Supplement to Prospectus Dated May 1, 2000
Supplement dated September 25, 2000
This Supplement should be retained with the current Prospectus for your variable
life policy issued by American Skandia Life Assurance Corporation ("American
Skandia"). If you do not have a current prospectus please contact American
Skandia at 1-800-SKANDIA.
A. PROPOSED SUBSTITUTION
American Skandia has filed an application with the Securities and Exchange
Commission ("SEC") to substitute the following "Replaced Portfolio/Sub-account"
with the "Substitute Portfolio/Sub-account":
<TABLE>
<CAPTION>
--------------------------------------------------------- ---------- ---------------------------------------------------------------
REPLACED PORTFOLIO/SUB-ACCOUNT SUBSTITUTE PORTFOLIO/SUB-ACCOUNT
--------------------------------------------------------- ---------- ---------------------------------------------------------------
<S> <C>
Alger American Growth portfolio of The Alger American Fund/AA AST Alger Growth portfolio of American Skandia Trust/AST
Growth Sub-account Alger Growth Sub-account
--------------------------------------------------------------- -------- -----------------------------------------------------------
--------------------------------------------------------------- -------- -----------------------------------------------------------
Alger American MidCap Growth portfolio of The Alger American AST Alger Mid-Cap Growth portfolio of American Skandia
Fund/AA MidCap Growth Sub-account Trust/AST Alger Mid-Cap Growth Sub-account
--------------------------------------------------------------- -------- -----------------------------------------------------------
</TABLE>
As part of the Substitution, American Skandia will permit transfers from the
Replaced Portfolios/Sub-accounts to any other investment options available under
the Policy for a period beginning from the date of this Supplement without the
imposition of any transfer fee. Additionally, American Skandia Life Assurance
Corporation will not exercise any rights reserved under the Policy to impose
additional restrictions on transfers until at least 30 days after the
Substitutions. Under the proposed substitution, any such transfers would not
count in determining whether the maximum number of free transfers has been
exceeded. Furthermore, under the proposed substitution, the transfer of Account
Value from the Replaced Portfolio/Sub-account to the Substitute
Portfolio/Sub-account would likewise not be subject to a transfer fee nor count
in determining whether the maximum number of free transfers have been exceeded.
The proposed substitution will not affect your rights or our obligations under
the Policy. American Skandia will bear any expenses in connection with the
proposed substitution.
Policy Owners with Account Value allocated to a Replaced Portfolio/Sub-account
may remain in the Sub-account until the earliest to occur of: (1) the date they
transfer Account Value out of the Replaced Portfolio/Sub-account; or (2) the
date the proposed substitution is completed. On or after the date of the
substitution, the Replaced Portfolio/Sub-account will no longer exist. Policy
Owners will no longer be able to allocate Account Value to the Replaced
Portfolio/Sub-account after the substitution date.
<PAGE>
B. INVESTMENT OBJECTIVES AND POLICIES
The investment objective (in italics) and a short, summary description of the
key policies for each of the Substitute Portfolios follows. The AST Alger Growth
and AST Alger Mid-Cap Growth portfolios of American Skandia Trust are not
currently available; however, they will be available at the time the
Substitution is effective.
<TABLE>
<CAPTION>
------------------- ------------------------------------------------------------------------------------------------ ---------------
PORTFOLIO
STYLE/ INVESTMENT OBJECTIVES/POLICIES ADVISOR/
TYPE SUB-ADVISOR
------------------- ------------------------------------------------------------------------------------------------ ---------------
------------------- ------------------------------------------------------------------------------------------------ ---------------
<S> <C> <C>
AST Alger Growth: seeks long-term capital growth. The Fred Alger
Portfolio invests primarily in equity securities, such as Management, Inc.
common or preferred stocks, that are listed on U.S. exchanges
or in the over-the-counter market. The Portfolio invests
primarily in growth stocks of "high unit volume growth"
companies (vital, creative companies that offer goods or
services to a rapidly expanding marketplace) and "positive
LARGE CAP life cycle change" companies (companies experiencing a major
GROWTH change that is expected to produce advantageous results). The
Portfolio focuses on growing companies that generally have
broad product lines, markets, financial resources and depth of
management. The Portfolio normally invests at least 65% of its
total assets in equity securities of companies that, at the
time of purchase of the securities, have total market
capitalizations of $1 billion or greater. The Portfolio also
may invest up to 35% of its total assets in equity securities
of companies that, at the time of purchase, have total market
capitalizations of less than $1 billion.
------------------- ------------------------------------------------------------------------------------------------ ---------------
AST Alger Mid-Cap Growth: seeks long-term capital growth. The Fred Alger
Portfolio invests primarily in equity securities, such as Management, Inc.
common or preferred stocks, that are listed on U.S. exchanges
or in the over-the-counter market. Under normal circumstances,
MID CAP the Portfolio invests primarily in the equity securities of
GROWTH companies having a market capitalization within the range of
companies in the S&P MidCap 400 Index. The Portfolio may
invest up to 35% of its total assets in equity security of
companies that, at the time of purchase, have total market
capitalization outside the range of companies in the S&P
MidCap 400 Index and in excess of that amount (up to 100% of
its assets) during temporary defensive periods.
------------------- ------------------------------------------------------------------------------------------------ ---------------
</TABLE>
ASTr/FPVLI/FOCUS/HORIZON-SUPP. (09/25/2000) VLISUPP900
