As Filed with the Securities and Exchange Commission on
April 4, 2005
File No.333-59765
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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
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POST-EFFECTIVE AMENDMENT NO. 7 TO FORM S-1
ON FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
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LINCOLN BENEFIT LIFE COMPANY
(Exact name of Registrant as Specified in its Charter)
Nebraska 6300 470221457
(State or other jurisdiction of (Primary Standard Industrial (I.R.S.Employer
incorporation or organization) Classification Code Number) Identification No.)
2940 South 84th St., Lincoln, Nebraska 68506
1-800-865-5237
(Address of registrant's principal executive offices)
WILLIAM F. EMMONS, ESQ.
LINCOLN BENEFIT LIFE COMPANY
2940 South 84th St.
LINCOLN, NE 68506
1-800-865-5237
(Name of agent for service)
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If the only securities being registered on this Form are being offered pursuant
to dividend or interest reinvestment plans, please check the following box: / /
If any of the securities being registered on this Form are to be offered on a
delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, check the following box: / X /
If this Form is filed to register additional securities for an offering pursuant
to Rule 462(b) under the Securities Act, please check the following box and list
the Securities Act registration statement number of the earlier effective
registration statement for the same offering. / /
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under
the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. / /
If delivery of the prospectus is expected to be made pursuant to Rule 434,
please check the following box. / /
Calculation of Registration Fee
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Proposed Maximum Proposed Maximum Amount of
Title of Each Class of Amount to be Offering Price Per Aggregate Offering Registration
Securities to be Registered Registered Unit Price Fee
Market Value Adjusted
Interest under Individual
Flexible Premium
Deferred Variable Annuity
Contracts. . . . . . . . . . . . . . * * * *
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* These Contracts are not issued in predetermined amounts or units. A maximum
aggregate offering price of $25,000,000 was previously registered. No
additional amount of securities is being registered by this post- effective
amendment to the registration statement.
Lincoln Benefit Life Company
Lincoln Benefit Life Variable Annuity Account
Supplement, dated April 4, 2005,
to
The Consultant I Variable Annuity Prospectus
dated May 1, 2004
This supplement amends certain disclosure contained in the above-referenced
prospectus for certain variable annuity contracts issued by Lincoln Benefit Life
Company.
We have received notice that the shareholders of the Strong Opportunity Fund II
- - Investor Class and the Strong Mid Cap Growth Fund II - Investor Class ("Strong
Portfolios") approved the reorganization of the Strong Portfolios into the Wells
Fargo Advantage Opportunity Fund and the Wells Fargo Advantage Discovery Fund
("Wells Fargo Portfolios"), respectively.
On April 8, 2005 ("Conversion Date"), the Strong Opportunity Fund II - Investor
Class will be merged into the Wells Fargo Advantage Opportunity Fund, and the
Strong Mid Cap Growth Fund II - Investor Class will be merged into the Wells
Fargo Advantage Discovery Fund. On the Conversion Date, we will change the name
of the Strong Portfolio sub-accounts to reflect the change in the underlying
portfolio. Contract owners will receive a confirmation of the transaction
reflecting this change.
If you currently have allocations made to the Strong Portfolio sub-accounts
through automatic additions, automatic portfolio rebalancing or dollar cost
averaging programs, any future allocations will continue to be made to those
sub-accounts under their new name as of the Conversion Date.
All reference to the Strong Opportunity Fund II, Inc., Strong Variable Insurance
Funds, Inc, and the Strong Portfolios are deleted on page 1 of the prospectus.
The following information is added to page 1:
Wells Fargo Variable Trust Funds: Wells Fargo Advantage Discovery Fund , Wells
Fargo Advantage Opportunity Fund
The table on page 7 that shows the minimum and maximum total annual operating
expenses charged by the Portfolios is deleted in its entirety and replaced by
the following:
Minimum Maximum
Total Annual Portfolio Operating
Expenses(1) (expenses that are
deducted from Portfolio assets,
which may include management fees,
distribution and/or service (12b-1)
fees, and other expenses)(without
waivers or reimbursements) 0.10% 3.89%
(1)Expenses are shown as a percentage of Portfolio average daily net assets
before any waiver or reimbursement as of December 31, 2004.
The "Examples" on page 7 are deleted in their entirety and replaced by the
following:
Example 1
This Example is intended to help you compare the cost of investing in the
Contracts with the cost of investing in other variable annuity contracts. These
costs include Contract owner transaction expenses, Contract fees, Separate
Account annual expenses, and Portfolio fees and expenses and assumes no
transfers or exchanges were made. The Example shows the dollar amount of
expenses that you would bear directly or indirectly if you:
o Invested $10,000 in the Contract for the time periods indicated, o earned a
5% annual return on your investment,
o surrendered your Contract, or you began receiving income payments for a
specified period of less than 120 months, at the end of each time period,
and,
o elected the Enhanced Death and Income Benefit Riders II (with total
Separate Account expenses of 1.80%).
The first line of the example assumes that the maximum fees and expenses of any
of the Portfolios are charged. The second line of the example assumes that the
minimum fees and expenses of any of the Portfolios are charged. Your actual
expenses may be higher or lower than those shown below.
The example does not include any taxes or tax penalties you may be required to
pay if you surrender your Contract.
1 Year 3 Years 5 Years 10 Years
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Costs Based on Maximum Annual Portfolio Expenses $1,215 $2,344 $3,362 $5,878
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Costs Based on Minimum Annual Portfolio Expenses $825 $1,215 $1,543 $2,554
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Example 2
This Example uses the same assumptions as Example 1 above, except that it
assumes you decided not to surrender your Contract, or you began receiving
income payments for a specified period of at least 120 months, at the end of
each time period.
1 Year 3 Years 5 Years 10Years
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Costs Based on Maximum Annual Portfolio Expenses $618 $1,834 $3,022 $5,878
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Costs Based on Minimum Annual Portfolio Expenses $230 $705 $1,203 $2,554
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Explanation of Expense Examples
Please remember that you are looking at examples and not a representation of
past or future expenses. Your rate of return may be higher or lower than 5%,
which is not guaranteed. The examples do not assume that any Portfolio expense
waivers or reimbursement arrangements are in effect for the periods presented.
Examples 1 and 2 assume the election of the Enhanced Death and Income Benefit
Riders II (total Separate Account expenses of 1.80%). If these riders were not
elected, the expense figures shown would be slightly lower. The Examples reflect
the Free Withdrawal amounts, if any, and an annual Contract maintenance charge
of $35.
All reference to the Strong Opportunity Fund II, Inc., Strong Variable Insurance
Funds, Inc, and the Strong Portfolios are deleted on page 9 of the prospectus.
The following information is added to page 9:
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Wells Fargo Variable Wells Fargo Advantage Discovery
Trust Fund , Wells Fargo Advantage
Opportunity Fund
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The section entitled "Condensed Financial Information" on page 12 is deleted in
its entirety and replaced with the following:
CONDENSED FINANCIAL INFORMATION
Attached as Appendix A is a table showing selected information concerning
Accumulation Unit Values for each sub-account for 1994 through 2004.
Accumulation Unit Value is the unit of measure that we use to calculate the
value of your interest in a Subaccount. Accumulation Unit Value does not reflect
the deduction of certain charges that are subtracted from your Contract Value,
such as the Contract Administration Charge. The financial statements of the
sub-accounts comprising the Separate Account as of December 31, 2004, are
included in the Statement of Additional Information. Lincoln Benefit's financial
statements as of December 31, 2004, are included in the Statement of Additional
Information.
The chart on page 17 of the prospectus is deleted in its entirety and replaced
by the following:
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Portfolio Portfolio Objective Investment Adviser
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AIM Variable Insurance Funds
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AIM V.I. Basic Value Fund - Series I (1) Long-term growth of capital A I M Advisors, Inc.
(1)
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The Alger American Fund
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Alger American Growth Portfolio - Class O Long-term capital appreciation Fred Alger Management, Inc.
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Alger American Income & Growth Portfolio - To provide a high level of dividend
Class O income. Its secondary goal is to
provide capital appreciation.
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Alger American Leveraged AllCap Portfolio Long-term capital appreciation
- Class O
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Alger American MidCap Growth Portfolio - Long-term capital appreciation
Class O
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Alger American Small Capitalization Long-term capital appreciation
Portfolio - Class O
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Federated Insurance Series
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Federated Fund for U.S. Government Current income Federated Investment
Securities II Management Company
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Federated High Income Bond Fund II High current income
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Federated Capital Income Fund II High current income and moderate capital Federated Equity Management
appreciation Company of Pennsylvania
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Fidelity(R) Variable Insurance Products
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Fidelity VIP Asset Manager(SM) Portfolio - To obtain high total return with Fidelity Management
Initial Class reduced risk over & the long term Research Company
by allocating its assets among stocks,
bonds, and short-term instruments.
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Fidelity VIP Contrafund(R) Portfolio - Long-term capital appreciation.
Initial Class
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Fidelity VIP Equity-Income Portfolio - Reasonable income by investing primarily in
Initial Class income-producing equity securities. In choosing
these securities, the fund will
also consider the potential for
capital appreciation. The fund's
goal is to achieve a yield which
exceeds the composite yield on the
securities comprising the S&P 500.
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Fidelity VIP Growth Portfolio - Initial To achieve capital appreciation.
Class
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Fidelity VIP Index 500 Portfolio - Initial Investment results that correspond to
Class the total return of common stocks
publicly traded in the United States,
as represented by the Standard &
Poor's 500(SM) Index (S&P 500(R) ).
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Fidelity VIP Money Market Portfolio - As high a level of current income as is
Initial Class consistent with preservation of capital
and liquidity by investing in money
market instruments.
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Fidelity VIP Overseas Portfolio - Initial Long-term growth of capital.
Class
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Janus Aspen Series
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Janus Aspen Series Balanced Portfolio - Long-term capital growth, consistent Janus Capital Management
Institutional Shares with preservation of capital and LLC
balanced by current income.
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Janus Aspen Series Flexible Bond Portfolio To obtain maximum total return,
- - Institutional Shares (2) consistent with preservation of capital.
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Janus Aspen Series Foreign Stock Portfolio Long-term growth of capital.
- Service Shares
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Janus Aspen Series Large Cap Growth Long-term growth of capital in a manner
Portfolio - Institutional Shares (2) consistent with the preservation of
capital.
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Janus Aspen Series Mid Cap Growth Long-term growth of capital
Portfolio - Institutional Shares
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Janus Aspen Series Worldwide Growth Long-term growth of capital in a manner
Portfolio - Institutional Shares consistent with the preservation of capital.
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MFS(R) Variable Insurance Trust(SM)
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MFS Emerging Growth Series - Initial Class Long-term growth of capital MFS(TM) Investment Management
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MFS Investors Trust Series - Initial
Class Long-term growth of capital
with a secondary objective to seek
reasonable current income
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MFS New Discovery Series - Initial Class Capital appreciation.
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MFS Research Series - Initial Class Long-term growth of capital and future income
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MFS Total Return Series - Initial Class To provide above-average income (compared to a
portfolio invested entirely in equity securities)
consistent with the prudent employment of capital
and secondarily to provide a reasonable
opportunity for growth of capital and income.
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Oppenheimer Variable Account Funds
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Oppenheimer Main Street Small Cap Fund/VA Capital appreciation. OppenheimerFunds, Inc.
- Service Shares
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Premier VIT
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Premier VIT OpCap Balanced Portfolio (3) Growth of capital and investment income OpCap Advisors LLC
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Premier VIT OpCap Small Cap Portfolio (3) Capital appreciation
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PIMCO Variable Insurance Trust
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PIMCO VIT Foreign Bond Portfolio (U.S. Maximum total return, consistent with preservation Pacific Investment
Dollar-Hedged) - Administrative Shares of capital and prudent investment management. Management Company LLC
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PIMCO VIT Total Return Portfolio - Maximum total return, consistent with
Administrative Shares preservation of capital and prudent investment
management.
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Putnam Variable Trust
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Putnam VT International Growth and Income Capital growth. Current income is a secondary Putnam Investment
Fund - Class IB objective. Management, LLC
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Salomon Brothers Variable Series Funds Inc
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Salomon Brothers Variable Investors Fund - Long-term growth of capital with Salomon Brothers Asset
Class I current income as a secondary objective Management Inc
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Scudder Variable Series I
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Scudder SVS I Bond Portfolio - Class A To provide a high level of income Deutsche Investment
consistent with a high quality portfolio Management Americas Inc.
of debt securities
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Scudder SVS I Global Discovery Portfolio - Above-average capital appreciation
Class A over the long term
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Scudder SVS I Growth and Income Portfolio Long-term growth of capital, current
- - Class A income and growth of income
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Scudder SVS I International Portfolio - Long-term growth of capital primarily
Class A through diversified holdings of marketable
foreign equity investments
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Scudder Variable Series II
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Scudder SVS II Total Return Portfolio - High total return, a combination of Deutsche Investment
Class A (4) income and capital appreciation Management Americas Inc.
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STI Classic Variable Trust
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STI Classic Capital Appreciation Fund Capital appreciation Trusco Capital Management,
Inc.
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STI Classic International Equity Fund (5) Long-term capital appreciation
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STI Classic Value Income Stock Fund Current income with the secondary goal of capital
appreciation
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T. Rowe Price Equity Series, Inc.
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T. Rowe Price Equity Income Portfolio - I Substantial dividend income as well as long-term T. Rowe Price Associates,
growth of capital. Inc.
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T. Rowe Price Mid-Cap Growth Portfolio - I Long-term capital appreciation
(6)
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T. Rowe Price New America Growth Portfolio Long-term growth of capital
- - I
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T. Rowe Price International Series, Inc.
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T. Rowe Price International Stock Long-term growth of capital T. Rowe Price
Portfolio - I International, Inc.
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The Universal Institutional Funds, Inc.
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Van Kampen UIF U.S. Mid Cap Value Above-average total return over a market cycle Van Kampen (7)
Portfolio, Class I of three to five years by investing in
common stocks and other equity securities
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Van Kampen Life Investment Trust
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Van Kampen LIT Aggressive Growth Capital Growth Van Kampen Asset Management
Portfolio, Class II
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Van Kampen LIT Growth and Income Long-term growth of capital and income.
Portfolio, Class II
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Wells Fargo Variable Trust Funds
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Wells Fargo Advantage Discovery Fund (8) Long-term capital appreciation Wells Fargo Funds
Management, LLC
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Wells Fargo Advantage Opportunity Fund (8) Long-term capital appreciation
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(1) A Fund's investment objective(s) may be changed by the Fund's Board of
Trustees without shareholder approval.
(2) Effective May 1, 2005, the Janus Aspen Series Flexible Income Portfolio -
Institutional Shares and Janus Aspen Series Growth Portfolio -
Institutional Shares changed their names to the Janus Aspen Series Flexible
Bond Portfolio - Institutional Shares and Janus Aspen Series Large Cap
Growth Portfolio - Institutional Shares, respectively.
(3) Effective May 1, 2005, the PAVIT OpCap Balanced Portfolio and PAVIT OpCap
Small Cap Portfolio changed their names to the Premier VIT OpCap Balanced
Portfolio and Premier VIT OpCap Small Cap Portfolio, respectively.
(4) Effective April 29, 2005, the Scudder SVS I Balanced Portfolio - Class A
was reorganized onto the Scudder SVS II Total Return Portfolio - Class A.
(5) Effective September 27, 2002, the STI Classic International Equity Fund is
no longer available for new investments. If you are currently invested in
the Variable Sub-account that invests in this Portfolio you may continue
your investment. If, prior to September 27, 2002, you enrolled in one of
our automatic transaction programs, such as automatic additions, portfolio
rebalancing, or dollar cost averaging, we will continue to effect automatic
transactions into the Variable Sub-Account in accordance with that program.
Outside of these automatic transaction programs, additional allocations
will not be allowed.
(6) Effective 5/1/04, the T. Rowe Price Mid-Cap Growth Portfolio - I is no
longer available for new investments. If you are currently invested in the
T. Rowe Price Mid-Cap Growth Portfolio - I you may continue your
investment. If you are currently enrolled in one of our automatic
transaction programs, such as Portfolio Rebalancing or Dollar Cost
Averaging, we will continue to effect automatic transactions to the
portfolio in accordance with that program.
(7) Morgan Stanley Investment Management Inc., the adviser to the UIF
Portfolios, does business in certain instances using the name Van Kampen.
(8) Effective 4/8/05, the Strong Mid Cap Growth Fund II - Investor Class and
Strong Opportunity Fund II - Investor Class were reorganized into the Wells
Fargo Advantage Discovery Fund and Wells Fargo Advantage Opportunity Fund,
respectively.
The first sentence of the first paragraph of the section entitled "Annual
Reports and Other Documents" on page 43 of the prospectus is deleted and
replaced by the following:
"Lincoln Benefit's annual report on Form 10-K for the year ended December 31,
2004, is incorporated herein by reference, which means that it is legally a part
of this prospectus."
The following column is added to the Accumulation Unit Value chart in Appendix
A:
Accumulation Unit Values(1)
Basic Policy
Fund Year ending
December 31,
2004
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AIM V.I. Basic Value - Series I Sub-Account
Accumulation Unit Value Beginning 10.000
Accumulation Unit Value Ending 10.821
Number of Units Outstanding at End of Year 269,780
Alger American Growth - Class O Sub-Account
Accumulation Unit Value Beginning 10.198
Accumulation Unit Value Ending 10.625
Number of Units Outstanding at End of Year 719,914
Alger American Income & Growth - Class O Sub-Account
Accumulation Unit Value Beginning 11.641
Accumulation Unit Value Ending 12.398
Number of Units Outstanding at End of Year 686,795
Alger American Leveraged AllCap - Class O Sub-Account
Accumulation Unit Value Beginning 12.055
Accumulation Unit Value Ending 12.881
Number of Units Outstanding at End of Year 454,884
Alger American MidCap Growth - Class O Sub-Account
Accumulation Unit Value Beginning 15.264
Accumulation Unit Value Ending 17.040
Number of Units Outstanding at End of Year 571,188
Alger American Small Capitalization - Class O Sub-Account
Accumulation Unit Value Beginning 8.212
Accumulation Unit Value Ending 9.454
Number of Units Outstanding at End of Year 355,278
Federated Capital Income II Sub-Account
Accumulation Unit Value Beginning 7.668
Accumulation Unit Value Ending 8.325
Number of Units Outstanding at End of Year 297,389
Federated High Income Bond II Sub-Account
Accumulation Unit Value Beginning 10.814
Accumulation Unit Value Ending 11.797
Number of Units Outstanding at End of Year 729,703
Federated for U.S. Government Securities II Sub-Account
Accumulation Unit Value Beginning 12.710
Accumulation Unit Value Ending 13.005
Number of Units Outstanding at End of Year 1,136,236
Fidelity VIP Asset Manager(SM) - Initial Class Sub-Account
Accumulation Unit Value Beginning 11.186
Accumulation Unit Value Ending 11.652
Number of Units Outstanding at End of Year 437,716
Fidelity VIP Contrafund(R) - Initial Class Sub-Account
Accumulation Unit Value Beginning 12.763
Accumulation Unit Value Ending 14.555
Number of Units Outstanding at End of Year
1,438,118
Fidelity VIP Equity-Income - Initial Class Sub-Account
Accumulation Unit Value Beginning 12.067
Accumulation Unit Value Ending 13.291
Number of Units Outstanding at End of Year
1,384,897
Fidelity VIP Growth - Initial Class Sub-Account
Accumulation Unit Value Beginning 10.215
Accumulation Unit Value Ending 10.429
Number of Units Outstanding at End of Year
1,091,575
Fidelity VIP Index 500 - Initial Class Sub-Account
Accumulation Unit Value Beginning 10.237
Accumulation Unit Value Ending 11.183
Number of Units Outstanding at End of Year
1,817,054
Fidelity VIP Money Market - Initial Class Sub-Account
Accumulation Unit Value Beginning 11.406
Accumulation Unit Value Ending 11.401
Number of Units Outstanding at End of Year
1,544,840
Fidelity VIP Overseas - Initial Class Sub-Account
Accumulation Unit Value Beginning 10.251
Accumulation Unit Value Ending 11.504
Number of Units Outstanding at End of Year 402,967
Janus Aspen Series Mid Cap Growth - Institutional Shares Sub-Account
Accumulation Unit Value Beginning 10.443
Accumulation Unit Value Ending 12.453
Number of Units Outstanding at End of Year 642,333
Janus Aspen Series Balanced - Institutional Shares Sub-Account
Accumulation Unit Value Beginning 13.832
Accumulation Unit Value Ending 14.825
Number of Units Outstanding at End of Year
1,365,759
Janus Aspen Series Flexible Bond - Institutional Shares Sub-Account (3)
Accumulation Unit Value Beginning 13.166
Accumulation Unit Value Ending 13.519
Number of Units Outstanding at End of Year 527,949
Janus Aspen Series Large Cap Growth - Institutional Shares Sub-Account (3)
Accumulation Unit Value Beginning 9.984
Accumulation Unit Value Ending 10.306
Number of Units Outstanding at End of Year
1,041,507
Janus Aspen Series Foreign Stock - Service Shares Sub-Account (2)(5)
Accumulation Unit Value Beginning 10.226
Accumulation Unit Value Ending 11.939
Number of Units Outstanding at End of Year 152,105
Janus Aspen Series Worldwide Growth - Institutional Shares Sub-Account
Accumulation Unit Value Beginning 9.971
Accumulation Unit Value Ending 10.318
Number of Units Outstanding at End of Year
1,193,225
LSA Balanced (2)(4)
Accumulation Unit Value Beginning
Accumulation Unit Value Ending
Number of Units Outstanding at End of Year
MFS Emerging Growth - Initial Class Sub-Account
Accumulation Unit Value Beginning 8.995
Accumulation Unit Value Ending 10.035
Number of Units Outstanding at End of Year 231,814
MFS Investors Trust - Initial Class Sub-Account
Accumulation Unit Value Beginning 9.091
Accumulation Unit Value Ending 9.998
Number of Units Outstanding at End of Year 244,156
MFS New Discovery - Initial Class Sub-Account
Accumulation Unit Value Beginning 15.738
Accumulation Unit Value Ending 16.556
Number of Units Outstanding at End of Year 232,616
MFS Research - Initial Class Sub-Account
Accumulation Unit Value Beginning 9.100
Accumulation Unit Value Ending 10.412
Number of Units Outstanding at End of Year 189,969
MFS Total Return - Initial Class Sub-Account
Accumulation Unit Value Beginning 13.180
Accumulation Unit Value Ending 14.490
Number of Units Outstanding at End of Year
1,033,566
Premier VIT OpCap Balanced Sub-Account (2)(5)
Accumulation Unit Value Beginning 10.000
Accumulation Unit Value Ending 10.812
Number of Units Outstanding at End of Year 129,223
Premier VIT OpCap Small Cap Sub-Account (2)(5)
Accumulation Unit Value Beginning 10.143
Accumulation Unit Value Ending 11.809
Number of Units Outstanding at End of Year 274,798
Oppenheimer Main Street Small Cap/VA - Service Shares Sub-Account (2)
Accumulation Unit Value Beginning 11.178
Accumulation Unit Value Ending 13.157
Number of Units Outstanding at End of Year 347,171
PIMCO VIT Foreign Bond (U.S. Dollar-Hedged) - Administrative Shares Sub-Account
(2)
Accumulation Unit Value Beginning 10.669
Accumulation Unit Value Ending 11.122
Number of Units Outstanding at End of Year 347,113
PIMCO VIT Total Return - Administrative Shares Sub-Account (2)
Accumulation Unit Value Beginning 10.951
Accumulation Unit Value Ending 11.343
Number of Units Outstanding at End of Year
1,060,049
Putnam VT International Growth and Income - Class IB Sub-Account
Accumulation Unit Value Beginning 11.161
Accumulation Unit Value Ending 13.335
Number of Units Outstanding at End of Year 89,040
Salomon Brothers Variable Investors - Class I Sub-Account
Accumulation Unit Value Beginning 10.000
Accumulation Unit Value Ending 10.954
Number of Units Outstanding at End of Year 60,840
Scudder SVS II Total Return - Class A Sub-Account (6)
Accumulation Unit Value Beginning
Accumulation Unit Value Ending
Number of Units Outstanding at End of Year
Scudder SVS I Bond - Class A Sub-Account
Accumulation Unit Value Beginning 12.535
Accumulation Unit Value Ending 13.046
Number of Units Outstanding at End of Year 507,579
Scudder SVS I Global Discovery - Class A Sub-Account
Accumulation Unit Value Beginning 14.317
Accumulation Unit Value Ending 17.440
Number of Units Outstanding at End of Year 176,147
Scudder SVS I Growth and Income - Class A Sub-Account
Accumulation Unit Value Beginning 8.871
Accumulation Unit Value Ending 9.651
Number of Units Outstanding at End of Year 150,151
Scudder SVS I International - Class A Sub-Account
Accumulation Unit Value Beginning 8.507
Accumulation Unit Value Ending 9.790
Number of Units Outstanding at End of Year 121,969
STI Classic Capital Appreciation Sub-Account
Accumulation Unit Value Beginning 8.653
Accumulation Unit Value Ending 9.123
Number of Units Outstanding at End of Year 60,421
STI Classic International Equity Sub-Account (7)
Accumulation Unit Value Beginning 8.914
Accumulation Unit Value Ending 10.506
Number of Units Outstanding at End of Year 5,874
STI Classic Value Income Stock Sub-Account
Accumulation Unit Value Beginning 9.168
Accumulation Unit Value Ending 10.439
Number of Units Outstanding at End of Year 192,125
Strong Opportunity II - Investor Class Sub-Account
Accumulation Unit Value(1) Beginning 14.263
Accumulation Unit Value Ending 16.652
Number of Units Outstanding at End of Year 374,321
T. Rowe Price Equity Income - I Sub-Account
Accumulation Unit Value Beginning 13.140
Accumulation Unit Value Ending 14.913
Number of Units Outstanding at End of Year 895,153
T. Rowe Price International Stock - I Sub-Account
Accumulation Unit Value Beginning 9.201
Accumulation Unit Value Ending 10.338
Number of Units Outstanding at End of Year 264,060
T. Rowe Price Mid-Cap Growth - I Sub-Account (8)
Accumulation Unit Value Beginning 15.505
Accumulation Unit Value Ending 18.121
Number of Units Outstanding at End of Year 586,887
T. Rowe Price New America Growth - I Sub-Account
Accumulation Unit Value Beginning 9.090
Accumulation Unit Value Ending 9.995
Number of Units Outstanding at End of Year 173,326
Van Kampen LIT Aggressive Growth, Class II Sub-Account (2)
Accumulation Unit Value Beginning 10.000
Accumulation Unit Value Ending 11.156
Number of Units Outstanding at End of Year 44,940
Van Kampen LIT Growth and Income, Class II Sub-Account (2)
Accumulation Unit Value Beginning 10.293
Accumulation Unit Value Ending 11.600
Number of Units Outstanding at End of Year 354,336
Van Kampen UIF U.S. Mid Cap Value, Class I Sub-Account (2)(9)
Accumulation Unit Value Beginning 10.000
Accumulation Unit Value Ending 11.333
Number of Units Outstanding at End of Year 309,322
Wells Fargo Advantage Discovery Sub-Account (10)
Accumulation Unit Value Beginning --
Accumulation Unit Value Ending --
Number of Units Outstanding at End of Year --
Wells Fargo Advantage Opportunity Sub-Account (10) --
Accumulation Unit Value Beginning --
Accumulation Unit Value Ending --
Number of Units Outstanding at End of Year --
- -----------------------------------------------------------------------------------------------------------------------
Accumulation Unit Values(1)
Basic Policy plus Death Benefit and Income Benefit Rider II
Fund Year ending
December 31,
2004
- --------------------------------------------------------------------------------------------------------------
AIM V.I. Basic Value - Series I Sub-Account
Accumulation Unit Value Beginning 10.000
Accumulation Unit Value Ending 10.781
Number of Units Outstanding at End of Year
244,914
Alger American Growth - Class O Sub-Account
Accumulation Unit Value Beginning 6.175
Accumulation Unit Value Ending 6.398
Number of Units Outstanding at End of Year
439,952
Alger American Income & Growth - Class O Sub-Account
Accumulation Unit Value Beginning 6.738
Accumulation Unit Value Ending 7.137
Number of Units Outstanding at End of Year
396,418
Alger American Leveraged AllCap - Class O Sub-Account
Accumulation Unit Value Beginning 5.447
Accumulation Unit Value Ending 5.788
Number of Units Outstanding at End of Year
727,607
Alger American MidCap Growth - Class O Sub-Account
Accumulation Unit Value Beginning 8.703
Accumulation Unit Value Ending 9.663
Number of Units Outstanding at End of Year
999,864
Alger American Small Capitalization - Class O Sub-Account
Accumulation Unit Value Beginning 5.060
Accumulation Unit Value Ending 5.793
Number of Units Outstanding at End of Year
359,793
Federated Capital Income II Sub-Account
Accumulation Unit Value Beginning 6.855
Accumulation Unit Value Ending 7.401
Number of Units Outstanding at End of Year 76,744
Federated High Income Bond II Sub-Account
Accumulation Unit Value Beginning 10.941
Accumulation Unit Value Ending 11.870
Number of Units Outstanding at End of Year 444,657
Federated for U.S. Government Securities II Sub-Account
Accumulation Unit Value Beginning 12.006
Accumulation Unit Value Ending 12.218
Number of Units Outstanding at End of Year
605,532
Fidelity VIP Asset Manager(SM) - Initial Class Sub-Account
Accumulation Unit Value Beginning 9.379
Accumulation Unit Value Ending 9.716
Number of Units Outstanding at End of Year 181,632
Fidelity VIP Contrafund(R) - Initial Class Sub-Account
Accumulation Unit Value Beginning 9.078
Accumulation Unit Value Ending 10.296
Number of Units Outstanding at End of Year
1,158,838
Fidelity VIP Equity-Income - Initial Class Sub-Account
Accumulation Unit Value Beginning 10.759
Accumulation Unit Value Ending 11.786
Number of Units Outstanding at End of Year
434,981
Fidelity VIP Growth - Initial Class Sub-Account
Accumulation Unit Value Beginning 6.080
Accumulation Unit Value Ending 6.173
Number of Units Outstanding at End of Year
939,071
Fidelity VIP Index 500 - Initial Class Sub-Account
Accumulation Unit Value Beginning 7.516
Accumulation Unit Value Ending 8.166
Number of Units Outstanding at End of Year
1,444,339
Fidelity VIP Money Market - Initial Class Sub-Account
Accumulation Unit Value Beginning 10.373
Accumulation Unit Value Ending 10.311
Number of Units Outstanding at End of Year
618,241
Fidelity VIP Overseas - Initial Class Sub-Account
Accumulation Unit Value Beginning 7.208
Accumulation Unit Value Ending 8.045
Number of Units Outstanding at End of Year
382,839
Janus Aspen Series Mid Cap Growth - Institutional Shares Sub-Account
Accumulation Unit Value Beginning 3.715
Accumulation Unit Value Ending 4.405
Number of Units Outstanding at End of Year
466,868
Janus Aspen Series Balanced - Institutional Shares Sub-Account
Accumulation Unit Value Beginning 9.267
Accumulation Unit Value Ending 9.878
Number of Units Outstanding at End of Year
705,500
Janus Aspen Series Flexible Bond - Institutional Shares Sub-Account (3)
Accumulation Unit Value Beginning 12.480
Accumulation Unit Value Ending 12.743
Number of Units Outstanding at End of Year
312,969
Janus Aspen Series Large Cap Growth - Institutional Shares Sub-Account (3)
Accumulation Unit Value Beginning 5.746
Accumulation Unit Value Ending 5.898
Number of Units Outstanding at End of Year
275,805
Janus Aspen Series Foreign Stock - Service Shares Sub-Account (2)(5)
Accumulation Unit Value Beginning 10.132
Accumulation Unit Value Ending 11.765
Number of Units Outstanding at End of Year 71,988
Janus Aspen Series Worldwide Growth - Institutional Shares Sub-Account
Accumulation Unit Value Beginning 5.558
Accumulation Unit Value Ending 5.719
Number of Units Outstanding at End of Year
414,342
LSA Balanced (2)(4)
Accumulation Unit Value Beginning
Accumulation Unit Value Ending
Number of Units Outstanding at End of Year
MFS Emerging Growth - Initial Class Sub-Account
Accumulation Unit Value Beginning 4.432
Accumulation Unit Value Ending 4.917
Number of Units Outstanding at End of Year
274,686
MFS Investors Trust - Initial Class Sub-Account
Accumulation Unit Value Beginning 7.567
Accumulation Unit Value Ending 8.276
Number of Units Outstanding at End of Year
136,211
MFS New Discovery - Initial Class Sub-Account
Accumulation Unit Value Beginning 7.374
Accumulation Unit Value Ending 7.715
Number of Units Outstanding at End of Year
623,501
MFS Research - Initial Class Sub-Account
Accumulation Unit Value Beginning 6.227
Accumulation Unit Value Ending 7.085
Number of Units Outstanding at End of Year 53,593
MFS Total Return - Initial Class Sub-Account
Accumulation Unit Value Beginning 11.736
Accumulation Unit Value Ending 12.832
Number of Units Outstanding at End of Year
590,723
Premier VIT OpCap Balanced Sub-Account (2)(5)
Accumulation Unit Value Beginning 10.000
Accumulation Unit Value Ending 10.772
Number of Units Outstanding at End of Year 91,944
Premier VIT OpCap Small Cap Sub-Account (2)
Accumulation Unit Value Beginning 10.051
Accumulation Unit Value Ending 11.637
Number of Units Outstanding at End of Year
244,720
Oppenheimer Main Street Small Cap/VA - Service Shares Sub-Account (2)
Accumulation Unit Value Beginning 11.076
Accumulation Unit Value Ending 12.965
Number of Units Outstanding at End of Year
323,468
PIMCO VIT Foreign Bond (U.S. Dollar-Hedged) - Administrative Shares Sub-Account
(2)
Accumulation Unit Value Beginning 10.571
Accumulation Unit Value Ending 10.960
Number of Units Outstanding at End of Year
100,873
PIMCO VIT Total Return - Administrative Shares Sub-Account (2)
Accumulation Unit Value Beginning 10.851
Accumulation Unit Value Ending 11.178
Number of Units Outstanding at End of Year
604,097
Putnam VT International Growth and Income - Class IB Sub-Account
Accumulation Unit Value Beginning 11.059
Accumulation Unit Value Ending 13.141
Number of Units Outstanding at End of Year 58,105
Salomon Brothers Variable Investors - Class I Sub-Account (3)
Accumulation Unit Value Beginning 10.000
Accumulation Unit Value Ending 10.913
Number of Units Outstanding at End of Year 47,102
Scudder SVS II Total Return - Class A Sub-Account (6)
Accumulation Unit Value Beginning
Accumulation Unit Value Ending
Number of Units Outstanding at End of Year
Scudder SVS I Bond - Class A Sub-Account
Accumulation Unit Value Beginning 12.026
Accumulation Unit Value Ending 12.447
Number of Units Outstanding at End of Year
242,774
Scudder SVS I Global Discovery - Class A Sub-Account
Accumulation Unit Value Beginning 7.780
Accumulation Unit Value Ending 9.425
Number of Units Outstanding at End of Year
254,808
Scudder SVS I Growth and Income - Class A Sub-Account
Accumulation Unit Value Beginning 7.849
Accumulation Unit Value Ending 8.492
Number of Units Outstanding at End of Year 99,749
Scudder SVS I International - Class A Sub-Account
Accumulation Unit Value Beginning 5.948
Accumulation Unit Value Ending 6.808
Number of Units Outstanding at End of Year
174,503
STI Classic Capital Appreciation Sub-Account
Accumulation Unit Value Beginning 7.992
Accumulation Unit Value Ending 8.380
Number of Units Outstanding at End of Year 63,858
STI Classic International Equity Sub-Account (7)
Accumulation Unit Value Beginning 8.093
Accumulation Unit Value Ending 9.486
Number of Units Outstanding at End of Year 182
STI Classic Value Income Stock Sub-Account
Accumulation Unit Value Beginning 11.201
Accumulation Unit Value Ending 12.683
Number of Units Outstanding at End of Year
100,258
Strong Opportunity II - Investor Class Sub-Account
Accumulation Unit Value(1) Beginning 9.284
Accumulation Unit Value Ending 10.780
Number of Units Outstanding at End of Year
454,476
T. Rowe Price Equity Income - I Sub-Account
Accumulation Unit Value Beginning 12.073
Accumulation Unit Value Ending 13.627
Number of Units Outstanding at End of Year
761,565
T. Rowe Price International Stock - I Sub-Account
Accumulation Unit Value Beginning 6.716
Accumulation Unit Value Ending 7.505
Number of Units Outstanding at End of Year
176,753
T. Rowe Price Mid-Cap Growth - I Sub-Account (8)
Accumulation Unit Value Beginning 10.288
Accumulation Unit Value Ending 11.957
Number of Units Outstanding at End of Year
675,635
T. Rowe Price New America Growth - I Sub-Account
Accumulation Unit Value Beginning 7.284
Accumulation Unit Value Ending 7.933
Number of Units Outstanding at End of Year
120,707
Van Kampen LIT Aggressive Growth, Class II Sub-Account (2)
Accumulation Unit Value Beginning 10.000
Accumulation Unit Value Ending 11.114
Number of Units Outstanding at End of Year 77,019
Van Kampen LIT Growth and Income, Class II Sub-Account (2)
Accumulation Unit Value Beginning 10.199
Accumulation Unit Value Ending 11.431
Number of Units Outstanding at End of Year
238,529
Van Kampen UIF U.S. Mid Cap Value, Class I Sub-Account (2)(9)
Accumulation Unit Value Beginning 10.000
Accumulation Unit Value Ending 11.290
Number of Units Outstanding at End of Year
220,091
Wells Fargo Advantage Discovery Sub-Account (10)
Accumulation Unit Value Beginning --
Accumulation Unit Value Ending --
Number of Units Outstanding at End of Year --
Wells Fargo Advantage Opportunity Sub-Account (10)
Accumulation Unit Value Beginning --
Accumulation Unit Value Ending --
Number of Units Outstanding at End of Year --
- --------------------------------------------------------------------------------------------------------------
The "Experts" section in the Statement of Additional Information is deleted in
its entirety and replaced with the following:
EXPERTS
The financial statements of Lincoln Benefit Life Company as of December 31, 2004
and 2003 and for each of the three years in the period ended December 31, 2004,
and the related financial statement schedules included in this Statement of
Additional Information and incorporated in this prospectus by reference from the
Lincoln Benefit Life Company Annual Report on Form 10-K for the year ended
December 31, 2004 have been audited by Deloitte & Touche LLP, an independent
registered public accounting firm, as stated in their report, which is included
and incorporated by reference herein (which report expresses an unqualified
opinion and includes an explanatory paragraph relating to a change in method of
accounting for certain nontraditional long-duration contracts and for separate
accounts in 2004), and have been so included and incorporated in reliance upon
the report of such firm given upon their authority as experts in accounting and
auditing.
The financial statements of the sub-accounts comprising Lincoln Benefit Life
Variable Annuity Account as of December 31, 2004 and for each of the periods in
the two year period then ended included in this Statement of Additional
Information have been audited by Deloitte & Touche LLP, an independent
registered public accounting firm, as stated in their report appearing herein,
and have been so included in reliance upon the report of such firm given upon
their authority as experts in accounting and auditing.
The "Financial Statements " section in the Statement of Additional Information
is deleted in its entirety and replaced with the following:
FINANCIAL STATEMENTS
The financial statements of the sub-accounts comprising the Separate Account as
of December 31, 2004, and for the periods in the two year period then ended, the
financial statements of Lincoln Benefit as of December 31, 2004 and 2003, and
for each of the three years in the period ended December 31, 2004, and related
financial statement schedules and the accompanying Reports of Independent
Registered Public Accounting Firm appear in the pages that follow. The financial
statements and financial statement schedules of Lincoln Benefit included herein
should be considered only as bearing upon the ability of Lincoln Benefit to meet
its obligations under the Contacts. The following columns are added to the
"Accumulation Unit Values" chart in the Statement of Additional Information:
Accumulation Unit Values
Basic Policy plus Death Benefit Rider
Year ending
Subaccount ecember 31,
D 2004
AIM V.I. Basic Value - Series I
Accumulation Unit Value Beginning $10.000
Accumulation Unit Value Ending $10.806
Number of Units Outstanding at End of Year 105,095
Alger American Growth - Class O
Accumulation Unit Value Beginning $10.089
Accumulation Unit Value Ending $10.490
Number of Units Outstanding at End of Year 311,988
Alger American Income & Growth - Class O
Accumulation Unit Value Beginning $11.516
Accumulation Unit Value Ending $12.241
Number of Units Outstanding at End of Year 425,601
Alger American Leveraged AllCap - Class O
Accumulation Unit Value Beginning $11.927
Accumulation Unit Value Ending $12.717
Number of Units Outstanding at End of Year 167,237
Alger American MidCap Growth - Class O
Accumulation Unit Value Beginning $15.100
Accumulation Unit Value Ending $16.824
Number of Units Outstanding at End of Year 253,128
Alger American Small Capitalization - Class O
Accumulation Unit Value Beginning $8.124
Accumulation Unit Value Ending $9.334
Number of Units Outstanding at End of Year 311,336
Federated High Income Bond II
Accumulation Unit Value Beginning $10.698
Accumulation Unit Value Ending $11.647
Number of Units Outstanding at End of Year 312,748
Federated U.S. Goverment Securities II
Accumulation Unit Value Beginning $12.574
Accumulation Unit Value Ending $12.840
Number of Units Outstanding at End of Year 486,928
Federated Capital Income II
Accumulation Unit Value Beginning $7.586
Accumulation Unit Value Ending $8.219
Number of Units Outstanding at End of Year 131,886
Fidelity VIP Asset Manager - Initial Class
Accumulation Unit Value Beginning $11.067
Accumulation Unit Value Ending $11.504
Number of Units Outstanding at End of Year 135,064
Fidelity VIP Contrafund - Initial Class
Accumulation Unit Value Beginning $12.626
Accumulation Unit Value Ending $14.370
Number of Units Outstanding at End of Year 795,462
Fidelity VIP Equity-Income - Initial Class
Accumulation Unit Value Beginning $11.938
Accumulation Unit Value Ending $13.123
Number of Units Outstanding at End of Year 642,647
Fidelity VIP Growth - Initial Class
Accumulation Unit Value Beginning $10.106
Accumulation Unit Value Ending $10.297
Number of Units Outstanding at End of Year 475,294
Fidelity VIP Index 500 - Initial Class
Accumulation Unit Value Beginning $10.128
Accumulation Unit Value Ending $11.042
Number of Units Outstanding at End of Year 1,204,079
Fidelity VIP Money Market - Initial Class
Accumulation Unit Value Beginning $11.284
Accumulation Unit Value Ending $11.256
Number of Units Outstanding at End of Year 627,640
Fidelity VIP Overseas - Initial Class
Accumulation Unit Value Beginning $10.141
Accumulation Unit Value Ending $11.358
Number of Units Outstanding at End of Year 133,210
Janus Aspen Series Mid Cap Growth - Institutional
Shares
Accumulation Unit Value Beginning $10.331
Accumulation Unit Value Ending $12.295
Number of Units Outstanding at End of Year 397,665
Janus Aspen Series Balanced - Institutional Shares
Accumulation Unit Value Beginning $13.684
Accumulation Unit Value Ending $14.637
Number of Units Outstanding at End of Year 813,548
Janus Aspen Series Flexible Bond- Institutional
Shares
Accumulation Unit Value Beginning $13.026
Accumulation Unit Value Ending $13.347
Number of Units Outstanding at End of Year 319,960
Janus Aspen Series Large Cap Growth -
Institutional Shares
Accumulation Unit Value Beginning $9.877
Accumulation Unit Value Ending $10.175
Number of Units Outstanding at End of Year 528,557
Janus Aspen Series Foreign Stock - Service Shares
Accumulation Unit Value Beginning $10.191
Accumulation Unit Value Ending $11.875
Number of Units Outstanding at End of Year 38,184
Janus Aspen Series Worldwide Growth -
Institutional Shares
Accumulation Unit Value Beginning $9.864
Accumulation Unit Value Ending $10.187
Number of Units Outstanding at End of Year 540,179
LSA Balanced
Accumulation Unit Value Beginning $11.037
Accumulation Unit Value Ending $11.163
Number of Units Outstanding at End of Year 0
MFS Emerging Growth - Initial Class
Accumulation Unit Value Beginning
Accumulation Unit Value Ending
Number of Units Outstanding at End of Year
MFS Investors Trust - Initial Class
Accumulation Unit Value Beginning $8.899
Accumulation Unit Value Ending $9.908
Number of Units Outstanding at End of Year 77,890
MFS New Discovery - Initial Class
Accumulation Unit Value Beginning $8.994
Accumulation Unit Value Ending $9.871
Number of Units Outstanding at End of Year 166,320
MFS Research - Initial Class
Accumulation Unit Value Beginning $15.570
Accumulation Unit Value Ending $16.346
Number of Units Outstanding at End of Year 104,037
MFS Total Return - Initial Class
Accumulation Unit Value Beginning $9.003
Accumulation Unit Value Ending $10.280
Number of Units Outstanding at End of Year 104,339
PREMIER VIT OpCap Balanced
Accumulation Unit Value Beginning $11.456
Accumulation Unit Value Ending $10.715
Number of Units Outstanding at End of Year 37,586
PREMIER VIT OpCap SmallCap
Accumulation Unit Value Beginning $10.000
Accumulation Unit Value Ending $10.798
Number of Units Outstanding at End of Year 59,439
Oppenheimer Main Street Small Cap Fund/VA -
Service Shares
Accumulation Unit Value Beginning $10.110
Accumulation Unit Value Ending $11.746
Number of Units Outstanding at End of Year 101,370
PIMCO VIT Foreign Bond - Administrative Shares
Accumulation Unit Value Beginning $11.141
Accumulation Unit Value Ending $13.087
Number of Units Outstanding at End of Year 106,022
PIMCO VIT Total Return - Administrative Shares
Accumulation Unit Value Beginning $10.633
Accumulation Unit Value Ending $11.063
Number of Units Outstanding at End of Year 64,555
Putnam VT International Growth and Income - Class
IB
Accumulation Unit Value Beginning $10.915
Accumulation Unit Value Ending $11.283
Number of Units Outstanding at End of Year 496,866
Salomon Brothers Variable Investors - Class I
Accumulation Unit Value Beginning $11.124
Accumulation Unit Value Ending $13.264
Number of Units Outstanding at End of Year 60,246
Scudder SVS I Balanced - Class A
Accumulation Unit Value Beginning $10.000
Accumulation Unit Value Ending $10.939
Number of Units Outstanding at End of Year 16,313
Scudder SVS I Bond - Class A
Accumulation Unit Value Beginning $10.906
Accumulation Unit Value Ending $11.446
Number of Units Outstanding at End of Year 227,371
Scudder SVS I Global Discovery - Class A
Accumulation Unit Value Beginning $12.401
Accumulation Unit Value Ending $12.880
Number of Units Outstanding at End of Year 192,033
Scudder SVS I Growth and Income - Class A
Accumulation Unit Value Beginning $14.164
Accumulation Unit Value Ending $17.220
Number of Units Outstanding at End of Year 71,497
Scudder SVS I International - Class A
Accumulation Unit Value Beginning $8.776
Accumulation Unit Value Ending $9.528
Number of Units Outstanding at End of Year 80,031
Scudder SVS II Total Return - Class A
Accumulation Unit Value Beginning --
Accumulation Unit Value Ending --
Number of Units Outstanding at End of Year --
STI Classic Capital Appreciation
Accumulation Unit Value Beginning $8.416
Accumulation Unit Value Ending $9.666
Number of Units Outstanding at End of Year 60,597
STI Classic International Equity
Accumulation Unit Value Beginning $8.573
Accumulation Unit Value Ending $9.020
Number of Units Outstanding at End of Year 62,996
STI Classic Value Income Stock
Accumulation Unit Value Beginning $8.831
Accumulation Unit Value Ending $10.388
Number of Units Outstanding at End of Year 1,785
Strong Mid Cap Growth II - Investor Class
Accumulation Unit Value Beginning $9.083
Accumulation Unit Value Ending $10.321
Number of Units Outstanding at End of Year 54,649
Strong Opportunity II - Investor Class
Accumulation Unit Value Beginning $9.953
Accumulation Unit Value Ending $11.689
Number of Units Outstanding at End of Year 124,471
T. Rowe Price Equity Income - I
Accumulation Unit Value Beginning $14.110
Accumulation Unit Value Ending $16.441
Number of Units Outstanding at End of Year 224,911
T. Rowe Price International Stock - I
Accumulation Unit Value Beginning $13.000
Accumulation Unit Value Ending $14.724
Number of Units Outstanding at End of Year 637,860
T. Rowe Price Mid-Cap Growth - I
Accumulation Unit Value Beginning $9.102
Accumulation Unit Value Ending $10.207
Number of Units Outstanding at End of Year 108,187
T. Rowe Price New America Growth - I
Accumulation Unit Value Beginning $15.340
Accumulation Unit Value Ending $17.892
Number of Units Outstanding at End of Year 398,739
Van Kampen LIT Aggressive Growth - Class II
Accumulation Unit Value Beginning $8.993
Accumulation Unit Value Ending $9.828
Number of Units Outstanding at End of Year 48,594
Van Kampen LIT Growth and Income - Class II
Accumulation Unit Value Beginning $10.000
Accumulation Unit Value Ending $11.141
Number of Units Outstanding at End of Year 13,718
Van Kampen UIF U.S. Mid Cap Value - Class I
Accumulation Unit Value Beginning $10.258
Accumulation Unit Value Ending $11.538
Number of Units Outstanding at End of Year 241,428
Wells Fargo Advantage Discovery fund
Accumulation Unit Value Beginning --
Accumulation Unit Value Ending --
Number of Units Outstanding at End of Year --
Wells Fargo Advantage Opportunity Fund
Accumulation Unit Value Beginning --
Accumulation Unit Value Ending --
Number of Units Outstanding at End of Year --
Accumulation Unit Values
Basic Policy plus Income Benefit Rider
Year ending
December 31,
Subaccount 2004
AIM V.I. Basic Value - Series I
Accumulation Unit Value Beginning $10.000
Accumulation Unit Value Ending $10.795
Number of Units Outstanding at End of Year 124,889
Alger American Growth - Class O
Accumulation Unit Value Beginning $6.218
Accumulation Unit Value Ending $6.456
Number of Units Outstanding at End of Year 285,968
Alger American Income & Growth - Class O
Accumulation Unit Value Beginning $6.786
Accumulation Unit Value Ending $7.202
Number of Units Outstanding at End of Year 215,770
Alger American Leveraged AllCap - Class O
Accumulation Unit Value Beginning $5.485
Accumulation Unit Value Ending $5.840
Number of Units Outstanding at End of Year 170,900
Alger American MidCap Growth - Class O
Accumulation Unit Value Beginning $8.765
Accumulation Unit Value Ending $9.751
Number of Units Outstanding at End of Year 252,067
Alger American Small Capitalization - Class O
Accumulation Unit Value Beginning $5.096
Accumulation Unit Value Ending $5.846
Number of Units Outstanding at End of Year 147,944
Federated High Income Bond II
Accumulation Unit Value Beginning $11.018
Accumulation Unit Value Ending $11.977
Number of Units Outstanding at End of Year 259,206
Federated U.S. Goverment Securities II
Accumulation Unit Value Beginning $12.090
Accumulation Unit Value Ending $12.328
Number of Units Outstanding at End of Year 159,145
Federated Capital Income II
Accumulation Unit Value Beginning $6.903
Accumulation Unit Value Ending $7.468
Number of Units Outstanding at End of Year 42,894
Fidelity VIP Asset Manager - Initial Class
Accumulation Unit Value Beginning $9.445
Accumulation Unit Value Ending $9.804
Number of Units Outstanding at End of Year 36,345
Fidelity VIP Contrafund - Initial Class
Accumulation Unit Value Beginning $9.142
Accumulation Unit Value Ending $10.389
Number of Units Outstanding at End of Year 398,909
Fidelity VIP Equity-Income - Initial Class
Accumulation Unit Value Beginning $10.835
Accumulation Unit Value Ending $11.893
Number of Units Outstanding at End of Year 238,847
Fidelity VIP Growth - Initial Class
Accumulation Unit Value Beginning $6.123
Accumulation Unit Value Ending $6.229
Number of Units Outstanding at End of Year 394,806
Fidelity VIP Index 500 - Initial Class
Accumulation Unit Value Beginning $7.569
Accumulation Unit Value Ending $8.240
Number of Units Outstanding at End of Year 653,279
Fidelity VIP Money Market - Initial Class
Accumulation Unit Value Beginning $10.446
Accumulation Unit Value Ending $10.404
Number of Units Outstanding at End of Year 158,446
Fidelity VIP Overseas - Initial Class
Accumulation Unit Value Beginning $7.258
Accumulation Unit Value Ending $8.117
Number of Units Outstanding at End of Year 113,024
Janus Aspen Series Mid Cap Growth -
Institutional Shares
Accumulation Unit Value Beginning $3.741
Accumulation Unit Value Ending $4.445
Number of Units Outstanding at End of Year 94,730
Janus Aspen Series Balanced - Institutional
Shares
Accumulation Unit Value Beginning $9.332
Accumulation Unit Value Ending $9.967
Number of Units Outstanding at End of Year 241,921
Janus Aspen Series Flexible Bond - Institutional
Shares
Accumulation Unit Value Beginning $12.567
Accumulation Unit Value Ending $12.858
Number of Units Outstanding at End of Year 94,082
Janus Aspen Series Large Cap Growth -
Institutional Shares
Accumulation Unit Value Beginning $5.786
Accumulation Unit Value Ending $5.952
Number of Units Outstanding at End of Year 194,209
Janus Aspen Series Foreign Stock - Service
Shares
Accumulation Unit Value Beginning $10.166
Accumulation Unit Value Ending $11.828
Number of Units Outstanding at End of Year 32,276
Janus Aspen Series Worldwide Growth -
Institutional Shares
Accumulation Unit Value Beginning $5.597
Accumulation Unit Value Ending $5.771
Number of Units Outstanding at End of Year 164,971
LSA Balanced
Accumulation Unit Value Beginning $11.010
Accumulation Unit Value Ending $11.130
Number of Units Outstanding at End of Year 0
MFS Emerging Growth - Initial Class
Accumulation Unit Value Beginning $4.463
Accumulation Unit Value Ending $4.962
Number of Units Outstanding at End of Year 85,052
MFS Investors Trust - Initial Class
Accumulation Unit Value Beginning $7.620
Accumulation Unit Value Ending $8.351
Number of Units Outstanding at End of Year 65,590
MFS New Discovery - Initial Class
Accumulation Unit Value Beginning $7.426
Accumulation Unit Value Ending $7.785
Number of Units Outstanding at End of Year 192,944
MFS Research - Initial Class
Accumulation Unit Value Beginning $6.271
Accumulation Unit Value Ending $7.149
Number of Units Outstanding at End of Year 25,693
MFS Total Return - Initial Class
Accumulation Unit Value Beginning $11.819
Accumulation Unit Value Ending $12.948
Number of Units Outstanding at End of Year 165,044
PREMIER VIT OpCap Balanced
Accumulation Unit Value Beginning $10.000
Accumulation Unit Value Ending $10.787
Number of Units Outstanding at End of Year 30,117
PREMIER VIT OpCap SmallCap
Accumulation Unit Value Beginning $10.084
Accumulation Unit Value Ending $11.699
Number of Units Outstanding at End of Year 99,363
PREMIER VIT OpCap Balanced
Accumulation Unit Value Beginning $11.113
Accumulation Unit Value Ending $13.035
Number of Units Outstanding at End of Year 121,027
PIMCO VIT Foreign Bond - Administrative Shares
Accumulation Unit Value Beginning $10.607
Accumulation Unit Value Ending $11.019
Number of Units Outstanding at End of Year 41,099
PIMCO VIT Total Return - Administrative Shares
Accumulation Unit Value Beginning $10.887
Accumulation Unit Value Ending $11.238
Number of Units Outstanding at End of Year 258,505
Putnam VT International Growth and Income
Accumulation Unit Value Beginning $11.096
Accumulation Unit Value Ending $13.211
Number of Units Outstanding at End of Year 30,902
Salomon Brothers Variable Investors - Class I
Accumulation Unit Value Beginning $10.000
Accumulation Unit Value Ending $10.928
Number of Units Outstanding at End of Year 59,957
Scudder SVS I Balanced - Class A
Accumulation Unit Value Beginning $8.656
Accumulation Unit Value Ending $9.071
Number of Units Outstanding at End of Year 94,855
Scudder SVS I Bond - Class A
Accumulation Unit Value Beginning $12.111
Accumulation Unit Value Ending $12.560
Number of Units Outstanding at End of Year 104,889
Scudder SVS I Global Discovery - Class A
Accumulation Unit Value Beginning $7.835
Accumulation Unit Value Ending $9.511
Number of Units Outstanding at End of Year 85,021
Scudder SVS I Growth and Income - Class A
Accumulation Unit Value Beginning $7.904
Accumulation Unit Value Ending $8.569
Number of Units Outstanding at End of Year 32,112
Scudder SVS I International - Class A
Accumulation Unit Value Beginning $5.990
Accumulation Unit Value Ending $6.869
Number of Units Outstanding at End of Year 40,501
Scudder SVS II Total Return - Class A
Accumulation Unit Value Beginning --
Accumulation Unit Value Ending --
Number of Units Outstanding at End of Year --
STI Classic Capital Appreciation
Accumulation Unit Value Beginning $8.049
Accumulation Unit Value Ending $8.456
Number of Units Outstanding at End of Year 37,606
STI Classic International Equity
Accumulation Unit Value Beginning $8.150
Accumulation Unit Value Ending $9.572
Number of Units Outstanding at End of Year 777
STI Classic Value Income Stock
Accumulation Unit Value Beginning $11.279
Accumulation Unit Value Ending $12.798
Number of Units Outstanding at End of Year 31,724
Strong Mid Cap Growth II - Investor Class
Accumulation Unit Value Beginning $4.458
Accumulation Unit Value Ending $5.227
Number of Units Outstanding at End of Year 89,140
Strong Opportunity II - Investor Class
Accumulation Unit Value Beginning $9.349
Accumulation Unit Value Ending $10.877
Number of Units Outstanding at End of Year 304,108
T. Rowe Price Equity Income - I
Accumulation Unit Value Beginning $12.158
Accumulation Unit Value Ending $13.750
Number of Units Outstanding at End of Year 188,012
T. Rowe Price International Stock - I
Accumulation Unit Value Beginning $6.764
Accumulation Unit Value Ending $7.573
Number of Units Outstanding at End of Year 100,922
T. Rowe Price Mid-Cap Growth - I
Accumulation Unit Value Beginning $10.360
Accumulation Unit Value Ending $12.066
Number of Units Outstanding at End of Year 230,191
T. Rowe Price New America Growth - I
Accumulation Unit Value Beginning $7.335
Accumulation Unit Value Ending $8.004
Number of Units Outstanding at End of Year 45,690
Van Kampen LIT Aggressive Growth - Class II
Accumulation Unit Value Beginning $10.000
Accumulation Unit Value Ending $11.129
Number of Units Outstanding at End of Year 13,497
Van Kampen LIT Growth and Income - Class II
Accumulation Unit Value Beginning $10.233
Accumulation Unit Value Ending $11.492
Number of Units Outstanding at End of Year 82,521
Van Kampen UIF U.S. Mid Cap Value - Class I
Accumulation Unit Value Beginning $10.000
Accumulation Unit Value Ending $11.306
Number of Units Outstanding at End of Year 131,386
Wells Fargo Advantage Discovery Fund
Accumulation Unit Value Beginning --
Accumulation Unit Value Ending --
Number of Units Outstanding at End of Year --
Wells Fargo Advantage Opportunity Fund
Accumulation Unit Value Beginning --
Accumulation Unit Value Ending --
Number of Units Outstanding at End of Year --
Accumulation Unit Values
Basic Policy plus Death Benefit and Income Benefit Rider
Year ending
December 31,
Subaccount 2004
AIM V.I. Basic Value - Series I
Accumulation Unit Value Beginning $10.000
Accumulation Unit Value Ending $10.792
Number of Units Outstanding at End of Year 41,127
Alger American Growth - Class O
Accumulation Unit Value Beginning $9.981
Accumulation Unit Value Ending $10.357
Number of Units Outstanding at End of Year 166,189
Alger American Income & Growth - Class O
Accumulation Unit Value Beginning $11.393
Accumulation Unit Value Ending $12.086
Number of Units Outstanding at End of Year 91,984
Alger American Leveraged AllCap - Class O
Accumulation Unit Value Beginning $11.799
Accumulation Unit Value Ending $12.556
Number of Units Outstanding at End of Year 128,384
Alger American MidCap Growth - Class O
Accumulation Unit Value Beginning $14.939
Accumulation Unit Value Ending $16.611
Number of Units Outstanding at End of Year 81,249
Alger American Small Capitalization - Class O
Accumulation Unit Value Beginning $8.037
Accumulation Unit Value Ending $9.216
Number of Units Outstanding at End of Year 189,896
Federated High Income Bond II
Accumulation Unit Value Beginning $10.584
Accumulation Unit Value Ending $11.500
Number of Units Outstanding at End of Year 71,574
Federated U.S. Goverment Securities II
Accumulation Unit Value Beginning $12.439
Accumulation Unit Value Ending $12.678
Number of Units Outstanding at End of Year 44,922
Federated Capital Income II
Accumulation Unit Value Beginning $7.505
Accumulation Unit Value Ending $8.115
Number of Units Outstanding at End of Year 16,754
Fidelity VIP Asset Manager - Initial Class
Accumulation Unit Value Beginning $10.948
Accumulation Unit Value Ending $11.358
Number of Units Outstanding at End of Year 36,895
Fidelity VIP Contrafund - Initial Class
Accumulation Unit Value Beginning $12.491
Accumulation Unit Value Ending $14.188
Number of Units Outstanding at End of Year 218,223
Fidelity VIP Equity-Income - Initial Class
Accumulation Unit Value Beginning $11.810
Accumulation Unit Value Ending $12.957
Number of Units Outstanding at End of Year 162,289
Fidelity VIP Growth - Initial Class
Accumulation Unit Value Beginning $9.998
Accumulation Unit Value Ending $10.167
Number of Units Outstanding at End of Year 151,515
Fidelity VIP Index 500 - Initial Class
Accumulation Unit Value Beginning $10.019
Accumulation Unit Value Ending $10.902
Number of Units Outstanding at End of Year 303,187
Fidelity VIP Money Market - Initial Class
Accumulation Unit Value Beginning $11.164
Accumulation Unit Value Ending $11.114
Number of Units Outstanding at End of Year 181,129
Fidelity VIP Overseas - Initial Class
Accumulation Unit Value Beginning $10.033
Accumulation Unit Value Ending $11.215
Number of Units Outstanding at End of Year 44,382
Janus Aspen Series Mid Cap Growth -
Institutional Shares
Accumulation Unit Value Beginning $10.220
Accumulation Unit Value Ending $12.139
Number of Units Outstanding at End of Year 227,769
Janus Aspen Series Balanced - Institutional
Shares
Accumulation Unit Value Beginning $13.538
Accumulation Unit Value Ending $14.452
Number of Units Outstanding at End of Year 126,529
Janus Aspen Series Flexible Bond - Institutional
Shares
Accumulation Unit Value Beginning $12.886
Accumulation Unit Value Ending $13.178
Number of Units Outstanding at End of Year 50,191
Janus Aspen Series Large Cap Growth -
Institutional Shares
Accumulation Unit Value Beginning $9.772
Accumulation Unit Value Ending $10.046
Number of Units Outstanding at End of Year 274,531
Janus Aspen Series Foreign Stock - Service
Shares
Accumulation Unit Value Beginning $10.157
Accumulation Unit Value Ending $11.812
Number of Units Outstanding at End of Year 19,692
Janus Aspen Series Worldwide Growth -
Institutional Shares
Accumulation Unit Value Beginning $9.759
Accumulation Unit Value Ending $10.058
Number of Units Outstanding at End of Year 288,675
LSA Balanced
Accumulation Unit Value Beginning $11.001
Accumulation Unit Value Ending $11.118
Number of Units Outstanding at End of Year 0
MFS Emerging Growth - Initial Class
Accumulation Unit Value Beginning $8.804
Accumulation Unit Value Ending $9.782
Number of Units Outstanding at End of Year 182,144
MFS Investors Trust - Initial Class
Accumulation Unit Value Beginning $8.898
Accumulation Unit Value Ending $9.746
Number of Units Outstanding at End of Year 56,446
MFS New Discovery - Initial Class
Accumulation Unit Value Beginning $15.403
Accumulation Unit Value Ending $16.139
Number of Units Outstanding at End of Year 50,201
MFS Research - Initial Class
Accumulation Unit Value Beginning $8.907
Accumulation Unit Value Ending $10.150
Number of Units Outstanding at End of Year 66,633
MFS Total Return - Initial Class
Accumulation Unit Value Beginning $12.900
Accumulation Unit Value Ending $14.125
Number of Units Outstanding at End of Year 106,104
PREMIER VIT OpCap Balanced
Accumulation Unit Value Beginning $10.000
Accumulation Unit Value Ending $10.783
Number of Units Outstanding at End of Year 13,967
PREMIER VIT OpCap SmallCap
Accumulation Unit Value Beginning $10.076
Accumulation Unit Value Ending $11.683
Number of Units Outstanding at End of Year 22,600
PREMIER VIT OpCap Balanced
Accumulation Unit Value Beginning $11.104
Accumulation Unit Value Ending $13.017
Number of Units Outstanding at End of Year 123,438
PIMCO VIT Foreign Bond - Administrative Shares
Accumulation Unit Value Beginning $10.598
Accumulation Unit Value Ending $11.004
Number of Units Outstanding at End of Year 5,691
PIMCO VIT Total Return - Administrative Shares
Accumulation Unit Value Beginning $10.878
Accumulation Unit Value Ending $11.223
Number of Units Outstanding at End of Year 79,473
Putnam VT International Growth and Income
Accumulation Unit Value Beginning $11.087
Accumulation Unit Value Ending $13.193
Number of Units Outstanding at End of Year 8,707
Salomon Brothers Variable Investors - Class I
Accumulation Unit Value Beginning $10.000
Accumulation Unit Value Ending $10.924
Number of Units Outstanding at End of Year 10,304
Scudder SVS I Balanced - Class A
Accumulation Unit Value Beginning $10.790
Accumulation Unit Value Ending $11.301
Number of Units Outstanding at End of Year 29,050
Scudder SVS I Bond - Class A
Accumulation Unit Value Beginning $12.269
Accumulation Unit Value Ending $12.717
Number of Units Outstanding at End of Year 44,974
Scudder SVS I Global Discovery - Class A
Accumulation Unit Value Beginning $14.013
Accumulation Unit Value Ending $17.001
Number of Units Outstanding at End of Year 40,986
Scudder SVS I Growth and Income - Class A
Accumulation Unit Value Beginning $8.682
Accumulation Unit Value Ending $9.408
Number of Units Outstanding at End of Year 25,929
Scudder SVS I International - Class A
Accumulation Unit Value Beginning $8.326
Accumulation Unit Value Ending $9.544
Number of Units Outstanding at End of Year 31,120
Scudder SVS II Total Return - Class A
Accumulation Unit Value Beginning --
Accumulation Unit Value Ending --
Number of Units Outstanding at End of Year --
STI Classic Capital Appreciation
Accumulation Unit Value Beginning $8.493
Accumulation Unit Value Ending $8.918
Number of Units Outstanding at End of Year 3,322
STI Classic International Equity
Accumulation Unit Value Beginning $8.749
Accumulation Unit Value Ending $10.270
Number of Units Outstanding at End of Year 0
STI Classic Value Income Stock
Accumulation Unit Value Beginning $8.999
Accumulation Unit Value Ending $10.205
Number of Units Outstanding at End of Year 112,653
Strong Mid Cap Growth II - Investor Class
Accumulation Unit Value Beginning $9.846
Accumulation Unit Value Ending $11.541
Number of Units Outstanding at End of Year 85,988
Strong Opportunity II - Investor Class
Accumulation Unit Value Beginning $13.959
Accumulation Unit Value Ending $16.233
Number of Units Outstanding at End of Year 69,356
T. Rowe Price Equity Income - I
Accumulation Unit Value Beginning $12.861
Accumulation Unit Value Ending $14.538
Number of Units Outstanding at End of Year 184,824
T. Rowe Price International Stock - I
Accumulation Unit Value Beginning $9.005
Accumulation Unit Value Ending $10.077
Number of Units Outstanding at End of Year 37,821
T. Rowe Price Mid-Cap Growth - I
Accumulation Unit Value Beginning $15.175
Accumulation Unit Value Ending $17.665
Number of Units Outstanding at End of Year 82,382
T. Rowe Price New America Growth - I
Accumulation Unit Value Beginning $8.897
Accumulation Unit Value Ending $9.704
Number of Units Outstanding at End of Year 25,316
Van Kampen LIT Aggressive Growth - Class II
Accumulation Unit Value Beginning $10.000
Accumulation Unit Value Ending $11.125
Number of Units Outstanding at End of Year 8,293
Van Kampen LIT Growth and Income - Class II
Accumulation Unit Value Beginning $10.224
Accumulation Unit Value Ending $11.477
Number of Units Outstanding at End of Year 17,744
Van Kampen UIF U.S. Mid Cap Value - Class I
Accumulation Unit Value Beginning $10.000
Accumulation Unit Value Ending $11.302
Number of Units Outstanding at End of Year 28,827
Wells Fargo Advantage Discovery Fund
Accumulation Unit Value Beginning
Accumulation Unit Value Ending
Number of Units Outstanding at End of Year
Wells Fargo Advantage Opportunity Fund
Accumulation Unit Value Beginning
Accumulation Unit Value Ending
Number of Units Outstanding at End of Year
For future reference, please keep this supplement together with your prospectus.
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 14. Other Expenses of issuance and Distribution.
Pursuant to Item 511 of Regulation S-K, the Registrant hereby represents that
the following expenses totaling approximately $ 31,000.00 will be incurred or
are anticipated to be incurred in connection with the issuance and distribution
of the securities to be registered: registration fees - $0.00; cost of printing
and engraving - $ 25,000.00 (approximate); legal fees - $ 5,000.00
(approximate), and accounting fees - $ 1,000.00 (approximate). All amounts are
estimated, for the period ending April 4, 2005, for the continuous offering of
shares, but are not deducted from proceeds.
Item 15. Indemnification of Directors and Officers
The Articles of Incorporation of Lincoln Benefit Life Company (Depositor)
provide for the indemnification of its directors and officers against expenses,
judgments, fines and amounts paid in settlement as incurred by such person, so
long as such person shall not have been adjudged to be liable for negligence or
misconduct in the performance of a duty to the Company. This right of indemnity
is not exclusive of other rights to which a director or officer may otherwise be
entitled.
The By-Laws of ALFS, Inc. (Distributor) provide that the corporation will
indemnify a director, officer, employee or agent of the corporation to the full
extent of Delaware law. In general, Delaware law provides that a corporation may
indemnify a director, officer, employee or agent against expenses, judgments,
fines and amounts paid in settlement if that individual acted in good faith and
in a manner he or she reasonably believed to be in or not opposed to the best
interests of the corporation, and with respect to any criminal action or
proceeding, had no reasonable cause to believe his or her conduct was unlawful.
No indemnification shall be made for expenses, including attorney's fees, if the
person shall have been judged to be liable to the corporation unless a court
determines such person is entitled to such indemnity. Expenses incurred by such
individual in defending any action or proceeding may be advanced by the
corporation so long as the individual agrees to repay the corporation if it is
later determined that he or she is not entitled to such indemnification.
Under the terms of the form of Underwriting Agreement, the Depositor agrees to
indemnify the Distributor for any liability that the latter may incur to a
Contract owner or party-in-interest under a Contract, (a) arising out of any act
or omission in the course of or in connection with rendering services under such
Agreement, or (b) arising out of the purchase, retention or surrender of a
Contract; provided that the Depositor will not indemnify the Distributor for any
such liability that results from the latter's willful misfeasance, bad faith or
grow negligence, or from the reckless disregard by the latter of its duties and
obligations under the Underwriting Agreement.
Insofar as indemnification for liability arising under the Securities Act of
1933 may be permitted to directors, officers and controlling persons of the
registrant pursuant to the forgoing provisions, or otherwise, the registrant 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 the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suite or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter
has 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.
Item 16. Exhibits
Exh. No. Description
1 Principal Underwriting Agreement (1)
3(a) Articles of Incorporation (2)
3(b) Bylaws (2)
4(a) Form of Variable Annuity Contract (3)
4(b) Form of Application (3)
5 Opinion and Consent of Counsel regarding legality (4)
21 Subsidiaries of Registrant - Not Applicable
23 Consent of Independent Registered Public Accounting Firm
(filed herewith)
27 Financial Data Schedule (5)
99 Experts (filed herewith)
99(a) Powers of Attorney for Lawrence W. Dahl,
Douglas F. Gaer, John C. Lounds, Samuel H. Pilch,
asey J. Sylla, Michael J. Velotta, B. Eugene Wraith, (6)
99(b) Power of Attorney for Kevin R. Slawin (7)
99(c) Power of Attorney for John C. Pintozzi, Douglas B. Welch,
Steven C. Verney (filed herewith)
- -------------------------------------------------
(1) Post-Effective Amendment to Form N-4 for Lincoln Benefit Life Variable
Annuity Account (File No. 333-50545, 811-07924) filed January 22, 1999
(2) Registration Statement on Form S-6 for the Lincoln Benefit Life Variable
Life Account (File No. 333-47717) filed March 11, 1998
(3) Registration Statement on Form N-4 for Lincoln Benefit Life Variable
Annuity Account (File No. 333-50545, 811-07924) filed April 22, 1998
(4) Post-Effective Amendment to Form S-1 on Form S-3 for Lincoln Benefit Life
Variable Annuity Account (File No. 333-59765) filed April 21, 2000.
(5) Registrant's Form 10-K filed March 29, 2001.
(6) Post-Effective Amendment to Form N-4 for Lincoln Benefit Life Variable
Annuity Account (File No. 333-50545) filed April 14, 2003.
(7) Post-Effective Amendment to Form N-4 for Lincoln Benefit Life Variable
Annuity Account, (File No. 333-50545), filed April 19, 2004.
Item 17. Undertakings.
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i) To include any prospectus required by section 10(a)(3) of the
Securities Act of 1933;
(ii) To reflect in the Prospectus any facts or events arising after
the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually or
in the aggregate, represent a fundamental change in the
information set forth in the registration statement;
(iii)To include any material information with respect to the plan of
distribution not previously disclosed in the registration
statement or any material change to such information in the
registration statement;
(2) That, for the determining of any liability under the Securities Act of
1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the
termination of the offering.
(b) The undersigned registrant hereby undertakes that, for purposes of
determining any liabilities under the Securities Act of 1933, each filing
of the registrant's annual report pursuant to section 13(a) or section
15(d) of the Securities Exchange Act of 1934) that is incorporated by
reference in the registration statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act
of 1933 may be permitted in directors, officers and controlling persons of
the registrant pursuant to the foregoing provisions, or otherwise, the
registrant 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 the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the
registrant 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.
SIGNATURES
As required by the Securities Act of 1933, the Registrant has reasonable
grounds to believe that it meets all of the requirements for filing on Form S-3
and has duly caused this Post-Effective Amendment to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Lincoln and State of
Nebraska on April 4, 2005.
LINCOLN BENEFIT LIFE COMPANY (Registrant)
By: /s/ B. Eugene Wraith
---------------------------------------------------------
B. Eugene Wraith
President and Chief Operating Officer
Pursuant to the requirements of the Securities Act of 1933, this
Post-Effective Amendment to the Registration Statement has been signed below by
the following directors and principal officers of Lincoln Benefit Life Company
in the capacities and on April 4, 2005.
Name Title
- ------------------------------ --------------------------
/s/ B. Eugene Wraith Director, President and Chief Operating
- ------------------------------- Officer
(Principal Executive Officer)
/s/ Samuel H. Pilch Group Vice President and Controller
- ------------------------------
(Principal Accounting Officer)
/s/ Steven C. Verney Treasurer
- -----------------------------
(Principal Financial Officer)
/s/ Lawrence W. Dahl Director, Executive Vice President
- ----------------------------
/s/ Douglas F. Gaer Executive Vice President
- ----------------------------
/s/ John C. Lounds Director
- ----------------------------
/s/ Douglas B. Welch Director, Vice President
- ----------------------------
/s/ John C. Pintozzi Director, Senior Vice President and
- ---------------------------- Chief Financial Officer
/s/ Kevin R. Slawin Director
- ----------------------------
/s/ Michael J. Velotta Director, Senior Vice President,
- ---------------------------- General Counsel and Secretary
/s/ Casey J. Sylla Director, Chairman of the Board and
- ---------------------------- Chief Executive Officer
EXHIBITS
Exhibit No. Description
23 Consent of Independent Registered Public Accounting
Firm
99 Experts
99 (c) Power of Attorney for John C. Pintozzi,
Douglas B. Welch, Steven C. Verney