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    Thornburg Investment Management

Thornburg Investment Management is an employee-owned investment firm located in Santa Fe, NM. With firm assets of $52.9 billion, Thornburg searches for promising companies which are trading at a discount to their intrinsic value. In addition to equity portfolios, Thornburg has a family of investment grade bond portfolios which utilize a laddered approach.

Investment Option Asset Category Asset class is a term for investments of similar types based on their underlying investments and risk/reward potential. These asset classes were assigned by Morningstar Associates, LLC. Risk/Reward Potential The risk rankings (1-5) have been assigned by Ameritas Investment Advisors (an affiliate of Ameritas Variable Life Insurance Company) to assist you in evaluating the relative risk level and reward potential of each investment option. 1 is “Lower Risk, Lower Reward Potential Objective/Primary Investments
Ameritas Core Strategies* Large-Cap Blend 1 2 3 4 5 Seeks long-term capital appreciation and secondarily, current income, by investing in domestic equity securities (common stocks) selected on a value basis; may also invest in debt securities.

*Calvert Variable Series Ameritas Portfolios are advised by Calvert Asset Management Company (CAMCO). The day-to-day management of the Ameritas Core Strategies portfolio is the responsibility of Thornburg Investment Management.

Rev. 4/30/2008


   
  VARW115