WRL FREEDOM SP PLUS(R)
SUPPLEMENT DATED SEPTEMBER 1, 2000 TO PROSPECTUS
DATED MAY 1, 1994 AS SUPPLEMENTED MAY 1, 2000
THE FOLLOWING INFORMATION IS ADDED TO PAGE 7, FIFTH PARAGRAPH OF THE PROSPECTUS
UNDER THE HEADING "11. WHAT CHARGES ARE ASSESSED IN CONNECTION WITH THE POLICY?"
PORTFOLIO RATE
--------- ----
WRL Great Companies - Global(2) 0.80%
WRL Gabelli Global Growth 1.00%
THE FOLLOWING INFORMATION IS ADDED TO PAGE 8 OF THE PROSPECTUS BEFORE THE
SECTION ENTITLED "INVESTMENT EXPERIENCE INFORMATION" AND REPRESENTS BOTH THE
ACTUAL ANNUAL EXPENSES OF THE EXISTING PORTFOLIOS INCURRED DURING 1999 (EXCEPT
AS NOTED IN THE FOOTNOTES), AND THE ESTIMATED ANNUAL EXPENSES, AS A PERCENTAGE
OF AVERAGE NET ASSETS, OF THE NEW PORTFOLIOS:
WRL GREAT WRL
COMPANIES - GABELLI GLOBAL
GLOBAL(2) 10/ GROWTH 10/
------------ ----------
Management Fees 0.80% 1.00%
Other Expenses 0.20% 0.20%
12b-1 Fee N/A N/A
Total Annual Expenses 1.00% 1.20%
-----------------
9/ WRL Management has undertaken, until at least April 30, 2001, to pay
expenses on behalf of the Portfolios of the WRL Fund to the extent normal
operating expenses of a Portfolio exceed a stated percentage of each
Portfolio's average daily net assets. The expense limit, the amount
reimbursed by WRL Management during 1999 and the expense ratio without the
reimbursement are listed below for each portfolio:
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
EXPENSE RATIO
PORTFOLIO EXPENSE REIMBURSEMENT WITHOUT
LIMIT AMOUNT REIMBURSEMENT
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
WRL VKAM Emerging Growth 1.00% $ N/A N/A
WRL T. Rowe Price Small Cap 1.00% 63,542 2.46%
WRL Goldman Sachs Small Cap 1.00% 60,555 5.57%
WRL Pilgrim Baxter Mid Cap Growth 1.00% 34,986 1.40%
WRL Alger Aggressive Growth 1.00% N/A N/A
WRL Third Avenue Value 1.00% 10,734 1.06%
WRL Value Line Aggressive Growth 1.00% N/A N/A
WRL GE International Equity 1.20% 112,088 1.84%
WRL Janus Global 1.00% N/A N/A
WRL Gabelli Global Growth 1.20% N/A N/A
WRL Great Companies - Global(2) 1.00% N/A N/A
WRL Great Companies - Technology(SM) 1.00% N/A N/A
WRL Janus Growth 1.00% N/A N/A
WRL Goldman Sachs Growth 1.00% 49,677 2.68%
WRL GE U.S. Equity 1.00% N/A N/A
WRL Great Companies - America(SM) 1.00% N/A N/A
WRL Salomon All Cap 1.00% 53,174 2.87%
WRL C.A.S.E. Growth 1.00% N/A N/A
WRL Dreyfus Mid Cap 1.00% 34,541 4.89%
WRL NWQ Value Equity 1.00% N/A N/A
WRL T. Rowe Price Dividend Growth 1.00% 46,989 2.35%
WRL Dean Asset Allocation 1.00% N/A N/A
WRL LKCM Strategic Total Return 1.00% N/A N/A
WRL J.P. Morgan Real Estate Securities 1.00% 51,924 2.69%
WRL Federated Growth & Income 1.00% N/A N/A
WRL AEGON Balanced 1.00% N/A N/A
WRL AEGON Bond 0.70% N/A N/A
WRL J.P. Morgan Money Market 0.70% N/A N/A
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</TABLE>
<PAGE>
10/ Because these portfolios did not commence operations until September 1,
2000, the percentages set forth as "Other Expenses" and "Total Annual
Expenses" reflect estimates of "Other Expenses" for the first year of
operations.
THE FOLLOWING INFORMATION SUPPLEMENTS INFORMATION PROVIDED ON PAGES 22-23 OF THE
PROSPECTUS UNDER THE HEADING "INVESTMENTS OF THE SERIES ACCOUNT - WRL SERIES
FUND, INC.":
Beginning September 1, 2000, you may direct the money in your Policy
into three new Sub-Accounts of the WRL Series Life Account. Each Sub-Account
invests exclusively in a new Portfolio of the WRL Series Fund, Inc. ("WRL
Fund"). There is no assurance that any of the Portfolios will achieve its stated
objective. More detailed information, including a description of risks, can be
found in the WRL Fund Prospectus, which you received earlier this year, and
should be read carefully.
<TABLE>
<CAPTION>
------------------------------------- ----------------------------------- -----------------------------------
PORTFOLIO SUB-ADVISER OR ADVISER INVESTMENT OBJECTIVE
<S> <C> <C>
WRL Great Companies - Global(2) Great Companies, L.L.C. Seeks long-term growth of capital
in a manner consistent with
preservation of capital.
WRL Gabelli Global Growth Gabelli Asset Management Company Seeks to provide investors with
appreciation of capital. Current
income is a secondary objective.
------------------------------------- ----------------------------------- -----------------------------------
</TABLE>
THE FOLLOWING PARAGRAPH REPLACES THE PARAGRAPH ON PAGE 50 UNDER THE HEADING
"LEGAL PROCEEDINGS":
Western Reserve, like other life insurance companies, is involved in
lawsuits, including class action lawsuits. In some lawsuits involving insurers,
substantial damages have been sought and/or material settlement payments have
been made. Although the outcome of any litigation cannot be predicted with
certainty, at the present time, it appears that there are no pending or
threatened lawsuits that are likely to have a material adverse impact on the
separate account, on AFSG's ability to perform under its principal underwriting
agreement, or on Western Reserve's ability to meet its obligations under the
Policy.
THE SIXTH PARAGRAPH ON PAGE 52 OF THE PROSPECTUS UNDER THE HEADING "APPENDIX A -
ILLUSTRATION OF BENEFITS" IS CHANGED AS FOLLOWS:
Because WRL Great Companies - America(SM), WRL Great Companies -
Technology(SM) , WRL Value Line Aggressive Growth, WRL Great Companies -
Global(2) and WRL Gabelli Global Growth portfolios, Fidelity VIP Equity-Income
Portfolio - Service Class 2, Fidelity VIP II Contrafund(R) Portfolio - Service
Class 2 and Fidelity VIP III Growth Opportunities Portfolio - Service Class 2
had not commenced operations as of December 31, 1999, the estimated average
annual Portfolio expense level reflects estimated expenses for each of these
Portfolios for 2000.
WRL00035-9/2000
