As Filed with the Securities and Exchange Commission on April 4, 2005
File No. 333-59769
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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
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POST-EFFECTIVE AMENDMENT NO. 7
TO FORM S-1 ON FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
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LINCOLN BENEFIT LIFE COMPANY
(Exact name of Registrant as Specified in its Charter)
Nebraska 6300 470221457
(State or other jurisdiction of (Primary Standard Industrial (I.R.S. Employer
incorporation or organization) Classification Code Number) Identification No.)
2940 South 84th St., Lincoln, Nebraska 68506
1-800-525-9287
(Address of registrant's principal executive offices)
WILLIAM F. EMMONS, ESQ.
LINCOLN BENEFIT LIFE COMPANY
2940 South 84th St.
LINCOLN, NE 68506
1-800-525-9287
(Name of agent for service)
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If the only securities being registered on this Form are being offered pursuant
to dividend or interest reinvestment plans, please check the following box: / /
If any of the securities being registered on this Form are to be offered on a
delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, check the following box: / X /
If this Form is filed to register additional securities for an offering pursuant
to Rule 462(b) under the Securities Act, please check the following box and list
the Securities Act registration statement number of the earlier effective
registration statement for the same offering. / /
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under
the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. / /
If delivery of the prospectus is expected to be made pursuant to Rule 434,
please check the following box. / /
Calculation of Registration Fee
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Proposed Maximum Proposed Maximum Amount of
Title of Each Class of Amount to be Offering Price Per Aggregate Offering Registration
Securities to be Registered Registered Unit Price Fee
Market Value Adjusted
Interest under Individual
Flexible Premium
Deferred Variable Annuity
Contracts. . . . . . . . . . . . . . * * * *
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* These Contracts are not issued in predetermined amounts or units. A maximum
aggregate offering price of $25,000,000 was previously registered. No
additional amount of securities is being registered by this post- effective
amendment to the registration statement.
Lincoln Benefit Life Company
Lincoln Benefit Life Variable Annuity Account
Supplement, dated April 4, 2005,
to
The Consultant II Variable Annuity Prospectus
dated May 1, 2004
This supplement amends certain disclosure contained in the above-referenced
prospectus for certain variable annuity contracts issued by Lincoln Benefit Life
Company.
We have received notice that the shareholders of the Strong Opportunity Fund II
- - Investor Class and the Strong Mid Cap Growth Fund II - Investor Class ("Strong
Portfolios") approved the reorganization of the Strong Portfolios into the Wells
Fargo Advantage Opportunity Fund and the Wells Fargo Advantage Discovery Fund
("Wells Fargo Portfolios"), respectively.
On April 8, 2005 ("Conversion Date"), the Strong Opportunity Fund II - Investor
Class will be merged into the Wells Fargo Advantage Opportunity Fund, and the
Strong Mid Cap Growth Fund II - Investor Class will be merged into the Wells
Fargo Advantage Discovery Fund. On the Conversion Date, we will change the name
of the Strong Portfolio sub-accounts to reflect the change in the underlying
portfolio. Contract owners will receive a confirmation of the transaction
reflecting this change.
If you currently have allocations made to the Strong Portfolio sub-accounts
through automatic additions, automatic portfolio rebalancing or dollar cost
averaging programs, any future allocations will continue to be made to those
sub-accounts under their new name as of the Conversion Date.
All reference to the Strong Opportunity Fund II, Inc., Strong Variable Insurance
Funds, Inc, and the Strong Portfolios are deleted on page 1 of the prospectus.
The following information is added to page 1:
Wells Fargo Variable Trust Funds: Wells Fargo Advantage Discovery Fund , Wells
Fargo Advantage Opportunity Fund
The table on page 6 of the prospectus that shows the minimum and maximum total
annual operating expenses charged by the Portfolios is deleted in its entirety
and replaced by the following:
Minimum Maximum
Total Annual Portfolio Operating
Expenses(1) (expenses that are
deducted from Portfolio assets,
which may include management fees,
distribution and/or service (12b-1)
fees, and other expenses)(without
waivers or reimbursements) 0.10% 3.89%
(1)Expenses are shown as a percentage of Portfolio average daily net assets
before any waiver or reimbursement as of December 31, 2004.
The "Examples" on page 6-7 of the prospectus are deleted in their entirety and
replaced by the following:
Example
This Example is intended to help you compare the cost of investing in the
Contracts with the cost of investing in other variable annuity contracts. These
costs include Contract owner transaction expenses, Contract fees, Separate
Account annual expenses, and Portfolio fees and expenses and assume no transfers
or exchanges were made. The example shows the dollar amount of expenses that you
would bear directly or indirectly if you:
o Invested $10,000 in the Contract for the time periods indicated, o earned a
5% annual return on your investment,
o surrendered your Contract, or you began receiving income payments, or
continued to hold Your Contract, at the end of each time period, and,
o with total Separate Account expenses of 1.40%.
The first line of the example assumes that the maximum fees and expenses of any
of the Portfolios are charged. The second line of the example assumes that the
minimum fees and expenses of any of the Portfolios are charged. Your actual
expenses may be higher or lower than those shown below.
The example does not include any taxes or tax penalties you may be required to
pay if you surrender your Contract.
1 Year 3 Years 5 Years 10 Years
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Costs Based on Maximum Annual Portfolio Expenses $577 $1,719 $2,844 $5,585
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Costs Based on Minimum Annual Portfolio Expenses $189 $581 $993 $2,123
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Explanation of Expense Example
Please remember that you are looking at examples and not a representation of
past or future expenses. Your rate of return may be higher or lower than 5%,
which is not guaranteed. The examples do not assume that any Portfolio expense
waivers or reimbursement arrangements are in effect for the periods presented.
The Examples reflect an annual Contract maintenance charge of $35.
All reference to the Strong Opportunity Fund II, Inc., Strong Variable Insurance
Funds, Inc, and the Strong Portfolios are deleted on page 9 of the prospectus.
The following information is added to page 9:
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Wells Fargo Variable Wells Fargo Advantage Discovery
Trust Fund , Wells Fargo Advantage
Opportunity Fund
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The section entitled "Condensed Financial Information" on page 12 is deleted in
its entirety and replaced with the following:
CONDENSED FINANCIAL INFORMATION
Attached as Appendix A is a table showing selected information concerning
Accumulation Unit Values for each sub-account for 1994 through 2004.
Accumulation Unit Value is the unit of measure that we use to calculate the
value of your interest in a Subaccount. Accumulation Unit Value does not reflect
the deduction of certain charges that are subtracted from your Contract Value,
such as the Contract Administration Charge. The financial statements of the
sub-accounts comprising the Separate Account as of December 31, 2004, are
included in the Statement of Additional Information. Lincoln Benefit's financial
statements as of December 31, 2004, are included in the Statement of Additional
Information.
The chart on page 17 of the prospectus is deleted in its entirety and replaced
by the following:
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Portfolio Each Portfolio Seeks Investment Adviser
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AIM Variable Insurance Funds
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AIM V.I. Basic Value Fund - Series I (1) Long-term growth of capital A I M Advisors, Inc.
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The Alger American Fund
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Alger American Growth Portfolio - Class O Long-term capital appreciation Fred Alger Management, Inc.
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Alger American Income & Growth Portfolio - To provide a high level of dividend income. Its
Class O secondary goal is to provide capital
appreciation.
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Alger American Leveraged AllCap Portfolio Long-term capital appreciation
- Class O
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Alger American MidCap Growth Portfolio - Long-term capital appreciation
Class O
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Alger American Small Capitalization Long-term capital appreciation
Portfolio - Class O
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Federated Insurance Series
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Federated Capital Income Fund II High current income and moderate capital Federated Equity Management
appreciation Company of Pennsylvania
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Federated High Income Bond Fund II High current income Federated Investment
Management Company
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Federated Fund for U.S. Government Current income
Securities II
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Fidelity(R) Variable Insurance Products
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Fidelity VIP Asset Manager(SM) Portfolio - To obtain high total return with reduced risk over Fidelity Management &
Initial Class the long term by allocating its assets among Research Company
stocks, bonds, and short-term instruments.
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Fidelity VIP Contrafund(R) Portfolio - Long-term capital appreciation.
Initial Class
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Fidelity VIP Equity-Income Portfolio - Reasonable income by investing primarily in
Initial Class income-producing equity securities. In choosing
these securities, the fund will also consider the
potential for capital appreciation. The fund's
goal is to achieve a yield which exceeds the
composite yield on the securities comprising the
S&P 500.
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Fidelity VIP Growth Portfolio - Initial To achieve capital appreciation.
Class
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Fidelity VIP Index 500 Portfolio - Initial Investment results that correspond to the total
Class return of common stocks publicly traded in the
United States, as represented by the Standard &
Poors 500(SM) Index (S&P 500(R) ).
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Fidelity VIP Money Market Portfolio - As high a level of current income as is consistent
Initial Class with preservation of capital and liquidity by
investing in money market instruments.
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Fidelity VIP Overseas Portfolio - Initial Long-term growth of capital.
Class
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Janus Aspen Series
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Janus Aspen Series Balanced Portfolio - Long-term capital growth, consistent with Janus Capital Management
Institutional Shares preservation of capital and balanced by current LLC
income.
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Janus Aspen Series Flexible Bond Portfolio To obtain maximum total return, consistent with
- Institutional Shares (2) preservation of capital.
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Janus Aspen Series Foreign Stock Portfolio Long-term growth of capital.
- Service Shares
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Janus Aspen Series Large Cap Growth Long-term growth of capital in a manner consistent
Portfolio - Institutional Shares (2) with the preservation of capital.
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Janus Aspen Series Mid Cap Growth Long-term growth of capital
Portfolio - Institutional Shares
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Janus Aspen Series Worldwide Growth Long-term growth of capital in a manner consistent
Portfolio - Institutional Shares with the preservation of capital.
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MFS(R) Variable Insurance Trust(SM)
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MFS Emerging Growth Series - Initial Class Long-term growth of capital MFS(TM) Investment Management
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MFS Investors Trust Series - Initial Class Long-term growth of capital with a secondary
objective to seek reasonable current income
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MFS New Discovery Series - Initial Class Capital appreciation.
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MFS Research Series - Initial Class Long-term growth of capital and future income
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MFS Total Return Series - Initial Class To provide above-average income (compared to a
portfolio invested entirely in equity securities)
consistent with the prudent employment of capital
and secondarily to provide a reasonable
opportunity for growth of capital and income.
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Oppenheimer Variable Account Funds
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Oppenheimer Main Street Small Cap Fund/VA Capital appreciation. OppenheimerFunds, Inc.
- Service Shares
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Premier VIT
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Premier VIT OpCap Balanced Portfolio (3) Growth of capital and investment income OpCap Advisors LLC
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Premier VIT OpCap Small Cap Portfolio (3) Capital appreciation
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PIMCO Variable Insurance Trust
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PIMCO VIT Foreign Bond Portfolio (U.S. Maximum total return, consistent with preservation Pacific Investment
Dollar-Hedged) - Administrative Shares of capital and prudent investment management. Management Company LLC
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PIMCO VIT Total Return Portfolio - Maximum total return, consistent with preservation
Administrative Shares of capital and prudent investment management.
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Putnam Variable Trust
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Putnam VT International Growth and Income Capital growth. Current income is a secondary Putnam Investment
Fund - Class IB objective. Management, LLC
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Salomon Brothers Variable Series Funds Inc
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Salomon Brothers Variable Investors Fund - Long-term growth of capital with current income as Salomon Brothers Asset
Class I a secondary objective Management Inc
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Scudder Variable Series I
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Scudder SVS I Bond Portfolio - Class A To provide a high level of income consistent with a Deutsche Investment
high quality portfolio of debt securities Management Americas Inc.
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Scudder SVS I Global Discovery Portfolio - Above-average capital appreciation over the long
Class A term
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Scudder SVS I Growth and Income Portfolio Long-term growth of capital, current income and
- Class A growth of income
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Scudder SVS I International Portfolio - Long-term growth of capital primarily through
Class A diversified holdings of marketable foreign equity
investments
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Scudder Variable Series II
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Scudder SVS II Total Return Portfolio - High total return, a combination of income and Deutsche Investment
Class A (4) capital appreciation Management Americas Inc.
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STI Classic Variable Trust
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STI Classic Capital Appreciation Fund Capital appreciation Trusco Capital Management,
Inc.
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STI Classic International Equity Fund (5) Long-term capital appreciation
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STI Classic Value Income Stock Fund Current income with the secondary goal of capital
appreciation
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T. Rowe Price Equity Series, Inc.
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T. Rowe Price Equity Income Portfolio - I Substantial dividend income as well as long-term T. Rowe Price Associates,
growth of capital. Inc.
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T. Rowe Price Mid-Cap Growth Portfolio - I Long-term capital appreciation
(6)
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T. Rowe Price New America Growth Portfolio Long-term growth of capital
- I
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T. Rowe Price International Series, Inc.
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T. Rowe Price International Stock Long-term growth of capital T. Rowe Price
Portfolio - I International, Inc.
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The Universal Institutional Funds, Inc.
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Van Kampen UIF U.S. Mid Cap Value Above-average total return over a market cycle of Van Kampen (7)
Portfolio, Class I three to five years by investing in common stocks
and other equity securities
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Van Kampen Life Investment Trust
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Van Kampen LIT Aggressive Growth Capital Growth Van Kampen Asset Management
Portfolio, Class II
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Van Kampen LIT Growth and Income Long-term growth of capital and income.
Portfolio, Class II
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Wells Fargo Variable Trust Funds
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Wells Fargo Advantage Discovery Fund (8) Long-term capital appreciation Wells Fargo Funds
Management, LLC
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Wells Fargo Advantage Opportunity Fund (8) Long-term capital appreciation
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(1) A Fund's investment objective(s) may be changed by the Fund's Board of
Trustees without shareholder approval.
(2) Effective May 1, 2005, the Janus Aspen Series Flexible Income Portfolio -
Institutional Shares and Janus Aspen Series Growth Portfolio -
Institutional Shares changed their names to the Janus Aspen Series Flexible
Bond Portfolio - Institutional Shares and Janus Aspen Series Large Cap
Growth Portfolio - Institutional Shares , respectively.
(3) Effective May 1, 2005, the PAVIT OpCap Balanced Portfolio and PAVIT OpCap
Small Cap Portfolio changed their names to the Premier VIT OpCap Balanced
Portfolio and Premier VIT OpCap Small Cap Portfolio, respectively.
(4) Effective April 29, 2005, the Scudder SVS I Balanced Portfolio - Class A
was reorganized onto the Scudder SVS II Total Return Portfolio - Class A .
(5) Effective September 27, 2002, the STI Classic International Equity Fund is
no longer available for new investments. If you are currently invested in
the Variable Sub-account that invests in this Portfolio you may continue
your investment. If, prior to September 27, 2002, you enrolled in one of
our automatic transaction programs, such as automatic additions, portfolio
rebalancing, or dollar cost averaging, we will continue to effect automatic
transactions into the Variable Sub-Account in accordance with that program.
Outside of these automatic transaction programs, additional allocations
will not be allowed.
(6) Effective 5/1/04, the T. Rowe Price Mid-Cap Growth Portfolio - I is no
longer available for new investments. If you are currently invested in the
T. Rowe Price Mid-Cap Growth Portfolio - I you may continue your
investment. If you are currently enrolled in one of our automatic
transaction programs, such as Portfolio Rebalancing or Dollar Cost
Averaging, we will continue to effect automatic transactions to the
portfolio in accordance with that program.
(7) Morgan Stanley Investment Management Inc., the adviser to the UIF
Portfolios, does business in certain instances using the name Van Kampen.
(8) Effective 4/8/05, the Strong Mid Cap Growth Fund II - Investor Class and
Strong Opportunity Fund II - Investor Class were reorganized into the Wells
Fargo Advantage Discovery Fund and Wells Fargo Advantage Opportunity Fund,
respectively.
The first sentence of the first paragraph of the section entitled "Annual
Reports and Other Documents" on page 39 of the prospectus is deleted and
replaced by the following:
"Lincoln Benefit's annual report on Form 10-K for the year ended December 31,
2004, is incorporated herein by reference, which means that it is legally a part
of this prospectus."
The following column is added to the Accumulation Unit Value chart in Appendix
A:
Accumulation Unit Values (1)
Basic Policy
Fund Year ending
December 31,
2004
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AIM V.I. Basic Value - Series I Sub-Account
Accumulation Unit Value(1) Beginning 10.000
Accumulation Unit Value Ending 10.810
Number of Units Outstanding at End of Year 58,864
Alger American Growth - Class O Sub-Account
Accumulation Unit Value(1) Beginning 10.116
Accumulation Unit Value Ending 10.524
Number of Units Outstanding at End of Year 106,786
Alger American Income & Growth - Class O Sub-Account
Accumulation Unit Value(1) Beginning 11.547
Accumulation Unit Value Ending 12.280
Number of Units Outstanding at End of Year 94,296
Alger American Leveraged AllCap - Class O Sub-Account
Accumulation Unit Value(1) Beginning 11.959
Accumulation Unit Value Ending 12.758
Number of Units Outstanding at End of Year 125,490
Alger American MidCap Growth - Class O Sub-Account
Accumulation Unit Value(1) Beginning 15.141
Accumulation Unit Value Ending 16.878
Number of Units Outstanding at End of Year 189,941
Alger American Small Capitalization - Class O Sub-Account
Accumulation Unit Value(1) Beginning 8.146
Accumulation Unit Value Ending 9.364
Number of Units Outstanding at End of Year 152,854
Federated Capital Income II Sub-Account
Accumulation Unit Value(1) Beginning 7.607
Accumulation Unit Value Ending 8.245
Number of Units Outstanding at End of Year 118,737
Federated High Income Bond II Sub-Account
Accumulation Unit Value(1) Beginning 10.727
Accumulation Unit Value Ending 11.864
Number of Units Outstanding at End of Year 274,221
Federated for U.S. Government Securities II Sub-Account
Accumulation Unit Value(1) Beginning 12.608
Accumulation Unit Value Ending 12.881
Number of Units Outstanding at End of Year 254,843
Fidelity VIP Asset Manager(SM) - Initial Class Sub-Account
Accumulation Unit Value(1) Beginning 11.097
Accumulation Unit Value Ending 11.541
Number of Units Outstanding at End of Year 119,887
Fidelity VIP Contrafund(R) - Initial Class Sub-Account
Accumulation Unit Value(1) Beginning 12.660
Accumulation Unit Value Ending 14.416
Number of Units Outstanding at End of Year 442,140
Fidelity VIP Equity-Income - Initial Class Sub-Account
Accumulation Unit Value(1) Beginning 11.970
Accumulation Unit Value Ending 13.165
Number of Units Outstanding at End of Year 324,151
Fidelity VIP Growth - Initial Class Sub-Account
Accumulation Unit Value(1) Beginning 10.133
Accumulation Unit Value Ending 10.330
Number of Units Outstanding at End of Year 310,704
Fidelity VIP Index 500 - Initial Class Sub-Account
Accumulation Unit Value(1) Beginning 10.155
Accumulation Unit Value Ending 11.077
Number of Units Outstanding at End of Year 569,379
Fidelity VIP Money Market - Initial Class Sub-Account
Accumulation Unit Value(1) Beginning 11.315
Accumulation Unit Value Ending 11.292
Number of Units Outstanding at End of Year 421,371
Fidelity VIP Overseas - Initial Class Sub-Account
Accumulation Unit Value(1) Beginning 10.169
Accumulation Unit Value Ending 11.395
Number of Units Outstanding at End of Year 138,707
Janus Aspen Series Mid Cap Growth - Institutional Shares Sub-Account
Accumulation Unit Value(1) Beginning 10.359
Accumulation Unit Value Ending 12.334
Number of Units Outstanding at End of Year 142,342
Janus Aspen Series Balanced - Institutional Shares Sub-Account
Accumulation Unit Value(1) Beginning 13.721
Accumulation Unit Value Ending 14.684
Number of Units Outstanding at End of Year 348,122
Janus Aspen Series Flexible Bond - Institutional Shares Sub-Account (3)
Accumulation Unit Value(1) Beginning 13.061
Accumulation Unit Value Ending 13.390
Number of Units Outstanding at End of Year 235,284
Janus Aspen Series Large Cap Growth - Institutional Shares Sub-Account (3)
Accumulation Unit Value(1) Beginning 9.904
Accumulation Unit Value Ending 10.208
Number of Units Outstanding at End of Year 266,429
Janus Aspen Series Foreign Stock - Service Shares Sub-Account (2)(5)
Accumulation Unit Value(1) Beginning 10.200
Accumulation Unit Value Ending 11.891
Number of Units Outstanding at End of Year 63,308
Janus Aspen Series Worldwide Growth - Institutional Shares Sub-Account
Accumulation Unit Value(1) Beginning 9.891
Accumulation Unit Value Ending 10.220
Number of Units Outstanding at End of Year 155,504
LSA Balanced (2)(4)
Accumulation Unit Value(1) Beginning
Accumulation Unit Value Ending
Number of Units Outstanding at End of Year
MFS Emerging Growth - Initial Class Sub-Account
Accumulation Unit Value(1) Beginning 8.923
Accumulation Unit Value Ending 9.939
Number of Units Outstanding at End of Year 51,201
MFS Investors Trust - Initial Class Sub-Account
Accumulation Unit Value(1) Beginning 9.018
Accumulation Unit Value Ending 9.902
Number of Units Outstanding at End of Year 43,733
MFS New Discovery - Initial Class Sub-Account
Accumulation Unit Value(1) Beginning 15.612
Accumulation Unit Value Ending 16.398
Number of Units Outstanding at End of Year 71,788
MFS Research - Initial Class Sub-Account
Accumulation Unit Value(1) Beginning 9.027
Accumulation Unit Value Ending 10.313
Number of Units Outstanding at End of Year 41,251
MFS Total Return - Initial Class Sub-Account
Accumulation Unit Value(1) Beginning 13.074
Accumulation Unit Value Ending 14.352
Number of Units Outstanding at End of Year 176,247
Premier VIT OpCap Balanced Sub-Account (2)(5)
Accumulation Unit Value(1) Beginning 10.000
Accumulation Unit Value Ending 10.801
Number of Units Outstanding at End of Year 75,904
Premier VIT OpCap Small Cap Sub-Account (2)(5)
Accumulation Unit Value(1) Beginning 10.118
Accumulation Unit Value Ending 11.762
Number of Units Outstanding at End of Year 79,179
Oppenheimer Main Street Small Cap/VA - Service Shares Sub-Account (2)
Accumulation Unit Value(1) Beginning 11.151
Accumulation Unit Value Ending 13.104
Number of Units Outstanding at End of Year 137,464
PIMCO VIT Foreign Bond (U.S. Dollar-Hedged) - Administrative Shares
Sub-Account (2)
Accumulation Unit Value(1) Beginning 10.642
Accumulation Unit Value Ending 11.078
Number of Units Outstanding at End of Year 70,009
PIMCO VIT Total Return - Administrative Shares Sub-Account (2)
Accumulation Unit Value(1) Beginning 10.924
Accumulation Unit Value Ending 11.298
Number of Units Outstanding at End of Year 410,197
Putnam VT International Growth and Income - Class IB Sub-Account
Accumulation Unit Value(1) Beginning 11.133
Accumulation Unit Value Ending 13.282
Number of Units Outstanding at End of Year 25,804
Salomon Brothers Variable Investors - Class I Sub-Account
Accumulation Unit Value(1) Beginning 10.000
Accumulation Unit Value Ending 10.943
Number of Units Outstanding at End of Year 15,927
Scudder SVS II Total Return - Class A Sub-Account (6)
Accumulation Unit Value(1) Beginning
Accumulation Unit Value Ending
Number of Units Outstanding at End of Year
Scudder SVS I Bond - Class A Sub-Account
Accumulation Unit Value(1) Beginning 12.435
Accumulation Unit Value Ending 12.921
Number of Units Outstanding at End of Year 172,335
Scudder SVS I Global Discovery - Class A Sub-Account
Accumulation Unit Value(1) Beginning 14.202
Accumulation Unit Value Ending 17.275
Number of Units Outstanding at End of Year 107,272
Scudder SVS I Growth and Income - Class A Sub-Account
Accumulation Unit Value(1) Beginning 8.800
Accumulation Unit Value Ending 9.559
Number of Units Outstanding at End of Year 38,185
Scudder SVS I International - Class A Sub-Account
Accumulation Unit Value(1) Beginning 8.439
Accumulation Unit Value Ending 9.967
Number of Units Outstanding at End of Year 51,111
STI Classic Capital Appreciation Sub-Account
Accumulation Unit Value(1) Beginning 8.593
Accumulation Unit Value Ending 9.045
Number of Units Outstanding at End of Year 30,367
STI Classic International Equity Sub-Account (7)
Accumulation Unit Value(1) Beginning 8.851
Accumulation Unit Value Ending 10.417
Number of Units Outstanding at End of Year 223
STI Classic Value Income Stock Sub-Account
Accumulation Unit Value(1) Beginning 9.104
Accumulation Unit Value Ending 10.351
Number of Units Outstanding at End of Year 41,425
Strong Opportunity II - Investor Class Sub-Account
Accumulation Unit Value(1) Beginning 14.148
Accumulation Unit Value Ending 16.494
Number of Units Outstanding at End of Year 107,791
T. Rowe Price Equity Income - I Sub-Account
Accumulation Unit Value(1) Beginning 13.035
Accumulation Unit Value Ending 14.771
Number of Units Outstanding at End of Year 201,619
T. Rowe Price International Stock - I Sub-Account
Accumulation Unit Value(1) Beginning 9.127
Accumulation Unit Value Ending 10.239
Number of Units Outstanding at End of Year 95,532
T. Rowe Price Mid-Cap Growth - I Sub-Account (8)
Accumulation Unit Value(1) Beginning 15.381
Accumulation Unit Value Ending 17.949
Number of Units Outstanding at End of Year 130,090
T. Rowe Price New America Growth - I Sub-Account
Accumulation Unit Value(1) Beginning 9.017
Accumulation Unit Value Ending 9.860
Number of Units Outstanding at End of Year 55,066
Van Kampen LIT Aggressive Growth, Class II Sub-Account (2)
Accumulation Unit Value(1) Beginning 10.000
Accumulation Unit Value Ending 11.144
Number of Units Outstanding at End of Year 10,217
Van Kampen LIT Growth and Income, Class II Sub-Account (2)
Accumulation Unit Value(1) Beginning 10.267
Accumulation Unit Value Ending 11.554
Number of Units Outstanding at End of Year 138,483
Van Kampen UIF U.S. Mid Cap Value, Class I Sub-Account (2)(9)
Accumulation Unit Value(1) Beginning 10.000
Accumulation Unit Value Ending 11.321
Number of Units Outstanding at End of Year 98,278
Wells Fargo Advantage Discovery Sub-Account (10)
Accumulation Unit Value(1) Beginning --
Accumulation Unit Value Ending --
Number of Units Outstanding at End of Year --
Wells Fargo Advantage Opportunity Sub-Account (10)
Accumulation Unit Value(1) Beginning --
Accumulation Unit Value Ending --
Number of Units Outstanding at End of Year --
- -----------------------------------------------------------------------------------------------------------
The "Experts" section in the Statement of Additional Information is deleted in
its entirety and replaced with the following:
EXPERTS
The financial statements of Lincoln Benefit Life Company as of December 31, 2004
and 2003 and for each of the three years in the period ended December 31, 2004,
and the related financial statement schedules included in this Statement of
Additional Information and incorporated in this prospectus by reference from the
Lincoln Benefit Life Company Annual Report on Form 10-K for the year ended
December 31, 2004 have been audited by Deloitte & Touche LLP, an independent
registered public accounting firm, as stated in their report, which is included
and incorporated by reference herein (which report expresses an unqualified
opinion and includes an explanatory paragraph relating to a change in method of
accounting for certain nontraditional long-duration contracts and for separate
accounts in 2004), and have been so included and incorporated in reliance upon
the report of such firm given upon their authority as experts in accounting and
auditing.
The financial statements of the sub-accounts comprising Lincoln Benefit Life
Variable Annuity Account as of December 31, 2004 and for each of the periods in
the two year period then ended included in this Statement of Additional
Information have been audited by Deloitte & Touche LLP, an independent
registered public accounting firm, as stated in their report appearing herein,
and have been so included in reliance upon the report of such firm given upon
their authority as experts in accounting and auditing.
The "Financial Statements " section in the Statement of Additional Information
is deleted in its entirety and replaced with the following:
FINANCIAL STATEMENTS
The financial statements of the Subaccounts comprising the Separate Account as
of December 31, 2004, and for the periods in the two year period then ended, the
financial statements of Lincoln Benefit as of December 31, 2004 and 2003, and
for each of the three years in the period ended December 31, 2004, and related
financial statement schedules and the accompanying Reports of Independent
Registered Public Accounting Firm appear in the pages that follow. The financial
statements and financial statement schedules of Lincoln Benefit included herein
should be considered only as bearing upon the ability of Lincoln Benefit to meet
its obligations under the Contacts.
For future reference, please keep this supplement together with your prospectus.
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 14. Other Expenses of Issuance and Distribution.
Pursuant to Item 511 of Regulation S-K, the Registrant hereby
represents that the following expenses totaling approximately $31,000.00 will be
incurred or are anticipated to be incurred in connection with the issuance and
distribution of the securities to be registered: registration fees - $0; cost of
printing and engraving - $25,000.00 (approximate); legal fees - $5,000.00
(approximate), and accounting fees - $1,000.00 (approximate). All amounts are
estimated for the period ending April 4, 2005, for the continuous offering of
shares, but are not deducted from proceeds.
Item 15. Indemnification of Directors and Officers
The Articles of Incorporation of Lincoln Benefit Life Company
(Depositor) provide for the indemnification of its directors and officers
against expenses, judgments, fines and amounts paid in settlement as incurred by
such person, so long as such person shall not have been adjudged to be liable
for negligence or misconduct in the performance of a duty to the Company. This
right of indemnity is not exclusive of other rights to which a director or
officer may otherwise be entitled.
The By-Laws of ALFS, Inc. (Distributor) provide that the corporation
will indemnify a director, officer, employee or agent of the corporation to the
full extent of Delaware law. In general, Delaware law provides that a
corporation may indemnify a director, officer, employee or agent against
expenses, judgments, fines and amounts paid in settlement if that individual
acted in good faith and in a manner he or she reasonably believed to be in or
not opposed to the best interests of the corporation, and with respect to any
criminal action or proceeding, had no reasonable cause to believe his or her
conduct was unlawful. No indemnification shall be made for expenses, including
attorney's fees, if the person shall have been judged to be liable to the
corporation unless a court determines such person is entitled to such indemnity.
Expenses incurred by such individual in defending any action or proceeding may
be advanced by the corporation so long as the individual agrees to repay the
corporation if it is later determined that he or she is not entitled to such
indemnification.
Under the terms of the form of Underwriting Agreement, the Depositor
agrees to indemnify the Distributor for any liability that the latter may incur
to a Contract owner or party-in-interest under a Contract, (a) arising out of
any act or omission in the course of or in connection with rendering services
under such Agreement, or (b) arising out of the purchase, retention or surrender
of a Contract; provided that the Depositor will not indemnify the Distributor
for any such liability that results from the latter's willful misfeasance, bad
faith or grow negligence, or from the reckless disregard by the latter of its
duties and obligations under the Underwriting Agreement.
Insofar as indemnification for liability arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons of
the registrant pursuant to the forgoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suite or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter
has settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.
Item 16. Exhibits
Exh. No. Description
1 Principal Underwriting Agreement(1)
3(a) Articles of Incorporation(2)
3(b) Bylaws(2)
4(a) Form of Variable Annuity Contract(3)
4(b) Form of Application(3)
5 Opinion and Consent of Counsel regarding legality(5)
21 Subsidiaries of Registrant - Not Applicable
23 Consent of Independent Registered Public Accounting Firm
(filed herewith)
27 Financial Data Schedule(4)
99 Experts (filed herewith)
99(a) Powers of Attorney for Lawrence W. Dahl, Douglas F. Gaer, John
C. Lounds, Samuel H. Pilch, Casey J. Sylla, Michael J. Velotta,
B. Eugene Wraith, (6)
99(b) Power of Attorney for Kevin R. Slawin (7)
99(c) Power of Attorney for John C. Pintozzi, Douglas B. Welch,
Steven C. Verney (filed herewith)
- -------------------------------------------------
(1) Incorporated herein by reference to Post-Effective Amendment No. 1 to the
Registration Statement on Form N-4 for Lincoln Benefit Life Variable
Annuity Account (File No. 333-50545, 811-07924) filed January 28, 1999
(2) Incorporated herein by reference to the Registration Statement on Form S-6
for the Lincoln Benefit Life Variable Life Account (File No. 333-47717)
filed March 11, 1998
(3) Incorporated herein by reference to the Registration Statement on Form N-4
for Lincoln Benefit Life Variable Annuity Account (File No. 333-50737,
811-07924) filed April 22, 1998
(4) Incorporated herein by reference to the Registrant's Form 10-K filed March
29, 2001.
(5) Incorporated herein by reference to Post-Effective Amendment No. 2 to S-1
on Form S-3 for the Lincoln Benefit Life Variable Annuity Account (File No.
333-59769) filed March 30, 2000.
(6) Incorporated herein by reference to Post Effective Amendment No. 6 to
Registration Statement on Form N-4 for Lincoln Benefit Life Variable
Annuity Account, File No. 333-50737, filed April 14, 2003.
(7) Incorporated herein by reference to Post Effective Amendment No. 7 to
Registration Statement on Form N-4 for Lincoln Benefit Life Variable
Annuity Account, File No. 333-50737, filed April 16, 2004.
Item 17. Undertakings.
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:
(i) To include any prospectus required by section 10(a)(3) of
the Securities Act of 1933;
(ii) To reflect in the Prospectus any facts or events arising
after the effective date of the registration statement (or
the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental
change in the information set forth in the registration
statement;
(iii)To include any material information with respect to the plan
of distribution not previously disclosed in the registration
statement or any material change to such information in the
registration statement;
(2) That, for the determining of any liability under the Securities
Act of 1933, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain
unsold at the termination of the offering.
(b) The undersigned registrant hereby undertakes that, for purposes of
determining any liabilities under the Securities Act of 1933, each
filing of the registrant's annual report pursuant to section 13(a) or
section 15(d) of the Securities Exchange Act of 1934) that is
incorporated by reference in the registration statement shall be
deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted in directors, officers and
controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in the
opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the
registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the
registrant will, unless in the opinion of its counsel the matter has
been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by
it is against public policy as expressed in the Act and will be
governed by the final adjudication of such issue.
SIGNATURES
As required by the Securities Act of 1933, the Registrant has reasonable
grounds to believe that it meets all of the requirements for filing on Form S-3
and has duly caused this amended Registration Statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of Lincoln and
State of Nebraska on April 4, 2005.
LINCOLN BENEFIT LIFE COMPANY (Registrant)
By: /s/ B. Eugene Wraith
---------------------------------------------------------
B. Eugene Wraith
President and Chief Operating Officer
Pursuant to the Securities Act of 1933, this Post-Effective Amendment to
the Registration Statement has been signed below by the following directors and
principal officers of Lincoln Benefit Life Company in the capacities indicated
on April 4, 2005.
Name Title
- ------------------------------ --------------------------
/s/ B. Eugene Wraith Director, President and Chief Operating
- ------------------------------- Officer
(Principal Executive Officer)
/s/ Samuel H. Pilch Group Vice President and Controller
- ------------------------------
(Principal Accounting Officer)
/s/ Steven C. Verney Treasurer
- -----------------------------
(Principal Financial Officer)
/s/ Lawrence W. Dahl Director, Executive Vice President
- ----------------------------
/s/ Douglas F. Gaer Executive Vice President
- ----------------------------
/s/ John C. Lounds Director
- ----------------------------
/s/ Douglas B. Welch Director, Vice President
- ----------------------------
/s/ John C. Pintozzi Director, Senior Vice President and
- ---------------------------- Chief Financial Officer
/s/ Kevin R. Slawin Director
- ----------------------------
/s/ Michael J. Velotta Director, Senior Vice President,
- ---------------------------- General Counsel and Secretary
/s/ Casey J. Sylla Director, Chairman of the Board and
- ---------------------------- Chief Executive Officer
EXHIBITS
Exhibit No. Description
23 Consent of Independent Registered Public Accounting Firm
99 Experts
99(c) Power of Attorney for John C. Pintozzi, Douglas B.
Welch, Steven C. Verney