Supplement to Prospectus Dated May 1, 2000
Supplement dated September 25, 2000
This Supplement should be retained with the current Prospectus for your variable
annuity contract issued by American Skandia Life Assurance Corporation
("American Skandia"). If you do not have a current prospectus please contact
American Skandia at 1-800-SKANDIA.
A. PROPOSED SUBSTITUTION
American Skandia has filed an application with the Securities and Exchange
Commission ("SEC") to substitute the following "Replaced Portfolio/Sub-account"
with the "Substitute Portfolio/Sub-account":
<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
--------------------------------------------------------------- -------- -----------------------------------------------------------
</TABLE>
As part of the Substitution, American Skandia is seeking permission to
allow transfers from the Replaced Portfolio/Sub-account to any other
investment options available under the Annuity for a period beginning from
the date of this Supplement without the imposition of any transfer fee.
Additionally, American Skandia Life Assurance Corporation will not exercise
any rights reserved under the Annuity to impose additional restrictions on
transfers until at least 30 days after the Substitutions. Under the
proposed substitution, any such transfers would not count in determining
whether the maximum number of free transfers has been exceeded.
Furthermore, under the proposed substitution, the transfer of Account Value
from the Replaced Portfolio/Sub-account to the Substitute
Portfolio/Sub-account would likewise not be subject to a transfer fee nor
count in determining whether the maximum number of free transfers have been
exceeded. The proposed substitution will not affect your rights or our
obligations under the Annuity. American Skandia will bear any expenses in
connection with the proposed substitution.
Contract Owners with Account Value allocated to a Replaced Portfolio/Sub-account
may remain in the Sub-account until the earliest to occur of: (1) the date they
transfer Account Value out of the Replaced Portfolio/Sub-account; or (2) the
date the proposed substitution is completed. On or after the date of the
substitution, the Replaced Portfolio/Sub-account will no longer exist. Contract
Owners will no longer be able to allocate Account Value to the Replaced
Portfolio/Sub-account after the substitution date.
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B. INVESTMENT OBJECTIVES AND POLICIES
The investment objective (in italics) and a short, summary description of the
key policies for the Substitute Portfolio follows. The AST Alger Growth
portfolio of American Skandia Trust is not currently available; however, it 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.
------------------- ------------------------------------------------------------------------------------------------ ---------------
</TABLE>
WFV2/WFVASL/WFVXTC-SUPP. (09/25/2000)
