<PAGE> 1
American Skandia Advisor Funds, Inc.
SEMIANNUAL REPORT TO SHAREHOLDERS
April 30, 1999
ASAF
American Skandia Advisor Funds
[STAR GRAPHIC]
Investment Tools
for Tomorrow
<PAGE> 2
TABLE OF CONTENTS
AMERICAN SKANDIA ADVISOR FUNDS, INC.
Schedules of Investments ............................................. 1
Financial Statements ................................................. 36
AMERICAN SKANDIA MASTER TRUST
Schedules of Investments ............................................. 80
Financial Statements ................................................. 96
- - ASAF Founders International Small Capitalization Fund
- - ASAF Janus Small-Cap Growth Fund
- - ASAF T. Rowe Price Small Company Value Fund
- - ASAF American Century Strategic Balanced Fund
- - ASAF Federated High Yield Bond Fund
- - ASAF Oppenheimer Large-Cap Growth Fund
- - ASAF Lord Abbett Growth and Income Fund
- - ASAF Janus Overseas Growth Fund
- - ASAF Marsico Capital Growth Fund
- - ASAF Neuberger Berman Mid-Cap Growth Fund
- - ASAF Neuberger Berman Mid-Cap Value Fund
- - ASAF T. Rowe Price International Equity Fund
- - ASAF Janus Capital Growth Fund
- - ASAF INVESCO Equity Income Fund
- - ASAF Total Return Bond Fund
- - ASAF JPM Money Market Fund
<PAGE> 3
Dear Fellow Shareholder:
Nineteen ninety-nine has been a year of milestones. Surprisingly strong economic
activity and corporate earnings propelled the Dow Jones Industrial Average over
the 11,000 mark for the first time on May 3, 1999, and roughly 70% of the S&P
500 companies reported earnings that exceeded analysts' expectations.
Nineteen ninety-nine has also been an important year for the American Skandia
Advisor Funds. On January 25, 1999, assets of the American Skandia Advisor Funds
surpassed $1 billion. This achievement, realized in just 18 months of operation,
makes the American Skandia Advisor Funds the fastest growing fund family in the
history of the mutual fund industry. Assets in the American Skandia Advisor
Funds now exceed $2 billion.
While domestic large-cap growth stocks was the best performing asset class
during the semiannual period, it is important to remember that different asset
classes and investment styles outperform from time to time. The American Skandia
Advisor Funds are designed to offer you a broad range of asset classes and
investment styles, managed by investment professionals who are among the best
available. We encourage you to periodically review your asset allocation with
your financial advisor to ensure that your investments are properly diversified
to suit your goals, investment time horizon, and risk tolerance.
Looking forward, we anticipate new additions to the American Skandia Advisor
Funds to further expand your investment choices, and to provide you the ability
to meet your investing needs for years to come.
As always, we appreciate your confidence and welcome any comments or questions
you may have.
Sincerely,
/s/ WADE A. DOKKEN
WADE A. DOKKEN
Chairman
American Skandia Investment Services, Incorporated
This letter is authorized for use only with shareholders of the American Skandia
Advisor Funds. The American Skandia Advisor Funds are distributed by American
Skandia Marketing, Incorporated, located at One Corporate Drive, Shelton, CT
06484.
<PAGE> 4
AMERICAN SKANDIA ADVISOR FUNDS, INC.
SCHEDULES OF INVESTMENTS
APRIL 30, 1999
(UNAUDITED)
ASAF FOUNDERS INTERNATIONAL SMALL CAPITALIZATION FUND
ASAF JANUS SMALL-CAP GROWTH FUND
ASAF T. ROWE PRICE SMALL COMPANY VALUE FUND
ASAF AMERICAN CENTURY STRATEGIC BALANCED FUND
ASAF FEDERATED HIGH YIELD BOND FUND
ASAF OPPENHEIMER LARGE-CAP GROWTH FUND
ASAF LORD ABBETT GROWTH AND INCOME FUND
ASAF JANUS OVERSEAS GROWTH FUND
ASAF MARSICO CAPITAL GROWTH FUND
ASAF NEUBERGER BERMAN MID-CAP GROWTH FUND
ASAF NEUBERGER BERMAN MID-CAP VALUE FUND
1
<PAGE> 5
ASAF FOUNDERS INTERNATIONAL
SMALL CAPITALIZATION FUND
<TABLE>
<CAPTION>
- ---------------------------------------------------
SHARES VALUE
- ---------------------------------------------------
<S> <C> <C>
FOREIGN STOCK -- 81.3%
AUSTRIA -- 0.5%
KTM-Motorradholding AG 700 $ 43,760
----------
BRAZIL -- 1.1%
Aracruz Celulose SA [ADR] 4,625 92,500
----------
CANADA -- 3.7%
Cinar Corp. Cl-B* 11,850 247,369
Dorel Industries, Inc.
Cl-B* 3,275 69,714
----------
317,083
----------
DENMARK -- 1.8%
Kobenhavns Lufthavne AS 760 76,340
Vestas Wind Systems AS
144A* 1,100 75,228
----------
151,568
----------
FINLAND -- 2.3%
KCI Konecranes
International PLC 325 12,034
Raisio Group PLC 20,700 189,432
----------
201,466
----------
FRANCE -- 6.1%
Altran Technologies SA 1,350 321,354
Coflexip SA [ADR] 2,600 115,700
Dassault Systemes SA 1,775 65,406
Royal Canin SA 375 19,372
----------
521,832
----------
GERMANY -- 10.8%
Douglas Holding AG 1,700 81,833
IXOS Software AG* 300 63,477
Marschollek,
Lautenschlaeger und
Partner AG Non-Voting
Pfd. 400 224,498
Porsche AG Pfd. 100 248,619
PrimaCom AG* 50 2,037
Rhoen-Klinikum AG 400 40,202
Schwarz Pharma AG 1,625 84,584
Singulus Technologies AG* 550 76,226
Sixt AG 1,575 112,474
----------
933,950
----------
GREECE -- 0.5%
Chipita International SA 1,875 40,258
Chipita International SA
Rights* 1,250 1,688
----------
41,946
----------
IRELAND -- 4.1%
Esat Telecom Group PLC
[ADR]* 2,485 121,454
Ryanair Holdings PLC
[ADR]* 5,200 232,700
----------
354,154
----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ---------------------------------------------------
- ---------------------------------------------------
<S> <C> <C>
ITALY -- 4.0%
Bulgari SPA 19,775 $ 119,250
Class Editori SPA* 4,025 39,176
Ducati Motor Holding SPA* 9,575 28,364
Gruppo Editoriale
L'Espresso SPA 6,875 100,737
Industrie Natuzzi SPA
[ADR] 3,075 58,809
----------
346,336
----------
JAPAN -- 10.7%
Fancl Corp. 1,300 185,152
Fuji Soft ABC, Inc. 4,900 298,036
Nippon System Development 5,000 255,527
Ryohin Keikaku Co. Ltd. 1,000 182,220
----------
920,935
----------
MEXICO -- 0.4%
Grupo Posadas SA Cl-A* 52,775 35,984
----------
NETHERLANDS -- 5.0%
Beter Bed Holding NV 1,400 40,361
Grand Hotel Krasnapolsky
NV 500 40,097
Hunter Douglas NV 2,150 83,023
IHC Caland NV 2,750 124,812
Nutreco Holding NV 2,700 109,546
Ordina NV* 1,500 36,023
----------
433,862
----------
NORWAY -- 1.2%
Narvesen ASA 250 6,197
Tomra Systems ASA 2,425 96,548
----------
102,745
----------
SINGAPORE -- 1.3%
Natsteel Electronics
Ltd.* 32,000 108,178
----------
SPAIN -- 3.0%
Baron de Ley SA* 1,725 59,494
Tele Pizza SA* 31,725 201,382
----------
260,876
----------
SWEDEN -- 1.0%
Haldex AB 2,370 34,096
Ortivus AB Cl-B* 2,200 14,386
Semcon AB 3,950 38,510
----------
86,992
----------
SWITZERLAND -- 2.5%
Kudelski SA* 25 97,704
Logitech International
SA* 525 75,865
Phonak Holding AG 35 42,530
----------
216,099
----------
</TABLE>
2
<PAGE> 6
<TABLE>
<CAPTION>
- ---------------------------------------------------
SHARES VALUE
- ---------------------------------------------------
<S> <C> <C>
UNITED KINGDOM -- 21.3%
BTG PLC 4,600 $ 19,812
Capital Radio PLC 5,425 75,556
Eidos PLC [ADR]* 6,750 253,969
Energis PLC* 9,075 243,284
Filtronic PLC 6,825 94,834
Flextech PLC* 9,025 130,635
ICON PLC [ADR]* 3,300 51,975
Misys PLC 3,300 31,003
PizzaExpress PLC 24,525 359,338
Psion PLC 19,750 290,170
Scoot.com PLC* 76,450 54,468
Select Appointments
Holdings PLC 8,300 105,441
Wetherspoon, (J.D.) PLC 25,950 124,719
----------
1,835,204
----------
TOTAL FOREIGN STOCK
(Cost $5,888,655) 7,005,470
----------
U.S. STOCK -- 4.4%
BROADCASTING -- 2.9%
United International
Holdings, Inc. Cl-A* 4,200 250,950
----------
CONSTRUCTION -- 1.5%
Stolt Comex Seaway SA* 10,550 131,875
----------
TOTAL U.S. STOCK
(Cost $248,629) 382,825
----------
PAR
(000)
------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 12.8%
Federal Home Loan Bank,
4.85%, 05/03/99
(Cost $1,101,703) $1,102 1,101,703
----------
TOTAL INVESTMENTS -- 98.5%
(Cost $7,238,987) 8,489,998
OTHER ASSETS LESS LIABILITIES -- 1.5% 127,696
----------
NET ASSETS -- 100.0% $8,617,694
==========
</TABLE>
Foreign currency exchange contracts outstanding at
April 30, 1999:
<TABLE>
<CAPTION>
SETTLEMENT CONTRACTS TO IN EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE DELIVER FOR AT VALUE APPRECIATION
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
05/99 Sell EUR 29,162 $30,927 $30,860 $67
======= ======= ===
</TABLE>
- -------------------------------------------------------
The following is a breakdown of the foreign stock portion of the Fund, by
industry classification, as of April 30, 1999. Percentages are based on net
assets.
<TABLE>
<CAPTION>
INDUSTRY
- -------------------------------------------
<S> <C>
Aerospace 3.7%
Airlines 3.6%
Automobile Manufacturers 5.0%
Automotive Parts 0.4%
Beverages 1.2%
Broadcasting 3.0%
Business Services 2.1%
Computer Hardware 4.3%
Computer Services & Software 11.2%
Consumer Products & Services 3.9%
Electronic Components & Equipment 4.2%
Entertainment & Leisure 2.9%
Food 4.2%
Furniture 0.7%
Hotels & Motels 0.9%
Insurance 2.6%
Machinery & Equipment 1.3%
Medical Supplies & Equipment 1.1%
Miscellaneous 0.2%
Oil & Gas 1.3%
Paper & Forest Products 1.1%
Pharmaceuticals 1.6%
Printing & Publishing 1.6%
Restaurants 6.5%
Retail & Merchandising 6.0%
Telecommunications 5.3%
Transportation 1.4%
-----
TOTAL 81.3%
=====
</TABLE>
- -------------------------------------------------------
Unless otherwise noted, all stocks are common stock.
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
144A -- Security was purchased pursuant to Rule 144A under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers. At the end of the period, this security amounted
to 0.9% of net assets.
See Notes to Financial Statements.
AMERICAN SKANDIA ADVISOR FUNDS, INC.
3
<PAGE> 7
ASAF JANUS
SMALL-CAP GROWTH FUND
<TABLE>
<CAPTION>
- ---------------------------------------------------
SHARES VALUE
- ---------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 78.1%
ADVERTISING -- 5.4%
DoubleClick, Inc.* 6,900 $ 964,706
Lamar Advertising Co.* 18,055 607,099
Modem Media Poppe Tyson,
Inc.* 1,070 37,717
TMP Worldwide, Inc.* 9,400 632,150
Xoom.com, Inc.* 3,860 270,200
-----------
2,511,872
-----------
AEROSPACE -- 0.5%
Aviation Sales Co.* 5,610 224,400
-----------
AUTOMOTIVE PARTS -- 0.4%
Autoweb.com, Inc.* 6,930 181,046
-----------
BROADCASTING -- 3.2%
ACTV, Inc.* 26,990 428,466
Citadel Communications
Corp.* 15,840 443,520
Cox Radio, Inc. Cl-A* 8,805 429,244
Entercom Communications
Corp.* 5,200 193,050
-----------
1,494,280
-----------
BUSINESS SERVICES -- 2.0%
Charles River
Associates, Inc.* 3,060 67,320
Critical Path, Inc.* 2,425 241,287
Pegasus Systems, Inc.* 7,775 363,481
SoftNet Systems, Inc.* 8,265 269,646
-----------
941,734
-----------
CAPITAL GOODS -- 0.5%
Mettler-Toledo
International, Inc.* 8,155 213,049
-----------
COMPUTER HARDWARE -- 1.1%
Insight Enterprises,
Inc.* 18,967 512,109
-----------
COMPUTER SERVICES & SOFTWARE -- 23.3%
AppliedTheory Corp.* 1,605 32,902
Autobytel.com, Inc.* 1,915 57,450
Beyond.com Corp.* 16,290 479,537
Bottomline Technologies,
Inc.* 6,270 366,795
Brio Technology, Inc.* 11,725 164,150
Check Point Software
Technologies Ltd.* 5,090 179,422
CheckFree Holdings
Corp.* 12,660 607,680
CIBER, Inc.* 8,750 165,156
Concentric Network
Corp.* 11,970 999,495
ECsoft Group PLC [ADR]* 7,020 121,972
Engineering Animation,
Inc.* 14,600 217,175
Exodus Communications,
Inc.* 6,570 592,121
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ---------------------------------------------------
- ---------------------------------------------------
<S> <C> <C>
Extreme Networks, Inc.* 6,310 $ 349,811
Globix Corp.* 24,050 1,127,344
Informatica Corp.* 8,370 236,452
Intraware, Inc.* 4,430 135,669
ISS Group, Inc.* 1,885 100,023
iVillage, Inc.* 1,700 134,300
Launch Media, Inc.* 5,805 146,576
MiningCo.com, Inc.* 1,280 83,840
Mpath Interactive, Inc.* 4,240 166,950
Net Perceptions, Inc.* 1,915 50,508
NetGravity, Inc.* 5,450 220,384
pcOrder.com, Inc.* 6,265 387,255
Prodigy Communications
Corp.* 2,475 66,516
Razorfish, Inc.* 6,225 270,788
Safeguard Scientifics,
Inc.* 5,870 475,470
SIPEX Corp.* 8,230 115,220
Sykes Enterprises, Inc.* 8,230 168,715
USinternetworking, Inc.* 4,515 230,829
Verio, Inc.* 17,140 1,216,940
VerticalNet, Inc.* 9,485 1,076,548
Vignette Corp.* 415 39,425
WebTrends Corp.* 1,180 62,688
-----------
10,846,106
-----------
CONSUMER PRODUCTS & SERVICES -- 0.9%
Action Performance
Companies, Inc.* 8,410 284,889
Bally Total Fitness
Holding Corp.* 5,085 123,311
-----------
408,200
-----------
ELECTRONIC COMPONENTS & EQUIPMENT -- 5.1%
Applied Micro Circuits
Corp.* 6,345 338,268
Dionex Corp.* 2,815 115,415
Galileo Technology Ltd.* 8,575 197,225
Gemstar International
Group Ltd.* 4,230 445,736
Pittway Corp. Cl-A 11,585 305,554
RF Micro Devices, Inc.* 8,740 488,348
Sawtek, Inc.* 9,615 338,929
Zoran Corp.* 13,205 142,779
-----------
2,372,254
-----------
ENTERTAINMENT & LEISURE -- 4.0%
Championship Auto Racing
Teams, Inc.* 4,135 127,410
Playboy Enterprises,
Inc. Cl-B* 13,045 419,886
Premier Parks, Inc.* 8,680 300,003
SFX Entertainment, Inc.
Cl-A* 16,370 1,010,848
-----------
1,858,147
-----------
</TABLE>
4
<PAGE> 8
<TABLE>
<CAPTION>
- ---------------------------------------------------
SHARES VALUE
- ---------------------------------------------------
<S> <C> <C>
FINANCIAL -- BANK & TRUST -- 0.1%
Carolina First Corp. 1,670 $ 45,090
-----------
FINANCIAL SERVICES -- 1.1%
Doral Financial Corp. 9,355 164,882
Investors Financial
Service Corp. 4,230 153,866
Knight/Trimark Group,
Inc.* 1,350 206,803
-----------
525,551
-----------
FOOD -- 1.0%
Whole Foods Market,
Inc.* 11,800 460,200
-----------
HEALTHCARE SERVICES -- 2.0%
Accredo Health, Inc. 7,485 165,606
Apria Healthcare Group,
Inc.* 22,115 345,547
InfoCure Corp.* 3,540 93,146
Mediconsult.com, Inc.* 7,485 89,352
Osteotech, Inc.* 7,007 253,128
-----------
946,779
-----------
INSURANCE -- 1.1%
Blanch, (E.W.) Holdings,
Inc. 4,675 275,241
StanCorp Financial
Group, Inc. 9,330 224,503
-----------
499,744
-----------
MEDICAL SUPPLIES & EQUIPMENT -- 0.7%
Laser Vision Centers,
Inc.* 2,395 100,889
Schein, (Henry), Inc.* 9,195 240,794
-----------
341,683
-----------
PERSONAL SERVICES -- 0.9%
Career Education Corp.* 6,835 228,973
Corinthian Colleges,
Inc.* 3,415 55,921
ITT Educational
Services, Inc.* 4,920 120,848
-----------
405,742
-----------
PHARMACEUTICALS -- 3.5%
Abgenix, Inc.* 1,135 16,599
Alkermes, Inc.* 1,210 32,368
ChiRex, Inc.* 9,800 254,800
Enzon, Inc.* 59,590 774,670
MedImmune, Inc.* 3,795 209,199
QLT PhotoTherapeutics,
Inc.* 7,175 327,808
-----------
1,615,444
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ---------------------------------------------------
- ---------------------------------------------------
<S> <C> <C>
PRINTING & PUBLISHING -- 1.8%
Valassis Communications,
Inc.* 14,680 $ 822,080
-----------
RETAIL & MERCHANDISING -- 2.8%
Ames Department Stores,
Inc.* 12,250 427,984
Rent-Way, Inc.* 13,880 378,230
School Specialty, Inc.* 25,740 485,843
-----------
1,292,057
-----------
SEMICONDUCTORS -- 5.3%
Alpha Industries, Inc.* 18,737 660,479
ATMI, Inc.* 21,930 504,390
hi/fn, Inc.* 2,735 147,690
NVIDIA Corp.* 10,315 188,249
SDL, Inc.* 9,000 983,250
-----------
2,484,058
-----------
TELECOMMUNICATIONS -- 11.3%
Advanced Radio Telecom
Corp.* 4,485 59,426
Allegiance Telecom,
Inc.* 6,150 282,900
Catapult Communications
Corp.* 1,825 28,402
Com21, Inc.* 11,695 364,007
Digital Microwave Corp.* 33,215 423,491
DSP Communications,
Inc.* 2,405 65,536
GeoTel Communications
Corp.* 5,870 330,188
Gilat Satellite Networks
Ltd.* 6,580 342,160
Hyperion
Telecommunications,
Inc. Cl-A* 20,440 255,500
TCA Cable TV, Inc. 27,380 1,363,866
Terayon Communication
Systems, Inc.* 9,980 402,943
Viatel, Inc.* 21,390 983,940
WinStar Communications,
Inc.* 7,690 373,926
-----------
5,276,285
-----------
UTILITIES -- 0.1%
Avista Corp.* 3,555 53,325
-----------
TOTAL COMMON STOCK
(Cost $29,518,294) 36,331,235
-----------
FOREIGN STOCK -- 1.1%
AUTOMOBILE MANUFACTURERS -- 0.1%
Ducati Motor Holding
SPA -- (ITL)* 17,757 52,601
-----------
</TABLE>
AMERICAN SKANDIA ADVISOR FUNDS, INC.
5
<PAGE> 9
ASAF JANUS
SMALL-CAP GROWTH FUND
<TABLE>
<CAPTION>
- ---------------------------------------------------
SHARES VALUE
- ---------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS -- 1.0%
Cogeco Cable,
Inc. -- (CAD)* 9,009 $ 182,492
Moffat Communications
Ltd. -- (CAD)* 22,111 296,066
-----------
478,558
-----------
TOTAL FOREIGN STOCK
(Cost $447,496) 531,159
-----------
PAR
(000)
------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 18.9%
Federal Home Loan
Mortgage Corp. 4.82%,
05/03/99
(Cost $8,797,644) $8,800 8,797,644
-----------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------
SHARES VALUE
- ---------------------------------------------------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.1%
Temporary Investment
Cash Fund 18,115 $ 18,115
Temporary Investment
Fund 18,114 18,114
-----------
(Cost $36,229) 36,229
-----------
TOTAL INVESTMENTS -- 98.2%
(Cost $38,799,663) 45,696,267
OTHER ASSETS LESS
LIABILITIES -- 1.8% 811,744
-----------
NET ASSETS -- 100.0% $46,508,011
===========
</TABLE>
- -------------------------------------------------------
Unless otherwise noted, all stocks are common stock.
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
6
<PAGE> 10
ASAF T. ROWE PRICE
SMALL COMPANY VALUE FUND
<TABLE>
<CAPTION>
- ----------------------------------------------------
SHARES VALUE
- ----------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 91.8%
AIRLINES -- 1.7%
Midwest Express
Holdings, Inc.* 29,000 $ 906,250
-----------
AUTOMOTIVE PARTS -- 2.3%
Myers Industries, Inc. 23,200 524,900
OEA, Inc. 43,500 426,844
TBC Corp.* 36,600 283,650
-----------
1,235,394
-----------
BUILDING MATERIALS -- 11.0%
Cameron Ashley
Building Products,
Inc.* 38,700 425,700
Giant Cement Holding,
Inc.* 15,400 340,725
Gibraltar Steel Corp. 23,200 543,750
Holophane Corp.* 23,200 598,850
Juno Lighting, Inc. 29,000 659,750
Lone Star
Technologies, Inc.* 30,900 531,094
Modine Manufacturing
Co. 21,200 662,500
Republic Group, Inc. 34,800 609,000
Skyline Corp. 19,400 568,662
Synthetic Industries,
Inc.* 34,800 689,475
Thomas Industries,
Inc. 21,300 423,337
-----------
6,052,843
-----------
BUSINESS SERVICES --1.6%
Grey Advertising, Inc. 1,350 435,966
IT Group, Inc.* 29,100 431,044
-----------
867,010
-----------
CHEMICALS -- 2.7%
Furon Co. 44,500 795,437
Schulman, (A.), Inc. 23,200 406,000
TETRA Technologies,
Inc.* 28,300 265,312
-----------
1,466,749
-----------
CLOTHING & APPAREL -- 0.7%
Dan River, Inc. Cl-A* 38,700 377,325
-----------
COMPUTER HARDWARE -- 0.8%
Analogic Corp. 11,300 415,275
-----------
COMPUTER SERVICES & SOFTWARE -- 2.1%
Analysts International
Corp. 30,900 401,700
CompuCom Systems,
Inc.* 77,500 234,922
SPSS, Inc.* 29,000 500,250
-----------
1,136,872
-----------
CONSUMER PRODUCTS & SERVICES -- 0.9%
Culp, Inc. 27,100 223,575
Packaged Ice, Inc.* 48,400 290,400
-----------
513,975
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ----------------------------------------------------
- ----------------------------------------------------
<S> <C> <C>
CONTAINERS & PACKAGING -- 4.4%
Aptargroup, Inc. 23,200 $ 649,600
Ivex Packaging Corp.* 34,800 685,125
Liqui-Box Corp. 10,000 523,750
Shorewood Packaging
Corp.* 29,000 572,750
-----------
2,431,225
-----------
ELECTRONIC COMPONENTS & EQUIPMENT -- 9.8%
Electro Rental Corp.* 58,000 659,750
Franklin Electric Co.,
Inc. 7,700 481,250
Landauer, Inc. 13,500 364,500
Littelfuse, Inc.* 38,700 778,837
Methode Electronics,
Inc. Cl-A 48,300 718,462
Nichols Research
Corp.* 25,200 532,350
Optical Coating
Laboratory, Inc. 20,000 1,232,500
Pioneer-Standard
Electronics, Inc. 25,200 211,050
Scotsman Industries,
Inc. 19,400 391,637
-----------
5,370,336
-----------
ENVIRONMENTAL SERVICES -- 1.2%
Newpark Resources,
Inc.* 65,800 604,537
Waterlink, Inc.* 17,900 69,362
-----------
673,899
-----------
EQUIPMENT SERVICES -- 2.3%
Cort Business Services
Corp.* 27,100 624,994
Unifirst Corp. 15,100 263,306
VWR Scientific
Products, Inc.* 15,400 394,625
-----------
1,282,925
-----------
FINANCIAL -- BANK & TRUST -- 3.3%
Community First
Bankshares, Inc. 29,000 592,688
First Republic Bank* 23,200 597,400
Silicon Valley
Bancshares* 34,800 611,175
-----------
1,801,263
-----------
FINANCIAL SERVICES -- 3.7%
Allied Capital Corp. 43,500 783,000
AMRESCO, Inc.* 25,200 163,800
First Financial Fund,
Inc.** 48,553 418,770
Medallion Financial
Corp. 17,300 291,938
Triad Guaranty, Inc.* 23,200 365,400
-----------
2,022,908
-----------
FOOD -- 0.3%
Richfood Holdings,
Inc. 14,400 180,000
-----------
</TABLE>
AMERICAN SKANDIA ADVISOR FUNDS, INC.
7
<PAGE> 11
ASAF T. ROWE PRICE
SMALL COMPANY VALUE FUND
<TABLE>
<CAPTION>
- ----------------------------------------------------
SHARES VALUE
- ----------------------------------------------------
<S> <C> <C>
INSURANCE -- 5.3%
Brown & Brown, Inc. 30,900 $ 1,010,044
Markel Corp.* 3,500 652,750
Medical Assurance,
Inc.* 21,500 591,250
Presidential Life
Corp. 23,100 414,356
PXRE Corp. 13,600 258,400
-----------
2,926,800
-----------
LUMBER & WOOD PRODUCTS -- 0.8%
Deltic Timber Corp. 15,400 427,350
-----------
MACHINERY & EQUIPMENT -- 4.1%
Alamo Group, Inc. 9,200 86,825
Carbo Ceramics, Inc. 18,500 455,563
Smith, (A.O.) Corp. 27,100 684,275
TransTechnology Corp. 27,100 519,981
Woodward Governor Co. 20,200 499,950
-----------
2,246,594
-----------
MEDICAL SUPPLIES & EQUIPMENT -- 1.1%
Lunar Corp.* 19,200 134,400
Owens & Minor, Inc. 48,500 478,938
-----------
613,338
-----------
METALS & MINING -- 2.4%
Cambior, Inc. 17,300 70,281
Golden Star Resources
Ltd.* 23,200 18,850
Homestake Mining Co. 29,000 277,313
Layne Christensen Co.* 23,200 156,600
Material Sciences
Corp.* 29,000 304,500
Penn Virginia Corp. 25,200 497,700
-----------
1,325,244
-----------
OFFICE EQUIPMENT -- 4.3%
Aaron Rents, Inc. Cl-A 10,400 148,200
Aaron Rents, Inc. Cl-B 28,200 468,825
CompX International,
Inc.* 37,000 555,000
IDEX Corp. 27,100 723,231
McGrath Rentcorp 23,000 437,000
-----------
2,332,256
-----------
OIL & GAS -- 2.8%
Chieftain
International, Inc.* 38,700 699,019
Cross Timbers Oil Co. 48,300 528,281
Devon Energy Corp. 9,600 319,200
-----------
1,546,500
-----------
PAPER & FOREST PRODUCTS -- 1.3%
CSS Industries, Inc.* 9,700 244,925
Wausau-Mosinee Paper
Corp. 27,080 446,820
-----------
691,745
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ----------------------------------------------------
- ----------------------------------------------------
<S> <C> <C>
PERSONAL
SERVICES -- 1.6%
Matthews International
Corp. Cl-A 32,900 $ 875,963
-----------
PHARMACEUTICALS -- 0.7%
Coulter
Pharmaceutical,
Inc.* 19,400 390,425
-----------
REAL ESTATE -- 4.4%
Glenborough Realty
Trust, Inc. [REIT] 38,700 665,156
Innkeepers USA Trust
[REIT] 39,000 402,188
National Health
Investors, Inc.
[REIT] 9,600 241,200
Pacific Gulf
Properties, Inc.
[REIT] 19,400 403,763
Sun Communities, Inc.
[REIT] 19,400 679,000
-----------
2,391,307
-----------
RESTAURANTS -- 3.2%
Consolidated Products,
Inc.* 43,500 785,710
Ruby Tuesday, Inc. 54,100 987,325
-----------
1,773,035
-----------
RETAIL & MERCHANDISING -- 4.7%
Bon-Ton Stores, Inc.* 37,700 233,269
Casey's General
Stores, Inc. 38,700 512,775
Fred's, Inc. 25,200 294,525
Goody's Family
Clothing* 28,900 260,100
Hancock Fabrics, Inc. 38,700 244,294
Jo-Ann Stores, Inc.
Cl-B* 25,200 303,975
Stein Mart, Inc.* 72,500 725,000
-----------
2,573,938
-----------
TELECOMMUNICATIONS -- 0.8%
Aliant Communications,
Inc. 9,600 424,800
-----------
TRANSPORTATION -- 1.9%
Hub Group, Inc. Cl-A* 15,400 350,350
Landstar Systems,
Inc.* 17,500 681,406
-----------
1,031,756
-----------
UTILITIES -- 3.6%
Black Hills Corp. 26,000 588,250
Cleco Corp. 19,400 598,975
United Water
Resources, Inc. 38,700 805,444
-----------
1,992,669
-----------
TOTAL COMMON STOCK
(Cost $54,596,772) 50,297,969
-----------
</TABLE>
8
<PAGE> 12
<TABLE>
<CAPTION>
- ----------------------------------------------------
SHARES VALUE
- ----------------------------------------------------
<S> <C> <C>
PREFERRED STOCK -- 0.3%
OIL & GAS
Cross Timbers Oil Co.
$1.5625 Cl-A [CVT]
(Cost $214,709) 6,200 $ 172,050
-----------
PAR
(000)
---------
COMMERCIAL PAPER -- 5.1%
Asset Securitization
Cooperation Corp.+
4.79%, 06/02/99 $ 2,000 1,991,484
Duke Energy Corp.
4.90%, 05/03/99 800 799,782
-----------
(Cost $2,791,266) 2,791,266
-----------
- ----------------------------------------------------
SHARES VALUE
- ----------------------------------------------------
SHORT-TERM INVESTMENTS -- 2.8%
Temporary Investment
Cash Fund
(Cost $1,560,654) 1,560,654 $ 1,560,654
-----------
TOTAL INVESTMENTS -- 100.0%
(Cost $59,163,401) 54,821,939
LIABILITIES IN EXCESS OF
OTHER ASSETS -- 0.0% (20,224)
-----------
NET ASSETS -- 100.0% $54,801,715
===========
</TABLE>
- -------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
** Closed-end fund.
+ Security is restricted to resale and may not be resold except to qualified
institutional buyers. At the end of the period, this security amounted to
3.6% of net assets.
See Notes to Financial Statements.
AMERICAN SKANDIA ADVISOR FUNDS, INC.
9
<PAGE> 13
ASAF AMERICAN CENTURY
STRATEGIC BALANCED FUND
<TABLE>
<CAPTION>
- ------------------------------------------------------
SHARES VALUE
- ------------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 58.7%
AEROSPACE -- 2.7%
Cordant Technologies,
Inc. 6,300 $ 290,587
General Dynamics
Corp. 2,500 175,625
Goodrich, (B.F.) Co. 10,300 409,425
Gulfstream Aerospace
Corp.* 700 34,125
United Technologies
Corp. 7,000 1,014,125
-----------
1,923,887
-----------
AIRLINES -- 0.1%
AMR Corp.* 600 41,887
Delta Air Lines, Inc. 300 19,031
US Airways Group,
Inc.* 300 16,331
-----------
77,249
-----------
AUTOMOBILE MANUFACTURERS -- 2.2%
DaimlerChrysler AG* 2,300 225,831
Ford Motor Co. 17,500 1,118,906
General Motors Corp. 2,100 186,769
-----------
1,531,506
-----------
BEVERAGES -- 0.1%
Anheuser-Busch
Companies, Inc. 500 36,562
Coors, (Adolph) Co.
Cl-B 600 32,100
-----------
68,662
-----------
BROADCASTING -- 0.4%
CBS Corp. 5,600 255,150
-----------
BUILDING MATERIALS -- 0.7%
Centex Construction
Products, Inc. 1,500 53,062
Lafarge Corp. 5,000 169,062
Lone Star Industries,
Inc. 1,900 67,806
Owens Corning 3,600 128,250
Southdown, Inc. 1,200 76,875
-----------
495,055
-----------
CHEMICALS -- 1.1%
Dexter Corp. 3,300 135,506
Dow Chemical Co. 2,900 380,444
DuPont, (E.I.) de
Nemours & Co. 4,100 289,562
-----------
805,512
-----------
CLOTHING & APPAREL -- 0.3%
Tommy Hilfiger Corp.* 1,300 90,837
VF Corp. 2,600 133,900
-----------
224,737
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ------------------------------------------------------
- ------------------------------------------------------
<S> <C> <C>
COMPUTER HARDWARE -- 3.4%
Apple Computer, Inc.* 16,200 $ 745,200
Dell Computer Corp.* 8,500 350,094
EMC Corp.* 200 21,787
Gateway 2000, Inc.* 1,600 105,900
Hewlett-Packard Co. 8,800 694,100
International
Business Machines
Corp. 2,200 460,212
-----------
2,377,293
-----------
COMPUTER SERVICES & SOFTWARE -- 5.9%
America Online, Inc.* 4,700 670,925
Cisco Systems, Inc.* 4,100 467,656
Compuware Corp.* 5,100 124,312
Comverse Technology,
Inc.* 3,150 201,994
Keane, Inc.* 2,700 66,994
Mastech Corp.* 2,300 33,781
Microsoft Corp.* 23,600 1,918,975
NCR Corp.* 4,100 168,100
Oracle Corp.* 2,500 67,656
Sterling Software,
Inc.* 6,700 138,606
Unisys Corp.* 11,100 348,956
-----------
4,207,955
-----------
CONGLOMERATES -- 0.7%
Ogden Corp. 500 12,906
Philip Morris
Companies, Inc. 6,300 220,894
Tyco International
Ltd. 3,400 276,250
-----------
510,050
-----------
CONSTRUCTION -- 0.7%
Centex Corp. 3,200 117,000
Fleetwood
Enterprises, Inc. 3,000 74,062
Horton, (D.R.), Inc. 5,500 106,219
Kaufman & Broad Home
Corp. 2,500 60,781
Lennar Corp. 400 9,675
Pulte Corp. 4,200 95,025
-----------
462,762
-----------
CONSUMER PRODUCTS & SERVICES -- 2.2%
Avon Products, Inc. 500 27,156
Clorox Co. 400 46,150
Department 56, Inc.* 300 8,119
Eastman Kodak Co. 7,300 544,762
Fortune Brands, Inc. 2,000 79,000
Nature's Sunshine
Products, Inc. 1,300 13,894
Premark
International, Inc. 7,400 272,412
Procter & Gamble Co. 800 75,050
Tupperware Corp. 2,300 54,481
Unilever NV 2,800 181,825
Universal Corp.* 3,900 99,206
Whirlpool Corp. 2,100 139,387
-----------
1,541,442
-----------
</TABLE>
10
<PAGE> 14
<TABLE>
<CAPTION>
- ------------------------------------------------------
SHARES VALUE
- ------------------------------------------------------
<S> <C> <C>
ELECTRONIC COMPONENTS & EQUIPMENT -- 1.3%
EG&G, Inc. 1,900 $ 59,375
General Electric Co. 6,600 696,300
Rockwell
International Corp. 1,600 82,600
Teleflex, Inc. 1,100 47,919
-----------
886,194
-----------
ENTERTAINMENT & LEISURE -- 0.5%
Anchor Gaming* 1,400 66,150
International Game
Technology 1,300 23,075
Viacom, Inc. Cl-B* 7,300 298,387
-----------
387,612
-----------
EQUIPMENT SERVICES -- 0.3%
Hertz Corp. Cl-A 3,200 191,000
-----------
FINANCIAL -- BANK & TRUST -- 5.0%
BankAmerica Corp. 6,100 439,113
Bank One Corp. 11,600 684,400
Chase Manhattan Corp. 18,800 1,555,700
City National Corp. 1,000 38,625
First Union Corp. 12,900 714,337
GreenPoint Financial
Corp. 1,300 45,500
Wells Fargo & Co. 1,600 69,100
-----------
3,546,775
-----------
FINANCIAL SERVICES -- 4.2%
Citigroup, Inc. 400 30,100
Concord EFS, Inc.* 500 16,687
Deluxe Corp. 13,200 457,050
Fannie Mae 10,600 751,937
Freddie Mac 5,400 338,850
Lehman Brothers
Holdings, Inc. 2,800 155,575
Merrill Lynch & Co.,
Inc. 3,400 285,387
Morgan Stanley, Dean
Witter & Co. 8,900 882,769
Paine Webber Group,
Inc. 500 23,469
-----------
2,941,824
-----------
FOOD -- 1.3%
ConAgra, Inc. 3,900 97,012
Earthgrains Co. 3,400 72,038
General Mills, Inc. 800 58,500
Hormel Foods Corp. 1,700 62,475
IBP, Inc. 3,400 68,850
Quaker Oats Co. 6,800 439,025
Suiza Foods Corp.* 3,300 123,956
-----------
921,856
-----------
HEALTHCARE SERVICES -- 1.1%
Amgen, Inc.* 8,600 528,363
Herbalife
International, Inc. 1,700 17,638
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ------------------------------------------------------
- ------------------------------------------------------
<S> <C> <C>
McKesson HBOC, Inc. 800 $ 28,000
PacifiCare Health
Systems, Inc. Cl-B* 2,600 207,431
-----------
781,432
-----------
INSURANCE -- 4.0%
Allstate Corp. 15,200 552,900
Arthur J. Gallagher &
Co. 3,300 156,750
Conseco, Inc. 3,900 123,094
Fidelity National
Financial, Inc. 9,000 164,250
First American
Financial Corp. 9,400 168,025
LandAmerica Financial
Group, Inc. 4,100 114,800
Lincoln National
Corp. 10,900 1,047,081
Loews Corp. 4,400 322,025
The Equitable
Companies, Inc. 2,300 154,819
-----------
2,803,744
-----------
MACHINERY & EQUIPMENT -- 0.6%
Ingersoll-Rand Co. 5,800 401,288
McDermott
International, Inc. 1,300 37,700
-----------
438,988
-----------
MEDICAL SUPPLIES & EQUIPMENT -- 1.2%
Hillenbrand
Industries, Inc. 4,900 229,994
Johnson & Johnson Co. 3,400 331,500
VISX, Inc.* 2,200 283,250
-----------
844,744
-----------
METALS & MINING -- 0.1%
Alcoa, Inc. 600 37,350
USX-U.S. Steel Group,
Inc. 800 24,200
-----------
61,550
-----------
OFFICE EQUIPMENT -- 0.1%
Herman Miller, Inc. 2,100 41,869
-----------
OIL & GAS -- 2.6%
Anadarko Petroleum
Corp. 300 11,381
Apache Corp. 3,200 98,200
Burlington Resources,
Inc. 1,300 59,881
Exxon Corp. 4,000 332,250
K N Energy, Inc. 2,800 57,750
Mobil Corp. 6,700 701,825
Occidental Petroleum
Corp. 2,600 52,488
Sempra Energy 6,400 132,800
Sunoco, Inc. 2,500 89,375
Texaco, Inc. 1,700 106,675
</TABLE>
AMERICAN SKANDIA ADVISOR FUNDS, INC.
11
<PAGE> 15
ASAF AMERICAN CENTURY
STRATEGIC BALANCED FUND
<TABLE>
<CAPTION>
- ------------------------------------------------------
SHARES VALUE
- ------------------------------------------------------
<S> <C> <C>
Tidewater, Inc. 3,800 $ 100,700
Union Pacific
Resources Group,
Inc. 5,100 71,400
-----------
1,814,725
-----------
PHARMACEUTICALS -- 3.6%
Andrx Corp.* 900 70,875
Bristol-Meyers Squibb
Co. 5,700 362,306
Genentech, Inc.* 6,700 566,988
Lilly, (Eli) & Co. 2,900 213,513
Medicis
Pharmaceutical
Corp. Cl-A* 2,200 53,488
Merck & Co., Inc. 1,800 126,450
Pfizer, Inc. 1,200 138,075
Roberts
Pharmaceutical
Corp.* 1,200 20,400
Schering-Plough Corp. 13,200 637,725
Warner-Lambert Co. 5,800 394,038
-----------
2,583,858
-----------
PRINTING & PUBLISHING -- 0.1%
Lexmark International
Group, Inc. Cl-A* 800 98,800
-----------
RETAIL & MERCHANDISING -- 1.7%
Amazon.com, Inc.* 600 103,238
Home Depot, Inc. 2,900 173,819
The Neiman Marcus
Group, Inc.* 1,400 33,688
Wal-Mart Stores, Inc. 17,300 795,800
Zale Corp.* 3,000 113,438
-----------
1,219,983
-----------
SEMICONDUCTORS -- 1.8%
Intel Corp. 21,300 1,303,294
-----------
TELECOMMUNICATIONS -- 6.7%
AirTouch
Communications,
Inc.* 1,200 112,050
Ameritech Corp. 6,000 410,625
AT&T Corp. 14,400 727,200
Bell Atlantic Corp. 3,000 172,875
BellSouth Corp. 23,100 1,033,725
Cablevision Systems
Corp. Cl-A* 300 23,212
GTE Corp. 4,700 314,606
Lucent Technologies,
Inc. 10,900 655,363
Nortel Networks Corp. 3,300 225,019
SBC Communications,
Inc. 11,800 660,800
Sprint Corp. (FON
Group) 500 51,281
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ------------------------------------------------------
- ------------------------------------------------------
<S> <C> <C>
Sprint Corp. (PCS
Group)* 1,500 $ 63,563
U.S. West, Inc. 5,800 303,413
-----------
4,753,732
-----------
UTILITIES -- 2.0%
BEC Energy 1,200 51,000
Central & South West
Corp. 2,500 62,031
Energy East Corp. 2,000 52,875
FPL Group, Inc. 3,700 208,588
LG&E Energy Corp. 6,700 146,144
Minnesota Power, Inc. 6,300 132,694
Northeast Utilities* 3,800 60,800
Reliant Energy, Inc. 5,900 167,044
Southern Co. 10,500 284,156
Texas Utilities Co. 2,200 87,450
UtiliCorp United,
Inc. 7,100 173,506
-----------
1,426,288
-----------
TOTAL COMMON STOCK
(Cost $37,863,245) 41,529,528
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
CORPORATE OBLIGATIONS -- 6.4%
AIRLINES -- 0.3%
Continental Airlines,
Inc.
8.00%, 12/15/05 $ 200 200,000
-----------
BEVERAGES -- 0.3%
Pepsi Bottling Group,
Inc. 144A
7.00%, 03/01/29 150 149,250
Pepsi Bottling
Holdings, Inc. 144A
5.625%, 02/17/09 100 95,500
-----------
244,750
-----------
CONSUMER PRODUCTS & SERVICES -- 0.2%
Fort James Corp.
6.625%, 09/15/04 150 151,875
-----------
CONTAINERS & PACKAGING -- 0.2%
Owens-Illinois, Inc.
7.15%, 05/15/05 150 148,500
-----------
FINANCIAL -- BANK & TRUST -- 0.7%
Fleet National Bank
5.75%, 01/15/09 200 190,000
NationsBank Corp.
6.125%, 07/15/04 200 201,750
Southern Investments
UK
6.80%, 12/01/06 100 100,875
-----------
492,625
-----------
</TABLE>
12
<PAGE> 16
<TABLE>
<CAPTION>
- ------------------------------------------------------
PAR
(000) VALUE
- ------------------------------------------------------
<S> <C> <C>
FINANCIAL SERVICES -- 1.0%
Associates Corp.
6.25%, 11/01/08 $ 200 $ 198,250
Ford Motor Credit
Corp.
6.55%, 09/10/02 145 147,719
Hutchison Whampoa
Financial Cl-C 144A
7.50%, 08/01/27 100 90,000
Lehman Brothers
Holdings, Inc.
6.625%, 04/01/04 200 200,500
Toyota Motor Credit
Corp.
5.625%, 11/13/03 100 99,000
-----------
735,469
-----------
INSURANCE -- 0.6%
Conseco Financing
Trust II Co.
8.70%, 11/15/26 150 140,282
Conseco, Inc.
6.40%, 06/15/01 100 98,750
Fremont General Corp.
144A
7.70%, 03/17/04 150 151,500
-----------
390,532
-----------
METALS & MINING -- 0.3%
Pohang Iron & Steel
Co.
7.375%, 05/15/05 200 196,500
-----------
OIL & GAS -- 0.6%
Conoco, Inc.
5.90%, 04/15/04 200 199,000
Petroleum Geo-
Services
7.125%, 03/30/28 150 142,875
USX Corp.
6.65%, 02/01/06 100 99,000
-----------
440,875
-----------
PHARMACEUTICALS -- 0.3%
Monsanto Co. 144A
6.60%, 12/01/28 200 190,750
-----------
REAL ESTATE -- 0.3%
Chelsea GCA Realty,
Inc. [REIT]
7.25%, 10/21/07 200 186,750
-----------
RETAIL & MERCHANDISING -- 0.3%
Rite Aid Corp.
6.70%, 12/15/01 150 151,688
Saks, Inc.
7.25%, 12/01/04 100 102,375
-----------
254,063
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
- ------------------------------------------------------
- ------------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS -- 0.7%
Cincinnati Bell
Telephone Co.
6.30%, 12/01/28 $ 100 $ 93,250
Qwest Communications
International, Inc.
144A
7.50%, 11/01/08 100 105,000
Sprint Capital Corp.
6.875%, 11/15/28 100 97,000
TCI Communications,
Inc.
8.75%, 08/01/15 150 181,313
-----------
476,563
-----------
UTILITIES -- 0.6%
Cinergy Corp. 144A
6.53%, 12/16/08 100 99,875
Empresa Nacional
Electric Corp. 144A
8.50%, 04/01/09 200 215,250
Georgia Power Co.
Cl-C
5.50%, 12/01/05 100 96,875
-----------
412,000
-----------
TOTAL CORPORATE OBLIGATIONS
(Cost $4,567,130) 4,521,252
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 14.8%
Federal Home Loan
Bank
4.90%, 05/03/99 4,719 4,717,715
5.705%, 03/19/03 500 502,462
-----------
5,220,177
-----------
Federal National
Mortgage Assoc.
6.00%, 10/01/28 1,696 1,645,438
6.50%, 04/29/09 1,000 999,186
6.50%, 01/01/28 1,200 1,193,131
7.00%, 05/01/11 945 966,279
-----------
4,804,034
-----------
Government National
Mortgage Assoc.
6.00%, 08/15/28 197 190,688
6.50%, 05/15/28 246 244,790
-----------
435,478
-----------
(Cost $10,486,153) 10,459,689
-----------
</TABLE>
AMERICAN SKANDIA ADVISOR FUNDS, INC.
13
<PAGE> 17
ASAF AMERICAN CENTURY
STRATEGIC BALANCED FUND
<TABLE>
<CAPTION>
- ------------------------------------------------------
PAR
(000) VALUE
- ------------------------------------------------------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS -- 12.3%
U.S. Treasury Bonds
7.875%, 02/15/21 $1,300 $ 1,605,005
-----------
U.S. Treasury Notes
5.50%, 03/31/00 4,800 4,827,637
6.625%, 07/31/01 500 515,937
6.00%, 07/31/02 100 102,292
5.875%, 09/30/02 200 203,908
5.75%, 11/30/02 500 508,196
5.75%, 08/15/03 250 254,721
4.75%, 11/15/08 700 668,939
-----------
7,081,630
-----------
(Cost $8,701,478) 8,686,635
-----------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 1.2%
Case Equipment Loan
Trust Series 1998-B
Cl-A4
5.92%, 10/15/05 200 199,673
CIT RV Trust Series
1998-A Cl-A4
6.09%, 02/15/12 100 100,748
Comed Transitional
Funding Trust
Series 1998-1 Cl-A6
5.63%, 06/25/09 100 97,418
General Motors
Acceptance Corp.
Series 1999-C1
Cl-A2
6.175%, 05/15/33 150 147,131
Nationslink Funding
Corp. Series 1998-2
Cl-A1
6.001%, 11/20/07 97 96,606
Nationslink Funding
Corp. Series 1999-1
Cl-A2
6.316%, 11/20/08 250 247,711
-----------
(Cost $903,773) 889,287
-----------
PRINCIPAL
IN LOCAL
CURRENCY
(000)
------------
FOREIGN BONDS -- 6.0%
AUSTRALIA -- 0.2%
Australian Government
9.50%, 08/15/03 235 $ 181,603
-----------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------
PRINCIPAL
IN LOCAL
CURRENCY
(000) VALUE
- ------------------------------------------------------
<S> <C> <C>
CANADA -- 0.5%
Canadian Government
5.00%, 03/15/00 440 $ 302,822
6.00%, 06/01/08 100 72,770
-----------
375,592
-----------
DENMARK -- 0.1%
Kingdom of Denmark
8.00%, 03/15/06 450 79,450
-----------
GERMANY -- 3.4%
Deutschland Republic
6.00%, 09/15/03 1,120 1,325,017
4.125%, 07/04/08 700 755,232
4.75%, 07/04/28 289 302,458
-----------
2,382,707
-----------
JAPAN -- 1.0%
Japanese Government
3.30%, 06/20/06 70,000 674,675
-----------
UNITED KINGDOM -- 0.8%
United Kingdom
Treasury Gilt
7.50%, 12/07/06 50 94,037
9.00%, 08/06/12 210 477,900
-----------
571,937
-----------
TOTAL FOREIGN BONDS
(Cost $4,381,385) 4,265,964
-----------
SHARES
------------
SHORT-TERM INVESTMENTS -- 0.0%
Temporary Investment
Cash Fund 479 479
Temporary Investment
Fund 479 479
-----------
(Cost $958) 958
-----------
TOTAL INVESTMENTS --99.4%
(Cost $66,904,122) 70,353,313
OTHER ASSETS LESS LIABILITIES -- 0.6% 441,975
-----------
NET ASSETS -- 100.0% $70,795,288
===========
</TABLE>
- -------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
144A -- Security was purchased pursuant to Rule 144A under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers. At the end of the period, these securities
amounted to 1.5% of net assets.
See Notes to Financial Statements.
14
<PAGE> 18
ASAF FEDERATED
HIGH YIELD BOND FUND
<TABLE>
<CAPTION>
- ---------------------------------------------------
PAR
(000) VALUE
- ---------------------------------------------------
<S> <C> <C>
CORPORATE OBLIGATIONS -- 90.8%
ADVERTISING -- 0.6%
Larmar Advertising Co.
8.625%, 09/15/07 $ 100 $ 105,750
Outdoor Systems, Inc.
9.375%, 10/15/06 75 81,937
8.875%, 06/15/07 350 376,250
-----------
563,937
-----------
AIRLINES -- 0.1%
Aviation Sales Co.
8.125%, 02/15/08 100 102,500
-----------
AUTOMOBILE MANUFACTURERS -- 0.1%
Oshkosh Truck Corp.
8.75%, 03/01/08 100 103,000
-----------
AUTOMOTIVE PARTS -- 2.4%
Accuride Corp. Cl-B
9.25%, 02/01/08 475 486,875
Aftermarket
Technology Corp.
12.00%, 08/01/04 100 105,750
Aftermarket Technology
Corp. Cl-D
12.00%, 08/01/04 325 343,687
American Axle &
Manufacturing
Holdings, Inc. 144A
9.75%, 03/01/09 375 390,937
HDA Parts System, Inc.
144A
12.00%, 08/01/05 250 243,750
Lear Corp.
9.50%, 07/15/06 50 54,250
Lear Seating Corp.
8.25%, 02/01/02 400 402,000
Oxford Automotive, Inc.
10.125%, 06/15/07 300 312,000
-----------
2,339,249
-----------
BEVERAGES -- 0.7%
National Wine &
Spirits, Inc. 144A
10.125%, 01/15/09 175 182,875
Triarc Consumer
Beverage Co. 144A
10.25%, 02/15/09 450 456,750
-----------
639,625
-----------
BROADCASTING -- 6.3%
Acme Television Co.
Cl-B [STEP]
10.635%, 09/30/04 575 500,250
Big City Radio,
Inc. [STEP]
13.028%, 03/15/05 450 322,875
Capstar Broadcasting
Corp.
9.25%, 07/01/07 100 106,000
Chancellor Media Corp.
9.00%, 10/01/08 1,425 1,535,437
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
- ---------------------------------------------------
- ---------------------------------------------------
<S> <C> <C>
Chancellor Media Corp.
L.A. Cl-B
10.50%, 01/15/07 $ 50 $ 55,250
8.75%, 06/15/07 50 51,750
8.125%, 12/15/07 775 788,562
Cumulus Media, Inc.
10.375%, 07/01/08 175 190,312
Fox/Liberty Networks LLC
8.875%, 08/15/07 400 438,000
9.709%, 08/15/07
[STEP] 525 433,125
SFX Broadcasting,
Inc. Cl-B
10.75%, 05/15/06 200 214,000
Sinclair Broadcasting
Group, Inc.
10.00%, 09/30/05 175 185,062
9.00%, 07/15/07 425 433,500
8.75%, 12/15/07 425 429,250
Spectrasite Holdings,
Inc. [STEP] 144A
11.25%, 04/15/09 400 235,000
UIH Australia Pacific,
Inc. Cl-B [STEP]
15.663%, 05/15/06 325 237,250
-----------
6,155,623
-----------
BUILDING MATERIALS -- 0.8%
American Builders &
Contractors Supply
Co., Inc. Cl-B
10.625%, 05/15/07 300 277,500
Building Materials Corp.
8.625%, 12/15/06 250 255,000
Falcon Building
Products, Inc. Cl-B
[STEP]
12.198%, 06/15/07 350 225,750
-----------
758,250
-----------
BUSINESS SERVICES -- 0.8%
Dialog Corp. PLC Cl-A
11.00%, 11/15/07 425 426,062
U.S. Office Products Co.
9.75%, 06/15/08 475 325,375
-----------
751,437
-----------
CABLE TELEVISION -- 10.1%
CSC Holdings, Inc.
9.25%, 11/01/05 500 537,500
7.875%, 12/15/07 50 52,822
9.875%, 02/15/13 300 338,250
Diamond Holdings
PLC Co.
9.125%, 02/01/08 200 211,000
Echostar DBS Corp. 144A
9.375%, 02/01/09 925 971,250
</TABLE>
AMERICAN SKANDIA ADVISOR FUNDS, INC.
15
<PAGE> 19
ASAF FEDERATED
HIGH YIELD BOND FUND
<TABLE>
<CAPTION>
- ---------------------------------------------------
PAR
(000) VALUE
- ---------------------------------------------------
<S> <C> <C>
Lenfest Communications,
Inc.
8.375%, 11/01/05 $ 150 $ 160,875
8.25%, 02/15/08 250 263,125
NTL, Inc. 144A
10.732%, 10/01/08
[STEP] 1,800 1,273,500
11.50%, 10/01/08 650 736,125
NTL, Inc. Cl-B [STEP]
10.497%, 04/01/08 1,525 1,098,000
Pegasus Communications
Corp. Cl-B
9.625%, 10/15/05 1,000 1,042,500
Pegasus Communications
Corp. 144A
9.75%, 12/01/06 125 130,625
Rogers Cablesystems of
America, Inc. Cl-B
10.00%, 03/15/05 650 737,750
Rogers Communications,
Inc.
8.875%, 07/15/07 500 522,500
Telewest Communications
PLC [STEP]
10.802%, 10/01/07 800 718,000
Telewest Communications
PLC 144A
11.25%, 11/01/08 200 235,000
9.25%, 04/15/09
[STEP] 600 415,500
United International
Holdings, Inc. Cl-B
[STEP]
10.639%, 02/15/08 625 434,375
-----------
9,878,697
-----------
CAPITAL GOODS -- 0.1%
Buckeye Cellulos Corp.
9.25%, 09/15/08 100 105,622
-----------
CHEMICALS -- 2.8%
Huntsman Corp. 144A
9.50%, 07/01/07 625 615,625
ISP Holdings, Inc. Cl-B
9.00%, 10/15/03 400 414,000
Polymer Group, Inc. Cl-B
9.00%, 07/01/07 300 309,750
8.75%, 03/01/08 750 766,875
Sterling Chemicals, Inc.
11.75%, 08/15/06 375 354,375
Texas Petrochemical
Corp.
11.125%, 07/01/06 300 262,500
-----------
2,723,125
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
- ---------------------------------------------------
- ---------------------------------------------------
<S> <C> <C>
CLOTHING & APPAREL -- 1.1%
Boyds Collection Ltd.
144A
9.00%, 05/15/08 $ 90 $ 95,850
GFSI, Inc. Cl-B
9.625%, 03/01/07 250 231,250
Pillowtex Corp.
10.00%, 11/15/06 150 157,500
Pillowtex Corp. Cl-B
9.00%, 12/15/07 575 583,625
-----------
1,068,225
-----------
COMPUTER SERVICES & SOFTWARE -- 0.4%
Alvey Systems, Inc.
11.375%, 01/31/03 35 36,137
DIVA Systems Corp.
Cl-B [STEP]
11.851%, 03/01/08 100 37,000
Verio, Inc. 144A
11.25%, 12/01/08 250 281,875
-----------
355,012
-----------
CONGLOMERATES -- 0.4%
Eagle-Picher
Industries, Inc.
9.375%, 03/01/08 400 396,000
-----------
CONSTRUCTION -- 0.9%
Building Materials Corp.
Cl-B
8.00%, 10/15/07 100 99,500
Formica Corp. 144A
10.875%, 03/01/09 325 329,875
MMI Products, Inc. 144A
11.25%, 04/15/07 100 108,250
MMI Products, Inc. Cl-B
11.25%, 04/15/07 300 324,750
-----------
862,375
-----------
CONSUMER PRODUCTS & SERVICES -- 4.9%
Albecca, Inc.
10.75%, 08/15/08 350 306,250
Amscan Holdings, Inc.
9.875%, 12/15/07 425 369,750
Chattem, Inc. Cl-B
8.875%, 04/01/08 550 559,625
Collins & Aikman Floor
Coverings Corp.
10.00%, 01/15/07 150 156,750
Collins & Aikman
Products Corp.
11.50%, 04/15/06 700 736,750
Diamond Brands
Operating, Inc.
10.125%, 04/15/08 50 42,250
12.83%, 04/15/09
[STEP] 50 11,750
Glenoit Corp.
11.00%, 04/15/07 175 158,375
NBTY, Inc. Cl-B
8.625%, 09/15/07 400 366,000
</TABLE>
16
<PAGE> 20
<TABLE>
<CAPTION>
- ---------------------------------------------------
PAR
(000) VALUE
- ---------------------------------------------------
<S> <C> <C>
Playtex Family
Products Corp.
9.00%, 12/15/03 $ 450 $ 468,000
Playtex Products, Inc.
Cl-B
8.875%, 07/15/04 50 52,000
Revlon Consumer
Products Corp.
8.625%, 02/01/08 1,325 1,285,250
Volume Services
America 144A
11.25%, 03/01/09 250 266,250
-----------
4,779,000
-----------
CONTAINERS & PACKAGING -- 1.7%
Ball Corp.
8.25%, 08/01/08 300 312,000
Consumers Packaging,
Inc. 144A
9.75%, 02/01/07 100 103,000
Owens-Illinois, Inc.
8.10%, 05/15/07 250 258,095
Packaging Corp. of
America, Inc. 144A
9.625%, 04/01/09 150 156,750
Russell Stanley
Holdings, Inc. 144A
10.875%, 02/15/09 300 300,000
Stone Container Corp.
12.75%, 04/01/02 400 404,000
Tekni-Plex, Inc. Cl-B
9.25%, 03/01/08 150 154,500
-----------
1,688,345
-----------
ELECTRONIC COMPONENTS & EQUIPMENT -- 1.6%
Amphenol Corp.
9.875%, 05/15/07 450 471,375
Cherokee International
Corp. 144A
10.50%, 05/01/09 100 102,500
Viasystems, Inc. Cl-B
9.75%, 06/01/07 100 93,500
WESCO Distribution,
Inc. Cl-B
9.125%, 06/01/08 650 679,250
WESCO International,
Inc. Cl-B [STEP]
11.131%, 06/01/08 250 173,750
-----------
1,520,375
-----------
ENTERTAINMENT & LEISURE -- 3.1%
AMF Group, Inc. [STEP]
16.056%, 03/15/06 512 296,960
Loews Cineplex
Entertainment Corp.
8.875%, 08/01/08 475 478,562
Premier Parks, Inc. Cl-A
12.00%, 08/15/03 50 53,875
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
- ---------------------------------------------------
- ---------------------------------------------------
<S> <C> <C>
Premier Parks, Inc.
9.25%, 04/01/06 $ 75 $ 78,562
9.865%, 04/01/08
[STEP] 1,550 1,108,250
Regal Cinemas, Inc.
9.50%, 06/01/08 750 750,000
Six Flags Theme Parks
Corp. Cl-A
12.25%, 06/15/05 50 55,375
True Temper Sports,
Inc. 144A
10.875%, 12/01/08 225 208,125
-----------
3,029,709
-----------
ENVIRONMENTAL SERVICES -- 1.6%
Allied Waste North
America Co. Cl-B
7.625%, 01/01/06 1,100 1,089,000
7.875%, 01/01/09 525 521,062
-----------
1,610,062
-----------
EQUIPMENT SERVICES -- 0.0%
Coinmach Corp. Cl-D
11.75%, 11/15/05 50 55,500
-----------
FARMING & AGRICULTURE -- 0.2%
Dimon, Inc.
8.875%, 06/01/06 50 44,500
Royster-Clark, Inc. 144A
10.25%, 04/01/09 125 127,500
-----------
172,000
-----------
FINANCIAL -- BANK & TRUST -- 1.4%
GS Escrow Corp.
7.125%, 08/01/05 1,300 1,300,234
RBF Finance Co. 144A
11.375%, 03/15/09 100 107,000
-----------
1,407,234
-----------
FOOD -- 3.5%
Agrilink Foods, Inc.
144A
11.875%, 11/01/08 500 540,000
Ameriserv Food
Distributor, Inc.
8.875%, 10/15/06 100 93,250
10.125%, 07/15/07 650 529,750
Aurora Foods, Inc. Cl-B
8.75%, 07/01/08 125 131,250
Aurora Foods, Inc. Cl-D
9.875%, 02/15/07 250 272,187
Domino's, Inc. 144A
10.375%, 01/15/09 300 313,500
Eagle Family
Foods, Inc. Cl-B
8.75%, 01/15/08 600 564,000
</TABLE>
AMERICAN SKANDIA ADVISOR FUNDS, INC.
17
<PAGE> 21
ASAF FEDERATED
HIGH YIELD BOND FUND
<TABLE>
<CAPTION>
- ---------------------------------------------------
PAR
(000) VALUE
- ---------------------------------------------------
<S> <C> <C>
International Home
Foods, Inc.
10.375%, 11/01/06 $ 725 $ 792,062
Jitney-Jungle Stores,
Inc.
10.375%, 09/15/07 150 143,250
Nebco Evans Holding Co.
[STEP]
10.875%, 07/15/07 125 53,125
-----------
3,432,374
-----------
FURNITURE -- 0.1%
Sealy Mattress Co. Cl-B
9.979%, 12/15/07
[STEP] 150 98,250
9.875%, 12/15/07 50 50,500
-----------
148,750
-----------
HEALTHCARE SERVICES -- 2.8%
Alliance Imaging, Inc.
9.625%, 12/15/05 325 326,625
Columbia/HCA Healthcare,
Inc.
6.91%, 06/15/05 300 279,906
Everest Healthcare
Services, Inc.
9.75%, 05/01/08 225 228,375
Genesis Health
Ventures, Inc.
9.25%, 10/01/06 200 178,500
9.875%, 01/15/09 144A 150 138,000
Hudson Respiratory
Care, Inc.
9.125%, 04/15/08 150 134,250
Tenet Healthcare Corp.
8.00%, 01/15/05 450 455,625
8.625%, 01/15/07 400 406,000
7.625%, 06/01/08 144A 100 97,750
8.125%, 12/01/08 144A 500 497,500
-----------
2,742,531
-----------
HOTELS & MOTELS -- 0.5%
Florida Panthers
Holdings, Inc. 144A
9.875%, 04/15/09 475 479,156
-----------
INDUSTRIAL PRODUCTS -- 1.2%
Comstock Resources,
Inc. 144A
11.25%, 05/01/07 200 206,000
Continental Global
Group, Inc. Cl-B
11.00%, 04/01/07 100 92,500
Hexcel Corp. 144A
9.75%, 01/15/09 325 329,875
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
- ---------------------------------------------------
- ---------------------------------------------------
<S> <C> <C>
ISG Resources, Inc.
10.00%, 04/15/08 $ 300 $ 308,250
Simmons Co. 144A
10.25%, 03/15/09 150 157,500
United Industries
Corp. 144A
9.875%, 04/01/09 100 105,000
-----------
1,199,125
-----------
MACHINERY & EQUIPMENT -- 2.4%
Clark Materials Handling
Corp. Cl-D
10.75%, 11/15/06 150 140,250
Columbus McKinnon Corp.
8.50%, 04/01/08 150 149,250
Fairchild Corp. 144A
10.75%, 04/15/09 250 251,250
National Equipment
Services, Inc. Cl-B
10.00%, 11/30/04 50 52,250
National Equipment
Services, Inc. Cl-D
10.00%, 11/30/04 475 496,375
Nationsrent, Inc.
10.375%, 12/15/08 300 314,250
United Rentals, Inc.
144A
9.25%, 01/15/09 950 961,875
-----------
2,365,500
-----------
MEDICAL SUPPLIES & EQUIPMENT -- 1.8%
CONMED Corp.
9.00%, 03/15/08 325 329,875
Dade International,
Inc. Cl-B
11.125%, 05/01/06 325 360,750
Fisher Scientific
International, Inc.
9.00%, 02/01/08 350 351,750
9.00%, 02/01/08 475 477,375
Kinetic Concepts, Inc.
Cl-B
9.625%, 11/01/07 250 246,250
-----------
1,766,000
-----------
METALS & MINING -- 3.1%
AEI Resources, Inc. 144A
10.50%, 12/15/05 450 459,000
11.50%, 12/15/06 300 302,250
California Steel
Industries 144A
8.50%, 04/01/09 300 307,500
Euramax International
PLC
11.25%, 10/01/06 350 372,750
Metals USA, Inc.
8.625%, 02/15/08 425 429,250
Murrin Murrin
Holdings PTY
9.375%, 08/31/07 300 262,500
National Steel Corp.
144A
9.875%, 03/01/09 300 317,250
</TABLE>
18
<PAGE> 22
<TABLE>
<CAPTION>
- ---------------------------------------------------
PAR
(000) VALUE
- ---------------------------------------------------
<S> <C> <C>
Neenah Corp. 144A
11.125%, 05/01/07 $ 250 $ 253,750
Neenah Corp. Cl-B
11.125%, 05/01/07 225 228,375
Ryerson Tull, Inc.
8.50%, 07/15/01 50 51,874
-----------
2,984,499
-----------
OFFICE EQUIPMENT -- 0.2%
United Stationers
Supply Co.
8.375%, 04/15/08 175 175,438
-----------
OIL & GAS -- 2.6%
Chiles Offshore LLC
Corp.
10.00%, 05/01/08 175 132,125
Continental Resources,
Inc.
10.25%, 08/01/08 375 285,938
Dailey International,
Inc. Cl-B
9.50%, 02/15/08 300 91,500
Forcenergy, Inc.+
8.50%, 02/15/07 300 163,500
Forest Oil Corp.
10.50%, 01/15/06 300 312,750
Houston Exploration
Co. Cl-B
8.625%, 01/01/08 200 199,000
KCS Energy, Inc.
8.875%, 01/15/08 150 42,000
Nuevo Energy Co. Cl-B
8.875%, 06/01/08 200 199,000
Pogo Producing Co. Cl-B
10.375%, 02/15/09 250 260,625
Pride Petroleum
Services, Inc.
9.375%, 05/01/07 350 350,000
R&B Falcon Corp. 144A
12.25%, 03/15/06 200 211,000
Universal Compression
Holdings [STEP]
9.665%, 02/15/08 325 203,125
12.454%, 02/15/09 100 59,500
-----------
2,510,063
-----------
PRINTING & PUBLISHING -- 1.1%
Garden State Newspapers,
Inc. Cl-B
8.75%, 10/01/09 475 483,313
Hollinger International
Publishing Co.
9.25%, 02/01/06 125 131,250
9.25%, 03/15/07 300 313,500
Ziff-Davis, Inc.
8.50%, 05/01/08 150 149,250
-----------
1,077,313
-----------
RAILROADS -- 0.3%
Railworks Corp. 144A
11.50%, 04/15/09 250 257,500
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
- ---------------------------------------------------
- ---------------------------------------------------
<S> <C> <C>
REAL ESTATE -- 1.3%
HMH Properties, Inc.
Cl-B
7.875%, 08/01/08 $ 825 $ 804,375
HMH Properties, Inc.
Cl-C
8.45%, 12/01/08 450 453,375
-----------
1,257,750
-----------
RESTAURANTS -- 0.6%
Advantica Restaurant
Group, Inc.
11.25%, 01/15/08 250 258,125
Carrols Corp. 144A
9.50%, 12/01/08 275 281,875
-----------
540,000
-----------
RETAIL & MERCHANDISING -- 0.4%
Community Distributors,
Inc. Cl-B
10.25%, 10/15/04 200 183,000
Just For Feet, Inc. 144A
11.00%, 05/01/09 250 243,750
-----------
426,750
-----------
SEMICONDUCTORS -- 0.2%
Fairchild Semiconductor
Corp. 144A
10.375%, 10/01/07 150 154,125
-----------
TELECOMMUNICATIONS -- 22.6%
American Cellular Corp.
10.50%, 05/15/08 500 537,500
Arch Communications,
Inc.
12.75%, 07/01/07 150 135,750
Benedek Communications
Corp. [STEP]
13.997%, 05/15/06 125 103,125
Call-Net Enterprises,
Inc. [STEP]
8.949%, 08/15/07 425 316,625
9.441%, 08/15/08 425 285,813
Centennial Cellular
Corp. 144A
10.75%, 12/15/08 350 381,500
Charter Communications
Holdings LLC
[STEP] 144A
9.92%, 04/01/11 975 649,594
e.spire Communications,
Inc. [STEP]
13.324%, 11/01/05 275 210,375
Hermes Europe
Railtel BV, Inc.
11.50%, 08/15/07 650 718,250
10.375%, 01/15/09 250 268,750
ICG Holdings,
Inc. [STEP]
11.727%, 05/01/06 500 419,615
9.644%, 03/15/07 200 150,960
</TABLE>
AMERICAN SKANDIA ADVISOR FUNDS, INC.
19
<PAGE> 23
ASAF FEDERATED
HIGH YIELD BOND FUND
<TABLE>
<CAPTION>
- ---------------------------------------------------
PAR
(000) VALUE
- ---------------------------------------------------
<S> <C> <C>
Intermedia
Communications,
Inc. [STEP]
9.733%, 05/15/06 $ 100 $ 86,750
12.25%, 03/01/09 1,300 825,500
Intermedia
Communications,
Inc. Cl-B
10.56%, 07/15/07
[STEP] 850 656,625
8.875%, 11/01/07 50 50,750
8.60%, 06/01/08 275 276,375
International CableTel,
Inc. Cl-B [STEP]
9.743%, 02/01/06 125 110,000
IXC Communications, Inc.
9.00%, 04/15/08 500 503,750
Level 3 Communications,
Inc.
9.13%, 05/01/08 1,000 1,025,000
Level 3 Communications,
Inc. [STEP] 144A
10.79%, 12/01/08 2,350 1,527,500
McLeodUSA, Inc.
9.918%, 03/01/07
[STEP] 875 709,844
8.375%, 03/15/08 150 151,125
8.125%, 02/15/09 144A 500 498,750
Metromedia Fiber
Network, Inc. 144A
10.00%, 11/15/08 325 352,625
MetroNet Communications
Corp.
11.588%, 11/01/07
[STEP] 150 123,375
10.282%, 06/15/08
[STEP] 1,000 782,500
10.625%, 11/01/08 144A 275 323,813
Millicom International
Cellular, Inc. [STEP]
13.109%, 06/01/06 650 507,000
Nextel Communications,
Inc. [STEP]
10.845%, 09/15/07 700 553,000
10.552%, 02/15/08 1,500 1,151,250
Nextel International,
Inc. [STEP]
12.125%, 04/15/08 50 27,629
Nextel Partners, Inc.
[STEP] 144A
13.273%, 02/01/09 400 254,000
NEXTLINK Communications,
Inc.
9.625%, 10/01/07 125 126,563
9.00%, 03/15/08 150 149,250
10.837%, 04/15/08
[STEP] 750 483,750
Orange PLC
8.00%, 08/01/08 550 566,500
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
- ---------------------------------------------------
- ---------------------------------------------------
<S> <C> <C>
Paging Network, Inc.
10.125%, 08/01/07 $ 50 $ 40,750
10.00%, 10/15/08 325 261,625
Pathnet, Inc.
12.25%, 04/15/08 100 53,000
PSINet, Inc.
11.50%, 11/01/08 325 364,000
PSINet, Inc. Cl-B
10.00%, 02/15/05 325 344,500
Qwest Communications
International, Inc.
8.24%, 10/15/07 [STEP] 700 565,250
7.50%, 11/01/08 144A 400 422,000
Qwest Communications
International, Inc.
Cl-B
10.875%, 04/01/07 35 40,775
RCN Corp. [STEP]
12.717%, 10/15/07 325 228,313
Rogers Cantel, Inc.
8.80%, 10/01/07 225 238,500
Sitel Corp.
9.25%, 03/15/06 225 216,000
Telecommunications
Techniques Co.
9.75%, 05/15/08 500 512,500
Telesystem International
Wireless, Inc.
Cl-B [STEP]
14.691%, 06/30/07 800 500,000
Telesystem International
Wireless, Inc.
Cl-C [STEP]
10.352%, 11/01/07 75 41,250
Teligent, Inc.
11.50%, 12/01/07 500 497,500
Teligent,
Inc. Cl-B [STEP]
14.981%, 03/01/08 400 230,000
Triton PCS, Inc. [STEP]
13.458%, 05/01/08 725 460,375
US Xchange LLC
15.00%, 07/01/08 200 218,500
Viatel, Inc.
12.852%, 04/15/08
[STEP] 1,050 687,750
11.25%, 04/15/08 75 78,563
-----------
22,002,232
-----------
TRANSPORTATION -- 2.5%
Allied Holdings, Inc.
Cl-B
8.625%, 10/01/07 400 390,000
Ameritruck Distribution
Corp. Cl-B+
12.25%, 11/15/05 50 3,250
Gearbulk Holding Ltd.
11.25%, 12/01/04 400 412,000
Holt Group 144A
9.75%, 01/15/06 100 66,500
</TABLE>
20
<PAGE> 24
<TABLE>
<CAPTION>
- ---------------------------------------------------
PAR
(000) VALUE
- ---------------------------------------------------
<S> <C> <C>
Statia Terminals, Inc.
Cl-B
11.75%, 11/15/03 $ 250 $ 268,750
Stena AB
10.50%, 12/15/05 350 357,875
8.75%, 06/15/07 900 848,250
Stena Line AB
10.625%, 06/01/08 100 78,500
-----------
2,425,125
-----------
UTILITIES -- 1.5%
CMS Energy Corp.
7.50%, 01/15/09 525 527,000
El Paso Electric Co.
Cl-E
9.40%, 05/01/11 300 335,532
International Utility
Structures, Inc.
10.75%, 02/01/08 125 128,125
Niagara Mohawk Power
Corp. Cl-H [STEP]
7.788%, 07/01/10 650 501,859
-----------
1,492,516
-----------
TOTAL CORPORATE OBLIGATIONS
(Cost $87,449,044) 88,501,649
-----------
SHARES
------
COMMON STOCK -- 0.0%
BROADCASTING -- 0.0%
Diva Systems Corp.
Warrants* 300 3,900
-----------
TELECOMMUNICATIONS -- 0.0%
Pathnet, Inc. Warrants* 100 1,013
-----------
TOTAL COMMON STOCK
(Cost $0) 4,913
-----------
PREFERRED STOCK -- 2.6%
BROADCASTING -- 1.0%
Benedek Communications
Corp. 11.50% [PIK] 100 75,500
Capstar Communications,
Inc. Cl-E 12.625%
[PIK] 531 63,986
Cumulus Media,
Inc. Cl-A 13.75% 368 419,791
Sinclair Capital
Cl-A $11.625 3,100 348,750
-----------
908,027
-----------
CONTAINERS & PACKAGING -- 0.1%
Packaging Corp. of
America, Inc.
12.375% [PIK] 144A 750 79,688
-----------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------
SHARES VALUE
- ---------------------------------------------------
<S> <C> <C>
FOOD -- 0.0%
Nebco Evans Holding Co.
11.25% [PIK] 611 $ 22,302
-----------
HEALTHCARE SERVICES -- 0.0%
River Holding Corp. Cl-B
11.50% [PIK] 560 41,930
-----------
OIL & GAS -- 0.3%
R&B Falcon Corp.
13.875% [PIK] 144A 275 292,875
-----------
PRINTING & PUBLISHING -- 1.2%
Primedia, Inc.
Cl-D 10.00% 3,000 316,500
Primedia, Inc.
Cl-F 9.20% 2,950 299,425
Primedia, Inc.
Cl-H 8.625% 5,250 504,000
-----------
1,119,925
-----------
TELECOMMUNICATIONS -- 0.0%
Nextel Communications,
Inc. Cl-E
11.125% [PIK] 25 27,625
Viatel, Inc. Cl-A
10.00% [PIK] 66 14,883
-----------
42,508
-----------
TOTAL PREFERRED STOCK
(Cost $2,477,440) 2,507,255
-----------
PAR
(000)
------
REPURCHASE AGREEMENTS -- 0.8%
Greenwich Capital Markets,
Inc., 4.80%, dated
04/30/99, maturing
05/03/99, repurchase
price $766,306,
(Collateralized by U.S.
Treasury Notes, par
value $766,000, market
value $791,557, due
02/15/06)
(Cost $766,000) $ 766 766,000
-----------
</TABLE>
AMERICAN SKANDIA ADVISOR FUNDS, INC.
21
<PAGE> 25
ASAF FEDERATED
HIGH YIELD BOND FUND
<TABLE>
<CAPTION>
- ----------------------------------------------------
SHARES VALUE
- ----------------------------------------------------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 4.1%
Temporary Investment
Cash Fund 2,000,318 $ 2,000,318
Temporary Investment
Fund 2,000,318 2,000,318
-----------
(Cost $4,000,636) 4,000,636
-----------
TOTAL INVESTMENTS -- 98.3%
(Cost $94,693,120) 95,780,453
OTHER ASSETS LESS LIABILITIES -- 1.7% 1,684,993
-----------
NET ASSETS -- 100.0% $97,465,446
===========
</TABLE>
- -------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
+ Illiquid security. At the end of the period these securities amounted to less
than 0.2% of net assets.
144A -- Security was purchased pursuant to Rule 144A under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers. At the end of the period, these securities
amounted to 20.3% of net assets.
See Notes to Financial Statements.
22
<PAGE> 26
ASAF OPPENHEIMER
LARGE-CAP GROWTH FUND
<TABLE>
<CAPTION>
- ---------------------------------------------------
SHARES VALUE
- ---------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 96.9%
AEROSPACE -- 1.3%
Goodrich, (B.F.) Co. 3,800 $ 151,050
Gulfstream Aerospace
Corp.* 7,300 355,875
-----------
506,925
-----------
AUTOMOTIVE PARTS -- 1.0%
Lear Corp.* 8,300 380,762
-----------
BEVERAGES -- 0.5%
Coca-Cola Co. 2,600 176,800
-----------
BUILDING MATERIALS -- 3.8%
American Standard
Companies, Inc.* 8,800 402,600
Carlisle Companies,
Inc. 6,400 313,600
Lowe's Companies, Inc. 6,800 358,700
USG Corp. 6,200 361,925
-----------
1,436,825
-----------
BUSINESS SERVICES -- 1.7%
Quintiles Transnational
Corp.* 6,400 259,600
Waters Corp.* 3,700 388,962
-----------
648,562
-----------
CLOTHING & APPAREL -- 4.7%
Gap, Inc. 6,200 412,687
Intimate Brands, Inc. 7,900 395,000
Jones Apparel Group,
Inc.* 12,600 415,800
Payless ShoeSource,
Inc.* 3,500 169,531
Ross Stores, Inc. 8,400 385,875
-----------
1,778,893
-----------
COMPUTER HARDWARE -- 6.2%
Adaptec, Inc.* 9,900 238,219
EMC Corp.* 5,000 544,687
Gateway 2000, Inc.* 5,500 364,031
International Business
Machines Corp. 2,600 543,887
Quantum Corp.* 21,300 380,737
Seagate Technology,
Inc.* 11,300 314,987
-----------
2,386,548
-----------
COMPUTER SERVICES & SOFTWARE -- 21.3%
Adobe Systems, Inc. 6,200 392,925
America Online, Inc.* 9,200 1,313,300
BMC Software, Inc.* 11,700 503,831
Cisco Systems, Inc.* 3,300 376,406
Computer Associates
International, Inc. 12,100 516,519
Compuware Corp.* 16,700 407,062
DST Systems, Inc.* 6,100 355,325
Gartner Group, Inc.
Cl-A* 9,900 188,719
Intuit, Inc.* 3,900 335,887
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ---------------------------------------------------
- ---------------------------------------------------
<S> <C> <C>
Microsoft Corp.* 25,300 $ 2,057,206
Reynolds & Reynolds Co.
Cl-A 12,200 278,312
Sterling Software,
Inc.* 12,800 264,800
Sun Microsystems, Inc.* 10,700 639,994
Yahoo!, Inc.* 2,900 506,594
-----------
8,136,880
-----------
CONSUMER PRODUCTS & SERVICES -- 5.1%
Bausch & Lomb, Inc. 5,200 390,000
Maytag Corp. 5,800 396,575
Mohawk Industries,
Inc.* 12,200 393,450
Shaw Industries, Inc.* 20,300 367,938
Tupperware Corp. 17,600 416,900
-----------
1,964,863
-----------
ELECTRONIC COMPONENTS & EQUIPMENT -- 6.5%
General Electric Co. 13,200 1,392,600
Sanmina Corp.* 6,100 404,888
Solectron Corp.* 8,400 407,400
Symbol Technologies,
Inc. 5,600 267,400
-----------
2,472,288
-----------
ENTERTAINMENT & LEISURE -- 1.1%
Circus Circus
Enterprises, Inc.* 19,100 402,294
-----------
FINANCIAL -- BANK & TRUST -- 1.0%
Countrywide Credit
Industries, Inc. 8,200 371,563
-----------
FINANCIAL SERVICES -- 1.4%
FINOVA Group, Inc. 1,600 77,300
Freddie Mac 7,500 470,625
-----------
547,925
-----------
FOOD -- 2.5%
Flowers Industries,
Inc. 14,200 301,750
Suiza Foods Corp.* 11,300 424,456
U.S. Foodservice, Inc.* 5,900 248,169
-----------
974,375
-----------
FURNITURE -- 2.0%
Ethan Allen Interiors,
Inc.* 7,900 400,431
Furniture Brands
International, Inc.* 15,200 380,950
-----------
781,381
-----------
HEALTHCARE SERVICES -- 4.4%
Amgen, Inc.* 9,000 552,938
Shared Medical Systems
Corp. 6,100 331,306
United HealthCare Corp. 7,500 420,938
Wellpoint Health
Networks, Inc.* 5,300 372,325
-----------
1,677,507
-----------
</TABLE>
AMERICAN SKANDIA ADVISOR FUNDS, INC.
23
<PAGE> 27
ASAF OPPENHEIMER
LARGE-CAP GROWTH FUND
<TABLE>
<CAPTION>
- ---------------------------------------------------
SHARES VALUE
- ---------------------------------------------------
<S> <C> <C>
MEDICAL SUPPLIES & EQUIPMENT -- 4.5%
Bergen Brunswig Corp.
Cl-A 18,600 $ 353,400
Genzyme Corp.* 6,800 256,700
Hillenbrand Industries,
Inc. 8,000 375,500
Johnson & Johnson Co. 700 68,250
STERIS Corp.* 15,200 269,800
Sybron International
Corp.* 14,800 409,775
-----------
1,733,425
-----------
PERSONAL SERVICES -- 1.1%
Cendant Corp.* 24,300 437,400
-----------
PHARMACEUTICALS -- 3.6%
Biogen, Inc.* 4,000 380,250
Bristol-Meyers Squibb
Co. 800 50,850
Merck & Co., Inc. 5,400 379,350
Mylan Laboratories,
Inc. 15,000 340,313
Pfizer, Inc. 2,000 230,125
-----------
1,380,888
-----------
PRINTING & PUBLISHING -- 2.4%
Central Newspapers,
Inc. Cl-A 1,800 61,088
Lexmark International
Group, Inc. Cl-A* 4,100 506,350
Times Mirror Co. Cl-A 5,700 333,450
-----------
900,888
-----------
RESTAURANTS -- 2.0%
Brinker International,
Inc.* 14,200 392,275
Outback Steakhouse,
Inc.* 10,400 372,450
-----------
764,725
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ---------------------------------------------------
- ---------------------------------------------------
<S> <C> <C>
RETAIL & MERCHANDISING -- 6.9%
Bed, Bath & Beyond,
Inc.* 5,700 $ 203,419
Best Buy Co., Inc.* 8,100 386,775
Dayton-Hudson Corp. 8,000 538,500
Saks, Inc.* 10,600 300,113
Tiffany & Co. 5,000 420,000
TJX Companies, Inc. 13,200 439,725
Wal-Mart Stores, Inc. 7,600 349,600
-----------
2,638,132
-----------
SEMICONDUCTORS -- 6.0%
Intel Corp. 25,000 1,529,688
Micron Technology,
Inc.* 10,300 382,388
Vitesse Semiconductor
Corp.* 8,300 384,394
-----------
2,296,470
-----------
TELECOMMUNICATIONS -- 4.8%
Lucent Technologies,
Inc. 22,100 1,328,763
Tellabs, Inc.* 4,500 493,031
-----------
1,821,794
-----------
TRANSPORTATION -- 1.1%
CNF Transportation,
Inc. 9,200 401,925
-----------
TOTAL COMMON STOCK
(Cost $35,162,147) 37,020,038
-----------
SHORT-TERM INVESTMENTS -- 2.1%
Temporary Investment
Cash Fund 397,078 397,078
Temporary Investment
Fund 397,078 397,078
-----------
(Cost $794,156) 794,156
-----------
TOTAL INVESTMENTS -- 99.0%
(Cost $35,956,303) 37,814,194
OTHER ASSETS LESS
LIABILITIES -- 1.0% 399,206
-----------
NET ASSETS -- 100.0% $38,213,400
===========
</TABLE>
- -------------------------------------------------------
* Non-income producing security.
See Notes to Financial Statements.
24
<PAGE> 28
ASAF LORD ABBETT
GROWTH AND INCOME FUND
<TABLE>
<CAPTION>
- ----------------------------------------------------
SHARES VALUE
- ----------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 90.7%
AEROSPACE -- 1.5%
AlliedSignal, Inc. 10,000 $ 587,500
United Technologies
Corp. 4,000 579,500
-----------
1,167,000
-----------
AUTOMOBILE MANUFACTURERS -- 2.1%
Ford Motor Co. 12,000 767,250
General Motors Corp. 10,000 889,375
-----------
1,656,625
-----------
BROADCASTING -- 1.5%
CBS Corp. 25,000 1,139,062
-----------
CHEMICALS -- 1.2%
Rohm & Haas Co. 20,000 896,250
-----------
CLOTHING & APPAREL -- 0.9%
VF Corp. 13,000 669,500
-----------
COMPUTER HARDWARE -- 2.9%
EMC Corp.* 3,000 326,812
International Business
Machines Corp. 9,000 1,882,687
-----------
2,209,499
-----------
COMPUTER SERVICES & SOFTWARE -- 3.6%
First Data Corp. 30,000 1,273,125
Sun Microsystems,
Inc.* 25,000 1,495,312
-----------
2,768,437
-----------
CONSUMER PRODUCTS & SERVICES -- 1.0%
Eastman Kodak Co. 10,000 746,250
-----------
ELECTRONIC COMPONENTS & EQUIPMENT -- 4.8%
Emerson Electric Co. 18,000 1,161,000
Rockwell International
Corp. 20,000 1,032,500
Texas Instruments,
Inc. 15,000 1,531,875
-----------
3,725,375
-----------
ENTERTAINMENT & LEISURE -- 0.6%
Time Warner, Inc. 7,000 490,000
-----------
ENVIRONMENTAL SERVICES -- 2.3%
Waste Management, Inc. 32,000 1,808,000
-----------
FINANCIAL -- BANK & TRUST -- 8.5%
BankAmerica Corp. 9,000 648,000
Bank One Corp. 25,000 1,475,000
Chase Manhattan Corp. 17,000 1,406,750
First Union Corp. 26,000 1,439,750
Fleet Financial Group,
Inc. 18,000 775,125
Wells Fargo & Co. 20,000 863,750
-----------
6,608,375
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ----------------------------------------------------
- ----------------------------------------------------
<S> <C> <C>
FINANCIAL SERVICES -- 1.2%
Morgan Stanley, Dean
Witter & Co. 9,000 $ 892,687
-----------
FOOD -- 3.3%
Heinz, (H.J.) Co. 30,000 1,400,625
Ralston Purina Group 37,000 1,128,500
-----------
2,529,125
-----------
HEALTHCARE SERVICES -- 1.0%
Columbia HCA
Healthcare Corp. 32,000 790,000
-----------
INSURANCE -- 8.3%
Aetna, Inc. 12,000 1,052,250
American General Corp. 23,000 1,702,000
AON Corp. 1,400 95,900
Chubb Corp. 16,000 948,000
CIGNA Corp. 12,000 1,046,250
Jefferson-Pilot Corp. 10,000 673,750
St. Paul Companies,
Inc. 30,000 860,625
-----------
6,378,775
-----------
MACHINERY & EQUIPMENT -- 1.7%
Deere & Co. 30,000 1,290,000
-----------
MEDICAL SUPPLIES & EQUIPMENT -- 1.5%
Baxter International,
Inc. 19,000 1,197,000
-----------
METALS & MINING -- 1.6%
Alcoa, Inc. 20,000 1,245,000
-----------
OFFICE EQUIPMENT -- 1.3%
Xerox Corp. 17,000 998,750
-----------
OIL & GAS -- 11.2%
BP Amoco PLC [ADR] 15,000 1,697,813
Coastal Corp. 34,000 1,300,501
Mobil Corp. 22,000 2,304,500
Schlumberger Ltd. 10,000 638,750
Texaco, Inc. 13,000 815,750
Total SA [ADR] 28,000 1,904,000
-----------
8,661,314
-----------
PAPER & FOREST PRODUCTS -- 2.1%
International Paper
Co. 30,000 1,599,375
-----------
PHARMACEUTICALS -- 3.8%
American Home Products
Corp. 25,000 1,525,000
Pharmacia & Upjohn,
Inc. 25,000 1,400,000
-----------
2,925,000
-----------
</TABLE>
AMERICAN SKANDIA ADVISOR FUNDS, INC.
25
<PAGE> 29
ASAF LORD ABBETT
GROWTH AND INCOME FUND
<TABLE>
<CAPTION>
- ----------------------------------------------------
SHARES VALUE
- ----------------------------------------------------
<S> <C> <C>
PRINTING & PUBLISHING -- 2.9%
Dow Jones & Co., Inc. 20,000 $ 1,090,000
Gannett Co., Inc. 10,000 708,125
Tribune Co. 5,000 417,188
-----------
2,215,313
-----------
RETAIL & MERCHANDISING -- 2.5%
Federated Department
Stores, Inc.* 25,000 1,167,188
Wal-Mart Stores, Inc. 16,000 736,000
-----------
1,903,188
-----------
TELECOMMUNICATIONS -- 12.4%
Alltel Corp. 17,000 1,146,438
AT&T Corp. 47,000 2,373,500
Bell Atlantic Corp. 27,000 1,555,875
Comcast Corp.
Special Cl-A 5,000 370,625
MCI WorldCom, Inc.* 15,000 1,232,813
QUALCOMM, Inc.* 7,000 1,400,000
SBC Communications,
Inc. 27,000 1,512,000
-----------
9,591,251
-----------
UTILITIES -- 5.0%
Carolina Power &
Light Co. 30,000 1,209,375
Duke Energy Corp. 28,000 1,568,000
FirstEnergy Corp. 38,000 1,128,125
-----------
3,905,500
-----------
TOTAL COMMON STOCK
(Cost $59,776,434) 70,006,651
-----------
PREFERRED STOCK -- 3.7%
COMPUTER SERVICES & SOFTWARE -- 1.1%
Unisys Corp. $3.75
Cl-A [CVT] 15,000 820,312
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ----------------------------------------------------
- ----------------------------------------------------
<S> <C> <C>
CONTAINERS & PACKAGING -- 1.0%
Owens-Illinois, Inc.
4.75% [CVT] 20,000 $ 810,000
-----------
INSURANCE -- 0.8%
Aetna, Inc.
Cl-C 6.25% [CVT] 8,000 618,500
-----------
UTILITIES -- 0.8%
Houston Industries,
Inc. 7.00% [CVT] 5,000 590,000
-----------
TOTAL PREFERRED STOCK
(Cost $2,580,570) 2,838,812
-----------
SHORT-TERM INVESTMENTS -- 6.2%
Temporary Investment
Cash Fund 2,410,360 2,410,360
Temporary Investment
Fund 2,410,359 2,410,359
-----------
(Cost $4,820,719) 4,820,719
-----------
TOTAL INVESTMENTS -- 100.6%
(Cost $67,177,723) 77,666,182
LIABILITIES IN EXCESS OF
OTHER ASSETS -- (0.6%) (432,225)
-----------
NET ASSETS -- 100.0% $77,233,957
===========
</TABLE>
- -------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
26
<PAGE> 30
ASAF JANUS
OVERSEAS GROWTH FUND
<TABLE>
<CAPTION>
- ---------------------------------------------------
SHARES VALUE
- ---------------------------------------------------
<S> <C> <C>
FOREIGN STOCK -- 78.5%
ARGENTINA -- 0.8%
Telecom Argentina Stet
SA [ADR] 9,505 $ 327,922
Telefonica de
Argentina SA Cl-B
[ADR] 9,085 339,552
YPF SA [ADR] 8,790 369,180
------------
1,036,654
------------
AUSTRALIA -- 1.0%
Cable & Wireless Optus
Ltd.* 373,028 840,571
Publishing &
Broadcasting Ltd. 51,869 349,162
------------
1,189,733
------------
BRAZIL -- 1.0%
Telecomunicacoes
Brasileiras SA Pfd.
[ADR] 13,670 1,246,533
------------
CANADA -- 4.4%
BCE, Inc. 11,252 513,804
JDS Fitel, Inc.* 981 59,279
Le Groupe Videotron
Ltee 60,602 1,242,160
Rogers Communications,
Inc. Cl-B* 107,792 2,020,670
Shaw Communications,
Inc. Cl-B 33,570 1,354,270
Toronto-Dominion Bank 4,616 246,758
------------
5,436,941
------------
DENMARK -- 0.1%
Ratin AS Cl-B 396 68,270
------------
FINLAND -- 4.2%
Nokia AB Oyj 23,526 1,815,685
Nokia Corp. Cl-A [ADR] 29,180 2,164,791
Sonera Group Oyj 8,051 160,131
Talentum Oy Cl-B 31,652 418,580
Tieto Corp. Cl-B 16,811 670,505
------------
5,229,692
------------
FRANCE -- 8.1%
Accor SA 842 222,254
Atos SA* 6,564 562,498
AXA SA 9,009 1,164,702
Cap Gemini SA 6,916 1,058,743
Carrefour Supermarche
SA 765 607,002
Equant NV* 2,054 186,664
Rhone-Poulenc Cl-A 7,620 362,773
Sanofi SA 1,402 219,966
Societe Nationale Elf
Aquitaine SA 1,027 159,718
Sodexho Alliance SA 1,760 289,169
Suez Lyonnaise des
Eaux 14,484 2,467,070
Synthelabo 999 204,510
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ---------------------------------------------------
- ---------------------------------------------------
<S> <C> <C>
Valeo SA 722 $ 61,107
Vivendi 10,721 2,507,790
------------
10,073,966
------------
GERMANY -- 6.6%
Adidas-Salomon AG 2,801 276,182
DaimlerChrysler AG* 3,434 336,127
DePfa Deutsche
Pfandbriefbank AG 22,002 1,838,893
Deutsche Telekom AG 6,288 250,464
Hoechst AG 6,277 287,546
Mannesmann AG 25,547 3,348,716
Marschollek,
Lautenschlaeger und
Partner AG Non-
Voting Pfd. 646 362,564
MobilCom AG 1,200 293,900
Porsche AG Pfd. 484 1,203,318
------------
8,197,710
------------
GREECE -- 0.1%
STET Hellas
Telecommunications
SA [ADR]* 5,750 155,250
------------
HONG KONG -- 1.1%
China Telecom Ltd.* 617,000 1,409,112
------------
IRELAND -- 0.7%
Elan Corp. PLC [ADR]* 15,711 809,116
------------
ISRAEL -- 0.4%
Matav-Cable Systems
Media Ltd. [ADR] 16,000 512,000
------------
ITALY -- 3.6%
Assicurazioni Generali 16,150 629,618
Banca Commerciale
Italia NA 10,072 83,008
Banca di Roma 142,692 235,500
Mediaset SPA 1,442 12,510
Telecom Italia Mobile
SPA 104,485 623,448
Telecom Italia SPA 182,281 1,941,950
Unicredito Italiano
SPA 175,662 892,044
------------
4,418,078
------------
JAPAN -- 10.5%
Fujitsu Ltd. 24,000 411,188
Honda Motor Co. Ltd. 29,000 1,277,968
Ito-Yokado Co. Ltd. 20,000 1,228,203
Kao Corp. 60,000 1,523,106
Kirin Brewery Co. Ltd. 90,000 1,017,918
Nippon Telegraph &
Telephone Corp. 5 54,456
NTT Data Corp. 1,190 942,139
NTT Mobile
Communication
Network, Inc. 62 3,636,018
Softbank Corp. 3,900 519,188
Sony Corp. 13,100 1,223,721
Takeda Chemical
Industries Ltd. 21,000 913,110
</TABLE>
AMERICAN SKANDIA ADVISOR FUNDS, INC.
27
<PAGE> 31
ASAF JANUS
OVERSEAS GROWTH FUND
<TABLE>
<CAPTION>
- ---------------------------------------------------
SHARES VALUE
- ---------------------------------------------------
<S> <C> <C>
Tokyo Electron Ltd. 1,000 $ 56,970
Yamanouchi
Pharmaceutical Co.
Ltd. 6,000 190,011
------------
12,993,996
------------
KOREA -- 0.2%
SK Telecom Co. Ltd.
[ADR] 22,114 306,833
------------
MEXICO -- 1.2%
Grupo Televisa SA
[GDR]* 2,940 120,540
Telefonos de Mexico SA
Cl-L [ADR] 17,520 1,327,140
------------
1,447,680
------------
NETHERLANDS -- 11.0%
AEGON NV 9,002 864,277
ASM Lithography
Holding NV* 6,599 278,560
ASM Lithography
Holding NV NY Reg.* 1,170 45,630
Equant NV NY Reg.* 7,196 642,243
Getronics NV 64,351 2,644,925
Heineken NV 25,471 1,279,990
ING Groep NV 9,612 592,856
Koninklijke Ahold NV 2,773 103,120
Koninklijke (Royal)
Philips Electronics
NV 13,228 1,140,562
Koninklijke (Royal)
Philips Electronics
NV NY Reg 16,062 1,371,293
United Pan-Europe
Communications NV* 23,881 1,236,723
United Pan-Europe
Communications NV
[ADR]* 30 1,528
Wolters Kluwer NV 79,389 3,460,387
------------
13,662,094
------------
SPAIN -- 3.3%
Argentaria Caja Postal
Y Banco Hipotecario
de Espana SA 8,577 201,989
Banco Bilbao Vizcaya
SA 28,744 430,603
Banco Santander
Central Hispano SA 13,977 304,021
Tele Pizza SA* 1,947 12,359
Telefonica SA 59,015 2,769,001
Telefonica SA [ADR] 2,060 287,168
Telefonica SA Bonus
Rights* 59,015 54,943
------------
4,060,084
------------
SWEDEN -- 5.7%
Assa Abloy AB Cl-B 62,830 2,749,053
Ericsson, (L.M.)
Telephone Co. [ADR] 33,205 896,535
Ericsson, (L.M.)
Telephone Co. Cl-B 30,036 791,006
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ---------------------------------------------------
- ---------------------------------------------------
<S> <C> <C>
Modern Times Group AB
Cl-B* 25,007 $ 514,365
Pharmacia & Upjohn,
Inc. 594 33,052
SAS Sverige AB 159 1,569
Securitas AB Cl-B 130,808 1,944,053
WM-Data AB Cl-B 2,310 85,141
------------
7,014,774
------------
SWITZERLAND -- 5.0%
Adecco SA 181 91,424
Julius Baer Holdings
AG Cl-B 347 1,131,633
Kuoni Reisen AG 58 205,721
Roche Holding AG 140 1,649,709
Swisscom AG* 3,880 1,427,173
UBS AG 3,570 1,214,661
Zurich Allied AG 682 440,347
------------
6,160,668
------------
UNITED KINGDOM -- 9.5%
Amvescap PLC 31,682 336,674
British
Telecommunications
Co. PLC 48,453 814,467
Capita Group PLC 52,223 552,853
COLT Telecom Group
PLC* 75,972 1,420,163
Compass Group PLC 131,500 1,348,707
Energis PLC* 13,770 369,148
Glaxo Wellcome PLC 13,243 391,908
Hays PLC 39,546 439,980
Lloyds TSB Group PLC 2,869 46,217
Logica PLC 54,494 522,935
Orange PLC* 19,334 263,357
Rentokil Initial PLC 121,367 714,722
SEMA Group PLC 17,340 167,794
SmithKline Beecham PLC 171,876 2,274,781
SmithKline Beecham PLC
[ADR] 4,800 315,300
TeleWest
Communications PLC* 108,049 499,293
Vodafone Group PLC 34,075 628,194
WPP Group PLC 71,312 630,358
------------
11,736,851
------------
TOTAL FOREIGN STOCK
(Cost $87,557,244) 97,166,035
------------
U.S. STOCK -- 7.1%
AUTOMOBILE MANUFACTURERS -- 0.1%
DaimlerChrysler AG* 1,271 124,796
------------
BROADCASTING -- 2.0%
United International
Holdings, Inc. Cl-A* 40,690 2,431,228
------------
CONGLOMERATES -- 1.4%
Tyco International
Ltd. 21,660 1,759,875
------------
</TABLE>
28
<PAGE> 32
<TABLE>
<CAPTION>
- ---------------------------------------------------
SHARES VALUE
- ---------------------------------------------------
<S> <C> <C>
ELECTRONIC COMPONENTS & EQUIPMENT -- 0.2%
Galileo Technology
Ltd.* 10,715 $ 246,445
------------
PHARMACEUTICALS -- 0.8%
Pharmacia & Upjohn,
Inc. 18,500 1,036,000
------------
TELECOMMUNICATIONS -- 2.6%
AirTouch
Communications,
Inc.* 5,975 557,916
Global TeleSystems
Group, Inc.* 16,665 1,101,973
NTL, Inc.* 19,750 1,505,938
------------
3,165,827
------------
TOTAL U.S. STOCK
(Cost $7,481,551) 8,764,171
------------
PAR
(000)
-------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 13.1%
Federal Home Loan
Mortgage Corp.
4.82%, 05/03/99
(Cost $16,195,662) $16,200 16,195,662
------------
TOTAL INVESTMENTS -- 98.7%
(Cost $111,234,457) 122,125,868
OTHER ASSETS LESS
LIABILITIES -- 1.3% 1,605,555
------------
NET ASSETS -- 100.0% $123,731,423
============
</TABLE>
Foreign currency exchange contracts outstanding at April 30, 1999:
<TABLE>
<CAPTION>
UNREALIZED
SETTLEMENT CONTRACTS TO IN EXCHANGE CONTRACTS APPRECIATION
MONTH TYPE RECEIVE FOR AT VALUE (DEPRECIATION)
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
05/99 Buy AUD 258,674 $ 169,085 $ 171,422 $ 2,337
05/99 Buy CAD 204,184 138,995 140,207 1,212
05/99 Buy EUR 1,782,008 1,894,118 1,887,529 (6,589)
05/99 Buy GBP 333,582 538,210 537,112 (1,098)
10/99 Buy GBP 1,000,000 1,610,940 1,610,306 (634)
05/99 Buy HKD 888,011 114,582 114,578 (4)
10/99 Buy JPY 212,000,000 1,840,560 1,815,816 (24,744)
---------- ---------- --------
$6,306,490 $6,276,970 $(29,520)
========== ========== ========
</TABLE>
<TABLE>
<CAPTION>
UNREALIZED
SETTLEMENT CONTRACTS TO IN EXCHANGE CONTRACTS APPRECIATION
MONTH TYPE DELIVER FOR AT VALUE (DEPRECIATION)
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
05/99 Sell CAD 155,723 $ 105,921 $ 106,931 $ (1,010)
05/99 Sell CHF 630,440 415,057 414,261 796
10/99 Sell CHF 630,000 431,655 421,098 10,557
11/99 Sell CHF 135,000 94,274 90,652 3,622
05/99 Sell EUR 821,520 873,141 869,216 3,925
07/99 Sell EUR 2,200,000 2,473,910 2,340,425 133,485
08/99 Sell EUR 2,350,000 2,758,385 2,505,611 252,774
05/99 Sell GBP 365,564 599,599 588,613 10,986
09/99 Sell GBP 1,376,000 2,220,864 2,215,781 5,083
10/99 Sell GBP 2,800,000 4,513,880 4,508,857 5,023
05/99 Sell JPY 74,970,490 631,862 629,561 2,301
09/99 Sell JPY 85,000,000 734,659 725,866 8,793
10/99 Sell JPY 879,000,000 7,658,812 7,531,818 126,994
----------- ----------- --------
$23,512,019 $22,948,690 $563,329
=========== =========== ========
</TABLE>
The following is a breakdown of the foreign stock portion of the Fund, by
industry classification, as of April 30, 1999. Percentages are based on net
assets.
<TABLE>
<S> <C>
INDUSTRY
- -------
Advertising 0.5%
Automobile Manufacturers 2.3%
Automotive Parts 0.1%
Beverages 1.9%
Broadcasting 0.1%
Business Services 0.9%
Cable Television 0.4%
Chemicals 0.5%
Clothing & Apparel 0.2%
Computer Services & Software 7.5%
Consumer Products & Services 4.8%
Electronic Components & Equipment 3.1%
Entertainment & Leisure 3.6%
Environmental Services 2.7%
Financial -- Bank & Trust 5.8%
Financial Services 0.6%
Food 2.9%
Hotels & Motels 0.2%
Industrial Products 2.7%
Insurance 2.4%
Medical Supplies & Equipment 0.2%
Metals & Mining 2.2%
Oil & Gas 0.4%
Pharmaceuticals 5.5%
Printing & Publishing 3.4%
Telecommunications 23.6%
-----
TOTAL 78.5%
=====
</TABLE>
- -------------------------------------------------------
Unless otherwise noted, all stocks are common stock.
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
AMERICAN SKANDIA ADVISOR FUNDS, INC.
29
<PAGE> 33
ASAF MARSICO
CAPITAL GROWTH FUND
<TABLE>
<CAPTION>
- ---------------------------------------------------
SHARES VALUE
- ---------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 87.4%
ADVERTISING -- 0.3%
Young & Rubicam, Inc.* 24,089 $ 959,043
------------
AIRLINES -- 7.7%
Delta Air Lines, Inc. 81,584 5,175,485
Southwest Airlines Co. 241,722 7,871,073
UAL Corp.* 118,462 9,565,806
------------
22,612,364
------------
AUTOMOBILE MANUFACTURERS -- 5.7%
DaimlerChrysler AG* 25,713 2,524,695
Ford Motor Co. 91,118 5,825,857
General Motors Corp. 93,765 8,339,225
------------
16,689,777
------------
AUTOMOTIVE PARTS -- 0.5%
Delphi Automotive
Systems Corp.* 68,376 1,329,058
------------
BEVERAGES -- 4.3%
Anheuser-Busch
Companies, Inc. 138,208 10,106,460
Coca-Cola Enterprises,
Inc. 79,101 2,728,984
------------
12,835,444
------------
BROADCASTING -- 0.3%
Clear Channel
Communications,
Inc.* 13,530 940,335
------------
COMPUTER HARDWARE -- 5.1%
EMC Corp.* 137,312 14,958,426
------------
COMPUTER SERVICES & SOFTWARE -- 4.8%
Cisco Systems, Inc.* 28,349 3,233,558
Critical Path, Inc.* 4,000 398,000
Inktomi Corp.* 42,929 5,140,748
Rhythms
Netconnections,
Inc.* 25,000 2,062,500
Sun Microsystems,
Inc.* 46,930 2,807,001
Ziff-Davis, Inc.* 15,000 528,750
------------
14,170,557
------------
CONSTRUCTION -- 0.1%
M.D.C. Holdings, Inc. 20,000 392,500
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 2.5%
General Electric Co. 68,959 7,275,174
------------
ENTERTAINMENT & LEISURE -- 4.0%
Time Warner, Inc. 170,418 11,929,260
------------
EQUIPMENT
SERVICES -- 2.4%
Hertz Corp. Cl-A 119,172 7,113,079
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ---------------------------------------------------
- ---------------------------------------------------
<S> <C> <C>
FINANCIAL -- BANK & TRUST -- 2.7%
Chase Manhattan Corp. 79,997 $ 6,619,752
Northern Trust Corp. 13,571 1,263,799
------------
7,883,551
------------
FINANCIAL SERVICES -- 12.6%
Associates First
Capital Corp. Cl-A 142,435 6,311,651
Citigroup, Inc. 192,756 14,504,889
Fannie Mae 124,902 8,860,236
Freddie Mac 107,041 6,716,823
Providian Financial
Corp. 6,809 878,787
------------
37,272,386
------------
HEALTHCARE
SERVICES -- 0.8%
IMS Health, Inc. 80,368 2,411,040
------------
HOTELS & MOTELS -- 1.5%
Four Seasons Hotels,
Inc. 105,423 4,401,410
------------
OFFICE EQUIPMENT -- 1.8%
Xerox Corp. 90,844 5,337,085
------------
OIL & GAS -- 1.6%
Royal Dutch Petroleum
Co. 82,115 4,819,124
------------
PHARMACEUTICALS -- 3.3%
Monsanto Co. 124,417 5,629,869
Pfizer, Inc. 17,618 2,027,171
Schering-Plough Corp. 44,650 2,157,153
------------
9,814,193
------------
PRINTING & PUBLISHING -- 0.7%
Houghton Mifflin Co. 44,564 1,988,668
------------
RESTAURANTS -- 1.3%
McDonald's Corp. 90,662 3,841,802
------------
RETAIL & MERCHANDISING -- 5.0%
CVS Corp. 21,973 1,046,464
Dayton-Hudson Corp. 26,179 1,762,174
Duane Reade, Inc.* 50,000 1,340,625
Home Depot, Inc. 102,387 6,136,821
Priceline.com, Inc.* 5,000 811,875
Starbucks Corp.* 94,486 3,490,077
Tiffany & Co. 2,825 237,300
------------
14,825,336
------------
SEMICONDUCTORS -- 0.7%
Uniphase Corp.* 15,887 1,928,285
------------
</TABLE>
30
<PAGE> 34
<TABLE>
<CAPTION>
- ---------------------------------------------------
SHARES VALUE
- ---------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS -- 17.7%
AT&T Corp. 55,557 $ 2,805,629
Comcast Corp. Cl-A 42,270 2,776,611
Lucent Technologies,
Inc. 64,750 3,893,094
MediaOne Group, Inc.* 163,942 13,371,519
QUALCOMM, Inc.* 73,634 14,726,800
Qwest Communications
International, Inc.* 87,170 7,447,587
Sprint Corp. (PCS
Group)* 168,538 7,141,798
------------
52,163,038
------------
TOTAL COMMON STOCK
(Cost $224,033,157) 257,890,935
------------
- ---------------------------------------------------
PAR
(000) VALUE
- ---------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 10.6%
Federal Home Loan Bank
4.80%, 05/03/99
(Cost $31,291,653) $31,300 $ 31,291,653
------------
SHARES
-------
SHORT-TERM INVESTMENTS -- 0.0%
Temporary Investment
Cash Fund 52,336 52,336
Temporary Investment
Fund 52,336 52,336
------------
(Cost $104,672) 104,672
------------
TOTAL INVESTMENTS -- 98.0%
(Cost $255,429,482) 289,287,260
OTHER ASSETS LESS
LIABILITIES -- 2.0% 5,829,271
------------
NET ASSETS -- 100.0% $295,116,531
============
</TABLE>
- -------------------------------------------------------
* Non-income producing security.
See Notes to Financial Statements.
AMERICAN SKANDIA ADVISOR FUNDS, INC.
31
<PAGE> 35
ASAF NEUBERGER BERMAN
MID-CAP GROWTH FUND
<TABLE>
<CAPTION>
- ----------------------------------------------------
SHARES VALUE
- ----------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 90.0%
ADVERTISING -- 1.1%
Outdoor Systems, Inc.* 11,000 $ 277,062
-----------
BROADCASTING -- 4.4%
Chancellor Media
Corp.* 13,800 757,275
Jones Intercable, Inc.
Cl-A* 8,200 380,275
-----------
1,137,550
-----------
BUSINESS SERVICES -- 1.7%
International Network
Services* 5,000 190,000
Waters Corp.* 2,400 252,300
-----------
442,300
-----------
CLOTHING & APPAREL -- 1.6%
Abercrombie & Fitch
Co. Cl-A* 4,200 399,525
-----------
COMPUTER HARDWARE -- 1.3%
Adaptec, Inc.* 14,400 346,500
-----------
COMPUTER SERVICES & SOFTWARE -- 14.5%
AppliedTheory Corp.* 100 2,050
BroadVision, Inc.* 2,100 121,931
CheckFree Holdings
Corp.* 5,800 278,400
Citrix Systems, Inc.* 15,500 658,750
CMGI, Inc.* 300 76,369
DoubleClick, Inc.* 600 83,887
Exodus Communications,
Inc.* 1,400 126,175
Infoseek Corp.* 3,000 153,187
Inktomi Corp.* 900 107,775
Intuit, Inc.* 4,200 361,725
Marimba, Inc.* 100 6,075
Network Appliance,
Inc.* 7,300 367,281
Novell, Inc.* 15,900 353,775
Safeguard Scientifics,
Inc.* 3,000 243,000
Siebel Systems, Inc.* 4,500 172,969
USWeb Corp.* 4,300 96,481
VERITAS Software
Corp.* 3,100 220,100
Yahoo!, Inc.* 1,700 296,969
-----------
3,726,899
-----------
CONSTRUCTION -- 0.4%
Lennar Corp. 4,400 106,425
-----------
CONSUMER PRODUCTS & SERVICES -- 1.8%
Estee Lauder
Companies, Inc. Cl-A 2,700 270,337
Fortune Brands, Inc. 4,800 189,600
-----------
459,937
-----------
ELECTRONIC COMPONENTS & EQUIPMENT -- 5.9%
Altera Corp.* 5,300 382,925
Gemstar International
Group Ltd.* 800 84,300
KLA-Tencor Corp.* 5,500 272,937
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ----------------------------------------------------
- ----------------------------------------------------
<S> <C> <C>
RF Micro Devices,
Inc.* 3,700 $ 206,737
Sanmina Corp.* 8,600 570,825
-----------
1,517,724
-----------
ENTERTAINMENT & LEISURE -- 1.1%
SFX Entertainment,
Inc. Cl-A* 4,700 290,225
-----------
ENVIRONMENTAL SERVICES -- 1.9%
Republic Services,
Inc. Cl-A* 23,500 483,219
-----------
FINANCIAL -- BANK & TRUST -- 1.1%
State Street Boston
Corp.* 3,100 271,250
-----------
FINANCIAL SERVICES -- 10.7%
Capital One Financial
Corp. 3,300 573,169
Donaldson, Lufkin &
Jenrette, Inc. 8,200 573,487
E*TRADE Group, Inc.* 4,600 531,300
FINOVA Group, Inc. 5,300 256,056
Lehman Brothers
Holdings, Inc. 3,200 177,800
Nationwide Financial
Services, Inc. 5,150 238,831
Providian Financial
Corp. 3,100 400,094
-----------
2,750,737
-----------
FURNITURE -- 1.1%
Furniture Brands
International, Inc.* 11,500 288,219
-----------
HEALTHCARE SERVICES -- 1.6%
Alternative Living
Services, Inc.* 8,800 195,800
McKesson HBOC, Inc. 6,300 220,500
-----------
416,300
-----------
MEDICAL SUPPLIES & EQUIPMENT -- 1.5%
Bard, (C.R.), Inc. 5,700 279,300
VISX, Inc.* 800 103,000
-----------
382,300
-----------
OFFICE EQUIPMENT -- 2.8%
Office Depot, Inc.* 13,000 286,000
Staples, Inc.* 14,550 436,500
-----------
722,500
-----------
OIL & GAS -- 2.2%
Coastal Corp. 9,000 344,250
Enron Oil & Gas Co. 12,200 231,800
-----------
576,050
-----------
PHARMACEUTICALS -- 6.4%
Biogen, Inc.* 4,000 380,250
Cardinal Health, Inc. 3,000 179,438
Elan Corp. PLC [ADR]* 5,400 278,100
Immunex Corp.* 3,900 372,450
</TABLE>
32
<PAGE> 36
<TABLE>
<CAPTION>
- ----------------------------------------------------
SHARES VALUE
- ----------------------------------------------------
<S> <C> <C>
Mylan Laboratories,
Inc. 7,600 $ 172,425
Sepracor, Inc.* 3,100 261,950
-----------
1,644,613
-----------
PRINTING & PUBLISHING -- 1.3%
Valassis
Communications,
Inc.* 6,000 336,000
-----------
RAILROADS -- 1.6%
Kansas City Southern
Industries, Inc. 6,900 410,981
-----------
RESTAURANTS -- 0.9%
Brinker International,
Inc.* 8,000 221,000
-----------
RETAIL & MERCHANDISING -- 7.3%
Amazon.com, Inc.* 1,800 309,713
Best Buy Co., Inc.* 4,500 214,875
Costco Companies,
Inc.* 3,200 259,000
Dollar Tree Stores,
Inc.* 6,200 226,300
Linens 'n Things,
Inc.* 8,500 388,875
TJX Companies, Inc. 14,600 486,363
-----------
1,885,126
-----------
SEMICONDUCTORS -- 3.0%
PMC-Sierra, Inc.* 4,200 402,675
Uniphase Corp.* 3,150 382,331
-----------
785,006
-----------
TELECOMMUNICATIONS -- 10.7%
American Tower Corp.
Cl-A* 8,500 180,094
Ascend Communications,
Inc.* 4,000 386,500
Frontier Corp. 6,400 353,200
ICG Communications,
Inc.* 8,100 178,706
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ----------------------------------------------------
- ----------------------------------------------------
<S> <C> <C>
Intermedia
Communications,
Inc.* 8,500 $ 273,594
NTL, Inc.* 5,300 404,125
RSL Communications
Ltd. Cl-A* 11,900 389,725
Tellabs, Inc.* 4,200 460,163
WinStar
Communications,
Inc.* 2,600 126,425
-----------
2,752,532
-----------
TRANSPORTATION -- 0.9%
Avis Rent A Car, Inc.* 7,300 229,038
-----------
UTILITIES -- 1.2%
Montana Power Co. 4,200 313,163
-----------
TOTAL COMMON STOCK
(Cost $20,529,564) 23,172,181
-----------
SHORT-TERM INVESTMENTS -- 8.2%
Temporary Investment
Cash Fund 1,054,197 1,054,197
Temporary Investment
Fund 1,054,196 1,054,196
-----------
(Cost $2,108,393) 2,108,393
-----------
TOTAL INVESTMENTS -- 98.2%
(Cost $22,637,957) 25,280,574
OTHER ASSETS LESS LIABILITIES -- 1.8% 462,520
-----------
NET ASSETS -- 100.0% $25,743,094
===========
</TABLE>
- -------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
AMERICAN SKANDIA ADVISOR FUNDS, INC.
33
<PAGE> 37
ASAF NEUBERGER BERMAN
MID-CAP VALUE FUND
<TABLE>
<CAPTION>
- ---------------------------------------------------
SHARES VALUE
- ---------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 89.5%
AEROSPACE -- 2.2%
General Motors Corp.
Cl-H* 4,100 $ 227,037
Raytheon Co. Cl-A 2,300 159,131
-----------
386,168
-----------
AIRLINES -- 1.2%
Continental Airlines,
Inc. Cl-B* 4,800 207,300
-----------
AUTOMOBILE MANUFACTURERS -- 1.9%
Navistar International
Corp.* 6,600 345,262
-----------
AUTOMOTIVE PARTS -- 3.7%
AutoZone, Inc.* 9,200 276,000
Lear Corp.* 8,500 389,937
-----------
665,937
-----------
BROADCASTING -- 2.2%
AT&T Corp. Liberty
Media Group Cl-A* 2,500 159,687
Scripps, (E.W.) Co.
Cl-A 4,600 230,000
-----------
389,687
-----------
CHEMICALS -- 4.1%
Hercules, Inc. 4,900 185,281
Lyondell Chemical Co. 10,800 210,600
Praxair, Inc. 6,500 336,375
-----------
732,256
-----------
COMPUTER HARDWARE -- 4.1%
Hewlett-Packard Co. 2,800 220,850
International Business
Machines Corp. 800 167,350
Quantum Corp.* 10,600 189,475
Storage Technology
Corp.* 7,500 144,844
-----------
722,519
-----------
COMPUTER SERVICES & SOFTWARE -- 2.4%
Computer Associates
International, Inc. 5,500 234,781
Parametric Technology
Corp.* 15,000 195,937
-----------
430,718
-----------
CONTAINERS & PACKAGING -- 1.3%
Owens-Illinois, Inc.* 8,100 234,900
-----------
ELECTRONIC COMPONENTS & EQUIPMENT -- 2.5%
Tandy Corp. 3,200 231,800
Teradyne, Inc.* 2,200 103,812
Texas Instruments, Inc. 1,000 102,125
-----------
437,737
-----------
ENTERTAINMENT & LEISURE -- 1.2%
Mirage Resorts, Inc.* 9,600 215,400
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ---------------------------------------------------
- ---------------------------------------------------
<S> <C> <C>
ENVIRONMENTAL SERVICES -- 1.8%
Allied Waste
Industries, Inc.* 18,300 $ 323,681
-----------
FINANCIAL -- BANK & TRUST -- 7.4%
Bank One Corp. 4,500 265,500
BankBoston Corp. 4,100 200,900
Chase Manhattan Corp. 2,500 206,875
Countrywide Credit
Industries, Inc. 6,500 294,531
North Fork
Bancorporation, Inc. 6,000 135,000
Valley National
Bancorporation 7,500 216,094
-----------
1,318,900
-----------
FINANCIAL SERVICES -- 8.3%
AMBAC Financial Group,
Inc. 1,500 90,562
Bear Stearns Companies,
Inc. 5,800 270,425
Dun & Bradstreet Corp. 13,100 481,425
FINOVA Group, Inc. 4,200 202,912
MBIA, Inc. 1,700 114,325
SLM Holding Corp. 7,400 315,887
-----------
1,475,536
-----------
FOOD -- 1.6%
ConAgra, Inc. 3,800 94,525
Nabisco Holdings Corp.
Cl-A 3,400 128,562
Sara Lee Corp. 2,700 60,075
-----------
283,162
-----------
HEALTHCARE SERVICES -- 1.9%
McKesson HBOC, Inc. 2,400 84,000
Tenet Healthcare Corp.* 10,700 252,788
-----------
336,788
-----------
HOTELS & MOTELS -- 0.3%
Host Marriott Corp.
[REIT] 4,200 55,913
-----------
INSURANCE -- 5.3%
Ace, Ltd. 11,300 341,825
CIGNA Corp. 4,600 401,063
Cincinnati Financial
Corp. 4,800 193,800
-----------
936,688
-----------
MACHINERY & EQUIPMENT -- 1.3%
McDermott
International, Inc. 8,300 240,700
-----------
MEDICAL SUPPLIES & EQUIPMENT -- 4.2%
Baxter International,
Inc. 2,000 126,000
Becton Dickinson & Co. 7,800 290,063
Centocor, Inc.* 7,400 328,375
-----------
744,438
-----------
METALS & MINING -- 0.4%
AK Steel Holding Corp. 3,000 78,000
-----------
</TABLE>
34
<PAGE> 38
<TABLE>
<CAPTION>
- ---------------------------------------------------
SHARES VALUE
- ---------------------------------------------------
<S> <C> <C>
OFFICE EQUIPMENT -- 0.9%
Xerox Corp. 2,800 $ 164,500
-----------
OIL & GAS -- 3.9%
Apache Corp. 1,400 42,963
Coastal Corp. 5,800 221,850
Nicor, Inc. 3,700 134,588
Tosco Corp. 9,200 246,100
USX-Marathon Group,
Inc. 1,400 43,750
-----------
689,251
-----------
PAPER & FOREST PRODUCTS -- 2.3%
Fort James Corp. 10,800 410,400
-----------
PHARMACEUTICALS -- 1.3%
ALZA Corp.* 6,900 231,581
-----------
PRINTING & PUBLISHING -- 1.2%
Belo, (A.H.) Corp. Cl-A 9,800 211,925
-----------
RAILROADS -- 1.0%
Burlington Northern
Santa Fe Corp. 4,700 172,138
-----------
REAL ESTATE -- 1.5%
Indymac Mortgage
Holdings, Inc. [REIT] 16,300 268,950
-----------
RETAIL & MERCHANDISING -- 4.1%
Consolidated Stores
Corp.* 5,800 199,375
Harcourt General, Inc. 4,600 219,363
Rite Aid Corp. 13,700 319,381
-----------
738,119
-----------
TELECOMMUNICATIONS -- 7.3%
Bell Atlantic Corp. 2,700 155,588
Loral Space &
Communications Corp.* 8,600 167,700
MCI WorldCom, Inc.* 2,400 197,250
MediaOne Group, Inc.* 2,700 220,219
Nortel Networks Corp. 4,300 293,206
Shaw Communications,
Inc. Cl-B 1,800 72,900
Williams Companies,
Inc. 4,200 198,450
-----------
1,305,313
-----------
UTILITIES -- 6.7%
GPU, Inc. 2,400 91,500
Illinova Corp. 4,300 112,875
New Century Energies,
Inc. 3,600 126,000
Niagara Mohawk
Holdings, Inc.* 9,700 129,738
PECO Energy Co. 1,800 85,388
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ---------------------------------------------------
- ---------------------------------------------------
<S> <C> <C>
Texas Utilities Co. 5,000 $ 198,750
UGI Corp. 10,500 180,469
Unicom Corp. 7,000 271,688
-----------
1,196,408
-----------
TOTAL COMMON STOCK
(Cost $14,423,124) 15,950,275
-----------
PREFERRED STOCK -- 1.3%
BROADCASTING
News Corp. Ltd. [ADR]
(Cost $218,773) 7,800 238,388
-----------
SHORT-TERM INVESTMENTS -- 7.7%
Temporary Investment
Cash Fund 684,510 684,510
Temporary Investment
Fund 684,510 684,510
-----------
(Cost $1,369,020) 1,369,020
-----------
TOTAL INVESTMENTS -- 98.5%
(Cost $16,010,917) 17,557,683
OTHER ASSETS LESS
LIABILITIES -- 1.5% 273,892
-----------
NET ASSETS -- 100.0% $17,831,575
===========
</TABLE>
- -------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
DEFINITION OF ABBREVIATIONS
THE FOLLOWING ABBREVIATIONS ARE USED THROUGHOUT THE SCHEDULES OF INVESTMENTS:
SECURITY DESCRIPTIONS:
<TABLE>
<S> <C> <C>
ADR -- American Depositary Receipt
CVT -- Convertible Security
GDR -- Global Depositary Receipt
PIK -- Payment in Kind Security
REIT -- Real Estate Investment Trust
STEP -- Stepped Coupon Bond (Rates shown are the
effective yields at purchase date.)
COUNTRIES/CURRENCIES:
AUD -- Australia/Australian Dollar
CAD -- Canada/Canadian Dollar
CHF -- Switzerland/Swiss Franc
EUR -- Europe/Euro Currency
GBP -- United Kingdom/British Pound
HKD -- Hong Kong/Hong Kong Dollar
ITL -- Italy/Italian Lira
JPY -- Japan/Japanese Yen
</TABLE>
See Notes to Financial Statements.
AMERICAN SKANDIA ADVISOR FUNDS, INC.
35
<PAGE> 39
APRIL 30, 1999
(UNAUDITED)
STATEMENTS OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF ASAF
FOUNDERS ASAF T. ROWE AMERICAN
INTERNATIONAL JANUS PRICE SMALL CENTURY
SMALL SMALL-CAP COMPANY STRATEGIC
CAPITALIZATION GROWTH VALUE BALANCED
FUND FUND FUND FUND
-------------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
ASSETS:
Investments in Securities at Value (A) $8,489,998 $45,696,267 $54,821,939 $70,353,313
Cash 758 -- -- --
Foreign Currency (B) -- -- -- --
Receivable For:
Securities Sold 32,111 187,855 65,437 54,833
Dividends and Interest 7,735 1,343 44,841 364,029
Fund Shares Sold 56,443 1,593,715 299,563 1,057,023
Unrealized Appreciation on Foreign Currency
Exchange Contracts 67 -- -- --
Receivable from Investment Manager 13,242 36,940 30,197 5,094
Deferred Organization Costs 47,971 47,971 47,971 47,971
Prepaid Expenses 21,828 24,785 29,493 26,749
---------- ----------- ----------- -----------
Total Assets 8,670,153 47,588,876 55,339,441 71,909,012
---------- ----------- ----------- -----------
LIABILITIES:
Cash Overdraft -- -- -- --
Payable to Investment Manager -- -- -- --
Unrealized Depreciation on Foreign Currency
Exchange Contracts -- -- -- --
Payable For:
Securities Purchased -- 1,010,662 431,957 1,012,558
Fund Shares Redeemed -- 267 6,891 8,267
Distribution Fees 6,326 27,104 38,272 47,503
Accrued Expenses and Other Liabilities 46,133 42,832 60,606 45,396
---------- ----------- ----------- -----------
Total Liabilities 52,459 1,080,865 537,726 1,113,724
---------- ----------- ----------- -----------
NET ASSETS $8,617,694 $46,508,011 $54,801,715 $70,795,288
========== =========== =========== ===========
COMPONENTS OF NET ASSETS
Capital Stock $ 716 $ 3,641 $ 6,074 $ 5,617
Additional Paid-In Capital 7,747,497 39,733,679 59,648,414 65,355,823
Undistributed Net Investment Income (Loss) (69,720) (162,056) (69,442) 136,940
Accumulated Net Realized Gain (Loss)
on Investments (311,631) 36,159 (441,869) 1,850,314
Net Unrealized Appreciation (Depreciation)
on Investments 1,250,832 6,896,588 (4,341,462) 3,446,594
---------- ----------- ----------- -----------
NET ASSETS $8,617,694 $46,508,011 $54,801,715 $70,795,288
========== =========== =========== ===========
(A) Investments at Cost $7,238,987 $38,799,663 $59,163,401 $66,904,122
========== =========== =========== ===========
(B) Foreign Currency at Cost $ -- $ -- $ -- $ --
========== =========== =========== ===========
</TABLE>
36
<PAGE> 40
- --------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF ASAF ASAF
FOUNDERS ASAF T. ROWE AMERICAN
INTERNATIONAL JANUS PRICE SMALL CENTURY
SMALL SMALL-CAP COMPANY STRATEGIC
CAPITALIZATION GROWTH VALUE BALANCED
FUND FUND FUND FUND
-------------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
NET ASSET VALUE:
Class A: Net Assets $1,224,015 $12,807,292 $ 9,656,435 $14,023,357
---------- ----------- ----------- -----------
Shares Outstanding 101,037 996,242 1,066,075 1,109,834
---------- ----------- ----------- -----------
Net Asset Value and Redemption Price
Per Share $ 12.11 $ 12.86 $ 9.06 $ 12.64
========== =========== =========== ===========
Divided by (1 - Maximum
Sales Charge) 95% 95% 95% 95%
---------- ----------- ----------- -----------
Offering Price Per Share* $ 12.75 $ 13.54 $ 9.54 $ 13.31
========== =========== =========== ===========
Class B: Net Assets $2,541,201 $15,747,225 $19,836,112 $30,428,570
---------- ----------- ----------- -----------
Shares Outstanding 211,123 1,236,752 2,199,964 2,415,245
---------- ----------- ----------- -----------
Net Asset Value, Offering and
Redemption Price Per Share $ 12.04 $ 12.73 $ 9.02 $ 12.60
========== =========== =========== ===========
Class C: Net Assets $1,409,451 $ 8,875,288 $11,664,334 $12,304,686
---------- ----------- ----------- -----------
Shares Outstanding 117,182 695,950 1,294,237 976,789
---------- ----------- ----------- -----------
Net Asset Value, Offering and
Redemption Price Per Share $ 12.03 $ 12.75 $ 9.01 $ 12.60
========== =========== =========== ===========
Class X: Net Assets $3,443,027 $ 9,078,206 $13,644,834 $14,038,675
---------- ----------- ----------- -----------
Shares Outstanding 286,277 712,137 1,513,721 1,114,741
---------- ----------- ----------- -----------
Net Asset Value, Offering and
Redemption Price Per Share $ 12.03 $ 12.75 $ 9.01 $ 12.59
========== =========== =========== ===========
</TABLE>
* On sales of $50,000 or more, the offering price of Class A shares is reduced.
See Notes to Financial Statements.
37
<PAGE> 41
APRIL 30, 1999
(UNAUDITED)
STATEMENTS OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF ASAF ASAF
FEDERATED OPPENHEIMER LORD ABBETT JANUS
HIGH YIELD LARGE-CAP GROWTH AND OVERSEAS
BOND GROWTH INCOME GROWTH
FUND FUND FUND FUND
----------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
ASSETS:
Investments in Securities at Value (A) $95,780,453 $37,814,194 $77,666,182 $122,125,868
Cash -- -- -- --
Foreign Currency (B) -- -- -- 53
Receivable For:
Securities Sold -- -- 485,817 1,266,674
Dividends and Interest 1,755,107 4,344 100,608 142,052
Fund Shares Sold 1,419,714 453,748 1,024,284 2,888,490
Unrealized Appreciation on Foreign Currency
Exchange Contracts -- -- -- 567,888
Receivable from Investment Manager -- 2,580 -- --
Deferred Organization Costs 47,971 -- -- --
Prepaid Expenses 94,665 22,517 20,140 27,908
----------- ----------- ----------- ------------
Total Assets 99,097,910 38,297,383 79,297,031 127,018,933
----------- ----------- ----------- ------------
LIABILITIES:
Cash Overdraft -- -- -- 95,484
Payable to Investment Manager 12,428 -- 1,293 14,242
Unrealized Depreciation on Foreign Currency
Exchange Contracts -- -- -- 34,079
Payable For:
Securities Purchased 659,191 17,446 1,985,512 3,035,763
Fund Shares Redeemed 179,524 -- 6,984 6,594
Distribution Fees 135,279 27,707 52,794 83,016
Accrued Expenses and Other Liabilities 646,042 38,830 16,491 18,332
----------- ----------- ----------- ------------
Total Liabilities 1,632,464 83,983 2,063,074 3,287,510
----------- ----------- ----------- ------------
NET ASSETS $97,465,446 $38,213,400 $77,233,957 $123,731,423
=========== =========== =========== ============
COMPONENTS OF NET ASSETS
Capital Stock $ 9,712 $ 3,081 $ 6,204 $ 10,345
Additional Paid-In Capital 96,447,764 35,127,136 68,570,273 116,739,632
Undistributed Net Investment Income (Loss) -- (371,493) 10,331 (485,373)
Accumulated Net Realized Gain (Loss) on
Investments (79,363) 1,596,785 (1,841,310) (3,960,838)
Net Unrealized Appreciation (Depreciation) on
Investments 1,087,333 1,857,891 10,488,459 11,427,657
----------- ----------- ----------- ------------
NET ASSETS $97,465,446 $38,213,400 $77,233,957 $123,731,423
=========== =========== =========== ============
(A) Investments at Cost $94,693,120 $35,956,303 $67,177,723 $111,234,404
=========== =========== =========== ============
(B) Foreign Currency at Cost $ -- $ -- $ -- $ 53
=========== =========== =========== ============
</TABLE>
38
<PAGE> 42
- --------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF ASAF ASAF ASAF
FEDERATED OPPENHEIMER LORD ABBETT JANUS
HIGH YIELD LARGE-CAP GROWTH AND OVERSEAS
BOND GROWTH INCOME GROWTH
FUND FUND FUND FUND
----------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
NET ASSET VALUE:
Class A: Net Assets $15,451,290 $5,517,660 $14,589,599 $ 29,356,023
----------- ----------- ----------- ------------
Shares Outstanding 1,540,235 443,115 1,172,083 2,442,426
----------- ----------- ----------- ------------
Net Asset Value and Redemption
Price Per Share $ 10.03 $ 12.45 $ 12.45 $ 12.02
=========== =========== =========== ============
Divided by (1 - Maximum
Sales Charge) 95 3/4% 95% 95% 95%
----------- ----------- ----------- ------------
Offering Price Per Share* $ 10.48 $ 13.11 $ 13.11 $ 12.65
=========== =========== =========== ============
Class B: Net Assets $49,646,152 $17,411,364 $31,179,452 $ 45,306,020
----------- ----------- ----------- ------------
Shares Outstanding 4,946,591 1,403,182 2,503,310 3,794,233
----------- ----------- ----------- ------------
Net Asset Value, Offering and
Redemption Price Per Share $ 10.04 $ 12.41 $ 12.46 $ 11.94
=========== =========== =========== ============
Class C: Net Assets $12,718,199 $5,102,498 $12,568,516 $ 26,912,844
----------- ----------- ----------- ------------
Shares Outstanding 1,267,216 412,485 1,010,442 2,251,287
----------- ----------- ----------- ------------
Net Asset Value, Offering and
Redemption Price Per Share $ 10.04 $ 12.37 $ 12.44 $ 11.95
=========== =========== =========== ============
Class X: Net Assets $19,649,805 $10,181,878 $18,896,390 $ 22,156,536
----------- ----------- ----------- ------------
Shares Outstanding 1,958,309 822,660 1,518,333 1,856,872
----------- ----------- ----------- ------------
Net Asset Value, Offering and
Redemption Price Per Share $ 10.03 $ 12.38 $ 12.45 $ 11.93
=========== =========== =========== ============
</TABLE>
* On sales of $50,000 or more, the offering price of Class A shares is reduced.
See Notes to Financial Statements.
39
<PAGE> 43
APRIL 30, 1999
(UNAUDITED)
STATEMENTS OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF
ASAF NEUBERGER NEUBERGER
MARSICO BERMAN BERMAN
CAPITAL MID-CAP MID-CAP
GROWTH GROWTH VALUE
FUND FUND FUND
------------ ----------- -----------
<S> <C> <C> <C>
ASSETS:
Investments in Securities at Value (A) $289,287,260 $25,280,574 $17,557,683
Cash -- -- --
Foreign Currency (B) -- -- --
Receivable For:
Securities Sold -- 161,832 --
Dividends and Interest 139,738 8,300 22,849
Fund Shares Sold 6,076,202 456,533 556,932
Unrealized Appreciation on Foreign Currency Exchange
Contracts -- -- --
Receivable from Investment Manager -- 13,614 13,805
Deferred Organization Costs -- -- --
Prepaid Expenses 101,850 36,993 35,812
------------ ----------- -----------
Total Assets 295,605,050 25,957,846 18,187,081
------------ ----------- -----------
LIABILITIES:
Cash Overdraft -- -- --
Payable to Investment Manager 55,622 -- --
Unrealized Depreciation on Foreign Currency Exchange
Contracts -- -- --
Payable For:
Securities Purchased -- 163,210 308,155
Fund Shares Redeemed 41,953 -- --
Distribution Fees 196,130 17,225 11,472
Accrued Expenses and Other Liabilities 194,814 34,317 35,879
------------ ----------- -----------
Total Liabilities 488,519 214,752 355,506
------------ ----------- -----------
NET ASSETS $295,116,531 $25,743,094 $17,831,575
============ =========== ===========
COMPONENTS OF NET ASSETS
Capital Stock $ 21,729 $ 1,792 $ 1,473
Additional Paid-In Capital 256,024,550 24,157,342 15,816,536
Undistributed Net Investment Income (Loss) (663,287) (98,286) (5,036)
Accumulated Net Realized Gain (Loss) on Investments 5,875,761 (960,371) 471,836
Net Unrealized Appreciation (Depreciation) on Investments 33,857,778 2,642,617 1,546,766
------------ ----------- -----------
NET ASSETS $295,116,531 $25,743,094 $17,831,575
============ =========== ===========
(A) Investments at Cost $255,429,482 $22,637,957 $16,010,917
============ =========== ===========
(B) Foreign Currency at Cost $ -- $ -- $ --
============ =========== ===========
</TABLE>
40
<PAGE> 44
- --------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF ASAF
ASAF NEUBERGER NEUBERGER
MARSICO BERMAN BERMAN
CAPITAL MID-CAP MID-CAP
GROWTH GROWTH VALUE
FUND FUND FUND
------------ ----------- -----------
<S> <C> <C> <C>
NET ASSET VALUE:
Class A: Net Assets $ 55,759,458 $ 5,414,136 $ 3,666,538
------------ ----------- -----------
Shares Outstanding 4,096,278 375,524 302,591
------------ ----------- -----------
Net Asset Value and Redemption
Price Per Share $ 13.61 $ 14.42 $ 12.12
============ =========== ===========
Divided by (1 - Maximum Sales Charge) 95% 95% 95%
------------ ----------- -----------
Offering Price Per Share* $ 14.33 $ 15.18 $ 12.76
============ =========== ===========
Class B: Net Assets $137,619,057 $10,706,429 $ 8,583,942
------------ ----------- -----------
Shares Outstanding 10,132,409 745,897 709,233
------------ ----------- -----------
Net Asset Value, Offering and
Redemption Price Per Share $ 13.58 $ 14.35 $ 12.10
============ =========== ===========
Class C: Net Assets $ 70,879,774 $ 5,896,892 $ 3,479,287
------------ ----------- -----------
Shares Outstanding 5,224,364 410,650 287,524
------------ ----------- -----------
Net Asset Value, Offering and
Redemption Price Per Share $ 13.57 $ 14.36 $ 12.10
============ =========== ===========
Class X: Net Assets $ 30,858,242 $ 3,725,637 $ 2,101,808
------------ ----------- -----------
Shares Outstanding 2,275,653 259,666 173,828
------------ ----------- -----------
Net Asset Value, Offering and
Redemption Price Per Share $ 13.56 $ 14.35 $ 12.09
============ =========== ===========
</TABLE>
* On sales of $50,000 or more, the offering price of Class A shares is reduced.
See Notes to Financial Statements.
41
<PAGE> 45
APRIL 30, 1999
(UNAUDITED)
STATEMENTS OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF ASAF ASAF ASAF
T. ROWE PRICE JANUS INVESCO TOTAL JPM
INTERNATIONAL CAPITAL EQUITY RETURN MONEY
EQUITY GROWTH INCOME BOND MARKET
FUND FUND FUND FUND FUND
------------- ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments in corresponding
Portfolios of American Skandia
Master Trust (A) $18,805,296 $691,953,217 $112,775,336 $101,022,552 $81,765,205
Receivable for Investments Sold in
Corresponding Portfolios of
American Skandia Master Trust -- 20,938,400 29,324 92,902 107,234
Receivable for Fund Shares Sold 123,261 148,711 1,187,833 1,943,819 3,113,723
Receivable from Investment Manager 20,003 -- -- -- --
Deferred Organization Costs 45,598 45,598 45,598 45,598 45,598
Prepaid Expenses 20,205 61,253 26,369 26,400 37,818
----------- ------------ ------------ ------------ -----------
Total Assets 19,014,363 713,147,179 114,064,460 103,131,271 85,069,578
----------- ------------ ------------ ------------ -----------
LIABILITIES:
Payable for Investments Purchased
in Corresponding Portfolios of
American Skandia Master Trust 123,261 20,938,400 1,187,833 1,943,819 3,113,723
Payable to Investment Manager 12,782 94,983 29,981 29,124 7,311
Payable For:
Fund Shares Redeemed -- 148,711 29,324 92,902 107,234
Accrued Dividends -- -- -- 381,047 --
Accrued Expenses and Other
Liabilities 20,485 248,860 42,168 39,504 51,778
----------- ------------ ------------ ------------ -----------
Total Liabilities 156,528 21,430,954 1,289,306 2,486,396 3,280,046
----------- ------------ ------------ ------------ -----------
NET ASSETS $18,857,835 $691,716,225 $112,775,154 $100,644,875 $81,789,532
=========== ============ ============ ============ ===========
COMPONENTS OF NET ASSETS
Capital Stock $ 1,770 $ 36,670 $ 8,327 $ 9,707 $ 81,787
Additional Paid-In Capital 17,296,856 589,688,164 99,514,417 102,103,376 81,705,626
Undistributed Net Investment Income
(Loss) (150,967) (2,276,045) 292,009 42 77
Accumulated Net Realized Gain (Loss)
on Investments (249,519) (5,405,985) 769,487 (941,107) 2,042
Net Unrealized Appreciation
(Depreciation) on Investments 1,959,695 109,673,421 12,190,914 (527,143) --
----------- ------------ ------------ ------------ -----------
NET ASSETS $18,857,835 $691,716,225 $112,775,154 $100,644,875 $81,789,532
=========== ============ ============ ============ ===========
(A) Investments at Cost $16,845,601 $582,279,796 $100,584,422 $101,549,695 $81,765,205
=========== ============ ============ ============ ===========
</TABLE>
42
<PAGE> 46
- --------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF ASAF ASAF ASAF ASAF
T. ROWE PRICE JANUS INVESCO TOTAL JPM
INTERNATIONAL CAPITAL EQUITY RETURN MONEY
EQUITY GROWTH INCOME BOND MARKET
FUND FUND FUND FUND FUND
------------- ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE:
Class A: Net Assets $ 3,243,924 $133,537,628 $19,819,683 $14,814,187 $19,568,464
----------- ------------ ----------- ----------- -----------
Shares Outstanding 310,621 6,436,823 1,464,661 1,416,086 19,568,000
----------- ------------ ----------- ----------- -----------
Net Asset Value and
Redemption Price Per
Share $ 10.44 $ 20.75 $ 13.53 $ 10.46 $ 1.00
=========== ============ =========== =========== ===========
Divided by
(1 - Maximum
Sales Charge) 95% 95% 95% 95 3/4% 100%
----------- ------------ ----------- ----------- -----------
Offering Price Per Share* $ 10.99 $ 21.84 $ 14.24 $ 10.92 $ 1.00
=========== ============ =========== =========== ===========
Class B: Net Assets $ 5,903,520 $336,035,808 $45,105,497 $50,075,722 $31,328,343
----------- ------------ ----------- ----------- -----------
Shares Outstanding 551,815 18,196,955 3,329,436 4,837,621 31,327,422
----------- ------------ ----------- ----------- -----------
Net Asset Value,
Offering and Redemption
Price Per Share $ 10.70 $ 18.47 $ 13.55 $ 10.35 $ 1.00
=========== ============ =========== =========== ===========
Class C: Net Assets $ 3,459,380 $127,522,742 $20,191,232 $18,467,977 $13,159,559
----------- ------------ ----------- ----------- -----------
Shares Outstanding 324,010 6,917,898 1,490,369 1,784,613 13,159,189
----------- ------------ ----------- ----------- -----------
Net Asset Value,
Offering and Redemption
Price Per Share $ 10.68 $ 18.43 $ 13.55 $ 10.35 $ 1.00
=========== ============ =========== =========== ===========
Class X: Net Assets $ 6,251,011 $ 94,620,047 $27,658,742 $17,286,989 $17,733,166
----------- ------------ ----------- ----------- -----------
Shares Outstanding 583,214 5,118,390 2,042,691 1,668,949 17,732,799
----------- ------------ ----------- ----------- -----------
Net Asset Value,
Offering and Redemption
Price Per Share $ 10.72 $ 18.49 $ 13.54 $ 10.36 $ 1.00
=========== ============ =========== =========== ===========
</TABLE>
* The offering price of Class A shares is reduced on sales of $50,000 or more,
with the exception of the Money Market Fund.
See Notes to Financial Statements.
43
<PAGE> 47
FOR THE SIX MONTHS ENDED APRIL 30, 1999
(UNAUDITED)
STATEMENTS OF OPERATIONS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF ASAF
FOUNDERS ASAF T. ROWE AMERICAN
INTERNATIONAL JANUS PRICE SMALL CENTURY
SMALL SMALL-CAP COMPANY STRATEGIC
CAPITALIZATION GROWTH VALUE BALANCED
FUND FUND FUND FUND
-------------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 29,301 $ 109,573 $ 6,946 $ 450,917
Dividends 12,210 4,170 530,968 124,300
Foreign Taxes Withheld (1,342) -- -- (31)
---------- ---------- ---------- ----------
Total Investment Income 40,169 113,743 537,914 575,186
---------- ---------- ---------- ----------
EXPENSES:
Advisory Fees 38,416 93,957 241,813 186,059
Shareholder Servicing Fees 58,661 77,173 147,145 80,620
Administration and Accounting Fees 27,751 27,924 54,000 40,424
Custodian Fees 10,010 7,442 26,782 7,718
Distribution Fees -- Class A 2,645 11,172 20,735 18,759
Distribution Fees -- Class B 9,680 32,466 83,948 81,672
Distribution Fees -- Class C 5,468 20,348 50,625 35,878
Distribution Fees -- Class X 14,484 29,240 65,771 51,666
Professional Fees 772 2,187 5,443 4,384
Organization Costs 6,403 6,403 6,403 6,403
Directors' Fees 275 766 1,950 1,548
Registration Fees 17,333 21,294 28,766 25,891
Miscellaneous Expenses 3,453 3,330 4,624 4,072
---------- ---------- ---------- ----------
Total Expenses 195,351 333,702 738,005 545,094
Less: Reimbursement of
Expenses by Investment Manager (107,196) (115,201) (214,659) (129,713)
Waiver of Fees by Investment
Manager -- -- -- --
---------- ---------- ---------- ----------
Net Expenses 88,155 218,501 523,346 415,381
---------- ---------- ---------- ----------
Net Investment Income (Loss) (47,986) (104,758) 14,568 159,805
---------- ---------- ---------- ----------
</TABLE>
44
<PAGE> 48
- --------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF ASAF ASAF
FOUNDERS ASAF T. ROWE AMERICAN
INTERNATIONAL JANUS PRICE SMALL CENTURY
SMALL SMALL-CAP COMPANY STRATEGIC
CAPITALIZATION GROWTH VALUE BALANCED
FUND FUND FUND FUND
-------------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net Realized Gain (Loss) on:
Securities (100,547) 897,378 (68,582) 3,038,112
Futures Contracts -- -- -- --
Written Options Contracts -- -- -- --
Foreign Currency Transactions (7,705) (466) -- 21,064
---------- ---------- ---------- ----------
Net Realized Gain (Loss) (108,252) 896,912 (68,582) 3,059,176
---------- ---------- ---------- ----------
Net Change in Unrealized
Appreciation (Depreciation) on:
Securities 1,316,513 6,848,009 1,190,477 2,015,291
Futures Contracts -- -- -- --
Translation of Assets and Liabilities
Denominated in Foreign Currencies (314) (16) -- (2,597)
---------- ---------- ---------- ----------
Net Change in Unrealized
Appreciation (Depreciation) 1,316,199 6,847,993 1,190,477 2,012,694
---------- ---------- ---------- ----------
Net Gain (Loss) on Investments 1,207,947 7,744,905 1,121,895 5,071,870
---------- ---------- ---------- ----------
Net Increase (Decrease) in Net
Assets Resulting from Operations $1,159,961 $7,640,147 $1,136,463 $5,231,675
========== ========== ========== ==========
</TABLE>
See Notes to Financial Statements.
45
<PAGE> 49
FOR THE SIX MONTHS ENDED APRIL 30, 1999
(UNAUDITED)
STATEMENTS OF OPERATIONS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF ASAF ASAF
FEDERATED OPPENHEIMER LORD ABBETT JANUS
HIGH YIELD LARGE-CAP GROWTH AND OVERSEAS
BOND GROWTH INCOME GROWTH
FUND FUND FUND FUND
---------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest $3,239,325 $ 13,509 $ 90,321 $ 311,987
Dividends 81,660 61,748 460,763 274,045
Foreign Taxes Withheld -- -- (904) (26,774)
---------- ----------- ---------- -----------
Total Investment Income 3,320,985 75,257 550,180 559,258
---------- ----------- ---------- -----------
EXPENSES:
Advisory Fees 246,283 146,741 257,140 441,228
Shareholder Servicing Fees 94,264 77,925 96,907 131,446
Administration and Accounting Fees 55,902 27,758 44,759 56,605
Custodian Fees 4,614 6,946 8,137 108,228
Distribution Fees -- Class A 26,138 10,128 22,993 44,158
Distribution Fees -- Class B 173,643 60,573 95,635 142,058
Distribution Fees -- Class C 44,939 18,998 41,218 88,119
Distribution Fees -- Class X 80,968 44,026 74,302 82,624
Professional Fees 7,644 3,149 5,557 8,568
Organization Costs 6,403 -- -- --
Directors' Fees 2,703 1,123 1,974 3,034
Registration Fees 35,110 28,232 33,040 39,238
Miscellaneous Expenses 21,032 2,902 4,392 8,030
---------- ----------- ---------- -----------
Total Expenses 799,643 428,501 686,054 1,153,336
Less: Reimbursement of Expenses by
Investment Manager (122,122) (95,538) (117,625) (114,478)
Waiver of Fees by Investment Manager -- (12,228) (51,428) (40,114)
---------- ----------- ---------- -----------
Net Expenses 677,521 320,735 517,001 998,744
---------- ----------- ---------- -----------
Net Investment Income (Loss) 2,643,464 (245,478) 33,179 (439,486)
---------- ----------- ---------- -----------
</TABLE>
46
<PAGE> 50
- --------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF ASAF ASAF ASAF
FEDERATED OPPENHEIMER LORD ABBETT JANUS
HIGH YIELD LARGE-CAP GROWTH AND OVERSEAS
BOND GROWTH INCOME GROWTH
FUND FUND FUND FUND
---------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net Realized Gain (Loss) on:
Securities (57,561) 3,753,772 (651,265) (1,282,724)
Futures Contracts -- -- -- --
Written Options Contracts -- -- -- --
Foreign Currency Transactions -- -- -- (41,647)
---------- ----------- ---------- -----------
Net Realized Gain (Loss) (57,561) 3,753,772 (651,265) (1,324,371)
---------- ----------- ---------- -----------
Net Change in Unrealized
Appreciation (Depreciation) on:
Securities 4,067,803 594,221 9,549,528 9,437,649
Futures Contracts -- -- -- --
Translation of Assets and Liabilities
Denominated in Foreign Currencies -- -- -- 849,729
---------- ----------- ---------- -----------
Net Change in Unrealized
Appreciation (Depreciation) 4,067,803 594,221 9,549,528 10,287,378
---------- ----------- ---------- -----------
Net Gain (Loss) on Investments 4,010,242 4,347,993 8,898,263 8,963,007
---------- ----------- ---------- -----------
Net Increase (Decrease) in Net
Assets Resulting from Operations $6,653,706 $ 4,102,515 $8,931,442 $ 8,523,521
========== =========== ========== ===========
</TABLE>
See Notes to Financial Statements.
47
<PAGE> 51
FOR THE SIX MONTHS ENDED APRIL 30, 1999
(UNAUDITED)
STATEMENTS OF OPERATIONS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF
ASAF NEUBERGER NEUBERGER
MARSICO BERMAN BERMAN
CAPITAL MID-CAP MID-CAP
GROWTH GROWTH VALUE
FUND FUND FUND
----------- ---------- ----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 453,910 $ 34,905 $ 22,897
Dividends 433,789 7,918 84,046
Foreign Taxes Withheld -- -- --
----------- ---------- ----------
Total Investment Income 887,699 42,823 106,943
----------- ---------- ----------
EXPENSES:
Advisory Fees 719,272 58,687 43,333
Shareholder Servicing Fees 167,865 64,824 63,156
Administration and Accounting Fees 72,084 18,500 18,499
Custodian Fees 3,721 248 248
Distribution Fees -- Class A 67,377 7,113 4,219
Distribution Fees -- Class B 323,782 25,774 23,958
Distribution Fees -- Class C 175,528 15,088 9,744
Distribution Fees -- Class X 85,208 10,120 6,007
Professional Fees 12,064 1,098 809
Organization Costs -- -- --
Directors' Fees 5,153 466 355
Registration Fees 46,059 12,592 11,631
Miscellaneous Expenses 14,191 4,333 3,976
----------- ---------- ----------
Total Expenses 1,692,304 218,843 185,935
Less: Reimbursement of
Expenses by Investment Manager (141,318) (79,240) (81,822)
Waiver of Fees by Investment Manager -- -- --
----------- ---------- ----------
Net Expenses 1,550,986 139,603 104,113
----------- ---------- ----------
Net Investment Income (Loss) (663,287) (96,780) 2,830
----------- ---------- ----------
</TABLE>
48
<PAGE> 52
- --------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF ASAF
ASAF NEUBERGER NEUBERGER
MARSICO BERMAN BERMAN
CAPITAL MID-CAP MID-CAP
GROWTH GROWTH VALUE
FUND FUND FUND
----------- ---------- ----------
<S> <C> <C> <C>
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net Realized Gain (Loss) on:
Securities 6,697,904 (960,371) 471,814
Futures Contracts -- -- --
Written Options Contracts 127,734 -- --
Foreign Currency Transactions 6 -- --
----------- ---------- ----------
Net Realized Gain (Loss) 6,825,644 (960,371) 471,814
----------- ---------- ----------
Net Change in Unrealized
Appreciation (Depreciation) on:
Securities 31,672,099 2,415,570 1,466,205
Futures Contracts -- -- --
Translation of Assets and Liabilities
Denominated in Foreign Currencies -- -- --
----------- ---------- ----------
Net Change in Unrealized
Appreciation (Depreciation) 31,672,099 2,415,570 1,466,205
----------- ---------- ----------
Net Gain (Loss) on Investments 38,497,743 1,455,199 1,938,019
----------- ---------- ----------
Net Increase (Decrease) in Net
Assets Resulting from Operations $37,834,456 $1,358,419 $1,940,849
=========== ========== ==========
</TABLE>
See Notes to Financial Statements.
49
<PAGE> 53
FOR THE SIX MONTHS ENDED APRIL 30, 1999
(UNAUDITED)
STATEMENTS OF OPERATIONS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF ASAF ASAF ASAF
T. ROWE PRICE JANUS INVESCO TOTAL JPM
INTERNATIONAL CAPITAL EQUITY RETURN MONEY
EQUITY GROWTH INCOME BOND MARKET
FUND FUND FUND FUND FUND
------------- ----------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Investment Income from
Corresponding Portfolios of
American Skandia Master Trust:
Interest $ 12,521 $ 1,328,407 $ 686,424 $ 2,234,557 $1,340,091
Dividends 125,449 485,983 486,035 -- --
Foreign Taxes Withheld (17,613) (23,013) -- -- --
---------- ----------- ----------- ----------- ----------
Total Investment Income 120,357 1,791,377 1,172,459 2,234,557 1,340,091
Expenses from Corresponding
Portfolios of American
Skandia Master Trust (136,153) (1,939,383) (360,756) (271,217) (167,429)
---------- ----------- ----------- ----------- ----------
Net Investment Income (Loss)
from Corresponding
Portfolios of American
Skandia Master Trust (15,796) (148,006) 811,703 1,963,340 1,172,662
---------- ----------- ----------- ----------- ----------
EXPENSES:
Shareholder Servicing Fees 72,584 296,436 123,216 83,544 86,660
Administration and Accounting Fees 15,001 30,000 29,000 29,000 15,199
Distribution Fees -- Class A 5,987 163,279 34,909 22,347 29,677
Distribution Fees -- Class B 21,504 813,024 150,941 160,926 104,409
Distribution Fees -- Class C 13,847 306,342 66,392 62,917 48,020
Distribution Fees -- Class X 29,090 322,216 113,299 72,631 61,972
Professional Fees 1,126 26,727 5,916 5,024 4,097
Organization Costs 6,052 6,052 6,052 6,052 6,052
Directors' Fees 603 12,785 3,094 2,582 2,085
Registration Fees 19,320 94,604 35,589 35,142 32,227
Miscellaneous Expenses 841 26,502 5,344 5,017 4,147
---------- ----------- ----------- ----------- ----------
Total Expenses 185,955 2,097,967 573,752 485,182 394,545
---------- ----------- ----------- ----------- ----------
Less: Reimbursement of
Expenses by Investment
Manager (129,415) (310,721) (148,494) (130,540) (44,141)
---------- ----------- ----------- ----------- ----------
Net Investment Income (Loss) (72,336) (1,935,252) 386,445 1,608,698 822,258
---------- ----------- ----------- ----------- ----------
</TABLE>
50
<PAGE> 54
- --------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF ASAF ASAF ASAF ASAF
T. ROWE PRICE JANUS INVESCO TOTAL JPM
INTERNATIONAL CAPITAL EQUITY RETURN MONEY
EQUITY GROWTH INCOME BOND MARKET
FUND FUND FUND FUND FUND
------------- ----------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C>
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS FROM CORRESPONDING
PORTFOLIOS OF AMERICAN SKANDIA
MASTER TRUST:
Net Realized Gain (Loss) on:
Securities (173,981) (416,189) 1,299,847 (350,758) 2,708
Futures Contracts -- -- -- (616,696) --
Written Options Contracts -- -- -- 34,319 --
Foreign Currency Transactions (7,745) (5,428) -- (8,260) --
---------- ----------- ----------- ----------- ----------
Net Realized Gain (Loss) (181,726) (421,617) 1,299,847 (941,395) 2,708
---------- ----------- ----------- ----------- ----------
Net Change in Unrealized
Appreciation (Depreciation) on:
Securities 2,000,630 95,443,578 10,141,486 (774,869) --
Futures Contracts -- -- -- (14,431) --
Written Options Contracts -- -- -- 37,162 --
Translation of Assets and
Liabilities Denominated in
Foreign
Currencies (1,231) (7) -- (22,128) --
---------- ----------- ----------- ----------- ----------
Net Change in Unrealized
Appreciation (Depreciation) 1,999,399 95,443,571 10,141,486 (774,266) --
---------- ----------- ----------- ----------- ----------
Net Gain (Loss) on Investments 1,817,673 95,021,954 11,441,333 (1,715,661) 2,708
---------- ----------- ----------- ----------- ----------
Net Increase (Decrease) in Net
Assets Resulting from Operations $1,745,337 $93,086,702 $11,827,778 $ (106,963) $ 824,966
========== =========== =========== =========== ==========
</TABLE>
See Notes to Financial Statements.
51
<PAGE> 55
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF FOUNDERS
INTERNATIONAL ASAF JANUS ASAF T. ROWE
SMALL SMALL-CAP PRICE SMALL
CAPITALIZATION GROWTH COMPANY VALUE
FUND FUND FUND
---------------------------- ------------------------------ -----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
APRIL 30, 1999 OCTOBER 31, APRIL 30, 1999 OCTOBER 31, APRIL 30, 1999 OCTOBER 31,
(UNAUDITED) 1998 (UNAUDITED) 1998 (UNAUDITED) 1998
-------------- ----------- ---------------- ----------- -------------- ------------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS:
Net Investment Income (Loss) $ (47,986) $ (21,602) $ (104,758) $ (57,296) $ 14,568 $ (46,776)
Net Realized Gain (Loss) on
Investments (108,252) (203,090) 896,912 (860,753) (68,582) (373,253)
Net Change in Unrealized
Appreciation (Depreciation)
on Investments 1,316,199 (55,153) 6,847,993 50,611 1,190,477 (5,500,322)
---------- ---------- ----------- ----------- ----------- -----------
Net Increase (Decrease) in Net
Assets Resulting from
Operations 1,159,961 (279,845) 7,640,147 (867,438) 1,136,463 (5,920,351)
---------- ---------- ----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From Net Investment Income:
Class A -- (452) -- -- (27,464) (181)
Class B -- (125) -- -- -- (114)
Class C -- (62) -- -- -- (35)
Class X -- (180) -- -- -- (92)
In Excess of Net Investment
Income:
Class A -- (74) -- -- -- (4,193)
Class B -- (20) -- -- -- (2,624)
Class C -- (10) -- -- -- (814)
Class X -- (29) -- -- -- (2,136)
From Net Realized Gains:
Class A -- -- -- -- -- --
Class B -- -- -- -- -- --
Class C -- -- -- -- -- --
Class X -- -- -- -- -- --
---------- ---------- ----------- ----------- ----------- -----------
Total Distributions -- (952) -- -- (27,464) (10,189)
---------- ---------- ----------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS (NOTE
4):
Net Increase in Net Assets
from Capital Share
Transactions 1,908,856 5,208,868 28,206,764 10,639,455 12,687,862 44,422,288
---------- ---------- ----------- ----------- ----------- -----------
Net Increase in Net Assets 3,068,817 4,928,071 35,846,911 9,772,017 13,796,861 38,491,748
NET ASSETS:
Beginning of Period 5,548,877 620,806 10,661,100 889,083 41,004,854 2,513,106
---------- ---------- ----------- ----------- ----------- -----------
End of Period $8,617,694 $5,548,877 $46,508,011 $10,661,100 $54,801,715 $41,004,854
========== ========== =========== =========== =========== ===========
</TABLE>
See Notes to Financial Statements.
52
<PAGE> 56
- --------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF ASAF
AMERICAN ASAF OPPENHEIMER
CENTURY STRATEGIC FEDERATED LARGE-CAP
BALANCED HIGH YIELD BOND GROWTH
FUND FUND FUND
---------------------------- ---------------------------- ----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
APRIL 30, 1999 OCTOBER 31, APRIL 30, 1999 OCTOBER 31, APRIL 30, 1999 OCTOBER 31,
(UNAUDITED) 1998 (UNAUDITED) 1998 (UNAUDITED) 1998(1)
-------------- ----------- -------------- ----------- -------------- -----------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS:
Net Investment Income (Loss) $ 159,805 $ 79,418 $ 2,643,464 $ 1,488,563 $ (245,478) $ (126,014)
Net Realized Gain (Loss) on
Investments 3,059,176 (1,207,852) (57,561) (17,619) 3,753,772 (2,156,987)
Net Change in Unrealized
Appreciation (Depreciation)
on Investments 2,012,694 1,441,116 4,067,803 (2,955,623) 594,221 1,263,670
----------- ----------- ----------- ----------- ----------- -----------
Net Increase (Decrease) in
Net Assets Resulting from
Operations 5,231,675 312,682 6,653,706 (1,484,679) 4,102,515 (1,019,331)
----------- ----------- ----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From Net Investment Income:
Class A (23,243) (11,493) (415,877) (230,890) -- --
Class B (20,965) (9,726) (1,284,368) (635,141) -- --
Class C (9,207) (4,525) (334,443) (207,080) -- --
Class X (15,582) (9,794) (608,776) (415,452) -- --
In Excess of Net Investment
Income:
Class A -- -- -- -- -- --
Class B -- -- -- -- -- --
Class C -- -- -- -- -- --
Class X -- -- -- -- -- --
From Net Realized Gains:
Class A -- -- -- -- -- --
Class B -- -- -- -- -- --
Class C -- -- -- -- -- --
Class X -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Distributions (68,997) (35,538) (2,643,464) (1,488,563) -- --
----------- ----------- ----------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS
(NOTE 4):
Net Increase in Net Assets
from Capital Share
Transactions 43,635,669 20,468,469 47,846,802 44,745,185 14,439,763 20,690,453
----------- ----------- ----------- ----------- ----------- -----------
Net Increase in Net Assets 48,798,347 20,745,613 51,857,044 41,771,943 18,542,278 19,671,122
NET ASSETS:
Beginning of Period 21,996,941 1,251,328 45,608,402 3,836,459 19,671,122 --
----------- ----------- ----------- ----------- ----------- -----------
End of Period $70,795,288 $21,996,941 $97,465,446 $45,608,402 $38,213,400 $19,671,122
=========== =========== =========== =========== =========== ===========
</TABLE>
(1) Commenced operations on December 31, 1997.
See Notes to Financial Statements.
53
<PAGE> 57
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF
LORD ABBETT JANUS
GROWTH OVERSEAS
AND INCOME GROWTH
FUND FUND
---------------------------- ----------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
APRIL 30, 1999 OCTOBER 31, APRIL 30, 1999 OCTOBER 31,
(UNAUDITED) 1998(1) (UNAUDITED) 1998(1)
-------------- ----------- -------------- -----------
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net Investment Income (Loss) $ 33,179 $ 26,263 $ (439,486) $ (45,889)
Net Realized Gain (Loss) on Investments (651,265) (1,190,045) (1,324,371) (2,636,468)
Net Change in Unrealized Appreciation
(Depreciation) on Investments 9,549,528 938,931 10,287,378 1,140,279
----------- ----------- ------------ -----------
Net Increase (Decrease) in Net Assets Resulting
from Operations 8,931,442 (224,851) 8,523,521 (1,542,078)
----------- ----------- ------------ -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From Net Investment Income:
Class A (21,838) (6,881) -- --
Class B (7,456) (1,202) -- --
Class C (3,450) (484) -- --
Class X (6,411) (1,389) -- --
In Excess of Net Investment Income:
Class A -- -- -- --
Class B -- -- -- --
Class C -- -- -- --
Class X -- -- -- --
From Net Realized Gains:
Class A -- -- -- --
Class B -- -- -- --
Class C -- -- -- --
Class X -- -- -- --
----------- ----------- ------------ -----------
Total Distributions (39,155) (9,956) -- --
----------- ----------- ------------ -----------
CAPITAL SHARE TRANSACTIONS (NOTE 4):
Net Increase in Net Assets from Capital Share
Transactions 35,690,442 32,886,035 70,250,884 46,499,096
----------- ----------- ------------ -----------
Net Increase in Net Assets 44,582,729 32,651,228 78,774,405 44,957,018
NET ASSETS:
Beginning of Period 32,651,228 -- 44,957,018 --
----------- ----------- ------------ -----------
End of Period $77,233,957 $32,651,228 $123,731,423 $44,957,018
=========== =========== ============ ===========
</TABLE>
(1) Commenced operations on December 31, 1997.
See Notes to Financial Statements.
54
<PAGE> 58
- --------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF ASAF ASAF
MARSICO NEUBERGER BERMAN NEUBERGER BERMAN
CAPITAL GROWTH MID-CAP GROWTH MID-CAP VALUE
FUND FUND FUND
---------------------------- ------------------------------ -----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
APRIL 30, 1999 OCTOBER 31, APRIL 30, 1999 OCTOBER 31, APRIL 30, 1999 OCTOBER 31,
(UNAUDITED) 1998(2) (UNAUDITED) 1998(2) (UNAUDITED) 1998(2)
-------------- ----------- ---------------- ----------- -------------- ------------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS:
Net Investment Income (Loss) $ (663,287) $ 14,303 $ (96,780) $ (1,506) $ 2,830 $ 1,431
Net Realized Gain (Loss) on
Investments 6,825,644 (949,883) (960,371) 94,129 471,814 1,518
Net Change in Unrealized
Appreciation (Depreciation)
on Investments 31,672,099 2,185,679 2,415,570 227,047 1,466,205 80,561
------------ ----------- ----------- ---------- ----------- ----------
Net Increase (Decrease) in Net
Assets Resulting from
Operations 37,834,456 1,250,099 1,358,419 319,670 1,940,849 83,510
------------ ----------- ----------- ---------- ----------- ----------
DISTRIBUTIONS TO SHAREHOLDERS:
From Net Investment Income:
Class A (14,303) -- -- -- (3,301) --
Class B -- -- -- -- (3,563) --
Class C -- -- -- -- (1,574) --
Class X -- -- -- -- (859) --
In Excess of Net Investment
Income:
Class A -- -- -- -- -- --
Class B -- -- -- -- -- --
Class C -- -- -- -- -- --
Class X -- -- -- -- -- --
From Net Realized Gains:
Class A -- -- (20,483) -- (237) --
Class B -- -- (34,595) -- (761) --
Class C -- -- (22,944) -- (336) --
Class X -- -- (16,107) -- (162) --
------------ ----------- ----------- ---------- ----------- ----------
Total Distributions (14,303) -- (94,129) -- (10,793) --
------------ ----------- ----------- ---------- ----------- ----------
CAPITAL SHARE TRANSACTIONS (NOTE
4):
Net Increase in Net Assets from
Capital Share Transactions 215,507,810 40,538,469 21,488,416 2,670,718 12,006,969 3,811,040
------------ ----------- ----------- ---------- ----------- ----------
Net Increase in Net Assets 253,327,963 41,788,568 22,752,706 2,990,388 13,937,025 3,894,550
NET ASSETS:
Beginning of Period 41,788,568 -- 2,990,388 -- 3,894,550 --
------------ ----------- ----------- ---------- ----------- ----------
End of Period $295,116,531 $41,788,568 $25,743,094 $2,990,388 $17,831,575 $3,894,550
============ =========== =========== ========== =========== ==========
</TABLE>
(2) Commenced operations on August 19, 1998.
See Notes to Financial Statements.
55
<PAGE> 59
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF ASAF
T. ROWE PRICE JANUS INVESCO
INTERNATIONAL EQUITY CAPITAL GROWTH EQUITY INCOME
FUND FUND FUND
---------------------------- ----------------------------- ----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
APRIL 30, 1999 OCTOBER 31, APRIL 30, 1999 OCTOBER 31, APRIL 30, 1999 OCTOBER 31,
(UNAUDITED) 1998 (UNAUDITED) 1998 (UNAUDITED) 1998
-------------- ----------- -------------- ------------ -------------- -----------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS:
Net Investment Income
(Loss) $ (72,336) $ (43,968) $ (1,935,252) $ (334,631) $ 386,445 $ 346,202
Net Realized Gain (Loss)
on Investments (181,726) (67,792) (421,617) (4,945,536) 1,299,847 (517,156)
Net Change in Unrealized
Appreciation
(Depreciation) on
Investments 1,999,399 25,778 95,443,571 14,298,404 10,141,486 2,038,173
----------- ----------- ------------ ------------ ------------ -----------
Net Increase (Decrease) in
Net Assets Resulting
from Operations 1,745,337 (85,982) 93,086,702 9,018,237 11,827,778 1,867,219
----------- ----------- ------------ ------------ ------------ -----------
DISTRIBUTIONS TO
SHAREHOLDERS:
From Net Investment
Income:
Class A (13,643) -- -- (3,261) (75,395) (38,382)
Class B (6,565) -- -- (1,754) (93,600) (49,590)
Class C (4,600) -- -- (551) (40,520) (19,657)
Class X (9,863) -- -- (1,648) (77,741) (53,610)
In Excess of Net
Investment Income:
Class A -- -- -- (2,821) -- --
Class B -- -- -- (1,518) -- --
Class C -- -- -- (476) -- --
Class X -- -- -- (1,426) -- --
From Net Realized Gains:
Class A -- -- -- -- -- --
Class B -- -- -- -- -- --
Class C -- -- -- -- -- --
Class X -- -- -- -- -- --
----------- ----------- ------------ ------------ ------------ -----------
Total Distributions (34,671) -- -- (13,455) (287,256) (161,239)
----------- ----------- ------------ ------------ ------------ -----------
CAPITAL SHARE TRANSACTIONS
(NOTE 4):
Net Increase in Net Assets
from Capital Share
Transactions 4,718,451 10,953,519 459,204,414 126,069,978 47,620,456 48,599,599
----------- ----------- ------------ ------------ ------------ -----------
Net Increase in Net Assets 6,429,117 10,867,537 552,291,116 135,074,760 59,160,978 50,305,579
NET ASSETS:
Beginning of Period 12,428,718 1,561,181 139,425,109 4,350,349 53,614,176 3,308,597
----------- ----------- ------------ ------------ ------------ -----------
End of Period $18,857,835 $12,428,718 $691,716,225 $139,425,109 $112,775,154 $53,614,176
=========== =========== ============ ============ ============ ===========
</TABLE>
See Notes to Financial Statements.
56
<PAGE> 60
- --------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF ASAF
TOTAL JPM
RETURN BOND MONEY MARKET
FUND FUND
---------------------------- ----------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
APRIL 30, 1999 OCTOBER 31, APRIL 30, 1999 OCTOBER 31,
(UNAUDITED) 1998 (UNAUDITED) 1998
-------------- ----------- -------------- -----------
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net Investment Income (Loss) $ 1,608,698 $ 604,031 $ 822,258 $ 521,976
Net Realized Gain (Loss) on Investments (941,395) 371,331 2,708 (666)
Net Change in Unrealized Appreciation
(Depreciation) on Investments (774,266) 235,283 -- --
------------ ----------- ----------- -----------
Net Increase (Decrease) in Net Assets Resulting
from Operations (106,963) 1,210,645 824,966 521,310
------------ ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From Net Investment Income:
Class A (230,752) (81,710) (200,708) (105,287)
Class B (743,077) (203,491) (301,606) (132,858)
Class C (293,152) (142,796) (139,027) (78,804)
Class X (341,675) (178,399) (180,840) (205,027)
In Excess of Net Investment Income:
Class A -- -- -- --
Class B -- -- -- --
Class C -- -- -- --
Class X -- -- -- --
From Net Realized Gains:
Class A (41,477) (35) -- (4)
Class B (174,235) (98) -- (10)
Class C (68,227) (43) -- (4)
Class X (87,105) (111) -- (7)
------------ ----------- ----------- -----------
Total Distributions (1,979,700) (606,683) (822,181) (522,001)
------------ ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS (NOTE 4):
Net Increase in Net Assets from Capital Share
Transactions 58,435,336 42,508,563 38,432,692 41,796,215
------------ ----------- ----------- -----------
Net Increase in Net Assets 56,348,673 43,112,525 38,435,477 41,795,524
NET ASSETS:
Beginning of Period 44,296,202 1,183,677 43,354,055 1,558,531
------------ ----------- ----------- -----------
End of Period $100,644,875 $44,296,202 $81,789,532 $43,354,055
============ =========== =========== ===========
</TABLE>
See Notes to Financial Statements.
57
<PAGE> 61
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Per Share Data (For a Share Outstanding
throughout each period)
<TABLE>
<CAPTION>
Increase (Decrease) from
Investment Operations
Net Asset -----------------------------------------
Value Net Net Realized Total from
Period Beginning Investment & Unrealized Investment
Ended of Period Income (Loss) Gain (Loss) Operations
-------- --------- ------------- ------------ ----------
<S> <C> <C> <C> <C> <C>
ASAF FOUNDERS INTERNATIONAL
SMALL CAPITALIZATION FUND:
- -------------------------------
- -------------------------------
Class A 04/30/99* $ 10.27 $(0.05) $ 1.89 $ 1.84
10/31/98 9.87 (0.02) 0.45 0.43
10/31/97(1) 10.00 0.05 (0.18) (0.13)
Class B 04/30/99* 10.23 (0.08) 1.89 1.81
10/31/98 9.85 (0.08) 0.46 0.38
10/31/97(1) 10.00 0.04 (0.19) (0.15)
Class C 04/30/99* 10.22 (0.08) 1.89 1.81
10/31/98 9.86 (0.08) 0.44 0.36
10/31/97(1) 10.00 0.04 (0.18) (0.14)
Class X 04/30/99* 10.21 (0.08) 1.90 1.82
10/31/98 9.84 (0.08) 0.45 0.37
10/31/97(1) 10.00 0.04 (0.20) (0.16)
ASAF JANUS SMALL-CAP
GROWTH FUND:
- -------------------------------
- -------------------------------
Class A 04/30/99* $ 9.11 $(0.03) $ 3.78 $ 3.75
10/31/98 9.94 (0.07) (0.76) (0.83)
10/31/97(1) 10.00 (0.03) (0.03) (0.06)
Class B 04/30/99* 9.04 (0.06) 3.75 3.69
10/31/98 9.93 (0.12) (0.77) (0.89)
10/31/97(1) 10.00 (0.04) (0.03) (0.07)
Class C 04/30/99* 9.06 (0.06) 3.75 3.69
10/31/98 9.94 (0.10) (0.78) (0.88)
10/31/97(1) 10.00 (0.04) (0.02) (0.06)
Class X 04/30/99* 9.06 (0.06) 3.75 3.69
10/31/98 9.93 (0.11) (0.76) (0.87)
10/31/97(1) 10.00 (0.04) (0.03) (0.07)
ASAF T. ROWE PRICE
SMALL COMPANY VALUE FUND:
- -------------------------------
- -------------------------------
Class A 04/30/99* $ 8.85 $ 0.02 $ 0.22 $ 0.24
10/31/98 10.46 0.04 (1.62) (1.58)
10/31/97(1) 10.00 0.02 0.44 0.46
Class B 04/30/99* 8.80 -- 0.22 0.22
10/31/98 10.44 (0.02) (1.61) (1.63)
10/31/97(1) 10.00 -- 0.44 0.44
Class C 04/30/99* 8.80 -- 0.21 0.21
10/31/98 10.45 (0.02) (1.62) (1.64)
10/31/97(1) 10.00 -- 0.45 0.45
Class X 04/30/99* 8.80 -- 0.21 0.21
10/31/98 10.44 (0.02) (1.61) (1.63)
10/31/97(1) 10.00 -- 0.44 0.44
ASAF AMERICAN CENTURY
STRATEGIC BALANCED FUND:
- -------------------------------
- -------------------------------
Class A 04/30/99* $ 10.89 $ 0.09 $ 1.71 $ 1.80
10/31/98 9.99 0.15 0.84 0.99
10/31/97(1) 10.00 0.04 (0.05) (0.01)
Class B 04/30/99* 10.86 0.05 1.71 1.76
10/31/98 9.96 0.09 0.85 0.94
10/31/97(1) 10.00 0.02 (0.06) (0.04)
Class C 04/30/99* 10.87 0.05 1.70 1.75
10/31/98 9.98 0.09 0.84 0.93
10/31/97(1) 10.00 0.02 (0.04) (0.02)
Class X 04/30/99* 10.85 0.04 1.72 1.76
10/31/98 9.96 0.09 0.84 0.93
10/31/97(1) 10.00 0.02 (0.06) (0.04)
<CAPTION>
Less Distributions
-------------------------------------
From Net In Excess of From
Investment Net Investment Capital
Income Income Gains
---------- -------------- -------
<S> <C> <C> <C>
ASAF FOUNDERS INTERNATIONAL
SMALL CAPITALIZATION FUND:
- -------------------------------
- -------------------------------
Class A $ -- $ -- $ --
(0.03) -- --
-- -- --
Class B -- -- --
-- -- --
-- -- --
Class C -- -- --
-- -- --
-- -- --
Class X -- -- --
-- -- --
-- -- --
ASAF JANUS SMALL-CAP
GROWTH FUND:
- -------------------------------
- -------------------------------
Class A $ -- $ -- $ --
-- -- --
-- -- --
Class B -- -- --
-- -- --
-- -- --
Class C -- -- --
-- -- --
-- -- --
Class X -- -- --
-- -- --
-- -- --
ASAF T. ROWE PRICE
SMALL COMPANY VALUE FUND:
- -------------------------------
- -------------------------------
Class A $(0.03) $ -- $ --
-- (0.03) --
-- -- --
Class B -- -- --
-- (0.01) --
-- -- --
Class C -- -- --
-- (0.01) --
-- -- --
Class X -- -- --
-- (0.01) --
-- -- --
ASAF AMERICAN CENTURY
STRATEGIC BALANCED FUND:
- -------------------------------
- -------------------------------
Class A $(0.05) $ -- $ --
(0.09) -- --
-- -- --
Class B (0.02) -- --
(0.04) -- --
-- -- --
Class C (0.02) -- --
(0.04) -- --
-- -- --
Class X (0.02) -- --
(0.04) -- --
-- -- --
</TABLE>
58
<PAGE> 62
AMERICAN SKANDIA ADVISOR FUNDS, INC.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratios of Expenses
Supplemental Data to Average Net Assets
------------------------------------- -----------------------------------
Net Asset Net Assets at Portfolio
Total Value Total End of Period Turnover After Expense Before Expense
Distributions End of Period Return(2) (In 000's) Rate Reimbursement(3) Reimbursement(3)
------------- ------------- --------- ------------- --------- ---------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
$ -- $12.11 17.92% $ 1,224 17% 2.10% 5.17%
(0.03) 10.27 4.32% 886 49% 2.10% 9.20%
-- 9.87 (1.30%) 106 -- 2.10% 136.49%
-- 12.04 17.69% 2,541 17% 2.60% 5.67%
-- 10.23 3.90% 1,387 49% 2.60% 9.80%
-- 9.85 (1.50%) 230 -- 2.60% 90.64%
-- 12.03 17.71% 1,410 17% 2.60% 5.68%
-- 10.22 3.69% 872 49% 2.60% 9.72%
-- 9.86 (1.40%) 79 -- 2.60% 55.02%
-- 12.03 17.83% 3,443 17% 2.60% 5.67%
-- 10.21 3.80% 2,404 49% 2.60% 9.58%
-- 9.84 (1.60%) 206 -- 2.60% 54.45%
$ -- $12.86 41.32% $12,808 74% 1.70% 2.75%
-- 9.11 (8.45%) 1,801 94% 1.70% 6.38%
-- 9.94 (0.60%) 193 -- 1.70% 105.48%
-- 12.73 40.82% 15,747 74% 2.20% 3.28%
-- 9.04 (8.96%) 2,685 94% 2.20% 6.86%
-- 9.93 (0.70%) 353 -- 2.20% 57.99%
-- 12.75 40.73% 8,875 74% 2.20% 3.32%
-- 9.06 (8.85%) 2,090 94% 2.20% 6.60%
-- 9.94 (0.60%) 74 -- 2.20% 42.48%
-- 12.75 40.73% 9,078 74% 2.20% 3.36%
-- 9.06 (8.76%) 4,085 94% 2.20% 6.69%
-- 9.93 (0.70%) 270 -- 2.20% 47.29%
$(0.03) $ 9.06 2.67% $ 9,657 16% 1.75% 2.63%
(0.03) 8.85 (15.13%) 7,155 4% 1.75% 3.51%
-- 10.46 4.60% 383 -- 1.75% 54.47%
-- 9.02 2.50% 19,836 16% 2.25% 3.15%
(0.01) 8.80 (15.63%) 13,184 4% 2.25% 4.03%
-- 10.44 4.40% 1,155 -- 2.25% 30.14%
-- 9.01 2.39% 11,664 16% 2.25% 3.14%
(0.01) 8.80 (15.71%) 8,298 4% 2.25% 3.97%
-- 10.45 4.50% 335 -- 2.25% 33.60%
-- 9.01 2.39% 13,645 16% 2.25% 3.13%
(0.01) 8.80 (15.63%) 12,368 4% 2.25% 4.00%
-- 10.44 4.40% 640 -- 2.25% 22.43%
$(0.05) $12.64 16.55% $14,023 77% 1.60% 2.22%
(0.09) 10.89 9.93% 3,359 93% 1.60% 4.32%
-- 9.99 (0.10%) 257 2% 1.60% 37.87%
(0.02) 12.60 16.21% 30,428 77% 2.10% 2.72%
(0.04) 10.86 9.45% 8,272 93% 2.10% 4.65%
-- 9.96 (0.40%) 381 2% 2.10% 29.90%
(0.02) 12.60 16.10% 12,305 77% 2.10% 2.73%
(0.04) 10.87 9.33% 3,202 93% 2.10% 4.77%
-- 9.98 (0.20%) 215 2% 2.10% 38.96%
(0.02) 12.59 16.22% 14,039 77% 2.10% 2.73%
(0.04) 10.85 9.34% 7,164 93% 2.10% 4.66%
-- 9.96 (0.40%) 398 2% 2.10% 26.66%
<CAPTION>
Ratio of Net Investment
Total Income (Loss) to
Distributions Average Net Assets(3)
------------- -----------------------
<S> <C>
$ -- (0.95%)
(0.03) (0.28%)
-- 2.03%
-- (1.45%)
-- (0.74%)
-- 1.62%
-- (1.46%)
-- (0.79%)
-- 1.72%
-- (1.44%)
-- (0.76%)
-- 1.58%
$ -- (0.62%)
-- (0.75%)
-- (1.16%)
-- (1.13%)
-- (1.26%)
-- (1.73%)
-- (1.12%)
-- (1.13%)
-- (1.73%)
-- (1.08%)
-- (1.19%)
-- (1.70%)
$(0.03) 0.48%
(0.03) 0.20%
-- 0.69%
-- (0.04%)
(0.01) (0.30%)
-- 0.17%
-- (0.03%)
(0.01) (0.32%)
-- 0.02%
-- 0.00%
(0.01) (0.32%)
-- 0.19%
$(0.05) 1.21%
(0.09) 1.30%
-- 1.56%
(0.02) 0.70%
(0.04) 0.80%
-- 0.79%
(0.02) 0.68%
(0.04) 0.79%
-- 0.78%
(0.02) 0.65%
(0.04) 0.79%
-- 1.07%
</TABLE>
(1) Commenced operations on July 28, 1997.
(2) Total return for Class X shares does not reflect the payment of bonus
shares.
(3) Annualized for periods less than one year.
* Unaudited.
Per share data has been calculated based on the average daily number of shares
outstanding throughout the period.
See Notes to Financial Statements.
59
<PAGE> 63
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Per Share Data (For a Share Outstanding
throughout each period)
<TABLE>
<CAPTION>
Increase (Decrease) from
Investment Operations
Net Asset -----------------------------------------
Value Net Net Realized Total from
Period Beginning Investment & Unrealized Investment
Ended of Period Income (Loss) Gain (Loss) Operations
-------- --------- ------------- ------------ ----------
<S> <C> <C> <C> <C> <C>
ASAF FEDERATED
HIGH YIELD BOND FUND:
- ---------------------------
- ---------------------------
Class A 04/30/99* $ 9.38 $ 0.39 $ 0.65 $ 1.04
10/31/98 9.93 0.74 (0.55) 0.19
10/31/97(1) 10.00 0.05 (0.07) (0.02)
Class B 04/30/99* 9.39 0.37 0.65 1.02
10/31/98 9.93 0.69 (0.54) 0.15
10/31/97(1) 10.00 0.04 (0.07) (0.03)
Class C 04/30/99* 9.38 0.37 0.66 1.03
10/31/98 9.93 0.69 (0.55) 0.14
10/31/97(1) 10.00 0.03 (0.07) (0.04)
Class X 04/30/99* 9.39 0.37 0.64 1.01
10/31/98 9.93 0.69 (0.54) 0.15
10/31/97(1) 10.00 0.04 (0.07) (0.03)
ASAF OPPENHEIMER
LARGE-CAP GROWTH FUND:
- ---------------------------
- ---------------------------
Class A 04/30/99* $ 10.44 $(0.08) $ 2.09 $ 2.01
10/31/98(4) 10.00 (0.10) 0.54 0.44
Class B 04/30/99* 10.43 (0.11) 2.09 1.98
10/31/98(4) 10.00 (0.14) 0.57 0.43
Class C 04/30/99* 10.40 (0.11) 2.08 1.97
10/31/98(4) 10.00 (0.14) 0.54 0.40
Class X 04/30/99* 10.41 (0.11) 2.08 1.97
10/31/98(4) 10.00 (0.14) 0.55 0.41
ASAF LORD ABBETT
GROWTH AND INCOME FUND:
- ---------------------------
- ---------------------------
Class A 04/30/99* $ 10.52 $ 0.03 $ 1.93 $ 1.96
10/31/98(4) 10.00 0.05 0.50 0.55
Class B 04/30/99* 10.53 -- 1.94 1.94
10/31/98(4) 10.00 0.01 0.52 0.53
Class C 04/30/99* 10.51 -- 1.94 1.94
10/31/98(4) 10.00 0.01 0.50 0.51
Class X 04/30/99* 10.52 -- 1.94 1.94
10/31/98(4) 10.00 0.01 0.51 0.52
ASAF JANUS
OVERSEAS GROWTH FUND:
- ---------------------------
- ---------------------------
Class A 04/30/99* $ 10.55 $(0.04) $ 1.51 $ 1.47
10/31/98(4) 10.00 0.01 0.54 0.55
Class B 04/30/99* 10.51 (0.07) 1.50 1.43
10/31/98(4) 10.00 (0.04) 0.55 0.51
Class C 04/30/99* 10.52 (0.07) 1.50 1.43
10/31/98(4) 10.00 (0.04) 0.56 0.52
Class X 04/30/99* 10.50 (0.07) 1.50 1.43
10/31/98(4) 10.00 (0.04) 0.54 0.50
<CAPTION>
Less Distributions
------------------------------------------
From Net In Excess of
Investment Net Investment From Capital
Income Income Gains
---------- -------------- ------------
<S> <C> <C> <C>
ASAF FEDERATED
HIGH YIELD BOND FUND:
- --------------------------
- --------------------------
Class A $(0.39) $ -- $ --
(0.74) -- --
(0.05) -- --
Class B (0.37) -- --
(0.69) -- --
(0.04) -- --
Class C (0.37) -- --
(0.69) -- --
(0.03) -- --
Class X (0.37) -- --
(0.69) -- --
(0.04) -- --
ASAF OPPENHEIMER
LARGE-CAP GROWTH FUND:
- --------------------------
- --------------------------
Class A $ -- $ -- $ --
-- -- --
Class B -- -- --
-- -- --
Class C -- -- --
-- -- --
Class X -- -- --
-- -- --
ASAF LORD ABBETT
GROWTH AND INCOME FUND:
- --------------------------
- --------------------------
Class A $(0.03) $ -- $ --
(0.03) -- --
Class B (0.01) -- --
-- -- --
Class C (0.01) -- --
-- -- --
Class X (0.01) -- --
-- -- --
ASAF JANUS
OVERSEAS GROWTH FUND:
- --------------------------
- --------------------------
Class A $ -- $ -- $ --
-- -- --
Class B -- -- --
-- -- --
Class C -- -- --
-- -- --
Class X -- -- --
-- -- --
</TABLE>
60
<PAGE> 64
AMERICAN SKANDIA ADVISOR FUNDS, INC.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratios of Expenses
Supplemental Data to Average Net Assets
------------------------------------- -----------------------------------
Net Asset Net Assets at Portfolio
Total Value Total End of Period Turnover After Expense Before Expense
Distributions End of Period Return(2) (In 000's) Rate Reimbursement(3) Reimbursement(3)
------------- ------------- --------- ------------- --------- ---------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
$(0.39) $10.03 11.24% $15,451 11% 1.50% 1.84%
(0.74) 9.38 1.67% 6,979 22% 1.50% 2.90%
(0.05) 9.93 (0.23%) 2,154 11% 1.50% 30.49%
(0.37) 10.04 10.95% 49,646 11% 2.00% 2.34%
(0.69) 9.39 1.25% 20,495 22% 2.00% 3.32%
(0.04) 9.93 (0.30%) 920 11% 2.00% 30.22%
(0.37) 10.04 10.95% 12,718 11% 2.00% 2.36%
(0.69) 9.38 1.26% 5,732 22% 2.00% 3.41%
(0.03) 9.93 (0.36%) 206 11% 2.00% 29.26%
(0.37) 10.03 10.85% 19,650 11% 2.00% 2.36%
(0.69) 9.39 1.26% 12,402 22% 2.00% 3.33%
(0.04) 9.93 (0.25%) 556 11% 2.00% 30.95%
$ -- $12.45 19.25% $ 5,518 195% 1.80% 2.54%
-- 10.44 4.40% 2,690 207% 1.80% 4.29%
-- 12.41 18.98% 17,411 195% 2.30% 3.05%
-- 10.43 4.30% 7,468 207% 2.30% 4.77%
-- 12.37 18.94% 5,102 195% 2.30% 3.07%
-- 10.40 4.00% 2,634 207% 2.30% 4.67%
-- 12.38 18.92% 10,182 195% 2.30% 3.05%
-- 10.41 4.10% 6,879 207% 2.30% 4.77%
$(0.03) $12.45 18.70% $14,590 29% 1.60% 2.25%
(0.03) 10.52 5.48% 5,572 42% 1.60% 3.57%
(0.01) 12.46 18.38% 31,179 29% 2.10% 2.76%
-- 10.53 5.32% 10,710 42% 2.10% 4.06%
(0.01) 12.44 18.42% 12,569 29% 2.10% 2.76%
-- 10.51 5.12% 5,019 42% 2.10% 4.01%
(0.01) 12.45 18.40% 18,896 29% 2.10% 2.75%
-- 10.52 5.22% 11,350 42% 2.10% 3.98%
$ -- $12.02 13.93% $29,356 33% 2.10% 2.48%
-- 10.55 5.50% 8,812 101% 2.10% 4.12%
-- 11.94 13.61% 45,306 33% 2.60% 2.99%
-- 10.51 5.10% 15,339 101% 2.60% 4.58%
-- 11.95 13.59% 26,913 33% 2.60% 2.99%
-- 10.52 5.20% 9,580 101% 2.60% 4.58%
-- 11.93 13.62% 22,156 33% 2.60% 2.98%
-- 10.50 5.00% 11,226 101% 2.60% 4.60%
<CAPTION>
Ratio of Net Investment
Total Income (Loss) to
Distributions Average Net Assets(3)
------------- -----------------------
<S> <C>
$(0.39) 7.96%
(0.74) 7.42%
(0.05) 4.76%
(0.37) 7.40%
(0.69) 6.90%
(0.04) 3.15%
(0.37) 7.44%
(0.69) 6.96%
(0.03) 3.55%
(0.37) 7.52%
(0.69) 6.96%
(0.04) 3.65%
$ -- (1.27%)
-- (1.12%)
-- (1.78%)
-- (1.62%)
-- (1.79%)
-- (1.62%)
-- (1.77%)
-- (1.62%)
$(0.03) 0.56%
(0.03) 0.62%
(0.01) 0.03%
-- 0.14%
(0.01) 0.03%
-- 0.15%
(0.01) 0.05%
-- 0.17%
$ -- (0.69%)
-- 0.06%
-- (1.20%)
-- (0.44%)
-- (1.21%)
-- (0.45%)
-- (1.22%)
-- (0.41%)
</TABLE>
(1) Commenced operations on July 28, 1997.
(2) Total return for Class X shares does not reflect the payment of bonus
shares.
(3) Annualized for periods less than one year.
(4) Commenced operations on December 31, 1997.
* Unaudited.
Per share data has been calculated based on the average daily number of shares
outstanding throughout the period.
See Notes to Financial Statements.
61
<PAGE> 65
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Per Share Data (For a Share Outstanding
throughout each period)
<TABLE>
<CAPTION>
Increase (Decrease) from
Investment Operations
Net Asset -----------------------------------------
Value Net Net Realized Total from
Period Beginning Investment & Unrealized Investment
Ended of Period Income (Loss) Gain (Loss) Operations
-------- --------- ------------- ------------ ----------
<S> <C> <C> <C> <C> <C>
ASAF MARSICO
CAPITAL GROWTH FUND:
- ----------------------------
- ----------------------------
Class A 04/30/99* $ 10.13 $(0.03) $ 3.52 $ 3.49
10/31/98(1) 10.00 0.01 0.12 0.13
Class B 04/30/99* 10.12 (0.06) 3.52 3.46
10/31/98(1) 10.00 -- 0.12 0.12
Class C 04/30/99* 10.11 (0.06) 3.52 3.46
10/31/98(1) 10.00 -- 0.11 0.11
Class X 04/30/99* 10.11 (0.06) 3.51 3.45
10/31/98(1) 10.00 -- 0.11 0.11
ASAF NEUBERGER BERMAN
MID-CAP GROWTH FUND:
- ----------------------------
- ----------------------------
Class A 04/30/99* $ 11.81 $(0.07) $ 2.83 $ 2.76
10/31/98(1) 10.00 (0.01) 1.82 1.81
Class B 04/30/99* 11.79 (0.11) 2.82 2.71
10/31/98(1) 10.00 (0.01) 1.80 1.79
Class C 04/30/99* 11.79 (0.11) 2.83 2.72
10/31/98(1) 10.00 (0.01) 1.80 1.79
Class X 04/30/99* 11.79 (0.11) 2.82 2.71
10/31/98(1) 10.00 (0.01) 1.80 1.79
ASAF NEUBERGER BERMAN
MID-CAP VALUE FUND:
- ----------------------------
- ----------------------------
Class A 04/30/99* $ 10.23 $ 0.03 $ 1.89 $ 1.92
10/31/98(1) 10.00 0.02 0.21 0.23
Class B 04/30/99* 10.22 -- 1.89 1.89
10/31/98(1) 10.00 0.01 0.21 0.22
Class C 04/30/99* 10.22 -- 1.89 1.89
10/31/98(1) 10.00 -- 0.22 0.22
Class X 04/30/99* 10.22 -- 1.88 1.88
10/31/98(1) 10.00 0.01 0.21 0.22
<CAPTION>
Less Distributions
------------------------------------------
From Net In Excess of
Investment Net Investment From Capital
Income Income Gains
---------- -------------- ------------
<S> <C> <C> <C>
ASAF MARSICO
CAPITAL GROWTH FUND:
- ----------------------------
- ----------------------------
Class A $(0.01) $ -- $ --
-- -- --
Class B -- -- --
-- -- --
Class C -- -- --
-- -- --
Class X -- -- --
-- -- --
ASAF NEUBERGER BERMAN
MID-CAP GROWTH FUND:
- ----------------------------
- ----------------------------
Class A $ -- $ -- $(0.15)
-- -- --
Class B -- -- (0.15)
-- -- --
Class C -- -- (0.15)
-- -- --
Class X -- -- (0.15)
-- -- --
ASAF NEUBERGER BERMAN
MID-CAP VALUE FUND:
- ----------------------------
- ----------------------------
Class A $(0.03) $ -- $ --
-- -- --
Class B (0.01) -- --
-- -- --
Class C (0.01) -- --
-- -- --
Class X (0.01) -- --
-- -- --
</TABLE>
62
<PAGE> 66
AMERICAN SKANDIA ADVISOR FUNDS, INC.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratios of Expenses
Supplemental Data to Average Net Assets
------------------------------------- -----------------------------------
Net Asset Net Assets at Portfolio
Total Value Total End of Period Turnover After Expense Before Expense
Distributions End of Period Return(2) (In 000's) Rate Reimbursement(3) Reimbursement(3)
- ------------- ------------- --------- ------------- --------- ---------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
$(0.01) $13.61 34.59% $ 55,760 56% 1.75% 1.94%
-- 10.13 1.20% 7,037 67% 1.75% 2.84%
-- 13.58 34.32% 137,619 56% 2.25% 2.45%
-- 10.12 1.10% 17,994 67% 2.25% 3.29%
-- 13.57 34.22% 70,880 56% 2.25% 2.45%
-- 10.11 1.10% 11,012 67% 2.25% 3.44%
-- 13.56 34.26% 30,858 56% 2.25% 2.44%
-- 10.11 1.10% 5,746 67% 2.25% 3.22%
$(0.15) $14.42 23.42% $ 5,414 52% 1.75% 2.95%
-- 11.81 18.00% 587 122% 1.75% 5.66%
(0.15) 14.35 23.04% 10,706 52% 2.25% 3.44%
-- 11.79 17.80% 991 122% 2.25% 15.98%
(0.15) 14.36 23.02% 5,897 52% 2.25% 3.47%
-- 11.79 17.90% 903 122% 2.25% 20.25%
(0.15) 14.35 22.93% 3,726 52% 2.25% 3.52%
-- 11.79 17.90% 509 122% 2.25% 10.43%
$(0.03) $12.12 18.83% $ 3,667 64% 1.75% 3.43%
-- 10.23 2.30% 717 3% 1.75% 9.44%
(0.01) 12.10 18.53% 8,584 64% 2.25% 3.95%
-- 10.22 2.20% 1,886 3% 2.25% 9.10%
(0.01) 12.10 18.53% 3,479 64% 2.25% 3.97%
-- 10.22 2.20% 997 3% 2.25% 13.91%
(0.01) 12.09 18.43% 2,102 64% 2.25% 3.95%
-- 10.22 2.20% 295 3% 2.25% 12.90%
<CAPTION>
Ratio of Net Investment
Total Income (Loss) to
Distributions Average Net Assets(3)
- ------------- -----------------------
<S> <C>
$(0.01) (0.51%)
-- 0.72%
-- (1.02%)
-- 0.25%
-- (1.01%)
-- 0.24%
-- (1.02%)
-- 0.20%
$(0.15) (1.07%)
-- (0.52%)
(0.15) (1.59%)
-- (0.78%)
(0.15) (1.60%)
-- (0.72%)
(0.15) (1.61%)
-- (0.67%)
$(0.03) 0.48%
-- 0.87%
(0.01) (0.03%)
-- 0.47%
(0.01) (0.03%)
-- 0.26%
(0.01) (0.04%)
-- 0.34%
</TABLE>
(1) Commenced operations on August 19, 1998.
(2) Total return for Class X shares does not reflect the payment of bonus
shares.
(3) Annualized for periods less than one year.
* Unaudited.
Per share data has been calculated based on the average daily number of shares
outstanding throughout the period.
See Notes to Financial Statements.
63
<PAGE> 67
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Per Share Data (For a Share Outstanding
throughout each period)
<TABLE>
<CAPTION>
Increase (Decrease) from
Investment Operations
Net Asset -----------------------------------------
Value Net Net Realized Total from
Period Beginning Investment & Unrealized Investment
Ended of Period Income (Loss) Gain (Loss) Operations
-------- --------- ------------- ------------ ----------
<S> <C> <C> <C> <C> <C>
ASAF T. ROWE PRICE
INTERNATIONAL
EQUITY FUND:
- ----------------------------
- ----------------------------
Class A 04/30/99** $ 9.39 $(0.01) $ 1.13 $ 1.12
10/31/98 8.93 (0.02) 0.48 0.46
10/31/97(1) 9.74 0.01 (0.82) (0.81)
Class B 04/30/99** 9.59 (0.04) 1.17 1.13
10/31/98 9.16 (0.07) 0.50 0.43
10/31/97(1) 10.00 (0.01) (0.83) (0.84)
Class C 04/30/99** 9.57 (0.05) 1.18 1.13
10/31/98 9.16 (0.06) 0.47 0.41
10/31/97(1) 10.00 (0.01) (0.83) (0.84)
Class X 04/30/99** 9.61 (0.05) 1.18 1.13
10/31/98 9.18 (0.07) 0.50 0.43
10/31/97(1) 10.00 (0.01) (0.81) (0.82)
ASAF JANUS
CAPITAL GROWTH FUND:
- ----------------------------
- ----------------------------
Class A 04/30/99** $ 14.41 $(0.07) $ 6.41 $ 6.34
10/31/98 11.40 (0.01) 3.05 3.04
10/31/97(1) 11.18 0.09 0.13 0.22
Class B 04/30/99** 12.87 (0.10) 5.70 5.60
10/31/98 10.19 (0.08) 2.77 2.69
10/31/97(1) 10.00 0.06 0.13 0.19
Class C 04/30/99** 12.85 (0.10) 5.68 5.58
10/31/98 10.19 (0.08) 2.75 2.67
10/31/97(1) 10.00 0.05 0.14 0.19
Class X 04/30/99** 12.88 (0.10) 5.71 5.61
10/31/98 10.20 (0.09) 2.78 2.69
10/31/97(1) 10.00 0.05 0.15 0.20
ASAF INVESCO
EQUITY INCOME FUND:
- ----------------------------
- ----------------------------
Class A 04/30/99** $ 11.75 $ 0.09 $ 1.77 $ 1.86
10/31/98 10.45 0.22 1.20 1.42
10/31/97(1) 9.98 0.14 0.33 0.47
Class B 04/30/99** 11.77 0.06 1.76 1.82
10/31/98 10.45 0.15 1.24 1.39
10/31/97(1) 10.00 0.10 0.35 0.45
Class C 04/30/99** 11.77 0.06 1.76 1.82
10/31/98 10.46 0.15 1.23 1.38
10/31/97(1) 10.00 0.10 0.36 0.46
Class X 04/30/99** 11.76 0.06 1.76 1.82
10/31/98 10.45 0.15 1.23 1.38
10/31/97(1) 10.00 0.11 0.34 0.45
<CAPTION>
Less Distributions
------------------------------------------
From Net In Excess of
Investment Net Investment From Capital
Income Income Gains
---------- -------------- ------------
<S> <C> <C> <C>
ASAF T. ROWE PRICE
INTERNATIONAL
EQUITY FUND:
- ----------------------------
- ----------------------------
Class A $ (0.07) $ -- $ --
-- -- --
-- -- --
Class B (0.02) -- --
-- -- --
-- -- --
Class C (0.02) -- --
-- -- --
-- -- --
Class X (0.02) -- --
-- -- --
-- -- --
ASAF JANUS
CAPITAL GROWTH FUND:
- ----------------------------
- ----------------------------
Class A $ -- $ -- $ --
(0.02) (0.01) --
-- -- --
Class B -- -- --
(0.01) -- --
-- -- --
Class C -- -- --
(0.01) -- --
-- -- --
Class X -- -- --
(0.01) -- --
-- -- --
ASAF INVESCO
EQUITY INCOME FUND:
- ----------------------------
- ----------------------------
Class A $ (0.08) $ -- $ --
(0.12) -- --
-- -- --
Class B (0.04) -- --
(0.07) -- --
-- -- --
Class C (0.04) -- --
(0.07) -- --
-- -- --
Class X (0.04) -- --
(0.07) -- --
-- -- --
</TABLE>
64
<PAGE> 68
AMERICAN SKANDIA ADVISOR FUNDS, INC.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratios of Expenses
Supplemental Data to Average Net Assets*
------------------------------------- -----------------------------------
Net Asset Net Assets at Portfolio
Total Value Total End of Period Turnover After Expense Before Expense
Distributions End of Period Return(2) (In 000's) Rate(3) Reimbursement(4) Reimbursement(4)
- ------------- ------------- --------- ------------- --------- ---------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
$ (0.07) $10.44 11.93% $ 3,244 12% 2.10% 3.78%
-- 9.39 5.15% 1,685 20% 2.10% 6.06%
-- 8.93 (8.32%) 218 1% 2.10% 51.87%
(0.02) 10.70 11.76% 5,904 12% 2.60% 4.29%
-- 9.59 4.69% 3,318 20% 2.60% 6.50%
-- 9.16 (8.40%) 390 1% 2.60% 38.12%
(0.02) 10.68 11.78% 3,459 12% 2.60% 4.29%
-- 9.57 4.48% 2,282 20% 2.60% 6.55%
-- 9.16 (8.40%) 198 1% 2.60% 33.95%
(0.02) 10.72 11.74% 6,251 12% 2.60% 4.30%
-- 9.61 4.68% 5,144 20% 2.60% 6.54%
-- 9.18 (8.20%) 756 1% 2.60% 46.77%
$ -- $20.75 44.00% $133,537 7% 1.70% 1.88%
(0.03) 14.41 26.77% 24,558 77% 1.70% 2.65%
-- 11.40 1.97% 706 83% 1.70% 26.77%
-- 18.47 43.51% 336,036 7% 2.20% 2.38%
(0.01) 12.87 26.40% 56,582 77% 2.20% 3.14%
-- 10.19 1.90% 1,718 83% 2.20% 16.45%
-- 18.43 43.42% 127,523 7% 2.20% 2.38%
(0.01) 12.85 26.20% 21,710 77% 2.20% 3.13%
-- 10.19 1.90% 452 83% 2.20% 15.78%
-- 18.49 43.56% 94,620 7% 2.20% 2.38%
(0.01) 12.88 26.37% 36,575 77% 2.20% 3.16%
-- 10.20 2.00% 1,474 83% 2.20% 24.39%
$ (0.08) $13.53 15.85% $ 19,820 43% 1.55% 1.92%
(0.12) 11.75 13.64% 8,911 70% 1.55% 2.86%
-- 10.45 4.71% 471 46% 1.55% 29.14%
(0.04) 13.55 15.53% 45,105 43% 2.05% 2.42%
(0.07) 11.77 13.30% 18,045 70% 2.05% 3.38%
-- 10.45 4.50% 1,408 46% 2.05% 19.54%
(0.04) 13.55 15.53% 20,191 43% 2.05% 2.42%
(0.07) 11.77 13.19% 8,362 70% 2.05% 3.33%
-- 10.46 4.60% 255 46% 2.05% 20.89%
(0.04) 13.54 15.54% 27,659 43% 2.05% 2.42%
(0.07) 11.76 13.21% 18,296 70% 2.05% 3.35%
-- 10.45 4.50% 1,174 46% 2.05% 36.25%
<CAPTION>
Ratio of Net Investment
Total Income (Loss) to
Distributions Average Net Assets(4)*
- ------------- -----------------------
<S> <C>
$ (0.07) (0.43%)
-- (0.16%)
-- 0.07%
(0.02) (0.97%)
-- (0.70%)
-- (0.51%)
(0.02) (1.04%)
-- (0.58%)
-- (0.53%)
(0.02) (1.09%)
-- (0.68%)
-- (0.28%)
$ -- (0.69%)
(0.03) (0.24%)
-- 2.72%
-- (1.19%)
(0.01) (0.74%)
-- 2.27%
-- (1.19%)
(0.01) (0.75%)
-- 1.95%
-- (1.18%)
(0.01) (0.76%)
-- 2.05%
$ (0.08) 1.38%
(0.12) 1.72%
-- 4.81%
(0.04) 0.88%
(0.07) 1.27%
-- 3.68%
(0.04) 0.87%
(0.07) 1.27%
-- 3.82%
(0.04) 0.88%
(0.07) 1.27%
-- 4.05%
</TABLE>
(1) Calculated from July 28, 1997 (Date of initial shares sold subsequent to the
effective date of the Funds' registration statement under The Securities Act
of 1933.
(2) Total return for Class X shares does not reflect the payment of bonus
shares.
(3) Represents Portfolio Turnover Rate in corresponding Master Portfolios.
(4) Annualized for periods less than one year.
* Represents the combined ratios for the respective fund and its respective pro
rata share of its Master Portfolio.
** Unaudited.
Per share data has been calculated based on the average daily number of shares
outstanding throughout the period.
See Notes to Financial Statements.
65
<PAGE> 69
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Per Share Data (For a Share Outstanding
throughout each period)
<TABLE>
<CAPTION>
Increase (Decrease) from
Investment Operations
Net Asset -----------------------------------------
Value Net Net Realized Total from
Period Beginning Investment & Unrealized Investment
Ended of Period Income (Loss) Gain (Loss) Operations
-------- --------- ------------- ------------ ----------
<S> <C> <C> <C> <C> <C>
ASAF TOTAL
RETURN BOND FUND:
- ----------------------------
- ----------------------------
Class A 04/30/99** $ 10.79 $ 0.33 $(0.28) $ 0.05
10/31/98 10.28 0.35 0.54 0.89
10/31/97(1) 10.07 0.15 0.09 0.24
Class B 04/30/99** 10.68 0.29 (0.27) 0.02
10/31/98 10.16 0.31 0.53 0.84
10/31/97(1) 10.00 0.10 0.09 0.19
Class C 04/30/99** 10.67 0.29 (0.26) 0.03
10/31/98 10.16 0.31 0.52 0.83
10/31/97(1) 10.00 0.10 0.09 0.19
Class X 04/30/99** 10.69 0.27 (0.25) 0.02
10/31/98 10.17 0.34 0.50 0.84
10/31/97(1) 10.00 0.09 0.10 0.19
ASAF JPM
MONEY MARKET FUND:
- ----------------------------
- ----------------------------
Class A 04/30/99** $ 1.00 $0.020 $ -- $0.020
10/31/98 1.00 0.039 -- 0.039
10/31/97(1) 1.00 0.009 -- 0.009
Class B 04/30/99** 1.00 0.010 -- 0.010
10/31/98 1.00 0.033 -- 0.033
10/31/97(1) 1.00 0.007 -- 0.007
Class C 04/30/99** 1.00 0.010 -- 0.010
10/31/98 1.00 0.034 -- 0.034
10/31/97(1) 1.00 0.007 -- 0.007
Class X 04/30/99** 1.00 0.010 -- 0.010
10/31/98 1.00 0.034 -- 0.034
10/31/97(1) 1.00 0.008 -- 0.008
<CAPTION>
Less Distributions
------------------------------------------
From Net In Excess of
Investment Net Investment From Capital
Income Income Gains
---------- -------------- ------------
<S> <C> <C> <C>
ASAF TOTAL
RETURN BOND FUND:
- ----------------------------
- ----------------------------
Class A $ (0.31) $ -- $(0.07)
(0.38) -- --
(0.03) -- --
Class B (0.28) -- (0.07)
(0.32) -- --
(0.03) -- --
Class C (0.28) -- (0.07)
(0.32) -- --
(0.03) -- --
Class X (0.28) -- (0.07)
(0.32) -- --
(0.02) -- --
ASAF JPM
MONEY MARKET FUND:
- ----------------------------
- ----------------------------
Class A $(0.020) $ -- $ --
(0.039) -- --
(0.009) -- --
Class B (0.010) -- --
(0.033) -- --
(0.007) -- --
Class C (0.010) -- --
(0.034) -- --
(0.007) -- --
Class X (0.010) -- --
(0.034) -- --
(0.008) -- --
</TABLE>
66
<PAGE> 70
AMERICAN SKANDIA ADVISOR FUNDS, INC.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratios of Expenses
Supplemental Data to Average Net Assets*
------------------------------------- -----------------------------------
Net Asset Net Assets at Portfolio
Total Value Total End of Period Turnover After Expense Before Expense
Distributions End of Period Return(2) (In 000's) Rate(3) Reimbursement(4) Reimbursement(4)
- ------------- ------------- --------- ------------- --------- ---------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
$ (0.38) $10.46 0.09% $ 14,814 70% 1.40% 1.78%
(0.38) 10.79 8.79% 6,034 418% 1.40% 2.93%
(0.03) 10.28 2.39% 61 93% 1.40% 66.92%
(0.35) 10.35 (0.18%) 50,076 70% 1.90% 2.28%
(0.32) 10.68 8.36% 17,821 418% 1.90% 3.58%
(0.03) 10.16 1.90% 547 93% 1.90% 39.35%
(0.35) 10.35 (0.09%) 18,468 70% 1.90% 2.29%
(0.32) 10.67 8.26% 8,743 418% 1.90% 3.52%
(0.03) 10.16 1.93% 165 93% 1.90% 33.68%
(0.35) 10.36 (0.17%) 17,287 70% 1.90% 2.29%
(0.32) 10.69 8.36% 11,698 418% 1.90% 3.68%
(0.02) 10.17 1.94% 410 93% 1.90% 67.46%
$(0.020) $ 1.00 1.71% $ 19,568 N/A 1.50% 1.66%
(0.039) 1.00 3.94% 7,372 N/A 1.50% 2.42%
(0.009) 1.00 0.92% 307 N/A 1.50% 31.53%
(0.010) 1.00 1.45% 31,328 N/A 2.00% 2.16%
(0.033) 1.00 3.39% 16,554 N/A 2.00% 2.89%
(0.007) 1.00 0.75% 354 N/A 2.00% 37.83%
(0.010) 1.00 1.46% 13,160 N/A 2.00% 2.16%
(0.034) 1.00 3.42% 6,895 N/A 2.00% 3.07%
(0.007) 1.00 0.71% 332 N/A 2.00% 24.34%
(0.010) 1.00 1.46% 17,733 N/A 2.00% 2.17%
(0.034) 1.00 3.42% 12,533 N/A 2.00% 3.18%
(0.008) 1.00 0.77% 566 N/A 2.00% 39.71%
<CAPTION>
Ratio of Net Investment
Total Income (Loss) to
Distributions Average Net Assets(4)*
- ------------- -----------------------
<S> <C>
$ (0.38) 5.15%
(0.38) 4.76%
(0.03) 4.42%
(0.35) 4.61%
(0.32) 4.23%
(0.03) 4.13%
(0.35) 4.66%
(0.32) 4.27%
(0.03) 4.32%
(0.35) 4.71%
(0.32) 4.25%
(0.02) 3.94%
$(0.020) 3.38%
(0.039) 3.90%
(0.009) 3.34%
(0.010) 2.89%
(0.033) 3.30%
(0.007) 2.98%
(0.010) 2.90%
(0.034) 3.40%
(0.007) 2.85%
(0.010) 2.92%
(0.034) 3.42%
(0.008) 2.97%
</TABLE>
(1) Calculated from July 28, 1997 (Date of initial shares sold subsequent to the
effective date of the Funds' registration statement under The Securities Act
of 1933.
(2) Total return for Class X shares does not reflect the payment of bonus
shares.
(3) Represents Portfolio Turnover Rate in corresponding Master Portfolios.
(4) Annualized for periods less than one year.
* Represents the combined ratios for the respective fund and its respective pro
rata share of its Master Portfolio.
** Unaudited.
Per share data has been calculated based on the average daily number of shares
outstanding throughout the period.
See Notes to Financial Statements.
67
<PAGE> 71
APRIL 30, 1999
(UNAUDITED)
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
American Skandia Advisor Funds, Inc. (the "Company") is an open-end
management investment company, registered under the Investment Company Act of
1940, as amended. The Company was organized on March 5, 1997 as a Maryland
Corporation. The Company operates as a series company and, at April 30, 1999,
consisted of 16 diversified investment portfolios (each a "Fund" and
collectively the "Funds"). Five of the Funds -- ASAF T. Rowe Price International
Equity Fund ("International Equity"), ASAF Janus Capital Growth Fund ("Janus
Capital Growth"), ASAF INVESCO Equity Income Fund ("Equity Income"), ASAF Total
Return Bond Fund ("Total Return Bond"), and ASAF JPM Money Market Fund ("Money
Market") (each a "Feeder Fund" and collectively the "Feeder Funds") -- invest
all of their investable assets in a corresponding portfolio of American Skandia
Master Trust (each a "Portfolio" and collectively the "Portfolios"), an open-end
management investment company comprised of five diversified investment
portfolios. The value of each Feeder Fund's investment in each Portfolio,
included in the accompanying Statements of Assets and Liabilities, reflects each
Feeder Fund's beneficial interest in the net assets of that Portfolio. At April
30, 1999, the Feeder Funds held the following percentage interests in their
corresponding Portfolios.
<TABLE>
<S> <C>
ASMT T. Rowe Price International Equity Portfolio 83.3%
ASMT Janus Capital Growth Portfolio 96.1%
ASMT INVESCO Equity Income Portfolio 87.2%
ASMT PIMCO Total Return Bond Portfolio 84.7%
ASMT JPM Money Market Portfolio 94.1%
</TABLE>
The financial statements of each Portfolio, including the Schedules of
Investments, are included elsewhere within this report and should be read in
conjunction with each Feeder Fund's financial statements.
The remaining 11 Funds of the Company -- ASAF Founders International Small
Capitalization Fund ("International Small Cap"), ASAF Janus Small-Cap Growth
Fund ("Small-Cap Growth") (formerly, ASAF Founders Small Capitalization Fund),
ASAF T. Rowe Price Small Company Value Fund ("Small Company Value"), ASAF
American Century Strategic Balanced Fund ("Strategic Balanced"), ASAF Federated
High Yield Bond Fund ("High Yield Bond"), ASAF Oppenheimer Large-Cap Growth Fund
("Large-Cap Growth") (formerly, ASAF Robertson Stephens Value + Growth Fund),
ASAF Lord Abbett Growth and Income Fund ("Growth and Income"), ASAF Janus
Overseas Growth Fund ("Overseas Growth"), ASAF Marsico Capital Growth Fund
("Marsico Capital Growth"), ASAF Neuberger Berman Mid-Cap Growth Fund ("Mid-Cap
Growth"), and ASAF Neuberger Berman Mid-Cap Value Fund ("Mid-Cap Value") (each a
"Non-Feeder Fund" and collectively the "Non-Feeder Funds") -- directly invest
and manage their own portfolio of securities.
2. SIGNIFICANT ACCOUNTING POLICIES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The following is a summary of significant accounting policies followed by
the Funds, in conformity with generally accepted accounting principles, in the
preparation of their financial statements. The preparation of financial
statements requires management to make estimates and assumptions that affect the
reported amounts and disclosures in the financial statements. Actual results
could differ from those estimates.
68
<PAGE> 72
AMERICAN SKANDIA ADVISOR FUNDS, INC.
SECURITY VALUATION
FEEDER FUNDS -- The value of each Feeder Fund's beneficial interest in the
Portfolio in which it invests is determined by the Fund's percentage interest in
the Portfolio, multiplied by the Portfolio's net assets. Valuation of securities
held by the Portfolios is discussed in Note 2 to the financial statements of
American Skandia Master Trust.
NON-FEEDER FUNDS -- Securities are valued at the close of trading on the New
York Stock Exchange. Equity securities are valued generally at the last reported
sales price on the securities exchange on which they are primarily traded, or at
the last reported sales price on the NASDAQ National Securities Market.
Securities not listed on an exchange or securities market, or securities in
which there were no transactions, are valued at the average of the most recent
bid and asked prices.
Debt securities are generally traded in the over-the-counter market and are
valued at a price deemed best to reflect fair value as quoted by dealers who
make markets in these securities or by an independent pricing service. Debt
securities which mature in 60 days or less are valued at cost (or market value
60 days prior to maturity), adjusted for amortization to maturity of any premium
or discount.
Securities for which market quotations are not readily available are valued
at fair value as determined in accordance with procedures adopted by the Board
of Directors. As of April 30, 1999, there were no securities valued in
accordance with such procedures.
FOREIGN CURRENCY TRANSLATION
NON-FEEDER FUNDS -- Securities and other assets and liabilities denominated in
foreign currencies are converted each business day into U.S. dollars based on
the prevailing rates of exchange. Purchases and sales of portfolio securities
and income and expenses are converted into U.S. dollars on the respective dates
of such transactions.
Gains and losses resulting from changes in exchange rates applicable to
foreign securities are not reported separately from gains and losses arising
from movements in securities prices.
Net realized foreign exchange gains and losses include gains and losses
from sales and maturities of foreign currency exchange contracts, gains and
losses realized between the trade and settlement dates of foreign securities
transactions, and the difference between the amount of net investment income
accrued on foreign securities and the U.S. dollar amount actually received. Net
unrealized foreign exchange gains and losses include gains and losses from
changes in the value of assets and liabilities other than portfolio securities,
resulting from changes in exchange rates.
FOREIGN CURRENCY EXCHANGE CONTRACTS
NON-FEEDER FUNDS -- A foreign currency exchange contract ("FCEC") is a
commitment to purchase or sell a specified amount of a foreign currency at a
specified future date, in exchange for either a specified amount of another
foreign currency or U.S. dollars.
FCECs are valued at the forward exchange rates applicable to the underlying
currencies, and changes in market value are recorded as unrealized gains and
losses until the contract settlement date.
Risks could arise from entering into FCECs if the counterparties to the
contracts were unable to meet the terms of their contracts. In addition, the use
of FCECs may not only hedge against losses on securities denominated in foreign
currency, but may also reduce potential gains on securities from favorable
movements in exchange rates.
69
<PAGE> 73
FUTURES CONTRACTS AND OPTIONS
NON-FEEDER FUNDS -- A financial futures contract calls for delivery of a
particular security at a specified price and future date. The seller of the
contract agrees to make delivery of the type of security called for in the
contract and the buyer agrees to take delivery at a specified future date. Such
contracts require an initial margin deposit, in cash or cash equivalents, equal
to a certain percentage of the contract amount. Subsequent payments (variation
margin) are made or received by the Fund each day, depending on the daily change
in the value of the contract. Futures contracts are valued based on their quoted
daily settlement prices. Fluctuations in value are recorded as unrealized gains
and losses until such time that the contracts are terminated.
An option is a right to buy or sell a particular security at a specified
price within a limited period of time. The buyer of the option, in return for a
premium paid to the seller, has the right to buy (in the case of a call option)
or sell (in the case of a put option) the underlying security of the contract.
The premium received in cash from writing options is recorded as an asset with
an equal liability that is adjusted to reflect the options' value. The premium
received from writing options which expire is recorded as realized gains. The
premium received from writing options which are exercised or closed is offset
against the proceeds or amount paid on the transaction to determine the realized
gain or loss. If a put option is exercised, the premium reduces the cost basis
of the security or currency purchased. Options are valued based on their quoted
daily settlement prices.
Risks could arise from entering into futures and written options
transactions from the potential inability of counterparties to meet the terms of
their contracts, the potential inability to enter into a closing transaction
because of an illiquid secondary market, and from unexpected movements in
interest or exchange rates or securities values.
REPURCHASE AGREEMENTS
NON-FEEDER FUNDS -- A repurchase agreement is a commitment to purchase
government securities from a seller who agrees to repurchase the securities at
an agreed-upon price and date. The excess of the resale price over the purchase
price determines the yield on the transaction. Under the terms of the agreement,
the market value, including accrued interest, of the government securities will
be at least equal to their repurchase price. Repurchase agreements are recorded
at cost, which, combined with accrued interest, approximates market value.
Repurchase agreements bear a risk of loss in the event that the seller
defaults on its obligation to repurchase the securities. In such case, the Fund
may be delayed or prevented from exercising its right to dispose of the
securities.
DEFERRED ORGANIZATION COSTS
ALL FUNDS -- The Company bears all costs in connection with its organization.
All such costs are amortized on a straight-line basis over a five-year period
beginning on the date of the commencement of operations.
INVESTMENT TRANSACTIONS AND INVESTMENT INCOME
FEEDER FUNDS -- The Feeder Funds record their proportionate share of investment
operations, including net investment income and realized and unrealized gains
and losses, from the corresponding Portfolios in which they invest.
NON-FEEDER FUNDS -- Securities transactions are accounted for on the trade date.
Realized gains and losses from securities sold are recognized on the specific
identification basis. Dividend income is
70
<PAGE> 74
AMERICAN SKANDIA ADVISOR FUNDS, INC.
recorded on the ex-dividend date. Corporate actions, including dividends, on
foreign securities are recorded on the ex-dividend date or, if such information
is not available, as soon as reliable information is available from the Funds'
sources. Interest income is recorded on the accrual basis and includes the
accretion of discount and amortization of premium.
MULTIPLE CLASSES OF SHARES
ALL FUNDS -- Each Fund is divided into Class A, B, C, and X shares. Each class
of shares is separately charged its respective distribution and service fees.
Income, expenses that are not specific to a particular class, and realized and
unrealized gains and losses are allocated to each class based on the daily value
of the shares of each class in relation to the total value of the Fund.
Dividends are declared separately for each class and the per-share amounts
reflect differences in class-specific expenses.
DISTRIBUTIONS TO SHAREHOLDERS
ALL FUNDS -- Dividends, if any, from net investment income are declared and paid
at least annually by the International Small Cap, Small-Cap Growth, Small
Company Value, Large-Cap Growth, Overseas Growth, Marsico Capital Growth,
Mid-Cap Growth, Mid-Cap Value, International Equity, and Janus Capital Growth
Funds, semiannually by the Strategic Balanced, Growth and Income, and Equity
Income Funds, declared daily and paid quarterly by the Total Return Bond Fund,
and declared daily and paid monthly by the High Yield Bond and Money Market
Funds. Net realized gains from investment transactions, if any, are distributed
at least annually. Distributions to shareholders are recorded on the ex-dividend
date.
3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Non-Feeder Funds have entered into investment management agreements
with American Skandia Investment Services, Inc. ("Investment Manager") which
provide that the Investment Manager will furnish each Fund with investment
advice and investment management and administrative services. The Investment
Manager has engaged the following firms as Sub-advisors for their respective
Funds: Founders Asset Management, Inc. for International Small Cap; T. Rowe
Price Associates, Inc. for Small Company Value; American Century Investment
Management, Inc. for Strategic Balanced; Federated Investment Counseling for
High Yield Bond; OppenheimerFunds, Inc. for Large-Cap Growth; Lord Abbett & Co.
for Growth and Income; Janus Capital Corporation for Small-Cap Growth and
Overseas Growth; Marsico Capital Management, LLC for Marsico Capital Growth; and
Neuberger Berman Management Inc. for Mid-Cap Growth and Mid-Cap Value.
ADVISORY FEES
NON-FEEDER FUNDS -- The Investment Manager receives a fee, computed daily and
paid monthly, based on an annual rate of 1.10%, .90%, 1.00%, .90%, .70%, .90%,
1.00%, 1.10%, 1.00%, .90%, and .90% of the average daily net assets of the
International Small Cap, Small-Cap Growth, Small Company Value, Strategic
Balanced, High Yield Bond, Large-Cap Growth, Growth and Income, Overseas Growth,
Marsico Capital Growth, Mid-Cap Growth, and Mid-Cap Value Funds, respectively.
The fee for International Small Cap is reduced to 1.00% of the average daily net
assets in excess of $100 million. The fee for Large-Cap Growth is reduced to
.85% of the average daily net assets in excess of $1 billion. The Investment
Manager is currently waiving a portion of its fee equal to .20% and .10% of the
average daily net assets of the Growth and Income and Overseas Growth Funds,
respectively.
71
<PAGE> 75
SUB-ADVISORY FEES
NON-FEEDER FUNDS -- The Investment Manager pays each Sub-advisor a fee, computed
daily and paid monthly, based on an annual rate of .60%, .50%, .60%, .50%, .25%,
.35%, .50%, .60%, .45%, .40%, and .40% of the average daily net assets of the
International Small Cap, Small-Cap Growth, Small Company Value, Strategic
Balanced, High Yield Bond, Large-Cap Growth, Growth and Income, Overseas Growth,
Marsico Capital Growth, Mid-Cap Growth, and Mid-Cap Value Funds, respectively.
The Sub-advisors for Growth and Income and Overseas Growth are currently waiving
a portion of their fee payable by the Investment Manager. The annual rates of
the fees payable to the Sub-advisors for International Small Cap, Small-Cap
Growth, Strategic Balanced, High Yield Bond, Large-Cap Growth, Growth and
Income, and Overseas Growth are reduced for Fund net assets in excess of
specified levels.
NEW ADVISORY AND SUB-ADVISORY AGREEMENTS
NON-FEEDER FUNDS -- On December 16, 1998, the Board of Directors of the Company
approved changes in Sub-advisor for ASAF Robertson Stephens Value + Growth Fund
("Value + Growth") and ASAF Founders Small Capitalization Fund ("Small Cap"),
effective December 31, 1998 and January 1, 1999, respectively. In connection
with these changes, the shareholders of Value + Growth and Small Cap, on
February 25, 1999, approved new Sub-advisory Agreements with the replacement
Sub-advisors set forth below, effective March 1, 1999.
OppenheimerFunds, Inc. became Sub-advisor to Value + Growth and the name of
the Fund was changed to ASAF Oppenheimer Large-Cap Growth Fund. Prior to
December 31, 1998, Robertson Stephens & Company Investment Management, L.P.
served as Sub-advisor to the Fund. Prior to March 1, 1999, the Investment
Manager received a fee, computed daily and paid monthly, based on an annual rate
of 1.10% of the average daily net assets of the Fund. The Investment Manager
voluntarily waived a portion of its fee equal to .10% of average daily net
assets. The Investment Manager paid the Sub-advisor a fee, computed daily and
paid monthly, based on an annual rate of .60% of the average daily net assets of
the Fund (with reductions for Fund assets in excess of specified levels). The
Sub-advisor voluntarily waived a portion of its fee equal to .10% of average
daily net assets.
Janus Capital Corporation became Sub-advisor to Small Cap and the name of
the Fund was changed to ASAF Janus Small-Cap Growth Fund. Prior to January 1,
1999, Founders Asset Management, Inc. served as Sub-advisor to the Fund. Prior
to March 1, 1999, the Investment Manager paid the Fund's Sub-advisor a fee,
computed daily and paid monthly, based on an annual rate of .50% of the average
daily net assets of the Fund (with reductions for Fund assets in excess of
specified levels).
EXPENSE LIMITATION
ALL FUNDS -- The Investment Manager has voluntarily agreed to limit the
operating expenses of each Fund (exclusive of class-specific distribution fees)
to an annual rate of 1.60%, 1.20%, 1.25%, 1.10%, 1.00%, 1.30%, 1.10%, 1.60%,
1.25%, 1.25%, 1.25%, 1.60%, 1.20%, 1.05%, .90%, and 1.00% of the average daily
net assets of the International Small Cap, Small-Cap Growth, Small Company
Value, Strategic Balanced, High Yield Bond, Large-Cap Growth, Growth and Income,
Overseas Growth, Marsico Capital Growth, Mid-Cap Growth, Mid-Cap Value,
International Equity, Janus Capital Growth, Equity Income, Total Return Bond,
and Money Market Funds, respectively. All amounts paid or payable to the Funds
by the Investment Manager, under the agreement, are reflected in the Statements
of Operations.
MANAGEMENT OF THE COMPANY
NON-FEEDER FUNDS -- Certain officers and Directors of the Funds are officers or
directors of the Investment Manager. The Funds pay no compensation directly to
their officers or interested Directors.
72
<PAGE> 76
AMERICAN SKANDIA ADVISOR FUNDS, INC.
DISTRIBUTOR
ALL FUNDS -- American Skandia Marketing, Incorporated ("ASMI") serves as the
principal underwriter and distributor for each Fund. The Company has adopted a
separate Distribution and Service plan (each a "Plan" and collectively the
"Plans") for Class A, B, C, and X shares of each Fund in accordance with the
requirements of Rule 12b-1 of the Investment Company Act of 1940.
Under the Class A Plan, the Funds pay ASMI a distribution and service fee
of .50% of the average daily net assets attributable to Class A shares, half of
which is intended as a fee for services provided to existing shareholders. ASMI
uses distribution and service fees received under the Plan to compensate
qualified dealers, brokers, banks, and other financial institutions ("Dealers")
for services provided in connection with the sale of Class A shares and the
maintenance of shareholder accounts. Such compensation is paid by ASMI quarterly
at an annual rate not to exceed .50% of the Funds' average daily net assets
attributable to Class A shares.
A portion of the sales charge on sales of Class A shares may be retained by
ASMI or allocated to Dealers attributable to the sale of those shares. For the
period ended April 30, 1999, ASMI retained no portion of the sales charge on
sales of Class A shares of the Funds.
Under the Class B Plan, the Funds pay ASMI a distribution and service fee
of 1.00% of the average daily net assets attributable to Class B shares that are
outstanding for eight years or less, a quarter of which is intended as a fee for
services provided to existing shareholders. ASMI uses distribution and service
fees received under the Plan to compensate Dealers for services provided in
connection with the sale of Class B shares and the maintenance of shareholder
accounts. Such compensation is paid by ASMI quarterly at an annual rate not to
exceed .50% of the Funds' average daily net assets attributable to Class B
shares held for over seven years.
Under the Class C Plan, the Funds pay ASMI a distribution and service fee
of 1.00% of the average daily net assets attributable to Class C shares, a
quarter of which is intended as a fee for services provided to existing
shareholders. ASMI uses distribution and service fees received under the Plan to
compensate Dealers for services provided in connection with the sale of Class C
shares and the maintenance of shareholder accounts. ASMI currently pays a 1.00%
fee to Dealers, in advance, upon sale of Class C shares and retains the fee paid
by the Funds in the first year. After the shares have been held for a year, ASMI
pays such compensation on a quarterly basis.
Under the Class X Plan, the Funds pay ASMI a distribution and service fee
of 1.00% of the average daily net assets attributable to Class X shares that are
outstanding for ten years or less, a quarter of which is intended as a fee for
services provided to existing shareholders. ASMI uses distribution and service
fees received under the Plan as reimbursement for its purchases of Bonus Shares,
as well as to compensate Dealers for services provided in connection with the
sale of Class X shares and the maintenance of shareholder accounts. Compensation
to Dealers is paid by ASMI quarterly at an annual rate not to exceed .50% of the
Funds' average daily net assets attributable to Class X shares held for over
seven years.
Purchases of $1 million or more or purchases by certain retirement plans,
with respect to Class A shares, are subject to a contingent deferred sales
charge ("CDSC") if shares are redeemed within 12 months of their purchase. A
CDSC is imposed on Class B and Class X shares redeemed within seven and eight
years, respectively, after their purchase. A CDSC is imposed on Class C shares
redeemed within 12 months of their purchase. The maximum CDSC imposed is equal
to 1%, 6%, 1%, and 6% of the amount subject to the charge for Class A, B, C, and
X, respectively. During the period ended April 30, 1999, CDSCs collected by ASMI
totaled $6,889, $1,058,594, $59,888, and $140,074 for Class A, B, C, and X,
respectively.
73
<PAGE> 77
4. SHARES OF CAPITAL STOCK
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ALL FUNDS -- The authorized capital stock of the Funds is 5.5 billion shares,
with a par value of $.001 per share. Transactions in shares of capital stock,
during the six months ended April 30, 1999, were as follows:
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C CLASS X
-------------------------- -------------------------- -------------------------- -----------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES
----------- ------------ ----------- ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
INTERNATIONAL SMALL
CAP:
Sold 44,239 $ 496,094 107,866 $ 1,198,317 67,777 $ 645,591 72,062
Redeemed (29,447) (332,277) (32,358) (367,017) (35,937) (291,112) (21,173)
----------- ------------ ----------- ------------ ----------- ------------ -----------
Net Increase 14,792 $ 163,817 75,508 $ 831,300 31,840 $ 354,479 50,889
=========== ============ =========== ============ =========== ============ ===========
SMALL-CAP GROWTH:
Sold 933,825 $ 10,951,899 1,020,639 $ 11,454,838 575,024 $ 6,472,062 412,947
Redeemed (135,426) (1,517,278) (80,830) (896,582) (109,755) (1,186,159) (151,667)
----------- ------------ ----------- ------------ ----------- ------------ -----------
Net Increase 798,399 $ 9,434,621 939,809 $ 10,558,256 465,269 $ 5,285,903 261,280
=========== ============ =========== ============ =========== ============ ===========
SMALL COMPANY VALUE:
Sold 908,648 $ 8,065,415 1,263,909 $ 11,030,425 704,956 $ 6,203,522 571,887
Reinvested 2,950 27,227 -- -- -- -- --
Redeemed (653,981) (5,766,177) (561,849) (4,816,132) (353,117) (3,071,837) (463,815)
----------- ------------ ----------- ------------ ----------- ------------ -----------
Net Increase 257,617 $ 2,326,465 702,060 $ 6,214,293 351,839 $ 3,131,685 108,072
=========== ============ =========== ============ =========== ============ ===========
STRATEGIC BALANCED:
Sold 853,945 $ 10,439,944 1,840,279 $ 22,410,074 748,824 $ 9,041,675 576,767
Reinvested 1,795 21,678 1,672 20,142 760 9,175 1,300
Redeemed (54,442) (672,015) (188,161) (2,256,274) (67,458) (827,573) (123,390)
----------- ------------ ----------- ------------ ----------- ------------ -----------
Net Increase 801,298 $ 9,789,607 1,653,790 $ 20,173,942 682,126 $ 8,223,277 454,677
=========== ============ =========== ============ =========== ============ ===========
HIGH YIELD BOND:
Sold 1,427,673 $ 13,948,887 3,483,410 $ 34,392,984 1,046,983 $ 10,304,938 1,127,396
Reinvested 25,492 251,917 62,633 618,405 24,143 238,422 41,665
Redeemed (656,769) (6,353,935) (782,838) (7,730,589) (414,756) (4,085,419) (532,263)
----------- ------------ ----------- ------------ ----------- ------------ -----------
Net Increase 796,396 $ 7,846,869 2,763,205 $ 27,280,800 656,370 $ 6,457,941 636,798
=========== ============ =========== ============ =========== ============ ===========
LARGE-CAP GROWTH:
Sold 294,661 $ 3,623,046 862,391 $ 10,401,661 215,574 $ 2,605,466 357,588
Redeemed (109,114) (1,322,474) (175,121) (2,118,322) (56,486) (690,985) (195,730)
----------- ------------ ----------- ------------ ----------- ------------ -----------
Net Increase 185,547 $ 2,300,572 687,270 $ 8,283,339 159,088 $ 1,914,481 161,858
=========== ============ =========== ============ =========== ============ ===========
GROWTH AND INCOME:
Sold 994,294 $ 11,562,938 1,702,029 $ 19,574,956 669,387 $ 7,673,058 673,821
Reinvested 1,888 21,380 634 7,197 298 3,389 572
Redeemed (353,838) (4,124,758) (216,591) (2,482,506) (136,714) (1,567,417) (235,106)
----------- ------------ ----------- ------------ ----------- ------------ -----------
Net Increase 642,344 $ 7,459,560 1,486,072 $ 17,099,647 532,971 $ 6,109,030 439,287
=========== ============ =========== ============ =========== ============ ===========
OVERSEAS GROWTH:
Sold 2,256,929 $ 26,479,893 2,590,890 $ 30,056,290 1,656,774 $ 19,224,349 920,535
Redeemed (649,600) (7,685,372) (256,447) (3,097,574) (316,141) (3,756,629) (132,669)
----------- ------------ ----------- ------------ ----------- ------------ -----------
Net Increase 1,607,329 $ 18,794,521 2,334,443 $ 26,958,716 1,340,633 $ 15,467,720 787,866
=========== ============ =========== ============ =========== ============ ===========
<CAPTION>
CLASS X
------------
AMOUNT
------------
<S> <C>
INTERNATIONAL SMALL
CAP:
Sold $ 910,205
Redeemed (350,945)
------------
Net Increase $ 559,260
============
SMALL-CAP GROWTH:
Sold $ 4,588,846
Redeemed (1,660,862)
------------
Net Increase $ 2,927,984
============
SMALL COMPANY VALUE:
Sold $ 5,035,725
Reinvested --
Redeemed (4,020,306)
------------
Net Increase $ 1,015,419
============
STRATEGIC BALANCED:
Sold $ 6,928,162
Reinvested 15,654
Redeemed (1,494,973)
------------
Net Increase $ 5,448,843
============
HIGH YIELD BOND:
Sold $ 11,095,741
Reinvested 411,637
Redeemed (5,246,186)
------------
Net Increase $ 6,261,192
============
LARGE-CAP GROWTH:
Sold $ 4,280,982
Redeemed (2,339,611)
------------
Net Increase $ 1,941,371
============
GROWTH AND INCOME:
Sold $ 7,737,559
Reinvested 6,443
Redeemed (2,721,797)
------------
Net Increase $ 5,022,205
============
OVERSEAS GROWTH:
Sold $ 10,992,449
Redeemed (1,962,522)
------------
Net Increase $ 9,029,927
============
</TABLE>
74
<PAGE> 78
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C CLASS X
-------------------------- -------------------------- -------------------------- -----------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES
----------- ------------ ----------- ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
MARSICO CAPITAL
GROWTH:
Sold 3,850,634 $ 47,327,202 8,679,650 $106,759,835 4,358,216 $ 53,518,982 1,942,658
Reinvested 1,129 13,390 1 10 -- -- --
Redeemed (450,460) (5,674,044) (325,876) (4,119,060) (222,882) (2,795,518) (235,370)
----------- ------------ ----------- ------------ ----------- ------------ -----------
Net Increase 3,401,303 $ 41,666,548 8,353,775 $102,640,785 4,135,334 $ 50,723,464 1,707,288
=========== ============ =========== ============ =========== ============ ===========
MID-CAP GROWTH:
Sold 457,343 $ 6,437,362 725,667 $ 10,140,997 374,231 $ 5,223,366 259,166
Reinvested 1,155 16,802 2,343 33,633 1,571 22,824 1,140
Redeemed (132,736) (1,864,588) (66,219) (935,460) (41,761) (593,376) (43,773)
----------- ------------ ----------- ------------ ----------- ------------ -----------
Net Increase 325,762 $ 4,589,576 661,791 $ 9,239,170 334,041 $ 4,652,814 216,533
=========== ============ =========== ============ =========== ============ ===========
MID-CAP VALUE:
Sold 317,792 $ 3,522,192 577,241 $ 6,319,160 215,606 $ 2,380,020 182,024
Reinvested 313 3,392 392 4,252 171 1,858 99
Redeemed (85,537) (927,416) (52,821) (578,365) (25,844) (283,112) (37,171)
----------- ------------ ----------- ------------ ----------- ------------ -----------
Net Increase 232,568 $ 2,598,168 524,812 $ 5,745,047 189,933 $ 2,098,766 144,952
=========== ============ =========== ============ =========== ============ ===========
INTERNATIONAL EQUITY:
Sold 237,390 $ 2,356,495 287,727 $ 2,947,040 225,976 $ 2,297,873 168,004
Reinvested 1,334 13,416 617 6,351 424 4,360 949
Redeemed (107,546) (1,079,024) (82,566) (862,003) (140,809) (1,435,801) (121,214)
----------- ------------ ----------- ------------ ----------- ------------ -----------
Net Increase 131,178 $ 1,290,887 205,778 $ 2,091,388 85,591 $ 866,432 47,739
=========== ============ =========== ============ =========== ============ ===========
JANUS CAPITAL GROWTH:
Sold 5,610,073 $109,330,958 14,793,499 $255,323,766 5,837,972 $101,160,769 2,800,192
Reinvested 1 10 2 16 27 359 --
Redeemed (877,314) (17,158,881) (992,034) (17,029,669) (609,175) (10,445,274) (521,235)
----------- ------------ ----------- ------------ ----------- ------------ -----------
Net Increase 4,732,760 $ 92,172,087 13,801,467 $238,294,113 5,228,824 $ 90,715,854 2,278,957
=========== ============ =========== ============ =========== ============ ===========
EQUITY INCOME:
Sold 906,344 $ 11,445,013 2,089,565 $ 26,302,563 961,540 $ 12,200,373 719,178
Reinvested 5,954 74,421 7,032 88,188 3,169 39,734 6,128
Redeemed (205,787) (2,621,965) (300,295) (3,688,941) (184,787) (2,335,452) (238,067)
----------- ------------ ----------- ------------ ----------- ------------ -----------
Net Increase 706,511 $ 8,897,469 1,796,302 $ 22,701,810 779,922 $ 9,904,655 487,239
=========== ============ =========== ============ =========== ============ ===========
TOTAL RETURN BOND:
Sold 1,171,426 $ 12,405,493 4,195,304 $ 44,020,267 1,316,109 $ 13,806,187 863,498
Reinvested 19,925 210,656 64,812 678,658 28,600 299,285 36,891
Redeemed (334,463) (3,551,789) (1,091,717) (11,463,295) (379,248) (4,003,046) (326,152)
----------- ------------ ----------- ------------ ----------- ------------ -----------
Net Increase 856,888 $ 9,064,360 3,168,399 $ 33,235,630 965,461 $ 10,102,426 574,237
=========== ============ =========== ============ =========== ============ ===========
MONEY MARKET:
Sold 52,630,085 $ 52,630,085 48,773,793 $ 48,773,793 30,817,502 $ 30,817,502 27,027,133
Reinvested 182,909 182,909 277,474 277,474 122,229 122,229 164,232
Redeemed (40,616,827) (40,616,827) (34,277,690) (34,277,690) (24,676,039) (24,676,039) (21,992,112)
----------- ------------ ----------- ------------ ----------- ------------ -----------
Net Increase 12,196,167 $ 12,196,167 14,773,577 $ 14,773,577 6,263,692 $ 6,263,692 5,199,253
=========== ============ =========== ============ =========== ============ ===========
<CAPTION>
CLASS X
------------
AMOUNT
------------
<S> <C>
MARSICO CAPITAL
GROWTH:
Sold $ 23,414,900
Reinvested --
Redeemed (2,937,887)
------------
Net Increase $ 20,477,013
============
MID-CAP GROWTH:
Sold $ 3,666,025
Reinvested 16,427
Redeemed (675,596)
------------
Net Increase $ 3,006,856
============
MID-CAP VALUE:
Sold $ 2,029,259
Reinvested 1,070
Redeemed (465,341)
------------
Net Increase $ 1,564,988
============
INTERNATIONAL EQUITY:
Sold $ 1,698,781
Reinvested 9,806
Redeemed (1,238,843)
------------
Net Increase $ 469,744
============
JANUS CAPITAL GROWTH:
Sold $ 46,906,724
Reinvested --
Redeemed (8,884,364)
------------
Net Increase $ 38,022,360
============
EQUITY INCOME:
Sold $ 9,043,544
Reinvested 76,781
Redeemed (3,003,803)
------------
Net Increase $ 6,116,522
============
TOTAL RETURN BOND:
Sold $ 9,028,432
Reinvested 387,057
Redeemed (3,382,569)
------------
Net Increase $ 6,032,920
============
MONEY MARKET:
Sold $ 27,027,133
Reinvested 164,232
Redeemed (21,992,112)
------------
Net Increase $ 5,199,253
============
</TABLE>
75
<PAGE> 79
Transactions in shares of capital stock, during the year ended October 31,
1998, were as follows:
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C CLASS X
-------------------------- ------------------------ -------------------------- -----------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES
----------- ------------ ---------- ----------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
INTERNATIONAL SMALL
CAP:
Sold 86,775 $ 948,154 167,918 $ 1,851,350 84,357 $ 908,498 243,435
Reinvested 53 523 14 145 7 67 21
Redeemed (11,337) (122,246) (55,655) (653,576) (7,014) (75,984) (29,011)
----------- ------------ ---------- ----------- ----------- ------------ -----------
Net Increase 75,491 $ 826,431 112,277 $ 1,197,919 77,350 $ 832,581 214,445
=========== ============ ========== =========== =========== ============ ===========
SMALL-CAP GROWTH:
Sold 225,167 $ 2,208,610 379,743 $ 3,708,430 254,630 $ 2,401,811 479,057
Redeemed (46,693) (433,840) (118,369) (1,132,903) (31,346) (297,337) (55,354)
----------- ------------ ---------- ----------- ----------- ------------ -----------
Net Increase 178,474 $ 1,774,770 261,374 $ 2,575,527 223,284 $ 2,104,474 423,703
=========== ============ ========== =========== =========== ============ ===========
SMALL COMPANY VALUE:
Sold 1,021,252 $ 10,026,934 1,688,655 $16,836,032 1,025,988 $ 10,042,683 1,630,431
Reinvested 417 4,374 256 2,684 78 822 212
Redeemed (249,839) (2,272,268) (301,641) (2,949,022) (115,761) (1,085,977) (286,276)
----------- ------------ ---------- ----------- ----------- ------------ -----------
Net Increase 771,830 $ 7,759,040 1,387,270 $13,889,694 910,305 $ 8,957,528 1,344,367
=========== ============ ========== =========== =========== ============ ===========
STRATEGIC BALANCED:
Sold 344,894 $ 3,739,190 771,215 $ 8,328,502 294,906 $ 3,164,423 683,423
Reinvested 1,034 11,486 840 9,409 403 4,523 857
Redeemed (63,105) (702,418) (48,880) (556,672) (22,222) (238,433) (64,172)
----------- ------------ ---------- ----------- ----------- ------------ -----------
Net Increase 282,823 $ 3,048,258 723,175 $ 7,781,239 273,087 $ 2,930,513 620,108
=========== ============ ========== =========== =========== ============ ===========
HIGH YIELD BOND:
Sold 914,002 $ 9,050,780 2,473,078 $24,716,187 805,820 $ 8,047,625 1,823,826
Reinvested 20,089 198,480 45,479 449,899 18,558 183,686 36,017
Redeemed (407,297) (4,038,423) (427,818) (4,267,818) (234,296) (2,331,581) (594,353)
----------- ------------ ---------- ----------- ----------- ------------ -----------
Net Increase 526,794 $ 5,210,837 2,090,739 $20,898,268 590,082 $ 5,899,730 1,265,490
=========== ============ ========== =========== =========== ============ ===========
LARGE-CAP GROWTH:
Sold 283,213 $ 3,109,515 898,838 $ 9,815,889 265,927 $ 2,904,473 823,445
Redeemed (25,645) (269,220) (182,926) (2,004,334) (12,530) (132,150) (162,643)
----------- ------------ ---------- ----------- ----------- ------------ -----------
Net Increase 257,568 $ 2,840,295 715,912 $ 7,811,555 253,397 $ 2,772,323 660,802
=========== ============ ========== =========== =========== ============ ===========
GROWTH AND INCOME:
Sold 619,339 $ 6,426,893 1,157,925 $12,217,205 509,140 $ 5,365,379 1,184,756
Reinvested 620 6,849 105 1,167 44 487 127
Redeemed (90,220) (909,199) (140,792) (1,455,882) (31,713) (320,384) (105,837)
----------- ------------ ---------- ----------- ----------- ------------ -----------
Net Increase 529,739 $ 5,524,543 1,017,238 $10,762,490 477,471 $ 5,045,482 1,079,046
=========== ============ ========== =========== =========== ============ ===========
OVERSEAS GROWTH:
Sold 1,057,414 $ 11,269,484 1,534,948 $16,642,383 994,577 $ 10,851,929 1,166,231
Redeemed (222,317) (2,310,095) (75,158) (782,812) (83,923) (905,162) (97,225)
----------- ------------ ---------- ----------- ----------- ------------ -----------
Net Increase 835,097 $ 8,959,389 1,459,790 $15,859,571 910,654 $ 9,946,767 1,069,006
=========== ============ ========== =========== =========== ============ ===========
MARSICO CAPITAL
GROWTH:
Sold 726,246 $ 7,070,185 1,803,833 $17,639,782 1,148,327 $ 11,278,785 698,173
Redeemed (31,271) (288,616) (25,199) (243,593) (59,297) (582,417) (129,808)
----------- ------------ ---------- ----------- ----------- ------------ -----------
Net Increase 694,975 $ 6,781,569 1,778,634 $17,396,189 1,089,030 $ 10,696,368 568,365
=========== ============ ========== =========== =========== ============ ===========
<CAPTION>
CLASS X
------------
AMOUNT
------------
<S> <C>
INTERNATIONAL SMALL
CAP:
Sold $ 2,658,777
Reinvested 209
Redeemed (307,049)
------------
Net Increase $ 2,351,937
============
SMALL-CAP GROWTH:
Sold $ 4,680,015
Redeemed (495,331)
------------
Net Increase $ 4,184,684
============
SMALL COMPANY VALUE:
Sold $ 16,569,662
Reinvested 2,228
Redeemed (2,755,864)
------------
Net Increase $ 13,816,026
============
STRATEGIC BALANCED:
Sold $ 7,377,704
Reinvested 9,648
Redeemed (678,893)
------------
Net Increase $ 6,708,459
============
HIGH YIELD BOND:
Sold $ 18,256,129
Reinvested 356,164
Redeemed (5,875,943)
------------
Net Increase $ 12,736,350
============
LARGE-CAP GROWTH:
Sold $ 9,020,684
Redeemed (1,754,404)
------------
Net Increase $ 7,266,280
============
GROWTH AND INCOME:
Sold $ 12,627,277
Reinvested 1,410
Redeemed (1,075,167)
------------
Net Increase $ 11,553,520
============
OVERSEAS GROWTH:
Sold $ 12,776,135
Redeemed (1,042,766)
------------
Net Increase $ 11,733,369
============
MARSICO CAPITAL
GROWTH:
Sold $ 6,818,287
Redeemed (1,153,944)
------------
Net Increase $ 5,664,343
============
</TABLE>
76
<PAGE> 80
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C CLASS X
-------------------------- ------------------------ -------------------------- -----------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES
----------- ------------ ---------- ----------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
MID-CAP GROWTH:
Sold 49,762 $ 538,535 84,911 $ 893,803 76,609 $ 797,506 43,682
Redeemed -- (4) (805) (8,603) -- -- (549)
----------- ------------ ---------- ----------- ----------- ------------ -----------
Net Increase 49,762 $ 538,531 84,106 $ 885,200 76,609 $ 797,506 43,133
=========== ============ ========== =========== =========== ============ ===========
MID-CAP VALUE:
Sold 70,308 $ 703,884 184,421 $ 1,845,182 101,900 $ 1,019,193 28,876
Redeemed (285) (2,856) -- -- (4,309) (43,051) --
----------- ------------ ---------- ----------- ----------- ------------ -----------
Net Increase 70,023 $ 701,028 184,421 $ 1,845,182 97,591 $ 976,142 28,876
=========== ============ ========== =========== =========== ============ ===========
INTERNATIONAL EQUITY:
Sold 221,414 $ 2,090,387 408,621 $ 3,972,257 250,513 $ 2,401,533 555,056
Redeemed (66,338) (626,464) (105,111) (1,010,455) (33,718) (319,274) (101,971)
----------- ------------ ---------- ----------- ----------- ------------ -----------
Net Increase 155,076 $ 1,463,923 303,510 $ 2,961,802 216,795 $ 2,082,259 453,085
=========== ============ ========== =========== =========== ============ ===========
JANUS CAPITAL GROWTH:
Sold 1,818,238 $ 24,548,459 4,750,569 $58,188,656 1,826,515 $ 22,153,339 3,110,722
Reinvested 533 5,971 312 3,136 97 973 310
Redeemed (176,653) (2,408,469) (523,973) (6,534,310) (181,890) (2,229,981) (416,083)
----------- ------------ ---------- ----------- ----------- ------------ -----------
Net Increase 1,642,118 $ 22,145,961 4,226,908 $51,657,482 1,644,722 $ 19,924,331 2,694,949
=========== ============ ========== =========== =========== ============ ===========
EQUITY INCOME:
Sold 800,093 $ 9,119,192 1,649,485 $18,887,565 755,077 $ 8,644,258 1,605,054
Reinvested 3,175 37,119 3,849 45,208 1,661 19,588 4,516
Redeemed (90,254) (1,022,287) (254,863) (2,923,405) (70,668) (805,945) (166,501)
----------- ------------ ---------- ----------- ----------- ------------ -----------
Net Increase 713,014 $ 8,134,024 1,398,471 $16,009,368 686,070 $ 7,857,901 1,443,069
=========== ============ ========== =========== =========== ============ ===========
TOTAL RETURN BOND:
Sold 677,765 $ 7,232,109 1,914,506 $20,252,322 1,053,270 $ 11,077,340 1,202,518
Reinvested 4,808 51,616 13,158 139,382 10,237 108,524 12,977
Redeemed (129,332) (1,388,733) (312,304) (3,287,557) (260,589) (2,760,543) (161,117)
----------- ------------ ---------- ----------- ----------- ------------ -----------
Net Increase 553,241 $ 5,894,992 1,615,360 $17,104,147 802,918 $ 8,425,321 1,054,378
=========== ============ ========== =========== =========== ============ ===========
MONEY MARKET:
Sold 20,520,931 $ 20,520,931 25,761,335 $25,761,335 17,068,008 $ 17,068,008 30,862,241
Reinvested 95,268 95,268 126,073 126,073 76,596 76,596 187,254
Redeemed (13,551,379) (13,551,379) (9,687,147) (9,687,147) (10,580,610) (10,580,610) (19,082,355)
----------- ------------ ---------- ----------- ----------- ------------ -----------
Net Increase 7,064,820 $ 7,064,820 16,200,261 $16,200,261 6,563,994 $ 6,563,994 11,967,140
=========== ============ ========== =========== =========== ============ ===========
<CAPTION>
CLASS X
------------
AMOUNT
------------
<S> <C>
MID-CAP GROWTH:
Sold $ 454,990
Redeemed (5,509)
------------
Net Increase $ 449,481
============
MID-CAP VALUE:
Sold $ 288,688
Redeemed --
------------
Net Increase $ 288,688
============
INTERNATIONAL EQUITY:
Sold $ 5,419,289
Redeemed (973,754)
------------
Net Increase $ 4,445,535
============
JANUS CAPITAL GROWTH:
Sold $ 37,412,759
Reinvested 3,128
Redeemed (5,073,683)
------------
Net Increase $ 32,342,204
============
EQUITY INCOME:
Sold $ 18,427,772
Reinvested 53,161
Redeemed (1,882,627)
------------
Net Increase $ 16,598,306
============
TOTAL RETURN BOND:
Sold $ 12,653,752
Reinvested 137,290
Redeemed (1,706,939)
------------
Net Increase $ 11,084,103
============
MONEY MARKET:
Sold $ 30,862,241
Reinvested 187,254
Redeemed (19,082,355)
------------
Net Increase $ 11,967,140
============
</TABLE>
5. TAX MATTERS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ALL FUNDS -- Each Fund intends to qualify as a regulated investment company
under the Internal Revenue Code and to distribute all of its taxable income,
including any net realized gains on investments, to shareholders. Accordingly,
no provision for federal income or excise tax has been made.
Income and capital gains of the Funds are determined in accordance with
both tax regulations and generally accepted accounting principles. Such may
result in temporary and permanent differences between tax basis earnings and
earnings reported for financial statement purposes. Temporary differences that
result in over-distributions for financial statement purposes are classified as
distributions in excess of net investment income or accumulated net realized
gains. Permanent differences in the recognition of earnings are reclassified to
additional paid-in capital. Distributions in excess of tax-basis earnings are
recorded as a return of capital.
77
<PAGE> 81
CAPITAL LOSS CARRYFORWARDS -- At October 31, 1998, the following Funds had, for
federal income tax purposes, capital loss carryforwards available to offset
future net realized capital gains.
<TABLE>
<CAPTION>
EXPIRING IN
----------------------
2005 2006
------- ----------
<S> <C> <C>
International Small Cap $ -- $ 185,715
Small-Cap Growth -- 860,425
Small Company Value 37 334,901
Strategic Balanced 1,010 1,067,686
High Yield Bond 4,183 17,619
Large-Cap Growth -- 2,108,704
Growth and Income -- 1,122,945
Overseas Growth -- 2,242,636
Marsico Capital Growth -- 682,762
International Equity -- 73,332
Janus Capital Growth 38,807 4,789,881
Equity Income 12,699 517,156
Money Market -- 666
</TABLE>
6. PORTFOLIO SECURITIES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NON-FEEDER FUNDS -- Purchases and sales of securities, other than U.S.
government securities and short-term obligations, during the six months ended
April 30, 1999, were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
------------ -----------
<S> <C> <C>
International Small Cap $ 3,149,110 $ 959,166
Small-Cap Growth 34,776,915 13,217,447
Small Company Value 18,848,082 7,407,460
Strategic Balanced 56,303,528 22,866,145
High Yield Bond 51,758,805 7,511,279
Large-Cap Growth 65,532,824 52,637,531
Growth and Income 47,027,118 13,616,143
Overseas Growth 84,947,916 22,205,266
Marsico Capital Growth 258,643,718 72,649,671
Mid-Cap Growth 25,511,781 6,157,648
Mid-Cap Value 17,094,562 5,657,301
</TABLE>
Purchases and sales of U.S. government securities, during the six months
ended April 30, 1999, were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
------------ -----------
<S> <C> <C>
Strategic Balanced $ 14,959,502 $ 6,921,657
</TABLE>
78
<PAGE> 82
AMERICAN SKANDIA ADVISOR FUNDS, INC.
At April 30, 1999, the cost and unrealized appreciation or depreciation in
value of the investments owned by the Non-Feeder Funds, for federal income tax
purposes, were as follows:
<TABLE>
<CAPTION>
NET
GROSS GROSS UNREALIZED
AGGREGATE UNREALIZED UNREALIZED APPRECIATION
COST APPRECIATION DEPRECIATION (DEPRECIATION)
------------ ------------ ------------ --------------
<S> <C> <C> <C> <C>
International Small
Cap $ 7,238,987 $ 1,535,443 $ 284,432 $ 1,251,011
Small-Cap Growth 38,799,663 8,573,855 1,677,251 6,896,604
Small Company Value 59,163,401 2,484,996 6,826,458 (4,341,462)
Strategic Balanced 66,904,122 4,407,569 958,378 3,449,191
High Yield Bond 94,693,120 2,933,504 1,846,171 1,087,333
Large-Cap Growth 35,956,303 3,323,181 1,465,290 1,857,891
Growth and Income 67,177,723 11,329,122 840,663 10,488,459
Overseas Growth 111,234,457 13,197,799 2,306,388 10,891,411
Marsico Capital
Growth 255,429,482 36,044,364 2,186,586 33,857,778
Mid-Cap Growth 22,637,957 3,378,892 736,275 2,642,617
Mid-Cap Value 16,010,917 2,043,706 496,940 1,546,766
</TABLE>
7. WRITTEN OPTIONS TRANSACTIONS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Written options transactions, during the six months ended April 30, 1999,
were as follows:
<TABLE>
<CAPTION>
MARSICO CAPITAL GROWTH
------------------------
NUMBER OF
CONTRACTS PREMIUM
--------- ---------
<S> <C> <C>
Balance at beginning of period -- $ --
Written 84 245,230
Expired -- --
Exercised -- --
Closed (84) (245,230)
--- ---------
Balance at end of period -- $ --
=== =========
</TABLE>
79
<PAGE> 83
AMERICAN SKANDIA MASTER TRUST
SCHEDULES OF INVESTMENTS
APRIL 30, 1999
(UNAUDITED)
ASMT T. ROWE PRICE INTERNATIONAL EQUITY PORTFOLIO
ASMT JANUS CAPITAL GROWTH PORTFOLIO
ASMT INVESCO EQUITY INCOME PORTFOLIO
ASMT PIMCO TOTAL RETURN BOND PORTFOLIO
ASMT JPM MONEY MARKET PORTFOLIO
80
<PAGE> 84
ASMT T. ROWE PRICE
INTERNATIONAL EQUITY PORTFOLIO
<TABLE>
<CAPTION>
- ---------------------------------------------------
SHARES VALUE
- ---------------------------------------------------
<S> <C> <C>
FOREIGN STOCK -- 94.0%
ARGENTINA -- 0.8%
Banco de Galicia y
Buenos Aires SA de CV
[ADR] 473 $ 10,909
Banco Frances SA [ADR] 360 9,270
Telefonica de Argentina
SA Cl-B [ADR] 1,260 47,092
YPF SA [ADR] 2,850 119,700
-----------
186,971
-----------
AUSTRALIA -- 2.7%
Australian Gas Light Co.
Ltd. 5,092 36,110
Brambles Industries Ltd. 1,000 29,430
Broken Hill Proprietary
Co. Ltd. 4,000 45,290
Colonial Ltd. 16,237 61,231
Commonwealth Bank of
Australia 4,111 74,967
Goodman Fielder Ltd. 15,000 14,514
Lend Lease Corp. Ltd. 2,000 27,005
News Corp. Ltd. 6,005 50,401
News Corp. Ltd. Pfd. 4,013 31,416
Publishing &
Broadcasting Ltd. 8,000 53,853
Star City Holdings Ltd. 13,000 14,647
TABCORP Holdings Ltd. 4,000 32,581
Telstra Corp. Ltd. 13,000 70,650
Westpac Banking Corp.
Ltd. 9,173 70,133
-----------
612,228
-----------
BELGIUM -- 1.6%
Dexia Belgium (Credit
Communal) 130 20,025
Fortis Cl-B 3,300 110,847
KBC Bancassurance
Holdings NV 3,010 186,927
Societe Europeene des
Satellites [FDR]* 100 15,327
UCB SA 510 23,740
-----------
356,866
-----------
BRAZIL -- 1.5%
Companhia Brasileira de
Distribuicoa Grupo Pao
de Acucar [GDR] 1,272 22,180
Companhia Energetica de
Minas Geras [ADR] 1,223 29,341
Telecomunicacoes
Brasileiras SA [ADR] 2,749 215
Telecomunicacoes
Brasileiras SA Pfd.
[ADR] 2,956 269,550
Uniao de Bancos
Brasileiros SA [GDR] 1,000 24,812
-----------
346,098
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ---------------------------------------------------
- ---------------------------------------------------
<S> <C> <C>
CANADA -- 0.2%
Alcan Aluminium Ltd. 760 $ 24,006
Royal Bank of Canada 250 12,205
-----------
36,211
-----------
CHILE -- 0.0%
Chilectra SA [ADR] 144A 464 10,261
-----------
CHINA -- 0.1%
Huaneng Power
International, Inc.
[ADR]* 2,000 26,875
-----------
DENMARK -- 0.3%
Den Danske Bank 240 27,698
Tele Danmark AS 270 27,890
Unidanmark AS Cl-A 260 17,892
-----------
73,480
-----------
FINLAND -- 1.0%
Nokia Oyj 2,760 213,011
-----------
FRANCE -- 10.0%
Alcatel 780 95,889
AXA SA 1,290 166,774
Carrefour Supermarche SA 190 150,759
Compagnie de
Saint-Gobain 510 87,678
Credit Commercial de
France 720 76,173
Dexia France SA 120 16,821
Equant NV* 400 36,351
Groupe Danone 240 64,239
L'Oreal 70 44,878
Lafarge SA 250 24,333
Lapeyre SA 330 25,137
Legrand SA 240 57,383
Pinault-Printemps
Redoute SA 1,090 181,048
Sanofi SA 910 142,774
Schneider SA 2,150 140,457
Societe Generale 480 86,024
Societe Nationale Elf
Aquitaine SA 590 91,756
Societe Television
Francaise 380 74,374
Sodexho Alliance SA 838 137,684
STMicroelectronics NV* 560 58,416
Total SA Cl-B 1,620 222,120
Vivendi 1,210 283,036
-----------
2,264,104
-----------
GERMANY -- 6.0%
Allianz AG 370 118,098
Bayer AG 1,750 74,057
Bayerische Hypo-Und
Vereinsbank AG 2,440 161,338
Deutsche Bank AG 1,520 87,882
Deutsche Bank AG Rights* 168 9,456
Deutsche Telekom AG 2,160 86,037
Dresdner Bank AG 2,150 92,804
Fielmann AG Pfd. 250 10,183
Fresenius AG Pfd. 110 19,551
</TABLE>
AMERICAN SKANDIA MASTER TRUST
81
<PAGE> 85
ASMT T. ROWE PRICE
INTERNATIONAL EQUITY PORTFOLIO
<TABLE>
<CAPTION>
- ---------------------------------------------------
SHARES VALUE
- ---------------------------------------------------
<S> <C> <C>
Gehe AG 2,850 $ 133,874
Hoechst AG 620 28,402
Mannesmann AG 1,560 204,486
Rhoen-Klinikum AG 290 29,147
SAP AG 290 93,116
SAP AG Pfd. 140 51,840
Siemens AG 630 46,456
Veba AG 1,480 81,107
Volkswagen AG 380 26,895
-----------
1,354,729
-----------
HONG KONG -- 2.0%
Cheung Kong Holdings
Ltd. 3,000 27,290
China Light & Power Co.
Ltd. 11,000 59,044
China Telecom Ltd.* 24,000 54,811
Henderson Land
Development Co. Ltd. 10,000 60,515
Hong Kong
Telecommunications
Ltd. 11,600 31,207
HSBC Holdings PLC 1,200 44,592
Hutchison Whampoa Ltd. 16,000 143,480
Sun Hung Kai Properties
Ltd. 4,000 35,096
-----------
456,035
-----------
IRELAND -- 0.1%
CBT Group PLC-Sponsored
[ADR]* 1,341 20,785
-----------
ITALY -- 5.4%
Assicurazioni Generali 2,160 84,209
Banca Commerciale Italia
NA 4,000 32,966
Banca di Roma 22,000 36,309
Banca Popolare di
Brescia 1,000 34,436
Ente Nazionale
Idrocarburi SPA 22,000 145,003
Istituto Nazionale delle
Assicurazioni 36,000 95,216
Italgas SPA 5,000 22,270
Mediolanum SPA 6,000 39,673
San Paolo-IMI SPA 6,225 93,518
Telecom Italia Mobile
SPA 24,000 143,205
Telecom Italia SPA 35,000 372,876
Unicredito Italiano SPA 22,000 111,720
-----------
1,211,401
-----------
JAPAN -- 16.5%
Alps Electric Co. Ltd. 2,000 33,931
Canon, Inc. 7,000 171,245
Citizen Watch Co. Ltd. 2,000 16,588
Daiichi Pharmaceutical
Co. Ltd. 4,000 65,013
Daiwa House Industry Co.
Ltd. 4,000 47,754
DDI Corp. 10 49,681
Denso Corp. 7,000 142,215
East Japan Railway Co.
Ltd. 11 64,971
Fanuc Co. 1,100 47,922
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ---------------------------------------------------
- ---------------------------------------------------
<S> <C> <C>
Fujitsu Ltd. 3,000 $ 51,399
Hitachi Ltd. 9,000 65,750
Honda Motor Co. Ltd. 1,000 44,068
Ito-Yokado Co. Ltd. 1,000 61,410
Kao Corp. 4,000 101,540
Kokuyo Co. Ltd. 2,000 30,077
Komori Corp. 2,000 37,030
Kuraray Co. Ltd. 5,000 56,970
Kyocera Corp. 2,000 118,799
Makita Corp. 3,000 32,221
Matsushita Electric
Industrial Co. 8,000 152,143
Mauri Co. Ltd. 6,000 99,580
Mitsubishi Corp. 7,000 46,330
Mitsubishi Heavy
Industries Ltd. 28,000 122,686
Mitsui Fudosan Co. Ltd. 12,000 110,589
Murata Manufacturing Co.
Ltd. 3,000 173,674
NEC Corp. 13,000 155,310
Nippon Telegraph &
Telephone Corp. 17 185,152
Nomura Securities Co.
Ltd. 10,000 107,908
NTT Mobile Communication
Network, Inc. 2 117,291
Pioneer Electronic Corp. 1,000 19,018
Sankyo Co. Ltd. 6,000 125,920
Sekisui Chemical Co.
Ltd. 7,000 46,799
Sekisui House Ltd. 4,000 44,805
Seven-Eleven Japan Co.
Ltd. 1,000 85,371
Shin-Etsu Chemical Co.
Ltd. 3,000 95,508
Shiseido Co. Ltd. 3,000 47,251
Sony Corp. 2,100 196,169
Sumitomo Corp. 9,000 66,504
Sumitomo Electric
Industries 11,000 133,167
TDK Corp. 2,000 151,305
Tokio Marine & Fire
Insurance Co. Ltd. 2,000 23,307
Tokyo Electron Ltd. 1,000 56,970
Toppan Printing Co. Ltd. 5,000 60,153
UNY Co. Ltd. 3,000 47,754
-----------
3,709,248
-----------
KOREA -- 0.1%
Korea Fund, Inc.** 1,714 21,425
-----------
MEXICO -- 1.6%
Cemex SA de CV* 90 419
Cemex SA de CV [ADR] 4,000 37,230
Cemex SA de CV Cl-B 3,000 13,961
Fomento Economico
Mexicano SA de CV UBD
Units 10,000 36,798
Gruma SA [ADR]* 525 4,069
Gruma SA Cl-B* 4,067 7,800
Grupo Industrial Maseca
SA de CV Cl-B 17,000 11,775
</TABLE>
82
<PAGE> 86
<TABLE>
<CAPTION>
- ---------------------------------------------------
SHARES VALUE
- ---------------------------------------------------
<S> <C> <C>
Grupo Modelo SA de CV
Cl-C 12,000 $ 31,754
Grupo Televisa SA [GDR]* 1,000 41,000
Kimberly-Clark de Mexico
SA Cl-A 7,000 26,819
Telefonos de Mexico SA
Cl-L [ADR] 2,000 151,500
TV Azteca SA de CV
[ADR]* 1,000 7,000
-----------
370,125
-----------
NETHERLANDS -- 9.5%
ABN AMRO Holding NV 4,160 99,245
AKZO Nobel NV 490 22,162
ASM Lithography Holding
NV* 2,480 104,687
CSM NV 1,550 82,975
Elsevier NV 11,440 171,257
Fortis (NL) NV 4,050 144,395
Gucci Group NV NY Reg. 534 40,284
ING Groep NV 5,710 352,186
Koninklijke Ahold NV 4,340 161,392
Koninklijke Numico NV 1,200 45,196
Koninklijke (Royal)
Philips Electronics NV 1,750 150,891
KPN NV 640 26,745
Royal Dutch Petroleum
Co. 2,780 162,055
TNT Post Group NV 580 15,647
Unilever NV 1,480 101,462
VNU NV 1,050 42,546
Wolters Kluwer NV 9,360 407,981
-----------
2,131,106
-----------
NEW ZEALAND -- 0.2%
Telecom Corp. of New
Zealand Ltd. 9,000 46,836
-----------
NORWAY -- 1.1%
Norsk Hydro AS 2,750 123,438
Orkla ASA Cl-A 7,370 123,996
Saga Petroleum ASA 520 5,777
-----------
253,211
-----------
PORTUGAL -- 0.4%
Jeronimo Martins
SGPS SA 1,980 65,251
Jeronimo Martins SGPS SA
(New)* 573 18,883
-----------
84,134
-----------
RUSSIA -- 0.0%
Gazprom [ADR] 1,009 10,746
-----------
SINGAPORE -- 0.4%
Singapore Press Holdings
Ltd. 2,149 31,724
United Overseas Bank
Ltd. 6,000 46,413
-----------
78,137
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ---------------------------------------------------
- ---------------------------------------------------
<S> <C> <C>
SPAIN -- 3.0%
Argentaria Caja Postal Y
Banco Hipotecario de
Espana SA 2,200 $ 51,810
Banco Bilbao Vizcaya SA 2,310 34,605
Banco Popular Espanol SA 370 26,227
Banco Santander Central
Hispano SA 4,701 102,254
Endesa SA 3,590 79,911
Gas Natural SDG SA 560 45,234
Iberdrola SA 4,750 66,585
Repsol SA 2,220 36,169
Telefonica SA 4,698 220,432
Telefonica SA Bonus
Rights* 4,388 4,085
-----------
667,312
-----------
SWEDEN -- 3.5%
ABB AB Cl-A 3,560 49,734
AstraZeneca Group PLC 5,060 197,929
Atlas Copco AB Cl-B 2,090 55,165
Electrolux AB Cl-B 5,830 118,530
Esselte AB 650 10,163
Granges AB 770 13,092
Hennes & Mauritz AB Cl-B 2,080 179,788
Nordbanken Holding Co.
AB 17,500 110,275
Sandvik AB Cl-B 1,860 42,128
Securitas AB Cl-B 1,535 22,813
-----------
799,617
-----------
SWITZERLAND -- 6.7%
ABB AG 60 87,688
Adecco SA 270 136,379
Credit Suisse Group 620 123,190
Nestle SA 190 352,307
Novartis AG 190 278,676
Roche Holding AG 20 235,673
Swisscom AG* 83 30,530
UBS AG 792 269,471
-----------
1,513,914
-----------
UNITED KINGDOM -- 19.3%
Abbey National PLC 6,000 135,635
ASDA Group PLC 20,000 66,900
BG PLC 7,000 39,307
British Petroleum Co.
PLC 6,000 113,898
Cable & Wireless PLC 15,000 215,431
Cadbury Schweppes PLC 11,000 146,913
Caradon PLC 16,000 40,961
Centrica PLC* 6,000 12,196
Compass Group PLC 10,000 102,563
Diageo PLC 27,776 320,881
Electrocomponents PLC 5,000 42,668
GKN PLC 2,000 34,182
Glaxo Wellcome PLC 11,000 325,530
Kingfisher PLC 25,000 374,348
Ladbroke Group PLC 10,000 48,746
National Westminster
Bank PLC 26,000 626,683
</TABLE>
AMERICAN SKANDIA MASTER TRUST
83
<PAGE> 87
ASMT T. ROWE PRICE
INTERNATIONAL EQUITY PORTFOLIO
<TABLE>
<CAPTION>
- ---------------------------------------------------
SHARES VALUE
- ---------------------------------------------------
<S> <C> <C>
Rank Group PLC 4,000 $ 16,552
Reed International PLC 24,000 218,523
Rio Tinto PLC 8,000 139,821
Rolls-Royce PLC 4,000 18,548
Safeway PLC 11,000 45,827
Shell Transport &
Trading Co. PLC 50,000 374,750
Smith, (David S.)
Holdings PLC 5,000 10,707
SmithKline Beecham PLC 32,000 423,520
Tesco PLC 39,000 116,012
Tomkins PLC 27,248 115,932
Unilever PLC 12,000 106,460
United News & Media PLC 10,000 122,287
-----------
4,355,781
-----------
TOTAL INVESTMENTS -- 94.0%
(Cost $18,920,258) 21,210,647
OTHER ASSETS LESS
LIABILITIES -- 6.0% 1,355,562
-----------
NET ASSETS -- 100.0% $22,566,209
===========
</TABLE>
Foreign currency exchange contracts outstanding at April 30, 1999:
<TABLE>
<CAPTION>
SETTLEMENT CONTRACTS TO IN EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE DELIVER FOR AT VALUE APPRECIATION
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
05/99 Sell JPY 2,467,024 $20,728 $20,685 $43
======= ======= ===
</TABLE>
- -------------------------------------------------------
The following is a breakdown of the foreign stock portion of the Portfolio, by
industry classification, as of April 30, 1999. Percentages are based on net
assets.
<TABLE>
<CAPTION>
INDUSTRY
- -------------------------------------------
<S> <C>
Aerospace 0.1%
Automobile Manufacturers 0.3%
Automotive Parts 0.8%
Beverages 1.5%
Broadcasting 0.8%
Building Materials 1.5%
Business Services 0.6%
Chemicals 0.8%
Clothing & Apparel 0.2%
Computer Services & Software 1.8%
Construction 0.2%
Consumer Products & Services 3.6%
Electronic Components & Equipment 7.7%
Entertainment & Leisure 0.8%
Financial -- Bank & Trust 15.0%
Financial Services 1.7%
Food 6.9%
Healthcare Services 0.1%
Industrial Products 3.3%
Insurance 3.5%
Machinery & Equipment 2.3%
Medical Supplies & Equipment 1.1%
Metals & Mining 1.0%
Miscellaneous 0.3%
Office Equipment 1.7%
Oil & Gas 6.3%
Pharmaceuticals 7.9%
Printing & Publishing 5.0%
Railroads 0.6%
Real Estate 0.9%
Retail & Merchandising 3.6%
Telecommunications 11.0%
Transportation 0.5%
Utilities 0.6%
-----
TOTAL 94.0%
=====
</TABLE>
- -------------------------------------------------------
Unless otherwise noted, all stocks are common stocks.
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
** Closed-end fund.
144A -- Security was purchased pursuant to Rule 144A under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers. At the end of the period, this security amounted
to less than 0.1% of net assets.
See Notes to Financial Statements.
84
<PAGE> 88
ASMT JANUS
CAPITAL GROWTH PORTFOLIO
<TABLE>
<CAPTION>
- ---------------------------------------------------
SHARES VALUE
- ---------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 93.9%
BEVERAGES -- 1.2%
Coca-Cola Co. 120,620 $ 8,202,160
------------
COMPUTER HARDWARE -- 3.7%
Dell Computer Corp.* 446,840 18,404,222
EMC Corp.* 74,005 8,061,920
------------
26,466,142
------------
COMPUTER SERVICES & SOFTWARE -- 24.2%
America Online, Inc.* 365,820 52,220,805
Cisco Systems, Inc.* 315,812 36,022,306
EarthLink Network,
Inc.* 188,595 13,001,268
Intuit, Inc.* 155,220 13,368,322
Microsoft Corp.* 399,360 32,472,960
VERITAS Software
Corp.* 211,085 14,987,035
Yahoo!, Inc.* 68,710 12,002,778
------------
174,075,474
------------
CONSUMER PRODUCTS & SERVICES -- 0.0%
Packaged Ice, Inc.* 49,655 297,930
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 8.4%
General Electric Co. 265,290 27,988,095
Texas Instruments,
Inc. 317,540 32,428,772
------------
60,416,867
------------
ENTERTAINMENT & LEISURE -- 4.6%
Time Warner, Inc. 477,745 33,442,150
------------
FINANCIAL SERVICES -- 6.4%
Fannie Mae 149,335 10,593,452
Schwab, (Charles)
Corp. 230,480 25,295,180
TeleBanc Financial
Corp.* 100,000 10,362,500
------------
46,251,132
------------
FOOD -- 1.9%
Safeway, Inc.* 247,810 13,366,252
------------
INSURANCE -- 4.7%
American International
Group, Inc. 289,980 34,054,526
------------
OFFICE EQUIPMENT -- 1.4%
Staples, Inc.* 345,707 10,371,210
------------
PHARMACEUTICALS -- 8.8%
Lilly, (Eli) & Co. 195,065 14,361,661
MedImmune, Inc.* 345,815 19,063,052
Pfizer, Inc. 176,828 20,346,272
Warner-Lambert Co. 138,373 9,400,716
------------
63,171,701
------------
RETAIL & MERCHANDISING -- 12.6%
Amazon.com, Inc.* 71,270 12,262,894
Costco Companies,
Inc.* 414,110 33,517,028
Home Depot, Inc. 197,155 11,816,978
Wal-Mart Stores, Inc. 722,255 33,223,730
------------
90,820,630
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ---------------------------------------------------
- ---------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS -- 16.0%
Global TeleSystems
Group, Inc.* 38,710 $ 2,559,699
Level 3
Communications,
Inc.* 164,730 14,835,996
Lucent Technologies,
Inc. 114,860 6,905,957
MCI WorldCom, Inc.* 414,705 34,083,567
Metromedia Fiber
Network, Inc. Cl-A* 80,770 6,804,872
Nokia Corp. Cl-A [ADR] 462,910 34,342,136
Qwest Communications
International, Inc.* 184,255 15,742,287
------------
115,274,514
------------
TOTAL COMMON STOCK
(Cost $557,912,408) 676,210,688
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000)
-------
<S> <C> <C>
CORPORATE OBLIGATIONS -- 0.0%
ENTERTAINMENT & LEISURE -- 0.0%
Venetian Casino Resort
LLC
12.25%, 11/15/04 $ 275 291,500
------------
TELECOMMUNICATIONS -- 0.0%
Lenfest
Communications, Inc.
7.625%, 02/15/08 140 148,400
8.25%, 02/15/08 175 187,906
------------
336,306
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $589,621) 627,806
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 13.1%
Federal Home Loan Bank
4.73%, 05/13/99 10,000 9,983,975
------------
Federal Home Loan
Mortgage Corp.
4.65%, 05/28/99 10,000 9,965,125
------------
Federal National
Mortgage Assoc.
4.64%, 09/17/99 20,000 19,639,111
4.65%, 08/05/99 20,000 19,749,417
4.69%, 07/19/99 15,000 14,843,666
4.70%, 06/18/99 20,000 19,872,645
------------
74,104,839
------------
(Cost $94,063,335) 94,053,939
------------
</TABLE>
AMERICAN SKANDIA MASTER TRUST
85
<PAGE> 89
ASMT JANUS
CAPITAL GROWTH PORTFOLIO
<TABLE>
<CAPTION>
- ---------------------------------------------------
PAR
(000) VALUE
- ---------------------------------------------------
<S> <C> <C>
COMMERCIAL PAPER -- 5.2%
CIT Group Holdings,
Inc. 4.90%, 05/03/99 $22,200 $ 22,193,957
Prudential Funding
Corp. 4.87%,
05/03/99 15,000 14,995,942
------------
(Cost $37,189,899) 37,189,899
------------
- ---------------------------------------------------
SHARES VALUE
- ---------------------------------------------------
SHORT-TERM INVESTMENTS -- 0.0%
Temporary Investment
Cash Fund 39,550 $ 39,550
Temporary Investment
Fund 39,549 39,549
------------
(Cost $79,099) 79,099
------------
TOTAL INVESTMENTS -- 112.2%
(Cost $689,834,362) 808,161,431
LIABILITIES IN EXCESS OF
OTHER ASSETS -- (12.2%) (88,115,487)
------------
NET ASSETS -- 100.0% $720,045,944
============
</TABLE>
- -------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
86
<PAGE> 90
ASMT INVESCO
EQUITY INCOME PORTFOLIO
<TABLE>
<CAPTION>
- ----------------------------------------------------
SHARES VALUE
- ----------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 71.5%
AEROSPACE -- 4.3%
AlliedSignal, Inc. 30,000 $ 1,762,500
General Dynamics
Corp. 9,700 681,425
General Motors Corp.
Cl-H* 20,000 1,107,500
Northrop Grumman
Corp. 10,900 696,919
Raytheon Co. Cl-B 19,000 1,334,750
------------
5,583,094
------------
AUTOMOBILE MANUFACTURERS -- 0.9%
Ford Motor Co. 18,000 1,150,875
------------
BEVERAGES -- 1.3%
Anheuser-Busch
Companies, Inc. 23,000 1,681,875
------------
BROADCASTING -- 0.9%
AT&T Corp. Liberty
Media Group Cl-A 18,000 1,149,750
------------
COMPUTER HARDWARE -- 1.5%
EMC Corp.* 6,400 697,200
International
Business Machines
Corp. 6,000 1,255,125
------------
1,952,325
------------
COMPUTER SERVICES & SOFTWARE -- 0.7%
Microsoft Corp.* 11,000 894,437
------------
CONGLOMERATES -- 1.9%
Philip Morris
Companies, Inc. 20,000 701,250
Textron, Inc. 12,900 1,188,412
Tyco International
Ltd. 6,200 503,750
------------
2,393,412
------------
CONSUMER PRODUCTS & SERVICES -- 2.7%
Colgate-Palmolive Co. 15,000 1,536,562
Gillette Co. 13,500 704,531
Maytag Corp. 19,000 1,299,125
------------
3,540,218
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 5.6%
Altera Corp.* 15,200 1,098,200
Applied Materials,
Inc.* 18,000 965,250
General Electric Co. 12,000 1,266,000
Tandy Corp. 34,200 2,477,362
Texas Instruments,
Inc. 13,600 1,388,900
------------
7,195,712
------------
ENTERTAINMENT & LEISURE -- 0.2%
Park Place
Entertainment
Corp.* 20,000 216,250
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ----------------------------------------------------
- ----------------------------------------------------
<S> <C> <C>
FINANCIAL -- BANK & TRUST -- 7.4%
Bank of New York Co.,
Inc. 56,000 $ 2,240,000
Charter One
Financial, Inc. 26,065 814,531
Chase Manhattan Corp. 20,000 1,655,000
Fleet Financial
Group, Inc. 20,000 861,250
Morgan, (J.P.) & Co.,
Inc. 13,000 1,751,750
St. Paul Bancorp,
Inc. 37,900 919,075
Summit Bancorp 30,000 1,271,250
------------
9,512,856
------------
FINANCIAL SERVICES -- 0.8%
Citigroup, Inc. 13,000 978,250
------------
FOOD -- 4.3%
General Mills, Inc. 13,650 998,156
Heinz, (H.J.) Co. 10,000 466,875
Hershey Foods Corp. 16,000 842,000
Kellogg Co. 17,800 658,600
Quaker Oats Co. 12,800 826,400
Safeway, Inc.* 25,200 1,359,225
Tasty Baking Co. 34,000 399,500
------------
5,550,756
------------
HOTELS & MOTELS -- 1.2%
Hilton Hotels Corp. 20,000 312,500
Marriott
International, Inc.
Cl-A 30,000 1,256,250
------------
1,568,750
------------
INSURANCE -- 3.1%
Allmerica Financial
Corp. 40,000 2,292,500
American
International
Group, Inc. 7,000 822,062
Ohio Casualty Corp. 6,500 241,516
Travelers Property
Casualty Corp. Cl-A 20,000 690,000
------------
4,046,078
------------
MEDICAL SUPPLIES & EQUIPMENT -- 1.4%
Becton Dickinson &
Co. 15,000 557,812
Medtronic, Inc. 17,000 1,222,937
------------
1,780,749
------------
METALS & MINING -- 1.2%
Phelps Dodge Corp. 10,300 651,475
Reynolds Metals Co. 14,000 873,250
------------
1,524,725
------------
</TABLE>
AMERICAN SKANDIA MASTER TRUST
87
<PAGE> 91
ASMT INVESCO
EQUITY INCOME PORTFOLIO
<TABLE>
<CAPTION>
- ----------------------------------------------------
SHARES VALUE
- ----------------------------------------------------
<S> <C> <C>
OIL & GAS -- 6.3%
Apache Corp. 24,000 $ 736,500
Atlantic Richfield
Co. 10,000 839,375
Exxon Corp. 12,400 1,029,975
Halliburton Co. 19,500 831,187
National Fuel Gas Co. 40,000 1,750,000
Royal Dutch
Petroleum Co. 10,000 586,875
Schlumberger Ltd. 18,000 1,149,750
Unocal Corp. 30,000 1,246,875
------------
8,170,537
------------
PAPER & FOREST PRODUCTS -- 1.8%
Temple-Inland, Inc. 10,000 690,000
Weyerhaeuser Co. 25,000 1,678,125
------------
2,368,125
------------
PHARMACEUTICALS -- 5.5%
American Home
Products Corp. 16,000 976,000
Bristol-Meyers Squibb
Co. 13,000 826,312
Lilly, (Eli) & Co. 16,000 1,178,000
Merck & Co., Inc. 20,000 1,405,000
Pharmacia & Upjohn,
Inc. 18,000 1,008,000
SmithKline Beecham
PLC [ADR] 16,000 1,051,000
Warner-Lambert Co. 10,700 726,931
------------
7,171,243
------------
RAILROADS -- 2.4%
Kansas City Southern
Industries, Inc. 45,000 2,680,312
Norfolk Southern
Corp. 13,100 428,206
------------
3,108,518
------------
REAL ESTATE -- 0.1%
HRPT Properties Trust
[REIT] 7,100 103,837
------------
RETAIL & MERCHANDISING -- 3.0%
Dayton-Hudson Corp. 19,000 1,278,938
Penney, (J.C.) Co.,
Inc. 28,000 1,277,500
Wal-Mart Stores, Inc. 29,600 1,361,600
------------
3,918,038
------------
SEMICONDUCTORS -- 2.4%
Intel Corp. 19,000 1,162,563
Motorola, Inc. 25,000 2,003,125
------------
3,165,688
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
- ----------------------------------------------------
- ----------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS -- 9.0%
Ameritech Corp. 13,100 $ 896,531
AT&T Corp. 20,700 1,045,350
Bell Atlantic Corp. 14,300 824,038
Frontier Corp. 20,000 1,103,750
GTE Corp. 13,000 870,188
Lucent Technologies,
Inc. 20,400 1,226,550
MediaOne Group, Inc.* 30,000 2,446,875
SBC Communications,
Inc. 15,700 879,200
Sprint Corp. (FON
Group) 10,700 1,097,419
U.S. West, Inc. 23,500 1,229,344
------------
11,619,245
------------
UTILITIES -- 1.6%
Northern States
Power Co. 39,200 945,700
Unicom Corp. 29,000 1,125,563
------------
2,071,263
------------
TOTAL COMMON STOCK
(Cost $77,881,044) 92,416,606
------------
<CAPTION>
PAR
(000)
---------
CORPORATE OBLIGATIONS -- 14.8%
AIRLINES -- 0.5%
Delta Air Lines
10.375%, 12/15/22 $ 500 647,500
------------
BROADCASTING -- 0.2%
Continental
Cablevision, Inc.
9.50%, 08/01/13 250 297,813
------------
BUILDING MATERIALS -- 0.4%
USG Corp.
8.50%, 08/01/05 500 525,000
------------
ENTERTAINMENT & LEISURE -- 0.1%
Time Warner
Entertainment Co.
7.25%, 09/01/08 100 105,875
------------
FINANCIAL SERVICES -- 0.4%
Associates Corp. of
North America Cl-E
7.375%, 06/11/07 500 530,875
------------
HEALTHCARE SERVICES -- 0.0%
FHP International
Corp.
7.00%, 09/15/03 50 51,000
------------
HOTELS & MOTELS -- 0.2%
Hilton Hotels Corp.
7.20%, 12/15/09 250 245,000
------------
</TABLE>
88
<PAGE> 92
<TABLE>
<CAPTION>
- ----------------------------------------------------
PAR
(000) VALUE
- ----------------------------------------------------
<S> <C> <C>
INDUSTRIAL PRODUCTS -- 0.2%
Worldwide Fiber, Inc.
144A
12.50%, 12/15/05 $ 250 $ 267,500
------------
INSURANCE -- 0.8%
Equitable Companies,
Inc.
9.00%, 12/15/04 500 563,750
Progressive Corp.
6.625%, 03/01/29 500 477,500
------------
1,041,250
------------
OIL & GAS -- 1.9%
Atlantic Richfield
Co.
10.875%, 07/15/05 500 620,000
Belco Oil & Gas Corp.
Cl-B
8.875%, 09/15/07 100 98,750
Canadian Forest Oil
Ltd.
8.75%, 09/15/07 250 246,250
Cliffs Drilling Co.
Cl-B
10.25%, 05/15/03 250 246,875
Gulf Canada Resources
Ltd.
8.25%, 03/15/17 100 95,250
Noram Energy Corp.
[CVT]
6.00%, 03/15/12 100 95,125
NRG Energy, Inc.
7.50%, 06/15/07 250 249,688
Ocean Energy, Inc.
Cl-B
8.875%, 07/15/07 250 258,125
Vastar Resources,
Inc.
6.50%, 04/01/09 500 491,875
------------
2,401,938
------------
PAPER & FOREST PRODUCTS -- 0.4%
Chesapeake Corp.
7.20%, 03/15/05 500 519,375
------------
PRINTING & PUBLISHING -- 0.1%
Affiliated Newspaper
Investments, Inc.
[STEP]
12.01%, 07/01/06 100 96,250
------------
TELECOMMUNICATIONS -- 5.6%
AT&T Corp.
6.00%, 03/15/09 400 391,000
Cencall
Communications
Corp. [STEP]
9.80%, 01/15/04 490 496,738
Centel Capital Corp.
9.00%, 10/15/19 250 296,563
GTE Corp.
7.90%, 02/01/27 731 774,860
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
- ----------------------------------------------------
- ----------------------------------------------------
<S> <C> <C>
Level 3
Communications,
Inc.
9.125%, 05/01/08 $ 250 $ 255,625
5.538%, 12/01/08
[STEP] 144A 500 325,625
Lin Television Co.
8.375%, 03/01/08 250 247,500
McLeodUSA, Inc.
9.50%, 11/01/08 250 272,500
MetroNet
Communications
Corp.
12.00%, 08/15/07 350 415,625
8.80%, 06/15/08
[STEP] 500 391,250
NEXTLINK
Communications,
Inc.
9.625%, 10/01/07 50 50,500
10.75%, 11/15/08
144A 250 269,375
Paramount
Communication
8.25%, 08/01/22 700 734,125
Qwest Communications
International, Inc.
144A
7.25%, 11/01/08 250 258,438
TCI
Telecommunications,
Inc.
7.875%, 02/15/26 500 560,625
Tele-Communications,
Inc.
9.80%, 02/01/12 500 646,250
Telewest
Communications PLC
[STEP]
10.375%, 10/01/07 250 222,500
US West
Communications
5.65%, 11/01/04 650 639,134
------------
7,248,233
------------
UTILITIES -- 4.0%
Boston Edison Co.
7.80%, 03/15/23 25 25,313
Cleveland Electric
Illuminating Co.
Cl-D
7.88%, 11/01/17 250 265,000
Coda Energy, Inc.
Cl-B
10.50%, 04/01/06 150 155,250
Commonwealth Edison
8.00%, 05/15/08 400 452,000
8.375%, 02/15/23 428 453,145
Consumers Energy Co.
7.375%, 09/15/23 500 485,625
</TABLE>
AMERICAN SKANDIA MASTER TRUST
89
<PAGE> 93
ASMT INVESCO
EQUITY INCOME PORTFOLIO
<TABLE>
<CAPTION>
- ----------------------------------------------------
PAR
(000) VALUE
- ----------------------------------------------------
<S> <C> <C>
El Paso Electric Co.
8.90%, 02/01/06 $ 250 $ 282,500
El Paso Electric Co.
Cl-C
8.25%, 02/01/03 200 209,750
Gulf States Utilities
8.70%, 04/01/24 250 259,688
Metropolitan Edison
Co. Cl-B
8.15%, 01/30/23 75 78,693
New York State
Electric & Gas
Corp.
8.30%, 12/15/22 200 207,750
Niagara Mohawk Power
Corp. Cl-H [STEP]
2.269%, 07/01/10 1,000 796,250
Panhandle Eastern
Pipeline 144A
6.50%, 07/15/09 500 495,000
PP&L Resources, Inc.
7.70%, 10/01/99 500 552,500
Public Service New
Mexico Cl-B
7.50%, 08/01/18 260 261,950
Western Massachusetts
Electric Co. Cl-V
7.75%, 12/01/02 250 251,700
------------
5,232,114
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $19,479,209) 19,209,723
------------
U.S. TREASURY OBLIGATIONS -- 5.5%
U.S. Treasury Notes
6.625%, 05/15/07 250 269,235
5.625%, 05/15/08 6,750 6,847,654
------------
(Cost $7,291,449) 7,116,889
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
- ----------------------------------------------------
- ----------------------------------------------------
<S> <C> <C>
COMMERCIAL PAPER -- 3.9%
General Electric
Capital Corp.
4.751%, 05/04/99 $ 2,500 $ 2,500,000
Heller Financial,
Inc.
4.855%, 05/04/99 2,500 2,500,000
------------
(Cost $5,000,000) 5,000,000
------------
<CAPTION>
SHARES
---------
SHORT-TERM INVESTMENTS -- 1.7%
Temporary Investment
Cash Fund 1,081,480 1,081,480
Temporary Investment
Fund 1,081,479 1,081,479
------------
(Cost $2,162,959) 2,162,959
------------
TOTAL INVESTMENTS -- 97.4%
(Cost $111,814,661) 125,906,177
OTHER ASSETS LESS
LIABILITIES -- 2.6% 3,428,225
------------
NET ASSETS -- 100.0% $129,334,402
============
</TABLE>
- -------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
144A -- Security was purchased pursuant to Rule 144A under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers. At the end of the period, these securities
amounted to 1.2% of net assets.
See Notes to Financial Statements.
90
<PAGE> 94
ASMT PIMCO
TOTAL RETURN BOND PORTFOLIO
<TABLE>
<CAPTION>
- -----------------------------------------------------
PAR
(000) VALUE
- -----------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 23.7%
Federal Home Loan
Mortgage Corp.
6.00%, 05/17/29
[TBA] $ 7,300 $ 7,081,000
6.00%, 07/01/28 923 896,049
6.50%, 12/15/23 212 201,920
7.00%, 02/15/27 3,490 3,410,562
8.50%, 08/01/24-
12/01/25 1,065 1,120,765
------------
12,710,296
------------
Federal National Mortgage Assoc.
5.905%, 12/01/27-
05/01/36 [VR] 769 772,702
6.50%, 05/18/23 2,893 2,910,240
------------
3,682,942
------------
Government National Mortgage
Assoc.
6.50%, 05/24/29
[TBA] 4,000 3,974,360
6.68%, 01/01/09 956 969,940
6.875%, 02/01/40 2,709 2,689,959
6.875%, 02/04/40
[CLC]+ 2,291 2,348,647
7.00%, 11/15/27 416 422,509
------------
10,405,415
------------
Student Loan Marketing
Assoc. Series 1996-4 Cl-A1
4.826%, 07/25/04 1,436 1,429,871
------------
(Cost $28,347,468) 28,228,524
------------
U.S. TREASURY OBLIGATIONS -- 14.3%
U.S. Treasury Bills
4.33%, 06/24/99# 25 24,845
4.48%, 06/24/99# 40 39,752
4.49%, 06/24/99# 120 119,257
4.495%, 06/24/99# 15 14,907
4.50%, 06/24/99# 20 19,876
4.51%, 06/24/99# 490 486,964
4.42%, 09/16/99 10 9,831
------------
715,432
------------
U.S. Treasury Bonds
12.00%, 08/15/13 8,800 12,785,492
7.25%, 05/15/16 100 114,379
8.875%, 08/15/17 1,100 1,459,975
------------
14,359,846
------------
U.S. Treasury
Inflationary Bonds
3.625%, 01/15/08 800 797,498
3.875%, 01/15/09 1,200 1,202,107
------------
1,999,605
------------
(Cost $17,784,188) 17,074,883
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
- -----------------------------------------------------
- -----------------------------------------------------
<S> <C> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS -- 22.4%
Chase Mortgage Finance
Corp. 1995-A Cl-A
6.204%, 04/25/25 $ 2,515 $ 2,525,594
Countrywide Home Loans
Series 1998-18
Cl-2A3
6.75%, 11/25/28 1,000 966,199
Countrywide Home Loans
Series 1999-7 Cl-A3
6.25%, 06/25/14 5,000 4,933,594
First Plus Home Loan
Trust Series 1998-5
Cl-A3 [VR] 6.06%,
09/10/11 1,000 1,004,615
GE Capital Mortgage
Services, Inc.
Series 1999-5 Cl-A29
6.50%, 05/25/29 9,858 9,509,909
GE Capital Mortgage
Services, Inc.
Series 1999-11 Cl-Y2
PAC 6.00%, 05/25/29 3,000 2,989,219
Norwest Asset
Securities Corp.
Series 1997-21 Cl-A2
7.00%, 01/25/28 2,823 2,850,970
PNC Mortgage
Securities Corp.
Series 1998-10 Cl-
1A6 6.50%, 10/25/28 2,000 1,903,045
------------
(Cost $26,991,247) 26,683,145
------------
CORPORATE OBLIGATIONS -- 36.1%
AIRLINES -- 2.5%
Continental Airlines,
Inc. 6.954%,
02/02/11 3,000 2,990,115
------------
CONGLOMERATES -- 0.9%
Philip Morris
Companies, Inc.
7.625%, 05/15/02 1,000 1,043,190
------------
CONSUMER GOODS & SERVICES -- 1.7%
Sears Roebuck
Acceptance Corp.
Cl-2 6.86%, 08/06/01 2,000 2,040,000
------------
</TABLE>
AMERICAN SKANDIA MASTER TRUST
91
<PAGE> 95
ASMT PIMCO
TOTAL RETURN BOND PORTFOLIO
<TABLE>
<CAPTION>
- -----------------------------------------------------
PAR
(000) VALUE
- -----------------------------------------------------
<S> <C> <C>
FINANCIAL -- BANK & TRUST -- 5.7%
Bankers Trust Corp.
[VR]
5.32%, 01/30/02 $ 1,000 $ 973,805
PNC Bank Corp. NA
5.001%, 05/17/99 2,800 2,799,686
Popular North America,
Inc. Cl-D
6.625%, 01/15/04 3,000 3,006,330
------------
6,779,821
------------
FINANCIAL SERVICES -- 14.9%
Bear Stearns
Companies, Inc. Cl-B
[VR] 5.136%,
02/16/01 1,000 1,000,110
Bear Stearns
Companies, Inc. [VR]
5.601%, 03/18/05 500 500,971
Beneficial Corp. Cl-H
[FRN]
5.08%, 01/09/02 500 499,285
Caterpillar Financial
Services Corp., Inc.
Cl-F [FRN]
5.05%, 06/08/00 500 500,415
DTE Capital Corp. [VR]
144A
7.11%, 11/15/03 3,000 2,808,750
Ford Motor Credit Co.
[FRN] 5.423%,
09/03/01 1,000 1,000,223
GMAC [FRN]
5.121%, 04/29/02 2,800 2,807,322
Goldman Sachs Group
Cl-A [FRN] 144A
5.521%, 12/07/01 2,000 2,007,244
Lehman Brothers
Holdings, Inc. [FRN]
5.588%, 12/01/00 800 795,185
5.577%, 09/03/02 1,800 1,800,718
Merrill Lynch & Co.,
Inc. [FRN] 5.45%,
01/11/02 2,000 2,009,890
Morgan Stanley, Dean
Witter & Co. 5.429%,
03/11/03 1,000 995,100
New England
Educational Loan
Marketing Assoc.
Cl-B [FRN] 144A
5.411%, 06/11/01 1,000 999,180
------------
17,724,393
------------
FOOD -- 4.5%
RJR Nabisco, Inc.
8.625%, 12/01/02 5,000 5,409,700
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
- -----------------------------------------------------
- -----------------------------------------------------
<S> <C> <C>
HEALTHCARE SERVICES -- 3.4%
Columbia/HCA
Healthcare Corp.
6.63%, 07/15/45 $ 4,275 $ 4,087,969
------------
TELECOMMUNICATIONS -- 2.5%
Cable & Wireless
Communications PLC
6.75%, 12/01/08 2,000 2,015,000
WorldCom, Inc. 6.125%,
08/15/01 1,000 1,006,659
------------
3,021,659
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $42,973,070) 43,096,847
------------
SOVEREIGN ISSUES -- 5.6%
ARGENTINA -- 0.8%
Republic of Argentina
[VR]
14.25%, 05/31/99 1,000 1,002,500
------------
MEXICO -- 4.0%
United Mexican States
8.75%, 05/30/02 3,000 4,804,140
------------
PHILIPPINES -- 0.8%
Republic of
Philippines Cl-B
[BRB, VR] 6.50%,
12/01/17 1,000 890,822
------------
TOTAL SOVEREIGN ISSUES
(Cost $6,303,886) 6,697,462
------------
CERTIFICATES OF DEPOSIT -- 0.8%
Mexico Credit Link
[VR]
10.508%, 02/22/02
(Cost $1,000,000) 1,000 995,689
------------
COMMERCIAL PAPER -- 10.8%
American Express
Credit Corp.
4.81%, 05/24/99 1,000 996,927
Ameritech Corp.
4.81%, 05/14/99 1,000 998,263
Ford Motor Credit Co.
4.81%, 05/10/99 400 399,519
4.78%, 07/26/99 800 791,059
General Electric
Capital Corp.
4.82%, 06/10/99 1,100 1,094,109
4.81%, 06/11/99 1,500 1,491,783
4.82%, 06/11/99 400 397,888
4.79%, 06/14/99 500 497,091
4.79%, 07/28/99 1,600 1,581,806
General Motors
Acceptance Corp.
4.81%, 06/02/99 900 896,152
4.77%, 06/08/99 400 397,986
IBM Credit Corp.
4.80%, 05/28/99 1,300 1,295,320
</TABLE>
92
<PAGE> 96
<TABLE>
<CAPTION>
- -----------------------------------------------------
PAR
(000) VALUE
- -----------------------------------------------------
<S> <C> <C>
KFW International
Financial Co.
4.79%, 06/23/99 $ 300 $ 297,884
National Rural Utility
Corp.
4.82%, 05/18/99 200 199,543
4.82%, 06/10/99 1,000 994,798
Shell Oil Co.
4.78%, 06/25/99 500 496,481
------------
(Cost $12,825,489) 12,826,609
------------
<CAPTION>
SHARES
------
SHORT-TERM INVESTMENTS -- 1.8%
Temporary Investment
Cash Fund 1,052,143 1,052,143
Temporary Investment
Fund 1,052,142 1,052,142
------------
(Cost $2,104,285) 2,104,285
------------
<CAPTION>
NOTIONAL
AMOUNT
(000)
---------
OPTIONS -- 0.0%
CALL OPTIONS
5 Year U.S. Treasury
Notes, Strike Price
96-19, Expires
05/17/99+ $ 200 10,460
10 Year U.S. Treasury
Notes, Strike Price
95-20, Expires
05/24/99+ 500 27,080
------------
(Cost $40,547) 37,540
------------
TOTAL INVESTMENTS --115.5%
(Cost $138,370,180) 137,744,984
------------
<CAPTION>
NUMBER OF
CONTRACTS
---------
WRITTEN OPTIONS -- 0.0%
CALL OPTIONS
30 Year U.S. Treasury
Bond Futures, Strike
Price 126, Expires
05/22/99 14 (437)
30 Year U.S. Treasury
Bond Futures, Strike
Price 128, Expires
05/22/99 31 (484)
30 Year U.S. Treasury
Bond Futures, Strike
Price 130, Expires
05/22/99 21 (328)
------------
(1,249)
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------
NUMBER OF
CONTRACTS VALUE
- -----------------------------------------------------
<S> <C> <C>
PUT OPTIONS
30 Year U.S. Treasury
Bond Futures, Strike
Price 116, Expires
05/22/99 44 $ (4,812)
30 Year U.S. Treasury
Bond Futures, Strike
Price 118, Expires
05/22/99 21 (7,219)
------------
(12,031)
------------
TOTAL WRITTEN OPTIONS
(Cost ($57,155)) (13,280)
------------
LIABILITIES IN EXCESS OF
OTHER ASSETS -- (15.5%) (18,434,687)
------------
NET ASSETS -- 100.0% $119,297,017
============
</TABLE>
Foreign currency exchange contracts outstanding at April 30, 1999:
<TABLE>
<CAPTION>
SETTLEMENT CONTRACTS TO IN EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE RECEIVE FOR AT VALUE DEPRECIATION
- ---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
08/99 Sell GBP 3,060,000 $4,898,172 $4,927,536 $29,364
========== ========== =======
</TABLE>
# Securities with an aggregate market value of $705,601 have been segregated
with the custodian to cover margin requirements for the following open futures
contracts at April 30, 1999:
<TABLE>
<CAPTION>
EXPIRATION NUMBER OF UNREALIZED
DESCRIPTION MONTH CONTRACTS DEPRECIATION
- -----------------------------------------------------------------
<S> <C> <C> <C>
U.S. Treasury 30 Year Bond 06/99 105 $ 7,484
U.S. Treasury 10 Year Note 06/99 16 9,063
-------
$16,547
=======
</TABLE>
- -------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
+ Illiquid security. At the end of the period these securities amounted to 2.0%
of net assets.
144A -- Security was purchased pursuant to Rule 144A under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers. At the end of the period, these securities
amounted to 4.9% of net assets.
See Notes to Financial Statements.
AMERICAN SKANDIA MASTER TRUST
93
<PAGE> 97
ASMT JPM
MONEY MARKET PORTFOLIO
<TABLE>
<CAPTION>
- ----------------------------------------------------
PAR
(000) VALUE
- ----------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 44.0%
Federal Home Loan Bank
4.90%, 05/03/99 $29,245 $29,237,039
4.66%, 05/14/99 8,000 7,986,538
5.61%, 06/18/99 1,000 1,000,005
-----------
(Cost $38,223,582) 38,223,582
-----------
CERTIFICATES OF DEPOSIT -- 21.9%
Bank of Nova Scotia
5.15%, 04/20/00 2,000 1,998,876
Bankers Trust Co. [FRN]
5.07%, 04/30/99++ 500 499,988
Bayerische Hypo
Vereinsbank
5.15%, 04/25/00 2,000 1,998,861
Bayerische Landesbank NY
5.115%, 03/21/00 2,500 2,496,808
Canadian Imperial Bank
5.01%, 02/07/00 1,500 1,499,665
Comerica Bank [FRN]
4.90%, 05/01/99++ 1,500 1,499,496
Commerzbank NY
4.99%, 01/25/00 1,500 1,499,735
Deutsche Bank NY
5.00%, 01/06/00 1,500 1,499,703
Dresdner Bank
4.95%, 11/09/99 1,500 1,499,695
Royal Bank of Canada
[FRN]
4.895%, 02/17/00++ 1,500 1,499,470
State Street Bank &
Trust
4.81%, 06/16/99 3,000 3,000,000
-----------
(Cost $18,992,297) 18,992,297
-----------
CORPORATE OBLIGATIONS -- 16.2%
BEVERAGES -- 0.7%
PepsiCo, Inc. [FRN]
4.81%, 05/19/99++ 600 599,796
-----------
FINANCIAL -- BANK & TRUST -- 12.4%
American Express
Centurion [FRN]
4.876%, 04/30/99++ 750 750,000
4.95%, 07/26/99 3,000 3,000,000
Bank One Corp. [FRN]
4.944%, 05/04/99++ 1,000 999,991
First Union National
Bank [FRN]
5.018%, 07/25/99++ 1,500 1,500,000
Key Bank NA [FRN]
4.835%, 06/03/99++ 1,000 999,916
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
- ----------------------------------------------------
- ----------------------------------------------------
<S> <C> <C>
NationsBank Corp. Cl-F
[FRN]
5.06%, 05/19/99++ $ 1,000 $ 1,000,326
Wells Fargo & Co. Cl-J
5.31%, 03/31/00 1,500 1,499,489
Xerox Credit Corp. Cl-F
5.32%, 03/31/00 1,000 999,668
-----------
10,749,390
-----------
FINANCIAL SERVICES -- 3.1%
CIT Group, Inc. [FRN]
4.95%, 10/20/99++ 1,200 1,200,055
Citigroup, Inc. [FRN]
5.069%, 05/03/99++ 1,500 1,501,548
-----------
2,701,603
-----------
TOTAL CORPORATE OBLIGATIONS
(Cost $14,050,789) 14,050,789
-----------
COMMERCIAL PAPER -- 14.2%
FINANCIAL -- BANK & TRUST -- 8.5%
Caisse D'Amortissement
4.90%, 11/23/99 2,000 1,943,922
Cregem North America,
Inc.
4.81%, 07/02/99 2,000 1,983,432
4.74%, 07/19/99 1,500 1,484,397
Provident National Bank
4.81%, 05/13/99 2,000 1,996,793
-----------
7,408,544
-----------
FINANCIAL SERVICES -- 5.7%
Morgan Stanley, Dean
Witter & Co.
4.83%, 06/10/99 2,000 1,989,267
General Electric Capital
Corp.
4.79%, 06/21/99 3,000 2,979,642
-----------
4,968,909
-----------
TOTAL COMMERCIAL PAPER
(Cost $12,377,453) 12,377,453
-----------
TOTAL INVESTMENTS -- 96.3%
(Cost $83,644,121) 83,644,121
OTHER ASSETS LESS LIABILITIES -- 3.7% 3,238,390
-----------
NET ASSETS -- 100.0% $86,882,511
===========
</TABLE>
- -------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
++ Maturity date reflects the next interest rate change date.
See Notes to Financial Statements.
94
<PAGE> 98
AMERICAN SKANDIA MASTER TRUST
DEFINITION OF ABBREVIATIONS
THE FOLLOWING ABBREVIATIONS ARE USED THROUGHOUT THE SCHEDULES OF INVESTMENTS:
SECURITY DESCRIPTIONS:
<TABLE>
<S> <C> <C>
ADR -- American Depositary Receipt
BRB -- Brady Bond
CLC -- Construction Loan Certificates
CVT -- Convertible Security
FDR -- Federal Depositary Receipt
FRN -- Floating Rate Note(1)
GDR -- Global Depositary Receipt
REIT -- Real Estate Investment Trust
STEP -- Stepped Coupon Bond(2)
TBA -- To be Announced Security
VR -- Variable Rate Bond (1)
COUNTRIES/CURRENCIES:
GBP -- United Kingdom/British Pound
JPY -- Japan/Japanese Yen
</TABLE>
- -------------------------------------------------------
(1) Rates shown for variable and floating rate securities are the coupon rates
as of April 30, 1999.
(2) Rates shown are the effective yields at purchase date.
95
<PAGE> 99
APRIL 30, 1999
(UNAUDITED)
STATEMENTS OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASMT ASMT ASMT ASMT ASMT
T. ROWE PRICE JANUS INVESCO PIMCO JPM
INTERNATIONAL CAPITAL EQUITY TOTAL RETURN MONEY
EQUITY GROWTH INCOME BOND MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ------------ ------------ ------------ -----------
----------- ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments in Securities at
Value (A) $21,210,647 $808,161,431 $125,906,177 $137,744,984 $83,644,121
Cash 1,377,282 -- -- -- --
Foreign Currency (B) 446,339 -- -- -- --
Receivable For:
Securities Sold 102,234 -- 1,643,148 -- --
Dividends and Interest 97,682 89,500 707,680 1,749,747 253,379
Contributions by Feeder
Funds 128,012 20,971,489 1,187,833 1,955,315 3,113,723
Deferred Organization Costs 16,163 16,163 16,249 16,249 16,260
Unrealized Appreciation on
Foreign Currency Exchange
Contracts 43 -- -- -- --
----------- ------------ ------------ ------------ -----------
Total Assets 23,378,402 829,238,583 129,461,087 141,466,295 87,027,483
----------- ------------ ------------ ------------ -----------
LIABILITIES:
Cash Overdraft -- -- -- -- 1,489
Written Options Outstanding,
at Value -- -- -- 13,280 --
Unrealized Depreciation on
Foreign Currency Exchange
Contracts -- -- -- 29,364 --
Payable to Investment Manager 9,121 301,818 38,636 37,329 33,579
Payable For:
Securities Purchased 728,247 108,475,819 -- 21,823,463 --
Withdrawals by Feeder Funds -- 148,711 29,324 92,902 107,234
Futures Variation Margin -- -- -- 147,344 --
Accrued Expenses and Other
Liabilities 74,825 266,291 58,725 25,596 2,670
----------- ------------ ------------ ------------ -----------
Total Liabilities 812,193 109,192,639 126,685 22,169,278 144,972
----------- ------------ ------------ ------------ -----------
NET ASSETS $22,566,209 $720,045,944 $129,334,402 $119,297,017 $86,882,511
=========== ============ ============ ============ ===========
(A) Investments at Cost $18,473,382 $689,834,362 $111,814,661 $138,313,025 $83,644,121
=========== ============ ============ ============ ===========
(B) Foreign Currency at Cost $ 446,876 $ -- $ -- $ -- $ --
=========== ============ ============ ============ ===========
</TABLE>
See Notes to Financial Statements.
96
<PAGE> 100
AMERICAN SKANDIA MASTER TRUST
FOR THE SIX MONTHS ENDED APRIL 30, 1999
(UNAUDITED)
STATEMENTS OF OPERATIONS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASMT ASMT ASMT ASMT ASMT
T. ROWE PRICE JANUS INVESCO PIMCO JPM
INTERNATIONAL CAPITAL EQUITY TOTAL RETURN MONEY
EQUITY GROWTH INCOME BOND MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ----------- ----------- ----------
------------ ------------ ----------- ----------- ----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 15,012 $ 1,408,335 $ 789,149 $ 2,769,120 $1,471,857
Dividends 149,506 514,198 558,337 -- --
Foreign Taxes Withheld (22,018) (32,869) (23,081) (2,372) (58)
---------- ------------ ----------- ----------- ----------
Total Investment Income 142,500 1,889,664 1,324,405 2,766,748 1,471,799
---------- ------------ ----------- ----------- ----------
EXPENSES:
Advisory Fees 91,205 1,872,549 345,257 274,545 149,913
Shareholder Servicing Fees 3,000 3,000 3,000 3,000 3,000
Administration and Accounting Fees 18,751 140,872 46,611 43,780 19,147
Custodian Fees 29,567 7,533 6,161 3,820 3,772
Professional Fees 654 11,330 3,125 2,881 2,012
Organization Costs 2,367 2,367 2,367 2,367 2,367
Trustees' Fees 534 10,640 2,662 2,439 1,737
Miscellaneous Expenses 16,893 5,166 5,560 3,715 2,348
---------- ------------ ----------- ----------- ----------
Total Expenses 162,971 2,053,457 414,743 336,547 184,296
---------- ------------ ----------- ----------- ----------
Net Investment Income (Loss) (20,471) (163,793) 909,662 2,430,201 1,287,503
---------- ------------ ----------- ----------- ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net Realized Gain (Loss) on:
Securities (227,421) (383,780) 1,521,824 (407,442) 3,102
Futures Contracts -- -- -- (748,363) --
Written Options Contracts -- -- -- 42,019 --
Foreign Currency Transactions (9,523) (5,775) -- (10,104) --
---------- ------------ ----------- ----------- ----------
Net Realized Gain (Loss) (236,944) (389,555) 1,521,824 (1,123,890) 3,102
---------- ------------ ----------- ----------- ----------
Net Change in Unrealized Appreciation
(Depreciation) on:
Securities 2,415,316 102,283,902 11,668,520 (996,690) --
Futures Contracts -- -- -- (16,547) --
Written Options Contracts -- -- -- 43,875 --
Translation of Assets and
Liabilities Denominated in
Foreign Currencies (4,552) 25 -- (27,395) --
---------- ------------ ----------- ----------- ----------
Net Change in Unrealized Appreciation
(Depreciation) 2,410,764 102,283,927 11,668,520 (996,757) --
---------- ------------ ----------- ----------- ----------
Net Gain (Loss) on Investments 2,173,820 101,894,372 13,190,344 (2,120,647) 3,102
---------- ------------ ----------- ----------- ----------
Net Increase in Net Assets Resulting
from Operations $2,153,349 $101,730,579 $14,100,006 $ 309,554 $1,290,605
========== ============ =========== =========== ==========
</TABLE>
See Notes to Financial Statements.
97
<PAGE> 101
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASMT ASMT
T. ROWE PRICE JANUS
INTERNATIONAL EQUITY CAPITAL GROWTH
PORTFOLIO PORTFOLIO
---------------------------- -----------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
APRIL 30, 1999 OCTOBER 31, APRIL 30, 1999 OCTOBER 31,
(UNAUDITED) 1998 (UNAUDITED) 1998
-------------- ----------- -------------- ------------
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net Investment Income (Loss) $ (20,471) $ (62,984) $ (163,793) $ 100,273
Net Realized Gain (Loss) on Investments (236,944) (150,133) (389,555) (5,429,678)
Net Change in Unrealized Appreciation
(Depreciation) on Investments 2,410,764 76,751 102,283,927 16,036,210
----------- ----------- ------------ ------------
Net Increase (Decrease) in Net Assets Resulting from
Operations 2,153,349 (136,366) 101,730,579 10,706,805
----------- ----------- ------------ ------------
CAPITAL TRANSACTIONS:
Contributions by Feeder Funds 10,622,737 17,837,166 520,461,604 159,785,442
Withdrawals by Feeder Funds (5,230,660) (6,177,388) (56,384,731) (24,236,532)
----------- ----------- ------------ ------------
Net Increase in Net Assets from Capital Transactions 5,392,077 11,659,778 464,076,873 135,548,910
----------- ----------- ------------ ------------
Total Increase in Net Assets 7,545,426 11,523,412 565,807,452 146,255,715
NET ASSETS:
Beginning of Period 15,020,783 3,497,371 154,238,492 7,982,777
----------- ----------- ------------ ------------
End of Period $22,566,209 $15,020,783 $720,045,944 $154,238,492
=========== =========== ============ ============
</TABLE>
See Notes to Financial Statements.
98
<PAGE> 102
- --------------------------------------------------------------------------------
AMERICAN SKANDIA MASTER TRUST
<TABLE>
<CAPTION>
ASMT ASMT ASMT
INVESCO PIMCO JPM
EQUITY INCOME TOTAL RETURN BOND MONEY MARKET
PORTFOLIO PORTFOLIO PORTFOLIO
----------------------------- ----------------------------- -----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
APRIL 30, 1999 OCTOBER 31, APRIL 30, 1999 OCTOBER 31, APRIL 30, 1999 OCTOBER 31,
(UNAUDITED) 1998 (UNAUDITED) 1998 (UNAUDITED) 1998
-------------- ------------ -------------- ------------ -------------- ------------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS:
Net Investment Income
(Loss) $ 909,662 $ 686,732 $ 2,430,201 $ 1,179,198 $ 1,287,503 $ 785,810
Net Realized Gain
(Loss) on Investments 1,521,824 (510,100) (1,123,890) 668,243 3,102 (733)
Net Change in
Unrealized
Appreciation
(Depreciation)
on Investments 11,668,520 2,366,592 (996,757) 311,039 -- --
------------ ------------ ------------ ------------ ------------ ------------
Net Increase (Decrease)
in Net Assets Resulting
from Operations 14,100,006 2,543,224 309,554 2,158,480 1,290,605 785,077
------------ ------------ ------------ ------------ ------------ ------------
CAPITAL TRANSACTIONS:
Contributions by Feeder
Funds 65,450,795 69,154,397 72,343,850 67,718,213 91,184,014 103,736,368
Withdrawals by Feeder
Funds (13,666,626) (14,750,075) (12,731,553) (15,526,070) (54,597,905) (57,510,543)
------------ ------------ ------------ ------------ ------------ ------------
Net Increase in Net
Assets from
Capital Transactions 51,784,169 54,404,322 59,612,297 52,192,143 36,586,109 46,225,825
------------ ------------ ------------ ------------ ------------ ------------
Total Increase in Net
Assets 65,884,175 56,947,546 59,921,851 54,350,623 37,876,714 47,010,902
NET ASSETS:
Beginning of Period 63,450,227 6,502,681 59,375,166 5,024,543 49,005,797 1,994,895
------------ ------------ ------------ ------------ ------------ ------------
End of Period $129,334,402 $ 63,450,227 $119,297,017 $ 59,375,166 $ 86,882,511 $ 49,005,797
============ ============ ============ ============ ============ ============
</TABLE>
See Notes to Financial Statements.
99
<PAGE> 103
SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net Assets at Portfolio Ratio of Net Investment
Period End of Period Turnover Ratio of Expenses to Income (Loss) to
Ended (in 000's) Rate Average Net Assets(4) Average Net Assets(4)
-------- ------------- --------- --------------------- -----------------------
<S> <C> <C> <C> <C> <C>
ASMT T. ROWE PRICE
INTERNATIONAL EQUITY PORTFOLIO:
- ------------------------------------
- ------------------------------------
04/30/99* $ 22,566 12% 1.79% (0.22%)
10/31/98 15,021 20% 2.60% (0.67%)
10/31/97(1) 3,497 1% 6.26% (3.78%)
ASMT JANUS
CAPITAL GROWTH PORTFOLIO:
- ------------------------------------
- ------------------------------------
04/30/99* $720,046 7% 1.10% (0.09%)
10/31/98 154,238 77% 1.27% 0.17%
10/31/97(1) 7,983 83% 2.79% 0.69%
ASMT INVESCO
EQUITY INCOME PORTFOLIO:
- ------------------------------------
- ------------------------------------
04/30/99* $129,334 43% 0.90% 1.98%
10/31/98 63,450 70% 1.13% 2.11%
10/31/97(2) 6,503 46% 2.66% 2.39%
ASMT PIMCO TOTAL
RETURN BOND PORTFOLIO:
- ------------------------------------
- ------------------------------------
04/30/99* $119,297 70% 0.80% 5.66%
10/31/98 59,375 418% 1.07% 5.05%
10/31/97(2) 5,025 93% 2.22% 3.51%
ASMT JPM
MONEY MARKET PORTFOLIO:
- ------------------------------------
- ------------------------------------
04/30/99* $ 86,883 N/A 0.61% 4.29%
10/31/98 49,006 N/A 0.72% 4.69%
10/31/97(3) 1,995 N/A 3.91% 1.00%
</TABLE>
(1) Commenced operations on June 10, 1997.
(2) Commenced operations on June 18, 1997.
(3) Commenced operations on June 19, 1997.
(4) Annualized for periods less than one year.
* Unaudited.
See Notes to Financial Statements.
100
<PAGE> 104
AMERICAN SKANDIA MASTER TRUST
APRIL 30, 1999
(UNAUDITED)
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
American Skandia Master Trust (the "Trust") is an open-end management
investment company, registered under the Investment Company Act of 1940, as
amended. The Trust was organized on March 6, 1997 as a business trust under the
laws of the State of Delaware. The Trust operates as a series company and, at
April 30, 1999, consisted of five diversified portfolios: ASMT T. Rowe Price
International Equity Portfolio ("International Equity"), ASMT Janus Capital
Growth Portfolio ("Capital Growth"), ASMT INVESCO Equity Income Portfolio
("Equity Income"), ASMT PIMCO Total Return Bond Portfolio ("Total Return Bond"),
and ASMT JPM Money Market Portfolio ("Money Market") (each a "Portfolio" and
collectively the "Portfolios").
2. SIGNIFICANT ACCOUNTING POLICIES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The following is a summary of significant accounting policies followed by
the Trust, in conformity with generally accepted accounting principles, in the
preparation of its financial statements. The preparation of financial statements
requires management to make estimates and assumptions that affect the reported
amounts and disclosures in the financial statements. Actual results could differ
from those estimates.
SECURITY VALUATION -- Portfolio securities are valued at the close of trading on
the New York Stock Exchange. Equity securities are valued generally at the last
reported sales price on the securities exchange on which they are primarily
traded, or at the last reported sales price on the NASDAQ National Securities
Market. Securities not listed on an exchange or securities market, or securities
in which there were no transactions, are valued at the average of the most
recent bid and asked prices.
Debt securities are generally traded in the over-the-counter market and are
valued at a price deemed best to reflect fair value as quoted by dealers who
make markets in these securities or by an independent pricing service. Debt
securities of Money Market are valued at amortized cost, which approximates
market value. The amortized cost method values a security at its cost at the
time of purchase and thereafter assumes a constant amortization to maturity of
discount or premium. For Portfolios other than Money Market, debt securities
which mature in 60 days or less are valued at cost (or market value 60 days
prior to maturity), adjusted for amortization to maturity of any premium or
discount.
Securities for which market quotations are not readily available are valued
at fair value as determined in accordance with procedures adopted by the Board
of Trustees. As of April 30, 1999, there were no securities valued in accordance
with such procedures.
FOREIGN CURRENCY TRANSLATION -- Portfolio securities and other assets and
liabilities denominated in foreign currencies are converted each business day
into U.S. dollars based on the prevailing rates of exchange. Purchases and sales
of portfolio securities and income and expenses are converted into U.S. dollars
on the respective dates of such transactions.
Gains and losses resulting from changes in exchange rates applicable to
foreign securities are not reported separately from gains and losses arising
from movements in securities prices.
Net realized foreign exchange gains and losses include gains and losses
from sales and maturities of foreign currency exchange contracts, gains and
losses realized between the trade and settlement dates of foreign securities
transactions, and the difference between the amount of net investment income
accrued on foreign securities and the U.S. dollar amount actually received. Net
unrealized foreign exchange
101
<PAGE> 105
gains and losses include gains and losses from changes in the value of assets
and liabilities other than portfolio securities, resulting from changes in
exchange rates.
FOREIGN CURRENCY EXCHANGE CONTRACTS -- A foreign currency exchange contract
("FCEC") is a commitment to purchase or sell a specified amount of a foreign
currency at a specified future date, in exchange for either a specified amount
of another foreign currency or U.S. dollars.
FCECs are valued at the forward exchange rates applicable to the underlying
currencies, and changes in market value are recorded as unrealized gains and
losses until the contract settlement date.
Risks could arise from entering into FCECs if the counterparties to the
contracts were unable to meet the terms of their contracts. In addition, the use
of FCECs may not only hedge against losses on securities denominated in foreign
currency, but may also reduce potential gains on securities from favorable
movements in exchange rates.
FUTURES CONTRACTS AND OPTIONS -- A financial futures contract calls for delivery
of a particular security at a specified price and future date. The seller of the
contract agrees to make delivery of the type of security called for in the
contract and the buyer agrees to take delivery at a specified future date. Such
contracts require an initial margin deposit, in cash or cash equivalents, equal
to a certain percentage of the contract amount. Subsequent payments (variation
margin) are made or received by the Portfolio each day, depending on the daily
change in the value of the contract. Futures contracts are valued based on their
quoted daily settlement prices. Fluctuations in value are recorded as unrealized
gains and losses until such time that the contracts are terminated.
An option is a right to buy or sell a particular security at a specified
price within a limited period of time. The buyer of the option, in return for a
premium paid to the seller, has the right to buy (in the case of a call option)
or sell (in the case of a put option) the underlying security of the contract.
The premium received in cash from writing options is recorded as an asset with
an equal liability that is adjusted to reflect the options' value. The premium
received from writing options which expire is recorded as realized gains. The
premium received from writing options which are exercised or closed is offset
against the proceeds or amount paid on the transaction to determine the realized
gain or loss. If a put option is exercised, the premium reduces the cost basis
of the security or currency purchased. Options are valued based on their quoted
daily settlement prices.
Risks could arise from entering into futures and written options
transactions from the potential inability of counterparties to meet the terms of
their contracts, the potential inability to enter into a closing transaction
because of an illiquid secondary market, and from unexpected movements in
interest or exchange rates or securities values.
REPURCHASE AGREEMENTS -- A repurchase agreement is a commitment to purchase
government securities from a seller who agrees to repurchase the securities at
an agreed-upon price and date. The excess of the resale price over the purchase
price determines the yield on the transaction. Under the terms of the agreement,
the market value, including accrued interest, of the government securities will
be at least equal to their repurchase price. Repurchase agreements are recorded
at cost, which, combined with accrued interest, approximates market value.
Repurchase agreements bear a risk of loss in the event that the seller
defaults on its obligation to repurchase the securities. In such case, the
Portfolio may be delayed or prevented from exercising its right to dispose of
the securities.
102
<PAGE> 106
AMERICAN SKANDIA MASTER TRUST
DEFERRED ORGANIZATION COSTS -- The Trust bears all costs in connection with its
organization. All such costs are amortized on a straight-line basis over a
five-year period beginning on the date of the commencement of operations.
INVESTMENT TRANSACTIONS AND INVESTMENT INCOME -- Securities transactions are
accounted for on the trade date. Realized gains and losses from securities sold
are recognized on the specific identification basis. Dividend income is recorded
on the ex-dividend date. Corporate actions, including dividends, on foreign
securities are recorded on the ex-dividend date or, if such information is not
available, as soon as reliable information is available from the Trust's
sources. Interest income is recorded on the accrual basis and includes the
accretion of discount and amortization of premium.
3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Portfolios have entered into investment management agreements with
American Skandia Investment Services, Inc. ("Investment Manager") which provide
that the Investment Manager will furnish each Portfolio with investment advice
and investment management and administrative services. The Investment Manager
has engaged the following firms as Sub-advisors for their respective Portfolios:
Rowe Price-Fleming International, Inc., a United Kingdom Corporation, for
International Equity; Janus Capital Corporation for Capital Growth; INVESCO
Funds Group, Inc. for Equity Income; Pacific Investment Management Co. for Total
Return Bond; and J. P. Morgan Investment Management Inc. for Money Market.
The Investment Manager receives a fee, computed daily and paid monthly,
based on an annual rate of 1.00%, 1.00%, .75%, .65%, and .50% of the average
daily net assets of the International Equity, Capital Growth, Equity Income,
Total Return Bond, and Money Market Portfolios, respectively.
The Investment Manager pays each Sub-advisor a fee, computed daily and paid
monthly, based on an annual rate of .75%, .45%, .35%, .25%, and .15% of the
average daily net assets of the International Equity, Capital Growth, Equity
Income, Total Return Bond, and Money Market Portfolios, respectively. The
Sub-advisors for International Equity and Money Market are currently voluntarily
waiving a portion their fee payable by the Investment Manager. The annual rates
of the fees payable to the Sub-advisors for International Equity and Money
Market are reduced for Portfolio net assets in excess of specified levels.
Certain officers and Trustees of the Trust are officers or directors of the
Investment Manager. The Trust pays no compensation directly to its officers or
interested Trustees.
4. TAX MATTERS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Portfolios will be treated as partnerships for federal income tax
purposes. Accordingly, each investor in the Portfolios will be allocated its
share of net investment income and realized and unrealized gains and losses from
investment transactions. It is intended that the Portfolios will be managed in
such a way that an investor will be able to satisfy the requirements of the
Internal Revenue Code applicable to regulated investment companies.
103
<PAGE> 107
5. PORTFOLIO SECURITIES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Purchases and sales of securities, other than U.S. government securities
and short-term obligations, during the six months ended April 30, 1999, were as
follows:
<TABLE>
<CAPTION>
PURCHASES SALES
------------ --------------
<S> <C> <C> <C> <C>
International Equity $ 6,466,303 $ 2,142,753
Capital Growth 475,896,356 23,181,924
Equity Income 76,612,997 34,895,181
Total Return Bond 95,502,598 40,127,631
</TABLE>
Purchases and sales of U.S. government securities, during the six months
ended April 30, 1999, were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
------------ --------------
<S> <C> <C> <C> <C>
Equity Income $ 7,565,293 $ 2,365,275
Total Return Bond 32,389,511 22,947,793
</TABLE>
At April 30, 1999, the cost and unrealized appreciation or depreciation in
value of the investments owned by the Portfolios, for federal income tax
purposes, were as follows:
<TABLE>
<CAPTION>
NET
GROSS GROSS UNREALIZED
AGGREGATE UNREALIZED UNREALIZED APPRECIATION
COST APPRECIATION DEPRECIATION (DEPRECIATION)
------------ ------------ ------------ --------------
<S> <C> <C> <C> <C>
International Equity $ 18,920,258 $ 2,773,438 $ 483,586 $ 2,289,852
Capital Growth 689,834,362 122,296,963 3,969,894 118,327,069
Equity Income 111,814,661 16,477,691 2,386,175 14,091,516
Total Return Bond 138,313,025 948,363 1,529,684 (581,321)
Money Market 83,644,121 -- -- --
</TABLE>
6. WRITTEN OPTIONS TRANSACTIONS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Written options transactions, during the six months ended April 30, 1999,
were as follows:
<TABLE>
<CAPTION>
TOTAL RETURN BOND
-----------------------
NUMBER OF
CONTRACTS PREMIUM
--------- --------
<S> <C> <C>
Balance at beginning of period -- $ --
Written 366 99,174
Expired (235) (42,019)
Exercised -- --
Closed -- --
---- --------
Balance at end of period 131 $ 57,155
==== ========
</TABLE>
At April 30, 1999, Total Return Bond had sufficient cash and/or securities
at least equal to the value of written options.
104
<PAGE> 108
Board of Directors
Gordon C. Boronow
Jan R. Carendi
David E. A. Carson
Julian A. Lerner
Thomas M. Mazzaferro
Thomas M. O'Brien
F. Don Schwartz
[STAR GRAPHIC]
Investment Manager
American Skandia Investment Services, Incorporated
Shelton, CT 06484
Distributor
American Skandia Marketing, Incorporated
Shelton, CT 06484
Transfer Agent
Boston Financial Data Services, Inc.
Quincy, MA 02171
Administrator
PFPC Inc.
Wilmington, DE 19809
Independent Accountants
PricewaterhouseCoopers LLP
Philadelphia, PA 19103
Custodian
FOR DOMESTIC SECURITIES OF FUNDS AND PORTFOLIOS INVESTING PRIMARILY IN DOMESTIC
SECURITIES:
PNC Bank
Philadelphia, PA 19113
CO-CUSTODIAN FOR FOREIGN SECURITIES OF FUNDS AND PORTFOLIOS INVESTING PRIMARILY
IN DOMESTIC SECURITIES AND CUSTODIAN FOR FUNDS AND PORTFOLIOS INVESTING
PRIMARILY IN FOREIGN SECURITIES:
Morgan Stanley Trust Company
New York, NY 11201
Legal Counsel
Werner & Kennedy
New York, NY 10019
<PAGE> 109
Shares of the American Skandia Advisor Funds are:
- - not deposits or obligations of, or guaranteed or endorsed by, any bank
institution;
- - not federally insured by the Federal Deposit Insurance Corporation (FDIC),
the Federal Reserve Board, or any other government agency;
- - subject to investment risk, including the possible loss of the principal
amount invested.
The report and the financial statements contained herein are submitted for the
general information of the shareholders of the Funds. This report is not
authorized for distribution to prospective investors in a Fund unless preceded
or accompanied by a current prospectus.
For more information, including a prospectus, contact American Skandia
Marketing, Incorporated.
One Corporate Drive
P.O. Box 883
Shelton, CT 06484
Telephone: 800-752-6342 (800-SKANDIA)
Website: www.americanskandia.com
LIT CODE: (ASAFSEMI0499)
