As filed with the Securities and Exchange Commission on
November 22, 2000
Registration No. 333-14845
======================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
---------------
Post-Effective Amendment No. 7
to
Form S-6
---------------
FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933 OF
SECURITIES OF UNIT INVESTMENT TRUSTS REGISTERED ON
FORM N-8B-2
----------------
AMERITAS VARIABLE LIFE INSURANCE COMPANY
SEPARATE ACCOUNT V
(EXACT NAME OF REGISTRANT)
----------------
AMERITAS VARIABLE LIFE INSURANCE COMPANY
(Depositor)
5900 "O" Street
Lincoln, Nebraska 68510
----------------
DONALD R. STADING
Secretary and General Counsel
Ameritas Variable Life Insurance Company
5900 "O" Street
Lincoln, Nebraska 68510
-----------------
Title of Securities Being Registered: Securities of Unit Investment Trust
------------------------------------
It is proposed that this filing will become effective:
X Immediately upon filing pursuant to paragraph (b) of Rule 485.
___ On ______________ pursuant to paragraph (b) of Rule 485.
___ 60 days after filing pursuant to paragraph (a)(1) of Rule 485.
___ On ______________ pursuant to paragraph (a)(1) of Rule 485.
<PAGE>
RECONCILIATION AND TIE BETWEEN ITEMS IN FORM N-8B-2
AND THE PROSPECTUS
ITEM NO. OF
FORM N-8B-2 CAPTION IN PROSPECTUS
----------- ---------------------
1 Cover Page
2 Cover Page
3 Not Applicable
4 Distribution of the Policies
5 Ameritas Variable Life Insurance Company - Separate Account V
6 Ameritas Variable Life Insurance Company - Separate Account V
7 Not Required
8 Not Required
9 Legal Proceedings
10 Summary; Addition, Deletion of Substitution of Investments;
Policy Benefits; Policy Rights; Payment and Allocation of
Premiums; General Provisions; Voting Rights
11 Summary; The Funds
12 Summary; The Funds
13 Summary; The Funds - Charges and Deductions
14 Summary; Payment and Allocation of Premiums
15 Summary; Payment and Allocation of Premiums
16 Summary; Calvert Variable Series, Inc. Ameritas Portfolios,
Calvert Variable Series, Inc., Variable Insurance Products
Fund, Variable Insurance Products Fund II, The Alger American
Fund, MFS Variable Insurance Trust, and The Universal
Institutional Funds, Inc.
17 Summary, Policy Rights
18 Calvert Variable Series, Inc. Ameritas Portfolios, Calvert
Variable Series, Inc., Variable Insurance Products Fund,
Variable Insurance Products Fund II, The Alger American Fund,
MFS Variable Insurance Trust, and The Universal Institutional
Funds, Inc.
19 General Provisions; Voting Rights
20 Not Applicable
21 Summary; Policy Rights, Loan Benefits; General Provisions
22 Not Applicable
23 Safekeeping of the Separate Account's Assets
24 General Provisions
25 Ameritas Variable Life Insurance Company
26 Not Applicable
27 Ameritas Variable Life Insurance Company
28 Executive Officers and Directors of AVLIC; Ameritas Variable
Life Insurance Company
29 Ameritas Variable Life Insurance Company
30 Not Applicable
31 Not Applicable
32 Not Applicable
33 Not Applicable
34 Not Applicable
35 Not Applicable
36 Not Required
37 Not Applicable
38 Distribution of the Policies
39 Distribution of the Policies
40 Distribution of the Policies
41 Distribution of Policies
<PAGE>
ITEM NO. OF
FORM N-8B-2 CAPTION IN PROSPECTUS
----------- ---------------------
42 Not Applicable
43 Not Applicable
44 Cash Value, Payment and Allocation of Premium
45 Not Applicable
46 The Funds; Cash Value
47 The Funds
48 State Regulation of AVLIC
49 Not Applicable
50 The Separate Account
51 Cover Page; Summary; Policy Benefits; Payment and Allocation of
Premiums, Charges and Deductions
52 Addition, Deletion or Substitution of Investments
53 Summary; Federal Tax Matters
54 Not Applicable
55 Not Applicable
56 Not Required
57 Not Required
58 Not Required
59 Financial Statements
<PAGE>
Pursuant to Rule 411 under the Securities Act of 1933, as amended, and Rules 0-4
and 8b-23 under the Investment Company Act of 1940, as amended, the information
required to be included in this Registration Statement (File No. 333-14845) is
incorporated herein by reference to the Prospectus dated May 1, 2000, as filed
in electronic format via EDGAR with the Securities and Exchange Commission on
February 29, 2000. This Amendment does not delete, amend, or supersede any
information contained in the Registration Statement or Post-Effective Amendment
No. 6 to the Registration Statement, except to the extent provided herein.
AMERITAS VARIABLE LIFE INSURANCE COMPANY ("AVLIC")
AMERITAS VARIABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT V
("SEPARATE ACCOUNT")
SUPPLEMENT TO OVERTURE APPLAUSE! II, OVERTURE ENCORE!,
OVERTURE BRAVO! AND CORPORATE BENEFIT VUL
PROSPECTUSES DATED MAY 1, 2000
SUPPLEMENT DATED NOVEMBER 22, 2000
EFFECTIVE JANUARY 1, 2001, AVLIC WILL ADD CERTAIN PORTFOLIOS DESCRIBED BELOW TO
YOUR POLICY. THE FOLLOWING INFORMATION IS ADDED TO YOUR PROSPECTUS FOR THE
SEPARATE ACCOUNT:
1. The following information is added to the FUND EXPENSE SUMMARY, which begins
on page 8 of APPLAUSE! II, ENCORE!, and BRAVO! and page 7 of Corporate Benefit
VUL:
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
Total
Investment (Reflecting
Advisory & Other Waivers waivers and/or
Management Expenses and/or reimbursements,
Total Reimbursements If any)
Portfolio Expenses
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
AMERICAN CENTURY
o VP Income & Growth 0.70% - 0.70% - 0.70%
---------------------------------------------------------------------------------------------------------
AMERITAS PORTFOLIOS (SUBADVISOR) (9)
o Ameritas Micro Cap (BABSON) 1.12% 0.88% 2.00% 0.50% 1.50%
o Ameritas Select (OAKMARK) 0.92% 0.88% 1.80% 0.30% 1.50%
---------------------------------------------------------------------------------------------------------
INVESCO FUNDS
o VIF - Dynamics (10) 0.75% 1.53% 2.28% 1.15% 1.13%
---------------------------------------------------------------------------------------------------------
SALOMON BROTHERS
o Variable Capital (11) 0.85% 1.14% 1.99% 0.99% 1.00%
---------------------------------------------------------------------------------------------------------
SUMMIT PINNACLE SERIES (12)
o Nasdaq-100 Index 0.35% 0.30% 0.65% - 0.65%
o Russell 2000 Small Cap Index 0.35% 0.40% 0.75% - 0.75%
o S&P MidCap 400 Index 0.30% 0.30% 0.60% - 0.60%
---------------------------------------------------------------------------------------------------------
THIRD AVENUE
o Third Avenue Value (13) 0.90% 33.53% 34.43% 33.13% 1.30%
---------------------------------------------------------------------------------------------------------
</TABLE>
(9) "Other Expenses" for the Ameritas Micro Cap and Ameritas Select portfolios
are based on estimates, since these are new portfolios. The portfolio investment
adviser (AIC) has voluntarily agreed to reimburse each portfolio so that total
annual operating expenses for each portfolio will not exceed 1.50%. The
investment adviser reserves the right to terminate any waiver and/or
reimbursement at any time and without notice.
(10) Certain expenses of the Dynamics Fund were absorbed voluntarily by INVESCO
in order to ensure that expenses for the fund, excluding any expense offset
arrangements, did not exceed 1.15% of the fund's average net assets. This
commitment may be changed at any time following consultation with the board of
directors.
(11) The manager waived all of its management fee and reimbursed the fund for
certain expenses during the period ended December 31, 1999. The manager may
discontinue the waiver at any time.
(12) "Other Expenses" for the Nasdaq-100 Index, Russell 2000 Small Cap Index,
and S&P MidCap 400 Index portfolios are based on estimates, since these are new
portfolios. Total operating expenses in excess of those stated for each Summit
portfolio are paid by the investment adviser. The S&P MidCap 400(R) Index is a
trademark of The McGraw-Hill Companies, Inc. The Nasdaq-100(R) Index is a
trademark of The Nasdaq Stock Market, Inc. The Russell 2000(R) Index is a
trademark of the Frank Russell Company. These trademarks have been licensed for
use by Summit Mutual Funds. The Funds are not sponsored, endorsed, sold or
promoted by any of the licensing organizations, and they make no representation
or warranty regarding the Funds, and bear no liability with respect to the
Funds.
(13) The fund commenced investment operations on September 21, 1999. Annualized
expenses before reimbursement are not necessarily indicative of expected
expenses due to the annualization of certain fixed expenses.
<PAGE>
2. The following list of Portfolios, Funds, Advisers and Subadvisors is added to
THE FUNDS section which begins on page 14 of APPLAUSE! II, ENCORE!, and BRAVO!
and page 13 of Corporate Benefit VUL:
<TABLE>
<CAPTION>
------------------------------- ------------------------------------------ -------------------------------------
REFERRED TO AS: FUND ISSUING THE SUBACCOUNT
- PORTFOLIO UNDERLYING MUTUAL FUNDS: FUND ADVISOR - SUBADVISOR
------------------------------- ------------------------------------------ -------------------------------------
<S> <C> <C>
AMERICAN CENTURY American Century Variable Portfolios, AMERICAN CENTURY INVESTMENT MANAGEMENT,
- VP INCOME & GROWTH Inc. INC.
------------------------------- ------------------------------------------ -------------------------------------------
AMERITAS PORTFOLIOS Calvert Variable Series Inc. Ameritas AMERITAS INVESTMENT CORP.
- AMERITAS MICRO CAP Portfolios -DAVID L. BABSON & COMPANY INC. (BABSON)
- AMERITAS SELECT -HARRIS ASSOCIATES, INC. (OAKMARK )
------------------------------- ------------------------------------------ -------------------------------------------
INVESCO FUNDS INVESCO Variable Investment Funds, Inc. INVESCO FUNDS GROUP, INC.
- VIF - DYNAMICS
------------------------------- ------------------------------------------ -------------------------------------------
SALOMON BROTHERS Salomon Brothers Variable Series Funds SALOMON BROTHERS ASSET MANAGEMENT INC
- VARIABLE CAPITAL Inc.
------------------------------- ------------------------------------------ -------------------------------------------
SUMMIT PINNACLE SERIES Summit Mutual Funds, Inc., Summit SUMMIT INVESTMENT PARTNERS, INC.
- NASDAQ-100 INDEX Pinnacle Series
- RUSSELL 2000 SMALL CAP INDEX
- S&P MIDCAP 400 INDEX
------------------------------- ------------------------------------------ -------------------------------------------
THIRD AVENUE Third Avenue Variable Series Trust EQSF ADVISERS, INC.
- THIRD AVENUE VALUE
</TABLE>
3. The following information is added to the INVESTMENT OBJECTIVES AND POLICIES
OF THE FUNDS' PORTFOLIOS, which begins on page 16 of APPLAUSE! II, ENCORE!,
BRAVO!, and Corporate Benefit VUL:
<TABLE>
<CAPTION>
------------------------------ --------------------------------------- -------------------------------------
Portfolio Investment Policies Objective:
<S> <C> <C>
------------------------------ --------------------------------------- -------------------------------------
AMERICAN CENTURY
------------------------------------------------------------------------------------------------------------
VP Income & Growth Fund Common stocks of U.S. companies. Long-term capital growth. Income
is secondary.
------------------------------ --------------------------------------- -------------------------------------
AMERITAS PORTFOLIOS
------------------------------------------------------------------------------------------------------------
Ameritas Micro Cap Common stocks of small size U.S. Long-term capital growth.
companies.
------------------------------ --------------------------------------- -------------------------------------
Ameritas Select Common stocks of U.S. companies. Long-term capital growth.
------------------------------ --------------------------------------- -------------------------------------
INVESCO FUNDS
------------------------------------------------------------------------------------------------------------
VIF - Dynamics Fund Common stocks of mid-size companies. Long-term capital growth.
------------------------------ --------------------------------------- -------------------------------------
SALOMON BROTHERS
-----------------------------------------------------------------------------------------------------
Variable Capital Fund Common stocks of U.S. companies of Capital appreciation.
all sizes.
------------------------------ --------------------------------------- -------------------------------------
SUMMIT PINNACLE SERIES
------------------------------------------------------------------------------------------------------------
Nasdaq-100 Index Portfolio Common stocks of U.S. companies in Results that correspond to the
the Nasdaq-100 Index. total return of the Nasdaq-100
Index company common stocks.
------------------------------ --------------------------------------- -------------------------------------
Russell 2000 Small Cap Index Common stocks of U.S. companies in Results that correspond to the
Portfolio the Russell 2000 Index. total return of the Russell 2000
Index company common stocks.
------------------------------ --------------------------------------- -------------------------------------
S&P MidCap 400 Index Portfolio Common stocks of U.S. companies in Results that correspond to the
the S&P MidCap 400 Index. total return of the S&P 400 MidCap
Index company common stocks.
------------------------------ --------------------------------------- -------------------------------------
THIRD AVENUE
------------------------------------------------------------------------------------------------------------
Third Avenue Value Portfolio Common stocks of companies carrying Long-term capital growth.
little debt in comparison to cash
resources.
------------------------------ --------------------------------------- -------------------------------------
</TABLE>
THIS SUPPLEMENT SHOULD BE RETAINED WITH THE CURRENT PROSPECTUS FOR YOUR VARIABLE
POLICY ISSUED BY AMERITAS VARIABLE LIFE INSURANCE COMPANY. IF YOU DO NOT HAVE A
CURRENT PROSPECTUS, PLEASE CONTACT AVLIC AT 1-800-745-1112.
<PAGE>
<TABLE>
<CAPTION>
AMERITAS VARIABLE LIFE INSURANCE COMPANY
SEPARATE ACCOUNT V
STATEMENT OF NET ASSETS
SEPTEMBER 30, 2000
(UNAUDITED)
<S> <C>
ASSETS
INVESTMENTS AT NET ASSET VALUE:
VARIABLE INSURANCE PRODUCTS FUND:
Equity Income Portfolio Initial Class (Equity Income I-Class)-
1,209,363.154 shares at $24.54 per share (cost $21,523,824) $29,677,773
Equity Income Portfolio Service Class (Equity Income S-Class)-
1,775.971 shares at $24.48 per share (cost $42,426) 43,476
Growth Portfolio Initial Class (Growth I-Class)-
1,372,778.322 shares at $49.78 per share (cost $40,614,961) 68,336,906
Growth Portfolio Service Class (Growth S-Class)-
3,739.002 shares at $49.62 per share (cost $188,229) 185,530
High Income Portfolio Initial Class (High Income I-Class)-
636,247.978 shares at $9.53 per share(cost $6,873,505) 6,063,443
High Income Portfolio Service Class (High Income S-Class)-
1,912.739 shares at $9.50 per share (cost $19,062) 18,170
Overseas Portfolio Initial Class (Overseas I-Class)-
802,562.269 shares at $21.76 per share(cost $12,689,554) 17,463,755
Overseas Portfolio Service Class (Overseas S-Class)-
2,103.069 shares at $21.71 per share (cost $48,939) 45,657
VARIABLE INSURANCE PRODUCTS FUND II:
Asset Manager Portfolio Initial Class (Asset Manager I-Class)-
1,808,756.518 shares at $16.64 per share (cost $25,658,078) 30,097,707
Asset Manager Portfolio Service Class (Asset Manager S-Class)-
8,053.004 shares at $16.55 per share (cost $133,056) 133,278
Investment Grade Bond Portfolio Initial Class
(Investment Grade Bond I-Class)-
338,790.263 shares at $12.10 per share (cost $4,043,842) 4,099,361
Contrafund Portfolio Initial Class (Contrafund I-Class)-
895,060.111 shares at $25.41 per share (cost $18,510,337) 22,743,479
Contrafund Portfolio Service Class (Contrafund S-Class)-
5,734.083 shares at $25.34 per share (cost $146,984) 145,302
Asset Manager Growth Portfolio Initial Class
(Asset Manager Growth I-Class)-
252,203.826 shares at $15.88 per share (cost $3,743,631) 4,004,999
Asset Manager Growth Portfolio Service Class
(Asset Manager Growth S-Class)-
277.109 shares at $15.78 per share (cost $4,493) 4,374
ALGER AMERICAN FUND:
Balanced Portfolio (Balanced)-
466,782.703 shares at $14.74 per share (cost $5,978,298) 6,880,376
Leveraged Allcap Portfolio (Leveraged Allcap)-
491,366.192 shares at $49.70 per share (cost $19,152,003) 24,420,900
MFS VARIABLE INSURANCE TRUST:
Global Governments Series Portfolio (World Governments Series)-
73,180.372 shares at $9.67 per share (cost $727,109) 707,654
Utilities Series Portfolio (Utilities Series)-
305,482.788 shares at $24.17 (cost $5,810,847) 7,383,520
New Discovery Series Portfolio (New Discovery Series)-
208,363.691 shares at $18.40 per share (cost $3,890,656) 3,833,892
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
Asian Equity Portfolio (Asian Equity)-
137,840.942 shares at $5.78 (cost $906,507) 796,721
Emerging Markets Equity Portfolio (Emerging Markets Equity)-
217,044.716 shares at $10.61 per share (cost $2,451,837) 2,302,845
Global Equity Portfolio (Global Equity)-
229,506.990 shares at $12.87 per share (cost $2,863,848) 2,953,753
International Magnum Portfolio (International Magnum)-
156,506.711 shares at $12.29 per share (cost $1,852,315) 1,923,467
U.S. Real Estate Portfolio (U.S. Real Estate)-
118,183.515 shares at $11.46 per share (cost $1,272,888) 1,354,382
F-I(U)-1
<PAGE>
AMERITAS VARIABLE LIFE INSURANCE COMPANY
SEPARATE ACCOUNT V
STATEMENT OF NET ASSETS
SEPTEMBER 30, 2000
(UNAUDITED)
ASSETS, CONTINUED
CALVERT VARIABLE SERIES, INC., AMERITAS PORTFOLIOS:
Ameritas Emerging Growth Portfolio (Emerging Growth)-
684,685.502 shares at $37.73 per share (cost $18,494,972) $25,833,184
Ameritas Growth Portfolio (Growth)-
600,958.751 shares at $64.55 per share (cost $34,087,747) 38,791,887
Ameritas Growth with Income Portfolio (Growth with Income)-
195,888.479 shares at $21.78 per share (cost $3,984,377) 4,266,450
Ameritas Income and Growth Portfolio (Income and Growth)-
768,852.639 shares at $18.73 per share (cost $11,159,119) 14,400,609
Ameritas Index 500 Portfolio (Index 500)-
192,041.831 shares at $164.35 per share (cost $29,904,955) 31,562,075
Ameritas Midcap Growth Portfolio (Midcap Growth)-
622,011.468 shares at $39.48 per share (cost $17,649,968) 24,557,012
Ameritas Money Market Portfolio (Money Market)-
17,418,044.632 shares at $1.00 per share (cost $17,418,044) 17,418,044
Ameritas Research Portfolio (Research)-
220,451.952 shares at $24.82 per share (cost $4,566,562) 5,471,617
Ameritas Small Capitalization Portfolio (Small Cap)-
572,604.035 shares at $50.56 per share (cost $25,288,565) 28,950,861
CALVERT VARIABLE SERIES, INC., CALVERT SOCIAL PORTFOLIOS:
CVS Social Balanced (Calvert Balanced)-
9,839.793 shares at $2.26 per share (cost $22,231) 22,188
CVS Social International Equity (Calvert International Equity)-
1,105.100 shares at $22.23 per share (cost $25,728) 24,567
CVS Social MidCap Growth (Calvert MidCap Growth)-
9,451.824 shares at $37.35 per share (cost $345,970) 353,026
CVS Social Small Cap Growth (Calvert Small Cap)-
3,481.024 shares at $14.04 per share (cost $55,128) 48,874
------
NET ASSETS REPRESENTING EQUITY OF POLICYOWNERS $427,321,114
============
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE UNAUDITED FINANCIAL
STATEMENTS.
F-I(U)-2
<PAGE>
<TABLE>
<CAPTION>
AMERITAS VARIABLE LIFE INSURANCE COMPANY
SEPARATE ACCOUNT V
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000
(UNAUDITED)
STATEMENTS OF OPERATIONS:
VARIABLE INSURANCE PRODUCTS FUND
--------------------------------
EQUITY EQUITY
INCOME INCOME GROWTH
TOTAL I-CLASS S-CLASS I-CLASS
----- ------- ------- -------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividend distributions
received $ 3,600,607 $ 506,497 $ 22 $ 73,209
Mortality and expense
risk charge (2,792,031) (200,038) (67) (471,201)
----------- ---------- -------- -----------
NET INVESTMENT INCOME (LOSS) 808,576 306,459 (45) (397,992)
----------- ---------- -------- -----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain
distributions 19,887,448 1,908,198 86 7,284,267
Net change in unrealized
appreciation (depreciation) (22,683,980) (1,249,900) 1,045 (6,237,720)
------------ ----------- ------- -----------
NET GAIN (LOSS) ON INVESTMENTS (2,796,532) 658,298 1,131 1,046,547
------------ ---------- ------- ----------
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM
OPERATIONS $ (1,987,956) $ 964,757 $ 1,086 $ 648,555
============= ========== ========= ==========
STATEMENTS OF CHANGES IN NET ASSETS:
VARIABLE INSURANCE PRODUCTS FUND
--------------------------------
EQUITY EQUITY
INCOME INCOME GROWTH
TOTAL I-CLASS S-CLASS I-CLASS
----- ------- ------- -------
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS:
Net investment income
(loss) $ 808,576 $ 306,459 $ (45) $ (397,992)
Net realized gain
distributions 19,887,448 1,908,198 86 7,284,267
Net change in unrealized
appreciation (depreciation) (22,683,980) (1,249,900) 1,045 (6,237,720)
------------ ------------ ------- -----------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS (1,987,956) 964,757 1,086 648,555
NET INCREASE (DECREASE) FROM
POLICYOWNER TRANSACTIONS 26,587,020 (2,140,322) 41,791 1,427,957
----------- ------------ ------- ----------
TOTAL INCREASE (DECREASE) IN
NET ASSETS 24,599,064 (1,175,565) 42,877 2,076,512
NET ASSETS AT JANUARY 1, 2000 402,722,050 30,853,338 599 66,260,394
----------- ----------- ------- ----------
NET ASSETS AT SEPTEMBER 30, 2000 $427,321,114 $29,677,773 $43,476 $68,336,906
============ =========== ======= ===========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE UNAUDITED FINANCIAL
STATEMENTS.
</TABLE>
F-I(U)-3
<PAGE>
<TABLE>
<CAPTION>
VARIABLE INSURANCE
VARIABLE INSURANCE PRODUCTS FUND PRODUCTS FUND II
---------------------------------------------------------------------- --------------------------
HIGH HIGH ASSET ASSET
GROWTH INCOME INCOME OVERSEAS OVERSEAS MANAGER MANAGER
S-CLASS I-CLASS S-CLASS I-CLASS S-CLASS I-CLASS S-CLASS
------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 42 $ 447,960 $ 32 $ 273,101 $ 88 $ 1,035,167 $ 66
(785) (44,369) (24) (125,611) (140) (212,210) (634)
------- ----------- ------- ---------- ------- --------- ------
(743) 403,591 8 147,490 (52) 822,957 (568)
------- ---------- ------ ---------- ------- --------- ------
4,986 -- -- 1,719,800 571 2,438,782 158
(3,389) (1,123,375) (891) (4,075,468) (3,284) (3,520,057) 213
------ ----------- ------- ----------- ------- ----------- -----
1,597 (1,123,375) (891) (2,355,668) (2,713) (1,081,275) 371
------ ----------- ------- ----------- ------- ----------- -----
$ 854 $ (719,784) $ (883) $ (2,208,178) $ (2,765) $ (258,318) $ (197)
======= ============ ========= ============= ========= =========== =======
VARIABLE INSURANCE
VARIABLE INSURANCE PRODUCTS FUND PRODUCTS FUND II
------------------------------------------------------------------ ------------------------
HIGH HIGH ASSET ASSET
GROWTH INCOME INCOME OVERSEAS OVERSEAS MANAGER MANAGER
S-CLASS I-CLASS S-CLASS I-CLASS S-CLASS I-CLASS S-CLASS
------- ------- ------- ------- ------- ------- -------
$ (743) $ 403,591 $ 8 $ 147,490 $ (52) $ 822,957 $ (568)
4,986 -- -- 1,719,800 571 2,438,782 158
(3,389) (1,123,375) (891) (4,075,468) (3,284) (3,520,057) 213
-------- ----------- ------- ----------- -------- ----------- -------
854 (719,784) (883) (2,208,178) (2,765) (258,318) (197)
164,873 (494,685) 19,053 1,539,944 48,383 (2,684,105) 133,083
------- --------- ------- ---------- ------- ------------ -------
165,727 (1,214,469) 18,170 (668,234) 45,618 (2,942,423) 132,886
19,803 7,277,912 -- 18,131,989 39 33,040,130 392
-------- --------- ------- ---------- ------- ----------- -------
$ 185,530 $ 6,063,443 $ 18,170 $ 17,463,755 $45,657 $30,097,707 $133,278
========= =========== ======== ============ ======= =========== ========
</TABLE>
F-I(U)-4
<PAGE>
<TABLE>
<CAPTION>
AMERITAS VARIABLE LIFE INSURANCE COMPANY
SEPARATE ACCOUNT V
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000
(UNAUDITED)
STATEMENTS OF OPERATIONS:
VARIABLE INSURANCE PRODUCT FUNDS II
------------------------------------------------
INVESTMENT
GRADE BOND CONTRAFUND CONTRAFUND
I-CLASS I-CLASS S-CLASS
------- ------- -------
<S> <C> <C> <C>
2000
INVESTMENT INCOME:
Dividend distributions
received $ 262,163 $ 72,121 $ 69
Mortality and expense
risk charge (27,140) (142,802) (566)
--------- ----------- --------
NET INVESTMENT INCOME (LOSS) 235,023 (70,681) (497)
-------- ----------- --------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain
distributions -- 2,617,987 2,501
Net change in unrealized
appreciation (depreciation) (6,038) (2,723,559) (1,864)
-------- ----------- --------
NET GAIN (LOSS) ON INVESTMENTS (6,038) (105,572) 637
-------- ----------- -------
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM
OPERATION $ 228,985 $ (176,253) $ 140
========= ============ =======
STATEMENTS OF CHANGES IN NET ASSETS:
VARIABLE INSURANCE PRODUCT FUNDS II
------------------------------------------------
INVESTMENT
GRADE BOND CONTRAFUND CONTRAFUND
I-CLASS I-CLASS S-CLASS
------- ------- -------
2000
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS:
Net investment income (loss) $ 235,023 $ (70,681) $ (497)
Net realized gain
distributions -- 2,617,987 2,501
Net change in unrealized
appreciation (depreciation) (6,038) (2,723,559) (1,864)
---------- ------------ ---------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS 228,985 (176,253) 140
NET INCREASE (DECREASE) FROM
POLICYOWNER TRANSACTIONS 90,953 2,083,294 136,452
--------- ----------- --------
TOTAL INCREASE (DECREASE)
IN NET ASSETS 319,938 1,907,041 136,592
NET ASSETS AT JANUARY 1, 2000 3,779,423 20,836,438 8,710
--------- ----------- --------
NET ASSETS AT SEPTEMBER 30, 2000 $4,099,361 $ 22,743,479 $ 145,302
========== ============ =========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE UNAUDITED FINANCIAL
STATEMENTS.
</TABLE>
F-I(U)-5
<PAGE>
<TABLE>
<CAPTION>
VARIABLE INSURANCE
PRODUCTS FUND II ALGER AMERICAN FUND MFS VARIABLE INSURANCE TRUST
------------------------------ ------------------------- ------------------------------------
ASSET MANAGER ASSET MANAGER WORLD NEW
GROWTH GROWTH LEVERAGED GOVERNMENTS UTILITIES DISCOVERY
I-CLASS S-CLASS BALANCED ALLCAP SERIES SERIES SERIES
------- ------- -------- ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 87,724 $ 5 $ 50,804 $ -- $ 21,767 $ 62,030 $ --
(27,037) (11) (40,612) (161,173) (2,927) (40,242) (13,233)
--------- ------ ---------- ----------- -------- --------- ---------
60,687 (6) 10,192 (161,173) 18,840 21,788 (13,233)
-------- ------ --------- ----------- ------- -------- ---------
355,639 20 484,560 2,368,184 -- 467,624 39,123
(588,672) (120) (325,257) (3,347,689) (16,719) 59,864 (64,711)
--------- ------ ---------- ----------- -------- -------- ---------
(233,033) (100) 159,303 (979,505) (16,719) 527,488 (25,588)
--------- ------ --------- ----------- -------- -------- ---------
$ (172,346) $ (106) $ 169,495 $ (1,140,678) $ 2,121 $ 549,276 $ (38,821)
=========== ======== ========= ============== ======== ========= ==========
VARIABLE INSURANCE
PRODUCTS FUND II ALGER AMERICAN FUND MFS VARIABLE INSURANCE TRUST
----------------------------- ------------------------- ------------------------------------
ASSET MANAGER ASSET MANAGER WORLD NEW
GROWTH GROWTH LEVERAGED GOVERNMENTS UTILITIES DISCOVERY
I-CLASS S-CLASS BALANCED ALLCAP SERIES SERIES SERIES
------- ------- -------- ------ ------ ------ ------
$ 60,687 $ (6) $ 10,192 $ (161,173) $ 18,840 $ 21,788 $ (13,233)
355,639 20 484,560 2,368,184 -- 467,624 39,123
(588,672) (120) (325,257) (3,347,689) (16,719) 59,864 (64,711)
----------- -------- ----------- ------------ --------- ---------- ----------
(172,346) (106) 169,495 (1,140,678) 2,121 549,276 (38,821)
(162,190) 4,480 1,622,490 4,278,155 297,127 1,215,225 3,721,593
----------- ------- ---------- ---------- -------- ---------- ---------
(334,536) 4,374 1,791,985 3,137,477 299,248 1,764,501 3,682,772
4,339,535 -- 5,088,391 21,283,423 408,406 5,619,019 151,120
---------- ------- ---------- ----------- -------- ---------- ---------
$4,004,999 $ 4,374 $ 6,880,376 $ 24,420,900 $ 707,654 $ 7,383,520 $ 3,833,892
========== ======= =========== ============ ========= =========== ===========
</TABLE>
F-I(U)-6
<PAGE>
<TABLE>
<CAPTION>
AMERITAS VARIABLE LIFE INSURANCE COMPANY
SEPARATE ACCOUNT V
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000
(UNAUDITED)
STATEMENTS OF OPERATIONS:
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.
-------------------------------------------
EMERGING
ASIAN MARKETS GLOBAL
EQUITY EQUITY EQUITY
------ ------ ------
<S> <C> <C> <C>
2000
INVESTMENT INCOME:
Dividend distributions
received $ -- $ -- $ 8,756
Mortality and expense
risk charge (6,401) (16,260) (17,488)
---------- ---------- --------
NET INVESTMENT INCOME (LOSS) (6,401) (16,260) (8,732)
---------- ---------- --------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain
distributions 102,158 35,083 36,318
Net change in unrealized
appreciation (depreciation) (443,957) (703,059) (8,497)
---------- ---------- --------
NET GAIN (LOSS) ON INVESTMENTS (341,799) (667,976) 27,821
---------- ---------- -------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS $(348,200) $(684,236) $ 19,089
========== ========== ========
STATEMENTS OF CHANGES IN NET ASSETS:
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.
------------------------------------------
EMERGING
ASIAN MARKETS GLOBAL
EQUITY EQUITY EQUITY
------- -------- ------
2000
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS:
Net investment income (loss) $ (6,401) $ (16,260) $ (8,732)
Net realized gain
distributions 102,158 35,083 36,318
Net change in unrealized
appreciation(depreciation) (443,957) (703,059) (8,497)
---------- ---------- ---------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS (348,200) (684,236) 19,089
NET INCREASE (DECREASE) FROM
POLICYOWNER TRANSACTIONS 53,486 808,292 261,561
--------- --------- ---------
TOTAL INCREASE (DECREASE) IN
NET ASSETS (294,714) 124,056 280,650
NET ASSETS AT JANUARY 1, 2000 1,091,435 2,178,789 2,673,103
--------- --------- ---------
NET ASSETS AT SEPTEMBER 30, 2000 $ 796,721 $2,302,845 $2,953,753
========== ========== ==========
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE UNAUDITED FINANCIAL
STATEMENTS.
F-I(U)-7
<PAGE>
<TABLE>
<CAPTION>
CALVERT VARIABLE SERIES, INC.,
THE UNIVERSAL INSTITUTIONAL FUNDS, INC. AMERITAS PORTFOLIOS
-------------------------------------- -----------------------------------------------------
INTERNATIONAL U.S. REAL EMERGING GROWTH INCOME
MAGNUM ESTATE GROWTH GROWTH WITH INCOME AND GROWTH
------ ------ ------ ------ ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
$ 756 $ 2,123 $ -- $ -- $ -- $ --
(12,794) (6,800) (164,611) (256,738) (24,396) (86,603)
---------- -------- --------- ---------- -------- --------
(12,038) (4,677) (164,611) (256,738) (24,396) (86,603)
---------- --------- --------- ---------- -------- --------
21,403 -- -- -- -- --
(230,977) 238,622 (91,161) (184,882) 112,736 960,761
---------- -------- --------- ---------- ------- -------
(209,574) 238,622 (91,161) (184,882) 112,736 960,761
---------- -------- --------- ---------- ------- -------
$ (221,612) $ 233,945 $(255,772) $ (441,620) $ 88,340 $ 874,158
=========== ========= ========== =========== ======== =========
CALVERT VARIABLE SERIES, INC.,
THE UNIVERSAL INSTITUTIONAL FUNDS, INC. AMERITAS PORTFOLIOS
-------------------------------------- -----------------------------------------------------
INTERNATIONAL U.S. REAL EMERGING GROWTH INCOME
MAGNUM ESTATE GROWTH GROWTH WITH INCOME AND GROWTH
------ ------ ------ ------ ----------- ----------
$ (12,038) $ (4,677) $ (164,611) $ (256,738) $ (24,396) $ (86,603)
21,403 -- -- -- -- --
(230,977) 238,622 (91,161) (184,882) 112,736 960,761
---------- --------- ---------- ---------- --------- ----------
(221,612) 233,945 (255,772) (441,620) 88,340 874,158
381,986 240,953 2,497,884 2,642,077 327,840 1,928,801
--------- --------- ---------- --------- --------- ----------
160,374 474,898 2,242,112 2,200,457 416,180 2,802,959
1,763,093 879,484 23,591,072 36,591,430 3,850,270 11,597,650
--------- --------- ---------- ---------- --------- ----------
$ 1,923,467 $ 1,354,382 $ 25,833,184 $ 38,791,887 $ 4,266,450 $ 14,400,609
=========== =========== ============ ============ =========== ============
</TABLE>
F-I(U)-8
<PAGE>
<TABLE>
<CAPTION>
AMERITAS VARIABLE LIFE INSURANCE COMPANY
SEPARATE ACCOUNT V
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000
(UNAUDITED)
STATEMENTS OF OPERATIONS:
CALVERT VARIABLE SERIES, INC., AMERITAS PORTFOLIOS
--------------------------------------------------
INDEX MIDCAP MONEY
500 GROWTH MARKET
--- ------ ------
<S> <C> <C> <C>
2000
INVESTMENT INCOME:
Dividend distributions
received $ -- $ -- 696,105
Mortality and expense
risk charge (201,967) (136,907) (104,041)
---------- ----------- ---------
NET INVESTMENT INCOME (LOSS) (201,967) (136,907) 592,064
---------- ----------- --------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain
distributions -- -- --
Net change in unrealized
appreciation (depreciation) (537,312) 4,371,685 --
---------- --------- --------
NET GAIN (LOSS) ON INVESTMENTS (537,312) 4,371,685 --
---------- --------- --------
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM
OPERATION $ (739,279) $ 4,234,778 $ 592,064
=========== =========== =========
STATEMENTS OF CHANGES IN NET ASSETS:
CALVERT VARIABLE SERIES, INC., AMERITAS PORTFOLIOS
---------------------------------------------------
INDEX MIDCAP MONEY
500 GROWTH MARKET
--- ------ ------
2000
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS:
Net investment income (loss) $ (201,967) $ (136,907) $ 592,064
Net realized gain
distributions -- -- --
Net change in unrealized
appreciation (depreciation) (537,312) 4,371,685 --
----------- ----------- ----------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS (739,279) 4,234,778 592,064
NET INCREASE (DECREASE) FROM
POLICYOWNER TRANSACTIONS 1,896,502 4,399,192 (1,862,220)
---------- ---------- -----------
TOTAL INCREASE (DECREASE)
IN NET ASSETS 1,157,223 8,633,970 (1,270,156)
NET ASSETS AT JANUARY 1, 2000 30,404,852 15,923,042 18,688,200
---------- ----------- ----------
NET ASSETS AT SEPTEMBER 30, 2000 $31,562,075 $24,557,012 $17,418,044
=========== =========== ===========
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE UNAUDITED FINANCIAL
STATEMENTS.
F-I(U)-9
<PAGE>
<TABLE>
<CAPTION>
CALVERT VARIABLE SERIES, INC.,
AMERITAS PORTFOLIOS CALVERT VARIABLE SERIES, INC.
----------------------------------- --------------------------------------------------------
SMALL INTERNATIONAL MIDCAP SMALL
RESEARCH CAP BALANCED EQUITY GROWTH CAP
-------- --- -------- ------ ------ ---
<S> <C> <C> <C> <C> <C> <C>
$ -- $ -- $ -- $ -- $ -- $ --
(30,877) (214,775) (30) (32) (368) (121)
---------- --------- ------ ------ ------- -------
(30,877) (214,775) (30) (32) (368) (121)
---------- ---------- ------ ------ ------- -------
-- -- -- -- -- --
378,403 (3,318,350) (42) (1,161) 7,056 (6,254)
--------- ------------ ------ --------- ------ ---------
378,403 (3,318,350) (42) (1,161) 7,056 (6,254)
--------- ------------ ------ --------- ------ ---------
$ 347,526 $ (3,533,125) $ (72) $ (1,193) $ 6,688 $ (6,375)
========= ============= ====== ========== ======= ==========
CALVERT VARIABLE SERIES, INC.,
AMERITAS PORTFOLIOS CALVERT VARIABLE SERIES, INC.
----------------------------------- --------------------------------------------------------
SMALL INTERNATIONAL MIDCAP SMALL
RESEARCH CAP BALANCED EQUITY GROWTH CAP
-------- --- -------- ------ ------ ---
$ (30,877) $ (214,775) $ (30) $ (32) $ (368) $ (121)
-- -- -- -- -- --
378,403 (3,318,350) (42) (1,161) 7,056 (6,254)
--------- -------------- ------- --------- -------- ---------
347,526 (3,533,125) (72) (1,193) 6,688 (6,375)
812,696 404,812 22,260 25,760 346,338 55,249
-------- ---------- ------ ------ ------- -------
1,160,222 (3,128,313) 22,188 24,567 353,026 48,874
4,311,395 32,079,174 -- -- -- --
---------- ----------- ------ ------ ------- -------
$5,471,617 $ 28,950,861 $ 22,188 $24,567 $ 353,026 $ 48,874
========== ============ ======== ======= ========= ========
</TABLE>
F-I(U)-10
<PAGE>
AMERITAS VARIABLE LIFE INSURANCE COMPANY
SEPARATE ACCOUNT V
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2000
(UNAUDITED)
1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Ameritas Variable Life Insurance Company Separate Account V (the Account) was
established on August 28, 1985, under Nebraska law by Ameritas Variable Life
Insurance Company (AVLIC), a wholly-owned subsidiary of AMAL Corporation, a
majority-owned affiliate of Ameritas Life Insurance Corp. (ALIC). The assets of
the Account are segregated from AVLIC's other assets and are used only to
support variable life products issued by AVLIC.
The Account is registered under the Investment Company Act of 1940, as amended,
as a unit investment trust. At September 30, 2000, there are thirty-eight
subaccounts within the Account. Eight of the subaccounts invest only in a
corresponding Portfolio of Variable Insurance Products Fund and seven invest
only in a corresponding Portfolio of Variable Insurance Products Fund II. Both
funds are diversified open-end management investment companies and are managed
by Fidelity Management and Research Company. Two of the subaccounts invest only
in a corresponding Portfolio of Alger American Fund which is a diversified
open-end management investment company managed by Fred Alger Management, Inc.
Three of the subaccounts invest only in a corresponding Portfolio of MFS
Variable Insurance Trust which is a diversified open-end management investment
company managed by Massachusetts Financial Services Company. Five of the
subaccounts invest only in a corresponding Portfolio of The Universal
Institutional Funds, Inc. which is a diversified open-end management investment
company managed by Morgan Stanley Asset Management, Inc. All five funds are
registered under the Investment Company Act of 1940, as amended. Nine of the
subaccounts invest only in a corresponding Portfolio of Calvert Variable Series,
Inc. Ameritas Portfolios (Ameritas Portfolio) which is a diversified open-end
management investment company managed by Ameritas Investment Corp. Four of the
subaccounts invest only in a corresponding Portfolio of the Calvert Variable
Series, Inc. which is a diversified open-end management investment company
managed by Calvert Asset Management, Inc. Each Portfolio pays the manager a
monthly fee for managing its investments and business affairs. The assets of the
Account are carried at the net asset value of the underlying Portfolios of the
Funds. The value of the policyowners' units corresponds to the Account's
investment in the underlying subaccounts. The availability of investment
portfolio and subaccount options may vary between products.
AVLIC currently does not expect to incur any federal income tax liability
attributable to the Account with respect to the sale of variable life insurance
policies. If, however, AVLIC determines that it may incur such taxes
attributable to the Account, it may assess a charge for such taxes against the
Account.
2. USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
3. BASIS OF PRESENTATION OF UNAUDITED INTERIM FINANCIAL STATEMENTS
Management believes that all adjustments, consisting of only normal recurring
accruals, considered necessary for a fair presentation of the unaudited interim
financial statements have been included. The results of operations for any
interim period are not necessarily indicative of results for the full year. The
unaudited interim financial statements should be read in conjunction with the
audited financial statements and notes thereto for the years ended December 31,
1999, 1998, and 1997.
4. RELATED PARTIES
The Ameritas Portfolios are managed by Ameritas Investment Corp., an affiliate
of AVLIC. Calvert Asset Management, Inc. is also an affiliate of AVLIC.
F-I(U)-11
<PAGE>
AMERITAS VARIABLE LIFE INSURANCE COMPANY
BALANCE SHEET
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
ASSETS
SEPTEMBER 30, 2000
----------------------
Investments:
Fixed maturity securities, available for sale
(amortized cost $138,728) $ 132,896
Equity securities, available for sale
(amortized cost $2,031) 1,718
Mortgage loans on real estate 2,134
Loans on insurance policies 21,568
-----------
Total investments 158,316
Cash and cash equivalents 12,637
Accrued investment income 2,506
Reinsurance receivable 12,961
Reinsurance recoverable-affiliates 358
Prepaid reinsurance premium-affiliates 2,799
Deferred policy acquisition costs 162,544
Current federal income taxes 1,662
Other 2,584
Separate Accounts 2,463,785
-----------
$ 2,820,152
===========
LIABILITIES AND STOCKHOLDER'S EQUITY
LIABILITIES:
Policy and contract reserves $ 2,974
Policy and contract claims 319
Accumulated contract values 239,126
Unearned policy charges 2,299
Unearned reinsurance ceded allowance 4,018
Deferred federal income taxes 5,597
Other 6,323
Separate Accounts 2,463,785
-----------
Total Liabilities 2,724,441
-----------
STOCKHOLDER'S EQUITY:
Common stock, par value $100 per share;
authorized 50,000 shares, issued and
outstanding 40,000 shares 4,000
Additional paid-in capital 52,870
Retained earnings 39,871
Accumulated other comprehensive income (loss) (1,030)
-----------
Total Stockholder's Equity 95,711
-----------
$ 2,820,152
===========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE UNAUDITED FINANCIAL
STATEMENTS.
F-II(U)-1
<PAGE>
AMERITAS VARIABLE LIFE INSURANCE COMPANY
STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000
(IN THOUSANDS)
(UNAUDITED)
INCOME:
Insurance revenues:
Contract charges $ 46,068
Premium-reinsurance ceded (6,998)
Reinsurance ceded allowance 3,136
Investment revenues:
Investment income, net 8,711
Realized gain(loss), net (11)
Other 2,312
---------
53,218
---------
BENEFITS AND EXPENSES:
Policy Benefits:
Death benefits 1,403
Interest credited 7,422
Increase in policy and contract reserves 789
Other 529
Sales and operating expenses 17,681
Amortization of deferred policy acquisition costs 18,831
---------
46,655
---------
INCOME BEFORE FEDERAL INCOME TAXES 6,563
---------
Income taxes - current 1,806
Income taxes - deferred (1,082)
---------
Total income taxes 724
---------
Net income $ 5,839
=========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE UNAUDITED FINANCIAL
STATEMENTS.
F-II(U)-2
<PAGE>
AMERITAS VARIABLE LIFE INSURANCE COMPANY
STATEMENT OF COMPREHENSIVE INCOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000
(in thousands)
(UNAUDITED)
Net income $ 5,839
Other comprehensive income, net of tax:
Unrealized gains (losses) on securities:
Unrealized holding gains (losses) arising during
period (net of deferred tax of $49) (92)
Reclassification adjustment for (gains)
losses included in net income
(net of deferred tax of $4) 7
---------
Other comprehensive income (loss) (85)
---------
Comprehensive income $ 5,754
=========
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE UNAUDITED FINANCIAL
STATEMENTS.
F-II(U)-3
<PAGE>
<TABLE>
<CAPTION>
AMERITAS VARIABLE LIFE INSURANCE COMPANY
STATEMENT OF STOCKHOLDER'S EQUITY
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000
(in thousands, except shares)
(UNAUDITED)
ACCUMULATED
COMMON STOCK ADDITIONAL OTHER
-------------------- PAID - IN RETAINED COMPREHENSIVE
SHARES AMOUNT CAPITAL EARNINGS INCOME (LOSS) TOTAL
------ ------ ------- -------- ------------ -----
<S> <C> <C> <C> <C> <C> <C>
BALANCE, January 1, 2000 40,000 $4,000 $ 42,870 $ 34,032 $ (945) $79,957
Net unrealized investment loss, net - - - - (85) (85)
Capital contribution - - 10,000 - - 10,000
Net income - - - 5,839 - 5,839
---------- --------- ----------- ---------- ----------- -----------
BALANCE, September 30, 2000 40,000 $4,000 $ 52,870 $ 39,871 $ (1,030) $95,711
========== ========= =========== ========== =========== ===========
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE UNAUDITED FINANCIAL
STATEMENTS.
F-II(U)-4
<PAGE>
AMERITAS VARIABLE LIFE INSURANCE COMPANY
STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000
(in thousands)
(UNAUDITED)
OPERATING ACTIVITIES
Net Income $ 5,839
Adjustments to reconcile net income to net cash
provided by operating activities:
Amortization of deferred policy acquisition costs 18,831
Policy acquisition costs deferred (28,221)
Interest credited to contract values 7,422
Amortization of discounts or premiums (29)
Net realized gains on investment transactions 11
Deferred income taxes (1,082)
Change in assets and liabilities:
Accrued investment income (64)
Reinsurance receivable 22,960
Reinsurance recoverable-affiliates (205)
Prepaid reinsurance premium-affiliates (262)
Other assets 256
Policy and contract reserves 789
Policy and contract claims (436)
Unearned policy charges 269
Federal income tax payable-current (4,584)
Unearned reinsurance ceded allowance 76
Other liabilities (7,602)
----------
Net cash from operating activities 13,968
----------
INVESTING ACTIVITIES
Purchase of fixed maturity securities available for sale (21,290)
Purchase of mortgage loans on real estate (855)
Proceeds from maturities or repayment of fixed maturity securities
available for sale 9,921
Proceeds from sales of fixed maturity securities available for sale 2,227
Proceeds from repayments of mortgage loans 111
Net change in loans on insurance policies (5,069)
----------
Net cash from investing activities (14,955)
----------
FINANCING ACTIVITIES
Capital contribution 10,000
Net change in accumulated contract values (8,346)
----------
Net cash from financing activities 1,654
----------
INCREASE(DECREASE) IN CASH AND CASH EQUIVALENTS 667
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 11,970
----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 12,637
==========
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income taxes 6,390
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE UNAUDITED FINANCIAL
STATEMENTS.
F-II(U)-5
<PAGE>
AMERITAS VARIABLE LIFE INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
(UNAUDITED)
1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Ameritas Variable Life Insurance Company (the Company), a stock life insurance
company domiciled in the state of Nebraska, is a wholly-owned subsidiary of AMAL
Corporation, a holding company 66% owned by Ameritas Life Insurance Corp. (ALIC)
and 34% owned by AmerUs Life Insurance Company (AmerUs). The Company began
issuing variable life insurance and variable annuity policies in 1987 and fixed
premium annuites in 1996. The variable life, variable annuity, and fixed premium
annuity policies are not participating with respect to dividends.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
2. BASIS OF PRESENTATION OF UNAUDITED INTERIM FINANCIAL STATEMENTS
Management believes that all adjustments, consisting of only normal recurring
accruals, considered necessary for a fair presentation of the unaudited interim
financial statements have been included. The results of operations for any
interim period are not necessarily indicative of results for the full year. The
unaudited interim financial statements should be read in conjunction with the
audited financial statements and notes thereto for the years ended December 31,
1999, 1998, and 1997.
F-II(U)-6
<PAGE>
UNDERTAKING TO FILE REPORTS
Subject to the terms and conditions of Section 15(d) of the Securities Exchange
Act of 1934, the undersigned registrant hereby undertakes to file with the
Securities and Exchange Commission such supplementary and periodic information,
documents, and reports as may be prescribed by any rule or regulation of the
Commission heretofore, or hereafter duly adopted pursuant to authority conferred
in that section.
Registrant makes the following representation pursuant to the National
Securities Markets Improvements Act of 1996:
Ameritas Variable Life Insurance Company represents that the fees and charges
deducted under the contract, in the aggregate, are reasonable in relation to the
services rendered, the expenses expected to be incurred, and the risks assumed
by the insurance company.
RULE 484 UNDERTAKING
AVLIC'S By-laws provide as follows:
The Company shall indemnify any person who was, or is a party, or is threatened
to be made a party, to any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative by reason
of the fact that he is or was a director, officer, or employee of the Company or
is or was serving at the request of the Company as a director, officer, employee
or agent of another corporation, partnership, joint venture, trust or other
enterprise, against expenses, including attorney's fees, judgments, fines and
amounts paid in settlement actually and reasonably incurred in connection with
such action, suit or proceeding to the full extent authorized by the laws of
Nebraska.
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 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 of whether such indemnification by it is against
public policy as expressed in the Act and wil be governed by the final
adjudication of such issue.
REPRESENTATION PURSUANT TO RULE 6E-3(T)
This filing is made pursuant to Rules 6c-3 and 6e-3(T) under the Investment
Company Act of 1940.
<PAGE>
CONTENTS OF REGISTRATION STATEMENT
This Registration Statement comprises the following Papers and Documents:
The facing sheet.
The prospectus consisting of 19 pages.
The undertaking to file reports.
The undertaking pursuant to Rule 484.
Representations pursuant to Rule 6e-3(T).
The signatures.
Written consents of the following:
(a) Russell J. Wiltgen
(b) Donald R. Stading
(c) Deloitte & Touche LLP
The Following Exhibits:
1. The following exhibits correspond to those required by paragraph A of the
instructions as to exhibits in Form N-8B-2.
(1) Resolution of the Board of Directors of AVLIC Authorizing
Establishment of the Account.*
(2) Not applicable.
(3) (a) Principal Underwriting Agreement. *
(b) Proposed Form of Selling Agreement. *
(c) Commission Schedule. *
(d) Amendment to Principal Underwriting Agreement.**
(4) Not Applicable.
(5 (a) Proposed Form of Policy. **
(b) Proposed Form of Policy Riders. ***
(6) (a) Articles of incorporation of Ameritas Variable Life Insurance
Company, **
(b) Bylaws of Ameritas Variable Life Insurance Company. ****
(7) Not applicable.
(8) (a) Participation Agreement in the Variable Insurance Products
Fund. **
(b) Participation Agreement in the Alger American Fund. **
(c) Participation Agreement in the MFS Variable Insurance Trust. *
(d) Participation Agreement in the Morgan Stanley Universal Funds,
Inc. *
(e) Participation Agreement in the Calvert Variable Series, Inc.
Ameritas Portfolios. ****
(f) Form of Participation Agreement in the Calvert Variable
Series, Inc. Social Portfolios.
(g) Form of Participation Agreement in the American Century
Variable Portfolios, Inc.
(h) Form of Participation Agreement in the INVESCO Variable
Investment Funds, Inc.
(i) Form of Participation Agreement in the Salomon Brothers
Variable Series Funds Inc.
(j) Form of Participation Agreement in the Summit Mutual Funds,
Inc.
(k) Form of Participation Agreement in the Third Avenue Variable
Series Trust.
(9) Not Applicable.
(10) Application for Policy. ***
(11) Code of Ethics. *****
2. (a)(b) Opinion and Consent of Donald R. Stading.
3. No financial statements will be omitted from the final Prospectus pursuant
to Instruction 1(b) or (c) or Part I.
4. Not applicable.
5. Not applicable.
6. (a)(b) Opinion and Consent of Russell J. Wiltgen.
7. Consent of Deloitte & Touche LLP.
8. Form of Notice of Withdrawal Right and Refund pursuant to Rule
6e-3(T)(b)(13)(viii) under the Investment Company Act of 1940.**
X Incorporated by reference to the initial Registration Statement for
Ameritas Variable Life Insurance Company Separate Account V, File No.
333-15585, filed November 5, 1996.
** Incorporated by reference to the Pre-Effective Amendment to the
Registration Statement for Ameritas Variable Life Insurance Company
Separate Account V, File No. 333-15585, filed January 17, 1997.
*** Incorporated by Reference to Pre-Effective Amendment No. 1 to the
Registration Statement for Ameritas Variable Life Insurance Company
Separate Account VA-2, File No. 333-36507, filed February 20, 1998.
**** Incorporated by reference to Post-Effective Amendment No. 5 to the
Registration Statement for Ameritas Variable Life Insurance Company
Separate Account V, File No. 333-15585, filed August 30, 1999.
***** Incorporated by reference to Post-Effective Amendment No. 6 to the
Registration Statement for Ameritas Variable Life Insurance Company
Separate Account V, File No. 333-15585, filed February 29, 2000.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant,
Ameritas Variable Life Insurance Company Separate Account V, certifies that it
meets all the requirements for effectiveness of this Post-Effective Amendment
No. 7 to the Registration Statement pursuant to Rule 485(b) under the Securities
Act of 1933 and has caused this Amendment to the Registration Statement to be
signed on its behalf by the undersigned thereunto duly authorized in the City of
Lincoln, County of Lancaster, State of Nebraska on this 16th day of November,
2000.
AMERITAS VARIABLE LIFE INSURANCE COMPANY
SEPARATE ACCOUNT V, Registrant
AMERITAS VARIABLE LIFE INSURANCE COMPANY, Depositor
Attest:/s/ Donald R. Stading By: /s/ Lawrence J. Arth
--------------------------------- --------------------------------------
Secretary Chairman of the Board
Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement has been signed by the Directors and Principal Officers of Ameritas
Variable Life Insurance Company on the dates indicated.
SIGNATURE TITLE DATE
--------- ----- ----
/s/ Lawrence J. Arth Director, Chairman
---------------------------------- of the Board and November 16, 2000
Lawrence J. Arth Chief Executive Officer
/s/ William J. Atherton Director, President and November 16, 2000
--------------------------------- Chief Operating Officer
William J. Atherton
/s/ Kenneth C. Louis Director, Executive November 16, 2000
---------------------------------- Vice President
Kenneth C. Louis
/s/ Gary R. McPhail Director, Executive November 16, 2000
---------------------------------- Vice President
Gary R. McPhail
/s/ Thomas C. Godlasky Director, Senior November 16, 2000
------------------------------- Vice President and
Thomas C. Godlasky Chief Investment Officer
/s/ JoAnn M. Martin Director, Vice President November 16, 2000
--------------------------------- and Chief Financial Officer
JoAnn M. Martin
<PAGE>
SIGNATURE TITLE DATE
--------- ----- ----
/s/ Michael G. Fraizer Director November 16, 2000
--------------------------------
Michael G. Fraizer
/s/ Robert C. Barth Controller November 16, 2000
----------------------------------
Robert C. Barth
/s/ William W. Lester Treasurer November 16, 2000
-------------------------------
William W. Lester
/s/ Donald R. Stading Secretary and November 16, 2000
-------------------------------- General Counsel
Donald R. Stading
<PAGE>
EXHIBIT INDEX
-------------
EXHIBIT
-------
1. (8) (f) Form of Participation Agreement in the Calvert Variable Series,
Inc. Social Portfolios
1. (8) (g) Form of Participation Agreement in the American Century
Variable Portfolios, Inc.
1. (8) (h) Form of Participation Agreement in the INVESCO Variable
Investment Funds, Inc.
1. (8) (i) Form of Participation Agreement in the Salomon Brothers
Variable Series Funds Inc.
1. (8) (j) Form of Participation Agreement in the Summit Mutual Funds, Inc.
1. (8) (k) Form of Participation Agreement in the Third Avenue Variable
Series Trust
2. (a)(b) Opinion and Consent of Donald R. Stading
6. (a)(b) Opinion and Consent of Russell J. Wiltgen.
7. Consent of Deloitte & Touche LLP.
