-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LHtkwsa8l5hfFbgYdFl8zXNw3aDiSaza6B/6yR8uMfvwm0Vvv3dRltXMX/CCLjAQ Ska5p+L9yUTOmHBM+kVwbw== /in/edgar/work/0000881453-00-000243/0000881453-00-000243.txt : 20000928 0000881453-00-000243.hdr.sgml : 20000928 ACCESSION NUMBER: 0000881453-00-000243 CONFORMED SUBMISSION TYPE: 424B3 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20000926 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN SKANDIA LIFE ASSURANCE CORP/CT CENTRAL INDEX KEY: 0000881453 STANDARD INDUSTRIAL CLASSIFICATION: [6399 ] IRS NUMBER: 061241288 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424B3 SEC ACT: SEC FILE NUMBER: 333-24989 FILM NUMBER: 728506 BUSINESS ADDRESS: STREET 1: ONE CORPORATE DRIVE CITY: SHELTON STATE: CT ZIP: 06484 BUSINESS PHONE: 2039261888 MAIL ADDRESS: STREET 1: ONE CORPORATE DRIVE CITY: SHELTON STATE: CT ZIP: 06484 424B3 1 0001.txt CH2 S2 SUBST SUPP Supplement to Prospectus Dated May 1, 2000 Supplement dated September 25, 2000 This Supplement should be retained with the current Prospectus for your variable annuity contract issued by American Skandia Life Assurance Corporation ("American Skandia"). If you do not have a current prospectus please contact American Skandia at 1-800-SKANDIA. A. PROPOSED SUBSTITUTION American Skandia has filed an application with the Securities and Exchange Commission ("SEC") to substitute the following "Replaced Portfolio/Sub-account" with the "Substitute Portfolio/Sub-account":
- --------------------------------------------------------- ---------- --------------------------------------------------------------- REPLACED PORTFOLIO/SUB-ACCOUNT SUBSTITUTE PORTFOLIO/SUB-ACCOUNT - --------------------------------------------------------- ---------- --------------------------------------------------------------- Alger American Growth portfolio of The Alger American Fund/AA AST Alger Growth portfolio of American Skandia Trust/AST Growth Sub-account Alger Growth Sub-account - --------------------------------------------------------------- -------- ----------------------------------------------------------- - --------------------------------------------------------------- -------- ----------------------------------------------------------- Alger American MidCap Growth portfolio of The Alger American AST Alger Mid-Cap Growth portfolio of American Skandia Fund/AA MidCap Growth Sub-account Trust/AST Alger Mid-Cap Growth Sub-account - --------------------------------------------------------------- -------- -----------------------------------------------------------
As part of the Substitution, American Skandia is seeking permission to allow transfers from the Replaced Portfolios/Sub-accounts to any other investment options available under the Annuity for a period beginning from the date of this Supplement without the imposition of any transfer fee. Additionally, American Skandia Life Assurance Corporation will not exercise any rights reserved under the Annuity to impose additional restrictions on transfers until at least 30 days after the Substitutions. Under the proposed substitution, any such transfers would not count in determining whether the maximum number of free transfers has been exceeded. Furthermore, under the proposed substitution, the transfer of Account Value from the Replaced Portfolio/Sub-account to the Substitute Portfolio/Sub-account would likewise not be subject to a transfer fee nor count in determining whether the maximum number of free transfers have been exceeded. The proposed substitution will not affect your rights or our obligations under the Annuity. American Skandia will bear any expenses in connection with the proposed substitution. Contract Owners with Account Value allocated to a Replaced Portfolio/Sub-account may remain in the Sub-account until the earliest to occur of: (1) the date they transfer Account Value out of the Replaced Portfolio/Sub-account; or (2) the date the proposed substitution is completed. On or after the date of the substitution, the Replaced Portfolio/Sub-account will no longer exist. Contract Owners will no longer be able to allocate Account Value to the Replaced Portfolio/Sub-account after the substitution date. B. INVESTMENT OBJECTIVES AND POLICIES The investment objective (in italics) and a short, summary description of the key policies for each of the Substitute Portfolios follows. The AST Alger Growth and AST Alger Mid-Cap Growth portfolios of American Skandia Trust are not currently available; however, they will be available at the time the Substitution is effective.
- ------------------- ------------------------------------------------------------------------------------------------ --------------- PORTFOLIO STYLE/ INVESTMENT OBJECTIVES/POLICIES ADVISOR/ TYPE SUB-ADVISOR - ------------------- ------------------------------------------------------------------------------------------------ --------------- - ------------------- ------------------------------------------------------------------------------------------------ --------------- AST Alger Growth: seeks long-term capital growth. The Fred Alger Portfolio invests primarily in equity securities, such as Management, Inc. common or preferred stocks, that are listed on U.S. exchanges or in the over-the-counter market. The Portfolio invests primarily in growth stocks of "high unit volume growth" companies (vital, creative companies that offer goods or services to a rapidly expanding marketplace) and "positive LARGE CAP life cycle change" companies (companies experiencing a major GROWTH change that is expected to produce advantageous results). The Portfolio focuses on growing companies that generally have broad product lines, markets, financial resources and depth of management. The Portfolio normally invests at least 65% of its total assets in equity securities of companies that, at the time of purchase of the securities, have total market capitalizations of $1 billion or greater. The Portfolio also may invest up to 35% of its total assets in equity securities of companies that, at the time of purchase, have total market capitalizations of less than $1 billion. - ------------------- ------------------------------------------------------------------------------------------------ --------------- AST Alger Mid-Cap Growth: seeks long-term capital growth. The Fred Alger Portfolio invests primarily in equity securities, such as Management, Inc. common or preferred stocks, that are listed on U.S. exchanges or in the over-the-counter market. Under normal circumstances, MID CAP the Portfolio invests primarily in the equity securities of GROWTH companies having a market capitalization within the range of companies in the S&P MidCap 400 Index. The Portfolio may invest up to 35% of its total assets in equity security of companies that, at the time of purchase, have total market capitalization outside the range of companies in the S&P MidCap 400 Index and in excess of that amount (up to 100% of its assets) during temporary defensive periods. - ------------------- ------------------------------------------------------------------------------------------------ ---------------
C. RYDEX/PROFUNDS 'CUT-OFF' TIMES The following paragraph replaces the corresponding paragraph under the "Managing Your Account Value" section in your Annuity prospectus: MAY I AUTHORIZE MY FINANCIAL REPRESENTATIVE TO MANAGE MY ACCOUNT? We may also establish different "cut-off times" by which we must receive all financial transactions for certain underlying portfolios. Currently, the portfolios of Rydex Variable Trust and ProFund VP are subject to this restriction. Financial transactions involving a Rydex or ProFund VP Sub-account must be received by us no later than one hour prior to any announced closing time of the applicable securities exchange (generally, 3:00 p.m. Eastern time) to be processed on the current Valuation Day. For transactions submitted electronically through American Skandia's Internet website (americanskandia.com), the "cut-off" time for financial transactions involving a Rydex or ProFund VP Sub-account will be extended to 1/2 hour prior to any announced closing (generally, 3:30 p.m. Eastern time). If you request a transaction involving the purchase or redemption of Units in one of the Rydex or ProFund VP Sub-accounts after the applicable "cut-off" time, we will deem your request as received by us on the next Valuation Day. You may be required to submit a new request on the following day. The following paragraph replaces the corresponding paragraph under the "WHEN DO YOU PROCESS AND VALUE TRANSACTIONS?" section in your Annuity prospectus: Transactions in Rydex and ProFund VP Sub-accounts: Any financial transactions involving the Rydex or ProFund VP Sub-accounts must be received by us no later than one hour prior to any announced closing of the applicable securities exchange (generally, 3:00 p.m. Eastern time) to be processed on the current Valuation Day. For transactions submitted electronically through American Skandia's Internet website (americanskandia.com), the "cut-off" time for financial transactions involving a Rydex or ProFund VP Sub-account will be extended to 1/2 hour prior to any announced closing (generally, 3:30 p.m. Eastern time). However, the Internet functionality is currently available only to Contract Owners who have authorized their financial representatives to make financial transactions on their behalf. If you request a transaction involving the purchase or redemption of Units in one of the Rydex or ProFund VP Sub-accounts after the applicable "cut-off" time, we will deem your request as received by us on the next Valuation Day. You may be required to submit a new request on the following day. ASAP / ASAP II / ASXT / ASL / AS Pro / ASI / CH2 VASUPP900 FUSI AS2 / FUSI XT / FUSI ASL - SUPP. (09/25/2000) -----END PRIVACY-ENHANCED MESSAGE-----