WRL FREEDOM SELECT(SM)
Supplement Dated December 1, 2000
to Prospectus Dated September 15, 2000
Effective December 1, 2000:
WRL Series Fund, Inc. offers a new investment option under this Contract. The
new investment option is available in most states. Please contact your agent
regarding availability of this new investment option in your state.
The prospectus is amended in the following respects:
The first sentence of the second paragraph on the front page is amended to read
as follows:
"You can put your money into 32 investment choices: a fixed account and 31
subaccounts of the WRL Series Annuity Account."
All other references to 30 subaccounts or portfolios appearing elsewhere in the
prospectus are amended to refer to 31.
The following information is added to the tables on the front page and on page
4:
WRL LKCM Capital Growth
The following information is added to the Annuity Contract Fee Table on page 7:
<TABLE>
<CAPTION>
--------------------------------------- ------------------ ------------------ ----------------- ----------------------
Management Other Rule 12b-1 Total Portfolio
Portfolio Fees Expenses Fees Annual Expenses
--------------------------------------- ------------------ ------------------ ----------------- ----------------------
<S> <C> <C> <C> <C>
WRL LKCM Capital Growth(12) 0.80% 0.20% N/A 1.00%
--------------------------------------- ------------------ ------------------ ----------------- ----------------------
</TABLE>
The footnotes on pages 8 and 9 are amended as follows:
The following information is added to the table under footnote (4):
<TABLE>
<CAPTION>
--------------------------------------- ------------------------- ----------------------- ----------------------------
Expense Reimbursement Expense Ratio Without
Limit Amount Reimbursement
--------------------------------------- ------------------------- ----------------------- ----------------------------
<S> <C> <C> <C>
WRL LKCM Capital Growth 1.00% N/A N/A
--------------------------------------- ------------------------- ----------------------- ----------------------------
</TABLE>
Footnote (12) is added as follows:
(12) Because this portfolio commenced operations on December 1, 2000, the
percentages set forth as "Other Expenses" and "Total Annual Expenses"
are estimates.
The following information is added to the table on page 10 under the heading
"Example":
<TABLE>
<CAPTION>
======================================================= ==============================================================
If You Surrender, Annuitize* or Remain Invested in the
Subaccounts Contract at the End of the Applicable Time Period
======================================================= =============== ============== ============== ================
<S> <C> <C> <C> <C>
1 Year 3 Years 5 Years 10 Years
WRL LKCM Capital Growth $17 $52 $90 $195
======================================================= =============== ============== ============== ================
</TABLE>
<PAGE>
The following information is added to the table on page 16 under the heading
"Investment Choices":
<TABLE>
<CAPTION>
---------------------------------- ---------------------------------------------- ----------------------------------
PORTFOLIO INVESTMENT OBJECTIVE ADVISER OR SUB-ADVISER
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Growth Equity
--------------------------------------------------------------------------------------------------------------------
WRL LKCM Capital Growth Seeks long-term growth of capital through a Luther King Capital Management
disciplined investment approach focusing on Corporation
companies with superior growth prospects.
---------------------------------- ---------------------------------------------- ----------------------------------
</TABLE>
The following information is added to the table in Appendix B on page 31:
<TABLE>
<CAPTION>
-------------------------------------- ------------ ------------- ------------- ------------------ -----------------
1 Year 5 Years 10 Years Inception of the Subaccount
Ended Ended Ended Subaccount to Inception Date**
Subaccount 12/31/99 12/31/99 12/31/99 12/31/99**
-------------------------------------- ------------ ------------- ------------- ------------------ -----------------
<S> <C> <C> <C> <C> <C>
WRL LKCM Capital Growth N/A N/A N/A N/A 12/01/2000
-------------------------------------- ------------ ------------- ------------- ------------------ -----------------
</TABLE>
