Large accelerated filer [_] Accelerated filer [_]
Non-accelerated filer [X] Smaller reporting company [_]
|
Title of each class of
securities to be
registered
|
Amount
to be
registered
|
Proposed
maximum
offering price
per unit(1)
|
Proposed
maximum
aggregate
offering price
|
Amount of
registration fee
|
Market-value adjustment
annuity contracts (or
modified guaranteed
annuity contracts)
|
$7,000,000
|
$1.00
|
$7,000,000
|
$902
|
Prospectus Dated: May 1, 2003 Statement of Additional Information
ASL-PROS- (05/2003) Dated: May 1, 2003
ASLPROS
|
GLOSSARY OF TERMS.............................................................................. 5
SUMMARY OF CONTRACT FEES AND CHARGES........................................................... 6
EXPENSE EXAMPLES............................................................................... 10
INVESTMENT OPTIONS............................................................................. 11
WHAT ARE THE INVESTMENT OBJECTIVES AND POLICIES OF THE PORTFOLIOS?.......................... 11
WHAT ARE THE FIXED INVESTMENT OPTIONS?...................................................... 26
FEES AND CHARGES............................................................................... 27
WHAT ARE THE CONTRACT FEES AND CHARGES?..................................................... 27
WHAT CHARGES APPLY SOLELY TO THE VARIABLE INVESTMENT OPTIONS?............................... 27
WHAT CHARGES ARE ASSESSED BY THE PORTFOLIOS?................................................ 28
WHAT CHARGES APPLY TO THE FIXED ALLOCATIONS?................................................ 28
WHAT CHARGES APPLY IF I CHOOSE AN ANNUITY PAYMENT OPTION?................................... 28
EXCEPTIONS/REDUCTIONS TO FEES AND CHARGES................................................... 28
PURCHASING YOUR ANNUITY........................................................................ 28
WHAT ARE OUR REQUIREMENTS FOR PURCHASING THE ANNUITY?....................................... 28
MANAGING YOUR ANNUITY.......................................................................... 29
MAY I CHANGE THE OWNER, ANNUITANT AND BENEFICIARY DESIGNATIONS?............................. 29
MAY I RETURN THE ANNUITY IF I CHANGE MY MIND?............................................... 29
MAY I MAKE ADDITIONAL PURCHASE PAYMENTS?.................................................... 30
MAY I MAKE SCHEDULED PAYMENTS DIRECTLY FROM MY BANK ACCOUNT?................................ 30
MAY I MAKE PURCHASE PAYMENTS THROUGH A SALARY REDUCTION PROGRAM?............................ 30
MANAGING YOUR ACCOUNT VALUE.................................................................... 30
HOW AND WHEN ARE PURCHASE PAYMENTS INVESTED?................................................ 30
ARE THERE RESTRICTIONS OR CHARGES ON TRANSFERS BETWEEN INVESTMENT OPTIONS?.................. 30
DO YOU OFFER DOLLAR COST AVERAGING?......................................................... 31
DO YOU OFFER ANY AUTOMATIC REBALANCING PROGRAMS?............................................ 31
DO YOU OFFER PROGRAMS DESIGNED TO GUARANTEE A "RETURN OF PREMIUM" AT A FUTURE DATE?......... 31
MAY I AUTHORIZE MY INVESTMENT PROFESSIONAL TO MANAGE MY ACCOUNT?............................ 33
HOW DO THE FIXED INVESTMENT OPTIONS WORK?................................................... 34
HOW DO YOU DETERMINE RATES FOR FIXED ALLOCATIONS?........................................... 34
HOW DOES THE MARKET VALUE ADJUSTMENT WORK?.................................................. 35
WHAT HAPPENS WHEN MY GUARANTEE PERIOD MATURES?.............................................. 36
ACCESS TO ACCOUNT VALUE........................................................................ 36
WHAT TYPES OF DISTRIBUTIONS ARE AVAILABLE TO ME?............................................ 36
ARE THERE TAX IMPLICATIONS FOR DISTRIBUTIONS?............................................... 36
CAN I WITHDRAW A PORTION OF MY ANNUITY?..................................................... 36
CAN I MAKE PERIODIC WITHDRAWALS FROM THE ANNUITY DURING THE ACCUMULATION PERIOD?............ 36
DO YOU OFFER A PROGRAM FOR WITHDRAWALS UNDER SECTION 72(t) OF THE INTERNAL REVENUE CODE?.... 37
WHAT ARE MINIMUM DISTRIBUTIONS AND WHEN WOULD I NEED TO MAKE THEM?.......................... 37
CAN I SURRENDER MY ANNUITY FOR ITS VALUE?................................................... 37
WHAT TYPES OF ANNUITY OPTIONS ARE AVAILABLE?................................................ 37
HOW AND WHEN DO I CHOOSE THE ANNUITY PAYMENT OPTION?........................................ 38
HOW ARE ANNUITY PAYMENTS CALCULATED?........................................................ 39
DEATH BENEFIT.................................................................................. 40
WHAT TRIGGERS THE PAYMENT OF A DEATH BENEFIT?............................................... 40
Basic Death Benefit......................................................................... 40
OPTIONAL DEATH BENEFITS..................................................................... 40
PAYMENT OF DEATH BENEFITS................................................................... 42
VALUING YOUR INVESTMENT........................................................................ 44
HOW IS MY ACCOUNT VALUE DETERMINED?......................................................... 44
WHAT IS THE SURRENDER VALUE OF MY ANNUITY?.................................................. 44
HOW AND WHEN DO YOU VALUE THE SUB-ACCOUNTS?................................................. 44
HOW DO YOU VALUE FIXED ALLOCATIONS?......................................................... 44
WHAT HAPPENS TO MY UNITS WHEN THERE IS A CHANGE IN DAILY ASSET-BASED CHARGES?............... 45
|
TAX CONSIDERATIONS............................................................................. 46
WHAT ARE SOME OF THE FEDERAL TAX CONSIDERATIONS OF THIS ANNUITY?............................ 46
HOW ARE AMERICAN SKANDIA AND THE SEPARATE ACCOUNTS TAXED?................................... 46
IN GENERAL, HOW ARE ANNUITIES TAXED?........................................................ 46
HOW ARE DISTRIBUTIONS TAXED?................................................................ 46
WHAT TAX CONSIDERATIONS ARE THERE FOR TAX-QUALIFIED RETIREMENT PLANS OR QUALIFIED
CONTRACTS?............................................................................... 48
HOW ARE DISTRIBUTIONS FROM QUALIFIED CONTRACTS TAXED?....................................... 49
GENERAL TAX CONSIDERATIONS.................................................................. 50
GENERAL INFORMATION............................................................................ 51
HOW WILL I RECEIVE STATEMENTS AND REPORTS?.................................................. 51
WHO IS AMERICAN SKANDIA?.................................................................... 51
WHAT ARE SEPARATE ACCOUNTS?................................................................. 51
WHAT IS THE LEGAL STRUCTURE OF THE UNDERLYING FUNDS?........................................ 53
WHO DISTRIBUTES ANNUITIES OFFERED BY AMERICAN SKANDIA?...................................... 53
AVAILABLE INFORMATION....................................................................... 55
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE............................................. 55
HOW TO CONTACT US........................................................................... 55
INDEMNIFICATION............................................................................. 56
LEGAL PROCEEDINGS........................................................................... 56
CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION......................................... 57
APPENDIX A - FINANCIAL INFORMATION ABOUT AMERICAN SKANDIA...................................... 1
AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN SKANDIA LIFE ASSURANCE CORPORATION....... 11
APPENDIX B - CONDENSED FINANCIAL INFORMATION ABOUT SEPARATE ACCOUNT B.......................... 1
APPENDIX C - CALCULATION OF OPTIONAL DEATH BENEFITS............................................ 1
APPENDIX D - SALE OF CONTRACTS TO RESIDENTS OF THE STATE OF NEW YORK........................... 1
APPENDIX E - PERFORMANCE ADVANTAGE............................................................. 1
APPENDIX F - PLUS40(TM)OPTIONAL LIFE INSURANCE RIDER........................................... 1
APPENDIX G - DESCRIPTION AND CALCULATION OF THE ENHANCED BENEFICIARY PROTECTION OPTIONAL
DEATH BENEFIT AND THE GUARANTEED MINIMUM DEATH BENEFIT...................................... 1
|
FEE/CHARGE Amount Deducted
------------------------------------------ -----------------------------------------------------------------------
Contingent Deferred Sales Charge There is no Contingent Deferred Sales Charge deducted upon surrender or
partial withdrawal.
Transfer Fee $10.00
(Deducted after the 20th transfer each Annuity Year)
|
FEE/CHARGE Amount Deducted
------------------------------------------ -----------------------------------------------------------------------
Annual Maintenance Fee Smaller of $30 or 2% of Account Value
(Assessed annually on the Annuity's anniversary date or upon
surrender)
|
FEE/CHARGE Amount Deducted
------------------------------------------ -----------------------------------------------------------------------
Mortality & Expense Risk Charge 1.25%
Administration Charge 0.15%
Total Annual Charges of the Sub-accounts** 1.40% per year of the value of each Sub-account
|
Optional Benefit
Fee/ Total Annual
Optional Benefit Charge Charge*
----------------------------------------------------------------------------------------- ------------------- ------------
GUARANTEED RETURN OPTION 1.65%
We offer a program that guarantees a "return of premium" at a future date, while allowing 0.25% of average
you to allocate all or a portion of your Account Value to the Sub-accounts of your daily net assets of
choice. the Sub-accounts
ENHANCED BENEFICIARY PROTECTION DEATH BENEFIT 1.65%
We offer an Optional Death Benefit that provides an enhanced level of protection for your 0.25% of average
beneficiary(ies) by providing amounts in addition to the basic Death Benefit that can be daily net assets of
used to offset federal and state taxes payable on any taxable gains in your Annuity at the Sub-accounts
the time of your death.
HIGHEST ANNIVERSARY VALUE DEATH BENEFIT 1.65%
We offer an Optional Death Benefit that provides an enhanced level of protection for your 0.25% of average
beneficiary(ies) by providing a death benefit equal to the greater of the basic Death daily net assets of
Benefit or the Highest Anniversary Value. the Sub-accounts
|
Minimum Maximum
--------------------------------- ------- -------
Total Portfolio Operating Expense 0.14%* 3.14%
|
Fee
Waivers Net
Total Annual and Annual
Portfolio Expense Portfolio
Management Other Operating Reimburse Operating
UNDERLYING PORTFOLIO Fees Expenses 12b-1 Fees Expenses -ment Expenses
------------------------------------------- ---------- -------- ---------- ------------ --------- ---------
American Skandia Trust: /1/
AST Strong International Equity 0.88% 0.21% 0.12% 1.21% 0.00% 1.21%
AST William Blair International Growth 1.00% 0.23% 0.10% 1.33% 0.10% 1.23%
AST American Century International Growth 1.00% 0.25% 0.00% 1.25% 0.00% 1.25%
AST DeAM International Equity 1.00% 0.44% 0.00% 1.44% 0.15% 1.29%
AST MFS Global Equity 1.00% 0.41% 0.00% 1.41% 0.00% 1.41%
AST PBHG Small-Cap Growth 0.90% 0.22% 0.11% 1.23% 0.00% 1.23%
AST DeAM Small-Cap Growth 0.95% 0.20% 0.00% 1.15% 0.15% 1.00%
AST Federated Aggressive Growth 0.95% 0.43% 0.00% 1.38% 0.03% 1.35%
AST Goldman Sachs Small-Cap Value 0.95% 0.21% 0.11% 1.27% 0.00% 1.27%
AST Gabelli Small-Cap Value 0.90% 0.19% 0.01% 1.10% 0.00% 1.10%
AST DeAM Small-Cap Value 0.95% 0.53% 0.00% 1.48% 0.33% 1.15%
AST Goldman Sachs Mid-Cap Growth 1.00% 0.26% 0.07% 1.33% 0.10% 1.23%
AST Neuberger Berman Mid-Cap Growth 0.90% 0.20% 0.06% 1.16% 0.00% 1.16%
AST Neuberger Berman Mid-Cap Value 0.90% 0.17% 0.09% 1.16% 0.00% 1.16%
AST Alger All-Cap Growth 0.95% 0.19% 0.15% 1.29% 0.00% 1.29%
AST Gabelli All-Cap Value 0.95% 0.24% 0.00% 1.19% 0.00% 1.19%
AST T. Rowe Price Natural Resources 0.90% 0.23% 0.03% 1.16% 0.00% 1.16%
AST Alliance Growth 0.90% 0.20% 0.03% 1.13% 0.00% 1.13%
AST MFS Growth 0.90% 0.18% 0.10% 1.18% 0.00% 1.18%
AST Marsico Capital Growth 0.90% 0.16% 0.04% 1.10% 0.01% 1.09%
AST Goldman Sachs Concentrated Growth 0.90% 0.15% 0.04% 1.09% 0.06% 1.03%
AST DeAM Large-Cap Growth 0.85% 0.23% 0.00% 1.08% 0.10% 0.98%
AST DeAM Large-Cap Value 0.85% 0.24% 0.04% 1.13% 0.10% 1.03%
AST Alliance/Bernstein Growth + Value 0.90% 0.23% 0.00% 1.13% 0.00% 1.13%
AST Sanford Bernstein Core Value 0.75% 0.25% 0.00% 1.00% 0.00% 1.00%
AST Cohen & Steers Realty 1.00% 0.23% 0.03% 1.26% 0.00% 1.26%
AST Sanford Bernstein Managed Index 500 0.60% 0.16% 0.08% 0.84% 0.00% 0.84%
AST American Century Income & Growth 0.75% 0.23% 0.00% 0.98% 0.00% 0.98%
AST Alliance Growth and Income 0.75% 0.15% 0.08% 0.98% 0.02% 0.96%
AST MFS Growth with Income 0.90% 0.28% 0.01% 1.19% 0.00% 1.19%
AST INVESCO Capital Income 0.75% 0.17% 0.03% 0.95% 0.00% 0.95%
AST DeAM Global Allocation 0.10% 0.04% 0.00% 0.14% 0.00% 0.14%
AST American Century Strategic Balanced 0.85% 0.25% 0.00% 1.10% 0.00% 1.10%
AST T. Rowe Price Asset Allocation 0.85% 0.26% 0.00% 1.11% 0.00% 1.11%
AST T. Rowe Price Global Bond 0.80% 0.26% 0.00% 1.06% 0.00% 1.06%
AST Federated High Yield 0.75% 0.19% 0.00% 0.94% 0.00% 0.94%
AST Lord Abbett Bond-Debenture 0.80% 0.24% 0.00% 1.04% 0.00% 1.04%
AST DeAM Bond 0.85% 0.23% 0.00% 1.08% 0.15% 0.93%
AST PIMCO Total Return Bond 0.65% 0.15% 0.00% 0.80% 0.02% 0.78%
AST PIMCO Limited Maturity Bond 0.65% 0.18% 0.00% 0.83% 0.00% 0.83%
AST Money Market 0.50% 0.13% 0.00% 0.63% 0.05% 0.58%
Montgomery Variable Series:
Wells Fargo Variable Trust:
Equity Value 0.55% 0.48% 0.25% 1.28% 0.28% 1.00%
Equity Income 0.55% 0.30% 0.25% 1.10% 0.10% 1.00%
Rydex Variable Trust:
Nova 0.75% 0.97% 0.00% 1.72% 0.00% 1.72%
Ursa 0.90% 0.89% 0.00% 1.79% 0.00% 1.79%
OTC 0.75% 0.99% 0.00% 1.74% 0.00% 1.74%
|
Fee
Waivers Net
Total Annual and Annual
Portfolio Expense Portfolio
Management Other Operating Reimburse Operating
UNDERLYING PORTFOLIO Fees Expenses 12b-1 Fees Expenses -ment Expenses
------------------------------------------- ---------- -------- ---------- ------------ --------- ---------
INVESCO Variable Investment Funds, Inc.:
Dynamics 0.75% 0.37% 0.00% 1.12% 0.00% 1.12%
Technology 0.75% 0.36% 0.00% 1.11% 0.00% 1.11%
Health Sciences 0.75% 0.32% 0.00% 1.07% 0.00% 1.07%
Financial Services 0.75% 0.34% 0.00% 1.09% 0.00% 1.09%
Telecommunications 0.75% 0.47% 0.00% 1.22% 0.00% 1.22%
Global Leaders 0.87% 0.31% 0.00% 1.18% 0.18% 1.00%
Special Equity 0.92% 0.26% 0.00% 1.18% 0.15% 1.03%
Omega 0.52% 0.18% 0.00% 0.70% 0.00% 0.70%
ProFund VP:
Europe 30 0.75% 1.03% 0.25% 2.03% 0.05% 1.98%
Asia 30 0.75% 1.03% 0.25% 2.03% 0.05% 1.98%
Japan 0.75% 1.06% 0.25% 2.06% 0.08% 1.98%
Banks 0.75% 1.11% 0.25% 2.11% 0.13% 1.98%
Basic Materials 0.75% 1.21% 0.25% 2.21% 0.23% 1.98%
Biotechnology 0.75% 1.16% 0.25% 2.16% 0.18% 1.98%
Consumer Cyclical 0.75% 1.65% 0.25% 2.65% 0.67% 1.98%
Consumer Non-Cyclical 0.75% 1.10% 0.25% 2.10% 0.12% 1.98%
Energy 0.75% 1.16% 0.25% 2.16% 0.18% 1.98%
Financial 0.75% 1.14% 0.25% 2.14% 0.16% 1.98%
Healthcare 0.75% 1.14% 0.25% 2.14% 0.16% 1.98%
Industrial 0.75% 1.65% 0.25% 2.65% 0.67% 1.98%
Internet 0.75% 1.04% 0.25% 2.04% 0.06% 1.98%
Pharmaceuticals 0.75% 1.12% 0.25% 2.12% 0.14% 1.98%
Precious Metals 0.75% 0.98% 0.25% 1.98% N/A 1.98%
Real Estate 0.75% 1.13% 0.25% 2.13% 0.15% 1.98%
Semiconductor 0.75% 1.33% 0.25% 2.33% 0.35% 1.98%
Technology 0.75% 1.27% 0.25% 2.27% 0.29% 1.98%
Telecommunications 0.75% 1.19% 0.25% 2.19% 0.21% 1.98%
Utilities 0.75% 1.17% 0.25% 2.17% 0.19% 1.98%
Bull 0.75% 0.91% 0.25% 1.91% N/A 1.91%
Bear 0.75% 1.03% 0.25% 2.03% 0.05% 1.98%
UltraBull /2/ 0.75% 1.12% 0.25% 2.12% 0.27% 1.85%
OTC 0.75% 1.03% 0.25% 2.03% 0.05% 1.98%
Short OTC 0.75% 0.96% 0.25% 1.96% N/A 1.96%
UltraOTC 0.75% 1.08% 0.25% 2.08% 0.13% 1.95%
Mid-Cap Value 0.75% 1.25% 0.25% 2.25% 0.27% 1.98%
Mid-Cap Growth 0.75% 1.22% 0.25% 2.22% 0.24% 1.98%
UltraMid-Cap 0.75% 1.36% 0.25% 2.36% 0.38% 1.98%
Small-Cap Value 0.75% 1.45% 0.25% 2.45% 0.47% 1.98%
Small-Cap Growth 0.75% 1.20% 0.25% 2.20% 0.22% 1.98%
UltraSmall-Cap 0.75% 1.15% 0.25% 2.15% 0.17% 1.98%
U.S. Government Plus 0.50% 0.96% 0.25% 1.71% N/A 1.71%
Rising Rates Opportunity 0.75% 1.13% 0.25% 2.13% 0.15% 1.98%
First Defined Portfolio Fund LLC:
First Trust(R)10 Uncommon Values 0.60% 2.29% 0.25% 3.14% 1.95% 1.37%
The Prudential Series Fund, Inc.:
SP Jennison International Growth 0.85% 0.70% 0.25% 1.80% 0.16% 1.64%
|
1 year 3 years 5 years 10 years
------ ------- ------- --------
546 1628 2697 5317
|
1 year 3 years 5 years 10 years
------ ------- ------- --------
546 1628 2697 5317
|
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
----------------- ------------------------------------------------------------------------------------------- --------------------
SMALL CAP AST Federated Aggressive Growth: seeks capital growth. The Portfolio pursues its investment
GROWTH objective by investing in the stocks of small companies that are traded on national
security exchanges, NASDAQ stock exchange and the over-the-counter-market. Small companies
will be defined as companies with market capitalizations similar to companies in the Federated Investment
Russell 2000 Index or the Standard & Poor's Small Cap 600 Index. Up to 25% of the Counseling/Federated
Portfolio's net assets may be invested in foreign securities, which are typically Global Investment
denominated in foreign currencies. Management Corp.
SMALL CAP AST Goldman Sachs Small-Cap Value: seeks long-term capital appreciation. The Portfolio will
VALUE seek its objective through investments primarily in equity securities that are believed to
be undervalued in the marketplace. The Portfolio primarily seeks companies that are
small-sized, based on the value of their outstanding stock. The Portfolio will have a
non-fundamental policy to invest, under normal circumstances, at least 80% of the value of
its assets in small capitalization companies. The 80% investment requirement applies at the Goldman Sachs Asset
time the Portfolio invests its assets. The Portfolio generally defines small capitalization Management
companies as companies with a capitalization of $5 billion or less.
SMALL CAP AST Gabelli Small-Cap Value: seeks to provide long-term capital growth by investing
VALUE primarily in small-capitalization stocks that appear to be undervalued. The Portfolio will
have a non-fundamental policy to invest, under normal circumstances, at least 80% of the
value of its assets in small capitalization companies. The 80% investment requirement
applies at the time the Portfolio invests its assets. The Portfolio generally defines small
capitalization companies as those with a capitalization of $1.5 billion or less. Reflecting
a value approach to investing, the Portfolio will seek the stocks of companies whose GAMCO
current stock prices do not appear to adequately reflect their underlying value as measured Investors, Inc.
by assets, earnings, cash flow or business franchises.
SMALL CAP AST DeAM Small-Cap Value: seeks maximum growth of investors' capital. The Portfolio pursues
VALUE its objective, under normal market conditions, by primarily investing at least 80% of its
total assets in the equity securities of small-sized companies included in the Russell
2000(R) Value Index. The Sub-advisor employs an investment strategy designed to maintain a
portfolio of equity securities which approximates the market risk of those stocks included Deutsche Asset
in the Russell 2000(R)Value Index, but which attempts to outperform the Russell Management, Inc.
2000(R)Value Index.
MID-CAP AST Goldman Sachs Mid-Cap Growth (f/k/a AST Janus Mid-Cap Growth): seeks long-term capital
GROWTH growth. The Portfolio pursues its investment objective, by investing primarily in equity
securities selected for their growth potential, and normally invests at least 80% of the
value of its assets in medium capitalization companies. For purposes of the Portfolio,
medium-sized companies are those whose market capitalizations (measured at the time of
investment) fall within the range of companies in the Standard & Poor's MidCap 400 Index. Goldman Sachs Asset
The Sub-advisor seeks to identify individual companies with earnings growth potential that Management
may not be recognized by the market at large.
MID-CAP AST Neuberger Berman Mid-Cap Growth: seeks capital growth. Under normal market conditions,
GROWTH the Portfolio primarily invests at least 80% of its net assets in the common stocks of
mid-cap companies. For purposes of the Portfolio, companies with equity market
capitalizations that fall within the range of the Russell Midcap(R)Index, at the time of
investment, are considered mid-cap companies. Some of the Portfolio's assets may be
invested in the securities of large-cap companies as well as in small-cap companies. The Neuberger Berman
Sub-advisor looks for fast-growing companies that are in new or rapidly evolving Management Inc.
industries.
|
PORTFOLIO
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
----------------- ------------------------------------------------------------------------------------------- --------------------
MID-CAP AST Neuberger Berman Mid-Cap Value: seeks capital growth. Under normal market conditions,
VALUE the Portfolio primarily invests at least 80% of its net assets in the common stocks of
mid-cap companies. For purposes of the Portfolio, companies with equity market
capitalizations that fall within the range of the Russell Midcap(R)Index at the time of
investment are considered mid-cap companies. Some of the Portfolio's assets may be invested
in the securities of large-cap companies as well as in small-cap companies. Under the
Portfolio's value-oriented investment approach, the Sub-advisor looks for well-managed Neuberger Berman
companies whose stock prices are undervalued and that may rise in price before other Management Inc.
investors realize their worth.
ALL-CAP AST Alger All-Cap Growth: seeks long-term capital growth. The Portfolio invests primarily
GROWTH in equity securities, such as common or preferred stocks, that are listed on U.S. exchanges
or in the over-the-counter market. The Portfolio may invest in the equity securities of
companies of all sizes, and may emphasize either larger or smaller companies at a given Fred Alger
time based on the Sub-advisor's assessment of particular companies and market conditions. Management, Inc.
ALL-CAP AST Gabelli All-Cap Value: seeks capital growth. The Portfolio pursues its objective by
VALUE investing primarily in readily marketable equity securities including common stocks,
preferred stocks and securities that may be converted at a later time into common stock.
The Portfolio may invest in the securities of companies of all sizes, and may emphasize
either larger or smaller companies at a given time based on the Sub-advisor's assessment of
particular companies and market conditions. The Portfolio focuses on companies that appear
underpriced relative to their private market value ("PMV"). PMV is the value that the GAMCO Investors,
Portfolio's Sub-advisor believes informed investors would be willing to pay for a company. Inc.
SECTOR AST T. Rowe Price Natural Resources: seeks long-term capital growth primarily through the
common stocks of companies that own or develop natural resources (such as energy products,
precious metals and forest products) and other basic commodities. The Portfolio normally
invests primarily (at least 80% of its total assets) in the common stocks of natural
resource companies whose earnings and tangible assets could benefit from accelerating
inflation. The Portfolio looks for companies that have the ability to expand production, to
maintain superior exploration programs and production facilities, and the potential to
accumulate new resources. At least 50% of Portfolio assets will be invested in U.S. T. Rowe Price
securities, up to 50% of total assets also may be invested in foreign securities. Associates, Inc.
LARGE CAP AST Alliance Growth: seeks long-term capital growth. The Portfolio invests at least 80% of
GROWTH its total assets in the equity securities of a limited number of large, carefully selected,
high-quality U.S. companies that are judged likely to achieve superior earnings growth.
Normally, about 40-60 companies will be represented in the Portfolio, with the 25 companies
most highly regarded by the Sub-advisor usually constituting approximately 70% of the
Portfolio's net assets. An emphasis is placed on identifying companies whose substantially Alliance Capital
above average prospective earnings growth is not fully reflected in current market Management, L.P.
valuations.
LARGE CAP AST MFS Growth: seeks long-term capital growth and future income. Under normal market
GROWTH conditions, the Portfolio invests at least 80% of its total assets in common stocks and
related securities, such as preferred stocks, convertible securities and depositary
receipts, of companies that the Sub-advisor believes offer better than average prospects
for long-term growth. The Sub-advisor seeks to purchase securities of companies that it Massachusetts
considers well-run and poised for growth. The Portfolio may invest up to 35% of its net Financial Services
assets in foreign securities. Company
|
PORTFOLIO
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
----------------- ------------------------------------------------------------------------------------------- --------------------
LARGE CAP AST Marsico Capital Growth: seeks capital growth. Income realization is not an investment
GROWTH objective and any income realized on the Portfolio's investments, therefore, will be
incidental to the Portfolio's objective. The Portfolio will pursue its objective by
investing primarily in common stocks of larger, more established companies. In selecting
investments for the Portfolio, the Sub-advisor uses an approach that combines "top down"
economic analysis with "bottom up" stock selection. The "top down" approach identifies
sectors, industries and companies that should benefit from the trends the Sub-advisor has
observed. The Sub-advisor then looks for individual companies with earnings growth Marsico Capital
potential that may not be recognized by the market at large, a "bottom up" stock selection. Management, LLC
LARGE CAP AST Goldman Sachs Concentrated Growth (f/k/a AST JanCap Growth): seeks growth of capital in
GROWTH a manner consistent with the preservation of capital. Realization of income is not a
significant investment consideration and any income realized on the Portfolio's
investments, therefore, will be incidental to the Portfolio's objective. The Portfolio will
pursue its objective by investing primarily in equity securities of companies that the
Sub-advisor believes have potential to achieve capital appreciation over the long-term. The
Portfolio seeks to achieve its investment objective by investing, under normal Goldman Sachs Asset
circumstances, in approximately 30 - 45 companies that are considered by the Sub-advisor to Management
be positioned for long-term growth.
LARGE CAP AST DeAM Large-Cap Growth: seeks maximum growth of capital by investing primarily in the
GROWTH growth stocks of larger companies. The Portfolio pursues its objective, under normal market
conditions, by primarily investing at least 80% of its total assets in the equity
securities of large-sized companies included in the Russell 1000(R)Growth Index. The
Sub-advisor employs an investment strategy designed to maintain a portfolio of equity
securities which approximates the market risk of those stocks included in the Russell
1000(R)Growth Index, but which attempts to outperform the Russell 1000(R)Growth Index Deutsche Asset
through active stock selection. Management, Inc.
LARGE CAP AST DeAM Large-Cap Value (f/k/a AST Janus Strategic Value): seeks maximum growth of capital
VALUE by investing primarily in the value stocks of larger companies. The Portfolio pursues its
objective, under normal market conditions, by primarily investing at least 80% of the value
of its assets in the equity securities of large-sized companies included in the Russell
1000(R) Value Index. The Sub-advisor employs an investment strategy designed to maintain a
portfolio of equity securities which approximates the market risk of those stocks included
in the Russell 1000(R)Value Index, but which attempts to outperform the Russell Deutsche Asset
1000(R)Value Index through active stock selection. Management, Inc.
LARGE CAP AST Alliance/Bernstein Growth + Value: seeks capital growth by investing approximately 50%
BLEND of its assets in growth stocks of large companies and approximately 50% of its assets in
value stocks of large companies. The Portfolio will invest primarily in commons tocks of
large U.S. companies included in the Russell 1000(R)Index (the "Russell 1000(R)"). The
Russell 1000(R)is a market capitalization-weighted index that measures the performance of
the 1,000 largest U.S. companies. Normally, about 60-85 companies will be represented in
the Portfolio, with 25-35 companies primarily from the Russell 1000(R)Growth Index
constituting approximately 50% of the Portfolio's net assets and 35-50 companies primarily
from the Russell 1000(R)Value Index constituting the remainder of the Portfolio's net Alliance Capital
assets. There will be a periodic rebalancing of each segment's assets to take account of Management, L.P.
market fluctuations in order to maintain the approximately equal allocation.
LARGE CAP AST Sanford Bernstein Core Value: seeks long-term capital growth by investing primarily in
VALUE common stocks. The Sub-advisor expects that the majority of the Portfolio's assets will be
invested in the common stocks of large companies that appear to be undervalued. Among other
things, the Portfolio seeks to identify compelling buying opportunities created when
companies are undervalued on the basis of investor reactions to near-term problems or
circumstances even though their long-term prospects remain sound. The Sub-advisor seeks to
identify individual companies with earnings growth potential that may not be recognized by Sanford C. Bernstein
the market at large. & Co., LLC
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PORTFOLIO
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
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REAL ESTATE AST Cohen & Steers Realty: seeks to maximize total return through investment in real estate
(REIT) securities. The Portfolio pursues its investment objective by investing, under normal
circumstances, at least 80% of its net assets in securities of real estate issuers. Under
normal circumstances, the Portfolio will invest substantially all of its assets in the
equity securities of real estate companies, i.e., a company that derives at least 50% of
its revenues from the ownership, construction, financing, management or sale of real estate Cohen & Steers
or that has at least 50% of its assets in real estate. Real estate companies may include Capital Management,
real estate investment trusts or REITs. Inc.
MANAGED AST Sanford Bernstein Managed Index 500: will invest, under normal circumstances, at least
INDEX 80% of its net assets in securities included in the Standard & Poor's 500 Composite Stock
Price Index (the "S&P(R)500 "). The Portfolio seeks to outperform the S&P 500 through stock
selection resulting in different weightings of common stocks relative to the index. The
Portfolio will invest primarily in the common stocks of companies included in the S&P 500.
In seeking to outperform the S&P 500, the Sub-advisor starts with a portfolio of stocks
representative of the holdings of the index. It then uses a set of fundamental quantitative
criteria that are designed to indicate whether a particular stock will predictably perform
better or worse than the S&P 500. Based on these criteria, the Sub-advisor determines
whether the Portfolio should over-weight, under-weight or hold a neutral position in the
stock relative to the proportion of the S&P 500 that the stock represents. In addition, the
Sub-advisor also may determine that based on the quantitative criteria, certain equity Sanford C. Bernstein
securities that are not included in the S&P 500 should be held by the Portfolio. & Co., LLC
GROWTH AST American Century Income & Growth: seeks capital growth with current income as a
AND secondary objective. The Portfolio invests primarily in common stocks that offer potential
INCOME for capital growth, and may, consistent with its investment objective, invest in stocks
that offer potential for current income. The Sub-advisor utilizes a quantitative management
technique with a goal of building an equity portfolio that provides better returns than the American Century
S&P 500 Index without taking on significant additional risk and while attempting to create Investment
a dividend yield that will be greater than the S&P 500 Index. Management, Inc.
GROWTH AST Alliance Growth and Income: seeks long-term growth of capital and income while
AND attempting to avoid excessive fluctuations in market value. The Portfolio normally will
INCOME invest in common stocks (and securities convertible into common stocks). The Sub-advisor
will take a value-oriented approach, in that it will try to keep the Portfolio's assets
invested in securities that are selling at reasonable valuations in relation to their Alliance Capital
fundamental business prospects. The stocks that the Portfolio will normally invest in are Management, L.P.
those of seasoned companies.
GROWTH AST MFS Growth with Income: seeks long term growth of capital with a secondary objective to
AND seek reasonable current income. Under normal market conditions, the Portfolio invests at
INCOME least 65% of its net assets in common stocks and related securities, such as preferred
stocks, convertible securities and depositary receipts. The stocks in which the Portfolio
invests generally will pay dividends. While the Portfolio may invest in companies of any
size, the Portfolio generally focuses on companies with larger market capitalizations that
the Sub-advisor believes have sustainable growth prospects and attractive valuations based Massachusetts
on current and expected earnings or cash flow. The Portfolio may invest up to 20% of its Financial Services
net assets in foreign securities. Company
EQUITY AST INVESCO Capital Income (f/k/a AST INVESCO Equity Income): seeks capital growth and
INCOME current income while following sound investment practices. The Portfolio seeks to achieve
its objective by investing in securities that are expected to produce relatively high
levels of income and consistent, stable returns. The Portfolio normally will invest at
least 65% of its assets in dividend-paying common and preferred stocks of domestic and INVESCO Funds Group,
foreign issuers. Up to 30% of the Portfolio's assets may be invested in equity securities Inc.
that do not pay regular dividends.
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PORTFOLIO
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
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BALANCED AST DeAM Global Allocation: seeks a high level of total return by investing primarily in a
diversified portfolio of mutual funds. The Portfolio seeks to achieve its investment
objective by investing in several other AST Portfolios ("Underlying Portfolios"). The
Portfolio intends its strategy of investing in combinations of Underlying Portfolios to
result in investment diversification that an investor could otherwise achieve only by
holding numerous investments. The Portfolio is expected to be invested in at least six such Deutsche Asset
Underlying Portfolios at any time. It is expected that the investment objectives of such Management, Inc.
AST Portfolios will be diversified.
BALANCED AST American Century Strategic Balanced: seeks capital growth and current income. The
Sub-advisor intends to maintain approximately 60% of the Portfolio's assets in equity
securities and the remainder in bonds and other fixed income securities. Both the
Portfolio's equity and fixed income investments will fluctuate in value. The equity
securities will fluctuate depending on the performance of the companies that issued them, American Century
general market and economic conditions, and investor confidence. The fixed income Investment
investments will be affected primarily by rising or falling interest rates and the credit Management, Inc.
quality of the issuers.
ASSET ALLOCA AST T. Rowe Price Asset Allocation: seeks a high level of total return by investing
-TION primarily in a diversified portfolio of fixed income and equity securities. The Portfolio
normally invests approximately 60% of its total assets in equity securities and 40% in
fixed income securities. The Sub-advisor concentrates common stock investments in larger,
more established companies, but the Portfolio may include small and medium-sized companies
with good growth prospects. The fixed income portion of the Portfolio will be allocated T. Rowe Price
among investment grade securities, high yield or "junk" bonds, foreign high quality debt Associates, Inc.
securities and cash reserves.
GLOBAL BOND AST T. Rowe Price Global Bond: seeks to provide high current income and capital growth by
investing in high-quality foreign and U.S. dollar-denominated bonds. The Portfolio will
invest at least 80% of its total assets in all types of high quality bonds including those
issued or guaranteed by U.S. or foreign governments or their agencies and by foreign
authorities, provinces and municipalities as well as investment grade corporate bonds and
mortgage and asset-backed securities of U.S. and foreign issuers. The Portfolio generally
invests in countries where the combination of fixed-income returns and currency exchange
rates appears attractive, or, if the currency trend is unfavorable, where the Sub-advisor
believes that the currency risk can be minimized through hedging. The Portfolio may also
invest up to 20% of its assets in the aggregate in below investment-grade, high-risk bonds
("junk bonds"). In addition, the Portfolio may invest up to 30% of its assets in T. Rowe Price
mortgage-backed (including derivatives, such as collateralized mortgage obligations and International, Inc.
stripped mortgage securities) and asset-backed securities.
HIGH YIELD AST Federated High Yield: seeks high current income by investing primarily in a diversified
BOND portfolio of fixed income securities. The Portfolio will invest at least 80% of its assets
in fixed income securities rated BBB and below. These fixed income securities may include
preferred stocks, convertible securities, bonds, debentures, notes, equipment lease
certificates and equipment trust certificates. A fund that invests primarily in lower-rated
fixed income securities will be subject to greater risk and share price fluctuation than a
typical fixed income fund, and may be subject to an amount of risk that is comparable to or Federated Investment
greater than many equity funds. Counseling
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PORTFOLIO
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
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BOND AST Lord Abbett Bond-Debenture: seeks high current income and the opportunity for capital Lord, Abbett & Co.
appreciation to produce a high total return. To pursue its objective, the Portfolio will LLC
invest, under normal circumstances, at least 80% of the value of its assets in fixed income
securities and normally invests primarily in high yield and investment grade debt
securities, securities convertible in common stock and preferred stocks. The Portfolio may
find good value in high yield securities, sometimes called "lower-rated bonds" or "junk
bonds," and frequently may have more than half of its assets invested in those securities.
At least 20% of the Portfolio's assets must be invested in any combination of investment
grade debt securities, U.S. Government securities and cash equivalents. The Portfolio may
also make significant investments in mortgage-backed securities. Although the Portfolio
expects to maintain a weighted average maturity in the range of five to twelve years, there
are no restrictions on the overall Portfolio or on individual securities. The Portfolio may
invest up to 20% of its net assets in equity securities.
BOND AST DeAM Bond: seeks a high level of income, consistent with the preservation of capital.
Under normal circumstances, the Portfolio invests at least 80% of its total assets in
intermediate-term U.S. Treasury, corporate, mortgage-backed and asset-backed, taxable
municipal and tax-exempt municipal bonds. The Portfolio invests primarily in investment
grade fixed income securities rated within the top three rating categories of a nationally Deutsche Asset
recognized rating organization. Fixed income securities may be issued by U.S. and foreign Management, Inc.
corporations or entities including banks and various government entities.
BOND AST PIMCO Total Return Bond: seeks to maximize total return consistent with preservation of
capital and prudent investment management. The Portfolio will invest in a diversified
portfolio of fixed-income securities of varying maturities. The average portfolio duration Pacific Investment
of the Portfolio generally will vary within a three- to six-year time frame based on the Management Company
Sub-advisor's forecast for interest rates. LLC
BOND AST PIMCO Limited Maturity Bond: seeks to maximize total return consistent with
preservation of capital and prudent investment management. The Portfolio will invest in a
diversified portfolio of fixed-income securities of varying maturities. The average
portfolio duration of the Portfolio generally will vary within a one- to three-year time Wells Capital
frame based on the Sub-advisor's forecast for interest rates. Management, Inc.
MONEY AST Money Market: seeks high current income and maintain high levels of liquidity. The
MARKET Portfolio attempts to accomplish its objective by maintaining a dollar-weighted average Gartmore Global
maturity of not more than 90 days and by investing in securities which have effective Asset
maturities of not more than 397 days.
EMERGING Montgomery Variable Series - Emerging Markets: seeks long-term capital appreciation, under
MARKETS normal conditions by investing at least 80% of its total assets in stocks of companies of Management
any size based in the world's developing economies. Under normal market conditions, Trust/Gartmore
investments are maintained in at least six countries at all times and no more than 35% of Global
total assets in any single one of them. Partners
LARGE CAP WFVT Equity Value: seeks long-term capital appreciation and above-average dividend income.
EQUITY The Portfolio pursues its objective by investing primarily in equity securities of U.S.
companies with strong return potential based on current market valuations. Under normal
circumstances, the Portfolio invests at least 80% of its assets in equity securities with Wells Fargo Funds
the same characteristics as common stocks, and in preferred stocks, warrants, and Management, LLC
securities of foreign companies through ADRs and similar investments.
EQUITY WFVT Equity Income: seeks long-term capital appreciation and above-average dividend income.
INCOME The Portfolio pursues its objective primarily by investing in the common stocks of large,
domestic companies with above-average return potential based on current market valuations
and above-average dividend income. Under normal market conditions, the Portfolio invests at
least 80% of its total assets in income producing equity securities and in issues of Wells Fargo Funds
companies with market capitalizations of $3 billion or more. Management, LLC
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PORTFOLIO
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
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STRATEGIC OR Rydex Variable TrustNova: seeks to provide investment results that match the performance of
TACTICAL a specific benchmark on a daily basis. The Portfolio's current benchmark is 150% of the
ALLOCATION performance of the S&P 500(R)Index (the "underlying index"). If the Portfolio meets its
objective, the value of the Portfolio's shares will tend to increase on a daily basis by
150% of the value of any increase in the underlying index. When the value of the underlying
index declines, the value of the Portfolio's shares should also decrease on a daily basis
by 150% of the value of any decrease in the underlying index (e.g., if the underlying index Rydex Global
goes down by 5%, the value of the Portfolio's shares should go down by 7.5% on that day). Advisors
Unlike a traditional index fund, as its primary investment strategy, the Portfolio invests (f/k/a PADCO
to a significant extent in leveraged instruments, such as swap agreements, futures Advisors
contracts and options on securities, futures contracts, and stock indices, as well as II, Inc.)
equity securities.
STRATEGIC OR Rydex Variable TrustUrsa: seeks to provide investment results that will inversely correlate
TACTICAL to the performance of the S&P 500(R)Index (the "underlying index"). If the Portfolio meets
ALLOCATION its objective, the value of the Portfolio's shares will tend to increase during times when
the value of the underlying index is decreasing. When the value of the underlying index is
increasing, however, the value of the Portfolio's shares should decrease on a daily basis
by an inversely proportionate amount (e.g., if the underlying index goes up by 5%, the
value of the Portfolio's shares should go down by 5% on that day). Unlike a traditional Rydex Global
index fund, the Portfolio's benchmark is to perform exactly opposite the underlying index, Advisors
and the Ursa Fund will not own the securities included in the underlying index. Instead, as (f/k/a PADCO
its primary investment strategy, the Portfolio invests to a significant extent in short Advisors
sales of securities or futures contracts and in options on securities, futures contracts, II, Inc.)
and stock indices.
STRATEGIC OR Rydex Variable TrustOTC: seeks to provide investment results that correspond to a benchmark
TACTICAL for over-the-counter securities. The Portfolio's current benchmark is the NASDAQ 100
ALLOCATION Index(R) (the "underlying index"). If the Portfolio meets its objective, the value of the
Portfolio's shares should increase on a daily basis by the amount of any increase in the
value of the underlying index. However, when the value of the underlying index declines, Rydex Global
the value of the Portfolio's shares should also decrease on a daily basis by the amount of Advisors
the decrease in value of the underlying index. The Portfolio invests principally in (f/k/a PADCO
securities of companies included in the underlying index. It also may invest in other Advisors
instruments whose performance is expected to correspond to that of the underlying index, II, Inc.)
and may engage in futures and options transactions and enter into swap agreements.
MID-CAP INVESCO Variable Investment FundsDynamics: seek long-term capital growth. The Portfolio
EQUITY invests at least 65% of its assets in common stocks of mid-sized companies. INVESCO defines
mid-sized companies as companies that are included in the Russell Midcap Growth Index at
the time of purchase, or if not included in that Index, have market capitalizations of
between $2.5 billion and $15 billion at the time of purchase. The core of the Portfolio's
investments are in securities of established companies that are leaders in attractive
growth markets with a history of strong returns. The remainder of the Portfolio is invested
in securities of companies that show accelerating growth, driven by product cycles, INVESCO Funds Group,
favorable industry or sector conditions, and other factors that INVESCO believes will lead Inc.
to rapid sales or earnings growth.
SECTOR INVESCO Variable Investment FundsTechnology: seeks capital growth. The Portfolio normally
invests 80% of its net assets in the equity securities and equity-related instruments of
companies engaged in technology-related industries. These include, but are not limited to,
various applied technologies, hardware, software, semiconductors, telecommunications
equipment and services and service-related companies in information technology. Many of
these products and services are subject to rapid obsolescence, which may lower market value
of the securities of the companies in this sector. At any given time, 20% of the INVESCO Funds Group,
Portfolio's assets is not required to be invested in the sector. Inc.
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PORTFOLIO
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
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SECTOR INVESCO Variable Investment Funds Health Sciences: seeks capital growth. The Portfolio
normally invests at least 80% of its net assets in the equity securities and equity-related
instruments of companies that develop, produce or distribute products or services related
to health care. These companies include, but are not limited to, medical equipment or
supplies, pharmaceuticals, biotechnology and healthcare providers and service companies. At INVESCO Funds Group,
any given time, 20% of the Portfolio's assets is not required to be invested in the sector. Inc.
SECTOR INVESCO Variable Investment Funds Financial Services: seeks capital growth. The Portfolio
normally invests at least 80% of its net assets in the equity securities and equity-related
instruments of companies involved in the financial services sector. These companies
include, but are not limited to, banks (regional and money-centers), insurance companies
(life, property and casualty, and multiline), investment and miscellaneous industries
(asset managers, brokerage firms, and government-sponsored agencies) and suppliers to
financial services companies. At any given time, 20% of the Portfolio's assets is not INVESCO Funds Group,
required to be invested in the sector. Inc.
SECTOR INVESCO Variable Investment Funds Telecommunications: seeks capital growth and current
income. The Portfolio normally invests 80% of its net assets in the equity securities and
equity-related instruments of companies engaged in the design, development, manufacture,
distribution, or sale of communications services and equipment, and companies that are
involved in supplying equipment or services to such companies. The telecommunications
sector includes, but is not limited to, companies that offer telephone services, wireless
communications, satellite communications, television and movie programming, broadcasting
and Internet access. Many of these products and services are subject to rapid obsolescence,
which may lower the market value of the securities of the companies in this sector. At any INVESCO Funds Group,
given time, 20% of the Portfolio's assets is not required to be invested in the sector. Inc.
GLOBAL Evergreen VA Global Leaders: seeks to provide investors with long-term capital growth. The
EQUITY Portfolio normally invests as least 65% of its assets in a diversified portfolio of U.S.
and non-U.S. equity securities of companies located in the world's major industrialized
countries. The Portfolio will invest in no less than three countries, which may include the
U.S., but may invest more than 25% of its assets in one country. The Portfolio invests only
in the best 100 companies, which are selected by the Portfolio's manager based on as high Evergreen Investment
return on equity, consistent earnings growth, established market presence and industries or Management Company,
sectors with significant growth prospects. LLC
SMALL CAP Evergreen VA Special Equity: seeks capital growth. The Portfolio normally invests at least
EQUITY 80% of its assets in common stocks of small U.S. companies (i.e., companies whose market
capitalizations fall within the range of the Russell 2000(R)Index, at the time of
purchase). The remaining 20% of the Portfolio's assets may be represented by cash or Evergreen Investment
invested in various cash equivalents. The Portfolio's manager selects stocks of companies Management Company,
which it believes have the potential for accelerated growth in earnings and price. LLC
MID-CAP Evergreen VA Omega: seeks long-term capital growth. The Portfolio invests primarily in
EQUITY common stocks and securities convertible into common stocks of U.S. companies across all
market capitalizations. The Portfolio's managers employ a growth style of equity Evergreen Investment
management. "Growth" stocks are stocks of companies that the Portfolio's managers believe Management Company,
have anticipated earnings ranging from steady to accelerated growth. LLC
INTER- ProFund VP Europe 30: seeks daily investment results, before fees and expenses, that
NATIONAL correspond to the daily performance of the ProFunds Europe 30 Index. The ProFunds Europe 30
EQUITY Index, created by ProFund Advisors, is composed of 30 companies whose principal offices are
located in Europe and whose securities are traded on U.S. exchanges or on the NASDAQ as
depositary receipts or ordinary shares. The component companies in the ProFunds Europe 30
Index are determined annually based upon their U.S. dollar-traded volume. Their relative ProFund Advisors LLC
weights are determined based on a modified market capitalization method.
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PORTFOLIO
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
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INTER- ProFund VP Asia 30: seeks daily investment results, before fees and expenses, that
NATIONAL correspond to the daily performance of the ProFunds Asia 30 Index. The ProFunds Asia 30
EQUITY Index, created by ProFund Advisors, is composed of 30 of the companies whose principal
offices are located in the Asia/Pacific region, excluding Japan, and whose securities are
traded on U.S. exchanges or on the NASDAQ as depository receipts or ordinary shares. The
component companies in the ProFunds Asia 30 Index are determined annually based upon their
U.S. dollar-traded volume. Their relative weights are determined based on the modified ProFund Advisors LLC
market capitalization method.
INTER- ProFund VP Japan: seeks daily investment results, before fees and expenses, that correspond
NATIONAL to the daily performance of the Nikkei 225 Stock Average. Since the Japanese markets are
EQUITY not open when ProFund VP Japan values its shares, ProFund VP Japan determines its success
in meeting this investment objective by comparing its daily return on a given day with the
daily performance of related futures contracts traded in the United States. The Nikkei 225
Stock Average is a price-weighted index of 225 large, actively traded Japanese stocks
traded on the Tokyo Stock Exchange. The Index is computed and distributed by the Nihon ProFund Advisors LLC
Keizai Shimbun.
SECTOR ProFund VP Banks: seeks daily investment results, before fees and expenses, that correspond
to the daily performance of the Dow Jones U.S. Banks Sector Index. The Dow Jones U.S. Banks
Index measures the performance of the banking industry of the U.S. equity market. Component
companies include all regional and major U.S. domiciled international banks, savings and
loans, savings banks, thrifts, building associations and societies. Investment and merchant ProFund Advisors LLC
banks are excluded.
SECTOR ProFund VP Basic Materials: seeks daily investment results, before fees and expenses, that
correspond to the daily performance of the Dow Jones U.S. Basic Materials Sector Index. The
Dow Jones U.S. Basic materials Sector Index measures the performance of the basic materials
economic sector of the U.S. equity market. Component companies are involved in the
production of aluminum, commodity chemicals, specialty chemicals, forest products, ProFund Advisors LLC
non-ferrous metals, paper products, precious metals and steel.
SECTOR ProFund VP Biotechnology: seeks daily investment results, before fees and expenses, that
correspond to the daily performance of the Dow Jones U.S. Biotechnology Index. The Dow
Jones U.S. Biotechnology Index measures the performance of the biotechnology industry of
the U.S. equity market. Component companies include those engaged in genetic research,
and/or the marketing and development of recombinant DNA products. Makers of artificial ProFund Advisors LLC
blood and contract biotechnology researchers are also included in the Index.
SECTOR ProFund VP Consumer Cyclical: seeks daily investment results, before fees and expenses,
that correspond to the daily performance of the Dow Jones U.S. Consumer Cyclical Sector
Index. The Dow Jones U.S. Consumer Cyclical Sector Index measures the performance of the
consumer cyclical economic sector of the U.S. equity market. Component companies include
airlines, auto manufacturers, auto parts, tires, casinos, consumer electronics,
recreational products and services, restaurants, lodging, toys, home construction, home ProFund Advisors LLC
furnishings and appliances, footwear, clothing and fabrics.
SECTOR ProFund VP Consumer Non-Cyclical: seeks daily investment results, before fees and expenses,
that correspond to the daily performance of the Dow Jones U.S. Consumer Non-Cyclical Sector
Index. The Dow Jones U.S. Consumer Non-Cyclical Sector Index measures the performance of
the consumer non-cyclical economic sector of the U.S. equity market. Component companies
include beverage companies, consumer service companies, durable and non-durable household
product manufacturers, cosmetic companies, food products and agriculture and tobacco ProFund Advisors LLC
products.
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PORTFOLIO
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
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SECTOR ProFund VP Energy: seeks daily investment results, before fees and expenses, that
correspond to the daily performance of the Dow Jones U.S. Energy Sector Index. The Dow
Jones U.S. Energy Sector Index measures the performance of the energy sector of the U.S.
equity market. Component companies include oil drilling equipment and services, coal, oil
companies-major, oil companies-secondary, pipelines, liquid, solid or gaseous fossil fuel ProFund Advisors LLC
producers and service companies.
SECTOR ProFund VP Financial: seeks daily investment results, before fees and expenses, that
correspond to the daily performance of the Dow Jones U.S. Financial Sector Index. The Dow
Jones U.S. Financial Sector Index measures the performance of the financial services
economic sector of the U.S. equity market. Component companies include regional banks,
major U.S. domiciled international banks, full line, life, and property and casualty
insurance companies, companies that invest, directly or indirectly in real estate,
diversified financial companies such as Fannie Mae, credit card insurers, check cashing
companies, mortgage lenders, investment advisers and securities broker-dealers, investment ProFund Advisors LLC
banks, merchant banks, online brokers, publicly traded stock exchanges.
SECTOR ProFund VP Healthcare: seeks daily investment results, before fees and expenses, that
correspond to the daily performance of the Dow Jones U.S. Healthcare Sector Index. The Down
Jones U.S. healthcare Sector Index measures the performance of the healthcare economic
sector of the U.S. equity market. Component companies include health care providers,
biotechnology companies, medical supplies, advanced medical devices and pharmaceuticals. ProFund Advisors LLC
SECTOR ProFund VP Industrial: seeks daily investment results, before fees and expenses, that
correspond to the daily performance of the Dow Jones U.S. Industrial Sector Index. The Dow
Jones U.S. Industrial Sector Index measures the performance of the industrial economic
sector of the U.S. equity market. Component companies include building materials, heavy
construction, factory equipment, heavy machinery, industrial services, pollution control,
containers and packaging, industrial diversified, air freight, marine transportation,
railroads, trucking, land-transportation equipment, shipbuilding, transportation services, ProFund Advisors LLC
advanced industrial equipment, electric components and equipment, and aerospace.
SECTOR ProFund VP Internet: seeks daily investment results, before fees and expenses, that
correspond to the daily performance of the Dow Jones U.S. Internet Index. The Dow Jones
Composite Internet Index measures the performance of stocks in the U.S. equity markets that
generate the majority of their revenues from the Internet. The Index is composed of two
sub-groups: Internet Commerce companies that derive the majority of their revenues from
providing goods and/or services through an open network, such as a web site; and Internet
Services companies that derive the majority of their revenues from providing access to the ProFund Advisors LLC
Internet or providing services to people using the Internet.
SECTOR ProFund VP Pharmaceuticals: seeks daily investment results, before fees and expenses, that
correspond to the daily performance of the Dow Jones U.S. Pharmaceuticals Sector Index. The
Dow Jones U.S. Pharmaceuticals Index measures the performance of the pharmaceuticals
industry of the U.S. equity market. Component companies include the makers of prescription
and over-the-counter drugs, such as aspirin, cold remedies, birth control pills, and ProFund Advisors LLC
vaccines, as well as companies engaged in contract drug research..
SECTOR ProFund VP Precious Metals: seeks daily investment results, before fees and expenses, that
correspond to the daily performance of the Philadelphia Stock Exchange Gold & Silver Sector
Index. The Philadelphia Stock Exchange Gold and Silver Sector Index measures the
performance of the gold and silver mining industry of the global equity market. Component
companies include companies involved in the mining and production of gold, silver, and
other precious metals, precious stones and pearls. The Index does not include producers of ProFund Advisors LLC
commemorative medals and coins that are made of these metals.
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PORTFOLIO
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
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SECTOR ProFund VP Real Estate: seeks daily investment results, before fees and expenses, that
correspond to the daily performance of the Dow Jones U.S. Real Estate Index. The Dow Jones
U.S. Real Estate Index measures the performance of the real estate industry of the U.S.
equity market. Component companies include those that invest directly or indirectly through
development, management or ownership of shopping malls, apartment buildings, housing
developments and, real estate investment trusts ("REITs") that invest in apartments, office ProFund Advisors LLC
and retail properties. REITs are passive investment vehicles that invest primarily in
income-producing real estate or real estate related loans or interests.
SECTOR ProFund VP Semiconductor: seeks daily investment results, before fees and expenses, that
correspond to the daily performance of the Dow Jones U.S. Semiconductor Index. The Dow
Jones U.S. Semiconductor Index measures the performance of the semiconductor industry of
the U.S. equity market. Component companies are engaged in the production of semiconductors
and other integrated chips, as well as other related products such as circuit boards and ProFund Advisors LLC
motherboards.
SECTOR ProFund VP Technology: seeks daily investment results, before fees and expenses, that
correspond to the daily performance of the Dow Jones U.S. Technology Sector Index. The Dow
Jones U.S. Technology Sector Index measures the performance of the technology sector of the
U.S. equity market. Component companies include those involved in computers and office
equipment, software, communications technology, semiconductors, diversified technology ProFund Advisors LLC
services and internet services.
SECTOR ProFund VP Telecommunications: seeks daily investment results, before fees and expenses,
that correspond to the daily performance of the Dow Jones U.S. Telecommunications Sector
Index. The Dow Jones U.S. Telecommunications Sector Index measures the performance of the
telecommunications economic sector of the U.S. equity market. Component companies include ProFund Advisors LLC
fixed line communications and wireless communications companies.
SECTOR ProFund VP Utilities: seeks daily investment results, before fees and expenses, that
correspond to the daily performance of the Dow Jones U.S. Utilities Sector Index. The Dow
Jones U.S. Utilities Sector Index measures the performance of the utilities economic sector
of the U.S. equity market. Component companies include electric utilities, gas utilities ProFund Advisors LLC
and water utilities.
|
S&P 500 ProFund VP Bull: seeks daily investment results, before fees and expenses, that correspond
to the daily performance of the S&P 500(R)Index. ProFund Advisors LLC
S&P 500 ProFund VP Bear: seeks daily investment results, before fees and expenses, that correspond
to the inverse (opposite) of the daily performance of the S&P 500(R)Index. If ProFund VP
Bear is successful in meeting its objective, its net asset value should gain approximately
the same, on a percentage basis, as any decrease in the S&P 500(R)Index when the Index
declines on a given day. Conversely, its net asset value should lose approximately the
same, on a percentage basis, as any increase in the Index when the Index rises on a given ProFund Advisors LLC
day.
|
PORTFOLIO
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
----------------- ------------------------------------------------------------------------------------------- --------------------
S&P 500 ProFund VP UltraBull (f/k/a ProFund VP Bull Plus): seeks daily investment results, before
fees and expenses, that correspond to twice (200%) the daily performance of the S&P
500(R)Index. If the ProFund VP UltraBull is successful in meeting its objective, its net
asset value should gain approximately twice as much, on a percentage basis, as the S&P
500(R)Index when the Index rises on a given day. Conversely, its net asset value should
lose approximately twice as much, on a percentage basis, as the Index when the Index
declines on a given day. Prior to May 1, 2003, ProFund VP UltraBull was named "ProFund VP
Bull Plus" and sought daily investment results that corresponded to one and one-half times ProFund Advisors LLC
the daily performance of the S&P 500(R)Index
The NASDAQ-100 Index(R)is a market capitalization weighted index that includes
100 of the largest domestic and international non-financial companies listed on
The NASDAQ Stock Market.
NASDAQ 100 ProFund VP OTC: seeks daily investment results, before fees and expenses, that correspond
to the daily performance of the NASDAQ-100 Index(R). "OTC" in the name of ProFund VP OTC
reflers to securities that do not trade on a U.S. securities exchange, as registered under ProFund Advisors LLC
the Securities Exchange Act of 1934.
NASDAQ 100 ProFund VP Short OTC: seeks daily investment results, before fees and expenses, that
correspond to the inverse (opposite) of the daily performance of the NASDAQ-100 Index(R).
If ProFund VP Short OTC is successful in meeting its objective, its net asset value should
gain approximately the same, on a percentage basis, as any decrease in the NASDAQ-100
Index(R)when the Index declines on a given day. Conversely, its net asset value should lose
approximately the same, on a percentage basis, as any increase in the Index when the Index
rises on a given day. "OTC" in the name of ProFund VP Short OTC refers to securities that ProFund Advisors LLC
do not trade on a U.S. securities exchange, as registered under the Securities Exchange Act
of 1934.
NASDAQ 100 ProFund VP UltraOTC: seeks daily investment results, before fees and expenses, that
correspond to twice (200%) the daily performance of the NASDAQ-100 Index(R). If ProFund VP
UltraOTC is successful in meeting its objective, its net asset value should gain
approximately twice as much, on a percentage basis, as the NASDAQ-100 Index(R)when the
Index rises on a given day. Conversely, its net asset value should lose approximately twice
as much, on a percentage basis, as the Index when the Index declines on a given day. "OTC"
in the name of ProFund VP UltraOTC refers to securities that do not trade on a U.S. ProFund Advisors LLC
securities exchange, as registered under the Securities Exchange Act of 1934.
|
S&P ProFund VP Mid-Cap Value: seeks daily investment results, before fees and expenses, that
MIDCAP 400 correspond to the daily performance of the S&P MidCap 400/Barra Value Index(R). The S&P
MidCap400/Barra Value Index(R)is designed to differentiate between fast growing companies
and slower growing or undervalued companies. Standard & Poor's and Barra cooperate to
employ a price-to-book value calculation whereby the market capitalization of the S&P
MidCap 400 Index(R) is divided equally between growth and value. The index is rebalanced ProFund Advisors LLC
twice per year.
S&P ProFund VP Mid-Cap Growth: seeks daily investment results, before fees and expenses, that
MIDCAP 400 correspond to the daily performance of the S&P MidCap 400/Barra Growth Index(R). The S&P
MidCap 400/Barra Growth Index(R)is designed to differentiate between fast growing companies
and slower growing or undervalued companies. Standard & Poor's and Barra cooperate to
employ a price-to-book value calculation whereby the market capitalization of the S&P ProFund Advisors LLC
MidCap 400 Index(R) is divided equally between growth and value. The Index is rebalanced
twice per year..
|
PORTFOLIO
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
----------------- ------------------------------------------------------------------------------------------- --------------------
S&P 400 ProFund VP UltraMid-Cap: seeks daily investment results, before fees and expenses, that
MIDCAP correspond to twice (200%) the daily performance of the S&P MidCap 400 Index(R). If ProFund
VP UltraMid-Cap is successful in meeting its objective, its net asset value should gain
approximately twice as much, on a percentage basis, as the S&P MidCap 400 Index(R)when the
Index rises on a given day. Conversely, its net asset value should lose approximately twice ProFund Advisors LLC
as much, on a percentage basis, as the Index when the Index declines on a given day.
|
S&P 600 ProFund VP Small-Cap Value: seeks daily investment results, before fees and expenses,
SMALLCAP that correspond to the daily performance of the S&P SmallCap 600/Barra Value Index(R). The
S&P SmallCap 600/Barra Value Index(R)is designed to differentiate between fast growing
companies and slower growing or undervalued companies. Standard & Poor's and Barra
cooperate to employ a price-to-book value calculation whereby the market capitalization of ProFund Advisors LLC
the S&P SmallCap 600 Index(R)is divided equally between growth and value. The Index is
rebalanced twice per year.
S&P 600 ProFund VP Small-Cap Growth: seeks daily investment results, before fees and expenses,
SMALLCAP that correspond to the daily performance of the S&P SmallCap 600/Barra Growth Index(R). The
S&P SmallCap 600/Barra Growth Index(R)is designed to differentiate between fast growing
companies and slower growing or undervalued companies. Standard & Poor's and Barra
cooperate to employ a price-to-book value calculation whereby the market capitalization-of
the S&P SmallCap 600 Index(R)is divided equally between growth and value. The Index is ProFund Advisors LLC
rebalanced twice per year.
|
RUSSELL ProFund VP UltraSmall-Cap: seeks daily investment results, before fees and expenses, that
2000 correspond to twice (200%) the daily performance of the Russell 2000(R)Index. If ProFund VP
UltraSmall-Cap is successful in meeting its objective, its net asset value should gain
approximately twice as much, on a percentage basis, as the Russell 2000 Index(R)when the
Index rises on a given day. Conversely, its net asset value should lose approximately twice
as much, on a percentage basis, as the Index when the Index declines on a given day. ProFund Advisors LLC
U.S. GOV'T ProFund VP U.S. Government Plus: seeks daily investment results, before fees and expenses,
BOND that correspond to one and one-quarter times (125%) the daily price movement of the most
recently issued 30-year U.S. Treasury Bond ("Long Bond"). In accordance with its stated
objective, the net asset value of ProFund VP U.S. Government Plus generally should decrease
as interest rates rise. If ProFund VP U.S. Government Plus is successful in meeting its
objective, its net asset value should gain approximately one and one-quarter times (125%)
as much, on a percentage basis, as any daily increase in the Long Bond on a given day.
Conversely, its net asset value should lose approximately one and one-quarter (125%) as
much, on a percentage basis, as any daily decrease in the Long Bond on a given day. ProFund Advisors LLC
U.S. GOV'T ProFund VP Rising Rates Opportunity: seeks daily investment results, before fees and
BOND expenses, that correspond to one and one-quarter times (125%) the inverse (opposite) of the
daily price movement of the most recently issued Long Bond. In accordance with its stated
objective, the net asset value of ProFund VP Rising Rates Opportunity generally should
decrease as interest rates fall. If ProFund VP Rising Rates Opportunity is successful in
meeting its objective, its net asset value should gain approximately one and one-quarter
times (125%) as much, on a percentage basis, as any daily decrease in the Long Bond on a
given day. Conversely, its net asset value should lose approximately one and one-quarter
times (125%) as much, on a percentage basis, as any daily increase in the Long Bond on a ProFund Advisors LLC
given day.
|
PORTFOLIO
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
----------------- ------------------------------------------------------------------------------------------- --------------------
|
LARGE CAP First Trust(R)10 Uncommon Values: seeks to provide above-average capital appreciation. The
BLEND Portfolio seeks to achieve its objective by investing primarily in the ten common stocks
selected by the Investment Policy Committee of Lehman Brothers Inc. ("Lehman Brothers")
with the assistance of the Research Department of Lehman Brothers which, in their opinion
have the greatest potential for capital appreciation during the next year. The stocks First Trust
included in the Portfolio are adjusted annually on or about July 1st in accordance with the Advisors L.P.
selections of Lehman Brothers.
INTER- The Prudential Series Fund, Inc. SP Jennison International Growth: seeks to provide
NATIONAL long-term growth of capital. The Portfolio pursues its objective by investing in
EQUITY equity-related securities of foreign issuers that the Sub-advisor believes will increase in
value over a period of years. The Portfolio invests primarily in the common stock of large
and medium-sized foreign companies. Under normal circumstances, the Portfolio invests at
least 65% of its total assets in common stock of foreign companies operating or based in at
least five different countries. The Portfolio looks primarily for stocks of companies whose Prudential
earnings are growing at a faster rate than other companies and that have above-average Investments LLC/
growth in earnings and cash flow, improving profitability, strong balance sheets, Jennison Associates
management strength and strong market share for its products. The Portfolio also tries to LLC
buy such stocks at attractive prices in relation to their growth prospects.
|
For the Year Ended December 31,
-------------------------------------------------------------------
2002 2001 2000 1999 1998
STATEMENTS OF INCOME DATA
Revenues:
Annuity and life insurance
charges and fees /a/ /b/ $ 370,004 $ 388,696 $ 424,578 $ 289,989 $ 186,211
Fee income /b/ 97,650 111,196 130,610 83,243 50,839
Net investment income 19,632 20,126 18,595 11,477 11,130
Net realized capital (losses)
gains and other revenues /e/ (7,438) 2,698 4,195 3,688 1,360
----------- ----------- ----------- ----------- -----------
Total revenues $ 479,848 $ 522,716 $ 577,978 $ 388,397 $ 249,540
=========== =========== =========== =========== ===========
Benefits and Expenses:
Annuity and life insurance
benefits $ 3,391 $ 1,955 $ 751 $ 612 $ 558
Change in annuity and life
insurance policy reserves /c/ 2,741 (39,898) 49,339 (671) 1,053
Guaranteed minimum death
benefit claims, net of
hedge /b/ 23,256 20,370 2,618 4,785 --
Return credited to contract
owners 5,196 5,796 8,463 (1,639) (8,930)
Underwriting, acquisition and
other insurance expenses 188,728 196,755 150,597 125,434 86,306
Amortization of deferred
acquisition costs /b/ /d/ 510,059 224,047 184,616 83,861 86,628
Interest expense 14,544 73,424 85,998 69,502 41,004
----------- ----------- ----------- ----------- -----------
Total benefits and expenses $ 747,915 $ 482,449 $ 482,382 $ 281,884 $ 206,619
=========== =========== =========== =========== ===========
=========== =========== =========== =========== ===========
Net (loss) income $ (165,257) $ 33,099 $ 64,817 $ 76,169 $ 34,767
=========== =========== =========== =========== ===========
STATEMENTS OF FINANCIAL
CONDITION DATA
Total assets /b/ $23,708,585 $28,009,782 $31,702,705 $30,881,579 $18,848,273
=========== =========== =========== =========== ===========
Future fees payable to parent $ 708,249 $ 799,472 $ 934,410 $ 576,034 $ 368,978
=========== =========== =========== =========== ===========
Surplus notes $ 110,000 $ 144,000 $ 159,000 $ 179,000 $ 193,000
=========== =========== =========== =========== ===========
Shareholder's equity $ 683,061 $ 577,668 $ 496,911 $ 359,434 $ 250,417
=========== =========== =========== =========== ===========
|
--------- --------- ---------
Commissions and purchase credits $ 287,612 $ 248,187 $ 430,743
General operating expenses 145,438 157,704 214,957
Acquisition costs deferred (244,322) (209,136) (495,103)
--------- --------- ---------
Underwriting, acquisition and other insurance
expenses $ 188,728 $ 196,755 $ 150,597
========= ========= =========
|
/s/ Ernst & Young LLP
Hartford, Connecticut
February 3, 2003
|
As of December 31,
-------------------------
2002 2001
----------- -----------
ASSETS
Investments:
Fixed maturities - at fair value (amortized cost of $379,422
and $356,882, respectively) $ 398,601 $ 362,831
Equity securities - at fair value (amortized cost of $52,017
and $49,886, respectively) 51,769 45,083
Derivative instruments - at fair value 10,370 5,525
Policy loans 7,559 6,559
----------- -----------
Total investments 468,299 419,998
Cash and cash equivalents 51,339 -
Accrued investment income 4,196 4,737
Deferred acquisition costs 1,117,544 1,383,281
Reinsurance receivable 5,447 7,733
Receivable from affiliates 3,961 3,283
Income tax receivable -- 30,537
Deferred income taxes 38,206 --
Fixed assets, at depreciated cost (accumulated depreciation of
$7,555 and $4,266, respectively) 12,132 17,752
Other assets 101,848 103,912
Separate account assets 21,905,613 26,038,549
----------- -----------
Total assets $23,708,585 $28,009,782
=========== ===========
LIABILITIES AND SHAREHOLDER'S EQUITY
Liabilities:
Reserves for future policy and contract benefits $ 149,349 $ 91,126
Accounts payable and accrued expenses 133,543 192,952
Income tax payable 6,547 --
Deferred income taxes -- 54,980
Payable to affiliates 2,223 101,035
Future fees payable to American Skandia, Inc. ("ASI") 708,249 799,472
Short-term borrowing 10,000 10,000
Surplus notes 110,000 144,000
Separate account liabilities 21,905,613 26,038,549
----------- -----------
Total liabilities 23,025,524 27,432,114
----------- -----------
Commitments and contingent liabilities (Note 18)
Shareholder's equity:
Common stock, $100 par value, 25,000 shares authorized,
issued and outstanding 2,500 2,500
Additional paid-in capital 595,049 335,329
Retained earnings 73,821 239,078
Accumulated other comprehensive income 11,691 761
----------- -----------
Total shareholder's equity 683,061 577,668
----------- -----------
Total liabilities and shareholder's equity $23,708,585 $28,009,782
=========== ===========
|
For the Years Ended December 31,
--------------------------------
2002 2001 2000
--------- -------- --------
REVENUES
Annuity and life insurance charges and fees $ 370,004 $388,696 $424,578
Fee income 97,650 111,196 130,610
Net investment income 19,632 20,126 18,595
Net realized capital (losses) gains (9,614) 928 (688)
Other 2,176 1,770 4,883
--------- -------- --------
Total revenues 479,848 522,716 577,978
--------- -------- --------
EXPENSES
Benefits:
Annuity and life insurance benefits 3,391 1,955 751
Change in annuity and life insurance policy reserves 2,741 (39,898) 49,339
Guaranteed minimum death benefit claims, net of hedge 23,256 20,370 2,618
Return credited to contract owners 5,196 5,796 8,463
--------- -------- --------
Total benefits 34,584 (11,777) 61,171
Other:
Underwriting, acquisition and other insurance
expenses 188,728 196,755 150,597
Amortization of deferred acquisition costs 510,059 224,047 184,616
Interest expense 14,544 73,424 85,998
--------- -------- --------
713,331 494,226 421,211
--------- -------- --------
Total benefits and expenses 747,915 482,449 482,382
--------- -------- --------
(Loss) income from operations before income tax
(benefit) expense (268,067) 40,267 95,596
Income tax (benefit) expense (102,810) 7,168 30,779
--------- -------- --------
Net (loss) income $(165,257) $ 33,099 $ 64,817
========= ======== ========
|
Accumulated Other
Comprehensive Income
------------------------
Additional Foreign Unrealized
Common Paid in Retained Currency Gains
Stock Capital Earnings Translation (Losses) Total
------ ---------- --------- ----------- ---------- ---------
As of December 31, 1999 $2,500 $215,879 $ 141,162 $148 ($255) $ 359,434
Net income 64,817 64,817
Other comprehensive income:
Unrealized capital gains 843 843
Reclassification adjustment for
realized losses included in net
realized capital (losses) gains 433 433
Foreign currency translation (66) (66)
---------
Other comprehensive income 1,210
---------
Comprehensive income 66,027
Capital contributions 71,450 71,450
------ -------- --------- ----- ------- ---------
As of December 31, 2000 2,500 287,329 205,979 82 1,021 496,911
Net income 33,099 33,099
Other comprehensive loss:
Unrealized capital losses (261) (261)
Reclassification adjustment for
realized gains included in net
realized capital (losses) gains (14) (14)
Foreign currency translation (67) (67)
---------
Other comprehensive loss (342)
---------
Comprehensive income 32,757
Capital contributions 48,000 48,000
------ -------- --------- ----- ------- ---------
As of December 31, 2001 2,500 335,329 239,078 15 746 577,668
Net loss (165,257) (165,257)
Other comprehensive income:
Unrealized capital gains 10,434 10,434
Reclassification adjustment for
realized losses included in net
realized capital (losses) gains 1,126 1,126
Foreign currency translation (630) (630)
---------
Other comprehensive income 10,930
---------
Comprehensive loss (154,327)
Capital contributions 259,720 259,720
------ -------- --------- ----- ------- ---------
As of December 31, 2002 $2,500 $595,049 $ 73,821 $(615) $12,306 $ 683,061
|
For the Years Ended December 31,
----------------------------------
2002 2001 2000
--------- --------- ----------
Cash flow from operating activities:
Net (loss) income $(165,257) $ 33,099 $ 64,817
Adjustments to reconcile net (loss) income to net
cash (used in) provided by operating activities:
Amortization and depreciation 21,649 13,374 5,758
Deferral of acquisition costs (244,322) (209,136) (495,103)
Amortization of deferred acquisition costs 510,059 224,047 184,616
Deferred tax (benefit) expense (99,071) 46,215 60,023
Change in unrealized (gains) losses on derivatives (5,149) 2,902 (2,936)
Increase (decrease) in policy reserves 3,293 (38,742) 50,892
(Decrease) increase in net receivable/payable to affiliates (99,490) 103,496 (72,063)
Change in net income tax receivable/payable 37,084 4,083 (58,888)
Increase in other assets (9,546) (12,105) (65,119)
Decrease (increase) in accrued investment income 541 472 (1,155)
Decrease (increase) in reinsurance receivable 2,286 (1,849) 420
(Decrease) increase in accounts payable and accrued
expenses (59,409) 55,912 (21,550)
Net realized capital (gains) losses on derivatives (26,654) (14,929) 5,554
Net realized capital losses (gains) on investments 9,616 (928) 688
--------- --------- ----------
Net cash (used in) provided by operating activities (124,370) 205,911 (344,046)
--------- --------- ----------
Cash flow from investing activities:
Purchase of fixed maturity investments (388,053) (462,820) (380,737)
Proceeds from sale and maturity of fixed
maturity investments 367,263 390,816 303,736
Purchase of derivatives (61,998) (103,533) (14,781)
Proceeds from exercise or sale of derivative instruments 88,956 113,051 5,936
Purchase of shares in equity securities and dividend
reinvestments (49,713) (55,430) (18,136)
Proceeds from sale of shares in equity securities 34,220 25,228 8,345
Purchase of fixed assets (2,423) (10,773) (7,348)
Increase in policy loans (1,000) (2,813) (2,476)
--------- --------- ----------
Net cash used in investing activities (12,748) (106,274) (105,461)
--------- --------- ----------
Cash flow from financing activities:
Capital contribution 259,720 48,000 71,450
Pay down of surplus notes (34,000) (15,000) (20,000)
(Decrease) increase in future fees payable to ASI, net (91,223) (137,355) 358,376
Deposits to contract owner accounts 808,209 59,681 172,441
Withdrawals from contract owner accounts (164,964) (130,476) (102,603)
Change in contract owner accounts, net of investment earnings (588,315) 62,875 (55,468)
--------- --------- ----------
Net cash provided by (used in) financing activities 189,427 (112,275) 424,196
--------- --------- ----------
Net increase (decrease) in cash and cash equivalents 52,309 (12,638) (25,311)
Change in foreign currency translation (970) (103) (101)
Cash and cash equivalents at beginning of period -- 12,741 38,153
Cash and cash equivalents at end of period $ 51,339 $ -- $ 12,741
========= ========= ==========
Income taxes (received) paid $ (40,823) $ (43,130) $ 29,644
========= ========= ==========
Interest paid $ 23,967 $ 56,831 $ 114,394
========= ========= ==========
|
2002 2001 2000
---------- ---------- ----------
Balance at beginning of year $1,383,281 $1,398,192 $1,087,705
Acquisition costs deferred during the
year 244,322 209,136 495,103
Acquisition costs amortized during the
year (510,059) (224,047) (184,616)
---------- ---------- ----------
Balance at end of year $1,117,544 $1,383,281 $1,398,192
========== ========== ==========
|
Gross Gross
Amortized Unrealized Unrealized
Cost Gains Losses Fair Value
--------- ---------- ---------- ----------
U.S. Government obligations $270,969 $15,658 $ (78) $286,549
Obligations of state and political
subdivisions 253 9 (1) 261
Corporate securities 108,200 3,631 (40) 111,791
-------- ------- ----- --------
Totals $379,422 $19,298 $(119) $398,601
======== ======= ===== ========
|
Amortized
Cost Fair Value
--------- ----------
Due in one year or less $ 12,793 $ 12,884
Due after one through five years 165,574 171,830
Due after five through ten years 186,609 198,913
Due after ten years 14,446 14,974
-------- --------
Total $379,422 $398,601
======== ========
|
Gross Gross
Amortized Unrealized Unrealized
Cost Gains Losses Fair Value
--------- ---------- ---------- ----------
U.S. Government obligations $198,136 $2,869 $(413) $200,592
Obligations of state and political
subdivisions 252 8 -- 260
Corporate securities 158,494 4,051 (566) 161,979
-------- ------ ----- --------
Totals $356,882 $6,928 $(979) $362,831
======== ====== ===== ========
|
Gross Gross
Unrealized Unrealized Fair
Cost Gains Losses Value
------- ---------- ---------- -------
2002 $52,017 $136 $ (384) $51,769
2001 $49,886 $122 $(4,925) $45,083
|
2002 2001 2000
-------- ------- -------
Fixed maturities:
Gross gains $ 8,213 $ 8,849 $ 1,002
Gross losses (4,468) (4,387) (3,450)
Investment in equity securities:
Gross gains 90 658 1,913
Gross losses (13,451) (4,192) (153)
-------- ------- -------
Totals $ (9,616) $ 928 $ (688)
======== ======= =======
|
Security Fair Value
-------- ----------
U.S. Treasury Note, 6.25%, February 2003 $4,345
U.S. Treasury Note, 3.00%, November 2003 183
Puerto Rico Commonwealth, 4.60%, July 2004 210
Puerto Rico Commonwealth, 4.875%, July 2023 52
|
December 31, 2002 December 31, 2001
--------------------------- ---------------------------
Fair Value Carrying Value Fair Value Carrying Value
---------- -------------- ---------- --------------
Assets
Fixed Maturities $398,601 $398,601 $362,831 $362,831
Equity Securities 51,769 51,769 45,083 45,083
Derivative Instruments 10,370 10,370 5,525 5,525
Policy Loans 7,559 7,559 6,559 6,559
Liabilities
Future Fees Payable to ASI 429,773 708,249 546,357 799,472
Short-term Borrowing 10,000 10,000 10,000 10,000
Surplus Notes and accrued
interest of $29,230 and
$25,829 in 2002 and 2001,
respectively 140,777 139,230 174,454 169,829
|
2002 2001 2000
------- ------- -------
Fixed maturities $18,015 $18,788 $13,502
Cash and cash equivalents 1,116 909 5,209
Equity securities 809 622 99
Policy loans 403 244 97
------- ------- -------
Total investment income 20,343 20,563 18,907
Investment expenses (711) (437) (312)
------- ------- -------
Net investment income $19,632 $20,126 $18,595
======= ======= =======
|
2002 2001 2000
--------- -------- --------
Current tax benefit $ (3,739) $(39,047) $(29,244)
Deferred tax expense, excluding operating
loss carryforwards 35,915 60,587 60,023
Deferred tax benefit for operating and
capital loss carryforwards (134,986) (14,372) --
--------- -------- --------
Total income tax (benefit) expense $(102,810) $ 7,168 $ 30,779
========= ======== ========
|
2002 2001
--------- ---------
Deferred tax assets:
GAAP to tax reserve differences $ 165,348 $ 241,503
Future fees payable to ASI 21,475 63,240
Deferred compensation 20,603 20,520
Net operating loss carry forward 147,360 14,372
Other 6,530 17,276
--------- ---------
Total deferred tax assets 361,316 356,911
--------- ---------
Deferred tax liabilities:
Deferred acquisition costs, net (312,933) (404,758)
Net unrealized gains on fixed
maturity securities (6,713) (2,082)
Other (3,464) (5,051)
--------- ---------
Total deferred tax liabilities (323,110) (411,891)
--------- ---------
Net deferred tax asset (liability) $ 38,206 $ (54,980)
========= =========
|
2002 2001 2000
--------- ------- -------
(Loss) income before taxes
Domestic $(265,361) $42,886 $98,136
Foreign (2,706) (2,619) (2,540)
--------- ------- -------
Total (268,067) 40,267 95,596
Income tax rate 35% 35% 35%
---------- -------- --------
Tax (benefit) expense at federal statutory income
tax rate (93,823) 14,093 33,459
Tax effect of:
Dividend received deduction (12,250) (8,400) (7,350)
Losses of foreign subsidiary 947 917 889
Meals and entertainment 603 603 841
State income taxes -- (62) (524)
Federal provision to return differences 709 (177) 3,235
Other 1,004 194 229
--------- ------- -------
Income tax (benefit) expense $(102,810) $ 7,168 $30,779
========= ======= =======
|
Lease Sub-Lease
------- ---------
2003 $ 4,847 $ 1,616
2004 5,275 1,773
2005 5,351 1,864
2006 5,328 1,940
2007 5,215 1,788
2008 and thereafter 19,629 7,380
------- -------
Total $45,645 $16,361
======= =======
|
Closing Effective Contract Issue Discount Present
Transaction Date Date Period Rate Value
----------- -------- --------- ------------------ -------- --------
1996-1 12/17/96 9/1/96 1/1/94 - 6/30/96 7.5% $ 50,221
1997-1 7/23/97 6/1/97 3/1/96 - 4/30/97 7.5% 58,767
1997-2 12/30/97 12/1/97 5/1/95 - 12/31/96 7.5% 77,552
1997-3 12/30/97 12/1/97 5/1/96 - 10/31/97 7.5% 58,193
1998-1 6/30/98 6/1/98 1/1/97 - 5/31/98 7.5% 61,180
1998-2 11/10/98 10/1/98 5/1/97 - 8/31/98 7.0% 68,573
1998-3 12/30/98 12/1/98 7/1/96 - 10/31/98 7.0% 40,128
1999-1 6/23/99 6/1/99 4/1/94 - 4/30/99 7.5% 120,632
1999-2 12/14/99 10/1/99 11/1/98 - 7/31/99 7.5% 145,078
2000-1 3/22/00 2/1/00 8/1/99 - 1/31/00 7.5% 169,459
2000-2 7/18/00 6/1/00 2/1/00 - 4/30/00 7.25% 92,399
2000-3 12/28/00 12/1/00 5/1/00 - 10/31/00 7.25% 107,291
2000-4 12/28/00 12/1/00 1/1/98 - 10/31/00 7.25% 107,139
2002-1 4/12/02 3/1/02 11/1/00 - 12/31/01 6.00% 101,713
|
Year Amount
---- --------
2003 $186,854
2004 171,093
2005 147,902
2006 117,761
2007 66,270
2008 18,369
--------
Total $708,249
========
|
Lease Sub-Lease
------- ---------
2003 $ 1,913 $ 426
2004 1,982 455
2005 2,050 500
2006 2,050 533
2007 2,050 222
2008 and thereafter 8,789 0
------- ------
Total $18,834 $2,136
======= ======
|
2002 Gross Ceded Net
--------------------------------------------- -------- -------- --------
Annuity and life insurance charges and fees $406,272 $(36,268) $370,004
Return credited to contract owners $ 5,221 $ (25) $ 5,196
Underwriting, acquisition and other insurance
expenses (deferal of acquisition costs) $154,588 $ 34,140 $188,728
Amortization of deferred acquisition costs $542,945 $(32,886) $510,059
2001
Annuity and life insurance charges and fees $430,914 $(42,218) $388,696
Return credited to contract owners $ 5,704 $ 92 $ 5,796
Underwriting, acquisition and other insurance
expenses (deferral of acquisition costs) $163,677 $ 33,078 $196,755
Amortization of deferred acquisition costs $231,290 $ (7,243) $224,047
2000
Annuity and life insurance charges and fees $473,318 $(48,740) $424,578
Return credited to contract owners $ 8,540 $ (77) $ 8,463
Underwriting, acquisition and other insurance
expenses (deferral of acquisition costs) $108,399 $ 42,198 $150,597
Amortization of deferred acquisition costs $205,174 $(20,558) $184,616
|
Liability as of Interest Expense
December 31, For the Years
Interest ------------------- ---------------------------
Note Issue Date Rate 2002 2001 2002 2001 2000
------------------ -------- -------- -------- ------- ------- -------
February 18, 1994 7.28% -- -- -- -- 732
March 28, 1994 7.90% -- -- -- -- 794
September 30, 1994 9.13% -- -- -- 1,282 1,392
December 19, 1995 7.52% -- 10,000 520 763 765
December 20, 1995 7.49% -- 15,000 777 1,139 1,142
December 22, 1995 7.47% -- 9,000 465 682 684
June 28, 1996 8.41% 40,000 40,000 3,411 3,411 3,420
December 30, 1996 8.03% 70,000 70,000 5,699 5,699 5,715
-------- -------- ------- ------- -------
Total $110,000 $144,000 $10,872 $12,976 $14,644
======== ======== ======= ======= =======
|
Three Months Ended
------------------------------------------
2002 March 31 June 30 Sept. 30 Dec. 31
-------- -------- --------- --------
Premiums and other insurance revenues* $118,797 $126,614 $ 115,931 $108,488
Net investment income 4,965 4,714 5,128 4,825
Net realized capital losses (1,840) (1,584) (2,327) (3,863)
-------- -------- --------- --------
Total revenues 121,922 129,744 118,732 109,450
Benefits and expenses* 112,759 160,721 323,529 150,906
-------- -------- --------- --------
Pre-tax net income (loss) 9,163 (30,977) (204,797) (41,456)
Income tax expense (benefit) 1,703 (11,746) (72,754) (20,013)
-------- -------- --------- --------
Net income (loss) $ 7,460 $(19,231) $(132,043) $(21,443)
======== ======== ========= ========
|
Three Months Ended
-----------------------------------------
2001 March 31 June 30 Sept. 30 Dec. 31
-------- -------- -------- --------
Premiums and other insurance revenues*** $130,885 $128,465 $122,708 $119,604
Net investment income** 5,381 4,997 5,006 4,742
Net realized capital gains (losses) 1,902 373 376 (1,723)
-------- -------- -------- --------
Total revenues 138,168 133,835 128,090 122,623
Benefits and expenses** *** 122,729 110,444 123,307 125,969
-------- -------- -------- --------
Pre-tax net income (loss) 15,439 23,391 4,783 (3,346)
Income tax expense (benefit) 4,034 7,451 (480) (3,837)
-------- -------- -------- --------
Net income $ 11,405 $ 15,940 $ 5,263 $ 491
======== ======== ======== ========
|
Three Months Ended
-----------------------------------------
2000 March 31 June 30 Sept. 30 Dec. 31
-------- -------- -------- --------
Premiums and other insurance revenues $137,040 $139,346 $147,819 $135,866
Net investment income**** 4,343 4,625 4,619 5,008
Net realized capital gains (losses) 729 (1,436) (858) 877
Total revenues 142,112 142,535 151,580 141,751
Benefits and expenses**** 107,893 122,382 137,843 114,264
Pre-tax net income 34,219 20,153 13,737 27,487
Income tax expense 10,038 5,225 3,167 12,349
Net income $ 24,181 $ 14,928 $ 10,570 $ 15,138
======== ======== ======== ========
|
Year Ended December 31,
-----------------------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998 1997
------------------------------------------------- ------------ ---------- ------------ ----------- ----------- -----------
AST Strong International Equity 1 (1989)
With No Optional Benefits
Unit Price $ 19.53 24.28 31.88 43.99 27.18 22.95
Number of Units 14,140,023 17,388,860 19,112,622 16,903,883 17,748,560 17,534,233
With One Optional Benefit
Unit Price $ 8.56 -- -- -- -- --
Number of Units 2,569,506 -- -- -- -- --
With Any Two Optional Benefits
Unit Value $9.95 -- -- -- -- --
Number of Units 90,759 -- -- -- -- --
With All Optional Benefits
Unit Price $ 9.95 -- -- -- -- --
Number of Units 6,047 -- -- -- -- --
AST William Blair International Growth 2(1997)
With No Optional Benefits
Unit Price $ 9.92 13.54 17.96 24.16 13.41 11.70
Number of Units 29,062,215 40,507,419 57,327,711 61,117,418 43,711,763 21,405,891
With One Optional Benefit
Unit Price $ 9.72 -- -- -- -- --
Number of Units 835,523 -- -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.72 -- -- -- -- --
Number of Units 78,368 -- -- -- -- --
With All Optional Benefits
Unit Price $ 9.71 -- -- -- -- --
Number of Units 5,178 -- -- -- -- --
Year Ended December 31,
---------------------------------------------------
Sub-account 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ -----------
AST Strong International Equity 1 (1989)
With No Optional Benefits
Unit Price 19.70 18.23 16.80 16.60
Number of Units 17,220,688 14,393,137 14,043,215 9,063,464
With One Optional Benefit
Unit Price -- -- -- --
Number of Units -- -- -- --
With Any Two Optional Benefits
Unit Value -- -- -- --
Number of Units -- -- -- --
With All Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
AST William Blair International Growth 2(1997)
With No Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With One Optional Benefit
Unit Price -- -- -- --
Number of Units -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With All Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
|
Year Ended December 31,
-----------------------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998 1997
------------------------------------------------- ------------ ---------- ------------ ----------- ----------- -----------
AST American Century International Growth 3
(1997)
With No Optional Benefits
Unit Price $ 10.20 12.85 17.92 21.66 13.30 11.35
Number of Units 31,813,722 37,487,425 17,007,352 6,855,601 5,670,336 2,857,188
With One Optional Benefit
Unit Price $ 8.52 -- -- -- -- --
Number of Units 2,252,674 -- -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.69 -- -- -- -- --
Number of Units 116,123 -- -- -- -- --
With All Optional Benefits
Unit Price $ 9.69 -- -- -- -- --
Number of Units 1,896 -- -- -- -- --
AST DeAM International Equity 4 (1994)
With No Optional Benefits
Unit Price $ 8.81 10.77 16.12 23.45 12.54 11.46
Number of Units 10,185,535 13,627,264 16,245,805 8,818,599 9,207,623 9,988,104
With One Optional Benefit
Unit Price $ 8.19 -- -- -- -- --
Number of Units 269,995 -- -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.79 -- -- -- -- --
Number of Units 22,770 -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- -- --
Number of Units -- -- -- -- -- --
AST MFS Global Equity (1999)
With No Optional Benefits
Unit Price $ 7.74 8.94 10.08 11.01 -- --
Number of Units 5,878,055 5,806,567 2,803,013 116,756 -- --
With One Optional Benefit
Unit Price $ 9.04 -- -- -- -- --
Number of Units 969,509 -- -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.87 -- -- -- -- --
Number of Units 32,306 -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- -- --
Number of Units -- -- -- -- -- --
Year Ended December 31,
---------------------------------------------------
Sub-account 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ -----------
AST American Century International Growth 3
(1997)
With No Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With One Optional Benefit
Unit Price -- -- -- --
Number of Units -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With All Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
AST DeAM International Equity 4 (1994)
With No Optional Benefits
Unit Price 11.39 10.23 -- --
Number of Units 9,922,698 2,601,283 -- --
With One Optional Benefit
Unit Price -- -- -- --
Number of Units -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With All Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
AST MFS Global Equity (1999)
With No Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With One Optional Benefit
Unit Price -- -- -- --
Number of Units -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With All Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
|
Year Ended December 31,
-----------------------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998 1997
------------------------------------------------- ------------ ---------- ------------ ----------- ----------- -----------
AST PBHG Small-Cap Growth 5 (1994)
With No Optional Benefits
Unit Price $ 12.83 19.84 21.51 42.08 17.64 17.28
Number of Units 17,093,250 23,048,821 25,535,093 32,134,969 15,003,001 14,662,728
With One Optional Benefit
Unit Price $ 6.92 -- -- -- -- --
Number of Units 1,970,250 -- -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.48 -- -- -- -- --
Number of Units 47,261 -- -- -- -- --
With All Optional Benefits
Unit Price $ 9.47 -- -- -- -- --
Number of Units 6,595 -- -- -- -- --
AST DeAM Small-Cap Growth 6 (1999)
With No Optional Benefits
Unit Price $ 6.13 8.46 11.98 15.37 -- --
Number of Units 44,042,514 60,703,791 63,621,279 53,349,003 -- --
With One Optional Benefit
Unit Price $ 7.67 -- -- -- -- --
Number of Units 639,695 -- -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.71 -- -- -- -- --
Number of Units 12,122 -- -- -- -- --
With All Optional Benefits
Unit Price $ 9.71 -- -- -- -- --
Number of Units 1,728 -- -- -- -- --
AST Federated Aggressive Growth (2000)
With No Optional Benefits
Unit Price $ 4.96 7.10 9.08 -- -- --
Number of Units 5,188,521 6,499,066 196,575 -- -- --
With One Optional Benefit
Unit Price $ 7.64 -- -- -- -- --
Number of Units 1,255,415 -- -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.86 -- -- -- -- --
Number of Units 63,097 -- -- -- -- --
With All Optional Benefits
Unit Price $ 9.86 -- -- -- -- --
Number of Units 4,107 -- -- -- -- --
Year Ended December 31,
---------------------------------------------------
Sub-account 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ -----------
AST PBHG Small-Cap Growth 5 (1994)
With No Optional Benefits
Unit Price 16.54 13.97 10.69 --
Number of Units 12,282,211 6,076,373 2,575,105 --
With One Optional Benefit
Unit Price -- -- -- --
Number of Units -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With All Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
AST DeAM Small-Cap Growth 6 (1999)
With No Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With One Optional Benefit
Unit Price -- -- -- --
Number of Units -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With All Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
AST Federated Aggressive Growth (2000)
With No Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With One Optional Benefit
Unit Price -- -- -- --
Number of Units -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With All Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
|
Year Ended December 31,
-----------------------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998 1997
------------------------------------------------- ------------ ---------- ------------ ----------- ----------- -----------
AST Goldman Sachs Small-Cap Value 7 (1998)
With No Optional Benefits
Unit Price $ 13.72 15.12 13.95 10.57 9.85 --
Number of Units 20,004,839 26,220,860 15,193,053 6,597,544 4,081,870 --
With One Optional Benefit
Unit Price $ 9.26 -- -- -- -- --
Number of Units 1,492,775 -- -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.09 -- -- -- -- --
Number of Units 624 -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- -- --
Number of Units -- -- -- -- -- --
AST Gabelli Small-Cap Value 8 (1997)
With No Optional Benefits
Unit Price $ 12.58 14.08 13.35 11.11 11.20 12.70
Number of Units 32,549,396 35,483,530 23,298,524 21,340,168 24,700,211 14,612,510
With One Optional Benefit
Unit Price $ 9.30 -- -- -- -- --
Number of Units 6,141,523 -- -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.08 -- -- -- -- --
Number of Units 209,790 -- -- -- -- --
With All Optional Benefits
Unit Price $ 10.08 -- -- -- -- --
Number of Units 17,411 -- -- -- -- --
AST DeAM Small-Cap Value 9 (2002)
With No Optional Benefits
Unit Price $ 7.68 -- -- -- -- --
Number of Units 581,833 -- -- -- -- --
With One Optional Benefit
Unit Price $ 7.66 -- -- -- -- --
Number of Units 423,387 -- -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.08 -- -- -- -- --
Number of Units 11,686 -- -- -- -- --
With All Optional Benefits
Unit Price $ 10.08 -- -- -- -- --
Number of Units 5,211 -- -- -- -- --
Year Ended December 31,
---------------------------------------------------
Sub-account 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ -----------
AST Goldman Sachs Small-Cap Value 7 (1998)
With No Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With One Optional Benefit
Unit Price -- -- -- --
Number of Units -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With All Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
AST Gabelli Small-Cap Value 8 (1997)
With No Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With One Optional Benefit
Unit Price -- -- -- --
Number of Units -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With All Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
AST DeAM Small-Cap Value 9 (2002)
With No Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With One Optional Benefit
Unit Price -- -- -- --
Number of Units -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With All Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
|
Year Ended December 31,
-----------------------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998 1997
------------------------------------------------- ------------ ---------- ------------ ----------- ----------- -----------
AST Goldman Sachs Mid-Cap Growth 10 (2000)
With No Optional Benefits
Unit Price $ 2.78 3.88 6.58 -- -- --
Number of Units 16,748,577 17,045,776 9,426,102 -- -- --
With One Optional Benefit
Unit Price $ 7.97 -- -- -- -- --
Number of Units 1,273,118 -- -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.87 -- -- -- -- --
Number of Units 66,279 -- -- -- -- --
With All Optional Benefits
Unit Price $ 9.87 -- -- -- -- --
Number of Units 2,488 -- -- -- -- --
AST Neuberger Berman Mid-Cap Growth 11 (1994)
With No Optional Benefits
Unit Price $ 12.86 18.95 25.90 28.58 19.15 16.10
Number of Units 19,674,777 25,717,164 26,517,850 13,460,525 13,389,289 11,293,799
With One Optional Benefit
Unit Price $ 7.41 -- -- -- -- --
Number of Units 2,175,250 -- -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.51 -- -- -- -- --
Number of Units 44,760 -- -- -- -- --
With All Optional Benefits
Unit Price $ 9.51 -- -- -- -- --
Number of Units 1,311 -- -- -- -- --
AST Neuberger Berman Mid-Cap Value 12 (1993)
With No Optional Benefits
Unit Price $ 17.78 20.16 21.09 16.78 16.10 16.72
Number of Units 37,524,187 47,298,313 44,558,699 37,864,586 16,410,121 11,745,440
With One Optional Benefit
Unit Price $ 8.96 -- -- -- -- --
Number of Units 5,118,558 -- -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.98 -- -- -- -- --
Number of Units 163,415 -- -- -- -- --
With All Optional Benefits
Unit Price $ 9.97 -- -- -- -- --
Number of Units 10,745 -- -- -- -- --
Year Ended December 31,
---------------------------------------------------
Sub-account 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ -----------
AST Goldman Sachs Mid-Cap Growth 10 (2000)
With No Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With One Optional Benefit
Unit Price -- -- -- --
Number of Units -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With All Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
AST Neuberger Berman Mid-Cap Growth 11 (1994)
With No Optional Benefits
Unit Price 13.99 12.20 9.94 --
Number of Units 9,563,858 3,658,836 301,267 --
With One Optional Benefit
Unit Price -- -- -- --
Number of Units -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With All Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
AST Neuberger Berman Mid-Cap Value 12 (1993)
With No Optional Benefits
Unit Price 13.41 12.20 9.81 10.69
Number of Units 9,062,152 8,642,186 7,177,232 5,390,887
With One Optional Benefit
Unit Price -- -- -- --
Number of Units -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With All Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
|
Year Ended December 31,
-----------------------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998 1997
------------------------------------------------- ------------ ---------- ------------ ----------- ----------- -----------
AST Alger All-Cap Growth (2000)
With No Optional Benefits
Unit Price $ 3.51 5.54 6.74 -- -- --
Number of Units 85,441,507 125,442,916 28,229,631 -- -- --
With One Optional Benefit
Unit Price $ 6.80 -- -- -- -- --
Number of Units 658,419 -- -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.36 -- -- -- -- --
Number of Units 6,409 -- -- -- -- --
With All Optional Benefits
Unit Price $ 9.36 -- -- -- -- --
Number of Units 3,466 -- -- -- -- --
AST Gabelli All-Cap Value (2000)
With No Optional Benefits
Unit Price $ 7.59 9.71 10.06 -- -- --
Number of Units 11,924,124 14,934,570 1,273,094 -- -- --
With One Optional Benefit
Unit Price $ 8.17 -- -- -- -- --
Number of Units 1,200,225 -- -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.04 -- -- -- -- --
Number of Units 28,449 -- -- -- -- --
With All Optional Benefits
Unit Price $ 10.04 -- -- -- -- --
Number of Units 88 -- -- -- -- --
AST T. Rowe Price Natural Resources (1995)
With No Optional Benefits
Unit Price $ 18.36 19.71 19.86 15.88 12.57 14.46
Number of Units 5,891,582 6,565,088 6,520,983 6,201,327 5,697,453 7,550,076
With One Optional Benefit
Unit Price $ 9.59 -- -- -- -- --
Number of Units 724,670 -- -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.44 -- -- -- -- --
Number of Units 7,378 -- -- -- -- --
With All Optional Benefits
Unit Price $ 10.44 -- -- -- -- --
Number of Units 5,472 -- -- -- -- --
Year Ended December 31,
---------------------------------------------------
Sub-account 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ -----------
AST Alger All-Cap Growth (2000)
With No Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With One Optional Benefit
Unit Price -- -- -- --
Number of Units -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With All Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
AST Gabelli All-Cap Value (2000)
With No Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With One Optional Benefit
Unit Price -- -- -- --
Number of Units -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With All Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
AST T. Rowe Price Natural Resources (1995)
With No Optional Benefits
Unit Price 14.19 11.01 -- --
Number of Units 6,061,852 808,605 -- --
With One Optional Benefit
Unit Price -- -- -- --
Number of Units -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
With All Optional Benefits
Unit Price -- -- -- --
Number of Units -- -- -- --
|
Year Ended December 31,
----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
AST Alliance Growth 13 (1996)
With No Optional Benefits
Unit Price $ 9.94 14.61 17.38 20.44 15.48
Number of Units 21,295,907 29,478,257 25,796,792 17,059,819 19,009,242
With One Optional Benefit
Unit Price $ 7.46 -- -- -- --
Number of Units 1,869,353 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.34 -- -- -- --
Number of Units 31,105 -- -- -- --
With All Optional Benefits
Unit Price $ 9.34 -- -- -- --
Number of Units 3,975 -- -- -- --
AST MFS Growth (1999)
With No Optional Benefits
Unit Price $ 5.68 8.02 10.38 11.27 --
Number of Units 85,193,279 117,716,242 7,515,486 409,467 --
With One Optional Benefit
Unit Price $ 7.58 -- -- -- --
Number of Units 2,930,432 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.47 -- -- -- --
Number of Units 134,574 -- -- -- --
With All Optional Benefits
Unit Price $ 9.46 -- -- -- --
Number of Units 2,437 -- -- -- --
AST Marsico Capital Growth (1997)
With No Optional Benefits
Unit Price $ 11.44 13.74 17.81 21.06 14.00
Number of Units 81,046,482 85,895,802 94,627,691 78,684,943 40,757,449
With One Optional Benefit
Unit Price $ 8.32 -- -- -- --
Number of Units 10,144,317 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.51 -- -- -- --
Number of Units 457,013 -- -- -- --
With All Optional Benefits
Unit Price $ 9.51 -- -- -- --
Number of Units 30,465 -- -- -- --
Year Ended December 31,
----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
AST Alliance Growth 13 (1996)
With No Optional Benefits
Unit Price 12.33 10.89 -- -- --
Number of Units 18,736,994 4,324,161 -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST MFS Growth (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Marsico Capital Growth (1997)
With No Optional Benefits
Unit Price 10.03 -- -- -- --
Number of Units 714,309 -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
AST Goldman Sachs Concentrated Growth 14 (1992)
With No Optional Benefits
Unit Price $ 19.17 27.71 41.14 60.44 39.54
Number of Units 56,016,467 84,116,221 99,250,773 94,850,623 80,631,598
With One Optional Benefit
Unit Price $ 7.67 -- -- -- --
Number of Units 1,349,939 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.46 -- -- -- --
Number of Units 41,632 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST DeAm Large-Cap Growth 9 (2002)
With No Optional Benefits
Unit Price $ 7.67 -- -- -- --
Number of Units 986,566 -- -- -- --
With One Optional Benefit
Unit Price $ 7.65 -- -- -- --
Number of Units 207,816 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.64 -- -- -- --
Number of Units 9,837 -- -- -- --
With All Optional Benefits
Unit Price $ 9.64 -- -- -- --
Number of Units 3,697 -- -- -- --
AST DeAm Large-Cap Value 15 (2000)
With No Optional Benefits
Unit Price $ 7.64 9.15 9.82 -- --
Number of Units 4,621,831 4,575,558 586,058 -- --
With One Optional Benefit
Unit Price $ 8.66 -- -- -- --
Number of Units 664,649 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.98 -- -- -- --
Number of Units 18,250 -- -- -- --
With All Optional Benefits
Unit Price $ 9.97 -- -- -- --
Number of Units 4,906 -- -- -- --
Year Ended December 31,
----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
AST Goldman Sachs Concentrated Growth 14 (1992)
With No Optional Benefits
Unit Price 23.83 18.79 14.85 10.91 11.59
Number of Units 62,486,302 46,779,164 28,662,737 22,354,170 13,603,637
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST DeAm Large-Cap Growth 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST DeAm Large-Cap Value 15 (2000)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
AST Alliance/Bernstein Growth + Value (2001)
With No Optional Benefits
Unit Price $ 7.12 9.63 -- -- --
Number of Units 3,031,899 3,351,836 -- -- --
With One Optional Benefit
Unit Price $ 7.99 -- -- -- --
Number of Units 965,912 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.79 -- -- -- --
Number of Units 11,345 -- -- -- --
With All Optional Benefits
Unit Price $ 9.79 -- -- -- --
Number of Units 704 -- -- -- --
AST AST Sanford Bernstein Core Value (2001)
With No Optional Benefits
Unit Price $ 8.59 10.04 -- -- --
Number of Units 15,239,844 4,207,869 -- -- --
With One Optional Benefit
Unit Price $ 8.76 -- -- -- --
Number of Units 6,005,922 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.08 -- -- -- --
Number of Units 386,259 -- -- -- --
With All Optional Benefits
Unit Price $ 10.08 -- -- -- --
Number of Units 30,510 -- -- -- --
AST Cohen & Steers Realty (1998)
With No Optional Benefits
Unit Price $ 10.67 10.54 10.39 8.35 8.28
Number of Units 14,017,528 12,268,426 11,891,188 6,224,365 3,771,461
With One Optional Benefit
Unit Price $ 10.08 -- -- -- --
Number of Units 1,563,486 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.33 -- -- -- --
Number of Units 41,098 -- -- -- --
With All Optional Benefits
Unit Price $ 10.32 -- -- -- --
Number of Units 6,429 -- -- -- --
Year Ended December 31,
----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
AST Alliance/Bernstein Growth + Value (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST AST Sanford Bernstein Core Value (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Cohen & Steers Realty (1998)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
AST Sanford Bernstein Managed Index 500 16 (1998)
With No Optional Benefits
Unit Price $ 9.41 12.03 13.55 15.08 12.61
Number of Units 39,938,791 48,018,721 48,835,089 39,825,951 22,421,754
With One Optional Benefit
Unit Price $ 8.17 -- -- -- --
Number of Units 3,662,406 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.81 -- -- -- --
Number of Units 79,915 -- -- -- --
With All Optional Benefits
Unit Price $ 9.81 -- -- -- --
Number of Units 383 -- -- -- --
AST American Century Income & Growth 17 (1997)
With No Optional Benefits
Unit Price $ 10.16 12.86 14.24 16.19 13.35
Number of Units 22,410,834 27,386,278 32,388,202 21,361,995 13,845,190
With One Optional Benefit
Unit Price $ 8.25 -- -- -- --
Number of Units 1,751,136 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.89 -- -- -- --
Number of Units 36,829 -- -- -- --
With All Optional Benefits
Unit Price $ 9.89 -- -- -- --
Number of Units 8,874 -- -- -- --
AST Alliance Growth and Income 18 (1992)
With No Optional Benefits
Unit Price $ 21.31 28.18 28.72 27.60 24.11
Number of Units 49,030,576 63,123,316 53,536,296 52,766,579 47,979,349
With One Optional Benefit
Unit Price $ 8.06 -- -- -- --
Number of Units 6,667,373 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.83 -- -- -- --
Number of Units 165,588 -- -- -- --
With All Optional Benefits
Unit Price $ 9.83 -- -- -- --
Number of Units 6,100 -- -- -- --
Year Ended December 31,
----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
AST Sanford Bernstein Managed Index 500 16 (1998)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST American Century Income & Growth 17 (1997)
With No Optional Benefits
Unit Price 12.06 -- -- -- --
Number of Units 9,523,815 -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Alliance Growth and Income 18 (1992)
With No Optional Benefits
Unit Price 21.74 17.79 15.22 11.98 11.88
Number of Units 42,197,002 28,937,085 18,411,759 7,479,449 4,058,228
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
AST MFS Growth with Income (1999)
With No Optional Benefits
Unit Price $ 6.68 8.64 10.36 10.49 --
Number of Units 11,173,177 11,896,688 6,937,627 741,323 --
With One Optional Benefit
Unit Price $ 8.09 -- -- -- --
Number of Units 1,053,007 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.71 -- -- -- --
Number of Units 17,242 -- -- -- --
With All Optional Benefits
Unit Price $ 9.71 -- -- -- --
Number of Units 538 -- -- -- --
AST INVESCO Capital Income 19 (1994)
With No Optional Benefits
Unit Price $ 16.14 19.84 22.01 21.31 19.34
Number of Units 37,055,825 48,595,962 50,171,495 46,660,160 40,994,187
With One Optional Benefit
Unit Price $ 8.34 -- -- -- --
Number of Units 2,110,071 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.90 -- -- -- --
Number of Units 30,714 -- -- -- --
With All Optional Benefits
Unit Price $ 9.90 -- -- -- --
Number of Units 5,934 -- -- -- --
AST DeAM Global Allocation 20 (1993)
With No Optional Benefits
Unit Price $ 14.50 17.39 19.98 21.19 17.78
Number of Units 18,212,529 26,641,422 30,290,413 23,102,272 22,634,344
With One Optional Benefit
Unit Price $ 8.71 -- -- -- --
Number of Units 847,517 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.94 -- -- -- --
Number of Units 3,088 -- -- -- --
With All Optional Benefits
Unit Price $ 9.93 -- -- -- --
Number of Units 94 -- -- -- --
Year Ended December 31,
----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
AST MFS Growth with Income (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST INVESCO Capital Income 19 (1994)
With No Optional Benefits
Unit Price 17.31 14.23 12.33 9.61 --
Number of Units 33,420,274 23,592,226 13,883,712 6,633,333 --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST DeAM Global Allocation 20 (1993)
With No Optional Benefits
Unit Price 15.98 13.70 12.49 10.34 10.47
Number of Units 22,109,373 20,691,852 20,163,848 13,986,604 8,743,758
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
AST American Century Strategic Balanced (1997)
With No Optional Benefits
Unit Price $ 12.01 13.50 14.23 14.90 13.37
Number of Units 12,683,097 14,369,895 14,498,180 13,944,535 6,714,065
With One Optional Benefit
Unit Price $ 9.14 -- -- -- --
Number of Units 1,126,058 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.97 -- -- -- --
Number of Units 15,835 -- -- -- --
With All Optional Benefits
Unit Price $ 9.97 -- -- -- --
Number of Units 2,760 -- -- -- --
AST T. Rowe Price Asset Allocation (1994)
With No Optional Benefits
Unit Price $ 16.13 18.15 19.33 19.70 18.12
Number of Units 15,466,227 17,579,107 19,704,198 22,002,028 18,469,315
With One Optional Benefit
Unit Price $ 9.09 -- -- -- --
Number of Units 921,329 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.96 -- -- -- --
Number of Units 21,928 -- -- -- --
With All Optional Benefits
Unit Price $ 9.96 -- -- -- --
Number of Units 150 -- -- -- --
AST T. Rowe Price Global Bond 21 (1994)
With No Optional Benefits
Unit Price $ 12.04 10.62 10.49 10.69 11.82
Number of Units 14,576,376 9,668,062 11,219,503 12,533,037 12,007,692
With One Optional Benefit
Unit Price $ 11.34 -- -- -- --
Number of Units 1,739,313 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.31 -- -- -- --
Number of Units 36,822 -- -- -- --
With All Optional Benefits
Unit Price $ 10.31 -- -- -- --
Number of Units 3,700 -- -- -- --
Year Ended December 31,
----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
AST American Century Strategic Balanced (1997)
With No Optional Benefits
Unit Price 11.18 -- -- -- --
Number of Units 2,560,866 -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST T. Rowe Price Asset Allocation (1994)
With No Optional Benefits
Unit Price 15.53 13.30 11.92 9.80 --
Number of Units 13,524,781 8,863,840 4,868,956 2,320,063 --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST T. Rowe Price Global Bond 21 (1994)
With No Optional Benefits
Unit Price 10.45 10.98 10.51 9.59 --
Number of Units 12,089,872 8,667,712 4,186,695 1,562,364 --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
AST Federated High Yield (1994)
With No Optional Benefits
Unit Price $ 12.47 12.64 12.80 14.38 14.30
Number of Units 38,477,793 39,130,467 36,914,825 41,588,401 40,170,144
With One Optional Benefit
Unit Price $ 9.71 -- -- -- --
Number of Units 5,592,940 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.26 -- -- -- --
Number of Units 74,022 -- -- -- --
With All Optional Benefits
Unit Price $ 10.26 -- -- -- --
Number of Units 6,524 -- -- -- --
AST Lord Abbett Bond-Debenture (2000)
With No Optional Benefits
Unit Price $ 10.18 10.28 10.12 -- --
Number of Units 10,468,962 5,506,982 650,253 -- --
With One Optional Benefit
Unit Price $ 9.94 -- -- -- --
Number of Units 4,146,530 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.23 -- -- -- --
Number of Units 162,571 -- -- -- --
With All Optional Benefits
Unit Price $ 10.23 -- -- -- --
Number of Units 7,474 -- -- -- --
AST DeAM Bond 9 (2002)
With No Optional Benefits
Unit Price $ 10.67 -- -- -- --
Number of Units 1,487,730 -- -- -- --
With One Optional Benefit
Unit Price $ 10.65 -- -- -- --
Number of Units 561,446 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.16 -- -- -- --
Number of Units 12,055 -- -- -- --
With All Optional Benefits
Unit Price $ 10.15 -- -- -- --
Number of Units 595 -- -- -- --
Year Ended December 31,
----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
AST Federated High Yield (1994)
With No Optional Benefits
Unit Price 14.13 12.62 11.27 9.56 --
Number of Units 29,663,242 15,460,522 6,915,158 2,106,791 --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Lord Abbett Bond-Debenture (2000)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST DeAM Bond 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
AST PIMCO Total Return Bond (1994)
With No Optional Benefits
Unit Price $ 16.65 15.46 14.40 13.09 13.43
Number of Units 113,007,310 99,028,465 82,545,240 73,530,507 64,224,618
With One Optional Benefit
Unit Price $ 10.57 -- -- -- --
Number of Units 20,544,075 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.17 -- -- -- --
Number of Units 604,147 -- -- -- --
With All Optional Benefits
Unit Price $ 10.17 -- -- -- --
Number of Units 36,236 -- -- -- --
AST PIMCO Limited Maturity Bond (1995)
With No Optional Benefits
Unit Price $ 14.26 13.61 12.79 11.96 11.73
Number of Units 61,707,894 42,410,807 31,046,956 32,560,943 28,863,932
With One Optional Benefit
Unit Price $ 10.34 -- -- -- --
Number of Units 11,274,642 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.08 -- -- -- --
Number of Units 215,314 -- -- -- --
With All Optional Benefits
Unit Price $ 10.08 -- -- -- --
Number of Units 80,547 -- -- -- --
AST Money Market (1992)
With No Optional Benefits
Unit Price $ 13.23 13.24 12.94 12.38 12.00
Number of Units 163,759,511 184,612,059 172,493,206 187,609,708 75,855,442
With One Optional Benefit
Unit Price $ 9.96 -- -- -- --
Number of Units 36,255,772 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.99 -- -- -- --
Number of Units 999,737 -- -- -- --
With All Optional Benefits
Unit Price $ 9.99 -- -- -- --
Number of Units 70,899 -- -- -- --
Year Ended December 31,
----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
AST PIMCO Total Return Bond (1994)
With No Optional Benefits
Unit Price 12.44 11.48 11.26 9.61 --
Number of Units 44,098,036 29,921,643 19,061,840 4,577,708 --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST PIMCO Limited Maturity Bond (1995)
With No Optional Benefits
Unit Price 11.26 10.62 10.37 -- --
Number of Units 25,008,310 18,894,375 15,058,644 -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Money Market (1992)
With No Optional Benefits
Unit Price 11.57 11.16 10.77 10.35 10.12
Number of Units 66,869,998 42,435,169 30,564,442 27,491,389 11,422,783
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
The Montgomery Variable Series - MV Emerging
Markets (1996)
With No Optional Benefits
Unit Price $ 5.79 6.50 7.09 10.06 6.19
Number of Units 10,957,884 14,095,135 12,899,472 12,060,036 10,534,383
With One Optional Benefit
Unit Price $ 8.66 -- -- -- --
Number of Units 283,466 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.93 -- -- -- --
Number of Units 21,816 -- -- -- --
With All Optional Benefits
Unit Price $ 9.93 -- -- -- --
Number of Units 442 -- -- -- --
Wells Fargo Variable Trust - Equity Value (1998)
With No Optional Benefits
Unit Price $ 6.61 8.83 9.56 9.17 9.53
Number of Units 2,835,243 3,705,869 4,442,888 2,826,839 1,148,849
With One Optional Benefit
Unit Price $ 9.97 -- -- -- --
Number of Units 900 -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Wells Fargo Variable Trust - Equity Income (1999)
With No Optional Benefits
Unit Price $ 7.46 9.37 10.05 9.96 --
Number of Units 1,361,988 1,019,937 502,986 136,006 --
With One Optional Benefit
Unit Price $ 8.25 -- -- -- --
Number of Units 196,720 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.90 -- -- -- --
Number of Units 10,707 -- -- -- --
With All Optional Benefits
Unit Price $ 9.90 -- -- -- --
Number of Units 91 -- -- -- --
Year Ended December 31,
----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
The Montgomery Variable Series - MV Emerging
Markets (1996)
With No Optional Benefits
Unit Price 10.05 10.25 -- -- --
Number of Units 10,371,104 2,360,940 -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Wells Fargo Variable Trust - Equity Value (1998)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Wells Fargo Variable Trust - Equity Income (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
Rydex Variable Trust - Nova (1999)
With No Optional Benefits
Unit Price $ 4.06 6.41 8.50 10.82 --
Number of Units 2,629,551 3,990,618 14,799,352 5,474,129 --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Rydex Variable Trust - Ursa (1999)
With No Optional Benefits
Unit Price $ 14.45 12.05 10.62 9.28 --
Number of Units 234,642 351,487 2,269,599 1,803,669 --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Rydex Variable Trust - OTC (1999)
With No Optional Benefits
Unit Price $ 4.01 6.65 10.40 17.07 --
Number of Units 10,686,757 15,866,046 32,179,793 18,520,440 --
With One Optional Benefit
Unit Price $ 9.36 -- -- -- --
Number of Units 186 -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Year Ended December 31,
----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
Rydex Variable Trust - Nova (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Rydex Variable Trust - Ursa (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Rydex Variable Trust - OTC (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
INVESCO VIF - Dynamics (1999)
With No Optional Benefits
Unit Price $ 6.03 8.98 13.23 13.91 --
Number of Units 9,117,894 13,391,660 11,409,827 2,022,585 --
With One Optional Benefit
Unit Price $ 7.09 -- -- -- --
Number of Units 543,762 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.70 -- -- -- --
Number of Units 32,635 -- -- -- --
With All Optional Benefits
Unit Price $ 9.70 -- -- -- --
Number of Units 576 -- -- -- --
INVESCO VIF - Technology (1999)
With No Optional Benefits
Unit Price $ 3.49 6.66 12.48 16.52 --
Number of Units 18,830,138 26,652,622 29,491,113 4,622,242 --
With One Optional Benefit
Unit Price $ 5.50 -- -- -- --
Number of Units 293,307 -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
INVESCO VIF - Health Sciences (1999)
With No Optional Benefits
Unit Price $ 9.37 12.58 14.59 11.34 --
Number of Units 11,475,199 17,419,141 19,381,405 786,518 --
With One Optional Benefit
Unit Price $ 8.00 -- -- -- --
Number of Units 475,873 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.51 -- -- -- --
Number of Units 5,444 -- -- -- --
With All Optional Benefits
Unit Price $ 9.51 -- -- -- --
Number of Units 140 -- -- -- --
Year Ended December 31,
----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
INVESCO VIF - Dynamics (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
INVESCO VIF - Technology (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
INVESCO VIF - Health Sciences (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
INVESCO VIF - Financial Services (1999)
With No Optional Benefits
Unit Price $ 10.47 12.48 14.04 11.41 --
Number of Units 7,556,596 11,612,048 14,091,636 759,104 --
With One Optional Benefit
Unit Price $ 8.76 -- -- -- --
Number of Units 366,258 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.92 -- -- -- --
Number of Units 1,897 -- -- -- --
With All Optional Benefits
Unit Price $ 9.92 -- -- -- --
Number of Units 141 -- -- -- --
INVESCO VIF - Telecommunications (1999)
With No Optional Benefits
Unit Price $ 2.43 5.01 11.05 15.17 --
Number of Units 9,354,303 13,553,158 17,856,118 4,184,526 --
With One Optional Benefit
Unit Price $ 5.78 -- -- -- --
Number of Units 94,004 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.43 -- -- -- --
Number of Units 770 -- -- -- --
With All Optional Benefits
Unit Price $ 9.42 -- -- -- --
Number of Units 454 -- -- -- --
Evergreen VA - Global Leaders (1999)
With No Optional Benefits
Unit Price $ 7.08 9.00 10.55 11.72 --
Number of Units 1,442,329 1,520,376 887,758 23,101 --
With One Optional Benefit
Unit Price $ 8.15 -- -- -- --
Number of Units 113,389 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.67 -- -- -- --
Number of Units 3,669 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Year Ended December 31,
----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
INVESCO VIF - Financial Services (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
INVESCO VIF - Telecommunications (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Evergreen VA - Global Leaders (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
Evergreen VA - Special Equity (1999)
With No Optional Benefits
Unit Price $ 7.16 9.98 11.01 12.19 --
Number of Units 2,205,267 2,540,062 1,731,145 152,342 --
With One Optional Benefit
Unit Price $ 7.44 -- -- -- --
Number of Units 127,728 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.85 -- -- -- --
Number of Units 12,520 -- -- -- --
With All Optional Benefits
Unit Price $ 9.85 -- -- -- --
Number of Units 533 -- -- -- --
Evergreen VA - Omega (2000)
With No Optional Benefits
Unit Price $ 4.93 6.71 7.98 -- --
Number of Units 2,594,817 2,585,848 1,637,475 -- --
With One Optional Benefit
Unit Price $ 7.78 -- -- -- --
Number of Units 39,943 -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Europe 30 (1999)
With No Optional Benefits
Unit Price $ 5.76 7.87 10.52 12.24 --
Number of Units 2,550,567 5,711,763 2,327,562 273,963 --
With One Optional Benefit
Unit Price $ 7.93 -- -- -- --
Number of Units 292,396 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.70 -- -- -- --
Number of Units 2,625 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Asia 30 9 (2002)
With No Optional Benefits
Unit Price $ 7.76 -- -- -- --
Number of Units 2,060,741 -- -- -- --
With One Optional Benefit
Unit Price $ 7.75 -- -- -- --
Number of Units 281,993 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.86 -- -- -- --
Number of Units 6,995 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Year Ended December 31,
----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
Evergreen VA - Special Equity (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Evergreen VA - Omega (2000)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Europe 30 (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Asia 30 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
ProFund VP - Japan 9 (2002)
With No Optional Benefits
Unit Price $ 7.25 -- -- -- --
Number of Units 338,472 -- -- -- --
With One Optional Benefit
Unit Price $ 7.24 -- -- -- --
Number of Units 65,845 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.21 -- -- -- --
Number of Units 351 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Banks 9 (2002)
With No Optional Benefits
Unit Price $ 8.58 -- -- -- --
Number of Units 555,999 -- -- -- --
With One Optional Benefit
Unit Price $ 8.56 -- -- -- --
Number of Units 101,136 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.13 -- -- -- --
Number of Units 3,422 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Basic Materials 9 (2002)
With No Optional Benefits
Unit Price $ 8.47 -- -- -- --
Number of Units 361,568 -- -- -- --
With One Optional Benefit
Unit Price $ 8.46 -- -- -- --
Number of Units 76,331 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.34 -- -- -- --
Number of Units 12 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Biotechnology (2001)
With No Optional Benefits
Unit Price $ 5.16 8.37 -- -- --
Number of Units 2,412,670 5,093,235 -- -- --
With One Optional Benefit
Unit Price $ 7.09 -- -- -- --
Number of Units 130,082 -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Year Ended December 31,
----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
ProFund VP - Japan 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Banks 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Basic Materials 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Biotechnology (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
ProFund VP - Consumer Cyclical 9 (2002)
With No Optional Benefits
Unit Price $ 7.26 -- -- -- --
Number of Units 319,201 -- -- -- --
With One Optional Benefit
Unit Price $ 7.25 -- -- -- --
Number of Units 128,022 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.37 -- -- -- --
Number of Units 2,426 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Consumer Non-Cyclical 9 (2002)
With No Optional Benefits
Unit Price $ 8.29 -- -- -- --
Number of Units 406,966 -- -- -- --
With One Optional Benefit
Unit Price $ 8.28 -- -- -- --
Number of Units 148,446 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.90 -- -- -- --
Number of Units 2,303 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Energy (2001)
With No Optional Benefits
Unit Price $ 7.51 9.19 -- -- --
Number of Units 1,985,954 2,299,149 -- -- --
With One Optional Benefit
Unit Price $ 8.71 -- -- -- --
Number of Units 299,833 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.12 -- -- -- --
Number of Units 1,660 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Year Ended December 31,
----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
ProFund VP - Consumer Cyclical 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Consumer Non-Cyclical 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Energy (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
ProFund VP - Financial (2001)
With No Optional Benefits
Unit Price $ 7.74 9.22 -- -- --
Number of Units 1,086,464 2,154,106 -- -- --
With One Optional Benefit
Unit Price $ 8.85 -- -- -- --
Number of Units 221,377 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.84 -- -- -- --
Number of Units 2,066 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Healthcare (2001)
With No Optional Benefits
Unit Price $ 7.13 9.35 -- -- --
Number of Units 1,313,814 3,489,097 -- -- --
With One Optional Benefit
Unit Price $ 7.94 -- -- -- --
Number of Units 388,508 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.59 -- -- -- --
Number of Units 6,831 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Industrial 9 (2002)
With No Optional Benefits
Unit Price $ 7.94 -- -- -- --
Number of Units 126,611 -- -- -- --
With One Optional Benefit
Unit Price $ 7.93 -- -- -- --
Number of Units 12,642 -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Year Ended December 31,
----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
ProFund VP - Financial (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Healthcare (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Industrial 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
ProFund VP - Internet 9 (2002)
With No Optional Benefits
Unit Price $ 8.58 -- -- -- --
Number of Units 2,982,656 -- -- -- --
With One Optional Benefit
Unit Price $ 8.57 -- -- -- --
Number of Units 306,572 -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Pharmaceuticals 9 (2002)
With No Optional Benefits
Unit Price $ 8.57 -- -- -- --
Number of Units 241,916 -- -- -- --
With One Optional Benefit
Unit Price $ 8.56 -- -- -- --
Number of Units 136,599 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.63 -- -- -- --
Number of Units 2,545 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Precious Metals 9 (2002)
With No Optional Benefits
Unit Price $ 9.72 -- -- -- --
Number of Units 3,992,389 -- -- -- --
With One Optional Benefit
Unit Price $ 9.70 -- -- -- --
Number of Units 1,175,651 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 11.30 -- -- -- --
Number of Units 19,964 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Year Ended December 31,
----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
ProFund VP - Internet 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Pharmaceuticals 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Precious Metals 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
ProFund VP - Real Estate (2001)
With No Optional Benefits
Unit Price $ 10.61 10.76 -- -- --
Number of Units 1,489,153 3,592,834 -- -- --
With One Optional Benefit
Unit Price $ 9.86 -- -- -- --
Number of Units 441,318 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.20 -- -- -- --
Number of Units 12,789 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP -Semiconductor 9 (2002)
With No Optional Benefits
Unit Price $ 5.14 -- -- -- --
Number of Units 608,142 -- -- -- --
With One Optional Benefit
Unit Price $ 5.14 -- -- -- --
Number of Units 93,241 -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Technology (2001)
With No Optional Benefits
Unit Price $ 3.46 5.91 -- -- --
Number of Units 3,290,202 2,524,295 -- -- --
With One Optional Benefit
Unit Price $ 6.03 -- -- -- --
Number of Units 254,131 -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Year Ended December 31,
----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
ProFund VP - Real Estate (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP -Semiconductor 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Technology (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
ProFund VP - Telecommunications (2001)
With No Optional Benefits
Unit Price $ 4.35 7.10 -- -- --
Number of Units 3,082,428 583,065 -- -- --
With One Optional Benefit
Unit Price $ 7.15 -- -- -- --
Number of Units 272,408 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.03 -- -- -- --
Number of Units 3,642 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Utilities (2001)
With No Optional Benefits
Unit Price $ 6.09 8.12 -- -- --
Number of Units 3,391,766 1,589,344 -- -- --
With One Optional Benefit
Unit Price $ 7.83 -- -- -- --
Number of Units 521,419 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.61 -- -- -- --
Number of Units 8,871 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Bull 9 (2002)
With No Optional Benefits
Unit Price $ 7.98 -- -- -- --
Number of Units 6,296,621 -- -- -- --
With One Optional Benefit
Unit Price $ 7.97 -- -- -- --
Number of Units 954,792 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.75 -- -- -- --
Number of Units 10,297 -- -- -- --
With All Optional Benefits
Unit Price $ 9.75 -- -- -- --
Number of Units 400 -- -- -- --
ProFund VP - Bear (2001)
With No Optional Benefits
Unit Price $ 13.74 11.54 -- -- --
Number of Units 4,011,499 3,059,897 -- -- --
With One Optional Benefit
Unit Price $ 11.38 -- -- -- --
Number of Units 1,532,543 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.13 -- -- -- --
Number of Units 28,618 -- -- -- --
With All Optional Benefits
Unit Price $ 10.13 -- -- -- --
Number of Units 1,514 -- -- -- --
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ----------- ------------ ----------- -----------
ProFund VP - Telecommunications (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Utilities (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Bull 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Bear (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ----------- ------------ ----------- -----------
ProFund VP - UltraBull 22 (2001)
With No Optional Benefits
Unit Price $ 4.71 7.47 -- -- --
Number of Units 6,435,217 7,628,819 -- -- --
With One Optional Benefit
Unit Price $ 6.78 -- -- -- --
Number of Units 297,435 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.61 -- -- -- --
Number of Units 245 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - OTC (2001)
With No Optional Benefits
Unit Price $ 3.49 $ 5.77 -- -- --
Number of Units 18,242,013 11,681,189 -- -- --
With One Optional Benefit
Unit Price $ 6.45 -- -- -- --
Number of Units 1,346,852 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.36 -- -- -- --
Number of Units 13,113 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Short OTC 9 (2002)
With No Optional Benefits
Unit Price $ 11.02 -- -- -- --
Number of Units 682,058 -- -- -- --
With One Optional Benefit
Unit Price $ 11.00 -- -- -- --
Number of Units 433,181 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.43 -- -- -- --
Number of Units 15,308 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - UltraOTC (1999)
With No Optional Benefits
Unit Price $ 0.58 1.91 6.19 23.58 --
Number of Units 70,200,723 50,124,696 17,597,528 2,906,024 --
With One Optional Benefit
Unit Price $ 3.53 -- -- -- --
Number of Units 1,003,123 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 8.70 -- -- -- --
Number of Units 233 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Year Ended December 31,
----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
ProFund VP - UltraBull 22 (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - OTC (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Short OTC 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - UltraOTC (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
ProFund VP - Mid-Cap Value 9 (2002)
With No Optional Benefits
Unit Price $ 7.68 -- -- -- --
Number of Units 1,089,843 -- -- -- --
With One Optional Benefit
Unit Price $ 7.66 -- -- -- --
Number of Units 438,387 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.06 -- -- -- --
Number of Units 4,777 -- -- -- --
With All Optional Benefits
Unit Price $ 10.06 -- -- -- --
Number of Units 4,799 -- -- -- --
ProFund VP - Mid-Cap Growth 9 (2002)
With No Optional Benefits
Unit Price $ 7.71 -- -- -- --
Number of Units 1,444,783 -- -- -- --
With One Optional Benefit
Unit Price $ 7.70 -- -- -- --
Number of Units 439,054 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.82 -- -- -- --
Number of Units 1,587 -- -- -- --
With All Optional Benefits
Unit Price $ 9.81 -- -- -- --
Number of Units 1,583 -- -- -- --
ProFund VP - UltraMid-Cap 9 (2002)
With No Optional Benefits
Unit Price $ 5.72 -- -- -- --
Number of Units 2,276,660 -- -- -- --
With One Optional Benefit
Unit Price $ 5.71 -- -- -- --
Number of Units 477,953 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.86 -- -- -- --
Number of Units 1,673 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Small-Cap Value 9 (2002)
With No Optional Benefits
Unit Price $ 7.10 -- -- -- --
Number of Units 2,908,617 -- -- -- --
With One Optional Benefit
Unit Price $ 7.09 -- -- -- --
Number of Units 994,778 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.15 -- -- -- --
Number of Units 19,019 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Year Ended December 31,
----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
ProFund VP - Mid-Cap Value 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Mid-Cap Growth 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - UltraMid-Cap 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Small-Cap Value 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
ProFund VP - Small-Cap Growth 9 (2002)
With No Optional Benefits
Unit Price $ 7.71 -- -- -- --
Number of Units 2,138,861 -- -- -- --
With One Optional Benefit
Unit Price $ 7.69 -- -- -- --
Number of Units 772,260 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.91 -- -- -- --
Number of Units 10,572 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - UltraSmall-Cap 23 (1999)
With No Optional Benefits
Unit Price $ 4.73 8.37 9.18 11.96 --
Number of Units 5,664,617 10,010,482 3,258,574 813,904 --
With One Optional Benefit
Unit Price $ 6.14 -- -- -- --
Number of Units 212,085 -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - U.S. Government Plus 9 (2002)
With No Optional Benefits
Unit Price $ 11.58 -- -- -- --
Number of Units 7,945,270 -- -- -- --
With One Optional Benefit
Unit Price $ 11.56 -- -- -- --
Number of Units 2,486,854 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.19 -- -- -- --
Number of Units 22,148 -- -- -- --
With All Optional Benefits
Unit Price $ 10.19 -- -- -- --
Number of Units 609 -- -- -- --
ProFund VP - Rising Rates Opportunity 9 (2002)
With No Optional Benefits
Unit Price $ 8.03 -- -- -- --
Number of Units 583,657 -- -- -- --
With One Optional Benefit
Unit Price $ 8.02 -- -- -- --
Number of Units 165,792 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.69 -- -- -- --
Number of Units 9,028 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Year Ended December 31,
----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
ProFund VP - Small-Cap Growth 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - UltraSmall-Cap 23 (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - U.S. Government Plus 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Rising Rates Opportunity 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
First Trust(R)10 Uncommon Values (2000)
With No Optional Benefits
Unit Price $ 2.94 4.72 7.43 -- --
Number of Units 1,716,102 2,255,266 2,690,435 -- --
With One Optional Benefit
Unit Price $ 6.80 -- -- -- --
Number of Units 19,826 -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Prudential - SP Jennison International Growth
(2001)
With No Optional Benefits
Unit Price $ 5.62 7.39 -- -- --
Number of Units 550,334 273,843 -- -- --
With One Optional Benefit
Unit Price $ 8.01 -- -- -- --
Number of Units 89,806 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.59 -- -- -- --
Number of Units 5,196 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Year Ended December 31,
----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ------------ ----------- -----------
First Trust(R)10 Uncommon Values (2000)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Prudential - SP Jennison International Growth
(2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Growth = Account Value of variable minus Purchase Payments - proportional
investment options plus Interim
Value of Fixed Allocations (no
MVA applies) withdrawals
|
= $90,000 - $18,000
= $72,000
Basic Death Benefit = $80,000 - [$80,000 * $15,000/$75,000]
= $80,000 - $16,000
= $64,000
|
Percentage of
Attained Age Account Value
------------ -------------
Age 40-75 .80%
Age 76-80 1.60%
Age 81-85 3.20%
Age 86-90 4.80%
Age 91 6.50%
Age 92 7.50%
Age 93 8.50%
Age 94 9.50%
Age 95 10.50%
|
Purchase Payments = $50,000
Account Value = $75,000
Basic Death Benefit = $75,000
|
Purchase Payments = $50,000
Account Value = $40,000
Basic Death Benefit = $50,000
|
Variable Annuity Issued by: Variable Annuity Distributed by:
AMERICAN SKANDIA LIFE AMERICAN SKANDIA
ASSURANCE CORPORATION MARKETING, INCORPORATED
One Corporate Drive One Corporate Drive
Shelton, Connecticut 06484 Shelton, Connecticut 06484
Telephone: 1-800-766-4530 Telephone: 203-926-1888
http://www.americanskandia.com http://www.americanskandia.com
|
Prospectus Dated: May 1, 2003 Statement of Additional Information Dated: May 1, 2003
WFVASL-PROS - (05/2003) WFASL
|
GLOSSARY OF TERMS ............................................................................... 5
SUMMARY OF CONTRACT FEES AND CHARGES ............................................................ 6
EXPENSE EXAMPLES ................................................................................ 9
INVESTMENT OPTIONS .............................................................................. 10
WHAT ARE THE INVESTMENT OBJECTIVES AND POLICIES OF THE PORTFOLIOS? ........................... 10
WHAT ARE THE FIXED INVESTMENT OPTIONS? ....................................................... 15
FEES AND CHARGES ................................................................................ 15
WHAT ARE THE CONTRACT FEES AND CHARGES? ...................................................... 15
WHAT CHARGES APPLY SOLELY TO THE VARIABLE INVESTMENT OPTIONS? ................................ 16
WHAT CHARGES ARE ASSESSED BY THE PORTFOLIOS? ................................................. 16
WHAT CHARGES APPLY TO THE FIXED ALLOCATIONS? ................................................. 16
WHAT CHARGES APPLY IF I CHOOSE AN ANNUITY PAYMENT OPTION? .................................... 16
EXCEPTIONS/REDUCTIONS TO FEES AND CHARGES .................................................... 17
PURCHASING YOUR ANNUITY ......................................................................... 17
WHAT ARE OUR REQUIREMENTS FOR PURCHASING THE ANNUITY? ........................................ 17
MANAGING YOUR ANNUITY ........................................................................... 18
MAY I CHANGE THE OWNER, ANNUITANT AND BENEFICIARY DESIGNATIONS? .............................. 18
MAY I RETURN THE ANNUITY IF I CHANGE MY MIND? ................................................ 18
MAY I MAKE ADDITIONAL PURCHASE PAYMENTS? ..................................................... 18
MAY I MAKE SCHEDULED PAYMENTS DIRECTLY FROM MY BANK ACCOUNT? ................................. 18
MAY I MAKE PURCHASE PAYMENTS THROUGH A SALARY REDUCTION PROGRAM? ............................. 18
MANAGING YOUR ACCOUNT VALUE ..................................................................... 19
HOW AND WHEN ARE PURCHASE PAYMENTS INVESTED? ................................................. 19
ARE THERE RESTRICTIONS OR CHARGES ON TRANSFERS BETWEEN INVESTMENT OPTIONS? ................... 19
DO YOU OFFER DOLLAR COST AVERAGING? .......................................................... 19
DO YOU OFFER ANY AUTOMATIC REBALANCING PROGRAMS? ............................................. 20
DO YOU OFFER PROGRAMS DESIGNED TO GUARANTEE A "RETURN OF PREMIUM" AT A FUTURE DATE? .......... 20
MAY I AUTHORIZE MY INVESTMENT PROFESSIONAL TO MANAGE MY ACCOUNT? ............................. 22
HOW DO THE FIXED INVESTMENT OPTIONS WORK? .................................................... 22
HOW DO YOU DETERMINE RATES FOR FIXED ALLOCATIONS? ............................................ 23
HOW DOES THE MARKET VALUE ADJUSTMENT WORK? ................................................... 23
WHAT HAPPENS WHEN MY GUARANTEE PERIOD MATURES? ............................................... 24
ACCESS TO ACCOUNT VALUE ......................................................................... 24
WHAT TYPES OF DISTRIBUTIONS ARE AVAILABLE TO ME? ............................................. 24
ARE THERE TAX IMPLICATIONS FOR DISTRIBUTIONS? ................................................ 25
CAN I WITHDRAW A PORTION OF MY ANNUITY? ...................................................... 25
CAN I MAKE PERIODIC WITHDRAWALS FROM THE ANNUITY DURING THE ACCUMULATION PERIOD? ............. 25
DO YOU OFFER A PROGRAM FOR WITHDRAWALS UNDER SECTION 72(t) OF THE INTERNAL REVENUE CODE? ..... 25
WHAT ARE MINIMUM DISTRIBUTIONS AND WHEN WOULD I NEED TO MAKE THEM? ........................... 26
CAN I SURRENDER MY ANNUITY FOR ITS VALUE? .................................................... 26
WHAT TYPES OF ANNUITY OPTIONS ARE AVAILABLE? ................................................. 26
HOW AND WHEN DO I CHOOSE THE ANNUITY PAYMENT OPTION? ......................................... 27
HOW ARE ANNUITY PAYMENTS CALCULATED? ......................................................... 27
DEATH BENEFIT ................................................................................... 28
WHAT TRIGGERS THE PAYMENT OF A DEATH BENEFIT? ................................................ 28
Basic Death Benefit .......................................................................... 29
OPTIONAL DEATH BENEFITS ...................................................................... 29
PAYMENT OF DEATH BENEFITS .................................................................... 31
VALUING YOUR INVESTMENT ......................................................................... 33
HOW IS MY ACCOUNT VALUE DETERMINED? .......................................................... 33
WHAT IS THE SURRENDER VALUE OF MY ANNUITY? ................................................... 33
HOW AND WHEN DO YOU VALUE THE SUB-ACCOUNTS? .................................................. 33
HOW DO YOU VALUE FIXED ALLOCATIONS? .......................................................... 33
WHEN DO YOU PROCESS AND VALUE TRANSACTIONS? .................................................. 33
WHAT HAPPENS TO MY UNITS WHEN THERE IS A CHANGE IN DAILY ASSET-BASED CHARGES? ................ 34
TAX CONSIDERATIONS .............................................................................. 34
WHAT ARE SOME OF THE FEDERAL TAX CONSIDERATIONS OF THIS ANNUITY? ............................. 34
HOW ARE AMERICAN SKANDIA AND THE SEPARATE ACCOUNTS TAXED? .................................... 34
IN GENERAL, HOW ARE ANNUITIES TAXED? ......................................................... 34
HOW ARE DISTRIBUTIONS TAXED? ................................................................. 35
WHAT TAX CONSIDERATIONS ARE THERE FOR TAX-QUALIFIED RETIREMENT PLANS OR QUALIFIED
CONTRACTS? ................................................................................. 37
|
HOW ARE DISTRIBUTIONS FROM QUALIFIED CONTRACTS TAXED? ........................................ 38
GENERAL TAX CONSIDERATIONS ................................................................... 38
GENERAL INFORMATION ............................................................................. 39
HOW WILL I RECEIVE STATEMENTS AND REPORTS? ................................................... 39
WHO IS AMERICAN SKANDIA? ..................................................................... 40
WHAT ARE SEPARATE ACCOUNTS? .................................................................. 40
WHAT IS THE LEGAL STRUCTURE OF THE UNDERLYING FUNDS? ......................................... 41
WHO DISTRIBUTES ANNUITIES OFFERED BY AMERICAN SKANDIA? ....................................... 42
AVAILABLE INFORMATION ........................................................................ 44
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE .............................................. 44
HOW TO CONTACT US ............................................................................ 44
INDEMNIFICATION .............................................................................. 45
LEGAL PROCEEDINGS ............................................................................ 45
CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION .......................................... 45
APPENDIX A - FINANCIAL INFORMATION ABOUT AMERICAN SKANDIA ....................................... 1
AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN SKANDIA LIFE ASSURANCE CORPORATION ........ 11
APPENDIX B - CONDENSED FINANCIAL INFORMATION ABOUT SEPARATE ACCOUNT B ........................... 1
APPENDIX C - CALCULATION OF OPTIONAL DEATH BENEFITS ............................................. 1
APPENDIX D - PERFORMANCE ADVANTAGE .............................................................. 1
APPENDIX E - PLUS40(TM)OPTIONAL LIFE INSURANCE RIDER ............................................ 1
APPENDIX F - DESCRIPTION AND CALCULATION OF THE ENHANCED BENEFICIARY PROTECTION OPTIONAL DEATH
BENEFIT AND THE GUARANTEED MINIMUM DEATH BENEFIT ................................................ 1
|
FEE/CHARGE Amount Deducted
------------------------------------------ ------------------------------------------------------------------
Contingent Deferred Sales Charge There is no Contingent Deferred Sales Charge
deducted upon surrender or partial withdrawal.
Transfer Fee $10.00
(Deducted after the 20th transfer each Annuity Year)
|
FEE/CHARGE Amount Deducted
------------------------------------------ ------------------------------------------------------------------
Annual Maintenance Fee Smaller of $30 or 2% of Account Value
(Assessed annually on the Annuity's anniversary date or
upon surrender)
|
FEE/CHARGE Amount Deducted
------------------------------------------ ------------------------------------------------------------------
Mortality & Expense Risk Charge 1.25%
Administration Charge 0.15%
Total Annual Charges of the Sub-accounts** 1.40% per year of the value of each Sub-account
|
Optional Benefit
Fee/
Optional Benefit Charge Total Annual Charge*
-------------------------------------------------------------------------------- ------------------- --------------------
GUARANTEED RETURN OPTION
We offer a program that guarantees a "return of premium" at a future date, while 0.25% of average 1.65%
allowing you to allocate all or a portion of your Account Value to the Sub- daily net assets of
accounts of your choice. the Sub-accounts
ENHANCED BENEFICIARY PROTECTION DEATH BENEFIT
We offer an Optional Death Benefit 0.25% of average 1.65%
that provides an enhanced level of protection for your beneficiary(ies) by daily net assets of
providing amounts in addition to the basic Death Benefit that can be used to the Sub-accounts
offset federal and state taxes payable on any taxable gains in your Annuity at
the time of your death.
HIGHEST ANNIVERSARY VALUE DEATH BENEFIT
We offer an Optional Death Benefit that provides an enhanced level of 0.25% of average 1.65%
protection for your beneficiary(ies) by providing a death benefit equal to the daily net assets of
greater of the basic Death Benefit or the Highest Anniversary Value. the Sub-accounts
|
Minimum Maximum
------- -------
Total Portfolio Operating Expense 0.80% 3.14%
|
Fee Net
Total Annual Waivers Annual
Portfolio and Portfolio
Management Other Operating Expense Operating
UNDERLYING PORTFOLIO Fees Expenses 12b-1 Fees Expenses Reimbursement Expenses
-------------------------------------------- ---------- -------- ---------- ------------ ------------- ---------
Wells Fargo Variable Trust:
International Equity 0.75% 2.14% 0.25% 3.14% 2.14% 1.00%
Small Cap Growth 0.75% 0.33% 0.25% 1.33% 0.13% 1.20%
Growth 0.55% 0.35% 0.25% 1.15% 0.15% 1.00%
Large Company Growth 0.55% 0.29% 0.25% 1.09% 0.09% 1.00%
Equity Value 0.55% 0.48% 0.25% 1.28% 0.28% 1.00%
Equity Income 0.55% 0.30% 0.25% 1.10% 0.10% 1.00%
Asset Allocation 0.55% 0.23% 0.25% 1.03% 0.03% 1.00%
Total Return Bond /1/ 0.45% 0.33% 0.25% 1.03% 0.13% 0.90%
Money Market 0.40% 0.32% 0.25% 0.97% 0.22% 0.75%
American Skandia Trust: /2/
AST William Blair International Growth 1.00% 0.23% 0.10% 1.33% 0.10% 1.23%
AST American Century International Growth 1.00% 0.25% 0.00% 1.25% 0.00% 1.25%
AST PBHG Small-Cap Growth 0.90% 0.22% 0.11% 1.23% 0.00% 1.23%
AST DeAM Small-Cap Growth 0.95% 0.20% 0.00% 1.15% 0.15% 1.00%
AST Goldman Sachs Small-Cap Value 0.95% 0.21% 0.11% 1.27% 0.00% 1.27%
AST Gabelli Small-Cap Value 0.90% 0.19% 0.01% 1.10% 0.00% 1.10%
AST Goldman Sachs Mid-Cap Growth 1.00% 0.26% 0.07% 1.33% 0.10% 1.23%
AST Neuberger Berman Mid-Cap Growth 0.90% 0.20% 0.06% 1.16% 0.00% 1.16%
AST Neuberger Berman Mid-Cap Value 0.90% 0.17% 0.09% 1.16% 0.00% 1.16%
AST Alger All-Cap Growth 0.95% 0.19% 0.15% 1.29% 0.00% 1.29%
AST MFS Growth 0.90% 0.18% 0.10% 1.18% 0.00% 1.18%
AST Marsico Capital Growth 0.90% 0.16% 0.04% 1.10% 0.01% 1.09%
AST Goldman Sachs Concentrated Growth 0.90% 0.15% 0.04% 1.09% 0.06% 1.03%
AST Cohen & Steers Realty 1.00% 0.23% 0.03% 1.26% 0.00% 1.26%
AST American Century Income & Growth 0.75% 0.23% 0.00% 0.98% 0.00% 0.98%
AST INVESCO Capital Income 0.75% 0.17% 0.03% 0.95% 0.00% 0.95%
AST PIMCO Total Return Bond 0.65% 0.15% 0.00% 0.80% 0.02% 0.78%
AST PIMCO Limited Maturity Bond 0.65% 0.18% 0.00% 0.83% 0.00% 0.83%
Montgomery Variable Series:
Emerging Markets 1.25% 0.43% 0.00% 1.68% 0.00% 1.68%
INVESCO Variable Investment Funds, Inc.:
Technology 0.75% 0.36% 0.00% 1.11% 0.00% 1.11%
Health Sciences 0.75% 0.32% 0.00% 1.07% 0.00% 1.07%
|
1 year 3 years 5 years 10 years
------ ------- ------- --------
545 1625 2692 5307
|
1 year 3 years 5 years 10 years
------ ------- ------- --------
545 1625 2692 5307
|
PORTFOLIO
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
----------------- ------------------------------------------------------------------------------------------- --------------------
INTER- WFVT International Equity: seeks total return, with an emphasis on capital appreciation,
NATIONAL EQUITY over the long-term. The Portfolio pursues its objective by investing primarily in a
diversified portfolio of equity securities of companies based in developed non-U.S.
countries and in emerging markets of the world. Under normal market conditions, the
Portfolio invests at least 80% of its total assets in equity securities of companies
located or operating outside the U.S. and in a minimum of five countries exclusive of the
U.S. The Portfolio may invest up to 50% of its total assets in any one country and up to
25% of total assets in emerging markets. Generally, the Portfolio invests in issuers with
an average market capitalization of $10 billion or more, although it may invest in equity Wells Fargo Funds
securities of issuers with market capitalization as low as $250 million. Management, LLC
SMALL CAP EQUITY 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 Russell 2000 Index. The Portfolio
invests in common stocks of domestic and foreign companies that the Investment 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 Wells Fargo Funds
and sectors of the economy. Management, LLC
LARGE CAP EQUITY 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 Advisor believes have above-average
prospects for future 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 Wells Fargo Funds
Russell 1000 Index. Management, LLC
LARGE CAP EQUITY 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 have superior growth potential. The Investment Advisor
looks for companies whose growth potential is generally unrecognized or misperceived by the
market. The Portfolio may invest, under normal market conditions, at least 80% of total
assets in securities with market capitalizations of $3 billion or more, and up to 20% of Wells Fargo Funds
total assets in securities of foreign companies. Management, LLC
LARGE CAP EQUITY WFVT Equity Value: seeks long-term capital appreciation and above-average dividend income.
The Portfolio pursues its objective by investing primarily in equity securities of U.S.
companies with strong return potential based on current market valuations. Under normal
circumstances, the Portfolio invests at least 80% of its assets in equity securities with
the same characteristics as common stocks, and in preferred stocks, warrants, and Wells Fargo Funds
securities of foreign companies through ADRs and similar investments. Management, LLC
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,
domestic companies with above-average return potential based on current market valuations
and above-average dividend income. Under normal market conditions, the Portfolio invests at
least 80% of its total assets in income producing equity securities and in issues of Wells Fargo Funds
companies with market capitalizations of $3 billion or more. Management, LLC
ASSET ALLOCATION 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 and U.S. Treasury Bonds. The Investment Advisor manages the allocation of
investments in the Portfolio assuming a "neutral" target allocation of 60% stocks and 40%
bonds. The stock portion of the Portfolio is invested to replicate the weightings of each Wells Capital
company comprising the S&P 500 Index. The bond portion of the Portfolio is invested to Management
replicate the Lehman Brothers 20+ Year Treasury Index. Incorporated
|
PORTFOLIO
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
----------------- ------------------------------------------------------------------------------------------- --------------------
BOND WFVT Total Return Bond (f/k/a WFVT Corporate Bond): seeks total return consisting of income
and capital appreciation. The Portfolio pursues its objective by investing principally in
investment-grade debt securities, which include U.S. Government obligations, corporate
bonds, asset-backed securities and money market instruments. Under normal circumstances, Wells Fargo Funds
the Portfolio will invest at least 80% of its assets in bonds. Management, LLC
MONEY MARKET WFVT Money Market: seeks high current income, while preserving capital and liquidity. The
Investment Advisor actively manages a portfolio of U.S. dollar-denominated high-quality,
short-term money market instruments. They also make certain other investments, including Wells Fargo Funds
repurchase agreements. Management, LLC
INTERNATIONAL AST William Blair International Growth (f/k/a AST Janus Overseas Growth): seeks long-term
EQUITY growth of capital. The Portfolio pursues its objective primarily through investments in
equity securities of issuers located outside the United States. The Portfolio normally
invests at least 80% of its total assets in securities of issuers from at least five
different countries, excluding the United States. The Portfolio invests primarily in
companies selected for their growth potential. Securities are generally selected without
regard to any defined allocation among countries, geographic regions or industry sectors, William Blair &
or other similar selection procedure. Company, L.L.C.
INTERNATIONAL AST American Century International Growth: seeks capital growth. The Portfolio will seek to
EQUITY achieve its investment objective by investing primarily in equity securities of
international companies that the Sub-advisor believes will increase in value over time.
Under normal conditions, the Portfolio will invest at least 65% of its assets in equity
securities of issuers from at least three countries outside of the United States. The
Sub-advisor uses a growth investment strategy it developed that looks for companies with
earnings and revenue growth. The Sub-advisor will consider a number of other factors in
making investment selections, including the prospects for relative economic growth among American Century
countries or regions, economic and political conditions, expected inflation rates, currency Investment
exchange fluctuations and tax considerations. Management, Inc.
SMALL CAP GROWTH AST PBHG Small-Cap Growth: seeks capital growth. The Portfolio pursues its objective by
primarily investing at least 80% of the value of its assets in the common stocks of
small-sized companies, whose market capitalizations are similar to market capitalizations
of the companies in the Russell 2000(R)Index at the time of the Portfolio's investment. The
Sub-advisor expects to focus primarily on those securities whose market capitalizations or Pilgrim Baxter &
annual revenues are less than $1billion at the time of purchase. Associates, Ltd.
SMALL CAP GROWTH AST DeAM Small-Cap Growth: seeks maximum growth of investors' capital from a portfolio of
growth stocks of smaller companies. The Portfolio pursues its objective, under normal
circumstances, by primarily investing at least 80% of its total assets in the equity
securities of small-sized companies included in the Russell 2000 Growth(R)Index. The
Sub-advisor employs an investment strategy designed to maintain a portfolio of equity
securities which approximates the market risk of those stocks included in the Russell 2000 Deutsche Asset
Growth(R)Index, but which attempts to outperform the Russell 2000 Growth(R)Index. Management, Inc.
SMALL CAP GROWTH AST Goldman Sachs Small-Cap Value: seeks long-term capital appreciation. The Portfolio will
seek its objective through investments primarily in equity securities that are believed to
be undervalued in the marketplace. The Portfolio primarily seeks companies that are
small-sized, based on the value of their outstanding stock. The Portfolio will have a
non-fundamental policy to invest, under normal circumstances, at least 80% of the value of
its assets in small capitalization companies. The 80% investment requirement applies at the Goldman Sachs
time the Portfolio invests its assets. The Portfolio generally defines small capitalization Asset
companies as companies with a capitalization of $5 billion or less. Management
|
PORTFOLIO
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
----------------- ------------------------------------------------------------------------------------------- --------------------
SMALL CAP VALUE AST Gabelli Small-Cap Value: seeks to provide long-term capital growth by investing
primarily in small-capitalization stocks that appear to be undervalued. The Portfolio will
have a non-fundamental policy to invest, under normal circumstances, at least 80% of the
value of its assets in small capitalization companies. The 80% investment requirement
applies at the time the Portfolio invests its assets. The Portfolio generally defines small
capitalization companies as those with a capitalization of $1.5 billion or less. Reflecting
a value approach to investing, the Portfolio will seek the stocks of companies whose
current stock prices do not appear to adequately reflect their underlying value as measured GAMCO
by assets, earnings, cash flow or business franchises. Investors, Inc.
MID-CAP GROWTH AST Goldman Sachs Mid-Cap Growth (f/k/a AST Janus Mid-Cap Growth): seeks long-term capital
growth. The Portfolio pursues its investment objective, by investing primarily in equity
securities selected for their growth potential, and normally invests at least 80% of the
value of its assets in medium capitalization companies. For purposes of the Portfolio,
medium-sized companies are those whose market capitalizations (measured at the time of
investment) fall within the range of companies in the Standard & Poor's MidCap 400 Index. Goldman Sachs
The Sub-advisor seeks to identify individual companies with earnings growth potential that Asset
may not be recognized by the market at large. Management
MID-CAP GROWTH AST Neuberger Berman Mid-Cap Growth: seeks capital growth. Under normal market conditions,
the Portfolio primarily invests at least 80% of its net assets in the common stocks of
mid-cap companies. For purposes of the Portfolio, companies with equity market
capitalizations that fall within the range of the Russell Midcap(R)Index, at the time of
investment, are considered mid-cap companies. Some of the Portfolio's assets may be
invested in the securities of large-cap companies as well as in small-cap companies. The
Sub-advisor looks for fast-growing companies that are in new or rapidly evolving Neuberger Berman
industries. Management Inc.
MID-CAP VALUE AST Neuberger Berman Mid-Cap Value: seeks capital growth. Under normal market conditions,
the Portfolio primarily invests at least 80% of its net assets in the common stocks of
mid-cap companies. For purposes of the Portfolio, companies with equity market
capitalizations that fall within the range of the Russell Midcap(R)Index at the time of
investment are considered mid-cap companies. Some of the Portfolio's assets may be invested
in the securities of large-cap companies as well as in small-cap companies. Under the
Portfolio's value-oriented investment approach, the Sub-advisor looks for well-managed
companies whose stock prices are undervalued and that may rise in price before other Neuberger Berman
investors realize their worth. Management Inc.
ALL-CAP GROWTH AST Alger All-Cap Growth: seeks long-term capital growth. The Portfolio invests primarily
in equity securities, such as common or preferred stocks, that are listed on U.S. exchanges
or in the over-the-counter market. The Portfolio may invest in the equity securities of
companies of all sizes, and may emphasize either larger or smaller companies at a given Fred Alger
time based on the Sub-advisor's assessment of particular companies and market conditions. Management, Inc.
LARGE CAP GROWTH AST MFS Growth: seeks long-term capital growth and future income. Under normal market
conditions, the Portfolio invests at least 80% of its total assets in common stocks and
related securities, such as preferred stocks, convertible securities and depositary
receipts, of companies that the Sub-advisor believes offer better than average prospects
for long-term growth. The Sub-advisor seeks to purchase securities of companies that it Massachusetts
considers well-run and poised for growth. The Portfolio may invest up to 35% of its net Financial Services
assets in foreign securities. Company
|
PORTFOLIO
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
----------------- ------------------------------------------------------------------------------------------- --------------------
LARGE CAP GROWTH AST Marsico Capital Growth: seeks capital growth. Income realization is not an investment
objective and any income realized on the Portfolio's investments, therefore, will be
incidental to the Portfolio's objective. The Portfolio will pursue its objective by
investing primarily in common stocks of larger, more established companies. In selecting
investments for the Portfolio, the Sub-advisor uses an approach that combines "top down"
economic analysis with "bottom up" stock selection. The "top down" approach identifies
sectors, industries and companies that should benefit from the trends the Sub-advisor has
observed. The Sub-advisor then looks for individual companies with earnings growth Marsico Capital
potential that may not be recognized by the market at large, a "bottom up" stock selection. Management, LLC
LARGE CAP GROWTH AST Goldman Sachs Concentrated Growth (f/k/a AST JanCap Growth): seeks growth of capital in
a manner consistent with the preservation of capital. Realization of income is not a
significant investment consideration and any income realized on the Portfolio's
investments, therefore, will be incidental to the Portfolio's objective. The Portfolio will
pursue its objective by investing primarily in equity securities of companies that the
Sub-advisor believes have potential to achieve capital appreciation over the long-term. The
Portfolio seeks to achieve its investment objective by investing, under normal Goldman Sachs
circumstances, in approximately 30 - 45 companies that are considered by the Sub-advisor to Asset
be positioned for long-term growth. Management
REAL ESTATE AST Cohen & Steers Realty: seeks to maximize total return through investment in real estate
(REIT) securities. The Portfolio pursues its investment objective by investing, under normal
circumstances, at least 80% of its net assets in securities of real estate issuers. Under
normal circumstances, the Portfolio will invest substantially all of its assets in the
equity securities of real estate companies, i.e., a company that derives at least 50% of
its revenues from the ownership, construction, financing, management or sale of real estate Cohen & Steers
or that has at least 50% of its assets in real estate. Real estate companies may include Capital
real estate investment trusts or REITs. Management, Inc.
GROWTH AND INCOME AST American Century Income & Growth: seeks capital growth with current income as a
secondary objective. The Portfolio invests primarily in common stocks that offer potential
for capital growth, and may, consistent with its investment objective, invest in stocks
that offer potential for current income. The Sub-advisor utilizes a quantitative management
technique with a goal of building an equity portfolio that provides better returns than the American Century
S&P 500 Index without taking on significant additional risk and while attempting to create Investment
a dividend yield that will be greater than the S&P 500 Index. Management, Inc.
EQUITY INCOME AST INVESCO Capital Income (f/k/a AST INVESCO Equity Income): seeks capital growth and
current income while following sound investment practices. The Portfolio seeks to achieve
its objective by investing in securities that are expected to produce relatively high
levels of income and consistent, stable returns. The Portfolio normally will invest at
least 65% of its assets in dividend-paying common and preferred stocks of domestic and
foreign issuers. Up to 30% of the Portfolio's assets may be invested in equity securities INVESCO Funds
that do not pay regular dividends. Group, Inc.
BOND AST PIMCO Total Return Bond: seeks to maximize total return consistent with preservation of
capital and prudent investment management. The Portfolio will invest in a diversified Pacific
portfolio of fixed-income securities of varying maturities. The average portfolio duration Investment
of the Portfolio generally will vary within a three- to six-year time frame based on the Management
Sub-advisor's forecast for interest rates. Company LLC
BOND AST PIMCO Limited Maturity Bond: seeks to maximize total return consistent with
preservation of capital and prudent investment management. The Portfolio will invest in a
diversified portfolio of fixed-income securities of varying maturities. The average Pacific Investment
portfolio duration of the Portfolio generally will vary within a one- to three-year time Management
frame based on the Sub-advisor's forecast for interest rates. Company LLC
|
PORTFOLIO
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
----------------- ------------------------------------------------------------------------------------------- --------------------
EMERGING MARKETS Montgomery Variable Series - Emerging Markets: seeks long-term capital appreciation, under Gartmore Global
normal conditions by investing at least 80% of its total assets in stocks of companies of Asset
any size based in the world's developing economies. Under normal market conditions, Management
investments are maintained in at least six countries at all times and no more than 35% of Trust/Gartmore
total assets in any single one of them. Global
Partners
SECTOR INVESCO Variable Investment Funds - Technology: seeks capital growth. The Portfolio
normally invests 80% of its net assets in the equity securities and equity-related
instruments of companies engaged in technology-related industries. These include, but are
not limited to, various applied technologies, hardware, software, semiconductors,
telecommunications equipment and services and service-related companies in information
technology. Many of these products and services are subject to rapid obsolescence, which
may lower market value of the securities of the companies in this sector. At any given INVESCO Funds
time, 20% of the Portfolio's assets is not required to be invested in the sector. Group, Inc.
SECTOR INVESCO Variable Investment Funds - Health Sciences: seeks capital growth. The Portfolio
normally invests at least 80% of its net assets in the equity securities and equity-related
instruments of companies that develop, produce or distribute products or services related
to health care. These companies include, but are not limited to, medical equipment or
supplies, pharmaceuticals, biotechnology and healthcare providers and service companies. At INVESCO Funds
any given time, 20% of the Portfolio's assets is not required to be invested in the sector. Group, Inc.
|
For the Year Ended December 31,
-------------------------------------------------------------------
2002 2001 2000 1999 1998
----------- ----------- ----------- ----------- -----------
STATEMENTS OF INCOME DATA
Revenues:
Annuity and life insurance $ 370,004 $ 388,696 $ 424,578 $ 289,989 $ 186,211
charges and fees /a/ /b/
Fee income /b/ 97,650 111,196 130,610 83,243 50,839
Net investment income 19,632 20,126 18,595 11,477 11,130
Net realized capital (losses)
gains and other revenues /e/ (7,438) 2,698 4,195 3,688 1,360
----------- ----------- ----------- ----------- -----------
Total revenues $ 479,848 $ 522,716 $ 577,978 $ 388,397 $ 249,540
=========== =========== =========== =========== ===========
Benefits and Expenses:
Annuity and life insurance
benefits $ 3,391 $ 1,955 $ 751 $ 612 $ 558
Change in annuity and life
insurance policy reserves /c/ 2,741 (39,898) 49,339 (671) 1,053
Guaranteed minimum death
benefit claims, net of
hedge /b/ 23,256 20,370 2,618 4,785 -
Return credited to contract
owners 5,196 5,796 8,463 (1,639) (8,930)
Underwriting, acquisition and
other insurance expenses 188,728 196,755 150,597 125,434 86,306
Amortization of deferred
acquisition costs /b/ /d/ 510,059 224,047 184,616 83,861 86,628
Interest expense 14,544 73,424 85,998 69,502 41,004
----------- ----------- ----------- ----------- -----------
Total benefits and expenses $ 747,915 $ 482,449 $ 482,382 $ 281,884 $ 206,619
=========== =========== =========== =========== ===========
Income tax (benefit) expense $ (102,810) $ 7,168 $ 30,779 $ 30,344 $ 8,154
=========== =========== =========== =========== ===========
Net (loss) income $ (165,257) $ 33,099 $ 64,817 $ 76,169 $ 34,767
=========== =========== =========== =========== ===========
STATEMENTS OF FINANCIAL
CONDITION DATA
Total assets /b/ $23,708,585 $28,009,782 $31,702,705 $30,881,579 $18,848,273
=========== =========== =========== =========== ===========
Future fees payable to parent $ 708,249 $ 799,472 $ 934,410 $ 576,034 $ 368,978
=========== =========== =========== =========== ===========
Surplus notes $ 110,000 $ 144,000 $ 159,000 $ 179,000 $ 193,000
=========== =========== =========== =========== ===========
Shareholder's equity $ 683,061 $ 577,668 $ 496,911 $ 359,434 $ 250,417
=========== =========== =========== =========== ===========
|
2002 2001 2000
--------- --------- ---------
Commissions and purchase credits $ 287,612 $ 248,187 $ 430,743
General operating expenses 145,438 157,704 214,957
Acquisition costs deferred (244,322) (209,136) (495,103)
--------- --------- ---------
Underwriting, acquisition and other insurance
expenses $ 188,728 $ 196,755 $ 150,597
========= ========= =========
|
/s/ Ernst & Young LLP
Hartford, Connecticut
February 3, 2003
|
As of December 31,
-------------------------
2002 2001
----------- -----------
ASSETS
Investments:
Fixed maturities - at fair value (amortized cost of $379,422
and $356,882, respectively) $ 398,601 $ 362,831
Equity securities - at fair value (amortized cost of $52,017
and $49,886, respectively) 51,769 45,083
Derivative instruments - at fair value 10,370 5,525
Policy loans 7,559 6,559
----------- -----------
Total investments 468,299 419,998
Cash and cash equivalents 51,339 --
Accrued investment income 4,196 4,737
Deferred acquisition costs 1,117,544 1,383,281
Reinsurance receivable 5,447 7,733
Receivable from affiliates 3,961 3,283
Income tax receivable -- 30,537
Deferred income taxes 38,206 --
Fixed assets, at depreciated cost (accumulated depreciation of
$7,555 and $4,266, respectively) 12,132 17,752
Other assets 101,848 103,912
Separate account assets 21,905,613 26,038,549
----------- -----------
Total assets $23,708,585 $28,009,782
=========== ===========
LIABILITIES AND SHAREHOLDER'S EQUITY
Liabilities:
Reserves for future policy and contract benefits $ 149,349 $ 91,126
Accounts payable and accrued expenses 133,543 192,952
Income tax payable 6,547 --
Deferred income taxes -- 54,980
Payable to affiliates 2,223 101,035
Future fees payable to American Skandia, Inc. ("ASI") 708,249 799,472
Short-term borrowing 10,000 10,000
Surplus notes 110,000 144,000
Separate account liabilities 21,905,613 26,038,549
----------- -----------
Total liabilities 23,025,524 27,432,114
----------- -----------
Commitments and contingent liabilities (Note 18)
Shareholder's equity:
Common stock, $100 par value, 25,000 shares authorized,
issued and outstanding 2,500 2,500
Additional paid-in capital 595,049 335,329
Retained earnings 73,821 239,078
Accumulated other comprehensive income 11,691 761
----------- -----------
Total shareholder's equity 683,061 577,668
----------- -----------
Total liabilities and shareholder's equity $23,708,585 $28,009,782
=========== ===========
|
For the Years Ended December 31,
--------------------------------
2002 2001 2000
--------- -------- --------
REVENUES
Annuity and life insurance charges and fees $ 370,004 $388,696 $424,578
Fee income 97,650 111,196 130,610
Net investment income 19,632 20,126 18,595
Net realized capital (losses) gains (9,614) 928 (688)
Other 2,176 1,770 4,883
--------- -------- --------
Total revenues 479,848 522,716 577,978
--------- -------- --------
EXPENSES
Benefits:
Annuity and life insurance benefits 3,391 1,955 751
Change in annuity and life insurance policy reserves 2,741 (39,898) 49,339
Guaranteed minimum death benefit claims, net of hedge 23,256 20,370 2,618
Return credited to contract owners 5,196 5,796 8,463
--------- -------- --------
Total benefits 34,584 (11,777) 61,171
Other:
Underwriting, acquisition and other insurance
expenses 188,728 196,755 150,597
Amortization of deferred acquisition costs 510,059 224,047 184,616
Interest expense 14,544 73,424 85,998
--------- -------- --------
713,331 494,226 421,211
--------- -------- --------
Total benefits and expenses 747,915 482,449 482,382
--------- -------- --------
(Loss) income from operations before income tax
(benefit) expense (268,067) 40,267 95,596
Income tax (benefit) expense (102,810) 7,168 30,779
--------- -------- --------
Net (loss) income $(165,257) $ 33,099 $ 64,817
========= ======== ========
|
Accumulated Other
Comprehensive Income
------------------------
Additional Foreign Unrealized
Common Paid in Retained Currency Gains
Stock Capital Earnings Translation (Losses) Total
------ ---------- --------- ----------- ---------- ----------
As of December 31, 1999 $2,500 $215,879 $ 141,162 $ 148 ($255) $ 359,434
Net income 64,817 64,817
Other comprehensive income:
Unrealized capital gains 843 843
Reclassification adjustment for
realized losses included in net
realized capital (losses) gains 433 433
Foreign currency translation (66) (66)
----------
Other comprehensive income 1,210
----------
Comprehensive income 66,027
Capital contributions 71,450 71,450
------ -------- --------- ----- ------- ----------
As of December 31, 2000 2,500 287,329 205,979 82 1,021 496,911
Net income 33,099 33,099
Other comprehensive loss:
Unrealized capital losses (261) (261)
Reclassification adjustment for
realized gains included in
net realized capital
(losses) gains (14) (14)
Foreign currency translation (67) (67)
----------
Other comprehensive loss (342)
----------
Comprehensive income 32,757
Capital contributions 48,000 48,000
------ -------- --------- ----- ------- ----------
As of December 31, 2001 2,500 335,329 239,078 15 746 577,668
Net loss (165,257) (165,257)
Other comprehensive income:
Unrealized capital gains 10,434 10,434
Reclassification adjustment for
realized losses included in
net realized capital
(losses) gains 1,126 1,126
Foreign currency translation (630) (630)
----------
Other comprehensive income 10,930
----------
Comprehensive loss (154,327)
Capital contributions 259,720 259,720
------ -------- --------- ----- ------- ----------
As of December 31, 2002 $2,500 $595,049 $ 73,821 $(615) $12,306 $ 683,061
|
For the Years Ended December 31,
---------------------------------
2002 2001 2000
--------- --------- ---------
Cash flow from operating activities:
Net (loss) income $(165,257) $ 33,099 $ 64,817
Adjustments to reconcile net (loss) income to net
cash (used in) provided by operating activities:
Amortization and depreciation 21,649 13,374 5,758
Deferral of acquisition costs (244,322) (209,136) (495,103)
Amortization of deferred acquisition costs 510,059 224,047 184,616
Deferred tax (benefit) expense (99,071) 46,215 60,023
Change in unrealized (gains) losses on derivatives (5,149) 2,902 (2,936)
Increase (decrease) in policy reserves 3,293 (38,742) 50,892
(Decrease) increase in net receivable/payable to affiliates (99,490) 103,496 (72,063)
Change in net income tax receivable/payable 37,084 4,083 (58,888)
Increase in other assets (9,546) (12,105) (65,119)
Decrease (increase) in accrued investment income 541 472 (1,155)
Decrease (increase) in reinsurance receivable 2,286 (1,849) 420
(Decrease) increase in accounts payable and accrued expenses (59,409) 55,912 (21,550)
Net realized capital (gains) losses on derivatives (26,654) (14,929) 5,554
Net realized capital losses (gains) on investments 9,616 (928) 688
--------- --------- ---------
Net cash (used in) provided by operating activities (124,370) 205,911 (344,046)
--------- --------- ---------
Cash flow from investing activities:
Purchase of fixed maturity investments (388,053) (462,820) (380,737)
Proceeds from sale and maturity of fixed maturity investments 367,263 390,816 303,736
Purchase of derivatives (61,998) (103,533) (14,781)
Proceeds from exercise or sale of derivative instruments 88,956 113,051 5,936
Purchase of shares in equity securities and dividend
reinvestments (49,713) (55,430) (18,136)
Proceeds from sale of shares in equity securities 34,220 25,228 8,345
Purchase of fixed assets (2,423) (10,773) (7,348)
Increase in policy loans (1,000) (2,813) (2,476)
--------- --------- ---------
Net cash used in investing activities (12,748) (106,274) (105,461)
--------- --------- ---------
Cash flow from financing activities:
Capital contribution 259,720 48,000 71,450
Pay down of surplus notes (34,000) (15,000) (20,000)
(Decrease) increase in future fees payable to ASI, net (91,223) (137,355) 358,376
Deposits to contract owner accounts 808,209 59,681 172,441
Withdrawals from contract owner accounts (164,964) (130,476) (102,603)
Change in contract owner accounts, net of investment earnings (588,315) 62,875 (55,468)
--------- --------- ---------
Net cash provided by (used in) financing activities 189,427 (112,275) 424,196
--------- --------- ---------
Net increase (decrease) in cash and cash equivalents 52,309 (12,638) (25,311)
Change in foreign currency translation (970) (103) (101)
Cash and cash equivalents at beginning of period -- 12,741 38,153
Cash and cash equivalents at end of period $ 51,339 $ -- $ 12,741
========= ========= =========
Income taxes (received) paid $ (40,823) $ (43,130) $ 29,644
========= ========= =========
Interest paid $ 23,967 $ 56,831 $ 114,394
========= ========= =========
|
2002 2001 2000
---------- ---------- ----------
Balance at beginning of year $1,383,281 $1,398,192 $1,087,705
Acquisition costs deferred during the
year 244,322 209,136 495,103
Acquisition costs amortized during the
year (510,059) (224,047) (184,616)
---------- ---------- ----------
Balance at end of year $1,117,544 $1,383,281 $1,398,192
========== ========== ==========
|
Gross Gross
Amortized Unrealized Unrealized
Cost Gains Losses Fair Value
--------- ---------- ---------- ----------
U.S. Government obligations $270,969 $15,658 $ (78) $286,549
Obligations of state and political
subdivisions 253 9 (1) 261
Corporate securities 108,200 3,631 (40) 111,791
-------- ------- ----- --------
Totals $379,422 $19,298 $(119) $398,601
======== ======= ===== ========
|
Amortized
Cost Fair Value
--------- ----------
Due in one year or less $ 12,793 $ 12,884
Due after one through five years 165,574 171,830
Due after five through ten years 186,609 198,913
Due after ten years 14,446 14,974
-------- --------
Total $379,422 $398,601
======== ========
|
Gross Gross
Amortized Unrealized Unrealized
Cost Gains Losses Fair Value
--------- ---------- ---------- ----------
U.S. Government obligations $198,136 $2,869 $(413) $200,592
Obligations of state and political
subdivisions 252 8 -- 260
Corporate securities 158,494 4,051 (566) 161,979
-------- ------ ----- --------
Totals $356,882 $6,928 $(979) $362,831
======== ====== ===== ========
|
Gross Gross
Unrealized Unrealized Fair
Cost Gains Losses Value
------- ---------- ---------- -------
2002 $52,017 $136 $ (384) $51,769
2001 $49,886 $122 $(4,925) $45,083
|
2002 2001 2000
-------- ------- -------
Fixed maturities:
Gross gains $ 8,213 $ 8,849 $ 1,002
Gross losses (4,468) (4,387) (3,450)
Investment in equity securities:
Gross gains 90 658 1,913
Gross losses (13,451) (4,192) (153)
-------- ------- -------
Totals $ (9,616) $ 928 $ (688)
======== ======= =======
|
Security Fair Value
------------------------------------------- ----------
U.S. Treasury Note, 6.25%, February 2003 $4,345
U.S. Treasury Note, 3.00%, November 2003 183
Puerto Rico Commonwealth, 4.60%, July 2004 210
Puerto Rico Commonwealth, 4.875%, July 2023 52
|
December 31, 2002 December 31, 2001
--------------------------- ---------------------------
Fair Value Carrying Value Fair Value Carrying Value
---------- -------------- ---------- --------------
Assets
Fixed Maturities $398,601 $398,601 $362,831 $362,831
Equity Securities 51,769 51,769 45,083 45,083
Derivative Instruments 10,370 10,370 5,525 5,525
Policy Loans 7,559 7,559 6,559 6,559
Liabilities
Future Fees Payable to ASI 429,773 708,249 546,357 799,472
Short-term Borrowing 10,000 10,000 10,000 10,000
Surplus Notes and accrued
interest of $29,230 and
$25,829 in 2002 and 2001,
respectively 140,777 139,230 174,454 169,829
|
2002 2001 2000
------- ------- -------
Fixed maturities $18,015 $18,788 $13,502
Cash and cash equivalents 1,116 909 5,209
Equity securities 809 622 99
Policy loans 403 244 97
------- ------- -------
Total investment income 20,343 20,563 18,907
Investment expenses (711) (437) (312)
------- ------- -------
Net investment income $19,632 $20,126 $18,595
======= ======= =======
|
2002 2001 2000
--------- -------- --------
Current tax benefit $ (3,739) $(39,047) $(29,244)
Deferred tax expense, excluding operating
loss carryforwards 35,915 60,587 60,023
Deferred tax benefit for operating and
capital loss carryforwards (134,986) (14,372) --
--------- -------- --------
Total income tax (benefit) expense $(102,810) $ 7,168 $ 30,779
========= ======== ========
|
2002 2001
--------- ---------
Deferred tax assets:
GAAP to tax reserve differences $ 165,348 $ 241,503
Future fees payable to ASI 21,475 63,240
Deferred compensation 20,603 20,520
Net operating loss carry forward 147,360 14,372
Other 6,530 17,276
--------- ---------
Total deferred tax assets 361,316 356,911
--------- ---------
Deferred tax liabilities:
Deferred acquisition costs, net (312,933) (404,758)
Net unrealized gains on fixed
maturity securities (6,713) (2,082)
Other (3,464) (5,051)
--------- ---------
Total deferred tax liabilities (323,110) (411,891)
--------- ---------
Net deferred tax asset (liability) $ 38,206 $ (54,980)
========= =========
|
2002 2001 2000
--------- ------- -------
(Loss) income before taxes
Domestic $(265,361) $42,886 $98,136
Foreign (2,706) (2,619) (2,540)
--------- ------- -------
Total (268,067) 40,267 95,596
Income tax rate 35% 35% 35%
--------- ------- -------
Tax (benefit) expense at federal statutory income
tax rate (93,823) 14,093 33,459
Tax effect of:
Dividend received deduction (12,250) (8,400) (7,350)
Losses of foreign subsidiary 947 917 889
Meals and entertainment 603 603 841
State income taxes -- (62) (524)
Federal provision to return differences 709 (177) 3,235
Other 1,004 194 229
--------- ------- -------
Income tax (benefit) expense $(102,810) $ 7,168 $30,779
========= ======= =======
|
Lease Sub-Lease
------- ---------
2003 $ 4,847 $ 1,616
2004 5,275 1,773
2005 5,351 1,864
2006 5,328 1,940
2007 5,215 1,788
2008 and thereafter 19,629 7,380
------- -------
Total $45,645 $16,361
======= =======
|
Closing Effective Contract Issue Discount Present
Transaction Date Date Period Rate Value
----------- -------- --------- ------------------ -------- --------
1996-1 12/17/96 9/1/96 1/1/94 - 6/30/96 7.5% $ 50,221
1997-1 7/23/97 6/1/97 3/1/96 - 4/30/97 7.5% 58,767
1997-2 12/30/97 12/1/97 5/1/95 - 12/31/96 7.5% 77,552
1997-3 12/30/97 12/1/97 5/1/96 - 10/31/97 7.5% 58,193
1998-1 6/30/98 6/1/98 1/1/97 - 5/31/98 7.5% 61,180
1998-2 11/10/98 10/1/98 5/1/97 - 8/31/98 7.0% 68,573
1998-3 12/30/98 12/1/98 7/1/96 - 10/31/98 7.0% 40,128
1999-1 6/23/99 6/1/99 4/1/94 - 4/30/99 7.5% 120,632
1999-2 12/14/99 10/1/99 11/1/98 - 7/31/99 7.5% 145,078
2000-1 3/22/00 2/1/00 8/1/99 - 1/31/00 7.5% 169,459
2000-2 7/18/00 6/1/00 2/1/00 - 4/30/00 7.25% 92,399
2000-3 12/28/00 12/1/00 5/1/00 - 10/31/00 7.25% 107,291
2000-4 12/28/00 12/1/00 1/1/98 - 10/31/00 7.25% 107,139
2002-1 4/12/02 3/1/02 11/1/00 - 12/31/01 6.00% 101,713
|
Year Amount
---- --------
2003 $186,854
2004 171,093
2005 147,902
2006 117,761
2007 66,270
2008 18,369
--------
Total $708,249
========
|
Lease Sub-Lease
------- ---------
2003 $ 1,913 $ 426
2004 1,982 455
2005 2,050 500
2006 2,050 533
2007 2,050 222
2008 and thereafter 8,789 0
------- ------
Total $18,834 $2,136
======= ======
|
Gross Ceded Net
---- -------- -------- --------
2002
Annuity and life insurance charges and fees $406,272 $(36,268) $370,004
Return credited to contract owners $ 5,221 $ (25) $ 5,196
Underwriting, acquisition and other insurance
expenses (deferal of acquisition costs) $154,588 $ 34,140 $188,728
Amortization of deferred acquisition costs $542,945 $(32,886) $510,059
2001
Annuity and life insurance charges and fees $430,914 $(42,218) $388,696
Return credited to contract owners $ 5,704 $ 92 $ 5,796
Underwriting, acquisition and other insurance
expenses (deferral of acquisition costs) $163,677 $ 33,078 $196,755
Amortization of deferred acquisition costs $231,290 $ (7,243) $224,047
2000
Annuity and life insurance charges and fees $473,318 $(48,740) $424,578
Return credited to contract owners $ 8,540 $ (77) $ 8,463
Underwriting, acquisition and other insurance
expenses (deferral of acquisition costs) $108,399 $ 42,198 $150,597
Amortization of deferred acquisition costs $205,174 $(20,558) $184,616
|
Liability as of Interest Expense
December 31, For the Years
Interest ------------------- ---------------------------
Note Issue Date Rate 2002 2001 2002 2001 2000
------------------ -------- -------- -------- ------- ------- -------
February 18, 1994 7.28% -- -- -- -- 732
March 28, 1994 7.90% -- -- -- -- 794
September 30, 1994 9.13% -- -- -- 1,282 1,392
December 19, 1995 7.52% -- 10,000 520 763 765
December 20, 1995 7.49% -- 15,000 777 1,139 1,142
December 22, 1995 7.47% -- 9,000 465 682 684
June 28, 1996 8.41% 40,000 40,000 3,411 3,411 3,420
December 30, 1996 8.03% 70,000 70,000 5,699 5,699 5,715
-------- -------- ------- ------- -------
Total $110,000 $144,000 $10,872 $12,976 $14,644
======== ======== ======= ======= =======
|
Three Months Ended
------------------------------------------
2002 March 31 June 30 Sept. 30 Dec. 31
-------- -------- --------- --------
Premiums and other insurance revenues* $118,797 $126,614 $ 115,931 $108,488
Net investment income 4,965 4,714 5,128 4,825
Net realized capital losses (1,840) (1,584) (2,327) (3,863)
-------- -------- --------- --------
Total revenues 121,922 129,744 118,732 109,450
Benefits and expenses* 112,759 160,721 323,529 150,906
-------- -------- --------- --------
Pre-tax net income (loss) 9,163 (30,977) (204,797) (41,456)
Income tax expense (benefit) 1,703 (11,746) (72,754) (20,013)
-------- -------- --------- --------
Net income (loss) $ 7,460 $(19,231) $(132,043) $(21,443)
======== ======== ========= ========
|
Three Months Ended
-----------------------------------------
2001 March 31 June 30 Sept. 30 Dec. 31
-------- -------- -------- --------
Premiums and other insurance revenues*** $130,885 $128,465 $122,708 $119,604
Net investment income** 5,381 4,997 5,006 4,742
Net realized capital gains (losses) 1,902 373 376 (1,723)
-------- -------- -------- --------
Total revenues 138,168 133,835 128,090 122,623
Benefits and expenses** *** 122,729 110,444 123,307 125,969
-------- -------- -------- --------
Pre-tax net income (loss) 15,439 23,391 4,783 (3,346)
Income tax expense (benefit) 4,034 7,451 (480) (3,837)
-------- -------- -------- --------
Net income $ 11,405 $ 15,940 $ 5,263 $ 491
======== ======== ======== ========
|
Three Months Ended
-----------------------------------------
2000 March 31 June 30 Sept. 30 Dec. 31
-------- -------- -------- --------
Premiums and other insurance revenues $137,040 $139,346 $147,819 $135,866
Net investment income**** 4,343 4,625 4,619 5,008
Net realized capital gains (losses) 729 (1,436) (858) 877
Total revenues 142,112 142,535 151,580 141,751
Benefits and expenses**** 107,893 122,382 137,843 114,264
Pre-tax net income 34,219 20,153 13,737 27,487
Income tax expense 10,038 5,225 3,167 12,349
Net income $ 24,181 $ 14,928 $ 10,570 $ 15,138
======== ======== ======== ========
|
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
Wells Fargo Variable Trust - International
Equity (2000)
With No Optional Benefits
Unit Price $ 5.60 7.37 8.90 -- --
Number of Units 256,963 205,255 127,257 -- --
With One Optional Benefit
Unit Price $ 9.83 -- -- -- --
Number of Units 4,125 -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Wells Fargo Variable Trust - Small Cap Growth
(1999)
With No Optional Benefits
Unit Price $ 5.72 9.38 12.58 16.48 --
Number of Units 775,726 900,655 902,955 247,735 --
With One Optional Benefit
Unit Price $ 9.74 -- -- -- --
Number of Units 2,121 -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
Wells Fargo Variable Trust - International
Equity (2000)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Wells Fargo Variable Trust - Small Cap Growth
(1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
Wells Fargo Variable Trust - Growth (1994)
With No Optional Benefits
Unit Price $ 13.77 18.83 23.64 27.75 23.37
Number of Units 2,938,967 3,783,815 4,373,354 4,625,477 4,314,842
With One Optional Benefit
Unit Price $ 9.59 -- -- -- --
Number of Units 1,090 -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Wells Fargo Variable Trust - Large Company
Growth (1999)
With No Optional Benefits
Unit Price $ 6.50 9.16 11.75 11.98 --
Number of Units 1,737,225 1,900,437 1,563,551 189,740 --
With One Optional Benefit
Unit Price $ 9.36 -- -- -- --
Number of Units 8,608 -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Wells Fargo Variable Trust - Equity Value (1998)
With No Optional Benefits
Unit Price $ 6.61 8.83 9.56 9.17 9.53
Number of Units 2,835,243 3,705,869 4,442,888 2,826,839 1,148,849
With One Optional Benefit
Unit Price $ 9.97 -- -- -- --
Number of Units 900 -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Wells Fargo Variable Trust - Equity Income (1999)
With No Optional Benefits
Unit Price $ 7.46 9.37 10.05 9.96 --
Number of Units 1,361,988 1,019,937 502,986 136,006 --
With One Optional Benefit
Unit Price $ 8.25 -- -- -- --
Number of Units 196,720 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.90 -- -- -- --
Number of Units 10,707 -- -- -- --
With All Optional Benefits
Unit Price $ 9.90 -- -- -- --
Number of Units 91 -- -- -- --
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
Wells Fargo Variable Trust - Growth (1994)
With No Optional Benefits
Unit Price 18.40 15.90 13.18 10.34 --
Number of Units 3,907,919 2,096,545 823,247 204,067 --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Wells Fargo Variable Trust - Large Company
Growth (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Wells Fargo Variable Trust - Equity Value (1998)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Wells Fargo Variable Trust - Equity Income (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
Wells Fargo Variable Trust - Asset Allocation
(1994)
With No Optional Benefits
Unit Price $ 17.43 20.28 22.11 22.20 20.59
Number of Units 8,336,977 10,328,629 11,237,827 10,783,373 7,584,157
With One Optional Benefit
Unit Price $ 9.82 -- -- -- --
Number of Units 2,641 -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Wells Fargo Variable Trust - Total Return Bond 1
(1999)
With No Optional Benefits
Unit Price $ 12.16 11.44 10.81 9.94 --
Number of Units 2,451,502 2,978,591 3,634,317 3,758,299 --
With One Optional Benefit
Unit Price $ 10.21 -- -- -- --
Number of Units 74 -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Wells Fargo Variable Trust - Money Market (1994)
With No Optional Benefits
Unit Price $ 12.82 12.84 12.55 12.04 11.68
Number of Units 5,391,441 5,952,104 3,440,514 3,500,017 2,250,003
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST William Blair International Growth 2 (1997)
With No Optional Benefits
Unit Price $ 9.92 13.54 17.96 24.16 13.41
Number of Units 29,062,215 40,507,419 57,327,711 61,117,418 43,711,763
With One Optional Benefit
Unit Price $ 9.72 -- -- -- --
Number of Units 835,523 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.72 -- -- -- --
Number of Units 78,368 -- -- -- --
With All Optional Benefits
Unit Price $ 9.71 -- -- -- --
Number of Units 5,178 -- -- -- --
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
Wells Fargo Variable Trust - Asset Allocation
(1994)
With No Optional Benefits
Unit Price 16.67 13.99 12.73 10.01 --
Number of Units 5,186,216 3,700,609 1,991,150 743,176 --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Wells Fargo Variable Trust - Total Return Bond 1
(1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Wells Fargo Variable Trust - Money Market (1994)
With No Optional Benefits
Unit Price 11.31 10.92 10.58 10.18 --
Number of Units 1,304,834 1,157,342 521,291 144,050 --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST William Blair International Growth 2 (1997)
With No Optional Benefits
Unit Price 11.70 -- -- -- --
Number of Units 21,405,891 -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
AST American Century International Growth 3
(1997)
With No Optional Benefits
Unit Price $ 10.20 12.85 17.92 21.66 13.30
Number of Units 31,813,722 37,487,425 17,007,352 6,855,601 5,670,336
With One Optional Benefit
Unit Price $ 8.52 -- -- -- --
Number of Units 2,252,674 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.69 -- -- -- --
Number of Units 116,123 -- -- -- --
With All Optional Benefits
Unit Price $ 9.69 -- -- -- --
Number of Units 1,896 -- -- -- --
AST PBHG Small-Cap Growth 4 (1994)
With No Optional Benefits
Unit Price $ 12.83 19.84 21.51 42.08 17.64
Number of Units 17,093,250 23,048,821 25,535,093 32,134,969 15,003,001
With One Optional Benefit
Unit Price $ 6.92 -- -- -- --
Number of Units 1,970,250 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.48 -- -- -- --
Number of Units 47,261 -- -- -- --
With All Optional Benefits
Unit Price $ 9.47 -- -- -- --
Number of Units 6,595 -- -- -- --
AST DeAM Small-Cap Growth 5 (1999)
With No Optional Benefits
Unit Price $ 6.13 8.46 11.98 15.37 --
Number of Units 44,042,514 60,703,791 63,621,279 53,349,003 --
With One Optional Benefit
Unit Price $ 7.67 -- -- -- --
Number of Units 639,695 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.71 -- -- -- --
Number of Units 12,122 -- -- -- --
With All Optional Benefits
Unit Price $ 9.71 -- -- -- --
Number of Units 1,728 -- -- -- --
AST Goldman Sachs Small-Cap Value 6 (1998)
With No Optional Benefits
Unit Price $ 13.72 15.12 13.95 10.57 9.85
Number of Units 20,004,839 26,220,860 15,193,053 6,597,544 4,081,870
With One Optional Benefit
Unit Price $ 9.26 -- -- -- --
Number of Units 1,492,775 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.09 -- -- -- --
Number of Units 624 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
AST American Century International Growth 3
(1997)
With No Optional Benefits
Unit Price 11.35 -- -- -- --
Number of Units 2,857,188 -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST PBHG Small-Cap Growth 4 (1994)
With No Optional Benefits
Unit Price 17.28 16.54 13.97 10.69 --
Number of Units 14,662,728 12,282,211 6,076,373 2,575,105 --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST DeAM Small-Cap Growth 5 (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Goldman Sachs Small-Cap Value 6 (1998)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
AST Gabelli Small-Cap Value 7 (1997)
With No Optional Benefits
Unit Price $ 12.58 14.08 13.35 11.11 11.20
Number of Units 32,549,396 35,483,530 23,298,524 21,340,168 24,700,211
With One Optional Benefit
Unit Price $ 9.30 -- -- -- --
Number of Units 6,141,523 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.08 -- -- -- --
Number of Units 209,790 -- -- -- --
With All Optional Benefits
Unit Price $ 10.08 -- -- -- --
Number of Units 17,411 -- -- -- --
AST Goldman Sachs Mid-Cap Growth 8 (2000)
With No Optional Benefits
Unit Price $ 2.78 3.88 6.58 -- --
Number of Units 16,748,577 17,045,776 9,426,102 -- --
With One Optional Benefit
Unit Price $ 7.97 -- -- -- --
Number of Units 1,273,118 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.87 -- -- -- --
Number of Units 66,279 -- -- -- --
With All Optional Benefits
Unit Price $ 9.87 -- -- -- --
Number of Units 2,488 -- -- -- --
AST Neuberger Berman Mid-Cap Growth 9 (1994)
With No Optional Benefits
Unit Price $ 12.86 18.95 25.90 28.58 19.15
Number of Units 19,674,777 25,717,164 26,517,850 13,460,525 13,389,289
With One Optional Benefit
Unit Price $ 7.41 -- -- -- --
Number of Units 2,175,250 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.51 -- -- -- --
Number of Units 44,760 -- -- -- --
With All Optional Benefits
Unit Price $ 9.51 -- -- -- --
Number of Units 1,311 -- -- -- --
AST Neuberger Berman Mid-Cap Value 10 (1993)
With No Optional Benefits
Unit Price $ 17.78 20.16 21.09 16.78 16.10
Number of Units 37,524,187 47,298,313 44,558,699 37,864,586 16,410,121
With One Optional Benefit
Unit Price $ 8.96 -- -- -- --
Number of Units 5,118,558 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.98 -- -- -- --
Number of Units 163,415 -- -- -- --
With All Optional Benefits
Unit Price $ 9.97 -- -- -- --
Number of Units 10,745 -- -- -- --
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
AST Gabelli Small-Cap Value 7 (1997)
With No Optional Benefits
Unit Price 12.70 -- -- -- --
Number of Units 14,612,510 -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Goldman Sachs Mid-Cap Growth 8 (2000)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Neuberger Berman Mid-Cap Growth 9 (1994)
With No Optional Benefits
Unit Price 16.10 13.99 12.20 9.94 --
Number of Units 11,293,799 9,563,858 3,658,836 301,267 --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Neuberger Berman Mid-Cap Value 10 (1993)
With No Optional Benefits
Unit Price 16.72 13.41 12.20 9.81 10.69
Number of Units 11,745,440 9,062,152 8,642,186 7,177,232 5,390,887
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
AST Alger All-Cap Growth (2000)
With No Optional Benefits
Unit Price $ 3.51 5.54 6.74 -- --
Number of Units 85,441,507 125,442,916 28,229,631 -- --
With One Optional Benefit
Unit Price $ 6.80 -- -- -- --
Number of Units 658,419 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.36 -- -- -- --
Number of Units 6,409 -- -- -- --
With All Optional Benefits
Unit Price $ 9.36 -- -- -- --
Number of Units 3,466 -- -- -- --
AST MFS Growth (1999)
With No Optional Benefits
Unit Price $ 5.68 8.02 10.38 11.27 --
Number of Units 85,193,279 117,716,242 7,515,486 409,467 --
With One Optional Benefit
Unit Price $ 7.58 -- -- -- --
Number of Units 2,930,432 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.47 -- -- -- --
Number of Units 134,574 -- -- -- --
With All Optional Benefits
Unit Price $ 9.46 -- -- -- --
Number of Units 2,437 -- -- -- --
AST Marsico Capital Growth (1997)
With No Optional Benefits
Unit Price $ 11.44 13.74 17.81 21.06 14.00
Number of Units 81,046,482 85,895,802 94,627,691 78,684,943 40,757,449
With One Optional Benefit
Unit Price $ 8.32 -- -- -- --
Number of Units 10,144,317 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.51 -- -- -- --
Number of Units 457,013 -- -- -- --
With All Optional Benefits
Unit Price $ 9.51 -- -- -- --
Number of Units 30,465 -- -- -- --
AST Goldman Sachs Concentrated Growth 11 (1992)
With No Optional Benefits
Unit Price $ 19.17 27.71 41.14 60.44 39.54
Number of Units 56,016,467 84,116,221 99,250,773 94,850,623 80,631,598
With One Optional Benefit
Unit Price $ 7.67 -- -- -- --
Number of Units 1,349,939 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.46 -- -- -- --
Number of Units 41,632 -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
AST Alger All-Cap Growth (2000)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST MFS Growth (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Marsico Capital Growth (1997)
With No Optional Benefits
Unit Price 10.03 -- -- -- --
Number of Units 714,309 -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Goldman Sachs Concentrated Growth 11 (1992)
With No Optional Benefits
Unit Price 23.83 18.79 14.85 10.91 11.59
Number of Units 62,486,302 46,779,164 28,662,737 22,354,170 13,603,637
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
AST Cohen & Steers Realty (1998)
With No Optional Benefits
Unit Price $ 10.67 10.54 10.39 8.35 8.28
Number of Units 14,017,528 12,268,426 11,891,188 6,224,365 3,771,461
With One Optional Benefit
Unit Price $ 10.08 -- -- -- --
Number of Units 1,563,489 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.33 -- -- -- --
Number of Units 41,098 -- -- -- --
With All Optional Benefits
Unit Price $ 10.32 -- -- -- --
Number of Units 6,429 -- -- -- --
AST American Century Income & Growth 12 (1997)
With No Optional Benefits
Unit Price $ 10.16 12.86 14.24 16.19 13.35
Number of Units 22,410,834 27,386,278 32,388,202 21,361,995 13,845,190
With One Optional Benefit
Unit Price $ 8.25 -- -- -- --
Number of Units 1,751,136 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.89 -- -- -- --
Number of Units 36,829 -- -- -- --
With All Optional Benefits
Unit Price $ 9.89 -- -- -- --
Number of Units 8,874 -- -- -- --
AST INVESCO Capital Income 13 (1994)
With No Optional Benefits
Unit Price $ 16.14 19.84 22.01 21.31 19.34
Number of Units 37,055,825 48,595,962 50,171,495 46,660,160 40,994,187
With One Optional Benefit
Unit Price $ 8.34 -- -- -- --
Number of Units 2,110,071 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.90 -- -- -- --
Number of Units 30,714 -- -- -- --
With All Optional Benefits
Unit Price 9.90 -- -- -- --
Number of Units 5,934 -- -- -- --
AST PIMCO Total Return Bond (1994)
With No Optional Benefits
Unit Price $ 16.65 15.46 14.40 13.09 13.43
Number of Units 113,007,310 99,028,465 82,545,240 73,530,507 64,224,618
With One Optional Benefit
Unit Price $ 10.57 -- -- -- --
Number of Units 20,544,075 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.17 -- -- -- --
Number of Units 604,147 -- -- -- --
With All Optional Benefits
Unit Price $ 10.17 -- -- -- --
Number of Units 36,236 -- -- -- --
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
AST Cohen & Steers Realty (1998)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST American Century Income & Growth 12 (1997)
With No Optional Benefits
Unit Price 12.06 -- -- -- --
Number of Units 9,523,815 -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST INVESCO Capital Income 13 (1994)
With No Optional Benefits
Unit Price 17.31 14.23 12.33 9.61 --
Number of Units 33,420,274 23,592,226 13,883,712 6,633,333 --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST PIMCO Total Return Bond (1994)
With No Optional Benefits
Unit Price 12.44 11.48 11.26 9.61 --
Number of Units 44,098,036 29,921,643 19,061,840 4,577,708 --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
AST PIMCO Limited Maturity Bond (1995)
With No Optional Benefits
Unit Price $ 14.26 13.61 12.79 11.96 11.73
Number of Units 61,707,894 42,410,807 31,046,956 32,560,943 28,863,932
With One Optional Benefit
Unit Price $ 10.34 -- -- -- --
Number of Units 11,274,642 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 10.08 -- -- -- --
Number of Units 215,314 -- -- -- --
With All Optional Benefits
Unit Price $ 10.08 -- -- -- --
Number of Units 80,547 -- -- -- --
The Montgomery Variable Series - MV Emerging
Markets (1996)
With No Optional Benefits
Unit Price $ 5.79 6.50 7.09 10.06 6.19
Number of Units 10,957,884 14,095,135 12,899,472 12,060,036 10,534,383
With One Optional Benefit
Unit Price $ 8.66 -- -- -- --
Number of Units 283,466 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.93 -- -- -- --
Number of Units 21,816 -- -- -- --
With All Optional Benefits
Unit Price $ 9.93 -- -- -- --
Number of Units 442 -- -- -- --
INVESCO VIF - Technology (1999)
With No Optional Benefits
Unit Price $ 3.49 6.66 12.48 16.52 --
Number of Units 18,830,138 26,652,622 29,491,113 4,622,242 --
With One Optional Benefit
Unit Price $ 5.50 -- -- -- --
Number of Units 293,307 -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
INVESCO VIF - Health Sciences (1999)
With No Optional Benefits
Unit Price $ 9.37 12.58 14.59 11.34 --
Number of Units 11,475,199 17,419,141 19,381,405 786,518 --
With One Optional Benefit
Unit Price $ 8.00 -- -- -- --
Number of Units 475,873 -- -- -- --
With Any Two Optional Benefits
Unit Price $ 9.51 -- -- -- --
Number of Units 5,444 -- -- -- --
With All Optional Benefits
Unit Price $ 9.51 -- -- -- --
Number of Units 140 -- -- -- --
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
AST PIMCO Limited Maturity Bond (1995)
With No Optional Benefits
Unit Price 11.26 10.62 10.37 -- --
Number of Units 25,008,310 18,894,375 15,058,644 -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
The Montgomery Variable Series - MV Emerging
Markets (1996)
With No Optional Benefits
Unit Price 10.05 10.25 -- -- --
Number of Units 10,371,104 2,360,940 -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
INVESCO VIF - Technology (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
INVESCO VIF - Health Sciences (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With Any Two Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With All Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Growth = Account Value of variable minus Purchase Payments - proportional
investment options plus Interim
Value of Fixed Allocations (no
MVA applies) withdrawals
|
Highest Anniversary Value = $90,000 - [$90,000 * $15,000/$75,000] = $90,000 - $18,000
= $72,000
Basic Death Benefit = $80,000 - [$80,000 * $15,000/$75,000]
= $80,000 - $16,000
= $64,000
|
Attained Age Account Value
------------ -------------
Age 40-75 .80%
Age 76-80 1.60%
Age 81-85 3.20%
Age 86-90 4.80%
Age 91 6.50%
Age 92 7.50%
Age 93 8.50%
Age 94 9.50%
Age 95 10.50%
|
Purchase Payments = $50,000
Account Value = $75,000
Basic Death Benefit = $75,000
Death Benefit Amount = $75,000 - $50,000 = $25,000
Amount Payable Under Enhanced
|
Purchase Payments = $50,000
Account Value = $40,000
Basic Death Benefit = $50,000
Death Benefit Amount = $50,000 - $50,000 = $0
Amount Payable Under
Enhanced Beneficiary
Protection Optional
|
Variable Annuity Issued by: Variable Annuity Distributed by:
AMERICAN SKANDIA LIFE AMERICAN SKANDIA
ASSURANCE CORPORATION MARKETING, INCORPORATED
One Corporate Drive One Corporate Drive
Shelton, Connecticut 06484 Shelton, Connecticut 06484
Telephone: 1-800-766-4530 Telephone: 203-926-1888
http://www.americanskandia.com http://www.americanskandia.com
|
Prospectus Dated: May 1, 2003 Statement of Additional Information
Dated: May 1, 2003
FUSI ASL-PROS- (05/2003) FUSI ASLPROS
|
GLOSSARY OF TERMS................................................................................ 5
SUMMARY OF CONTRACT FEES AND CHARGES............................................................. 6
EXPENSE EXAMPLES................................................................................. 10
INVESTMENT OPTIONS............................................................................... 11
WHAT ARE THE INVESTMENT OBJECTIVES AND POLICIES OF THE PORTFOLIOS?............................ 11
WHAT ARE THE FIXED INVESTMENT OPTIONS?........................................................ 27
FEES AND CHARGES................................................................................. 27
WHAT ARE THE CONTRACT FEES AND CHARGES?....................................................... 27
WHAT CHARGES APPLY SOLELY TO THE VARIABLE INVESTMENT OPTIONS?................................. 28
WHAT CHARGES ARE ASSESSED BY THE PORTFOLIOS?.................................................. 28
WHAT CHARGES APPLY TO THE FIXED ALLOCATIONS?.................................................. 28
WHAT CHARGES APPLY IF I CHOOSE AN ANNUITY PAYMENT OPTION?..................................... 28
EXCEPTIONS/REDUCTIONS TO FEES AND CHARGES..................................................... 29
PURCHASING YOUR ANNUITY.......................................................................... 29
WHAT ARE OUR REQUIREMENTS FOR PURCHASING THE ANNUITY?......................................... 29
MANAGING YOUR ANNUITY............................................................................ 30
MAY I CHANGE THE OWNER, ANNUITANT AND BENEFICIARY DESIGNATIONS?............................... 30
MAY I RETURN THE ANNUITY IF I CHANGE MY MIND?................................................. 30
MAY I MAKE ADDITIONAL PURCHASE PAYMENTS?...................................................... 30
MAY I MAKE SCHEDULED PAYMENTS DIRECTLY FROM MY BANK ACCOUNT?.................................. 30
MAY I MAKE PURCHASE PAYMENTS THROUGH A SALARY REDUCTION PROGRAM?.............................. 30
MANAGING YOUR ACCOUNT VALUE...................................................................... 31
HOW AND WHEN ARE PURCHASE PAYMENTS INVESTED?.................................................. 31
ARE THERE RESTRICTIONS OR CHARGES ON TRANSFERS BETWEEN INVESTMENT OPTIONS?.................... 31
DO YOU OFFER DOLLAR COST AVERAGING?........................................................... 32
DO YOU OFFER ANY AUTOMATIC REBALANCING PROGRAMS?.............................................. 32
DO YOU OFFER PROGRAMS DESIGNED TO GUARANTEE A "RETURN OF PREMIUM" AT A FUTURE DATE?........... 32
MAY I AUTHORIZE MY INVESTMENT PROFESSIONAL TO MANAGE MY ACCOUNT?.............................. 34
HOW DO THE FIXED INVESTMENT OPTIONS WORK?..................................................... 35
HOW DO YOU DETERMINE RATES FOR FIXED ALLOCATIONS?............................................. 35
HOW DOES THE MARKET VALUE ADJUSTMENT WORK?.................................................... 35
WHAT HAPPENS WHEN MY GUARANTEE PERIOD MATURES?................................................ 36
ACCESS TO ACCOUNT VALUE.......................................................................... 37
WHAT TYPES OF DISTRIBUTIONS ARE AVAILABLE TO ME?.............................................. 37
ARE THERE TAX IMPLICATIONS FOR DISTRIBUTIONS?................................................. 37
CAN I WITHDRAW A PORTION OF MY ANNUITY?....................................................... 37
CAN I MAKE PERIODIC WITHDRAWALS FROM THE ANNUITY DURING THE ACCUMULATION PERIOD?.............. 37
DO YOU OFFER A PROGRAM FOR WITHDRAWALS UNDER SECTION 72(t) OF THE INTERNAL REVENUE CODE?...... 37
WHAT ARE MINIMUM DISTRIBUTIONS AND WHEN WOULD I NEED TO MAKE THEM?............................ 38
CAN I SURRENDER MY ANNUITY FOR ITS VALUE?..................................................... 38
WHAT TYPES OF ANNUITY OPTIONS ARE AVAILABLE?.................................................. 38
HOW AND WHEN DO I CHOOSE THE ANNUITY PAYMENT OPTION?.......................................... 39
HOW ARE ANNUITY PAYMENTS CALCULATED?.......................................................... 39
DEATH BENEFIT.................................................................................... 41
WHAT TRIGGERS THE PAYMENT OF A DEATH BENEFIT?................................................. 41
Basic Death Benefit........................................................................... 41
OPTIONAL DEATH BENEFITS....................................................................... 41
PAYMENT OF DEATH BENEFITS..................................................................... 43
VALUING YOUR INVESTMENT.......................................................................... 45
HOW IS MY ACCOUNT VALUE DETERMINED?........................................................... 45
WHAT IS THE SURRENDER VALUE OF MY ANNUITY?.................................................... 45
HOW AND WHEN DO YOU VALUE THE SUB-ACCOUNTS?................................................... 45
HOW DO YOU VALUE FIXED ALLOCATIONS?........................................................... 45
WHEN DO YOU PROCESS AND VALUE TRANSACTIONS?................................................... 46
WHAT HAPPENS TO MY UNITS WHEN THERE IS A CHANGE IN DAILY ASSET-BASED CHARGES?................. 47
TAX CONSIDERATIONS............................................................................... 47
WHAT ARE SOME OF THE FEDERAL TAX CONSIDERATIONS OF THIS ANNUITY?.............................. 47
HOW ARE AMERICAN SKANDIA AND THE SEPARATE ACCOUNTS TAXED?..................................... 47
IN GENERAL, HOW ARE ANNUITIES TAXED?.......................................................... 47
HOW ARE DISTRIBUTIONS TAXED?.................................................................. 47
WHAT TAX CONSIDERATIONS ARE THERE FOR TAX-QUALIFIED RETIREMENT PLANS OR QUALIFIED
CONTRACTS?.................................................................................. 49
HOW ARE DISTRIBUTIONS FROM QUALIFIED CONTRACTS TAXED?......................................... 50
GENERAL TAX CONSIDERATIONS.................................................................... 51
GENERAL INFORMATION.............................................................................. 52
HOW WILL I RECEIVE STATEMENTS AND REPORTS?.................................................... 52
WHO IS AMERICAN SKANDIA?...................................................................... 52
WHAT ARE SEPARATE ACCOUNTS?................................................................... 53
WHAT IS THE LEGAL STRUCTURE OF THE UNDERLYING FUNDS?.......................................... 54
WHO DISTRIBUTES ANNUITIES OFFERED BY AMERICAN SKANDIA?........................................ 55
AVAILABLE INFORMATION......................................................................... 56
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE............................................... 57
HOW TO CONTACT US............................................................................. 57
INDEMNIFICATION............................................................................... 57
LEGAL PROCEEDINGS............................................................................. 57
CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION........................................... 58
APPENDIX A - FINANCIAL INFORMATION ABOUT AMERICAN SKANDIA........................................ .1
AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN SKANDIA LIFE ASSURANCE CORPORATION......... 11
APPENDIX B - CONDENSED FINANCIAL INFORMATION ABOUT SEPARATE ACCOUNT B............................ .1
APPENDIX C - CALCULATION OF OPTIONAL DEATH BENEFITS.............................................. .1
APPENDIX D - SALE OF CONTRACTS TO RESIDENTS OF THE STATE OF NEW YORK............................. .1
APPENDIX E - PERFORMANCE ADVANTAGE............................................................... .1
APPENDIX F - PLUS40(TM)OPTIONAL LIFE INSURANCE RIDER............................................. .1
|
FEE/CHARGE Amount Deducted
------------------------------------------ ------------------------------------------------------------
Contingent Deferred Sales Charge There is no Contingent Deferred Sales Charge
deducted upon surrender or partial withdrawal.
Transfer Fee $10.00
(Deducted after the 20th transfer each Annuity Year)
|
FEE/CHARGE Amount Deducted
------------------------------------------ ------------------------------------------------------------
Annual Maintenance Fee Smaller of $30 or 2% of Account Value
(Assessed annually on the Annuity's anniversary date or upon
surrender)
|
FEE/CHARGE Amount Deducted
------------------------------------------ ------------------------------------------------------------
Mortality & Expense Risk Charge 1.25%
Administration Charge 0.15%
Total Annual Charges of the Sub-accounts** 1.40% per year of the value of each Sub-account
|
Optional Benefit Fee/
Optional Benefit Charge Total Annual Charge*
----------------------------------------------------------------------------------- --------------------- --------------------
GUARANTEED RETURN OPTION
We offer a program that guarantees a "return of premium" at a future date, while 0.25% of average 1.65%
allowing you to allocate all or a portion of your Account Value to the Sub-accounts daily net assets of
of your choice. the Sub-accounts
|
Minimum Maximum
------- -------
Total Portfolio Operating Expense 0.14%* 3.14%
|
Fee Net
Total Annual Waivers Annual
Portfolio and Portfolio
Management Other Operating Expense Operating
UNDERLYING PORTFOLIO Fees Expenses 12b-1 Fees Expenses Reimburse-ment Expenses
------------------------------------------- ---------- -------- ---------- ------------ -------------- ---------
American Skandia Trust: /1/
AST Strong International Equity 0.88% 0.21% 0.12% 1.21% 0.00% 1.21%
AST William Blair International Growth 1.00% 0.23% 0.10% 1.33% 0.10% 1.23%
AST American Century International Growth 1.00% 0.25% 0.00% 1.25% 0.00% 1.25%
AST DeAM International Equity 1.00% 0.44% 0.00% 1.44% 0.15% 1.29%
AST MFS Global Equity 1.00% 0.41% 0.00% 1.41% 0.00% 1.41%
AST PBHG Small-Cap Growth 0.90% 0.22% 0.11% 1.23% 0.00% 1.23%
AST DeAM Small-Cap Growth 0.95% 0.20% 0.00% 1.15% 0.15% 1.00%
AST Federated Aggressive Growth 0.95% 0.43% 0.00% 1.38% 0.03% 1.35%
AST Goldman Sachs Small-Cap Value 0.95% 0.21% 0.11% 1.27% 0.00% 1.27%
AST Gabelli Small-Cap Value 0.90% 0.19% 0.01% 1.10% 0.00% 1.10%
AST DeAM Small-Cap Value 0.95% 0.53% 0.00% 1.48% 0.33% 1.15%
AST Goldman Sachs Mid-Cap Growth 1.00% 0.26% 0.07% 1.33% 0.10% 1.23%
AST Neuberger Berman Mid-Cap Growth 0.90% 0.20% 0.06% 1.16% 0.00% 1.16%
AST Neuberger Berman Mid-Cap Value 0.90% 0.17% 0.09% 1.16% 0.00% 1.16%
AST Alger All-Cap Growth 0.95% 0.19% 0.15% 1.29% 0.00% 1.29%
AST Gabelli All-Cap Value 0.95% 0.24% 0.00% 1.19% 0.00% 1.19%
AST T. Rowe Price Natural Resources 0.90% 0.23% 0.03% 1.16% 0.00% 1.16%
AST Alliance Growth 0.90% 0.20% 0.03% 1.13% 0.00% 1.13%
AST MFS Growth 0.90% 0.18% 0.10% 1.18% 0.00% 1.18%
AST Marsico Capital Growth 0.90% 0.16% 0.04% 1.10% 0.01% 1.09%
AST Goldman Sachs Concentrated Growth 0.90% 0.15% 0.04% 1.09% 0.06% 1.03%
AST DeAM Large-Cap Growth 0.85% 0.23% 0.00% 1.08% 0.10% 0.98%
AST DeAM Large-Cap Value 0.85% 0.24% 0.04% 1.13% 0.10% 1.03%
AST Alliance/Bernstein Growth + Value 0.90% 0.23% 0.00% 1.13% 0.00% 1.13%
AST Sanford Bernstein Core Value 0.75% 0.25% 0.00% 1.00% 0.00% 1.00%
AST Cohen & Steers Realty 1.00% 0.23% 0.03% 1.26% 0.00% 1.26%
AST Sanford Bernstein Managed Index 500 0.60% 0.16% 0.08% 0.84% 0.00% 0.84%
AST American Century Income & Growth 0.75% 0.23% 0.00% 0.98% 0.00% 0.98%
AST Alliance Growth and Income 0.75% 0.15% 0.08% 0.98% 0.02% 0.96%
AST MFS Growth with Income 0.90% 0.28% 0.01% 1.19% 0.00% 1.19%
AST INVESCO Capital Income 0.75% 0.17% 0.03% 0.95% 0.00% 0.95%
AST DeAM Global Allocation 0.10% 0.04% 0.00% 0.14% 0.00% 0.14%
AST American Century Strategic Balanced 0.85% 0.25% 0.00% 1.10% 0.00% 1.10%
AST T. Rowe Price Asset Allocation 0.85% 0.26% 0.00% 1.11% 0.00% 1.11%
AST T. Rowe Price Global Bond 0.80% 0.26% 0.00% 1.06% 0.00% 1.06%
AST Federated High Yield 0.75% 0.19% 0.00% 0.94% 0.00% 0.94%
AST Lord Abbett Bond-Debenture 0.80% 0.24% 0.00% 1.04% 0.00% 1.04%
AST DeAM Bond 0.85% 0.23% 0.00% 1.08% 0.15% 0.93%
AST PIMCO Total Return Bond 0.65% 0.15% 0.00% 0.80% 0.02% 0.78%
AST PIMCO Limited Maturity Bond 0.65% 0.18% 0.00% 0.83% 0.00% 0.83%
AST Money Market 0.50% 0.13% 0.00% 0.63% 0.05% 0.58%
Montgomery Variable Series:
Emerging Markets 1.25% 0.43% 0.00% 1.68% 0.00% 1.68%
Wells Fargo Variable Trust:
Equity Value 0.55% 0.48% 0.25% 1.28% 0.28% 1.00%
Equity Income 0.55% 0.30% 0.25% 1.10% 0.10% 1.00%
Rydex Variable Trust:
Nova 0.75% 0.97% 0.00% 1.72% 0.00% 1.72%
Ursa 0.90% 0.89% 0.00% 1.79% 0.00% 1.79%
OTC 0.75% 0.99% 0.00% 1.74% 0.00% 1.74%
|
Fee Net
Total Annual Waivers Annual
Portfolio and Portfolio
Management Other Operating Expense Operating
UNDERLYING PORTFOLIO Fees Expenses 12b-1 Fees Expenses Reimburse-ment Expenses
------------------------------------------- ---------- -------- ---------- ------------ -------------- ---------
INVESCO Variable Investment Funds, Inc.:
Dynamics 0.75% 0.37% 0.00% 1.12% 0.00% 1.12%
Technology 0.75% 0.36% 0.00% 1.11% 0.00% 1.11%
Health Sciences 0.75% 0.32% 0.00% 1.07% 0.00% 1.07%
Financial Services 0.75% 0.34% 0.00% 1.09% 0.00% 1.09%
Telecommunications 0.75% 0.47% 0.00% 1.22% 0.00% 1.22%
Global Leaders 0.87% 0.31% 0.00% 1.18% 0.18% 1.00%
Special Equity 0.92% 0.26% 0.00% 1.18% 0.15% 1.03%
Omega 0.52% 0.18% 0.00% 0.70% 0.00% 0.70%
Evergreen Variable Annuity Trust:
International Growth 0.66% 0.73% 0.00% 1.39% 0.39% 1.00%
Global Leaders 0.87% 0.31% 0.00% 1.18% 0.18% 1.00%
Special Equity 0.92% 0.26% 0.00% 1.18% 0.15% 1.03%
Omega 0.52% 0.18% 0.00% 0.70% 0.00% 0.70%
Capital Growth 0.80% 0.22% 0.00% 1.02% 0.00% 1.02%
Blue Chip 0.61% 0.61% 0.00% 1.22% 0.24% 0.98%
Equity Index 0.32% 0.35% 0.00% 0.67% 0.37% 0.30%
Foundation 0.75% 0.16% 0.00% 0.91% 0.00% 0.91%
ProFund VP:
Europe 30 0.75% 1.03% 0.25% 2.03% 0.05% 1.98%
Asia 30 0.75% 1.03% 0.25% 2.03% 0.05% 1.98%
Japan 0.75% 1.06% 0.25% 2.06% 0.08% 1.98%
Banks 0.75% 1.11% 0.25% 2.11% 0.13% 1.98%
Basic Materials 0.75% 1.21% 0.25% 2.21% 0.23% 1.98%
Biotechnology 0.75% 1.16% 0.25% 2.16% 0.18% 1.98%
Consumer Cyclical 0.75% 1.65% 0.25% 2.65% 0.67% 1.98%
Consumer Non-Cyclical 0.75% 1.10% 0.25% 2.10% 0.12% 1.98%
Energy 0.75% 1.16% 0.25% 2.16% 0.18% 1.98%
Financial 0.75% 1.14% 0.25% 2.14% 0.16% 1.98%
Healthcare 0.75% 1.14% 0.25% 2.14% 0.16% 1.98%
Industrial 0.75% 1.65% 0.25% 2.65% 0.67% 1.98%
Internet 0.75% 1.04% 0.25% 2.04% 0.06% 1.98%
Pharmaceuticals 0.75% 1.12% 0.25% 2.12% 0.14% 1.98%
Precious Metals 0.75% 0.98% 0.25% 1.98% N/A 1.98%
Real Estate 0.75% 1.13% 0.25% 2.13% 0.15% 1.98%
Semiconductor 0.75% 1.33% 0.25% 2.33% 0.35% 1.98%
Technology 0.75% 1.27% 0.25% 2.27% 0.29% 1.98%
Telecommunications 0.75% 1.19% 0.25% 2.19% 0.21% 1.98%
Utilities 0.75% 1.17% 0.25% 2.17% 0.19% 1.98%
Bull 0.75% 0.91% 0.25% 1.91% N/A 1.91%
Bear 0.75% 1.03% 0.25% 2.03% 0.05% 1.98%
UltraBull 2 0.75% 1.12% 0.25% 2.12% 0.27% 1.85%
OTC 0.75% 1.03% 0.25% 2.03% 0.05% 1.98%
Short OTC 0.75% 0.96% 0.25% 1.96% N/A 1.96%
UltraOTC 0.75% 1.08% 0.25% 2.08% 0.13% 1.95%
Mid-Cap Value 0.75% 1.25% 0.25% 2.25% 0.27% 1.98%
Mid-Cap Growth 0.75% 1.22% 0.25% 2.22% 0.24% 1.98%
UltraMid-Cap 0.75% 1.36% 0.25% 2.36% 0.38% 1.98%
Small-Cap Value 0.75% 1.45% 0.25% 2.45% 0.47% 1.98%
Small-Cap Growth 0.75% 1.20% 0.25% 2.20% 0.22% 1.98%
|
UltraSmall-Cap 0.75% 1.15% 0.25% 2.15% 0.17% 1.98%
U.S. Government Plus 0.50% 0.96% 0.25% 1.71% N/A 1.71%
Rising Rates Opportunity 0.75% 1.13% 0.25% 2.13% 0.15% 1.98%
First Defined Portfolio Fund LLC:
First Trust(R)10 Uncommon Values 0.60% 2.29% 0.25% 3.14% 1.95% 1.37%
The Prudential Series Fund, Inc.:
SP Jennison International Growth 0.85% 0.70% 0.25% 1.80% 0.16% 1.64%
|
1 year 3 years 5 years 10 years
------ ------- ------- --------
493 1479 2463 4920
|
1 year 3 years 5 years 10 years
------ ------- ------- --------
493 1479 2463 4920
|
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
---------------- ---------------------------------------------------------------------------------------- ----------------------
INTER-NATIONAL AST Strong International Equity: seeks long-term capital growth by investing in a
EQUITY diversified portfolio of international equity securities the issuers of which are
considered to have strong earnings momentum. The Portfolio seeks to meet its objective
by investing, under normal market conditions, at least 80% of its total assets in a
diversified portfolio of equity securities of companies located or operating in
developed non-U.S. countries and emerging markets of the world. The Sub-advisor intends
to focus on companies with an above-average potential for long-term growth and Strong Capital
attractive relative valuations. The Sub-advisor selects companies based Management, Inc.
on five key factors: growth, valuation, management, risk and sentiment.
INTER-NATIONAL AST William Blair International Growth (f/k/a AST Janus Overseas Growth): seeks
EQUITY long-term growth of capital. The Portfolio pursues its objective primarily through
investments in equity securities of issuers located outside the United States. The
Portfolio normally invests at least 80% of its total assets in securities of issuers
from at least five different countries, excluding the United States. The Portfolio
invests primarily in companies selected for their growth potential. Securities are William Blair &
generally selected without regard to any defined allocation among Company, L.L.C.
countries, geographic regions or industry sectors, or other similar selection
procedure.
INTER-NATIONAL AST American Century International Growth: seeks capital growth. The Portfolio will seek
EQUITY to achieve its investment objective by investing primarily in equity securities of
international companies that the Sub-advisor believes will increase in value over time.
Under normal conditions, the Portfolio will invest at least 65% of its assets in equity
securities of issuers from at least three countries outside of the United States. The
Sub-advisor uses a growth investment strategy it developed that looks for companies with American Century
earnings and revenue growth. The Sub-advisor will consider a number of other factors in Investment
making investment selections, including the prospects for relative economic growth among Management, Inc.
countries or regions, economic and political conditions, expected inflation rates,
currency exchange fluctuations and tax considerations.
INTER-NATIONAL AST DeAM International Equity: seeks capital growth. The Portfolio pursues its objective
EQUITY by investing at least 80% of the value of its assets in the equity securities of
companies in developed non-U.S. countries that are represented in the MSCI EAFE(R)Index.
The target of this Portfolio is to track the performance of the MSCI EAFE(R)Index within
4% with a standard deviation expected of +/- 4%. The Sub-advisor
considers a number of factors in determining whether to invest in a Deutsche Asset
stock, including earnings growth rate, analysts' estimates of future earnings and Management, Inc.
industry-relative price multiples.
invests at least 80% of its assets in equity securities of U.S. and foreign issuers Massachusetts
(including issuers in developing countries). The Portfolio generally seeks to purchase Financial Services
securities of companies with relatively large market capitalizations relative to the Company
market in which they are traded.
SMALL CAP GROWTH AST PBHG Small-Cap Growth: seeks capital growth. The Portfolio pursues its objective by
primarily investing at least 80% of the value of its assets in the common stocks of
small-sized companies, whose market capitalizations are similar to market
capitalizations of the companies in the Russell 2000(R)Index at the
time of the Portfolio's investment. The Sub-advisor expects to focus Pilgrim Baxter &
primarily on those securities whose market capitalizations or annual revenues are less Associates, Ltd.
than $1billion at the time of purchase.
SMALL CAP GROWTH AST DeAM Small-Cap Growth: seeks maximum growth of investors' capital from a portfolio
of growth stocks of smaller companies. The Portfolio pursues its objective, under normal
circumstances, by primarily investing at least 80% of its total assets in the equity
securities of small-sized companies included in the Russell 2000 Growth(R)Index. The
Sub-advisor employs an investment strategy designed to maintain a portfolio of equity Deutsche Asset
securities which approximates the market risk of those stocks included in the Russell Management, Inc.
2000 Growth(R)Index, but which attempts to outperform the Russell 2000 Growth(R)Index.
|
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
---------------- ---------------------------------------------------------------------------------------- ----------------------
SMALL CAP AST Federated Aggressive Growth: seeks capital growth. The Portfolio pursues its Federated Investment
GROWTH investment objective by investing in the stocks of small companies that are traded on Counseling/Federated
national security exchanges, NASDAQ stock exchange and the over-the-counter-market. Global Investment
Small companies will be defined as companies with market Management Corp.
capitalizations similar to companies in the Russell 2000 Index or
the Standard & Poor's Small Cap 600 Index. Up to 25% of the Portfolio's net assets
may be invested in foreign securities, which are typically denominated
in foreign currencies.
SMALL CAP VALUE AST Goldman Sachs Small-Cap Value: seeks long-term capital appreciation. The Portfolio Goldman Sachs Asset
will seek its objective through investments primarily in equity securities that are Management
believed to be undervalued in the marketplace. The Portfolio primarily seeks companies
that are small-sized, based on the value of their outstanding stock. The Portfolio will
have a non-fundamental policy to invest, under normal circumstances,
at least 80% of the value of its assets in small capitalization companies.
The 80% investment requirement applies at the time the Portfolio invests its assets. The
Portfolio generally defines small capitalization companies as companies with a
capitalization of $5 billion or less.
SMALL CAP VALUE AST Gabelli Small-Cap Value: seeks to provide long-term capital growth by investing
primarily in small-capitalization stocks that appear to be undervalued. The Portfolio
will have a non-fundamental policy to invest, under normal circumstances, at least 80%
of the value of its assets in small capitalization companies. The 80% investment
requirement applies at the time the Portfolio invests its assets. The Portfolio GAMCO
generally defines small capitalization companies as those with a capitalization of $1.5 Investors, Inc.
billion or less. Reflecting a value approach to investing, the Portfolio will seek the
stocks of companies whose current stock prices do not appear to adequately reflect their
underlying value as measured by assets, earnings, cash flow or business franchises.
SMALL CAP VALUE AST DeAM Small-Cap Value: seeks maximum growth of investors' capital. The Portfolio Deutsche Asset
pursues its objective, under normal market conditions, by primarily investing at least Management, Inc.
80% of its total assets in the equity securities of small-sized companies included in
the Russell 2000(R) Value Index. The Sub-advisor employs an investment strategy designed
to maintain a portfolio of equity securities which approximates the
market risk of those stocks included in the Russell 2000(R)Value Index,
but which attempts to outperform the Russell 2000(R)Value Index.
MID-CAP GROWTH AST Goldman Sachs Mid-Cap Growth (f/k/a AST Janus Mid-Cap Growth): seeks long-term
capital growth. The Portfolio pursues its investment objective, by investing primarily
in equity securities selected for their growth potential, and normally invests at least
80% of the value of its assets in medium capitalization companies. For purposes of the
Portfolio, medium-sized companies are those whose market capitalizations (measured at Goldman Sachs Asset
the time of investment) fall within the range of companies in the Standard & Poor's Management
MidCap 400 Index. The Sub-advisor seeks to identify individual companies with earnings
growth potential that may not be recognized by the market at large.
MID-CAP GROWTH AST Neuberger Berman Mid-Cap Growth: seeks capital growth. Under normal market conditions, Neuberger Berman
the Portfolio primarily invests at least 80% of its net assets in the common stocks of Management Inc.
mid-cap companies. For purposes of the Portfolio, companies with equity market
capitalizations that fall within the range of the Russell Midcap(R)Index, at the time of
investment, are considered mid-cap companies. Some of the Portfolio's assets may be
invested in the securities of large-cap companies as well as in
small-cap companies. The Sub-advisor looks for fast-growing companies
that are in new or rapidly evolving industries.
|
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
---------------- ---------------------------------------------------------------------------------------- ----------------------
MID-CAP VALUE AST Neuberger Berman Mid-Cap Value: seeks capital growth. Under normal market
conditions, the Portfolio primarily invests at least 80% of its net assets in the common
stocks of mid-cap companies. For purposes of the Portfolio, companies with equity market
investment are considered mid-cap companies. Some of the Portfolio's assets may be
invested in the securities of large-cap companies as well as in small-cap companies.
Under the Portfolio's value-oriented investment approach, the Sub-advisor looks for Neuberger Berman
well-managed companies whose stock prices are undervalued and that may rise in price Management Inc.
before other investors realize their worth.
ALL-CAP AST Alger All-Cap Growth: seeks long-term capital growth. The Portfolio invests
GROWTH primarily in equity securities, such as common or preferred stocks, that are listed on
U.S. exchanges or in the over-the-counter market. The Portfolio may invest in the equity
securities of companies of all sizes, and may emphasize either larger or smaller Fred Alger
companies at a given time based on the Sub-advisor's assessment of particular companies Management, Inc.
and market conditions.
ALL-CAP AST Gabelli All-Cap Value: seeks capital growth. The Portfolio pursues its objective by
VALUE investing primarily in readily marketable equity securities including common stocks,
preferred stocks and securities that may be converted at a later time into common stock.
The Portfolio may invest in the securities of companies of all sizes, and may emphasize
either larger or smaller companies at a given time based on the Sub-advisor's assessment
of particular companies and market conditions. The Portfolio
focuses on companies that appear underpriced relative to their private market value
("PMV"). PMV is the value that the Portfolio's Sub-advisor believes informed investors GAMCO Investors,
would be willing to pay for a company. Inc.
SECTOR AST T. Rowe Price Natural Resources: seeks long-term capital growth primarily through
the common stocks of companies that own or develop natural resources (such as energy
products, precious metals and forest products) and other basic commodities. The
Portfolio normally invests primarily (at least 80% of its total assets) in the common
stocks of natural resource companies whose earnings and tangible assets could benefit
from accelerating inflation. The Portfolio looks for companies that have the ability to
expand production, to maintain superior exploration programs and production facilities,
and the potential to accumulate new resources. At least50% of Portfolio assets will be T. Rowe Price
invested in U.S. securities, up to 50% of total assets also may be invested in foreign Associates,
securities. Inc.
LARGE CAP GROWTH AST Alliance Growth: seeks long-term capital growth. The Portfolio invests at least 80%
of its total assets in the equity securities of a limited number of large, carefully
selected, high-quality U.S. companies that are judged likely to achieve superior
with the 25 companies most highly regarded by the Sub-advisor usually Alliance
constituting approximately 70% of the Portfolio's net assets. An Capital
emphasis is placed on identifying companies whose substantially above average Management,
prospective earnings growth is not fully reflected in current market valuations. L.P.
LARGE CAP GROWTH AST MFS Growth: seeks long-term capital growth and future income. Under normal market
conditions, the Portfolio invests at least 80% of its total assets in common stocks and
related securities, such as preferred stocks, convertible securities and depositary
receipts, of companies that the Sub-advisor believes offer better than average prospects Massachusetts
for long-term growth. The Sub-advisor seeks to purchase securities of companies that it Financial Services
considers well-run and poised for growth. The Portfolio may invest up to 35% of its net Company
assets in foreign securities.
|
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
---------------- ---------------------------------------------------------------------------------------- ----------------------
REAL ESTATE AST Cohen & Steers Realty: seeks to maximize total return through investment in real
(REIT) estate securities. The Portfolio pursues its investment objective by investing, under
normal circumstances, at least 80% of its net assets in securities of real estate
issuers. Under normal of real circumstances, the Portfolio will invest substantially all
of its assets in the equity securities estate companies, i.e., a company that derives at Cohen & Steers
least 50% of its revenues from the ownership, construction, financing, management or Capital
sale of real estate or that has at least 50% of its assets in real estate. Real estate Management,
companies may include real estate investment trusts or REITs. Inc.
least 80% of its net assets in securities included in the Standard & Poor's 500
Composite Stock Price Index (the "S&P(R)500 "). The Portfolio seeks to outperform the
S&P 500 through stock selection resulting in different weightings of common stocks
relative to the index. The Portfolio will invest primarily in the common stocks of
companies included in the S&P 500. In seeking to outperform the S&P 500, the Sub-advisor
starts with a portfolio of stocks representative of the holdings of the index. It then
uses a set of fundamental quantitative criteria that are designed to indicate whether a
particular stock will predictably perform better or worse than the S&P 500. Based on
these criteria, the Sub-advisor determines whether the Portfolio should over-weight,
under-weight or hold a neutral position in the stock relative to the proportion of the
S&P 500 that the stock represents. In addition, the Sub-advisor also may determine that Sanford C.
based on the quantitative criteria, certain equity securities that are not included in Bernstein
the S&P 500 should be held by the Portfolio. & Co., LLC
GROWTH AST American Century Income & Growth: seeks capital growth with current income as a
AND secondary objective. The Portfolio invests primarily in common stocks that offer
INCOME potential for capital growth, and may, consistent with its investment objective, invest
in stocks that offer potential for current income. The Sub-advisor utilizes a
quantitative management technique with a goal of building an equity portfolio that American Century
provides better returns than the S&P 500 Index without taking on Investment
significant additional risk and while attempting to create a dividend yield that will be Management, Inc.
greater than the S&P 500 Index.
GROWTH AST Alliance Growth and Income: seeks long-term growth of capital and income while
AND attempting to avoid excessive fluctuations in market value. The Portfolio normally will
INCOME invest in common stocks (and securities convertible into common stocks). The Sub-advisor
will take a value-oriented approach, in that it will try to keep the Portfolio's assets
invested in securities that are selling at reasonable valuations in relation to their Alliance Capital
fundamental business prospects. The stocks that the Portfolio will normally invest in Management, L.P.
are those of seasoned companies.
GROWTH AST MFS Growth with Income: seeks long term growth of capital with a secondary objective
AND to seek reasonable current income. Under normal market conditions, the Portfolio invests
INCOME at least 65% of its net assets in common stocks and related securities, such as
preferred stocks, convertible securities and depositary receipts. The stocks in which
the Portfolio invests generally will pay dividends. While the Portfolio may invest in
companies of any size, the Portfolio generally focuses on companies with larger market
capitalizations that the Sub-advisor believes have sustainable growth prospects Massachusetts
and attractive valuations based on current and expected earnings or cash flow. The Financial Services
Portfolio may invest up to 20% of its net assets in foreign securities. Company
EQUITY INCOME AST INVESCO Capital Income (f/k/a AST INVESCO Equity Income): seeks capital growth and
current income while following sound investment practices. The Portfolio seeks to
achieve its objective by investing in securities that are expected to produce relatively
high levels of income and consistent, stable returns. The Portfolio normally will invest
at least 65% of its assets in dividend-paying common and preferred stocks of domestic INVESCO Funds
and foreign issuers. Up to 30% of the Portfolio's assets may be invested in equity Group, Inc.
securities that do not pay regular dividends.
|
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
---------------- ---------------------------------------------------------------------------------------- ----------------------
BALANCED AST DeAM Global Allocation: seeks a high level of total return by investing primarily in
a diversified portfolio of mutual funds. The Portfolio seeks to achieve its investment
objective by investing in several other AST Portfolios ("Underlying Portfolios"). The
Portfolio intends its strategy of investing in combinations of Underlying Portfolios to
result in investment diversification that an investor could otherwise achieve only by
holding numerous investments. The Portfolio is expected to be invested in at least six Deutsche Asset
such Underlying Portfolios at any time. It is expected that the investment objectives of Management,
such AST Portfolios will be diversified. Inc.
Sub-advisor intends to maintain approximately 60% of the Portfolio's assets in equity
securities and the remainder in bonds and other fixed income securities. Both the
Portfolio's equity and fixed income investments will fluctuate in value. The equity American
securities will fluctuate depending on the performance of the companies that issued Century
them, general market and economic conditions, and investor confidence. The fixed income Investment
investments will be affected primarily by rising or falling interest rates and the Management, Inc.
credit quality of the issuers.
ASSET ALLOCATION AST T. Rowe Price Asset Allocation: seeks a high level of total return by investing
primarily in a diversified portfolio of fixed income and equity securities. The
Portfolio normally invests approximately 60% of its total assets in equity securities
and 40% in fixed income securities. The Sub-advisor concentrates common stock
investments in larger, more established companies, but the Portfolio may include small T. Rowe Price
and medium-sized companies with good growth prospects. The fixed income portion of the Associates, Inc.
Portfolio will be allocated among investment grade securities, high yield or "junk"
bonds, foreign high quality debt securities and cash reserves.
by investing in high-quality foreign and U.S. dollar-denominated bonds. The Portfolio
will invest at least 80% of its total assets in all types of high quality bonds
including those issued or guaranteed by U.S. or foreign governments or their agencies
and by foreign authorities, provinces and municipalities as well as investment grade
corporate bonds and mortgage and asset-backed securities of U.S. and foreign issuers.
The Portfolio generally invests in countries where the combination of fixed-income
returns and currency exchange rates appears attractive, or, if the currency trend is
unfavorable, where the Sub-advisor believes that the currency risk can be minimized
through hedging. The Portfolio may also invest up to 20% of its assets in the aggregate T. Rowe Price
in below investment-grade, high-risk bonds ("junk bonds"). In addition, the Portfolio International,
may invest up to 30% of its assets in mortgage-backed (including derivatives, such as Inc.
collateralized mortgage obligations and stripped mortgage securities) and asset-backed
securities.
HIGH YIELD BOND AST Federated High Yield: seeks high current income by investing primarily in a
diversified portfolio of fixed income securities. The Portfolio will invest at least 80%
of its assets in fixed income securities rated BBB and below. These fixed income
securities may include preferred stocks, convertible securities, bonds, debentures,
notes, equipment lease certificates and equipment trust certificates. A fund that Federated
invests primarily in lower-rated fixed income securities will be subject to greater risk Investment
and share price fluctuation than a typical fixed income fund, and may be subject to an Counseling
amount of risk that is comparable to or greater than many equity funds.
|
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
---------------- ---------------------------------------------------------------------------------------- ----------------------
LARGE CAP EQUITY Evergreen VA Capital Growth: seeks to provide long-term capital growth. The Portfolio Evergreen
invests primarily in common stocks. The Portfolio may also invest in preferred stocks, Investment
convertible preferred stocks, convertible debentures, and any other class or type of Management
security which the portfolio manager believes offers the potential for capital growth. Company,
In selecting investments, the investment adviser attempts to identify securities it LLC/ Pilgrim
believes will provide capital growth over the intermediate and long-term due to changes Baxter &
in the financial condition of issuers, changes in financial conditions generally, or Associates, Ltd.
other factors.
LARGE CAP EQUITY Evergreen VA Blue Chip: seeks capital growth with the potential for income. The
Portfolio normally invests at least 80% of its assets in "blue chip" stocks. Blue chip
stocks are the common stocks of well-established, large U.S. companies with a long
history of performance, typically recognizable names representing a broad range of
industries. The market capitalization of the stocks selected will be within the range
tracked by the S&P 500 Index, at the time of purchase. The remaining 20% of the
Portfolio's assets may be represented by cash or invested in other types of equity Evergreen
securities, various cash equivalents or represented by cash. The Portfolio's stock Investment
selection is based on a diversified style of equity management that allows it to invest Management
in both growth- and value-oriented securities. Company, LLC
performance similar to the Standards and Poor's 500 Composite Price Index ("S&P 500
Index")*. The Portfolio invests substantially all of its total assets in equity
securities that represent a composite of the S&P 500 Index. The S&P 500 is an unmanaged
index of 500 common stocks chosen to reflect the industries of the U.S. economy and is
often considered a proxy for the stock market in general. *"Standard & Poor's(R),"
"S&P(R)," "S&P 500(R)," "Standard & Poor's 500," and "500" are trademarks of the Evergreen
McGraw-Hill Companies, Inc. and have been licensed for use by Evergreen Investment Investment
Management Company, LLC. The Portfolio is not sponsored, endorsed, sold or promoted by Management
Standard & Poor's and Standard & Poor's makes no representation regarding the Company, LLC
advisability of investing in the Portfolio.
BALANCED Evergreen VA Foundation: seeks capital growth and current income. The Portfolio invests
in a combination of common stocks, preferred stocks and securities convertible or
exchangeable for common stocks of large U.S. companies (i.e., companies whose market Evergreen
capitalization falls within the range tracked by the Russell 1000(R)Index, at the time Investment
of purchase). Under normal circumstances, the Portfolio will invest at least 25% of its Management
assets in debt securities and the remainder in equity securities. Company, LLC
INTERNATIONAL ProFund VP Europe 30: seeks daily investment results, before fees and expenses, that
EQUITY correspond to the daily performance of the ProFunds Europe 30 Index. The ProFunds Europe
30 Index, created by ProFund Advisors, is composed of 30 companies whose principal
offices are located in Europe and whose securities are traded on U.S. exchanges or on
the NASDAQ as depositary receipts or ordinary shares. The component companies in the
ProFunds Europe 30 Index are determined annually based upon their U.S. dollar-traded ProFund
volume. Their relative weights are determined based on a modified market capitalization Advisors LLC
method.
INTERNATIONAL ProFund VP Asia 30: seeks daily investment results, before fees and expenses, that
EQUITY correspond to the daily performance of the ProFunds Asia 30 Index. The ProFunds Asia 30
Index, created by ProFund Advisors, is composed of 30 of the companies whose principal
offices are located in the Asia/Pacific region, excluding Japan, and whose securities
are traded on U.S. exchanges or on the NASDAQ as depository receipts or ordinary shares.
The component companies in the ProFunds Asia 30 Index are determined annually based upon ProFund
their U.S. dollar-traded volume. Their relative weights are determined based on the Advisors LLC
modified market capitalization method.
INTERNATIONAL ProFund VP Japan: seeks daily investment results, before fees and expenses, that
EQUITY correspond to the daily performance of the Nikkei 225 Stock Average. Since the Japanese
markets are not open when ProFund VP Japan values its shares, ProFund VP Japan
determines its success in meeting this investment objective by comparing its daily
return on a given day with the daily performance of related futures contracts traded in
actively traded Japanese stocks traded on the Tokyo Stock Exchange. The Index is ProFund
computed and distributed by the Nihon Keizai Shimbun. Advisors LLC
|
PORTFOLIO
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
---------------- ---------------------------------------------------------------------------------------- ----------------------
SECTOR ProFund VP Banks: seeks daily investment results, before fees and expenses, that
correspond to the daily performance of the Dow Jones U.S. Banks Sector Index. The Dow
Jones U.S. Banks Index measures the performance of the banking industry of the U.S.
equity market. Component companies include all regional and major U.S. domiciled
international banks, savings and loans, savings banks, thrifts, building associations ProFund
and societies. Investment and merchant banks are excluded. Advisors LLC
SECTOR ProFund VP Basic Materials: seeks daily investment results, before fees and expenses,
that correspond to the daily performance of the Dow Jones U.S. Basic Materials Sector
Index. The Dow Jones U.S. Basic materials Sector Index measures the performance of the
basic materials economic sector of the U.S. equity market. Component companies are
involved in the production of aluminum, commodity chemicals, specialty chemicals, forest ProFund
products, non-ferrous metals, paper products, precious metals and steel. Advisors LLC
SECTOR ProFund VP Biotechnology: seeks daily investment results, before fees and expenses, that
correspond to the daily performance of the Dow Jones U.S. Biotechnology Index. The Dow
Jones U.S. Biotechnology Index measures the performance of the biotechnology industry of
the U.S. equity market. Component companies include those engaged in genetic research,
and/or the marketing and development of recombinant DNA products. Makers of artificial ProFund
blood and contract biotechnology researchers are also included in the Index. Advisors LLC
SECTOR ProFund VP Consumer Cyclical: seeks daily investment results, before fees and expenses,
that correspond to the daily performance of the Dow Jones U.S. Consumer Cyclical Sector
Index. The Dow Jones U.S. Consumer Cyclical Sector Index measures the performance of the
consumer cyclical economic sector of the U.S. equity market. Component companies include
airlines, auto manufacturers, auto parts, tires, casinos, consumer electronics, ProFund
recreational products and services, restaurants, lodging, toys, home construction, home Advisors LLC
furnishings and appliances, footwear, clothing and fabrics.
SECTOR ProFund VP Consumer Non-Cyclical: seeks daily investment results, before fees and
expenses, that correspond to the daily performance of the Dow Jones U.S. Consumer
Non-Cyclical Sector Index. The Dow Jones U.S. Consumer Non-Cyclical Sector Index
measures the performance of the consumer non-cyclical economic sector of the U.S. equity
market. Component companies include beverage companies, consumer service companies, ProFund
durable and non-durable household product manufacturers, cosmetic companies, food Advisors LLC
products and agriculture and tobacco products.
SECTOR ProFund VP Energy: seeks daily investment results, before fees and expenses, that
correspond to the daily performance of the Dow Jones U.S. Energy Sector Index. The Dow
Jones U.S. Energy Sector Index measures the performance of the energy sector of the U.S.
equity market. Component companies include oil drilling equipment and services, coal,
oil companies-major, oil companies-secondary, pipelines, liquid, solid or gaseous fossil ProFund
fuel producers and service companies. Advisors LLC
SECTOR ProFund VP Financial: seeks daily investment results, before fees and expenses, that
correspond to the daily performance of the Dow Jones U.S. Financial Sector Index. The
Dow Jones U.S. Financial Sector Index measures the performance of the financial services
economic sector of the U.S. equity market. Component companies include regional banks,
major U.S. domiciled international banks, full line, life, and property and casualty
insurance companies, companies that invest, directly or indirectly in real estate,
diversified financial companies such as Fannie Mae, credit card insurers, check cashing
companies, mortgage lenders, investment advisers and securities broker-dealers, ProFund
investment banks, merchant banks, online brokers, publicly traded stock exchanges. Advisors LLC
SECTOR ProFund VP Healthcare: seeks daily investment results, before fees and expenses, that
correspond to the daily performance of the Dow Jones U.S. Healthcare Sector Index. The
Down Jones U.S. healthcare Sector Index measures the performance of the healthcare
economic sector of the U.S. equity market. Component companies include health care ProFund
providers, biotechnology companies, medical supplies, advanced medical devices and Advisors LLC
pharmaceuticals.
|
PORTFOLIO
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
---------------- ---------------------------------------------------------------------------------------- ----------------------
SECTOR ProFund VP Industrial: seeks daily investment results, before fees and expenses, that
correspond to the daily performance of the Dow Jones U.S. Industrial Sector Index. The
Dow Jones U.S. Industrial Sector Index measures the performance of the industrial
economic sector of the U.S. equity market. Component companies include building
materials, heavy construction, factory equipment, heavy machinery, industrial services,
pollution control, containers and packaging, industrial diversified, air freight, marine
transportation, railroads, trucking, land-transportation equipment, shipbuilding, ProFund
transportation services, advanced industrial equipment, electric components and Advisors LLC
equipment, and aerospace.
SECTOR ProFund VP Internet: seeks daily investment results, before fees and expenses, that
correspond to the daily performance of the Dow Jones U.S. Internet Index. The Dow Jones
Composite Internet Index measures the performance of stocks in the U.S. equity markets
that generate the majority of their revenues from the Internet. The Index is composed of
two sub-groups: Internet Commerce - companies that derive the majority of their revenues
from providing goods and/or services through an open network, such as a web site; and
Internet Services - companies that derive the majority of their revenues from providing ProFund
access to the Internet or providing services to people using the Internet. Advisors LLC
SECTOR ProFund VP Pharmaceuticals: seeks daily investment results, before fees and expenses,
that correspond to the daily performance of the Dow Jones U.S. Pharmaceuticals Sector
Index. The Dow Jones U.S. Pharmaceuticals Index measures the performance of the
pharmaceuticals industry of the U.S. equity market. Component companies include the
makers of prescription and over-the-counter drugs, such as aspirin, cold remedies, birth ProFund
control pills, and vaccines, as well as companies engaged in contract drug research.. Advisors LLC
SECTOR ProFund VP Precious Metals: seeks daily investment results, before fees and expenses,
that correspond to the daily performance of the Philadelphia Stock Exchange Gold &
Silver Sector Index. The Philadelphia Stock Exchange Gold and Silver Sector Index
measures the performance of the gold and silver mining industry of the global equity
market. Component companies include companies involved in the mining and production of
gold, silver, and other precious metals, precious stones and pearls. The Index does not ProFund
include producers of commemorative medals and coins that are made of these metals. Advisors LLC
SECTOR ProFund VP Real Estate: seeks daily investment results, before fees and expenses, that
correspond to the daily performance of the Dow Jones U.S. Real Estate Index. The Dow
Jones U.S. Real Estate Index measures the performance of the real estate industry of the
U.S. equity market. Component companies include those that invest directly or indirectly
through development, management or ownership of shopping malls, apartment buildings,
housing developments and, real estate investment trusts ("REITs") that invest in ProFund
apartments, office and retail properties. REITs are passive investment vehicles that Advisors LLC
invest primarily in income-producing real estate or real estate related loans or
interests.
SECTOR ProFund VP Semiconductor: seeks daily investment results, before fees and expenses, that
correspond to the daily performance of the Dow Jones U.S. Semiconductor Index. The Dow
Jones U.S. Semiconductor Index measures the performance of the semiconductor industry of ProFund
the U.S. equity market. Component companies are engaged in the production of Advisors LLC
semiconductors and other integrated chips, as well as other related products such as
circuit boards and motherboards.
SECTOR ProFund VP Technology: seeks daily investment results, before fees and expenses, that
correspond to the daily performance of the Dow Jones U.S. Technology Sector Index. The
Dow Jones U.S. Technology Sector Index measures the performance of the technology sector
of the U.S. equity market. Component companies include those involved in computers and ProFund
office equipment, software, communications technology, semiconductors, diversified Advisors LLC
technology services and internet services.
|
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
---------------- ---------------------------------------------------------------------------------------- ----------------------
SECTOR ProFund VP Telecommunications: seeks daily investment results, before fees and expenses,
that correspond to the daily performance of the Dow Jones U.S. Telecommunications Sector
Index. The Dow Jones U.S. Telecommunications Sector Index measures the performance of ProFund
the telecommunications economic sector of the U.S. equity market. Component companies Advisors LLC
include fixed line communications and wireless communications companies.
SECTOR ProFund VP Utilities: seeks daily investment results, before fees and expenses, that
correspond to the daily performance of the Dow Jones U.S. Utilities Sector Index. The
Dow Jones U.S. Utilities Sector Index measures the performance of the utilities economic ProFund
sector of the U.S. equity market. Component companies include electric utilities, gas Advisors LLC
utilities and water utilities.
THE PROFUND VP PORTFOLIOS DESCRIBED BELOW ARE AVAILABLE AS SUB-ACCOUNTS TO ALL ANNUITY OWNERS. EACH
PORTFOLIO PURSUES AN INVESTMENT STRATEGY THAT SEEKS TO PROVIDE DAILY INVESTMENT RESULTS, BEFORE FEES AND
EXPENSES, THAT MATCH A WIDELY FOLLOWED INDEX, INCREASE BY A SPECIFIED FACTOR RELATIVE TO THE INDEX, MATCH
THE INVERSE OF THE INDEX OR THE INVERSE OF THE INDEX MULTIPLIED BY A SPECIFIED FACTOR. THE INVESTMENT
STRATEGY OF SOME OF THE PORTFOLIOS MAY MAGNIFY (BOTH POSITIVELY AND NEGATIVELY) THE DAILY INVESTMENT
RESULTS OF THE APPLICABLE INDEX. IT IS RECOMMENDED THAT ONLY THOSE ANNUITY OWNERS WHO ENGAGE A FINANCIAL
ADVISOR TO ALLOCATE THEIR ACCOUNT VALUE USING A STRATEGIC OR TACTICAL ASSET ALLOCATION STRATEGY INVEST IN
THESE PORTFOLIOS. WE HAVE ARRANGED THE PORTFOLIOS BASED ON THE INDEX ON WHICH IT'S INVESTMENT STRATEGY IS
BASED.
The S&P 500 Index(R)is a widely used measure of large-cap U.S. stock market performance. It includes a
representative sample of leading companies in leading industries. Companies are selected for inclusion in
the Index by Standard & Poor's(R)for being U.S. companies with adequate liquidity, appropriate market
capitalization financial viability and public float.
S&P 500 ProFund VP Bull: seeks daily investment results, before fees and expenses, that ProFund Advisors
correspond to the daily performance of the S&P 500(R)Index. LLC
S&P 500 ProFund VP Bear: seeks daily investment results, before fees and expenses, that
correspond to the inverse (opposite) of the daily performance of the S&P 500(R)Index. If
ProFund VP Bear is successful in meeting its objective, its net asset value should gain
approximately the same, on a percentage basis, as any decrease in the S&P 500(R)Index
when the Index declines on a given day. Conversely, its net asset value should lose
approximately the same, on a percentage basis, as any increase in the Index when the ProFund
Index rises on a given day. Advisors LLC
S&P 500 ProFund VP UltraBull (f/k/a ProFund VP Bull Plus): seeks daily investment results,
before fees and expenses, that correspond to twice (200%) the daily performance of the
S&P 500(R)Index. If the ProFund VP UltraBull is successful in meeting its objective, its
net asset value should gain approximately twice as much, on a percentage basis, as the
S&P 500(R)Index when the Index rises on a given day. Conversely, its net asset value
should lose approximately twice as much, on a percentage basis, as the Index when the
Index declines on a given day. Prior to May 1, 2003, ProFund VP UltraBull was named ProFund
"ProFund VP Bull Plus" and sought daily investment results that corresponded to one and Advisors LLC
one-half times the daily performance of the S&P 500(R)Index
The NASDAQ-100 Index(R)is a market capitalization weighted index that includes 100 of the largest domestic
and international non-financial companies listed on The NASDAQ Stock Market.
NASDAQ 100 ProFund VP OTC: seeks daily investment results, before fees and expenses, that
ProFund VP OTC reflers to securities that do not trade on a U.S. securities exchange, as ProFund
registered under the Securities Exchange Act of 1934. Advisors LLC
|
PORTFOLIO
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
---------------- ---------------------------------------------------------------------------------------- ----------------------
NASDAQ 100 ProFund VP Short OTC: seeks daily investment results, before fees and expenses, that
correspond to the inverse (opposite) of the daily performance of the NASDAQ-100
Index(R). If ProFund VP Short OTC is successful in meeting its objective, its net asset
value should gain approximately the same, on a percentage basis, as any decrease in the
NASDAQ-100 Index(R)when the Index declines on a given day. Conversely, its net asset
value should lose approximately the same, on a percentage basis, as any increase in the
Index when the Index rises on a given day. "OTC" in the name of ProFund VP Short OTC
refers to securities that do not trade on a U.S. securities exchange, as registered ProFund Advisors LLC
under the Securities Exchange Act of 1934.
NASDAQ 100 ProFund VP UltraOTC: seeks daily investment results, before fees and expenses, that
correspond to twice (200%) the daily performance of the NASDAQ-100 Index(R). If ProFund
VP UltraOTC is successful in meeting its objective, its net asset value should gain
approximately twice as much, on a percentage basis, as the NASDAQ-100 Index(R)when the
Index rises on a given day. Conversely, its net asset value should lose approximately
twice as much, on a percentage basis, as the Index when the Index declines on a given
day. "OTC" in the name of ProFund VP UltraOTC refers to securities that do not trade on ProFund Advisors LLC
a U.S. securities exchange, as registered under the Securities Exchange Act of 1934.
The S&P MidCap 400 Index(R)is a widely used measure of mid-sized company U.S. stock market performance.
Companies are selected for inclusion in the Index by Standard & Poor's(R)for being U.S. companies with
adequate liquidity, appropriate market capitalization, financial viability and public float.
S&P MIDCAP ProFund VP Mid-Cap Value: seeks daily investment results, before fees and expenses, that
400 correspond to the daily performance of the S&P MidCap 400/Barra Value Index(R). The S&P
MidCap400/Barra Value Index(R)is designed to differentiate between fast growing
companies and slower growing or undervalued companies. Standard & Poor's and Barra
cooperate to employ a price-to-book value calculation whereby the market capitalization
of the S&P MidCap 400 Index(R) is divided equally between growth and value. The index is ProFund Advisors LLC
rebalanced twice per year.
S&P MIDCAP ProFund VP Mid-Cap Growth: seeks daily investment results, before fees and expenses,
400 that correspond to the daily performance of the S&P MidCap 400/Barra Growth Index(R).
The S&P MidCap 400/Barra Growth Index(R)is designed to differentiate between fast
growing companies and slower growing or undervalued companies. Standard & Poor's and
Barra cooperate to employ a price-to-book value calculation whereby the market
capitalization of the S&P MidCap 400 Index(R) is divided equally between growth and ProFund Advisors LLC
value. The Index is rebalanced twice per year..
S&P MIDCAP ProFund VP UltraMid-Cap: seeks daily investment results, before fees and expenses, that
400 correspond to twice (200%) the daily performance of the S&P MidCap 400 Index(R). If
ProFund VP UltraMid-Cap is successful in meeting its objective, its net asset value
should gain approximately twice as much, on a percentage basis, as the S&P MidCap 400
Index(R)when the Index rises on a given day. Conversely, its net asset value should lose
approximately twice as much, on a percentage basis, as the Index when the Index declines ProFund Advisors LLC
on a given day.
The S&P SmallCap 600 Index(R)consists of 600 domestic stocks chosen for market size, liquidity, and
industry group representation. The Index comprises stocks from the industrial, utility, financial, and
transportation sectors.
S&P SMALLCAP ProFund VP Small-Cap Value: seeks daily investment results, before fees and expenses,
600 that correspond to the daily performance of the S&P SmallCap 600/Barra Value Index(R).
The S&P SmallCap 600/Barra Value Index(R)is designed to differentiate between fast
growing companies and slower growing or undervalued companies. Standard & Poor's and
Barra cooperate to employ a price-to-book value calculation whereby the market
capitalization of the S&P SmallCap 600 Index(R)is divided equally between growth and ProFund Advisors LLC
value. The Index is rebalanced twice per year.
|
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
---------------- ---------------------------------------------------------------------------------------- ----------------------
S&P SMALLCAP ProFund VP Small-Cap Growth: seeks daily investment results, before fees and expenses,
600 that correspond to the daily performance of the S&P SmallCap 600/Barra Growth Index(R).
The S&P SmallCap 600/Barra Growth Index(R)is designed to differentiate between fast
growing companies and slower growing or undervalued companies. Standard & Poor's and
Barra cooperate to employ a price-to-book value calculation whereby the market
capitalization-of the S&P SmallCap 600 Index(R)is divided equally between growth and ProFund Advisors LLC
value. The Index is rebalanced twice per year.
The Russell 2000 Index(R)measures the performance of the 2,000 small companies in the Russell 3000
Index(R)representing approximately 8% of the total market capitalization of the Russell 3000 Index(R),
which in turn represents approximately 98% of the investable U.S. equity market.
RUSSELL 2000 ProFund VP UltraSmall-Cap: seeks daily investment results, before fees and expenses,
that correspond to twice (200%) the daily performance of the Russell 2000(R)Index. If
ProFund VP UltraSmall-Cap is successful in meeting its objective, its net asset value
should gain approximately twice as much, on a percentage basis, as the Russell 2000
Index(R)when the Index rises on a given day. Conversely, its net asset value should lose
approximately twice as much, on a percentage basis, as the Index when the Index declines ProFund Advisors LLC
on a given day.
U.S. GOV'T ProFund VP U.S. Government Plus: seeks daily investment results, before fees and
BOND expenses, that correspond to one and one-quarter times (125%) the daily price movement
of the most recently issued 30-year U.S. Treasury Bond ("Long Bond"). In accordance with
its stated objective, the net asset value of ProFund VP U.S. Government Plus generally
should decrease as interest rates rise. If ProFund VP U.S. Government Plus is successful
in meeting its objective, its net asset value should gain approximately one and
one-quarter times (125%) as much, on a percentage basis, as any daily increase in the
Long Bond on a given day. Conversely, its net asset value should lose approximately one
and one-quarter (125%) as much, on a percentage basis, as any daily decrease in the Long ProFund Advisors LLC
Bond on a given day.
U.S. GOV'T ProFund VP Rising Rates Opportunity: seeks daily investment results, before fees and
BOND expenses, that correspond to one and one-quarter times (125%) the inverse (opposite) of
the daily price movement of the most recently issued Long Bond. In accordance with its
stated objective, the net asset value of ProFund VP rising Rates Opportunity generally
should decrease as interest rates fall. If ProFund VP Rising Rates Opportunity is
successful in meeting its objective, its net asset value should gain approximately one
and one-quarter times (125%) as much, on a percentage basis, as any daily decrease in
the Long Bond on a given day. Conversely, its net asset value should lose approximately
one and one-quarter times (125%) as much, on a percentage basis, as any daily increase ProFund Advisors LLC
in the Long Bond on a given day.
Each portfolio of the First Defined Portfolio Fund LLC invests in the securities of a relatively few number
of issuers or in a particular sector of the economy. Since the assets of each portfolio are invested in a
limited number of issuers or a limited sector of the economy, the net asset value of the portfolio may be
more susceptible to a single adverse economic, political or regulatory occurrence. Certain of the
portfolios may also be subject to additional market risk due to their policy of investing based on an
investment strategy and generally not buying or selling securities in response to market fluctuations. Each
portfolio's relative lack of diversity and limited ongoing management may subject Owners to greater market
risk than other portfolios.
The stock selection date for each of the strategy Portfolios of the First Defined Portfolio Fund LLC is on
or about December 31st of each year. The holdings for each strategy Portfolio will be adjusted annually on
or about December 31st in accordance with the Portfolio's investment strategy. At that time, the percentage
relationship among the shares of each issuer held by the Portfolio is established. Through the next
one-year period that percentage will be maintained as closely as practicable when the Portfolio makes
subsequent purchases and sales of the securities.
LARGE CAP First Trust(R)10 Uncommon Values: seeks to provide above-average capital appreciation.
BLEND The Portfolio seeks to achieve its objective by investing primarily in the ten common
stocks selected by the Investment Policy Committee of Lehman Brothers Inc. ("Lehman
Brothers") with the assistance of the Research Department of Lehman Brothers which, in
The stocks included in the Portfolio are adjusted annually on or about July 1st in First Trust
accordance with the selections of Lehman Brothers. Advisors L.P.
|
PORTFOLIO
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
---------------- ---------------------------------------------------------------------------------------- ----------------------
INTER- The Prudential Series Fund, Inc. SP Jennison International Growth: seeks to provide
NATIONAL long-term growth of capital. The Portfolio pursues its objective by investing in
EQUITY equity-related securities of foreign issuers that the Sub-advisor believes will increase
in value over a period of years. The Portfolio invests primarily in the common stock of
large and medium-sized foreign companies. Under normal circumstances, the Portfolio
invests at least 65% of its total assets in common stock of foreign companies operating
or based in at least five different countries. The Portfolio looks primarily for stocks
of companies whose earnings are growing at a faster rate than other companies and that
have above-average growth in earnings and cash flow, improving profitability, strong Prudential
balance sheets, management strength and strong market share for its products. The Investments LLC/
Portfolio also tries to buy such stocks at attractive prices in relation to their growth Jennison Associates
prospects. LLC
|
For the Year Ended December 31,
-------------------------------------------------------------------
2002 2001 2000 1999 1998
----------- ----------- ----------- ----------- -----------
STATEMENTS OF INCOME DATA
Revenues:
Annuity and life insurance charges
and fees /a/ /b/ $ 370,004 $ 388,696 $ 424,578 $ 289,989 $ 186,211
Fee income /b/ 97,650 111,196 130,610 83,243 50,839
Net investment income 19,632 20,126 18,595 11,477 11,130
Net realized capital (losses) gains
and other revenues /e/ (7,438) 2,698 4,195 3,688 1,360
----------- ----------- ----------- ----------- -----------
Total revenues $ 479,848 $ 522,716 $ 577,978 $ 388,397 $ 249,540
Benefits and Expenses:
Annuity and life insurance benefits $ 3,391 $ 1,955 $ 751 $ 612 $ 558
Change in annuity and life insurance
policy reserves /c/ 2,741 (39,898) 49,339 (671) 1,053
Guaranteed minimum death benefit
claims, net of hedge /b/ 23,256 20,370 2,618 4,785 --
Return credited to contract owners 5,196 5,796 8,463 (1,639) (8,930)
Underwriting, acquisition and other
insurance expenses 188,728 196,755 150,597 125,434 86,306
costs /b/ /d/ 510,059 224,047 184,616 83,861 86,628
Interest expense 14,544 73,424 85,998 69,502 41,004
----------- ----------- ----------- ----------- -----------
Total benefits and expenses $ 747,915 $ 482,449 $ 482,382 $ 281,884 $ 206,619
=========== =========== =========== =========== ===========
Income tax (benefit) expense $ (102,810) $ 7,168 $ 30,779 $ 30,344 $ 8,154
=========== =========== =========== =========== ===========
Net (loss) income $ (165,257) $ 33,099 $ 64,817 $ 76,169 $ 34,767
STATEMENTS OF FINANCIAL CONDITION DATA
Total assets /b/ $23,708,585 $28,009,782 $31,702,705 $30,881,579 $18,848,273
=========== =========== =========== =========== ===========
Future fees payable to parent $ 708,249 $ 799,472 $ 934,410 $ 576,034 $ 368,978
=========== =========== =========== =========== ===========
Surplus notes $ 110,000 $ 144,000 $ 159,000 $ 179,000 $ 193,000
=========== =========== =========== =========== ===========
Shareholder's equity $ 683,061 $ 577,668 $ 496,911 $ 359,434 $ 250,417
=========== =========== =========== =========== ===========
|
--------- --------- ---------
Commissions and purchase credits $ 287,612 $ 248,187 $ 430,743
General operating expenses 145,438 157,704 214,957
Acquisition costs deferred (244,322) (209,136) (495,103)
--------- --------- ---------
Underwriting, acquisition and other insurance
expenses $ 188,728 $ 196,755 $ 150,597
========= ========= =========
|
/s/ Ernst & Young LLP
Hartford, Connecticut
February 3, 2003
|
As of December 31,
-------------------------
2002 2001
ASSETS
Investments:
Fixed maturities - at fair value (amortized cost of $379,422
and $356,882, respectively) $ 398,601 $ 362,831
Equity securities - at fair value (amortized cost of $52,017
and $49,886, respectively) 51,769 45,083
Derivative instruments - at fair value 10,370 5,525
Policy loans 7,559 6,559
----------- -----------
Total investments 468,299 419,998
Cash and cash equivalents 51,339 --
Accrued investment income 4,196 4,737
Deferred acquisition costs 1,117,544 1,383,281
Reinsurance receivable 5,447 7,733
Receivable from affiliates 3,961 3,283
Income tax receivable -- 30,537
Deferred income taxes 38,206 --
Fixed assets, at depreciated cost (accumulated depreciation of
$7,555 and $4,266, respectively) 12,132 17,752
Other assets 101,848 103,912
Separate account assets 21,905,613 26,038,549
----------- -----------
Total assets $23,708,585 $28,009,782
=========== ===========
LIABILITIES AND SHAREHOLDER'S EQUITY
Liabilities:
Reserves for future policy and contract benefits $ 149,349 $ 91,126
Accounts payable and accrued expenses 133,543 192,952
Income tax payable 6,547 --
Deferred income taxes -- 54,980
Payable to affiliates 2,223 101,035
Future fees payable to American Skandia, Inc. ("ASI") 708,249 799,472
Short-term borrowing 10,000 10,000
Surplus notes 110,000 144,000
Separate account liabilities 21,905,613 26,038,549
----------- -----------
Total liabilities 23,025,524 27,432,114
----------- -----------
Commitments and contingent liabilities (Note 18)
Shareholder's equity:
issued and outstanding 2,500 2,500
Additional paid-in capital 595,049 335,329
Retained earnings 73,821 239,078
Accumulated other comprehensive income 11,691 761
----------- -----------
Total shareholder's equity 683,061 577,668
----------- -----------
Total liabilities and shareholder's equity $23,708,585 $28,009,782
=========== ===========
|
For the Years Ended December 31,
--------------------------------
2002 2001 2000
--------- -------- ---------
REVENUES
Annuity and life insurance charges and fees $ 370,004 $388,696 $424,578
Fee income 97,650 111,196 130,610
Net investment income 19,632 20,126 18,595
Net realized capital (losses) gains (9,614) 928 (688)
Other 2,176 1,770 4,883
--------- -------- --------
Total revenues 479,848 522,716 577,978
--------- -------- --------
EXPENSES
Benefits:
Annuity and life insurance benefits 3,391 1,955 751
Change in annuity and life insurance policy reserves 2,741 (39,898) 49,339
Guaranteed minimum death benefit claims, net of hedge 23,256 20,370 2,618
Return credited to contract owners 5,196 5,796 8,463
--------- -------- --------
Total benefits 34,584 (11,777) 61,171
Other:
Underwriting, acquisition and other insurance
Expenses 188,728 196,755 150,597
Interest expense 14,544 73,424 85,998
--------- -------- --------
713,331 494,226 421,211
--------- -------- --------
Total benefits and expenses 747,915 482,449 482,382
--------- -------- --------
(Loss) income from operations before income tax
(benefit) expense (268,067) 40,267 95,596
--------- -------- --------
Net (loss) income $(165,257) $ 33,099 $ 64,817
========= ======== ========
|
Accumulated Other
Comprehensive Income
------------------------
Additional Foreign Unrealized
Common Paid in Retained Currency Gains
Stock Capital Earnings Translation (Losses) Total
------ ---------- -------- ----------- ---------- ---------
As of December 31, 1999 $2,500 $215,879 $141,162 $ 148 ($255) $ 359,434
Net income 64,817 64,817
Other comprehensive income:
Unrealized capital gains 843 843
Reclassification adjustment for
realized losses included in net
realized capital (losses) gains 433 433
Foreign currency translation (66) (66)
---------
Other comprehensive income 1,210
---------
Comprehensive income 66,027
Capital contributions 71,450 71,450
------ -------- ------- ----- ------- ---------
As of December 31, 2000 2,500 287,329 205,979 82 1,021 496,911
Net income 33,099 33,099
Other comprehensive loss:
Unrealized capital losses (261) (261)
Reclassification adjustment for
realized gains included in net
realized capital (losses) gains (14) (14)
Foreign currency translation (67) (67)
---------
Other comprehensive loss (342)
---------
Comprehensive income 32,757
Capital contributions 48,000 48,000
------ -------- ------- ----- ------- ---------
As of December 31, 2001 2,500 335,329 239,078 15 746 577,668
Net loss (165,257) (165,257)
Other comprehensive income:
Unrealized capital gains 10,434 10,434
Reclassification adjustment for
realized losses included in net
realized capital (losses) gains 1,126 1,126
Foreign currency translation (630) (630)
---------
Other comprehensive income 10,930
---------
Comprehensive loss (154,327)
Capital contributions 259,720 259,720
------ -------- ------- ----- ------- ---------
As of December 31, 2002 $2,500 $595,049 $73,821 $(615) $12,306 $ 683,061
|
For the Years Ended December 31,
---------------------------------
2002 2001 2000
--------- --------- ---------
Cash flow from operating activities:
Net (loss) income $(165,257) $ 33,099 $ 64,817
Adjustments to reconcile net (loss) income to net
cash (used in) provided by operating activities:
Amortization and depreciation 21,649 13,374 5,758
Deferral of acquisition costs (244,322) (209,136) (495,103)
Amortization of deferred acquisition costs 510,059 224,047 184,616
Deferred tax (benefit) expense (99,071) 46,215 60,023
Change in unrealized (gains) losses on derivatives (5,149) 2,902 (2,936)
Increase (decrease) in policy reserves 3,293 (38,742) 50,892
(Decrease) increase in net receivable/payable to affiliates (99,490) 103,496 (72,063)
Increase in other assets (9,546) (12,105) (65,119)
Decrease (increase) in accrued investment income 541 472 (1,155)
Decrease (increase) in reinsurance receivable 2,286 (1,849) 420
(Decrease) increase in accounts payable and accrued expenses (59,409) 55,912 (21,550)
Net realized capital (gains) losses on derivatives (26,654) (14,929) 5,554
Net realized capital losses (gains) on investments 9,616 (928) 688
--------- --------- ---------
--------- --------- ---------
Cash flow from investing activities:
Purchase of fixed maturity investments (388,053) (462,820) (380,737)
Proceeds from sale and maturity of fixed
maturity investments 367,263 390,816 303,736
Purchase of derivatives (61,998) (103,533) (14,781)
Proceeds from exercise or sale of derivative instruments 88,956 113,051 5,936
Purchase of shares in equity securities and dividend reinvestments (49,713) (55,430) (18,136)
Purchase of fixed assets (2,423) (10,773) (7,348)
Increase in policy loans (1,000) (2,813) (2,476)
--------- --------- ---------
Net cash used in investing activities (12,748) (106,274) (105,461)
--------- --------- ---------
Capital contribution 259,720 48,000 71,450
Pay down of surplus notes (34,000) (15,000) (20,000)
(Decrease) increase in future fees payable to ASI, net (91,223) (137,355) 358,376
Deposits to contract owner accounts 808,209 59,681 172,441
Withdrawals from contract owner accounts (164,964) (130,476) (102,603)
Change in contract owner accounts, net of investment earnings (588,315) 62,875 (55,468)
--------- --------- ---------
Net cash provided by (used in) financing activities 189,427 (112,275) 424,196
--------- --------- ---------
Net increase (decrease) in cash and cash equivalents 52,309 (12,638) (25,311)
Change in foreign currency translation (970) (103) (101)
Cash and cash equivalents at beginning of period -- 12,741 38,153
========= ========= =========
Income taxes (received) paid $ (40,823) $ (43,130) $ 29,644
========= ========= =========
Interest paid $ 23,967 $ 56,831 $ 114,394
========= ========= =========
|
2002 2001 2000
---------- ---------- ----------
Balance at beginning of year $1,383,281 $1,398,192 $1,087,705
Acquisition costs deferred during the
year 244,322 209,136 495,103
year (510,059) (224,047) (184,616)
---------- ---------- ----------
Balance at end of year $1,117,544 $1,383,281 $1,398,192
========== ========== ==========
|
Amortized Unrealized Unrealized
Cost Gains Losses Fair Value
--------- ---------- ---------- ----------
U.S. Government obligations $270,969 $15,658 $ (78) $286,549
Obligations of state and political
subdivisions 253 9 (1) 261
Corporate securities 108,200 3,631 (40) 111,791
-------- ------- ----- --------
Totals $379,422 $19,298 $(119) $398,601
======== ======= ===== ========
|
Amortized
Cost Fair Value
--------- ----------
Due in one year or less $ 12,793 $ 12,884
Due after one through five years 165,574 171,830
Due after five through ten years 186,609 198,913
Due after ten years 14,446 14,974
-------- --------
Total $379,422 $398,601
======== ========
|
Gross Gross
Amortized Unrealized Unrealized
Cost Gains Losses Fair Value
--------- ---------- ---------- ----------
U.S. Government obligations $198,136 $2,869 $(413) $200,592
Obligations of state and political
subdivisions 252 8 -- 260
Corporate securities 158,494 4,051 (566) 161,979
-------- ------ ----- --------
Totals $356,882 $6,928 $(979) $362,831
======== ====== ===== ========
|
Gross Gross
Unrealized Unrealized Fair
Cost Gains Losses Value
------- ---------- ---------- -------
2002 $52,017 $136 $ (384) $51,769
2001 $49,886 $122 $(4,925) $45,083
|
-------- ------- -------
Fixed maturities:
Gross gains $ 8,213 $ 8,849 $ 1,002
Gross losses (4,468) (4,387) (3,450)
Investment in equity securities:
Gross gains 90 658 1,913
Gross losses (13,451) (4,192) (153)
-------- ------- -------
Totals $ (9,616) $ 928 $ (688)
======== ======= =======
|
Security Fair Value
-------- ----------
U.S. Treasury Note, 6.25%, February 2003 $4,345
U.S. Treasury Note, 3.00%, November 2003 183
Puerto Rico Commonwealth, 4.60%, July 2004 210
Puerto Rico Commonwealth, 4.875%, July 2023 52
|
December 31, 2002 December 31, 2001
--------------------------- ---------------------------
Fair Value Carrying Value Fair Value Carrying Value
---------- -------------- ---------- --------------
Assets
Fixed Maturities $398,601 $398,601 $362,831 $362,831
Equity Securities 51,769 51,769 45,083 45,083
Derivative Instruments 10,370 10,370 5,525 5,525
Policy Loans 7,559 7,559 6,559 6,559
Liabilities
Future Fees Payable to ASI 429,773 708,249 546,357 799,472
Short-term Borrowing 10,000 10,000 10,000 10,000
Surplus Notes and accrued
interest of $29,230 and
$25,829 in 2002 and 2001,
respectively 140,777 139,230 174,454 169,829
|
2002 2001 2000
------- ------- -------
Fixed maturities $18,015 $18,788 $13,502
Cash and cash equivalents 1,116 909 5,209
Equity securities 809 622 99
Policy loans 403 244 97
------- ------- -------
Total investment income 20,343 20,563 18,907
Investment expenses (711) (437) (312)
------- ------- -------
Net investment income $19,632 $20,126 $18,595
======= ======= =======
|
2002 2001 2000
--------- -------- --------
Current tax benefit $ (3,739) $(39,047) $(29,244)
Deferred tax expense, excluding operating
loss carryforwards 35,915 60,587 60,023
Deferred tax benefit for operating and
capital loss carryforwards (134,986) (14,372) --
--------- -------- --------
Total income tax (benefit) expense $(102,810) $ 7,168 $ 30,779
========= ======== ========
|
2002 2001
--------- ---------
Deferred tax assets:
GAAP to tax reserve differences $ 165,348 $ 241,503
Future fees payable to ASI 21,475 63,240
Deferred compensation 20,603 20,520
Net operating loss carry forward 147,360 14,372
Other 6,530 17,276
--------- ---------
Total deferred tax assets 361,316 356,911
--------- ---------
Deferred tax liabilities:
Deferred acquisition costs, net (312,933) (404,758)
maturity securities (6,713) (2,082)
Other (3,464) (5,051)
--------- ---------
Total deferred tax liabilities (323,110) (411,891)
--------- ---------
Net deferred tax asset (liability) $ 38,206 $ (54,980)
========= =========
|
2002 2001 2000
--------- ------- -------
Domestic $(265,361) $42,886 $98,136
Foreign (2,706) (2,619) (2,540)
--------- ------- -------
Total (268,067) 40,267 95,596
Income tax rate 35% 35% 35%
--------- ------- -------
Tax (benefit) expense at federal statutory income
tax rate (93,823) 14,093 33,459
Tax effect of:
Dividend received deduction (12,250) (8,400) (7,350)
Losses of foreign subsidiary 947 917 889
Meals and entertainment 603 603 841
State income taxes - (62) (524)
Federal provision to return differences 709 (177) 3,235
Other 1,004 194 229
--------- ------- -------
Income tax (benefit) expense $(102,810) $ 7,168 $30,779
========= ======= =======
|
Lease Sub-Lease
------- ---------
2003 $ 4,847 $ 1,616
2004 5,275 1,773
2005 5,351 1,864
2006 5,328 1,940
2007 5,215 1,788
2008 and thereafter 19,629 7,380
------- -------
Total $45,645 $16,361
======= =======
|
Closing Effective Contract Issue Discount Present
Transaction Date Date Period Rate Value
----------- -------- --------- ------------------ ------- --------
1996-1 12/17/96 9/1/96 1/1/94 - 6/30/96 7.5% $ 50,221
1997-1 7/23/97 6/1/97 3/1/96 - 4/30/97 7.5% 58,767
1997-2 12/30/97 12/1/97 5/1/95 - 12/31/96 7.5% 77,552
1997-3 12/30/97 12/1/97 5/1/96 - 10/31/97 7.5% 58,193
1998-1 6/30/98 6/1/98 1/1/97 - 5/31/98 7.5% 61,180
1998-2 11/10/98 10/1/98 5/1/97 - 8/31/98 7.0% 68,573
1998-3 12/30/98 12/1/98 7/1/96 - 10/31/98 7.0% 40,128
1999-1 6/23/99 6/1/99 4/1/94 - 4/30/99 7.5% 120,632
1999-2 12/14/99 10/1/99 11/1/98 - 7/31/99 7.5% 145,078
2000-1 3/22/00 2/1/00 8/1/99 - 1/31/00 7.5% 169,459
2000-2 7/18/00 6/1/00 2/1/00 - 4/30/00 7.25% 92,399
2000-3 12/28/00 12/1/00 5/1/00 - 10/31/00 7.25% 107,291
2000-4 12/28/00 12/1/00 1/1/98 - 10/31/00 7.25% 107,139
2002-1 4/12/02 3/1/02 11/1/00 - 12/31/01 6.00% 101,713
|
Year Amount
---- --------
2003 $186,854
2004 171,093
2005 147,902
2006 117,761
2007 66,270
2008 18,369
--------
Total $708,249
========
|
Lease Sub-Lease
------- ---------
2003 $ 1,913 $ 426
2004 1,982 455
2005 2,050 500
2006 2,050 533
2007 2,050 222
2008 and thereafter 8,789 0
------- ------
Total $18,834 $2,136
======= ======
|
---- -------- -------- --------
Annuity and life insurance charges and fees $406,272 $(36,268) $370,004
Return credited to contract owners $ 5,221 $ (25) $ 5,196
Underwriting, acquisition and other insurance
expenses (deferal of acquisition costs) $154,588 $ 34,140 $188,728
Amortization of deferred acquisition costs $542,945 $(32,886) $510,059
2001
Annuity and life insurance charges and fees $430,914 $(42,218) $388,696
Return credited to contract owners $ 5,704 $ 92 $ 5,796
Underwriting, acquisition and other insurance
expenses (deferral of acquisition costs) $163,677 $ 33,078 $196,755
Amortization of deferred acquisition costs $231,290 $ (7,243) $224,047
2000
Annuity and life insurance charges and fees $473,318 $(48,740) $424,578
Return credited to contract owners $ 8,540 $ (77) $ 8,463
Underwriting, acquisition and other insurance
expenses (deferral of acquisition costs) $108,399 $ 42,198 $150,597
Amortization of deferred acquisition costs $205,174 $(20,558) $184,616
|
Liability as of Interest Expense
December 31, For the Years
Interest ------------------- ---------------------------
Note Issue Date Rate 2002 2001 2002 2001 2000
------------------ -------- -------- -------- ------- ------- -------
February 18, 1994 7.28% -- -- -- -- 732
March 28, 1994 7.90% -- -- -- -- 794
September 30, 1994 9.13% -- -- -- 1,282 1,392
December 19, 1995 7.52% -- 10,000 520 763 765
December 20, 1995 7.49% -- 15,000 777 1,139 1,142
December 22, 1995 7.47% -- 9,000 465 682 684
June 28, 1996 8.41% 40,000 40,000 3,411 3,411 3,420
December 30, 1996 8.03% 70,000 70,000 5,699 5,699 5,715
-------- -------- ------- ------- -------
Total $110,000 $144,000 $10,872 $12,976 $14,644
======== ======== ======= ======= =======
|
Three Months Ended
-------------------------------------------
2002 March 31 June 30 Sept. 30 Dec. 31
-------------------------------------- -------- --------- --------- --------
Premiums and other insurance revenues* $118,797 $ 126,614 $ 115,931 $108,488
Net investment income 4,965 4,714 5,128 4,825
Net realized capital losses (1,840) (1,584) (2,327) (3,863)
-------- --------- --------- --------
Total revenues 121,922 129,744 118,732 109,450
Benefits and expenses* 112,759 160,721 323,529 150,906
-------- --------- --------- --------
Pre-tax net income (loss) 9,163 (30,977) (204,797) (41,456)
Income tax expense (benefit) 1,703 (11,746) (72,754) (20,013)
-------- --------- --------- --------
Net income (loss) $ 7,460 $ (19,231) $(132,043) $(21,443)
======== ========= ========= ========
|
-----------------------------------------
2001 March 31 June 30 Sept. 30 Dec. 31
---------------------------------------- -------- -------- -------- --------
Premiums and other insurance revenues*** $130,885 $128,465 $122,708 $119,604
Net investment income** 5,381 4,997 5,006 4,742
Net realized capital gains (losses) 1,902 373 376 (1,723)
-------- -------- -------- --------
Total revenues 138,168 133,835 128,090 122,623
Benefits and expenses** *** 122,729 110,444 123,307 125,969
-------- -------- -------- --------
Pre-tax net income (loss) 15,439 23,391 4,783 (3,346)
Income tax expense (benefit) 4,034 7,451 (480) (3,837)
-------- -------- --------- --------
Net income $ 11,405 $ 15,940 $ 5,263 $ 491
======== ======== ======== ========
|
Three Months Ended
-----------------------------------------
2000 March 31 June 30 Sept. 30 Dec. 31
------------------------------------- -------- -------- -------- --------
Premiums and other insurance revenues $137,040 $139,346 $147,819 $135,866
Net investment income**** 4,343 4,625 4,619 5,008
Net realized capital gains (losses) 729 (1,436) (858) 877
Total revenues 142,112 142,535 151,580 141,751
Benefits and expenses**** 107,893 122,382 137,843 114,264
Pre-tax net income 34,219 20,153 13,737 27,487
Income tax expense 10,038 5,225 3,167 12,349
-------- -------- -------- --------
Net income $ 24,181 $ 14,928 $ 10,570 $ 15,138
======== ========= ======== ========
|
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
AST Strong International Equity 1 (1989)
With No Optional Benefits
Unit Price $ 19.53 24.28 31.88 43.99 27.18
Number of Units 14,140,023 17,388,860 19,112,622 16,903,883 17,748,560
With One Optional Benefit
Unit Price $ 8.56 -- -- -- --
Number of Units 2,569,506 -- -- -- --
AST William Blair International Growth 2(1997)
With No Optional Benefits
Unit Price $ 9.92 13.54 17.96 24.16 13.41
Number of Units 29,062,215 40,507,419 57,327,711 61,117,418 43,711,763
With One Optional Benefit
Unit Price $ 9.72 -- -- -- --
Number of Units 835,523 -- -- -- --
AST American Century International Growth 3
(1997)
With No Optional Benefits
Unit Price $ 10.20 12.85 17.92 21.66 13.30
Number of Units 31,813,722 37,487,425 17,007,352 6,855,601 5,670,336
With One Optional Benefit
Unit Price $ 8.52 -- -- -- --
Number of Units 2,252,674 -- -- -- --
AST DeAM International Equity 4 (1994)
With No Optional Benefits
Unit Price $ 8.81 10.77 16.12 23.45 12.54
Number of Units 10,185,535 13,627,264 16,245,805 8,818,599 9,207,623
With One Optional Benefit
Unit Price $ 8.19 -- -- -- --
Number of Units 269,995 -- -- -- --
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
With No Optional Benefits
Unit Price 22.95 19.70 18.23 16.80 16.60
Number of Units 17,534,233 17,220,688 14,393,137 14,043,215 9,063,464
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST William Blair International Growth 2(1997)
With No Optional Benefits
Unit Price 11.70 -- -- -- --
Number of Units 21,405,891 -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST American Century International Growth 3
(1997)
With No Optional Benefits
Unit Price 11.35 -- -- -- --
Number of Units 2,857,188 -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST DeAM International Equity 4 (1994)
With No Optional Benefits
Unit Price 11.46 11.39 10.23 -- --
Number of Units 9,988,104 9,922,698 2,601,283 -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
AST MFS Global Equity (1999)
With No Optional Benefits
Unit Price $ 7.74 8.94 10.08 11.01 --
Number of Units 5,878,055 5,806,567 2,803,013 116,756 --
With One Optional Benefit
Unit Price $ 9.04 -- -- -- --
Number of Units 969,509 -- -- -- --
AST PBHG Small-Cap Growth 5 (1994)
With No Optional Benefits
Unit Price $ 12.83 19.84 21.51 42.08 17.64
Number of Units 17,093,250 23,048,821 25,535,093 32,134,969 15,003,001
With One Optional Benefit
Unit Price $ 6.92 -- -- -- --
Number of Units 1,970,250 -- -- -- --
AST DeAM Small-Cap Growth 6 (1999)
With No Optional Benefits
Unit Price $ 6.13 8.46 11.98 15.37 --
Number of Units 44,042,514 60,703,791 63,621,279 53,349,003 --
With One Optional Benefit
Unit Price $ 7.67 -- -- -- --
Number of Units 639,695 -- -- -- --
AST Federated Aggressive Growth (2000)
With No Optional Benefits
Unit Price $ 4.96 7.10 9.08 -- --
Number of Units 5,188,521 6,499,066 196,575 -- --
With One Optional Benefit
Unit Price $ 7.64 -- -- -- --
Number of Units 1,255,415 -- -- -- --
AST Goldman Sachs Small-Cap Value 7 (1998)
With No Optional Benefits
Unit Price $ 13.72 15.12 13.95 10.57 9.85
Number of Units 20,004,839 26,220,860 15,193,053 6,597,544 4,081,870
With One Optional Benefit
Unit Price $ 9.26 -- -- -- --
Number of Units 1,492,775 -- -- -- --
AST Gabelli Small-Cap Value 8 (1997)
With No Optional Benefits
Unit Price $ 12.58 14.08 13.35 11.11 11.20
Number of Units 32,549,396 35,483,530 23,298,524 21,340,168 24,700,211
With One Optional Benefit
Unit Price $ 9.30 -- -- -- --
Number of Units 6,141,523 -- -- -- --
With No Optional Benefits
Unit Price $ 7.68 -- -- -- --
Number of Units 581,833 -- -- -- --
With One Optional Benefit
Unit Price $ 7.66 -- -- -- --
Number of Units 423,387 -- -- -- --
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
AST MFS Global Equity (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST PBHG Small-Cap Growth 5 (1994)
With No Optional Benefits
Unit Price 17.28 16.54 13.97 10.69 --
Number of Units 14,662,728 12,282,211 6,076,373 2,575,105 --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST DeAM Small-Cap Growth 6 (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Federated Aggressive Growth (2000)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Goldman Sachs Small-Cap Value 7 (1998)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Gabelli Small-Cap Value 8 (1997)
With No Optional Benefits
Unit Price 12.70 -- -- -- --
Number of Units 14,612,510 -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST DeAM Small-Cap Value 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
-----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
AST Goldman Sachs Mid-Cap Growth 10 (2000)
With No Optional Benefits
Unit Price $ 2.78 3.88 6.58 -- --
Number of Units 16,748,577 17,045,776 9,426,102 -- --
With One Optional Benefit
Unit Price $ 7.97 -- -- -- --
Number of Units 1,273,118 -- -- -- --
AST Neuberger Berman Mid-Cap Growth 11 (1994)
With No Optional Benefits
Unit Price $ 12.86 18.95 25.90 28.58 19.15
Number of Units 19,674,777 25,717,164 26,517,850 13,460,525 13,389,289
With One Optional Benefit
Unit Price $ 7.41 -- -- -- --
Number of Units 2,175,250 -- -- -- --
With No Optional Benefits
Unit Price $ 17.78 20.16 21.09 16.78 16.10
Number of Units 37,524,187 47,298,313 44,558,699 37,864,586 16,410,121
With One Optional Benefit
Unit Price $ 8.96 -- -- -- --
Number of Units 5,118,558 -- -- -- --
AST Alger All-Cap Growth (2000)
With No Optional Benefits
Unit Price $ 3.51 5.54 6.74 -- --
Number of Units 85,441,507 125,442,916 28,229,631 -- --
With One Optional Benefit
Unit Price $ 6.80 -- -- -- --
Number of Units 658,419 -- -- -- --
AST Gabelli All-Cap Value (2000)
Unit Price $ 7.59 9.71 10.06 -- --
Number of Units 11,924,124 14,934,570 1,273,094 -- --
With One Optional Benefit
Unit Price $ 8.17 -- -- -- --
Number of Units 1,200,225 -- -- -- --
AST T. Rowe Price Natural Resources (1995)
With No Optional Benefits
Unit Price $ 18.36 19.71 19.86 15.88 12.57
Number of Units 5,891,582 6,565,088 6,520,983 6,201,327 5,697,453
With One Optional Benefit
Unit Price $ 9.59 -- -- -- --
Number of Units 724,670 -- -- -- --
AST Alliance Growth 13 (1996)
With No Optional Benefits
Unit Price $ 9.94 14.61 17.38 20.44 15.48
Number of Units 21,295,907 29,478,257 25,796,792 17,059,819 19,009,242
With One Optional Benefit
Unit Price $ 7.46 -- -- -- --
Number of Units 1,869,353 -- -- -- --
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
AST Goldman Sachs Mid-Cap Growth 10 (2000)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Neuberger Berman Mid-Cap Growth 11 (1994)
With No Optional Benefits
Unit Price 16.10 13.99 12.20 9.94 --
Number of Units 11,293,799 9,563,858 3,658,836 301,267 --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Neuberger Berman Mid-Cap Value 12 (1993)
With No Optional Benefits
Unit Price 16.72 13.41 12.20 9.81 10.69
Number of Units 11,745,440 9,062,152 8,642,186 7,177,232 5,390,887
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Alger All-Cap Growth (2000)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Gabelli All-Cap Value (2000)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST T. Rowe Price Natural Resources (1995)
With No Optional Benefits
Unit Price 14.46 14.19 11.01 -- --
Number of Units 7,550,076 6,061,852 808,605 -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Alliance Growth 13 (1996)
With No Optional Benefits
Unit Price 12.33 10.89 -- -- --
Number of Units 18,736,994 4,324,161 -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
AST MFS Growth (1999)
With No Optional Benefits
Unit Price $ 5.68 8.02 10.38 11.27 --
Number of Units 85,193,279 117,716,242 7,515,486 409,467 --
With One Optional Benefit
Unit Price $ 7.58 -- -- -- --
Number of Units 2,930,432 -- -- -- --
AST Marsico Capital Growth (1997)
With No Optional Benefits
Unit Price $ 11.44 13.74 17.81 21.06 14.00
Number of Units 81,046,482 85,895,802 94,627,691 78,684,943 40,757,449
With One Optional Benefit
Unit Price $ 8.32 -- -- -- --
Number of Units 10,144,317 -- -- -- --
AST Goldman Sachs Concentrated Growth 14 (1992)
With No Optional Benefits
Unit Price $ 19.17 27.71 41.14 60.44 39.54
Number of Units 56,016,467 84,116,221 99,250,773 94,850,623 80,631,598
With One Optional Benefit
Unit Price $ 7.67 -- -- -- --
Number of Units 1,349,939 -- -- -- --
With No Optional Benefits
Unit Price $ 7.67 -- -- -- --
Number of Units 986,566 -- -- -- --
With One Optional Benefit
Unit Price $ 7.65 -- -- -- --
AST DeAm Large-Cap Value 15 (2000)
With No Optional Benefits
Unit Price $ 7.64 9.15 9.82 -- --
Number of Units 4,621,831 4,575,558 586,058 -- --
With One Optional Benefit
Unit Price $ 8.66 -- -- -- --
Number of Units 664,649 -- -- -- --
AST Alliance/Bernstein Growth + Value (2001)
With No Optional Benefits
Unit Price $ 7.12 9.63 -- -- --
Number of Units 3,031,899 3,351,836 -- -- --
With One Optional Benefit
Unit Price $ 7.99 -- -- -- --
Number of Units 965,912 -- -- -- --
AST AST Sanford Bernstein Core Value (2001)
With No Optional Benefits
Unit Price $ 8.59 10.04 -- -- --
Number of Units 15,239,844 4,207,869 -- -- --
With One Optional Benefit
Unit Price $ 8.76 -- -- -- --
Number of Units 6,005,922 -- -- -- --
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
AST MFS Growth (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Marsico Capital Growth (1997)
With No Optional Benefits
Unit Price 10.03 -- -- -- --
Number of Units 714,309 -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Goldman Sachs Concentrated Growth 14 (1992)
With No Optional Benefits
Unit Price 23.83 18.79 14.85 10.91 11.59
Number of Units 62,486,302 46,779,164 28,662,737 22,354,170 13,603,637
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST DeAm Large-Cap Growth 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST DeAm Large-Cap Value 15 (2000)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Alliance/Bernstein Growth + Value (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST AST Sanford Bernstein Core Value (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
AST Cohen & Steers Realty (1998)
With No Optional Benefits
Unit Price $ 10.67 10.54 10.39 8.35 8.28
Number of Units 14,017,528 12,268,426 11,891,188 6,224,365 3,771,461
With One Optional Benefit
Unit Price $ 10.08 -- -- -- --
Number of Units 1,563,486 -- -- -- --
AST Sanford Bernstein Managed Index 500 16 (1998)
With No Optional Benefits
Unit Price $ 9.41 12.03 13.55 15.08 12.61
Number of Units 39,938,791 48,018,721 48,835,089 39,825,951 22,421,754
With One Optional Benefit
Unit Price $ 8.17 -- -- -- --
Number of Units 3,662,406 -- -- -- --
AST American Century Income & Growth 17 (1997)
With No Optional Benefits
Unit Price $ 10.16 12.86 14.24 16.19 13.35
Number of Units 22,410,834 27,386,278 32,388,202 21,361,995 13,845,190
With One Optional Benefit
Unit Price $ 8.25 -- -- -- --
Number of Units 1,751,136 -- -- -- --
AST Alliance Growth and Income 18 (1992)
With No Optional Benefits
Unit Price $ 21.31 28.18 28.72 27.60 24.11
Number of Units 49,030,576 63,123,316 53,536,296 52,766,579 47,979,349
With One Optional Benefit
Unit Price $ 8.06 -- -- -- --
Number of Units 6,667,373 -- -- -- --
AST MFS Growth with Income (1999)
With No Optional Benefits
Unit Price $ 6.68 8.64 10.36 10.49 --
Number of Units 11,173,177 11,896,688 6,937,627 741,323 --
With One Optional Benefit
Unit Price $ 8.09 -- -- -- --
Number of Units 1,053,007 -- -- -- --
AST INVESCO Capital Income 19 (1994)
With No Optional Benefits
Unit Price $ 16.14 19.84 22.01 21.31 19.34
Number of Units 37,055,825 48,595,962 50,171,495 46,660,160 40,994,187
With One Optional Benefit
Unit Price $ 8.34 -- -- -- --
Number of Units 2,110,071 -- -- -- --
AST DeAM Global Allocation 20 (1993)
With No Optional Benefits
Unit Price $ 14.50 17.39 19.98 21.19 17.78
Number of Units 18,212,529 26,641,422 30,290,413 23,102,272 22,634,344
With One Optional Benefit
Unit Price $ 8.71 -- -- -- --
Number of Units 847,517 -- -- -- --
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
AST Cohen & Steers Realty (1998)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Sanford Bernstein Managed Index 500 16 (1998)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST American Century Income & Growth 17 (1997)
With No Optional Benefits
Unit Price 12.06 -- -- -- --
Number of Units 9,523,815 -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Alliance Growth and Income 18 (1992)
With No Optional Benefits
Unit Price 21.74 17.79 15.22 11.98 11.88
Number of Units 42,197,002 28,937,085 18,411,759 7,479,449 4,058,228
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST MFS Growth with Income (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST INVESCO Capital Income 19 (1994)
With No Optional Benefits
Unit Price 17.31 14.23 12.33 9.61 --
Number of Units 33,420,274 23,592,226 13,883,712 6,633,333 --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST DeAM Global Allocation 20 (1993)
With No Optional Benefits
Unit Price 15.98 13.70 12.49 10.34 10.47
Number of Units 22,109,373 20,691,852 20,163,848 13,986,604 8,743,758
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
AST American Century Strategic Balanced (1997)
With No Optional Benefits
Unit Price $ 12.01 13.50 14.23 14.90 13.37
Number of Units 12,683,097 14,369,895 14,498,180 13,944,535 6,714,065
With One Optional Benefit
Unit Price $ 9.14 -- -- -- --
Number of Units 1,126,058 -- -- -- --
AST T. Rowe Price Asset Allocation (1994)
With No Optional Benefits
Unit Price $ 16.13 18.15 19.33 19.70 18.12
Number of Units 15,466,227 17,579,107 19,704,198 22,002,028 18,469,315
With One Optional Benefit
Unit Price $ 9.09 -- -- -- --
Number of Units 921,329 -- -- -- --
With No Optional Benefits
Unit Price $ 12.04 10.62 10.49 10.69 11.82
Number of Units 14,576,376 9,668,062 11,219,503 12,533,037 12,007,692
With One Optional Benefit
Unit Price $ 11.34 -- -- -- --
Number of Units 1,739,313 -- -- -- --
AST Federated High Yield (1994)
Unit Price $ 12.47 12.64 12.80 14.38 14.30
Number of Units 38,477,793 39,130,467 36,914,825 41,588,401 40,170,144
With One Optional Benefit
Unit Price $ 9.71 -- -- -- --
Number of Units 5,592,940 -- -- -- --
AST Lord Abbett Bond-Debenture (2000)
With No Optional Benefits
Unit Price $ 10.18 10.28 10.12 -- --
Number of Units 10,468,962 5,506,982 650,253 -- --
With One Optional Benefit
Unit Price $ 9.94 -- -- -- --
Number of Units 4,146,530 -- -- -- --
AST DeAM Bond 9 (2002)
With No Optional Benefits
Unit Price $ 10.67 -- -- -- --
Number of Units 1,487,730 -- -- -- --
With One Optional Benefit
Unit Price $ 10.65 -- -- -- --
Number of Units 561,446 -- -- -- --
AST PIMCO Total Return Bond (1994)
With No Optional Benefits
Unit Price $ 16.65 15.46 14.40 13.09 13.43
Number of Units 113,007,310 99,028,465 82,545,240 73,530,507 64,224,618
With One Optional Benefit
Unit Price $ 10.57 -- -- -- --
Number of Units 20,544,075 -- -- -- --
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
AST American Century Strategic Balanced (1997)
With No Optional Benefits
Unit Price 11.18 -- -- -- --
Number of Units 2,560,866 -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST T. Rowe Price Asset Allocation (1994)
With No Optional Benefits
Unit Price 15.53 13.30 11.92 9.80 --
Number of Units 13,524,781 8,863,840 4,868,956 2,320,063 --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST T. Rowe Price Global Bond 21 (1994)
With No Optional Benefits
Unit Price 10.45 10.98 10.51 9.59 --
Number of Units 12,089,872 8,667,712 4,186,695 1,562,364 --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Federated High Yield (1994)
With No Optional Benefits
Unit Price 14.13 12.62 11.27 9.56 --
Number of Units 29,663,242 15,460,522 6,915,158 2,106,791 --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Lord Abbett Bond-Debenture (2000)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST DeAM Bond 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST PIMCO Total Return Bond (1994)
With No Optional Benefits
Unit Price 12.44 11.48 11.26 9.61 --
Number of Units 144,098,036 29,921,643 19,061,840 4,577,708 --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
With No Optional Benefits
Unit Price $ 14.26 13.61 12.79 11.96 11.73
Number of Units 61,707,894 42,410,807 31,046,956 32,560,943 28,863,932
With One Optional Benefit
Unit Price $ 10.34 -- -- -- --
Number of Units 11,274,642 -- -- -- --
AST Money Market (1992)
With No Optional Benefits
Unit Price $ 13.23 13.24 12.94 12.38 12.00
Number of Units 163,759,511 184,612,059 172,493,206 187,609,708 75,855,442
With One Optional Benefit
Unit Price $ 9.96 -- -- -- --
Number of Units 36,255,772 -- -- -- --
The Montgomery Variable Series - MV Emerging
Markets (1996)
With No Optional Benefits
Unit Price $ 5.79 6.50 7.09 10.06 6.19
Number of Units 10,957,884 14,095,135 12,899,472 12,060,036 10,534,383
With One Optional Benefit
Unit Price $ 8.66 -- -- -- --
Number of Units 283,466 -- -- -- --
Wells Fargo Variable Trust - Equity Value (1998)
With No Optional Benefits
Unit Price $ 6.61 8.83 9.56 9.17 9.53
Number of Units 2,835,243 3,705,869 4,442,888 2,826,839 1,148,849
With One Optional Benefit
Unit Price $ 9.97 -- -- -- --
Number of Units 900 -- -- -- --
With No Optional Benefits
Unit Price $ 7.46 9.37 10.05 9.96 --
Number of Units 1,361,988 1,019,937 502,986 136,006 --
With One Optional Benefit
Unit Price $ 8.25 -- -- -- --
Number of Units 196,720 -- -- -- --
Rydex Variable Trust - Nova (1999)
With No Optional Benefits
Unit Price $ 4.06 6.41 8.50 10.82 --
Number of Units 2,629,551 3,990,618 14,799,352 5,474,129 --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Rydex Variable Trust - Ursa (1999)
With No Optional Benefits
Unit Price $ 14.45 12.05 10.62 9.28 --
Number of Units 234,642 351,487 2,269,599 1,803,669 --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
With No Optional Benefits
Unit Price 11.26 10.62 10.37 -- --
Number of Units 25,008,310 18,894,375 15,058,644 -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
AST Money Market (1992)
With No Optional Benefits
Unit Price 11.57 11.16 10.77 10.35 10.12
Number of Units 166,869,998 42,435,169 30,564,442 27,491,389 11,422,783
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
The Montgomery Variable Series - MV Emerging
Markets (1996)
With No Optional Benefits
Unit Price 10.05 10.25 -- -- --
Number of Units 10,371,104 2,360,940 -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Wells Fargo Variable Trust - Equity Value (1998)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Wells Fargo Variable Trust - Equity Income (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Rydex Variable Trust - Nova (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Rydex Variable Trust - Ursa (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
With No Optional Benefits
Unit Price $ 4.01 6.65 10.40 17.07 --
Number of Units 10,686,757 15,866,046 32,179,793 18,520,440 --
With One Optional Benefit
Unit Price $ 9.36 -- -- -- --
Number of Units 186 -- -- -- --
INVESCO VIF - Dynamics (1999)
With No Optional Benefits
Unit Price $ 6.03 8.98 13.23 13.91 --
Number of Units 9,117,894 13,391,660 11,409,827 2,022,585 --
With One Optional Benefit
Unit Price $ 7.09 -- -- -- --
Number of Units 543,762 -- -- -- --
INVESCO VIF - Technology (1999)
With No Optional Benefits
Unit Price $ 3.49 6.66 12.48 16.52 --
Number of Units 18,830,138 26,652,622 29,491,113 4,622,242 --
With One Optional Benefit
Unit Price $ 5.50 -- -- -- --
Number of Units 293,307 -- -- -- --
INVESCO VIF - Health Sciences (1999)
With No Optional Benefits
Unit Price $ 9.37 12.58 14.59 11.34 --
Number of Units 11,475,199 17,419,141 19,381,405 786,518 --
With One Optional Benefit
Unit Price $ 8.00 -- -- -- --
Number of Units 475,873 -- -- -- --
INVESCO VIF - Financial Services (1999)
With No Optional Benefits
Unit Price $ 10.47 12.48 14.04 11.41 --
Number of Units 7,556,596 11,612,048 14,091,636 759,104 --
With One Optional Benefit
Unit Price $ 8.76 -- -- -- --
Number of Units 366,258 -- -- -- --
INVESCO VIF - Telecommunications (1999)
With No Optional Benefits
Unit Price $ 2.43 5.01 11.05 15.17 --
Number of Units 9,354,303 13,553,158 17,856,118 4,184,526 --
With One Optional Benefit
Unit Price $ 5.78 -- -- -- --
Number of Units 94,004 -- -- -- --
With No Optional Benefits
Unit Price $ 8.21 9.30 8.70 -- --
Number of Units 45,975 45,358 57,408 -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
Rydex Variable Trust - OTC (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
INVESCO VIF - Dynamics (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
INVESCO VIF - Technology (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
INVESCO VIF - Health Sciences (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
INVESCO VIF - Financial Services (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
INVESCO VIF - Telecommunications (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
Evergreen VA - International Growth 22 (2000)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
ProFund VP - Europe 30 (1999)
With No Optional Benefits
Unit Price $ 5.76 7.87 10.52 12.24 --
Number of Units 2,550,567 5,711,763 2,327,562 273,963 --
With One Optional Benefit
Unit Price $ 7.93 -- -- -- --
Number of Units 292,396 -- -- -- --
ProFund VP - Asia 30 9 (2002)
With No Optional Benefits
Unit Price $ 7.76 -- -- -- --
Number of Units 2,060,741 -- -- -- --
With One Optional Benefit
Unit Price $ 7.75 -- -- -- --
Number of Units 281,993 -- -- -- --
ProFund VP - Japan 9 (2002)
With No Optional Benefits
Unit Price $ 7.25 -- -- -- --
Number of Units 338,472 -- -- -- --
With One Optional Benefit
Unit Price $ 7.24 -- -- -- --
Number of Units 65,845 -- -- -- --
ProFund VP - Banks 9 (2002)
With No Optional Benefits
Unit Price $ 8.58 -- -- -- --
Number of Units 555,999 -- -- -- --
With One Optional Benefit
Unit Price $ 8.56 -- -- -- --
Number of Units 101,136 -- -- -- --
ProFund VP - Basic Materials 9 (2002)
With No Optional Benefits
Unit Price $ 8.47 -- -- -- --
Number of Units 361,568 -- -- -- --
With One Optional Benefit
Unit Price $ 8.46 -- -- -- --
Number of Units 76,331 -- -- -- --
ProFund VP - Biotechnology 21 (2001)
With No Optional Benefits
Unit Price $ 5.16 8.37 -- -- --
Number of Units 2,412,670 5,093,235 -- -- --
With One Optional Benefit
Unit Price $ 7.09 -- -- -- --
Number of Units 130,082 -- -- -- --
ProFund VP - Consumer Cyclical 9 (2002)
With No Optional Benefits
Unit Price $ 7.26 -- -- -- --
Number of Units 319,201 -- -- -- --
With One Optional Benefit
Unit Price $ 7.25 -- -- -- --
Number of Units 128,022 -- -- -- --
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
ProFund VP - Europe 30 (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Asia 30 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Japan 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Banks 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Basic Materials 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Biotechnology 21 (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Consumer Cyclical 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
With No Optional Benefits
Unit Price $ 8.29 -- -- -- --
Number of Units 406,966 -- -- -- --
With One Optional Benefit
Unit Price $ 8.28 -- -- -- --
Number of Units 148,446 -- -- -- --
ProFund VP - Energy 21 (2001)
With No Optional Benefits
Unit Price $ 7.51 9.19 -- -- --
Number of Units 1,985,954 2,299,149 -- -- --
With One Optional Benefit
Unit Price $ 8.71 -- -- -- --
Number of Units 299,833 -- -- -- --
ProFund VP - Financial 21 (2001)
With No Optional Benefits
Unit Price $ 7.74 9.22 -- -- --
Number of Units 1,086,464 2,154,106 -- -- --
With One Optional Benefit
Unit Price $ 8.85 -- -- -- --
Number of Units 221,377 -- -- -- --
With No Optional Benefits
Unit Price $ 7.13 9.35 -- -- --
Number of Units 1,313,814 3,489,097 -- -- --
With One Optional Benefit
Unit Price $ 7.94 -- -- -- --
Number of Units 388,508 -- -- -- --
ProFund VP - Industrial 9 (2002)
With No Optional Benefits
Unit Price $ 7.94 -- -- -- --
Number of Units 126,611 -- -- -- --
With One Optional Benefit
Unit Price $ 7.93 -- -- -- --
Number of Units 12,642 -- -- -- --
ProFund VP - Internet 9 (2002)
With No Optional Benefits
Unit Price $ 8.58 -- -- -- --
Number of Units 2,982,656 -- -- -- --
With One Optional Benefit
Unit Price $ 8.57 -- -- -- --
Number of Units 306,572 -- -- -- --
ProFund VP - Pharmaceuticals 9 (2002)
With No Optional Benefits
Unit Price $ 8.57 -- -- -- --
Number of Units 241,916 -- -- -- --
With One Optional Benefit
Unit Price $ 8.56 -- -- -- --
Number of Units 136,599 -- -- -- --
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
ProFund VP - Consumer Non-Cyclical 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Energy 21 (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Financial 21 (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Healthcare 21 (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Industrial 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Internet 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Pharmaceuticals 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
With No Optional Benefits
Unit Price $ 9.72 -- -- -- --
Number of Units 3,992,389 -- -- -- --
With One Optional Benefit
Unit Price $ 9.70 -- -- -- --
Number of Units 1,175,651 -- -- -- --
ProFund VP - Real Estate (2001)
With No Optional Benefits
Unit Price $ 10.61 10.76 -- -- --
Number of Units 1,489,153 3,592,834 -- -- --
With One Optional Benefit
Unit Price $ 9.86 -- -- -- --
Number of Units 441,318 -- -- -- --
With No Optional Benefits
Unit Price $ 5.14 -- -- -- --
Number of Units 608,142 -- -- -- --
With One Optional Benefit
Unit Price $ 5.14 -- -- -- --
Number of Units 93,241 -- -- -- --
ProFund VP - Technology (2001)
With No Optional Benefits
Unit Price $ 3.46 5.91 -- -- --
Number of Units 3,290,202 2,524,295 -- -- --
With One Optional Benefit
Unit Price $ 6.03 -- -- -- --
Number of Units 254,131 -- -- -- --
ProFund VP - Telecommunications (2001)
With No Optional Benefits
Unit Price $ 4.35 7.10 -- -- --
Number of Units 3,082,428 583,065 -- -- --
With One Optional Benefit
Unit Price $ 7.15 -- -- -- --
Number of Units 272,408 -- -- -- --
ProFund VP - Utilities 21 (2001)
With No Optional Benefits
Unit Price 8.12 -- -- --
Number of Units 1,589,344 -- -- --
With One Optional Benefit
Unit Price -- -- -- --
Number of Units -- -- -- --
ProFund VP - Bull 9 (2002)
With No Optional Benefits
Unit Price $ 7.98 -- -- -- --
Number of Units 6,296,621 -- -- -- --
With One Optional Benefit
Unit Price $ 7.97 -- -- -- --
Number of Units 954,792 -- -- -- --
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
ProFund VP - Precious Metals 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Real Estate (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP -Semiconductor 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Technology (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Telecommunications (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Utilities 21 (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Bull 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
-----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
ProFund VP - Bear 21 (2001)
With No Optional Benefits
Unit Price 11.54 -- -- --
Number of Units 3,059,897 -- -- --
With One Optional Benefit
Unit Price -- -- -- --
Number of Units -- -- -- --
ProFund VP - UltraBull 23 (2001)
With No Optional Benefits
Unit Price $ 4.71 7.47 -- -- --
Number of Units 6,435,217 7,628,819 -- -- --
With One Optional Benefit
Unit Price $ 6.78 -- -- -- --
Number of Units 297,435 -- -- -- --
ProFund VP - OTC (2001)
With No Optional Benefits
Unit Price $ 3.49 5.77 -- -- --
Number of Units 18,242,013 11,681,189 -- -- --
With One Optional Benefit
Unit Price $ 6.45 -- -- -- --
Number of Units 1,346,852 -- -- -- --
ProFund VP - Short OTC 9 (2002)
With No Optional Benefits
Unit Price $ 11.02 -- -- -- --
Number of Units 682,058 -- -- -- --
With One Optional Benefit
Unit Price $ 11.00 -- -- -- --
Number of Units 433,181 -- -- -- --
ProFund VP - UltraOTC (1999)
Unit Price $ 0.58 1.91 6.19 23.58 --
Number of Units 70,200,723 50,124,696 17,597,528 2,906,024 --
With One Optional Benefit
Unit Price $ 3.53 -- -- -- --
Number of Units 1,003,123 -- -- -- --
ProFund VP - Mid-Cap Value 9 (2002)
With No Optional Benefits
Unit Price $ 7.68 -- -- -- --
Number of Units 1,089,843 -- -- -- --
With One Optional Benefit
Unit Price $ 7.66 -- -- -- --
Number of Units 438,387 -- -- -- --
ProFund VP - Mid-Cap Growth 9 (2002)
With No Optional Benefits
Unit Price $ 7.71 -- -- -- --
Number of Units 1,444,783 -- -- -- --
With One Optional Benefit
Unit Price $ 7.70 -- -- -- --
Number of Units 439,054 -- -- -- --
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
ProFund VP - Bear 21 (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - UltraBull 23 (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - OTC (2001)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Short OTC 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - UltraOTC (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Mid-Cap Value 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Mid-Cap Growth 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 2002 2001 2000 1999 1998
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
With No Optional Benefits
Unit Price $ 5.72 -- -- -- --
Number of Units 2,276,660 -- -- -- --
With One Optional Benefit
Unit Price $ 5.71 -- -- -- --
Number of Units 477,953 -- -- -- --
ProFund VP - Small-Cap Growth 9 (2002)
With No Optional Benefits
Unit Price $ 7.71 -- -- -- --
Number of Units 2,138,861 -- -- -- --
With One Optional Benefit
Unit Price $ 7.69 -- -- -- --
Number of Units 772,260 -- -- -- --
ProFund VP - Small-Cap Value 9 (2002)
With No Optional Benefits
Unit Price $ 7.10 -- -- -- --
Number of Units 2,908,617 -- -- -- --
With One Optional Benefit
Unit Price $ 7.09 -- -- -- --
ProFund VP - UltraSmall-Cap 24 (1999)
With No Optional Benefits
Unit Price $ 4.73 8.37 9.18 11.96 --
Number of Units 5,664,617 10,010,482 3,258,574 813,904 --
With One Optional Benefit
Unit Price $ 6.14 -- -- -- --
Number of Units 212,085 -- -- -- --
ProFund VP - U.S. Government Plus 9 (2002)
With No Optional Benefits
Unit Price $ 11.58 -- -- -- --
Number of Units 7,945,270 -- -- -- --
With One Optional Benefit
Unit Price $ 11.56 -- -- -- --
Number of Units 2,486,854 -- -- -- --
ProFund VP - Rising Rates Opportunity 9 (2002)
With No Optional Benefits
Unit Price $ 8.03 -- -- -- --
Number of Units 583,657 -- -- -- --
With One Optional Benefit
Unit Price $ 8.02 -- -- -- --
Number of Units 165,792 -- -- -- --
First Trust(R)10 Uncommon Values (2000)
With No Optional Benefits
Unit Price $ 2.94 4.72 7.43 -- --
Number of Units 1,716,102 2,255,266 2,690,435 -- --
With One Optional Benefit
Unit Price $ 6.80 -- -- -- --
Number of Units 19,826 -- -- -- --
Year Ended December 31,
-----------------------------------------------------------------
Sub-account 1997 1996 1995 1994 1993
------------------------------------------------- ------------ ---------- ----------- ---------- ----------
ProFund VP - UltraMid-Cap 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Small-Cap Growth 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Small-Cap Value 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - UltraSmall-Cap 24 (1999)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - U.S. Government Plus 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
ProFund VP - Rising Rates Opportunity 9 (2002)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
First Trust(R)10 Uncommon Values (2000)
With No Optional Benefits
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
With One Optional Benefit
Unit Price -- -- -- -- --
Number of Units -- -- -- -- --
|
Purchase Payments = $50,000
Account Value = $75,000
Basic Death Benefit = $75,000
|
Purchase Payments = $50,000
Account Value = $40,000
Basic Death Benefit = $50,000
|
Attained Age Account Value
------------ -------------
Age 40-75 .80%
Age 76-80 1.60%
Age 81-85 3.20%
Age 86-90 4.80%
Age 91 6.50%
Age 92 7.50%
Age 93 8.50%
Age 94 9.50%
Age 95 10.50%
|
Variable Annuity Issued by: Variable Annuity Distributed by:
AMERICAN SKANDIA LIFE AMERICAN SKANDIA
ASSURANCE CORPORATION MARKETING, INCORPORATED
One Corporate Drive One Corporate Drive
Shelton, Connecticut 06484 Shelton, Connecticut 06484
Telephone: 1-800-766-4530 Telephone: 203-926-1888
http://www.americanskandia.com http://www.americanskandia.com
|
Total Annual Net Annual
Portfolio Fee Waivers Portfolio
Management Other Operating and Expense Operating
UNDERLYING PORTFOLIO Fees Expenses 12b-1 Fees Expenses Reimbursement Expenses
----------------------------------- ---------- -------- ---------- ------------ ------------- ----------
Gartmore Variable Investment Trust:
GVIT Developing Markets 1.15% 0.24% 0.25% 1.64% N/A 1.64%
|
Fee Net
Total Annual Waivers Annual
Portfolio and Portfolio
Management Other Operating Expense Operating
UNDERLYING PORTFOLIO Fees Expenses 12b-1 Fees Expenses Reimbursement Expenses
----------------------------------- ---------- -------- ---------- ------------ -------------- ---------
Evergreen Variable Annuity Trust:
International Equity /1/ 0.66% 0.39% 0.00% 1.05% 0.00% 1.05%
|
PORTFOLIO
STYLE/ ADVISOR/
TYPE INVESTMENT OBJECTIVES/POLICIES SUB-ADVISOR
-------------- --------------------------------------------------------------------------------------------- -------------------
INTER-NATIONAL Evergreen VA International Equity (acquired Evergreen VA Global Leaders) (f/k/a Evergreen VA Evergreen
EQUITY International Growth): seeks long-term capital growth and, secondarily, modest income. The Investment
Portfolio invests primarily in equity securities issued by established, quality, non-U.S. Management Company,
companies located in countries with developed markets, but may purchase across all market LLC
capitalizations. The Portfolio normally invests at least 65% of its assets in securities of
companies in at least three different countries (other than the U.S.), but may invest more
than 25% of its assets in one country. The Portfolio also invests in emerging markets.
|
·
|
Should the Commission or the Staff, acting pursuant to delegated authority, declare the filing effective, it does not foreclose the Commission from taking any action with respect to the filing;
|
·
|
The Registrant is responsible for the adequacy and accuracy of the disclosure in the filing;
|
·
|
The Staff’s comments, the Registrant’s changes to the disclosure in response to the Staff’s comments, or the action of the Commission or the Staff, acting pursuant to delegated authority, in declaring the filing effective, does not relieve the Registrant from this responsibility; and
|
·
|
The Registrant may not assert this action or the Staff’s comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
|
/s/ William J. Evers
|
/s/ John Rosero
|
|
William J. Evers
Vice President and Corporate Counsel
|
John Rosero
Vice President
|