497 1 c96651be497.txt DEFINITIVE MATERIALS -------------------------------------------------------------------------------- ULTRA VARIABLE LIFE ULTRA-ACCESS VARIABLE ANNUITY [MUTUAL OF OMAHA LOGO] UNITED OF ULTRANNUITY SERIES V VARIABLE ANNUITY OMAHA ULTRA-REWARDS VARIABLE ANNUITY ULTRA-SELECT VARIABLE ANNUITY -------------------------------------------------------------------------------- SUPPLEMENT DATED JUNE 17, 2005, TO PROSPECTUS DATED MAY 1, 2005 IMPORTANT INFORMATION ABOUT THE SCUDDER VIT EAFE(R) EQUITY INDEX SUBACCOUNT The purpose of this Supplement is to advise you that the Board of the Scudder VIT EAFE(R) Equity Index Fund (the "Fund") has approved the liquidation and termination of the Fund effective on or about July 25, 2005 (the "Liquidation Date"). Effective on the Liquidation Date, you may not allocate any additional purchase payments or transfer Accumulation Value to the Scudder VIT EAFE(R) Equity Index Subaccount, which invests in the Fund. As a result of the upcoming liquidation, if you have allocated Accumulation Value to the Scudder VIT EAFE(R) Equity Index Subaccount, you may want to consider transferring your Accumulation Value to one of the other Subaccounts prior to the Liquidation Date. If no such transfer is made by the close of business on that date, your Accumulation Value allocated to the Scudder VIT EAFE(R) Equity Index Subaccount will be automatically allocated to the Federated Prime Money Fund II Subaccount, effective on the Liquidation Date. You should also consider that, effective on the Liquidation Date, any instructions regarding allocation of future purchase payments and allocations under a systematic transfer enrollment program, dollar cost averaging program, asset allocation program, rebalancing program, and/or systematic withdrawal plan will automatically be changed from the Scudder VIT EAFE(R) Equity Index Subaccount to the Prime Money Fund II Subaccount. You may change your allocation instructions by sending us Written Notice (and you may also change instructions regarding allocation of future purchase payments by authorized telephone transaction). Any change in allocation instructions will apply only after we receive your Written Notice (or authorized telephone transaction if available). The Prospectus is modified effective on the Liquidation Date by deleting the reference under "Variable Investment Options" to the Scudder Investments VIT Funds - Scudder VIT EAFE(R) Equity Index Fund Portfolio Class A. The remaining available Subaccounts are as follows: Alger American Growth Pioneer Growth Shares VCT Alger American Small Capitalization Pioneer Mid-Cap Value VCT Federated Fund for U.S. Government Securities II Pioneer Real Estate Shares VCT Federated Prime Money Fund II Pioneer Small Cap Value VCT Fidelity VIP Contrafund Scudder VS1 Global Discovery Fidelity VIP Equity-Income Scudder VS1 Growth and Income Fidelity VIP Asset Manager Growth Scudder VS1 International Fidelity VIP Index 500 Scudder VIT Small Cap Index Fidelity VIP Mid Cap T. Rowe Price International Stock MFS Capital Opportunities T. Rowe Price Limited-Term Bond MFS Emerging Growth T. Rowe Price New America Growth MFS High Income T. Rowe Price Personal Strategy Balanced MFS Research T. Rowe Price Equity Income MFS Strategic Income Van Kampen UIF Emerging Markets Equity Pioneer Equity Income VCT Van Kampen UIF Core Plus Fixed Income Pioneer Fund VCT INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE. UNITED OF OMAHA LIFE INSURANCE COMPANY, VARIABLE PRODUCT SERVICES MAILING ADDRESS: P.O. BOX 750497, TOPEKA, KANSAS 66675-0497 1-800-238-9354 July 11, 2005 Securities and Exchange Commission Judiciary Plaza 450 Fifth Street, NW Washington, DC 20549 Subj: Ultra Variable Life Individual Flexible Premium- File Nos.: 333-35587 and 811-08336 Ultra Variable Life Individual Modified Single Premium - File Nos.: 333-18881 and 811-08336 Ultra-Access Variable Annuity - File Nos.: 333-51051 and 811-08190 Ultrannuity Series V Variable Annuity - File Nos.: 033-89848 and 811-08190 Ultra-Rewards Variable Annuity - File Nos.: 333-54112 and 811-08190 Ultra-Select Variable Annuity - File Nos.: 333-97073 and 811-08190 Dear Sir or Madam: In accordance with the provisions of Rule 497(e) of the Securities Act of 1933, attached for electronic filing is a supplement dated June 17, 2005 to (1) the Ultra Variable Life Individual Flexible Premium, (2) the Ultra Variable Life Individual Modified Single Premium, (3) the Ultra-Access Variable Annuity, (4) the Ultrannuity Series V Variable Annuity, (5) the Ultra-Rewards Variable Annuity and (6) the Ultra-Select Variable Annuity Prospectuses. The prospectuses are supplemented to reflect the liquidation and termination of the Scudder VIT EAFE(R) Equity Index Fund (the "Fund") on or about July 25, 2005, and the automatic transfer of Accumulation Value allocated to the Scudder VIT EAFE(R) Equity Index Subaccount to the Federated Prime Money Fund II Subaccount upon liquidation of the Fund. Other forms of the Prospectuses were filed as part of Post-Effective Amendment Number 12 under the Securities Act of 1933 and Amendment No. 9 under the Investment Company Act of 1940 to the Registration Statement for Ultra Variable Life Individual Flexible Premium and Post-Effective Amendment Number 16 under the Securities Act of 1933 and Amendment No. 49 under the Investment Company Act of 1940 to the Registration Statement for Ultrannuity Series V Variable Annuity, both of which became effective on May 1, 2005; and Post-Effective Amendment Number 11 under the Securities Act of 1933 and Amendment No. 8 under the Investment Company Act of 1940 to the Registration Statement for Ultra Variable Life Individual Modified Single Premium, Post-Effective Amendment Number 11 under the Securities Act of 1933 and Amendment No. 47 under the Investment Company Act of 1940 to the Registration Statement for Ultra-Access Variable Annuity, Post-Effective Amendment Number 5 under the Securities Act of 1933 and Amendment No. 45 under the Investment Company Act of 1940 to the Registration Statement for Ultra-Rewards Variable Annuity and Post-Effective Amendment Number 4 under the Securities Act of 1933 and Amendment No. 48 under the Investment Company Act of 1940 to the Registration Statement for Ultra-Select Variable Annuity, all of which became effective on May 1, 2004. If you have any questions concerning this filing, please contact me at (785) 438-3226. Sincerely, Amy J. Lee Vice President and Associate General Counsel Security Benefit Life Insurance Company, Administrator for United of Omaha Life Insurance Company