AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL 26, 2000
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. 7 [x]
-----
and
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [x]
Amendment No. 11
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) 351-5225
NAME AND ADDRESS OF AGENT FOR SERVICE:
Michael E. Huss, Esquire
Mutual of Omaha Companies
Mutual of Omaha Plaza, 3-Law
Omaha, Nebraska, 68175-1008
Internet: [email protected]
It is proposed that this filing will become effective (check appropriate
box):
[ ] immediately upon filing pursuant to paragraph (b) of Rule 485.
|X| on May 1, 2000 pursuant to paragraph (b) of Rule 485.
[ ] 60 days after filing pursuant to paragraph (a)(i) of Rule 485.
[ ] on [date] pursuant to paragraph (a)(i) of Rule 485.
If appropriate, check the following box:
|X| This post-effective amendment designates a new effective date for
a previously filed post-effective amendment.
<PAGE>
CROSS REFERENCE SHEET
Pursuant to Rule 495 (a)
Showing Location in Part A (Prospectus) and
Part B (Statement of Additional Information)
of Registration Statement of Information Required by Form N-4
-------------------------------------------------------------
PART A
Item of Form N-4 Prospectus Caption
1. Cover Page................................ Cover Page
2. Definitions............................... Definitions
3. Synopsis.................................. Introduction and Summary
4. Condensed Financial Information........... Financial Statements
5. General
(a) Depositor................................. About Us
(b) Registrant................................ Variable Investment Options
(c) Portfolio Company......................... Variable Investment Options
(d) Fund Prospectus........................... Variable Investment Options
(e) Voting Rights............................. Voting Rights
6. Deductions and Expenses
(a) General................................... Expenses
(b) Sales Load %.............................. Expenses; Withdrawal Charge
(c) Special Purchase Plan..................... N/A
(d) Commissions............................... Distributor of the Policies
(e) Expenses - Registrant..................... N/A
(f) Fund Expenses............................. Other Expenses
(g) Organizational Expenses................... N/A
7. General Description of Variable Annuity Contracts
(a) Persons with Rights....................... Important Policy Provisions;
Policy Distributions;
Voting Rights
(b) (i) Allocation of Premium
Payments............................ Introduction and Summary: How
the Policy Operates; Dollar
Cost Averaging; Systematic
Transfer Enrollment Program;
Asset Allocation Program
(ii) Transfers........................... Transfers
(iii) Exchanges........................... N/A
(c) Changes................................... Variable Investment Options;
Policy Distributions
(d) Inquiries................................. Miscellaneous: Do You Have
Questions?
8. Annuity Period............................ Policy Distributions
9. Death Benefit............................. Death Benefits
10. 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
<PAGE>
11. Redemptions
(a) By Owners................................. Withdrawals
By Annuitant.............................. N/A
(b) Check Delay............................... Policy Application and
Issuance
(c) Lapse..................................... N/A
(d) Free Look................................. Introduction and Summary
12. Taxes..................................... Federal Tax Matters
13. Legal Proceedings......................... Legal Proceedings
14. Table of Contents for the
Statement of
Additional Information........................ Statement of Additional
Information
PART B
Item of Form N-4 Statement of Additional
Information Caption
15. Cover Page................................ Cover Page
16. Table of Contents......................... Table of Contents
17. General Information
and History................................... (Prospectus) About Us
18. Services
(a) Fees and Expenses
of Registrant............................. N/A
(b) Management Policies....................... N/A
(c) Custodian................................. Custody of Assets
Independent
Auditors ................................ Financial Statements
(d) Assets of Registrant...................... Custody of Assets
(e) Affiliated Person......................... N/A
(f) Principal Underwriter..................... Distribution of the Policies
19. Purchase of Securities
Being Offered................................. Distribution of the Policies
Offering Sales Load........................... N/A
20. Underwriters.............................. Distribution of the Policies;
(Prospectus) Distributor of
the Policies
21. Calculation of Performance.............. Historical Performance Data
22. Annuity Payments.......................... (Prospectus) Annuity Payments
23. Financial Statements...................... Financial Statements
<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 Control Persons Controlled By or
with the Depositor or Registrant ......... Under Common Control with the
Depositor or Registrant
27. Number of Policy Owners................... Number of Policy Owners
28. Indemnification........................... Indemnification
29. Principal Underwriters.................... Principal Underwriters
30. Location of Accounts
and Records................................... Location of Accounts and
Records
31. Management Services....................... Management Services
32. Undertakings.............................. Undertakings
Signature Page................................ Signatures
<PAGE>
COMPANION OF NEW YORK
A MUTUAL OF OMAHA COMPANY LOGO PROSPECTUS: May 1, 2000
ULTRANNUITY SERIES V
Flexible Payment
Variable Deferred Annuity Policy
This Prospectus describes 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 30 variable options (where you
The investment portfolios offered have the investment risk) with investment portfolios
through the Policy may have names that from:
are nearly the same or similar to the
names of retail mutual funds. However, THE ALGER AMERICAN FUND
these investment portfolios are not the DEUTSCHE ASSET MANAGEMENT VIT FUNDS
same as those retail mutual funds, even FEDERATED'S INSURANCE SERIES
though they have similar names and may FIDELITY'S VARIABLE INSURANCE PRODUCTS FUND AND
have similar characteristics and the VARIABLE INSURANCE PRODUCTS FUND II
same managers. The investment MFS VARIABLE INSURANCE TRUST
performance of these investment MORGAN STANLEY DEAN WITTER UNIVERSAL FUNDS
portfolios is not necessarily related to PIONEER VARIABLE CONTRACTS TRUST
the performance of the retail mutual SCUDDER VARIABLE LIFE INVESTMENT FUND
funds. The investment portfolios are T. ROWE PRICE EQUITY SERIES, FIXED INCOME SERIES
described in separate prospectuses that AND INTERNATIONAL SERIES
accompany this Prospectus.
and three fixed rate options (where we have the
investment risk).
</TABLE>
The variable options are not direct investments in mutual fund shares, but
are offered through subaccounts of 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.
A Statement of Additional Information about us and the Policy, with the same
date as this Prospectus, is on file with the Securities and Exchange Commission
("SEC") and is incorporated into this Prospectus by reference. You may obtain a
copy of the Statement of Additional Information by writing or calling us, or you
may access it in our registration on the SEC's web site (HTTP://WWW.SEC.GOV), or
you may review and copy it at the SEC's Public Reference Room in Washington D.C.
(call the SEC at 1-800-SEC-0330 for details and public hours). The table of
contents for the Statement of Additional Information is at the end of this
Prospectus.
Please Read This Prospectus Carefully. It
provides information you should consider before
investing in a Policy. Keep this Prospectus and
the prospectuses for the investment portfolios
for future reference.
THE SEC DOES NOT PASS UPON THE ACCURACY OR ADEQUACY OF THIS
PROSPECTUS, AND HAS NOT APPROVED OR DISAPPROVED THE POLICY.
ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
REMEMBER THAT THE POLICY AND THE INVESTMENT PORTFOLIOS:
o ARE SUBJECT TO RISK, INCLUDING POSSIBLE LOSS OF PRINCIPAL
o ARE NOT BANK DEPOSITS
o ARE NOT GOVERNMENT INSURED
o ARE NOT ENDORSED BY ANY BANK OR GOVERNMENT AGENCY
o MAY NOT ACHIEVE THEIR GOALS
COMPANION LIFE, Variable Product Services, P. O. Box 3664, Omaha, Nebraska
68103-0664 1-800-494-0067
<PAGE>
- -----------------------------------------------------------
CONTENTS
PAGE(S)
------------------------------------------------ --------
DEFINITIONS 3
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INTRODUCTION AND SUMMARY 4-9
Comparison to Other Policies and
Investments
How the Policy Operates
Summary of Charges and Expenses
Examples of Expenses
------------------------------------------------ --------
FINANCIAL STATEMENTS 10-12
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ABOUT US 13
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INVESTMENT OPTIONS 14-21
Variable Investment Options
Fixed Rate Options
Transfers
Dollar Cost Averaging
STEP Program
Asset Allocation Program
Rebalancing Program
------------------------------------------------ --------
IMPORTANT POLICY PROVISIONS 22-24
Policy Application and Issuance
Accumulation Value
Telephone Transactions
Death of Annuitant
Delay of Payments
Minor Owner or Beneficiary
Policy Termination
------------------------------------------------ --------
EXPENSES 25-26
Withdrawal Charge
Mortality and Expense Risk Charge
Administrative Charges
Transfer Fee
Taxes
Other Expenses; Investment Advisory Fees
------------------------------------------------ --------
POLICY DISTRIBUTIONS 27-31
Withdrawals
Annuity Payments
Death Benefits
------------------------------------------------ --------
FEDERAL TAX MATTERS 32-34
Taxation of Nonqualified Policies
Taxation of Qualified Policies
Possible Tax Law Changes
------------------------------------------------ --------
MISCELLANEOUS 35
Distributor of the Policies
Voting Rights
Distribution of Materials
Legal Proceedings
Do You Have Questions?
------------------------------------------------ --------
STATEMENT OF ADDITIONAL INFORMATION 36
Table of Contents
------------------------------------------------ --------
2
<PAGE>
- -----------------------------------------------------------
DEFINITIONS
ACCUMULATION UNIT is a measurement of value in a particular Subaccount prior to
the Annuity Starting Date. Purchase payments that are invested in the variable
investment options are used to purchase Accumulation Units. The Policy sets
forth the calculation of the value of Accumulation Units.
ACCUMULATION VALUE is the dollar value of all amounts accumulated under the
Policy (in both the variable investment options and the fixed investment
options).
ANNUITANT is the person on whose life annuity payments involving life
contingencies are based.
ANNUITY STARTING DATE is the date when annuity payments are scheduled to begin
(the end of the accumulation phase). The latest Annuity Starting Date permitted
is the Annuitant's 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 applicable withdrawal
charge and 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 is the Ultrannuity Series V, a variable annuity policy offered by us
through this Prospectus.
POLICY YEAR is measured from the annual anniversary dates of the date of issue
of the Policy.
SERIES FUNDS are diversified, open-end investment management companies in which
the Variable Account invests.
SUBACCOUNT is a segregated account within the Variable Account investing in a
specified investment portfolio of one of the Series Funds.
US, WE, OUR, COMPANION 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 is Companion Life Separate Account C, a separate account
maintained by us.
VARIABLE ANNUITY UNIT is a measurement of value in a particular Subaccount after
the Annuity Starting Date. The Policy sets forth the calculation of the value of
Variable Annuity Units.
WRITTEN NOTICE is written notice, signed by you, that gives us the information
we require and is received at Companion, Variable Product Services, 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 OPTIONS ARE SPECIFICALLY MENTIONED.
3
<PAGE>
- -------------------------------------------------------------------
INTRODUCTION AND SUMMARY
THIS INTRODUCTION AND SUMMARY BRIEFLY NOTES SOME OF THE IMPORTANT THINGS
ABOUT THE POLICY, BUT IT IS NOT A COMPLETE DESCRIPTION OF THE POLICY. THE REST
OF THIS PROSPECTUS CONTAINS MORE COMPLETE INFORMATION, AND YOU SHOULD READ THE
ENTIRE PROSPECTUS CAREFULLY.
The ULTRANNUITY SERIES V Policy described in this Prospectus is a contract
between you and Companion Life Insurance Company. The Policy is a variable
annuity policy, which means that you can allocate your purchase payments to up
to 30 different variable investment options, where you can gain or lose money on
your investment. The variable investment options are not direct investments in
mutual funds, but are Subaccounts of the Variable Account. Each Subaccount in
turn invests in a particular investment portfolio. You can also allocate your
purchase payments to three fixed rate options, where we guarantee you will earn
a fixed rate of interest. It is a deferred annuity, which means it has two
phases: an accumulation (or deferral) phase and an annuity payout phase.
During the accumulation phase, any earnings that you leave in the Policy are
not taxed. During this phase you can invest additional money into the Policy,
transfer amounts among the investment options, and withdraw some or all of the
value of your Policy. Some restrictions may apply to transfers (especially to
transfers out of the fixed rate options). Withdrawals may be 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; and
o can provide annuity payments for the rest of your life or for some other
period.
A significant advantage of the Policy is that it
provides the ability to accumulate capital on a
tax-deferred basis. The purchase of a Policy to
fund a tax-qualified retirement account does not
provide any additional tax deferred treatment
beyond the treatment provided by the
tax-qualified retirement plan itself. However,
the Policy does provide benefits such as
lifetime income payments, family protection
through death benefits, guaranteed fees, and
asset allocation models.
The Policy is different from fixed-interest annuities in that, to the extent
you select variable investment options, your Accumulation Value will reflect the
investment experience of the selected variable investment options, so you have
both the investment risk and opportunity, not us.
COMPARED TO MUTUAL FUNDS. Although the underlying investment portfolios
operate like mutual funds and have the same investment risks, in many ways the
Policy differs from mutual fund investments. The main differences are:
o The Policy provides a death benefit that could be higher than the value
of the Policy.
o Insurance-related charges not associated with direct mutual fund
investments are deducted from the value of the Policy.
o Federal income tax liability on any earnings generally is deferred until
you receive a distribution from the Policy.
o You can make transfers from one underlying investment portfolio to
another without tax liability.
o Dividends and capital gains distributed by the investment portfolios are
automatically reinvested.
o Withdrawals before age 59 1/2generally are subject to a 10% federal tax
penalty. Also, Policy earnings that would be treated as capital gains in
a mutual fund are treated as ordinary income when distributed, although
taxation of them is deferred until such earnings are distributed.
Taxable earnings are considered to be paid out first followed by the
return of your purchase payments.
o Withdrawals of more than 15% of the Accumulation Value of the Policy can
result in a withdrawal charge during the first seven years of the
Policy.
o New York insurance law grants you 10 days to review your Policy and
cancel it for a return of premium paid. The terms of this "right to
examine" period are stated on the cover of your Policy.
o We, not you, own the shares of the underlying investment portfolios. You
have interests in our Subaccounts that invest in the investment
portfolios that you select.
4
<PAGE>
o HOW THE POLICY OPERATES
The following chart summarizes how the Policy operates. For more
information, refer to specific sections of this Prospectus.
--------------------------------------------------
PURCHASE PAYMENT FLOW CHART
--------------------------------------------------
PURCHASE PAYMENTS
o Minimum initial purchase payment is $5,000
($2,000 if you elect to make electronic
funds transfer payments of at least $100 per
month, or quarterly, semiannual or annual
purchase payment equivalents).
o Minimum additional purchase payment is $500.
o No additional purchase payments will be
accepted after earlier of the Annuity
Starting Date or your 83rd birthday.
--------------------------------------------------
-------------------------------------------------------------------
INVESTMENT OF PURCHASE PAYMENTS
You direct the allocation of all purchase payments among the 30
Subaccounts of the Variable Account, the fixed account and the
systematic transfer accounts. Each Subaccount invests in a
corresponding investment portfolio of one of the Series Funds.
-------------------------------------------------------------------
-----------------------------------------------------------------------------
DEDUCTIONS FROM ASSETS
o Daily charges deducted from the net assets in the Variable Account equal an
annual rate of:
- 1.00% for our mortality and expense risk;
- 0.20% for our administrative expenses.
o Annual Policy Fee of $30 per year assessed on each Policy anniversary
(waived if Accumulation Value is more than $50,000).
o $10 fee for transfers among the Subaccounts and the fixed account (first
12 transfers per Policy Year are free).
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, earnings on amounts you have invested in the fixed
account and the systematic transfer accounts, charges deducted and
other Policy transactions (such as partial withdrawals).
o Accumulation Value may vary daily. There is no minimum guaranteed
Accumulation Value for the Subaccounts.
o Accumulation Value can be transferred among the Subaccounts and the
fixed account.
o Dollar cost averaging, asset allocation and rebalancing programs are
available.
o Accumulation Value is the starting point for calculating certain
values under the Policy, such as the Cash Surrender Value and the
death benefit.
------------------------------------------------------------------------
5
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------- --------------------------------------
ACCUMULATION VALUE BENEFITS DEATH BENEFITS
<S> <C>
o You can withdraw all or part of the Cash Surrender Value.
Each Policy Year, up to 15% of the Accumulation Value as of o Available as a lump-sum or under
the date of the first withdrawal that Policy Year may be a variety of payment options.
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; the charge is 7% if the
withdrawal is made in the first year after a purchase
payment is made and then the withdrawal charge decreases by
1% in each successive year to 0% after the seventh year.
(Taxes and tax penalties may also apply to withdrawals.)
o Fixed and variable annuity payout options are available.
- ------------------------------------------------------------------- --------------------------------------
</TABLE>
6
<PAGE>
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/1 7%
(as a % of each purchase payment withdrawn)
o Transfer Fee - First 12 Transfers Per Year: NO FEE
- Over 12 Transfers in One $10 each
Policy Year:
VARIABLE ACCOUNT ANNUAL EXPENSES
(deducted daily to equal this annual % of Accumulation Value)
o Mortality and Expense Risk Fees 1.00%
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 management fees and other expenses
for each investment portfolio for 1999. Expenses could be higher
(or lower) in the future. These expenses may reflect fee waivers
and/or expense reimbursements. Fee waivers and expense
reimbursements can be terminated at any time.
/1 Each Policy Year up to 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.
7
<PAGE>
<TABLE>
<CAPTION>
<Series Fund Annual Expenses/2 Total Portfolio
(as a percentage of average net assets) Management Other Expenses Annual Expenses
Fees ( after (after fee waiver
Portfolio: (after fee expense and expense
waiver)(a) reimbursement)(a)reimbursement)(a)
================================================= ================ ================ ===================
<S> <C> <C> <C>
Alger American Growth 0.75% 0.04% 0.79%
Alger American Small Capitalization 0.85% 0.05% 0.90%
Deutsche VIT EAFE Equity Index Fund (a) 0.26% 0.39% 0.65%
Deutsche VIT Small Cap Equity Index Fund (a) 0.13% 0.32% 0.45%
Federated Prime Money Fund II (a) 0.50% 0.23% 0.73%
Federated Fund for U.S.
Government Securities II (a) 0.60% 0.18% 0.78%
Fidelity VIP II Asset Manager (a) 0.58% 0.12% 0.70%
Fidelity VIP II Contrafund (a) 0.58% 0.07% 0.65%
Fidelity VIP Equity Income (a) 0.48% 0.08% 0.56%
Fidelity VIP II Index 500 (a) 0.24% 0.04% 0.28%
MFS Capital Opportunities Series (a) 0.75% 0.16% 0.91%
MFS Emerging Growth Series 0.75% 0.09% 0.84%
MFS Global Governments Series (a) 0.75% 0.16% 0.91%
MFS High Income Series (a) 0.75% 0.16% 0.91%
MFS Research Series 0.75% 0.11% 0.86%
MSDW Emerging Markets Equity (a) 0.42% 1.37% 1.79%
MSDW Fixed Income (a) 0.14% 0.56% 0.70%
Pioneer Equity-Income 0.64% 0.06% 0.70%
Pioneer Growth Shares 0.65% 0.11% 0.76%
Pioneer Fund 0.63% 0.07% 0.70%
Pioneer Midcap Value Fund 0.65% 0.11% 0.76%
Pioneer Real Estate Growth (a) 1.00% 0.14% 1.14%
Scudder VLIF Global Discovery (b), (d) 0.98% 0.90% 1.88%
Scudder VLIF Growth and Income (b) 0.48% 0.32% 0.80%
Scudder VLIF International 0.85% 0.18% 1.03%
T. Rowe Price Equity Income (c) 0.00% 0.85% 0.85%
T. Rowe Price International Stock (c) 0.00% 1.05% 1.05%
T. Rowe Price Limited Term Bond (c) 0.00% 0.70% 0.70%
T. Rowe Price New America Growth (c) 0.00% 0.85% 0.85%
T. Rowe Price Personal Strategy Balanced (c) 0.00% 0.90% 0.90%
- -------------------------------------------------------------------------------------------------------
(a) Without fee waiver or expense reimbursement limits, the following funds
would have had the charges set forth below:
TOTAL PORTFOLIO
PORTFOLIO MANAGEMENT FEES OTHER EXPENSES ANNUAL EXPENSES
-------------------------------------- ------------------ --------------- -------------------
Deutsche VIT EAFE Equity Index Fund 0.45% 0.69% 1.l5%
Deutsche VIT Small Cap Equity Index
Fund 0.35% 0.83% 1.18%
Federated Prime Money Fund II 0.50% 0.48% 0.98%
Federated Fund for U.S. Govt.
Securities II 0.60% 0.43% 1.03%
Fidelity VIP II Asset Manager 0.58% 0.13% 0.71%
Fidelity VIP II Contrafund 0.58% 0.09% 0.67%
Fidelity VIP Equity Income 0.48% 0.09% 0.57%
Fidelity VIP II Index 500 0.24% 0.10% 0.34%
MFS Capital Opportunities 0.75% 0.27% 1.02%
MFS Global Governments 0.75% 0.30% 1.05%
MFS High Income 0.75% 0.22% 0.97%
MSDW Emerging Markets Equity 1.25% 1.37% 2.62%
MSDW Fixed Income 0.40% 0.56% 0.96%
Pioneer Real Estate Growth 1.00% 0.30% 1.30%
-------------------------------------- ------------------ --------------- -------------------
(b) Other Expenses include a 0.25% 12b-1 fee assessed for payment of
distribution administration expenses.
(c) T. Rowe Price Funds do not itemize management fees and other expenses.
(d) Effective May 1, 2000, Scudder Kemper Investments has agreed to waive all or
a portion of its management fees to limit the expenses of the Global Discovery
Portfolio to 1.50% of the portfolio's average daily net assets. These expenses
will remain in effect until at least April 30, 2001.
- -------------------------------------------------------------------------------------------------------
</TABLE>
- -------
/ 2 The fee and expense data regarding each Series Fund, which are fees and
expenses for 1999, was provided to Companion by the respective Series Fund. The
Series Funds are not affiliated with Companion. We have not independently
verified these figures.
8
<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 Policy with
expenses of other variable annuity policies. These examples assume that the fee
waiver and expense reimbursement limits set forth in the table above will be
received.
<TABLE>
<CAPTION>
======================== ====================== =======================
Examples/3 1. Surrender Policy 2. Annuitize Policy 3. Policy is not
An Owner would pay the following at end of the time at the end of the surrendered and is
expenses on a $1,000 investment, period or annuitize time period and not annuitized
assuming a 5% annual return on and annuity option 4 annuity option 4
assets if: (lifetime income) is (lifetime income) IS
NOT chosen chosen
- ------------------------------------ ----- ----- ----- ------ ---- ----- ----- ----- ----- ---- ----- ------
Portfolio 1Yr 3Yr 5Yr 10Yr 1Yr 3Yr 5Yr 10Yr 1Yr 3Yr 5Yr 10Yr
- ------------------------------------ ----- ----- ----- ------ ---- ----- ----- ----- ----- ---- ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Alger American Growth 83 115 148 260 83 66 115 260 21 66 115 260
Alger American Small Capitalization 84 118 154 274 84 69 121 274 22 69 121 274
- ------------------------------------ ----- ----- ----- ------ ---- ----- ----- ----- ----- ---- ----- ------
Deutsche VIT EAFE Equity Index Fund 82 111 140 243 82 61 107 243 20 61 107 243
Deutsche VIT Small Cap Equity
Index Fund 80 104 129 218 80 55 96 218 18 55 96 218
- ------------------------------------ ----- ----- ----- ------ ---- ----- ----- ----- ----- ---- ----- ------
Federated Prime Money Fund II 83 113 144 253 83 64 112 253 20 64 112 253
Federated Fund for U.S. Govt.
Securities II 83 115 147 259 83 65 114 259 21 65 114 259
- ------------------------------------ ----- ----- ----- ------ ---- ----- ----- ----- ----- ---- ----- ------
Fidelity VIP II Asset Manager 82 112 143 249 82 63 110 249 20 63 110 249
Fidelity VIP II Contrafund 82 111 140 243 82 61 107 243 20 61 107 243
Fidelity VIP Equity Income 81 108 135 231 81 58 102 231 19 58 102 231
Fidelity VIP II Index 500 78 99 119 196 78 50 87 196 16 50 87 196
- ------------------------------------ ----- ----- ----- ------ ---- ----- ----- ----- ----- ---- ----- ------
MFS Capital Opportunities Series 85 119 154 275 85 70 122 275 22 70 122 275
MFS Emerging Growth Series 85 119 154 275 85 70 122 275 22 70 122 275
MFS High Income Series 84 117 150 267 84 67 118 267 21 67 118 267
MFS Research Series 85 119 154 275 85 70 122 275 22 70 122 275
MFS Global Governments Series 84 117 151 269 84 68 119 269 22 68 119 269
- ------------------------------------ ----- ----- ----- ------ ---- ----- ----- ----- ----- ---- ----- ------
MSDW Emerging Markets Equity 93 146 203 386 93 97 170 386 31 97 170 386
MSDW Fixed Income 82 112 143 249 82 63 110 249 20 63 110 249
- ------------------------------------ ----- ----- ----- ------ ---- ----- ----- ----- ----- ---- ----- ------
Pioneer Midcap Value Fund 83 114 146 257 83 65 113 257 21 65 113 257
Pioneer Real Estate Growth 87 126 167 304 87 77 134 304 24 77 134 304
Pioneer Equity-Income 82 112 143 249 82 63 110 249 20 63 110 249
Pioneer Growth Shares 83 114 146 257 83 65 113 257 21 65 113 257
Pioneer Fund 82 112 143 249 82 63 110 249 20 63 110 249
- ------------------------------------ ----- ----- ----- ------ ---- ----- ----- ----- ----- ---- ----- ------
Scudder VLIF Global Discovery 94 149 208 397 94 100 175 397 32 100 175 397
Scudder VLIF Growth and Income 83 115 148 262 83 66 116 262 21 66 116 262
Scudder VLIF International 86 122 161 290 86 73 128 290 23 73 128 290
- ------------------------------------ ----- ----- ----- ------ ---- ----- ----- ----- ----- ---- ----- ------
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. These expenses are based on each investment portfolios' for 1999.
Actual expenses paid may be greater than or less than those shown, subject to
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.
- --------
/3 The $30 annual Policy fee is reflected as a daily 0.10% charge in these
examples, based on an average Accumulation Value of $30,000.
For more detailed information about the Policy,
Please read the rest of this Prospectus and the Policy.
9
<PAGE>
- -----------------------------------------------------------
FINANCIAL STATEMENTS
The financial statements for Companion and the Variable Account and the
related independent auditors reports are contained in the Statement of
Additional Information. (See the cover page on how to get a copy.) At December
31, 1999, net assets of the Subaccounts were represented by the following
Accumulation Unit values and Accumulation Units. This information should be read
in conjunction with the Variable Account's financial statements and related
notes included in the Statement of Additional Information.
<TABLE>
<CAPTION>
Accumulation Unit Accumulation Unit Number of
Subaccount Value on Value at End of Accumulation Units
(Date of Inception) Commencement Date Year at End of Year**
($)* (December 31) (December 31)
($)*
- ------------------------------------------- -------- --------------------- ---------------------
<S> <C> <C> <C>
ALGER AMERICAN GROWTH (12/31/96) 12.972
1996..................................... 13.071 0
1997..................................... 16.240 26,564
1998..................................... 23.759 74,096
1999..................................... 31.395 84,335
ALGER AMERICAN SMALL CAPITALIZATION 12.400
(12/13/96)
1996..................................... 12.448 0
1997..................................... 13.690 16,717
1998..................................... 15.638 36,378
1999..................................... 22.159 37,123
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
1999..................................... 1.176 1,452,451
FEDERATED FUND FOR U.S. GOVT. SECURITIES 10.901
II (12/13/96)
1996..................................... 10.882 0
1997..................................... 11.674 31,521
1998..................................... 12.417 115,478
1999..................................... 12.195 167,586
FIDELITY VIP II ASSET MANAGER (12/13/96) 13.346
1996..................................... 13.353 0
1997..................................... 16.500 58,425
1998..................................... 19.167 121,890
1999..................................... 21.827 127,644
FIDELITY VIP II CONTRAFUND (12/13/96) 13.704
1996..................................... 14.070 0
1997..................................... 17.257 27,082
1998..................................... 22.162 43,182
1999..................................... 27.208 49,759
FIDELITY VIP EQUITY INCOME (12/13/96) 12.900
1996..................................... 13.090 0
1997..................................... 16.571 48,536
1998..................................... 18.276 122,503
1999..................................... 19.200 139,914
FIDELITY VIP II INDEX 500 (5/1/98) 14.036
1997..................................... 12.166 N/A
1998..................................... 15.425 22,471
1999..................................... 18.367 53,067
10
<PAGE>
MFS EMERGING GROWTH SERIES (12/13/96) 13.637
1996..................................... 13.480 0
1997..................................... 16.230 21,242
1998..................................... 21.521 52,838
1999..................................... 37.575 53,502
MFS HIGH INCOME SERIES (12/13/96) 11.517
1996..................................... 11.548 0
1997..................................... 12.960 17,267
1998..................................... 12.782 27,426
1999..................................... 13.442 38,501
MFS RESEARCH SERIES (12/13/96) 13.093
1996..................................... 13.277 0
1997..................................... 15.775 30,779
1998..................................... 19.231 62,140
1999..................................... 23.571 63,162
MFS CAPITAL OPPORTUNITIES SERIES (5/1/98) 14.829
1997..................................... 12.394
1998..................................... 15.528 8,136
1999..................................... 22.618 19,364
MFS GLOBAL GOVERNMENTS SERIES (12/13/96) 10.503
1996..................................... 10.527 0
1997..................................... 10.283 14,907
1998..................................... 10.963 39,700
1999..................................... 10.561 56,404
MSDW EMERGING MARKETS EQUITY (5/1/99) N/A
1998..................................... N/A N/A
1999..................................... 13.469 206
MSDW FIXED INCOME (5/1/99) N/A
1998..................................... .N/A N/A
1999..................................... 10.167 0
PIONEER MIDCAP VALUE FUND (5/1/98) 11.771
1998..................................... 11.156 11,695
1999..................................... 12.461 28,889
PIONEER REAL ESTATE GROWTH (5/1/98) 13.196
1998..................................... 9.818 4,031
1999..................................... 9.295 9,564
SCUDDER VLIF GLOBAL DISCOVERY (5/1/98) 13.631
1998..................................... 13.176 1790
1999..................................... 21.563 3,753
SCUDDER VLIF GROWTH AND INCOME (5/1/98) 13.557
1998..................................... 12.847 22,458
1999..................................... 13.425 38,046
SCUDDER VLIF INTERNATIONAL (12/13/96) 11.719
1996..................................... 12.067 0
1997..................................... 13.004 15,759
1998..................................... 15.223 40,818
1999..................................... 23.241 48,923
T. ROWE PRICE EQUITY INCOME (12/13/96) 13.501
1996..................................... 13.731 0
1997..................................... 17.481 52,630
1998..................................... 18.839 118,982
1999..................................... 19.305 120,958
11
<PAGE>
T. ROWE PRICE INTERNATIONAL (12/13/96) 11.560
1996..................................... 11.976 0
1997..................................... 12.200 23,539
1998..................................... 13.964 57,275
1999..................................... 18.394 70,203
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
1999..................................... 11.785 156,206
T. ROWE PRICE NEW AMERICA GROWTH (12/13/96) 15.121
1996..................................... 15.496 0
1997..................................... 18.543 19,742
1998..................................... 21.712 55,861
1999..................................... 24.187 57,697
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
1999..................................... 17.946 153,234
</TABLE>
* Accumulation Unit values are rounded to the nearest hundredth of a cent. **
Number of Accumulation Units is rounded to the nearest unit.
12
<PAGE>
- -----------------------------------------------------------
ABOUT US
We are Companion Life Insurance Company, a stock life insurance company
organized under the laws of the State of New York in 1949. 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, beginning with 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, 1999,
Companion had assets of over $500 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 Company, Moody's
Investors Service, Inc., Standard & Poor's, and Duff & Phelps Credit Rating
Company. The purpose of the ratings is to reflect our financial strength and/or
claims-paying ability. The ratings do not bear on the investment performance of
assets held in the Variable Account or on the safety or the degree of risk
associated with an investment in the Variable Account.
13
<PAGE>
- -----------------------------------------------------------
INVESTMENT OPTIONS
The investment results of each investment
portfolio, whose investment objectives are
described below, are likely to differ
significantly. You should consider carefully,
and on a continuing basis, which portfolios or
combination of investment portfolios and fixed
rate options best suits your long-term
investment objectives.
We recognize you have very personal goals and investment strategies. The
Policy allows you to choose from a wide array of investment options --- each
chosen for its potential to meet specific investment objectives. You may
allocate all or a part of your purchase payments to one or a combination of the
variable investment options or the fixed rate options (allocations to the
systematic transfer accounts are limited to initial purchase payment and
rollovers only). Allocations must be in whole percentages and total 100%.
You can choose among 30 variable investment options and three fixed rate
options.
o VARIABLE INVESTMENT OPTIONS
The investment portfolios are not available for
purchase directly by the general public, and are
not the same as other mutual fund portfolios
with very similar or nearly identical names that
are sold directly to the public. However, the
investment objectives and policies of certain
portfolios available under the Policy are very
similar to the investment objectives and
policies of other portfolios that are or may be
managed by the same investment adviser or
manager. Nevertheless, the investment
performance and results of the portfolios
available under the Policy may be lower, or
higher, than the investment results of such
other (publicly available) portfolios. There can
be no assurance, and no representation is made,
that the investment results of any of the
portfolios available under the Policy will be
comparable to the investment results of any
other mutual fund portfolio, even if the other
portfolio has the same investment adviser or
manager and the same investment objectives and
policies, and a very similar name.
For detailed information about any investment
portfolio, including its performance history,
refer to the prospectus for that investment
portfolio.
With the Policy's variable investment options, you bear the investment
risk, not us. You control the amount of money you invest in each of the
investment portfolios, and you bear the risk those portfolios will perform worse
than you expect.
The Variable Account, Companion Separate Account C, provides you with 30
variable investment options in the form of Series Fund investment portfolios.
Each Series Fund is an open-end investment management company. When you allocate
Policy funds to a Series Fund portfolio, those funds are placed in a Subaccount
of the Variable Account corresponding to that portfolio, and the Subaccount in
turn invests in the portfolio. The Accumulation Value of your Policy depends
directly on the investment performance of the portfolios that you select.
The Variable Account is registered with the SEC as a unit investment trust.
However, the SEC does not supervise the management or the investment practices
or policies of the Variable Account or 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 business unrelated to the Variable
Account. Any and all distributions made by the Series Funds with respect to the
shares held by the Variable Account will be reinvested in additional shares at
net asset value. We are responsible to you for meeting the obligations of the
Policy, but we do not guarantee the investment performance of any of the
investment portfolios. We do not make any representations about their future
performance. The investment portfolios may fail to meet their objectives, and
they could go down in value. Each portfolio operates as a separate investment
fund, and the income or losses of one portfolio generally have no effect on the
investment performance of any other portfolio. Complete descriptions of each
portfolio's investment objectives and restrictions and other material
information related to an investment in the portfolio are contained in the
prospectuses for each of the Series Funds which accompany this Prospectus.
14
<PAGE>
<TABLE>
<CAPTION>
- ------------------- ---------------------------------------------------- ------------------------------------
Variable Investment Options
Asset Under Companion Separate Account C Objective
Category * (Series Fund - Portfolio)
------------------ -----------------------------------------------------------------------------------------
Investments
- ------------------- -----------------------------------------------------------------------------------------
<S> <C> <C> <C>
MFS Variable Insurance Trust -
MFS EMERGING GROWTH SERIES PORTFOLIO (5) Long-term capital appreciation.
AGGRESSIVE
GROWTH
- ------------------- ---------------------------------------------------- ------------------------------------
Common stock of emerging growth companies
- ------------------- -----------------------------------------------------------------------------------------
Alger American Fund -
ALGER AMERICAN SMALL CAPITALIZATION PORTFOLIO (1) Long-term capital appreciation.
- ------------------- ---------------------------------------------------- ------------------------------------
Common stock of small capitalization companies.
- ------------------- -----------------------------------------------------------------------------------------
Deutsche Asset Management VIT Funds -
DEUTSCHE VIT SMALL CAP EQUITY INDEX FUND PORTFOLIO Long-term capital appreciation.
(12)
- ------------------- -----------------------------------------------------------------------------------------
Common stock of small capitalization companies.
- ------------------- -----------------------------------------------------------------------------------------
Pioneer Variable Contracts Trust - Long-term capital appreciation
REAL ESTATE PIONEER REAL ESTATE GROWTH PORTFOLIO (8) with current income.
- ------------------- ---------------------------------------------------- ------------------------------------
Real estate investment trusts (REITs) and other
real estate industry companies.
- ------------------- -----------------------------------------------------------------------------------------
T. Rowe Price International Series, Inc. -
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO (10) Long-term capital appreciation.
INTERNATIONAL
- ------------------- ---------------------------------------------------- ------------------------------------
Common stock of non-U.S. companies.
- ------------------- -----------------------------------------------------------------------------------------
Scudder Variable Life Investment Fund -
SCUDDER VLIF INTERNATIONAL PORTFOLIO (9) Long-term capital appreciation.
- ------------------- ---------------------------------------------------- ------------------------------------
Common stock of non-U.S. companies.
- ------------------- -----------------------------------------------------------------------------------------
Scudder Variable Life Investment Fund -
SCUDDER VLIF GLOBAL DISCOVERY PORTFOLIO (9) Long-term capital appreciation.
- ------------------- -----------------------------------------------------------------------------------------
Common stock of small U.S. and non-U.S. companies.
- ------------------- -----------------------------------------------------------------------------------------
Morgan Stanley Dean Witter Universal Funds, Inc. -
MSDW EMERGING MARKETS EQUITY PORTFOLIO (6) Long-term capital appreciation.
- ------------------- ---------------------------------------------------- ------------------------------------
Equity securities of growth companies located in
"emerging" foreign countries (countries whose
economies are less economically mature than those
of developed nations).
- ------------------- -----------------------------------------------------------------------------------------
Deutsche Asset Management VIT Funds - Long-term capital appreciation
DEUTSCHE VIT EAFE EQUITY INDEX FUND PORTFOLIO (12)
- ------------------- -----------------------------------------------------------------------------------------
Common stock of non-U.S. companies.
- ------------------- -----------------------------------------------------------------------------------------
MFS Variable Insurance Trust -
BOND - MFS HIGH INCOME SERIES PORTFOLIO (5) High current income.
HIGH YIELD
- ------------------- ---------------------------------------------------- ------------------------------------
High yield, lower-rated bonds or comparable
unrated securities.
- ------------------- -----------------------------------------------------------------------------------------
T. Rowe Price Equity Series, Inc. -
T. ROWE PRICE NEW AMERICA GROWTH PORTFOLIO (11) Long-term capital appreciation.
GROWTH
- ------------------- ---------------------------------------------------- ------------------------------------
Common stock of U.S. growth companies.
- ------------------- -----------------------------------------------------------------------------------------
15
<PAGE>
MFS Variable Insurance Trust - Long-term capital appreciation
MFS RESEARCH SERIES PORTFOLIO (5) and future income.
- ------------------- ---------------------------------------------------- ------------------------------------
Common stock or comparable securities of
companies expected to possess better-than-average
prospects for long-term growth.
- ------------------- -----------------------------------------------------------------------------------------
Fidelity Variable Insurance Products Fund II -
FIDELITY VIP II CONTRAFUND PORTFOLIO (3) Long-term capital appreciation.
- ------------------- ---------------------------------------------------- ------------------------------------
Common stock of companies, foreign and domestic,
which the fund manager believes are currently
undervalued.
- ------------------- -----------------------------------------------------------------------------------------
Alger American Fund -
ALGER AMERICAN GROWTH PORTFOLIO (1) Long-term capital appreciation.
- ------------------- ---------------------------------------------------- ------------------------------------
Equity securities of companies with total market
capitalization of $1 billion or more.
- ------------------- -----------------------------------------------------------------------------------------
Pioneer Variable Contracts Trust -
PIONEER MIDCAP VALUE FUND PORTFOLIO (8) Long-term capital appreciation.
- ------------------- ---------------------------------------------------- ------------------------------------
Securities of mid-size companies, which the fund
manager believes are currently undervalued.
- ------------------- ---------------------------------------------------- ------------------------------------
MFS Variable Insurance Trust -
MFS CAPITAL OPPORTUNITIES SERIES PORTFOLIO (5) Capital appreciation.
- ------------------- ---------------------------------------------------- ------------------------------------
Common stock and related securities of foreign
and domestic companies.
- ------------------- -----------------------------------------------------------------------------------------
Pioneer Variable Contracts Trust - Capital appreciation.
PIONEER GROWTH SHARES PORTFOLIO(8)
- ------------------- ---------------------------------------------------- ------------------------------------
Common stock and equity securities of U.S. companies.
- ------------------- -----------------------------------------------------------------------------------------
Fidelity Variable Insurance Products Fund II - Capital appreciation
FIDELITY VIP II INDEX 500 PORTFOLIO (3) with current income.
GROWTH &
INCOME
- ------------------- ---------------------------------------------------- ------------------------------------
Common stock of companies that comprise the S&P
500 index.
- ------------------- -----------------------------------------------------------------------------------------
Scudder Variable Life Investment Fund - Long-term capital appreciation
SCUDDER VLIF GROWTH AND INCOME PORTFOLIO (9) with current income.
- ------------------- ---------------------------------------------------- ------------------------------------
Common and preferred stock, and securities
convertible into common stock, of companies that
offer the prospect for growth while paying
current dividends.
- ------------------- -----------------------------------------------------------------------------------------
Pioneer Variable Contracts Trust -
PIONEER FUND PORTFOLIO (8) Current income and capital
appreciation.
- ------------------- -----------------------------------------------------------------------------------------
Equity securities, primarily of U.S. companies.
- ------------------- -----------------------------------------------------------------------------------------
T. Rowe Price Equity Series, Inc. - Dividend income and long-term
T. ROWE PRICE EQUITY INCOME PORTFOLIO (11) capital appreciation.
EQUITY
INCOME
- ------------------- ---------------------------------------------------- ------------------------------------
Common stock of established companies that pay
dividends.
- ------------------- -----------------------------------------------------------------------------------------
Fidelity Variable Insurance Products Fund - Dividend income and capital
FIDELITY VIP EQUITY INCOME PORTFOLIO (3) appreciation surpassing
the S&P 500 average.
- ------------------- ---------------------------------------------------- ------------------------------------
Securities of established companies that produce
income and capital appreciation.
- ------------------- -----------------------------------------------------------------------------------------
Pioneer Variable Contracts Trust - Current income and long-term
PIONEER EQUITY-INCOME PORTFOLIO (8) capital appreciation.
- ------------------- -----------------------------------------------------------------------------------------
Income producing equity securities of U.S. companies.
- ------------------- -----------------------------------------------------------------------------------------
T. Rowe Price Equity Series, Inc. -
T. ROWE PRICE PERSONAL STRATEGY BALANCED Capital appreciation and income.
PORTFOLIO(11)
BALANCED
- ------------------- ---------------------------------------------------- ------------------------------------
Diversified portfolio of stock, bonds and money
market securities.
- ------------------- -----------------------------------------------------------------------------------------
Fidelity Variable Insurance Products Fund II -
FIDELITY VIP II ASSET MANAGER PORTFOLIO (3, 4) High total return.
- ------------------- ---------------------------------------------------- ------------------------------------
Diversified portfolio of domestic and foreign
stock, bonds, short-term and money market
securities.
- ------------------- -----------------------------------------------------------------------------------------
MFS Variable Insurance Trust -
BOND - MFS GLOBAL GOVERNMENTS SERIES PORTFOLIO (5) Income and capital appreciation.
INTERNATIONAL
- ------------------- ---------------------------------------------------- ------------------------------------
Foreign and U.S. government bonds or other debt securities.
- ------------------- -----------------------------------------------------------------------------------------
Federated Insurance Series -
FEDERATED FUND FOR U.S. GOVT. SECURITIES II Current income.
PORTFOLIO (2)
BOND -
DOMESTIC
- ------------------- -----------------------------------------------------------------------------------------
U.S. government securities.
- ------------------- -----------------------------------------------------------------------------------------
T. Rowe Price Fixed Income Series, Inc. -
T. ROWE PRICE LIMITED TERM BOND PORTFOLIO (11) Current income.
- ------------------- ---------------------------------------------------- ------------------------------------
Short- and intermediate-term investment grade
debt securities.
- ------------------- -----------------------------------------------------------------------------------------
Morgan Stanley Dean Witter Universal Funds, Inc. -
MSDW FIXED INCOME PORTFOLIO (7) Current income.
- ------------------- ---------------------------------------------------- ------------------------------------
Diversified portfolio of fixed income securities.
- ------------------- ---------------------------------------------------- ------------------------------------
Federated Insurance Series -
MONEY MARKET FEDERATED PRIME MONEY FUND II PORTFOLIO (2) Current income.
- ------------------- -----------------------------------------------------------------------------------------
High quality fixed income securities maturing in
13 months or less.
- ------------------- -----------------------------------------------------------------------------------------
</TABLE>
(*) Asset Category designations are our own to help you gain insight into each
portfolio's intended objectives, but do not assure any portfolio will perform
consistent with the categorization. INFORMATION CONTAINED IN THE SERIES FUNDS'
PROSPECTUSES SHOULD BE READ CAREFULLY BEFORE INVESTING IN ANY SUBACCOUNT.
16
<PAGE>
We do not assure that any portfolio will achieve
its stated objective. Detailed information,
including a description of each portfolio's
investment objective and policies, a description
of risks involved in investing in each of the
portfolios, and each portfolio's fees and
expenses, is contained in the prospectuses for
the Series Funds, current copies of which
accompany this Prospectus. None of these
portfolios are insured or guaranteed by the U.S.
government
INVESTMENT ADVISERS OF THE SERIES FUNDS:
(1) Fred Alger Management, Inc.
(2) Federated Investment Management Company.
(3) Fidelity Management & Research Company.
(4) Fidelity Management & Research (U.K.) Inc., and Fidelity Management and
Research Far East Inc., regarding research and investment
recommendations with respect to companies based outside the United
States.
(5) Massachusetts Financial Services Company.
(6) Morgan Stanley Dean Witter Investment Management Inc.
(7) Miller Anderson & Sherrerd, LLP.
(8) Pioneer Investment Management, Inc.
(9) Scudder Kemper Investments, Inc.
(10)Rowe Price-Fleming International, Inc., a joint venture
between T. Rowe Price Associates, Inc. and Robert
Fleming Holdings Limited.
(11)T. Rowe Price Associates, Inc.
(12)Bankers Trust Company.
The investment advisers of the Series Funds and the investment portfolios
are described in greater detail in the prospectuses for the Series Funds.
The performance history of each Variable Account Subaccount, which gives you
an indication of how each portfolio has performed and the effect of Policy
expenses on that performance, is discussed in the Statement of Additional
Information. You may obtain a copy from us. The performance history of each
portfolio is more fully described in the Series Fund prospectus for each
portfolio. Past performance may not be an indication of future performance.
Each investment portfolio is designed to provide an investment vehicle for
variable annuity and variable life insurance contracts issued by various
insurance companies. For more information about the risks associated with the
use of the same funding vehicle for both variable annuity and variable life
insurance contracts of various insurance companies, see the prospectuses of the
Series Funds which accompany this Prospectus.
We may receive revenues from the investment portfolios or their investment
advisers. These revenues may depend on the amount our Variable Account invests
in the Series Fund and/or any portfolio thereof.
o ADDING, DELETING, OR SUBSTITUTING VARIABLE INVESTMENTS
We do not control the Series Funds, so we cannot guarantee that any of the
portfolios will always be available. We retain the right to change the
investments of the Variable Account. This means we may eliminate the shares of
any investment 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.
17
<PAGE>
o FIXED RATE OPTION
All amounts allocated to the fixed rate options
become part of the general account assets of
Companion. Interests in the general account have
not been registered with the SEC and are not
subject to the SEC's regulation, nor is the
general account registered as an investment
company with the SEC. Therefore, SEC staff have
not reviewed the fixed account disclosures in
this Prospectus.
There are three fixed rate options: a fixed account and two systematic
transfer accounts. With the fixed rate options, we bear the investment risk.
This means we guarantee that you will earn a minimum interest rate. This minimum
interest rate is guaranteed to yield at least 3% per year, compounded annually.
We may declare a higher current interest rate. Whatever interest rate we declare
will be guaranteed for at least one year. However, you bear the risk that we
will not credit more interest than will yield 3% per year for the life of the
Policy. We have full control over how assets allocated to fixed rate options are
invested, and we bear the risk that those assets will perform better or worse
than the amount of interest we have declared. The focus of this Prospectus is to
disclose the Variable Account aspects of the Policy. For additional details
regarding the fixed investment options, see the Policy.
o SYSTEMATIC TRANSFER ACCOUNTS
We have sole discretion to set current interest
rates of the fixed rate options. We do not
guarantee the level of future interest rates of
fixed rate options, except that they will not be
less than the minimum interest rate which is
guaranteed to yield 3% per year (compounded
annually).
A systematic transfer account is the fixed rate option used if you elect
(when you buy the Policy) to participate in the systematic transfer enrollment
program ("STEP program"). You may only elect one program: the four-month or
12-month account. The STEP program is used to automatically transfer a
predetermined dollar amount on a monthly basis to any of the Subaccounts you
choose. You cannot transfer amounts from the STEP program to the fixed account.
The allocation and the predetermined dollar amount may not be changed once the
STEP program is elected. You must have a minimum of $5,000 in your systematic
transfer account in order to participate in the STEP program. No additional
funds may be allocated to a systematic transfer account after you purchase the
Policy (except for funds designated to be transferred into the Policy pursuant
to an Internal Revenue Code Section 1035 exchange or an IRA rollover or
transfer).
Funds allocated to the systematic transfer account must be completely
transferred to the Variable Account in either four or 12 months (whichever you
choose). We may credit a different rate of interest to the four-month account
than to the 12-month account. Transfers from the systematic transfer accounts do
not count toward the 12 free transfers allowed each Policy Year. You may not
transfer funds into any systematic transfer account. The systematic transfer
accounts may not be used to practice "market timing", and we may disallow
transactions involving this account on that basis.
o FIXED ACCOUNT AND SYSTEMATIC TRANSFER ACCOUNTS
The fixed account and the systematic transfer accounts are part of our
general account assets. Our general account includes all our assets except those
segregated in the Variable Account or in any other separate investment account.
You may allocate purchase payments to the fixed account or transfer amounts from
the Variable Account to the fixed account. Instead of you bearing the investment
risk, as you do with investments allocated to the Variable Account, we bear the
full investment risk for investments in the fixed rate 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 interest which will yield at least 3% per year, compounded
annually. However, we have complete discretion to declare interest in excess of
the guaranteed minimum rate, or not to declare any excess interest. Once
declared, we guarantee that any rate will last for at least one year. Different
rates of interest may be credited to each systematic transfer account and to the
fixed account.
We guarantee that, at any time prior to the Annuity Starting Date or the
death of the Owner, the amount in your fixed account or systematic transfer
account will not be less than:
(i) the amount of purchase payment allocated or Accumulation Value
transferred to the fixed account or systematic transfer account, plus
(ii) interest at a rate which is guaranteed to yield 3% per year, plus
(iii) excess interest (if any) credited to amounts in the fixed account or
systematic transfer account, less
(iv) taxes allocable to the fixed account or systematic transfer account, and
less
(v) any amounts deducted from the fixed account or systematic transfer
account in connection with partial withdrawals (including any withdrawal
charges) or transfers to the Variable Account.
18
<PAGE>
o TRANSFERS
The Policy is designed for long-term investment, not for active trading or
"market timing." Excessive transfers could harm other Policy Owners by having a
detrimental effect on portfolio management. Prior to the Annuity Starting Date,
you may transfer Policy value from one Subaccount to another, from the Variable
Account to the fixed account, or from the fixed account to any Subaccount,
subject to these rules:
TRANSFER RULES:
o We must receive notice of the transfer --- either Written Notice or an
authorized telephone transaction.
o The transferred amount must be at least $500, or the entire Subaccount
value if it is less. (If the Subaccount value remaining after a transfer
will be less than $500, we will include that amount as part of the
transfer.
o The first 12 transfers each Policy Year from Subaccounts are free. The
rest cost $10 each. This fee is deducted from the amount transferred. We
will not allow more than 24 transfers in a Policy Year.
o A transfer from the fixed account:
- may be made only once each Policy Year;
- is free;
- may be delayed up to six months;
- does not count toward the 12 free transfer limit; and
- is limited during any Policy Year to 10% of the fixed account
value on the date of the initial transfer during that year.
o We reserve the right to limit transfers, or to modify transfer
privileges and we reserve the right to change the transfer rules at any
time.
o If the Accumulation Value in any Subaccount falls below $500, we may
transfer the remaining balance, without charge, to the Federated Prime
Money Fund II Portfolio.
o Transfers made pursuant to participation in the dollar cost averaging,
STEP, asset allocation or rebalancing programs are not subject to the
amount or timing limitations of these rules, nor are they subject to a
transfer fee. See the sections of this Prospectus describing those
programs for the rules of each program.
o If you transfer amounts from the fixed account to the Variable Account,
we can restrict or limit any transfer of those amounts back to the fixed
account.
THIRD-PARTY TRANSFERS. Where permitted and subject to our rules, we may
accept your authorization to have a third party exercise transfers on your
behalf. Third-party transfers are subject to the same rules as all other
transfers.
19
<PAGE>
o DOLLAR COST AVERAGING
The dollar cost averaging and the STEP programs
are intended to result in the purchase of more
Accumulation Units when the Accumulation Unit
value is low, and fewer units when the
Accumulation Unit value is high. However, there
is no guarantee that either program will result
in a higher Accumulation Value or otherwise be
successful.
Our dollar cost averaging program allows you to automatically transfer, on a
periodic basis, a set dollar amount or percentage from one Subaccount or the
fixed account to any Subaccount(s). You can begin dollar cost averaging when you
purchase the Policy or later. You can increase or decrease the amount or
percentage of transfers or discontinue the program at any time. Rules of the
dollar cost averaging program are:
DOLLAR COST AVERAGING RULES:
o The dollar cost averaging program is free.
o We must receive notice of your election and any changed instruction ---
either Written Notice or an authorized telephone transaction.
o Automatic transfers can occur monthly, quarterly, semi-annually, or
annually.
o There must be at least $5,000 of Accumulation Value in the Subaccount or
fixed account from which transfers are being made to begin dollar cost
averaging.
o Amount of each transfer must be at least $100, and must be $50 per
Subaccount.
o If transfers are made from the fixed account, the maximum annual
transfer amount is 10% of that account's value at the time of the first
dollar cost averaging transfer during that Policy Year. There is no
maximum transfer amount limitation applicable to any of the Subaccounts.
o Dollar cost averaging program transfers cannot begin before the
end of a Policy's "right to examine"period.
o You may specify that transfers be made on the 1st through the 28th day of
the month. Transfers will be made on the date you specify (or if that is
not a Business Day, then on the next Business Day). If you do not select
a date, the program will begin on the next Policy monthly anniversary
following the date the Policy's "right to examine" period ends.
o You can limit the number of transfers to be made, in which case the program
will end when that number has been made. Otherwise, the program will
terminate when the amount remaining in the applicable Subaccount or the
fixed account is less than $500.
q SYSTEMATIC TRANSFER ENROLLMENT PROGRAM ("STEP PROGRAM")
You cannot transfer amounts from the STEP
program to the fixed account.
The STEP program allows you to automatically transfer funds on a monthly
basis from the systematic transfer account to any other Subaccount. It allows
you to use a dollar cost averaging concept to move your initial purchase payment
from a fixed interest rate account into variable investment options within
either a four-month or a 12-month period, depending upon which time period you
elect. You cannot transfer amounts from a STEP account to the fixed account. If
you want to move funds from a fixed interest rate account into variable
investment options over a longer time period using the same concept, then you
should use the dollar cost averaging program. We may credit different interest
rates to amounts in a systematic transfer account than to amounts in the fixed
account.
STEP PROGRAM RULES:
o The STEP program is free.
o Can only be selected on the initial application.
o Must have at least $5,000 in a systematic transfer account to begin the
program.
o You may only participate in one systematic transfer account, but not in
both.
o Amount transferred each month must be at least an amount sufficient to
transfer the entire amount out of the systematic transfer account in
either four or 12 equal monthly payments.
o Transfers must be at least $50 per Subaccount.
o No new purchase payments may be allocated to this account after you
purchase the Policy, except for funds designated in the application to
be transferred into the Policy pursuant to an Internal Revenue Code
Section 1035 exchange or an IRA rollover or transfer.
o Upon receipt of funds by Section 1035 exchange, the four or 12 monthly
payment requirement is restarted and the minimum monthly transfer amount
is recalculated.
o Cannot begin before the end of the Policy's "right to examine" period.
o You may specify transfers be made on the 1st through the 28th day of the
month. Transfers will be made on the date you specify (or if that is not
a Business Day, the transfers will be made on the next Business Day). If
you do not select start date, the STEP program will begin on the next
Policy monthly anniversary following the date the Policy's "right to
examine" period ends.
o No transfers may be made into the systematic transfer account.
o All funds remaining in the systematic transfer account on the date of
the last monthly transfer will be transferred to the Subaccounts in a
pro rata amount consistent with your allocation instructions.
o The STEP program ends the earlier of the date when all amounts in the
systematic transfer account have been transferred or the date of the
last monthly STEP program transfer.
o ASSET ALLOCATION PROGRAM
The asset allocation program does not protect
against a loss, and otherwise is not guaranteed
to achieve your goal.
The asset allocation program allows you to allocate purchase payments and
policy value among designated Subaccounts and the fixed account. You can specify
your own desired allocation instructions, or you can choose to use one of the
five asset allocation models outlined below. The fixed rate options are not
included in this program.
ASSET ALLOCATION PROGRAM RULES:
o The asset allocation program is free.
o You must request the asset allocation program in the Policy application
or by Written Notice.
o 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.
o Asset allocation and STEP programs cannot run at the same time.
o The asset allocation program will automatically rebalance your
Accumulation Value in the Subaccounts to the model you select on an
annual basis, unless you designate semiannual or quarterly rebalancing.
Your Accumulation Value will be rebalanced to the then-current version
of the model in effect.
o The Series Funds that are included in a model may change from period to
period. Your election to use a model will remain in effect, without
regard to changes in the funds in that model, unless you provide us with
changed instructions.
20
<PAGE>
The asset allocation program does not protect against a loss, and
otherwise is not guaranteed to achieve your goal.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
ASSET ALLOCATION MODELS
CURRENT ALLOCATIONS*
- ------------------------------------ ------------- ------------- ----------- -------------- ------------
Portfolio Principal Portfolio Income Capital Equity
Conserver Protector Builder Accumulator Maximizer
(conservative)(moderately (moderate) (moderately (aggressive)
conservative) aggressive)
% % % % %
- ------------------------------------ ------------- ------------- ----------- -------------- ------------
<S> <C> <C> <C> <C> <C>
MFS Emerging Growth Series 3 5
Alger American Small Capitalization 5 10
Deutsche Small Cap Equity Index 3 4 6 7
VIT Fund
Pioneer Real Estate Growth 4 5 6
T. Rowe Price International Stock 6 7 12
Scudder VLIF International 15
Deutsche EAFE Equity Index VIT Fund 5 7 9 9 10
MFS High Income Series 5 5 5
T. Rowe Price New America Growth 5 7 9
MFS Capital Opportunities Series 4 8 10 10 9
Fidelity VIP II Index 500 5 10 10 11 12
Pioneer Equity Income 7 10 10 8 6
Fidelity VIP Equity Income 5 9 11
MFS Global Governments Series 5 6 6
T. Rowe Price Limited Term Bond 43 32 20 15
MSDW Fixed Income 6
Federated Prime Money Fund II 20 13 5
- --------------------------------------------------------------------------------------------------------
* WE RETAIN THE RIGHT TO CHANGE MODEL ALLOCATIONS OR TO SUBSTITUTE
PORTFOLIO OPTIONS THEREIN IN FUTURE PROSPECTUSES. AMOUNTS YOU ALLOCATE
TO A MODEL PORTFOLIO WILL BE INVESTED PURSUANT TO THE THEN CURRENT
PORTFOLIO ALLOCATIONS FOR THAT MODEL.
- --------------------------------------------------------------------------------------------------------
</TABLE>
We use Ibbotson Associates, Inc. to develop the asset allocation model
allocations. They are an investment consulting firm specializing in applying
investment theories and empirical findings (such as historical return data
collected on the investment portfolios) to quantify the benefits of
diversification for particular investment profiles.
o REBALANCING PROGRAM
The rebalancing program does not protect against
a loss, and otherwise is not guaranteed to
achieve your goal.
The rebalancing program allows you to rebalance your Accumulation Value
among designated Subaccounts and the fixed account pursuant to your instructions
on a quarterly, semiannual, or annual basis. Rebalancing utilizes your
allocation instructions in effect at the end of any STEP program period (so
never rebalances any assets to the systematic transfer account). You may change
your rebalancing allocation instructions at any time. Any change will be
effective when the next rebalancing occurs.
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.
o If you elect the asset allocation program, your Accumulation Value in
the Subaccounts will automatically be rebalanced to the model you select
on an annual basis, unless you elect semiannual or quarterly
rebalancing. Your Accumulation Value will be rebalanced to the
then-current version of the model in effect.
The rebalancing program does not protect against a loss and may not achieve
your investment goal.
21
<PAGE>
- ----------------------------------------------------------------------
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 reserve the right to reject any application or purchase payment for any
reason.
If your application is in good order upon receipt, we will credit your
initial net purchase payment to the Policy's Accumulation Value in accordance
with the "right to examine" rules after the later of the date we receive your
application or your payment. If the application is incomplete or otherwise not
in good order, we will contact you within five Business Days to explain the
delay; at that time we will refund your initial purchase payment unless you
consent to our retaining it to apply it to your Policy once all Policy issuance
requirements are met. The date we credit your initial net purchase payment to
your Policy's Accumulation Value is the date of issue of the Policy.
You can purchase a tax-qualified policy in connection with a Section 401(a)
pension or profit-sharing plan, a Section 403(b) tax-sheltered annuity or an IRA
or Roth IRA, subject to certain limitations. See the FEDERAL TAX MATTERS section
of this Prospectus for details.
o APPLICATION IN GOOD ORDER. All questions must be answered, but particularly
note these requirements:
- - The Owner's and the Annuitant's full name, Social Security number, and date
of birth must be included.
- - Your purchase payment allocations must be completed, be in whole
percentages, and total 100%.
- - Initial purchase payment must meet minimum purchase payment requirements.
- - Your signature and your agent's signature must be on the application.
- - Identify the type of plan, whether it is nonqualified or qualified.
- - City, state, and date application was signed must be completed.
- - Your agent must be both properly licensed and appointed with us.
o PURCHASE PAYMENT REQUIREMENTS
Your purchase payment checks should be made payable to "Companion Life
Insurance Company." We may postpone crediting any payment made by check to your
Policy's Accumulation Value until the check has been honored by your bank.
Payment by certified check, banker's draft, or cashier's check will be promptly
applied. Under our Electronic Fund Transfer program, you may select a monthly
payment schedule for us to automatically deduct purchase payments from your bank
account or other sources.
Initial Purchase Payment:
------------------------
- - The only purchase payment required. All others are optional.
- - Must be at least $5,000; $2,000 if payment is made via our electronic fund
transfer program and you elect to make additional electronic fund
transfer payments of $100 per month, or quarterly, semiannual or annual
payment equivalents. We have the right to change these payment
requirements.
Additional Purchase Payments:
----------------------------
- - Must be at least $500; $100 if payments are made via our Electronic Fund
Transfer program. We have the right to change these payment
requirements.
- - Will not be accepted on or after the sooner of (i) the Policy anniversary
following your 83rd birthday or (ii) your Annuity Starting Date.
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<PAGE>
o ALLOCATING YOUR PURCHASE PAYMENTS
You must allocate your purchase payments to one or more of the variable
investment or the fixed rate options. Initial allocations in your Policy
application will be used for additional purchase payments until you change your
allocation. If you do not specify any allocation, we will not accept your
purchase payment.
- - Allocations must be in whole percentages, and total 100%.
- - The minimum allocation amount is $500 ($100 under the electronic fund
transfer program).
- - You may change your allocation by sending us Written Notice or through
an authorized telephone transaction. The change will apply to payments
received on or after the date we receive your Written Notice or
authorized telephone transaction.
- - All purchase payments will be allocated pursuant to your instructions on
record with us, except your initial purchase payment and any additional
purchase payments received during your Policy's "right to examine"
period may be subject to special requirements.
- - We will allocate your initial purchase payment to your selected
Subaccounts on the date of issue of the Policy.
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 rate options. The
Accumulation Value is expected to change from day to day, reflecting the
expenses and investment experience of the selected investment portfolios (and
interest earned in the fixed rate options) as well as the Policy's deductions
for charges.
o VARIABLE ACCOUNT VALUE.
The value in the Variable Account equals the sum of the Accumulation Values
for each Subaccount. The Accumulation Value for each Subaccount equals:
(a) the current number of Accumulation Units in the Subaccount for the
Policy; multiplied by (b) the current Accumulation Unit value.
A net purchase payment or transfer allocated to a Subaccount is converted
into Accumulation Units by dividing the purchase payment or transfer by the
Accumulation Unit value for the day during which the net purchase payment or
transfer is allocated to the Variable Account. The initial Accumulation Unit
value for each Subaccount was set at $10 when the Subaccount was established
(except it was $1 for the Federated Prime Money Fund II Subaccount). The
Accumulation Unit value may increase or decrease from one day to the next.
The Accumulation Unit value for a Subaccount on any Business Day is
calculated as follows:
(a) The net asset value per share of the applicable investment
portfolio multiplied by the number of shares held in the
Subaccount, before the purchase or redemption of any shares on that
date; minus
(b) the cumulative unpaid charge for the mortality and expense risk
charge and 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
Accumulation 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.
o SYSTEMATIC TRANSFER ACCOUNT VALUE.
The Accumulation Value of the systematic transfer account on any Business
Day equals:
(a) the value at the Policy issue date; minus
(b) any transfers from the systematic transfer account to the
Subaccounts since the end of the previous Policy month; plus
(c) interest credited on the systematic transfer account balance.
<TABLE>
<CAPTION>
23
<PAGE>
o TELEPHONE TRANSACTIONS
<S> <C>
TELEPHONE TRANSACTIONS PERMITTED TELEPHONE TRANSACTION RULES:
o Transfers. o Only you may elect. Do so on the Policy
o Partial withdrawals of $10,000 or less by application or by prior Written Notice to us.
you. o Must be received by close of the New York Stock
o Change of purchase payment allocations. Exchange ("NYSE") (usually 3 p.m. Central Time); if
later, the transaction will be processed the next
day the NYSE is 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
Owners.
We are not liable for following 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 DELAY OF PAYMENTS
We will usually pay any amounts from the Variable Account requested as a
partial withdrawal or cash surrender within seven days after we receive your
Written Notice. We can postpone such payments or any transfers out of a
Subaccount if: (i) the NYSE is closed for other than customary weekend and
holiday closings; (ii) trading on the NYSE is restricted; (iii) an emergency
exists as determined by the SEC, as a result of which it is not reasonably
practical to dispose of securities, or not reasonably practical to determine the
value of the net assets of the Variable Account; or (iv) the SEC permits delay
for the protection of security holders. The applicable rules of the SEC will
govern as to whether the conditions in (iii) or (iv) exist.
We may defer payments of partial withdrawals or a cash surrender from the
fixed account for up to six months from the date we receive your Written Notice.
o MINOR OWNER OR BENEFICIARY
A minor may not own the Policy solely in the minor's name and cannot receive
payments directly as a Policy Beneficiary. Contrary to common belief, in most
states parental status does not automatically give parents the power to provide
an adequate release to us to make Beneficiary payments to the parent for the
minor's benefit. A minor can "own" a Policy through the trustee of a trust
established for the minor's benefit, or through the minor's named and court
appointed guardian, who owns the Policy in his or her capacity as trustee or
guardian. Where a minor is a named Beneficiary, we are able to pay the minor's
Beneficiary payments to the minor's trustee or guardian. Some states allow us to
make such payments up to a limited amount directly to parents. Parents seeking
to have a minor's interest made payable to them for the minor's benefit are
encouraged to check with their local court to determine the process to be
appointed as the minor's guardian; it is often a very simple process that can be
accomplished without the assistance of an attorney. If there is no adult
representative able to give us an adequate release for payment of the minor's
Beneficiary interest, we will retain the minor's interest on deposit until the
minor attains the age of majority.
o POLICY TERMINATION
We may cancel your Policy upon 60 days' notice to you if the Accumulation
Value falls below $500. This cancellation would be a full surrender of the
Policy.
24
<PAGE>
- -----------------------------------------------------------
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, except as provided below. 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 or the systematic transfer 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 derived from the
mortality and expense risk charge (described below).
o FREE PARTIAL 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
where you are permanently totally disabled. Totally disabled means you are
unable to work at any job for renumeration or profit for which you have been
trained and the disability has continued for at least six months. 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.
25
<PAGE>
o MORTALITY AND EXPENSE RISK CHARGE
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 the
Expense Charge net assets of each Subaccount
These charges help cover our cost to administer your Policy and will not
increase.
We deduct the Policy Fee from your Policy's Accumulation Value on the last
Business Day of each Policy Year prior to the Annuity Starting Date (and upon a
complete surrender). This fee is levied by canceling Accumulation Units. The
Policy fee is deducted from each Subaccount in the same proportion that the
value in each Subaccount bears to the total value in the Variable Account. This
fee is waived if your Policy's Accumulation Value exceeds $50,000 on the last
Business Day of the applicable Policy Year. This fee is also waived for
employees of ours or our affiliated Mutual of Omaha Companies.
o TRANSFER FEE
$10 per Subaccount transfer after 12 free
transfers each Policy Year.
The first 12 transfers from Subaccounts, and all transfers from the fixed
account or the systematic transfer account are free. A transfer fee of $10 may
be imposed for any transfer in excess of 12 per Policy Year. The transfer fee is
deducted from the amount transferred. Simultaneous requests are treated as a
single request. We will not impose the fee for transfers that are not the result
of your request. Dollar cost averaging, STEP program, 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 the INTRODUCTION AND SUMMARY section and
each Series Fund's prospectus.
Each Series Fund portfolio is responsible for its own expenses. The net
assets of each portfolio reflects deductions for investment advisory fees and
other expenses. These charges are disclosed in each Series Fund's prospectus
which accompany this Prospectus. They are also summarized in the Series Fund
annual expenses table in the INTRODUCTION AND SUMMARY section at the beginning
of this Prospectus.
26
<PAGE>
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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
that may be paid upon your death prior to the Annuity Starting Date. All or part
of a death benefit may be taxable.
o WITHDRAWALS
Withdrawals may be subject to:
- Income Tax
- Penalty Tax
- Withdrawal Charge
You may withdraw all or part of your Policy's Cash Surrender Value prior to
the Annuity Starting Date. Amounts withdrawn, except for "free" partial
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" PARTIAL WITHDRAWALS
Each Policy Year you may withdraw up to 15% of your Policy's Accumulation
Value, calculated 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 closely resembles annuity payments, each distribution is a
withdrawal that may be taxable and subject to surrender charges; you may wish to
consult a tax advisor before requesting this plan.
WITHDRAWAL RULES
o Withdrawals must be by Written Notice or authorized telephone
transaction. The "Request for Systematic Withdrawal Plan" form must
specify a date for the first payment, which must be at least 30 but not
more than 90 days after the form is received by us.
o Minimum withdrawal is $500 from any investment option ($100 for the
systematic withdrawal plan).
o Any partial withdrawal must leave an Accumulation Value of at least
$500. If less than $500 remains in an investment option, we will treat
your withdrawal request as a full withdrawal of that investment option.
o No more than a pro rata amount (or 10% of the fixed account, whichever
is less) may be withdrawn from the fixed account or systematic transfer
account for any partial withdrawal. Withdrawals from the systematic
transfer account will not affect the minimum monthly transfer amount
from that account, so they will cause the total amount to be
transferred to be completed in less time than originally anticipated.
Only one withdrawal per year is allowed out of the fixed account.
o Withdrawals result in cancellation of Accumulation Units from each
applicable Subaccount and deduction of Accumulation Value from the
fixed rate options in the ratio that the value of each such investment
option bears to the Policy's total Accumulation Value (i.e., pro rata
from each applicable investment option). If you do not specify which
investment option(s) to take the withdrawal from, it will be taken from
each investment option in the proportion that the Accumulation Value in
each investment option bears to the Policy's total Accumulation Value.
o Because a 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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ANNUITY PAYMENTS
Annuity payments:
- may 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
Accumulation Value 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 effective annual rate which is
guaranteed to yield 3% on an annual basis. We have sole discretion whether
or not to pay a higher rate for payout options 1, 2, 3, or 6 (see below).
Current immediate annuity rates for the same class of annuities are used if
higher than the guaranteed amounts (guaranteed amounts are based upon the
tables contained in the Policy). The guaranteed amounts are based on the
1983 Table "A" mortality table, and an interest rate which is guaranteed to
yield 3% on an annual basis. Current interest rates, and further
information, may be obtained from us.
Fixed annuity payments are available under all six annuity payout
options. The amount of each fixed annuity payment is set and begins on the
Annuity Starting Date, and does not change.
VARIABLE ANNUITY PAYMENTS. Variable annuity payments, other than the first, vary
in amount depending upon the investment performance of the applicable
Subaccounts.
"Annuity Purchase Value" is the Accumulation
Value on the Annuity Starting Date reduced by
any applicable withdrawal charge, annual Policy
fee and income taxes and penalty tax.
The first variable annuity payment amount is determined by applying the
Annuity Purchase Value allocated to variable annuity payments to the annuity
table applicable to the payout option chosen. The tables are determined from the
1983 Table "A" mortality table with an assumed investment rate of 4%. If more
than one Subaccount has been selected, the Annuity Purchase Value of each
Subaccount is applied separately to the annuity table to determine the amount of
the first annuity payment attributable to that particular Subaccount.
Subsequent annuity payment amounts (after the first) are the sum of: the
number of Variable Annuity Units for each Subaccount as determined for the first
annuity payment multiplied by the value of a Variable Annuity Unit for that
Subaccount 10 days prior to the date the variable annuity payment is due. This
amount may increase or decrease from month to month. The number of Variable
Annuity Units for each Subaccount is calculated by dividing the dollar amount of
the first payment attributable to that Subaccount by the annuity unit value as
of the date the amount of the first payment is calculated.
If the net investment return of a Subaccount for a payment period is equal
to the pro rated portion of the assumed investment rate, the variable annuity
payment attributable to that Subaccount for that period will equal the payment
for the prior period. To the extent that such net investment return exceeds the
assumed investment rate for a payment period, the payment for that period will
be greater than the payment for the prior period. To the extent that such return
for a period falls short of the assumed investment rate, the payment for that
period will be less than the payment for the prior period.
Only annuity payout options 2, 4 and 6 are available for variable annuity
payments.
o ANNUITY STARTING DATE
You select the Annuity Starting Date on the Policy application. The Annuity
Starting Date is the date that annuity payments begin. This date may not be any
earlier than the second Policy anniversary. 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 by sending Written Notice for our
receipt at least 30 days before the then current Annuity Starting Date.
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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.
Only 4 transfers are allowed each Policy Year
after the Annuity Starting Date.
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 by completing an election form that you
can request from us at any time. You may change your selection during your life
by sending Written Notice for our receipt at least 30 days before the Annuity
Starting Date. If no selection is made by then, we will apply Accumulation Value
in the Variable Account to provide variable annuity payments, and Accumulation
Value in the fixed account to provide fixed annuity payments, and annuity
payments will be made under payout option 4 providing lifetime income with
payments guaranteed for 10 years. We may pay your Policy proceeds in one sum if
they are less than $2,000, or when the payout option chosen would result in
periodic payments of less than $20.
If you die before the Annuity Starting Date (and the Policy is in force),
your Beneficiary may elect to receive the death benefit under one of the annuity
payout options (unless applicable law or a settlement agreement dictate
otherwise).
o ANNUITY PAYOUT OPTIONS
If the continuation of variable payments being made under option 2 or 6 does
not depend upon the payee remaining alive, you may surrender your Policy and
receive the commuted value of any unpaid payments. However, if your payments
under option 2 or 6 depends upon the payee's continued life, you cannot
surrender your Policy for cash. In this case, once option payments commence,
payments will end upon the payee's death.
When the Owner dies, we will pay any unpaid guaranteed payments to your
Beneficiary. Upon the last payee's death, we will pay any unpaid guaranteed
payments to that payee's estate.
NOTE: UNLESS YOU ELECT A PAYOUT OPTION WITH A GUARANTEED PERIOD OR OPTION 1,
IT IS POSSIBLE THAT ONLY ONE ANNUITY PAYMENT WOULD BE MADE UNDER THE ANNUITY
PAYOUT OPTION IF THE ANNUITANT DIES BEFORE THE DUE DATE OF THE SECOND ANNUITY
PAYMENT, ONLY TWO ANNUITY PAYMENTS WOULD BE MADE IF THE ANNUITANT DIED BEFORE
THE DUE DATE OF THE THIRD ANNUITY PAYMENT, ETC.
Part or all of any annuity payment may be taxable as ordinary income. If, at
the time annuity payments begin, you have not given us Written Notice to not
withhold federal income taxes, we must by law withhold such taxes from the
taxable portion of each annuity payment and remit it to the Internal Revenue
Service. (Withholding is mandatory for certain tax-qualified Policies.)
The following annuity payout options are currently available:
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1) PROCEEDS HELD ON DEPOSIT AT INTEREST. While proceeds remain on deposit,
we annually credit interest to the proceeds. The interest may be paid to
the payee or added to the amount on deposit.
2) INCOME OF A SPECIFIED AMOUNT. Proceeds are paid in monthly installments
of a specified amount over at least a five-year period until proceeds,
with interest, have been fully paid.
3) INCOME FOR A SPECIFIED PERIOD. Periodic payments of proceeds are paid
for the number of years chosen. If no other frequency is selected,
payments will be made monthly. Monthly incomes for each $1,000 of
proceeds, which include interest, are illustrated by a table in the
Policy.
4) LIFETIME INCOME. Proceeds are paid as monthly income during the
Annuitant's life. The amount of the monthly income annuity payment will
be an amount computed using either the Lifetime Monthly Income Table set
forth in the Policy (based on the 1983 Table "A" mortality table) or, if
more favorable to the Annuitant, our then current lifetime monthly
income rates for payment of proceeds. If a variable payout option is
chosen, all variable annuity payments, other than the first variable
annuity payment, will vary in amount according to the investment
performance of the applicable variable investment options.
GUARANTEES AVAILABLE FOR THE LIFETIME INCOME OPTION. Guaranteed Period -
An amount of monthly income is guaranteed for a specified number of
years, and thereafter as long as the Annuitant lives. Guaranteed Amount
- An amount of monthly income is guaranteed until the sum of the
payments equal the proceeds placed under the option and as long after
that as the Annuitant lives.
5) LUMP-SUM. Proceeds are paid in one sum.
6) ALTERNATIVE SCHEDULES. We may be able to accommodate making annuity
payments under other options, including joint and survivor periods.
Contact us for more information.
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o DEATH BENEFITS
We will pay the death benefit after we receive necessary documentation of an
Owner's death, or as soon thereafter as we have sufficient information about the
Beneficiary to make the payment. Death benefits may be paid pursuant to an
annuity payout option (including a lump-sum payment) to the extent allowed by
applicable law and any settlement agreement in effect at your death. If the
Beneficiary does not make an annuity payout option election within 60 days of
our receipt of Due Proof of Death regarding your death, we will issue a lump-sum
payment to the Beneficiary.
If an Owner of the Policy is a corporation, trust or other nonindividual, we
treat the primary Annuitant as an Owner for purposes of the death benefit. The
"primary Annuitant" is that individual whose life affects the timing or the
amount of the death benefit payout under the Policy. A change in the primary
Annuitant will be treated as the death of an Owner.
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.
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.
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 your surviving spouse, the spouse may elect either to
receive the death benefit, in which case the Policy will terminate, or to
continue the Policy in force with the spouse as Owner.
If the named Beneficiary dies before you, then your estate is the
Beneficiary until you name a new Beneficiary.
o IRS REQUIRED DISTRIBUTION
Federal law requires that if your Policy is tax non-qualified and you die
before the Annuity Starting Date, then the entire value of your Policy must be
distributed within five years of your death. Therefore, any death benefit must
be paid within five years after your death. The five-year rule does not apply to
that portion of the proceeds which (a) is for the benefit of an individual
Beneficiary; and (b) will be paid over the lifetime or the life expectancy of
that Beneficiary as long as payments begin not later than one year after the
date of your death. Special rules may apply to your surviving spouse. The
Statement of Additional Information has a more detailed description of these
rules. Other required distribution rules apply to tax-qualified Policies.
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FEDERAL TAX MATTERS
The following discussion is general in nature and is not intended as tax
advice. Each person concerned should consult a competent tax advisor. No attempt
is made to consider any applicable state tax or other tax laws, or to address
any federal estate, or state and local estate, inheritance and other tax
consequences of ownership or receipt of distributions under a Policy. This
discussion of federal income tax considerations relating to the Policy is based
upon our understanding of laws as they now exist and are currently interpreted
by the Internal Revenue Service ("IRS").
When you invest in an annuity contract, you usually do not pay taxes on
your investment gains until you withdraw the money - generally for retirement
purposes. If you invest in a variable annuity as part of a pension plan or
employer-sponsored retirement program, your contract is called a "Qualified
Policy." If your annuity is independent of any formal retirement or pension
plan, it is termed a "Nonqualified Policy." The tax rules applicable to
Qualified Policies vary according to the type of retirement plan and the terms
and conditions of the plan.
o TAXATION OF NONQUALIFIED POLICIES
If a non-natural person (e.g., a corporation or a trust) owns a
Nonqualified Policy, the taxpayer generally must include in income any increase
in the excess of the Accumulation Value over the investment in the Policy
(generally, the purchase payments paid for the Policy) during the taxable year.
There are some exceptions to this rule and a prospective owner that is not a
natural person should discuss these with a tax adviser.
The following discussion generally applies to Policies owned by natural
persons.
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." o
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o TAXATION OF QUALIFIED POLICIES
The tax rules applicable to Qualified Policies vary according to the type
of retirement plan and the terms and conditions of the plan. Your rights under a
Qualified Policy may be subject to the terms of the retirement plan itself,
regardless of the terms of the Policy. Adverse tax consequences may result if
you do not ensure that contributions, distributions and other transactions with
respect to the Policy comply with the law. Also, you may wish to consult a tax
and/or financial adviser regarding the use of the Policy within a qualified or
other retirement plan, since the purchase of a Policy to fund a tax qualified
retirement account does not provide any additional tax deferred treatment of
earnings beyond the treatment provided by the tax-qualified retirement plan
itself. However, the Policy does provide benefits such as lifetime income
payments, family protection through death benefits, guaranteed fees and asset
allocation models that many retirement plans do not provide.
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.
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<PAGE>
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.
o POSSIBLE TAX LAW CHANGES
Although the likelihood of legislative change is uncertain, there is always
the possibility that the tax treatment of the Policy could change by legislation
or otherwise. Consult a tax adviser with respect to legislative developments and
their effect on the Policy.
We have the right to modify the Policy in response to legislative changes
that could otherwise diminish the favorable tax treatment that annuity contract
Owners currently receive. We make no guarantee regarding the tax status of any
Policy and do not intend the above discussion as tax advice.
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MISCELLANEOUS
o DISTRIBUTOR OF THE POLICIES
Mutual of Omaha Investor Services, Inc. ("MOIS"), Mutual of Omaha Plaza,
Omaha Nebraska 68175, is the principal underwriter of the Policies. Like us,
MOIS is an affiliate of Mutual of Omaha Insurance Company. MOIS enters into
contracts with various broker-dealers ("Distributors") to distribute Policies.
All persons selling the Policy will be registered representatives of the
Distributors, and may also be licensed as insurance agents to sell variable
annuities. MOIS is registered with the Securities and Exchange Commission as a
broker-dealer and is a member of the National Association of Securities Dealers,
Inc. Commissions paid to a distributor may be up to 7 1/2% of purchase
payments. We may also pay other distribution expenses such as production
incentive bonuses, including non-cash awards. These distribution expenses do not
result in any charges under the Policy that are not described under the EXPENSES
section of the Prospectus.
o VOTING RIGHTS
As required by law, we will vote Series Fund shares held by the Variable
Account at regular and special shareholder meetings of the Series Funds pursuant
to instructions received from persons having voting interests in the Series
Funds. The Series Funds may not hold routine annual shareholder meetings.
As a Policy Owner, you may have a voting interest in the Series Fund
portfolios you are invested in. You will receive proxy material, reports, and
other materials relating to each Series Fund in which you have voting interests.
o DISTRIBUTION OF MATERIALS
We will distribute proxy statements, updated prospectuses and other materials to
you from time to time. In order to achieve cost savings, we may send
consolidated mailings to several owners with the same last name who share a
common address or post office box in accordance with the rules of the Securities
and Exchange Commission.
o LEGAL PROCEEDINGS
As of the date of this Prospectus, there are no legal proceedings affecting
the Variable Account, or that are material in relation to our total assets.
DO YOU HAVE QUESTIONS?
If you have questions about your Policy or this Prospectus, you may
contact your agent or broker who gave this Prospectus to you, or you may contact
us at: COMPANION LIFE, Variable Product Services, P.O. Box 3664, Omaha, Nebraska
68103-0664. Telephone 1-800-494-0067.
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STATEMENT OF ADDITIONAL INFORMATION
You may obtain, at no cost, a Statement of Additional Information which
contains more details concerning the disclosures in this Prospectus by
contacting us. You may also access it in our registration on the SEC's web site
(http://www.sec.gov), or you may review and copy it at the SEC's Public
Reference Room in Washington D.C. (call the SEC at 1-800-SEC-0330 for details
and public hours).
Here is the table of contents to our Statement of Additional Information:
CONTENTS PAGE(S)
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The Policy - General Provisions 2
Owner and Joint Owner
Entire Contract
Deferment of Payment and
Transfers
Incontestability
Misstatement of Age or Sex
Nonparticipating
Assignment
Evidence of Age or Survival
-------------------------------------- --------
Federal Tax Matters 3
Tax Status of the Policy
Taxation of Companion Life
-------------------------------------- --------
State Regulation of Companion 4
Administration
Records and Reports
Distribution of the Policies
Custody of Assets
-------------------------------------- --------
Historical Performance Data 4-11
Money Market Yields
Other Subaccount Yields
Average Annual Total Returns
Other Performance Information
-------------------------------------- --------
Other Information 11
-------------------------------------- --------
Financial Statements 11
-------------------------------------- --------
<PAGE>
STATEMENT OF ADDITIONAL INFORMATION
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, 2000 by calling
1-800-494-0067 or by writing to us at: Companion Life, Variable Product
Services, 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, 2000
CONTENTS PAGE(S)
-------------------------------------- ---------
The Policy - General Provisions 2
Owner and Joint Owner
Entire Contract
Deferment of Payment and
Transfers
Incontestability
Misstatement of Age or Sex
Nonparticipating
Assignment
Evidence of Age or Survival
-------------------------------------- ---------
Federal Tax Matters 3
Tax Status of the Policy
Taxation of Companion Life
-------------------------------------- ---------
State Regulation of Companion 4
Administration
Records and Reports
Distribution of the Policies
Custody of Assets
-------------------------------------- ---------
Historical Performance Data 5-11
Money Market Yields
Other Subaccount Yields
Average Annual Total Returns
Other Performance Information
-------------------------------------- ---------
Other Information 11
-------------------------------------- ---------
Financial Statements 11
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, as well as the 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 it has been in force
during the lifetime of the Owner for two years from the date of its issue.
MISSTATEMENT OF AGE OR SEX
We may require proof of the Annuitant's age before making any life annuity
payment provided for by the Policy. If the Annuitant's age or sex has been
misstated, the Annuity Starting Date and the monthly annuity payments will be
determined using the correct age and sex.
If a misstatement of age or sex results in monthly annuity payments that
are too large, the overpayments will be deducted from future monthly annuity
payments. If we have made payments that are too small, the underpayments will be
added to the next payment. Adjustments for overpayments or underpayments will
include 6% interest.
NONPARTICIPATING
No dividends will be paid. Neither you nor the Beneficiary shares in our
surplus earnings or profits.
ASSIGNMENT
You may change the Owner of the Policy or pledge it as collateral by
assigning it. No assignment is binding on us until we record and acknowledge it.
The rights of any payee will be subject to a collateral assignment.
If the Beneficiary designation is irrevocable, the Owner may be changed or
the Policy assigned only upon Written Notice signed by both you and the
Beneficiary. On the Annuity Starting Date, you may select another payee, but you
retain all rights of ownership unless you sign an absolute assignment of the
Policy.
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>
FEDERAL TAX MATTERS
TAX STATUS OF THE POLICY
DIVERSIFICATION REQUIREMENTS. Section 817(h) of the Internal Revenue Code
(the "Code") provides that in order for a variable contract based on a
segregated asset account to qualify as an annuity contract under the Code, the
investments made by such account must be "adequately diversified." The Treasury
regulations issued under Section 817(h) (Treas. Reg. ss. 1.817-5) apply a
diversification requirement to each of the Subaccounts of the Variable Account.
The Variable Account, through the Series Funds and their portfolios, intends to
comply with those diversification requirements. We and the Series Funds have
entered into agreements regarding participation in the Series Funds that
requires the Series Funds and their portfolios to comply with the Treasury
regulations.
OWNER CONTROL. In certain circumstances, owners of variable annuity
contracts may be considered the owners, for federal income tax purposes, of the
assets of the separate account used to support their contracts. In those
circumstances, income and gains from the separate account assets would be
includible in the variable contract owner's gross income. The IRS has stated in
published rulings that a variable contract owner will be considered the owner of
separate account assets if the contract owner possesses incidents of ownership
in those assets, such as the ability to exercise investment control over the
assets. The Treasury Department also announced, in connection with the issuance
of regulations concerning diversification, that those regulations "do not
provide guidance concerning the circumstances in which investor control of the
investments of a segregated asset account may cause the investor (i.e., the
Owner), rather than the insurance company, to be treated as the owner of the
assets in the account." This announcement also stated that guidance would be
issued by way of regulations or rulings on the "extent to which policyholders
may direct their investments to particular Subaccounts without being treated as
owners of the underlying assets." As of the date of 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.
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.
3
<PAGE>
STATE REGULATION OF COMPANION LIFE
We are subject to New York law and to regulation by the New York Department
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. 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 began to 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
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 since 1997. For the fiscal year ended December 31, 1997,
Companion Life paid $11,132 total compensation to Vantage, and in the 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.
DISTRIBUTION OF THE POLICIES
The Policies are offered to the public through agents and brokers licensed
under the federal securities laws and state insurance laws. The offering of the
Policies is continuous and we do not anticipate discontinuing the offering of
the Policies. However, we reserve the right to discontinue the offering of the
Policies.
Mutual of Omaha Investor Services, Inc. ("MOIS") is the principal
underwriter of the Policies. The Policies will be distributed by MOIS through
retail broker-dealers. Commissions payable to a broker-dealer will be up to 7.5%
of purchase payments. For the fiscal year ended December 31, 1999, we paid
$207,081 in total compensation to MOIS; of this amount MOIS retained $179,092 as
concessions for its services as principal underwriter and for distribution
concessions, with the remaining amount paid to other broker-dealers. In 1998,
these amounts were $1,237,130 and $415,824 respectively. 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.
4
<PAGE>
MONEY MARKET YIELDS
From time to time, advertisements and sales literature may quote the
current annualized yield of the money market Subaccount (Federated Price Money
Fund II portfolio) for a seven-day period in a manner which does not take into
consideration any realized or unrealized gains or losses on shares of the Money
Market portfolio or on its portfolio securities. As of 12/31/99, this current
annualized yield is 3.81%.
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.
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).
5
<PAGE>
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.
PERFORMANCE DATA. Effective yields and total returns for the Subaccounts are
based on the investment performance of the corresponding portfolios of the
Series Funds. The Series Funds' performance in part reflects the Series Funds'
expenses. See the prospectuses for the Series Funds.
The yield of a Subaccount (except the money market Subaccount) refers to
the annualized income generated by an investment in the Subaccount over a
specified 30-day or one-month period. The yield is calculated by assuming that
the income generated by the investment during that 30-day or one-month period is
generated each period over a 12-month period and is shown as a percentage of the
investment.
Such average annual total return information for the Subaccounts of
Policies is as follows:
6
<PAGE>
=============================================== =========== ===========
SUBACCOUNT 1 Year From
AVERAGE ANNUAL TOTAL RETURN (REFLECTS Ended Inception
WITHDRAWAL CHARGES) 12/31/99 To
Subaccount (date of inception) % 12/31/99
%
- ----------------------------------------------- ----------- -----------
Alger American Growth (12/13/96) 24.20% 31.32%
Alger American Small Capitalization (12/13/96) 33.19 19.02
Federated Prime Money Fund II (12/13/96) -2.89 1.95
Federated Fund for U.S. Govt.
Securities II (12/13/96) -7.72 2.25
Fidelity VIP II Asset Manager (12/13/96) 7.01 15.74
Fidelity VIP II Contrafund (12/13/96) 15.38 22.30
Fidelity VIP Equity Income (12/13/96) -1.28 11.69
Fidelity VIP II Index 500 (5/1/98) 11.90 15.65
MFS Emerging Growth Series (12/13/96) 64.14 37.90
MFS High Income Series (12/13/96) -1.18 3.54
MFS Research Series (12/13/96) 15.19 18.92
MFS Capital Opportunities Series (5/1/98) 36.92 26.66
MFS Global Governments Series (12/13/96) -9.49 -1.40
MSDW Emerging Markets Equity (5/1/99) N/A 26.90
MSDW Fixed Income (5/1/99) N/A -2.48
Pioneer Midcap Value (5/1/98) 4.96 -5.33
Pioneer Real Estate Growth (5/1/98) -11.05 -15.57
Scudder VLIF Global Discovery (5/1/98) 53.84 30.35
Scudder VLIF Growth & Income (5/1/98) -1.81 -2.65
Scudder VLIF International (12/13/96) 43.50 22.14
T. Rowe Price Personal Strategy
Balanced (12/13/96) 0.65 10.27
T. Rowe Price Equity Income (12/13/96) -3.71 10.19
T. Rowe Price International (12/13/96) 23.80 13.39
T. Rowe Price Limited Term Bond (12/13/96) -6.39 2.04
T. Rowe Price New America Growth (12/13/96) 4.68 13.99
=============================================== =========== ===========
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) 12/31/99 to
Subaccount (date of inception) % 12/31/99
%
- ----------------------------------------------- ----------- -----------
Alger American Growth (12/13/96) 32.05 33.20
Alger American Small Capitalization (12/13/96) 41.62 20.73
Federated Prime Money Fund II (12/13/96) 3.26 3.42
Federated Fund for U.S. Govt.
Securities II (12/13/96) -1.88 3.72
Fidelity VIP II Asset Manager (12/13/96) 13.78 17.40
Fidelity VIP II Contrafund (12/13/96) 22.68 24.05
Fidelity VIP Equity Income (12/13/96) 4.96 13.29
Fidelity VIP II Index 500 (5/1/98) 18.98 19.34
MFS Emerging Growth Series (12/13/96) 74.53 39.87
MFS High Income Series (12/13/96) 5.08 5.03
MFS Research Series (12/13/96) 22.47 20.62
MFS Capital Opportunities Series (5/1/98) 45.58 30.70
MFS Global Governments Series (12/13/96) -3.76 0.01
MSDW Emerging Markets Equity (5/1/99) N/A 26.49
MSDW Fixed Income (5/1/99) N/A -2.80
Pioneer Midcap Value (5/1/98) 11.60 -2.31
Pioneer Real Estate Growth (5/1/98) -5.42 -12.88
Scudder VLIF Global Discovery (5/1/98) 63.57 34.50
Scudder VLIF Growth & Income (5/1/98) 4.40 0.46
Scudder VLIF International (12/13/96) 52.58 23.89
T. Rowe Price Personal Strategy 7.02 11.85
Balanced (12/13/96)
T. Rowe Price Equity Income (12/13/96) 2.38 11.77
T. Rowe Price International (12/13/96) 31.64 15.02
T. Rowe Price Limited Term Bond (12/13/96) -0.47 3.50
T. Rowe Price New America Growth (12/13/96) 11.31 15.63
=============================================== =========== ===========
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.
8
<PAGE>
ADJUSTED HISTORICAL PERFORMANCE DATA. We may, from time to time, also
disclose yield, standard total returns, and non-standard total returns for the
Portfolios of the Series Funds, including such disclosure for periods prior to
the dates the Subaccounts commenced operations. For periods prior to the date
the Subaccount commenced operations, performance information for Policies will
be calculated based on the performance of the Series Fund portfolios and the
assumption that the Subaccounts were in existence for the same periods as those
indicated for the Series Fund portfolios, with the level of Policy charges that
were in effect at the inception of the Subaccounts (this is referred to as
"adjusted historical" performance data). Such standardized but "adjusted
historical" average annual total return information for the Subaccounts of
Policies is as follows:
<TABLE>
<CAPTION>
================================================= ========= ========= ============ ============
SUBACCOUNT 1 Year 5 Years 10 Years Since
"ADJUSTED HISTORICAL" Ended Ended Ended Inception
AVERAGE ANNUAL TOTAL RETURN TABLE 12/31/99 12/31/99 12/31/99 to 12/31/99
(REFLECTS WITHDRAWAL CHARGES) % % % %
Subaccount (date of inception of corresponding
Portfolio)
- ------------------------------------------------- --------- --------- ------------ ------------
<S> <C> <C> <C> <C>
Alger American Growth (1/9/89) 24.20% 28.62% 21.33% 21.49%
Alger American Small Capitalization (9/21/88) 33.19% 20.46% 16.71% 19.32%
Deutsche VIT EAFE Equity Index (3/20/98) 18.49% - - 13.40%
Deutsche VIT Small Cap Equity Index (3/20/98) 11.57% - - 5.97%
Federated Prime Money Fund II (11/21/94) -2.89% 2.99% - 3.16%
Federated Fund for U.S. Govt.
Securities II (3/28/94) -7.72% 3.76% - 3.69%
Fidelity VIP II Asset Manager (1/3/95) 7.01% 18.00% - 18.03%
Fidelity VIP II Contrafund (1/3/95) 15.38% 25.43% - 25.48%
Fidelity VIP Equity Income (10/9/86) -1.28% 16.49% 13.03% 12.33%
Fidelity VIP II Index 500 (8/27/92) 11.90% 25.89% - 19.53%
MFS Emerging Growth Series (7/24/95) 64.14% - - 33.91%
MFS High Income Series (7/26/95) -1.18% - - 6.21%
MFS Research Series (7/26/95) 15.19% - - 20.57%
MFS Capital Opportunities Series (8/14/96) 36.92% - - 28.63%
MFS Global Governments Series (6/14/95) -9.49% 2.48% - 2.40%
MSDW Emerging Markets Equity (10/1/96) 80.87% - - 9.52%
MSDW Fixed Income (1/2/97) -8.69% - - 2.43%
Pioneer Midcap Value (3/1/95) 4.96% - - 11.20%
Pioneer Equity-Income (2/26/99) N/A N/A N/A N/A
Pioneer Growth Shares (10/9/99) N/A N/A N/A N/A
Pioneer Fund (5/3/99) N/A N/A N/A N/A
Pioneer Real Estate Growth (3/1/95) -11.05% - - 6.72%
Scudder VLIF Global Discovery (5/2/97) 53.84% - - 31.49%
Scudder VLIF Growth & Income (5/1/97) -1.81% - - 9.69%
Scudder VLIF International (5/1/87) 43.50% 18.41% 11.80% 12.07%
T. Rowe Price Personal Strategy
Balanced (12/31/94) 0.65% 14.45% - 14.45%
T. Rowe Price Equity Income (3/31/94) -3.71% 16.53% - 15.58%
T. Rowe Price International (3/31/94) 23.80% 13.16% - 11.67%
T. Rowe Price Limited-Term Bond (5/13/94) -6.39% 3.65% - 3.71%
T. Rowe Price New America Growth (3/31/94) 4.68% 21.83% - 18.91%
================================================= ========= ========= ============ ============
</TABLE>
9
<PAGE>
Such non-standardized (i.e., assuming no withdrawal charge) but adjusted
historical average annual total return information for the Subaccounts is as
follows:
<TABLE>
<CAPTION>
================================================= ========= ========= ============ ============
SUBACCOUNT NON-STANDARDIZED 1 Year 5 Years 10 Years Since
"ADJUSTED HISTORICAL" Ended Ended Ended Inception
AVERAGE ANNUAL TOTAL RETURN TABLE 12/31/99 12/31/99 12/31/99 to 12/31/99
(DOES NOT REFLECT SURRENDER CHARGES) % % % %
Subaccount (date of inception of corresponding
Portfolio)
- ------------------------------------------------- --------- --------- ------------ ------------
<S> <C> <C> <C> <C>
Alger American Growth (1/9/89) 32.05% 29.28% 21.33% 21.49%
Alger American Small Capitalization (9/21/88) 41.62% 21.08% 16.71% 19.32%
Deutsche VIT EAFE Equity Index (3/20/98) 25.98% - - 15.50%
Deutsche VIT Small Cap Equity Index (3/20/98) 18.63% - - 7.93%
Federated Prime Money Fund II (11/21/94) 3.26% 3.52% - 3.51%
Federated Fund for U.S. Govt.
Securities II (3/28/94) -1.88% 4.30% - 3.99%
Fidelity VIP II Asset Manager (1/3/95) 13.78% 18.61% - 18.64%
Fidelity VIP II Contrafund (1/3/95) 22.68% 26.08% - 26.13%
Fidelity VIP Equity Income (10/9/86) 4.96% 17.10% 13.03% 12.33%
Fidelity VIP II Index 500 (8/27/92) 18.98% 26.54% - 19.53%
MFS Emerging Growth Series (7/24/95) 74.53% - - 34.69%
MFS High Income Series (7/26/95) 5.08% - - 6.83%
MFS Research Series (7/26/95) 22.47% - - 21.27%
MFS Capital Opportunities Series (8/14/96) 45.58% - - 29.96%
MFS Global Governments Series (6/14/95) -3.76% 3.01% - 2.72%
MSDW Emerging Markets Equity (10/1/96) 92.31% - - 10.69%
MSDW Fixed Income (1/2/97) -2.92% - - 3.93%
Pioneer Midcap Value (3/1/95) 11.60% - - 11.79%
Pioneer Equity-Income (2/26/99) N/A N/A N/A N/A
Pioneer Growth Shares (10/9/99) N/A N/A N/A N/A
Pioneer Fund (5/3/99) N/A N/A N/A N/A
Pioneer Real Estate Growth (3/1/95) -5.42% - - 7.29%
Scudder VLIF Global Discovery (5/2/97) 63.57% - - 33.65%
Scudder VLIF Growth & Income (5/1/97) 4.40% - - 11.49%
Scudder VLIF International (5/1/87) 52.58% 19.02% 11.80% 12.07%
T. Rowe Price Personal Strategy Balance (12/31/94) 7.02% 15.05% - 15.04%
T. Rowe Price Equity Income (3/31/94) 2.38% 17.14% - 15.92%
T. Rowe Price International (3/31/94) 31.64% 13.75% - 12.00%
T. Rowe Price Limited-Term Bond (5/13/94) -0.47% 4.19% - 4.03%
T. Rowe Price New America Growth (3/31/94) 11.31% 22.46% - 19.26%
================================================= ========= ========= ============ ============
</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.
10
<PAGE>
We may disclose cumulative total returns in conjunction with the
standard formats described above. The cumulative total returns will be
calculated using the following formula:
CTR = (ERV/P) - 1
Where:
CTR = -- The Cumulative Total Return net of Subaccount recurring
charges for the period.
ERV = -- The ending redeemable value of the hypothetical investment
at the end of the period.
P = -- A hypothetical initial purchase payment of $1,000.
OTHER PERFORMANCE INFORMATION
The following is a partial list of those publications which may be cited in
the Series Funds' advertising shareholder materials which contain articles
describing investment results or other data relative to one or more of the
Subaccounts. Other publications may also be cited.
Across the Board
Advertising Age
American Banker
Barron's
Best's Review
Broker World
Business Insurance
Business Month
Business Week
Changing Times
Consumer Reports
Economist
Financial Planning
Financial World
Forbes
Fortune
Inc.
Institutional Investor
Insurance Forum
Insurance Sales
Insurance Week
Journal of Accountancy
Journal of the American Society
of CLU & ChFC
Journal of Commerce
Life Association News
Life Insurance Selling
Manager's Magazine
Market Facts
Money
OTHER INFORMATION
A registration statement has been filed with the Securities and Exchange
Commission ("SEC"), under the Securities Act of 1933 as amended, with respect to
the Policies discussed in this Statement of Additional Information. Not all of
the information set forth in the registration statement, amendments and exhibits
thereto has been included in the Prospectus or this Statement of Additional
Information. Statements contained in the Prospectus and this Statement of
Additional Information concerning the content of the Policies and other legal
instruments are intended to be summaries. For a complete statement of the terms
of these documents, refer to the instruments filed with the SEC. They may be
accessed on the SEC's Web site: HTTP://WWW.SEC.GOV. 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, 1999 and for the years ended December
31, 1999 and 1998 which have been audited by Deloitte & Touche, LLP, independent
auditors, Omaha, Nebraska, as stated in their report appearing herein.
The Financial Statements of Companion Life Insurance Company as of December
31, 1999 and 1998, and for the years ended December 31, 1997, 1998 and 1999
included in this Statement of Additional Information have been audited by
Deloitte & Touche LLP, independent auditors, Omaha, Nebraska, as stated in their
report appearing herein. The financial statements of Companion Life Insurance
Company should be considered only as bearing on the ability of Companion 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, 1999, 1998 AND 1997
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 (the "Company") (a
wholly-owned subsidiary of United of Omaha Life Insurance Company) as of
December 31, 1999 and 1998, and the related statutory basis statements of
income, changes in surplus, and cash flows for each of the three years in the
period ended December 31, 1999. 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. 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,
which practices differ from generally accepted accounting principles. The
effects on such financial statements of the differences between the statutory
basis of accounting and generally accepted accounting principles are described
in Note 12.
In our opinion, because of the effects of the matters discussed in the preceding
paragraph, the financial statements do not present fairly, in accordance with
generally accepted accounting principles, the financial position of the Company
as of December 31, 1999 and 1998, or the results of its operations or its cash
flows for each of the three years in the period ended December 31, 1999.
In our opinion, the statutory basis financial statements referred to above
present fairly, in all material respects, the admitted assets, liabilities, and
surplus of Companion Life Insurance Company as of December 31, 1999 and 1998,
and the results of its operations and its cash flows for each of the three years
in the period ended December 31, 1999, on the basis of accounting described in
Note 1 to the financial statements.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. Schedule 1 - Selected Financial Data is
presented to comply with the National Association of Insurance Commissioners
Annual Statement Instructions and is not a required part of the basic financial
statements. This schedule is the responsibility of the Company's management.
This schedule has been subjected to the auditing procedures applied in our audit
of the basic financial statements and, in our opinion, is fairly stated in all
material respects when considered in relation to the basic financial statements
taken as a whole.
/s/ DELOITTE & TOUCHE LLP
Omaha, Nebraska
February 11, 2000
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, 1999 AND 1998
- --------------------------------------------------------------------------------
ADMITTED ASSETS 1999 1998
Cash and invested assets:
Bonds $ 459,013,552 $435,631,637
Mortgage loans 9,074,049 6,827,862
Policy loans 10,134,626 10,521,818
Cash and short-term investments 9,282,717 12,499,909
Other invested assets 0 214,292
Receivable for securities 232,468 0
-------- -----------
Total cash and invested assets 487,737,412 465,695,518
Premiums deferred and uncollected 2,600,674 5,101,969
Investment income due and accrued 5,199,488 4,799,859
Other assets 3,481,994 497,050
Separate account assets 35,096,873 26,252,806
----------- -----------
Total admitted assets $ 534,116,441 $ 502,347,202
============= =============
LIABILITIES
Policy reserves:
Aggregate reserve for policies and contracts $ 352,121,619 $ 345,518,702
Policy and contract claims 5,048,125 4,152,097
Other reserves 394,089 425,946
-------- --------
Total policy reserves 357,563,833 350,096,745
Interest maintenance reserve 442,266 563,032
Asset valuation reserve 3,402,760 2,967,253
General expenses and taxes due or accrued 1,283,289 1,103,741
Funds held under reinsurance treaties 69,445,931 51,303,292
Reinsurance in unauthorized companies 41,163 34,604
Amounts due reinsurers 19,785 5,821
Federal income taxes due or accrued 619,859 1,965,047
Other liabilities 2,908,021 6,934,207
Separate account liabilities 35,051,683 26,214,408
----------- -----------
Total liabilities 470,778,590 441,188,150
------------ ------------
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 500,089 474,502
Unassigned surplus 15,187,762 13,034,550
----------- ----------
Total surplus 63,337,851 61,159,052
----------- ----------
Total liabilities and surplus $ 534,116,441 $ 502,347,202
============= =============
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, 1999, 1998 AND 1997
- ---------------------------------------------------------------------------------------------------
1999 1998 1997
Income:
<S> <C> <C> <C>
Net premiums and annuity considerations $38,288,441 $40,257,141 $45,556,708
Other considerations and fund deposits 5,668,080 14,493,777 8,684,292
Net investment income 34,166,037 32,813,466 31,122,199
Other income 3,276,552 1,859,531 2,768,489
---------- ---------- ----------
Total income 81,399,110 89,423,915 88,131,688
----------- ----------- ----------
Benefits and expenses:
Policyholder and beneficiary benefits 44,486,605 51,057,581 42,230,053
Increase (decrease) in reserves for policyholder
and beneficiary benefits 6,602,917 (6,022,852) 13,755,209
Commissions 5,113,960 4,817,705 5,608,866
Operating expenses 15,033,174 15,681,296 14,693,625
Net transfers to separate account 4,247,836 12,653,190 7,143,343
---------- ----------- ----------
Total benefits and expenses 75,484,492 78,186,920 83,431,096
----------- ----------- -----------
Net gain from operations before federal
income taxes and net realized
capital losses 5,914,618 11,236,995 4,700,592
Federal income taxes 3,031,567 4,929,330 2,424,710
---------- ---------- ----------
Net gain from operations before net
realized capital losses 2,883,051 6,307,665 2,275,882
Net realized capital gains (losses) 0 0 (336,684)
--------- --------- ---------
Net income $ 2,883,051 $ 6,307,665 $ 1,939,198
============ ============ ===========
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, 1999, 1998 AND 1997
- ---------------------------------------------------------------------------------------------------
1999 1998 1997
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 474,502 428,417 400,297
Increase in group contingency life reserve 25,587 46,085 28,120
------- ------- -------
Balance at end of year 500,089 474,502 428,417
-------- -------- --------
Unassigned surplus:
Balance at beginning of year 13,034,550 7,057,287 3,674,850
Net income 2,883,051 6,307,665 1,939,198
Change in separate account surplus 0 0 22,283
Increase (decrease) in net unrealized capital
gains and losses (192,674) 0 599,129
(Increase) decrease in:
Non-admitted assets (69,512) 83,597 271,491
Liability for reinsurance in unauthorized companies (6,559) (243) (233)
Asset valuation reserve (435,507) (367,671) 578,689
Contingency reserve (25,587) (46,085) (28,120)
--------- --------- --------
Balance at end of year 15,187,762 13,034,550 7,057,287
----------- ----------- ----------
Total surplus $63,337,851 $61,159,052 $55,135,704
============ ============ ============
</TABLE>
The accompanying notes are an integral part of these statutory basis financial
statements.
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, 1999, 1998 AND 1997
- ---------------------------------------------------------------------------------------------------
1999 1998 1997
<S> <C> <C> <C>
Cash from operations:
Premiums, annuity considerations and
fund deposits $ 47,008,353 $ 54,346,857 $ 53,672,663
Net investment income 33,184,111 31,767,402 30,446,317
Other income 2,536,480 1,824,882 2,715,619
Benefits (43,600,244) (49,517,053) (44,468,851)
Commissions and general expenses (16,905,217) (17,533,477) (19,297,511)
Federal income taxes (4,328,976) (3,472,953) (2,395,000)
Other operating expenses (8,059,925) (15,808,890) (8,693,487)
----------- ------------ -----------
Net cash from operations 9,834,582 1,606,768 11,979,750
---------- ----------- -----------
Cash from investments:
Proceeds from investments sold, redeemed
or matured:
Bonds 82,666,925 67,223,733 41,740,375
Mortgage loans 267,583 4,681,032 6,500,559
Other invested assets 230,957 0 0
Taxes on capital gains (86,212) 0 (193,958)
Cost of investments acquired:
Bonds (105,754,712) (86,578,763) (86,319,745)
Mortgage loans (2,515,000) (1,486,237) 0
Other invested assets (16,666) (88,543) (64,552)
Net decrease in policy loans 387,192 206,951 858,076
-------- -------- --------
Net cash from investments (24,819,933) (16,041,827) (37,479,245)
------------- ------------- ------------
Cash from financing and other sources:
Other cash provided 19,955,419 20,487,467 29,732,631
Other cash used (8,187,260) (1,021,255) (426,840)
------------ ------------ ---------
Net cash from financing and other sources 11,768,159 19,466,212 29,305,791
----------- ----------- ------------
Net change in cash and short-term investments (3,217,192) 5,031,153 3,806,296
Cash and short-term investments:
Beginning of year 12,499,909 7,468,756 3,662,460
----------- ---------- ---------
End of year $ 9,282,717 $ 12,499,909 $ 7,468,756
============ ============= ============
</TABLE>
The accompanying notes are an integral part of these statutory basis financial
statements.
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, 1999, 1998 AND 1997
- --------------------------------------------------------------------------------
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.
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.
INVESTMENTS - Bonds are generally stated at amortized cost. Premiums and
discounts on bonds not backed by other loans are amortized using the scientific
method. Premiums and discounts on loan-backed bonds and structured securities
are amortized using the retrospective method based on anticipated prepayments at
the date of purchase. Changes in estimated cash flows from the original purchase
assumptions are accounted for using the retrospective method.
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.
18
<PAGE>
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.
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 prescribed by written agreement approved
by the Board of Directors. Each company's provision for federal income taxes is
based on a separate return calculation with each company recognizing tax
benefits of net operating losses and tax credits on a separate return basis.
The provision for federal income taxes is based on income which is currently
taxable. Deferred federal income taxes are not provided for temporary
differences between income tax and statutory reporting.
NON-ADMITTED ASSETS - Certain assets designated as "non-admitted", principally
receivables greater than ninety days due and office furniture and equipment, are
excluded from the statutory basis statements of admitted assets, liabilities and
surplus. The net change in such assets is charged or credited to unassigned
surplus.
FAIR VALUES OF FINANCIAL INSTRUMENTS - The following methods and assumptions
were used by the Company in estimating its fair value disclosures for financial
instruments:
CASH, SHORT-TERM INVESTMENTS AND OTHER INVESTED ASSETS - The carrying
amounts for these instruments approximate their fair values.
BONDS - The fair values for bonds are based on quoted market prices,
where available. For bonds not actively traded, fair values are
estimated using values obtained from independent pricing services and
based on expected future cash flows using a current market rate
applicable to the yield, credit quality, and maturity of the
investments.
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 ACCOUNT - The assets of the separate account shown in the statutory
basis statements of admitted assets, are carried at fair value and consist
primarily of mutual funds held by the Company for the benefit of certificate
holders under individual annuity contracts. Deposits received from, and benefits
paid to, separate account certificate holders are reflected in the statutory
basis statements of income, but are offset by transfers to or from the separate
account. Net investment income and realized and unrealized capital gains and
losses on the separate account are not reflected in the statutory basis
statements of income. Mortality, policy administration and surrender charges are
included in transfers from the separate account.
19
<PAGE>
2. INVESTMENTS
The cost or amortized cost, gross unrealized gains, gross unrealized losses and
estimated fair value of the Company's investment securities were as follows:
<TABLE>
<CAPTION>
Cost or Gross Gross
Amortized Unrealized Unrealized Estimated
Cost Gains Losses Fair Value
At December 31, 1999:
<S> <C> <C> <C> <C>
U.S. Government $ 214,982 $ 0 $ 3,912 $ 211,070
Mortgage backed securities 54,802,186 62,251 2,042,963 52,821,474
Special revenue 1,914,925 109,482 28,877 1,995,530
Industrial and miscellaneous 329,842,781 1,793,602 11,513,700 320,122,683
Public utilities 27,864,396 156,541 770,329 27,250,608
Collateralized mortgage obligations 52,592,819 23,467 578,245 52,038,041
Credit-tenant loans 1,267,646 22,508 0 1,290,154
---------- ------- ---------- ---------
$ 468,499,735 $ 2,167,851 $ 14,938,026 $455,729,560
============= ============ ============= =============
Bonds $ 459,013,552
Short-term investments 9,486,183
----------
$ 468,499,735
===========
Cost or Gross Gross
Amortized Unrealized Unrealized Estimated
Cost Gains Losses Fair Value
At December 31, 1998:
U.S. Government $ 497,870 $ 7,440 $ 0 $ 505,310
Mortgage backed securities 40,568,422 1,876,477 10,254 42,434,645
Special revenue 610,045 117,953 0 727,998
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 0 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
===========
</TABLE>
20
<PAGE>
The amortized cost and estimated fair value of debt securities at December 31,
1999, by contractual maturity, are shown below. Expected maturities will differ
from contractual maturities because borrowers may have the right to call or
prepay obligations with or without call or prepayment penalties.
Amortized Estimated
Cost Fair Value
Due in one year or less $ 31,286,725 $ 31,386,026
Due after one year through five years 98,215,111 97,306,041
Due after five years through ten years 134,392,063 127,121,860
Due after ten years 97,210,831 95,056,118
----------- ----------
361,104,730 350,870,045
Collateralized mortgage obligations and mortgage
backed securities 107,395,005 104,859,515
------------ -----------
$468,499,735 $455,729,560
=========== ===========
<TABLE>
<CAPTION>
The sources of net investment income were as follows:
1999 1998 1997
<S> <C> <C> <C>
Bonds $32,272,209 $31,323,770 $29,303,742
Mortgage loans 752,019 775,087 1,273,829
Policy loans 498,115 491,873 544,364
Short-term investments 577,703 457,330 389,780
Other 60,803 24,526 25,165
------- ------- ------
34,160,849 33,072,586 31,536,880
Investment expense (186,954) (466,868) (595,604)
Amortization of interest maintenance reserve 192,142 207,748 180,923
-------- -------- -------
$34,166,037 $32,813,466 $31,122,199
============ ============ ===========
</TABLE>
21
<PAGE>
Gross realized gains and losses on the sale or prepayment of investment
securities consist of the following:
<TABLE>
<CAPTION>
Net
Gross Gross Realized
Realized Realized Gains
Gains Losses (Losses)
Year ended December 31, 1999:
<S> <C> <C> <C>
Bonds $332,320 $222,512 $ 109,808
Mortgage loans 0 0 0
--------- ------- --------
$332,320 $222,512 109,808
========= =========
Capital gains tax (38,433)
Transfers to IMR (71,375)
--------
Net realized capital gains (losses) $ 0
===
Year ended December 31, 1998:
Bonds $147,062 $ 3,362 $ 143,700
Mortgage loans 101,073 0 101,073
-------- ------ -------
$248,135 $ 3,362 244,773
========= =======
Capital gains tax (85,671)
Transfers to IMR (159,102)
---------
Net realized capital gains (losses) $ 0
===
Year ended December 31, 1997:
Bonds $293,471 $548,904 $(255,433)
Mortgage loans 0 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)
==========
</TABLE>
Proceeds from the sale of bonds were $8,438,798, $739,806 and $5,707,696 during
1999, 1998 and 1997, respectively. At December 31, 1999 and 1998, securities
with an amortized cost of $214,982 and $274,747, 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 $8,909,292 and $7,281,385 at December 31, 1999 and 1998,
respectively.
The Company has commitments to fund bond investments of approximately $2,000,000
as of December 31, 1999. These commitments are legally binding and have fixed
expiration dates or other termination clauses that may require a payment of a
fee. In the event that the financial condition of a borrower deteriorates
materially, the commitment may be terminated. Since some of the commitments may
expire or terminate, the total commitments do not necessarily represent future
liquidity requirements.
22
<PAGE>
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 for 1993 through 1995 are currently under examination
by the Internal Revenue Service ("IRS"). Management believes the result of this
examination will have no material impact on the Company's statutory 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 Mutual of Omaha and certain subsidiaries (the
"Companies") in a noncontributory defined benefit plan covering all United
States employees meeting certain minimum requirements. Retirement benefits are
based upon years of credited service and final average earnings history.
Information regarding accrued benefits and net assets has not been determined on
an individual company basis. The Company's allocation of salary expense was less
than 2% of the total Companies' salary expense in 1999, 1998 and 1997. The
Companies expensed contributions of $12,971,440, $10,254,308 and $7,972,335 in
1999, 1998 and 1997, respectively. Total benefit costs were $26,101,000,
$26,160,000 and $24,148,000 in 1999, 1998 and 1997, respectively. Plan assets
include United of Omaha Life Insurance Company guaranteed investment contracts
of $291,281,000 and $267,183,000 at December 31, 1999 and 1998, respectively. In
1998, the Companies changed the plan's assumed annual investment return and, in
order to improve the funding status of the plan, increased the amount that was
contributed for 1998. At December 31, 1998, the Companies recorded a direct
charge to surplus of $37,540,647, which represented an additional contribution
of $57,814,647, net of tax. The valuation date for the pension benefit amounts
in the table below is January 1, 1999.
23
<PAGE>
The Companies also provide certain postretirement medical and life insurance
benefits to employees hired before January 1, 1995. Benefits are based on hire
date, age and years of service. The cost of these postretirement benefits is
allocated to the Companies in accordance with an intercompany cost-sharing
agreement. Plan assets are invested in a United of Omaha Life Insurance Company
investment contract. The Companies use the accrual method of accounting for
postretirement benefits and elected to amortize the original transition
obligation over 20 years. Employer contributions for these postretirement
benefits were $3,684,000, $2,709,000 and $2,657,000 during the years ended
December 31, 1999, 1998 and 1997, respectively. Total benefit costs were
$10,130,000, $9,853,000, and $11,602,000 in 1999, 1998 and 1997, respectively.
January 1, December 31,
---------------------------- --------------------------
Pension Benefits Other Benefits
---------------------------- --------------------------
1999 1998 1999 1998
Benefit obligation $ 475,851,413 $445,896,799 $ 90,913,152 $ 88,227,132
Fair value of
plan assets 458,944,992 389,955,899 9,564,322 5,641,539
------------ ----------- ---------- ---------
Funded status $ (16,906,421) $(55,940,900) $(81,348,830) $(82,585,593)
============== ============= ============= ============
---------------------- ----------------------
Pension Benefits Other Benefits
---------------------- ----------------------
Weighted average assumptions 1999 1998 1999 1998
Discount rate 6.55 % 6.73 % 7.75 % 7.00 %
Expected return on plan assets 9.00 % 9.00 % N/A N/A
Rate of compensation increase 5.00 % 5.00 % N/A N/A
Health care cost trend rate N/A N/A 5.00 % 5.00 %
The health care cost trend rate assumption has a significant effect on the
amounts reported. To illustrate, increasing the assumed health care cost trend
rate by one percentage point in each year would increase the Companies'
accumulated postretirement benefit obligation as of December 31, 1999 by
approximately $6,200,000 and the estimated eligibility and interest cost
components of the net periodic postretirement benefit costs for 1999 by
approximately $800,000.
The Companies sponsor various savings and investment plans. The Companies'
expense for defined contribution plans was $10,526,000, $6,472,000 and
$14,817,000 in 1999, 1998 and 1997, respectively.
5. RELATED PARTY TRANSACTIONS
The Company's investments in mortgage loans are held through joint participation
with United of Omaha. Mutual of Omaha and United of Omaha provide actuarial,
data processing, consulting and various other services to the Company. Charges
for these services amounted to approximately $5,785,000, $3,854,000 and
$2,652,000 for 1999, 1998 and 1997, respectively. Included in other liabilities
are unsettled balances related to these services of approximately $1,554,000 and
$1,606,000 as of December 31, 1999 and 1998, respectively.
24
<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 1999 and 1998 related premiums to United of Omaha and United of Omaha
pays 90% of the related benefits in 1999 and 1998. The total amounts ceded by
the Company relating to the treaties with United of Omaha were as follows:
1999 1998
Amounts recoverable from reinsurance $ 96,415 $ 136,059
========= =========
Policy and contract claims $ 2,644,493 $ 2,379,306
============ ===========
Aggregate reserve for policies and contracts $67,290,793 $47,633,504
============ ===========
Funds held under reinsurance treaties $69,445,931 $51,303,292
============ ===========
Premium considerations $23,134,359 $19,789,981
============ ===========
Policyholder and beneficiary benefits $ 7,951,294 $ 7,559,683
============ ===========
The Company also ceded group and individual accident and health insurance to
Mutual of Omaha. The amounts ceded by the Company were as follows:
1999 1998
Amounts recoverable from reinsurance $ 0 $ 1,950
==== =======
Policy and contract claims $1,911,580 $ 797,861
=========== =========
Aggregate reserves for policies and contracts $1,009,528 $ 703,126
=========== =========
Premium considerations $4,042,011 $2,035,628
=========== ==========
Policyholder and beneficiary benefits $3,061,954 $2,775,801
=========== ==========
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.
The reconciliation of total premiums to net premiums is as follows:
1999 1998 1997
Direct $ 67,163,983 $ 62,316,801 $ 80,118,628
Assumed:
Nonaffiliates 613,615 607,058 612,149
Ceded:
Affiliates (27,176,370) (21,771,476) (33,925,141)
Nonaffiliates (2,312,787) (895,242) (1,248,928)
------------ ---------- -----------
Net $ 38,288,441 $ 40,257,141 $ 45,556,708
============= ============= ============
25
<PAGE>
7. DEPOSIT FUNDS
At December 31, 1999 and 1998, the Company held annuity reserves and deposit
fund liabilities of $136,517,604 and $99,439,484, 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. RECONCILIATION OF STATUTORY NET INCOME AND SURPLUS TO GAAP NET INCOME AND
EQUITY
As described in Note 1, the Company has prepared these financial statements in
conformity with statutory accounting practices prescribed or permitted by the
Insurance Department of the State of New York. These practices differ from
generally accepted accounting principles (GAAP). The following tables reconcile
statutory net income to GAAP net income and statutory surplus to GAAP equity.
26
<PAGE>
<TABLE>
<CAPTION>
1999 1998 1997
<S> <C> <C> <C>
Statutory net income as reported $ 2,883,051 $ 6,307,665 $ 1,939,198
Deferred policy acquisition costs 1,039,789 3,474,968 2,523,000
Future policy benefits and policyholder account
balances 3,401,041 (2,717,628) (276,000)
Deferred income taxes (740,000) 758,000 (206,000)
Other 859,409 (211,343) 193,000
-------- ---------- -------
Net income in conformity with generally
accepted accounting principles $ 7,443,290 $ 7,611,662 $ 4,173,198
============ ============ ===========
1999 1998
Statutory surplus $ 63,337,851 $ 61,159,052
Deferred policy acquisition costs 46,964,711 42,645,976
Future policy benefits and policyholder account
balances (18,203,257) (21,581,359)
Valuation of investments (12,792,684) 11,576,425
Statutory asset valuation reserve 3,402,760 2,967,253
Deferred income taxes 2,795,000 (3,914,000)
Other 2,812,971 1,854,374
---------- ---------
Equity in conformity with generally accepted accounting
principles $ 88,317,352 $ 94,707,721
============= ============
</TABLE>
The New York State Insurance Department ("Department") recognizes only statutory
accounting for determining and reporting the financial condition of an insurance
company, for determining its solvency under the New York Insurance Law and for
determining whether its financial condition warrants the payment of a dividend
to its policyholders. No consideration is given by the Department to financial
statements prepared in accordance with GAAP in making such determinations.
27
<PAGE>
13. CODIFICATION OF STATUTORY ACCOUNTING PRINCIPLES
In March 1998, the National Association of Insurance Commissioners adopted the
Codification of Statutory Accounting Principles ("Codification"). Codification,
which is intended to standardize regulatory accounting and reporting for the
insurance industry, is proposed to be effective January 1, 2001. However,
statutory accounting principles will continue to be established by individual
state laws and permitted practices. The Company's domiciliary state intends to
proceed with the implementation of Codification, subject to a review of areas of
conflict between Codification and State statutes and regulations. The Company
has not finalized the quantification of the effects of Codification on its
statutory financial statements.
28
<PAGE>
COMPANION LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF UNITED OF OMAHA LIFE INSURANCE COMPANY)
ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 1999
SCHEDULE 1 - SELECTED FINANCIAL DATA
- ------------------------------------------------------------------------------
Investment income earned:
U.S. Government bonds $ 29,638
Other bonds (unaffiliated) 32,242,571
Bonds (affiliated) 0
Preferred stocks (unaffiliated) 0
Preferred stocks (affiliated) 0
Common stocks (unaffiliated) 0
Common stocks (affiliated) 0
Mortgage loans 752,019
Real estate 0
Premium notes, policy loans and liens 498,115
Cash on hand and on deposit 7,209
Short-term investments 577,703
Other invested assets 16,665
Derivative instruments 0
Aggregate write-ins for investment income 36,929
------
Gross investment income $ 34,160,849
============
Real estate owned - book value less encumbrances $ 0
===
Mortgage loans - book value:
Farm mortgages $ 0
Residential mortgages 0
Commercial mortgages 9,074,049
---------
Total mortgage loans $ 9,074,049
===========
Mortgage loans by standing - book value:
Good standing $ 9,074,049
===========
Good standing with restructured terms $ 0
===
Interest overdue more than three months, not in foreclosure $ 0
===
Foreclosure in process $ 0
===
Other long-term assets - statement value $ 0
===
Collateral loans $ 0
===
29
<PAGE>
COMPANION LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF UNITED OF OMAHA LIFE INSURANCE)
ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 1999
SCHEDULE 1 - SELECTED FINANCIAL DATA (CONTINUED)
- -------------------------------------------------------------------------------
Bonds and stocks of subsidiaries and affiliates - book value:
Bonds $ 0
===
Preferred stocks $ 0
===
Common stocks $ 0
===
Bonds and short-term investments by class
and expected maturity; Bonds by
expected maturity - statement value:
Due within one year or less $ 80,318,156
Over 1 year and through 5 years 216,499,268
Over 5 years through 10 years 149,794,714
Over 10 years through 20 years 19,645,677
Over 20 years 2,241,920
---------
Total by maturity $ 468,499,735
=============
Bonds by class - statement value:
Class 1 $ 236,928,789
Class 2 219,813,616
Class 3 9,842,795
Class 4 1,914,535
Class 5 0
Class 6 0
---------
Total by class $ 468,499,735
=============
Total bonds publicly traded $ 242,264,331
=============
Total bonds privately placed $ 226,235,404
=============
Preferred stocks - statement value $ 0
===
Common stocks - market value $ 0
===
Short-term investments - book value $ 9,486,183
===========
Options, caps and floors owned - statement value $ 0
===
Options, caps and floors written and in force - statement value $ 0
===
Collar, swap and forward agreements open - statement value $ 0
===
Futures contracts open - current value $ 0
===
Cash on deposit $ (203,466)
===========
30
<PAGE>
COMPANION LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF UNITED OF OMAHA LIFE INSURANCE COMPANY)
ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 1999
SCHEDULE 1 - SELECTED FINANCIAL DATA (CONTINUED)
- --------------------------------------------------------------------------------
Life insurance in force (in thousands):
Industrial $ 0
===
Ordinary $ 4,083,739
===========
Credit life $ 0
===
Group life $ 1,045,951
===========
Amount of accidental death insurance in force
under ordinary policies (in thousands) $ 35,193
========
Supplementary contracts in force: Ordinary -
not involving life contingencies:
Amount on deposit $ 123,714
=========
Income payable $ 76,475
========
Ordinary - involving life contingencies - income payable $ 29,978
========
Group - not involving life contingencies:
Amount on deposit $ 0
===
Income payable $ 0
===
Group - involving life contingencies - income payable $ 0
===
Annuities:
Ordinary:
Immediate - amount of income payable $ 1,601,981
===========
Deferred - fully paid - account balance $227,963,050
============
Deferred - not fully paid - account balance $ 62,353,704
============
31
<PAGE>
COMPANION LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF UNITED OF OMAHA LIFE INSURANCE COMPANY)
ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 1999
SCHEDULE 1 - SELECTED FINANCIAL DATA (CONTINUED)
- ------------------------------------------------------------------------------
Group:
Amount of income payable $ 1,460
=======
Fully paid - account balance $ 0
===
Not fully paid - account balance $ 576,409
=========
Accident and health insurance - premiums in force:
Ordinary $ 34,260
========
Group $ 1,191,318
===========
Credit $ 0
===
Deposit funds and dividend accumulations:
Deposit funds - account balance $ 35,708,564
============
Dividend accumulations - account balance $ 0
===
Claim payments 1999:
Group accident and health - year ended December 31, 1999:
1999 $ 141,322
=========
1998 $ 55,684
========
1997 $ 13,807
========
1996 $ 2,732
=======
1995 $ 6
===
Prior $ 25
====
32
<PAGE>
COMPANION LIFE INSURANCE COMPANY
(A WHOLLY-OWNED SUBSIDIARY OF UNITED OF OMAHA LIFE INSURANCE COMPANY)
ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 1999
SCHEDULE 1 - SELECTED FINANCIAL DATA (CONTINUED)
- ---------------------------------------------------------------------------
Claim payments 1999 (continued):
Other accident and health:
1999 $ 16,706
========
1998 $ 21,532
========
1997 $ 248
=====
1996 $ 0
===
1995 $ 0
===
Prior $ 0
===
Other coverages that use developmental
methods to calculate claim reserves:
1999 $ 0
===
1998 $ 0
===
1997 $ 0
===
1996 $ 0
===
1995 $ 0
===
Prior $ 0
===
33
<PAGE>
COMPANION LIFE
SEPARATE ACCOUNT C
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS' REPORT AS OF
DECEMBER 31, 1999 AND FOR THE YEARS
ENDED DECEMBER 31, 1999 AND 1998
34
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Board of Directors
Companion Life Insurance Company
We have audited the accompanying statement of net assets of each of the
sub-accounts ("portfolios" that include American Growth, American Small
Capitalization, Prime Money Fund II, U.S. Government Securities II, Asset
Manager, Asset Manager: Growth, Contrafund, Equity Income (Fidelity), Growth,
Index 500, Capital Opportunities, Emerging Growth, Global Governments, High
Income, Research, Emerging Markets Equity, Capital Growth, Global Governments,
High Income, Research, Emerging Markets Equity, Capital Growth, Real Estate
Growth, Bond, Global Discovery, Growth & Income, Money Market, International
(Scudder), Equity Income (T. Rowe Price), International Stock, Limited-Term
Bond, New America Growth and Personal Strategy Balanced) that comprise Companion
Life Separate Account C (the "Separate Account") as of December 31, 1999, and
the related statements of operations and changes in net assets for the years
ended December 31, 1999 and 1998. These financial statements are the
responsibility of the Company's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the 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 as of December 31, 1999 by correspondence with
the transfer agents. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of each of the respective
portfolios constituting the Separate Account as of December 31, 1999, and the
results of their operations and changes in their net assets for the years ended
December 31, 1999 and 1998 in conformity with generally accepted accounting
principles.
/s/ DELOITTE & TOUCHE LLP
Omaha, Nebraska
March 31, 2000
35
<PAGE>
<TABLE>
<CAPTION>
COMPANION LIFE OF NEW YORK SEPARATE ACCOUNT C
STATEMENT OF NET ASSETS
DECEMBER 31, 1999
- ------------------------------------------------------------------------------------------------------
Market
Units Market Value
ASSETS Cost Outstanding Value per Unit
Investments:
Alger:
<S> <C> <C> <C> <C>
American Growth $ 2,010,328 84,335 $ 2,647,733 $ 31.40
American Small Capitalization 644,462 37,123 822,570 22.16
Federated:
Prime Money Fund II 1,708,416 1,452,451 1,708,054 1.18
U.S. Government Securities II 2,095,656 167,587 2,043,681 12.19
Fidelity:
Asset Manager 264,955 16,558 309,151 18.67
Asset Manager: Growth 2,388,296 127,644 2,786,070 21.83
Contrafund 1,003,091 49,759 1,353,833 27.21
Equity Income 2,524,103 139,914 2,686,350 19.20
Growth 450,333 20,158 719,430 35.69
Index 500 1,100,595 65,271 1,373,327 21.04
MFS:
Capital Opportunities 311,144 19,364 437,977 22.62
Emerging Growth 1,042,498 53,502 2,010,259 37.57
Global Governments 615,047 56,404 595,660 10.56
High Income 532,491 38,501 517,559 13.44
Research 1,132,283 63,162 1,488,769 23.57
Morgan Stanley Dean Witter:
Emerging Markets Equity 2,510 206 2,774 13.47
Pioneer:
Capital Growth 329,352 28,889 359,987 12.46
Real Estate Growth 97,674 9,564 88,890 9.29
Scudder:
Bond 115,525 9,424 122,660 13.02
Global Discovery 54,413 3,753 80,923 21.56
Growth & Income 505,174 38,046 510,754 13.42
Money Market 267,901 218,994 267,914 1.22
International 802,395 48,923 1,136,995 23.24
T. Rowe Price:
Equity Income 2,805,116 142,779 2,825,515 19.79
International Stock 1,121,236 83,723 1,543,837 18.44
Limited-Term Bond 1,922,314 157,345 1,854,974 11.79
New America Growth 1,727,198 81,570 2,051,218 25.15
Personal Strategy Balanced 2,705,101 153,234 2,750,010 17.95
---------- ----------
Total invested assets $ 30,279,607 $ 35,096,874
============= ============
LIABILITIES $ - $ -
---- ---
Net assets $ 30,279,607 $ 35,096,874
============= ============
The accompanying notes are an integral part of these financial statements.
</TABLE>
36
<PAGE>
<TABLE>
<CAPTION>
COMPANION LIFE OF NEW YORK SEPARATE ACCOUNT C
STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998
- -----------------------------------------------------------------------------------------------------------------
Alger Federated
------------------------------------------- ---------------------------------------------
American American Prime Money U.S. Government
Growth Small Capitalization Fund II Securities II
---------------------- ------------------- --------------------- ----------------------
1999 1998 1999 1998 1999 1998 1999 1998
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Income:
Investment income:
Reinvested dividends and
capital gain
distributions $179,448 $ 165,947 $ 73,198 $ 56,021 $ 70,314 $ 36,623 $ 87,677 $ 9,037
Expenses:
Mortality and expense
risk charges 24,425 12,812 7,369 4,901 18,734 9,260 23,789 9,617
------- ------- ------ ------ ------- ------ ------- -----
Net investment
income
(expenese) 155,023 153,135 65,829 51,120 51,580 27,363 63,888 (580)
Net realized gains
(losses) 91,482 14,266 6,708 4,530 - - 7,766 5,443
Net change in unrealized
gains (losses) 346,486 260,817 165,626 5,636 - - (104,085) 42,754
-------- -------- -------- ------ -- -- ---------- ------
Net increase (decrease) in
net assets from
operations 592,991 428,218 238,163 61,286 51,580 27,363 (32,431) 47,617
Purchases made by
policyowners 564,346 947,874 73,694 301,163 663,110 1,144,774 972,610 1,077,205
Withdrawals made by
policyowners (270,008) (47,081) (58,147) (22,606) (411,208) (218,126) (330,397) (58,890)
---------- --------- --------- --------- ---------- ---------- ---------- --------
Net policyowner
transactions 294,338 900,793 15,547 278,557 251,902 926,648 642,213 1,018,315
-------- -------- ------- -------- -------- -------- -------- ---------
Increase (decrease) in
net assets 887,329 1,329,011 253,710 339,843 303,482 954,011 609,782 1,065,932
Net assets, beginning of
year 1,760,404 431,393 568,860 229,017 1,404,572 450,561 1,433,899 367,967
---------- -------- -------- -------- ---------- -------- ---------- -------
Net assets,
end of year $2,647,733 $1,760,404 $822,570 $568,860 $1,708,054 $1,404,572 $2,043,681 $1,433,899
========= =========== ======== ========= ========== =========== ========== ==========
Accumulation unit:
Purchases 21,289 50,042 4,392 21,431 581,310 1,023,134 80,249 89,225
Withdrawals (11,050) (2,510) (3,648) (1,769) (363,292) (199,207) (28,140) (5,268)
--------- -------- -------- -------- ---------- ---------- --------- -------
Net increase (decrease) in
units outstanding 10,239 47,532 744 19,662 218,018 823,927 52,109 83,957
Units outstanding,
beginning of year 74,096 26,564 36,379 16,717 1,234,433 410,506 115,478 31,521
------- ------- ------- ------- ---------- -------- -------- ------
Units outstanding, end
of year 84,335 74,096 37,123 36,379 1,452,451 1,234,433 167,587 115,478
======= ======= ======= ======= ========= ========== ======== =======
The accompanying notes are an integral part of these financial statements.
37
<PAGE>
Fidelity
- -----------------------------------------------------------------------------------------------------------------
Asset Asset Manager:
Manager Growth Contrafund Equity Income Growth
- ---------------------- ---------------------- --------------------- --------------------- --------------------
1999 1998 1999 1998 1999 1998 1999 1998 1999 1998
$ 28,421 $ 59,524 $ 150,310 $ 120,514 $ 39,007 $ 27,558 $ 109,618 $ 55,771 $ 65,502 $ 74,141
6,065 29,845 19,717 13,188 7,888 30,134 17,341 8,996 7,350
------ ------- ------- ------- ------ ------- ------- ------ -----
28,421 53,459 120,465 100,797 25,819 19,670 79,484 38,430 56,506 66,791
13,853 12,721 23,719 14,405 21,992 24,971 28,884 20,122 32,830 40,935
(7,473) (17,242) 191,397 152,678 188,211 133,559 1,385 86,013 107,039 62,692
-------- --------- -------- -------- -------- -------- ------ ------- -------- ------
34,801 48,938 335,581 267,880 236,022 178,200 109,753 144,565 196,375 170,418
- 14,145 263,414 1,182,899 235,095 438,663 438,346 1,377,428 28,539 69,094
(101,444) (148,062) (151,163) (76,586) (72,328) (129,209) (100,607) (87,434) (81,607) (180,268)
--------- ---------- ---------- --------- -------- ---------- ---------- --------- -------- ---------
(101,444) (133,917) 112,251 1,106,313 162,767 309,454 337,739 1,289,994 (53,068) (111,174)
--------- ---------- -------- ---------- -------- -------- -------- ---------- ------------------
(66,643) (84,979) 447,832 1,374,193 398,789 487,654 447,492 1,434,559 143,307 59,244
380,339 465,318 2,338,238 964,045 955,044 467,390 2,238,858 804,299 576,123 516,879
-------- -------- ---------- -------- -------- -------- ---------- -------- -------- -------
$ 313,696 $380,339 $2,786,070 $2,338,238 $1,353,833 $ 955,044 $2,686,350 $2,238,858 $719,430 $576,123
========== ========== =========== =========== ========== =========== ========= ========== ========= =========
- 904 13,947 68,534 9,799 22,678 23,441 79,713 984 3,279
(5,756) (9,557) (8,193) (5,069) (3,222) (6,578) (6,030) (5,746) (2,702) (8,397)
-------- -------- -------- -------- -------- -------- -------- -------- -------- -------
(5,756) (8,653) 5,754 63,465 6,577 16,100 17,411 73,967 (1,718) (5,118)
22,314 30,967 121,890 58,425 43,182 27,082 122,503 48,536 21,876 26,994
------- ------- -------- ------- ------- ------- -------- ------- ------- ------
16,558 22,314 127,644 121,890 49,759 43,182 139,914 122,503 20,158 21,876
======= ======= ======== ======== ======= ======= ======== ======== ======= ======
</TABLE>
38
<PAGE>
<TABLE>
<CAPTION>
COMPANION LIFE OF NEW YORK SEPARATE ACCOUNT C
STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998 (Continued)
- -------------------------------------------------------------------------------------------------------------
Fidelity (continued) MFS
--------------------- ----------------------------------------------------------------
Capital Emerging Global
Index 500 Opportunities Growth Governments
--------------------- ------------------- ---------------------- -------------------
1999 1998 1999 1998 1999 1998 1999 1998
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Income:
Investment income:
Reinvested dividends and
capital gain
distributions $11,208 $ 7,157 $ 725 $ 256 $ - $ 5,047 $ 26,659 $ 3,172
Expenses:
Mortality and expense
risk charges 12,300 3,931 3,043 377 14,948 8,772 6,254 3,631
------- ------ ------ ---- ------- ------ ------ -----
Net investment
income
(expense) (1,092) 3,226 (2,318) (121) (14,948) (3,725) 20,405 (459)
Net realized gains (losses) 8,047 16,905 2,438 (949) 98,336 16,427 1,563 1,715
Net change in unrealized
gains (losses) 166,808 64,313 111,141 15,692 751,120 200,069 (41,263) 21,034
-------- ------- -------- ------- -------- -------- --------- ------
Net increase (decrease) in
net assets from
operations 173,763 84,444 111,261 14,622 834,508 212,771 (19,295) 22,290
Purchases made by
policyowners 633,496 392,014 210,429 119,622 318,789 630,583 209,123 319,485
Withdrawals made by
policyowners (38,675) (47,807) (10,054) (7,903) (280,099) (51,165) (29,388) (59,850)
--------- --------- --------- -------- ---------- --------- --------- --------
Net policyowner
transactions 594,821 344,207 200,375 111,719 38,690 579,418 179,735 259,635
-------- -------- -------- -------- ------- -------- -------- -------
Increase (decrease) in
net assets 768,584 428,651 311,636 126,341 873,198 792,189 160,440 281,925
Net assets, beginning of
year 604,743 176,092 126,341 - 1,137,061 344,872 435,220 153,295
-------- -------- -------- -- ---------- -------- -------- -------
Net assets,
end of year $1,373,327 $604,743 $437,977 $126,341 $2,010,259 $1,137,061 $595,660 $435,220
========== ========= ========= ========= ========== =========== ======== ========
Accumulation unit:
Purchases 35,981 26,000 11,828 8,743 12,857 34,375 19,843 30,671
Withdrawals (2,571) (2,245) (600) (607) (12,193) (2,778) (3,139) (5,878)
-------- -------- ------ ------ --------- -------- -------- -------
Net increase (decrease) in
units outstanding 33,410 23,755 11,228 8,136 664 31,597 16,704 24,793
Units outstanding,
beginning of year 31,861 8,106 8,136 - 52,838 21,241 39,700 14,907
------- ------ ------ -- ------- ------- ------- ------
Units outstanding, end
of year 65,271 31,861 19,364 8,136 53,502 52,838 56,404 39,700
======= ======= ======= ====== ======= ======= ======= ======
The accompanying notes are an integral part of these financial statements.
39
<PAGE>
- --------------------------------------------------------------------------------------------------------
Morgan Stanley
Dean Witter Pioneer
- -------------------------------------------- ----------------- ---------------------------------------
High Emerging Markets Capital Real Estate
Income Research Equity Growth Growth
- --------------------- --------------------- ----------------- ------------------- ------------------
1999 1998 1999 1998 1999 1999 1998 1999 1998
$ 43,466 $ 16,975 $ 14,059 $ 16,294 $ - $ 2,038 $ 350 $ 4,764 $ 944
7,356 3,346 14,268 9,998 1 2,899 427 813 169
------ ------ ------- ------ -- ------ ---- ---- ---
36,110 13,629 (209) 6,296 (1) (861) (77) 3,951 775
(3,958) 3,239 67,040 17,034 1 (575) (2,023) (587) (98)
(8,355) (22,998) 193,516 141,684 264 27,098 3,537 (6,473) (2,311)
----------------- -------- -------- ---- ------- ------ -------- -------
23,797 (6,130) 260,347 165,014 264 25,662 1,437 (3,109) (1,634)
342,707 162,004 292,332 608,408 2,511 212,724 136,411 54,524 42,090
(199,499) (29,091) (258,937) (63,952) (1) (8,868) (7,379) (2,093) (888)
------------------- ---------- --------- ---- -------- -------- -------- -----
143,208 132,913 33,395 544,456 2,510 203,856 129,032 52,431 41,202
-------- -------- ------- -------- ------ -------- -------- ------- ------
167,005 126,783 293,742 709,470 2,774 229,518 130,469 49,322 39,568
350,554 223,771 1,195,027 485,557 - 130,469 - 39,568 -
-------- -------- ---------- -------- -- -------- -- ------- -
$ 517,559 $350,554 $1,488,769 1,195,027 $ 2,774 $ 359,987 $130,469 $88,890 $ 39,568
========== ========== =========== ========= ======== ========= ========== ======== ========
26,139 11,850 14,309 34,620 206 18,034 12,426 5,769 4,118
(15,064) (1,691) (13,287) (3,259) - (840) (731) (236) (87)
--------- -------- --------- -------- -- ------ ------ ------ ----
11,075 10,159 1,022 31,361 206 17,194 11,695 5,533 4,031
27,426 17,267 62,140 30,779 - 11,695 - 4,031 -
------- ------- ------- ------- -- ------- -- ------ -
38,501 27,426 63,162 62,140 206 28,889 11,695 9,564 4,031
======= ======= ======= ======= ==== ======= ======= ====== =====
</TABLE>
40
<PAGE>
<TABLE>
<CAPTION>
COMPANION LIFE OF NEW YORK SEPARATE ACCOUNT C
STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998 (Continued)
- -------------------------------------------------------------------------------------------------------------
Scudder
---------------------------------------------------------------------------------
Global Growth & Money
Bond Discovery Income Market
------------------- ----------------- ------------------- --------------------
1999 1998 1999 1998 1999 1998 1999 1998
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Income:
Investment income:
Reinvested dividends and
capital gain
distributions $ 6,305 $ 8,563 $ 443 $ - $ 31,706 $ 1,127 $ 13,742 $ 4,692
Expenses:
Mortality and expense
risk charges 1,785 1,932 501 91 4,979 882 3,980 1,290
------ ------ ---- --- ------ ---- ------ -----
Net investment
income (expense) 4,520 6,631 (58) (91) 26,727 245 9,762 3,402
Net realized gains (losses) (159) (4,807) 415 (32) 211 (920) - -
Net change in unrealized
gains (losses) (7,390) 5,048 25,545 965 (7,294) 1 2,874 - -
-------- ------ ------- ---- ------- -------- -- -
Net increase (decrease) in
net assets from operations (3,029) 6,872 25,902 842 19,644 12,199 9,762 3,402
Purchases made by
policyowners - 501 33,295 23,203 240,922 284,235 217,729 174,211
Withdrawals made by
policyowners (6,269) (32,120) (1,860) (459) (38,325) (7,921) (149,562) (27,834)
----------------- -------- ------ --------- -------- ---------- --------
Net policyowner
transactions (6,269) (31,619) 31,435 22,744 202,597 276,314 68,167 146,377
----------------- ------- ------- -------- -------- ------- -------
Increase (decrease) in
net assets (9,298) (24,747) 57,337 23,586 222,241 288,513 77,929 149,779
Net assets, beginning of
year 131,958 156,705 23,586 - 288,513 - 189,985 40,206
-------- -------- ------- -- -------- -- -------- ------
Net assets, end of year $122,660 $131,958 $80,923 $23,586 $510,754 $288,513 $ 267,914 $189,985
========= ========= ======= ======== ========= ========= ========== ========
Accumulation unit:
Purchases - - 2,086 1,828 18,474 23,159 183,676 149,322
Withdrawals (478) (2,454) (123) (38) (2,886) (701) (125,452) (23,876)
------ -------- ------ ----- -------- ------ ---------- --------
Net increase (decrease) i
units outstanding (478) (2,454) 1,963 1,790 15,588 22,458 58,224 125,446
Units outstanding,
beginning of year 9,902 12,356 1,790 - 22,458 - 160,770 35,324
------ ------- ------ -- ------- -- -------- ------
Units outstanding, end
of year 9,424 9,902 3,753 1,790 38,046 22,458 218,994 160,770
====== ====== ====== ====== ======= ======= ======== =======
41
<PAGE>
- -------------------------------------------------------------------------------------------------------------------
T. Rowe Price
- ---------------------- -------------------------------------------------------------------------------------------
Equity International Limited-Term New America
International Income Stock Bond Growth
- ---------------------- --------------------- ---------------------- ---------------------- ---------------------
1999 1998 1999 1998 1999 1998 1999 1998 1999 1998
$ 70,328 $ 36,148 $ 174,821 $ 130,290 $ 23,066 $ 16,468 $ 90,457 $ 47,469 $ 115,199 $ 37,456
9,580 5,023 35,507 27,168 14,460 10,045 19,709 9,679 23,170 18,162
------ ------ ------- ------- ------- ------- ------- ------ ------- ------
60,748 31,125 139,314 103,122 8,606 6,423 70,748 37,790 92,029 19,294
2,471 1,217 115,576 31,268 20,303 1,422 (1,216) 2,155 103,700 64,418
317,328 20,646 (189,819) 33,700 333,004 90,873 (74,891) 5,472 10,808 159,707
-------- ------- ---------- ------- -------- ------- --------- ------ ------- -------
380,547 52,988 65,071 168,090 361,913 98,718 (5,359) 45,417 206,537 243,419
177,772 399,159 456,753 1,271,108 244,914 493,760 606,699 1,022,226 339,740 849,231
(42,701) (35,706) (516,391) (93,130) (119,601) (51,616) (112,791) (61,005) (391,035) (203,837)
--------- --------- ---------- --------- ---------- --------- ---------- --------- --------- ---------
135,071 363,453 (59,638) 1,177,978 125,313 442,144 493,908 961,221 (51,295) 645,394
-------- -------- -------- ---------- -------- -------- -------- -------- ----------------
515,618 416,441 5,433 1,346,068 487,226 540,862 488,549 1,006,638 155,242 888,813
621,377 204,936 2,820,082 1,474,014 1,056,611 515,749 1,366,425 359,787 1,895,976 1,007,163
-------- -------- ---------- --------- ---------- -------- ---------- -------- ---------- ---------
$ 1,136,995 $ 621,377 $2,825,515 2,820,082 $ 1,543,837 $1,056,611 $1,854,974 $1,366,425 $2,051,218 1,895,976
=========== =========== ========= ========== =========== ========== ========== =========== =========== =========
10,756 27,765 23,533 70,912 17,060 37,739 52,416 89,045 15,446 43,143
(2,651) (2,706) (26,066) (5,339) (8,688) (4,305) (10,527) (5,763) (17,387) (9,689)
-------- -------- --------- -------- -------- -------- --------- -------- --------- -------
8,105 25,059 (2,533) 65,573 8,372 33,434 41,889 83,282 (1,941) 33,454
40,818 15,759 145,312 79,739 75,351 41,917 115,456 32,174 83,511 50,057
------- ------- -------- ------- ------- ------- -------- ------- ------- ------
48,923 40,818 142,779 145,312 83,723 75,351 157,345 115,456 81,570 83,511
======= ======= ======== ======== ======= ======= ======== ======== ======= ======
</TABLE>
42
<PAGE>
<TABLE>
<CAPTION>
COMPANION LIFE OF NEW YORK SEPARATE ACCOUNT C
STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998 (Continued)
- ---------------------------------------------------------------------------------------------------
T. Rowe Price (continued)
----------------------
Personal Strategy
Balanced Total
---------------------- -----------------------
1999 1998 1999 1998
Income:
Investment income:
Reinvested dividends and
<S> <C> <C> <C> <C>
capital gain distributions $ 225,595 $ 126,190 $ 1,658,076 $1,063,734
Expenses:
Mortality and expense
risk charges 29,674 17,862 366,252 217,736
------- ------- -------- -------
Net investment
income (expense) 195,921 108,328 1,291,824 845,998
Net realized gains (losses) 12,044 16,593 652,884 300,957
Net change in unrealized
gains (losses) (33,516) 60,291 2,456,217 1,537,503
--------- ------- ---------- ---------
Net increase (decrease) in
net assets from operations 174,449 185,212 4,400,925 2,684,458
Purchases made by
policyowners 473,228 1,341,488 8,306,841 14,822,984
Withdrawals made by
policyowners (80,641) (90,417) (3,863,699) (1,840,342)
--------- --------- ------------ -----------
Net policyowner
transactions 392,587 1,251,071 4,443,142 12,982,642
-------- ---------- ---------- ----------
Increase (decrease) in
net assets 567,036 1,436,283 8,844,067 15,667,100
Net assets, beginning of
year 2,182,974 746,691 26,252,807 10,585,707
---------- -------- ----------- ----------
Net assets, end of year $2,750,010 $2,182,974 $35,096,874 $26,252,807
========== ============ ========== ============
Accumulation unit:
Purchases 28,672 86,363
Withdrawals (5,728) (6,412)
------- -------
Net increase (decrease) in
units outstanding 22,944 79,951
Units outstanding,
beginning of year 130,290 50,339
-------- ------
Units outstanding, end
of year 153,234 130,290
======== =======
The accompanying notes are an integral part of these financial statements.
</TABLE>
43
<PAGE>
COMPANION LIFE SEPARATE ACCOUNT C
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998
- --------------------------------------------------------------------------------
1. NATURE OF OPERATIONS
Companion Life Separate Account C ("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, however, the net assets of the Separate Account
are restricted from use in the ordinary business of Companion.
A separate account policyholder may allocate funds to the Fixed Account, which
is part of Companion's general account, in addition to those sub-accounts
detailed below. Interests in the Fixed Account have not been registered under
the Securities Act of 1933 and Companion has not been registered as an
investment company under the Investment Company Act of 1940, due to exemptive
and exclusionary provisions of such acts.
2. SUB-ACCOUNTS
The Separate Account is divided into sub-accounts, each of which invests
exclusively in shares of a corresponding mutual fund portfolio. The available
portfolios are:
ALGER MORGAN STANLEY DEAN WITTER
American Growth Emerging Markets Equity (added in 1999)
American Small Capitalization
FEDERATED PIONEER
Prime Money Fund II Capital Growth
U.S. Government Securities II Real Estate Growth
FIDELITY SCUDDER
Asset Manager Bond
Asset Manager: Growth Global Discovery
Contrafund Growth & Income
Equity Income Money Market
Growth International
Index 500
MFS T. ROWE PRICE
Capital Opportunities Equity Income
Emerging Growth International Stock
Global Governments Limited-Term Bond
High Income New America Growth
Research Personal Strategy Balanced
The availability of some portfolios is dependent upon the product under which
each policy was written.
44
<PAGE>
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 TRANSACTIONS AND RELATED INVESTMENT INCOME - The market
values of investments are based on the year-end closing bid prices. Investment
transactions are accounted for on the trade date (the date the order to buy or
sell is executed) and dividend income and capital gain distributions are
recorded on the ex-dividend date. Realized gains and losses on the sales of
investments are computed on the specific identification basis. Charges for
investment advisory fees and other expenses are reflected in the net asset
values of the mutual fund portfolios.
ANNUITY RESERVES - Annuity reserves are computed for policies receiving annuity
payments using the 1983 Individual Annuitant Mortality Table. The assumed
investment return is 4.0%. The mortality risk is fully borne by Companion and
may result in additional amounts being transferred into the Separate Account by
Companion.
4. ACCOUNT CHARGES
Companion deducts a daily charge as compensation for the mortality and expense
risks assumed by Companion. The annual rate is a percentage of the net asset
value of each sub-account by product based on the following:
Series I 1.25%
Series V 1.00%
Companion guarantees that the mortality and expense charge will not increase
above these levels.
Companion may incur premium taxes relating to the policies. Companion may deduct
a charge of up to 3.5% of purchase payments for any premium taxes related to a
particular policy at the time of purchase payments, upon surrender, upon death
of any owner or at the annuity start date.
Net taxable income (loss) of the Separate Account is included in the federal tax
return of Companion, which is taxed as a life insurance company under the
Internal Revenue Code. No charges are currently made to the Separate Account for
taxes other than premium taxes. Companion reserves the right to levy charges in
the future for taxes or other economic burdens resulting from taxes that
Companion determines are properly attributable to the Separate Account.
Companion deducts a daily administrative expense charge from the net assets of
the Separate Account. The annual rate is a percentage of the net asset value of
each subaccount by product based on the following:
Series I .15%
Series V .20%
There is also an annual policy fee of $30 that is deducted from the accumulated
value on the last valuation date of each policy year or at complete surrender.
The annual policy fee is waived if the accumulated 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.
A withdrawal charge will be assessed on withdrawals in excess of an allowable
withdrawal percentage of the participant's accumulated value as of the last
policy anniversary preceding the request for the withdrawal. The allowable
withdrawal percentage by product 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:
45
<PAGE>
EXCEEDING
PURCHASE PAYMENT YEAR ALLOWABLE AMOUNT
1 7%
2 6%
3 5%
4 4%
5 3%
6 2%
7 1%
There is no charge for the first 12 transfers between 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 above these levels.
All account charges are paid through the redemption of shares. Shares are
redeemed based on each policyowner's variable portfolio allocation.
5. MARKET VALUE PER UNIT
The market value per unit on the Statement of Net Assets is calculated as an
aggregate valuation for all assets and all products combined for each
sub-account. The distinct market values per unit for Series I and Series V
products may differ from the aggregate amount calculated due to differing
product fees and the timing of the initial valuation of each product.
46
<PAGE>
6. NET ASSETS
The components of net assets consist of the following cumulative investment
related accounts at December 31, 1999:
<TABLE>
<CAPTION>
Net Net Changes in
Investment Realized Unrealized
Shares Shares Income Gains Gains Net
Purchased Sold (Expense) (Losses) (Losses) Assets
Alger:
<S> <C> <C> <C> <C> <C> <C>
American Growth $ 1,926,646 $ (333,045) $ 309,601 $ 107,126 $ 637,405 $ 2,647,733
American Small
Capitalization 605,113 (91,437) 118,783 12,003 178,108 822,570
Federated:
Prime Money Fund II 2,526,463 (911,543) 93,134 - - 1,708,054
U.S. Government
Securities 2,430,985 (414,578) 65,391 13,858 (51,975) 2,043,681
Fidelity:
Asset Manager 388,259 (281,594) 129,177 29,113 44,196 309,151
Asset Manager: Growth 2,411,893 (289,190) 221,264 44,329 397,774 2,786,070
Contrafund 1,115,685 (205,424) 45,520 47,310 350,742 1,353,833
Equity Income 2,588,658 (237,069) 118,018 54,496 162,247 2,686,350
Growth 540,574 (310,045) 140,646 79,158 269,097 719,430
Index 500 1,173,388 (109,190) 6,768 29,629 272,732 1,373,327
MFS:
Capital Opportunities 330,051 (17,957) (2,439) 1,489 126,833 437,977
Emerging Growth 1,289,608 (345,093) (18,673) 116,656 967,761 2,010,259
Global Governments 691,595 (100,094) 20,084 3,462 (19,387) 595,660
High Income 813,004 (333,473) 49,739 3,221 (14,932) 517,559
Research 1,380,598 (340,702) 6,087 86,300 356,486 1,488,769
Morgan Stanley Dean Witter:
Emerging Markets Equity 2,511 (1) (1) 1 264 2,774
Pioneer:
Capital Growth 349,135 (16,247) (938) (2,598) 30,635 359,987
Real Estate Growth 96,614 (2,981) 4,726 (685) (8,784) 88,890
Scudder:
Bond 482,754 (397,441) 36,659 (6,447) 7,135 122,660
Global Discovery 56,498 (2,319) (149) 383 26,510 80,923
Growth & Income 525,157 (46,246) 26,972 (709) 5,580 510,754
Money Market 776,957 (531,483) 22,440 - - 267,914
International 799,825 (94,138) 91,984 4,724 334,600 1,136,995
T. Rowe Price:
Equity Income 3,039,049 (721,050) 319,073 168,044 20,399 2,825,515
International Stock 1,318,182 (254,155) 30,157 27,052 422,601 1,543,837
Limited-Term Bond 2,035,958 (233,283) 119,463 176 (67,340) 1,854,974
New America Growth 2,189,832 (770,150) 119,090 188,426 324,020 2,051,218
Personal Strategy
Balanced 2,567,976 (220,867) 325,664 32,328 44,909 2,750,010
---------- ---------- -------- ------- ------- ---------
$34,452,968 (7,610,795) $2,398,240 $1,038,845 $4,817,616 $35,096,874
=========== ============ ========== =========== ========== ===========
</TABLE>
47
<PAGE>
PART C OTHER INFORMATION
ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements
All required financial statements are included in Part B of this
Registration Statement.
(b) Exhibits: The following exhibits are filed herewith:
Exhibit No. Description of Exhibit
(1) (a) Resolution of the Board of Directors of Companion Life
Insurance Company establishing the Variable Account. *
(2) Not applicable.
(3) (a) Principal Underwriter Agreement by and between Companion Life
Insurance Company, on its own behalf and on behalf of the
Variable Account, and Mutual of Omaha Investor Services, Inc. *
(b) Form of Broker/Dealer Supervision and Sales Agreement by and
between Mutual of Omaha Investor Services, Inc. and the
Broker/Dealer. *
(4) (a) Form of Policy for the SERIES V variable annuity Policy. *
(b) Form of Riders to the Policy. *
(1) Systematic Transfer Enrollment Program Endorsement to the Policy.
(5) Form of Application to the Policy. *
(6) (a) Articles of Incorporation of Companion Life Insurance Company. *
(b) Bylaws of Companion Life Insurance Company. *
(7) Not applicable.
(8) (a) Participation Agreement by and between Companion Life
Insurance Company and the Alger American Fund. *
(b) Participation Agreement by and between Companion Life Insurance
Company and the Insurance Management Series. *
(c) Participation Agreement by and between Companion Life Insurance
Company and the Fidelity VIP Fund and Fidelity VIP Fund II. *
(d) Participation Agreement by and between Companion Life Insurance
Company and the MFS Variable Insurance Trust. *
(e) Participation Agreement by and between Companion Life Insurance
Company and the Pioneer Variable Contracts Trust. *
(f) Participation Agreement by and between Companion Life Insurance
Company and the Scudder Variable Life Investment Fund. *
(g) Participation Agreement by and between Companion Life Insurance
Company and 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 by and between Companion Life Insurance
Company and the Morgan Stanley Dean Witter Universal Funds, et.
al. **
(j) Participation Agreement by and between Companion Life Insurance
Company and BT Insurance Funds Trust.
(9) Opinion and Consent of Counsel.
(10) Consent of Independent Auditors.
(11) Not applicable.
(12) Not applicable.
(13) Schedules of Computation of Performance Data.
(14) Powers of Attorney.***
* Incorporated by reference to the Registration Statement for Companion Life
Separate Account C filed on April 24, 1997 (File No. 33-98062).
** Incorporated by reference to the Registration Statement for Companion Life
Separate Account B filed on April 7, 1998 (File No. 333-18881).
***Incorporated by reference to the Registration Statement for Companion Life
Separate Account C filed on April 26, 1999 (File No. 33-98062).
C-1
<PAGE>
ITEM 25. DIRECTORS AND OFFICERS OF THE DEPOSITOR
PRINCIPAL POSITIONS
NAME AND AND OFFICES WITH
BUSINESS ADDRESS1 DEPOSITOR
John W. Weekly Chairman
Randall C. Horn President, Director
William G. Campbell Director
Samuel L. Foggie Director
M. Jane Huerter Director & Secretary
Charles T. Locke III Director
James J. O'Neill Director
Oscar S. Straus II Director
John A. Sturgeon Director
Fred C. Boddy Director, Vice President,
Treasurer and Assistant
Secretary
ITEM 26. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE DEPOSITOR OR
REGISTRANT
<TABLE>
<CAPTION>
<S> <C>
Name of Corporation (where organized)* Type of Corporation
- -------------------------------------- -------------------
Mutual of Omaha Insurance Company (NE) Accident & Health Insurance
KFS Corporation (NE) Holding corporation
Fulcrum Growth Partners, L.L.C. (NE) Investment Partnership
Kirkpatrick, Pettis, Smith, Polian Inc. (NE) Registered broker-dealer &
investment advisor
KPM Investment Management, Inc. (NE) Investment advisor
Kirkpatrick Pettis Trust Company (NE) Trust company
Mutual of Omaha Health Plans, Inc. (NE) Holding corporation
Exclusive Healthcare, Inc. (NE) HMO
Mutual of Omaha Health Plans of Lincoln, Inc. (NE Staff Model HMO
Preferred HealthAlliance, Inc. (NE) Joint venture w/physician &
hospital organization
Mutual of Omaha Health Plans of Ohio, Inc. (OH) HMO
Mutual of Omaha of South Dakota & Community Health
Plus HMO, Inc. (SD) HMO
Mutual of Omaha Holdings, Inc. (NE) Holding corporation
Innowave incorporated (NE) Markets water distillation products
Mutual Asset Management Co. (NE) Asset management services
Mutual of Omaha Investor Services, Inc. (NE) Registered securities
Broker-Dealer
Mutual of Omaha Marketing Corporation (NE) Markets health insurance
Mutual of Omaha U.K. Limited (U.K.) Insurance in United Kingdom (inactive)
The Omaha Indemnity Company (WI) Property & casualty insurance (inactive)
Omaha Property and Casualty Insurance Company (NE) Property & casualty insurance
Adjustment Services, Inc. (NE) Claims adjusting services
United of Omaha Life Insurance Company (NE) Life, H&A insurance/annuities
Companion Life Insurance Company (NY) Life insurance/annuities
Mutual of Omaha Structured Settlement Company, Inc.(CT) Structured settlements
Mutual of Omaha Structure Settlement Company of
New York, Inc. (NY) Structured settlements
United World Life Insurance Company (NE) Accident & health and life insurance
</TABLE>
*Subsidiaries of subsidiaries are indicated by indentations.
/1 Business address is Companion Life Insurance Company, Mutual of Omaha Plaza,
Omaha, Nebraska 68175.
C-2
<PAGE>
ITEM 27. NUMBER OF POLICYOWNERS
As of December 31, 1999, there were 709 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
Companion through Companion Life Separate Account B and by United
of Omaha Life Insurance Company through United of Omaha Separate
Account C and through United of Omaha Separate Account B.
(b) The directors and principal officers of Mutual of Omaha Investor
Services, Inc. (principal address: Mutual of Omaha Plaza, Omaha,
Nebraska 68175) are as follows:
NAME TITLE
John W. Weekly Chairman, Director
Richard A. Witt President, Director
M. Jane Huerter Secretary and Director
Brian P. McGinty Director
Randall C. Horn Director
William J. Bluvas Vice President, Treasurer
(c) Mutual of Omaha Investor Services, Inc. ("MOIS") is the principal
underwriter of the Policies. Commissions payable to a
broker-dealer may be up to 7.5% of purchase payments. For the
fiscal year ended December 31, 1999, Companion paid $207,081 in
total compensation to MOIS; of this amount MOIS retained $179,092
as concessions for its services as principal underwriter and for
distribution concessions, with the remaining amount paid to other
broker-dealers.
C-3
<PAGE>
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 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) Registrant 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.
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 of
Securities Act Rule 485(b) for effectiveness of this registration statement and
has caused this post-effective amendment No. 7 to the registration statement to
be signed on its behalf, in the City of Omaha and State of Nebraska, on April
26, 2000.
COMPANION SEPARATE ACCOUNT C
COMPANION LIFE INSURANCE COMPANY
Depositor
/s/John W. Weekly*
---------------------------------------
By: John W. Weekly
Chairman
As required by the Securities Act of 1933, this post-effective amendment No.
7 to the registration statement has been signed by the following persons on
April 26, 2000 in the capacities and on the duties indicated.
Signatures Title
/s/ John W. Weekly*
- -----------------------
John W. Weekly Chairman
/s/ Randall C. Horn
- -----------------------
Randall C. Horn Director and President
/s/ Fred C. Boddy *
- ------------------------
Fred C. Boddy Director, Vice President and Treasurer
(Principal Financial &
Accounting Officer)
/s/ Thomas J. McCusker
by __________________________________, for and on behalf of:
Thomas J. McCusker
William G. Campbell* Director
Samuel L. Foggie Sr.* Director
M. Jane Huerter* Director
Charles T. Locke III* Director
James J. O'Neill* Director
Oscar S. Straus II* Director
John A. Sturgeon* Director
* These individuals have granted Powers of Attorney executed effective January
1, 1999, whereby Thomas J. McCusker is authorized to execute this registration
statement on their behalf.
C-5
<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. 7
and
THE INVESTMENT COMPANY ACT OF 1940, Amendment No. 11
April 26, 2000
<PAGE>
EXHIBIT INDEX
Exhibit No. Description of Exhibit
(8)(j) Participation Agreement by and between Companion Life Insurance
Company and BT Insurance Funds Trust.
(9) Opinion and Consent of Counsel.
(10) Consent of Independent Auditors.
(13) Schedules of Computation of Performance Data.
(14) Powers of Attorney.
Exhibit (8)(j): Participation Agreement by and between Companion Life Insurance
Company and BT Insurance Funds Trust.
FUND PARTICIPATION AGREEMENT
THIS AGREEMENT made as of the 1st day of May, 2000 by and among BT
Insurance Funds Trust ("TRUST"), a Massachusetts business trust Bankers Trust
Company ("ADVISER"), a New York banking corporation, and Companion Life
Insurance Company ("LIFE COMPANY"), a life insurance company organized under the
laws of the State of New York.
WHEREAS, TRUST is registered with the Securities and Exchange Commission
("SEC") under the Investment Company Act of 1940, as amended (the "'40 Act"), as
an open-end, diversified management investment company; and
WHEREAS, TRUST is comprised of several series funds (each a
"Portfolio"), with those Portfolios currently available being listed on Appendix
A hereto; and
WHEREAS, TRUST was organized to act as the funding vehicle for certain
variable life insurance and/or variable annuity contracts ("Variable Contracts")
offered by life insurance companies through separate accounts ("Separate
Accounts") of such life insurance companies ("Participating Insurance
Companies"); and
WHEREAS, TRUST may also offer its shares to certain qualified pension
and retirement plans ("Qualified Plans"); and
WHEREAS, TRUST has received an order from the SEC, granting
Participating Insurance Companies and their Separate Accounts exemptions from
the provisions of Sections 9(a), 13(a), 15(a) and 15(b) of the '40 Act, and
Rules 6e-2(b)(15) and 6e-3(T)(b)(15) thereunder, to the extent necessary to
permit shares of the Portfolios of the TRUST to be sold to and held by Variable
Contract Separate Accounts of both affiliated and unaffiliated Participating
Insurance Companies and Qualified Plans ("Exemptive Order"); and
WHEREAS, LIFE COMPANY has established or will establish one or more
Separate Accounts to offer Variable Contracts and is desirous of having TRUST as
one of the underlying funding vehicles for such Variable Contracts; and
WHEREAS, ADVISER is a "bank" as defined in the Investment Advisers Act
of 1940, as amended (the "Advisers Act') and as such is excluded from the
definition of "Investment Adviser" and is not required to register as an
investment adviser pursuant to the Advisers Act; and
WHEREAS, ADVISER serves as the TRUST's investment adviser; and
WHEREAS, to the extent permitted by applicable insurance laws and
regulations, LIFE COMPANY intends to purchase shares of the Portfolios to fund
the aforementioned Variable Contracts and TRUST is authorized to sell such
shares to LIFE COMPANY at such shares' net asset value;
NOW, THEREFORE, in consideration of their mutual promises, LIFE COMPANY,
TRUST, and ADVISER agree as follows:
Article I. SALE OF TRUST SHARES
--------------------
1.1 TRUST agrees to make available to the Separate Accounts of LIFE
COMPANY that are listed on Appendix B, shares of the selected Portfolios as
listed on Appendix A for investment of purchase payments of Variable Contracts
allocated to the designated Separate Accounts as provided in TRUST's
Registration Statement.
1.2 TRUST agrees to sell to LIFE COMPANY those shares of the selected
Portfolios of TRUST which LIFE COMPANY orders, executing such orders on a daily
basis at the net asset value next computed after receipt by TRUST or its
designee of the order for the shares of TRUST. For purposes of this Section 1.2,
LIFE COMPANY shall be the designee of TRUST for receipt of such orders from the
designated Separate Account and receipt by such designee shall constitute
receipt by TRUST; provided that LIFE COMPANY receives the order by 4:00 p.m. New
York time and TRUST receives notice from LIFE COMPANY by telephone or facsimile
(or by such other means as TRUST and LIFE COMPANY may agree in writing) of such
order by 8:00 a.m. New York time on the next Business Day. "Business Day" shall
mean any day on which the New York Stock Exchange is open for trading and on
which TRUST calculates its net asset value pursuant to the rules of the SEC.
1
<PAGE>
1.3 TRUST agrees to redeem on LIFE COMPANY's request, any full or
fractional shares of TRUST held by LIFE COMPANY, executing such requests on a
daily basis at the net asset value next computed after receipt by TRUST or its
designee of the request for redemption, in accordance with the provisions of
this Agreement and TRUST's Registration Statement. (In the event of a conflict
between the provisions of this Agreement and the Trust's Registration Statement,
the provisions of the Registration Statement shall govern.) For purposes of this
Section 1.3, LIFE COMPANY shall be the designee of TRUST for receipt of requests
for redemption from the designated Separate Account and receipt by such designee
shall constitute receipt by TRUST; provided that LIFE COMPANY receives the
request for redemption by 4:00 p.m. New York time and TRUST receives notice from
LIFE COMPANY by telephone or facsimile (or by such other means as TRUST and LIFE
COMPANY may agree in writing) of such request for redemption by 9:00 a.m. New
York time on the next Business Day.
1.4 TRUST shall furnish, on or before each ex-dividend date, notice to
LIFE COMPANY of any income, dividends or capital gain distributions payable on
the shares of each Portfolio of TRUST. LIFE COMPANY hereby elects to receive all
such income, dividends and capital gain distributions as are payable on a
Portfolio's shares in additional shares of the Portfolio. LIFE COMPANY reserves
the right to revoke this election and to receive all such income, dividends and
capital gain distributions in cash. TRUST shall notify LIFE COMPANY or its
designee of the number of shares so issued as payment of such dividends and
distributions.
1.5 TRUST shall make the net asset value per share for the selected
Portfolio(s) available to LIFE COMPANY on a daily basis as soon as reasonably
practicable after the net asset value per share is calculated but shall use its
best efforts to make such net asset value available by 6:30 p.m. New York time.
If TRUST provides LIFE COMPANY with materially incorrect share net asset value
information through no fault of LIFE COMPANY, LIFE COMPANY on behalf of the
Separate Accounts, shall be entitled to an adjustment to the number of shares
purchased or redeemed to reflect the correct share net asset value. Any material
error in the calculation of net asset value per share, dividend or capital gain
information shall be reported promptly upon discovery to LIFE COMPANY.
1.6. At the end of each Business Day, LIFE COMPANY shall use the
information described in Section 1.5 to calculate Separate Account unit values
for the day. Using these unit values, LIFE COMPANY shall process each such
Business Day's Separate Account transactions based on requests and premiums
received by it by the close of trading on the floor of the New York Stock
Exchange (currently 4:00 p.m. New York time) to determine the net dollar amount
of TRUST shares which shall be purchased or redeemed at that day's closing net
asset value per share. The net purchase or redemption orders so determined shall
be transmitted to TRUST by LIFE COMPANY by 8:00 a.m. New York Time on the
Business Day next following LIFE COMPANY's receipt of such requests and premiums
in accordance with the terms of Sections 1.2 and 1.3 hereof.
1.7 If LIFE Company's order requests the purchase of Portfolio shares,
LIFE COMPANY shall pay for such purchase by wiring federal funds to TRUST or its
designated custodial account on the day the order is transmitted by LIFE
COMPANY. Upon receipt of the TRUST or its designated custodial account of the
Federal Funds so wired, such Funds shall cease to be the responsibility of LIFE
COMPANY and shall be the responsibility of the TRUST. If LIFE COMPANY's order
requests a net redemption resulting in a payment of redemption proceeds to LIFE
COMPANY, TRUST shall use its best efforts to wire the redemption proceeds to
LIFE COMPANY by the next Business Day, unless doing so would require TRUST to
dispose of Portfolio securities or otherwise incur additional costs. If proceeds
are not wired to LIFE COMPANY by the next Business Day, proceeds shall be wired
to LIFE COMPANY within the time period permitted by the '40 Act or the rules,
orders or regulations thereunder, and TRUST shall notify the person designated
in writing by LIFE COMPANY as the recipient for such notice of such delay by
3:00 p.m. New York Time on the same Business Day that LIFE COMPANY transmits the
redemption order to TRUST. If LIFE COMPANY's order requests the application of
redemption proceeds from the redemption of shares to the purchase of shares of
another Fund advised by ADVISER, TRUST shall so apply such proceeds on the same
Business Day that LIFE COMPANY transmits such order to TRUST.
2
<PAGE>
1.8 TRUST agrees that all shares of the Portfolios of TRUST will be sold
only to Participating Insurance Companies which have agreed to participate in
TRUST to fund their Separate Accounts and/or to Qualified Plans, all in
accordance with the requirements of Section 817(h)(4) of the Internal Revenue
Code of 1986, as amended ("Code") and Treasury Regulation 1.817-5. Shares of the
TRUST's Portfolios will not be sold directly to the general public.
1.9 TRUST may refuse to sell shares of any Portfolio to any person, or
suspend or terminate the offering of the shares of or liquidate any Portfolio of
TRUST if such action is required by law or by regulatory authorities having
jurisdiction or is, in the sole discretion of the Board of Trustees of the TRUST
(the "Board"), acting in good faith and in light of its duties under federal and
any applicable state laws, deemed necessary, desirable or appropriate and in the
best interests of the shareholders of such Portfolios.
1.10 Issuance and transfer of Portfolio shares will be by book entry
only. Stock certificates will not be issued to LIFE COMPANY or the Separate
Accounts. Shares ordered from the Portfolios will be recorded in appropriate
book entry titles for each of the Separate Accounts.
Article II. REPRESENTATIONS AND WARRANTIES
------------------------------
2.1 LIFE COMPANY represents and warrants that it is an insurance company
duly organized and in good standing under the laws of the State of New York and
that it has legally and validly established each Separate Account as a
segregated asset account under such laws, and that Mutual of Omaha Investor
Services, Inc., the principal underwriter for the Variable Contracts, is
registered as a broker-dealer under the Securities Exchange Act of 1934 (the
"'34 Act').
2.2 LIFE COMPANY represents and warrants that it has registered or,
prior to any issuance or sale of the Variable Contracts, will register each
Separate Account as a unit investment trust ("UIT") in accordance with the
provisions of the '40 Act and cause each Separate Account to remain so
registered to serve as a segregated asset account for the Variable Contracts,
unless an exemption from registration is available.
2.3 LIFE COMPANY represents and warrants that the Variable Contracts
will be registered under the Securities Act of 1933 (the"'33 Act") unless an
exemption from registration is available prior to any issuance or sale of the
Variable Contracts, and that the Variable Contracts will be issued and sold in
compliance in all material respects with all applicable federal and state laws
(including all applicable blue sky laws) and further that the sale of the
Variable Contracts shall comply in all material respects with applicable state
insurance law suitability requirements.
2.4 LIFE COMPANY represents and warrants that the Variable Contracts are
currently and at the time of issuance will be treated as life insurance,
endowment or annuity contracts under applicable provisions of the Code, that it
will maintain such treatment and that it will notify TRUST immediately upon
having a reasonable basis for believing that the Variable Contracts have ceased
to be so treated or that they might not be so treated in the future.
2.5 TRUST represents and warrants that the Portfolio shares offered and
sold pursuant to this Agreement will be registered under the '33 Act and duly
authorized for issuance and sold in accordance with all applicable federal and
state laws, and TRUST shall be registered under the '40 Act prior to and at the
time of any issuance or sale of such shares. TRUST, subject to Section 1.9
above, shall amend its registration statements for Portfolio shares under the
'33 Act and the '40 Act from time to time as required in order to effect the
continuous offering of its shares. TRUST shall register and qualify its shares
for sale in accordance with the laws of the various states only if and to the
extent deemed advisable by TRUST.
3
<PAGE>
2.6 TRUST represents and warrants that each Portfolio will comply with
the diversification requirements set forth in Section 817(h) of the Code, and
the rules and regulations thereunder, including without limitation Treasury
Regulation 1.817-5, and will notify LIFE COMPANY immediately upon having a
reasonable basis for believing any Portfolio has ceased to comply and will
immediately take all reasonable steps to adequately diversify the Portfolio to
achieve compliance.
2.7 TRUST represents and warrants that each Portfolio invested in by a
Separate Account will be treated as a "regulated investment company" under
Subchapter M of the Code, and will notify LIFE COMPANY immediately upon having a
reasonable basis for believing it has ceased to so qualify or might not so
qualify in the future.
2.8 ADVISER represents and warrants that it is lawfully organized and
validly existing under the laws of the State of New York and that it shall
perform its obligations hereunder in compliance in all material respects with
any applicable state and federal laws.
2.9 TRUST represents and warrants that its investment policies, fees and
expenses are and at all times shall remain in compliance with the laws of the
State of Nebraska to the extent required to perform this Agreement.
2. 10 TRUST represents and warrants that it is lawfully organized and
validly existing under the laws of the State of Massachusetts and that it does
and will comply in all material respects with the '40 Act.
Article III. PROSPECTUS AND PROXY STATEMENTS
-------------------------------
3.1 TRUST shall prepare and be responsible for filing with the SEC and
any state regulators requiring such filing all shareholder reports, notices,
proxy materials (or similar materials such as voting instruction solicitation
materials), prospectuses and statements of additional information of TRUST.
TRUST shall bear the costs of registration and qualification of shares of the
Portfolios, preparation and filing of the documents listed in this Section 3.1
and all taxes and filing fees to which an issuer is subject on the issuance and
transfer of its shares.
3.2 TRUST or its designee shall provide LIFE COMPANY, free of charge,
with as many copies of the current prospectus (or prospectuses), statements of
additional information, annual and semi-annual reports to shareholders, other
communications to shareholders and proxy statements for the shares of the
Portfolios as LIFE COMPANY may reasonably request for distribution to existing
Variable Contract owners whose Variable Contracts are funded by such shares.
TRUST or its designee shall provide LIFE COMPANY, at LIFE COMPANY's expense,
with as many copies of the current prospectus (or prospectuses) for the shares
as LIFE COMPANY may reasonably request for distribution to prospective
purchasers of Variable Contracts. If requested by LIFE COMPANY, TRUST or its
designee shall provide such documentation (including a "camera ready" copy of
the current prospectus (or prospectuses) as set in type or, at the request of
LIFE COMPANY, as a diskette in the form sent to the financial printer) and other
assistance as is reasonably necessary in order for the parties hereto once a
year (or more frequently if the prospectus (or prospectuses) for the shares is
supplemented or amended) to have the prospectus for the Variable Contracts and
the prospectus (or prospectuses) for the TRUST shares printed together in one
document. The expenses of such printing will be apportioned between LIFE COMPANY
and TRUST in proportion to the number of pages of the Variable Contract and
TRUST prospectus, taking account of other relevant factors affecting the expense
of printing, such as covers, columns, graphs and charts; TRUST shall bear the
cost of printing the TRUST prospectus portion of such document for distribution
only to owners of existing Variable Contracts funded by the TRUST shares and
LIFE COMPANY shall bear the expense of printing the portion of such documents
relating to the Separate Account; provided, however, LIFE COMPANY shall bear all
printing expenses of such combined documents where used for distribution to
prospective purchasers or to owners of existing Variable Contracts not funded by
the shares. In the event that LIFE COMPANY requests that TRUST or its designee
provide TRUST's prospectus in a "camera ready" or diskette format, TRUST shall
be responsible for providing. the prospectus (or prospectuses) in the format in
which it is accustomed to formatting prospectuses and shall bear the expense of
providing the prospectus (or prospectuses) in such format (e.g. typesetting
expenses), and LIFE COMPANY shall bear the expense of adjusting or changing the
format to conform with any of its prospectuses.
4
<PAGE>
3.3 TRUST will provide LIFE COMPANY with at least one complete copy of
all prospectuses, statements of additional information, annual and semi-annual
reports, proxy statements, exemptive applications and all amendments or
supplements to any of the above that relate to the Portfolios within fifteen
days of the filing of each such document with the SEC or other regulatory
authority. LIFE COMPANY will provide TRUST with at least one complete copy of
all prospectuses, statements of additional information, annual and semi-annual
reports, proxy statements, exemptive applications and all amendments or
supplements to any of the above that relate to a Separate Account within fifteen
days of the filing of each such document with the SEC or other regulatory
authority.
3.4 TRUST will provide LIFE COMPANY with as much notice as is reasonably
practicable of any proxy solicitation for any Portfolio.
3.5 TRUST will provide LIFE COMPANY with as much notice as is reasonably
practicable of any proxy solicitation for any Portfolio.
Article IV. SALES MATERIALS
---------------
4.1 LIFE COMPANY will furnish, or will cause to be furnished, to TRUST
and ADVISER, each piece of sales literature or other promotional material in
which TRUST or ADVISER is named, at least fifteen (15) Business Days prior to
its intended use. No such material will be used if TRUST or ADVISER reasonably
objects to its use in writing within ten (10) Business Days after receipt of
such material.
4.2 TRUST and ADVISER will furnish, or will cause to be furnished, to
LIFE COMPANY, each piece of sales literature or other promotional material in
which LIFE COMPANY or its Separate Accounts are named, at least fifteen (15)
Business Days prior to its intended use. No such material will be used if LIFE
COMPANY reasonably objects to its use in writing within ten (10) Business Days
after receipt of such material.
4.3 TRUST and its affiliates and agents shall not give any information
or make any representations on behalf of LIFE COMPANY or concerning LIFE
COMPANY, the Separate Accounts, or the Variable Contracts issued by LIFE
COMPANY, other than the information or representations contained in a
registration statement or prospectus for such Variable Contracts, as such
registration statement and prospectus may be amended or supplemented from time
to time, or in reports of the Separate Accounts or reports prepared for
distribution to owners of such Variable Contracts, or in sales literature or
other promotional material approved by LIFE COMPANY or its designee, except with
the written permission of LIFE COMPANY.
4.4 LIFE COMPANY and its affiliates and agents shall not give any
information or make any representations on behalf of TRUST or concerning TRUST
other than the information or representations contained in a registration
statement or prospectus for TRUST, as such registration statement and prospectus
may be amended or supplemented from time to time' or 'in sales literature or
other promotional material approved by TRUST or its designee, except with the
written permission of TRUST.
4.5 For purposes of this Agreement, the phrase "sales literature or
other promotional material" or words of similar import include, without
limitation, advertisements (such as material published, or designed for use, in
a newspaper, magazine or other periodical, radio, television, telephone or tape
recording, videotape display, signs or billboards, motion pictures or other
public media), sales literature (such as any written communication distributed
or made generally available to customers or the public, including brochures,
circulars, research reports, market letters, form letters, seminar texts, or
reprints or excerpts of any other advertisement, sales literature, or published
article), educational or training materials or other communications distributed
or made generally available to some or all agents or employees, registration
statements, prospectuses, statements of additional information, shareholder
reports and proxy materials, and any other material constituting sales
literature or advertising under National Association of Securities Dealers, Inc.
("NASD") rules, the '40 Act, the '33 Act or rules thereunder.
Article V. POTENTIAL CONFLICTS
-------------------
5.1 The parties acknowledge that TRUST has received an order from the
SEC granting relief from various provisions of the '40 Act and the rules
thereunder to the extent necessary to permit Portfolio shares to be sold to and
held by Variable Contract separate accounts of both affiliated and unaffiliated
Participating Insurance Companies and Qualified Plans. The Exemptive Order
requires TRUST and each Participating Insurance Company to comply with
conditions and undertakings substantially as provided in this Section 5. The
TRUST will not enter into a participation agreement with any other Participating
Insurance Company unless it imposes the same conditions and undertakings as are
imposed on LIFE COMPANY hereby.
5
<PAGE>
5.2 The Board will monitor TRUST for the existence of any material
irreconcilable conflict between the interests of Variable Contract owners of all
separate accounts and with participants of Qualified Plans investing in TRUST.
An irreconcilable material conflict may arise for a variety of reasons, which
may include: (a) an action by any state insurance regulatory authority; (b) a
change in applicable federal or state insurance, tax, or securities laws or
regulations, or a public ruling, private letter ruling or any similar action by
insurance, tax or securities regulatory authorities; (c) an administrative or
judicial decision in any relevant proceeding; (d) the manner in which the
investments of TRUST are being managed; (e) a difference in voting instructions
given by Variable Contract owners; (f) a decision by a Participating Insurance
Company to disregard the voting instructions of Variable Contract owners and (g)
if applicable, a decision by a Qualified Plan to disregard the voting
instructions of plan participants.
5.3 LIFE COMPANY will report any potential or existing conflicts of
which it becomes aware to the Board. LIFE COMPANY will be responsible for
assisting the Board in carrying out its duties in this regard by providing the
Board with all information reasonably necessary for the Board to consider any
issues raised. The responsibility includes, but is not limited to, an obligation
by the LIFE COMPANY to inform the Board whenever it has determined to disregard
Variable Contract owner voting instructions. These responsibilities of LIFE
COMPANY will be carried out with a view only to the interests of the Variable
Contract owners.
5.4 If a majority of the Board or majority of its disinterested
Trustees, determines that a material irreconcilable conflict exists affecting
LIFE COMPANY, LIFE COMPANY, at its Expense and to the extent reasonably
practicable (as determined by a majority of the Board's disinterested Trustees),
will take any steps necessary to remedy or eliminate the irreconcilable material
conflict, including; (a) withdrawing the assets allocable to some or all of the
Separate Accounts from TRUST or any Portfolio thereof and reinvesting those
assets in a different investment medium, which may include another Portfolio of
TRUST, or another investment company; (b) submitting the question as to whether
such segregation should be implemented to a vote of all affected Variable
Contract owners and as appropriate, segregating the assets of any appropriate
group (i.e., variable annuity or variable life insurance Contract owners of one
or more Participating Insurance Companies) that votes in favor of such
segregation, or offering to. the affected Variable Contract owners the option of
making such a change; and (c) establishing a new registered management
investment company (or series thereof) or managed separate account. If a
material irreconcilable conflict arises because of LIFE COMPANY's decision to
disregard Variable Contract owner voting instructions, and that decision
represents a minority position or would preclude a majority vote, LIFE COMPANY
may be required, at the election of TRUST, to withdraw the Separate Account's
investment in TRUST, and no charge or penalty will be imposed as a result of
such withdrawal. Any such withdrawal must take place within six (6) months after
TRUST gives written notice that this provision is being implemented, and until
the end of that six month period TRUST shall continue to accept and implement
orders by LIFE COMPANY for the purchase (and redemption) of shares of the
Portfolios. The responsibility to take such remedial action shall be carried out
with a view only to the interests of the Variable Contract owners.
For the purposes of this Section 5.4, a majority of the disinterested
members of the Board shall determine whether or not any proposed action
adequately remedies any irreconcilable material conflict, but in no event will
TRUST or ADVISER (or any other investment adviser of TRUST) be required to
establish a new funding medium for any Variable Contract. Further, LIFE COMPANY
shall not be required by this Section 5.4 to establish a new funding medium for
any Variable Contracts if any offer to do so has been declined by a vote of a
majority of Variable Contract owners materially and adversely affected by the
irreconcilable material conflict.
5.5 The Board's determination of the existence of an irreconcilable
material conflict and its implications shall be made known promptly and in
writing to LIFE COMPANY.
5.6 No less than annually, LIFE COMPANY shall submit to the Board such
reports, materials or data as the Board may reasonably request so that the Board
may fully carry out its obligations. Such reports, materials, and data shall be
submitted more frequently if deemed appropriate by the Board.
6
<PAGE>
Article VI. VOTING
------
6.1 LIFE COMPANY will provide pass-through voting privileges to all
Variable Contract owners so long as the SEC continues to interpret the '40 Act
as requiring pass-through voting privileges for Variable Contract owners.
Accordingly, LIFE COMPANY, where applicable, will vote shares of the Portfolio
held in its Separate Accounts in a manner consistent with voting instructions
timely received from its Variable Contract owners. LIFE COMPANY will be
responsible for assuring that each of its Separate Accounts that participates in
TRUST calculates voting privileges in a manner consistent with other
Participating Insurance Companies. LIFE COMPANY will vote shares for which it
has not received timely voting instructions, as well as shares it owns, in the
same proportion as its votes those shares for which it has received voting
instructions.
6.2 If and to the extent Rule 6e-2 and Rule 6e-3(T) are amended, or if
Rule 6e-3 is adopted, to provide exemptive relief from any provision of the '40
Act or the rules thereunder with respect to mixed and shared funding on terms
and conditions materially different from any exemptions granted in the Exemptive
Order, then TRUST, and/or the Participating Insurance Companies, as appropriate,
shall take such steps as may be necessary to comply with Rule 6e-2 and Rule
6e-3(T), as amended, and Rule 6e-3, as adopted, to the extent such Rules are
applicable.
Article VII. INDEMNIFICATION
---------------
7.1 Indemnification by LIFE COMPANY. LIFE COMPANY agrees to indemnify
and hold harmless TRUST, ADVISER and each of their Trustees, directors,
principals, officers, employees and agents and each person, if any, who controls
TRUST or ADVISER within the meaning of Section 15 of the '33 Act (collectively,
the "Indemnified Parties" for purposes of this Section 7.1) against any and all
losses, claims, damages, liabilities (including amounts paid in settlement with
the written consent of LIFE COMPANY, which consent shall not be unreasonably
withheld) or litigation or threatened litigation (including legal and other
expenses), to which the Indemnified Parties may become subject under any
statute, regulation, at common law or otherwise, insofar as such losses, claims,
damages, liabilities or expenses (or actions in respect thereof) or settlements
are. related to the sale or acquisition of TRUST's shares or the Variable
Contracts and:
(a) arise out of or are based upon any untrue statements or alleged
untrue statements of any material fact contained in the Registration Statement
or prospectus for the Variable Contracts or contained in the Variable Contracts
(or any amendment or supplement to any of the foregoing), or arise out of or are
based upon the omission or the alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, provided that this agreement to indemnify shall not apply as to any
Indemnified Party if such statement or omission or such alleged statement or
omission was made in reliance upon and in conformity with information furnished
in writing to LIFE COMPANY by or on behalf of TRUST for use in the registration
statement or prospectus for the Variable Contracts or in the Variable Contracts
or sales literature (or any amendment or supplement) or otherwise for use in
connection with the sale of the Variable Contracts or Portfolio shares; or
(b) arise out of or result from (i) statements or representations (other
dm statements or representations contained in the registration statement,
prospectus or sales literature of TRUST not supplied by LIFE COMPANY, or persons
under its control) or (ii) wrongful conduct of LIFE COMPANY or persons under its
control, with respect to the sale or distribution of the Variable Contracts or
Portfolio shares; or
(c) arise out of any untrue statement or alleged untrue statement of a
material fact contained in a registration statement, prospectus, or sales
literature of TRUST or any amendment thereof or supplement thereto or the
omission or alleged omission to state therein a. material fact required to be
stated therein or necessary to make the statements therein not misleading if
such statement or omission or such alleged statement or omission was made in
reliance upon and in conformity with information furnished in writing to TRUST
by or on behalf of LIFE COMPANY; or
(d) arise as a result of any failure by LIFE COMPANY to provide
substantially the services and furnish the materials under the terms of this
Agreement; or
7
<PAGE>
(e) arise out of or result from any material breach of any
representation and/or warranty made by LIFE COMPANY in this Agreement or arise
out of or result from any other material breach of this Agreement by LIFE
COMPANY.
7.2 LIFE COMPANY shall not be liable under this indemnification
provision with respect to any losses, claims, damages, liabilities or litigation
incurred or assessed against an Indemnified Party to the extent that such
losses, claims, damages, liabilities or litigation are attributable to such
Indemnified Party's willful misfeasance, bad faith, or gross negligence in the
performance of such Indemnified Party's duties or by reason of such Indemnified
Party's reckless disregard of obligations or duties under this Agreement.
7.3 LIFE COMPANY shall not be liable under this indemnification
provision with respect to any claim made against an Indemnified Party unless
such Indemnified Party shall have notified LIFE COMPANY in writing within a
reasonable time after the summons or other first legal process giving
information of the nature of the claim shall have been served upon such
Indemnified Party (or after such Indemnified Party shall have received notice of
such service on .any designated agent), but failure to notify LIFE COMPANY of
any such claim shall not relieve LIFE COMPANY from any liability which it may
have to the Indemnified Party against whom such action is brought otherwise than
on account of this indemnification provision. In case any such action is brought
against an Indemnified Party, LIFE COMPANY shall be entitled to participate at
its own expense in the defense of such action. LIFE COMPANY also shall be
entitled to assume the defense thereof, with counsel satisfactory to the party
named in the action. After notice from LIFE COMPANY to such party of LIFE
COMPANY's election to assume the defense thereof, the Indemnified Party shall
bear the fees and expenses of any additional counsel retained by it, and LIFE
COMPANY will not be liable to such party under this Agreement for any legal or
other expenses subsequently incurred by such party independently in connection
with the defense thereof other than reasonable costs of investigation.
7.4 Indemnification by TRUST. TRUST and ADVISER, jointly and severally,
agree to indemnify and hold harmless LIFE COMPANY and each of its directors,
officers, employees, and agents and each person, if any, who controls LIFE
COMPANY within the meaning of Section 15 of the '33 Act (collectively, the
"Indemnified Parties" for purposes of this Section 7.4) against any and all
losses, claims, damages, liabilities (including amounts paid in settlement with
the written consent of TRUST which consent shall not be unreasonably withheld)
or litigation or threatened litigation (including legal and other expenses) to
which the Indemnified Parties may become subject under any statute, or
regulation, at common law or otherwise, insofar as such losses, claims, damages,
liabilities or expenses (or actions in respect thereof) or settlements are
related to the sale or acquisition of Portfolio shares or the Variable Contracts
and:
(a) arise out of or are based upon any untrue statement or alleged
untrue statement of any material fact contained in the registration statement or
prospectus or sales literature of TRUST (or any amendment or supplement to any
of the foregoing), or arise out of or are based upon the omission or the alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, provided that this
agreement to indemnify shall not apply as to any Indemnified Party if such
statement or omission or such alleged statement or omission was made in reliance
upon and in conformity with information furnished in writing to ADVISER or TRUST
by or on behalf of LIFE COMPANY for use in the registration statement or
prospectus for TRUST or in sales literature (or any amendment or supplement) or
otherwise for use in connection with the sale of the Variable Contracts or
Portfolio shares; or
(b) arise out of or result from (i) statements or representations (other
dm statements or representations contained in the registration statement,
prospectus or sales literature for the Variable Contracts not supplied by
ADVISER or TRUST or persons under its control) or (ii) gross negligence or
wrongful conduct or willful misfeasance of TRUST or ADVISER or persons under
their control, with respect to the sale or distribution of the Variable
Contracts or Portfolio shares; or
(c) arise out of any untrue statement or alleged untrue statement of a
material fact contained in a registration statement, prospectus, or sales
literature covering the Variable Contracts, or any amendment thereof or
supplement thereto or the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, if such statement or omission or such alleged statement
or omission was made in reliance upon and in conformity with information
furnished in writing to LIFE COMPANY for inclusion therein by or on behalf of
TRUST or ADVISER; or
8
<PAGE>
(d) arise as a result of (i) a failure by TRUST to provide substantially
the services and furnish the materials under the terms of this Agreement; or
(ii) a failure by a Portfolio(s) invested in by any Separate Account to comply
with the diversification requirements of Section 817(h) of the Code; or (iii) a
failure by a Portfolio(s) invested in by any Separate Account to qualify as a
"regulated investment company" under Subchapter M of the Code; or
(e) arise out of or result from any material breach ' of any
representation and/or warranty made by TRUST or ADVISER in this Agreement or
arise out of or result from any other material breach of this Agreement by TRUST
or ADVISER.
7.5 Neither TRUST nor ADVISER shall be liable under this indemnification
provision with respect to any losses, claims, damages, liabilities or litigation
incurred or assessed against an Indemnified Party to the extent that such
losses, claims, damages, liabilities or litigation are attributable to such
Indemnified Party's willful misfeasance, bad faith, or gross negligence in the
performance of such Indemnified Party's duties or by reason of such Indemnified
Party's reckless disregard of obligations and duties under this Agreement.
7.6 Neither TRUST nor ADVISER shall be liable under this indemnification
provision with respect to any claim made against an Indemnified Party unless
such Indemnified Party shall have notified TRUST in writing within a reasonable
time after the summons or other first legal process giving information of the
nature of the claim shall have been served upon such Indemnified Party (or after
such Indemnified Party shall have received notice of such service on any
designated agent), but failure to notify TRUST of any such claim shall not
relieve TRUST or ADVISER from any liability which it may have to the Indemnified
Party against whom such action is brought otherwise dm on account of this
indemnification provision. In case any such action is brought against the
Indemnified Parties, TRUST and ADVISER shall be entitled to participate at their
own expense in the defense thereof. TRUST and ADVISER also shall be entitled to
assume the defense thereof, with counsel satisfactory to the party named in the
action. After notice from TRUST or ADVISER to such party of an election to
assume the defense thereof, the Indemnified Party shall bear the fees and
expenses of any additional counsel retained by it, and TRUST or ADVISER will not
be liable to such party under this Agreement for any legal or other expenses
subsequently incurred by such party independently in connection with the defense
thereof other than reasonable costs of investigation.
Article VIII. TERM; TERMINATION
-----------------
8.1 This Agreement shall be effective as of the date hereof and shall
continue in force until terminated -in accordance with the, provisions herein.
8.2 This Agreement shall terminate in accordance with the following
provisions:
(a) At the option of LIFE COMPANY or TRUST at any time from the
date hereof upon 180 days' notice, with respect to some or all of the
Portfolios unless a shorter time is agreed to by the parties;
(b) At the option of LIFE COMPANY, if TRUST shares are not
reasonably available to meet the requirements of the Variable Contracts
as determined by LIFE COMPANY. Prompt notice of election to terminate
shall be furnished by LIFE COMPANY, said termination to be effective ten
days after receipt of notice unless TRUST makes available a sufficient
number of shares to reasonably meet the requirements of the Variable
Contracts within said ten-day period;
(c) At the option of LIFE COMPANY, upon the institution of formal
proceedings against TRUST by the SEC, the NASD, or any other regulatory
body, the expected or anticipated ruling, judgment or outcome of which
would, in LIFE COMPANY's reasonable judgment, materially impair TRUST's
ability to meet and perform TRUST's obligations and duties hereunder.
Prompt notice of election to terminate shall be furnished by LIFE
COMPANY with said termination to be effective upon receipt of notice;
9
<PAGE>
(d) At the option of TRUST, upon the institution of formal
proceedings against LIFE COMPANY and/or its broker-dealer affiliates by
the SEC, the NASD, or any other regulatory body, the expected or
anticipated ruling, judgment or outcome of which would, in TRUST's
reasonable judgment, materially impair LIFE COMPANY's ability to meet
and perform its obligations and duties hereunder. Prompt notice of
election to terminate shall be furnished by TRUST with said termination
to be effective upon receipt of notice;
(e) At the option of LIFE COMPANY, in the event TRUST's shares
are not registered, issued or sold in accordance with applicable state
or federal law, or such law precludes the use of such shares as the
underlying investment medium of Variable Contracts issued or to be
issued by LIFE COMPANY. Termination shall be effective upon such
occurrence without notice;
(f) At the option of TRUST if the Variable Contracts cease to
qualify as annuity contracts or life insurance contracts, as applicable,
under the Code, or if TRUST reasonably believes that the Variable
Contracts may fail to so qualify. Termination shall be effective upon
receipt of notice by LIFE COMPANY;
(g) At the option of LIFE COMPANY, upon Trust's breach of any
material provision of this Agreement, which breach has not been cured to
the satisfaction of LIFE COMPANY within ten days after written notice of
such breach is delivered to TRUST;
(h) At the option of TRUST, upon LIFE COMPANY's breach of any
material provision of this Agreement,, which breach has not been cured
to the satisfaction of TRUST within ten days after written notice of
such breach is delivered to LIFE COMPANY;
(i) At the option of TRUST, if the Variable Contracts are not
registered, issued or sold in accordance with applicable federal and/or
state law. Termination shall be effective immediately upon such
occurrence without notice;
(j) At the option of LIFE COMPANY, by written notice to TRUST,
with respect to any Portfolio in the event the Portfolio ceases to
qualify as a Regulated Investment Company under Subchapter M or fails to
comply with the Section 817(h) diversification requirements of the Code
and the Regulations thereunder, or if LIFE COMPANY reasonably believes
that such Portfolio may fail to qualify or so comply.
(k) At the option of TRUST, by written notice to LIFE COMPANY, if
TRUST shall determine, in its sole judgment exercised in good faith,
that LIFE COMPANY has suffered a material adverse change in its
financial condition since the date of this Agreement or is the subject
of material adverse publicity.
(1) At the option of LIFE COMPANY, by written notice to TRUST, if
LIFE COMPANY shall determine, in its sole judgment exercised in good
faith, that TRUST has suffered a material adverse change in its
financial condition since the date of this Agreement or is the subject
of material adverse publicity.
In the event this Agreement is assigned without the prior written
consent of LIFE COMPANY, TRUST, and ADVISER, termination shall be effective
immediately upon such occurrence without notice.
8.3 Notwithstanding any termination of this Agreement pursuant to
Section 8.2 hereof, LIFE COMPANY at its option may elect to continue to purchase
additional Portfolio shares, as provided below, for so long as LIFE COMPANY
desires pursuant to the terms and conditions of this Agreement, for all Variable
Contracts in effect on the effective date of termination of this Agreement
(hereinafter referred to as "Existing Contracts"). Specifically, without
limitation, if LIFE COMPANY so elects to purchase additional Portfolio shares,
the owners of the Existing Contracts or LIFE COMPANY, whichever shall have legal
authority to do so, shall be permitted to reallocate investments in the
Portfolios of the TRUST, redeem investments in the Portfolios of the TRUST
and/or invest in the Portfolios of the TRUST upon the payment of additional
premiums under the Existing Contracts. In the event of a termination of this
Agreement pursuant to Section 8.2 hereof, LIFE COMPANY, within ten (10) days of
the date of the notice of termination, shall notify TRUST whether LIFE COMPANY
elects to continue to purchase Portfolio shares after such termination. If
Portfolio shares continue to be purchased after such, termination, the
provisions of this Agreement shall remain in effect. In no event shall the
election to continue by LIFE COMPANY be effective for more than six (6) months
after the date of termination.
10
<PAGE>
8.4 Except as necessary to implement Variable Contract owner initiated
transactions, or as required by state insurance laws or regulations, LIFE
COMPANY shall not redeem the shares attributable to the Variable Contracts (as
opposed to the shares attributable to LIFE COMPANY's assets held in the Separate
Accounts), and LIFE COMPANY, shall not prevent Variable Contract owners from
allocating payments to a Portfolio that was otherwise available under the
Variable Contracts until thirty (30) days after the LIFE COMPANY shall have
notified TRUST of its intention to do so.
Article IX. NOTICES
-------
Any notice hereunder shall be given by registered or certified mail
return receipt requested to the other party at the address of
such party set forth below or at such other address as such party
may from time to time specify in writing to the other party.
If to TRUST:
BT Insurance Funds Trust
c/o First Data Investor Services Group, Inc.
101 Federal Street
Boston, MA 02110
Attn: Elizabeth Russell, Legal Department
and
c/o BT Alex. Brown
One South Street, Mail Stop 1-18-6
Baltimore, MD 21202
Attn: Mutual Fund Services
If to ADVISER:
Bankers Trust Company
130 Liberty Street, Mail Stop 2355
New York, NY 10006
Attn.: Mutual Fund Marketing
If to LIFE COMPANY:
Companion Life Insurance Company
Attn:
Notice shall be deemed given on the date of receipt by the addressee as
evidenced by the return receipt.
11
<PAGE>
Article X. MISCELLANEOUS
10.1 The captions in this Agreement are included for convenience of
reference only and in no way define or delineate any of the provisions hereof or
otherwise affect their construction or effect.
10.2 This Agreement may be executed simultaneously in two or more
counterparts, each of which taken together shall constitute one and the same
instrument.
10.3 If any provision of this Agreement shall be held or made invalid by
a court decision, statute, rule or otherwise, the remainder of the Agreement
shall not be affected thereby.
10.4 This Agreement shall be construed and the provisions hereof
interpreted under and in accordance with the laws of the State of New York. It
shall also be subject to the provisions of the federal securities laws and the
rules and regulations thereunder and to any orders of the SEC granting exemptive
relief therefrom and the conditions of such orders.
10.5 It is understood and expressly stipulated that neither the
shareholders of shares of any Portfolio nor the Trustees or officers of TRUST or
any Portfolio shall be personally liable hereunder. No Portfolio shall be liable
for the liabilities of any other Portfolio. All persons dealing with TRUST or a
Portfolio must look solely to the property of TRUST or that Portfolio,
respectively, for enforcement of any claims against TRUST or that Portfolio. It
is also understood that each of the Portfolios shall be deemed to be entering
into a separate Agreement with LIFE COMPANY so that it is as if each of the
Portfolios had signed a separate Agreement with LIFE COMPANY and that a single
document is being signed simply to facilitate the execution and administration
of the Agreement.
10.6 Each party shall cooperate with each other party and all
appropriate governmental authorities (including without limitation the SEC, the
NASD and state insurance regulators) and shall permit such authorities
reasonable access to its books and records in connection with any investigation
or inquiry relating to this Agreement or the transactions contemplated hereby.
Notwithstanding the generality of the foregoing, each party hereto further
agrees to furnish the Nebraska Insurance Director with any information or
reports in connection with services provided under this Agreement which such
Director may request in order to ascertain whether the variable annuity and
variable life operations of LIFE COMPANY are being conducted in a manner
consistent with the Nebraska variable annuity laws and regulations and any other
applicable law or regulations.
10.7 The rights, remedies and obligations contained in this Agreement
are cumulative and are in addition to any and all rights, remedies and
obligations, at law or in equity, which the parties hereto are entitled to under
state and federal laws.
10.8 If the Agreement terminates, the parties agree that Article 7 and
Sections 10.5, 10.6 and 10.7 shall remain in effect after termination.
10.9 No provision of this Agreement may be amended or modified in any
manner except by a written agreement properly authorized and executed by TRUST,
ADVISER and the LIFE COMPANY.
10.10 No failure or delay by a party in exercising any right or remedy
under this Agreement will operate as a waiver thereof and no single or partial
exercise of rights shall preclude a further or subsequent exercise. The rights
and remedies provided in this Agreement are cumulative and not exclusive of any
rights or remedies provided by law.
IN WITNESS WHEREOF, the parties have caused their duly authorized
officers to execute this Fund Participation Agreement as of the date and year
first above written.
BT INSURANCE FUNDS TRUST
By: /s/ Elizabeth Russell
Name: Elizabeth Russell
Title: Secretary
BANKERS TRUST COMPANY
By: /s/ Lawrence Lafer
Name: Lawrence Lafer
Title: Director
COMPANION LIFE INSURANCE COMPANY
By: /s/ Richard A. Witt
Name: Richard A. Witt
Title: Assistant Treasurer
12
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Appendix A
to Participation Agreement by and among BT Insurance Funds Trust, Bankers Trust
Company, and Companion Life Insurance Company.
List of Portfolios:
- ------------------
EAFE Equity Index Fund
Small Cap Index Fund
<PAGE>
Appendix B
to Participation Agreement by and among BT Insurance Funds Trust, Bankers Trust
Company, and Companion Life Insurance Company.
List of Variable Separate Accounts:
- ----------------------------------
Companion Life Separate Account C
Exhibit (9): Opinion and Consent of Counsel.
April 21, 2000
Companion Life Insurance Company
401 Theodore Fremd Avenue
Rye, New York 10580-1493
To Whom It May Concern:
With reference to the Post-Effective Amendment for Registration Number 33-98062
on Form N-4 filed by Companion Life Insurance Company and Companion Life
Separate Account C with the Securities and Exchange Commission covering variable
annuity contracts, I have examined such documents and such laws as I considered
necessary and appropriate, and on the basis of such examination, it is my
opinion that:
1. 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 variable annuity contracts by the New York Department of
Insurance.
2. Companion Life Separate Account C is a duly authorized and existing
separate account established pursuant to New York law.
3. The variable annuity contracts, when issued as contemplated by the Form
N-4 Registration Statement, will constitute legal, validly issued and
binding obligations of Companion Life Insurance Company.
I hereby consent to the filing of this opinion as an exhibit to the
Post-Effective Amendment to the Form N-4 Registration Statement and to the use
of my name under the caption "Legal Proceedings" in the Prospectus contained in
the Registration Statement.
Sincerely,
/s/ Thomas J. McCusker
General Counsel
Companion Life Insurance Company
Exhibit (10): Consents of Independent Auditors.
INDEPENDENT AUDITORS CONSENT
We consent to the use in this Post-Effective Amendment No. 7 to Registration
Statement No. 33-98062 of Companion Life Separate Account C of our report dated
March 31, 2000 on the financial statements of Companion Life Separate Account C
and our report dated February 11, 2000 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 26, 2000
Exhibit (13): Schedules of Computations of Performance Data
Alger American Growth
12/1999
Assume ($10000 @ $10.00 on 1/ 9/1989)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
4/90 0.0600000000 12.18 0.493 100.492611
4/91 0.0470000000 15.77 0.300 100.792113
4/92 0.0490000000 16.96 0.291 101.083317
4/93 0.0250000000 19.63 0.129 101.212053
5/94 1.7590000000 21.45 8.300 109.511913
5/95 0.3180000000 25.96 1.341 110.853392
5/96 0.9520000000 33.02 3.196 114.049407
5/97 0.3570000000 37.31 1.091 115.140686
5/98 7.9500000000 41.91 21.841 136.981976
5/99 5.4730000000 51.83 14.465 151.446618
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 53.22 136.9819763 7290.18078 1000.00000
1 1999 57.00 136.9819763 7807.97265 1.08333 1069.94260
2 1999 55.33 136.9819763 7579.21275 1.15910 1037.43605
3 1999 59.06 136.9819763 8090.15552 1.12389 1106.24956
4 1999 59.03 136.9819763 8086.04606 1.19844 1104.48920
5 1999 50.97 151.4466175 7719.23410 1.19653 1053.18909
6 1999 55.84 151.4466175 8456.77912 1.14095 1152.67656
7 1999 53.98 151.4466175 8175.08841 1.24873 1113.03280
8 1999 53.28 151.4466175 8069.07578 1.20579 1097.39347
9 1999 52.92 151.4466175 8014.55500 1.18884 1088.78980
10 1999 56.04 151.4466175 8487.06845 1.17952 1151.80197
11 1999 59.35 151.4466175 8988.35675 1.24779 1218.58531
12 1999 64.38 151.4466175 9750.13324 1.32013 1320.54208
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 33.74%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1320.54 1241.97
TOTAL RETURN 32.05% 24.20%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 53.22 136.9819763 7290.18078 1000.00000
1 1999 57.00 136.9819763 7807.97265 1.08333 1069.94260
2 1999 55.33 136.9819763 7579.21275 1.15910 1037.43605
3 1999 59.06 136.9819763 8090.15552 1.12389 1106.24956
4 1999 59.03 136.9819763 8086.04606 1.19844 1104.48920
5 1999 50.97 151.4466175 7719.23410 1.19653 1053.18909
6 1999 55.84 151.4466175 8456.77912 1.14095 1152.67656
7 1999 53.98 151.4466175 8175.08841 1.24873 1113.03280
8 1999 53.28 151.4466175 8069.07578 1.20579 1097.39347
9 1999 52.92 151.4466175 8014.55500 1.18884 1088.78980
10 1999 56.04 151.4466175 8487.06845 1.17952 1151.80197
11 1999 59.35 151.4466175 8988.35675 1.24779 1218.58531
12 1999 64.38 151.4466175 9750.13324 1.32013 1320.54208
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 33.74%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1320.54 1241.97
TOTAL RETURN 32.05% 24.20%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 34.33 114.0494069 3915.31614 1000.00000
1 1997 36.86 114.0494069 4203.86114 1.08333 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
1 1999 57.00 136.9819763 7807.97265 1.96653 1942.22638
2 1999 55.33 136.9819763 7579.21275 2.10408 1883.21848
3 1999 59.06 136.9819763 8090.15552 2.04015 2008.13305
4 1999 59.03 136.9819763 8086.04606 2.17548 2004.93752
5 1999 50.97 151.4466175 7719.23410 2.17202 1911.81437
6 1999 55.84 151.4466175 8456.77912 2.07113 2092.41022
7 1999 53.98 151.4466175 8175.08841 2.26678 2020.44640
8 1999 53.28 151.4466175 8069.07578 2.18882 1992.05691
9 1999 52.92 151.4466175 8014.55500 2.15806 1976.43900
10 1999 56.04 151.4466175 8487.06845 2.14114 2090.82261
11 1999 59.35 151.4466175 8988.35675 2.26506 2212.05189
12 1999 64.38 151.4466175 9750.13324 2.39639 2397.13016
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 149.03%
GROSS ANNUAL RETURN = 35.54%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2397.13 2295.25
TOTAL RETURN 139.71% 129.53%
AVERAGE ANNUAL RETURN 33.83% 31.91%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 23.13 109.5119128 2533.01054 1000.00000
1 1995 23.07 109.5119128 2526.43983 1.08333 996.32263
2 1995 24.14 109.5119128 2643.61757 1.07935 1041.45331
3 1995 24.71 109.5119128 2706.03936 1.12824 1064.91613
4 1995 26.05 109.5119128 2852.78533 1.15366 1121.51187
5 1995 26.27 110.8533915 2912.11860 1.21497 1143.62251
6 1995 28.60 110.8533915 3170.40700 1.23892 1243.81642
7 1995 30.91 110.8533915 3426.47833 1.34747 1342.93105
8 1995 31.52 110.8533915 3494.09890 1.45484 1367.97856
9 1995 32.73 110.8533915 3628.23150 1.48198 1419.01099
10 1995 31.63 110.8533915 3506.29277 1.53726 1369.78317
11 1995 31.59 110.8533915 3501.85864 1.48393 1366.56698
12 1995 31.16 110.8533915 3454.19168 1.48045 1346.48496
1 1996 32.17 110.8533915 3566.15361 1.45869 1388.67035
2 1996 33.26 110.8533915 3686.98380 1.50439 1434.21758
3 1996 32.70 110.8533915 3624.90590 1.55374 1408.51586
4 1996 33.53 110.8533915 3716.91422 1.52589 1442.74129
5 1996 33.06 114.0494069 3770.47339 1.56297 1461.96762
6 1996 32.25 114.0494069 3678.09337 1.58380 1424.56429
7 1996 29.89 114.0494069 3408.93677 1.54328 1318.77383
8 1996 31.14 114.0494069 3551.49853 1.42867 1372.49628
9 1996 33.15 114.0494069 3780.73784 1.48687 1459.60021
10 1996 33.47 114.0494069 3817.23365 1.58123 1472.10864
11 1996 35.37 114.0494069 4033.92752 1.59478 1554.08142
12 1996 34.33 114.0494069 3915.31614 1.68359 1506.70247
1 1997 36.86 114.0494069 4203.86114 1.63226 1616.10887
2 1997 35.51 114.0494069 4049.89444 1.75078 1555.16799
3 1997 34.09 114.0494069 3887.94428 1.68477 1491.29403
4 1997 35.60 114.0494069 4060.15889 1.61557 1555.73460
5 1997 37.43 115.1406864 4309.71589 1.68538 1649.67220
6 1997 39.53 115.1406864 4551.51133 1.78714 1740.43946
7 1997 43.66 115.1406864 5027.04237 1.88548 1920.39095
8 1997 41.90 115.1406864 4824.39476 2.08042 1840.89669
9 1997 44.28 115.1406864 5098.42960 1.99430 1943.46883
10 1997 42.19 115.1406864 4857.78556 2.10542 1849.63238
11 1997 42.92 115.1406864 4941.83826 2.00377 1879.63220
12 1997 42.76 115.1406864 4923.41575 2.03627 1870.58892
1 1998 43.50 115.1406864 5008.61986 2.02647 1900.93466
2 1998 46.92 115.1406864 5402.40101 2.05935 2048.32811
3 1998 49.67 115.1406864 5719.03790 2.21902 2166.16242
4 1998 50.23 115.1406864 5783.51668 2.34668 2188.23795
5 1998 41.91 136.9819763 5740.91463 2.37059 2169.74854
6 1998 45.66 136.9819763 6254.59704 2.35056 2361.54155
7 1998 46.65 136.9819763 6390.20919 2.55834 2410.18615
8 1998 38.66 136.9819763 5295.72320 2.61103 1994.76939
9 1998 42.26 136.9819763 5788.85832 2.16100 2178.36032
10 1998 44.21 136.9819763 6055.97317 2.35989 2276.51635
11 1998 47.46 136.9819763 6501.16459 2.46623 2441.40317
12 1998 53.22 136.9819763 7290.18078 2.64485 2735.06009
1 1999 57.00 136.9819763 7807.97265 2.96298 2926.35729
2 1999 55.33 136.9819763 7579.21275 3.17022 2837.44994
3 1999 59.06 136.9819763 8090.15552 3.07390 3025.65903
4 1999 59.03 136.9819763 8086.04606 3.27780 3020.84433
5 1999 50.97 151.4466175 7719.23410 3.27258 2880.53545
6 1999 55.84 151.4466175 8456.77912 3.12058 3152.63966
7 1999 53.98 151.4466175 8175.08841 3.41536 3044.21159
8 1999 53.28 151.4466175 8069.07578 3.29790 3001.43707
9 1999 52.92 151.4466175 8014.55500 3.25156 2977.90553
10 1999 56.04 151.4466175 8487.06845 3.22606 3150.24759
11 1999 59.35 151.4466175 8988.35675 3.41277 3332.90405
12 1999 64.38 151.4466175 9750.13324 3.61065 3611.76194
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 284.92%
GROSS ANNUAL RETURN = 30.94%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 3611.76 3519.66
TOTAL RETURN 261.18% 251.97%
AVERAGE ANNUAL RETURN 29.28% 28.62%
Return for 10 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1989 12.41 100.0000000 1241.00000 1000.00000
1 1990 11.27 100.0000000 1127.00000 1.08333 907.05526
2 1990 11.24 100.0000000 1124.00000 0.98264 903.65810
3 1990 11.74 100.0000000 1174.00000 0.97896 942.87745
4 1990 11.75 100.4926108 1180.78818 1.02145 947.30781
5 1990 13.27 100.4926108 1333.53695 1.02625 1068.82691
6 1990 13.63 100.4926108 1369.71429 1.15790 1096.66507
7 1990 13.12 100.4926108 1318.46305 1.18805 1054.44259
8 1990 11.93 100.4926108 1198.87685 1.14231 957.66105
9 1990 11.42 100.4926108 1147.62562 1.03747 915.68418
10 1990 11.74 100.4926108 1179.78325 0.99199 940.35058
11 1990 12.43 100.4926108 1249.12315 1.01871 994.59950
12 1990 12.86 100.4926108 1292.33498 1.07748 1027.92891
1 1991 13.73 100.4926108 1379.76355 1.11359 1096.35639
2 1991 14.76 100.4926108 1483.27094 1.18772 1177.41537
3 1991 15.33 100.4926108 1540.55172 1.27553 1221.60913
4 1991 14.98 100.7921132 1509.86586 1.32341 1195.95279
5 1991 15.50 100.7921132 1562.27776 1.29562 1236.17222
6 1991 14.67 100.7921132 1478.62030 1.33919 1168.63801
7 1991 15.81 100.7921132 1593.52331 1.26602 1258.18639
8 1991 16.43 100.7921132 1656.01442 1.36304 1306.16400
9 1991 16.59 100.7921132 1672.14116 1.41501 1317.46878
10 1991 16.30 100.7921132 1642.91145 1.42726 1293.01163
11 1991 16.00 100.7921132 1612.67381 1.40076 1267.81310
12 1991 18.00 100.7921132 1814.25804 1.37346 1424.91628
1 1992 18.60 100.7921132 1874.73331 1.54366 1470.86983
2 1992 18.73 100.7921132 1887.83628 1.59344 1479.55666
3 1992 17.57 100.7921132 1770.91743 1.60285 1386.32083
4 1992 17.10 101.0833169 1728.52472 1.50185 1351.63285
5 1992 17.04 101.0833169 1722.45972 1.46427 1345.42601
6 1992 16.54 101.0833169 1671.91806 1.45754 1304.49000
7 1992 17.36 101.0833169 1754.80638 1.41320 1367.74922
8 1992 17.03 101.0833169 1721.44889 1.48173 1340.26765
9 1992 17.66 101.0833169 1785.13138 1.45196 1388.39694
10 1992 18.31 101.0833169 1850.83553 1.50410 1437.99466
11 1992 19.38 101.0833169 1958.99468 1.55783 1520.47038
12 1992 20.17 101.0833169 2038.85050 1.64718 1580.80316
1 1993 20.90 101.0833169 2112.64132 1.71254 1636.30363
2 1993 19.96 101.0833169 2017.62300 1.77266 1560.93645
3 1993 20.59 101.0833169 2081.30549 1.69101 1608.51347
4 1993 19.70 101.2120526 1993.87744 1.74256 1539.20312
5 1993 20.98 101.2120526 2123.42886 1.66747 1637.54479
6 1993 21.20 101.2120526 2145.69552 1.77401 1652.94237
7 1993 21.32 101.2120526 2157.84096 1.79069 1660.50796
8 1993 22.50 101.2120526 2277.27118 1.79888 1750.61336
9 1993 23.30 101.2120526 2358.24083 1.89650 1810.96090
10 1993 23.68 101.2120526 2396.70141 1.96187 1838.53401
11 1993 23.29 101.2120526 2357.22871 1.99175 1806.26235
12 1993 24.67 101.2120526 2496.90134 1.95678 1911.33185
1 1994 25.75 101.2120526 2606.21035 2.07061 1992.93527
2 1994 25.50 101.2120526 2580.90734 2.15901 1971.42737
3 1994 23.64 101.2120526 2392.65292 2.13571 1825.49343
4 1994 23.94 101.2120526 2423.01654 1.97762 1846.68197
5 1994 21.72 109.5119128 2378.59875 2.00057 1810.82874
6 1994 20.68 109.5119128 2264.70636 1.96173 1722.16066
7 1994 21.42 109.5119128 2345.74517 1.86567 1781.91969
8 1994 23.15 109.5119128 2535.20078 1.93041 1923.90717
9 1994 22.44 109.5119128 2457.44732 2.08423 1862.81757
10 1994 23.48 109.5119128 2571.33971 2.01805 1947.13331
11 1994 22.58 109.5119128 2472.77899 2.10939 1870.38934
12 1994 23.13 109.5119128 2533.01054 2.02626 1913.92172
1 1995 23.07 109.5119128 2526.43983 2.07342 1906.88353
2 1995 24.14 109.5119128 2643.61757 2.06579 1993.26010
3 1995 24.71 109.5119128 2706.03936 2.15937 2038.16612
4 1995 26.05 109.5119128 2852.78533 2.20801 2146.48593
5 1995 26.27 110.8533915 2912.11860 2.32536 2188.80397
6 1995 28.60 110.8533915 3170.40700 2.37120 2380.56726
7 1995 30.91 110.8533915 3426.47833 2.57895 2570.26490
8 1995 31.52 110.8533915 3494.09890 2.78445 2618.20389
9 1995 32.73 110.8533915 3628.23150 2.83639 2715.87596
10 1995 31.63 110.8533915 3506.29277 2.94220 2621.65776
11 1995 31.59 110.8533915 3501.85864 2.84013 2615.50223
12 1995 31.16 110.8533915 3454.19168 2.83346 2577.06680
1 1996 32.17 110.8533915 3566.15361 2.79182 2657.80635
2 1996 33.26 110.8533915 3686.98380 2.87929 2744.98018
3 1996 32.70 110.8533915 3624.90590 2.97373 2695.78911
4 1996 33.53 110.8533915 3716.91422 2.92044 2761.29390
5 1996 33.06 114.0494069 3770.47339 2.99140 2798.09158
6 1996 32.25 114.0494069 3678.09337 3.03127 2726.50454
7 1996 29.89 114.0494069 3408.93677 2.95371 2524.02987
8 1996 31.14 114.0494069 3551.49853 2.73437 2626.85045
9 1996 33.15 114.0494069 3780.73784 2.84575 2793.56055
10 1996 33.47 114.0494069 3817.23365 3.02636 2817.50069
11 1996 35.37 114.0494069 4033.92752 3.05229 2974.39018
12 1996 34.33 114.0494069 3915.31614 3.22226 2883.71059
1 1997 36.86 114.0494069 4203.86114 3.12402 3093.10588
2 1997 35.51 114.0494069 4049.89444 3.35086 2976.46980
3 1997 34.09 114.0494069 3887.94428 3.22451 2854.22003
4 1997 35.60 114.0494069 4060.15889 3.09207 2977.55425
5 1997 37.43 115.1406864 4309.71589 3.22568 3157.34345
6 1997 39.53 115.1406864 4551.51133 3.42046 3331.06490
7 1997 43.66 115.1406864 5027.04237 3.60865 3675.47795
8 1997 41.90 115.1406864 4824.39476 3.98177 3523.33216
9 1997 44.28 115.1406864 5098.42960 3.81694 3719.64721
10 1997 42.19 115.1406864 4857.78556 4.02962 3540.05159
11 1997 42.92 115.1406864 4941.83826 3.83506 3597.46891
12 1997 42.76 115.1406864 4923.41575 3.89726 3580.16077
1 1998 43.50 115.1406864 5008.61986 3.87851 3638.24014
2 1998 46.92 115.1406864 5402.40101 3.94143 3920.33966
3 1998 49.67 115.1406864 5719.03790 4.24703 4145.86531
4 1998 50.23 115.1406864 5783.51668 4.49135 4188.11614
5 1998 41.91 136.9819763 5740.91463 4.53713 4152.72887
6 1998 45.66 136.9819763 6254.59704 4.49879 4519.80568
7 1998 46.65 136.9819763 6390.20919 4.89646 4612.90763
8 1998 38.66 136.9819763 5295.72320 4.99732 3817.83246
9 1998 42.26 136.9819763 5788.85832 4.13599 4169.21114
10 1998 44.21 136.9819763 6055.97317 4.51665 4357.07409
11 1998 47.46 136.9819763 6501.16459 4.72016 4672.65455
12 1998 53.22 136.9819763 7290.18078 5.06204 5234.69092
1 1999 57.00 136.9819763 7807.97265 5.67091 5600.81879
2 1999 55.33 136.9819763 7579.21275 6.06755 5430.65707
3 1999 59.06 136.9819763 8090.15552 5.88321 5790.87455
4 1999 59.03 136.9819763 8086.04606 6.27345 5781.65958
5 1999 50.97 151.4466175 7719.23410 6.26346 5513.11936
6 1999 55.84 151.4466175 8456.77912 5.97255 6033.90552
7 1999 53.98 151.4466175 8175.08841 6.53673 5826.38268
8 1999 53.28 151.4466175 8069.07578 6.31191 5744.51560
9 1999 52.92 151.4466175 8014.55500 6.22323 5699.47808
10 1999 56.04 151.4466175 8487.06845 6.17443 6029.32730
11 1999 59.35 151.4466175 8988.35675 6.53177 6378.91747
12 1999 64.38 151.4466175 9750.13324 6.91049 6912.62963
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 685.67%
GROSS ANNUAL RETURN = 22.89%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 6912.63 6912.63
TOTAL RETURN 591.26% 591.26%
AVERAGE ANNUAL RETURN 21.33% 21.33%
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
1 1999 57.00 136.9819763 7807.97265 6.94822 6862.33883
2 1999 55.33 136.9819763 7579.21275 7.43420 6653.85014
3 1999 59.06 136.9819763 8090.15552 7.20834 7095.20245
4 1999 59.03 136.9819763 8086.04606 7.68647 7083.91192
5 1999 50.97 151.4466175 7719.23410 7.67424 6754.88611
6 1999 55.84 151.4466175 8456.77912 7.31779 7392.97336
7 1999 53.98 151.4466175 8175.08841 8.00905 7138.70839
8 1999 53.28 151.4466175 8069.07578 7.73360 7038.40169
9 1999 52.92 151.4466175 8014.55500 7.62493 6983.21999
10 1999 56.04 151.4466175 8487.06845 7.56515 7387.36395
11 1999 59.35 151.4466175 8988.35675 8.00298 7815.69528
12 1999 64.38 151.4466175 9750.13324 8.46700 8469.61997
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 875.01%
GROSS ANNUAL RETURN = 23.06%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 8469.62 8469.62
TOTAL RETURN 746.96% 746.96%
AVERAGE ANNUAL RETURN 21.49% 21.49%
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
1 1999 57.00 136.9819763 7807.97265 1.96653 1942.22638
2 1999 55.33 136.9819763 7579.21275 2.10408 1883.21848
3 1999 59.06 136.9819763 8090.15552 2.04015 2008.13305
4 1999 59.03 136.9819763 8086.04606 2.17548 2004.93752
5 1999 50.97 151.4466175 7719.23410 2.17202 1911.81437
6 1999 55.84 151.4466175 8456.77912 2.07113 2092.41022
7 1999 53.98 151.4466175 8175.08841 2.26678 2020.44640
8 1999 53.28 151.4466175 8069.07578 2.18882 1992.05691
9 1999 52.92 151.4466175 8014.55500 2.15806 1976.43900
10 1999 56.04 151.4466175 8487.06845 2.14114 2090.82261
11 1999 59.35 151.4466175 8988.35675 2.26506 2212.05189
12 1999 64.38 151.4466175 9750.13324 2.39639 2397.13016
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 149.03%
GROSS ANNUAL RETURN = 34.88%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2397.13 2295.25
TOTAL RETURN 139.71% 129.53%
AVERAGE ANNUAL RETURN 33.20% 31.32%
<PAGE>
Alger American Small Capitalization
12/1999
Assume ($10000 @ $10.00 on 9/21/1988)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/88 0.0650000000 9.60 0.677 100.677083
4/90 0.1400000000 16.33 0.863 101.540206
4/91 0.0200000000 22.07 0.092 101.632222
4/92 0.3810000000 21.55 1.797 103.429061
5/94 2.0910000000 25.74 8.402 111.831166
5/96 0.1640000000 45.19 0.406 112.237015
5/97 1.5570000000 37.42 4.670 116.907058
5/98 6.0570000000 40.51 17.480 134.386842
5/99 5.6800000000 39.60 19.276 153.662531
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 43.97 134.3868421 5908.98945 1000.00000
1 1999 44.47 134.3868421 5976.18287 1.08333 1010.28806
2 1999 42.46 134.3868421 5706.06532 1.09448 963.52956
3 1999 44.28 134.3868421 5950.64937 1.04382 1003.78634
4 1999 45.36 134.3868421 6095.78716 1.08744 1027.18150
5 1999 39.59 153.6625306 6083.49959 1.11278 1023.99818
6 1999 43.58 153.6625306 6696.61308 1.10933 1126.09048
7 1999 41.62 153.6625306 6395.43452 1.21993 1074.22490
8 1999 40.61 153.6625306 6240.23537 1.16374 1046.99275
9 1999 42.08 153.6625306 6466.11929 1.13424 1083.75753
10 1999 44.05 153.6625306 6768.83447 1.17407 1133.32021
11 1999 48.17 153.6625306 7401.92410 1.22776 1238.09198
12 1999 55.15 153.6625306 8474.48856 1.34127 1416.15453
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 43.42%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1416.15 1331.89
TOTAL RETURN 41.62% 33.19%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 43.97 134.3868421 5908.98945 1000.00000
1 1999 44.47 134.3868421 5976.18287 1.08333 1010.28806
2 1999 42.46 134.3868421 5706.06532 1.09448 963.52956
3 1999 44.28 134.3868421 5950.64937 1.04382 1003.78634
4 1999 45.36 134.3868421 6095.78716 1.08744 1027.18150
5 1999 39.59 153.6625306 6083.49959 1.11278 1023.99818
6 1999 43.58 153.6625306 6696.61308 1.10933 1126.09048
7 1999 41.62 153.6625306 6395.43452 1.21993 1074.22490
8 1999 40.61 153.6625306 6240.23537 1.16374 1046.99275
9 1999 42.08 153.6625306 6466.11929 1.13424 1083.75753
10 1999 44.05 153.6625306 6768.83447 1.17407 1133.32021
11 1999 48.17 153.6625306 7401.92410 1.22776 1238.09198
12 1999 55.15 153.6625306 8474.48856 1.34127 1416.15453
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 43.42%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1416.15 1331.89
TOTAL RETURN 41.62% 33.19%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 40.91 112.2370145 4591.61626 1000.00000
1 1997 41.55 112.2370145 4663.44795 1.08333 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
1 1999 44.47 134.3868421 5976.18287 1.35862 1267.01722
2 1999 42.46 134.3868421 5706.06532 1.37260 1208.37669
3 1999 44.28 134.3868421 5950.64937 1.30907 1258.86332
4 1999 45.36 134.3868421 6095.78716 1.36377 1288.20354
5 1999 39.59 153.6625306 6083.49959 1.39555 1284.21129
6 1999 43.58 153.6625306 6696.61308 1.39123 1412.24676
7 1999 41.62 153.6625306 6395.43452 1.52993 1347.20137
8 1999 40.61 153.6625306 6240.23537 1.45947 1313.04912
9 1999 42.08 153.6625306 6466.11929 1.42247 1359.15638
10 1999 44.05 153.6625306 6768.83447 1.47242 1421.31367
11 1999 48.17 153.6625306 7401.92410 1.53976 1552.70949
12 1999 55.15 153.6625306 8474.48856 1.68210 1776.02038
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 84.56%
GROSS ANNUAL RETURN = 22.66%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1776.02 1700.54
TOTAL RETURN 77.60% 70.05%
AVERAGE ANNUAL RETURN 21.10% 19.36%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 27.31 111.8311656 3054.10913 1000.00000
1 1995 26.84 111.8311656 3001.54849 1.08333 981.70685
2 1995 28.76 111.8311656 3216.26432 1.06352 1050.86976
3 1995 29.59 111.8311656 3309.08419 1.13844 1080.05892
4 1995 30.89 111.8311656 3454.46471 1.17006 1126.33991
5 1995 32.07 111.8311656 3586.42548 1.22020 1168.14596
6 1995 36.02 111.8311656 4028.15859 1.26549 1310.75876
7 1995 41.18 111.8311656 4605.20740 1.41999 1497.10987
8 1995 41.72 111.8311656 4665.59623 1.62187 1515.11985
9 1995 42.83 111.8311656 4789.72882 1.64138 1553.78966
10 1995 40.83 111.8311656 4566.06649 1.68327 1479.55025
11 1995 40.76 111.8311656 4558.23831 1.60285 1475.41083
12 1995 39.41 111.8311656 4407.26624 1.59836 1424.94582
1 1996 39.55 111.8311656 4422.92260 1.54369 1428.46410
2 1996 41.24 111.8311656 4611.91727 1.54750 1487.95590
3 1996 40.87 111.8311656 4570.53974 1.61195 1472.99420
4 1996 44.02 111.8311656 4922.80791 1.59574 1584.92749
5 1996 45.10 112.2370145 5061.88935 1.71700 1627.98859
6 1996 42.33 112.2370145 4750.99282 1.76365 1526.23539
7 1996 37.34 112.2370145 4190.93012 1.65342 1344.66431
8 1996 39.67 112.2370145 4452.44237 1.45672 1427.11407
9 1996 42.45 112.2370145 4764.46127 1.54604 1525.57753
10 1996 40.49 112.2370145 4544.47672 1.65271 1453.48591
11 1996 41.18 112.2370145 4621.92026 1.57461 1476.68051
12 1996 40.91 112.2370145 4591.61626 1.59974 1465.39879
1 1997 41.55 112.2370145 4663.44795 1.58752 1486.73612
2 1997 38.60 112.2370145 4332.34876 1.61063 1379.56901
3 1997 36.06 112.2370145 4047.26674 1.49453 1287.29455
4 1997 35.68 112.2370145 4004.61668 1.39457 1272.33448
5 1997 37.56 116.9070581 4391.02910 1.37836 1393.72588
6 1997 39.53 116.9070581 4621.33601 1.50987 1465.31612
7 1997 43.50 116.9070581 5085.45703 1.58743 1610.89047
8 1997 43.38 116.9070581 5071.42818 1.74513 1604.70150
9 1997 46.66 116.9070581 5454.88333 1.73843 1724.29597
10 1997 43.95 116.9070581 5138.06520 1.86799 1622.28135
11 1997 43.44 116.9070581 5078.44260 1.75747 1601.69877
12 1997 43.75 116.9070581 5114.68379 1.73517 1611.39377
1 1998 42.94 116.9070581 5019.98908 1.74568 1579.81428
2 1998 46.10 116.9070581 5389.41538 1.71147 1694.36302
3 1998 48.62 116.9070581 5684.02117 1.83556 1785.14774
4 1998 48.75 116.9070581 5699.21908 1.93391 1787.98695
5 1998 40.51 134.3868421 5444.01098 1.93699 1705.98483
6 1998 43.13 134.3868421 5796.10450 1.84815 1814.47191
7 1998 40.70 134.3868421 5469.54448 1.96568 1710.27654
8 1998 32.72 134.3868421 4397.13747 1.85280 1373.09188
9 1998 35.27 134.3868421 4739.82392 1.48752 1478.61488
10 1998 36.44 134.3868421 4897.05653 1.60183 1526.06265
11 1998 39.00 134.3868421 5241.08684 1.65323 1631.61909
12 1998 43.97 134.3868421 5908.98945 1.76759 1837.77834
1 1999 44.47 134.3868421 5976.18287 1.99093 1856.68551
2 1999 42.46 134.3868421 5706.06532 2.01141 1770.75375
3 1999 44.28 134.3868421 5950.64937 1.91832 1844.73680
4 1999 45.36 134.3868421 6095.78716 1.99846 1887.73191
5 1999 39.59 153.6625306 6083.49959 2.04504 1881.88168
6 1999 43.58 153.6625306 6696.61308 2.03871 2069.50470
7 1999 41.62 153.6625306 6395.43452 2.24196 1974.18726
8 1999 40.61 153.6625306 6240.23537 2.13870 1924.14060
9 1999 42.08 153.6625306 6466.11929 2.08449 1991.70612
10 1999 44.05 153.6625306 6768.83447 2.15768 2082.79134
11 1999 48.17 153.6625306 7401.92410 2.25636 2275.33862
12 1999 55.15 153.6625306 8474.48856 2.46495 2602.57812
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 177.48%
GROSS ANNUAL RETURN = 22.64%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2602.58 2536.21
TOTAL RETURN 160.26% 153.62%
AVERAGE ANNUAL RETURN 21.08% 20.46%
Return for 10 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1989 15.79 100.6770833 1589.69115 1000.00000
1 1990 14.39 100.6770833 1448.74323 1.08333 910.25296
2 1990 15.15 100.6770833 1525.25781 0.98611 957.34136
3 1990 16.04 100.6770833 1614.86042 1.03712 1012.54410
4 1990 15.85 101.5402059 1609.41226 1.09692 1008.03109
5 1990 18.05 101.5402059 1832.80072 1.09203 1146.85505
6 1990 18.24 101.5402059 1852.09336 1.24243 1157.68478
7 1990 17.23 101.5402059 1749.53775 1.25416 1092.32636
8 1990 15.63 101.5402059 1587.07342 1.18335 989.70818
9 1990 14.46 101.5402059 1468.27138 1.07218 914.55035
10 1990 14.22 101.5402059 1443.90173 0.99076 898.38033
11 1990 15.75 101.5402059 1599.25824 0.97325 994.06826
12 1990 17.02 101.5402059 1728.21430 1.07691 1073.14797
1 1991 18.25 101.5402059 1853.10876 1.16258 1149.53956
2 1991 19.58 101.5402059 1988.15723 1.24533 1232.06889
3 1991 21.40 101.5402059 2172.96041 1.33474 1345.25741
4 1991 20.56 101.6322224 2089.55849 1.45736 1292.16678
5 1991 21.70 101.6322224 2205.41923 1.39985 1362.41431
6 1991 20.17 101.6322224 2049.92193 1.47595 1264.87874
7 1991 21.85 101.6322224 2220.66406 1.37029 1368.86276
8 1991 22.01 101.6322224 2236.92522 1.48293 1377.40353
9 1991 22.65 101.6322224 2301.96984 1.49219 1415.96306
10 1991 23.75 101.6322224 2413.76528 1.53396 1483.19552
11 1991 22.82 101.6322224 2319.24732 1.60680 1423.50991
12 1991 26.79 101.6322224 2722.72724 1.54214 1669.61608
1 1992 27.52 101.6322224 2796.91876 1.80875 1713.30265
2 1992 27.27 101.6322224 2771.51071 1.85608 1695.88241
3 1992 24.23 101.6322224 2462.54875 1.83721 1504.99194
4 1992 22.15 103.4290612 2290.95371 1.63041 1398.49086
5 1992 22.15 103.4290612 2290.95371 1.51503 1396.97582
6 1992 21.21 103.4290612 2193.73039 1.51339 1336.17768
7 1992 22.06 103.4290612 2281.64509 1.44753 1388.27806
8 1992 21.67 103.4290612 2241.30776 1.50397 1362.23064
9 1992 22.87 103.4290612 2365.42263 1.47575 1436.18991
10 1992 23.93 103.4290612 2475.05744 1.55587 1501.19990
11 1992 25.96 103.4290612 2685.01843 1.62630 1626.92152
12 1992 27.26 103.4290612 2819.47621 1.76250 1706.63044
1 1993 26.52 103.4290612 2742.93870 1.84885 1658.45340
2 1993 24.38 103.4290612 2521.60051 1.79666 1522.82981
3 1993 24.96 103.4290612 2581.58937 1.64973 1557.40819
4 1993 24.29 103.4290612 2512.29190 1.68719 1513.91557
5 1993 26.36 103.4290612 2726.39005 1.64008 1641.29176
6 1993 26.72 103.4290612 2763.62452 1.77807 1661.92891
7 1993 26.72 103.4290612 2763.62452 1.80042 1660.12849
8 1993 28.89 103.4290612 2988.06558 1.79847 1793.15332
9 1993 30.17 103.4290612 3120.45478 1.94258 1870.65817
10 1993 30.16 103.4290612 3119.42049 2.02655 1868.01158
11 1993 29.06 103.4290612 3005.64852 2.02368 1797.85751
12 1993 30.88 103.4290612 3193.88941 1.94768 1908.50793
1 1994 30.54 103.4290612 3158.72353 2.06755 1885.42701
2 1994 30.23 103.4290612 3126.66052 2.04255 1864.24621
3 1994 28.11 103.4290612 2907.39091 2.01960 1731.48887
4 1994 28.37 103.4290612 2934.28247 1.87578 1745.62828
5 1994 25.48 111.8311656 2849.45810 1.89110 1693.27448
6 1994 24.29 111.8311656 2716.37901 1.83438 1612.35860
7 1994 24.74 111.8311656 2766.70304 1.74672 1640.48267
8 1994 26.69 111.8311656 2984.77381 1.77719 1768.00787
9 1994 26.52 111.8311656 2965.76251 1.91534 1754.83133
10 1994 27.76 111.8311656 3104.43316 1.90107 1834.98120
11 1994 26.40 111.8311656 2952.34277 1.98790 1743.09509
12 1994 27.31 111.8311656 3054.10913 1.88835 1801.29070
1 1995 26.84 111.8311656 3001.54849 1.95140 1768.33942
2 1995 28.76 111.8311656 3216.26432 1.91570 1892.92192
3 1995 29.59 111.8311656 3309.08419 2.05067 1945.50009
4 1995 30.89 111.8311656 3454.46471 2.10763 2028.86560
5 1995 32.07 111.8311656 3586.42548 2.19794 2104.17046
6 1995 36.02 111.8311656 4028.15859 2.27952 2361.05755
7 1995 41.18 111.8311656 4605.20740 2.55781 2696.73009
8 1995 41.72 111.8311656 4665.59623 2.92146 2729.17129
9 1995 42.83 111.8311656 4789.72882 2.95660 2798.82686
10 1995 40.83 111.8311656 4566.06649 3.03206 2665.10011
11 1995 40.76 111.8311656 4558.23831 2.88719 2657.64380
12 1995 39.41 111.8311656 4407.26624 2.87911 2566.74164
1 1996 39.55 111.8311656 4422.92260 2.78064 2573.07910
2 1996 41.24 111.8311656 4611.91727 2.78750 2680.24112
3 1996 40.87 111.8311656 4570.53974 2.90359 2653.29074
4 1996 44.02 111.8311656 4922.80791 2.87440 2854.91514
5 1996 45.10 112.2370145 5061.88935 3.09282 2932.48070
6 1996 42.33 112.2370145 4750.99282 3.17685 2749.19361
7 1996 37.34 112.2370145 4190.93012 2.97829 2422.13131
8 1996 39.67 112.2370145 4452.44237 2.62398 2570.64729
9 1996 42.45 112.2370145 4764.46127 2.78487 2748.00861
10 1996 40.49 112.2370145 4544.47672 2.97701 2618.15064
11 1996 41.18 112.2370145 4621.92026 2.83633 2659.93086
12 1996 40.91 112.2370145 4591.61626 2.88159 2639.60921
1 1997 41.55 112.2370145 4663.44795 2.85958 2678.04394
2 1997 38.60 112.2370145 4332.34876 2.90121 2485.00483
3 1997 36.06 112.2370145 4047.26674 2.69209 2318.79170
4 1997 35.68 112.2370145 4004.61668 2.51202 2291.84426
5 1997 37.56 116.9070581 4391.02910 2.48283 2510.50547
6 1997 39.53 116.9070581 4621.33601 2.71971 2639.46030
7 1997 43.50 116.9070581 5085.45703 2.85942 2901.68202
8 1997 43.38 116.9070581 5071.42818 3.14349 2890.53389
9 1997 46.66 116.9070581 5454.88333 3.13141 3105.95829
10 1997 43.95 116.9070581 5138.06520 3.36479 2922.20030
11 1997 43.44 116.9070581 5078.44260 3.16572 2885.12509
12 1997 43.75 116.9070581 5114.68379 3.12555 2902.58860
1 1998 42.94 116.9070581 5019.98908 3.14447 2845.70477
2 1998 46.10 116.9070581 5389.41538 3.08285 3052.04035
3 1998 48.62 116.9070581 5684.02117 3.30638 3215.57002
4 1998 48.75 116.9070581 5699.21908 3.48353 3220.68426
5 1998 40.51 134.3868421 5444.01098 3.48907 3072.97460
6 1998 43.13 134.3868421 5796.10450 3.32906 3268.39137
7 1998 40.70 134.3868421 5469.54448 3.54076 3080.70522
8 1998 32.72 134.3868421 4397.13747 3.33743 2473.33762
9 1998 35.27 134.3868421 4739.82392 2.67945 2663.41523
10 1998 36.44 134.3868421 4897.05653 2.88537 2748.88245
11 1998 39.00 134.3868421 5241.08684 2.97796 2939.02028
12 1998 43.97 134.3868421 5908.98945 3.18394 3310.37303
1 1999 44.47 134.3868421 5976.18287 3.58624 3344.43033
2 1999 42.46 134.3868421 5706.06532 3.62313 3189.64226
3 1999 44.28 134.3868421 5950.64937 3.45545 3322.90723
4 1999 45.36 134.3868421 6095.78716 3.59982 3400.35393
5 1999 39.59 153.6625306 6083.49959 3.68372 3389.81596
6 1999 43.58 153.6625306 6696.61308 3.67230 3727.77957
7 1999 41.62 153.6625306 6395.43452 4.03843 3556.08515
8 1999 40.61 153.6625306 6240.23537 3.85243 3465.93657
9 1999 42.08 153.6625306 6466.11929 3.75476 3587.64171
10 1999 44.05 153.6625306 6768.83447 3.88661 3751.71266
11 1999 48.17 153.6625306 7401.92410 4.06436 4098.54629
12 1999 55.15 153.6625306 8474.48856 4.44009 4687.99976
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 433.09%
GROSS ANNUAL RETURN = 18.22%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 4688.00 4688.00
TOTAL RETURN 368.80% 368.80%
AVERAGE ANNUAL RETURN 16.71% 16.71%
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
1 1999 44.47 134.3868421 5976.18287 5.60567 5227.69647
2 1999 42.46 134.3868421 5706.06532 5.66334 4985.74643
3 1999 44.28 134.3868421 5950.64937 5.40123 5194.05360
4 1999 45.36 134.3868421 6095.78716 5.62689 5315.11094
5 1999 39.59 153.6625306 6083.49959 5.75804 5298.63898
6 1999 43.58 153.6625306 6696.61308 5.74019 5826.91166
7 1999 41.62 153.6625306 6395.43452 6.31249 5558.53522
8 1999 40.61 153.6625306 6240.23537 6.02175 5417.62350
9 1999 42.08 153.6625306 6466.11929 5.86909 5607.86144
10 1999 44.05 153.6625306 6768.83447 6.07518 5864.32160
11 1999 48.17 153.6625306 7401.92410 6.35301 6406.45905
12 1999 55.15 153.6625306 8474.48856 6.94033 7327.83685
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 747.45%
GROSS ANNUAL RETURN = 20.87%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 7327.84 7327.84
TOTAL RETURN 632.78% 632.78%
AVERAGE ANNUAL RETURN 19.32% 19.32%
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
1 1999 44.47 134.3868421 5976.18287 1.35862 1267.01722
2 1999 42.46 134.3868421 5706.06532 1.37260 1208.37669
3 1999 44.28 134.3868421 5950.64937 1.30907 1258.86332
4 1999 45.36 134.3868421 6095.78716 1.36377 1288.20354
5 1999 39.59 153.6625306 6083.49959 1.39555 1284.21129
6 1999 43.58 153.6625306 6696.61308 1.39123 1412.24676
7 1999 41.62 153.6625306 6395.43452 1.52993 1347.20137
8 1999 40.61 153.6625306 6240.23537 1.45947 1313.04912
9 1999 42.08 153.6625306 6466.11929 1.42247 1359.15638
10 1999 44.05 153.6625306 6768.83447 1.47242 1421.31367
11 1999 48.17 153.6625306 7401.92410 1.53976 1552.70949
12 1999 55.15 153.6625306 8474.48856 1.68210 1776.02038
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 84.56%
GROSS ANNUAL RETURN = 22.26%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1776.02 1700.54
TOTAL RETURN 77.60% 70.05%
AVERAGE ANNUAL RETURN 20.73% 19.02%
<PAGE>
Federated Prime Money
12/1999
Assume ($10000 @ $10.00 on 11/21/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
10/94 0.0000000000 1.00 0.000 100.000000
11/94 0.0012659720 1.00 0.127 100.126597
12/94 0.0037707980 1.00 0.378 100.504154
1/95 0.0037829400 1.00 0.380 100.884356
2/95 0.0038735110 1.00 0.391 101.275132
3/95 0.0044113260 1.00 0.447 101.721890
4/95 0.0042677160 1.00 0.434 102.156010
5/95 0.0045457280 1.00 0.464 102.620383
6/95 0.0043985090 1.00 0.451 103.071760
7/95 0.0043850150 1.00 0.452 103.523731
8/95 0.0043262630 1.00 0.448 103.971602
9/95 0.0041606740 1.00 0.433 104.404194
10/95 0.0042481520 1.00 0.444 104.847719
11/95 0.0041265140 1.00 0.433 105.280375
12/95 0.0042405070 1.00 0.446 105.726817
1/96 0.0039644280 1.00 0.419 106.145963
2/96 0.0036463730 1.00 0.387 106.533011
3/96 0.0038803070 1.00 0.413 106.946392
4/96 0.0037531920 1.00 0.401 107.347782
5/96 0.0038792420 1.00 0.416 107.764210
6/96 0.0037639920 1.00 0.406 108.169834
7/96 0.0039246140 1.00 0.425 108.594359
8/96 0.0039447460 1.00 0.428 109.022736
9/96 0.0035630470 1.00 0.388 109.411189
10/96 0.0039363050 1.00 0.431 109.841865
11/96 0.0038677480 1.00 0.425 110.266705
12/96 0.0039950720 1.00 0.441 110.707229
1/97 0.0039476070 1.00 0.437 111.144257
2/97 0.0035105160 1.00 0.390 111.534431
3/97 0.0039524920 1.00 0.441 111.975270
4/97 0.0038910440 1.00 0.436 112.410971
5/97 0.0040826040 1.00 0.459 112.869900
6/97 0.0040162330 1.00 0.453 113.323212
7/97 0.0041567170 1.00 0.471 113.794264
8/97 0.0041616600 1.00 0.474 114.267838
9/97 0.0040263600 1.00 0.460 114.727921
10/97 0.0041704510 1.00 0.478 115.206388
11/97 0.0040698850 1.00 0.469 115.675265
12/97 0.0042698450 1.00 0.494 116.169180
1/98 0.0042412960 1.00 0.493 116.661888
2/98 0.0037723400 1.00 0.440 117.101977
3/98 0.0041885600 1.00 0.490 117.592465
4/98 0.0040065850 1.00 0.471 118.063609
5/98 0.0041321570 1.00 0.488 118.551467
6/98 0.0040199110 1.00 0.477 119.028033
7/98 0.0041630600 1.00 0.496 119.523554
8/98 0.0041412200 1.00 0.495 120.018527
9/98 0.0039845110 1.00 0.478 120.496742
10/98 0.0039935070 1.00 0.481 120.977947
11/98 0.0037441480 1.00 0.453 121.430906
12/98 0.0037968280 1.00 0.461 121.891959
1/99 0.0037577460 1.00 0.458 122.349998
2/99 0.0032804910 1.00 0.401 122.751366
3/99 0.0036061150 1.00 0.443 123.194021
4/99 0.0034557690 1.00 0.426 123.619751
5/99 0.0036217100 1.00 0.448 124.067466
6/99 0.0035657240 1.00 0.442 124.509857
7/99 0.0037650200 1.00 0.469 124.978639
8/99 0.0039044250 1.00 0.488 125.466608
9/99 0.0038986980 1.00 0.489 125.955765
10/99 0.0040849430 1.00 0.515 126.470287
11/99 0.0038243960 1.00 0.484 126.953959
12/99 0.0043464291 1.00 0.552 127.505756
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 1.00 121.8919586 121.89196 1000.00000
1 1999 1.00 122.3499976 122.35000 1.08333 1002.67441
2 1999 1.00 122.7513657 122.75137 1.08623 1004.87745
3 1999 1.00 123.1940213 123.19402 1.08862 1007.41253
4 1999 1.00 123.6197513 123.61975 1.09136 1009.80255
5 1999 1.00 124.0674662 124.06747 1.09395 1012.36581
6 1999 1.00 124.5098566 124.50986 1.09673 1014.87890
7 1999 1.00 124.9786387 124.97864 1.09945 1017.60049
8 1999 1.00 125.4666084 125.46661 1.10240 1020.47123
9 1999 1.00 125.9557648 125.95576 1.10551 1023.34423
10 1999 1.00 126.4702869 126.47029 1.10862 1026.41591
11 1999 1.00 126.9539594 126.95396 1.11195 1029.22938
12 1999 1.00 127.5057558 127.50576 1.11500 1032.58786
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 4.61%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1032.59 971.15
TOTAL RETURN 3.26% -2.89%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 1.00 121.8919586 121.89196 1000.00000
1 1999 1.00 122.3499976 122.35000 1.08333 1002.67441
2 1999 1.00 122.7513657 122.75137 1.08623 1004.87745
3 1999 1.00 123.1940213 123.19402 1.08862 1007.41253
4 1999 1.00 123.6197513 123.61975 1.09136 1009.80255
5 1999 1.00 124.0674662 124.06747 1.09395 1012.36581
6 1999 1.00 124.5098566 124.50986 1.09673 1014.87890
7 1999 1.00 124.9786387 124.97864 1.09945 1017.60049
8 1999 1.00 125.4666084 125.46661 1.10240 1020.47123
9 1999 1.00 125.9557648 125.95576 1.10551 1023.34423
10 1999 1.00 126.4702869 126.47029 1.10862 1026.41591
11 1999 1.00 126.9539594 126.95396 1.11195 1029.22938
12 1999 1.00 127.5057558 127.50576 1.11500 1032.58786
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 4.61%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1032.59 971.15
TOTAL RETURN 3.26% -2.89%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 1.00 110.7072287 110.70723 1000.00000
1 1997 1.00 111.1442573 111.14426 1.08333 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
1 1999 1.00 122.3499976 122.35000 1.16227 1075.73791
2 1999 1.00 122.7513657 122.75137 1.16538 1078.10147
3 1999 1.00 123.1940213 123.19402 1.16794 1080.82129
4 1999 1.00 123.6197513 123.61975 1.17089 1083.38546
5 1999 1.00 124.0674662 124.06747 1.17367 1086.13551
6 1999 1.00 124.5098566 124.50986 1.17665 1088.83172
7 1999 1.00 124.9786387 124.97864 1.17957 1091.75162
8 1999 1.00 125.4666084 125.46661 1.18273 1094.83156
9 1999 1.00 125.9557648 125.95576 1.18607 1097.91391
10 1999 1.00 126.4702869 126.47029 1.18941 1101.20941
11 1999 1.00 126.9539594 126.95396 1.19298 1104.22790
12 1999 1.00 127.5057558 127.50576 1.19625 1107.83110
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 15.17%
GROSS ANNUAL RETURN = 4.82%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1107.83 1060.75
TOTAL RETURN 10.78% 6.07%
AVERAGE ANNUAL RETURN 3.47% 1.99%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 1.00 100.5041544 100.50415 1000.00000
1 1995 1.00 100.8843556 100.88436 1.08333 1002.69961
2 1995 1.00 101.2751322 101.27513 1.08626 1005.49732
3 1995 1.00 101.7218898 101.72189 1.08929 1008.84360
4 1995 1.00 102.1560100 102.15601 1.09291 1012.05615
5 1995 1.00 102.6203834 102.62038 1.09639 1015.56029
6 1995 1.00 103.0717601 103.07176 1.10019 1018.92705
7 1995 1.00 103.5237313 103.52373 1.10384 1022.29122
8 1995 1.00 103.9716022 103.97160 1.10748 1025.60644
9 1995 1.00 104.4041941 104.40419 1.11107 1028.76258
10 1995 1.00 104.8477190 104.84772 1.11449 1032.01843
11 1995 1.00 105.2803746 105.28037 1.11802 1035.15904
12 1995 1.00 105.7268168 105.72682 1.12142 1038.42722
1 1996 1.00 106.1459631 106.14596 1.12496 1041.41903
2 1996 1.00 106.5330109 106.53301 1.12820 1044.08823
3 1996 1.00 106.9463917 106.94639 1.13110 1047.00851
4 1996 1.00 107.3477820 107.34778 1.13426 1049.80388
5 1996 1.00 107.7642101 107.76421 1.13729 1052.73903
6 1996 1.00 108.1698337 108.16983 1.14047 1055.56107
7 1996 1.00 108.5943585 108.59436 1.14352 1058.56021
8 1996 1.00 109.0227357 109.02274 1.14677 1061.58919
9 1996 1.00 109.4111888 109.41119 1.15005 1064.22163
10 1996 1.00 109.8418646 109.84186 1.15291 1067.25782
11 1996 1.00 110.2667053 110.26671 1.15620 1070.22951
12 1996 1.00 110.7072287 110.70723 1.15942 1073.34574
1 1997 1.00 111.1442573 111.14426 1.16279 1076.42010
2 1997 1.00 111.5344310 111.53443 1.16612 1079.03276
3 1997 1.00 111.9752700 111.97527 1.16895 1082.12868
4 1997 1.00 112.4109707 112.41097 1.17231 1085.16699
5 1997 1.00 112.8699002 112.86990 1.17560 1088.42169
6 1997 1.00 113.3232120 113.32321 1.17912 1091.61393
7 1997 1.00 113.7942645 113.79426 1.18258 1094.96887
8 1997 1.00 114.2678375 114.26784 1.18622 1098.33955
9 1997 1.00 114.7279210 114.72792 1.18987 1101.57199
10 1997 1.00 115.2063882 115.20639 1.19337 1104.97267
11 1997 1.00 115.6752649 115.67526 1.19705 1108.27273
12 1997 1.00 116.1691804 116.16918 1.20063 1111.80425
1 1998 1.00 116.6618882 116.66189 1.20445 1115.31529
2 1998 1.00 117.1019765 117.10198 1.20826 1118.31438
3 1998 1.00 117.5924652 117.59247 1.21151 1121.78700
4 1998 1.00 118.0636094 118.06361 1.21527 1125.06627
5 1998 1.00 118.5514668 118.55147 1.21882 1128.49639
6 1998 1.00 119.0280331 119.02803 1.22254 1131.81031
7 1998 1.00 119.5235540 119.52355 1.22613 1135.29598
8 1998 1.00 120.0185273 120.01853 1.22990 1138.76758
9 1998 1.00 120.4967424 120.49674 1.23366 1142.07135
10 1998 1.00 120.9779470 120.97795 1.23724 1145.39498
11 1998 1.00 121.4309064 121.43091 1.24084 1148.44266
12 1998 1.00 121.8919586 121.89196 1.24415 1151.55895
1 1999 1.00 122.3499976 122.35000 1.24752 1154.63870
2 1999 1.00 122.7513657 122.75137 1.25086 1157.17562
3 1999 1.00 123.1940213 123.19402 1.25361 1160.09492
4 1999 1.00 123.6197513 123.61975 1.25677 1162.84717
5 1999 1.00 124.0674662 124.06747 1.25975 1165.79892
6 1999 1.00 124.5098566 124.50986 1.26295 1168.69289
7 1999 1.00 124.9786387 124.97864 1.26608 1171.82695
8 1999 1.00 125.4666084 125.46661 1.26948 1175.13279
9 1999 1.00 125.9557648 125.95576 1.27306 1178.44121
10 1999 1.00 126.4702869 126.47029 1.27664 1181.97843
11 1999 1.00 126.9539594 126.95396 1.28048 1185.21831
12 1999 1.00 127.5057558 127.50576 1.28399 1189.08579
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 26.87%
GROSS ANNUAL RETURN = 4.87%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1189.09 1158.76
TOTAL RETURN 18.91% 15.88%
AVERAGE ANNUAL RETURN 3.52% 2.99%
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
1 1999 1.00 122.3499976 122.35000 1.25110 1157.95320
2 1999 1.00 122.7513657 122.75137 1.25445 1160.49740
3 1999 1.00 123.1940213 123.19402 1.25721 1163.42509
4 1999 1.00 123.6197513 123.61975 1.26038 1166.18524
5 1999 1.00 124.0674662 124.06747 1.26337 1169.14545
6 1999 1.00 124.5098566 124.50986 1.26657 1172.04773
7 1999 1.00 124.9786387 124.97864 1.26972 1175.19079
8 1999 1.00 125.4666084 125.46661 1.27312 1178.50612
9 1999 1.00 125.9557648 125.95576 1.27671 1181.82404
10 1999 1.00 126.4702869 126.47029 1.28031 1185.37141
11 1999 1.00 126.9539594 126.95396 1.28415 1188.62059
12 1999 1.00 127.5057558 127.50576 1.28767 1192.49917
SURRENDER CHARGE = 2.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 27.51%
GROSS ANNUAL RETURN = 4.87%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1192.50 1172.23
TOTAL RETURN 19.25% 17.22%
AVERAGE ANNUAL RETURN 3.51% 3.16%
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
1 1999 1.00 122.3499976 122.35000 1.16227 1075.73791
2 1999 1.00 122.7513657 122.75137 1.16538 1078.10147
3 1999 1.00 123.1940213 123.19402 1.16794 1080.82129
4 1999 1.00 123.6197513 123.61975 1.17089 1083.38546
5 1999 1.00 124.0674662 124.06747 1.17367 1086.13551
6 1999 1.00 124.5098566 124.50986 1.17665 1088.83172
7 1999 1.00 124.9786387 124.97864 1.17957 1091.75162
8 1999 1.00 125.4666084 125.46661 1.18273 1094.83156
9 1999 1.00 125.9557648 125.95576 1.18607 1097.91391
10 1999 1.00 126.4702869 126.47029 1.18941 1101.20941
11 1999 1.00 126.9539594 126.95396 1.19298 1104.22790
12 1999 1.00 127.5057558 127.50576 1.19625 1107.83110
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 15.17%
GROSS ANNUAL RETURN = 4.74%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1107.83 1060.75
TOTAL RETURN 10.78% 6.07%
AVERAGE ANNUAL RETURN 3.42% 1.95%
<PAGE>
Federated US Government Bond
12/1999
Assume ($10000 @ $10.00 on 3/28/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
3/94 0.0000000000 10.00 0.000 100.000000
4/94 0.0240000000 9.99 0.240 100.240240
5/94 0.0190000000 9.97 0.191 100.431270
6/94 0.0290000000 9.98 0.292 100.723104
7/94 0.0320000000 9.96 0.324 101.046713
8/94 0.0310000000 9.97 0.314 101.360900
9/94 0.0290000000 9.97 0.295 101.655731
10/94 0.0300000000 9.98 0.306 101.961309
11/94 0.0360000000 9.97 0.368 102.329475
12/94 0.0380000000 9.97 0.390 102.719497
1/95 0.0350000000 9.97 0.361 103.080097
2/95 0.0390000000 9.98 0.403 103.482915
3/95 0.0420000000 9.97 0.436 103.918851
4/95 0.0400000000 9.98 0.417 104.335359
5/95 0.0400000000 9.98 0.418 104.753537
6/95 0.0400000000 9.98 0.420 105.173391
7/95 0.0400000000 9.99 0.421 105.594505
8/95 0.0520000000 9.96 0.551 106.145802
9/95 0.0520000000 10.07 0.548 106.693923
10/95 0.0520000000 10.12 0.548 107.242153
11/95 0.0530000000 10.17 0.559 107.801035
12/95 0.0530000000 10.22 0.559 108.360082
1/96 0.0490000000 10.28 0.517 108.876584
2/96 0.0490000000 10.21 0.523 109.399107
3/96 0.0893000000 10.04 0.973 110.372148
4/96 0.0480000000 9.98 0.531 110.902996
5/96 0.0480000000 9.94 0.536 111.438544
6/96 0.0480000000 9.83 0.544 111.982700
7/96 0.0440000000 9.87 0.499 112.481913
8/96 0.0440000000 9.98 0.496 112.977826
9/96 0.0480000000 9.89 0.548 113.526151
10/96 0.0480000000 10.02 0.544 114.069989
11/96 0.0480000000 10.21 0.536 114.606263
12/96 0.0480000000 10.11 0.544 115.150387
1/97 0.0480000000 10.05 0.550 115.700359
2/97 0.0480000000 10.12 0.549 116.249136
3/97 0.0480000000 9.96 0.560 116.809373
4/97 0.0480000000 9.92 0.565 117.374579
5/97 0.0480000000 10.00 0.563 117.937977
6/97 0.0480000000 10.12 0.559 118.497367
7/97 0.0510000000 10.16 0.595 119.092186
8/97 0.0510000000 10.15 0.598 119.690581
3/98 0.1864000000 10.54 2.117 121.807310
3/99 0.5252000000 10.60 6.035 127.842517
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 11.15 121.8073097 1358.15150 1000.00000
1 1999 11.21 121.8073097 1365.45994 1.08333 1004.29783
2 1999 11.08 121.8073097 1349.62499 1.08799 991.56321
3 1999 10.61 127.8425171 1356.40911 1.07419 995.47328
4 1999 10.64 127.8425171 1360.24438 1.07843 997.20957
5 1999 10.55 127.8425171 1348.73856 1.08031 987.69422
6 1999 10.49 127.8425171 1341.06800 1.07000 981.00700
7 1999 10.43 127.8425171 1333.39745 1.06276 974.33314
8 1999 10.42 127.8425171 1332.11903 1.05553 972.34345
9 1999 10.58 127.8425171 1352.57383 1.05337 986.22050
10 1999 10.61 127.8425171 1356.40911 1.06841 987.94856
11 1999 10.61 127.8425171 1356.40911 1.07028 986.87828
12 1999 10.56 127.8425171 1350.01698 1.06912 981.15846
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -0.60%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 981.16 922.78
TOTAL RETURN -1.88% -7.72%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 11.15 121.8073097 1358.15150 1000.00000
1 1999 11.21 121.8073097 1365.45994 1.08333 1004.29783
2 1999 11.08 121.8073097 1349.62499 1.08799 991.56321
3 1999 10.61 127.8425171 1356.40911 1.07419 995.47328
4 1999 10.64 127.8425171 1360.24438 1.07843 997.20957
5 1999 10.55 127.8425171 1348.73856 1.08031 987.69422
6 1999 10.49 127.8425171 1341.06800 1.07000 981.00700
7 1999 10.43 127.8425171 1333.39745 1.06276 974.33314
8 1999 10.42 127.8425171 1332.11903 1.05553 972.34345
9 1999 10.58 127.8425171 1352.57383 1.05337 986.22050
10 1999 10.61 127.8425171 1356.40911 1.06841 987.94856
11 1999 10.61 127.8425171 1356.40911 1.07028 986.87828
12 1999 10.56 127.8425171 1350.01698 1.06912 981.15846
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -0.60%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 981.16 922.78
TOTAL RETURN -1.88% -7.72%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 10.09 115.1503875 1161.86741 1000.00000
1 1997 10.08 115.7003595 1166.25962 1.08333 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
1 1999 11.21 121.8073097 1365.45994 1.23404 1144.00903
2 1999 11.08 121.8073097 1349.62499 1.23934 1129.50286
3 1999 10.61 127.8425171 1356.40911 1.22363 1133.95687
4 1999 10.64 127.8425171 1360.24438 1.22845 1135.93470
5 1999 10.55 127.8425171 1348.73856 1.23060 1125.09563
6 1999 10.49 127.8425171 1341.06800 1.21885 1117.47813
7 1999 10.43 127.8425171 1333.39745 1.21060 1109.87585
8 1999 10.42 127.8425171 1332.11903 1.20237 1107.60937
9 1999 10.58 127.8425171 1352.57383 1.19991 1123.41690
10 1999 10.61 127.8425171 1356.40911 1.21703 1125.38536
11 1999 10.61 127.8425171 1356.40911 1.21917 1124.16619
12 1999 10.56 127.8425171 1350.01698 1.21785 1117.65067
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 16.19%
GROSS ANNUAL RETURN = 5.13%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1117.65 1070.15
TOTAL RETURN 11.77% 7.02%
AVERAGE ANNUAL RETURN 3.78% 2.29%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 9.98 102.7194966 1025.14058 1000.00000
1 1995 9.99 103.0800966 1029.77017 1.08333 1003.43272
2 1995 9.99 103.4829147 1033.79432 1.08705 1006.26690
3 1995 9.99 103.9188507 1038.14932 1.09012 1009.41581
4 1995 9.99 104.3353591 1042.31024 1.09353 1012.36803
5 1995 9.99 104.7535369 1046.48783 1.09673 1015.32889
6 1995 9.99 105.1733908 1050.68217 1.09994 1018.29840
7 1995 10.01 105.5945055 1057.00100 1.10316 1023.31932
8 1995 10.07 106.1458021 1068.88823 1.10860 1033.71916
9 1995 10.11 106.6939234 1078.67557 1.11986 1042.06461
10 1995 10.16 107.2421530 1089.58027 1.12890 1051.47030
11 1995 10.23 107.8010354 1102.80459 1.13909 1063.09298
12 1995 10.29 108.3600819 1115.02524 1.15168 1073.72189
1 1996 10.32 108.8765842 1123.60635 1.16320 1080.82193
2 1996 10.17 109.3991065 1112.58891 1.17089 1069.05312
3 1996 10.03 110.3721484 1107.03265 1.15814 1062.55613
4 1996 9.94 110.9029964 1102.37578 1.15110 1056.93526
5 1996 9.87 111.4385441 1099.89843 1.14501 1053.41501
6 1996 9.94 111.9826997 1113.10804 1.14120 1064.92516
7 1996 9.92 112.4819134 1115.82058 1.15367 1066.36662
8 1996 9.85 112.9778256 1112.83158 1.15523 1062.35486
9 1996 9.96 113.5261508 1130.72046 1.15088 1078.28144
10 1996 10.11 114.0699886 1153.24758 1.16814 1098.59569
11 1996 10.21 114.6062628 1170.12994 1.19015 1113.48786
12 1996 10.09 115.1503875 1161.86741 1.20628 1104.41901
1 1997 10.08 115.7003595 1166.25962 1.19645 1107.39760
2 1997 10.05 116.2491359 1168.30382 1.19968 1108.13894
3 1997 9.91 116.8093727 1157.58088 1.20048 1096.76773
4 1997 10.00 117.3745793 1173.74579 1.18816 1110.89525
5 1997 10.04 117.9379773 1184.09729 1.20347 1119.48899
6 1997 10.10 118.4973669 1196.82341 1.21278 1130.30794
7 1997 10.21 119.0921864 1215.93122 1.22450 1147.12931
8 1997 10.17 119.6905806 1217.25321 1.24272 1147.13377
9 1997 10.29 119.6905806 1231.61607 1.24273 1159.42654
10 1997 10.42 119.6905806 1247.17585 1.25605 1172.81826
11 1997 10.45 119.6905806 1250.76657 1.27055 1174.92434
12 1997 10.54 119.6905806 1261.53872 1.27283 1183.77047
1 1998 10.67 119.6905806 1277.09850 1.28242 1197.08864
2 1998 10.67 119.6905806 1277.09850 1.29685 1195.79179
3 1998 10.52 121.8073097 1281.41290 1.29544 1198.53607
4 1998 10.57 121.8073097 1287.50326 1.29841 1202.93413
5 1998 10.66 121.8073097 1298.46592 1.30318 1211.87353
6 1998 10.71 121.8073097 1304.55629 1.31286 1216.24487
7 1998 10.76 121.8073097 1310.64665 1.31760 1220.60536
8 1998 10.91 121.8073097 1328.91775 1.32232 1236.29891
9 1998 11.11 121.8073097 1353.27921 1.33932 1257.62317
10 1998 11.07 121.8073097 1348.40692 1.36243 1251.73285
11 1998 11.11 121.8073097 1353.27921 1.35604 1254.89978
12 1998 11.15 121.8073097 1358.15150 1.35947 1258.05840
1 1999 11.21 121.8073097 1365.45994 1.36290 1263.46532
2 1999 11.08 121.8073097 1349.62499 1.36875 1247.44443
3 1999 10.61 127.8425171 1356.40911 1.35140 1252.36352
4 1999 10.64 127.8425171 1360.24438 1.35673 1254.54788
5 1999 10.55 127.8425171 1348.73856 1.35909 1242.57701
6 1999 10.49 127.8425171 1341.06800 1.34613 1234.16409
7 1999 10.43 127.8425171 1333.39745 1.33701 1225.76799
8 1999 10.42 127.8425171 1332.11903 1.32792 1223.26484
9 1999 10.58 127.8425171 1352.57383 1.32520 1240.72298
10 1999 10.61 127.8425171 1356.40911 1.34412 1242.89698
11 1999 10.61 127.8425171 1356.40911 1.34647 1241.55051
12 1999 10.56 127.8425171 1350.01698 1.34501 1234.35464
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 31.69%
GROSS ANNUAL RETURN = 5.66%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1234.35 1202.88
TOTAL RETURN 23.44% 20.29%
AVERAGE ANNUAL RETURN 4.30% 3.76%
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
1 1999 11.21 121.8073097 1365.45994 1.38363 1282.69014
2 1999 11.08 121.8073097 1349.62499 1.38958 1266.42548
3 1999 10.61 127.8425171 1356.40911 1.37196 1271.41941
4 1999 10.64 127.8425171 1360.24438 1.37737 1273.63701
5 1999 10.55 127.8425171 1348.73856 1.37977 1261.48399
6 1999 10.49 127.8425171 1341.06800 1.36661 1252.94307
7 1999 10.43 127.8425171 1333.39745 1.35735 1244.41921
8 1999 10.42 127.8425171 1332.11903 1.34812 1241.87797
9 1999 10.58 127.8425171 1352.57383 1.34537 1259.60175
10 1999 10.61 127.8425171 1356.40911 1.36457 1261.80883
11 1999 10.61 127.8425171 1356.40911 1.36696 1260.44187
12 1999 10.56 127.8425171 1350.01698 1.36548 1253.13652
SURRENDER CHARGE = 2.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 35.00%
GROSS ANNUAL RETURN = 5.35%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1253.14 1231.83
TOTAL RETURN 25.31% 23.18%
AVERAGE ANNUAL RETURN 3.99% 3.69%
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
1 1999 11.21 121.8073097 1365.45994 1.23404 1144.00903
2 1999 11.08 121.8073097 1349.62499 1.23934 1129.50286
3 1999 10.61 127.8425171 1356.40911 1.22363 1133.95687
4 1999 10.64 127.8425171 1360.24438 1.22845 1135.93470
5 1999 10.55 127.8425171 1348.73856 1.23060 1125.09563
6 1999 10.49 127.8425171 1341.06800 1.21885 1117.47813
7 1999 10.43 127.8425171 1333.39745 1.21060 1109.87585
8 1999 10.42 127.8425171 1332.11903 1.20237 1107.60937
9 1999 10.58 127.8425171 1352.57383 1.19991 1123.41690
10 1999 10.61 127.8425171 1356.40911 1.21703 1125.38536
11 1999 10.61 127.8425171 1356.40911 1.21917 1124.16619
12 1999 10.56 127.8425171 1350.01698 1.21785 1117.65067
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 16.19%
GROSS ANNUAL RETURN = 5.05%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1117.65 1070.15
TOTAL RETURN 11.77% 7.02%
AVERAGE ANNUAL RETURN 3.72% 2.25%
<PAGE>
Fidelity Asset Manager Growth
12/1999
Assume ($10000 @ $10.00 on 1/ 3/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/95 0.5300000000 11.72 4.522 104.522184
2/96 0.4200000000 11.62 3.778 108.300095
12/96 0.5400000000 13.21 4.427 112.727199
2/97 0.0200000000 13.67 0.165 112.892126
2/98 1.9300000000 14.91 14.613 127.505258
2/99 1.0900000000 16.05 8.659 136.164493
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 17.03 127.5052578 2171.41454 1000.00000
1 1999 17.53 127.5052578 2235.16717 1.08333 1028.27662
2 1999 15.99 136.1644934 2177.27025 1.11397 1000.52749
3 1999 16.15 136.1644934 2199.05657 1.08390 1009.45511
4 1999 16.63 136.1644934 2264.41553 1.09358 1038.36392
5 1999 16.34 136.1644934 2224.92782 1.12489 1019.13166
6 1999 17.15 136.1644934 2335.22106 1.10406 1068.54759
7 1999 16.80 136.1644934 2287.56349 1.15759 1045.58290
8 1999 16.76 136.1644934 2282.11691 1.13271 1041.96070
9 1999 16.42 136.1644934 2235.82098 1.12879 1019.69428
10 1999 17.09 136.1644934 2327.05119 1.10467 1060.19712
11 1999 17.39 136.1644934 2367.90054 1.14855 1077.65940
12 1999 18.38 136.1644934 2502.70339 1.16746 1137.84230
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 15.26%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1137.84 1070.14
TOTAL RETURN 13.78% 7.01%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 17.03 127.5052578 2171.41454 1000.00000
1 1999 17.53 127.5052578 2235.16717 1.08333 1028.27662
2 1999 15.99 136.1644934 2177.27025 1.11397 1000.52749
3 1999 16.15 136.1644934 2199.05657 1.08390 1009.45511
4 1999 16.63 136.1644934 2264.41553 1.09358 1038.36392
5 1999 16.34 136.1644934 2224.92782 1.12489 1019.13166
6 1999 17.15 136.1644934 2335.22106 1.10406 1068.54759
7 1999 16.80 136.1644934 2287.56349 1.15759 1045.58290
8 1999 16.76 136.1644934 2282.11691 1.13271 1041.96070
9 1999 16.42 136.1644934 2235.82098 1.12879 1019.69428
10 1999 17.09 136.1644934 2327.05119 1.10467 1060.19712
11 1999 17.39 136.1644934 2367.90054 1.14855 1077.65940
12 1999 18.38 136.1644934 2502.70339 1.16746 1137.84230
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 15.26%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1137.84 1070.14
TOTAL RETURN 13.78% 7.01%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 13.10 112.7271991 1476.72631 1000.00000
1 1997 13.66 112.7271991 1539.85354 1.08333 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
1 1999 17.53 127.5052578 2235.16717 1.55266 1473.75078
2 1999 15.99 136.1644934 2177.27025 1.59656 1433.98006
3 1999 16.15 136.1644934 2199.05657 1.55348 1446.77535
4 1999 16.63 136.1644934 2264.41553 1.56734 1488.20814
5 1999 16.34 136.1644934 2224.92782 1.61223 1460.64400
6 1999 17.15 136.1644934 2335.22106 1.58236 1531.46810
7 1999 16.80 136.1644934 2287.56349 1.65909 1498.55456
8 1999 16.76 136.1644934 2282.11691 1.62343 1493.36314
9 1999 16.42 136.1644934 2235.82098 1.61781 1461.45037
10 1999 17.09 136.1644934 2327.05119 1.58324 1519.50001
11 1999 17.39 136.1644934 2367.90054 1.64612 1544.52738
12 1999 18.38 136.1644934 2502.70339 1.67324 1630.78295
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 69.48%
GROSS ANNUAL RETURN = 19.23%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1630.78 1561.47
TOTAL RETURN 63.08% 56.15%
AVERAGE ANNUAL RETURN 17.71% 16.01%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 10.00 100.0000000 1000.00000 1000.00000
1 1995 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
1 1999 17.53 127.5052578 2235.16717 2.23490 2121.31772
2 1999 15.99 136.1644934 2177.27025 2.29809 2064.07172
3 1999 16.15 136.1644934 2199.05657 2.23608 2082.48927
4 1999 16.63 136.1644934 2264.41553 2.25603 2142.12766
5 1999 16.34 136.1644934 2224.92782 2.32064 2102.45182
6 1999 17.15 136.1644934 2335.22106 2.27766 2204.39607
7 1999 16.80 136.1644934 2287.56349 2.38810 2157.02030
8 1999 16.76 136.1644934 2282.11691 2.33677 2149.54776
9 1999 16.42 136.1644934 2235.82098 2.32868 2103.61251
10 1999 17.09 136.1644934 2327.05119 2.27891 2187.16918
11 1999 17.39 136.1644934 2367.90054 2.36943 2223.19359
12 1999 18.38 136.1644934 2502.70339 2.40846 2347.34992
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 150.27%
GROSS ANNUAL RETURN = 20.14%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2347.35 2287.49
TOTAL RETURN 134.73% 128.75%
AVERAGE ANNUAL RETURN 18.61% 18.00%
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
1 1999 17.53 127.5052578 2235.16717 2.23490 2121.31772
2 1999 15.99 136.1644934 2177.27025 2.29809 2064.07172
3 1999 16.15 136.1644934 2199.05657 2.23608 2082.48927
4 1999 16.63 136.1644934 2264.41553 2.25603 2142.12766
5 1999 16.34 136.1644934 2224.92782 2.32064 2102.45182
6 1999 17.15 136.1644934 2335.22106 2.27766 2204.39607
7 1999 16.80 136.1644934 2287.56349 2.38810 2157.02030
8 1999 16.76 136.1644934 2282.11691 2.33677 2149.54776
9 1999 16.42 136.1644934 2235.82098 2.32868 2103.61251
10 1999 17.09 136.1644934 2327.05119 2.27891 2187.16918
11 1999 17.39 136.1644934 2367.90054 2.36943 2223.19359
12 1999 18.38 136.1644934 2502.70339 2.40846 2347.34992
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 150.27%
GROSS ANNUAL RETURN = 20.17%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2347.35 2287.49
TOTAL RETURN 134.73% 128.75%
AVERAGE ANNUAL RETURN 18.64% 18.03%
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
1 1999 17.53 127.5052578 2235.16717 1.55266 1473.75078
2 1999 15.99 136.1644934 2177.27025 1.59656 1433.98006
3 1999 16.15 136.1644934 2199.05657 1.55348 1446.77535
4 1999 16.63 136.1644934 2264.41553 1.56734 1488.20814
5 1999 16.34 136.1644934 2224.92782 1.61223 1460.64400
6 1999 17.15 136.1644934 2335.22106 1.58236 1531.46810
7 1999 16.80 136.1644934 2287.56349 1.65909 1498.55456
8 1999 16.76 136.1644934 2282.11691 1.62343 1493.36314
9 1999 16.42 136.1644934 2235.82098 1.61781 1461.45037
10 1999 17.09 136.1644934 2327.05119 1.58324 1519.50001
11 1999 17.39 136.1644934 2367.90054 1.64612 1544.52738
12 1999 18.38 136.1644934 2502.70339 1.67324 1630.78295
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 69.48%
GROSS ANNUAL RETURN = 18.89%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1630.78 1561.47
TOTAL RETURN 63.08% 56.15%
AVERAGE ANNUAL RETURN 17.40% 15.74%
<PAGE>
Fidelity Contrafund
12/1999
Assume ($10000 @ $10.00 on 1/ 3/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/95 0.1800000000 13.64 1.320 101.319648
2/96 0.1300000000 13.78 0.956 102.275494
2/97 0.5100000000 16.46 3.169 105.444419
2/98 1.1700000000 19.35 6.376 111.820128
2/99 1.0000000000 23.94 4.671 116.490977
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 24.44 111.8201276 2732.88392 1000.00000
1 1999 25.84 111.8201276 2889.43210 1.08333 1056.19981
2 1999 23.89 116.4909767 2782.96943 1.14422 1016.13935
3 1999 24.74 116.4909767 2881.98676 1.10082 1051.19251
4 1999 25.27 116.4909767 2943.72698 1.13879 1072.57320
5 1999 24.76 116.4909767 2884.31658 1.16195 1049.76453
6 1999 26.10 116.4909767 3040.41449 1.13724 1105.44007
7 1999 25.67 116.4909767 2990.32337 1.19756 1086.03028
8 1999 24.92 116.4909767 2902.95514 1.17653 1053.12322
9 1999 24.84 116.4909767 2893.63586 1.14088 1048.60152
10 1999 25.75 116.4909767 2999.64265 1.13598 1085.88049
11 1999 26.77 116.4909767 3118.46345 1.17637 1127.71763
12 1999 29.15 116.4909767 3395.71197 1.22169 1226.75623
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 24.25%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1226.76 1153.76
TOTAL RETURN 22.68% 15.38%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 24.44 111.8201276 2732.88392 1000.00000
1 1999 25.84 111.8201276 2889.43210 1.08333 1056.19981
2 1999 23.89 116.4909767 2782.96943 1.14422 1016.13935
3 1999 24.74 116.4909767 2881.98676 1.10082 1051.19251
4 1999 25.27 116.4909767 2943.72698 1.13879 1072.57320
5 1999 24.76 116.4909767 2884.31658 1.16195 1049.76453
6 1999 26.10 116.4909767 3040.41449 1.13724 1105.44007
7 1999 25.67 116.4909767 2990.32337 1.19756 1086.03028
8 1999 24.92 116.4909767 2902.95514 1.17653 1053.12322
9 1999 24.84 116.4909767 2893.63586 1.14088 1048.60152
10 1999 25.75 116.4909767 2999.64265 1.13598 1085.88049
11 1999 26.77 116.4909767 3118.46345 1.17637 1127.71763
12 1999 29.15 116.4909767 3395.71197 1.22169 1226.75623
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 24.25%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1226.76 1153.76
TOTAL RETURN 22.68% 15.38%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 16.56 102.2754938 1693.68218 1000.00000
1 1997 17.20 102.2754938 1759.13849 1.08333 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
1 1999 25.84 111.8201276 2889.43210 1.70396 1661.28397
2 1999 23.89 116.4909767 2782.96943 1.79972 1598.27335
3 1999 24.74 116.4909767 2881.98676 1.73146 1653.40804
4 1999 25.27 116.4909767 2943.72698 1.79119 1687.03748
5 1999 24.76 116.4909767 2884.31658 1.82762 1651.16200
6 1999 26.10 116.4909767 3040.41449 1.78876 1738.73339
7 1999 25.67 116.4909767 2990.32337 1.88363 1708.20396
8 1999 24.92 116.4909767 2902.95514 1.85055 1656.44484
9 1999 24.84 116.4909767 2893.63586 1.79448 1649.33271
10 1999 25.75 116.4909767 2999.64265 1.78678 1707.96835
11 1999 26.77 116.4909767 3118.46345 1.85030 1773.77350
12 1999 29.15 116.4909767 3395.71197 1.92159 1929.55011
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 100.49%
GROSS ANNUAL RETURN = 26.10%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1929.55 1847.54
TOTAL RETURN 92.96% 84.75%
AVERAGE ANNUAL RETURN 24.50% 22.71%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 10.00 100.0000000 1000.00000 1000.00000
1 1995 9.87 100.0000000 987.00000 1.08333 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
1 1999 25.84 111.8201276 2889.43210 2.81342 2742.95629
2 1999 23.89 116.4909767 2782.96943 2.97154 2638.91907
3 1999 24.74 116.4909767 2881.98676 2.85883 2729.95230
4 1999 25.27 116.4909767 2943.72698 2.95745 2785.47806
5 1999 24.76 116.4909767 2884.31658 3.01760 2726.24385
6 1999 26.10 116.4909767 3040.41449 2.95343 2870.83350
7 1999 25.67 116.4909767 2990.32337 3.11007 2820.42618
8 1999 24.92 116.4909767 2902.95514 3.05546 2734.96637
9 1999 24.84 116.4909767 2893.63586 2.96288 2723.22350
10 1999 25.75 116.4909767 2999.64265 2.95016 2820.03716
11 1999 26.77 116.4909767 3118.46345 3.05504 2928.68845
12 1999 29.15 116.4909767 3395.71197 3.17275 3185.89219
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 239.57%
GROSS ANNUAL RETURN = 27.70%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 3185.89 3104.65
TOTAL RETURN 218.59% 210.47%
AVERAGE ANNUAL RETURN 26.08% 25.43%
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
1 1999 25.84 111.8201276 2889.43210 2.81342 2742.95629
2 1999 23.89 116.4909767 2782.96943 2.97154 2638.91907
3 1999 24.74 116.4909767 2881.98676 2.85883 2729.95230
4 1999 25.27 116.4909767 2943.72698 2.95745 2785.47806
5 1999 24.76 116.4909767 2884.31658 3.01760 2726.24385
6 1999 26.10 116.4909767 3040.41449 2.95343 2870.83350
7 1999 25.67 116.4909767 2990.32337 3.11007 2820.42618
8 1999 24.92 116.4909767 2902.95514 3.05546 2734.96637
9 1999 24.84 116.4909767 2893.63586 2.96288 2723.22350
10 1999 25.75 116.4909767 2999.64265 2.95016 2820.03716
11 1999 26.77 116.4909767 3118.46345 3.05504 2928.68845
12 1999 29.15 116.4909767 3395.71197 3.17275 3185.89219
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 239.57%
GROSS ANNUAL RETURN = 27.75%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 3185.89 3104.65
TOTAL RETURN 218.59% 210.47%
AVERAGE ANNUAL RETURN 26.13% 25.48%
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
1 1999 25.84 111.8201276 2889.43210 1.70396 1661.28397
2 1999 23.89 116.4909767 2782.96943 1.79972 1598.27335
3 1999 24.74 116.4909767 2881.98676 1.73146 1653.40804
4 1999 25.27 116.4909767 2943.72698 1.79119 1687.03748
5 1999 24.76 116.4909767 2884.31658 1.82762 1651.16200
6 1999 26.10 116.4909767 3040.41449 1.78876 1738.73339
7 1999 25.67 116.4909767 2990.32337 1.88363 1708.20396
8 1999 24.92 116.4909767 2902.95514 1.85055 1656.44484
9 1999 24.84 116.4909767 2893.63586 1.79448 1649.33271
10 1999 25.75 116.4909767 2999.64265 1.78678 1707.96835
11 1999 26.77 116.4909767 3118.46345 1.85030 1773.77350
12 1999 29.15 116.4909767 3395.71197 1.92159 1929.55011
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 100.49%
GROSS ANNUAL RETURN = 25.62%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1929.55 1847.54
TOTAL RETURN 92.96% 84.75%
AVERAGE ANNUAL RETURN 24.05% 22.30%
<PAGE>
Fidelity Equity Income
12/1999
Assume ($10000 @ $10.00 on 10/ 9/1986)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
3/87 0.0700000000 11.62 0.602 100.602410
6/87 0.1200000000 11.72 1.030 101.632468
9/87 0.1200000000 11.80 1.034 102.666019
12/87 0.2300000000 9.45 2.499 105.164769
3/88 0.1400000000 10.60 1.389 106.553737
6/88 0.1400000000 10.89 1.370 107.923574
9/88 0.1400000000 10.87 1.390 109.313574
12/88 0.1100000000 10.95 1.098 110.411701
3/89 0.2200000000 11.56 2.101 112.512962
6/89 0.1300000000 12.49 1.171 113.684034
9/89 0.1300000000 12.93 1.143 114.827029
12/89 0.1300000000 12.03 1.241 116.067886
2/90 0.3900000000 11.20 4.042 120.109536
3/90 0.2000000000 11.05 2.174 122.283464
6/90 0.1300000000 11.24 1.414 123.697774
9/90 0.1300000000 9.67 1.663 125.360723
12/90 0.1300000000 9.57 1.703 127.063638
3/91 0.2300000000 10.60 2.757 129.820679
6/91 0.1200000000 11.10 1.403 131.224146
9/91 0.1200000000 11.38 1.384 132.607880
12/91 0.1200000000 11.18 1.423 134.031220
3/92 0.1200000000 12.33 1.304 135.335660
6/92 0.1000000000 12.45 1.087 136.422694
9/92 0.1000000000 12.56 1.086 137.508862
12/92 0.1000000000 13.29 1.035 138.543541
3/93 0.1000000000 14.36 0.965 139.508329
6/93 0.1000000000 14.40 0.969 140.477137
9/93 0.1000000000 15.18 0.925 141.402546
12/93 0.0900000000 15.29 0.832 142.234870
2/94 0.7700000000 15.04 7.282 149.516841
3/94 0.1000000000 14.97 0.999 150.515618
6/94 0.0900000000 14.96 0.906 151.421126
9/94 0.0900000000 15.79 0.863 152.284198
12/94 0.0900000000 15.34 0.893 153.177651
2/95 0.7800000000 15.11 7.907 161.084903
3/95 0.1000000000 15.60 1.033 162.117498
6/95 0.1000000000 16.78 0.966 163.083633
9/95 0.1000000000 18.32 0.890 163.973828
12/95 0.1000000000 19.01 0.863 164.836394
2/96 0.8900000000 18.86 7.779 172.614994
2/97 2.1700000000 19.80 18.918 191.532900
2/98 1.5500000000 23.41 12.682 204.214488
2/99 1.2200000000 23.78 10.477 214.691430
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 25.42 204.2144884 5191.13230 1000.00000
1 1999 25.34 204.2144884 5174.79514 1.08333 995.76954
2 1999 23.81 214.6914302 5111.80295 1.07875 982.56940
3 1999 24.68 214.6914302 5298.58450 1.06445 1017.40732
4 1999 26.87 214.6914302 5768.75873 1.10219 1106.58560
5 1999 26.14 214.6914302 5612.03399 1.19880 1075.32325
6 1999 27.25 214.6914302 5850.34147 1.16493 1119.82048
7 1999 26.44 214.6914302 5676.44141 1.21314 1085.32093
8 1999 25.72 214.6914302 5521.86359 1.17576 1054.59028
9 1999 24.88 214.6914302 5341.52278 1.14247 1019.00552
10 1999 25.79 214.6914302 5536.89199 1.10392 1055.17229
11 1999 25.45 214.6914302 5463.89690 1.14310 1040.11843
12 1999 25.71 214.6914302 5519.71667 1.12679 1049.61760
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 6.33%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1049.62 987.17
TOTAL RETURN 4.96% -1.28%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 25.42 204.2144884 5191.13230 1000.00000
1 1999 25.34 204.2144884 5174.79514 1.08333 995.76954
2 1999 23.81 214.6914302 5111.80295 1.07875 982.56940
3 1999 24.68 214.6914302 5298.58450 1.06445 1017.40732
4 1999 26.87 214.6914302 5768.75873 1.10219 1106.58560
5 1999 26.14 214.6914302 5612.03399 1.19880 1075.32325
6 1999 27.25 214.6914302 5850.34147 1.16493 1119.82048
7 1999 26.44 214.6914302 5676.44141 1.21314 1085.32093
8 1999 25.72 214.6914302 5521.86359 1.17576 1054.59028
9 1999 24.88 214.6914302 5341.52278 1.14247 1019.00552
10 1999 25.79 214.6914302 5536.89199 1.10392 1055.17229
11 1999 25.45 214.6914302 5463.89690 1.14310 1040.11843
12 1999 25.71 214.6914302 5519.71667 1.12679 1049.61760
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 6.33%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1049.62 987.17
TOTAL RETURN 4.96% -1.28%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 21.03 172.6149937 3630.09332 1000.00000
1 1997 21.85 172.6149937 3771.63761 1.08333 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
1 1999 25.34 204.2144884 5174.79514 1.50994 1387.89758
2 1999 23.81 214.6914302 5111.80295 1.50356 1369.49930
3 1999 24.68 214.6914302 5298.58450 1.48362 1418.05618
4 1999 26.87 214.6914302 5768.75873 1.53623 1542.35233
5 1999 26.14 214.6914302 5612.03399 1.67088 1498.77906
6 1999 27.25 214.6914302 5850.34147 1.62368 1560.79902
7 1999 26.44 214.6914302 5676.44141 1.69087 1512.71377
8 1999 25.72 214.6914302 5521.86359 1.63877 1469.88158
9 1999 24.88 214.6914302 5341.52278 1.59237 1420.28374
10 1999 25.79 214.6914302 5536.89199 1.53864 1470.69278
11 1999 25.45 214.6914302 5463.89690 1.59325 1449.71079
12 1999 25.71 214.6914302 5519.71667 1.57052 1462.95067
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 52.05%
GROSS ANNUAL RETURN = 14.99%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1462.95 1400.78
TOTAL RETURN 46.30% 40.08%
AVERAGE ANNUAL RETURN 13.52% 11.89%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 15.35 153.1776512 2351.27695 1000.00000
1 1995 15.59 153.1776512 2388.03958 1.08333 1014.55185
2 1995 15.39 161.0849025 2479.09665 1.09910 1052.13809
3 1995 15.82 162.1174981 2564.69882 1.13982 1087.32816
4 1995 16.26 162.1174981 2636.03052 1.17794 1116.39196
5 1995 16.75 162.1174981 2715.46809 1.20942 1148.82535
6 1995 16.89 163.0836333 2754.48257 1.24456 1164.08653
7 1995 17.54 163.0836333 2860.48693 1.26109 1207.62450
8 1995 17.76 163.0836333 2896.36533 1.30826 1221.46318
9 1995 18.25 163.9738278 2992.52236 1.32325 1260.69154
10 1995 18.04 163.9738278 2958.08785 1.36575 1244.81920
11 1995 18.82 163.9738278 3085.98744 1.34855 1297.29321
12 1995 19.27 164.8363940 3176.39731 1.40540 1333.89448
1 1996 19.83 164.8363940 3268.70569 1.44505 1371.21336
2 1996 19.00 172.6149937 3279.68488 1.48548 1374.33362
3 1996 19.20 172.6149937 3314.20788 1.48886 1387.31142
4 1996 19.45 172.6149937 3357.36163 1.50292 1403.87246
5 1996 19.66 172.6149937 3393.61078 1.52086 1417.50909
6 1996 19.48 172.6149937 3362.54008 1.53563 1402.99524
7 1996 18.53 172.6149937 3198.55583 1.51991 1333.05410
8 1996 18.91 172.6149937 3264.14953 1.44414 1358.94728
9 1996 19.72 172.6149937 3403.96768 1.47219 1415.68489
10 1996 20.04 172.6149937 3459.20447 1.53366 1437.12380
11 1996 21.38 172.6149937 3690.50857 1.55688 1531.66202
12 1996 21.03 172.6149937 3630.09332 1.65930 1504.92874
1 1997 21.85 172.6149937 3771.63761 1.63034 1561.97846
2 1997 19.91 191.5328996 3813.42003 1.69214 1577.59000
3 1997 19.17 191.5328996 3671.68569 1.70906 1517.24626
4 1997 19.85 191.5328996 3801.92806 1.64368 1569.42248
5 1997 21.08 191.5328996 4037.51352 1.70021 1664.97112
6 1997 22.06 191.5328996 4225.21577 1.80372 1740.57118
7 1997 23.67 191.5328996 4533.58373 1.88562 1865.71727
8 1997 22.56 191.5328996 4320.98221 2.02119 1776.20363
9 1997 23.80 191.5328996 4558.48301 1.92422 1871.90763
10 1997 22.93 191.5328996 4391.84939 2.02790 1801.45285
11 1997 23.77 191.5328996 4552.73702 1.95157 1865.49432
12 1997 24.28 191.5328996 4650.41880 2.02095 1903.49870
1 1998 24.22 191.5328996 4638.92683 2.06212 1896.73270
2 1998 24.18 204.2144884 4937.90633 2.05479 2016.92261
3 1998 25.30 204.2144884 5166.62656 2.18500 2108.15999
4 1998 25.30 204.2144884 5166.62656 2.28384 2105.87615
5 1998 24.89 204.2144884 5082.89862 2.28137 2069.46794
6 1998 25.17 204.2144884 5140.07867 2.24192 2090.50649
7 1998 24.55 204.2144884 5013.46569 2.26472 2036.74738
8 1998 20.80 204.2144884 4247.66136 2.20648 1723.42878
9 1998 22.02 204.2144884 4496.80304 1.86705 1822.64746
10 1998 23.65 204.2144884 4829.67265 1.97453 1955.59187
11 1998 24.65 204.2144884 5033.88714 2.11856 2036.16219
12 1998 25.42 204.2144884 5191.13230 2.20584 2097.56060
1 1999 25.34 204.2144884 5174.79514 2.27236 2088.68695
2 1999 23.81 214.6914302 5111.80295 2.26274 2060.99887
3 1999 24.68 214.6914302 5298.58450 2.23275 2134.07351
4 1999 26.87 214.6914302 5768.75873 2.31191 2321.13036
5 1999 26.14 214.6914302 5612.03399 2.51456 2255.55569
6 1999 27.25 214.6914302 5850.34147 2.44352 2348.89131
7 1999 26.44 214.6914302 5676.44141 2.54463 2276.52642
8 1999 25.72 214.6914302 5521.86359 2.46624 2212.06703
9 1999 24.88 214.6914302 5341.52278 2.39641 2137.42582
10 1999 25.79 214.6914302 5536.89199 2.31554 2213.28783
11 1999 25.45 214.6914302 5463.89690 2.39773 2181.71144
12 1999 25.71 214.6914302 5519.71667 2.36352 2201.63652
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 134.75%
GROSS ANNUAL RETURN = 18.61%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2201.64 2145.49
TOTAL RETURN 120.16% 114.55%
AVERAGE ANNUAL RETURN 17.10% 16.49%
Return for 10 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1989 12.29 116.0678861 1426.47432 1000.00000
1 1990 11.46 116.0678861 1330.13797 1.08333 931.38209
2 1990 11.14 120.1095357 1338.02023 1.00900 935.89236
3 1990 10.96 122.2834639 1340.22676 1.01388 936.42186
4 1990 10.58 122.2834639 1293.75905 1.01446 902.94022
5 1990 11.28 122.2834639 1379.35747 0.97819 961.70288
6 1990 11.04 123.6977744 1365.62343 1.04184 951.08552
7 1990 10.77 123.6977744 1332.22503 1.03034 926.79493
8 1990 9.91 123.6977744 1225.84494 1.00403 851.78499
9 1990 9.02 125.3607228 1130.75372 0.92277 784.78757
10 1990 8.79 125.3607228 1101.92075 0.85019 763.92617
11 1990 9.42 125.3607228 1180.89801 0.82759 817.85097
12 1990 9.51 127.0636375 1208.37519 0.88601 835.99476
1 1991 10.02 127.0636375 1273.17765 0.90566 879.92163
2 1991 10.71 127.0636375 1360.85156 0.95325 939.56178
3 1991 10.70 129.8206787 1389.08126 1.01786 958.03433
4 1991 10.75 129.8206787 1395.57230 1.03787 961.47326
5 1991 11.34 129.8206787 1472.16650 1.04160 1013.20089
6 1991 10.76 131.2241455 1411.97181 1.09763 970.67498
7 1991 11.37 131.2241455 1492.01853 1.05156 1024.65239
8 1991 11.61 131.2241455 1523.51233 1.11004 1045.17090
9 1991 11.41 132.6078799 1513.05591 1.13227 1036.86524
10 1991 11.60 132.6078799 1538.25141 1.12327 1053.00791
11 1991 11.10 132.6078799 1471.94747 1.14076 1006.47888
12 1991 11.85 134.0312203 1588.26996 1.09035 1084.92679
1 1992 12.01 134.0312203 1609.71496 1.17534 1098.40025
2 1992 12.40 134.0312203 1661.98713 1.18993 1132.87860
3 1992 12.13 135.3356604 1641.62156 1.22729 1117.76931
4 1992 12.51 135.3356604 1693.04911 1.21092 1151.57507
5 1992 12.61 135.3356604 1706.58268 1.24754 1159.53277
6 1992 12.40 136.4226938 1691.64140 1.25616 1148.12480
7 1992 12.78 136.4226938 1743.48203 1.24380 1182.06547
8 1992 12.50 136.4226938 1705.28367 1.28057 1154.88675
9 1992 12.53 137.5088618 1722.98604 1.25113 1165.62438
10 1992 12.68 137.5088618 1743.61237 1.26276 1178.31562
11 1992 13.14 137.5088618 1806.86644 1.27651 1219.78558
12 1992 13.40 138.5435409 1856.48345 1.32143 1251.95976
1 1993 13.80 138.5435409 1911.90087 1.35629 1287.97540
2 1993 14.11 138.5435409 1954.84936 1.39531 1315.51288
3 1993 14.43 139.5083288 2013.10519 1.42514 1353.29090
4 1993 14.37 139.5083288 2004.73469 1.46607 1346.19785
5 1993 14.63 139.5083288 2041.00685 1.45838 1369.09656
6 1993 14.70 140.4771367 2065.01391 1.48319 1383.71718
7 1993 14.90 140.4771367 2093.10934 1.49903 1401.04424
8 1993 15.47 140.4771367 2173.18130 1.51780 1453.12344
9 1993 15.31 141.4025460 2164.87298 1.57422 1445.99376
10 1993 15.45 141.4025460 2184.66934 1.56649 1457.64994
11 1993 15.18 141.4025460 2146.49065 1.57912 1430.59732
12 1993 15.44 142.2348697 2196.10639 1.54981 1462.11551
1 1994 16.12 142.2348697 2292.82610 1.58396 1524.92524
2 1994 14.94 149.5168411 2233.78161 1.65200 1484.00360
3 1994 14.22 150.5156176 2140.33208 1.60767 1420.31312
4 1994 14.71 150.5156176 2214.08473 1.53867 1467.71632
5 1994 14.85 150.5156176 2235.15692 1.59003 1480.09505
6 1994 14.67 151.4211260 2221.34792 1.60344 1469.34745
7 1994 15.16 151.4211260 2295.54427 1.59179 1516.83406
8 1994 15.94 151.4211260 2413.65275 1.64324 1593.23374
9 1994 15.59 152.2841976 2374.11064 1.72600 1565.40629
10 1994 15.91 152.2841976 2422.84158 1.69586 1595.84193
11 1994 15.39 152.2841976 2343.65380 1.72883 1541.95485
12 1994 15.35 153.1776512 2351.27695 1.67045 1545.29988
1 1995 15.59 153.1776512 2388.03958 1.67407 1567.78684
2 1995 15.39 161.0849025 2479.09665 1.69844 1625.86886
3 1995 15.82 162.1174981 2564.69882 1.76136 1680.24807
4 1995 16.26 162.1174981 2636.03052 1.82027 1725.16036
5 1995 16.75 162.1174981 2715.46809 1.86892 1775.27967
6 1995 16.89 163.0836333 2754.48257 1.92322 1798.86277
7 1995 17.54 163.0836333 2860.48693 1.94877 1866.14199
8 1995 17.76 163.0836333 2896.36533 2.02165 1887.52691
9 1995 18.25 163.9738278 2992.52236 2.04482 1948.14649
10 1995 18.04 163.9738278 2958.08785 2.11049 1923.61897
11 1995 18.82 163.9738278 3085.98744 2.08392 2004.70704
12 1995 19.27 164.8363940 3176.39731 2.17177 2061.26698
1 1996 19.83 164.8363940 3268.70569 2.23304 2118.93584
2 1996 19.00 172.6149937 3279.68488 2.29551 2123.75757
3 1996 19.20 172.6149937 3314.20788 2.30074 2143.81218
4 1996 19.45 172.6149937 3357.36163 2.32246 2169.40393
5 1996 19.66 172.6149937 3393.61078 2.35019 2190.47662
6 1996 19.48 172.6149937 3362.54008 2.37302 2168.04837
7 1996 18.53 172.6149937 3198.55583 2.34872 2059.96834
8 1996 18.91 172.6149937 3264.14953 2.23163 2099.98107
9 1996 19.72 172.6149937 3403.96768 2.27498 2187.65768
10 1996 20.04 172.6149937 3459.20447 2.36996 2220.78724
11 1996 21.38 172.6149937 3690.50857 2.40585 2366.87714
12 1996 21.03 172.6149937 3630.09332 2.56412 2325.56620
1 1997 21.85 172.6149937 3771.63761 2.51936 2413.72512
2 1997 19.91 191.5328996 3813.42003 2.61487 2437.84964
3 1997 19.17 191.5328996 3671.68569 2.64100 2344.60046
4 1997 19.85 191.5328996 3801.92806 2.53998 2425.22836
5 1997 21.08 191.5328996 4037.51352 2.62733 2572.87966
6 1997 22.06 191.5328996 4225.21577 2.78729 2689.70443
7 1997 23.67 191.5328996 4533.58373 2.91385 2883.09268
8 1997 22.56 191.5328996 4320.98221 3.12335 2744.76726
9 1997 23.80 191.5328996 4558.48301 2.97350 2892.65863
10 1997 22.93 191.5328996 4391.84939 3.13371 2783.78487
11 1997 23.77 191.5328996 4552.73702 3.01577 2882.74814
12 1997 24.28 191.5328996 4650.41880 3.12298 2941.47630
1 1998 24.22 191.5328996 4638.92683 3.18660 2931.02082
2 1998 24.18 204.2144884 4937.90633 3.17527 3116.75026
3 1998 25.30 204.2144884 5166.62656 3.37648 3257.73938
4 1998 25.30 204.2144884 5166.62656 3.52922 3254.21017
5 1998 24.89 204.2144884 5082.89862 3.52539 3197.94856
6 1998 25.17 204.2144884 5140.07867 3.46444 3230.45943
7 1998 24.55 204.2144884 5013.46569 3.49966 3147.38548
8 1998 20.80 204.2144884 4247.66136 3.40967 2663.21428
9 1998 22.02 204.2144884 4496.80304 2.88515 2816.53689
10 1998 23.65 204.2144884 4829.67265 3.05125 3021.97589
11 1998 24.65 204.2144884 5033.88714 3.27381 3146.48119
12 1998 25.42 204.2144884 5191.13230 3.40869 3241.36015
1 1999 25.34 204.2144884 5174.79514 3.51147 3227.64770
2 1999 23.81 214.6914302 5111.80295 3.49662 3184.86130
3 1999 24.68 214.6914302 5298.58450 3.45027 3297.78353
4 1999 26.87 214.6914302 5768.75873 3.57260 3586.84246
5 1999 26.14 214.6914302 5612.03399 3.88575 3485.50993
6 1999 27.25 214.6914302 5850.34147 3.77597 3629.74146
7 1999 26.44 214.6914302 5676.44141 3.93222 3517.91601
8 1999 25.72 214.6914302 5521.86359 3.81108 3418.30692
9 1999 24.88 214.6914302 5341.52278 3.70317 3302.96387
10 1999 25.79 214.6914302 5536.89199 3.57821 3420.19342
11 1999 25.45 214.6914302 5463.89690 3.70521 3371.39842
12 1999 25.71 214.6914302 5519.71667 3.65235 3402.18865
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 286.95%
GROSS ANNUAL RETURN = 14.49%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 3402.19 3402.19
TOTAL RETURN 240.22% 240.22%
AVERAGE ANNUAL RETURN 13.03% 13.03%
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
1 1999 25.34 204.2144884 5174.79514 4.80329 4415.04658
2 1999 23.81 214.6914302 5111.80295 4.78297 4356.51976
3 1999 24.68 214.6914302 5298.58450 4.71956 4510.98424
4 1999 26.87 214.6914302 5768.75873 4.88690 4906.38322
5 1999 26.14 214.6914302 5612.03399 5.31525 4767.77211
6 1999 27.25 214.6914302 5850.34147 5.16509 4965.06407
7 1999 26.44 214.6914302 5676.44141 5.37882 4812.09986
8 1999 25.72 214.6914302 5521.86359 5.21311 4675.84621
9 1999 24.88 214.6914302 5341.52278 5.06550 4518.07034
10 1999 25.79 214.6914302 5536.89199 4.89458 4678.42672
11 1999 25.45 214.6914302 5463.89690 5.06830 4611.68084
12 1999 25.71 214.6914302 5519.71667 4.99599 4653.79829
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 451.97%
GROSS ANNUAL RETURN = 13.79%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 4653.80 4653.80
TOTAL RETURN 365.38% 365.38%
AVERAGE ANNUAL RETURN 12.33% 12.33%
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
1 1999 25.34 204.2144884 5174.79514 1.50994 1387.89758
2 1999 23.81 214.6914302 5111.80295 1.50356 1369.49930
3 1999 24.68 214.6914302 5298.58450 1.48362 1418.05618
4 1999 26.87 214.6914302 5768.75873 1.53623 1542.35233
5 1999 26.14 214.6914302 5612.03399 1.67088 1498.77906
6 1999 27.25 214.6914302 5850.34147 1.62368 1560.79902
7 1999 26.44 214.6914302 5676.44141 1.69087 1512.71377
8 1999 25.72 214.6914302 5521.86359 1.63877 1469.88158
9 1999 24.88 214.6914302 5341.52278 1.59237 1420.28374
10 1999 25.79 214.6914302 5536.89199 1.53864 1470.69278
11 1999 25.45 214.6914302 5463.89690 1.59325 1449.71079
12 1999 25.71 214.6914302 5519.71667 1.57052 1462.95067
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 52.05%
GROSS ANNUAL RETURN = 14.73%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1462.95 1400.78
TOTAL RETURN 46.30% 40.08%
AVERAGE ANNUAL RETURN 13.29% 11.69%
<PAGE>
Fidelity Index 500
12/1999
Assume ($10000 @ $10.00 on 8/27/1992)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/92 0.5500000000 52.28 1.052 101.052028
2/93 0.1500000000 54.16 0.280 101.331898
12/93 1.8200000000 55.63 3.315 104.647089
2/94 0.1000000000 56.17 0.186 104.833393
2/95 1.0800000000 57.65 1.964 106.797315
2/96 3.2500000000 75.06 4.624 111.421499
2/97 3.1200000000 91.92 3.782 115.203430
2/98 4.5100000000 114.96 4.520 119.722980
2/99 2.3500000000 140.00 2.010 121.732615
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 141.25 119.7229796 16910.87087 1000.00000
1 1999 146.92 119.7229796 17589.70017 1.08333 1039.05826
2 1999 139.95 121.7326154 17036.47952 1.12565 1005.25278
3 1999 145.58 121.7326154 17721.83414 1.08902 1044.60372
4 1999 151.13 121.7326154 18397.45016 1.13165 1083.29588
5 1999 147.50 121.7326154 17955.56076 1.17357 1056.10256
6 1999 155.65 121.7326154 18947.68158 1.14411 1113.31259
7 1999 150.79 121.7326154 18356.06107 1.20609 1077.34455
8 1999 149.99 121.7326154 18258.67498 1.16712 1070.46169
9 1999 145.84 121.7326154 17753.48462 1.15967 1039.68394
10 1999 155.01 121.7326154 18869.77271 1.12632 1103.92995
11 1999 158.11 121.7326154 19247.14381 1.19592 1124.81120
12 1999 167.41 121.7326154 20379.25714 1.21855 1189.75384
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 20.51%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1189.75 1118.96
TOTAL RETURN 18.98% 11.90%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 141.25 119.7229796 16910.87087 1000.00000
1 1999 146.92 119.7229796 17589.70017 1.08333 1039.05826
2 1999 139.95 121.7326154 17036.47952 1.12565 1005.25278
3 1999 145.58 121.7326154 17721.83414 1.08902 1044.60372
4 1999 151.13 121.7326154 18397.45016 1.13165 1083.29588
5 1999 147.50 121.7326154 17955.56076 1.17357 1056.10256
6 1999 155.65 121.7326154 18947.68158 1.14411 1113.31259
7 1999 150.79 121.7326154 18356.06107 1.20609 1077.34455
8 1999 149.99 121.7326154 18258.67498 1.16712 1070.46169
9 1999 145.84 121.7326154 17753.48462 1.15967 1039.68394
10 1999 155.01 121.7326154 18869.77271 1.12632 1103.92995
11 1999 158.11 121.7326154 19247.14381 1.19592 1124.81120
12 1999 167.41 121.7326154 20379.25714 1.21855 1189.75384
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 20.51%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1189.75 1118.96
TOTAL RETURN 18.98% 11.90%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 89.13 111.4214989 9930.99819 1000.00000
1 1997 94.57 111.4214989 10537.13115 1.08333 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
1 1999 146.92 119.7229796 17589.70017 1.79833 1724.83268
2 1999 139.95 121.7326154 17036.47952 1.86857 1668.71572
3 1999 145.58 121.7326154 17721.83414 1.80778 1734.03813
4 1999 151.13 121.7326154 18397.45016 1.87854 1798.26696
5 1999 147.50 121.7326154 17955.56076 1.94812 1753.12616
6 1999 155.65 121.7326154 18947.68158 1.89922 1848.09459
7 1999 150.79 121.7326154 18356.06107 2.00210 1788.38777
8 1999 149.99 121.7326154 18258.67498 1.93742 1776.96225
9 1999 145.84 121.7326154 17753.48462 1.92504 1725.87131
10 1999 155.01 121.7326154 18869.77271 1.86969 1832.51944
11 1999 158.11 121.7326154 19247.14381 1.98523 1867.18224
12 1999 167.41 121.7326154 20379.25714 2.02278 1974.98676
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 105.21%
GROSS ANNUAL RETURN = 27.08%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1974.99 1891.05
TOTAL RETURN 97.50% 89.10%
AVERAGE ANNUAL RETURN 25.46% 23.66%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 56.22 104.8333932 5893.73337 1000.00000
1 1995 57.71 104.8333932 6049.93512 1.08333 1025.41969
2 1995 58.82 106.7973146 6281.81804 1.11087 1063.61128
3 1995 60.54 106.7973146 6465.50942 1.15225 1093.56089
4 1995 62.32 106.7973146 6655.60864 1.18469 1124.52913
5 1995 64.77 106.7973146 6917.26207 1.21824 1167.51975
6 1995 66.24 106.7973146 7074.25412 1.26481 1192.75261
7 1995 68.45 106.7973146 7310.27618 1.29215 1231.25489
8 1995 68.62 106.7973146 7328.43173 1.33386 1232.97894
9 1995 71.49 106.7973146 7634.94002 1.33573 1283.21199
10 1995 71.25 106.7973146 7609.30866 1.39015 1277.51395
11 1995 74.35 106.7973146 7940.38034 1.38397 1331.71304
12 1995 75.71 106.7973146 8085.62469 1.44269 1354.62987
1 1996 78.30 106.7973146 8362.22973 1.46752 1399.50354
2 1996 75.75 111.4214989 8440.17854 1.51613 1411.03293
3 1996 76.53 111.4214989 8527.08731 1.52862 1424.03376
4 1996 77.60 111.4214989 8646.30831 1.54270 1442.40110
5 1996 79.58 111.4214989 8866.92288 1.56260 1477.64204
6 1996 79.92 111.4214989 8904.80619 1.60078 1482.35438
7 1996 76.38 111.4214989 8510.37408 1.60588 1415.08866
8 1996 77.95 111.4214989 8685.30584 1.53301 1442.64296
9 1996 82.31 111.4214989 9171.10357 1.56286 1521.77186
10 1996 84.58 111.4214989 9424.03037 1.64859 1562.09171
11 1996 90.92 111.4214989 10130.44268 1.69227 1677.49169
12 1996 89.13 111.4214989 9930.99819 1.81728 1642.64856
1 1997 94.57 111.4214989 10537.13115 1.77954 1741.12716
2 1997 92.15 115.2034296 10615.99604 1.88622 1752.27236
3 1997 88.32 115.2034296 10174.76690 1.89830 1677.54495
4 1997 93.57 115.2034296 10779.58491 1.81734 1775.44581
5 1997 99.26 115.2034296 11435.09243 1.92340 1881.48742
6 1997 103.62 115.2034296 11937.37938 2.03828 1962.09357
7 1997 111.86 115.2034296 12886.65564 2.12560 2115.99625
8 1997 105.60 115.2034296 12165.48217 2.29233 1995.28682
9 1997 111.31 115.2034296 12823.29375 2.16156 2101.01435
10 1997 107.63 115.2034296 12399.34513 2.27610 2029.27699
11 1997 112.50 115.2034296 12960.38583 2.19838 2118.89854
12 1997 114.39 115.2034296 13178.12032 2.29547 2152.20056
1 1998 115.64 115.2034296 13322.12460 2.33155 2173.38724
2 1998 119.18 119.7229796 14268.58471 2.35450 2325.43937
3 1998 125.21 119.7229796 14990.51428 2.51923 2440.57746
4 1998 126.45 119.7229796 15138.97077 2.64396 2462.10343
5 1998 124.19 119.7229796 14868.39684 2.66728 2415.43177
6 1998 129.25 119.7229796 15474.19512 2.61672 2511.22945
7 1998 127.85 119.7229796 15306.58295 2.72050 2481.30802
8 1998 109.35 119.7229796 13091.70782 2.68808 2119.57263
9 1998 116.38 119.7229796 13933.36037 2.29620 2253.54158
10 1998 125.83 119.7229796 15064.74253 2.44134 2434.08674
11 1998 133.41 119.7229796 15972.24271 2.63693 2578.07921
12 1998 141.25 119.7229796 16910.87087 2.79292 2726.79024
1 1999 146.92 119.7229796 17589.70017 2.95402 2833.29392
2 1999 139.95 121.7326154 17036.47952 3.06940 2741.11346
3 1999 145.58 121.7326154 17721.83414 2.96954 2848.41523
4 1999 151.13 121.7326154 18397.45016 3.08578 2953.92063
5 1999 147.50 121.7326154 17955.56076 3.20008 2879.77016
6 1999 155.65 121.7326154 18947.68158 3.11975 3035.76991
7 1999 150.79 121.7326154 18356.06107 3.28875 2937.69259
8 1999 149.99 121.7326154 18258.67498 3.18250 2918.92448
9 1999 145.84 121.7326154 17753.48462 3.16217 2835.00002
10 1999 155.01 121.7326154 18869.77271 3.07125 3010.18542
11 1999 158.11 121.7326154 19247.14381 3.26103 3067.12421
12 1999 167.41 121.7326154 20379.25714 3.32272 3244.20915
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 245.78%
GROSS ANNUAL RETURN = 28.16%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 3244.21 3161.48
TOTAL RETURN 224.42% 216.15%
AVERAGE ANNUAL RETURN 26.54% 25.89%
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
1 1999 146.92 119.7229796 17589.70017 3.37487 3236.93823
2 1999 139.95 121.7326154 17036.47952 3.50668 3131.62532
3 1999 145.58 121.7326154 17721.83414 3.39259 3254.21379
4 1999 151.13 121.7326154 18397.45016 3.52540 3374.74999
5 1999 147.50 121.7326154 17955.56076 3.65598 3290.03570
6 1999 155.65 121.7326154 18947.68158 3.56421 3468.25990
7 1999 150.79 121.7326154 18356.06107 3.75728 3356.21002
8 1999 149.99 121.7326154 18258.67498 3.63589 3334.76812
9 1999 145.84 121.7326154 17753.48462 3.61267 3238.88739
10 1999 155.01 121.7326154 18869.77271 3.50879 3439.03052
11 1999 158.11 121.7326154 19247.14381 3.72562 3504.08108
12 1999 167.41 121.7326154 20379.25714 3.79609 3706.39437
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 307.59%
GROSS ANNUAL RETURN = 21.08%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 3706.39 3706.39
TOTAL RETURN 270.64% 270.64%
AVERAGE ANNUAL RETURN 19.53% 19.53%
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
1 1999 146.92 119.7229796 17589.70017 1.79833 1724.83268
2 1999 139.95 121.7326154 17036.47952 1.86857 1668.71572
3 1999 145.58 121.7326154 17721.83414 1.80778 1734.03813
4 1999 151.13 121.7326154 18397.45016 1.87854 1798.26696
5 1999 147.50 121.7326154 17955.56076 1.94812 1753.12616
6 1999 155.65 121.7326154 18947.68158 1.89922 1848.09459
7 1999 150.79 121.7326154 18356.06107 2.00210 1788.38777
8 1999 149.99 121.7326154 18258.67498 1.93742 1776.96225
9 1999 145.84 121.7326154 17753.48462 1.92504 1725.87131
10 1999 155.01 121.7326154 18869.77271 1.86969 1832.51944
11 1999 158.11 121.7326154 19247.14381 1.98523 1867.18224
12 1999 167.41 121.7326154 20379.25714 2.02278 1974.98676
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 105.21%
GROSS ANNUAL RETURN = 26.58%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1974.99 1891.05
TOTAL RETURN 97.50% 89.10%
AVERAGE ANNUAL RETURN 25.01% 23.24%
<PAGE>
MFS Capital Opportunities Series
12/1999
Assume ($10000 @ $10.00 on 8/14/1996)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
11/96 0.0538500000 10.59 0.508 100.508499
12/97 1.7629200000 11.43 15.502 116.010550
12/98 0.0299500000 14.65 0.237 116.247718
6/99 0.0475400000 17.44 0.317 116.564600
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 14.78 116.2477179 1718.14127 1000.00000
1 1999 15.69 116.2477179 1823.92669 1.08333 1060.48636
2 1999 15.28 116.2477179 1776.26513 1.14886 1031.62561
3 1999 15.42 116.2477179 1792.53981 1.11759 1039.96009
4 1999 16.33 116.2477179 1898.32523 1.12662 1100.20595
5 1999 16.49 116.2477179 1916.92487 1.19189 1109.79378
6 1999 17.44 116.5645995 2032.88662 1.20228 1175.72697
7 1999 17.28 116.5645995 2014.23628 1.27370 1163.66678
8 1999 16.85 116.5645995 1964.11350 1.26064 1133.44915
9 1999 16.99 116.5645995 1980.43255 1.22790 1141.63863
10 1999 17.88 116.5645995 2084.17504 1.23678 1200.20517
11 1999 19.26 116.5645995 2245.03419 1.30022 1291.53824
12 1999 21.73 116.5645995 2532.94875 1.39917 1455.77248
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 47.42%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1455.77 1369.15
TOTAL RETURN 45.58% 36.92%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 14.78 116.2477179 1718.14127 1000.00000
1 1999 15.69 116.2477179 1823.92669 1.08333 1060.48636
2 1999 15.28 116.2477179 1776.26513 1.14886 1031.62561
3 1999 15.42 116.2477179 1792.53981 1.11759 1039.96009
4 1999 16.33 116.2477179 1898.32523 1.12662 1100.20595
5 1999 16.49 116.2477179 1916.92487 1.19189 1109.79378
6 1999 17.44 116.5645995 2032.88662 1.20228 1175.72697
7 1999 17.28 116.5645995 2014.23628 1.27370 1163.66678
8 1999 16.85 116.5645995 1964.11350 1.26064 1133.44915
9 1999 16.99 116.5645995 1980.43255 1.22790 1141.63863
10 1999 17.88 116.5645995 2084.17504 1.23678 1200.20517
11 1999 19.26 116.5645995 2245.03419 1.30022 1291.53824
12 1999 21.73 116.5645995 2532.94875 1.39917 1455.77248
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 47.42%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1455.77 1369.15
TOTAL RETURN 45.58% 36.92%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 10.66 100.5084986 1071.42059 1000.00000
1 1997 10.96 100.5084986 1101.57314 1.08333 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
1 1999 15.69 116.2477179 1823.92669 1.69344 1657.72263
2 1999 15.28 116.2477179 1776.26513 1.79587 1612.60832
3 1999 15.42 116.2477179 1792.53981 1.74699 1625.63654
4 1999 16.33 116.2477179 1898.32523 1.76111 1719.81118
5 1999 16.49 116.2477179 1916.92487 1.86313 1734.79862
6 1999 17.44 116.5645995 2032.88662 1.87937 1837.86353
7 1999 17.28 116.5645995 2014.23628 1.99102 1819.01138
8 1999 16.85 116.5645995 1964.11350 1.97060 1771.77603
9 1999 16.99 116.5645995 1980.43255 1.91942 1784.57759
10 1999 17.88 116.5645995 2084.17504 1.93329 1876.12718
11 1999 19.26 116.5645995 2245.03419 2.03247 2018.89647
12 1999 21.73 116.5645995 2532.94875 2.18714 2275.62284
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 136.41%
GROSS ANNUAL RETURN = 33.22%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2275.62 2178.91
TOTAL RETURN 127.56% 117.89%
AVERAGE ANNUAL RETURN 31.53% 29.64%
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
1 1999 15.69 116.2477179 1823.92669 1.80471 1766.64603
2 1999 15.28 116.2477179 1776.26513 1.91387 1718.56741
3 1999 15.42 116.2477179 1792.53981 1.86178 1732.45167
4 1999 16.33 116.2477179 1898.32523 1.87682 1832.81421
5 1999 16.49 116.2477179 1916.92487 1.98555 1848.78643
6 1999 17.44 116.5645995 2032.88662 2.00285 1958.62338
7 1999 17.28 116.5645995 2014.23628 2.12184 1938.53252
8 1999 16.85 116.5645995 1964.11350 2.10008 1888.19349
9 1999 16.99 116.5645995 1980.43255 2.04554 1901.83621
10 1999 17.88 116.5645995 2084.17504 2.06032 1999.40121
11 1999 19.26 116.5645995 2245.03419 2.16602 2151.55139
12 1999 21.73 116.5645995 2532.94875 2.33085 2425.14639
SURRENDER CHARGE = 4.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 153.29%
GROSS ANNUAL RETURN = 31.64%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2425.15 2342.69
TOTAL RETURN 142.51% 134.27%
AVERAGE ANNUAL RETURN 29.96% 28.63%
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
1 1999 15.69 116.2477179 1823.92669 1.69344 1657.72263
2 1999 15.28 116.2477179 1776.26513 1.79587 1612.60832
3 1999 15.42 116.2477179 1792.53981 1.74699 1625.63654
4 1999 16.33 116.2477179 1898.32523 1.76111 1719.81118
5 1999 16.49 116.2477179 1916.92487 1.86313 1734.79862
6 1999 17.44 116.5645995 2032.88662 1.87937 1837.86353
7 1999 17.28 116.5645995 2014.23628 1.99102 1819.01138
8 1999 16.85 116.5645995 1964.11350 1.97060 1771.77603
9 1999 16.99 116.5645995 1980.43255 1.91942 1784.57759
10 1999 17.88 116.5645995 2084.17504 1.93329 1876.12718
11 1999 19.26 116.5645995 2245.03419 2.03247 2018.89647
12 1999 21.73 116.5645995 2532.94875 2.18714 2275.62284
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 136.41%
GROSS ANNUAL RETURN = 32.60%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2275.62 2178.91
TOTAL RETURN 127.56% 117.89%
AVERAGE ANNUAL RETURN 30.95% 29.10%
<PAGE>
MFS Emerging Growth Series
12/1999
Assume ($10000 @ $10.00 on 7/24/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/95 0.3276700000 11.30 2.900 102.899735
12/96 0.1128000000 13.27 0.875 103.774421
4/98 0.1585900000 18.55 0.887 104.661622
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 21.47 104.6616224 2247.08503 1000.00000
1 1999 23.50 104.6616224 2459.54813 1.08333 1093.46720
2 1999 21.80 104.6616224 2281.62337 1.18459 1013.18073
3 1999 22.25 104.6616224 2328.72110 1.09761 1032.99740
4 1999 22.57 104.6616224 2362.21282 1.11908 1046.73491
5 1999 22.32 104.6616224 2336.04741 1.13396 1034.00663
6 1999 24.22 104.6616224 2534.90449 1.12017 1120.90673
7 1999 23.81 104.6616224 2491.99323 1.21432 1100.71753
8 1999 23.94 104.6616224 2505.59924 1.19244 1105.53489
9 1999 24.47 104.6616224 2561.06990 1.19766 1128.81231
10 1999 25.82 104.6616224 2702.36309 1.22288 1189.86554
11 1999 29.71 104.6616224 3109.49680 1.28902 1367.83977
12 1999 37.94 104.6616224 3970.86195 1.48183 1745.26475
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 76.71%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1745.26 1641.42
TOTAL RETURN 74.53% 64.14%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 21.47 104.6616224 2247.08503 1000.00000
1 1999 23.50 104.6616224 2459.54813 1.08333 1093.46720
2 1999 21.80 104.6616224 2281.62337 1.18459 1013.18073
3 1999 22.25 104.6616224 2328.72110 1.09761 1032.99740
4 1999 22.57 104.6616224 2362.21282 1.11908 1046.73491
5 1999 22.32 104.6616224 2336.04741 1.13396 1034.00663
6 1999 24.22 104.6616224 2534.90449 1.12017 1120.90673
7 1999 23.81 104.6616224 2491.99323 1.21432 1100.71753
8 1999 23.94 104.6616224 2505.59924 1.19244 1105.53489
9 1999 24.47 104.6616224 2561.06990 1.19766 1128.81231
10 1999 25.82 104.6616224 2702.36309 1.22288 1189.86554
11 1999 29.71 104.6616224 3109.49680 1.28902 1367.83977
12 1999 37.94 104.6616224 3970.86195 1.48183 1745.26475
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 76.71%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1745.26 1641.42
TOTAL RETURN 74.53% 64.14%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 13.24 103.7744210 1373.97333 1000.00000
1 1997 14.07 103.7744210 1460.10610 1.08333 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
1 1999 23.50 104.6616224 2459.54813 1.72705 1743.20610
2 1999 21.80 104.6616224 2281.62337 1.88847 1615.21335
3 1999 22.25 104.6616224 2328.72110 1.74981 1646.80510
4 1999 22.57 104.6616224 2362.21282 1.78404 1668.70545
5 1999 22.32 104.6616224 2336.04741 1.80776 1648.41402
6 1999 24.22 104.6616224 2534.90449 1.78578 1786.95022
7 1999 23.81 104.6616224 2491.99323 1.93586 1754.76458
8 1999 23.94 104.6616224 2505.59924 1.90099 1762.44441
9 1999 24.47 104.6616224 2561.06990 1.90931 1799.55328
10 1999 25.82 104.6616224 2702.36309 1.94952 1896.88440
11 1999 29.71 104.6616224 3109.49680 2.05496 2180.61101
12 1999 37.94 104.6616224 3970.86195 2.36233 2782.30216
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 189.01%
GROSS ANNUAL RETURN = 42.44%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2782.30 2664.05
TOTAL RETURN 178.23% 166.41%
AVERAGE ANNUAL RETURN 40.65% 38.63%
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
1 1999 23.50 104.6616224 2459.54813 2.32784 2349.61103
2 1999 21.80 104.6616224 2281.62337 2.54541 2177.09375
3 1999 22.25 104.6616224 2328.72110 2.35852 2219.67525
4 1999 22.57 104.6616224 2362.21282 2.40465 2249.19402
5 1999 22.32 104.6616224 2336.04741 2.43663 2221.84385
6 1999 24.22 104.6616224 2534.90449 2.40700 2408.57231
7 1999 23.81 104.6616224 2491.99323 2.60929 2365.19033
8 1999 23.94 104.6616224 2505.59924 2.56229 2375.54172
9 1999 24.47 104.6616224 2561.06990 2.57350 2425.55958
10 1999 25.82 104.6616224 2702.36309 2.62769 2556.74903
11 1999 29.71 104.6616224 3109.49680 2.76981 2939.17494
12 1999 37.94 104.6616224 3970.86195 3.18411 3750.17494
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 297.09%
GROSS ANNUAL RETURN = 36.44%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 3750.17 3654.55
TOTAL RETURN 275.02% 265.45%
AVERAGE ANNUAL RETURN 34.69% 33.91%
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
1 1999 23.50 104.6616224 2459.54813 1.72705 1743.20610
2 1999 21.80 104.6616224 2281.62337 1.88847 1615.21335
3 1999 22.25 104.6616224 2328.72110 1.74981 1646.80510
4 1999 22.57 104.6616224 2362.21282 1.78404 1668.70545
5 1999 22.32 104.6616224 2336.04741 1.80776 1648.41402
6 1999 24.22 104.6616224 2534.90449 1.78578 1786.95022
7 1999 23.81 104.6616224 2491.99323 1.93586 1754.76458
8 1999 23.94 104.6616224 2505.59924 1.90099 1762.44441
9 1999 24.47 104.6616224 2561.06990 1.90931 1799.55328
10 1999 25.82 104.6616224 2702.36309 1.94952 1896.88440
11 1999 29.71 104.6616224 3109.49680 2.05496 2180.61101
12 1999 37.94 104.6616224 3970.86195 2.36233 2782.30216
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 189.01%
GROSS ANNUAL RETURN = 41.63%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2782.30 2664.05
TOTAL RETURN 178.23% 166.41%
AVERAGE ANNUAL RETURN 39.87% 37.90%
<PAGE>
MFS Global Governments Series
12/1999
Assume ($10000 @ $10.00 on 6/14/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/94 0.2600000000 9.86 2.637 102.636917
12/95 1.0600000000 10.15 10.719 113.355649
4/97 0.2459000000 10.02 2.782 116.137501
4/98 0.1280000000 10.20 1.457 117.594913
4/99 0.5925000000 10.28 6.778 124.372635
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 10.88 117.5949125 1279.43265 1000.00000
1 1999 10.97 117.5949125 1290.01619 1.08333 1007.18873
2 1999 10.72 117.5949125 1260.61746 1.09112 983.14435
3 1999 10.79 117.5949125 1268.84911 1.06507 988.49906
4 1999 10.25 124.3726349 1274.81951 1.07087 992.07944
5 1999 10.09 124.3726349 1254.91989 1.07475 975.51857
6 1999 9.99 124.3726349 1242.48262 1.05681 964.79359
7 1999 10.01 124.3726349 1244.97007 1.04519 965.67991
8 1999 9.99 124.3726349 1242.48262 1.04615 962.70433
9 1999 10.13 124.3726349 1259.89479 1.04293 975.15275
10 1999 10.11 124.3726349 1257.40734 1.05642 972.17106
11 1999 10.04 124.3726349 1248.70125 1.05319 964.38672
12 1999 10.03 124.3726349 1247.45753 1.04475 962.38142
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -2.50%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 962.38 905.12
TOTAL RETURN -3.76% -9.49%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 10.88 117.5949125 1279.43265 1000.00000
1 1999 10.97 117.5949125 1290.01619 1.08333 1007.18873
2 1999 10.72 117.5949125 1260.61746 1.09112 983.14435
3 1999 10.79 117.5949125 1268.84911 1.06507 988.49906
4 1999 10.25 124.3726349 1274.81951 1.07087 992.07944
5 1999 10.09 124.3726349 1254.91989 1.07475 975.51857
6 1999 9.99 124.3726349 1242.48262 1.05681 964.79359
7 1999 10.01 124.3726349 1244.97007 1.04519 965.67991
8 1999 9.99 124.3726349 1242.48262 1.04615 962.70433
9 1999 10.13 124.3726349 1259.89479 1.04293 975.15275
10 1999 10.11 124.3726349 1257.40734 1.05642 972.17106
11 1999 10.04 124.3726349 1248.70125 1.05319 964.38672
12 1999 10.03 124.3726349 1247.45753 1.04475 962.38142
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -2.50%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 962.38 905.12
TOTAL RETURN -3.76% -9.49%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 10.58 113.3556490 1199.30277 1000.00000
1 1997 10.33 113.3556490 1170.96385 1.08333 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
1 1999 10.97 117.5949125 1290.01619 1.12611 1046.96184
2 1999 10.72 117.5949125 1260.61746 1.13421 1021.96797
3 1999 10.79 117.5949125 1268.84911 1.10713 1027.53414
4 1999 10.25 124.3726349 1274.81951 1.11316 1031.25590
5 1999 10.09 124.3726349 1254.91989 1.11719 1014.04105
6 1999 9.99 124.3726349 1242.48262 1.09854 1002.89255
7 1999 10.01 124.3726349 1244.97007 1.08647 1003.81388
8 1999 9.99 124.3726349 1242.48262 1.08746 1000.72079
9 1999 10.13 124.3726349 1259.89479 1.08411 1013.66079
10 1999 10.11 124.3726349 1257.40734 1.09813 1010.56135
11 1999 10.04 124.3726349 1248.70125 1.09477 1002.46961
12 1999 10.03 124.3726349 1247.45753 1.08601 1000.38513
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 4.02%
GROSS ANNUAL RETURN = 1.32%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1000.39 957.87
TOTAL RETURN 0.04% -4.21%
AVERAGE ANNUAL RETURN 0.01% -1.42%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 9.82 102.6369168 1007.89452 1000.00000
1 1995 9.91 102.6369168 1017.13185 1.08333 1008.08164
2 1995 10.12 102.6369168 1038.68560 1.09209 1028.35152
3 1995 10.64 102.6369168 1092.05680 1.11405 1080.07767
4 1995 10.69 102.6369168 1097.18864 1.17008 1083.98314
5 1995 10.88 102.6369168 1116.68966 1.17432 1102.07513
6 1995 10.91 102.6369168 1119.76876 1.19391 1103.92002
7 1995 10.89 102.6369168 1117.71602 1.19591 1100.70042
8 1995 10.73 102.6369168 1101.29412 1.19243 1083.33609
9 1995 10.86 102.6369168 1114.63692 1.17361 1095.28771
10 1995 11.02 102.6369168 1131.05882 1.18656 1110.23798
11 1995 11.21 102.6369168 1150.55984 1.20276 1128.17726
12 1995 10.17 113.3556490 1152.82695 1.22219 1129.17807
1 1996 10.13 113.3556490 1148.29272 1.22328 1123.51359
2 1996 9.95 113.3556490 1127.88871 1.21714 1102.33273
3 1996 9.94 113.3556490 1126.75515 1.19419 1100.03066
4 1996 10.01 113.3556490 1134.69005 1.19170 1106.58566
5 1996 10.04 113.3556490 1138.09072 1.19880 1108.70330
6 1996 10.10 113.3556490 1144.89206 1.20110 1114.12792
7 1996 10.27 113.3556490 1164.16252 1.20697 1131.67360
8 1996 10.29 113.3556490 1166.42963 1.22598 1132.65146
9 1996 10.34 113.3556490 1172.09741 1.22704 1136.92807
10 1996 10.52 113.3556490 1192.50143 1.23167 1155.48818
11 1996 10.66 113.3556490 1208.37122 1.25178 1169.61363
12 1996 10.58 113.3556490 1199.30277 1.26708 1159.56896
1 1997 10.33 113.3556490 1170.96385 1.25620 1130.91273
2 1997 10.33 113.3556490 1170.96385 1.22516 1129.68758
3 1997 10.24 113.3556490 1160.76185 1.22383 1118.62136
4 1997 9.87 116.1375007 1146.27713 1.21184 1103.45066
5 1997 10.08 116.1375007 1170.66601 1.19540 1125.73293
6 1997 10.15 116.1375007 1178.79563 1.21954 1132.33098
7 1997 10.04 116.1375007 1166.02051 1.22669 1118.83272
8 1997 10.06 116.1375007 1168.34326 1.21207 1119.84940
9 1997 10.30 116.1375007 1196.21626 1.21317 1145.35232
10 1997 10.41 116.1375007 1208.99138 1.24080 1156.34344
11 1997 10.24 116.1375007 1189.24801 1.25271 1136.20712
12 1997 10.21 116.1375007 1185.76388 1.23089 1131.64750
1 1998 10.28 116.1375007 1193.89351 1.22595 1138.18015
2 1998 10.31 116.1375007 1197.37763 1.23303 1140.26866
3 1998 10.20 116.1375007 1184.60251 1.23529 1126.86755
4 1998 10.24 117.5949125 1204.17190 1.22077 1144.26241
5 1998 10.33 117.5949125 1214.75545 1.23962 1153.07978
6 1998 10.30 117.5949125 1211.22760 1.24917 1148.48188
7 1998 10.26 117.5949125 1206.52380 1.24419 1142.77757
8 1998 10.21 117.5949125 1200.64406 1.23801 1135.97047
9 1998 10.72 117.5949125 1260.61746 1.23063 1191.48273
10 1998 10.74 117.5949125 1262.96936 1.29077 1192.41487
11 1998 10.74 117.5949125 1262.96936 1.29178 1191.12309
12 1998 10.88 117.5949125 1279.43265 1.29038 1205.35945
1 1999 10.97 117.5949125 1290.01619 1.30581 1214.02445
2 1999 10.72 117.5949125 1260.61746 1.31519 1185.04233
3 1999 10.79 117.5949125 1268.84911 1.28380 1191.49669
4 1999 10.25 124.3726349 1274.81951 1.29079 1195.81233
5 1999 10.09 124.3726349 1254.91989 1.29546 1175.85053
6 1999 9.99 124.3726349 1242.48262 1.27384 1162.92307
7 1999 10.01 124.3726349 1244.97007 1.25983 1163.99141
8 1999 9.99 124.3726349 1242.48262 1.26099 1160.40476
9 1999 10.13 124.3726349 1259.89479 1.25711 1175.40958
10 1999 10.11 124.3726349 1257.40734 1.27336 1171.81557
11 1999 10.04 124.3726349 1248.70125 1.26947 1162.43264
12 1999 10.03 124.3726349 1247.45753 1.25930 1160.01554
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 23.77%
GROSS ANNUAL RETURN = 4.36%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1160.02 1130.44
TOTAL RETURN 16.00% 13.04%
AVERAGE ANNUAL RETURN 3.01% 2.48%
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
1 1999 10.97 117.5949125 1290.01619 1.30618 1214.36955
2 1999 10.72 117.5949125 1260.61746 1.31557 1185.37920
3 1999 10.79 117.5949125 1268.84911 1.28416 1191.83539
4 1999 10.25 124.3726349 1274.81951 1.29115 1196.15226
5 1999 10.09 124.3726349 1254.91989 1.29583 1176.18478
6 1999 9.99 124.3726349 1242.48262 1.27420 1163.25365
7 1999 10.01 124.3726349 1244.97007 1.26019 1164.32229
8 1999 9.99 124.3726349 1242.48262 1.26135 1160.73462
9 1999 10.13 124.3726349 1259.89479 1.25746 1175.74371
10 1999 10.11 124.3726349 1257.40734 1.27372 1172.14868
11 1999 10.04 124.3726349 1248.70125 1.26983 1162.76309
12 1999 10.03 124.3726349 1247.45753 1.25966 1160.34530
SURRENDER CHARGE = 2.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 24.75%
GROSS ANNUAL RETURN = 4.07%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1160.35 1140.62
TOTAL RETURN 16.03% 14.06%
AVERAGE ANNUAL RETURN 2.72% 2.40%
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
1 1999 10.97 117.5949125 1290.01619 1.12611 1046.96184
2 1999 10.72 117.5949125 1260.61746 1.13421 1021.96797
3 1999 10.79 117.5949125 1268.84911 1.10713 1027.53414
4 1999 10.25 124.3726349 1274.81951 1.11316 1031.25590
5 1999 10.09 124.3726349 1254.91989 1.11719 1014.04105
6 1999 9.99 124.3726349 1242.48262 1.09854 1002.89255
7 1999 10.01 124.3726349 1244.97007 1.08647 1003.81388
8 1999 9.99 124.3726349 1242.48262 1.08746 1000.72079
9 1999 10.13 124.3726349 1259.89479 1.08411 1013.66079
10 1999 10.11 124.3726349 1257.40734 1.09813 1010.56135
11 1999 10.04 124.3726349 1248.70125 1.09477 1002.46961
12 1999 10.03 124.3726349 1247.45753 1.08601 1000.38513
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 4.02%
GROSS ANNUAL RETURN = 1.30%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1000.39 957.87
TOTAL RETURN 0.04% -4.21%
AVERAGE ANNUAL RETURN 0.01% -1.40%
<PAGE>
MFS High Income Series
12/1999
Assume ($10000 @ $10.00 on 7/26/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/95 0.2343800000 10.26 2.284 102.284405
12/96 0.6346600000 10.87 5.972 108.256422
4/98 0.8327900000 12.03 7.494 115.750592
4/99 0.7865000000 11.54 7.889 123.639486
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 11.53 115.7505921 1334.60433 1000.00000
1 1999 11.83 115.7505921 1369.32951 1.08333 1024.93575
2 1999 11.90 115.7505921 1377.43205 1.11035 1029.89011
3 1999 12.10 115.7505921 1400.58216 1.11571 1046.08347
4 1999 11.57 123.6394865 1430.50886 1.13326 1067.30222
5 1999 11.39 123.6394865 1408.25375 1.15624 1049.54145
6 1999 11.33 123.6394865 1400.83538 1.13700 1042.87569
7 1999 11.36 123.6394865 1404.54457 1.12978 1044.50728
8 1999 11.25 123.6394865 1390.94422 1.13155 1033.26166
9 1999 11.20 123.6394865 1384.76225 1.11937 1027.55002
10 1999 11.18 123.6394865 1382.28946 1.11318 1024.60193
11 1999 11.40 123.6394865 1409.49015 1.10999 1043.65406
12 1999 11.49 123.6394865 1420.61770 1.13063 1050.76280
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 6.44%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1050.76 988.24
TOTAL RETURN 5.08% -1.18%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 11.53 115.7505921 1334.60433 1000.00000
1 1999 11.83 115.7505921 1369.32951 1.08333 1024.93575
2 1999 11.90 115.7505921 1377.43205 1.11035 1029.89011
3 1999 12.10 115.7505921 1400.58216 1.11571 1046.08347
4 1999 11.57 123.6394865 1430.50886 1.13326 1067.30222
5 1999 11.39 123.6394865 1408.25375 1.15624 1049.54145
6 1999 11.33 123.6394865 1400.83538 1.13700 1042.87569
7 1999 11.36 123.6394865 1404.54457 1.12978 1044.50728
8 1999 11.25 123.6394865 1390.94422 1.13155 1033.26166
9 1999 11.20 123.6394865 1384.76225 1.11937 1027.55002
10 1999 11.18 123.6394865 1382.28946 1.11318 1024.60193
11 1999 11.40 123.6394865 1409.49015 1.10999 1043.65406
12 1999 11.49 123.6394865 1420.61770 1.13063 1050.76280
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 6.44%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1050.76 988.24
TOTAL RETURN 5.08% -1.18%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 10.87 108.2564221 1176.74731 1000.00000
1 1997 11.02 108.2564221 1192.98577 1.08333 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
1 1999 11.83 115.7505921 1369.32951 1.19726 1132.72370
2 1999 11.90 115.7505921 1377.43205 1.22712 1138.19909
3 1999 12.10 115.7505921 1400.58216 1.23305 1156.09544
4 1999 11.57 123.6394865 1430.50886 1.25244 1179.54567
5 1999 11.39 123.6394865 1408.25375 1.27784 1159.91707
6 1999 11.33 123.6394865 1400.83538 1.25658 1152.55031
7 1999 11.36 123.6394865 1404.54457 1.24860 1154.35348
8 1999 11.25 123.6394865 1390.94422 1.25055 1141.92521
9 1999 11.20 123.6394865 1384.76225 1.23709 1135.61290
10 1999 11.18 123.6394865 1382.28946 1.23025 1132.35478
11 1999 11.40 123.6394865 1409.49015 1.22672 1153.41053
12 1999 11.49 123.6394865 1420.61770 1.24953 1161.26688
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 20.72%
GROSS ANNUAL RETURN = 6.48%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1161.27 1111.91
TOTAL RETURN 16.13% 11.19%
AVERAGE ANNUAL RETURN 5.11% 3.60%
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
1 1999 11.83 115.7505921 1369.32951 1.38190 1307.40399
2 1999 11.90 115.7505921 1377.43205 1.41635 1313.72375
3 1999 12.10 115.7505921 1400.58216 1.42320 1334.37994
4 1999 11.57 123.6394865 1430.50886 1.44558 1361.44649
5 1999 11.39 123.6394865 1408.25375 1.47490 1338.79092
6 1999 11.33 123.6394865 1400.83538 1.45036 1330.28811
7 1999 11.36 123.6394865 1404.54457 1.44115 1332.36935
8 1999 11.25 123.6394865 1390.94422 1.44340 1318.02449
9 1999 11.20 123.6394865 1384.76225 1.42786 1310.73874
10 1999 11.18 123.6394865 1382.28946 1.41997 1306.97817
11 1999 11.40 123.6394865 1409.49015 1.41589 1331.28099
12 1999 11.49 123.6394865 1420.61770 1.44222 1340.34888
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 42.06%
GROSS ANNUAL RETURN = 8.24%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1340.35 1306.17
TOTAL RETURN 34.03% 30.62%
AVERAGE ANNUAL RETURN 6.83% 6.21%
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
1 1999 11.83 115.7505921 1369.32951 1.19726 1132.72370
2 1999 11.90 115.7505921 1377.43205 1.22712 1138.19909
3 1999 12.10 115.7505921 1400.58216 1.23305 1156.09544
4 1999 11.57 123.6394865 1430.50886 1.25244 1179.54567
5 1999 11.39 123.6394865 1408.25375 1.27784 1159.91707
6 1999 11.33 123.6394865 1400.83538 1.25658 1152.55031
7 1999 11.36 123.6394865 1404.54457 1.24860 1154.35348
8 1999 11.25 123.6394865 1390.94422 1.25055 1141.92521
9 1999 11.20 123.6394865 1384.76225 1.23709 1135.61290
10 1999 11.18 123.6394865 1382.28946 1.23025 1132.35478
11 1999 11.40 123.6394865 1409.49015 1.22672 1153.41053
12 1999 11.49 123.6394865 1420.61770 1.24953 1161.26688
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 20.72%
GROSS ANNUAL RETURN = 6.37%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1161.27 1111.91
TOTAL RETURN 16.13% 11.19%
AVERAGE ANNUAL RETURN 5.03% 3.54%
<PAGE>
MFS Research Series
12/1999
Assume ($10000 @ $10.00 on 7/26/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/95 0.1712900000 10.82 1.583 101.583087
12/96 0.1927500000 13.18 1.486 103.068682
4/98 0.3991400000 17.58 2.340 105.408775
4/99 0.2447200000 19.61 1.315 106.724207
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 19.05 105.4087746 2008.03716 1000.00000
1 1999 19.65 105.4087746 2071.28242 1.08333 1030.41273
2 1999 18.93 105.4087746 1995.38810 1.11628 991.54087
3 1999 19.34 105.4087746 2038.60570 1.07417 1011.94223
4 1999 19.43 106.7242073 2073.65135 1.09627 1028.24224
5 1999 19.16 106.7242073 2044.83581 1.11393 1012.83982
6 1999 20.48 106.7242073 2185.71177 1.09724 1081.52069
7 1999 19.89 106.7242073 2122.74448 1.17165 1049.19195
8 1999 19.61 106.7242073 2092.86171 1.13662 1033.28540
9 1999 19.15 106.7242073 2043.76857 1.11939 1007.92780
10 1999 20.24 106.7242073 2160.09796 1.09192 1064.20618
11 1999 21.26 106.7242073 2268.95665 1.15289 1116.68424
12 1999 23.34 106.7242073 2490.94300 1.20974 1224.72676
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 24.05%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1224.73 1151.86
TOTAL RETURN 22.47% 15.19%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 19.05 105.4087746 2008.03716 1000.00000
1 1999 19.65 105.4087746 2071.28242 1.08333 1030.41273
2 1999 18.93 105.4087746 1995.38810 1.11628 991.54087
3 1999 19.34 105.4087746 2038.60570 1.07417 1011.94223
4 1999 19.43 106.7242073 2073.65135 1.09627 1028.24224
5 1999 19.16 106.7242073 2044.83581 1.11393 1012.83982
6 1999 20.48 106.7242073 2185.71177 1.09724 1081.52069
7 1999 19.89 106.7242073 2122.74448 1.17165 1049.19195
8 1999 19.61 106.7242073 2092.86171 1.13662 1033.28540
9 1999 19.15 106.7242073 2043.76857 1.11939 1007.92780
10 1999 20.24 106.7242073 2160.09796 1.09192 1064.20618
11 1999 21.26 106.7242073 2268.95665 1.15289 1116.68424
12 1999 23.34 106.7242073 2490.94300 1.20974 1224.72676
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 24.05%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1224.73 1151.86
TOTAL RETURN 22.47% 15.19%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 13.13 103.0686817 1353.29179 1000.00000
1 1997 13.64 103.0686817 1405.85682 1.08333 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
1 1999 19.65 105.4087746 2071.28242 1.56678 1490.24793
2 1999 18.93 105.4087746 1995.38810 1.61444 1434.02899
3 1999 19.34 105.4087746 2038.60570 1.55353 1463.53472
4 1999 19.43 106.7242073 2073.65135 1.58550 1487.10884
5 1999 19.16 106.7242073 2044.83581 1.61103 1464.83288
6 1999 20.48 106.7242073 2185.71177 1.58690 1564.16349
7 1999 19.89 106.7242073 2122.74448 1.69451 1517.40762
8 1999 19.61 106.7242073 2092.86171 1.64386 1494.40257
9 1999 19.15 106.7242073 2043.76857 1.61894 1457.72881
10 1999 20.24 106.7242073 2160.09796 1.57921 1539.12216
11 1999 21.26 106.7242073 2268.95665 1.66738 1615.01923
12 1999 23.34 106.7242073 2490.94300 1.74960 1771.27715
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 84.07%
GROSS ANNUAL RETURN = 22.55%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1771.28 1696.00
TOTAL RETURN 77.13% 69.60%
AVERAGE ANNUAL RETURN 20.99% 19.25%
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
1 1999 19.65 105.4087746 2071.28242 2.08001 1978.40402
2 1999 18.93 105.4087746 1995.38810 2.14327 1903.76961
3 1999 19.34 105.4087746 2038.60570 2.06242 1942.94045
4 1999 19.43 106.7242073 2073.65135 2.10485 1974.23667
5 1999 19.16 106.7242073 2044.83581 2.13876 1944.66384
6 1999 20.48 106.7242073 2185.71177 2.10672 2076.53188
7 1999 19.89 106.7242073 2122.74448 2.24958 2014.46034
8 1999 19.61 106.7242073 2092.86171 2.18233 1983.91959
9 1999 19.15 106.7242073 2043.76857 2.14925 1935.23271
10 1999 20.24 106.7242073 2160.09796 2.09650 2043.28783
11 1999 21.26 106.7242073 2268.95665 2.21356 2144.04629
12 1999 23.34 106.7242073 2490.94300 2.32272 2351.48915
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 149.09%
GROSS ANNUAL RETURN = 22.86%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2351.49 2291.53
TOTAL RETURN 135.15% 129.15%
AVERAGE ANNUAL RETURN 21.27% 20.57%
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
1 1999 19.65 105.4087746 2071.28242 1.56678 1490.24793
2 1999 18.93 105.4087746 1995.38810 1.61444 1434.02899
3 1999 19.34 105.4087746 2038.60570 1.55353 1463.53472
4 1999 19.43 106.7242073 2073.65135 1.58550 1487.10884
5 1999 19.16 106.7242073 2044.83581 1.61103 1464.83288
6 1999 20.48 106.7242073 2185.71177 1.58690 1564.16349
7 1999 19.89 106.7242073 2122.74448 1.69451 1517.40762
8 1999 19.61 106.7242073 2092.86171 1.64386 1494.40257
9 1999 19.15 106.7242073 2043.76857 1.61894 1457.72881
10 1999 20.24 106.7242073 2160.09796 1.57921 1539.12216
11 1999 21.26 106.7242073 2268.95665 1.66738 1615.01923
12 1999 23.34 106.7242073 2490.94300 1.74960 1771.27715
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 84.07%
GROSS ANNUAL RETURN = 22.15%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1771.28 1696.00
TOTAL RETURN 77.13% 69.60%
AVERAGE ANNUAL RETURN 20.62% 18.92%
<PAGE>
MSDW Emerging Markets
12/1999
Assume ($10000 @ $10.00 on 10/ 1/1996)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/96 0.0171000000 9.76 0.175 100.175205
12/97 0.3656000000 9.07 4.038 104.213138
7/98 0.0040000000 8.15 0.051 104.264286
12/98 0.0361000000 7.01 0.537 104.801225
7/99 0.0021000000 10.02 0.022 104.823189
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 7.11 104.8012245 745.13671 1000.00000
1 1999 7.20 104.8012245 754.56882 1.08333 1011.57489
2 1999 7.13 104.8012245 747.23273 1.09587 1000.64427
3 1999 7.97 104.8012245 835.26576 1.08403 1117.44820
4 1999 8.82 104.8012245 924.34680 1.21057 1235.41341
5 1999 8.75 104.8012245 917.01071 1.33836 1224.27018
6 1999 9.82 104.8012245 1029.14802 1.32629 1372.65464
7 1999 9.57 104.8231888 1003.15792 1.48704 1336.50257
8 1999 9.56 104.8231888 1002.10969 1.44788 1333.65814
9 1999 9.26 104.8231888 970.66273 1.44480 1290.36215
10 1999 9.74 104.8231888 1020.97786 1.39789 1355.85128
11 1999 11.30 104.8231888 1184.50203 1.46884 1571.54137
12 1999 13.84 104.8231888 1450.75293 1.70250 1923.08799
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 94.70%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1923.09 1808.66
TOTAL RETURN 92.31% 80.87%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 7.11 104.8012245 745.13671 1000.00000
1 1999 7.20 104.8012245 754.56882 1.08333 1011.57489
2 1999 7.13 104.8012245 747.23273 1.09587 1000.64427
3 1999 7.97 104.8012245 835.26576 1.08403 1117.44820
4 1999 8.82 104.8012245 924.34680 1.21057 1235.41341
5 1999 8.75 104.8012245 917.01071 1.33836 1224.27018
6 1999 9.82 104.8012245 1029.14802 1.32629 1372.65464
7 1999 9.57 104.8231888 1003.15792 1.48704 1336.50257
8 1999 9.56 104.8231888 1002.10969 1.44788 1333.65814
9 1999 9.26 104.8231888 970.66273 1.44480 1290.36215
10 1999 9.74 104.8231888 1020.97786 1.39789 1355.85128
11 1999 11.30 104.8231888 1184.50203 1.46884 1571.54137
12 1999 13.84 104.8231888 1450.75293 1.70250 1923.08799
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 94.70%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1923.09 1808.66
TOTAL RETURN 92.31% 80.87%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 9.78 100.1752049 979.71350 1000.00000
1 1997 10.60 100.1752049 1061.85717 1.08333 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
1 1999 7.20 104.8012245 754.56882 0.80246 749.30186
2 1999 7.13 104.8012245 747.23273 0.81174 741.20524
3 1999 7.97 104.8012245 835.26576 0.80297 827.72518
4 1999 8.82 104.8012245 924.34680 0.89670 915.10532
5 1999 8.75 104.8012245 917.01071 0.99136 906.85122
6 1999 9.82 104.8012245 1029.14802 0.98242 1016.76374
7 1999 9.57 104.8231888 1003.15792 1.10149 989.98489
8 1999 9.56 104.8231888 1002.10969 1.07248 987.87794
9 1999 9.26 104.8231888 970.66273 1.07020 955.80739
10 1999 9.74 104.8231888 1020.97786 1.03546 1004.31702
11 1999 11.30 104.8231888 1184.50203 1.08801 1164.08471
12 1999 13.84 104.8231888 1450.75293 1.26109 1424.48514
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 48.08%
GROSS ANNUAL RETURN = 13.98%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1424.49 1363.94
TOTAL RETURN 42.45% 36.39%
AVERAGE ANNUAL RETURN 12.52% 10.90%
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
1 1999 7.20 104.8012245 754.56882 0.78361 731.70076
2 1999 7.13 104.8012245 747.23273 0.79268 723.79432
3 1999 7.97 104.8012245 835.26576 0.78411 808.28191
4 1999 8.82 104.8012245 924.34680 0.87564 893.60949
5 1999 8.75 104.8012245 917.01071 0.96808 885.54927
6 1999 9.82 104.8012245 1029.14802 0.95935 992.87995
7 1999 9.57 104.8231888 1003.15792 1.07562 966.73014
8 1999 9.56 104.8231888 1002.10969 1.04729 964.67268
9 1999 9.26 104.8231888 970.66273 1.04506 933.35547
10 1999 9.74 104.8231888 1020.97786 1.01114 980.72561
11 1999 11.30 104.8231888 1184.50203 1.06245 1136.74036
12 1999 13.84 104.8231888 1450.75293 1.23147 1391.02398
SURRENDER CHARGE = 4.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 45.08%
GROSS ANNUAL RETURN = 12.13%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1391.02 1343.73
TOTAL RETURN 39.10% 34.37%
AVERAGE ANNUAL RETURN 10.69% 9.52%
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
1 1999 7.20 104.8012245 754.56882 0.80246 749.30186
2 1999 7.13 104.8012245 747.23273 0.81174 741.20524
3 1999 7.97 104.8012245 835.26576 0.80297 827.72518
4 1999 8.82 104.8012245 924.34680 0.89670 915.10532
5 1999 8.75 104.8012245 917.01071 0.99136 906.85122
6 1999 9.82 104.8012245 1029.14802 0.98242 1016.76374
7 1999 9.57 104.8231888 1003.15792 1.10149 989.98489
8 1999 9.56 104.8231888 1002.10969 1.07248 987.87794
9 1999 9.26 104.8231888 970.66273 1.07020 955.80739
10 1999 9.74 104.8231888 1020.97786 1.03546 1004.31702
11 1999 11.30 104.8231888 1184.50203 1.08801 1164.08471
12 1999 13.84 104.8231888 1450.75293 1.26109 1424.48514
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 48.08%
GROSS ANNUAL RETURN = 13.74%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1424.49 1363.94
TOTAL RETURN 42.45% 36.39%
AVERAGE ANNUAL RETURN 12.30% 10.71%
<PAGE>
MSDW Fixed Income
12/1999
Assume ($10000 @ $10.00 on 1/ 2/1997)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/97 0.5830000000 10.41 5.600 105.600384
7/98 0.0386000000 10.77 0.378 105.978859
12/98 0.4906000000 10.66 4.877 110.856273
12/99 0.4771000000 10.11 5.231 116.087680
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 10.70 110.8562727 1186.16212 1000.00000
1 1999 10.79 110.8562727 1196.13918 1.08333 1007.32788
2 1999 10.60 110.8562727 1175.07649 1.09127 988.49868
3 1999 10.68 110.8562727 1183.94499 1.07087 994.88817
4 1999 10.71 110.8562727 1187.27068 1.07780 996.60500
5 1999 10.56 110.8562727 1170.64224 1.07966 981.56730
6 1999 10.49 110.8562727 1162.88230 1.06336 973.99733
7 1999 10.38 110.8562727 1150.68811 1.05516 962.72866
8 1999 10.37 110.8562727 1149.57955 1.04296 960.75822
9 1999 10.53 110.8562727 1167.31655 1.04082 974.54105
10 1999 10.59 110.8562727 1173.96793 1.05575 979.03824
11 1999 10.59 110.8562727 1173.96793 1.06062 977.97762
12 1999 10.05 116.0876800 1166.68118 1.05948 970.84789
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -1.64%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 970.85 913.08
TOTAL RETURN -2.92% -8.69%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 10.70 110.8562727 1186.16212 1000.00000
1 1999 10.79 110.8562727 1196.13918 1.08333 1007.32788
2 1999 10.60 110.8562727 1175.07649 1.09127 988.49868
3 1999 10.68 110.8562727 1183.94499 1.07087 994.88817
4 1999 10.71 110.8562727 1187.27068 1.07780 996.60500
5 1999 10.56 110.8562727 1170.64224 1.07966 981.56730
6 1999 10.49 110.8562727 1162.88230 1.06336 973.99733
7 1999 10.38 110.8562727 1150.68811 1.05516 962.72866
8 1999 10.37 110.8562727 1149.57955 1.04296 960.75822
9 1999 10.53 110.8562727 1167.31655 1.04082 974.54105
10 1999 10.59 110.8562727 1173.96793 1.05575 979.03824
11 1999 10.59 110.8562727 1173.96793 1.06062 977.97762
12 1999 10.05 116.0876800 1166.68118 1.05948 970.84789
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -1.64%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 970.85 913.08
TOTAL RETURN -2.92% -8.69%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 10.00 100.0000000 1000.00000 1000.00000
1 1997 10.07 100.0000000 1007.00000 1.08333 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
1 1999 10.79 110.8562727 1196.13918 1.25224 1164.38558
2 1999 10.60 110.8562727 1175.07649 1.26142 1142.62062
3 1999 10.68 110.8562727 1183.94499 1.23784 1150.00633
4 1999 10.71 110.8562727 1187.27068 1.24584 1151.99084
5 1999 10.56 110.8562727 1170.64224 1.24799 1134.60853
6 1999 10.49 110.8562727 1162.88230 1.22916 1125.85829
7 1999 10.38 110.8562727 1150.68811 1.21968 1112.83266
8 1999 10.37 110.8562727 1149.57955 1.20557 1110.55500
9 1999 10.53 110.8562727 1167.31655 1.20310 1126.48679
10 1999 10.59 110.8562727 1173.96793 1.22036 1131.68515
11 1999 10.59 110.8562727 1173.96793 1.22599 1130.45916
12 1999 10.05 116.0876800 1166.68118 1.22466 1122.21781
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 16.67%
GROSS ANNUAL RETURN = 5.27%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1122.22 1074.52
TOTAL RETURN 12.22% 7.45%
AVERAGE ANNUAL RETURN 3.92% 2.42%
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
1 1999 10.79 110.8562727 1196.13918 1.25224 1164.38558
2 1999 10.60 110.8562727 1175.07649 1.26142 1142.62062
3 1999 10.68 110.8562727 1183.94499 1.23784 1150.00633
4 1999 10.71 110.8562727 1187.27068 1.24584 1151.99084
5 1999 10.56 110.8562727 1170.64224 1.24799 1134.60853
6 1999 10.49 110.8562727 1162.88230 1.22916 1125.85829
7 1999 10.38 110.8562727 1150.68811 1.21968 1112.83266
8 1999 10.37 110.8562727 1149.57955 1.20557 1110.55500
9 1999 10.53 110.8562727 1167.31655 1.20310 1126.48679
10 1999 10.59 110.8562727 1173.96793 1.22036 1131.68515
11 1999 10.59 110.8562727 1173.96793 1.22599 1130.45916
12 1999 10.05 116.0876800 1166.68118 1.22466 1122.21781
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 16.67%
GROSS ANNUAL RETURN = 5.28%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1122.22 1074.52
TOTAL RETURN 12.22% 7.45%
AVERAGE ANNUAL RETURN 3.93% 2.43%
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
1 1999 10.79 110.8562727 1196.13918 1.25224 1164.38558
2 1999 10.60 110.8562727 1175.07649 1.26142 1142.62062
3 1999 10.68 110.8562727 1183.94499 1.23784 1150.00633
4 1999 10.71 110.8562727 1187.27068 1.24584 1151.99084
5 1999 10.56 110.8562727 1170.64224 1.24799 1134.60853
6 1999 10.49 110.8562727 1162.88230 1.22916 1125.85829
7 1999 10.38 110.8562727 1150.68811 1.21968 1112.83266
8 1999 10.37 110.8562727 1149.57955 1.20557 1110.55500
9 1999 10.53 110.8562727 1167.31655 1.20310 1126.48679
10 1999 10.59 110.8562727 1173.96793 1.22036 1131.68515
11 1999 10.59 110.8562727 1173.96793 1.22599 1130.45916
12 1999 10.05 116.0876800 1166.68118 1.22466 1122.21781
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 16.67%
GROSS ANNUAL RETURN = 5.19%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1122.22 1074.52
TOTAL RETURN 12.22% 7.45%
AVERAGE ANNUAL RETURN 3.85% 2.39%
<PAGE>
Pioneer Capital Growth
12/1999
Assume ($10000 @ $10.00 on 3/ 1/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/95 0.1475000000 11.57 1.275 101.274849
6/96 0.0729000000 13.29 0.556 101.830374
12/96 0.1855000000 13.05 1.447 103.277848
6/97 0.1139000000 15.09 0.780 104.057394
6/98 1.1295000000 16.19 7.260 111.316988
6/99 0.1339000000 16.47 0.905 112.221988
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 14.50 111.3169882 1614.09633 1000.00000
1 1999 14.49 111.3169882 1612.98316 1.08333 998.22701
2 1999 14.08 111.3169882 1567.34319 1.08141 968.90039
3 1999 14.83 111.3169882 1650.83093 1.04964 1019.46121
4 1999 15.82 111.3169882 1761.03475 1.10442 1086.41253
5 1999 16.10 111.3169882 1792.20351 1.17695 1104.46412
6 1999 16.77 112.2219879 1881.96274 1.19650 1158.58268
7 1999 16.38 112.2219879 1838.19616 1.25513 1130.38377
8 1999 15.67 112.2219879 1758.51855 1.22458 1080.16209
9 1999 14.96 112.2219879 1678.84094 1.17018 1030.05030
10 1999 15.12 112.2219879 1696.79646 1.11589 1039.95099
11 1999 15.69 112.2219879 1760.76299 1.12661 1078.02888
12 1999 16.26 112.2219879 1824.72952 1.16786 1116.02459
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 13.05%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1116.02 1049.62
TOTAL RETURN 11.60% 4.96%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 14.50 111.3169882 1614.09633 1000.00000
1 1999 14.49 111.3169882 1612.98316 1.08333 998.22701
2 1999 14.08 111.3169882 1567.34319 1.08141 968.90039
3 1999 14.83 111.3169882 1650.83093 1.04964 1019.46121
4 1999 15.82 111.3169882 1761.03475 1.10442 1086.41253
5 1999 16.10 111.3169882 1792.20351 1.17695 1104.46412
6 1999 16.77 112.2219879 1881.96274 1.19650 1158.58268
7 1999 16.38 112.2219879 1838.19616 1.25513 1130.38377
8 1999 15.67 112.2219879 1758.51855 1.22458 1080.16209
9 1999 14.96 112.2219879 1678.84094 1.17018 1030.05030
10 1999 15.12 112.2219879 1696.79646 1.11589 1039.95099
11 1999 15.69 112.2219879 1760.76299 1.12661 1078.02888
12 1999 16.26 112.2219879 1824.72952 1.16786 1116.02459
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 13.05%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1116.02 1049.62
TOTAL RETURN 11.60% 4.96%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 13.05 103.2778483 1347.77592 1000.00000
1 1997 13.77 103.2778483 1422.13597 1.08333 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
1 1999 14.49 111.3169882 1612.98316 1.26428 1164.96058
2 1999 14.08 111.3169882 1567.34319 1.26204 1130.73554
3 1999 14.83 111.3169882 1650.83093 1.22496 1189.74152
4 1999 15.82 111.3169882 1761.03475 1.28889 1267.87570
5 1999 16.10 111.3169882 1792.20351 1.37353 1288.94245
6 1999 16.77 112.2219879 1881.96274 1.39635 1352.10041
7 1999 16.38 112.2219879 1838.19616 1.46478 1319.19144
8 1999 15.67 112.2219879 1758.51855 1.42912 1260.58125
9 1999 14.96 112.2219879 1678.84094 1.36563 1202.09930
10 1999 15.12 112.2219879 1696.79646 1.30227 1213.65370
11 1999 15.69 112.2219879 1760.76299 1.31479 1258.09173
12 1999 16.26 112.2219879 1824.72952 1.36293 1302.43385
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 35.39%
GROSS ANNUAL RETURN = 10.63%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1302.43 1247.08
TOTAL RETURN 30.24% 24.71%
AVERAGE ANNUAL RETURN 9.21% 7.64%
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
1 1999 14.49 111.3169882 1612.98316 1.66433 1533.57915
2 1999 14.08 111.3169882 1567.34319 1.66138 1488.52458
3 1999 14.83 111.3169882 1650.83093 1.61257 1566.20132
4 1999 15.82 111.3169882 1761.03475 1.69672 1669.05883
5 1999 16.10 111.3169882 1792.20351 1.80815 1696.79155
6 1999 16.77 112.2219879 1881.96274 1.83819 1779.93405
7 1999 16.38 112.2219879 1838.19616 1.92826 1736.61197
8 1999 15.67 112.2219879 1758.51855 1.88133 1659.45626
9 1999 14.96 112.2219879 1678.84094 1.79774 1582.46936
10 1999 15.12 112.2219879 1696.79646 1.71434 1597.67983
11 1999 15.69 112.2219879 1760.76299 1.73082 1656.17900
12 1999 16.26 112.2219879 1824.72952 1.79419 1714.55192
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 82.47%
GROSS ANNUAL RETURN = 13.24%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1714.55 1670.83
TOTAL RETURN 71.46% 67.08%
AVERAGE ANNUAL RETURN 11.79% 11.20%
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
1 1999 14.49 111.3169882 1612.98316 1.26428 1164.96058
2 1999 14.08 111.3169882 1567.34319 1.26204 1130.73554
3 1999 14.83 111.3169882 1650.83093 1.22496 1189.74152
4 1999 15.82 111.3169882 1761.03475 1.28889 1267.87570
5 1999 16.10 111.3169882 1792.20351 1.37353 1288.94245
6 1999 16.77 112.2219879 1881.96274 1.39635 1352.10041
7 1999 16.38 112.2219879 1838.19616 1.46478 1319.19144
8 1999 15.67 112.2219879 1758.51855 1.42912 1260.58125
9 1999 14.96 112.2219879 1678.84094 1.36563 1202.09930
10 1999 15.12 112.2219879 1696.79646 1.30227 1213.65370
11 1999 15.69 112.2219879 1760.76299 1.31479 1258.09173
12 1999 16.26 112.2219879 1824.72952 1.36293 1302.43385
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 35.39%
GROSS ANNUAL RETURN = 10.45%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1302.43 1247.08
TOTAL RETURN 30.24% 24.71%
AVERAGE ANNUAL RETURN 9.05% 7.51%
<PAGE>
Pioneer Real Estate
12/1999
Assume ($10000 @ $10.00 on 3/ 1/1995)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
6/95 0.1500000000 10.57 1.419 101.419111
9/95 0.1700000000 11.15 1.546 102.965411
12/95 0.1252000000 11.23 1.148 104.113342
3/96 0.1500000000 11.39 1.371 105.484458
6/96 0.1600000000 11.51 1.466 106.950792
9/96 0.1400000000 12.52 1.196 108.146728
12/96 0.1987000000 14.46 1.486 109.632810
3/97 0.1300000000 14.61 0.976 110.608325
6/97 0.1200000000 14.88 0.892 111.500327
7/97 0.0270000000 15.70 0.192 111.692079
9/97 0.1200000000 16.59 0.808 112.499979
12/97 0.1703000000 16.29 1.176 113.676084
3/98 0.1500000000 16.02 1.064 114.740466
6/98 0.2409000000 15.14 1.826 116.566158
9/98 0.1600000000 13.52 1.379 117.945640
12/98 0.1604000000 12.69 1.491 119.436458
3/99 0.1600000000 11.88 1.609 121.045029
6/99 0.2739000000 13.28 2.497 123.541583
9/99 0.1700000000 11.89 1.766 125.307947
12/99 0.2016000000 11.39 2.218 127.525865
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 13.07 119.4364576 1561.03450 1000.00000
1 1999 12.69 119.4364576 1515.64865 1.08333 969.84245
2 1999 12.56 119.4364576 1500.12191 1.05066 958.85644
3 1999 12.06 121.0450295 1459.80306 1.03876 932.04645
4 1999 13.46 121.0450295 1629.26610 1.00972 1039.23450
5 1999 13.80 121.0450295 1670.42141 1.12584 1064.35975
6 1999 13.27 123.5415832 1639.39681 1.15306 1043.43843
7 1999 12.75 123.5415832 1575.15519 1.13039 1001.41972
8 1999 12.65 123.5415832 1562.80103 1.08487 992.48058
9 1999 12.00 125.3079473 1503.69537 1.07519 953.86944
10 1999 11.65 125.3079473 1459.83759 1.03336 925.01489
11 1999 11.55 125.3079473 1447.30679 1.00210 916.07275
12 1999 11.73 127.5258650 1495.87840 0.99241 945.82373
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -4.17%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 945.82 889.55
TOTAL RETURN -5.42% -11.05%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 13.07 119.4364576 1561.03450 1000.00000
1 1999 12.69 119.4364576 1515.64865 1.08333 969.84245
2 1999 12.56 119.4364576 1500.12191 1.05066 958.85644
3 1999 12.06 121.0450295 1459.80306 1.03876 932.04645
4 1999 13.46 121.0450295 1629.26610 1.00972 1039.23450
5 1999 13.80 121.0450295 1670.42141 1.12584 1064.35975
6 1999 13.27 123.5415832 1639.39681 1.15306 1043.43843
7 1999 12.75 123.5415832 1575.15519 1.13039 1001.41972
8 1999 12.65 123.5415832 1562.80103 1.08487 992.48058
9 1999 12.00 125.3079473 1503.69537 1.07519 953.86944
10 1999 11.65 125.3079473 1459.83759 1.03336 925.01489
11 1999 11.55 125.3079473 1447.30679 1.00210 916.07275
12 1999 11.73 127.5258650 1495.87840 0.99241 945.82373
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -4.17%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 945.82 889.55
TOTAL RETURN -5.42% -11.05%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 14.46 109.6328103 1585.29044 1000.00000
1 1997 14.68 109.6328103 1609.40966 1.08333 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
1 1999 12.69 119.4364576 1515.64865 1.03932 930.44232
2 1999 12.56 119.4364576 1500.12191 1.00798 919.90263
3 1999 12.06 121.0450295 1459.80306 0.99656 894.18179
4 1999 13.46 121.0450295 1629.26610 0.96870 997.01530
5 1999 13.80 121.0450295 1670.42141 1.08010 1021.11983
6 1999 13.27 123.5415832 1639.39681 1.10621 1001.04845
7 1999 12.75 123.5415832 1575.15519 1.08447 960.73676
8 1999 12.65 123.5415832 1562.80103 1.04080 952.16077
9 1999 12.00 125.3079473 1503.69537 1.03151 915.11822
10 1999 11.65 125.3079473 1459.83759 0.99138 887.43590
11 1999 11.55 125.3079473 1447.30679 0.96139 878.85703
12 1999 11.73 127.5258650 1495.87840 0.95210 907.39937
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -5.64%
GROSS ANNUAL RETURN = -1.92%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 907.40 868.83
TOTAL RETURN -9.26% -13.12%
AVERAGE ANNUAL RETURN -3.19% -4.58%
Return for Inception
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
2 1995 10.00 100.0000000 1000.00000 1000.00000
3 1995 10.00 100.0000000 1000.00000 1.08333 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
1 1999 12.69 119.4364576 1515.64865 1.60959 1440.96381
2 1999 12.56 119.4364576 1500.12191 1.56104 1424.64112
3 1999 12.06 121.0450295 1459.80306 1.54336 1384.80761
4 1999 13.46 121.0450295 1629.26610 1.50021 1544.06450
5 1999 13.80 121.0450295 1670.42141 1.67274 1581.39488
6 1999 13.27 123.5415832 1639.39681 1.71318 1550.31059
7 1999 12.75 123.5415832 1575.15519 1.67950 1487.88041
8 1999 12.65 123.5415832 1562.80103 1.61187 1474.59889
9 1999 12.00 125.3079473 1503.69537 1.59748 1417.23158
10 1999 11.65 125.3079473 1459.83759 1.53533 1374.36033
11 1999 11.55 125.3079473 1447.30679 1.48889 1361.07435
12 1999 11.73 127.5258650 1495.87840 1.47450 1405.27750
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 49.59%
GROSS ANNUAL RETURN = 8.68%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1405.28 1369.44
TOTAL RETURN 40.53% 36.94%
AVERAGE ANNUAL RETURN 7.29% 6.72%
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
1 1999 12.69 119.4364576 1515.64865 1.03932 930.44232
2 1999 12.56 119.4364576 1500.12191 1.00798 919.90263
3 1999 12.06 121.0450295 1459.80306 0.99656 894.18179
4 1999 13.46 121.0450295 1629.26610 0.96870 997.01530
5 1999 13.80 121.0450295 1670.42141 1.08010 1021.11983
6 1999 13.27 123.5415832 1639.39681 1.10621 1001.04845
7 1999 12.75 123.5415832 1575.15519 1.08447 960.73676
8 1999 12.65 123.5415832 1562.80103 1.04080 952.16077
9 1999 12.00 125.3079473 1503.69537 1.03151 915.11822
10 1999 11.65 125.3079473 1459.83759 0.99138 887.43590
11 1999 11.55 125.3079473 1447.30679 0.96139 878.85703
12 1999 11.73 127.5258650 1495.87840 0.95210 907.39937
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = -5.64%
GROSS ANNUAL RETURN = -1.89%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 907.40 868.83
TOTAL RETURN -9.26% -13.12%
AVERAGE ANNUAL RETURN -3.14% -4.51%
<PAGE>
Scudder Global Discovery
12/1999
Assume ($10000 @ $10.00 on 5/ 2/1997)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
2/98 0.1900000000 7.47 2.544 102.543507
4/99 0.1000000000 8.35 1.228 103.771573
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 8.01 102.5435074 821.37349 1000.00000
1 1999 8.41 102.5435074 862.39090 1.08333 1048.85424
2 1999 7.72 102.5435074 791.63588 1.13626 961.66455
3 1999 8.15 102.5435074 835.72959 1.04180 1014.18696
4 1999 8.33 103.7715733 864.41721 1.09870 1047.90168
5 1999 8.11 103.7715733 841.58746 1.13523 1019.09078
6 1999 8.75 103.7715733 908.00127 1.10401 1098.40824
7 1999 8.98 103.7715733 931.86873 1.18994 1126.09074
8 1999 9.14 103.7715733 948.47218 1.21993 1144.93478
9 1999 9.30 103.7715733 965.07563 1.24035 1163.73706
10 1999 9.72 103.7715733 1008.65969 1.26072 1215.03221
11 1999 11.29 103.7715733 1171.58106 1.31628 1409.97113
12 1999 13.11 103.7715733 1360.44533 1.52747 1635.73750
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 65.63%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1635.74 1538.41
TOTAL RETURN 63.57% 53.84%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 8.01 102.5435074 821.37349 1000.00000
1 1999 8.41 102.5435074 862.39090 1.08333 1048.85424
2 1999 7.72 102.5435074 791.63588 1.13626 961.66455
3 1999 8.15 102.5435074 835.72959 1.04180 1014.18696
4 1999 8.33 103.7715733 864.41721 1.09870 1047.90168
5 1999 8.11 103.7715733 841.58746 1.13523 1019.09078
6 1999 8.75 103.7715733 908.00127 1.10401 1098.40824
7 1999 8.98 103.7715733 931.86873 1.18994 1126.09074
8 1999 9.14 103.7715733 948.47218 1.21993 1144.93478
9 1999 9.30 103.7715733 965.07563 1.24035 1163.73706
10 1999 9.72 103.7715733 1008.65969 1.26072 1215.03221
11 1999 11.29 103.7715733 1171.58106 1.31628 1409.97113
12 1999 13.11 103.7715733 1360.44533 1.52747 1635.73750
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 65.63%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1635.74 1538.41
TOTAL RETURN 63.57% 53.84%
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
1 1999 8.41 102.5435074 862.39090 1.43490 1389.22929
2 1999 7.72 102.5435074 791.63588 1.50500 1273.74472
3 1999 8.15 102.5435074 835.72959 1.37989 1343.31175
4 1999 8.33 103.7715733 864.41721 1.45525 1387.96760
5 1999 8.11 103.7715733 841.58746 1.50363 1349.80697
6 1999 8.75 103.7715733 908.00127 1.46229 1454.86458
7 1999 8.98 103.7715733 931.86873 1.57610 1491.53063
8 1999 9.14 103.7715733 948.47218 1.61582 1516.48997
9 1999 9.30 103.7715733 965.07563 1.64286 1541.39397
10 1999 9.72 103.7715733 1008.65969 1.66984 1609.33547
11 1999 11.29 103.7715733 1171.58106 1.74345 1867.53613
12 1999 13.11 103.7715733 1360.44533 2.02316 2166.56839
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 124.13%
GROSS ANNUAL RETURN = 35.36%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2166.57 2074.49
TOTAL RETURN 116.66% 107.45%
AVERAGE ANNUAL RETURN 33.65% 31.49%
<PAGE>
Scudder Growth & Income
12/1999
Assume ($10000 @ $10.00 on 5/ 1/1997)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
4/97 0.0650000000 9.22 0.705 100.704989
7/97 0.0650000000 10.97 0.597 101.301691
10/97 0.0600000000 11.06 0.550 101.851249
1/98 0.0550000000 11.42 0.491 102.341776
2/98 0.7900000000 11.35 7.123 109.465124
4/98 0.0550000000 11.62 0.518 109.983246
7/98 0.0600000000 11.16 0.591 110.574554
10/98 0.0550000000 10.42 0.584 111.158201
1/99 0.0600000000 10.75 0.620 111.778619
4/99 0.8950000000 11.37 8.799 120.577375
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 11.21 111.1582009 1246.08343 1000.00000
1 1999 10.94 111.7786187 1222.85809 1.08333 980.27799
2 1999 10.92 111.7786187 1220.62252 1.06197 977.42393
3 1999 11.16 111.7786187 1247.44938 1.05888 997.84689
4 1999 11.36 120.5773754 1369.75898 1.08100 1094.60253
5 1999 11.11 120.5773754 1339.61464 1.18582 1069.32775
6 1999 11.56 120.5773754 1393.87446 1.15844 1111.48142
7 1999 11.12 120.5773754 1340.82041 1.20410 1067.97179
8 1999 10.69 120.5773754 1288.97214 1.15697 1025.51735
9 1999 10.30 120.5773754 1241.94697 1.11098 986.99274
10 1999 10.67 120.5773754 1286.56060 1.06924 1021.37857
11 1999 10.63 120.5773754 1281.73750 1.10649 1016.44311
12 1999 10.93 120.5773754 1317.91071 1.10115 1044.02803
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 5.76%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1044.03 981.91
TOTAL RETURN 4.40% -1.81%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 11.21 111.1582009 1246.08343 1000.00000
1 1999 10.94 111.7786187 1222.85809 1.08333 980.27799
2 1999 10.92 111.7786187 1220.62252 1.06197 977.42393
3 1999 11.16 111.7786187 1247.44938 1.05888 997.84689
4 1999 11.36 120.5773754 1369.75898 1.08100 1094.60253
5 1999 11.11 120.5773754 1339.61464 1.18582 1069.32775
6 1999 11.56 120.5773754 1393.87446 1.15844 1111.48142
7 1999 11.12 120.5773754 1340.82041 1.20410 1067.97179
8 1999 10.69 120.5773754 1288.97214 1.15697 1025.51735
9 1999 10.30 120.5773754 1241.94697 1.11098 986.99274
10 1999 10.67 120.5773754 1286.56060 1.06924 1021.37857
11 1999 10.63 120.5773754 1281.73750 1.10649 1016.44311
12 1999 10.93 120.5773754 1317.91071 1.10115 1044.02803
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 5.76%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1044.03 981.91
TOTAL RETURN 4.40% -1.81%
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
1 1999 10.94 111.7786187 1222.85809 1.38697 1255.02907
2 1999 10.92 111.7786187 1220.62252 1.35961 1251.37507
3 1999 11.16 111.7786187 1247.44938 1.35566 1277.52216
4 1999 11.36 120.5773754 1369.75898 1.38398 1401.39635
5 1999 11.11 120.5773754 1339.61464 1.51818 1369.03758
6 1999 11.56 120.5773754 1393.87446 1.48312 1423.00602
7 1999 11.12 120.5773754 1340.82041 1.54159 1367.30157
8 1999 10.69 120.5773754 1288.97214 1.48124 1312.94806
9 1999 10.30 120.5773754 1241.94697 1.42236 1263.62581
10 1999 10.67 120.5773754 1286.56060 1.36893 1307.64927
11 1999 10.63 120.5773754 1281.73750 1.41662 1301.33050
12 1999 10.93 120.5773754 1317.91071 1.40977 1336.64689
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 38.34%
GROSS ANNUAL RETURN = 12.93%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1336.65 1279.84
TOTAL RETURN 33.66% 27.98%
AVERAGE ANNUAL RETURN 11.49% 9.69%
<PAGE>
Scudder International
12/1999
Assume ($10000 @ $10.00 on 5/ 1/1987)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
12/87 0.1020000000 5.26 1.939 101.939163
1/90 0.0350000000 8.34 0.428 102.366966
2/91 0.2000000000 8.44 2.426 104.792723
2/92 0.0900000000 8.23 1.146 105.938695
2/93 0.2550000000 8.12 3.327 109.265587
2/94 0.0700000000 11.01 0.695 109.960282
2/95 0.0500000000 10.18 0.540 110.500362
2/96 0.2750000000 11.89 2.556 113.056090
4/96 0.0100000000 12.52 0.090 113.146390
2/97 0.3200000000 13.23 2.737 115.883113
2/98 1.9700000000 13.29 17.178 133.060670
4/99 1.5100000000 14.24 14.110 147.170334
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 14.56 133.0606699 1937.36335 1000.00000
1 1999 14.90 133.0606699 1982.60398 1.08333 1022.26832
2 1999 14.29 133.0606699 1901.43697 1.10746 979.30960
3 1999 14.90 133.0606699 1982.60398 1.06092 1020.05266
4 1999 14.26 147.1703336 2098.64896 1.10506 1078.65292
5 1999 13.51 147.1703336 1988.27121 1.16854 1020.75298
6 1999 14.48 147.1703336 2131.02643 1.10582 1092.93587
7 1999 15.07 147.1703336 2217.85693 1.18401 1136.28447
8 1999 15.43 147.1703336 2270.83825 1.23097 1162.19765
9 1999 15.76 147.1703336 2319.40446 1.25905 1185.79441
10 1999 16.40 147.1703336 2413.59347 1.28461 1232.66389
11 1999 17.75 147.1703336 2612.27342 1.33539 1332.79779
12 1999 20.34 147.1703336 2993.44459 1.44386 1525.82977
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 54.51%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1525.83 1435.04
TOTAL RETURN 52.58% 43.50%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 14.56 133.0606699 1937.36335 1000.00000
1 1999 14.90 133.0606699 1982.60398 1.08333 1022.26832
2 1999 14.29 133.0606699 1901.43697 1.10746 979.30960
3 1999 14.90 133.0606699 1982.60398 1.06092 1020.05266
4 1999 14.26 147.1703336 2098.64896 1.10506 1078.65292
5 1999 13.51 147.1703336 1988.27121 1.16854 1020.75298
6 1999 14.48 147.1703336 2131.02643 1.10582 1092.93587
7 1999 15.07 147.1703336 2217.85693 1.18401 1136.28447
8 1999 15.43 147.1703336 2270.83825 1.23097 1162.19765
9 1999 15.76 147.1703336 2319.40446 1.25905 1185.79441
10 1999 16.40 147.1703336 2413.59347 1.28461 1232.66389
11 1999 17.75 147.1703336 2612.27342 1.33539 1332.79779
12 1999 20.34 147.1703336 2993.44459 1.44386 1525.82977
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 54.51%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1525.83 1435.04
TOTAL RETURN 52.58% 43.50%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 13.25 113.1463899 1499.18967 1000.00000
1 1997 13.25 113.1463899 1499.18967 1.08333 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
1 1999 14.90 133.0606699 1982.60398 1.36435 1287.44179
2 1999 14.29 133.0606699 1901.43697 1.39473 1233.33972
3 1999 14.90 133.0606699 1982.60398 1.33612 1284.65141
4 1999 14.26 147.1703336 2098.64896 1.39171 1358.45240
5 1999 13.51 147.1703336 1988.27121 1.47166 1285.53339
6 1999 14.48 147.1703336 2131.02643 1.39266 1376.44031
7 1999 15.07 147.1703336 2217.85693 1.49114 1431.03341
8 1999 15.43 147.1703336 2270.83825 1.55029 1463.66839
9 1999 15.76 147.1703336 2319.40446 1.58564 1493.38610
10 1999 16.40 147.1703336 2413.59347 1.61783 1552.41338
11 1999 17.75 147.1703336 2612.27342 1.68178 1678.52173
12 1999 20.34 147.1703336 2993.44459 1.81840 1921.62565
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 99.67%
GROSS ANNUAL RETURN = 25.92%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1921.63 1839.96
TOTAL RETURN 92.16% 84.00%
AVERAGE ANNUAL RETURN 24.32% 22.54%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 10.69 109.9602821 1175.47542 1000.00000
1 1995 10.18 109.9602821 1119.39567 1.08333 951.20853
2 1995 10.14 110.5003621 1120.47367 1.03048 951.09408
3 1995 10.39 110.5003621 1148.09876 1.03035 973.51280
4 1995 10.93 110.5003621 1207.76896 1.05464 1023.05459
5 1995 10.94 110.5003621 1208.87396 1.10831 1022.88229
6 1995 11.09 110.5003621 1225.44902 1.10812 1035.79906
7 1995 11.75 110.5003621 1298.37925 1.12212 1096.32053
8 1995 11.53 110.5003621 1274.06917 1.18768 1074.60600
9 1995 11.82 110.5003621 1306.11428 1.16416 1100.47009
10 1995 11.55 110.5003621 1276.27918 1.19218 1074.14027
11 1995 11.66 110.5003621 1288.43422 1.16365 1083.20653
12 1995 11.82 110.5003621 1306.11428 1.17347 1096.89695
1 1996 12.04 110.5003621 1330.42436 1.18830 1116.12467
2 1996 11.84 113.0560895 1338.58410 1.20914 1121.76093
3 1996 12.09 113.0560895 1366.84812 1.21524 1144.23152
4 1996 12.48 113.1463899 1412.06695 1.23958 1180.84604
5 1996 12.48 113.1463899 1412.06695 1.27925 1179.56679
6 1996 12.61 113.1463899 1426.77598 1.27786 1190.57608
7 1996 12.14 113.1463899 1373.59717 1.28979 1144.91113
8 1996 12.33 113.1463899 1395.09499 1.24032 1161.58951
9 1996 12.61 113.1463899 1426.77598 1.25839 1186.70948
10 1996 12.55 113.1463899 1419.98719 1.28560 1179.77736
11 1996 13.11 113.1463899 1483.34917 1.27809 1231.14272
12 1996 13.25 113.1463899 1499.18967 1.33374 1242.95619
1 1997 13.25 113.1463899 1499.18967 1.34654 1241.60966
2 1997 13.15 115.8831129 1523.86293 1.34508 1260.69866
3 1997 13.21 115.8831129 1530.81592 1.36576 1265.08515
4 1997 13.28 115.8831129 1538.92774 1.37051 1270.41834
5 1997 14.04 115.8831129 1626.99891 1.37629 1341.74672
6 1997 14.76 115.8831129 1710.43475 1.45356 1409.10069
7 1997 15.33 115.8831129 1776.48812 1.52653 1461.99065
8 1997 14.01 115.8831129 1623.52241 1.58382 1334.52113
9 1997 14.96 115.8831129 1733.61137 1.44573 1423.56756
10 1997 13.93 115.8831129 1614.25176 1.54220 1324.01235
11 1997 13.98 115.8831129 1620.04592 1.43435 1327.33038
12 1997 14.11 115.8831129 1635.11072 1.43794 1338.23529
1 1998 14.47 115.8831129 1676.82864 1.44975 1370.92902
2 1998 13.44 133.0606699 1788.33540 1.48517 1460.60871
3 1998 14.00 133.0606699 1862.84938 1.58233 1519.88508
4 1998 14.32 133.0606699 1905.42879 1.64654 1552.97877
5 1998 14.68 133.0606699 1953.33063 1.68239 1590.33775
6 1998 14.83 133.0606699 1973.28973 1.72287 1604.86492
7 1998 15.05 133.0606699 2002.56308 1.73860 1626.93416
8 1998 13.04 133.0606699 1735.11114 1.76251 1407.88676
9 1998 12.64 133.0606699 1681.88687 1.52521 1363.17483
10 1998 13.55 133.0606699 1802.97208 1.47677 1459.83802
11 1998 14.02 133.0606699 1865.51059 1.58149 1508.89298
12 1998 14.56 133.0606699 1937.36335 1.63463 1565.37548
1 1999 14.90 133.0606699 1982.60398 1.69582 1600.23375
2 1999 14.29 133.0606699 1901.43697 1.73359 1532.98724
3 1999 14.90 133.0606699 1982.60398 1.66074 1596.76543
4 1999 14.26 147.1703336 2098.64896 1.72983 1688.49683
5 1999 13.51 147.1703336 1988.27121 1.82920 1597.86169
6 1999 14.48 147.1703336 2131.02643 1.73102 1710.85501
7 1999 15.07 147.1703336 2217.85693 1.85343 1778.71184
8 1999 15.43 147.1703336 2270.83825 1.92694 1819.27570
9 1999 15.76 147.1703336 2319.40446 1.97088 1856.21350
10 1999 16.40 147.1703336 2413.59347 2.01090 1929.58183
11 1999 17.75 147.1703336 2612.27342 2.09038 2086.32898
12 1999 20.34 147.1703336 2993.44459 2.26019 2388.49651
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 154.66%
GROSS ANNUAL RETURN = 20.56%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2388.50 2327.59
TOTAL RETURN 138.85% 132.76%
AVERAGE ANNUAL RETURN 19.02% 18.41%
Return for 10 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1989 8.46 101.9391635 862.40532 1000.00000
1 1990 8.43 102.3669657 862.95352 1.08333 999.55233
2 1990 8.32 102.3669657 851.69315 1.08285 985.42669
3 1990 8.53 102.3669657 873.19022 1.06755 1009.23169
4 1990 8.43 102.3669657 862.95352 1.09333 996.30680
5 1990 8.87 102.3669657 907.99499 1.07933 1047.22924
6 1990 9.02 102.3669657 923.35003 1.13450 1063.80437
7 1990 9.27 102.3669657 948.94177 1.15245 1092.13652
8 1990 8.40 102.3669657 859.88251 1.18315 988.45512
9 1990 7.46 102.3669657 763.65756 1.07083 876.77146
10 1990 8.03 102.3669657 822.00673 0.94984 942.81355
11 1990 7.82 102.3669657 800.50967 1.02138 917.13577
12 1990 7.78 102.3669657 796.41499 0.99356 911.45097
1 1991 7.99 102.3669657 817.91206 0.98741 935.06572
2 1991 8.45 104.7927232 885.49851 1.01299 1011.31993
3 1991 8.23 104.7927232 862.44411 1.09560 983.89411
4 1991 8.25 104.7927232 864.53997 1.06589 985.21922
5 1991 8.44 104.7927232 884.45058 1.06732 1006.84180
6 1991 7.92 104.7927232 829.95837 1.09075 943.71815
7 1991 8.23 104.7927232 862.44411 1.02236 979.63425
8 1991 8.08 104.7927232 846.72520 1.06127 960.71816
9 1991 8.41 104.7927232 881.30680 1.04078 998.91463
10 1991 8.26 104.7927232 865.58789 1.08216 980.01593
11 1991 8.05 104.7927232 843.58142 1.06168 954.03858
12 1991 8.47 104.7927232 887.59437 1.03354 1002.78097
1 1992 8.54 104.7927232 894.92986 1.08635 1009.98207
2 1992 8.38 105.9386947 887.76626 1.09415 1000.80337
3 1992 8.04 105.9386947 851.74711 1.08420 959.11378
4 1992 8.15 105.9386947 863.61224 1.03904 971.43553
5 1992 8.55 105.9386947 905.77584 1.05239 1017.81093
6 1992 8.53 105.9386947 903.65707 1.10263 1014.32746
7 1992 8.26 105.9386947 875.05362 1.09885 981.12211
8 1992 8.53 105.9386947 903.65707 1.06288 1012.12980
9 1992 8.40 105.9386947 889.88504 1.09647 995.60814
10 1992 8.13 105.9386947 861.28159 1.07858 962.52787
11 1992 8.10 105.9386947 858.10343 1.04274 957.93337
12 1992 8.12 105.9386947 860.22220 1.03776 959.26088
1 1993 8.14 105.9386947 862.34097 1.03920 960.58439
2 1993 8.15 109.2655872 890.51454 1.04063 990.92703
3 1993 8.62 109.2655872 941.86936 1.07350 1046.99901
4 1993 9.00 109.2655872 983.39028 1.13425 1092.02017
5 1993 9.17 109.2655872 1001.96543 1.18302 1111.46420
6 1993 9.02 109.2655872 985.57560 1.20409 1092.07913
7 1993 9.24 109.2655872 1009.61403 1.18309 1117.53212
8 1993 9.86 109.2655872 1077.35869 1.21066 1191.30738
9 1993 10.03 109.2655872 1095.93384 1.29058 1210.55658
10 1993 10.34 109.2655872 1129.80617 1.31144 1246.66015
11 1993 9.93 109.2655872 1085.00728 1.35055 1195.87724
12 1993 10.85 109.2655872 1185.53162 1.29553 1305.37798
1 1994 11.31 109.2655872 1235.79379 1.41416 1359.30704
2 1994 11.08 109.9602821 1218.35993 1.47258 1338.65814
3 1994 10.72 109.9602821 1178.77422 1.45021 1293.71362
4 1994 10.95 109.9602821 1204.06509 1.40152 1320.06901
5 1994 10.86 109.9602821 1194.16866 1.43007 1307.78905
6 1994 10.86 109.9602821 1194.16866 1.41677 1306.37228
7 1994 11.12 109.9602821 1222.75834 1.41524 1336.23299
8 1994 11.42 109.9602821 1255.74642 1.44759 1370.83486
9 1994 11.12 109.9602821 1222.75834 1.48507 1333.33836
10 1994 11.37 109.9602821 1250.24841 1.44445 1361.87004
11 1994 10.76 109.9602821 1183.17264 1.47536 1287.33042
12 1994 10.69 109.9602821 1175.47542 1.39461 1277.56098
1 1995 10.18 109.9602821 1119.39567 1.38402 1215.22690
2 1995 10.14 110.5003621 1120.47367 1.31650 1215.08069
3 1995 10.39 110.5003621 1148.09876 1.31634 1243.72197
4 1995 10.93 110.5003621 1207.76896 1.34737 1307.01463
5 1995 10.94 110.5003621 1208.87396 1.41593 1306.79450
6 1995 11.09 110.5003621 1225.44902 1.41569 1323.29646
7 1995 11.75 110.5003621 1298.37925 1.43357 1400.61633
8 1995 11.53 110.5003621 1274.06917 1.51733 1372.87469
9 1995 11.82 110.5003621 1306.11428 1.48728 1405.91765
10 1995 11.55 110.5003621 1276.27918 1.52308 1372.27970
11 1995 11.66 110.5003621 1288.43422 1.48664 1383.86240
12 1995 11.82 110.5003621 1306.11428 1.49918 1401.35275
1 1996 12.04 110.5003621 1330.42436 1.51813 1425.91732
2 1996 11.84 113.0560895 1338.58410 1.54474 1433.11800
3 1996 12.09 113.0560895 1366.84812 1.55254 1461.82555
4 1996 12.48 113.1463899 1412.06695 1.58364 1508.60282
5 1996 12.48 113.1463899 1412.06695 1.63432 1506.96850
6 1996 12.61 113.1463899 1426.77598 1.63255 1521.03354
7 1996 12.14 113.1463899 1373.59717 1.64779 1462.69378
8 1996 12.33 113.1463899 1395.09499 1.58458 1484.00144
9 1996 12.61 113.1463899 1426.77598 1.60767 1516.09372
10 1996 12.55 113.1463899 1419.98719 1.64243 1507.23752
11 1996 13.11 113.1463899 1483.34917 1.63284 1572.85990
12 1996 13.25 113.1463899 1499.18967 1.70393 1587.95234
1 1997 13.25 113.1463899 1499.18967 1.72028 1586.23205
2 1997 13.15 115.8831129 1523.86293 1.71842 1610.61942
3 1997 13.21 115.8831129 1530.81592 1.74484 1616.22342
4 1997 13.28 115.8831129 1538.92774 1.75091 1623.03691
5 1997 14.04 115.8831129 1626.99891 1.75829 1714.16326
6 1997 14.76 115.8831129 1710.43475 1.85701 1800.21206
7 1997 15.33 115.8831129 1776.48812 1.95023 1867.78221
8 1997 14.01 115.8831129 1623.52241 2.02343 1704.93213
9 1997 14.96 115.8831129 1733.61137 1.84701 1818.69437
10 1997 13.93 115.8831129 1614.25176 1.97025 1691.50652
11 1997 13.98 115.8831129 1620.04592 1.83247 1695.74551
12 1997 14.11 115.8831129 1635.11072 1.83706 1709.67719
1 1998 14.47 115.8831129 1676.82864 1.85215 1751.44543
2 1998 13.44 133.0606699 1788.33540 1.89740 1866.01670
3 1998 14.00 133.0606699 1862.84938 2.02152 1941.74588
4 1998 14.32 133.0606699 1905.42879 2.10356 1984.02509
5 1998 14.68 133.0606699 1953.33063 2.14936 2031.75345
6 1998 14.83 133.0606699 1973.28973 2.20107 2050.31281
7 1998 15.05 133.0606699 2002.56308 2.22117 2078.50761
8 1998 13.04 133.0606699 1735.11114 2.25172 1798.66119
9 1998 12.64 133.0606699 1681.88687 1.94855 1741.53898
10 1998 13.55 133.0606699 1802.97208 1.88667 1865.03210
11 1998 14.02 133.0606699 1865.51059 2.02045 1927.70280
12 1998 14.56 133.0606699 1937.36335 2.08834 1999.86263
1 1999 14.90 133.0606699 1982.60398 2.16652 2044.39620
2 1999 14.29 133.0606699 1901.43697 2.21476 1958.48468
3 1999 14.90 133.0606699 1982.60398 2.12169 2039.96521
4 1999 14.26 147.1703336 2098.64896 2.20996 2157.15767
5 1999 13.51 147.1703336 1988.27121 2.33692 2041.36575
6 1999 14.48 147.1703336 2131.02643 2.21148 2185.72161
7 1999 15.07 147.1703336 2217.85693 2.36787 2272.41284
8 1999 15.43 147.1703336 2270.83825 2.46178 2324.23564
9 1999 15.76 147.1703336 2319.40446 2.51792 2371.42594
10 1999 16.40 147.1703336 2413.59347 2.56904 2465.15845
11 1999 17.75 147.1703336 2612.27342 2.67059 2665.41249
12 1999 20.34 147.1703336 2993.44459 2.88753 3051.44994
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 247.10%
GROSS ANNUAL RETURN = 13.25%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 3051.45 3051.45
TOTAL RETURN 205.14% 205.14%
AVERAGE ANNUAL RETURN 11.80% 11.80%
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
1 1999 14.90 133.0606699 1982.60398 3.00879 2839.18780
2 1999 14.29 133.0606699 1901.43697 3.07579 2719.87681
3 1999 14.90 133.0606699 1982.60398 2.94653 2833.03418
4 1999 14.26 147.1703336 2098.64896 3.06912 2995.78707
5 1999 13.51 147.1703336 1988.27121 3.24544 2834.97920
6 1999 14.48 147.1703336 2131.02643 3.07123 3035.45571
7 1999 15.07 147.1703336 2217.85693 3.28841 3155.84954
8 1999 15.43 147.1703336 2270.83825 3.41884 3227.81928
9 1999 15.76 147.1703336 2319.40446 3.49680 3293.35555
10 1999 16.40 147.1703336 2413.59347 3.56780 3423.52807
11 1999 17.75 147.1703336 2612.27342 3.70882 3701.63406
12 1999 20.34 147.1703336 2993.44459 4.01010 4237.74972
SURRENDER CHARGE = 0.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 398.91%
GROSS ANNUAL RETURN = 13.53%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 4237.75 4237.75
TOTAL RETURN 323.77% 323.77%
AVERAGE ANNUAL RETURN 12.07% 12.07%
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
1 1999 14.90 133.0606699 1982.60398 1.36435 1287.44179
2 1999 14.29 133.0606699 1901.43697 1.39473 1233.33972
3 1999 14.90 133.0606699 1982.60398 1.33612 1284.65141
4 1999 14.26 147.1703336 2098.64896 1.39171 1358.45240
5 1999 13.51 147.1703336 1988.27121 1.47166 1285.53339
6 1999 14.48 147.1703336 2131.02643 1.39266 1376.44031
7 1999 15.07 147.1703336 2217.85693 1.49114 1431.03341
8 1999 15.43 147.1703336 2270.83825 1.55029 1463.66839
9 1999 15.76 147.1703336 2319.40446 1.58564 1493.38610
10 1999 16.40 147.1703336 2413.59347 1.61783 1552.41338
11 1999 17.75 147.1703336 2612.27342 1.68178 1678.52173
12 1999 20.34 147.1703336 2993.44459 1.81840 1921.62565
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 99.67%
GROSS ANNUAL RETURN = 25.45%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1921.63 1839.96
TOTAL RETURN 92.16% 84.00%
AVERAGE ANNUAL RETURN 23.89% 22.14%
<PAGE>
TRP Equity Income
12/1999
Assume ($10000 @ $10.00 on 3/31/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
6/94 0.0900000000 10.10 0.891 100.891089
9/94 0.1000000000 10.52 0.959 101.850130
12/94 0.1000000000 10.43 0.977 102.826641
1/95 0.2600000000 10.54 2.537 105.363162
3/95 0.1100000000 10.95 1.058 106.421604
6/95 0.1100000000 11.57 1.012 107.433392
9/95 0.1100000000 12.27 0.963 108.396527
12/95 0.1100000000 13.15 0.907 109.303266
1/96 0.0100000000 13.39 0.082 109.384897
3/96 0.1000000000 13.76 0.795 110.179845
6/96 0.1100000000 13.92 0.871 111.050519
9/96 0.1000000000 14.32 0.775 111.826012
12/96 0.1800000000 15.46 1.302 113.127996
3/97 0.1900000000 16.00 1.343 114.471391
6/97 0.0900000000 17.17 0.600 115.071416
9/97 0.1000000000 18.42 0.625 115.696125
12/97 0.6300000000 18.40 3.961 119.657460
3/98 0.1400000000 20.07 0.835 120.492140
6/98 0.1000000000 19.50 0.618 121.110049
9/98 0.1000000000 18.33 0.661 121.770769
12/98 0.6534299020 18.06 4.406 126.176565
3/99 0.1600000000 19.33 1.044 127.220964
6/99 0.1000000000 20.98 0.606 127.827356
9/99 0.0900000000 19.32 0.595 128.422825
12/99 0.8800000000 18.59 6.079 134.502012
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 19.25 126.1765645 2428.89887 1000.00000
1 1999 18.76 126.1765645 2367.07235 1.08333 973.46212
2 1999 18.61 126.1765645 2348.14587 1.05458 964.62399
3 1999 18.96 127.2209644 2412.10949 1.04501 989.85539
4 1999 21.04 127.2209644 2676.72909 1.07234 1097.37478
5 1999 20.87 127.2209644 2655.10153 1.18882 1087.31934
6 1999 21.35 127.8273561 2729.11405 1.17793 1116.45108
7 1999 20.89 127.8273561 2670.31347 1.20949 1091.18690
8 1999 20.26 127.8273561 2589.78223 1.18212 1057.09680
9 1999 19.45 128.4228251 2497.82395 1.14519 1018.41610
10 1999 20.09 128.4228251 2580.01456 1.10328 1050.82368
11 1999 19.77 128.4228251 2538.91925 1.13839 1032.94743
12 1999 18.73 134.5020121 2519.22269 1.11903 1023.81495
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 3.72%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1023.81 962.90
TOTAL RETURN 2.38% -3.71%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 19.25 126.1765645 2428.89887 1000.00000
1 1999 18.76 126.1765645 2367.07235 1.08333 973.46212
2 1999 18.61 126.1765645 2348.14587 1.05458 964.62399
3 1999 18.96 127.2209644 2412.10949 1.04501 989.85539
4 1999 21.04 127.2209644 2676.72909 1.07234 1097.37478
5 1999 20.87 127.2209644 2655.10153 1.18882 1087.31934
6 1999 21.35 127.8273561 2729.11405 1.17793 1116.45108
7 1999 20.89 127.8273561 2670.31347 1.20949 1091.18690
8 1999 20.26 127.8273561 2589.78223 1.18212 1057.09680
9 1999 19.45 128.4228251 2497.82395 1.14519 1018.41610
10 1999 20.09 128.4228251 2580.01456 1.10328 1050.82368
11 1999 19.77 128.4228251 2538.91925 1.13839 1032.94743
12 1999 18.73 134.5020121 2519.22269 1.11903 1023.81495
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 3.72%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1023.81 962.90
TOTAL RETURN 2.38% -3.71%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 15.26 113.1279961 1726.33322 1000.00000
1 1997 15.69 113.1279961 1774.97826 1.08333 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
1 1999 18.76 126.1765645 2367.07235 1.48560 1334.92793
2 1999 18.61 126.1765645 2348.14587 1.44617 1322.80803
3 1999 18.96 127.2209644 2412.10949 1.43304 1357.40835
4 1999 21.04 127.2209644 2676.72909 1.47053 1504.85182
5 1999 20.87 127.2209644 2655.10153 1.63026 1491.06259
6 1999 21.35 127.8273561 2729.11405 1.61532 1531.01152
7 1999 20.89 127.8273561 2670.31347 1.65860 1496.36626
8 1999 20.26 127.8273561 2589.78223 1.62106 1449.61783
9 1999 19.45 128.4228251 2497.82395 1.57042 1396.57421
10 1999 20.09 128.4228251 2580.01456 1.51296 1441.01537
11 1999 19.77 128.4228251 2538.91925 1.56110 1416.50131
12 1999 18.73 134.5020121 2519.22269 1.53454 1403.97776
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 45.93%
GROSS ANNUAL RETURN = 13.43%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1403.98 1344.31
TOTAL RETURN 40.40% 34.43%
AVERAGE ANNUAL RETURN 11.97% 10.37%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 10.42 102.8266412 1071.45360 1000.00000
1 1995 10.57 105.3631618 1113.68862 1.08333 1038.33510
2 1995 10.87 105.3631618 1145.29757 1.12486 1066.68048
3 1995 10.90 106.4216045 1159.99549 1.15557 1079.21392
4 1995 11.18 106.4216045 1189.79354 1.16915 1105.76770
5 1995 11.58 106.4216045 1232.36218 1.19791 1144.13213
6 1995 11.55 107.4333916 1240.85567 1.23948 1150.77806
7 1995 11.80 107.4333916 1267.71402 1.24668 1174.44000
8 1995 11.99 107.4333916 1288.12636 1.27231 1192.07817
9 1995 12.33 108.3965271 1336.52918 1.29142 1235.58044
10 1995 12.40 108.3965271 1344.11694 1.33855 1241.25655
11 1995 12.90 108.3965271 1398.31520 1.34469 1289.96252
12 1995 13.21 109.3032661 1443.89615 1.39746 1330.61403
1 1996 13.57 109.3848966 1484.35305 1.44150 1366.45535
2 1996 13.62 109.3848966 1489.82229 1.48033 1370.00986
3 1996 13.70 110.1798450 1509.46388 1.48418 1386.58768
4 1996 13.78 110.1798450 1518.27826 1.50214 1393.18241
5 1996 14.01 110.1798450 1543.61963 1.50928 1414.92653
6 1996 13.99 111.0505191 1553.59676 1.53284 1422.53903
7 1996 13.59 111.0505191 1509.17655 1.54108 1380.32492
8 1996 13.88 111.0505191 1541.38120 1.49535 1408.28462
9 1996 14.37 111.8260115 1606.93979 1.52564 1466.65665
10 1996 14.70 111.8260115 1643.84237 1.58888 1498.74882
11 1996 15.55 111.8260115 1738.89448 1.62364 1583.78753
12 1996 15.26 113.1279961 1726.33322 1.71577 1570.63094
1 1997 15.69 113.1279961 1774.97826 1.70152 1613.18705
2 1997 16.07 113.1279961 1817.96690 1.74762 1650.50961
3 1997 15.54 114.4713911 1778.88542 1.78805 1613.23996
4 1997 15.93 114.4713911 1823.52926 1.74768 1651.97900
5 1997 16.68 114.4713911 1909.38280 1.78964 1727.96615
6 1997 17.22 115.0714158 1981.52978 1.87196 1791.38625
7 1997 18.20 115.0714158 2094.29977 1.94067 1891.39439
8 1997 17.72 115.0714158 2039.06549 2.04901 1839.46245
9 1997 18.47 115.6961249 2136.90743 1.99275 1925.73394
10 1997 17.98 115.6961249 2080.21633 2.08621 1872.55896
11 1997 18.67 115.6961249 2160.04665 2.02861 1942.39162
12 1997 18.59 119.6574597 2224.43217 2.10426 1998.18514
1 1998 18.47 119.6574597 2210.07328 2.16470 1983.12199
2 1998 19.37 119.6574597 2317.76499 2.14838 2077.60652
3 1998 20.13 120.4921405 2425.50679 2.25074 2171.93375
4 1998 20.01 120.4921405 2411.04773 2.35293 2156.63338
5 1998 19.67 120.4921405 2370.08040 2.33635 2117.65258
6 1998 19.53 121.1100489 2365.27925 2.29412 2111.06866
7 1998 18.96 121.1100489 2296.24653 2.28699 2047.16830
8 1998 17.13 121.1100489 2074.61514 2.21777 1847.35992
9 1998 17.96 121.7707693 2187.00302 2.00131 1945.43543
10 1998 19.03 121.7707693 2317.29774 2.10755 2059.23076
11 1998 19.79 121.7707693 2409.84352 2.23083 2139.23931
12 1998 19.25 126.1765645 2428.89887 2.31751 2153.83739
1 1999 18.76 126.1765645 2367.07235 2.33332 2096.67912
2 1999 18.61 126.1765645 2348.14587 2.27140 2077.64322
3 1999 18.96 127.2209644 2412.10949 2.25078 2131.98756
4 1999 21.04 127.2209644 2676.72909 2.30965 2363.56683
5 1999 20.87 127.2209644 2655.10153 2.56053 2341.90904
6 1999 21.35 127.8273561 2729.11405 2.53707 2404.65407
7 1999 20.89 127.8273561 2670.31347 2.60504 2350.23915
8 1999 20.26 127.8273561 2589.78223 2.54609 2276.81462
9 1999 19.45 128.4228251 2497.82395 2.46655 2193.50267
10 1999 20.09 128.4228251 2580.01456 2.37629 2263.30333
11 1999 19.77 128.4228251 2538.91925 2.45191 2224.80079
12 1999 18.73 134.5020121 2519.22269 2.41020 2205.13091
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 135.12%
GROSS ANNUAL RETURN = 18.65%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2205.13 2148.90
TOTAL RETURN 120.51% 114.89%
AVERAGE ANNUAL RETURN 17.14% 16.53%
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
1 1999 18.76 126.1765645 2367.07235 2.47596 2224.84651
2 1999 18.61 126.1765645 2348.14587 2.41025 2204.64698
3 1999 18.96 127.2209644 2412.10949 2.38837 2262.31331
4 1999 21.04 127.2209644 2676.72909 2.45084 2508.04874
5 1999 20.87 127.2209644 2655.10153 2.71705 2485.06704
6 1999 21.35 127.8273561 2729.11405 2.69216 2551.64759
7 1999 20.89 127.8273561 2670.31347 2.76428 2493.90636
8 1999 20.26 127.8273561 2589.78223 2.70173 2415.99347
9 1999 19.45 128.4228251 2497.82395 2.61733 2327.58877
10 1999 20.09 128.4228251 2580.01456 2.52155 2401.65626
11 1999 19.77 128.4228251 2538.91925 2.60179 2360.80011
12 1999 18.73 134.5020121 2519.22269 2.55753 2339.92783
SURRENDER CHARGE = 2.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 151.92%
GROSS ANNUAL RETURN = 17.42%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2339.93 2300.15
TOTAL RETURN 133.99% 130.01%
AVERAGE ANNUAL RETURN 15.92% 15.58%
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
1 1999 18.76 126.1765645 2367.07235 1.48560 1334.92793
2 1999 18.61 126.1765645 2348.14587 1.44617 1322.80803
3 1999 18.96 127.2209644 2412.10949 1.43304 1357.40835
4 1999 21.04 127.2209644 2676.72909 1.47053 1504.85182
5 1999 20.87 127.2209644 2655.10153 1.63026 1491.06259
6 1999 21.35 127.8273561 2729.11405 1.61532 1531.01152
7 1999 20.89 127.8273561 2670.31347 1.65860 1496.36626
8 1999 20.26 127.8273561 2589.78223 1.62106 1449.61783
9 1999 19.45 128.4228251 2497.82395 1.57042 1396.57421
10 1999 20.09 128.4228251 2580.01456 1.51296 1441.01537
11 1999 19.77 128.4228251 2538.91925 1.56110 1416.50131
12 1999 18.73 134.5020121 2519.22269 1.53454 1403.97776
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 45.93%
GROSS ANNUAL RETURN = 13.20%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1403.98 1344.31
TOTAL RETURN 40.40% 34.43%
AVERAGE ANNUAL RETURN 11.77% 10.19%
<PAGE>
TRP International Stock
12/1999
Assume ($10000 @ $10.00 on 3/31/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
1/95 0.0500000000 9.73 0.514 100.513875
1/96 0.1000000000 11.31 0.889 101.402591
12/96 0.1600000000 12.47 1.301 102.703667
12/97 0.2900000000 12.70 2.345 105.048869
12/98 0.2300000000 13.91 1.737 106.785838
12/99 0.2900000000 17.36 1.784 108.569703
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 14.52 106.7858381 1550.53037 1000.00000
1 1999 14.34 106.7858381 1531.30892 1.08333 986.51997
2 1999 14.10 106.7858381 1505.68032 1.06873 968.94045
3 1999 14.69 106.7858381 1568.68396 1.04969 1008.43508
4 1999 15.23 106.7858381 1626.34831 1.09247 1044.41238
5 1999 14.55 106.7858381 1553.73394 1.13145 996.64926
6 1999 15.07 106.7858381 1609.26258 1.07970 1031.18863
7 1999 15.36 106.7858381 1640.23047 1.11712 1049.91522
8 1999 15.50 106.7858381 1655.18049 1.13741 1058.34735
9 1999 15.61 106.7858381 1666.92693 1.14654 1064.71166
10 1999 16.12 106.7858381 1721.38771 1.15344 1098.34381
11 1999 17.24 106.7858381 1840.98785 1.18987 1173.46566
12 1999 19.04 108.5697029 2067.16714 1.27125 1316.36355
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 33.32%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1316.36 1238.04
TOTAL RETURN 31.64% 23.80%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 14.52 106.7858381 1550.53037 1000.00000
1 1999 14.34 106.7858381 1531.30892 1.08333 986.51997
2 1999 14.10 106.7858381 1505.68032 1.06873 968.94045
3 1999 14.69 106.7858381 1568.68396 1.04969 1008.43508
4 1999 15.23 106.7858381 1626.34831 1.09247 1044.41238
5 1999 14.55 106.7858381 1553.73394 1.13145 996.64926
6 1999 15.07 106.7858381 1609.26258 1.07970 1031.18863
7 1999 15.36 106.7858381 1640.23047 1.11712 1049.91522
8 1999 15.50 106.7858381 1655.18049 1.13741 1058.34735
9 1999 15.61 106.7858381 1666.92693 1.14654 1064.71166
10 1999 16.12 106.7858381 1721.38771 1.15344 1098.34381
11 1999 17.24 106.7858381 1840.98785 1.18987 1173.46566
12 1999 19.04 108.5697029 2067.16714 1.27125 1316.36355
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 33.32%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1316.36 1238.04
TOTAL RETURN 31.64% 23.80%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 12.64 102.7036672 1298.17435 1000.00000
1 1997 12.48 102.7036672 1281.74177 1.08333 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
1 1999 14.34 106.7858381 1531.30892 1.26090 1148.21750
2 1999 14.10 106.7858381 1505.68032 1.24390 1127.75657
3 1999 14.69 106.7858381 1568.68396 1.22174 1173.72465
4 1999 15.23 106.7858381 1626.34831 1.27153 1215.59888
5 1999 14.55 106.7858381 1553.73394 1.31690 1160.00705
6 1999 15.07 106.7858381 1609.26258 1.25667 1200.20767
7 1999 15.36 106.7858381 1640.23047 1.30022 1222.00368
8 1999 15.50 106.7858381 1655.18049 1.32384 1231.81789
9 1999 15.61 106.7858381 1666.92693 1.33447 1239.22536
10 1999 16.12 106.7858381 1721.38771 1.34249 1278.37005
11 1999 17.24 106.7858381 1840.98785 1.38490 1365.80490
12 1999 19.04 108.5697029 2067.16714 1.47962 1532.12475
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 59.24%
GROSS ANNUAL RETURN = 16.77%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1532.12 1467.01
TOTAL RETURN 53.21% 46.70%
AVERAGE ANNUAL RETURN 15.28% 13.63%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 10.18 100.0000000 1018.00000 1000.00000
1 1995 9.66 100.5138746 970.96403 1.08333 952.71237
2 1995 9.72 100.5138746 976.99486 1.03211 957.59774
3 1995 10.10 100.5138746 1015.19013 1.03740 993.99729
4 1995 10.46 100.5138746 1051.37513 1.07683 1028.35006
5 1995 10.52 100.5138746 1057.40596 1.11405 1033.13477
6 1995 10.52 100.5138746 1057.40596 1.11923 1032.01555
7 1995 11.05 100.5138746 1110.67831 1.11802 1082.89071
8 1995 10.84 100.5138746 1089.57040 1.17313 1061.13775
9 1995 10.97 100.5138746 1102.63720 1.14957 1072.71401
10 1995 10.82 100.5138746 1087.56012 1.16211 1056.88398
11 1995 10.90 100.5138746 1095.60123 1.14496 1063.55332
12 1995 11.26 100.5138746 1131.78623 1.15218 1097.52767
1 1996 11.45 101.4025915 1161.05967 1.18899 1124.72603
2 1996 11.52 101.4025915 1168.15785 1.21845 1130.38364
3 1996 11.72 101.4025915 1188.43837 1.22458 1148.78377
4 1996 12.06 101.4025915 1222.91525 1.24452 1180.86575
5 1996 12.02 101.4025915 1218.85915 1.27927 1175.66984
6 1996 12.17 101.4025915 1234.06954 1.27364 1189.06762
7 1996 11.78 101.4025915 1194.52253 1.28816 1149.67458
8 1996 11.96 101.4025915 1212.77499 1.24548 1165.99628
9 1996 12.23 101.4025915 1240.15369 1.26316 1191.05578
10 1996 12.17 101.4025915 1234.06954 1.29031 1183.92219
11 1996 12.71 101.4025915 1288.82694 1.28258 1235.17190
12 1996 12.64 102.7036672 1298.17435 1.33810 1242.79207
1 1997 12.48 102.7036672 1281.74177 1.34636 1225.71416
2 1997 12.65 102.7036672 1299.20139 1.32786 1241.08273
3 1997 12.62 102.7036672 1296.12028 1.34451 1236.79495
4 1997 12.71 102.7036672 1305.36361 1.33986 1244.27534
5 1997 13.53 102.7036672 1389.58062 1.34796 1323.20320
6 1997 14.11 102.7036672 1449.14874 1.43347 1378.49241
7 1997 14.47 102.7036672 1486.12206 1.49337 1412.16965
8 1997 13.16 102.7036672 1351.58026 1.52985 1282.79307
9 1997 14.03 102.7036672 1440.93245 1.38969 1366.20808
10 1997 12.98 102.7036672 1333.09360 1.48006 1262.48152
11 1997 12.96 102.7036672 1331.03953 1.36769 1259.16856
12 1997 12.74 105.0488691 1338.32259 1.36410 1264.69427
1 1998 13.18 105.0488691 1384.54409 1.37009 1307.00279
2 1998 13.94 105.0488691 1464.38123 1.41592 1380.95274
3 1998 14.42 105.0488691 1514.80469 1.49603 1427.00744
4 1998 14.56 105.0488691 1529.51153 1.54592 1439.31596
5 1998 14.47 105.0488691 1520.05714 1.55926 1428.85983
6 1998 14.49 105.0488691 1522.15811 1.54793 1429.28683
7 1998 14.70 105.0488691 1544.21838 1.54839 1448.45273
8 1998 12.81 105.0488691 1345.67601 1.56916 1260.65394
9 1998 12.49 105.0488691 1312.06037 1.36571 1227.79649
10 1998 13.64 105.0488691 1432.86657 1.33011 1339.51409
11 1998 14.29 105.0488691 1501.14834 1.45114 1401.89610
12 1998 14.52 106.7858381 1550.53037 1.51872 1446.49439
1 1999 14.34 106.7858381 1531.30892 1.56704 1426.99560
2 1999 14.10 106.7858381 1505.68032 1.54591 1401.56692
3 1999 14.69 106.7858381 1568.68396 1.51836 1458.69568
4 1999 15.23 106.7858381 1626.34831 1.58025 1510.73665
5 1999 14.55 106.7858381 1553.73394 1.63663 1441.64756
6 1999 15.07 106.7858381 1609.26258 1.56178 1491.60857
7 1999 15.36 106.7858381 1640.23047 1.61591 1518.69648
8 1999 15.50 106.7858381 1655.18049 1.64525 1530.89351
9 1999 15.61 106.7858381 1666.92693 1.65847 1540.09945
10 1999 16.12 106.7858381 1721.38771 1.66844 1588.74816
11 1999 17.24 106.7858381 1840.98785 1.72114 1697.41150
12 1999 19.04 108.5697029 2067.16714 1.83886 1904.11249
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 103.06%
GROSS ANNUAL RETURN = 15.22%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1904.11 1855.56
TOTAL RETURN 90.41% 85.56%
AVERAGE ANNUAL RETURN 13.75% 13.16%
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
1 1999 14.34 106.7858381 1531.30892 1.57978 1438.60255
2 1999 14.10 106.7858381 1505.68032 1.55849 1412.96703
3 1999 14.69 106.7858381 1568.68396 1.53071 1470.56047
4 1999 15.23 106.7858381 1626.34831 1.59311 1523.02473
5 1999 14.55 106.7858381 1553.73394 1.64994 1453.37368
6 1999 15.07 106.7858381 1609.26258 1.57449 1503.74107
7 1999 15.36 106.7858381 1640.23047 1.62905 1531.04930
8 1999 15.50 106.7858381 1655.18049 1.65864 1543.34554
9 1999 15.61 106.7858381 1666.92693 1.67196 1552.62636
10 1999 16.12 106.7858381 1721.38771 1.68201 1601.67077
11 1999 17.24 106.7858381 1840.98785 1.73514 1711.21796
12 1999 19.04 108.5697029 2067.16714 1.85382 1919.60023
SURRENDER CHARGE = 2.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 106.72%
GROSS ANNUAL RETURN = 13.45%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1919.60 1886.97
TOTAL RETURN 91.96% 88.70%
AVERAGE ANNUAL RETURN 12.00% 11.67%
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
1 1999 14.34 106.7858381 1531.30892 1.26090 1148.21750
2 1999 14.10 106.7858381 1505.68032 1.24390 1127.75657
3 1999 14.69 106.7858381 1568.68396 1.22174 1173.72465
4 1999 15.23 106.7858381 1626.34831 1.27153 1215.59888
5 1999 14.55 106.7858381 1553.73394 1.31690 1160.00705
6 1999 15.07 106.7858381 1609.26258 1.25667 1200.20767
7 1999 15.36 106.7858381 1640.23047 1.30022 1222.00368
8 1999 15.50 106.7858381 1655.18049 1.32384 1231.81789
9 1999 15.61 106.7858381 1666.92693 1.33447 1239.22536
10 1999 16.12 106.7858381 1721.38771 1.34249 1278.37005
11 1999 17.24 106.7858381 1840.98785 1.38490 1365.80490
12 1999 19.04 108.5697029 2067.16714 1.47962 1532.12475
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 59.24%
GROSS ANNUAL RETURN = 16.48%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1532.12 1467.01
TOTAL RETURN 53.21% 46.70%
AVERAGE ANNUAL RETURN 15.02% 13.39%
<PAGE>
TRP Limited Term Bond
12/1999
Assume ($10000 @ $10.00 on 5/13/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
5/94 0.0101080000 5.00 0.202 100.202160
6/94 0.0227390860 4.99 0.457 100.658774
7/94 0.0254802850 5.04 0.509 101.167666
8/94 0.0310070990 5.04 0.622 101.790070
9/94 0.0333695090 5.01 0.678 102.468051
10/94 0.0289283280 4.98 0.595 103.063278
11/94 0.0311052550 4.93 0.650 103.713543
12/94 0.0273000000 4.92 0.575 104.289027
1/95 0.0280000000 4.94 0.591 104.880139
2/95 0.0287000000 4.96 0.607 105.487006
3/95 0.0301000000 4.97 0.639 106.125871
4/95 0.0262000000 4.98 0.558 106.684204
5/95 0.0283000000 5.02 0.601 107.285631
6/95 0.0295000000 5.01 0.632 107.917352
7/95 0.0254251330 5.00 0.549 108.466115
8/95 0.0274278140 5.00 0.595 109.061113
9/95 0.0286146590 5.00 0.624 109.685262
10/95 0.0264917600 5.01 0.580 110.265253
11/95 0.0261262300 5.04 0.572 110.836844
12/95 0.0265365700 5.06 0.581 111.418114
1/96 0.0242378560 5.07 0.533 111.950764
2/96 0.0235427380 4.99 0.528 112.478946
3/96 0.0239636480 4.94 0.546 113.024575
4/96 0.0235631940 4.90 0.544 113.568089
5/96 0.0250830810 4.87 0.585 114.153025
6/96 0.0220828540 4.89 0.516 114.668531
7/96 0.0238193190 4.88 0.560 115.228229
8/96 0.0255629680 4.86 0.606 115.834315
9/96 0.0221304100 4.89 0.524 116.358540
10/96 0.0240874040 4.94 0.567 116.925903
11/96 0.0247578130 4.97 0.582 117.508364
12/96 0.0241618420 4.93 0.576 118.084270
1/97 0.0251917050 4.92 0.605 118.688893
2/97 0.0236114340 4.91 0.571 119.259650
3/97 0.0226738380 4.86 0.556 119.816043
4/97 0.0238675950 4.88 0.586 120.402052
5/97 0.0250013980 4.89 0.616 121.017639
6/97 0.0235752560 4.91 0.581 121.598702
7/97 0.0249375280 4.96 0.611 122.210067
8/97 0.0256476800 4.92 0.637 122.847141
9/97 0.0238382100 4.95 0.592 123.438749
10/97 0.0260796860 4.96 0.649 124.087790
11/97 0.0224935020 4.95 0.564 124.651662
12/97 0.0248429880 4.96 0.624 125.276001
1/98 0.0241935100 4.99 0.607 125.883389
2/98 0.0235600440 4.97 0.597 126.480133
3/98 0.0233776860 4.97 0.595 127.075065
4/98 0.0239243030 4.96 0.613 127.688005
5/98 0.0236435830 4.97 0.607 128.295450
6/98 0.0233259920 4.97 0.602 128.897587
7/98 0.0248340500 4.97 0.644 129.541661
8/98 0.0216810700 4.99 0.563 130.104507
9/98 0.0229926270 5.08 0.589 130.693374
10/98 0.0234590180 5.06 0.606 131.299291
11/98 0.0219889630 5.04 0.573 131.872135
12/98 0.0350158400 5.05 0.914 132.786514
1/99 0.0203619440 5.02 0.539 133.325118
2/99 0.0222086770 4.95 0.598 133.923295
3/99 0.0223930540 4.96 0.605 134.527922
4/99 0.0235243380 4.96 0.638 135.165962
5/99 0.0210175620 4.90 0.580 135.745729
6/99 0.0226967120 4.88 0.631 136.377078
7/99 0.0232992890 4.86 0.654 137.030882
8/99 0.0217921510 4.84 0.617 137.647865
9/99 0.0226363830 4.85 0.642 138.290309
10/99 0.0227915630 4.83 0.653 138.942866
11/99 0.0230826770 4.81 0.667 139.609638
12/99 0.0246172520 4.79 0.717 140.327134
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 5.02 132.7865140 666.58830 1000.00000
1 1999 5.02 133.3251179 669.29209 1.08333 1002.97283
2 1999 4.95 133.9232945 662.92031 1.08655 992.33779
3 1999 4.96 134.5279219 667.25849 1.07503 997.75667
4 1999 4.96 135.1659623 670.42317 1.08090 1001.40794
5 1999 4.90 135.7457294 665.15407 1.08486 992.45265
6 1999 4.88 136.3770781 665.52014 1.07516 991.92369
7 1999 4.86 137.0308824 665.97009 1.07458 991.51973
8 1999 4.84 137.6478654 666.21567 1.07415 990.81121
9 1999 4.85 138.2903087 670.70800 1.07338 996.41892
10 1999 4.83 138.9428661 671.09404 1.07945 995.91299
11 1999 4.81 139.6096381 671.52236 1.07891 995.46971
12 1999 4.79 140.3271340 672.16697 1.07843 995.34686
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 0.84%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 995.35 936.12
TOTAL RETURN -0.47% -6.39%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 5.02 132.7865140 666.58830 1000.00000
1 1999 5.02 133.3251179 669.29209 1.08333 1002.97283
2 1999 4.95 133.9232945 662.92031 1.08655 992.33779
3 1999 4.96 134.5279219 667.25849 1.07503 997.75667
4 1999 4.96 135.1659623 670.42317 1.08090 1001.40794
5 1999 4.90 135.7457294 665.15407 1.08486 992.45265
6 1999 4.88 136.3770781 665.52014 1.07516 991.92369
7 1999 4.86 137.0308824 665.97009 1.07458 991.51973
8 1999 4.84 137.6478654 666.21567 1.07415 990.81121
9 1999 4.85 138.2903087 670.70800 1.07338 996.41892
10 1999 4.83 138.9428661 671.09404 1.07945 995.91299
11 1999 4.81 139.6096381 671.52236 1.07891 995.46971
12 1999 4.79 140.3271340 672.16697 1.07843 995.34686
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 0.84%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 995.35 936.12
TOTAL RETURN -0.47% -6.39%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 4.93 118.0842702 582.15545 1000.00000
1 1997 4.92 118.6888930 583.94935 1.08333 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
1 1999 5.02 133.3251179 669.29209 1.20878 1119.11196
2 1999 4.95 133.9232945 662.92031 1.21237 1107.24544
3 1999 4.96 134.5279219 667.25849 1.19952 1113.29179
4 1999 4.96 135.1659623 670.42317 1.20607 1117.36586
5 1999 4.90 135.7457294 665.15407 1.21048 1107.37359
6 1999 4.88 136.3770781 665.52014 1.19965 1106.78338
7 1999 4.86 137.0308824 665.97009 1.19902 1106.33264
8 1999 4.84 137.6478654 666.21567 1.19853 1105.54208
9 1999 4.85 138.2903087 670.70800 1.19767 1111.79914
10 1999 4.83 138.9428661 671.09404 1.20445 1111.23462
11 1999 4.81 139.6096381 671.52236 1.20384 1110.74001
12 1999 4.79 140.3271340 672.16697 1.20330 1110.60294
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 15.46%
GROSS ANNUAL RETURN = 4.91%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1110.60 1063.40
TOTAL RETURN 11.06% 6.34%
AVERAGE ANNUAL RETURN 3.56% 2.07%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 4.92 104.2890271 513.10201 1000.00000
1 1995 4.94 104.8801389 518.10789 1.08333 1008.67276
2 1995 4.96 105.4870059 523.21555 1.09273 1017.52383
3 1995 4.97 106.1258708 527.44558 1.10232 1024.64787
4 1995 4.98 106.6842037 531.28733 1.11004 1031.00106
5 1995 5.02 107.2856306 538.57387 1.11692 1044.02418
6 1995 5.01 107.9173524 540.66594 1.13103 1046.94863
7 1995 5.00 108.4661150 542.33058 1.13419 1049.03785
8 1995 5.00 109.0611127 545.30556 1.13646 1053.65595
9 1995 5.00 109.6852620 548.42631 1.14146 1058.54450
10 1995 5.01 110.2652532 552.42892 1.14676 1065.12337
11 1995 5.04 110.8368435 558.61769 1.15388 1075.90189
12 1995 5.06 111.4181142 563.77566 1.16556 1084.67061
1 1996 5.07 111.9507643 567.59038 1.17506 1090.83484
2 1996 4.99 112.4789462 561.26994 1.18174 1077.50605
3 1996 4.94 113.0245749 558.34140 1.16730 1070.71665
4 1996 4.90 113.5680892 556.48364 1.15994 1065.99412
5 1996 4.87 114.1530250 555.92523 1.15483 1063.76962
6 1996 4.89 114.6685311 560.72912 1.15242 1071.80949
7 1996 4.88 115.2282291 562.31376 1.16113 1073.67734
8 1996 4.86 115.8343146 562.95477 1.16315 1073.73813
9 1996 4.89 116.3585397 568.99326 1.16322 1084.09228
10 1996 4.94 116.9259031 577.61396 1.17443 1099.34271
11 1996 4.97 117.5083638 584.01657 1.19095 1110.33751
12 1996 4.93 118.0842702 582.15545 1.20287 1105.59627
1 1997 4.92 118.6888930 583.94935 1.19773 1107.80542
2 1997 4.91 119.2596496 585.56488 1.20012 1109.67009
3 1997 4.86 119.8160434 582.30597 1.20214 1102.29218
4 1997 4.88 120.4020518 587.56201 1.19415 1111.04760
5 1997 4.89 121.0176386 591.77625 1.20363 1117.81287
6 1997 4.91 121.5987021 597.04963 1.21096 1126.56284
7 1997 4.96 122.2100673 606.16193 1.22044 1142.53625
8 1997 4.92 122.8471414 604.40794 1.23775 1137.99245
9 1997 4.95 123.4387487 611.02181 1.23283 1149.21236
10 1997 4.96 124.0877897 615.47544 1.24498 1156.34379
11 1997 4.95 124.6516623 617.02573 1.25271 1158.00374
12 1997 4.96 125.2760009 621.36896 1.25450 1164.90041
1 1998 4.99 125.8833889 628.15811 1.26198 1176.36627
2 1998 4.97 126.4801330 628.60626 1.27440 1175.93113
3 1998 4.97 127.0750652 631.56307 1.27393 1180.18850
4 1998 4.96 127.6880052 633.33251 1.27854 1182.21647
5 1998 4.97 128.2954502 637.62839 1.28073 1188.95468
6 1998 4.97 128.8975868 640.62101 1.28803 1193.24684
7 1998 4.97 129.5416611 643.82206 1.29268 1197.91656
8 1998 4.99 130.1045071 649.22149 1.29774 1206.66518
9 1998 5.08 130.6933741 663.92234 1.30722 1232.68146
10 1998 5.06 131.2992908 664.37441 1.33540 1232.18540
11 1998 5.04 131.8721351 664.63556 1.33487 1231.33488
12 1998 5.02 132.7865140 666.58830 1.33395 1233.61867
1 1999 5.02 133.3251179 669.29209 1.33642 1237.28601
2 1999 4.95 133.9232945 662.92031 1.34039 1224.16642
3 1999 4.96 134.5279219 667.25849 1.32618 1230.85125
4 1999 4.96 135.1659623 670.42317 1.33342 1235.35552
5 1999 4.90 135.7457294 665.15407 1.33830 1224.30811
6 1999 4.88 136.3770781 665.52014 1.32633 1223.65558
7 1999 4.86 137.0308824 665.97009 1.32563 1223.15724
8 1999 4.84 137.6478654 666.21567 1.32509 1222.28320
9 1999 4.85 138.2903087 670.70800 1.32414 1229.20099
10 1999 4.83 138.9428661 671.09404 1.33163 1228.57685
11 1999 4.81 139.6096381 671.52236 1.33096 1228.03002
12 1999 4.79 140.3271340 672.16697 1.33037 1227.87847
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 31.00%
GROSS ANNUAL RETURN = 5.55%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1227.88 1196.57
TOTAL RETURN 22.79% 19.66%
AVERAGE ANNUAL RETURN 4.19% 3.65%
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
1 1999 5.02 133.3251179 669.29209 1.35964 1258.78049
2 1999 4.95 133.9232945 662.92031 1.36368 1245.43299
3 1999 4.96 134.5279219 667.25849 1.34922 1252.23395
4 1999 4.96 135.1659623 670.42317 1.35659 1256.81647
5 1999 4.90 135.7457294 665.15407 1.36155 1245.57714
6 1999 4.88 136.3770781 665.52014 1.34938 1244.91327
7 1999 4.86 137.0308824 665.97009 1.34866 1244.40628
8 1999 4.84 137.6478654 666.21567 1.34811 1243.51705
9 1999 4.85 138.2903087 670.70800 1.34714 1250.55501
10 1999 4.83 138.9428661 671.09404 1.35477 1249.92004
11 1999 4.81 139.6096381 671.52236 1.35408 1249.36370
12 1999 4.79 140.3271340 672.16697 1.35348 1249.20952
SURRENDER CHARGE = 2.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 34.43%
GROSS ANNUAL RETURN = 5.39%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1249.21 1227.97
TOTAL RETURN 24.92% 22.80%
AVERAGE ANNUAL RETURN 4.03% 3.71%
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
1 1999 5.02 133.3251179 669.29209 1.20878 1119.11196
2 1999 4.95 133.9232945 662.92031 1.21237 1107.24544
3 1999 4.96 134.5279219 667.25849 1.19952 1113.29179
4 1999 4.96 135.1659623 670.42317 1.20607 1117.36586
5 1999 4.90 135.7457294 665.15407 1.21048 1107.37359
6 1999 4.88 136.3770781 665.52014 1.19965 1106.78338
7 1999 4.86 137.0308824 665.97009 1.19902 1106.33264
8 1999 4.84 137.6478654 666.21567 1.19853 1105.54208
9 1999 4.85 138.2903087 670.70800 1.19767 1111.79914
10 1999 4.83 138.9428661 671.09404 1.20445 1111.23462
11 1999 4.81 139.6096381 671.52236 1.20384 1110.74001
12 1999 4.79 140.3271340 672.16697 1.20330 1110.60294
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 15.46%
GROSS ANNUAL RETURN = 4.83%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1110.60 1063.40
TOTAL RETURN 11.06% 6.34%
AVERAGE ANNUAL RETURN 3.50% 2.04%
<PAGE>
TRP New American Growth
12/1999
Assume ($10000 @ $10.00 on 3/31/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
1/95 0.0200000000 10.31 0.194 100.193986
1/96 0.4000000000 14.88 2.693 102.887373
12/96 0.1400000000 17.53 0.822 103.709064
12/97 0.0500000000 20.66 0.251 103.960054
12/98 0.5000000000 22.05 2.357 106.317424
12/99 1.5900000000 24.28 6.962 113.279727
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 24.74 106.3174243 2630.29308 1000.00000
1 1999 25.28 106.3174243 2687.70449 1.08333 1020.74367
2 1999 24.20 106.3174243 2572.88167 1.10581 976.03014
3 1999 24.90 106.3174243 2647.30387 1.05737 1003.20505
4 1999 25.41 106.3174243 2701.52575 1.08681 1022.66582
5 1999 26.11 106.3174243 2775.94795 1.10789 1049.73054
6 1999 27.47 106.3174243 2920.53965 1.13721 1103.27099
7 1999 26.29 106.3174243 2795.08509 1.19521 1054.68372
8 1999 24.04 106.3174243 2555.87088 1.14257 963.27723
9 1999 24.14 106.3174243 2566.50262 1.04355 966.24066
10 1999 25.36 106.3174243 2696.20988 1.04676 1014.02628
11 1999 25.88 106.3174243 2751.49494 1.09853 1033.72009
12 1999 26.18 113.2797268 2965.66325 1.11986 1113.06197
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 12.75%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1113.06 1046.83
TOTAL RETURN 11.31% 4.68%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 24.74 106.3174243 2630.29308 1000.00000
1 1999 25.28 106.3174243 2687.70449 1.08333 1020.74367
2 1999 24.20 106.3174243 2572.88167 1.10581 976.03014
3 1999 24.90 106.3174243 2647.30387 1.05737 1003.20505
4 1999 25.41 106.3174243 2701.52575 1.08681 1022.66582
5 1999 26.11 106.3174243 2775.94795 1.10789 1049.73054
6 1999 27.47 106.3174243 2920.53965 1.13721 1103.27099
7 1999 26.29 106.3174243 2795.08509 1.19521 1054.68372
8 1999 24.04 106.3174243 2555.87088 1.14257 963.27723
9 1999 24.14 106.3174243 2566.50262 1.04355 966.24066
10 1999 25.36 106.3174243 2696.20988 1.04676 1014.02628
11 1999 25.88 106.3174243 2751.49494 1.09853 1033.72009
12 1999 26.18 113.2797268 2965.66325 1.11986 1113.06197
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 12.75%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1113.06 1046.83
TOTAL RETURN 11.31% 4.68%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 17.67 103.7090635 1832.53915 1000.00000
1 1997 17.99 103.7090635 1865.72605 1.08333 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
1 1999 25.28 106.3174243 2687.70449 1.51550 1427.94470
2 1999 24.20 106.3174243 2572.88167 1.54694 1365.39379
3 1999 24.90 106.3174243 2647.30387 1.47918 1403.40948
4 1999 25.41 106.3174243 2701.52575 1.52036 1430.63365
5 1999 26.11 106.3174243 2775.94795 1.54985 1468.49519
6 1999 27.47 106.3174243 2920.53965 1.59087 1543.39431
7 1999 26.29 106.3174243 2795.08509 1.67201 1475.42432
8 1999 24.04 106.3174243 2555.87088 1.59838 1347.55342
9 1999 24.14 106.3174243 2566.50262 1.45985 1351.69904
10 1999 25.36 106.3174243 2696.20988 1.46434 1418.54757
11 1999 25.88 106.3174243 2751.49494 1.53676 1446.09775
12 1999 26.18 113.2797268 2965.66325 1.56661 1557.09116
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 61.83%
GROSS ANNUAL RETURN = 17.41%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1557.09 1490.91
TOTAL RETURN 55.71% 49.09%
AVERAGE ANNUAL RETURN 15.91% 14.24%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 10.10 100.0000000 1010.00000 1000.00000
1 1995 10.37 100.1939864 1039.01164 1.08333 1027.64106
2 1995 10.66 100.1939864 1068.06790 1.11328 1055.26606
3 1995 11.37 100.1939864 1139.20563 1.14320 1124.40793
4 1995 11.23 100.1939864 1125.17847 1.21811 1109.34487
5 1995 11.55 100.1939864 1157.24054 1.20179 1139.75397
6 1995 12.48 100.1939864 1250.42095 1.23473 1230.29164
7 1995 13.43 100.1939864 1345.60524 1.33282 1322.61083
8 1995 13.76 100.1939864 1378.66925 1.43283 1353.67700
9 1995 14.36 100.1939864 1438.78565 1.46648 1411.23713
10 1995 14.58 100.1939864 1460.82832 1.52884 1431.32892
11 1995 15.05 100.1939864 1507.91950 1.55061 1475.91854
12 1995 15.23 100.1939864 1525.95441 1.59891 1491.97181
1 1996 15.14 102.8873732 1557.71483 1.61630 1521.40863
2 1996 15.59 102.8873732 1604.01415 1.64819 1564.98064
3 1996 16.19 102.8873732 1665.74657 1.69540 1623.51542
4 1996 16.47 102.8873732 1694.55504 1.75881 1649.83470
5 1996 16.82 102.8873732 1730.56562 1.78732 1683.10762
6 1996 16.84 102.8873732 1732.62336 1.82337 1683.28557
7 1996 15.65 102.8873732 1610.18739 1.82356 1562.51250
8 1996 16.45 102.8873732 1692.49729 1.69272 1640.69262
9 1996 17.38 102.8873732 1788.18255 1.77742 1731.67168
10 1996 17.27 102.8873732 1776.86493 1.87598 1718.83576
11 1996 17.98 102.8873732 1849.91497 1.86207 1787.63804
12 1996 17.67 103.7090635 1832.53915 1.93661 1768.91057
1 1997 17.99 103.7090635 1865.72605 1.91632 1799.02885
2 1997 17.91 103.7090635 1857.42933 1.94895 1789.07977
3 1997 16.90 103.7090635 1752.68317 1.93817 1686.24989
4 1997 17.05 103.7090635 1768.23953 1.82677 1699.38983
5 1997 18.33 103.7090635 1900.98713 1.84101 1825.12766
6 1997 19.25 103.7090635 1996.39947 1.97722 1914.75531
7 1997 20.25 103.7090635 2100.10854 2.07432 2012.14880
8 1997 19.82 103.7090635 2055.51364 2.17983 1967.24187
9 1997 21.23 103.7090635 2201.74342 2.13118 2105.06079
10 1997 20.61 103.7090635 2137.44380 2.28048 2041.30420
11 1997 20.82 103.7090635 2159.22270 2.21141 2059.89211
12 1997 21.35 103.9600535 2219.54714 2.23155 2115.20989
1 1998 21.33 103.9600535 2217.46794 2.29148 2110.93696
2 1998 23.40 103.9600535 2432.66525 2.28685 2313.50897
3 1998 24.99 103.9600535 2597.96174 2.50630 2468.20263
4 1998 24.42 103.9600535 2538.70451 2.67389 2409.23121
5 1998 23.35 103.9600535 2427.46725 2.61000 2301.05702
6 1998 25.00 103.9600535 2599.00134 2.49281 2461.16567
7 1998 23.94 103.9600535 2488.80368 2.66626 2354.14598
8 1998 19.06 103.9600535 1981.47862 2.55032 1871.71962
9 1998 19.79 103.9600535 2057.36946 2.02770 1941.37898
10 1998 21.51 103.9600535 2236.18075 2.10316 2108.00608
11 1998 22.57 103.9600535 2346.37841 2.28367 2209.60369
12 1998 24.74 106.3174243 2630.29308 2.39374 2474.57472
1 1999 25.28 106.3174243 2687.70449 2.68079 2525.90647
2 1999 24.20 106.3174243 2572.88167 2.73640 2415.25951
3 1999 24.90 106.3174243 2647.30387 2.61653 2482.50586
4 1999 25.41 106.3174243 2701.52575 2.68938 2530.66298
5 1999 26.11 106.3174243 2775.94795 2.74155 2597.63667
6 1999 27.47 106.3174243 2920.53965 2.81411 2730.12650
7 1999 26.29 106.3174243 2795.08509 2.95764 2609.89368
8 1999 24.04 106.3174243 2555.87088 2.82738 2383.70149
9 1999 24.14 106.3174243 2566.50262 2.58234 2391.03471
10 1999 25.36 106.3174243 2696.20988 2.59029 2509.28379
11 1999 25.88 106.3174243 2751.49494 2.71839 2558.01759
12 1999 26.18 113.2797268 2965.66325 2.77119 2754.35500
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 193.63%
GROSS ANNUAL RETURN = 24.04%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2754.36 2684.12
TOTAL RETURN 175.44% 168.41%
AVERAGE ANNUAL RETURN 22.46% 21.83%
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
1 1999 25.28 106.3174243 2687.70449 2.68133 2526.41503
2 1999 24.20 106.3174243 2572.88167 2.73695 2415.74580
3 1999 24.90 106.3174243 2647.30387 2.61706 2483.00568
4 1999 25.41 106.3174243 2701.52575 2.68992 2531.17250
5 1999 26.11 106.3174243 2775.94795 2.74210 2598.15967
6 1999 27.47 106.3174243 2920.53965 2.81467 2730.67618
7 1999 26.29 106.3174243 2795.08509 2.95823 2610.41915
8 1999 24.04 106.3174243 2555.87088 2.82795 2384.18142
9 1999 24.14 106.3174243 2566.50262 2.58286 2391.51612
10 1999 25.36 106.3174243 2696.20988 2.59081 2509.78900
11 1999 25.88 106.3174243 2751.49494 2.71894 2558.53262
12 1999 26.18 113.2797268 2965.66325 2.77174 2754.90956
SURRENDER CHARGE = 2.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 196.57%
GROSS ANNUAL RETURN = 20.80%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2754.91 2708.08
TOTAL RETURN 175.49% 170.81%
AVERAGE ANNUAL RETURN 19.26% 18.91%
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
1 1999 25.28 106.3174243 2687.70449 1.51550 1427.94470
2 1999 24.20 106.3174243 2572.88167 1.54694 1365.39379
3 1999 24.90 106.3174243 2647.30387 1.47918 1403.40948
4 1999 25.41 106.3174243 2701.52575 1.52036 1430.63365
5 1999 26.11 106.3174243 2775.94795 1.54985 1468.49519
6 1999 27.47 106.3174243 2920.53965 1.59087 1543.39431
7 1999 26.29 106.3174243 2795.08509 1.67201 1475.42432
8 1999 24.04 106.3174243 2555.87088 1.59838 1347.55342
9 1999 24.14 106.3174243 2566.50262 1.45985 1351.69904
10 1999 25.36 106.3174243 2696.20988 1.46434 1418.54757
11 1999 25.88 106.3174243 2751.49494 1.53676 1446.09775
12 1999 26.18 113.2797268 2965.66325 1.56661 1557.09116
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 61.83%
GROSS ANNUAL RETURN = 17.10%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1557.09 1490.91
TOTAL RETURN 55.71% 49.09%
AVERAGE ANNUAL RETURN 15.63% 13.99%
<PAGE>
TRP Personal Strategy Bal
12/1999
Assume ($10000 @ $10.00 on 12/30/1994)
DATE DIV PR/SH REINVEST NAV REINVEST SHARES SHARE BASIS
(incl cap gain)
100.000000
3/95 0.0900000000 10.70 0.841 100.841121
6/95 0.1000000000 11.39 0.885 101.726469
9/95 0.1100000000 11.76 0.952 102.677992
12/95 0.1000000000 12.39 0.829 103.506709
1/96 0.0800000000 12.47 0.664 104.170746
3/96 0.0800000000 12.56 0.664 104.834254
6/96 0.1100000000 12.59 0.916 105.750200
9/96 0.1100000000 12.96 0.898 106.647771
12/96 0.3400000000 13.51 2.684 109.331727
3/97 0.1200000000 13.58 0.966 110.297840
6/97 0.1200000000 14.48 0.914 111.211910
9/97 0.1200000000 15.09 0.884 112.096299
12/97 0.3400000000 15.00 2.541 114.637149
3/98 0.1400000000 16.19 0.991 115.628452
6/98 0.1300000000 16.27 0.924 116.552342
9/98 0.1200000000 15.37 0.910 117.462315
12/98 0.6972405220 15.72 5.210 122.672206
3/99 0.4600000000 15.85 3.560 126.232409
6/99 0.1400000000 16.18 1.092 127.324655
9/99 0.1200000000 15.71 0.973 128.297217
12/99 0.7300000000 15.55 6.023 134.320174
M and E Charge = 0.0010833
Return for YTD
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 16.16 122.6722061 1982.38285 1000.00000
1 1999 16.14 122.6722061 1979.92941 1.08333 997.67904
2 1999 15.80 122.6722061 1938.22086 1.08082 975.58144
3 1999 15.77 126.2324089 1990.68509 1.05688 1000.93184
4 1999 16.39 126.2324089 2068.94918 1.08434 1039.19928
5 1999 16.10 126.2324089 2032.34178 1.12580 1019.68619
6 1999 16.39 127.3246547 2086.85109 1.10466 1045.93047
7 1999 16.21 127.3246547 2063.93265 1.13309 1033.31065
8 1999 16.06 127.3246547 2044.83395 1.11942 1022.62944
9 1999 15.75 128.2972173 2020.68117 1.10785 1009.44269
10 1999 16.08 128.2972173 2063.01925 1.09356 1029.49935
11 1999 16.23 128.2972173 2082.26384 1.11529 1037.98760
12 1999 16.00 134.3201735 2149.12278 1.12449 1070.19162
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 8.41%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1070.19 1006.52
TOTAL RETURN 7.02% 0.65%
Return for 1 Year
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1998 16.16 122.6722061 1982.38285 1000.00000
1 1999 16.14 122.6722061 1979.92941 1.08333 997.67904
2 1999 15.80 122.6722061 1938.22086 1.08082 975.58144
3 1999 15.77 126.2324089 1990.68509 1.05688 1000.93184
4 1999 16.39 126.2324089 2068.94918 1.08434 1039.19928
5 1999 16.10 126.2324089 2032.34178 1.12580 1019.68619
6 1999 16.39 127.3246547 2086.85109 1.10466 1045.93047
7 1999 16.21 127.3246547 2063.93265 1.13309 1033.31065
8 1999 16.06 127.3246547 2044.83395 1.11942 1022.62944
9 1999 15.75 128.2972173 2020.68117 1.10785 1009.44269
10 1999 16.08 128.2972173 2063.01925 1.09356 1029.49935
11 1999 16.23 128.2972173 2082.26384 1.11529 1037.98760
12 1999 16.00 134.3201735 2149.12278 1.12449 1070.19162
SURRENDER CHARGE = 7.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 8.41%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1070.19 1006.52
TOTAL RETURN 7.02% 0.65%
Return for 3 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1996 13.44 109.3317272 1469.41841 1000.00000
1 1997 13.64 109.3317272 1491.28476 1.08333 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
1 1999 16.14 122.6722061 1979.92941 1.42443 1311.80773
2 1999 15.80 122.6722061 1938.22086 1.42112 1282.75249
3 1999 15.77 126.2324089 1990.68509 1.38965 1316.08469
4 1999 16.39 126.2324089 2068.94918 1.42576 1366.40101
5 1999 16.10 126.2324089 2032.34178 1.48027 1340.74403
6 1999 16.39 127.3246547 2086.85109 1.45247 1375.25157
7 1999 16.21 127.3246547 2063.93265 1.48986 1358.65828
8 1999 16.06 127.3246547 2044.83395 1.47188 1344.61399
9 1999 15.75 128.2972173 2020.68117 1.45667 1327.27527
10 1999 16.08 128.2972173 2063.01925 1.43788 1353.64696
11 1999 16.23 128.2972173 2082.26384 1.46645 1364.80782
12 1999 16.00 134.3201735 2149.12278 1.47854 1407.15158
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 46.26%
GROSS ANNUAL RETURN = 13.51%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1407.15 1347.35
TOTAL RETURN 40.72% 34.73%
AVERAGE ANNUAL RETURN 12.06% 10.45%
Return for 5 Years
FUND GROSS ADMIN/
MONTH YEAR NAV SHARES VALUE MTHLY M&E ERV
12 1994 10.00 100.0000000 1000.00000 1000.00000
1 1995 10.17 100.0000000 1017.00000 1.08333 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
1 1999 16.14 122.6722061 1979.92941 2.04018 1878.86878
2 1999 15.80 122.6722061 1938.22086 2.03544 1837.25369
3 1999 15.77 126.2324089 1990.68509 1.99036 1884.99457
4 1999 16.39 126.2324089 2068.94918 2.04208 1957.06134
5 1999 16.10 126.2324089 2032.34178 2.12015 1920.31351
6 1999 16.39 127.3246547 2086.85109 2.08034 1969.73777
7 1999 16.21 127.3246547 2063.93265 2.13388 1945.97162
8 1999 16.06 127.3246547 2044.83395 2.10814 1925.85635
9 1999 15.75 128.2972173 2020.68117 2.08634 1901.02254
10 1999 16.08 128.2972173 2063.01925 2.05944 1938.79405
11 1999 16.23 128.2972173 2082.26384 2.10036 1954.77945
12 1999 16.00 134.3201735 2149.12278 2.11768 2015.42735
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 114.91%
GROSS ANNUAL RETURN = 16.53%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2015.43 1964.03
TOTAL RETURN 101.54% 96.40%
AVERAGE ANNUAL RETURN 15.05% 14.45%
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
1 1999 16.14 122.6722061 1979.92941 2.04018 1878.86878
2 1999 15.80 122.6722061 1938.22086 2.03544 1837.25369
3 1999 15.77 126.2324089 1990.68509 1.99036 1884.99457
4 1999 16.39 126.2324089 2068.94918 2.04208 1957.06134
5 1999 16.10 126.2324089 2032.34178 2.12015 1920.31351
6 1999 16.39 127.3246547 2086.85109 2.08034 1969.73777
7 1999 16.21 127.3246547 2063.93265 2.13388 1945.97162
8 1999 16.06 127.3246547 2044.83395 2.10814 1925.85635
9 1999 15.75 128.2972173 2020.68117 2.08634 1901.02254
10 1999 16.08 128.2972173 2063.01925 2.05944 1938.79405
11 1999 16.23 128.2972173 2082.26384 2.10036 1954.77945
12 1999 16.00 134.3201735 2149.12278 2.11768 2015.42735
SURRENDER CHARGE = 3.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 114.91%
GROSS ANNUAL RETURN = 16.52%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 2015.43 1964.03
TOTAL RETURN 101.54% 96.40%
AVERAGE ANNUAL RETURN 15.04% 14.45%
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
1 1999 16.14 122.6722061 1979.92941 1.42443 1311.80773
2 1999 15.80 122.6722061 1938.22086 1.42112 1282.75249
3 1999 15.77 126.2324089 1990.68509 1.38965 1316.08469
4 1999 16.39 126.2324089 2068.94918 1.42576 1366.40101
5 1999 16.10 126.2324089 2032.34178 1.48027 1340.74403
6 1999 16.39 127.3246547 2086.85109 1.45247 1375.25157
7 1999 16.21 127.3246547 2063.93265 1.48986 1358.65828
8 1999 16.06 127.3246547 2044.83395 1.47188 1344.61399
9 1999 15.75 128.2972173 2020.68117 1.45667 1327.27527
10 1999 16.08 128.2972173 2063.01925 1.43788 1353.64696
11 1999 16.23 128.2972173 2082.26384 1.46645 1364.80782
12 1999 16.00 134.3201735 2149.12278 1.47854 1407.15158
SURRENDER CHARGE = 5.00%
FREE WITHDRAWAL AVAILABLE = 15.00% OF PRINCIPAL + 15.00% OF INTEREST
GROSS RETURN = 46.26%
GROSS ANNUAL RETURN = 13.28%
WITHOUT WITH
SURRENDER SURRENDER
CHARGE CHARGE
ERV 1407.15 1347.35
TOTAL RETURN 40.72% 34.73%
AVERAGE ANNUAL RETURN 11.85% 10.27%
Exhibit (14): Powers of Attorney.
Power of Attorney
With Respect To
Companion Life Insurance Company
Variable Annuity and Variable Life Insurance Products
Randall C. Horn, whose signature appears below, constitutes and appoints Thomas
J. McCusker, F. Peter Huse or Michael E. Huss, 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, 2000 and remains in effect until
revoked or revised.
/s/ Randall C. Horn
Randall C. Horn
President and Director
