EXHIBIT INDEX
EXHIBIT A:
Attachment to item 77D:
Policies with respect to security investments.
EXHIBIT B:
Attachment to item 77O:
Transactions effected pursuant to Rule 10f-3
EXHIBIT C:
Attachment to item 77Q1:
Exhibits
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EXHIBIT A:
Item 77D
The investment objective of the ASAF T. Rowe Price
International Equity Fund was changed to long-term growth of
capital. The prior objective was total return from growth
of capital and income.
Disclosure for the ASAF INVESCO Equity Income Fund was
revised to indicate that capital growth is an investment
objective of the Fund in addition to current income. The
disclosure for the Fund was revised so that 65% of its
assets will be invested in common and preferred stocks
rather than solely common stocks. Also, permissible
investment in equity securities that do not pay regular
dividends was increased to 30% from 10%. Disclosure was
removed that limited the Fund to investments only in
marketable common stocks and equity securities.
Disclosure was added to the ASAF PIMCO Total Return
Bond Fund to allow it to engage in short sales "against the
box."
The investment policies of the Registrant's series are
described in detail in the prospectus and Statement of
Additional Information for the Registrant included as part
of Post-Effective Amendment No. 11 to the Registrant's
registration statement filed on June 9, 2000.
EXHIBIT B:
Item 77O
On November 9, 1999, the ASAF American Century
Strategic Balanced Fund of the Registrant purchased 1,600
shares of United Parcel Service, Inc. common stock from
Morgan Stanley & Co., Inc. in an underwritten offering of
109,400,000 shares of such stock in which J.P. Morgan & Co.,
an affiliate of the Funds' sub-adviser, was a member of the
selling syndicate. The Funds purchased the security at the
public offering price of $50.00 per share.
On February 3, 2000, the ASAF Neuberger Berman Mid-Cap
Growth Fund of the Registrant purchased 300 shares of Dobson
Communications Corp. Class A common stock from Lehman
Brothers, Inc. in an underwritten offering of 25,000,000
shares of such stock in which Neuberger Berman, LLC, an
affiliate of the Funds' sub-adviser, was a member of the
selling syndicate. The Funds purchased the security at the
public offering price of $22.00 per share.
On February 7, 2000, the ASAF American Century
Strategic Balanced Fund of the Registrant purchased 300
shares of Kerr-McGee Corporation common stock from Goldman
Sachs in an underwritten offering of 7,500,000 shares of
such stock in which J.P. Morgan & Co., an affiliate of the
Funds' sub-adviser, was a member of the selling syndicate.
The Funds purchased the security at the public offering
price of $50.06 per share.
At its April 18, 2000 and June 2, 2000 meetings, the
Registrant's Board of Directors made the determinations
required by rule 10f-3 under the Investment Company Act of
1940 for the transactions listed above based on information
with regard to compliance with rule 10f-3 and the
Registrant's rule 10f-3 procedures that was provided to it
by the Funds' Investment Manager, which in turn had been
provided to the Investment Manager by each Fund's Sub-
advisor.
EXHIBIT C:
Item 77 Q. 1
Articles Supplementary of Registrant dated February 16, 2000
is incorporated by reference to Exhibit a(8) of Post-
Effective Amendment No.10 to the Registrant's Registration
Statement filed on March 2, 2000.
The Investment Management Agreement between the Registrant
and American Skandia Investment Services, Incorporated with
respect to the ASAF Kemper Small-Cap Growth Fund is
incorporated by reference to Exhibit d(5) to Post-Effective
Amendment No. 9 to the Registrant's Registration Statement
filed on January 14, 2000.
The Sub-advisory Agreement between American Skandia
Investment Services, Incorporated and Scudder Kemper
Investments, Inc. with respect to the ASAF Kemper Small-Cap
Growth Fund is incorporated by reference to Exhibit d(25) to
Post-Effective Amendment No. 9 to the Registrant's
Registration Statement filed on January 14, 2000.
