-----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, K/bBPwp8qBHPjlDPh+3OIgS0lnrQ7MsJlx/P3mS2t2z2GolssYmcux80EP+lrr4Y y3s2CINN+DPpXFjDzphwDg== 0000881453-99-000099.txt : 19990917 0000881453-99-000099.hdr.sgml : 19990917 ACCESSION NUMBER: 0000881453-99-000099 CONFORMED SUBMISSION TYPE: 424B3 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19990916 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN SKANDIA LIFE ASSURANCE CORP/CT CENTRAL INDEX KEY: 0000881453 STANDARD INDUSTRIAL CLASSIFICATION: INSURANCE CARRIERS, NEC [6399] IRS NUMBER: 061241288 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424B3 SEC ACT: SEC FILE NUMBER: 333-77213 FILM NUMBER: 99712377 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 ASXT S2 9/99 SUPP WFVXTC Supplement to Prospectus Dated May 3, 1999 Supplement dated September 20, 1999 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. Pursuant to a shareholder vote the portfolios of Life & Annuity Trust (LAT) are being reorganized into new portfolios of Wells Fargo Variable Trust (WFVT). Under the reorganization, four (4) of the portfolios of Life & Annuity Trust will transfer all of their assets and liabilities into corresponding portfolios of Wells Fargo Variable Trust which will have the same investment objectives and principal investment strategies. Two (2) portfolios of Life & Annuity Trust are being merged with existing portfolios of Norwest Select Funds and each will become a new portfolio of Wells Fargo Variable Trust. Due to this reorganization the following changes are being made to your Stagecoach Variable Annuity prospectus: 1. The following portfolios are changing their name: OLD NAME: NEW NAME: LAT Asset Allocation WFVT Asset Allocation LAT Growth WFVT Growth LAT Equity Value WFVT Equity Value LAT Money Market WFVT Money Market 2. The following new portfolios of Wells Fargo Variable Trust are being added, following a merger with an existing Norwest Select portfolio: OLD LAT FUND: NEW WFVT FUND: LAT U.S. Government Allocation* WFVT Corporate Bond LAT Strategic Growth* WFVT Small Cap Growth 3. The following new portfolios of Wells Fargo Variable Trust are being added: WFVT Equity Income WFVT Large Company Growth *Effective September 20, 1999, the LAT U.S. Government Allocation and LAT Strategic Growth portfolios no longer exist.
- ------------------------------------------------------------------------------------------------------------------------------------ Underlying Mutual Fund Portfolio Annual Expenses* (as a percentage of the average net assets of the underlying Portfolios) - ------------------------------------------------------------------------------------------------------------------------------------ - -------------------------------------------- --------------- ---------------- ------------------ ------------------ ---------------- Management Other Total Annual Fee Waivers Net Annual UNDERLYING PORTFOLIO Fees Expenses Portfolio and Expense Fund Operating Reimbursement Operating Expenses Expenses - -------------------------------------------- ----------------- ---------------- ------------------ ------------------ -------------- WFVT Equity Income 0.55% 0.62% 1.17% 0.17% 1.00% WFVT Large Company Growth 0.55% 0.88% 1.43% 0.43% 1.00% WFVT Asset Allocation 0.55% 0.58% 1.13% 0.13% 1.00% WFVT Growth 0.55% 0.68% 1.23% 0.23% 1.00% WFVT Equity Value 0.55% 1.02% 1.57% 0.57% 1.00% WFVT Corporate Bond 0.45% 0.80% 1.25% 0.35% 0.90% WFVT Small Cap Growth 0.75% 1.66% 2.41% 1.21% 1.20% WFVT Money Market 0.40% 0.50% 0.90% 0.05% 0.85% - ------------------------------------------------------------------------------------------------------------------------------------
* Expenses are annualized based on estimated expense amounts between the inception date of each portfolio and the fiscal year ending December 31, 1999. EXPENSE EXAMPLES
- ------------------------------------------------------------------------------------------------------------------------------------ Expense Examples (amounts shown are rounded to the nearest dollar) - ------------------------------------------------------------------------------------------------------------------------------------ If you surrender your Annuity at the end of the applicable time period, you would pay If you do not surrender your Annuity the following expenses on a $1,000 at the end of the applicable time investment, assuming 5% annual return on assets: period or begin taking annuity payments at such time, you would pay the following expenses on a $1,000 investment, assuming 5% annual return on assets: After: After: - ------------------------------------------------------------------------------------------------------------------------------------ - --------------------------------------- --------- ---------- --------- ---------- ------- ---------- --------- ---------- ---------- Sub-Account: 1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years - --------------------------------------- --------- ---------- --------- ---------- ------- ---------- --------- ---------- ---------- WFVT Equity Income 111 164 210 287 26 79 135 287 WFVT Large Company Growth 111 164 210 287 26 79 135 287 WFVT Asset Allocation 111 164 210 287 26 79 135 287 WFVT Growth 111 164 210 287 26 79 135 287 WFVT Equity Value 111 164 210 287 26 79 135 287 WFVT Corporate Bond 110 161 205 277 25 76 130 277 WFVT Small Cap Growth 113 170 220 307 28 85 145 307 WFVT Money Market 109 159 202 270 24 74 127 270 - --------------------------------------- --------- ---------- --------- ---------- ------- ---------- --------- ---------- ----------
INVESTMENT OPTIONS
- ------------------- ---------------------------------------------------------------------------------------- ----------------------- PORTFOLIO STYLE/ INVESTMENT OBJECTIVES/POLICIES ADVISOR/ TYPE SUB-ADVISOR - ------------------- ---------------------------------------------------------------------------------------- ----------------------- - ------------------- ---------------------------------------------------------------------------------------- ----------------------- CAPITAL WFVT Money Market: seeks high current income, while Wells Fargo Bank, PRESERVATION preserving capital and liquidity. The Investment Advisor N.A. actively manages a portfolio of U.S. dollar denominated high-quality money market instruments, including debt obligations. - ------------------- ---------------------------------------------------------------------------------------- ----------------------- - ------------------- ---------------------------------------------------------------------------------------- ----------------------- WFVT Asset Allocation: seeks long-term total return, consistent with reasonable risk. The Portfolio pursues its objective by allocating and reallocating its assets among common stocks, U.S. Treasury Bonds and money market instruments. This strategy is based on the premise that ASSET asset classes are at times undervalued or overvalued in ALLOCATION comparison to one another and that investing in undervalued Wells Fargo Bank, asset classes offers better long-term, risk-adjusted N.A. returns. The Investment Advisor manages the allocation of investments in the Portfolio assuming a "normal" allocation of 60% stocks and 40% bonds. The stock portion of the Portfolio is invested to replicate the weightings of each company comprising the S&P 500 Index. The bond portion of the Portfolio is invested to replicate the Lehman Brothers 20+ Bond Index. - ------------------- ---------------------------------------------------------------------------------------- ----------------------- - ------------------- ---------------------------------------------------------------------------------------- ----------------------- WFVT Corporate Bond: seeks a high level of current income, CORPORATE consistent with reasonable risk. The Portfolio pursues its BOND objective by actively managing a diversified portfolio consisting primarily of corporate debt securities. While the Wells Fargo Bank, portfolio may invest in securities of any maturity, under N.A. normal market conditions, it expects to maintain a dollar-weighted average maturity for portfolio securities of between 10 and 15 years. The Portfolio also may invest in U.S. Government obligations. - ------------------- ---------------------------------------------------------------------------------------- ----------------------- - ------------------- ---------------------------------------------------------------------------------------- ----------------------- EQUITY INCOME WFVT Equity Income: seeks long-term capital appreciation and above-average dividend income. The Portfolio pursues its objective primarily by investing in the common stocks of large, high-quality domestic companies with above-average Wells Fargo Bank, return potential based on current market valuations and N.A. above-average dividend income. Under normal market conditions, the Portfolio invests at least 65% of its total assets in income producing equity securities and in issues of companies with market capitalizations greater than the median of the Russell 1000 Index. - ------------------- ---------------------------------------------------------------------------------------- ----------------------- - ------------------- ---------------------------------------------------------------------------------------- ----------------------- PORTFOLIO STYLE/ INVESTMENT OBJECTIVES/POLICIES ADVISOR/ TYPE SUB-ADVISOR - ------------------- ---------------------------------------------------------------------------------------- ----------------------- - ------------------- ---------------------------------------------------------------------------------------- ----------------------- WFVT Growth: seeks long-term capital appreciation. The Portfolio pursues its objective by investing primarily in common stocks and other equity securities of companies that have a strong earnings growth trend that the Investment Wells Fargo Bank, Advisor believes have above-average prospects for future N.A. growth. Under normal market conditions, the Portfolio invests at least 65% of total assets in equity securities, including common and preferred stocks and securities convertible into common stocks. The investment strategy is focused on larger capitalization stocks that fall within, but towards the higher end of, the range of the Russell 1000 Index. GROWTH ---------------------------------------------------------------------------------------- ----------------------- WFVT Equity Value: seeks long-term capital appreciation. The Portfolio pursues its objective by investing in a diversified portfolio composed primarily of equity securities that are trading at low price-to-earnings ratios, as measured against the stock market as a whole or against Wells Fargo Bank, the individual stock's own price history. Under normal N.A. market conditions, the Portfolio invests primarily in common stocks of both large, well-established companies and smaller companies with market capitalization exceeding $50 million at the time of purchase. The Portfolio may also invest in debt instruments that may be converted into the common stocks of both U.S. and foreign companies. ---------------------------------------------------------------------------------------- ----------------------- WFVT Large Company Growth: seeks long-term capital appreciation. The Portfolio pursues its objective by investing primarily in common stocks of large, high-quality domestic companies that the Investment Advisor believes to Wells Fargo Bank, possess superior growth potential. The Investment Advisor N.A. looks for companies that are attractively valued with fundamental characteristics that it believes are significantly better than the market average and support internal earnings growth capability. - ----------- ------------------------------------------------------------------------------------------------ ----------------------- WFVT Small Cap Growth: seeks long-term capital appreciation. The Portfolio pursues its objective by investing in a diversified portfolio of common stocks issued by companies whose market capitalization falls with the range of the SMALL Russell 2000 Index. The Portfolio invests in common stocks Wells Fargo Bank, CAPITALIZATION of domestic and foreign companies that the investment N.A. advisor believes have above-average prospects for capital growth, or that may be involved in new or innovative products, services and processes. Under normal market conditions, the Portfolio invests in an actively managed, broadly diversified portfolio of small-cap growth-oriented common stocks and in at least 20 common stock issues spread across multiple industry groups and sectors of the economy. - ------------------- ------------------------------------------------------------------------------------------------ ---------------
-----END PRIVACY-ENHANCED MESSAGE-----