AMERITAS VARIABLE LIFE INSURANCE CO SEPARATE ACCOUNT V
NSAR-U, 2000-02-22
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                                   FORM N-SAR

                               SEMI-ANNUAL REPORT

                       FOR REGISTERED INVESTMENT COMPANIES


Report for six month period ending: / /     (a)

       or fiscal year ending:    12/31/99   (b)

Is this a transition report? (Y/N)        N

Is this an amendment to a previous filing? (Y/N)         N

Those  items or  sub-items  with a box  "[/]"  after the item  number  should be
completed only if the answer has changed from the previous filing on this form.

1. A.  Registrant  Name:  Ameritas  Variable Life  Insurance  Company - Separate
       Account V
   B.  File Number: 811-4473
   C.  Telephone Number: (402) 467-1122


2. A.  Street:   5900 "O" Street
   B.  City:       Lincoln         C. State:  NE    D. Zip Code: 68510  Zip Ext:
   E.  Foreign Country:                                Foreign Postal Code:

3. Is this the first filing on this form by Registrant? (Y/N)                N

4. Is this the last filing on this form by Registrant? (Y/N)                 N

5. Is Registrant a small business investment company (SBIC)? (Y/N)           N
   [If answer is "Y" (Yes), complete only items 89 through 110.]

6. Is Registrant a unit investment trust (UIT)? (Y/N)                        Y
   [If answer is "Y" (Yes), complete only items 111 through 132.]

7. A.  Is Registrant a series or multiple portfolio  company?  (Y/N)         N
       [If answer is "N" (No), go to item 8.]

   B.  How many separate series or portfolios did Registrant have at the end of
       the period?


<PAGE>

For period ending   12/31/99                             If filing more than one
File number 811- 4473                                    Page 50, "X" box:   [ ]

123. [/] State the total value of the additional  units  considered in answering
     item 122 ($000's omitted)                                         $ 75,843


124. [/] State the total value of units of prior  series that were placed in the
     portfolios  of subsequent  series  during the current  period (the value of
     these  units  is to be  measured  on  the  date  they  were  placed  in the
     subsequent series) ($000's omitted)                               $


125. [/]  State  the  total  dollar  amount  of sales  loads  collected  (before
     reallowances  to  other  brokers  or  dealers)  by  Registrant's  principal
     underwriter  and any  underwriter  which  is an  affiliated  person  of the
     principal  underwriter  during the current  period  solely from the sale of
     units of all series of Registrant ($000's omitted)                $ 12,940


126. Of the amount  shown in item 125,  state the total  dollar  amount of sales
     loads  collected from secondary  market  operations in  Registrant's  units
     (include  the sales  loads,  if any,  collected  on units of a prior series
     placed in the portfolio of a subsequent series.) ($000's omitted) $      0


127. List opposite the appropriate  description below the number of series whose
     portfolios are invested  primarily (based upon a percentage of NAV) in each
     type of security shown,  the aggregate total assets at market value as of a
     date at or near the end of the current  period of each such group of series
     and the total income distributions made by each such group of series during
     the current period (excluding distributions of realized gains, if any):


                                        NUMBER OF   TOTAL ASSETS   TOTAL INCOME
                                          SERIES      ($000'S     DISTRIBUTIONS
                                        INVESTING     OMITTED)  ($000'S OMITTED)

A.  U.S. Treasury direct issue                         $              $
                                          ---------   -----------   ----------
B.  U.S. Government agency                           $              $
                                          ---------   ------------  ----------
C.  State and municipal tax-free                     $              $
                                          ---------   ------------  ----------
D.  Public utility debt                              $              $
                                          ---------   ------------  ----------
E.  Brokers or dealers debt or debt of
    brokers' or dealers' parent                      $              $
                                          ---------   ------------  ----------
F.  All other corporate intermed. &
    long-term debt                                   $              $
                                          ---------   ------------  ----------
G.  All other corporate short-term debt              $              $
                                          ---------   ------------  ----------
H.  Equity securities of brokers or
    dealers or parents of brokers
    or dealers                                       $              $
                                          ---------   ------------  ----------
I.  Investment company equity securities             $              $
                                          ---------   ------------  ----------
J.  All other equity securities                      $   402,722    $   22,839
                                          ---------   -----------   ----------
K.  Other securities                                 $              $
                                          ---------   ------------  ----------
L.  Total assets of all series of
    registrant                                       $   402,722    $
                                          ---------   ------------  ----------



<PAGE>


This report is signed on behalf of the registrant (or depositor or trustee).


City of:      Lincoln          State of:     NE                  Date: 02/22/00

Name of Registrant, Depositor, or Trustee:  Ameritas Variable Life Insurance
                                            Company (Depositor)

By (Name and Title):                               Witness (Name and Title):

/s/ Lawrence J. Arth                               /s/ Donald R. Stading
- ----------------------                             ------------------------
Lawrence J. Arth                                   Donald R. Stading
Director, Chairman of the Board, and               Secretary and General Counsel
    Chief Executive Officer



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