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<PAGE> PAGE 13
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<PAGE> PAGE 17
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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008 B001201 A
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008 D011201 SHELTON
008 D021201 CT
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008 A001202 LORD ABBETT & CO.
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015 A001201 PFPC TRUST CO.
015 B001201 C
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<PAGE> PAGE 63
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015 A001203 BANKERS TRUST COMPANY
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<PAGE> PAGE 64
029 001200 Y
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050 001200 N
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<PAGE> PAGE 65
052 001200 N
053 A001200 Y
053 B001200 Y
053 C001200 N
054 A001200 Y
054 B001200 Y
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054 F001200 N
054 G001200 N
054 H001200 N
054 I001200 N
054 J001200 N
054 K001200 N
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054 M001200 N
054 N001200 N
054 O001200 Y
055 A001200 Y
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057 001200 N
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066 B001200 N
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066 D001200 N
066 E001200 Y
066 F001200 N
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<PAGE> PAGE 66
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 N
070 A021200 N
070 B011200 Y
070 B021200 N
070 C011200 Y
070 C021200 N
070 D011200 N
070 D021200 N
070 E011200 N
070 E021200 N
070 F011200 N
070 F021200 N
070 G011200 N
070 G021200 N
070 H011200 N
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
070 J021200 N
070 K011200 Y
070 K021200 Y
070 L011200 Y
070 L021200 N
070 M011200 Y
070 M021200 N
070 N011200 Y
070 N021200 N
070 O011200 Y
070 O021200 N
070 P011200 Y
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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008 A001301 AMERICAN SKANDIA INV. SERVICES, INC.
008 B001301 A
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<PAGE> PAGE 69
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<PAGE> PAGE 70
048 I021300 0.000
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048 K021300 0.000
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051 001300 N
052 001300 N
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053 C001300 N
054 A001300 Y
054 B001300 Y
054 C001300 Y
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054 E001300 N
054 F001300 N
054 G001300 N
054 H001300 N
054 I001300 N
054 J001300 N
054 K001300 N
054 L001300 Y
054 M001300 N
054 N001300 N
054 O001300 Y
055 A001300 N
055 B001300 N
056 001300 N
057 001300 N
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<PAGE> PAGE 71
066 A001300 Y
066 B001300 N
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066 D001300 N
066 E001300 N
066 F001300 N
066 G001300 N
067 001300 N
068 A001300 N
068 B001300 Y
069 001300 N
070 A011300 Y
070 A021300 N
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070 B021300 N
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070 C021300 N
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070 F021300 N
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070 G021300 N
070 H011300 Y
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 Y
070 K011300 Y
070 K021300 N
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070 L021300 Y
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070 M021300 Y
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<PAGE> PAGE 72
072 A001300 6
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<PAGE> PAGE 73
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008 A001401 AMERICAN SKANDIA INV. SERVICES, INC.
008 B001401 A
008 C001401 801-040532
008 D011401 SHELTON
008 D021401 CT
008 D031401 06484
008 A001402 MARSICO CAPITAL MANAGEMENT, LLC
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015 A001401 PFPC TRUST CO.
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015 C031401 19113
015 E011401 X
015 A001402 THE CHASE MANHATTAN BANK CORP.
015 B001402 C
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015 E041402 X
015 A001403 BANKERS TRUST COMPANY
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<PAGE> PAGE 74
025 B001401 13-2633612
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<PAGE> PAGE 75
042 A001400 0
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054 A001400 Y
054 B001400 Y
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054 E001400 N
054 F001400 N
054 G001400 N
054 H001400 N
<PAGE> PAGE 76
054 I001400 N
054 J001400 N
054 K001400 N
054 L001400 Y
054 M001400 N
054 N001400 N
054 O001400 Y
055 A001400 N
055 B001400 N
056 001400 N
057 001400 N
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066 F001400 N
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068 A001400 N
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069 001400 N
070 A011400 Y
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<PAGE> PAGE 77
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070 G021400 N
070 H011400 Y
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 Y
070 J021400 N
070 K011400 Y
070 K021400 Y
070 L011400 Y
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070 M021400 N
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<PAGE> PAGE 78
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<PAGE> PAGE 79
008 B001501 A
008 C001501 801-040532
008 D011501 SHELTON
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008 D031501 06484
008 A001502 NEUBERGER & BERMAN MANAGEMENT, INC.
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015 A001501 PFPC TRUST CO.
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<PAGE> PAGE 80
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<PAGE> PAGE 81
048 B021500 0.000
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EXHIBIT INDEX
EXHIBIT A: Attachment to item 77C:
Submission of matters to a vote of security
holders
EXHIBIT B: Attachment to item 77D:
Policies with respect to security investments
EXHIBIT C: Attachment to item 77O:
Transactions effected pursuant to Rule 10f-3
EXHIBIT D: Attachment to item 77Q1:
Exhibits
- -------------------------------------------------------
EXHIBIT A:
Item 77C
I. A Special Meeting of the Shareholders of the
ASAF Janus Small-Cap Growth Fund (formerly, the
ASAF Founders Small Capitalization Fund) of the
Registrant was held on February 25, 1999 for the
following purpose:
To approve or disapprove a new Sub-
Advisory agreement between American Skandia
Investment Services, Incorporated and Janus
Capital Corporation regarding investment
advice to the ASAF Janus Small-Cap Growth
Fund.
With regard to the resolution approving
the Sub-Advisory Agreement between American
Skandia Investment Services, Incorporated and
Janus Capital Corporation regarding investment
advice to the ASAF Janus Small-Cap Growth
Fund:
719,753.203 shares were voted for,
4,712.705 shares were voted against, and
33,629.377 shares abstained.
II. A Special Meeting of the Shareholders of the
ASAF Oppenheimer Large-Cap Growth Fund (formerly,
the ASAF Robertson Stephens Value + Growth Fund)
of the Registrant was held on February 25, 1999
for the following purpose:
To approve or disapprove a new Sub-
Advisory agreement between American Skandia
Investment Services, Incorporated and
OppenheimerFunds, Inc. regarding investment
advice to the ASAF Robertson Stephens Value +
Growth Fund.
With regard to the resolution approving
the Sub-Advisory Agreement between American
Skandia Investment Services, Incorporated and
OppenheimerFunds, Inc. regarding investment
advice to the ASAF Oppenheimer Large-Cap
Growth Fund:
1,108,540.599 shares were voted for,
1,518.185 shares were voted against, and
52,996.270 shares abstained.
III. A Special Meeting of the Shareholders of the
ASAF Marsico Capital Growth Fund of the Registrant
was held on February 5, 1999 for the following
purpose:
To approve or disapprove a new Sub-
Advisory agreement between American Skandia
Investment Services, Incorporated and Marsico
Capital Management, LLC regarding investment
advice to the ASAF Marsico Capital Growth
Fund.
With regard to the resolution approving
the Sub-Advisory Agreement between American
Skandia Investment Services, Incorporated and
Marsico Capital Management, LLC regarding
investment advice to the ASAF Marsico Capital
Growth Fund:
4,331,399.783 shares were voted for,
13,357.738 shares were voted against,and
94,650.315 shares abstained.
EXHIBIT B:
Item 77D
A number of changes to the investment policies
of the Registrant's various Funds, including the
deletion of certain percentage limitations on
particular types of investments made by the Funds,
were made in connection with the simplification of
the Registrant's prospectus as required by amended
Form N-1A. These changes generally were not
intended to result in any change to the actual
management of the Funds. In addition, in
connection with a change in portfolio managers for
the Fund, the investment policies of the ASAF
American Century Strategic Balanced Fund of the
Registrant were revised to reflect the management
of the equity portion of the Fund under a more
quantitative approach than was utilized by the
previous managers. The current investment
policies of the Registrant's Funds are described
in detail in the prospectus and Statement of
Additional Information for the Registrant included
as part of Post-Effective Amendment No. 6 to the
Registrant's registration statement filed on
February 26, 1999.
EXHIBIT C:
Item 77O
On November 10, 1998, the ASAF Neuberger
Berman Mid-Cap Value Fund of the Registrant
purchased 3,000 shares of Fox Entertainment Group,
Inc. Class A stock from Merrill Lynch, Pierce,
Fenner & Smith Incorporated in an underwritten
offering of 124,800,000 shares of such stock in
which Neuberger Berman, LLC, an affiliate of the
Fund's sub-adviser, was a member of the selling
syndicate. The Fund purchased the security at the
public offering price of $22.50 per share.
Also on November 10, 1998, the ASAF Marsico
Capital Growth Fund of the Registrant purchased
64,000 shares of Fox Entertainment Group, Inc.
Class A stock from Merrill Lynch, Pierce, Fenner &
Smith Incorporated in an underwritten offering of
124,800,000 shares of such stock in which
NationsBanc Montgomery Securities LLC, an
affiliate of the Fund's sub-adviser, was a member
of the selling syndicate. The Fund purchased the
security at the public offering price of $22.50
per share.
On November 9, 1998, the ASAF American Century
Strategic Balanced Fund purchased $100,000 par
value of Toyota Motor Credit Corporation's
corporate obligations from Morgan Stanley in an
underwritten offering of $1,000,000,000 in which
J.P. Morgan Securities, Inc., an affiliate of the
Fund's sub-adviser, was a member of the selling
syndicate. In addition to Morgan Stanley and J.P.
Morgan Securities, Inc., the underwriting
syndicate also consisted of Warburg Dillon Read,
Nomura Securities, Barclays Capital, Credit Suisse
First Boston, ING Barings, Lehman, Smith Barney,
Bear, Stearns, Goldman, J. P. Morgan, and Merrill
Lynch, Pierce, Fenner & Smith Incorporated. The
Fund purchased the security at the public offering
price.
Information provided by the Funds' Investment
Manager to the Registrant's Board of Directors
prior to and at the April 21, 1999 meeting of the
Board of Directors contained information regarding
these transactions through which the Board could
make the determination required by paragraph
(h)(3) of rule 10f-3 under the Investment Company
Act. The information in the Investment Manager's
report in turn was based on reports provided to
the Investment Manager by the Funds' Sub-advisors.
EXHIBIT D:
Item 77 Q. 1
Articles Supplementary of Registrant dated
December 18, 1998 is incorporated by reference to
Exhibit (a)(6) of Post-Effective Amendment No. 5
to the Registrant's Registration Statement filed
on December 31, 1998.
The Investment Management Agreement between the
Registrant and American Skandia Investment
Services, Incorporated with respect to the ASAF
Janus Small-Cap Growth Fund is incorporated by
reference to Exhibit (d)(3) of Post-Effective
Amendment No. 5 to the Registrant's Registration
Statement filed on December 31, 1998.
The Investment Management Agreement between the
Registrant and American Skandia Investment
Services, Incorporated with respect to the ASAF
Oppenheimer Large-Cap Growth Fund is incorporated
by reference to Exhibit (d)(7) of Post-Effective
Amendment No. 5 to the Registrant's Registration
Statement filed on December 31, 1998.
The Sub-advisory Agreement between the American
Skandia Investment Services, Incorporated and
Janus Capital Corporation with respect to the ASAF
Janus Small-Cap Growth Fund is incorporated by
reference to Exhibit (d)(14) of Post-Effective
Amendment No. 5 to the Registrant's Registration
Statement filed on December 31, 1998.
The Sub-advisory Agreement between the American
Skandia Investment Services, Incorporated and
OppenheimerFunds, Inc. with respect to the ASAF
Oppenheimer Large-Cap Growth Fund is incorporated
by reference to Exhibit (d)(18) of Post-Effective
Amendment No. 6 to the Registrant's Registration
Statement filed on February 6, 1999.
The Sub-advisory Agreement between the American
Skandia Investment Services, Incorporated and
Marsico Capital Management, LLC with respect to
the ASAF Capital Growth Fund is attached to this
filing.(below)
AMERICAN SKANDIA ADVISOR FUNDS, INC.
SUB-ADVISORY AGREEMENT
THIS AGREEMENT is between American Skandia
Investment Services, Incorporated (the "Investment
Manager") and Marsico Capital Management, LLC
(the "Sub-Adviser").
W I T N E S S E T H
WHEREAS, American Skandia Advisor Funds, Inc. (the
"Company") is a Maryland corporation organized
with one or more series of shares and is
registered as an open-end management investment
company under the Investment Company Act of 1940,
as amended (the "ICA"); and
WHEREAS, the Investment Manager and the Sub-
Adviser each is an investment adviser registered
under the Investment Advisers Act of 1940, as
amended (the "Advisers Act"); and
WHEREAS, the Board of Directors of the Company
(the "Directors") have engaged the Investment
Manager to act as investment manager for the ASAF
Marsico Capital Growth Fund (the "Fund"), one
series of the Company, under the terms of a
management agreement, dated August 19, 1998, with
the Company (the "Management Agreement"); and
WHEREAS, the Investment Manager, acting pursuant
to the Management Agreement, wishes to engage the
Sub-Adviser, and the Directors have approved the
engagement of the Sub-Adviser, to provide
investment advice and other investment services
set forth below.
NOW, THEREFORE, the Investment Manager and the
Sub-Adviser agree as follows:
1. Investment Services. The Sub-Adviser will
formulate and implement a continuous investment
program for the Fund conforming to the investment
objective, investment policies and restrictions of
the Fund as set forth in the Prospectus and
Statement of Additional Information of the Company
as in effect from time to time (together, the
"Registration Statement"), the Articles of
Incorporation and By-laws of the Company, and any
investment guidelines or other instructions
received by the Sub-Adviser in writing from the
Investment Manager from time to time. Any
amendments to the foregoing documents will not be
deemed effective with respect to the Sub-Adviser
until the Sub-Adviser's receipt thereof. The
appropriate officers and employees of the Sub-
Adviser will be available to consult with the
Investment Manager, the Company and the Directors
at reasonable times and upon reasonable notice
concerning the business of the Company, including
valuations of securities which are not registered
for public sale, not traded on any securities
market or otherwise may be deemed illiquid for
purposes of the ICA; provided it is understood
that the Sub-Adviser is not responsible for daily
pricing of the Fund's assets.
Subject to the supervision and control of the
Investment Manager, which in turn is subject to
the supervision and control of the Directors, the
Sub-Adviser in its discretion will determine which
issuers and securities will be purchased, held,
sold or exchanged by the Fund or otherwise
represented in the Fund's investment portfolio
from time to time and, subject to the provisions
of paragraph 3 of this Agreement, will place
orders with and give instructions to brokers,
dealers and others for all such transactions and
cause such transactions to be executed. Custody
of the Fund will be maintained by a custodian bank
(the "Custodian") and the Investment Manager will
authorize the Custodian to honor orders and
instructions by employees of the Sub-Adviser
designated by the Sub-Adviser to settle
transactions in respect of the Fund. No assets
may be withdrawn from the Fund other than for
settlement of transactions on behalf of the Fund
except upon the written authorization of
appropriate officers of the Company who shall have
been certified as such by proper authorities of
the Company prior to the withdrawal.
The Sub-Adviser will not be responsible for
the provision of administrative, bookkeeping or
accounting services to the Fund except as
specifically provided herein, as required by the
ICA or the Advisers Act or as may be necessary for
the Sub-Adviser to supply to the Investment
Manager, the Fund or the Fund's shareholders the
information required to be provided by the Sub-
Adviser hereunder. Any records maintained
hereunder shall be the property of the Fund and
surrendered promptly upon request.
In furnishing the services under this
Agreement, the Sub-Adviser will comply with and
use its best efforts to enable the Fund to conform
to the requirements of: (i) the ICA and the
regulations promulgated thereunder; (ii)
Subchapter M of the Internal Revenue Code and the
regulations promulgated thereunder; (iii) other
applicable provisions of state or federal law;
(iv) the Articles of Incorporation and By-laws of
the Company; (v) policies and determinations of
the Company and the Investment Manager provided to
the Sub-Adviser in writing; (vi) the fundamental
and non-fundamental investment policies and
restrictions applicable to the Fund, as set out in
the Registration Statement of the Company in
effect, or as such investment policies and
restrictions from time to time may be amended by
the Fund's shareholders or the Directors and
communicated to the Sub-Adviser in writing; (vii)
the Registration Statement; and (viii) investment
guidelines or other instructions received in
writing from the Investment Manager.
Notwithstanding the foregoing, the Sub-Adviser
shall have no responsibility to monitor compliance
with limitations or restrictions for which
information from the Investment Manager or its
authorized agents is required to enable the Sub-
Adviser to monitor compliance with such
limitations or restrictions unless such
information is provided to the Sub-adviser in
writing. The Sub-Adviser shall supervise and
monitor the activities of its representatives,
personnel and agents in connection with the
investment program of the Fund.
Nothing in this Agreement shall be implied to
prevent the Investment Manager from engaging other
sub-advisers to provide investment advice and
other services to the Fund or to series or
portfolios of the Company for which the Sub-
Adviser does not provide such services, or to
prevent the Investment Manager from providing such
services itself in relation to the Fund or such
other series or portfolios.
The Sub-Adviser shall be responsible for the
preparation and filing of Schedule 13-G and Form
13-F on behalf of the Fund. The Sub-Adviser shall
not be responsible for the preparation or filing
of any other reports required of the Fund by any
governmental or regulatory agency, except as
expressly agreed in writing.
2. Investment Advisory Facilities. The Sub-
Adviser, at its expense, will furnish all
necessary investment facilities, including
salaries of personnel, required for it to execute
its duties hereunder.
3. Execution of Fund Transactions. In connection
with the investment and reinvestment of the assets
of the Fund, the Sub-Adviser is responsible for
the selection of broker-dealers to execute
purchase and sale transactions for the Fund in
conformity with the policy regarding brokerage as
set forth in the Registration Statement, or as the
Directors may determine from time to time, as well
as the negotiation of brokerage commission rates
with such executing broker-dealers. Generally,
the Sub-Adviser's primary consideration in placing
Fund investment transactions with broker-dealers
for execution will be to obtain, and maintain the
availability of, best execution at the best
available price.
Consistent with this policy, the Sub-Adviser,
in selecting broker-dealers and negotiating
brokerage commission rates, will take all relevant
factors into consideration, including, but not
limited to: the best price available; the
reliability, integrity and financial condition of
the broker-dealer; the size of and difficulty in
executing the order; and the value of the expected
contribution of the broker-dealer to the
investment performance of the Fund on a continuing
basis. Subject to such policies and procedures as
the Directors may determine, the Sub-Adviser shall
have discretion to effect investment transactions
for the Fund through broker-dealers (including, to
the extent permissible under applicable law,
broker-dealers affiliated with the Sub-Adviser)
qualified to obtain best execution of such
transactions who provide brokerage and/or research
services, as such services are defined in section
28(e) of the Securities Exchange Act of 1934, as
amended (the "1934 Act"), and to cause the Fund to
pay any such broker-dealers an amount of
commission for effecting a portfolio investment
transaction in excess of the amount of commission
another broker-dealer would have charged for
effecting that transaction, if the Sub-Adviser
determines in good faith that such amount of
commission is reasonable in relation to the value
of the brokerage or research services provided by
such broker-dealer, viewed in terms of either that
particular investment transaction or the Sub-
Adviser's overall responsibilities with respect to
the Fund and other accounts as to which the Sub-
Adviser exercises investment discretion (as such
term is defined in section 3(a)(35) of the 1934
Act). Allocation of orders placed by the Sub-
Adviser on behalf of the Fund to such broker-
dealers shall be in such amounts and proportions
as the Sub-Adviser shall determine in good faith
in conformity with its responsibilities under
applicable laws, rules and regulations. The Sub-
Adviser will submit reports on such allocations to
the Investment Manager regularly as requested by
the Investment Manager, in such form as may be
mutually agreed to by the parties hereto,
indicating the broker-dealers to whom such
allocations have been made and the basis therefor.
Subject to the foregoing provisions of this
paragraph 3, the Sub-Adviser may also consider
sales of shares of the Fund, or may consider
recommendations of the Investment Manager that
takes such sales into account, as factors in the
selection of broker-dealers to effect the Fund's
investment transactions. Notwithstanding the
above, nothing shall require the Sub-Adviser to
use a broker-dealer which provides research
services or to use a particular broker-dealer
which the Investment Manager has recommended.
4. Reports by the Sub-Adviser. The Sub-Adviser
shall furnish the Investment Manager monthly,
quarterly and annual reports, in such form as may
be mutually agreed to by the parties hereto,
concerning transactions and performance of the
Fund, including information required in the
Registration Statement or information necessary
for the Investment Manager to review the Fund or
discuss the management of it. The Sub-Adviser
shall permit the books and records maintained with
respect to the Fund to be inspected and audited by
the Company, the Investment Manager or their
respective agents at all reasonable times during
normal business hours upon reasonable notice. The
Sub-Adviser shall immediately notify both the
Investment Manager and the Company of any legal
process served upon it in connection with its
activities hereunder, including any legal process
served upon it on behalf of the Investment
Manager, the Fund or the Company. The Sub-Adviser
shall promptly notify the Investment Manager of
any changes in any information regarding the Sub-
Adviser or the investment program for the Fund as
described in the Registration Statement.
5. Compensation of the Sub-Adviser. The amount
of the compensation to the Sub-Adviser is computed
at an annual rate. The fee shall be payable
monthly in arrears, based on the average daily net
assets of the Fund for each month, at the annual
rate set forth in Exhibit A to this Agreement.
In computing the fee to be paid to the Sub-
Adviser, the net asset value of the Fund shall be
valued as set forth in the Registration Statement.
If this Agreement is terminated, the payment
described herein shall be prorated to the date of
termination.
The Investment Manager and the Sub-Adviser
shall not be considered as partners or
participants in a joint venture. The Sub-Adviser
will pay its own expenses for the services to be
provided pursuant to this Agreement and will not
be obligated to pay any expenses of the Investment
Manager, the Fund or the Company. Except as
otherwise specifically provided herein, the
Investment Manager, the Fund and the Company will
not be obligated to pay any expenses of the Sub-
Adviser.
6. Delivery of Documents to the Sub-Adviser. The
Investment Manager has furnished the Sub-Adviser
with true, correct and complete copies of each of
the following documents:
(a) The Articles of Incorporation of the
Company, as in effect on the date hereof;
(b) The By-laws of the Company, as in effect
on the date hereof;
(c) The resolutions of the Directors approving
the engagement of the Sub-Adviser as
portfolio manager of the Fund and
approving the form of this Agreement;
(d) The resolutions of the Directors selecting
the Investment Manager as investment
manager to the Fund and approving the form
of the Management Agreement;
(e) The Management Agreement;
(f) The Code of Ethics of the Company and of
the Investment Manager, as in effect on
the date hereof;
(g) The most recent Registration Statement;
(h) The Investment Manager's Form ADV as filed
with the Securities and Exchange
Commission as of the date hereof; and
(i) A list of companies the securities of
which are not to be bought or sold for the
Fund.
The Investment Manager will furnish the Sub-
Adviser from time to time with copies, properly
certified or otherwise authenticated, of all
amendments of or supplements to the foregoing, if
any. Such amendments or supplements as to items
(a) through (h) above will be provided within 30
days of the time such materials become available
to the Investment Manager. Such amendments or
supplements as to item (i) above will be provided
not later than the end of the business day next
following the date such amendments or supplements
become known to the Investment Manager. Any
amendments or supplements to the foregoing will
not be deemed effective with respect to the Sub-
Adviser until the Sub-Adviser's receipt thereof.
The Investment Manager will provide such
additional information as the Sub-Adviser may
reasonably request in connection with the
performance of its duties hereunder.
7. Delivery of Documents to the Investment
Manager. The Sub-Adviser has furnished the
Investment Manager with true, correct and complete
copies of each of the following documents:
(a) The Sub-Adviser's Form ADV as filed with
the Securities and Exchange Commission as
of the date hereof;
(b) The Sub-Adviser's most recent balance
sheet;
(c) Separate lists of persons who the Sub-
Adviser wishes to have authorized to give
written and/or oral instructions to
Custodians of Company assets for the Fund;
and
(d) The Code of Ethics of the Sub-Adviser, as
in effect on the date hereof.
The Sub-Adviser will furnish the Investment
Manager from time to time with copies, properly
certified or otherwise authenticated, of all
amendments of or supplements to the foregoing, if
any. Such amendments or supplements will be
provided within 30 days of the time such materials
become available to the Sub-Adviser. Any
amendments or supplements to the foregoing will
not be deemed effective with respect to the
Investment Manager until the Investment Manager's
receipt thereof. The Sub-Adviser will provide
additional information as the Investment Manager
may reasonably request in connection with the Sub-
Adviser's performance of its duties under this
Agreement.
8. Confidential Treatment. The parties hereto
understand that any information or recommendation
supplied by the Sub-Adviser in connection with the
performance of its obligations hereunder is to be
regarded as confidential and for use only by the
Investment Manager, the Company or such persons
the Investment Manager may designate in connection
with the Fund. The parties also understand that
any information supplied to the Sub-Adviser in
connection with the performance of its obligations
hereunder, particularly, but not limited to, any
list of securities which may not be bought or sold
for the Fund, is to be regarded as confidential
and for use only by the Sub-Adviser in connection
with its obligation to provide investment advice
and other services to the Fund.
9. Representations of the Parties. Each party
hereto hereby further represents and warrants to
the other that: (i) it is registered as an
investment adviser under the Advisers Act and is
registered or licensed as an investment adviser
under the laws of all jurisdictions in which its
activities require it to be so registered or
licensed; and (ii) it will use its reasonable best
efforts to maintain each such registration or
license in effect at all times during the term of
this Agreement; and (iii) it will promptly notify
the other if it ceases to be so registered, if its
registration is suspended for any reason, or if it
is notified by any regulatory organization or
court of competent jurisdiction that it should
show cause why its registration should not be
suspended or terminated; and (iv) it is duly
authorized to enter into this Agreement and to
perform its obligations hereunder.
The Sub-Adviser further represents that it has
adopted a written Code of Ethics in compliance
with Rule 17j-1(b) of the ICA. The Sub-Adviser
shall be subject to such Code of Ethics, and shall
not be subject to any other Code of Ethics,
including the Investment Manager's Code of Ethics,
unless specifically adopted by the Sub-Adviser.
The Investment Manager further represents and
warrants to the Sub-Adviser that (i) the
appointment of the Sub-Adviser by the Investment
Manager has been duly authorized and (ii) it has
acted and will continue to act in connection with
the transactions contemplated hereby, and the
transactions contemplated hereby are, in
conformity with the ICA, the Company's governing
documents and other applicable law.
10. Liability. In the absence of willful
misfeasance, bad faith, gross negligence or
reckless disregard for its obligations hereunder,
the Sub-Adviser shall not be liable to the
Company, the Fund, the Fund's shareholders or the
Investment Manager for any act or omission
resulting in any loss suffered by the Company, the
Fund, the Fund's shareholders or the Investment
Manager in connection with any service to be
provided herein. The Federal laws impose
responsibilities under certain circumstances on
persons who act in good faith, and therefore,
nothing herein shall in any way constitute a
waiver or limitation of any rights which the
Company, the Fund or the Investment Manager may
have under applicable law.
11. Other Activities of the Sub-Adviser. The
Investment Manager agrees that the Sub-Adviser and
any of its partners or employees, and persons
affiliated with the Sub-Adviser or with any such
partner or employee, may render investment
management or advisory services to other investors
and institutions, and that such investors and
institutions may own, purchase or sell, securities
or other interests in property that are the same
as, similar to, or different from those which are
selected for purchase, holding or sale for the
Fund. The Investment Manager further acknowledges
that the Sub-Adviser shall be in all respects free
to take action with respect to investments in
securities or other interests in property that are
the same as, similar to, or different from those
selected for purchase, holding or sale for the
Fund. The Investment Manager understands that the
Sub-Adviser shall not favor or disfavor any of the
Sub-Adviser's clients or class of clients in the
allocation of investment opportunities, so that to
the extent practical, such opportunities will be
allocated among the Sub-Adviser's clients over a
period of time on a fair and equitable basis.
Nothing in this Agreement shall impose upon the
Sub-Adviser any obligation (i) to purchase or
sell, or recommend for purchase or sale, for the
Fund any security which the Sub-Adviser, its
partners, affiliates or employees may purchase or
sell for the Sub-Adviser or such partner's,
affiliate's or employee's own accounts or for the
account of any other client of the Sub-Adviser,
advisory or otherwise, or (ii) to abstain from the
purchase or sale of any security for the Sub-
Adviser's other clients, advisory or otherwise,
which the Investment Manager has placed on the
list provided pursuant to paragraph 6(i) of this
Agreement.
12. Continuance and Termination. This Agreement
shall remain in full force and effect for one year
from the date hereof, and is renewable annually
thereafter by specific approval of the Directors
or by vote of a majority of the outstanding voting
securities of the Fund. Any such renewal shall be
approved by the vote of a majority of the
Directors who are not interested persons under the
ICA, cast in person at a meeting called for the
purpose of voting on such renewal. This Agreement
may be terminated without penalty at any time by
the Investment Manager or the Sub-Adviser upon 60
days written notice, and will automatically
terminate in the event of (i) its "assignment" by
either party to this Agreement, as such term is
defined in the ICA, subject to such exemptions as
may be granted by the Securities and Exchange
Commission by rule, regulation or order, or (ii)
upon termination of the Management Agreement,
provided the Sub-Adviser has received prior
written notice thereof.
13. Notification. The Sub-Adviser will notify the
Investment Manager within a reasonable time of any
change in the personnel of the Sub-Adviser with
responsibility for making investment decisions in
relation to the Fund (the "Portfolio Manager(s)")
or who have been authorized to give instructions
to the Custodian. The Sub-adviser shall be
responsible for reasonable out-of-pocket costs and
expenses incurred by the Investment Manager, the
Fund or the Company to amend or supplement the
Company's prospectus to reflect a change in
Portfolio Manager(s) or otherwise to comply with
the ICA, the Securities Act of 1933, as amended
(the "1933 Act") or any other applicable statute,
law, rule or regulation, as a result of such
change; provided, however, that the Sub-Adviser
shall not be responsible for such costs and
expenses where the change in Portfolio Manager(s)
reflects the termination of employment of the
Portfolio Manager(s) with the Sub-Adviser and its
affiliates or is the result of a request by the
Investment Manager or is due to other
circumstances beyond the Sub-Adviser's control.
Any notice, instruction or other communication
required or contemplated by this Agreement shall
be in writing. All such communications shall be
addressed to the recipient at the address set
forth below, provided that either party may, by
notice, designate a different recipient and/or
address for such party.
Investment Manager:
American Skandia Investment Services, Incorporated
One Corporate Drive
Shelton, Connecticut 06484
Attention: John Birch
Senior Vice President & Chief Operating Officer
Sub-Adviser:
Marsico Capital Management, LLC
1200 17th Street
Suite 1300
Denver, Colorado 80202
Attention: Barbara Japha, Esq.
Company:
American Skandia Advisor Funds, Inc.
One Corporate Drive
Shelton, Connecticut 06484
Attention: Eric C. Freed, Esq.
14. Indemnification. The Sub-Adviser agrees to
indemnify and hold harmless the Investment
Manager, any affiliated person within the meaning
of Section 2(a)(3) of the ICA ("affiliated
person") of the Investment Manager and each
person, if any who, within the meaning of Section
15 of the 1933 Act, controls ("controlling
person") the Investment Manager, against any and
all losses, claims, damages, liabilities or
litigation (including reasonable legal and other
expenses), to which the Investment Manager or such
affiliated person or controlling person of the
Investment Manager may become subject under the
1933 Act, the ICA, the Advisers Act, under any
other statute, law, rule or regulation at common
law or otherwise, arising out of the Sub-Adviser's
responsibilities hereunder (1) to the extent of
and as a result of the willful misconduct, bad
faith, or gross negligence by the Sub-Adviser, any
of the Sub-Adviser's employees or representatives
or any affiliate of or any person acting on behalf
of the Sub-Adviser, or (2) as a result of any
untrue statement or alleged untrue statement of a
material fact contained in the Registration
Statement, including any amendment thereof or any
supplement thereto, or the omission or alleged
omission to state therein a material fact required
to be stated therein or necessary to make the
statement therein not misleading, if such a
statement or omission was made in reliance upon
and in conformity with written information
furnished by the Sub-Adviser to the Investment
Manager, the Fund, the Company or any affiliated
person of the Investment Manager, the Fund or the
Company or upon verbal information confirmed by
the Sub-Adviser in writing, or (3) to the extent
of, and as a result of, the failure of the Sub-
Adviser to execute, or cause to be executed,
portfolio investment transactions according to the
requirements of the ICA; provided, however, that
in no case is the Sub-Adviser's indemnity in favor
of the Investment Manager or any affiliated person
or controlling person of the Investment Manager
deemed to protect such person against any
liability to which any such person would otherwise
be subject by reason of willful misconduct, bad
faith or gross negligence in the performance of
its duties or by reason of its reckless disregard
of its obligations and duties under this
Agreement.
The Investment Manager agrees to indemnify and
hold harmless the Sub-Adviser, any affiliated
person of the Sub-Adviser and each controlling
person of the Sub-Adviser, if any, against any and
all losses, claims, damages, liabilities or
litigation (including reasonable legal and other
expenses), to which the Sub-Adviser or such
affiliated person or controlling person of the
Sub-Adviser may become subject under the 1933 Act,
the ICA, the Advisers Act, under any other
statute, law, rule or regulation, at common law or
otherwise, arising out of the Investment Manager's
responsibilities as investment manager of the Fund
(1) to the extent of and as a result of the
willful misconduct, bad faith, or gross negligence
by the Investment Manager, any of the Investment
Manager's employees or representatives or any
affiliate of or any person acting on behalf of the
Investment Manager, or (2) as a result of any
untrue statement or alleged untrue statement of a
material fact contained in the Registration
Statement, including any amendment thereof or any
supplement thereto or the omission or alleged
omission to state therein a material fact required
to be stated therein or necessary to make the
statement therein not misleading, if such a
statement or omission was made other than in
reliance upon and in conformity with written
information furnished by the Sub-Adviser, or any
affiliated person of the Sub-Adviser or other than
upon verbal information confirmed by the Sub-
Adviser in writing; provided, however, that in no
case is the Investment Manager's indemnity in
favor of the Sub-Adviser or any affiliated person
or controlling person of the Sub-Adviser deemed to
protect such person against any liability to which
any such person would otherwise be subject by
reason of willful misconduct, bad faith or gross
negligence in the performance of its duties or by
reason of its reckless disregard of its
obligations and duties under this Agreement. It
is agreed that the Investment Manager's
indemnification obligations under this Section 14
will extend to expenses and costs (including
reasonable attorneys fees) incurred by the Sub-
Adviser as a result of any litigation brought by
the Investment Manager alleging the Sub-Adviser's
failure to perform its obligations and duties in
the manner required under this Agreement unless
judgment is rendered for the Investment Manager.
15. Conflict of Laws. The provisions of this
Agreement shall be subject to all applicable
statutes, laws, rules and regulations, including,
without limitation, the applicable provisions of
the ICA and rules and regulations promulgated
thereunder. To the extent that any provision
contained herein conflicts with any such
applicable provision of law or regulation, the
latter shall control. The terms and provisions of
this Agreement shall be interpreted and defined in
a manner consistent with the provisions and
definitions of the ICA. If any provision of this
Agreement shall be held or made invalid by a court
decision, statute, rule or otherwise, the
remainder of this Agreement shall continue in full
force and effect and shall not be affected by such
invalidity.
16. Amendments, Waivers, etc. Provisions of this
Agreement may be changed, waived, discharged or
terminated only by an instrument in writing signed
by the party against which enforcement of the
change, waiver, discharge or termination is
sought. This Agreement (including Exhibit A
hereto) may be amended at any time by written
mutual consent of the parties, subject to the
requirements of the ICA and rules and regulations
promulgated and orders granted thereunder.
17. Governing State Law. This Agreement is made
under, and shall be governed by and construed in
accordance with, the laws of the State of
Connecticut.
18. Severability. Each provision of this
Agreement is intended to be severable. If any
provision of this Agreement is held to be illegal
or made invalid by court decision, statute, rule
or otherwise, such illegality or invalidity will
not affect the validity or enforceability of the
remainder of this Agreement.
The effective date of this agreement is February
8, 1999.
FOR THE INVESTMENT MANAGER: FOR THE SUB-ADVISER:
______________________ ____________________
John Birch
Vice President
& Chief Operating Officer
Date:_________________ Date: _____________
Attest:_______________ Attest:_____________
