<PAGE> 1
American Skandia Advisor Funds, Inc.
SEMIANNUAL REPORT TO SHAREHOLDERS
April 30, 2000
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 ................................................. 58
AMERICAN SKANDIA MASTER TRUST
Schedules of Investments ............................................. 105
Financial Statements ................................................. 124
- 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 AIM International Equity Fund
- ASAF Bankers Trust Managed Index 500 Fund
- ASAF MFS Growth with Income Fund
- ASAF Kemper Small-Cap Growth 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
April 30, 2000
Dear Fellow Shareholder:
Investing for the long term has been a theme upon which American Skandia has
built its business. We work with the best financial professionals to help our
investors reach their long-term savings goals. Bringing you the best financial
products, with funds managed by a broad and diversified array of top-flight
money managers, is not only our business objective, it is our passion. We only
succeed as an organization if you succeed in reaching your long-term savings
goals. Providing you with the investment tools to engage in asset allocation and
diversification across asset classes and management styles has been the hallmark
of our success.
We have established investment breadth and selection as a cornerstone of the
American Skandia investment philosophy. Our continued commitment to you is to
seek to bring you choices from among the best in investment management. One of
our main objectives is to continue to monitor not only our current investment
options, but to continue to assess the enhancement of our investment offerings.
The American Skandia Advisor Funds have enjoyed substantial asset growth in the
first part of 2000. In four short months, the Funds have experienced nearly $2
billion in total sales. 2000 has also brought additions and changes to the
American Skandia Advisor Fund family.
On March 1, we added ASAF KEMPER SMALL-CAP GROWTH FUND to the family. On May 1,
we will implement four sub-advisory changes intended to strengthen our lineup.
The changes are:
- ASAF Bankers Trust Managed 500 Fund to ASAF MANAGED INDEX 500 FUND (managed by
Sanford Bernstein)
- ASAF Oppenheimer Large-Cap Growth Fund to ASAF ALLIANCE GROWTH FUND
- ASAF Lord Abbett Growth and Income Fund to ASAF ALLIANCE GROWTH AND INCOME
FUND
- ASAF T. Rowe Price International Equity Fund to ASAF AMERICAN CENTURY
INTERNATIONAL GROWTH FUND
We at American Skandia are committed to provide you and your financial advisor
with the best investment choice and selection to help you meet your long-term
savings goals.
As always, we appreciate your confidence and welcome any comments or questions
you may have.
Sincerely,
WADE A. DOKKEN SIGNATURE
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, 2000
(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
ASAF AIM INTERNATIONAL EQUITY FUND
ASAF BANKERS TRUST MANAGED INDEX 500 FUND
ASAF MFS GROWTH WITH INCOME FUND
ASAF KEMPER SMALL-CAP GROWTH FUND
1
<PAGE> 5
ASAF FOUNDERS INTERNATIONAL
SMALL CAPITALIZATION FUND
<TABLE>
<CAPTION>
-----------------------------------------------------
SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
FOREIGN STOCK -- 80.5%
AUSTRALIA -- 1.0%
AAPT Ltd.* 99,500 $ 397,703
IBA Technologies Ltd.
144A* 352,850 261,482
ISIS Communications
Ltd.* 679,600 341,035
Keycorp Ltd.* 24,325 124,196
M2M Corp. Ltd.* 44,825 7,847
Solutions Ltd.* 34,775 103,487
Sustainable
Technologies* 531,725 58,951
------------
1,294,701
------------
AUSTRIA -- 0.4%
Cybertron Telekon AG* 3,325 561,141
------------
BELGIUM -- 0.1%
Custom Silicon
Configuration
Services* 10,000 187,718
------------
BRAZIL -- 0.9%
Celular CRT
Participacoes SA* 750 282,635
Cia de Tran Paulsita* 44,450 170,218
Companhia Riograndense
de Tele Comunicacoes* 1,965 698,032
Empresa Paulista de
Transmisao de
Enegeria Electrica* 6,325 59,589
Siderurgica Bego
Mineira* 200 15,739
------------
1,226,213
------------
CANADA -- 1.2%
Burntsand Warrants*+ 23,188 111,115
Certicom Corp.* 4,575 233,125
NHC Communications,
Inc.* 2,200 11,804
NHC Communications,
Inc. Warrants*+ 13,525 72,570
OCI Communications,
Inc. Warrants*+ 17,992 195,505
Precision Drilling
Corp.* 30,325 963,991
StressGen
Biotechnologies
Corp.* 14,150 51,093
------------
1,639,203
------------
CHINA -- 2.0%
Beijing Yanhua
Petrochemical Co.
Ltd.* 4,496,000 536,820
China Shipping
Development Co. Ltd.* 3,738,000 446,315
China Southern
Airlines* 2,774,000 509,286
Shanghai Petrochemical
Co. Ltd.* 5,538,000 746,555
</TABLE>
<TABLE>
SHARES VALUE
-----------------------------------------------------
<CAPTION>
-----------------------------------------------------
<S> <C> <C>
Shanghai Petrochemical
Co. Ltd. [ADR]* 1,700 $ 24,438
Yanzhou Coal Mining Co.
Ltd.* 1,952,000 390,952
------------
2,654,366
------------
DENMARK -- 0.8%
DSV, De Sammensluttede
Vognmaend AS* 28,450 747,655
Neurosearch AS* 1,650 106,488
Vestas Wind Systems AS
144A 550 184,202
------------
1,038,345
------------
FINLAND -- 2.4%
Alma Media Corp.* 6,600 282,671
Comptel Oyj 144A* 41,825 947,493
Eimo Oyj* 22,525 205,260
JOT Automation Group
Oyj 46,400 336,143
KCI Konecranes
International* 6,975 231,994
Menire Oyj* 18,000 123,019
Teleste Oyj* 40,025 1,055,890
------------
3,182,470
------------
FRANCE -- 6.2%
A Novo* 2,272 501,857
April SA* 3,000 530,349
BVRP Software* 2,834 273,744
Carbone Lorraine SA* 11,050 483,329
Cerep SA* 12,225 712,964
Devoteam SA* 950 131,585
Elior 144A* 28,525 311,142
Etam Developpement SA* 12,625 285,313
Faurecia* 15,375 580,736
Groupe Darmon* 575 64,606
ILOG SA [ADR]* 6,400 230,400
Info Realite* 4,500 149,673
Manitou B.F. SA* 3,350 268,637
Mediagerance SA* 1,275 106,774
Neopost SA* 10,275 272,467
Penauille Polyservices* 875 529,837
Pierre & Vacances* 3,275 169,511
Pinguely-Haulotte* 7,350 1,158,704
Societe Manutan* 5,800 482,545
Systar* 4,675 99,261
XRT-CERG* 2,275 265,357
Zodiac SA* 3,625 640,508
------------
8,249,299
------------
GERMANY -- 7.9%
ACG AG* 1,300 310,373
Adcon Telemetry AG* 33,325 768,297
Articon Information
Systems AG* 2,797 193,707
BMP AG* 3,125 68,344
</TABLE>
2
<PAGE> 6
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
-----------------------------------------------------
SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
Ce Consumer Electronic
AG 550 $ 87,708
Comroad AG* 1,125 156,337
COR Insurance
Technologies AG* 41,475 646,281
Dis Deutscher Industrie
Service AG* 5,525 699,820
GFK AG 144A* 5,800 228,852
Highlight
Communications AG* 18,625 760,349
Hugo Boss AG* 4,500 711,461
Intertainment AG* 6,600 625,484
Kamps AG* 6 198
Kontron Embedded
Computers* 4,575 237,007
Muehlbauer Holding AG &
Co.* 3,700 236,015
MWG Biotech AG* 1,350 241,118
Norcom Information
Technology AG* 3,200 253,693
Pandatel AG* 4,725 613,558
RT-SET Ltd. 144A* 29,625 593,909
SER Systeme AG* 13,300 561,141
SZ Testsysteme AG* 25,525 651,273
Tecis Holding AG* 2,800 372,520
Thiel Logistik AG 144A* 12,300 764,413
Tiscon Infosystems AG* 4,275 348,657
Zapf Creation AG* 4,950 297,706
------------
10,428,221
------------
GREECE -- 0.7%
BWT AG* 950 279,618
Techem AG 144A* 22,700 589,535
------------
869,153
------------
HONG KONG -- 4.3%
Angang New Steel Co.
Ltd.* 4,470,000 367,288
Automated Systems
Holdings Ltd. 478,000 322,186
Brilliance China
Automotive Holdings
Ltd. [ADR]* 17,585 285,756
City Telecom Ltd.* 926,000 323,964
Dah Sing Financial
Group* 80,400 314,829
Espirit Holdings Ltd.* 70,000 74,593
Founders Holdings Ltd.* 782,000 449,282
Giordano International
Ltd.* 450,000 736,618
Great Eagle Holdings
Ltd.* 239,000 408,102
Huaneng Power
International, Inc.* 3,062,000 699,753
JCG Holdings Ltd. 138,000 71,755
Jiangxi Copper Co.
Ltd.* 502,000 41,893
Nanjing Panda
Electronics Co. Ltd.* 642,000 267,878
NG Fung Hong Ltd.* 466,000 233,330
</TABLE>
<TABLE>
SHARES VALUE
-----------------------------------------------------
<CAPTION>
-----------------------------------------------------
<S> <C> <C>
Quality Healthcare Asia
Ltd.* 530,000 $ 217,744
Shenzhen Expressway
Co.* 1,126,000 125,770
Wing Hang Bank Ltd.* 169,000 414,419
Yuxing Infotech
Holdings Ltd.* 438,000 365,516
------------
5,720,676
------------
IRELAND -- 1.3%
DCC PLC* 52,850 522,533
Grafton Group PLC 1,975 40,944
ITG Group PLC 144A* 35,508 405,107
Trinity Biotech PLC
[ADR]* 199,250 797,000
------------
1,765,584
------------
ISRAEL -- 1.6%
BreezeCom Ltd.* 38,100 1,047,750
On Track Innovations
Ltd.* 25,725 526,273
Radware Ltd.* 18,800 507,600
------------
2,081,623
------------
ITALY -- 0.7%
AISoftw@re SPA* 600 94,588
Buzzi Unicem SPA* 43,500 368,647
Caltagirone SPA* 56,700 188,072
Ericsson SPA* 5,700 310,610
------------
961,917
------------
JAPAN -- 16.5%
Aderans Co. Ltd.* 11,800 514,270
Amada Co.* 99,000 901,403
Colin Corp.* 7,000 848,512
Enplas Corp. 11,700 591,108
Furukawa Co. Ltd.* 299,000 567,170
Futaba Corp.* 58,000 615,574
Harmonic Drive Systems,
Inc.* 160 416,021
Hisamitsu
Pharmaceutical Co.* 13,000 319,973
Hitachi Transport
System Ltd.* 31,000 141,989
Homac Corp.* 12,200 302,540
Hunet, Inc.* 103,000 533,720
Ichiyoshi Securities
Co. Ltd.* 126,000 1,198,539
Idec Izumi Corp.* 63,500 1,010,627
Jac Co. Ltd.* 2,500 180,667
Japan Business Computer
Co. Ltd.* 3,000 139,907
Joint Corp.* 19,500 676,635
Katokichi Co. Ltd.* 20,000 486,714
Koa Corp.* 16,000 464,877
Koei Co. Ltd.* 15,100 542,122
Matsuya Foods Co. Ltd.* 18,000 526,318
Micronics Japan Co.
Ltd.* 4,600 92,790
</TABLE>
3
<PAGE> 7
ASAF FOUNDERS INTERNATIONAL
SMALL CAPITALIZATION FUND
<TABLE>
<CAPTION>
-----------------------------------------------------
SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
Moritex Corp. 8,000 $ 599,603
Mycal Card, Inc.* 9,900 367,340
Nicheli Corp.* 199,000 504,536
Nippon Thompson Co.
Ltd.* 72,000 746,838
Paltek Corp.* 4,000 126,583
Seiyu Ltd.* 230,000 689,543
Shimachu Co. Ltd.* 66,200 1,127,105
Stella Chemifa Corp.* 6,000 499,669
Sumisho Lease Co. Ltd.* 45,000 824,454
The Daimaru, Inc.* 222,000 733,347
Tohoku Pioneer Corp.* 11,000 748,115
Toko, Inc.* 124,000 1,032,649
Toky Individualized
Educational
Institute, Inc.* 9,000 387,243
Tsubakimoto Chain Co.* 50,500 631,767
Xebio Co. Ltd.* 40,300 753,260
Yamaichi Electronic Co.
Ltd.* 7,300 263,437
Yokowo Co. Ltd. 31,000 872,015
------------
21,978,980
------------
MALAYSIA -- 0.3%
Abric Berhad* 108,000 383,693
------------
NETHERLANDS -- 2.3%
BE Semiconductor
Industries NV* 16,900 343,424
Beter Bed Holding NV 8,875 298,424
IFCO Systems NV* 9,225 226,550
Meta4 NV* 2,750 31,324
PinkRoccade NV* 11,425 718,364
Unique International
NV* 13,275 305,446
Unit 4* 16,300 824,366
Wegener Arcade NV* 16,625 256,785
------------
3,004,683
------------
NEW ZEALAND -- 0.3%
Advantage Group Ltd.* 229,675 407,591
------------
NORWAY -- 0.6%
C.Rel ASA 144A* 90,125 130,955
Smedvig ASA Cl-B* 34,975 439,789
Software Innovation
ASA* 7,650 111,157
Visma ASA* 9,725 58,697
------------
740,598
------------
SINGAPORE -- 3.3%
Advanced Systems
Automation* 281,000 246,861
First Capital Corp.* 495,000 495,742
Fraser & Neave Ltd.* 151,000 486,401
Keppel Land Ltd.* 259,000 309,446
Natsteel Ltd.* 174,000 425,971
Neptune Orient Lines
Ltd.* 745,000 667,578
</TABLE>
<TABLE>
SHARES VALUE
-----------------------------------------------------
<CAPTION>
-----------------------------------------------------
<S> <C> <C>
Omni Industries Ltd.* 380,000 $ 743,335
Robotic Tech Systems
PLC* 32,000 269,145
Wing Tai Holdings Ltd.* 849,000 696,130
------------
4,340,609
------------
SPAIN -- 2.0%
Abengoa SA* 34,050 1,132,528
Cortefiel SA* 38,375 811,289
NH Hoteles SA* 27,075 304,701
Prosegur Cia de
Seguridad SA* 34,325 400,994
------------
2,649,512
------------
SWEDEN -- 5.4%
AcadeMedia AB* 11,150 242,859
Allgon AB Cl-B 18,500 409,150
Arkivator AB* 6,875 327,136
Biacaore International
AB* 9,575 347,590
Connova Group AB* 16,250 125,241
Enlight Interactive AB
Cl-B* 2,950 47,120
Glocalnet Cl-B* 6,675 216,219
Haldex AB* 16,625 184,769
HiQ International AB* 2,800 276,788
Industrial & Financial
Rights* 10,575 11,812
Infocast AB* 5,150 74,782
Information Highway AB 25,300 259,988
Karo Bio AB* 7,600 267,405
Kipling Holding AB* 11,325 218,842
Lindex AB* 23,925 582,578
Nobel Biocare AB* 20,150 540,172
Perbio Science AB* 48,000 332,413
Scandic Hotels AB* 47,075 499,528
Sifo Group AB Cl-B* 28,125 361,273
Sigma AB Cl-B* 15,250 439,476
SwitchCore AB* 3,225 232,346
Technology Nexus AB* 8,575 333,318
Telelogic AB* 112,825 856,958
------------
7,187,763
------------
SWITZERLAND -- 6.2%
Bank Sarasin & Cie
Reg.* 225 606,807
Card-Guard Scientific
Survival Ltd.* 14,725 624,782
Jelmoli Holding AG* 475 615,671
Jomed NV* 9,925 302,859
Kardex AG* 25 8,573
Kardex PC* 575 185,486
Kudelski SA* 50 515,554
Logitech International
SA* 2,100 1,389,032
Mikron Holding AG* 225 162,818
Rieter Holdings AG* 575 340,893
Saurer AG Reg.* 1,750 864,584
SEZ Holding AG 304 281,828
</TABLE>
4
<PAGE> 8
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
-----------------------------------------------------
SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
Swisslog Holding AG 1,900 $ 837,092
Tecan AG* 1,050 906,898
Think Tools AG* 725 301,297
Unilabs AG* 225 227,553
------------
8,171,727
------------
UNITED KINGDOM -- 12.1%
Aberdeen Asset
Management PLC* 94,625 683,338
AIT Group PLC 25,050 354,744
Alba PLC* 6,125 55,110
Algo Vision PLC* 22,400 268,800
Antofagasta Holdings
PLC* 38,075 237,723
Axis - Shield PLC* 31,100 327,274
Cedar Group PLC* 21,000 242,348
Chloride Group PLC* 294,750 594,979
Chrysalis Group PLC* 44,675 145,058
Corporate Executive* 150,575 40,644
Easier PLC* 56,250 61,614
Easynet Group PLC* 625 8,924
ECsoft Group PLC* 3,725 53,917
European Telecom PLC* 47,725 336,060
European Telecom PLC
Rights* 6,818 0
Eyretel PLC* 425,300 1,008,245
Future Integrated
Telephony PLC* 35,063 274,333
Girovend Cashless
Systems PLC* 40,375 34,117
Gladstone PLC* 30,170 99,141
HIT Entertainment PLC 148,500 987,582
Imagination Tech Group
PLC* 38,625 173,162
IMS Group PLC* 5,700 18,062
Incepta Group PLC 232,300 390,765
Independent Energy
Holdings PLC [ADR]* 14,125 550,875
Intermediate Capital
Group PLC* 60,200 554,372
International Quantum
Epitaxy PLC* 4,725 285,863
Internet Indirect PLC* 97,925 31,030
ITE Group PLC* 198,475 273,305
ITNET PLC* 27,350 326,329
Johnson Press PLC* 96,225 491,620
Lex Service PLC* 102,125 649,607
Lynx Group PLC* 73,525 212,271
Man (E D & F) Group
PLC* 72,300 561,715
Nestor Healthcare Group
PLC* 96,675 658,054
</TABLE>
<TABLE>
SHARES VALUE
-----------------------------------------------------
<CAPTION>
-----------------------------------------------------
<S> <C> <C>
NetBenefit PLC* 11,600 $ 120,255
NewMedia SPARK PLC* 156,700 159,383
Oxford Asymmetry
International PLC* 77,875 511,806
Oxford GlycoSciences
PLC* 18,522 467,354
Plasmon PLC* 48,775 178,214
Redstone Telecom PLC
Rights* 8,018 7,528
RM PLC 7,325 81,668
Royalblue Group PLC* 8,675 182,579
RTS Networks Group PLC* 6,925 12,299
ServicePower
Technologies PLC* 83,700 146,690
Sherwood International
PLC 26,825 386,177
Sportsworld Media Group
PLC 21,497 169,874
Superscape VR PLC 74,700 374,049
Ted Baker PLC* 46,875 367,850
Telemetrix PLC* 145,475 751,208
Waste Recycling Group
PLC* 17,600 125,034
Wetherspoon, (J.D.)
PLC* 73,650 478,853
Xenova Group PLC* 252,425 552,992
------------
16,064,794
------------
TOTAL FOREIGN STOCK
(Cost $121,016,956) 106,790,580
------------
U.S. STOCK -- 1.3%
ELECTRONIC COMPONENTS & EQUIPMENT -- 0.3%
DSP Group, Inc.* 5,400 384,075
------------
INTERNET SERVICES -- 0.7%
NetNation
Communications, Inc.* 24,000 174,000
RADVision Ltd.* 21,950 839,588
------------
1,013,588
------------
TELECOMMUNICATIONS -- 0.3%
AudioCodes Ltd.* 5,025 376,875
------------
TOTAL U.S. STOCK
(Cost $2,113,987) 1,774,538
------------
</TABLE>
5
<PAGE> 9
ASAF FOUNDERS INTERNATIONAL
SMALL CAPITALIZATION FUND
<TABLE>
<CAPTION>
-----------------------------------------------------
PAR
(000) VALUE
-----------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 7.1%
Federal Home Loan Bank
5.60%, 05/01/00
(Cost $9,372,000) $9,372 $ 9,372,000
------------
COMMERCIAL PAPER -- 9.7%
American Express Co.
5.90%, 05/01/00 6,400 6,400,000
AT&T Corp.
5.97%, 05/01/00 112 112,000
GE Capital Corp.
5.75%, 05/01/00 6,400 6,400,000
------------
(Cost $12,912,000) 12,912,000
------------
TOTAL INVESTMENTS -- 98.6%
(Cost $145,414,943) 130,849,118
OTHER ASSETS LESS LIABILITIES -- 1.4% 1,804,488
------------
NET ASSETS -- 100.0% $132,653,606
============
</TABLE>
Foreign currency exchange contracts outstanding at
April 30, 2000:
<TABLE>
<CAPTION>
SETTLEMENT CONTRACTS TO IN EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE RECEIVE FOR AT VALUE DEPRECIATION
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
05/00 Buy CHF 1,478,107 $ 860,824 $ 859,125 $ 1,699
05/00 Buy EUR 3,154,047 2,881,830 2,874,135 7,695
05/00 Buy GBP 259,682 408,426 406,350 2,076
05/00 Buy HKD 885,244 113,654 113,653 1
05/00 Buy JPY 204,467,180 1,916,609 1,891,961 24,648
05/00 Buy SEK 11,687,524 1,312,439 1,305,473 6,966
05/00 Buy SGD 1,657,496 972,452 970,749 1,703
---------- ---------- -------
$8,466,234 $8,421,446 $44,788
========== ========== =======
</TABLE>
<TABLE>
<CAPTION>
UNREALIZED
SETTLEMENT CONTRACTS TO IN EXCHANGE CONTRACTS APPRECIATION
MONTH TYPE DELIVER FOR AT VALUE (DEPRECIATION)
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
05/00 Sell AUD 1,112,721 $ 649,694 $ 649,282 $ 412
05/00 Sell CAD 49,892 33,738 33,673 65
05/00 Sell CHF 71,287 41,528 41,434 94
05/00 Sell EUR 616,382 562,681 561,680 1,001
05/00 Sell GBP 542,708 850,260 849,229 1,031
05/00 Sell HKD 2,064,132 265,006 265,007 (1)
05/00 Sell NOK 1,010,725 113,737 112,971 766
05/00 Sell SEK 3,353,549 376,122 374,585 1,537
---------- ---------- ------
$2,892,766 $2,887,861 $4,905
========== ========== ======
</TABLE>
-------------------------------------------------------
The following is a breakdown of the foreign stock portion of the Fund, by
industry classification, as of April 30, 2000. Percentages are based on net
assets.
<TABLE>
<CAPTION>
INDUSTRY
-------------------------------------------
<S> <C>
Advertising 0.4%
Airlines 0.4%
Automobiles 0.7%
Automotive Parts 1.0%
Beverages 0.4%
Broadcasting 3.4%
Building Materials 2.1%
Business Services 3.3%
Chemicals 1.7%
Clothing & Apparel 0.9%
Computer Hardware 1.6%
Computer Services & Software 11.4%
Conglomerates 0.4%
Construction 0.1%
Consumer Products & Services 0.7%
Containers & Packaging 0.2%
Electronic Components & Equipment 9.9%
Entertainment & Leisure 1.5%
Environmental Services 0.3%
Financial -- Bank & Trust 0.6%
Financial Services 4.4%
Food 1.2%
Healthcare Services 0.2%
Hotels & Motels 0.4%
Industrial Products 1.2%
Insurance 0.4%
Internet Services 0.8%
Machinery & Equipment 5.4%
Medical Supplies & Equipment 4.4%
Metals & Mining 1.8%
Oil & Gas 1.1%
Personal Services 0.3%
Pharmaceuticals 2.3%
Printing & Publishing 0.8%
Real Estate 2.1%
Retail & Merchandising 5.7%
Semiconductors 0.8%
Telecommunications 4.2%
Transportation 1.5%
Utilities 0.5%
-----
TOTAL 80.5%
=====
</TABLE>
-------------------------------------------------------
Unless otherwise noted, all stocks are common stock.
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 0.3%
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 3.3% of net assets.
See Notes to Financial Statements.
6
<PAGE> 10
AMERICAN SKANDIA ADVISOR FUNDS, INC.
ASAF JANUS
SMALL-CAP GROWTH FUND
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 82.0%
ADVERTISING -- 3.0%
Getty Images, Inc.* 69,395 $ 2,107,873
Interep National
Radio Sales, Inc.* 61,395 353,021
Lamar Advertising
Co.* 99,460 4,382,456
TMP Worldwide, Inc.* 97,360 6,364,911
------------
13,208,261
------------
BROADCASTING -- 7.6%
Acme Communications,
Inc.* 70,875 1,630,125
ACTV, Inc.* 158,375 2,870,547
Citadel
Communications
Corp.* 156,685 6,120,508
Cumulus Media, Inc.
Cl-A* 142,515 1,870,509
Entercom
Communications
Corp.* 68,180 2,897,650
NDS Group PLC* 70,105 3,960,933
Radio One, Inc.* 118,865 6,894,169
Radio Unica Corp.* 112,960 1,087,240
Regent
Communications,
Inc.* 286,370 2,452,043
Spanish Broadcasting
Systems, Inc.* 177,655 3,319,928
------------
33,103,652
------------
BUSINESS SERVICES -- 5.2%
Adelphia Business
Solutions, Inc.* 138,005 4,830,174
AnswerThink
Consulting Group,
Inc.* 71,470 1,375,798
Avenue A, Inc.* 53,185 1,688,624
Brightpoint, Inc.* 142,435 1,682,513
CIBER, Inc.* 143,515 2,592,240
Eloyalty Corp.* 53,995 887,543
Informatica Corp.* 107,315 4,500,523
Iron Mountain, Inc.* 29,965 1,048,775
Pegasus Systems,
Inc.* 98,022 1,739,891
PurchasePro.com,
Inc.* 52,325 1,569,750
Tanning Technology
Corp.* 46,800 859,950
------------
22,775,781
------------
CABLE TELEVISION -- 0.2%
Classic
Communications,
Inc.* 64,525 782,366
------------
CAPITAL GOODS -- 0.5%
Mettler-Toledo
International,
Inc.* 66,360 2,289,420
------------
</TABLE>
<TABLE>
SHARES VALUE
----------------------------------------------------
<CAPTION>
----------------------------------------------------
<S> <C> <C>
CHEMICALS -- 0.7%
Lyondell Chemical Co. 169,130 $ 3,107,764
------------
COMPUTER HARDWARE -- 1.3%
Insight Enterprises,
Inc.* 136,607 5,711,880
------------
COMPUTER SERVICES & SOFTWARE -- 6.1%
Bluestone Software,
Inc.* 32,295 680,213
Brio Technology,
Inc.* 80,020 1,980,495
Broadbase Software,
Inc.* 104,990 1,660,154
Delano Technology
Corp.* 14,305 156,461
Emulex Corp.* 18,935 859,176
InterTrust
Technologies Corp.* 71,700 1,649,100
Jacada Ltd.* 29,035 274,018
JNI Corp.* 5,025 200,686
Media 100, Inc.* 104,770 2,534,124
NetIQ Corp.* 68,425 2,514,619
Numerical
Technologies, Inc.* 37,705 1,574,184
OTG Software, Inc.* 62,770 1,380,940
Quest Software, Inc.* 73,195 2,758,537
Razorfish, Inc.* 148,360 2,809,567
Silverstream
Software, Inc.* 37,470 1,480,065
Software.com, Inc.* 10,650 861,319
webMethods, Inc.* 38,245 3,442,049
------------
26,815,707
------------
CONSUMER PRODUCTS & SERVICES -- 0.3%
Action Performance
Companies, Inc.* 30,070 278,148
Rayovac Corp.* 44,775 934,678
------------
1,212,826
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 1.1%
Aeroflex, Inc.* 28,445 1,059,576
Dionex Corp.* 93,145 3,388,149
Robotic Vision
Systems, Inc.* 34,950 522,066
------------
4,969,791
------------
ENTERTAINMENT & LEISURE -- 4.0%
Ackerley Group, Inc. 16,920 219,960
Championship Auto
Racing Teams, Inc.* 68,700 1,391,175
Park Place
Entertainment
Corp.* 234,070 2,999,022
Playboy Enterprises,
Inc. Cl-B* 40,705 656,368
Premier Parks, Inc.* 127,245 2,743,720
</TABLE>
7
<PAGE> 11
ASAF JANUS
SMALL-CAP GROWTH FUND
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
SFX Entertainment,
Inc. Cl-A* 135,840 $ 5,654,340
Station Casinos,
Inc.* 128,910 3,673,935
------------
17,338,520
------------
FINANCIAL SERVICES -- 1.3%
Investors Financial
Service Corp. 70,225 5,732,116
------------
FOOD -- 0.6%
Whole Foods Market,
Inc.* 64,515 2,745,920
------------
HEALTHCARE SERVICES -- 2.1%
Accredo Health, Inc.* 103,177 2,901,853
Apria Healthcare
Group, Inc.* 449,620 6,266,579
------------
9,168,432
------------
INDUSTRIAL -- 0.8%
Brooks Automation,
Inc.* 36,990 3,317,541
------------
INSURANCE -- 1.9%
Hooper Holmes, Inc.* 376,400 6,539,950
StanCorp Financial
Group, Inc. 60,990 1,776,334
------------
8,316,284
------------
INTERNET SERVICES -- 14.0%
24/7 Media, Inc.* 64,425 1,264,341
724 Solutions, Inc.* 57,400 2,898,700
Accrue Software,
Inc.* 24,380 580,549
Appnet Systems, Inc.* 124,105 2,978,520
Digital Impact, Inc.* 70,680 865,830
Eprise Corp.* 40,465 402,121
esoft, Inc.* 93,540 853,553
Extensity, Inc.* 13,560 166,110
Fairmarket, Inc.* 18,445 126,809
Globix Corp.* 462,745 10,411,762
Internet.com Corp.* 58,125 1,104,375
Intranet Solutions,
Inc.* 107,765 2,397,771
Keynote Systems,
Inc.* 31,550 1,415,806
L90, Inc.* 47,220 472,200
Lante Corp.* 30,910 641,383
Launch Media, Inc.* 29,890 311,977
Liberate
Technologies, Inc.* 118,120 4,621,444
NaviSite, Inc.* 93,590 4,346,085
Net.Genesis Corp.* 84,940 1,093,603
NetRatings, Inc.* 50,000 1,325,000
Radvision Ltd.* 20,110 769,208
Rare Medium Group,
Inc.* 85,140 1,750,691
Register.com, Inc.* 43,725 2,229,975
Retek, Inc.* 28,215 606,623
Selectica, Inc.* 35,135 1,335,130
Skillsoft Corp.* 19,410 258,396
</TABLE>
<TABLE>
SHARES VALUE
----------------------------------------------------
<CAPTION>
----------------------------------------------------
<S> <C> <C>
Verio, Inc.* 141,800 $ 5,326,362
VerticalNet, Inc.* 178,210 9,623,339
Vicinity Corp.* 54,820 650,988
------------
60,828,651
------------
MEDICAL SUPPLIES & EQUIPMENT -- 1.2%
Celera Genomics
Group* 29,230 2,411,475
Invitrogen Corp.* 41,900 2,613,513
------------
5,024,988
------------
OIL & GAS -- 0.3%
Core Laboratories NV* 44,115 1,251,763
------------
PERSONAL SERVICES -- 0.4%
Career Education
Corp.* 43,095 1,629,530
------------
PHARMACEUTICALS -- 7.8%
Abgenix, Inc.* 63,770 5,711,401
BioCryst
Pharmaceuticals,
Inc.* 111,020 2,692,235
Celgene Corp.* 63,615 2,993,881
Cubist
Pharmaceuticals,
Inc.* 52,870 1,698,449
Enzon, Inc.* 261,355 9,735,473
Priority Healthcare
Corp. Cl-B* 47,505 2,630,589
Professional
Detailing, Inc.* 70,065 1,891,755
QLT
PhotoTherapeutics,
Inc.* 121,325 6,741,120
------------
34,094,903
------------
PRINTING & PUBLISHING -- 1.4%
Valassis
Communications,
Inc.* 177,180 6,035,194
------------
RESTAURANTS -- 0.2%
P.F. Chang's China
Bistro, Inc.* 21,375 748,125
------------
RETAIL & MERCHANDISING -- 1.6%
Ames Department
Stores, Inc.* 148,400 2,661,926
pcOrder.com, Inc.* 59,530 959,921
Rent-Way, Inc.* 29,660 769,306
School Specialty,
Inc.* 129,640 2,414,545
------------
6,805,698
------------
SCIENCE & TECHNOLOGY -- 0.2%
Mead Instruments
Corp.* 9,425 689,203
------------
</TABLE>
8
<PAGE> 12
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
SEMICONDUCTORS -- 10.3%
Alpha Industries,
Inc.* 223,524 $ 11,623,248
ATMI, Inc.* 145,155 5,588,468
Mattson Technology,
Inc.* 57,055 2,802,827
Quantam Effect
Devices, Inc.* 9,405 547,841
Quicklogic Corp.* 20,470 601,306
SDL, Inc.* 81,970 15,984,149
Silicon Image, Inc.* 9,855 395,432
TriQuint
Semiconductor,
Inc.* 32,500 3,341,406
Virata Corp.* 34,130 4,274,783
------------
45,159,460
------------
TELECOMMUNICATIONS -- 6.8%
Adaptive Broadband
Corp.* 67,300 2,187,250
Alamosa PCS Holdings,
Inc.* 47,075 1,341,638
Avanex Corp.* 4,720 575,250
Caprock
Communications
Corp.* 85,965 2,879,828
CTC Communications
Group, Inc.* 92,625 3,126,094
i3 Mobile, Inc.* 39,500 740,625
IDT Corp.* 60,085 1,900,188
Interwave
Communications
International Ltd.* 26,935 358,572
Metricom, Inc.* 5,615 157,571
Natural MicroSystems
Corp.* 63,960 4,165,394
Net2000
Communications,
Inc.* 62,635 923,866
Netro Corp.* 15,590 672,319
Pac-West Telecomm,
Inc.* 92,390 1,974,836
Price Communications
Corp.* 34,400 696,600
Viatel, Inc.* 135,800 5,194,349
WinStar
Communications,
Inc.* 70,200 2,799,225
------------
29,693,605
------------
UTILITIES -- 1.1%
Avista Corp. 158,745 4,692,899
------------
TOTAL COMMON STOCK
(Cost $341,170,898) 357,250,280
------------
</TABLE>
<TABLE>
SHARES VALUE
----------------------------------------------------
<CAPTION>
----------------------------------------------------
<S> <C> <C>
FOREIGN STOCK -- 1.5%
AUTOMOBILE MANUFACTURERS -- 0.0%
Ducati Motor Holding
SPA -- (ITL)* 17,757 $ 46,925
------------
ENTERTAINMENT & LEISURE -- 0.5%
Corporacion
Interamericana de
Entretenimento --
(MXP)* 522,600 2,142,982
------------
TELECOMMUNICATIONS -- 1.0%
Cogeco Cable, Inc. --
(CAD)* 97,290 2,429,525
Moffat Communications
Ltd. -- (CAD) 123,823 2,131,047
------------
4,560,572
------------
TOTAL FOREIGN STOCK
(Cost $5,326,301) 6,750,479
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 7.9%
Federal Home Loan
Bank
5.70%, 07/07/00 $ 25,000 24,734,792
Federal Home Loan
Mortgage Corp.
5.95%, 07/03/00 10,000 9,895,875
------------
(Cost $34,630,667) 34,630,667
------------
COMMERCIAL PAPER -- 6.9%
CIT Group Holdings
6.00%, 05/01/00 20,200 20,200,000
Household Finance
Corp.
6.00%, 05/01/00 10,000 10,000,000
------------
(Cost $30,200,000) 30,200,000
------------
</TABLE>
9
<PAGE> 13
ASAF JANUS
SMALL-CAP GROWTH FUND
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.7%
Temporary Investment
Cash Fund 1,630,910 $ 1,630,910
Temporary Investment
Fund 1,630,910 1,630,910
------------
(Cost $3,261,820) 3,261,820
------------
TOTAL INVESTMENTS -- 99.0%
(Cost $414,589,686) 432,093,246
OTHER ASSETS LESS
LIABILITIES -- 1.0% 4,246,638
------------
NET ASSETS -- 100.0% $436,339,884
============
</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.
10
<PAGE> 14
AMERICAN SKANDIA ADVISOR FUNDS, INC.
ASAF T. ROWE PRICE
SMALL COMPANY VALUE FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 93.6%
AIRLINES -- 1.2%
Midwest Express
Holdings, Inc.* 36,700 $ 928,969
-----------
AUTOMOTIVE PARTS -- 1.6%
Myers Industries, Inc. 33,710 471,940
OEA, Inc.* 48,600 486,000
TBC Corp.* 47,700 262,350
-----------
1,220,290
-----------
BROADCASTING -- 0.7%
Saga Communications,
Inc. Cl-A* 25,650 519,413
-----------
BUILDING MATERIALS --11.4%
Ameron International
Corp. 6,700 238,269
Cameron Ashley Building
Products, Inc.* 56,700 992,249
Florida Rock Industries,
Inc. 12,100 391,738
Gibraltar Steel Corp. 30,500 526,125
Insituform Technology,
Inc.* 24,300 815,569
Lone Star Technologies,
Inc.* 36,200 1,669,724
Modine Manufacturing Co. 22,100 487,581
Republic Group, Inc. 51,000 583,313
SCP Pool Corp.* 21,600 795,150
Skyline Corp. 30,000 611,250
Thomas Industries, Inc. 32,400 652,050
U.S. Aggregates, Inc. 40,500 688,500
-----------
8,451,518
-----------
BUSINESS SERVICES -- 1.1%
IT Group, Inc.* 89,000 595,188
StaffMark, Inc.* 36,800 241,500
-----------
836,688
-----------
CABLE TELEVISION -- 0.2%
Sinclair Broadcasting
Group, Inc.* 21,600 168,750
-----------
CHEMICALS -- 2.8%
Arch Chemicals, Inc. 38,000 750,500
Schulman, (A.), Inc. 29,700 382,388
TETRA Technologies,
Inc.* 66,700 950,475
-----------
2,083,363
-----------
CLOTHING & APPAREL -- 0.9%
Dan River, Inc. Cl-A* 56,500 321,344
Unifi, Inc.* 35,100 357,581
-----------
678,925
-----------
COMPUTER HARDWARE -- 1.1%
Analogic Corp. 20,000 813,750
-----------
</TABLE>
<TABLE>
SHARES VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
COMPUTER SERVICES & SOFTWARE -- 4.0%
Analysts International
Corp. 47,200 $ 525,100
CompuCom Systems, Inc.* 72,800 250,250
Progress Software* 50,700 1,014,000
SPSS, Inc.* 42,600 1,214,100
-----------
3,003,450
-----------
CONSUMER PRODUCTS & SERVICES -- 0.6%
Culp, Inc. 32,200 187,163
Packaged Ice, Inc.* 80,900 288,206
-----------
475,369
-----------
CONTAINERS & PACKAGING -- 3.4%
Aptargroup, Inc. 40,500 1,154,250
Ivex Packaging Corp.* 62,100 558,900
Liqui-Box Corp. 17,400 830,850
-----------
2,544,000
-----------
ELECTRONIC COMPONENTS & EQUIPMENT -- 8.8%
Electro Rental Corp.* 75,800 833,800
FLIR Systems, Inc.* 37,800 278,775
Franklin Electric Co.,
Inc. 11,800 839,275
Landauer, Inc. 16,900 310,538
Littelfuse, Inc.* 45,900 1,629,449
Methode Electronics,
Inc. Cl-A 51,100 2,129,432
Pioneer-Standard
Electronics, Inc. 32,400 496,125
-----------
6,517,394
-----------
ENVIRONMENTAL SERVICES -- 1.1%
Newpark Resources, Inc.* 86,300 711,975
Waterlink, Inc.* 39,200 100,450
-----------
812,425
-----------
EQUIPMENT SERVICES -- 0.2%
Unifirst Corp. 18,900 181,913
-----------
FINANCIAL -- BANK & TRUST -- 6.0%
Community First
Bankshares, Inc. 58,000 978,749
First Republic Bank* 38,300 751,638
Silicon Valley
Bancshares* 41,800 2,581,149
Southwest Bancorporation
of Texas, Inc.* 5,000 97,813
-----------
4,409,349
-----------
FINANCIAL SERVICES -- 4.7%
Allied Capital Corp. 62,300 1,164,230
American Capital
Strategies Ltd. 27,000 654,750
First Financial Fund,
Inc.** 76,300 615,169
Medallion Financial
Corp. 16,100 266,656
Triad Guaranty, Inc.* 39,400 827,400
-----------
3,528,205
-----------
</TABLE>
11
<PAGE> 15
ASAF T. ROWE PRICE
SMALL COMPANY VALUE FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
FOOD -- 0.6%
International Multifoods
Corp. 32,400 $ 415,125
-----------
FURNITURE -- 0.9%
Stanley Furniture Co.,
Inc.* 29,700 681,244
-----------
INSURANCE -- 4.4%
Brown & Brown, Inc. 40,400 1,621,050
Markel Corp.* 5,300 768,500
Medical Assurance, Inc.* 39,730 526,423
Presidential Life Corp. 25,600 407,600
-----------
3,323,573
-----------
LUMBER & WOOD PRODUCTS -- 0.6%
Deltic Timber Corp. 20,100 442,200
-----------
MACHINERY & EQUIPMENT -- 3.7%
Alamo Group, Inc. 13,400 145,725
Carbo Ceramics, Inc. 24,300 807,975
Smith, (A.O.) Corp. 35,100 721,744
TransTechnology Corp. 35,600 500,625
Woodward Governor Co. 26,400 582,450
-----------
2,758,519
-----------
MEDICAL SUPPLIES & EQUIPMENT -- 1.9%
Ocular Sciences, Inc.* 24,200 400,813
Owens & Minor, Inc. 87,600 1,051,200
-----------
1,452,013
-----------
METALS & MINING -- 1.9%
Homestake Mining Co. 34,300 205,800
Layne Christensen Co.* 30,500 129,625
Material Sciences Corp.* 43,400 461,125
Penn Virginia Corp. 32,900 592,200
-----------
1,388,750
-----------
OFFICE EQUIPMENT -- 3.9%
Aaron Rents, Inc. Cl-A 15,000 231,563
Aaron Rents, Inc. Cl-B 34,100 494,450
CompX International,
Inc. 37,000 730,750
IDEX Corp. 34,500 1,078,124
McGrath Rentcorp 23,000 368,719
-----------
2,903,606
-----------
OIL & GAS -- 4.0%
Chieftan International,
Inc.* 51,300 974,700
Cross Timbers Oil Co. 65,500 945,656
Devon Energy Corp. 22,400 1,079,400
-----------
2,999,756
-----------
PAPER & FOREST PRODUCTS -- 1.0%
CSS Industries, Inc.* 10,800 211,950
Wausau-Mosinee Paper
Corp. 46,680 565,995
-----------
777,945
-----------
</TABLE>
<TABLE>
SHARES VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
PERSONAL SERVICES -- 1.4%
Matthews International
Corp. Cl-A 44,100 $ 1,014,300
-----------
PHARMACEUTICALS -- 0.4%
Coulter Pharmaceutical,
Inc.* 17,000 310,250
-----------
REAL ESTATE -- 4.7%
Glenborough Realty
Trust, Inc. [REIT] 63,400 935,150
Innkeepers USA Trust
[REIT] 57,200 514,800
Pacific Gulf Properties,
Inc. [REIT] 37,000 795,500
Parkway Co. [REIT] 15,800 474,000
Sun Communities, Inc.
[REIT] 24,300 804,938
-----------
3,524,388
-----------
RESTAURANTS -- 4.6%
Consolidated Products,
Inc.* 55,048 502,313
RARE Hospitality
International, Inc.* 43,200 1,336,500
Ruby Tuesday, Inc. 75,000 1,570,313
-----------
3,409,126
-----------
RETAIL & MERCHANDISING -- 4.5%
Bon-Ton Stores, Inc.* 37,700 89,538
Casey's General Stores,
Inc. 67,400 787,737
Fred's, Inc. 35,600 560,700
Goody's Family Clothing* 67,500 438,750
Hancock Fabrics, Inc. 51,300 201,994
Jo-Ann Stores, Inc.
Cl-B* 32,900 252,919
Stein Mart, Inc.* 114,700 1,030,507
-----------
3,362,145
-----------
TRANSPORTATION -- 1.9%
Hub Group, Inc. Cl-A* 28,300 339,600
Landstar Systems, Inc.* 19,100 1,093,475
-----------
1,433,075
-----------
UTILITIES -- 3.4%
Black Hills Corp. 39,900 915,206
Cleco Corp. 27,000 929,813
United Water Resources,
Inc. 20,000 695,000
-----------
2,540,019
-----------
TOTAL COMMON STOCK
(Cost $70,672,036) 69,909,805
-----------
</TABLE>
12
<PAGE> 16
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
PREFERRED STOCK -- 0.4%
OIL & GAS
Cross Timbers Oil Co.
$1.5625 Cl-A
(Cost $294,277) 8,900 $ 282,575
-----------
<CAPTION>
PAR
(000)
-------
<S> <C> <C>
COMMERCIAL PAPER -- 3.3%
AWB Finance Ltd.+
6.05%, 05/26/00 $ 1,000 995,799
Equilon Enterprises LLC
6.02%, 05/17/00 1,500 1,495,986
-----------
(Cost $2,491,785) 2,491,785
-----------
</TABLE>
<TABLE>
SHARES VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 1.9%
Temporary Investment
Cash Fund
(Cost $1,416,727) 1,416,727 $ 1,416,727
-----------
TOTAL INVESTMENTS -- 99.2%
(Cost $74,874,825) 74,100,892
OTHER ASSETS LESS LIABILITIES -- 0.8% 599,795
-----------
NET ASSETS -- 100.0% $74,700,687
===========
</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
1.3% of net assets.
See Notes to Financial Statements.
13
<PAGE> 17
ASAF AMERICAN CENTURY
STRATEGIC BALANCED FUND
<TABLE>
<CAPTION>
------------------------------------------------------
SHARES VALUE
------------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 59.6%
ADVERTISING -- 0.1%
DoubleClick, Inc.* 1,200 $ 91,050
------------
AEROSPACE -- 0.6%
Boeing Co. 17,600 698,500
United Technologies
Corp. 3,600 223,875
------------
922,375
------------
AIRLINES -- 0.1%
AMR Corp.* 2,300 78,344
Delta Air Lines,
Inc. 900 47,475
------------
125,819
------------
AUTOMOBILE MANUFACTURERS -- 0.6%
Ford Motor Co. 12,500 683,593
General Motors Corp. 2,900 271,513
------------
955,106
------------
BEVERAGES -- 0.5%
Anheuser-Busch
Companies, Inc. 3,800 268,138
Coors, (Adolph) Co.
Cl-B 3,100 158,100
PepsiCo, Inc. 8,400 308,175
------------
734,413
------------
BROADCASTING -- 0.7%
CBS Corp.* 18,700 1,098,625
------------
BUILDING MATERIALS -- 0.1%
Centex Construction
Products, Inc. 3,500 108,063
------------
CABLE TELEVISION -- 0.3%
Comcast Corp. Cl-A* 12,300 492,769
------------
CAPITAL GOODS -- 0.2%
Cummins Engine Co.,
Inc. 7,500 266,719
------------
CHEMICALS -- 0.9%
Dow Chemical Co. 9,400 1,062,200
DuPont, (E.I.) de
Nemours & Co. 8,200 388,988
------------
1,451,188
------------
CLOTHING & APPAREL -- 0.1%
American Eagle
Outfitters, Inc.* 4,200 71,400
Jones Apparel Group,
Inc.* 5,500 163,281
------------
234,681
------------
COMPUTER HARDWARE -- 3.1%
Adaptec, Inc.* 6,800 183,600
Apple Computer,
Inc.* 3,600 446,625
</TABLE>
<TABLE>
SHARES VALUE
------------------------------------------------------
<CAPTION>
------------------------------------------------------
<S> <C> <C>
Dell Computer Corp.* 8,700 $ 436,088
EMC Corp.* 7,900 1,097,606
Hewlett-Packard Co. 13,500 1,822,500
International
Business Machines
Corp. 9,000 1,004,625
------------
4,991,044
------------
COMPUTER SERVICES & SOFTWARE -- 7.1%
Automatic Data
Processing, Inc. 6,300 339,019
Cisco Systems, Inc.* 55,600 3,854,643
Computer Associates
International,
Inc. 7,100 396,269
Electronic Data
Systems Corp. 7,500 515,625
Microsoft Corp.* 39,800 2,776,049
Oracle Corp.* 22,700 1,814,581
Siebel Systems,
Inc.* 900 110,588
Sun Microsystems,
Inc.* 14,000 1,287,125
Sybase, Inc.* 7,500 151,406
Symantec Corp.* 3,000 187,313
VERITAS Software
Corp.* 2,000 214,531
------------
11,647,149
------------
CONGLOMERATES -- 1.0%
Corning, Inc. 5,500 1,086,250
Tyco International
Ltd. 10,800 496,125
------------
1,582,375
------------
CONSTRUCTION -- 0.1%
Dycom Industries,
Inc.* 1,900 98,800
------------
CONSUMER PRODUCTS & SERVICES -- 0.8%
Fortune Brands, Inc. 4,800 120,000
Procter & Gamble Co. 7,600 453,149
Tupperware Corp. 9,900 186,863
Universal Corp. 4,500 84,938
Whirlpool Corp. 6,900 449,363
------------
1,294,313
------------
CONTAINERS & PACKAGING -- 0.1%
Ball Corp. 4,700 148,050
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 4.0%
American Power
Conversion Corp.* 3,800 134,188
AVX Corp.* 2,600 253,338
Comverse Technology,
Inc.* 6,500 579,718
Credence Systems
Corp.* 1,500 214,125
Electronics for
Imaging, Inc.* 3,200 167,200
General Electric Co. 20,900 3,286,524
</TABLE>
14
<PAGE> 18
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
------------------------------------------------------
SHARES VALUE
------------------------------------------------------
<S> <C> <C>
Harmonic, Inc.* 1,500 $ 110,719
KEMET Corp.* 6,100 454,450
Rockwell
International
Corp. 3,800 149,625
Texas Instruments,
Inc. 2,100 342,038
Vishay
Intertechnology,
Inc.* 11,100 931,012
------------
6,622,937
------------
ENTERTAINMENT & LEISURE -- 0.7%
Carnival Corp. 2,000 49,750
Disney, (Walt) Co. 15,900 688,668
Pixar, Inc.* 3,800 141,313
Viacom, Inc. Cl-B* 5,700 309,938
------------
1,189,669
------------
EQUIPMENT SERVICES -- 0.2%
Hertz Corp. Cl-A 8,100 252,619
------------
FINANCIAL -- BANK & TRUST -- 2.7%
Bank of America
Corp. 17,600 862,400
Chase Manhattan
Corp. 32,700 2,356,443
Old Kent Financial
Corp. 8,500 256,063
Silicon Valley
Bancshares* 1,600 98,800
UnionBanCal Corp. 24,100 667,269
Wells Fargo & Co. 3,400 139,613
------------
4,380,588
------------
FINANCIAL SERVICES -- 4.3%
AMBAC Financial
Group, Inc. 17,000 816,000
Citigroup, Inc. 30,700 1,824,730
Deluxe Corp. 15,000 377,813
Fannie Mae Corp. 21,300 1,284,656
Freddie Mac Corp. 9,100 418,031
Merrill Lynch & Co.,
Inc. 1,300 132,519
Morgan Stanley, Dean
Witter & Co. 22,800 1,749,900
Providian Financial
Corp. 5,500 484,344
------------
7,087,993
------------
FOOD -- 1.9%
General Mills, Inc. 2,600 94,575
Hormel Foods Corp. 11,000 167,750
IBP, Inc. 25,600 422,399
Quaker Oats Co. 19,200 1,251,599
Ralston Purina Group 13,000 229,938
Safeway, Inc.* 7,700 339,763
</TABLE>
<TABLE>
SHARES VALUE
------------------------------------------------------
<CAPTION>
------------------------------------------------------
<S> <C> <C>
Suiza Foods Corp.* 10,100 $ 393,269
Sysco Corp. 2,500 94,063
------------
2,993,356
------------
HEALTHCARE SERVICES -- 0.9%
Amgen, Inc.* 11,100 621,600
Oxford Health Plans,
Inc.* 10,600 201,400
PacifiCare Health
Systems, Inc.* 3,200 164,600
United Healthcare
Group, Inc.* 6,300 420,131
------------
1,407,731
------------
INSURANCE -- 1.5%
American
International
Group, Inc. 1,450 159,047
Arthur J. Gallagher
& Co. 8,800 327,800
CIGNA Corp. 4,900 390,775
Lincoln National
Corp. 27,300 950,381
MGIC Investment
Corp. 7,700 368,156
Radian Group, Inc. 4,500 229,219
------------
2,425,378
------------
INTERNET SERVICES -- 1.2%
America Online,
Inc.* 20,100 1,202,231
Exodus
Communications,
Inc.* 600 53,063
Yahoo!, Inc.* 5,000 651,250
------------
1,906,544
------------
MACHINERY & EQUIPMENT -- 0.9%
Illinois Tool Works,
Inc. 15,094 966,959
Ingersoll-Rand Co. 8,800 413,050
------------
1,380,009
------------
MEDICAL SUPPLIES & EQUIPMENT -- 0.9%
Bard, (C.R.), Inc. 8,700 378,994
Johnson & Johnson
Co. 12,000 990,000
Mallinckrodt, Inc. 5,400 145,125
------------
1,514,119
------------
METALS & MINING -- 0.2%
Alcan Aluminum Ltd. 4,700 153,925
Alcoa, Inc. 3,400 220,575
------------
374,500
------------
OIL & GAS -- 3.4%
Amerada Hess Corp. 27,800 1,768,775
Apache Corp. 18,300 886,406
</TABLE>
15
<PAGE> 19
ASAF AMERICAN CENTURY
STRATEGIC BALANCED FUND
<TABLE>
<CAPTION>
------------------------------------------------------
SHARES VALUE
------------------------------------------------------
<S> <C> <C>
BP Amoco PLC [ADR] 9,512 $ 485,112
Ensco International,
Inc. 11,100 368,381
Exxon Mobil Corp. 6,100 473,894
Kerr-McGee Corp. 16,200 838,350
Noble Drilling
Corp.* 2,900 115,819
Texaco, Inc. 2,200 108,900
Union Pacific
Resources Group,
Inc. 18,900 362,644
------------
5,408,281
------------
PAPER & FOREST PRODUCTS -- 0.7%
Georgia Pacific
Group 5,300 194,775
Kimberly-Clark Corp. 4,000 232,250
Temple-Inland, Inc. 4,300 215,538
Weyerhaeuser Co. 8,000 427,500
------------
1,070,063
------------
PHARMACEUTICALS --4.0%
Allergan, Inc. 3,000 176,625
Andrx Corp.* 1,800 92,138
Biogen, Inc.* 4,000 235,250
Bristol-Meyers
Squibb Co. 13,100 686,931
Elan Corp. PLC
[ADR]* 3,900 167,213
Ivax Corp.* 20,400 558,450
Jones Pharma, Inc. 5,250 151,266
MedImmune, Inc.* 1,600 255,900
Merck & Co., Inc. 8,600 597,700
Pfizer, Inc. 31,500 1,326,937
Schering-Plough
Corp. 24,300 979,594
Warner-Lambert Co. 10,800 1,229,174
------------
6,457,178
------------
PRINTING & PUBLISHING -- 0.3%
Valassis
Communications,
Inc.* 12,700 432,594
------------
RESTAURANTS -- 0.4%
Brinker
International,
Inc.* 9,600 306,000
Jack in the Box,
Inc.* 11,800 289,100
------------
595,100
------------
RETAIL & MERCHANDISING -- 3.3%
Best Buy Co., Inc.* 4,300 347,225
Federated Department
Stores, Inc.* 4,800 163,200
Home Depot, Inc. 29,700 1,665,056
Sears, Roebuck & Co. 7,800 285,675
Tiffany & Co. 1,700 123,569
Wal-Mart Stores,
Inc. 43,500 2,408,813
Zale Corp.* 7,800 321,750
------------
5,315,288
------------
</TABLE>
<TABLE>
SHARES VALUE
------------------------------------------------------
<CAPTION>
------------------------------------------------------
<S> <C> <C>
SEMICONDUCTORS -- 3.4%
Applied Materials,
Inc.* 15,000 $ 1,527,188
Conexant Systems,
Inc.* 1,700 101,788
Integrated Device
Technology, Inc.* 13,700 658,456
Intel Corp. 16,100 2,041,680
Lam Research Corp.* 7,900 362,413
LSI Logic Corp.* 5,800 362,500
National
Semiconductor
Corp.* 7,300 443,475
------------
5,497,500
------------
TELECOMMUNICATIONS -- 7.0%
Adelphia
Communications
Corp. Cl-A* 2,300 113,994
Adtran, Inc.* 2,900 195,931
AT&T Corp. 23,800 1,111,163
Bell Atlantic Corp. 6,500 385,125
BellSouth Corp. 25,900 1,261,005
Commscope, Inc.* 11,600 551,000
Cox Communications,
Inc. Cl-A* 6,400 274,000
GTE Corp. 11,800 799,450
Lucent Technologies,
Inc. 12,800 796,000
MCI WorldCom, Inc.* 4,800 218,100
Motorola, Inc. 1,400 166,688
Nextel
Communications,
Inc. Cl-A* 2,900 317,369
NEXTLINK
Communications,
Inc. Cl-A* 1,200 101,175
Nortel Networks
Corp. 8,100 917,325
QUALCOMM, Inc.* 7,600 824,125
SBC Communications,
Inc. 29,935 1,311,526
Scientific-Atlanta,
Inc. 5,600 364,350
Sprint Corp. (FON
Group) 19,500 1,199,250
Sprint Corp. (PCS
Group)* 5,500 302,500
U.S. West, Inc. 2,700 192,206
------------
11,402,282
------------
TRANSPORTATION -- 0.1%
Paccar, Inc. 4,900 233,056
------------
UTILITIES -- 1.2%
AES Corp.* 1,700 152,894
Calpine Corp.* 2,500 228,750
Energy East Corp. 5,300 110,638
</TABLE>
16
<PAGE> 20
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
------------------------------------------------------
SHARES VALUE
------------------------------------------------------
<S> <C> <C>
Minnesota Power,
Inc. 7,200 $ 132,750
Public Service
Enterprise Group,
Inc. 12,900 462,787
Reliant Energy, Inc. 13,900 370,087
Southern Co. 9,600 239,400
Texas Utilities Co. 4,500 151,594
UtiliCorp United,
Inc. 5,200 100,100
------------
1,949,000
------------
TOTAL COMMON STOCK
(Cost $83,878,699) 96,138,324
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
CORPORATE OBLIGATIONS -- 7.8%
AEROSPACE -- 0.4%
Raytheon Corp. 144A
8.20%, 03/01/06 $ 600 599,250
------------
AUTOMOBILE MANUFACTURERS -- 0.4%
Daimler Chrysler
7.125%, 03/01/02 600 596,250
------------
AUTOMOTIVE PARTS -- 0.1%
Lear Corp.
7.96%, 05/15/05 250 232,188
------------
BEVERAGES -- 0.1%
Pepsi Bottling
Group, Inc. 144A
7.00%, 03/01/29 150 135,750
------------
BROADCASTING -- 0.2%
British Sky
Broadcasting
6.875%, 02/23/09 200 175,500
Liberty Media Group
144A
8.25%, 02/01/30 200 190,250
------------
365,750
------------
CONSUMER PRODUCTS & SERVICES -- 0.1%
Fort James Corp.
6.625%, 09/15/04 150 143,813
------------
DIVERSIFIED -- 0.4%
Tyco International
Group SA 144A
6.875%, 09/05/02 600 589,500
------------
FINANCIAL -- BANK & TRUST -- 0.6%
Bank of America
Corp.
7.80%, 02/15/10 500 500,000
Fleet National Bank
5.75%, 01/15/09 200 173,750
</TABLE>
<TABLE>
PAR
(000) VALUE
------------------------------------------------------
<CAPTION>
------------------------------------------------------
<S> <C> <C>
NationsBank Corp.
6.125%, 07/15/04 $ 200 $ 188,500
Southern Investments
UK
6.80%, 12/01/06 100 94,250
------------
956,500
------------
FINANCIAL SERVICES -- 2.3%
BMW Vehicle Owner
Trust
6.41%, 04/25/03 400 396,662
Cilcorp, Inc.
8.70%, 10/15/09 400 404,500
Ford Motor Credit
Co.
7.50%, 03/15/05 2,200 2,172,499
Hutchison Whampoa
Financial Corp.
144A
7.45%, 08/01/17 200 182,750
Lehman Brothers
Holdings, Inc.
6.625%, 04/01/04 200 191,250
Morgan Stanley, Dean
Witter & Co.
7.125%, 01/15/03 400 395,500
------------
3,743,161
------------
INSURANCE -- 0.0%
Conseco, Inc.
6.40%, 06/15/01 100 65,500
------------
OIL & GAS -- 0.8%
Enron Corp.
6.70%, 11/15/06 400 376,000
Gulf Canada
Resources Ltd.
8.35%, 08/01/06 200 197,000
Petro Geo-Services
ASA
6.625%, 03/30/08 400 366,000
USX Corp.
6.65%, 02/01/06 300 281,625
------------
1,220,625
------------
REAL ESTATE -- 0.1%
Chelsea GCA Realty,
Inc. [REIT]
7.25%, 10/21/07 200 181,000
------------
RETAIL & MERCHANDISING -- 0.7%
Home Depot, Inc.
6.50%, 09/15/04 400 387,000
Wal-Mart Stores,
Inc.
6.875%, 08/10/09 800 771,000
------------
1,158,000
------------
</TABLE>
17
<PAGE> 21
ASAF AMERICAN CENTURY
STRATEGIC BALANCED FUND
<TABLE>
<CAPTION>
------------------------------------------------------
PAR
(000) VALUE
------------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS -- 1.4%
CSC Holdings, Inc.
8.125%, 07/15/09 $ 750 $ 711,562
GTE North, Inc.
5.65%, 11/15/08 200 173,250
KPNQwest NV
8.125%, 06/01/09 350 334,250
MCI WorldCom, Inc.
6.95%, 08/15/28 400 354,500
TCI Communications,
Inc.
8.75%, 08/01/15 150 159,563
WorldCom, Inc.
7.55%, 04/01/04 500 499,375
------------
2,232,500
------------
UTILITIES -- 0.2%
Alliant Energy
Resources 144A
7.375%, 11/09/09 400 390,000
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $12,910,666) 12,609,787
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 14.2%
Federal Home Loan
Mortgage Corp.
7.00%, 06/01/14-
08/01/29 1,611 1,562,466
7.50%, 08/01/29 1,772 1,736,993
------------
3,299,459
------------
Federal National
Mortgage Assoc.
5.25%, 01/15/03 1,500 1,430,049
6.00%, 12/01/13-
10/01/28 2,270 2,078,610
6.50%, 04/29/09-
01/01/28 2,886 2,686,488
6.50%, 05/15/30
[TBA] 2,500 2,332,812
7.00%, 05/01/11-
07/01/29 1,840 1,776,541
7.125%, 02/15/05-
01/15/30 1,450 1,440,635
7.25%, 01/15/10 1,150 1,147,063
7.50%, 07/01/29-
11/01/29 1,917 1,876,225
8.00%, 05/15/30
[TBA] 1,200 1,198,125
------------
15,966,548
------------
Government National
Mortgage Assoc.
6.00%, 08/15/28 181 164,564
6.50%, 11/23/10
[TBA] 1,000 936,563
</TABLE>
<TABLE>
PAR
(000) VALUE
------------------------------------------------------
<CAPTION>
------------------------------------------------------
<S> <C> <C>
6.50%, 05/15/28 $ 231 $ 216,470
7.00%, 05/15/30
[TBA] 1,400 1,346,188
7.50%, 01/01/20
[TBA] 1,000 983,125
------------
3,646,910
------------
(Cost $23,539,014) 22,912,917
------------
U.S. TREASURY OBLIGATIONS -- 16.1%
U.S. Treasury Bonds
4.25%, 01/15/10 1,507 1,551,794
8.75%, 05/15/17 500 625,629
7.875%, 02/15/21 4,000 4,739,664
6.125%, 08/15/29 1,300 1,302,498
------------
8,219,585
------------
U.S. Treasury Notes
4.875%, 03/31/01 4,500 4,436,558
6.625%, 07/31/01 500 500,021
6.375%, 01/31/02 2,500 2,486,868
6.00%, 07/31/02-
08/15/04 250 245,664
5.875%, 09/30/02-
11/15/04 3,200 3,118,073
5.75%, 11/30/02-
08/15/03 3,050 2,984,128
6.875%, 05/15/06 2,000 2,035,894
6.50%, 10/15/06-
02/15/10 1,900 1,930,050
------------
17,737,256
------------
(Cost $26,067,629) 25,956,841
------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 0.8%
Case Equipment Loan
Trust Series
1998-B Cl-A4
5.92%, 10/15/05 200 195,897
CIT RV Trust Series
1998-A
Cl-A4
6.09%, 02/15/12 100 96,611
Comed Transitional
Funding Trust
Series 1998-1
Cl-A6
5.63%, 06/25/09 100 90,982
General Motors
Acceptance Corp.
Series 1999-Cl
Cl-A2
6.175%, 05/15/33 150 135,174
Morgan Stanley
Capital I Series
1998-WF1 Cl-A2
6.55%, 12/15/07 500 468,486
</TABLE>
18
<PAGE> 22
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
------------------------------------------------------
PAR
(000) VALUE
------------------------------------------------------
<S> <C> <C>
Nationslink Funding
Corp. Series
1998-2 Cl-A1
6.001%, 11/20/07 $ 91 $ 85,798
Nationslink Funding
Corp. Series
1999-1 Cl-A2
6.316%, 11/20/08 250 229,221
------------
(Cost $1,380,206) 1,302,169
------------
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000)
---------
<S> <C> <C>
FOREIGN BONDS -- 1.0%
CANADA -- 0.5%
Canadian Government
5.00%, 09/01/04 1,200 771,635
------------
UNITED KINGDOM -- 0.5%
United Kingdom
Treasury
9.00%, 10/13/08 450 869,073
------------
TOTAL FOREIGN BONDS
(Cost $1,667,177) 1,640,708
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
SOVEREIGN ISSUES -- 0.2%
CANADA
Quebec Province
7.50%, 09/15/29
(Cost $345,793) $ 350 340,568
------------
TOTAL
INVESTMENTS -- 99.7%
(Cost $149,789,184) 160,901,314
OTHER ASSETS LESS LIABILITIES -- 0.3% 485,448
------------
NET ASSETS -- 100.0% $161,386,762
============
</TABLE>
-------------------------------------------------------
Cash with an aggregate market value of $187,500 has been segregated with the
custodian to cover margin requirements for the following open futures contracts
at April 30, 2000:
<TABLE>
<CAPTION>
EXPIRATION NUMBER OF UNREALIZED
DESCRIPTION MONTH CONTRACTS APPRECIATION
----------------------------------------------------
<S> <C> <C> <C>
S&P 500 Index 06/00 10 $40,654
=======
</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 1.3% of net assets.
See Notes to Financial Statements.
19
<PAGE> 23
ASAF FEDERATED
HIGH YIELD BOND FUND
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
CORPORATE OBLIGATIONS -- 93.7%
AEROSPACE -- 0.4%
Anteon Corp.
12.00%, 05/15/09 $ 550 $ 497,750
------------
AUTOMOTIVE PARTS -- 3.7%
Accuride Corp. Cl-B
9.25%, 02/01/08 375 321,563
Aftermarket Technology,
Inc.
12.00%, 08/01/04 100 101,000
Aftermarket Technology,
Inc. Cl-D
12.00%, 08/01/04 425 429,250
American Axle &
Manufacturing, Inc.
9.75%, 03/01/09 1,250 1,196,875
French, (J.L.)
Automotive Casting,
Inc. 144A
11.50%, 06/01/09 600 595,500
HDA Parts System, Inc.
12.00%, 08/01/05 500 332,500
Lear Corp.
9.50%, 07/15/06 50 48,875
8.11%, 05/15/09 1,250 1,122,075
Oxford Automotive, Inc.
10.125%, 06/15/07 300 283,500
------------
4,431,138
------------
BEVERAGES -- 0.6%
National Wine & Spirits
10.125%, 01/15/09 175 167,125
Triarc Consumer Beverage
10.25%, 02/15/09 625 590,625
------------
757,750
------------
BROADCASTING -- 6.0%
Acme Television Co. Cl-B
[STEP]
10.717%, 09/30/04 475 437,266
Big City Radio, Inc.
[STEP]
13.028%, 03/15/05 450 268,013
Capstar Broadcasting
Corp.
9.25%, 07/01/07 100 101,000
Chancellor Media Corp.
9.00%, 10/01/08 1,425 1,446,374
Chancellor Media Corp.
L.A. Cl-B
8.75%, 06/15/07 50 49,500
8.125%, 12/15/07 1,525 1,521,187
Fox/Liberty Networks LLC
8.875%, 08/15/07 400 402,000
9.709%, 08/15/07
[STEP] 525 417,594
</TABLE>
<TABLE>
PAR
(000) VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
Sinclair Broadcasting
Group, Inc.
9.00%, 07/15/07 $ 425 $ 380,375
8.75%, 12/15/07 425 376,125
UIH Australia Pacific,
Inc. Cl-B [STEP]
15.663%, 05/15/06 325 295,960
United International
Holdings, Inc. Cl-B
[STEP]
11.179%, 02/15/08 1,600 1,080,680
XM Satellite Radio, Inc.
144A
14.00%, 03/15/10 375 340,313
------------
7,116,387
------------
BUILDING MATERIALS -- 0.9%
American Builders &
Contractors Supply
Co., Inc. Cl-B
10.625%, 05/15/07 300 253,500
Building Materials
Holdings Corp.
8.625%, 12/15/06 250 223,125
Juno Lighting, Inc.
11.875%, 07/01/09 300 253,500
NCI Building Systems,
Inc. Cl-B
9.25%, 05/01/09 300 276,000
------------
1,006,125
------------
BUSINESS SERVICES -- 4.4%
Dialog Corp. PLC Cl-A
11.00%, 11/15/07 425 427,125
Intermedia
Communications, Inc.
[STEP]
9.733%, 05/15/06 100 94,500
12.286%, 03/01/09 1,450 892,349
Intermedia
Communications, Inc.
Cl-B
10.56%, 07/15/07
[STEP] 850 661,265
8.875%, 11/01/07 50 47,000
8.60%, 06/01/08 275 253,688
Orion Network Systems
11.25%, 01/15/07 625 378,125
Sitel Corp.
9.25%, 03/15/06 375 343,125
Teligent, Inc.
11.50%, 12/01/07 625 546,875
Teligent, Inc. Cl-B
[STEP]
14.94%, 03/01/08 650 341,552
U.S. Office Products Co.
9.75%, 06/15/08 925 282,125
</TABLE>
20
<PAGE> 24
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
Winstar Communications
144A
10.525%, 04/15/10
[STEP] $1,119 $ 520,423
12.75%, 04/15/10 382 368,583
------------
5,156,735
------------
CABLE TELEVISION -- 5.5%
Charter Communications
Holdings LLC [STEP]
12.067%, 04/01/11 1,025 566,691
CSC Holdings, Inc.
9.25%, 11/01/05 500 505,000
9.875%, 05/15/06 400 406,000
7.875%, 12/15/07 50 47,354
9.875%, 02/15/13 300 307,500
Diamond Holdings Co. PLC
9.125%, 02/01/08 200 191,000
Echostar DBS Corp.
9.375%, 02/01/09 1,325 1,288,562
International CableTel,
Inc. Cl-B [STEP]
9.743%, 02/01/06 125 115,625
Pegasus Communications
Corp. Cl-B
9.625%, 10/15/05 1,150 1,124,125
9.75%, 12/01/06 225 221,625
TeleWest Communications
PLC
11.25%, 11/01/08 200 207,500
9.25%, 04/15/09 [STEP] 600 339,210
United Pan-Europe
Communication Corp.
[STEP]
12.446%, 08/01/09 1,800 909,716
13.011%, 11/01/09 144A 575 290,595
------------
6,520,503
------------
CAPITAL GOODS -- 0.1%
Buckeye Cellulose Corp.
9.25%, 09/15/08 100 99,500
------------
CHEMICALS -- 4.7%
General Chemical
Industry Products,
Inc.
10.625%, 05/01/09 600 519,000
Georgia Gulf Corp. 144A
10.375%, 11/01/07 400 412,000
Huntsman Corp. 144A
9.50%, 07/01/07 700 644,000
Huntsman ICI Chemicals
10.125%, 07/01/09 400 400,000
ISP Holdings, Inc. Cl-B
9.00%, 10/15/03 400 362,000
Lyondell Chemical Co.
9.625%, 05/01/07 144A 150 149,250
10.875%, 05/01/09 1,200 1,194,000
</TABLE>
<TABLE>
PAR
(000) VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
Polymer Group, Inc. Cl-B
9.00%, 07/01/07 $ 550 $ 503,250
8.75%, 03/01/08 750 675,000
Sterling Chemicals, Inc.
11.75%, 08/15/06 550 492,250
Texas Petrochemical
Corp.
11.125%, 07/01/06 300 247,500
------------
5,598,250
------------
CLOTHING & APPAREL -- 0.6%
Boyds Collection Ltd.
9.00%, 05/15/08 90 80,100
GFSI, Inc. Cl-B
9.625%, 03/01/07 575 373,750
Pillowtex Corp.
10.00%, 11/15/06 150 60,000
Pillowtex Corp. Cl-B
9.00%, 12/15/07 575 227,125
------------
740,975
------------
CONGLOMERATES -- 0.5%
Eagle-Picher Industries,
Inc.
9.375%, 03/01/08 700 595,000
------------
CONSTRUCTION -- 0.7%
Formica Corp.
10.875%, 03/01/09 425 367,625
MMI Products, Inc. Cl-B
11.25%, 04/15/07 400 404,000
------------
771,625
------------
CONSUMER PRODUCTS & SERVICES -- 3.8%
Albecca, Inc.
10.75%, 08/15/08 675 543,375
Amscan Holdings, Inc.
9.875%, 12/15/07 500 422,500
Cabot Safety Corp.
12.50%, 07/15/05 450 455,625
Chattem, Inc. Cl-B
8.875%, 04/01/08 550 475,750
Collins & Aikman Floor
Coverings Corp.
10.00%, 01/15/07 150 147,000
Collins & Aikman
Products Corp.
11.50%, 04/15/06 300 295,500
Diamond Brands
Operating, Inc.
10.125%, 04/15/08 50 33,000
12.83%, 04/15/09
[STEP] 50 8,750
Glenoit Corp.
11.00%, 04/15/07 175 44,625
NBTY, Inc. Cl-B
8.625%, 09/15/07 400 350,000
Playtex Family Products
Corp.
9.00%, 12/15/03 450 441,000
</TABLE>
21
<PAGE> 25
ASAF FEDERATED
HIGH YIELD BOND FUND
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
Revlon Consumer Products
Corp.
8.625%, 02/01/08 $1,500 $ 750,000
Sleepmaster, Inc.
11.00%, 05/15/09 150 145,500
Volume Services America
11.25%, 03/01/09 400 374,000
------------
4,486,625
------------
CONTAINERS & PACKAGING -- 1.3%
Owens-Illinois, Inc.
8.10%, 05/15/07 250 235,550
Russell Stanley
Holdings, Inc.
10.875%, 02/15/09 300 253,500
Stone Container Corp.
12.25%, 04/01/02 400 404,000
11.50%, 10/01/04 450 462,375
Tekni-Plex, Inc. Cl-B
9.25%, 03/01/08 150 144,750
------------
1,500,175
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 1.3%
Amphenol Corp.
9.875%, 05/15/07 260 265,200
SCG Holdings Corp.
12.00%, 08/01/09 250 265,625
WESCO Distribution, Inc.
Cl-B
9.125%, 06/01/08 1,050 955,500
------------
1,486,325
------------
ENTERTAINMENT & LEISURE -- 3.3%
AMF Group, Inc. [STEP]
16.056%, 03/15/06 512 125,767
Florida Panthers
Holdings, Inc.
9.875%, 04/15/09 1,025 943,000
Premier Parks, Inc.
9.25%, 04/01/06 75 70,875
9.75%, 06/15/07 500 481,250
10.321%, 04/01/08
[STEP] 2,150 1,403,757
Regal Cinemas, Inc.
9.50%, 06/01/08 1,125 466,875
True Temper Sports, Inc.
10.875%, 12/01/08 425 408,000
------------
3,899,524
------------
ENVIRONMENTAL SERVICES -- 2.0%
Allied Waste North
America Co.
10.00%, 08/01/09 1,725 1,190,250
Allied Waste North
America Co. Cl-B
7.625%, 01/01/06 1,100 830,500
7.875%, 01/01/09 525 391,125
------------
2,411,875
------------
</TABLE>
<TABLE>
PAR
(000) VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
FARMING & AGRICULTURE -- 0.3%
Royster-Clark, Inc.
10.25%, 04/01/09 $ 375 $ 307,500
------------
FINANCIAL -- BANK & TRUST -- 1.4%
GS Escrow Corp.
7.125%, 08/01/05 1,450 1,294,285
RBF Finance Co.
11.375%, 03/15/09 350 376,250
------------
1,670,535
------------
FINANCIAL SERVICES -- 0.7%
Caithness Coso Fund
Corp.
9.05%, 12/15/09 500 490,000
Unifrax Investment Corp.
10.50%, 11/01/03 325 304,688
------------
794,688
------------
FOOD -- 2.0%
Agrilink Foods, Inc.
11.875%, 11/01/08 650 581,750
Aurora Foods, Inc.
9.875%, 02/15/07 250 141,250
Dominos, Inc. Cl-B
10.375%, 01/15/09 400 371,000
Eagle Family Foods, Inc.
Cl-B
8.75%, 01/15/08 600 411,000
International Home
Foods, Inc.
10.375%, 11/01/06 850 845,750
Jitney-Jungle Stores,
Inc.++
10.375%, 09/15/07 150 1,875
Nebco Evans Holding Co.
[STEP]++
10.875%, 07/15/07 125 781
------------
2,353,406
------------
FURNITURE -- 0.2%
Sealy Mattress Co. Cl-B
9.875%, 12/15/07 50 47,750
10.95%, 12/15/07
[STEP] 350 246,750
------------
294,500
------------
HEALTHCARE SERVICES -- 3.1%
Columbia HCA Healthcare,
Inc.
6.91%, 06/15/05 800 722,328
Everest Healthcare
Services, Inc.
9.75%, 05/01/08 225 194,625
Genesis Health Ventures,
Inc.++
9.25%, 10/01/06 200 31,000
9.875%, 01/15/09 150 20,250
</TABLE>
22
<PAGE> 26
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
Hudson Respiratory Care,
Inc.
9.125%, 04/15/08 $ 250 $ 191,250
Tenet Healthcare Corp.
8.00%, 01/15/05 975 936,000
8.625%, 01/15/07 400 387,000
7.625%, 06/01/08 100 91,000
8.125%, 12/01/08 1,125 1,051,875
------------
3,625,328
------------
INDUSTRIAL PRODUCTS -- 1.3%
Blount, Inc.
13.00%, 08/01/09 425 427,125
Continental Global
Group, Inc. Cl-B
11.00%, 04/01/07 100 29,500
Hexcel Corp.
9.75%, 01/15/09 250 213,750
ISG Resources, Inc.
10.00%, 04/15/08 300 266,250
United Industries Corp.
Cl-B
9.875%, 04/01/09 300 226,500
URS Corp. Cl-B 144A
12.25%, 05/01/09 425 427,125
------------
1,590,250
------------
INTERNET SERVICES -- 5.0%
Call-Net Enterprises,
Inc. [STEP]
8.949%, 08/15/07 425 201,875
9.441%, 08/15/08 425 167,875
11.162%, 05/15/09 1,700 638,130
Global Crossing Holdings
Ltd. 144A
9.50%, 11/15/09 2,050 1,998,750
Northpoint
Communications Group,
Inc. 144A
12.875%, 02/15/10 600 537,000
PSINet, Inc.
11.50%, 11/01/08 325 299,000
11.00%, 08/01/09 800 724,000
PSINet, Inc. Cl-B
10.00%, 02/15/05 425 376,125
Rhythms Netconnections
144A
14.00%, 02/15/10 350 313,250
Verio, Inc.
11.25%, 12/01/08 250 247,500
10.625%, 11/15/09 144A 375 360,000
------------
5,863,505
------------
MACHINERY & EQUIPMENT -- 2.0%
Clark Materials Handling
Corp. Cl-D+
10.75%, 11/15/06 150 12,750
Columbus McKinnon Corp.
8.50%, 04/01/08 150 134,250
</TABLE>
<TABLE>
PAR
(000) VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
National Equipment
Services, Inc. Cl-B
10.00%, 11/30/04 $ 50 $ 45,250
National Equipment
Services, Inc. Cl-D
10.00%, 11/30/04 475 429,875
NationsRent, Inc.
10.375%, 12/15/08 450 321,750
United Rentals, Inc.
9.25%, 01/15/09 1,075 962,125
United Rentals, Inc.
Cl-B
9.00%, 04/01/09 200 176,000
Woods Equipment Co.
12.00%, 07/15/09 325 287,625
------------
2,369,625
------------
MEDICAL SUPPLIES & EQUIPMENT -- 2.7%
CONMED Corp.
9.00%, 03/15/08 625 571,875
Dade International, Inc.
Cl-B
11.125%, 05/01/06 475 434,625
Fisher Scientific
International, Inc.
9.00%, 02/01/08 500 462,500
9.00%, 02/01/08 875 809,375
Hanger Orthopedic Group
11.25%, 06/15/09 500 390,000
Kinetic Concepts, Inc.
Cl-B
9.625%, 11/01/07 725 529,250
------------
3,197,625
------------
METALS & MINING -- 1.7%
AEI Resources, Inc. 144A
10.50%, 12/15/05 450 94,500
11.50%, 12/15/06 300 33,000
California Steel
Industries
8.50%, 04/01/09 300 283,500
Euramax International
PLC
11.25%, 10/01/06 350 353,500
Metals USA, Inc.
8.625%, 02/15/08 525 479,063
Murrin Murrin Holdings
PTY
9.375%, 08/31/07 300 264,000
Neenah Corp. Cl-B
11.125%, 05/01/07 225 176,625
Neenah Corp. Cl-F
11.125%, 05/01/07 375 294,375
Republic Technologies,
Inc.
13.75%, 07/15/09 400 90,000
------------
2,068,563
------------
OFFICE EQUIPMENT -- 0.4%
Buhrmann U.S., Inc. 144A
12.25%, 11/01/09 500 513,750
------------
</TABLE>
23
<PAGE> 27
ASAF FEDERATED
HIGH YIELD BOND FUND
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
OIL & GAS -- 2.6%
Comstock Resources, Inc.
11.25%, 05/01/07 $ 200 $ 196,000
Continental Resources,
Inc.
10.25%, 08/01/08 375 333,750
Forest Oil Corp.
10.50%, 01/15/06 450 456,750
Pogo Producing Co. Cl-B
10.375%, 02/15/09 500 512,500
Pride Petroleum
Services, Inc.
9.375%, 05/01/07 350 343,000
R&B Falcon Corp.
12.25%, 03/15/06 500 547,500
Triton Energy Ltd.
8.75%, 04/15/02 575 572,125
Universal Compression
Holdings [STEP]
12.454%, 02/15/09 100 73,500
------------
3,035,125
------------
PRINTING & PUBLISHING -- 0.7%
Garden State Newspapers,
Inc. Cl-B
8.75%, 10/01/09 475 421,563
Hollinger International
Publishing Co.
9.25%, 02/01/06 125 120,625
9.25%, 03/15/07 300 292,500
------------
834,688
------------
RAILROADS -- 0.3%
Railworks Corp.
11.50%, 04/15/09 375 358,125
------------
REAL ESTATE -- 1.3%
HMH Properties, Inc.
Cl-A
7.875%, 08/01/05 400 362,000
HMH Properties, Inc.
Cl-B
7.875%, 08/01/08 825 719,813
HMH Properties, Inc.
Cl-C
8.45%, 12/01/08 450 402,750
------------
1,484,563
------------
RESTAURANTS -- 0.5%
Advantica Restaurant
Group, Inc.
11.25%, 01/15/08 250 168,750
Carrols Corp.
9.50%, 12/01/08 450 383,625
------------
552,375
------------
RETAIL & MERCHANDISING -- 0.1%
Community Distributors,
Inc. Cl-B
10.25%, 10/15/04 200 158,000
------------
</TABLE>
<TABLE>
PAR
(000) VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
SEMICONDUCTORS -- 0.4%
Fairchild Semiconductor
Corp.
10.375%, 10/01/07 144A $ 150 $ 149,250
10.75%, 04/15/09 550 305,250
------------
454,500
------------
TELECOMMUNICATIONS -- 23.9%
Arch Communications,
Inc.
12.75%, 07/01/07 150 123,750
Centennial Cellular
Corp.
10.75%, 12/15/08 500 498,750
Crown Castle
International Corp.
[STEP]
10.483%, 05/15/11 1,100 654,898
11.272%, 08/01/11 1,000 605,378
Dolphin Telecom PLC
[STEP]
14.00%, 05/15/09 600 189,232
Hermes Europe Railtel
BV, Inc.
11.50%, 08/15/07 1,000 895,000
10.375%, 01/15/09 350 295,750
Lenfest Communications,
Inc.
8.25%, 02/15/08 250 253,810
Level 3 Communications,
Inc.
9.125%, 05/01/08 1,500 1,312,500
10.79%, 12/01/08
[STEP] 2,350 1,334,525
McLeodUSA, Inc.
9.918%, 03/01/07
[STEP] 875 704,781
8.375%, 03/15/08 150 136,500
9.50%, 11/01/08 125 121,406
8.125%, 02/15/09 700 623,000
Metricom, Inc.
13.00%, 02/15/10 300 250,500
MetroMedia Fiber
Network, Inc.
10.00%, 12/15/09 775 742,063
Millicom International
Cellular, Inc. [STEP]
13.529%, 06/01/06 1,050 893,134
Nextel Communications,
Inc.
10.628%, 02/15/08
[STEP] 2,650 1,875,973
9.375%, 11/15/09 1,525 1,452,562
Nextel International,
Inc. [STEP]
12.125%, 04/15/08 50 31,288
Nextel Partners, Inc.
[STEP]
13.664%, 02/01/09 260 174,200
</TABLE>
24
<PAGE> 28
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
NEXTLINK Communications,
Inc.
9.00%, 03/15/08 $ 150 $ 137,625
11.07%, 04/15/08
[STEP] 950 572,765
10.75%, 06/01/09 500 495,000
12.269%, 06/01/09
[STEP] 2,300 1,346,402
NTL Communications Corp.
Cl-B
11.50%, 10/01/08 650 663,000
NTL, Inc. Cl-B [STEP]
10.381%, 04/01/08 2,375 1,520,970
10.732%, 10/01/08 1,800 1,179,686
Orius Capital Corp. 144A
12.75%, 02/01/10 475 482,125
Qwest Communications
International, Inc.
[STEP]
8.24%, 10/15/07 700 561,750
RCN Corp. [STEP]
12.214%, 10/15/07 1,050 667,250
Rogers Cantel, Inc.
8.80%, 10/01/07 225 222,750
SpectraSite Holdings,
Inc. [STEP] 144A
12.875%, 03/15/10 525 274,713
Telecommunications
Techniques Co.
9.75%, 05/15/08 1,450 1,348,500
Telesystem International
Wireless, Inc. Cl-B
[STEP]
14.691%, 06/30/07 800 492,426
10.352%, 11/01/07 75 39,375
Tritel PCS, Inc. [STEP]
13.458%, 05/15/09 300 199,500
Triton PCS, Inc. [STEP]
13.458%, 05/01/08 725 522,268
U.S. Unwired, Inc.
[STEP] 144A
13.375%, 11/01/09 400 218,000
US Xchange LLC+
15.00%, 07/01/08 400 301,000
Viatel, Inc.
11.25%, 04/15/08 75 67,125
13.739%, 04/15/08
[STEP] 1,800 1,026,865
11.50%, 03/15/09 100 91,500
Voicestream Wireless
Holdings 144A
10.375%, 11/15/09 100 101,500
11.553%, 11/15/09
[STEP] 1,825 1,125,709
Williams Communications
Group, Inc.
10.875%, 10/01/09 1,275 1,290,938
------------
28,117,742
------------
</TABLE>
<TABLE>
PAR
(000) VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
TRANSPORTATION -- 2.2%
Allied Holdings, Inc.
Cl-B
8.625%, 10/01/07 $ 400 $ 356,000
Ameritruck Distribution
Corp. Cl-B++
12.25%, 11/15/05 50 5
Gearbulk Holding Ltd.
11.25%, 12/01/04 525 527,625
Holt Group
9.75%, 01/15/06 100 50,500
Motor Coach Industries,
Inc.
11.25%, 05/01/09 400 386,000
Stena AB
10.50%, 12/15/05 500 467,500
8.75%, 06/15/07 900 751,500
Stena Line AB
10.625%, 06/01/08 100 65,000
------------
2,604,130
------------
UTILITIES -- 1.1%
CMS Energy Corp.
7.50%, 01/15/09 525 459,926
El Paso Electric Co.
Cl-E
9.40%, 05/01/11 300 314,760
International Utility
Structures, Inc.
10.75%, 02/01/08 125 104,375
Niagara Mohawk Power
Corp. Cl-H [STEP]
7.788%, 07/01/10 650 478,348
------------
1,357,409
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $125,037,729) 110,682,194
------------
<CAPTION>
SHARES
------
<S> <C> <C>
COMMON STOCK -- 0.1%
METALS & MINING -- 0.0%
Republic Technologies
Warrants* 400 0
------------
OIL & GAS -- 0.1%
R&B Falcon Corp.
Warrants 144A* 275 107,388
------------
TELECOMMUNICATIONS -- 0.0%
Metricom, Inc. Warrants* 300 6,000
------------
TOTAL COMMON STOCK
(Cost $48,000) 113,388
------------
</TABLE>
25
<PAGE> 29
ASAF FEDERATED
HIGH YIELD BOND FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
PREFERRED STOCK -- 2.2%
BROADCASTING -- 0.5%
Benedek Communications
Corp.
11.50% [PIK] 100 $ 82,500
Sinclair Capital Cl-A
$11.625 5,600 546,000
------------
628,500
------------
FOOD -- 0.0%
Nebco Evans Holding Co.
11.25% [PIK] 663 414
------------
HEALTHCARE SERVICES -- 0.0%
River Holding Corp. Cl-B
11.50% [PIK] 626 47,892
------------
OIL & GAS -- 0.5%
R&B Falcon Corp.
13.875% [PIK] 569 611,456
------------
PRINTING & PUBLISHING -- 1.1%
Primedia, Inc.
Cl-D 10.00% 5,700 552,900
Primedia, Inc.
Cl-F 9.20% 2,950 269,925
Primedia, Inc.
Cl-H 8.625% 5,250 447,563
------------
1,270,388
------------
TELECOMMUNICATIONS -- 0.1%
AMFM Operating, Inc.
12.625% [PIK] 56,400 64,014
Nextel Communications,
Inc. Cl-E
11.125% [PIK] 25 24,380
------------
88,394
------------
TOTAL PREFERRED STOCK
(Cost $2,837,095) 2,647,044
------------
</TABLE>
<TABLE>
PAR
(000) VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENTS -- 2.5%
Greenwich Capital Markets,
Inc., 5.70%, dated
04/28/00, maturing
05/01/00, repurchase
price $2,999,424,
(collateralized by U.S.
Treasury Notes, 5.25%,
par value $3,037,000,
market value $3,063,028,
due 05/31/01)
(Cost $2,998,000) $2,998 $ 2,998,000
------------
TOTAL INVESTMENTS -- 98.5%
(Cost $130,920,824) 116,440,626
OTHER ASSETS LESS
LIABILITIES -- 1.5% 1,817,325
------------
NET ASSETS -- 100.0% $118,257,951
============
</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 0.3%
of net assets.
++ Defaulted Security. At the end of the period, these securities amounted to
less than 0.1% 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 8.5% of net assets.
See Notes to Financial Statements.
26
<PAGE> 30
AMERICAN SKANDIA ADVISOR FUNDS, INC.
ASAF OPPENHEIMER
LARGE-CAP GROWTH FUND
<TABLE>
<CAPTION>
-----------------------------------------------------
SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 78.6%
BROADCASTING -- 1.4%
Infinity Broadcasting
Corp.* 50,100 $ 1,700,269
------------
CABLE TELEVISION -- 1.7%
Univision
Communications, Inc.* 19,200 2,097,600
------------
CLOTHING & APPAREL -- 0.5%
Intimate Brands, Inc. 14,450 556,325
------------
COMPUTER HARDWARE -- 4.3%
Dell Computer Corp.* 40,700 2,040,088
EMC Corp.* 23,400 3,251,137
------------
5,291,225
------------
COMPUTER SERVICES & SOFTWARE -- 9.7%
BEA Systems, Inc.* 6,000 289,500
Cisco Systems, Inc.* 50,000 3,466,405
Citrix Systems, Inc.* 31,800 1,941,788
Compuware Corp.* 20,600 258,788
MarchFirst, Inc.* 8,650 184,353
Microsoft Corp.* 38,100 2,657,475
Oracle Corp.* 17,400 1,390,913
VERITAS Software Corp.* 15,800 1,694,797
------------
11,884,019
------------
CONGLOMERATES -- 4.8%
Corning, Inc. 9,000 1,777,500
Tyco International Ltd. 90,000 4,134,375
------------
5,911,875
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 3.1%
Sanmina Corp.* 10,000 600,625
Tandy Corp. 44,500 2,536,500
Texas Instruments, Inc. 4,000 651,500
------------
3,788,625
------------
ENTERTAINMENT & LEISURE -- 0.4%
Royal Caribbean Cruises
Ltd. 22,000 457,875
------------
FINANCIAL -- BANK & TRUST -- 0.5%
Fifth Third Bancorp 8,800 555,500
------------
FINANCIAL SERVICES -- 1.5%
Citigroup, Inc. 30,400 1,806,900
------------
HEALTHCARE SERVICES -- 2.3%
Amgen, Inc.* 51,000 2,856,000
------------
INSURANCE -- 0.7%
American International
Group, Inc. 8,000 877,500
------------
INTERNET SERVICES -- 0.3%
VeriSign, Inc.* 2,700 376,313
------------
</TABLE>
<TABLE>
SHARES VALUE
-----------------------------------------------------
<CAPTION>
-----------------------------------------------------
<S> <C> <C>
OIL & GAS -- 1.9%
Exxon Mobil Corp. 30,754 $ 2,389,201
------------
PHARMACEUTICALS -- 3.5%
Biogen, Inc.* 21,300 1,252,706
Genentech, Inc.* 4,000 468,000
Immunex Corp.* 12,000 472,500
Waters Corp.* 22,200 2,109,000
------------
4,302,206
------------
PRINTING & PUBLISHING -- 2.4%
Lexmark International
Group, Inc. Cl-A* 25,200 2,973,600
------------
RETAIL & MERCHANDISING -- 10.0%
Bed, Bath & Beyond,
Inc.* 8,000 293,500
Best Buy Co., Inc.* 32,900 2,656,675
CVS Corp. 24,200 1,052,700
Home Depot, Inc. 40,800 2,287,350
Kohl's Corp.* 50,200 2,409,600
Tiffany & Co. 31,500 2,289,656
Wal-Mart Stores, Inc. 23,900 1,323,463
------------
12,312,944
------------
SEMICONDUCTORS -- 17.5%
Broadcom Corp. Cl-A* 3,000 517,125
E-Tek Dynamics, Inc.* 14,500 2,968,875
Intel Corp. 15,000 1,902,188
JDS Uniphase Corp.* 80,000 8,299,999
LSI Logic Corp.* 33,000 2,062,500
QLogic Corp.* 10,000 1,003,125
SDL, Inc.* 8,400 1,638,000
Vitesse Semiconductor
Corp.* 45,000 3,062,812
------------
21,454,624
------------
TELECOMMUNICATIONS -- 8.7%
BroadWing, Inc. 40,000 1,132,500
Lucent Technologies,
Inc. 16,100 1,001,219
MCI WorldCom, Inc.* 6,000 272,625
Nokia Corp. Cl-A [ADR] 40,800 2,320,500
Nortel Networks Corp. 34,700 3,929,774
QUALCOMM, Inc.* 8,000 867,500
Tellabs, Inc.* 21,000 1,151,063
------------
10,675,181
------------
UTILITIES -- 3.4%
AES Corp.* 25,000 2,248,438
Enron Corp. 27,600 1,923,375
------------
4,171,813
------------
TOTAL COMMON STOCK
(Cost $72,449,352) 96,439,595
------------
</TABLE>
27
<PAGE> 31
ASAF OPPENHEIMER
LARGE-CAP GROWTH FUND
<TABLE>
<CAPTION>
-----------------------------------------------------
SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 9.7%
Temporary Investment
Cash Fund 5,928,872 $ 5,928,872
Temporary Investment
Fund 5,928,872 5,928,872
------------
(Cost $11,857,744) 11,857,744
------------
TOTAL INVESTMENTS -- 88.3%
(Cost $84,307,096) 108,297,339
OTHER ASSETS LESS LIABILITIES -- 11.7% 14,352,767
------------
NET ASSETS -- 100.0% $122,650,106
============
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
28
<PAGE> 32
AMERICAN SKANDIA ADVISOR FUNDS, INC.
ASAF LORD ABBETT
GROWTH AND INCOME FUND
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 92.8%
AEROSPACE -- 3.4%
Boeing Co. 45,000 $ 1,785,938
Honeywell
International, Inc. 80,000 4,480,000
------------
6,265,938
------------
AUTOMOBILE MANUFACTURERS -- 1.1%
General Motors Corp. 22,000 2,059,750
------------
BEVERAGES -- 1.0%
Seagram Co. Ltd. 35,000 1,780,625
------------
BROADCASTING -- 1.3%
CBS Corp.* 40,000 2,350,000
------------
BUSINESS SERVICES -- 1.2%
First Data Corp. 45,000 2,190,938
------------
CHEMICALS -- 3.5%
Dow Chemical Co. 35,000 3,955,000
Rohm & Haas Co. 70,000 2,493,750
------------
6,448,750
------------
COMPUTER HARDWARE -- 4.0%
Apple Computer, Inc.* 18,000 2,233,125
Compaq Computer Corp. 85,000 2,486,250
International
Business Machines
Corp. 25,000 2,790,625
------------
7,510,000
------------
COMPUTER SERVICES & SOFTWARE -- 7.4%
Cadence Design
Systems, Inc.* 120,000 2,017,500
Ceridian Corp.* 80,000 1,735,000
Computer Sciences
Corp.* 25,000 2,039,063
Oracle Corp.* 45,000 3,597,187
Sun Microsystems,
Inc.* 25,000 2,298,438
Unisys Corp.* 100,000 2,318,749
------------
14,005,937
------------
CONGLOMERATES -- 1.9%
Minnesota Mining &
Manufacturing Co. 40,000 3,460,000
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 1.4%
Texas Instruments,
Inc. 16,000 2,606,000
------------
FINANCIAL -- BANK & TRUST -- 4.0%
Bank One Corp. 60,000 1,830,000
Chase Manhattan Corp. 35,000 2,522,188
Wells Fargo & Co. 75,000 3,079,687
------------
7,431,875
------------
</TABLE>
<TABLE>
SHARES VALUE
----------------------------------------------------
<CAPTION>
----------------------------------------------------
<S> <C> <C>
FINANCIAL SERVICES -- 5.4%
Fannie Mae Corp. 60,000 $ 3,618,750
Fleet Financial
Group, Inc. 100,000 3,543,750
Morgan Stanley, Dean
Witter & Co. 38,000 2,916,500
------------
10,079,000
------------
FOOD -- 1.8%
Archer Daniels
Midland Co. 200,000 1,987,500
Safeway, Inc.* 30,000 1,323,750
------------
3,311,250
------------
HEALTHCARE SERVICES -- 2.5%
Columbia HCA
Healthcare Corp. 80,000 2,275,000
United Healthcare
Group, Inc.* 35,000 2,334,063
------------
4,609,063
------------
INSURANCE -- 9.8%
Ace Ltd. 190,000 4,548,124
American General
Corp. 65,000 3,640,000
AON Corp. 100,000 2,706,250
CIGNA Corp. 30,000 2,392,500
Jefferson-Pilot Corp. 55,000 3,660,938
St. Paul Companies,
Inc. 45,000 1,603,125
------------
18,550,937
------------
MACHINERY & EQUIPMENT -- 2.6%
Black & Decker Corp. 50,000 2,103,125
Deere & Co. 70,000 2,826,250
------------
4,929,375
------------
MEDICAL SUPPLIES & EQUIPMENT -- 0.7%
Abbott Laboratories 35,000 1,345,313
------------
METALS & MINING -- 4.0%
Alcoa, Inc. 55,000 3,568,125
Phelps Dodge Corp. 50,000 2,312,500
USX-U.S. Steel Group,
Inc. 60,000 1,503,750
------------
7,384,375
------------
OIL & GAS -- 11.9%
BP Amoco PLC [ADR] 89,200 4,549,200
Coastal Corp. 80,000 4,015,000
Exxon Mobil Corp. 60,000 4,661,249
Schlumberger Ltd. 50,000 3,828,125
Total Fina SA [ADR] 55,000 4,159,375
Transocean Sedco
Forex, Inc. 25,000 1,175,000
------------
22,387,949
------------
</TABLE>
29
<PAGE> 33
ASAF LORD ABBETT
GROWTH AND INCOME FUND
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
PAPER & FOREST PRODUCTS -- 2.4%
Champion
International Corp. 18,000 $ 1,183,500
International Paper
Co. 90,000 3,307,500
------------
4,491,000
------------
PHARMACEUTICALS -- 4.1%
American Home
Products Corp. 85,000 4,775,938
Pharmacia Corp. 59,500 2,971,281
------------
7,747,219
------------
PRINTING & PUBLISHING -- 1.4%
Dow Jones & Co., Inc. 40,000 2,595,000
------------
RETAIL & MERCHANDISING -- 1.6%
Consolidated Stores
Corp.* 110,000 1,368,125
Federated Department
Stores, Inc.* 50,000 1,700,000
------------
3,068,125
------------
TELECOMMUNICATIONS -- 7.2%
Alltel Corp. 40,000 2,665,000
AT&T Corp. 75,000 3,501,562
Bell Atlantic Corp. 50,000 2,962,499
MCI WorldCom, Inc.* 50,000 2,271,875
SBC Communications,
Inc. 45,000 1,971,563
------------
13,372,499
------------
TRANSPORTATION -- 0.5%
United Parcel
Service, Inc. Cl-B 15,000 997,500
------------
</TABLE>
<TABLE>
SHARES VALUE
----------------------------------------------------
<CAPTION>
----------------------------------------------------
<S> <C> <C>
UTILITIES -- 6.7%
Dominion Resources,
Inc.* 90,000 $ 4,050,000
Duke Energy Corp. 65,000 3,737,500
FirstEnergy Corp. 110,000 2,798,125
Unicom Corp. 50,000 1,987,500
------------
12,573,125
------------
TOTAL COMMON STOCK
(Cost $159,621,022) 173,551,543
------------
PREFERRED STOCK -- 1.2%
UTILITIES
Houston Industries,
Inc. 7.00% [CVT]
(Cost $1,503,279) 15,000 2,220,938
------------
SHORT-TERM INVESTMENTS -- 5.6%
Temporary Investment
Cash Fund 5,196,065 5,196,065
Temporary Investment
Fund 5,196,064 5,196,064
------------
(Cost $10,392,129) 10,392,129
------------
TOTAL INVESTMENTS -- 99.6%
(Cost $171,516,430) 186,164,610
OTHER ASSETS LESS
LIABILITIES -- 0.4% 695,720
------------
NET ASSETS -- 100.0% $186,860,330
============
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
30
<PAGE> 34
AMERICAN SKANDIA ADVISOR FUNDS, INC.
ASAF JANUS
OVERSEAS GROWTH FUND
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
FOREIGN STOCK -- 81.1%
ARGENTINA -- 0.1%
Telefonica SA [ADR]* 10,091 $ 668,529
------------
AUSTRALIA -- 0.3%
Melbourne It Ltd.* 120,361 577,024
News Corp. Ltd. [ADR]* 12,420 638,854
News Corp. Ltd. Pfd.
[ADR]* 23,470 1,032,679
------------
2,248,557
------------
BRAZIL -- 2.0%
Petroleo Brasileiro SA
[ADR]* 168,435 3,990,462
Tele Norte Leste
Participacoes SA
[ADR]* 6,054 107,840
Telecomunicacoes
Brasileiras SA Pfd.
[ADR] 51,745 6,115,612
Telesp Celular
Participacoes SA
[ADR]* 83,710 3,693,704
------------
13,907,618
------------
CANADA -- 4.9%
BCE, Inc. 19,527 2,260,222
BCE, Inc. NY Reg. 17,285 1,983,454
Bombardier, Inc. Cl-B 121,453 3,262,442
Celestica, Inc.* 2,864 154,444
Corus Entertainment,
Inc.* 103,632 2,797,727
Le Groupe Videotron
Ltee 149,370 3,588,929
Nortel Networks Corp. 74,255 8,409,379
Rogers Communications,
Inc. Cl-B* 290,114 7,548,219
Shaw Communications,
Inc. Cl-B 174,589 4,082,926
------------
34,087,742
------------
EGYPT -- 0.4%
MobiNil* 71,124 2,711,528
------------
FINLAND -- 7.3%
Nokia AB Oyj 450,930 25,928,506
Nokia Corp. Cl-A [ADR] 314,255 17,873,253
Sonera Group Oyj 29,325 1,616,711
Tieto Corp. Cl-B 108,417 5,236,152
------------
50,654,622
------------
FRANCE -- 3.6%
Alcatel 12,075 2,805,862
Atos SA* 14,594 1,581,231
Canal Plus* 8,457 1,633,771
Cap Gemini SA 13,227 2,603,479
Havas Advertising SA 2,044 1,022,568
</TABLE>
<TABLE>
SHARES VALUE
----------------------------------------------------
<CAPTION>
----------------------------------------------------
<S> <C> <C>
STMicroelectronics NV 24,894 $ 4,761,526
STMicroelectronics NV
NY Reg. 4,900 929,469
Total Fina SA Cl-B 62,364 9,484,824
------------
24,822,730
------------
GERMANY -- 3.1%
ADVA AG Optical
Networking* 581 319,251
EM.TV & Merchandising
AG 30,284 2,356,732
Intershop
Communications AG* 7,704 3,250,396
Marschollek,
Lautenschlaeger und
Partner AG Pfd. 11,127 5,860,639
Pharmacia Corp.* 62,830 3,137,573
Porsche AG Pfd. 882 2,274,140
SAP AG Pfd. 2,385 1,383,330
Software AG* 28,366 2,900,213
------------
21,482,274
------------
HONG KONG -- 6.7%
China Telecom Ltd.* 696,000 5,026,332
China Telecom Ltd.
[ADR]* 185,760 27,248,671
Citic Pacific Ltd.* 781,000 3,579,634
Global Tech (Holdings)
Ltd.* 302,000 345,077
Legend Holdings Ltd.* 8,790,000 10,213,083
------------
46,412,797
------------
INDIA -- 0.8%
Reliance Industries
[GDR] 144A 204,454 5,319,893
------------
ISRAEL -- 2.5%
Check Point Software
Technologies Ltd. 81,770 14,146,210
Partner Communications
Co. Ltd. [ADR]* 299,440 3,200,265
------------
17,346,475
------------
ITALY -- 0.7%
Banca Popolare di
Brescia 33,146 3,020,439
Telecom Italia Mobile
SPA 173,506 1,660,133
------------
4,680,572
------------
JAPAN -- 14.0%
Fuji Bank Ltd. 289,000 2,406,738
Fujitsu Ltd. 74,000 2,095,278
Furukawa Electric Co.* 333,000 4,618,856
Ito-Yokado Co. Ltd. 26,000 1,898,187
Murata Manufacturing
Co. Ltd. 22,000 4,274,945
NEC Corp. 266,000 7,236,316
</TABLE>
31
<PAGE> 35
ASAF JANUS
OVERSEAS GROWTH FUND
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
Nippon Telegraph &
Telephone Corp. 3,290 $ 4,079,334
NTT Data Corp. 930 1,239,179
NTT Mobile
Communication
Network, Inc. 10,120 33,804,635
Rohm Co. Ltd. 3,100 1,038,386
SoftBank Corp. 15,100 3,716,611
SoftBank Corp. (New)* 30,200 7,461,167
Sony Corp. 100,800 11,574,996
Sony Corp. [ADR]* 6,535 1,474,459
Takeda Chemical
Industries Ltd. 124,000 8,157,927
Yamanouchi
Pharmaceutical Co.
Ltd. 26,000 1,373,719
------------
96,450,733
------------
KOREA -- 2.5%
Dacom Corp.* 17,340 2,515,728
Samsung Electronics
Co. 13,160 3,557,671
Samsung Electronics
Co. [GDR] 144A* 33,745 2,737,732
SK Telecom Co. Ltd.
[ADR] 269,414 8,638,087
------------
17,449,218
------------
MEXICO -- 3.1%
Grupo Televisa SA
[GDR]* 123,210 7,816,134
Telefonos de Mexico SA
Cl-L [ADR] 234,145 13,770,653
------------
21,586,787
------------
NETHERLANDS -- 3.7%
ASM Lithography
Holding NV* 35,532 1,392,282
ASM Lithography
Holding NV NY Reg.* 14,115 564,600
Completel Europe NV* 217,762 3,829,820
Getronics NV 68,736 4,108,914
Koninklijke (Royal)
Philips Electronics
NV* 187,744 8,395,008
Koninklijke (Royal)
Philips Electronics
NV NY Reg. 30,550 1,363,294
United Pan-Europe
Communications NV* 11,243 410,116
Versatel Telecom
International NV* 137,671 5,532,483
World Online
International* 22,536 303,933
------------
25,900,450
------------
NORWAY -- 0.1%
Tomra Systems ASA* 45,837 947,811
------------
</TABLE>
<TABLE>
SHARES VALUE
----------------------------------------------------
<CAPTION>
----------------------------------------------------
<S> <C> <C>
SINGAPORE -- 1.7%
Chartered
Semiconductor
Manufacturing Ltd.
[ADR]* 15,825 $ 1,382,709
Datadraft Asia Ltd. 255,000 1,912,500
Development Bank of
Singapore 160,599 2,210,371
Singapore Press
Holdings Ltd. 122,500 2,396,277
ST Assembly Test
Services Ltd.* 96,360 4,017,009
------------
11,918,866
------------
SOUTH AFRICA -- 0.6%
Dimension Data
Holdings Ltd.* 641,000 4,207,606
------------
SPAIN -- 2.0%
Banco Bilbao Vizcaya
SA 358,903 4,905,772
Telefonica SA 398,734 8,894,748
Terra Networks SA* 1,272 78,878
------------
13,879,398
------------
SWEDEN -- 5.4%
Assa Abloy AB Cl-B 380,338 7,731,906
Connecta AB* 35,377 1,126,189
Ericsson, (L.M.)
Telephone Co. [ADR] 66,445 5,876,230
Ericsson, (L.M.)
Telephone Co. Cl-B 144,260 12,842,505
Framtidsfabriken AB* 72,896 1,196,924
Information Highway AB 221,390 2,275,054
Securitas AB Cl-B 249,924 6,476,516
------------
37,525,324
------------
SWITZERLAND -- 0.7%
Ares-Serono Group 1,481 4,557,969
------------
TAIWAN -- 0.5%
Taiwan Semiconductor
Manufacturing Co.
Ltd. [ADR]* 64,073 3,351,819
------------
UNITED KINGDOM -- 14.4%
AstraZeneca Group PLC 80,510 3,387,654
AstraZeneca Group PLC
[ADR]* 1,640 69,085
Autonomy Corp. PLC* 4,720 627,760
Baltimore Technologies
PLC* 43,626 4,412,025
Cambridge Antibody
Technology Group
PLC* 114,779 4,422,797
Capita Group PLC 160,576 4,138,401
</TABLE>
32
<PAGE> 36
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
Colt Telecom Group
PLC* 322,010 $ 13,750,904
Compass Group PLC 169,308 2,413,538
Energis PLC 144A* 89,575 4,441,886
GEO Interactive Media
Group PLC* 40,530 762,641
Hays PLC 179,281 1,237,877
Interactive Investor
International PLC* 1,343,544 2,207,494
Logica PLC 95,295 2,885,423
Oxford GlycoSciences
PLC* 65,953 1,664,151
Pace Micro Technology
PLC 111,997 1,314,395
Prudential Corp. PLC 350,067 5,401,153
Psion PLC 48,992 2,941,544
QXL Ltd.* 776,787 2,516,116
SEMA Group PLC 100,589 1,624,383
Telewest
Communications PLC* 574,700 3,509,478
The Sage Group PLC* 129,797 1,444,085
Vodafone AirTouch PLC 6,199,329 28,568,559
Vodafone AirTouch PLC
[ADR] 69,605 3,271,435
Williams PLC* 273,069 1,548,955
------------
98,561,739
------------
TOTAL FOREIGN STOCK
(Cost $445,806,485) 560,681,057
------------
U.S. STOCK -- 5.9%
CABLE TELEVISION -- 0.1%
Rogers Communications,
Inc. Cl-B* 17,790 462,540
------------
COMPUTER SERVICES & SOFTWARE -- 0.4%
Comtouch Software* 18,830 397,784
Comverse Technology,
Inc.* 30,345 2,706,394
------------
3,104,178
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 0.6%
Celestica, Inc.* 79,540 4,339,901
------------
SEMICONDUCTORS -- 1.5%
JDS Uniphase Corp.* 100,861 10,464,329
------------
TELECOMMUNICATIONS -- 3.3%
Amdocs Ltd.* 154,150 10,434,028
E-Tek Dynamics, Inc.* 4,180 855,855
</TABLE>
<TABLE>
SHARES VALUE
----------------------------------------------------
<CAPTION>
----------------------------------------------------
<S> <C> <C>
FirstCom Corp.* 65,405 $ 1,357,154
GT Group Telecom,
Inc.* 78,010 1,009,254
Hanaro Telecom, Inc.* 34,535 271,963
Infonet Services
Corp.* 110,050 1,857,094
Lumenon Innovative
Lightwave
Technology, Inc.* 6,125 116,375
NTL, Inc.* 45,913 3,512,345
Viatel, Inc.* 71,535 2,736,214
------------
22,150,282
------------
TOTAL U.S. STOCK
(Cost $31,219,007) 40,521,230
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
CORPORATE OBLIGATIONS -- 0.1%
CABLE TELEVISION
United Pan-Europe
Communications 144A
11.25%, 02/01/10 $ 544 508,640
11.50%, 02/01/10 301 278,425
------------
(Cost $838,891) 787,065
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 5.0%
Federal Home Loan Bank
5.68%, 05/12/00 20,000 19,965,289
------------
Federal National
Mortgage Assoc.
5.85%, 06/01/00 15,000 14,924,437
------------
(Cost $34,889,726) 34,889,726
------------
COMMERCIAL PAPER -- 6.9%
Associates Corp. of
North America
5.99%, 05/01/00 27,500 27,500,000
CIT Group Holdings
6.00%, 05/01/00 20,000 20,000,000
------------
(Cost $47,500,000) 47,500,000
------------
TOTAL INVESTMENTS -- 99.0%
(Cost $560,254,109) 684,379,078
OTHER ASSETS LESS LIABILITIES -- 1.0% 6,884,259
------------
NET ASSETS -- 100.0% $691,263,337
============
</TABLE>
33
<PAGE> 37
ASAF JANUS
OVERSEAS GROWTH FUND
Foreign currency exchange contracts outstanding at April 30, 2000:
<TABLE>
<CAPTION>
UNREALIZED
SETTLEMENT CONTRACTS TO IN EXCHANGE CONTRACTS APPRECIATION/
MONTH TYPE RECEIVE FOR AT VALUE (DEPRECIATION)
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
06/00 Buy CHF 600,000 $ 372,794 $ 349,738 $ (23,056)
10/00 Buy CHF 3,000,000 1,823,486 1,768,888 (54,598)
05/00 Buy EUR 1,580,378 1,442,458 1,440,124 (2,334)
06/00 Buy EUR 32,300,000 31,651,987 29,500,411 (2,151,576)
09/00 Buy EUR 11,900,000 11,532,730 10,938,862 (593,868)
05/00 Buy GBP 798,873 1,261,449 1,250,602 (10,847)
06/00 Buy GBP 3,200,000 5,033,088 5,003,753 (29,335)
09/00 Buy GBP 400,000 634,360 626,400 (7,960)
03/01 Buy HKD 52,000,000 6,671,596 6,669,198 (2,398)
05/01 Buy HKD 37,500,000 4,790,879 4,809,357 18,478
09/00 Buy JPY 1,640,000,000 16,039,504 15,562,482 (477,022)
----------- ----------- -----------
$81,254,331 $77,919,815 $(3,334,516)
=========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
UNREALIZED
SETTLEMENT CONTRACTS TO IN EXCHANGE CONTRACTS APPRECIATION/
MONTH TYPE DELIVER FOR AT VALUE (DEPRECIATION)
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
05/00 Sell CAD 3,900,000 $ 2,704,456 $ 2,633,552 $ 70,904
09/00 Sell CAD 3,600,000 2,480,500 2,438,777 41,723
06/00 Sell CHF 600,000 394,477 349,738 44,739
09/00 Sell CHF 1,100,000 681,748 646,956 34,792
10/00 Sell CHF 6,145,000 3,772,253 3,623,274 148,979
05/00 Sell EUR 12,757,029 12,780,873 11,640,139 1,140,734
06/00 Sell EUR 34,250,000 34,555,260 31,280,631 3,274,629
09/00 Sell EUR 43,300,000 41,714,508 39,823,240 1,891,268
10/00 Sell EUR 20,500,000 19,700,500 18,877,828 822,672
05/00 Sell GBP 242,921 382,972 380,507 2,465
06/00 Sell GBP 16,400,000 26,343,345 25,644,233 699,112
09/00 Sell GBP 14,300,000 22,695,714 22,393,921 301,793
03/01 Sell HKD 171,000,000 21,948,025 21,931,400 16,625
05/01 Sell HKD 247,000,000 31,477,474 31,677,688 (200,214)
05/00 Sell JPY 380,651,332 3,587,573 3,531,367 56,206
06/00 Sell JPY 60,000,000 584,226 558,131 26,095
09/00 Sell JPY 5,701,000,000 54,609,763 54,013,336 596,427
10/00 Sell JPY 505,000,000 4,990,119 4,808,150 181,969
07/01 Sell SGD 950,000 586,482 582,297 4,185
------------ ------------ ----------
$285,990,268 $276,835,165 $9,155,103
============ ============ ==========
</TABLE>
The following is a breakdown of the foreign stock portion of the Fund, by
industry classification, as of April 30, 2000. Percentages are based on net
assets.
<TABLE>
<S> <C>
INDUSTRY
-------
Advertising 0.2%
Aerospace 0.5%
Automobile Manufacturers 0.3%
Broadcasting 1.8%
Business Services 1.2%
Cable Television 2.7%
Chemicals 2.0%
Computer Hardware 2.4%
Computer Services & Software 6.7%
Conglomerates 0.6%
Consumer Products & Service 2.7%
Electronic Components & Equipment 14.2%
Entertainment & Leisure 1.1%
Environmental Services 0.1%
Financial -- Bank & Trust 1.8%
Financial Services 2.5%
Industrial Products 0.4%
Insurance 0.8%
Internet Services 5.8%
Medical Supplies & Equipment 1.3%
Oil & Gas 2.0%
Pharmaceuticals 1.5%
Printing & Publishing 0.6%
Retail & Merchandising 0.6%
Semiconductors 2.4%
Telecommunications 24.9%
-----
TOTAL 81.1%
=====
</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, these securities
amounted to 1.4% of net assets.
See Notes to Financial Statements.
34
<PAGE> 38
AMERICAN SKANDIA ADVISOR FUNDS, INC.
ASAF MARSICO
CAPITAL GROWTH FUND
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 78.3%
ADVERTISING -- 0.9%
Omnicom Group, Inc. 97,706 $ 8,897,353
--------------
AEROSPACE -- 2.0%
General Dynamics
Corp. 120,710 7,061,535
General Motors Corp.
Cl-H* 129,189 12,442,515
The Titan Corp.* 33,794 1,451,030
--------------
20,955,080
--------------
AUTOMOBILE MANUFACTURERS -- 2.7%
Ford Motor Co. 164,689 9,006,430
General Motors Corp. 197,168 18,459,854
--------------
27,466,284
--------------
BEVERAGES -- 1.9%
Anheuser-Busch
Companies, Inc. 153,901 10,859,640
Coca-Cola Co. 185,524 8,731,223
--------------
19,590,863
--------------
BROADCASTING -- 2.0%
Clear Channel
Communications,
Inc.* 211,076 15,197,472
UnitedGlobalCom,
Inc. Cl-A* 93,778 4,981,956
--------------
20,179,428
--------------
CABLE TELEVISION -- 2.1%
Comcast Corp. Cl-A* 530,319 21,245,905
--------------
COMPUTER HARDWARE -- 5.0%
EMC Corp.* 375,413 52,158,944
--------------
COMPUTER SERVICES & SOFTWARE -- 11.8%
3Com Corp.* 39,686 1,565,117
Cisco Systems, Inc.* 551,680 38,246,940
Juniper Networks,
Inc.* 46,918 9,978,872
Oracle Corp.* 594,389 47,513,970
Sun Microsystems,
Inc.* 279,545 25,700,668
--------------
123,005,567
--------------
CONGLOMERATES -- 2.6%
Corning, Inc. 137,981 27,251,248
--------------
CONSTRUCTION -- 0.0%
M.D.C. Holdings,
Inc. 20,000 381,250
--------------
CONSUMER PRODUCTS & SERVICES -- 0.2%
Estee Lauder
Companies, Inc.
Cl-A 50,188 2,214,546
--------------
</TABLE>
<TABLE>
SHARES VALUE
----------------------------------------------------
<CAPTION>
----------------------------------------------------
<S> <C> <C>
ELECTRONIC COMPONENTS & EQUIPMENT -- 7.7%
Adobe Systems, Inc. 179,100 $ 21,659,906
Agilent
Technologies,
Inc.* 39,779 3,525,414
General Electric Co. 86,240 13,561,240
Sony Corp. 91,773 20,706,283
Texas Instruments,
Inc. 123,534 20,120,600
--------------
79,573,443
--------------
ENTERTAINMENT & LEISURE -- 3.6%
Time Warner, Inc. 409,643 36,842,267
--------------
FINANCIAL -- BANK & TRUST -- 0.6%
Northern Trust Corp. 89,637 5,747,973
--------------
FINANCIAL SERVICES -- 7.2%
Citigroup, Inc. 528,950 31,439,465
Fannie Mae Corp. 236,355 14,255,161
Morgan Stanley, Dean
Witter & Co. 368,673 28,295,653
--------------
73,990,279
--------------
HOTELS & MOTELS -- 1.6%
Four Seasons Hotels,
Inc. 289,409 16,206,904
--------------
INTERNET SERVICES -- 2.7%
America Online,
Inc.* 464,464 27,780,753
--------------
PAPER & FOREST PRODUCTS -- 0.8%
Kimberly-Clark Corp. 148,930 8,647,248
--------------
PHARMACEUTICALS -- 4.9%
Genentech, Inc.* 336,704 39,394,368
Priority Healthcare
Corp. Cl-B* 194,654 10,778,965
--------------
50,173,333
--------------
PRINTING & PUBLISHING -- 0.5%
Lexmark
International
Group, Inc. Cl-A* 42,653 5,033,054
--------------
RETAIL & MERCHANDISING -- 5.4%
Home Depot, Inc. 385,636 21,619,718
Tiffany & Co. 199,670 14,513,513
Wal-Mart Stores,
Inc. 359,576 19,911,521
--------------
56,044,752
--------------
SEMICONDUCTORS -- 5.2%
Applied Materials,
Inc.* 318,647 32,442,247
Chartered
Semiconductor
Manufacturing
[ADR]* 10,999 961,038
</TABLE>
35
<PAGE> 39
ASAF MARSICO
CAPITAL GROWTH FUND
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
Infineon
Technologies AG
[ADR]* 150,000 $ 10,181,250
JDS Uniphase Corp.* 97,652 10,131,395
--------------
53,715,930
--------------
TELECOMMUNICATIONS -- 6.9%
FLAG Telecom
Holdings Ltd.* 29,319 571,721
Motorola, Inc. 35,382 4,212,669
QUALCOMM, Inc.* 126,525 13,720,055
SBC Communications,
Inc. 118,286 5,182,405
Sprint Corp. (PCS
Group)* 536,942 29,531,810
Vodafone AirTouch
PLC [ADR] 395,958 18,610,026
--------------
71,828,686
--------------
TOTAL COMMON STOCK
(Cost $632,286,433) 808,931,090
--------------
FOREIGN STOCK -- 2.1%
ELECTRONIC COMPONENTS & EQUIPMENT
Sony Corp. (New) --
(JPY) 92,300 10,675,796
Sony Corp. -- (JPY) 92,300 10,598,930
--------------
(Cost $13,589,897) 21,274,726
--------------
PREFERRED STOCK -- 0.6%
UTILITIES
AES Corp. 6.75%
[CVT]
(Cost $4,596,950) 91,939 6,556,400
--------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000)
--------
<S> <C> <C>
CORPORATE OBLIGATIONS -- 4.5%
BUSINESS SERVICES -- 0.1%
Redback Networks,
Inc. 144A
5.00%, 04/01/07 $ 1,668 1,188,450
--------------
</TABLE>
<TABLE>
PAR
(000) VALUE
----------------------------------------------------
<CAPTION>
----------------------------------------------------
<S> <C> <C>
COMPUTER SERVICES & SOFTWARE -- 3.8%
Juniper Networks, Inc.
4.75%, 03/15/07 $ 42,487 $ 39,141,149
--------------
TELECOMMUNICATIONS -- 0.6%
Level 3
Communications,
Inc. [CVT]
6.00%, 09/15/09 4,400 6,578,000
--------------
TOTAL CORPORATE OBLIGATIONS
(Cost $48,555,000) 46,907,599
--------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 13.8%
Federal Home Loan
Bank
5.88%, 05/01/00
(Cost $142,400,000) 142,400 142,400,000
--------------
<CAPTION>
SHARES
------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.0%
Temporary Investment
Cash Fund 124,022 124,022
Temporary Investment
Fund 124,022 124,022
--------------
(Cost $248,044) 248,044
--------------
TOTAL
INVESTMENTS -- 99.3%
(Cost $841,676,324) 1,026,317,859
OTHER ASSETS LESS
LIABILITIES -- 0.7% 7,522,052
--------------
NET ASSETS -- 100.0% $1,033,839,911
==============
</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 0.1% of net assets.
See Notes to Financial Statements.
36
<PAGE> 40
AMERICAN SKANDIA ADVISOR FUNDS, INC.
ASAF NEUBERGER BERMAN
MID-CAP GROWTH FUND
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 88.1%
ADVERTISING -- 1.5%
DoubleClick, Inc.* 23,700 $ 1,798,237
Lamar Advertising
Co.* 39,900 1,758,094
------------
3,556,331
------------
AEROSPACE -- 0.4%
General Motors Corp.
Cl-H* 8,500 818,656
------------
BROADCASTING -- 4.8%
Emmis Communications
Corp. Cl-A* 82,300 3,497,750
Entercom
Communications
Corp.* 28,300 1,202,750
TV Guide, Inc.* 13,500 402,469
UnitedGlobalCom, Inc.
Cl-A* 16,200 860,625
USA Networks, Inc.* 76,700 1,764,100
Westwood One, Inc.* 92,200 3,261,575
------------
10,989,269
------------
BUSINESS SERVICES -- 3.1%
Micromuse, Inc.* 17,800 1,746,625
Phone.com, Inc.* 30,200 2,536,800
PurchasePro.com,
Inc.* 22,050 661,500
Safeguard
Scientifics, Inc.* 54,800 2,287,900
------------
7,232,825
------------
CABLE TELEVISION -- 2.5%
Univision
Communications,
Inc.* 52,500 5,735,625
------------
CLOTHING & APPAREL -- 0.9%
Limited, Inc. 45,400 2,051,513
------------
COMPUTER SERVICES & SOFTWARE -- 15.4%
BEA Systems, Inc.* 78,200 3,773,150
Citrix Systems, Inc.* 68,400 4,176,674
Fiserv, Inc.* 73,100 3,358,031
Intuit, Inc.* 64,900 2,332,344
Network Appliance, Inc.* 49,500 3,659,906
Peregrine Systems,
Inc.* 98,700 2,374,969
Rational Software
Corp.* 40,800 3,473,100
Redback Networks,
Inc.* 15,300 1,214,438
Siebel Systems, Inc.* 30,900 3,796,838
VERITAS Software
Corp.* 71,250 7,642,675
------------
35,802,125
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 10.2%
Adobe Systems, Inc. 17,900 2,164,781
Analog Devices, Inc.* 45,100 3,464,244
Comverse Technology,
Inc.* 41,400 3,692,362
</TABLE>
<TABLE>
SHARES VALUE
----------------------------------------------------
<CAPTION>
----------------------------------------------------
<S> <C> <C>
Flextronics
International Ltd.* 47,300 $ 3,322,825
Gemstar International
Group Ltd.* 52,600 2,432,750
KLA-Tencor Corp.* 34,000 2,545,750
Metromedia Fiber
Network, Inc. Cl-A* 83,300 2,571,888
Sanmina Corp.* 60,800 3,651,800
------------
23,846,400
------------
ENTERTAINMENT & LEISURE -- 1.2%
Harley-Davidson, Inc. 70,900 2,822,706
------------
FINANCIAL SERVICES -- 3.4%
Capital One Financial
Corp. 32,400 1,417,500
Concord EFS, Inc.* 120,300 2,691,712
E*TRADE Group, Inc.* 51,800 1,113,700
Lehman Brothers
Holdings, Inc. 17,000 1,395,063
Providian Financial
Corp. 14,700 1,294,519
------------
7,912,494
------------
FOOD -- 1.3%
Starbucks Corp.* 96,400 2,914,594
------------
HEALTHCARE SERVICES -- 0.5%
Health Management
Associates, Inc.
Cl-A* 65,900 1,050,281
Sequenom, Inc.* 8,500 206,125
------------
1,256,406
------------
INTERNET SERVICES -- 6.4%
Art Technology Group,
Inc.* 27,800 1,688,850
BroadVision, Inc.* 29,800 1,309,338
Clarent Corp.* 19,000 1,292,000
Covad Communications
Group, Inc.* 41,400 1,148,850
Digex, Inc.* 26,100 2,035,800
eSPEED, Inc.* 22,500 1,063,125
Portal Software,
Inc.* 22,900 1,050,538
S1 Corp.* 20,500 1,113,406
VeriSign, Inc.* 17,200 2,397,249
Vignette Corp.* 36,000 1,734,750
------------
14,833,906
------------
MACHINERY & EQUIPMENT -- 1.1%
Cooper Cameron Corp.* 32,700 2,452,500
------------
MEDICAL SUPPLIES & EQUIPMENT -- 2.6%
MiniMed, Inc.* 28,500 3,503,719
PE Corp. - PE
Biosystems Group 40,200 2,412,000
------------
5,915,719
------------
</TABLE>
37
<PAGE> 41
ASAF NEUBERGER BERMAN
MID-CAP GROWTH FUND
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
OIL & GAS -- 2.6%
Coastal Corp. 34,500 $ 1,731,469
Rowan Companies,
Inc.* 97,800 2,732,287
Union Pacific
Resources Group,
Inc. 79,000 1,515,813
------------
5,979,569
------------
PHARMACEUTICALS -- 7.9%
Abgenix, Inc.* 4,400 394,075
Human Genome
Sciences, Inc.* 10,900 834,531
Immunex Corp.* 45,000 1,771,875
MedImmune, Inc.* 37,100 5,933,681
Millennium
Pharmaceuticals,
Inc.* 22,200 1,762,125
Pharmacopeia, Inc.* 5,100 209,738
LT
PhotoTherapeutics,
Inc.* 28,000 1,555,750
Sepracor, Inc.* 31,400 2,888,800
Waters Corp.* 30,300 2,878,500
------------
18,229,075
------------
RETAIL & MERCHANDISING -- 4.5%
Best Buy Co., Inc.* 43,200 3,488,400
BJ's Wholesale Club,
Inc.* 48,100 1,704,544
Circuit City Stores,
Inc. 38,900 2,287,806
Tiffany & Co. 41,600 3,023,800
------------
10,504,550
------------
SEMICONDUCTORS -- 9.8%
Altera Corp.* 35,700 3,650,325
Conexant Systems,
Inc.* 39,000 2,335,125
E-Tek Dynamics, Inc.* 12,500 2,559,375
LSI Logic Corp.* 8,500 531,250
Maxim Integrated
Products, Inc.* 36,400 2,359,175
PMC-Sierra, Inc.* 33,500 6,427,813
QLogic Corp.* 21,700 2,176,781
Xilinx, Inc.* 36,000 2,637,000
------------
22,676,844
------------
TELECOMMUNICATIONS -- 6.3%
Amdocs Ltd.* 25,200 1,705,725
EchoStar
Communications
Corp. Cl-A* 21,000 1,337,438
</TABLE>
<TABLE>
SHARES VALUE
----------------------------------------------------
<CAPTION>
----------------------------------------------------
<S> <C> <C>
Efficient Networks,
Inc.* 37,000 $ 2,432,750
Intermedia
Communications,
Inc.* 62,100 2,530,575
Next Level
Communications,
Inc.* 11,400 907,725
NTL, Inc.* 30,588 2,339,982
Voicestream Wireless
Corp.* 16,700 1,653,300
WinStar
Communications,
Inc.* 42,200 1,682,725
------------
14,590,220
------------
UTILITIES -- 1.7%
Calpine Corp.* 42,000 3,843,000
------------
TOTAL COMMON STOCK
(Cost $181,504,057) 203,964,327
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
COMMERCIAL PAPER -- 1.0%
Albertson's, Inc.+
5.95%, 05/01/00
(Cost $2,254,000) $ 2,254 2,254,000
------------
<CAPTION>
SHARES
------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 9.2%
Temporary Investment
Cash Fund 10,593,457 10,593,457
Temporary Investment
Fund 10,593,456 10,593,456
------------
(Cost $21,186,913) 21,186,913
------------
TOTAL INVESTMENTS -- 98.3%
(Cost $204,944,970) 227,405,240
OTHER ASSETS LESS LIABILITIES -- 1.7% 3,915,236
------------
NET ASSETS -- 100.0% $231,320,476
============
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
+ Security is restricted as to resale and may not be resold except to qualified
institutional buyers. At the end of the period, this security amounted to 1.0%
of net assets.
See Notes to Financial Statements.
38
<PAGE> 42
AMERICAN SKANDIA ADVISOR FUNDS, INC.
ASAF NEUBERGER BERMAN
MID-CAP VALUE FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 91.2%
AEROSPACE -- 3.6%
General Dynamics Corp. 29,300 $ 1,714,050
General Motors Corp.
Cl-H* 6,400 616,400
-----------
2,330,450
-----------
AIRLINES -- 2.4%
Continental Airlines,
Inc. Cl-B* 21,400 856,000
Southwest Airlines Co. 31,400 680,988
-----------
1,536,988
-----------
AUTOMOTIVE PARTS -- 3.1%
Eaton Corp. 8,100 680,400
Lear Corp.* 44,500 1,332,219
-----------
2,012,619
-----------
BROADCASTING -- 1.5%
Scripps, (E.W.) Co.
Cl-A 21,000 980,438
-----------
BUSINESS SERVICES -- 1.8%
ChoicePoint, Inc.* 8,900 338,200
Comdisco, Inc. 27,100 841,794
-----------
1,179,994
-----------
CAPITAL GOODS -- 1.7%
SPX Corp.* 10,200 1,120,725
-----------
CHEMICALS -- 4.0%
Engelhard Corp. 43,000 755,188
FMC Corp.* 13,300 773,894
Praxair, Inc. 23,600 1,048,724
-----------
2,577,806
-----------
COMPUTER HARDWARE -- 0.8%
Apple Computer, Inc.* 4,200 521,063
-----------
COMPUTER SERVICES & SOFTWARE -- 4.1%
Cadence Design Systems,
Inc.* 35,500 596,844
Ceridian Corp.* 31,000 672,313
Compuware Corp.* 33,500 420,844
Sungard Data Systems,
Inc.* 28,400 981,574
-----------
2,671,575
-----------
CONSUMER PRODUCTS & SERVICES -- 1.9%
Energizer Holdings,
Inc.* 28,000 477,750
Maytag Corp. 22,700 781,731
-----------
1,259,481
-----------
CONTAINERS & PACKAGING -- 2.3%
Sealed Air Corp.* 13,400 745,375
Smurfit-Stone Container
Corp.* 48,000 732,000
-----------
1,477,375
-----------
</TABLE>
<TABLE>
SHARES VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
ENERGY SERVICES -- 3.2%
American Standard
Companies, Inc.* 23,100 $ 947,100
Dynegy, Inc. 17,636 1,154,056
-----------
2,101,156
-----------
FINANCIAL -- BANK & TRUST -- 2.0%
Countrywide Credit
Industries, Inc. 30,500 842,563
Valley National Bancorp 16,900 444,681
-----------
1,287,244
-----------
FINANCIAL SERVICES -- 11.2%
AMBAC Financial Group,
Inc. 18,900 907,200
Bear Stearns Companies,
Inc. 22,400 960,400
Dun & Bradstreet Corp. 19,500 587,438
Fleet Financial Group,
Inc. 29,100 1,031,230
Franklin Resources,
Inc. 34,700 1,119,074
Household
International, Inc. 11,100 463,425
Lehman Brothers
Holdings, Inc. 5,100 418,519
Providian Financial
Corp. 11,500 1,012,719
SLM Holding Corp. 25,900 810,994
-----------
7,310,999
-----------
FOOD -- 3.5%
Hershey Foods Corp. 15,800 716,925
Kroger Co.* 47,900 889,144
Nabisco Holdings Corp.* 18,800 706,175
-----------
2,312,244
-----------
HEALTHCARE SERVICES -- 1.7%
Wellpoint Health
Networks, Inc.* 15,000 1,106,250
-----------
HOTELS & MOTELS -- 1.6%
Starwood Hotels &
Resorts Worldwide,
Inc. [REIT] 36,200 1,029,438
-----------
INSURANCE -- 5.1%
Ace Ltd. 46,600 1,115,487
AON Corp. 34,700 939,069
Nationwide Financial
Services, Inc. 16,200 450,563
Xl Capital Ltd. 16,600 790,575
-----------
3,295,694
-----------
MACHINERY & EQUIPMENT -- 2.3%
Danaher Corp. 15,900 908,287
Pall Corp. 26,200 584,588
-----------
1,492,875
-----------
</TABLE>
39
<PAGE> 43
ASAF NEUBERGER BERMAN
MID-CAP VALUE FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
MEDICAL SUPPLIES & EQUIPMENT -- 3.7%
Bard, (C.R.), Inc. 14,900 $ 649,081
Becton Dickinson & Co. 22,600 579,125
Genzyme Corp.* 24,400 1,191,025
-----------
2,419,231
-----------
OIL & GAS -- 11.2%
Anadarko Petroleum
Corp. 25,900 1,125,030
Apache Corp. 16,000 775,000
Coastal Corp. 20,800 1,043,900
Kinder Morgan, Inc. 16,700 506,219
Noble Drilling Corp.* 17,500 698,906
Tosco Corp. 11,400 365,513
Transocean Sedco Forex,
Inc. 21,700 1,019,900
USX-Marathon Group,
Inc. 31,000 722,688
Williams Companies,
Inc. 28,700 1,070,868
-----------
7,328,024
-----------
PAPER & FOREST PRODUCTS -- 1.4%
Bowater, Inc. 16,900 929,500
-----------
PHARMACEUTICALS -- 0.9%
Waters Corp.* 6,200 589,000
-----------
PRINTING & PUBLISHING -- 2.0%
Belo, (A.H.) Corp. Cl-A 78,300 1,306,631
-----------
REAL ESTATE -- 4.4%
Boston Properties, Inc.
[REIT] 20,700 721,913
Indymac Mortgage
Holdings, Inc. [REIT] 61,600 804,649
Spieker Properties,
Inc. [REIT] 16,300 722,294
Vornado Realty Trust
[REIT] 17,600 607,200
-----------
2,856,056
-----------
RETAIL & MERCHANDISING -- 1.0%
Consolidated Stores
Corp.* 54,500 677,844
-----------
SEMICONDUCTORS -- 1.7%
Atmel Corp.* 7,500 367,031
Micron Technology,
Inc.* 2,400 334,200
National Semiconductor
Corp.* 6,600 400,950
-----------
1,102,181
-----------
</TABLE>
<TABLE>
SHARES VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS -- 4.6%
Allegiance Telecom,
Inc.* 5,800 $ 410,350
American Tower Corp.
Cl-A* 27,500 1,278,749
EchoStar Communications
Corp. Cl-A* 11,700 745,144
Loral Space &
Communications Ltd.* 55,800 547,538
-----------
2,981,781
-----------
UTILITIES -- 2.5%
AES Corp.* 9,000 809,438
Unicom Corp. 21,400 850,650
-----------
1,660,088
-----------
TOTAL COMMON STOCK
(Cost $54,654,292) 59,454,750
-----------
<CAPTION>
PAR
(000)
-------
<S> <C> <C>
COMMERCIAL PAPER -- 9.2%
Albertson's, Inc.+
5.95%, 05/01/00
(Cost $6,000,000) $ 6,000 6,000,000
-----------
<CAPTION>
SHARES
-------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.0%
Temporary Investment
Cash Fund 3,311 3,311
Temporary Investment
Fund 3,311 3,311
-----------
(Cost $6,622) 6,622
-----------
TOTAL INVESTMENTS -- 100.4%
(Cost $60,660,914) 65,461,372
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (0.4%) (239,587)
-----------
NET ASSETS -- 100.0% $65,221,785
===========
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
+ Security is restricted as to resale and may not be resold except to qualified
institutional buyers. At the end of the period, this security amounted to 9.2%
of net assets.
See Notes to Financial Statements.
40
<PAGE> 44
AMERICAN SKANDIA ADVISOR FUNDS, INC.
ASAF AIM INTERNATIONAL
EQUITY FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
FOREIGN STOCK -- 73.0%
AUSTRALIA -- 1.0%
AMP Ltd. 6,100 $ 53,391
Brambles Industries
Ltd. 2,000 56,250
Cable & Wireless Optus
Ltd.* 13,200 42,594
Telstra Corp. 19,000 48,560
-----------
200,795
-----------
BRAZIL -- 0.8%
Embartel Participacoes
SA [ADR] 1,900 42,750
Petroleo Brasileiro SA 300,000 71,507
Tele Centro Sul
Participacoes SA
[ADR]* 400 25,500
Telecomunicacoes de Sao
Paulo SA [ADR] 600 15,150
-----------
154,907
-----------
CANADA -- 7.6%
BCE, Inc. 1,789 207,074
Bombardier, Inc. Cl-B 7,200 193,405
C-Mac Industries, Inc.* 2,640 133,188
Celestica, Inc.* 3,600 194,134
Mitel Corp.* 3,700 92,646
Nortel Networks Corp. 3,800 430,349
Research in Motion
Ltd.* 230 9,764
Rogers Communications,
Inc. Cl-B* 5,334 138,781
Shaw Communications,
Inc. Cl-B 5,000 116,930
-----------
1,516,271
-----------
DENMARK -- 0.2%
Vestas Wind Systems AS
144A 120 40,190
-----------
FINLAND -- 2.9%
Nokia AB Oyj 8,792 505,541
Sonera Group Oyj 1,410 77,734
-----------
583,275
-----------
FRANCE -- 8.6%
Altran Technologies SA 1,211 248,073
AXA SA 1,278 189,943
Banque National de
Paris 2,720 220,348
Havas Advertising SA 200 100,056
Peugeot Citroen SA 425 88,146
Pinault-Printemps
Redoute SA 773 156,306
Societe Television
Francaise 284 194,873
STMicroelectronics NV 1,255 240,046
Total Fina SA Cl-B 1,778 270,413
-----------
1,708,204
-----------
</TABLE>
<TABLE>
SHARES VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
GERMANY -- 4.2%
Epcos AG* 1,820 $ 256,733
Infineon Technologies
AG [ADR]* 2,400 163,588
Intershop
Communications AG* 20 8,438
Porsche AG Pfd. 39 100,557
Siemens AG 2,050 298,891
-----------
828,207
-----------
GREECE -- 0.0%
Jazztel PLC [ADR]* 100 5,200
-----------
HONG KONG -- 2.6%
China Telecom Ltd.* 38,000 274,425
Dao Heng Bank Group
Ltd. 16,000 73,951
Hutchison Whampoa Ltd. 11,000 160,291
-----------
508,667
-----------
ITALY -- 1.1%
Banca Popolare di
Brescia 680 61,965
Gruppo Editoriale
L'Espresso 600 8,475
Telecom Italia Mobile
SPA 15,588 149,148
-----------
219,588
-----------
JAPAN -- 13.9%
Advantest Corp. 800 182,916
DDI Corp. 140 160,634
Hirose Electric Co.
Ltd. 600 72,508
Hoya Corp. 1,000 101,784
Matsushita
Communication
Industrial Co. Ltd. 1,000 156,748
Murata Manufacturing
Co. Ltd. 1,000 194,316
NEC Corp. 9,000 244,838
Nippon Telegraph &
Telephone Corp. 110 136,391
NTT Data Corp. 80 106,596
NTT Mobile
Communication
Network, Inc. 50 167,019
Ricoh Co. Ltd. 5,000 105,486
Rohm Co. Ltd. 300 100,489
Sanyo Electric Co. 26,000 173,459
Sharp Corp. 3,000 57,878
Sony Corp. 1,200 137,798
Takeda Chemical
Industries Ltd. 3,000 197,369
Tokyo Electron Ltd. 2,000 325,894
Trend Micro, Inc. 1,000 149,901
-----------
2,772,024
-----------
</TABLE>
41
<PAGE> 45
ASAF AIM INTERNATIONAL
EQUITY FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
KOREA -- 1.2%
Korea Telecom Corp.
[ADR] 1,960 $ 67,620
LG Chemical Ltd. 2,700 62,043
Pohang Iron & Steel Co.
Ltd. [ADR] 2,400 50,400
Samsung Electronics Co. 200 54,068
-----------
234,131
-----------
MEXICO -- 2.8%
Cifra SA de CV Cl-C* 30,000 63,899
Coca-Cola Femsa SA
[ADR] 3,400 63,113
Fomento Economico
Mexicano SA de CV
[ADR] 2,850 117,563
Grupo Modelo SA de CV
Cl-C 17,000 36,119
Grupo Televisa SA
[GDR]* 2,000 126,874
Kimberly-Clark de
Mexico SA Cl-A 8,400 27,039
Telefonos de Mexico SA
Cl-L [ADR] 2,150 126,447
-----------
561,054
-----------
NETHERLANDS -- 4.0%
Koninklijke (Royal)
Philips Electronics
NV* 7,220 322,844
KPNQwest NV* 3,700 154,084
United Pan-Europe
Communications NV* 4,510 164,513
VNU NV 2,696 144,579
-----------
786,020
-----------
PORTUGAL -- 0.2%
PT Multimedia* 700 48,957
-----------
SINGAPORE -- 1.3%
Datadraft Asia Ltd. 9,000 67,500
Development Bank of
Singapore 5,000 68,816
Keppel Corp. Ltd. 23,000 53,343
Singapore Press
Holdings Ltd. 4,000 78,246
-----------
267,905
-----------
SPAIN -- 1.1%
Telefonica SA 9,784 218,256
-----------
SWEDEN -- 2.9%
Ericsson, (L.M.)
Telephone Co. Cl-B 4,160 370,337
Netcom AB Cl-B* 2,808 199,794
Om Gruppen AB 200 8,310
-----------
578,441
-----------
</TABLE>
<TABLE>
SHARES VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
SWITZERLAND -- 4.7%
ABB AG 2,190 $ 246,307
Adecco SA 237 194,919
Ares-Serono Group 45 138,493
Compagnie Financiere
Richemont AG Cl-A 67 163,170
Kudelski SA* 1 10,311
Zurich Allied AG 410 174,678
-----------
927,878
-----------
TAIWAN -- 1.2%
Far Eastern Textile
Ltd. [GDR]* 4,000 80,200
Taiwan Semiconductor
Manufacturing Co.
Ltd. [ADR]* 2,850 149,091
-----------
229,291
-----------
THAILAND -- 0.1%
Siam Commercial Bank* 24,000 19,221
-----------
UNITED KINGDOM -- 10.6%
Arm Holdings PLC* 14,500 148,617
Capita Group PLC 7,680 197,931
CMG PLC* 2,120 136,196
Colt Telecom Group PLC* 5,750 245,544
Compass Group PLC 11,500 163,936
Kingston Communication
(Hull) PLC* 500 6,283
Logica PLC 6,000 181,673
Marconi PLC 8,660 108,612
Pace Micro Technology
PLC 7,000 82,152
Shell Transport &
Trading Co. PLC 25,000 204,402
The Sage Group PLC* 3,700 41,165
Vodafone AirTouch PLC 87,327 402,452
WPP Group PLC 11,450 185,261
-----------
2,104,224
-----------
TOTAL FOREIGN STOCK
(Cost $14,984,589) 14,512,706
-----------
U.S. STOCK -- 1.1%
INTERNET SERVICES -- 0.1%
Crayfish Co. Ltd.* 900 13,388
-----------
OIL & GAS -- 0.1%
Gulf Indonesia
Resources Ltd.* 3,100 21,700
-----------
TELECOMMUNICATIONS -- 0.9%
360 Networks, Inc.* 2,300 34,931
NTL, Inc.* 1,875 143,437
-----------
178,368
-----------
TOTAL U.S. STOCK
(Cost $292,594) 213,456
-----------
</TABLE>
42
<PAGE> 46
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 24.1%
Federal Home Loan
Mortgage Corp.
5.88%, 05/01/00
(Cost $4,789,000) $ 4,789 $ 4,789,000
-----------
TOTAL INVESTMENTS -- 98.2%
(Cost $20,066,183) 19,515,162
OTHER ASSETS LESS
LIABILITIES -- 1.8% 351,188
-----------
NET ASSETS -- 100.0% $19,866,350
===========
</TABLE>
Foreign currency exchange contracts outstanding at April 30, 2000:
<TABLE>
<CAPTION>
SETTLEMENT CONTRACTS TO IN EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE RECEIVE FOR AT VALUE DEPRECIATION
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
05/00 Buy GBP 25,415 $40,021 $39,765 $256
======= ======= ====
</TABLE>
-------------------------------------------------------
The following is a breakdown of the foreign stock portion of the Fund, by
industry classification, as of April 30, 2000. Percentages are based on net
assets.
<TABLE>
<CAPTION>
INDUSTRY
-------------------------------------------
<S> <C>
Advertising 1.4%
Aerospace 2.2%
Automobile Manufacturers 1.2%
Beverages 1.8%
Broadcasting 1.8%
Business Services 3.0%
Cable Television 0.7%
Capital Goods 0.4%
Chemicals 0.3%
Computer Services & Software 2.8%
Conglomerates 1.8%
Consumer Products & Services 2.1%
Electronic Components & Equipment 12.0%
Entertainment & Leisure 0.6%
Financial -- Bank & Trust 2.1%
Financial Services 1.2%
Food 0.1%
Industrial Products 0.5%
Insurance 2.9%
Machinery & Equipment 1.2%
Office Equipment 0.5%
Oil & Gas 2.8%
Paper & Forest Products 0.3%
Pharmaceuticals 2.2%
Printing & Publishing 1.6%
Retail & Merchandising 0.8%
Semiconductors 5.2%
Telecommunications 18.9%
Transportation 0.2%
Utilities 0.4%
-----
TOTAL 73.0%
=====
</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.
43
<PAGE> 47
ASAF BANKERS TRUST
MANAGED INDEX 500 FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 83.1%
ADVERTISING -- 0.2%
Interpublic Group of
Companies, Inc. 653 $ 26,773
Omnicom Group, Inc. 427 38,884
Young & Rubicam, Inc. 61 3,397
-----------
69,054
-----------
AEROSPACE -- 1.9%
Boeing Co. 2,250 89,297
Cordant Technologies,
Inc. 7,100 402,037
General Dynamics Corp. 754 44,109
Goodrich, (B.F.) Co. 144 4,590
Honeywell International,
Inc. 2,055 115,080
Lockheed Martin Corp. 1,079 26,840
Northrop Grumman Corp. 112 7,938
Raytheon Co. Cl-B 917 20,346
United Technologies
Corp. 1,460 90,794
-----------
801,031
-----------
AIRLINES -- 0.2%
AMR Corp.* 688 23,435
Delta Air Lines, Inc. 536 28,274
Southwest Airlines Co. 1,123 24,355
US Airways Group, Inc.* 160 4,450
-----------
80,514
-----------
AUTOMOBILE MANUFACTURERS -- 0.9%
Ford Motor Co. 3,484 190,531
General Motors Corp. 1,859 174,049
Navistar International
Corp.* 381 13,335
-----------
377,915
-----------
AUTOMOTIVE PARTS -- 0.3%
AutoZone, Inc.* 734 16,836
Cooper Tire & Rubber Co. 206 2,781
Dana Corp. 264 8,019
Delphi Automotive
Systems Corp. 2,093 40,028
Genuine Parts Co. 772 20,265
Goodyear Tire & Rubber
Co. 221 6,105
TRW, Inc. 249 14,567
-----------
108,601
-----------
BEVERAGES -- 1.7%
American National Can
Group, Inc.* 9,400 158,038
Anheuser-Busch
Companies, Inc. 1,189 83,899
Brown-Forman Corp. Cl-B 114 6,220
Coca-Cola Co. 6,590 310,142
Coca-Cola Enterprises,
Inc. 1,818 38,746
PepsiCo, Inc. 3,804 139,559
-----------
736,604
-----------
</TABLE>
<TABLE>
SHARES VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
BROADCASTING -- 0.5%
CBS Corp.* 2,608 $ 153,220
Clear Channel
Communications, Inc.* 902 64,944
-----------
218,164
-----------
BUILDING MATERIALS -- 0.1%
Armstrong World
Industries, Inc. 89 1,741
Masco Corp. 978 21,944
Owens Corning 147 2,674
Sherwin Williams Co. 231 5,746
Vulcan Materials Co. 180 7,886
-----------
39,991
-----------
BUSINESS SERVICES -- 0.2%
Avery Dennison Corp. 216 14,175
Ecolab, Inc. 196 7,656
First Data Corp. 1,023 49,807
Parametric Technology
Corp.* 1,765 14,396
Quintiles Transnational
Corp.* 312 4,466
-----------
90,500
-----------
CABLE TELEVISION -- 0.3%
Comcast Corp. Cl-A* 2,852 114,258
-----------
CAPITAL GOODS -- 0.0%
Briggs & Stratton Corp. 58 2,226
-----------
CHEMICALS -- 0.8%
Air Products &
Chemicals, Inc. 444 13,792
DuPont, (E.I.) de
Nemours & Co. 3,000 142,312
Engelhard Corp. 348 6,112
FMC Corp.* 213 12,394
Grace, (W.R.) & Co.* 198 2,574
Hercules, Inc. 290 4,513
PPG Industries, Inc. 373 20,282
Praxair, Inc. 315 13,998
Rohm & Haas Co. 480 17,100
Union Carbide Corp. 1,569 92,571
-----------
325,648
-----------
CLOTHING & APPAREL -- 0.3%
Limited, Inc. 808 36,511
Liz Claiborne, Inc. 460 21,304
Nike, Inc. Cl-B 333 14,465
Reebok International,
Ltd.* 930 15,810
Springs Industries, Inc.
Cl-A 373 15,316
V.F. Corp. 112 3,164
-----------
106,570
-----------
COMPUTER HARDWARE -- 4.7%
Adaptec, Inc.* 587 15,849
Apple Computer, Inc.* 518 64,264
</TABLE>
44
<PAGE> 48
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
Compaq Computer Corp. 4,411 $ 129,022
Dell Computer Corp.* 7,159 358,845
EMC Corp.* 2,819 391,665
Gateway, Inc.* 1,041 57,515
Hewlett-Packard Co. 2,695 363,825
International Business
Machines Corp. 4,980 555,893
Seagate Technology,
Inc.* 772 39,227
-----------
1,976,105
-----------
COMPUTER SERVICES & SOFTWARE -- 9.6%
3Com Corp.* 1,156 45,590
Autodesk, Inc.* 99 3,799
Automatic Data
Processing, Inc. 1,615 86,907
BMC Software, Inc.* 813 38,059
Ceridian Corp.* 386 8,371
Cisco Systems, Inc.* 18,687 1,295,534
Citrix Systems, Inc.* 635 38,775
Computer Associates
International, Inc. 1,506 84,054
Computer Sciences Corp.* 579 47,225
Compuware Corp.* 1,486 18,668
Electronic Data Systems
Corp. 1,199 82,431
Microsoft Corp.* 14,282 996,169
NCR Corp.* 508 19,622
Network Appliance, Inc.* 968 71,572
Novell, Inc.* 1,326 26,023
Oracle Corp.* 7,822 625,270
Paychex, Inc. 924 48,626
PeopleSoft, Inc.* 1,283 17,882
Silicon Graphics, Inc.* 1,206 8,668
Sun Microsystems, Inc.* 4,391 403,697
Unisys Corp.* 1,260 29,216
VERITAS Software Corp.* 1,168 125,286
-----------
4,121,444
-----------
CONGLOMERATES -- 1.6%
Corning, Inc. 466 92,035
ITT Industries, Inc. 53 1,673
Johnson Controls, Inc. 142 8,990
Minnesota Mining &
Manufacturing Co. 1,196 103,454
National Service
Industries, Inc. 328 7,052
Philip Morris Companies,
Inc. 6,291 137,616
Seagram Co. Ltd. 1,420 76,680
Textron, Inc. 561 34,747
Tyco International Ltd. 4,477 205,662
-----------
667,909
-----------
</TABLE>
<TABLE>
SHARES VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
CONSTRUCTION -- 0.1%
Centex Corp. 137 $ 3,305
Kaufman & Broad Home
Corp. 102 1,964
Pulte Corp. 759 16,318
-----------
21,587
-----------
CONSUMER PRODUCTS & SERVICES -- 1.4%
Alberto-Culver Co. Cl-B 127 3,000
Bausch & Lomb, Inc. 67 4,045
Clorox Co. 521 19,147
Colgate-Palmolive Co. 1,491 85,173
Eastman Kodak Co. 1,029 57,560
Fortune Brands, Inc. 251 6,275
Gillette Co. 2,232 82,584
Hasbro, Inc. 1,089 17,356
International Flavors &
Fragrances, Inc. 173 5,958
Jostens, Inc. 3,910 96,528
Maytag Corp. 223 7,680
Procter & Gamble Co. 3,157 188,236
Snap-On, Inc. 69 1,824
Tupperware Corp. 475 8,966
UST, Inc. 470 7,050
Whirlpool Corp. 114 7,424
-----------
598,806
-----------
CONTAINERS & PACKAGING -- 0.1%
Crown Cork & Seal Co.,
Inc. 650 10,563
Owens Illinois, Inc.* 416 5,616
Pactiv Corp.* 460 3,766
Sealed Air Corp.* 422 23,474
-----------
43,419
-----------
DIVERSIFIED RESOURCES -- 0.0%
Fluor Corp. 81 2,719
-----------
ELECTRONIC COMPONENTS & EQUIPMENT -- 5.5%
Adobe Systems, Inc. 282 34,104
Analog Devices, Inc.* 1,117 85,800
Cabletron Systems, Inc.* 917 20,976
Comverse Technology,
Inc.* 531 47,359
Emerson Electric Co. 1,077 59,100
General Electric Co. 8,868 1,394,493
KLA-Tencor Corp.* 615 46,048
Linear Technology Corp. 739 42,215
Molex, Inc. 429 23,568
Parker-Hannifin Corp. 483 22,460
PerkinElmer, Inc. 264 14,454
Rockwell International
Corp. 391 15,396
Solectron Corp.* 1,808 84,637
Tandy Corp. 437 24,909
Teradyne, Inc.* 610 67,100
Texas Instruments, Inc. 2,171 353,602
-----------
2,336,221
-----------
</TABLE>
45
<PAGE> 49
ASAF BANKERS TRUST
MANAGED INDEX 500 FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
ENERGY SERVICES -- 0.1%
Halliburton Co. 1,097 $ 48,474
-----------
ENTERTAINMENT & LEISURE -- 2.9%
Brunswick Corp. 792 15,197
Carnival Corp. 963 23,955
Disney, (Walt) Co. 5,501 238,262
Harley-Davidson, Inc. 615 24,485
Harrah's Entertainment,
Inc.* 889 18,280
Mattel, Inc. 1,156 14,161
Mirage Resorts, Inc.* 24,661 502,467
Sabre Group Holdings* 207 7,232
Time Warner, Inc. 3,434 308,845
Viacom, Inc. Cl-B* 1,468 79,823
-----------
1,232,707
-----------
ENVIRONMENTAL SERVICES -- 0.1%
Allied Waste Industries,
Inc.* 500 3,063
Waste Management, Inc. 1,691 26,844
-----------
29,907
-----------
EQUIPMENT SERVICES -- 0.0%
Millipore Corp. 51 3,656
-----------
FINANCIAL -- BANK & TRUST -- 3.5%
AmSouth Bancorporation 1,069 15,567
Bank of America Corp. 4,627 226,722
Bank of New York Co.,
Inc. 1,895 77,813
Bank One Corp. 2,298 70,089
BB&T Corp. 338 8,999
Chase Manhattan Corp. 2,174 156,664
Comerica, Inc. 297 12,585
Fifth Third Bancorp 770 48,606
First Union Corp. 2,672 85,170
Firstar Corp. 2,436 60,596
Huntington Bancshares,
Inc. 423 7,720
KeyCorp. 1,491 27,584
MBNA Corp. 1,976 52,488
Mellon Financial Corp. 1,209 38,839
Morgan, (J.P.) & Co.,
Inc. 551 70,735
National City Corp. 1,923 32,691
Northern Trust Corp. 536 34,371
Old Kent Financial Corp. 173 5,212
PNC Bank Corp. NA 706 30,799
Regions Financial Corp. 390 7,971
State Street Corp. 386 37,394
Summit Bancorp 670 17,001
SunTrust Banks, Inc. 798 40,499
Synovus Financial Corp. 767 14,237
U.S. Bancorp 1,285 26,102
U.S. Trust Corp. 297 45,701
Union Planters Corp. 551 15,600
Wachovia Corp. 488 30,592
</TABLE>
<TABLE>
SHARES VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
Wells Fargo & Co. 4,355 $ 178,826
-----------
1,477,173
-----------
FINANCIAL SERVICES -- 4.2%
American Express Co. 1,277 191,629
Associates First Capital
Corp. Cl-A 1,224 27,158
Bear Stearns Companies,
Inc. 193 8,275
Block, (H&R), Inc. 571 23,875
Capital One Financial
Corp. 432 18,900
Citigroup, Inc. 9,280 551,579
Deluxe Corp. 401 10,100
Dun & Bradstreet Corp. 244 7,351
Fannie Mae Corp. 2,664 160,673
Fleet Financial Group,
Inc. 2,336 82,782
Franklin Resources, Inc. 561 18,092
Freddie Mac Corp. 1,333 61,235
Golden West Financial
Corp. 310 10,579
Household International,
Inc. 1,166 48,681
Lehman Brothers
Holdings, Inc. 467 38,323
MBIA, Inc. 183 9,047
Merrill Lynch & Co.,
Inc. 1,145 116,718
Morgan Stanley, Dean
Witter & Co. 3,218 246,981
Paine Webber Group, Inc. 739 32,424
Providian Financial
Corp. 137 12,065
Schwab, (Charles) Corp. 1,120 49,840
T. Rowe Price
Associates, Inc. 683 26,039
Washington Mutual, Inc. 1,372 35,072
-----------
1,787,418
-----------
FOOD -- 2.0%
Albertson's, Inc. 612 19,928
Archer Daniels Midland
Co. 1,645 16,347
Bestfoods, Inc. 645 32,411
Campbell Soup Co. 917 23,842
ConAgra, Inc. 1,069 20,177
General Mills, Inc. 673 24,480
Great Atlantic & Pacific
Tea Co., Inc. 665 12,178
Hannaford Bros. Co. 4,400 318,450
Heinz, (H.J.) Co. 825 28,050
Hershey Foods Corp. 267 12,115
Kellogg Co. 904 22,092
Kroger Co.* 2,265 42,044
Nabisco Group Holdings 787 10,133
Ralston Purina Group 1,567 27,716
Safeway, Inc.* 1,318 58,157
Sara Lee Corp. 2,476 37,140
Supervalu, Inc. 967 20,005
Sysco Corp. 785 29,536
Unilever NV NY Reg. 1,445 65,838
</TABLE>
46
<PAGE> 50
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
Winn-Dixie Stores, Inc. 399 $ 6,608
Wrigley, (Wm., Jr.) Co. 244 17,660
-----------
844,907
-----------
FURNITURE -- 0.0%
Leggett & Platt, Inc. 292 6,242
-----------
HEALTHCARE SERVICES --0.8%
Amgen, Inc.* 2,936 164,417
Columbia HCA Healthcare
Corp. 1,336 37,993
Healthsouth Corp.* 2,227 17,955
Humana, Inc.* 437 3,359
IMS Health, Inc. 823 14,042
Manor Care, Inc.* 1,011 12,069
McKesson HBOC, Inc. 622 10,496
Tenet Healthcare Corp. 1,384 35,292
United Healthcare Group,
Inc.* 396 26,408
Wellpoint Health
Networks, Inc.* 173 12,759
-----------
334,790
-----------
HOTELS & MOTELS -- 0.1%
Hilton Hotels Corp. 998 8,483
Marriott International,
Inc. Cl-A 532 17,024
-----------
25,507
-----------
INDUSTRIAL PRODUCTS --0.0%
Crane Co. 183 4,918
-----------
INSURANCE -- 2.1%
Aetna, Inc. 282 16,321
AFLAC, Inc. 627 30,605
Allstate Corp. 1,425 33,666
American General Corp. 579 32,424
American International
Group, Inc. 4,302 471,875
Chubb Corp. 396 25,196
CIGNA Corp. 391 31,182
Cincinnati Financial
Corp. 323 13,021
Conseco, Inc. 894 4,861
Jefferson-Pilot Corp. 475 31,617
Lincoln National Corp. 363 12,637
Loews Corp. 188 10,364
Marsh & McLennan
Companies, Inc. 681 67,120
MGIC Investment Corp. 556 26,584
Safeco Corp. 576 12,744
St. Paul Companies, Inc. 452 16,103
The Hartford Financial
Services Group, Inc. 462 24,111
Torchmark Corp. 132 3,308
UNUM Corp. 650 11,050
-----------
874,789
-----------
</TABLE>
<TABLE>
SHARES VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
INTERNET SERVICES -- 1.4%
America Online, Inc.* 6,347 $ 379,629
Yahoo!, Inc.* 1,498 195,115
-----------
574,744
-----------
MACHINERY & EQUIPMENT -- 0.6%
Baker Hughes, Inc. 706 22,460
Caterpillar, Inc. 1,194 47,088
Cooper Industries, Inc. 107 3,671
Danaher Corp. 297 16,966
Deere & Co. 505 20,389
Dover Corp. 828 42,073
Grainger, (W.W.), Inc. 168 7,287
Illinois Tool Works,
Inc. 726 46,509
Pall Corp. 930 20,751
Stanley Works, Inc. 772 22,774
The Timken Co. 510 9,435
Thermo Electron Corp.* 434 8,409
-----------
267,812
-----------
MEDICAL SUPPLIES & EQUIPMENT -- 1.9%
Abbott Laboratories 3,655 140,489
Bard, (C.R.), Inc. 353 15,378
Baxter International,
Inc. 703 45,783
Becton Dickinson & Co. 513 13,146
Boston Scientific Corp.* 1,128 29,892
Guidant Corp.* 1,003 57,547
Johnson & Johnson Co. 3,703 305,497
Mallinckrodt, Inc. 104 2,795
Medtronic, Inc. 2,870 149,061
PE Corp. - PE Biosystems
Group 513 30,780
St. Jude Medical, Inc.* 615 19,180
-----------
809,548
-----------
METALS & MINING -- 0.5%
Alcan Aluminum Ltd. 945 30,948
Alcoa, Inc. 65 4,217
Allegheny Technologies,
Inc. 259 6,265
Arch Coal, Inc. 13 70
Barrick Gold Corp. 1,064 17,889
Bethlehem Steel Corp.* 1,851 9,949
Freeport-McMoRan Copper
& Gold, Inc. Cl-B* 603 5,804
Homestake Mining Co. 714 4,284
Newmont Mining Corp. 252 5,906
Nucor Corp. 518 22,274
Phelps Dodge Corp. 127 5,874
Placer Dome, Inc. 896 7,280
Reynolds Metals Co. 1,115 74,147
USX-U.S. Steel Group,
Inc. 28 702
Worthington Industries,
Inc. 658 8,143
-----------
203,752
-----------
</TABLE>
47
<PAGE> 51
ASAF BANKERS TRUST
MANAGED INDEX 500 FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
OFFICE EQUIPMENT -- 0.2%
Ikon Office Solutions,
Inc. 396 $ 2,327
Office Depot, Inc.* 902 9,527
Pitney Bowes, Inc. 610 24,934
Staples, Inc.* 1,816 34,617
Xerox Corp. 1,173 31,011
-----------
102,416
-----------
OIL & GAS -- 4.2%
Amerada Hess Corp. 460 29,268
Apache Corp. 204 9,881
Ashland, Inc. 54 1,843
Burlington Resources,
Inc. 464 18,241
Chevron Corp. 1,902 161,908
Coastal Corp. 797 39,999
Columbia Gas Systems,
Inc. 135 8,471
Conoco, Inc. Cl-B 1,496 37,213
El Paso Energy Corp. 513 21,803
Exxon Mobil Corp. 9,498 737,875
Kerr-McGee Corp. 175 9,056
Nicor, Inc. 277 9,383
Occidental Petroleum
Corp. 1,283 27,504
ONEOK, Inc. 282 7,121
Phillips Petroleum Co. 574 27,229
Rowan Companies, Inc.* 536 14,975
Royal Dutch Petroleum
Co. 5,729 328,701
Schlumberger Ltd. 1,437 110,020
Sunoco, Inc. 41 1,243
Texaco, Inc. 1,397 69,152
Tosco Corp. 249 7,984
Transocean Sedco Forex,
Inc. 454 21,338
Union Pacific Resources
Group, Inc. 673 12,913
Unocal Corp. 518 16,738
Williams Companies, Inc. 1,084 40,447
-----------
1,770,306
-----------
PAPER & FOREST PRODUCTS -- 0.6%
American Greetings Corp.
Cl-A 137 2,483
Boise Cascade Corp. 442 14,393
Champion International
Corp. 188 12,361
Georgia Pacific Group 338 12,422
International Paper Co. 1,338 49,171
Kimberly-Clark Corp. 1,422 82,564
Louisiana-Pacific Corp. 290 3,879
Mead Corp. 135 4,700
Potlatch Corp. 409 16,130
Temple-Inland, Inc. 328 16,441
Westvaco Corp. 706 21,798
Weyerhaeuser Co. 530 28,321
Willamette Industries,
Inc. 196 7,485
-----------
272,148
-----------
PERSONAL SERVICES -- 0.1%
Cendant Corp.* 2,641 40,770
-----------
</TABLE>
<TABLE>
SHARES VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
PHARMACEUTICALS -- 5.3%
Allergan, Inc. 257 $ 15,131
ALZA Corp.* 531 23,397
American Home Products
Corp. 3,187 179,070
Biogen, Inc.* 564 33,170
Bristol-Meyers Squibb
Co. 5,293 277,552
Cardinal Health, Inc. 637 35,075
Lilly, (Eli) & Co. 2,699 208,666
Merck & Co., Inc. 6,265 435,417
Pfizer, Inc. 8,970 377,861
Pharmacia Corp. 3,296 164,594
Schering-Plough Corp. 3,538 142,626
Warner-Lambert Co. 2,786 317,082
Watson Pharmaceuticals,
Inc.* 493 22,154
-----------
2,231,795
-----------
PRECIOUS METALS -- 0.0%
Inco Ltd.* 1,095 17,109
-----------
PRINTING & PUBLISHING -- 0.5%
Dow Jones & Co., Inc. 183 11,872
Gannett Co., Inc. 693 44,265
Knight-Ridder, Inc. 411 20,165
Lexmark International
Group, Inc. Cl-A* 439 51,802
McGraw-Hill Co., Inc. 783 41,108
New York Times Co. 343 14,127
Tribune Co. 531 20,643
-----------
203,982
-----------
RAILROADS -- 0.2%
Burlington Northern
Santa Fe Corp. 521 12,569
Kansas City Southern
Industries, Inc. 246 17,681
Norfolk Southern Corp. 1,034 18,224
Union Pacific Corp. 1,003 42,252
-----------
90,726
-----------
RESTAURANTS -- 0.4%
Darden Restaurants, Inc. 345 6,361
McDonald's Corp. 3,530 134,581
Tricon Global
Restaurants, Inc.* 340 11,603
Wendy's International,
Inc. 323 7,227
-----------
159,772
-----------
RETAIL & MERCHANDISING -- 4.1%
Bed, Bath & Beyond,
Inc.* 387 14,198
Best Buy Co., Inc.* 673 54,345
Circuit City Stores,
Inc. 427 25,113
Consolidated Stores
Corp.* 290 3,607
Costco Companies, Inc.* 1,473 79,633
CVS Corp. 615 26,753
Dillard's, Inc. Cl-A 297 4,139
Dollar General Corp. 523 11,964
</TABLE>
48
<PAGE> 52
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
Federated Department
Stores, Inc.* 759 $ 25,806
Gap, Inc. 2,187 80,371
Harcourt General, Inc. 63 2,355
Home Depot, Inc. 6,169 345,849
Kmart Corp.* 2,456 19,955
Kohl's Corp.* 1,152 55,296
Long's Drug Stores Corp. 546 12,695
Lowe's Companies, Inc. 607 30,047
May Department Stores
Co. 724 19,910
Nordstrom, Inc. 368 10,235
Penney, (J.C.) Co., Inc. 701 9,683
Rite Aid Corp. 706 3,530
Sears, Roebuck & Co. 1,427 52,264
Target Corp. 1,120 74,550
Toys 'R' Us, Inc.* 1,618 24,675
Wal-Mart Stores, Inc. 12,018 665,496
Walgreen Co. 2,532 71,213
-----------
1,723,682
-----------
SEMICONDUCTORS -- 4.2%
Advanced Micro Devices,
Inc.* 556 48,789
Altera Corp.* 600 61,350
Applied Materials, Inc.* 2,173 221,239
Conexant Systems, Inc.* 731 43,769
Intel Corp. 9,123 1,156,909
LSI Logic Corp.* 917 57,313
Micron Technology, Inc.* 734 102,210
National Semiconductor
Corp.* 627 38,090
Xilinx, Inc.* 960 70,320
-----------
1,799,989
-----------
TELECOMMUNICATIONS --10.3%
ADC Telecommunications,
Inc.* 957 58,138
Alltel Corp. 777 51,768
Andrew Corp.* 742 21,843
AT&T Corp. 7,373 344,227
Bell Atlantic Corp. 4,132 244,821
BellSouth Corp. 5,004 243,632
CenturyTel, Inc. 277 6,787
Global Crossing Ltd.* 1,644 51,786
GTE Corp. 2,565 173,779
IPC Communications,
Inc.* 141 23,547
Lucent Technologies,
Inc. 8,575 533,278
MCI WorldCom, Inc.* 6,979 317,108
MediaOne Group, Inc.* 3,101 234,513
Motorola, Inc. 1,887 224,671
NetOptix Corp.* 279 49,209
Nextel Communications,
Inc. Cl-A* 1,097 120,053
Nortel Networks Corp. 3,873 438,616
</TABLE>
<TABLE>
SHARES VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
QUALCOMM, Inc.* 2,077 $ 225,225
SBC Communications, Inc. 9,500 416,218
Scientific-Atlanta, Inc. 620 40,339
Sprint Corp. (FON Group) 4,056 249,444
Sprint Corp. (PCS
Group)* 2,514 138,270
Tellabs, Inc.* 1,270 69,612
U.S. West, Inc. 1,549 110,269
-----------
4,387,153
-----------
TRANSPORTATION -- 0.2%
CSX Corp. 1,021 21,377
FedEx Corp.* 988 37,235
Paccar, Inc. 490 23,306
Ryder Systems, Inc. 175 3,883
-----------
85,801
-----------
UTILITIES -- 2.2%
AES Corp.* 696 62,597
Ameren Corp. 244 8,952
American Electric Power
Co., Inc. 350 12,819
Carolina Power & Light
Co. 345 12,614
Central & South West
Corp. 516 11,191
Cinergy Corp. 239 6,393
CMS Energy Corp. 630 11,970
Consolidated Edison,
Inc. 818 28,783
Constellation Energy
Group 561 18,548
Dominion Resources,
Inc.* 773 34,785
DTE Energy Co. 546 17,813
Duke Energy Corp. 891 51,233
Edison International Co. 1,542 29,394
Enron Corp. 1,879 130,942
Entergy Corp. 1,049 26,684
FirstEnergy Corp. 1,054 26,811
Florida Progress Corp. 564 27,636
FPL Group, Inc. 607 27,429
GPU, Inc. 152 4,266
New Century Energies,
Inc. 185 6,036
Niagara Mohawk Holdings,
Inc.* 510 7,076
Northern States Power
Co. 416 9,074
PECO Energy Co. 792 33,017
People's Energy Corp. 259 8,045
PG&E Corp. 1,696 43,990
Pinnacle West Capital
Co. 404 14,191
PPL Corp. 622 14,850
Public Service
Enterprise Group, Inc. 816 29,274
Reliant Energy, Inc. 1,031 27,450
Sempra Energy 565 10,488
Southern Co. 2,032 50,673
Texas Utilities Co. 582 19,606
</TABLE>
49
<PAGE> 53
ASAF BANKERS TRUST
MANAGED INDEX 500 FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
Unicom Corp. 714 $ 28,382
United Water Resources,
Inc. 2,700 93,824
-----------
946,836
-----------
TOTAL COMMON STOCK
(Cost $34,154,490) 35,198,115
-----------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS -- 16.1%
U.S. Treasury Bills
4.60%, 05/11/00 $ 320 319,509
4.95%, 05/11/00 370 369,389
5.35%, 05/11/00 480 479,152
5.38%, 05/11/00 120 119,785
5.42%, 05/11/00 510 509,079
5.45%, 05/11/00 420 419,237
5.46%, 05/11/00 890 888,380
5.52%, 05/11/00 180 179,669
5.57%, 05/11/00 1,600 1,597,029
5.59%, 05/11/00 900 898,323
5.61%, 05/11/00 300 299,439
5.62%, 07/13/00# 20 19,772
5.64%, 07/13/00# 15 14,830
5.67%, 07/13/00# 650 642,606
5.69%, 07/13/00# 50 49,431
-----------
(Cost $6,805,311) 6,805,630
-----------
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.0%
Temporary Investment
Cash Fund 9,395 $ 9,395
Temporary Investment
Fund 9,395 9,395
-----------
(Cost $18,790) 18,790
-----------
TOTAL INVESTMENTS -- 99.2%
(Cost $40,978,591) 42,022,535
OTHER ASSETS LESS
LIABILITIES -- 0.8% 356,138
-----------
NET ASSETS -- 100.0% $42,378,673
===========
</TABLE>
# Securities with an aggregate market value of $723,680 have been segregated
with the custodian to cover margin requirements for the following open futures
contracts at April 30, 2000:
<TABLE>
<CAPTION>
EXPIRATION NUMBER OF UNREALIZED
DESCRIPTION MONTH CONTRACTS DEPRECIATION
----------------------------------------------------
<S> <C> <C> <C>
S&P 500 Index 06/00 12 $ 18,391
S&P 500 Index 06/00 22 254,881
--------
$273,272
========
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
50
<PAGE> 54
AMERICAN SKANDIA ADVISOR FUNDS, INC.
ASAF MFS
GROWTH WITH INCOME FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 88.8%
AEROSPACE -- 3.4%
Boeing Co. 1,470 $ 58,341
General Dynamics Corp. 2,470 144,495
Honeywell
International, Inc. 890 49,840
United Technologies
Corp. 4,450 276,734
-----------
529,410
-----------
AUTOMOBILE MANUFACTURERS -- 0.2%
Ford Motor Co. 450 24,609
-----------
AUTOMOTIVE PARTS -- 0.7%
Delphi Automotive
Systems Corp. 2,360 45,135
Federal-Mogul Corp. 520 7,053
TRW, Inc. 890 52,065
-----------
104,253
-----------
BEVERAGES -- 1.1%
Anheuser-Busch
Companies, Inc. 2,110 148,888
Coca-Cola Co. 70 3,294
PepsiCo, Inc. 540 19,811
-----------
171,993
-----------
BROADCASTING -- 0.1%
Infinity Broadcasting
Corp.* 560 19,005
-----------
BUSINESS SERVICES -- 0.8%
First Data Corp. 2,510 122,206
-----------
CHEMICALS -- 1.1%
Air Products &
Chemicals, Inc. 2,470 76,724
Dow Chemical Co. 80 9,040
DuPont, (E.I.) de
Nemours & Co. 130 6,167
Rohm & Haas Co. 2,200 78,375
-----------
170,306
-----------
CLOTHING & APPAREL -- 0.2%
Cintas Corp. 895 35,464
-----------
COMPUTER HARDWARE -- 4.9%
Compaq Computer Corp. 2,500 73,125
Dell Computer Corp.* 2,800 140,350
EMC Corp.* 900 125,044
Hewlett-Packard Co. 2,370 319,950
International Business
Machines Corp. 1,010 112,741
-----------
771,210
-----------
COMPUTER SERVICES & SOFTWARE -- 8.9%
Automatic Data
Processing, Inc. 1,020 54,889
BMC Software, Inc.* 560 26,215
Cisco Systems, Inc.* 4,210 291,870
</TABLE>
<TABLE>
SHARES VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
Computer Associates
International, Inc. 3,080 $ 171,903
Computer Sciences
Corp.* 1,010 82,378
DST Systems, Inc.* 970 71,962
Electronic Data Systems
Corp. 900 61,875
Microsoft Corp.* 3,510 244,822
Oracle Corp.* 2,180 174,264
Rational Software
Corp.* 340 28,943
Sun Microsystems, Inc.* 2,020 185,714
VERITAS Software Corp.* 220 23,598
-----------
1,418,433
-----------
CONGLOMERATES -- 3.1%
Corning, Inc. 1,320 260,700
Tyco International Ltd. 4,930 226,472
-----------
487,172
-----------
CONSUMER PRODUCTS & SERVICES -- 1.2%
Bausch & Lomb, Inc. 730 44,074
Clorox Co. 890 32,708
Colgate-Palmolive Co. 1,520 86,830
Gillette Co. 540 19,980
Procter & Gamble Co. 90 5,366
-----------
188,958
-----------
ELECTRONIC COMPONENTS & EQUIPMENT -- 4.5%
AT&T Wireless Group* 1,240 39,448
Cabletron Systems,
Inc.* 2,310 52,841
Emerson Electric Co. 1,480 81,215
General Electric Co. 3,290 517,352
Texas Instruments, Inc. 120 19,545
-----------
710,401
-----------
ENTERTAINMENT & LEISURE -- 1.4%
Time Warner, Inc. 2,370 213,152
-----------
FINANCIAL -- BANK & TRUST -- 3.3%
Bank of America Corp. 1,510 73,990
Chase Manhattan Corp. 100 7,206
Comerica, Inc. 520 22,035
Northern Trust Corp. 310 19,879
State Street Corp. 1,880 182,124
U.S. Bancorp 3,900 79,219
Wells Fargo & Co. 3,130 128,526
-----------
512,979
-----------
FINANCIAL SERVICES --5.0%
American Express Co. 520 78,033
Associates First
Capital Corp. Cl-A 260 5,769
AXA Financial, Inc. 1,840 60,030
Capital One Financial
Corp. 520 22,750
Citigroup, Inc. 1,530 90,939
Fannie Mae Corp. 1,520 91,675
Freddie Mac Corp. 4,370 200,746
MBIA, Inc. 530 26,202
</TABLE>
51
<PAGE> 55
ASAF MFS
GROWTH WITH INCOME FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
Merrill Lynch & Co.,
Inc. 930 $ 94,802
Providian Financial
Corp. 540 47,554
Reuters Group PLC [ADR] 670 69,889
-----------
788,389
-----------
FOOD -- 3.6%
Bestfoods, Inc. 740 37,185
Kroger Co.* 3,170 58,843
Quaker Oats Co. 1,430 93,218
Safeway, Inc.* 8,650 381,682
-----------
570,928
-----------
HEALTHCARE
SERVICES -- 0.4%
United Healthcare
Group, Inc.* 900 60,019
-----------
INSURANCE -- 2.8%
American International
Group, Inc. 1,050 115,172
Lincoln National Corp. 840 29,243
Marsh & McLennan
Companies, Inc. 710 69,979
St. Paul Companies,
Inc. 300 10,688
The Hartford Financial
Services Group, Inc. 3,890 203,009
Torchmark Corp. 750 18,797
-----------
446,888
-----------
MACHINERY & EQUIPMENT -- 1.8%
Baker Hughes, Inc. 2,920 92,893
Deere & Co. 1,560 62,985
Grainger, (W.W.), Inc. 980 42,508
Illinois Tool Works,
Inc. 260 16,656
Ingersoll-Rand Co. 1,530 71,814
-----------
286,856
-----------
MEDICAL SUPPLIES & EQUIPMENT -- 1.9%
Johnson & Johnson Co. 740 61,050
Medtronic, Inc. 4,500 233,719
-----------
294,769
-----------
METALS & MINING -- 0.1%
Alcoa, Inc. 130 8,434
-----------
OIL & GAS -- 7.3%
BP Amoco PLC [ADR] 7,015 357,765
Chevron Corp. 680 57,885
Coastal Corp. 3,420 171,641
Conoco, Inc. Cl-B 7,080 176,115
Exxon Mobil Corp. 3,988 309,818
Williams Companies,
Inc. 2,360 88,058
-----------
1,161,282
-----------
PAPER & FOREST PRODUCTS -- 0.4%
Weyerhaeuser Co. 1,060 56,644
-----------
</TABLE>
<TABLE>
SHARES VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
PHARMACEUTICALS -- 8.1%
American Home Products
Corp. 1,600 $ 89,900
Bristol-Meyers Squibb
Co. 4,610 241,737
Pfizer, Inc. 7,470 314,674
Pharmacia Corp. 8,282 413,581
Schering-Plough Corp. 1,420 57,244
Warner-Lambert Co. 1,570 178,686
-----------
1,295,822
-----------
PRINTING & PUBLISHING -- 2.7%
Gannett Co., Inc. 2,600 166,074
New York Times Co. 2,510 103,381
Tribune Co. 3,890 151,224
-----------
420,679
-----------
RESTAURANTS -- 0.2%
McDonald's Corp. 970 36,981
-----------
RETAIL & MERCHANDISING -- 3.3%
Costco Companies, Inc.* 110 5,947
CVS Corp. 4,960 215,760
Home Depot, Inc. 695 38,963
Lowe's Companies, Inc. 520 25,740
Target Corp. 120 7,988
Wal-Mart Stores, Inc. 4,160 230,360
-----------
524,758
-----------
SEMICONDUCTORS -- 3.7%
Intel Corp. 3,910 495,837
National Semiconductor
Corp.* 1,320 80,190
-----------
576,027
-----------
TELECOMMUNICATIONS -- 10.3%
Alltel Corp. 2,120 141,245
AT&T Corp. 1,520 70,965
Bell Atlantic Corp. 3,960 234,629
BellSouth Corp. 730 35,542
BroadWing, Inc. 1,520 43,035
Copper Mountain
Networks, Inc.* 110 9,171
Global Crossing Ltd.* 1,120 35,280
MCI WorldCom, Inc.* 3,120 141,765
Motorola, Inc. 2,594 308,847
Nokia Corp. Cl-A [ADR] 540 30,713
Nortel Networks Corp. 1,530 173,273
Qwest Communications
International, Inc.* 1,460 63,328
SBC Communications,
Inc. 2,580 113,036
Sprint Corp. (FON
Group) 1,600 98,400
Sprint Corp. (PCS
Group)* 1,420 78,100
Tellabs, Inc.* 1,220 66,871
-----------
1,644,200
-----------
</TABLE>
52
<PAGE> 56
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
TRANSPORTATION -- 0.2%
Canadian National
Railway Co. 1,047 $ 29,381
-----------
UTILITIES -- 2.1%
CMS Energy Corp. 1,040 19,760
Enron Corp. 650 45,297
Nisource, Inc. 1,520 28,120
PECO Energy Co. 2,390 99,633
Pinnacle West Capital
Co. 690 24,236
Texas Utilities Co. 2,380 80,176
Unicom Corp. 670 26,633
-----------
323,855
-----------
TOTAL COMMON STOCK
(Cost $13,478,228) 14,005,463
-----------
FOREIGN STOCK -- 2.0%
CHEMICALS -- 0.3%
AKZO Nobel NV -- (NLG) 970 39,803
-----------
FINANCIAL -- BANK & TRUST -- 0.2%
ING Groep NV -- (NLG) 540 29,534
-----------
FOOD -- 0.5%
Nestle SA -- (CHF) 44 77,746
-----------
PHARMACEUTICALS -- 0.3%
AstraZeneca Group
PLC -- (GBP) 1,000 42,077
-----------
TELECOMMUNICATIONS -- 0.7%
KPN NV -- (NLG) 680 68,689
Vodafone AirTouch
PLC -- (GBP) 13,011 59,959
-----------
128,648
-----------
TOTAL FOREIGN STOCK
(Cost $322,174) 317,808
-----------
PREFERRED STOCK -- 0.3%
TELECOMMUNICATIONS -- 0.3%
Global Crossing Ltd.
6.75% [CVT]* 200 49,400
-----------
UTILITIES -- 0.0%
Texas Utilities Co.
3.315% [CVT] 20 719
-----------
TOTAL PREFERRED STOCK
(Cost $50,844) 50,119
-----------
</TABLE>
<TABLE>
PAR
(000) VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
CORPORATE OBLIGATIONS -- 0.4%
FINANCIAL
SERVICES -- 0.1%
Bell Atlantic Financial
Services 144A
4.25%, 09/15/05 $15 $ 18,926
-----------
TELECOMMUNICATIONS -- 0.3%
NTL, Inc. 144A
5.75%, 12/15/09 43 38,001
-----------
TOTAL CORPORATE OBLIGATIONS
(Cost $63,143) 56,927
-----------
<CAPTION>
SHARES
------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 5.6%
Temporary Investment
Cash Fund 444,777 444,777
Temporary Investment
Fund 444,777 444,777
-----------
(Cost $889,554) 889,554
-----------
TOTAL INVESTMENTS -- 97.1%
(Cost $14,803,943) 15,319,871
OTHER ASSETS LESS
LIABILITIES -- 2.9% 458,348
-----------
NET ASSETS -- 100.0% $15,778,219
===========
</TABLE>
Foreign currency exchange contracts outstanding at April 30, 2000:
<TABLE>
<CAPTION>
UNREALIZED
SETTLEMENT CONTRACTS TO IN EXCHANGE CONTRACTS APPRECIATION/
MONTH TYPE RECEIVE FOR AT VALUE (DEPRECIATION)
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
05/00 Buy CHF 9,195 $ 5,329 $ 5,346 $ 17
05/00 Buy EUR 11,563 10,643 10,539 (104)
05/00 Buy GBP 5,161 8,125 8,074 (51)
------- ------- -----
$24,097 $23,959 $(138)
======= ======= =====
</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 0.4% of net assets.
See Notes to Financial Statements.
53
<PAGE> 57
ASAF KEMPER
SMALL-CAP GROWTH
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 73.5%
AEROSPACE -- 0.1%
Remec, Inc.* 900 $ 34,144
-----------
AUTOMOTIVE PARTS -- 1.3%
Copart, Inc.* 18,900 326,025
-----------
BEVERAGES -- 0.0%
Celestial Seasonings,
Inc.* 100 3,363
-----------
BROADCASTING -- 1.1%
Cumulus Media, Inc.
Cl-A* 19,700 258,563
-----------
BUILDING MATERIALS -- 1.3%
Simpson Manufacturing
Co., Inc.* 1,800 81,450
Trex Co., Inc.* 5,600 225,050
-----------
306,500
-----------
BUSINESS SERVICES -- 4.8%
AnswerThink Consulting
Group, Inc.* 7,200 138,600
Digital Courier
Technologies, Inc.* 19,000 124,688
Interactive
Intelligence, Inc.* 1,400 34,300
Korn/Ferry
International, Inc.* 7,700 204,049
Loislaw.com, Inc.* 1,100 7,563
Mediaplex, Inc.* 400 20,500
Micromuse, Inc.* 2,600 255,124
Newgen Results Corp.* 5,000 64,688
RSA Security, Inc.* 1,400 82,163
Watchguard Technologies,
Inc.* 5,000 240,937
-----------
1,172,612
-----------
CHEMICALS -- 0.6%
Cabot Microelectronics
Corp.* 4,200 136,500
-----------
CLOTHING & APPAREL -- 1.8%
David's Bridal, Inc.* 3,300 37,950
Gildan Activewear, Inc.
Cl-A* 7,200 247,050
Pacific Sunwear of
California, Inc.* 4,200 143,063
-----------
428,063
-----------
COMPUTER HARDWARE -- 4.8%
Mercury Computer
Systems, Inc.* 3,000 115,313
Silicon Storage
Technology, Inc.* 10,700 1,043,249
-----------
1,158,562
-----------
</TABLE>
<TABLE>
SHARES VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
COMPUTER SERVICES & SOFTWARE -- 15.9%
Active Software, Inc.* 2,300 $ 92,719
Advent Software, Inc.* 6,500 341,250
AVT Corp.* 8,100 89,606
Braun Consulting, Inc.* 5,000 125,000
BSQUARE Corp.* 3,700 64,750
Digital River, Inc.* 3,300 49,500
Information Architects
Corp.* 12,000 132,000
ISS Group, Inc.* 6,400 578,799
Mercator Software, Inc.* 2,700 99,394
Mercury Interactive
Corp.* 5,600 503,999
National Computer
Systems, Inc. 2,900 149,169
National Information
Consortium, Inc.* 18,500 228,938
Numerical Technologies,
Inc.* 800 33,400
Open Text Corp.* 100 2,488
Pinnacle Systems, Inc.* 26,500 635,999
Quintus Corp.* 10,000 98,125
Radisys Corp.* 900 37,238
Technology Solutions
Corp.* 29,200 191,625
Ultimate Software Group,
Inc.* 9,100 80,763
Viador, Inc.* 6,400 129,200
Vocaltec Ltd.* 6,800 120,700
Xpedior, Inc.* 6,800 110,500
-----------
3,895,162
-----------
CONSUMER PRODUCTS & SERVICES -- 1.5%
JAKKS Pacific, Inc.* 8,900 163,538
Rent-A-Center, Inc.* 9,300 189,487
Steiner Leisure Ltd.* 900 18,113
-----------
371,138
-----------
ELECTRONIC COMPONENTS & EQUIPMENT -- 3.4%
Burr-Brown Corp.* 3,800 258,875
Power-One, Inc.* 5,300 361,724
SonoSight, Inc.* 6,400 210,800
-----------
831,399
-----------
ENTERTAINMENT & LEISURE -- 0.7%
The 3DO Co.* 9,500 58,188
THQ, Inc.* 7,200 111,600
-----------
169,788
-----------
FINANCIAL SERVICES -- 1.3%
Hudson United Bankcorp* 8,700 196,294
Multex.com, Inc.* 5,600 113,750
-----------
310,044
-----------
FOOD -- 0.4%
Hain Food Group, Inc.* 3,800 101,888
-----------
FURNITURE -- 1.0%
Cost Plus, Inc.* 7,800 238,388
-----------
</TABLE>
54
<PAGE> 58
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
HEALTHCARE SERVICES -- 2.1%
Albany Molecular
Research, Inc.* 4,400 $ 193,050
Gene Logic, Inc.* 4,400 118,250
MedQuist, Inc.* 5,600 198,450
-----------
509,750
-----------
INDUSTRIAL -- 1.1%
Brooks Automation, Inc.* 3,000 269,063
-----------
INTERNET SERVICES -- 2.1%
Firstworld
Communications, Inc.* 10,200 121,763
Internet Pictures Corp.* 6,200 97,650
Netopia, Inc.* 3,800 158,649
S1 Corp.* 800 43,450
Vicinity Corp.* 6,500 77,188
-----------
498,700
-----------
MACHINERY & EQUIPMENT -- 3.6%
Asyst Technologies,
Inc.* 10,000 534,999
National-Oilwell, Inc.* 7,800 186,713
SpeedFam-IPEC, Inc.* 9,300 147,056
-----------
868,768
-----------
MEDICAL SUPPLIES & EQUIPMENT -- 2.2%
Aclara Biosciences,
Inc.* 3,700 141,063
Biovail Corp.* 4,400 209,825
Cytyc Corp.* 900 40,275
Fusion Medical
Technologies, Inc.* 8,100 141,750
-----------
532,913
-----------
OIL & GAS -- 3.3%
Barrett Resources Corp.* 6,400 203,200
Key Production Co.,
Inc.* 2,200 29,013
Stone Energy Corp.* 5,500 259,875
Swift Energy Co.* 15,000 306,562
-----------
798,650
-----------
PERSONAL SERVICES -- 0.1%
Cornell Corrections,
Inc.* 1,500 13,500
-----------
PHARMACEUTICALS -- 2.3%
Alexion Pharmaceuticals,
Inc.* 4,400 196,350
Cryolife, Inc.* 3,400 65,875
Intermune
Pharmaceuticals, Inc.* 400 6,800
</TABLE>
<TABLE>
SHARES VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
Maxim Pharmaceuticals,
Inc.* 1,700 $ 65,875
QLT PhotoTherapeutics,
Inc.* 4,000 222,250
-----------
557,150
-----------
REAL ESTATE -- 0.6%
CoStar Group, Inc.* 6,500 155,898
-----------
RESTAURANTS -- 0.3%
The Cheesecake Factory,
Inc.* 1,800 73,688
-----------
RETAIL & MERCHANDISING -- 0.5%
Duane Reade, Inc.* 3,800 114,000
-----------
SEMICONDUCTORS -- 4.1%
Alpha Industries, Inc.* 4,800 249,600
American Superconductor
Corp.* 3,800 145,113
Silicon Image, Inc.* 3,800 152,475
Therma-Wave, Inc.* 5,900 162,250
TranSwitch Corp.* 3,300 290,605
-----------
1,000,043
-----------
TELECOMMUNICATIONS -- 11.2%
ANTEC Corp.* 11,000 591,249
Com21, Inc.* 6,800 190,400
Cypress Communications,
Inc.* 10,900 143,744
Insight Communications
Co., Inc.* 13,400 273,025
Inter-Tel, Inc. 1,200 24,300
Lightbridge, Inc.* 11,100 233,100
Natural MicroSystems
Corp.* 4,200 273,525
Polycom, Inc.* 5,500 435,187
Proxim, Inc.* 800 61,550
Research in Motion Ltd.* 4,400 187,000
SBA Communications
Corp.* 2,700 109,688
Spectrasite Holdings,
Inc.* 9,500 199,500
-----------
2,722,268
-----------
TOTAL COMMON STOCK
(Cost $20,133,843) 17,856,530
-----------
</TABLE>
55
<PAGE> 59
ASAF KEMPER
SMALL-CAP GROWTH
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 23.0%
Federal Home Loan Bank
5.88%, 05/01/00
(Cost $5,600,000) $5,600 $ 5,600,000
-----------
<CAPTION>
SHARES
------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.5%
Temporary Investment
Cash Fund 65,758 65,758
Temporary Investment
Fund 65,758 65,758
-----------
(Cost $131,516) 131,516
-----------
TOTAL INVESTMENTS -- 97.0%
(Cost $25,865,359) 23,588,046
OTHER ASSETS LESS
LIABILITIES -- 3.0% 730,044
-----------
NET ASSETS -- 100.0% $24,318,090
===========
</TABLE>
-------------------------------------------------------
* 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.)
TBA -- To be Announced Security
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
MXP -- Mexico/Mexican Peso
NLG -- Netherlands/Netherland Guilder
NOK -- Norway/Norwegian Krone
SEK -- Sweden/Swedish Krona
SGD -- Singapore/Singapore Dollar
</TABLE>
See Notes to Financial Statements.
56
<PAGE> 60
(This page intentionally left blank)
57
<PAGE> 61
APRIL 30, 2000
(UNAUDITED)
STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF ASAF
FOUNDERS ASAF T. ROWE AMERICAN ASAF
INTERNATIONAL JANUS PRICE SMALL CENTURY FEDERATED
SMALL SMALL-CAP COMPANY STRATEGIC HIGH YIELD
CAPITALIZATION GROWTH VALUE BALANCED BOND
FUND FUND FUND FUND FUND
-------------- ------------ ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments in Securities at Value (A) $130,849,118 $432,093,246 $74,100,892 $160,901,314 $116,440,626
Collateral Received for Securities Lent -- 41,671,367 1,570,000 15,079,265 4,037,727
Cash 5,321,830 71,785 52,413 6,506,673 200
Foreign Currency (B) 41,465 -- -- -- --
Receivable for:
Securities Sold 2,024,501 6,347,697 -- 70,159 728,574
Dividends and Interest 103,716 52,082 29,419 988,954 2,860,331
Fund Shares Sold 2,300,167 199,353 649,883 684,775 284,675
Unrealized Appreciation on Foreign
Currency Exchange Contracts 4,906 -- -- -- --
Receivable from Investment Manager -- -- -- -- --
Deferred Organization Costs 33,287 33,287 33,287 33,287 33,369
Prepaid Expenses 44,841 46,908 28,089 32,800 21,093
------------ ------------ ----------- ------------ ------------
Total Assets 140,723,831 480,515,725 76,463,983 184,297,227 124,406,595
------------ ------------ ----------- ------------ ------------
LIABILITIES:
Cash Overdraft -- -- -- -- --
Payable to Investment Manager 33,814 121,373 36,046 71,961 34,778
Unrealized Depreciation on Foreign
Currency Exchange Contracts 44,789 -- -- -- --
Payable upon Return of Securities Lent -- 41,671,367 1,570,000 15,079,265 4,037,727
Payable for:
Securities Purchased 7,224,576 1,510,452 -- 7,399,108 692,562
Fund Shares Redeemed 619,895 97,045 6,885 8,496 323,672
Futures Variation Margin -- -- -- 18,250 --
Distribution Fees 93,195 335,235 53,207 119,018 84,871
Accrued Expenses and Other
Liabilities 53,956 440,369 97,158 214,367 131,846
Accrued Dividends -- -- -- -- 843,188
------------ ------------ ----------- ------------ ------------
Total Liabilities 8,070,225 44,175,841 1,763,296 22,910,465 6,148,644
------------ ------------ ----------- ------------ ------------
NET ASSETS $132,653,606 $436,339,884 $74,700,687 $161,386,762 $118,257,951
============ ============ =========== ============ ============
COMPONENTS OF NET ASSETS
Capital Stock $ 7,059 $ 22,566 $ 7,774 $ 12,164 $ 13,689
Additional Paid-In Capital 148,772,950 385,212,592 75,132,124 148,970,115 134,196,348
Undistributed Net Investment Income
(Loss) (427,462) (2,616,288) (61,149) 532,505 59,614
Accumulated Net Realized Gain (Loss) on
Investments (1,094,482) 36,219,975 395,871 719,272 (1,531,502)
Net Unrealized Appreciation
(Depreciation) on Investments (14,604,459) 17,501,039 (773,933) 11,152,706 (14,480,198)
------------ ------------ ----------- ------------ ------------
NET ASSETS $132,653,606 $436,339,884 $74,700,687 $161,386,762 $118,257,951
============ ============ =========== ============ ============
(A) Investments at Cost $145,414,943 $414,589,686 $74,874,825 $149,789,184 $130,920,824
(B) Foreign Currency at Cost $ 47,092 $ -- $ -- $ -- $ --
============ ============ =========== ============ ============
</TABLE>
58
<PAGE> 62
--------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF ASAF ASAF
FOUNDERS ASAF T. ROWE AMERICAN ASAF
INTERNATIONAL JANUS PRICE SMALL CENTURY FEDERATED
SMALL SMALL-CAP COMPANY STRATEGIC HIGH YIELD
CAPITALIZATION GROWTH VALUE BALANCED BOND
FUND FUND FUND FUND FUND
-------------- ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE:
Class A: Net Assets $30,213,385 $ 98,977,783 $14,772,762 $28,836,751 $17,115,983
----------- ------------ ----------- ----------- -----------
Shares Outstanding 1,592,092 5,065,779 1,525,479 2,167,369 1,981,603
----------- ------------ ----------- ----------- -----------
Net Asset Value and
Redemption Price Per
Share $ 18.98 $ 19.54 $ 9.68 $ 13.30 $ 8.64
=========== ============ =========== =========== ===========
Divided by (1 - Maximum
Sales Charge) 94 1/4% 94 1/4% 94 1/4% 94 1/4% 95 3/4%
----------- ------------ ----------- ----------- -----------
Offering Price Per Share* $ 20.14 $ 20.73 $ 10.27 $ 14.11 $ 9.02
=========== ============ =========== =========== ===========
Class B: Net Assets $63,181,259 $209,161,492 $29,298,564 $81,858,927 $70,541,334
----------- ------------ ----------- ----------- -----------
Shares Outstanding 3,368,464 10,852,640 3,053,779 6,172,718 8,164,426
----------- ------------ ----------- ----------- -----------
Net Asset Value, Offering
and Redemption Price
Per Share $ 18.76 $ 19.27 $ 9.59 $ 13.26 $ 8.64
=========== ============ =========== =========== ===========
Class C: Net Assets $26,152,450 $ 89,655,105 $15,422,826 $28,358,810 $12,423,473
----------- ------------ ----------- ----------- -----------
Shares Outstanding 1,399,412 4,648,587 1,608,751 2,138,854 1,438,310
----------- ------------ ----------- ----------- -----------
Net Asset Value, Offering
and Redemption Price
Per Share $ 18.69 $ 19.29 $ 9.59 $ 13.26 $ 8.64
=========== ============ =========== =========== ===========
Class X: Net Assets $13,106,512 $ 38,545,504 $15,206,535 $22,332,274 $18,177,161
----------- ------------ ----------- ----------- -----------
Shares Outstanding 699,319 1,998,591 1,585,668 1,684,613 2,104,808
----------- ------------ ----------- ----------- -----------
Net Asset Value, Offering
and Redemption Price
Per Share $ 18.74 $ 19.29 $ 9.59 $ 13.26 $ 8.64
=========== ============ =========== =========== ===========
</TABLE>
* On sales of $50,000 or more, the offering price of Class A shares is reduced.
See Notes to Financial Statements.
59
<PAGE> 63
APRIL 30, 2000
(UNAUDITED)
STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF
ASAF ASAF ASAF ASAF NEUBERGER
OPPENHEIMER LORD ABBETT JANUS MARSICO BERMAN
LARGE-CAP GROWTH AND OVERSEAS CAPITAL MID-CAP
GROWTH INCOME GROWTH GROWTH GROWTH
FUND FUND FUND FUND FUND
------------ ------------ ------------ -------------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments in Securities at Value
(A) $108,297,339 $186,164,610 $684,379,078 $1,026,317,859 $227,405,240
Collateral Received for Securities
Lent 13,110,502 23,018,894 -- 214,507,421 70,280,465
Cash 13,983,196 388,206 101,652 -- 3,393,513
Foreign Currency (B) -- -- 272 -- --
Receivable for:
Securities Sold -- -- 4,688,007 9,565,719 --
Dividends and Interest 60,353 212,911 477,189 661,362 83,244
Fund Shares Sold 507,481 505,229 365,168 5,013,182 2,373,852
Unrealized Appreciation on Foreign
Currency Exchange Contracts -- -- 9,373,795 -- --
Receivable from Investment Manager -- -- -- -- --
Deferred Organization Costs -- -- -- -- --
Prepaid Expenses 36,477 31,081 50,339 22,214 30,472
------------ ------------ ------------ -------------- ------------
Total Assets 135,995,348 210,320,931 699,435,500 1,256,087,757 303,566,786
------------ ------------ ------------ -------------- ------------
LIABILITIES:
Cash Overdraft -- -- -- 113,654 --
Payable to Investment Manager 74,805 86,500 606,472 739,002 50,753
Unrealized Depreciation on Foreign
Currency Exchange Contracts -- -- 3,553,208 -- --
Payable upon Return of Securities
Lent 13,110,502 23,018,894 -- 214,507,421 70,280,465
Payable for:
Securities Purchased -- -- 2,766,437 5,113,686 1,628,219
Fund Shares Redeemed 7,555 18,661 309,120 460,483 6,548
Futures Variation Margin -- -- -- -- --
Distribution Fees 95,518 127,139 505,173 699,378 154,598
Accrued Expenses and Other
Liabilities 56,862 209,407 431,753 614,222 125,727
Accrued Dividends -- -- -- -- --
------------ ------------ ------------ -------------- ------------
Total Liabilities 13,345,242 23,460,601 8,172,163 222,247,846 72,246,310
------------ ------------ ------------ -------------- ------------
NET ASSETS $122,650,106 $186,860,330 $691,263,337 $1,033,839,911 $231,320,476
============ ============ ============ ============== ============
COMPONENTS OF NET ASSETS
Capital Stock $ 6,947 $ 14,990 $ 34,111 $ 61,366 $ 9,970
Additional Paid-In Capital 96,010,847 171,973,902 529,860,964 866,263,346 212,847,232
Undistributed Net Investment Income
(Loss) (635,811) 17,515 (3,354,751) (4,341,230) (1,003,260)
Accumulated Net Realized Gain (Loss) on
Investments 3,277,880 205,743 34,784,000 (12,784,360) (2,993,735)
Net Unrealized Appreciation
(Depreciation) on Investments 23,990,243 14,648,180 129,939,013 184,640,789 22,460,269
------------ ------------ ------------ -------------- ------------
NET ASSETS $122,650,106 $186,860,330 $691,263,337 $1,033,839,911 $231,320,476
============ ============ ============ ============== ============
(A) Investments at Cost $ 84,307,096 $171,516,430 $560,254,109 $ 841,676,324 $204,944,970
(B) Foreign Currency at Cost $ -- $ -- $ 303 $ -- $ --
============ ============ ============ ============== ============
</TABLE>
60
<PAGE> 64
--------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF
ASAF ASAF ASAF ASAF NEUBERGER
OPPENHEIMER LORD ABBETT JANUS MARSICO BERMAN
LARGE-CAP GROWTH AND OVERSEAS CAPITAL MID-CAP
GROWTH INCOME GROWTH GROWTH GROWTH
FUND FUND FUND FUND FUND
----------- ----------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE:
Class A: Net Assets $22,456,359 $36,819,561 $172,184,478 $197,509,435 $ 51,155,050
----------- ----------- ------------ ------------ ------------
Shares Outstanding 1,261,606 2,847,145 8,425,665 11,649,008 2,191,646
----------- ----------- ------------ ------------ ------------
Net Asset Value and
Redemption Price Per
Share $ 17.80 $ 12.93 $ 20.44 $ 16.96 $ 23.34
=========== =========== ============ ============ ============
Divided by (1 -Maximum
Sales Charge) 94 1/4% 94 1/4% 94 1/4% 94 1/4% 94 1/4%
----------- ----------- ------------ ------------ ------------
Offering Price Per
Share* $ 18.89 $ 13.72 $ 21.69 $ 17.99 $ 24.76
=========== =========== ============ ============ ============
Class B: Net Assets $60,998,234 $87,302,761 $288,480,632 $513,776,646 $113,528,617
----------- ----------- ------------ ------------ ------------
Shares Outstanding 3,458,260 6,770,279 14,282,934 30,525,107 4,901,870
----------- ----------- ------------ ------------ ------------
Net Asset Value,
Offering and
Redemption Price Per
Share $ 17.64 $ 12.90 $ 20.20 $ 16.83 $ 23.16
=========== =========== ============ ============ ============
Class C: Net Assets $17,832,731 $33,297,890 $163,812,839 $244,005,010 $ 45,667,554
----------- ----------- ------------ ------------ ------------
Shares Outstanding 1,014,300 2,584,985 8,095,649 14,514,958 1,970,749
----------- ----------- ------------ ------------ ------------
Net Asset Value,
Offering and
Redemption Price Per
Share $ 17.58 $ 12.88 $ 20.23 $ 16.81 $ 23.17
=========== =========== ============ ============ ============
Class X: Net Assets $21,362,782 $29,440,118 $ 66,785,388 $ 78,548,820 $ 20,969,255
----------- ----------- ------------ ------------ ------------
Shares Outstanding 1,214,195 2,286,914 3,306,689 4,675,903 906,234
----------- ----------- ------------ ------------ ------------
Net Asset Value,
Offering and
Redemption Price Per
Share $ 17.59 $ 12.87 $ 20.20 $ 16.80 $ 23.14
=========== =========== ============ ============ ============
</TABLE>
* On sales of $50,000 or more, the offering price of Class A shares is reduced.
See Notes to Financial Statements.
61
<PAGE> 65
APRIL 30, 2000
(UNAUDITED)
STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF ASAF
NEUBERGER ASAF BANKERS MFS ASAF
BERMAN AIM TRUST GROWTH KEMPER
MID-CAP INTERNATIONAL MANAGED WITH SMALL-CAP
VALUE EQUITY INDEX 500 INCOME GROWTH
FUND FUND FUND FUND FUND
----------- ------------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments in Securities at Value (A) $65,461,372 $19,515,162 $42,022,535 $15,319,871 $23,588,046
Collateral Received for Securities Lent 7,411,100 -- -- -- --
Cash 55 2,569 -- 424,787 --
Foreign Currency (B) -- 26,902 -- -- --
Receivable for:
Securities Sold -- 92,371 -- 24,390 80,495
Dividends and Interest 56,105 6,362 24,520 15,869 1,831
Fund Shares Sold 435,912 495,063 409,310 188,059 741,055
Unrealized Appreciation on Foreign
Currency Exchange Contracts -- -- -- 17 --
Receivable from Investment Manager -- -- -- -- --
Deferred Organization Costs -- -- -- -- --
Prepaid Expenses 12,796 52,295 55,589 51,726 53,859
----------- ----------- ----------- ----------- -----------
Total Assets 73,377,340 20,190,724 42,511,954 16,024,719 24,465,286
----------- ----------- ----------- ----------- -----------
LIABILITIES:
Cash Overdraft -- -- 16,712 -- --
Payable to Investment Manager 29,367 12,273 20,206 4,541 6,657
Unrealized Depreciation on Foreign
Currency Exchange Contracts -- 256 -- 155 --
Payable upon Return of Securities Lent 7,411,100 -- -- -- --
Payable for:
Securities Purchased 583,216 231,409 -- 181,323 114,808
Fund Shares Redeemed 10,583 -- 2,117 4,448 --
Futures Variation Margin -- -- 44,830 -- --
Distribution Fees 46,480 13,281 28,869 10,249 19,732
Accrued Expenses and Other Liabilities 74,809 67,155 20,547 45,784 5,999
Accrued Dividends -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total Liabilities 8,155,555 324,374 133,281 246,500 147,196
----------- ----------- ----------- ----------- -----------
NET ASSETS $65,221,785 $19,866,350 $42,378,673 $15,778,219 $24,318,090
=========== =========== =========== =========== ===========
COMPONENTS OF NET ASSETS
Capital Stock $ 5,220 $ 1,932 $ 4,039 $ 1,526 $ 2,931
Additional Paid-In Capital 61,469,233 20,782,891 41,193,829 15,438,104 27,115,249
Undistributed Net Investment Income (Loss) (181,729) (14,368) 17,076 (9,193) (1,384)
Accumulated Net Realized Gain (Loss) on
Investments (871,396) (352,971) 393,057 (168,285) (521,393)
Net Unrealized Appreciation (Depreciation)
on Investments 4,800,457 (551,134) 770,672 516,067 (2,277,313)
----------- ----------- ----------- ----------- -----------
NET ASSETS $65,221,785 $19,866,350 $42,378,673 $15,778,219 $24,318,090
=========== =========== =========== =========== ===========
(A) Investments at Cost $60,660,914 $20,066,183 $40,978,591 $14,803,943 $25,865,359
(B) Foreign Currency at Cost $ -- $ 27,086 $ -- $ -- $ --
=========== =========== =========== =========== ===========
</TABLE>
62
<PAGE> 66
--------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF ASAF ASAF
NEUBERGER ASAF BANKERS MFS ASAF
BERMAN AIM TRUST GROWTH KEMPER
MID-CAP INTERNATIONAL MANAGED WITH SMALL-CAP
VALUE EQUITY INDEX 500 INCOME GROWTH
FUND FUND FUND FUND FUND
----------- ------------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE:
Class A: Net Assets $13,243,939 $5,021,019 $ 9,171,232 $2,553,460 $ 5,632,070
----------- ---------- ----------- ---------- -----------
Shares Outstanding 1,054,860 487,868 873,254 246,422 678,901
----------- ---------- ----------- ---------- -----------
Net Asset Value and
Redemption Price Per
Share $ 12.56 $ 10.29 $ 10.50 $ 10.36 $ 8.30
=========== ========== =========== ========== ===========
Divided by (1 - Maximum
Sales Charge) 94 1/4% 94 1/4% 94 1/4% 94 1/4% 94 1/4%
----------- ---------- ----------- ---------- -----------
Offering Price Per Share* $ 13.33 $ 10.92 $ 11.14 $ 10.99 $ 8.81
=========== ========== =========== ========== ===========
Class B: Net Assets $31,128,962 $7,263,617 $18,564,183 $7,546,631 $11,093,913
----------- ---------- ----------- ---------- -----------
Shares Outstanding 2,494,088 706,359 1,770,158 730,097 1,337,290
----------- ---------- ----------- ---------- -----------
Net Asset Value, Offering
and Redemption Price Per
Share $ 12.48 $ 10.28 $ 10.49 $ 10.34 $ 8.30
=========== ========== =========== ========== ===========
Class C: Net Assets $13,751,780 $5,901,082 $11,157,110 $3,909,642 $ 5,928,750
----------- ---------- ----------- ---------- -----------
Shares Outstanding 1,101,456 574,414 1,063,111 378,741 714,582
----------- ---------- ----------- ---------- -----------
Net Asset Value, Offering
and Redemption Price Per
Share $ 12.49 $ 10.27 $ 10.49 $ 10.32 $ 8.30
=========== ========== =========== ========== ===========
Class X: Net Assets $ 7,097,104 $1,680,632 $ 3,486,148 $1,768,486 $ 1,663,357
----------- ---------- ----------- ---------- -----------
Shares Outstanding 569,615 163,484 332,445 170,999 200,553
----------- ---------- ----------- ---------- -----------
Net Asset Value, Offering
and Redemption Price Per
Share $ 12.46 $ 10.28 $ 10.49 $ 10.34 $ 8.29
=========== ========== =========== ========== ===========
</TABLE>
* On sales of $50,000 or more, the offering price of Class A shares is reduced.
See Notes to Financial Statements.
63
<PAGE> 67
APRIL 30, 2000
(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) $41,272,965 $2,362,665,361 $236,415,885 $155,648,721 $201,901,385
Receivable for Investments Sold
in Corresponding Portfolios of
American Skandia Master Trust 493 692,196 102,852 158,068 220,030
Receivable for Fund Shares Sold 321,687 11,291,179 903,925 623,631 446,155
Receivable from Investment
Manager 8,223 1,434 40,103 20,141 963
Deferred Organization Costs 31,646 31,724 31,724 31,724 31,735
Prepaid Expenses 23,536 4,276 30,684 15,364 47,609
----------- -------------- ------------ ------------ ------------
Total Assets 41,658,550 2,374,686,170 237,525,173 156,497,649 202,647,877
----------- -------------- ------------ ------------ ------------
LIABILITIES:
Payable for Investments
Purchased in Corresponding
Portfolios of American Skandia
Master Trust 321,687 11,291,179 903,925 623,631 446,155
Payable For:
Fund Shares Redeemed 493 692,196 102,852 158,068 220,030
Distribution Fees 27,097 1,581,421 160,192 109,992 150,545
Accrued Dividends -- -- -- 628,203 674,165
Accrued Expenses and Other
Liabilities 28,964 1,054,071 235,754 47,079 86,478
----------- -------------- ------------ ------------ ------------
Total Liabilities 378,241 14,618,867 1,402,723 1,566,973 1,577,373
----------- -------------- ------------ ------------ ------------
NET ASSETS $41,280,309 $2,360,067,303 $236,122,450 $154,930,676 $201,070,504
=========== ============== ============ ============ ============
COMPONENTS OF NET ASSETS
Capital Stock $ 3,271 $ 99,847 $ 16,901 $ 15,587 $ 201,070
Additional Paid-In Capital 35,390,279 1,947,359,590 216,246,457 161,677,662 200,868,190
Undistributed Net Investment
Income (Loss) (195,691) (9,369,561) 630,211 (145,032) --
Accumulated Net Realized Gain
(Loss) on Investments (458,204) (91,929,273) 518,961 (3,319,471) 1,244
Net Unrealized Appreciation
(Depreciation) on Investments 6,540,654 513,906,700 18,709,920 (3,298,070) --
----------- -------------- ------------ ------------ ------------
NET ASSETS $41,280,309 $2,360,067,303 $236,122,450 $154,930,676 $201,070,504
=========== ============== ============ ============ ============
(A) Investments at Cost $34,732,311 $1,848,758,661 $217,705,965 $158,946,791 $201,901,385
=========== ============== ============ ============ ============
</TABLE>
64
<PAGE> 68
--------------------------------------------------------------------------------
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 $ 8,028,336 $ 458,762,156 $ 41,426,362 $25,020,888 $69,950,057
----------- -------------- ------------ ----------- -----------
Shares Outstanding 645,479 17,577,774 2,970,199 2,496,160 69,947,131
----------- -------------- ------------ ----------- -----------
Net Asset Value and
Redemption Price
Per Share $ 12.44 $ 26.10 $ 13.95 $ 10.02 $ 1.00
=========== ============== ============ =========== ===========
Divided by
(1 - Maximum
Sales Charge) 94 1/4% 94 1/4% 94 1/4% 95 3/4% 100%
----------- -------------- ------------ ----------- -----------
Offering Price Per
Share* $ 13.20 $ 27.69 $ 14.80 $ 10.46 $ 1.00
=========== ============== ============ =========== ===========
Class B: Net Assets $17,244,525 $1,265,664,585 $110,013,078 $86,688,864 $73,410,993
----------- -------------- ------------ ----------- -----------
Shares Outstanding 1,361,403 54,748,802 7,869,031 8,736,292 73,413,667
----------- -------------- ------------ ----------- -----------
Net Asset Value,
Offering and
Redemption Price
Per Share $ 12.67 $ 23.12 $ 13.98 $ 9.92 $ 1.00
=========== ============== ============ =========== ===========
Class C: Net Assets $ 7,984,393 $ 445,541,226 $ 46,790,100 $23,731,153 $35,202,202
----------- -------------- ------------ ----------- -----------
Shares Outstanding 631,517 19,307,428 3,348,452 2,392,048 35,201,536
----------- -------------- ------------ ----------- -----------
Net Asset Value,
Offering and
Redemption Price
Per Share $ 12.64 $ 23.08 $ 13.97 $ 9.92 $ 1.00
=========== ============== ============ =========== ===========
Class X: Net Assets $ 8,023,055 $ 190,099,336 $ 37,892,910 $19,489,771 $22,507,252
----------- -------------- ------------ ----------- -----------
Shares Outstanding 632,225 8,213,247 2,712,918 1,962,753 22,506,922
----------- -------------- ------------ ----------- -----------
Net Asset Value,
Offering and
Redemption Price
Per Share $ 12.69 $ 23.15 $ 13.97 $ 9.93 $ 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.
65
<PAGE> 69
FOR THE SIX MONTHS ENDED APRIL 30, 2000
(UNAUDITED)
STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF ASAF
FOUNDERS ASAF T. ROWE AMERICAN ASAF
INTERNATIONAL JANUS PRICE SMALL CENTURY FEDERATED
SMALL SMALL-CAP COMPANY STRATEGIC HIGH YIELD
CAPITALIZATION GROWTH VALUE BALANCED BOND
FUND FUND FUND FUND FUND
-------------- ------------ ----------- ---------- -----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 264,660 $ 2,502,914 $ 93,147 $1,858,365 $ 6,547,059
Dividends 159,840 55,536 550,210 473,293 142,804
Foreign Taxes Withheld (17,082) -- -- (1,074) --
------------ ------------ ---------- ---------- -----------
Total Investment Income 407,418 2,558,450 643,357 2,330,584 6,689,863
------------ ------------ ---------- ---------- -----------
EXPENSES:
Advisory Fees 382,803 2,233,733 326,334 669,055 431,936
Shareholder Servicing Fees 51,781 700,439 92,821 249,635 183,075
Administration and Accounting Fees 27,304 167,129 45,750 82,449 74,681
Custodian Fees 14,209 47,222 24,468 43,666 11,856
Distribution Fees -- Class A 33,929 285,497 29,749 66,642 45,520
Distribution Fees -- Class B 174,273 1,179,577 129,646 379,466 361,414
Distribution Fees -- Class C 62,996 509,452 67,346 122,621 67,393
Distribution Fees -- Class X 47,410 221,901 69,846 105,083 97,145
Supplemental Distribution Fees -- 585 -- -- --
Audit and Legal Fees 2,065 15,877 2,195 4,966 4,180
Organization Costs 7,415 7,415 7,416 7,415 7,415
Directors' Fees 560 4,256 583 1,320 1,110
Registration Fees 21,024 61,705 26,611 33,665 34,658
Miscellaneous Expenses 9,111 38,766 7,565 16,425 36,335
------------ ------------ ---------- ---------- -----------
Total Expenses 834,880 5,473,554 830,330 1,782,408 1,356,718
Less: Reimbursement of
Expenses by
Investment Manager -- (298,231) (125,824) (291,450) (168,195)
Waiver of Fees by
Investment Manager -- -- -- -- --
Fees Paid Indirectly -- (585) -- -- --
------------ ------------ ---------- ---------- -----------
Net Expenses 834,880 5,174,738 704,506 1,490,958 1,188,523
------------ ------------ ---------- ---------- -----------
Net Investment Income (Loss) (427,462) (2,616,288) (61,149) 839,626 5,501,340
------------ ------------ ---------- ---------- -----------
</TABLE>
66
<PAGE> 70
--------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF ASAF ASAF
FOUNDERS ASAF T. ROWE AMERICAN ASAF
INTERNATIONAL JANUS PRICE SMALL CENTURY FEDERATED
SMALL SMALL-CAP COMPANY STRATEGIC HIGH YIELD
CAPITALIZATION GROWTH VALUE BALANCED BOND
FUND FUND FUND FUND FUND
-------------- ------------ ----------- ---------- -----------
<S> <C> <C> <C> <C> <C>
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net Realized Gain (Loss) on:
Securities (681,101) 36,399,596 1,173,071 1,619,428 (1,182,279)
Futures Contracts -- -- -- 451,178 --
Written Options Contracts -- -- -- -- --
Swap Agreements -- -- -- -- --
Foreign Currency Transactions (380,818) 1,317 -- (680,354) --
------------ ------------ ---------- ---------- -----------
Net Realized Gain (Loss) (1,061,919) 36,400,913 1,173,071 1,390,252 (1,182,279)
------------ ------------ ---------- ---------- -----------
Net Change in Unrealized
Appreciation (Depreciation) on:
Securities (15,586,243) (28,810,247) 6,187,150 5,003,380 (5,836,468)
Futures Contracts -- -- -- (217,521) --
Written Options Contracts -- -- -- -- --
Swap Agreements -- -- -- -- --
Translation of Assets and
Liabilities Denominated in
Foreign Currencies (36,510) (2,556) -- (2,173) --
------------ ------------ ---------- ---------- -----------
Net Change in Unrealized
Appreciation (Depreciation) (15,622,753) (28,812,803) 6,187,150 4,783,686 (5,836,468)
------------ ------------ ---------- ---------- -----------
Net Gain (Loss) on Investments (16,684,672) 7,588,110 7,360,221 6,173,938 (7,018,747)
------------ ------------ ---------- ---------- -----------
Net Increase (Decrease) in Net
Assets Resulting from Operations $(17,112,134) $ 4,971,822 $7,299,072 $7,013,564 $(1,517,407)
============ ============ ========== ========== ===========
</TABLE>
See Notes to Financial Statements.
67
<PAGE> 71
FOR THE SIX MONTHS ENDED APRIL 30, 2000
(UNAUDITED)
STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF
ASAF ASAF ASAF ASAF NEUBERGER
OPPENHEIMER LORD ABBETT JANUS MARSICO BERMAN
LARGE-CAP GROWTH AND OVERSEAS CAPITAL MID-CAP
GROWTH INCOME GROWTH GROWTH GROWTH
FUND FUND FUND FUND FUND
----------- ----------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 258,366 $ 228,501 $ 1,999,197 $ 3,443,550 $ 378,561
Dividends 77,698 1,418,352 993,500 1,411,747 24,762
Foreign Taxes Withheld -- (1,782) (92,005) (3,267) --
----------- ---------- ------------ ----------- -----------
Total Investment Income 336,064 1,645,071 2,900,692 4,852,030 403,323
----------- ---------- ------------ ----------- -----------
EXPENSES:
Advisory Fees 404,932 812,901 3,145,947 4,262,922 594,571
Shareholder Servicing Fees 55,864 294,831 502,282 811,675 145,282
Administration and Accounting Fees 46,071 88,146 168,889 215,431 46,513
Custodian Fees 16,487 20,618 88,424 51,087 23,139
Distribution Fees -- Class A 37,521 79,534 364,816 398,313 77,026
Distribution Fees -- Class B 223,116 381,589 1,184,629 2,144,121 308,515
Distribution Fees -- Class C 61,321 138,084 645,465 981,505 127,609
Distribution Fees -- Class X 90,442 134,159 300,225 340,669 70,459
Supplemental Distribution Fees -- 57,780 83,499 62,208 22,760
Audit and Legal Fees 2,905 5,444 17,897 27,780 4,022
Organization Costs -- -- -- -- --
Directors' Fees 776 1,447 4,810 7,413 1,085
Registration Fees 26,584 35,747 69,101 132,379 35,503
Miscellaneous Expenses 8,561 13,958 48,953 63,860 11,463
----------- ---------- ------------ ----------- -----------
Total Expenses 974,580 2,064,238 6,624,937 9,499,363 1,467,947
Less: Reimbursement of
Expenses by
Investment Manager (2,705) (216,322) -- (243,895) (38,604)
Waiver of Fees by
Investment Manager -- (162,580) (285,995) -- --
Fees Paid Indirectly -- (57,780) (83,499) (62,208) (22,760)
----------- ---------- ------------ ----------- -----------
Net Expenses 971,875 1,627,556 6,255,443 9,193,260 1,406,583
----------- ---------- ------------ ----------- -----------
Net Investment Income (Loss) (635,811) 17,515 (3,354,751) (4,341,230) (1,003,260)
----------- ---------- ------------ ----------- -----------
</TABLE>
68
<PAGE> 72
--------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF
ASAF ASAF ASAF ASAF NEUBERGER
OPPENHEIMER LORD ABBETT JANUS MARSICO BERMAN
LARGE-CAP GROWTH AND OVERSEAS CAPITAL MID-CAP
GROWTH INCOME GROWTH GROWTH GROWTH
FUND FUND FUND FUND FUND
----------- ----------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C>
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net Realized Gain (Loss) on:
Securities 3,317,724 3,260,332 37,186,200 (529,112) (970,634)
Futures Contracts -- -- -- -- --
Written Options Contracts -- -- -- (3,119,693) --
Swap Agreements -- -- -- -- --
Foreign Currency Transactions -- -- 3,470,870 200 --
----------- ---------- ------------ ----------- -----------
Net Realized Gain (Loss) 3,317,724 3,260,332 40,657,070 (3,648,605) (970,634)
----------- ---------- ------------ ----------- -----------
Net Change in Unrealized
Appreciation (Depreciation) on:
Securities 18,318,818 4,309,399 76,988,147 96,726,994 13,661,949
Futures Contracts -- -- -- -- --
Written Options Contracts -- -- -- -- --
Swap Agreements -- -- -- -- --
Translation of Assets and
Liabilities Denominated in
Foreign Currencies -- -- 6,379,078 (1,257) --
----------- ---------- ------------ ----------- -----------
Net Change in Unrealized
Appreciation (Depreciation) 18,318,818 4,309,399 83,367,225 96,725,737 13,661,949
----------- ---------- ------------ ----------- -----------
Net Gain (Loss) on Investments 21,636,542 7,569,731 124,024,295 93,077,132 12,691,315
----------- ---------- ------------ ----------- -----------
Net Increase (Decrease) in Net
Assets Resulting from Operations $21,000,731 $7,587,246 $120,669,544 $88,735,902 $11,688,055
=========== ========== ============ =========== ===========
</TABLE>
See Notes to Financial Statements.
69
<PAGE> 73
FOR THE SIX MONTHS ENDED APRIL 30, 2000
(UNAUDITED)
STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF ASAF
NEUBERGER ASAF BANKERS MFS ASAF
BERMAN AIM TRUST GROWTH KEMPER
MID-CAP INTERNATIONAL MANAGED WITH SMALL-CAP
VALUE EQUITY INDEX 500 INCOME GROWTH
FUND FUND FUND FUND FUND
---------- ------------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 133,189 $ 34,661 $ 128,728 $ 35,304 $ 43,219
Dividends 247,766 16,632 86,216 28,071 446
Foreign Taxes Withheld (318) (1,788) (10) (207) --
---------- --------- ---------- --------- -----------
Total Investment Income 380,637 49,505 214,934 63,168 43,665
---------- --------- ---------- --------- -----------
EXPENSES:
Advisory Fees 235,514 28,426 85,305 33,019 21,164
Shareholder Servicing Fees 103,651 45,511 45,898 44,386 550
Administration and Accounting Fees 31,642 388 3,442 1,145 2,286
Custodian Fees 12,835 8,263 8,143 8,263 623
Distribution Fees -- Class A 26,020 3,314 15,401 2,384 3,080
Distribution Fees -- Class B 128,033 9,371 44,812 17,838 9,228
Distribution Fees -- Class C 52,720 7,539 24,014 7,398 5,171
Distribution Fees -- Class X 28,890 2,304 7,002 2,772 1,718
Supplemental Distribution Fees 35,512 7,946 -- -- --
Audit and Legal Fees 1,731 144 630 191 38
Organization Costs -- -- -- -- --
Directors' Fees 461 39 171 52 10
Registration Fees 28,671 305 1,326 401 531
Miscellaneous Expenses 6,170 12,372 9,608 2,705 650
---------- --------- ---------- --------- -----------
Total Expenses 691,850 125,922 245,752 120,554 45,049
Less: Reimbursement of Expenses
by Investment Manager (93,972) (54,103) (47,894) (48,193) --
Waiver of Fees by
Investment Manager -- -- -- -- --
Fees Paid Indirectly (35,512) (7,946) -- -- --
---------- --------- ---------- --------- -----------
Net Expenses 562,366 63,873 197,858 72,361 45,049
---------- --------- ---------- --------- -----------
Net Investment Income (Loss) (181,729) (14,368) 17,076 (9,193) (1,384)
---------- --------- ---------- --------- -----------
</TABLE>
70
<PAGE> 74
--------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF ASAF ASAF
NEUBERGER ASAF BANKERS MFS ASAF
BERMAN AIM TRUST GROWTH KEMPER
MID-CAP INTERNATIONAL MANAGED WITH SMALL-CAP
VALUE EQUITY INDEX 500 INCOME GROWTH
FUND FUND FUND FUND FUND
---------- ------------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C>
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net Realized Gain (Loss) on:
Securities (780,652) (339,583) (325,300) (167,809) (521,393)
Futures Contracts -- -- 718,357 -- --
Written Options Contracts -- -- -- -- --
Swap Agreements -- -- -- -- --
Foreign Currency Transactions -- (13,388) -- (476) --
---------- --------- ---------- --------- -----------
Net Realized Gain (Loss) (780,652) (352,971) 393,057 (168,285) (521,393)
---------- --------- ---------- --------- -----------
Net Change in Unrealized
Appreciation (Depreciation) on:
Securities 6,447,360 (551,224) 1,043,944 515,928 (2,277,313)
Futures Contracts -- -- (273,272) -- --
Written Options Contracts -- -- -- -- --
Swap Agreements -- -- -- -- --
Translation of Assets and
Liabilities Denominated in
Foreign Currencies -- 90 -- 139 --
---------- --------- ---------- --------- -----------
Net Change in Unrealized
Appreciation (Depreciation) 6,447,360 (551,134) 770,672 516,067 (2,277,313)
---------- --------- ---------- --------- -----------
Net Gain (Loss) on Investments 5,666,708 (904,105) 1,163,729 347,782 (2,798,706)
---------- --------- ---------- --------- -----------
Net Increase (Decrease) in Net
Assets Resulting from Operations $5,484,979 $(918,473) $1,180,805 $ 338,589 $(2,800,090)
========== ========= ========== ========= ===========
</TABLE>
See Notes to Financial Statements.
71
<PAGE> 75
FOR THE SIX MONTHS ENDED APRIL 30, 2000
(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 $ 82,714 $ 9,494,457 $1,956,871 $ 5,552,216 $5,470,318
Dividends 145,722 1,622,565 1,103,928 -- --
Foreign Taxes Withheld (18,809) (2,135) (641) -- --
---------- ------------ ---------- ----------- ----------
Total Investment Income 209,627 11,114,887 3,060,158 5,552,216 5,470,318
Expenses from Corresponding
Portfolios of American
Skandia Master Trust (207,865) (10,130,661) (892,362) (623,638) (583,786)
---------- ------------ ---------- ----------- ----------
Net Investment Income (Loss)
from Corresponding
Portfolios of American
Skandia Master Trust 1,762 984,226 2,167,796 4,928,578 4,886,532
---------- ------------ ---------- ----------- ----------
EXPENSES:
Shareholder Servicing Fees 44,177 1,839,863 361,579 103,349 284,311
Administration and Accounting Fees 14,024 26,751 22,979 23,930 17,000
Distribution Fees -- Class A 15,587 912,521 90,230 61,302 168,976
Distribution Fees -- Class B 64,046 5,237,864 466,458 435,433 400,331
Distribution Fees -- Class C 29,010 1,764,033 196,119 121,747 142,412
Distribution Fees -- Class X 37,657 870,216 179,248 98,148 125,631
Supplemental Distribution Fees 4,794 44,179 51,281 -- --
Audit and Legal Fees 392 23,122 2,507 1,936 2,514
Organization Costs 7,049 7,049 7,049 7,049 7,049
Directors' Fees 284 16,784 1,813 1,397 1,818
Registration Fees 20,273 152,189 39,527 38,639 56,299
Miscellaneous Expenses 2,380 141,764 15,774 12,271 15,825
---------- ------------ ---------- ----------- ----------
Total Expenses 239,673 11,036,335 1,434,564 905,201 1,222,166
Less: Reimbursement of
Expenses by
Investment Manager (37,426) (638,369) (270,192) (114,693) --
Fees Paid Indirectly (4,794) (44,179) (51,281) -- --
---------- ------------ ---------- ----------- ----------
Net Expenses 197,453 10,353,787 1,113,091 790,508 1,222,166
---------- ------------ ---------- ----------- ----------
Net Investment Income (Loss) (195,691) (9,369,561) 1,054,705 4,138,070 3,664,366
---------- ------------ ---------- ----------- ----------
</TABLE>
72
<PAGE> 76
--------------------------------------------------------------------------------
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 (60,349) (35,087,912) 521,045 (819,807) 1,244
Futures Contracts -- -- -- (160,027) --
Written Options Contracts -- -- -- 187,433 --
Swap Agreements -- -- -- (27,388) --
Foreign Currency Transactions (48,036) 2,430 -- 201,944 --
---------- ------------ ---------- ----------- ----------
Net Realized Gain (Loss) (108,385) (35,085,482) 521,045 (617,845) 1,244
---------- ------------ ---------- ----------- ----------
Net Change in Unrealized
Appreciation (Depreciation) on:
Securities 3,252,336 271,626,101 7,047,129 (615,762) --
Futures Contracts -- -- -- (59,357) --
Written Options Contracts -- -- -- (163,348) --
Swap Agreements -- -- -- (12,123) --
Translation of Assets and
Liabilities Denominated in
Foreign Currencies (819) (8) -- 3,388 --
---------- ------------ ---------- ----------- ----------
Net Change in Unrealized
Appreciation (Depreciation) 3,251,517 271,626,093 7,047,129 (847,202) --
---------- ------------ ---------- ----------- ----------
Net Gain (Loss) on Investments 3,143,132 236,540,611 7,568,174 (1,465,047) 1,244
---------- ------------ ---------- ----------- ----------
Net Increase (Decrease) in Net
Assets Resulting from Operations $2,947,441 $227,171,050 $8,622,879 $ 2,673,023 $3,665,610
========== ============ ========== =========== ==========
</TABLE>
See Notes to Financial Statements.
73
<PAGE> 77
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF
FOUNDERS ASAF
INTERNATIONAL JANUS
SMALL SMALL-CAP
CAPITALIZATION GROWTH
FUND FUND
---------------------------- -----------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
APRIL 30, 2000 OCTOBER 31, APRIL 30, 2000 OCTOBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999
-------------- ----------- -------------- ------------
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net Investment Income (Loss) $ (427,462) $ (155,453) $ (2,616,288) $ (697,207)
Net Realized Gain (Loss) on Investments (1,061,919) 1,560,137 36,400,913 3,609,591
Net Change in Unrealized Appreciation
(Depreciation) on Investments (15,622,753) 1,083,661 (28,812,803) 46,265,247
------------ ----------- ------------ ------------
Net Increase (Decrease) in Net Assets
Resulting from Operations (17,112,134) 2,488,345 4,971,822 49,177,631
------------ ----------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From Net Investment Income:
Class A -- -- -- --
Class B -- -- -- --
Class C -- -- -- --
Class X -- -- -- --
In Excess of Net Investment Income:
Class A -- -- -- --
Class B -- -- -- --
Class C -- -- -- --
Class X -- -- -- --
From Net Realized Gains:
Class A (184,026) -- (558,335) --
Class B (623,192) -- (1,037,796) --
Class C (185,090) -- (438,987) --
Class X (253,879) -- (197,451) --
------------ ----------- ------------ ------------
Total Distributions (1,246,187) -- (2,232,569) --
------------ ----------- ------------ ------------
CAPITAL SHARE TRANSACTIONS
Net Increase in Net Assets from Capital Share
Transactions 134,070,338 8,904,367 218,388,547 155,373,353
------------ ----------- ------------ ------------
Net Increase in Net Assets 115,712,017 11,392,712 221,127,800 204,550,984
NET ASSETS:
Beginning of Period 16,941,589 5,548,877 215,212,084 10,661,100
------------ ----------- ------------ ------------
End of Period $132,653,606 $16,941,589 $436,339,884 $215,212,084
============ =========== ============ ============
</TABLE>
74
<PAGE> 78
--------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF
T. ROWE ASAF
PRICE AMERICAN ASAF ASAF
SMALL CENTURY FEDERATED OPPENHEIMER
COMPANY STRATEGIC HIGH YIELD LARGE-CAP
VALUE BALANCED BOND GROWTH
FUND FUND FUND FUND
---------------------------- ----------------------------- ----------------------------- ----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
APRIL 30, 2000 OCTOBER 31, APRIL 30, 2000 OCTOBER 31, APRIL 30, 2000 OCTOBER 31, APRIL 30, 2000 OCTOBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
-------------- ----------- -------------- ------------ -------------- ------------ -------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
(61,149)
$ $ (135,216) $ 839,626 $ 727,476 $ 5,501,340 $ 7,002,080 $ (635,811) $ (619,997)
1,173,071 1,392,258 1,390,252 1,997,987 (1,182,279) (327,421) 3,317,724 4,509,503
6,187,150 (1,429,144) 4,783,686 4,935,120 (5,836,468) (5,663,260) 18,318,818 4,407,755
----------- ----------- ------------ ------------ ------------ ------------ ------------ -----------
7,299,072 (172,102) 7,013,564 7,660,583 (1,517,407) 1,011,399 21,000,731 8,297,261
----------- ----------- ------------ ------------ ------------ ------------ ------------ -----------
-- -- (200,082) (112,620) (844,526) (1,066,043) -- --
-- -- (371,417) (136,565) (3,157,357) (3,686,137) -- --
-- -- (116,232) (51,277) (588,837) (853,383) -- --
-- -- (103,157) (58,449) (851,006) (1,396,517) -- --
-- (27,592) -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(286,577) -- (252,195) -- -- -- (283,324) --
(657,305) -- (717,191) -- -- -- (876,043) --
(335,141) -- (223,762) -- -- -- (229,295) --
(354,340) -- (197,887) -- -- -- (383,701) --
----------- ----------- ------------ ------------ ------------ ------------ ------------ -----------
(1,633,363) (27,592) (2,181,923) (358,911) (5,441,726) (7,002,080) (1,772,363) --
----------- ----------- ------------ ------------ ------------ ------------ ------------ -----------
7,153,345 21,076,473 26,152,510 101,103,998 7,879,816 77,719,547 44,349,697 31,103,658
----------- ----------- ------------ ------------ ------------ ------------ ------------ -----------
12,819,054 20,876,779 30,984,151 108,405,670 920,683 71,728,866 63,578,065 39,400,919
61,881,633 41,004,854 130,402,611 21,996,941 117,337,268 45,608,402 59,072,041 19,671,122
----------- ----------- ------------ ------------ ------------ ------------ ------------ -----------
$74,700,687 $61,881,633 $161,386,762 $130,402,611 $118,257,951 $117,337,268 $122,650,106 $59,072,041
=========== =========== ============ ============ ============ ============ ============ ===========
</TABLE>
See Notes to Financial Statements.
75
<PAGE> 79
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, 2000 OCTOBER 31, APRIL 30, 2000 OCTOBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999
-------------- ------------ -------------- ------------
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net Investment Income (Loss) $ 17,515 $ (17,756) $ (3,354,751) $ (1,430,239)
Net Realized Gain (Loss) on Investments 3,260,332 (1,864,544) 40,657,070 (4,311,423)
Net Change in Unrealized Appreciation
(Depreciation) on Investments 4,309,399 9,399,850 83,367,225 45,431,509
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Assets
Resulting from Operations 7,587,246 7,517,550 120,669,544 39,689,847
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From Net Investment Income:
Class A -- (12,015) -- --
Class B -- (1,848) -- --
Class C -- (855) -- --
Class X -- (1,589) -- --
In Excess of Net Investment Income:
Class A -- (36,455) -- --
Class B -- (5,608) -- --
Class C -- (2,595) -- --
Class X -- (4,822) -- --
From Net Realized Gains:
Class A -- -- -- --
Class B -- -- -- --
Class C -- -- -- --
Class X -- -- -- --
------------ ------------ ------------ ------------
Total Distributions -- (65,787) -- --
------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS
Net Increase in Net Assets from Capital Share
Transactions 37,562,421 101,607,672 315,444,099 170,502,829
------------ ------------ ------------ ------------
Net Increase in Net Assets 45,149,667 109,059,435 436,113,643 210,192,676
NET ASSETS:
Beginning of Period 141,710,663 32,651,228 255,149,694 44,957,018
------------ ------------ ------------ ------------
End of Period $186,860,330 $141,710,663 $691,263,337 $255,149,694
============ ============ ============ ============
</TABLE>
76
<PAGE> 80
--------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF ASAF ASAF
ASAF NEUBERGER NEUBERGER ASAF BANKERS
MARSICO BERMAN BERMAN AIM TRUST
CAPITAL MID-CAP MID-CAP INTERNATIONAL MANAGED
GROWTH GROWTH VALUE EQUITY INDEX 500
FUND FUND FUND FUND FUND
----------------------------- ---------------------------- ---------------------------- -------------- --------------
SIX MONTHS SIX MONTHS SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED ENDED ENDED
APRIL 30, 2000 OCTOBER 31, APRIL 30, 2000 OCTOBER 31, APRIL 30, 2000 OCTOBER 31, APRIL 30, 2000 APRIL 30, 2000
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED)(1) (UNAUDITED)(1)
-------------- ------------ -------------- ----------- -------------- ----------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
(4,341,230)
$ $ (3,100,567) $ (1,003,260) $ (397,056) $ (181,729) $ (72,401) $ (14,368) $ 17,076
(3,648,605) (8,185,872) (970,634) (2,023,108) (780,652) 862,653 (352,971) 393,057
96,725,737 85,729,373 13,661,949 8,571,273 6,447,360 (1,727,464) (551,134) 770,672
-------------- ------------ ------------ ----------- ----------- ----------- ----------- -----------
88,735,902 74,442,934 11,688,055 6,151,109 5,484,979 (937,212) (918,473) 1,180,805
-------------- ------------ ------------ ----------- ----------- ----------- ----------- -----------
-- (14,303) -- -- -- (508) -- --
-- -- -- -- -- (549) -- --
-- -- -- -- -- (242) -- --
-- -- -- -- -- (132) -- --
-- (35) -- -- -- (2,758) -- --
-- -- -- -- -- (2,976) -- --
-- -- -- -- -- (1,315) -- --
-- -- -- -- -- (718) -- --
-- -- -- (20,483) (171,598) (237) -- --
-- -- -- (34,595) (442,601) (761) -- --
-- -- -- (22,944) (162,987) (336) -- --
-- -- -- (16,107) (96,065) (162) -- --
-------------- ------------ ------------ ----------- ----------- ----------- ----------- -----------
-- (14,338) -- (94,129) (873,251) (10,694) -- --
-------------- ------------ ------------ ----------- ----------- ----------- ----------- -----------
380,790,194 448,096,651 170,223,842 40,361,211 18,150,341 39,513,072 20,784,823 41,197,868
-------------- ------------ ------------ ----------- ----------- ----------- ----------- -----------
469,526,096 522,525,247 181,911,897 46,418,191 22,762,069 38,565,166 19,866,350 42,378,673
564,313,815 41,788,568 49,408,579 2,990,388 42,459,716 3,894,550 -- --
-------------- ------------ ------------ ----------- ----------- ----------- ----------- -----------
$1,033,839,911 $564,313,815 $231,320,476 $49,408,579 $65,221,785 $42,459,716 $19,866,350 $42,378,673
============== ============ ============ =========== =========== =========== =========== ===========
</TABLE>
(1) Commenced operations on November 1, 1999.
See Notes to Financial Statements.
77
<PAGE> 81
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF ASAF
MFS KEMPER T. ROWE PRICE
GROWTH SMALL-CAP INTERNATIONAL
WITH INCOME GROWTH EQUITY
FUND FUND FUND
-------------- -------------- ----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED YEAR ENDED
APRIL 30, 2000 APRIL 30, 2000 APRIL 30, 2000 OCTOBER 31,
(UNAUDITED)(1) (UNAUDITED)(2) (UNAUDITED) 1999
-------------- -------------- -------------- -----------
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net Investment Income (Loss) $ (9,193) $ (1,384) $ (195,691) $ (135,544)
Net Realized Gain (Loss) on Investments (168,285) (521,393) (108,385) (299,549)
Net Change in Unrealized Appreciation
(Depreciation) on Investments 516,067 (2,277,313) 3,251,517 3,328,830
----------- ----------- ------------ -----------
Net Increase (Decrease) in Net Assets Resulting
from Operations 338,589 (2,800,090) 2,947,441 2,893,737
----------- ----------- ------------ -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From Net Investment Income:
Class A -- -- -- --
Class B -- -- -- --
Class C -- -- -- --
Class X -- -- -- --
In Excess of Net Investment Income:
Class A -- -- -- (13,643)
Class B -- -- -- (6,565)
Class C -- -- -- (4,600)
Class X -- -- -- (9,863)
From Net Realized Gains:
Class A -- -- -- --
Class B -- -- -- --
Class C -- -- -- --
Class X -- -- -- --
----------- ----------- ------------ -----------
Total Distributions -- -- -- (34,671)
----------- ----------- ------------ -----------
CAPITAL SHARE TRANSACTIONS
Net Increase in Net Assets from Capital Share
Transactions 15,439,630 27,118,180 13,346,525 9,698,559
----------- ----------- ------------ -----------
Net Increase in Net Assets 15,778,219 24,318,090 16,293,966 12,557,625
NET ASSETS:
Beginning of Period -- -- 24,986,343 12,428,718
----------- ----------- ------------ -----------
End of Period $15,778,219 $24,318,090 $ 41,280,309 $24,986,343
=========== =========== ============ ===========
</TABLE>
78
<PAGE> 82
--------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF ASAF ASAF ASAF
JANUS INVESCO TOTAL JPM
CAPITAL EQUITY RETURN MONEY
GROWTH INCOME BOND MARKET
FUND FUND FUND FUND
------------------------------- ----------------------------- ----------------------------- -----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
APRIL 30, 2000 OCTOBER 31, APRIL 30, 2000 DECEMBER 31, APRIL 30, 2000 OCTOBER 31, APRIL 30, 2000 OCTOBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
-------------- -------------- -------------- ------------ -------------- ------------ -------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ (9,369,561) $ (5,862,887) $ 1,054,705 $ 1,256,636 $ 4,138,070 $ 4,837,649 $ 3,664,366 $ 2,950,305
(35,085,482) (51,875,533) 521,045 3,247,433 (617,845) (2,890,558) 1,244 2,598
271,626,093 228,050,803 7,047,129 9,613,363 (847,202) (2,697,991) -- --
-------------- -------------- ------------ ------------ ------------ ------------ ------------ ------------
227,171,050 170,312,383 8,622,879 14,117,432 2,673,023 (750,900) 3,665,610 2,952,903
-------------- -------------- ------------ ------------ ------------ ------------ ------------ ------------
-- -- (264,861) (207,977) (685,257) (746,581) (1,356,576) (790,112)
-- -- (459,104) (267,381) (2,262,923) (2,433,498) (1,377,350) (1,124,422)
-- -- (189,906) (120,280) (634,007) (857,234) (496,397) (488,137)
-- -- (184,606) (171,251) (512,271) (800,336) (434,043) (547,634)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- (483,054) -- -- (41,731) (574) --
-- -- (1,231,558) -- -- (174,101) (855) --
-- -- (509,576) -- -- (68,174) (255) --
-- -- (495,635) -- -- (87,038) (248) --
-------------- -------------- ------------ ------------ ------------ ------------ ------------ ------------
-- -- (3,818,300) (766,889) (4,094,458) (5,208,693) (3,666,298) (2,950,305)
-------------- -------------- ------------ ------------ ------------ ------------ ------------ ------------
857,658,593 965,500,168 51,354,708 112,998,444 3,589,698 114,425,804 21,557,358 136,157,181
-------------- -------------- ------------ ------------ ------------ ------------ ------------ ------------
1,084,829,643 1,135,812,551 56,159,287 126,348,987 2,168,263 108,466,211 21,556,670 136,159,779
1,275,237,660 139,425,109 179,963,163 53,614,176 152,762,413 44,296,202 179,513,834 43,354,055
-------------- -------------- ------------ ------------ ------------ ------------ ------------ ------------
$2,360,067,303 $1,275,237,660 $236,122,450 $179,963,163 $154,930,676 $152,762,413 $201,070,504 $179,513,834
============== ============== ============ ============ ============ ============ ============ ============
</TABLE>
(1) Commenced operations on November 1, 1999.
(2) Commenced operations on March 1, 2000.
See Notes to Financial Statements.
79
<PAGE> 83
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 04/30/00* $ 13.56 $(0.08) $ 6.22 $ 6.14
10/31/99 10.27 (0.14) 3.43 3.29
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 04/30/00* 13.44 (0.14) 6.18 6.04
10/31/99 10.23 (0.22) 3.43 3.21
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 04/30/00* 13.43 (0.14) 6.12 5.98
10/31/99 10.22 (0.21) 3.42 3.21
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 04/30/00* 13.43 (0.15) 6.18 6.03
10/31/99 10.21 (0.19) 3.41 3.22
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 04/30/00* $ 17.08 $(0.08) $ 2.65 $ 2.57
10/31/99 9.11 (0.10) 8.07 7.97
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 04/30/00* 16.87 (0.14) 2.65 2.51
10/31/99 9.04 (0.17) 8.00 7.83
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 04/30/00* 16.90 (0.14) 2.64 2.50
10/31/99 9.06 (0.16) 8.00 7.84
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 04/30/00* 16.90 (0.14) 2.64 2.50
10/31/99 9.06 (0.15) 7.99 7.84
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 04/30/00* $ 8.90 $ 0.01 $ 1.01 $ 1.02
10/31/99 8.85 0.02 0.06 0.08
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 04/30/00* 8.84 (0.01) 1.00 0.99
10/31/99 8.80 (0.03) 0.07 0.04
10/31/98 10.44 (0.02) (1.61) (1.63)
10/31/97(1) 10.00 -- 0.44 0.44
Class C 04/30/00* 8.84 (0.01) 1.00 0.99
10/31/99 8.80 (0.03) 0.07 0.04
10/31/98 10.45 (0.02) (1.62) (1.64)
10/31/97(1) 10.00 -- 0.45 0.45
Class X 04/30/00* 8.84 (0.01) 1.00 0.99
10/31/99 8.80 (0.03) 0.07 0.04
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 04/30/00* $ 12.85 $ 0.10 $ 0.58 $ 0.68
10/31/99 10.89 0.19 1.89 2.08
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 04/30/00* 12.81 0.07 0.58 0.65
10/31/99 10.86 0.12 1.88 2.00
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 04/30/00* 12.80 0.07 0.59 0.66
10/31/99 10.87 0.11 1.87 1.98
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 04/30/00* 12.80 0.07 0.59 0.66
10/31/99 10.85 0.11 1.89 2.00
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 $ -- $ -- $(0.72)
-- -- --
(0.03) -- --
-- -- --
Class B -- -- (0.72)
-- -- --
-- -- --
-- -- --
Class C -- -- (0.72)
-- -- --
-- -- --
-- -- --
Class X -- -- (0.72)
-- -- --
-- -- --
-- -- --
ASAF JANUS SMALL-CAP
GROWTH FUND:
-------------------------------
-------------------------------
Class A $ -- $ -- $(0.11)
-- -- --
-- -- --
-- -- --
Class B -- -- (0.11)
-- -- --
-- -- --
-- -- --
Class C -- -- (0.11)
-- -- --
-- -- --
-- -- --
Class X -- -- (0.11)
-- -- --
-- -- --
-- -- --
ASAF T. ROWE PRICE
SMALL COMPANY VALUE FUND:
-------------------------------
-------------------------------
Class A $ -- $ -- $(0.24)
-- (0.03) --
-- (0.03) --
-- -- --
Class B -- -- (0.24)
-- -- --
-- (0.01) --
-- -- --
Class C -- -- (0.24)
-- -- --
-- (0.01) --
-- -- --
Class X -- -- (0.24)
-- -- --
-- (0.01) --
-- -- --
ASAF AMERICAN CENTURY
STRATEGIC BALANCED FUND:
-------------------------------
-------------------------------
Class A $(0.10) $ -- $(0.13)
(0.12) -- --
(0.09) -- --
-- -- --
Class B (0.07) -- (0.13)
(0.05) -- --
(0.04) -- --
-- -- --
Class C (0.07) -- (0.13)
(0.05) -- --
(0.04) -- --
-- -- --
Class X (0.07) -- (0.13)
(0.05) -- --
(0.04) -- --
-- -- --
</TABLE>
80
<PAGE> 84
AMERICAN SKANDIA ADVISOR FUNDS, INC.
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratios of Expenses
Supplemental Data to Average Net Assets(3)
------------------------------------- ------------------------------------------
Net Asset Net Assets at Portfolio Net After Expense Before Expense
Total Value Total End of Period Turnover Operating Reimbursement Reimbursement
Distributions End of Period Return(2) (in 000's) Rate Expenses And Waiver(4) and Waiver(4)
------------- ------------- --------- ------------- --------- --------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
$(0.72) $18.98 45.13% $30,213 313% 1.98% 1.98% 1.98%
-- 13.56 32.04% 2,374 268% 2.10% 2.10% 4.53%
(0.03) 10.27 4.32% 886 49% 2.10% 2.10% 9.20%
-- 9.87 (1.30%) 106 -- 2.10% 2.10% 136.49%
(0.72) 18.76 44.78% 63,181 313% 2.49% 2.49% 2.49%
-- 13.44 31.38% 7,722 268% 2.60% 2.60% 5.04%
-- 10.23 3.90% 1,387 49% 2.60% 2.60% 9.80%
-- 9.85 (1.50%) 230 -- 2.60% 2.60% 90.64%
(0.72) 18.69 44.43% 26,152 313% 2.49% 2.49% 2.49%
-- 13.43 31.41% 2,540 268% 2.60% 2.60% 5.05%
-- 10.22 3.69% 872 49% 2.60% 2.60% 9.72%
-- 9.86 (1.40%) 79 -- 2.60% 2.60% 55.02%
(0.72) 18.74 44.82% 13,107 313% 2.49% 2.49% 2.49%
-- 13.43 31.54% 4,305 268% 2.60% 2.60% 5.07%
-- 10.21 3.80% 2,404 49% 2.60% 2.60% 9.58%
-- 9.84 (1.60%) 206 -- 2.60% 2.60% 54.45%
$(0.11) $19.54 14.85% $98,978 57% 1.70% 1.70% 1.82%
-- 17.08 87.80% 54,039 74% 1.70% 1.71% 2.20%
-- 9.11 (8.45%) 1,801 94% 1.70% 1.70% 6.38%
-- 9.94 (0.60%) 193 -- 1.70% 1.70% 105.48%
(0.11) 19.27 14.68% 209,161 57% 2.20% 2.20% 2.32%
-- 16.87 86.73% 98,524 74% 2.20% 2.21% 2.69%
-- 9.04 (8.96%) 2,685 94% 2.20% 2.20% 6.86%
-- 9.93 (0.70%) 353 -- 2.20% 2.20% 57.99%
(0.11) 19.29 14.59% 89,655 57% 2.20% 2.20% 2.32%
-- 16.90 86.64% 38,337 74% 2.20% 2.21% 2.73%
-- 9.06 (8.85%) 2,090 94% 2.20% 2.20% 6.60%
-- 9.94 (0.60%) 74 -- 2.20% 2.20% 42.48%
(0.11) 19.29 14.66% 38,546 57% 2.20% 2.20% 2.32%
-- 16.90 86.53% 24,312 74% 2.20% 2.21% 2.82%
-- 9.06 (8.76%) 4,085 94% 2.20% 2.20% 6.69%
-- 9.93 (0.70%) 270 -- 2.20% 2.20% 47.29%
$(0.24) $ 9.68 11.62% $14,773 13% 1.75% 1.75% 2.14%
(0.03) 8.90 0.86% 10,881 35% 1.75% 1.75% 2.61%
(0.03) 8.85 (15.13%) 7,155 4% 1.75% 1.75% 3.51%
-- 10.46 4.60% 383 -- 1.75% 1.75% 54.47%
(0.24) 9.59 11.46% 29,299 13% 2.25% 2.25% 2.64%
-- 8.84 0.45% 23,890 35% 2.25% 2.25% 3.13%
(0.01) 8.80 (15.63%) 13,184 4% 2.25% 2.25% 4.03%
-- 10.44 4.40% 1,155 -- 2.25% 2.25% 30.14%
(0.24) 9.59 11.35% 15,423 13% 2.25% 2.25% 2.64%
-- 8.84 0.45% 13,164 35% 2.25% 2.25% 3.13%
(0.01) 8.80 (15.71%) 8,298 4% 2.25% 2.25% 3.97%
-- 10.45 4.50% 335 -- 2.25% 2.25% 33.60%
(0.24) 9.59 11.35% 15,207 13% 2.25% 2.25% 2.64%
-- 8.84 0.45% 13,947 35% 2.25% 2.25% 3.12%
(0.01) 8.80 (15.63%) 12,368 4% 2.25% 2.25% 4.00%
-- 10.44 4.40% 640 -- 2.25% 2.25% 22.43%
$(0.23) $13.30 5.26% $28,837 43% 1.60% 1.60% 2.00%
(0.12) 12.85 19.10% 24,443 104% 1.60% 1.60% 2.15%
(0.09) 10.89 9.93% 3,359 93% 1.60% 1.60% 4.32%
-- 9.99 (0.10%) 257 2% 1.60% 1.60% 37.87%
(0.20) 13.26 5.00% 81,859 43% 2.10% 2.10% 2.50%
(0.05) 12.81 18.46% 65,933 104% 2.10% 2.10% 2.67%
(0.04) 10.86 9.45% 8,272 93% 2.10% 2.10% 4.65%
-- 9.96 (0.40%) 381 2% 2.10% 2.10% 29.90%
(0.20) 13.26 5.09% 28,359 43% 2.10% 2.10% 2.50%
(0.05) 12.80 18.26% 20,769 104% 2.10% 2.10% 2.67%
(0.04) 10.87 9.33% 3,202 93% 2.10% 2.10% 4.77%
-- 9.98 (0.20%) 215 2% 2.10% 2.10% 38.96%
(0.20) 13.26 5.09% 22,332 43% 2.10% 2.10% 2.50%
(0.05) 12.80 18.48% 19,258 104% 2.10% 2.10% 2.67%
(0.04) 10.85 9.34% 7,164 93% 2.10% 2.10% 4.66%
-- 9.96 (0.40%) 398 2% 2.10% 2.10% 26.66%
<CAPTION>
Ratio of Net Investment
Income (Loss) to
Average Net Assets(3)
-----------------------
<S> <C>
(0.76%)
(1.19%)
(0.28%)
2.03%
(1.32%)
(1.84%)
(0.74%)
1.62%
(1.27%)
(1.74%)
(0.79%)
1.72%
(1.46%)
(1.63%)
(0.76%)
1.58%
(0.66%)
(0.73%)
(0.75%)
(1.16%)
(1.17%)
(1.24%)
(1.26%)
(1.73%)
(1.17%)
(1.25%)
(1.13%)
(1.73%)
(1.16%)
(1.21%)
(1.19%)
(1.70%)
0.21%
0.17%
0.20%
0.69%
(0.28%)
(0.35%)
(0.30%)
0.17%
(0.28%)
(0.34%)
(0.32%)
0.02%
(0.28%)
(0.31%)
(0.32%)
0.19%
1.54%
1.44%
1.30%
1.56%
1.05%
0.94%
0.80%
0.79%
1.05%
0.92%
0.79%
0.78%
1.04%
0.88%
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.
(4) Includes commissions received by American Skandia Marketing, Incorporated
under the Funds' Supplemental Distribution Plan, as described in Note 3 to
the Financial Statements.
* Unaudited.
Per share data has been calculated based on the average daily number of shares
outstanding throughout the period.
See Notes to Financial Statements.
81
<PAGE> 85
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 04/30/00* $ 9.13 $ 0.42 $(0.49) $(0.07)
10/31/99 9.38 0.80 (0.25) 0.55
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 04/30/00* 9.13 0.40 (0.50) (0.10)
10/31/99 9.39 0.75 (0.26) 0.49
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 04/30/00* 9.13 0.40 (0.50) (0.10)
10/31/99 9.38 0.75 (0.25) 0.50
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 04/30/00* 9.13 0.40 (0.50) (0.10)
10/31/99 9.39 0.75 (0.26) 0.49
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 04/30/00* $ 13.64 $(0.08) $ 4.61 $ 4.53
10/31/99 10.44 (0.15) 3.35 3.20
10/31/98(5) 10.00 (0.10) 0.54 0.44
Class B 04/30/00* 13.55 (0.12) 4.58 4.46
10/31/99 10.43 (0.21) 3.33 3.12
10/31/98(5) 10.00 (0.14) 0.57 0.43
Class C 04/30/00* 13.51 (0.12) 4.56 4.44
10/31/99 10.40 (0.21) 3.32 3.11
10/31/98(5) 10.00 (0.14) 0.54 0.40
Class X 04/30/00* 13.51 (0.12) 4.57 4.45
10/31/99 10.41 (0.21) 3.31 3.10
10/31/98(5) 10.00 (0.14) 0.55 0.41
ASAF LORD ABBETT
GROWTH AND INCOME FUND:
---------------------------
---------------------------
Class A 04/30/00* $ 12.33 $ 0.03 $ 0.57 $ 0.60
10/31/99 10.52 0.06 1.80 1.86
10/31/98(5) 10.00 0.05 0.50 0.55
Class B 04/30/00* 12.32 -- 0.58 0.58
10/31/99 10.53 (0.01) 1.81 1.80
10/31/98(5) 10.00 0.01 0.52 0.53
Class C 04/30/00* 12.31 (0.01) 0.58 0.57
10/31/99 10.51 (0.01) 1.82 1.81
10/31/98(5) 10.00 0.01 0.50 0.51
Class X 04/30/00* 12.30 -- 0.57 0.57
10/31/99 10.52 (0.01) 1.80 1.79
10/31/98(5) 10.00 0.01 0.51 0.52
ASAF JANUS
OVERSEAS GROWTH FUND:
---------------------------
---------------------------
Class A 04/30/00* $ 14.06 $(0.08) $ 6.46 $ 6.38
10/31/99 10.55 (0.09) 3.60 3.51
10/31/98(5) 10.00 0.01 0.54 0.55
Class B 04/30/00* 13.94 (0.13) 6.39 6.26
10/31/99 10.51 (0.15) 3.58 3.43
10/31/98(5) 10.00 (0.04) 0.55 0.51
Class C 04/30/00* 13.96 (0.13) 6.40 6.27
10/31/99 10.52 (0.15) 3.59 3.44
10/31/98(5) 10.00 (0.04) 0.56 0.52
Class X 04/30/00* 13.93 (0.14) 6.41 6.27
10/31/99 10.50 (0.14) 3.57 3.43
10/31/98(5) 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 $(0.42) $ -- $ --
(0.80) -- --
(0.74) -- --
(0.05) -- --
Class B (0.39) -- --
(0.75) -- --
(0.69) -- --
(0.04) -- --
Class C (0.39) -- --
(0.75) -- --
(0.69) -- --
(0.03) -- --
Class X (0.39) -- --
(0.75) -- --
(0.69) -- --
(0.04) -- --
ASAF OPPENHEIMER
LARGE-CAP GROWTH FUND:
---------------------------
---------------------------
Class A $ -- $ -- $(0.37)
-- -- --
-- -- --
Class B -- -- (0.37)
-- -- --
-- -- --
Class C -- -- (0.37)
-- -- --
-- -- --
Class X -- -- (0.37)
-- -- --
-- -- --
ASAF LORD ABBETT
GROWTH AND INCOME FUND:
---------------------------
---------------------------
Class A $ -- $ -- $ --
-- (0.05) --
(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>
82
<PAGE> 86
AMERICAN SKANDIA ADVISOR FUNDS, INC.
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratios of Expenses
Supplemental Data to Average Net Assets(3)
------------------------------------- ------------------------------------------
Net Asset Net Assets at Portfolio Net After Expense Before Expense
Total Value Total End of Period Turnover Operating Reimbursement Reimbursement
Distributions End of Period Return(2) (in 000's) Rate Expenses and Waiver(4) and Waiver(4)
------------- ------------- --------- ------------- --------- --------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
$(0.42) 8.6$4..... (1.00%) $ 17,116 9% 1.50% 1.50% 1.78%
(0.80) 9.13..... 5.70% 16,079 18% 1.50% 1.50% 1.81%
(0.74) 9.38..... 1.67% 6,979 22% 1.50% 1.50% 2.90%
(0.05) 9.93..... 0.23% 2,154 11% 1.50% 1.50% 30.49%
(0.39) 8.64..... (1.13%) 70,541 9% 2.00% 2.00% 2.27%
(0.75) 9.13..... 5.05% 68,160 18% 2.00% 2.00% 2.31%
(0.69) 9.39..... 1.25% 20,495 22% 2.00% 2.00% 3.32%
(0.04) 9.93..... 0.30% 920 11% 2.00% 2.00% 30.22%
(0.39) 8.64..... (1.25%) 12,423 9% 2.00% 2.00% 2.27%
(0.75) 9.13..... 5.05% 13,205 18% 2.00% 2.00% 2.32%
(0.69) 9.38..... 1.26% 5,732 22% 2.00% 2.00% 3.41%
(0.03) 9.93..... 0.36% 206 11% 2.00% 2.00% 29.26%
(0.39) 8.64..... (1.25%) 18,177 9% 2.00% 2.00% 2.27%
(0.75) 9.13..... 5.06% 19,893 18% 2.00% 2.00% 2.32%
(0.69) 9.39..... 1.26% 12,402 22% 2.00% 2.00% 3.33%
(0.04) 9.93..... 0.25% 556 11% 2.00% 2.00% 30.95%
$(0.37) 17.$80.... 33.48% $ 22,456 19% 1.75% 1.75% 1.76%
-- 13.64.... 30.65% 9,271 320% 1.80% 1.80% 2.41%
-- 10.44.... 4.40% 2,690 207% 1.80% 1.80% 4.29%
(0.37) 17.64.... 33.18% 60,998 19% 2.25% 2.25% 2.26%
-- 13.55.... 29.91% 29,219 320% 2.30% 2.30% 2.91%
-- 10.43.... 4.30% 7,468 207% 2.30% 2.30% 4.77%
(0.37) 17.58.... 33.13% 17,833 19% 2.25% 2.25% 2.26%
-- 13.51.... 29.90% 7,370 320% 2.30% 2.30% 2.92%
-- 10.40.... 4.00% 2,634 207% 2.30% 2.30% 4.67%
(0.37) 17.59.... 33.28% 21,363 19% 2.25% 2.25% 2.26%
-- 13.51.... 29.78% 13,212 320% 2.30% 2.30% 2.93%
-- 10.41.... 4.10% 6,879 207% 2.30% 2.30% 4.77%
$ -- 12.$93.... 4.87% $ 36,820 23% 1.60% 1.67% 2.14%
(0.05) 12.33.... 17.72% 28,123 47% 1.60% 1.63% 2.21%
(0.03) 10.52.... 5.48% 5,572 42% 1.60% 1.60% 3.57%
-- 12.90.... 4.71% 87,303 23% 2.10% 2.17% 2.64%
(0.01) 12.32.... 17.05% 66,009 47% 2.10% 2.13% 2.71%
-- 10.53.... 5.32% 10,710 42% 2.10% 2.10% 4.06%
-- 12.88.... 4.63% 33,298 23% 2.10% 2.17% 2.64%
(0.01) 12.31.... 17.18% 23,210 47% 2.10% 2.13% 2.72%
-- 10.51.... 5.12% 5,019 42% 2.10% 2.10% 4.01%
-- 12.87.... 4.63% 29,440 23% 2.10% 2.17% 2.64%
(0.01) 12.30.... 16.97% 24,369 47% 2.10% 2.13% 2.72%
-- 10.52.... 5.22% 11,350 42% 2.10% 2.10% 3.98%
$ -- 20.$44.... 45.48% $172,184 47% 1.81% 1.84% 1.94%
-- 14.06.... 33.18% 61,082 71% 2.10% 2.12% 2.47%
-- 10.55.... 5.50% 8,812 101% 2.10% 2.10% 4.12%
-- 20.20.... 45.01% 288,481 47% 2.31% 2.34% 2.44%
-- 13.94.... 32.54% 105,965 71% 2.60% 2.62% 2.97%
-- 10.51.... 5.10% 15,339 101% 2.60% 2.60% 4.58%
-- 20.23.... 45.09% 163,813 47% 2.31% 2.34% 2.44%
-- 13.96.... 32.60% 54,101 71% 2.60% 2.62% 2.97%
-- 10.52.... 5.20% 9,580 101% 2.60% 2.60% 4.58%
-- 20.20.... 45.12% 66,785 47% 2.31% 2.34% 2.44%
-- 13.93.... 32.57% 34,002 71% 2.60% 2.62% 2.98%
-- 10.50.... 5.00% 11,226 101% 2.60% 2.60% 4.60%
<CAPTION>
Ratio of Net Investment
Income (Loss) to
Average Net Assets(3)
-----------------------
<S> <C>
9.36%
8.26%
7.42%
4.76%
8.83%
7.73%
6.90%
3.15%
8.82%
7.74%
6.96%
3.55%
8.85%
7.76%
6.96%
3.65%
(1.00%)
(1.15%)
(1.12%)
(1.50%)
(1.66%)
(1.62%)
(1.50%)
(1.68%)
(1.62%)
(1.50%)
(1.68%)
(1.62%)
0.43%
0.39%
0.62%
(0.08%)
(0.13%)
0.14%
(0.08%)
(0.12%)
0.15%
(0.08%)
(0.08%)
0.17%
(0.79%)
(0.70%)
0.06%
(1.31%)
(1.22%)
(0.44%)
(1.30%)
(1.21%)
(0.45%)
(1.33%)
(1.19%)
(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) Includes commissions received by American Skandia Marketing, Incorporated
under the Fund's Supplemental Distribution Plan, as described in Note 3 to
the Financial Statements.
(5) 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.
83
<PAGE> 87
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 04/30/00* $ 14.58 $(0.06) $2.44 $2.38
10/31/99 10.13 (0.09) 4.55 4.46
10/31/98(6) 10.00 0.01 0.12 0.13
Class B 04/30/00* 14.51 (0.06) 2.38 2.32
10/31/99 10.12 (0.16) 4.55 4.39
10/31/98(6) 10.00 -- 0.12 0.12
Class C 04/30/00* 14.49 (0.06) 2.38 2.32
10/31/99 10.11 (0.16) 4.54 4.38
10/31/98(6) 10.00 -- 0.11 0.11
Class X 04/30/00* 14.48 (0.08) 2.40 2.32
10/31/99 10.11 (0.15) 4.52 4.37
10/31/98(6) 10.00 -- 0.11 0.11
ASAF NEUBERGER BERMAN
MID-CAP GROWTH FUND:
-------------------------------
-------------------------------
Class A 04/30/00* $ 16.22 $(0.13) $7.25 $7.12
10/31/99 11.81 (0.17) 4.73 4.56
10/31/98(6) 10.00 (0.01) 1.82 1.81
Class B 04/30/00* 16.12 (0.19) 7.23 7.04
10/31/99 11.79 (0.25) 4.73 4.48
10/31/98(6) 10.00 (0.01) 1.80 1.79
Class C 04/30/00* 16.12 (0.19) 7.24 7.05
10/31/99 11.79 (0.24) 4.72 4.48
10/31/98(6) 10.00 (0.01) 1.80 1.79
Class X 04/30/00* 16.12 (0.19) 7.21 7.02
10/31/99 11.79 (0.25) 4.73 4.48
10/31/98(6) 10.00 (0.01) 1.80 1.79
ASAF NEUBERGER BERMAN
MID-CAP VALUE FUND:
-------------------------------
-------------------------------
Class A 04/30/00* $ 11.42 $(0.02) $1.38 $1.36
10/31/99 10.23 0.03 1.19 1.22
10/31/98(6) 10.00 0.02 0.21 0.23
Class B 04/30/00* 11.38 (0.05) 1.37 1.32
10/31/99 10.22 (0.05) 1.22 1.17
10/31/98(6) 10.00 0.01 0.21 0.22
Class C 04/30/00* 11.38 (0.05) 1.38 1.33
10/31/99 10.22 (0.05) 1.22 1.17
10/31/98(6) 10.00 -- 0.22 0.22
Class X 04/30/00* 11.36 (0.05) 1.37 1.32
10/31/99 10.22 (0.05) 1.20 1.15
10/31/98(6) 10.00 0.01 0.21 0.22
ASAF AIM INTERNATIONAL
EQUITY FUND:
-------------------------------
-------------------------------
Class A 04/30/00(7)* $ 10.00 $(0.01) $0.30 $0.29
Class B 04/30/00(7)* 10.00 (0.03) 0.31 0.28
Class C 04/30/00(7)* 10.00 (0.04) 0.31 0.27
Class X 04/30/00(7)* 10.00 (0.04) 0.32 0.28
<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 $ -- $ -- $(0.22)
-- (0.03) --
-- -- --
Class B -- -- (0.22)
-- (0.01) --
-- -- --
Class C -- -- (0.22)
-- (0.01) --
-- -- --
Class X -- -- (0.22)
-- (0.01) --
-- -- --
ASAF AIM INTERNATIONAL
EQUITY FUND:
-------------------------------
-------------------------------
Class A $ -- $ -- $ --
Class B -- -- --
Class C -- -- --
Class X -- -- --
</TABLE>
84
<PAGE> 88
AMERICAN SKANDIA ADVISOR FUNDS, INC.
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratios of Expenses
Supplemental Data to Average Net Assets(3)
------------------------------------- ------------------------------------------
Net Asset Net Assets at Portfolio Net After Expense Before Expense
Total Value Total End of Period Turnover Operating Reimbursement Reimbursement
Distributions End of Period Return(2) (In 000's) Rate Expenses and Waiver(4) and Waiver(4)
------------- ------------- --------- ------------- --------- --------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ -- $16.96 16.32% $197,509 62% 1.75% 1.77% 1.82%
(0.01) 14.58 44.18% 103,196 105% 1.75% 1.76% 2.03%
-- 10.13 1.20% 7,037 67% 1.75% 1.75% 2.84%
-- 16.83 15.99% 513,777 62% 2.25% 2.27% 2.33%
-- 14.51 43.52% 285,342 105% 2.25% 2.26% 2.53%
-- 10.12 1.10% 17,994 67% 2.25% 2.25% 3.29%
-- 16.81 16.01% 244,005 62% 2.25% 2.27% 2.33%
-- 14.49 43.32% 125,796 105% 2.25% 2.26% 2.53%
-- 10.11 1.10% 11,012 67% 2.25% 2.25% 3.44%
-- 16.80 15.94% 78,549 62% 2.25% 2.27% 2.33%
-- 14.48 43.47% 49,980 105% 2.25% 2.26% 2.53%
-- 10.11 1.10% 5,746 67% 2.25% 2.25% 3.22%
$ -- $23.34 43.90% $ 51,155 65% 1.75% 1.78% 1.85%
(0.15) 16.22 38.83% 10,908 106% 1.75% 1.77% 2.65%
-- 11.81 18.00% 587 122% 1.75% 1.75% 5.66%
-- 23.16 43.67% 113,529 65% 2.25% 2.28% 2.35%
(0.15) 16.12 38.21% 22,400 106% 2.25% 2.27% 3.14%
-- 11.79 17.80% 991 122% 2.25% 2.25% 15.98%
-- 23.17 43.80% 45,668 65% 2.25% 2.28% 2.35%
(0.15) 16.12 38.09% 9,674 106% 2.25% 2.27% 3.17%
-- 11.79 17.90% 903 122% 2.25% 2.25% 20.25%
-- 23.14 43.55% 20,969 65% 2.25% 2.28% 2.35%
(0.15) 16.12 38.09% 6,427 106% 2.25% 2.27% 3.19%
-- 11.79 17.90% 509 122% 2.25% 2.25% 10.43%
$(0.22) $12.56 11.85% $ 13,244 74% 1.75% 1.89% 2.25%
(0.03) 11.42 12.06% 8,561 126% 1.75% 1.85% 2.76%
-- 10.23 2.30% 717 3% 1.75% 1.75% 9.44%
(0.22) 12.48 11.54% 31,129 74% 2.25% 2.39% 2.75%
(0.01) 11.38 11.57% 21,560 126% 2.25% 2.35% 3.29%
-- 10.22 2.20% 1,886 3% 2.25% 2.25% 9.10%
(0.22) 12.49 11.63% 13,752 74% 2.25% 2.39% 2.75%
(0.01) 11.38 11.57% 7,731 126% 2.25% 2.35% 3.32%
-- 10.22 2.20% 997 3% 2.25% 2.25% 13.91%
(0.22) 12.46 11.56% 7,097 74% 2.25% 2.39% 2.75%
(0.01) 11.36 11.38% 4,608 126% 2.25% 2.35% 3.35%
-- 10.22 2.20% 295 3% 2.25% 2.25% 12.90%
$ -- $10.29 2.90% $ 5,021 22% 2.10% 2.10% 3.98%
-- 10.28 2.80% 7,264 22% 2.60% 2.60% 4.93%
-- 10.27 2.70% 5,901 22% 2.60% 2.60% 4.70%
-- 10.28 2.80% 1,681 22% 2.60% 2.60% 6.31%
<CAPTION>
Ratio of Net Investment
Income (Loss) to
Average Net Assets(3)
-----------------------
<S> <C>
(0.61%)
(0.69%)
0.72%
(1.12%)
(1.20%)
0.25%
(1.11%)
(1.19%)
0.24%
(1.12%)
(1.18%)
0.20%
(1.14%)
(1.17%)
(0.52%)
(1.65%)
(1.68%)
(0.78%)
(1.65%)
(1.68%)
(0.72%)
(1.65%)
(1.69%)
(0.67%)
(0.30%)
0.06%
0.87%
(0.80%)
(0.44%)
0.47%
(0.80%)
(0.45%)
0.26%
(0.79%)
(0.46%)
0.34%
(0.15%)
(0.69%)
(0.74%)
(0.82%)
</TABLE>
(2) Total return for Class X shares does not reflect the payment of bonus
shares.
(3) Annualized for periods less than one year.
(4) Includes commissions received by American Skandia Marketing, Incorporated
under the Funds' Supplemental Distribution Plan, as described in Note 3 to
the Financial Statements.
(6) Commenced operations on August 19, 1998.
(7) Commenced operations on November 1, 1999.
* Unaudited.
Per share data has been calculated based on the average daily number of shares
outstanding throughout the period.
See Notes to Financial Statements.
85
<PAGE> 89
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 BANKERS TRUST
MANAGED INDEX 500 FUND:
------------------------------
------------------------------
Class A 04/30/00(7)* $ 10.00 $ 0.03 $ 0.47 $ 0.50
Class B 04/30/00(7)* 10.00 -- 0.49 0.49
Class C 04/30/00(7)* 10.00 -- 0.49 0.49
Class X 04/30/00(7)* 10.00 -- 0.49 0.49
ASAF MFS GROWTH
WITH INCOME FUND:
------------------------------
------------------------------
Class A 04/30/00(7)* $ 10.00 $ -- $ 0.36 $ 0.36
Class B 04/30/00(7)* 10.00 (0.01) 0.35 0.34
Class C 04/30/00(7)* 10.00 (0.02) 0.34 0.32
Class X 04/30/00(7)* 10.00 (0.02) 0.36 0.34
ASAF KEMPER
SMALL-CAP GROWTH FUND:
------------------------------
------------------------------
Class A 04/30/00(8)* $ 10.00 $ 0.02 $(1.72) $(1.70)
Class B 04/30/00(8)* 10.00 (0.01) (1.69) (1.70)
Class C 04/30/00(8)* 10.00 (0.01) (1.69) (1.70)
Class X 04/30/00(8)* 10.00 (0.01) (1.70) (1.71)
<CAPTION>
Less Distributions
------------------------------------------
From Net In Excess of
Investment Net Investment From Capital
Income Income Gains
---------- -------------- ------------
<S> <C> <C> <C>
ASAF BANKERS TRUST
MANAGED INDEX 500 FUND:
------------------------------
------------------------------
Class A $ -- $ -- $ --
Class B -- -- --
Class C -- -- --
Class X -- -- --
ASAF MFS GROWTH
WITH INCOME FUND:
------------------------------
------------------------------
Class A $ -- $ -- $ --
Class B -- -- --
Class C -- -- --
Class X -- -- --
ASAF KEMPER
SMALL-CAP GROWTH FUND:
------------------------------
------------------------------
Class A $ -- $ -- $ --
Class B -- -- --
Class C -- -- --
Class X -- -- --
</TABLE>
86
<PAGE> 90
AMERICAN SKANDIA ADVISOR FUNDS, INC.
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratios of Expenses
Supplemental Data to Average Net Assets(3)
------------------------------------- ------------------------------------------
Net Asset Net Assets at Portfolio Net After Expense Before Expense
Total Value Total End of Period Turnover Operating Reimbursement Reimbursement
Distributions End of Period Return(2) (In 000's) Rate Expenses and Waiver(4) and Waiver(4)
------------- ------------- --------- ------------- --------- --------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ -- $10.50 5.00% $ 9,171 125% 1.50% 1.50% 1.87%
-- 10.49 4.90% 18,564 125% 2.00% 2.00% 2.53%
-- 10.49 4.90% 11,157 125% 2.00% 2.00% 2.54%
-- 10.49 4.90% 3,486 125% 2.00% 2.00% 2.45%
$ -- $10.36 3.60% $ 2,553 24% 1.80% 1.80% 3.16%
-- 10.34 3.40% 7,547 24% 2.30% 2.30% 3.96%
-- 10.32 3.20% 3,910 24% 2.30% 2.30% 3.69%
-- 10.34 3.40% 1,768 24% 2.30% 2.30% 3.69%
$ -- $ 8.30 (16.90%) $ 5,632 8% 1.80% 1.80% 1.80%
-- 8.30 (17.10%) 11,094 8% 2.30% 2.30% 2.30%
-- 8.30 (17.10%) 5,929 8% 2.30% 2.30% 2.30%
-- 8.29 (17.00%) 1,663 8% 2.30% 2.30% 2.30%
<CAPTION>
Ratio of Net Investment
Income (Loss) to
Average Net Assets(3)
-----------------------
<S> <C>
0.59%
(0.04%)
(0.05%)
(0.06%)
0.10%
(0.30%)
(0.45%)
(0.44%)
0.45%
(0.28%)
(0.25%)
(0.13%)
</TABLE>
(2) Total return for Class X shares does not reflect the payment of bonus
shares.
(3) Annualized for periods less than one year.
(4) Includes commissions received by American Skandia Marketing, Incorporated
under the Funds' Supplemental Distribution Plan, as described in Note 3 to
the Financial Statements.
(7) Commenced operations on November 1, 1999.
(8) Commenced operations on March 1, 2000.
* Unaudited.
Per share data has been calculated based on the average daily number of shares
outstanding throughout the period.
See Notes to Financial Statements.
87
<PAGE> 91
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 04/30/00* $ 10.99 $(0.05) $ 1.50 $ 1.45
10/31/99 9.39 (0.01) 1.68 1.67
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 04/30/00* 11.22 (0.08) 1.53 1.45
10/31/99 9.59 (0.08) 1.73 1.65
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 04/30/00* 11.21 (0.08) 1.51 1.43
10/31/99 9.57 (0.08) 1.74 1.66
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 04/30/00* 11.25 (0.08) 1.52 1.44
10/31/99 9.61 (0.09) 1.75 1.66
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 04/30/00* $ 21.97 $(0.07) $ 4.20 $ 4.13
10/31/99 14.41 (0.10) 7.66 7.56
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 04/30/00* 19.50 (0.12) 3.74 3.62
10/31/99 12.87 (0.17) 6.80 6.63
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 04/30/00* 19.47 (0.12) 3.73 3.61
10/31/99 12.85 (0.18) 6.80 6.62
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 04/30/00* 19.52 (0.12) 3.75 3.63
10/31/99 12.88 (0.18) 6.82 6.64
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 04/30/00* $ 13.66 $ 0.20 $ 0.39 $ 0.59
10/31/99 11.75 0.22 1.84 2.06
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 04/30/00* 13.69 0.14 0.41 0.55
10/31/99 11.77 0.14 1.87 2.01
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 04/30/00* 13.68 0.14 0.41 0.55
10/31/99 11.77 0.14 1.86 2.00
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 04/30/00* 13.68 0.14 0.41 0.55
10/31/99 11.76 0.14 1.87 2.01
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 $(0.11) $ -- $(0.19)
(0.15) -- --
(0.12) -- --
-- -- --
Class B (0.07) -- (0.19)
(0.09) -- --
(0.07) -- --
-- -- --
Class C (0.07) -- (0.19)
(0.09) -- --
(0.07) -- --
-- -- --
Class X (0.07) -- (0.19)
(0.09) -- --
(0.07) -- --
-- -- --
</TABLE>
88
<PAGE> 92
AMERICAN SKANDIA ADVISOR FUNDS, INC.
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratios of Expenses
Supplemental Data to Average Net Assets(4)
------------------------------------- -----------------------------------------------
Net Asset Net Assets at Portfolio Net After Expense Before Expense
Total Value Total End of Period Turnover Operating Reimbursement Reimbursement
Distributions End of Period Return(2) (In 000's) Rate(3) Expenses and Waiver(5) and Waiver(5)
------------- ------------- --------- ------------- --------- --------- ---------------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ -- $12.44 13.19% $ 8,028 28% 2.10% 2.13% 2.36%
(0.07) 10.99 17.82% 4,623 31% 2.10% 2.12% 3.36%
-- 9.39 5.15% 1,685 20% 2.10% 2.10% 6.06%
-- 8.93 (8.32%) 218 1% 2.10% 2.10% 51.87%
-- 12.67 12.82% 17,245 28% 2.60% 2.63% 2.86%
(0.02) 11.22 17.30% 9,257 31% 2.60% 2.62% 3.86%
-- 9.59 4.69% 3,318 20% 2.60% 2.60% 6.50%
-- 9.16 (8.40%) 390 1% 2.60% 2.60% 38.12%
-- 12.64 12.76% 7,984 28% 2.60% 2.63% 2.86%
(0.02) 11.21 17.33% 4,379 31% 2.60% 2.62% 3.90%
-- 9.57 4.48% 2,282 20% 2.60% 2.60% 6.55%
-- 9.16 (8.40%) 198 1% 2.60% 2.60% 33.95%
-- 12.69 12.80% 8,023 28% 2.60% 2.63% 2.86%
(0.02) 11.25 17.26% 6,727 31% 2.60% 2.62% 3.94%
-- 9.61 4.68% 5,144 20% 2.60% 2.60% 6.54%
-- 9.18 (8.20%) 756 1% 2.60% 2.60% 46.77%
$ -- $26.10 18.80% $ 458,762 10% 1.70% 1.70% 1.77%
-- 21.97 52.46% 234,575 47% 1.70% 1.71% 2.00%
(0.03) 14.41 26.77% 24,558 77% 1.70% 1.70% 2.65%
-- 11.40 1.97% 706 83% 1.70% 1.70% 26.77%
-- 23.12 18.56% 1,265,665 10% 2.20% 2.21% 2.27%
-- 19.50 51.52% 684,778 47% 2.20% 2.21% 2.51%
(0.01) 12.87 26.40% 56,582 77% 2.20% 2.20% 3.14%
-- 10.19 1.90% 1,718 83% 2.20% 2.20% 16.45%
-- 23.08 18.54% 445,541 10% 2.20% 2.21% 2.27%
-- 19.47 51.52% 222,230 47% 2.20% 2.21% 2.50%
(0.01) 12.85 26.20% 21,710 77% 2.20% 2.20% 3.13%
-- 10.19 1.90% 452 83% 2.20% 2.20% 15.78%
-- 23.15 18.60% 190,099 10% 2.20% 2.20% 2.27%
-- 19.52 51.55% 133,655 47% 2.20% 2.21% 2.48%
(0.01) 12.88 26.37% 36,575 77% 2.20% 2.20% 3.16%
-- 10.20 2.00% 1,474 83% 2.20% 2.20% 24.39%
$(0.30) $13.95 4.35% $ 41,426 35% 1.55% 1.60% 1.87%
(0.15) 13.66 17.60% 31,960 66% 1.55% 1.59% 1.91%
(0.12) 11.75 13.64% 8,911 70% 1.55% 1.55% 2.86%
-- 10.45 4.71% 471 46% 1.55% 1.55% 29.14%
(0.26) 13.98 4.08% 110,013 35% 2.05% 2.10% 2.37%
(0.09) 13.69 17.08% 79,962 66% 2.05% 2.09% 2.42%
(0.07) 11.77 13.30% 18,045 70% 2.05% 2.05% 3.38%
-- 10.45 4.50% 1,408 46% 2.05% 2.05% 19.54%
(0.26) 13.97 4.01% 46,790 35% 2.05% 2.10% 2.37%
(0.09) 13.68 17.08% 34,157 66% 2.05% 2.09% 2.41%
(0.07) 11.77 13.19% 8,362 70% 2.05% 2.05% 3.33%
-- 10.46 4.60% 255 46% 2.05% 2.05% 20.89%
(0.26) 13.97 4.08% 37,893 35% 2.05% 2.10% 2.36%
(0.09) 13.68 17.09% 33,884 66% 2.05% 2.09% 2.42%
(0.07) 11.76 13.21% 18,296 70% 2.05% 2.05% 3.35%
-- 10.45 4.50% 1,174 46% 2.05% 2.05% 36.25%
<CAPTION>
Ratio of Net Investment
Income (Loss) to
Average Net Assets(4)
-----------------------
<S> <C>
(0.80%)
(0.28%)
(0.16%)
0.07%
(1.30%)
(0.80%)
(0.70%)
(0.51%)
(1.30%)
(0.83%)
(0.58%)
(0.53%)
(1.33%)
(0.86%)
(0.68%)
(0.28%)
(0.56%)
(0.49%)
(0.24%)
2.72%
(1.06%)
(0.98%)
(0.74%)
2.27%
(1.07%)
(0.99%)
(0.75%)
1.95%
(1.06%)
(1.02%)
(0.76%)
2.05%
1.45%
1.52%
1.72%
4.81%
0.94%
1.02%
1.27%
3.68%
0.94%
1.02%
1.27%
3.82%
0.95%
0.99%
1.27%
4.05%
</TABLE>
(1) Calculated from July 28, 1997 (Date of initial shares sold subsequent to
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 and represents the combined ratios
for the respective fund and its respective pro rata share of its Master
Portfolio.
(5) Includes commissions received by American Skandia Marketing, Incorporated
under the Funds' Supplemental Distribution Plan, as described in Note 3 to
the Financial Statements.
* Unaudited.
Per share data has been calculated based on the average daily number of shares
outstanding throughout the period.
See Notes to Financial Statements.
89
<PAGE> 93
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 04/30/00* $ 10.11 $ 0.29 $(0.09) $ 0.20
10/31/99 10.79 0.60 (0.61) (0.01)
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 04/30/00* 10.01 0.26 (0.09) 0.17
10/31/99 10.68 0.54 (0.60) (0.06)
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 04/30/00* 10.01 0.26 (0.09) 0.17
10/31/99 10.67 0.54 (0.59) (0.05)
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 04/30/00* 10.02 0.26 (0.09) 0.17
10/31/99 10.69 0.54 (0.60) (0.06)
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 04/30/00* $ 1.00 $0.020 $ -- $0.020
10/31/99 1.00 0.035 -- 0.035
10/31/98 1.00 0.039 -- 0.039
10/31/97(1) 1.00 0.009 -- 0.009
Class B 04/30/00* 1.00 0.017 -- 0.017
10/31/99 1.00 0.030 -- 0.030
10/31/98 1.00 0.033 -- 0.033
10/31/97(1) 1.00 0.007 -- 0.007
Class C 04/30/00* 1.00 0.017 -- 0.017
10/31/99 1.00 0.030 -- 0.030
10/31/98 1.00 0.034 -- 0.034
10/31/97(1) 1.00 0.007 -- 0.007
Class X 04/30/00* 1.00 0.017 -- 0.017
10/31/99 1.00 0.030 -- 0.030
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 $ (0.29) $ -- $ --
(0.60) -- (0.07)
(0.38) -- --
(0.03) -- --
Class B (0.26) -- --
(0.54) -- (0.07)
(0.32) -- --
(0.03) -- --
Class C (0.26) -- --
(0.54) -- (0.07)
(0.32) -- --
(0.03) -- --
Class X (0.26) -- --
(0.54) -- (0.07)
(0.32) -- --
(0.02) -- --
ASAF JPM
MONEY MARKET FUND:
-------------------------------
-------------------------------
Class A $(0.020) $ -- $ --
(0.035) -- --
(0.039) -- --
(0.009) -- --
Class B (0.017) -- --
(0.030) -- --
(0.033) -- --
(0.007) -- --
Class C (0.017) -- --
(0.030) -- --
(0.034) -- --
(0.007) -- --
Class X (0.017) -- --
(0.030) -- --
(0.034) -- --
(0.008) -- --
</TABLE>
90
<PAGE> 94
AMERICAN SKANDIA ADVISOR FUNDS, INC.
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratios of Expenses
Supplemental Data to Average Net Assets(4)
------------------------------------- ------------------------------------------
Net Asset Net Assets at Portfolio Net After Expense Before Expense
Total Value Total End of Period Turnover Operating Reimbursement Reimbursement
Distributions End of Period Return(2) (In 000's) Rate(3) Expenses and Waiver(5) and Waiver(5)
------------- ------------- --------- ------------- --------- --------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ (0.29) $10.02 1.97% $25,021 101% 1.40% 1.40% 1.53%
(0.67) 10.11 (0.55%) 23,140 145% 1.40% 1.40% 1.73%
(0.38) 10.79 8.79% 6,034 418% 1.40% 1.40% 2.93%
(0.03) 10.28 2.39% 61 93% 1.40% 1.40% 66.92%
(0.26) 9.92 1.71% 86,689 101% 1.90% 1.90% 2.05%
(0.61) 10.01 (1.02%) 83,936 145% 1.90% 1.90% 2.23%
(0.32) 10.68 8.36% 17,821 418% 1.90% 1.90% 3.58%
(0.03) 10.16 1.90% 547 93% 1.90% 1.90% 39.35%
(0.26) 9.92 1.71% 23,731 101% 1.90% 1.90% 2.05%
(0.61) 10.01 (0.92%) 26,112 145% 1.90% 1.90% 2.24%
(0.32) 10.67 8.26% 8,743 418% 1.90% 1.90% 3.52%
(0.03) 10.16 1.93% 165 93% 1.90% 1.90% 33.68%
(0.26) 9.93 1.71% 19,490 101% 1.90% 1.90% 2.05%
(0.61) 10.02 (1.00%) 19,574 145% 1.90% 1.90% 2.25%
(0.32) 10.69 8.36% 11,698 418% 1.90% 1.90% 3.68%
(0.02) 10.17 1.94% 410 93% 1.90% 1.90% 67.46%
$(0.020) $ 1.00 1.97% $69,950 N/A 1.45% 1.45% 1.45%
(0.035) 1.00 3.57% 43,004 N/A 1.50% 1.50% 1.63%
(0.039) 1.00 3.94% 7,372 N/A 1.50% 1.50% 2.42%
(0.009) 1.00 0.92% 307 N/A 1.50% 1.50% 31.53%
(0.017) 1.00 1.72% 73,411 N/A 1.97% 1.97% 1.97%
(0.030) 1.00 3.05% 79,202 N/A 2.00% 2.00% 2.12%
(0.033) 1.00 3.39% 16,554 N/A 2.00% 2.00% 2.89%
(0.007) 1.00 0.75% 354 N/A 2.00% 2.00% 37.83%
(0.017) 1.00 1.72% 35,202 N/A 1.97% 1.97% 1.97%
(0.030) 1.00 3.06% 28,923 N/A 2.00% 2.00% 2.13%
(0.034) 1.00 3.42% 6,895 N/A 2.00% 2.00% 3.07%
(0.007) 1.00 0.71% 332 N/A 2.00% 2.00% 24.34%
(0.017) 1.00 1.72% 22,507 N/A 1.97% 1.97% 1.97%
(0.030) 1.00 3.06% 28,385 N/A 2.00% 2.00% 2.13%
(0.034) 1.00 3.42% 12,533 N/A 2.00% 2.00% 3.18%
(0.008) 1.00 0.77% 566 N/A 2.00% 2.00% 39.71%
<CAPTION>
Ratio of Net Investment
Income (Loss) to
Average Net Assets(4)
-----------------------
<S> <C>
5.66%
5.33%
4.76%
4.42%
5.25%
4.82%
4.23%
4.13%
5.26%
4.84%
4.27%
4.32%
5.28%
4.86%
4.25%
3.94%
4.03%
3.56%
3.90%
3.34%
3.43%
3.04%
3.30%
2.98%
3.50%
3.07%
3.40%
2.85%
3.44%
3.06%
3.42%
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 and represents the combined ratios
for the respective fund and its respective pro rata share of its Master
Portfolio.
(5) Includes commissions received by American Skandia Marketing, Incorporated
under the Funds' Supplemental Distribution Plan, as described in Note 3 to
the Financial Statements.
* Unaudited.
Per share data has been calculated based on the average daily number of shares
outstanding throughout the period.
See Notes to Financial Statements.
91
<PAGE> 95
APRIL 30, 2000
(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, 2000,
consisted of 20 diversified investment portfolios (each a "Fund" and
collectively the "Funds"). Five of the Funds -- ASAF T. Rowe Price International
Equity Fund ("T. Rowe 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, 2000, the Feeder Funds held the following
percentage interests in their corresponding Portfolios.
<TABLE>
<S> <C>
ASMT T. Rowe Price International Equity Portfolio 57.8%
ASMT Janus Capital Growth Portfolio 97.2%
ASMT INVESCO Equity Income Portfolio 88.1%
ASMT PIMCO Total Return Bond Portfolio 90.2%
ASMT JPM Money Market Portfolio 94.4%
</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 15 Funds of the Company -- ASAF Founders International Small
Capitalization Fund ("International Small Cap"), ASAF Janus Small-Cap Growth
Fund ("Janus Small-Cap Growth"), 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"), 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"), ASAF
Neuberger Berman Mid-Cap Value Fund ("Mid-Cap Value"), ASAF AIM International
Equity Fund ("AIM International Equity"), ASAF Bankers Trust Managed Index 500
Fund ("Managed Index 500"), ASAF MFS Growth with Income Fund ("Growth with
Income"), and ASAF Kemper Small-Cap Growth Fund ("Kemper Small-Cap Growth")
(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.
92
<PAGE> 96
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, 2000, 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.
93
<PAGE> 97
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.
SECURITIES LOANS
NON-FEEDER FUNDS -- Each Fund may lend securities for the purpose of realizing
additional income. All securities loans are collateralized by cash or securities
issued or guaranteed by the U.S. Government or its agencies. The value of the
collateral is at least equal to the market value of the securities lent.
However, due to market fluctuations, the value of the securities lent may exceed
the value of the collateral. On the next business day the collateral is adjusted
based on the prior day's market fluctuations and the current day's lending
activity.
Interest income from lending activity is determined by the amount of
interest earned on collateral, less any amounts payable to the borrowers of the
securities and the lending agent.
Lending securities involves certain risks, including the risk that the Fund
may be delayed or prevented from recovering the collateral if the borrower fails
to return the securities.
94
<PAGE> 98
AMERICAN SKANDIA ADVISOR FUNDS, INC.
At April 30, 2000, securities lending activities are summarized as follows:
<TABLE>
<CAPTION>
MARKET VALUE INCOME
OF SECURITIES MARKET VALUE FROM
ON LOAN OF COLLATERAL LENDING*
------------- ------------- --------
<S> <C> <C> <C>
Janus Small-Cap Growth $ 42,533,687 $ 41,671,367 $313,114
Small Company Value 1,548,575 1,570,000 10,290
Strategic Balanced 14,691,514 15,079,265 17,269
High Yield Bond 3,844,593 4,037,727 23,343
Large-Cap Growth 13,169,637 13,110,502 13,302
Growth and Income 22,234,387 23,018,894 22,880
Marsico Capital Growth 214,298,419 214,507,421 152,585
Mid-Cap Growth 71,707,783 70,280,465 32,909
Mid-Cap Value 7,461,869 7,411,100 7,078
</TABLE>
* Income earned is included in interest income on the Statements of Operations.
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 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, Janus Small-Cap Growth, Small
Company Value, Large-Cap Growth, Growth and Income, Overseas Growth, Marsico
Capital Growth, Mid-Cap Growth, Mid-Cap Value, T. Rowe International Equity,
Janus Capital Growth, AIM International Equity, Managed Index 500, Growth with
Income, and Kemper Small-Cap Growth Funds, semiannually by the Strategic
Balanced, 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
95
<PAGE> 99
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 Janus Small-Cap Growth and
Overseas Growth; Marsico Capital Management, LLC for Marsico Capital Growth;
Neuberger Berman Management Inc. for Mid-Cap Growth and Mid-Cap Value; A I M
Capital Management, Inc. for AIM International Equity; Bankers Trust Company for
Managed Index 500; Massachusetts Financial Services Co. for Growth with Income;
and Scudder Kemper Investments, Inc. for Kemper Small-Cap Growth.
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%, .90%, 1.10%, .80%, 1.00%, and .95% 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, Marisco Capital Growth, Mid-Cap Growth, Mid-Cap Value, AIM
International Equity, Managed Index 500, Growth with Income, and Kemper
Small-Cap Growth 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. The Investment Manager pays each
Sub-advisor a fee as compensation for advisory services provided to the Funds.
On May 1, 2000, Alliance Capital Management L.P. will become the
Sub-advisor to the Large-Cap Growth and Growth and Income Funds. The names of
the Funds will change to ASAF Alliance Growth Fund ("Growth") and ASAF Alliance
Growth and Income ("Growth and Income"), respectively. Also on May 1, 2000,
Sanford C. Bernstein & Co., Inc. will become the Sub-advisor to Managed Index
500 and the name of the Fund will change to ASAF Managed Index 500 Fund
("Managed Index 500").
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%, 1.00%, 1.30%, 1.30%, 1.60%, 1.20%, 1.05%, .90%, and
1.00% of the average daily net assets of the International Small Cap, Janus
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, AIM International Equity, Managed Index 500,
Growth with Income, Kemper Small-Cap Growth, T. Rowe International Equity, Janus
Capital Growth, Equity Income, Total Return Bond, and Money Market
96
<PAGE> 100
AMERICAN SKANDIA ADVISOR FUNDS, INC.
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.
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, 2000, ASMI retained $1,710,265 as its 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 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. ASMI also uses distribution and service fees
as reimbursement for its purchase of Bonus Shares. Bonus shares are paid to
shareholders at
97
<PAGE> 101
the time of the initial purchase and each subsequent purchase of Class X shares
in an amount equal to 2.5% of the purchase.
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, 2000, CDSCs collected by ASMI
totaled $0, $5,998,432, $277,390, and $500,850 for Class A, B, C, and X,
respectively.
In addition, the Company has adopted a Supplemental Distribution Plan
("Supplemental Plan") under Rule 12b-1. The Supplemental Plan permits ASMI to
receive brokerage commissions in connection with purchases and sales of
securities by the Funds, and to use these commissions to promote the sale of
shares of the Company. Under the Supplemental Plan, securities transactions for
a Fund may be directed to certain brokers for execution ("clearing brokers") who
have agreed to pay part of the brokerage commissions received on these
transactions to ASMI for "introducing" transactions to the clearing broker. In
turn, ASMI uses the brokerage commissions received as an introducing broker to
pay various distribution-related expenses, such as advertising, printing of
sales materials, and payments to dealers.
Commissions received by ASMI under the Supplemental Plan are reflected in
the cost of securities purchased and the proceeds from the sale of securities.
These commissions are shown in the Statements of Operations as "Supplemental
Distribution Fees" and a corresponding reduction "Fees Paid Indirectly". Net
expenses of the Funds are unaffected by these commissions. From November 1, 1999
to April 30, 2000, commissions received by ASMI totaled $370,544, of which
$270,290 and $100,254 were received from the Non-Feeder Funds and the Portfolios
of American Skandia Master Trust, respectively.
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 period ended April 30, 2000, 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 2,347,978 $ 56,354,435 3,160,761 $ 73,506,962 1,632,517 $ 37,956,496 448,157
Reinvested 9,250 180,376 30,159 582,934 9,115 175,926 13,183
Redeemed (940,195) (24,147,070) (397,058) (9,341,642) (431,365) (10,060,971) (82,539)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 1,417,033 $ 32,387,741 2,793,862 $ 64,748,254 1,210,267 $ 28,071,451 378,801
============== =============== ============ ============= ============ ============= ===========
JANUS SMALL-CAP
GROWTH:
Sold 6,319,619 $ 149,878,356 6,576,654 $ 148,411,853 3,100,148 $ 69,817,281 885,233
Reinvested 18,110 449,484 40,353 988,661 17,537 430,204 8,037
Redeemed (4,435,646) (109,066,096) (1,603,002) (37,947,847) (737,266) (17,321,868) (333,224)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 1,902,083 $ 41,261,744 5,014,005 $ 111,452,667 2,380,419 $ 52,925,617 560,046
============== =============== ============ ============= ============ ============= ===========
<CAPTION>
CLASS X
------------
AMOUNT
------------
<S> <C>
INTERNATIONAL SMALL
CAP:
Sold $ 10,445,421
Reinvested 254,604
Redeemed (1,837,133)
------------
Net Increase $ 8,862,892
============
JANUS SMALL-CAP
GROWTH:
Sold $ 20,235,315
Reinvested 197,141
Redeemed (7,683,937)
------------
Net Increase $ 12,748,519
============
</TABLE>
98
<PAGE> 102
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>
SMALL COMPANY VALUE:
Sold 730,843 $ 6,717,159 1,049,435 $ 9,498,154 718,286 $ 6,499,556 388,598
Reinvested 30,963 278,977 70,423 630,297 35,421 316,661 38,991
Redeemed (459,408) (4,184,209) (767,705) (6,938,081) (634,887) (5,724,764) (419,598)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 302,398 $ 2,811,927 352,153 $ 3,190,370 118,820 $ 1,091,453 7,991
============== =============== ============ ============= ============ ============= ===========
STRATEGIC BALANCED:
Sold 805,667 $ 10,594,664 2,307,573 $ 30,091,948 838,311 $ 10,914,451 407,503
Reinvested 33,168 440,147 77,557 1,028,408 25,296 335,167 22,487
Redeemed (574,271) (7,535,358) (1,360,813) (17,579,115) (347,372) (4,487,010) (249,757)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 264,564 $ 3,499,453 1,024,317 $ 13,541,241 516,235 $ 6,762,608 180,233
============== =============== ============ ============= ============ ============= ===========
HIGH YIELD BOND:
Sold 3,639,495 $ 32,871,598 2,931,871 $ 26,598,866 872,882 $ 7,870,879 605,050
Reinvested 62,456 562,936 176,156 1,588,605 47,661 430,139 68,404
Redeemed (3,481,151) (31,343,576) (2,405,990) (21,691,290) (928,308) (8,348,388) (747,364)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 220,800 $ 2,090,958 702,037 $ 6,496,181 (7,765) $ (47,370) (73,910)
============== =============== ============ ============= ============ ============= ===========
LARGE-CAP GROWTH:
Sold 701,206 $ 12,175,574 1,570,181 $ 26,793,239 574,822 $ 9,744,792 340,582
Reinvested 17,193 278,847 49,821 801,615 14,220 228,078 23,993
Redeemed (136,695) (2,302,130) (318,772) (5,298,226) (120,382) (2,006,350) (128,346)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 581,704 $ 10,152,291 1,301,230 $ 22,296,628 468,660 $ 7,966,520 236,229
============== =============== ============ ============= ============ ============= ===========
GROWTH AND INCOME:
Sold 1,228,775 $ 15,380,374 2,670,063 $ 33,411,667 1,303,253 $ 16,286,149 760,100
Redeemed (663,193) (8,267,567) (1,257,092) (15,625,619) (603,812) (7,524,975) (453,807)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 565,582 $ 7,112,807 1,412,971 $ 17,786,048 699,441 $ 8,761,174 306,293
============== =============== ============ ============= ============ ============= ===========
OVERSEAS GROWTH:
Sold 15,022,073 $ 316,690,477 7,571,172 $ 152,620,773 6,419,340 $ 131,716,145 1,149,410
Redeemed (10,940,523) (238,464,880) (891,345) (18,196,072) (2,200,270) (46,326,153) (284,145)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 4,081,550 $ 78,225,597 6,679,827 $ 134,424,701 4,219,070 $ 85,389,992 865,265
============== =============== ============ ============= ============ ============= ===========
MARSICO CAPITAL
GROWTH:
Sold 14,728,827 $ 257,187,498 13,435,523 $ 227,544,256 7,147,832 $ 121,498,630 1,686,791
Redeemed (10,158,385) (180,019,710) (2,573,814) (43,769,684) (1,313,770) (22,441,986) (461,482)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 4,570,442 $ 77,167,788 10,861,709 $ 183,774,572 5,834,062 $ 99,056,644 1,225,309
============== =============== ============ ============= ============ ============= ===========
MID-CAP GROWTH:
Sold 3,340,582 $ 80,403,762 3,882,040 $ 96,097,553 1,525,614 $ 37,440,762 700,939
Redeemed (1,821,560) (43,488,034) (369,711) (8,845,658) (154,979) (3,694,379) (193,467)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 1,519,022 $ 36,915,728 3,512,329 $ 87,251,895 1,370,635 $ 33,746,383 507,472
============== =============== ============ ============= ============ ============= ===========
MID-CAP VALUE:
Sold 558,648 $ 6,785,416 1,168,196 $ 14,095,876 657,127 $ 7,960,631 246,206
Reinvested 12,566 153,809 35,064 427,077 13,171 160,551 7,901
Redeemed (265,694) (3,224,524) (602,948) (7,183,635) (247,933) (2,977,903) (90,052)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 305,520 $ 3,714,701 600,312 $ 7,339,318 422,365 $ 5,143,279 164,055
============== =============== ============ ============= ============ ============= ===========
<CAPTION>
CLASS X
------------
AMOUNT
------------
<S> <C>
SMALL COMPANY VALUE:
Sold $ 3,494,715
Reinvested 348,967
Redeemed (3,784,087)
------------
Net Increase $ 59,595
============
STRATEGIC BALANCED:
Sold $ 5,311,377
Reinvested 297,955
Redeemed (3,260,124)
------------
Net Increase $ 2,349,208
============
HIGH YIELD BOND:
Sold $ 5,478,483
Reinvested 616,823
Redeemed (6,755,259)
------------
Net Increase $ (659,953)
============
LARGE-CAP GROWTH:
Sold $ 5,688,533
Reinvested 385,092
Redeemed (2,139,367)
------------
Net Increase $ 3,934,258
============
GROWTH AND INCOME:
Sold $ 9,517,592
Redeemed (5,615,200)
------------
Net Increase $ 3,902,392
============
OVERSEAS GROWTH:
Sold $ 23,096,972
Redeemed (5,693,163)
------------
Net Increase $ 17,403,809
============
MARSICO CAPITAL
GROWTH:
Sold $ 28,580,911
Redeemed (7,789,721)
------------
Net Increase $ 20,791,190
============
MID-CAP GROWTH:
Sold $ 17,067,370
Redeemed (4,757,534)
------------
Net Increase $ 12,309,836
============
MID-CAP VALUE:
Sold $ 2,925,205
Reinvested 96,079
Redeemed (1,068,241)
------------
Net Increase $ 1,953,043
============
</TABLE>
99
<PAGE> 103
<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>
AIM INTERNATIONAL
EQUITY:
Sold 553,755 $ 5,997,659 725,996 $ 7,797,155 614,314 $ 6,564,530 189,129
Redeemed (65,887) (661,212) (19,637) (210,505) (39,900) (453,878) (25,645)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 487,868 $ 5,336,447 706,359 $ 7,586,650 574,414 $ 6,110,652 163,484
============== =============== ============ ============= ============ ============= ===========
MANAGED INDEX 500:
Sold 3,486,026 $ 35,762,875 2,047,161 $ 21,162,791 1,153,585 $ 12,024,363 362,618
Redeemed (2,612,772) (27,486,379) (277,003) (2,814,778) (90,474) (916,327) (30,173)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 873,254 $ 8,276,496 1,770,158 $ 18,348,013 1,063,111 $ 11,108,036 332,445
============== =============== ============ ============= ============ ============= ===========
MFS GROWTH WITH
INCOME:
Sold 280,191 $ 2,826,827 863,190 $ 8,715,118 423,031 $ 4,291,573 188,434
Redeemed (33,769) (344,887) (133,093) (1,328,744) (44,290) (451,580) (17,435)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 246,422 $ 2,481,940 730,097 $ 7,386,374 378,741 $ 3,839,993 170,999
============== =============== ============ ============= ============ ============= ===========
KEMPER SMALL-CAP
GROWTH:
Sold 807,171 $ 7,566,581 1,510,107 $ 13,747,519 780,419 $ 7,205,367 269,673
Redeemed (128,270) (1,165,982) (172,817) (1,522,456) (65,837) (595,879) (69,120)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 678,901 $ 6,400,599 1,337,290 $ 12,225,063 714,582 $ 6,609,488 200,553
============== =============== ============ ============= ============ ============= ===========
T. ROWE INTERNATIONAL
EQUITY:
Sold 423,510 $ 5,368,102 623,565 $ 8,065,377 641,087 $ 7,810,062 133,938
Redeemed (198,624) (2,528,500) (86,855) (1,114,190) (400,397) (4,734,870) (99,762)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 224,886 $ 2,839,602 536,710 $ 6,951,187 240,690 $ 3,075,192 34,176
============== =============== ============ ============= ============ ============= ===========
JANUS CAPITAL GROWTH:
Sold 28,511,789 $ 768,276,601 24,283,474 $ 564,965,396 9,466,680 $ 221,474,924 2,314,154
Redeemed (21,612,377) (583,504,083) (4,649,710) (108,744,911) (1,575,153) (36,681,260) (946,756)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 6,899,412 $ 184,772,518 19,633,764 $ 456,220,485 7,891,527 $ 184,793,664 1,367,398
============== =============== ============ ============= ============ ============= ===========
EQUITY INCOME:
Sold 1,093,170 $ 14,909,188 2,996,891 $ 40,976,338 1,232,440 $ 16,838,658 578,846
Reinvested 52,941 721,582 115,153 1,575,301 49,808 680,868 49,296
Redeemed (515,186) (6,999,827) (1,083,882) (14,765,692) (430,033) (5,867,652) (392,879)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 630,925 $ 8,630,943 2,028,162 $ 27,785,947 852,215 $ 11,651,874 235,263
============== =============== ============ ============= ============ ============= ===========
TOTAL RETURN BOND:
Sold 2,785,175 $ 27,949,741 3,398,205 $ 33,814,173 881,654 $ 8,780,725 533,083
Reinvested 59,832 601,899 181,148 1,804,234 56,828 565,359 48,724
Redeemed (2,637,482) (26,450,141) (3,228,857) (32,065,866) (1,155,764) (11,511,647) (573,133)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 207,525 $ 2,101,499 350,496 $ 3,552,541 (217,282) $ (2,165,563) 8,674
============== =============== ============ ============= ============ ============= ===========
MONEY MARKET:
Sold 1,161,826,968 $ 1,161,826,968 160,777,023 $ 160,777,023 123,441,171 $ 123,441,171 45,955,146
Reinvested 882,870 882,870 1,014,104 1,014,104 349,518 349,518 345,840
Redeemed (1,135,766,113) (1,135,766,113) (167,579,683) (167,579,683) (117,511,654) (117,511,654) (52,177,832)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 26,943,725 $ 26,943,725 (5,788,556) $ (5,788,556) 6,279,035 $ 6,279,035 (5,876,846)
============== =============== ============ ============= ============ ============= ===========
<CAPTION>
CLASS X
------------
AMOUNT
------------
<S> <C>
AIM INTERNATIONAL
EQUITY:
Sold $ 2,033,977
Redeemed (282,903)
------------
Net Increase $ 1,751,074
============
MANAGED INDEX 500:
Sold $ 3,777,687
Redeemed (312,364)
------------
Net Increase $ 3,465,323
============
MFS GROWTH WITH
INCOME:
Sold $ 1,905,994
Redeemed (174,671)
------------
Net Increase $ 1,731,323
============
KEMPER SMALL-CAP
GROWTH:
Sold $ 2,506,361
Redeemed (623,331)
------------
Net Increase $ 1,883,030
============
T. ROWE INTERNATIONAL
EQUITY:
Sold $ 1,736,664
Redeemed (1,256,120)
------------
Net Increase $ 480,544
============
JANUS CAPITAL GROWTH:
Sold $ 53,979,777
Redeemed (22,107,851)
------------
Net Increase $ 31,871,926
============
EQUITY INCOME:
Sold $ 7,943,578
Reinvested 673,383
Redeemed (5,331,017)
------------
Net Increase $ 3,285,944
============
TOTAL RETURN BOND:
Sold $ 5,340,007
Reinvested 485,294
Redeemed (5,724,080)
------------
Net Increase $ 101,221
============
MONEY MARKET:
Sold $ 45,955,146
Reinvested 345,840
Redeemed (52,177,832)
------------
Net Increase $ (5,876,846)
============
</TABLE>
100
<PAGE> 104
AMERICAN SKANDIA ADVISOR FUNDS, INC.
Transactions in shares of capital stock, during the year ended October 31,
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 131,573 $ 1,625,013 519,007 $ 6,481,186 191,446 $ 2,192,239 159,967
Redeemed (42,759) (499,629) (80,020) (954,057) (87,643) (936,217) (74,837)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 88,814 $ 1,125,384 438,987 $ 5,527,129 103,803 $ 1,256,022 85,130
============== =============== ============ ============= ============ ============= ===========
JANUS SMALL-CAP
GROWTH:
Sold 4,521,498 $ 62,279,844 6,131,106 $ 82,109,946 2,453,044 $ 32,502,450 1,388,410
Redeemed (1,555,645) (21,272,349) (589,414) (7,913,337) (415,557) (5,293,724) (400,722)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 2,965,853 $ 41,007,495 5,541,692 $ 74,196,609 2,037,487 $ 27,208,726 987,688
============== =============== ============ ============= ============ ============= ===========
SMALL COMPANY VALUE:
Sold 2,152,263 $ 19,728,209 2,202,266 $ 19,780,241 1,278,728 $ 11,579,459 899,829
Reinvested 2,950 27,202 -- -- -- -- --
Redeemed (1,740,590) (16,175,699) (998,544) (8,851,216) (731,195) (6,613,615) (727,801)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 414,623 $ 3,579,712 1,203,722 $ 10,929,025 547,533 $ 4,965,844 172,028
============== =============== ============ ============= ============ ============= ===========
STRATEGIC BALANCED:
Sold 1,815,075 $ 22,578,144 4,889,067 $ 60,790,616 1,513,809 $ 18,669,567 1,064,235
Reinvested 8,478 106,949 10,128 127,960 4,003 50,510 4,619
Redeemed (229,284) (2,869,225) (512,249) (6,347,305) (189,856) (2,369,264) (224,538)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 1,594,269 $ 19,815,868 4,386,946 $ 54,571,271 1,327,956 $ 16,350,813 844,316
============== =============== ============ ============= ============ ============= ===========
HIGH YIELD BOND:
Sold 3,357,420 $ 32,790,500 7,275,129 $ 70,565,721 1,847,050 $ 17,923,216 1,855,501
Reinvested 87,677 841,629 232,789 2,227,094 79,920 767,588 122,941
Redeemed (2,428,133) (23,736,985) (2,228,915) (21,481,204) (1,091,741) (10,529,290) (1,121,235)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 1,016,964 $ 9,895,144 5,279,003 $ 51,311,611 835,229 $ 8,161,514 857,207
============== =============== ============ ============= ============ ============= ===========
LARGE-CAP GROWTH:
Sold 638,225 $ 8,103,545 1,851,812 $ 23,314,526 418,749 $ 5,236,468 637,307
Redeemed (215,891) (2,716,616) (410,694) (5,186,475) (126,506) (1,592,157) (320,143)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 422,334 $ 5,386,929 1,441,118 $ 18,128,051 292,243 $ 3,644,311 317,164
============== =============== ============ ============= ============ ============= ===========
GROWTH AND INCOME:
Sold 2,372,960 $ 28,578,838 4,969,282 $ 60,277,008 1,774,560 $ 21,393,909 1,298,681
Reinvested 3,892 47,183 633 7,193 299 3,391 571
Redeemed (625,028) (7,479,489) (629,845) (7,571,053) (366,786) (4,442,443) (397,677)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 1,751,824 $ 21,146,532 4,340,070 $ 52,713,148 1,408,073 $ 16,954,857 901,575
============== =============== ============ ============= ============ ============= ===========
OVERSEAS GROWTH:
Sold 5,875,239 $ 72,910,399 6,847,241 $ 83,827,854 3,845,340 $ 46,929,956 1,792,053
Redeemed (2,366,221) (29,831,109) (703,924) (8,772,633) (879,415) (10,959,877) (419,635)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 3,509,018 $ 43,079,290 6,143,317 $ 75,055,221 2,965,925 $ 35,970,079 1,372,418
============== =============== ============ ============= ============ ============= ===========
<CAPTION>
CLASS X
------------
AMOUNT
------------
<S> <C>
INTERNATIONAL SMALL
CAP:
Sold $ 2,003,516
Redeemed (1,007,684)
------------
Net Increase $ 995,832
============
JANUS SMALL-CAP
GROWTH:
Sold $ 17,986,369
Redeemed (5,025,846)
------------
Net Increase $ 12,960,523
============
SMALL COMPANY VALUE:
Sold $ 8,082,697
Reinvested --
Redeemed (6,480,805)
------------
Net Increase $ 1,601,892
============
STRATEGIC BALANCED:
Sold $ 13,076,631
Reinvested 57,949
Redeemed (2,768,534)
------------
Net Increase $ 10,366,046
============
HIGH YIELD BOND:
Sold $ 18,027,252
Reinvested 1,182,704
Redeemed (10,858,678)
------------
Net Increase $ 8,351,278
============
LARGE-CAP GROWTH:
Sold $ 7,894,652
Redeemed (3,950,285)
------------
Net Increase $ 3,944,367
============
GROWTH AND INCOME:
Sold $ 15,523,163
Reinvested 6,430
Redeemed (4,736,458)
------------
Net Increase $ 10,793,135
============
OVERSEAS GROWTH:
Sold $ 21,928,837
Redeemed (5,530,598)
------------
Net Increase $ 16,398,239
============
</TABLE>
101
<PAGE> 105
<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 7,854,783 $ 101,851,952 19,502,450 $ 253,703,042 8,427,772 $ 108,624,094 3,463,385
Reinvested 1,125 13,337 -- -- -- -- --
Redeemed (1,472,317) (19,722,964) (1,617,686) (21,694,601) (835,906) (11,098,692) (581,156)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 6,383,591 $ 82,142,325 17,884,764 $ 232,008,441 7,591,866 $ 97,525,402 2,882,229
============== =============== ============ ============= ============ ============= ===========
MID-CAP GROWTH:
Sold 876,248 $ 12,737,534 1,648,044 $ 23,798,375 681,405 $ 9,773,936 455,953
Reinvested 1,117 16,244 2,164 31,032 1,571 22,824 1,145
Redeemed (254,503) (3,676,648) (344,773) (5,076,953) (159,471) (2,340,370) (101,469)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 622,862 $ 9,077,130 1,305,435 $ 18,752,454 523,505 $ 7,456,390 355,629
============== =============== ============ ============= ============ ============= ===========
MID-CAP VALUE:
Sold 893,170 $ 10,487,415 1,971,205 $ 23,270,387 719,632 $ 8,511,354 457,970
Reinvested 311 3,371 385 4,172 171 1,858 99
Redeemed (214,164) (2,487,388) (262,235) (3,044,027) (138,303) (1,625,892) (81,385)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 679,317 $ 8,003,398 1,709,355 $ 20,230,532 581,500 $ 6,887,320 376,684
============== =============== ============ ============= ============ ============= ===========
T. ROWE INTERNATIONAL
EQUITY:
Sold 580,067 $ 5,981,540 664,660 $ 6,995,897 534,152 $ 5,615,638 302,217
Reinvested 1,335 13,416 617 6,351 424 4,358 957
Redeemed (340,252) (3,535,835) (186,621) (1,979,171) (382,168) (4,024,965) (240,600)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 241,150 $ 2,459,121 478,656 $ 5,023,077 152,408 $ 1,595,031 62,574
============== =============== ============ ============= ============ ============= ===========
JANUS CAPITAL GROWTH:
Sold 11,152,498 $ 222,428,056 34,148,101 $ 606,063,473 11,402,214 $ 201,850,746 5,298,045
Redeemed (2,178,199) (43,528,627) (3,428,551) (61,160,249) (1,675,387) (29,604,961) (1,291,629)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 8,974,299 $ 178,899,429 30,719,550 $ 544,903,224 9,726,827 $ 172,245,785 4,006,416
============== =============== ============ ============= ============ ============= ===========
EQUITY INCOME:
Sold 2,536,827 $ 33,506,551 5,068,587 $ 66,599,293 2,104,000 $ 27,723,451 1,345,013
Reinvested 15,267 203,306 18,552 248,016 8,801 117,852 12,841
Redeemed (970,970) (12,988,032) (779,404) (10,139,354) (327,011) (4,264,826) (435,651)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 1,581,124 $ 20,721,825 4,307,735 $ 56,707,955 1,785,790 $ 23,576,477 922,203
============== =============== ============ ============= ============ ============= ===========
TOTAL RETURN BOND:
Sold 2,801,868 $ 29,031,058 9,085,766 $ 93,370,295 2,715,698 $ 27,941,412 1,476,934
Reinvested 62,591 645,265 190,650 1,946,935 75,148 768,265 79,406
Redeemed (1,135,022) (11,679,664) (2,559,842) (26,261,168) (1,000,668) (10,260,166) (696,973)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 1,729,437 $ 17,996,659 6,716,574 $ 69,056,062 1,790,178 $ 18,449,511 859,367
============== =============== ============ ============= ============ ============= ===========
MONEY MARKET:
Sold 165,732,220 $ 165,732,220 160,855,657 $ 160,855,657 91,366,940 $ 91,366,940 72,496,475
Reinvested 729,338 729,338 1,043,507 1,043,507 448,412 448,412 507,926
Redeemed (130,829,982) (130,829,982) (99,250,785) (99,250,785) (69,788,348) (69,788,348) (57,154,179)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 35,631,576 $ 35,631,576 62,648,379 $ 62,648,379 22,027,004 $ 22,027,004 15,850,222
============== =============== ============ ============= ============ ============= ===========
<CAPTION>
CLASS X
------------
AMOUNT
------------
<S> <C>
MARSICO CAPITAL
GROWTH:
Sold $ 44,011,902
Reinvested --
Redeemed (7,591,419)
------------
Net Increase $ 36,420,483
============
MID-CAP GROWTH:
Sold $ 6,580,126
Reinvested 16,499
Redeemed (1,521,388)
------------
Net Increase $ 5,075,237
============
MID-CAP VALUE:
Sold $ 5,399,847
Reinvested 1,070
Redeemed (1,009,095)
------------
Net Increase $ 4,391,822
============
T. ROWE INTERNATIONAL
EQUITY:
Sold $ 3,142,322
Reinvested 9,894
Redeemed (2,530,886)
------------
Net Increase $ 621,330
============
JANUS CAPITAL GROWTH:
Sold $ 92,328,700
Redeemed (22,876,970)
------------
Net Increase $ 69,451,730
============
EQUITY INCOME:
Sold $ 17,492,175
Reinvested 169,817
Redeemed (5,669,805)
------------
Net Increase $ 11,992,187
============
TOTAL RETURN BOND:
Sold $ 15,232,870
Reinvested 816,063
Redeemed (7,125,361)
------------
Net Increase $ 8,923,572
============
MONEY MARKET:
Sold $ 72,496,475
Reinvested 507,926
Redeemed (57,154,179)
------------
Net Increase $ 15,850,222
============
</TABLE>
102
<PAGE> 106
AMERICAN SKANDIA ADVISOR FUNDS, INC.
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.
CAPITAL LOSS CARRYFORWARDS -- At October 31, 1999, 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 2007
------- ---------- -----------
<S> <C> <C> <C>
High Yield Bond $ 4,183 $ 17,619 $ 327,379
Growth and Income -- 1,122,945 1,772,304
Overseas Growth -- 2,242,636 3,428,829
Marsico Capital Growth -- 682,762 7,950,369
Mid-Cap Growth -- -- 1,874,798
T. Rowe International Equity -- 73,332 49,869
Janus Capital Growth 38,807 4,789,881 52,015,103
Total Return Bond -- -- 1,499,612
</TABLE>
6. PORTFOLIO SECURITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NON-FEEDER FUNDS -- Purchases and sales of securities, other than U.S.
government securities and short-term obligations, during the period ended April
30, 2000, were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
------------ ------------
<S> <C> <C>
International Small Cap $253,741,591 $200,753,958
Janus Small-Cap Growth 396,590,400 225,233,472
Small Company Value 11,171,476 8,438,354
Strategic Balanced 90,878,093 58,531,179
High Yield Bond 25,518,295 8,944,188
Large-Cap Growth 40,473,825 14,665,173
Growth and Income 69,478,335 36,220,012
Overseas Growth 486,397,399 228,664,017
Marsico Capital Growth 728,358,439 469,983,935
Mid-Cap Growth 202,026,039 69,061,999
Mid-Cap Value 51,048,079 35,831,331
AIM International Equity 16,981,198 1,382,875
Managed Index 500 57,239,617 22,766,966
Growth with Income 15,830,039 1,752,058
Kemper Small-Cap Growth 21,759,949 1,104,714
</TABLE>
103
<PAGE> 107
Purchases and sales of U.S. government securities, during the period ended
April 30, 2000, were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
---------- ----------
<S> <C> <C>
Strategic Balanced $5,419,157 $1,473,213
High Yield Bond 1,100,764 1,521,736
</TABLE>
At April 30, 2000, 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 $145,462,035 $ 3,689,284 $18,260,736 $(14,571,452)
Janus Small-Cap Growth 414,589,686 83,162,686 65,659,126 17,503,560
Small Company Value 74,874,825 9,866,084 10,640,017 (773,933)
Strategic Balanced 149,789,184 16,378,342 5,266,212 11,112,130
High Yield Bond 130,920,824 702,515 15,182,713 (14,480,198)
Large-Cap Growth 84,307,096 26,584,984 2,594,741 23,990,243
Growth and Income 171,516,430 22,392,715 7,744,535 14,648,180
Overseas Growth 560,254,412 154,566,978 30,442,040 124,124,938
Marsico Capital Growth 841,676,324 206,611,516 21,969,981 184,641,535
Mid-Cap Growth 204,944,970 34,365,262 11,904,992 22,460,270
Mid-Cap Value 60,660,914 6,590,432 1,789,974 4,800,458
AIM International Equity 20,093,269 433,901 985,106 (551,205)
Managed Index 500 40,978,591 2,582,123 1,538,179 1,043,944
Growth with Income 14,803,943 931,891 415,963 515,928
Kemper Small-Cap Growth 25,865,359 1,038,080 3,315,393 (2,277,313)
</TABLE>
7. WRITTEN OPTIONS TRANSACTIONS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Written options transactions, during the period ended April 30, 2000, were
as follows:
<TABLE>
<CAPTION>
MARSICO CAPITAL GROWTH
----------------------------
NUMBER OF
CONTRACTS PREMIUM
--------- -----------
<S> <C> <C> <C> <C>
Balance at beginning of year -- $ --
Written 825 1,503,387
Expired -- --
Exercised -- --
Closed (825) (1,503,387)
---- -----------
Balance at end of period -- $ --
==== ===========
</TABLE>
8. LINE OF CREDIT
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ALL FUNDS -- The Funds and other affiliated funds participate in a $100 million
unsecured, committed line of credit, provided by a syndication of banks, under a
line of credit agreement. Borrowings may be made for temporary or emergency
purposes, including the meeting of redemption requests that otherwise might
require the untimely disposition of securities. Any borrowings must be repaid
within 30 days of their receipt. Interest is charged to each Fund, based on its
borrowings, at a premium above the Federal Funds Rate. In addition, a commitment
fee, equal to an annual rate of .09% of the average daily unused portion of the
line of credit, is allocated among the participants at the end of each quarter.
During the period ended April 30, 2000, there were no borrowings under the
agreement.
104
<PAGE> 108
AMERICAN SKANDIA MASTER TRUST
SCHEDULES OF INVESTMENTS
APRIL 30, 2000
(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
105
<PAGE> 109
ASMT T. ROWE PRICE
INTERNATIONAL EQUITY PORTFOLIO
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
FOREIGN STOCK -- 91.8%
ARGENTINA -- 0.1%
Telefonica de Argentina
SA Cl-B [ADR] 1,730 $ 60,766
-----------
AUSTRALIA -- 3.1%
Brambles Industries Ltd. 7,000 196,876
Broken Hill Proprietary
Co. Ltd. 5,062 54,467
Commonwealth Bank of
Australia 12,111 184,304
Lend Lease Corp. Ltd. 7,490 81,099
News Corp. Ltd. 38,212 484,871
News Corp. Ltd. Pfd. 55,026 591,431
Publishing &
Broadcasting Ltd. 24,000 186,256
TABCORP Holdings Ltd. 13,000 69,530
Telstra Corp. 5,000 12,779
Telstra Corp. Ltd. 42,000 179,884
Westpac Banking Corp.
Ltd. 27,173 173,303
-----------
2,214,800
-----------
BELGIUM -- 0.6%
Dexia Belgium 1,140 148,137
Fortis Cl-B 8,400 212,566
Societe Europeene des
Satellites [FDR]* 290 44,165
UCB SA 510 17,195
-----------
422,063
-----------
BRAZIL -- 1.6%
Companhia Brasileira de
Distribuicoa Grupo Pao
de Acucar [GDR] 1,272 36,332
Embartel Participacoes
SA [ADR] 3,000 67,500
Tele Norte Leste
Participacoes SA
[ADR]* 931 16,581
Telecomunicacoes
Brasileiras SA Pfd.
[ADR] 7,956 940,299
Uniao de Bancos
Brasileiros SA [GDR] 2,000 49,875
-----------
1,110,587
-----------
CANADA -- 0.5%
Alcan Aluminium Ltd. 2,380 77,424
Nortel Networks Corp. 2,030 229,352
Royal Bank of Canada 1,240 58,499
-----------
365,275
-----------
DENMARK -- 0.2%
Nordic Baltic Holdings
AB* 3,303 20,590
Tele Danmark AS 1,460 107,075
-----------
127,665
-----------
</TABLE>
<TABLE>
SHARES VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
FINLAND -- 3.1%
Nokia AB Oyj 38,480 $ 2,212,603
-----------
FRANCE -- 11.5%
Alcatel 2,610 606,484
Altran Technologies SA 540 110,619
Aventis SA* 8,471 467,013
AXA SA 3,590 533,565
Banque National de Paris 5,890 477,151
Canal Plus* 1,270 245,346
Cap Gemini SA 1,240 244,070
Carrefour Supermarche SA 820 53,501
Compagnie de Saint-
Gobain 1,410 192,859
Groupe Danone 170 37,257
Hermes International
Designs* 720 102,352
L'Oreal 80 54,384
Lafarge SA 460 38,187
Legrand SA 1,210 226,036
Louis Vuitton Moet
Hennessy* 682 286,873
Sanofi SA* 9,560 357,610
Schneider SA 880 57,737
Societe Generale 426 88,431
Societe Television
Francaise 1,780 1,221,389
Sodexho Alliance SA 404 60,671
STMicroelectronics NV 2,880 550,863
Total Fina SA Cl-B 6,963 1,058,955
Vivendi 11,160 1,106,451
-----------
8,177,804
-----------
GERMANY -- 4.5%
Allianz AG 1,050 395,165
Aventis AG 907 49,342
Bayer AG 1,850 75,272
Bayerische Hypo-Und
Vereinsbank AG 6,830 425,712
Deutsche Bank AG 5,678 381,848
Deutsche Telekom AG* 6,280 410,888
Gehe AG 3,020 97,695
Infineon Technologies AG
[ADR]* 4,989 340,059
Rhoen-Klinikum AG 1,870 69,014
SAP AG 1,300 611,268
SAP AG Pfd. 70 40,601
Siemens AG 670 97,686
Veba AG 4,760 232,060
-----------
3,226,610
-----------
HONG KONG -- 3.2%
Cheung Kong Holdings
Ltd. 31,000 370,138
China Telecom Ltd.* 67,000 483,857
Dao Heng Bank Group Ltd. 31,000 143,279
Henderson Land
Development Co. Ltd. 30,000 130,954
</TABLE>
106
<PAGE> 110
AMERICAN SKANDIA MASTER TRUST
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
Hong Kong
Telecommunications
Ltd. 54,800 $ 129,103
HSBC Holdings PLC 15,600 174,246
Hutchison Whampoa Ltd. 40,000 582,875
Pacific Century
Cyberworks Ltd.* 106,000 197,330
Sun Hung Kai Properties
Ltd. 8,000 63,423
-----------
2,275,205
-----------
INDIA -- 0.3%
ICICI Ltd.* 9,469 240,276
-----------
IRELAND -- 0.2%
SmartForce PLC [ADR]* 2,891 138,045
-----------
ITALY -- 4.7%
Alleanza Assicurazioni* 17,000 176,291
Banca Popolare di
Brescia 4,000 364,501
Banco Intesa SPA 29,544 109,034
Ente Nazionale
Idrocarburi SPA 60,000 299,073
Mediaset SPA 14,000 227,722
Mediolanum SPA 17,000 282,716
San Paolo-IMI SPA 10,225 143,490
Tecnost SPA* 30,600 107,634
Telecom Italia Mobile
SPA 81,000 775,022
Telecom Italia SPA 43,000 602,648
Unicredito Italiano SPA 71,000 288,557
-----------
3,376,688
-----------
JAPAN -- 20.1%
Bridgestone Corp. 4,000 86,794
Canon, Inc. 20,000 914,209
DDI Corp. 90 103,265
East Japan Railway Co.
Ltd. 13 76,986
Fanuc Co. 2,500 261,864
Fuji Bank Ltd. 58,000 483,013
Fuji Television Network,
Inc. 210 349,768
Fujitsu Ltd. 13,000 368,089
Hitachi Ltd. 7,000 83,556
Ito-Yokado Co. Ltd. 2,000 146,014
Kao Corp. 4,000 121,771
Kokuyo Co. Ltd. 4,000 56,814
Komori Corp. 2,000 27,408
Kyocera Corp. 5,000 836,020
Makita Corp. 6,000 52,077
Matsushita Electric
Industrial Co. 27,000 714,526
Mauri Co. Ltd. 12,000 225,406
Mitsui Fudosan Co. Ltd. 31,000 314,958
Murata Manufacturing Co.
Ltd. 6,000 1,165,895
NEC Corp. 37,000 1,006,555
Nippon Telegraph &
Telephone Corp. 770 954,738
Nomura Securities Co.
Ltd. 25,000 629,213
</TABLE>
<TABLE>
SHARES VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
NTT Mobile Communication
Network, Inc. 230 $ 768,287
Sankyo Co. Ltd. 8,000 176,180
Seven-Eleven Japan Co.
Ltd. 4,000 492,266
Shin-Etsu Chemical Co.
Ltd. 4,000 211,341
Shiseido Co. Ltd. 10,000 126,398
SoftBank Corp. 300 73,840
SoftBank Corp. (New)* 600 148,235
Sony Corp. 5,800 666,022
Sony Corp. (New)* 4,400 508,922
Sumitomo Bank Ltd. 30,000 375,029
Sumitomo Corp. 15,000 167,944
Sumitomo Electric
Industries 10,000 133,153
TDK Corp. 2,000 267,786
Toshiba Corp.* 76,000 736,993
Yamanouchi
Pharmaceutical Co.
Ltd. 9,000 475,518
-----------
14,306,853
-----------
KOREA -- 1.3%
Korea Telecom Corp.
[ADR] 5,000 172,500
Pohang Iron & Steel Co.
Ltd. [ADR] 2,201 46,221
Samsung Electronics Co. 2,500 675,849
Sk Telecom Co. Ltd.* 2,000 53,167
-----------
947,737
-----------
MEXICO -- 2.2%
Fomento Economico
Mexicano SA de CV UBD
Units 39,000 154,331
Grupo Iusacell SA de CV
[ADR]* 4,300 68,531
Grupo Televisa SA [GDR]* 9,300 589,969
Telefonos de Mexico SA
Cl-L [ADR] 13,000 764,562
-----------
1,577,393
-----------
NETHERLANDS -- 6.6%
ABN AMRO Holding NV 2,630 54,283
AKZO Nobel NV 780 32,006
ASM Lithography Holding
NV* 12,570 492,541
CSM NV 4,060 69,924
Equant NV* 2,310 179,240
Fortis (NL) NV 11,050 278,518
Gucci Group NV NY Reg. 435 38,117
ING Groep NV 16,820 919,943
Koninklijke (Royal)
Philips Electronics
NV* 21,400 956,906
KPN NV 2,050 207,075
Royal Dutch Petroleum
Co. 6,960 402,103
TNT Post Group NV 580 12,685
</TABLE>
107
<PAGE> 111
ASMT T. ROWE PRICE
INTERNATIONAL EQUITY PORTFOLIO
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
United Pan-Europe
Communications NV* 5,081 $ 185,342
VNU NV 13,480 722,895
Wolters Kluwer NV 7,050 166,776
-----------
4,718,354
-----------
NEW ZEALAND -- 0.2%
Telecom Corp. of New
Zealand Ltd. 31,000 131,129
-----------
NORWAY -- 0.1%
Orkla ASA Cl-A 6,760 104,648
-----------
PORTUGAL -- 0.1%
Jeronimo Martins SGPS SA 3,713 66,384
-----------
SINGAPORE -- 0.5%
United Overseas Bank
Ltd. 50,008 348,531
-----------
SPAIN -- 2.8%
Banco Bilbao Vizcaya SA 17,950 245,355
Banco Santander Central
Hispano SA 50,032 522,938
Endesa SA 17,400 378,319
Repsol SA 8,773 179,875
Telefonica SA 31,632 705,630
-----------
2,032,117
-----------
SWEDEN -- 3.1%
Atlas Copco AB Cl-B 1,520 34,805
Electrolux AB Cl-B 6,210 105,087
Ericsson, (L.M.)
Telephone Co. Cl-B 10,320 918,721
Hennes & Mauritz AB Cl-B 9,970 265,044
Nordbanken Holding Co.
AB 48,340 305,071
Sandvik AB Cl-B 1,570 37,528
Securitas AB Cl-B 20,195 523,332
-----------
2,189,588
-----------
SWITZERLAND -- 3.8%
ABB AG 2,462 276,898
ABB Ltd.* 1,349 150,681
Adecco SA 860 707,302
Credit Suisse Group 1,460 264,339
Nestle SA 340 600,763
Roche Holding AG 25 261,700
Swisscom AG 223 78,806
UBS AG 1,542 378,670
-----------
2,719,159
-----------
TAIWAN -- 0.2%
Hon Hai Precision
Industry Co. Ltd.
[GDR] 144A* 4,605 128,572
-----------
</TABLE>
<TABLE>
SHARES VALUE
---------------------------------------------------
<CAPTION>
---------------------------------------------------
<S> <C> <C>
UNITED KINGDOM -- 17.2%
Abbey National PLC 7,000 $ 80,125
AstraZeneca Group PLC 10,330 434,660
Baltimore Technologies
PLC* 1,100 111,246
BG Group PLC 5,888 35,289
British Petroleum Co.
PLC 32,000 277,658
Cable & Wireless PLC 53,400 888,245
Cadbury Schweppes PLC 28,300 194,406
Celltech Group PLC* 8,000 131,693
Centrica PLC 11,400 40,672
Compass Group PLC 50,000 712,766
Diageo PLC 35,876 291,641
Electrocomponents PLC 8,000 80,744
GKN PLC 2,000 27,791
Glaxo Wellcome PLC 45,200 1,401,139
Hays PLC 3,600 24,857
Kingfisher PLC 27,000 222,127
Ladbroke Group PLC 14,000 59,040
Marconi PLC 19,100 239,549
Reed International PLC 68,355 475,445
Rio Tinto PLC 19,000 295,825
Royal Bank of Scotland
NY Reg.* 60,960 950,562
Safeway PLC 11,000 37,266
Shell Transport &
Trading Co. PLC 121,000 989,305
Smith, (Davis S.)
Holdings PLC 9,000 19,012
SmithKline Beecham PLC 53,800 739,575
Standard Chartered PLC 17,759 239,265
Tesco PLC 33,200 113,773
Tomkins PLC 60,248 185,959
Unilever PLC 24,714 148,986
United News & Media PLC 10,900 139,350
Vodafone AirTouch PLC 453,292 2,088,922
WPP Group PLC 38,000 614,841
-----------
12,291,734
-----------
TOTAL FOREIGN STOCK
(Cost $56,619,399) 65,510,586
-----------
U.S. STOCK -- 0.6%
ELECTRONIC COMPONENTS & EQUIPMENT
Celestica, Inc.*
(Cost $322,195) 7,862 428,970
-----------
TOTAL INVESTMENTS -- 92.4%
(Cost $56,941,594) 65,939,556
OTHER ASSETS LESS LIABILITIES -- 7.6% 5,433,530
-----------
NET ASSETS -- 100.0% $71,373,086
===========
</TABLE>
Foreign currency exchange contracts outstanding at April 30, 2000:
<TABLE>
<CAPTION>
CONTRACTS IN
SETTLEMENT TO EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE RECEIVE FOR AT VALUE DEPRECIATION
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
05/00 Buy EUR 345,867 $ 325,808 $ 315,717 $10,091
05/00 Buy GBP 480,873 760,678 752,387 8,291
---------- ---------- -------
$1,086,486 $1,068,104 $18,382
========== ========== =======
</TABLE>
108
<PAGE> 112
AMERICAN SKANDIA MASTER TRUST
-------------------------------------------------------
The following is a breakdown of the foreign stock portion of the Portfolio, by
industry classification, as of April 30, 2000. Percentages are based on net
assets.
<TABLE>
<CAPTION>
INDUSTRY
-------------------------------------------
<S> <C>
Advertising 0.9%
Automotive Parts 0.2%
Beverages 0.8%
Broadcasting 1.7%
Building Materials 0.1%
Business Services 1.1%
Chemicals 0.4%
Clothing & Apparel 0.2%
Computer Services & Software 3.1%
Conglomerates 2.0%
Construction 0.3%
Consumer Products & Service 2.3%
Electronic Components & Equipment 11.1%
Entertainment & Leisure 1.3%
Equipment Services 0.4%
Financial -- Bank & Trust 9.9%
Financial Services 3.7%
Food 2.7%
Healthcare Services 0.2%
Hotels & Motels 0.1%
Industrial Products 0.1%
Insurance 3.6%
Internet Services 0.3%
Machinery & Equipment 2.0%
Medical Supplies & Equipment 0.6%
Metals & Mining 0.7%
Office Equipment 1.3%
Oil & Gas 3.0%
Paper & Forest Products 0.2%
Pharmaceuticals 5.6%
Printing & Publishing 3.6%
Real Estate 1.2%
Retail & Merchandising 1.4%
Semiconductors 0.8%
Telecommunications 24.4%
Transportation 0.1%
Utilities 0.4%
-----
TOTAL 91.8%
=====
</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, these securities
amounted to 0.2% of net assets.
See Notes to Financial Statements.
109
<PAGE> 113
ASMT JANUS
CAPITAL GROWTH PORTFOLIO
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 87.7%
ADVERTISING -- 2.8%
DoubleClick, Inc.* 887,060 $ 67,305,678
--------------
AEROSPACE -- 0.1%
General Motors
Corp. Cl-H* 17,930 1,726,883
--------------
BEVERAGES -- 1.1%
Coca-Cola Co. 584,385 27,502,619
--------------
COMPUTER HARDWARE -- 8.3%
Apple Computer,
Inc.* 846,100 104,969,281
Dell Computer
Corp.* 845,540 42,382,693
EMC Corp.* 384,480 53,418,690
--------------
200,770,664
--------------
COMPUTER SERVICES & SOFTWARE -- 18.4%
3Com Corp.* 979,035 38,610,693
Cisco Systems,
Inc.* 2,162,538 149,924,704
Digital Island,
Inc.* 235,285 8,205,564
Inktomi Corp.* 365,035 56,192,575
Intuit, Inc.* 586,775 21,087,227
Microsoft Corp.* 709,470 49,485,533
VERITAS Software
Corp.* 1,166,164 125,089,284
--------------
448,595,580
--------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 10.0%
General Electric
Co. 660,695 103,894,289
Metromedia Fiber
Network, Inc.
Cl-A* 630,350 19,462,056
Texas Instruments,
Inc. 755,080 122,983,655
--------------
246,340,000
--------------
ENTERTAINMENT & LEISURE -- 4.4%
Time Warner, Inc. 1,199,420 107,872,836
--------------
FINANCIAL SERVICES -- 2.5%
Schwab, (Charles)
Corp. 1,362,020 60,609,890
--------------
INSURANCE -- 2.2%
American
International
Group, Inc. 479,100 52,551,281
--------------
INTERNET SERVICES -- 6.5%
America Online,
Inc.* 1,867,745 111,714,498
Yahoo!, Inc.* 355,685 46,327,971
--------------
158,042,469
--------------
</TABLE>
<TABLE>
SHARES VALUE
----------------------------------------------------
<CAPTION>
----------------------------------------------------
<S> <C> <C>
PHARMACEUTICALS -- 4.8%
MedImmune, Inc.* 506,715 $ 81,042,730
Pfizer, Inc. 844,529 35,575,784
--------------
116,618,514
--------------
RESTAURANTS -- 0.8%
McDonald's Corp. 486,505 18,548,003
--------------
RETAIL & MERCHANDISING -- 5.3%
Amazon.com, Inc.* 356,535 19,676,275
Costco Companies,
Inc.* 1,063,275 57,483,305
Home Depot, Inc. 913,460 51,210,851
--------------
128,370,431
--------------
TELECOMMUNICATIONS -- 20.5%
EchoStar
Communications
Corp. Cl-A* 507,300 32,308,669
Level 3
Communications,
Inc.* 581,985 51,796,665
Nextel
Communications,
Inc. Cl-A* 254,680 27,871,543
Nokia Corp. Cl-A
[ADR] 2,610,580 148,476,738
Nortel Networks
Corp. 271,995 30,803,434
Sprint Corp. (PCS
Group)* 1,892,675 104,097,125
Telefonos de Mexico
SA Cl-L [ADR] 179,795 10,574,193
Vodafone AirTouch
PLC [ADR] 1,354,230 63,648,810
WinStar
Communications,
Inc.* 758,525 30,246,184
--------------
499,823,361
--------------
TOTAL COMMON STOCK
(Cost $1,594,434,430) 2,134,678,209
--------------
FOREIGN STOCK -- 1.2%
SEMICONDUCTORS -- 0.1%
Infineon
Technologies
AG -- (DEM)* 44,614 3,040,967
--------------
TELECOMMUNICATIONS -- 1.1%
Vodafone AirTouch
PLC -- (GBP) 5,433,361 25,038,726
--------------
TOTAL FOREIGN STOCK
(Cost $30,386,086) 28,079,693
--------------
</TABLE>
110
<PAGE> 114
AMERICAN SKANDIA MASTER TRUST
<TABLE>
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 8.2%
Federal Home Loan
Bank
5.68%, 05/12/00 $ 10,000 $ 9,982,644
5.77%, 05/26/00 20,000 19,919,861
5.87%, 05/12/00 30,000 29,946,192
5.93%, 07/24/00 25,000 24,654,083
6.02%, 09/15/00 50,000 48,854,528
--------------
133,357,308
--------------
Federal Home Loan
Mortgage Corp.
5.89%, 05/19/00 50,000 49,852,750
--------------
Federal National
Mortgage Assoc.
5.60%, 05/25/00 15,000 14,944,000
--------------
(Cost $198,154,058) 198,154,058
--------------
CORPORATE OBLIGATIONS -- 0.0%
ENTERTAINMENT & LEISURE -- 0.0%
Venetian Casino
Resort LLC
12.25%, 11/15/04 275 269,500
--------------
TELECOMMUNICATIONS -- 0.0%
Lenfest
Communications,
Inc.
7.625%, 02/15/08 140 134,050
8.25%, 02/15/08 175 170,625
--------------
304,675
--------------
TOTAL CORPORATE OBLIGATIONS
(Cost $589,686) 574,175
--------------
</TABLE>
<TABLE>
PAR
(000) VALUE
----------------------------------------------------
<CAPTION>
----------------------------------------------------
PAR
<S> <C> <C>
COMMERCIAL PAPER -- 4.7%
Associates First
Capital Corp.
5.99%, 05/01/00
(Cost $113,200,000) $ 113,200 $ 113,200,000
--------------
<CAPTION>
SHARES
---------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.0%
Temporary
Investment Cash
Fund 43,322 43,322
Temporary
Investment Fund 43,322 43,322
--------------
(Cost $86,644) 86,644
--------------
TOTAL INVESTMENTS -- 101.8%
(Cost $1,936,850,904) 2,474,772,779
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (1.8%) (44,393,773)
--------------
NET ASSETS -- 100.0% $2,430,379,006
==============
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
111
<PAGE> 115
ASMT INVESCO
EQUITY INCOME PORTFOLIO
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 70.7%
ADVERTISING -- 0.9%
Omnicom Group, Inc. 26,000 $ 2,367,625
------------
AEROSPACE -- 3.6%
Boeing Co. 66,000 2,619,375
General Motors Corp.
Cl-H* 26,500 2,552,281
Honeywell
International, Inc. 56,000 3,136,000
Northrop Grumman
Corp. 21,000 1,488,375
------------
9,796,031
------------
AUTOMOBILE MANUFACTURERS -- 0.8%
Ford Motor Co. 39,900 2,182,031
------------
BEVERAGES -- 1.7%
Anheuser-Busch
Companies, Inc. 23,000 1,622,938
Coors, (Adolph) Co.
Cl-B 60,000 3,060,000
------------
4,682,938
------------
BROADCASTING -- 0.7%
AT&T Corp. Liberty
Media Group Cl-A* 36,000 1,797,750
------------
CHEMICALS -- 0.5%
Lyondell Chemical Co. 75,600 1,389,150
------------
COMPUTER SERVICES & SOFTWARE -- 3.3%
Cisco Systems, Inc.* 45,000 3,119,765
Computer Associates
International, Inc. 52,900 2,952,481
I2 Technologies,
Inc.* 12,400 1,602,700
SAP AG [ADR]* 26,500 1,301,813
------------
8,976,759
------------
CONGLOMERATES -- 0.8%
Textron, Inc. 35,400 2,192,588
------------
CONSUMER PRODUCTS & SERVICES -- 1.8%
Colgate-Palmolive Co. 47,500 2,713,438
Gillette Co. 60,000 2,220,000
------------
4,933,438
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 6.0%
General Electric Co. 32,800 5,157,800
KLA-Tencor Corp.* 31,400 2,351,075
Tandy Corp. 80,000 4,560,000
Texas Instruments,
Inc. 25,000 4,071,875
------------
16,140,750
------------
</TABLE>
<TABLE>
SHARES VALUE
----------------------------------------------------
<CAPTION>
----------------------------------------------------
<S> <C> <C>
ENTERTAINMENT & LEISURE -- 0.9%
Harrah's
Entertainment,
Inc.* 60,000 $ 1,233,750
Park Place
Entertainment
Corp.* 82,600 1,058,313
------------
2,292,063
------------
FINANCIAL -- BANK & TRUST -- 6.2%
Bank of America Corp. 40,000 1,960,000
Bank of New York Co.,
Inc. 70,000 2,874,375
Charter One
Financial, Inc. 106,224 2,157,675
Chase Manhattan Corp. 40,000 2,882,500
Morgan, (J.P.) & Co.,
Inc. 20,000 2,567,500
Summit Bancorp 60,000 1,522,500
Wells Fargo & Co. 64,500 2,648,531
------------
16,613,081
------------
FINANCIAL SERVICES -- 2.6%
Citigroup, Inc. 70,000 4,160,625
Morgan Stanley, Dean
Witter & Co. 37,000 2,839,750
------------
7,000,375
------------
FOOD -- 2.6%
General Mills, Inc. 27,300 993,038
Heinz, (H.J.) Co. 44,000 1,496,000
Kellogg Co. 49,000 1,197,438
Quaker Oats Co. 30,000 1,955,624
Tasty Baking Co. 120,000 1,312,500
------------
6,954,600
------------
INSURANCE -- 3.0%
Allmerica Financial
Corp. 70,000 3,788,750
John Hancock
Financial Services,
Inc.* 110,000 2,007,500
MetLife, Inc.* 130,000 2,153,125
Ohio Casualty Corp. 13,000 216,125
------------
8,165,500
------------
MACHINERY & EQUIPMENT -- 0.7%
Illinois Tool Works,
Inc. 30,000 1,921,875
------------
OIL & GAS -- 8.2%
Apache Corp. 67,300 3,259,844
BP Amoco PLC [ADR] 49,200 2,509,200
Exxon Mobil Corp. 60,000 4,661,249
National Fuel Gas Co. 70,000 3,320,625
</TABLE>
112
<PAGE> 116
AMERICAN SKANDIA MASTER TRUST
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
Royal Dutch Petroleum
Co. 40,000 $ 2,295,000
Schlumberger Ltd. 45,000 3,445,312
Unocal Corp. 70,000 2,261,875
------------
21,753,105
------------
PAPER & FOREST PRODUCTS -- 1.6%
Bowater, Inc. 8,000 440,000
Champion
International Corp. 20,800 1,367,600
Weyerhaeuser Co. 47,000 2,511,563
------------
4,319,163
------------
PHARMACEUTICALS -- 6.6%
American Home
Products Corp. 70,000 3,933,125
Genentech, Inc.* 26,100 3,053,700
Incyte
Pharmaceuticals,
Inc.* 10,000 770,000
Merck & Co., Inc. 35,000 2,432,500
Pharmacia Corp. 60,000 2,996,250
Warner-Lambert Co. 40,000 4,552,500
------------
17,738,075
------------
RAILROADS -- 2.5%
Kansas City Southern
Industries, Inc. 80,000 5,750,000
Norfolk Southern
Corp. 50,000 881,250
------------
6,631,250
------------
RETAIL & MERCHANDISING -- 2.4%
Circuit City Stores,
Inc. 55,000 3,234,687
Target Corp. 39,000 2,595,938
Wal-Mart Stores, Inc. 12,000 664,500
------------
6,495,125
------------
SEMICONDUCTORS -- 2.7%
Intel Corp. 31,000 3,931,188
Maxim Integrated
Products, Inc.* 50,000 3,240,625
------------
7,171,813
------------
TELECOMMUNICATIONS -- 8.0%
AT&T Corp. 52,000 2,427,750
Bell Atlantic Corp. 29,700 1,759,725
Cable & Wireless
Communications PLC 50,000 2,468,750
Crown Castle
International
Corp.* 38,500 1,477,438
EchoStar
Communications
Corp. Cl-A* 30,000 1,910,625
</TABLE>
<TABLE>
SHARES VALUE
----------------------------------------------------
<CAPTION>
----------------------------------------------------
<S> <C> <C>
Nortel Networks Corp. 30,000 $ 3,397,500
SBC Communications,
Inc. 79,372 3,477,485
U.S. West, Inc. 60,000 4,271,249
------------
21,190,522
------------
UTILITIES -- 2.6%
Duke Energy Corp. 33,500 1,926,250
Enron Corp. 37,000 2,578,438
Northern States Power
Co. 59,200 1,291,300
Unicom Corp. 33,100 1,315,725
------------
7,111,713
------------
TOTAL COMMON STOCK
(Cost $164,609,518) 189,817,320
------------
PREFERRED STOCK -- 0.6%
TELECOMMUNICATIONS
Cincinnati Bell, Inc.
Cl-B 12.50%* 1,000 1,030,000
Global Crossing
Holdings Ltd.
10.50% [PIK] 5,000 491,250
------------
(Cost $1,596,250) 1,521,250
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
CORPORATE OBLIGATIONS -- 17.2%
ADVERTISING -- 0.1%
MDC Corp., Inc.
10.50%, 12/01/06 $ 250 236,250
------------
AIRLINES -- 0.2%
Delta Air Lines, Inc.
10.375%, 12/15/22 500 555,000
------------
BROADCASTING -- 0.4%
Chancellor Media
Corp.
9.00%, 10/01/08 250 254,375
Chancellor Media
Corp. L.A. Cl-B
8.125%, 12/15/07 800 801,000
------------
1,055,375
------------
BUILDING MATERIALS -- 0.3%
US Home Corp.
8.875%, 02/15/09 250 253,750
USG Corp.
8.50%, 08/01/05 500 504,289
------------
758,039
------------
</TABLE>
113
<PAGE> 117
ASMT INVESCO
EQUITY INCOME PORTFOLIO
<TABLE>
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
CABLE
TELEVISION -- 0.7%
Charter Communication
Holdings LLC
8.625%, 04/01/09 $ 500 $ 439,375
Comcast U.K. Cable
Corp. [STEP]
7.137%, 11/15/07 750 714,375
Telewest
Communications PLC
[STEP]
10.926%, 10/01/07 750 708,750
------------
1,862,500
------------
CHEMICALS -- 0.1%
Equistar Chemicals
L.P.
7.55%, 02/15/26 250 199,063
------------
COMPUTER SERVICES & SOFTWARE -- 0.7%
Juniper Networks,
Inc.
4.75%, 03/15/07 1,500 1,381,875
Splitrock Services,
Inc. Cl-B
11.75%, 07/15/08 500 532,500
------------
1,914,375
------------
ENTERTAINMENT & LEISURE -- 0.2%
Park Place
Entertainment 144A
9.375%, 02/15/07 500 496,250
Time Warner
Entertainment Co.
7.25%, 09/01/08 100 95,375
------------
591,625
------------
FINANCIAL SERVICES -- 0.2%
Associates Corp. of
North America Cl-E
7.375%, 06/11/07 500 490,159
------------
HEALTHCARE SERVICES -- 0.0%
FHP International
Corp.
7.00%, 09/15/03 50 48,813
------------
HOTELS & MOTELS -- 0.1%
Hilton Hotels Corp.
7.20%, 12/15/09 250 218,125
------------
INSURANCE -- 0.3%
Progressive Corp.
6.625%, 03/01/29 500 401,875
The Equitable
Companies, Inc.
9.00%, 12/15/04 500 523,125
------------
925,000
------------
</TABLE>
<TABLE>
PAR
(000) VALUE
----------------------------------------------------
<CAPTION>
----------------------------------------------------
<S> <C> <C>
INTERNET
SERVICES -- 0.2%
Call-Net Enterprises,
Inc. [STEP]
10.80%, 05/15/09 $ 500 $ 182,500
PSINet, Inc. Cl-B
10.00%, 02/15/05 500 445,000
------------
627,500
------------
MACHINERY & EQUIPMENT -- 0.3%
NationsRent, Inc.
10.375%, 12/15/08 500 362,500
United Rentals, Inc.
9.25%, 01/15/09 500 453,750
------------
816,250
------------
OIL & GAS -- 1.1%
Atlantic Richfield
Co.
10.875%, 07/15/05 500 573,125
Canadian Forest Oil
Ltd.
8.75%, 09/15/07 500 468,750
Cliffs Drilling Co.
Cl-B
10.25%, 05/15/03 250 251,250
CMS Panhandle Holding
Co.
6.50%, 07/15/09 500 444,375
Forest Oil Corp.
10.50%, 01/15/06 500 510,000
Gulf Canada Resources
Ltd.
8.25%, 03/15/17 100 91,500
Noram Energy Corp.
[CVT]
6.00%, 03/15/12 400 332,000
Ocean Energy, Inc.
Cl-B
8.875%, 07/15/07 250 248,125
------------
2,919,125
------------
PAPER & FOREST PRODUCTS -- 0.4%
Bowater, Inc.
9.00%, 08/01/09 500 526,875
Chesapeake Corp.
7.20%, 03/15/05 500 458,750
------------
985,625
------------
PHARMACEUTICALS -- 0.1%
McKesson Corp.
4.50%, 03/01/04 200 171,000
------------
TELECOMMUNICATIONS -- 5.0%
Allegiance Telecom,
Inc. Cl-B [STEP]
11.489%, 02/15/08 500 355,000
AT&T Corp.
6.00%, 03/15/09 400 357,500
Centel Capital Corp.
9.00%, 10/15/19 250 271,250
</TABLE>
114
<PAGE> 118
AMERICAN SKANDIA MASTER TRUST
<TABLE>
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
East Telecom Group
PLC
10.023%, 02/01/07
[STEP] $ 500 $ 463,750
11.875%, 12/01/08 250 293,750
Global Crossing
Holdings Ltd.
9.625%, 05/15/08 200 197,000
GTE Corp.
7.90%, 02/01/27 731 691,709
Level 3
Communications,
Inc.
11.00%, 03/15/08
144A 400 389,000
8.55%, 12/01/08
[STEP] 1,000 575,000
Lin Television Co.
8.375%, 03/01/08 250 216,875
McLeodUSA, Inc.
10.633%, 03/01/07
[STEP] 500 400,000
9.50%, 11/01/08 250 241,875
Metromedia Fiber
Network, Inc. Cl-B
10.00%, 11/15/08 750 716,250
MetroNet
Communications
Corp. [STEP]
8.655%, 06/15/08 3,000 2,366,250
NEXTLINK
Communications,
Inc.
12.50%, 04/15/06 750 787,500
9.625%, 10/01/07 250 235,000
11.51%, 04/15/08
[STEP] 250 152,500
Paramount
Communication
8.25%, 08/01/22 700 678,125
Qwest Communications
International, Inc.
Cl-B
7.77%, 02/01/08
[STEP] 800 614,000
7.25%, 11/01/08 250 236,250
RCN Corp.
10.125%, 01/15/10 500 447,500
Renaissance Media
Group [STEP]
9.587%, 04/15/08 598 406,640
Rogers Cantel, Inc.
9.75%, 06/01/16 500 540,000
TCI
Telecommunications,
Inc.
7.875%, 02/15/26 500 495,000
</TABLE>
<TABLE>
PAR
(000) VALUE
----------------------------------------------------
<CAPTION>
----------------------------------------------------
<S> <C> <C>
TeleCommunications,
Inc.
9.80%, 02/01/12 $ 500 $ 568,750
US West
Communications
5.65%, 11/01/04 650 600,956
------------
13,297,430
------------
UTILITIES -- 6.8%
Appalachian Power Co.
8.00%, 06/01/25 500 481,250
Arizona Public
Service Co.
8.00%, 02/01/25 1,000 952,500
Cleveland Electric
Illuminating Co.
7.43%, 11/01/09 250 236,250
9.00%, 07/01/23 250 252,188
Cleveland Electric
Illuminating Co.
Cl-D
7.88%, 11/01/17 500 471,875
Commonwealth Edison
Co.
8.00%, 05/15/08 400 400,500
8.375%, 02/15/23 828 820,755
Consumers Energy Co.
7.375%, 09/15/23 500 450,000
Duquesne Light Co.
7.55%, 06/15/25 1,000 915,000
El Paso Electric Co.
8.90%, 02/01/06 1,000 1,026,249
El Paso Electric Co.
Cl-C
8.25%, 02/01/03 200 200,500
Gulf Power Co.
6.875%, 01/01/26 500 428,750
Gulf States Utilities
8.70%, 04/01/24 250 244,688
Indiana Michigan
Power
8.50%, 12/15/22 1,000 988,749
Jersey Central Power
& Light Co.
7.98%, 02/16/23 500 483,125
7.50%, 05/01/23 500 463,750
Kentucky Utility
Energy Corp.
7.55%, 06/01/25 500 465,000
Metropolitan Edison
Co. Cl-B
8.15%, 01/30/23 75 72,764
New York State
Electric & Gas
Corp.
8.30%, 12/15/22 200 196,750
</TABLE>
115
<PAGE> 119
ASMT INVESCO
EQUITY INCOME PORTFOLIO
<TABLE>
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
Niagra Mohawk Power
Corp.
8.50%, 07/01/23 $ 124 $ 122,605
8.50%, 07/01/23 500 491,875
Niagara Mohawk Power
Corp. Cl-H
7.529%, 07/01/10
[STEP] 1,000 767,500
Potomac Electric
Power
8.50%, 05/15/27 1,000 973,750
Potomic Edison Co.
8.00%, 06/01/24 500 471,875
7.75%, 05/01/25 650 602,063
Public Service Co. of
New Mexico Cl-A
7.10%, 08/01/05 750 719,063
Public Service
Electric & Gas Co.
6.375%, 05/01/08 500 456,250
Public Service of
Colorado
9.875%, 07/01/20 500 523,750
Texas Utilities
8.50%, 08/01/24 500 496,875
7.375%, 10/01/25 500 450,625
Union Electric Co.
8.75%, 12/01/21 750 752,813
8.25%, 10/15/22 1,000 980,756
Western Massachusetts
Electric Co. Cl-V
7.75%, 12/01/02 120 118,481
Wisconsin Electric &
Power
8.375%, 12/02/26 1,000 974,999
------------
18,453,923
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $49,311,731) 46,125,177
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 0.5%
Federal Home Loan
Mortgage Corp.
6.50%, 02/01/30
(Cost $1,394,429) 1,497 1,398,232
------------
U.S. TREASURY OBLIGATIONS -- 3.0%
U.S. Treasury Notes
5.875%, 11/15/04 3,000 2,921,493
5.625%, 05/15/08 4,750 4,518,441
6.00%, 08/15/09 500 489,171
------------
(Cost $8,327,711) 7,929,105
------------
</TABLE>
<TABLE>
PAR
(000) VALUE
----------------------------------------------------
<CAPTION>
----------------------------------------------------
<S> <C> <C>
SOVEREIGN ISSUES -- 0.4%
Resolution Funding
Corp. [ZCB]
6.58%, 04/15/09
(Cost $1,119,432) $ 2,000 $ 1,095,066
------------
COMMERCIAL PAPER -- 4.5%
American Express
Credit Co.
6.02%, 05/05/00 7,000 7,000,000
Heller Financial,
Inc.
6.06%, 05/01/00 5,000 5,000,000
------------
(Cost $12,000,000) 12,000,000
------------
<CAPTION>
SHARES
------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 4.4%
Temporary Investment
Cash Fund 5,958,070 5,958,070
Temporary Investment
Fund 5,958,069 5,958,069
------------
(Cost $11,916,139) 11,916,139
------------
TOTAL INVESTMENTS -- 101.3%
(Cost $250,275,210) 271,802,289
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (1.3%) (3,396,218)
------------
NET ASSETS -- 100.0% $268,406,071
============
</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 0.3% of net assets.
See Notes to Financial Statements.
116
<PAGE> 120
AMERICAN SKANDIA MASTER TRUST
ASMT PIMCO
TOTAL RETURN BOND PORTFOLIO
<TABLE>
<CAPTION>
-----------------------------------------------------
PAR
(000) VALUE
-----------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 33.2%
Federal Home Loan
Mortgage Corp.
6.30%, 06/01/04 $ 3,000 $ 2,886,354
6.50%, 08/15/23-
12/15/23 4,461 4,328,782
------------
7,215,136
------------
Federal National
Mortgage Assoc.
6.023%, 01/01/28
[VR] 227 220,793
6.50%, 05/18/23 2,112 2,064,758
7.00%, 02/15/27 3,742 3,254,717
8.50%, 08/01/24-
12/01/25 763 776,738
------------
6,317,006
------------
Government National
Mortgage Assoc.
6.50%, 05/22/30 22,400 20,982,529
6.875%, 02/01/40-
02/04/40 5,000 4,875,529
7.00%, 11/15/27-
05/22/30 5,160 4,951,156
7.50%, 05/22/30 12,200 11,989,025
------------
42,798,239
------------
Student Loan Marketing
Assoc.
5.349%, 07/25/04
[FRB] 947 941,808
------------
(Cost $58,724,324) 57,272,189
------------
U.S. TREASURY OBLIGATIONS -- 11.2%
U.S. Treasury Bonds
11.25%, 02/15/15 100 146,534
8.75%, 08/15/20 1,300 1,665,286
8.00%, 11/15/21 400 481,690
6.00%, 02/15/26 400 389,724
------------
2,683,234
------------
U.S. Treasury
Inflationary Bonds
3.625%, 07/15/02-
01/15/08 4,409 4,633,046
3.375%, 01/15/07 5,000 5,158,328
3.875%, 01/15/09-
04/15/29 1,803 1,854,266
------------
11,645,640
------------
U.S. Treasury Strips
5.125%, 08/31/00# 565 563,058
6.762%, 05/15/20 1,100 326,134
6.054%, 11/15/21 15,300 4,185,177
------------
5,074,369
------------
(Cost $19,287,973) 19,403,243
------------
</TABLE>
<TABLE>
PAR
(000) VALUE
-----------------------------------------------------
<CAPTION>
-----------------------------------------------------
<S> <C> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS -- 20.1%
Brazo 1998-A Cl-A2
[FRB]
6.77%, 06/01/23 $ 5,000 $ 4,948,874
Centre Series 1999
144A
6.715%, 02/01/09 2,962 2,772,548
Chase Mortgage Finance
Corp. 1995-A Cl-A
6.204%, 04/25/25 1,847 1,869,085
Chase Series 1999-S8
Cl-A1
6.35%, 06/25/29 5,000 4,857,225
Countrywide Home Loans
Series 1998-18
Cl-2A3
6.75%, 11/25/28 1,000 874,709
Federal Housing
Authority
6.68%, 01/01/09 854 797,580
First Plus Home Loan
Trust Series 1998-5
Cl-A3 [VR]
6.06%, 09/10/11 658 656,805
GE Capital Mortgage
Services, Inc.
Series 1999-11 Cl-Y2
6.00%, 05/25/29 3,100 2,989,563
Green Tree Financial
Corp. 1999 Cl-A5
7.86%, 04/01/31 1,400 1,358,623
Morgan Stanley Capital
Corp. Series 1997-H
144A
6.86%, 05/15/06 2,375 2,324,276
Norwest Asset
Securities Corp.
Series 1999-18,
Cl-A2
6.00%, 07/25/29 5,200 4,789,330
Norwest Asset
Securities Corp.
Series 1999-25,
Cl-A4
6.50%, 10/25/29 1,988 1,774,347
PNC Mortgage
Securities Corp.
Series 1998-10,
Cl-1A6
6.50%, 10/25/28 2,000 1,802,222
Prudential Securities
Secured Financing
Co. Series 1999-C2,
Cl-A1
6.955%, 06/15/08 2,883 2,800,019
------------
(Cost $35,728,314) 34,615,206
------------
</TABLE>
117
<PAGE> 121
ASMT PIMCO
TOTAL RETURN BOND PORTFOLIO
<TABLE>
<CAPTION>
-----------------------------------------------------
PAR
(000) VALUE
-----------------------------------------------------
<S> <C> <C>
CORPORATE OBLIGATIONS -- 44.1%
AEROSPACE -- 1.1%
Lockheed Martin Corp.
6.85%, 05/15/01 $ 2,000 $ 1,977,500
------------
AIRLINES -- 1.6%
Continental Airlines,
Inc.
6.954%, 02/02/11 2,898 2,751,991
------------
AUTOMOTIVE PARTS -- 2.7%
TRW, Inc.
6.625%, 06/01/04 5,000 4,712,500
------------
CONGLOMERATES -- 0.6%
Philip Morris
Companies, Inc.
7.625%, 05/15/02 1,000 972,541
------------
CONSUMER PRODUCTS & SERVICES -- 1.2%
Sears Roebuck
Acceptance Corp.
Cl-2
6.86%, 08/06/01 2,000 1,985,000
------------
ENVIRONMENTAL SERVICES -- 2.6%
Waste Management, Inc.
6.50%, 05/14/04 5,000 4,460,000
------------
FINANCIAL -- BANK & TRUST -- 5.6%
Banco Latinamericano
SA 144A
7.639%, 12/10/01 3,000 2,978,850
Bankers Trust Corp.
[FRN]
6.14%, 01/30/02 1,000 1,000,276
PNC Bank Corp. NA
5.948%, 08/15/02 2,800 2,800,860
Popular North America,
Inc. Cl-D
6.625%, 01/15/04 3,000 2,855,214
------------
9,635,200
------------
FINANCIAL SERVICES -- 20.9%
Bear Stearns Co.
6.596%, 03/28/03 1,000 997,847
6.566%, 03/18/05
[VR] 500 500,480
Beneficial Corp. Cl-H
[FRN]
6.28%, 01/09/02 500 500,222
Caterpillar Financial
Services Corp., Inc.
6.30%, 02/11/02
[FRN] 500 500,304
6.875%, 08/01/04 4,000 3,875,000
</TABLE>
<TABLE>
PAR
(000) VALUE
-----------------------------------------------------
<CAPTION>
-----------------------------------------------------
<S> <C> <C>
Cincinnati Financial
Corp.
6.90%, 05/15/28 $ 4,700 $ 4,118,375
DTE Capital Corp. [VR]
144A
7.11%, 11/15/03 3,000 2,872,500
Ford Motor Credit Co.
6.249%, 09/03/01
[FRN] 1,000 1,000,065
6.70%, 07/16/04 2,000 1,925,000
GMAC [FRN]
6.165%, 04/29/02 2,800 2,795,061
Goldman Sachs Group
Cl-A [FRN] 144A
6.39%, 12/07/01 2,000 2,004,802
John Deere Capital
Corp. [FRN]
6.461%, 04/21/03 3,100 3,100,000
Lehman Brothers
Holdings, Inc. [FRN]
6.758%, 05/01/00 800 800,838
6.421%, 09/03/02 1,800 1,784,203
Merrill Lynch & Co.,
Inc. [FRN]
6.73%, 01/11/02 2,000 2,004,796
Morgan Stanley, Dean
Witter & Co. [FRN]
6.327%, 03/11/03 1,000 997,293
New England
Educational Loan
Marketing Assoc.
Cl-B [FRN] 144A
6.31%, 06/11/01 1,000 999,549
Pemex Finance Ltd.
9.69%, 08/15/09 5,000 5,421,499
------------
36,197,834
------------
HEALTHCARE SERVICES -- 2.3%
Columbia HCA
Healthcare Corp.
6.63%, 07/15/45 4,275 4,023,844
------------
INSURANCE -- 0.9%
Gold Eagle Capital
144A
11.453%, 07/17/00 1,500 1,592,550
------------
TELECOMMUNICATIONS -- 1.7%
Cable & Wireless
Communications PLC
6.75%, 12/01/08 2,000 1,977,500
MCI WorldCom, Inc.
6.125%, 08/15/01 1,000 986,250
------------
2,963,750
------------
</TABLE>
118
<PAGE> 122
AMERICAN SKANDIA MASTER TRUST
<TABLE>
<CAPTION>
-----------------------------------------------------
PAR
(000) VALUE
-----------------------------------------------------
<S> <C> <C>
UTILITIES -- 2.9%
Alliant Energy
Resources 144A
7.25%, 02/15/30 $ 10 $ 7,450
Edison Mission Energy
144A [FRN]
6.82%, 06/15/01 3,000 2,999,247
Philippine Long
Distance Telephone
10.50%, 04/15/09 2,000 1,915,000
------------
4,921,697
------------
TOTAL CORPORATE
OBLIGATIONS
(Cost $77,503,597) 76,194,407
------------
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000)
---------
<S> <C> <C>
FOREIGN BONDS -- 3.1%
NEW ZEALAND -- 0.3%
International Bank
Reconstruction &
Development
7.25%, 05/27/03 200 96,461
New Zealand Government
10.00%, 03/15/02 600 306,980
5.50%, 04/15/03 400 186,702
------------
590,143
------------
UNITED KINGDOM -- 2.8%
United Mexican States
8.75%, 05/30/02 3,000 4,719,909
------------
TOTAL FOREIGN BONDS
(Cost $5,252,548) 5,310,052
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
SOVEREIGN ISSUES -- 1.3%
ARGENTINA -- 0.5%
Republic of Argentina
[FRB, BRB]++
11.595%, 04/10/05 $ 1,000 938,751
------------
BRAZIL -- 0.3%
Republic of Brazil
7.00%, 07/03/00 443 442,534
------------
PHILIPPINES -- 0.5%
Republic of
Philippines
9.50%, 10/21/24 859 823,566
------------
TOTAL SOVEREIGN ISSUES
(Cost $2,233,066) 2,204,851
------------
</TABLE>
<TABLE>
PAR
(000) VALUE
-----------------------------------------------------
<CAPTION>
-----------------------------------------------------
<S> <C> <C>
COMMERCIAL PAPER -- 5.9%
Deutsche Bank, Inc.
6.24%, 06/26/00 $ 1,400 $ 1,385,925
DuPont, (E.I.) de
Nemours & Co.
6.03%, 06/07/00 4,300 4,271,911
General Electric
Capital Corp.
6.17%, 07/18/00 2,100 2,070,847
Monsanto Co.
6.05%, 06/14/00 2,100 2,083,495
Procter & Gamble Co.
6.08%, 06/02/00 400 397,795
------------
(Cost $10,213,998) 10,209,973
------------
CERTIFICATES OF DEPOSIT -- 0.6%
Mexico Credit Link
11.818%, 02/22/02
(Cost $1,000,000) 1,000 994,900
------------
<CAPTION>
SHARES
------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 1.2%
Temporary Investment
Cash Fund 1,021,826 1,021,826
Temporary Investment
Fund 1,021,825 1,021,825
------------
(Cost $2,043,651) 2,043,651
------------
TOTAL INVESTMENTS --120.7%
(Cost $211,987,471) 208,248,472
------------
<CAPTION>
NUMBER OF
CONTRACTS
---------
<S> <C> <C>
WRITTEN OPTIONS -- (0.1)%
CALL OPTIONS -- 0.0%
10 Year June U.S.
Treasury Note
Futures, Strike
Price 98, Expires
05/19/00 (11) (2,750)
10 Year June U.S.
Treasury Note
Futures, Strike
Price 99, Expires
05/19/00 (12) (938)
30 Year June U.S.
Treasury Bond
Futures, Strike
Price 100, Expires
05/19/00 (44) (2,062)
30 Year June U.S.
Treasury Bond
Futures, Strike
Price 98, Expires
05/19/00 (2) (626)
March 2001 Eurodollar
Futures, Strike
Price 93.25, Expires
03/19/01 (9) (2,362)
------------
(8,738)
------------
</TABLE>
119
<PAGE> 123
ASMT PIMCO
TOTAL RETURN BOND PORTFOLIO
<TABLE>
<CAPTION>
-----------------------------------------------------
NUMBER OF
CONTRACTS VALUE
-----------------------------------------------------
<S> <C> <C>
PUT OPTIONS -- (0.1)%
10 Year June U.S.
Treasury Note
Futures, Strike
Price 95, Expires
05/19/00 (11) $ (1,375)
10 Year June U.S.
Treasury Note
Futures, Strike
Price 96, Expires
05/19/00 (12) (3,562)
5 Year June U.S.
Treasury Note
Futures, Strike
Price 96, Expires
05/19/00 (62) (3,875)
December Eurodollar
Futures, Strike
Price 93.5, Expires
12/18/00 (94) (191,525)
March 2001 Eurodollar
Futures, Strike
Price 92.75, Expires
03/19/01 (9) (7,875)
------------
(208,212)
------------
TOTAL WRITTEN OPTIONS
(Cost $(171,612)) (216,950)
------------
LIABILITIES IN EXCESS OF
OTHER ASSETS -- (20.6%) (35,481,927)
------------
NET ASSETS -- 100.0% $172,549,595
============
</TABLE>
Foreign currency exchange contracts outstanding at April 30, 2000:
<TABLE>
<CAPTION>
SETTLEMENT CONTRACTS TO IN EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE DELIVER FOR AT VALUE APPRECIATION
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
05/00 Sell GBP 3,060,000 $4,881,434 $4,786,635 $94,799
========== ========== =======
</TABLE>
# Securities with an aggregate market value of $523,031 have been segregated
with the custodian to cover margin requirements for the following open futures
contracts at April 30, 2000:
<TABLE>
<CAPTION>
NOTIONAL UNREALIZED
EXPIRATION AMOUNT APPRECIATION
DESCRIPTION MONTH (000) (DEPRECIATION)
-----------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Treasury 30 Year Bond 06/00 $5,800 $ 50,125
U.S. Treasury 10 Year Note 06/00 4,000 (26,250)
Euro Dollar 03/01 EUR 14,250 (39,800)
--------
$(15,925)
========
</TABLE>
Credit default swap agreements outstanding at April 30, 2000.
<TABLE>
<CAPTION>
NOTIONAL
EXPIRATION AMOUNT UNREALIZED
DESCRIPTION MONTH (000) DEPRECIATION
----------------------------------------------------------------------
<S> <C> <C> <C>
Credit default on Republic of
Argentina Bonds
6.15% 03/01 $300 $15,993
5.70% 03/01 200 9,255
-------
$25,248
=======
</TABLE>
Interest rate swap agreements outstanding at April 30, 2000:
<TABLE>
<CAPTION>
FIXED NOTIONAL
SPREAD EXPIRATION AMOUNT UNREALIZED
DESCRIPTION (%) MONTH (000) APPRECIATION
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Receive the 30-year Swap
Spread and pay a fixed
spread. The 30-year Swap
Spread is the difference
between the 30-year Swap
Rate and the 30-year
Treasury Rate. 1.15 08/00 $100 $ 1,000
=======
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
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 10.8% of net assets.
See Notes to Financial Statements.
120
<PAGE> 124
AMERICAN SKANDIA MASTER TRUST
ASMT JPM
MONEY MARKET PORTFOLIO
<TABLE>
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 2.3%
Federal Home Loan Bank
[FRN]
6.13%, 07/05/00
(Cost $4,998,534) $ 5,000 $ 4,998,534
------------
CERTIFICATES OF DEPOSIT -- 28.1%
Abbey National Treasury
5.22%, 05/11/00 1,500 1,499,980
6.45%, 01/08/01 4,000 3,998,687
6.47%, 01/10/01 2,000 1,999,338
Bayerische Landesbank
NY
5.929%, 05/15/00
[FRN] 1,500 1,499,206
5.875%, 08/04/00 1,000 999,925
6.11%, 10/02/00 3,000 2,997,788
Commerzbank AG NY
6.10%, 05/26/00 3,000 2,999,420
6.049%, 05/28/00 5,000 4,997,969
Credit Commercial de
Belgium
6.70%, 02/26/01 4,000 3,998,435
Deutsche Bank
6.035%, 05/16/00
[FRN] 3,000 2,998,833
6.19%, 12/01/00 5,500 5,497,849
Dresdner Bank NY [FRN]
6.059%, 05/28/00 5,000 4,998,219
Rabobank Nederland NV
6.66%, 03/09/01 1,000 999,594
Suntrust Bank Atlanta
6.24%, 07/06/00 3,000 3,000,000
Suntrust Banks, Inc.
5.98%, 05/12/00 7,000 7,000,000
Union Bank of
Switzerland
6.235%, 12/04/00 5,000 4,997,876
6.39%, 12/21/00 2,500 2,499,237
Westdeutsche Landesbank
NY [FRN]
6.07%, 05/25/00 3,000 2,998,607
------------
(Cost $59,980,963) 59,980,963
------------
CORPORATE OBLIGATIONS -- 43.5%
FINANCIAL -- BANK & TRUST -- 24.1%
American Express
Centurion [FRN]
6.00%, 07/12/00 1,000 999,242
Bank of America [FRN]
6.17%, 05/03/00 5,000 5,000,000
Bank of Austria [FRN]
6.04%, 05/16/00 8,000 7,996,886
Bank of Scotland [FRN]
6.079%, 05/08/00 10,000 9,999,588
Citigroup, Inc. [FRN]
6.096%, 05/04/00 5,000 5,000,000
</TABLE>
<TABLE>
PAR
(000) VALUE
----------------------------------------------------
<CAPTION>
----------------------------------------------------
<S> <C> <C>
Comerica Bank [FRN]
5.911%, 05/15/00 $ 4,000 $ 3,998,222
First Union National
Bank [FRN]
6.18%, 06/16/00++ 3,000 2,999,657
Fleet Financial Group
[FRN]
6.343%, 07/13/00 1,500 1,497,777
National City Bank
6.102%, 05/04/00 5,000 5,000,000
NationsBank Texas Corp.
6.75%, 08/15/00 1,000 1,002,082
PNC Bank Corp. [FRN]
5.939%, 07/12/00++ 3,000 2,999,711
SouthTrust Bank NA
[FRN]
6.10%, 05/24/00++ 5,000 4,998,350
------------
51,491,515
------------
FINANCIAL SERVICES -- 12.1%
AT&T Capital Corp.
6.20%, 07/10/00 3,000 3,005,357
Caterpillar Financial
Services Corp.
6.15%, 09/15/00 3,500 3,500,816
CIT Group, Inc.
6.25%, 05/01/00 3,500 3,473,677
6.10%, 05/15/00 3,000 2,997,909
6.16%, 01/19/01 3,000 2,998,633
General Electric
Capital Corp.
6.221%, 07/07/00 5,000 5,000,000
US Bank NA Minnesota
[FRN]
6.17%, 05/04/00 5,000 4,997,996
------------
25,974,388
------------
INDUSTRIAL -- 6.1%
Diageo Capital PLC
[FRN]
6.105%, 05/24/00 5,000 4,998,995
Ford Motor Credit Co.
[FRN]
6.27%, 06/30/00 5,000 5,000,663
General Motors
Acceptance Corp.
[FRN]
6.37%, 06/30/00 3,000 3,003,981
------------
13,003,639
------------
TELECOMMUNICATIONS -- 1.2%
AT&T Corp. [FRN]
6.24%, 07/13/00++ 2,500 2,499,801
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $92,969,343) 92,969,343
------------
</TABLE>
121
<PAGE> 125
ASMT JPM
MONEY MARKET PORTFOLIO
<TABLE>
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
SOVEREIGN ISSUES -- 7.9%
Province of Manitoba
9.50%, 10/01/00 $ 5,000 $ 5,054,750
Quebec Province
5.93%, 06/15/00 12,000 11,911,050
------------
(Cost $16,965,800) 16,965,800
------------
COMMERCIAL PAPER -- 19.8%
FINANCIAL SERVICES -- 10.0%
Dexia Finance+
6.13%, 06/30/00 7,000 6,928,483
General Electric
Capital Corp.
6.17%, 05/22/00 7,562 7,562,000
Morgan Stanley, Dean
Witter Co.
6.17%, 05/22/00 7,000 6,974,806
------------
21,465,289
------------
INDUSTRIAL -- 4.7%
Ford Motor Credit Co.
6.01%, 05/18/00 5,000 4,985,810
General Motors
Acceptance Corp.
6.06%, 06/02/00 5,000 4,973,067
------------
9,958,877
------------
TELECOMMUNICATIONS -- 5.1%
AT&T Corp.
5.399%, 05/08/00 7,000 6,998,841
Bell South
Telecommunications,
Inc.
6.00%, 05/25/00 4,000 3,984,000
------------
10,982,841
------------
TOTAL COMMERCIAL PAPER
(Cost $42,407,007) 42,407,007
------------
TOTAL INVESTMENTS -- 101.6%
(Cost $217,321,647) 217,321,647
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (1.6%) (3,351,189)
------------
NET ASSETS -- 100.0% $213,970,458
============
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
+ Security is restricted as to resale and may not be resold except to qualified
institutional buyers. At the end of the period, this security amounted to
3.2% of net assets.
++ Maturity date reflects the next interest rate change date.
See Notes to Financial Statements.
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
CVT -- Convertible Security
FDR -- Federal Depositary Receipt
FRB -- Floating Rate Bond(1)
FRN -- Floating Rate Note(1)
GDR -- Global Depositary Receipt
PIK -- Payment in Kind Security
REIT -- Real Estate Investment Trust
STEP -- Stepped Coupon Bond(2)
VR -- Variable Rate Bond(1)
ZCB -- Zero Coupon Bond(2)
COUNTRIES/CURRENCIES:
DEM -- Germany/German Deutschemark
EUR -- Europe/Euro Currency
GBP -- United Kingdom/British Pound
</TABLE>
-------------------------------------------------------
(1) Rates shown for variable and floating rate securities are the coupon rates
as of April 30, 2000.
(2) Rates shown are the effective yields at purchase date.
122
<PAGE> 126
(This page intentionally left blank)
123
<PAGE> 127
APRIL 30, 2000
(UNAUDITED)
STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASMT ASMT ASMT ASMT ASMT
T. ROWE PRICE JANUS INVESCO TOTAL JPM
INTERNATIONAL CAPITAL EQUITY 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) $65,939,556 $2,474,772,779 $271,802,289 $208,248,472 $217,321,647
Collateral Received for
Securities Lent -- 501,213,967 38,528,988 -- --
Cash 6,093,330 55,504 -- 834,410 722
Foreign Currency (B) 80,850 -- -- 161,356 --
Receivable for:
Securities Sold 501 -- 2,327,770 7,412,591 --
Dividends and Interest 170,907 96,581 1,493,228 2,516,198 1,043,920
Contributions by Feeder
Fund 477,492 11,467,320 916,893 669,026 792,451
Unrealized Appreciation on
Foreign Currency Exchange
Contracts -- -- -- 94,799 --
Unrealized Appreciation on
Swap Agreements -- -- -- 1,000 --
Deferred Organization Costs 10,994 10,994 11,118 11,118 11,138
----------- -------------- ------------ ------------ ------------
Total Assets 72,773,630 2,987,617,145 315,080,286 219,948,970 219,169,878
----------- -------------- ------------ ------------ ------------
LIABILITIES:
Cash Overdraft -- -- 4,155,620 -- --
Written Options
Outstanding, at Value -- -- -- 216,950 --
Unrealized Depreciation on
Foreign Currency Exchange
Contracts 18,382 -- -- -- --
Unrealized Depreciation on
Swap Agreements -- -- -- 25,248 --
Payable upon Return of
Securities Lent -- 501,213,967 38,528,988 -- --
Payable to Investment
Manager 83,606 1,929,656 162,653 92,723 79,298
Payable for:
Securities Purchased 1,084,812 52,752,442 3,646,819 46,767,747 5,095,653
Withdrawals by Feeder
Funds 122,441 1,165,854 102,834 158,068 --
Futures Variation Margin -- -- -- 92,187 --
Accrued Expenses and
Other Liabilities 91,303 176,220 77,301 46,452 24,469
----------- -------------- ------------ ------------ ------------
Total Liabilities 1,400,544 557,238,139 46,674,215 47,399,375 5,199,420
----------- -------------- ------------ ------------ ------------
NET ASSETS $71,373,086 $2,430,379,006 $268,406,071 $172,549,595 $213,970,458
=========== ============== ============ ============ ============
(A) Investments at Cost $56,941,594 $1,936,850,904 $250,275,210 $211,815,859 $217,321,647
=========== ============== ============ ============ ============
(B) Foreign Currency at Cost $ 81,089 $ -- $ -- $ 170,531 $ --
=========== ============== ============ ============ ============
</TABLE>
124
<PAGE> 128
AMERICAN SKANDIA MASTER TRUST
FOR THE SIX MONTHS ENDED APRIL 30, 2000
(UNAUDITED)
STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASMT ASMT ASMT ASMT ASMT
T. ROWE PRICE JANUS INVESCO TOTAL JPM
INTERNATIONAL CAPITAL EQUITY RETURN MONEY
EQUITY GROWTH INCOME BOND MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ------------ ----------- ----------- ----------
------------ ------------ ----------- ----------- ----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 140,568 $ 9,797,806 $ 2,258,793 $ 6,223,871 $5,779,980
Dividends 249,391 1,673,890 1,275,121 -- --
Foreign Taxes Withheld (40,690) (13,511) (64,124) (1,970) (20)
---------- ------------ ----------- ----------- ----------
Total Investment Income 349,269 11,458,185 3,469,790 6,221,901 5,779,960
---------- ------------ ----------- ----------- ----------
EXPENSES:
Advisory Fees 270,374 10,015,211 886,057 570,721 530,614
Shareholder Servicing Fees 3,000 3,000 3,000 3,000 3,000
Administration and Accounting Fees 21,598 258,517 106,380 89,677 56,000
Custodian Fees 31,093 99,768 18,656 24,200 15,487
Distribution Fees 4,794 44,179 51,281 -- --
Audit and Legal Fees 698 25,978 3,130 2,347 2,838
Organization Costs 2,595 2,596 2,590 2,589 2,586
Trustees' Fees 547 20,369 2,453 1,838 2,225
Miscellaneous Expenses 15,107 22,989 6,793 5,271 4,130
---------- ------------ ----------- ----------- ----------
Total Expenses 349,806 10,492,607 1,080,340 699,643 616,880
Less: Fees Paid Indirectly (4,794) (44,179) (51,281) -- --
---------- ------------ ----------- ----------- ----------
Net Expenses 345,012 10,448,428 1,029,059 699,643 616,880
---------- ------------ ----------- ----------- ----------
Net Investment Income (Loss) 4,257 1,009,757 2,440,731 5,522,258 5,163,080
---------- ------------ ----------- ----------- ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net Realized Gain (Loss) on:
Securities $ (249,244) $(36,167,187) $ 666,621 $ (993,017) $ 1,331
Futures Contracts -- -- -- (193,510) --
Written Options Contracts -- -- -- 205,941 --
Swap Agreements -- -- -- (30,301) --
Foreign Currency Transactions (87,094) 2,509 -- 230,231 --
---------- ------------ ----------- ----------- ----------
Net Realized Gain (Loss) (336,338) (36,164,678) 666,621 (780,656) 1,331
---------- ------------ ----------- ----------- ----------
Net Change in Unrealized Appreciation
(Depreciation) on:
Securities 4,793,379 282,241,606 8,001,385 (647,248) --
Futures Contracts -- -- -- (55,557) --
Written Options Contracts -- -- -- (172,298) --
Swap Agreements -- -- -- (12,725) --
Translation of Assets and
Liabilities Denominated in
Foreign Currencies (1,623) (9) -- 241 --
---------- ------------ ----------- ----------- ----------
Net Change in Unrealized Appreciation
(Depreciation) 4,791,756 282,241,597 8,001,385 (887,587) --
---------- ------------ ----------- ----------- ----------
Net Gain (Loss) on Investments 4,455,418 246,076,919 8,668,006 (1,668,243) 1,331
---------- ------------ ----------- ----------- ----------
Net Increase (Decrease) in Net Assets
Resulting from Operations $4,459,675 $247,086,676 $11,108,737 $ 3,854,015 $5,164,411
========== ============ =========== =========== ==========
</TABLE>
See Notes to Financial Statements.
125
<PAGE> 129
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, 2000 OCTOBER 31, APRIL 30, 2000 OCTOBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999
-------------- ------------ -------------- --------------
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net Investment Income (Loss) $ 4,257 $ 47,233 $ 1,009,757 $ 827,438
Net Realized Gain (Loss) on Investments (336,338) (426,619) (36,164,678) (53,595,339)
Net Change in Unrealized Appreciation (Depreciation) on
Investments 4,791,756 4,321,537 282,241,597 239,637,126
------------ ------------ -------------- --------------
Net Increase (Decrease) in Net Assets Resulting from
Operations 4,459,675 3,942,151 247,086,676 186,869,225
------------ ------------ -------------- --------------
CAPITAL TRANSACTIONS:
Contributions by Feeder Funds 40,894,159 31,129,167 1,635,490,289 1,150,697,636
Withdrawals by Feeder Funds (10,560,224) (13,512,625) (776,480,621) (167,522,691)
------------ ------------ -------------- --------------
Net Increase in Net Assets from Capital Transactions 30,333,935 17,616,542 859,009,668 983,174,945
------------ ------------ -------------- --------------
Total Increase in Net Assets 34,793,610 21,558,693 1,106,096,344 1,170,044,170
NET ASSETS:
Beginning of Period 36,579,476 15,020,783 1,324,282,662 154,238,492
------------ ------------ -------------- --------------
End of Period $ 71,373,086 $ 36,579,476 $2,430,379,006 $1,324,282,662
============ ============ ============== ==============
</TABLE>
126
<PAGE> 130
--------------------------------------------------------------------------------
AMERICAN SKANDIA MASTER TRUST
<TABLE>
<CAPTION>
ASMT ASMT
INVESCO ASMT 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, 2000 OCTOBER 31, APRIL 30, 2000 OCTOBER 31, APRIL 30, 2000 OCTOBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
-------------- ------------ -------------- ------------ --------------- -------------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS:
Net Investment Income (Loss) $ 2,440,731 $ 2,788,141 $ 5,522,258 $ 6,925,203 $ 5,163,080 $ 4,396,358
Net Realized Gain (Loss) on
Investments 666,621 3,669,326 (780,656) (3,407,117) 1,331 2,986
Net Change in Unrealized
Appreciation (Depreciation)
on Investments 8,001,385 11,102,698 (887,587) (3,235,236) -- --
------------ ------------ ------------ ------------ --------------- -------------
Net Increase (Decrease) in Net
Assets Resulting from
Operations 11,108,737 17,560,165 3,854,015 282,850 5,164,411 4,399,344
------------ ------------ ------------ ------------ --------------- -------------
CAPITAL TRANSACTIONS:
Contributions by Feeder Funds 85,979,851 169,163,603 77,834,976 163,559,170 1,498,172,479 398,826,561
Withdrawals by Feeder Funds (40,701,050) (38,155,462) (85,238,884) (47,117,698) (1,480,450,222) (261,147,912)
------------ ------------ ------------ ------------ --------------- -------------
Net Increase in Net Assets from
Capital Transactions 45,278,801 131,008,141 (7,403,908) 116,441,472 17,722,257 137,678,649
------------ ------------ ------------ ------------ --------------- -------------
Total Increase in Net
Assets 56,387,538 148,568,306 (3,549,893) 116,724,322 22,886,668 142,077,993
NET ASSETS:
Beginning of Period 212,018,533 63,450,227 176,099,488 59,375,166 191,083,790 49,005,797
------------ ------------ ------------ ------------ --------------- -------------
End of Period $268,406,071 $212,018,533 $172,549,595 $176,099,488 $ 213,970,458 $ 191,083,790
============ ============ ============ ============ =============== =============
</TABLE>
See Notes to Financial Statements.
127
<PAGE> 131
SUPPLEMENTAL DATA
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratio of Expenses to
Average Net Assets(4)
---------------------------
Net Assets at Portfolio Net Expenses Before Ratio of Net Investment
Period End of Period Turnover Operating Fees Paid Income (Loss) to
Ended (in 000's) Rate Expenses Indirectly** Average Net Assets(4)
-------- ------------- --------- --------- --------------- -----------------------
<S> <C> <C> <C> <C> <C> <C>
ASMT T. ROWE PRICE
INTERNATIONAL EQUITY PORTFOLIO:
------------------------------------
------------------------------------
04/30/00* $ 71,373 28% 1.28% 1.30% 0.02%
10/31/99 36,579 31% 1.57% 1.58% 0.20%
10/31/98 15,021 20% 2.60% 2.60% (0.67%)
10/31/97(1) 3,497 1% 6.26% 6.26% (3.78%)
ASMT JANUS
CAPITAL GROWTH PORTFOLIO:
------------------------------------
------------------------------------
04/30/00* $2,430,379 10% 1.05% 1.05% 0.10%
10/31/99 1,324,283 47% 1.08% 1.09% 0.12%
10/31/98 154,238 77% 1.27% 1.27% 0.17%
10/31/97(1) 7,983 83% 2.79% 2.79% 0.69%
ASMT INVESCO
EQUITY INCOME PORTFOLIO:
------------------------------------
------------------------------------
04/30/00* $ 268,406 35% 0.87% 0.92% 2.07%
10/31/99 212,019 66% 0.90% 0.93% 2.11%
10/31/98 63,450 70% 1.13% 1.13% 2.11%
10/31/97(2) 6,503 46% 2.66% 2.66% 2.39%
ASMT PIMCO
TOTAL RETURN BOND PORTFOLIO:
------------------------------------
------------------------------------
04/30/00* $ 172,550 101% 0.80% 0.80% 6.29%
10/31/99 176,099 145% 0.81% 0.81% 5.90%
10/31/98 59,375 418% 1.07% 1.07% 5.05%
10/31/97(2) 5,025 93% 2.22% 2.22% 3.51%
ASMT JPM
MONEY MARKET PORTFOLIO:
------------------------------------
------------------------------------
04/30/00* $ 213,970 N/A 0.58% 0.58% 4.86%
10/31/99 191,084 N/A 0.63% 0.63% 4.43%
10/31/98 49,006 N/A 0.72% 0.72% 4.69%
10/31/97(3) 1,995 N/A 3.91% 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.
** Includes commissions received by American Skandia Marketing, Incorporated
under the Trust's Distribution Plan as described in Note 3 to the Financial
Statements.
See Notes to Financial Statements.
128
<PAGE> 132
AMERICAN SKANDIA MASTER TRUST
APRIL 30, 2000
(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, 2000, 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, 2000, 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
129
<PAGE> 133
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.
SWAP AGREEMENTS -- A swap agreement is a two-party contract under which an
agreement is made to exchange returns from predetermined investments or
instruments, including a particular interest rate,
130
<PAGE> 134
AMERICAN SKANDIA MASTER TRUST
foreign currency, or "basket" of securities representing a particular index. The
gross returns to be exchanged or "swapped" between the parties are calculated
based on a "notional amount", which, each business day, is valued to determine
each party's obligation under the contract. Fluctuations in value are recorded
as unrealized gains and losses during the term of the contract.
Commonly used swap agreements include interest rate caps, under which, in
return for a premium, one party agrees to make payments to the other to the
extent that interest rates exceed a specified rate or "cap"; interest rate
floors, under which, in return for a premium, one party agrees to make payments
to the other to the extent that interest rates fall below a specified level or
"floor"; and interest rate collars, under which a party sells a cap and
purchases a floor or vice versa.
Risks could arise from entering into swap agreements from the potential
inability of counterparties to meet the terms of their contracts, and from the
potential inability to enter into a closing transaction. It is possible that
developments in the swaps market, including potential governmental regulation,
could affect the Portfolio's ability to terminate existing swap agreements or to
realize amounts to be received under such agreements.
SECURITIES LOANS -- Each Portfolio may lend securities for the purpose of
realizing additional income. All securities loans are collateralized by cash or
securities issued or guaranteed by the U.S. Government or its agencies. The
value of the collateral is at least equal to the market value of the securities
lent. However, due to market fluctuations, the value of the securities lent may
exceed the value of the collateral. On the next business day the collateral is
adjusted based on the prior day's market fluctuations and the current day's
lending activity.
Interest income from lending activity is determined by the amount of
interest earned on collateral, less any amounts payable to the borrowers of the
securities and the lending agent.
Lending securities involves certain risks, including the risk that the
Portfolio may be delayed or prevented from recovering the collateral if the
borrower fails to return the securities.
At April 30, 2000, securities lending activities are summarized as follows:
<TABLE>
<CAPTION>
MARKET
VALUE
OF SECURITIES MARKET VALUE INCOME FROM
ON LOAN OF COLLATERAL LENDING*
------------- ------------- -----------
<S> <C> <C> <C>
Capital Growth $505,118,249 $501,213,967 $286,400
Equity Income 37,630,274 38,528,988 28,610
</TABLE>
* Income earned for the period is included in interest income on the Statements
of Operations.
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.
131
<PAGE> 135
3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ADVISORY FEES -- 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.
On May 1, 2000, American Century Investment Management, Inc. will become
the Sub-advisor to International Equity and the name of the Portfolio will
change to ASMT American Century International Growth Portfolio ("International
Growth").
MANAGEMENT OF THE TRUST -- 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.
DISTRIBUTOR -- The Trust has adopted a Distribution Plan (the "Plan") under Rule
12b-1 of the Investment Company Act of 1940. The Plan permits American Skandia
Marketing, Incorporated ("ASMI") to receive brokerage commissions in connection
with purchases and sales of securities by the Portfolios, and to use these
commissions to promote the sale of shares of the American Skandia Advisor Funds,
Inc. Under the Plan, securities transactions for a Portfolio may be directed to
certain brokers for execution ("clearing brokers") who have agreed to pay part
of the brokerage commissions received on these transactions to ASMI for
"introducing" transactions to the clearing broker. In turn, ASMI uses the
brokerage commissions received as an introducing broker to pay various
distribution-related expenses, such as advertising, printing of sales materials,
and payments to dealers.
Commissions received by ASMI under the Plan are reflected in the cost of
securities purchased and the proceeds from the sale of securities. These
commissions are shown in the Statements of Operations as "Distribution Fees" and
a corresponding reduction "Fees Paid Indirectly". Net expenses of the Portfolios
are unaffected by these commissions. From November 1, 1999 to April 30, 2000,
commissions received by ASMI totaled $100,254.
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.
132
<PAGE> 136
AMERICAN SKANDIA MASTER TRUST
5. PORTFOLIO SECURITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Purchases and sales of securities, other than U.S. government securities
and short-term obligations, during the period ended April 30, 2000, were as
follows:
<TABLE>
<CAPTION>
PURCHASES SALES
-------------- --------------
<S> <C> <C> <C> <C>
International Equity $ 40,545,116 $ 13,481,208
Capital Growth 1,020,704,951 168,617,432
Equity Income 113,458,061 78,238,837
Total Return Bond 133,058,620 111,068,568
</TABLE>
Purchases and sales of U.S. government securities, during the period ended
April 30, 2000, were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
-------------- --------------
<S> <C> <C> <C> <C>
Equity Income $ 6,611,526 $ 1,584,824
Total Return Bond 97,442,886 84,921,475
</TABLE>
At April 30, 2000, 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 $ 57,022,683 $11,122,313 $ 2,124,590 $ 8,997,723
Capital Growth 1,936,850,904 658,146,613 120,224,738 537,921,875
Equity Income 250,275,210 32,421,319 10,894,240 21,527,079
Total Return Bond 211,986,390 1,046,636 4,840,148 (3,793,512)
Money Market 217,321,647 -- -- --
</TABLE>
6. WRITTEN OPTIONS TRANSACTIONS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Written options transactions, during the period ended April 30, 2000, were
as follows:
<TABLE>
<CAPTION>
TOTAL RETURN BOND
--------------------------
NUMBER OF
CONTRACTS PREMIUM
--------- ---------
<S> <C> <C> <C>
Balance at beginning of period 314 204,067
Written 638 246,558
Expired (613) (226,157)
Exercised -- --
Closed (73) (52,856)
---- ---------
Balance at end of period 266 171,612
==== =========
</TABLE>
At April 30, 2000, Total Return Bond had sufficient cash and/or securities
at least equal to the value of written options.
133
<PAGE> 137
7. LINE OF CREDIT
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
The Portfolios and other affiliated funds participate in a $100 million
unsecured, committed line of credit, provided by a syndication of banks, under a
line of credit agreement. Borrowings may be made for temporary or emergency
purposes, including the meeting of redemption requests that otherwise might
require the untimely disposition of securities. Any borrowings must be repaid
within 30 days of their receipt. Interest is charged to each Portfolio, based on
its borrowings, at a premium above the Federal Funds Rate. In addition, a
commitment fee, equal to an annual rate of .09% of the average daily unused
portion of the line of credit, is allocated among the participants at the end of
each quarter. During the period ended April 30, 2000, there were no borrowings
under the agreement.
134
<PAGE> 138
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:
The Chase Manhattan Bank
New York, NY 11201
Legal Counsel
Stradley, Ronon, Stevens & Young, LLP
Philadelphia, PA 19103
<PAGE> 139
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: (ASAFSEMI0400)
2336
