497 1 d497.txt PROSPECTUS SUPPLEMENT SUPPLEMENT DATED AUGUST 24, 2001 TO PROSPECTUS DATED MAY 1, 1994 AS SUPPLEMENTED MAY 1, 2001 WRL FREEDOM SP PLUS (R) Issued through WRL Series Life Account By Western Reserve Life Assurance Co. of Ohio The following information supplements information provided on page 7, fifth --------------------------------------------------------------------------- paragraph of the Prospectus under the heading "11. What Charges are Assessed in ------------------------------------------------------------------------------- Connection with the Policy?" ---------------------------- Effective August 25, 2001, Transamerica Investment Management, LLC will become sub-adviser to the Transamerica Value Balanced (formerly, Dean Asset Allocation) portfolio of the AEGON/Transamerica Series Fund, Inc. Prior to August 25, 2001, the Dean Asset Allocation was sub-advised by Dean Investment Associates. Portfolio Rate --------- ---- Transamerica Value Balanced 0.80% The following information is added to the Annual Portfolio Operating Expenses Table on page 8 of the Prospectus:
Management Other Rule Total Portfolio Portfolio Fees Expenses 12b-1 Annual Expenses Fees --------------------------------------------------------------------------------------------- Transamerica Value Balanced 0.80%* 0.07% N/A 0.87% ---------------------------------------------------------------------------------------------
* Effective August 27, 2001, this fee will be reduced to 0.75%. The following is added to the table in footnote (8) of the Prospectus: ----------------------------------------------------------------------
Expense Reimbursement Expense Ratio Without Limit Amount Reimbursement -------------------------------------------------------------------------------------------------- Transamerica Value Balanced 1.00% N/A N/A --------------------------------------------------------------------------------------------------
The following information supplements information provided on pages 22-23 of the -------------------------------------------------------------------------------- Prospectus under the heading "Investments of the Series Account - WRL Series ---------------------------------------------------------------------------- Fund, Inc.": -----------
---------------------------------------------------------------------------------------------------------------- Portfolio Sub-Adviser Investment Objective ---------------------------------------------------------------------------------------------------------------- Transamerica Transamerica Investment Seeks preservation of capital and ---------------------------------------------------------------------------------------------------------------- Value Balanced Management, LLC competitive investment returns. ----------------------------------------------------------------------------------------------------------------
All other references throughout the prospectus to the WRL Dean Asset Allocation portfolio are changed to WRL Transamerica Value Balanced.