641 1.84462 1703.20837
8 1998 18.69 111.8201276 2089.91819 1.84514 1446.42440
9 1998 19.78 111.8201276 2211.80212 1.56696 1529.21285
10 1998 20.43 111.8201276 2284.48521 1.65665 1577.80839
11 1998 21.79 111.8201276 2436.56058 1.70929 1681.13186
12 1998 24.44 111.8201276 2732.88392 1.82123 1883.76219
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 95.74%
GROSS ANNUAL RETURN = 25.09%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1883.76 1803.70
TOTAL RETURN 88.38% 80.37%
AVERAGE ANNUAL RETURN 23.50% 21.73%
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 1.08333 985.91667
2 1995 10.37 100.0000000 1037.00000 1.06808 1034.79371
3 1995 10.89 100.0000000 1089.00000 1.12103 1085.56205
4 1995 11.48 100.0000000 1148.00000 1.17603 1143.19976
5 1995 11.73 100.0000000 1173.00000 1.23847 1166.85676
6 1995 12.50 100.0000000 1250.00000 1.26409 1242.18940
7 1995 13.47 100.0000000 1347.00000 1.34571 1337.23759
8 1995 13.64 100.0000000 1364.00000 1.44867 1352.66571
9 1995 13.94 100.0000000 1394.00000 1.46539 1380.95104
10 1995 13.65 100.0000000 1365.00000 1.49603 1350.72647
11 1995 13.90 100.0000000 1390.00000 1.46329 1374.00176
12 1995 13.78 101.3196481 1396.18475 1.48850 1378.62683
1 1996 13.89 101.3196481 1407.32991 1.49351 1388.13832
2 1996 13.81 102.2754938 1412.42457 1.50382 1391.65969
3 1996 14.26 102.2754938 1458.44854 1.50763 1435.49940
4 1996 14.73 102.2754938 1506.51802 1.55512 1481.25737
5 1996 14.90 102.2754938 1523.90486 1.60470 1496.74797
6 1996 14.78 102.2754938 1511.63180 1.62148 1483.07215
7 1996 14.09 102.2754938 1441.06171 1.60666 1412.22870
8 1996 14.63 102.2754938 1496.29047 1.52991 1464.82252
9 1996 15.25 102.2754938 1559.70128 1.58689 1525.31287
10 1996 15.72 102.2754938 1607.77076 1.65242 1570.67009
11 1996 16.66 102.2754938 1703.90973 1.70156 1662.88901
12 1996 16.56 102.2754938 1693.68218 1.80146 1651.10622
1 1997 17.20 102.2754938 1759.13849 1.78870 1713.12839
2 1997 16.22 105.4444186 1710.30847 1.85589 1663.71962
3 1997 15.80 105.4444186 1666.02181 1.80236 1618.83697
4 1997 16.18 105.4444186 1706.09069 1.75374 1656.01728
5 1997 17.18 105.4444186 1811.53511 1.79402 1756.57291
6 1997 17.93 105.4444186 1890.61843 1.90295 1831.35387
7 1997 19.47 105.4444186 2053.00283 1.98397 1986.66410
8 1997 18.92 105.4444186 1995.00840 2.15222 1928.39143
9 1997 20.20 105.4444186 2129.97726 2.08909 2056.76434
10 1997 19.59 105.4444186 2065.65616 2.22816 1992.42597
11 1997 19.58 105.4444186 2064.60172 2.15846 1989.25044
12 1997 19.94 105.4444186 2102.56171 2.15502 2023.67000
1 1998 19.92 105.4444186 2100.45282 2.19231 2019.44793
2 1998 20.15 111.8201276 2253.17557 2.18774 2164.09313
3 1998 21.13 111.8201276 2362.75930 2.34443 2266.99987
4 1998 21.33 111.8201276 2385.12332 2.45592 2286.00160
5 1998 20.83 111.8201276 2329.21326 2.47650 2229.93856
6 1998 21.95 111.8201276 2454.45180 2.41577 2347.42347
7 1998 21.98 111.8201276 2457.80641 2.54304 2348.08876
8 1998 18.69 111.8201276 2089.91819 2.54376 1994.07948
9 1998 19.78 111.8201276 2211.80212 2.16025 2108.21386
10 1998 20.43 111.8201276 2284.48521 2.28390 2175.20898
11 1998 21.79 111.8201276 2436.56058 2.35648 2317.65349
12 1998 24.44 111.8201276 2732.88392 2.51079 2597.00510
SURRENDER CHARGE = 4.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 173.29%
GROSS ANNUAL RETURN = 28.64%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2597.01 2508.71
TOTAL RETURN 159.70% 150.87%
AVERAGE ANNUAL RETURN 27.01% 25.91%
Return for Product Inception
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 1.08333 1037.56401
2 1997 16.22 105.4444186 1710.30847 1.12403 1007.63936
3 1997 15.80 105.4444186 1666.02181 1.09161 980.45598
4 1997 16.18 105.4444186 1706.09069 1.06216 1002.97441
5 1997 17.18 105.4444186 1811.53511 1.08656 1063.87638
6 1997 17.93 105.4444186 1890.61843 1.15253 1109.16781
7 1997 19.47 105.4444186 2053.00283 1.20160 1203.23216
8 1997 18.92 105.4444186 1995.00840 1.30350 1167.93905
9 1997 20.20 105.4444186 2129.97726 1.26527 1245.68869
10 1997 19.59 105.4444186 2065.65616 1.34950 1206.72186
11 1997 19.58 105.4444186 2064.60172 1.30728 1204.79859
12 1997 19.94 105.4444186 2102.56171 1.30520 1225.64495
1 1998 19.92 105.4444186 2100.45282 1.32778 1223.08784
2 1998 20.15 111.8201276 2253.17557 1.32501 1310.69286
3 1998 21.13 111.8201276 2362.75930 1.41992 1373.01880
4 1998 21.33 111.8201276 2385.12332 1.48744 1384.52728
5 1998 20.83 111.8201276 2329.21326 1.49990 1350.57244
6 1998 21.95 111.8201276 2454.45180 1.46312 1421.72772
7 1998 21.98 111.8201276 2457.80641 1.54020 1422.13065
8 1998 18.69 111.8201276 2089.91819 1.54064 1207.72332
9 1998 19.78 111.8201276 2211.80212 1.30837 1276.84932
10 1998 20.43 111.8201276 2284.48521 1.38325 1317.42522
11 1998 21.79 111.8201276 2436.56058 1.42721 1403.69739
12 1998 24.44 111.8201276 2732.88392 1.52067 1572.88797
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 61.36%
GROSS ANNUAL RETURN = 26.30%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1572.89 1492.67
TOTAL RETURN 57.29% 49.27%
AVERAGE ANNUAL RETURN 24.73% 21.59%
Fidelity Equity Income Fund
12/1998Assume ($10000 @ $10.00 on 10/ 9/1986)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
3/87 0.0700000000 11.62 0.602 100.602410
6/87 0.1200000000 11.72 1.030 101.632468
9/87 0.1200000000 11.80 1.034 102.666019
12/87 0.2300000000 9.45 2.499 105.164769
3/88 0.1400000000 10.60 1.389 106.553737
6/88 0.1400000000 10.89 1.370 107.923574
9/88 0.1400000000 10.87 1.390 109.313574
12/88 0.1100000000 10.95 1.098 110.411701
3/89 0.2200000000 11.56 2.101 112.512962
6/89 0.1300000000 12.49 1.171 113.684034
9/89 0.1300000000 12.93 1.143 114.827029
12/89 0.1300000000 12.03 1.241 116.067886
2/90 0.3900000000 11.20 4.042 120.109536
3/90 0.2000000000 11.05 2.174 122.283464
6/90 0.1300000000 11.24 1.414 123.697774
9/90 0.1300000000 9.67 1.663 125.360723
12/90 0.1300000000 9.57 1.703 127.063638
3/91 0.2300000000 10.60 2.757 129.820679
6/91 0.1200000000 11.10 1.403 131.224146
9/91 0.1200000000 11.38 1.384 132.607880
12/91 0.1200000000 11.18 1.423 134.031220
3/92 0.1200000000 12.33 1.304 135.335660
6/92 0.1000000000 12.45 1.087 136.422694
9/92 0.1000000000 12.56 1.086 137.508862
12/92 0.1000000000 13.29 1.035 138.543541
3/93 0.1000000000 14.36 0.965 139.508329
6/93 0.1000000000 14.40 0.969 140.477137
9/93 0.1000000000 15.18 0.925 141.402546
12/93 0.0900000000 15.29 0.832 142.234870
2/94 0.7700000000 15.04 7.282 149.516841
3/94 0.1000000000 14.97 0.999 150.515618
6/94 0.0900000000 14.96 0.906 151.421126
9/94 0.0900000000 15.79 0.863 152.284198
12/94 0.0900000000 15.34 0.893 153.177651
2/95 0.7800000000 15.11 7.907 161.084903
3/95 0.1000000000 15.60 1.033 162.117498
6/95 0.1000000000 16.78 0.966 163.083633
9/95 0.1000000000 18.32 0.890 163.973828
12/95 0.1000000000 19.01 0.863 164.836394
2/96 0.8900000000 18.86 7.779 172.614994
2/97 2.1700000000 19.80 18.918 191.532900
2/98 1.5500000000 23.41 12.682 204.214488
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 24.28 191.5328996 4650.41880 1000.00000
1 1998 24.22 191.5328996 4638.92683 1.08333 996.44550
2 1998 24.18 204.2144884 4937.90633 1.07948 1059.58707
3 1998 25.30 204.2144884 5166.62656 1.14789 1107.51849
4 1998 25.30 204.2144884 5166.62656 1.19981 1106.31867
5 1998 24.89 204.2144884 5082.89862 1.19851 1087.19168
6 1998 25.17 204.2144884 5140.07867 1.17779 1098.24425
7 1998 24.55 204.2144884 5013.46569 1.18976 1070.00198
8 1998 20.80 204.2144884 4247.66136 1.15917 905.40056
9 1998 22.02 204.2144884 4496.80304 0.98085 957.52493
10 1998 23.65 204.2144884 4829.67265 1.03732 1027.36707
11 1998 24.65 204.2144884 5033.88714 1.11298 1069.69456
12 1998 25.42 204.2144884 5191.13230 1.15884 1101.95011
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 11.63%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1101.95 1036.38
TOTAL RETURN 10.20% 3.64%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 24.28 191.5328996 4650.41880 1000.00000
1 1998 24.22 191.5328996 4638.92683 1.08333 996.44550
2 1998 24.18 204.2144884 4937.90633 1.07948 1059.58707
3 1998 25.30 204.2144884 5166.62656 1.14789 1107.51849
4 1998 25.30 204.2144884 5166.62656 1.19981 1106.31867
5 1998 24.89 204.2144884 5082.89862 1.19851 1087.19168
6 1998 25.17 204.2144884 5140.07867 1.17779 1098.24425
7 1998 24.55 204.2144884 5013.46569 1.18976 1070.00198
8 1998 20.80 204.2144884 4247.66136 1.15917 905.40056
9 1998 22.02 204.2144884 4496.80304 0.98085 957.52493
10 1998 23.65 204.2144884 4829.67265 1.03732 1027.36707
11 1998 24.65 204.2144884 5033.88714 1.11298 1069.69456
12 1998 25.42 204.2144884 5191.13230 1.15884 1101.95011
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 11.63%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1101.95 1036.38
TOTAL RETURN 10.20% 3.64%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 19.27 164.8363940 3176.39731 1000.00000
1 1996 19.83 164.8363940 3268.70569 1.08333 1027.97738
2 1996 19.00 172.6149937 3279.68488 1.11364 1030.31659
3 1996 19.20 172.6149937 3314.20788 1.11618 1040.04585
4 1996 19.45 172.6149937 3357.36163 1.12672 1052.46140
5 1996 19.66 172.6149937 3393.61078 1.14017 1062.68457
6 1996 19.48 172.6149937 3362.54008 1.15124 1051.80377
7 1996 18.53 172.6149937 3198.55583 1.13945 999.36998
8 1996 18.91 172.6149937 3264.14953 1.08265 1018.78170
9 1996 19.72 172.6149937 3403.96768 1.10368 1061.31700
10 1996 20.04 172.6149937 3459.20447 1.14976 1077.38942
11 1996 21.38 172.6149937 3690.50857 1.16717 1148.26326
12 1996 21.03 172.6149937 3630.09332 1.24395 1128.22173
1 1997 21.85 172.6149937 3771.63761 1.22224 1170.99102
2 1997 19.91 191.5328996 3813.42003 1.26857 1182.69475
3 1997 19.17 191.5328996 3671.68569 1.28125 1137.45598
4 1997 19.85 191.5328996 3801.92806 1.23224 1176.57168
5 1997 21.08 191.5328996 4037.51352 1.27462 1248.20302
6 1997 22.06 191.5328996 4225.21577 1.35222 1304.87921
7 1997 23.67 191.5328996 4533.58373 1.41362 1398.69930
8 1997 22.56 191.5328996 4320.98221 1.51526 1331.59231
9 1997 23.80 191.5328996 4558.48301 1.44256 1403.34011
10 1997 22.93 191.5328996 4391.84939 1.52029 1350.52126
11 1997 23.77 191.5328996 4552.73702 1.46306 1398.53215
12 1997 24.28 191.5328996 4650.41880 1.51508 1427.02344
1 1998 24.22 191.5328996 4638.92683 1.54594 1421.95108
2 1998 24.18 204.2144884 4937.90633 1.54045 1512.05559
3 1998 25.30 204.2144884 5166.62656 1.63806 1580.45484
4 1998 25.30 204.2144884 5166.62656 1.71216 1578.74268
5 1998 24.89 204.2144884 5082.89862 1.71030 1551.44801
6 1998 25.17 204.2144884 5140.07867 1.68074 1567.22029
7 1998 24.55 204.2144884 5013.46569 1.69782 1526.91791
8 1998 20.80 204.2144884 4247.66136 1.65416 1292.02782
9 1998 22.02 204.2144884 4496.80304 1.39970 1366.41052
10 1998 23.65 204.2144884 4829.67265 1.48028 1466.07689
11 1998 24.65 204.2144884 5033.88714 1.58825 1526.47921
12 1998 25.42 204.2144884 5191.13230 1.65369 1572.50865
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 63.43%
GROSS ANNUAL RETURN = 17.79%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1572.51 1505.68
TOTAL RETURN 57.25% 50.57%
AVERAGE ANNUAL RETURN 16.29% 14.62%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1993 15.44 142.2348697 2196.10639 1000.00000
1 1994 16.12 142.2348697 2292.82610 1.08333 1042.95812
2 1994 14.94 149.5168411 2233.78161 1.12987 1014.97015
3 1994 14.22 150.5156176 2140.33208 1.09955 971.40966
4 1994 14.71 150.5156176 2214.08473 1.05236 1003.83063
5 1994 14.85 150.5156176 2235.15692 1.08748 1012.29694
6 1994 14.67 151.4211260 2221.34792 1.09665 1004.94622
7 1994 15.16 151.4211260 2295.54427 1.08869 1037.42424
8 1994 15.94 151.4211260 2413.65275 1.12388 1089.67707
9 1994 15.59 152.2841976 2374.11064 1.18048 1070.64475
10 1994 15.91 152.2841976 2422.84158 1.15987 1091.46092
11 1994 15.39 152.2841976 2343.65380 1.18242 1054.60536
12 1994 15.35 153.1776512 2351.27695 1.14249 1056.89316
1 1995 15.59 153.1776512 2388.03958 1.14497 1072.27291
2 1995 15.39 161.0849025 2479.09665 1.16163 1111.99755
3 1995 15.82 162.1174981 2564.69882 1.20466 1149.18969
4 1995 16.26 162.1174981 2636.03052 1.24496 1179.90703
5 1995 16.75 162.1174981 2715.46809 1.27823 1214.18565
6 1995 16.89 163.0836333 2754.48257 1.31537 1230.31509
7 1995 17.54 163.0836333 2860.48693 1.33284 1276.33008
8 1995 17.76 163.0836333 2896.36533 1.38269 1290.95609
9 1995 18.25 163.9738278 2992.52236 1.39854 1332.41627
10 1995 18.04 163.9738278 2958.08785 1.44345 1315.64090
11 1995 18.82 163.9738278 3085.98744 1.42528 1371.10032
12 1995 19.27 164.8363940 3176.39731 1.48536 1409.78395
1 1996 19.83 164.8363940 3268.70569 1.52727 1449.22602
2 1996 19.00 172.6149937 3279.68488 1.56999 1452.52380
3 1996 19.20 172.6149937 3314.20788 1.57357 1466.23996
4 1996 19.45 172.6149937 3357.36163 1.58843 1483.74320
5 1996 19.66 172.6149937 3393.61078 1.60739 1498.15566
6 1996 19.48 172.6149937 3362.54008 1.62300 1482.81607
7 1996 18.53 172.6149937 3198.55583 1.60638 1408.89576
8 1996 18.91 172.6149937 3264.14953 1.52630 1436.26209
9 1996 19.72 172.6149937 3403.96768 1.55595 1496.22768
10 1996 20.04 172.6149937 3459.20447 1.62091 1518.88632
11 1996 21.38 172.6149937 3690.50857 1.64546 1618.80312
12 1996 21.03 172.6149937 3630.09332 1.75370 1590.54890
1 1997 21.85 172.6149937 3771.63761 1.72309 1650.84435
2 1997 19.91 191.5328996 3813.42003 1.78841 1667.34408
3 1997 19.17 191.5328996 3671.68569 1.80629 1603.56720
4 1997 19.85 191.5328996 3801.92806 1.73720 1658.71188
5 1997 21.08 191.5328996 4037.51352 1.79694 1759.69659
6 1997 22.06 191.5328996 4225.21577 1.90634 1839.59777
7 1997 23.67 191.5328996 4533.58373 1.99290 1971.86383
8 1997 22.56 191.5328996 4320.98221 2.13619 1877.25747
9 1997 23.80 191.5328996 4558.48301 2.03370 1978.40637
10 1997 22.93 191.5328996 4391.84939 2.14327 1903.94320
11 1997 23.77 191.5328996 4552.73702 2.06261 1971.62819
12 1997 24.28 191.5328996 4650.41880 2.13593 2011.79475
1 1998 24.22 191.5328996 4638.92683 2.17944 2004.64382
2 1998 24.18 204.2144884 4937.90633 2.17170 2131.67171
3 1998 25.30 204.2144884 5166.62656 2.30931 2228.09988
4 1998 25.30 204.2144884 5166.62656 2.41377 2225.68610
5 1998 24.89 204.2144884 5082.89862 2.41116 2187.20651
6 1998 25.17 204.2144884 5140.07867 2.36947 2209.44202
7 1998 24.55 204.2144884 5013.46569 2.39356 2152.62437
8 1998 20.80 204.2144884 4247.66136 2.33201 1821.48009
9 1998 22.02 204.2144884 4496.80304 1.97327 1926.34363
10 1998 23.65 204.2144884 4829.67265 2.08687 2066.85168
11 1998 24.65 204.2144884 5033.88714 2.23909 2152.00589
12 1998 25.42 204.2144884 5191.13230 2.33134 2216.89746
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 136.38%
GROSS ANNUAL RETURN = 18.77%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2216.90 2160.37
TOTAL RETURN 121.69% 116.04%
AVERAGE ANNUAL RETURN 17.26% 16.66%
Return for 10 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1988 11.01 110.4117014 1215.63283 1000.00000
1 1989 11.69 110.4117014 1290.71279 1.08333 1060.67870
2 1989 11.68 110.4117014 1289.60867 1.14907 1058.62229
3 1989 11.66 112.5129621 1311.90114 1.14684 1075.77504
4 1989 12.11 112.5129621 1362.53197 1.16542 1116.12752
5 1989 12.47 112.5129621 1403.03664 1.20914 1148.09806
6 1989 12.35 113.6840338 1403.99782 1.24377 1147.64081
7 1989 13.07 113.6840338 1485.85032 1.24328 1213.30453
8 1989 13.28 113.6840338 1509.72397 1.31441 1231.48468
9 1989 13.00 114.8270287 1492.75137 1.33411 1216.30600
10 1989 12.25 114.8270287 1406.63110 1.31766 1144.81683
11 1989 12.32 114.8270287 1414.66899 1.24022 1150.11842
12 1989 12.29 116.0678861 1426.47432 1.24596 1158.47013
1 1990 11.46 116.0678861 1330.13797 1.25501 1078.97833
2 1990 11.14 120.1095357 1338.02023 1.16889 1084.20334
3 1990 10.96 122.2834639 1340.22676 1.17455 1084.81675
4 1990 10.58 122.2834639 1293.75905 1.17522 1046.02928
5 1990 11.28 122.2834639 1379.35747 1.13320 1114.10406
6 1990 11.04 123.6977744 1365.62343 1.20695 1101.80416
7 1990 10.77 123.6977744 1332.22503 1.19362 1073.66424
8 1990 9.91 123.6977744 1225.84494 1.16314 986.76747
9 1990 9.02 125.3607228 1130.75372 1.06900 909.15296
10 1990 8.79 125.3607228 1101.92075 0.98492 884.98565
11 1990 9.42 125.3607228 1180.89801 0.95873 947.45593
12 1990 9.51 127.0636375 1208.37519 1.02641 968.47496
1 1991 10.02 127.0636375 1273.17765 1.04918 1019.36292
2 1991 10.71 127.0636375 1360.85156 1.10431 1088.45426
3 1991 10.70 129.8206787 1389.08126 1.17916 1109.85416
4 1991 10.75 129.8206787 1395.57230 1.20234 1113.83805
5 1991 11.34 129.8206787 1472.16650 1.20666 1173.76297
6 1991 10.76 131.2241455 1411.97181 1.27158 1124.49798
7 1991 11.37 131.2241455 1492.01853 1.21821 1187.02919
8 1991 11.61 131.2241455 1523.51233 1.28595 1210.79927
9 1991 11.41 132.6078799 1513.05591 1.31170 1201.17741
10 1991 11.60 132.6078799 1538.25141 1.30128 1219.87821
11 1991 11.10 132.6078799 1471.94747 1.32153 1165.97572
12 1991 11.85 134.0312203 1588.26996 1.26314 1256.85527
1 1992 12.01 134.0312203 1609.71496 1.36159 1272.46388
2 1992 12.40 134.0312203 1661.98713 1.37850 1312.40602
3 1992 12.13 135.3356604 1641.62156 1.42177 1294.90235
4 1992 12.51 135.3356604 1693.04911 1.40281 1334.06532
5 1992 12.61 135.3356604 1706.58268 1.44524 1343.28408
6 1992 12.40 136.4226938 1691.64140 1.45522 1330.06829
7 1992 12.78 136.4226938 1743.48203 1.44091 1369.38754
8 1992 12.50 136.4226938 1705.28367 1.48350 1337.90180
9 1992 12.53 137.5088618 1722.98604 1.44939 1350.34102
10 1992 12.68 137.5088618 1743.61237 1.46287 1365.04345
11 1992 13.14 137.5088618 1806.86644 1.47880 1413.08516
12 1992 13.40 138.5435409 1856.48345 1.53084 1450.35799
1 1993 13.80 138.5435409 1911.90087 1.57122 1492.08103
2 1993 14.11 138.5435409 1954.84936 1.61642 1523.98237
3 1993 14.43 139.5083288 2013.10519 1.65098 1567.74709
4 1993 14.37 139.5083288 2004.73469 1.69839 1559.53000
5 1993 14.63 139.5083288 2041.00685 1.68949 1586.05747
6 1993 14.70 140.4771367 2065.01391 1.71823 1602.99502
7 1993 14.90 140.4771367 2093.10934 1.73658 1623.06790
8 1993 15.47 140.4771367 2173.18130 1.75832 1683.40010
9 1993 15.31 141.4025460 2164.87298 1.82368 1675.14058
10 1993 15.45 141.4025460 2184.66934 1.81474 1688.64391
11 1993 15.18 141.4025460 2146.49065 1.82936 1657.30427
12 1993 15.44 142.2348697 2196.10639 1.79541 1693.81714
1 1994 16.12 142.2348697 2292.82610 1.83497 1766.58034
2 1994 14.94 149.5168411 2233.78161 1.91380 1719.17384
3 1994 14.22 150.5156176 2140.33208 1.86244 1645.39033
4 1994 14.71 150.5156176 2214.08473 1.78251 1700.30552
5 1994 14.85 150.5156176 2235.15692 1.84200 1714.64590
6 1994 14.67 151.4211260 2221.34792 1.85753 1702.19513
7 1994 15.16 151.4211260 2295.54427 1.84404 1757.20696
8 1994 15.94 151.4211260 2413.65275 1.90364 1845.71370
9 1994 15.59 152.2841976 2374.11064 1.99952 1813.47643
10 1994 15.91 152.2841976 2422.84158 1.96460 1848.73521
11 1994 15.39 152.2841976 2343.65380 2.00280 1786.30864
12 1994 15.35 153.1776512 2351.27695 1.93517 1790.18375
1 1995 15.59 153.1776512 2388.03958 1.93937 1816.23423
2 1995 15.39 161.0849025 2479.09665 1.96759 1883.52051
3 1995 15.82 162.1174981 2564.69882 2.04048 1946.51720
4 1995 16.26 162.1174981 2636.03052 2.10873 1998.54675
5 1995 16.75 162.1174981 2715.46809 2.16509 2056.60847
6 1995 16.89 163.0836333 2754.48257 2.22799 2083.92879
7 1995 17.54 163.0836333 2860.48693 2.25759 2161.86976
8 1995 17.76 163.0836333 2896.36533 2.34203 2186.64355
9 1995 18.25 163.9738278 2992.52236 2.36886 2256.86951
10 1995 18.04 163.9738278 2958.08785 2.44494 2228.45511
11 1995 18.82 163.9738278 3085.98744 2.41416 2322.39323
12 1995 19.27 164.8363940 3176.39731 2.51593 2387.91623
1 1996 19.83 164.8363940 3268.70569 2.58691 2454.72387
2 1996 19.00 172.6149937 3279.68488 2.65928 2460.30971
3 1996 19.20 172.6149937 3314.20788 2.66534 2483.54237
4 1996 19.45 172.6149937 3357.36163 2.69050 2513.18966
5 1996 19.66 172.6149937 3393.61078 2.72262 2537.60173
6 1996 19.48 172.6149937 3362.54008 2.74907 2511.61928
7 1996 18.53 172.6149937 3198.55583 2.72092 2386.41179
8 1996 18.91 172.6149937 3264.14953 2.58528 2432.76534
9 1996 19.72 172.6149937 3403.96768 2.63550 2534.33608
10 1996 20.04 172.6149937 3459.20447 2.74553 2572.71568
11 1996 21.38 172.6149937 3690.50857 2.78711 2741.95647
12 1996 21.03 172.6149937 3630.09332 2.97045 2694.09898
1 1997 21.85 172.6149937 3771.63761 2.91861 2796.22846
2 1997 19.91 191.5328996 3813.42003 3.02925 2824.17599
3 1997 19.17 191.5328996 3671.68569 3.05952 2716.14960
4 1997 19.85 191.5328996 3801.92806 2.94250 2809.55462
5 1997 21.08 191.5328996 4037.51352 3.04368 2980.60424
6 1997 22.06 191.5328996 4225.21577 3.22899 3115.94224
7 1997 23.67 191.5328996 4533.58373 3.37560 3339.97675
8 1997 22.56 191.5328996 4320.98221 3.61831 3179.73089
9 1997 23.80 191.5328996 4558.48301 3.44471 3351.05862
10 1997 22.93 191.5328996 4391.84939 3.63031 3224.93163
11 1997 23.77 191.5328996 4552.73702 3.49368 3339.57762
12 1997 24.28 191.5328996 4650.41880 3.61788 3407.61244
1 1998 24.22 191.5328996 4638.92683 3.69158 3395.50007
2 1998 24.18 204.2144884 4937.90633 3.67846 3610.66208
3 1998 25.30 204.2144884 5166.62656 3.91155 3773.99377
4 1998 25.30 204.2144884 5166.62656 4.08849 3769.90527
5 1998 24.89 204.2144884 5082.89862 4.08406 3704.72788
6 1998 25.17 204.2144884 5140.07867 4.01346 3742.39076
7 1998 24.55 204.2144884 5013.46569 4.05426 3646.15206
8 1998 20.80 204.2144884 4247.66136 3.95000 3085.25419
9 1998 22.02 204.2144884 4496.80304 3.34236 3262.87386
10 1998 23.65 204.2144884 4829.67265 3.53478 3500.86880
11 1998 24.65 204.2144884 5033.88714 3.79261 3645.10447
12 1998 25.42 204.2144884 5191.13230 3.94886 3755.01891
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 327.03%
GROSS ANNUAL RETURN = 15.62%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 3755.02 3755.02
TOTAL RETURN 275.50% 275.50%
AVERAGE ANNUAL RETURN 14.15% 14.15%
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 1.08333 1009.91667
11 1986 10.33 100.0000000 1033.00000 1.09408 1030.79902
12 1986 10.02 100.0000000 1002.00000 1.11670 998.74837
1 1987 11.17 100.0000000 1117.00000 1.08198 1112.29320
2 1987 11.43 100.0000000 1143.00000 1.20498 1136.97866
3 1987 11.65 100.6024096 1172.01807 1.23173 1164.61213
4 1987 11.36 100.6024096 1142.84337 1.26166 1134.36013
5 1987 11.43 100.6024096 1149.88554 1.22889 1140.12113
6 1987 11.55 101.6324684 1173.85501 1.23513 1162.65193
7 1987 11.99 101.6324684 1218.57330 1.25954 1205.68389
8 1987 12.32 101.6324684 1252.11201 1.30616 1237.56169
9 1987 11.94 102.6660190 1225.83227 1.34069 1210.24664
10 1987 9.61 102.6660190 986.62044 1.31110 972.76514
11 1987 9.18 102.6660190 942.47405 1.05383 928.18487
12 1987 9.42 105.1647686 990.65212 1.00553 974.62696
1 1988 10.09 105.1647686 1061.11252 1.05585 1042.89172
2 1988 10.59 105.1647686 1113.69490 1.12980 1093.44139
3 1988 10.27 106.5537373 1094.30688 1.18456 1073.22140
4 1988 10.44 106.5537373 1112.42102 1.16266 1089.82385
5 1988 10.58 106.5537373 1127.33854 1.18064 1103.25770
6 1988 11.04 107.9235741 1191.47626 1.19520 1164.83019
7 1988 11.02 107.9235741 1189.31779 1.26190 1161.45809
8 1988 10.88 107.9235741 1174.20849 1.25825 1145.44448
9 1988 11.01 109.3135742 1203.54245 1.24090 1172.81897
10 1988 11.20 109.3135742 1224.31203 1.27055 1191.78780
11 1988 11.02 109.3135742 1204.63559 1.29110 1171.34296
12 1988 11.01 110.4117014 1215.63283 1.26895 1180.76732
1 1989 11.69 110.4117014 1290.71279 1.27916 1252.41475
2 1989 11.68 110.4117014 1289.60867 1.35678 1249.98661
3 1989 11.66 112.5129621 1311.90114 1.35415 1270.24001
4 1989 12.11 112.5129621 1362.53197 1.37609 1317.88690
5 1989 12.47 112.5129621 1403.03664 1.42771 1355.63667
6 1989 12.35 113.6840338 1403.99782 1.46861 1355.09677
7 1989 13.07 113.6840338 1485.85032 1.46802 1432.63034
8 1989 13.28 113.6840338 1509.72397 1.55202 1454.09687
9 1989 13.00 114.8270287 1492.75137 1.57527 1436.17437
10 1989 12.25 114.8270287 1406.63110 1.55586 1351.76230
11 1989 12.32 114.8270287 1414.66899 1.46441 1358.02225
12 1989 12.29 116.0678861 1426.47432 1.47119 1367.88367
1 1990 11.46 116.0678861 1330.13797 1.48187 1274.02234
2 1990 11.14 120.1095357 1338.02023 1.38019 1280.19187
3 1990 10.96 122.2834639 1340.22676 1.38687 1280.91617
4 1990 10.58 122.2834639 1293.75905 1.38766 1235.11718
5 1990 11.28 122.2834639 1379.35747 1.33804 1315.49767
6 1990 11.04 123.6977744 1365.62343 1.42512 1300.97434
7 1990 10.77 123.6977744 1332.22503 1.40939 1267.74765
8 1990 9.91 123.6977744 1225.84494 1.37339 1165.14278
9 1990 9.02 125.3607228 1130.75372 1.26224 1073.49811
10 1990 8.79 125.3607228 1101.92075 1.16296 1044.96214
11 1990 9.42 125.3607228 1180.89801 1.13204 1118.72499
12 1990 9.51 127.0636375 1208.37519 1.21195 1143.54358
1 1991 10.02 127.0636375 1273.17765 1.23884 1203.63042
2 1991 10.71 127.0636375 1360.85156 1.30393 1285.21122
3 1991 10.70 129.8206787 1389.08126 1.39231 1310.47952
4 1991 10.75 129.8206787 1395.57230 1.41969 1315.18357
5 1991 11.34 129.8206787 1472.16650 1.42478 1385.94095
6 1991 10.76 131.2241455 1411.97181 1.50144 1327.77046
7 1991 11.37 131.2241455 1492.01853 1.43842 1401.60527
8 1991 11.61 131.2241455 1523.51233 1.51841 1429.67220
9 1991 11.41 132.6078799 1513.05591 1.54881 1418.31103
10 1991 11.60 132.6078799 1538.25141 1.53650 1440.39233
11 1991 11.10 132.6078799 1471.94747 1.56042 1376.74603
12 1991 11.85 134.0312203 1588.26996 1.49147 1484.05363
1 1992 12.01 134.0312203 1609.71496 1.60772 1502.48376
2 1992 12.40 134.0312203 1661.98713 1.62769 1549.64614
3 1992 12.13 135.3356604 1641.62156 1.67878 1528.97838
4 1992 12.51 135.3356604 1693.04911 1.65639 1575.22073
5 1992 12.61 135.3356604 1706.58268 1.70649 1586.10594
6 1992 12.40 136.4226938 1691.64140 1.71828 1570.50116
7 1992 12.78 136.4226938 1743.48203 1.70138 1616.92805
8 1992 12.50 136.4226938 1705.28367 1.75167 1579.75072
9 1992 12.53 137.5088618 1722.98604 1.71140 1594.43855
10 1992 12.68 137.5088618 1743.61237 1.72731 1611.79869
11 1992 13.14 137.5088618 1806.86644 1.74612 1668.52477
12 1992 13.40 138.5435409 1856.48345 1.80757 1712.53531
1 1993 13.80 138.5435409 1911.90087 1.85525 1761.80052
2 1993 14.11 138.5435409 1954.84936 1.90862 1799.46858
3 1993 14.43 139.5083288 2013.10519 1.94942 1851.14453
4 1993 14.37 139.5083288 2004.73469 2.00541 1841.44205
5 1993 14.63 139.5083288 2041.00685 1.99490 1872.76483
6 1993 14.70 140.4771367 2065.01391 2.02883 1892.76414
7 1993 14.90 140.4771367 2093.10934 2.05049 1916.46553
8 1993 15.47 140.4771367 2173.18130 2.07617 1987.70382
9 1993 15.31 141.4025460 2164.87298 2.15335 1977.95125
10 1993 15.45 141.4025460 2184.66934 2.14278 1993.89555
11 1993 15.18 141.4025460 2146.49065 2.16005 1956.89072
12 1993 15.44 142.2348697 2196.10639 2.11996 2000.00392
1 1994 16.12 142.2348697 2292.82610 2.16667 2085.92033
2 1994 14.94 149.5168411 2233.78161 2.25975 2029.94429
3 1994 14.22 150.5156176 2140.33208 2.19911 1942.82313
4 1994 14.71 150.5156176 2214.08473 2.10472 2007.66519
5 1994 14.85 150.5156176 2235.15692 2.17497 2024.59784
6 1994 14.67 151.4211260 2221.34792 2.19331 2009.89638
7 1994 15.16 151.4211260 2295.54427 2.17739 2074.85255
8 1994 15.94 151.4211260 2413.65275 2.24776 2179.35842
9 1994 15.59 152.2841976 2374.11064 2.36097 2141.29371
10 1994 15.91 152.2841976 2422.84158 2.31973 2182.92612
11 1994 15.39 152.2841976 2343.65380 2.36484 2109.21486
12 1994 15.35 153.1776512 2351.27695 2.28498 2113.79047
1 1995 15.59 153.1776512 2388.03958 2.28994 2144.55002
2 1995 15.39 161.0849025 2479.09665 2.32326 2223.99946
3 1995 15.82 162.1174981 2564.69882 2.40933 2298.38389
4 1995 16.26 162.1174981 2636.03052 2.48992 2359.81869
5 1995 16.75 162.1174981 2715.46809 2.55647 2428.37607
6 1995 16.89 163.0836333 2754.48257 2.63074 2460.63501
7 1995 17.54 163.0836333 2860.48693 2.66569 2552.66516
8 1995 17.76 163.0836333 2896.36533 2.76539 2581.91724
9 1995 18.25 163.9738278 2992.52236 2.79708 2664.83776
10 1995 18.04 163.9738278 2958.08785 2.88691 2631.28697
11 1995 18.82 163.9738278 3085.98744 2.85056 2742.20602
12 1995 19.27 164.8363940 3176.39731 2.97072 2819.57344
1 1996 19.83 164.8363940 3268.70569 3.05454 2898.45773
2 1996 19.00 172.6149937 3279.68488 3.14000 2905.05330
3 1996 19.20 172.6149937 3314.20788 3.14714 2932.48567
4 1996 19.45 172.6149937 3357.36163 3.17686 2967.49221
5 1996 19.66 172.6149937 3393.61078 3.21478 2996.31719
6 1996 19.48 172.6149937 3362.54008 3.24601 2965.63796
7 1996 18.53 172.6149937 3198.55583 3.21277 2817.79705
8 1996 18.91 172.6149937 3264.14953 3.05261 2872.52981
9 1996 19.72 172.6149937 3403.96768 3.11191 2992.46122
10 1996 20.04 172.6149937 3459.20447 3.24183 3037.77860
11 1996 21.38 172.6149937 3690.50857 3.29093 3237.61259
12 1996 21.03 172.6149937 3630.09332 3.50741 3181.10403
1 1997 21.85 172.6149937 3771.63761 3.44620 3301.69518
2 1997 19.91 191.5328996 3813.42003 3.57684 3334.69471
3 1997 19.17 191.5328996 3671.68569 3.61259 3207.14068
4 1997 19.85 191.5328996 3801.92806 3.47440 3317.43027
5 1997 21.08 191.5328996 4037.51352 3.59388 3519.40008
6 1997 22.06 191.5328996 4225.21577 3.81268 3679.20277
7 1997 23.67 191.5328996 4533.58373 3.98580 3943.73539
8 1997 22.56 191.5328996 4320.98221 4.27238 3754.52231
9 1997 23.80 191.5328996 4558.48301 4.06740 3956.82050
10 1997 22.93 191.5328996 4391.84939 4.28656 3807.89387
11 1997 23.77 191.5328996 4552.73702 4.12522 3943.26411
12 1997 24.28 191.5328996 4650.41880 4.27187 4023.59740
1 1998 24.22 191.5328996 4638.92683 4.35890 4009.29551
2 1998 24.18 204.2144884 4937.90633 4.34340 4263.35178
3 1998 25.30 204.2144884 5166.62656 4.61863 4456.20850
4 1998 25.30 204.2144884 5166.62656 4.82756 4451.38094
5 1998 24.89 204.2144884 5082.89862 4.82233 4374.42161
6 1998 25.17 204.2144884 5140.07867 4.73896 4418.89270
7 1998 24.55 204.2144884 5013.46569 4.78713 4305.25720
8 1998 20.80 204.2144884 4247.66136 4.66403 3642.96732
9 1998 22.02 204.2144884 4496.80304 3.94655 3852.69482
10 1998 23.65 204.2144884 4829.67265 4.17375 4133.71146
11 1998 24.65 204.2144884 5033.88714 4.47819 4304.02023
12 1998 25.42 204.2144884 5191.13230 4.66269 4433.80361
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 419.11%
GROSS ANNUAL RETURN = 14.42%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 4433.80 4433.80
TOTAL RETURN 343.38% 343.38%
AVERAGE ANNUAL RETURN 12.95% 12.95%
Return for Product Inception
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 1.08333 1037.90858
2 1997 19.91 191.5328996 3813.42003 1.12440 1048.28219
3 1997 19.17 191.5328996 3671.68569 1.13564 1008.18478
4 1997 19.85 191.5328996 3801.92806 1.09220 1042.85501
5 1997 21.08 191.5328996 4037.51352 1.12976 1106.34548
6 1997 22.06 191.5328996 4225.21577 1.19854 1156.58046
7 1997 23.67 191.5328996 4533.58373 1.25296 1239.73795
8 1997 22.56 191.5328996 4320.98221 1.34305 1180.25763
9 1997 23.80 191.5328996 4558.48301 1.27861 1243.85134
10 1997 22.93 191.5328996 4391.84939 1.34751 1197.03532
11 1997 23.77 191.5328996 4552.73702 1.29679 1239.58980
12 1997 24.28 191.5328996 4650.41880 1.34289 1264.84307
1 1998 24.22 191.5328996 4638.92683 1.37025 1260.34719
2 1998 24.18 204.2144884 4937.90633 1.36538 1340.21137
3 1998 25.30 204.2144884 5166.62656 1.45190 1400.83709
4 1998 25.30 204.2144884 5166.62656 1.51757 1399.31951
5 1998 24.89 204.2144884 5082.89862 1.51593 1375.12686
6 1998 25.17 204.2144884 5140.07867 1.48972 1389.10663
7 1998 24.55 204.2144884 5013.46569 1.50487 1353.38460
8 1998 20.80 204.2144884 4247.66136 1.46617 1145.18962
9 1998 22.02 204.2144884 4496.80304 1.24062 1211.11878
10 1998 23.65 204.2144884 4829.67265 1.31205 1299.45812
11 1998 24.65 204.2144884 5033.88714 1.40775 1352.99575
12 1998 25.42 204.2144884 5191.13230 1.46575 1393.79397
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 43.00%
GROSS ANNUAL RETURN = 19.07%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1393.79 1322.71
TOTAL RETURN 39.38% 32.27%
AVERAGE ANNUAL RETURN 17.59% 14.62%
Fidelity Index 50012/1998Assume ($10000 @ $10.00 on 8/27/1992)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/92 0.5500000000 52.28 1.052 101.052028
2/93 0.1500000000 54.16 0.280 101.331898
12/93 1.8200000000 55.63 3.315 104.647089
2/94 0.1000000000 56.17 0.186 104.833393
2/95 1.0800000000 57.65 1.964 106.797315
2/96 3.2500000000 75.06 4.624 111.421499
2/97 3.1200000000 91.92 3.782 115.203430
2/98 4.5100000000 114.96 4.520 119.722980
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 114.39 115.2034296 13178.12032 1000.00000
1 1998 115.64 115.2034296 13322.12460 1.08333 1009.84420
2 1998 119.18 119.7229796 14268.58471 1.09400 1080.49380
3 1998 125.21 119.7229796 14990.51428 1.17053 1133.99165
4 1998 126.45 119.7229796 15138.97077 1.22849 1143.99349
5 1998 124.19 119.7229796 14868.39684 1.23933 1122.30794
6 1998 129.25 119.7229796 15474.19512 1.21583 1166.81944
7 1998 127.85 119.7229796 15306.58295 1.26405 1152.91672
8 1998 109.35 119.7229796 13091.70782 1.24899 984.83973
9 1998 116.38 119.7229796 13933.36037 1.06691 1047.08717
10 1998 125.83 119.7229796 15064.74253 1.13434 1130.97580
11 1998 133.41 119.7229796 15972.24271 1.22522 1197.88056
12 1998 141.25 119.7229796 16910.87087 1.29770 1266.97776
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 28.33%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1266.98 1191.59
TOTAL RETURN 26.70% 19.16%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 114.39 115.2034296 13178.12032 1000.00000
1 1998 115.64 115.2034296 13322.12460 1.08333 1009.84420
2 1998 119.18 119.7229796 14268.58471 1.09400 1080.49380
3 1998 125.21 119.7229796 14990.51428 1.17053 1133.99165
4 1998 126.45 119.7229796 15138.97077 1.22849 1143.99349
5 1998 124.19 119.7229796 14868.39684 1.23933 1122.30794
6 1998 129.25 119.7229796 15474.19512 1.21583 1166.81944
7 1998 127.85 119.7229796 15306.58295 1.26405 1152.91672
8 1998 109.35 119.7229796 13091.70782 1.24899 984.83973
9 1998 116.38 119.7229796 13933.36037 1.06691 1047.08717
10 1998 125.83 119.7229796 15064.74253 1.13434 1130.97580
11 1998 133.41 119.7229796 15972.24271 1.22522 1197.88056
12 1998 141.25 119.7229796 16910.87087 1.29770 1266.97776
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 28.33%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1266.98 1191.59
TOTAL RETURN 26.70% 19.16%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 75.71 106.7973146 8085.62469 1000.00000
1 1996 78.30 106.7973146 8362.22973 1.08333 1033.12615
2 1996 75.75 111.4214989 8440.17854 1.11922 1041.63725
3 1996 76.53 111.4214989 8527.08731 1.12844 1051.23458
4 1996 77.60 111.4214989 8646.30831 1.13884 1064.79352
5 1996 79.58 111.4214989 8866.92288 1.15353 1090.80870
6 1996 79.92 111.4214989 8904.80619 1.18171 1094.28739
7 1996 76.38 111.4214989 8510.37408 1.18548 1044.63122
8 1996 77.95 111.4214989 8685.30584 1.13168 1064.97206
9 1996 82.31 111.4214989 9171.10357 1.15372 1123.38573
10 1996 84.58 111.4214989 9424.03037 1.21700 1153.15021
11 1996 90.92 111.4214989 10130.44268 1.24925 1238.33951
12 1996 89.13 111.4214989 9930.99819 1.34153 1212.61800
1 1997 94.57 111.4214989 10537.13115 1.31367 1285.31579
2 1997 92.15 115.2034296 10615.99604 1.39243 1293.54328
3 1997 88.32 115.2034296 10174.76690 1.40134 1238.37883
4 1997 93.57 115.2034296 10779.58491 1.34158 1310.65013
5 1997 99.26 115.2034296 11435.09243 1.41987 1388.93101
6 1997 103.62 115.2034296 11937.37938 1.50468 1448.43519
7 1997 111.86 115.2034296 12886.65564 1.56914 1562.04754
8 1997 105.60 115.2034296 12165.48217 1.69222 1472.93875
9 1997 111.31 115.2034296 12823.29375 1.59568 1550.98777
10 1997 107.63 115.2034296 12399.34513 1.68024 1498.03060
11 1997 112.50 115.2034296 12960.38583 1.62287 1564.19004
12 1997 114.39 115.2034296 13178.12032 1.69454 1588.77389
1 1998 115.64 115.2034296 13322.12460 1.72117 1604.41409
2 1998 119.18 119.7229796 14268.58471 1.73812 1716.66034
3 1998 125.21 119.7229796 14990.51428 1.85972 1801.65632
4 1998 126.45 119.7229796 15138.97077 1.95179 1817.54698
5 1998 124.19 119.7229796 14868.39684 1.96901 1783.09354
6 1998 129.25 119.7229796 15474.19512 1.93168 1853.81226
7 1998 127.85 119.7229796 15306.58295 2.00830 1831.72399
8 1998 109.35 119.7229796 13091.70782 1.98437 1564.68765
9 1998 116.38 119.7229796 13933.36037 1.69508 1663.58475
10 1998 125.83 119.7229796 15064.74253 1.80222 1796.86481
11 1998 133.41 119.7229796 15972.24271 1.94660 1903.16136
12 1998 141.25 119.7229796 16910.87087 2.06176 2012.94118
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 109.15%
GROSS ANNUAL RETURN = 27.88%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2012.94 1927.39
TOTAL RETURN 101.29% 92.74%
AVERAGE ANNUAL RETURN 26.26% 24.45%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1993 55.74 104.6470890 5833.02874 1000.00000
1 1994 57.62 104.6470890 6029.76527 1.08333 1032.64469
2 1994 55.96 104.8333932 5866.47669 1.11870 1003.56154
3 1994 53.53 104.8333932 5611.73154 1.08719 958.89582
4 1994 54.17 104.8333932 5678.82491 1.03880 969.32149
5 1994 55.01 104.8333932 5766.88496 1.05010 983.30240
6 1994 53.67 104.8333932 5626.40822 1.06524 958.28469
7 1994 55.44 104.8333932 5811.96332 1.03814 988.85013
8 1994 57.65 104.8333932 6043.64512 1.07125 1027.19732
9 1994 56.25 104.8333932 5896.87837 1.11280 1001.13958
10 1994 57.50 104.8333932 6027.92011 1.08457 1022.30255
11 1994 55.41 104.8333932 5808.81832 1.10749 984.03658
12 1994 56.22 104.8333932 5893.73337 1.06604 997.35549
1 1995 57.71 104.8333932 6049.93512 1.08047 1022.70795
2 1995 58.82 106.7973146 6281.81804 1.10793 1060.79854
3 1995 60.54 106.7973146 6465.50942 1.14920 1090.66895
4 1995 62.32 106.7973146 6655.60864 1.18156 1121.55530
5 1995 64.77 106.7973146 6917.26207 1.21502 1164.43223
6 1995 66.24 106.7973146 7074.25412 1.26147 1189.59836
7 1995 68.45 106.7973146 7310.27618 1.28873 1227.99882
8 1995 68.62 106.7973146 7328.43173 1.33033 1229.71831
9 1995 71.49 106.7973146 7634.94002 1.33219 1279.81851
10 1995 71.25 106.7973146 7609.30866 1.38647 1274.13555
11 1995 74.35 106.7973146 7940.38034 1.38031 1328.19131
12 1995 75.71 106.7973146 8085.62469 1.43887 1351.04753
1 1996 78.30 106.7973146 8362.22973 1.46363 1395.80253
2 1996 75.75 111.4214989 8440.17854 1.51212 1407.30143
3 1996 76.53 111.4214989 8527.08731 1.52458 1420.26788
4 1996 77.60 111.4214989 8646.30831 1.53862 1438.58665
5 1996 79.58 111.4214989 8866.92288 1.55847 1473.73439
6 1996 79.92 111.4214989 8904.80619 1.59655 1478.43427
7 1996 76.38 111.4214989 8510.37408 1.60164 1411.34643
8 1996 77.95 111.4214989 8685.30584 1.52896 1438.82787
9 1996 82.31 111.4214989 9171.10357 1.55873 1517.74752
10 1996 84.58 111.4214989 9424.03037 1.64423 1557.96074
11 1996 90.92 111.4214989 10130.44268 1.68779 1673.05554
12 1996 89.13 111.4214989 9930.99819 1.81248 1638.30455
1 1997 94.57 111.4214989 10537.13115 1.77483 1736.52273
2 1997 92.15 115.2034296 10615.99604 1.88123 1747.63845
3 1997 88.32 115.2034296 10174.76690 1.89327 1673.10866
4 1997 93.57 115.2034296 10779.58491 1.81253 1770.75061
5 1997 99.26 115.2034296 11435.09243 1.91831 1876.51180
6 1997 103.62 115.2034296 11937.37938 2.03289 1956.90478
7 1997 111.86 115.2034296 12886.65564 2.11998 2110.40047
8 1997 105.60 115.2034296 12165.48217 2.28627 1990.01026
9 1997 111.31 115.2034296 12823.29375 2.15584 2095.45819
10 1997 107.63 115.2034296 12399.34513 2.27008 2023.91054
11 1997 112.50 115.2034296 12960.38583 2.19257 2113.29508
12 1997 114.39 115.2034296 13178.12032 2.28940 2146.50904
1 1998 115.64 115.2034296 13322.12460 2.32538 2167.63969
2 1998 119.18 119.7229796 14268.58471 2.34828 2319.28971
3 1998 125.21 119.7229796 14990.51428 2.51256 2434.12332
4 1998 126.45 119.7229796 15138.97077 2.63697 2455.59236
5 1998 124.19 119.7229796 14868.39684 2.66022 2409.04412
6 1998 129.25 119.7229796 15474.19512 2.60980 2504.58847
7 1998 127.85 119.7229796 15306.58295 2.71330 2474.74616
8 1998 109.35 119.7229796 13091.70782 2.68097 2113.96739
9 1998 116.38 119.7229796 13933.36037 2.29013 2247.58206
10 1998 125.83 119.7229796 15064.74253 2.43488 2427.64976
11 1998 133.41 119.7229796 15972.24271 2.62995 2571.26145
12 1998 141.25 119.7229796 16910.87087 2.78553 2719.57920
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 189.92%
GROSS ANNUAL RETURN = 23.72%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2719.58 2650.23
TOTAL RETURN 171.96% 165.02%
AVERAGE ANNUAL RETURN 22.15% 21.52%
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 1.08333 1000.31667
9 1992 50.65 100.0000000 5065.00000 1.08368 1010.82044
10 1992 50.76 100.0000000 5076.00000 1.09506 1011.92065
11 1992 52.49 100.0000000 5249.00000 1.09625 1045.31264
12 1992 52.60 101.0520275 5315.33665 1.13242 1057.39084
1 1993 52.98 101.0520275 5353.73642 1.14551 1063.88427
2 1993 53.57 101.3318984 5428.34980 1.15254 1077.55876
3 1993 54.75 101.3318984 5547.92144 1.16736 1100.12707
4 1993 53.40 101.3318984 5411.12337 1.19180 1071.80884
5 1993 54.79 101.3318984 5551.97471 1.16113 1098.54686
6 1993 54.93 101.3318984 5566.16118 1.19009 1100.16378
7 1993 54.68 101.3318984 5540.82820 1.19184 1093.96482
8 1993 56.75 101.3318984 5750.58523 1.18513 1134.19351
9 1993 56.29 101.3318984 5703.97256 1.22871 1123.77133
10 1993 57.44 101.3318984 5820.50424 1.21742 1145.51247
11 1993 56.88 101.3318984 5763.75838 1.24097 1133.10355
12 1993 55.74 104.6470890 5833.02874 1.22753 1145.49396
1 1994 57.62 104.6470890 6029.76527 1.24095 1182.88825
2 1994 55.96 104.8333932 5866.47669 1.28146 1149.57368
3 1994 53.53 104.8333932 5611.73154 1.24537 1098.40936
4 1994 54.17 104.8333932 5678.82491 1.18994 1110.35190
5 1994 55.01 104.8333932 5766.88496 1.20288 1126.36696
6 1994 53.67 104.8333932 5626.40822 1.22023 1097.70932
7 1994 55.44 104.8333932 5811.96332 1.18919 1132.72184
8 1994 57.65 104.8333932 6043.64512 1.22712 1176.64832
9 1994 56.25 104.8333932 5896.87837 1.27470 1146.79933
10 1994 57.50 104.8333932 6027.92011 1.24237 1171.04140
11 1994 55.41 104.8333932 5808.81832 1.26863 1127.20796
12 1994 56.22 104.8333932 5893.73337 1.22114 1142.46468
1 1995 57.71 104.8333932 6049.93512 1.23767 1171.50578
2 1995 58.82 106.7973146 6281.81804 1.26913 1215.13832
3 1995 60.54 106.7973146 6465.50942 1.31640 1249.35469
4 1995 62.32 106.7973146 6655.60864 1.35347 1284.73481
5 1995 64.77 106.7973146 6917.26207 1.39180 1333.85008
6 1995 66.24 106.7973146 7074.25412 1.44500 1362.67773
7 1995 68.45 106.7973146 7310.27618 1.47623 1406.66523
8 1995 68.62 106.7973146 7328.43173 1.52389 1408.63489
9 1995 71.49 106.7973146 7634.94002 1.52602 1466.02437
10 1995 71.25 106.7973146 7609.30866 1.58819 1459.51457
11 1995 74.35 106.7973146 7940.38034 1.58114 1521.43511
12 1995 75.71 106.7973146 8085.62469 1.64822 1547.61678
1 1996 78.30 106.7973146 8362.22973 1.67658 1598.88336
2 1996 75.75 111.4214989 8440.17854 1.73212 1612.05528
3 1996 76.53 111.4214989 8527.08731 1.74639 1626.90827
4 1996 77.60 111.4214989 8646.30831 1.76248 1647.89232
5 1996 79.58 111.4214989 8866.92288 1.78522 1688.15384
6 1996 79.92 111.4214989 8904.80619 1.82883 1693.53752
7 1996 76.38 111.4214989 8510.37408 1.83467 1616.68881
8 1996 77.95 111.4214989 8685.30584 1.75141 1648.16863
9 1996 82.31 111.4214989 9171.10357 1.78552 1738.57061
10 1996 84.58 111.4214989 9424.03037 1.88345 1784.63461
11 1996 90.92 111.4214989 10130.44268 1.93335 1916.47500
12 1996 89.13 111.4214989 9930.99819 2.07618 1876.66796
1 1997 94.57 111.4214989 10537.13115 2.03306 1989.17629
2 1997 92.15 115.2034296 10615.99604 2.15494 2001.90928
3 1997 88.32 115.2034296 10174.76690 2.16873 1916.53586
4 1997 93.57 115.2034296 10779.58491 2.07625 2028.38412
5 1997 99.26 115.2034296 11435.09243 2.19742 2149.53293
6 1997 103.62 115.2034296 11937.37938 2.32866 2241.62260
7 1997 111.86 115.2034296 12886.65564 2.42842 2417.45098
8 1997 105.60 115.2034296 12165.48217 2.61891 2279.54472
9 1997 111.31 115.2034296 12823.29375 2.46951 2400.33469
10 1997 107.63 115.2034296 12399.34513 2.60036 2318.37729
11 1997 112.50 115.2034296 12960.38583 2.51158 2420.76674
12 1997 114.39 115.2034296 13178.12032 2.62250 2458.81313
1 1998 115.64 115.2034296 13322.12460 2.66371 2483.01816
2 1998 119.18 119.7229796 14268.58471 2.68994 2656.73234
3 1998 125.21 119.7229796 14990.51428 2.87813 2788.27355
4 1998 126.45 119.7229796 15138.97077 3.02063 2812.86620
5 1998 124.19 119.7229796 14868.39684 3.04727 2759.54548
6 1998 129.25 119.7229796 15474.19512 2.98951 2868.99095
7 1998 127.85 119.7229796 15306.58295 3.10807 2834.80677
8 1998 109.35 119.7229796 13091.70782 3.07104 2421.53686
9 1998 116.38 119.7229796 13933.36037 2.62333 2574.59167
10 1998 125.83 119.7229796 15064.74253 2.78914 2780.85813
11 1998 133.41 119.7229796 15972.24271 3.01260 2945.36445
12 1998 141.25 119.7229796 16910.87087 3.19081 3115.26154
SURRENDER CHARGE = 1.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 238.22%
GROSS ANNUAL RETURN = 21.17%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 3115.26 3088.78
TOTAL RETURN 211.53% 208.88%
AVERAGE ANNUAL RETURN 19.61% 19.45%
Return for Product Inception
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 1.08333 1059.95111
2 1997 92.15 115.2034296 10615.99604 1.14828 1066.73601
3 1997 88.32 115.2034296 10174.76690 1.15563 1021.24398
4 1997 93.57 115.2034296 10779.58491 1.10635 1080.84337
5 1997 99.26 115.2034296 11435.09243 1.17091 1145.39864
6 1997 103.62 115.2034296 11937.37938 1.24085 1194.46948
7 1997 111.86 115.2034296 12886.65564 1.29401 1288.16127
8 1997 105.60 115.2034296 12165.48217 1.39551 1214.67664
9 1997 111.31 115.2034296 12823.29375 1.31590 1279.04070
10 1997 107.63 115.2034296 12399.34513 1.38563 1235.36893
11 1997 112.50 115.2034296 12960.38583 1.33832 1289.92810
12 1997 114.39 115.2034296 13178.12032 1.39742 1310.20147
1 1998 115.64 115.2034296 13322.12460 1.41938 1323.09935
2 1998 119.18 119.7229796 14268.58471 1.43336 1415.66457
3 1998 125.21 119.7229796 14990.51428 1.53364 1485.75753
4 1998 126.45 119.7229796 15138.97077 1.60957 1498.86195
5 1998 124.19 119.7229796 14868.39684 1.62377 1470.44951
6 1998 129.25 119.7229796 15474.19512 1.59299 1528.76855
7 1998 127.85 119.7229796 15306.58295 1.65617 1510.55319
8 1998 109.35 119.7229796 13091.70782 1.63643 1290.33847
9 1998 116.38 119.7229796 13933.36037 1.39787 1371.89515
10 1998 125.83 119.7229796 15064.74253 1.48622 1481.80615
11 1998 133.41 119.7229796 15972.24271 1.60529 1569.46488
12 1998 141.25 119.7229796 16910.87087 1.70025 1659.99613
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 70.28%
GROSS ANNUAL RETURN = 29.66%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1660.00 1575.34
TOTAL RETURN 66.00% 57.53%
AVERAGE ANNUAL RETURN 28.06% 24.83%
MFS Emerging Growth
12/1998Assume ($10000 @ $10.00 on 7/24/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/95 0.3276700000 11.30 2.900 102.899735
12/96 0.1128000000 13.27 0.875 103.774421
4/98 0.1585900000 18.55 0.887 104.661622
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 16.14 103.7744210 1674.91916 1000.00000
1 1998 16.55 103.7744210 1717.46667 1.08333 1024.31939
2 1998 18.13 103.7744210 1881.43025 1.10968 1120.99972
3 1998 19.48 103.7744210 2021.52572 1.21442 1203.25743
4 1998 19.07 104.6616224 1995.89714 1.30353 1186.69919
5 1998 18.25 104.6616224 1910.07461 1.28559 1134.38616
6 1998 19.45 104.6616224 2035.66856 1.22892 1207.74702
7 1998 18.96 104.6616224 1984.38436 1.30839 1176.01209
8 1998 15.41 104.6616224 1612.83560 1.27401 954.54594
9 1998 16.90 104.6616224 1768.78142 1.03409 1045.80734
10 1998 17.31 104.6616224 1811.69268 1.13296 1070.04604
11 1998 18.98 104.6616224 1986.47759 1.15922 1172.12061
12 1998 21.47 104.6616224 2247.08503 1.26980 1324.62217
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 34.16%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1324.62 1245.81
TOTAL RETURN 32.46% 24.58%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 16.14 103.7744210 1674.91916 1000.00000
1 1998 16.55 103.7744210 1717.46667 1.08333 1024.31939
2 1998 18.13 103.7744210 1881.43025 1.10968 1120.99972
3 1998 19.48 103.7744210 2021.52572 1.21442 1203.25743
4 1998 19.07 104.6616224 1995.89714 1.30353 1186.69919
5 1998 18.25 104.6616224 1910.07461 1.28559 1134.38616
6 1998 19.45 104.6616224 2035.66856 1.22892 1207.74702
7 1998 18.96 104.6616224 1984.38436 1.30839 1176.01209
8 1998 15.41 104.6616224 1612.83560 1.27401 954.54594
9 1998 16.90 104.6616224 1768.78142 1.03409 1045.80734
10 1998 17.31 104.6616224 1811.69268 1.13296 1070.04604
11 1998 18.98 104.6616224 1986.47759 1.15922 1172.12061
12 1998 21.47 104.6616224 2247.08503 1.26980 1324.62217
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 34.16%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1324.62 1245.81
TOTAL RETURN 32.46% 24.58%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 11.41 102.8997345 1174.08597 1000.00000
1 1996 11.61 102.8997345 1194.66592 1.08333 1016.44515
2 1996 12.07 102.8997345 1241.99980 1.10115 1055.61659
3 1996 12.19 102.8997345 1254.34776 1.14358 1064.96795
4 1996 13.05 102.8997345 1342.84154 1.15372 1138.94733
5 1996 13.42 102.8997345 1380.91444 1.23386 1170.00547
6 1996 13.13 102.8997345 1351.07351 1.26751 1143.45468
7 1996 12.18 102.8997345 1253.31877 1.23874 1059.48312
8 1996 12.51 102.8997345 1287.27568 1.14777 1087.04055
9 1996 13.58 102.8997345 1397.37839 1.17763 1178.83922
10 1996 13.38 102.8997345 1376.79845 1.27708 1160.20074
11 1996 13.97 102.8997345 1437.50929 1.25688 1210.10368
12 1996 13.24 103.7744210 1373.97333 1.31095 1155.30779
1 1997 14.07 103.7744210 1460.10610 1.25158 1226.48110
2 1997 13.44 103.7744210 1394.72822 1.32869 1170.23534
3 1997 12.39 103.7744210 1285.76508 1.26775 1077.54295
4 1997 12.88 103.7744210 1336.61454 1.16734 1118.99031
5 1997 14.09 103.7744210 1462.18159 1.21224 1222.90060
6 1997 14.67 103.7744210 1522.37076 1.32481 1271.91521
7 1997 16.03 103.7744210 1663.50397 1.37791 1388.45173
8 1997 15.57 103.7744210 1615.76774 1.50416 1347.10429
9 1997 16.68 103.7744210 1730.95734 1.45936 1441.68127
10 1997 16.10 103.7744210 1670.76818 1.56182 1389.98904
11 1997 16.30 103.7744210 1691.52306 1.50582 1405.75017
12 1997 16.14 103.7744210 1674.91916 1.52290 1390.42850
1 1998 16.55 103.7744210 1717.46667 1.50630 1424.24287
2 1998 18.13 103.7744210 1881.43025 1.54293 1558.66996
3 1998 19.48 103.7744210 2021.52572 1.68856 1673.04342
4 1998 19.07 104.6616224 1995.89714 1.81246 1650.02038
5 1998 18.25 104.6616224 1910.07461 1.78752 1577.28284
6 1998 19.45 104.6616224 2035.66856 1.70872 1679.28587
7 1998 18.96 104.6616224 1984.38436 1.81923 1635.16073
8 1998 15.41 104.6616224 1612.83560 1.77142 1327.22788
9 1998 16.90 104.6616224 1768.78142 1.43783 1454.12032
10 1998 17.31 104.6616224 1811.69268 1.57530 1487.82250
11 1998 18.98 104.6616224 1986.47759 1.61181 1629.74990
12 1998 21.47 104.6616224 2247.08503 1.76556 1841.79241
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 91.39%
GROSS ANNUAL RETURN = 24.16%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1841.79 1763.52
TOTAL RETURN 84.18% 76.35%
AVERAGE ANNUAL RETURN 22.58% 20.82%
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 1.08333 1005.91667
8 1995 10.37 100.0000000 1037.00000 1.08974 1034.79465
9 1995 10.87 100.0000000 1087.00000 1.12103 1083.56729
10 1995 11.06 100.0000000 1106.00000 1.17386 1101.33342
11 1995 11.69 100.0000000 1169.00000 1.19311 1162.87449
12 1995 11.41 102.8997345 1174.08597 1.25978 1166.67403
1 1996 11.61 102.8997345 1194.66592 1.26390 1185.86016
2 1996 12.07 102.8997345 1241.99980 1.28468 1231.56047
3 1996 12.19 102.8997345 1254.34776 1.33419 1242.47046
4 1996 13.05 102.8997345 1342.84154 1.34601 1328.78028
5 1996 13.42 102.8997345 1380.91444 1.43951 1365.01500
6 1996 13.13 102.8997345 1351.07351 1.47877 1334.03889
7 1996 12.18 102.8997345 1253.31877 1.44521 1236.07144
8 1996 12.51 102.8997345 1287.27568 1.33908 1268.22199
9 1996 13.58 102.8997345 1397.37839 1.37391 1375.32110
10 1996 13.38 102.8997345 1376.79845 1.48993 1353.57608
11 1996 13.97 102.8997345 1437.50929 1.46637 1411.79654
12 1996 13.24 103.7744210 1373.97333 1.52945 1347.86760
1 1997 14.07 103.7744210 1460.10610 1.46019 1430.90365
2 1997 13.44 103.7744210 1394.72822 1.55015 1365.28319
3 1997 12.39 103.7744210 1285.76508 1.47906 1257.14138
4 1997 12.88 103.7744210 1336.61454 1.36190 1305.49694
5 1997 14.09 103.7744210 1462.18159 1.41429 1426.72638
6 1997 14.67 103.7744210 1522.37076 1.54562 1483.91045
7 1997 16.03 103.7744210 1663.50397 1.60757 1619.87058
8 1997 15.57 103.7744210 1615.76774 1.75486 1571.63160
9 1997 16.68 103.7744210 1730.95734 1.70260 1681.97210
10 1997 16.10 103.7744210 1670.76818 1.82214 1621.66412
11 1997 16.30 103.7744210 1691.52306 1.75680 1640.05222
12 1997 16.14 103.7744210 1674.91916 1.77672 1622.17682
1 1998 16.55 103.7744210 1717.46667 1.75736 1661.62718
2 1998 18.13 103.7744210 1881.43025 1.80010 1818.45977
3 1998 19.48 103.7744210 2021.52572 1.97000 1951.89632
4 1998 19.07 104.6616224 1995.89714 2.11455 1925.03593
5 1998 18.25 104.6616224 1910.07461 2.08546 1840.17494
6 1998 19.45 104.6616224 2035.66856 1.99352 1959.17922
7 1998 18.96 104.6616224 1984.38436 2.12244 1907.69956
8 1998 15.41 104.6616224 1612.83560 2.06667 1548.44230
9 1998 16.90 104.6616224 1768.78142 1.67748 1696.48443
10 1998 17.31 104.6616224 1811.69268 1.83786 1735.80388
11 1998 18.98 104.6616224 1986.47759 1.88045 1901.38689
12 1998 21.47 104.6616224 2247.08503 2.05984 2148.77138
SURRENDER CHARGE = 4.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 124.71%
GROSS ANNUAL RETURN = 26.55%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2148.77 2075.71
TOTAL RETURN 114.88% 107.57%
AVERAGE ANNUAL RETURN 24.91% 23.66%
Return for Product Inception
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 1.08333 1061.60549
2 1997 13.44 103.7744210 1394.72822 1.15007 1012.92084
3 1997 12.39 103.7744210 1285.76508 1.09733 932.68907
4 1997 12.88 103.7744210 1336.61454 1.01041 968.56467
5 1997 14.09 103.7744210 1462.18159 1.04928 1058.50632
6 1997 14.67 103.7744210 1522.37076 1.14672 1100.93190
7 1997 16.03 103.7744210 1663.50397 1.19268 1201.80244
8 1997 15.57 103.7744210 1615.76774 1.30195 1166.01334
9 1997 16.68 103.7744210 1730.95734 1.26318 1247.87635
10 1997 16.10 103.7744210 1670.76818 1.35187 1203.13310
11 1997 16.30 103.7744210 1691.52306 1.30339 1216.77545
12 1997 16.14 103.7744210 1674.91916 1.31817 1203.51347
1 1998 16.55 103.7744210 1717.46667 1.30381 1232.78219
2 1998 18.13 103.7744210 1881.43025 1.33551 1349.13827
3 1998 19.48 103.7744210 2021.52572 1.46157 1448.13653
4 1998 19.07 104.6616224 1995.89714 1.56881 1428.20847
5 1998 18.25 104.6616224 1910.07461 1.54723 1365.24903
6 1998 19.45 104.6616224 2035.66856 1.47902 1453.53981
7 1998 18.96 104.6616224 1984.38436 1.57467 1415.34640
8 1998 15.41 104.6616224 1612.83560 1.53329 1148.80890
9 1998 16.90 104.6616224 1768.78142 1.24454 1258.64322
10 1998 17.31 104.6616224 1811.69268 1.36353 1287.81482
11 1998 18.98 104.6616224 1986.47759 1.39513 1410.66295
12 1998 21.47 104.6616224 2247.08503 1.52822 1594.20063
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 63.55%
GROSS ANNUAL RETURN = 27.13%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1594.20 1512.90
TOTAL RETURN 59.42% 51.29%
AVERAGE ANNUAL RETURN 25.56% 22.39%
MFS High Income
12/1998Assume ($10000 @ $10.00 on 7/26/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/95 0.2343800000 10.26 2.284 102.284405
12/96 0.6346600000 10.87 5.972 108.256422
4/98 0.8327900000 12.03 7.494 115.750592
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 12.35 108.2564221 1336.96681 1000.00000
1 1998 12.60 108.2564221 1364.03092 1.08333 1019.15958
2 1998 12.66 108.2564221 1370.52630 1.10409 1022.90863
3 1998 12.84 108.2564221 1390.01246 1.10815 1036.34421
4 1998 12.04 115.7505921 1393.63713 1.12271 1037.92393
5 1998 12.08 115.7505921 1398.26715 1.12442 1040.24776
6 1998 12.09 115.7505921 1399.42466 1.12694 1039.98196
7 1998 12.21 115.7505921 1413.31473 1.12665 1049.17771
8 1998 11.29 115.7505921 1306.82419 1.13661 968.98758
9 1998 11.21 115.7505921 1297.56414 1.04974 961.07168
10 1998 10.92 115.7505921 1263.99647 1.04116 935.16783
11 1998 11.62 115.7505921 1345.02188 1.01310 994.10138
12 1998 11.53 115.7505921 1334.60433 1.07694 985.32486
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -0.18%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 985.32 926.70
TOTAL RETURN -1.47% -7.33%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 12.35 108.2564221 1336.96681 1000.00000
1 1998 12.60 108.2564221 1364.03092 1.08333 1019.15958
2 1998 12.66 108.2564221 1370.52630 1.10409 1022.90863
3 1998 12.84 108.2564221 1390.01246 1.10815 1036.34421
4 1998 12.04 115.7505921 1393.63713 1.12271 1037.92393
5 1998 12.08 115.7505921 1398.26715 1.12442 1040.24776
6 1998 12.09 115.7505921 1399.42466 1.12694 1039.98196
7 1998 12.21 115.7505921 1413.31473 1.12665 1049.17771
8 1998 11.29 115.7505921 1306.82419 1.13661 968.98758
9 1998 11.21 115.7505921 1297.56414 1.04974 961.07168
10 1998 10.92 115.7505921 1263.99647 1.04116 935.16783
11 1998 11.62 115.7505921 1345.02188 1.01310 994.10138
12 1998 11.53 115.7505921 1334.60433 1.07694 985.32486
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -0.18%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 985.32 926.70
TOTAL RETURN -1.47% -7.33%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 10.29 102.2844055 1052.50653 1000.00000
1 1996 10.48 102.2844055 1071.94057 1.08333 1017.38120
2 1996 10.51 102.2844055 1075.00910 1.10216 1019.19138
3 1996 10.42 102.2844055 1065.80350 1.10412 1009.35965
4 1996 10.51 102.2844055 1075.00910 1.09347 1016.98425
5 1996 10.57 102.2844055 1081.14617 1.10173 1021.68833
6 1996 10.59 102.2844055 1083.19185 1.10683 1022.51468
7 1996 10.71 102.2844055 1095.46598 1.10772 1032.99353
8 1996 10.90 102.2844055 1114.90002 1.11908 1050.20020
9 1996 11.18 102.2844055 1143.53965 1.13772 1076.04010
10 1996 11.19 102.2844055 1144.56250 1.16571 1075.83686
11 1996 11.41 102.2844055 1167.06507 1.16549 1095.82277
12 1996 10.87 108.2564221 1176.74731 1.18714 1103.72682
1 1997 11.02 108.2564221 1192.98577 1.19570 1117.76194
2 1997 11.24 108.2564221 1216.80218 1.21091 1138.86570
3 1997 11.01 108.2564221 1191.90321 1.23377 1114.32774
4 1997 11.13 108.2564221 1204.89398 1.20719 1125.26581
5 1997 11.42 108.2564221 1236.28834 1.21904 1153.36637
6 1997 11.61 108.2564221 1256.85706 1.24948 1171.30599
7 1997 11.87 108.2564221 1285.00373 1.26891 1196.26788
8 1997 11.89 108.2564221 1287.16886 1.29596 1196.98753
9 1997 12.12 108.2564221 1312.06784 1.29674 1218.84531
10 1997 12.09 108.2564221 1308.82014 1.32042 1214.50795
11 1997 12.20 108.2564221 1320.72835 1.31572 1224.24235
12 1997 12.35 108.2564221 1336.96681 1.32626 1237.96824
1 1998 12.60 108.2564221 1364.03092 1.34113 1261.68720
2 1998 12.66 108.2564221 1370.52630 1.36683 1266.32840
3 1998 12.84 108.2564221 1390.01246 1.37186 1282.96122
4 1998 12.04 115.7505921 1393.63713 1.38987 1284.91686
5 1998 12.08 115.7505921 1398.26715 1.39199 1287.79369
6 1998 12.09 115.7505921 1399.42466 1.39511 1287.46464
7 1998 12.21 115.7505921 1413.31473 1.39475 1298.84869
8 1998 11.29 115.7505921 1306.82419 1.40709 1199.57586
9 1998 11.21 115.7505921 1297.56414 1.29954 1189.77622
10 1998 10.92 115.7505921 1263.99647 1.28892 1157.70807
11 1998 11.62 115.7505921 1345.02188 1.25418 1230.66594
12 1998 11.53 115.7505921 1334.60433 1.33322 1219.80089
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 26.80%
GROSS ANNUAL RETURN = 8.24%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1219.80 1167.96
TOTAL RETURN 21.98% 16.80%
AVERAGE ANNUAL RETURN 6.85% 5.31%
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 1.08333 995.91667
8 1995 9.93 100.0000000 993.00000 1.07891 990.84210
9 1995 10.08 100.0000000 1008.00000 1.07341 1004.73609
10 1995 10.30 100.0000000 1030.00000 1.08846 1025.57639
11 1995 10.35 100.0000000 1035.00000 1.11104 1029.44388
12 1995 10.29 102.2844055 1052.50653 1.11523 1045.74120
1 1996 10.48 102.2844055 1071.94057 1.13289 1063.91743
2 1996 10.51 102.2844055 1075.00910 1.15258 1065.81042
3 1996 10.42 102.2844055 1065.80350 1.15463 1055.52897
4 1996 10.51 102.2844055 1075.00910 1.14349 1063.50233
5 1996 10.57 102.2844055 1081.14617 1.15213 1068.42158
6 1996 10.59 102.2844055 1083.19185 1.15746 1069.28573
7 1996 10.71 102.2844055 1095.46598 1.15839 1080.24389
8 1996 10.90 102.2844055 1114.90002 1.17026 1098.23762
9 1996 11.18 102.2844055 1143.53965 1.18976 1125.25947
10 1996 11.19 102.2844055 1144.56250 1.21903 1125.04693
11 1996 11.41 102.2844055 1167.06507 1.21880 1145.94702
12 1996 10.87 108.2564221 1176.74731 1.24144 1154.21262
1 1997 11.02 108.2564221 1192.98577 1.25040 1168.88972
2 1997 11.24 108.2564221 1216.80218 1.26630 1190.95878
3 1997 11.01 108.2564221 1191.90321 1.29021 1165.29843
4 1997 11.13 108.2564221 1204.89398 1.26241 1176.73682
5 1997 11.42 108.2564221 1236.28834 1.27480 1206.12273
6 1997 11.61 108.2564221 1256.85706 1.30663 1224.88294
7 1997 11.87 108.2564221 1285.00373 1.32696 1250.98661
8 1997 11.89 108.2564221 1287.16886 1.35524 1251.73918
9 1997 12.12 108.2564221 1312.06784 1.35605 1274.59676
10 1997 12.09 108.2564221 1308.82014 1.38081 1270.06100
11 1997 12.20 108.2564221 1320.72835 1.37590 1280.24066
12 1997 12.35 108.2564221 1336.96681 1.38693 1294.59440
1 1998 12.60 108.2564221 1364.03092 1.40248 1319.39829
2 1998 12.66 108.2564221 1370.52630 1.42935 1324.25179
3 1998 12.84 108.2564221 1390.01246 1.43461 1341.64541
4 1998 12.04 115.7505921 1393.63713 1.45345 1343.69050
5 1998 12.08 115.7505921 1398.26715 1.45566 1346.69892
6 1998 12.09 115.7505921 1399.42466 1.45892 1346.35482
7 1998 12.21 115.7505921 1413.31473 1.45855 1358.25959
8 1998 11.29 115.7505921 1306.82419 1.47145 1254.44590
9 1998 11.21 115.7505921 1297.56414 1.35898 1244.19801
10 1998 10.92 115.7505921 1263.99647 1.34788 1210.66303
11 1998 11.62 115.7505921 1345.02188 1.31155 1286.95808
12 1998 11.53 115.7505921 1334.60433 1.39420 1275.59604
SURRENDER CHARGE = 4.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 33.46%
GROSS ANNUAL RETURN = 8.77%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1275.60 1232.23
TOTAL RETURN 27.56% 23.22%
AVERAGE ANNUAL RETURN 7.35% 6.27%
Return for Product Inception
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 1.08333 1012.71611
2 1997 11.24 108.2564221 1216.80218 1.09711 1031.83657
3 1997 11.01 108.2564221 1191.90321 1.11782 1009.60465
4 1997 11.13 108.2564221 1204.89398 1.09374 1019.51478
5 1997 11.42 108.2564221 1236.28834 1.10447 1044.97448
6 1997 11.61 108.2564221 1256.85706 1.13206 1061.22817
7 1997 11.87 108.2564221 1285.00373 1.14966 1083.84416
8 1997 11.89 108.2564221 1287.16886 1.17416 1084.49619
9 1997 12.12 108.2564221 1312.06784 1.17487 1104.29980
10 1997 12.09 108.2564221 1308.82014 1.19632 1100.37006
11 1997 12.20 108.2564221 1320.72835 1.19207 1109.18963
12 1997 12.35 108.2564221 1336.96681 1.20162 1121.62558
1 1998 12.60 108.2564221 1364.03092 1.21509 1143.11546
2 1998 12.66 108.2564221 1370.52630 1.23838 1147.32049
3 1998 12.84 108.2564221 1390.01246 1.24293 1162.39018
4 1998 12.04 115.7505921 1393.63713 1.25926 1164.16203
5 1998 12.08 115.7505921 1398.26715 1.26118 1166.76850
6 1998 12.09 115.7505921 1399.42466 1.26400 1166.47037
7 1998 12.21 115.7505921 1413.31473 1.26368 1176.78456
8 1998 11.29 115.7505921 1306.82419 1.27485 1086.84126
9 1998 11.21 115.7505921 1297.56414 1.17741 1077.96258
10 1998 10.92 115.7505921 1263.99647 1.16779 1048.90816
11 1998 11.62 115.7505921 1345.02188 1.13632 1115.00955
12 1998 11.53 115.7505921 1334.60433 1.20793 1105.16557
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 13.41%
GROSS ANNUAL RETURN = 6.34%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1105.17 1048.80
TOTAL RETURN 10.52% 4.88%
AVERAGE ANNUAL RETURN 5.00% 2.35%
MFS Research12/1998Assume ($10000 @ $10.00 on 7/26/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/95 0.1712900000 10.82 1.583 101.583087
12/96 0.1927500000 13.18 1.486 103.068682
4/98 0.3991400000 17.58 2.340 105.408775
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 15.79 103.0686817 1627.45448 1000.00000
1 1998 16.12 103.0686817 1661.46715 1.08333 1019.81597
2 1998 17.41 103.0686817 1794.42575 1.10480 1100.32175
3 1998 18.30 103.0686817 1886.15688 1.19202 1155.37824
4 1998 18.02 105.4087746 1899.46612 1.25166 1162.27924
5 1998 17.69 105.4087746 1864.68122 1.25914 1139.73531
6 1998 18.35 105.4087746 1934.25101 1.23471 1181.02322
7 1998 17.91 105.4087746 1887.87115 1.27944 1151.42497
8 1998 14.85 105.4087746 1565.32030 1.24738 953.45172
9 1998 15.66 105.4087746 1650.70141 1.03291 1004.42527
10 1998 16.56 105.4087746 1745.56931 1.08813 1061.06273
11 1998 17.78 105.4087746 1874.16801 1.14948 1138.08333
12 1998 19.05 105.4087746 2008.03716 1.23292 1218.14207
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 23.39%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1218.14 1145.66
TOTAL RETURN 21.81% 14.57%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 15.79 103.0686817 1627.45448 1000.00000
1 1998 16.12 103.0686817 1661.46715 1.08333 1019.81597
2 1998 17.41 103.0686817 1794.42575 1.10480 1100.32175
3 1998 18.30 103.0686817 1886.15688 1.19202 1155.37824
4 1998 18.02 105.4087746 1899.46612 1.25166 1162.27924
5 1998 17.69 105.4087746 1864.68122 1.25914 1139.73531
6 1998 18.35 105.4087746 1934.25101 1.23471 1181.02322
7 1998 17.91 105.4087746 1887.87115 1.27944 1151.42497
8 1998 14.85 105.4087746 1565.32030 1.24738 953.45172
9 1998 15.66 105.4087746 1650.70141 1.03291 1004.42527
10 1998 16.56 105.4087746 1745.56931 1.08813 1061.06273
11 1998 17.78 105.4087746 1874.16801 1.14948 1138.08333
12 1998 19.05 105.4087746 2008.03716 1.23292 1218.14207
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 23.39%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1218.14 1145.66
TOTAL RETURN 21.81% 14.57%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 10.89 101.5830869 1106.23982 1000.00000
1 1996 11.12 101.5830869 1129.60393 1.08333 1020.03696
2 1996 11.54 101.5830869 1172.26882 1.10504 1057.45850
3 1996 11.52 101.5830869 1170.23716 1.14558 1054.48023
4 1996 11.98 101.5830869 1216.96538 1.14235 1095.44386
5 1996 12.37 101.5830869 1256.58278 1.18673 1129.91849
6 1996 12.21 101.5830869 1240.32949 1.22408 1114.07946
7 1996 11.60 101.5830869 1178.36381 1.20692 1057.21419
8 1996 11.96 101.5830869 1214.93372 1.14532 1088.87897
9 1996 12.68 101.5830869 1288.07354 1.17962 1153.25059
10 1996 12.79 101.5830869 1299.24768 1.24935 1162.00578
11 1996 13.55 101.5830869 1376.45083 1.25884 1229.79498
12 1996 13.13 103.0686817 1353.29179 1.33228 1207.77117
1 1997 13.64 103.0686817 1405.85682 1.30842 1253.37542
2 1997 13.61 103.0686817 1402.76476 1.35782 1249.26091
3 1997 12.86 103.0686817 1325.46325 1.35337 1179.06509
4 1997 13.45 103.0686817 1386.27377 1.27732 1231.88174
5 1997 14.38 103.0686817 1482.12764 1.33454 1315.72564
6 1997 14.92 103.0686817 1537.78473 1.42537 1363.70861
7 1997 16.03 103.0686817 1652.19097 1.47735 1463.68679
8 1997 15.33 103.0686817 1580.04289 1.58566 1398.18467
9 1997 16.12 103.0686817 1661.46715 1.51470 1468.72254
10 1997 15.30 103.0686817 1576.95083 1.59112 1392.41974
11 1997 15.76 103.0686817 1624.36242 1.50845 1432.77488
12 1997 15.79 103.0686817 1627.45448 1.55217 1433.95007
1 1998 16.12 103.0686817 1661.46715 1.55345 1462.36518
2 1998 17.41 103.0686817 1794.42575 1.58423 1577.80646
3 1998 18.30 103.0686817 1886.15688 1.70929 1656.75470
4 1998 18.02 105.4087746 1899.46612 1.79482 1666.65040
5 1998 17.69 105.4087746 1864.68122 1.80554 1634.32352
6 1998 18.35 105.4087746 1934.25101 1.77052 1693.52833
7 1998 17.91 105.4087746 1887.87115 1.83466 1651.08591
8 1998 14.85 105.4087746 1565.32030 1.78868 1367.20216
9 1998 15.66 105.4087746 1650.70141 1.48114 1440.29568
10 1998 16.56 105.4087746 1745.56931 1.56032 1521.51098
11 1998 17.78 105.4087746 1874.16801 1.64830 1631.95467
12 1998 19.05 105.4087746 2008.03716 1.76795 1746.75490
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 81.52%
GROSS ANNUAL RETURN = 21.99%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1746.75 1672.52
TOTAL RETURN 74.68% 67.25%
AVERAGE ANNUAL RETURN 20.43% 18.70%
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 1.08333 998.91667
8 1995 10.10 100.0000000 1010.00000 1.08216 1007.82367
9 1995 10.40 100.0000000 1040.00000 1.09181 1036.66722
10 1995 10.47 100.0000000 1047.00000 1.12306 1042.52173
11 1995 10.81 100.0000000 1081.00000 1.12940 1075.24691
12 1995 10.89 101.5830869 1106.23982 1.16485 1099.18755
1 1996 11.12 101.5830869 1129.60393 1.19079 1121.21192
2 1996 11.54 101.5830869 1172.26882 1.21465 1162.34521
3 1996 11.52 101.5830869 1170.23716 1.25921 1159.07154
4 1996 11.98 101.5830869 1216.96538 1.25566 1204.09825
5 1996 12.37 101.5830869 1256.58278 1.30444 1241.99233
6 1996 12.21 101.5830869 1240.32949 1.34549 1224.58227
7 1996 11.60 101.5830869 1178.36381 1.32663 1162.07667
8 1996 11.96 101.5830869 1214.93372 1.25892 1196.88220
9 1996 12.68 101.5830869 1288.07354 1.29662 1267.63869
10 1996 12.79 101.5830869 1299.24768 1.37328 1277.26228
11 1996 13.55 101.5830869 1376.45083 1.38370 1351.77532
12 1996 13.13 103.0686817 1353.29179 1.46442 1327.56703
1 1997 13.64 103.0686817 1405.85682 1.43820 1377.69465
2 1997 13.61 103.0686817 1402.76476 1.49250 1373.17203
3 1997 12.86 103.0686817 1325.46325 1.48760 1296.01367
4 1997 13.45 103.0686817 1386.27377 1.40401 1354.06907
5 1997 14.38 103.0686817 1482.12764 1.46691 1446.22924
6 1997 14.92 103.0686817 1537.78473 1.56675 1498.97152
7 1997 16.03 103.0686817 1652.19097 1.62389 1608.86629
8 1997 15.33 103.0686817 1580.04289 1.74294 1536.86718
9 1997 16.12 103.0686817 1661.46715 1.66494 1614.40153
10 1997 15.30 103.0686817 1576.95083 1.74893 1530.53043
11 1997 15.76 103.0686817 1624.36242 1.65807 1574.88831
12 1997 15.79 103.0686817 1627.45448 1.70613 1576.18006
1 1998 16.12 103.0686817 1661.46715 1.70753 1607.41360
2 1998 17.41 103.0686817 1794.42575 1.74136 1734.30521
3 1998 18.30 103.0686817 1886.15688 1.87883 1821.08414
4 1998 18.02 105.4087746 1899.46612 1.97284 1831.96137
5 1998 17.69 105.4087746 1864.68122 1.98462 1796.42806
6 1998 18.35 105.4087746 1934.25101 1.94613 1861.50525
7 1998 17.91 105.4087746 1887.87115 2.01663 1814.85307
8 1998 14.85 105.4087746 1565.32030 1.96609 1502.81158
9 1998 15.66 105.4087746 1650.70141 1.62805 1583.15508
10 1998 16.56 105.4087746 1745.56931 1.71508 1672.42592
11 1998 17.78 105.4087746 1874.16801 1.81179 1793.82425
12 1998 19.05 105.4087746 2008.03716 1.94331 1920.01124
SURRENDER CHARGE = 4.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 100.80%
GROSS ANNUAL RETURN = 22.52%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1920.01 1854.73
TOTAL RETURN 92.00% 85.47%
AVERAGE ANNUAL RETURN 20.93% 19.72%
Return for Product Inception
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 1.08333 1037.75901
2 1997 13.61 103.0686817 1402.76476 1.12424 1034.35231
3 1997 12.86 103.0686817 1325.46325 1.12055 976.23219
4 1997 13.45 103.0686817 1386.27377 1.05758 1019.96286
5 1997 14.38 103.0686817 1482.12764 1.10496 1089.38321
6 1997 14.92 103.0686817 1537.78473 1.18017 1129.11174
7 1997 16.03 103.0686817 1652.19097 1.22320 1211.89081
8 1997 15.33 103.0686817 1580.04289 1.31288 1157.65694
9 1997 16.12 103.0686817 1661.46715 1.25413 1216.06027
10 1997 15.30 103.0686817 1576.95083 1.31740 1152.88373
11 1997 15.76 103.0686817 1624.36242 1.24896 1186.29664
12 1997 15.79 103.0686817 1627.45448 1.28515 1187.26966
1 1998 16.12 103.0686817 1661.46715 1.28621 1210.79656
2 1998 17.41 103.0686817 1794.42575 1.31170 1306.37863
3 1998 18.30 103.0686817 1886.15688 1.41524 1371.74553
4 1998 18.02 105.4087746 1899.46612 1.48606 1379.93888
5 1998 17.69 105.4087746 1864.68122 1.49493 1353.17315
6 1998 18.35 105.4087746 1934.25101 1.46594 1402.19304
7 1998 17.91 105.4087746 1887.87115 1.51904 1367.05193
8 1998 14.85 105.4087746 1565.32030 1.48097 1132.00430
9 1998 15.66 105.4087746 1650.70141 1.22634 1192.52365
10 1998 16.56 105.4087746 1745.56931 1.29190 1259.76759
11 1998 17.78 105.4087746 1874.16801 1.36475 1351.21180
12 1998 19.05 105.4087746 2008.03716 1.46381 1446.26312
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 48.38%
GROSS ANNUAL RETURN = 21.24%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1446.26 1372.50
TOTAL RETURN 44.63% 37.25%
AVERAGE ANNUAL RETURN 19.73% 16.71%
MFS Value Series
12/1998Assume ($10000 @ $10.00 on 8/14/1996)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
11/96 0.0538500000 10.59 0.508 100.508499
12/97 1.7629200000 11.43 15.502 116.010550
12/98 0.0299500000 14.65 0.237 116.247718
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 11.68 116.0105495 1355.00322 1000.00000
1 1998 11.88 116.0105495 1378.20533 1.08333 1016.03995
2 1998 12.88 116.0105495 1494.21588 1.10071 1100.46449
3 1998 13.66 116.0105495 1584.70411 1.19217 1165.91536
4 1998 13.95 116.0105495 1618.34717 1.26307 1189.40451
5 1998 13.69 116.0105495 1588.18442 1.28852 1165.94788
6 1998 13.87 116.0105495 1609.06632 1.26311 1180.01498
7 1998 13.48 116.0105495 1563.82221 1.27835 1145.55669
8 1998 11.52 116.0105495 1336.44153 1.24102 977.75105
9 1998 11.94 116.0105495 1385.16596 1.05923 1012.33899
10 1998 13.22 116.0105495 1533.65946 1.09670 1119.76774
11 1998 13.95 116.0105495 1618.34717 1.21308 1180.38752
12 1998 14.78 116.2477179 1718.14127 1.27875 1251.89644
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 26.80%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1251.90 1177.41
TOTAL RETURN 25.19% 17.74%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 11.68 116.0105495 1355.00322 1000.00000
1 1998 11.88 116.0105495 1378.20533 1.08333 1016.03995
2 1998 12.88 116.0105495 1494.21588 1.10071 1100.46449
3 1998 13.66 116.0105495 1584.70411 1.19217 1165.91536
4 1998 13.95 116.0105495 1618.34717 1.26307 1189.40451
5 1998 13.69 116.0105495 1588.18442 1.28852 1165.94788
6 1998 13.87 116.0105495 1609.06632 1.26311 1180.01498
7 1998 13.48 116.0105495 1563.82221 1.27835 1145.55669
8 1998 11.52 116.0105495 1336.44153 1.24102 977.75105
9 1998 11.94 116.0105495 1385.16596 1.05923 1012.33899
10 1998 13.22 116.0105495 1533.65946 1.09670 1119.76774
11 1998 13.95 116.0105495 1618.34717 1.21308 1180.38752
12 1998 14.78 116.2477179 1718.14127 1.27875 1251.89644
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 26.80%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1251.90 1177.41
TOTAL RETURN 25.19% 17.74%
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 1.08333 994.91667
9 1996 10.46 100.0000000 1046.00000 1.07783 1043.78446
10 1996 10.37 100.0000000 1037.00000 1.13077 1033.67275
11 1996 10.80 100.5084986 1085.49178 1.11981 1080.88914
12 1996 10.66 100.5084986 1071.42059 1.17096 1065.70665
1 1997 10.96 100.5084986 1101.57314 1.15452 1094.54388
2 1997 10.85 100.5084986 1090.51721 1.18576 1082.37274
3 1997 10.50 100.5084986 1055.33924 1.17257 1046.28492
4 1997 10.76 100.5084986 1081.47144 1.13348 1071.05945
5 1997 11.46 100.5084986 1151.82739 1.16031 1139.57772
6 1997 11.86 100.5084986 1192.03079 1.23454 1178.11902
7 1997 12.66 100.5084986 1272.43759 1.27630 1256.31112
8 1997 12.54 100.5084986 1260.37657 1.36100 1243.04195
9 1997 13.11 100.5084986 1317.66642 1.34663 1298.19723
10 1997 12.85 100.5084986 1291.53421 1.40638 1271.04476
11 1997 13.30 100.5084986 1336.76303 1.37697 1314.17909
12 1997 11.68 116.0105495 1355.00322 1.42369 1330.68742
1 1998 11.88 116.0105495 1378.20533 1.44158 1352.03159
2 1998 12.88 116.0105495 1494.21588 1.46470 1464.37426
3 1998 13.66 116.0105495 1584.70411 1.58641 1551.46891
4 1998 13.95 116.0105495 1618.34717 1.68076 1582.72563
5 1998 13.69 116.0105495 1588.18442 1.71462 1551.51218
6 1998 13.87 116.0105495 1609.06632 1.68080 1570.23110
7 1998 13.48 116.0105495 1563.82221 1.70108 1524.37788
8 1998 11.52 116.0105495 1336.44153 1.65141 1301.08102
9 1998 11.94 116.0105495 1385.16596 1.40950 1347.10676
10 1998 13.22 116.0105495 1533.65946 1.45937 1490.06085
11 1998 13.95 116.0105495 1618.34717 1.61423 1570.72683
12 1998 14.78 116.2477179 1718.14127 1.70162 1665.88284
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 71.81%
GROSS ANNUAL RETURN = 25.52%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1665.88 1595.08
TOTAL RETURN 66.59% 59.51%
AVERAGE ANNUAL RETURN 23.91% 21.67%
Return for Product Inception
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 1.08333 1027.05926
2 1997 10.85 100.5084986 1090.51721 1.11265 1015.63853
3 1997 10.50 100.5084986 1055.33924 1.10028 981.77572
4 1997 10.76 100.5084986 1081.47144 1.06359 1005.02277
5 1997 11.46 100.5084986 1151.82739 1.08877 1069.31652
6 1997 11.86 100.5084986 1192.03079 1.15843 1105.48153
7 1997 12.66 100.5084986 1272.43759 1.19760 1178.85266
8 1997 12.54 100.5084986 1260.37657 1.27709 1166.40161
9 1997 13.11 100.5084986 1317.66642 1.26360 1218.15627
10 1997 12.85 100.5084986 1291.53421 1.31967 1192.67789
11 1997 13.30 100.5084986 1336.76303 1.29207 1233.15275
12 1997 11.68 116.0105495 1355.00322 1.33592 1248.64326
1 1998 11.88 116.0105495 1378.20533 1.35270 1268.67144
2 1998 12.88 116.0105495 1494.21588 1.37439 1374.08757
3 1998 13.66 116.0105495 1584.70411 1.48859 1455.81235
4 1998 13.95 116.0105495 1618.34717 1.57713 1485.14193
5 1998 13.69 116.0105495 1588.18442 1.60890 1455.85296
6 1998 13.87 116.0105495 1609.06632 1.57717 1473.41775
7 1998 13.48 116.0105495 1563.82221 1.59620 1430.39164
8 1998 11.52 116.0105495 1336.44153 1.54959 1220.86225
9 1998 11.94 116.0105495 1385.16596 1.32260 1264.05026
10 1998 13.22 116.0105495 1533.65946 1.36939 1398.19044
11 1998 13.95 116.0105495 1618.34717 1.51471 1473.88292
12 1998 14.78 116.2477179 1718.14127 1.59671 1563.17205
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 60.36%
GROSS ANNUAL RETURN = 25.92%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1563.17 1483.45
TOTAL RETURN 56.32% 48.35%
AVERAGE ANNUAL RETURN 24.36% 21.22%
MFS World Government12/1998Assume ($10000 @ $10.00 on 6/14/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/94 0.2600000000 9.86 2.637 102.636917
12/95 1.0600000000 10.15 10.719 113.355649
4/97 0.2459000000 10.02 2.782 116.137501
4/98 0.1280000000 10.20 1.457 117.594913
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 10.21 116.1375007 1185.76388 1000.00000
1 1998 10.28 116.1375007 1193.89351 1.08333 1005.77269
2 1998 10.31 116.1375007 1197.37763 1.08959 1007.61824
3 1998 10.20 116.1375007 1184.60251 1.09159 995.77612
4 1998 10.24 117.5949125 1204.17190 1.07876 1011.14738
5 1998 10.33 117.5949125 1214.75545 1.09541 1018.93901
6 1998 10.30 117.5949125 1211.22760 1.10385 1014.87599
7 1998 10.26 117.5949125 1206.52380 1.09945 1009.83528
8 1998 10.21 117.5949125 1200.64406 1.09399 1003.82007
9 1998 10.72 117.5949125 1260.61746 1.08747 1052.87444
10 1998 10.74 117.5949125 1262.96936 1.14061 1053.69814
11 1998 10.74 117.5949125 1262.96936 1.14151 1052.55664
12 1998 10.88 117.5949125 1279.43265 1.14027 1065.13685
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 7.90%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1065.14 1001.76
TOTAL RETURN 6.51% 0.18%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 10.21 116.1375007 1185.76388 1000.00000
1 1998 10.28 116.1375007 1193.89351 1.08333 1005.77269
2 1998 10.31 116.1375007 1197.37763 1.08959 1007.61824
3 1998 10.20 116.1375007 1184.60251 1.09159 995.77612
4 1998 10.24 117.5949125 1204.17190 1.07876 1011.14738
5 1998 10.33 117.5949125 1214.75545 1.09541 1018.93901
6 1998 10.30 117.5949125 1211.22760 1.10385 1014.87599
7 1998 10.26 117.5949125 1206.52380 1.09945 1009.83528
8 1998 10.21 117.5949125 1200.64406 1.09399 1003.82007
9 1998 10.72 117.5949125 1260.61746 1.08747 1052.87444
10 1998 10.74 117.5949125 1262.96936 1.14061 1053.69814
11 1998 10.74 117.5949125 1262.96936 1.14151 1052.55664
12 1998 10.88 117.5949125 1279.43265 1.14027 1065.13685
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 7.90%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1065.14 1001.76
TOTAL RETURN 6.51% 0.18%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 10.17 113.3556490 1152.82695 1000.00000
1 1996 10.13 113.3556490 1148.29272 1.08333 994.98353
2 1996 9.95 113.3556490 1127.88871 1.07790 976.22577
3 1996 9.94 113.3556490 1126.75515 1.05758 974.18706
4 1996 10.01 113.3556490 1134.69005 1.05537 979.99216
5 1996 10.04 113.3556490 1138.09072 1.06166 981.86754
6 1996 10.10 113.3556490 1144.89206 1.06369 986.67159
7 1996 10.27 113.3556490 1164.16252 1.06889 1002.21003
8 1996 10.29 113.3556490 1166.42963 1.08573 1003.07603
9 1996 10.34 113.3556490 1172.09741 1.08667 1006.86340
10 1996 10.52 113.3556490 1192.50143 1.09077 1023.30023
11 1996 10.66 113.3556490 1208.37122 1.10858 1035.80972
12 1996 10.58 113.3556490 1199.30277 1.12213 1026.91416
1 1997 10.33 113.3556490 1170.96385 1.11249 1001.53621
2 1997 10.33 113.3556490 1170.96385 1.08500 1000.45122
3 1997 10.24 113.3556490 1160.76185 1.08382 990.65098
4 1997 9.87 116.1375007 1146.27713 1.07321 977.21581
5 1997 10.08 116.1375007 1170.66601 1.05865 996.94898
6 1997 10.15 116.1375007 1178.79563 1.08003 1002.79221
7 1997 10.04 116.1375007 1166.02051 1.08636 990.83815
8 1997 10.06 116.1375007 1168.34326 1.07341 991.73853
9 1997 10.30 116.1375007 1196.21626 1.07438 1014.32391
10 1997 10.41 116.1375007 1208.99138 1.09885 1024.05764
11 1997 10.24 116.1375007 1189.24801 1.10940 1006.22493
12 1997 10.21 116.1375007 1185.76388 1.09008 1002.18692
1 1998 10.28 116.1375007 1193.89351 1.08570 1007.97224
2 1998 10.31 116.1375007 1197.37763 1.09197 1009.82182
3 1998 10.20 116.1375007 1184.60251 1.09397 997.95380
4 1998 10.24 117.5949125 1204.17190 1.08112 1013.35868
5 1998 10.33 117.5949125 1214.75545 1.09781 1021.16735
6 1998 10.30 117.5949125 1211.22760 1.10626 1017.09545
7 1998 10.26 117.5949125 1206.52380 1.10185 1012.04371
8 1998 10.21 117.5949125 1200.64406 1.09638 1006.01534
9 1998 10.72 117.5949125 1260.61746 1.08985 1055.17700
10 1998 10.74 117.5949125 1262.96936 1.14311 1056.00250
11 1998 10.74 117.5949125 1262.96936 1.14400 1054.85850
12 1998 10.88 117.5949125 1279.43265 1.14276 1067.46622
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 10.98%
GROSS ANNUAL RETURN = 3.53%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1067.47 1022.10
TOTAL RETURN 6.75% 2.21%
AVERAGE ANNUAL RETURN 2.20% 0.73%
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 1.08333 1000.91667
7 1994 9.92 100.0000000 992.00000 1.08433 989.84315
8 1994 9.90 100.0000000 990.00000 1.07233 986.77517
9 1994 9.94 100.0000000 994.00000 1.06901 989.69313
10 1994 10.16 100.0000000 1016.00000 1.07217 1010.52564
11 1994 10.06 100.0000000 1006.00000 1.09474 999.48479
12 1994 9.82 102.6369168 1007.89452 1.08278 1000.28427
1 1995 9.91 102.6369168 1017.13185 1.08364 1008.36820
2 1995 10.12 102.6369168 1038.68560 1.09240 1028.64385
3 1995 10.64 102.6369168 1092.05680 1.11436 1080.38470
4 1995 10.69 102.6369168 1097.18864 1.17042 1084.29128
5 1995 10.88 102.6369168 1116.68966 1.17465 1102.38841
6 1995 10.91 102.6369168 1119.76876 1.19425 1104.23383
7 1995 10.89 102.6369168 1117.71602 1.19625 1101.01332
8 1995 10.73 102.6369168 1101.29412 1.19276 1083.64405
9 1995 10.86 102.6369168 1114.63692 1.17395 1095.59906
10 1995 11.02 102.6369168 1131.05882 1.18690 1110.55358
11 1995 11.21 102.6369168 1150.55984 1.20310 1128.49796
12 1995 10.17 113.3556490 1152.82695 1.22254 1129.49906
1 1996 10.13 113.3556490 1148.29272 1.22362 1123.83296
2 1996 9.95 113.3556490 1127.88871 1.21749 1102.64609
3 1996 9.94 113.3556490 1126.75515 1.19453 1100.34337
4 1996 10.01 113.3556490 1134.69005 1.19204 1106.90023
5 1996 10.04 113.3556490 1138.09072 1.19914 1109.01847
6 1996 10.10 113.3556490 1144.89206 1.20144 1114.44463
7 1996 10.27 113.3556490 1164.16252 1.20731 1131.99529
8 1996 10.29 113.3556490 1166.42963 1.22633 1132.97344
9 1996 10.34 113.3556490 1172.09741 1.22739 1137.25126
10 1996 10.52 113.3556490 1192.50143 1.23202 1155.81665
11 1996 10.66 113.3556490 1208.37122 1.25213 1169.94611
12 1996 10.58 113.3556490 1199.30277 1.26744 1159.89858
1 1997 10.33 113.3556490 1170.96385 1.25656 1131.23422
2 1997 10.33 113.3556490 1170.96385 1.22550 1130.00871
3 1997 10.24 113.3556490 1160.76185 1.22418 1118.93935
4 1997 9.87 116.1375007 1146.27713 1.21218 1103.76434
5 1997 10.08 116.1375007 1170.66601 1.19574 1126.05294
6 1997 10.15 116.1375007 1178.79563 1.21989 1132.65286
7 1997 10.04 116.1375007 1166.02051 1.22704 1119.15077
8 1997 10.06 116.1375007 1168.34326 1.21241 1120.16774
9 1997 10.30 116.1375007 1196.21626 1.21352 1145.67791
10 1997 10.41 116.1375007 1208.99138 1.24115 1156.67215
11 1997 10.24 116.1375007 1189.24801 1.25306 1136.53011
12 1997 10.21 116.1375007 1185.76388 1.23124 1131.96919
1 1998 10.28 116.1375007 1193.89351 1.22630 1138.50370
2 1998 10.31 116.1375007 1197.37763 1.23338 1140.59280
3 1998 10.20 116.1375007 1184.60251 1.23564 1127.18789
4 1998 10.24 117.5949125 1204.17190 1.22112 1144.58768
5 1998 10.33 117.5949125 1214.75545 1.23997 1153.40757
6 1998 10.30 117.5949125 1211.22760 1.24952 1148.80836
7 1998 10.26 117.5949125 1206.52380 1.24454 1143.10242
8 1998 10.21 117.5949125 1200.64406 1.23836 1136.29339
9 1998 10.72 117.5949125 1260.61746 1.23098 1191.82143
10 1998 10.74 117.5949125 1262.96936 1.29114 1192.75384
11 1998 10.74 117.5949125 1262.96936 1.29215 1191.46169
12 1998 10.88 117.5949125 1279.43265 1.29075 1205.70209
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 27.94%
GROSS ANNUAL RETURN = 5.57%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1205.70 1174.96
TOTAL RETURN 20.57% 17.50%
AVERAGE ANNUAL RETURN 4.20% 3.61%
Return for Product Inception
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 1.08333 975.28718
2 1997 10.33 113.3556490 1170.96385 1.05656 974.23062
3 1997 10.24 113.3556490 1160.76185 1.05542 964.68723
4 1997 9.87 116.1375007 1146.27713 1.04508 951.60418
5 1997 10.08 116.1375007 1170.66601 1.03090 970.82017
6 1997 10.15 116.1375007 1178.79563 1.05172 976.51026
7 1997 10.04 116.1375007 1166.02051 1.05789 964.86950
8 1997 10.06 116.1375007 1168.34326 1.04528 965.74628
9 1997 10.30 116.1375007 1196.21626 1.04623 987.73972
10 1997 10.41 116.1375007 1208.99138 1.07005 997.21835
11 1997 10.24 116.1375007 1189.24801 1.08032 979.85300
12 1997 10.21 116.1375007 1185.76388 1.06151 975.92083
1 1998 10.28 116.1375007 1193.89351 1.05725 981.55452
2 1998 10.31 116.1375007 1197.37763 1.06335 983.35563
3 1998 10.20 116.1375007 1184.60251 1.06530 971.79866
4 1998 10.24 117.5949125 1204.17190 1.05278 986.79979
5 1998 10.33 117.5949125 1214.75545 1.06903 994.40381
6 1998 10.30 117.5949125 1211.22760 1.07727 990.43862
7 1998 10.26 117.5949125 1206.52380 1.07298 985.51929
8 1998 10.21 117.5949125 1200.64406 1.06765 979.64891
9 1998 10.72 117.5949125 1260.61746 1.06129 1027.52210
10 1998 10.74 117.5949125 1262.96936 1.11315 1028.32597
11 1998 10.74 117.5949125 1262.96936 1.11402 1027.21195
12 1998 10.88 117.5949125 1279.43265 1.11281 1039.48924
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 6.68%
GROSS ANNUAL RETURN = 3.21%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1039.49 986.48
TOTAL RETURN 3.95% -1.35%
AVERAGE ANNUAL RETURN 1.91% -0.66%
Morgan Stanley Emerging Markets
12/1998Assume ($10000 @ $10.00 on 10/ 1/1996)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/96 0.0171000000 9.76 0.175 100.175205
12/97 0.3656000000 9.07 4.038 104.213138
7/98 0.0040000000 8.15 0.051 104.264286
12/98 0.0361000000 7.01 0.537 104.801225
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 9.45 104.2131382 984.81416 1000.00000
1 1998 9.07 104.2131382 945.21316 1.08333 958.70503
2 1998 9.73 104.2131382 1013.99383 1.03860 1027.42887
3 1998 10.00 104.2131382 1042.13138 1.11305 1054.82618
4 1998 10.10 104.2131382 1052.55270 1.14273 1064.23171
5 1998 8.70 104.2131382 906.65430 1.15292 915.56153
6 1998 7.98 104.2131382 831.62084 0.99186 838.79906
7 1998 8.28 104.2642858 863.30829 0.90870 869.85132
8 1998 6.08 104.2642858 633.92686 0.94234 637.78906
9 1998 6.24 104.2642858 650.60914 0.69094 653.88205
10 1998 6.80 104.2642858 708.99714 0.70837 711.85540
11 1998 7.25 104.2642858 755.91607 0.77118 758.19230
12 1998 7.11 104.8012245 745.13671 0.82137 746.55910
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -24.34%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 746.56 702.14
TOTAL RETURN -25.34% -29.79%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 9.45 104.2131382 984.81416 1000.00000
1 1998 9.07 104.2131382 945.21316 1.08333 958.70503
2 1998 9.73 104.2131382 1013.99383 1.03860 1027.42887
3 1998 10.00 104.2131382 1042.13138 1.11305 1054.82618
4 1998 10.10 104.2131382 1052.55270 1.14273 1064.23171
5 1998 8.70 104.2131382 906.65430 1.15292 915.56153
6 1998 7.98 104.2131382 831.62084 0.99186 838.79906
7 1998 8.28 104.2642858 863.30829 0.90870 869.85132
8 1998 6.08 104.2642858 633.92686 0.94234 637.78906
9 1998 6.24 104.2642858 650.60914 0.69094 653.88205
10 1998 6.80 104.2642858 708.99714 0.70837 711.85540
11 1998 7.25 104.2642858 755.91607 0.77118 758.19230
12 1998 7.11 104.8012245 745.13671 0.82137 746.55910
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -24.34%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 746.56 702.14
TOTAL RETURN -25.34% -29.79%
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 1.08333 955.91667
11 1996 9.69 100.0000000 969.00000 1.03558 966.86751
12 1996 9.78 100.1752049 979.71350 1.04744 976.50999
1 1997 10.60 100.1752049 1061.85717 1.05789 1057.32718
2 1997 10.94 100.1752049 1095.91674 1.14544 1090.09601
3 1997 10.57 100.1752049 1058.85192 1.18094 1052.04711
4 1997 10.83 100.1752049 1084.89747 1.13972 1076.78556
5 1997 11.26 100.1752049 1127.97281 1.16652 1118.37230
6 1997 12.02 100.1752049 1204.10596 1.21157 1192.64589
7 1997 12.83 100.1752049 1285.24788 1.29203 1271.72351
8 1997 11.64 100.1752049 1166.03939 1.37770 1152.39172
9 1997 12.05 100.1752049 1207.11122 1.24842 1191.73441
10 1997 10.21 100.1752049 1022.78884 1.29105 1008.46898
11 1997 9.87 100.1752049 988.72927 1.09251 973.79377
12 1997 9.45 104.2131382 984.81416 1.05494 968.88285
1 1998 9.07 104.2131382 945.21316 1.04962 928.87286
2 1998 9.73 104.2131382 1013.99383 1.00628 995.45821
3 1998 10.00 104.2131382 1042.13138 1.07841 1022.00299
4 1998 10.10 104.2131382 1052.55270 1.10717 1031.11585
5 1998 8.70 104.2131382 906.65430 1.11704 887.07186
6 1998 7.98 104.2131382 831.62084 0.96099 812.69802
7 1998 8.28 104.2642858 863.30829 0.88042 842.78402
8 1998 6.08 104.2642858 633.92686 0.91302 617.94288
9 1998 6.24 104.2642858 650.60914 0.66944 633.53510
10 1998 6.80 104.2642858 708.99714 0.68633 689.70449
11 1998 7.25 104.2642858 755.91607 0.74718 734.59951
12 1998 7.11 104.8012245 745.13671 0.79582 723.32831
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -25.49%
GROSS ANNUAL RETURN = -12.26%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 723.33 692.59
TOTAL RETURN -27.67% -30.74%
AVERAGE ANNUAL RETURN -13.41% -15.07%
Return for Product Inception
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 1.08333 1082.76125
2 1997 10.94 100.1752049 1095.91674 1.17299 1116.31833
3 1997 10.57 100.1752049 1058.85192 1.20934 1077.35416
4 1997 10.83 100.1752049 1084.89747 1.16713 1102.68770
5 1997 11.26 100.1752049 1127.97281 1.19458 1145.27481
6 1997 12.02 100.1752049 1204.10596 1.24071 1221.33506
7 1997 12.83 100.1752049 1285.24788 1.32311 1302.31490
8 1997 11.64 100.1752049 1166.03939 1.41084 1180.11257
9 1997 12.05 100.1752049 1207.11122 1.27846 1220.40166
10 1997 10.21 100.1752049 1022.78884 1.32210 1032.72777
11 1997 9.87 100.1752049 988.72927 1.11879 997.21843
12 1997 9.45 104.2131382 984.81416 1.08032 992.18938
1 1998 9.07 104.2131382 945.21316 1.07487 951.21695
2 1998 9.73 104.2131382 1013.99383 1.03048 1019.40401
3 1998 10.00 104.2131382 1042.13138 1.10435 1046.58734
4 1998 10.10 104.2131382 1052.55270 1.13380 1055.91941
5 1998 8.70 104.2131382 906.65430 1.14391 908.41043
6 1998 7.98 104.2131382 831.62084 0.98411 832.24752
7 1998 8.28 104.2642858 863.30829 0.90160 863.05724
8 1998 6.08 104.2642858 633.92686 0.93498 632.80754
9 1998 6.24 104.2642858 650.60914 0.68554 648.77483
10 1998 6.80 104.2642858 708.99714 0.70284 706.29537
11 1998 7.25 104.2642858 755.91607 0.76515 752.27035
12 1998 7.11 104.8012245 745.13671 0.81496 740.72801
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -23.94%
GROSS ANNUAL RETURN = -12.50%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 740.73 702.95
TOTAL RETURN -25.93% -29.70%
AVERAGE ANNUAL RETURN -13.62% -15.80%
Morgan Stanley Fixed Income
12/1998Assume ($10000 @ $10.00 on 1/ 2/1997)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/97 0.5830000000 10.41 5.600 105.600384
7/98 0.0386000000 10.77 0.378 105.978859
12/98 0.4906000000 10.66 4.877 110.856273
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 10.41 105.6003842 1099.30000 1000.00000
1 1998 10.56 105.6003842 1115.14006 1.08333 1013.32589
2 1998 10.55 105.6003842 1114.08405 1.09777 1011.26853
3 1998 10.58 105.6003842 1117.25207 1.09554 1013.04863
4 1998 10.63 105.6003842 1122.53208 1.09747 1016.73873
5 1998 10.71 105.6003842 1130.98012 1.10147 1023.28911
6 1998 10.78 105.6003842 1138.37214 1.10856 1028.86871
7 1998 10.77 105.9788592 1141.39231 1.11461 1030.48375
8 1998 10.85 105.9788592 1149.87062 1.11636 1037.02187
9 1998 11.09 105.9788592 1175.30555 1.12344 1058.83716
10 1998 11.02 105.9788592 1167.88703 1.14707 1051.00672
11 1998 11.18 105.9788592 1184.84365 1.13859 1065.12775
12 1998 10.70 110.8562727 1186.16212 1.15389 1065.15912
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 7.90%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1065.16 1001.78
TOTAL RETURN 6.52% 0.18%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 10.41 105.6003842 1099.30000 1000.00000
1 1998 10.56 105.6003842 1115.14006 1.08333 1013.32589
2 1998 10.55 105.6003842 1114.08405 1.09777 1011.26853
3 1998 10.58 105.6003842 1117.25207 1.09554 1013.04863
4 1998 10.63 105.6003842 1122.53208 1.09747 1016.73873
5 1998 10.71 105.6003842 1130.98012 1.10147 1023.28911
6 1998 10.78 105.6003842 1138.37214 1.10856 1028.86871
7 1998 10.77 105.9788592 1141.39231 1.11461 1030.48375
8 1998 10.85 105.9788592 1149.87062 1.11636 1037.02187
9 1998 11.09 105.9788592 1175.30555 1.12344 1058.83716
10 1998 11.02 105.9788592 1167.88703 1.14707 1051.00672
11 1998 11.18 105.9788592 1184.84365 1.13859 1065.12775
12 1998 10.70 110.8562727 1186.16212 1.15389 1065.15912
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 7.90%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1065.16 1001.78
TOTAL RETURN 6.52% 0.18%
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 1.08333 1005.91667
2 1997 10.11 100.0000000 1011.00000 1.08974 1008.82262
3 1997 9.99 100.0000000 999.00000 1.09289 995.75557
4 1997 10.13 100.0000000 1013.00000 1.07874 1008.63137
5 1997 10.22 100.0000000 1022.00000 1.09268 1016.49987
6 1997 10.35 100.0000000 1035.00000 1.10121 1028.32870
7 1997 10.63 100.0000000 1063.00000 1.11402 1055.03420
8 1997 10.53 100.0000000 1053.00000 1.14295 1043.96618
9 1997 10.69 100.0000000 1069.00000 1.13096 1058.69796
10 1997 10.82 100.0000000 1082.00000 1.14692 1070.42575
11 1997 10.89 100.0000000 1089.00000 1.15963 1076.19124
12 1997 10.41 105.6003842 1099.30000 1.16587 1085.20422
1 1998 10.56 105.6003842 1115.14006 1.17564 1099.66553
2 1998 10.55 105.6003842 1114.08405 1.19130 1097.43288
3 1998 10.58 105.6003842 1117.25207 1.18889 1099.36465
4 1998 10.63 105.6003842 1122.53208 1.19098 1103.36916
5 1998 10.71 105.6003842 1130.98012 1.19532 1110.47766
6 1998 10.78 105.6003842 1138.37214 1.20302 1116.53266
7 1998 10.77 105.9788592 1141.39231 1.20958 1118.28532
8 1998 10.85 105.9788592 1149.87062 1.21148 1125.38051
9 1998 11.09 105.9788592 1175.30555 1.21916 1149.05456
10 1998 11.02 105.9788592 1167.88703 1.24481 1140.55692
11 1998 11.18 105.9788592 1184.84365 1.23560 1155.88113
12 1998 10.70 110.8562727 1186.16212 1.25220 1155.91517
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 18.62%
GROSS ANNUAL RETURN = 8.94%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1155.92 1096.96
TOTAL RETURN 15.59% 9.70%
AVERAGE ANNUAL RETURN 7.53% 4.75%
Return for Product 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 1.08333 1005.91667
2 1997 10.11 100.0000000 1011.00000 1.08974 1008.82262
3 1997 9.99 100.0000000 999.00000 1.09289 995.75557
4 1997 10.13 100.0000000 1013.00000 1.07874 1008.63137
5 1997 10.22 100.0000000 1022.00000 1.09268 1016.49987
6 1997 10.35 100.0000000 1035.00000 1.10121 1028.32870
7 1997 10.63 100.0000000 1063.00000 1.11402 1055.03420
8 1997 10.53 100.0000000 1053.00000 1.14295 1043.96618
9 1997 10.69 100.0000000 1069.00000 1.13096 1058.69796
10 1997 10.82 100.0000000 1082.00000 1.14692 1070.42575
11 1997 10.89 100.0000000 1089.00000 1.15963 1076.19124
12 1997 10.41 105.6003842 1099.30000 1.16587 1085.20422
1 1998 10.56 105.6003842 1115.14006 1.17564 1099.66553
2 1998 10.55 105.6003842 1114.08405 1.19130 1097.43288
3 1998 10.58 105.6003842 1117.25207 1.18889 1099.36465
4 1998 10.63 105.6003842 1122.53208 1.19098 1103.36916
5 1998 10.71 105.6003842 1130.98012 1.19532 1110.47766
6 1998 10.78 105.6003842 1138.37214 1.20302 1116.53266
7 1998 10.77 105.9788592 1141.39231 1.20958 1118.28532
8 1998 10.85 105.9788592 1149.87062 1.21148 1125.38051
9 1998 11.09 105.9788592 1175.30555 1.21916 1149.05456
10 1998 11.02 105.9788592 1167.88703 1.24481 1140.55692
11 1998 11.18 105.9788592 1184.84365 1.23560 1155.88113
12 1998 10.70 110.8562727 1186.16212 1.25220 1155.91517
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 18.62%
GROSS ANNUAL RETURN = 8.69%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1155.92 1096.96
TOTAL RETURN 15.59% 9.70%
AVERAGE ANNUAL RETURN 7.33% 4.62%
Pioneer Capital Growth12/1998Assume ($10000 @ $10.00 on 3/ 1/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/95 0.1475000000 11.57 1.275 101.274849
6/96 0.0729000000 13.29 0.556 101.830374
12/96 0.1855000000 13.05 1.447 103.277848
6/97 0.1139000000 15.09 0.780 104.057394
6/98 1.1295000000 16.19 7.260 111.316988
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 16.15 104.0573942 1680.52692 1000.00000
1 1998 15.98 104.0573942 1662.83716 1.08333 988.39035
2 1998 17.01 104.0573942 1770.01628 1.07076 1051.02686
3 1998 17.93 104.0573942 1865.74908 1.13861 1106.73391
4 1998 18.20 104.0573942 1893.84457 1.19896 1122.20077
5 1998 17.86 104.0573942 1858.46506 1.21572 1100.02086
6 1998 16.38 111.3169882 1823.37227 1.19169 1078.05783
7 1998 15.50 111.3169882 1725.41332 1.16790 1018.97230
8 1998 12.85 111.3169882 1430.42330 1.10389 843.65702
9 1998 12.95 111.3169882 1441.55500 0.91396 849.30848
10 1998 13.79 111.3169882 1535.06127 0.92008 903.47868
11 1998 13.97 111.3169882 1555.09833 0.97877 914.29296
12 1998 14.50 111.3169882 1614.09633 0.99048 947.98932
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -3.95%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 947.99 891.58
TOTAL RETURN -5.20% -10.84%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 16.15 104.0573942 1680.52692 1000.00000
1 1998 15.98 104.0573942 1662.83716 1.08333 988.39035
2 1998 17.01 104.0573942 1770.01628 1.07076 1051.02686
3 1998 17.93 104.0573942 1865.74908 1.13861 1106.73391
4 1998 18.20 104.0573942 1893.84457 1.19896 1122.20077
5 1998 17.86 104.0573942 1858.46506 1.21572 1100.02086
6 1998 16.38 111.3169882 1823.37227 1.19169 1078.05783
7 1998 15.50 111.3169882 1725.41332 1.16790 1018.97230
8 1998 12.85 111.3169882 1430.42330 1.10389 843.65702
9 1998 12.95 111.3169882 1441.55500 0.91396 849.30848
10 1998 13.79 111.3169882 1535.06127 0.92008 903.47868
11 1998 13.97 111.3169882 1555.09833 0.97877 914.29296
12 1998 14.50 111.3169882 1614.09633 0.99048 947.98932
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -3.95%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 947.99 891.58
TOTAL RETURN -5.20% -10.84%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 11.57 101.2748487 1171.75000 1000.00000
1 1996 11.83 101.2748487 1198.08146 1.08333 1021.38858
2 1996 11.87 101.2748487 1202.13245 1.10650 1023.73563
3 1996 12.47 101.2748487 1262.89736 1.10905 1074.37396
4 1996 13.21 101.2748487 1337.84075 1.16391 1136.96601
5 1996 13.74 101.2748487 1391.51642 1.23171 1181.35064
6 1996 13.29 101.8303744 1353.32568 1.27980 1147.64819
7 1996 12.20 101.8303744 1242.33057 1.24329 1052.27875
8 1996 12.71 101.8303744 1294.26406 1.13997 1095.12749
9 1996 12.91 101.8303744 1314.63013 1.18639 1111.17363
10 1996 12.75 101.8303744 1298.33727 1.20377 1096.19854
11 1996 13.13 101.8303744 1337.03282 1.18755 1127.68200
12 1996 13.05 103.2778483 1347.77592 1.22166 1135.52131
1 1997 13.77 103.2778483 1422.13597 1.23015 1196.94061
2 1997 13.92 103.2778483 1437.62765 1.29669 1208.68250
3 1997 13.82 103.2778483 1427.29986 1.30941 1198.69003
4 1997 13.60 103.2778483 1404.57874 1.29858 1178.30955
5 1997 14.71 103.2778483 1519.21715 1.27650 1273.20390
6 1997 14.94 104.0573942 1554.61747 1.37930 1301.49239
7 1997 15.81 104.0573942 1645.14740 1.40995 1375.87216
8 1997 16.14 104.0573942 1679.48634 1.49053 1403.10003
9 1997 16.88 104.0573942 1756.48881 1.52002 1465.91049
10 1997 15.98 104.0573942 1662.83716 1.58807 1386.16368
11 1997 16.03 104.0573942 1668.04003 1.50168 1388.99919
12 1997 16.15 104.0573942 1680.52692 1.50475 1397.89244
1 1998 15.98 104.0573942 1662.83716 1.51438 1381.66340
2 1998 17.01 104.0573942 1770.01628 1.49680 1469.22250
3 1998 17.93 104.0573942 1865.74908 1.59166 1547.09496
4 1998 18.20 104.0573942 1893.84457 1.67602 1568.71596
5 1998 17.86 104.0573942 1858.46506 1.69944 1537.71084
6 1998 16.38 111.3169882 1823.37227 1.66585 1507.00889
7 1998 15.50 111.3169882 1725.41332 1.63259 1424.41367
8 1998 12.85 111.3169882 1430.42330 1.54311 1179.34177
9 1998 12.95 111.3169882 1441.55500 1.27762 1187.24190
10 1998 13.79 111.3169882 1535.06127 1.28618 1262.96601
11 1998 13.97 111.3169882 1555.09833 1.36821 1278.08321
12 1998 14.50 111.3169882 1614.09633 1.38459 1325.18711
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 37.75%
GROSS ANNUAL RETURN = 11.27%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1325.19 1268.87
TOTAL RETURN 32.52% 26.89%
AVERAGE ANNUAL RETURN 9.84% 8.26%
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 1.08333 989.91667
4 1995 10.07 100.0000000 1007.00000 1.07241 1004.82677
5 1995 10.13 100.0000000 1013.00000 1.08856 1009.72526
6 1995 10.65 100.0000000 1065.00000 1.09387 1060.46328
7 1995 11.46 100.0000000 1146.00000 1.14884 1139.96940
8 1995 11.80 100.0000000 1180.00000 1.23497 1172.55552
9 1995 11.98 100.0000000 1198.00000 1.27027 1189.17169
10 1995 11.60 100.0000000 1160.00000 1.28827 1150.16345
11 1995 11.84 100.0000000 1184.00000 1.24601 1172.71393
12 1995 11.57 101.2748487 1171.75000 1.27044 1159.31025
1 1996 11.83 101.2748487 1198.08146 1.25592 1184.10625
2 1996 11.87 101.2748487 1202.13245 1.28278 1186.82721
3 1996 12.47 101.2748487 1262.89736 1.28573 1245.53275
4 1996 13.21 101.2748487 1337.84075 1.34933 1318.09635
5 1996 13.74 101.2748487 1391.51642 1.42794 1369.55191
6 1996 13.29 101.8303744 1353.32568 1.48368 1330.48031
7 1996 12.20 101.8303744 1242.33057 1.44135 1219.91755
8 1996 12.71 101.8303744 1294.26406 1.32158 1269.59252
9 1996 12.91 101.8303744 1314.63013 1.37539 1288.19498
10 1996 12.75 101.8303744 1298.33727 1.39554 1270.83420
11 1996 13.13 101.8303744 1337.03282 1.37674 1307.33331
12 1996 13.05 103.2778483 1347.77592 1.41628 1316.42150
1 1997 13.77 103.2778483 1422.13597 1.42612 1387.62553
2 1997 13.92 103.2778483 1437.62765 1.50326 1401.23801
3 1997 13.82 103.2778483 1427.29986 1.51801 1389.65364
4 1997 13.60 103.2778483 1404.57874 1.50546 1366.02635
5 1997 14.71 103.2778483 1519.21715 1.47986 1476.03834
6 1997 14.94 104.0573942 1554.61747 1.59904 1508.83348
7 1997 15.81 104.0573942 1645.14740 1.63457 1595.06271
8 1997 16.14 104.0573942 1679.48634 1.72798 1626.62825
9 1997 16.88 104.0573942 1756.48881 1.76218 1699.44506
10 1997 15.98 104.0573942 1662.83716 1.84107 1606.99377
11 1997 16.03 104.0573942 1668.04003 1.74091 1610.28100
12 1997 16.15 104.0573942 1680.52692 1.74447 1620.59104
1 1998 15.98 104.0573942 1662.83716 1.75564 1601.77654
2 1998 17.01 104.0573942 1770.01628 1.73526 1703.28471
3 1998 17.93 104.0573942 1865.74908 1.84523 1793.56305
4 1998 18.20 104.0573942 1893.84457 1.94303 1818.62850
5 1998 17.86 104.0573942 1858.46506 1.97018 1782.68394
6 1998 16.38 111.3169882 1823.37227 1.93124 1747.09086
7 1998 15.50 111.3169882 1725.41332 1.89268 1651.33738
8 1998 12.85 111.3169882 1430.42330 1.78895 1367.22300
9 1998 12.95 111.3169882 1441.55500 1.48116 1376.38171
10 1998 13.79 111.3169882 1535.06127 1.49108 1464.16945
11 1998 13.97 111.3169882 1555.09833 1.58618 1481.69498
12 1998 14.50 111.3169882 1614.09633 1.60517 1536.30300
SURRENDER CHARGE = 4.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 61.41%
GROSS ANNUAL RETURN = 13.29%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1536.30 1484.07
TOTAL RETURN 53.63% 48.41%
AVERAGE ANNUAL RETURN 11.85% 10.84%
Return for Product Inception
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 1.08333 1054.08908
2 1997 13.92 103.2778483 1437.62765 1.14193 1064.42960
3 1997 13.82 103.2778483 1427.29986 1.15313 1055.62971
4 1997 13.60 103.2778483 1404.57874 1.14360 1037.68158
5 1997 14.71 103.2778483 1519.21715 1.12416 1121.25056
6 1997 14.94 104.0573942 1554.61747 1.21469 1146.16290
7 1997 15.81 104.0573942 1645.14740 1.24168 1211.66565
8 1997 16.14 104.0573942 1679.48634 1.31264 1235.64394
9 1997 16.88 104.0573942 1756.48881 1.33861 1290.95815
10 1997 15.98 104.0573942 1662.83716 1.39854 1220.72890
11 1997 16.03 104.0573942 1668.04003 1.32246 1223.22600
12 1997 16.15 104.0573942 1680.52692 1.32516 1231.05786
1 1998 15.98 104.0573942 1662.83716 1.33365 1216.76571
2 1998 17.01 104.0573942 1770.01628 1.31816 1293.87488
3 1998 17.93 104.0573942 1865.74908 1.40170 1362.45348
4 1998 18.20 104.0573942 1893.84457 1.47599 1381.49408
5 1998 17.86 104.0573942 1858.46506 1.49662 1354.18933
6 1998 16.38 111.3169882 1823.37227 1.46704 1327.15157
7 1998 15.50 111.3169882 1725.41332 1.43775 1254.41386
8 1998 12.85 111.3169882 1430.42330 1.35895 1038.59061
9 1998 12.95 111.3169882 1441.55500 1.12514 1045.54788
10 1998 13.79 111.3169882 1535.06127 1.13268 1112.23453
11 1998 13.97 111.3169882 1555.09833 1.20492 1125.54754
12 1998 14.50 111.3169882 1614.09633 1.21934 1167.02971
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 19.76%
GROSS ANNUAL RETURN = 9.20%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1167.03 1107.51
TOTAL RETURN 16.70% 10.75%
AVERAGE ANNUAL RETURN 7.83% 5.11%
Pioneer Real Estate12/1998Assume ($10000 @ $10.00 on 3/ 1/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
6/95 0.1500000000 10.57 1.419 101.419111
9/95 0.1700000000 11.15 1.546 102.965411
12/95 0.1252000000 11.23 1.148 104.113342
3/96 0.1500000000 11.39 1.371 105.484458
6/96 0.1600000000 11.51 1.466 106.950792
9/96 0.1400000000 12.52 1.196 108.146728
12/96 0.1987000000 14.46 1.486 109.632810
3/97 0.1300000000 14.61 0.976 110.608325
6/97 0.1200000000 14.88 0.892 111.500327
7/97 0.0270000000 15.70 0.192 111.692079
9/97 0.1200000000 16.59 0.808 112.499979
12/97 0.1703000000 16.29 1.176 113.676084
3/98 0.1500000000 16.02 1.064 114.740466
6/98 0.2409000000 15.14 1.826 116.566158
9/98 0.1600000000 13.52 1.379 117.945640
12/98 0.1604000000 12.69 1.491 119.436458
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 16.90 113.6760836 1921.12581 1000.00000
1 1998 16.66 113.6760836 1893.84355 1.08333 984.71548
2 1998 16.46 113.6760836 1871.10834 1.06678 971.82739
3 1998 16.63 114.7404664 1908.13396 1.05281 990.00517
4 1998 16.18 114.7404664 1856.50075 1.07251 962.14359
5 1998 16.07 114.7404664 1843.87929 1.04232 954.56012
6 1998 15.51 116.5661585 1807.94112 1.03411 934.92113
7 1998 14.60 116.5661585 1701.86591 1.01283 879.05477
8 1998 12.88 116.5661585 1501.37212 0.95231 774.54258
9 1998 13.27 117.9456396 1565.13864 0.83909 806.59999
10 1998 13.04 117.9456396 1538.01114 0.87382 791.74592
11 1998 13.10 117.9456396 1545.08788 0.85772 794.53120
12 1998 13.07 119.4364576 1561.03450 0.86074 801.87069
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -18.74%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 801.87 754.16
TOTAL RETURN -19.81% -24.58%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 16.90 113.6760836 1921.12581 1000.00000
1 1998 16.66 113.6760836 1893.84355 1.08333 984.71548
2 1998 16.46 113.6760836 1871.10834 1.06678 971.82739
3 1998 16.63 114.7404664 1908.13396 1.05281 990.00517
4 1998 16.18 114.7404664 1856.50075 1.07251 962.14359
5 1998 16.07 114.7404664 1843.87929 1.04232 954.56012
6 1998 15.51 116.5661585 1807.94112 1.03411 934.92113
7 1998 14.60 116.5661585 1701.86591 1.01283 879.05477
8 1998 12.88 116.5661585 1501.37212 0.95231 774.54258
9 1998 13.27 117.9456396 1565.13864 0.83909 806.59999
10 1998 13.04 117.9456396 1538.01114 0.87382 791.74592
11 1998 13.10 117.9456396 1545.08788 0.85772 794.53120
12 1998 13.07 119.4364576 1561.03450 0.86074 801.87069
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -18.74%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 801.87 754.16
TOTAL RETURN -19.81% -24.58%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 11.23 104.1133424 1169.19284 1000.00000
1 1996 11.34 104.1133424 1180.64530 1.08333 1008.71186
2 1996 11.54 104.1133424 1201.46797 1.09277 1025.40942
3 1996 11.39 105.4844576 1201.46797 1.11086 1024.29856
4 1996 11.36 105.4844576 1198.30344 1.10966 1020.49101
5 1996 11.59 105.4844576 1222.56486 1.10553 1040.04683
6 1996 11.51 106.9507923 1231.00362 1.12672 1046.09904
7 1996 11.68 106.9507923 1249.18525 1.13327 1060.41640
8 1996 12.27 106.9507923 1312.28622 1.14878 1112.83317
9 1996 12.52 108.1467277 1353.99703 1.20557 1146.99883
10 1996 12.79 108.1467277 1383.19665 1.24258 1170.49185
11 1996 13.29 108.1467277 1437.27001 1.26803 1214.98190
12 1996 14.46 109.6328103 1585.29044 1.31623 1338.79326
1 1997 14.68 109.6328103 1609.40966 1.45036 1357.71182
2 1997 14.68 109.6328103 1609.40966 1.47085 1356.24096
3 1997 14.61 110.6083247 1615.98762 1.46926 1360.31492
4 1997 13.98 110.6083247 1546.30438 1.47367 1300.18290
5 1997 14.44 110.6083247 1597.18421 1.40853 1341.55578
6 1997 15.09 111.5003273 1682.53994 1.45335 1411.79703
7 1997 15.89 111.6920795 1774.78714 1.52945 1487.67099
8 1997 15.74 111.6920795 1758.03333 1.61164 1472.01588
9 1997 17.17 112.4999788 1931.62464 1.59468 1615.77064
10 1997 16.56 112.4999788 1862.99965 1.75042 1556.61660
11 1997 16.54 112.4999788 1860.74965 1.68633 1553.05030
12 1997 16.90 113.6760836 1921.12581 1.68247 1601.76000
1 1998 16.66 113.6760836 1893.84355 1.73524 1577.27787
2 1998 16.46 113.6760836 1871.10834 1.70872 1556.63424
3 1998 16.63 114.7404664 1908.13396 1.68635 1585.75068
4 1998 16.18 114.7404664 1856.50075 1.71790 1541.12311
5 1998 16.07 114.7404664 1843.87929 1.66955 1528.97621
6 1998 15.51 116.5661585 1807.94112 1.65639 1497.51927
7 1998 14.60 116.5661585 1701.86591 1.62231 1408.03477
8 1998 12.88 116.5661585 1501.37212 1.52537 1240.63133
9 1998 13.27 117.9456396 1565.13864 1.34402 1291.97960
10 1998 13.04 117.9456396 1538.01114 1.39964 1268.18694
11 1998 13.10 117.9456396 1545.08788 1.37387 1272.64829
12 1998 13.07 119.4364576 1561.03450 1.37870 1284.40440
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 33.51%
GROSS ANNUAL RETURN = 10.11%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1284.40 1229.82
TOTAL RETURN 28.44% 22.98%
AVERAGE ANNUAL RETURN 8.70% 7.14%
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 1.08333 998.91667
4 1995 9.83 100.0000000 983.00000 1.08216 980.85292
5 1995 10.35 100.0000000 1035.00000 1.06259 1031.67675
6 1995 10.57 101.4191107 1072.00000 1.11765 1067.44030
7 1995 10.90 101.4191107 1105.46831 1.15639 1099.60986
8 1995 11.06 101.4191107 1121.69536 1.19124 1114.55968
9 1995 11.15 102.9654110 1148.06433 1.20744 1139.55346
10 1995 10.77 102.9654110 1108.93748 1.23452 1099.48214
11 1995 10.79 102.9654110 1110.99679 1.19111 1100.33279
12 1995 11.23 104.1133424 1169.19284 1.19203 1156.77821
1 1996 11.34 104.1133424 1180.64530 1.25318 1166.85590
2 1996 11.54 104.1133424 1201.46797 1.26409 1186.17127
3 1996 11.39 105.4844576 1201.46797 1.28502 1184.88626
4 1996 11.36 105.4844576 1198.30344 1.28363 1180.48177
5 1996 11.59 105.4844576 1222.56486 1.27886 1203.10351
6 1996 11.51 106.9507923 1231.00362 1.30336 1210.10458
7 1996 11.68 106.9507923 1249.18525 1.31095 1226.66659
8 1996 12.27 106.9507923 1312.28622 1.32889 1287.30117
9 1996 12.52 108.1467277 1353.99703 1.39458 1326.82326
10 1996 12.79 108.1467277 1383.19665 1.43739 1353.99946
11 1996 13.29 108.1467277 1437.27001 1.46683 1405.46459
12 1996 14.46 109.6328103 1585.29044 1.52259 1548.68688
1 1997 14.68 109.6328103 1609.40966 1.67774 1570.57145
2 1997 14.68 109.6328103 1609.40966 1.70145 1568.87000
3 1997 14.61 110.6083247 1615.98762 1.69961 1573.58266
4 1997 13.98 110.6083247 1546.30438 1.70471 1504.02326
5 1997 14.44 110.6083247 1597.18421 1.62936 1551.88250
6 1997 15.09 111.5003273 1682.53994 1.68121 1633.13604
7 1997 15.89 111.6920795 1774.78714 1.76923 1720.90539
8 1997 15.74 111.6920795 1758.03333 1.86431 1702.79590
9 1997 17.17 112.4999788 1931.62464 1.84470 1869.08827
10 1997 16.56 112.4999788 1862.99965 2.02485 1800.66017
11 1997 16.54 112.4999788 1860.74965 1.95072 1796.53474
12 1997 16.90 113.6760836 1921.12581 1.94625 1852.88107
1 1998 16.66 113.6760836 1893.84355 2.00729 1824.56067
2 1998 16.46 113.6760836 1871.10834 1.97661 1800.68058
3 1998 16.63 114.7404664 1908.13396 1.95074 1834.36183
4 1998 16.18 114.7404664 1856.50075 1.98723 1782.73763
5 1998 16.07 114.7404664 1843.87929 1.93130 1768.68636
6 1998 15.51 116.5661585 1807.94112 1.91608 1732.29766
7 1998 14.60 116.5661585 1701.86591 1.87666 1628.78394
8 1998 12.88 116.5661585 1501.37212 1.76452 1435.13529
9 1998 13.27 117.9456396 1565.13864 1.55473 1494.53385
10 1998 13.04 117.9456396 1538.01114 1.61908 1467.01102
11 1998 13.10 117.9456396 1545.08788 1.58926 1472.17181
12 1998 13.07 119.4364576 1561.03450 1.59485 1485.77103
SURRENDER CHARGE = 4.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 56.10%
GROSS ANNUAL RETURN = 12.31%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1485.77 1435.25
TOTAL RETURN 48.58% 43.53%
AVERAGE ANNUAL RETURN 10.87% 9.88%
Return for Product Inception
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 1.08333 1014.13105
2 1997 14.68 109.6328103 1609.40966 1.09864 1013.03241
3 1997 14.61 110.6083247 1615.98762 1.09745 1016.07542
4 1997 13.98 110.6083247 1546.30438 1.10075 971.16033
5 1997 14.44 110.6083247 1597.18421 1.05209 1002.06344
6 1997 15.09 111.5003273 1682.53994 1.08557 1054.52953
7 1997 15.89 111.6920795 1774.78714 1.14241 1111.20293
8 1997 15.74 111.6920795 1758.03333 1.20380 1099.50948
9 1997 17.17 112.4999788 1931.62464 1.19114 1206.88584
10 1997 16.56 112.4999788 1862.99965 1.30746 1162.70125
11 1997 16.54 112.4999788 1860.74965 1.25959 1160.03743
12 1997 16.90 113.6760836 1921.12581 1.25671 1196.42072
1 1998 16.66 113.6760836 1893.84355 1.29612 1178.13401
2 1998 16.46 113.6760836 1871.10834 1.27631 1162.71443
3 1998 16.63 114.7404664 1908.13396 1.25961 1184.46269
4 1998 16.18 114.7404664 1856.50075 1.28317 1151.12852
5 1998 16.07 114.7404664 1843.87929 1.24706 1142.05550
6 1998 15.51 116.5661585 1807.94112 1.23723 1118.55901
7 1998 14.60 116.5661585 1701.86591 1.21177 1051.71934
8 1998 12.88 116.5661585 1501.37212 1.13936 926.67880
9 1998 13.27 117.9456396 1565.13864 1.00390 965.03294
10 1998 13.04 117.9456396 1538.01114 1.04545 947.26122
11 1998 13.10 117.9456396 1545.08788 1.02620 950.59359
12 1998 13.07 119.4364576 1561.03450 1.02981 959.37471
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -1.53%
GROSS ANNUAL RETURN = -0.75%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 959.37 910.45
TOTAL RETURN -4.06% -8.96%
AVERAGE ANNUAL RETURN -2.00% -4.47%
Scudder International
12/1998
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
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 14.11 115.8831129 1635.11072 1000.00000
1 1998 14.47 115.8831129 1676.82864 1.08333 1024.43049
2 1998 13.44 133.0606699 1788.33540 1.10980 1091.44388
3 1998 14.00 133.0606699 1862.84938 1.18240 1135.73831
4 1998 14.32 133.0606699 1905.42879 1.23038 1160.46766
5 1998 14.68 133.0606699 1953.33063 1.25717 1188.38426
6 1998 14.83 133.0606699 1973.28973 1.28742 1199.23973
7 1998 15.05 133.0606699 2002.56308 1.29918 1215.73103
8 1998 13.04 133.0606699 1735.11114 1.31704 1052.04725
9 1998 12.64 133.0606699 1681.88687 1.13972 1018.63615
10 1998 13.55 133.0606699 1802.97208 1.10352 1090.86798
11 1998 14.02 133.0606699 1865.51059 1.18177 1127.52443
12 1998 14.56 133.0606699 1937.36335 1.22148 1169.73113
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 18.49%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1169.73 1100.13
TOTAL RETURN 16.97% 10.01%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 14.11 115.8831129 1635.11072 1000.00000
1 1998 14.47 115.8831129 1676.82864 1.08333 1024.43049
2 1998 13.44 133.0606699 1788.33540 1.10980 1091.44388
3 1998 14.00 133.0606699 1862.84938 1.18240 1135.73831
4 1998 14.32 133.0606699 1905.42879 1.23038 1160.46766
5 1998 14.68 133.0606699 1953.33063 1.25717 1188.38426
6 1998 14.83 133.0606699 1973.28973 1.28742 1199.23973
7 1998 15.05 133.0606699 2002.56308 1.29918 1215.73103
8 1998 13.04 133.0606699 1735.11114 1.31704 1052.04725
9 1998 12.64 133.0606699 1681.88687 1.13972 1018.63615
10 1998 13.55 133.0606699 1802.97208 1.10352 1090.86798
11 1998 14.02 133.0606699 1865.51059 1.18177 1127.52443
12 1998 14.56 133.0606699 1937.36335 1.22148 1169.73113
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 18.49%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1169.73 1100.13
TOTAL RETURN 16.97% 10.01%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 11.82 110.5003621 1306.11428 1000.00000
1 1996 12.04 110.5003621 1330.42436 1.08333 1017.52919
2 1996 11.84 113.0560895 1338.58410 1.10232 1022.66756
3 1996 12.09 113.0560895 1366.84812 1.10789 1043.15316
4 1996 12.48 113.1463899 1412.06695 1.13008 1076.53324
5 1996 12.48 113.1463899 1412.06695 1.16624 1075.36700
6 1996 12.61 113.1463899 1426.77598 1.16498 1085.40376
7 1996 12.14 113.1463899 1373.59717 1.17585 1043.77273
8 1996 12.33 113.1463899 1395.09499 1.13075 1058.97779
9 1996 12.61 113.1463899 1426.77598 1.14723 1081.87872
10 1996 12.55 113.1463899 1419.98719 1.17204 1075.55897
11 1996 13.11 113.1463899 1483.34917 1.16519 1122.38685
12 1996 13.25 113.1463899 1499.18967 1.21592 1133.15676
1 1997 13.25 113.1463899 1499.18967 1.22759 1131.92917
2 1997 13.15 115.8831129 1523.86293 1.22626 1149.33191
3 1997 13.21 115.8831129 1530.81592 1.24511 1153.33090
4 1997 13.28 115.8831129 1538.92774 1.24944 1158.19297
5 1997 14.04 115.8831129 1626.99891 1.25471 1223.22039
6 1997 14.76 115.8831129 1710.43475 1.32516 1284.62449
7 1997 15.33 115.8831129 1776.48812 1.39168 1332.84229
8 1997 14.01 115.8831129 1623.52241 1.44391 1216.63309
9 1997 14.96 115.8831129 1733.61137 1.31802 1297.81339
10 1997 13.93 115.8831129 1614.25176 1.40596 1207.05263
11 1997 13.98 115.8831129 1620.04592 1.30764 1210.07756
12 1997 14.11 115.8831129 1635.11072 1.31092 1220.01915
1 1998 14.47 115.8831129 1676.82864 1.32169 1249.82481
2 1998 13.44 133.0606699 1788.33540 1.35398 1331.58243
3 1998 14.00 133.0606699 1862.84938 1.44255 1385.62249
4 1998 14.32 133.0606699 1905.42879 1.50109 1415.79277
5 1998 14.68 133.0606699 1953.33063 1.53378 1449.85155
6 1998 14.83 133.0606699 1973.28973 1.57067 1463.09544
7 1998 15.05 133.0606699 2002.56308 1.58502 1483.21513
8 1998 13.04 133.0606699 1735.11114 1.60682 1283.51779
9 1998 12.64 133.0606699 1681.88687 1.39048 1242.75560
10 1998 13.55 133.0606699 1802.97208 1.34632 1330.87982
11 1998 14.02 133.0606699 1865.51059 1.44179 1375.60140
12 1998 14.56 133.0606699 1937.36335 1.49023 1427.09438
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 48.33%
GROSS ANNUAL RETURN = 14.05%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1427.09 1366.44
TOTAL RETURN 42.71% 36.64%
AVERAGE ANNUAL RETURN 12.59% 10.97%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1993 10.85 109.2655872 1185.53162 1000.00000
1 1994 11.31 109.2655872 1235.79379 1.08333 1041.31298
2 1994 11.08 109.9602821 1218.35993 1.12809 1025.49465
3 1994 10.72 109.9602821 1178.77422 1.11095 991.06438
4 1994 10.95 109.9602821 1204.06509 1.07365 1011.25423
5 1994 10.86 109.9602821 1194.16866 1.09553 1001.84703
6 1994 10.86 109.9602821 1194.16866 1.08533 1000.76169
7 1994 11.12 109.9602821 1222.75834 1.08416 1023.63684
8 1994 11.42 109.9602821 1255.74642 1.10894 1050.14400
9 1994 11.12 109.9602821 1222.75834 1.13766 1021.41937
10 1994 11.37 109.9602821 1250.24841 1.10654 1043.27640
11 1994 10.76 109.9602821 1183.17264 1.13022 986.17445
12 1994 10.69 109.9602821 1175.47542 1.06836 978.69046
1 1995 10.18 109.9602821 1119.39567 1.06025 930.93871
2 1995 10.14 110.5003621 1120.47367 1.00852 930.82671
3 1995 10.39 110.5003621 1148.09876 1.00840 952.76769
4 1995 10.93 110.5003621 1207.76896 1.03216 1001.25377
5 1995 10.94 110.5003621 1208.87396 1.08469 1001.08514
6 1995 11.09 110.5003621 1225.44902 1.08451 1013.72666
7 1995 11.75 110.5003621 1298.37925 1.09820 1072.95845
8 1995 11.53 110.5003621 1274.06917 1.16237 1051.70664
9 1995 11.82 110.5003621 1306.11428 1.13935 1077.01958
10 1995 11.55 110.5003621 1276.27918 1.16677 1051.25084
11 1995 11.66 110.5003621 1288.43422 1.13886 1060.12390
12 1995 11.82 110.5003621 1306.11428 1.14847 1073.52259
1 1996 12.04 110.5003621 1330.42436 1.16298 1092.34057
2 1996 11.84 113.0560895 1338.58410 1.18337 1097.85673
3 1996 12.09 113.0560895 1366.84812 1.18934 1119.84848
4 1996 12.48 113.1463899 1412.06695 1.21317 1155.68275
5 1996 12.48 113.1463899 1412.06695 1.25199 1154.43076
6 1996 12.61 113.1463899 1426.77598 1.25063 1165.20545
7 1996 12.14 113.1463899 1373.59717 1.26231 1120.51360
8 1996 12.33 113.1463899 1395.09499 1.21389 1136.83658
9 1996 12.61 113.1463899 1426.77598 1.23157 1161.42125
10 1996 12.55 113.1463899 1419.98719 1.25821 1154.63685
11 1996 13.11 113.1463899 1483.34917 1.25086 1204.90764
12 1996 13.25 113.1463899 1499.18967 1.30532 1216.46937
1 1997 13.25 113.1463899 1499.18967 1.31784 1215.15153
2 1997 13.15 115.8831129 1523.86293 1.31641 1233.83376
3 1997 13.21 115.8831129 1530.81592 1.33665 1238.12677
4 1997 13.28 115.8831129 1538.92774 1.34130 1243.34632
5 1997 14.04 115.8831129 1626.99891 1.34696 1313.15472
6 1997 14.76 115.8831129 1710.43475 1.42258 1379.07340
7 1997 15.33 115.8831129 1776.48812 1.49400 1430.83631
8 1997 14.01 115.8831129 1623.52241 1.55007 1306.08311
9 1997 14.96 115.8831129 1733.61137 1.41492 1393.23199
10 1997 13.93 115.8831129 1614.25176 1.50933 1295.79826
11 1997 13.98 115.8831129 1620.04592 1.40378 1299.04559
12 1997 14.11 115.8831129 1635.11072 1.40730 1309.71811
1 1998 14.47 115.8831129 1676.82864 1.41886 1341.71516
2 1998 13.44 133.0606699 1788.33540 1.45352 1429.48382
3 1998 14.00 133.0606699 1862.84938 1.54861 1487.49704
4 1998 14.32 133.0606699 1905.42879 1.61146 1519.88551
5 1998 14.68 133.0606699 1953.33063 1.64654 1556.44838
6 1998 14.83 133.0606699 1973.28973 1.68615 1570.66600
7 1998 15.05 133.0606699 2002.56308 1.70155 1592.26495
8 1998 13.04 133.0606699 1735.11114 1.72495 1377.88534
9 1998 12.64 133.0606699 1681.88687 1.49271 1334.12621
10 1998 13.55 133.0606699 1802.97208 1.44530 1428.72955
11 1998 14.02 133.0606699 1865.51059 1.54779 1476.73917
12 1998 14.56 133.0606699 1937.36335 1.59980 1532.01805
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 63.42%
GROSS ANNUAL RETURN = 10.32%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1532.02 1492.95
TOTAL RETURN 53.20% 49.30%
AVERAGE ANNUAL RETURN 8.91% 8.35%
Return for 10 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1988 6.14 101.9391635 625.90646 1000.00000
1 1989 6.49 101.9391635 661.58517 1.08333 1055.91992
2 1989 6.68 101.9391635 680.95361 1.14391 1085.68892
3 1989 6.72 101.9391635 685.03118 1.17616 1091.01389
4 1989 7.00 101.9391635 713.57414 1.18193 1135.29087
5 1989 7.02 101.9391635 715.61293 1.22990 1137.30466
6 1989 6.97 101.9391635 710.51597 1.23208 1127.97212
7 1989 7.60 101.9391635 774.73764 1.22197 1228.70459
8 1989 7.64 101.9391635 778.81521 1.33110 1233.84036
9 1989 7.94 101.9391635 809.39696 1.33666 1280.95293
10 1989 7.54 101.9391635 768.62129 1.38770 1215.03359
11 1989 7.93 101.9391635 808.37757 1.31629 1276.56387
12 1989 8.46 101.9391635 862.40532 1.38294 1360.49982
1 1990 8.43 102.3669657 862.95352 1.47387 1359.89077
2 1990 8.32 102.3669657 851.69315 1.47321 1340.67283
3 1990 8.53 102.3669657 873.19022 1.45240 1373.05954
4 1990 8.43 102.3669657 862.95352 1.48748 1355.47522
5 1990 8.87 102.3669657 907.99499 1.46843 1424.75520
6 1990 9.02 102.3669657 923.35003 1.54348 1447.30566
7 1990 9.27 102.3669657 948.94177 1.56791 1485.85154
8 1990 8.40 102.3669657 859.88251 1.60967 1344.79302
9 1990 7.46 102.3669657 763.65756 1.45686 1192.84742
10 1990 8.03 102.3669657 822.00673 1.29225 1282.69766
11 1990 7.82 102.3669657 800.50967 1.38959 1247.76305
12 1990 7.78 102.3669657 796.41499 1.35174 1240.02889
1 1991 7.99 102.3669657 817.91206 1.34336 1272.15674
2 1991 8.45 104.7927232 885.49851 1.37817 1375.90059
3 1991 8.23 104.7927232 862.44411 1.49056 1338.58777
4 1991 8.25 104.7927232 864.53997 1.45014 1340.39058
5 1991 8.44 104.7927232 884.45058 1.45209 1369.80809
6 1991 7.92 104.7927232 829.95837 1.48396 1283.92837
7 1991 8.23 104.7927232 862.44411 1.39092 1332.79222
8 1991 8.08 104.7927232 846.72520 1.44386 1307.05689
9 1991 8.41 104.7927232 881.30680 1.41598 1359.02318
10 1991 8.26 104.7927232 865.58789 1.47228 1333.31149
11 1991 8.05 104.7927232 843.58142 1.44442 1297.96932
12 1991 8.47 104.7927232 887.59437 1.40613 1364.28333
1 1992 8.54 104.7927232 894.92986 1.47797 1374.08042
2 1992 8.38 105.9386947 887.76626 1.48859 1361.59281
3 1992 8.04 105.9386947 851.74711 1.47506 1304.87413
4 1992 8.15 105.9386947 863.61224 1.41361 1321.63787
5 1992 8.55 105.9386947 905.77584 1.43177 1384.73159
6 1992 8.53 105.9386947 903.65707 1.50013 1379.99233
7 1992 8.26 105.9386947 875.05362 1.49499 1334.81646
8 1992 8.53 105.9386947 903.65707 1.44605 1377.00242
9 1992 8.40 105.9386947 889.88504 1.49175 1354.52470
10 1992 8.13 105.9386947 861.28159 1.46740 1309.51900
11 1992 8.10 105.9386947 858.10343 1.41865 1303.26818
12 1992 8.12 105.9386947 860.22220 1.41187 1305.07426
1 1993 8.14 105.9386947 862.34097 1.41383 1306.87489
2 1993 8.15 109.2655872 890.51454 1.41578 1348.15605
3 1993 8.62 109.2655872 941.86936 1.46050 1424.44197
4 1993 9.00 109.2655872 983.39028 1.54315 1485.69325
5 1993 9.17 109.2655872 1001.96543 1.60950 1512.14685
6 1993 9.02 109.2655872 985.57560 1.63816 1485.77346
7 1993 9.24 109.2655872 1009.61403 1.60959 1520.40225
8 1993 9.86 109.2655872 1077.35869 1.64710 1620.77348
9 1993 10.03 109.2655872 1095.93384 1.75584 1646.96201
10 1993 10.34 109.2655872 1129.80617 1.78421 1696.08092
11 1993 9.93 109.2655872 1085.00728 1.83742 1626.99077
12 1993 10.85 109.2655872 1185.53162 1.76257 1775.96652
1 1994 11.31 109.2655872 1235.79379 1.92396 1849.33698
2 1994 11.08 109.9602821 1218.35993 2.00345 1821.24416
3 1994 10.72 109.9602821 1178.77422 1.97301 1760.09715
4 1994 10.95 109.9602821 1204.06509 1.90677 1795.95365
5 1994 10.86 109.9602821 1194.16866 1.94562 1779.24677
6 1994 10.86 109.9602821 1194.16866 1.92752 1777.31926
7 1994 11.12 109.9602821 1222.75834 1.92543 1817.94475
8 1994 11.42 109.9602821 1255.74642 1.96944 1865.02058
9 1994 11.12 109.9602821 1222.75834 2.02044 1814.00661
10 1994 11.37 109.9602821 1250.24841 1.96517 1852.82395
11 1994 10.76 109.9602821 1183.17264 2.00723 1751.41280
12 1994 10.69 109.9602821 1175.47542 1.89736 1738.12149
1 1995 10.18 109.9602821 1119.39567 1.88296 1653.31599
2 1995 10.14 110.5003621 1120.47367 1.79109 1653.11707
3 1995 10.39 110.5003621 1148.09876 1.79088 1692.08352
4 1995 10.93 110.5003621 1207.76896 1.83309 1778.19317
5 1995 10.94 110.5003621 1208.87396 1.92638 1777.89369
6 1995 11.09 110.5003621 1225.44902 1.92605 1800.34460
7 1995 11.75 110.5003621 1298.37925 1.95037 1905.53827
8 1995 11.53 110.5003621 1274.06917 2.06433 1867.79578
9 1995 11.82 110.5003621 1306.11428 2.02345 1912.75072
10 1995 11.55 110.5003621 1276.27918 2.07215 1866.98629
11 1995 11.66 110.5003621 1288.43422 2.02257 1882.74455
12 1995 11.82 110.5003621 1306.11428 2.03964 1906.54017
1 1996 12.04 110.5003621 1330.42436 2.06542 1939.96027
2 1996 11.84 113.0560895 1338.58410 2.10162 1949.75678
3 1996 12.09 113.0560895 1366.84812 2.11224 1988.81340
4 1996 12.48 113.1463899 1412.06695 2.15455 2052.45387
5 1996 12.48 113.1463899 1412.06695 2.22349 2050.23038
6 1996 12.61 113.1463899 1426.77598 2.22108 2069.36586
7 1996 12.14 113.1463899 1373.59717 2.24181 1989.99463
8 1996 12.33 113.1463899 1395.09499 2.15583 2018.98370
9 1996 12.61 113.1463899 1426.77598 2.18723 2062.64524
10 1996 12.55 113.1463899 1419.98719 2.23453 2050.59638
11 1996 13.11 113.1463899 1483.34917 2.22148 2139.87562
12 1996 13.25 113.1463899 1499.18967 2.31820 2160.40887
1 1997 13.25 113.1463899 1499.18967 2.34044 2158.06843
2 1997 13.15 115.8831129 1523.86293 2.33791 2191.24744
3 1997 13.21 115.8831129 1530.81592 2.37385 2198.87168
4 1997 13.28 115.8831129 1538.92774 2.38211 2208.14142
5 1997 14.04 115.8831129 1626.99891 2.39215 2332.11881
6 1997 14.76 115.8831129 1710.43475 2.52646 2449.18819
7 1997 15.33 115.8831129 1776.48812 2.65329 2541.11737
8 1997 14.01 115.8831129 1623.52241 2.75288 2319.55987
9 1997 14.96 115.8831129 1733.61137 2.51286 2474.33337
10 1997 13.93 115.8831129 1614.25176 2.68053 2301.29432
11 1997 13.98 115.8831129 1620.04592 2.49307 2307.06147
12 1997 14.11 115.8831129 1635.11072 2.49932 2326.01551
1 1998 14.47 115.8831129 1676.82864 2.51985 2382.84120
2 1998 13.44 133.0606699 1788.33540 2.58141 2538.71540
3 1998 14.00 133.0606699 1862.84938 2.75027 2641.74493
4 1998 14.32 133.0606699 1905.42879 2.86189 2699.26578
5 1998 14.68 133.0606699 1953.33063 2.92420 2764.20021
6 1998 14.83 133.0606699 1973.28973 2.99455 2789.45022
7 1998 15.05 133.0606699 2002.56308 3.02190 2827.80923
8 1998 13.04 133.0606699 1735.11114 3.06346 2447.07823
9 1998 12.64 133.0606699 1681.88687 2.65100 2369.36348
10 1998 13.55 133.0606699 1802.97208 2.56681 2537.37584
11 1998 14.02 133.0606699 1865.51059 2.74882 2622.63932
12 1998 14.56 133.0606699 1937.36335 2.84119 2720.81276
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 209.53%
GROSS ANNUAL RETURN = 11.96%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2720.81 2720.81
TOTAL RETURN 172.08% 172.08%
AVERAGE ANNUAL RETURN 10.53% 10.53%
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 1.08333 992.25000
6 1987 6.37 100.0000000 637.00000 1.07494 1059.43387
7 1987 6.75 100.0000000 675.00000 1.14772 1121.48629
8 1987 7.17 100.0000000 717.00000 1.21494 1190.05271
9 1987 7.23 100.0000000 723.00000 1.28922 1198.72209
10 1987 5.31 100.0000000 531.00000 1.29862 879.09064
11 1987 5.04 100.0000000 504.00000 0.95235 833.43877
12 1987 5.26 101.9391635 536.20000 0.90289 885.78335
1 1988 5.16 101.9391635 526.00608 0.95960 867.98376
2 1988 5.46 101.9391635 556.58783 0.94032 917.50762
3 1988 5.71 101.9391635 582.07262 0.99397 958.52408
4 1988 5.94 101.9391635 605.51863 1.03840 996.09523
5 1988 5.89 101.9391635 600.42167 1.07910 986.63148
6 1988 5.83 101.9391635 594.30532 1.06885 975.51206
7 1988 5.82 101.9391635 593.28593 1.05680 972.78199
8 1988 5.49 101.9391635 559.64601 1.05385 916.57040
9 1988 5.57 101.9391635 567.80114 0.99295 928.93367
10 1988 5.86 101.9391635 597.36350 1.00634 976.29191
11 1988 6.10 101.9391635 621.82890 1.05765 1015.21891
12 1988 6.14 101.9391635 625.90646 1.09982 1020.77627
1 1989 6.49 101.9391635 661.58517 1.10584 1077.85800
2 1989 6.68 101.9391635 680.95361 1.16768 1108.24548
3 1989 6.72 101.9391635 685.03118 1.20060 1113.68108
4 1989 7.00 101.9391635 713.57414 1.20649 1158.87797
5 1989 7.02 101.9391635 715.61293 1.25545 1160.93360
6 1989 6.97 101.9391635 710.51597 1.25768 1151.40717
7 1989 7.60 101.9391635 774.73764 1.24736 1254.23248
8 1989 7.64 101.9391635 778.81521 1.35875 1259.47495
9 1989 7.94 101.9391635 809.39696 1.36443 1307.56634
10 1989 7.54 101.9391635 768.62129 1.41653 1240.27745
11 1989 7.93 101.9391635 808.37757 1.34363 1303.08610
12 1989 8.46 101.9391635 862.40532 1.41168 1388.76593
1 1990 8.43 102.3669657 862.95352 1.50450 1388.14422
2 1990 8.32 102.3669657 851.69315 1.50382 1368.52701
3 1990 8.53 102.3669657 873.19022 1.48257 1401.58659
4 1990 8.43 102.3669657 862.95352 1.51839 1383.63694
5 1990 8.87 102.3669657 907.99499 1.49894 1454.35630
6 1990 9.02 102.3669657 923.35003 1.57555 1477.37527
7 1990 9.27 102.3669657 948.94177 1.60049 1516.72199
8 1990 8.40 102.3669657 859.88251 1.64312 1372.73280
9 1990 7.46 102.3669657 763.65756 1.48713 1217.63033
10 1990 8.03 102.3669657 822.00673 1.31910 1309.34733
11 1990 7.82 102.3669657 800.50967 1.41846 1273.68691
12 1990 7.78 102.3669657 796.41499 1.37983 1265.79206
1 1991 7.99 102.3669657 817.91206 1.37127 1298.58741
2 1991 8.45 104.7927232 885.49851 1.40680 1404.48667
3 1991 8.23 104.7927232 862.44411 1.52153 1366.39862
4 1991 8.25 104.7927232 864.53997 1.48027 1368.23889
5 1991 8.44 104.7927232 884.45058 1.48226 1398.26759
6 1991 7.92 104.7927232 829.95837 1.51479 1310.60361
7 1991 8.23 104.7927232 862.44411 1.41982 1360.48267
8 1991 8.08 104.7927232 846.72520 1.47386 1334.21265
9 1991 8.41 104.7927232 881.30680 1.44540 1387.25861
10 1991 8.26 104.7927232 865.58789 1.50286 1361.01273
11 1991 8.05 104.7927232 843.58142 1.47443 1324.93628
12 1991 8.47 104.7927232 887.59437 1.43535 1392.62804
1 1992 8.54 104.7927232 894.92986 1.50868 1402.62868
2 1992 8.38 105.9386947 887.76626 1.51951 1389.88163
3 1992 8.04 105.9386947 851.74711 1.50571 1331.98454
4 1992 8.15 105.9386947 863.61224 1.44298 1349.09657
5 1992 8.55 105.9386947 905.77584 1.46152 1413.50115
6 1992 8.53 105.9386947 903.65707 1.53129 1408.66342
7 1992 8.26 105.9386947 875.05362 1.52605 1362.54896
8 1992 8.53 105.9386947 903.65707 1.47609 1405.61139
9 1992 8.40 105.9386947 889.88504 1.52275 1382.66666
10 1992 8.13 105.9386947 861.28159 1.49789 1336.72592
11 1992 8.10 105.9386947 858.10343 1.44812 1330.34523
12 1992 8.12 105.9386947 860.22220 1.44121 1332.18883
1 1993 8.14 105.9386947 862.34097 1.44320 1334.02687
2 1993 8.15 109.2655872 890.51454 1.44520 1376.16570
3 1993 8.62 109.2655872 941.86936 1.49085 1454.03656
4 1993 9.00 109.2655872 983.39028 1.57521 1516.56041
5 1993 9.17 109.2655872 1001.96543 1.64294 1543.56361
6 1993 9.02 109.2655872 985.57560 1.67219 1516.64228
7 1993 9.24 109.2655872 1009.61403 1.64303 1551.99053
8 1993 9.86 109.2655872 1077.35869 1.68132 1654.44710
9 1993 10.03 109.2655872 1095.93384 1.79232 1681.17973
10 1993 10.34 109.2655872 1129.80617 1.82128 1731.31914
11 1993 9.93 109.2655872 1085.00728 1.87560 1660.79356
12 1993 10.85 109.2655872 1185.53162 1.79919 1812.86447
1 1994 11.31 109.2655872 1235.79379 1.96394 1887.75930
2 1994 11.08 109.9602821 1218.35993 2.04507 1859.08281
3 1994 10.72 109.9602821 1178.77422 2.01401 1796.66539
4 1994 10.95 109.9602821 1204.06509 1.94639 1833.26686
5 1994 10.86 109.9602821 1194.16866 1.98604 1816.21288
6 1994 10.86 109.9602821 1194.16866 1.96756 1814.24531
7 1994 11.12 109.9602821 1222.75834 1.96543 1855.71485
8 1994 11.42 109.9602821 1255.74642 2.01036 1903.76874
9 1994 11.12 109.9602821 1222.75834 2.06242 1851.69489
10 1994 11.37 109.9602821 1250.24841 2.00600 1891.31872
11 1994 10.76 109.9602821 1183.17264 2.04893 1787.80062
12 1994 10.69 109.9602821 1175.47542 1.93678 1774.23317
1 1995 10.18 109.9602821 1119.39567 1.92209 1687.66572
2 1995 10.14 110.5003621 1120.47367 1.82830 1687.46267
3 1995 10.39 110.5003621 1148.09876 1.82808 1727.23869
4 1995 10.93 110.5003621 1207.76896 1.87118 1815.13738
5 1995 10.94 110.5003621 1208.87396 1.96640 1814.83168
6 1995 11.09 110.5003621 1225.44902 1.96607 1837.74904
7 1995 11.75 110.5003621 1298.37925 1.99089 1945.12824
8 1995 11.53 110.5003621 1274.06917 2.10722 1906.60160
9 1995 11.82 110.5003621 1306.11428 2.06549 1952.49053
10 1995 11.55 110.5003621 1276.27918 2.11520 1905.77530
11 1995 11.66 110.5003621 1288.43422 2.06459 1921.86095
12 1995 11.82 110.5003621 1306.11428 2.08202 1946.15095
1 1996 12.04 110.5003621 1330.42436 2.10833 1980.26540
2 1996 11.84 113.0560895 1338.58410 2.14529 1990.26545
3 1996 12.09 113.0560895 1366.84812 2.15612 2030.13351
4 1996 12.48 113.1463899 1412.06695 2.19931 2095.09620
5 1996 12.48 113.1463899 1412.06695 2.26969 2092.82651
6 1996 12.61 113.1463899 1426.77598 2.26723 2112.35956
7 1996 12.14 113.1463899 1373.59717 2.28839 2031.33929
8 1996 12.33 113.1463899 1395.09499 2.20062 2060.93064
9 1996 12.61 113.1463899 1426.77598 2.23267 2105.49931
10 1996 12.55 113.1463899 1419.98719 2.28096 2093.20012
11 1996 13.11 113.1463899 1483.34917 2.26763 2184.33424
12 1996 13.25 113.1463899 1499.18967 2.36636 2205.29410
1 1997 13.25 113.1463899 1499.18967 2.38907 2202.90503
2 1997 13.15 115.8831129 1523.86293 2.38648 2236.77338
3 1997 13.21 115.8831129 1530.81592 2.42317 2244.55602
4 1997 13.28 115.8831129 1538.92774 2.43160 2254.01836
5 1997 14.04 115.8831129 1626.99891 2.44185 2380.57153
6 1997 14.76 115.8831129 1710.43475 2.57895 2500.07317
7 1997 15.33 115.8831129 1776.48812 2.70841 2593.91230
8 1997 14.01 115.8831129 1623.52241 2.81007 2367.75166
9 1997 14.96 115.8831129 1733.61137 2.56506 2525.74078
10 1997 13.93 115.8831129 1614.25176 2.73622 2349.10663
11 1997 13.98 115.8831129 1620.04592 2.54487 2354.99359
12 1997 14.11 115.8831129 1635.11072 2.55124 2374.34143
1 1998 14.47 115.8831129 1676.82864 2.57220 2432.34774
2 1998 13.44 133.0606699 1788.33540 2.63504 2591.46042
3 1998 14.00 133.0606699 1862.84938 2.80742 2696.63053
4 1998 14.32 133.0606699 1905.42879 2.92135 2755.34645
5 1998 14.68 133.0606699 1953.33063 2.98496 2821.62997
6 1998 14.83 133.0606699 1973.28973 3.05677 2847.40458
7 1998 15.05 133.0606699 2002.56308 3.08469 2886.56055
8 1998 13.04 133.0606699 1735.11114 3.12711 2497.91938
9 1998 12.64 133.0606699 1681.88687 2.70608 2418.59000
10 1998 13.55 133.0606699 1802.97208 2.62014 2590.09304
11 1998 14.02 133.0606699 1865.51059 2.80593 2677.12797
12 1998 14.56 133.0606699 1937.36335 2.90022 2777.34109
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 222.89%
GROSS ANNUAL RETURN = 10.57%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2777.34 2777.34
TOTAL RETURN 177.73% 177.73%
AVERAGE ANNUAL RETURN 9.15% 9.15%
Return for Product Inception
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 1.08333 998.91667
2 1997 13.15 115.8831129 1523.86293 1.08216 1014.27441
3 1997 13.21 115.8831129 1530.81592 1.09880 1017.80348
4 1997 13.28 115.8831129 1538.92774 1.10262 1022.09422
5 1997 14.04 115.8831129 1626.99891 1.10727 1079.48030
6 1997 14.76 115.8831129 1710.43475 1.16944 1133.66882
7 1997 15.33 115.8831129 1776.48812 1.22814 1176.22058
8 1997 14.01 115.8831129 1623.52241 1.27424 1073.66707
9 1997 14.96 115.8831129 1733.61137 1.16314 1145.30791
10 1997 13.93 115.8831129 1614.25176 1.24075 1065.21240
11 1997 13.98 115.8831129 1620.04592 1.15398 1067.88187
12 1997 14.11 115.8831129 1635.11072 1.15687 1076.65523
1 1998 14.47 115.8831129 1676.82864 1.16638 1102.95844
2 1998 13.44 133.0606699 1788.33540 1.19487 1175.10876
3 1998 14.00 133.0606699 1862.84938 1.27303 1222.79859
4 1998 14.32 133.0606699 1905.42879 1.32470 1249.42358
5 1998 14.68 133.0606699 1953.33063 1.35354 1279.48012
6 1998 14.83 133.0606699 1973.28973 1.38610 1291.16773
7 1998 15.05 133.0606699 2002.56308 1.39876 1308.92317
8 1998 13.04 133.0606699 1735.11114 1.41800 1132.69218
9 1998 12.64 133.0606699 1681.88687 1.22708 1096.71993
10 1998 13.55 133.0606699 1802.97208 1.18811 1174.48871
11 1998 14.02 133.0606699 1865.51059 1.27236 1213.95507
12 1998 14.56 133.0606699 1937.36335 1.31512 1259.39714
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 29.23%
GROSS ANNUAL RETURN = 13.33%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1259.40 1195.17
TOTAL RETURN 25.94% 19.52%
AVERAGE ANNUAL RETURN 11.91% 9.09%
Scudder Global Discovery
12/1998Assume ($10000 @ $10.00 on 5/ 2/1997)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
2/98 0.1900000000 7.47 2.544 102.543507
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 7.07 100.0000000 707.00000 1000.00000
1 1998 7.08 100.0000000 708.00000 1.08333 1000.33109
2 1998 7.60 102.5435074 779.33066 1.08369 1100.03027
3 1998 8.09 102.5435074 829.57697 1.19170 1169.76158
4 1998 8.22 102.5435074 842.90763 1.26724 1187.29149
5 1998 7.93 102.5435074 813.17001 1.28623 1144.11785
6 1998 8.04 102.5435074 824.44980 1.23946 1158.74888
7 1998 8.04 102.5435074 824.44980 1.25531 1157.49356
8 1998 6.54 102.5435074 670.63454 1.25395 940.28932
9 1998 6.65 102.5435074 681.91432 1.01865 955.08594
10 1998 6.85 102.5435074 702.42303 1.03468 982.77565
11 1998 7.38 102.5435074 756.77108 1.06467 1057.75055
12 1998 8.01 102.5435074 821.37349 1.14590 1146.90044
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 16.18%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1146.90 1078.66
TOTAL RETURN 14.69% 7.87%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 7.07 100.0000000 707.00000 1000.00000
1 1998 7.08 100.0000000 708.00000 1.08333 1000.33109
2 1998 7.60 102.5435074 779.33066 1.08369 1100.03027
3 1998 8.09 102.5435074 829.57697 1.19170 1169.76158
4 1998 8.22 102.5435074 842.90763 1.26724 1187.29149
5 1998 7.93 102.5435074 813.17001 1.28623 1144.11785
6 1998 8.04 102.5435074 824.44980 1.23946 1158.74888
7 1998 8.04 102.5435074 824.44980 1.25531 1157.49356
8 1998 6.54 102.5435074 670.63454 1.25395 940.28932
9 1998 6.65 102.5435074 681.91432 1.01865 955.08594
10 1998 6.85 102.5435074 702.42303 1.03468 982.77565
11 1998 7.38 102.5435074 756.77108 1.06467 1057.75055
12 1998 8.01 102.5435074 821.37349 1.14590 1146.90044
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 16.18%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1146.90 1078.66
TOTAL RETURN 14.69% 7.87%
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 1.08333 1091.17367
6 1997 6.93 100.0000000 693.00000 1.18210 1139.36594
7 1997 7.06 100.0000000 706.00000 1.23431 1159.50501
8 1997 6.98 100.0000000 698.00000 1.25613 1145.11001
9 1997 7.31 100.0000000 731.00000 1.24054 1198.00792
10 1997 6.98 100.0000000 698.00000 1.29784 1142.62764
11 1997 6.89 100.0000000 689.00000 1.23785 1126.65677
12 1997 7.07 100.0000000 707.00000 1.22054 1154.86993
1 1998 7.08 100.0000000 708.00000 1.25111 1155.25230
2 1998 7.60 102.5435074 779.33066 1.25152 1270.39189
3 1998 8.09 102.5435074 829.57697 1.37626 1350.92247
4 1998 8.22 102.5435074 842.90763 1.46350 1371.16725
5 1998 7.93 102.5435074 813.17001 1.48543 1321.30730
6 1998 8.04 102.5435074 824.44980 1.43142 1338.20423
7 1998 8.04 102.5435074 824.44980 1.44972 1336.75451
8 1998 6.54 102.5435074 670.63454 1.44815 1085.91186
9 1998 6.65 102.5435074 681.91432 1.17640 1103.00003
10 1998 6.85 102.5435074 702.42303 1.19492 1134.97805
11 1998 7.38 102.5435074 756.77108 1.22956 1221.56431
12 1998 8.01 102.5435074 821.37349 1.32336 1324.52083
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 35.32%
GROSS ANNUAL RETURN = 19.91%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1324.52 1256.97
TOTAL RETURN 32.45% 25.70%
AVERAGE ANNUAL RETURN 18.38% 14.72%
Scudder Growth & Income
12/1998Assume ($10000 @ $10.00 on 5/ 1/1997)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
4/97 0.0650000000 9.22 0.705 100.704989
7/97 0.0650000000 10.97 0.597 101.301691
10/97 0.0600000000 11.06 0.550 101.851249
1/98 0.0550000000 11.42 0.491 102.341776
2/98 0.7900000000 11.35 7.123 109.465124
4/98 0.0550000000 11.62 0.518 109.983246
7/98 0.0600000000 11.16 0.591 110.574554
10/98 0.0550000000 10.42 0.584 111.158201
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 11.47 101.8512486 1168.23382 1000.00000
1 1998 11.43 102.3417756 1169.76649 1.08333 1000.22862
2 1998 11.42 109.4651238 1250.09171 1.08358 1067.82848
3 1998 12.03 109.4651238 1316.86544 1.15681 1123.70979
4 1998 11.86 109.9832462 1304.40130 1.21735 1111.85652
5 1998 11.65 109.9832462 1281.30482 1.20451 1090.96483
6 1998 11.67 109.9832462 1283.50448 1.18188 1091.65586
7 1998 11.16 110.5745540 1234.01202 1.18263 1048.37853
8 1998 9.75 110.5745540 1078.10190 1.13574 914.78636
9 1998 10.14 110.5745540 1121.22598 0.99102 950.38680
10 1998 10.70 111.1582009 1189.39275 1.02959 1007.13753
11 1998 11.14 111.1582009 1238.30236 1.09107 1047.46147
12 1998 11.21 111.1582009 1246.08343 1.13475 1052.90861
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 6.66%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1052.91 990.26
TOTAL RETURN 5.29% -0.97%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 11.47 101.8512486 1168.23382 1000.00000
1 1998 11.43 102.3417756 1169.76649 1.08333 1000.22862
2 1998 11.42 109.4651238 1250.09171 1.08358 1067.82848
3 1998 12.03 109.4651238 1316.86544 1.15681 1123.70979
4 1998 11.86 109.9832462 1304.40130 1.21735 1111.85652
5 1998 11.65 109.9832462 1281.30482 1.20451 1090.96483
6 1998 11.67 109.9832462 1283.50448 1.18188 1091.65586
7 1998 11.16 110.5745540 1234.01202 1.18263 1048.37853
8 1998 9.75 110.5745540 1078.10190 1.13574 914.78636
9 1998 10.14 110.5745540 1121.22598 0.99102 950.38680
10 1998 10.70 111.1582009 1189.39275 1.02959 1007.13753
11 1998 11.14 111.1582009 1238.30236 1.09107 1047.46147
12 1998 11.21 111.1582009 1246.08343 1.13475 1052.90861
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 6.66%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1052.91 990.26
TOTAL RETURN 5.29% -0.97%
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 1.08333 1055.99912
6 1997 10.54 100.7049892 1061.43059 1.14400 1111.87907
7 1997 11.17 101.3016915 1131.53989 1.20454 1184.11605
8 1997 10.76 101.3016915 1090.00620 1.28279 1139.36974
9 1997 11.43 101.3016915 1157.87833 1.23432 1209.08130
10 1997 11.01 101.8512486 1121.38225 1.30984 1169.66147
11 1997 11.33 101.8512486 1153.97465 1.26713 1202.38995
12 1997 11.47 101.8512486 1168.23382 1.30259 1215.94478
1 1998 11.43 102.3417756 1169.76649 1.31727 1216.22278
2 1998 11.42 109.4651238 1250.09171 1.31757 1298.42047
3 1998 12.03 109.4651238 1316.86544 1.40662 1366.36906
4 1998 11.86 109.9832462 1304.40130 1.48023 1351.95613
5 1998 11.65 109.9832462 1281.30482 1.46462 1326.55300
6 1998 11.67 109.9832462 1283.50448 1.43710 1327.39324
7 1998 11.16 110.5745540 1234.01202 1.43801 1274.77040
8 1998 9.75 110.5745540 1078.10190 1.38100 1112.32970
9 1998 10.14 110.5745540 1121.22598 1.20502 1155.61787
10 1998 10.70 111.1582009 1189.39275 1.25192 1224.62363
11 1998 11.14 111.1582009 1238.30236 1.32668 1273.65531
12 1998 11.21 111.1582009 1246.08343 1.37979 1280.27874
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 30.80%
GROSS ANNUAL RETURN = 17.46%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1280.28 1214.98
TOTAL RETURN 28.03% 21.50%
AVERAGE ANNUAL RETURN 15.96% 12.38%
T. Rowe Price Personal Strategy Bal
12/1998Assume ($10000 @ $10.00 on 12/30/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
3/95 0.0900000000 10.70 0.841 100.841121
6/95 0.1000000000 11.39 0.885 101.726469
9/95 0.1100000000 11.76 0.952 102.677992
12/95 0.1000000000 12.39 0.829 103.506709
1/96 0.0800000000 12.47 0.664 104.170746
3/96 0.0800000000 12.56 0.664 104.834254
6/96 0.1100000000 12.59 0.916 105.750200
9/96 0.1100000000 12.96 0.898 106.647771
12/96 0.3400000000 13.51 2.684 109.331727
3/97 0.1200000000 13.58 0.966 110.297840
6/97 0.1200000000 14.48 0.914 111.211910
9/97 0.1200000000 15.09 0.884 112.096299
12/97 0.3400000000 15.00 2.541 114.637149
3/98 0.1400000000 16.19 0.991 115.628452
6/98 0.1300000000 16.27 0.924 116.552342
9/98 0.1200000000 15.37 0.910 117.462315
12/98 0.6972405220 15.72 5.210 122.672206
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 15.13 114.6371485 1734.46006 1000.00000
1 1998 15.28 114.6371485 1751.65563 1.08333 1008.83074
2 1998 15.84 114.6371485 1815.85243 1.09290 1044.71070
3 1998 16.21 115.6284519 1874.33720 1.13177 1077.22685
4 1998 16.28 115.6284519 1882.43120 1.16700 1080.71167
5 1998 16.21 115.6284519 1874.33720 1.17077 1074.89411
6 1998 16.35 116.5523424 1905.63080 1.16447 1091.67587
7 1998 16.20 116.5523424 1888.14795 1.18265 1080.47785
8 1998 14.82 116.5523424 1727.30571 1.17052 987.26663
9 1998 15.18 117.4623151 1783.07794 1.06954 1018.07451
10 1998 15.82 117.4623151 1858.25383 1.10291 1059.89437
11 1998 16.36 117.4623151 1921.68348 1.14822 1094.92460
12 1998 16.16 122.6722061 1982.38285 1.18617 1128.32333
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 14.29%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1128.32 1061.19
TOTAL RETURN 12.83% 6.12%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 15.13 114.6371485 1734.46006 1000.00000
1 1998 15.28 114.6371485 1751.65563 1.08333 1008.83074
2 1998 15.84 114.6371485 1815.85243 1.09290 1044.71070
3 1998 16.21 115.6284519 1874.33720 1.13177 1077.22685
4 1998 16.28 115.6284519 1882.43120 1.16700 1080.71167
5 1998 16.21 115.6284519 1874.33720 1.17077 1074.89411
6 1998 16.35 116.5523424 1905.63080 1.16447 1091.67587
7 1998 16.20 116.5523424 1888.14795 1.18265 1080.47785
8 1998 14.82 116.5523424 1727.30571 1.17052 987.26663
9 1998 15.18 117.4623151 1783.07794 1.06954 1018.07451
10 1998 15.82 117.4623151 1858.25383 1.10291 1059.89437
11 1998 16.36 117.4623151 1921.68348 1.14822 1094.92460
12 1998 16.16 122.6722061 1982.38285 1.18617 1128.32333
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 14.29%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1128.32 1061.19
TOTAL RETURN 12.83% 6.12%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 12.43 103.5067091 1286.58839 1000.00000
1 1996 12.62 104.1707457 1314.63481 1.08333 1020.71573
2 1996 12.59 104.1707457 1311.50969 1.10578 1017.18353
3 1996 12.55 104.8342537 1315.66988 1.10195 1019.30815
4 1996 12.62 104.8342537 1323.00828 1.10425 1023.88928
5 1996 12.72 104.8342537 1333.49171 1.10921 1030.89330
6 1996 12.67 105.7502003 1339.85504 1.11680 1034.69585
7 1996 12.42 105.7502003 1313.41749 1.12092 1013.15867
8 1996 12.59 105.7502003 1331.39502 1.09759 1025.92880
9 1996 12.97 106.6477714 1383.22160 1.11142 1064.75321
10 1996 13.19 106.6477714 1406.68411 1.15348 1081.66031
11 1996 13.85 106.6477714 1477.07163 1.17180 1134.61253
12 1996 13.44 109.3317272 1469.41841 1.22916 1127.50454
1 1997 13.64 109.3317272 1491.28476 1.22146 1143.06142
2 1997 13.75 109.3317272 1503.31125 1.23832 1151.04134
3 1997 13.30 110.2978396 1466.96127 1.24696 1121.96226
4 1997 13.61 110.2978396 1501.15360 1.21546 1146.89780
5 1997 14.18 110.2978396 1564.02337 1.24247 1193.68852
6 1997 14.48 111.2119101 1610.34846 1.29316 1227.75144
7 1997 15.15 111.2119101 1684.86044 1.33006 1283.23032
8 1997 14.63 111.2119101 1627.03025 1.39017 1237.79528
9 1997 15.12 112.0962991 1694.89604 1.34094 1288.08458
10 1997 14.92 112.0962991 1672.47678 1.39542 1269.65100
11 1997 15.18 112.0962991 1701.62182 1.37546 1290.40083
12 1997 15.13 114.6371485 1734.46006 1.39793 1313.90530
1 1998 15.28 114.6371485 1751.65563 1.42340 1325.50807
2 1998 15.84 114.6371485 1815.85243 1.43597 1372.65093
3 1998 16.21 115.6284519 1874.33720 1.48704 1415.37408
4 1998 16.28 115.6284519 1882.43120 1.53332 1419.95280
5 1998 16.21 115.6284519 1874.33720 1.53828 1412.30907
6 1998 16.35 116.5523424 1905.63080 1.53000 1434.35872
7 1998 16.20 116.5523424 1888.14795 1.55389 1419.64558
8 1998 14.82 116.5523424 1727.30571 1.53795 1297.17486
9 1998 15.18 117.4623151 1783.07794 1.40527 1337.65351
10 1998 15.82 117.4623151 1858.25383 1.44912 1392.60084
11 1998 16.36 117.4623151 1921.68348 1.50865 1438.62724
12 1998 16.16 122.6722061 1982.38285 1.55851 1482.51001
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 54.08%
GROSS ANNUAL RETURN = 15.50%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1482.51 1419.50
TOTAL RETURN 48.25% 41.95%
AVERAGE ANNUAL RETURN 14.02% 12.39%
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 1.08333 1015.91667
2 1995 10.49 100.0000000 1049.00000 1.10058 1046.78200
3 1995 10.65 100.8411215 1073.95794 1.13401 1070.55316
4 1995 10.86 100.8411215 1095.13458 1.15977 1090.50290
5 1995 11.23 100.8411215 1132.44579 1.18138 1126.47493
6 1995 11.39 101.7264694 1158.66449 1.22035 1151.33504
7 1995 11.61 101.7264694 1181.04431 1.24728 1172.32601
8 1995 11.63 101.7264694 1183.07884 1.27002 1173.07550
9 1995 11.82 102.6779925 1213.65387 1.27083 1202.12118
10 1995 11.90 102.6779925 1221.86811 1.30230 1208.95506
11 1995 12.27 102.6779925 1259.85897 1.30970 1245.23472
12 1995 12.43 103.5067091 1286.58839 1.34900 1270.30487
1 1996 12.62 104.1707457 1314.63481 1.37616 1296.62016
2 1996 12.59 104.1707457 1311.50969 1.40467 1292.13319
3 1996 12.55 104.8342537 1315.66988 1.39981 1294.83211
4 1996 12.62 104.8342537 1323.00828 1.40273 1300.65155
5 1996 12.72 104.8342537 1333.49171 1.40904 1309.54878
6 1996 12.67 105.7502003 1339.85504 1.41868 1314.37918
7 1996 12.42 105.7502003 1313.41749 1.42391 1287.02040
8 1996 12.59 105.7502003 1331.39502 1.39427 1303.24235
9 1996 12.97 106.6477714 1383.22160 1.41185 1352.56119
10 1996 13.19 106.6477714 1406.68411 1.46527 1374.03836
11 1996 13.85 106.6477714 1477.07163 1.48854 1441.30382
12 1996 13.44 109.3317272 1469.41841 1.56141 1432.27451
1 1997 13.64 109.3317272 1491.28476 1.55163 1452.03649
2 1997 13.75 109.3317272 1503.31125 1.57304 1462.17342
3 1997 13.30 110.2978396 1466.96127 1.58402 1425.23413
4 1997 13.61 110.2978396 1501.15360 1.54400 1456.90987
5 1997 14.18 110.2978396 1564.02337 1.57832 1516.34835
6 1997 14.48 111.2119101 1610.34846 1.64271 1559.61864
7 1997 15.15 111.2119101 1684.86044 1.68959 1630.09373
8 1997 14.63 111.2119101 1627.03025 1.76593 1572.37738
9 1997 15.12 112.0962991 1694.89604 1.70341 1636.26012
10 1997 14.92 112.0962991 1672.47678 1.77262 1612.84385
11 1997 15.18 112.0962991 1701.62182 1.74725 1639.20246
12 1997 15.13 114.6371485 1734.46006 1.77580 1669.06031
1 1998 15.28 114.6371485 1751.65563 1.80815 1683.79936
2 1998 15.84 114.6371485 1815.85243 1.82412 1743.68517
3 1998 16.21 115.6284519 1874.33720 1.88899 1797.95659
4 1998 16.28 115.6284519 1882.43120 1.94779 1803.77296
5 1998 16.21 115.6284519 1874.33720 1.95409 1794.06309
6 1998 16.35 116.5523424 1905.63080 1.94357 1822.07288
7 1998 16.20 116.5523424 1888.14795 1.97391 1803.38270
8 1998 14.82 116.5523424 1727.30571 1.95366 1647.80754
9 1998 15.18 117.4623151 1783.07794 1.78512 1699.22777
10 1998 15.82 117.4623151 1858.25383 1.84083 1769.02763
11 1998 16.36 117.4623151 1921.68348 1.91645 1827.49519
12 1998 16.16 122.6722061 1982.38285 1.97979 1883.23969
SURRENDER CHARGE = 4.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 98.24%
GROSS ANNUAL RETURN = 18.64%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1883.24 1819.21
TOTAL RETURN 88.32% 81.92%
AVERAGE ANNUAL RETURN 17.13% 16.13%
Return for Product Inception
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 1.08333 1013.79762
2 1997 13.75 109.3317272 1503.31125 1.09828 1020.87513
3 1997 13.30 110.2978396 1466.96127 1.10595 995.08447
4 1997 13.61 110.2978396 1501.15360 1.07801 1017.20016
5 1997 14.18 110.2978396 1564.02337 1.10197 1058.69953
6 1997 14.48 111.2119101 1610.34846 1.14692 1088.91042
7 1997 15.15 111.2119101 1684.86044 1.17965 1138.11543
8 1997 14.63 111.2119101 1627.03025 1.23296 1097.81844
9 1997 15.12 112.0962991 1694.89604 1.18930 1142.42074
10 1997 14.92 112.0962991 1672.47678 1.23762 1126.07174
11 1997 15.18 112.0962991 1701.62182 1.21991 1144.47506
12 1997 15.13 114.6371485 1734.46006 1.23985 1165.32152
1 1998 15.28 114.6371485 1751.65563 1.26243 1175.61218
2 1998 15.84 114.6371485 1815.85243 1.27358 1217.42386
3 1998 16.21 115.6284519 1874.33720 1.31888 1255.31564
4 1998 16.28 115.6284519 1882.43120 1.35993 1259.37657
5 1998 16.21 115.6284519 1874.33720 1.36432 1252.59723
6 1998 16.35 116.5523424 1905.63080 1.35698 1272.15339
7 1998 16.20 116.5523424 1888.14795 1.37817 1259.10409
8 1998 14.82 116.5523424 1727.30571 1.36403 1150.48305
9 1998 15.18 117.4623151 1783.07794 1.24636 1186.38414
10 1998 15.82 117.4623151 1858.25383 1.28525 1235.11772
11 1998 16.36 117.4623151 1921.68348 1.33804 1275.93919
12 1998 16.16 122.6722061 1982.38285 1.38227 1314.85946
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 34.91%
GROSS ANNUAL RETURN = 15.73%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1314.86 1247.80
TOTAL RETURN 31.49% 24.78%
AVERAGE ANNUAL RETURN 14.29% 11.41%
T. Rowe Price Equity Income Fund
12/1998Assume ($10000 @ $10.00 on 3/31/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
6/94 0.0900000000 10.10 0.891 100.891089
9/94 0.1000000000 10.52 0.959 101.850130
12/94 0.1000000000 10.43 0.977 102.826641
1/95 0.2600000000 10.54 2.537 105.363162
3/95 0.1100000000 10.95 1.058 106.421604
6/95 0.1100000000 11.57 1.012 107.433392
9/95 0.1100000000 12.27 0.963 108.396527
12/95 0.1100000000 13.15 0.907 109.303266
1/96 0.0100000000 13.39 0.082 109.384897
3/96 0.1000000000 13.76 0.795 110.179845
6/96 0.1100000000 13.92 0.871 111.050519
9/96 0.1000000000 14.32 0.775 111.826012
12/96 0.1800000000 15.46 1.302 113.127996
3/97 0.1900000000 16.00 1.343 114.471391
6/97 0.0900000000 17.17 0.600 115.071416
9/97 0.1000000000 18.42 0.625 115.696125
12/97 0.6300000000 18.40 3.961 119.657460
3/98 0.1400000000 20.07 0.835 120.492140
6/98 0.1000000000 19.50 0.618 121.110049
9/98 0.1000000000 18.33 0.661 121.770769
12/98 0.6534299020 18.06 4.406 126.176565
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 18.59 119.6574597 2224.43217 1000.00000
1 1998 18.47 119.6574597 2210.07328 1.08333 992.46158
2 1998 19.37 119.6574597 2317.76499 1.07517 1039.74675
3 1998 20.13 120.4921405 2425.50679 1.12639 1086.95321
4 1998 20.01 120.4921405 2411.04773 1.17753 1079.29607
5 1998 19.67 120.4921405 2370.08040 1.16924 1059.78797
6 1998 19.53 121.1100489 2365.27925 1.14810 1056.49302
7 1998 18.96 121.1100489 2296.24653 1.14453 1024.51382
8 1998 17.13 121.1100489 2074.61514 1.10989 924.51890
9 1998 17.96 121.7707693 2187.00302 1.00156 973.60119
10 1998 19.03 121.7707693 2317.29774 1.05473 1030.55053
11 1998 19.79 121.7707693 2409.84352 1.11643 1070.59114
12 1998 19.25 126.1765645 2428.89887 1.15981 1077.89681
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 9.19%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1077.90 1013.76
TOTAL RETURN 7.79% 1.38%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 18.59 119.6574597 2224.43217 1000.00000
1 1998 18.47 119.6574597 2210.07328 1.08333 992.46158
2 1998 19.37 119.6574597 2317.76499 1.07517 1039.74675
3 1998 20.13 120.4921405 2425.50679 1.12639 1086.95321
4 1998 20.01 120.4921405 2411.04773 1.17753 1079.29607
5 1998 19.67 120.4921405 2370.08040 1.16924 1059.78797
6 1998 19.53 121.1100489 2365.27925 1.14810 1056.49302
7 1998 18.96 121.1100489 2296.24653 1.14453 1024.51382
8 1998 17.13 121.1100489 2074.61514 1.10989 924.51890
9 1998 17.96 121.7707693 2187.00302 1.00156 973.60119
10 1998 19.03 121.7707693 2317.29774 1.05473 1030.55053
11 1998 19.79 121.7707693 2409.84352 1.11643 1070.59114
12 1998 19.25 126.1765645 2428.89887 1.15981 1077.89681
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 9.19%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1077.90 1013.76
TOTAL RETURN 7.79% 1.38%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 13.21 109.3032661 1443.89615 1000.00000
1 1996 13.57 109.3848966 1484.35305 1.08333 1026.93593
2 1996 13.62 109.3848966 1489.82229 1.11251 1029.60726
3 1996 13.70 110.1798450 1509.46388 1.11541 1042.06603
4 1996 13.78 110.1798450 1518.27826 1.12890 1047.02219
5 1996 14.01 110.1798450 1543.61963 1.13427 1063.36361
6 1996 13.99 111.0505191 1553.59676 1.15198 1069.08465
7 1996 13.59 111.0505191 1509.17655 1.15817 1037.35936
8 1996 13.88 111.0505191 1541.38120 1.12381 1058.37200
9 1996 14.37 111.8260115 1606.93979 1.14657 1102.24048
10 1996 14.70 111.8260115 1643.84237 1.19409 1126.35880
11 1996 15.55 111.8260115 1738.89448 1.22022 1190.26817
12 1996 15.26 113.1279961 1726.33322 1.28946 1180.38057
1 1997 15.69 113.1279961 1774.97826 1.27875 1212.36288
2 1997 16.07 113.1279961 1817.96690 1.31339 1240.41200
3 1997 15.54 114.4713911 1778.88542 1.34378 1212.40264
4 1997 15.93 114.4713911 1823.52926 1.31344 1241.51630
5 1997 16.68 114.4713911 1909.38280 1.34498 1298.62313
6 1997 17.22 115.0714158 1981.52978 1.40684 1346.28541
7 1997 18.20 115.0714158 2094.29977 1.45848 1421.44480
8 1997 17.72 115.0714158 2039.06549 1.53990 1382.41625
9 1997 18.47 115.6961249 2136.90743 1.49762 1447.25210
10 1997 17.98 115.6961249 2080.21633 1.56786 1407.28935
11 1997 18.67 115.6961249 2160.04665 1.52456 1459.77089
12 1997 18.59 119.6574597 2224.43217 1.58142 1501.70155
1 1998 18.47 119.6574597 2210.07328 1.62684 1490.38109
2 1998 19.37 119.6574597 2317.76499 1.61458 1561.38931
3 1998 20.13 120.4921405 2425.50679 1.69151 1632.27931
4 1998 20.01 120.4921405 2411.04773 1.76830 1620.78058
5 1998 19.67 120.4921405 2370.08040 1.75585 1591.48524
6 1998 19.53 121.1100489 2365.27925 1.72411 1586.53721
7 1998 18.96 121.1100489 2296.24653 1.71875 1538.51399
8 1998 17.13 121.1100489 2074.61514 1.66672 1388.35146
9 1998 17.96 121.7707693 2187.00302 1.50405 1462.05841
10 1998 19.03 121.7707693 2317.29774 1.58390 1547.57933
11 1998 19.79 121.7707693 2409.84352 1.67654 1607.70837
12 1998 19.25 126.1765645 2428.89887 1.74168 1618.67931
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 68.22%
GROSS ANNUAL RETURN = 18.93%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1618.68 1549.89
TOTAL RETURN 61.87% 54.99%
AVERAGE ANNUAL RETURN 17.41% 15.73%
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 1.08333 1014.91667
5 1994 10.35 100.0000000 1035.00000 1.09949 1032.79691
6 1994 10.08 100.8910891 1016.98218 1.11886 1013.69858
7 1994 10.36 100.8910891 1045.23168 1.09817 1040.75870
8 1994 10.82 100.8910891 1091.64158 1.12749 1085.84251
9 1994 10.50 101.8501299 1069.42636 1.17633 1062.56897
10 1994 10.65 101.8501299 1084.70388 1.15112 1076.59741
11 1994 10.41 101.8501299 1060.25985 1.16631 1051.16975
12 1994 10.42 102.8266412 1071.45360 1.13877 1061.12876
1 1995 10.57 105.3631618 1113.68862 1.14956 1101.80723
2 1995 10.87 105.3631618 1145.29757 1.19362 1131.88534
3 1995 10.90 106.4216045 1159.99549 1.22621 1145.18493
4 1995 11.18 106.4216045 1189.79354 1.24062 1173.36190
5 1995 11.58 106.4216045 1232.36218 1.27114 1214.07151
6 1995 11.55 107.4333916 1240.85567 1.31524 1221.12370
7 1995 11.80 107.4333916 1267.71402 1.32288 1246.23206
8 1995 11.99 107.4333916 1288.12636 1.35008 1264.94843
9 1995 12.33 108.3965271 1336.52918 1.37036 1311.10994
10 1995 12.40 108.3965271 1344.11694 1.42037 1317.13302
11 1995 12.90 108.3965271 1398.31520 1.42689 1368.81633
12 1995 13.21 109.3032661 1443.89615 1.48288 1411.95281
1 1996 13.57 109.3848966 1484.35305 1.52962 1449.98507
2 1996 13.62 109.3848966 1489.82229 1.57082 1453.75687
3 1996 13.70 110.1798450 1509.46388 1.57490 1471.34807
4 1996 13.78 110.1798450 1518.27826 1.59396 1478.34592
5 1996 14.01 110.1798450 1543.61963 1.60154 1501.41924
6 1996 13.99 111.0505191 1553.59676 1.62654 1509.49707
7 1996 13.59 111.0505191 1509.17655 1.63529 1464.70247
8 1996 13.88 111.0505191 1541.38120 1.58676 1494.37132
9 1996 14.37 111.8260115 1606.93979 1.61890 1556.31155
10 1996 14.70 111.8260115 1643.84237 1.68600 1590.36548
11 1996 15.55 111.8260115 1738.89448 1.72290 1680.60249
12 1996 15.26 113.1279961 1726.33322 1.82065 1666.64167
1 1997 15.69 113.1279961 1774.97826 1.80553 1711.79917
2 1997 16.07 113.1279961 1817.96690 1.85445 1751.40321
3 1997 15.54 114.4713911 1778.88542 1.89735 1711.85532
4 1997 15.93 114.4713911 1823.52926 1.85451 1752.96243
5 1997 16.68 114.4713911 1909.38280 1.89904 1833.59458
6 1997 17.22 115.0714158 1981.52978 1.98639 1900.89147
7 1997 18.20 115.0714158 2094.29977 2.05930 2007.01298
8 1997 17.72 115.0714158 2039.06549 2.17426 1951.90651
9 1997 18.47 115.6961249 2136.90743 2.11457 2043.45167
10 1997 17.98 115.6961249 2080.21633 2.21374 1987.02616
11 1997 18.67 115.6961249 2160.04665 2.15261 2061.12762
12 1997 18.59 119.6574597 2224.43217 2.23289 2120.33172
1 1998 18.47 119.6574597 2210.07328 2.29703 2104.34778
2 1998 19.37 119.6574597 2317.76499 2.27971 2204.60803
3 1998 20.13 120.4921405 2425.50679 2.38833 2304.70137
4 1998 20.01 120.4921405 2411.04773 2.49676 2288.46570
5 1998 19.67 120.4921405 2370.08040 2.47917 2247.10206
6 1998 19.53 121.1100489 2365.27925 2.43436 2240.11567
7 1998 18.96 121.1100489 2296.24653 2.42679 2172.30916
8 1998 17.13 121.1100489 2074.61514 2.35333 1960.28674
9 1998 17.96 121.7707693 2187.00302 2.12364 2064.35748
10 1998 19.03 121.7707693 2317.29774 2.23639 2185.10898
11 1998 19.79 121.7707693 2409.84352 2.36720 2270.00835
12 1998 19.25 126.1765645 2428.89887 2.45918 2285.49880
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 142.89%
GROSS ANNUAL RETURN = 20.53%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2285.50 2227.22
TOTAL RETURN 128.55% 122.72%
AVERAGE ANNUAL RETURN 18.99% 18.35%
Return for Product Inception
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 1.08333 1027.09491
2 1997 16.07 113.1279961 1817.96690 1.11269 1050.85769
3 1997 15.54 114.4713911 1778.88542 1.13843 1027.12860
4 1997 15.93 114.4713911 1823.52926 1.11272 1051.79324
5 1997 16.68 114.4713911 1909.38280 1.13944 1100.17325
6 1997 17.22 115.0714158 1981.52978 1.19185 1140.55199
7 1997 18.20 115.0714158 2094.29977 1.23560 1204.22585
8 1997 17.72 115.0714158 2039.06549 1.30458 1171.16147
9 1997 18.47 115.6961249 2136.90743 1.26876 1226.08939
10 1997 17.98 115.6961249 2080.21633 1.32826 1192.23358
11 1997 18.67 115.6961249 2160.04665 1.29159 1236.69512
12 1997 18.59 119.6574597 2224.43217 1.33975 1272.21812
1 1998 18.47 119.6574597 2210.07328 1.37824 1262.62761
2 1998 19.37 119.6574597 2317.76499 1.36785 1322.78466
3 1998 20.13 120.4921405 2425.50679 1.43302 1382.84156
4 1998 20.01 120.4921405 2411.04773 1.49808 1373.10002
5 1998 19.67 120.4921405 2370.08040 1.48752 1348.28146
6 1998 19.53 121.1100489 2365.27925 1.46064 1344.08956
7 1998 18.96 121.1100489 2296.24653 1.45610 1303.40505
8 1998 17.13 121.1100489 2074.61514 1.41202 1176.18969
9 1998 17.96 121.7707693 2187.00302 1.27421 1238.63307
10 1998 19.03 121.7707693 2317.29774 1.34185 1311.08506
11 1998 19.79 121.7707693 2409.84352 1.42034 1362.02544
12 1998 19.25 126.1765645 2428.89887 1.47553 1371.31985
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 40.70%
GROSS ANNUAL RETURN = 18.13%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1371.32 1301.38
TOTAL RETURN 37.13% 30.14%
AVERAGE ANNUAL RETURN 16.66% 13.72%
T. Rowe Price Internat. Stock Fund
12/1998
Assume ($10000 @ $10.00 on 3/31/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
1/95 0.0500000000 9.73 0.514 100.513875
1/96 0.1000000000 11.31 0.889 101.402591
12/96 0.1600000000 12.47 1.301 102.703667
12/97 0.2900000000 12.70 2.345 105.048869
12/98 0.2300000000 13.91 1.737 106.785838
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 12.74 105.0488691 1338.32259 1000.00000
1 1998 13.18 105.0488691 1384.54409 1.08333 1033.45356
2 1998 13.94 105.0488691 1464.38123 1.11957 1091.92615
3 1998 14.42 105.0488691 1514.80469 1.18292 1128.34183
4 1998 14.56 105.0488691 1529.51153 1.22237 1138.07424
5 1998 14.47 105.0488691 1520.05714 1.23291 1129.80652
6 1998 14.49 105.0488691 1522.15811 1.22396 1130.14415
7 1998 14.70 105.0488691 1544.21838 1.22432 1145.29873
8 1998 12.81 105.0488691 1345.67601 1.24074 996.80529
9 1998 12.49 105.0488691 1312.06037 1.07987 970.82474
10 1998 13.64 105.0488691 1432.86657 1.05173 1059.16040
11 1998 14.29 105.0488691 1501.14834 1.14742 1108.48617
12 1998 14.52 106.7858381 1550.53037 1.20086 1143.75025
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 15.86%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1143.75 1075.70
TOTAL RETURN 14.38% 7.57%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 12.74 105.0488691 1338.32259 1000.00000
1 1998 13.18 105.0488691 1384.54409 1.08333 1033.45356
2 1998 13.94 105.0488691 1464.38123 1.11957 1091.92615
3 1998 14.42 105.0488691 1514.80469 1.18292 1128.34183
4 1998 14.56 105.0488691 1529.51153 1.22237 1138.07424
5 1998 14.47 105.0488691 1520.05714 1.23291 1129.80652
6 1998 14.49 105.0488691 1522.15811 1.22396 1130.14415
7 1998 14.70 105.0488691 1544.21838 1.22432 1145.29873
8 1998 12.81 105.0488691 1345.67601 1.24074 996.80529
9 1998 12.49 105.0488691 1312.06037 1.07987 970.82474
10 1998 13.64 105.0488691 1432.86657 1.05173 1059.16040
11 1998 14.29 105.0488691 1501.14834 1.14742 1108.48617
12 1998 14.52 106.7858381 1550.53037 1.20086 1143.75025
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 15.86%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1143.75 1075.70
TOTAL RETURN 14.38% 7.57%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 11.26 100.5138746 1131.78623 1000.00000
1 1996 11.45 101.4025915 1161.05967 1.08333 1024.78148
2 1996 11.52 101.4025915 1168.15785 1.11018 1029.93634
3 1996 11.72 101.4025915 1188.43837 1.11576 1046.70142
4 1996 12.06 101.4025915 1222.91525 1.13393 1075.93255
5 1996 12.02 101.4025915 1218.85915 1.16559 1071.19836
6 1996 12.17 101.4025915 1234.06954 1.16046 1083.40559
7 1996 11.78 101.4025915 1194.52253 1.17369 1047.51307
8 1996 11.96 101.4025915 1212.77499 1.13481 1062.38441
9 1996 12.23 101.4025915 1240.15369 1.15092 1085.21709
10 1996 12.17 101.4025915 1234.06954 1.17565 1078.71739
11 1996 12.71 101.4025915 1288.82694 1.16861 1125.41299
12 1996 12.64 102.7036672 1298.17435 1.21920 1132.35602
1 1997 12.48 102.7036672 1281.74177 1.22672 1116.79568
2 1997 12.65 102.7036672 1299.20139 1.20986 1130.79858
3 1997 12.62 102.7036672 1296.12028 1.22503 1126.89182
4 1997 12.71 102.7036672 1305.36361 1.22080 1133.70749
5 1997 13.53 102.7036672 1389.58062 1.22818 1205.62172
6 1997 14.11 102.7036672 1449.14874 1.30609 1255.99786
7 1997 14.47 102.7036672 1486.12206 1.36066 1286.68250
8 1997 13.16 102.7036672 1351.58026 1.39391 1168.80248
9 1997 14.03 102.7036672 1440.93245 1.26620 1244.80514
10 1997 12.98 102.7036672 1333.09360 1.34854 1150.29584
11 1997 12.96 102.7036672 1331.03953 1.24615 1147.27728
12 1997 12.74 105.0488691 1338.32259 1.24288 1152.31196
1 1998 13.18 105.0488691 1384.54409 1.24834 1190.86090
2 1998 13.94 105.0488691 1464.38123 1.29010 1258.23956
3 1998 14.42 105.0488691 1514.80469 1.36309 1300.20179
4 1998 14.56 105.0488691 1529.51153 1.40855 1311.41656
5 1998 14.47 105.0488691 1520.05714 1.42070 1301.88957
6 1998 14.49 105.0488691 1522.15811 1.41038 1302.27863
7 1998 14.70 105.0488691 1544.21838 1.41080 1319.74143
8 1998 12.81 105.0488691 1345.67601 1.42972 1148.63067
9 1998 12.49 105.0488691 1312.06037 1.24435 1118.69297
10 1998 13.64 105.0488691 1432.86657 1.21192 1220.48320
11 1998 14.29 105.0488691 1501.14834 1.32219 1277.32187
12 1998 14.52 106.7858381 1550.53037 1.38377 1317.95710
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 37.00%
GROSS ANNUAL RETURN = 11.06%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1317.96 1261.94
TOTAL RETURN 31.80% 26.19%
AVERAGE ANNUAL RETURN 9.64% 8.06%
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 1.08333 1021.91667
5 1994 10.23 100.0000000 1023.00000 1.10708 1020.80959
6 1994 10.10 100.0000000 1010.00000 1.10588 1006.73155
7 1994 10.41 100.0000000 1041.00000 1.09063 1036.54060
8 1994 10.79 100.0000000 1079.00000 1.12292 1073.25490
9 1994 10.52 100.0000000 1052.00000 1.16269 1045.23597
10 1994 10.73 100.0000000 1073.00000 1.13234 1064.96861
11 1994 10.32 100.0000000 1032.00000 1.15372 1023.12178
12 1994 10.18 100.0000000 1018.00000 1.10838 1008.13384
1 1995 9.66 100.5138746 970.96403 1.09214 960.46158
2 1995 9.72 100.5138746 976.99486 1.04050 965.38668
3 1995 10.10 100.5138746 1015.19013 1.04584 1002.08230
4 1995 10.46 100.5138746 1051.37513 1.08559 1036.71449
5 1995 10.52 100.5138746 1057.40596 1.12311 1041.53812
6 1995 10.52 100.5138746 1057.40596 1.12833 1040.40979
7 1995 11.05 100.5138746 1110.67831 1.12711 1091.69876
8 1995 10.84 100.5138746 1089.57040 1.18267 1069.76887
9 1995 10.97 100.5138746 1102.63720 1.15892 1081.43929
10 1995 10.82 100.5138746 1087.56012 1.17156 1065.48050
11 1995 10.90 100.5138746 1095.60123 1.15427 1072.20409
12 1995 11.26 100.5138746 1131.78623 1.16155 1106.45478
1 1996 11.45 101.4025915 1161.05967 1.19866 1133.87437
2 1996 11.52 101.4025915 1168.15785 1.22836 1139.57799
3 1996 11.72 101.4025915 1188.43837 1.23454 1158.12779
4 1996 12.06 101.4025915 1222.91525 1.25464 1190.47071
5 1996 12.02 101.4025915 1218.85915 1.28968 1185.23254
6 1996 12.17 101.4025915 1234.06954 1.28400 1198.73930
7 1996 11.78 101.4025915 1194.52253 1.29863 1159.02584
8 1996 11.96 101.4025915 1212.77499 1.25561 1175.48031
9 1996 12.23 101.4025915 1240.15369 1.27344 1200.74363
10 1996 12.17 101.4025915 1234.06954 1.30081 1193.55202
11 1996 12.71 101.4025915 1288.82694 1.29301 1245.21858
12 1996 12.64 102.7036672 1298.17435 1.34899 1252.90073
1 1997 12.48 102.7036672 1281.74177 1.35731 1235.68392
2 1997 12.65 102.7036672 1299.20139 1.33866 1251.17750
3 1997 12.62 102.7036672 1296.12028 1.35544 1246.85484
4 1997 12.71 102.7036672 1305.36361 1.35076 1254.39607
5 1997 13.53 102.7036672 1389.58062 1.35893 1333.96592
6 1997 14.11 102.7036672 1449.14874 1.44513 1389.70484
7 1997 14.47 102.7036672 1486.12206 1.50551 1423.65601
8 1997 13.16 102.7036672 1351.58026 1.54229 1293.22709
9 1997 14.03 102.7036672 1440.93245 1.40100 1377.32059
10 1997 12.98 102.7036672 1333.09360 1.49210 1272.75033
11 1997 12.96 102.7036672 1331.03953 1.37881 1269.41043
12 1997 12.74 105.0488691 1338.32259 1.37519 1274.98108
1 1998 13.18 105.0488691 1384.54409 1.38123 1317.63373
2 1998 13.94 105.0488691 1464.38123 1.42744 1392.18518
3 1998 14.42 105.0488691 1514.80469 1.50820 1438.61449
4 1998 14.56 105.0488691 1529.51153 1.55850 1451.02312
5 1998 14.47 105.0488691 1520.05714 1.57194 1440.48194
6 1998 14.49 105.0488691 1522.15811 1.56052 1440.91241
7 1998 14.70 105.0488691 1544.21838 1.56099 1460.23421
8 1998 12.81 105.0488691 1345.67601 1.58192 1270.90789
9 1998 12.49 105.0488691 1312.06037 1.37682 1237.78318
10 1998 13.64 105.0488691 1432.86657 1.34093 1350.40947
11 1998 14.29 105.0488691 1501.14834 1.46294 1413.29889
12 1998 14.52 106.7858381 1550.53037 1.53107 1458.25993
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 55.05%
GROSS ANNUAL RETURN = 9.67%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1458.26 1421.07
TOTAL RETURN 45.83% 42.11%
AVERAGE ANNUAL RETURN 8.26% 7.67%
Return for Product Inception
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 1.08333 986.25844
2 1997 12.65 102.7036672 1299.20139 1.06845 998.62460
3 1997 12.62 102.7036672 1296.12028 1.08184 995.17448
4 1997 12.71 102.7036672 1305.36361 1.07811 1001.19350
5 1997 13.53 102.7036672 1389.58062 1.08463 1064.70200
6 1997 14.11 102.7036672 1449.14874 1.15343 1109.18990
7 1997 14.47 102.7036672 1486.12206 1.20162 1136.28795
8 1997 13.16 102.7036672 1351.58026 1.23098 1032.18640
9 1997 14.03 102.7036672 1440.93245 1.11820 1099.30544
10 1997 12.98 102.7036672 1333.09360 1.19091 1015.84292
11 1997 12.96 102.7036672 1331.03953 1.10050 1013.17718
12 1997 12.74 105.0488691 1338.32259 1.09761 1017.62338
1 1998 13.18 105.0488691 1384.54409 1.10243 1051.66650
2 1998 13.94 105.0488691 1464.38123 1.13931 1111.16958
3 1998 14.42 105.0488691 1514.80469 1.20377 1148.22703
4 1998 14.56 105.0488691 1529.51153 1.24391 1158.13095
5 1998 14.47 105.0488691 1520.05714 1.25464 1149.71753
6 1998 14.49 105.0488691 1522.15811 1.24553 1150.06111
7 1998 14.70 105.0488691 1544.21838 1.24590 1165.48276
8 1998 12.81 105.0488691 1345.67601 1.26261 1014.37237
9 1998 12.49 105.0488691 1312.06037 1.09890 987.93396
10 1998 13.64 105.0488691 1432.86657 1.07026 1077.82639
11 1998 14.29 105.0488691 1501.14834 1.16765 1128.02144
12 1998 14.52 106.7858381 1550.53037 1.22202 1163.90700
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 19.44%
GROSS ANNUAL RETURN = 9.05%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1163.91 1104.55
TOTAL RETURN 16.39% 10.45%
AVERAGE ANNUAL RETURN 7.69% 4.97%
T. Rowe Price Limited Term Bond
12/1998Assume ($10000 @ $10.00 on 5/13/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
5/94 0.0101080000 5.00 0.202 100.202160
6/94 0.0227390860 4.99 0.457 100.658774
7/94 0.0254802850 5.04 0.509 101.167666
8/94 0.0310070990 5.04 0.622 101.790070
9/94 0.0333695090 5.01 0.678 102.468051
10/94 0.0289283280 4.98 0.595 103.063278
11/94 0.0311052550 4.93 0.650 103.713543
12/94 0.0273000000 4.92 0.575 104.289027
1/95 0.0280000000 4.94 0.591 104.880139
2/95 0.0287000000 4.96 0.607 105.487006
3/95 0.0301000000 4.97 0.639 106.125871
4/95 0.0262000000 4.98 0.558 106.684204
5/95 0.0283000000 5.02 0.601 107.285631
6/95 0.0295000000 5.01 0.632 107.917352
7/95 0.0254251330 5.00 0.549 108.466115
8/95 0.0274278140 5.00 0.595 109.061113
9/95 0.0286146590 5.00 0.624 109.685262
10/95 0.0264917600 5.01 0.580 110.265253
11/95 0.0261262300 5.04 0.572 110.836844
12/95 0.0265365700 5.06 0.581 111.418114
1/96 0.0242378560 5.07 0.533 111.950764
2/96 0.0235427380 4.99 0.528 112.478946
3/96 0.0239636480 4.94 0.546 113.024575
4/96 0.0235631940 4.90 0.544 113.568089
5/96 0.0250830810 4.87 0.585 114.153025
6/96 0.0220828540 4.89 0.516 114.668531
7/96 0.0238193190 4.88 0.560 115.228229
8/96 0.0255629680 4.86 0.606 115.834315
9/96 0.0221304100 4.89 0.524 116.358540
10/96 0.0240874040 4.94 0.567 116.925903
11/96 0.0247578130 4.97 0.582 117.508364
12/96 0.0241618420 4.93 0.576 118.084270
1/97 0.0251917050 4.92 0.605 118.688893
2/97 0.0236114340 4.91 0.571 119.259650
3/97 0.0226738380 4.86 0.556 119.816043
4/97 0.0238675950 4.88 0.586 120.402052
5/97 0.0250013980 4.89 0.616 121.017639
6/97 0.0235752560 4.91 0.581 121.598702
7/97 0.0249375280 4.96 0.611 122.210067
8/97 0.0256476800 4.92 0.637 122.847141
9/97 0.0238382100 4.95 0.592 123.438749
10/97 0.0260796860 4.96 0.649 124.087790
11/97 0.0224935020 4.95 0.564 124.651662
12/97 0.0248429880 4.96 0.624 125.276001
1/98 0.0241935100 4.99 0.607 125.883389
2/98 0.0235600440 4.97 0.597 126.480133
3/98 0.0233776860 4.97 0.595 127.075065
4/98 0.0239243030 4.96 0.613 127.688005
5/98 0.0236435830 4.97 0.607 128.295450
6/98 0.0233259920 4.97 0.602 128.897587
7/98 0.0248340500 4.97 0.644 129.541661
8/98 0.0216810700 4.99 0.563 130.104507
9/98 0.0229926270 5.08 0.589 130.693374
10/98 0.0234590180 5.06 0.606 131.299291
11/98 0.0219889630 5.04 0.573 131.872135
12/98 0.0350158400 5.05 0.914 132.786514
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 4.96 125.2760009 621.36896 1000.00000
1 1998 4.99 125.8833889 628.15811 1.08333 1009.84278
2 1998 4.97 126.4801330 628.60626 1.09400 1009.46924
3 1998 4.97 127.0750652 631.56307 1.09359 1013.12395
4 1998 4.96 127.6880052 633.33251 1.09755 1014.86484
5 1998 4.97 128.2954502 637.62839 1.09944 1020.64921
6 1998 4.97 128.8975868 640.62101 1.10570 1024.33378
7 1998 4.97 129.5416611 643.82206 1.10969 1028.34246
8 1998 4.99 130.1045071 649.22149 1.11404 1035.85266
9 1998 5.08 130.6933741 663.92234 1.12217 1058.18614
10 1998 5.06 131.2992908 664.37441 1.14637 1057.76030
11 1998 5.04 131.8721351 664.63556 1.14591 1057.03017
12 1998 5.02 132.7865140 666.58830 1.14512 1058.99067
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 7.28%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1058.99 995.98
TOTAL RETURN 5.90% -0.40%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 4.96 125.2760009 621.36896 1000.00000
1 1998 4.99 125.8833889 628.15811 1.08333 1009.84278
2 1998 4.97 126.4801330 628.60626 1.09400 1009.46924
3 1998 4.97 127.0750652 631.56307 1.09359 1013.12395
4 1998 4.96 127.6880052 633.33251 1.09755 1014.86484
5 1998 4.97 128.2954502 637.62839 1.09944 1020.64921
6 1998 4.97 128.8975868 640.62101 1.10570 1024.33378
7 1998 4.97 129.5416611 643.82206 1.10969 1028.34246
8 1998 4.99 130.1045071 649.22149 1.11404 1035.85266
9 1998 5.08 130.6933741 663.92234 1.12217 1058.18614
10 1998 5.06 131.2992908 664.37441 1.14637 1057.76030
11 1998 5.04 131.8721351 664.63556 1.14591 1057.03017
12 1998 5.02 132.7865140 666.58830 1.14512 1058.99067
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 7.28%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1058.99 995.98
TOTAL RETURN 5.90% -0.40%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 5.06 111.4181142 563.77566 1000.00000
1 1996 5.07 111.9507643 567.59038 1.08333 1005.68304
2 1996 4.99 112.4789462 561.26994 1.08949 993.39471
3 1996 4.94 113.0245749 558.34140 1.07618 987.13529
4 1996 4.90 113.5680892 556.48364 1.06940 982.78141
5 1996 4.87 114.1530250 555.92523 1.06468 980.73056
6 1996 4.89 114.6685311 560.72912 1.06246 988.14283
7 1996 4.88 115.2282291 562.31376 1.07049 989.86487
8 1996 4.86 115.8343146 562.95477 1.07235 989.92092
9 1996 4.89 116.3585397 568.99326 1.07241 999.46681
10 1996 4.94 116.9259031 577.61396 1.08276 1013.52678
11 1996 4.97 117.5083638 584.01657 1.09799 1023.66331
12 1996 4.93 118.0842702 582.15545 1.10897 1019.29218
1 1997 4.92 118.6888930 583.94935 1.10423 1021.32887
2 1997 4.91 119.2596496 585.56488 1.10644 1023.04799
3 1997 4.86 119.8160434 582.30597 1.10830 1016.24601
4 1997 4.88 120.4020518 587.56201 1.10093 1024.31797
5 1997 4.89 121.0176386 591.77625 1.10968 1030.55513
6 1997 4.91 121.5987021 597.04963 1.11643 1038.62207
7 1997 4.96 122.2100673 606.16193 1.12517 1053.34858
8 1997 4.92 122.8471414 604.40794 1.14113 1049.15947
9 1997 4.95 123.4387487 611.02181 1.13659 1059.50354
10 1997 4.96 124.0877897 615.47544 1.14780 1066.07828
11 1997 4.95 124.6516623 617.02573 1.15492 1067.60866
12 1997 4.96 125.2760009 621.36896 1.15658 1073.96697
1 1998 4.99 125.8833889 628.15811 1.16346 1084.53779
2 1998 4.97 126.4801330 628.60626 1.17492 1084.13662
3 1998 4.97 127.0750652 631.56307 1.17448 1088.06165
4 1998 4.96 127.6880052 633.33251 1.17873 1089.93131
5 1998 4.97 128.2954502 637.62839 1.18076 1096.14354
6 1998 4.97 128.8975868 640.62101 1.18749 1100.10064
7 1998 4.97 129.5416611 643.82206 1.19178 1104.40584
8 1998 4.99 130.1045071 649.22149 1.19644 1112.47153
9 1998 5.08 130.6933741 663.92234 1.20518 1136.45695
10 1998 5.06 131.2992908 664.37441 1.23116 1135.99962
11 1998 5.04 131.8721351 664.63556 1.23067 1135.21548
12 1998 5.02 132.7865140 666.58830 1.22982 1137.32100
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 18.24%
GROSS ANNUAL RETURN = 5.74%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1137.32 1088.98
TOTAL RETURN 13.73% 8.90%
AVERAGE ANNUAL RETURN 4.38% 2.88%
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 1.08333 1000.93827
6 1994 4.99 100.6587743 502.28728 1.08435 1002.40412
7 1994 5.04 101.1676661 509.88504 1.08594 1016.48086
8 1994 5.04 101.7900700 513.02195 1.10119 1021.63327
9 1994 5.01 102.4680510 513.36494 1.10677 1021.20952
10 1994 4.98 103.0632777 513.25512 1.10631 1019.88476
11 1994 4.93 103.7135434 511.30777 1.10488 1014.91032
12 1994 4.92 104.2890271 513.10201 1.09949 1017.37228
1 1995 4.94 104.8801389 518.10789 1.10215 1026.19571
2 1995 4.96 105.4870059 523.21555 1.11171 1035.20054
3 1995 4.97 106.1258708 527.44558 1.12147 1042.44834
4 1995 4.98 106.6842037 531.28733 1.12932 1048.91190
5 1995 5.02 107.2856306 538.57387 1.13632 1062.16126
6 1995 5.01 107.9173524 540.66594 1.15067 1065.13651
7 1995 5.00 108.4661150 542.33058 1.15390 1067.26203
8 1995 5.00 109.0611127 545.30556 1.15620 1071.96036
9 1995 5.00 109.6852620 548.42631 1.16129 1076.93383
10 1995 5.01 110.2652532 552.42892 1.16668 1083.62699
11 1995 5.04 110.8368435 558.61769 1.17393 1094.59276
12 1995 5.06 111.4181142 563.77566 1.18581 1103.51382
1 1996 5.07 111.9507643 567.59038 1.19547 1109.78513
2 1996 4.99 112.4789462 561.26994 1.20227 1096.22479
3 1996 4.94 113.0245749 558.34140 1.18758 1089.31744
4 1996 4.90 113.5680892 556.48364 1.18009 1084.51287
5 1996 4.87 114.1530250 555.92523 1.17489 1082.24972
6 1996 4.89 114.6685311 560.72912 1.17244 1090.42927
7 1996 4.88 115.2282291 562.31376 1.18130 1092.32956
8 1996 4.86 115.8343146 562.95477 1.18336 1092.39141
9 1996 4.89 116.3585397 568.99326 1.18342 1102.92544
10 1996 4.94 116.9259031 577.61396 1.19484 1118.44080
11 1996 4.97 117.5083638 584.01657 1.21164 1129.62660
12 1996 4.93 118.0842702 582.15545 1.22376 1124.80300
1 1997 4.92 118.6888930 583.94935 1.21854 1127.05052
2 1997 4.91 119.2596496 585.56488 1.22097 1128.94760
3 1997 4.86 119.8160434 582.30597 1.22303 1121.44151
4 1997 4.88 120.4020518 587.56201 1.21489 1130.34903
5 1997 4.89 121.0176386 591.77625 1.22454 1137.23183
6 1997 4.91 121.5987021 597.04963 1.23200 1146.13381
7 1997 4.96 122.2100673 606.16193 1.24164 1162.38471
8 1997 4.92 122.8471414 604.40794 1.25925 1157.76197
9 1997 4.95 123.4387487 611.02181 1.25424 1169.17680
10 1997 4.96 124.0877897 615.47544 1.26661 1176.43212
11 1997 4.95 124.6516623 617.02573 1.27447 1178.12091
12 1997 4.96 125.2760009 621.36896 1.27630 1185.13739
1 1998 4.99 125.8833889 628.15811 1.28390 1196.80243
2 1998 4.97 126.4801330 628.60626 1.29654 1196.35974
3 1998 4.97 127.0750652 631.56307 1.29606 1200.69107
4 1998 4.96 127.6880052 633.33251 1.30075 1202.75426
5 1998 4.97 128.2954502 637.62839 1.30298 1209.60954
6 1998 4.97 128.8975868 640.62101 1.31041 1213.97626
7 1998 4.97 129.5416611 643.82206 1.31514 1218.72710
8 1998 4.99 130.1045071 649.22149 1.32029 1227.62771
9 1998 5.08 130.6933741 663.92234 1.32993 1254.09595
10 1998 5.06 131.2992908 664.37441 1.35860 1253.59127
11 1998 5.04 131.8721351 664.63556 1.35806 1252.72597
12 1998 5.02 132.7865140 666.58830 1.35712 1255.04944
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 33.32%
GROSS ANNUAL RETURN = 6.40%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1255.05 1223.05
TOTAL RETURN 25.50% 22.30%
AVERAGE ANNUAL RETURN 5.02% 4.44%
Return for Product Inception
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 1.08333 1001.99815
2 1997 4.91 119.2596496 585.56488 1.08550 1003.68473
3 1997 4.86 119.8160434 582.30597 1.08733 997.01149
4 1997 4.88 120.4020518 587.56201 1.08010 1004.93067
5 1997 4.89 121.0176386 591.77625 1.08867 1011.04978
6 1997 4.91 121.5987021 597.04963 1.09530 1018.96404
7 1997 4.96 122.2100673 606.16193 1.10388 1033.41182
8 1997 4.92 122.8471414 604.40794 1.11953 1029.30199
9 1997 4.95 123.4387487 611.02181 1.11508 1039.45029
10 1997 4.96 124.0877897 615.47544 1.12607 1045.90059
11 1997 4.95 124.6516623 617.02573 1.13306 1047.40200
12 1997 4.96 125.2760009 621.36896 1.13469 1053.63996
1 1998 4.99 125.8833889 628.15811 1.14144 1064.01070
2 1998 4.97 126.4801330 628.60626 1.15268 1063.61713
3 1998 4.97 127.0750652 631.56307 1.15225 1067.46788
4 1998 4.96 127.6880052 633.33251 1.15642 1069.30215
5 1998 4.97 128.2954502 637.62839 1.15841 1075.39679
6 1998 4.97 128.8975868 640.62101 1.16501 1079.27900
7 1998 4.97 129.5416611 643.82206 1.16922 1083.50271
8 1998 4.99 130.1045071 649.22149 1.17379 1091.41575
9 1998 5.08 130.6933741 663.92234 1.18237 1114.94720
10 1998 5.06 131.2992908 664.37441 1.20786 1114.49852
11 1998 5.04 131.8721351 664.63556 1.20737 1113.72922
12 1998 5.02 132.7865140 666.58830 1.20654 1115.79489
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 14.50%
GROSS ANNUAL RETURN = 6.83%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1115.79 1058.89
TOTAL RETURN 11.58% 5.89%
AVERAGE ANNUAL RETURN 5.49% 2.83%
T. Rowe Price New American Growth
12/1998Assume ($10000 @ $10.00 on 3/31/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
1/95 0.0200000000 10.31 0.194 100.193986
1/96 0.4000000000 14.88 2.693 102.887373
12/96 0.1400000000 17.53 0.822 103.709064
12/97 0.0500000000 20.66 0.251 103.960054
12/98 0.5000000000 22.05 2.357 106.317424
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 21.35 103.9600535 2219.54714 1000.00000
1 1998 21.33 103.9600535 2217.46794 1.08333 997.97990
2 1998 23.40 103.9600535 2432.66525 1.08114 1093.74912
3 1998 24.99 103.9600535 2597.96174 1.18489 1166.88308
4 1998 24.42 103.9600535 2538.70451 1.26412 1139.00338
5 1998 23.35 103.9600535 2427.46725 1.23392 1087.86226
6 1998 25.00 103.9600535 2599.00134 1.17852 1163.55624
7 1998 23.94 103.9600535 2488.80368 1.26052 1112.96094
8 1998 19.06 103.9600535 1981.47862 1.20571 884.88600
9 1998 19.79 103.9600535 2057.36946 0.95863 917.81860
10 1998 21.51 103.9600535 2236.18075 0.99430 996.59428
11 1998 22.57 103.9600535 2346.37841 1.07964 1044.62621
12 1998 24.74 106.3174243 2630.29308 1.13168 1169.89559
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 18.51%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1169.90 1100.29
TOTAL RETURN 16.99% 10.03%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1997 21.35 103.9600535 2219.54714 1000.00000
1 1998 21.33 103.9600535 2217.46794 1.08333 997.97990
2 1998 23.40 103.9600535 2432.66525 1.08114 1093.74912
3 1998 24.99 103.9600535 2597.96174 1.18489 1166.88308
4 1998 24.42 103.9600535 2538.70451 1.26412 1139.00338
5 1998 23.35 103.9600535 2427.46725 1.23392 1087.86226
6 1998 25.00 103.9600535 2599.00134 1.17852 1163.55624
7 1998 23.94 103.9600535 2488.80368 1.26052 1112.96094
8 1998 19.06 103.9600535 1981.47862 1.20571 884.88600
9 1998 19.79 103.9600535 2057.36946 0.95863 917.81860
10 1998 21.51 103.9600535 2236.18075 0.99430 996.59428
11 1998 22.57 103.9600535 2346.37841 1.07964 1044.62621
12 1998 24.74 106.3174243 2630.29308 1.13168 1169.89559
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 18.51%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1169.90 1100.29
TOTAL RETURN 16.99% 10.03%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1995 15.23 100.1939864 1525.95441 1000.00000
1 1996 15.14 102.8873732 1557.71483 1.08333 1019.73014
2 1996 15.59 102.8873732 1604.01415 1.10471 1048.93446
3 1996 16.19 102.8873732 1665.74657 1.13635 1088.16762
4 1996 16.47 102.8873732 1694.55504 1.17885 1105.80823
5 1996 16.82 102.8873732 1730.56562 1.19796 1128.10953
6 1996 16.84 102.8873732 1732.62336 1.22212 1128.22880
7 1996 15.65 102.8873732 1610.18739 1.22225 1047.28017
8 1996 16.45 102.8873732 1692.49729 1.13455 1099.68071
9 1996 17.38 102.8873732 1788.18255 1.19132 1160.65979
10 1996 17.27 102.8873732 1776.86493 1.25738 1152.05646
11 1996 17.98 102.8873732 1849.91497 1.24806 1198.17146
12 1996 17.67 103.7090635 1832.53915 1.29802 1185.61929
1 1997 17.99 103.7090635 1865.72605 1.28442 1205.80619
2 1997 17.91 103.7090635 1857.42933 1.30629 1199.13778
3 1997 16.90 103.7090635 1752.68317 1.29907 1130.21565
4 1997 17.05 103.7090635 1768.23953 1.22440 1139.02275
5 1997 18.33 103.7090635 1900.98713 1.23394 1223.29902
6 1997 19.25 103.7090635 1996.39947 1.32524 1283.37231
7 1997 20.25 103.7090635 2100.10854 1.39032 1348.65068
8 1997 19.82 103.7090635 2055.51364 1.46104 1318.55163
9 1997 21.23 103.7090635 2201.74342 1.42843 1410.92531
10 1997 20.61 103.7090635 2137.44380 1.52850 1368.19220
11 1997 20.82 103.7090635 2159.22270 1.48221 1380.65082
12 1997 21.35 103.9600535 2219.54714 1.49571 1417.72779
1 1998 21.33 103.9600535 2217.46794 1.53587 1414.86383
2 1998 23.40 103.9600535 2432.66525 1.53277 1550.63852
3 1998 24.99 103.9600535 2597.96174 1.67986 1654.32256
4 1998 24.42 103.9600535 2538.70451 1.79218 1614.79673
5 1998 23.35 103.9600535 2427.46725 1.74936 1542.29256
6 1998 25.00 103.9600535 2599.00134 1.67082 1649.60601
7 1998 23.94 103.9600535 2488.80368 1.78707 1577.87564
8 1998 19.06 103.9600535 1981.47862 1.70937 1254.52747
9 1998 19.79 103.9600535 2057.36946 1.35907 1301.21693
10 1998 21.51 103.9600535 2236.18075 1.40965 1412.89940
11 1998 22.57 103.9600535 2346.37841 1.53064 1480.99560
12 1998 24.74 106.3174243 2630.29308 1.60441 1658.59348
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 72.37%
GROSS ANNUAL RETURN = 19.90%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1658.59 1588.10
TOTAL RETURN 65.86% 58.81%
AVERAGE ANNUAL RETURN 18.37% 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 10.12 100.0000000 1012.00000 1.08333 1010.91667
5 1994 9.98 100.0000000 998.00000 1.09516 995.83649
6 1994 9.67 100.0000000 967.00000 1.07882 963.82487
7 1994 9.79 100.0000000 979.00000 1.04414 974.74133
8 1994 10.45 100.0000000 1045.00000 1.05597 1039.39826
9 1994 10.22 100.0000000 1022.00000 1.12601 1015.39553
10 1994 10.37 100.0000000 1037.00000 1.10001 1029.19859
11 1994 9.95 100.0000000 995.00000 1.11497 986.39959
12 1994 10.10 100.0000000 1010.00000 1.06860 1000.20134
1 1995 10.37 100.1939864 1039.01164 1.08355 1027.84797
2 1995 10.66 100.1939864 1068.06790 1.11350 1055.47852
3 1995 11.37 100.1939864 1139.20563 1.14344 1124.63432
4 1995 11.23 100.1939864 1125.17847 1.21835 1109.56822
5 1995 11.55 100.1939864 1157.24054 1.20203 1139.98345
6 1995 12.48 100.1939864 1250.42095 1.23498 1230.53934
7 1995 13.43 100.1939864 1345.60524 1.33308 1322.87712
8 1995 13.76 100.1939864 1378.66925 1.43312 1353.94955
9 1995 14.36 100.1939864 1438.78565 1.46678 1411.52127
10 1995 14.58 100.1939864 1460.82832 1.52915 1431.61710
11 1995 15.05 100.1939864 1507.91950 1.55092 1476.21570
12 1995 15.23 100.1939864 1525.95441 1.59923 1492.27220
1 1996 15.14 102.8873732 1557.71483 1.61663 1521.71495
2 1996 15.59 102.8873732 1604.01415 1.64852 1565.29573
3 1996 16.19 102.8873732 1665.74657 1.69574 1623.84229
4 1996 16.47 102.8873732 1694.55504 1.75916 1650.16688
5 1996 16.82 102.8873732 1730.56562 1.78768 1683.44649
6 1996 16.84 102.8873732 1732.62336 1.82373 1683.62448
7 1996 15.65 102.8873732 1610.18739 1.82393 1562.82709
8 1996 16.45 102.8873732 1692.49729 1.69306 1641.02295
9 1996 17.38 102.8873732 1788.18255 1.77777 1732.02034
10 1996 17.27 102.8873732 1776.86493 1.87636 1719.18183
11 1996 17.98 102.8873732 1849.91497 1.86245 1787.99796
12 1996 17.67 103.7090635 1832.53915 1.93700 1769.26672
1 1997 17.99 103.7090635 1865.72605 1.91671 1799.39106
2 1997 17.91 103.7090635 1857.42933 1.94934 1789.43998
3 1997 16.90 103.7090635 1752.68317 1.93856 1686.58940
4 1997 17.05 103.7090635 1768.23953 1.82714 1699.73199
5 1997 18.33 103.7090635 1900.98713 1.84138 1825.49512
6 1997 19.25 103.7090635 1996.39947 1.97762 1915.14083
7 1997 20.25 103.7090635 2100.10854 2.07474 2012.55393
8 1997 19.82 103.7090635 2055.51364 2.18027 1967.63795
9 1997 21.23 103.7090635 2201.74342 2.13161 2105.48462
10 1997 20.61 103.7090635 2137.44380 2.28094 2041.71519
11 1997 20.82 103.7090635 2159.22270 2.21186 2060.30684
12 1997 21.35 103.9600535 2219.54714 2.23200 2115.63577
1 1998 21.33 103.9600535 2217.46794 2.29194 2111.36197
2 1998 23.40 103.9600535 2432.66525 2.28731 2313.97476
3 1998 24.99 103.9600535 2597.96174 2.50681 2468.69958
4 1998 24.42 103.9600535 2538.70451 2.67442 2409.71628
5 1998 23.35 103.9600535 2427.46725 2.61053 2301.52031
6 1998 25.00 103.9600535 2599.00134 2.49331 2461.66120
7 1998 23.94 103.9600535 2488.80368 2.66680 2354.61996
8 1998 19.06 103.9600535 1981.47862 2.55084 1872.09647
9 1998 19.79 103.9600535 2057.36946 2.02810 1941.76985
10 1998 21.51 103.9600535 2236.18075 2.10358 2108.43050
11 1998 22.57 103.9600535 2346.37841 2.28413 2210.04857
12 1998 24.74 106.3174243 2630.29308 2.39422 2475.07294
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 163.03%
GROSS ANNUAL RETURN = 22.56%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2475.07 2411.96
TOTAL RETURN 147.51% 141.20%
AVERAGE ANNUAL RETURN 21.00% 20.35%
Return for Product Inception
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 1.08333 1017.02646
2 1997 17.91 103.7090635 1857.42933 1.10178 1011.40205
3 1997 16.90 103.7090635 1752.68317 1.09569 953.27029
4 1997 17.05 103.7090635 1768.23953 1.03271 960.69856
5 1997 18.33 103.7090635 1900.98713 1.04076 1031.78063
6 1997 19.25 103.7090635 1996.39947 1.11776 1082.44891
7 1997 20.25 103.7090635 2100.10854 1.17265 1137.50737
8 1997 19.82 103.7090635 2055.51364 1.23230 1112.12059
9 1997 21.23 103.7090635 2201.74342 1.20480 1190.03234
10 1997 20.61 103.7090635 2137.44380 1.28920 1153.98949
11 1997 20.82 103.7090635 2159.22270 1.25016 1164.49760
12 1997 21.35 103.9600535 2219.54714 1.26154 1195.76983
1 1998 21.33 103.9600535 2217.46794 1.29542 1193.35426
2 1998 23.40 103.9600535 2432.66525 1.29280 1307.87221
3 1998 24.99 103.9600535 2597.96174 1.41686 1395.32358
4 1998 24.42 103.9600535 2538.70451 1.51160 1361.98588
5 1998 23.35 103.9600535 2427.46725 1.47548 1300.83288
6 1998 25.00 103.9600535 2599.00134 1.40924 1391.34545
7 1998 23.94 103.9600535 2488.80368 1.50729 1330.84511
8 1998 19.06 103.9600535 1981.47862 1.44175 1058.11998
9 1998 19.79 103.9600535 2057.36946 1.14630 1097.49979
10 1998 21.51 103.9600535 2236.18075 1.18896 1191.69738
11 1998 22.57 103.9600535 2346.37841 1.29101 1249.13251
12 1998 24.74 106.3174243 2630.29308 1.35323 1398.92585
SURRENDER CHARGE = 6.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 43.53%
GROSS ANNUAL RETURN = 19.29%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1398.93 1327.58
TOTAL RETURN 39.89% 32.76%
AVERAGE ANNUAL RETURN 17.80% 14.83%
Exhibit (14): Powers of Attorney
Power of Attorney
With Respect To
Companion Life Insurance Company
Variable Annuity and Variable Life Insurance Products
Fred C. Boddy Jr., whose signature appears below, constitutes and appoints
Thomas J. McCusker, Lawrence F. Harr or Kenneth W. Reitz, and any such person(s)
as Thomas J. McCusker may designate in writing directed to the Secretary of
Companion Life Insurance Company, and each of them, as his attorney-in-fact,
each with the power of substitution, for him in any and all capacities, to sign
any registration statements and amendments thereto and similar documents for
Companion Life Insurance Company variable annuity and variable life insurance
products, and to file the same, with exhibits thereto and other documents in
connection therewith, with the Securities and Exchange Commission and necessary
regulatory authorities of any State, hereby ratifying and confirming all that
each of said attorneys-in-fact may do or cause to be done by virtue hereof.
This Power of Attorney is effective January 1, 1999 and remains in effect until
revoked or revised.
/ S / Fred C. Boddy Jr.
Fred C. Boddy Jr.
Director, Vice President and Treasurer
<PAGE>
Power of Attorney
With Respect To
Companion Life Insurance Company
Variable Annuity and Variable Life Insurance Products
William G. Campbell, whose signature appears below, constitutes and appoints
Thomas J. McCusker, Lawrence F. Harr or Kenneth W. Reitz, and any such person(s)
as Thomas J. McCusker may designate in writing directed to the Secretary of
Companion Life Insurance Company, and each of them, as his attorney-in-fact,
each with the power of substitution, for him in any and all capacities, to sign
any registration statements and amendments thereto and similar documents for
Companion Life Insurance Company variable annuity and variable life insurance
products, and to file the same, with exhibits thereto and other documents in
connection therewith, with the Securities and Exchange Commission and necessary
regulatory authorities of any State, hereby ratifying and confirming all that
each of said attorneys-in-fact may do or cause to be done by virtue hereof.
This Power of Attorney is effective January 1, 1999 and remains in effect until
revoked or revised.
/ S / William G. Campbell
William G. Campbell
Director
<PAGE>
Power of Attorney
With Respect To
Companion Life Insurance Company
Variable Annuity and Variable Life Insurance Products
Samuel L. Foggie Sr., whose signature appears below, constitutes and appoints
Thomas J. McCusker, Lawrence F. Harr or Kenneth W. Reitz, and any such person(s)
as Thomas J. McCusker may designate in writing directed to the Secretary of
Companion Life Insurance Company, and each of them, as his attorney-in-fact,
each with the power of substitution, for him in any and all capacities, to sign
any registration statements and amendments thereto and similar documents for
Companion Life Insurance Company variable annuity and variable life insurance
products, and to file the same, with exhibits thereto and other documents in
connection therewith, with the Securities and Exchange Commission and necessary
regulatory authorities of any State, hereby ratifying and confirming all that
each of said attorneys-in-fact may do or cause to be done by virtue hereof.
This Power of Attorney is effective January 1, 1999 and remains in effect until
revoked or revised.
/ S / Samuel L. Foggie Sr.
Samuel L. Foggie Sr.
Director
<PAGE>
Power of Attorney
With Respect To
Companion Life Insurance Company
Variable Annuity and Variable Life Insurance Products
James J. O'Neill, whose signature appears below, constitutes and appoints Thomas
J. McCusker, Lawrence F. Harr or Kenneth W. Reitz, and any such person(s) as
Thomas J. McCusker may designate in writing directed to the Secretary of
Companion Life Insurance Company, and each of them, as his attorney-in-fact,
each with the power of substitution, for him in any and all capacities, to sign
any registration statements and amendments thereto and similar documents for
Companion Life Insurance Company variable annuity and variable life insurance
products, and to file the same, with exhibits thereto and other documents in
connection therewith, with the Securities and Exchange Commission and necessary
regulatory authorities of any State, hereby ratifying and confirming all that
each of said attorneys-in-fact may do or cause to be done by virtue hereof.
This Power of Attorney is effective January 1, 1999 and remains in effect until
revoked or revised.
/ S / James J. O'Neill
James J. O'Neill
Director
<PAGE>
Power of Attorney
With Respect To
Companion Life Insurance Company
Variable Annuity and Variable Life Insurance Products
Charles T. Locke III, whose signature appears below, constitutes and appoints
Thomas J. McCusker, Lawrence F. Harr or Kenneth W. Reitz, and any such person(s)
as Thomas J. McCusker may designate in writing directed to the Secretary of
Companion Life Insurance Company, and each of them, as his attorney-in-fact,
each with the power of substitution, for him in any and all capacities, to sign
any registration statements and amendments thereto and similar documents for
Companion Life Insurance Company variable annuity and variable life insurance
products, and to file the same, with exhibits thereto and other documents in
connection therewith, with the Securities and Exchange Commission and necessary
regulatory authorities of any State, hereby ratifying and confirming all that
each of said attorneys-in-fact may do or cause to be done by virtue hereof.
This Power of Attorney is effective January 1, 1999 and remains in effect until
revoked or revised.
/ S / Charles T. Locke III
Charles T. Locke III
Director
<PAGE>
Power of Attorney
With Respect To
Companion Life Insurance Company
Variable Annuity and Variable Life Insurance Products
John L. Maginn, whose signature appears below, constitutes and appoints Thomas
J. McCusker, Lawrence F. Harr or Kenneth W. Reitz, and any such person(s) as
Thomas J. McCusker may designate in writing directed to the Secretary of
Companion Life Insurance Company, and each of them, as his attorney-in-fact,
each with the power of substitution, for him in any and all capacities, to sign
any registration statements and amendments thereto and similar documents for
Companion Life Insurance Company variable annuity and variable life insurance
products, and to file the same, with exhibits thereto and other documents in
connection therewith, with the Securities and Exchange Commission and necessary
regulatory authorities of any State, hereby ratifying and confirming all that
each of said attorneys-in-fact may do or cause to be done by virtue hereof.
This Power of Attorney is effective January 1, 1999 and remains in effect until
revoked or revised.
/ S / John L. Maginn
John L. Maginn
Director
<PAGE>
Power of Attorney
With Respect To
Companion Life Insurance Company
Variable Annuity and Variable Life Insurance Products
Oscar S. Straus II, whose signature appears below, constitutes and appoints
Thomas J. McCusker, Lawrence F. Harr or Kenneth W. Reitz, and any such person(s)
as Thomas J. McCusker may designate in writing directed to the Secretary of
Companion Life Insurance Company, and each of them, as his attorney-in-fact,
each with the power of substitution, for him in any and all capacities, to sign
any registration statements and amendments thereto and similar documents for
Companion Life Insurance Company variable annuity and variable life insurance
products, and to file the same, with exhibits thereto and other documents in
connection therewith, with the Securities and Exchange Commission and necessary
regulatory authorities of any State, hereby ratifying and confirming all that
each of said attorneys-in-fact may do or cause to be done by virtue hereof.
This Power of Attorney is effective January 1, 1999 and remains in effect until
revoked or revised.
/ S / Oscar S. Straus II
Oscar S. Straus II
Director
<PAGE>
Power of Attorney
With Respect To
Companion Life Insurance Company
Variable Annuity and Variable Life Insurance Products
John A. Sturgeon, whose signature appears below, constitutes and appoints Thomas
J. McCusker, Lawrence F. Harr or Kenneth W. Reitz, and any such person(s) as
Thomas J. McCusker may designate in writing directed to the Secretary of
Companion Life Insurance Company, and each of them, as his attorney-in-fact,
each with the power of substitution, for him in any and all capacities, to sign
any registration statements and amendments thereto and similar documents for
Companion Life Insurance Company variable annuity and variable life insurance
products, and to file the same, with exhibits thereto and other documents in
connection therewith, with the Securities and Exchange Commission and necessary
regulatory authorities of any State, hereby ratifying and confirming all that
each of said attorneys-in-fact may do or cause to be done by virtue hereof.
This Power of Attorney is effective January 1, 1999 and remains in effect until
revoked or revised.
/ S / John A. Sturgeon
John A. Sturgeon
Director
<PAGE>
Power of Attorney
With Respect To
Companion Life Insurance Company
Variable Annuity and Variable Life Insurance Products
John W. Weekly, whose signature appears below, constitutes and appoints Thomas
J. McCusker, Lawrence F. Harr or Kenneth W. Reitz, and any such person(s) as
Thomas J. McCusker may designate in writing directed to the Secretary of
Companion Life Insurance Company, and each of them, as his attorney-in-fact,
each with the power of substitution, for him in any and all capacities, to sign
any registration statements and amendments thereto and similar documents for
Companion Life Insurance Company variable annuity and variable life insurance
products, and to file the same, with exhibits thereto and other documents in
connection therewith, with the Securities and Exchange Commission and necessary
regulatory authorities of any State, hereby ratifying and confirming all that
each of said attorneys-in-fact may do or cause to be done by virtue hereof.
This Power of Attorney is effective January 1, 1999 and remains in effect until
revoked or revised.
/ S / John W. Weekly
John W. Weekly
Director
<PAGE>
Power of Attorney
With Respect To
Companion Life Insurance Company
Variable Annuity and Variable Life Insurance Products
Kimberly S. Harm, whose signature appears below, constitutes and appoints Thomas
J. McCusker, Lawrence F. Harr or Kenneth W. Reitz, and any such person(s) as
Thomas J. McCusker may designate in writing directed to the Secretary of
Companion Life Insurance Company, and each of them, as her attorney-in-fact,
each with the power of substitution, for her in any and all capacities, to sign
any registration statements and amendments thereto and similar documents for
Companion Life Insurance Company variable annuity and variable life insurance
products, and to file the same, with exhibits thereto and other documents in
connection therewith, with the Securities and Exchange Commission and necessary
regulatory authorities of any State, hereby ratifying and confirming all that
each of said attorneys-in-fact may do or cause to be done by virtue hereof.
This Power of Attorney is effective January 1, 1999 and remains in effect until
revoked or revised.
/ S / Kimberly S. Harm,
Kimberly S. Harm,
Director and President
<PAGE>
Power of Attorney
With Respect To
Companion Life Insurance Company
Variable Annuity and Variable Life Insurance Products
M. Jane Huerter, whose signature appears below, constitutes and appoints Thomas
J. McCusker, Lawrence F. Harr or Kenneth W. Reitz, and any such person(s) as
Thomas J. McCusker may designate in writing directed to the Secretary of
Companion Life Insurance Company, and each of them, as her attorney-in-fact,
each with the power of substitution, for her in any and all capacities, to sign
any registration statements and amendments thereto and similar documents for
Companion Life Insurance Company variable annuity and variable life insurance
products, and to file the same, with exhibits thereto and other documents in
connection therewith, with the Securities and Exchange Commission and necessary
regulatory authorities of any State, hereby ratifying and confirming all that
each of said attorneys-in-fact may do or cause to be done by virtue hereof.
This Power of Attorney is effective January 1, 1999 and remains in effect until
revoked or revised.
/ S / M. Jane Huerter
M. Jane Huerter
Director and Secretary
