SUPPLEMENT TO:
CALVERT VARIABLE SERIES, INC.
AMERITAS EMERGING GROWTH PORTFOLIO
PROSPECTUS
DATED NOVEMBER 1, 1999
DATE OF THIS SUPPLEMENT: MARCH 13, 2000
THE EMERGING GROWTH PORTFOLIO MAY INVEST UP TO 25% OF ITS NET ASSETS IN FOREIGN
SECURITIES INCLUDING EMERGING MARKET SECURITIES. THE INVESTMENT PRACTICES AND
RISKS CHART AT THE TOP OF PAGE 12 OF THE PROSPECTUS IS AMENDED TO CHANGE THE
MAXIMUM PERCENTAGE OF FOREIGN SECURITIES IN EMERGING GROWTH TO 25% OF NET
ASSETS. THE SECTION ENTITLED "PRINCIPAL RISKS" ON PAGE 6 OF THE PROSPECTUS IS
AMENDED TO ADD THE FOLLOWING:
- - INVESTING IN FOREIGN SECURITIES INVOLVES RISKS RELATING TO POLITICAL,
SOCIAL AND ECONOMIC DEVELOPMENTS ABROAD, AS WELL AS RISKS RESULTING FROM THE
DIFFERENCES BETWEEN THE REGULATIONS TO WHICH U.S. AND FOREIGN ISSUERS AND
MARKETS ARE SUBJECT:
- - THESE RISKS MAY INCLUDE THE SEIZURE BY THE GOVERNMENT OF COMPANY ASSETS,
EXCESSIVE TAXATION, WITHHOLDING TAXES ON DIVIDENDS AND INTEREST, LIMITATIONS ON
THE USE OR TRANSFER OF PORTFOLIO ASSETS, AND POLITICAL OR SOCIAL INSTABILITY.
- - ENFORCING LEGAL RIGHTS MAY BE DIFFICULT, COSTLY AND SLOW IN FOREIGN
COUNTRIES, AND THERE MAY BE SPECIAL PROBLEMS ENFORCING CLAIMS AGAINST FOREIGN
GOVERNMENTS.
- - FOREIGN COMPANIES MAY NOT BE SUBJECT TO ACCOUNTING STANDARDS OR
GOVERNMENTAL SUPERVISION COMPARABLE TO U.S. COMPANIES, AND THERE MAY BE LESS
PUBLIC INFORMATION ABOUT THEIR OPERATIONS.
- - FOREIGN MARKETS MAY BE LESS LIQUID AND MORE VOLATILE THAN U.S. MARKETS.
- - FOREIGN SECURITIES OFTEN TRADE IN CURRENCIES OTHER THAN THE U.S. DOLLAR,
AND THE FUND MAY DIRECTLY HOLD FOREIGN CURRENCIES AND PURCHASE AND SELL FOREIGN
CURRENCIES THROUGH FORWARD EXCHANGE CONTRACTS. CHANGES IN CURRENCY EXCHANGE
RATES WILL AFFECT THE FUND'S NET ASSET VALUE, THE VALUE OF DIVIDENDS AND
INTEREST EARNED, AND GAINS AND LOSSES REALIZED ON THE SALE OF SECURITIES. AN
INCREASE IN THE STRENGTH OF THE U.S. DOLLAR RELATIVE TO THESE OTHER CURRENCIES
MAY CAUSE THE VALUE OF THE FUND TO DECLINE. CERTAIN FOREIGN CURRENCIES MAY BE
PARTICULARLY VOLATILE, AND FOREIGN GOVERNMENTS MAY INTERVENE IN THE CURRENCY
MARKETS, CAUSING A DECLINE IN VALUE OR LIQUIDITY IN THE FUND'S FOREIGN CURRENCY
HOLDINGS. BY ENTERING INTO FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS, THE
FUND MAY BE REQUIRED TO FOREGO THE BENEFITS OF ADVANTAGEOUS CHANGES IN EXCHANGE
RATES AND, IN THE CASE OF FORWARD CONTRACTS ENTERED INTO FOR THE PURPOSE OF
INCREASING RETURN, THE FUND MAY SUSTAIN LOSSES WHICH WILL REDUCE ITS GROSS
INCOME. FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS INVOLVE THE RISK THAT THE
PARTY WITH WHICH THE FUND ENTERS THE CONTRACT MAY FAIL TO PERFORM ITS
OBLIGATIONS TO THE FUND.
- - EMERGING MARKETS ARE GENERALLY DEFINED AS COUNTRIES IN THE INITIAL STAGES
OF THEIR INDUSTRIALIZATION CYCLES WITH LOW PER CAPITA INCOME. INVESTMENTS IN
EMERGING MARKETS SECURITIES INVOLVE ALL OF THE RISKS OF INVESTMENTS IN FOREIGN
SECURITIES, AND ALSO HAVE ADDITIONAL RISKS:
- - ALL OF THE RISKS OF INVESTING IN FOREIGN SECURITIES ARE HEIGHTENED BY
INVESTING IN EMERGING MARKETS COUNTRIES.
- - THE MARKETS OF EMERGING MARKETS COUNTRIES HAVE BEEN MORE VOLATILE THAN THE
MARKETS OF DEVELOPED COUNTRIES WITH MORE MATURE ECONOMIES. THESE MARKETS OFTEN
HAVE PROVIDED SIGNIFICANTLY HIGHER OR LOWER RATES OF RETURN THAN DEVELOPED
MARKETS, AND SIGNIFICANTLY GREATER RISKS, TO INVESTORS.
