As filed with the Securities and Exchange Commission on
October 6, 2000
Registration No. 33-86500
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Post-Effective Amendment No. 8
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 LIFE INSURANCE CORP.
SEPARATE ACCOUNT LLVL
(EXACT NAME OF REGISTRANT)
-----------------------
AMERITAS LIFE INSURANCE CORP.
(Depositor)
5900 "O" Street
Lincoln, Nebraska 68510
------------------------
DONALD R. STADING
Senior Vice President, Secretary and Corporate General Counsel
Ameritas Life Insurance Corp.
5900 "O" Street
Lincoln, Nebraska 68510
-------------------------
Title of Securities Being Registered: SECURITIES OF UNIT INVESTMENT TRUST
-----------------------------------
Approximate Date of Proposed Public Offering: As soon as practicable after
effective date.
It is proposed that this filing will become effective:
___ Immediately upon filing pursuant to paragraph (b).
___ On ______________ pursuant to paragraph (b).
_X_ 60 days after filing pursuant to paragraph (a)(1).
___ 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. Ameritas Life Insurance Corp.; Distribution of the Policies
5. The Separate Account
6. The Separate Account
7. Not Required
8. Not Required
9. Legal Proceedings
10. Summary; Addition, Deletion or 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; The Funds: Calvert Variable Series, Inc.; Vanguard
Variable Insurance Fund; Neuberger Berman Advisers
Management Trust; Berger Institutional Products Trust; Rydex
Variable Trust; Fixed Account
17. Summary; Policy Rights
18. The Funds; Calvert Variable Series, Inc.; Vanguard Variable
Insurance Fund; Neuberger Berman Advisers Management Trust;
Berger Institutional Products Trust; Rydex Variable Trust;
Fixed Account
19. General Provisions: Voting Rights
20. Not Applicable
21. Summary; Policy Rights; General Provisions
22. Not Applicable
23. Safekeeping of the Separate Account's Assets
24. General Provisions
25. Ameritas Life Insurance Corp.
26. Not Applicable
27. Ameritas Life Insurance Corp.
28. Executive Officers and Directors of Ameritas: Ameritas Life
Insurance Corp.
29. Ameritas Life Insurance Corp.
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 the Policies
42. Not Applicable
43. Not Applicable
<PAGE>
ITEM NO. OF
FORM N-8B-2 CAPTION IN PROSPECTUS
44. Accumulation Value, Payment and Allocation of Premiums
45. Not Applicable
46. The Funds; Accumulation Value
47. The Funds
48. State Regulation
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. 33-86500) 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
March 1, 2000. This Amendment does not delete, amend, or supersede any
information contained in the Registration Statement or Post-Effective Amendment
No. 7 to the Registration Statement, except to the extent provided herein.
AMERITAS LIFE INSURANCE CORP. ("AMERITAS")
SUPPLEMENT TO AMERITAS LOW-LOAD VARIABLE UNIVERSAL LIFE
PROSPECTUS DATED MAY 1, 2000
SUPPLEMENT DATED OCTOBER 6, 2000
AMERITAS IS REDUCING THE COST OF INSURANCE ("COI") AND MORTALITY AND EXPENSE
("M&E") CHARGES OF THE POLICY. REVISIONS TO THE PROSPECTUS TO DISCLOSE THESE
CHANGES ARE AS FOLLOWS:
COST OF INSURANCE
PAGE 28, THE SUB-SECTION COST OF INSURANCE, SECOND PARAGRAPH, THE FIFTH SENTENCE
IS DELETED AND REPLACED WITH THE FOLLOWING:
The current rates, based on Ameritas' own mortality experience, range between
40% and 100% of the rates based on the 1980 Commissioners Standard Ordinary
Tables.
MORTALITY AND EXPENSE
PAGE 5, THE DAILY CHARGE FOR M&E PARAGRAPH IS DELETED AND REPLACED WITH THE
FOLLOWING:
Daily charge from the Subaccounts for mortality and expense risks, currently at
an annual rate of 0.75% for Policy Years 1-20 and 0.45% for Policy Years 21+.
This charge is guaranteed not to exceed 0.90% for all Policy Years. This charge
is not deducted from Fixed Account assets.
PAGE 6, THE SUB-SECTION "DAILY CHARGES AGAINST THE SEPARATE ACCOUNT" IS DELETED
AND REPLACED WITH THE FOLLOWING:
DAILY CHARGES AGAINST THE SEPARATE ACCOUNT. A daily charge will be imposed at an
annual rate not to exceed 0.90% (currently 0.75% for Policy Years 1-20 and 0.45%
for Policy Years 21+) of the average daily net assets of each Subaccount, but
not the Fixed Account. This charge compensates Ameritas for mortality and
expense risks assumed in connection with the Policy. (See the section on Daily
Charges Against the Separate Account.)
PAGE 29, THE SECTION ON DAILY CHARGES AGAINST THE SEPARATE ACCOUNT, FIRST
PARAGRAPH, IS DELETED AND REPLACED WITH THE FOLLOWING:
DAILY CHARGES AGAINST THE SEPARATE ACCOUNT
A daily charge will be deducted from the value of the net assets of Separate
Account LLVL to compensate Ameritas for mortality and expense risks assumed in
connection with the Policy. This daily charge from Separate Account LLVL is
currently at the rate of 0.002049% (equivalent to an annual rate of 0.75%) for
Policy Years 1-20 and 0.001229% (equivalent to an annual rate of 0.45%) for
Policy Years 20+. This charge will not exceed 0.002459% (equivalent to an annual
rate of .90%) of the average daily net assets of Separate Account LLVL in any
Policy Year. The daily charge will be deducted from the net asset value of
Separate Account LLVL, and therefore the Subaccounts, on each Valuation Date.
Where the previous day or days was not a Valuation Date, the deduction on the
Valuation Date will be the applicable daily rate multiplied by the number of
days since the last Valuation Date. No mortality and expense charges will be
deducted from the amounts in the Fixed Account.
THIS SUPPLEMENT SHOULD BE RETAINED WITH THE CURRENT PROSPECTUS FOR YOUR VARIABLE
POLICY ISSUED BY AMERITAS LIFE INSURANCE CORP. IF YOU DO NOT HAVE A CURRENT
PROSPECTUS, PLEASE CONTACT AMERITAS AT 1-800-255-9678.
<PAGE>
AMERITAS LIFE INSURANCE CORP.
SEPARATE ACCOUNT LLVL
STATEMENT OF NET ASSETS
JUNE 30, 2000
(UNAUDITED)
ASSETS
INVESTMENTS AT NET ASSET VALUE:
DEUTSCHE ASSET MANAGEMENT VIT FUNDS:
EAFE Equity Index Portfolio--442.115 shares at $12.83
per share (cost $5,697) $ 5,672
Equity 500 Index Portfolio--25,516.044 shares at $15.11
per share (cost $378,949) 385,547
Small Cap Index Portfolio--429.159 shares at $11.88
per share (cost $5,149) 5,098
BERGER INSTITUTIONAL PRODUCTS TRUST:
Growth Portfolio--48,510.815 shares at $20.76
per share (cost $861,005) 1,007,084
Small Company Growth Portfolio--133,794.446 shares at
$27.97 per share (cost $2,940,060) 3,742,231
CALVERT VARIABLE SERIES, INC.:
Social International Portfolio--83.867 shares at $23.69
per share (cost $2,017) 1,987
Social Balanced Portfolio--0 shares at $2.228
per share ($0 cost) --
Social Small Cap Portfolio--0 shares at $14.41
per share ($0 cost) --
Social Mid Cap Growth Portfolio--0 shares at $33.48
per share ($0 cost) --
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST:
Balanced Portfolio--39,120.096 shares at $19.97
per share (cost $670,504) 781,228
Growth Portfolio--54,810.446 shares at $39.64 per share
(cost $1,628,313) 2,172,686
Guardian Portfolio--9,352.174 shares at $16.34 per share
(cost $152,214) 152,815
Limited Maturity Bond Portfolio--8,399.911 shares at
$12.59 per share (cost $114,675) 105,755
Liquid Assets Portfolio--244,741.820 shares at $1.00
per share (cost $244,742) 244,742
MidCap Growth Portfolio--3,262.643 shares at $27.40
per share (cost $75,279) 89,396
Partners Portfolio--209,421.048 shares at $15.97 per
share (cost $3,670,517) 3,344,454
RYDEX VARIABLE TRUST:
Nova Portfolio--48,049.762 shares at $17.62 per share
(cost $805,299) 846,637
OTC Portfolio--94,863.346 shares at $38.80 per share
(cost $3,040,370) 3,680,698
Precious Metals Portfolio--5,676.750 shares at $4.65
per share (cost $18,943) 26,398
Ursa Portfolio--14,519.647 shares at $5.48 per share
(cost $55,834) 79,568
U.S. Government Bond Portfolio -- 3,534.890 shares at $10.95
per share (cost $48,434) 38,707
VANGUARD VARIABLE INSURANCE FUND:
Balanced Portfolio--179,289.015 shares at $16.1788 per
share (cost $3,070,163) 2,900,681
Equity Income Portfolio--182,399.962 shares at $19.7044
per share (cost $3,445,679) 3,594,082
Equity Index Portfolio--454,567.305 shares at $37.9803
per share (cost $13,085,597) 17,264,603
F-I(U) - 1
<PAGE>
Growth Portfolio--419,851.592 shares at $34.7375 per share
(cost $10,677,108) 14,584,595
High-Grade Bond Portfolio--125,921.932 shares at $10.2187
per share (cost $1,374,344) 1,286,758
High Yield Bond Portfolio--77,595.491 shares at $9.0847
per share (cost $794,869) 704,932
International Portfolio--325,550.161 shares at $18.7369
per share (cost $4,729,264) 6,099,801
Money Market Portfolio--13,317,959.978 shares at $1.0000
per share (cost $13,317,960) 13,317,960
Small Company Growth Portfolio--185,544,724 shares at
$22.2888 per share (cost $2,312,729) 4,135,569
FIDELITY VARIABLE INSURANCE PRODUCTS CLASS:
VIP High Income: Service Class--0 shares at $10.01
per share ($0 cost) --
VIP Contrafund: Service Class--0 shares at $25.03
per share ($0 cost) --
VIP Investment Grade Bond: Initial Class--0 shares at $11.75
per share ($0 cost) --
VIP Mid Cap: Service Class--0 shares at $18.79
per share ($0 cost) --
CALVERT VARIABLE SERIES, INC. AMERITAS PORTFOLIOS:
Ameritas Growth Portfolio--0 shares at $67.02
per share ($0 cost) --
Ameritas MidCap Growth Portfolio--0 shares at $37.17
per share ($0 cost) --
Ameritas Small Capitalization Portfolio--0 shares at $56.77
per share ($0 cost) --
Ameritas Growth With Income Portfolio--0 shares at $18.62
per share ($0 cost) --
-----------
Net Assets Representing Equity of Policyowners $80,599,684
===========
The accompanying notes are an integral part of these unaudited financial
statements
F-I(U) - 2
<PAGE>
AMERITAS LIFE INSURANCE CORP.
<TABLE>
<CAPTION>
SEPARATE ACCOUNT LLVL
FOR THE SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
STATEMENTS OF OPERATIONS:
VANGUARD VARIABLE INSURANCE FUND
--------------------------------
Money Equity Equity
Market Index Income
Total Portfolio Portfolio Portfolio
----- --------- --------- ---------
2000
----
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividend distributions
received $ 474,231 $ 351,310 $ -- $ --
Mortality and expense
risk charge 275,406 43,455 60,854 12,859
--------- -------- -------- --------
NET INVESTMENT INCOME(LOSS) 198,825 307,855 (60,854) (12,859)
--------- -------- --------- --------
REALIZED AND UNREALIZED
GAIN(LOSS) ON INVESTMENTS:
Net realized gain distributions 817,411 -- -- --
Net change in unrealized
appreciation(depreciation) 1,220,942 -- (35,880) (119,174)
--------- -------- --------- ---------
NET GAIN(LOSS) ON INVESTMENTS 2,038,353 -- (35,880) (119,174)
--------- -------- --------- ---------
NET INCREASE(DECREASE) IN
NET ASSETS RESULTING
FROM OPERATIONS $2,237,178 $ 307,855 $ (96,734) $ (132,033)
========== ========= ========== ===========
STATEMENTS OF CHANGES IN NET ASSETS
VANGUARD VARIABLE INSURANCE FUND
--------------------------------
Money Equity Equity
Market Index Income
Total Portfolio Portfolio Portfolio
----- --------- --------- ---------
2000
----
INCREASE(DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 198,825 $ 307,855 $ (60,854) $ (12,859)
Net realized gain distributions 817,411 -- -- --
Net change in unrealized
appreciation (depreciation) 1,220,942 -- (35,880) (119,174)
---------- ---------- ---------- ----------
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING
FROM OPERATIONS 2,237,178 307,855 (96,734) (132,033)
NET INCREASE (DECREASE)
FROM POLICYOWNER
TRANSACTIONS 10,778,217 2,101,880 1,496,307 159,726
---------- ---------- ---------- ----------
TOTAL INCREASE (DECREASE)
IN NET ASSETS 13,015,395 2,409,735 1,399,573 27,693
---------- ---------- ---------- ----------
NET ASSETS AT JANUARY 1, 2000 67,584,289 10,908,225 15,865,030 3,566,389
---------- ---------- ---------- ----------
NET ASSETS AT JUNE 30, 2000 $80,599,684 $13,317,960 $17,264,603 $3,594,082
=========== =========== =========== ==========
The accompanying notes are an integral part of these unaudited financial
statements
F-I(U) -3
<PAGE>
VANGUARD VARIABLE INSURANCE FUND
---------------------------------------------------------------------------------------------
Small Company
Growth Balanced High-Grade Bond International High Yield Bond Growth
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
--------- --------- --------- --------- --------- ---------
$ -- $ -- $ 45,384 $ -- $ 30,742 $ --
50,201 11,577 5,081 21,394 2,494 14,098
--------- ---------- ---------- --------- --------- ----------
(50,201) (11,577) 40,303 (21,394) 28,248 (14,098)
---------- ----------- ---------- ---------- --------- -----------
-- -- -- -- -- --
784,265 (89,624) 5,630 203,285 (32,967) 572,757
--------- ----------- ---------- --------- ---------- ----------
784,265 (89,624) 5,630 203,285 (32,967) 572,757
--------- ----------- ---------- --------- ---------- ----------
$ 734,064 $ (101,201) $ 45,933 $ 181,891 $ (4,719) $ 558,659
========== ============ =========== ========== ========== ==========
VANGUARD VARIABLE INSURANCE FUND
---------------------------------------------------------------------------------------------
Small Company
Growth Balanced High-Grade Bond International High Yield Bond Growth
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
--------- --------- --------- --------- --------- ---------
$ (50,201) $ (11,577) $ 40,303 $ (21,394) $ 28,248 $ (14,098)
-- -- -- -- -- --
784,265 (89,624) 5,630 203,285 (32,967) 572,757
---------- ----------- --------- --------- --------- ---------
734,064 (101,201) 45,933 181,891 (4,719) 558,659
1,139,041 (933,602) (120,583) 866,337 18,255 538,892
---------- ----------- ---------- ---------- -------- ---------
1,873,105 (1,034,803) (74,650) 1,048,228 13,536 1,097,551
---------- ----------- ---------- ---------- -------- ---------
12,711,490 3,935,484 1,361,408 5,051,573 691,396 3,038,018
---------- ----------- ---------- ---------- -------- ---------
$14,584,595 $ 2,900,681 $1,286,758 $6,099,801 $ 704,932 $4,135,569
=========== ============ ========== ========== ========= ==========
</TABLE>
F-I(U) - 4
<PAGE>
<TABLE>
<CAPTION>
AMERITAS LIFE INSURANCE CORP.
SEPARATE ACCOUNT LLVL
FOR THE SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
STATEMENTS OF OPERATIONS: NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
--------------------------------------------------------
Limited
Maturity
Balanced Growth Partners Bond
Portfolio Portfolio Portfolio Portfolio
--------- --------- --------- ---------
2000
----
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividend distributions
received $ 8,815 $ -- $ 27,793 $ 6,112
Mortality and expense
risk charge 2,209 7,392 12,462 364
------- --------- -------- --------
NET INVESTMENT INCOME (LOSS) 6,606 (7,392) 15,331 5,748
------- --------- -------- --------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain distributions 69,803 156,551 591,056 --
Net change in unrealized
appreciation (depreciation) (4,770) 33,240 (622,328) (4,297)
-------- --------- --------- --------
NET GAIN (LOSS) ON INVESTMENTS 65,033 189,791 (31,272) (4,297)
------- --------- --------- --------
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING
FROM OPERATIONS $ 71,639 $ 182,399 $ (15,941) $ 1,451
======== ========= ========== =========
STATEMENTS OF CHANGES IN NET ASSETS: NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
--------------------------------------------------------
Limited
Maturity
Balanced Growth Partners Bond
Portfolio Portfolio Portfolio Portfolio
--------- --------- --------- ---------
2000
----
INCREASE(DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income (loss) $ 6,606 $ (7,392) $ 15,331 $ 5,748
Net realized gain distributions 69,803 156,551 591,056 --
Net change in unrealized
appreciation (depreciation) (4,770) 33,240 (622,328) (4,297)
-------- --------- ---------- ---------
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING
FROM OPERATIONS 71,639 182,399 (15,941) 1,451
NET INCREASE (DECREASE)
FROM POLICYOWNER
TRANSACTIONS 217,799 482,806 (64,964) 13,613
--------- --------- ---------- --------
TOTAL INCREASE (DECREASE)
IN NET ASSETS 289,438 665,205 (80,905) 15,064
--------- --------- ---------- --------
NET ASSETS AT JANUARY 1, 2000 491,790 1,507,481 3,425,359 90,691
--------- --------- ---------- --------
NET ASSETS AT JUNE 30, 2000 $ 781,228 $2,172,686 $3,344,454 $ 105,755
========== ========== ========== =========
The accompanying notes are an integral part of these unaudited financial
statements
F-I(U) - 5
<PAGE>
Neuberger Berman Berger Institutional
Advisers Management Trust Products Trust Rydex Variable Trust
---------------------------------- ----------------------------- --------------------------
Small
MidCap Company Precious
Liquid Assets Growth Guardian Growth Growth Nova OTC Metals
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
--------- --------- --------- --------- --------- --------- --------- ---------
$ 3,472 $ -- $ 18 $ -- $ -- $ -- $ -- $ --
581 102 178 2,233 10,169 3,219 9,815 3,834
-------- -------- ------- ------- -------- -------- -------- -------
2,891 (102) (160) (2,233) (10,169) (3,219) (9,815) (3,834)
-------- --------- -------- ------- -------- -------- -------- -------
-- 1 -- -- -- -- -- --
-- 14,118 601 26,282 288,144 (18,986) 168,262 46,676
-------- -------- ------- ------- -------- --------- -------- -------
-- 14,119 601 26,282 288,144 (18,986) 168,262 46,676
-------- -------- ------- ------- -------- --------- -------- -------
$ 2,891 $ 14,017 $ 441 $ 24,049 $ 277,975 $ (22,205) $ 158,447 $ 42,842
========= ========= ======= ======== ========= ========== ========= ========
Neuberger Berman Berger Institutional
Advisers Management Trust Products Trust Rydex Variable Trust
------------------------- -------------- --------------------
Small
MidCap Company Precious
Liquid Assets Growth Guardian Growth Growth Nova OTC Metals
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
--------- --------- --------- --------- --------- --------- --------- ---------
$ 2,891 $ (102) $ (160) $(2,233) $ (10,169) $ (3,219) $ (9,815) $ (3,834)
-- 1 -- -- -- -- -- --
-- 14,118 601 26,282 288,144 (18,986) 168,262 46,676
-------- ------- -------- --------- --------- ---------- --------- -------
2,891 14,017 441 24,049 277,975 (22,205) 158,447 42,842
241,851 75,379 152,374 597,783 2,162,024 (250,242) 1,460,147 (16,444)
-------- ------- -------- --------- --------- ---------- --------- --------
244,742 89,396 152,815 621,832 2,439,999 (272,447) 1,618,594 26,398
-------- ------- -------- --------- --------- ---------- --------- -------
-- -- -- 385,252 1,302,232 1,119,084 2,062,104 --
-------- ------- -------- --------- --------- --------- --------- -------
$ 244,742 $ 89,396 $ 152,815 $1,007,084 $3,742,231 $ 846,637 $ 3,680,698 $ 26,398
========= ======== ========= ========== ========== ========= =========== ========
</TABLE>
F-I(U) - 6
<PAGE>
<TABLE>
<CAPTION>
AMERITAS LIFE INSURANCE CORP.
SEPARATE ACCOUNT LLVL
FOR THE SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
STATEMENTS OF OPERATIONS: Calvert
Variable
Rydex Variable Trust Series, Inc.
-------------------------- ------------
U.S. Government International
Ursa Bond Equity
2000 Portfolio Portfolio Portfolio
---- --------- --------- ---------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividend distributions
received $ -- $ 585 $ --
Mortality and expense
risk charge 256 121 --
-------- -------- --------
NET INVESTMENT INCOME(LOSS) (256) 464 --
--------- -------- --------
REALIZED AND UNREALIZED
GAIN(LOSS) ON INVESTMENTS:
Net realized gain distributions -- -- --
Net change in unrealized
appreciation(depreciation) (2,998) 2,538 (30)
--------- -------- ---------
NET GAIN(LOSS) ON INVESTMENTS (2,998) 2,538 (30)
--------- -------- ---------
NET INCREASE(DECREASE) IN
NET ASSETS RESULTING
FROM OPERATIONS $ (3,254) $ 3,002 $ (30)
========= ======== =========
STATEMENTS OF CHANGES IN NET ASSETS: Calvert
Variable
Rydex Variable Trust Series, Inc.
-------------------------- ------------
U.S. Government International
Ursa Bond Equity
2000 Portfolio Portfolio Portfolio
---- --------- --------- ---------
INCREASE(DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income (loss) $ (256) $ 464 $ --
Net realized gain distributions -- -- --
Net change in unrealized
appreciation (depreciation) (2,998) 2,538 (30)
---------- --------- --------
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING
FROM OPERATIONS (3,254) 3,002 (30)
NET INCREASE (DECREASE)
FROM POLICYOWNER
TRANSACTIONS 25,090 35,705 2,017
--------- --------- --------
TOTAL INCREASE (DECREASE)
IN NET ASSETS 21,836 38,707 1,987
--------- --------- --------
NET ASSETS AT JANUARY 1, 2000 57,732 -- --
--------- --------- --------
NET ASSETS AT JUNE 30, 2000 $ 79,568 $ 38,707 $ 1,987
========= ========= ========
The accompanying notes are an integral part of these unaudited financial
statements
F-I(U) - 7
<PAGE>
DEUTSCHE ASSET MANAGEMENT VIT FUNDS
-----------------------------------
Equity 500 EAFE Equity Small Cap
Index Index Index
Portfolio Portfolio Portfolio
--------- --------- ---------
$ -- $ -- $ --
438 10 10
-------- ------ -------
(438) (10) (10)
--------- ------- --------
-- -- --
6,278 (30) (50)
-------- ------- --------
6,278 (30) (50)
-------- ------- --------
$ 5,840 $ (40) $ (60)
========= ======= ========
DEUTSCHE ASSET MANAGEMENT VIT FUNDS
-----------------------------------
Equity 500 EAFE Equity Small Cap
Index Index Index
Portfolio Portfolio Portfolio
----------- ----------- ---------
$ (438) $ (10) $ (10)
-- -- -
6,278 (30) (50)
-------- -------- ---------
5,840 (40) (60)
366,367 5,501 5,158
-------- ------- --------
372,207 5,461 5,098
-------- ------- --------
13,340 211 --
-------- -------- -------
$ 385,547 $ 5,672 $ 5,098
========= ======== ========
</TABLE>
F-I(U) - 8
<PAGE>
AMERITAS LIFE INSURANCE CORP.
SEPARATE ACCOUNT LLVL
NOTES TO UNAUDITED FINANCIAL STATEMENTS
JUNE 30, 2000
1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Ameritas Life Insurance Corp. Separate Account LLVL (the Account) was
established under Nebraska law on August 24, 1994. The assets of the Account are
held by Ameritas Life Insurance Corp. (ALIC) and are segregated from all of
ALIC's other assets.
The Account is registered under the Investment Company Act of 1940, as amended,
as a unit investment trust. At June 30, 2000, there are thirty eight subaccounts
within the Account. Nine of the subaccounts invest only in a corresponding
Portfolio of the Vanguard Variable Insurance Fund which is a diversified
open-end management investment company managed by The Vanguard Group. Seven of
the subaccounts invest only in a corresponding Portfolio of the Neuberger Berman
Advisers Management Trust which is a diversified open-end management investment
company managed by Neuberger Berman Management Incorporated. Two of the
subaccounts invest only in a corresponding Portfolio of the Berger Institutional
Products Trust which is a diversified open-end management investment company
managed by Berger Associates. Three of the subaccounts invest only in a
corresponding portfolio of the Deutsche Asset Management VIT Funds which is a
diversified open-end management investment company managed by Deutsche Asset
Management. Five of the subaccounts invest only in a corresponding Portfolio of
the Rydex Variable Trust which is a diversified open-end management investment
company managed by Rydex Variable Trust. 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. Four of the subaccounts invest only in a corresponding
Portfolio of the Fidelity Variable Insurance Products Service Class which is a
diversified open-end management investment company managed by FMR. Four of the
subaccounts invest only in corresponding Portfolio of the Calvert Variable
Series, Inc. Ameritas Portfolios (Ameritas Portfolios) which is a diversified
open-end management investment company managed by Ameritas Investment Corp.
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, and the value of the policyowners'
units corresponds to the Account's investment in the underlying subaccounts.
ALIC currently does not expect to incur any federal income tax liability
attributable to the Account with respect to the sale of variable life policies.
If, however, ALIC determines that it may incur such taxes attributable to the
Account, it may assess a charge for such taxes against the account.
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
financial statements and notes thereto for the years ended December 31, 1999,
1998, and 1997.
3. RELATED PARTY
The Ameritas Portfolios are managed by Ameritas Investment Corp., an affiliate
of ALIC. Calvert Asset Management, Inc. is also an affiliate of ALIC.
F-I(U) - 9
<PAGE>
AMERITAS LIFE INSURANCE CORP.
CONSOLIDATED BALANCE SHEET
(in thousands, except per share data)
(UNAUDITED)
JUNE 30,
2000
-----------------
ASSETS
Investments:
Fixed maturity securities held to maturity $ 568,159
Fixed maturity securities available for sale 407,540
Redeemable preferred stock - affiliate 25,000
Equity securities 161,822
Mortgage loans on real estate 242,227
Loans on insurance policies 41,444
Real estate, less accumulated depreciation 24,815
Other investments 50,840
Short-term investments 197
------------
Total investments 1,522,044
------------
Cash and cash equivalents 54,289
Accrued investment income 19,601
Deferred policy acquisition costs 217,658
Property and equipment, less accumulated depreciation 23,496
Reinsurance receivable - affiliate 27,415
Other assets 19,156
Closed block assets 305,584
Separate accounts 2,834,938
------------
TOTAL $ 5,024,181
============
LIABILITIES AND STOCKHOLDER'S EQUITY
Policy and contract reserves $ 103,939
Policy and contract claims 26,382
Accumulated contract values 971,687
Unearned policy charges 10,830
Unearned reinsurance ceded allowance 1,872
Federal income taxes-
Current (5,149)
Deferred 52,027
Other liabilities 45,866
Closed block liabilities 331,987
Separate accounts 2,834,938
------------
TOTAL LIABILITIES 4,374,379
------------
COMMITMENTS AND CONTINGENCIES
Minority interest in subsidiary 31,104
Common stock, par value $0.10 per share, 25,000,000 shares
authorized, issued and outstanding 2,500
Additional paid-in capital 5,000
Retained earnings 558,012
Accumulated other comprehensive income 53,186
------------
TOTAL STOCKHOLDER'S EQUITY 618,698
------------
TOTAL $ 5,024,181
=============
The accompanying notes to the unaudited consolidated financial statements are an
integral part of these statements.
F-II(U) - 1
<PAGE>
AMERITAS LIFE INSURANCE CORP.
CONSOLIDATED STATEMENT OF OPERATIONS
(IN THOUSANDS)
(UNAUDITED)
FOR THE SIX
MONTHS ENDED
JUNE 30,
2000
-----------------
INCOME:
INSURANCE REVENUES:
Premiums
Life Insurance $ 6,671
Accident and health insurance 136,245
Contract charges 45,093
Reinsurance, net 1,539
Reinsurance, ceded allowance 2,608
Investment revenues:
Investment income, net 67,270
Realized gains, net 16,190
Other 21,790
Gain in Closed Block 933
----------
298,339
----------
BENEFITS AND EXPENSES:
Policy benefits:
Death benefits 4,212
Accident and health benefits 99,274
Interest credited 27,231
Decrease in policy and contract reserves (1,503)
Other 6,578
Sales and operating expenses 73,362
Amortization of deferred policy acquisition costs 14,934
----------
224,088
----------
Income before federal income taxes and minority interest in
earnings of subsidiary 74,251
Income taxes - current 28,163
Income taxes - deferred (989)
----------
Total federal income taxes 27,174
----------
Income before minority interest in earnings of subsidiary 47,077
Minority interest in earnings of subsidiary (1,640)
----------
NET INCOME $ 45,437
==========
The accompanying notes to the unaudited consolidated financial statements are an
integral part of these statements.
F-II(U) - 2
<PAGE>
AMERITAS LIFE INSURANCE CORP.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(IN THOUSANDS)
(UNAUDITED)
FOR THE SIX
MONTHS ENDED
JUNE 30,
2000
-----------------
Net Income $ 45,437
Other comprehensive income, net of tax:
Unrealized gains on securities:
Unrealized holding gains arising during
period (net of deferred tax of $4,659 ) 8,756
Reclassification adjustment for gains included in
Net income (net of deferred tax of $5,638) (10,470)
Minority interest 55
---------
Other comprehensive loss (1,659)
---------
Comprehensive income $ 43,778
=========
The accompanying notes to the unaudited consolidated financial statements are an
integral part of these statements.
F-II(U) - 3
<PAGE>
AMERITAS LIFE INSURANCE CORP.
CONSOLIDATED STATEMENT OF EQUITY
(IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
Accumulated
Additional Other Total
Common Stock Paid - In Retained Comprehensive Stockholder's
Shares Amount Capital Earnings Income Equity
--------- --------- ----------- ----------- --------------- -------------
<S> <C> <C> <C> <C> <C> <C>
BALANCE, January 1, 2000 25,000 $ 2,500 $ 5,000 $ 512,575 $ 54,845 $ 574,920
Net unrealized investment
losses, net - - - - (1,714) (1,714)
Minority interest in net unrealized
investment losses, net - - - - 55 55
Net income - - - 45,437 - 45,437
--------- --------- ----------- ----------- --------------- -------------
BALANCE, June 30, 2000 25,000 $ 2,500 $ 5,000 $ 558,012 $ 53,186 $ 618,698
========= ========= =========== =========== =============== =============
</TABLE>
The accompanying notes to the unaudited consolidated financial statements are an
integral part of these statements.
F-II(U) - 4
<PAGE>
AMERITAS LIFE INSURANCE CORP.
CONSOLIDATED STATEMENT OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
FOR THE SIX
MONTHS ENDED
JUNE 30, 2000
----------------
OPERATING ACTIVITIES
Net Income $ 45,437
Adjustments to reconcile net income to net
cash from operating activities:
Depreciation and amortization 2,118
Amortization of deferred policy acquisition costs 15,321
Policy acquisition costs deferred (23,499)
Interest credited to contract values 28,497
Amortization of discounts or premiums (355)
Net realized gains on investment transactions (16,190)
Deferred income taxes 371
Minority interest in earnings of subsidiary 1,640
Change in assets and liabilities:
Accrued investment income (456)
Other assets 10,987
Policy and contract reserves (3,367)
Policy and contract claims (3,637)
Unearned policy charges (513)
Unearned reinsurance ceded allowance 104
Federal income taxes payable - current (12,731)
Dividends payable to policy owners (398)
Other liabilities (604)
Cash from Closed Block 72
--------
Net cash from operating activities 42,797
--------
INVESTING ACTIVITIES
Purchase of investments:
Fixed maturity securities held to maturity (11,627)
Fixed maturity securities available for sale (67,689)
Equity securities (32,655)
Mortgage loans on real estate (17,926)
Real estate (423)
Short-term investments (197)
Other investments (4,537)
Proceeds from sale of investments:
Fixed maturity securities available for sale 1,500
Equity securities 45,451
Real estate 74
Other investments (2,307)
The accompanying notes to the unaudited consolidated financial statements are an
integral part of these statements.
F-II(U) - 5
<PAGE>
AMERITAS LIFE INSURANCE CORP.
CONSOLIDATED STATEMENT OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
FOR THE SIX
MONTHS ENDED
JUNE 30, 2000
----------------
INVESTING ACTIVITIES (CONTINUED):
Proceed from maturities or repayment of investments:
Fixed maturity securities held to maturity $ 38,460
Fixed maturity securities available for sale 14,092
13,116
Mortgage loans on real estate 21,806
Short-term investments 300
Other investments 3,319
Purchase of property and equipment (1,048)
Net change in loans on insurance policies (2,578)
Closed block investing activities 792
------------
Net cash from investing activities (15,193)
------------
FINANCING ACTIVITIES:
Net change in accumulated contract values (22,589)
Closed block financing activities 1,736
------------
Net cash from financing activities (20,853)
------------
INCREASE IN CASH AND CASH EQUIVALENTS 6,751
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 47,538
------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 54,289
============
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income taxes $ 38,895
The accompanying notes to the unaudited consolidated financial statements are an
integral part of these statements.
F-II(U) - 6
<PAGE>
AMERITAS LIFE INSURANCE CORP.
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000
(IN THOUSANDS)
1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Ameritas Life Insurance Corp. (Ameritas), a stock life insurance company
domiciled in the State of Nebraska, is a wholly owned subsidiary of Ameritas
Holding Company which is a wholly owned subsidiary of Ameritas Acacia Mutual
Holding Company. Ameritas' insurance operations consist of life and health
insurance and annuity and pension contracts. Ameritas and its subsidiaries
operates in all 50 states and the District of Columbia. Wholly owned insurance
subsidiaries include First Ameritas Life Insurance Corp. Of New York and
Pathmark Assurance Company. Ameritas is also a 66% owner of AMAL Corporation
(incorporated March 8, 1996), which owns 100% of Ameritas Variable Life
Insurance Company and Ameritas Investment Corp. (a broker/dealer). In addition
to the subsidiaries noted above, Ameritas conducts other diversified financial-
service-related operations through the following wholly owned subsidiaries:
Veritas Corp (a marketing organization for low-load insurance products);
Ameritas Investment Advisors, Inc. (an advisor providing investment management
services); and Ameritas Managed Dental Plan, Inc. (A prepaid dental
organization).
USE OF ESTIMATES
The preparation of consolidated 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 consolidated
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
financial statements and notes thereto for the years ended December 31, 1999,
1998 and 1997.
F-II(U) - 7
<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 Life Insurance Corp. 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
Ameritas'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 will 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 supplement consisting of 17 pages.
The undertaking to file reports.
The undertaking pursuant to Rule 484
Representations pursuant to Rule 6e-3(T) and the National Securities
Markets Improvements Act of 1996.
The signatures.
Written consents of the following:
(a) Russell J. Wiltgen
(b) Donald R. Stading
(c) Consent of Auditors
The following exhibits:
6. 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 Ameritas authorizing
establishment of the Separate Account.***
(2) Not applicable.
(3) (a) Proposed form of Principal Underwriting Agreement. ***
(b) Proposed form of Selling Agreement.*
(c) Commission schedule.*
(4) Not applicable.
(5) (a) Form of Policy. ***
(b) Form of Policy riders. ***
(6) (a) Articles of Incorporation of Ameritas.***
(b) Bylaws of Ameritas.****
(7) Not applicable.
(a) Participation Agreement in the Vanguard Variable Insurance Fund.*
(b) Participation Agreement in the Neuberger & Berman Advisers
Management Trust.*
(c) Participation Agreement in the Berger Institutional Trust.**
(d) Participation Agreement in the Rydex Variable Trust.*****
(e) Participation Agreement in the Calvert Variable Series,
Inc.******
(8) Not applicable.
(9) Application for Policy.***
(10) Memorandum describing Ameritas' exchange procedure.***
(11) Memorandum describing Ameritas' issuance, transfer, and redemption
procedures for the Policy.***
2. (a) (b) Opinion and Consent of Donald R. Stading, Senior Vice President,
Secretary and Corporate General Counsel of Ameritas Life Insurance
Corp.
3. No financial statements are omitted from the Prospectus pursuant to
Instruction 1 (b) or (c) of Part I.
4. Not applicable.
5. Not required.
7. (a) (b) Opinion and Consent of Russell J. Wiltgen.
8. Consent of Auditors.
9. Form of Notice of Withdrawal Right and Refund pursuant to Rule 6e-3(T) (b)
(13) (viii) under the Investment Company Act of 1940.***
10. Actuary Opinion in Support of Exemptive Application.***
* Incorporated by reference to the initial registration statement for
Ameritas Life Insurance Corp. Separate Account LLVA (File No.
333-5529), filed on June 7, 1996.
** Incorporated by reference to the Pre-Effective Amendment No. 1 for the
Ameritas Life Insurance Corp. Separate Account LLVA (File No.
333-5529), filed on October 3, 1996.
*** Incorporated by reference to Post-Effective Amendment No. 4 for
Ameritas Life Insurance Corp. Separate Account LLVL (File No.
33-86500), filed on April 3, 1998.
**** Incorporated by reference to Post-Effective Amendment No. 5 for
Ameritas Life Insurance Corp. Separate Account LLVL (File No.
33-86500), filed February 26, 1999.
***** Incorporated by reference to Post-Effective Amendment No. 6 for
Ameritas Life Insurance Corp. Separate Account LLVL (File No.
33-86500), filed April 20, 1999
****** Incorporated by reference to Post-Effective Amendment No. 1 for
Ameritas Life Insurance Corp. Separate Account LLVL (File No.
333-76359), filed March 1, 2000.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant,
Ameritas Life Insurance Corp. Separate Account LLVL, certifies that it meets all
the requirements of effectiveness of this Post-Effective Amendment No. 8 to the
Registration Statement pursuant to Rule 485(a) under the Securities Act of 1933
and has duly 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 5th day of October, 2000.
AMERITAS LIFE INSURANCE CORP. SEPARATE ACCOUNT LLVL, Registrant
AMERITAS LIFE INSURANCE CORP., 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
Life Insurance Corp. on the dates indicated.
SIGNATURE TITLE DATE
/S/ LAWRENCE J. ARTH Director, Chairman of the Board October 6, 2000
----------------------- and Chief Executive Officer
Lawrence J. Arth
/S/ KENNETH C. LOUIS Director, President and October 6, 2000
----------------------- Chief Operating Officer
Kenneth C. Louis
/S/ DONALD R. STADING Senior Vice President, Secretary October 6, 2000
----------------------- and Corporate General Counsel
Donald R. Stading
/S/ WILLIAM W. LESTER Senior Vice President-Investments October 6, 2000
----------------------- and Treasurer
William W. Lester
/S/ JOANN M. MARTIN Senior Vice President and October 6, 2000
----------------------- Chief Financial Officer
JoAnn M. Martin
/S/ JAMES P. ABEL Director October 6, 2000
-----------------------
James P. Abel
/S/ DUANE W. ACKLIE Director October 6, 2000
-----------------------
Duane W. Acklie
/S/ WILLIAM W. COOK, JR. Director October 6, 2000
-----------------------
William W. Cook, Jr.
/S/ PAUL C. SCHORR, III Director October 6, 2000
-----------------------
Paul C. Schorr, III
<PAGE>
EXHIBIT INDEX
EXHIBIT
2. (a) (b) Opinion and Consent of Donald R. Stading.
7. (a) (b) Opinion and Consent of Russell J. Wiltgen
8. Consent of Deloitte & Touche LLP
