American Skandia Advisor Funds, Inc.
Supplement dated July 23, 1999 to the Prospectus dated March 1, 1999
ASAF Oppenheimer Large-Cap Growth Fund
Bruce L. Bartlett has replaced Robert C. Doll, Jr. as the portfolio
manager for the ASAF Oppenheimer Large-Cap Growth Fund (the "Fund").
Accordingly, the section of the prospectus entitled "Management of the Trust --
Sub-advisors -- OppenheimerFunds, Inc." (on page 60) is revised by deleting the
second paragraph and replacing it with the following:
Bruce L. Bartlett, CFA has been the portfolio manager responsible for
management of the Fund since July 1999. Mr. Bartlett is a Senior Vice
President for OppenheimerFunds who joined OppenheimerFunds in June
1995. Previously, Mr. Bartlett was a Vice President and Senior
Portfolio Manager at First of America Investment Corporation.
In addition, the new portfolio manager for the Fund desires to have the
flexibility to engage in certain options and forward contract transactions.
Accordingly, the section of the prospectus entitled "Investment Programs of the
Funds -- ASAF Oppenheimer Large-Cap Growth Fund -- Other Investments" (on page
31) is deleted and replaced with the following:
Other Investments:
While the Sub-advisor will invest the Fund's assets primarily in
domestic equity securities, it also may invest in other types of
securities and employ special investment techniques. The Fund may
purchase securities of foreign companies or governments, including
those in developing countries. The Fund may buy and sell futures
contracts, forward foreign currency contracts and put and call options
on securities, currencies, futures contracts and broadly-based
securities indices. The Fund may use these instruments to hedge the
Fund against price fluctuations or to increase its exposure to the
market, but not for speculative purposes. The Fund currently does not
use these instruments extensively. In addition to options, futures
contracts and forward contracts, the Fund may invest in specially
designed derivative instruments for hedging purposes or to seek
enhanced total return.
The Fund may invest a portion of its assets in cash, cash equivalents
and U.S. Government securities for liquidity purposes, but will not
invest a significant portion of its assets in these instruments for
temporary defensive purposes. For additional information about these
investments and their risks, see this Prospectus under "Certain Risk
Factors and Investment Methods."
