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[AMERICAN SKANDIA ADVISOR FUNDS LOGO]
American Skandia Advisor Funds, Inc.
ANNUAL REPORT TO SHAREHOLDERS
October 31, 2000
ASAF
AMERICAN SKANDIA ADVISOR FUNDS
[STAR GRAPHICS]
Investment Tools
for Tomorrow
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[AMERICAN SKANDIA ADVISOR FUNDS LOGO]
[STAR GRAPHICS]
Table of Contents
<TABLE>
<S> <S>
AMERICAN SKANDIA ADVISOR FUNDS, INC.
Performance Information ........................................................................ 1
Schedules of Investments ....................................................................... 21
Financial Statements ........................................................................... 84
AMERICAN SKANDIA MASTER TRUST
Schedules of Investments ....................................................................... 135
Financial Statements ........................................................................... 154
</TABLE>
- ASAF Founders International Small Capitalization Fund
- ASAF Janus Small-Cap Growth Fund
- ASAF Gabelli Small-Cap Value Fund
- ASAF American Century Strategic Balanced Fund
- ASAF Federated High Yield Bond Fund
- ASAF Alliance Growth Fund
- ASAF Alliance 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 Sanford Bernstein Managed Index 500 Fund
- ASAF MFS Growth with Income Fund
- ASAF Kemper Small-Cap Growth Fund
- ASAF Alger All-Cap Growth Fund
- ASAF Gabelli All-Cap Value Fund
- ASAF INVESCO Technology Fund
- ASAF Janus Mid-Cap Growth Fund
- ASAF Rydex Managed OTC Fund
- ASAF American Century International Growth Fund
- ASAF Janus Capital Growth Fund
- ASAF INVESCO Equity Income Fund
- ASAF PIMCO Total Return Bond Fund
- ASAF JPM Money Market Fund
<PAGE> 3
October 31, 2000
Dear Fellow Shareholder:
As the year winds down, we can use the clarity of hindsight to reflect on the
choices we've made along the way. Once again, the long-term approach to
investing that's been the basis of American Skandia's business from the
beginning has proven to be a sound choice. And, as markets swung up and down,
our independent management method was also confirmed as a better way to go.
The success of the American Skandia approach led to the addition of five new
funds on September 11, 2000, including ASAF Janus Mid-Cap Growth, and four new
special equity funds: ASAF Rydex Managed OTC, ASAF INVESCO Technology, ASAF
Gabelli All-Cap Value, and ASAF Alger All-Cap Growth. These five new funds
proved popular on their introduction, attracting more than $47 million in
shareholder investments in their initial seven weeks of operations.
It isn't hard to understand why it has become increasingly complex to select
mutual funds. Just look at the numbers. In January 1990, there were 2,712 mutual
fund choices. In December 1999 there were 7,791.* With American Skandia, you
don't have to filter through all those choices. We do it for you by continually
monitoring the mutual fund managers, selecting proven performers in their asset
class and style, and making those fund managers available to you through the
American Skandia Advisor Funds.
Another significant benefit of our independent money manager approach is that
you're never locked in to one particular investment style. You have 17
independent money managers from which to choose, across most asset classes and
styles. They're not just leaders in their field, they use distinctive approaches
to investing in the market, which translates into your having more range.
The formula works. American Skandia Advisor Funds has enjoyed substantial growth
during 2000. As of October 31, 2000, assets of the funds had grown to more than
$6.9 billion. We are very excited about the investment portfolios that we offer.
And we're committed to continuing to enhance one of the strongest lineups of
money managers in the industry.
As always, we value your confidence and welcome any comments or questions you
may have.
Sincerely,
/s/ Wade A. Dokken
WADE A. DOKKEN
Chairman
American Skandia Investment Services, Incorporated
This letter is authorized for use only with shareholders of the American Skandia
Advisor Funds. The American Skandia Advisor Funds are distributed by American
Skandia Marketing, Incorporated, located at One Corporate Drive, Shelton, CT
06484. 1-800-SKANDIA.
Please refer to your prospectus, which contains more complete information on
charges, expenses and risks. It should be read carefully before you invest or
send money.
* Source: Investment Company Institute.
<PAGE> 4
AMERICAN SKANDIA ADVISOR FUNDS, INC.
PERFORMANCE INFORMATION AND COMMENTARY
--------------------------------------------------------------------------------
The following pages present information on the investment performance of
each Fund which had been in operation for at least six months at October 31,
2000, other than the JPM Money Market Fund, including comparisons with relevant
market indexes. Commentary by each Fund's sub-advisor regarding its performance
and relevant market conditions is also provided.
DEFINITIONS OF TERMS
TOTAL RETURN is net of all fund expenses and shows how the value of a
fund's shares changed over time, assuming you held the shares through the entire
period and reinvested all distributions in the fund.
NAV -- Net asset value is the value of a fund's assets, minus its
liabilities, divided by the number of outstanding shares. NAV total returns do
not reflect initial or contingent deferred sales charges.
POP -- Public offering price is the net asset value of a mutual fund share
plus the maximum sales charge levied at the time of purchase. POP total returns
shown for Class A shares reflect the 4.25% maximum sales charge on the Federated
High Yield Bond and PIMCO Total Return Bond Funds, and the 5.75% maximum sales
charge on all other Funds.
CDSC -- Contingent deferred sales charge is a charge applied at the time of
redemption, which declines the longer the shares have been held. CDSC total
returns assume redemption at the end of the period. CDSC total returns for Class
X shares reflect the crediting of bonus shares at the time of purchase.
EXPLANATIONS OF MARKET INDEXES
S&P 500 INDEX -- The Standard & Poor's 500 Index is an unmanaged
capitalization-weighted measure of 500 widely held common stocks listed on the
New York Stock Exchange, American Stock Exchange, and over-the-counter market.
S&P 400 INDEX -- The Standard & Poor's Mid-Cap 400 Index is an unmanaged
capitalization-weighted index of 400 domestic stocks chosen for market size
(median market capitalization of about $1.7 billion as of October 2000).
RUSSELL 2000 INDEX -- The Russell 2000 Index is an unmanaged
capitalization-weighted index which is comprised of 2,000 of the smallest
capitalized U.S. domiciled companies whose common stock is traded in the U.S. on
the New York Stock Exchange, American Stock Exchange, and over-the-counter
market.
ML HIGH YIELD INDEX -- The Merrill Lynch High Yield Index is an unmanaged
index of publicly traded non-convertible U.S. bonds rated below investment
grade.
LB AGGREGATE INDEX -- The Lehman Brothers Aggregate Bond Index is an
unmanaged capitalization-weighted measure of treasury issues, agency issues,
corporate bond issues and mortgage securities.
MSCI EAFE INDEX -- The Morgan Stanley Capital International Europe,
Australasia, Far East Index is an unmanaged capitalization-weighted index
generally accepted as a benchmark for major overseas markets.
BLENDED INDEX -- The Blended Index is calculated by weighting the S&P 500
Index at 60% and the Lehman Brothers Government/Corporate Bond Index at 40%. The
Lehman Brothers Government/ Corporate Bond Index is an unmanaged index comprised
of intermediate and long-term government and investment grade corporate debt
securities.
All index returns assume reinvestment of dividends and, unlike Fund
returns, do not reflect any fees or expenses. It is not possible to invest
directly in an index.
1
<PAGE> 5
ASAF FOUNDERS INTERNATIONAL
SMALL CAPITALIZATION FUND
--------------------------------------------------------------------------------
For the fiscal year ended October 31, 2000, the ASAF Founders International
Small Capitalization Fund's Class A shares had a NAV total return of 22.04%,
compared to the unmanaged MSCI EAFE Index's decline of -2.90%.
Significant macroeconomic events during the period between November 1, 1999 and
October 31, 2000 -- such as the highly scrutinized NASDAQ's erratic behavior and
a hefty rise in oil prices -- helped trigger a sharp swing from investor
confidence to widespread uncertainty. Before this swing, the Fund benefited in
late 1999 and early 2000 from exceptionally strong stock performance, most
notably from growth companies representing the Technology sector. Japanese and
other Asian companies were particularly strong contributors. However, by
mid-March investors began questioning the valuations of many technology
companies, choosing to gravitate toward large companies with high liquidity
rather than stay in the more volatile international small-cap arena.
Furthermore, the euro's weakness resulted in declining rates of return when
converting the euro assets in the Fund into U.S. dollars and the Japanese market
lost ground even after it appeared to have reached bottom. The very types of
companies that aided the Fund's performance prior to March -- namely technology
and Japanese firms -- proved burdensome as the markets spiraled downward.
In response, Founders has been reducing the Fund's positions in technology and
pursuing more attractive opportunities elsewhere. For example, the world's
voracious appetite for energy shows no signs of weakening at this juncture, and
therefore Founders has added to the Fund's positions in the Oil Services sector.
Healthcare stocks are also showing strong long-term growth potential, due in
large part to the aging of the world's population. Meanwhile, Founders remains
dedicated to its bottom-up approach, which it continues to apply during these
volatile times.
Comparison of Change in the Value of a $10,000 Investment
<TABLE>
<CAPTION>
FUND'S CLASS A SHARES AT POP MSCI EAFE INDEX
---------------------------- ---------------
<S> <C> <C>
7/28/97 9425.00 10000.00
10/31/97 9302.00 9020.00
10/31/98 9704.00 9890.00
10/31/99 12813.00 12169.00
10/31/00 15637.00 11819.00
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS THROUGH OCTOBER 31, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS X
-------------------------------------------------------------------------------------------------------
NAV POP NAV CDSC NAV CDSC NAV CDSC
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
1 YEAR 22.04% 15.00% 21.47% 15.47% 21.10% 20.10% 21.34% 18.45%
-----------------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION
ON 7/28/97 16.78% 14.68% 16.22% 15.56% 16.09% 16.09% 16.18% 16.20%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
All performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Investment return and principal
value will fluctuate, so an investor's shares, when redeemed, may be worth more
or less than when purchased. Total returns were higher due to maintenance of the
Fund's expenses by the Investment Manager (see Financial Highlights).
2
<PAGE> 6
AMERICAN SKANDIA ADVISOR FUNDS, INC.
ASAF JANUS
SMALL-CAP GROWTH FUND
--------------------------------------------------------------------------------
For the fiscal year ended October 31, 2000, the ASAF Janus Small-Cap Growth
Fund's Class A shares had a NAV total return of 1.69%, compared to a return of
17.40% for the unmanaged Russell 2000 Index.
After finishing 1999 on a high note, stock markets turned south in 2000.
Interest rate fears, concerns over soft corporate earnings and worries about
stock market valuations, combined to increase investor uncertainty and undermine
the market's positive momentum. As investors' risk aversion increased, many of
the Fund's holdings lost significant value and have yet to rebound, resulting in
the disappointing performance for the fiscal year.
Perhaps no sector was harder hit than business-to-consumer (B2C) Internet
stocks. Fortunately, Janus significantly reduced the Fund's exposure to B2C
Internet stocks early in the period, avoiding much of the carnage in that
sector. However, the Fund's media stocks -- particularly radio holdings such as
Radio One and Westwood One -- were indirectly victimized by the dot-com washout,
when previously free-spending Internet companies suddenly cut their advertising
budgets. Meanwhile, many of the Fund's holdings performed exceptionally well,
notably business-to-business (B2B) Internet stocks such as PurchasePro and
Commerce One.
Janus remains optimistic about the prospects for the Fund's holdings. Although
they believe volatility in the broader market will likely intensify, as
investors reevaluate the prospects of their holdings against a backdrop of a
moderating economy, Janus' research suggests the fundamentals of the Fund's
holdings remain widely underappreciated and that they possess attractive
potential over the next three to five years.
Comparison of Change in the Value of a $10,000 Investment
<TABLE>
<CAPTION>
FUND'S CLASS A SHARES AT POP RUSSELL 2000 INDEX
---------------------------- ------------------
<S> <C> <C>
7/28/97 9425.00 10000.00
10/31/97 9368.00 10496.00
10/31/98 8577.00 9252.00
10/31/99 16107.00 10818.00
10/31/00 16379.00 12697.00
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS THROUGH OCTOBER 31, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS X
-------------------------------------------------------------------------------------------------------
NAV POP NAV CDSC NAV CDSC NAV CDSC
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
1 YEAR 1.69% -4.15% 1.29% -4.65% 1.23% 0.23% 1.17% -2.24%
-----------------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION
ON 7/28/97 18.45% 16.32% 17.89% 17.25% 17.91% 17.91% 17.89% 17.95%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
All performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Investment return and principal
value will fluctuate, so an investor's shares, when redeemed, may be worth more
or less than when purchased. Total returns were higher due to maintenance of the
Fund's expenses by the Investment Manager (see Financial Highlights).
3
<PAGE> 7
ASAF GABELLI SMALL-CAP VALUE FUND
(Formerly the ASAF T. Rowe Price Small Company Value Fund)
--------------------------------------------------------------------------------
For the fiscal year ended October 31, 2000, the ASAF Gabelli Small-Cap Value
Fund's Class A shares had a NAV total return of 21.99%, compared with a return
of 17.40% for the unmanaged Russell 2000 Index.
Gabelli Asset Management Company replaced T. Rowe Price as sub-advisor to the
Fund on September 11, 2000 and the name of the Fund changed to the ASAF Gabelli
Small-Cap Value Fund. During the first seven weeks under Gabelli's management,
the Fund's holdings were substantially repositioned to reflect their
fundamental, bottoms-up, buy and hold investment style.
Gabelli views the small capitalization market as a research driven, stock
picker's paradise. Unlike the large-cap market, where most companies are already
followed by dozens of Wall Street analysts, the small-cap market is largely
unclaimed territory. Gabelli's analysts do in-depth research on small companies
largely ignored by Wall Street analysts, seeking companies having a strong or
dominant market share, a niche franchise in a growing and/or consolidating
industry, and a shareholder-sensitive management team.
Small-cap stocks have performed relatively well in this erratic market. Gabelli
believes this reflects investor recognition of the attractive fundamentals in
this sector. Due to economic and political crosscurrents, the outlook for the
broad market is even more cloudy than usual. However, Gabelli believes
disciplined small-cap value investing can produce solid returns.
[LINE GRAPH]
Comparison of Change in the Value of a $10,000 Investment
<TABLE>
<CAPTION>
FUND'S CLASS A SHARES AT POP RUSSELL 2000 INDEX
---------------------------- ------------------
<S> <C> <C>
7/28/97 9425.00 10000.00
10/31/97 9859.00 10496.00
10/31/98 8367.00 9252.00
10/31/99 8439.00 10818.00
10/31/00 10295.00 12697.00
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS THROUGH OCTOBER 31, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS X
-------------------------------------------------------------------------------------------------------
NAV POP NAV CDSC NAV CDSC NAV CDSC
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
1 YEAR 21.99% 15.02% 21.45% 15.45% 21.34% 20.34% 21.57% 18.60%
-----------------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION
ON 7/28/97 2.74% 0.89% 2.23% 1.35% 2.20% 2.20% 2.26% 1.88%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
All performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Investment return and principal
value will fluctuate, so an investor's shares, when redeemed, may be worth more
or less than when purchased. Total returns were higher due to maintenance of the
Fund's expenses by the Investment Manager (see Financial Highlights).
4
<PAGE> 8
AMERICAN SKANDIA ADVISOR FUNDS, INC.
ASAF AMERICAN CENTURY
STRATEGIC BALANCED FUND
--------------------------------------------------------------------------------
The ASAF American Century Strategic Balanced Fund's Class A shares had a NAV
total return of 4.87% for the fiscal year ended October 31, 2000, compared to a
return of 6.49% for the unmanaged blended benchmark index (60% S&P 500 Index,
40% Lehman Brothers Government/Corporate Bond Index).
The return of the equity portion of the Fund trailed the S&P 500 Index. The
Fund's orientation toward growth stocks contributed to its lagging performance.
American Century's stock selection process for the Fund emphasizes growth
measures, such as earnings growth and earnings surprises. This is taken a step
further when it comes to technology stocks -- growth measures are almost
exclusively used when evaluating companies in this sector. This approach was
beneficial in the first half of the period, when growth stocks were the market
leaders, but much less successful in the last six months, when growth shares
fell out of favor and value stocks performed the best. For the entire fiscal
year, the S&P 500/ BARRA Value Index returned 9.68%, while the S&P 500/BARRA
Growth Index returned 2.07%. However, American Century's stock-picking approach
also incorporates value measures, such as price/earnings and price/book ratios,
so the Fund had some exposure to value stocks.
The return of the Lehman Brothers Government/Corporate Bond Index also edged out
the return on the fixed income portion of the Fund during the 12-month period.
The difference was due, in part, to sector allocation -- compared with the
Index, the Fund was slightly underweight Treasuries and overweight corporates
for the entire period, and Treasuries handily outperformed corporates.
[LINE GRAPH]
Comparison of Change in the Value of a $10,000 Investment
<TABLE>
<CAPTION>
FUND'S CLASS A SHARES AT POP BLENDED INDEX
---------------------------- -------------
<S> <C> <C>
7/28/97 9425.00 10000.00
10/31/97 9416.00 9860.00
10/31/98 10350.00 11621.00
10/31/99 12327.00 13305.00
10/31/00 12917.00 14168.00
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS THROUGH OCTOBER 31, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS X
-------------------------------------------------------------------------------------------------------
NAV POP NAV CDSC NAV CDSC NAV CDSC
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
1 YEAR 4.87% -1.21% 4.27% -1.73% 4.35% 3.35% 4.27% 0.88%
-----------------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION
ON 7/28/97 10.14% 8.16% 9.55% 8.79% 9.55% 9.55% 9.52% 9.36%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
All performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Investment return and principal
value will fluctuate, so an investor's shares, when redeemed, may be worth more
or less than when purchased. Total returns were higher due to maintenance of the
Fund's expenses by the Investment Manager (see Financial Highlights).
5
<PAGE> 9
ASAF FEDERATED HIGH
YIELD BOND FUND
--------------------------------------------------------------------------------
The ASAF Federated High Yield Bond Fund's Class A shares had a NAV total return
of -3.20% for the fiscal year ended October 31, 2000, compared to a return of
-1.17% for the unmanaged Merrill Lynch High Yield Index.
The high yield market, as well as the Fund, has been negatively impacted by four
main factors. Default rates for high yield bonds have risen substantially
compared to the last several years; mutual funds have experienced substantial
outflows over the past year putting consistent selling pressure on the market;
equity values have declined dramatically since early 2000 peaks, especially in
the Telecommunications sector, impacting the bonds of those companies; and the
slowing of the U.S. economy late in the period has increased the risk of
recession. These factors caused the high yield market to substantially
underperform investment grade bonds.
The Fund underperformed the Index for several reasons. The Fund was overweight
the B-rated sector and underweight the BB-rated sector relative to the Index. In
a period of widening credit spreads, BB-rated paper substantially outperformed
B-rated paper. The Fund was underweight the Homebuilding, Gaming and Energy
sectors, which outperformed the overall market. Finally, the Fund has
substantial exposure to the zero coupon step-up segment of the market which
underperformed given volatile market conditions. The Index does not contain
these types of securities. Offsetting some of the negatives, the Fund had
several issuers such as Verio, Voicestream, R&B Falcon, International Home Foods
and Triarc, which were acquired or announced plans to be acquired causing their
bond prices to substantially outperform the overall market.
[LINE GRAPH]
Comparison of Change in the Value of a $10,000 Investment
<TABLE>
<CAPTION>
FUND'S CLASS A SHARES AT POP ML HIGH YIELD INDEX
---------------------------- -------------------
<S> <C> <C>
7/28/97 9575.00 10000.00
10/31/97 9554.00 10215.00
10/31/98 9714.00 10318.00
10/31/99 10267.00 10825.00
10/31/00 9943.00 10697.00
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS THROUGH OCTOBER 31, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS X
-------------------------------------------------------------------------------------------------------
NAV POP NAV CDSC NAV CDSC NAV CDSC
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
1 YEAR -3.20% -7.36% -3.68% -8.95% -3.68% -4.56% -3.80% -6.66%
-----------------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION
ON 7/28/97 1.15% -0.18% 0.66% -0.08% 0.64% 0.64% 0.63% 0.44%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
All performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Investment return and principal
value will fluctuate, so an investor's shares, when redeemed, may be worth more
or less than when purchased. Total returns were higher due to maintenance of the
Fund's expenses by the Investment Manager (see Financial Highlights).
6
<PAGE> 10
AMERICAN SKANDIA ADVISOR FUNDS, INC.
ASAF ALLIANCE GROWTH FUND
(Formerly the ASAF Oppenheimer Large-Cap Growth Fund)
--------------------------------------------------------------------------------
For the fiscal year ended October 31, 2000, the ASAF Alliance Growth Fund's
Class A shares had a NAV total return of 19.38%, compared to a return of 6.08%
for the unmanaged S&P 500 Index.
On May 1, 2000, Alliance Capital Management replaced OppenheimerFunds, Inc. as
the Fund's sub-advisor and the name of the Fund changed to the ASAF Alliance
Growth Fund.
During the period, stock market volatility was high due to a lack of visibility
regarding the extent of the economic slowdown and its impact on corporate
profits. The sell-off in the Technology sector, which began in March, continued
as bellwether companies including Nokia, Intel and Dell issued profit warnings.
Despite slower economic growth and decelerating profit growth, Alliance believes
the prospective earnings growth for the companies in the Fund remains very
attractive on a relative basis. They remain focused on a relatively concentrated
list of high quality growth stocks that they believe will continue to generate
superior investment returns.
Comparison of Change in the Value of a $10,000 Investment
<TABLE>
<CAPTION>
FUND'S CLASS A SHARES AT POP S&P 500 INDEX
---------------------------- -------------
<S> <C> <C>
12/31/97 9425.00 10000.00
10/31/98 9840.00 11463.00
10/31/99 12856.00 14405.00
10/31/00 15357.00 15280.00
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS THROUGH OCTOBER 31, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS X
-------------------------------------------------------------------------------------------------------
NAV POP NAV CDSC NAV CDSC NAV CDSC
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
1 YEAR 19.38% 12.60% 18.84% 12.84% 18.82% 17.82% 18.89% 15.87%
-----------------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION
ON 12/31/97 18.79% 16.33% 18.29% 17.25% 18.16% 18.16% 18.19% 18.19%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
All performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Investment return and principal
value will fluctuate, so an investor's shares, when redeemed, may be worth more
or less than when purchased. Total returns were higher due to maintenance of the
Fund's expenses by the Investment Manager (see Financial Highlights).
7
<PAGE> 11
ASAF ALLIANCE GROWTH AND INCOME FUND
(Formerly the ASAF Lord Abbett Growth and Income Fund)
--------------------------------------------------------------------------------
The ASAF Alliance Growth and Income Fund's Class A shares had a NAV total return
of 11.60% for the fiscal year ended October 31, 2000, as compared to a return of
6.08% for the unmanaged S&P 500 Index.
On May 1, 2000 Alliance Capital Management replaced Lord Abbett as the Fund's
sub-advisor and the name of the Fund changed to the ASAF Alliance Growth and
Income Fund.
The Fund's performance has benefited from the market's heightened sensitivity to
risk, and subsequent rotation into more conservatively valued investments, as
well as good stock selection. The proclivity of Alliance's stock model to
identify good businesses at cheap prices has been the right recipe for success
in this unstable market. Areas of particularly good success included stable
demand companies.
Alliance takes comfort in the notion that the laws of financial gravity have not
been repealed. Through October, "new paradigm" pundits have been savaged this
year as corrective forces have taken hold on the speculative valuations that had
become the norm of the past few years. As has been the pattern of history many
times over, high valuations are representative of high expectations which often
times, prove impossible to achieve.
Comparison of Change in the Value of a $10,000 Investment
<TABLE>
<CAPTION>
FUND'S CLASS A SHARES AT POP S&P 500 INDEX
---------------------------- -------------
<S> <C> <C>
12/31/97 9425.00 10000.00
10/31/98 9942.00 11463.00
10/31/99 11704.00 14405.00
10/31/00 13061.00 15280.00
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS THROUGH OCTOBER 31, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS X
-------------------------------------------------------------------------------------------------------
NAV POP NAV CDSC NAV CDSC NAV CDSC
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
1 YEAR 11.60% 5.20% 11.12% 5.12% 11.05% 10.05% 11.06% 7.83%
-----------------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION
ON 12/31/97 12.19% 9.88% 11.74% 10.58% 11.68% 11.68% 11.65% 11.48%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
All performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Investment return and principal
value will fluctuate, so an investor's shares, when redeemed, may be worth more
or less than when purchased. Total returns were higher due to maintenance of the
Fund's expenses by the Investment Manager (see Financial Highlights).
8
<PAGE> 12
AMERICAN SKANDIA ADVISOR FUNDS, INC.
ASAF JANUS OVERSEAS
GROWTH FUND
--------------------------------------------------------------------------------
For the fiscal year ended October 31, 1999, the ASAF Janus Overseas Growth
Fund's Class A shares had a NAV total return of 22.92%, compared to a return of
-2.90% for the unmanaged MSCI EAFE Index.
Rising energy prices, higher interest rates and fears that a slowdown in the
U.S. economy would pressure corporate earnings kept a lid on equities during the
year. While most European markets ended the period mixed, dollar-based returns
were lower due to the decline of the euro. Japanese stocks mirrored the
country's still-sluggish economy, while among emerging markets, Asian stocks
were notably poor performers with some, such as South Korean issues, trading
near lows touched during the 1998 Asian crisis.
While many of the fast-growing sectors in which the Fund was invested were hit
hard, a number of the Fund's companies held up well. Examples included optical
component manufacturer Furukawa Electric of Japan and Israel's Check Point
Software, which is rapidly emerging as a leader in Internet security. At the
same time, the Fund's wireless positions traded to a mixed finish. Many of the
wireless-related companies gained substantially during the first few months of
the period, only to be hit hard by concerns that the industry's outstanding
growth rate was slowing.
Janus believes its success, during what proved to be an extremely volatile year,
stands as evidence of the validity of their research-intense, company-by-company
approach. During periods of extreme market volatility their strategy has been to
remain highly selective in choosing stocks, while paying increasingly close
attention to valuation and the underlying business fundamentals of the Fund's
investments.
[LINE GRAPH]
Comparison of Change in the Value of a $10,000 Investment
<TABLE>
<CAPTION>
FUND'S CLASS A SHARES AT POP MSCI EAFE INDEX
---------------------------- ---------------
<S> <C> <C>
12/31/97 9425.00 10000.00
10/31/98 9943.00 10982.00
10/31/99 13242.00 13511.00
10/31/00 16277.00 13117.00
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS THROUGH OCTOBER 31, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS X
-------------------------------------------------------------------------------------------------------
NAV POP NAV CDSC NAV CDSC NAV CDSC
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
1 YEAR 22.92% 15.83% 22.25% 16.25% 22.29% 21.29% 22.34% 19.40%
-----------------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION
ON 12/31/97 21.25% 18.74% 20.65% 19.65% 20.73% 20.73% 20.65% 20.72%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
All performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Investment return and principal
value will fluctuate, so an investor's shares, when redeemed, may be worth more
or less than when purchased. Total returns were higher due to maintenance of the
Fund's expenses by the Investment Manager (see Financial Highlights).
9
<PAGE> 13
ASAF MARSICO CAPITAL
GROWTH FUND
--------------------------------------------------------------------------------
The ASAF Marsico Capital Growth Fund's Class A shares had a NAV total return of
9.47% for the fiscal year ended October 31, 2000, compared with a return of
6.08% for the unmanaged S&P 500 Index.
The U.S. stock market has experienced significant fluctuations over the last
year. At times, the market seemed to make major moves based on hard news, such
as cyclically rising interest rates, higher energy prices, or a corporation's
earnings announcement. However, the market also -- at times to a disconcerting
degree -- seemed to trade based on short-term sentiment or perception, thereby
creating a high degree of volatility that affected most of the market.
Performance early in the fiscal year was buoyed by the Fund's technology-related
holdings, such as QUALCOMM, EMC Corporation, Cisco Systems and Sun Microsystems,
as well as a diverse group of companies including Citigroup, Time Warner, and
Genentech. The second fiscal quarter was characterized by a high degree of
downside volatility, particularly in March. Some of the Fund's holdings in the
Technology sector were able to produce solid returns for the quarter as a whole,
while others (notably Lucent Technologies, QUALCOMM, and Dell Computer)
struggled.
Over the latter half of the year, Marsico implemented a number of changes to the
Fund's holdings. In general, they took these steps to attempt to add more
balance to the Fund, as well as to strategically reposition the Fund for the
possibility of a slower-growth economic environment. They reduced a number of
higher multiple stock positions, generally in the technology-related area,
increased positions in the Financial Services sector, and added selectively to
health care and consumer-related companies.
Comparison of Change in the Value of a $10,000 Investment
<TABLE>
<CAPTION>
FUND'S CLASS A SHARES AT POP S&P 500 INDEX
---------------------------- -------------
<S> <C> <C>
8/19/98 9425.00 10000.00
10/31/98 9538.00 10010.00
10/31/99 13752.00 12620.00
10/31/00 15045.00 13392.00
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS THROUGH OCTOBER 31, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS X
-------------------------------------------------------------------------------------------------------
NAV POP NAV CDSC NAV CDSC NAV CDSC
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
1 YEAR 9.47% 3.10% 8.89% 2.89% 8.90% 7.83% 8.83% 5.48%
-----------------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION
ON 8/19/98 23.65% 20.37% 23.08% 21.66% 22.97% 22.97% 22.94% 22.92%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
All performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Investment return and principal
value will fluctuate, so an investor's shares, when redeemed, may be worth more
or less than when purchased. Total returns were higher due to maintenance of the
Fund's expenses by the Investment Manager (see Financial Highlights).
10
<PAGE> 14
AMERICAN SKANDIA ADVISOR FUNDS, INC.
ASAF NEUBERGER BERMAN
MID-CAP GROWTH FUND
--------------------------------------------------------------------------------
For the fiscal year ended October 31, 2000, the ASAF Neuberger Berman Mid-Cap
Growth Fund's Class A shares had a NAV total return of 48.21%, outperforming the
unmanaged S&P 400 Index, which returned 31.63%.
Mid-cap stocks excelled in fiscal 2000, particularly mid-cap growth stocks. The
unmanaged S&P Mid-Cap 400/BARRA Growth Index returned 43.00% for the period.
Even after this exceptional year, Neuberger Berman believes mid-cap stocks
remain fundamentally attractive relative to large-cap stocks. Earnings growth
rates are materially higher and valuations are still significantly lower. They
believe merger and acquisition activity affirms there is still great value to be
found in the mid-cap arena.
Technology investments strongly contributed to the Fund's performance during the
period, led by positions in PMC Sierra, Veritas Software, and Network Appliance.
Neuberger Berman's strategy of investing in profitable Internet infrastructure
companies, rather than profitless "dot.coms," helped generate impressive
absolute and relative returns. The Fund's healthcare holdings performed well,
led by PE Biosystems, a manufacturer of gene sequencing equipment for genomic
research. Fears of slowing consumer spending had a negative impact on the Fund's
holdings in the Consumer Cyclical sector, which detracted from the overall
performance of the Fund.
Comparison of Change in the Value of a $10,000 Investment
<TABLE>
<CAPTION>
FUND'S CLASS A SHARES AT POP S&P 400 INDEX
---------------------------- -------------
<S> <C> <C>
8/19/98 9425.00 10000.00
10/31/98 11122.00 9997.00
10/31/99 15440.00 12082.00
10/31/00 22884.00 15902.00
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS THROUGH OCTOBER 31, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS X
-------------------------------------------------------------------------------------------------------
NAV POP NAV CDSC NAV CDSC NAV CDSC
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
1 YEAR 48.21% 39.69% 47.52% 41.52% 47.58% 46.58% 47.46% 45.14%
-----------------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION
ON 8/19/98 49.59% 45.62% 48.85% 47.72% 48.88% 48.88% 48.82% 49.39%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
All performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Investment return and principal
value will fluctuate, so an investor's shares, when redeemed, may be worth more
or less than when purchased. Total returns were higher due to maintenance of the
Fund's expenses by the Investment Manager (see Financial Highlights).
11
<PAGE> 15
ASAF NEUBERGER BERMAN
MID-CAP VALUE FUND
--------------------------------------------------------------------------------
The Class A shares of the ASAF Neuberger Berman Mid-Cap Value Fund had a NAV
total return of 30.46% for the fiscal year ended October 31, 2000. This compares
to a 31.63% return for the unmanaged S&P 400 Index.
The Fund handily outperformed the unmanaged S&P Mid-Cap 400/BARRA Value Index,
which returned 21.82%. Midway through the period, investors started to seek out
more reasonably valued stocks as the Technology sector experienced sizeable
declines. The Federal Reserve's series of interest rate hikes began to raise
concerns over an economic slowdown and its possible impact on corporate
earnings. Such concerns exacerbated the effects of negative news such as
earnings warnings and/or disappointments; as a result, many richly valued stocks
suffered large losses.
Holdings in the Financials sector made the largest contribution to the Fund's
return for the year. Neuberger Berman decreased the Fund's weighting in that
sector when the Fed began to raise rates and gradually added back to it when it
appeared as though the Fed was nearing an end to its series of hikes; this was a
move that served the Fund well. Technology and Utility sector holdings also had
positive impacts on return. On the other hand, some poor performing Basic
Materials sector stocks detracted from total return.
While value stocks lagged growth stocks for much of the first half of the
period, they began to regain investor interest in the latter half. It may be too
soon to call it a reversal of the trend, but Neuberger Berman believes recent
signs bode well for the future of mid-cap value stocks. Neuberger Berman will
continue to invest in, what they believe are, good businesses at attractive
prices that possess positive risk/reward characteristics.
Comparison of Change in the Value of a $10,000 Investment
<TABLE>
<CAPTION>
FUND'S CLASS A SHARES AT POP S&P 400 INDEX
---------------------------- -------------
<S> <C> <C>
8/19/98 9425.00 10000.00
10/31/98 9642.00 9997.00
10/31/99 10805.00 12082.00
10/31/00 14096.00 15902.00
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS THROUGH OCTOBER 31, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS X
-------------------------------------------------------------------------------------------------------
NAV POP NAV CDSC NAV CDSC NAV CDSC
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
1 YEAR 30.46% 22.94% 29.86% 23.86% 29.86% 28.86% 29.83% 27.07%
-----------------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION
ON 8/19/98 20.05% 16.87% 19.51% 18.03% 19.51% 19.51% 19.40% 19.29%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
All performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Investment return and principal
value will fluctuate, so an investor's shares, when redeemed, may be worth more
or less than when purchased. Total returns were higher due to maintenance of the
Fund's expenses by the Investment Manager (see Financial Highlights).
12
<PAGE> 16
AMERICAN SKANDIA ADVISOR FUNDS, INC.
ASAF AIM
INTERNATIONAL EQUITY FUND
--------------------------------------------------------------------------------
The ASAF AIM International Equity Fund's Class A shares had a NAV total return
of -11.90% for the fiscal year ended October 31, 2000, underperforming the
return of -2.90% on the unmanaged MSCI EAFE Index.
The Fund's underperformance compared to the MSCI EAFE Index was driven by two
interrelated factors. Specifically, the international market rotation out of
growth stocks and into value stocks hurt the Fund's performance considerably.
While the Index lost -2.90% for the year ended October 31, 2000, the growth
component of the Index lost -7.92%, versus the value component which actually
returned a positive 1.39% for the same time period. Consistent with the Fund's
growth style, AIM's bottom-up, earnings momentum process has favored the
Technology, Communication Services and Consumer Cyclical sectors, and the Fund
has consequently been overweighted in these sectors. Although stocks held by the
Fund in these sectors are considered by AIM to be fundamentally sound with good
earnings growth potential, the markets soured on them in early 2000 and returns
have not yet recovered. Finally, it should be noted that the two months with the
best returns for the MSCI EAFE Growth Index were November and December 1999. Due
to the Fund's November 1, 1999 start date, it did not participate fully in the
markets during that time period.
Despite market volatility, AIM continues to select and evaluate holdings using
their long-term investment strategy of focusing on international stocks of
well-established industry leaders with accelerating earnings growth. AIM
continues to have a positive outlook for the Fund, the long-term positive impact
of earnings growth, and the future prospects in the international markets.
Comparison of Change in the Value of a $10,000 Investment
<TABLE>
<CAPTION>
FUND'S CLASS A SHARES AT POP MSCI EAFE INDEX
---------------------------- ---------------
<S> <C> <C>
11/1/99 9425.00 10000.00
4/30/00 9698.00 10327.00
10/31/00 8303.00 9710.00
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS THROUGH OCTOBER 31, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS X
-------------------------------------------------------------------------------------------------------
NAV POP NAV CDSC NAV CDSC NAV CDSC
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION
ON 11/1/99 -11.90% -16.97% -12.20% -17.37% -12.30% -13.18% -12.10% -15.18%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
All performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Investment return and principal
value will fluctuate, so an investor's shares, when redeemed, may be worth more
or less than when purchased. Total returns were higher due to maintenance of the
Fund's expenses by the Investment Manager (see Financial Highlights).
13
<PAGE> 17
ASAF SANFORD BERNSTEIN MANAGED INDEX 500 FUND
(Formerly the ASAF Bankers Trust Managed Index 500 Fund)
--------------------------------------------------------------------------------
For the fiscal year ended October 31, 2000, the ASAF Sanford Bernstein Managed
Index 500 Fund's Class A shares had a NAV total return of 2.40%, compared to a
return of 6.08% for the unmanaged S&P 500 Index.
On May 1, 2000 Sanford C. Bernstein & Co., Inc. replaced Bankers Trust as the
Fund's sub-advisor and the name of the Fund changed to the ASAF Sanford
Bernstein Managed Index 500 Fund. Bernstein repositioned the Fund to closely
track the S&P 500 Index, while tilting toward value to add return. They reduced
the number of stocks the Fund held and emphasized commodity producers, electric
utilities, energy and financial companies. Within the high-priced Technology
sector, they emphasized manufacturers of semiconductors and semiconductor
equipment.
The Fund's underperformance was due to losses in the Technology sector; the
gains in its value stock holdings, particularly property/casualty insurers and
electric utilities, were not strong enough to offset those losses. Although the
Fund had avoided the technology companies that fell farthest -- primarily
extremely expensive Internet-related ventures -- its emphasis on semiconductor
and semiconductor-equipment companies hurt performance, as signs of a slowing
economy and flagging PC sales bolstered fears of excess capacity and lower chip
prices. Bernstein believes that, in general, investor fears are somewhat
overblown with regard to these stocks, and they continue to maintain very modest
overweights in these industries.
[LINE GRAPH]
Comparison of Change in the Value of a $10,000 Investment
<TABLE>
<CAPTION>
FUND'S CLASS A SHARES AT POP S&P 500 INDEX
---------------------------- -------------
<S> <C> <C>
11/1/99 9425.00 10000.00
4/30/00 9896.00 10349.00
10/31/00 9651.00 10608.00
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS THROUGH OCTOBER 31, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS X
-------------------------------------------------------------------------------------------------------
NAV POP NAV CDSC NAV CDSC NAV CDSC
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION
ON 11/1/99 2.40% -3.49% 2.00% -4.00% 2.00% 1.00% 2.00% -1.45%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
All performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Investment return and principal
value will fluctuate, so an investor's shares, when redeemed, may be worth more
or less than when purchased. Total returns were higher due to maintenance of the
Fund's expenses by the Investment Manager (see Financial Highlights).
14
<PAGE> 18
AMERICAN SKANDIA ADVISOR FUNDS, INC.
ASAF MFS GROWTH
WITH INCOME FUND
--------------------------------------------------------------------------------
The ASAF MFS Growth with Income Fund's Class A shares had a NAV total return of
7.30% for the fiscal year ended October 31, 2000. During the same period, the
unmanaged S&P 500 Index returned 6.08%. For the first time in a number of years
value stocks outperformed growth stocks as the S&P 500/BARRA Growth Index
returned 2.07%, compared to a return of 9.68% for the S&P 500/ BARRA Value
Index.
In addition to improved performance of value stocks versus growth stocks, during
the year investors also started to turn their attention toward growth stocks
trading at low valuations. Both of these trends have aided the Fund's relative
performance because two of MFS' key objectives for the Fund are to find
companies that they believe are either undervalued relative to their earnings
projections, or to find stocks that they believe are trading at the right price
compared to MFS' expectations for growth.
In an extremely weak and volatile market environment, MFS' focus on stocks
selling at valuations generally lower than the overall market led them to
overweight the Fund in financial services companies, energy stocks, and
industrial goods and services companies compared to the S&P 500 Index. In
general, MFS' stock selection in these sectors contributed positively to Fund
performance as did their decision to underweight the poor performing Technology
sector. Significant holdings in companies such as Hartford Financial, Pfizer,
Tyco, and Boeing produced strong results due to accelerating earnings growth and
improving business fundamentals.
Comparison of Change in the Value of a $10,000 Investment
<TABLE>
<CAPTION>
FUND'S CLASS A SHARES AT POP S&P 500 INDEX
---------------------------- -------------
<S> <C> <C>
11/1/99 9425.00 10000.00
4/30/00 9764.00 10349.00
10/31/00 10113.00 10608.00
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS THROUGH OCTOBER 31, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS X
-------------------------------------------------------------------------------------------------------
NAV POP NAV CDSC NAV CDSC NAV CDSC
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION
ON 11/1/99 7.30% 1.13% 6.80% 0.80% 6.70% 5.70% 6.90% 3.57%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
All performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Investment return and principal
value will fluctuate, so an investor's shares, when redeemed, may be worth more
or less than when purchased. Total returns were higher due to maintenance of the
Fund's expenses by the Investment Manager (see Financial Highlights).
15
<PAGE> 19
ASAF KEMPER SMALL-CAP
GROWTH FUND
--------------------------------------------------------------------------------
For the period from March 1, 2000, the Fund's inception date, through October 31
the ASAF Kemper Small-Cap Growth Fund's Class A shares had a NAV total return of
-19.20% compared with a return of -13.18% for the unmanaged Russell 2000 Index.
The strength of individual holdings led the Fund to outperform the unmanaged
Russell 2000/BARRA Growth Index, which returned -26.87%. Stocks like
Manugistics, Power One and Swift Energy were significant contributors, in each
case these stocks were up over 100%. Scudder Kemper has added to Energy sector
holdings throughout the year, with a focus on service companies and natural gas,
which has paid off nicely. Within technology, the Fund has no exposure to the
deteriorating "dot.com" market, but instead holds companies Scudder Kemper
believes are positioned to benefit from the continued build-out of the Internet
infrastructure, streamlining operations, increasing bandwidth and a renewed
focus on security.
Small-cap stocks have been caught in the downdraft of many large-cap companies
reporting disappointing earnings. Market leaders, such as WalMart, Microsoft,
Intel, and Home Depot have all guided earnings expectations lower over the last
few months. While evidence of a softer economic climate is becoming more
evident, it is also clear that large-cap stocks have been effected
disproportionately due to higher interest rate costs and the impact of higher
overseas revenues combined with the weak euro. While small-cap stocks have not
been immune from disappointment, Scudder Kemper believes that the overall
decline in the group is a sympathy reaction to what is going on with large-cap
stocks.
[LINE GRAPH]
Comparison of Change in the Value of a $10,000 Investment
<TABLE>
<CAPTION>
FUND'S CLASS A SHARES AT POP RUSSELL 2000 INDEX
---------------------------- ------------------
<S> <C> <C>
3/1/00 9425.00 10000.00
4/30/00 7832.00 8779.00
7/31/00 9190.00 8669.00
10/31/00 7615.00 8682.00
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS THROUGH OCTOBER 31, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS X
-------------------------------------------------------------------------------------------------------
NAV POP NAV CDSC NAV CDSC NAV CDSC
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION
ON 3/1/00 -19.20% -23.85% -19.60% -24.42% -19.60% -20.40% -19.50% -22.32%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
All performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Investment return and principal
value will fluctuate, so an investor's shares, when redeemed, may be worth more
or less than when purchased. Total returns were higher due to maintenance of the
Fund's expenses by the Investment Manager (see Financial Highlights).
16
<PAGE> 20
AMERICAN SKANDIA ADVISOR FUNDS, INC.
ASAF AMERICAN CENTURY INTERNATIONAL GROWTH FUND
(Formerly the ASAF T. Rowe Price International Equity Fund)
--------------------------------------------------------------------------------
The ASAF American Century International Growth Fund's Class A shares had a NAV
total return of -0.09% for the fiscal year ended October 31, 2000, compared to a
return of -2.90% for the unmanaged MSCI EAFE Index.
On May 1, 2000 American Century replaced T. Rowe Price as the Fund's sub-advisor
and the name of the Fund changed to the ASAF American Century International
Growth Fund.
The international markets posted strong returns from November through March,
when the EAFE Index was up more than 33%. Many of the same forces that drove the
U.S. market helped the overseas markets rally as well. Technology and
Telecommunications were among the best performing sectors. The second six months
of the fiscal year saw a complete reversal of the markets. The two top
performing sectors from the first six months, Technology and Telecommunications,
became the two worst performers, each down about 25%.
Technology was the worst performing sector on an absolute-contribution-to-return
basis, but was the Fund's best performer versus the Index on a relative basis
for the second half of the fiscal year. Strong stock selection, especially in
the electrical equipment, Internet, and computer software industries led to the
outperformance in technology. The Fund's biggest losses came from a significant
overweight in the underperforming Consumer Services sector--specifically, the
media and entertainment industries.
[LINE GRAPH]
Comparison of Change in the Value of a $10,000 Investment
<TABLE>
<CAPTION>
FUND'S CLASS A SHARES AT POP MSCI EAFE INDEX
---------------------------- ---------------
<S> <C> <C>
7/28/97 9425.00 10000.00
10/31/97 8641.00 9020.00
10/31/98 9086.00 9890.00
10/31/99 10706.00 12169.00
10/31/00 10700.00 11819.00
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS THROUGH OCTOBER 31, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS X
-------------------------------------------------------------------------------------------------------
NAV POP NAV CDSC NAV CDSC NAV CDSC
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
1 YEAR -0.09% -5.83% -0.71% -6.67% -0.71% -1.71% -0.71% -4.19%
-----------------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION
ON 7/28/97 3.95% 2.10% 3.44% 2.59% 3.39% 3.39% 3.50% 3.16%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
All performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Investment return and principal
value will fluctuate, so an investor's shares, when redeemed, may be worth more
or less than when purchased. Total returns were higher due to maintenance of the
Fund's expenses by the Investment Manager (see Financial Highlights).
17
<PAGE> 21
ASAF JANUS CAPITAL
GROWTH FUND
--------------------------------------------------------------------------------
For the fiscal year ended October 31, 2000, the ASAF Janus Capital Growth Fund's
Class A shares had a NAV total return of 3.78%, compared to a return of 6.08%
for the unmanaged S&P 500 Index.
Compounding the challenge of investing in today's financial markets is the
tremendous increase in volatility. The average daily fluctuation in the NASDAQ
Index this year is nearly 3%, while, historically, it has been around 0.67%.
Janus expects the markets to be increasingly volatile. As a result, they
anticipate that the Fund's short-term results will swing significantly from week
to week and month to month.
Janus' view is that we are still in the early stages of an "e-volution" in
fields as diverse as communications, biotechnology, financial services, media
and retailing. Traditional businesses have begun to embrace many of the
techniques and business models of these "e-pioneers", and Janus expects this to
continue at an accelerating rate. That said, their bias is toward fast-growing,
high-margin, slightly higher price-to-earnings companies they believe are
addressing more of today's open-ended opportunities. During the period,
companies that met this criteria included EMC Corp., Palm, Charles Schwab,
NOKIA, General Electric, Home Depot, and Cisco Systems.
Janus has seen and successfully navigated difficult markets before, and they are
confident that their investment process is sound and that their analysts and
portfolio managers are poised to capitalize on the opportunities ahead.
[Comparison of Change in the Value Graph]
Comparison of Change in the Value of a $10,000 Investment
<TABLE>
<CAPTION>
FUND'S CLASS A SHARES AT POP S&P 500 INDEX
---------------------------- -------------
<S> <C> <C>
7/28/97 9425.00 10000.00
10/31/97 9610.00 9625.00
10/31/98 12183.00 11741.00
10/31/99 18575.00 14753.00
10/31/00 19280.00 15655.00
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS THROUGH OCTOBER 31, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS X
-------------------------------------------------------------------------------------------------------
NAV POP NAV CDSC NAV CDSC NAV CDSC
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
1 YEAR 3.78% -2.19% 3.28% -2.72% 3.24% 2.24% 3.33% -0.09%
-----------------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION
ON 7/28/97 24.52% 22.29% 23.96% 23.39% 23.89% 23.89% 24.02% 24.21%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
All performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Investment return and principal
value will fluctuate, so an investor's shares, when redeemed, may be worth more
or less than when purchased. Total returns were higher due to maintenance of the
Fund's expenses by the Investment Manager (see Financial Highlights).
18
<PAGE> 22
AMERICAN SKANDIA ADVISOR FUNDS, INC.
ASAF INVESCO
EQUITY INCOME FUND
--------------------------------------------------------------------------------
For the fiscal year ended October 31, 2000, the ASAF INVESCO Equity Income
Fund's Class A shares had a NAV total return of 9.35%, compared to a return of
6.08% for the unmanaged S&P 500 Index.
The Fund's relatively heavy weighting in equities (approximately 73% of net
assets as of fiscal year-end), reflects recent efforts to aggressively pursue
capital growth opportunities. Equity performance was particularly strong in the
first half of the period, well outperforming the fixed-income markets. Yet this
dominance narrowed somewhat over the summer as fixed-income securities gained
ground on fading interest rate fears, while equities were buffeted by heightened
concerns over corporate earnings. During this period, the Fund's bond positions
raised its overall yield and enhanced the Fund's defensive characteristics.
INVESCO increased the Fund's weightings in financial services, energy and
utilities shares during the period. Financial stocks have benefited from easing
interest rate fears, while energy and utility stocks were aided by rising oil
and natural gas prices. At the same time, the Fund's communications services and
consumer goods exposure was reduced amid downward volatility in these sectors.
The health care and technology exposure was also trimmed, as profits were taken
on some top-performing positions.
INVESCO Funds Group believes business conditions are favorable for the companies
represented in the Fund. Economic growth appears to be moderating, alleviating
the risk of higher interest rates. While INVESCO recognizes that a weaker
economy could slow earnings growth, they are confident that the Fund is invested
in the kind of holdings that can thrive even in an economic slowdown. The Fund's
continued goal is to enable shareholders to participate in the equity market's
upward movements, while also providing downside protection.
Comparison of Change in the Value of a $10,000 Investment
<TABLE>
<CAPTION>
FUND'S CLASS A SHARES AT POP S&P 500 INDEX
---------------------------- -------------
<S> <C> <C>
7/28/97 9425.00 10000.00
10/31/97 9869.00 9625.00
10/31/98 11215.00 11741.00
10/31/99 13189.00 14753.00
10/31/00 14421.00 15655.00
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS THROUGH OCTOBER 31, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS X
-------------------------------------------------------------------------------------------------------
NAV POP NAV CDSC NAV CDSC NAV CDSC
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
1 YEAR 9.35% 3.09% 8.86% 2.86% 8.78% 7.78% 8.79% 5.51%
-----------------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION
ON 7/28/97 13.93% 11.87% 13.44% 12.74% 13.42% 13.42% 13.39% 13.34%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
All performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Investment return and principal
value will fluctuate, so an investor's shares, when redeemed, may be worth more
or less than when purchased. Total returns were higher due to maintenance of the
Fund's expenses by the Investment Manager (see Financial Highlights).
19
<PAGE> 23
ASAF PIMCO TOTAL RETURN BOND FUND
--------------------------------------------------------------------------------
The ASAF PIMCO Total Return Bond Fund's Class A shares had a NAV total return of
6.67% for the fiscal year ended October 31, 2000, compared to a return of 7.30%
for the unmanaged LB Aggregate Index.
During this period, long-term interest rates fell and short-term interest rates
rose as the Federal Reserve raised rates several times. The overall interest
rate sensitivity of the Fund was kept near that of the Index and because of the
Fund's defensive posture in this area, the impact from shifting interest rates
was relatively small.
In 2000, higher quality bonds outperformed lower quality issues. The Fund's
overweight position in the Mortgage sector was positive for performance as
attractive yields and high quality attracted investors to this sector. The
Fund's underweight position in investment grade corporates was a slight
positive, but its small allocation to high-yield securities detracted from
performance.
Over the next year, PIMCO expects that interest rates will fall slightly and
higher credit quality issues will continue to outperform lower quality issues.
Comparison of Change in the Value of a $10,000 Investment
<TABLE>
<CAPTION>
FUND'S CLASS A SHARES AT POP LB AGGREGATE INDEX
---------------------------- ------------------
<S> <C> <C>
7/28/97 9575.00 10000.00
10/31/97 9803.00 10208.00
10/31/98 10665.00 11159.00
10/31/99 10606.00 11218.00
10/31/00 11306.00 12036.00
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS THROUGH OCTOBER 31, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
CLASS A CLASS B CLASS C CLASS X
-------------------------------------------------------------------------------------------------------
NAV POP NAV CDSC NAV CDSC NAV CDSC
<S> <C> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
1 YEAR 6.67% 2.08% 6.16% 0.12% 6.16% 5.12% 6.16% 2.78%
-----------------------------------------------------------------------------------------------------------------------------
SINCE INCEPTION
ON 7/28/97 5.23% 3.83% 4.65% 3.81% 4.66% 4.66% 4.67% 4.36%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
All performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Investment return and principal
value will fluctuate, so an investor's shares, when redeemed, may be worth more
or less than when purchased. Total returns were higher due to maintenance of the
Fund's expenses by the Investment Manager (see Financial Highlights).
20
<PAGE> 24
AMERICAN SKANDIA ADVISOR FUNDS, INC.
SCHEDULES OF INVESTMENTS
OCTOBER 31, 2000
ASAF FOUNDERS INTERNATIONAL SMALL CAPITALIZATION FUND
ASAF JANUS SMALL-CAP GROWTH FUND
ASAF GABELLI SMALL-CAP VALUE FUND
ASAF AMERICAN CENTURY STRATEGIC BALANCED FUND
ASAF FEDERATED HIGH YIELD BOND FUND
ASAF ALLIANCE GROWTH FUND
ASAF ALLIANCE 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 SANFORD BERNSTEIN MANAGED INDEX 500 FUND
ASAF MFS GROWTH WITH INCOME FUND
ASAF KEMPER SMALL-CAP GROWTH FUND
ASAF ALGER ALL-CAP GROWTH FUND
ASAF GABELLI ALL-CAP VALUE FUND
ASAF INVESCO TECHNOLOGY FUND
ASAF JANUS MID-CAP GROWTH FUND
ASAF RYDEX MANAGED OTC FUND
21
<PAGE> 25
ASAF FOUNDERS INTERNATIONAL
SMALL CAPITALIZATION FUND
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
FOREIGN STOCK -- 88.1%
AUSTRIA -- 0.7%
Flughafen Wien AG 17,600 $ 641,348
Palfinger AG 17,750 527,351
------------
1,168,699
------------
CANADA -- 5.2%
Alliance Atlantis
Communications
Corp.* 19,800 298,185
Boralex, Inc.* 31,300 115,794
CAE, Inc.* 87,050 1,105,766
Crosskey Systems
Corp.* 25,800 212,855
Global
Thermoelectric,
Inc.* 40,825 855,399
Heroux, Inc.* 46,350 212,442
Industrial Alliance
Insurance Co.* 16,975 375,125
Medisolution Ltd.* 114,700 165,977
Pivotal Corp.* 30,075 1,838,335
Precision Drilling
Corp.* 14,550 414,900
Stuart Energy Systems
Corp.* 28,350 428,803
Turbo Genset, Inc.* 53,250 1,720,461
Westport Innovations,
Inc.* 40,400 449,700
------------
8,193,742
------------
CHINA -- 0.1%
Yanzhou Coal Mining
Co. Ltd. 556,000 147,932
------------
DENMARK -- 4.9%
Bang Olufsen Holding
AS 13,875 676,311
Carli Gry
International AS 29,050 436,706
Codan AS 3,725 265,140
Det Ostasiatiske
Kompagni AS 49,950 1,046,701
Genmab AS* 31,900 839,213
I-Data International
AS 10,350 1,107,994
Kobenhavns Lufthavne
AS 9,900 755,404
NEG Micon AS 49,950 2,588,310
------------
7,715,779
------------
FINLAND -- 0.4%
Hartwall Oyj 13,400 231,712
Metsa-Serla Oyj Cl-B 51,500 323,037
------------
554,749
------------
FRANCE -- 6.5%
Alliance et Gestion
Commerciale SA 1,100 102,099
Boiron SA 950 58,945
Bouygues Offshore SA 22,475 1,104,947
Cerep SA 8,475 693,235
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
Compagnie Francaise
d'Etudes et de
Construction
Technip SA 9,025 $ 1,153,618
Compagnie Generale de
Geophysique SA 11,000 675,996
Egide SA* 575 311,933
Eurofins Scientific
SA 18,250 587,841
Infovista SA [ADR]* 11,550 424,463
Neopost SA* 9,100 174,404
Net2S Co. SA* 9,225 225,202
Pinguely-Haulotte SA 44,925 971,051
Rodriguez Group SA
144A 3,425 856,439
Royal Canin SA 3,000 270,822
Seche Environment SA 3,125 264,889
Silicon-On-Insulator
Technologies SA 41,475 938,667
Siticom Group SA* 11,475 342,867
Societe Eurofrance SA 925 555,514
Societe Industrielle
d'Aviations
Latecoere SA 3,400 310,967
Valtech SA 23,100 295,667
------------
10,319,566
------------
GERMANY -- 8.9%
Articon Information
Systems AG* 14,372 984,333
Babcock Borsig AG* 17,025 647,958
Buderus AG 7,400 134,547
CAA AG* 11,225 375,835
COR Insurance
Technologies AG* 48,625 968,593
Cybio AG* 4,375 515,474
D.Logistics AG* 14,050 950,370
Elexis AG 10,300 78,577
Energiekontor AG* 12,350 1,131,634
Evotec Biosystems AG* 26,067 923,577
FAG Kugelfischer
Georg Schaefer AG 27,800 201,241
GPC Biotech AG 144A* 15,125 679,493
Heyde AG* 22,650 543,336
Hoeft & Wessel AG* 29,775 542,630
Hugo Boss AG 2,300 595,597
IPC Archtec AG* 3,250 194,217
Kontron Embedded
Computers AG* 2,075 221,617
Linos AG* 4,000 237,340
Lion Bioscience AG* 8,400 655,060
Microlog Logistics
AG* 1,225 76,839
Norcom Information
Technology AG* 7,225 242,520
Primacom AG 19,125 367,994
PSI Gesellschaft AG* 5,491 109,379
Rhoen-Klinikum AG 2,975 161,770
Technotrans AG 7,300 946,734
</TABLE>
22
<PAGE> 26
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
Tecis Holding AG 4,700 $ 337,837
Thiel Logistik AG
144A*+ 5,025 753,916
Zapf Creation AG 11,735 512,276
------------
14,090,694
------------
GREECE -- 0.3%
Ideal Group SA* 45,390 274,105
Lavipharm SA 51,010 246,944
------------
521,049
------------
HONG KONG -- 1.1%
China Eastern
Airlines Corp.
Ltd.* 1,734,000 251,245
Cosco Pacific Ltd. 476,000 357,053
Giordano
International Ltd. 1,032,000 605,398
Nanjing Panda
Electronics Co.
Ltd.* 504,000 102,107
Shanghai Industrial
Holdings Ltd. 191,000 360,015
------------
1,675,818
------------
IRELAND -- 1.3%
Datalex PLC [ADR]* 80,350 929,046
ITG Group PLC 144A*+ 65,158 494,316
Trintech Group PLC
[ADR]* 14,100 149,813
Waterford Wedgwood
PLC* 332,600 405,974
------------
1,979,149
------------
ITALY -- 3.1%
Bayerische Vita SPA 32,550 372,476
Credito Emiliano SPA 420,000 1,612,728
ERG SPA 174,825 549,783
Ferretti SPA* 244,000 907,963
Gruppo Coin SPA* 67,725 924,248
Marzotto & Figli SPA 40,500 392,731
Recordati SPA 15,600 203,638
------------
4,963,567
------------
JAPAN -- 4.5%
Densei-Lambda K.K.
Co. 24,500 511,603
Eneserve Corp. 21,000 827,027
Ferrotec Corp. 14,000 269,265
Hunet, Inc. 79,000 665,651
JGC Corp. 75,000 467,779
Katokichi Co. Ltd. 28,200 813,564
Meitec Corp. 21,400 897,658
Miyachi Technos Corp. 14,400 850,655
Moritex Corp. 2,700 131,060
Nippon Ceramic Co.
Ltd. 2,000 32,935
Nitsuko Corp. 83,000 367,162
Shindengen Electric
Manufacturing Co.
Ltd.* 72,000 418,734
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
Toshiba Tungaloy Co.
Ltd. 82,000 $ 404,794
Tsubaki Nakashima Co.
Ltd. 40,000 500,796
------------
7,158,683
------------
NETHERLANDS -- 6.8%
Aalberts Industries
NV 4,625 107,810
CSM NV 46,000 1,048,875
IHC Caland NV 4,825 212,674
Internatio-Muller NV 68,125 1,328,153
Kempen & Co. NV 21,150 1,299,757
Koninklijke Wessanen
NV 32,325 376,751
Nutreco Holdings NV 30,700 1,321,952
PinkRoccade NV* 8,700 483,030
Teleplan
International NV* 14,575 512,708
Van der Moolen
Holdings NV 29,775 2,403,978
Vedior NV 144A+ 109,150 1,623,733
------------
10,719,421
------------
NORWAY -- 2.3%
Frontline Ltd. ASA
144A* 66,450 1,093,187
Smedvig ASA Cl-B 130,750 1,068,473
Stolt Offshore SA* 54,700 652,981
Tandberg ASA* 16,800 444,378
Tandberg Telelvision
ASA* 38,800 392,164
------------
3,651,183
------------
PORTUGAL -- 0.0%
Sociedade Portuguesa
de Papel SA 650 9,422
------------
SINGAPORE -- 0.4%
First Capital Corp. 92,000 74,419
Keppel FELS Energy &
Infrastructure Ltd. 99,000 62,035
Keppel Land Ltd. 347,000 517,893
------------
654,347
------------
SPAIN -- 3.0%
Abengoa SA 15,025 429,835
Autopistas del Mare
Nostrum SA 45,325 687,708
Corporacion Mapfre SA 27,800 488,964
Grupo Auxiliar
Metalurgico SA
144A* 36,275 668,161
Grupo Dragados SA 193,650 1,879,475
NH Hoteles SA 46,650 525,917
------------
4,680,060
------------
SWEDEN -- 4.0%
Capio AB* 71,200 447,678
Castellum AB 52,075 553,508
Elanders AB 16,800 249,828
HIQ International AB 18,025 145,715
</TABLE>
23
<PAGE> 27
ASAF FOUNDERS INTERNATIONAL
SMALL CAPITALIZATION FUND
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
Holmen AB Cl-B 11,100 $ 282,493
JM AB 28,150 640,558
Maxim Pharmaceutical,
Inc. AB* 14,800 649,920
Micronic Laser
Systems AB* 6,700 199,267
Nobel Biocare AB 66,750 1,498,923
POOLiA AB 4,650 194,916
Proffice AB 18,150 597,772
PyroSequencing AB* 19,700 243,800
Rottneros AB 28,075 24,798
Sifo Group AB Cl-B 17,675 231,087
Wihlbogs Fastigheter
AB 248,625 354,835
------------
6,315,098
------------
SWITZERLAND -- 11.3%
Actelion Ltd. AG
144A* 1,650 729,524
Bank Sarasin & Cie AG 400 1,290,258
Card-Guard Scientific
Survival Ltd. AG* 30,825 1,855,751
Charles Voegele
Holding AG 4,700 883,493
Disetronic Holding AG 1,925 1,671,176
EMTS Technolgie AG* 5,500 406,821
Gretag Imaging Group
AG 4,800 862,248
Huber & Suhner AG 1,475 1,291,996
Jomed NV 20,575 1,258,697
Leica Geosystems AG
144A*+ 2,550 723,267
Logitech
International SA* 4,025 1,231,168
Oridion Systems Ltd.
AG* 32,425 1,421,002
Sarna Kunststoff
Holding AG 500 528,338
Schaffner Holding AG 2,375 706,653
SIG Holding AG 1,100 648,466
Swisslog Holding AG 2,600 1,431,519
Tecan AG 100 107,336
Think Tools AG* 2,075 796,262
------------
17,843,975
------------
UNITED KINGDOM -- 23.3%
Actinic PLC 144A* 189,000 432,252
AIT Group PLC 32,750 813,210
Alliance Unichem PLC 28,850 245,074
Amec PLC 135,025 571,542
Amey PLC 19,300 461,719
Aortech International
PLC* 26,700 369,875
Arc International
PLC* 217,575 1,066,296
Arriva PLC 258,800 875,619
Berkeley Group PLC 32,750 305,548
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
Bloomsbury Publishing
PLC 16,050 $ 217,912
BTG PLC 36,553 915,597
Cambridge Antibody
Technology Group
PLC* 29,575 1,835,931
Chelsfield PLC 39,050 206,971
Chloride Group PLC 502,950 1,504,483
Cobham PLC 40,325 648,505
Diagonal PLC 56,800 224,755
Doncasters PLC [ADR]* 50,800 914,400
Electronics Boutique
PLC 201,125 181,073
Expro International
Group PLC 73,300 542,837
Eyretel PLC* 568,875 1,594,297
George Wimpey PLC 360,250 782,060
HIT Entertainment PLC
144A 209,500 1,414,595
Iceland Group PLC 410,800 1,959,572
IFX Power PLC 45,975 630,883
Imagination Tech
Group PLC* 94,650 459,052
Incepta Group PLC 467,400 960,374
Innovative Group PLC* 42,750 630,082
Intec Telecom Systems
PLC* 180,750 1,813,642
Intermediate Capital
Group PLC 48,575 582,624
Minerva PLC 44,775 187,576
nCipher PLC* 129,800 739,792
NetStore PLC* 139,325 283,238
Orchestream Holdings
PLC* 129,675 1,040,360
Oxford GlycoSciences
PLC* 17,725 642,816
Parthus Technologies
PLC* 183,525 626,265
Pennon Group PLC 37,825 373,768
Pharmagene PLC* 92,175 356,702
Phytopharm PLC* 25,000 243,407
Pilkington PLC 204,475 290,979
Powderject
Pharmaceuticals
PLC* 75,400 700,723
Robotic Tech Systems
PLC* 19,400 152,544
Scipher PLC* 41,250 375,866
Shaftesbury PLC 87,975 312,983
SSL International PLC 104,375 1,212,500
Taylor Woodrow PLC 22,750 59,628
Ted Baker PLC 34,725 193,880
Telemetrix PLC 86,125 594,043
Telework Group PLC 400,125 1,475,790
Torex PLC 28,525 230,922
Torotrak PLC* 71,900 464,605
Trafficmaster PLC* 62,150 527,498
Viridian Group PLC 38,350 417,659
</TABLE>
24
<PAGE> 28
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
Volex Group PLC 64,275 $ 2,011,336
Wembley PLC 11,325 100,314
Xenova Group PLC* 3 4
Xenova Group PLC
Warrants* 23,495 11,429
------------
36,787,407
------------
TOTAL FOREIGN STOCK
(Cost $139,513,840) 139,150,340
------------
U.S. STOCK -- 0.3%
TELECOMMUNICATIONS
Exfo Electro-Optical
Engineering, Inc.*
(Cost $535,282) 13,450 512,781
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
COMMERCIAL PAPER -- 8.7%
Associates Corp. NA
6.61%, 11/01/00 $ 7,690 7,690,000
Household Finance
Corp.
6.58%, 11/01/00 5,972 5,972,000
------------
(Cost $13,662,000) 13,662,000
------------
TOTAL INVESTMENTS --97.1%
(Cost $153,711,122) 153,325,121
OTHER ASSETS LESS
LIABILITIES -- 2.9% 4,583,986
------------
NET ASSETS -- 100.0% $157,909,107
============
</TABLE>
The following is a breakdown of the foreign stock portion of the Fund, by
industry classification, as of October 31, 2000. Percentages are based on net
assets. (Unaudited)
<TABLE>
<CAPTION>
INDUSTRY
--------
<S> <C>
Advertising 0.6%
Aerospace 1.4%
Airlines 0.7%
Automotive Parts 0.6%
Beverages 0.1%
Broadcasting 1.1%
Building Materials 0.5%
Business Services 6.1%
Clothing & Apparel 1.0%
Computer Hardware 2.6%
Computer Services & Software 9.9%
Conglomerates 0.2%
Construction 6.0%
Consumer Products & Services 1.7%
Containers & Packaging 0.2%
Electronic Components & Equipment 9.4%
Entertainment & Leisure 1.7%
Environmental Services 0.5%
Financial -- Bank & Trust 1.0%
Financial Services 4.1%
Food 3.7%
Healthcare Services 0.4%
Hotels & Motels 0.3%
Industrial Products 0.9%
Insurance 1.0%
Internet Services 1.5%
Machinery & Equipment 4.7%
Medical Supplies & Equipment 4.0%
Metals & Mining 0.4%
Oil & Gas 2.8%
Paper & Forest Products 0.4%
Pharmaceuticals 7.0%
Printing & Publishing 0.3%
Real Estate 1.5%
Retail & Merchandising 1.6%
Semiconductors 2.4%
Telecommunications 1.5%
Transportation 1.9%
Utilities 2.4%
-----
TOTAL 88.1%
=====
</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 year, these securities amounted to 2.3%
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 year, these securities amounted
to 5.4% of net assets.
See Notes to Financial Statements.
25
<PAGE> 29
ASAF JANUS SMALL-CAP
GROWTH FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 91.4%
ADVERTISING -- 4.1%
Getty Images, Inc.* 76,885 $ 2,441,099
Lamar Advertising Co.* 115,795 5,558,160
TMP Worldwide, Inc.* 97,360 6,777,169
------------
14,776,428
------------
BROADCASTING -- 8.4%
Acme Communications,
Inc.* 35,435 217,039
Citadel Communications
Corp.* 156,685 1,899,806
Clear Channel
Communications,
Inc.* 82,345 4,945,846
Cox Radio, Inc.* 131,745 2,997,199
Entercom
Communications
Corp.* 76,145 2,983,932
Entravision
Communications
Corp.* 252,500 4,466,094
NDS Group PLC* 69,995 5,249,624
Radio One, Inc.* 118,865 943,491
Radio One, Inc. Cl-D* 290,925 2,331,946
Radio Unica Corp.* 100,230 378,995
Spanish Broadcasting
Systems, Inc.* 195,775 1,761,975
Westwood One, Inc.* 116,120 2,199,023
------------
30,374,970
------------
BUSINESS SERVICES -- 7.6%
Commerce One, Inc.* 105,256 6,756,120
Informatica Corp.* 79,880 7,548,660
Iron Mountain, Inc.* 60,090 2,031,793
PurchasePro.com, Inc.* 406,765 10,982,654
Tanning Technology
Corp.* 54,530 293,951
------------
27,613,178
------------
CAPITAL GOODS -- 0.9%
Mettler-Toledo
International, Inc.* 66,360 3,098,183
------------
CHEMICALS -- 1.8%
Symyx Technologies,
Inc.* 136,455 6,438,970
------------
COMPUTER HARDWARE -- 5.3%
Black Box Corp.* 46,610 3,070,434
Insight Enterprises,
Inc.* 310,015 10,075,488
Tripath Technology,
Inc.* 208,805 6,107,546
------------
19,253,468
------------
COMPUTER SERVICES & SOFTWARE -- 6.1%
Broadbase Software,
Inc.* 93,210 1,002,008
McData Corp.* 26,365 2,197,770
Media 100, Inc.* 9,155 90,406
NetIQ Corp.* 68,425 5,893,102
OTG Software, Inc.* 63,680 2,005,920
Quest Software, Inc.* 54,515 2,381,624
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
Resonate, Inc.* 50,690 $ 2,147,989
Scient Corp.* 160,645 2,891,610
webMethods, Inc.* 38,245 3,399,024
------------
22,009,453
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 2.8%
Capstone Turbine
Corp.* 63,800 3,540,900
Dionex Corp.* 93,145 3,021,391
Methode Electronics,
Inc. Cl-A 55,645 2,093,643
Microtune, Inc.* 37,450 1,053,281
Proton Energy Systems,
Inc.* 11,005 294,384
------------
10,003,599
------------
ENTERTAINMENT & LEISURE -- 2.7%
Championship Auto
Racing Teams, Inc.* 68,700 1,708,913
Park Place
Entertainment Corp.* 242,970 3,097,867
Playboy Enterprises,
Inc. Cl-B* 40,705 526,621
Six Flags, Inc.* 127,245 1,988,203
Station Casinos, Inc.* 142,580 2,299,103
------------
9,620,707
------------
FINANCIAL SERVICES -- 1.9%
Investors Financial
Service Corp. 95,470 6,844,006
------------
HEALTHCARE SERVICES -- 3.2%
Accredo Health, Inc.* 82,307 3,559,778
Apria Healthcare
Group, Inc.* 321,910 6,438,200
First Health Group
Corp.* 44,150 1,721,850
------------
11,719,828
------------
INTERNET SERVICES -- 8.1%
724 Solutions, Inc.* 57,400 1,560,563
Active Software, Inc.* 60,760 2,316,475
Globix Corp.* 462,745 4,685,293
internet.com Corp.* 58,125 1,209,727
IntraNet Solutions,
Inc.* 107,765 5,011,072
Liberate Technologies,
Inc.* 118,120 2,251,663
NaviSite, Inc.* 216,045 2,200,958
Retek, Inc.* 83,225 3,282,186
Selectica, Inc.* 36,135 953,061
Tumbleweed
Communications
Corp.* 41,365 708,376
VerticalNet, Inc.* 178,210 4,970,387
------------
29,149,761
------------
MEDICAL SUPPLIES & EQUIPMENT -- 0.5%
Celera Genomics Group* 29,230 1,973,025
------------
OIL & GAS -- 1.3%
Cal Dive
International, Inc.* 95,890 4,770,528
------------
</TABLE>
26
<PAGE> 30
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
PERSONAL SERVICES -- 0.9%
Career Education
Corp.* 86,190 $ 3,334,476
------------
PHARMACEUTICALS -- 12.2%
Abgenix, Inc.* 127,540 10,059,717
Arena Pharmaceuticals,
Inc.* 60,195 2,103,063
Celgene Corp.* 63,615 4,095,216
Cubist
Pharmaceuticals,
Inc.* 65,620 2,819,609
Enzon, Inc.* 261,355 18,621,543
Priority Healthcare
Corp. Cl-B* 29,960 1,610,350
Professional
Detailing, Inc.* 53,090 4,705,101
------------
44,014,599
------------
PRINTING & PUBLISHING -- 1.4%
Valassis
Communications,
Inc.* 181,770 5,044,118
------------
RESTAURANTS -- 0.2%
P.F. Chang's China
Bistro, Inc.* 21,375 876,375
------------
RETAIL & MERCHANDISING -- 1.5%
Key3Media Group, Inc.* 93,870 891,765
Linens 'n Things,
Inc.* 77,070 2,369,903
School Specialty,
Inc.* 129,640 1,993,215
------------
5,254,883
------------
SEMICONDUCTORS -- 10.7%
Alpha Industries,
Inc.* 167,644 6,684,804
Marvell Technology
Group Ltd.* 91,045 5,075,759
Pixelworks, Inc.* 56,175 1,871,330
SDL, Inc.* 81,970 21,250,722
TriQuint
Semiconductor, Inc.* 48,750 1,867,734
Virata Corp.* 102,805 1,991,847
------------
38,742,196
------------
TELECOMMUNICATIONS -- 8.8%
Advanced Switching
Communications,
Inc.* 190,270 1,938,376
Airspan Networks,
Inc.* 37,375 204,395
Avanex Corp.* 21,375 2,170,898
Avantgo, Inc.* 14,615 143,866
Cosine Communications,
Inc.* 24,975 825,736
CTC Communications
Group, Inc.* 108,870 1,051,276
IDT Corp.* 91,385 3,267,014
Natural MicroSystems
Corp.* 127,920 5,780,384
Neon Communications,
Inc.* 110,755 1,335,982
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
New Focus, Inc.* 59,575 $ 3,783,013
Oplink Communications,
Inc.* 50,985 1,242,759
Pac-West Telecomm,
Inc.* 92,390 802,638
SBA Communications
Corp.* 113,575 5,692,947
Terayon Communication
Systems, Inc.* 88,380 1,977,503
Triton Network
Systems, Inc.* 22,915 143,219
WinStar
Communications,
Inc.* 70,200 1,368,900
------------
31,728,906
------------
UTILITIES -- 1.0%
Avista Corp. 158,745 3,561,841
------------
TOTAL COMMON STOCK
(Cost $289,566,855) 330,203,498
------------
FOREIGN STOCK -- 1.9%
ENTERTAINMENT & LEISURE -- 0.6%
Corporacion
Interamericana de
Entretenimento --
(MXP)* 522,600 2,331,717
------------
TELECOMMUNICATIONS -- 1.3%
Cogeco Cable, Inc. --
(CAD)* 97,290 2,162,722
Moffat Communications
Ltd. -- (CAD)* 123,823 2,213,383
------------
4,376,105
------------
TOTAL FOREIGN STOCK
(Cost $5,270,065) 6,707,822
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 1.4%
Federal Home Loan Bank
6.36%, 11/15/00-
01/23/01 $ 5,000 4,987,633
Federal Home Loan
Mortgage Corp.
6.45%, 11/01/00 200 200,000
------------
(Cost $5,187,633) 5,187,633
------------
COMMERCIAL PAPER -- 4.5%
UBS Finance Corp.
6.65%, 11/01/00
(Cost $16,100,000) 16,100 16,100,000
------------
</TABLE>
27
<PAGE> 31
ASAF JANUS SMALL-CAP
GROWTH FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.0%
Temporary Investment
Cash Fund 11,762 $ 11,762
Temporary Investment
Fund 11,761 11,761
------------
(Cost $23,523) 23,523
------------
TOTAL INVESTMENTS -- 99.2%
(Cost $316,148,076) 358,222,476
OTHER ASSETS LESS
LIABILITIES -- 0.8% 3,050,119
------------
NET ASSETS -- 100.0% $361,272,595
============
</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.
28
<PAGE> 32
AMERICAN SKANDIA ADVISOR FUNDS, INC.
ASAF GABELLI
SMALL-CAP VALUE FUND
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 94.1%
ADVERTISING -- 0.4%
Bowling Outdoor Co.* 4,000 $ 28,000
Penton Media, Inc. 13,000 397,313
------------
425,313
------------
AEROSPACE -- 0.6%
AAR Corp. 22,000 262,625
Doncasters PLC [ADR]* 7,500 135,000
Fairchild Corp. Cl-A* 30,000 174,375
------------
572,000
------------
AIRLINES -- 0.3%
Midwest Express
Holdings, Inc.* 15,000 285,000
------------
AUTOMOTIVE PARTS -- 1.6%
Borge Warner
Automotive Corp. 16,000 604,000
Midas, Inc. 4,000 55,500
Myers Industries,
Inc. 55,010 728,882
Raytech Corp.* 20,000 48,750
Superior Industries
International, Inc. 1,500 51,094
TBC Corp.* 43,000 209,625
------------
1,697,851
------------
BEVERAGES -- 0.6%
Farmer Brothers Co. 1,000 195,063
Genesee Corp. 4,000 149,375
PepsiAmericas, Inc.* 70,000 253,750
Robert Mondavi Corp.
Cl-A* 1,000 45,250
------------
643,438
------------
BROADCASTING -- 5.7%
Acme Communications,
Inc.* 73,000 447,125
Beasley Broadcast
Group, Inc.* 5,300 43,725
Citadel
Communications
Corp.* 2,500 30,313
Crown Media Holdings,
Inc.* 3,000 41,625
Cumulus Media, Inc.* 8,500 53,125
Fisher Companies,
Inc. 2,500 177,500
Granite Broadcasting
Corp.* 42,000 131,250
Gray Communications 4,000 55,750
Gray Communications
Cl-B* 4,000 55,500
Lee Enterprises, Inc. 1,000 27,625
Media General, Inc. 24,000 912,000
Paxson Communications
Corp.* 25,000 284,375
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
Saga Communications,
Inc. Cl-A* 26,000 $ 429,000
Salem Communications
Corp. Cl-A* 10,000 120,000
Sinclair Broadcast
Group, Inc.* 69,500 640,703
United Television,
Inc. 17,000 2,277,999
Young Broadcasting
Corp. Cl-A* 6,000 148,875
------------
5,876,490
------------
BUILDING MATERIALS -- 5.8%
Ameron International
Corp. 8,000 285,000
Florida Rock
Industries, Inc. 11,000 427,625
Gibraltar Steel Corp. 26,500 332,906
Insituform
Technologies, Inc.* 12,000 428,250
Lone Star
Technologies, Inc.* 16,000 642,400
Modine Manufacturing
Co.* 22,100 582,888
Nortek, Inc.* 14,000 263,375
Republic Group, Inc. 55,200 1,038,449
SCP Pool Corp.* 6,000 155,250
Skyline Corp. 18,000 385,875
Thomas Industries,
Inc. 44,000 924,000
U.S. Aggregates, Inc. 40,200 562,800
------------
6,028,818
------------
BUSINESS SERVICES -- 0.6%
Bull Run Corp.* 33,000 68,063
Edgewater Technology,
Inc.* 58,000 284,563
IT Group, Inc.* 70,000 310,624
------------
663,250
------------
CABLE TELEVISION -- 0.3%
Cablevision Systems
Corp. Cl-A* 4,000 298,000
------------
CHEMICALS -- 5.8%
Airgas, Inc.* 20,000 135,000
Arch Chemicals, Inc. 48,000 932,999
Bush Boake Allen,
Inc.* 10,000 483,750
Ferro Corp. 6,000 123,000
Fuller, (H.B.) Co. 22,000 743,875
Great Lakes Chemical
Corp. 25,000 834,375
Hercules, Inc. 50,000 915,625
MacDermid, Inc. 30,000 645,000
Omnova Solutions,
Inc. 37,000 208,125
Schulman, (A.), Inc. 26,000 284,375
TETRA Technologies,
Inc.* 47,500 685,781
------------
5,991,905
------------
</TABLE>
29
<PAGE> 33
ASAF GABELLI
SMALL-CAP VALUE FUND
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
CLOTHING &
APPAREL -- 0.6%
Dan River, Inc. Cl-A* 62,000 $ 151,125
Hartmarx Corp.* 20,000 52,500
Neiman-Marcus Group,
Inc. Cl-B* 8,000 277,000
Unifi, Inc.* 18,000 156,375
------------
637,000
------------
COMPUTER HARDWARE -- 0.3%
Analogic Corp. 7,500 264,844
Microtouch Systems,
Inc.* 4,000 34,750
------------
299,594
------------
COMPUTER SERVICES & SOFTWARE -- 0.5%
Analysts
International Corp. 30,000 187,500
Baldwin Technology
Co., Inc. Cl-A* 30,000 39,375
CompuCom Systems,
Inc.* 30,000 59,063
Metro Information
Services, Inc.* 10,000 62,500
Progress Software
Co.* 10,000 158,125
------------
506,563
------------
CONSUMER PRODUCTS & SERVICES -- 2.6%
Aviall Corp.* 6,000 38,625
Brown-Forman Corp.
Cl-A 3,000 181,125
Culp, Inc. 28,000 110,250
Dial Corp. 40,000 447,500
GC Companies, Inc.* 45,000 106,875
Packaged Ice, Inc.* 85,000 191,250
Shaw Industries, Inc. 85,000 1,577,813
------------
2,653,438
------------
CONTAINERS & PACKAGING -- 1.5%
Aptargroup, Inc. 25,000 517,188
Ivex Packaging Corp.* 10,000 98,125
Liqui-Box Corp. 14,500 519,281
Pactiv Corp.* 40,000 420,000
------------
1,554,594
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 7.3%
Allen Group, Inc.* 18,000 336,375
Ametek, Inc. 15,700 341,475
Axcelis Technologies,
Inc.* 72,000 774,000
Baldor Electric Co. 15,000 298,125
Electro Rental Corp.* 60,000 821,250
FLIR Systems, Inc.* 38,000 228,000
Franklin Electric
Co., Inc. 13,500 919,687
Katy Industries, Inc. 10,000 54,375
Lamson & Sessions
Co.* 40,000 375,000
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
Landauer, Inc. 17,500 $ 330,750
Littelfuse, Inc.* 16,500 478,500
Magnetek, Inc.* 15,000 163,125
Methode Electronics,
Inc. Cl-A 31,500 1,185,187
Parker-Hannifin Corp. 10,000 413,750
Pioneer-Standard
Electronics, Inc. 10,000 138,750
Sl Industries, Inc. 4,000 46,000
Thomas & Betts Corp. 40,000 605,000
Transport Lux Corp. 6,000 28,313
UCAR International,
Inc.* 7,300 60,225
------------
7,597,887
------------
ENTERTAINMENT & LEISURE -- 0.6%
Ackerley Group, Inc. 25,000 259,375
Gaylord Entertainment
Co. Cl-A 5,000 118,750
International
Speedway Corp. Cl-A 4,000 128,500
Magna Entertainment
Corp.* 11,000 66,000
Topps, Inc.* 5,000 45,156
------------
617,781
------------
ENVIRONMENTAL SERVICES -- 2.7%
Allied Waste
Industries, Inc.* 125,000 1,156,249
CUNO, Inc.* 6,500 164,938
Newpark Resources,
Inc.* 85,000 765,000
Republic Services,
Inc.* 30,000 403,125
Waste Connections,
Inc.* 10,000 255,625
Waterlink, Inc.* 7,000 10,938
------------
2,755,875
------------
EQUIPMENT SERVICES -- 1.0%
CLARCOR, Inc. 29,000 554,625
Gerber Scientific,
Inc. 40,000 320,000
Unifirst Corp.* 17,100 163,519
------------
1,038,144
------------
FINANCIAL -- BANK & TRUST -- 4.2%
Community First
Bankshares, Inc. 60,000 930,000
First Republic Bank* 26,000 705,250
Silicon Valley
Bancshares* 47,000 2,173,749
Southwest
Bancorporation of
Texas, Inc.* 15,000 547,500
------------
4,356,499
------------
</TABLE>
30
<PAGE> 34
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
FINANCIAL
SERVICES -- 3.5%
Allied Capital Corp. 38,000 $ 783,749
American Capital
Strategies Ltd. 25,000 551,563
BKF Capital Group 6,000 108,375
CIT Group 35,000 610,313
Countrywide Credit
Industries, Inc. 16,000 599,000
First Financial Fund,
Inc.** 50,000 465,625
Triad Guaranty, Inc.* 18,000 523,125
------------
3,641,750
------------
FOOD -- 2.6%
Corn Products
International, Inc. 30,000 753,750
Ingles Markets, Inc.
Cl-A 20,000 197,500
International
Multifoods Corp. 16,000 271,000
J&J Snack Foods
Corp.* 1,500 20,156
J.M. Smucker Co. Cl-B 1,000 22,250
Tootsie Roll
Industries, Inc. 6,000 230,250
Twinlab Corp.* 28,500 149,625
Universal Foods Corp. 50,000 987,500
Weis Markets, Inc. 3,000 110,250
------------
2,742,281
------------
FURNITURE -- 0.3%
Stanley Furniture
Co., Inc.* 16,000 336,000
------------
HOTELS & MOTELS -- 0.8%
Aztar Corp.* 15,000 226,875
Boca Resorts, Inc.
Cl-A* 17,000 230,563
Sun International
Hotels Ltd.* 20,000 382,500
------------
839,938
------------
INDUSTRIAL PRODUCTS -- 4.4%
Barnes Group, Inc. 6,000 115,500
Crane Co.* 90,000 2,356,874
Curtiss Wright Corp. 6,000 282,750
Donaldson, Inc. 14,000 316,750
Greif Bros Corp. 10,000 320,000
Kaman Corp. Cl-A 30,000 434,999
Robbins & Myers, Inc. 5,000 120,938
Roper Co. 5,000 175,000
Standex International
Corp. 5,000 91,563
Tennant Co. 6,000 261,000
Transpro, Inc. 25,000 71,875
------------
4,547,249
------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
INSURANCE -- 2.4%
Argonaut Group, Inc. 15,000 $ 257,813
Brown & Brown, Inc. 20,000 650,000
Hilb, Rogal &
Hamilton Co. 4,000 158,500
Markel Corp.* 5,200 753,350
Medical Assurance,
Inc.* 30,000 416,250
Midland Co. 3,000 87,375
Presidential Life
Corp. 8,000 116,500
------------
2,439,788
------------
INTERNET SERVICES -- 0.0%
Jackpot Enterprises,
Inc.* 5,000 35,000
------------
LUMBER & WOOD PRODUCTS -- 0.4%
Deltic Timber Corp. 19,000 369,313
Universal Forest
Products, Inc. 5,000 67,500
------------
436,813
------------
MACHINERY & EQUIPMENT -- 4.8%
Alamo Group, Inc. 4,000 51,750
Carbo Ceramics, Inc. 15,000 449,063
Denison International
PLC [ADR]* 35,000 461,563
Flowserve Corp. 35,000 704,374
Gardner Denver, Inc. 20,000 367,500
Gencorp, Inc. 60,900 510,038
Newport News
Shipbuilding, Inc. 2,500 122,969
Sequa Corp. Cl-A* 5,000 184,375
Smith, (A.O.) Corp. 40,000 565,000
SPS Technologies,
Inc.* 15,000 774,374
TransTechnology Corp. 29,000 114,188
Woodward Governor Co. 15,000 671,718
------------
4,976,912
------------
MEDICAL SUPPLIES & EQUIPMENT -- 1.0%
Inamed Corp.* 2,500 70,000
Invitrogen Corp.* 2,910 221,342
Ocular Sciences,
Inc.* 8,000 99,000
Owens & Minor, Inc. 45,000 680,625
------------
1,070,967
------------
METALS & MINING -- 1.1%
Homestake Mining Co. 45,000 185,625
Layne Christensen
Co.* 15,000 65,625
Material Sciences
Corp.* 45,300 458,663
Penn Virginia Corp. 15,000 397,500
WHX Corp.* 5,000 10,000
------------
1,117,413
------------
</TABLE>
31
<PAGE> 35
ASAF GABELLI
SMALL-CAP VALUE FUND
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
OFFICE EQUIPMENT -- 2.5%
Aaron Rents, Inc.
Cl-A 15,000 $ 236,250
Aaron Rents, Inc.
Cl-B 50,400 844,200
CompX International,
Inc. 8,000 95,500
IDEX Corp. 37,000 1,193,250
McGrath Rentcorp 10,000 172,500
------------
2,541,700
------------
OIL & GAS -- 7.7%
Callon Petroleum Co.* 8,600 131,150
Chieftan
International,
Inc.* 35,000 708,750
Cross Timbers Oil Co. 65,000 1,222,812
Devon Energy Corp. 11,500 579,600
Eastern Enterprises 40,000 2,574,999
Enron Oil & Gas Co. 20,300 799,313
Forest Oil Corp.* 77,000 1,063,562
Gyrodyne Co. of
America, Inc.* 2,000 40,500
Kinder Morgan, Inc. 21,000 809,813
Southern Union Co.* 808 15,201
Watts Industries,
Inc. 10,000 111,875
------------
8,057,575
------------
PAPER & FOREST PRODUCTS -- 0.5%
CSS Industries, Inc.* 9,300 192,975
Wausau-Mosinee Paper
Corp. 35,000 306,250
------------
499,225
------------
PERSONAL SERVICES -- 0.6%
Matthews
International Corp.
Cl-A 20,000 540,000
Whitman Education
Group, Inc.* 25,000 46,875
------------
586,875
------------
PETROLEUM EXPLORATION & PRODUCTION -- 0.2%
Companie Generale de
Geophysique SA
[ADR] 19,000 237,500
------------
PHARMACEUTICALS -- 3.0%
Block Drug Company,
Inc. 40,000 2,092,500
Bone Care
International,
Inc.* 12,000 295,500
Carter-Wallace, Inc. 25,000 685,938
------------
3,073,938
------------
PRINTING & PUBLISHING -- 1.9%
IDG Books Worldwide,
Inc.* 5,000 44,375
Journal Register Co.* 37,500 667,969
McClatchy Co. 5,000 190,000
Nelson, (Thomas),
Inc. 2,000 13,375
Pulitzer, Inc. 25,200 1,031,940
------------
1,947,659
------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
REAL ESTATE -- 2.8%
Apartment Investment
& Management Co.
Cl-A [REIT] 5,000 $ 228,438
Glenborough Realty
Trust, Inc. [REIT] 50,000 803,124
Griffin Land and
Nurseries Co.* 10,100 142,663
Harbor Global Co.* 15,500 62,484
Innkeepers USA Trust
[REIT] 54,000 550,125
Pacific Gulf
Properties, Inc.
[REIT] 15,000 398,438
Sun Communities, Inc.
[REIT] 22,000 668,250
------------
2,853,522
------------
RESTAURANTS -- 1.8%
Consolidated
Products, Inc.* 47,000 355,438
RARE Hospitality
International,
Inc.* 20,000 465,000
Ruby Tuesday, Inc. 80,000 1,085,000
------------
1,905,438
------------
RETAIL & MERCHANDISING -- 2.3%
Bon-Ton Stores, Inc.* 27,000 47,250
Casey's General
Stores, Inc. 45,000 562,500
Fred's, Inc. 25,000 528,125
Goody's Family
Clothing, Inc.* 50,000 179,688
Hancock Fabrics, Inc. 30,000 131,250
Jo-Ann Stores, Inc.
Cl-B* 27,000 140,063
Key3Media Group,
Inc.* 2,000 19,000
Stein Mart, Inc.* 50,000 774,999
------------
2,382,875
------------
TELECOMMUNICATIONS -- 3.2%
Airgate PCS, Inc.* 6,000 233,250
AT&T Corp. Liberty
Media Group Cl-A* 5,000 90,000
Belden Corp. 25,000 648,437
Centennial
Communications,
Inc. 8,500 165,750
Commonwealth
Telephone
Enterprises, Inc.* 11,000 380,875
Dobson Communications
Corp.* 20,000 260,000
Gilat Satellite
Networks Ltd.* 9,000 460,688
Leap Wireless
International,
Inc.* 3,000 149,250
Rural Cellular Corp.* 2,000 107,500
Telecorp PCS, Inc.* 10,000 187,500
</TABLE>
32
<PAGE> 36
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
Tritel, Inc.* 12,000 $ 165,188
Triton PCS Holdings,
Inc.* 10,000 465,000
------------
3,313,438
------------
TRANSPORTATION -- 0.8%
Hub Group, Inc. Cl-A* 22,000 178,063
Landstar Systems,
Inc.* 4,000 189,000
Navistar
International
Corp.* 15,000 495,937
------------
863,000
------------
UTILITIES -- 2.5%
Black Hills Corp. 19,200 600,000
Cleco Corp. 15,000 713,438
El Paso Electric Co.* 30,000 359,700
Florida Public
Utilities Co. 2,000 30,875
Madison Gas &
Electric Co. 12,000 261,000
Maine Public Service
Co. 5,000 119,375
Niagara Mohawk
Holdings, Inc.* 25,000 400,000
Rochester Gas &
Electric Corp. 5,000 147,500
------------
2,631,888
------------
TOTAL COMMON STOCK
(Cost $94,042,568) 97,578,184
------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
PREFERRED STOCK -- 0.5%
OIL & GAS
Cross Timbers Oil Co.
$1.5625 Cl-A
(Cost $262,226) 8,200 $ 508,400
------------
SHORT-TERM INVESTMENTS -- 5.6%
Temporary Investment
Cash Fund 2,893,671 2,893,671
Temporary Investment
Fund 2,893,671 2,893,671
------------
(Cost $5,787,342) 5,787,342
------------
TOTAL INVESTMENTS -- 100.2%
(Cost $100,092,136) 103,873,926
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (0.2%) (200,339)
------------
NET ASSETS -- 100.0% $103,673,587
============
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
** Closed-end fund.
See Notes to Financial Statements.
33
<PAGE> 37
ASAF AMERICAN CENTURY
STRATEGIC BALANCED FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 55.9%
ADVERTISING -- 0.0%
Omnicom Group, Inc. 100 $ 9,225
------------
AEROSPACE -- 0.9%
Boeing Co. 21,500 1,457,969
Northrop Grumman Corp. 3,500 294,000
------------
1,751,969
------------
AIRLINES -- 0.0%
AMR Corp.* 1,000 32,750
Delta Air Lines, Inc. 900 42,525
------------
75,275
------------
AUTOMOBILE MANUFACTURERS -- 0.4%
Ford Motor Co. 27,497 718,359
------------
BEVERAGES -- 1.0%
Anheuser-Busch
Companies, Inc. 13,500 617,625
Coors, (Adolph) Co.
Cl-B 3,400 216,538
PepsiCo, Inc. 23,800 1,152,812
------------
1,986,975
------------
BROADCASTING -- 0.1%
Infinity Broadcasting
Corp.* 6,000 199,500
------------
BUSINESS SERVICES -- 0.2%
First Data Corp. 8,400 421,050
------------
CHEMICALS -- 0.5%
Dow Chemical Co. 26,500 811,563
DuPont, (E.I.) de
Nemours & Co. 5,000 226,875
------------
1,038,438
------------
CLOTHING & APPAREL -- 0.2%
Limited, Inc. 6,500 164,125
Liz Claiborne, Inc. 5,700 242,250
------------
406,375
------------
COMPUTER HARDWARE -- 2.5%
Compaq Computer Corp. 5,300 161,173
EMC Corp.* 19,100 1,701,094
Gateway, Inc.* 2,700 139,347
Hewlett-Packard Co. 21,600 1,003,050
Insight Enterprises,
Inc. 5,100 165,750
International Business
Machines Corp. 13,800 1,359,300
Silicon Storage
Technology, Inc.* 9,300 211,575
------------
4,741,289
------------
COMPUTER SERVICES & SOFTWARE -- 6.8%
Adobe Systems, Inc. 7,000 532,438
Automatic Data
Processing, Inc. 5,400 352,688
Brocade Communications
Systems, Inc.* 700 159,163
Cisco Systems, Inc.* 64,000 3,447,999
Microsoft Corp.* 33,200 2,286,649
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
Network Appliance,
Inc.* 1,300 $ 154,700
Oracle Corp.* 63,200 2,085,599
Rational Software
Corp.* 5,300 316,344
Siebel Systems, Inc.* 1,600 167,900
Sun Microsystems,
Inc.* 19,900 2,206,412
Sybase, Inc.* 19,800 414,563
Symantec Corp.* 7,400 289,063
Veritas Software
Corp.* 3,400 479,453
------------
12,892,971
------------
CONGLOMERATES -- 1.1%
Corning, Inc. 6,800 520,200
Johnson Controls, Inc. 2,500 149,063
Minnesota Mining &
Manufacturing Co. 3,800 367,175
Tyco International
Ltd. 17,080 968,204
United Technologies
Corp. 2,400 167,550
------------
2,172,192
------------
CONSTRUCTION -- 0.2%
Dycom Industries,
Inc.* 7,800 293,475
------------
CONSUMER PRODUCTS & SERVICES -- 1.1%
Avon Products, Inc. 7,700 373,450
Clorox Co. 7,500 334,688
Colgate-Palmolive Co. 10,000 587,599
Fortune Brands, Inc. 5,000 147,188
RJ Reynolds Tobacco
Holdings 3,200 114,400
Tupperware Corp. 20,400 349,350
Universal Corp. 6,000 168,000
------------
2,074,675
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 4.9%
Amphenol Corp.* 3,700 237,725
Analog Devices, Inc.* 12,500 812,500
Cypress Semiconductor
Corp.* 8,300 310,731
Flextronics
International Ltd.* 10,800 410,400
General Electric Co. 88,400 4,845,424
KEMET Corp.* 18,600 518,475
KLA-Tencor Corp.* 7,000 236,688
Solectron Corp.* 4,500 198,000
Technitrol, Inc. 6,400 709,600
Tektronix, Inc. 6,000 427,500
Vishay
Intertechnology,
Inc.* 16,550 496,500
------------
9,203,543
------------
ENTERTAINMENT & LEISURE -- 1.4%
Brunswick Corp. 3,000 58,313
Disney, (Walt) Co. 24,600 880,988
International Game
Technology* 4,200 153,825
Viacom, Inc. Cl-B* 26,700 1,518,562
------------
2,611,688
------------
</TABLE>
34
<PAGE> 38
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
FINANCIAL -- BANK & TRUST -- 1.5%
Bank of America
Corp. 14,200 $ 682,488
Bank of New York Co.,
Inc. 6,700 385,669
Chase Manhattan Corp. 22,500 1,023,749
Comerica, Inc. 8,600 518,688
Silicon Valley
Bancshares* 5,100 235,875
------------
2,846,469
------------
FINANCIAL SERVICES -- 5.5%
Citigroup, Inc. 71,300 3,752,162
Deluxe Corp. 4,200 94,763
Fannie Mae 13,600 1,047,200
Fleet Financial Group,
Inc. 39,100 1,485,799
Freddie Mac 6,100 366,000
Golden West Financial
Corp. 4,900 274,706
Lehman Brothers
Holdings, Inc.* 6,600 425,700
Merrill Lynch & Co.,
Inc. 7,500 525,000
Metris Companies, Inc. 6,300 203,963
Morgan Stanley Dean
Witter & Co. 15,900 1,276,969
Providian Financial
Corp. 8,100 842,400
------------
10,294,662
------------
FOOD -- 2.0%
Archer-Daniels-Midland
Co. 26,100 287,100
Hormel Foods Corp. 10,200 171,488
IBP, Inc. 23,500 483,219
Quaker Oats Co. 18,100 1,476,281
Ralston Purina Group 12,900 312,825
Safeway, Inc.* 11,600 634,375
Suiza Foods Corp.* 10,500 486,281
------------
3,851,569
------------
HEALTHCARE SERVICES -- 0.8%
Amgen, Inc.* 12,500 724,219
HCA -- The Healthcare
Corp. 5,200 207,675
Oxford Health Plans,
Inc.* 20,100 678,375
------------
1,610,269
------------
HOTELS & MOTELS -- 0.1%
MGM Grand, Inc.* 3,300 114,056
------------
INSURANCE -- 2.2%
American International
Group, Inc. 11,650 1,141,700
Arthur J. Gallagher &
Co. 1,800 113,625
CIGNA Corp. 6,000 731,700
Lincoln National Corp. 21,500 1,040,063
MGIC Investment Corp. 10,200 694,875
Radian Group, Inc. 7,000 496,125
------------
4,218,088
------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
INTERNET SERVICES -- 0.6%
America Online, Inc.* 23,800 $ 1,200,234
------------
MACHINERY & EQUIPMENT -- 0.7%
Dover Corp. 10,700 454,081
Illinois Tool Works,
Inc. 14,700 816,769
Ingersoll-Rand Co. 2,700 101,925
------------
1,372,775
------------
MEDICAL SUPPLIES & EQUIPMENT -- 1.7%
Bard, (C.R.), Inc. 10,000 418,750
Beckman Coulter, Inc. 2,200 154,138
Forest Laboratories,
Inc.* 2,000 265,000
Johnson & Johnson Co. 18,500 1,704,312
PE Corp. -- PE
Biosystems Group 5,700 666,900
Varian Medical
Systems, Inc.* 2,100 102,638
------------
3,311,738
------------
METALS & MINING -- 0.3%
Alcan Aluminum Ltd. 4,400 138,875
Alcoa, Inc. 12,300 352,856
------------
491,731
------------
OIL & GAS -- 3.6%
Amerada Hess Corp. 28,400 1,760,800
Apache Corp. 13,200 730,125
BJ Services Co.* 2,500 131,094
Ensco International,
Inc. 12,300 408,975
Equitable Resources,
Inc. 2,400 139,200
Exxon Mobil Corp. 11,400 1,016,738
Kerr-McGee Corp.* 19,300 1,260,531
Noble Drilling Corp.* 6,900 286,781
Occidental Petroleum
Corp. 30,000 596,250
Royal Dutch Petroleum
Co. NY Reg. 8,800 522,500
------------
6,852,994
------------
PAPER & FOREST PRODUCTS -- 0.5%
International Paper
Co. 6,900 252,713
Westvaco Corp. 7,700 219,450
Weyerhaeuser Co. 11,200 525,700
------------
997,863
------------
PHARMACEUTICALS -- 3.8%
Allergan, Inc. 3,300 277,406
Bristol-Meyers Squibb
Co. 14,700 895,781
Cardinal Health, Inc. 800 75,800
Elan Corp. PLC [ADR]* 4,500 233,719
Genentech, Inc.* 2,600 214,500
IVAX Corp.* 9,200 400,200
King Pharmaceuticals,
Inc.* 8,000 358,500
Merck & Co., Inc. 20,600 1,852,713
Pfizer, Inc. 54,700 2,362,355
</TABLE>
35
<PAGE> 39
ASAF AMERICAN CENTURY
STRATEGIC BALANCED FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
Pharmacia Corp. 6,800 $ 374,000
Schering-Plough Corp. 5,500 284,281
------------
7,329,255
------------
PRINTING & PUBLISHING -- 0.3%
Dow Jones & Co., Inc. 7,500 441,563
McGraw-Hill Co., Inc. 1,900 121,956
------------
563,519
------------
RAILROADS -- 0.1%
Union Pacific Corp. 3,000 140,625
------------
RESTAURANTS -- 0.4%
Brinker International,
Inc.* 11,100 435,675
Jack in the Box, Inc.* 13,100 320,950
------------
756,625
------------
RETAIL & MERCHANDISING -- 2.4%
Best Buy Co., Inc.* 10,000 501,875
Dollar Tree Stores,
Inc.* 3,700 144,763
Home Depot, Inc. 16,000 687,999
Kohl's Corp.* 5,800 314,288
Pier 1 Imports, Inc. 10,500 139,125
Sears, Roebuck & Co. 10,200 303,246
Talbots, Inc. 2,900 229,281
Tiffany & Co. 4,200 179,288
Wal-Mart Stores, Inc. 37,300 1,692,487
Zale Corp.* 12,800 433,600
------------
4,625,952
------------
SEMICONDUCTORS -- 2.1%
Applied Materials,
Inc.* 13,200 701,250
Atmel Corp.* 17,200 256,925
Integrated Device
Technology, Inc.* 9,400 529,338
Intel Corp. 48,800 2,195,999
International
Rectifier Corp.* 3,700 165,113
Lam Research Corp.* 11,900 230,563
------------
4,079,188
------------
TELECOMMUNICATIONS -- 4.7%
AT&T Corp. 13,900 322,306
BellSouth Corp. 39,500 1,908,343
Comcast Corp. Cl-A* 4,500 183,375
Cox Communications,
Inc. Cl-A* 6,900 304,031
Digital Lightwave,
Inc.* 3,300 167,269
MasTec, Inc.* 3,400 98,388
Nextel Communications,
Inc. Cl-A* 4,600 176,813
Nortel Networks Corp.
NY Reg. 14,000 637,000
Polycom, Inc.* 2,400 156,000
QUALCOMM, Inc.* 4,500 292,992
Qwest Communications
International, Inc.* 6,200 301,475
SBC Communications,
Inc. 37,400 2,157,512
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
Sprint Corp. (PCS
Group)* 14,500 $ 552,813
Verizon Communications 24,100 1,393,280
WorldCom, Inc.* 16,800 399,000
------------
9,050,597
------------
TRANSPORTATION -- 0.0%
FedEx Corp.* 2,000 93,720
------------
UTILITIES -- 1.3%
AES Corp.* 6,600 372,900
Allete Corp. 5,500 118,594
Calpine Corp.* 7,600 599,925
PG&E Corp. 2,600 70,038
Public Service
Enterprise Group,
Inc. 9,700 402,550
Reliant Energy, Inc. 15,600 644,474
Southern Co. 10,500 308,438
Southern Energy, Inc.* 2,100 57,225
------------
2,574,144
------------
TOTAL COMMON STOCK
(Cost $94,770,283) 106,973,072
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 23.9%
Federal Home Loan Bank
6.45%, 11/01/00 $13,200 13,200,000
------------
Federal Home Loan
Mortgage Corp.
6.50%, 06/01/29 3,950 3,801,647
7.00%, 06/01/14-
07/01/30 3,521 3,458,645
7.50%, 08/01/29 1,602 1,602,486
8.00%, 07/01/30 1,582 1,603,832
------------
10,466,610
------------
Federal National
Mortgage Assoc.
5.25%, 01/15/03 1,500 1,464,390
6.00%, 12/01/13-
10/01/28 3,001 2,852,972
6.50%, 04/29/09-
07/01/29 4,755 4,565,014
7.00%, 05/01/11-
05/01/30 2,870 2,824,367
7.125%, 02/15/05-
01/15/30 2,050 2,105,178
7.25%, 01/15/10 2,800 2,906,277
7.50%, 07/01/29 871 870,335
8.00%, 07/01/30 798 808,307
------------
18,396,840
------------
</TABLE>
36
<PAGE> 40
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
Government National
Mortgage Assoc.
6.00%, 08/15/28 $ 175 $ 164,605
6.50%, 05/15/28-
03/15/29 1,214 1,172,313
7.00%, 08/15/29 1,347 1,328,463
7.50%, 05/15/30 968 971,436
------------
3,636,817
------------
(Cost $45,477,704) 45,700,267
------------
CORPORATE OBLIGATIONS -- 11.4%
AEROSPACE -- 0.3%
Raytheon Co.
8.20%, 03/01/06 600 621,201
------------
BEVERAGES -- 0.2%
Pepsi Bottling Group,
Inc. 144A+
7.00%, 03/01/29 500 462,353
------------
CABLE TELEVISION -- 0.2%
British Sky
Broadcasting
8.20%, 07/15/09 450 417,507
------------
CONGLOMERATES -- 0.3%
Tyco International
Group SA
6.875%, 09/05/02 600 598,528
------------
CONSUMER PRODUCTS & SERVICES -- 0.1%
Fort James Corp.
6.625%, 09/15/04 150 145,111
------------
ENERGY SERVICES -- 0.5%
Duke Energy Field
Services
7.875%, 08/16/10 900 918,346
------------
FINANCIAL -- BANK & TRUST -- 1.5%
Bank of America Corp.
6.125%, 07/15/04 200 193,397
Fleet National Bank
5.75%, 01/15/09 200 177,983
Merrill Lynch & Co.,
Inc.
7.25%, 07/26/02 1,500 1,508,022
Wells Fargo Co.
7.25%, 08/24/05 900 906,597
------------
2,785,999
------------
FINANCIAL SERVICES -- 3.4%
Associates Corp. NA
6.00%, 07/15/05 900 859,162
Cilcorp, Inc.
8.70%, 10/15/09 400 412,966
Citigroup, Inc.
7.25%, 10/01/10 900 894,384
Ford Motor Credit
Corp.
7.50%, 03/15/05 1,700 1,706,005
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
General Motors
Acceptance Corp.
6.81%, 03/10/03 $ 700 $ 698,646
Lehman Brothers
Holdings, Inc.
8.25%, 06/15/07 900 919,811
Qwest Capital Funding
144A+
7.75%, 08/15/06 900 912,949
------------
6,403,923
------------
HOTELS & MOTELS -- 0.4%
MGM Mirage, Inc.
8.50%, 09/15/10 800 786,564
------------
INSURANCE -- 0.5%
AXA Financial, Inc.
7.75%, 08/01/10 950 964,903
------------
OIL & GAS -- 0.8%
Enron Corp.
6.70%, 11/15/06 600 582,819
Kerr-McGee Corp.
7.125%, 10/15/27 800 714,853
USX Corp.
6.65%, 02/01/06 300 290,789
------------
1,588,461
------------
PAPER & FOREST PRODUCTS -- 0.5%
Abitibi Consolidated,
Inc.
8.55%, 08/01/10 900 895,057
------------
REAL ESTATE -- 0.4%
Chelsea GCA Realty,
Inc. [REIT]
7.25%, 10/21/07 200 184,927
EOP Operating L.P.
6.75%, 02/15/08 700 656,036
------------
840,963
------------
TELECOMMUNICATIONS -- 1.2%
CSC Holdings, Inc.
8.125%, 07/15/09 750 731,123
GTE North, Inc.
5.65%, 11/15/08 200 179,323
KPNQwest NV
8.125%, 06/01/09 350 313,250
Viacom, Inc.
7.70%, 07/30/10 1,000 1,020,463
------------
2,244,159
------------
UTILITIES -- 1.1%
Alliant Energy Corp.
7.375%, 11/09/09 800 781,738
El Paso Energy Corp.
8.05%, 10/15/30 800 810,422
Valero Energy Corp.
8.375%, 06/15/05 550 570,261
------------
2,162,421
------------
TOTAL CORPORATE
OBLIGATIONS
(Cost $21,727,060) 21,835,496
------------
</TABLE>
37
<PAGE> 41
ASAF AMERICAN CENTURY
STRATEGIC BALANCED FUND
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS -- 4.5%
U.S. Treasury Bonds
6.375%, 08/15/27 $ 2,000 $ 2,109,963
6.25%, 05/15/30 600 639,281
------------
2,749,244
------------
U.S. Treasury Notes
6.00%, 07/31/02 100 100,014
5.875%, 09/30/02 200 199,785
6.75%, 05/15/05 4,700 4,874,051
------------
5,173,850
------------
U.S. Treasury Strips
5.994%, 11/15/27 3,750 774,416
------------
(Cost $8,631,821) 8,697,510
------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 2.5%
AmeriCredit
Automobile
Receivables Trust
Series 1999-D Cl-A3
7.02%, 12/12/05 600 602,727
BMW Vehicle Owner
Trust Series 1999-A
Cl-A3
6.41%, 04/25/03 400 399,030
Case Equipment Loan
Trust Series 1998-B
Cl-A4
5.92%, 10/15/05 200 198,171
Chase Commercial
Mortgage Securities
Corp. Series 1999-2
Cl-A2
7.198%, 11/15/09 1,000 1,007,415
CIT RV Trust Series
1998-A Cl-A4
6.09%, 02/15/12 100 98,657
General Motors
Acceptance Corp.
Series 1999-C1 Cl-A2
6.175%, 05/15/33 150 141,386
Morgan Stanley Capital
I Series 1998-WF1
Cl-A2
6.55%, 12/15/07 500 488,008
Nationslink Funding
Corp. Series 1998-2
Cl-A1
6.001%, 11/20/07 88 85,192
Nationslink Funding
Corp. Series 1999-1
Cl-A2
6.316%, 11/20/08 250 239,090
Residential Asset
Securities Corp.
Series 1999-KS3
Cl-A2
7.075%, 09/25/20 1,500 1,495,465
------------
(Cost $4,758,420) 4,755,141
------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
SOVEREIGN ISSUES -- 0.7%
CANADA -- 0.5%
Province of Quebec
5.75%, 02/15/09 $ 1,000 $ 918,707
------------
MEXICO -- 0.2%
United Mexican States
9.875%, 02/01/10 400 417,000
------------
TOTAL SOVEREIGN ISSUES
(Cost $1,291,298) 1,335,707
------------
<CAPTION>
SHARES
------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.0%
Temporary Investment
Cash Fund 3,959 3,959
Temporary Investment
Fund 3,958 3,958
------------
(Cost $7,917) 7,917
------------
TOTAL INVESTMENTS -- 98.9%
(Cost $176,664,503) 189,305,110
OTHER ASSETS LESS
LIABILITIES -- 1.1% 2,146,632
------------
NET ASSETS -- 100.0% $191,451,742
============
</TABLE>
Cash of $225,000 has been segregated with the custodian to cover margin
requirements for the following open futures contracts at October 31, 2000:
<TABLE>
<CAPTION>
EXPIRATION NUMBER OF UNREALIZED
DESCRIPTION MONTH CONTRACTS DEPRECIATION
----------- ---------- --------- ------------
<S> <C> <C> <C>
S&P 500 Index 12/00 12 $(222,600)
=========
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
+ Illiquid security. At the end of the year, these securities amounted to 0.7%
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 year, these securities amounted
to 0.7% of net assets.
See Notes to Financial Statements.
38
<PAGE> 42
AMERICAN SKANDIA ADVISOR FUNDS, INC.
ASAF FEDERATED
HIGH YIELD BOND FUND
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
CORPORATE OBLIGATIONS -- 92.8%
AEROSPACE -- 0.4%
Anteon Corp.
12.00%, 05/15/09 $ 550 $ 492,250
------------
AUTOMOTIVE PARTS -- 3.7%
Accuride Corp. Cl-B
9.25%, 02/01/08 375 264,375
Aftermarket
Technology, Inc.
12.00%, 08/01/04 100 99,500
Aftermarket
Technology, Inc.
Cl-D
12.00%, 08/01/04 425 422,875
American Axle &
Manufacturing, Inc.
9.75%, 03/01/09 1,250 1,121,875
French, (J.L.)
Automotive Casting,
Inc.
11.50%, 06/01/09 600 357,000
HDA Parts System, Inc.
12.00%, 08/01/05 500 200,000
Lear Corp.
9.50%, 07/15/06 200 197,000
8.11%, 05/15/09 1,650 1,530,375
Oxford Automotive,
Inc.
10.125%, 06/15/07 300 253,500
------------
4,446,500
------------
BEVERAGES -- 0.1%
National Wine &
Spirits
10.125%, 01/15/09 175 154,875
------------
BROADCASTING -- 4.0%
Acme Television Co.
Cl-B [STEP]
10.717%, 09/30/04 475 448,875
Big City Radio, Inc.
[STEP]
13.028%, 03/15/05 450 231,750
Echostar Broadband
Corp. 144A
10.375%, 10/01/07 1,000 1,005,000
Fox/Liberty Networks
LLC
8.875%, 08/15/07 400 407,000
9.709%, 08/15/07
[STEP] 525 444,938
Sinclair Broadcasting
Group, Inc.
9.00%, 07/15/07 425 384,625
8.75%, 12/15/07 425 371,875
UIH Australia Pacific,
Inc. Cl-B [STEP]
15.663%, 05/15/06 325 277,875
UnitedGlobalCom, Inc.
Cl-B [STEP]
11.181%, 02/15/08 1,600 936,000
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
XM Satellite Radio,
Inc. 144A+
14.00%, 03/15/10 $ 450 $ 308,250
------------
4,816,188
------------
BUILDING MATERIALS -- 0.9%
American Builders &
Contractors Supply
Co., Inc. Cl-B
10.625%, 05/15/07 300 256,500
ISG Resources, Inc.
10.00%, 04/15/08 300 229,500
Juno Lighting, Inc.
11.875%, 07/01/09 300 258,000
NCI Building Systems,
Inc. Cl-B
9.25%, 05/01/09 300 289,500
------------
1,033,500
------------
BUSINESS SERVICES -- 2.7%
Intermedia
Communications, Inc.
[STEP]
9.733%, 05/15/06 100 93,500
12.287%, 03/01/09 1,450 938,875
Intermedia
Communications, Inc.
Cl-B
8.875%, 11/01/07 50 47,750
8.60%, 06/01/08 275 260,563
Orion Network Systems
11.25%, 01/15/07 625 259,375
Sitel Corp.
9.25%, 03/15/06 375 309,375
Teligent, Inc.
11.50%, 12/01/07 625 284,375
Teligent, Inc. Cl-B
[STEP]
14.94%, 03/01/08 650 139,750
U.S. Office Products
Co.
9.75%, 06/15/08 925 115,625
Winstar
Communications, Inc.
144A
10.28%, 04/15/10
[STEP] 1,443 461,760
12.75%, 04/15/10 381 276,225
------------
3,187,173
------------
CABLE TELEVISION -- 6.2%
Charter Communications
Holdings LLC [STEP]
6.86%, 04/01/11 3,400 2,005,999
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 48,493
9.875%, 02/15/13 300 304,500
</TABLE>
39
<PAGE> 43
ASAF FEDERATED
HIGH YIELD BOND FUND
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
Diamond Holdings Co.
PLC
9.125%, 02/01/08 $ 200 $ 175,000
Echostar DBS Corp.
9.375%, 02/01/09 725 717,750
Pegasus Communications
Corp. Cl-B
9.625%, 10/15/05 1,150 1,127,000
9.75%, 12/01/06 225 220,500
RCN Corp. [STEP]
12.214%, 10/15/07 1,050 519,750
TeleWest
Communications PLC
11.25%, 11/01/08 200 179,000
9.25%, 04/15/09
[STEP] 600 273,000
United Pan-Europe
Communication Corp.
[STEP]
12.446%, 08/01/09 1,800 711,000
13.011%, 11/01/09 575 221,375
------------
7,414,367
------------
CAPITAL GOODS -- 0.1%
Buckeye Cellulose
Corp.
9.25%, 09/15/08 100 100,500
------------
CHEMICALS -- 3.9%
Foamex Capital Corp.
13.50%, 08/15/05 625 453,125
General Chemical
Industry Products,
Inc.
10.625%, 05/01/09 500 342,500
Huntsman Corp. 144A
9.50%, 07/01/07 550 321,750
Huntsman ICI Chemicals
Corp.
10.125%, 07/01/09 400 382,000
ISP Holdings, Inc.
Cl-B
9.00%, 10/15/03 300 247,500
Lyondell Chemical Co.
9.625%, 05/01/07 150 146,250
10.875%, 05/01/09 1,200 1,158,000
Polymer Group, Inc.
Cl-B
9.00%, 07/01/07 550 401,500
8.75%, 03/01/08 750 540,000
Sterling Chemicals,
Inc.
11.75%, 08/15/06 425 242,250
Texas Petrochemical
Corp.
11.125%, 07/01/06 300 247,500
United Industries
Corp. Cl-B
9.875%, 04/01/09 300 129,000
------------
4,611,375
------------
CLOTHING & APPAREL -- 0.8%
Boyds Collection Ltd.
9.00%, 05/15/08 440 411,400
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
GFSI, Inc. Cl-B
9.625%, 03/01/07 $ 675 $ 509,625
Pillowtex Corp. Cl-B
9.00%, 12/15/07 575 94,875
------------
1,015,900
------------
COMPUTER SERVICES & SOFTWARE -- 0.6%
Exodus Communications,
Inc. 144A
11.625%, 07/15/10 625 578,125
Rhythms
NetConnections, Inc.
14.00%, 02/15/10 350 173,250
------------
751,375
------------
CONGLOMERATES -- 0.7%
Eagle-Picher
Industries, Inc.
9.375%, 03/01/08 700 588,000
Trizec Financial Ltd.
10.875%, 10/15/05 275 279,125
------------
867,125
------------
CONSTRUCTION -- 0.5%
Formica Corp.
10.875%, 03/01/09 425 172,125
MMI Products, Inc.
Cl-B
11.25%, 04/15/07 400 393,000
------------
565,125
------------
CONSUMER PRODUCTS & SERVICES -- 4.0%
Albecca, Inc.
10.75%, 08/15/08 675 604,125
Amscan Holdings, Inc.
9.875%, 12/15/07 500 392,500
Cabot Safety Corp.
12.50%, 07/15/05 450 450,000
Chattem, Inc. Cl-B
8.875%, 04/01/08 550 352,000
Collins & Aikman Floor
Coverings Corp.
10.00%, 01/15/07 150 147,750
Diamond Brands
Operating, Inc.
10.125%, 04/15/08 50 14,750
12.83%, 04/15/09
[STEP] 50 5,750
Glenoit Corp.
11.00%, 04/15/07+,++ 175 25,375
Jostens, Inc. 144A
12.75%, 05/01/10 475 463,125
NBTY, Inc. Cl-B
8.625%, 09/15/07 400 336,000
Playtex Family
Products Corp.
9.00%, 12/15/03 450 432,000
Revlon Consumer
Products Corp.
8.625%, 02/01/08 1,500 877,500
</TABLE>
40
<PAGE> 44
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
Sleepmaster, Inc.
11.00%, 05/15/09 $ 425 $ 376,125
Volume Services
America, Inc.
11.25%, 03/01/09 400 364,000
------------
4,841,000
------------
CONTAINERS & PACKAGING -- 2.4%
Huntsman Packaging
Corp.
13.00%, 06/01/10 475 372,875
Owens-Illinois, Inc.
7.85%, 05/15/04 1,300 994,500
8.10%, 05/15/07 250 181,250
7.35%, 05/15/08 350 246,750
Russell Stanley
Holdings, Inc.
10.875%, 02/15/09 300 100,500
Stone Container Corp.
12.25%, 04/01/02 400 402,000
11.50%, 10/01/04 450 452,250
US Can Corp. 144A
12.375%, 10/01/10 125 123,125
------------
2,873,250
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 1.3%
Amphenol Corp.
9.875%, 05/15/07 260 261,300
Flextronics
International Ltd.
144A
9.875%, 07/01/10 375 376,875
SCG Holdings Corp.
12.00%, 08/01/09 162 161,595
WESCO Distribution,
Inc. Cl-B
9.125%, 06/01/08 800 724,000
------------
1,523,770
------------
ENERGY SERVICES -- 1.2%
AES Corp.
9.375%, 09/15/10 1,350 1,349,055
AES Drax Energy Ltd.
144A
11.50%, 08/30/10 100 105,883
------------
1,454,938
------------
ENTERTAINMENT & LEISURE -- 3.0%
AMF Group, Inc.
[STEP]++
16.056%, 03/15/06 512 99,840
Florida Panthers
Holdings, Inc.
9.875%, 04/15/09 1,025 973,750
Premier Parks, Inc.
9.25%, 04/01/06 75 69,563
9.75%, 06/15/07 500 468,750
10.321%, 04/01/08
[STEP] 2,150 1,448,562
Regal Cinemas, Inc.
9.50%, 06/01/08 1,125 118,125
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
True Temper Sports,
Inc.
10.875%, 12/01/08 $ 425 $ 410,125
------------
3,588,715
------------
ENVIRONMENTAL SERVICES -- 2.5%
Allied Waste North
America Co.
10.00%, 08/01/09 1,725 1,500,750
Allied Waste North
America Co. Cl-B
7.625%, 01/01/06 1,100 984,500
7.875%, 01/01/09 525 454,125
------------
2,939,375
------------
FARMING & AGRICULTURE -- 0.2%
Royster-Clark, Inc.
10.25%, 04/01/09 375 283,125
------------
FINANCIAL -- BANK & TRUST -- 1.7%
GS Escrow Corp.
7.125%, 08/01/05 1,700 1,583,771
RBF Finance Co.
11.375%, 03/15/09 350 401,625
------------
1,985,396
------------
FINANCIAL SERVICES -- 0.8%
Caithness Coso Fund
Corp.
9.05%, 12/15/09 500 497,500
Unifrax Investment
Corp.
10.50%, 11/01/03 475 434,625
------------
932,125
------------
FOOD -- 1.3%
Agrilink Foods, Inc.
11.875%, 11/01/08 650 481,000
Del Monte Foods Co.
[STEP]
3.778%, 12/15/07 500 377,500
Dominos, Inc. Cl-B
10.375%, 01/15/09 400 367,000
Eagle Family Foods,
Inc. Cl-B
8.75%, 01/15/08 600 297,000
Jitney-Jungle Stores,
Inc.
10.375%, 09/15/07++ 150 1,875
Nebco Evans Holding
Co. [STEP]++
10.875%, 07/15/07 125 781
------------
1,525,156
------------
FURNITURE -- 0.5%
Sealy Mattress Co.
Cl-B
9.251%, 12/15/07
[STEP] 475 358,625
9.875%, 12/15/07 250 238,750
------------
597,375
------------
</TABLE>
41
<PAGE> 45
ASAF FEDERATED
HIGH YIELD BOND FUND
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
HEALTHCARE
SERVICES -- 5.3%
Everest Healthcare
Services, Inc.
9.75%, 05/01/08 $ 425 $ 401,625
Genesis Health
Ventures, Inc.++
9.25%, 10/01/06 200 25,000
9.875%, 01/15/09 150 14,250
HCA -- The Healthcare
Corp.
6.91%, 06/15/05 800 755,840
8.75%, 09/01/10 1,000 1,017,770
Hudson Respiratory
Care, Inc.
9.125%, 04/15/08 450 272,250
Tenet Healthcare Corp.
8.00%, 01/15/05 975 965,250
8.625%, 01/15/07 400 400,000
7.625%, 06/01/08 100 95,625
8.125%, 12/01/08 1,125 1,091,250
9.25%, 09/01/10 144A 1,300 1,345,500
------------
6,384,360
------------
INDUSTRIAL PRODUCTS -- 1.0%
Blount International,
Inc.
13.00%, 08/01/09 425 359,125
Continental Global
Group, Inc. Cl-B
11.00%, 04/01/07 100 37,500
Hexcel Corp.
9.75%, 01/15/09 350 323,750
URS Corp. Cl-B
12.25%, 05/01/09 475 477,375
------------
1,197,750
------------
INTERNET SERVICES -- 1.5%
Call-Net Enterprises,
Inc. [STEP]
8.949%, 08/15/07 425 150,875
9.441%, 08/15/08 425 129,625
11.162%, 05/15/09 1,700 433,500
Northpoint
Communications
Group, Inc.
12.875%, 02/15/10 300 283,500
PSINet, Inc.
11.50%, 11/01/08 325 170,625
11.00%, 08/01/09 800 404,000
PSINet, Inc. Cl-B
10.00%, 02/15/05 525 265,125
------------
1,837,250
------------
MACHINERY & EQUIPMENT -- 1.9%
Clark Materials
Handling Corp. Cl-D
10.75%, 11/15/06+,++ 150 8,250
Columbus McKinnon
Corp.
8.50%, 04/01/08 150 126,750
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
National Equipment
Services, Inc. Cl-D
10.00%, 11/30/04 $ 100 $ 60,500
NationsRent, Inc.
10.375%, 12/15/08 450 272,250
Simonds Industries,
Inc.
10.25%, 07/01/08 250 176,250
Tekni-Plex, Inc. 144A
12.75%, 06/15/10 375 339,375
United Rentals, Inc.
9.25%, 01/15/09 1,075 886,875
United Rentals, Inc.
Cl-B
9.00%, 04/01/09 200 162,000
Woods Equipment Co.
12.00%, 07/15/09 325 238,875
------------
2,271,125
------------
MEDICAL SUPPLIES & EQUIPMENT -- 2.6%
CONMED Corp.
9.00%, 03/15/08 625 503,125
Dade International,
Inc. Cl-B
11.125%, 05/01/06 475 49,875
Fisher Scientific
International, Inc.
9.00%, 02/01/08 625 578,125
9.00%, 02/01/08 875 809,375
Hanger Orthopedic
Group, Inc.
11.25%, 06/15/09 450 317,250
Kinetic Concepts, Inc.
Cl-B
9.625%, 11/01/07 1,025 861,000
------------
3,118,750
------------
METALS & MINING -- 1.5%
AEI Resources, Inc.
144A
10.50%, 12/15/05 450 42,750
11.50%, 12/15/06 300 16,500
California Steel
Industries
8.50%, 04/01/09 300 265,500
Euramax International
PLC
11.25%, 10/01/06 475 396,625
Metals USA, Inc.
8.625%, 02/15/08 525 328,125
Murrin Murrin Holdings
PTY
9.375%, 08/31/07 300 259,500
Neenah Corp. Cl-B
11.125%, 05/01/07 225 169,875
Neenah Corp. Cl-F
11.125%, 05/01/07 375 283,125
</TABLE>
42
<PAGE> 46
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
Republic Technologies,
Inc.
13.75%, 07/15/09 $ 400 $ 62,000
------------
1,824,000
------------
OFFICE EQUIPMENT -- 0.4%
Buhrmann U.S., Inc.
12.25%, 11/01/09 500 507,500
------------
OIL & GAS -- 2.6%
Comstock Resources,
Inc.
11.25%, 05/01/07 200 208,000
Continental Resources,
Inc.
10.25%, 08/01/08 375 337,500
Forest Oil Corp.
10.50%, 01/15/06 450 463,500
Pogo Producing Co.
Cl-B
10.375%, 02/15/09 500 527,500
Pride Petroleum
Services, Inc.
9.375%, 05/01/07 350 355,688
R&B Falcon Corp.
12.25%, 03/15/06 500 590,000
Triton Energy Ltd.
8.75%, 04/15/02 575 580,750
------------
3,062,938
------------
PRINTING & PUBLISHING -- 1.0%
Garden State
Newspapers, Inc.
Cl-B
8.75%, 10/01/09 475 441,750
Hollinger
International
Publishing Co.
9.25%, 02/01/06 125 122,500
9.25%, 03/15/07 300 301,500
Ziff Davis Media, Inc.
144A
12.00%, 07/15/10 300 276,000
------------
1,141,750
------------
RAILROADS -- 0.1%
Railworks Corp.
11.50%, 04/15/09 375 110,625
------------
REAL ESTATE -- 1.5%
HMH Properties, Inc.
Cl-A
7.875%, 08/01/05 400 381,000
HMH Properties, Inc.
Cl-B
7.875%, 08/01/08 825 765,188
HMH Properties, Inc.
Cl-C
8.45%, 12/01/08 700 666,750
------------
1,812,938
------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
RESTAURANTS -- 0.6%
Advantica Restaurant
Group, Inc.
11.25%, 01/15/08 $ 250 $ 131,250
Carrols Corp.
9.50%, 12/01/08 450 357,750
CKE Restaurants, Inc.
9.125%, 05/01/09 375 223,125
------------
712,125
------------
RETAIL & MERCHANDISING -- 0.1%
Community
Distributors, Inc.
Cl-B
10.25%, 10/15/04 200 157,000
------------
SEMICONDUCTORS -- 0.6%
Fairchild
Semiconductor Corp.
10.375%, 10/01/07 300 295,500
10.75%, 04/15/09 550 442,750
------------
738,250
------------
TELECOMMUNICATIONS -- 24.8%
Airgate PCS, Inc.
6.185%, 10/01/09 900 517,500
Alamosa PCS Holdings,
Inc.
6.368%, 02/15/10 800 388,000
Asia Global Crossing
Ltd. 144A
13.375%, 10/15/10 350 329,000
Crown Castle
International Corp.
10.483%, 05/15/11
[STEP] 1,100 698,500
10.75%, 08/01/11 250 258,125
11.272%, 08/01/11
[STEP] 1,000 645,000
Dolphin Telecom PLC
[STEP]
14.00%, 05/15/09 600 93,000
Global Crossing
Holdings Ltd.
9.50%, 11/15/09 2,550 2,447,999
Hermes Europe Railtel
BV, Inc.
11.50%, 08/15/07 1,350 681,750
Intermedia
Communications, Inc.
Cl-B [STEP]
10.56%, 07/15/07 850 709,750
Level 3
Communications, Inc.
9.125%, 05/01/08 1,575 1,283,625
9.951%, 12/01/08
[STEP] 2,875 1,566,875
</TABLE>
43
<PAGE> 47
ASAF FEDERATED
HIGH YIELD BOND FUND
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
McLeodUSA, Inc.
7.711%, 03/01/07
[STEP] $ 1,250 $ 1,031,250
8.375%, 03/15/08 150 133,500
9.50%, 11/01/08 125 115,000
8.125%, 02/15/09 700 602,000
Metricom, Inc.
13.00%, 02/15/10 200 121,000
MetroMedia Fiber
Network, Inc.
10.00%, 12/15/09 775 701,375
Millicom International
Cellular, Inc.
[STEP]
13.529%, 06/01/06 1,050 887,250
Nextel Communications,
Inc.
10.628%, 02/15/08
[STEP] 2,650 2,020,625
9.375%, 11/15/09 1,525 1,486,875
Nextel International,
Inc. [STEP]
12.125%, 04/15/08 50 30,250
Nextel Partners, Inc.
[STEP]
13.664%, 02/01/09 260 183,300
NEXTLINK
Communications, Inc.
11.07%, 04/15/08
[STEP] 950 536,750
10.75%, 06/01/09 850 752,250
11.725%, 06/01/09
[STEP] 2,525 1,313,000
NTL Communications
Corp. Cl-B [STEP]
10.732%, 10/01/08 1,800 1,053,000
11.50%, 10/01/08 650 607,750
NTL, Inc. Cl-B [STEP]
9.743%, 02/01/06 125 116,875
10.381%, 04/01/08 2,375 1,401,250
Orius Capital Corp.
12.75%, 02/01/10 475 463,125
Qwest Communications
International, Inc.
[STEP]
8.24%, 10/15/07 700 623,189
Rogers Cantel, Inc.
8.80%, 10/01/07 225 227,250
SpectraSite Holdings,
Inc. [STEP]
12.875%, 03/15/10 525 262,500
Telecommunications
Techniques Co.
9.75%, 05/15/08 1,450 1,355,750
Telesystem
International
Wireless, Inc. Cl-B
[STEP]
14.691%, 06/30/07 800 364,000
10.352%, 11/01/07 75 30,375
Tritel PCS, Inc.
[STEP]
13.458%, 05/15/09 300 195,000
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
Triton PCS Holdings,
Inc. [STEP]
13.458%, 05/01/08 $ 725 $ 552,813
U.S. Unwired, Inc.
[STEP]
13.375%, 11/01/09 400 198,000
Viatel, Inc.
11.25%, 04/15/08 75 39,375
13.739%, 04/15/08
[STEP] 1,800 504,000
11.50%, 03/15/09 100 52,500
Voicestream Wireless
Holdings
10.375%, 11/15/09 300 322,500
11.657%, 11/15/09 1,525 1,105,625
Williams
Communications
Group, Inc.
10.875%, 10/01/09 600 513,000
------------
29,521,426
------------
TRANSPORTATION -- 1.9%
Allied Holdings, Inc.
Cl-B
8.625%, 10/01/07 400 330,000
Ameritruck
Distribution Corp.
Cl-B
12.25%, 11/15/05+,++ 50 5
Gearbulk Holding Ltd.
11.25%, 12/01/04 525 525,000
Holt Group, Inc.
9.75%, 01/15/06 100 12,500
Motor Coach
Industries, Inc.
11.25%, 05/01/09 400 194,000
Stena AB
10.50%, 12/15/05 500 442,500
8.75%, 06/15/07 900 706,500
10.625%, 06/01/08 100 80,500
------------
2,291,005
------------
UTILITIES -- 1.9%
CMS Energy Corp.
7.50%, 01/15/09 525 458,892
El Paso Electric Co.
Cl-E
9.40%, 05/01/11 600 633,474
International Utility
Structures, Inc.
10.75%, 02/01/08 125 90,625
Niagara Mohawk Power
Corp. Cl-H [STEP]
7.788%, 07/01/10 650 526,065
Triton Energy Oil 144A
8.875%, 10/01/07 600 600,000
------------
2,309,056
------------
TOTAL CORPORATE
OBLIGATIONS
(Cost $134,410,811) 110,998,326
------------
</TABLE>
44
<PAGE> 48
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
PREFERRED STOCK -- 2.4%
BROADCASTING -- 0.6%
Benedek Communications
Corp.
11.50% [PIK] $ 100 $ 55,500
Sinclair Capital Cl-A
11.625% 7 610,500
------------
666,000
------------
FOOD -- 0.0%
Nebco Evans Holding
Co. 11.25% [PIK] 663 414
------------
HEALTHCARE SERVICES -- 0.0%
River Holding Corp.
Cl-B 11.50% [PIK] 661 42,965
------------
OIL & GAS -- 0.7%
R&B Falcon Corp.
13.875% [PIK] 630 822,240
------------
PRINTING & PUBLISHING -- 1.0%
Primedia, Inc. Cl-D
10.00% 6 535,801
Primedia, Inc. Cl-F
9.20% 3 262,550
Primedia, Inc. Cl-H
8.625% 5 448,875
------------
1,247,226
------------
TELECOMMUNICATIONS -- 0.1%
AMFM Operating, Inc.
12.625% [PIK] 56 65,706
Nextel Communications,
Inc. Cl-E 11.125%
[PIK] 25 23,125
------------
88,831
------------
TOTAL PREFERRED STOCK
(Cost $3,000,643) 2,867,676
------------
REPURCHASE AGREEMENTS -- 2.2%
Greenwich Capital
Markets, Inc., 6.50%,
dated 10/31/00,
maturing 11/01/00,
repurchase price
$2,603,470,
(Collateralized by
U.S. Treasury Notes,
6.375%, par value
$2,643,000, market
value $2,656,058, due
03/31/01)
(Cost $2,603,000) 2,603 2,603,000
------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
---------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 0.2%
BROADCASTING -- 0.1%
XM Satellite Radio
Warrants* 450 $ 63,112
------------
CONSUMER PRODUCTS & SERVICES -- 0.0%
Jostens, Inc.
Warrants* 475 9,619
------------
CONTAINERS & PACKAGING -- 0.0%
Huntsman Packaging
Corp. Warrants* 475 4,869
------------
METALS & MINING -- 0.0%
Republic Technologies
Warrants* 400 0
------------
OIL & GAS -- 0.1%
R&B Falcon Corp.
Warrants 144A*+ 275 145,646
------------
TELECOMMUNICATIONS -- 0.0%
Metricom, Inc.
Warrants* 300 308
------------
TOTAL COMMON STOCK
(Cost $127,313) 223,554
------------
TOTAL INVESTMENTS -- 97.6%
(Cost $140,141,767) 116,692,556
OTHER ASSETS LESS
LIABILITIES -- 2.4% 2,891,262
------------
NET ASSETS -- 100.0% $119,583,818
============
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
+ Illiquid security. At the end of the year, these securities amounted to less
than 0.4% of net assets.
++ Defaulted Security. At the end of the year, these securities amounted to 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 year, these securities amounted
to 6.0% of net assets.
See Notes to Financial Statements.
45
<PAGE> 49
ASAF ALLIANCE
GROWTH FUND
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 97.6%
AEROSPACE -- 1.7%
Honeywell
International, Inc. 51,200 $ 2,755,200
------------
BROADCASTING -- 0.5%
Clear Channel
Communications,
Inc.* 14,570 875,111
------------
COMPUTER HARDWARE -- 3.6%
Dell Computer Corp.* 20,800 613,600
EMC Corp.* 60,800 5,415,000
------------
6,028,600
------------
COMPUTER SERVICES & SOFTWARE -- 11.8%
BEA Systems, Inc.* 1,400 100,450
Cisco Systems, Inc.* 179,300 9,659,787
I2 Technologies,
Inc.* 1,100 187,000
Microsoft Corp.* 42,900 2,954,738
Oracle Corp.* 102,600 3,385,800
Sun Microsystems,
Inc.* 24,600 2,727,525
Veritas Software
Corp.* 3,800 535,859
------------
19,551,159
------------
CONGLOMERATES -- 8.1%
Corning, Inc. 29,900 2,287,350
Tyco International
Ltd. 194,900 11,048,403
------------
13,335,753
------------
CONSUMER PRODUCTS & SERVICES -- 1.0%
Colgate-Palmolive Co. 27,900 1,639,404
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 1.2%
General Electric Co. 35,000 1,918,438
------------
ENTERTAINMENT & LEISURE -- 8.6%
Disney, (Walt) Co. 24,700 884,569
Time Warner, Inc. 112,500 8,539,875
Viacom, Inc. Cl-B* 85,200 4,845,750
------------
14,270,194
------------
FINANCIAL -- BANK & TRUST -- 4.8%
Chase Manhattan Corp. 42,300 1,924,650
MBNA Corp. 158,000 5,934,875
------------
7,859,525
------------
FINANCIAL SERVICES -- 12.1%
Associates First
Capital Corp. Cl-A 156,700 5,817,488
Citigroup, Inc. 129,033 6,790,361
Freddie Mac 32,700 1,962,000
Goldman Sachs Group,
Inc. 8,000 798,500
Household
International, Inc. 16,700 840,219
Morgan Stanley Dean
Witter & Co. 45,900 3,686,344
------------
19,894,912
------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
INTERNET SERVICES -- 1.1%
America Online, Inc.* 3,600 $ 181,548
Juniper Networks,
Inc.* 5,600 1,092,000
VeriSign, Inc.* 1,000 132,000
Yahoo!, Inc.* 8,100 474,863
------------
1,880,411
------------
MEDICAL SUPPLIES & EQUIPMENT -- 0.9%
Medtronic, Inc. 28,900 1,569,631
------------
OIL & GAS -- 0.3%
BP Amoco PLC [ADR] 8,800 448,250
------------
PHARMACEUTICALS -- 9.0%
Pfizer, Inc. 195,600 8,447,475
Pharmacia Corp. 32,500 1,787,500
Schering-Plough Corp. 88,500 4,574,344
------------
14,809,319
------------
RETAIL & MERCHANDISING -- 6.9%
Home Depot, Inc. 163,500 7,030,499
Kohl's Corp.* 45,400 2,460,113
Walgreen Co. 42,500 1,939,063
------------
11,429,675
------------
SEMICONDUCTORS -- 10.5%
Altera Corp.* 24,700 1,011,156
Applied Materials,
Inc.* 83,600 4,441,250
Applied Micro
Circuits Corp.* 14,914 1,139,026
Intel Corp. 130,600 5,877,000
JDS Uniphase Corp.* 6,600 537,075
Micron Technology,
Inc.* 40,100 1,393,475
PMC-Sierra, Inc.* 13,700 2,322,150
SDL, Inc.* 2,600 674,050
------------
17,395,182
------------
TELECOMMUNICATIONS -- 15.5%
Amdocs Ltd.* 4,000 259,250
AT&T Corp. Liberty
Media Group Cl-A* 280,700 5,052,600
AT&T Wireless Group* 88,800 2,214,450
Ciena Corp.* 2,200 231,275
Nokia Corp. Cl-A
[ADR] 170,200 7,276,050
Nortel Networks Corp.
NY Reg. 169,400 7,707,699
Tycom Ltd.* 15,600 522,600
Vodafone Airtouch PLC
[ADR] 53,200 2,264,325
------------
25,528,249
------------
TOTAL COMMON STOCK
(Cost $166,675,234) 161,189,013
------------
</TABLE>
46
<PAGE> 50
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 2.9%
Temporary Investment
Cash Fund 2,425,938 $ 2,425,938
Temporary Investment
Fund 2,425,937 2,425,937
------------
(Cost $4,851,875) 4,851,875
------------
TOTAL
INVESTMENTS -- 100.5%
(Cost $171,527,109) 166,040,888
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (0.5%) (753,111)
------------
NET ASSETS -- 100.0% $165,287,777
============
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
47
<PAGE> 51
ASAF ALLIANCE GROWTH
AND INCOME FUND
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 95.2%
AEROSPACE -- 0.8%
Honeywell
International, Inc. 35,000 $ 1,883,438
------------
AIRLINES -- 2.2%
Continental Airlines,
Inc. Cl-B* 75,000 3,937,500
Delta Air Lines, Inc. 30,000 1,417,500
------------
5,355,000
------------
AUTOMOTIVE PARTS -- 0.5%
Delphi Automotive
Systems Corp. 70,000 1,098,125
------------
BEVERAGES -- 3.1%
Pepsi Bottling Group,
Inc. 215,000 7,444,375
------------
BROADCASTING -- 0.7%
Clear Channel
Communications,
Inc.* 30,000 1,801,875
------------
BUILDING MATERIALS -- 1.1%
Masco Corp. 100,000 1,868,750
U.S. Industries, Inc. 90,000 798,751
------------
2,667,501
------------
BUSINESS SERVICES -- 3.6%
First Data Corp. 175,000 8,771,874
------------
CHEMICALS -- 3.6%
Dow Chemical Co. 75,000 2,296,875
Eastman Chemical Co. 35,000 1,500,625
Lyondell Chemical Co. 225,000 3,234,374
Solutia, Inc. 85,000 1,083,750
Union Carbide Corp. 14,500 623,500
------------
8,739,124
------------
CLOTHING & APPAREL -- 0.6%
Limited, Inc. 60,000 1,515,000
------------
COMPUTER HARDWARE -- 2.6%
Compaq Computer Corp. 75,000 2,280,750
Gateway, Inc.* 75,000 3,870,750
------------
6,151,500
------------
COMPUTER SERVICES & SOFTWARE -- 1.4%
Computer Sciences
Corp.* 22,500 1,417,500
Electronic Data
Systems Corp. 40,000 1,877,500
Unisys Corp.* 1 13
------------
3,295,013
------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
CONGLOMERATES -- 9.2%
Philip Morris Co.,
Inc. 160,000 $ 5,860,000
Tyco International
Ltd. 165,000 9,353,437
United Technologies
Corp. 100,000 6,981,250
------------
22,194,687
------------
CONSUMER PRODUCTS & SERVICES -- 2.1%
Avon Products, Inc. 60,000 2,910,000
Colgate-Palmolive Co. 35,000 2,056,600
------------
4,966,600
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 1.1%
Flextronics
International Ltd.* 25,100 953,800
Solectron Corp.* 37,500 1,650,000
------------
2,603,800
------------
ENERGY SERVICES -- 1.6%
Dynegy, Inc. 83,000 3,843,938
------------
ENTERTAINMENT & LEISURE -- 2.5%
Carnival Corp. 50,000 1,240,625
Mattel, Inc. 135,000 1,746,563
Royal Caribbean
Cruises Ltd.* 80,000 1,800,000
Viacom, Inc. Cl-B* 20,000 1,137,500
------------
5,924,688
------------
FINANCIAL -- BANK & TRUST -- 9.5%
Bank of America Corp. 165,000 7,930,313
Bank One Corp. 105,000 3,832,500
Morgan, (J.P.) & Co.,
Inc. 67,500 11,171,249
------------
22,934,062
------------
FINANCIAL SERVICES -- 8.4%
Associates First
Capital Corp. Cl-A 210,000 7,796,249
CIT Group 55,000 959,063
Citigroup, Inc. 33,333 1,754,149
Fleet Financial
Group, Inc. 25,000 950,000
Household
International, Inc. 175,000 8,804,687
------------
20,264,148
------------
FOOD -- 3.6%
Kroger Co.* 385,000 8,686,562
------------
HEALTHCARE SERVICES -- 2.9%
Tenet Healthcare
Corp. 175,000 6,879,688
------------
INSURANCE -- 1.2%
AFLAC, Inc. 20,000 1,461,250
MGIC Investment Corp. 22,500 1,532,813
------------
2,994,063
------------
</TABLE>
48
<PAGE> 52
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
MEDICAL SUPPLIES &
EQUIPMENT -- 2.3%
Abbott Laboratories 70,000 $ 3,696,875
Guidant Corp.* 35,000 1,852,813
------------
5,549,688
------------
METALS & MINING -- 1.5%
Alcoa, Inc. 125,000 3,585,938
------------
OIL & GAS -- 8.4%
BP Amoco PLC [ADR] 125,000 6,367,187
Chevron Corp. 20,000 1,642,500
Exxon Mobil Corp. 12,500 1,114,844
Kerr-McGee Corp. 55,000 3,592,187
Noble Drilling Corp.* 40,000 1,662,500
Repsol SA [ADR] 87,500 1,394,531
Santa Fe
International
Corp.* 30,000 1,095,000
USX-Marathon Group,
Inc. 125,000 3,398,438
------------
20,267,187
------------
PHARMACEUTICALS -- 1.8%
Pharmacia Corp. 29,000 1,595,000
Schering-Plough Corp. 55,000 2,842,813
------------
4,437,813
------------
PRINTING & PUBLISHING -- 2.1%
Belo, (A.H.) Corp.
Cl-A 85,000 1,630,938
Gannett Co., Inc. 60,000 3,480,000
------------
5,110,938
------------
RAILROADS -- 0.4%
Burlington Northern
Santa Fe Corp. 35,000 929,688
------------
RETAIL & MERCHANDISING -- 1.4%
Circuit City Stores,
Inc. 75,000 993,750
Lowe's Companies,
Inc. 50,000 2,284,375
------------
3,278,125
------------
SEMICONDUCTORS -- 3.5%
Altera Corp.* 55,000 2,251,563
Applied Materials,
Inc.* 37,500 1,992,188
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
Fairchild
Semiconductor
Corp.* 62,800 $ 1,322,725
Micron Technology,
Inc.* 80,000 2,779,999
------------
8,346,475
------------
TELECOMMUNICATIONS -- 9.3%
AT&T Corp. 285,000 6,608,437
AT&T Corp. Liberty
Media Group Cl-A* 150,000 2,700,000
BellSouth Corp. 50,000 2,415,625
Comcast Corp. Cl-A* 150,000 6,112,500
SBC Communications,
Inc. 20,000 1,153,750
Sprint Corp. (FON
Group) 75,000 1,912,500
WorldCom, Inc.* 60,000 1,425,000
------------
22,327,812
------------
UTILITIES -- 2.2%
AES Corp. 35,000 1,977,500
Duke Energy Corp. 20,000 1,728,750
FPL Group, Inc. 25,000 1,650,000
------------
5,356,250
------------
TOTAL COMMON STOCK
(Cost $210,747,683) 229,204,975
------------
SHORT-TERM INVESTMENTS -- 6.6%
Temporary Investment
Cash Fund 7,895,296 7,895,296
Temporary Investment
Fund 7,895,295 7,895,295
------------
(Cost $15,790,591) 15,790,591
------------
TOTAL
INVESTMENTS -- 101.8%
(Cost $226,538,274) 244,995,566
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (1.8%) (4,251,798)
------------
NET ASSETS -- 100.0% $240,743,768
============
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
49
<PAGE> 53
ASAF JANUS
OVERSEAS GROWTH FUND
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
FOREIGN STOCK -- 80.4%
BRAZIL -- 3.2%
Embraer Aircraft
Corp. [ADR] 53,635 $ 1,552,063
Petroleo Brasileiro
SA [ADR]* 268,950 7,132,420
Petroleo Brasileiro
SA NY Reg. [ADR]* 114,725 3,334,195
Telecomunicacoes
Brasileiras SA Pfd.
[ADR] 51,745 3,790,321
Telesp Celular
Participacoes SA
[ADR] 83,710 2,647,329
------------
18,456,328
------------
CANADA -- 5.4%
Bombardier, Inc.
Cl-B* 242,906 3,809,224
Celestica, Inc.* 2,864 204,030
Celestica, Inc. NY
Reg.* 65,805 4,729,734
Corus Entertainment,
Inc.* 103,632 2,849,941
GT Group Telecom,
Inc.* 31,230 303,517
Nortel Networks Corp. 30,664 1,387,393
Nortel Networks Corp.
NY Reg.* 197,979 9,008,045
Rogers
Communications,
Inc. Cl-B* 154,088 2,986,436
Seagram Co. Ltd.
[ADR] 33,650 1,922,256
Shaw Communications,
Inc. Cl-B* 174,589 3,572,396
------------
30,772,972
------------
FINLAND -- 5.3%
Nokia AB Oyj 409,229 16,820,244
Nokia Corp. Cl-A
[ADR] 306,095 13,085,561
------------
29,905,805
------------
FRANCE -- 6.5%
Alcatel Corp. 101,580 6,190,857
Atos SA* 12,869 1,054,836
AXA SA 22,904 3,028,654
Havas Advertising SA 237,430 3,821,855
Infovista SA [ADR]* 64,060 2,354,205
Louis Vuitton Moet
Hennessy 4,640 338,244
Schneider SA 40,332 2,623,867
STMicroelectronics NV 115,714 5,831,113
STMicroelectronics NV
NY Reg. 14,700 763,481
Total Fina SA Cl-B 77,930 11,137,199
------------
37,144,311
------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
GERMANY -- 2.7%
ADVA AG Optical
Networking* 3,486 $ 247,029
Bayerische Motoren
Werke AG 99,177 3,312,233
EM.TV & Merchandising
AG 45,994 1,329,442
Intershop
Communications AG* 21,853 1,098,448
Marschollek,
Lautenschlaeger und
Partner AG Pfd. 44,508 6,149,494
Porsche AG 882 2,990,489
------------
15,127,135
------------
HONG KONG -- 6.7%
China Mobile Ltd. 294,000 1,894,320
China Mobile Ltd.
[ADR]* 699,700 21,428,314
Citic Pacific Ltd. 1,321,000 5,301,724
Legend Holdings Ltd. 8,020,000 6,787,163
Television Broadcasts
Ltd. 446,000 2,441,927
------------
37,853,448
------------
INDIA -- 0.6%
Reliance Industries
[GDR] 144A+ 249,300 3,284,528
------------
ISRAEL -- 2.4%
Check Point Software
Technologies Ltd.* 78,140 12,375,423
Partner
Communications Co.
Ltd. [ADR]* 164,830 988,980
------------
13,364,403
------------
JAPAN -- 12.4%
Furukawa Electric Co. 457,000 12,012,407
Hoya Corp. 19,000 1,569,611
NEC Corp. 273,000 5,200,653
Nippon Telegraph &
Telephone Corp. 329 2,992,107
NTT Mobile
Communication
Network, Inc. 1,012 24,932,436
Rohm Co. Ltd. 7,800 1,965,247
Shionogi & Co. Ltd. 109,000 2,126,366
Sony Corp. 115,100 9,192,290
Sony Corp. [ADR] 13,070 1,084,810
Takeda Chemical
Industries Ltd. 124,000 8,165,495
Yamanouchi
Pharmaceutical Co.
Ltd. 26,000 1,176,338
------------
70,417,760
------------
</TABLE>
50
<PAGE> 54
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
KOREA -- 1.6%
Samsung Electronics
Co. 144A+ 46,840 $ 5,868,069
SK Telecom Co. Ltd.
[ADR] 126,934 3,181,283
------------
9,049,352
------------
MEXICO -- 4.1%
Grupo Televisa SA
[GDR]* 123,210 6,668,741
Telefonos de Mexico
SA Cl-L [ADR] 308,300 16,628,932
------------
23,297,673
------------
NETHERLANDS -- 2.8%
Aegon NV 36,006 1,428,349
Completel Europe NV* 217,762 1,552,358
Koninklijke (Royal)
Philips Electronics
NV 27,068 1,081,028
Philips Electronics
NV 173,766 6,821,082
Unilever NV 43,040 2,156,123
Versatel Telecom
International NV* 137,671 2,713,183
------------
15,752,123
------------
NORWAY -- 0.3%
Tomra Systems ASA* 45,837 1,838,371
------------
SINGAPORE -- 1.3%
Chartered
Semiconductor
Manufacturing Ltd.
[ADR]* 55,530 2,582,145
Datadraft Asia Ltd. 478,642 3,278,698
Singapore Press
Holdings Ltd. 122,500 1,751,535
------------
7,612,378
------------
SPAIN -- 3.7%
Banco Bilbao Vizcaya
SA 784,653 10,442,175
Telefonica SA* 530,363 10,101,596
Telefonica SA [ADR]* 11,618 673,118
------------
21,216,889
------------
SWEDEN -- 3.6%
Adcore AB* 47,866 196,342
Assa Abloy AB Cl-B 301,005 5,527,603
Ericsson, (L.M.)
Telephone Co. [ADR] 258,300 3,583,913
Ericsson, (L.M.)
Telephone Co. Cl-B 457,682 6,075,202
Securitas AB Cl-B 249,924 5,312,915
------------
20,695,975
------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
SWITZERLAND -- 1.3%
Serono SA Cl-B 4,179 $ 3,758,122
Zurich Financial
Services AG 6,958 3,366,606
------------
7,124,728
------------
TAIWAN -- 0.6%
Taiwan Semiconductor
Manufacturing Co.
Ltd. [ADR]* 144,223 3,272,059
------------
UNITED KINGDOM -- 15.9%
AstraZeneca Group PLC 92,435 4,332,765
Autonomy Corp. PLC
[ADR]* 7,200 360,000
Autonomy Corp. PLC* 14,160 723,771
Baltimore Technology
PLC* 217,709 1,677,092
Cambridge Antibody
Technology Group
PLC* 112,200 6,965,048
Capita Group PLC 481,728 3,672,454
Colt Telecom Group
PLC* 323,925 10,348,140
Dimension Data
Holdings PLC* 1,068,744 9,373,586
Egg PLC* 414,485 680,115
Energis PLC* 447,875 3,833,856
GEO Interactive Media
Group PLC 144A*+ 80,192 1,167,375
Granada Compass PLC* 169,308 1,460,357
Logica PLC 60,442 1,789,580
Oxford GlycoSciences
PLC* 140,595 5,098,830
Prudential Corp. PLC 149,571 2,013,364
Psion PLC 134,960 810,356
Reckitt Benckiser PLC 199,344 2,622,566
Scoot.com PLC* 575,925 723,398
Telewest
Communications PLC 277,219 458,905
The Sage Group PLC 523,898 3,826,572
Vodafone AirTouch PLC 4,786,166 19,929,037
Vodafone Airtouch PLC
[ADR] 92,930 3,955,333
Williams PLC 731,384 3,510,040
WPP Group PLC 90,490 1,215,451
------------
90,547,991
------------
TOTAL FOREIGN STOCK
(Cost $407,709,832) 456,734,229
------------
</TABLE>
51
<PAGE> 55
ASAF JANUS
OVERSEAS GROWTH FUND
<TABLE>
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 8.7%
Federal Home Loan
Bank
6.34%, 12/14/00 $ 15,000 $ 14,886,408
6.36%, 11/15/00 10,000 9,975,267
------------
24,861,675
------------
Federal Home Loan
Mortgage Corp.
6.39%, 12/28/00 25,000 24,747,847
------------
(Cost $49,608,738) 49,609,522
------------
<CAPTION>
SHARES
------
<S> <C> <C>
U.S. STOCK -- 5.7%
COMPUTER SERVICES & SOFTWARE -- 0.8%
Comverse Technology,
Inc.* 39,170 4,377,248
------------
PHARMACEUTICALS -- 0.8%
Pharmacia Corp. 78,480 4,316,400
------------
SEMICONDUCTORS -- 2.0%
JDS Uniphase Corp.* 129,217 10,515,033
PMC-Sierra, Inc.* 3,450 584,775
------------
11,099,808
------------
TELECOMMUNICATIONS -- 2.1%
Amdocs Ltd.* 159,085 10,310,697
Infonet Services
Corp.* 46,460 301,990
NTL, Inc.* 45,913 2,017,302
------------
12,629,989
------------
TOTAL U.S. STOCK
(Cost $24,586,417) 32,423,445
------------
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
COMMERCIAL PAPER -- 4.8%
CIT Group Holdings,
Inc.
6.62%, 11/01/00
(Cost $27,200,000) $ 27,200 $ 27,200,000
------------
TOTAL INVESTMENTS -- 99.6%
(Cost $509,104,987) 565,967,196
OTHER ASSETS LESS
LIABILITIES -- 0.4% 2,132,153
------------
NET ASSETS -- 100.0% $568,099,349
============
</TABLE>
Foreign currency exchange contracts outstanding at October 31, 2000:
<TABLE>
<CAPTION>
UNREALIZED
SETTLEMENT CONTRACTS TO IN EXCHANGE CONTRACTS APPRECIATION/
MONTH TYPE RECEIVE FOR AT VALUE (DEPRECIATION)
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
05/01 Buy CAD 400,000 $ 271,684 $ 263,071 $ (8,613)
11/00 Buy EUR 8,019,440 6,770,618 6,800,610 29,992
01/01 Buy EUR 11,400,000 10,144,111 9,702,787 (441,324)
03/01 Buy EUR 3,800,000 3,322,124 3,235,144 (86,980)
04/01 Buy EUR 2,300,000 2,099,010 1,959,515 (139,495)
11/00 Buy GBP 235,340 341,018 341,736 718
01/01 Buy GBP 5,700,000 8,514,080 8,291,753 (222,327)
03/01 Buy HKD 101,500,000 13,026,663 13,035,209 8,546
05/01 Buy HKD 105,500,000 13,516,153 13,556,919 40,766
06/01 Buy HKD 9,000,000 1,155,801 1,156,514 713
03/01 Buy JPY 1,145,000,000 10,893,276 10,658,004 (235,272)
05/01 Buy JPY 300,000,000 2,835,566 2,834,735 (831)
----------- ----------- -----------
$72,890,104 $71,835,997 $(1,054,107)
=========== =========== ===========
</TABLE>
52
<PAGE> 56
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
UNREALIZED
SETTLEMENT CONTRACTS TO IN EXCHANGE CONTRACTS APPRECIATION/
MONTH TYPE DELIVER FOR AT VALUE (DEPRECIATION)
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
11/00 Sell CAD 3,900,000 $ 2,637,808 $ 2,554,797 $ 83,011
05/01 Sell CAD 2,800,000 1,907,812 1,841,499 66,313
03/01 Sell CHF 1,100,000 635,104 616,903 18,201
04/01 Sell CHF 245,000 143,948 138,313 5,635
11/00 Sell EUR 9,887,703 8,984,596 8,387,080 597,516
01/01 Sell EUR 18,750,000 17,030,006 15,958,339 1,071,667
03/01 Sell EUR 8,900,000 7,731,853 7,577,047 154,806
04/01 Sell EUR 12,400,000 10,999,015 10,586,082 412,933
05/01 Sell EUR 10,900,000 9,483,263 9,313,851 169,412
11/00 Sell GBP 553,797 804,059 804,166 (107)
01/01 Sell GBP 13,200,000 19,948,803 19,201,954 746,849
03/01 Sell GBP 1,500,000 2,196,105 2,182,135 13,970
04/01 Sell GBP 8,300,000 12,173,270 12,079,044 94,226
05/01 Sell GBP 800,000 1,135,600 1,165,331 (29,731)
03/01 Sell HKD 207,400,000 26,618,873 26,635,490 (16,617)
05/01 Sell HKD 247,000,000 31,477,456 31,739,895 (262,439)
06/01 Sell HKD 35,100,000 4,505,481 4,510,406 (4,925)
11/00 Sell JPY 372,490,571 3,481,704 3,393,401 88,303
01/01 Sell JPY 57,000,000 555,280 529,735 25,545
03/01 Sell JPY 2,195,000,000 21,394,705 20,431,718 962,987
04/01 Sell JPY 935,000,000 9,022,453 8,759,907 262,546
05/01 Sell JPY 1,430,000,000 14,006,010 13,512,213 493,797
01/01 Sell KOR 230,000,000 204,989 202,285 2,704
02/01 Sell KOR 2,261,000,000 2,020,262 1,988,550 31,712
03/01 Sell KOR 1,490,000,000 1,328,919 1,310,455 18,464
05/01 Sell KOR 1,100,000,000 985,173 967,450 17,723
07/01 Sell SGD 950,000 586,482 551,556 34,926
------------ ------------ ----------
$211,999,029 $206,939,602 $5,059,427
============ ============ ==========
</TABLE>
The following is a breakdown of the foreign stock portion of the Fund, by
industry classification, as of October 31, 2000. Percentages are based on net
assets. (Unaudited)
<TABLE>
<CAPTION>
INDUSTRY
--------
<S> <C>
Advertising 0.9%
Aerospace 0.7%
Airlines 0.3%
Automobile Manufacturers 1.1%
Beverages 0.4%
Broadcasting 2.0%
Business Services 0.6%
Chemicals 0.6%
Computer Hardware 1.3%
Computer Services & Software 5.9%
Conglomerates 0.9%
Consumer Products & Services 1.7%
Electronic Components & Equipment 8.7%
Entertainment & Leisure 0.5%
Environmental Services 0.3%
Financial -- Bank & Trust 1.8%
Financial Services 1.1%
Food 0.4%
Insurance 1.7%
Internet Services 13.0%
Machinery & Equipment 0.5%
Medical Supplies & Equipment 0.3%
Metals & Mining 1.0%
Oil & Gas 3.8%
Pharmaceuticals 5.6%
Printing & Publishing 0.3%
Semiconductors 2.5%
Telecommunications 22.5%
-----
TOTAL 80.4%
=====
</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 year, these securities amounted to 1.8%
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 year, these securities amounted
to 1.8% of net assets.
See Notes to Financial Statements.
53
<PAGE> 57
ASAF MARSICO
CAPITAL GROWTH FUND
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 87.2%
ADVERTISING -- 0.3%
Omnicom Group, Inc. 41,230 $ 3,803,468
--------------
AEROSPACE -- 6.5%
Boeing Co. 532,211 36,090,559
Embraer Aircraft
Corp. [ADR] 100,000 2,893,750
General Dynamics
Corp. 451,481 32,309,109
--------------
71,293,418
--------------
AUTOMOBILE MANUFACTURERS -- 0.9%
Ford Motor Co. 47,814 1,249,141
General Motors
Corp. Cl-H* 259,507 8,408,027
--------------
9,657,168
--------------
BEVERAGES -- 3.0%
Anheuser-Busch
Companies, Inc. 523,065 23,930,224
Coca-Cola
Enterprises, Inc. 200,025 3,675,459
Pepsi Bottling
Group, Inc. 161,893 5,605,545
--------------
33,211,228
--------------
BROADCASTING -- 1.5%
Clear Channel
Communications,
Inc.* 270,670 16,257,117
--------------
COMPUTER HARDWARE -- 5.3%
EMC Corp.* 647,089 57,631,364
--------------
COMPUTER SERVICES & SOFTWARE -- 13.0%
Adobe Systems, Inc. 337,202 25,648,427
Automatic Data
Processing, Inc. 187,927 12,273,982
Cisco Systems,
Inc.* 611,675 32,953,991
Oracle Corp.* 1,151,197 37,989,500
Sun Microsystems,
Inc.* 303,817 33,685,710
--------------
142,551,610
--------------
CONGLOMERATES -- 2.8%
Corning, Inc. 403,700 30,883,050
--------------
CONSTRUCTION -- 0.1%
MDC Holdings, Inc. 20,000 547,500
--------------
CONSUMER PRODUCTS & SERVICES -- 0.2%
Estee Lauder
Companies, Inc.
Cl-A 50,188 2,330,605
--------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
ELECTRONIC COMPONENTS & EQUIPMENT -- 6.9%
Celestica, Inc. NY
Reg. 14,847 $ 1,067,128
Flextronics
International
Ltd.* 248,818 9,455,084
General Electric
Co. 891,017 48,838,870
Sanmina Corp.* 21,565 2,465,149
Sony Corp. 167,362 13,891,046
--------------
75,717,277
--------------
FINANCIAL -- BANK & TRUST -- 0.7%
Northern Trust
Corp. 89,637 7,652,759
--------------
FINANCIAL SERVICES -- 12.9%
American Express
Co. 144,653 8,679,180
Citigroup, Inc. 705,266 37,114,623
Goldman Sachs
Group, Inc. 305,854 30,528,052
Lehman Brothers
Holdings, Inc. 111,878 7,216,131
Merrill Lynch &
Co., Inc. 381,394 26,697,580
Morgan Stanley Dean
Witter & Co. 386,807 31,065,437
--------------
141,301,003
--------------
FOOD -- 0.3%
Safeway, Inc.* 52,445 2,868,086
--------------
HOTELS & MOTELS -- 1.9%
Four Seasons
Hotels, Inc. 289,409 21,126,857
--------------
MEDICAL SUPPLIES & EQUIPMENT -- 2.4%
Baxter
International,
Inc. 44,402 3,649,289
Guidant Corp.* 427,773 22,645,234
--------------
26,294,523
--------------
OIL & GAS -- 1.7%
BP Amoco PLC [ADR] 361,833 18,430,868
--------------
PHARMACEUTICALS -- 11.5%
Genentech, Inc.* 673,408 55,556,159
Merck & Co., Inc. 264,454 23,784,332
Pfizer, Inc. 837,553 36,171,820
Priority Healthcare
Corp. Cl-B* 194,654 10,462,653
--------------
125,974,964
--------------
RETAIL & MERCHANDISING -- 9.7%
Costco Wholesale
Corp.* 725,397 26,567,665
Home Depot, Inc. 758,287 32,606,341
Tiffany & Co. 519,582 22,179,657
Wal-Mart Stores,
Inc. 555,881 25,223,100
--------------
106,576,763
--------------
</TABLE>
54
<PAGE> 58
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS --
4.6%
Comcast Corp. Cl-A* 544,254 $ 22,178,350
Nokia Corp. Cl-A
[ADR] 250,836 10,723,239
Nortel Networks
Corp. NY Reg. 388,361 17,670,426
--------------
50,572,015
--------------
UTILITIES -- 1.0%
Calpine Corp.* 71,845 5,671,265
Southern Energy,
Inc.* 193,660 5,277,235
--------------
10,948,500
--------------
TOTAL COMMON STOCK
(Cost $790,809,625) 955,630,143
--------------
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 15.3%
Federal Home Loan
Bank
6.23%, 11/01/00
(Cost $167,600,000) $ 167,600 $ 167,600,000
--------------
<CAPTION>
SHARES
------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.0%
Temporary
Investment Cash
Fund 78,147 78,147
Temporary
Investment Fund 78,146 78,146
--------------
(Cost $156,293) 156,293
--------------
TOTAL INVESTMENTS -- 102.5%
(Cost $958,565,918) 1,123,386,436
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (2.5%) (27,495,418)
--------------
NET ASSETS -- 100.0% $1,095,891,018
==============
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
55
<PAGE> 59
ASAF NEUBERGER BERMAN
MID-CAP GROWTH FUND
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 88.1%
BROADCASTING -- 1.0%
Westwood One, Inc.* 209,700 $ 3,971,194
------------
BUSINESS SERVICES -- 3.6%
CSG Systems
International,
Inc.* 78,700 3,654,631
Interwoven, Inc.* 44,600 4,493,450
Micromuse, Inc.* 24,900 4,225,219
PurchasePro.com,
Inc.* 85,800 2,316,600
------------
14,689,900
------------
CABLE TELEVISION -- 1.2%
Charter
Communications,
Inc.* 256,800 5,007,600
------------
COMPUTER SERVICES & SOFTWARE -- 11.3%
BEA Systems, Inc.* 65,900 4,728,325
Cacheflow, Inc.* 38,300 4,136,400
Fiserv, Inc.* 87,200 4,572,550
Intuit, Inc.* 152,600 9,375,362
Mercury Interactive
Corp.* 22,300 2,475,300
Phone.com, Inc.* 50,200 4,646,638
Rational Software
Corp.* 135,800 8,105,562
RealNetworks, Inc.* 162,500 3,349,023
Redback Networks,
Inc.* 46,000 4,896,125
------------
46,285,285
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 11.0%
Comverse Technology,
Inc.* 40,600 4,537,050
Flextronics
International
Ltd.* 133,800 5,084,400
Intersil Holding
Corp.* 163,400 7,832,988
Jabil Circuit, Inc.* 138,800 7,920,274
Metromedia Fiber
Network, Inc.
Cl-A* 101,400 1,926,600
Power-One, Inc.* 29,700 2,106,844
Sanmina Corp.* 77,000 8,802,062
Tektronix, Inc. 96,900 6,904,125
------------
45,114,343
------------
ENERGY SERVICES -- 1.4%
Dynegy, Inc. 121,400 5,622,338
------------
ENTERTAINMENT & LEISURE -- 1.9%
Gemstar-TV Guide
International,
Inc.* 67,590 4,634,140
Harley-Davidson,
Inc. 69,100 3,329,756
------------
7,963,896
------------
FINANCIAL SERVICES -- 5.6%
Affiliated Managers
Group, Inc.* 73,000 4,389,125
Capital One
Financial Corp. 66,200 4,178,875
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
Concord EFS, Inc.* 174,100 $ 7,192,506
Lehman Brothers
Holdings, Inc. 49,800 3,212,100
Providian Financial
Corp. 37,400 3,889,600
------------
22,862,206
------------
FOOD -- 0.5%
Starbucks Corp.* 46,300 2,069,031
------------
HEALTHCARE SERVICES -- 1.9%
Health Management
Associates, Inc.
Cl-A* 246,100 4,875,856
Oxford Health Plans,
Inc.* 22,500 759,375
Trigon Healthcare,
Inc.* 29,400 2,107,613
------------
7,742,844
------------
HOTELS & MOTELS -- 1.0%
Four Seasons Hotels,
Inc. 41,300 3,014,900
MGM Grand, Inc. 34,200 1,182,038
------------
4,196,938
------------
INSURANCE -- 0.2%
Xl Capital Ltd.* 12,400 953,250
------------
INTERNET SERVICES -- 3.6%
Art Technology
Group, Inc.* 72,900 4,574,474
Digex, Inc.* 55,100 2,162,675
Portal Software,
Inc.* 126,200 4,440,663
Vignette Corp.* 118,700 3,538,744
------------
14,716,556
------------
MACHINERY & EQUIPMENT -- 1.1%
Weatherford
International,
Inc. 125,025 4,563,413
------------
MEDICAL SUPPLIES & EQUIPMENT -- 5.4%
Forest Laboratories,
Inc.* 65,300 8,652,250
MiniMed, Inc.* 49,700 3,624,994
PE Corp. - PE
Biosystems Group 35,900 4,200,300
Quest Diagnostic,
Inc.* 57,500 5,534,375
------------
22,011,919
------------
OIL & GAS -- 3.7%
Anadarko Petroleum
Corp. 84,970 5,442,329
Nabors Industries,
Inc.* 75,700 3,853,130
Rowan Companies,
Inc.* 237,600 5,984,550
------------
15,280,009
------------
PERSONAL SERVICES -- 0.4%
Apollo Group, Inc.
Cl-A* 39,500 1,545,438
------------
</TABLE>
56
<PAGE> 60
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
PHARMACEUTICALS -- 14.8%
Abgenix, Inc.* 10,700 $ 843,963
ALZA Corp.* 39,000 3,156,563
Celgene Corp.* 69,200 4,454,750
Human Genome
Sciences, Inc.* 36,200 3,199,741
IDEC Pharmaceutical
Corp.* 40,000 7,844,999
ImClone Systems,
Inc.* 62,400 3,412,500
IVAX Corp.* 149,900 6,520,649
MedImmune, Inc.* 61,400 4,014,025
Millennium
Pharmaceuticals,
Inc.* 164,700 11,951,043
QLT
PhotoTherapeutics,
Inc.* 71,000 3,531,141
Sepracor, Inc.* 41,700 2,840,813
Waters Corp.* 124,200 9,012,262
------------
60,782,449
------------
RETAIL & MERCHANDISING -- 2.0%
Dollar Tree Stores,
Inc.* 116,800 4,569,800
Tiffany & Co. 83,400 3,560,138
------------
8,129,938
------------
SEMICONDUCTORS -- 7.7%
Applied Micro
Circuits Corp.* 42,400 3,238,300
Atmel Corp.* 364,800 5,449,200
Globespan, Inc.* 32,200 2,477,388
Integrated Device
Technology, Inc.* 77,700 4,375,481
Micrel, Inc.* 94,400 4,271,600
Vitesse
Semiconductor
Corp.* 165,600 11,581,649
------------
31,393,618
------------
TELECOMMUNICATIONS -- 6.2%
Amdocs Ltd.* 74,000 4,796,125
American Tower Corp.
Cl-A* 66,900 2,738,719
McLeodUSA, Inc.
Cl-A* 309,000 5,948,250
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
NTL, Inc.* 55,488 $ 2,438,004
Univision
Communications,
Inc.* 187,900 7,187,175
WinStar
Communications,
Inc.* 126,200 2,460,900
------------
25,569,173
------------
UTILITIES -- 2.6%
Calpine Corp.* 134,500 10,617,094
------------
TOTAL COMMON STOCK
(Cost $325,523,607) 361,088,432
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
COMMERCIAL PAPER -- 2.2%
BMW U.S. Capital
6.52%, 11/03/00 $ 4,000 3,998,551
National Australia
Funding
6.60%, 11/01/00 5,000 5,000,000
------------
(Cost $8,998,551) 8,998,551
------------
<CAPTION>
SHARES
------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 9.1%
Temporary Investment
Cash Fund 18,591,460 18,591,460
Temporary Investment
Fund 18,591,460 18,591,460
------------
(Cost $37,182,920) 37,182,920
------------
TOTAL
INVESTMENTS -- 99.4%
(Cost $371,705,078) 407,269,903
OTHER ASSETS LESS
LIABILITIES -- 0.6% 2,453,793
------------
NET ASSETS -- 100.0% $409,723,696
============
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
57
<PAGE> 61
ASAF NEUBERGER BERMAN
MID-CAP VALUE FUND
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 92.6%
AEROSPACE -- 3.0%
General Dynamics
Corp. 28,900 $ 2,068,156
Raytheon Co. Cl-A 45,900 1,468,800
------------
3,536,956
------------
AIRLINES -- 2.5%
Continental Airlines,
Inc. Cl-B* 24,000 1,260,000
Southwest Airlines
Co. 57,600 1,641,600
------------
2,901,600
------------
AUTOMOTIVE PARTS -- 3.2%
Lear Corp.* 91,100 2,482,475
Visteon Corp. 73,500 1,300,031
------------
3,782,506
------------
BROADCASTING -- 2.2%
Entercom
Communications
Corp.* 28,000 1,097,250
Scripps, (E.W.) Co.
Cl-A 25,600 1,496,000
------------
2,593,250
------------
BUSINESS SERVICES -- 3.5%
ChoicePoint, Inc.* 45,100 2,308,556
Iron Mountain, Inc.* 52,600 1,778,538
------------
4,087,094
------------
CABLE TELEVISION -- 1.0%
Cablevision Systems
Corp. Cl-A* 15,200 1,132,400
------------
CAPITAL GOODS -- 0.7%
SPX Corp.* 6,800 840,650
------------
CHEMICALS -- 1.8%
FMC Corp.* 27,600 2,097,600
------------
COMPUTER HARDWARE -- 0.4%
Western Digital
Corp.* 87,500 525,000
------------
COMPUTER SERVICES & SOFTWARE -- 7.8%
3Com Corp.* 77,000 1,366,750
Ceridian Corp.* 37,700 942,500
Citrix Systems, Inc.* 90,900 2,011,162
DST Systems, Inc.* 18,500 1,140,063
Fiserv, Inc.* 12,800 671,200
Intuit, Inc. 13,000 798,688
SunGard Data Systems,
Inc.* 44,200 2,259,724
------------
9,190,087
------------
CONSTRUCTION -- 1.6%
Lennar Corp. 58,700 1,885,738
------------
CONSUMER PRODUCTS & SERVICES -- 1.0%
Energizer Holdings,
Inc.* 59,700 1,179,075
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 0.4%
Harman International
Industries, Inc. 10,200 489,600
------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
ENVIRONMENTAL SERVICES -- 1.0%
Waste Management,
Inc. 56,100 $ 1,122,000
------------
FINANCIAL -- BANK & TRUST -- 3.2%
Dime Bancorp, Inc. 81,200 1,984,325
Golden State Bancorp,
Inc. 4,900 128,013
M&T Bank Corp. 32,200 1,616,440
------------
3,728,778
------------
FINANCIAL SERVICES -- 10.6%
AMBAC Financial
Group, Inc. 20,100 1,604,230
Countrywide Credit
Industries, Inc. 21,500 804,906
Dun & Bradstreet
Corp. 41,300 893,113
Edwards, (A.G.), Inc. 11,400 578,550
Federated Investors,
Inc. 32,400 943,650
Franklin Resources,
Inc. 13,600 582,624
Golden West Financial
Corp. 20,200 1,132,463
Household
International, Inc. 23,000 1,157,188
John Hancock
Financial Services,
Inc. 58,500 1,850,062
Lehman Brothers
Holdings, Inc. 12,600 812,700
MBIA, Inc. 12,300 894,056
Moody's Corp. 49,500 1,302,469
------------
12,556,011
------------
FOOD -- 3.2%
Hershey Foods Corp. 26,100 1,417,556
Kroger Co.* 63,600 1,434,975
Wrigley, (Wm., Jr.)
Co. 12,100 958,169
------------
3,810,700
------------
HEALTHCARE SERVICES -- 2.9%
Health Management
Associates, Inc.
Cl-A* 42,500 842,031
Tenet Healthcare
Corp. 46,400 1,824,101
Wellpoint Health
Networks, Inc.* 6,300 736,706
------------
3,402,838
------------
INDUSTRIAL PRODUCTS -- 1.1%
Crane Co. 50,800 1,330,325
------------
INSURANCE -- 8.5%
Ace Ltd.* 42,100 1,652,425
AON Corp. 35,500 1,471,031
MetLife, Inc. 104,000 2,872,999
</TABLE>
58
<PAGE> 62
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
Nationwide Financial
Services, Inc. 39,700 $ 1,930,413
Xl Capital Ltd. 26,700 2,052,562
------------
9,979,430
------------
MACHINERY & EQUIPMENT -- 2.7%
Danaher Corp. 16,900 1,066,813
Thermo Electron
Corp.* 57,800 1,676,200
Weatherford
International,
Inc.* 13,600 496,400
------------
3,239,413
------------
MEDICAL SUPPLIES & EQUIPMENT -- 3.6%
Beckman Coulter, Inc. 11,400 798,713
Charles River
Laboratories
International,
Inc.* 49,800 1,307,250
Edwards Lifesciences
Corp.* 37,500 503,906
Genzyme Corp.* 13,400 951,400
Sybron International
Corp.* 28,100 695,475
------------
4,256,744
------------
OFFICE EQUIPMENT -- 0.5%
Staples, Inc.* 42,800 609,900
------------
OIL & GAS -- 5.5%
Anadarko Petroleum
Corp. 10,200 653,310
Apache Corp. 10,200 564,188
Coastal Corp. 9,700 731,744
Enron Oil & Gas Co. 21,300 838,688
Gulf Canada Resources
Ltd.* 254,300 1,080,774
Kinder Morgan, Inc. 21,900 844,519
Santa Fe
International
Corp.* 20,100 733,650
USX-Marathon Group,
Inc. 39,300 1,068,468
------------
6,515,341
------------
PHARMACEUTICALS -- 2.6%
Carter-Wallace, Inc. 20,900 573,444
ICN Pharmaceuticals,
Inc. 24,400 928,725
IVAX Corp.* 21,800 948,300
Mylan Laboratories,
Inc. 21,100 590,800
------------
3,041,269
------------
PRINTING & PUBLISHING -- 2.0%
Belo, (A.H.) Corp.
Cl-A 120,400 2,310,175
------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
REAL ESTATE -- 2.4%
Boston Properties,
Inc. [REIT] 21,900 $ 886,950
Indymac Mortgage
Holdings, Inc.
[REIT] 41,700 870,488
Spieker Properties,
Inc. [REIT] 19,200 1,063,200
------------
2,820,638
------------
RESTAURANTS -- 1.0%
Brinker
International,
Inc.* 29,200 1,146,100
------------
RETAIL & MERCHANDISING -- 3.4%
Consolidated Stores
Corp.* 27,400 325,375
Costco Wholesale
Corp.* 29,200 1,069,450
Federated Department
Stores, Inc.* 17,900 582,869
Tiffany & Co. 18,200 776,913
TJX Companies, Inc. 44,800 1,220,799
------------
3,975,406
------------
TELECOMMUNICATIONS -- 2.7%
American Tower Corp.
Cl-A* 9,700 397,094
BroadWing, Inc.* 52,000 1,469,000
Telephone & Data
Systems, Inc. 12,700 1,339,850
------------
3,205,944
------------
TRANSPORTATION -- 0.9%
GATX Corp. 25,900 1,089,419
------------
UTILITIES -- 5.7%
AES Corp.* 16,900 954,850
Dominion Resources,
Inc. 14,700 875,569
DPL, Inc. 35,000 993,125
Edison International
Co. 48,900 1,167,488
Exelon Corp. 37,362 2,246,389
Northeast Utilities 25,500 519,563
------------
6,756,984
------------
TOTAL COMMON STOCK
(Cost $91,707,905) 109,138,971
------------
</TABLE>
59
<PAGE> 63
ASAF NEUBERGER BERMAN
MID-CAP VALUE FUND
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 8.3%
Temporary Investment
Cash Fund 4,889,804 $ 4,889,804
Temporary Investment
Fund 4,889,804 4,889,804
------------
(Cost $9,779,608) 9,779,608
------------
TOTAL
INVESTMENTS -- 100.9%
(Cost $101,487,513) 118,918,579
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (0.9%) (1,107,692)
------------
NET ASSETS -- 100.0% $117,810,887
============
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
60
<PAGE> 64
AMERICAN SKANDIA ADVISOR FUNDS, INC.
ASAF AIM INTERNATIONAL
EQUITY FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
FOREIGN STOCK -- 83.8%
AUSTRALIA -- 0.7%
AMP Ltd. 15,600 $ 140,569
Brambles Industries
Ltd. 4,800 124,407
Cable & Wireless Optus
Ltd.* 35,700 75,585
-----------
340,561
-----------
BRAZIL -- 1.2%
Brasil Telecom
Participacoes SA
[ADR] 1,200 65,025
Companhia de Bebidas
das Americas [ADR] 8,200 185,013
Embartel Participacoes
SA [ADR] 5,300 85,794
Petroleo Brasileiro SA 8,900 236,022
-----------
571,854
-----------
CANADA -- 8.2%
360 Networks, Inc.
[ADR]* 10,000 181,250
Bombardier, Inc. Cl-B* 47,400 743,321
C-Mac Industries, Inc.* 8,640 486,525
Celestica, Inc.* 11,800 840,627
Cognos, Inc.* 10,500 435,750
Mitel Corp.* 5,700 93,306
Nortel Networks Corp.
NY Reg. 11,300 514,150
Rogers Communications,
Inc. Cl-B* 11,234 217,730
Shaw Communications,
Inc. Cl-B* 16,000 327,388
-----------
3,840,047
-----------
DENMARK -- 4.0%
GN Store Nord AS 24,800 480,142
Novo-Nordisk AS Cl-B* 4,075 863,197
Vestas Wind Systems AS 9,800 530,138
-----------
1,873,477
-----------
FINLAND -- 1.8%
Nokia AB Oyj 20,200 830,266
-----------
FRANCE -- 18.1%
Alcatel Corp. SA 9,050 551,558
Altran Technologies SA 3,411 696,518
Assurances Generales de
France SA 8,500 464,721
Aventis SA 11,000 792,548
BNP Paribas SA 10,020 862,930
Havas Advertising SA 28,600 460,368
M6 Metropole Television
Co. SA 2,200 96,971
Peugeot Citroen SA 1,875 344,885
Pinault-Printemps
Redoute SA 2,723 485,401
Publicis Groupe SA* 14,100 460,741
Renault SA 550 27,320
Sanofi SA 7,200 378,388
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
Schneider SA 3,000 $ 195,170
Societe Generale SA 10,000 567,074
Societe Television
Francaise SA 7,640 416,407
STMicroelectronics NV 16,065 809,555
Total Fina SA Cl-B 5,778 825,750
-----------
8,436,305
-----------
GERMANY -- 3.9%
ADVA AG Optical
Networking* 1,900 134,640
Altana AG 3,600 421,415
Marschollek,
Lautenschlaeger und
Partner AG Pfd. 2,700 373,048
Porsche AG 164 556,054
Siemens AG 2,650 336,939
-----------
1,822,096
-----------
HONG KONG -- 3.0%
China Mobile Ltd.* 110,000 708,758
Dao Heng Bank Group
Ltd. 47,000 237,446
Hutchison Whampoa Ltd. 35,600 441,643
-----------
1,387,847
-----------
ITALY -- 2.1%
Gruppo Editoriale
L'Espresso SPA 12,800 139,855
Riunione Adriatica di
Sicurta SPA 64,800 849,726
-----------
989,581
-----------
JAPAN -- 10.4%
Advantest Corp. 2,000 260,655
Crayfish Co. Ltd.
[ADR]* 5,900 9,219
Hirose Electric Co.
Ltd. 1,800 207,718
Hoya Corp. 3,000 247,833
Matsushita
Communication
Industrial Co. Ltd. 2,400 314,325
Murata Manufacturing
Co. Ltd. 2,000 239,224
NEC Corp. 17,000 323,850
Nippon Telegraph &
Telephone Corp. 31 281,931
NTT Data Corp. 24 186,837
NTT Mobile
Communication
Network, Inc. 11 271,005
Ricoh Co. Ltd. 13,000 200,025
Rohm Co. Ltd. 700 176,368
Sanyo Electric Co. 86,000 653,746
Sharp Corp. 11,000 140,036
Sony Corp. 4,000 319,454
Takeda Chemical
Industries Ltd. 8,000 526,807
</TABLE>
61
<PAGE> 65
ASAF AIM INTERNATIONAL
EQUITY FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
Tokyo Electron Ltd. 3,300 $ 258,109
Trend Micro, Inc.* 2,500 235,835
-----------
4,852,977
-----------
KOREA -- 0.9%
Korea Telecom Corp.
[ADR] 5,560 205,025
Pohang Iron & Steel Co.
Ltd. [ADR] 4,300 67,994
Samsung Electronics Co.
144A 1,000 125,279
-----------
398,298
-----------
MEXICO -- 3.0%
Cifra SA de CV Cl-C* 102,000 230,747
Coca-Cola Femsa SA
[ADR] 8,900 170,769
Fomento Economico
Mexicano SA de CV
[ADR] 7,850 299,772
Grupo Modelo SA de CV
Cl-C 52,700 140,420
Grupo Televisa SA [GDR] 6,300 340,987
Kimberly-Clark de
Mexico SA Cl-A 20,400 52,118
Telefonos de Mexico SA
Cl-L [ADR] 3,350 180,691
-----------
1,415,504
-----------
NETHERLANDS -- 4.0%
CMG PLC 11,780 196,210
Koninklijke Numico NV 9,100 425,017
Philips Electronics NV 16,801 677,730
VNU NV 12,096 569,047
-----------
1,868,004
-----------
NORWAY -- 0.4%
Tomra Systems ASA* 4,250 170,454
-----------
SINGAPORE -- 1.1%
Chartered Semiconductor
Manufacturing Ltd.
[ADR]* 1,400 65,100
Datadraft Asia Ltd. 16,480 112,888
DBS Group Holdings Ltd. 16,000 188,668
Keppel Corp. Ltd. 42,000 83,739
Singapore Press
Holdings Ltd. 5,000 71,491
-----------
521,886
-----------
SPAIN -- 1.5%
Telefonica SA* 32,984 628,232
Telefonica SA [ADR]* 1,535 88,934
-----------
717,166
-----------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
SWEDEN -- 0.2%
Assa Abloy AB Cl-B 2,650 $ 48,664
OM Gruppen AB 600 21,378
-----------
70,042
-----------
SWITZERLAND -- 5.5%
Adecco SA 337 232,964
Compagnie Financiere
Richemont AG 237 659,033
Julius Baer Holdings AG
Cl-B 20 98,994
Kudelski SA* 120 161,505
Nestle SA 220 455,761
Serono SA Cl-B 550 494,608
Swatch Group AG 340 450,033
-----------
2,552,898
-----------
TAIWAN -- 0.6%
Far Eastern Textile
Ltd. [GDR] 2,748 22,259
Far Eastern Textile
Ltd. [GDR] 144A+ 200 1,644
Taiwan Semiconductor
Manufacturing Co.
Ltd. [ADR]* 10,272 233,046
-----------
256,949
-----------
UNITED KINGDOM -- 13.2%
ARM Holdings PLC* 60,200 594,430
Bookham Technology PLC* 2,000 65,896
British Petroleum Co.
PLC 70,300 596,671
Capita Group PLC 57,690 439,800
Logica PLC 12,300 364,181
Marconi PLC 43,860 554,093
Pace Micro Technology
PLC 19,900 143,617
Royal Bank of Scotland
Group PLC 31,600 709,860
Shell Transport &
Trading Co. PLC 87,500 704,539
Spirent PLC 76,550 710,299
Vodafone AirTouch PLC 190,326 792,495
WPP Group PLC 35,850 481,533
-----------
6,157,414
-----------
TOTAL FOREIGN STOCK
(Cost $41,844,737) 39,073,626
-----------
</TABLE>
62
<PAGE> 66
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 17.4%
Federal Home Loan Bank
6.45%, 11/01/00
(Cost $8,086,000) $ 8,086 $ 8,086,000
-----------
TOTAL INVESTMENTS -- 101.2%
(Cost $49,930,737) 47,159,626
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (1.2%) (578,754)
-----------
NET ASSETS -- 100.0% $46,580,872
===========
</TABLE>
Foreign currency exchange contracts outstanding at October 31, 2000:
<TABLE>
<CAPTION>
SETTLEMENT CONTRACTS TO IN EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE RECEIVE FOR AT VALUE DEPRECIATION
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
11/00 Buy DKK 854,890 $ 97,535 $ 97,369 $(166)
11/00 Buy EUR 889,693 754,788 754,232 (556)
11/00 Buy GBP 126,706 184,103 183,994 (109)
11/00 Buy NOK 439,011 47,218 47,207 (11)
---------- ---------- -----
$1,083,644 $1,082,802 $(842)
========== ========== =====
</TABLE>
The following is a breakdown of the foreign stock portion of the Fund, by
industry classification, as of October 31, 2000. Percentages are based on net
assets. (Unaudited)
<TABLE>
<CAPTION>
INDUSTRY
--------
<S> <C>
Advertising 3.0%
Aerospace 1.6%
Automobile Manufacturers 2.0%
Beverages 1.1%
Broadcasting 1.8%
Building Materials 0.1%
Business Services 2.6%
Computer Services & Software 2.6%
Construction 1.5%
Consumer Products & Services 0.7%
Electronic Components & Equipment 9.4%
Environmental Services 0.4%
Financial -- Bank & Trust 5.7%
Financial Services 2.3%
Food 1.9%
Industrial Products 1.0%
Insurance 3.1%
Machinery & Equipment 0.4%
Medical Supplies & Equipment 0.5%
Metals & Mining 0.1%
Office Equipment 0.4%
Oil & Gas 5.1%
Paper & Forest Products 0.1%
Pharmaceuticals 7.5%
Printing & Publishing 1.7%
Retail & Merchandising 2.5%
Semiconductors 4.7%
Telecommunications 18.9%
Utilities 1.1%
-----
TOTAL 83.8%
=====
</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 year, this security 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 year, this security amounted to
less than 0.1% of net assets.
See Notes to Financial Statements.
63
<PAGE> 67
ASAF SANFORD BERNSTEIN
MANAGED INDEX 500 FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 96.8%
AEROSPACE -- 2.5%
Boeing Co. 12,400 $ 840,875
Goodrich, (B.F.) Co. 10,600 433,938
Honeywell
International, Inc. 2,700 145,294
Northrop Grumman Corp. 3,700 310,800
Raytheon Co. Cl-B 10,700 365,806
-----------
2,096,713
-----------
AIRLINES -- 0.3%
AMR Corp.* 6,483 212,318
-----------
AUTOMOBILE MANUFACTURERS -- 0.7%
Ford Motor Co. 15,383 401,881
General Motors Corp. 2,331 144,813
-----------
546,694
-----------
AUTOMOTIVE PARTS -- 0.2%
Genuine Parts Co. 3,586 76,427
Visteon Corp. 6,500 114,968
-----------
191,395
-----------
BEVERAGES -- 2.1%
Anheuser-Busch
Companies, Inc. 6,500 297,375
Coca-Cola Co. 12,300 742,613
PepsiCo, Inc. 15,600 755,625
-----------
1,795,613
-----------
CAPITAL GOODS -- 0.3%
Briggs & Stratton Corp. 6,700 239,106
-----------
CHEMICALS -- 1.5%
Air Products &
Chemicals, Inc. 12,000 447,750
Dow Chemical Co. 8,700 266,438
DuPont, (E.I.) de
Nemours & Co. 1,600 72,600
Eastman Chemical Co. 5,400 231,525
Union Carbide Corp. 6,300 270,900
-----------
1,289,213
-----------
CLOTHING & APPAREL -- 0.4%
Limited, Inc. 6,300 159,075
V.F. Corp. 5,812 158,740
-----------
317,815
-----------
COMPUTER HARDWARE -- 5.8%
Compaq Computer Corp. 23,400 711,594
Dell Computer Corp.* 11,600 342,200
EMC Corp.* 14,100 1,255,781
Gateway, Inc.* 4,500 232,245
Hewlett-Packard Co. 22,100 1,026,269
International Business
Machines Corp. 10,600 1,044,100
Palm, Inc.* 1,631 87,360
Seagate Technology,
Inc.* 2,100 146,738
-----------
4,846,287
-----------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
COMPUTER SERVICES & SOFTWARE -- 9.7%
Autodesk, Inc. 5,800 $ 127,963
Automatic Data
Processing, Inc. 4,200 274,313
Cisco Systems, Inc.* 46,400 2,499,799
Computer Sciences
Corp.* 1,200 75,600
Electronic Data Systems
Corp. 2,100 98,569
Microsoft Corp.* 23,600 1,625,449
NCR Corp.* 2,300 99,188
Novellus Systems, Inc.* 11,800 483,063
Oracle Corp.* 37,700 1,244,100
Sun Microsystems, Inc.* 11,700 1,297,237
Veritas Software Corp.* 1,700 239,727
-----------
8,065,008
-----------
CONGLOMERATES -- 2.6%
Corning, Inc. 5,000 382,500
Minnesota Mining &
Manufacturing Co. 3,000 289,875
Philip Morris Co., Inc. 17,300 633,613
Tyco International Ltd. 15,100 855,981
-----------
2,161,969
-----------
CONSTRUCTION -- 0.8%
Centex Corp. 6,600 244,200
Pulte Corp. 13,200 439,725
-----------
683,925
-----------
CONSUMER PRODUCTS & SERVICES -- 0.6%
Gillette Co. 2,400 82,050
Newell Rubbermaid, Inc. 14,500 278,219
Procter & Gamble Co. 1,200 85,725
Whirlpool Corp. 2,100 91,350
-----------
537,344
-----------
ELECTRONIC COMPONENTS & EQUIPMENT -- 5.0%
Agilent Technologies,
Inc.* 1,868 86,512
General Electric Co. 56,300 3,085,943
KLA-Tencor Corp.* 4,600 155,538
Tektronix, Inc. 1,400 99,750
Teradyne, Inc.* 2,000 62,500
Texas Instruments, Inc. 13,600 667,250
-----------
4,157,493
-----------
ENERGY SERVICES -- 0.5%
Xcel Energy, Inc.* 16,320 417,180
-----------
ENTERTAINMENT & LEISURE -- 2.3%
Disney, (Walt) Co. 20,700 741,318
Time Warner, Inc. 7,000 531,370
Viacom, Inc. Cl-B* 11,100 631,313
-----------
1,904,001
-----------
FINANCIAL -- BANK & TRUST -- 4.4%
Bank of America Corp. 19,300 927,605
Bank One Corp. 19,500 711,750
Chase Manhattan Corp. 4,950 225,225
First Union Corp. 16,200 491,063
KeyCorp 3,700 91,344
MBNA Corp. 9,300 349,331
</TABLE>
64
<PAGE> 68
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
Morgan, (J.P.) & Co.,
Inc. 2,600 $ 430,300
National City Corp. 14,300 305,663
Summit Bancorp 2,500 93,750
Union Planters Corp. 2,400 81,150
-----------
3,707,181
-----------
FINANCIAL SERVICES -- 7.8%
American Express Co. 7,200 432,000
Citigroup, Inc. 30,533 1,606,799
Fannie Mae 7,700 592,900
Fleet Financial Group,
Inc. 8,900 338,200
Freddie Mac 4,200 252,000
Golden West Financial
Corp. 6,800 381,225
Lehman Brothers
Holdings, Inc. 6,800 438,600
MBIA, Inc. 900 65,419
Merrill Lynch & Co.,
Inc. 8,200 574,000
Morgan Stanley Dean
Witter & Co. 9,300 746,906
Paine Webber Group,
Inc. 700 49,875
Schwab, (Charles) Corp. 4,800 168,600
Washington Mutual, Inc. 11,000 484,000
Wells Fargo & Co. 8,100 375,131
-----------
6,505,655
-----------
FOOD -- 2.2%
Archer-Daniels-Midland
Co. 40,527 445,797
Conagra, Inc. 22,769 486,687
Heinz, (H.J.) Co. 3,500 146,781
Safeway, Inc.* 8,800 481,250
Sara Lee Corp. 5,800 125,063
Supervalu, Inc. 7,400 113,775
-----------
1,799,353
-----------
HEALTHCARE SERVICES -- 1.0%
Amgen, Inc.* 6,100 353,418
Humana, Inc.* 9,000 109,125
Tenet Healthcare Corp. 5,800 228,013
United HealthGroup,
Inc. 1,200 131,250
-----------
821,806
-----------
INSURANCE -- 4.1%
Aetna, Inc. 3,300 190,781
Allstate Corp. 12,100 487,025
American General Corp. 600 48,300
American International
Group, Inc. 11,600 1,136,800
Chubb Corp. 5,900 498,181
CIGNA Corp. 4,300 524,385
MGIC Investment Corp. 3,000 204,375
St. Paul Companies,
Inc. 6,971 357,264
-----------
3,447,111
-----------
INTERNET SERVICES -- 0.9%
America Online, Inc.* 12,700 640,461
Yahoo!, Inc.* 2,600 152,425
-----------
792,886
-----------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
MACHINERY & EQUIPMENT -- 0.3%
Black & Decker Corp. 2,600 $ 97,825
Deere & Co. 3,300 121,481
-----------
219,306
-----------
MEDICAL SUPPLIES & EQUIPMENT -- 2.8%
Abbott Laboratories 17,900 945,344
Baxter International,
Inc. 3,000 246,563
Becton Dickinson & Co. 2,000 67,000
Johnson & Johnson Co. 7,000 644,875
Medtronic, Inc. 8,500 461,656
-----------
2,365,438
-----------
METALS & MINING -- 0.2%
Alcan Aluminum Ltd. 4,700 148,343
Alcoa, Inc. 1,000 28,688
-----------
177,031
-----------
OIL & GAS -- 9.0%
Amerada Hess Corp. 7,000 434,000
Ashland, Inc. 10,900 356,975
Chevron Corp. 9,227 757,767
Conoco, Inc. Cl-B 13,500 367,031
Devon Energy Corp. 5,900 297,360
Exxon Mobil Corp. 25,200 2,247,524
Kerr-McGee Corp. 6,800 444,125
Occidental Petroleum
Corp. 11,183 222,262
Phillips Petroleum Co. 8,574 529,445
Royal Dutch Petroleum
Co. NY Reg 12,200 724,375
Schlumberger Ltd. 900 68,513
Sunoco, Inc. 11,100 332,306
Texaco, Inc. 9,500 561,094
Tosco Corp. 3,800 108,775
Unocal Corp. 1,700 58,013
-----------
7,509,565
-----------
PAPER & FOREST PRODUCTS -- 0.4%
International Paper Co. 2,638 96,617
Westvaco Corp. 8,600 245,100
-----------
341,717
-----------
PHARMACEUTICALS -- 8.0%
American Home Products
Corp. 10,500 666,750
Bristol-Meyers Squibb
Co. 7,500 457,031
Lilly, (Eli) & Co. 10,800 965,250
Merck & Co., Inc. 16,700 1,501,956
Pfizer, Inc. 45,900 1,982,306
Pharmacia Corp. 13,900 764,500
Schering-Plough Corp. 6,600 341,138
-----------
6,678,931
-----------
PRINTING & PUBLISHING -- 0.2%
Dow Jones & Co., Inc. 2,200 129,525
-----------
</TABLE>
65
<PAGE> 69
ASAF SANFORD BERNSTEIN
MANAGED INDEX 500 FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
RAILROADS -- 0.5%
Burlington Northern
Santa Fe Corp. 2,300 $ 60,926
Norfolk Southern Corp. 19,300 272,613
Union Pacific Corp. 2,120 99,375
-----------
432,914
-----------
RETAIL & MERCHANDISING -- 3.1%
Dillard's, Inc. Cl-A 5,797 60,869
Federated Department
Stores, Inc.* 5,225 170,139
Home Depot, Inc. 11,700 503,100
May Department Stores
Co. 17,824 467,880
RadioShack Corp. 900 53,663
Sears, Roebuck & Co. 14,300 425,139
TJX Companies, Inc. 3,700 100,825
Wal-Mart Stores, Inc. 18,600 843,974
-----------
2,625,589
-----------
SEMICONDUCTORS -- 4.4%
Advanced Micro Devices,
Inc.* 7,000 158,375
Applied Materials,
Inc.* 8,600 456,875
Intel Corp. 48,200 2,169,000
JDS Uniphase Corp.* 7,000 569,625
LSI Logic Corp.* 6,100 200,538
Micron Technology,
Inc.* 4,300 149,425
-----------
3,703,838
-----------
TELECOMMUNICATIONS -- 8.1%
Andrew Corp.* 6,400 168,400
AT&T Corp. 26,400 612,150
Avaya, Inc.* 791 10,629
BellSouth Corp. 8,000 386,500
Comcast Corp. Cl-A* 13,000 529,750
Lucent Technologies,
Inc. 9,500 221,469
Motorola, Inc. 12,700 316,706
Nortel Networks Corp.
NY Reg.* 25,100 1,142,049
QUALCOMM, Inc.* 7,100 462,277
Qwest Communications
International, Inc.* 10,292 500,449
SBC Communications,
Inc. 21,300 1,228,743
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
Scientific-Atlanta,
Inc. 1,800 $ 123,188
Sprint Corp. (FON
Group) 2,300 58,650
Verizon Communications 15,872 917,600
WorldCom, Inc.* 5,000 118,750
-----------
6,797,310
-----------
TRANSPORTATION -- 0.2%
CSX Corp. 8,100 205,031
-----------
UTILITIES -- 3.9%
AES Corp.* 5,600 316,400
Ameren Corp. 7,700 306,075
American Electric Power
Co., Inc. 10,200 423,300
Cinergy Corp. 8,139 249,257
Consolidated Edison,
Inc. 7,300 256,869
Enron Corp. 1,000 82,063
FirstEnergy Corp. 6,500 168,188
GPU, Inc. 10,500 347,156
PG&E Corp. 18,496 498,235
Southern Co. 14,900 437,688
TXU Corp. 3,700 137,131
-----------
3,222,362
-----------
TOTAL COMMON STOCK
(Cost $80,363,074) 80,944,623
-----------
SHORT-TERM INVESTMENTS -- 0.8%
Temporary Investment
Cash Fund 349,280 349,280
Temporary Investment
Fund 349,279 349,279
-----------
(Cost $698,559) 698,559
-----------
TOTAL INVESTMENTS -- 97.6%
(Cost $81,061,633) 81,643,182
OTHER ASSETS LESS
LIABILITIES -- 2.4% 2,016,231
-----------
NET ASSETS -- 100.0% $83,659,413
===========
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
66
<PAGE> 70
AMERICAN SKANDIA ADVISOR FUNDS, INC.
ASAF MFS
GROWTH WITH INCOME FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 87.1%
AEROSPACE -- 1.8%
Boeing Co. 7,560 $ 512,662
General Dynamics Corp. 1,500 107,344
-----------
620,006
-----------
AUTOMOTIVE PARTS -- 0.5%
Delphi Automotive
Systems Corp. 4,540 71,221
TRW, Inc. 2,090 87,780
-----------
159,001
-----------
BEVERAGES -- 1.1%
Anheuser-Busch
Companies, Inc. 2,040 93,330
Coca-Cola Co. 3,900 235,463
PepsiCo, Inc. 970 46,984
-----------
375,777
-----------
BROADCASTING -- 0.2%
Infinity Broadcasting
Corp.* 2,040 67,830
-----------
BUSINESS SERVICES -- 1.0%
First Data Corp. 6,540 327,818
-----------
CHEMICALS -- 0.4%
Dow Chemical Co. 950 29,094
DuPont, (E.I.) de
Nemours & Co. 890 40,384
Rohm & Haas Co. 2,060 61,928
-----------
131,406
-----------
CLOTHING & APPAREL -- 0.1%
Cintas Corp. 995 46,143
-----------
COMPUTER HARDWARE -- 3.4%
Compaq Computer Corp. 7,830 238,110
EMC Corp.* 2,630 234,234
Hewlett-Packard Co. 1,940 90,089
International Business
Machines Corp. 5,940 585,090
-----------
1,147,523
-----------
COMPUTER SERVICES & SOFTWARE -- 9.6%
Automatic Data
Processing, Inc. 7,750 506,172
BEA Systems, Inc.* 390 27,983
Cisco Systems, Inc.* 16,280 877,084
Computer Associates
International, Inc. 1,130 36,019
Computer Sciences Corp.* 3,500 220,500
DST Systems, Inc.* 650 40,056
I2 Technologies, Inc.* 140 23,800
Mercury Interactive
Corp.* 140 15,540
Microsoft Corp.* 10,460 720,432
Oracle Corp.* 7,720 254,760
Sun Microsystems, Inc.* 3,960 439,065
Veritas Software Corp.* 710 100,121
-----------
3,261,532
-----------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
CONGLOMERATES -- 6.7%
Corning, Inc. 8,100 $ 619,650
Philip Morris Co., Inc. 6,180 226,343
Tyco International Ltd. 8,430 477,876
United Technologies
Corp. 13,130 916,637
-----------
2,240,506
-----------
CONSUMER PRODUCTS & SERVICES -- 1.2%
Clorox Co. 530 23,651
Colgate-Palmolive Co. 3,090 181,569
Gillette Co. 3,940 137,408
Procter & Gamble Co. 730 52,149
-----------
394,777
-----------
ELECTRONIC COMPONENTS & EQUIPMENT -- 4.8%
Analog Devices, Inc.* 240 15,600
Cabletron Systems, Inc.* 4,690 127,216
Flextronics
International Ltd.* 1,120 42,560
General Electric Co. 22,790 1,249,177
Linear Technology Corp. 290 18,723
Solectron Corp.* 1,370 60,280
Texas Instruments, Inc. 1,720 84,388
-----------
1,597,944
-----------
ENERGY SERVICES -- 0.0%
Dynegy, Inc. 380 16,768
-----------
ENTERTAINMENT & LEISURE -- 0.9%
Time Warner, Inc. 1,080 81,983
Viacom, Inc. Cl-B* 3,620 205,887
-----------
287,870
-----------
FINANCIAL -- BANK & TRUST -- 2.7%
Bank of New York Co.,
Inc. 700 40,294
Bank One Corp. 3,810 139,065
Chase Manhattan Corp. 6,340 288,470
State Street Corp. 3,580 446,569
-----------
914,398
-----------
FINANCIAL SERVICES -- 7.2%
American Express Co. 4,290 257,400
AXA Financial, Inc. 2,860 154,619
Capital One Financial
Corp. 580 36,613
Citigroup, Inc. 5,200 273,650
Fannie Mae 4,090 314,930
Freddie Mac 11,680 700,800
Merrill Lynch & Co.,
Inc.* 630 44,100
Morgan Stanley Dean
Witter & Co.* 470 38,099
PNC Financial Services
Group, Inc. 3,400 227,375
Reuters Group PLC [ADR] 1,070 126,126
Wells Fargo & Co. 5,690 263,518
-----------
2,437,230
-----------
</TABLE>
67
<PAGE> 71
ASAF MFS
GROWTH WITH INCOME FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
FOOD -- 3.6%
Kroger Co.* 6,070 $ 136,954
Quaker Oats Co. 3,480 283,838
Safeway, Inc.* 14,170 774,922
-----------
1,195,714
-----------
HEALTHCARE SERVICES -- 0.2%
United HealthGroup, Inc. 560 61,250
-----------
INSURANCE -- 6.2%
AFLAC, Inc. 3,300 241,106
American International
Group, Inc. 4,635 454,229
CIGNA Corp. 2,170 264,632
Lincoln National Corp. 1,150 55,631
Marsh & McLennan
Companies, Inc. 390 50,993
St. Paul Companies, Inc. 6,070 311,088
The Hartford Financial
Services Group, Inc. 8,370 623,041
UNUM Corp. 2,430 68,648
-----------
2,069,368
-----------
INTERNET SERVICES -- 0.2%
America Online, Inc.* 540 27,232
E.Piphany, Inc.* 330 29,741
-----------
56,973
-----------
MACHINERY & EQUIPMENT -- 2.3%
Baker Hughes, Inc. 6,250 214,844
Deere & Co. 10,320 379,905
Grainger, (W.W.), Inc. 1,550 49,503
Ingersoll-Rand Co. 3,560 134,390
-----------
778,642
-----------
MEDICAL SUPPLIES & EQUIPMENT -- 1.8%
Abbott Laboratories 1,510 79,747
Johnson & Johnson Co. 460 42,378
Medtronic, Inc. 5,820 316,098
PE Corp. -- PE
Biosystems Group 1,310 153,270
-----------
591,493
-----------
METALS & MINING -- 0.5%
Alcoa, Inc. 6,010 172,412
-----------
OIL & GAS -- 7.3%
BP Amoco PLC [ADR] 15,175 772,977
Chevron Corp. 960 78,840
Coastal Corp. 330 24,894
Conoco, Inc. Cl-B 11,220 305,044
Exxon Mobil Corp. 10,358 923,804
Global Marine, Inc.* 1,700 45,050
Santa Fe International
Corp.* 710 25,915
Transocean Sedco Forex,
Inc.* 2,330 123,490
Williams Companies, Inc. 3,530 147,598
-----------
2,447,612
-----------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
PHARMACEUTICALS -- 7.5%
American Home Products
Corp. 6,260 $ 397,510
Bristol-Meyers Squibb
Co. 9,150 557,578
Pfizer, Inc. 21,337 921,492
Pharmacia Corp. 9,642 530,310
Schering-Plough Corp. 2,050 105,959
-----------
2,512,849
-----------
PRINTING & PUBLISHING -- 1.7%
Gannett Co., Inc. 4,120 238,960
New York Times Co. 6,700 246,225
Tribune Co. 2,290 84,873
-----------
570,058
-----------
RESTAURANTS -- 0.1%
McDonald's Corp. 1,310 40,610
-----------
RETAIL & MERCHANDISING -- 3.0%
CVS Corp. 9,820 519,845
Home Depot, Inc. 470 20,269
RadioShack Corp. 340 20,273
Wal-Mart Stores, Inc. 10,100 458,288
-----------
1,018,675
-----------
SEMICONDUCTORS -- 1.2%
Intel Corp. 7,890 355,050
Micron Technology, Inc.* 700 24,325
Xilinx, Inc.* 190 14,060
-----------
393,435
-----------
TELECOMMUNICATIONS -- 7.7%
Alltel Corp. 3,670 236,486
American Tower Corp.
Cl-A 500 19,813
BellSouth Corp. 1,150 55,559
BroadWing, Inc. 3,680 103,960
Comcast Corp. Cl-A* 500 20,375
Global Crossing Ltd.* 3,760 88,830
Lucent Technologies,
Inc. 3,200 73,346
Motorola, Inc. 1,712 42,693
Nortel Networks Corp. NY
Reg. 11,030 501,864
Qwest Communications
International, Inc.* 4,850 235,831
SBC Communications, Inc. 8,040 463,807
Sprint Corp. (PCS
Group)* 3,720 141,825
Tycom Ltd.* 2,980 99,830
Verizon Communications 6,920 400,063
XO Communications, Inc.* 3,420 115,372
-----------
2,599,654
-----------
TRANSPORTATION -- 0.2%
Canadian National
Railway Co. 2,411 75,947
-----------
UTILITIES -- 2.0%
Dominion Resources, Inc. 350 20,628
Enron Corp. 1,190 97,654
Exelon Corp. 6,068 364,840
</TABLE>
68
<PAGE> 72
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
NiSource, Inc. 1,630 $ 39,731
TXU Corp. 4,470 165,669
-----------
688,522
-----------
TOTAL COMMON STOCK
(Cost $26,896,573) 29,299,743
-----------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 10.1%
Federal Home Loan Bank
6.45%, 11/01/00
(Cost $3,395,000) $3,395 3,395,000
-----------
<CAPTION>
SHARES
------
<S> <C> <C>
FOREIGN STOCK -- 4.3%
BEVERAGES -- 0.4%
Diageo PLC -- (GBP) 13,850 130,825
-----------
CHEMICALS -- 0.4%
AKZO Nobel NV -- (NLG) 2,590 117,783
-----------
FINANCIAL -- BANK & TRUST -- 0.4%
HSBC Holdings PLC --
(GBP) 10,416 148,528
-----------
FINANCIAL SERVICES -- 0.2%
ING Groep NV -- (NLG) 1,157 79,360
-----------
FOOD -- 0.6%
Nestle SA -- (CHF)* 102 211,308
-----------
OIL & GAS -- 0.9%
Royal Dutch Petroleum
Co. -- (NLG) 5,070 300,357
-----------
PHARMACEUTICALS -- 0.7%
AstraZeneca Group
PLC -- (GBP)* 1,440 67,498
Novartis AG -- (CHF) 100 151,661
-----------
219,159
-----------
RETAIL & MERCHANDISING -- 0.3%
Fast Retailing Co.
Ltd. -- (JPY) 400 98,364
-----------
TELECOMMUNICATIONS -- 0.4%
Vodafone AirTouch
PLC -- (GBP) 35,991 149,862
-----------
TOTAL FOREIGN STOCK
(Cost $1,384,501) 1,455,546
-----------
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
CORPORATE OBLIGATIONS -- 0.2%
OIL & GAS -- 0.0%
Transocean Sedco Forex,
Inc. [ZCB]
5.477%, 05/24/20 $ 20 $ 12,125
TELECOMMUNICATIONS -- 0.2%
NTL, Inc. 144A
5.75%, 12/15/09 66 41,993
-----------
TOTAL CORPORATE OBLIGATIONS
(Cost $69,262) 54,118
-----------
<CAPTION>
SHARES
------
<S> <C> <C>
PREFERRED STOCK -- 0.0%
UTILITIES
TXU Corp. 3.315%[CVT]
(Cost $844) 20 808
-----------
SHORT-TERM INVESTMENTS -- 0.5%
Temporary Investment
Cash Fund 81,824 81,824
Temporary Investment
Fund 81,823 81,823
-----------
(Cost $163,647) 163,647
-----------
TOTAL INVESTMENTS -- 102.2%
(Cost $31,909,827) 34,368,862
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (2.2%) (743,238)
-----------
NET ASSETS -- 100.0% $33,625,624
===========
</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 year, this security amounted to
0.1% of net assets.
See Notes to Financial Statements.
69
<PAGE> 73
ASAF KEMPER SMALL-CAP
GROWTH FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 94.8%
ADVERTISING -- 0.6%
Penton Media, Inc. 13,000 $ 397,313
-----------
AEROSPACE -- 0.3%
Remec, Inc.* 6,200 184,838
-----------
AUTOMOTIVE PARTS -- 2.0%
Copart, Inc.* 86,700 1,305,919
-----------
BROADCASTING -- 0.2%
Entravision
Communications Corp.* 7,100 125,581
-----------
BUILDING MATERIALS -- 2.2%
Simpson Manufacturing
Co., Inc.* 6,900 294,113
Trex Co., Inc.* 30,200 1,128,725
-----------
1,422,838
-----------
BUSINESS SERVICES -- 2.9%
Korn/Ferry
International, Inc.* 33,300 1,165,500
PurchasePro.com, Inc. 13,200 356,400
RSA Security, Inc.* 5,600 324,800
-----------
1,846,700
-----------
CHEMICALS -- 0.6%
Cabot Microelectronics
Corp.* 9,400 415,363
-----------
CLOTHING & APPAREL -- 1.9%
Gildan Activewear, Inc.
Cl-A* 26,800 931,300
Pacific Sunwear of
California, Inc.* 14,600 299,300
-----------
1,230,600
-----------
COMPUTER HARDWARE -- 3.6%
Mercury Computer
Systems, Inc.* 10,800 334,800
Silicon Storage
Technology, Inc.* 69,900 1,590,225
Tripath Technology,
Inc.* 12,700 371,475
-----------
2,296,500
-----------
COMPUTER SERVICES & SOFTWARE -- 13.8%
Advent Software, Inc.* 26,800 1,602,974
Braun Consulting, Inc.* 19,800 149,119
Broadbase Software,
Inc. 26,900 289,175
BSQUARE Corp.* 32,200 503,125
Documentum, Inc.* 11,100 943,500
Manugistics Group,
Inc.* 12,200 1,390,037
Mercury Interactive
Corp.* 9,500 1,054,500
Oak Technology, Inc.* 35,100 984,994
Omnisky Corp.* 3,400 47,600
Packeteer, Inc.* 8,600 213,925
Pinnacle Systems, Inc.* 63,200 797,900
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
Plato Learning, Inc.* 12,700 $ 311,150
Precise Software
Solutions, Ltd.* 5,200 118,950
Radisys Corp.* 15,600 413,400
Viador, Inc.* 21,700 100,363
-----------
8,920,712
-----------
CONSUMER PRODUCTS & SERVICES -- 3.4%
Concord Camera Corp.* 25,100 776,531
JAKKS Pacific, Inc.* 34,000 299,625
Rent-A-Center, Inc.* 37,200 1,085,775
-----------
2,161,931
-----------
ELECTRONIC COMPONENTS & EQUIPMENT -- 6.5%
Computer Products,
Inc.* 30,400 1,235,000
Power-One, Inc.* 26,500 1,879,844
Sunrise Telecom, Inc.* 25,000 621,875
Zygo Corp.* 8,800 435,600
-----------
4,172,319
-----------
FARMING & AGRICULTURE -- 0.6%
Eden Bioscience Corp.* 10,700 405,263
-----------
FINANCIAL SERVICES -- 0.1%
Multex.com, Inc.* 5,500 71,156
-----------
FOOD -- 1.7%
Hain Celestial Group,
Inc.* 17,426 691,594
Wild Oats Markets,
Inc.* 58,600 369,913
-----------
1,061,507
-----------
FURNITURE -- 1.3%
Cost Plus, Inc.* 29,400 823,200
-----------
HEALTHCARE SERVICES -- 3.3%
Albany Molecular
Research, Inc.* 35,900 2,086,687
Regeneration
Technologies, Inc.* 2,500 31,719
-----------
2,118,406
-----------
INTERNET SERVICES -- 6.4%
Clarent Corp.* 15,300 475,256
I-Many, Inc.* 32,400 668,250
Internet Security
Systems, Inc.* 20,000 1,765,000
Vicinity Corp.* 18,300 192,150
Watchguard
Technologies, Inc.* 19,900 995,000
-----------
4,095,656
-----------
MACHINERY & EQUIPMENT -- 2.7%
National-Oilwell, Inc.* 31,700 927,225
Universal Compression
Holdings, Inc.* 29,000 837,375
-----------
1,764,600
-----------
</TABLE>
70
<PAGE> 74
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
MEDICAL SUPPLIES &
EQUIPMENT -- 1.8%
Arthrocare Corp.* 29,900 $ 678,356
Charles River
Laboratories
International, Inc.* 18,200 477,750
-----------
1,156,106
-----------
OIL & GAS -- 9.6%
3Tec Energy Corp.* 23,400 345,150
Barrett Resources
Corp.* 22,000 800,250
Cal Dive International,
Inc.* 13,100 651,725
Key Production Co.,
Inc.* 29,600 651,200
Newfield Exploration
Co.* 18,700 705,925
Precision Drilling
Corp.* 21,100 603,988
Stone Energy Corp.* 22,200 1,136,639
Swift Energy Co.* 29,300 952,249
W-H Energy Services,
Inc.* 22,900 317,738
-----------
6,164,864
-----------
PHARMACEUTICALS -- 8.3%
Alexion
Pharmaceuticals,
Inc.* 13,000 1,343,875
Arena Pharmaceuticals,
Inc.* 4,100 143,244
Cryolife, Inc.* 13,100 521,544
NPS Pharmaceuticals,
Inc.* 25,000 1,071,875
Oncogene Science, Inc.* 12,500 900,000
QLT PhotoTherapeutics,
Inc.* 16,500 820,617
United Therapeutics
Corp.* 9,700 518,950
-----------
5,320,105
-----------
REAL ESTATE -- 1.3%
CoStar Group, Inc.* 25,800 806,250
-----------
SCIENCE & TECHNOLOGY -- 1.2%
Molecular Devices
Corp.* 11,100 758,963
-----------
SEMICONDUCTORS -- 7.3%
Advanced Power
Technology, Inc.* 24,300 779,119
Alliance Semiconductor
Corp.* 30,100 602,000
American Superconductor
Corp.* 13,300 635,075
ATMI, Inc.* 20,500 386,938
Silicon Image, Inc.* 25,600 300,800
Therma-Wave, Inc.* 17,100 350,550
TranSwitch Corp.* 28,600 1,651,649
-----------
4,706,131
-----------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS -- 10.2%
Inrange Technologies
Corp.* 15,900 $ 582,338
Insight Communications
Co., Inc.* 43,200 599,400
Lightbridge, Inc.* 20,400 218,025
Polycom, Inc.* 32,000 2,079,999
Proxim, Inc.* 5,300 321,313
SBA Communications
Corp.* 18,700 937,338
Spectrasite Holdings,
Inc.* 54,500 1,076,374
UTStarcom, Inc.* 35,500 710,000
-----------
6,524,787
-----------
TRANSPORTATION -- 1.0%
Eagle USA Airfreight,
Inc.* 22,600 644,100
-----------
TOTAL COMMON STOCK
(Cost $59,624,249) 60,901,708
-----------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
COMMERCIAL PAPER -- 7.0%
Enron Corp.
6.67%, 11/03/00 $ 2,000 1,999,259
Ford Motor Credit Co.
6.49%, 11/01/00 2,500 2,500,000
-----------
(Cost $4,499,259) 4,499,259
-----------
<CAPTION>
SHARES
------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.9%
Temporary Investment
Cash Fund 289,700 289,700
Temporary Investment
Fund 289,699 289,699
-----------
(Cost $579,399) 579,399
-----------
TOTAL INVESTMENTS -- 102.7%
(Cost $64,702,907) 65,980,366
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (2.7%) (1,760,651)
-----------
NET ASSETS -- 100.0% $64,219,715
===========
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
71
<PAGE> 75
ASAF ALGER
ALL-CAP GROWTH FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 76.7%
AEROSPACE -- 1.8%
General Dynamics Corp. 3,340 $ 239,019
-----------
BUSINESS SERVICES -- 2.0%
Commerce One, Inc.* 4,050 259,959
-----------
COMPUTER HARDWARE -- 2.4%
EMC Corp.* 3,540 315,281
-----------
COMPUTER SERVICES & SOFTWARE -- 16.9%
Ariba, Inc.* 2,800 353,850
BEA Systems, Inc.* 2,630 188,703
Cisco Systems, Inc.* 7,790 419,687
I2 Technologies, Inc.* 1,780 302,600
Oracle Corp.* 6,140 202,620
Phone.com, Inc.* 3,515 325,357
Redback Networks, Inc.* 400 42,575
Sun Microsystems, Inc.* 3,470 384,736
-----------
2,220,128
-----------
CONGLOMERATES -- 1.6%
United Technologies
Corp. 3,100 216,419
-----------
ELECTRONIC COMPONENTS & EQUIPMENT -- 4.2%
General Electric Co. 5,150 282,284
Solectron Corp.* 6,050 266,200
-----------
548,484
-----------
FINANCIAL -- BANK & TRUST -- 0.6%
Bank of New York Co.,
Inc. 850 48,928
State Street Corp. 245 30,561
-----------
79,489
-----------
FINANCIAL SERVICES -- 4.9%
Citigroup, Inc. 6,750 355,218
Schwab, (Charles) Corp. 8,300 291,538
-----------
646,756
-----------
HEALTHCARE SERVICES -- 1.6%
Amgen, Inc.* 3,570 206,837
-----------
INSURANCE -- 4.8%
American International
Group, Inc. 3,660 358,680
Marsh & McLennan
Companies, Inc. 2,100 274,575
-----------
633,255
-----------
INTERNET SERVICES -- 4.8%
America Online, Inc.* 5,550 279,887
eBay, Inc.* 5,550 285,825
Exodus Communications,
Inc.* 1,700 57,056
Yahoo!, Inc.* 250 14,656
-----------
637,424
-----------
MEDICAL SUPPLIES & EQUIPMENT -- 2.8%
Affymetrix, Inc.* 780 43,193
Baxter International,
Inc. 3,050 250,672
Guidant Corp.* 1,500 79,406
-----------
373,271
-----------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
OIL & GAS -- 0.2%
BJ Services Co.* 500 $ 26,219
-----------
PHARMACEUTICALS -- 12.8%
American Home Products
Corp. 2,240 142,240
Cardinal Health, Inc. 2,200 208,450
Celgene Corp.* 2,880 185,400
Cephalon, Inc.* 2,500 134,063
Lilly, (Eli) & Co. 4,560 407,549
Pfizer, Inc. 6,790 293,243
Qiagen NV [ADR] 4,800 207,000
QLT PhotoTherapeutics,
Inc.* 2,000 99,469
-----------
1,677,414
-----------
RETAIL & MERCHANDISING -- 4.5%
Home Depot, Inc. 7,200 309,600
Wal-Mart Stores, Inc. 6,085 276,107
-----------
585,707
-----------
SEMICONDUCTORS -- 4.3%
Altera Corp.* 6,190 253,403
Broadcom Corp. Cl-A* 1,390 309,101
-----------
562,504
-----------
TELECOMMUNICATIONS -- 6.2%
Nokia Corp. Cl-A [ADR] 7,700 329,175
Nortel Networks Corp. NY
Reg. 4,270 194,285
QUALCOMM, Inc.* 2,200 143,241
Research in Motion Ltd.* 1,500 150,000
-----------
816,701
-----------
UTILITIES -- 0.3%
Duke Energy Corp. 400 34,575
-----------
TOTAL COMMON STOCK
(Cost $10,268,971) 10,079,442
-----------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
COMMERCIAL PAPER -- 25.0%
AT&T Corp.
5.54%, 11/21/00 $2,000 1,992,733
Countrywide Home Loan,
Inc.
6.52%, 11/21/00 400 398,551
Fayette Funding Ltd.
6.50%, 11/21/00 400 398,556
Florida Power & Light
Co.
6.42%, 11/02/00 500 499,911
-----------
(Cost $3,289,751) 3,289,751
-----------
</TABLE>
72
<PAGE> 76
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 9.3%
Temporary Investment
Cash Fund 613,193 $ 613,193
Temporary Investment
Fund 613,193 613,193
-----------
(Cost $1,226,386) 1,226,386
-----------
TOTAL INVESTMENTS -- 111.0%
(Cost $14,785,108) 14,595,579
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (11.0)% (1,451,282)
-----------
NET ASSETS -- 100.0% $13,144,297
===========
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
73
<PAGE> 77
ASAF GABELLI
ALL-CAP VALUE FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 68.0%
AEROSPACE 1.0%
Honeywell International,
Inc. 1,500 $ 80,719
----------
AUTOMOBILE MANUFACTURERS -- 1.8%
General Motors Corp.
Cl-H* 4,300 139,320
----------
AUTOMOTIVE PARTS -- 0.4%
AutoNation, Inc.* 5,000 33,750
----------
BROADCASTING -- 1.3%
Chris-Craft Industries,
Inc.* 1,000 73,500
Gray Communications Cl-B 2,000 27,750
----------
101,250
----------
CABLE TELEVISION -- 2.4%
BHC Communications, Inc. 800 115,200
Cablevision Systems
Corp. Cl-A* 1,000 74,500
----------
189,700
----------
CHEMICALS -- 7.8%
Bush Boake Allen, Inc.* 4,000 193,500
Hercules, Inc. 10,000 183,125
Rohm & Haas Co. 7,500 225,468
----------
602,093
----------
COMPUTER HARDWARE -- 2.3%
Apple Computer, Inc.* 3,000 58,688
Compaq Computer Corp. 4,000 121,640
----------
180,328
----------
CONGLOMERATES -- 3.0%
ITT Industries, Inc. 2,500 81,406
Philip Morris Co., Inc. 2,500 91,563
Seagram Co. Ltd. 1,000 57,125
----------
230,094
----------
CONSTRUCTION -- 1.4%
Southdown, Inc. 1,500 106,313
----------
CONSUMER PRODUCTS & SERVICES -- 2.5%
Energizer Holdings,
Inc.* 10,000 197,500
----------
ENERGY SERVICES -- 0.4%
Dynegy, Inc. 300 13,894
Xcel Energy, Inc.* 600 15,337
----------
29,231
----------
ENTERTAINMENT & LEISURE -- 4.3%
Gaylord Entertainment
Co. Cl-A 2,000 47,500
Gemstar-TV Guide
International, Inc.* 2,500 171,406
Viacom, Inc.* 2,000 114,500
----------
333,406
----------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
ENVIRONMENTAL SERVICES -- 2.6%
Republic Services, Inc.* 3,000 $ 40,313
Waste Management, Inc. 8,000 160,000
----------
200,313
----------
FINANCIAL -- BANK & TRUST -- 0.3%
Bank One Corp. 600 21,900
----------
FINANCIAL SERVICES -- 5.4%
Donaldson Lufkin &
Jenrette, Inc. 2,000 179,625
Fleet Financial Group,
Inc. 1,200 45,600
National Discount
Brokers Group, Inc.* 4,000 194,749
----------
419,974
----------
FOOD -- 4.1%
Flowers Industries, Inc. 5,000 76,875
Keebler Foods Co. 6,000 243,000
----------
319,875
----------
HOTELS & MOTELS -- 1.1%
Hilton Hotels Corp. 3,000 28,500
Starwood Hotels &
Resorts Worldwide,
Inc. [REIT] 2,000 59,250
----------
87,750
----------
OIL & GAS -- 0.9%
MCN Energy Group, Inc. 600 14,775
National Fuel Gas Co. 300 16,088
Watts Industries, Inc.* 1,000 11,188
Williams Companies, Inc. 600 25,087
----------
67,138
----------
PERSONAL SERVICES -- 2.4%
Cendant Corp.* 15,600 187,200
----------
PRINTING & PUBLISHING -- 4.5%
Gannett Co., Inc. 3,000 174,000
Pulitzer, Inc. 1,500 61,425
Tribune Co. 3,000 111,188
----------
346,613
----------
RETAIL & MERCHANDISING -- 2.9%
Harcourt General, Inc. 4,000 224,200
----------
TELECOMMUNICATIONS -- 11.9%
AT&T Corp. Liberty Media
Group Cl-A* 3,500 63,000
AT&T Wireless Group* 1,000 24,938
Motorola, Inc. 5,000 124,688
Nextel Communications,
Inc. Cl-A* 6,000 230,624
Sprint Corp. (PCS
Group)* 1,500 57,188
Telephone & Data
Systems, Inc. 2,000 210,999
</TABLE>
74
<PAGE> 78
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
Teligent, Inc.* 1,000 $ 7,594
Voicestream Wireless
Corp.* 1,500 197,249
----------
916,280
----------
TRANSPORTATION -- 1.6%
GATX Corp. 3,000 126,188
----------
UTILITIES -- 1.7%
AES Corp. 200 11,300
Calpine Corp.* 200 15,788
Exelon Corp. 375 22,547
PPL Corp. 300 12,356
Public Service
Enterprise Group, Inc. 350 14,525
Reliant Energy, Inc. 350 14,459
Rochester Gas & Electric
Corp. 800 23,600
Southern Co. 700 20,563
----------
135,138
----------
TOTAL COMMON STOCK
(Cost $5,032,899) 5,276,273
----------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS -- 26.2%
U.S. Treasury Bills
6.07%, 12/07/00 $ 100 99,393
5.99%, 12/14/00 101 100,241
5.98%, 12/21/00 262 259,713
6.01%, 12/28/00 476 471,240
6.12%, 01/04/01 1,113 1,100,701
----------
(Cost $2,031,855) 2,031,288
----------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 6.5%
Temporary Investment
Cash Fund 253,557 $ 253,557
Temporary Investment
Fund 253,557 253,557
----------
(Cost $507,114) 507,114
----------
TOTAL INVESTMENTS -- 100.7%
(Cost $7,571,868) 7,814,675
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (0.7)% (55,929)
----------
NET ASSETS -- 100.0% $7,758,746
==========
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
75
<PAGE> 79
ASAF INVESCO
TECHNOLOGY FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 89.8%
BIOTECHNOLOGY HEALTHCARE -- 0.6%
Protein Design Labs,
Inc.* 1,200 $ 162,094
-----------
BROADCASTING -- 0.3%
EchoStar Communications
Corp. Cl-A* 1,800 81,450
-----------
BUSINESS SERVICES -- 1.0%
Foundry Networks, Inc.* 3,000 199,313
Liberate Technologies,
Inc.* 2,900 55,281
-----------
254,594
-----------
BUSINESS SERVICES -- COMPUTER SYSTEMS -- 8.0%
Ariba, Inc.* 1,300 164,288
Art Technology Group,
Inc.* 2,300 144,325
Commerce One, Inc.* 3,400 218,238
Fiserv, Inc.* 6,100 319,869
I2 Technologies, Inc.* 3,100 526,999
Paychex, Inc. 6,100 345,793
Safeguard Scientifics,
Inc.* 100 1,538
Sapient Corp.* 4,300 152,919
Tech Data Corp.* 3,200 133,200
-----------
2,007,169
-----------
COMMUNICATION EQUIPMENT -- 9.2%
ADC Telecommunications,
Inc.* 9,200 196,650
Bookham Technology PLC
[ADR]* 1,300 43,794
Ciena Corp.* 4,700 494,087
Corvis Corp.* 2,800 183,750
Nokia Corp. Cl-A [ADR] 5,600 239,400
Nortel Networks Corp. 6,500 295,750
Polycom, Inc.* 4,800 312,000
Powerwave Technologies,
Inc.* 5,000 240,625
Scientific-Atlanta,
Inc. 4,500 307,969
-----------
2,314,025
-----------
COMPUTER HARDWARE -- 5.3%
Brocade Communications
Systems, Inc.* 2,000 454,750
Cacheflow, Inc.* 1,600 172,800
Compaq Computer Corp. 6,500 197,665
McData Corp.* 1,300 108,367
Sun Microsystems, Inc.* 3,500 388,063
-----------
1,321,645
-----------
COMPUTER SERVICES & SOFTWARE -- 21.3%
BEA Systems, Inc.* 5,600 401,799
Check Point Software
Technologies Ltd.* 2,300 364,263
Inktomi Corp.* 1,900 120,531
Intuit, Inc.* 4,200 258,038
Manugistics Group,
Inc.* 900 102,544
Mercury Interactive
Corp.* 2,800 310,800
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
Micromuse, Inc.* 900 $ 152,719
Microsoft Corp.* 4,300 296,163
Oracle Corp.* 7,800 257,400
Peregrine Systems,
Inc.* 7,800 187,200
Proxim, Inc.* 2,600 157,625
Quest Software, Inc.* 3,600 157,275
Qwest Communications
International, Inc.* 5,400 262,575
RealNetworks, Inc.* 2,400 49,463
Siebel Systems, Inc.* 4,800 503,699
SmartForce Public Ltd.
Co. [ADR]* 6,500 327,133
Software.com, Inc.* 2,700 402,299
TIBCO Software, Inc.* 3,000 189,000
VeriSign, Inc.* 2,000 264,000
Veritas Software Corp.* 2,800 394,844
Vignette Corp.* 5,700 169,931
-----------
5,329,301
-----------
COMPUTERS -- NETWORKING -- 6.4%
Cabletron Systems,
Inc.* 5,200 141,050
Cisco Systems, Inc.* 6,500 350,188
Extreme Networks, Inc.* 2,600 215,638
Juniper Networks, Inc.* 1,900 370,500
Network Appliance,
Inc.* 3,700 440,299
Redback Networks, Inc.* 900 95,794
-----------
1,613,469
-----------
COMPUTERS -- PERIPHERALS -- 3.7%
EMC Corp.* 5,500 489,844
Palm, Inc.* 7,000 374,938
SanDisk Corp.* 1,200 64,481
-----------
929,263
-----------
CONGLOMERATES -- 1.2%
Corning, Inc. 4,100 313,650
-----------
ELECTRONIC COMPONENTS & EQUIPMENT -- 9.9%
Celestica, Inc.* 5,600 402,500
Cypress Semiconductor
Corp.* 1,900 71,131
Flextronics
International Ltd.* 10,700 406,600
Jabil Circuit, Inc.* 5,000 285,313
Linear Technology
Corp.* 4,800 309,900
Sanmina Corp.* 4,000 457,249
SCI Systems, Inc.* 6,400 275,200
Solectron Corp.* 6,500 286,000
-----------
2,493,893
-----------
ENTERTAINMENT & LEISURE -- 1.8%
America Online, Inc.* 4,800 242,064
Gemstar-TV Guide
International, Inc.* 3,200 219,400
-----------
461,464
-----------
OIL & GAS -- 1.1%
Enron Corp. 3,400 279,013
-----------
</TABLE>
76
<PAGE> 80
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
SEMICONDUCTORS -- 17.3%
Altera Corp.* 1,300 $ 53,219
Analog Devices, Inc.* 4,800 312,000
Applied Micro Circuits
Corp.* 5,800 442,974
ASM Lithography Holding
NV NY Reg.* 3,100 86,219
Broadcom Corp. Cl-A 800 177,900
Chartered Semiconductor
Manufacturing Ltd.* 2,200 102,300
Cirrus Logic Corp.* 2,300 99,188
Conexant Systems, Inc.* 4,500 118,406
GlobeSpan, Inc.* 1,900 146,181
Integrated Device
Technology, Inc.* 3,900 219,619
Intel Corp. 5,600 252,000
Maxim Integrated
Products, Inc. 4,600 305,038
Microchip Technology,
Inc.* 4,550 143,894
Micron Technology, Inc. 1,500 53,906
New Focus, Inc.* 1,500 95,250
Novellus Systems, Inc.* 2,200 90,063
PMC-Sierra, Inc.* 2,400 406,799
SDL, Inc.* 2,600 674,049
Vitesse Semiconductor
Corp.* 4,500 314,719
Xilinx, Inc.* 3,200 231,800
-----------
4,325,524
-----------
TELECOMMUNICATIONS -- 2.7%
Amdocs Ltd.* 3,400 220,362
Nextel Communications,
Inc. Cl-A* 4,200 161,438
Research in Motion
Ltd.* 900 86,565
Voicestream Wireless
Corp.* 1,500 197,250
-----------
665,615
-----------
TOTAL COMMON STOCK
(Cost $23,377,511) 22,552,169
-----------
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
COMMERCIAL PAPER -- 21.3%
American Express
Credit Corp.
6.57%, 11/01/00 $ 1,100 $ 1,100,000
General Electric
Capital Corp.
6.62% 11/01/00 1,155 1,155,000
General Motors
Acceptance Corp.
6.46% 11/01/00 1,000 1,000,000
Household Finance Corp.
6.48% 11/01/00 1,100 1,100,000
Prudential Funding
Corp. 6.50% 11/03/00 1,000 1,000,000
-----------
(Cost $5,355,000) 5,355,000
-----------
<CAPTION>
SHARES
------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 7.8%
Temporary Investment
Cash Fund 978,809 978,809
Temporary Investment
Fund 978,809 978,809
-----------
TOTAL SHORT-TERM
INVESTMENTS
(Cost $1,957,618) 1,957,618
-----------
TOTAL INVESTMENTS -- 118.9%
(Cost $30,690,129) 29,864,787
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (18.9%) (4,756,592)
-----------
TOTAL NET ASSETS -- 100.0% $25,108,195
===========
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-Income Producing Security.
See Notes to Financial Statements.
77
<PAGE> 81
ASAF JANUS MID-CAP
GROWTH FUND
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 91.3%
AUTOMOBILE MANUFACTURERS -- 2.3%
General Motors Corp.
Cl-H* 12,170 $ 394,308
-----------
BROADCASTING -- 4.3%
Hispanic Broadcasting
Corp.* 19,970 624,063
Spanish Broadcasting
Systems, Inc.* 11,950 107,550
-----------
731,613
-----------
BUSINESS SERVICES -- 1.3%
PurchasePro.com, Inc.* 8,200 221,400
-----------
COMPUTER HARDWARE -- 5.1%
ASM Lithography Holding
NV NY Reg.* 7,635 212,348
Insight Enterprises,
Inc.* 8,180 265,850
Tripath Technology,
Inc.* 13,525 395,607
-----------
873,805
-----------
COMPUTER SERVICES & SOFTWARE -- 15.0%
3Com Corp.* 10,610 188,328
Be Free, Inc.* 44,150 173,841
DigitalThink, Inc.* 5,345 188,328
Inktomi Corp.* 5,820 369,206
Omnisky Corp.* 31,190 436,659
RealNetworks, Inc.* 6,250 128,809
Turnstone Systems, Inc.* 16,465 349,881
Universal Access, Inc.* 49,290 720,866
-----------
2,555,918
-----------
ELECTRONIC COMPONENTS & EQUIPMENT -- 13.3%
Intersil Holding Corp.* 11,300 541,693
Metromedia Fiber
Network, Inc. Cl-A* 37,810 718,389
SCI Systems, Inc.* 11,465 492,995
Symbol Technologies,
Inc. 11,535 524,122
-----------
2,277,199
-----------
FINANCIAL SERVICES -- 1.9%
E*TRADE Group, Inc.* 21,735 316,516
-----------
HEALTHCARE SERVICES -- 2.6%
Medarex, Inc.* 7,330 448,046
-----------
INTERNET SERVICES -- 9.4%
Exodus Communications,
Inc.* 22,080 741,060
NaviSite, Inc.* 3,550 36,166
PSINet, Inc.* 39,275 261,424
Skillsoft Corp.* 18,420 331,560
University of Phoenix
Online* 9,325 244,781
-----------
1,614,991
-----------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
SHARES VALUE
---------------------------------------------------
<S> <C> <C>
MEDICAL SUPPLIES & EQUIPMENT -- 3.6%
Genzyme Corp.* 4,260 $ 302,460
Maxygen, Inc.* 7,915 318,579
-----------
621,039
-----------
PERSONAL SERVICES -- 2.1%
Corinthian Colleges,
Inc.* 5,230 361,524
-----------
PHARMACEUTICALS -- 3.3%
Alexion Pharmaceuticals,
Inc.* 1,030 106,476
Millennium
Pharmaceuticals, Inc.* 6,365 461,861
-----------
568,337
-----------
SEMICONDUCTORS -- 5.8%
Integrated Device
Technology, Inc.* 6,695 377,012
SDL, Inc.* 1,050 272,213
Vitesse Semiconductor
Corp.* 4,880 341,295
-----------
990,520
-----------
TELECOMMUNICATIONS -- 21.3%
ADC Telecommunications,
Inc.* 2,145 45,849
AT&T Canada, Inc. NY
Reg.* 29,920 925,649
Crown Castle
International Corp.* 16,200 491,063
CTC Communications
Group, Inc.* 8,520 82,271
EchoStar Communications
Corp. Cl-A* 7,020 317,655
Level 3 Communications,
Inc.* 6,970 332,382
Lexent, Inc.* 4,435 128,338
McLeodUSA, Inc. Cl-A* 38,605 743,146
Neon Communications,
Inc.* 8,605 103,798
Western Wireless Corp.
Cl-A* 9,735 462,413
-----------
3,632,564
-----------
TOTAL COMMON STOCK
(Cost $15,177,970) 15,607,780
-----------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 19.3%
Federal Home Loan
Mortgage Corp.
6.45%, 11/01/00
(Cost $3,300,000) $3,300 3,300,000
-----------
</TABLE>
78
<PAGE> 82
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
CORPORATE OBLIGATIONS -- 1.4%
INTERNET SERVICES
PSINet, Inc.
11.00%, 08/01/09 $ 500 $ 243,750
-----------
(Cost $294,331)
<CAPTION>
SHARES
------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.1%
Temporary Investment
Cash Fund 8,689 8,689
Temporary Investment
Fund 8,688 8,688
-----------
(Cost $17,377) 17,377
-----------
TOTAL INVESTMENTS -- 112.1%
Cost $18,789,678) 19,168,907
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (12.1%) (2,075,375)
-----------
NET ASSETS -- 100.0% $17,093,532
===========
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
79
<PAGE> 83
ASAF RYDEX MANAGED
OTC FUND
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 83.1%
BROADCASTING -- 0.3%
USA Networks, Inc.* 3,970 $ 80,393
-----------
BUSINESS SERVICES - 1.0%
Parametric Technology
Corp.* 4,210 51,836
Paychex, Inc. 4,020 227,883
-----------
279,719
-----------
BUSINESS SERVICES - COMPUTER SYSTEMS -- 1.9%
Fiserv, Inc.* 1,760 92,290
I2 Technologies, Inc.* 2,430 413,100
-----------
505,390
-----------
CABLE TELEVISION -- 0.7%
Comcast Corp. Cl-A* 4,880 198,860
-----------
CHEMICALS -- 0.1%
Sigma-Aldrich Corp. 970 34,678
-----------
CLOTHING & APPAREL -- 0.4%
Cintas Corp. 2,300 106,663
-----------
COMPUTER HARDWARE -- 4.9%
Apple Computer, Inc.* 5,160 100,943
Dell Computer Corp.* 10,840 319,780
Sun Microsystems,
Inc.* 7,870 872,585
Synopsys, Inc.* 860 29,993
-----------
1,323,301
-----------
COMPUTER SERVICES & SOFTWARE -- 23.3%
3Com Corp.* 2,020 35,855
BMC Software, Inc.* 2,140 43,469
Cisco Systems, Inc.* 28,860 1,554,832
Citrix Systems, Inc.* 2,500 55,313
Compuware Corp.* 2,560 20,160
Electronic Arts, Inc.* 1,500 75,000
Intuit, Inc.* 2,920 179,398
Microsoft Corp.* 20,650 1,422,268
Network Appliance,
Inc. 3,770 448,630
Networks Associates,
Inc.* 1,630 31,378
Novell, Inc.* 4,440 39,960
Oracle Corp.* 26,700 881,099
PeopleSoft, Inc.* 4,500 196,383
Siebel Systems, Inc.* 5,560 583,453
Veritas Software
Corp.* 4,680 659,952
-----------
6,227,150
-----------
CONTAINERS & PACKAGING -- 0.1%
Smurfit-Stone
Container Corp.* 2,720 36,720
-----------
ELECTRONIC COMPONENTS & EQUIPMENT -- 4.6%
Adobe Systems, Inc. 2,680 203,848
American Power
Conversion Corp.* 2,910 37,648
Comverse Technology,
Inc.* 1,940 216,795
KLA-Tencor Corp.* 2,570 86,898
Linear Technology
Corp. 4,770 307,963
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
Metromedia Fiber
Network, Inc. Cl-A* 6,000 $ 114,000
Molex, Inc. 1,100 59,400
Sanmina Corp. 1,840 210,335
-----------
1,236,887
-----------
ENTERTAINMENT & LEISURE -- 1.2%
Gemstar-TV Guide
International Group,
Inc.* 4,890 335,271
-----------
FINANCIAL SERVICES -- 0.4%
Concord EFS, Inc.* 2,770 114,436
-----------
FOOD -- 0.5%
Starbucks Corp.* 2,960 132,275
-----------
HEALTHCARE SERVICES -- 1.2%
Amgen, Inc.* 5,460 316,339
-----------
INTERNET SERVICES -- 6.1%
Ariba, Inc.* 2,640 333,630
At Home Corp.* 3,340 34,444
BroadVision, Inc.* 3,300 98,175
CMGI, Inc.* 3,700 62,438
CNET Networks, Inc.* 1,720 54,180
eBay, Inc. 2,280 117,420
Juniper Networks,
Inc.* 2,360 460,199
RealNetworks, Inc.* 1,680 34,624
VeriSign, Inc.* 2,090 275,880
Yahoo!, Inc.* 3,030 177,634
-----------
1,648,624
-----------
MEDICAL SUPPLIES & EQUIPMENT -- 0.7%
Biomet, Inc. 2,730 98,792
Genzyme Corp.* 1,230 87,330
-----------
186,122
-----------
OFFICE EQUIPMENT -- 0.2%
Staples, Inc.* 3,500 49,875
-----------
PHARMACEUTICALS -- 2.8%
Biogen, Inc.* 2,070 124,588
Chiron Corp.* 2,910 126,039
Immunex Corp.* 7,860 334,542
MedImmune, Inc.* 2,560 167,360
-----------
752,529
-----------
RETAIL & MERCHANDISING -- 1.3%
Amazon.com, Inc.* 2,690 98,521
Bed Bath & Beyond,
Inc.* 4,330 111,768
Costco Companies,
Inc.* 2,680 98,155
Dollar Tree Stores,
Inc.* 1,120 43,820
-----------
352,264
-----------
SEMICONDUCTORS -- 18.2%
Altera Corp.* 6,350 259,953
Applied Materials,
Inc.* 4,780 253,938
Applied Micro Circuits
Corp.* 3,880 296,335
Atmel Corp.* 3,940 58,854
</TABLE>
80
<PAGE> 84
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
Broadcom Corp. Cl-A* 1,470 $ 326,891
Conexant Systems,
Inc.* 2,860 75,254
Intel Corp. 26,830 1,207,349
JDS Uniphase Corp.* 10,110 822,701
Maxim Integrated
Products, Inc.* 4,510 299,069
Microchip Technology,
Inc.* 1,150 36,369
PMC-Sierra, Inc.* 1,980 335,610
QLogic Corp.* 1,050 101,588
SDL, Inc.* 1,020 264,435
Vitesse Semiconductor
Corp.* 2,220 155,261
Xilinx, Inc.* 4,970 360,014
-----------
4,853,621
-----------
TELECOMMUNICATIONS -- 13.0%
ADC
Telecommunications,
Inc.* 11,090 237,049
Adelphia
Communications Corp.
Cl-A 1,490 49,449
Ciena Corp.* 3,840 403,680
EchoStar
Communications Corp.
Cl-A* 2,760 124,890
Ericsson, (L.M.)
Telephone Co. [ADR] 13,410 186,064
Global Crossing Ltd. 10,860 256,568
Level 3
Communications, Inc. 2,910 138,771
McLeodUSA, Inc. Cl-A 5,360 103,180
Nextel Communications,
Inc. Cl-A 10,650 409,359
PanAmSat Corp.* 2,300 77,050
QUALCOMM, Inc.* 10,240 666,719
RF Micro Devices,
Inc.* 2,090 41,669
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
Tellabs, Inc.* 2,660 $ 132,834
Voicestream Wireless
Corp.* 2,780 365,570
WorldCom, Inc.* 11,780 279,775
XO Communications,
Inc.* 780 26,313
-----------
3,498,940
-----------
TRANSPORTATION -- 0.2%
PACCAR, Inc. 980 41,221
-----------
TOTAL COMMON STOCK
(Cost $23,218,995) 22,311,278
-----------
SHORT-TERM INVESTMENTS -- 9.0%
Temporary Investment
Cash Fund 1,211,612 1,211,612
Temporary Investment
Fund 1,211,612 1,211,612
(Cost $2,423,224)
-----------
2,423,224
-----------
TOTAL INVESTMENTS -- 92.1%
(Cost $25,642,220) 24,734,502
OTHER ASSETS LESS LIABILITIES -- 7.9% 2,126,628
-----------
NET ASSETS -- 100.0% $26,861,130
===========
</TABLE>
Cash of $1,228,500 has been segregated with the custodian to cover margin
requirements for the following open futures contracts at October 31, 2000:
<TABLE>
<CAPTION>
EXPIRATION NUMBER OF UNREALIZED
DESCRIPTION MONTH CONTRACTS DEPRECIATION
----------- ---------- --------- ------------
<S> <C> <C> <C>
NASDAQ 100 Index 12/00 30 $(304,180)
=========
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-Income Producing Security.
See Notes to Financial Statements.
81
<PAGE> 85
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.)
ZCB -- Zero Coupon Bond
COUNTRIES/CURRENCIES:
CAD -- Canada/Canadian Dollar
CHF -- Switzerland/Swiss Franc
DKK -- Denmark/Danish Krone
EUR -- Europe/Euro Dollar
GBP -- United Kingdom/British Pound
HKD -- Hong Kong/Hong Kong Dollar
JPY -- Japan/Japanese Yen
KOR -- Korea/Korean Dollar
MXP -- Mexico/Mexican Peso
NLG -- Netherlands/Netherland Guilder
NOK -- Norway/Norwegian Krone
SGD -- Singapore/Singapore Dollar
</TABLE>
82
<PAGE> 86
[This page intentionally left blank]
83
<PAGE> 87
OCTOBER 31, 2000
STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF
FOUNDERS ASAF ASAF AMERICAN ASAF
INTERNATIONAL JANUS GABELLI CENTURY FEDERATED
SMALL SMALL-CAP SMALL-CAP 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) $153,325,121 $358,222,476 $103,873,926 $189,305,110 $116,692,556
Collateral Received for
Securities Lent -- 89,912,186 5,768,200 37,625,570 332,500
Cash -- -- 1,538 305,344 648
Foreign Currency (B) -- -- -- -- --
Receivable for:
Securities Sold 5,295,556 983,793 2,888,915 1,259,271 733,811
Dividends and Interest 95,192 36,813 52,103 991,638 3,013,576
Futures Variation Margin -- -- -- 87,000 --
Fund Shares Sold 5,875,544 3,656,750 370,412 653,991 182,762
Unrealized Appreciation on
Foreign Currency Exchange
Contracts -- -- -- -- --
Receivable from Investment
Manager 125,344 -- -- -- --
Deferred Organization Costs 25,791 25,791 25,791 25,791 25,791
Prepaid Expenses 50,521 41,268 22,712 29,838 18,967
------------ ------------ ------------ ------------ ------------
Total Assets 164,793,069 452,879,077 113,003,597 230,283,553 121,000,611
------------ ------------ ------------ ------------ ------------
LIABILITIES:
Cash Overdraft 426,443 -- -- -- --
Payable to Investment
Manager -- 94,571 53,983 123,860 40,056
Unrealized Depreciation on
Foreign
Currency Exchange
Contracts -- -- -- -- --
Payable upon Return of
Securities Lent -- 89,912,185 5,768,200 37,625,570 332,500
Payable for:
Securities Purchased 4,769,003 386,647 3,203,293 633,360 --
Fund Shares Redeemed 1,273,549 560,038 127,560 155,315 562,008
Distribution Fees 110,194 276,378 74,230 139,967 96,839
Dividends Declared -- -- -- -- 299,856
Accrued Expenses and Other
Liabilities 304,773 376,663 102,744 153,739 85,534
------------ ------------ ------------ ------------ ------------
Total Liabilities 6,883,962 91,606,482 9,330,010 38,831,811 1,416,793
------------ ------------ ------------ ------------ ------------
NET ASSETS $157,909,107 $361,272,595 $103,673,587 $191,451,742 $119,583,818
============ ============ ============ ============ ============
COMPONENTS OF NET ASSETS
Capital Stock $ 10,003 $ 21,139 $ 9,885 $ 14,605 $ 14,916
Additional Paid-In Capital 195,184,676 352,318,818 96,378,249 181,195,393 144,912,180
Undistributed Net Investment
Income (Loss) (47,687) (1,961) (416) 85,586 --
Accumulated Net Realized Gain
(Loss) on Investments (36,847,859) (33,139,801) 3,504,079 (2,261,435) (1,894,067)
Net Unrealized Appreciation
(Depreciation)
on Investments (390,026) 42,074,400 3,781,790 12,417,593 (23,449,211)
------------ ------------ ------------ ------------ ------------
NET ASSETS $157,909,107 $361,272,595 $103,673,587 $191,451,742 $119,583,818
============ ============ ============ ============ ============
(A) Investments at Cost $153,711,122 $316,148,076 $100,092,136 $176,664,503 $140,141,767
============ ============ ============ ============ ============
(B) Foreign Currency at Cost $ -- $ -- $ -- $ -- $ --
============ ============ ============ ============ ============
</TABLE>
84
<PAGE> 88
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AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF ASAF
FOUNDERS ASAF ASAF AMERICAN ASAF
INTERNATIONAL JANUS GABELLI CENTURY FEDERATED
SMALL SMALL-CAP SMALL-CAP STRATEGIC HIGH YIELD
CAPITALIZATION GROWTH VALUE BALANCED BOND
FUND FUND FUND FUND FUND
-------------- ------------ ----------- ----------- ---------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE:
Class A: Net Assets $44,939,636 $ 85,341,573 $23,155,839 $38,001,123 $16,580,734
----------- ------------ ----------- ----------- -----------
Shares Outstanding 2,816,454 4,934,187 2,188,402 2,891,025 2,068,139
----------- ------------ ----------- ----------- -----------
Net Asset Value and
Redemption Price
Per Share $ 15.96 $ 17.30 $ 10.58 $ 13.14 $ 8.02
=========== ============ =========== =========== ===========
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* $ 16.93 $ 18.35 $ 11.23 $ 13.95 $ 8.37
=========== ============ =========== =========== ===========
Class B: Net Assets $67,928,911 $169,925,059 $41,476,964 $93,322,789 $73,413,122
----------- ------------ ----------- ----------- -----------
Shares Outstanding 4,316,072 9,981,504 3,963,977 7,122,864 9,156,446
----------- ------------ ----------- ----------- -----------
Net Asset Value,
Offering and
Redemption
Price Per Share $ 15.74 $ 17.02 $ 10.46 $ 13.10 $ 8.02
=========== ============ =========== =========== ===========
Class C: Net Assets $31,231,546 $ 72,934,453 $20,483,775 $36,858,963 $12,636,684
----------- ------------ ----------- ----------- -----------
Shares Outstanding 1,992,095 4,281,596 1,959,444 2,814,310 1,575,849
----------- ------------ ----------- ----------- -----------
Net Asset Value,
Offering and
Redemption
Price Per Share $ 15.68 $ 17.03 $ 10.45 $ 13.10 $ 8.02
=========== ============ =========== =========== ===========
Class X: Net Assets $13,809,014 $ 33,071,510 $18,557,009 $23,268,867 $16,953,278
----------- ------------ ----------- ----------- -----------
Shares Outstanding 878,773 1,941,672 1,773,219 1,777,079 2,115,540
----------- ------------ ----------- ----------- -----------
Net Asset Value,
Offering and
Redemption
Price Per Share $ 15.71 $ 17.03 $ 10.47 $ 13.09 $ 8.01
=========== ============ =========== =========== ===========
</TABLE>
* On sales of $50,000 or more, the offering price of Class A shares is reduced.
See Notes to Financial Statements.
85
<PAGE> 89
OCTOBER 31, 2000
STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF
ASAF ASAF ASAF NEUBERGER
ASAF ALLIANCE JANUS MARSICO BERMAN
ALLIANCE 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) $166,040,888 $244,995,566 $565,967,196 $1,123,386,436 $407,269,903
Collateral Received for
Securities Lent 34,331,750 45,603,516 -- 104,012,518 127,219,738
Cash 3,858 -- -- -- --
Foreign Currency (B) -- -- 254 -- --
Receivable for:
Securities Sold 1,773,070 278,040 3,065,544 -- 6,693,000
Dividends and Interest 65,046 169,686 240,200 229,129 166,196
Futures Variation Margin -- -- -- -- --
Fund Shares Sold 824,962 1,007,018 997,872 18,035,999 6,176,273
Unrealized Appreciation on
Foreign Currency Exchange
Contracts -- -- 5,453,981 -- --
Receivable from Investment
Manager -- -- -- -- --
Deferred Organization Costs -- -- -- -- --
Prepaid Expenses 32,842 20,732 35,527 1,753 55,859
------------ ------------ ------------ -------------- ------------
Total Assets 203,072,416 292,074,558 575,760,574 1,245,665,835 547,580,969
------------ ------------ ------------ -------------- ------------
LIABILITIES:
Cash Overdraft -- -- 398,372 -- --
Payable to Investment
Manager 80,495 126,622 340,720 769,532 170,614
Unrealized Depreciation on
Foreign Currency Exchange
Contracts -- -- 1,448,661 -- --
Payable upon Return of
Securities Lent 34,331,750 45,603,516 -- 104,012,518 127,219,738
Payable for:
Securities Purchased 3,065,296 5,089,062 3,705,731 42,782,682 9,369,844
Fund Shares Redeemed 70,359 201,981 780,327 773,730 623,814
Distribution Fees 120,497 168,735 423,151 820,961 288,389
Dividends Declared -- -- -- -- --
Accrued Expenses and Other
Liabilities 116,242 140,874 564,263 615,394 184,874
------------ ------------ ------------ -------------- ------------
Total Liabilities 37,784,639 51,330,790 7,661,225 149,774,817 137,857,273
------------ ------------ ------------ -------------- ------------
NET ASSETS $165,287,777 $240,743,768 $568,099,349 $1,095,891,018 $409,723,696
============ ============ ============ ============== ============
COMPONENTS OF NET ASSETS
Capital Stock $ 10,485 $ 17,580 $ 33,222 $ 69,252 $ 17,180
Additional Paid-In Capital 156,892,741 212,581,219 509,756,317 983,656,318 384,356,784
Undistributed Net Investment
Income (Loss) (606) (992) 8,150,670 (2,702) (799)
Accumulated Net Realized Gain
(Loss) on Investments 13,871,378 9,688,669 (10,702,392) (52,652,369) (10,214,293)
Net Unrealized Appreciation
(Depreciation) on
Investments (5,486,221) 18,457,292 60,861,532 164,820,519 35,564,824
------------ ------------ ------------ -------------- ------------
NET ASSETS $165,287,777 $240,743,768 $568,099,349 $1,095,891,018 $409,723,696
============ ============ ============ ============== ============
(A) Investments at Cost $171,527,109 $226,538,274 $509,104,987 $ 958,565,918 $371,705,078
============ ============ ============ ============== ============
(B) Foreign Currency at Cost $ -- $ -- $ 304 $ -- $ --
============ ============ ============ ============== ============
</TABLE>
86
<PAGE> 90
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AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF
ASAF ASAF ASAF NEUBERGER
ASAF ALLIANCE JANUS MARSICO BERMAN
ALLIANCE GROWTH AND OVERSEAS CAPITAL MID-CAP
GROWTH INCOME GROWTH GROWTH GROWTH
FUND FUND FUND FUND FUND
----------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE:
Class A: Net Assets $33,339,067 $ 49,218,110 $146,864,714 $232,611,102 $105,924,387
----------- ------------ ------------ ------------ ------------
Shares Outstanding 2,093,679 3,577,104 8,504,778 14,578,722 4,406,064
----------- ------------ ------------ ------------ ------------
Net Asset Value and
Redemption Price
Per Share $ 15.92 $ 13.76 $ 17.27 $ 15.96 $ 24.04
=========== ============ ============ ============ ============
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* $ 16.90 $ 14.60 $ 18.32 $ 16.93 $ 25.51
=========== ============ ============ ============ ============
Class B: Net Assets $82,197,722 $110,792,678 $234,153,657 $534,179,145 $195,519,848
----------- ------------ ------------ ------------ ------------
Shares Outstanding 5,222,297 8,095,909 13,746,916 33,811,484 8,221,396
----------- ------------ ------------ ------------ ------------
Net Asset Value,
Offering and
Redemption
Price Per Share $ 15.74 $ 13.69 $ 17.03 $ 15.80 $ 23.78
=========== ============ ============ ============ ============
Class C: Net Assets $25,564,580 $ 47,592,170 $132,594,233 $249,913,440 $ 75,916,200
----------- ------------ ------------ ------------ ------------
Shares Outstanding 1,629,015 3,481,211 7,771,684 15,839,620 3,191,201
----------- ------------ ------------ ------------ ------------
Net Asset Value,
Offering and
Redemption
Price Per Share $ 15.69 $ 13.67 $ 17.06 $ 15.78 $ 23.79
=========== ============ ============ ============ ============
Class X: Net Assets $24,186,408 $ 33,140,810 $ 54,486,745 $ 79,187,331 $ 32,363,261
----------- ------------ ------------ ------------ ------------
Shares Outstanding 1,540,723 2,425,932 3,199,005 5,022,021 1,361,555
----------- ------------ ------------ ------------ ------------
Net Asset Value,
Offering and
Redemption
Price Per Share $ 15.70 $ 13.66 $ 17.03 $ 15.77 $ 23.77
=========== ============ ============ ============ ============
</TABLE>
* On sales of $50,000 or more, the offering price of Class A shares is reduced.
See Notes to Financial Statements.
87
<PAGE> 91
OCTOBER 31, 2000
STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF ASAF
NEUBERGER ASAF SANFORD MFS ASAF
BERMAN AIM BERNSTEIN 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) $118,918,579 $47,159,626 $81,643,182 $34,368,862 $65,980,366
Collateral Received for
Securities Lent 18,634,350 -- 18,762,560 10,675,913 10,919,669
Cash -- 2,352 6,338,044 27,986 26,344
Foreign Currency (B) -- 955,237 -- -- --
Receivable for:
Securities Sold 2,239,000 389,812 -- 958,295 627,001
Dividends and Interest 102,366 37,226 73,855 29,152 6,312
Futures Variation Margin -- -- -- -- --
Fund Shares Sold 973,546 1,700,192 869,608 326,180 733,935
Unrealized Appreciation on
Foreign Currency Exchange
Contracts -- -- -- -- --
Receivable from Investment
Manager -- 22,822 28,221 9,379 --
Deferred Organization Costs -- -- -- -- --
Prepaid Expenses 18,689 34,417 35,045 36,706 19,974
------------ ----------- ----------- ----------- -----------
Total Assets 140,886,530 50,301,684 107,750,515 46,432,473 78,313,601
------------ ----------- ----------- ----------- -----------
LIABILITIES:
Cash Overdraft -- -- -- -- --
Payable to Investment
Manager 71,435 -- -- -- 13,802
Unrealized Depreciation on
Foreign Currency Exchange
Contracts -- 842 -- -- --
Payable upon Return of
Securities Lent 18,634,350 -- 18,762,560 10,675,913 10,919,669
Payable for:
Securities Purchased 4,060,319 3,580,071 5,208,101 2,027,819 2,706,172
Fund Shares Redeemed 162,062 53,195 44,685 60,706 399,939
Distribution Fees 80,229 31,824 52,279 23,029 45,275
Dividends Declared -- -- -- -- --
Accrued Expenses and Other
Liabilities 67,248 54,880 23,477 19,382 9,029
------------ ----------- ----------- ----------- -----------
Total Liabilities 23,075,643 3,720,812 24,091,102 12,806,849 14,093,886
------------ ----------- ----------- ----------- -----------
NET ASSETS $117,810,887 $46,580,872 $83,659,413 $33,625,624 $64,219,715
============ =========== =========== =========== ===========
COMPONENTS OF NET ASSETS
Capital Stock $ 8,094 $ 5,300 $ 8,193 $ 3,146 $ 7,978
Additional Paid-In Capital 100,454,738 53,638,270 84,085,270 32,405,415 69,555,672
Undistributed Net Investment
Income (Loss) (220) (80) (152) (34) (72)
Accumulated Net Realized Gain
(Loss)
on Investments (82,791) (4,285,909) (1,015,447) (1,241,776) (6,621,322)
Net Unrealized Appreciation
(Depreciation) on
Investments 17,431,066 (2,776,709) 581,549 2,458,873 1,277,459
------------ ----------- ----------- ----------- -----------
NET ASSETS $117,810,887 $46,580,872 $83,659,413 $33,625,624 $64,219,715
============ =========== =========== =========== ===========
(A) Investments at Cost $101,487,513 $49,930,737 $81,061,633 $31,909,827 $64,702,907
============ =========== =========== =========== ===========
(B) Foreign Currency at Cost $ -- $ 950,662 $ -- $ -- $ --
============ =========== =========== =========== ===========
</TABLE>
88
<PAGE> 92
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AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF ASAF ASAF
NEUBERGER ASAF SANFORD MFS ASAF
BERMAN AIM BERNSTEIN 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> <C>
NET ASSET VALUE:
Class A: Net Assets $27,571,276 $12,695,538 $19,437,213 $7,300,938 $17,172,153
----------- ----------- ----------- ----------- -----------
Shares Outstanding 1,881,872 1,441,103 1,897,806 680,312 2,126,469
----------- ----------- ----------- ----------- -----------
Net Asset Value and
Redemption Price
Per Share $ 14.65 $ 8.81 $ 10.24 $ 10.73 $ 8.08
=========== =========== =========== =========== ===========
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* $ 15.54 $ 9.35 $ 10.87 $ 11.39 $ 8.57
=========== =========== =========== =========== ===========
Class B: Net Assets $57,561,342 $17,899,963 $34,023,904 $16,156,364 $27,872,162
----------- ----------- ----------- ----------- -----------
Shares Outstanding 3,962,292 2,037,682 3,334,754 1,512,389 3,467,430
----------- ----------- ----------- ----------- -----------
Net Asset Value,
Offering and
Redemption
Price Per Share $ 14.53 $ 8.78 $ 10.20 $ 10.68 $ 8.04
=========== =========== =========== =========== ===========
Class C: Net Assets $22,113,685 $12,119,757 $25,239,254 $6,681,133 $14,676,286
----------- ----------- ----------- ----------- -----------
Shares Outstanding 1,521,782 1,381,808 2,473,524 626,350 1,825,252
----------- ----------- ----------- ----------- -----------
Net Asset Value,
Offering and
Redemption
Price Per Share $ 14.53 $ 8.77 $ 10.20 $ 10.67 $ 8.04
=========== =========== =========== =========== ===========
Class X: Net Assets $10,564,584 $ 3,865,614 $ 4,959,042 $3,487,189 $ 4,499,114
----------- ----------- ----------- ----------- -----------
Shares Outstanding 728,480 439,605 486,254 326,320 559,040
----------- ----------- ----------- ----------- -----------
Net Asset Value,
Offering and
Redemption
Price Per Share $ 14.50 $ 8.79 $ 10.20 $ 10.69 $ 8.05
=========== =========== =========== =========== ===========
</TABLE>
* On sales of $50,000 or more, the offering price of Class A shares is reduced.
See Notes to Financial Statements.
89
<PAGE> 93
OCTOBER 31, 2000
STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF ASAF ASAF
ALGER GABELLI ASAF JANUS RYDEX
ALL-CAP ALL-CAP INVESCO MID-CAP MANAGED
GROWTH VALUE TECHNOLOGY GROWTH OTC
FUND FUND FUND FUND FUND
----------- ---------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments in Securities at
Value (A) $14,595,579 $7,814,675 $29,864,787 $19,168,907 $24,734,502
Collateral Received for
Securities Lent 3,333,280 597,101 5,706,450 -- 4,757,245
Cash 451,288 -- 40 -- 3,939,781
Foreign Currency (B) -- -- -- -- --
Receivable for:
Securities Sold 141,736 35,499 62,696 76,403 233,367
Dividends and Interest 5,918 2,051 9,874 14,213 9,229
Futures Variation Margin -- -- -- -- 577,300
Fund Shares Sold 753,579 475,461 996,482 842,441 1,357,996
Unrealized Appreciation on
Foreign Currency Exchange
Contracts -- -- -- -- --
Receivable from Investment
Manager -- 4,159 -- -- --
Deferred Organization Costs -- -- -- -- --
Prepaid Expenses 37,490 36,490 36,490 36,490 36,490
----------- ---------- ----------- ----------- -----------
Total Assets 19,318,870 8,965,436 36,676,819 20,138,454 35,645,910
----------- ---------- ----------- ----------- -----------
LIABILITIES:
Cash Overdraft -- -- -- -- --
Payable to Investment
Manager 688 -- 7,421 2,629 6,342
Unrealized Depreciation on
Foreign Currency Exchange
Contracts -- -- -- -- --
Payable upon Return of
Securities Lent 3,333,280 597,100 5,706,450 -- 4,757,245
Payable for:
Securities Purchased 2,826,773 598,732 5,825,578 3,015,255 3,972,764
Fund Shares Redeemed -- -- 9,161 10,749 27,871
Distribution Fees 6,077 3,472 11,559 8,220 11,743
Dividends Declared -- -- -- -- --
Accrued Expenses and Other
Liabilities 7,755 7,386 8,455 8,069 8,815
----------- ---------- ----------- ----------- -----------
Total Liabilities 6,174,573 1,206,690 11,568,624 3,044,922 8,784,780
----------- ---------- ----------- ----------- -----------
NET ASSETS $13,144,297 $7,758,746 $25,108,195 $17,093,532 $26,861,130
=========== ========== =========== =========== ===========
COMPONENTS OF NET ASSETS
Capital Stock $ 1,392 $ 756 $ 2,713 $ 1,709 $ 3,268
Additional Paid-In Capital 13,587,418 7,516,208 26,193,984 16,734,190 28,863,477
Undistributed Net Investment
Income (Loss) 4,107 7,082 10,068 17,410 --
Accumulated Net Realized Gain
(Loss) on Investments (259,090) (8,107) (273,228) (39,006) (793,717)
Net Unrealized Appreciation
(Depreciation) on
Investments (189,530) 242,807 (825,342) 379,229 (1,211,898)
----------- ---------- ----------- ----------- -----------
NET ASSETS $13,144,297 $7,758,746 $25,108,195 $17,093,532 $26,861,130
=========== ========== =========== =========== ===========
(A) Investments at Cost $14,785,108 $7,571,868 $30,690,129 $18,789,678 $25,642,220
=========== ========== =========== =========== ===========
(B) Foreign Currency at Cost $ -- $ -- $ -- $ -- $ --
=========== ========== =========== =========== ===========
</TABLE>
90
<PAGE> 94
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AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF ASAF ASAF ASAF
ALGER GABELLI ASAF JANUS RYDEX
ALL-CAP ALL-CAP INVESCO MID-CAP MANAGED
GROWTH VALUE TECHNOLOGY GROWTH OTC
FUND FUND FUND FUND FUND
---------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE:
Class A: Net Assets $3,790,097 $1,521,849 $4,910,107 $3,069,337 $ 7,051,598
---------- ---------- ----------- ---------- -----------
Shares Outstanding 401,150 148,339 529,707 306,646 857,506
---------- ---------- ----------- ---------- -----------
Net Asset Value and
Redemption Price
Per Share $ 9.45 $ 10.26 $ 9.27 $ 10.01 $ 8.22
========== ========== =========== ========== ===========
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* $ 10.02 $ 10.89 $ 9.83 $ 10.62 $ 8.73
========== ========== =========== ========== ===========
Class B: Net Assets $4,231,883 $2,893,177 $11,811,411 $8,852,965 $12,047,916
---------- ---------- ----------- ---------- -----------
Shares Outstanding 448,169 282,093 1,277,119 885,182 1,465,175
---------- ---------- ----------- ---------- -----------
Net Asset Value,
Offering and
Redemption
Price Per Share $ 9.44 $ 10.26 $ 9.25 $ 10.00 $ 8.22
========== ========== =========== ========== ===========
Class C: Net Assets $4,733,742 $3,127,017 $7,383,745 $4,495,374 $ 6,926,827
---------- ---------- ----------- ---------- -----------
Shares Outstanding 501,111 304,955 797,593 449,175 843,881
---------- ---------- ----------- ---------- -----------
Net Asset Value,
Offering and
Redemption
Price Per Share $ 9.45 $ 10.25 $ 9.26 $ 10.01 $ 8.21
========== ========== =========== ========== ===========
Class X: Net Assets $ 388,575 $ 216,703 $1,002,932 $ 675,856 $ 834,789
---------- ---------- ----------- ---------- -----------
Shares Outstanding 41,160 21,135 108,387 67,559 101,663
---------- ---------- ----------- ---------- -----------
Net Asset Value,
Offering and
Redemption
Price Per Share $ 9.44 $ 10.25 $ 9.25 $ 10.00 $ 8.21
========== ========== =========== ========== ===========
</TABLE>
* On sales of $50,000 or more, the offering price of Class A shares is reduced.
See Notes to Financial Statements.
91
<PAGE> 95
OCTOBER 31, 2000
STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF
AMERICAN ASAF ASAF PIMCO ASAF
CENTURY JANUS INVESCO TOTAL JPM
INTERNATIONAL CAPITAL EQUITY RETURN MONEY
GROWTH 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) $73,860,534 $2,279,523,134 $291,851,433 $186,848,063 $236,473,698
Receivable for Investments
Sold in Corresponding
Portfolios of American
Skandia Master Trust 560,750 3,701,435 289,617 475,676 46,888,470
Receivable for Fund Shares
Sold 4,627,779 12,676,863 1,059,253 2,726,918 4,145,037
Receivable from Investment
Manager 41,550 272,759 -- 24,634 --
Deferred Organization Costs 24,520 24,520 24,520 24,520 24,531
Prepaid Expenses 19,324 13,502 35,992 22,562 47,297
----------- -------------- ------------ ------------ ------------
Total Assets 79,134,457 2,296,212,213 293,260,815 190,122,373 287,579,033
----------- -------------- ------------ ------------ ------------
LIABILITIES:
Payable for Investments
Purchased in Corresponding
Portfolios of American
Skandia Master Trust 4,627,779 12,676,863 1,059,253 2,726,918 4,145,037
Payable to Investment
Manager -- -- 2,423 -- 27,136
Payable For:
Fund Shares Redeemed 560,750 3,701,435 289,617 475,676 46,888,470
Distribution Fees 48,541 1,704,758 214,625 141,029 188,348
Dividends Declared -- -- -- 762,375 1,220,374
Accrued Expenses and Other
Liabilities 41,462 989,317 148,453 67,279 156,967
----------- -------------- ------------ ------------ ------------
Total Liabilities 5,278,532 19,072,373 1,714,371 4,173,277 52,626,332
----------- -------------- ------------ ------------ ------------
NET ASSETS $73,855,925 $2,277,139,840 $291,546,444 $185,949,096 $234,952,701
=========== ============== ============ ============ ============
COMPONENTS OF NET ASSETS
Capital Stock $ 6,652 $ 110,413 $ 20,055 $ 18,407 $ 234,951
Additional Paid-In Capital 74,587,188 2,166,459,514 261,089,183 189,827,689 234,714,545
Undistributed Net Investment
Income (Loss) (110,321) (7,792) 824,868 503,498 --
Accumulated Net Realized Gain
(Loss) on Investments (2,686,407) (362,000,948) (887,425) (2,657,622) 3,205
Net Unrealized Appreciation
(Depreciation) on
Investments 2,058,813 472,578,653 30,499,763 (1,742,876) --
----------- -------------- ------------ ------------ ------------
NET ASSETS $73,855,925 $2,277,139,840 $291,546,444 $185,949,096 $234,952,701
=========== ============== ============ ============ ============
(A) Investments at Cost $71,801,721 $1,806,944,481 $261,351,670 $188,590,939 $236,473,698
=========== ============== ============ ============ ============
</TABLE>
92
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AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF ASAF
AMERICAN ASAF ASAF PIMCO ASAF
CENTURY JANUS INVESCO TOTAL JPM
INTERNATIONAL CAPITAL EQUITY RETURN MONEY
GROWTH GROWTH INCOME BOND MARKET
FUND FUND FUND FUND FUND
---------------- -------------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE:
Class A: Net Assets $20,108,982 $ 463,777,175 $ 54,424,026 $34,799,145 $108,598,039
----------- -------------- ------------ ------------ ------------
Shares Outstanding 1,831,102 20,341,325 3,750,090 3,416,840 108,592,452
----------- -------------- ------------ ------------ ------------
Net Asset Value and
Redemption Price
Per Share $ 10.98 $ 22.80 $ 14.51 $ 10.18 $ 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* $ 11.65 $ 24.19 $ 15.40 $ 10.63 $ 1.00
=========== ============== ============ ============ ============
Class B: Net Assets $28,738,694 $1,219,774,485 $138,390,900 $102,417,394 $ 75,979,859
----------- -------------- ------------ ------------ ------------
Shares Outstanding 2,576,940 60,568,738 9,513,101 10,157,705 75,985,739
----------- -------------- ------------ ------------ ------------
Net Asset Value,
Offering and
Redemption
Price Per Share $ 11.15 $ 20.14 $ 14.55 $ 10.08 $ 1.00
=========== ============== ============ ============ ============
Class C: Net Assets $16,225,592 $ 421,206,656 $ 56,401,006 $27,547,878 $ 31,743,117
----------- -------------- ------------ ------------ ------------
Shares Outstanding 1,457,659 20,954,518 3,878,995 2,732,805 31,740,642
----------- -------------- ------------ ------------ ------------
Net Asset Value,
Offering and
Redemption
Price Per Share $ 11.13 $ 20.10 $ 14.54 $ 10.08 $ 1.00
=========== ============== ============ ============ ============
Class X: Net Assets $ 8,782,657 $ 172,381,524 $ 42,330,512 $21,184,679 $ 18,631,686
----------- -------------- ------------ ------------ ------------
Shares Outstanding 786,032 8,548,357 2,912,682 2,099,550 18,630,755
----------- -------------- ------------ ------------ ------------
Net Asset Value,
Offering and
Redemption
Price Per Share $ 11.17 $ 20.17 $ 14.53 $ 10.09 $ 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.
93
<PAGE> 97
FOR THE YEAR ENDED OCTOBER 31, 2000
STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF
FOUNDERS ASAF ASAF AMERICAN ASAF
INTERNATIONAL JANUS GABELLI CENTURY FEDERATED
SMALL SMALL-CAP SMALL-CAP STRATEGIC HIGH YIELD
CAPITALIZATION GROWTH VALUE BALANCED BOND
FUND FUND FUND FUND FUND
-------------- ------------ ----------- ----------- ------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 671,813 $ 4,030,979 $ 355,903 $ 4,506,117 $ 13,630,273
Dividends 765,040 233,780 1,281,719 971,309 317,859
Foreign Taxes Withheld (46,482) (3,537) -- (2,049) --
------------ ------------ ----------- ----------- ------------
Total Investment Income 1,390,371 4,261,222 1,637,622 5,475,377 13,948,132
------------ ------------ ----------- ----------- ------------
EXPENSES:
Advisory Fees 1,177,780 4,168,595 784,315 1,473,047 875,594
Shareholder Servicing Fees 604,676 1,315,890 313,679 450,741 370,478
Administration and Accounting Fees 54,757 342,012 91,750 166,373 150,535
Custodian Fees 500,000 91,449 50,584 89,183 23,806
Distribution Fees -- Class A 121,608 532,077 82,119 153,305 92,891
Distribution Fees -- Class B 528,243 2,200,995 308,071 830,707 739,294
Distribution Fees -- Class C 206,859 951,083 156,279 278,131 133,574
Distribution Fees -- Class X 118,922 415,540 155,727 221,402 192,112
Supplemental Distribution Fees -- 6,036 -- -- --
Audit and Legal Fees 5,774 26,826 4,471 9,405 7,308
Organization Costs 14,911 14,911 14,911 14,911 14,911
Directors' Fees 1,590 7,269 1,215 2,555 1,981
Registration Fees 52,447 132,984 57,977 74,769 73,373
Miscellaneous Expenses 28,629 83,951 19,852 40,055 76,744
------------ ------------ ----------- ----------- ------------
Total Expenses 3,416,196 10,289,618 2,040,950 3,804,584 2,752,601
Less: Reimbursement of Expenses by
Investment Manager (634,125) (484,638) (310,063) (459,021) (343,881)
Waiver of Fees by Investment
Manager -- -- -- -- --
Fees Paid Indirectly -- (6,036) -- -- --
------------ ------------ ----------- ----------- ------------
Net Expenses 2,782,071 9,798,944 1,730,887 3,345,563 2,408,720
------------ ------------ ----------- ----------- ------------
Net Investment Income (Loss) (1,391,700) (5,537,722) (93,265) 2,129,814 11,539,412
------------ ------------ ----------- ----------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net Realized Gain (Loss) on:
Securities (36,811,042) (32,955,348) 4,285,754 (2,158,198) (1,544,844)
Futures Contracts -- -- 82,593 556,027 --
Written Options Contracts -- -- -- -- --
Swap Agreements -- -- -- -- --
Foreign Currency Transactions (932,690) (5,945) -- (737,044) --
------------ ------------ ----------- ----------- ------------
Net Realized Gain (Loss) (37,743,732) (32,961,293) 4,368,347 (2,339,215) (1,544,844)
------------ ------------ ----------- ----------- ------------
Net Change in Unrealized Appreciation
(Depreciation) on:
Securities (1,400,792) (4,239,407) 10,742,873 6,531,859 (14,805,481)
Futures Contracts -- -- -- (480,775) --
Written Options Contracts -- -- -- -- --
Swap Agreements -- -- -- -- --
Translation of Assets and Liabilities
Denominated in Foreign Currencies (7,528) (35) -- (2,511) --
------------ ------------ ----------- ----------- ------------
Net Change in Unrealized Appreciation
(Depreciation) (1,408,320) (4,239,442) 10,742,873 6,048,573 (14,805,481)
------------ ------------ ----------- ----------- ------------
Net Gain (Loss) on Investments (39,152,052) (37,200,735) 15,111,220 3,709,358 (16,350,325)
------------ ------------ ----------- ----------- ------------
Net Increase (Decrease) in Net Assets
Resulting from Operations $(40,543,752) $(42,738,457) $15,017,955 $ 5,839,172 $ (4,810,913)
============ ============ =========== =========== ============
</TABLE>
See Notes to Financial Statements.
94
<PAGE> 98
--------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF
ASAF ASAF ASAF NEUBERGER
ASAF ALLIANCE JANUS MARSICO BERMAN
ALLIANCE 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 $ 422,318 $ 552,953 $ 4,060,186 $ 7,787,106 $ 1,344,897
Dividends 315,013 3,048,471 5,489,968 3,519,643 94,567
Foreign Taxes Withheld (174) -- (174,339) (8,558) --
------------ ----------- ----------- ------------ -----------
Total Investment Income 737,157 3,601,424 9,375,815 11,298,191 1,439,464
------------ ----------- ----------- ------------ -----------
EXPENSES:
Advisory Fees 1,081,854 1,855,358 6,715,514 9,735,124 2,061,699
Shareholder Servicing Fees 383,118 563,527 1,589,968 2,334,880 817,759
Administration and Accounting Fees 92,459 177,717 344,257 434,973 93,437
Custodian Fees 36,137 43,715 247,512 113,224 56,257
Distribution Fees -- Class A 111,406 186,612 773,262 934,034 265,828
Distribution Fees -- Class B 597,802 875,146 2,538,089 4,857,983 1,106,592
Distribution Fees -- Class C 173,416 327,247 1,406,227 2,261,932 446,489
Distribution Fees -- Class X 208,029 289,152 614,172 747,141 206,039
Supplemental Distribution Fees 76,543 199,524 100,823 95,762 28,022
Audit and Legal Fees 6,657 10,667 34,279 55,421 12,044
Organization Costs -- -- -- -- --
Directors' Fees 1,818 2,900 9,336 15,050 3,322
Registration Fees 62,320 80,809 164,146 315,043 95,362
Miscellaneous Expenses 26,232 37,545 120,591 177,669 48,998
------------ ----------- ----------- ------------ -----------
Total Expenses 2,857,791 4,649,919 14,658,176 22,078,236 5,241,848
Less: Reimbursement of Expenses by
Investment Manager (153,342) (680,751) (614,778) (822,341) (205,603)
Waiver of Fees by Investment Manager -- (3,711) (6,716) -- --
Fees Paid Indirectly (76,543) (199,524) (100,823) (95,762) (28,022)
------------ ----------- ----------- ------------ -----------
Net Expenses 2,627,906 3,765,933 13,935,859 21,160,133 5,008,223
------------ ----------- ----------- ------------ -----------
Net Investment Income (Loss) (1,890,749) (164,509) (4,560,044) (9,861,942) (3,568,759)
------------ ----------- ----------- ------------ -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net Realized Gain (Loss) on:
Securities 15,813,899 12,906,775 (4,829,322) (40,396,921) (8,191,192)
Futures Contracts -- -- -- -- --
Written Options Contracts -- -- -- (3,119,693) --
Swap Agreements -- -- -- -- --
Foreign Currency Transactions -- -- 12,174,739 (38,271) --
------------ ----------- ----------- ------------ -----------
Net Realized Gain (Loss) 15,813,899 12,906,775 7,345,417 (43,554,885) (8,191,192)
------------ ----------- ----------- ------------ -----------
Net Change in Unrealized Appreciation
(Depreciation) on:
Securities (11,157,646) 8,118,511 13,730,689 76,905,978 26,766,504
Futures Contracts -- -- -- -- --
Written Options Contracts -- -- -- -- --
Swap Agreements -- -- -- -- --
Translation of Assets and Liabilities
Denominated in Foreign Currencies -- -- 559,055 (511) --
------------ ----------- ----------- ------------ -----------
Net Change in Unrealized Appreciation
(Depreciation) (11,157,646) 8,118,511 14,289,744 76,905,467 26,766,504
------------ ----------- ----------- ------------ -----------
Net Gain (Loss) on Investments 4,656,253 21,025,286 21,635,161 33,350,582 18,575,312
------------ ----------- ----------- ------------ -----------
Net Increase (Decrease) in Net Assets Resulting
from Operations $ 2,765,504 $20,860,777 $17,075,117 $ 23,488,640 $15,006,553
============ =========== =========== ============ ===========
</TABLE>
See Notes to Financial Statements.
95
<PAGE> 99
FOR THE YEAR ENDED OCTOBER 31, 2000
STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF ASAF
NEUBERGER ASAF SANFORD MFS ASAF
BERMAN AIM BERNSTEIN GROWTH KEMPER
MID-CAP INTERNATIONAL MANAGED WITH SMALL-CAP
VALUE EQUITY INDEX 500 INCOME GROWTH
FUND FUND FUND FUND FUND(1)
----------- ------------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 368,168 $ 181,802 $ 226,969 $ 93,237 $ 280,271
Dividends 644,577 312,860 494,214 149,495 10,803
Foreign Taxes Withheld (318) (4,721) (1,132) (2,061) --
----------- ----------- ----------- ----------- -----------
Total Investment Income 1,012,427 489,941 720,051 240,671 291,074
----------- ----------- ----------- ----------- -----------
EXPENSES:
Advisory Fees 633,210 223,654 326,515 155,330 259,747
Shareholder Servicing Fees 276,296 122,556 123,879 63,973 165,883
Administration and Accounting Fees 63,757 852 7,599 2,489 27,381
Custodian Fees 27,242 71,908 54,665 39,000 5,189
Distribution Fees -- Class A 75,723 25,662 50,419 15,805 35,505
Distribution Fees -- Class B 341,895 79,776 177,973 74,729 120,052
Distribution Fees -- Class C 137,180 54,684 101,426 34,512 63,503
Distribution Fees -- Class X 73,048 17,341 27,923 14,234 19,242
Supplemental Distribution Fees 49,966 19,272 13,943 -- --
Audit and Legal Fees 3,916 1,023 2,119 795 1,271
Organization Costs -- -- -- -- --
Directors' Fees 1,071 284 586 220 355
Registration Fees 62,587 60,820 67,232 56,764 55,109
Miscellaneous Expenses 18,246 16,286 24,535 7,731 15,611
----------- ----------- ----------- ----------- -----------
Total Expenses 1,764,137 694,118 978,814 465,582 768,848
Less: Reimbursement of Expenses by
Investment Manager (175,109) (172,337) (198,343) (125,331) (174,599)
Waiver of Fees by Investment Manager -- -- -- -- --
Fees Paid Indirectly (49,966) (19,272) (13,943) -- --
----------- ----------- ----------- ----------- -----------
Net Expenses 1,539,062 502,509 766,528 340,251 594,249
----------- ----------- ----------- ----------- -----------
Net Investment Income (Loss) (526,635) (12,568) (46,477) (99,580) (303,175)
----------- ----------- ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net Realized Gain (Loss) on:
Securities 453,778 (4,285,909) (1,560,759) (1,241,776) (6,621,322)
Futures Contracts -- -- 545,312 -- --
Written Options Contracts -- -- -- -- --
Swap Agreements -- -- -- -- --
Foreign Currency Transactions -- (115,789) -- (531) --
----------- ----------- ----------- ----------- -----------
Net Realized Gain (Loss) 453,778 (4,401,698) (1,015,447) (1,242,307) (6,621,322)
----------- ----------- ----------- ----------- -----------
Net Change in Unrealized Appreciation
(Depreciation) on:
Securities 19,077,969 (2,767,378) 581,549 2,459,035 1,277,459
Futures Contracts -- -- -- -- --
Written Options Contracts -- -- -- -- --
Swap Agreements -- -- -- -- --
Translation of Assets and Liabilities
Denominated in Foreign Currencies -- (9,331) -- (162) --
----------- ----------- ----------- ----------- -----------
Net Change in Unrealized Appreciation
(Depreciation) 19,077,969 (2,776,709) 581,549 2,458,873 1,277,459
----------- ----------- ----------- ----------- -----------
Net Gain (Loss) on Investments 19,531,747 (7,178,407) (433,898) 1,216,566 (5,343,863)
----------- ----------- ----------- ----------- -----------
Net Increase (Decrease) in Net Assets Resulting
from Operations $19,005,112 $(7,190,975) $ (480,375) $1,116,986 $(5,647,038)
=========== =========== =========== =========== ===========
</TABLE>
See Notes to Financial Statements.
96
<PAGE> 100
--------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF ASAF ASAF ASAF
ALGER GABELLI ASAF JANUS RYDEX
ALL-CAP ALL-CAP INVESCO MID-CAP MANAGED
GROWTH VALUE TECHNOLOGY GROWTH OTC
FUND(2) FUND(2) FUND(2) FUND(2) FUND(2)
--------- -------- ----------- -------- -----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 15,028 $ 12,031 $ 30,131 $ 32,736 $ 11,004
Dividends 1,115 1,150 1,050 -- 239
Foreign Taxes Withheld -- -- -- -- --
--------- -------- ----------- -------- -----------
Total Investment Income 16,143 13,181 31,181 32,736 11,243
--------- -------- ----------- -------- -----------
EXPENSES:
Advisory Fees 8,469 4,292 15,081 10,971 14,399
Shareholder Servicing Fees 3,200 3,200 3,200 3,200 3,200
Administration and Accounting Fees 919 692 1,508 1,102 1,694
Custodian Fees 1,303 1,303 1,303 1,303 1,303
Distribution Fees -- Class A 1,592 469 1,727 1,084 2,726
Distribution Fees -- Class B 2,593 1,996 6,916 4,892 6,726
Distribution Fees -- Class C 2,870 1,482 3,925 3,367 4,372
Distribution Fees -- Class X 269 102 786 518 389
Supplemental Distribution Fees -- -- -- -- --
Audit and Legal Fees 42 22 79 58 82
Organization Costs -- -- -- -- --
Directors' Fees 12 6 23 17 24
Registration Fees 6,060 7,025 7,034 7,046 7,096
Miscellaneous Expenses 2,453 2,243 2,872 2,624 2,888
--------- -------- ----------- -------- -----------
Total Expenses 29,782 22,832 44,454 36,182 44,899
Less: Reimbursement of Expenses by
Investment Manager (10,423) (12,685) (9,987) (10,995) (9,511)
Waiver of Fees by Investment Manager -- -- -- -- --
Fees Paid Indirectly -- -- -- -- --
--------- -------- ----------- -------- -----------
Net Expenses 19,359 10,147 34,467 25,187 35,388
--------- -------- ----------- -------- -----------
Net Investment Income (Loss) (3,216) 3,034 (3,286) 7,549 (24,145)
--------- -------- ----------- -------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net Realized Gain (Loss) on:
Securities (259,090) (8,107) (273,228) (39,006) (28,553)
Futures Contracts -- -- -- -- (765,164)
Written Options Contracts -- -- -- -- --
Swap Agreements -- -- -- -- --
Foreign Currency Transactions -- -- -- -- --
--------- -------- ----------- -------- -----------
Net Realized Gain (Loss) (259,090) (8,107) (273,228) (39,006) (793,717)
--------- -------- ----------- -------- -----------
Net Change in Unrealized Appreciation
(Depreciation) on:
Securities (189,530) 242,807 (825,342) 379,229 (907,718)
Futures Contracts -- -- -- -- (304,180)
Written Options Contracts -- -- -- -- --
Swap Agreements -- -- -- -- --
Translation of Assets and Liabilities
Denominated in Foreign Currencies -- -- -- -- --
--------- -------- ----------- -------- -----------
Net Change in Unrealized Appreciation
(Depreciation) (189,530) 242,807 (825,342) 379,229 (1,211,898)
--------- -------- ----------- -------- -----------
Net Gain (Loss) on Investments (448,620) 234,700 (1,098,570) 340,223 (2,005,615)
--------- -------- ----------- -------- -----------
Net Increase (Decrease) in Net Assets Resulting
from Operations $(451,836) $237,734 $(1,101,856) $347,772 $(2,029,760)
========= ======== =========== ======== ===========
</TABLE>
(1) Commenced operations on March 1, 2000.
(2) Commenced operations on September 11, 2000.
See Notes to Financial Statements.
97
<PAGE> 101
FOR THE YEAR ENDED OCTOBER 31, 2000
STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF
AMERICAN ASAF ASAF PIMCO ASAF
CENTURY JANUS INVESCO TOTAL JPM
INTERNATIONAL CAPITAL EQUITY RETURN MONEY
GROWTH 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 $ 64,294 $ 24,045,002 $ 4,724,082 $11,686,611 $14,722,273
Dividends 374,745 3,228,319 2,585,382 -- --
Foreign Taxes Withheld (51,005) (8,161) -- -- --
----------- ------------- ----------- ----------- -----------
Total Investment Income 388,034 27,265,160 7,309,464 11,686,611 14,722,273
Expenses from Corresponding Portfolios of
American Skandia Master Trust (612,189) (22,436,752) (2,001,908) (1,297,662) (1,370,339)
----------- ------------- ----------- ----------- -----------
Net Investment Income (Loss) from Corresponding
Portfolios of American Skandia Master
Trust (224,155) 4,828,408 5,307,556 10,388,949 13,351,934
----------- ------------- ----------- ----------- -----------
EXPENSES:
Shareholder Servicing Fees 199,099 4,897,487 671,949 328,404 643,294
Administration and Accounting Fees 28,864 56,429 46,720 47,671 40,723
Distribution Fees -- Class A 46,298 2,057,231 209,358 136,958 470,382
Distribution Fees -- Class B 190,804 11,637,470 1,092,790 905,112 826,174
Distribution Fees -- Class C 87,238 4,003,667 455,075 250,646 327,690
Distribution Fees -- Class X 81,648 1,793,034 381,362 200,251 229,586
Supplemental Distribution Fees -- 60,201 88,890 -- --
Audit and Legal Fees 930 45,199 4,952 3,489 5,015
Organization Costs 14,175 14,175 14,175 14,175 14,175
Directors' Fees 677 32,944 3,605 2,539 3,647
Registration Fees 44,278 361,940 90,687 82,988 124,099
Miscellaneous Expenses 9,553 371,669 42,885 29,620 44,895
----------- ------------- ----------- ----------- -----------
Total Expenses 703,564 25,331,446 3,102,448 2,001,853 2,729,680
Less: Reimbursement of Expenses by
Investment Manager (186,063) (1,953,711) (300,620) (280,839) (493)
Fees Paid Indirectly -- (60,201) (88,890) -- --
----------- ------------- ----------- ----------- -----------
Net Expenses 517,501 23,317,534 2,712,938 1,721,014 2,729,187
----------- ------------- ----------- ----------- -----------
Net Investment Income (Loss) (741,656) (18,489,126) 2,594,618 8,667,935 10,622,747
----------- ------------- ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS FROM CORRESPONDING PORTFOLIOS OF
AMERICAN SKANDIA MASTER TRUST:
Net Realized Gain (Loss) on:
Securities (2,167,427) (305,157,157) (887,716) 134,100 3,205
Futures Contracts -- -- -- (261,747) --
Written Options Contracts -- -- -- 172,246 --
Swap Agreements -- -- -- (4,499) --
Foreign Currency Transactions (115,185) 10,661 -- 575,994 --
----------- ------------- ----------- ----------- -----------
Net Realized Gain (Loss) (2,282,612) (305,146,496) (887,716) 616,094 3,205
----------- ------------- ----------- ----------- -----------
Net Change in Unrealized Appreciation
(Depreciation) on:
Securities (1,231,793) 230,298,046 18,836,972 957,640 --
Futures Contracts -- -- -- 195,367 --
Written Options Contracts -- -- -- (99,828) --
Swap Agreements -- -- -- (271,189) --
Translation of Assets and Liabilities
Denominated in Foreign Currencies 1,469 -- -- (73,998) --
----------- ------------- ----------- ----------- -----------
Net Change in Unrealized Appreciation
(Depreciation) (1,230,324) 230,298,046 18,836,972 707,992 --
----------- ------------- ----------- ----------- -----------
Net Gain (Loss) on Investments (3,512,936) (74,848,450) 17,949,256 1,324,086 3,205
----------- ------------- ----------- ----------- -----------
Net Increase (Decrease) in Net Assets
Resulting from Operations $(4,254,592) $ (93,337,576) $20,543,874 $ 9,992,021 $10,625,952
=========== ============= =========== =========== ===========
</TABLE>
See Notes to Financial Statements.
98
<PAGE> 102
[This page intentionally left blank]
99
<PAGE> 103
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF
FOUNDERS ASAF ASAF AMERICAN
INTERNATIONAL JANUS GABELLI CENTURY
SMALL SMALL-CAP SMALL-CAP STRATEGIC
CAPITALIZATION GROWTH VALUE BALANCED
FUND FUND FUND FUND
-------------------------- --------------------------- -------------------------- ------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2000 1999 2000 1999 2000 1999 2000
------------ ----------- ------------ ------------ ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS:
Net Investment Income
(Loss) $ (1,391,700) $ (155,453) $ (5,537,722) $ (697,207) $ (93,265) $ (135,216) $ 2,129,814
Net Realized Gain
(Loss) on Investments (37,743,732) 1,560,137 (32,961,293) 3,609,591 4,368,347 1,392,258 (2,339,215)
Net Change in
Unrealized
Appreciation
(Depreciation) on
Investments (1,408,320) 1,083,661 (4,239,442) 46,265,247 10,742,873 (1,429,144) 6,048,573
------------ ----------- ------------ ------------ ------------ ----------- ------------
Net Increase (Decrease)
in Net Assets
Resulting from
Operations (40,543,752) 2,488,345 (42,738,457) 49,177,631 15,017,955 (172,102) 5,839,172
------------ ----------- ------------ ------------ ------------ ----------- ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From Net Investment
Income:
Class A -- -- -- -- -- -- (461,738)
Class B -- -- -- -- -- -- (825,812)
Class C -- -- -- -- -- -- (270,596)
Class X -- -- -- -- -- -- (220,966)
In Excess of Net
Investment Income:
Class A -- -- -- -- -- (27,592) --
Class B -- -- -- -- -- -- --
Class C -- -- -- -- -- -- --
Class X -- -- -- -- -- -- --
From Net Realized
Gains:
Class A (184,886) -- (558,439) -- (281,996) -- (252,195)
Class B (622,027) -- (1,037,754) -- (649,991) -- (717,314)
Class C (185,304) -- (438,953) -- (331,525) -- (223,762)
Class X (254,173) -- (197,458) -- (351,067) -- (197,887)
------------ ----------- ------------ ------------ ------------ ----------- ------------
Total Distributions (1,246,390) -- (2,232,604) -- (1,614,579) (27,592) (3,170,270)
------------ ----------- ------------ ------------ ------------ ----------- ------------
CAPITAL SHARE
TRANSACTIONS
Net Increase in Net
Assets from Capital
Share Transactions 182,757,660 8,904,367 191,031,572 155,373,353 28,388,578 21,076,473 58,380,229
------------ ----------- ------------ ------------ ------------ ----------- ------------
Net Increase in Net
Assets 140,967,518 11,392,712 146,060,511 204,550,984 41,791,954 20,876,779 61,049,131
NET ASSETS:
Beginning of Year 16,941,589 5,548,877 215,212,084 10,661,100 61,881,633 41,004,854 130,402,611
------------ ----------- ------------ ------------ ------------ ----------- ------------
End of Year $157,909,107 $16,941,589 $361,272,595 $215,212,084 $103,673,587 $61,881,633 $191,451,742
============ =========== ============ ============ ============ =========== ============
<CAPTION>
ASAF
AMERICAN
CENTURY
STRATEGIC
BALANCED
FUND
------------
YEAR ENDED
OCTOBER 31,
1999
------------
<S> <C>
FROM OPERATIONS:
Net Investment Income
(Loss) $ 727,476
Net Realized Gain
(Loss) on Investments 1,997,987
Net Change in
Unrealized
Appreciation
(Depreciation) on
Investments 4,935,120
------------
Net Increase (Decrease)
in Net Assets
Resulting from
Operations 7,660,583
------------
DISTRIBUTIONS TO SHAREHO
From Net Investment
Income:
Class A (112,620)
Class B (136,565)
Class C (51,277)
Class X (58,449)
In Excess of Net
Investment Income:
Class A --
Class B --
Class C --
Class X --
From Net Realized
Gains:
Class A --
Class B --
Class C --
Class X --
------------
Total Distributions (358,911)
------------
CAPITAL SHARE
TRANSACTIONS
Net Increase in Net
Assets from Capital
Share Transactions 101,103,998
------------
Net Increase in Net
Assets 108,405,670
NET ASSETS:
Beginning of Year 21,996,941
------------
End of Year $130,402,611
============
</TABLE>
See Notes to Financial Statements.
100
<PAGE> 104
--------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF ASAF ASAF
FEDERATED ASAF ALLIANCE JANUS
HIGH YIELD ALLIANCE GROWTH OVERSEAS
BOND GROWTH AND INCOME GROWTH
FUND FUND FUND FUND
--------------------------- -------------------------- --------------------------- ------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2000 1999 2000 1999 2000 1999 2000
------------ ------------ ------------ ----------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS:
Net Investment Income
(Loss) $ 11,539,412 $ 7,002,080 $ (1,890,749) $ (619,997) $ (164,509) $ (17,756) $ (4,560,044)
Net Realized Gain (Loss)
on Investments (1,544,844) (327,421) 15,813,899 4,509,503 12,906,775 (1,864,544) 7,345,417
Net Change in Unrealized
Appreciation
(Depreciation) on
Investments (14,805,481) (5,663,260) (11,157,646) 4,407,755 8,118,511 9,399,850 14,289,744
------------ ------------ ------------ ----------- ------------ ------------ ------------
Net Increase (Decrease)
in Net Assets Resulting
from Operations (4,810,913) 1,011,399 2,765,504 8,297,261 20,860,777 7,517,550 17,075,117
------------ ------------ ------------ ----------- ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From Net Investment
Income:
Class A (1,798,176) (1,066,043) -- -- -- (12,015) --
Class B (6,760,668) (3,686,137) -- -- -- (1,848) --
Class C (1,220,542) (853,383) -- -- -- (855) --
Class X (1,760,026) (1,396,517) -- -- -- (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 -- -- (283,446) -- -- -- --
Class B -- -- (876,318) -- -- -- --
Class C -- -- (229,303) -- -- -- --
Class X -- -- (383,935) -- -- -- --
------------ ------------ ------------ ----------- ------------ ------------ ------------
Total Distributions (11,539,412) (7,002,080) (1,773,002) -- -- (65,787) --
------------ ------------ ------------ ----------- ------------ ------------ ------------
CAPITAL SHARE
TRANSACTIONS
Net Increase in Net
Assets from Capital
Share Transactions 18,596,875 77,719,547 105,223,234 31,103,658 78,172,328 101,607,672 295,874,538
------------ ------------ ------------ ----------- ------------ ------------ ------------
Net Increase in Net
Assets 2,246,550 71,728,866 106,215,736 39,400,919 99,033,105 109,059,435 312,949,655
NET ASSETS:
Beginning of Year 117,337,268 45,608,402 59,072,041 19,671,122 141,710,663 32,651,228 255,149,694
------------ ------------ ------------ ----------- ------------ ------------ ------------
End of Year $119,583,818 $117,337,268 $165,287,777 $59,072,041 $240,743,768 $141,710,663 $568,099,349
============ ============ ============ =========== ============ ============ ============
<CAPTION>
ASAF
JANUS
OVERSEAS
GROWTH
FUND
------------
YEAR ENDED
OCTOBER 31,
1999
------------
<S> <C>
FROM OPERATIONS:
Net Investment Income
(Loss) $ (1,430,239)
Net Realized Gain (Loss)
on Investments (4,311,423)
Net Change in Unrealized
Appreciation
(Depreciation) on
Investments 45,431,509
------------
Net Increase (Decrease)
in Net Assets Resulting
from Operations 39,689,847
------------
DISTRIBUTIONS TO SHAREHOL
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 --
Class B --
Class C --
Class X --
------------
Total Distributions --
------------
CAPITAL SHARE
TRANSACTIONS
Net Increase in Net
Assets from Capital
Share Transactions 170,502,829
------------
Net Increase in Net
Assets 210,192,676
NET ASSETS:
Beginning of Year 44,957,018
------------
End of Year $255,149,694
============
</TABLE>
See Notes to Financial Statements.
101
<PAGE> 105
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF
ASAF NEUBERGER NEUBERGER ASAF
MARSICO BERMAN BERMAN AIM
CAPITAL MID-CAP MID-CAP INTERNATIONAL
GROWTH GROWTH VALUE EQUITY
FUND FUND FUND FUND
----------------------------- -------------------------- -------------------------- -------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2000 1999 2000 1999 2000 1999 2000(1)
-------------- ------------ ------------ ----------- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS:
Net Investment Income
(Loss) $ (9,861,942) $ (3,100,567) $ (3,568,759) $ (397,056) $ (526,635) $ (72,401) $ (12,568)
Net Realized Gain (Loss)
on Investments (43,554,885) (8,185,872) (8,191,192) (2,023,108) 453,778 862,653 (4,401,698)
Net Change in Unrealized
Appreciation
(Depreciation) on
Investments 76,905,467 85,729,373 26,766,504 8,571,273 19,077,969 (1,727,464) (2,776,709)
-------------- ------------ ------------ ----------- ------------ ----------- -----------
Net Increase (Decrease)
in Net Assets
Resulting from
Operations 23,488,640 74,442,934 15,006,553 6,151,109 19,005,112 (937,212) (7,190,975)
-------------- ------------ ------------ ----------- ------------ ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From Net Investment
Income:
Class A -- (14,303) -- -- -- (508) --
Class B -- -- -- -- -- (549) --
Class C -- -- -- -- -- (242) --
Class X -- -- -- -- -- (132) --
In Excess of Net Investment Income:
Class A -- (35) -- -- -- (2,758) --
Class B -- -- -- -- -- (2,976) --
Class C -- -- -- -- -- (1,315) --
Class X -- -- -- -- -- (718) --
From Net Realized Gains:
Class A -- -- -- (20,483) (171,761) (237) --
Class B -- -- -- (34,595) (443,021) (761) --
Class C -- -- -- (22,944) (163,142) (336) --
Class X -- -- -- (16,107) (96,156) (162) --
-------------- ------------ ------------ ----------- ------------ ----------- -----------
Total Distributions -- (14,338) -- (94,129) (874,080) (10,694) --
-------------- ------------ ------------ ----------- ------------ ----------- -----------
CAPITAL SHARE
TRANSACTIONS
Net Increase in Net
Assets from Capital
Share Transactions 508,088,563 448,096,651 345,308,564 40,361,211 57,220,139 39,513,072 53,771,847
-------------- ------------ ------------ ----------- ------------ ----------- -----------
Net Increase in Net
Assets 531,577,203 522,525,247 360,315,117 46,418,191 75,351,171 38,565,166 46,580,872
NET ASSETS:
Beginning of Year 564,313,815 41,788,568 49,408,579 2,990,388 42,459,716 3,894,550 --
-------------- ------------ ------------ ----------- ------------ ----------- -----------
End of Year $1,095,891,018 $564,313,815 $409,723,696 $49,408,579 $117,810,887 $42,459,716 $46,580,872
============== ============ ============ =========== ============ =========== ===========
<CAPTION>
ASAF
SANFORD
BERNSTEIN
MANAGED
INDEX 500
FUND
-----------
YEAR ENDED
OCTOBER 31,
2000(1)
-----------
<S> <C>
FROM OPERATIONS:
Net Investment Income
(Loss) $ (46,477)
Net Realized Gain (Loss)
on Investments (1,015,447)
Net Change in Unrealized
Appreciation
(Depreciation) on
Investments 581,549
-----------
Net Increase (Decrease)
in Net Assets
Resulting from
Operations (480,375)
-----------
DISTRIBUTIONS TO SHAREHOL
From Net Investment
Income:
Class A --
Class B --
Class C --
Class X --
In Excess of Net Investm
Class A --
Class B --
Class C --
Class X --
From Net Realized Gains:
Class A --
Class B --
Class C --
Class X --
-----------
Total Distributions --
-----------
CAPITAL SHARE
TRANSACTIONS
Net Increase in Net
Assets from Capital
Share Transactions 84,139,788
-----------
Net Increase in Net
Assets 83,659,413
NET ASSETS:
Beginning of Year --
-----------
End of Year $83,659,413
===========
</TABLE>
See Notes to Financial Statements.
102
<PAGE> 106
--------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF
MFS ASAF ASAF ASAF ASAF ASAF
GROWTH KEMPER ALGER GABELLI ASAF JANUS RYDEX
WITH SMALL-CAP ALL-CAP ALL-CAP INVESCO MID-CAP MANAGED
INCOME GROWTH GROWTH VALUE TECHNOLOGY GROWTH OTC
FUND FUND FUND FUND FUND FUND FUND
----------- ----------- ----------- ----------- ----------- ----------- -----------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2000(1) 2000(2) 2000(3) 2000(3) 2000(3) 2000(3) 2000(3)
----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS:
Net Investment Income
(Loss) $ (99,580) $ (303,175) $ (3,216) $ 3,034 $ (3,286) $ 7,549 $ (24,145)
Net Realized Gain (Loss)
on Investments (1,242,307) (6,621,322) (259,090) (8,107) (273,228) (39,006) (793,717)
Net Change in Unrealized
Appreciation
(Depreciation) on
Investments 2,458,873 1,277,459 (189,530) 242,807 (825,342) 379,229 (1,211,898)
----------- ----------- ----------- ---------- ----------- ----------- -----------
Net Increase (Decrease) in
Net Assets Resulting from
Operations 1,116,986 (5,647,038) (451,836) 237,734 (1,101,856) 347,772 (2,029,760)
----------- ----------- ----------- ---------- ----------- ----------- -----------
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 -- -- -- -- -- -- --
Class B -- -- -- -- -- -- --
Class C -- -- -- -- -- -- --
Class X -- -- -- -- -- -- --
----------- ----------- ----------- ---------- ----------- ----------- -----------
Total Distributions -- -- -- -- -- -- --
----------- ----------- ----------- ---------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS
Net Increase in Net Assets
from Capital Share
Transactions 32,508,638 69,866,753 13,596,133 7,521,012 26,210,051 16,745,760 28,890,890
----------- ----------- ----------- ---------- ----------- ----------- -----------
Net Increase in Net Assets 33,625,624 64,219,715 13,144,297 7,758,746 25,108,195 17,093,532 26,861,130
NET ASSETS:
Beginning of Year -- -- -- -- -- -- --
----------- ----------- ----------- ---------- ----------- ----------- -----------
End of Year $33,625,624 $64,219,715 $13,144,297 $7,758,746 $25,108,195 $17,093,532 $26,861,130
=========== =========== =========== ========== =========== =========== ===========
</TABLE>
(1) Commenced operations on November 1, 1999.
(2) Commenced operations on March 1, 2000.
(3) Commenced operations on September 11, 2000.
See Notes to Financial Statements.
103
<PAGE> 107
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASAF ASAF ASAF
AMERICAN CENTURY JANUS INVESCO
INTERNATIONAL CAPITAL EQUITY
GROWTH GROWTH INCOME
FUND FUND FUND
-------------------------- -------------------------------- ----------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2000 1999 2000 1999 2000 1999
----------- ----------- -------------- -------------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS:
Net Investment Income (Loss) $ (741,656) $ (135,544) $ (18,489,126) $ (5,862,887) $ 2,594,618 $ 1,256,636
Net Realized Gain (Loss) on
Investments (2,282,612) (299,549) (305,146,496) (51,875,533) (887,716) 3,247,433
Net Change in Unrealized
Appreciation (Depreciation) on
Investments (1,230,324) 3,328,830 230,298,046 228,050,803 18,836,972 9,613,363
----------- ----------- -------------- -------------- ------------ ------------
Net Increase (Decrease) in Net
Assets Resulting from Operations (4,254,592) 2,893,737 (93,337,576) 170,312,383 20,543,874 14,117,432
----------- ----------- -------------- -------------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From Net Investment Income:
Class A -- -- -- -- (603,806) (207,977)
Class B -- -- -- -- (1,047,289) (267,381)
Class C -- -- -- -- (430,032) (120,280)
Class X -- -- -- -- (375,944) (171,251)
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 -- -- -- -- (483,054) --
Class B -- -- -- -- (1,212,895) --
Class C -- -- -- -- (509,576) --
Class X -- -- -- -- (495,635) --
----------- ----------- -------------- -------------- ------------ ------------
Total Distributions -- (34,671) -- -- (5,158,231) (766,889)
----------- ----------- -------------- -------------- ------------ ------------
CAPITAL SHARE TRANSACTIONS:
Net Increase in Net Assets from
Capital Share Transactions 53,124,174 9,698,559 1,095,239,756 965,500,168 96,197,638 112,998,444
----------- ----------- -------------- -------------- ------------ ------------
Net Increase in Net Assets 48,869,582 12,557,625 1,001,902,180 1,135,812,551 111,583,281 126,348,987
NET ASSETS:
Beginning of Year 24,986,343 12,428,718 1,275,237,660 139,425,109 179,963,163 53,614,176
----------- ----------- -------------- -------------- ------------ ------------
End of Year $73,855,925 $24,986,343 $2,277,139,840 $1,275,237,660 $291,546,444 $179,963,163
=========== =========== ============== ============== ============ ============
</TABLE>
See Notes to Financial Statements.
104
<PAGE> 108
--------------------------------------------------------------------------------
AMERICAN SKANDIA ADVISOR FUNDS, INC.
<TABLE>
<CAPTION>
ASAF
PIMCO ASAF
TOTAL JPM
RETURN MONEY
BOND MARKET
FUND FUND
---------------------------- ----------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2000 1999 2000 1999
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net Investment Income (Loss) $ 8,667,935 $ 4,837,649 $ 10,622,747 $ 2,950,305
Net Realized Gain (Loss) on Investments 616,094 (2,890,558) 3,205 2,598
Net Change in Unrealized Appreciation (Depreciation) on
Investments 707,992 (2,697,991) -- --
------------ ------------ ------------ ------------
Net Increase (Decrease) in Net Assets Resulting from
Operations 9,992,021 (750,900) 10,625,952 2,952,903
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From Net Investment Income:
Class A (1,534,394) (746,581) (4,704,846) (790,112)
Class B (4,758,164) (2,433,498) (3,518,585) (1,124,422)
Class C (1,318,452) (857,234) (1,447,339) (488,137)
Class X (1,057,038) (800,336) (951,977) (547,634)
In Excess of Net Investment Income:
Class A -- -- -- --
Class B -- -- -- --
Class C -- -- -- --
Class X -- -- -- --
From Net Realized Gains:
Class A -- (41,731) (574) --
Class B -- (174,101) (855) --
Class C -- (68,174) (255) --
Class X -- (87,038) (248) --
------------ ------------ ------------ ------------
Total Distributions (8,668,048) (5,208,693) (10,624,679) (2,950,305)
------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS:
Net Increase in Net Assets from Capital Share Transactions 31,862,710 114,425,804 55,437,594 136,157,181
------------ ------------ ------------ ------------
Net Increase in Net Assets 33,186,683 108,466,211 55,438,867 136,159,779
NET ASSETS:
Beginning of Year 152,762,413 44,296,202 179,513,834 43,354,055
------------ ------------ ------------ ------------
End of Year $185,949,096 $152,762,413 $234,952,701 $179,513,834
============ ============ ============ ============
</TABLE>
See Notes to Financial Statements.
105
<PAGE> 109
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
Per Share Data (For a Share Outstanding
Throughout Each Period)
<TABLE>
<CAPTION>
Increase (Decrease) from
Investment Operations
-----------------------------------------
Net Asset Net
Value Investment Net Realized Total from
Period Beginning Income & Unrealized Investment
Ended of Period (Loss) Gain (Loss) Operations
----------- --------- ------------- ------------ ----------
<S> <C> <C> <C> <C> <C>
ASAF FOUNDERS
INTERNATIONAL SMALL
CAPITALIZATION FUND:
------------------------------
------------------------------
Class A 10/31/00 $ 13.56 $(0.16) $ 3.28 $ 3.12
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 10/31/00 13.44 (0.26) 3.28 3.02
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 10/31/00 13.43 (0.26) 3.23 2.97
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 10/31/00 13.43 (0.27) 3.27 3.00
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 10/31/00 $ 17.08 $(0.18) $ 0.51 $ 0.33
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 10/31/00 16.87 (0.29) 0.55 0.26
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 10/31/00 16.90 (0.29) 0.53 0.24
10/31/99 9.06 (0.16) 8.00 7.84
10/31/98 9.93 (0.10) (0.78) (0.88)
10/31/97(1) 10.00 (0.04) (0.02) (0.06)
Class X 10/31/00 16.90 (0.29) 0.53 0.24
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 GABELLI SMALL-CAP
VALUE FUND:
------------------------------
------------------------------
Class A 10/31/00 $ 8.90 $ 0.03 $ 1.89 $ 1.92
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 10/31/00 8.84 (0.02) 1.88 1.86
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 10/31/00 8.84 (0.02) 1.87 1.85
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 10/31/00 8.84 (0.02) 1.89 1.87
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 10/31/00 $ 12.85 $ 0.23 $ 0.39 $ 0.62
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 10/31/00 12.81 0.16 0.39 0.55
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 10/31/00 12.80 0.16 0.40 0.56
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 10/31/00 12.80 0.16 0.39 0.55
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
Investment Net Investment From 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 GABELLI SMALL-CAP
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 $(0.20) $ -- $(0.13)
(0.12) -- --
(0.09) -- --
-- -- --
Class B (0.13) -- (0.13)
(0.05) -- --
(0.04) -- --
-- -- --
Class C (0.13) -- (0.13)
(0.05) -- --
(0.04) -- --
-- -- --
Class X (0.13) -- (0.13)
(0.05) -- --
(0.04) -- --
-- -- --
</TABLE>
106
<PAGE> 110
AMERICAN SKANDIA ADVISOR FUNDS, INC.
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Supplemental Data Ratios of Expenses to Average Net Assets(3)
------------------------------------- --------------------------------------------
Net Asset Net Assets at Portfolio Net After Expense Before Expense
Total Value End Total End of Period Turnover Operating Reimbursement Reimbursement
Distributions 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) $15.96 22.04% $44,940 516% 2.17% 2.17% 2.79%
-- 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) 15.74 21.47% 67,929 516% 2.64% 2.64% 3.20%
-- 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) 15.68 21.10% 31,232 516% 2.65% 2.65% 3.24%
-- 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) 15.71 21.34% 13,809 516% 2.63% 2.63% 3.15%
-- 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) $17.30 1.69% $85,342 90% 1.73% 1.73% 1.84%
-- 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) 17.02 1.29% 169,925 90% 2.23% 2.23% 2.34%
-- 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) 17.03 1.23% 72,934 90% 2.23% 2.23% 2.34%
-- 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) 17.03 1.17% 33,072 90% 2.23% 2.23% 2.34%
-- 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) $10.58 21.99% $23,156 71% 1.81% 1.81% 2.21%
(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) 10.46 21.45% 41,477 71% 2.31% 2.31% 2.71%
-- 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) 10.45 21.34% 20,484 71% 2.31% 2.31% 2.71%
-- 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) 10.47 21.57% 18,557 71% 2.31% 2.31% 2.70%
-- 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%
$(0.33) $13.14 4.87% $38,001 119% 1.64% 1.64% 1.91%
(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%
(0.26) 13.10 4.27% 93,323 119% 2.14% 2.14% 2.42%
(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%
(0.26) 13.10 4.35% 36,859 119% 2.14% 2.14% 2.42%
(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%
(0.26) 13.09 4.27% 23,269 119% 2.14% 2.14% 2.42%
(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>
(0.87%)
(1.19%)
(0.28%)
2.03%
(1.38%)
(1.84%)
(0.74%)
1.62%
(1.37%)
(1.74%)
(0.79%)
1.72%
(1.42%)
(1.63%)
(0.76%)
1.58%
(0.81%)
(0.73%)
(0.75%)
(1.16%)
(1.31%)
(1.24%)
(1.26%)
(1.73%)
(1.31%)
(1.25%)
(1.13%)
(1.73%)
(1.31%)
(1.21%)
(1.19%)
(1.70%)
0.26%
0.17%
0.20%
0.69%
(0.22%)
(0.35%)
(0.30%)
0.17%
(0.22%)
(0.34%)
(0.32%)
0.02%
(0.22%)
(0.31%)
(0.32%)
0.19%
1.71%
1.44%
1.30%
1.56%
1.21%
0.94%
0.80%
0.79%
1.21%
0.92%
0.79%
0.78%
1.20%
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.
Per share data has been calculated based on the average daily number of shares
outstanding throughout the period.
See Notes to Financial Statements.
107
<PAGE> 111
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
Per Share Data (For a Share Outstanding
Throughout Each Period)
<TABLE>
<CAPTION>
Increase (Decrease) from
Investment Operations
-----------------------------------------
Net Asset Net
Value Investment Net Realized Total from
Period Beginning Income & Unrealized Investment
Ended of Period (Loss) Gain (Loss) Operations
----------- --------- ------------- ------------ ----------
<S> <C> <C> <C> <C> <C>
ASAF FEDERATED
HIGH YIELD BOND FUND:
-------------------------
-------------------------
Class A 10/31/00 $ 9.13 $ 0.85 $(1.11) $(0.26)
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 10/31/00 9.13 0.80 (1.11) (0.31)
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 10/31/00 9.13 0.80 (1.11) (0.31)
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 10/31/00 9.13 0.80 (1.12) (0.32)
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 ALLIANCE
GROWTH FUND:
-------------------------
-------------------------
Class A 10/31/00 $ 13.64 $(0.20) $ 2.85 $ 2.65
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 10/31/00 13.55 (0.28) 2.84 2.56
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 10/31/00 13.51 (0.28) 2.83 2.55
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 10/31/00 13.51 (0.28) 2.84 2.56
10/31/99 10.41 (0.21) 3.31 3.10
10/31/98(5) 10.00 (0.14) 0.55 0.41
ASAF ALLIANCE
GROWTH AND
INCOME FUND:
-------------------------
-------------------------
Class A 10/31/00 $ 12.33 $ 0.04 $ 1.39 $ 1.43
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 10/31/00 12.32 (0.02) 1.39 1.37
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 10/31/00 12.31 (0.03) 1.39 1.36
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 10/31/00 12.30 (0.02) 1.38 1.36
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 10/31/00 $ 14.06 $(0.08) $ 3.29 $ 3.21
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 10/31/00 13.94 (0.17) 3.26 3.09
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 10/31/00 13.96 (0.17) 3.27 3.10
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 10/31/00 13.93 (0.18) 3.28 3.10
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 $(0.85) $ -- $ --
(0.80) -- --
(0.74) -- --
(0.05) -- --
Class B (0.80) -- --
(0.75) -- --
(0.69) -- --
(0.04) -- --
Class C (0.80) -- --
(0.75) -- --
(0.69) -- --
(0.03) -- --
Class X (0.80) -- --
(0.75) -- --
(0.69) -- --
(0.04) -- --
ASAF ALLIANCE
GROWTH FUND:
-------------------------
-------------------------
Class A $ -- $ -- $(0.37)
-- -- --
-- -- --
Class B -- -- (0.37)
-- -- --
-- -- --
Class C -- -- (0.37)
-- -- --
-- -- --
Class X -- -- (0.37)
-- -- --
-- -- --
ASAF ALLIANCE
GROWTH AND
INCOME FUND:
-------------------------
-------------------------
Class A $ -- $ -- $ --
(0.01) (0.04) --
(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>
108
<PAGE> 112
AMERICAN SKANDIA ADVISOR FUNDS, INC.
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Supplemental Data Ratios of Expenses to Average Net Assets(3)
------------------------------------- --------------------------------------------
Net Asset Net Assets at Portfolio Net After Expense Before Expense
Total Value End Total End of Period Turnover Operating Reimbursement Reimbursement
Distributions of Period Return(2) (in 000's) Rate Expenses and Waiver(4) and Waiver(4)
------------- --------- --------- ------------- --------- ---------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$(0.85) $ 8.02 (3.20%) $ 16,581 20% 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%
(0.80) 8.02 (3.68%) 73,413 20% 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%
(0.80) 8.02 (3.68%) 12,637 20% 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%
(0.80) 8.01 (3.80%) 16,953 20% 2.00% 2.00% 2.28%
(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) $ 15.92 19.38% $ 33,339 122% 1.78% 1.85% 1.98%
-- 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) 15.74 18.84% 82,198 122% 2.28% 2.34% 2.47%
-- 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) 15.69 18.82% 25,565 122% 2.28% 2.34% 2.47%
-- 13.51 29.90% 7,371 320% 2.30% 2.30% 2.92%
-- 10.40 4.00% 2,634 207% 2.30% 2.30% 4.67%
(0.37) 15.70 18.89% 24,186 122% 2.28% 2.34% 2.45%
-- 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%
$ -- $ 13.76 11.60% $ 49,218 135% 1.62% 1.73% 2.09%
(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%
-- 13.69 11.12% 110,793 135% 2.12% 2.23% 2.59%
(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%
-- 13.67 11.05% 47,592 135% 2.12% 2.23% 2.59%
(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%
-- 13.66 11.06% 33,141 135% 2.12% 2.23% 2.60%
(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%
$ -- $ 17.27 22.92% $146,865 72% 1.91% 1.93% 2.03%
-- 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%
-- 17.03 22.25% 234,154 72% 2.41% 2.43% 2.53%
-- 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%
-- 17.06 22.29% 132,594 72% 2.41% 2.43% 2.53%
-- 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%
-- 17.03 22.34% 54,487 72% 2.41% 2.42% 2.53%
-- 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>
9.68%
8.26%
7.42%
4.76%
9.14%
7.73%
6.90%
3.15%
9.14%
7.74%
6.96%
3.55%
9.16%
7.76%
6.96%
3.65%
(1.18%)
(1.15%)
(1.12%)
(1.67%)
(1.66%)
(1.62%)
(1.67%)
(1.68%)
(1.62%)
(1.65%)
(1.68%)
(1.62%)
0.31%
0.39%
0.62%
(0.19%)
(0.13%)
0.14%
(0.20%)
(0.12%)
0.15%
(0.18%)
(0.08%)
0.17%
(0.39%)
(0.70%)
0.06%
(0.87%)
(1.22%)
(0.44%)
(0.86%)
(1.21%)
(0.45%)
(0.90%)
(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 Funds' Supplemental Distribution Plan, as described in Note 3 to
the Financial Statements.
(5) Commenced operations on December 31, 1997.
Per share data has been calculated based on the average daily number of shares
outstanding throughout the period.
See Notes to Financial Statements.
109
<PAGE> 113
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
Per Share Data (For a Share Outstanding
Throughout Each Period)
<TABLE>
<CAPTION>
{Increase (Decrease) from
Investment Operations
Net Asset -----------------------------------------
Period Value Net Net Realized Total from
Ended Beginning Investment & Unrealized Investment
October 31, of Period Income (Loss) Gain (Loss) Operations
----------- --------- ------------- ------------ ----------
<S> <C> <C> <C> <C> <C>
ASAF MARSICO
CAPITAL GROWTH FUND:
------------------------------
------------------------------
Class A 2000 $14.58 $(0.10) $ 1.48 $ 1.38
1999 10.13 (0.09) 4.55 4.46
1998(6) 10.00 0.01 0.12 0.13
Class B 2000 14.51 (0.19) 1.48 1.29
1999 10.12 (0.16) 4.55 4.39
1998(6) 10.00 -- 0.12 0.12
Class C 2000 14.49 (0.18) 1.47 1.29
1999 10.11 (0.16) 4.54 4.38
1998(6) 10.00 -- 0.11 0.11
Class X 2000 14.48 (0.19) 1.48 1.29
1999 10.11 (0.15) 4.52 4.37
1998(6) 10.00 -- 0.11 0.11
ASAF NEUBERGER BERMAN
MID-CAP GROWTH FUND:
------------------------------
------------------------------
Class A 2000 $16.22 $(0.28) $ 8.10 $ 7.82
1999 11.81 (0.17) 4.73 4.56
1998(6) 10.00 (0.01) 1.82 1.81
Class B 2000 16.12 (0.40) 8.06 7.66
1999 11.79 (0.25) 4.73 4.48
1998(6) 10.00 (0.01) 1.80 1.79
Class C 2000 16.12 (0.40) 8.07 7.67
1999 11.79 (0.24) 4.72 4.48
1998(6) 10.00 (0.01) 1.80 1.79
Class X 2000 16.12 (0.40) 8.05 7.65
1999 11.79 (0.25) 4.73 4.48
1998(6) 10.00 (0.01) 1.80 1.79
ASAF NEUBERGER BERMAN
MID-CAP VALUE FUND:
------------------------------
------------------------------
Class A 2000 $11.42 $(0.05) $ 3.50 $ 3.45
1999 10.23 0.03 1.19 1.22
1998(6) 10.00 0.02 0.21 0.23
Class B 2000 11.38 (0.11) 3.48 3.37
1999 10.22 (0.05) 1.22 1.17
1998(6) 10.00 0.01 0.21 0.22
Class C 2000 11.38 (0.11) 3.48 3.37
1999 10.22 (0.05) 1.22 1.17
1998(6) 10.00 -- 0.22 0.22
Class X 2000 11.36 (0.11) 3.47 3.36
1999 10.22 (0.05) 1.20 1.15
1998(6) 10.00 0.01 0.21 0.22
ASAF AIM INTERNATIONAL
EQUITY FUND:
------------------------------
------------------------------
Class A 2000(7) $10.00 $ 0.03 $(1.22) $(1.19)
Class B 2000(7) 10.00 (0.02) (1.20) (1.22)
Class C 2000(7) 10.00 (0.01) (1.22) (1.23)
Class X 2000(7) 10.00 (0.02) (1.19) (1.21)
ASAF SANFORD BERSTEIN
MANAGED INDEX 500 FUND:
------------------------------
------------------------------
Class A 2000(7) $10.00 $ 0.03 $ 0.21 $ 0.24
Class B 2000(7) 10.00 (0.03) 0.23 0.20
Class C 2000(7) 10.00 (0.03) 0.23 0.20
Class X 2000(7) 10.00 (0.03) 0.23 0.20
<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 -- -- --
ASAF SANFORD BERSTEIN
MANAGED INDEX 500 FUND:
------------------------------
------------------------------
Class A $ -- $ -- $ --
Class B -- -- --
Class C -- -- --
Class X -- -- --
</TABLE>
110
<PAGE> 114
AMERICAN SKANDIA ADVISOR FUNDS, INC.
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Supplemental Data Ratios of Expenses 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 000s) Rate Expenses and Waiver(4) and Waiver(4)
------------- ------------- --------- ------------- --------- ---------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ -- $15.96 9.47% $232,611 108% 1.78% 1.78% 1.87%
(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%
-- 15.80 8.89% 534,179 108% 2.27% 2.28% 2.36%
-- 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%
-- 15.78 8.90% 249,913 108% 2.26% 2.28% 2.36%
-- 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%
-- 15.77 8.83% 79,187 108% 2.27% 2.28% 2.36%
-- 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%
$ -- $24.04 48.21% $105,924 109% 1.80% 1.82% 1.91%
(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%
-- 23.78 47.52% 195,520 109% 2.30% 2.31% 2.40%
(0.15) 16.12 38.21% 22,399 106% 2.25% 2.27% 3.14%
-- 11.79 17.80% 991 122% 2.25% 2.25% 15.98%
-- 23.79 47.58% 75,916 109% 2.30% 2.31% 2.40%
(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%
-- 23.77 47.46% 32,363 109% 2.30% 2.31% 2.40%
(0.15) 16.12 38.09% 6,428 106% 2.25% 2.27% 3.19%
-- 11.79 17.90% 509 122% 2.25% 2.25% 10.43%
$(0.22) $14.65 30.46% $ 27,571 196% 1.79% 1.87% 2.11%
(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) 14.53 29.86% 57,561 196% 2.29% 2.37% 2.62%
(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) 14.53 29.86% 22,114 196% 2.29% 2.36% 2.62%
(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) 14.50 29.83% 10,565 196% 2.29% 2.36% 2.62%
(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%
$ -- $ 8.81 (11.90%) $ 12,696 74% 2.10% 2.20% 3.01%
-- 8.78 (12.20%) 17,900 74% 2.60% 2.70% 3.55%
-- 8.77 (12.30%) 12,120 74% 2.60% 2.70% 3.53%
-- 8.79 (12.10%) 3,866 74% 2.60% 2.70% 3.75%
$ -- $10.24 2.40% $ 19,437 107% 1.50% 1.54% 2.00%
-- 10.20 2.00% 34,025 107% 2.00% 2.04% 2.53%
-- 10.20 2.00% 25,239 107% 2.00% 2.04% 2.56%
-- 10.20 2.00% 4,959 107% 2.00% 2.04% 2.50%
<CAPTION>
Ratio of Net Investment
Income (Loss) to
Average Net Assets(3)
-----------------------
<S> <C>
(0.61%)
(0.69%)
0.72%
(1.11%)
(1.20%)
0.25%
(1.11%)
(1.19%)
0.24%
(1.11%)
(1.18%)
0.20%
(1.18%)
(1.17%)
(0.52%)
(1.67%)
(1.68%)
(0.78%)
(1.67%)
(1.68%)
(0.72%)
(1.67%)
(1.69%)
(0.67%)
(0.37%)
0.06%
0.87%
(0.85%)
(0.44%)
0.47%
(0.85%)
(0.45%)
0.26%
(0.84%)
(0.46%)
0.34%
0.32%
(0.22%)
(0.13%)
(0.23%)
0.30%
(0.25%)
(0.25%)
(0.25%)
</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.
Per share data has been calculated based on the average daily number of shares
outstanding throughout the period.
See Notes to Financial Statements.
111
<PAGE> 115
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
Per Share Data (For a Share Outstanding
Throughout Each Period)
<TABLE>
<CAPTION>
Increase (Decrease) from
Investment Operations
Net Asset -----------------------------------------
Period Value Net Net Realized Total from
Ended Beginning Investment & Unrealized Investment
October 31, of Period Income (Loss) Gain (Loss) Operations
----------- --------- ------------- ------------ ----------
<S> <C> <C> <C> <C> <C>
ASAF MFS
GROWTH WITH INCOME FUND:
------------------------------
------------------------------
Class A 2000(7) $ 10.00 $(0.03) $ 0.76 $ 0.73
Class B 2000(7) 10.00 (0.07) 0.75 0.68
Class C 2000(7) 10.00 (0.08) 0.75 0.67
Class X 2000(7) 10.00 (0.08) 0.77 0.69
ASAF KEMPER
SMALL-CAP GROWTH FUND:
------------------------------
------------------------------
Class A 2000(8) $ 10.00 $(0.06) $(1.86) $(1.92)
Class B 2000(8) 10.00 (0.10) (1.86) (1.96)
Class C 2000(8) 10.00 (0.10) (1.86) (1.96)
Class X 2000(8) 10.00 (0.10) (1.85) (1.95)
ASAF ALGER
ALL-CAP GROWTH FUND+:
------------------------------
------------------------------
Class A 2000(9) $ 10.00 $ -- $(0.55) $(0.55)
Class B 2000(9) 10.00 (0.01) (0.55) (0.56)
Class C 2000(9) 10.00 (0.01) (0.54) (0.55)
Class X 2000(9) 10.00 (0.01) (0.55) (0.56)
ASAF GABELLI
ALL-CAP VALUE FUND:
------------------------------
------------------------------
Class A 2000(9) $ 10.00 $ 0.01 $ 0.25 $ 0.26
Class B 2000(9) 10.00 0.01 0.25 0.26
Class C 2000(9) 10.00 0.01 0.24 0.25
Class X 2000(9) 10.00 0.01 0.24 0.25
ASAF INVESCO
TECHNOLOGY FUND+:
------------------------------
------------------------------
Class A 2000(9) $ 10.00 $ -- $(0.73) $(0.73)
Class B 2000(9) 10.00 -- (0.75) (0.75)
Class C 2000(9) 10.00 -- (0.74) (0.74)
Class X 2000(9) 10.00 -- (0.75) (0.75)
ASAF JANUS
MID-CAP GROWTH FUND:
------------------------------
------------------------------
Class A 2000(9) $ 10.00 $ 0.02 $(0.01) $ 0.01
Class B 2000(9) 10.00 0.01 (0.01) --
Class C 2000(9) 10.00 0.01 -- 0.01
Class X 2000(9) 10.00 0.01 (0.01) --
ASAF RYDEX
MANAGED OTC FUND:
------------------------------
------------------------------
Class A 2000(9) $ 10.00 $(0.01) $(1.77) $(1.78)
Class B 2000(9) 10.00 (0.02) (1.76) (1.78)
Class C 2000(9) 10.00 (0.02) (1.77) (1.79)
Class X 2000(9) 10.00 (0.02) (1.77) (1.79)
<CAPTION>
Less Distributions
------------------------------------------
From Net In Excess of
Investment Net Investment From Capital
Income Income Gains
---------- -------------- ------------
<S> <C> <C> <C>
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 -- -- --
ASAF ALGER
ALL-CAP GROWTH FUND+:
------------------------------
------------------------------
Class A $-- $-- $--
Class B -- -- --
Class C -- -- --
Class X -- -- --
ASAF GABELLI
ALL-CAP VALUE FUND:
------------------------------
------------------------------
Class A $-- $-- $--
Class B -- -- --
Class C -- -- --
Class X -- -- --
ASAF INVESCO
TECHNOLOGY FUND+:
------------------------------
------------------------------
Class A $-- $-- $--
Class B -- -- --
Class C -- -- --
Class X -- -- --
ASAF JANUS
MID-CAP GROWTH FUND:
------------------------------
------------------------------
Class A $-- $-- $--
Class B -- -- --
Class C -- -- --
Class X -- -- --
ASAF RYDEX
MANAGED OTC FUND:
------------------------------
------------------------------
Class A $-- $-- $--
Class B -- -- --
Class C -- -- --
Class X -- -- --
</TABLE>
112
<PAGE> 116
AMERICAN SKANDIA ADVISOR FUNDS, INC.
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Supplemental Data Ratios of Expenses 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>
$-- $10.73 7.30% $ 7,301 65% 1.80% 1.80% 2.54%
-- 10.68 6.80% 16,156 65% 2.30% 2.30% 3.17%
-- 10.67 6.70% 6,681 65% 2.30% 2.30% 3.06%
-- 10.69 6.90% 3,487 65% 2.30% 2.30% 3.06%
$-- $ 8.08 (19.20%) $17,172 61% 1.80% 1.80% 2.43%
-- 8.04 (19.60%) 27,872 61% 2.30% 2.30% 2.94%
-- 8.04 (19.60%) 14,676 61% 2.30% 2.30% 2.94%
-- 8.05 (19.50%) 4,499 61% 2.30% 2.30% 2.93%
$-- $ 9.45 (5.50%) $ 3,790 15% 1.85% 1.85% 3.08%
-- 9.44 (5.60%) 4,232 15% 2.35% 2.35% 3.49%
-- 9.45 (5.50%) 4,734 15% 2.35% 2.35% 3.49%
-- 9.44 (5.60%) 389 15% 2.35% 2.35% 3.42%
$-- $10.26 2.60% $ 1,522 7% 1.85% 1.85% 4.99%
-- 10.26 2.60% 2,893 7% 2.35% 2.35% 4.98%
-- 10.25 2.50% 3,127 7% 2.35% 2.35% 5.21%
-- 10.25 2.50% 217 7% 2.35% 2.35% 4.80%
$-- $ 9.27 (7.30%) $ 4,910 4% 1.90% 1.90% 2.65%
-- 9.25 (7.50%) 11,811 4% 2.40% 2.40% 3.02%
-- 9.26 (7.40%) 7,384 4% 2.40% 2.40% 3.05%
-- 9.25 (7.50%) 1,003 4% 2.40% 2.40% 3.16%
$-- $10.01 0.10% $ 3,069 3% 1.90% 1.90% 2.96%
-- 10.00 0.00% 8,853 3% 2.40% 2.40% 3.32%
-- 10.01 0.10% 4,495 3% 2.40% 2.40% 3.49%
-- 10.00 0.00% 676 3% 2.40% 2.40% 3.39%
$-- $ 8.22 (17.80%) $ 7,052 1% 1.75% 1.75% 2.40%
-- 8.22 (17.80%) 12,048 1% 2.25% 2.25% 2.73%
-- 8.21 (17.90%) 6,927 1% 2.25% 2.25% 2.82%
-- 8.21 (17.90%) 835 1% 2.25% 2.25% 2.81%
<CAPTION>
Ratio of Net Investment
Income (Loss) to
Average Net Assets(3)
-----------------------
<S> <C>
(0.29%)
(0.72%)
(0.76%)
(0.76%)
(0.72%)
(1.25%)
(1.24%)
(1.23%)
(0.09%)
(0.52%)
(0.50%)
(0.50%)
1.05%
0.57%
0.58%
0.46%
0.19%
(0.36%)
(0.30%)
(0.33%)
1.19%
0.45%
0.71%
0.72%
(1.11%)
(1.57%)
(1.58%)
(1.55%)
</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.
(9) Commenced operations on September 11, 2000.
+ Net investment income was less than $0.005.
Per share data has been calculated based on the average daily number of shares
outstanding throughout the period.
See Notes to Financial Statements.
113
<PAGE> 117
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
Per Share Data (For a Share Outstanding
Throughout Each Period)
<TABLE>
<CAPTION>
Increase (Decrease) from
Investment Operations
-----------------------------------------
Net Asset Net
Value Investment Net Realized Total from
Period Beginning Income & Unrealized Investment
Ended of Period (Loss) Gain (Loss) Operations
----------- --------- ------------- ------------ ----------
<S> <C> <C> <C> <C> <C>
ASAF AMERICAN
CENTURY INTERNATIONAL
GROWTH FUND:
------------------------------
------------------------------
Class A 10/31/00 $ 10.99 $(0.15) $ 0.14 $(0.01)
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 10/31/00 11.22 (0.21) 0.14 (0.07)
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 10/31/00 11.21 (0.21) 0.13 (0.08)
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 10/31/00 11.25 (0.20) 0.12 (0.08)
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 10/31/00 $ 21.97 $(0.11) $ 0.94 $ 0.83
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 10/31/00 19.50 (0.21) 0.85 0.64
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 10/31/00 19.47 (0.21) 0.84 0.63
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 10/31/00 19.52 (0.22) 0.87 0.65
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 10/31/00 $ 13.66 $ 0.22 $ 1.03 $ 1.25
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 10/31/00 13.69 0.15 1.04 1.19
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 10/31/00 13.68 0.15 1.04 1.19
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 10/31/00 13.68 0.14 1.04 1.18
10/31/99 11.76 0.13 1.88 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 AMERICAN
CENTURY INTERNATIONAL
GROWTH 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 $(0.21) $ -- $(0.19)
(0.15) -- --
(0.12) -- --
-- -- --
Class B (0.14) -- (0.19)
(0.09) -- --
(0.07) -- --
-- -- --
Class C (0.14) -- (0.19)
(0.09) -- --
(0.07) -- --
-- -- --
Class X (0.14) -- (0.19)
(0.09) -- --
(0.07) -- --
-- -- --
</TABLE>
114
<PAGE> 118
AMERICAN SKANDIA ADVISOR FUNDS, INC.
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Supplemental Data Ratios of Expenses 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>
$ -- $10.98 (0.09%) $ 20,109 165% 2.10% 2.10% 2.53%
(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%
-- 11.15 (0.71%) 28,739 165% 2.60% 2.60% 3.01%
(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%
-- 11.13 (0.71%) 16,225 165% 2.60% 2.60% 3.03%
(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%
-- 11.17 (0.71%) 8,783 165% 2.60% 2.60% 2.97%
(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%
$ -- $22.80 3.78% $ 463,777 32% 1.72% 1.72% 1.81%
-- 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%
-- 20.14 3.28% 1,219,774 32% 2.22% 2.22% 2.31%
-- 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%
-- 20.10 3.24% 421,207 32% 2.22% 2.22% 2.31%
-- 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%
-- 20.17 3.33% 172,382 32% 2.22% 2.22% 2.31%
-- 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%
$(0.40) $14.51 9.35% $ 54,424 63% 1.60% 1.64% 1.76%
(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%
(0.33) 14.55 8.86% 138,391 63% 2.10% 2.14% 2.26%
(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%
(0.33) 14.54 8.78% 56,401 63% 2.10% 2.14% 2.26%
(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%
(0.33) 14.53 8.79% 42,330 63% 2.10% 2.14% 2.26%
(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>
(1.28%)
(0.28%)
(0.16%)
0.07%
(1.76%)
(0.80%)
(0.70%)
(0.51%)
(1.76%)
(0.83%)
(0.58%)
(0.53%)
(1.64%)
(0.86%)
(0.68%)
(0.28%)
(0.45%)
(0.49%)
(0.24%)
2.72%
(0.95%)
(0.98%)
(0.74%)
2.27%
(0.95%)
(0.99%)
(0.75%)
1.95%
(0.96%)
(1.02%)
(0.76%)
2.05%
1.51%
1.52%
1.72%
4.81%
1.02%
1.02%
1.27%
3.68%
1.02%
1.02%
1.27%
3.82%
1.02%
0.99%
1.27%
4.05%
</TABLE>
(1) Calculated from July 28, 1997 (Date of initial shares sold subsequent to the
effective date of the Funds' registration statement under The Securities Act
of 1933.
(2) Total return for Class X shares does not reflect the payment of bonus
shares.
(3) Represents Portfolio Turnover Rate in corresponding Master Portfolios.
(4) Annualized for periods less than one year.
(5) Includes commissions received by American Skandia Marketing, Incorporated
under the Funds' Supplemental Distribution Plan, as described in Note 3 to
the Financial Statements.
Per share data has been calculated based on the average daily number of shares
outstanding throughout the period.
See Notes to Financial Statements.
115
<PAGE> 119
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
Per Share Data (For a Share Outstanding
Throughout Each Period)
<TABLE>
<CAPTION>
Increase (Decrease) from
Investment Operations
-----------------------------------------
Net Asset Net
Value Investment Net Realized Total from
Period Beginning Income & Unrealized Investment
Ended of Period (Loss) Gain (Loss) Operations
----------- --------- ------------- ------------ ----------
<S> <C> <C> <C> <C> <C>
ASAF TOTAL RETURN
BOND FUND:
------------------------------
------------------------------
Class A 10/31/00 $ 10.11 $ 0.58 $ 0.07 $ 0.65
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 10/31/00 10.01 0.53 0.07 0.60
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 10/31/00 10.01 0.53 0.07 0.60
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 10/31/00 10.02 0.53 0.07 0.60
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 10/31/00 $ 1.00 $0.048 $ -- $0.048
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 10/31/00 1.00 0.042 -- 0.042
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 10/31/00 1.00 0.043 -- 0.043
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 10/31/00 1.00 0.042 -- 0.042
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 $ (0.58) $-- $ --
(0.60) -- (0.07)
(0.38) -- --
(0.03) -- --
Class B (0.53) -- --
(0.54) -- (0.07)
(0.32) -- --
(0.03) -- --
Class C (0.53) -- --
(0.54) -- (0.07)
(0.32) -- --
(0.03) -- --
Class X (0.53) -- --
(0.54) -- (0.07)
(0.32) -- --
(0.02) -- --
ASAF JPM MONEY
MARKET FUND:
------------------------------
------------------------------
Class A $(0.048) $-- $ --
(0.035) -- --
(0.039) -- --
(0.009) -- --
Class B (0.043) -- --
(0.030) -- --
(0.033) -- --
(0.007) -- --
Class C (0.043) -- --
(0.030) -- --
(0.034) -- --
(0.007) -- --
Class X (0.043) -- --
(0.030) -- --
(0.034) -- --
(0.008) -- --
</TABLE>
116
<PAGE> 120
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>
$ (0.58) $10.18 6.67% $ 34,799 464% 1.43% 1.43% 1.59%
(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%
(0.53) 10.08 6.16% 102,417 464% 1.94% 1.94% 2.11%
(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%
(0.53) 10.08 6.16% 27,548 464% 1.94% 1.94% 2.11%
(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%
(0.53) 10.09 6.16% 21,185 464% 1.94% 1.94% 2.11%
(0.61) 10.02 (1.00%) 19,574 145% 1.90% 1.90% 2.25%
(0.32) 10.69 8.35% 11,698 418% 1.90% 1.90% 3.68%
(0.02) 10.17 1.94% 410 93% 1.90% 1.90% 67.46%
$(0.048) $ 1.00 4.85% $108,598 N/A 1.48% 1.48% 1.48%
(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%
(0.043) 1.00 4.33% 75,980 N/A 1.98% 1.98% 1.98%
(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%
(0.043) 1.00 4.33% 31,743 N/A 1.98% 1.98% 1.98%
(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%
(0.043) 1.00 4.33% 18,632 N/A 1.98% 1.98% 1.98%
(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>
5.61%
5.33%
4.76%
4.42%
5.26%
4.82%
4.23%
4.13%
5.26%
4.84%
4.27%
4.32%
5.28%
4.86%
4.25%
3.94%
5.03%
3.56%
3.90%
3.34%
4.27%
3.04%
3.30%
2.98%
4.43%
3.07%
3.40%
2.85%
4.16%
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.
(5) Includes commissions received by American Skandia Marketing, Incorporated
under the Funds' Supplemental Distribution Plan, as described in Note 3 to
the Financial Statements.
Per share data has been calculated based on the average daily number of shares
outstanding throughout the period.
See Notes to Financial Statements.
117
<PAGE> 121
OCTOBER 31, 2000
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 October 31, 2000,
consisted of 25 diversified investment portfolios (each a "Fund" and
collectively the "Funds"). Five of the Funds -- ASAF American Century
International Growth Fund ("International Growth") (formerly, ASAF T. Rowe Price
International Equity Fund), ASAF Janus Capital Growth Fund ("Janus Capital
Growth"), ASAF INVESCO Equity Income Fund ("Equity Income"), ASAF PIMCO Total
Return Bond Fund ("Total Return Bond") (formerly, ASAF Total Return Bond Fund),
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 October 31, 2000, the Feeder Funds held the
following percentage interests in their corresponding Portfolios.
<TABLE>
<S> <C>
ASMT American Century International Growth Portfolio 72.9%
ASMT Janus Capital Growth Portfolio 97.3%
ASMT INVESCO Equity Income Portfolio 88.0%
ASMT PIMCO Total Return Bond Portfolio 89.4%
ASMT JPM Money Market Portfolio 93.7%
</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 20 Funds of the Company -- ASAF Founders International Small
Capitalization Fund ("International Small Cap"), ASAF Janus Small-Cap Growth
Fund ("Janus Small-Cap Growth"), ASAF Gabelli Small-Cap Value Fund ("Small-Cap
Value") (formerly, ASAF T. Rowe Price Small Company Value Fund), ASAF American
Century Strategic Balanced Fund ("Strategic Balanced"), ASAF Federated High
Yield Bond Fund ("High Yield Bond"), ASAF Alliance Growth Fund ("Growth")
(formerly, ASAF Oppenheimer Large-Cap Growth Fund), ASAF Alliance Growth and
Income Fund ("Growth and Income") (formerly, ASAF Lord Abbett Growth and Income
Fund), ASAF Janus Overseas Growth Fund ("Overseas Growth"), ASAF Marsico Capital
Growth Fund ("Marsico Capital Growth"), ASAF Neuberger Berman Mid-Cap Growth
Fund ("Neuberger Mid-Cap Growth"), ASAF Neuberger Berman Mid-Cap Value Fund
("Mid-Cap Value"), ASAF AIM International Equity Fund ("International Equity"),
ASAF Sanford Bernstein Managed Index 500 Fund ("Managed Index 500") (formerly,
ASAF Bankers Trust Managed Index 500 Fund), ASAF MFS Growth with Income Fund
("Growth with Income"), ASAF Kemper Small-Cap Growth Fund ("Kemper Small-Cap
Growth"), ASAF Alger All-Cap Growth Fund ("All-Cap Growth"), ASAF Gabelli
All-Cap Value Fund ("All-Cap Value"), ASAF INVESCO Technology Fund
("Technology"), ASAF Janus Mid-Cap Growth Fund ("Janus Mid-Cap Growth"), and
ASAF Rydex Managed OTC Fund ("Managed OTC"), (each a "Non-Feeder Fund" and
collectively the "Non-Feeder Funds") -- directly invest and manage their own
portfolio of securities.
118
<PAGE> 122
AMERICAN SKANDIA ADVISOR FUNDS, INC.
2. SIGNIFICANT ACCOUNTING POLICIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
The following is a summary of significant accounting policies followed by
the Funds, in conformity with accounting principles generally accepted in the
United States, 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.
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 October 31, 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.
119
<PAGE> 123
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.
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.
120
<PAGE> 124
AMERICAN SKANDIA ADVISOR FUNDS, INC.
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.
At October 31, 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>
Janus Small-Cap Growth $ 98,108,550 $ 89,912,185 $500,769
Small-Cap Value 5,640,481 5,768,200 20,170
Strategic Balanced 37,245,248 37,625,570 35,847
High Yield Bond 292,250 332,500 47,271
Growth 34,457,402 34,331,750 33,079
Growth and Income 44,515,077 45,603,516 39,454
Marsico Capital Growth 105,558,161 104,012,518 284,849
Neuberger Mid-Cap
Growth 130,654,183 127,219,738 122,803
Mid-Cap Value 18,541,034 18,634,350 18,042
Managed Index 500 18,620,156 18,762,560 4,056
Growth with Income 10,598,989 10,675,913 1,607
Kemper Small-Cap Growth 11,102,725 10,919,669 34,563
All-Cap Growth 3,404,458 3,333,280 578
All-Cap Value 595,738 597,100 495
Technology 6,082,700 5,706,450 447
Managed OTC 4,903,989 4,757,245 377
</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
121
<PAGE> 125
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 Growth, Janus Capital Growth,
International Small Cap, Janus Small-Cap Growth, Small-Cap Value, Growth, Growth
and Income, Overseas Growth, Marsico Capital Growth, Neuberger Mid-Cap Growth,
Mid-Cap Value, International Equity, Managed Index 500, Growth with Income,
Kemper Small-Cap Growth, All-Cap Growth, All-Cap Value, Technology, Janus
Mid-Cap Growth, and Managed OTC Funds, semiannually by the Equity Income and
Strategic Balanced Funds, declared daily and paid quarterly by the Total Return
Bond Fund, and declared daily and paid monthly by the High Yield Bond and Money
Market Funds. Net realized gains from investment transactions, if any, are
distributed at least annually. Distributions to shareholders are recorded on the
ex-dividend date.
3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
The Non-Feeder Funds have entered into investment management agreements
with American Skandia Investment Services, Inc. ("Investment Manager") which
provide that the Investment Manager will furnish each Fund with investment
advice and investment management and administrative services. The Investment
Manager has engaged the following firms as Sub-advisors for their respective
Funds: Founders Asset Management LLC for International Small Cap; GAMCO
Investors, Inc. for Small-Cap Value and All-Cap Value; American Century
Investment Management, Inc. for Strategic Balanced; Federated Investment
Counseling for High Yield Bond; Alliance Capital Management, L.P. for Growth and
Income and Growth; Janus Capital Corporation for Janus Small-Cap Growth,
Overseas Growth and Janus Mid-Cap Growth; Marsico Capital Management, LLC for
Marsico Capital Growth; Neuberger Berman Management, Inc. for Neuberger Mid-Cap
Growth and Mid-Cap Value; AIM Capital Management, Inc. for International Equity;
Sanford C. Bernstein & Co., Inc. for Managed Index 500; Massachusetts Financial
Services Company for Growth with Income; Scudder Kemper Investments, Inc. for
Kemper Small-Cap Growth; Fred Alger Management, Inc. for All-Cap Growth; INVESCO
Funds Group, Inc. for Technology; and Rydex Global Advisors for Managed OTC.
ADVISORY FEES
NON-FEEDER FUNDS -- The Investment Manager receives a fee, computed daily and
paid monthly, based on an annual rate of 1.10%, 0.90%, 1.00%, 0.90%, 0.70%,
0.90%, 0.80%, 1.00%, 1.00%, 0.90%, 0.90%, 1.10%, 0.80%, 1.00%, 0.95%, 0.95%,
0.95%, 1.00%, 1.00% and 0.85% of the average daily net assets of the
International Small Cap, Janus Small-Cap Growth, Small-Cap Value, Strategic
Balanced, High Yield Bond, Growth, Growth and Income, Overseas Growth, Marsico
Capital Growth, Neuberger Mid-
122
<PAGE> 126
AMERICAN SKANDIA ADVISOR FUNDS, INC.
Cap Growth, Mid-Cap Value, International Equity, Managed Index 500, Growth with
Income, Kemper Small-Cap Growth, All-Cap Growth, All-Cap Value, Technology,
Janus Mid-Cap Growth, and Managed OTC 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 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. became the Sub-advisor to
the Growth (formerly sub-advised by Oppenheimer Funds, Inc.) and Growth and
Income (formerly sub-advised by Lord Abbett & Co.) Funds. Also on May 1, 2000,
Sanford C. Bernstein & Co. Inc. became the sub-advisor to the Managed Index 500
Fund (formerly sub-advised by Bankers Trust Company). On September 11, 2000,
GAMCO Investors, Inc., became the sub-advisor to the Small-Cap Value Fund
(formerly sub-advised by T. Rowe Price Associates, Inc.).
EXPENSE LIMITATION
ALL FUNDS -- Effective July 3, 2000, the Investment Manager voluntarily agreed
to limit the operating expenses of each Fund (exclusive of class-specific
distribution fees) to an annual rate of 1.70% (1.60%), 1.30% (1.20%), 1.40%
(1.25%), 1.20% (1.10%), 1.00%, 1.30%, 1.15% (1.10%), 1.60%, 1.30% (1.25%), 1.35%
(1.25%), 1.35% (1.25%), 1.60%, 1.00%, 1.30%, 1.30%, 1.35%, 1.35%, 1.40%, 1.40%,
1.25%, 1.60%, 1.25% (1.20%), 1.17% (1.05%), 1.00% (0.90%), and 1.00% of the
average daily net assets of the International Small Cap, Janus Small-Cap Growth,
Small-Cap Value, Strategic Balanced, High Yield Bond, Growth, Growth and Income,
Overseas Growth, Marsico Capital Growth, Neuberger Mid-Cap Growth, Mid-Cap
Value, International Equity, Managed Index 500, Growth with Income, Kemper
Small-Cap Growth, All-Cap Growth, All-Cap Value, Technology, Janus Mid-Cap
Growth, Managed OTC, International Growth, Janus Capital Growth, Equity Income,
Total Return Bond, and Money Market Funds, respectively. Rates shown in
parentheses were in effect from November 1, 1999 to July 2, 2000.
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.
123
<PAGE> 127
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.
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 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.
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
124
<PAGE> 128
AMERICAN SKANDIA ADVISOR FUNDS, INC.
to October 31, 2000, commissions received by ASMI totaled $738,982, of which
$589,891 and $149,091 were received from the Non-Feeder Funds and the Portfolios
of American Skandia Master Trust, respectively.
SHAREHOLDER SERVICES AGENT
ALL FUNDS -- The Funds entered into a shareholder services agreement (the
"Agreement"), dated June 1, 2000, with American Skandia Fund Services, Inc.
("ASFS"). Under the Agreement, ASFS will provide certain services to
shareholders of the Funds and their brokers, including addressing telephonic
inquiries and requests, and processing certain shareholder transactions.
The Funds pay ASFS per-transaction fees as compensation for such services.
During the period ended October 31, 2000, fees collected by ASFS totaled
$728,793.
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 year ended October 31, 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 12,807,097 $ 239,580,216 4,724,012 $ 101,368,857 5,015,645 $ 96,391,466 700,416
Reinvested 9,275 180,857 30,156 582,879 9,118 175,966 13,170
Redeemed (10,174,977) (188,436,603) (1,012,698) (20,243,505) (3,221,813) (58,898,861) (155,331)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 2,641,395 $ 51,324,470 3,741,470 $ 81,708,231 1,802,950 $ 37,668,571 558,255
============== =============== ============ ============= ============ ============= ===========
JANUS SMALL-CAP
GROWTH:
Sold 11,617,225 $ 254,104,834 7,020,524 $ 157,217,856 3,323,649 $ 74,282,388 964,361
Reinvested 18,111 449,514 40,624 993,271 17,540 430,284 8,036
Redeemed (9,864,845) (216,407,172) (2,918,279) (63,034,173) (1,327,761) (28,665,695) (469,270)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 1,770,491 $ 38,147,176 4,142,869 $ 95,176,954 2,013,428 $ 46,046,977 503,127
============== =============== ============ ============= ============ ============= ===========
SMALL-CAP VALUE:
Sold 3,327,063 $ 33,389,523 2,273,212 $ 21,889,637 1,427,013 $ 13,728,748 689,456
Reinvested 30,981 279,136 70,465 630,681 33,263 297,372 38,975
Redeemed (2,392,723) (24,321,764) (1,081,326) (10,119,417) (990,763) (9,329,648) (532,889)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 965,321 $ 9,346,895 1,262,351 $ 12,400,901 469,513 $ 4,696,472 195,542
============== =============== ============ ============= ============ ============= ===========
STRATEGIC BALANCED:
Sold 1,825,680 $ 24,149,265 3,773,058 $ 49,500,592 1,766,292 $ 23,117,064 631,319
Reinvested 52,423 695,468 109,737 1,454,488 36,724 486,481 31,322
Redeemed (889,883) (11,731,087) (1,908,332) (24,850,069) (611,325) (7,985,752) (389,942)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 988,220 $ 13,113,646 1,974,463 $ 26,105,011 1,191,691 $ 15,617,793 272,699
============== =============== ============ ============= ============ ============= ===========
HIGH YIELD BOND:
Sold 7,661,760 $ 67,382,452 5,712,837 $ 50,346,741 1,757,721 $ 15,441,430 1,076,049
Reinvested 164,807 1,429,416 462,138 4,004,236 121,055 1,051,325 175,345
Redeemed (7,519,231) (65,835,702) (4,480,918) (39,333,401) (1,749,002) (15,355,866) (1,314,572)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase/
(Decrease) 307,336 $ 2,976,166 1,694,057 $ 15,017,576 129,774 $ 1,136,889 (63,178)
============== =============== ============ ============= ============ ============= ===========
<CAPTION>
CLASS X
------------
AMOUNT
------------
<S> <C>
INTERNATIONAL SMALL
CAP:
Sold $ 14,944,520
Reinvested 254,368
Redeemed (3,142,500)
------------
Net Increase $ 12,056,388
============
JANUS SMALL-CAP
GROWTH:
Sold $ 21,783,827
Reinvested 197,118
Redeemed (10,320,480)
------------
Net Increase $ 11,660,465
============
SMALL-CAP VALUE:
Sold $ 6,519,233
Reinvested 348,787
Redeemed (4,923,710)
------------
Net Increase $ 1,944,310
============
STRATEGIC BALANCED:
Sold $ 8,262,971
Reinvested 414,847
Redeemed (5,134,039)
------------
Net Increase $ 3,543,779
============
HIGH YIELD BOND:
Sold $ 9,502,750
Reinvested 1,522,108
Redeemed (11,558,614)
------------
Net Increase/
(Decrease) $ (533,756)
============
</TABLE>
125
<PAGE> 129
<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>
GROWTH:
Sold 2,828,715 $ 49,247,797 3,869,645 $ 65,749,281 1,334,290 $ 22,760,212 834,779
Reinvested 17,197 278,910 49,819 801,574 14,226 228,172 24,017
Redeemed (1,432,135) (24,933,933) (854,197) (13,945,655) (265,141) (4,466,250) (296,039)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 1,413,777 $ 24,592,774 3,065,267 $ 52,605,200 1,083,375 $ 18,522,134 562,757
============== =============== ============ ============= ============ ============= ===========
GROWTH AND INCOME:
Sold 2,533,834 $ 32,593,280 4,595,956 $ 58,751,764 2,739,397 $ 35,115,514 1,082,232
Redeemed (1,238,293) (15,869,830) (1,857,355) (23,530,734) (1,143,730) (14,614,788) (636,921)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 1,295,541 $ 16,723,450 2,738,601 $ 35,221,030 1,595,667 $ 20,500,726 445,311
============== =============== ============ ============= ============ ============= ===========
OVERSEAS GROWTH:
Sold 32,820,935 $ 660,116,538 8,106,186 $ 163,137,157 9,268,898 $ 185,687,802 1,319,541
Redeemed (28,660,272) (583,783,352) (1,962,377) (38,147,725) (5,373,793) (106,617,161) (561,960)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 4,160,663 $ 76,333,186 6,143,809 $ 124,989,432 3,895,105 $ 79,070,641 757,581
============== =============== ============ ============= ============ ============= ===========
MARSICO CAPITAL
GROWTH:
Sold 46,794,537 $ 792,513,384 19,228,446 $ 322,725,423 9,970,650 $ 167,840,709 2,360,098
Redeemed (39,294,381) (669,185,051) (5,080,360) (85,089,230) (2,811,926) (47,073,580) (788,671)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 7,500,156 $ 123,328,333 14,148,086 $ 237,636,193 7,158,724 $ 120,767,129 1,571,427
============== =============== ============ ============= ============ ============= ===========
NEUBERGER MID-CAP
GROWTH:
Sold 14,522,063 $ 354,085,906 7,986,503 $ 195,899,340 3,392,246 $ 82,769,478 1,382,135
Redeemed (10,788,623) (263,862,126) (1,154,648) (27,734,114) (801,159) (19,277,744) (419,342)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 3,733,440 $ 90,223,780 6,831,855 $ 168,165,226 2,591,087 $ 63,491,734 962,793
============== =============== ============ ============= ============ ============= ===========
MID-CAP VALUE:
Sold 2,560,058 $ 33,788,542 3,234,416 $ 42,062,550 1,383,363 $ 17,936,881 460,926
Reinvested 12,567 153,814 35,064 427,088 13,172 160,568 7,891
Redeemed (1,440,093) (18,954,652) (1,200,964) (15,252,191) (553,844) (7,168,516) (145,897)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 1,132,532 $ 14,987,704 2,068,516 $ 27,237,447 842,691 $ 10,928,933 322,920
============== =============== ============ ============= ============ ============= ===========
INTERNATIONAL EQUITY:
Sold 2,176,542 $ 21,538,390 2,149,874 $ 21,909,700 2,329,026 $ 23,351,343 488,854
Redeemed (735,439) (6,896,029) (112,192) (1,122,274) (947,218) (9,488,948) (49,249)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 1,441,103 $ 14,642,361 2,037,682 $ 20,787,426 1,381,808 $ 13,862,395 439,605
============== =============== ============ ============= ============ ============= ===========
MANAGED INDEX 500:
Sold 5,036,431 $ 51,930,519 3,830,029 $ 39,781,278 2,946,974 $ 30,485,649 680,997
Redeemed (3,138,625) (33,079,610) (495,275) (5,091,324) (473,450) (4,945,937) (194,743)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 1,897,806 $ 18,850,909 3,334,754 $ 34,689,954 2,473,524 $ 25,539,712 486,254
============== =============== ============ ============= ============ ============= ===========
GROWTH WITH INCOME:
Sold 765,778 $ 7,956,011 1,797,481 $ 18,564,884 847,712 $ 8,746,429 385,184
Redeemed (85,466) (891,309) (285,092) (2,928,633) (221,362) (2,302,120) (58,864)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 680,312 $ 7,064,702 1,512,389 $ 15,636,251 626,350 $ 6,444,309 326,320
============== =============== ============ ============= ============ ============= ===========
<CAPTION>
CLASS X
------------
AMOUNT
------------
<S> <C>
GROWTH:
Sold $ 14,184,690
Reinvested 385,475
Redeemed (5,067,039)
------------
Net Increase $ 9,503,126
============
GROWTH AND INCOME:
Sold $ 13,754,575
Redeemed (8,027,453)
------------
Net Increase $ 5,727,122
============
OVERSEAS GROWTH:
Sold $ 26,436,877
Redeemed (10,955,598)
------------
Net Increase $ 15,481,279
============
MARSICO CAPITAL
GROWTH:
Sold $ 39,577,425
Redeemed (13,220,517)
------------
Net Increase $ 26,356,908
============
NEUBERGER MID-CAP
GROWTH:
Sold $ 33,695,105
Redeemed (10,267,281)
------------
Net Increase $ 23,427,824
============
MID-CAP VALUE:
Sold $ 5,804,052
Reinvested 95,935
Redeemed (1,833,932)
------------
Net Increase $ 4,066,055
============
INTERNATIONAL EQUITY:
Sold $ 4,988,474
Redeemed (508,809)
------------
Net Increase $ 4,479,665
============
MANAGED INDEX 500:
Sold $ 7,106,862
Redeemed (2,047,649)
------------
Net Increase $ 5,059,213
============
GROWTH WITH INCOME:
Sold $ 3,977,770
Redeemed (614,394)
------------
Net Increase $ 3,363,376
============
</TABLE>
126
<PAGE> 130
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>
KEMPER SMALL-CAP
GROWTH:
Sold 3,057,168 $ 26,690,475 4,118,138 $ 35,698,518 2,313,356 $ 20,168,766 701,684
Redeemed (930,699) (7,961,339) (650,708) (5,503,618) (488,104) (4,103,984) (142,644)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 2,126,469 $ 18,729,136 3,467,430 $ 30,194,900 1,825,252 $ 16,064,782 559,040
============== =============== ============ ============= ============ ============= ===========
ALL-CAP GROWTH:
Sold 403,359 $ 3,987,855 448,423 $ 4,376,540 501,352 $ 4,855,214 41,214
Redeemed (2,209) (21,430) (254) (2,422) (241) (2,417) (54)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 401,150 $ 3,966,425 448,169 $ 4,374,118 501,111 $ 4,852,797 41,160
============== =============== ============ ============= ============ ============= ===========
ALL-CAP VALUE:
Sold 148,347 $ 1,476,422 334,002 $ 3,320,257 307,364 $ 3,050,188 21,146
Redeemed (8) (84) (51,909) (513,867) (2,409) (23,803) (11)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 148,339 $ 1,476,338 282,093 $ 2,806,390 304,955 $ 3,026,385 21,135
============== =============== ============ ============= ============ ============= ===========
TECHNOLOGY:
Sold 539,801 $ 5,325,680 1,317,183 $ 12,644,995 802,003 $ 7,703,770 118,104
Redeemed (10,094) (96,968) (40,064) (390,425) (4,410) (40,297) (9,717)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 529,707 $ 5,228,712 1,277,119 $ 12,254,570 797,593 $ 7,663,473 108,387
============== =============== ============ ============= ============ ============= ===========
JANUS MID-CAP GROWTH:
Sold 312,558 $ 3,084,789 891,050 $ 8,664,047 474,314 $ 4,691,643 73,600
Redeemed (5,912) (59,067) (5,868) (58,444) (25,139) (249,707) (6,041)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 306,646 $ 3,025,722 885,182 $ 8,605,603 449,175 $ 4,441,936 67,559
============== =============== ============ ============= ============ ============= ===========
MANAGED OTC:
Sold 925,841 $ 8,461,483 1,492,784 $ 12,985,960 850,298 $ 7,516,285 111,631
Redeemed (68,335) (657,728) (27,609) (240,507) (6,417) (50,930) (9,968)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 857,506 $ 7,803,755 1,465,175 $ 12,745,453 843,881 $ 7,465,355 101,663
============== =============== ============ ============= ============ ============= ===========
INTERNATIONAL GROWTH:
Sold 3,685,629 $ 42,946,635 2,073,513 $ 25,607,077 3,786,526 $ 45,057,242 379,206
Redeemed (2,275,120) (26,557,398) (321,266) (3,928,250) (2,719,694) (32,343,113) (191,223)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 1,410,509 $ 16,389,237 1,752,247 $ 21,678,827 1,066,832 $ 12,714,129 187,983
============== =============== ============ ============= ============ ============= ===========
JANUS CAPITAL GROWTH:
Sold 67,765,191 $ 1,722,816,087 35,111,918 $ 800,772,342 13,392,061 $ 306,616,819 3,402,035
Redeemed (58,102,228) (1,472,804,685) (9,658,218) (216,057,797) (3,853,444) (85,339,720) (1,699,527)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 9,662,963 $ 250,011,402 25,453,700 $ 584,714,545 9,538,617 $ 221,277,099 1,702,508
============== =============== ============ ============= ============ ============= ===========
EQUITY INCOME:
Sold 2,463,635 $ 34,440,615 5,357,013 $ 74,597,178 2,197,651 $ 30,586,322 931,867
Reinvested 76,367 1,046,979 154,211 2,120,144 65,362 898,003 62,985
Redeemed (1,129,186) (15,771,907) (1,838,992) (25,564,968) (880,255) (12,265,206) (559,825)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 1,410,816 $ 19,715,687 3,672,232 $ 51,152,354 1,382,758 $ 19,219,119 435,027
============== =============== ============ ============= ============ ============= ===========
<CAPTION>
CLASS X
------------
AMOUNT
------------
<S> <C>
KEMPER SMALL-CAP
GROWTH:
Sold $ 6,122,398
Redeemed (1,244,463)
------------
Net Increase $ 4,877,935
============
ALL-CAP GROWTH:
Sold $ 403,314
Redeemed (521)
------------
Net Increase $ 402,793
============
ALL-CAP VALUE:
Sold $ 212,003
Redeemed (104)
------------
Net Increase $ 211,899
============
TECHNOLOGY:
Sold $ 1,156,125
Redeemed (92,829)
------------
Net Increase $ 1,063,296
============
JANUS MID-CAP GROWTH:
Sold $ 732,509
Redeemed (60,010)
------------
Net Increase $ 672,499
============
MANAGED OTC:
Sold $ 964,034
Redeemed (87,707)
------------
Net Increase $ 876,327
============
INTERNATIONAL GROWTH:
Sold $ 4,716,854
Redeemed (2,374,873)
------------
Net Increase $ 2,341,981
============
JANUS CAPITAL GROWTH:
Sold $ 77,631,535
Redeemed (38,394,825)
------------
Net Increase $ 39,236,710
============
EQUITY INCOME:
Sold $ 12,964,175
Reinvested 864,057
Redeemed (7,717,754)
------------
Net Increase $ 6,110,478
============
</TABLE>
127
<PAGE> 131
<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>
TOTAL RETURN BOND:
Sold 8,427,489 $ 85,030,125 6,191,385 $ 61,743,996 2,252,744 $ 22,533,321 987,735
Reinvested 130,183 1,313,955 380,032 3,797,190 114,601 1,144,189 99,949
Redeemed (7,429,467) (74,941,607) (4,799,508) (47,779,577) (2,243,870) (22,445,065) (942,213)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase 1,128,205 $ 11,402,473 1,771,909 $ 17,761,609 123,475 $ 1,232,445 145,471
============== =============== ============ ============= ============ ============= ===========
MONEY MARKET:
Sold 3,522,612,378 $ 3,522,612,378 275,152,239 $ 275,152,239 331,393,211 $ 331,393,211 74,570,286
Reinvested 3,089,814 3,089,814 2,863,105 2,863,105 1,148,712 1,148,712 817,501
Redeemed (3,460,113,146) (3,460,113,146) (281,231,828) (281,231,828) (329,723,782) (329,723,782) (85,140,800)
-------------- --------------- ------------ ------------- ------------ ------------- -----------
Net Increase/
(Decrease) 65,589,046 $ 65,589,046 (3,216,484) $ (3,216,484) 2,818,141 $ 2,818,141 (9,753,013)
============== =============== ============ ============= ============ ============= ===========
<CAPTION>
CLASS X
------------
AMOUNT
------------
<S> <C>
TOTAL RETURN BOND:
Sold $ 9,891,796
Reinvested 999,014
Redeemed (9,424,627)
------------
Net Increase $ 1,466,183
============
MONEY MARKET:
Sold $ 74,570,286
Reinvested 817,501
Redeemed (85,140,800)
------------
Net Increase/
(Decrease) $ (9,753,013)
============
</TABLE>
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-CAP 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
============== =============== ============ ============= ============ ============= ===========
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
============== =============== ============ ============= ============ ============= ===========
<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-CAP 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
============
GROWTH:
Sold $ 7,894,652
Redeemed (3,950,285)
------------
Net Increase $ 3,944,367
============
</TABLE>
128
<PAGE> 132
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>
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
============== =============== ============ ============= ============ ============= ===========
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
============== =============== ============ ============= ============ ============= ===========
NEUBERGER 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
============== =============== ============ ============= ============ ============= ===========
INTERNATIONAL GROWTH:
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
============== =============== ============ ============= ============ ============= ===========
<CAPTION>
CLASS X
------------
AMOUNT
------------
<S> <C>
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
============
MARSICO CAPITAL
GROWTH:
Sold $ 44,011,902
Reinvested --
Redeemed (7,591,419)
------------
Net Increase $ 36,420,483
============
NEUBERGER 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
============
INTERNATIONAL GROWTH:
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
============
</TABLE>
129
<PAGE> 133
<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>
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 165,732,217 $ 165,732,220 160,855,656 $ 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 35,631,573 $ 35,631,576 62,648,378 $ 62,648,379 22,027,004 $ 22,027,004 15,850,222
============== =============== ============ ============= ============ ============= ===========
<CAPTION>
CLASS X
------------
AMOUNT
------------
<S> <C>
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>
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, 2000, 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 2008
------- ---------- ----------- ------------
<S> <C> <C> <C> <C>
International Small Cap $ -- $ -- $ -- $ 36,534,512
Janus Small-Cap Growth -- -- -- 32,685,457
Strategic Balanced -- -- -- 1,622,189
High Yield Bond 4,183 17,619 327,379 1,538,529
Overseas Growth -- 2,242,636 3,428,829 3,770,566
Marsico Capital Growth -- 682,762 7,950,369 43,400,517
Neuberger Mid-Cap
Growth -- -- 1,874,798 7,545,394
International Equity -- -- -- 3,689,149
Growth with Income -- -- -- 900,804
Kemper Small-Cap Growth -- -- -- 6,178,761
All-Cap Growth -- -- -- 209,132
Technology -- -- -- 195,454
Janus Mid-Cap Growth -- -- -- 17,950
Managed OTC -- -- -- 1,097,897
International Growth -- 73,332 49,869 1,639,901
Janus Capital Growth 38,807 4,789,881 52,015,103 304,073,150
Equity Income -- -- -- 885,606
Total Return Bond -- -- 1,499,612 1,002,623
</TABLE>
130
<PAGE> 134
AMERICAN SKANDIA ADVISOR FUNDS, INC.
6. PORTFOLIO SECURITIES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NON-FEEDER FUNDS -- Purchases and sales of securities, other than U.S.
government securities and short-term obligations, during the year ended October
31, 2000, were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
-------------- ------------
<S> <C> <C>
International Small Cap $ 610,500,224 $504,220,422
Janus Small-Cap Growth 542,656,363 353,682,994
Small-Cap Value 76,527,762 53,250,785
Strategic Balanced 233,917,114 182,753,213
High Yield Bond 47,107,783 22,412,020
Growth 241,296,200 133,757,579
Growth and Income 308,658,146 238,711,101
Overseas Growth 631,556,976 377,375,722
Marsico Capital Growth 1,334,384,612 958,253,212
Neuberger Mid-Cap Growth 515,622,694 231,481,742
Mid-Cap Value 176,301,159 124,897,616
International Equity 60,024,860 14,062,307
Managed Index 500 125,461,524 42,098,491
Growth with Income 39,876,916 10,234,723
Kemper Small-Cap Growth 89,382,465 23,884,104
All-Cap Growth 11,568,865 1,040,804
All-Cap Value 5,313,668 254,601
Technology 24,220,789 570,050
Janus Mid-Cap Growth 15,743,055 231,885
Managed OTC 23,404,921 157,372
</TABLE>
Purchases and sales of U.S. government securities, during the year ended
October 31, 2000, were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
---------- -----------
<S> <C> <C>
Strategic Balanced $5,520,626 $ 1,473,213
High Yield Bond 1,100,764 1,521,736
</TABLE>
131
<PAGE> 135
At October 31, 2000, the cost and unrealized appreciation and 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 $154,071,679 $ 7,717,341 $ (8,463,899) $ (746,558)
Janus Small-Cap Growth 316,602,419 107,714,819 (66,094,762) 41,620,057
Small-Cap Value 100,691,789 11,894,607 (8,712,470) 3,182,137
Strategic Balanced 177,526,349 18,052,732 (4,273,971) 13,778,761
High Yield Bond 140,148,125 942,859 (24,398,428) (23,455,569)
Growth 173,202,918 11,751,870 (18,913,900) (7,162,030)
Growth and Income 227,670,486 29,679,678 (12,354,598) 17,325,080
Overseas Growth 514,570,378 89,471,816 (38,075,528) 51,396,288
Marsico Capital Growth 959,184,639 192,489,064 (28,287,267) 164,201,797
Neuberger Mid-Cap Growth 372,499,179 61,226,810 (26,456,086) 34,770,724
Mid-Cap Value 102,398,409 17,487,710 (967,540) 16,520,170
International Equity 51,478,159 1,119,117 (4,482,413) (3,363,296)
Managed Index 500 82,124,621 5,678,822 (6,160,261) (481,439)
Growth with Income 32,250,799 3,030,420 (912,357) 2,118,063
Kemper Small-Cap Growth 65,145,468 7,191,236 (6,356,338) 834,898
All-Cap Growth 14,835,066 247,763 (487,250) (239,487)
All-Cap Value 7,583,420 305,275 (74,020) 231,255
Technology 30,767,903 561,596 (1,464,712) (903,116)
Janus Mid-Cap Growth 18,810,734 1,189,846 (831,673) 358,173
Managed OTC 25,642,220 546,878 (1,454,596) (907,718)
</TABLE>
7. WRITTEN OPTIONS TRANSACTIONS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Written options transactions, during the year ended October 31, 2000, were
as follows:
<TABLE>
<CAPTION>
MARSICO CAPITAL GROWTH
------------------------
NUMBER OF
CONTRACTS PREMIUM
--------- -----------
<S> <C> <C>
Balance at beginning of year -- $ --
Written 825 1,503,387
Expired -- --
Exercised -- --
Closed (825) (1,503,387)
---- -----------
Balance at end of year -- $ --
==== ===========
</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 year ended October 31, 2000, there were no borrowings under the
agreement.
132
<PAGE> 136
AMERICAN SKANDIA ADVISOR FUNDS, INC.
REPORT OF INDEPENDENT ACCOUNTANTS
--------------------------------------------------------------------------------
To the Shareholders and Board of Directors
of American Skandia Advisor Funds, Inc.:
In our opinion, the accompanying statements of assets and liabilities, including
the schedules of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of ASAF Founders International Small
Capitalization Fund, ASAF Janus Small-Cap Growth Fund, ASAF Gabelli Small
Company Value Fund, ASAF American Century Strategic Balanced Fund, ASAF
Federated High Yield Bond Fund, ASAF Alliance Growth Fund, ASAF Alliance 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 Sanford Bernstein Managed
Index 500 Fund, ASAF MFS Growth with Income Fund, ASAF Kemper Small-Cap Growth
Fund, ASAF Alger All-Cap Growth Fund, ASAF Gabelli All-Cap Value Fund, ASAF
INVESCO Technology Fund, ASAF Janus Mid-Cap Growth Fund, ASAF Rydex Managed OTC
Fund, ASAF American Century International Growth Fund, ASAF Janus Capital Growth
Fund, ASAF INVESCO Equity Income Fund, ASAF PIMCO Total Return Bond Fund and
ASAF JPM Money Market Fund (constituting American Skandia Advisor Funds, Inc.,
hereafter referred to as the "Company") at October 31, 2000, the results of each
of their operations for the year (or period) then ended, the changes in each of
their net assets for each of the two years (or periods) in the period then ended
and the financial highlights for each of the periods indicated, in conformity
with accounting principles generally accepted in the United States of America.
These financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Company's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with auditing standards generally accepted in the United States of America,
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities owned at October 31, 2000 by correspondence with the
custodians and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 15, 2000
133
<PAGE> 137
[This page intentionally left blank]
134
<PAGE> 138
AMERICAN SKANDIA MASTER TRUST
SCHEDULES OF INVESTMENTS
OCTOBER 31, 2000
ASMT AMERICAN CENTURY INTERNATIONAL GROWTH PORTFOLIO
ASMT JANUS CAPITAL GROWTH PORTFOLIO
ASMT INVESCO EQUITY INCOME PORTFOLIO
ASMT PIMCO TOTAL RETURN BOND PORTFOLIO
ASMT JPM MONEY MARKET PORTFOLIO
135
<PAGE> 139
ASMT AMERICAN CENTURY
INTERNATIONAL GROWTH PORTFOLIO
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
FOREIGN STOCK -- 79.8%
AUSTRALIA -- 0.5%
News Corp. Ltd. [ADR] 12,900 $ 554,700
------------
BELGIUM -- 0.5%
Fortis Cl-B 16,106 492,843
------------
BRAZIL -- 1.3%
Banco Itau SA 4,500,000 350,161
Petroleo Brasileiro
SA* 35,400 938,788
------------
1,288,949
------------
CANADA -- 3.7%
Celestica, Inc. NY
Reg.* 28,162 2,024,144
Nortel Networks Corp.
NY Reg.* 14,200 646,100
Sun Life Financial
Services* 33,700 695,077
Toronto-Dominion Bank 12,500 343,348
------------
3,708,669
------------
DENMARK -- 3.5%
Danske Bank AS* 3,700 535,149
ISS AS 11,500 707,230
Novo-Nordisk AS Cl-B 9,167 1,941,823
Tele Danmark AS 7,860 371,484
------------
3,555,686
------------
FINLAND -- 0.8%
Nokia Corp. Cl-A
[ADR] 12,600 538,650
Sonera Group Oyj 12,369 272,178
------------
810,828
------------
FRANCE -- 11.0%
Alcatel Corp. SA 17,468 1,064,598
Altran Technologies
SA 3,261 665,888
Aventis SA 17,400 1,253,666
AXA SA 11,816 1,562,461
Business Objects SA
[ADR]* 5,200 409,744
Pinault-Printemps
Redoute SA 2,800 499,127
Sanofi SA 11,408 599,535
Societe Generale SA 14,504 822,484
Societe Television
Francaise SA 14,300 779,401
STMicroelectronics NV
NY Reg. 10,300 534,956
Suez Lyonnaise des
Eaux SA 10,200 1,554,546
Total Fina SA Cl-B* 6,000 857,477
Vivendi SA 9,660 693,544
------------
11,297,427
------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
GERMANY -- 3.6%
Bayerische Hypo-Und
Vereinsbank AG 8,200 $ 444,844
Ergo Versicherungs
Gruppe AG* 3,000 419,584
Marschollek,
Lautenschlaeger Und
Partner AG 7,188 994,356
Pro Sieben Media AG* 14,320 466,109
Schering AG 15,100 838,363
Siemens AG 3,770 479,343
------------
3,642,599
------------
HONG KONG -- 3.4%
China Mobile Ltd. 197,000 1,269,324
HSBC Holdings PLC 67,403 937,732
Hutchison Whampoa
Ltd. 100,000 1,240,569
------------
3,447,625
------------
IRELAND -- 0.5%
Elan Corp. PLC [ADR] 10,400 540,150
------------
ISRAEL -- 1.3%
Check Point Software
Technologies Ltd.* 8,100 1,282,838
------------
ITALY -- 5.4%
Alleanza
Assicurazioni SPA 96,700 1,281,147
Assicurazioni
Generali SPA 15,900 522,255
Banco Intesa SPA 219,634 910,379
Mediaset SPA 23,332 337,202
Mediolanum SPA 48,300 707,055
Mondadori, (Arnoldo)
Editore SPA 50,800 594,233
Telecom Italia SPA 38,900 450,086
Unicredito Italiano
SPA 136,800 695,747
------------
5,498,104
------------
JAPAN -- 9.1%
Canon, Inc. 25,000 991,425
Fuji Television
Network, Inc. 38 417,635
Furukawa Electric Co. 1,000 26,285
Hitachi Ltd. 92,000 985,838
Hoya Corp. 5,000 413,056
Itochu Tecno-Science
Corp.* 2,700 641,454
Kao Corp. 5,000 149,744
Keyence Corp. 1,000 310,479
Kyocera Corp. 1,600 208,085
Nomura Securities Co.
Ltd. 18,000 381,641
NTT Mobile
Communication
Network, Inc. 20 492,736
Orix Corp. 5,500 576,767
</TABLE>
136
<PAGE> 140
AMERICAN SKANDIA MASTER TRUST
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
Sanyo Electric Co. 32,000 $ 243,254
Sony Corp. 5,800 463,208
Takeda Chemical
Industries Ltd. 13,000 856,060
Tyco International
Ltd. 35,900 2,035,081
------------
9,192,748
------------
KOREA -- 0.2%
Hyundai Motor Co.
Ltd. 16,200 185,149
------------
MEXICO -- 0.6%
Telefonos de Mexico
SA Cl-L [ADR] 10,900 587,919
------------
NETHERLANDS -- 7.6%
Hagemeyer NV 14,256 336,540
Heineken NV* 8,700 471,968
ING Groep NV 23,620 1,620,128
Koninklijke (Royal)
Philips Electronics
NV* 37,830 1,510,835
Koninklijke Ahold NV 21,700 629,623
Koninklijke Numico NV 9,200 429,688
Royal Dutch Petroleum
Co. 15,900 944,063
United Pan-Europe
Communications NV 15,571 272,553
VNU NV 30,580 1,438,614
------------
7,654,012
------------
SINGAPORE -- 0.4%
City Developments
Ltd.* 38,000 175,339
DBS Land Ltd. 171,000 260,085
------------
435,424
------------
SPAIN -- 1.3%
Banco Popular Espanol
SA 16,300 487,035
Telefonica SA* 42,132 802,470
------------
1,289,505
------------
SWEDEN -- 4.9%
Assa Abloy AB Cl-B 33,460 614,454
Atlas Copco AB 4,894 103,549
Atlas Copco AB Cl-B 7,500 154,570
Ericsson, (L.M.)
Telephone Co. AB
[ADR] 65,000 901,875
Modern Times Group AB
Cl-B 7,772 197,796
Netcom AB Cl-B 10,860 508,333
Nordbanken Holding
Co. AB 133,501 999,289
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
Securitas AB Cl-B 52,595 $ 1,118,070
Skandianaviska
Enskilda Banken AB* 33,200 390,990
------------
4,988,926
------------
SWITZERLAND -- 7.2%
ABB AG 8,872 788,226
Adecco SA 1,185 819,178
Credit Suisse Group 3,560 667,219
Julius Baer Holdings
AG Cl-B 322 1,593,802
Nestle SA 322 667,069
Novartis AG 1,261 1,912,445
Swatch Group AG 619 819,325
------------
7,267,264
------------
UNITED KINGDOM -- 13.0%
AMVESCAP PLC 64,100 1,433,420
Cable & Wireless PLC 47,898 678,137
Capita Group PLC 53,500 407,857
Centrica PLC 334,264 1,150,358
CMG PLC 35,700 589,937
Diageo PLC 83,105 785,000
Energis PLC* 81,422 696,981
Hays PLC 135,200 738,666
Logica PLC 23,900 707,637
Misys PLC 57,400 598,455
Next PLC 37,400 373,370
Pearson PLC 30,553 820,325
Reed International
PLC 114,600 1,060,033
Royal Bank of
Scotland Group PLC 36,100 810,947
SEMA Group PLC 38,889 491,294
Vodafone AirTouch PLC 306,462 1,276,071
WPP Group PLC 47,300 635,328
------------
13,253,816
------------
TOTAL FOREIGN STOCK
(Cost $78,401,640) 80,975,181
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 13.7%
Federal Home
Loan Bank
6.45%, 11/01/00
(Cost $13,900,000) $ 13,900 13,900,000
------------
</TABLE>
137
<PAGE> 141
ASMT AMERICAN CENTURY
INTERNATIONAL GROWTH PORTFOLIO
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
U.S. STOCK -- 2.0%
COMPUTER SERVICES & SOFTWARE -- 0.8%
Comverse Technology,
Inc. 6,900 $ 771,075
------------
INSURANCE -- 0.9%
AFLAC, Inc. 12,600 920,588
------------
TELECOMMUNICATIONS -- 0.3%
Amdocs Ltd.* 4,500 291,656
------------
TOTAL U.S. STOCK
(Cost $1,671,354) 1,983,319
------------
TOTAL INVESTMENTS --95.5%
(Cost $93,972,994) 96,858,500
OTHER ASSETS LESS
LIABILITIES -- 4.5% 4,516,512
------------
NET ASSETS -- 100.0% $101,375,012
============
</TABLE>
Foreign currency exchange contracts outstanding at October 31, 2000:
<TABLE>
<CAPTION>
UNREALIZED
SETTLEMENT CONTRACTS TO IN EXCHANGE CONTRACTS APPRECIATION/
MONTH TYPE RECEIVE FOR AT VALUE (DEPRECIATION)
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
11/00 Buy CHF 234,128 $ 129,741 $ 130,245 $ 504
11/00 Buy EUR 340,464 286,739 288,613 1,874
11/00 Buy GBP 214,217 311,134 311,086 (48)
11/00 Buy SEK 82,031 8,186 8,189 3
---------- ---------- -------
$ 735,800 $ 738,133 $ 2,333
========== ========== =======
</TABLE>
<TABLE>
<CAPTION>
UNREALIZED
SETTLEMENT CONTRACTS TO IN EXCHANGE CONTRACTS APPRECIATION/
MONTH TYPE DELIVER FOR AT VALUE (DEPRECIATION)
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
11/00 Sell DKK 966,762 $ 109,355 $ 110,106 $ (751)
11/00 Sell EUR 243,806 205,398 206,694 (1,296)
11/00 Sell GBP 7,377 10,568 10,712 (144)
11/00 Sell HKD 765,675 98,167 98,178 (11)
11/00 Sell JPY 89,059,100 823,594 820,594 3,000
---------- ---------- -------
$1,247,082 $1,246,284 $ 798
========== ========== =======
</TABLE>
The following is a breakdown of the foreign stock portion of the Fund, by
industry classification, as of October 31, 2000. Percentages are based on net
assets. (Unaudited)
<TABLE>
<CAPTION>
INDUSTRY
--------
<S> <C>
Advertising 0.6%
Automotive Parts 0.2%
Beverages 1.2%
Broadcasting 2.2%
Business Services 3.9%
Computer Hardware 0.6%
Computer Services & Software 2.8%
Conglomerates 0.7%
Construction 1.4%
Consumer Products & Services 3.6%
Electronic Components & Equipment 5.7%
Financial - Bank & Trust 9.9%
Financial Services 3.8%
Food 1.7%
Industrial Products 0.5%
Insurance 6.7%
Internet Services 1.3%
Machinery & Equipment 0.3%
Medical Supplies & Equipment 0.4%
Metals & Mining 0.6%
Office Equipment 1.0%
Oil & Gas 3.8%
Pharmaceuticals 7.8%
Printing & Publishing 4.4%
Real Estate 0.4%
Retail & Merchandising 1.7%
Semiconductors 0.5%
Telecommunications 10.6%
Utilities 1.5%
-----
TOTAL 79.8%
=====
</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.
138
<PAGE> 142
AMERICAN SKANDIA MASTER TRUST
ASMT JANUS CAPITAL
GROWTH PORTFOLIO
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 69.4%
AUTOMOBILE MANUFACTURERS -- 2.0%
General Motors
Corp. Cl-H* 1,413,100 $ 45,784,440
--------------
BEVERAGES -- 1.5%
Coca-Cola Co. 584,385 35,282,244
--------------
COMPUTER HARDWARE -- 6.7%
EMC Corp.* 768,960 68,485,500
Handspring, Inc.* 136,805 9,892,712
Palm, Inc.* 1,452,113 77,778,802
--------------
156,157,014
--------------
COMPUTER SERVICES & SOFTWARE -- 14.1%
3Com Corp.* 453,330 8,046,608
Cisco Systems,
Inc.* 2,162,538 116,506,735
Intuit, Inc.* 586,775 36,049,989
Microsoft Corp.* 113,480 7,815,935
Veritas Software
Corp.* 1,166,163 164,447,203
--------------
332,866,470
--------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 7.8%
General Electric
Co. 1,982,345 108,657,285
Texas Instruments,
Inc. 1,510,160 74,092,225
--------------
182,749,510
--------------
ENTERTAINMENT & LEISURE -- 3.9%
Time Warner, Inc. 1,199,420 91,047,972
--------------
FINANCIAL SERVICES -- 3.1%
Schwab, (Charles)
Corp. 2,043,030 71,761,429
--------------
INSURANCE -- 3.0%
American
International
Group, Inc. 718,650 70,427,700
--------------
INTERNET SERVICES -- 5.2%
America Online,
Inc.* 2,199,610 110,926,332
Yahoo!, Inc.* 171,060 10,028,393
--------------
120,954,725
--------------
PHARMACEUTICALS -- 5.8%
MedImmune, Inc.* 1,520,145 99,379,480
Pfizer, Inc. 844,529 36,473,096
--------------
135,852,576
--------------
RETAIL & MERCHANDISING -- 1.2%
Home Depot, Inc. 633,330 27,233,190
--------------
TELECOMMUNICATIONS -- 14.1%
China Mobile Ltd.
[ADR]* 1,383,985 42,384,541
EchoStar
Communications
Corp. Cl-A* 507,300 22,955,325
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
Level 3
Communications,
Inc.* 640,450 $ 30,541,459
Nextel
Communications,
Inc. Cl-A* 899,015 34,555,889
Nokia Corp. Cl-A
[ADR] 2,610,580 111,602,295
Sprint Corp. (PCS
Group)* 1,291,910 49,254,069
Telefonos de Mexico
SA Cl-L [ADR] 316,240 17,057,195
Vodafone Airtouch
PLC [ADR] 524,685 22,331,905
--------------
330,682,678
--------------
UTILITIES -- 1.0%
Duke Energy Corp. 278,995 24,115,630
--------------
TOTAL COMMON STOCK
(Cost $1,129,464,692) 1,624,915,578
--------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 25.4%
Federal Home
Loan Bank
6.31%, 12/15/00-
12/29/00 $ 150,000 148,677,063
6.32%, 12/21/00-
12/22/00 40,000 39,645,525
6.33%, 12/06/00 20,000 19,870,550
6.34%, 12/21/00-
12/22/00 75,000 74,326,508
6.36%, 11/15/00-
01/23/01 80,000 79,493,342
6.38%, 11/30/00 50,000 49,729,961
6.381%, 12/22/00 10,000 9,909,611
6.40%, 01/26/01 25,000 24,615,975
--------------
446,268,535
--------------
Federal Home Loan
Mortgage Corp.
6.34%, 11/17/00 50,000 49,852,067
6.39%, 12/28/00 25,000 24,747,847
--------------
74,599,914
--------------
Federal National
Mortgage Assoc.
6.32%, 12/13/00 25,000 24,806,132
6.35%, 12/18/00 50,000 49,578,578
--------------
74,384,710
--------------
(Cost $595,352,173) 595,253,159
--------------
</TABLE>
139
<PAGE> 143
ASMT JANUS CAPITAL
GROWTH PORTFOLIO
<TABLE>
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
CORPORATE OBLIGATIONS -- 0.0%
ENTERTAINMENT & LEISURE
Venetian Casino
Resort LLC
12.25%, 11/15/04
(Cost $275,406) $ 275 $ 279,813
--------------
COMMERCIAL PAPER -- 6.5%
CIT Group Holdings,
Inc.
6.62%, 11/01/00 52,300 52,300,000
UBS Finance Corp.
6.65%, 11/01/00 5,000 5,000,000
6.65%, 11/01/00 95,000 95,000,000
--------------
(Cost $152,300,000) 152,300,000
--------------
SHORT-TERM INVESTMENTS -- 0.0%
Temporary
Investment Cash
Fund 44,853 44,853
Temporary
Investment Fund 44,853 44,853
--------------
(Cost $89,706) 89,706
--------------
TOTAL INVESTMENTS -- 101.3%
(Cost $1,877,481,977) 2,372,838,256
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (1.3%) (30,142,848)
--------------
NET ASSETS -- 100.0% $2,342,695,408
==============
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
140
<PAGE> 144
AMERICAN SKANDIA MASTER TRUST
ASMT INVESCO
EQUITY INCOME PORTFOLIO
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 72.3%
ADVERTISING -- 1.0%
Omnicom Group, Inc. 34,500 $ 3,182,625
------------
AEROSPACE -- 0.9%
Honeywell
International,
Inc. 28,300 1,522,894
Northrop Grumman
Corp.* 16,400 1,377,600
------------
2,900,494
------------
AUTOMOBILE MANUFACTURERS -- 2.9%
Ford Motor Co. 69,752 1,822,271
General Motors Corp. 56,500 3,510,063
General Motors Corp.
Cl-H* 130,000 4,212,000
------------
9,544,334
------------
BEVERAGES -- 1.9%
Anheuser-Busch
Companies, Inc.* 55,200 2,525,400
Coors, (Adolph) Co.
Cl-B* 60,000 3,821,250
------------
6,346,650
------------
BROADCASTING -- 0.5%
Entravision
Communications
Corp.* 90,000 1,591,875
------------
COMPUTER HARDWARE -- 0.8%
Compaq Computer
Corp. 88,400 2,688,244
------------
COMPUTER SERVICES & SOFTWARE -- 1.2%
Cisco Systems, Inc.* 73,000 3,932,875
------------
CONGLOMERATES -- 1.0%
Minnesota Mining &
Manufacturing Co.* 35,400 3,420,525
------------
CONSUMER PRODUCTS & SERVICES -- 1.3%
Gillette Co. 120,000 4,185,000
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 1.6%
General Electric Co. 98,400 5,393,550
------------
ENERGY SERVICES -- 0.8%
ScottishPower PLC
[ADR] 38,100 1,150,144
Xcel Energy, Inc.* 59,200 1,513,300
------------
2,663,444
------------
ENTERTAINMENT & LEISURE -- 0.8%
Harrah's
Entertainment,
Inc.* 60,000 1,717,500
Park Place
Entertainment
Corp.* 82,600 1,053,150
------------
2,770,650
------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
FARMING & AGRICULTURE -- 0.4%
Monsanto Co.* 56,200 $ 1,433,100
------------
FINANCIAL -- BANK & TRUST -- 5.5%
Bank of New York
Co., Inc. 120,100 6,913,256
Charter One
Financial, Inc. 99,880 2,291,002
Chase Manhattan
Corp. 80,000 3,640,000
Morgan, (J.P.) &
Co., Inc. 20,000 3,310,000
Summit Bancorp 60,000 2,250,000
------------
18,404,258
------------
FINANCIAL SERVICES -- 7.6%
Citigroup, Inc. 102,233 5,380,011
John Hancock
Financial
Services, Inc.* 110,000 3,478,750
Morgan Stanley Dean
Witter & Co.* 42,000 3,373,125
Stilwell Financial,
Inc.* 200,000 8,962,499
Wells Fargo & Co. 85,500 3,959,719
------------
25,154,104
------------
FOOD -- 2.7%
Heinz, (H.J.) Co. 34,000 1,425,875
Kellogg Co. 135,900 3,448,463
Quaker Oats Co. 30,000 2,446,875
Tasty Baking Co. 125,700 1,476,975
------------
8,798,188
------------
INSURANCE -- 3.0%
Allmerica Financial
Corp. 100,000 6,306,250
MetLife, Inc.* 130,000 3,591,250
Ohio Casualty Corp. 13,000 109,281
------------
10,006,781
------------
INTERNET SERVICES -- 0.8%
America Online,
Inc.* 50,000 2,521,500
------------
MACHINERY & EQUIPMENT -- 1.0%
Illinois Tool Works,
Inc. 59,200 3,289,300
------------
OIL & GAS -- 9.3%
Apache Corp. 75,400 4,170,562
BP Amoco PLC [ADR] 70,000 3,565,625
Exxon Mobil Corp. 60,000 5,351,249
National Fuel Gas
Co. 70,000 3,753,750
Phillips Petroleum
Co. 50,000 3,087,500
Royal Dutch
Petroleum Co. NY
Reg. 57,900 3,437,813
</TABLE>
141
<PAGE> 145
ASMT INVESCO
EQUITY INCOME PORTFOLIO
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
Schlumberger Ltd. 45,000 $ 3,425,625
Unocal Corp. 110,000 3,753,750
------------
30,545,874
------------
PAPER & FOREST PRODUCTS -- 2.1%
Bowater, Inc. 60,000 3,247,500
Temple-Inland, Inc. 35,000 1,566,250
Weyerhaeuser Co. 47,000 2,206,063
------------
7,019,813
------------
PHARMACEUTICALS -- 6.7%
American Home
Products Corp. 106,900 6,788,150
Merck & Co., Inc. 57,700 5,189,394
Pfizer, Inc. 122,500 5,290,469
Pharmacia Corp. 92,300 5,076,500
------------
22,344,513
------------
PRINTING & PUBLISHING -- 1.0%
McGraw-Hill Co.,
Inc. 52,800 3,389,100
------------
RAILROADS -- 0.7%
Kansas City Southern
Industries, Inc. 50,000 434,375
Norfolk Southern
Corp. 133,900 1,891,338
------------
2,325,713
------------
RETAIL & MERCHANDISING -- 3.7%
Radio Shack Corp. 90,600 5,402,025
Target Corp. 136,000 3,757,000
Wal-Mart Stores,
Inc. 67,200 3,049,200
------------
12,208,225
------------
SEMICONDUCTORS -- 2.5%
Intel Corp. 82,700 3,721,500
Maxim Integrated
Products, Inc.* 70,000 4,641,875
------------
8,363,375
------------
TELECOMMUNICATIONS -- 8.0%
AT&T Corp. 52,000 1,205,750
AT&T Corp. Liberty
Media Group Cl-A* 72,000 1,296,000
BellSouth Corp. 75,800 3,662,088
Cox Communications,
Inc. Cl-A* 34,700 1,528,969
Crown Castle
International
Corp.* 57,000 1,727,813
EchoStar
Communications
Corp. Cl-A* 30,000 1,357,500
Lucent Technologies,
Inc. 54,000 1,258,875
Qwest Communications
International,
Inc.* 103,759 5,045,280
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
SHARES VALUE
----------------------------------------------------
<S> <C> <C>
SBC Communications,
Inc. 97,272 $ 5,611,378
Verizon
Communications 65,700 3,798,281
------------
26,491,934
------------
UTILITIES -- 2.6%
Duke Energy Corp. 43,500 3,760,031
Enron Corp. 37,000 3,036,313
Exelon Corp. 28,962 1,741,346
------------
8,537,690
------------
TOTAL COMMON STOCK
(Cost $202,676,745) 239,453,734
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
CORPORATE OBLIGATIONS -- 17.4%
ADVERTISING -- 0.1%
MDC Corp., Inc.
10.50%, 12/01/06 $ 500 457,500
------------
BEVERAGES -- 0.7%
Seagram, (J.) & Sons
Co.
7.60%, 12/15/28 2,000 2,214,940
------------
BROADCASTING -- 0.8%
Chancellor Media
Corp.
8.00%, 11/01/08 1,000 1,005,000
Chancellor Media
Corp. L.A. Cl-B
8.75%, 06/15/07 250 255,625
8.125%, 12/15/07 1,300 1,313,000
------------
2,573,625
------------
BUSINESS SERVICES -- 0.1%
Intermedia
Communications,
Inc. Cl-B
8.60%, 06/01/08 500 473,750
------------
CABLE TELEVISION -- 0.2%
Comcast U.K. Cable
Corp. [STEP]
7.137%, 11/15/07 750 686,250
------------
CHEMICALS -- 0.1%
Equistar Chemicals
L.P.
7.55%, 02/15/26 250 194,220
------------
COMPUTER SERVICES & SOFTWARE -- 0.6%
Juniper Networks,
Inc.
4.75%, 03/15/07 1,500 2,041,875
------------
</TABLE>
142
<PAGE> 146
AMERICAN SKANDIA MASTER TRUST
<TABLE>
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
ENTERTAINMENT &
LEISURE -- 0.2%
Park Place
Entertainment
8.875%, 09/15/08 $ 500 $ 492,500
Time Warner
Entertainment Co.
7.25%, 09/01/08 100 99,462
------------
591,962
------------
FINANCIAL SERVICES -- 0.5%
Associates Corp. of
North America Cl-E
7.375%, 06/11/07 500 505,281
Resolution Funding
Corp.
6.58%, 04/15/09
[ZCB] 2,000 1,190,594
------------
1,695,875
------------
HEALTHCARE SERVICES -- 0.0%
FHP International
Corp.
7.00%, 09/15/03 50 48,755
------------
HOTELS & MOTELS -- 0.1%
Hilton Hotels Corp.
7.20%, 12/15/09 250 232,094
------------
INSURANCE -- 0.3%
Progressive Corp.
6.625%, 03/01/29 500 400,773
The Equitable
Companies, Inc.
9.00%, 12/15/04 500 530,378
------------
931,151
------------
INTERNET SERVICES -- 0.1%
Call-Net
Enterprises, Inc.
[STEP]
10.80%, 05/15/09 500 132,500
PSINet, Inc. Cl-B
10.00%, 02/15/05 500 241,250
------------
373,750
------------
MACHINERY & EQUIPMENT -- 0.1%
United Rentals, Inc.
9.25%, 01/15/09 500 412,500
------------
OIL & GAS -- 0.7%
Atlantic Richfield
Co.
10.875%, 07/15/05 500 582,088
CMS Panhandle
Holding Co.
6.50%, 07/15/09 500 446,949
Gulf Canada
Resources Ltd.
8.25%, 03/15/17 100 101,250
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
Noram Energy Corp.
6.00%, 03/15/12
[CVT] $ 400 $ 350,000
Snyder Oil Corp.
8.75%, 06/15/07 750 772,500
------------
2,252,787
------------
PAPER & FOREST PRODUCTS -- 0.3%
Bowater, Inc.
9.00%, 08/01/09 500 518,941
Chesapeake Corp.
7.20%, 03/15/05 500 454,874
------------
973,815
------------
PHARMACEUTICALS -- 0.1%
McKesson Corp.
4.50%, 03/01/04 200 179,000
------------
TELECOMMUNICATIONS -- 6.0%
Allegiance Telecom,
Inc. Cl-B [STEP]
12.409%, 02/15/08 1,700 1,181,500
Asia Global Crossing
Ltd. 144A
13.375%, 10/15/10 500 465,000
Caprock
Communications
Corp.
11.50%, 05/01/09 1,250 1,209,375
Centel Capital Corp.
9.00%, 10/15/19 250 259,583
Clearnet
Communications,
Inc.
8.623%, 05/01/09 1,000 810,000
ESAT Telecom Group
PLC
9.438%, 02/01/07
[STEP] 1,500 1,455,000
11.875%, 12/01/08 750 888,750
GTE Corp.
7.90%, 02/01/27 731 706,056
Intermedia
Communications,
Inc. Cl-B [STEP]
9.592%, 07/15/07 1,000 827,500
Level 3
Communications,
Inc. [STEP]
12.533%, 12/01/08 1,500 817,500
McLeodUSA, Inc.
[STEP]
10.633%, 03/01/07 500 420,000
Metromedia Fiber
Network, Inc. Cl-B
10.00%, 11/15/08 750 667,500
MetroNet
Communications
Corp. [STEP]
8.691%, 06/15/08 4,250 3,453,124
</TABLE>
143
<PAGE> 147
ASMT INVESCO
EQUITY INCOME PORTFOLIO
<TABLE>
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
NEXTLINK Communications,
Inc.
12.50%, 04/15/06 $ 1,000 $ 945,000
9.625%, 10/01/07 250 211,250
11.51%, 04/15/08
[STEP] 250 138,125
Price Communications
Wireless, Inc.
Cl-B
9.125%, 12/15/06 500 502,500
Qwest Communications
International,
Inc. Cl-B [STEP]
8.148%, 02/01/08 1,800 1,509,750
7.25%, 11/01/08 250 243,830
RCN Corp.
10.125%, 01/15/10 500 342,500
Renaissance Media
Group
9.587%, 04/15/08
[STEP] 598 421,590
Rogers Cantel, Inc.
9.375%, 06/01/08 500 512,500
9.75%, 06/01/16 1,250 1,337,500
US West
Communications
Group
5.65%, 11/01/04 650 608,713
------------
19,934,146
------------
UTILITIES -- 6.4%
Appalachian Power
Co.
8.00%, 06/01/25 500 492,739
Arizona Public
Service Co.
8.00%, 02/01/25 1,000 969,936
Cleveland Electric
Illuminating Co.
9.00%, 07/01/23 250 256,100
Cleveland Electric
Illuminating Co.
Cl-D
7.88%, 11/01/17 500 494,560
Commonwealth Edison
Co.
8.00%, 05/15/08 400 409,620
8.50%, 07/15/22 250 256,083
8.375%, 02/15/23 828 835,706
Consumers Energy Co.
7.375%, 09/15/23 500 446,019
Duquesne Light Co.
7.55%, 06/15/25 1,000 942,345
El Paso Electric Co.
8.90%, 02/01/06 1,250 1,306,249
El Paso Electric Co.
Cl-C
8.25%, 02/01/03 200 202,509
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
Gulf Power Co.
6.875%, 01/01/26 $ 500 $ 441,252
Gulf States
Utilities
8.70%, 04/01/24 250 259,030
Indiana Michigan
Power
8.50%, 12/15/22 1,000 1,016,665
Jersey Central Power
& Light Co.
7.98%, 02/16/23 500 490,604
7.50%, 05/01/23 500 469,511
Kentucky Utility
Energy Corp.
7.55%, 06/01/25 500 475,557
Metropolitan Edison
Co. Cl-B
8.15%, 01/30/23 75 73,973
New York State
Electric & Gas
Corp.
8.30%, 12/15/22 200 200,097
Niagara Mohawk Power
Corp.
8.75%, 04/01/22 500 512,392
8.50%, 07/01/23 300 305,258
NRG Northeast
Generating Co.
144A
9.292%, 12/15/24 1,750 1,799,851
Potomac Edison Co.
8.00%, 06/01/24 500 492,212
7.75%, 05/01/25 650 626,926
Potomac Electric
Power
8.50%, 05/15/27 1,000 1,019,880
Public Service
Electric & Gas Co.
6.375%, 05/01/08 500 471,435
Public Service of
New Mexico
7.50%, 08/01/18 460 432,418
Public Service of
New Mexico Cl-A
7.10%, 08/01/05 750 734,053
TXU Corp.
7.875%, 04/01/24 500 485,756
8.50%, 08/01/24 500 514,806
7.375%, 10/01/25 500 461,468
TXU Electric Capital
Corp.
8.175%, 01/30/37 750 757,637
Union Electric Co.
8.75%, 12/01/21 750 781,604
8.25%, 10/15/22 1,000 1,018,556
Western
Massachusetts
Electric Co. Cl-V
7.75%, 12/01/02 117 116,897
</TABLE>
144
<PAGE> 148
AMERICAN SKANDIA MASTER TRUST
<TABLE>
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
Wisconsin Electric &
Power
8.375%, 12/01/26 $ 1,000 $ 1,016,563
------------
21,586,267
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $59,590,106) 57,854,262
------------
U.S. TREASURY OBLIGATIONS -- 2.8%
U.S. Treasury Notes
6.625%, 05/31/02 1,250 1,260,361
5.875%, 11/15/04 3,000 3,002,034
5.625%, 05/15/08 4,750 4,684,051
6.00%, 08/15/09 500 505,349
------------
(Cost $9,576,173) 9,451,795
------------
<CAPTION>
SHARES
------
<S> <C> <C>
PREFERRED STOCK -- 0.4%
TELECOMMUNICATIONS
Broadwing
Communications,
Inc. 12.50% 1,000 992,500
Global Crossing
Holdings Ltd.
10.50% [PIK]* 5,000 481,250
------------
(Cost $1,596,250) 1,473,750
------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 0.4%
Federal Home Loan
Mortgage Corp.
6.50%, 02/01/30
(Cost $1,387,244) $ 1,488 $ 1,431,004
------------
COMMERCIAL PAPER -- 3.0%
American Express
Credit Corp.
6.58%, 11/03/00
(Cost $10,000,000) 10,000 10,000,000
------------
<CAPTION>
SHARES
------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 3.1%
Temporary Investment
Cash Fund 5,082,654 $ 5,082,654
Temporary Investment
Fund 5,082,653 5,082,653
------------
(Cost $10,165,307) 10,165,307
------------
TOTAL INVESTMENTS -- 99.4%
(Cost $294,991,825) 329,829,852
OTHER ASSETS LESS
LIABILITIES -- 0.6% 1,855,875
------------
NET ASSETS -- 100.0% $331,685,727
============
</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 year, these securities amounted
to 0.7% of net assets.
See Notes to Financial Statements.
145
<PAGE> 149
ASMT PIMCO TOTAL
RETURN BOND PORTFOLIO
<TABLE>
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 96.9%
Federal Home Loan
Mortgage Corp.
6.00%, 12/13/30
[TBA] $ 1,000 $ 937,810
6.30%, 06/01/04 3,000 2,951,130
6.50%, 08/15/23-
12/15/23 3,883 3,821,394
7.00%, 12/13/30
[TBA] 21,300 20,867,397
7.50%, 07/15/30 2,800 2,719,741
7.813%, 07/01/30 788 793,644
-------------
32,091,116
-------------
Federal National
Mortgage Assoc.
6.00%, 11/13/30 4,000 3,750,000
6.446%, 01/01/28
[VR] 211 207,579
6.50%, 05/18/23 1,821 1,801,992
7.00%, 02/15/27-
11/13/30 4,875 4,616,499
8.50%, 08/01/24-
12/01/25 713 731,195
-------------
11,107,265
-------------
Government National
Mortgage Assoc.
6.50%, 11/22/29-
11/23/30 39,962 38,671,736
6.875%, 02/04/40 4,987 4,899,465
7.00%, 11/15/27-
11/20/30 82,157 80,922,644
7.067%, 09/01/40 6,300 6,308,860
7.50%, 11/20/30
[TBA] 27,200 27,282,563
8.00%, 11/20/30
[TBA] 400 406,624
-------------
158,491,892
-------------
Student Loan
Marketing Assoc.
6.824%, 07/25/04
[FRB] 724 720,944
-------------
(Cost $202,970,901) 202,411,217
-------------
CORPORATE OBLIGATIONS -- 40.4%
AIRLINES -- 1.3%
Continental
Airlines, Inc.
6.954%, 02/02/11 2,829 2,732,175
-------------
AUTOMOBILE MANUFACTURERS -- 2.4%
DaimlerChrysler NA
7.001%, 08/16/04 5,000 5,004,230
-------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
CONGLOMERATES -- 0.5%
Philip Morris
Companies, Inc.
7.625%, 05/15/02 $ 1,000 $ 994,798
-------------
CONSUMER PRODUCTS & SERVICES -- 1.0%
Sears Roebuck
Acceptance Corp.
6.86%, 08/06/01 2,000 2,002,106
-------------
FINANCIAL -- BANK & TRUST -- 4.4%
Banco Latinamericano
SA 144A+
7.639%, 12/10/01 3,000 3,003,780
Beneficial Corp.
Cl-H [FRN]
6.77%, 01/09/02 500 500,346
PNC Bank Corp. NA
6.682%, 08/15/02 2,800 2,802,209
Popular North
America, Inc. Cl-D
6.625%, 01/15/04 3,000 2,919,426
-------------
9,225,761
-------------
FINANCIAL SERVICES -- 18.2%
Banco Nacional de
Comercio Exterior
7.25%, 02/02/04 4,500 4,308,750
Bear Stearns Co.
7.01%, 03/28/03 1,000 999,611
7.035%, 03/18/05
[VR] 500 500,905
Caterpillar
Financial Services
Corp., Inc.
6.888%, 02/11/02
[FRN] 500 500,734
6.875%, 08/01/04 4,000 3,968,312
DTE Capital Corp.
144A [VR]+
7.11%, 11/15/03 3,000 2,939,079
Ford Motor Credit
Co. [FRN]
6.813%, 09/03/01 1,000 1,000,685
6.943%, 06/02/03 2,300 2,293,500
6.95%, 06/20/03 600 598,742
6.70%, 07/16/04 2,000 1,954,634
7.11%, 06/30/05 2,000 1,991,096
General Motors
Acceptance Corp.
6.838%, 04/29/02
[FRN] 2,800 2,800,896
7.035%, 07/21/03 2,700 2,696,649
Goldman Sachs Group
Cl-A 144A [FRN]
6.923%, 12/07/01 2,000 2,004,616
</TABLE>
146
<PAGE> 150
AMERICAN SKANDIA MASTER TRUST
<TABLE>
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
John Deere Capital
Corp. [FRN]
6.94%, 04/21/03 $ 3,100 $ 3,101,767
Lehman Brothers
Holdings, Inc.
[FRN]
7.244%, 12/01/00 800 800,163
6.972%, 09/03/02 1,800 1,798,160
Merrill Lynch & Co.,
Inc. [FRN]
7.25%, 01/11/02 2,000 2,009,254
Morgan Stanley Dean
Witter & Co. [FRN]
6.847%, 03/11/03 1,000 997,750
New England
Educational Loan
Marketing Assoc.
Cl-B 144A [FRN]
6.83%, 06/01/01 1,000 1,000,194
-------------
38,265,497
-------------
HEALTHCARE SERVICES -- 2.0%
Columbia HCA
Healthcare Corp.
6.63%, 07/15/45 4,275 4,170,656
-------------
INSURANCE -- 0.7%
Gold Eagle Capital
[FRN] 144A+
12.198%, 04/16/01 1,500 1,500,000
-------------
TELECOMMUNICATIONS -- 6.8%
MCI WorldCom, Inc.
6.125%, 08/15/01 1,000 994,034
Philippine Long
Distance Telephone
10.50%, 04/15/09 1,500 1,237,886
Sprint Capital Corp.
6.50%, 11/15/01 8,830 8,790,565
WorldCom, Inc.
8.875%, 01/15/06 3,000 3,093,663
-------------
14,116,148
-------------
UTILITIES -- 3.1%
El Paso Energy Corp.
6.625%, 07/15/01 4,000 3,988,516
Pacific Gas &
Electric Co. 144A+
7.059%, 10/31/01 2,400 2,400,000
-------------
6,388,516
-------------
TOTAL CORPORATE OBLIGATIONS
(Cost $84,932,630) 84,399,887
-------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS -- 20.2%
Ameriquest Mortgage
Securities, Inc.
Series 2000-1 Cl-A
6.941%, 06/15/30 $ 2,647 $ 2,645,952
Ameriquest Mortgage
Securities, Inc.
Series 2000-2 Cl-A
6.921%, 06/15/30 1,545 1,547,054
Brazo 1998-A Cl-A2
[FRB]
7.31%, 06/01/23 5,000 4,959,474
Centre Series 1999
144A
6.715%, 02/01/09 2,939 2,822,258
Chase Mortgage
Finance Corp.
1995-A Cl-A
6.204%, 04/25/25 1,461 1,476,634
Chase Series 1999-S8
Cl-A1
6.35%, 06/25/29 4,660 4,614,345
Countrywide Home
Loans Series
1998-18 Cl-2A3
6.75%, 11/25/28 1,000 923,768
Federal Housing
Authority
6.68%, 01/01/09 820 785,422
GE Capital Mortgage
Services, Inc.
Series 1999-11
Cl-Y2
6.00%, 05/25/29 3,100 3,041,426
Green Tree Financial
Corp. 1999 Cl-A5
7.86%, 04/01/31 1,400 1,339,135
Morgan Stanley
Capital Corp.
Series 1997-H
144A+
6.86%, 05/15/06 2,029 2,030,843
Norwest Asset
Securities Corp.
Series 1999-18
Cl-A2
6.00%, 07/25/29 5,200 4,906,954
Norwest Asset
Securities Corp.
Series 1999-25
Cl-A4
6.50%, 10/25/29 1,978 1,806,146
PNC Mortgage
Securities Corp.
Series 1998-10
Cl-1A6
6.50%, 10/25/28 2,000 1,813,206
</TABLE>
147
<PAGE> 151
ASMT PIMCO TOTAL
RETURN BOND PORTFOLIO
<TABLE>
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
Providian Gateway
Master Trust
Series 2000-B Cl-A
144A+
6.90%, 03/16/09 $ 2,000 $ 2,000,000
Prudential
Securities Secured
Financing Co.
Series 1999-C2
Cl-A1
6.955%, 06/15/08 2,807 2,803,689
Small Business
Investment
Companies Series
2000-P10B Cl-1
7.449%, 08/01/10 600 613,015
Torrens Trust Series
2000-1GA Cl-A
144A+
6.88%, 07/15/31 2,119 2,119,395
-------------
(Cost $42,768,993) 42,248,716
-------------
U.S. TREASURY OBLIGATIONS -- 15.8%
U.S. Treasury Bills
5.98%, 02/01/01# 100 98,426
6.02%, 02/01/01# 115 113,190
-------------
211,616
-------------
U.S. Treasury Bonds
9.125%, 05/15/18 600 800,780
8.125%, 08/15/19-
05/15/21 4,300 5,363,708
6.00%, 02/15/26 600 601,522
6.50%, 11/15/26 1,000 1,069,650
-------------
7,835,660
-------------
U.S. Treasury
Inflationary Bonds
3.625%, 07/15/02-
04/15/08 6,009 6,432,567
3.375%, 01/15/07 5,200 5,522,814
3.875%, 01/15/09-
04/15/29 2,800 2,952,173
-------------
14,907,554
-------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
U.S. Treasury Strips
8.00%, 02/15/15-
11/15/24 $35,700 $ 10,019,412
-------------
(Cost $32,856,131) 32,974,242
-------------
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000)
---------
<S> <C> <C>
FOREIGN BONDS -- 2.6%
GERMANY -- 0.4%
Bundesrepublic
Germany
6.25%, 01/04/24 150 136,390
6.50%, 07/04/27 590 556,223
6.25%, 01/04/30 260 241,016
-------------
933,629
-------------
UNITED KINGDOM -- 2.2%
United Mexican
States
8.75%, 05/30/02 3,000 4,398,699
-------------
TOTAL FOREIGN BONDS
(Cost $5,654,073) 5,332,328
-------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
SOVEREIGN ISSUES -- 0.5%
BRAZIL
Republic of Brazil
7.00%, 01/04/00 $ 221 221,644
7.625%, 04/15/06
[BRB, FRN] 968 885,969
-------------
(Cost $1,096,417) 1,107,613
-------------
</TABLE>
148
<PAGE> 152
AMERICAN SKANDIA MASTER TRUST
<TABLE>
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
CERTIFICATES OF DEPOSIT -- 0.5%
Mexico Credit Link
11.855%, 02/22/02
144A+
(Cost $1,000,000) $ 1,000 $ 1,036,980
-------------
<CAPTION>
NUMBER OF
CONTRACTS
---------
<S> <C> <C>
OPTIONS -- 0.0%
CALL OPTIONS
5 Year U.S. Treasury
Note Futures,
Strike Price 106,
Expires 11/18/00* 172 2,687
-------------
PUT OPTIONS
10 Year U.S.
Treasury Note
Futures, Strike
Price 94, Expires
11/18/00* 171 2,672
-------------
TOTAL OPTIONS
(Cost $7,201) 5,359
-------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
COMMERCIAL PAPER -- 13.1%
Abbey National
6.52%, 01/19/01 $ 500 492,890
American Electric
Power
6.74%, 12/01/00++ 400 397,753
Associates Corp.
6.55%, 01/24/01 800 787,848
Bombardier Capital
Corp.
6.72%, 11/20/00++ 800 797,163
Cox Communications
Corp.+,++
6.725%, 11/06/00 500 499,533
6.71%, 12/07/00 1,000 993,290
Eastman Kodak Co.
6.52%, 11/29/00 100 99,495
Edison Midwest Co.
6.73%, 11/15/00++ 800 797,906
General Electric
Capital Corp.
6.57%, 01/10/01 300 296,220
Houston Industries,
Inc.
6.80%, 11/08/00++ 500 499,351
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
Infinity
Broadcasting
Corp.++
6.72%, 11/09/00 $ 600 $ 599,104
6.71%, 12/01/00 1,500 1,491,613
6.72%, 12/05/00 6,000 5,961,920
Norfolk Southern
Corp.
6.72%,
11/07/00+,++ 800 799,104
Sprint Capital Corp.
6.72%, 11/08/00++ 800 798,953
UBS Finance
6.53%, 01/16/01 10,000 9,860,330
Verizon Global
Funding
6.54%, 01/24/01 2,200 2,166,582
-------------
(Cost $27,340,532) 27,339,055
-------------
TOTAL INVESTMENTS -- 190.0%
(Cost $398,626,878) 396,855,397
-------------
<CAPTION>
NUMBER OF
CONTRACTS
---------
<S> <C> <C>
WRITTEN OPTIONS -- 0.0%
CALL OPTIONS
10 Year U.S.
Treasury Note
Future, Strike
Price 102, Expires
11/18/00* 43 (5,375)
10 Year U.S.
Treasury Note
Futures, Strike
Price 103, Expires
11/18/00* 56 (1,750)
-------------
(7,125)
-------------
PUT OPTIONS
10 Year U.S.
Treasury Note
Futures, Strike
Price 97, Expires
11/18/00* 16 (250)
10 Year U.S.
Treasury Note
Futures, Strike
Price 98, Expires
11/18/00* 33 (1,031)
-------------
(1,281)
-------------
TOTAL WRITTEN OPTIONS
(Cost $(30,471)) (8,406)
-------------
</TABLE>
149
<PAGE> 153
ASMT PIMCO TOTAL
RETURN BOND PORTFOLIO
<TABLE>
<CAPTION>
----------------------------------------------------
PAR
(000) VALUE
----------------------------------------------------
<S> <C> <C>
SALE COMMITMENTS -- (0.2)%
Government National
Mortgage Assoc.
8.00%, 11/20/30
[TBA]
(Cost $(406,937)) $ 400 $ (406,624)
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (89.8%) (187,536,448)
-------------
NET ASSETS -- 100.0% $ 208,903,919
=============
</TABLE>
Foreign currency exchange contracts outstanding at October 31, 2000:
<TABLE>
<CAPTION>
UNREALIZED
SETTLEMENT CONTRACTS TO IN EXCHANGE CONTRACTS APPRECIATION/
MONTH TYPE DELIVER FOR AT VALUE (DEPRECIATION)
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
11/00 Sell EUR 1,281,000 $1,127,657 $1,086,908 $ 40,749
11/00 Sell GBP 3,605,000 5,216,500 5,237,466 (20,966)
---------- ---------- --------
$6,344,157 $6,324,374 $ 19,783
========== ========== ========
</TABLE>
-------------------------------------------------------
# Securities with an aggregate market value of $1,620,926 have been segregated
with the custodian to cover margin requirements for the following open futures
contracts at October 31, 2000:
<TABLE>
<CAPTION>
NOTIONAL UNREALIZED
EXPIRATION AMOUNT APPRECIATION/
DESCRIPTION MONTH (000) (DEPRECIATION)
---------------------------------------------------------------------
<S> <C> <C> <C> <C>
Short U.S. Treasury 2 12/00 $(92,000) $160,188
Year Note
Short 10 Year U.K. Gilt 12/00 GBP (82,000) (84,817)
U.S. Treasury 30 Year 12/00 9,900 83,031
Bond
U.S. Treasury 10 Year 12/00 13,500 79,789
Note
10 Year Euro Bund 12/00 EUR 22,200 34,084
--------
$272,275
========
</TABLE>
Interest rate swap agreements outstanding at October 31, 2000:
<TABLE>
<CAPTION>
NOTIONAL
EXPIRATION AMOUNT UNREALIZED
DESCRIPTION MONTH (000) DEPRECIATION
---------------------------------------------------------------------
<S> <C> <C> <C> <C>
Receive variable rate 01/09 EUR 680 $ (8,985)
payments on the six
month LIBOR-BBA
floating rate -- 0.499%
and pay fixed rate
payments of 6.00%
Receive variable rate 01/24 EUR 150 (10,909)
payments on the six
month LIBOR-BBA
floating rate -- 0.54%
and pay fixed rate
payments of 6.25%
Receive variable rate 01/30 EUR 400 (2,396)
payments on the three
month LIBOR-BBA
floating rate -- 0.59%
and pay fixed rate
payments of 6.01%
Receive variable rate 05/30 EUR 510 (4,893)
payments on the six
month LIBOR-BBA
floating rate and pay
fixed rate payments of
6.175%
Zero Coupon Swap. 11/21 $13,300 (197,976)
Receive (net
appreciation) or pay
(net depreciation), on
expiration date, the
difference between the
three month LIBOR-BBA
and the notional amount
Zero Coupon Swap. 11/21 $ 5,300 (82,741)
Receive (net
appreciation) or pay
(net depreciation), on
expiration date, the
difference between the
three month LIBOR-BBA
and the notional amount
---------
$(307,900)
=========
</TABLE>
-------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
+ Illiquid security. At the end of the year, these securities amounted to 7.4%
of net assets.
++ Security is restricted as to resale and may not be resold except to qualified
institutional buyers. At the end of the year, these securities amounted to
6.5% 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 year, these securities amounted
to 10.9% of net assets.
See Notes to Financial Statements.
150
<PAGE> 154
AMERICAN SKANDIA MASTER TRUST
ASMT JPM
MONEY MARKET PORTFOLIO
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
COMMERCIAL PAPER -- 51.9%
AUTOMOBILE MANUFACTURERS -- 0.8%
General Motors
Acceptance Corp.
6.49%, 02/05/01 $2,000 $ 1,965,387
------------
CONSUMER PRODUCTS & SERVICES -- 3.9%
Gillette Co.+
6.46%, 12/11/00 5,000 4,964,111
6.47%, 12/13/00 5,000 4,962,258
------------
9,926,369
------------
FINANCIAL -- BANK & TRUST -- 1.9%
Bank of America Corp.
6.48%, 02/23/01 1,000 979,480
6.49%, 03/07/01 4,000 3,909,140
------------
4,888,620
------------
FINANCIAL SERVICES -- 15.2%
Associates Corp. NA
6.64%, 11/01/00 5,000 5,000,000
Credit Suisse First
Boston
6.50%, 02/05/01 6,000 5,896,000
6.49%, 03/05/01 2,000 1,955,291
Cregem North America
6.52%, 01/31/01 3,000 2,950,557
General Electric
Capital Corp.
6.64%, 11/01/00 8,605 8,605,000
Private Export Corp.
6.46%, 03/07/01 5,000 4,886,950
Salomon Smith Barney
6.49%, 12/07/00 9,000 8,941,589
------------
38,235,387
------------
OIL & GAS -- 8.2%
British Gas Capital,
Inc.
6.54%, 01/12/01 4,000 3,947,680
6.48%, 02/22/01 7,000 6,857,620
6.48%, 02/26/01 3,000 2,936,820
Texaco, Inc.
6.47%, 11/09/00 7,000 6,989,936
------------
20,732,056
------------
PHARMACEUTICALS -- 3.9%
Merck & Co.
6.46%, 11/29/00 10,000 9,949,756
------------
REAL ESTATE -- 5.9%
HD Real Estate Funding
6.80%, 11/21/00+ 8,000 7,969,778
Nationwide Building
6.50%, 02/09/01 2,000 1,963,889
6.46%, 03/01/01 5,000 4,892,333
------------
14,826,000
------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS -- 4.7%
Bellsouth
Telecommunications
6.46%, 11/28/00 $2,000 $ 1,990,310
SBC Communications,
Inc.+
6.48%, 11/29/00 4,000 3,979,840
6.45%, 12/12/00 6,000 5,955,925
------------
11,926,075
------------
UTILITIES -- 7.4%
National Rural
Utilities
6.53%, 01/26/01 3,000 2,953,202
6.47%, 02/21/01 2,000 1,959,742
6.455%, 02/23/01 2,000 1,959,118
6.45%, 03/16/01 7,000 6,830,688
Wisconsin Energy Corp.
6.50%, 12/04/00+ 5,000 4,970,208
------------
18,672,958
------------
TOTAL COMMERCIAL PAPER
(Cost $131,122,608) 131,122,608
------------
CORPORATE OBLIGATIONS -- 32.7%
AUTOMOBILE MANUFACTURERS -- 1.2%
General Motors
Acceptance Corp.
6.87%, 03/30/01 3,000 3,001,781
------------
FINANCIAL -- BANK & TRUST -- 22.0%
American Express
Centurion
6.59%, 10/16/01 7,000 7,000,000
Australia & New Zealand
Banking Group
6.71%, 11/01/00 9,500 9,496,296
Bank of America NA
6.67%, 04/03/01 5,000 5,000,000
6.67%, 04/06/01 2,000 2,001,396
Bank of Scotland 144A
6.633%, 03/05/01
[FRN]++ 3,000 2,999,950
BankBoston Corp.
6.738%, 05/11/01 7,000 7,002,909
Chase Manhattan Corp.
6.79%, 04/26/01 1,000 1,000,233
Comerica Bank
6.535%, 02/14/01
[FRN] 4,000 3,999,354
First Union National
Bank
6.718%, 05/04/01 3,000 3,000,940
6.66%, 10/16/01 7,000 7,000,000
Fleet National Bank
6.86%, 01/22/01 2,000 2,000,639
</TABLE>
151
<PAGE> 155
ASMT JPM
MONEY MARKET PORTFOLIO
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
U.S. Bank of Minnesota
NA
6.625%, 04/04/01
[FRN]++ $5,000 $ 4,999,087
------------
55,500,804
------------
FINANCIAL SERVICES -- 9.5%
AT&T Capital Corp.
6.972%, 04/09/01 3,000 3,002,483
CIT Group, Inc.
6.66%, 01/19/01
[FRN]++ 3,000 2,999,589
6.60%, 02/14/01
[FRN]++ 3,000 2,999,240
Citigroup, Inc.
6.58%, 04/04/01
[FRN]++ 5,000 5,000,000
General Electric
Capital Corp.
6.753%, 01/02/01
[FRN]++ 5,000 5,000,000
Household Finance Co.
6.78%, 06/22/01 5,000 5,004,544
------------
24,005,856
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $82,508,441) 82,508,441
------------
CERTIFICATES OF DEPOSIT -- 28.3%
Abbey National Treasury
6.45%, 01/08/01 4,000 3,999,646
6.47%, 01/10/01 2,000 1,999,818
Banc One
6.65%, 03/22/01 3,000 3,000,000
Bayerische Landesbank
NY
6.545%, 12/15/00
[FRN]++ 1,500 1,499,847
6.61%, 09/19/01 7,000 6,997,597
Citibank NA
7.41%, 05/30/01 2,000 2,000,000
Commerzbank AG NY
6.537%, 03/01/01 3,000 2,999,424
6.54%, 03/19/01 5,000 4,999,198
6.57%, 04/26/01
[FRN]++ 3,000 2,999,716
Credit Commercial de
Belgium
6.70%, 02/26/01 4,000 3,999,392
Deutsche Bank
6.19%, 12/01/00 5,500 5,499,698
6.525%, 02/16/01
[FRN]++ 3,000 2,999,571
Dresdner Bank NY
6.55%, 03/28/01 5,000 4,999,209
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------
PAR
(000) VALUE
---------------------------------------------------
<S> <C> <C>
Landesbank Hessen --
Thueringen
7.142%, 05/08/01 $3,000 $ 2,999,891
Rabobank Nederland NV
6.66%, 03/09/01 1,000 999,834
Union Bank of
Switzerland
6.235%, 12/04/00 5,000 4,999,677
6.39%, 12/21/00 2,500 2,499,837
Westdeutsche Landesbank
6.66%, 01/29/01 6,000 5,999,999
6.75%, 02/28/01 3,000 3,000,000
Westdeutsche Landesbank
NY
6.54%, 03/23/01
[FRN]++ 3,000 2,999,431
------------
(Cost $71,491,785) 71,491,785
------------
SOVEREIGN ISSUES -- 4.7%
Province of Quebec
6.675%, 12/14/00 8,000 7,936,216
6.46%, 02/16/01 4,000 3,923,198
------------
(Cost $11,859,414) 11,859,414
------------
<CAPTION>
SHARES
------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.1%
Temporary Investment
Cash Fund 93,654 93,654
Temporary Investment
Fund 93,653 93,653
------------
(Cost $187,307) 187,307
------------
TOTAL INVESTMENTS -- 117.7%
(Cost $297,169,555) 297,169,555
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (17.7%) (44,677,579)
------------
NET ASSETS -- 100.0% $252,491,976
============
</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 year, these securities amounted to
13.0% of net assets.
++ Maturity date reflects the next interest rate change date.
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 year, this security amounted to
1.2% of net assets.
See Notes to Financial Statements.
152
<PAGE> 156
AMERICAN SKANDIA MASTER TRUST
DEFINITION OF ABBREVIATIONS
-------------------------------------------------------
THE FOLLOWING ABBREVIATIONS ARE USED THROUGHOUT THE SCHEDULES OF INVESTMENTS:
SECURITY DESCRIPTIONS:
<TABLE>
<S> <C> <C>
ADR -- American Depositary Receipt
BRB -- Brady Bond
CVT -- Convertible Security
FRB -- Floating Rate Bond(1)
FRN -- Floating Rate Note(1)
STEP -- Stepped Coupon Bond(2)
PIK -- Payment in Kind Security
TBA -- To be Announced Security
VR -- Variable Rate Bond(1)
ZCB -- Zero Coupon Bond(2)
</TABLE>
<TABLE>
<S> <C> <C>
COUNTRIES/CURRENCIES:
CHF -- Switzerland/Swiss Franc
DKK -- Denmark/Danish Krona
EUR -- Europe/Euro Dollar
GBP -- United Kingdom/British Pound
HKD -- Hong Kong/Hong Kong Dollar
JPY -- Japan/Japanese Yen
SEK -- Sweden/Swedish Krona
</TABLE>
(1) Rates shown for variable and floating rate securities are the coupon rates
as of October 31, 2000.
(2) Rates shown are the effective yields at purchase date.
153
<PAGE> 157
OCTOBER 31, 2000
STATEMENTS OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASMT ASMT
AMERICAN ASMT ASMT PIMCO ASMT
CENTURY JANUS INVESCO TOTAL JPM
INTERNATIONAL CAPITAL EQUITY RETURN MONEY
GROWTH GROWTH INCOME BOND MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- -------------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments in Securities at
Value (A) $ 96,858,500 $2,372,838,256 $329,829,852 $396,855,397 $297,169,555
Collateral Received for
Securities Lent -- 293,005,691 40,469,377 -- --
Cash 9,407 -- -- 1,124,618 --
Foreign Currency (B) -- -- -- 390,448 --
Receivable for:
Securities Sold 1,699,375 5,383,432 2,729,576 22,011,949 845
Dividends and Interest 96,658 121,681 1,777,154 2,354,667 2,223,034
Contributions by Feeder
Fund 4,793,957 12,692,521 1,188,838 2,791,439 6,308,228
Unrealized Appreciation on
Foreign Currency Exchange
Contracts 5,381 -- -- 40,749 --
Deferred Organization Costs 8,370 8,370 8,472 8,472 8,495
------------ -------------- ------------ ------------ ------------
Total Assets 103,471,648 2,684,049,951 376,003,269 425,577,739 305,710,157
------------ -------------- ------------ ------------ ------------
LIABILITIES:
Cash Overdraft -- -- -- -- 187,086
Written Options Outstanding,
at Value -- -- -- 8,406 --
Sale Commitments, at Value -- -- -- 406,624 --
Unrealized Depreciation on
Foreign Currency Exchange
Contracts 2,250 -- -- 20,966 --
Unrealized Depreciation on
Swap Agreements -- -- -- 307,900 --
Payable upon Return of
Securities Lent -- 293,005,691 40,469,377 -- --
Payable to Investment
Manager 108,821 1,842,138 101,150 110,844 95,106
Payable for:
Securities Purchased 1,275,269 42,585,772 3,339,227 215,189,343 9,496,295
Withdrawals by Feeder
Funds 560,750 3,803,559 289,617 475,676 43,434,072
Futures Variation Margin -- -- -- 139,738 --
Accrued Expenses and Other
Liabilities 149,546 117,383 118,171 14,323 5,622
------------ -------------- ------------ ------------ ------------
Total Liabilities 2,096,636 341,354,543 44,317,542 216,673,820 53,218,181
------------ -------------- ------------ ------------ ------------
Net Assets $101,375,012 $2,342,695,408 $331,685,727 $208,903,919 $252,491,976
============ ============== ============ ============ ============
(A) Investments at Cost $ 93,972,994 $1,877,481,977 $294,991,825 $398,626,878 $297,169,555
============ ============== ============ ============ ============
(B) Foreign Currency at Cost $ -- $ -- $ -- $ 392,469 $ --
============ ============== ============ ============ ============
</TABLE>
154
<PAGE> 158
AMERICAN SKANDIA MASTER TRUST
FOR THE YEAR ENDED OCTOBER 31, 2000
STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASMT ASMT
AMERICAN ASMT ASMT PIMCO ASMT
CENTURY JANUS INVESCO TOTAL JPM
INTERNATIONAL CAPITAL EQUITY RETURN MONEY
GROWTH GROWTH INCOME BOND MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 124,089 $ 24,753,481 $ 5,400,389 $13,042,535 $15,546,214
Dividends 605,318 3,324,284 2,956,791 -- --
Foreign Taxes Withheld (94,585) (32,843) (131,945) (4,513) (564)
----------- ------------- ----------- ----------- -----------
Total Investment Income 634,822 28,044,922 8,225,235 13,038,022 15,545,650
----------- ------------- ----------- ----------- -----------
EXPENSES:
Advisory Fees 705,166 22,207,185 1,997,466 1,190,054 1,217,863
Shareholder Servicing Fees 6,001 6,001 6,001 6,001 6,001
Administration and Accounting Fees 44,350 523,851 214,633 180,228 155,993
Custodian Fees 155,993 215,854 40,504 49,274 43,157
Distribution Fees -- 60,201 88,890 -- --
Audit and Legal Fees 1,603 52,183 6,258 4,367 5,738
Organization Costs 5,219 5,219 5,208 5,208 5,201
Trustees' Fees 1,258 40,956 4,911 3,425 4,503
Miscellaneous Expenses 30,769 46,332 13,702 10,360 8,368
----------- ------------- ----------- ----------- -----------
Total Expenses 950,359 23,157,782 2,377,573 1,448,917 1,446,824
Less: Fees Paid Indirectly -- (60,201) (88,890) -- --
----------- ------------- ----------- ----------- -----------
Net Expenses 950,359 23,097,581 2,288,683 1,448,917 1,446,824
----------- ------------- ----------- ----------- -----------
Net Investment Income (Loss) (315,537) 4,947,341 5,936,552 11,589,105 14,098,826
----------- ------------- ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net Realized Gain (Loss) on:
Securities (4,178,359) (313,679,413) (873,077) 17,723 3,636
Futures Contracts -- -- -- (323,040) --
Written Options Contracts -- -- -- 192,104 --
Swap Agreements -- -- -- (6,032) --
Foreign Currency Transactions (200,401) 10,967 -- 644,841 --
----------- ------------- ----------- ----------- -----------
Net Realized Gain (Loss) (4,378,760) (313,668,446) (873,077) 525,596 3,636
----------- ------------- ----------- ----------- -----------
Net Change in Unrealized Appreciation
(Depreciation) on:
Securities (1,315,707) 239,676,014 21,312,333 1,146,738 --
Futures Contracts -- -- -- 254,145 --
Written Options Contracts -- -- -- (106,737) --
Swap Agreements -- -- -- (296,377) --
Translation of Assets and Liabilities
Denominated in Foreign Currencies 71 4 -- (105,185) --
----------- ------------- ----------- ----------- -----------
Net Change in Unrealized Appreciation
(Depreciation) (1,315,636) 239,676,018 21,312,333 892,584 --
----------- ------------- ----------- ----------- -----------
Net Gain (Loss) on Investments (5,694,396) (73,992,428) 20,439,256 1,418,180 3,636
----------- ------------- ----------- ----------- -----------
Net Increase (Decrease) in Net Assets
Resulting from Operations $(6,009,933) $ (69,045,087) $26,375,808 $13,007,285 $14,102,462
=========== ============= =========== =========== ===========
</TABLE>
See Notes to Financial Statements.
155
<PAGE> 159
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASMT ASMT
AMERICAN CENTURY JANUS
INTERNATIONAL GROWTH CAPITAL GROWTH
PORTFOLIO PORTFOLIO
----------------------------------- -----------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2000 1999 2000 1999
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net Investment Income (Loss) $ (315,537) $ 47,233 $ 4,947,341 $ 827,438
Net Realized Gain (Loss) on Investments (4,378,760) (426,619) (313,668,446) (53,595,339)
Net Change in Unrealized Appreciation
(Depreciation) on Investments (1,315,636) 4,321,537 239,676,018 239,637,126
------------ ------------ -------------- --------------
Net Increase (Decrease) in Net Assets
Resulting from Operations (6,009,933) 3,942,151 (69,045,087) 186,869,225
------------ ------------ -------------- --------------
CAPITAL TRANSACTIONS:
Contributions by Feeder Funds 140,453,980 31,129,167 2,945,551,476 1,150,697,636
Withdrawals by Feeder Funds (69,648,511) (13,512,625) (1,858,093,643) (167,522,691)
------------ ------------ -------------- --------------
Net Increase in Net Assets from Capital
Transactions 70,805,469 17,616,542 1,087,457,833 983,174,945
------------ ------------ -------------- --------------
Total Increase in Net Assets 64,795,536 21,558,693 1,018,412,746 1,170,044,170
NET ASSETS:
Beginning of Year 36,579,476 15,020,783 1,324,282,662 154,238,492
------------ ------------ -------------- --------------
End of Year $101,375,012 $ 36,579,476 $2,342,695,408 $1,324,282,662
============ ============ ============== ==============
</TABLE>
See Notes to Financial Statements.
156
<PAGE> 160
AMERICAN SKANDIA MASTER TRUST
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASMT ASMT ASMT
INVESCO PIMCO JPM
EQUITY INCOME TOTAL RETURN BOND MONEY MARKET
PORTFOLIO PORTFOLIO PORTFOLIO
----------------------------------- ----------------------------------- ----------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2000 1999 2000 1999 2000
---------------- ---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C>
FROM OPERATIONS:
Net Investment Income
(Loss) $ 5,936,552 $ 2,788,141 $ 11,589,105 $ 6,925,203 $ 14,098,826
Net Realized Gain
(Loss) on Investments (873,077) 3,669,326 525,596 (3,407,117) 3,636
Net Change in
Unrealized
Appreciation
(Depreciation) on
Investments 21,312,333 11,102,698 892,584 (3,235,236) --
------------ ------------ ------------- ------------ ---------------
Net Increase (Decrease)
in Net Assets Resulting
from Operations 26,375,808 17,560,165 13,007,285 282,850 14,102,462
------------ ------------ ------------- ------------ ---------------
CAPITAL TRANSACTIONS:
Contributions by Feeder
Funds 165,691,539 169,163,603 187,683,149 163,559,170 4,216,112,199
Withdrawals by Feeder
Funds (72,400,153) (38,155,462) (167,886,003) (47,117,698) (4,168,806,475)
------------ ------------ ------------- ------------ ---------------
Net Increase in Net
Assets from Capital
Transactions 93,291,386 131,008,141 19,797,146 116,441,472 47,305,724
------------ ------------ ------------- ------------ ---------------
Total Increase in
Net Assets 119,667,194 148,568,306 32,804,431 116,724,322 61,408,186
NET ASSETS:
Beginning of Year 212,018,533 63,450,227 176,099,488 59,375,166 191,083,790
------------ ------------ ------------- ------------ ---------------
End of Year $331,685,727 $212,018,533 $ 208,903,919 $176,099,488 $ 252,491,976
============ ============ ============= ============ ===============
<CAPTION>
ASMT
JPM
MONEY MARKET
PORTFOLIO
----------------
YEAR ENDED
OCTOBER 31,
1999
----------------
<S> <C>
FROM OPERATIONS:
Net Investment Income
(Loss) $ 4,396,358
Net Realized Gain
(Loss) on Investments 2,986
Net Change in
Unrealized
Appreciation
(Depreciation) on
Investments --
-------------
Net Increase (Decrease)
in Net Assets Resulting
from Operations 4,399,344
-------------
CAPITAL TRANSACTIONS:
Contributions by Feeder
Funds 398,826,561
Withdrawals by Feeder
Funds (261,147,912)
-------------
Net Increase in Net
Assets from Capital
Transactions 137,678,649
-------------
Total Increase in
Net Assets 142,077,993
NET ASSETS:
Beginning of Year 49,005,797
-------------
End of Year $ 191,083,790
=============
</TABLE>
See Notes to Financial Statements.
157
<PAGE> 161
AMERICAN SKANDIA MASTER TRUST
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 000s) Rate Expenses Indirectly* Average Net Assets(4)
-------- ------------- --------- --------- --------------- -----------------------
<S> <C> <C> <C> <C> <C> <C>
ASMT AMERICAN CENTURY
INTERNATIONAL GROWTH PORTFOLIO: 10/31/00 $ 101,375 165% 1.34% 1.34% (0.45%)
----------------------------------
----------------------------------
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: 10/31/00 $2,342,695 32% 1.04% 1.04% 0.22%
----------------------------------
----------------------------------
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: 10/31/00 $ 331,686 63% 0.85% 0.88% 2.21%
----------------------------------
----------------------------------
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: 10/31/00 $ 208,904 464% 0.79% 0.79% 6.33%
----------------------------------
----------------------------------
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: 10/31/00 $ 252,492 N/A 0.59% 0.59% 5.77%
----------------------------------
----------------------------------
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.
* 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.
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AMERICAN SKANDIA MASTER TRUST
OCTOBER 31, 2000
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
October 31, 2000, consisted of five diversified portfolios: ASMT American
Century International Growth Portfolio ("International Growth") (formerly, T.
Rowe Price International Equity Fund), ASMT Janus Capital Growth Portfolio
("Janus Capital Growth"), ASMT INVESCO Equity Income Portfolio ("Equity
Income"), ASMT PIMCO Total Return Bond Portfolio ("Total Return Bond")
(formerly, Total Return Bond Fund), and ASMT JPM Money Market Portfolio ("Money
Market") ( each a "Portfolio" and collectively the "Portfolios").
2. SIGNIFICANT ACCOUNTING POLICIES
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--------------------------------------------------------------------------------
The following is a summary of significant accounting policies followed by
the Trust, in conformity with accounting principles generally accepted in the
United States, 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 October 31, 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
159
<PAGE> 163
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, foreign currency, or "basket"
of securities representing a particular index. The gross returns to be
160
<PAGE> 164
AMERICAN SKANDIA MASTER TRUST
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 October 31, 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>
Janus Capital Growth $302,269,163 $293,005,691 $688,818
Equity Income 40,218,291 40,469,377 65,146
</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.
161
<PAGE> 165
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: American Century Investment Management, Inc., for
International Growth; Janus Capital Corporation for Janus Capital Growth;
INVESCO Funds Group, Inc. for Equity Income; Pacific Investment Management
Company LLC 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%, 0.75%, 0.65%, and 0.50% of the average
daily net assets of the International Growth, Janus Capital Growth, Equity
Income, Total Return Bond, and Money Market Portfolios, respectively. The
Investment Manager pays each Sub-advisor a fee as compensation for advisory
services provided to the Portfolios.
On May 1, 2000, American Century Investment Management, Inc. became the
Sub-advisor to the International Growth Fund (formerly subadvised by Rowe Price
Fleming International, Inc.).
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 October 31, 2000,
commissions received by ASMI totaled $149,091.
4. TAX MATTERS
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--------------------------------------------------------------------------------
The Portfolios are treated as partnerships for federal income tax purposes.
Accordingly, each investor in the Portfolios is 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.
162
<PAGE> 166
AMERICAN SKANDIA MASTER TRUST
5. PORTFOLIO SECURITIES
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--------------------------------------------------------------------------------
Purchases and sales of securities, other than U.S. government securities
and short-term obligations, during the year ended October 31, 2000, were as
follows:
<TABLE>
<CAPTION>
PURCHASES SALES
-------------- ------------
<S> <C> <C>
International Growth $ 158,435,162 $104,299,103
Janus Capital Growth 1,219,130,546 188,456,164
Equity Income 243,197,977 158,446,446
Total Return Bond 841,762,832 675,197,636
</TABLE>
Purchases and sales of U.S. government securities, during the year ended
October 31, 2000, were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
------------ ------------
<S> <C> <C>
Equity Income $ 6,611,526 $ 1,584,824
Total Return Bond 411,093,299 383,255,710
</TABLE>
At October 31, 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 Growth $ 94,990,278 $ 6,149,584 $(4,281,362) $ 1,868,222
Janus Capital Growth 1,878,565,984 539,969,850 (45,697,578) 494,272,272
Equity Income 294,993,645 46,430,642 (11,594,435) 34,836,207
Total Return Bond 398,638,141 774,687 (2,559,452) (1,784,765)
Money Market 297,169,555 -- -- --
</TABLE>
6. WRITTEN OPTIONS TRANSACTIONS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Written options transactions, during the year ended October 31, 2000, were
as follows:
<TABLE>
<CAPTION>
TOTAL RETURN BOND
--------------------------------------
NUMBER OF
CONTRACTS PREMIUM
----------------------- -----------
<S> <C> <C>
Balance at beginning of year 314 $ 204,067
Written 1,198 388,117
Expired (977) (337,762)
Exercised (40) (4,800)
Closed (347) (219,151)
----- ----------
Balance at end of year 148 $ 30,471
----- ----------
----- ----------
</TABLE>
At October 31, 2000, Total Return Bond had sufficient cash and/or
securities at least equal to the value of written options.
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<PAGE> 167
7. LINE OF CREDIT
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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 year ended October 31, 2000, there were no borrowings
under the agreement.
164
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AMERICAN SKANDIA MASTER TRUST
REPORT OF INDEPENDENT ACCOUNTANTS
--------------------------------------------------------------------------------
To the Investors and Board of Trustees
of American Skandia Master Trust:
In our opinion, the accompanying statements of assets and liabilities, including
the schedules of investments, and the related statements of operations and of
changes in net assets and the supplemental data present fairly, in all material
respects, the financial position of ASMT American Century International Growth
Portfolio, ASMT Janus Capital Growth Portfolio, ASMT INVESCO Equity Income
Portfolio, ASMT PIMCO Total Return Bond Portfolio and ASMT JPM Money Market
Portfolio (constituting American Skandia Master Trust hereafter referred as the
"Trust") at October 31, 2000, the results of each of their operations for the
year then ended, the changes in each of their net assets for each of the two
years in the period then ended and the financial highlights for each of the
periods presented, in conformity with accounting principles generally accepted
in the United States of America. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Trust's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with auditing standards
generally accepted in the United States of America, which require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at October
31, 2000 by correspondence with the custodians and brokers, provide a reasonable
basis for our opinion.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 15, 2000
165
<PAGE> 169
Board of Directors
Jan R. Carendi
David E. A. Carson
Julian A. Lerner
Thomas M. Mazzaferro
Thomas M. O'Brien
F. Don Schwartz
[STAR GRAPHICS]
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:
PFPC Trust Company
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> 170
[AMERICAN SKANDIA ADVISOR FUNDS LOGO]
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: (ASAFAN 1031)
