File No. 811-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M N-8B-2
REGISTRATION STATEMENT OF UNIT INVESTMENT TRUSTS
WHICH ARE CURRENTLY ISSUING SECURITIES
Pursuant to Section 8(b) of the
Investment Company Act of 1940
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION SEPARATE ACCOUNT F
(Name of Unit Investment Trust)
___ Not the issuer of periodic payment plan Certificates.
X Issuer of periodic payment plan Certificates.
(Only for purposes of information provided herein.)
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I. ORGANIZATION AND GENERAL INFORMATION
1. (a) Furnish name of the trust and the Internal Revenue Service
Employer Identification Number.
American Skandia Life Assurance Corporation Separate Account F
(hereinafter referred to as the "Separate Account"). The Separate
Account is not a separate legal entity and therefore does not have an
Employer Identification Number ("EIN") separate from that of its
depositor, American Skandia Life Assurance Corporation.
(b)Furnish title of each class or series of securities issued
by the trust.
Individual and group single premium variable life insurance policies
("Policies").
2. Furnish name and principal business address and ZIP Code and the
Internal Revenue Service Employer Identification Number of each depositor of the
trust.
American Skandia Life Assurance Corporation (the "Company" and/or
"Depositor"), One Corporate Drive, Shelton, Connecticut 06484;
IRS Employer Identification Number: 06-1241288.
3. Furnish name and principal business address and ZIP Code and the
Internal Revenue Service Employer Identification Number of each custodian or
trustee of the trust indicating for which class or series of securities each
custodian or trustee is acting.
Not applicable.
4. Furnish name and principal business address and ZIP Code and the
Internal Revenue Service Employer Identification Number of each principal
underwriter currently distributing securities of the trust.
No Policies have been distributed to date. When such distribution
commences, American Skandia Marketing, Incorporated will be the
"Principal Underwriter".
American Skandia Marketing, Incorporated
One Corporate Drive, Shelton, Connecticut 06484.
IRS Employer Identification Number: 06-1212909.
5. Furnish name of state or other sovereign power, the laws of which
govern with respect to the organization of the trust.
State of Connecticut.
6. (a) Furnish the dates of execution and termination of any indenture
or agreement currently in effect under the terms of which the trust was
organized and issued or proposes to issue securities.
The Separate Account was established under Connecticut law
pursuant to a Resolution of the Board of Directors of the
Company on October 31, 1996. The Resolution will continue in
effect until terminated or amended by the Board of Directors.
(b) Furnish the dates of execution and termination of any
indenture or agreement currently in effect pursuant to which the proceeds of
payments on securities issued or to be issued by the trust are held by the
custodian or trustee.
Not applicable.
7. Furnish in chronological order the following information with
respect to each change of name of the trust since January 1, 1930. If the name
has never been changed, so state.
The name of the Separate Account has never been changed.
8. State the date on which the fiscal year of the trust ends.
December 31
Material Litigation
9. Furnish a description of any pending legal proceedings, material
with respect to the security holders of the trust by reason of the nature of the
claim or the amount thereof, to which the trust, the depositor, or the principal
underwriter is a party or of which the assets of the trust are the subject,
including the substance of the claims involved in such proceeding and the title
of the proceeding. Furnish a similar statement with respect to any pending
administrative proceeding commenced by a governmental authority or any such
proceeding or legal proceeding known to be contemplated by a governmental
authority. Include any proceeding which, although immaterial itself, is
representative of, or one of, a group which in the aggregate is material.
There are no legal proceedings to which the Separate Account or the
Principal Underwriter is a party. The Company is engaged in various
kinds of routine litigation, which in its judgment are not of material
importance in relation to the total capital and surplus of the Company.
II. GENERAL DESCRIPTION OF THE TRUST AND SECURITIES OF THE TRUST.
General Information Concerning the Securities of the Trust and the Rights of
Holders
10. Furnish a brief statement with respect to the following matters for
each class or series of securities issued by the trust:
(a) Whether the securities are of the registered or bearer type.
Each class of the securities of the Separate Account is of the
registered type insofar as the Policy is personal to the owner
of the Policy (hereinafter referred to as " Owner") and
records concerning the Owner are maintained by or on behalf of
the Company.
(b) Whether the securities are of the cumulative or distributive
type.
The Policy is of the cumulative type.
(c) The rights of security holders with respect to withdrawal or
redemption.
After the end of the free-look period as long as the Insured
is alive, the Owner may make partial withdrawals to a maximum
of 90% of the Account Value less any applicable contingent
deferred sales charge and contingent deferred tax charge and
may surrender the Policy for its Cash Value.
(d) The rights of security holders with respect to conversion,
transfer, partial redemption, and similar matters.
The Owner may transfer a Policy's Account Value from one
Sub-Account to another Sub-Account; may take a loan using the
Account Value as collateral, starting after the first Policy
Year; and may take partial withdrawals while the Insured is
alive, except that, where permitted by law, a partial
withdrawal may not be taken until after the end of the
"free-look" period.
(e) If the trust is the issuer of periodic payment plan
certificates, the substance of the provisions of any indenture or agreement with
respect to lapses or defaults by security holders in making principal payments,
and with respect to reinstatement.
Not Applicable.
(f) The substance of the provisions of any indenture or agreement
with respect to voting rights, together with the names of any persons other than
security holders given the right to exercise voting rights pertaining to the
trust's securities or the underlying securities and the relationship of such
persons to the trust.
The Company will vote the shares of the Portfolios underlying
the Sub-Accounts of the Separate Account in the manner
directed by Owners, unless the Company, in its sole
discretion, determines that they are required by law or
regulation to vote otherwise. The Company will vote shares for
which it has not received instructions in the same proportion
as it votes shares for which it has received instructions.
(g) Whether security holders must be given notice of any change
in:
(1) the composition of the assets of the trust.
Notice must be given of any such proposed change.
(2) the terms and conditions of the securities issued by the
trust.
Notice must be given of any such proposed change.
(3) the provisions of any indenture or agreement of the trust.
There is no indenture or agreement of trust relating to the
Separate Account.
(4) the identity of the depositor, trustee or custodian.
Notice is required of a change in the identity of the
depositor. The depositor is also the custodian. The Separate
Account has no trustee.
(h) Whether the consent of security holders is required in order
for action to be taken concerning any change in:
(1) the composition of the assets of the trust.
Consent of the Contract Owners is not required when changing
the underlying securities of the Separate Account. However, to
change such underlying securities, approval of the Securities
and Exchange Commission is required by Section 26(b) of the
Investment Company Act of 1940 ("1940 Act"). The Company may
however, add additional Sub-Accounts without the consent of
Owners. Except as required by federal or state law or
regulation, no action will be taken by the Company that will
adversely affect the right of Owners without their consent.
(2) the terms and conditions of the securities issued by the
trust.
No change in the terms and conditions of a Policy can be made
without the consent of the Owner, except as is required by
Federal or State law or regulation.
(3) the provisions of any indenture or agreement of the trust.
Not applicable.
(4) the identity of the depositor, trustee or custodian.
There is no provision requiring notice or consent of Owners
with respect to any change in the identity of the depositor or
custodian (there is no trustee), but a change in the depositor
would be subject to state insurance department review and
approval. The Company's obligations under the Policy, however,
cannot be transferred to any other entity without compliance
with state insurance law, which may under some circumstances,
require the Owners' consent.
(i) Any other principal feature of the securities issued by the
trust or any other principal right, privilege or obligation not covered by
subdivisions (a) to (g) or by any other item in this form.
The Policy provides for the right to borrow from the Company
using the Policy's Account Value as collateral.
Information Concerning the Securities Underlying the Trust's Securities
11. Describe briefly the kind or type of securities comprising the unit
of specified securities in which security holders have an interest. If the trust
owns or will own any securities of its regular brokers or dealers as defined in
Rule 10b-1 under the Act, or their parents, identify those brokers or dealers
and state the value of the registrant's aggregate holding of the securities of
each subject issuer as of the close of the registrant's most recent fiscal year.
The securities held in the Separate Account will be shares of American
Skandia Trust, The Alger American Fund Portfolios: Alger American
Growth, Alger American Small Capitalization and Alger American MidCap
Growth, Neuberger & Berman Advisers Management Trust Portfolio: AMT
Partners, and Montgomery Variable Series Portfolio: Emerging Markets
Fund.
12. If the trust is the issuer of periodic payment plan certificates
and if any underlying securities were issued by another investment company,
furnish the following information for each such company:
(a) Name of company.
(b) Name and principal business address of Depositor.
American Skandia Trust
One Corporate Drive, Shelton,Connecticut 06484
Fred Alger & Company, Incorporated
75 Maiden Lane, New York, New York 10038
Montgomery Asset Management
101 California Street, San Francisco, California 94111
Neuberger and Berman Management, Inc.
605 3rd Avenue, New York, New York 10158-0006
(c) Name and principal business address of trustee or custodian.
Not applicable.
(d) Name and principal business address of principal underwriter.
Not applicable.
(e) The period during which the securities of such company have
been the underlying securities.
No underlying securities have as yet been acquired by the
Separate Account.
Information Concerning Loads, Fees, Charges and Expenses
13. (a) Furnish the following information with respect to each load,
fee, expense or charge to which (1) principal payments, (2) underlying
securities, (3) distributions, (4) cumulated or reinvested distributions or
income, and (5) redeemed or liquidated assets of the trust's securities are
subject:
(A) the nature of such load, fee, expense, or charge;
(B) the amount thereof;
(C) the name of the person to whom such amounts are paid and his
relationship to the trust;
(D) the nature of the services performed by such person in
consideration for such load, fee, expense or charge.
1. Principal Payments
MORTALITY AND EXPENSE RISK CHARGE. The Company deducts a charge equal,
on an annual basis, to 0.90% of the assets in the Separate Account each
Valuation Day.
ADMINISTRATIVE CHARGE. The Company deducts a charge equal, on an annual
basis, to 0.25% of the average daily total value of each Sub-Account.
TAX CHARGE. The Company deducts a monthly tax charge, equivalent to
0.25% per year of the Account Value. This monthly charge is taken in
advance.
SALES CHARGE. The Company deducts a monthly sales charge equivalent to
0.40% per year of the Account Value. This monthly charge is taken in
advance.
COST OF INSURANCE CHARGE. Each month the Company deducts a charge for
the cost of insurance, based on the account value in each investment
option, which provides the Death Benefit for the following month. This
charge is based on gender, where allowed, age, and tobacco usage. The
charge ranges from 0.40% to 1.25% depending on those factors.
MAINTENANCE FEE. The Company deducts $2.50 per month as a policy
maintenance fee, when the Account Value on the applicable Monthly
Processing Date is less that $75,000. This monthly charge is taken in
advance.
TRANSFER FEE. The Company charges $10.00 for every transfer after the
12th in each Policy Year.
TAX EXPENSE CHARGE. The Company reserves the right to assess the
Separate Account for any taxes that may be attributed to it. Currently,
no such charge for taxes is assessed.
2. Underlying Securities.
Each Portfolio has different management fees and operating expenses
assessed by the respective investment adviser.
3. Distributions
See Item 13.a.5 below.
4. Cumulated or reinvested distributions or income
Not Applicable.
5. Redeemed or liquidated assets
CONTINGENT DEFERRED SALES CHARGE. The contingent deferred sales charge
is a percentage of any amount being surrendered or withdrawn: (a)
during the first nine (9) Policy Years; and (b) that we consider to be
a withdrawal of Premium, not a withdrawal of Growth. It is assessed
against the investment options pro-rata in the same ratio as Account
Value is being withdrawn from such investment options. It is assessed
at the time of any partial withdrawal or surrender. The percentages are
as follows:
Policy Year Percentage
1 7.75
2 7.50
3 7.25
4 6.50
5 5.75
6 5.00
7 4.25
8 3.50
9 2.75
This compensates the Company for the expenses incurred in distributing
the Policy.
CONTINGENT DEFERRED TAX CHARGE. The contingent deferred tax charge is a
percentage of any amount being surrendered or withdrawn: (a) during the
first nine (9) Policy Years; and (b) that the Company considers to be a
withdrawal of Premium, not a withdrawal of Growth. It is assessed
against the investment options pro-rata in the same ratio as Account
Value is being withdrawn from such investment options. It is assessed
at the time of any partial withdrawal or surrender. The percentages are
as follows:
Policy Year Percentage
1 2.25
2 2.00
3 1.75
4 1.50
5 1.25
6 1.00
7 0.75
8 0.50
9 0.25
This compensates the Company for paid but unrecovered expenses from the
Tax Charge.
(b) For each installment payment type of periodic payment plan
certificate of the trust, furnish the following information with respect to
sales load and other deductions from principal payments.
The Policy is a single premium variable life insurance policy.
No subsequent premium payments are accepted.
(c) State the amount of total deductions as a percentage of the
net amount invested for each type of security issued by the trust. State each
different sales charge available as a percentage of the public offering price
and as a percentage of the net amount invested. List any special purchase plans
or methods established by rule or exemptive order that reflect scheduled
variations in, or elimination of, the sales load and identify each class of
individuals or transactions to which such plans apply.
See Item 13.a.1 for a description of Sales Charge. No sales
charge or contingent deferred sales charge is imposed when the
Owner, as of the Issue Date, or the Insured of a Policy issued
pursuant to this Prospectus is: (a) any parent company,
affiliate or subsidiary of ours; (b) an officer, director,
employee, retiree, sales representative, or in the case of an
affiliated broker-dealer, registered representative of such
company; (c) a director, officer or trustee of any underlying
mutual fund; (d) a director, officer or employee of any
investment manager, sub-advisor, transfer agent, custodian,
auditing, legal or administrative services provider that is
providing investment management, advisory, transfer agency,
custodianship, auditing, legal and/or administrative services
to an underlying mutual fund or any affiliate of such firm;
(e) a director, officer, employee or registered representative
of a broker-dealer or insurance agency that has a then current
selling agreement with us and/or with American Skandia
Marketing, Incorporated; (f) a director, officer, employee or
authorized representative of any firm providing us or our
affiliates with regular legal, actuarial, auditing,
underwriting, claims, administrative, computer support,
marketing, office or other services; (g) the then current
spouse of any such person noted in (b) through (f) above; (h)
the parents of such person noted in (b) through (g) above; and
(i) such person's child or other legal dependent under the age
of 21.
(d) Explain fully the reasons for any difference in the price at
which securities are offered generally to the public, and the price at which
securities are offered for any class of transactions to any class or group of
individuals, including officers, directors, or employees of the depositor,
trustee custodian or principal underwriter.
Such reductions are based on the reduced sales effort
associated with Policies issued to such individuals.
(e) Furnish a brief description of any loads, fees, expenses or
charges not covered in Item 13(a) which may be paid by security holders in
connection with the trust or its securities.
None.
(f) State whether the depositor, principal underwriter, custodian
or trustee, or any affiliated person of the foregoing may receive profits or
other benefits not included in answer to Item 13( a) or 13(d) through the sale
or purchase of the trust's securities or interests in such securities, or
underlying securities or interests in underlying securities, and describe fully
the nature and extent of such profits or benefits.
None.
(g) State the percentage that the aggregate annual charges and
deductions for maintenance and other expenses of the trust bear to the dividend
and interest income from the trust property during the period covered by the
financial statements filed herewith.
Not applicable.
Information Concerning the Operations of the Trust
14. Describe the procedure with respect to applications (if any) and
the issuance and authentication of the trust's securities, and state the
substance of the provisions of any indenture or agreement pertaining thereto.
A person desiring to purchase a Policy, must complete an
Application on a form provided by the Company. The Insured
must be less than age 90 and older than age 20. The Company
will underwrite the Policy before it is issued and, if the
applicant meets the underwriting standards of the Company and
Premium is submitted, the Policy will be issued.
15. Describe the procedure with respect to the receipt of payments from
purchasers of the trust's securities and the handling of the proceeds thereof,
and state the substance of the provisions of any indenture or agreement
pertaining thereto.
Generally, the minimum premium is $10,000. The maximum premium
is $500,000 without prior approval. When a Policy is
purchased, the Company will initially invest the premium in
the AST Money Market Sub-Account. After 15 days (or longer in
those states where required) from the Issue Date, the Company
will allocate the Account Value to the Sub-Accounts as
indicated in the application.
16. Describe the procedure with respect to the acquisition of
underlying securities and the disposition thereof, and state the substance of
the provisions of any indenture or agreement pertaining thereto.
The Company applies the premium(s) to the purchase of
Sub-Account units at their net asset value. Redemptions are
also processed at net asset value. Redemption of Sub-Account
units may be made by the Company to permit the payment of
benefits or amounts in connection with requests for surrender
or for other purposes contemplated by the Policy.
17. (a) Describe the procedure with respect to withdrawal or redemption
by security holders.
Any surrender by an Owner may be made by communication in
writing to the Company at its office. Upon written receipt of
such properly completed request, the Company redeems units in
sufficient amount to meet any requests. See Item 10.
(b) Furnish the names of any persons who may redeem or repurchase, or
are required to redeem or repurchase, the trust's securities or underlying
securities from security holders, and the substance of the provisions of any
indenture or agreement pertaining thereto.
The Company is required by the terms as described in Item
10(c) and 17(a) of the Contract to honor surrender requests.
The Portfolios will redeem their shares upon the Company's
request in accordance with the 1940 Act.
(c) Indicate whether repurchased or redeemed securities will be
canceled or may be resold.
Once a Policy is fully surrendered, it is canceled and may not
be reissued.
18. (a) Describe the procedure with respect to the receipt, custody and
disposition of the income and other distributable funds of the trust and state
the substance of the provisions of any indenture or agreement pertaining
thereto.
All income and other distributable funds of the Separate
Account are reinvested in the Sub-Accounts and are added to
the assets of the Separate Account.
(b) Describe the procedure, if any, with respect to the reinvestment of
distributions to security holders and state the substance of the provisions of
any indenture or agreement pertaining thereto.
Not applicable.
(c) If any reserves or special funds are created out of income or
principal, state with respect to each such reserve or fund the purpose and
ultimate disposition thereof, and describe the manner of handling of same.
The assets of the Separate Account that are allocable to the
Policies constitute the reserves for benefits under the
Policies. The Company's general assets are also available to
satisfy its obligations under the Policies.
(d) Submit a schedule showing the periodic and special distributions
which have been made to security holders during the three years covered by the
financial statements filed herewith. State for each such distribution the
aggregate amount and amount per share. If distributions from sources other than
current income have been made identify each such other source and indicate
whether such distribution represents the return of principal payments to
security holders. If payments other than cash were made describe the nature
thereof, the account charged and the basis of determining the amount of such
charge.
No distributions have been made.
19. Describe the procedure with respect to the keeping of records and
accounts of the trust, the making of reports and the furnishing of information
to security holders, and the substance of the provisions of any indenture or
agreement pertaining thereto.
The Company provides confirmations with respect to all premiums
received, transfers between investment options, loan transactions and
any surrenders or partial withdrawals. To the extent permitted by law,
certain scheduled transactions will be confirmed via a quarterly
confirmation statement. The Company also provides each Policy owner
with an annual statement which will show the current amount of death
benefit payable under the Policy, the current Account Value, the
current Cash Surrender Value, current Debt and will show all
transactions previously confirmed. The statement will also show all
premiums paid and all charges deducted during the Policy Year.
20. State the substance of the provisions of any indenture or agreement
concerning the trust with respect to the following:
(a) Amendments to such indenture or agreement.
Not applicable.
(b) The extension or termination of such indenture or agreement.
Not applicable.
(c) The removal or resignation of the trustee or custodian, or the
failure of the trustee or custodian to perform its duties, obligations and
functions.
The Company acts as custodian of the securities of the
Separate Account. There are no provisions relating to the
removal or resignation of the custodian or the failure of the
custodian to perform its duties, obligations and functions.
(d) The appointment of a successor trustee and the procedure if a
successor trustee is not appointed.
Not applicable.
(e) The removal or resignation of the depositor, or the failure of
the depositor to perform its duties, obligations and functions.
There are no provisions relating to the removal or resignation
of the depositor or the failure of the depositor to perform
its duties, obligations and functions.
(f) The appointment of a successor depositor and the procedure if
a successor depositor is not appointed.
There are no provisions relating to the appointment of a
successor depositor and the procedure if a successor depositor
is not appointed. But see Item 10(h)(4).
21. (a) State the substance of the provisions of any indenture or
agreement with respect to loans to security holders.
Policy owners may borrow from the Company using the Account
Value of the Policy as collateral.
(b) Furnish a brief description of any procedure or arrangement by
which loans are made available to security holders by the depositor, principal
underwriter, trustee or custodian, or any affiliated person of the foregoing.
The following items should be covered:
(1) The name of each person who makes such agreements or
arrangements with security holders.
Not applicable.
(2) The rate of interest payable on such loans.
Interest payable on any loan is at the rate of 6% per year,
compounded yearly, in arrears. Each Policy Anniversary Year
that the loan is not repaid, the Company adds an amount equal
to any unpaid interest to the Owner's Debt.
(3) The period for which loans may be made.
Loans are not available during the first Policy Year. After
the first Policy Year, the Company allows one loan each Policy
Year.
(4) Costs or charges for default in repayment at maturity.
If there is any outstanding Debt when Death Proceeds are due,
the Company subtracts the Debt from the Death Benefit as part
of the calculation of the Death Proceeds.
(5) Other material provisions of the agreement or arrangement.
The Owner may receive loans equal to 90% of current Account
Value less any applicable contingent deferred sales charge and
contingent deferred tax charge. At the time the Owner takes a
loan, the amount then available for a new loan is the maximum
otherwise available less any Debt. The minimum amount the
Owner may borrow is $500. Amounts pledged as collateral are
credited interest at a rate of 4.0% or 6.0%, depending on
whether the loan is "preferred" or "standard".
(c) If such loans are made, furnish the aggregate amount of loans
outstanding at the end of the last fiscal year, the amount of interest collected
during the last fiscal year allocated to the depositor, principal underwriter,
trustee or custodian or affiliated person of the foregoing and the aggregate
amount of loans in default at the end of the last fiscal year covered by
financial statements filed herewith.
Not applicable as no such loans have been made.
22. State the substance of the provisions of any indenture or agreement
with respect to limitations on the liabilities of the depositor, trustee or
custodian, or any other party to such indenture or agreement.
There is no such provision.
23. Describe any bonding arrangement for officers, directors, partners
or employees of the Depositor or principal underwriter of the trust, including
the amount of coverage and the type of bond.
The officers and employees of the Company are covered under a blanket
fidelity bond.
24. State the substance of provisions of any indenture or agreement
concerning the trust or its securities and a description of any other material
functions or duties of the depositor, trustee or custodian not stated in Item 10
or Items 14 to 23 inclusive.
Not applicable.
III. ORGANIZATION, PERSONNEL AND AFFILIATED PERSONS OF DEPOSITOR.
Organization and Operations of Depositor
25. State the form of organization of the depositor of the trust, the
name of the state or other sovereign power under the laws of which the depositor
was organized and the date of organization.
The company was incorporated in Connecticut on May 21, 1969 as a stock
life insurance company.
26. (a) Furnish the following information with respect to all fees
received by the depositor of the trust in connection with the exercise of any
functions or duties concerning securities of the trust during the period covered
by the financial statements filed herewith:
Not applicable.
(b) Furnish the following information with respect to any fee or
any participation in fees received by the depositor from any underlying
investment company or any affiliated person or investment adviser of such
company:
(1) The nature of such fee or participation.
(2) The name of the person making payment.
(3) The nature of the services rendered in consideration for such
fee or participation. (4) The aggregate amount received during the
last fiscal year covered by the financial statements
filed herewith.
Not applicable.
27. Describe the general character of the business engaged in by the
depositor including a statement as to any business other than that of depositor
of the trust. If the depositor acts or has acted in any capacity with respect to
any investment company or companies other than the trust, state the name or
names of such company or companies, their relationship, if any, to the trust,
and the nature of the depositor's activities herewith. If the depositor has
ceased to act in such named capacity, state the date of and circumstances
surrounding such cessation.
The Company writes life insurance and annuity business. It is licensed
to do business in all states, and the District of Columbia. The Company
has established and registered, as unit investment trusts under the
Investment Company Act of 1940, separate accounts under the name
American Skandia Life Assurance Corporation Separate Account Class 1,
Class 2, and Class 3 as well as American Skandia Life Assurance
Corporation Separate Account E. Such separate accounts fund variable
annuity contract obligations.
Officials and Affiliated Persons of Depositor
28. (a) Furnish as at latest practicable date the following information
with respect to the depositor of the trust, with respect to each officer,
director, or partner of the depositor, and with respect to each natural person
directly or indirectly owning, controlling or holding with power to vote 5% or
more of the outstanding voting securities of the depositor.
i. name and principal business address;
ii. nature of relationship or affiliation with depositor of the
trust;
iii.ownership of all securities of the depositor;
iv. ownership of all securities of the trust;
v. other companies of which each of the persons named above is
presently an officer, director, or a partner.
(b) Furnish a brief statement of the business experience during
the last five years of each officer, director or partner of the depositor.
<TABLE>
<S> <C>
Gordon C. Boronow American Skandia Life Assurance Corporation:
President and Chief Operating
Officer - 1993 to present Executive
Vice President and Chief Operating
Officer - 7/91 to 1993 Director
(since July, 1991)
Nancy F. Brunetti American Skandia Life Assurance Corporation:
Senior Vice President, Customer Service
and Business Operations 1996 to
present Vice President, Application
Engineering 1994 to 1996 Director of
Business Development 1993 to 1994
Director (since February, 1996)
Ms. Brunetti joined us in 1992. She previously held the position of Senior
Business Analyst at Monarch Life Insurance Company.
Malcolm M. Campbell American Skandia Life Assurance Corporation:
Director, (since April, 1991)
Skandia Insurance Company Ltd.:
Director of Operations, Assurance and Financial Services Division
Jan R. Carendi American Skandia Life Assurance Corporation:
Chief Executive Officer and Chairman of the Board of Directors
Director (since May, 1988)
Skandia Insurance Company Ltd.:
Executive Vice President and Member of Corporate Management Group
Cindy C. Ciccarello American Skandia Life Assurance Corporation:
Vice President, Customer Service
Ms. Ciccarello joined us in 1997. She previously held the position of Assistant
Vice President at Phoenix Duff & Phelps from 1996 to 1997 and positions of
Director and Operations Manager at Phoenix Equity Planning Corporation from 1989
to 1996.
Lincoln R. Collins American Skandia Life Assurance Corporation:
Senior Vice President, Product Management 1995 to present
Vice President, Product Management 1995
Vice President, Marketing 1993 to 3/6/95
Director (since February, 1996)
William F. Cordner, Jr. American Skandia Life Assurance Corporation:
Vice President, Customer Focus Teams - 11/96 to present
Mr. Cordner joined us in 1996. He previously held the position of Vice President
at United Healthcare from 1993 to 1996 and Vice President at The Travelers
Insurance Company from 1990 to 1993.
Henrik Danckwardt Director (since July, 1991)
Skandia Insurance Company Ltd.: Director of Finance and Administration,
Assurance and Financial Services Division:
Wade A. Dokken American Skandia Life Assurance Corporation:
Executive Vice President & Chief Marketing Officer 1/1/93 to 9/95
Director (since July, 1991) and Employee
American Skandia Marketing, Incorporated: 9/95 to present
President and Chief Marketing Officer
Teresa Grove Vice President, Customer Service:
American Skandia Life Assurance Corporation - 9/96 to present
Ms. Grove joined us in 1996. She previously held positions of Operations Manager
at Twentieth Century/Benham from January, 1992 to September, 1996 and Operations
Manager at Lateef Management Association from January, 1989 to June, 1991.
Brian L. Hirst American Skandia Life Assurance Corporation:
Vice President and Corporate Actuary - 11/96 to present
Mr. Hirst joined us in 1996. He previously held the positions of Vice President
from 1993 to 1996 and Second Vice President from 1987 to 1992 at Allmerica
Financial.
N. David Kuperstock American Skandia Life Assurance Corporation:
Vice President, Product Development 1995 to present
Vice President & Counsel, Product Management 1994 to 1995
Vice President & Marketing Counsel 1988 to 1994
Thomas M. Mazzaferro American Skandia Life Assurance Corporation:
Executive Vice President and Chief Financial Officer, 1995 to present
Sr. Vice President and Chief Financial Officer 1994 to 1995
Vice President and Chief Financial Officer 1993 to 1994
Director (since October, 1994)
Gunnar J. Moberg Director (since November, 1994)
Director - Marketing and Sales,
Assurances and Financial Services Division:
Skandia Insurance Company Ltd.
David R. Monroe Vice President and Controller 7/96 to present
American Skandia Life Assurance Corporation
Mr. Monroe joined us in 1996. He previously held positions of Assistant Vice
President and Director at Allmerica Financial from August, 1994 to July, 1996
and Senior Manager at KPMG Peat Marwick from July, 1983 to July, 1994.
Mary Priscilla Pannell American Skandia Life Assurance Corporation:
Corporate Secretary 1997 to present
Assistant Corporate Secretary 1992 to 1997
Polly Rae American Skandia Life Assurance Corporation:
Vice President, Service Development 1997 to present
Director of Customer Service 1995 to 1997
Director of Administration Services 1994 to 1995
Rodney D. Runestad American Skandia Life Assurance Corporation:
Vice President 1997 to present Vice
President and Valuation Actuary 1994
to 1997 Assistant Vice President and
Valuation Actuary 1991 to 1994
Assistant Vice President and Actuary
1990 to 1991
Anders O. Soderstrom American Skandia Life Assurance Corporation:
Director (since October, 1994)
American Skandia Information Services and Technology Corporation:
President and Chief Operating Officer 5/92 to present
Amanda C. Sutyak American Skandia Life Assurance Corporation:
Executive Vice President and Deputy Chief
Operating Officer 8/88 to present
Director (since July, 1991)
C. Ake Svensson American Skandia Life Assurance Corporation:
Treasurer, Director (since December, 1994)
American Skandia Investment Holding Corporation:
Vice President, Treasurer and Corporate Controller
Mr. Svensson joined us in 1994. He previously held the position of Senior Vice
President with Nordenbanken.
Bayard F. Tracy American Skandia Life Assurance Corporation:
Sr. Vice President, Institutional Sales 1995 to 1996
Sr. Vice President, Institutional Sales & Marketing 1994 to 1995
Vice President, Financial Institutions 1993 to 1994
Director (since October, 1994)
American Skandia Marketing, Incorporated:
Senior Vice President and National Sales Manager
Jeffrey M. Ulness American Skandia Life Assurance Corporation:
Vice President, Product Management 1996 to present
Vice President, Securities & Marketing Counsel 1995 to 1996
Securities and Marketing Counsel 1994 to 1995
Mr. Ulness joined us in 1994. He previously held the positions of Counsel at
North American Security Life Insurance Company from March, 1991 to July, 1994
and Associate at LeBoeuf, Lamb, Leiby, Green and MacRae from January, 1990 to
March 1991.
</TABLE>
Companies Owning Securities of Depositor
29. Furnish as at latest practicable date the following information
with respect to each company which directly or indirectly owns, controls or
holds with power to vote 5% or more of the outstanding voting securities of the
depositor:
i. Name and principal business address; ii. Nature of business;
and iii.Ownership of all securities of the depositor.
The company is a wholly-owned subsidiary of American Skandia
Investment Holding Corporation.
Controlling Persons
30. Furnish as at latest practicable date the following information
with respect to any person, other than those covered by Items 28, 29, and 42 who
directly or indirectly controls the depositor.
None.
Compensation of Officers and Directors of Depositor, Compensation of Officers of
Depositor
31. Furnish the following information with respect to the remuneration
for services paid by the depositor during the last fiscal year covered by
financial statements filed herewith:
(a) directly to each of the officers or partners of the depositor
directly receiving the three highest amounts of remuneration;
Not applicable. As of the date hereof, the Separate Account
has not commenced operations.
(b) directly to all officers or partners of the depositor as a
group exclusive of persons whose remuneration is included under Item 31(a),
stating separately the aggregate amount paid by the depositor itself and the
aggregate amount paid by all the subsidiaries;
Not applicable. As of the date hereof, the Separate Account
has not commenced operations.
(c) indirectly or through subsidiaries to each of the officers or
partners of the depositor
Not applicable. As of the date hereof, the Separate Account
has not commenced operations.
Compensation of Directors
32. Furnish the following information with respect to the remuneration
for services, exclusive of remuneration reported under Item 31, paid by the
depositor during the last fiscal year covered by financial statements filed
herewith:
(a) the aggregate direct remuneration to directors
Not applicable.
(b) indirectly or through subsidiaries to directors
Not applicable.
Compensation to Employees
33. (a) Furnish the following information with respect to the aggregate
amount of remuneration for services of all employees of the depositor (exclusive
of persons whose remuneration is reported in Items 31 and 32) who received
remuneration in excess of $10,000 during the last fiscal year covered by
financial statement filed herewith from the depositor and any of its
subsidiaries.
(b) Furnish the following information with respect to the
remuneration for services paid directly during the last fiscal year covered by
financial statements filed herewith to the following classes of persons
(exclusive of those persons covered by Item 33(a)): (1) Sales managers, branch
managers, district managers and other persons supervising the sale of
registrant's securities; (2) Salesmen, sales agents, canvassers and other
persons making solicitations but not in supervisory capacity; (3) Administrative
and clerical employees; and (4) Others (specify). If a person is employed in
more than one capacity, classify according to predominant type of work.
Not applicable.
Compensation to Other Persons
34. Furnish the following information with respect to the aggregate
amount of compensation for services paid any person (exclusive of persons whose
remuneration is reported in Items 31, 32 and 33), whose aggregate compensation
in connection with services rendered with respect to the trust in all capacities
exceeded $10,000 during the last fiscal year covered by financial statements
filed herewith from the depositor and any of its subsidiaries.
Not applicable.
IV. DISTRIBUTION AND REDEMPTION OF SECURITIES
Distribution of Securities
35. Furnish the names of the states in which sales of the trust's
securities (A) are currently being made, (B) are presently proposed to be made,
and (C) have been discontinued, indicating by appropriate letter the status with
respect to each state.
No sales of the Policy have been made or are currently being made to
the public in any state. The Company intends to sell the Policy in all
jurisdictions where the Company is licensed to sell variable life
insurance.
36. If sales of the trust's securities have at anytime since January 1,
1936 been suspended for more than a month describe briefly the reasons for such
suspension.
Not applicable.
37. (a) Furnish the following information with respect to each instance
where subsequent to January 1, 1937, any federal or state governmental officer,
agency, or regulatory body denied authority to distribute securities of the
trust, excluding a denial which was merely a procedural step prior to any
determination by such officer, etc. and which denial was subsequently rescinded.
(1) Name of officer, agency or body.
(2) Date of denial.
(3) Brief statement of reason given for denial.
Not applicable.
(b) Furnish the following information with regard to each instance
where, subsequent to January 1, 1937, the authority to distribute securities of
the trust has been revoked by any federal or state governmental officer, agency
or regulatory body.
(1) Name of officer, agency or body.
(2) Date of revocation.
(3) Brief statement of reason given for revocation.
Not applicable.
38. (a) Furnish a general description of the method of distribution of
securities of the trust.
The Policy issued by the Separate Account will be sold by
individuals who, in addition to being licensed and appointed
as life insurance agents of the Company, are also registered
representatives of broker-dealers who have entered into
written sales agreements with the principal underwriter.
American Skandia Marketing, Incorporated is registered with
the Securities and Exchange Commission under the Securities
Exchange Act of 1934 as a broker-dealer and is a member of the
National Association of Securities Dealers, Inc.
(b) State the substance of any current selling agreement between
each principal underwriter and the trust or the depositor, including a statement
as to the inception and termination dates of the agreement, any renewal and
termination provisions, and any assignment provisions.
The Company intends to execute an agreement with American
Skandia Marketing, Inc, the Principal Underwriter, whereby it
will distribute the Policy by executing selling agreements
with other broker/dealers. The agreement will be effective
until terminated by either party upon 60 days notice, and may
not be assigned.
(c) State the substance of any current agreements or arrangements
of each principal underwriter with dealers, agents, salesmen, etc. with respect
to commissions and overriding commissions, territories, franchises,
qualifications and revocations. If the trust is the issuer of periodic payment
plan certificates, furnish schedules of commissions and the bases thereof. In
lieu of a statement concerning schedules of commissions, such schedules of
commissions may be filed as Exhibit A(3)(c).
A form of selling agreement is filed as an exhibit to the
Company's Form S-6 registration statement.
Information Concerning Principal Underwriter
39. (a) State the form of organization of each principal underwriter of
securities of the trust, the name of the state or other sovereign power under
the laws of which each underwriter was organized and the date of organization.
American Skandia Marketing, Incorporated is a corporation
organized under the laws of the State of Delaware on September
8, 1987. American Skandia Marketing, Incorporated is a
broker-dealer registered under the Securities Exchange Act of
1934.
(b) State whether any principal underwriter currently distributing
securities of the trust is a member of the National Association of Securities
Dealers, Inc.
No Policies of the Separate Account are currently being
distributed. American Skandia Marketing, Incorporated, the
principal underwriter, is a member of the National Association
of Securities Dealers, Inc. ("NASD").
40. (a) Furnish the following information with respect to all fees
received by each principal underwriter of the trust from the sale of securities
of the trust and any other functions in connection therewith exercised by such
underwriter in such capacity or otherwise during the period covered by the
financial statements filed herewith:
i. Name of principal underwriter;
ii. Year;
iii.Total payments by security holders;
iv. Amounts received of (A) sales loads; (B) administrative fees;
(E) management fees; (D) other fees; and (E) aggregate load, fees, etc.
Not applicable.
(b) Furnish the following information with respect to any fee or
any participation in fees received by each principal underwriter from any
underlying investment company or any affiliated person or investment adviser of
such company:
(1) The nature of such fee or participation.
(2) The name of the person making payment.
(3) The nature of the services rendered in consideration for such
fee or participation. (4) The aggregate amount received during
the last fiscal year covered by the financial statements filed
herewith.
Not applicable.
41. (a) Describe the general character of the business engaged in by
each principal underwriter, including a statement as to any business other than
the distribution of securities of the trust. If a principal underwriter acts or
has acted in any capacity with respect to any investment company or companies
other than the trust, state the name or names of such company or companies,
their relationship, if any, to the trust and the nature of such activities. If a
principal underwriter has ceased to act in such named capacity, state the date
of and the circumstances surrounding such cessation.
American Skandia Marketing, Incorporated also acts as the
principal underwriter of variable annuity contracts issued by
the Company. They include separate accounts under the name
American Skandia Life Assurance Corporation Separate Account
Class 1, Class 2, and Class 3 as well as American Skandia Life
Assurance Corporation Separate Account E. American Skandia
Marketing, Incorporated is also the principal underwriter for
American Skandia Advisor Funds, Inc..
(b) Furnish as at latest practicable date the address of each
branch office of each principal underwriter currently selling securities of the
trust and furnish the name and residence address of the person in charge of such
office.
Not applicable. The sale of the Policies has not yet
commenced.
(c) Furnish the number of individual salesmen of each principal
underwriter through whom any of the securities of the trust were distributed for
the last fiscal year of the trust covered by the financial statements filed
herewith and furnish the aggregate amount of compensation received by such
salesmen in such year.
Not applicable.
42. Furnish as at latest practicable date the following information
with respect to each principal underwriter currently distributing securities of
the trust and with respect to each of the officers, directors or partners of
such underwriter:
i. Name and principal business address; and ii. Ownership of
securities of the trust.
Not applicable. There are no Policies of the Separate Account
currently being distributed.
43. Furnish, for the last fiscal year covered by the financial
statements filed herewith, the amount of brokerage commissions received by any
principal underwriter who is a member of a national securities exchange and who
is currently distributing the securities of the trust or effecting transactions
for the trust in the portfolio securities of the trust.
None.
Offering Price or Acquisition Valuation of Securities of the Trust
44. (a) Furnish the following information with respect to the method of
valuation used by the trust for purpose of determining the offering price to the
public of securities issued by the trust or the valuation of shares or interests
in the underlying securities acquired by the holder of a periodic payment plan
certificate:
(1) The source of quotations used to determine the value of
portfolio securities.
Account Values allocated to the Separate Account are invested
at net asset value in the Portfolios in accordance with the
investment options selected by the policy owner. Shares of
each Portfolio held by the Separate Account are valued at net
asset value per share as supplied to the Company by the
applicable underlying investment company.
(2) Whether opening, closing, bid, asked or any other price is
used.
On each Valuation Date, the Account Value in any variable
investment option equals the number of Units then maintained
in that investment option multiplied by that investment
option's then current Unit Price. Account Values will
fluctuate in accordance with investment performance of the
Sub-accounts selected. Each Sub-account has a net investment
factor. The net investment factor is an index that measures
the investment performance of and charges assessed against a
Sub-account from one Valuation Period to the next.
(3) Whether price is as of the day of sale or as of any other
time.
Transactions are priced in accordance with Section 22 of the
Investment Company Act of 1940. See response to Item 16.
(4) A brief description of the methods used by registrant for
determining other assets and liabilities including accrual for expenses and
taxes (including taxes on unrealized appreciation).
The Company does not anticipate any substantial federal tax
liability at present and, therefore, has not created a
provision for taxes, but reserves the right to do so in the
future.
(5) Other items which registrant adds to the net asset value in
computing offering price of its securities:
Not applicable.
(6) Whether adjustments are made for fractions:
(i) before adding distributor's compensation (load); and (ii)
after adding distributor's compensation (load).
Appropriate adjustments will be made for fractions in all
computations.
(b) Furnish a specimen schedule showing the components of the
offering price of the trust's securities as at the latest practicable date. Such
schedule shall be in substantially the following form:
1. Value of portfolio securities
2. Value of other assets
3. Total (1 plus 2)
4. Liabilities (include accrued expenses and taxes)
5. Value of net assets (3 minus 4)
6. Other charges (a) odd lot premiums (b) brokerage commissions
(c) fees for administration (d) fees for custodian or trustee
(e) fees for registrar or transfer agent (f) transfer taxes
(g) reserves (h) others (i) total, 6(a) through 6(h),
inclusive
7. Adjusted value of net assets (5 plus 6(i))
8. Number of units outstanding
9. Net asset value per unit (four decimals) (a) excluding other
charges (5 divided by 8) (b) including other charges (7
divided by 8)
10. Adjustment of 9(b) for fractions
11. Adjusted net asset value per unit
12. Offering price (show four decimals) (If any sales load is
charged, indicate amount, and apply percentage load to 11 or
other applicable base, indicating base.)
13. Adjustment of 12 for fractions
14. Offering price
15. Accumulated undistributed income per unit (if not included in
3 and 9)
16. Adjusted price (14 plus 15)
17. Effective load per unit (a) In dollars (16 - [9(a) + 15]) (b)
In percentage (17(a) of [9(a) + 15])
As of the filing date, the Policies have not been offered to
the public.
(c) If there is any variation in the offering price of the trust's
securities to any person or classes of persons other than underwriters, state
the nature and amount of such variation and indicate the person or classes of
persons to whom such offering is made.
Not applicable.
45. Furnish the following information with respect to any suspension of
the redemption rights of the securities issued by the trust during the three
fiscal years covered by the financial statements filed herewith:
(a) by whose action redemption rights were suspended.
(b) the number of days' notice given to security holders prior to
suspension of redemption rights.
(c) reason for suspension.
(d) period during which suspension was in effect.
Not applicable.
Redemption Valuation of Securities of the Trust
46. (a) Furnish the following information with respect to the method of
determining the redemption or withdrawal valuation of securities issued by the
trust:
(1) The source of quotations used to determine the value of
portfolio securities.
See response to Item 44(a)(1).
(2) Whether opening, closing, bid, asked or any other price is
used.
See response to Item 44(a)(2).
(3) Whether price is as of the day of sale or as of any other
time.
See response to Item 44(a)(3).
(4) A brief description of the methods used by registrant for
determining other assets and liabilities including accrual for expenses and
taxes (including taxes on unrealized appreciation).
See response to Item 44(a)(4).
(5) Other items which registrant deducts from the net asset value
in computing redemption value of its securities:
Not applicable.
(6) Whether adjustments are made for fractions.
See response to Item 44(a)(6).
(b) Furnish a specimen schedule showing the components of the
redemption price to the holders of the trust's securities as at the latest
practicable date. Such schedule shall be in substantially the following form:
1. Value of portfolio securities
2. Value of other assets
3. Total (1 plus 2)
4. Liabilities (include accrued expenses and taxes)
5. Value of net assets (3 minus 4)
6. Other charges (a) odd lot premiums (b) brokerage commissions
(c) fees for administration (d) fees for custodian or trustee
(e) fees for registrar or transfer agent (f) transfer taxes
(g) reserves (h) others (i) total, 6(a) through 6(h),
inclusive
7. Adjusted value of net assets (5 minus 6(i))
8. Number of units outstanding
9. Net asset value per unit (four decimals) (a) excluding other
charges (5 divided by 8) (b) including other charges (7
divided by 8)
10. Adjustment of 9(b) for fractions
11. Adjusted net asset value per unit
12. Redemption charge
13. Adjusted redemption price
14. Accumulated undistributed income per unit (if not included in
3 and 9)
15. Actual redemption price (13 plus 14)
16. Effective redemption fee per unit (a) in dollars ((9(a) + 14)
- 15) (b) in percentage (16(a) of (9(a) + 14))
Not applicable. Policies have not yet been offered or sold.
47. Furnish a statement as to the procedure with respect to the
maintenance of a position in the underlying securities or interests in the
underlying securities, the extent and nature thereof and the person who
maintains such a position. Include a description of the procedure with respect
to the purchase of underlying securities or interests in the underlying
securities from security holders who exercise redemption or withdrawal rights
and the sale of such underlying securities and interests in the underlying
securities to other security holders. State whether the method of valuation of
such underlying securities or interests in underlying securities differs from
that set forth in Items 44 and 46. If any item of expenditure included in the
determination of the valuation is not or may not actually be incurred or
expended, explain the nature of such item and who may benefit from the
transaction.
Net premium payments allocated to each Sub-account of the Separate
Account will be invested in shares of the corresponding Portfolio of
the Fund at net asset value and the method of valuation of such
underlying securities does not differ from that set forth in Items 44
and 46. The Company is the owner of the Portfolio shares held in the
Separate Account. Portfolio shares are not available to the general
public.
V. INFORMATION CONCERNING THE TRUSTEE OR CUSTODIAN
48. Furnish the following information as to each trustee or custodian
of the trust.
(a) Name and principal business address.
(b) Form of organization.
(c) State or other sovereign power under the laws of which the
trustee or custodian was organized.
(d) Name of governmental supervising or examining authority.
The Company acts as custodian of the Separate Account's
assets. For more information about the Company, see the
response to Items 2 and 25.
49. State the basis for payment of fees or expenses of the trustee or
custodian for services rendered with respect to the trust and its securities,
and the aggregate amount thereof for the last fiscal year. Indicate the person
paying such fees or expenses. If any fees or expenses are prepaid, state the
unearned amount.
Not applicable.
50. State whether the trustee or custodian or any other person has or
may create a lien on the assets of the trust, and if so, give full particulars,
outlining the substance of the provisions of any indenture or agreement with
respect thereto.
The assets in the Separate Account attributable to the Policies are not
chargeable with liabilities arising out of any other business which the
Company may conduct.
VI. INFORMATION CONCERNING INSURANCE OF HOLDERS OF SECURITIES
51. Furnish the following information with respect to insurance of
holders of securities: (a) The name and address of the insurance
company.
American Skandia Life Assurance Corporation
One Corporate Drive, Shelton, Connecticut 06484
(b) The types of policies and whether individual or group
policies.
The Policy is a modified single premium variable life
insurance policy which is issued on a group or individual
basis.
(c) The types of risks insured and excluded.
The Policy can be written on a single life or last survivor
basis.
(d) The coverage of the policies.
While the Policy remains in force, it provides for a death
benefit on the life of the Insured or Insureds.
(e) The beneficiaries of such policies and the uses to which the
proceeds of policies must be put.
The Owner may designate more than one primary or contingent
Beneficiary. There are no limitations on the beneficiaries as
to the use of the proceeds.
(f) The terms and manner of cancellation and of reinstatement.
The Policy can be surrendered after the free-look period as
long as the Insured is alive. The Owner may apply for
reinstatement of the Policy if it lapses. The application for
reinstatement must be in writing and received at the Company's
office within three (3) years of the date the lapse occurred.
The Company may require satisfactory evidence of insurability
and the Owner must pay a reinstatement amount, any applicable
charges, and any Debt that was in effect as of the date of the
lapse.
(g) The method of determining the amount of premiums to be paid by
holders of securities.
The minimum Premium we generally accept is $10,000.00. We may
accept less under certain circumstances. The maximum the
Company accepts without prior approval by our home office is
$500,000. If the Owner seeks a specific Face Amount the
Premium will depend on the Insured's age, risk class and
gender, where permitted.
(h) The amount of aggregate premiums paid to the insurance company
during the last fiscal year.
Not applicable.
(i) Whether any person other than the insurance company receives
any part of such premiums, the name of each such person and the amounts
involved, and the nature of the services rendered therefor.
Not applicable.
(j) The substance of any other material provisions of any
indenture or agreement of the trust relating to insurance.
None.
VII. POLICY OF REGISTRANT
52. (a) Furnish the substance of the provisions of any indenture or
agreement with respect to the conditions upon which and the method of selection
by which particular portfolio securities must or may be eliminated from assets
of the trust or must or may be replaced by other portfolio securities. If an
investment adviser or other person is to be employed in connection with such
selection, elimination or substitution, state the name of such person, the
nature of any affiliation to the depositor, trustee or custodian, and any
principal underwriter, and the amount of remuneration to be received for such
services. If any particular person is not designated in the indenture or
agreement, describe briefly the method of selection of such person.
The Company may eliminate Sub-accounts, combine two or more
Sub-accounts or substitute one or more new underlying mutual
funds or portfolios for the one in which a Sub-account is
invested. Substitutions may be necessary if the Company
believes a Portfolio no longer suits the purpose of the
Policy. The Company would obtain prior approval from the
insurance department of its state of domicile, if so required
by law, before making such a substitution, deletion, or
addition. The Company would obtain prior approval from the SEC
so long as required by law, and any other required approvals
before making such a substitution, deletion or addition.
(b) Furnish the following information with respect to each
transaction involving the elimination of any underlying security during the
period covered by the financial statements filed herewith.
(1) Title of security.
(2) Date of elimination.
(3) Reasons for elimination.
(4) The use of the proceeds from the sale of the eliminated
security.
(5) Title of security substituted, if any.
(6) Whether depositor, principal underwriter, trustee or custodian
or any affiliated persons of the foregoing were involved in the transaction.
(7) Compensation or remuneration received by each such person
directly or indirectly as a result of the transaction.
Not applicable.
(c) Describe the contract of the trust with respect to the
substitution and elimination of the underlying securities of the trust with
respect to:
(1) the grounds for elimination and substitution;
(2) the type of securities which may be substituted for any
underlying security;
(3) whether the acquisition of such substituted security or
securities would constitute the concentration of investment in a particular
industry or group of industries or would conform to a policy of concentration of
investment in a particular industry or group of industries;
(4) whether such substituted securities may be the securities of
another investment company; and
(5) the substance of the provisions of any indenture or agreement
which authorize or restrict the policy of the registrant in this regard.
See Item 52.(a).
(d) Furnish a description of any contract (exclusive of contracts
covered by paragraphs (a) and (b) herein) of the trust which is deemed a matter
of fundamental policy and which is elected to be treated as such.
None.
Regulated Investment Company
53. (a) State the taxable status of the trust.
The Company is taxed as a life insurance company under the
Internal Revenue Service Code. Since the Separate Account is
not a separate entity from the Company and its operations form
a part of the Company, it will not be taxed separately as a
"regulated investment company" under the Internal Revenue
Service Code.
(b) State whether the trust qualified for the last taxable year as
a regulated investment company as defined in Section 851 of the Internal Revenue
Code of 1954, and state its present intention with respect to such
qualifications during the current taxable year.
Not applicable.
VIII. FINANCIAL AND STATISTICAL INFORMATION
54. If the trust is not the issuer of periodic payment plan
certificates furnish the following information with respect to each class or
series of its securities:
At the end of each of registrant's past 10 fiscal years:
(i) Year; (ii)Total number of shares; (iii) Asset value per share;
(iv)Dividends paid per share.
Not applicable.
55. If the trust is the issuer of periodic payment plan certificates, a
transcript of a hypothetical account shall be filed in approximately the
following form on the basis of the certificate calling for the smallest amount
of payments. The schedule shall cover a certificate of the type currently being
sold assuming that such certificate had been sold at a date approximately ten
years prior to the date of registration or at the approximate date of
organization of the trust.
Not applicable.
56. If the trust is the issuer of periodic payment plan certificates,
furnish by years for the period covered by the financial statements filed
herewith in respect of certificates sold during such period, the following
information for each fully paid type and each installment payment type of
periodic payment plan certificate currently being issued by the trust.
Not applicable.
57. If the trust is the issuer of periodic payment plan certificates,
furnish by years for the period covered by the financial statements filed
herewith the following information for each installment payment type of periodic
payment plan certificate currently being issued by the trust.
Not applicable.
58. If the trust is the issuer of periodic payment plan certificates
furnish the following information for each installment payment type of periodic
payment plan certificate outstanding as at the latest practicable date.
Not applicable.
59. Financial Statements
Financial Statements of the Trust
The financial statements have not been filed for the Separate Account.
It has not yet commenced operations, has no assets or liabilities, and
has received no income or incurred any expense.
Financial Statements of the Depositor
The financial statements of the Company are filed with the Form S-6
registration statement.
IX. EXHIBITS
A. (1) through (11) hereby incorporated by reference to Form S-6 filed
with the Commission contemporaneously herewith.
B. (1) Not Applicable
(2) Not Applicable
C. Not Applicable
<PAGE>
SIGNATURE
Pursuant to the requirements of the Investment Company Act of 1940, the
Depositor of the Registrant has caused this registration statement to be duly
signed on behalf of the Registrant in the Town of Shelton, County of Fairfield,
and the State of Connecticut on the 17th day of October, 1997.
(Seal)
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
SEPARATE ACCOUNT F
(Registrant)
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
(Depositor)
BY: /s/Amanda C. Sutyak
Amanda C. Sutyak
Executive Vice President and
Deputy Chief Operating Officer
Attest: /s/Kathleen A. Chapman
Kathleen A. Chapman
Assistant Corporate Secretary
