SUPPLEMENT TO PROSPECTUS DATED MAY 1, 1997
SUPPLEMENT DATED OCTOBER 4, 1999.
This Supplement should be retained with the current prospectus for your variable
life contract issued by Ameritas Variable Life Insurance Company ("AVLIC"). If
you do not have a current prospectus please contact AVLIC at 1-800-745-1112.
NOTICE OF SUBSTITUTION
The SEC has published a notice of AVLIC's application for substitution
("Application") in the Federal Register. AVLIC's Application requests permission
to substitute the following "Replaced Portfolio" with the "Substitute Portfolio"
as indicated:
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REPLACED PORTFOLIO SUBSTITUTE PORTFOLIO SUBADVISOR FOR SUBSTITUTE PORTFOLIO
VIP Money Market Ameritas Money Market Calvert Asset Management Company, Inc.
</TABLE>
If no hearing is requested on the Application, AVLIC expects to set October 29,
1999, as the Substitution Date. The Substitute Portfolio will take the place of
the designated Replaced Portfolio at the close of business of the New York Stock
Exchange on the Substitution Date. Valuations will be as of the close of
business on that date. Any amounts allocated to the Replaced Portfolio will
automatically be allocated to the Substitute Portfolio after that date.
AVLIC will allow transfers from the Replaced Portfolio to any other subaccount
available under the policy through a date at least 30 days following the
Substitution Date, without imposition of any administrative charge to the policy
owner. These transfers will not count as "free transfers" to which the policy
owner may otherwise be entitled. Furthermore, such transfers of account value
from the Replaced Portfolio to the Substitute Portfolio will likewise not be
subject to an administrative charge to the policy owner, nor count in
determining whether the maximum number of "free transfers" has been exceeded.
The proposed substitution will not affect your rights or our obligations under
the policy. AVLIC will bear any expenses in connection with the proposed
substitution.
In connection with the proposed substitution outlined above, effective as of the
Substitution Date, AVLIC will be making one of the Ameritas Portfolios available
as a subaccount under this policy.
Below is the Fund Expense Summary table, as presented in the prospectus, showing
the expenses for the Ameritas Portfolios.
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PORTFOLIO INVESTMENT OTHER TOTAL WAIVERS TOTAL
ADVISORY & EXPENSES AND/OR (Reflecting
MANAGEMENT REIMBURSEMENTS waivers and/or
reimbursements,
if any)
AMERITAS PORTFOLIOS (1)
Ameritas Money Market .20% .15% .35% .05% .30%
</TABLE>
(1) This is a new Fund. Each portfolio's aggregate expenses are limited to
the advisory and administrative fees disclosed above for a period of
one year following the date the substitution order is issued. Following
expiration of this one year period, expenses of the Ameritas Portfolios
will not be permitted to exceed an expense ratio which is .10% greater
than the prior expense ratio of the corresponding replaced fund, unless
an amendment to the investment advisory contract is approved modifying
or eliminating the expense guarantee.
The Ameritas Portfolios are managed by Ameritas Investment Corp. ("AIC"). AIC is
a registered investment adviser under the Investment Advisers Act of 1940, and
is an affiliate of AVLIC. AIC also contracts with subadvisers. The subadviser
listed in the first chart, above, will provide investment subadvisory services
to the indicated Ameritas Portfolios.
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INVESTMENT OBJECTIVES AND POLICIES OF THE AMERITAS PORTFOLIOS
AMERITAS
PORTFOLIOS
PORTFOLIO INVESTMENT POLICIES OBJECTIVE
<S> <C> <C>
Ameritas Invests in U.S. dollar-denominated money market securities of Seeks as high a level of current
Money Market domestic and foreign issuers, including U.S. Government income as is consistent with
securities and repurchase agreements. Invests more than 25% preservation of capital and
of total assets in the financial services industry. liquidity.
</TABLE>
See the prospectus or statement of additional information of the underlying
mutual fund for details.
