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072 J000400 34
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072 R000400 7
072 S000400 2
072 T000400 0
072 U000400 5
072 V000400 0
072 W000400 11
072 X000400 951
072 Y000400 0
072 Z000400 6925
072AA000400 0
072BB000400 3407
072CC010400 0
072CC020400 3235
072DD010400 0
072DD020400 0
072EE000400 0
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.0000
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074 A000400 0
<PAGE> PAGE 21
074 B000400 0
074 C000400 6316
074 D000400 189657
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 1094
074 J000400 11346
074 K000400 0
074 L000400 3594
074 M000400 92
074 N000400 212099
074 O000400 34983
074 P000400 96
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 101
074 R040400 820
074 S000400 0
074 T000400 176099
074 U010400 0
074 U020400 0
074 V010400 0.00
074 V020400 0.00
074 W000400 0.0000
074 X000400 0
074 Y000400 0
075 A000400 0
075 B000400 117305
076 000400 0.00
008 A000501 AMERICAN SKANDIA INV. SERVICES, INC.
008 B000501 A
008 C000501 801-040532
008 D010501 SHELTON
008 D020501 CT
008 D030501 06484
008 A000502 J.P. MORGAN INVESTMENT MANAGEMENT INC.
008 B000502 S
008 C000502 801-021011
008 D010502 NEW YORK
008 D020502 NY
008 D030502 10036
015 A000501 PFPC TRUST CO.
015 B000501 C
015 C010501 PHILADELPHIA
015 C020501 PA
015 C030501 19113
015 E010501 X
015 A000502 THE CHASE MANHATTAN BANK CORPORATION
<PAGE> PAGE 22
015 B000502 C
015 C010502 BROOKLYN
015 C020502 NY
015 C030502 11201
015 E040502 X
015 A000503 BANKERS TRUST COMPANY
015 B000503 S
015 C010503 NEW YORK
015 C020503 NY
015 C030503 10005
015 E010503 X
024 000500 Y
025 A000501 CIT GROUP
025 B000501 13-2994534
025 C000501 D
025 D000501 3497
025 A000502 DELETE
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.500
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
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048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
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055 A000500 Y
<PAGE> PAGE 23
055 B000500 N
056 000500 N
057 000500 N
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 17.3
062 G000500 0.0
062 H000500 0.0
062 I000500 48.4
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 17.6
062 O000500 0.0
062 P000500 18.0
062 Q000500 0.0
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063 A000500 58
063 B000500 0.0
064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
070 J020500 Y
070 K010500 Y
<PAGE> PAGE 24
070 K020500 Y
070 L010500 Y
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
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070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 0
071 B000500 0
071 C000500 0
071 D000500 0
072 A000500 12
072 B000500 5021
072 C000500 0
072 D000500 0
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072 F000500 496
072 G000500 79
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072 I000500 6
072 J000500 19
072 K000500 0
072 L000500 0
072 M000500 5
072 N000500 0
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072AA000500 3
072BB000500 0
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<PAGE> PAGE 25
072EE000500 0
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.0000
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074 A000500 145
074 B000500 0
074 C000500 159017
074 D000500 34490
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 4225
074 M000500 14
074 N000500 197891
074 O000500 4980
074 P000500 92
074 Q000500 0
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074 R030500 0
074 R040500 1735
074 S000500 0
074 T000500 191084
074 U010500 0
074 U020500 0
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074 V020500 0.00
074 W000500 0.0000
074 X000500 0
074 Y000500 0
075 A000500 100231
075 B000500 0
076 000500 0.00
SIGNATURE MARY JANE MALONEY
TITLE MANAGER
<TABLE> <S> <C>
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001035215
<NAME> AMERICAN SKANDIA MASTER TRUST
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<GROSS-EXPENSE> 7468357
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<EXPENSE-RATIO> 1.08
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001035215
<NAME> AMERICAN SKANDIA MASTER TRUST
<SERIES>
<NUMBER> 03
<NAME> ASMT INVESCO EQUITY INCOME PORTFOLIO
<S> <C>
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<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 198820585
<INVESTMENTS-AT-VALUE> 212346279
<RECEIVABLES> 16431047
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<ACCUMULATED-NII-CURRENT> 3490499
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<ACCUMULATED-NET-GAINS> 3140575
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13525694
<NET-ASSETS> 212018533
<DIVIDEND-INCOME> 1530820
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<EXPENSES-NET> (1184762)
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<NET-CHANGE-IN-ASSETS> 148568306
<ACCUMULATED-NII-PRIOR> 702028
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<OVERDIST-NET-GAINS-PRIOR> (528751)
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<GROSS-EXPENSE> 1231177
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<PER-SHARE-NAV-BEGIN> 0
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<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> .90
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001035215
<NAME> AMERICAN SKANDIA MASTER TRUST
<SERIES>
<NUMBER> 04
<NAME> ASMT PIMCO TOTAL RETURN BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 200144023
<INVESTMENTS-AT-VALUE> 197067084
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<OVERDISTRIBUTION-GAINS> (2731991)
<ACCUM-APPREC-OR-DEPREC> (2863742)
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<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7875815
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<EXPENSES-NET> (950612)
<NET-INVESTMENT-INCOME> 6925203
<REALIZED-GAINS-CURRENT> (3407117)
<APPREC-INCREASE-CURRENT> (3235236)
<NET-CHANGE-FROM-OPS> 282850
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 163559170
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 116724322
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<EXPENSE-RATIO> .81
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001035215
<NAME> AMERICAN SKANDIA MASTER TRUST
<SERIES>
<NUMBER> 05
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<S> <C>
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<INVESTMENTS-AT-COST> 193506732
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<INTEREST-INCOME> 5021403
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<EXPENSES-NET> (625045)
<NET-INVESTMENT-INCOME> 4396358
<REALIZED-GAINS-CURRENT> 2986
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<OVERDISTRIB-NII-PRIOR> (700)
<OVERDIST-NET-GAINS-PRIOR> 0
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</TABLE>
EXHIBIT INDEX
EXHIBIT A:
Attachment to item 77B:
Accountants report on internal control
EXHIBIT B:
Attachment to item 77C:
Submission of matters to a vote of Security holders.
EXHIBIT C:
Attachment to item 77H:
Changes in control of Registrant.
EXHIBIT D:
Attachment to item 77O:
Transactions effected pursuant to Rule 10f-3
- -------------------------------------------------------
EXHIBIT A:
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of
American Skandia Master Trust
In planning and performing our audit of the financial statements
of ASMT T. Rowe Price International Equity Portfolio, ASMT Janus
Capital Growth Portfolio, ASMT INVESCO Equity Income Portfolio,
ASMT PIMCO Total Return Bond Portfolio and ASMT JPM Money Market
Portfolio of American Skandia Master Trust (the "Trust") for
the year ended October 31, 1999, we considered its internal
control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and
to comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Trust is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of one or more of the
internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of October 31, 1999.
This report is intended solely for the information and use of
management, the Board of Trustees and the Securities and Exchange
Commission and is not intended to be and should not be used by
anyone other than these specified parties.
PricewaterhouseCoopers LLP
December 15, 1999
EXHIBIT B
Item 77C
I. A Meeting of the Interestholders of the ASMT T. Rowe
Price International Equity Portfolio of the Registrant
was held on May 27, 1999 for the following purposes:
1. To approve a distribution plan for American
Skandia Master Trust pursuant to rule 12b-1 under the
Investment Company Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Master Trust pursuant
to rule 12b-1 under the Investment Company Act of 1940:
91.42% of the interests in the Portfolio voted for,
3.73% of the interests in the Portfolio voted against, and
4.84% of the interests in the Portfolio abstained.
2. To authorize the Board of Trustees of American
Skandia Master Trust to select and change Sub-advisors and
enter into Sub-advisory Agreements without obtaining the
approval of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Master Trust to select and
change Sub-advisors and enter into Sub-advisory Agreements
without obtaining the approval of shareholders:
85.65% of the interests in the Portfolio voted for,
10.17% of the interests in the Portfolio voted against, and
4.18% of the interests in the Portfolio abstained.
II. A Meeting of the Interestholders of the ASMT Janus
Capital Growth Portfolio of the Registrant was held on
May 27, 1999 for the following purposes:
1. To approve a distribution plan for American
Skandia Master Trust pursuant to rule 12b-1 under the
Investment Company Act of 1940.
With regard to the resolution approving the
distribution plan American Skandia Master Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
92.98% of the interests in the Portfolio voted for,
2.85% of the interests in the Portfolio voted against, and
4.17% of the interests in the Portfolio abstained.
2. To authorize the Board of Trustees of American
Skandia Master Trust to select and change Sub-advisors and
enter into Sub-advisory Agreements without obtaining the
approval of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Master Trust to select and
change Sub-advisors and enter into Sub-advisory Agreements
without obtaining the approval of shareholders:
85.34% of the interests in the Portfolio voted for,
9.02% of the interests in the Portfolio voted against, and
5.36% of the interests in the Portfolio abstained.
III. A Meeting of the Interestholders of the ASMT INVESCO
Equity Income Portfolio of the Registrant was held on
May 27, 1999 for the following purposes:
1. To approve a distribution plan for American
Skandia Master Trust pursuant to rule 12b-1 under the
Investment Company Act of 1940.
With regard to the resolution approving the
distribution plan American Skandia Master Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
92.10% of the interests in the Portfolio voted for,
2.54% of the interests in the Portfolio voted against, and
5.64% of the interests in the Portfolio abstained.
2. To authorize the Board of Trustees of American
Skandia Master Trust to select and change Sub-advisors and
enter into Sub-advisory Agreements without obtaining the
approval of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Master Trust to select and
change Sub-advisors and enter into Sub-advisory Agreements
without obtaining the approval of shareholders:
85.03% of the interests in the Portfolio voted for,
8.94% of the interests in the Portfolio voted against, and
6.03% of the interests in the Portfolio abstained.
IV. A Meeting of the Interestholders of the ASMT Total
Return Bond Portfolio of the Registrant was held on May
27, 1999 for the following purposes:
1. To approve a distribution plan for American
Skandia Master Trust pursuant to rule 12b-1 under the
Investment Company Act of 1940.
With regard to the resolution approving the
distribution plan American Skandia Master Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
87.06% of the interests in the Portfolio voted for,
2.60% of the interests in the Portfolio voted against, and
10.34% of the interests in the Portfolio abstained.
2. To authorize the Board of Trustees of American
Skandia Master Trust to select and change Sub-advisors and
enter into Sub-advisory Agreements without obtaining the
approval of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Master Trust to select and
change Sub-advisors and enter into Sub-advisory Agreements
without obtaining the approval of shareholders:
78.84% of the interests in the Portfolio voted for,
10.96% of the interests in the Portfolio voted against, and
10.20% of the interests in the Portfolio abstained.
V. A Meeting of the Interestholders of the ASMT JPM Money
Market Portfolio of the Registrant was held on May 27,
1999 for the following purposes:
1. To approve a distribution plan for American
Skandia Master Trust pursuant to rule 12b-1 under the
Investment Company Act of 1940.
With regard to the resolution approving the
distribution plan American Skandia Master Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
89.72% of the interests in the Portfolio voted for,
3.63% of the interests in the Portfolio voted against, and
6.64% of the interests in the Portfolio abstained.
2. To authorize the Board of Trustees of American
Skandia Master Trust to select and change Sub-advisors and
enter into Sub-advisory Agreements without obtaining the
approval of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Master Trust to select and
change Sub-advisors and enter into Sub-advisory Agreements
without obtaining the approval of shareholders:
84.36% of the interests in the Portfolio voted for,
10.76% of the interests in the Portfolio voted against, and
4.87% of the interests in the Portfolio abstained.
EXHIBIT C
Item 77H
All of the Registrant's interests are owned directly by
portfolios of its two feeder funds, American Skandia Advisor
Funds, Inc. and Skandia Advisor Funds ("SAF"), which
invest all of their investable assets in corresponding
Portfolios of the Registrant. During the semi-annual period
ended October 31, 1999, the interest in the ASMT T. Rowe
Price International Equity Portfolio of the Registrant held
by the Skandia T. Rowe Price International Equity Fund of
SAF increased to more than 25% of the Portfolio, and
therefore the Skandia T. Rowe Price International Equity
Fund may be deemed to control the Portfolio. Conversely,
the interest in the ASMT PIMCO Total Return Bond Portfolio
held by the Skandia PIMCO Total Return Bond Fund of SAF
decreased to less than 25% of the Portfolio, and therefore
the Skandia PIMCO Total Return Bond Fund may be deemed to
have ceased to control the Portfolio.
EXHIBIT D
Item 77O
On May 25, 1999, the ASMT T. Rowe Price International
Equity Portfolio of the Registrant purchased 785 American
Depositary Shares of Korea Telecom Corp. from Morgan Stanley
Dean Witter in an underwritten offering of 90,191,012 such
shares in which Jardine Fleming, an affiliate of the
Portfolio's Sub-adviser, was a member of the selling
syndicate. The Portfolio purchased the security at the
public offering price of $27.56 per share.
On September 22, 1999, the ASMT T. Rowe Price
International Equity Portfolio of the Registrant purchased
1,969 American Depositary Receipts of ICICI Limited from
Merrill Lynch in an underwritten offering of 29,761,574 such
receipts in which Jardine Fleming, an affiliate of the
Portfolio's Sub-adviser, was a member of the selling
syndicate. The Portfolio purchased the security at the
public offering price of $9.80 per share.
At its August 25, 1999 and November 30, 1999 meetings,
the Registrant's Board of Trustees made the determinations
required by rule 10f-3 under the Investment Company Act of
1940 for the transactions listed above based on information
with regard to compliance with rule 10f-3 and the
Registrant's rule 10f-3 procedures that was provided to it
by the Portfolios' Investment Manager, which in turn had
been provided to the Investment Manager by each Portfolio's
Sub-advisor.
