THE LIFE INSURANCE COMPANY OF VIRGINIA
LIFE OF VIRGINIA SEPARATE ACCOUNT 4
SUPPLEMENT DATED MAY 29, 1997
TO
PROSPECTUS DATED MAY 1, 1997
On or about May 16, 1997, The Life Insurance Company of Virginia ("Life
of Virginia") and several other applicants filed an application with the
Securities and Exchange Commission seeking an order approving the substitution
of shares of certain investment portfolios of GE Investments Funds, Inc.,
Variable Insurance Products Fund, Oppenheimer Variable Account Funds, and Janus
Aspen Series for shares of certain other investment portfolios of Variable
Insurance Products Fund, Oppenheimer Variable Account Funds, Janus Aspen Series
and Neuberger & Berman Advisers Management Trust currently held by various
investment subdivisions of Life of Virginia Separate Account 4 (the "Account").
To the extent required by law, approvals of such substitutions will also be
obtained from the state insurance regulators in certain jurisdictions. The
effect of such a share substitution would be to replace certain portfolios of
Variable Insurance Products Fund, Oppenheimer Variable Account Funds, GE
Investments Funds, Inc and Neuberger & Berman Advisers Management Trust with
those of GE Investments Funds, Inc., Variable Insurance Products Fund,
Oppenheimer Variable Account Funds, and Janus Aspen Series as investment options
under the Contracts described in your May 1, 1997 prospectus.
More particularly, Life of Virginia proposes to substitute: (1) shares
of GE Investments Funds' Money Market Fund for shares of Variable Insurance
Product Fund's Money Market Portfolio, (2) shares of GE Investments Funds' Money
Market Fund for shares of Oppenheimer Variable Account Funds' Money Fund, (3)
shares of GE Investments Funds' Income Fund for shares of GE Investments Funds'
Government Securities Fund, (4) shares of GE Investments Funds' Income Fund for
shares of Neuberger & Berman Advisers Management Trust's Limited Maturity Bond
Portfolio, (5) shares of Oppenheimer Variable Account Funds' High Income Fund
for shares of Variable Insurance Products Fund's High Income Portfolio, (6)
shares of Variable Insurance Products Fund's Growth Portfolio for shares of
Neuberger & Berman Advisers Management Trust's Growth Portfolio, and (7) shares
of Janus Aspen Series' Balanced Portfolio for shares of Neuberger & Berman
Advisers Management Trust's Balanced Portfolio. Where, after the proposed
substitutions, more than one investment subdivision holds shares of a single
Fund, Life of Virginia intends to consolidate those subdivisions.
The investment objectives of GE Investments Funds' Money Market Fund,
GE Investments Funds' Income Fund, Oppenheimer Variable Account Funds' High
Income Fund, Variable Insurance Products Funds' Growth Portfolio, and Janus
Aspen Series' Balanced Portfolio are summarized below. Contract owners and
prospective purchasers should carefully read the prospectus for such funds. Life
of Virginia will send each Contract owner a copy of such prospectuses before the
proposed substitutions are carried out.
GE Investments Funds' Money Market Fund seeks the highest level of
current income consistent with high liquidity and safety of principal
by investing in various types of high quality money market securities.
GE Investments Funds' Income Fund seeks the maximum level of income
consistent with prudent management and preservation of income by
investing in various types of income-bearing debt securities.
Oppenheimer Variable Account Funds' High Income Fund seeks a high level
of current income from investment in high yield fixed income
securities, including unrated securities or high risk securities in the
lower rating categories.
Variable Insurance Products Fund's Growth Portfolio seeks capital
appreciation by investing primarily in common stocks.
Janus Aspen Series' Balanced Portfolio seeks long term capital growth
and reasonable current income without undue risk to principal.
From the date of this supplement to the date of the proposed
substitutions, each Contract owner will be permitted to make one transfer of all
amounts under a Contract invested in any one of the affected investment
subdivisions on the date of the supplement to another investment subdivision
other than one of the other affected investment subdivisions without that
transfer counting as the free transfer permitted in a calendar month. Also, Life
of Virginia will not exercise any rights reserved under any Contract to impose
additional restrictions on transfers until at least thirty (30) days after the
proposed substitutions.
If the proposed substitutions are carried out, each Contract owner
affected by the substitution will be sent a written notice informing them that
the substitutions were carried out and that they may make one transfer of all
amounts under a Contract invested in any one of the affected investment
subdivisions on the date of the notice to another investment subdivision without
that transfer counting as the free transfer permitted in a calendar month.
This supplement should be retained with the Prospectus for future
reference.
