EXHIBIT INDEX
EXHIBIT A:
Attachment to item 77B:
Accountants report on internal control
EXHIBIT B:
Attachment to item 77D:
Policies with respect to security investments.
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EXHIBIT A:
Report of Independent Accountants
To the Board of Trustees and Shareholders
of American Skandia Master Trust
In planning and performing our audit of the financial statements of
American Skandia Master Trust (the "Trust") for the year ended
October 31, 2000, 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
controls may become inadequate because of changes in conditions or
that the effectiveness of their 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, 2000.
This report is intended solely for the information and use of the
Board of Directors, management 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, 2000
EXHIBIT B:
Item 77D
Effective as of May 1, 2000, a sub-advisory changes took
place for a Portfolio of the Registrant (the ASMT American
Century International Growth Portfolio, which formerly was named
the ASMT T. Rowe Price International Equity Portfolio). In
connection with the new sub-advisor assuming responsibility for
the management of the Portfolio, a number of changes were made to
the investment policies of the Portfolio.
The current investment policies of the Registrant's
portfolios are described in detail in Amendment No. 3 to the
Registrant's Registration Statement filed on February 29, 2000
and the prospectus and Statement of Additional Information
included as part of Post-Effective Amendment No. 12 to American
Skandia Advisor Funds, Inc.'s ("ASAF") registration statement
filed on August 22, 2000.
In addition, ASAF's prospectus was revised to indicate that
the ASMT American Century International Growth Portfolio may
regularly have a rate of portfolio turnover in excess of 100%.
