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SUPPLEMENT DATED AUGUST 7, 1995
TO PROSPECTUS OF
AMERICAN CAPITAL LIFE INVESTMENT TRUST
DATED MAY 1, 1995
The following amends the information with respect to the Multiple Strategy
Portfolio as contained in the section entitled "The Fund and Its Management":
Alan T. Sachtleben is responsible for allocating the Multiple Strategy
Portfolio's assets between the equity and fixed-income categories in which the
Portfolio invests. B. Robert Baker manages the Multiple Strategy Portfolio's
equity investments and Tom Copper manages the Portfolio's fixed-income
investments. Mr. Sachtleben is a Vice President of the Fund. Messrs. Sachtleben
and Copper have managed the Portfolio's investment portfolio since August 7,
1995, and Mr. Baker has managed the Portfolio's investment portfolio since May
2, 1994. Mr. Sachtleben is Executive Vice President -- Chief Investment Officer
of Equity of the Adviser. Mr. Copper is Associate Portfolio Manager of the
Adviser since January, 1992. Prior to that he was a credit analyst with the
Adviser.
