<PAGE> 1
AMERICAN SKANDIA TRUST
ANNUAL REPORT
DECEMBER 31, 1995
<PAGE> 2
SELIGMAN HENDERSON INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
The Seligman Henderson International Equity Portfolio showed a total return of
10.00% for the year ended 31 December 1995. For that period the unmanaged Morgan
Stanley Capital International (MSCI) EAFE Index rose 11.21%.
1995 saw most stock markets perform satisfactorily, although Japan did not
follow the general trend. It fell sharply in the first half of the year, but
rose strongly in the second half, ending the year almost unchanged. The yen also
swung dramatically, rising in the first half but falling during the second.
During July, Seligman Henderson increased the yen hedge from 30% to 50% of the
yen assets, which will have proved beneficial. At the beginning of the year
Seligman Henderson increased our U.K. weighting. This was subsequently reduced
as the U.K. performed relatively well, and during the last two months of the
year Seligman Henderson increased our weighting in Continental Europe,
particularly France. Stock selection overall proved positive and was
particularly strong in Japan and the U.K.
<TABLE>
<CAPTION>
COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 INVESTMENT
Seligman
Henderson
International
Measurement Period Equity Port- MSCI EAFE
(Fiscal Year Covered) folio Index
<S> <C> <C>
4/19/89 10000 10000
12/89 13760 10922
12/90 13341 8361
12/91 14275 9375
12/92 13084 8234
12/93 17808 10915
12/94 18278 11764
12/95 20105 13082
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year 5 Year on 4/19/89
----------- ----------- ----------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 10.00% 7.09% 10.98%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
1
<PAGE> 3
LORD ABBETT GROWTH AND INCOME PORTFOLIO
- --------------------------------------------------------------------------------
Lord Abbett Growth and Income Portfolio produced a total return of 28.91% for
the year ended December 31, 1995, versus 37.56% for the unmanaged Standard &
Poor's 500 Index.
Given the slow economic growth in 1995, Lord Abbett sought to increase our
defensive position by weighting the Portfolio more heavily in less cyclical,
consumer non-durable goods (such as food and drug companies). They also
anticipated lower interest rates, given a very favorable inflation environment,
and had a significant overweighting in financial companies.
As we head into 1996, Lord Abbett believes financial companies remain
attractive, and that selected consumer and industrial cyclical stocks may offer
interesting long-term prospects once the economy starts to rebound. In the near
term, however, they expect profit gains generally will be disappointing, and
that the main influence on the Portfolio's performance will come from individual
stock selection. They will continue to look for companies that meet their value
criteria and which are most able to produce earnings gains above the market's
expectations.
<TABLE>
<CAPTION>
COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 INVESTMENT
Lord Abbett
Growth and
Measurement Period Income Port- S&P 500
(Fiscal Year Covered) folio Index
<S> <C> <C>
5/1/92 10000 10000
12/92 10700 10711
12/93 12164 11788
12/94 12434 11938
12/95 16029 16422
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 5/1/92
------------------ ----------------
<S> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 28.91% 13.73%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
2
<PAGE> 4
JANCAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
The financial markets achieved excellent gains in 1995. For the year the JanCap
Growth Portfolio had a total return of 37.98% and the unmanaged S&P 500 Index
gained 37.56%.
The year was notable for several reasons. Growth stocks outperformed value
stocks for the first time in three years, which helped Portfolio results. Janus
Capital Corporation expects this trend to continue in 1996, and has positioned
the Portfolio in companies that have strong unit growth.
The year was also notable for the very strong performance of technology,
telecommunications, and financial stocks. Even though the broad indexes posted
exceptional results, these groups outpaced the indexes for the first three
quarters, then declined sharply in the fourth quarter. Janus had selectively
trimmed or sold many of our technology positions before the fourth quarter began
and continued this process during the period, taking profits in semiconductors
and related companies. Positions in the drug, chemical, and food sectors were
either added or increased. Janus expects these companies will have steady
earnings growth visibility and should perform well in a moderately expanding
economy.
The additional volatility we are seeing in the stock markets as the year begins
may signal a return to more normal levels of fluctuation. Volatility can create
additional buying opportunities however, and Janus will seek to take advantage
of them.
<TABLE>
<CAPTION>
COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 INVESTMENT
Measurement Period JanCap Growth S&P 500
(Fiscal Year Covered) Portfolio Index
<S> <C> <C>
11/6/92 10000 10000
12/92 10530 10457
12/93 11780 11508
12/94 11248 11656
12/95 15520 16033
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 11/6/92
----------- ----------------
<S> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 37.98% 14.97%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
3
<PAGE> 5
FEDERATED UTILITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
For the year ended December 31, 1995 the Federated Utility Income Portfolio had
a total return of 26.13%. For the same period the unmanaged Standard & Poor's
500 Index had a total return of 37.56%, while the unmanaged Standard & Poor's
(S&P) Utility Index had a total return of 42.15%.
The Portfolio's relative underperformance was due in part to certain convertible
securities holdings. These tend to outperform in rising interest rate
environments, cushioning the interest-rate sensitivity of utility stocks and
thereby allowing the Portfolio to perform well versus its peer group in weak
utility markets. Another significant reason was its relative underweighting in
the Baby Bells, a significant part of the S&P Utilities Index which, as a group,
advanced 50.8% in 1995.
Federated Investment Counseling is optimistic entering 1996, believing each of
the utility sectors is enjoying relatively positive fundamentals and that the
defensive nature of this asset class will provide protection in the event of
general market weakness.
<TABLE>
<CAPTION>
COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 INVESTMENT
Federated
Utility
Measurement Period Income S&P 500 S&P Utilities
(Fiscal Year Covered) Portfolio Index Index
<S> <C> <C> <C>
5/4/93 10000 10000 10000
12/93 10790 10792 10541
12/94 10040 10930 9704
12/95 12664 15035 13795
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 5/4/93
----------- ----------------
<S> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 26.13% 9.28%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
4
<PAGE> 6
AST PHOENIX BALANCED ASSET PORTFOLIO
- --------------------------------------------------------------------------------
The AST Phoenix Balanced Asset Portfolio had a total return of 22.60% for the
year ending December 31, 1995, compared to 27.2% for its blended benchmark of
unmanaged indices (55% S&P 500 Index; 35% Lehman Brothers Aggregate Bond Index;
10% Salomon Brothers Three-month Treasury Bill Index).
The dynamic combination of falling interest rates and accelerating earnings
growth drove the stock market to all time highs in 1995. Treasury bond rates
dropped nearly 200 basis points, beginning the year near 8% and ending it close
to 6%. Earnings gains were abundant with S&P 500 earnings up 20% (estimated) on
the heels of a 40% gain for 1994. Market leadership was concentrated in
technology and financials during the first half of 1995, but market
crosscurrents began to develop at mid-year, fragmenting the uniformly strong
group performance within the leading sectors.
The primary reason for the Portfolio's underperformance versus its blended
benchmark for the fiscal year can be attributed to Phoenix Investment Counsel's
heavier allocation to bonds and cash during the course of the year at the
expense of equities. On the positive side, Phoenix's emphasis on various
technology and financial services companies throughout the reporting period
combined with a longer average duration on the fixed income side of the
Portfolio, contributed to this year's overall performance. The addition during
the second half of municipal bonds and emerging market debt also added
incremental returns.
<TABLE>
<CAPTION>
COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 INVESTMENT
AST Phoenix
Measurement Period Balanced Blended
(Fiscal Year Covered) Asset Portfolio Index
<S> <C> <C>
5/4/93 10000 10000
12/93 10570 10633
12/94 10580 10653
12/95 12971 13554
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 5/4/93
----------- ----------------
<S> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 22.60% 10.27%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
5
<PAGE> 7
FEDERATED HIGH YIELD PORTFOLIO
- --------------------------------------------------------------------------------
Federated High Yield Portfolio returned 19.57% for 1995 compared to 19.91% for
the unmanaged Merrill Lynch High Yield Index and 16.66% for the Lipper High
Current Yield Average.
For most of 1995, Federated Investment Counseling maintained a higher quality
portfolio profile than normal given management's viewpoint that economic growth
would slow, quality spreads would widen and interest rates would fall.
Approximately 20% of the Portfolio was invested in Double B rated securities
through the year and, more importantly, Federated upgraded the quality of the
Portfolio's holdings in the Single B sector. This positioning, as well as
favorable security selection, enabled the Portfolio to approximate the return of
the Merrill Lynch High Yield Index, which reflects a 44% allocation to Double B
rated securities. For reference, the Merrill Lynch Double B Index returned
approximately 4.3% more than the Merrill Lynch Single B Index (which more
closely resembles the Portfolio's normal positioning) in 1995.
<TABLE>
<CAPTION>
COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 INVESTMENT
Federated Merrill Lynch
Measurement Period High Yield High Yield
(Fiscal Year Covered) Portfolio Index
<S> <C> <C>
1/4/94 10000 10000
6/94 9740 9701
12/94 9690 9884
6/95 10776 11149
12/95 11587 11851
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 1/4/94
----------- ----------------
<S> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 19.57% 7.69%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
6
<PAGE> 8
AST PHOENIX CAPITAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
The AST Phoenix Capital Growth Portfolio had a total return of 32.1% for the
year ending December 31, 1995, compared to 37.56% for the unmanaged Standard &
Poor's 500 Index.
The primary reasons for the Portfolio's underperformance versus the benchmark
for the year can be attributed to underweight positions in several sectors
during the course of the year. More specifically, Phoenix Investment Counsel's
underweight position in the financial and utility sectors early in the year,
combined with subsequent underweight exposure in consumer staples later in the
year, served as a detriment to performance. Cash holdings also served as a
performance drag during this time period. On the positive side, investments made
in various technology securities, especially networking and on-line services
companies, greatly contributed to overall performance. In addition, healthcare
stocks, including medical technology, biotechnology, and pharmaceutical
companies performed well.
<TABLE>
<CAPTION>
COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 INVESTMENT
AST Phoenix
Capital
Measurement Period Growth S&P 500
(Fiscal Year Covered) Portfolio Index
<S> <C> <C>
1/4/94 10000 10000
6/94 9280 9660
12/94 9340 10128
6/95 10908 12174
12/95 12338 13931
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 1/4/94
----------- ----------------
<S> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 32.10% 11.17%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
7
<PAGE> 9
T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
The stock and bond markets enjoyed stellar returns in 1995. The T. Rowe Price
Asset Allocation Portfolio benefited from rallies in both markets to post a
23.36% gain for the year. The equity portion of the Portfolio, however, did not
keep pace with the S&P 500 Index. The Lipper Balanced Fund Average returned
25.16% for 1995, and a weighted index of 60% unmanaged Standard & Poor's 500
Index and 40% unmanaged Lehman Brothers Government/Corporate Index gained 29.99%
for the year.
T. Rowe Price Associates maintains an allocation of the Portfolio to
international stocks. The foreign stock markets did not experience the same
robust gains as the domestic market, but T. Rowe Price expects this sector to
contribute solidly in the future. In the fixed income area, however, foreign
government markets (with the exception of Japan) finished the year with strong
returns comparable to the domestic bond market. The allocation to domestic "BB"
and "B" rated bonds also contributed to the gains in the fixed income portion.
Nineteen ninety-five will be a hard act to follow, but T. Rowe Price believes
the Portfolio is positioned to perform well in 1996.
<TABLE>
<CAPTION>
COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 INVESTMENT
T. Rowe Price
Asset
Measurement Period Allocation Weighted
(Fiscal Year Covered) Portfolio Index
<S> <C> <C>
1/4/94 10000 10000
6/94 9740 9626
12/94 9940 9943
6/95 11364 11613
12/95 12262 12924
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 1/4/94
----------- ----------------
<S> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 23.36% 10.80%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
8
<PAGE> 10
PIMCO TOTAL RETURN BOND PORTFOLIO
- --------------------------------------------------------------------------------
The PIMCO Total Return Bond Portfolio had a total return of 18.78% for the year
1995. This compares to a return of 18.47% for the unmanaged Lehman Brothers
Aggregate Bond Index.
1995 witnessed one of the strongest bull markets in history (following one of
the most volatile bear markets in 1994). During 1995, interest rates fell
precipitously with the 30 year Treasury bond closing the year below a 6% yield
for the first time in years. In this environment, bond prices rose significantly
and the total return (interest plus capital gains) from bonds was in double
digits territory.
The Portfolio had a somewhat higher average maturity than the overall bond
market during the year plus exposure to foreign bonds. This produced a higher
level of return than the benchmark index.
Pacific Investment Management Company expects interest rates to decline further
in 1996 as the economy slows and inflation continues to moderate. If so, bonds
will continue to offer attractive rates of return for long term investors.
<TABLE>
<CAPTION>
COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 INVESTMENT
PIMCO Total
Measurement Period Return Bond LB Aggregate
(Fiscal Year Covered) Portfolio Index
<S> <C> <C>
1/4/94 10000 10000
6/94 9720 9613
12/94 9750 9708
6/95 10764 10815
12/95 11581 11502
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 1/4/94
----------- ----------------
<S> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 18.78% 7.66%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
9
<PAGE> 11
INVESCO EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
The INVESCO Equity Income Portfolio showed a total return of 30.07% for the year
ended December 31, 1995. This compares to a return of 37.56% for the unmanaged
Standard & Poor's 500 Index and 30.15% for the Lipper Equity Income Fund
Average.
The year was characterized by strong stock and bond performance. The 65% equity
portion of the Portfolio outperformed the S&P 500 Index. The bond component,
while also showing strong gains, could not keep up with equities in such a
strong year as 1995. Overall the Portfolio benefited from investments in quality
companies which were able to grow earnings despite a challenging economic
scenario.
Going forward, INVESCO Trust Company believes stock selection will become even
more important, as earnings growth will be tougher to come by as the economy
slows. The Portfolio will remain diversified, concentrating on those companies
which are believed to have excellent management, leadership positions, strong
balance sheets, and overall quality and liquidity. As always, the Portfolio will
be constructed to provide an above-average yield; at year end the current yield
was nearly 4.0%.
<TABLE>
<CAPTION>
COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 INVESTMENT
INVESCO
Equity
Measurement Period Income S&P 500
(Fiscal Year Covered) Portfolio Index
<S> <C> <C>
1/4/94 9970 10030
6/94 9600 9720
12/94 9750 10128
6/95 11292 12174
12/95 12682 13931
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 1/4/94
----------- ----------------
<S> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 30.07% 12.69%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
10
<PAGE> 12
FOUNDERS CAPITAL APPRECIATION PORTFOLIO
- --------------------------------------------------------------------------------
1995 was a surprisingly strong year for both stocks and bonds. The Founders
Capital Appreciation Portfolio returned 32.56% for the year ended December 31,
1995. While this trailed the unmanaged S&P 500 Index return of 37.56%, it
compared favorably to the small-cap Russell 2000 benchmark of 28.45%. Early
concerns of an overheating economy and accelerating inflation gave way to
moderate economic growth and benign inflation. That combination allowed the
Federal Reserve (Fed) to return to an easier money policy. Not only did the Fed
cut interest rates twice for a total of 1/2 percent, but many foreign central
banks also lowered interest rates.
The Portfolio's performance obviously benefited from the strength in growth
stocks. Its traditional sectors of technology, healthcare, and
telecommunications performed well. The most surprising area of disappointment
was retail, which ordinarily provides many opportunities, but remained
lackluster all year.
1996 OUTLOOK
While election years are generally good for the stock market, they also tend to
be accompanied by some uncertainty. This year is no different, and probably has
heightened uncertainty. Founders Asset Management believes that the economy will
continue to grow at a slow but positive rate and that inflation will remain
under control. This environment should lead to stable if not declining interest
rates, and thus be beneficial for financial assets in general and growth stocks
in particular. Founders will continue its approach of investing in a diversified
list of high-quality domestic and international growth stocks that trade at
reasonable valuations.
<TABLE>
<CAPTION>
COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 INVESTMENT
Founders
Capital
Measurement Period Appreciation S&P 500
(Fiscal Year Covered) Portfolio Index
<S> <C> <C>
1/4/94 10000 10000
6/94 9210 9660
12/94 10840 10128
6/95 12796 12174
12/95 14369 13931
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 1/4/94
----------- ----------------
<S> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 32.56% 19.99%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
11
<PAGE> 13
T. ROWE PRICE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
The Portfolio had a total return of 11.09% for the year ended December 31, 1995,
compared to a total return of 11.21% for the unmanaged Morgan Stanley Capital
International (MSCI) EAFE Index.
Performance in the international market was reasonable except when compared with
the remarkable U.S. stock market, which returned 37.6% as measured by the
Standard & Poor's 500 Stock Index. Only Switzerland surpassed U.S. stocks in
dollar terms. Established markets outperformed emerging markets worldwide.
During the year, Japan, Germany, and France rose, while Brazil, Mexico, China,
Korea, and many other markets fell in value.
Rowe Price-Fleming believes there are persuasive reasons to pursue a policy of
international diversification over the long term, despite the superior
performance of domestic equities last year. Rowe Price-Fleming expects earnings
growth to slow in the U.S. during 1996, while remaining strong internationally.
Inflation is under control in Europe, monetary policy is easing, and earnings
growth is approximately two years behind the U.S. cycle. Japan shows signs of
economic recovery. Asian earnings growth may look pedestrian measured against
historical standards, but it is still projected around 20%. Asian stock markets
currently look cheaper than they did after both the 1987 crash and the last
recession. Similarly, much of the bad news in Latin America is already reflected
in regional stock prices. Therefore, Rowe Price-Fleming expects international
stocks to perform reasonably well in 1996 and will remain focused on buying
shares at appealing prices.
<TABLE>
<CAPTION>
COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 INVESTMENT
T. Rowe Price
Interna-
Measurement Period tional Equity MSCI EAFE
(Fiscal Year Covered) Portfolio Index
<S> <C> <C>
1/4/94 10000 10000
6/94 9570 10878
12/94 9620 10777
6/95 10014 11057
12/95 10687 11985
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 1/4/94
----------- ----------------
<S> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 11.09% 3.40%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
12
<PAGE> 14
EAGLE GROWTH EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
The Eagle Growth Equity Portfolio generated a total return of 24.11% for the
year ended December 31, 1995. The unmanaged Standard & Poor's 500 Index produced
a total return of 37.56% over the same time period.
As the economy showed some signs of slowing in the second half of the year,
investors turned to traditional consumer staple growth stocks. That shift gave a
lift to stocks of drug and pharmaceutical companies, as well as to shares of
beverage and tobacco concerns. Consequently, Eagle Asset Management's positions
in Parmacia/Upjohn, Coca Cola, and Philip Morris all served to bolster 1995
returns. Performance was also enhanced by exposure to finance oriented
companies. Specifically, Federal National Mortgage Association, Federal Home
Loan Mortgage Corp., and Student Loan Marketing Corp. all ranked within the
Portfolio's top five performers. Eagle's banking holdings benefited from
consolidation, healthier, cleaner balance sheets, and/or comprehensive cost
reduction programs, which boosted banks' earnings throughout '95. Among Eagle's
larger bank positions were Citicorp, Bank South, and First Union. During 1995,
these gains were offset somewhat by Eagle's cellular and newspaper publishing
exposure.
<TABLE>
<CAPTION>
COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 INVESTMENT
Eagle Growth
Measurement Period Equity S&P 500
(Fiscal Year Covered) Portfolio Index
<S> <C> <C>
5/3/94 10000 10000
6/94 9950 9900
12/94 9950 10380
6/95 11176 12477
12/95 12349 14278
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 5/3/94
----------- ----------------
<S> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 24.11% 13.57%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
13
<PAGE> 15
AST SCUDDER INTERNATIONAL BOND PORTFOLIO
- --------------------------------------------------------------------------------
The AST Scudder International Bond Portfolio had a total return of 11.10% for
the year ended December 31, 1995, compared with a total return of 19.05% on the
unmanaged Salomon Brothers World Government Bond Index.
Driven by a stable environment of slow growth and low inflation, bond markets
around the world powered ahead during 1995 with returns in excess of 15% in many
markets. The Portfolio performed well during the second, third and fourth
quarters of 1995, but lagged the Index on a full-year basis due to
underperformance during the first quarter. Returns early in the year were
dampened by an absence of currency risk in the Portfolio during a period of time
when the dollar plummeted. Scudder, Stevens & Clark has used the recent dollar
strength to add currency exposure, by reducing hedges against the Portfolio's
European bond positions and adding considerably to yen exposure. At the end of
December, currency exposure totaled 77.4%.
Going forward, Scudder expects to keep duration in line with the Index and to
continue to focus heavily on Europe, anticipating further interest rate cuts.
Japanese holdings will remain significant and Scudder expects an increased
allocation to the emerging markets.
<TABLE>
<CAPTION>
COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 INVESTMENT
Salomon
Brothers
AST Scudder World Gov-
Measurement Period International ernment Bond
(Fiscal Year Covered) Bond Portfolio Index
<S> <C> <C>
5/3/94 10000 10000
6/94 9870 10055
12/94 9680 10221
6/95 10268 11948
12/95 10755 12168
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 5/3/94
----------- ----------------
<S> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 11.10% 4.47%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
14
<PAGE> 16
BERGER CAPITAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
The Berger Capital Growth Portfolio had a total return of 24.42% for the year
ended December 31, 1995, compared with a total return of 37.56% on the unmanaged
Standard & Poor's 500 Index.
The first full year of operation for the Berger Capital Growth Portfolio has
proven rewarding on an absolute basis but disappointing from a relative
standpoint. Early year returns were positively influenced by strength in the
technology sector while being negatively influenced by an extreme underweight in
the financial sector and difficulty in the HMO and nursing home sectors. Late
year returns were positively influenced by strength in the healthcare, oil
service and technology sectors. Technology exposure was gradually reduced
throughout the second half of the year. The reduction appears to have been a
correct portfolio decision, although perhaps it was an early move.
As we enter the new year Berger Associates continues to be extremely positive
about the outlook for healthcare and oil service stocks, selectively optimistic
about technology shares and underweight consumer related issues. Berger believes
that as the market adjusts to declining rates of earnings per share growth, a
slowing economy and lower interest rates, investors will focus on growth
companies which possess highly predictable earnings streams.
<TABLE>
<CAPTION>
COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 INVESTMENT
Berger
Measurement Period Capital Growth S&P 500
(Fiscal Year Covered) Portfolio Index
<S> <C> <C>
10/20/94 10000 10000
12/94 9970 9882
6/95 11014 11878
12/95 12405 13594
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 10/20/94
----------- ----------------
<S> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 24.42% 19.67%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
15
<PAGE> 17
SELIGMAN HENDERSON INTERNATIONAL SMALL CAP PORTFOLIO
- --------------------------------------------------------------------------------
The Seligman Henderson International Small Cap Portfolio showed a total return
of 3.30% for the period from inception on May 2, 1995 through December 31. For
that period the unmanaged Morgan Stanley Capital International (MSCI) EAFE Index
rose 5.22%.
Smaller companies generally underperformed larger companies during 1995 as
economic growth expectations declined. Seligman Henderson's main strategy has
been to focus on Europe where they see the most attractive valuations. In the
last quarter of 1995 they started to increase our weighting in Japan, having
become more confident about an economic recovery there. Seligman Henderson also
hedged 50% of the yen assets in July. Their overall focus is on economic
sensitive companies where they expect to see strong earnings growth next year on
the back of an improving world economy later in the year and in 1997.
<TABLE>
<CAPTION>
COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 INVESTMENT
Seligman
Henderson
International
Measurement Period Small Cap MSCI EAFE
(Fiscal Year Covered) Portfolio Index
<S> <C> <C>
5/2/95 10000 10000
6/95 10170 9710
9/95 10490 10110
12/95 10330 10522
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
16
<PAGE> 18
T. ROWE PRICE NATURAL RESOURCES PORTFOLIO
- --------------------------------------------------------------------------------
From the inception of the T. Rowe Price Natural Resources Portfolio on May 2,
1995 through December 31, the Portfolio had a total return of 11.10%, compared
with a return of 21.62% for the unmanaged Standard & Poor's 500 Index. The
Standard & Poor's Oil Composite Index had a total return of 12.45% and the
Standard & Poor's Gold Mining Index returned 3.32% over the same period. The
weighting of gold equities in the Portfolio somewhat offset the contribution of
the high energy position. The Lipper Natural Resources Fund Average had a total
return of 9.04% from May 1, 1995 through year-end.
During the period that the Portfolio was active in 1995, the benchmark oil price
fell about 4.2% to $18.60 per barrel and the benchmark domestic natural gas
price rose about 9.3%. Energy prices have begun the year strong due to the cold
winter and are expected to decline seasonally. The price of gold declined
modestly from inception through year-end. Gold is presently testing an important
resistance level of $400 per ounce. The rate of inflation remained low and T.
Rowe Price's outlook for 1996 is a slight increase in that rate.
<TABLE>
<CAPTION>
COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 INVESTMENT
T. Rowe Price
Natural
Measurement Period Resources S&P 500
(Fiscal Year Covered) Portfolio Index
<S> <C> <C>
5/2/95 10000 10000
6/95 10090 10630
9/95 10600 11470
12/95 11110 12162
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
17
<PAGE> 19
PIMCO LIMITED MATURITY BOND PORTFOLIO
- --------------------------------------------------------------------------------
The PIMCO Limited Maturity Bond Portfolio had a total return of 4.70% for the
period from its inception on May 2, 1995 through December 31. The unmanaged
benchmark Merrill Lynch 1-3 year Treasury Index had a return of 6.45% during the
same period.
1995 witnessed one of the strongest bond markets in history (following one of
the most volatile bear markets in 1994). During 1995, short term interest rates
fell more than 2 full percentage points, with the 2 year Treasury note closing
the year well below the 5.5% Federal Funds rate.
The Portfolio had an average maturity slightly greater than 2 years and
emphasized government agency sponsored mortgage securities. The high yield of
these securities was partially offset by lagging prices in the bond market
rally, due to concerns about higher levels of mortgage refinancing in the
declining interest rate environment.
Pacific Investment Management Company expects interest rates to decline further
in 1996 as the economy slows and inflation continues to moderate. If so, bonds
will continue to offer attractive rates of return for long term investors.
<TABLE>
<CAPTION>
COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 INVESTMENT
PIMCO Merrill Lynch
Limited 1-3 Year
Measurement Period Maturity Treasury
(Fiscal Year Covered) Bond Portfolio Index
<S> <C> <C>
5/2/95 10000 10000
6/95 10050 10227
9/95 10170 10380
12/95 10470 10645
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
18
<PAGE> 20
AMERICAN SKANDIA TRUST
SELIGMAN HENDERSON INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
--------- -------------
<S> <C> <C>
FOREIGN STOCKS -- 89.0%
AUSTRALIA -- 3.0%
Broken Hill Proprietary Co.
LTD. ......................... 292,705 $ 4,137,635
MIM Holdings LTD. .............. 1,177,791 1,629,857
News Corp. ..................... 400,901 2,141,559
------------
7,909,051
------------
DENMARK -- 1.2%
Teledanmark Cl-B................ 60,264 3,288,133
------------
FRANCE -- 9.6%
AXA SA.......................... 55,766 3,757,586
Carrefour Supermarch SA......... 5,410 3,281,901
Cie Generale des Eaux........... 39,156 3,908,804
Lafarge -- Coppee SA............ 54,934 3,538,882
Roussel Uclaf................... 22,299 3,779,106
Societe Generale................ 33,372 4,122,524
Societe Nationale Elf
Aquitaine..................... 47,046 3,465,890
------------
25,854,693
------------
GERMANY -- 5.5%
Adidas.......................... 36,823 1,943,593
Bayer AG........................ 13,551 3,597,979
Deutsche Bank AG................ 64,218 3,049,258
Karstadt AG..................... 6,630 2,718,198
Lufthansa....................... 24,218 3,351,885
------------
14,660,913
------------
HONG KONG -- 2.7%
Hong Kong Telecommunications
LTD........................... 1,877,600 3,350,949
Swire Pacific LTD. Cl-A......... 505,000 3,918,576
------------
7,269,525
------------
INDONESIA -- 1.1%
Gadjah Tungal................... 5,073,000 2,828,192
------------
ITALY -- 2.2%
Assicurazione Generali.......... 146,373 3,542,991
Olivetti & Co. SPA Cl-C......... 2,851,074 2,284,808
------------
5,827,799
------------
JAPAN -- 27.0%
Aoyama Trading Co. LTD. ........ 37,500 1,197,735
CSK Corp. ...................... 117,000 3,657,666
Denny's Japan Co. LTD. ......... 38,000 1,268,873
East Japan Railway Co. ......... 1,416 6,879,907
Joshin Demki.................... 88,000 1,149,826
Kao Corp. ...................... 169,000 2,093,690
Mitsui Marine & Fire
Insurance..................... 542,000 3,860,937
Mitsui O.S.K. Lines*............ 1,234,000 3,953,291
Mitsubishi Materials Corp. ..... 716,000 3,707,511
Nippon Telegraph & Telephone
Corp. ........................ 855 6,909,843
Nippon TV Network............... 8,410 2,246,574
<CAPTION>
SHARES VALUE
--------- -------------
<S> <C> <C>
Nomura Securities Co. LTD. ..... 186,000 $ 4,050,523
Pioneer Electronic Corp. ....... 426,000 7,792,683
Sumitomo Metal Industries*...... 1,183,000 3,583,808
Sumitomo Sitix Corp. ........... 63,000 1,146,341
Sumitomo Trust & Banking........ 266,000 3,758,808
Tokyo Steel Manufacturing....... 51,000 937,863
Toshiba Corp. .................. 959,000 7,509,011
Toyo Ink Manufacturing.......... 194,000 957,607
Tsutsumi Jewelry Co. LTD. ...... 21,000 1,050,813
Yamaha Corp. ................... 255,000 4,590,592
------------
72,303,902
------------
MALAYSIA -- 1.5%
Malayan Banking BHD............. 246,500 2,077,302
Proton Perusahaan Otomobil...... 550,000 1,938,450
------------
4,015,752
------------
MEXICO -- 0.1%
Grupo Financiero Banamex Cl-B... 225,000 375,195
------------
NETHERLANDS -- 2.8%
Elsevier NV..................... 279,625 3,729,030
ING Groep NV.................... 57,857 3,865,065
------------
7,594,095
------------
NORWAY -- 1.7%
Kvaerner AS Cl-B................ 47,276 1,583,836
Norsk Hydro AS.................. 68,195 2,866,604
------------
4,450,440
------------
SINGAPORE -- 3.1%
Jurong Shipyard................. 596,000 4,593,693
United Overseas Bank LTD. ...... 394,860 3,797,268
------------
8,390,961
------------
SPAIN -- 2.8%
Banco de Santander SA........... 76,573 3,858,747
Iberdrola SA.................... 208,362 1,913,792
Uralita SA...................... 179,327 1,632,269
------------
7,404,808
------------
SWEDEN -- 2.5%
Ericsson, (L.M.) Telephone Co.
Cl-B.......................... 182,390 3,568,470
Stora Kopparbergs Bergslags
Cl-B.......................... 257,111 3,076,277
------------
6,644,747
------------
SWITZERLAND -- 5.6%
Brown Boveri AG-Bearer.......... 3,341 3,881,852
Nestle SA....................... 3,270 3,617,896
Roche Holding AG-Genussshein.... 481 3,805,710
Zuerich Versicherung-Bearer..... 12,501 3,707,051
------------
15,012,509
------------
</TABLE>
19
<PAGE> 21
AMERICAN SKANDIA TRUST
SELIGMAN HENDERSON INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
--------- -------------
<S> <C> <C>
THAILAND -- 1.9%
Siam Cement Co. LTD............. 52,000 $ 2,881,778
Siam Commercial Bank............ 168,000 2,214,212
-------------
5,095,990
-------------
UNITED KINGDOM -- 14.7%
BAT Industries PLC.............. 410,000 3,613,078
British Petroleum Co. PLC....... 333,500 2,791,337
Caradon PLC..................... 620,000 1,882,201
Central European Growth
Fund***....................... 1,680,000 1,023,945
Central European Growth Fund
(Warrants)*................... 258,000 24,038
Farnell Electronics PLC......... 240,000 2,679,586
FKI Babcock PLC................. 962,500 2,466,109
Granada Group PLC............... 362,000 3,625,734
Rentikil Group PLC.............. 381,800 1,986,133
Reuters Holdings PLC............ 343,600 3,147,986
Royal Bank of Scotland PLC...... 310,000 2,820,895
Siebe PLC....................... 225,000 2,774,154
Tesco PLC....................... 781,500 3,604,235
Unilever PLC.................... 178,000 3,656,853
WPP Group Ord. PLC.............. 1,350,000 3,437,995
-------------
39,534,279
-------------
TOTAL FOREIGN STOCKS
(COST $220,036,687)............... 238,460,984
-------------
AMERICAN DEPOSITORY RECEIPTS -- 1.1%
DIVERSIFIED -- 0.5%
Grupo Carso SA*................. 110,000 1,221,000
-------------
MISCELLANEOUS -- 0.6%
Sociedad Anoni.................. 80,000 1,730,000
-------------
TOTAL AMERICAN DEPOSITORY RECEIPTS
(COST $3,435,327)................. 2,951,000
-------------
GLOBAL DEPOSITORY RECEIPTS -- 1.9%
DIVERSIFIED -- 0.9%
Hindalco Industries............. 75,000 2,540,250
-------------
ELECTRONICS -- 1.0%
Samsung Electronics Co.*........ 43,000 2,547,750
-------------
TOTAL GLOBAL DEPOSITORY RECEIPTS
(COST $4,105,665)................. 5,088,000
-------------
</TABLE>
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ ------------
<S> <C> <C> <C>
SOVEREIGN ISSUES -- 1.3%
ELECTRICAL-EQUIPMENT -- 0.6%
Teco Electric & Machine
Corp.
2.75%................. 04/15/04 $2,000 $ 1,567,500
INDUSTRIAL -- 0.7%
Gujarat Ambuja Cement
3.50%................. 06/30/99 1,450 1,950,250
TOTAL SOVEREIGN ISSUES
(COST $3,582,659).................... 3,517,750
TOTAL INVESTMENTS
(COST $231,160,338**) -- 93.3%....... 250,017,734
OTHER ASSETS LESS
LIABILITIES -- 6.7%.................. 18,038,094
-------------
NET ASSETS -- 100.0%................... $268,055,828
=============
<CAPTION>
NOTES TO SCHEDULE OF INVESTMENTS:
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
<S> <C>
Gross appreciation................. $ 29,767,682
Gross depreciation................. (11,120,367)
-------------
Net appreciation................... $ 18,647,315
=============
</TABLE>
Foreign currency exchange contracts outstanding at December 31, 1995:
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
COVERED EXPIRATION UNREALIZED
TYPE BY CONTRACT MONTH APPRECIATION
<S> <C> <C> <C> <C>
- ----------------------------------------------------------
Buy ESP 64,462,119 01/96 $ 1,755
Sell JPN 3,330,855,000 02/96 543,751
--------
$545,506
========
COUNTRY/CURRENCY ABBREVIATIONS
- ----------------------------------------------------------
ESP - Spain/Spanish Peseta
JPN - Japan/Japanese Yen
</TABLE>
- --------------------------------------------------------------------------------
Unless otherwise noted, all foreign stocks are common stock.
* Non-income producing securities.
** Cost for Federal income tax purposes was $231,370,419.
*** Closed-end fund.
See Notes to Financial Statements.
20
<PAGE> 22
AMERICAN SKANDIA TRUST
LORD ABBETT GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
COMMON STOCK -- 63.9%
AEROSPACE -- 1.3%
Boeing Co. .................... 30,000 $ 2,351,250
Rockwell International
Corp. ....................... 25,000 1,321,875
------------
3,673,125
------------
AUTOMOBILES -- 1.6%
General Motors Corp. .......... 90,000 4,758,750
------------
BANKING -- 4.4%
BankAmerica Corp. ............. 70,000 4,532,500
Chemical Banking Corp. ........ 80,000 4,700,000
Comerica, Inc. ................ 90,000 3,611,250
------------
12,843,750
------------
BUSINESS SUPPLIES -- 1.1%
Snap-On, Inc. ................. 70,000 3,167,500
------------
CHEMICALS -- 3.0%
Dow Chemical Co. .............. 30,000 2,111,250
James River Corp. ............. 180,000 4,342,500
M.A. Hanna Co. ................ 80,000 2,240,000
------------
8,693,750
------------
COMMUNICATIONS -- 0.9%
Harris Corp. .................. 50,000 2,731,250
------------
COMPUTERS -- 0.9%
EMC Corp.*..................... 170,000 2,613,750
------------
DIVERSIFIED -- 1.4%
Crane Co. ..................... 35,000 1,290,625
National Services Industries,
Inc. ........................ 90,000 2,913,750
------------
4,204,375
------------
DRUGS -- 0.9%
Merck & Co., Inc. ............. 40,000 2,630,000
------------
ELECTRONICS -- 4.4%
AMP, Inc. ..................... 100,000 3,837,500
Emerson Electric Co. .......... 60,000 4,905,000
Hewlett-Packard Co. ........... 35,000 2,931,250
Seagate Technology, Inc.*...... 25,000 1,187,500
------------
12,861,250
------------
FINANCIAL-BANK & TRUST -- 1.0%
Bank of Boston Corp. .......... 60,000 2,775,000
------------
FINANCIAL SERVICES -- 1.9%
H. F. Ahmanson Co. ............ 100,000 2,650,000
H&R Block, Inc. ............... 70,000 2,835,000
------------
5,485,000
------------
FOODS & BEVERAGES -- 4.8%
Conagra, Inc. ................. 100,000 4,125,000
Dean Foods Co. ................ 35,700 981,750
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
Hershey Foods Corp. ........... 55,000 $ 3,575,000
Sara Lee Corp. ................ 50,000 1,593,750
Supervalu, Inc. ............... 110,000 3,465,000
------------
13,740,500
------------
FOOD PROCESSING -- 0.7%
Pioneer Hi-Bred
International................ 35,000 1,946,875
------------
FOREST PRODUCTS -- 0.8%
Westvaco Corp. ................ 80,000 2,220,000
------------
HEALTHCARE -- 1.7%
Malincrodt Group, Inc. ........ 135,000 4,910,625
------------
HOSPITAL MANAGEMENT -- 0.7%
Baxter International, Inc. .... 45,000 1,884,375
------------
INSURANCE -- 5.1%
Aetna Life & Casualty Co. ..... 70,000 4,847,500
CHUBB Corp. ................... 45,000 4,353,750
Lincoln National Corp. ........ 30,000 1,612,500
Transamerica Corp. ............ 55,000 4,008,125
------------
14,821,875
------------
MACHINERY & HEAVY EQUIPMENT -- 0.8%
Goulds Pumps, Inc. ............ 90,000 2,250,000
------------
NATURAL GAS -- 1.3%
Sonat, Inc. ................... 105,000 3,740,625
------------
OFFICE EQUIPMENT -- 0.8%
Moore Corp. LTD. .............. 125,000 2,328,125
------------
OIL & GAS -- 2.3%
Chevron Corp. ................. 70,000 3,675,000
Coastal Corp. ................. 80,000 2,980,000
------------
6,655,000
------------
OIL & GAS-EQUIPMENT & SERVICES -- 0.3%
Schlumberger LTD. ............. 13,700 948,725
------------
PAPER & PAPER PRODUCTS -- 1.0%
Kimberly-Clark Corp. .......... 35,100 2,904,525
------------
PHARMACEUTICALS -- 1.2%
Warner Lambert Co. ............ 35,000 3,399,375
------------
PHOTOGRAPHY -- 0.5%
Perkin Elmer Corp. ............ 35,000 1,321,250
------------
PRINTING & PUBLISHING -- 1.5%
Deluxe Corp. .................. 80,000 2,320,000
R.R. Donnelley & Sons Co. ..... 50,000 1,968,750
------------
4,288,750
------------
RESTAURANTS -- 0.9%
Brinker International, Inc.*... 180,000 2,722,500
------------
</TABLE>
21
<PAGE> 23
AMERICAN SKANDIA TRUST
LORD ABBETT GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
RETAIL-MERCHANDISING -- 2.1%
May Department Stores Co. ..... 70,000 $ 2,957,500
Sears Roebuck & Co. ........... 80,000 3,120,000
------------
6,077,500
------------
RUBBER & PLASTIC -- 0.2%
Standard Products Co. ......... 34,100 601,013
------------
SAVINGS & LOAN ASSOCIATIONS -- 1.2%
Great Western Financial
Corp. ....................... 140,000 3,570,000
------------
TELECOMMUNICATIONS -- 3.0%
AT&T Corp. .................... 80,000 5,180,000
MCI Communications Corp. ...... 130,000 3,396,250
------------
8,576,250
------------
TEXTILES -- 1.3%
VF Corp. ...................... 45,000 2,373,750
Warnaco Group, Inc. Cl-A....... 50,000 1,250,000
------------
3,623,750
------------
UTILITIES-ELECTRIC -- 3.1%
Detroit Edison Co. ............ 100,000 3,450,000
Ohio Edison Co. ............... 170,000 3,995,000
Public Service Co. of
Colorado..................... 45,000 1,591,875
------------
9,036,875
------------
UTILITIES-GAS -- 3.0%
Cinergy Corp. ................. 160,000 4,900,000
Consolidated Natural Gas
Co. ......................... 80,000 3,630,000
------------
8,530,000
------------
WASTE MANAGEMENT -- 2.8%
Browning-Ferris Industries,
Inc. ........................ 150,000 4,425,000
WMX Technologies, Inc. ........ 120,000 3,585,000
------------
8,010,000
------------
TOTAL COMMON STOCK
(COST $162,644,061).............. 184,546,013
------------
PREFERRED STOCK -- 4.4%
FINANCE -- 1.2%
St. Paul's Capital,
Convertible Cl-C
6.00%........................ 60,000 3,375,000
------------
METALS & MINING -- 0.5%
Cyprus Amax Minerals,
Convertible $4.00............ 25,000 1,484,375
------------
OIL & GAS -- 0.8%
Atlantic Richfield Co. $2.23... 105,000 2,467,500
------------
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
PACKAGING & PAPER PRODUCTS -- 1.9%
International Paper Co.,
Convertible
5.25%........................ 55,000 $ 2,512,125
Sonoco Products Co.,
Convertible $2.25............ 50,000 2,856,250
------------
5,368,375
------------
TOTAL PREFERRED STOCK
(COST $12,777,635)............... 12,695,250
------------
AMERICAN DEPOSITORY RECEIPTS -- 3.3%
AIRLINES -- 0.8%
British Airways PLC............ 30,000 2,182,500
------------
HEALTH -- 1.2%
Smithkline Beecham PLC
(Unit)....................... 65,000 3,607,500
------------
OIL -- 1.3%
Total Petroleum................ 110,000 3,740,000
------------
TOTAL AMERICAN DEPOSITORY RECEIPTS
(COST $7,338,946)................ 9,530,000
------------
SHORT TERM INVESTMENTS -- 5.8%
Temporary Investment
Cash Fund.................... 8,382,244 8,382,244
Temporary Investment Fund...... 8,382,244 8,382,244
------------
(COST $16,764,488)........... 16,764,488
------------
TOTAL INVESTMENTS
(COST $199,525,130**) -- 77.4%... 223,535,751
OTHER ASSETS LESS
LIABILITIES -- 22.6%............. 65,213,522
------------
NET ASSETS -- 100.0%............... $288,749,273
============
<CAPTION>
NOTES TO SCHEDULE OF INVESTMENTS:
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
<S> <C>
Gross appreciation........................ $26,543,215
Gross depreciation........................ (2,559,577)
----------
Net appreciation.......................... $23,983,638
===========
</TABLE>
- --------------------------------------------------------------------------------
* Non-income producing securities.
** Cost for Federal income tax purposes was $199,552,113.
See Notes to Financial Statements.
22
<PAGE> 24
AMERICAN SKANDIA TRUST
JANCAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
---------- ------------
<S> <C> <C>
COMMON STOCK -- 84.8%
AEROSPACE-DEFENSE -- 2.4%
Lockheed Martin Corp. ........... 112,550 $ 8,891,450
McDonnell Douglas Corp. ......... 16,250 1,495,000
------------
10,386,450
------------
BANKING -- 10.3%
Chemical Banking Corp. .......... 281,450 16,535,188
Citicorp......................... 231,545 15,571,401
First Bank System, Inc. ......... 82,375 4,087,859
First Chicago NBD Corp. ......... 46,075 1,819,963
First Interstate Bancorp......... 45,275 6,180,038
------------
44,194,449
------------
BEVERAGES & BOTTLING -- 6.1%
Coca-Cola Co. ................... 148,600 11,033,550
Coca-Cola Enterprises, Inc. ..... 151,850 4,061,988
Pepsico, Inc. ................... 204,475 11,425,041
------------
26,520,579
------------
BIOPHARMACEUTICALS -- 3.1%
Amgen, Inc. ..................... 225,025 13,360,859
------------
BROADCASTING -- 0.1%
Infinity Broadcasting Corp.
Cl-A*.......................... 11,475 427,444
------------
CHEMICALS -- 4.2%
Cytec Industries, Inc. .......... 88,525 5,521,747
Hercules, Inc. .................. 67,700 3,816,588
Monsanto Co. .................... 70,200 8,599,500
------------
17,937,835
------------
COMPUTER SERVICES & SOFTWARE -- 5.8%
Cisco Systems, Inc.*............. 170,125 12,695,578
First Data Corp. ................ 182,500 12,204,688
------------
24,900,266
------------
COMPUTERS -- 4.1%
Sun Microsystems, Inc.*.......... 384,600 17,547,375
------------
CONSUMER GOODS & SERVICES -- 2.6%
Coleman Co., Inc.*............... 75,875 2,665,109
CUC International, Inc. ......... 135,450 4,622,231
Lowe's Companies, Inc. .......... 114,625 3,839,938
------------
11,127,278
------------
CONSUMER PRODUCTS -- 0.5%
General Electric Co. ............ 28,700 2,066,400
------------
ELECTRICAL EQUIPMENT -- 0.8%
Duracell International, Inc. .... 69,000 3,570,750
------------
ELECTRONICS -- 4.8%
Altera Corp. .................... 163,825 8,150,294
Diebold, Inc. ................... 49,100 2,718,913
Lexmark International Group, Inc.
Cl-A........................... 400,000 7,300,000
National Semiconductor Corp.*.... 118,725 2,641,631
------------
20,810,838
------------
<CAPTION>
SHARES VALUE
---------- ------------
<S> <C> <C>
ENTERTAINMENT -- 2.4%
Walt Disney Co. ................. 177,725 $ 10,485,775
------------
FINANCIAL SERVICES -- 8.5%
Charles Schwab Corp. (New)....... 182,700 3,676,838
Federal Home Loan Mortgage
Association.................... 10,175 849,613
Federal National Mortgage
Association.................... 90,215 11,197,937
Merrill Lynch & Co., Inc. ....... 316,875 16,160,625
Morgan Stanley Group, Inc. ...... 58,225 4,694,391
------------
36,579,404
------------
FOOD PROCESSING -- 0.3%
Pioneer Hi-Bred International.... 23,000 1,279,375
------------
FOREST PRODUCTS -- 0.8%
Georgia Pacific Corp. ........... 11,750 806,344
Willamette Industries, Inc. ..... 50,300 2,829,375
------------
3,635,719
------------
HOME BUILDER -- 0.3%
D.R. Horton, Inc.*............... 107,625 1,264,594
------------
HOTELS & MOTELS -- 1.2%
Hospitality Franchise Systems,
Inc. .......................... 65,625 5,364,844
------------
MACHINERY & HEAVY EQUIPMENT -- 0.6%
Caterpillar, Inc. ............... 46,525 2,733,344
------------
MEDICAL & MEDICAL SERVICES -- 1.2%
Medtronic, Inc. ................. 36,450 2,036,644
Oxford Health Plans, Inc. ....... 39,100 2,888,513
------------
4,925,157
------------
METALS & STEELS -- 1.7%
Phelps Dodge Corp. .............. 118,900 7,401,525
------------
PHARMACEUTICALS -- 7.2%
Bristol-Meyers Squibb Co. ....... 49,700 4,267,988
Merck & Co., Inc. ............... 168,275 11,064,081
Pfizer, Inc. .................... 180,750 11,387,250
Warner Lambert Co. .............. 46,175 4,484,747
------------
31,204,066
------------
PRINTING & PUBLISHING -- 1.1%
Gartner Group, Inc. Cl-A......... 100,000 4,787,500
------------
RESTAURANTS -- 3.8%
Boston Chicken, Inc. ............ 122,175 3,924,872
McDonald's Corp. ................ 274,625 12,392,453
------------
16,317,325
------------
RETAIL-SPECIALTY -- 0.7%
Nike, Inc. ...................... 44,100 3,070,463
------------
SAVINGS & LOAN ASSOCIATIONS -- 1.4%
Fidelity Federal Bank FSB........ 2,682,439 5,869,177
------------
</TABLE>
23
<PAGE> 25
AMERICAN SKANDIA TRUST
JANCAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
---------- ------------
<S> <C> <C>
TELECOMMUNICATIONS -- 5.1%
Ascend Communications, Inc.*..... 102,350 $ 8,303,144
Premisys Communications, Inc. ... 20,000 1,120,000
Sprint Corp. .................... 103,700 4,135,038
Tele-Communications
International, Inc.*........... 78,600 1,788,150
US Robotics, Inc. ............... 75,975 6,666,806
------------
22,013,138
------------
TRANSPORTATION -- 3.7%
AMR Corp. ....................... 134,100 9,956,925
Delta Air Lines, Inc. ........... 48,525 3,584,784
UAL Corp. ....................... 13,550 2,418,675
------------
15,960,384
------------
TOTAL COMMON STOCK
(COST $301,903,995)................ 365,742,313
------------
PREFERRED STOCK -- 0.7%
FINANCIAL SERVICES
American Express Convertible
6.25%
(COST $2,780,360)............ 56,000 3,108,000
------------
AMERICAN DEPOSITORY RECEIPTS -- 2.4%
FINANCIAL SERVICES -- 0.3%
Reuters Holdings PLC............. 22,725 1,252,716
------------
HEALTH -- 0.5%
Smithkline Beecham PLC (Unit).... 43,300 2,403,150
------------
RETAIL -- 1.6%
Fila Holding SPA................. 148,075 6,737,413
------------
TOTAL AMERICAN DEPOSITORY RECEIPTS
(COST $8,536,059).................. 10,393,279
------------
FOREIGN STOCKS -- 6.8%
COMPUTERS -- 2.8%
Sap AG Vorzug -- (DEM)........... 77,810 11,816,352
------------
PHARMACEUTICALS -- 4.0%
Roche Holding AG-
Genussshein -- (SW)............ 2,187 17,303,711
------------
TOTAL FOREIGN STOCKS
(COST $22,958,932)................. 29,120,063
------------
SHORT TERM INVESTMENTS --
MONEY MARKET FUNDS -- 0.0%
Temporary Investment Cash Fund... 9,686 9,686
Temporary Investment Fund........ 9,685 9,685
------------
(COST $19,371)................. 19,371
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------- ------------
<S> <C> <C> <C>
COMMERCIAL PAPER -- 6.0%
Ford Motor Credit Co.
5.75%................ 01/02/96 $15,800 $ 15,797,476
General Electric
Capital Corp.
5.95%................ 01/04/96 10,000 9,995,042
-----------
TOTAL COMMERCIAL PAPER
(COST $25,792,518)....... 25,792,518
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 2.3%
Federal Home Loan Bank
5.66%
(COST $9,976,417).... 01/16/96 10,000 9,976,417
-----------
TOTAL INVESTMENTS
(COST $371,967,652**) -- 103.0%..... 444,151,961
LIABILITIES IN EXCESS OF
OTHER ASSETS -- (3.0%).............. (12,831,188)
-----------
NET ASSETS -- 100.0%.................. $431,320,773
===========
<CAPTION>
NOTES TO SCHEDULE OF INVESTMENTS:
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
<S> <C>
Gross appreciation................ $75,256,541
Gross depreciation................ (3,077,801)
----------
Net appreciation.................. $72,178,740
==========
Foreign currency exchange contracts outstanding at December
31, 1995:
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT UNREALIZED
COVERED EXPIRATION APPRECIATION
TYPE BY CONTRACT MONTH (DEPRECIATION)
<S> <C> <C> <C> <C>
-----------------------------------------------------------
Sell DEM 9,127,000 02/96 $145,741
Sell DEM 6,000,000 04/96 36,562
----------
182,303
Buy FIM 13,500,000 02/96 (23,719)
Sell FIM 13,500,000 02/96 121,478
97,759
----------
$280,062
==========
</TABLE>
COUNTRY/CURRENCY ABBREVIATIONS
- ----------------------------------------------------------
DEM - Germany/German Deutschemark
FIM - Finland/Finnish Markka
SW - Switzerland/Swiss Franc
- --------------------------------------------------------------------------------
* Non-income producing securities.
** Cost for Federal income tax purposes was $371,973,221.
See Notes to Financial Statements.
24
<PAGE> 26
AMERICAN SKANDIA TRUST
AST MONEY MARKET PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------- ------------
<S> <C> <C> <C>
COMMERCIAL PAPER -- 19.6%
BANKING -- 4.3%
Bank of New York
5.83%................. 01/18/96 $15,000 $ 14,958,704
-------------
FINANCIAL -- 14.2%
Bayerische Vereinsbank
Caymen
6.50%................. 01/02/96 18,000 17,996,750
CIT Group Holdings, Inc.
5.60%................. 03/08/96 15,000 14,843,667
General Electric Capital
Corp.
5.79%................. 01/30/96 16,000 15,925,373
-------------
48,765,790
-------------
PHARMACEUTICALS -- 1.1%
Pfizer, Inc.
5.65%................. 02/05/96 3,763 3,742,330
-------------
TOTAL COMMERCIAL PAPER
(COST $67,466,824)........ 67,466,824
-------------
CERTIFICATES OF DEPOSIT -- 50.3%
DOMESTIC -- 29.6%
Bank of Nova Scotia
5.75%................. 02/06/96 5,000 5,000,000
Canada Imperial Bank of
Commerce Toronto
5.80%................. 01/18/96 16,000 16,000,000
Dai Ichi Kangyo
Bank LTD.
6.26%................. 02/02/96 10,000 10,000,907
Fuji Bank
6.12%................. 01/17/96 16,000 16,000,000
Harris Trust Bank
5.65%................. 01/25/96 15,000 15,000,000
Industrial Bank of Japan
6.03%................. 02/23/96 17,000 17,004,011
National Westminster
Bank New York
5.72%................. 02/16/96 18,000 18,002,533
Sumitomo Bank New York
6.09%................. 01/16/96 5,000 5,000,000
-------------
102,007,451
-------------
EURO DOLLAR -- 4.4%
Sanwa London
6.01%................. 01/16/96 15,000 15,000,062
-------------
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------- ------------
<S> <C> <C> <C>
YANKEE DOLLAR -- 16.3%
Banque National de Paris
5.79%................. 01/26/96 $10,000 $ 10,000,000
5.74%................. 03/25/96 5,000 5,000,000
National Bank of
Australia
5.75%................. 10/02/96 5,000 4,995,315
NBD Bank NA
5.95%................. 05/30/96 8,000 8,009,560
Societe Generale
5.65%................. 02/08/96 15,000 15,000,000
6.60%................. 04/12/96 3,000 3,000,972
Sumitomo Bank New York
5.99%................. 01/16/96 10,000 10,000,163
-------------
56,006,010
-------------
TOTAL CERTIFICATES OF
DEPOSIT
(COST $173,013,523)....... 173,013,523
-------------
U.S. TREASURY BILLS -- 0.2%
5.29%................... 03/21/96 400 395,302
5.29%................... 03/21/96 442 436,804
TOTAL U.S. TREASURY BILLS
(COST $832,106)........... 832,106
-------------
MEDIUM TERM NOTES -- 9.9%
BANKING -- 1.4%
Comerica Bank of
Detroit, Michigan
5.70%................. 09/03/96 5,000 4,997,731
-------------
FINANCIAL -- 4.4%
Xerox Credit Corp.
17.00%................ 02/09/96 15,000 15,168,654
U.S. GOVERNMENT
AGENCIES -- 4.1%
Federal National
Mortgage Association
5.30%................. 12/26/96 14,000 13,970,800
-------------
TOTAL MEDIUM TERM NOTES
(COST $34,137,185)........ 34,137,185
-------------
VARIABLE RATE DISCOUNT NOTES -- 1.5%
U.S. GOVERNMENT AGENCIES
Federal National
Mortgage Association
5.75%
(COST $4,995,774)... 10/11/96 5,000 4,995,774
-------------
</TABLE>
25
<PAGE> 27
AMERICAN SKANDIA TRUST
AST MONEY MARKET PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------- ------------
<S> <C> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 18.2%
FEDERAL FARM CREDIT BANK -- 2.9%
6.07%................... 06/03/96 $10,000 $ 9,995,958
-------------
FEDERAL HOME LOAN BANK -- 6.6%
5.46%................... 01/22/96 22,815 22,742,334
-------------
FEDERAL HOME LOAN MORTGAGE
CORP. -- 3.2%
5.47%................... 01/19/96 9,093 9,068,131
6.06%................... 03/21/96 2,000 1,973,067
-------------
11,041,198
-------------
FEDERAL NATIONAL MORTGAGE
ASSOCIATION -- 5.5%
5.60%................... 11/01/96 6,000 5,991,850
5.50%................... 01/31/96 13,050 12,990,188
-------------
18,982,038
-------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(COST $62,761,528).................. 62,761,528
-------------
TOTAL INVESTMENTS
(COST $343,206,940*) - 99.7%........ 343,206,940
OTHER ASSETS LESS
LIABILITIES -- 0.3%................. 1,018,232
-------------
NET ASSETS -- 100.0%.................. $344,225,172
=============
</TABLE>
- --------------------------------------------------------------------------------
* Also cost for Federal income tax purposes.
See Notes to Financial Statements.
26
<PAGE> 28
AMERICAN SKANDIA TRUST
FEDERATED UTILITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
COMMON STOCK -- 76.0%
BANKING -- 0.3%
PNC Financial Corp. ............. 10,800 $ 348,300
-----------
ENERGY -- 2.5%
Sonat, Inc. ..................... 58,500 2,084,063
Westcoast Energy, Inc. .......... 38,400 561,600
-----------
2,645,663
-----------
FINANCIAL SERVICES -- 0.1%
First USA, Inc. ................. 2,700 106,650
-----------
FOOD & TOBACCO -- 1.1%
Philip Morris Companies, Inc. ... 13,000 1,176,500
-----------
HEALTHCARE -- 1.9%
Meditrust SBI.................... 58,500 2,040,187
-----------
NATURAL GAS -- 5.5%
MCN Corp. ....................... 81,800 1,901,850
Pacific Enterprises, Inc. ....... 70,700 1,997,275
Panhandle Eastern Corp. ......... 23,700 660,638
Williams Companies, Inc. ........ 30,300 1,329,413
-----------
5,889,176
-----------
OIL & GAS -- 1.5%
Exxon Corp. ..................... 19,500 1,562,437
-----------
TELECOMMUNICATIONS -- 21.7%
Ameritech Corp. ................. 55,700 3,286,300
AT&T Corp. ...................... 70,900 4,590,775
BellSouth Corp. ................. 93,700 4,075,950
GTE Corp. ....................... 85,800 3,775,200
MCI Communications Corp. ........ 157,000 4,101,625
SBC Communications Corp. ........ 59,900 3,444,250
-----------
23,274,100
-----------
UTILITIES-COMBINATION -- 2.6%
CMS Energy Corp. ................ 92,700 2,769,412
-----------
UTILITIES-ELECTRIC -- 36.2%
Baltimore Gas & Electric Co. .... 47,100 1,342,350
Cinergy Corp. ................... 45,700 1,399,562
DPL, Inc. ....................... 107,200 2,653,200
DQE, Inc. ....................... 83,550 2,569,162
Duke Power Co. .................. 71,900 3,406,262
Florida Progress Corp. .......... 44,600 1,577,725
FPL Group, Inc. ................. 90,700 4,206,213
General Public Utilities
Corp. ......................... 49,200 1,672,800
Illinova Corp. .................. 77,800 2,334,000
NIPSCO Industries, Inc. ......... 58,000 2,218,500
Ohio Edison Co. ................. 30,300 712,050
Pacificorp....................... 75,600 1,606,500
PECO Energy Co. ................. 52,900 1,593,613
Pinnacle West Capital Co. ....... 93,600 2,691,000
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
Southern Co. .................... 85,800 $ 2,112,825
Texas Utilities Co. ............. 60,000 2,467,500
Unicom Corp. .................... 20,000 655,000
Utilicorp United, Inc. .......... 66,700 1,959,313
Western Resources, Inc. ......... 54,400 1,815,600
-----------
38,993,175
-----------
UTILITIES-GAS -- 2.6%
Enron Corp. ..................... 54,300 2,070,187
Enron Global Power & Pipeline.... 30,600 761,175
-----------
2,831,362
-----------
TOTAL COMMON STOCK
(COST $70,730,913)................. 81,636,962
-----------
PREFERRED STOCK -- 13.4%
AUTOMOBILES -- 1.0%
General Motors Corp., Convertible
Cl-C $3.25..................... 15,100 1,106,075
-----------
BEVERAGES & TOBACCO -- 4.0%
RJR Nabisco Holdings Corp.,
Convertible Cl-C $0.60......... 674,200 4,298,025
-----------
FINANCE -- 3.8%
Merrill Lynch & Co., Inc.,
Convertible $3.12.............. 28,100 1,457,687
SunAmerica, Inc., Convertible
Cl-E $3.10..................... 15,000 982,500
SunAmerica, Inc., Convertible
Cl-D $2.78..................... 33,500 1,603,813
-----------
4,044,000
-----------
FOREST PRODUCTS -- 1.0%
James River Corp., Convertible
9.00%.......................... 44,500 1,040,187
-----------
HOME FURNISHINGS & HOUSEWARES -- 0.6%
Kaufman & Broad, Convertible Cl-B
$1.52.......................... 42,600 633,675
-----------
METALS & MINING -- 1.6%
Reynolds Metals Co., Convertible
$3.31.......................... 33,700 1,706,063
-----------
NATURAL GAS -- 1.0%
Williams Companies, Inc.,
Convertible $3.50.............. 14,300 1,058,200
-----------
PAPER & PAPER PRODUCTS -- 0.4%
International Paper Co.,
Convertible $5.25.............. 11,000 502,425
-----------
TOTAL PREFERRED STOCK
(COST $13,683,523)................. 14,388,650
-----------
</TABLE>
27
<PAGE> 29
AMERICAN SKANDIA TRUST
FEDERATED UTILITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
AMERICAN DEPOSITORY RECEIPTS -- 6.3%
ELECTRIC POWER -- 0.6%
National Power PLC............... 70,200 $ 649,350
-----------
ELECTRONIC-SYSTEMS -- 1.0%
Nokia Corp. C1-A................. 27,700 1,076,837
-----------
TELECOMMUNICATIONS -- 4.7%
Cable & Wireless PLC............. 10,600 223,925
Cointel Prides................... 43,900 2,546,200
Compania de Telefonos de Chile... 7,100 588,413
Telcomunicacoes Brasileras....... 12,800 606,400
Telefonica de Espana............. 26,200 1,097,125
-----------
5,062,063
-----------
TOTAL AMERICAN DEPOSITORY RECEIPTS
(COST $7,356,442).................. 6,788,250
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR
MATURITY (000)
-------- -------
<S> <C> <C> <C>
CORPORATE BONDS -- 2.5%
INDUSTRIAL -- 0.6%
Analog Devices, Inc.,
Convertible
3.50%............... 12/01/00 $ 330 358,050
National Semiconductor
Corp., Convertible
6.50%............... 10/01/02 280 262,500
------------
620,550
------------
INSURANCE -- 0.9%
Equitable Companies,
Inc., Convertible
Subordinate
Debentures
6.13%............... 12/15/24 825 945,656
------------
RETAIL -- 0.3%
Federated Department
Stores, Inc.,
Convertible
5.00%............... 10/01/03 370 372,313
------------
<CAPTION>
PAR
MATURITY (000) VALUE
-------- ------- ------------
<S> <C> <C> <C>
TECHNOLOGY -- 0.7%
3Com Corp.,
Convertible
10.25%.............. 11/01/01 $ 320 $ 492,000
VLSI Technology, Inc.
8.25%............... 10/01/05 280 260,400
------------
752,400
------------
TOTAL CORPORATE BONDS
(COST $2,612,272)....... 2,690,919
------------
REPURCHASE AGREEMENT -- 1.0%
HSBC Securities, Inc.
5.50%, dated
12/29/95 matures on
01/02/96, repurchase
price $1,000,611
(Collateralized by
U.S. Treasury Notes,
par value
$1,025,000, market
value $1,023,078,
due on 04/30/96)
(COST
$1,000,000)..... 01/02/96 1,000 1,000,000
------------
TOTAL INVESTMENTS
(COST $95,383,150*) -- 99.2%...... 106,504,781
OTHER ASSETS LESS
LIABILITIES -- 0.8%............... 894,233
------------
NET ASSETS -- 100.0%................ $107,399,014
===========
<CAPTION>
NOTES TO SCHEDULE OF INVESTMENTS:
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
<S> <C>
Gross appreciation........................ $11,993,758
Gross depreciation........................ (1,020,210)
----------
Net appreciation.......................... $10,973,548
==========
</TABLE>
- --------------------------------------------------------------------------------
* Cost for Federal income tax purposes was $95,531,233.
See Notes to Financial Statements.
28
<PAGE> 30
AMERICAN SKANDIA TRUST
AST PHOENIX BALANCED ASSET PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
COMMON STOCK -- 33.5%
AEROSPACE- 1.7%
Boeing Co. ...................... 30,000 $ 2,351,250
Lockheed Martin Corp. ........... 25,000 1,975,000
------------
4,326,250
------------
BANKING -- 2.1%
Bankers Trust New York Corp. .... 25,000 1,662,500
Citicorp......................... 25,000 1,681,250
Great Western Financial Corp. ... 57,000 1,453,500
Integra Financial Corp. ......... 10,500 661,500
------------
5,458,750
------------
BROADCASTING & PUBLISHING -- 2.1%
Capital Cities ABC, Inc. ........ 15,000 1,850,625
Scholastic Corp.*................ 25,000 1,943,750
Tele-Communications Liberty
Media, Inc. Cl-A*.............. 15,000 403,125
Tele-Communications Group
Cl-A*.......................... 60,000 1,192,500
------------
5,390,000
------------
CHEMICALS -- 1.3%
IMC Global, Inc. ................ 30,000 1,226,250
Monsanto Co. .................... 7,500 918,750
Potash Corp. of Saskatchewan..... 15,000 1,063,125
------------
3,208,125
------------
COMPUTER SERVICES & SOFTWARE -- 1.5%
Bay Networks, Inc. .............. 20,000 822,500
Cisco Systems, Inc.*............. 20,000 1,492,500
Informix Corp.*.................. 25,000 750,000
Oracle Systems Corp.*............ 20,000 847,500
------------
3,912,500
------------
COMPUTERS -- 1.6%
Digital Equipment Corp.*......... 30,000 1,923,750
Silicon Graphics, Inc.*.......... 20,000 550,000
Sun Microsystems, Inc.*.......... 15,000 684,375
3Com Corp.*...................... 22,000 1,025,750
------------
4,183,875
------------
CONGLOMERATES -- 0.8%
Thermo Electron Corp.*........... 39,000 2,028,000
------------
CONSUMER-CYCLICAL -- 0.2%
Newell Co. ...................... 20,000 517,500
------------
CONSUMER GOODS & SERVICES -- 0.8%
General Electric Co. ............ 28,000 2,016,000
------------
COSMETICS-TOILETRY -- 0.2%
Gillette Co. .................... 10,000 521,250
------------
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
DRUGS -- 2.0%
Amgen, Inc.*..................... 30,000 $ 1,781,250
Genzyme Corp.*................... 10,000 623,750
Merck & Co., Inc. ............... 30,000 1,972,500
Watson Pharmaceuticals, Inc.*.... 15,000 735,000
------------
5,112,500
------------
ELECTRICAL-EQUIPMENT -- 0.8%
Honeywell, Inc. ................. 40,000 1,945,000
------------
ELECTRONICS -- 0.6%
Hewlett-Packard Co. ............. 5,000 418,750
LSI Logic Corp.*................. 8,000 262,000
S3, Inc.*........................ 44,000 775,500
------------
1,456,250
------------
ENGINEERING & CONSTRUCTION -- 0.9%
Fluor Corp. ..................... 33,000 2,178,000
------------
FINANCIAL SERVICES -- 2.3%
Bank of Boston Corp. ............ 29,000 1,341,250
Donaldson Lufkin & Jenrette,
Inc. .......................... 11,200 350,000
Equifax, Inc. ................... 80,000 1,710,000
Morgan Stanley Group, Inc. ...... 11,000 886,875
Travelers Group, Inc. ........... 25,000 1,571,875
------------
5,860,000
------------
FOOD & TOBACCO -- 1.4%
Nabisco Holdings Corp. .......... 50,000 1,631,250
Philip Morris Companies, Inc. ... 20,000 1,810,000
------------
3,441,250
------------
HEALTHCARE -- 0.5%
American Home Products Corp. .... 13,000 1,261,000
------------
HOSPITAL-INFORMATION SYSTEM -- 0.5%
HBO & Co. ....................... 17,000 1,302,625
------------
HOSPITAL SUPPLIES & HOSPITAL
MANAGEMENT -- 0.3%
Manor Care, Inc. ................ 25,000 875,000
------------
INSURANCE -- 1.5%
Allstate Corp. .................. 25,000 1,028,125
American International Group,
Inc. .......................... 18,000 1,665,000
Cigna Corp. ..................... 10,000 1,032,500
------------
3,725,625
------------
MEDICAL PRODUCTS -- 1.2%
Johnson & Johnson................ 15,000 1,284,375
Medtronic, Inc. ................. 30,000 1,676,250
------------
2,960,625
------------
</TABLE>
29
<PAGE> 31
AMERICAN SKANDIA TRUST
AST PHOENIX BALANCED ASSET PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
OIL -- 1.6%
Chevron Corp. ................... 25,000 $ 1,312,500
Mobil Corp. ..................... 10,000 1,120,000
Texaco, Inc. .................... 21,000 1,648,500
------------
4,081,000
------------
OIL & GAS-EQUIPMENT &
SERVICES -- 0.1%
Enron Oil & Gas.................. 15,000 360,000
------------
OIL-EQUIPMENT & SERVICES -- 3.1%
Baker Hughes, Inc. .............. 50,000 1,218,750
Ensco International, Inc.*....... 50,000 1,150,000
Halliburton Co. ................. 35,000 1,771,875
Schlumberger LTD. ............... 27,800 1,925,150
Sonat Offshore Drilling, Inc. ... 39,000 1,745,250
------------
7,811,025
------------
PERSONAL ITEMS -- 0.3%
Procter & Gamble Co. ............ 10,000 830,000
------------
RETAIL-SPECIALTY -- 0.2%
Officemax, Inc.*................. 20,000 447,500
------------
TECHNOLOGY -- 0.1%
Texas Instruments, Inc. ......... 7,000 362,250
------------
TELECOMMUNICATIONS -- 3.2%
AT&T Corp. ...................... 30,000 1,942,500
Bell Atlantic Corp. ............. 25,000 1,671,875
BellSouth Corp. ................. 50,000 2,175,000
GTE Corp. ....................... 35,000 1,540,000
Qualcomm, Inc.*.................. 20,000 860,000
------------
8,189,375
------------
TELECOMMUNICATIONS EQUIPMENT -- 0.6%
Ascend Communications, Inc.*..... 20,000 1,622,500
------------
TOTAL COMMON STOCK
(COST $71,350,226)................. 85,383,775
------------
AMERICAN DEPOSITORY RECEIPTS -- 1.1%
OIL
British Petroleum Co. PLC........ 10,000 1,021,250
Royal Dutch Petroleum Co. ....... 13,500 1,905,187
------------
TOTAL AMERICAN DEPOSITORY RECEIPTS
(COST $2,342,401).................. 2,926,437
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
MATURITY (000)
--------- -------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 1.9%
<S> <C> <C> <C>
CS First Boston
Mortgage Securities
Corp.
7.182%............... 11/25/27 $ 450 454,641
Donaldson Lufkin &
Jenrette, Inc.
6.955%............... 11/01/23 1,200 1,173,750
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------- ------------
<S> <C> <C> <C>
LB Commercial Conduit
Mortgage Trust Cl-B
7.184%............... 01/01/10 $ 350 $ 365,531
Merrill Lynch Mortgage
Investors Cl-B
7.53%................ 06/15/21 248 256,219
Resolution Trust
Corp. Cl-A5
6.02%................ 02/25/27 452 450,208
Resolution Trust Corp.
Cl-B
8.75%................ 05/25/24 350 365,641
6.80%................ 02/01/27 990 987,624
6.90%................ 02/25/27 425 428,719
Resolution Trust
Corp. Cl-M1
7.15%................ 05/25/29 436 439,442
------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(COST $4,868,110)........ 4,921,775
------------
CORPORATE BONDS -- 0.4%
TELECOMMUNICATIONS
Continental Cablevision
8.30%
(COST $987,534).... 05/15/06 990 996,187
------------
SOVEREIGN ISSUES -- 1.4%
ARGENTINA -- 0.2%
Argentina Registered
FRB
7.31%................ 03/31/05 650 462,719
------------
BRAZIL -- 0.2%
Brazil Capitalization
Bond
8.00%................ 04/15/14 796 455,155
------------
COLUMBIA -- 0.3%
Financiera Energy
Nacional
9.00%................ 11/08/99 390 406,575
Republic of Columbia
7.25%................ 02/23/04 425 414,906
------------
821,481
------------
MEXICO -- 0.2%
Banco Nacional de
Commerce Global
7.25%................ 02/02/04 500 385,625
------------
PHILIPPINES -- 0.2%
Philippines Bond
6.81%................ 01/05/05 450 405,563
------------
</TABLE>
30
<PAGE> 32
AMERICAN SKANDIA TRUST
AST PHOENIX BALANCED ASSET PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------- ------------
<S> <C> <C> <C>
POLAND -- 0.3%
Republic of Poland
Global Registered Par
Eu Variable Rate
2.75%................ 10/27/24 $ 900 $ 424,305
Republic of Poland
Government PDI
Variable Rate
3.75%................ 10/27/14 650 420,875
------------
845,180
------------
TOTAL SOVEREIGN ISSUES
(COST $3,239,953)........ 3,375,723
------------
MUNICIPAL BONDS -- 2.4%
De Kalb County Water &
Sewer Revenue
5.25%................ 10/01/23 350 344,750
Florida State Board of
Education
5.25%................ 06/01/23 405 396,393
Florida State Turnpike
Revenue Authority
Ref-Dept of
Transportation-A
5.00%................ 07/01/19 240 231,900
Intermountain Power
Agency Utah Power
Supply Revenue
5.00%................ 07/01/23 365 340,818
Kergen County CA
Pension Obligation
7.26%................ 08/15/14 370 387,575
LA County Transit
Authority
5.25%................ 07/01/23 400 390,500
Long Beach Pension
Obligation
6.87%................ 09/01/06 200 206,500
Massachusetts Bay
Transportation
Authority Cl-B
5.38%................ 03/01/25 400 393,500
Miami Beach Tax
Obligation
8.60%................ 09/01/21 780 887,250
Michigan Public Power
Agency Revenue, Ref.
Belle River Project
Cl-A
5.25%................ 01/01/18 400 388,500
New York State Power
Authority Revenue and
General Purpose Cl-C
5.25%................ 01/01/18 185 181,763
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------- ------------
<S> <C> <C> <C>
Northern California
Power Agency,
Adjustable Rate
Refunding Revenue
Bonds Hydroelectric
Project Number One
5.50%................ 07/01/24 $ 370 $ 370,925
Puerto Rico
Commonwealth
5.38%................ 07/01/22 280 279,650
San Bernardino County
Pension Obligation
Revenue
6.87%................ 08/01/08 100 103,125
6.94%................ 08/01/09 270 279,450
Seattle WA Drain &
Wastewater Utility
Revenue
5.25%................ 12/01/25 240 233,400
South Carolina State
Public Service
Authority Revenue
5.125%............... 01/01/21 150 140,625
5.00%................ 01/01/25.. 305 289,750
Ventura County Pension
Obligation
6.54%................ 11/01/05 235 237,938
------------
TOTAL MUNICIPAL BONDS
(COST $5,884,614)........ 6,084,312
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 1.0%
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION
7.50%................ 08/15/23 302 310,534
6.50%................ 11/15/23 628 623,840
6.50%................ 12/15/23 1,715 1,703,722
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(COST $2,547,482)........ 2,638,096
------------
U.S. TREASURY OBLIGATIONS -- 16.9%
U.S. TREASURY BONDS -- 2.2%
6.25%.................. 08/15/23 5,500 5,661,259
------------
U.S. TREASURY
NOTES -- 14.7%
4.75%.................. 02/15/97 4,000 3,980,440
5.75%.................. 09/30/97 10,000 10,092,899
5.13%.................. 04/30/98 2,500 2,495,750
5.13%.................. 12/31/98 4,000 3,988,440
5.50%.................. 04/15/00 2,350 2,370,280
6.25%.................. 02/15/03 3,200 3,341,472
7.25%.................. 05/15/04 5,200 5,777,563
6.50%.................. 08/15/05 5,000 5,330,750
------------
37,377,594
------------
TOTAL U.S. TREASURY OBLIGATIONS
(COST $41,865,757).................. 43,038,853
------------
</TABLE>
31
<PAGE> 33
AMERICAN SKANDIA TRUST
AST PHOENIX BALANCED ASSET PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------- ------------
<S> <C> <C> <C>
COMMERCIAL PAPER -- 14.8%
Abbott Laboratories
5.64%................ 01/05/96 $ 2,845 $ 2,843,217
Ameritech Capital
Funding Corp.
5.65%................ 02/16/96 2,000 1,985,647
Amoco Corp.
5.75%................ 01/10/96 2,500 2,496,406
Dupont (E.I.) de
Nemours & Co.
5.75%................ 01/10/96 1,400 1,397,988
5.75%................ 01/19/96 1,200 1,196,550
First Deposit
Funding Trust
5.80%................ 01/16/96 2,065 2,060,010
5.70%................ 02/26/96 3,765 3,731,667
General Electric
Capital Corp.
5.79%................ 01/12/96 3,697 3,697,000
Kimberly-Clark Corp.
5.65%................ 01/30/96 2,225 2,214,873
5.53%................ 02/01/96 705 701,643
Mobil Corp.
5.80%................ 01/02/96 3,395 3,394,453
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------- ------------
<S> <C> <C> <C>
Private Export
Funding Corp.
5.68%................ 01/12/96 $ 5,100 $ 5,091,149
Shell Oil Co.
5.60%................ 01/24/96 3,840 3,826,261
TDK Corp.
5.75%................ 01/22/96 1,765 1,759,080
Wisconsin Electric
Power Co.
5.80%................ 01/30/96 1,480 1,473,085
------------
TOTAL COMMERCIAL PAPER
(COST $37,868,893).................. 37,869,029
------------
TOTAL INVESTMENTS
(COST $170,954,970**) -- 73.4%...... 187,234,187
OTHER ASSETS LESS
LIABILITIES -- 26.6%................ 67,971,856
------------
NET ASSETS -- 100.0%.................. $255,206,043
===========
<CAPTION>
NOTES TO SCHEDULE OF INVESTMENTS:
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
<S> <C>
Gross appreciation......................... $17,370,891
Gross depreciation......................... (1,098,662)
----------
Net appreciation........................... $16,272,229
==========
</TABLE>
- --------------------------------------------------------------------------------
* Non-income producing securities.
** Cost for Federal income tax purposes was $170,961,958.
See Notes to Financial Statements.
32
<PAGE> 34
AMERICAN SKANDIA TRUST
FEDERATED HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ -----------
<S> <C> <C> <C>
CORPORATE BONDS -- 82.8%
AEROSPACE -- 0.9%
Howmet Corp., Senior
Subordinate Notes
10.00%.................. 12/01/03 $ 100 $ 104,250
Tracor, Senior Subordinate
Notes
10.88%.................. 08/15/01 650 678,438
----------
782,688
----------
AUTOMOTIVE PARTS-EQUIPMENT -- 2.1%
Aftermarket Technology
Co., Senior Subordinate
Notes
12.00%.................. 08/01/04 750 795,000
JPS Automotive Products
Corp., Senior Notes
11.13%.................. 06/15/01 250 251,250
Lear Seating Corp.,
Subordinate Notes
8.25%................... 02/01/02 550 542,438
Motor Wheel Corp., Senior
Notes
11.50%.................. 03/01/00 250 218,750
----------
1,807,438
----------
BANKING -- 1.0%
First Nationwide Holdings,
Senior Notes
12.25%.................. 05/15/01 750 843,750
----------
BEVERAGES -- 0.5%
Cott Corp., Senior Notes
9.38%................... 07/01/05 450 450,000
----------
BROADCASTING -- 6.4%
Ackerly Communications,
Inc., Senior Secured
Notes
10.75%.................. 10/01/03 125 134,063
ACT III Broadcasting,
Senior Secured Notes
10.25%.................. 12/15/05 450 461,250
Argyle Television, Senior
Subordinate Notes
9.75%................... 11/01/05 750 750,938
Australis Media (Unit)
8.62%................... 05/15/03 500 363,750
A3 Holdings (Unit)
13.25%.................. 12/15/06 150 150,375
Chancellor Broadcasting
Co., Senior Subordinate
Notes
12.50%.................. 10/01/04 500 537,500
Granite Broadcasting
Corp., Senior
Subordinate Notes
10.38%.................. 05/15/05 500 515,625
Pegasus Media (Unit)
12.50%.................. 07/01/05 300 300,000
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ -----------
<S> <C> <C> <C>
Sinclair Broadcasting
Group, Senior
Subordinate Notes
10.00%.................. 12/15/03 $ 500 $ 513,750
10.00%.................. 09/30/05 500 513,750
Videotron Group LTD.
10.63%.................. 02/15/05 500 538,750
Young Broadcasting, Senior
Subordinate Notes
11.75%.................. 11/15/04 250 280,938
10.13%.................. 02/15/05 250 264,688
----------
5,325,377
----------
BUSINESS EQUIPMENT -- 1.0%
Monarch Acquisition,
Senior Notes
12.50%.................. 07/01/03 375 397,500
United Stationers, Senior
Subordinate Notes
12.75%.................. 05/01/05 400 439,000
----------
836,500
----------
CABLE TELEVISION -- 4.3%
Bell Cablemedia PLC,
Senior Discount Notes
4.95%................... 07/15/04 250 178,125
Cablevision Systems,
Senior Subordinate Notes
9.25%................... 11/01/05 500 520,625
CF Cable TV, Inc., Senior
Notes
11.625%................. 02/15/05 500 551,250
Diamond Cable Co.
5.79%................... 12/15/05 500 295,625
International Cabletel,
Inc., Senior Deferred
Notes
5.99%................... 10/15/03 500 350,000
5.29%................... 04/15/05 250 159,375
Rogers Cable Systems,
Senior Notes
10.00%.................. 03/15/05 300 323,625
11.00%.................. 12/01/15 750 808,125
Wireless One, Inc. (Unit)
13.00%.................. 10/15/03 375 397,500
----------
3,584,250
----------
CHEMICALS -- 2.6%
Arcadian Partners LP,
Senior Notes Cl-B
10.75%.................. 05/01/05 550 607,750
Crain Industries, Inc.,
Senior Subordinate Notes
13.50%.................. 08/15/05 400 406,000
Laroche Industries, Senior
Subordinate Notes
13.00%.................. 08/15/04 200 213,500
</TABLE>
33
<PAGE> 35
AMERICAN SKANDIA TRUST
FEDERATED HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ -----------
<S> <C> <C> <C>
CHEMICALS (CONT'D)
Polymer Group, Inc.
12.25%.................. 07/15/02 $ 700 $ 724,500
RBX Corp., Senior
Subordinate Notes
11.25%.................. 10/15/05 200 197,000
-----------
2,148,750
-----------
CONSUMER GOODS &
SERVICES -- 1.0%
American Safety Razor
9.88%................... 08/01/05 500 510,000
Hosiery Corp. of America,
Inc., Senior Subordinate
Notes
13.75%.................. 08/01/02 350 378,875
-----------
888,875
-----------
CONTAINERS & GLASS PRODUCTS -- 4.8%
Container Corp. of
America, Senior Notes
9.75%................... 04/01/03 250 244,375
11.25%.................. 05/01/04 250 258,125
Owens Illinois, Inc.,
Senior Subordinate Notes
10.50%.................. 06/15/02 300 322,125
9.95%................... 10/15/04 1,750 1,863,750
Sea Containers LTD.,
Senior Notes
9.50%................... 07/01/03 375 373,125
Sea Containers LTD.,
Senior Subordinate
Debenture Notes Cl-B
12.50%.................. 12/01/04 125 134,375
Silgan Corp., Senior
Subordinate Notes
11.75%.................. 06/15/02 170 182,750
Trans Ocean Container
Corp., Senior
Subordinate Notes
12.25%.................. 07/01/04 350 365,750
U.S. Can Co., Senior
Subordinate Notes
13.50%.................. 01/15/02 250 275,000
-----------
4,019,375
-----------
CONSUMER PRODUCTS -- 0.7%
Revlon Consumer Products
Corp., Senior
Subordinate Notes
9.38%................... 04/01/01 500 507,500
10.50%.................. 02/15/03 100 102,500
-----------
610,000
-----------
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ -----------
<S> <C> <C> <C>
ECOLOGICAL SERVICES &
EQUIPMENT -- 1.5%
Allied Waste Industries,
Inc., Senior Subordinate
Notes
12.00%.................. 02/01/04 $ 500 $ 543,750
Mid-American Waste
Systems, Inc., Senior
Subordinate Notes
12.25%.................. 02/15/03 750 682,500
-----------
1,226,250
-----------
ENTERTAINMENT &
LEISURE -- 1.0%
Alliance Entertainment
11.25%.................. 07/15/05 600 606,000
Premier Parks Inc., Senior
Notes
12.00%.................. 08/15/03 250 258,125
-----------
864,125
-----------
FARMING & AGRICULTURE -- 0.3%
Spreckels Industries,
Inc., Senior Secured
Notes
11.50%.................. 09/01/00 250 247,500
-----------
FINANCIAL SERVICES -- 0.7%
Trizec Financial, Senior
Notes
10.88%.................. 10/15/05 525 544,688
-----------
FOOD & DRUG RETAILERS -- 1.1%
Carr-Gottstein Foods,
Senior Subordinate Notes
12.00%.................. 11/15/05 400 404,000
Pathmark Stores, Senior
Subordinate Notes
9.63%................... 05/01/03 500 487,500
-----------
891,500
-----------
FOOD PRODUCTS -- 1.6%
Doskocil Companies, Senior
Subordinate Notes
9.75%................... 07/15/00 250 240,000
Specialty Foods Corp.,
Senior Subordinate Notes
11.13%.................. 10/01/02 400 382,000
11.25%.................. 08/15/03 500 447,500
Van de Kamp's, Inc.,
Senior Subordinate Notes
12.00%.................. 09/15/05 300 312,000
-----------
1,381,500
-----------
FOOD SERVICES -- 2.6%
Curtice-Burns Foods, Inc.,
Senior Subordinate Notes
12.25%.................. 02/01/05 725 750,375
</TABLE>
34
<PAGE> 36
AMERICAN SKANDIA TRUST
FEDERATED HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ -----------
<S> <C> <C> <C>
FOOD SERVICES (CONT'D)
Flagstar Corp., Senior
Notes
10.75%.................. 09/15/01 $ 375 $ 344,063
10.88%.................. 12/01/02 275 250,250
11.25%.................. 11/01/04 125 89,375
PMI Acquisition Corp.,
Senior Subordinate Notes
10.25%.................. 09/01/03 750 772,500
-----------
2,206,563
-----------
HEALTHCARE -- 3.4%
Amerisource Corp., Senior
Debenture Notes
11.25%.................. 07/15/05 384 423,896
Genesis Health Ventures,
Senior Subordinate Notes
9.75%................... 06/15/05 350 371,000
Tenet Healthcare Corp.
10.13%.................. 03/01/05 1,350 1,501,875
Icon Health & Fitness,
Senior Subordinate Notes
13.00%.................. 07/15/02 530 575,050
-----------
2,871,821
-----------
HOME VIDEOS -- 0.9%
Triangle Pacific, Senior
Notes
10.50%.................. 08/01/03 700 745,500
-----------
HOTELS/RESTAURANTS -- 0.4%
Motels of America, Inc.,
Senior Subordinate Notes
12.00%.................. 04/15/04 350 348,688
-----------
INDUSTRIAL -- 5.5%
Cabot Safety Acquisition,
Senior Subordinate Notes
12.50%.................. 07/15/05 500 535,000
Coinmach Corp., Senior
Notes
11.75%.................. 11/15/05 556 565,730
Insight Communications
Co., Senior Subordinate
Notes
8.25%................... 03/01/00 850 864,875
Portola Packaging, Inc.,
Senior Notes
10.75%.................. 10/01/05 675 696,938
S.D. Warren Co.
12.00%.................. 12/15/04 500 550,000
Sherritt Gordon LTD.,
Senior Notes
9.75%................... 04/01/03 775 825,375
Sherritt, Inc., Debentures
10.50%.................. 03/31/14 500 548,125
-----------
4,586,043
-----------
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ -----------
<S> <C> <C> <C>
LEISURE TIME -- 0.7%
Affinity Group, Inc.,
Senior Subordinated
Notes
11.50%.................. 10/15/03 $ 550 $ 561,000
-----------
MACHINERY & HEAVY
EQUIPMENT -- 1.8%
Pace Industries, Inc.,
Delaware Senior Notes
Cl-B
10.63%.................. 12/01/02 500 442,500
Primeco, Inc., Senior
Subordinate Notes
12.75%.................. 03/01/05 500 525,000
Waters Corp., Senior
Subordinate Notes
12.75%.................. 09/30/04 500 565,000
-----------
1,532,500
-----------
MANUFACTURING -- 1.5%
American Standard, Senior
Debenture Notes
11.38%.................. 05/15/04 250 276,875
3.40%................... 06/01/05 750 646,875
Fairfield Manufacturing
Co., Senior Subordinate
Notes
11.38%.................. 07/01/01 300 294,750
-----------
1,218,500
-----------
MEDIA -- 3.7%
Allbritton Communications
Co., Senior Subordinate
Notes
11.50%.................. 08/15/04 500 530,000
Continental Cablevision,
Senior Debenture Notes
9.50%................... 08/01/13 1,250 1,328,125
New World Television,
Inc., Senior Secured
Notes
11.00%.................. 06/30/05 1,150 1,227,625
-----------
3,085,750
-----------
MISCELLANEOUS -- 0.9%
Envirosource, Inc., Senior
Notes
9.75%................... 06/15/03 500 440,000
Pronet, Inc., Senior
Subordinate Notes
11.88%.................. 06/15/05 250 276,563
-----------
716,563
-----------
OIL & GAS -- 3.3%
Clark USA, Inc., Senior
Notes
10.88%.................. 12/01/05 600 626,250
</TABLE>
35
<PAGE> 37
AMERICAN SKANDIA TRUST
FEDERATED HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ -----------
<S> <C> <C> <C>
OIL & GAS (CONT'D)
Falcon Drilling Co., Inc.,
Senior Notes
9.75%................... 01/15/01 $ 350 $ 358,750
12.50%.................. 03/15/05 300 330,000
Giant Industries Co.,
Senior Subordinate Notes
9.75%................... 11/15/03 550 558,938
HS Resources, Inc., Senior
Subordinate Notes
9.88%................... 12/01/03 250 246,563
United Meridian Corp.,
Senior Subordinate Notes
11.00%.................. 10/15/05 600 634,500
-----------
2,755,001
-----------
OTHER INDUSTRIAL
MATERIALS -- 2.4%
Exide Corp., Senior Notes
10.00%.................. 04/15/05 975 1,060,313
Foamex LP, Senior Notes
11.25%.................. 10/01/02 550 541,750
ICF Kaiser International
(Units)
12.00%.................. 12/31/03 250 235,000
ICF Kaiser International,
Senior Subordinate Notes
12.00%.................. 12/31/03 150 141,750
-----------
1,978,813
-----------
PACKAGING & PAPER
PRODUCTS -- 0.4%
Riverwood International
Corp.
11.25%.................. 06/15/02 300 327,000
-----------
PAPER & FOREST
PRODUCTS -- 1.5%
Domtar, Inc., Notes
11.25%.................. 09/15/17 250 266,563
Repap New Brunswick,
Senior Notes
9.88%................... 07/15/00 250 252,500
10.63%.................. 04/15/05 250 245,000
Stone Container Corp.,
Senior Notes
9.88%................... 02/01/01 250 243,750
11.50%.................. 10/01/04 250 251,563
-----------
1,259,376
-----------
PERSONAL ITEMS -- 0.8%
Playtex Family Products
9.00%................... 12/15/03 750 667,500
-----------
PRINTING & PUBLISHING -- 0.4%
Webcraft Technologies,
Inc., Senior Subordinate
Notes
9.38%................... 02/15/02 300 294,000
-----------
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ -----------
<S> <C> <C> <C>
RETAILING -- 1.2%
Brylane Capital Corp.
10.00%.................. 09/01/03 $ 500 $ 445,000
Herff Jones, Inc., Senior
Subordinate Notes Cl-B
11.00%.................. 08/15/05 550 591,250
-----------
1,036,250
-----------
RETAIL FOOD CHAINS -- 1.4%
Penn Traffic Co., Senior
Subordinate Notes
9.63%................... 04/15/05 250 195,938
Ralph's Grocery Co.,
Senior Notes
10.45%.................. 06/15/04 650 661,375
11.00%.................. 06/15/05 325 322,563
-----------
1,179,876
-----------
SPECIALTY CHEMICALS -- 1.4%
Harris Chemical, Inc.
1.76%................... 07/15/01 750 731,250
Uniroyal Technology (Unit)
11.75%.................. 06/01/03 425 410,125
-----------
1,141,375
-----------
STEEL -- 1.7%
Bayou Steel Corp., First
Mortgage Notes
10.25%.................. 03/01/01 500 445,000
Geneva Steel, Senior Notes
9.50%................... 01/15/04 125 97,813
GS Technologies Operating
Co., Inc., Senior Notes
12.00%.................. 09/01/04 725 721,375
Northwestern Steel & Wire
Co., Senior Notes
9.50%................... 06/15/01 250 246,250
-----------
1,510,438
-----------
SURFACE TRANSPORTATION -- 0.7%
Trism, Inc., Senior
Subordinate Notes
10.75%.................. 12/15/00 575 563,500
-----------
TELECOMMUNICATIONS -- 7.6%
Cablevision Industries,
Debentures Cl-B
9.25%................... 04/01/08 250 266,875
CAI Wireless Systems,
Senior Notes
12.25%.................. 09/15/02 250 268,125
Fonorola, Senior Secured
Notes
12.50%.................. 08/15/02 150 158,250
</TABLE>
36
<PAGE> 38
AMERICAN SKANDIA TRUST
FEDERATED HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ -----------
<S> <C> <C> <C>
TELECOMMUNICATIONS (CONT'D)
IXC Communications, Inc.,
Senior Notes
12.50%.................. 10/01/05 $ 700 $ 750,750
Metrocall, Inc., Senior
Subordinate Notes
10.38%.................. 10/01/07 250 267,500
Mobilemedia Corp., Senior
Subordinate Notes
9.38%................... 11/01/07 300 309,000
Nextel Communications,
Senior Discount Notes
11.53%.................. 08/15/04 725 398,750
Paging Network, Inc.,
Senior Subordinate Notes
10.13%.................. 08/01/07 500 546,250
Panamsat LP, Senior
Subordinate Discount
Notes
4.94%................... 08/01/03 1,150 943,000
Peoples Telephone Co.,
Senior Notes
12.25%.................. 07/15/02 250 202,500
Telewest PLC
4.56%................... 10/01/07 2,375 1,439,844
USA Mobile Communications
Corp.
9.50%................... 02/01/04 800 796,000
-----------
6,346,844
-----------
TEXTILES -- 2.6%
Dan River, Inc., Senior
Subordinate Notes
10.13%.................. 12/15/03 750 695,625
Westpoint Stevens, Inc.,
Senior Subordinate
Debenture Notes
9.38%................... 12/15/05 1,500 1,488,750
-----------
2,184,375
-----------
TRANSPORTATION -- 2.8%
Ameritruck Distribution,
Senior Subordinate Notes
12.25%.................. 11/15/05 350 347,375
Gearbulk Holdings LTD.
11.25%.................. 12/01/04 850 918,000
Great Dane Holding, Senior
Subordinate Debenture
12.75%.................. 08/01/01 450 412,875
Stena AB, Senior Notes
10.50%.................. 12/15/05 600 619,500
-----------
2,297,750
-----------
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ -----------
<S> <C> <C> <C>
UTILITIES-ELECTRIC -- 1.7%
California Energy,
Discount Notes
9.87%................... 01/15/04 $1,200 $ 1,134,000
California Energy, Senior
Secured Notes
9.88%................... 06/30/03 250 261,875
-----------
1,395,875
-----------
TOTAL CORPORATE BONDS
(COST $67,272,177).......... 69,263,467
-----------
ZERO COUPON BONDS -- 6.1%
BEVERAGES -- 0.4%
Dr. Pepper Bottling
Holding Co., Senior
Discount Notes
3.02%................... 02/15/03 400 328,000
-----------
BROADCASTING -- 0.2%
NWCG Holding Corp., Senior
Discount Notes
13.20%.................. 06/15/99 300 208,500
-----------
CABLE TELEVISION -- 0.8%
Diamond Cable Co., Senior
Discount Notes
5.84%................... 09/30/04 250 176,250
Peoples Choice T.V. (Unit)
7.09%................... 06/01/04 900 528,750
-----------
705,000
-----------
CHEMICALS -- 1.4%
G-I Holdings Corp.
11.20%.................. 10/01/98 1,475 1,139,438
-----------
METALS & STEELS -- 0.3%
Acme Metals Inc., Senior
Discount Notes
13.50%.................. 08/01/04 350 282,188
-----------
PRINTING & PUBLISHING -- 1.1%
Affiliated Newspaper
Investments
5.31%................... 07/01/06 1,400 885,500
-----------
RECREATION -- 1.5%
Six Flags Theme Parks,
Senior Subordinate
Discount Note
3.06%................... 06/15/05 1,550 1,220,625
-----------
</TABLE>
37
<PAGE> 39
AMERICAN SKANDIA TRUST
FEDERATED HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ -----------
<S> <C> <C> <C>
TELECOMMUNICATIONS -- 0.4%
Cellular Communications
International, Inc.
13.25%.................. 08/15/00 $ 600 $ 372,000
-----------
TOTAL ZERO COUPON BONDS
(COST $4,862,565)........... 5,141,251
-----------
U.S. TREASURY NOTES -- 2.5%
6.38%
(COST $2,011,459)....... 08/15/02 2,000 2,099,448
-----------
REPURCHASE AGREEMENT -- 5.7%
HSBC Securities, Inc.
5.50% dated 12/29/95
matures on 01/02/96,
repurchase price
$4,772,915
(Collateralized by U.S.
Treasury Note, par value
$4,860,000, market value
$4,891,250 due 04/30/98)
(COST $4,770,000)..... 01/02/96 4,770 4,770,000
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
------
<S> <C> <C> <C>
COMMON STOCK -- 0.1%
CHEMICALS -- 0.0%
Uniroyal (Warrants)*...... 2,500 6,250
-----------
CONSUMER PRODUCTS -- 0.0%
Hosiery Corp. of America,
Inc.*................... 250 0
-----------
HEALTHCARE -- 0.0%
Icon Health & Fitness
(Warrants)*............. 250 6,250
-----------
<CAPTION>
SHARES VALUE
------ -----------
<S> <C> <C> <C>
PRINTING & PUBLISHING -- 0.0%
Affiliated Newspaper
Investments, Inc. ...... 1,000 $ 25,000
-----------
RETAIL FOOD CHAINS -- 0.1%
Grand Union Co. .......... 7,069 53,018
-----------
TELECOMMUNICATIONS -- 0.0%
Pegasus Media &
Communications, Inc. ... 30 9,000
-----------
TOTAL COMMON STOCK
(COST $412,029)............. 99,518
-----------
PREFERRED STOCK -- 0.5%
TELECOMMUNICATIONS
K-111 Communications Corp.
PIK Cl-B
11.63%.................. 2,573 257,265
Panamsat Corp.
12.75%.................. 132 148,590
-----------
TOTAL PREFERRED STOCK
(COST $362,500)............. 405,855
-----------
TOTAL INVESTMENTS
(COST $79,690,730**) -- 97.7%......... 81,779,539
OTHER ASSETS LESS LIABILITIES -- 2.3%... 1,912,481
-----------
NET ASSETS -- 100.0%.................... $83,692,020
==========
NOTES TO SCHEDULE OF
INVESTMENTS:
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
Gross appreciation.................. $ 3,123,771
Gross depreciation.................. (1,039,186)
-----------
Net appreciation.................... $ 2,084,585
==========
</TABLE>
- --------------------------------------------------------------------------------
* Non-income producing securities.
** Cost for Federal income tax purposes was $79,694,954.
See Notes to Financial Statements.
38
<PAGE> 40
AMERICAN SKANDIA TRUST
T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
COMMON STOCK -- 39.6%
AEROSPACE -- 0.7%
Boeing Co. ......................... 3,000 $ 235,125
Northrop Corp. ..................... 2,700 172,800
--------
407,925
--------
AUTOMOBILES -- 0.1%
General Motors Corp. ............... 1,400 74,025
--------
AUTOMOTIVE PARTS-EQUIPMENT -- 0.7%
Echlen, Inc. ....................... 5,000 182,500
Gentex Corp.*....................... 600 13,200
Genuine Parts Co. .................. 1,000 41,000
Superior Industries International,
Inc. ............................. 600 15,825
TRW, Inc. .......................... 2,200 170,500
--------
423,025
--------
BEVERAGES & BOTTLING -- 1.5%
Anheuser-Busch Companies, Inc. ..... 3,700 247,438
Coca-Cola Co. ...................... 4,800 356,400
Pepsico, Inc. ...................... 4,700 262,613
--------
866,451
--------
BUILDING & REAL ESTATE -- 0.3%
Clayton Homes, Inc. ................ 1,000 21,375
Masco Corp. ........................ 4,200 131,775
Oakwood Homes Corp. ................ 600 23,025
--------
176,175
--------
BUSINESS SERVICES -- 0.3%
Browning-Ferris Industries, Inc. ... 1,500 44,250
GATX Corp. ......................... 1,400 68,075
Sanifill, Inc.*..................... 2,000 66,750
--------
179,075
--------
CHEMICALS -- 1.8%
Dupont (E.I.) de Nemours & Co. ..... 1,700 118,788
Geon Co. ........................... 700 17,063
Great Lakes Chemical Corp. ......... 2,700 194,400
Loctite Corp. ...................... 1,100 52,250
Lyondell Petrochemical Co. ......... 800 18,300
Minnesota Mining & Manufacturing
Co. .............................. 1,200 79,500
Monsanto Co. ....................... 1,200 147,000
Morton International, Inc. ......... 5,300 190,138
Olin Corp. ......................... 900 66,825
Pall Corp. ......................... 1,200 32,250
Rohm & Haas Co. .................... 2,400 154,500
Wellman, Inc. ...................... 400 9,100
--------
1,080,114
--------
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
COMPUTER SERVICES & SOFTWARE -- 0.5%
Autodesk, Inc. ..................... 1,700 $ 58,225
Automatic Data Processing, Inc. .... 700 51,975
Computer Associates International... 1,050 59,719
General Motors Corp. Cl-E........... 400 20,800
Parametric Technology Corp.*........ 500 33,250
Reynolds & Reynolds Co. Cl-A........ 2,300 89,413
--------
313,382
--------
CONSUMER DURABLES -- 0.7%
Black & Decker Corp. ............... 3,300 116,325
Corning, Inc. ...................... 1,700 54,400
Eastman Kodak Co. .................. 1,900 127,300
Legget & Platt, Inc. ............... 600 14,550
Tandy Corp. ........................ 1,000 41,500
York International Corp. ........... 1,300 61,100
--------
415,175
--------
CONSUMER PRODUCTS -- 1.8%
Brunswick Corp. .................... 2,000 48,000
Colgate-Palmolive Co. .............. 3,400 238,850
Jones Apparel Group*................ 2,100 82,688
Philip Morris Companies, Inc. ...... 1,400 126,700
Procter & Gamble Co. ............... 3,000 249,000
Service Corp. International......... 3,700 162,800
Springs Industries, Inc. ........... 3,200 132,400
--------
1,040,438
--------
COSMETICS-TOILETRY -- 0.0%
International Flavors & Fragrances,
Inc. ............................. 400 19,200
--------
ELECTRICAL EQUIPMENT -- 1.8%
American Power Conversion Corp.*.... 1,000 9,500
Emerson Electric Co. ............... 3,500 286,125
General Electric Co. ............... 7,200 518,400
Hubbell, Inc. Cl-B.................. 3,850 253,138
--------
1,067,163
--------
ELECTRONIC COMPONENTS -- 0.7%
Advanced Micro Devices, Inc.*....... 3,900 64,350
Analog Devices, Inc.*............... 1,900 67,212
Cypress Semiconductor Corp.*........ 4,400 56,100
Intel Corp. ........................ 1,600 90,800
Motorola, Inc. ..................... 1,000 57,000
Xilinx, Inc.*....................... 2,400 73,200
--------
408,662
--------
</TABLE>
39
<PAGE> 41
AMERICAN SKANDIA TRUST
T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
ELECTRONICS -- 1.1%
Arrow Electronics, Inc.*............ 700 $ 30,188
Hewlett-Packard Co. ................ 1,800 150,750
Honeywell, Inc. .................... 1,500 72,938
KLA Instruments Corp.*.............. 1,800 46,912
LAM Research Corp.*................. 1,100 50,325
Phillips Electronics NV............. 3,600 129,150
Teradyne, Inc.*..................... 2,600 65,000
Trimas Corp. ....................... 2,900 54,738
Varian Associates, Inc. ............ 700 33,425
--------
633,426
--------
ENERGY SERVICES -- 0.5%
Halliburton Co. .................... 800 40,500
Helmerich & Payne, Inc. ............ 2,000 59,500
Schlumberger LTD. .................. 2,000 138,500
Smith International, Inc.*.......... 4,500 105,750
--------
344,250
--------
ENTERTAINMENT & LEISURE -- 0.6%
Brinker International, Inc.*........ 3,800 57,475
Cracker Barrel Old Country Store,
Inc. ............................. 1,800 31,050
Del Webb Corp. ..................... 900 18,113
Mirage Resorts, Inc.*............... 2,600 89,700
President Riverboat Casino
(Warrants)*....................... 883 883
Viacom, Inc. Cl-A*.................. 400 18,350
Viacom, Inc. Cl-B*.................. 1,200 56,850
Walt Disney Co. .................... 2,000 118,000
--------
390,421
--------
FINANCIAL-BANK & TRUST -- 2.7%
Baybanks, Inc. ..................... 600 58,950
Chase Manhattan Corp. .............. 1,400 84,875
Chemical Banking Corp. ............. 1,900 111,625
CoreStates Financial Corp. ......... 2,000 75,750
Crestar Financial Corp. ............ 500 29,562
First American Corp.*............... 400 18,950
First Bank System, Inc. ............ 1,000 49,625
First Union Corp. .................. 2,200 122,375
J.P. Morgan & Co., Inc. ............ 2,100 168,525
Keycorp............................. 4,900 177,625
Mellon Bank Corp. .................. 1,500 80,625
Midlantic Corp., Inc. .............. 400 26,250
NationsBank Corp. .................. 3,000 208,875
Norwest Corp. ...................... 4,500 148,500
Southern National Corp. ............ 1,740 45,675
Southtrust Corp. ................... 1,200 30,750
U.S. Bancorp........................ 2,352 79,085
UJB Financial Corp. ................ 1,700 60,775
--------
1,578,397
--------
FINANCIAL SERVICES -- 1.8%
AMBAC, Inc. ........................ 1,600 75,000
American Express Co. ............... 3,600 148,950
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
Countrywide Credit Industries,
Inc. ............................. 8,700 $ 189,225
Federal National Mortgage
Association....................... 1,200 148,950
Franklin Resources, Inc. ........... 1,300 65,487
H&R Block, Inc. .................... 2,800 113,400
Household International, Inc. ...... 2,600 153,720
Salomon, Inc. ...................... 400 14,200
Travelers Group, Inc. .............. 2,500 157,187
--------
1,066,119
--------
FOOD PROCESSING -- 1.5%
Archer-Daniels Midland Co. ......... 3,150 56,700
Conagra, Inc. ...................... 3,800 156,750
CPC International, Inc. ............ 500 34,312
Dole Food, Inc. .................... 1,500 52,500
General Mills, Inc. ................ 900 51,975
H.J. Heinz Co. ..................... 4,650 154,031
Hershey Foods Corp. ................ 800 52,000
Ralston-Purina Group................ 2,100 130,987
Sara Lee Corp. ..................... 3,800 121,125
Tyson Foods, Inc. .................. 2,000 52,250
--------
862,630
--------
HEALTHCARE -- 0.1%
Foxmeyer Health Corp. .............. 1,500 40,125
Healthsource, Inc.*................. 800 28,800
--------
68,925
--------
HOSPITAL SUPPLIES & HOSPITAL
MANAGEMENT -- 1.0%
Abbott Laboratories................. 2,800 116,900
Becton Dickinson & Co. ............. 500 37,500
Columbia Healthcare Corp. .......... 2,464 125,047
Pacificare Health Systems, Inc.*.... 400 34,800
Sunrise Medical, Inc.*.............. 700 12,950
U.S. Healthcare, Inc. .............. 600 27,900
United Healthcare Corp. ............ 3,500 229,250
Wellpoint Health Cl-A*.............. 300 9,637
--------
593,984
--------
INFORMATION PROCESSING -- 0.9%
Compaq Computer Corp.*.............. 5,000 240,000
International Business Machines,
Inc. ............................. 1,100 100,513
Komag, Inc.*........................ 2,000 92,250
Sun Microsystems, Inc.*............. 2,600 118,625
--------
551,388
--------
INSURANCE -- 1.6%
American General.................... 3,000 104,625
American International Group,
Inc. ............................. 3,000 277,500
American Re Corp. .................. 1,300 53,137
Hartford Steam Boiler Inspection &
Insurance Co. .................... 1,400 70,000
MGIC Investment Corp. .............. 1,200 65,100
National Re Corp. .................. 800 30,400
</TABLE>
40
<PAGE> 42
AMERICAN SKANDIA TRUST
T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
INSURANCE (CONT'D)
Security Connecticut Corp. ......... 1,200 $ 32,550
Selective Insurance Group, Inc. .... 1,000 35,500
Torchmark Corp. .................... 2,600 117,650
Transport Holdings Cl-A*............ 10 407
UNUM Corp. ......................... 2,500 137,500
--------
924,369
--------
MACHINERY -- 0.2%
FMC Corp.*.......................... 900 60,862
Watts Industries, Inc. ............. 2,900 67,425
--------
128,287
--------
MANUFACTURING -- 0.2%
Allied-Signal, Inc. ................ 2,600 123,500
--------
MEDIA & COMMUNICATIONS -- 1.2%
Capital Cities ABC, Inc. ........... 1,300 160,387
Comcast Corp. Special Cl-A.......... 1,700 30,918
Dun & Bradstreet Corp. ............. 800 51,800
Gannett, Inc. ...................... 700 42,962
Infinity Broadcasting Corp. Cl-A*... 600 22,350
McGraw Hill Co., Inc. .............. 2,200 191,675
Time Warner, Inc. .................. 4,400 166,650
U.S. West Media Group............... 1,600 30,400
--------
697,142
--------
METALS & MINING -- 0.3%
Alumax, Inc.*....................... 1,600 49,000
Aluminum Co. of America............. 2,600 137,475
Coeur D'alene Mines Corp. .......... 800 13,700
--------
200,175
--------
MISCELLANEOUS -- 1.2%
Standard & Poor's 400 Mid-Cap
Depository Receipts............... 16,000 695,250
--------
OFFICE EQUIPMENT -- 0.1%
Ceridian Corp.*..................... 1,100 45,375
--------
OIL & GAS -- 2.5%
Amerada Hess Corp. ................. 2,700 143,100
Atlantic Richfield Co. ............. 1,900 210,425
Exxon Corp. ........................ 3,300 264,412
Mobil Corp. ........................ 3,200 358,400
Phillips Petroleum Co. ............. 1,800 61,425
Questar Corp. ...................... 400 13,400
Sonat, Inc. ........................ 2,800 99,750
Texaco, Inc. ....................... 1,600 125,600
Union Texas Petroleum Holdings,
Inc. ............................. 3,300 63,937
USX Marathon Group.................. 8,200 159,900
--------
1,500,349
--------
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
PAPER & FOREST PRODUCTS -- 0.7%
Bowater, Inc. ...................... 700 $ 24,850
Georgia Pacific Corp. .............. 1,900 130,388
International Paper Co. ............ 2,000 75,750
Jefferson Smurfit Corp.*............ 9,000 85,500
Kimberly-Clark Corp. ............... 700 57,925
Schweitzer Manduit International,
Inc. ............................. 70 1,619
Weyerhaeuser Co. ................... 500 21,625
--------
397,657
--------
PHARMACEUTICALS -- 2.4%
American Home Products Corp. ....... 2,500 242,500
Amgen, Inc.*........................ 4,200 249,375
Bristol-Meyers Squibb Co. .......... 4,200 360,675
Liposome Co., Inc.*................. 1,100 22,000
Merck & Co., Inc. .................. 3,600 236,700
Perrigo Co.*........................ 5,000 59,375
Pfizer, Inc. ....................... 4,200 264,600
--------
1,435,225
--------
RAILROADS -- 0.4%
Burlington Northern Santa Fe
Corp. ............................ 500 39,000
Consolidated Rail Corp. ............ 400 28,000
CSX Corp. .......................... 1,000 45,625
Union Pacific Corp. ................ 2,200 145,200
--------
257,825
--------
REAL ESTATE -- 0.0%
Castle & Cooke, Inc. ............... 500 8,375
--------
RESTAURANTS -- 0.5%
Darden Restaurants, Inc. ........... 900 10,687
Lone Star Steakhouse & Saloon*...... 1,900 72,912
McDonald's Corp. ................... 2,000 90,250
Sbarro, Inc. ....................... 4,950 106,425
--------
280,274
--------
RETAIL & MERCHANDISING -- 2.3%
Albertson's, Inc. .................. 2,000 194,250
Ben Franklin Retail Stores, Inc.*... 250 687
Circuit City Stores, Inc. .......... 4,300 118,787
Dayton-Hudson Corp. ................ 1,800 135,000
Eckerd (Jack) Corp.*................ 1,100 49,087
Gap, Inc. .......................... 3,500 147,000
Heilig-Meyers Co. .................. 2,000 36,750
J.C. Penney Co., Inc. .............. 1,000 47,625
Kroger Corp.*....................... 3,700 138,750
May Department Stores Co. .......... 4,200 177,450
Petrie Stores Corp. ................ 2,700 7,425
Price Costco, Inc.*................. 3,000 45,750
Toys 'R' Us, Inc.*.................. 3,920 85,260
TJX Companies, Inc. ................ 4,600 86,825
</TABLE>
41
<PAGE> 43
AMERICAN SKANDIA TRUST
T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
RETAIL & MERCHANDISING (CONT'D)
Waban, Inc.*........................ 600 $ 11,250
Wal-Mart Stores, Inc. .............. 4,000 89,500
--------
1,371,396
--------
STEEL -- 0.2%
Nucor............................... 2,000 114,250
--------
TELECOMMUNICATIONS -- 2.9%
Ameritech Corp. .................... 2,700 159,300
Aspect Telecommunications Corp.*.... 600 20,100
AT&T Corp. ......................... 6,100 394,975
Bell Atlantic Corp. ................ 900 60,188
BellSouth Corp. .................... 4,000 174,000
Glenayre Technologies, Inc.*........ 1,050 65,361
GTE Corp. .......................... 4,800 211,200
Novell, Inc.*....................... 1,200 17,100
Pacific Telesis Group............... 4,000 134,500
SBC Communications, Inc. ........... 4,700 270,250
Southern New England
Telecommunications Corp. ......... 1,400 55,650
Tellabs, Inc.*...................... 1,000 37,000
U.S. West, Inc. .................... 1,600 57,200
3Com Corp.*......................... 848 39,538
--------
1,696,362
--------
TRANSPORTATION SERVICES -- 0.3%
PHH Corp. .......................... 2,100 98,175
TNT Freightways Corp. .............. 600 12,075
WMX Technologies, Inc. ............. 2,700 80,663
--------
190,913
--------
UTILITIES-ELECTRIC -- 1.4%
Centerior Energy Corp. ............. 17,200 152,650
Duke Power Co. ..................... 3,100 146,862
Entergy Corp. ...................... 2,600 76,050
FPL Group, Inc. .................... 800 37,100
Niagara Mohawk Power Corp. ......... 11,600 111,650
Public Service Co. of New Mexico*... 2,800 49,350
SCEcorp............................. 6,900 122,475
Texas Utilities Co. ................ 1,400 57,575
Unicom Corp. ....................... 1,900 62,225
--------
815,937
--------
UTILITIES-GAS -- 0.1%
Atlanta Gas Light Co. .............. 3,800 75,050
--------
TOTAL COMMON STOCK
(COST $20,016,957).................... 23,518,061
--------
PREFERRED STOCK -- 0.0%
INDUSTRIAL
Teledyne, Inc. Cl-E
(COST $513)....................... 72 1,035
--------
AMERICAN DEPOSITORY RECEIPTS -- 3.9%
AUTOMOBILES -- 0.1%
Honda Motor Co. LTD. ............... 1,600 67,200
--------
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
CHEMICALS -- 0.1%
AKZO Nobel NV....................... 1,000 $ 58,000
--------
CONSUMER GOODS & SERVICES -- 0.1%
Hanson PLC.......................... 2,700 41,175
U.S. Industries, Inc.*.............. 135 2,481
--------
43,656
--------
FOOD PROCESSING -- 0.4%
Cadbury Schweppes PLC............... 3,473 115,477
Unilever PLC........................ 1,300 109,850
--------
225,327
--------
INFORMATION PROCESSING -- 0.4%
Hitachi LTD. ....................... 2,400 241,200
--------
INTEGRATED PETROLEUM -- 0.1%
Shell Transport & Trading-NY........ 1,000 81,375
--------
OIL & GAS -- 1.1%
British Petroleum Co. PLC........... 800 81,700
Repsol SA........................... 3,000 98,625
Royal Dutch Petroleum Co. .......... 3,100 437,488
Societe National Elf Aquitaine...... 2,000 73,500
--------
691,313
--------
PHARMACEUTICALS -- 0.4%
Smithkline Beecham PLC (Unit)....... 4,600 255,300
--------
RETAIL FOOD CHAINS -- 0.1%
Ito-Yokado Co., LTD. ............... 200 49,225
--------
TELECOMMUNICATIONS -- 0.9%
British Telecommunications PLC...... 2,000 113,000
Ericsson, (L.M.) Telephone Co. ..... 4,800 93,600
Hong Kong Telecommunications
LTD. ............................. 9,000 159,750
Telefonica de Espana................ 1,600 67,000
Telefonos de Mexico SA.............. 600 19,125
Vodafone Group PLC.................. 2,000 70,500
--------
522,975
--------
UTILITIES-ELECTRIC -- 0.2%
Empresa Nacional de Electridad...... 1,900 108,775
--------
TOTAL AMERICAN DEPOSITORY RECEIPTS
(COST $2,078,757)..................... 2,344,346
--------
</TABLE>
42
<PAGE> 44
AMERICAN SKANDIA TRUST
T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
AMERICAN DEPOSITORY SECURITIES -- 0.0%
FINANCIAL SERVICES
Grupo Financiero Bancomer*
(COST $36,750).................... 1,400 $ 8,470
--------
FOREIGN STOCKS -- 10.1%
AEROSPACE -- 0.2%
Mitsubishi Heavy
Industry -- (JPN)................. 17,000 135,414
--------
AUTOMOBILES -- 0.7%
Man AG -- (DEM)..................... 1,000 271,929
Schweizerischer
Bankverein -- (SW)*............... 300 122,518
--------
394,447
--------
BEVERAGES -- 0.2%
Louis Vuitton Moet
Hennessy -- (FRF)................. 660 137,458
--------
BUILDING & REAL ESTATE -- 0.2%
DBS Land -- (SNG)................... 25,000 84,500
Hopewell Holding -- (HK)............ 59,463 34,221
--------
118,721
--------
BUSINESS SERVICES -- 0.1%
Generale Des Eaux -- (FRF).......... 480 47,917
--------
CHEMICALS -- 0.2%
Bayer AG -- (DEM)................... 320 84,964
L'air Liquide -- (FRF).............. 300 49,678
--------
134,642
--------
CONGLOMERATES -- 0.3%
BTR PLC -- (UK)..................... 27,000 137,939
Lonrho PLC -- (UK).................. 22,000 60,126
--------
198,065
--------
COSMETICS-TOILETRY -- 0.2%
Kao Corp. -- (JPN).................. 11,000 136,276
--------
DIVERSIFIED -- 0.2%
Sime Darby -- (MALA)................ 50,000 132,905
--------
ELECTRICAL EQUIPMENT -- 0.5%
BBC Brown Boveri
AG-Bearer -- (SW)................. 80 92,951
Getronics Geneue
Electric -- (NETH)................ 1,800 84,128
Mitsubishi Electric
Corp. -- (JPN).................... 17,000 122,251
--------
299,330
--------
ELECTRONICS -- 0.3%
Sharp Corp. -- (JPN)................ 9,000 143,728
--------
ENTERTAINMENT -- 0.5%
Hutchison Whampoa LTD. -- (HK)...... 48,000 292,380
--------
FINANCIAL-BANK & TRUST -- 1.6%
Bank of Scotland -- (UK)............ 20,208 88,177
Bankgesellschaft Berlin
AG -- (DEM)....................... 545 139,081
Deutsche Bank AG -- (DEM)........... 1,600 75,973
ING Groep -- (NETH)................. 4,000 267,215
Mediobanca -- (ITL)................. 7,000 48,451
Societe Generale -- (FRF)........... 1,212 149,721
Toronto Dominion Bank -- (CAN)...... 4,100 72,265
Union Bank of Switzerland -- (SW)... 100 108,385
--------
949,268
--------
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
FINANCIAL SERVICES -- 0.1%
Gemina SPA -- (ITL)................. 50,000 $ 21,467
Pearson PLC -- (UK)................. 5,600 54,263
--------
75,730
--------
FOOD PROCESSING -- 0.4%
Eridania Beghin-Say -- (FRF)........ 400 68,606
Nestle SA -- (SW)................... 150 165,959
--------
234,565
--------
GENERAL MERCHANDISERS -- 0.4%
Carrefour Supermarch SA -- (FRF).... 150 90,995
Tesco PLC -- (UK)................... 25,174 116,101
--------
207,096
--------
MACHINERY -- 0.2%
Sig Schweiz
Industries-Bearer -- (SW)......... 70 146,276
--------
OFFICE EQUIPMENT -- 0.2%
Ricoh Corp. -- (JPN)................ 13,000 142,180
--------
OIL & GAS -- 0.3%
Lion Nathan LTD. -- (NZD)........... 50,000 119,227
Societe National Elf
Aquitaine -- (FRF)................ 1,100 81,037
--------
200,264
--------
PAPER & FOREST PRODUCTS -- 0.1%
Kimberly-Clark de Mexico SA --
(MEX)............................. 2,000 30,234
--------
PHARMACEUTICALS -- 0.7%
Astra AB Cl-B -- (SW)............... 5,500 217,699
Ciba Geigy AG Bearer -- (SW)........ 150 131,362
Gehe AG (New) -- (DEM)*............. 25 12,472
Gehe AG -- (DEM)*................... 100 51,248
--------
412,781
--------
PRINTING & PUBLISHING -- 0.2%
Dai Nippon -- (JPN)................. 8,000 135,501
--------
</TABLE>
43
<PAGE> 45
AMERICAN SKANDIA TRUST
T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
PUBLISHING -- 0.3%
Elsevier NV --(NETH)................ 12,000 $ 160,030
-----------
RETAIL GROCERY -- 0.1%
Ito-Yokado Co., LTD. -- (JPN)....... 1,000 61,556
-----------
SPECIALTY CHEMICALS -- 0.3%
BASF AG Ord. (New) -- (DEM)......... 400 90,085
Technip SA -- (FRF)................. 1,000 68,811
-----------
158,896
-----------
TELEPHONES -- 0.8%
Telecom Italia Mobile -- (ITL)*..... 75,000 131,964
Telecom Italia SPA -- (ITL)......... 75,000 116,619
Telecom Corp. of New Zealand LTD. --
(NZD)............................. 22,000 94,859
Telekom Malaysia Berhad -- (MALA)... 16,000 124,754
-----------
468,196
-----------
TIRE & RUBBER -- 0.2%
Bridgestone Corp. -- (JPN).......... 8,000 126,984
-----------
TRANSPORTATION -- 0.2%
KLM Royal Dutch Airlines NV --
(NETH)............................ 3,000 105,440
-----------
TRANSPORTATION EQUIPMENT -- 0.2%
Swire Pacific LTD. Cl-A -- (HK)..... 14,000 108,634
-----------
UTILITIES-ELECTRIC -- 0.2%
Veba AG -- (DEM).................... 2,500 107,028
-----------
TOTAL FOREIGN STOCKS
(COST $5,611,127)..................... 6,001,942
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR
MATURITY (000)
--------- ------
<S> <C> <C> <C>
CORPORATE BONDS -- 19.2%
AEROSPACE -- 0.2%
Boeing Co.
6.35%.................... 06/15/03 $ 120 123,300
-----------
AUTOMOBILES -- 0.1%
Daimler-Benz Auto
Grantor Trust
3.90%.................... 10/15/98 63 62,167
-----------
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ -----------
<S> <C> <C> <C>
AUTOMOTIVE PARTS-
EQUIPMENT -- 0.7%
Exide Corp.
10.75%................... 12/15/02 $ 125 $ 135,313
Pep Boys Manny Moe & Jack
8.88%.................... 04/15/96 250 252,188
-----------
387,501
-----------
BANKING -- 0.4%
Banesto, Inc.
8.25%.................... 07/28/02 50 51,750
Bank of Nova Scotia
6.25%.................... 09/15/08 50 49,375
NationsBank Texas
6.75%.................... 08/15/00 150 155,625
-----------
256,750
-----------
BEVERAGES & BOTTLING -- 0.5%
Coca-Cola Bottling Group
9.00%.................... 11/15/03 100 100,500
Dr. Pepper Bottling Holding
Co., Senior Discount
Notes
11.63%................... 02/15/03 140 111,125
Texas Bottling Group
9.00%.................... 11/15/03 100 99,750
-----------
311,375
-----------
BROADCASTING -- 0.4%
Sinclair Broadcasting Group
10.00%................... 09/30/05 100 102,500
Young Broadcasting, Senior
Subordinate Notes
10.13%................... 02/15/05 100 106,000
-----------
208,500
-----------
BUILDING & REAL ESTATE -- 0.4%
B.F. Saul REIT Senior Notes
11.63%................... 04/01/02 100 103,750
The Rouse Co., Notes
8.50%.................... 01/15/03 120 132,750
-----------
236,500
-----------
</TABLE>
44
<PAGE> 46
AMERICAN SKANDIA TRUST
T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ -----------
<S> <C> <C> <C>
CABLE TELEVISION -- 0.6%
Continental Cablevision
9.00%.................... 09/01/08 $ 100 $ 105,000
Fundy Cable LTD.
11.00%................... 11/15/05 125 130,625
Rogers Cablesystems, Senior
Notes
10.00%................... 03/15/05 125 134,688
-----------
370,313
-----------
CHEMICALS -- 0.2%
Arcadian Partners LP,
Senior Notes Cl-B
10.75%................... 05/01/05 100 110,000
-----------
CONGLOMERATES -- 0.5%
Alpine Group, Inc.
12.25%................... 07/15/03 100 98,000
Tenneco, Inc.
8.00%.................... 11/15/99 55 58,644
7.88%.................... 10/01/02 150 162,938
-----------
319,582
-----------
CONSUMER NON-DURABLES -- 0.2%
Herff Jones, Inc., Senior
Subordinate Notes Cl-B
11.00%................... 08/15/05 100 107,250
-----------
CONTAINERS -- 0.4%
Owens Illinois, Inc.
11.00%................... 12/01/03 125 141,563
Riverwood International
Corp.
11.25%................... 06/15/02 100 108,750
-----------
250,313
-----------
ELECTRIC POWER -- 0.4%
Potomac Capital
6.19%.................... 04/28/97 250 250,650
-----------
ENERGY -- 0.5%
Ferrellgas LP Financial
Corp.
10.00%................... 08/01/01 100 107,000
Gulf Canada Resources LTD.
9.63%.................... 07/01/05 100 105,000
Petroleum Heat & Power
10.13%................... 04/01/03 100 95,375
-----------
307,375
-----------
ENTERTAINMENT & LEISURE -- 0.7%
TCI Communications, Inc.
8.65%.................... 09/15/04 200 221,750
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ -----------
<S> <C> <C> <C>
Time Warner Entertainment
Debenture
7.25%.................... 09/01/08 $ 100 $ 101,125
United Artists Theatre
9.30%.................... 07/01/15 100 100,500
-----------
423,375
-----------
FINANCE & CREDIT -- 2.4%
Advanta Corp.
7.07%.................... 09/15/97 235 239,994
Aristar, Inc.
8.88%.................... 08/15/98 200 214,000
7.88%.................... 02/15/99 200 212,000
Associates Corp. of North
America
8.63%.................... 06/15/97 10 10,438
Chrysler Financial Corp.
8.46%.................... 01/19/00 200 217,000
Commercial Credit Notes
8.13%.................... 03/01/97 5 5,156
CoreStates Home Loan Equity
6.65%.................... 05/15/09 84 84,985
Ford Motor Credit Co.
9.45%.................... 05/20/97 50 52,625
General Motors Acceptance
Corp.
7.75%.................... 04/15/97 50 51,375
8.38%.................... 05/01/97 10 10,363
General Motors Acceptance
Corp., Grantor Trust
6.30%.................... 06/15/99 44 44,221
Household Finance Corp.
6.96%.................... 04/27/98 300 308,625
-----------
1,450,782
-----------
FINANCIAL-BANK & TRUST -- 0.4%
Ciesco LP
7.38%.................... 04/19/00 250 263,438
-----------
FINANCIAL SERVICES -- 0.5%
Lehman Brothers Holdings,
Inc.
7.63%.................... 06/15/97 65 66,706
Smith Barney Holdings
6.63%.................... 06/01/00 200 204,500
-----------
271,206
-----------
FOOD & TOBACCO -- 0.2%
Consolidated Cigar, Senior
Subordinate Notes
10.50%................... 03/01/03 100 102,500
-----------
</TABLE>
45
<PAGE> 47
AMERICAN SKANDIA TRUST
T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ -----------
<S> <C> <C> <C>
FOREIGN GOVERNMENT -- 0.1%
Export-Import Korea Notes
6.50%.................... 05/15/00 $ 40 $ 40,900
-----------
HEALTHCARE -- 0.2%
Tenet Healthcare Corp.
8.63%.................... 12/01/03 90 94,613
-----------
HOTEL/GAMING -- 0.7%
Bally Park Place Funding
9.25%.................... 03/15/04 100 101,250
Grand Casino
10.13%................... 12/01/03 125 130,625
President Riverboat Casino
13.00%................... 09/15/01 100 84,000
Trump Taj Mahal
11.35%................... 11/15/99 100 96,250
-----------
412,125
-----------
INDUSTRIAL -- 1.1%
Coinmach Corp., Senior
Notes
11.75%................... 11/15/05 100 101,250
Raytheon Co.
6.50%.................... 07/15/05 350 360,938
Westinghouse Electric Corp.
8.88%.................... 06/01/01 200 208,250
-----------
670,438
-----------
INSURANCE -- 0.1%
New York Life Insurance
7.50%.................... 12/15/23 100 101,625
-----------
MANUFACTURING -- 0.8%
American Standard, Senior
Debenture Notes
11.38%................... 05/15/04 75 83,063
9.25%.................... 12/01/16 25 26,125
Ametek, Inc.
9.75%.................... 03/15/04 100 106,250
Coltec Industries
10.25%................... 04/01/02 125 129,375
IMO Industries, Senior
Subordinate Debentures
12.00%................... 11/01/01 100 102,250
-----------
447,063
-----------
NATURAL RESOURCES -- 0.0%
Gulf Canada Resources LTD.
9.25%.................... 01/15/04 25 25,469
-----------
OTHER INDUSTRIAL
MATERIALS -- 0.2%
HMC Acquisition Properties
9.00%.................... 12/15/07 100 101,000
-----------
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ -----------
<S> <C> <C> <C>
PACKAGING -- 0.5%
Container Corp. of America,
Senior Notes
11.25%................... 05/01/04 $ 100 $ 104,125
Portola Packaging, Inc.,
Senior Notes
10.75%................... 10/01/05 100 103,250
Stone Container Corp.,
Senior Notes
9.88%.................... 02/01/01 100 97,875
-----------
305,250
-----------
PAPER & PAPER PRODUCTS -- 0.2%
Repap Wisconsin, Inc.
9.25%.................... 02/01/02 100 95,500
-----------
RESTAURANTS -- 0.2%
McDonald's Corp.
6.63%.................... 09/01/05 100 103,750
-----------
RETAIL -- 0.1%
Southland Corp.
5.00%.................... 12/15/03 100 83,875
-----------
RETAIL GROCERY -- 0.1%
Ralph's Grocery Co., Senior
Note
10.45%................... 06/15/04 50 50,875
-----------
RETAIL MERCHANDISING -- 0.5%
Federated Department
Stores, Inc.
8.13%.................... 10/15/02 125 125,781
Kmart Corp., Medium Term
Notes
8.50%.................... 05/09/97 100 98,250
Wal-Mart Stores, Inc.
7.25%.................... 06/01/13 85 90,950
-----------
314,981
-----------
SAVINGS & LOAN ASSOCIATIONS -- 0.2%
H.F. Ahmanson & Co.
9.88%.................... 11/15/99 100 112,625
-----------
SERVICE -- 0.2%
Alliance Entertainment
11.25%................... 07/15/05 100 101,000
-----------
SPECIALTY CHEMICALS -- 0.5%
Agricultural Minerals, Inc.
10.75%................... 09/30/03 100 110,250
IMC Fertilizer Group
9.45%.................... 12/15/11 100 106,875
Scott Co.
9.88%.................... 08/01/04 100 107,250
-----------
324,375
-----------
</TABLE>
46
<PAGE> 48
AMERICAN SKANDIA TRUST
T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ -----------
<S> <C> <C> <C>
TELECOMMUNICATIONS -- 0.9%
Mobilemedia Corp.
9.38%.................... 11/01/07 $ 125 $ 129,375
Paging Network, Inc.,
Senior Subordinate Notes
8.88%.................... 02/01/06 125 128,438
United Telecommunications
Debentures
9.75%.................... 04/01/00 250 284,375
-----------
542,188
-----------
TEXTILES -- 0.2%
Dan River, Inc., Senior
Subordinate Notes
10.13%................... 12/15/03 100 92,500
-----------
TRANSPORTATION -- 0.3%
Federal Express
6.25%.................... 04/15/98 70 70,788
Sea Containers LTD.
12.50%................... 11/15/04 100 108,000
Southwest Airlines Co.
9.25%.................... 02/15/98 25 26,625
-----------
205,413
-----------
UTILITIES-ELECTRIC -- 2.3%
Commonwealth Edison
7.00%.................... 02/15/97 50 50,625
Consumers Power Co.
6.00%.................... 07/01/97 65 65,163
6.63%.................... 10/01/98 50 50,313
Florida Power & Light
5.70%.................... 03/05/98 200 201,250
Gulf States Utilities
5.38%.................... 02/01/97 128 127,840
Monongahela Power
8.50%.................... 06/01/22 150 159,938
Pacific Gas & Electric
Corp.
6.75%.................... 12/01/00 200 202,500
Public Service Electric &
Gas First Mortgage
7.00%.................... 09/01/24 300 295,125
Southern California Edison
Notes
6.50%.................... 06/01/01 100 102,500
Wisconsin Electric Power
Co.
5.88%.................... 10/01/97 100 100,625
-----------
1,355,879
-----------
TOTAL CORPORATE BONDS
(COST $11,013,689)........... 11,394,321
-----------
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ -----------
<S> <C> <C> <C>
MEDIUM TERM NOTES -- 0.7%
BANKING -- 0.2%
U.S. Bancorp
6.72%.................... 06/01/98 $ 100 $ 102,750
FINANCE & CREDIT -- 0.1%
Associates Corp. of North
America
7.70%.................... 03/15/00 50 53,250
UTILITIES-ELECTRIC -- 0.4%
Commonwealth Edison
9.00%.................... 10/15/99 250 271,875
-----------
TOTAL MEDIUM TERM NOTES
(COST $419,951).............. 427,875
-----------
ZERO COUPON BONDS -- 0.2%
FINANCIAL-BANK & TRUST -- 0.1%
Coleman Holdings
9.18%.................... 05/27/98 100 81,000
-----------
RETAIL FOOD CHAINS -- 0.1%
Pathmark Stores
6.18%.................... 11/01/03 100 61,000
-----------
TOTAL ZERO COUPON BONDS
(COST $142,664).............. 142,000
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 16.6%
FEDERAL HOME LOAN BANK
CONSOLIDATED DISCOUNT NOTES -- 6.1%
5.53%...................... 01/16/96 3,621 3,612,657
-----------
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION -- 6.4%
9.50%...................... 10/15/09 29 31,675
10.00%..................... 11/15/09 38 42,032
11.50%..................... 06/15/10 52 59,187
12.00%..................... 09/15/13 1 1,637
12.00%..................... 01/15/14 7 8,402
10.50%..................... 08/15/15 15 16,490
11.50%..................... 09/15/15 160 180,865
11.50%..................... 11/15/15 59 66,721
8.00%...................... 05/15/16 33 34,340
8.50%...................... 06/15/16 44 46,431
9.00%...................... 07/15/16 18 19,051
8.00%...................... 12/15/16 59 61,032
9.00%...................... 12/15/16 3 2,839
8.00%...................... 02/15/17 115 119,438
8.00%...................... 05/15/17 64 66,992
9.00%...................... 05/15/17 110 116,610
8.00%...................... 06/15/17 30 31,209
9.50%...................... 11/15/18 5 5,675
9.50%...................... 03/15/19 17 18,454
9.50%...................... 01/15/20 11 11,965
</TABLE>
47
<PAGE> 49
AMERICAN SKANDIA TRUST
T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ -----------
<S> <C> <C> <C>
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION (CONT'D)
9.50%...................... 06/15/20 $ 14 $ 15,251
8.00%...................... 06/15/22 182 189,674
8.00%...................... 09/15/22 35 36,989
8.00%...................... 07/15/23 90 93,521
7.00%...................... 09/15/23 394 398,481
6.50%...................... 02/15/24 726 720,704
6.50%...................... 04/15/24 91 90,278
6.50%...................... 05/15/24 900 893,083
7.50%...................... 06/15/24 93 95,664
7.00%...................... 12/15/25 294 297,768
-----------
3,772,458
-----------
FEDERAL HOME LOAN MORTGAGE CORP. -- 4.0%
5.47%...................... 01/22/96 2,391 2,383,371
7.50%...................... 07/15/20 15 15,353
-----------
2,398,724
-----------
TENNESSEE VALLEY AUTHORITY NOTES -- 0.1%
7.75%...................... 12/15/22 10 10,450
7.25%...................... 07/15/43 20 20,850
6.88%...................... 12/15/43 40 40,100
-----------
71,400
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(COST $9,746,084).................... 9,855,239
-----------
U.S. TREASURY OBLIGATIONS -- 8.5%
U.S. TREASURY BONDS -- 1.9%
11.63%..................... 11/15/02 100 134,771
7.13%...................... 02/15/23 240 274,502
7.63%...................... 02/15/25 300 366,690
6.83%...................... 08/15/25 300 338,397
-----------
1,114,360
-----------
U.S. TREASURY NOTES -- 6.6%
6.50%...................... 09/30/96 80 80,700
7.25%...................... 11/30/96 240 244,219
6.13%...................... 05/31/97 450 455,697
6.13%...................... 05/15/98 100 102,052
5.13%...................... 12/31/98 50 49,856
6.75%...................... 05/31/99 460 480,695
6.88%...................... 03/31/00 250 264,382
6.25%...................... 05/31/00 100 103,451
6.13%...................... 09/30/00 150 154,610
5.63%...................... 11/30/00 275 277,739
5.75%...................... 08/15/03 965 977,979
7.50%...................... 02/15/05 250 283,537
5.88%...................... 11/15/05 425 434,707
-----------
3,909,624
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(COST $4,688,436)............ 5,023,984
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY***
MATURITY (000) VALUE
--------- ------------ ----------
<S> <C> <C> <C>
FOREIGN BONDS -- 2.8%
AUSTRALIA -- 0.0%
Australian Government
9.50%............... 08/15/03 20 $ 16,081
----------
BELGIUM -- 0.1%
Belgium Kingdom
Government
7.25%............... 04/29/04 1,550 55,013
----------
CANADA -- 0.2%
Canadian Government
6.50%............... 06/01/04 110 77,857
9.75%............... 06/01/21 10 9,106
----------
86,963
----------
DENMARK -- 0.1%
Denmark Government
7.00%............... 12/15/04 275 49,322
----------
FRANCE -- 0.2%
France O.A.T.
8.25%............... 02/27/04 264 59,791
8.50%............... 04/25/23 50 11,542
French Treasury Bills
8.50%............... 03/12/97 75 15,914
----------
87,247
----------
GERMANY -- 0.6%
German Government
8.50%............... 08/21/00 375 298,651
6.50%............... 07/15/03 110 79,888
----------
378,539
----------
ITALY -- 0.3%
Italian Government
11.50%.............. 03/01/03 275,000 180,650
8.50%............... 08/01/04 45,000 24,976
----------
205,626
----------
JAPAN -- 0.9%
International Bank
Recovery &
Development
6.75%............... 03/15/00 14,000 162,432
Japan Government
4.50%............... 06/20/03 33,500 358,410
----------
520,842
----------
NETHERLANDS -- 0.1%
Netherland Government
5.75%............... 01/15/04 115 71,234
----------
</TABLE>
48
<PAGE> 50
AMERICAN SKANDIA TRUST
T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY***
MATURITY (000) VALUE
--------- ------------ ----------
<S> <C> <C> <C>
SPAIN -- 0.1%
Spanish Government
8.00%............... 05/30/04 6,400 $ 48,007
----------
UNITED KINGDOM -- 0.2%
United Kingdom Gilt
9.00%............... 03/03/00 85 142,634
----------
TOTAL FOREIGN BONDS
(COST $1,477,645)....... 1,661,508
----------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000)
-------
<S> <C> <C> <C>
COMMERCIAL PAPER -- 2.1%
Coca-Cola Co. Bottling
Co.
6.00%................ 01/12/96 $ 400 399,267
Dupont (E.I.) de
Nemours & Co.
5.75%................ 01/17/96 500 498,722
Tampa Electric Co.
6.00%................ 01/08/96 339 338,605
-----------
TOTAL COMMERCIAL PAPER
(COST $1,236,594)........ 1,236,594
-----------
TOTAL INVESTMENTS
(COST $56,469,167**) -- 103.7%....... 61,615,375
LIABILITIES IN EXCESS OF
OTHER ASSETS -- (3.7%)............... (2,216,244)
-----------
NET ASSETS -- 100.0%................... $59,399,131
==========
<CAPTION>
NOTES TO SCHEDULE OF INVESTMENTS:
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
<S> <C>
Gross appreciation................. $5,733,908
Gross depreciation................. (587,700)
---------
Net appreciation................... $5,146,208
==========
</TABLE>
Foreign currency exchange contracts outstanding at December 31, 1995.
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
COVERED EXPIRATION UNREALIZED
TYPE BY CONTRACT MONTH DEPRECIATION
- ----------------------------------------------------------
<S> <C> <C> <C> <C>
Buy UK 28,940 01/96 $ (241)
</TABLE>
<TABLE>
<CAPTION>
COUNTRY/CURRENCY ABBREVIATIONS
- ------------------------------------------------------------
<S> <C>
CAN - Canada/Canadian Dollar NZD - New Zealand/
DEM - Germany/German New Zealand Dollar
Deutschemark MALA - Malaysia/Malaysian
FRF - France/French Franc Ringgit
HK - Hong Kong/Hong Kong MEX - Mexico/Mexican Peso
Dollar SNG - Singapore/Singapore
ITL - Italy/Italian Lira Dollar
JPN - Japan/Japanese Yen SW - Switzerland/Swiss Franc
NETH - Netherlands/ UK - United Kingdom/British
Netherland Guilder Pound
</TABLE>
- --------------------------------------------------------------------------------
Unless otherwise noted, all foreign stocks are common stock.
* Non-income producing securities.
** Also cost for Federal income tax purposes.
*** Currency of countries indicated.
See Notes to Financial Statements.
49
<PAGE> 51
AMERICAN SKANDIA TRUST
PIMCO TOTAL RETURN BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
-------- ------- -----------
<S> <C> <C> <C>
CORPORATE BONDS -- 8.3%
AIRLINES -- 1.5%
American Air Equipment
10.19%................ 05/26/15 $ 250 $ 308,780
AMR Corp.
10.45%................ 11/15/11 100 124,250
United Air Lines, Inc.
10.67%................ 05/01/04 500 606,875
10.02%................ 03/22/14 2,000 2,393,755
-----------
3,433,660
-----------
ELECTRIC POWER -- 1.5%
Cleveland Electric
9.11%................. 07/22/96 250 253,125
8.75%................. 11/15/05 100 99,500
CMS Energy Corp.
9.50%................. 10/01/97 150 157,688
Commonwealth Edison
Corp.
6.50%................. 07/15/97 750 757,500
Illinois Power Co.
5.85%................. 10/01/96 2,000 2,000,000
-----------
3,267,813
-----------
FINANCIAL -- 0.4%
Ohio Edison First Mortgage
8.50%................. 05/01/96 1,000 1,008,750
-----------
INDUSTRIAL -- 0.3%
Arkla, Inc.
9.20%................. 12/18/97 500 528,750
-----------
OIL -- 0.7%
Occidental Petroleum Corp.
9.63%................. 07/01/99 500 510,625
11.75%................ 03/15/11 1,000 1,058,750
-----------
1,569,375
-----------
PUBLISHING -- 1.7%
Time Warner, Inc.
7.45%................. 02/01/98 2,000 2,062,500
6.84%................. 08/15/00 437 437,000
7.98%................. 08/15/04 262 277,720
8.11%................. 08/15/06 525 565,031
8.18%................. 08/15/07 525 570,281
-----------
3,912,532
-----------
REAL ESTATE -- 2.2%
Spieker Properties
6.95%................. 12/15/02 5,000 5,018,750
-----------
TOTAL CORPORATE BONDS
(COST $17,842,452)........ 18,739,630
-----------
<CAPTION>
PAR
MATURITY (000) VALUE
-------- ------- -----------
<S> <C> <C> <C>
SOVEREIGN ISSUES -- 1.9%
Republic of Argentina
FRB
6.81%................. 03/31/05 $ 3,000 $ 2,124,375
United Mexican States
Cl-B
6.25%................. 12/31/19 1,500 984,375
United Mexican States
Cl-C
6.97%................. 12/31/19 1,000 722,500
United Mexican States
Cl-D
6.55%................. 12/31/19 500 361,250
United Mexican States
(Rights)*............. 3,807 0
-----------
TOTAL SOVEREIGN ISSUES
(COST $4,251,622)......... 4,192,500
-----------
MORTGAGE BACKED SECURITIES -- 1.7%
Countrywide Adjustable
Rate Mortgage
6.70%................. 03/25/24 1,476 1,514,874
7.66%................. 11/25/24 1,529 1,568,524
Guardian Adjustable Rate
Mortgage
7.14%................. 12/25/19 100 71,116
Saxon Adjustable Rate
Mortgage
7.79%................. 05/25/24 742 765,223
-----------
TOTAL MORTGAGE BACKED SECURITIES
(COST $3,859,629)......... 3,919,737
-----------
COLLATERALIZED MORTGAGE SECURITIES -- 5.6%
Citicorp Mortgage
Securities, Inc.
7.73%................. 10/25/22 875 878,543
Collateralized Mortgage
Security Corp.
7.99%................. 05/01/17 495 509,976
Mortgage Capital Trust
VI
9.50%................. 02/01/18 1,327 1,363,293
Prudential Securities
CMO Trust
7.50%................. 03/25/19 292 291,076
Prudential-Bache CMO
Trust
8.40%................. 03/20/21 2,977 3,169,690
Resolution Trust Corp.
8.00%................. 09/25/21 712 721,516
Rothschild L.F. Mortgage
Trust
9.95%................. 08/01/17 3,390 3,689,666
Ryland Mortgage
Securities Corp.
7.91%................. 09/25/23 1,929 1,958,277
-----------
TOTAL COLLATERALIZED MORTGAGE SECURITIES
(COST $12,154,765)........ 12,582,037
-----------
</TABLE>
50
<PAGE> 52
AMERICAN SKANDIA TRUST
PIMCO TOTAL RETURN BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
-------- ------- -----------
<S> <C> <C> <C>
MEDIUM TERM NOTES -- 1.8%
FINANCE
General Motors
Acceptance Corp.
6.70%................. 05/20/96 $ 2,000 $ 2,008,160
7.75%................. 07/18/96 2,000 2,022,420
-----------
(COST $4,002,777)... 4,030,580
-----------
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY****
(000)
--------------------------------
<S> <C> <C> <C>
FOREIGN BONDS -- 4.7%
CANADA -- 1.3%
Canadian Government
8.75%................. 12/01/05 3,500 2,865,011
-----------
GERMANY -- 3.4%
German Government
6.25%................. 01/04/24 11,900 7,732,834
-----------
TOTAL FOREIGN BONDS
(COST $10,194,113)........ 10,597,845
-----------
<CAPTION>
PAR
(000)
-------
<S> <C> <C> <C>
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 18.1%
FEDERAL HOME LOAN MORTGAGE
CORP. -- 4.0%
8.25%................... 08/01/17 $ 761 791,936
7.00%***................ 04/25/19 625 68,339
6.09%................... 02/01/24 3,917 4,005,508
8.00%................... 01/16/26 4,000 4,145,625
-----------
9,011,408
-----------
FEDERAL NATIONAL MORTGAGE
ASSOCIATION -- 3.0%
5.55%................... 02/13/96 1,000 993,272
9.40%................... 07/25/03 426 447,547
6.25%***................ 05/25/08 236 76,812
6.50%***................ 06/25/14 3,000 262,734
8.50%................... 11/25/18 2,066 2,063,741
6.90%................... 05/25/23 179 160,475
7.29%................... 01/01/24 670 688,985
7.00%................... 04/25/24 562 523,762
6.23%................... 04/01/25 1,560 1,628,675
-----------
6,846,003
-----------
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION -- 11.1%
7.00%................... 06/20/22 3,046 3,104,598
7.38%................... 04/20/23 3,938 3,997,391
6.50%................... 10/20/23 846 860,037
7.50%................... 12/20/23 482 492,285
7.25%................... 09/20/24 1,791 1,835,079
<CAPTION>
PAR
MATURITY (000) VALUE
-------- ------- -----------
<S> <C> <C> <C>
6.50%................... 10/20/24 $ 4,677 $ 4,776,027
6.50%................... 01/22/26 10,000 9,918,750
-----------
24,984,167
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(COST $40,350,525)........ 40,841,578
-----------
U.S. TREASURY OBLIGATIONS -- 30.9%
U.S. TREASURY BILLS -- 0.5%
5.22%#.................. 02/08/96 55 54,682
5.27%#.................. 02/08/96 105 104,393
5.29%#.................. 02/08/96 55 54,682
5.34%#.................. 02/08/96 105 104,393
5.35%#.................. 02/08/96 40 39,769
5.39%#.................. 02/08/96 40 39,769
5.45%#.................. 02/08/96 95 94,451
5.27%................... 02/15/96 150 149,011
5.28%................... 02/15/96 100 99,340
5.31%#.................. 02/22/96 330 327,640
-----------
1,068,130
-----------
U.S. TREASURY NOTES -- 30.4%
4.38%................... 08/15/96 10,000 9,948,599
6.50%................... 09/30/96 40,000 40,350,000
6.38%................... 08/15/02 17,400 18,273,130
-----------
68,571,729
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(COST $69,158,328)........ 69,639,859
-----------
COMMERCIAL PAPER -- 11.4%
Abbott Laboratories
5.62%................. 01/09/96 4,100 4,094,880
BellSouth Telecomm, Inc.
5.75%................. 01/12/96 700 698,770
5.75%................. 01/09/96 2,500 2,496,806
Canadian Wheat Board
5.49%................. 03/05/96 700 692,809
General Electric Capital Corp.
5.65%................. 01/31/96 4,100 4,080,696
Hewlett-Packard Co.
5.67%................. 01/09/96 700 699,092
5.55%................. 03/05/96 2,800 2,771,234
5.53%................. 03/12/96 3,500 3,460,287
Mexico Treasury Bills
16.59%................ 01/18/96 600 597,642
National Rural Utility
5.55%................. 03/18/96 1,500 1,481,700
Pitney Bowes Credit,
Inc.
5.66%................. 01/26/96 1,200 1,195,283
Procter & Gamble Co.
5.67%................. 01/24/96 3,500 3,486,996
-----------
TOTAL COMMERCIAL PAPER
(COST $25,757,788)........ 25,756,195
-----------
</TABLE>
51
<PAGE> 53
AMERICAN SKANDIA TRUST
PIMCO TOTAL RETURN BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
------ -----------
<S> <C> <C>
OPTIONS -- 0.0%
CME Put Option on Eurodollar
Futures, Strike Price $90.75,
Expire 06/17/96.................. $ 750 $ 0
CME Put Option on Eurodollar
Futures, Strike Price $91.00,
Expire 06/17/96.................. 1,500 1,500
Written CME Put Option on
Eurodollar Futures, Strike Price
$94.00,
Expire 03/18/96.................. 2,000 (2,000)
-----------
TOTAL OPTIONS
(COST ($29,962))..................... (500)
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
-------
<S> <C> <C>
SHORT TERM INVESTMENTS -- 1.3%
Temporary Investment Cash
Fund.......................... 1,451,819 1,451,819
Temporary Investment Fund....... 1,451,818 1,451,818
-----------
(COST $2,903,637)............. 2,903,637
-----------
TOTAL INVESTMENTS (COST
$190,445,674**) -- 85.7%.......... 193,203,098
OTHER ASSETS LESS
LIABILITIES -- 14.3%.............. 32,132,331
-----------
NET ASSETS -- 100.0%................ $225,335,429
===========
<CAPTION>
NOTES TO SCHEDULE OF INVESTMENTS:
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
<S> <C>
Gross appreciation.............. $3,026,754
Gross depreciation.............. (299,974)
---------
Net appreciation................ $2,726,780
===========
</TABLE>
Foreign currency exchange contracts outstanding at December 31, 1995:
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT UNREALIZED
COVERED EXPIRATION APPRECIATION/
TYPE BY CONTRACT MONTH (DEPRECIATION)
<S> <C> <C> <C> <C>
- ----------------------------------------------------------
Sell CAN 153,125 01/96 $ 16
Sell DEM 7,106,000 01/96 2,078
Sell DEM 4,524,850 12/96 (28,308)
--------
$(26,214)
========
</TABLE>
# Securities with an aggregate market value of $819,779, which have been
segregated with the custodian to cover margin requirements for the following
open futures contracts at December, 31, 1995:
<TABLE>
<CAPTION>
UNREALIZED
TYPE CONTRACTS APPRECIATION
<S> <C> <C>
- ----------------------------------------------------------
U.S. Treasury 5 Year Note (03/96) 350 $301,172
U.S. Treasury 10 Year Note (03/96) 196 211,500
U.S. Treasury 30 Year Note (03/96) 104 143,000
German Treasury 10 Year Note (03/96) 60 88,435
--------
$744,107
========
</TABLE>
COUNTRY/CURRENCY ABBREVIATIONS
- ----------------------------------------------------------
CAN - Canada/Canadian Dollar
DEM - Germany/German Deutschemark
- --------------------------------------------------------------------------------
* Non-income producing securities.
** Cost for Federal income tax purposes was $190,476,318.
*** Interest Only Securities.
**** Currency of countries indicated.
See Notes to Financial Statements.
52
<PAGE> 54
AMERICAN SKANDIA TRUST
INVESCO EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
COMMON STOCK -- 64.5%
AEROSPACE -- 2.0%
Boeing Co........................ 20,000 $ 1,567,500
Lockheed Martin Corp............. 25,000 1,975,000
----------
3,542,500
----------
AIRLINES -- 0.6%
KLM Royal Dutch Airlines......... 30,000 1,057,500
----------
AUTOMOBILES -- 1.4%
Chrysler Corp. .................. 10,000 553,750
Ford Motor Co. .................. 30,000 870,000
General Motors Corp. Cl-H........ 20,000 982,500
----------
2,406,250
----------
AUTOMOTIVE PARTS-EQUIPMENT -- 1.3%
Borg Warner Automotive Corp. .... 40,000 1,280,000
Eaton Corp. ..................... 20,000 1,072,500
----------
2,352,500
----------
BANKING -- 0.7%
BankAmerica Corp. ............... 20,000 1,295,000
----------
BEVERAGES -- 1.0%
Seagram Co. LTD. ................ 50,000 1,731,250
----------
BREWERIES & DISTILLERS -- 1.6%
Anheuser-Busch Companies,
Inc. .......................... 25,000 1,671,875
Coors (Adolph) Co. Cl-B.......... 50,000 1,106,250
----------
2,778,125
----------
BROADCASTING -- 1.2%
Comcast Corp. Special Cl-A....... 35,000 636,563
U.S. West Media Group............ 80,000 1,520,000
----------
2,156,563
----------
BUILDING & BUILDING SUPPLIES -- 0.5%
Masco Corp....................... 30,000 941,250
----------
CHEMICALS -- 6.2%
Agrium, Inc. .................... 70,000 3,150,000
Arco Chemical Co. ............... 20,000 972,500
Lawter International, Inc. ...... 100,000 1,162,500
Olin Corp. ...................... 35,000 2,598,750
Vigoro Corp. .................... 50,000 3,087,500
----------
10,971,250
----------
COMPUTERS -- 1.8%
Honeywell, Inc. ................. 30,000 1,458,750
International Business Machines
Corp. ......................... 18,000 1,651,500
----------
3,110,250
----------
CONGLOMERATES -- 0.8%
Tenneco, Inc. ................... 30,000 1,488,750
----------
ELECTRICAL EQUIPMENT -- 1.1%
General Electric Co. ............ 27,000 1,944,000
----------
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
ELECTRONICS -- 1.2%
Hewlett-Packard Co. ............. 15,000 $ 1,256,250
Intel Corp. ..................... 15,000 851,250
----------
2,107,500
----------
ENGINEERING & CONSTRUCTION -- 2.0%
Fluor Corp. ..................... 14,000 924,000
Foster Wheeler Corp. ............ 60,000 2,550,000
----------
3,474,000
----------
ENTERTAINMENT -- 1.5%
Time Warner, Inc. ............... 25,000 946,875
Walt Disney Co. ................. 30,000 1,770,000
----------
2,716,875
----------
FINANCIAL-BANK & TRUST -- 3.9%
Bank of New York Co., Inc. ...... 20,000 975,000
Chase Manhattan Corp. ........... 30,000 1,818,750
Citicorp......................... 15,000 1,008,750
Mellon Bank Corp. ............... 30,000 1,612,500
NDB Bancorp, Inc. ............... 36,200 1,429,900
----------
6,844,900
----------
FINANCIAL SERVICES -- 2.2%
American Express Co. ............ 20,000 827,500
Beneficial Corp. ................ 15,000 699,375
H&R Block, Inc. ................. 60,000 2,430,000
----------
3,956,875
----------
FOODS -- 2.6%
General Mills, Inc. ............. 25,000 1,443,750
Heinz, H.J. Co. ................. 33,000 1,093,125
Philip Morris Companies, Inc. ... 15,000 1,357,500
Quaker Oats Co. ................. 20,000 690,000
----------
4,584,375
----------
HOTELS & MOTELS -- 0.8%
Hilton Hotels Corp. ............. 23,000 1,414,500
----------
INSURANCE -- 2.1%
Allmerica Property & Casualty,
Inc. .......................... 80,000 2,160,000
Ohio Casualty Corp. ............. 40,000 1,550,000
----------
3,710,000
----------
MANUFACTURING -- 2.3%
Allied-Signal, Inc. ............. 25,000 1,187,500
Eastman Kodak Co. ............... 25,000 1,675,000
Whitman Corp. ................... 50,000 1,162,500
----------
4,025,000
----------
MEDICAL -- 0.6%
Baxter International, Inc. ...... 25,000 1,046,875
----------
MEDICAL PRODUCTS -- 1.3%
Becton Dickinson & Co. .......... 30,000 2,250,000
----------
</TABLE>
53
<PAGE> 55
AMERICAN SKANDIA TRUST
INVESCO EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
METALS & MINING -- 0.8%
ASARCO, Inc. .................... 25,000 $ 800,000
Newmont Mining Corp. ............ 12,994 587,979
------------
1,387,979
------------
MISCELLANEOUS -- 0.8%
Service Corp. International...... 32,000 1,408,000
------------
OIL -- 3.0%
Amoco Corp. ..................... 14,000 1,006,250
Atlantic Richfield Co. .......... 8,000 886,000
Chevron Corp. ................... 20,000 1,050,000
Exxon Corp. ..................... 12,000 961,500
Mobil Corp. ..................... 12,000 1,344,000
------------
5,247,750
------------
OIL & GAS -- 0.5%
Sonat, Inc. ..................... 25,000 890,625
------------
OIL EQUIPMENT & SERVICES -- 3.8%
Dresser Industries, Inc. ........ 70,000 1,706,250
Halliburton Co. ................. 35,000 1,771,875
Schlumberger LTD. ............... 11,000 761,750
Union Pacific Resources Group.... 100,000 2,537,500
------------
6,777,375
------------
PAPER & FOREST PRODUCTS -- 0.5%
Champion International Corp. .... 20,000 840,000
------------
PHARMACEUTICALS -- 2.6%
Abbott Laboratories.............. 20,000 835,000
American Home Products Corp. .... 15,000 1,455,000
Pharmacia & Upjohn, Inc. ........ 58,000 2,247,500
------------
4,537,500
------------
PUBLISHING -- 0.7%
R.R. Donnelley & Sons Co. ....... 30,000 1,181,250
------------
RAILROADS -- 2.8%
Canadian National Railways*...... 35,550 533,250
Illinois Central Corp. .......... 25,000 959,375
Kansas City Southern Industries,
Inc. .......................... 40,000 1,830,000
Union Pacific Corp. ............. 25,000 1,650,000
------------
4,972,625
------------
REAL ESTATE -- 1.2%
Patriot American Hospitality..... 80,000 2,060,000
------------
RETAIL FOOD CHAINS -- 0.5%
Albertson's, Inc. ............... 30,000 986,250
------------
RETAIL-SPECIALTY -- 1.5%
Jostens, Inc. ................... 30,000 727,500
Limited, Inc. ................... 60,000 1,042,500
Melville Corp. .................. 30,000 922,500
------------
2,692,500
------------
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
TELECOMMUNICATIONS -- 4.9%
AT&T Corp. ...................... 40,000 $ 2,590,000
Bell Atlantic Corp. ............. 15,000 1,003,125
GTE Corp. ....................... 20,000 880,000
NYNEX Corp. ..................... 25,000 1,350,000
U.S. West, Inc. ................. 80,000 2,860,000
------------
8,683,125
------------
TRANSPORTATION -- 0.2%
Overseas Shipholding Group,
Inc. .......................... 17,000 323,000
------------
TOTAL COMMON STOCK
(COST $97,722,347)................. 113,894,067
------------
PREFERRED STOCK -- 0.6%
GOLD MINING
Amax Gold, Inc. $3.75 Cl-B
(COST $996,575)................ 20,000 1,090,000
------------
AMERICAN DEPOSITORY RECEIPTS -- 0.8%
ELECTRONICS -- 0.4%
Nokia Corp. C1-A ................ 20,000 777,500
------------
TELECOMMUNICATIONS -- 0.4%
Cable & Wireless PLC............. 30,000 633,750
------------
TOTAL AMERICAN DEPOSITORY RECEIPTS
(COST $1,830,404).................. 1,411,250
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
MATURITY (000)
-------- ------
<S> <C> <C> <C>
CORPORATE BONDS -- 12.8%
AIRLINES -- 0.3%
Delta Air Lines, Inc.
9.30%................... 01/02/11 $ 500 592,125
------------
BROADCASTING -- 1.8%
Allbritton Communications
Co., Senior Subordinate
Notes
11.50%.................. 08/15/04 1,000 1,055,000
Benedek Broadcast Corp.,
Senior Secured Notes
11.88%.................. 03/01/05 500 525,000
Granite Broadcasting
Corp., Senior
Subordinate Notes
10.38%.................. 05/15/05 1,000 1,030,000
Outlet Broadcasting, Inc.
10.88%.................. 07/15/03 500 560,000
------------
3,170,000
------------
CABLE TELEVISION -- 2.2%
Cablevision Industries,
Debentures Cl-B
9.25%................... 04/01/08 1,000 1,070,000
</TABLE>
54
<PAGE> 56
AMERICAN SKANDIA TRUST
INVESCO EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
-------- ------ ------------
<S> <C> <C> <C>
CABLE TELEVISION (CONT'D)
Century Communications
11.88%.................. 10/15/03 $1,000 $ 1,076,250
Diamond Cable Co.
5.75%................... 12/15/05 2,000 1,165,000
Marcus Cable Co.
5.24%................... 12/15/05 900 612,000
------------
3,923,250
------------
CAPITAL GOODS -- 0.2%
Jones Intercable, Senior
Subordinate Debentures
10.50%.................. 03/01/08 250 273,750
------------
CHEMICALS -- 0.6%
Rexene Corp.
11.75%.................. 12/01/04 500 528,750
Sifto Canada, Inc.
8.50%................... 07/15/00 500 482,500
------------
1,011,250
------------
ENTERTAINMENT -- 0.9%
Viacom, Inc., Subordinate
Debentures
8.00%................... 07/07/06 1,500 1,533,750
------------
FINANCE -- 1.2%
Associates Corp. of North
America
8.55%................... 07/15/09 425 510,531
Empress River Casino
10.75%.................. 04/01/02 500 516,250
General Motors Acceptance
Corp.
7.13%................... 06/01/99 500 520,625
Tembec Finance
9.88%................... 09/30/05 500 495,000
------------
2,042,406
------------
HEALTHCARE -- 0.6%
Tenet Healthcare Corp.
9.63%................... 09/01/02 500 551,250
8.63%................... 12/01/03 500 525,625
------------
1,076,875
------------
INDUSTRIAL -- 0.8%
Crown Paper Co.
11.00%.................. 09/01/05 500 438,750
Lenfest Communications,
Inc., Senior Notes
8.38%................... 11/01/05 1,000 1,006,250
------------
1,445,000
------------
<CAPTION>
PAR
MATURITY (000) VALUE
-------- ------ ------------
<S> <C> <C> <C>
OIL & GAS -- 0.3%
Transtexas Gas
11.50%.................. 06/15/02 $ 500 $ 515,000
------------
PAPER & PAPER PRODUCTS -- 0.3%
Repap New Brunswick
10.63%.................. 04/15/05 500 491,875
------------
PUBLISHING -- 0.8%
News America Holdings
8.50%................... 02/15/05 1,000 1,128,750
8.50%................... 02/23/25 250 289,375
------------
1,418,125
------------
RAILROADS -- 0.6%
Southern Pacific Railroad,
Senior Notes
9.38%................... 08/15/05 1,000 1,091,250
------------
RECREATIONAL -- 0.1%
United Artists Theatre
11.50%.................. 05/01/02 175 187,688
------------
RETAIL DRUGS -- 0.4%
Revco D.S., Inc.
9.13%................... 01/15/00 650 699,563
------------
TELECOMMUNICATIONS -- 0.5%
Centennial Cellular,
Senior Notes
8.88%................... 11/01/01 1,000 980,000
------------
TRANSPORTATION -- 0.6%
Overseas Shipholding
Group, Inc.
8.00%................... 12/01/03 1,000 1,033,521
------------
UTILITIES -- 0.6%
Commonwealth Edison Corp.
8.38%................... 10/15/06 1,000 1,132,500
------------
TOTAL CORPORATE BONDS
(COST $22,023,553).......... 22,617,928
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 5.9%
FEDERAL HOME LOAN MORTGAGE
CORP. -- 4.9%
6.50%..................... 06/01/10 949 955,734
7.50%..................... 07/01/09 889 915,498
6.50%..................... 10/01/10 1,948 1,960,956
6.50%..................... 11/01/10 1,954 1,967,223
7.00%..................... 04/01/24 968 977,949
7.00%..................... 07/01/24 873 882,215
8.00%..................... 12/01/24 930 964,500
------------
8,624,075
------------
</TABLE>
55
<PAGE> 57
AMERICAN SKANDIA TRUST
INVESCO EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
-------- ------ ------------
<S> <C> <C> <C>
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION -- 1.0%
7.50%..................... 10/15/23 $1,797 $ 1,849,890
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(COST $9,990,980)........... 10,473,965
------------
U.S. TREASURY OBLIGATIONS -- 9.9%
U.S. TREASURY BONDS -- 2.8%
7.63%..................... 02/15/25 4,000 4,889,200
------------
U.S. TREASURY NOTES -- 7.1%
5.38%..................... 11/30/97 3,000 3,010,350
5.88%..................... 06/30/00 1,000 1,021,520
6.50%..................... 05/15/05 8,000 8,518,639
------------
12,550,509
------------
TOTAL U.S. TREASURY
OBLIGATIONS
(COST $16,864,826).......... 17,439,709
------------
COMMERCIAL PAPER -- 2.0%
General Electric Capital
Corp.
5.91%
(COST $3,500,000)..... 01/04/96 3,500 3,500,000
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
---------- ------------
<S> <C> <C>
SHORT TERM INVESTMENTS --
MONEY MARKET FUNDS -- 2.4%
Temporary Investment Cash
Fund......................... 2,157,381 $ 2,157,381
Temporary Investment Fund...... 2,157,381 2,157,381
------------
(COST $4,314,762)............ 4,314,762
------------
TOTAL INVESTMENTS
(COST $157,243,447**) -- 98.9%... 174,741,681
OTHER ASSETS LESS
LIABILITIES -- 1.1%.............. 1,974,186
------------
NET ASSETS -- 100.0%............... $176,715,867
===========
<CAPTION>
NOTES TO SCHEDULE OF INVESTMENTS:
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
<S> <C>
Gross appreciation......................... $18,956,413
Gross depreciation......................... (1,458,179)
----------
Net appreciation........................... $17,498,234
===========
</TABLE>
- --------------------------------------------------------------------------------
* Non-income producing securities.
** Also cost for Federal income tax purposes.
See Notes to Financial Statements.
56
<PAGE> 58
AMERICAN SKANDIA TRUST
FOUNDERS CAPITAL APPRECIATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
COMMON STOCK -- 82.5%
AUTOMOTIVE PARTS-EQUIPMENT -- 0.3%
Top Source Technologies,
Inc.*......................... 46,000 $ 322,000
-----------
BROADCASTING -- 1.2%
Comcast U.K. Cable Partners*.... 45,000 562,500
SFX Broadcasting Cl-A*.......... 18,700 565,675
-----------
1,128,175
-----------
BUILDING & BUILDING SUPPLIES -- 1.6%
Harsco Corp..................... 25,000 1,453,125
-----------
BUSINESS SERVICES -- 0.5%
Norrell Corp.................... 17,000 499,375
-----------
COMMERCIAL SERVICES -- 2.1%
Medaphis Corp.*................. 32,000 1,184,000
Meta Group, Inc................. 22,875 700,547
-----------
1,884,547
-----------
COMMUNICATION EQUIPMENT -- 0.6%
Anadigics, Inc.*................ 26,000 552,500
-----------
COMPUTER SERVICES &
SOFTWARE -- 17.6%
Adobe Systems, Inc.............. 13,000 806,000
Astea International, Inc.*...... 29,800 681,675
Avant Corp...................... 39,450 759,413
Broadway & Seymour, Inc.*....... 18,175 295,344
Computron Software, Inc.*....... 41,300 743,400
Dendrite International, Inc.*... 62,075 1,117,350
Dialogic Corp................... 12,000 462,000
Eagle Point Software Corp.*..... 32,200 692,300
Geoworks........................ 49,100 932,900
GT Interactive Software......... 43,750 612,500
HCIA, Inc.*..................... 27,500 1,285,625
Informix Corp.*................. 19,500 585,000
Madge NV........................ 25,000 1,118,750
Manugistics Group, Inc.......... 10,425 153,769
Network General Corp.*.......... 23,000 767,625
Parametric Technology Corp.*.... 14,000 931,000
Platinum Technology............. 25,500 468,563
PRI Automation, Inc.*........... 22,750 799,094
Scopus Technology, Inc.......... 18,125 457,656
7th Level, Inc.................. 18,000 252,000
Symantec Corp................... 23,000 534,750
Sync Research, Inc.............. 8,650 391,413
Triple P NV..................... 46,700 467,000
Wonderware Corp................. 34,700 594,238
-----------
15,909,365
-----------
COMPUTERS -- 6.3%
Alantec Corp.*.................. 28,000 1,631,000
Computervision Corp............. 55,000 845,625
Gandalf Technologies, Inc.*..... 31,000 527,000
Mylex Corp...................... 40,250 769,781
Printronix, Inc.*............... 21,850 305,900
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
Radisys Corp.................... 46,900 $ 551,075
Stormedia, Inc.*................ 27,800 1,014,700
-----------
5,645,081
-----------
CONSUMER GOODS & SERVICES -- 0.9%
Quicksilver, Inc.*.............. 25,000 854,688
-----------
ELECTRICAL EQUIPMENT -- 2.2%
Microchip Technology, Inc.*..... 23,050 841,325
Sanmina Holdings*............... 22,325 1,158,109
-----------
1,999,434
-----------
ELECTRICAL MACHINERY -- 0.5%
Tegal Corp...................... 40,525 415,381
-----------
ELECTRONICS -- 7.4%
Altera Corp.*................... 7,000 348,250
DSP Group, Inc.*................ 54,700 629,050
LAM Research Corp.*............. 10,000 457,500
LSI Logic Corp.*................ 15,000 491,250
Maxim Integrated Products,
Inc.*......................... 33,000 1,270,500
Orbit Semiconductor, Inc.*...... 43,175 420,956
Speedfam International, Inc..... 65,250 734,063
Tencor Instruments.............. 19,075 464,953
Teradyne, Inc.*................. 25,000 625,000
Tylan General, Inc.............. 69,000 845,250
Vitesse Semiconductor, Inc...... 31,000 395,250
-----------
6,682,022
-----------
ENTERTAINMENT -- 1.1%
Anchor Gaming*.................. 16,275 370,256
Movie Gallery, Inc.*............ 11,900 362,950
WMS Industries, Inc.*........... 16,000 262,000
-----------
995,206
-----------
ENVIRONMENTAL CONTROL -- 0.8%
United Waste Systems............ 20,000 745,000
-----------
FINANCIAL SERVICES -- 2.1%
Banco Latinoamericano de
Exportaciones SA.............. 24,000 1,116,000
Credit Acceptance Corp.......... 20,075 416,556
Mercury Finance Co.............. 30,000 397,500
-----------
1,930,056
-----------
FOOD PRODUCTS -- 0.3%
General Nutrition
Companies, Inc.*.............. 10,000 230,000
-----------
FUNERAL SERVICES -- 0.6%
Loewen Group, Inc............... 22,125 560,039
-----------
HEALTHCARE -- 0.8%
Healthsource, Inc.*............. 20,000 720,000
-----------
HOME FURNISHINGS &
HOUSEWARES -- 0.1%
Catalina Lighting, Inc.*........ 18,025 87,872
-----------
HOTELS & GAMING -- 1.5%
Trump Hotels & Casino Resort*... 61,700 1,326,550
-----------
</TABLE>
57
<PAGE> 59
AMERICAN SKANDIA TRUST
FOUNDERS CAPITAL APPRECIATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
INSURANCE -- 0.7%
HCC Insurance Holdings, Inc.*... 18,000 $ 666,000
-----------
INSURANCE-LIFE -- 1.0%
Reliastar Financial Corp........ 20,000 887,500
-----------
LEISURE TIME -- 0.2%
Golf Enterprises, Inc........... 30,000 217,500
-----------
MANUFACTURING -- 4.1%
Asyst Technologies, Inc.*....... 45,900 1,617,975
Authentic Fitness Corp.......... 40,000 830,000
Plantronics, Inc.*.............. 14,000 505,750
Wolverine World Wide, Inc....... 22,500 708,750
-----------
3,662,475
-----------
MEDICAL & MEDICAL SERVICES -- 4.6%
Gulf South Medical Supply*...... 30,000 907,500
Horizon Healthcare Corp.*....... 29,725 750,556
Multicare Companies, Inc.*...... 36,000 864,000
Orthodontic Centers of America,
Inc.*......................... 16,000 772,000
Sola International, Inc......... 33,000 833,250
-----------
4,127,306
-----------
OIL & GAS -- 1.3%
Seitel, Inc.*................... 32,300 1,142,613
-----------
OIL & GAS-EQUIPMENT &
SERVICES -- 1.0%
Falcon Drilling Co., Inc.*...... 60,000 900,000
-----------
PHARMACEUTICALS -- 1.9%
Pharmaceutical Resources,
Inc.*......................... 35,900 269,250
Watson Pharmaceuticals, Inc.*... 30,000 1,470,000
-----------
1,739,250
-----------
PUBLISHING -- 0.2%
Desktop Data, Inc.*............. 9,500 232,750
-----------
RESTAURANTS -- 0.6%
Doubletree Corp.*............... 21,400 561,750
-----------
RETAIL -- 7.2%
Creative Computers Corp.*....... 64,350 1,174,388
Henry Schein, Inc............... 31,200 920,400
Insight Enterprises, Inc........ 43,000 537,500
Maxim Group..................... 26,475 357,413
Officemax, Inc.*................ 21,840 488,670
Proffitt's, Inc.*............... 26,975 708,094
The Sports Authority, Inc.*..... 19,200 391,200
Tiffany & Co. (New)............. 9,000 454,500
Trend-Lines, Inc. Cl-A*......... 55,000 550,000
U.S. Office Products Co.*....... 41,500 944,125
-----------
6,526,290
-----------
TELECOMMUNICATIONS -- 3.9%
Arch Communications
Group, Inc.................... 20,000 480,000
Frontier Corp................... 32,000 960,000
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
Intermedia Communications of
Florida, Inc.*................ 32,000 $ 560,000
LCI International, Inc.*........ 48,250 989,125
Worldcom, Inc.*................. 15,000 528,750
-----------
3,517,875
-----------
TELECOMMUNICATIONS-EQUIPMENT -- 1.9%
Inter-Tel, Inc. Cl-A............ 55,125 847,547
Periphonics Corp................ 30,000 832,500
-----------
1,680,047
-----------
TEXTILES -- 3.1%
Nautica Enterprises, Inc.*...... 30,000 1,312,500
Supreme International Corp...... 42,000 672,000
Warnaco Group, Inc. Cl-A........ 31,000 775,000
-----------
2,759,500
-----------
TRANSPORTATION -- 2.0%
Mark VII, Inc.*................. 30,000 474,375
Western Pacific Airlines,
Inc........................... 23,150 387,763
Wisconsin Central Transport
Corp.*........................ 14,775 971,456
-----------
1,833,594
-----------
TRUCKING -- 0.3%
Celadon Group, Inc.*............ 28,000 252,000
-----------
TOTAL COMMON STOCK
(COST $62,330,368)................ 74,646,866
-----------
AMERICAN DEPOSITORY RECEIPTS -- 0.7%
DRUGS
Teva Pharmaceutical
Industries LTD.
(COST $304,524)............. 13,000 602,875
-----------
FOREIGN STOCKS -- 4.7%
BROADCASTING -- 0.9%
Flextech PLC -- (UK)*........... 107,000 784,248
-----------
GLASS-PRODUCTS -- 0.9%
Hoya Corp. -- (JPN)............. 25,000 858,982
-----------
MANUFACTURING -- 0.7%
Hunter Douglas -- (NETH)........ 13,356 619,235
-----------
RESTAURANTS -- 0.7%
J.D. Wetherspoon -- (UK)........ 60,000 598,155
-----------
RETAIL-MERCHANDISING -- 0.8%
Next PLC Ord. -- (UK)........... 100,000 708,097
-----------
TRANSPORTATION-EQUIPMENT -- 0.7%
IHC Caland -- (NETH)............ 20,000 673,023
-----------
TOTAL FOREIGN STOCKS
(COST $3,501,612)................. 4,241,740
-----------
</TABLE>
58
<PAGE> 60
AMERICAN SKANDIA TRUST
FOUNDERS CAPITAL APPRECIATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
-------- ------ -----------
<S> <C> <C> <C>
COMMERCIAL PAPER -- 10.5%
Allergan, Inc.
5.82%................ 01/02/96 $ 440 $ 439,929
American General
Finance Corp.
5.63%................ 01/02/96 955 954,851
Ciesco, LP
5.75%................ 01/04/96 1,365 1,364,346
Ford Motor Credit Co.
5.77%................ 01/11/96 985 983,421
General Electric
Capital Corp.
5.80%................ 01/03/96 935 934,699
Pacific Bell
5.80%................ 01/08/96 1,000 998,867
PHH Corp.
5.85%................ 01/10/96 1,540 1,537,748
<CAPTION>
PAR
MATURITY (000) VALUE
-------- ------ -----------
<S> <C> <C> <C>
Raytheon Co.
5.65%................ 01/05/96 $1,115 $ 1,114,300
Texaco, Inc.
5.80%................ 01/09/96 1,200 1,198,453
-----------
TOTAL COMMERCIAL PAPER
(COST $9,526,614)........ 9,526,614
-----------
TOTAL INVESTMENTS
(COST $75,663,118 **) -- 98.4%...... 89,018,095
OTHER ASSETS LESS
LIABILITIES -- 1.6%................. 1,441,611
-----------
NET ASSETS -- 100.0%.................. $90,459,706
===========
NOTES TO SCHEDULE OF INVESTMENTS:
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
Gross appreciation.......................... $17,000,989
Gross depreciation.......................... (3,646,012)
-----------
Net appreciation............................ $13,354,977
===========
COUNTRY ABBREVIATIONS
- ----------------------------------------------------------
JPN - Japan
NETH - Netherlands
UK - United Kingdom
</TABLE>
- --------------------------------------------------------------------------------
Unless otherwise noted, all foreign stocks are common stock.
* Non-income producing securities.
** Also cost for Federal income tax purposes.
See Notes to Financial Statements.
59
<PAGE> 61
AMERICAN SKANDIA TRUST
T. ROWE PRICE INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
FOREIGN STOCKS -- 84.9%
ARGENTINA -- 0.1%
Compania Naviera Perez Compac
S.A.C.F.I.M.F.A............... 35,014 $ 185,574
Sociedad Comercial del Plata*... 14,380 38,107
Telecom Argentina Stet-Fran Tel
SA Cl-B....................... 10,450 49,324
-----------
273,005
-----------
AUSTRALIA -- 1.7%
Amcor LTD. ..................... 21,000 148,426
Australian Gas Light Co. ....... 104,321 391,951
Broken Hill Proprietary Co.
LTD. ......................... 32,747 462,907
Burns Philip & Co. LTD. ........ 78,783 176,428
Coca-Cola Amatil LTD. .......... 22,251 177,631
Fletcher Challenge Forest
Division LTD. ................ 1,702 2,406
Lend Lease Corp. ............... 19,486 282,700
News Corp. ..................... 45,228 241,602
Publishing & Broadcasting....... 49,300 172,024
Sydney Harbour Casino
Holdings*..................... 88,000 111,301
Tab Corp. ...................... 71,000 200,729
TNT LTD., Convertible
PFD. Cl-A..................... 150,000 213,154
Westpac Banking Corp. .......... 71,000 314,828
WMC LTD. ....................... 34,377 220,979
Woodside Petroleum LTD. ........ 52,000 266,171
-----------
3,383,237
-----------
AUSTRIA -- 0.2%
Creditanstalt-Bankverein
PFD. ......................... 1,600 82,222
Energie Versorgung Nieder....... 520 71,448
Flughafen Wien AG............... 1,581 105,086
Oesterreichsche Elektrizitats... 1,800 108,214
-----------
366,970
-----------
BELGIUM -- 1.0%
Generale de Banque SA........... 1,330 470,647
Kredietbank NV.................. 3,370 920,859
Societe Generale de Belgique.... 220 18,184
U.C.B. NPV...................... 474 630,310
-----------
2,040,000
-----------
BRAZIL -- 0.3%
Brazil Fund, Inc.***............ 29,290 618,751
-----------
CANADA -- 0.3%
Alcan Aluminum LTD. ............ 13,510 418,724
Macmillan Bloedel LTD. ......... 8,290 102,471
Royal Bank of Canada............ 5,140 119,069
-----------
640,264
-----------
CHILE -- 0.5%
Five Arrows Chile Investment
Trust***...................... 118,730 351,440
Genesis Chile Fund***........... 9,350 378,675
The Chile Fund***............... 9,294 241,644
-----------
971,759
-----------
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
DENMARK -- 0.2%
Den Danske Bank AB.............. 3,630 $ 250,354
Teledanmark Cl-B................ 1,180 64,383
Unidanmark...................... 3,310 163,912
-----------
478,649
-----------
FINLAND -- 0.1%
Nokia Series PFD. Cl-A.......... 7,004 275,446
-----------
FRANCE -- 7.0%
Accor........................... 4,480 579,953
Assurances Generales de
France........................ 6,123 205,038
Carrefour Supermarch SA......... 2,035 1,234,504
Castorama Duois Investisse...... 1,996 326,859
Charguers SA.................... 2,344 466,646
Cie des Gaz Petrole............. 2,392 189,992
Cie des Gaz Petrole
(Warrants)*................... 217 1,850
Credit Local Ord. .............. 1,928 154,319
Ecco Ste Ord. .................. 3,904 590,682
Generale des Eaux............... 17,980 1,794,879
GTM Entrepose SA................ 2,500 175,345
Guilbert SA..................... 1,480 173,762
Hermes International............ 152 28,553
L'Oreal......................... 870 232,888
LaFarge-Coppee SA............... 6,641 427,817
Lapeyre......................... 5,525 275,263
Legrand......................... 2,600 401,348
Louis Vuitton Moet Hennessy..... 4,430 922,634
Pinault Printemps Redoute....... 3,763 750,679
Poliet-Ex Lambert Freres........ 4,950 402,064
Rexel........................... 1,175 198,412
Sanofi SA....................... 2,527 161,965
Societe Generale................ 1,470 181,593
Societe Nationale Elf
Aquitaine..................... 7,780 573,154
Sodexho SA...................... 1,150 338,132
St. Gobain*..................... 8,260 914,124
Television Francais............. 10,240 1,097,703
Total Cl-B...................... 8,910 601,277
Valeo........................... 7,504 347,505
-----------
13,748,940
-----------
GERMANY -- 4.1%
Allianz Holdings Reg'd. ........ 581 1,140,773
Altana AG....................... 362 210,759
Ava Allgemeine Handels
Der Verbrau................... 130 43,962
</TABLE>
60
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T. ROWE PRICE INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
GERMANY (CONT'D)
Bayer AG........................ 2,878 $ 764,149
Bilfinger & Berger Bau AG....... 630 239,402
Buderus AG...................... 407 158,918
Deutsche Bank AG................ 10,210 484,801
Fielmann AG PFD. ............... 1,348 69,740
Gehe AG*........................ 1,664 852,768
Gehe AG (New)*.................. 406 202,547
Hoechst AG...................... 742 201,771
Hornbach Baumarkt AG............ 1,300 55,927
Hornbach Holding AG PFD. ....... 3,350 284,500
Krones AG PFD. ................. 456 184,409
Mannesmann AG................... 1,748 556,381
Praktiker Bau Und Heimwerker
Market*....................... 3,779 108,559
Rhoen-Klinicum AG............... 5,760 572,305
Schering AG..................... 6,473 430,119
Siemens AG...................... 326 179,116
Veba AG......................... 18,060 773,173
Veba AG (Warrants)*............. 1,220 194,373
Volkswagen AG................... 1,095 367,240
Volkswagen International Finance
(Warrants)*................... 370 31,216
-----------
8,106,908
-----------
HONG KONG -- 4.0%
Dao Heng Bank Group............. 117,000 420,646
First Pacific Co. .............. 638,845 710,525
Guangdong Investment LTD. ...... 589,000 354,204
Guangzhou Investment Co.
LTD. ......................... 1,828,000 349,884
Guoco Group LTD. ............... 150,000 723,579
Hong Kong Land Holdings......... 595,831 1,102,287
Hutchison Whampoa LTD. ......... 260,000 1,583,726
Maanshan Iron and Steel......... 710,000 99,167
Shanghai Petrochemical Co.
LTD. ......................... 1,060,000 305,015
Swire Pacific LTD. Cl-A......... 92,000 713,879
Wharf Holdings.................. 383,000 1,275,445
Yizheng Chemical Fibre Co. ..... 822,000 184,972
-----------
7,823,329
-----------
ITALY -- 1.8%
Assicurazioni Generali.......... 30,756 744,456
Banca Fideuram SPA.............. 126,770 146,442
Danieli & Co. .................. 14,954 40,480
Danieli & Co. (Warrants)*....... 875 457
Ente Nazionale
Idrocarburi (ENI)*............ 49,000 171,199
Instituto Mobiliare Italiano.... 13,000 81,838
Instituto National
Assicurazioni................. 57,480 76,170
Italgas Ord. ................... 61,936 188,323
Mondadori (Arnoldo)
Editore SPA................... 13,399 116,066
Ras Ord. ....................... 2,410 27,377
Rinascente...................... 22,800 137,934
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
Sasib di Risp................... 47,260 $ 115,435
Sasib SPA....................... 13,598 59,922
SME (Meridionale di
Finanziara)................... 36,752 75,077
Stet di Risp.................... 73,220 149,344
Stet Ord. ...................... 156,480 442,301
Stet (Warrants)*................ 1,000 14,920
Telecom Italia Mobile*.......... 199,773 351,505
Telecom Italia SPA.............. 268,453 417,425
Telecom Italia SPA di Risp...... 100,718 123,131
Union Cem March Emil SPA*....... 8,642 46,515
-----------
3,526,317
-----------
JAPAN -- 21.8%
Advantest Co. LTD. ............. 4,000 205,188
Alps Electric Co. LTD. ......... 31,000 357,046
Amada Co. ...................... 65,000 641,696
Canon, Inc. .................... 72,000 1,303,136
Citizen Watch Co. .............. 34,000 259,969
Dai Ichi Seiyaku................ 59,000 839,431
Dai Nippon Screen
Manufacturing................. 57,000 499,826
Daifuku Co. LTD. ............... 14,000 197,832
Daiwa House Industry Co. ....... 69,000 1,135,308
DDI Corp. ...................... 45 348,432
East Japan Railway Co. ......... 185 898,858
Fanuc Co. ...................... 16,000 692,218
Hitachi LTD. ................... 100,000 1,006,581
Hitachi Zosen Corp. ............ 96,000 497,096
Honda Motor Co. LTD. ........... 23,000 474,158
Inax............................ 32,000 303,523
Ishihara Sangyo Kaisha LTD.*.... 36,000 116,725
Ito-Yokado Co. LTD. ............ 21,000 1,292,683
Kokuyo Co. LTD. ................ 28,000 650,407
Komatsu LTD. ................... 77,000 633,469
Komori Corp. ................... 22,000 553,620
Kumagai Gumi Co. ............... 60,000 240,999
Kuraray Co. LTD. ............... 59,000 645,277
Kyocera......................... 22,000 1,633,178
Makita Electric Corp. .......... 43,000 686,702
Matsushita Electric Industrial
Co. .......................... 65,000 1,056,911
Mauri Co. ...................... 49,000 1,019,648
Mitsubishi Corp. ............... 42,000 516,260
Mitsubishi Heavy Industry....... 183,000 1,457,695
Mitsubishi Paper Mills LTD. .... 44,000 264,460
Mitsui Fudosan.................. 95,000 1,167,731
Mitsui Petrochemical
Industries.................... 29,000 237,176
Murata Manufacturing Co. ....... 18,000 662,021
National House Industrial
Co. .......................... 18,000 329,268
NEC Corp. ...................... 104,000 1,268,293
Nippon Hodo..................... 17,000 287,940
Nippon Steel Corp. ............. 350,000 1,199,187
Nippon Telegraph & Telephone
Corp. ........................ 84 678,862
</TABLE>
61
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T. ROWE PRICE INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
JAPAN (CONT'D)
Nippondenso Co. LTD. ........... 71,000 $ 1,326,268
Nomura Securities Co. LTD. ..... 67,000 1,459,059
Pioneer Electronic Corp. ....... 33,000 603,659
Sangetsu Co. ................... 11,000 276,810
Sankyo Pharmaceuticals.......... 41,000 920,635
Sega Enterprises................ 6,700 369,628
Sekisui Chemical Co. LTD. ...... 74,000 1,088,657
Sekisui House................... 53,000 677,120
Seven Eleven Japan Co. LTD. .... 7,000 493,225
Sharp Corp. .................... 70,000 1,117,886
Shin-Etsu Chemical Co. ......... 23,000 476,384
Sony Corp. ..................... 18,400 1,102,362
Sumitomo Corp. ................. 108,000 1,097,561
Sumitomo Electric Industries.... 102,000 1,224,158
Sumitomo Forestry Co. LTD. ..... 38,000 581,107
TDK Corp. ...................... 17,000 867,112
Teijin LTD. .................... 105,000 536,585
Tokio Marine & Fire
Insurance Co. ................ 31,000 405,052
Tokyo Electron LTD. ............ 12,000 464,576
Tokyo Steel Manufacturing....... 30,000 551,684
Toppan Printing Co. LTD. ....... 22,000 289,586
Yurtec Corp. ................... 21,750 381,025
-----------
42,568,949
-----------
KOREA -- 1.3%
Choung Bank Co. ................ 20,000 255,588
Hanil Bank...................... 11,000 126,533
Hanil Securities Co. ........... 10,060 120,036
Kookmin Bank*................... 10,739 209,356
Korea Electric Power Corp. ..... 12,600 554,256
Pohang Iron & Steel Co. ........ 6,030 436,631
Samsung Co. LTD. (New)*......... 60 10,906
Samsung Electronics Co.*........ 1,940 355,155
Samsung Electronics Co.
(New)*........................ 205 37,263
Seoul Bank...................... 16,000 139,808
Yukong.......................... 5,471 190,370
Yukong LTD. (1st New)*.......... 284 9,845
-----------
2,445,747
-----------
MALAYSIA -- 2.8%
Affin Holdings Berhad........... 463,000 893,400
Affin Holdings (Warrants)*...... 72,600 47,744
Berjaya Sports Toto............. 158,000 367,095
Commerce Asset Holdings Berhad
(Warrants)*................... 74,000 190,872
MBF Capital Berhad.............. 251,000 254,025
Multi-Purpose Holdings BHD...... 383,000 561,062
Renong Berhad................... 329,000 487,139
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
Technology Resources
Industry*..................... 408,000 $ 1,205,009
United Engineers................ 231,000 1,473,655
-----------
5,480,001
-----------
MEXICO -- 0.6%
Cemex SA Cl-B................... 39,999 143,633
Fomento Ecenomico Mexicano SA... 58,849 136,041
Gruma SA de CV BCP*............. 22,333 63,809
Grupo Embotellador de Mexico
Cl-B NPV*..................... 10,080 4,385
Grupo Embotellador de Mexico SA
de CV Cl-B/D/L*............... 148,677 249,082
Grupo Financiero Banamex Cl-B... 90,270 150,528
Grupo Financiero Banamex Cl-L... 736 1,082
Grupo Financiero
Bancomer Cl-L*................ 1,725 444
Grupo Industrial Maseca SA de CV
Cl-B.......................... 156,955 95,804
Grupo Modelo Cl-C............... 12,116 56,489
Grupo Sidek SA de CV*........... 36,774 15,760
Kimberly-Clark de Mexico SA..... 12,254 185,242
-----------
1,102,299
-----------
NETHERLANDS -- 8.9%
ABN AMRO Holdings NV............ 11,880 541,178
Ahold NV........................ 9,340 381,236
AKZO Nobel NV................... 1,902 219,986
CSM NV.......................... 19,284 841,204
Elsevier NV..................... 246,049 3,281,267
Fortis Amev NV.................. 7,927 531,035
Hagemeyer NV.................... 4,242 221,524
ING Groep NV.................... 18,540 1,238,542
Koninklijke Nederland........... 13,138 477,314
Nutricia Verenigde Bedrijven.... 3,480 281,488
Polygram NV..................... 19,217 1,020,308
Royal Dutch Petroleum Co. ...... 20,836 2,911,093
Unilever PLC.................... 7,150 1,004,752
Wolters Kluwer.................. 47,754 4,517,391
-----------
17,468,318
-----------
NEW ZEALAND -- 0.6%
Air New Zealand LTD. ........... 57,000 193,638
Carter Holt Harvey LTD. ........ 78,000 168,159
Fernz Corp. .................... 43,100 113,755
Fletcher Challenge LTD. ........ 49,000 113,001
Fletcher Challenge
Forest Division............... 121,952 173,683
Telecom Corp. of New Zealand
LTD. ......................... 78,000 336,319
-----------
1,098,555
-----------
</TABLE>
62
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T. ROWE PRICE INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
NORWAY -- 1.4%
Bergesen Cl-A Ord. ............. 5,170 $ 102,942
Kvaerner AS..................... 6,050 214,159
Norsk Hydro AS.................. 30,390 1,277,456
Orkla Cl-A...................... 19,470 969,192
Saga Petroleum.................. 8,260 103,119
-----------
2,666,868
-----------
PERU -- 0.0%
Telefonica de Peru.............. 26,690 56,563
-----------
PORTUGAL -- 0.3%
Jeronimo Martins................ 11,070 614,589
-----------
SINGAPORE -- 2.5%
DBS Land........................ 101,000 341,380
Development Bank Singapore
(Foreign)..................... 30,000 373,356
Far East-Levingston Shipbuilding
LTD. ......................... 30,000 141,069
Jurong Shipyard................. 33,000 254,349
Keppel Corp. ................... 20,000 178,193
Neptune Orient Lines............ 76,000 85,448
Overseas Union Bank
LTD. (Foreign)................ 81,000 558,443
Overseas Union Enterprises...... 50,000 252,793
Sembawang Shipyard.............. 47,000 260,890
Singapore International
Airlines...................... 28,000 261,349
Singapore Land.................. 106,000 685,829
Singapore Press Holdings
(Foreign)..................... 21,000 371,235
Total Access Communications*.... 12,000 78,000
United Industrial Corp. ........ 174,000 171,022
United Overseas Bank LTD. ...... 74,400 715,486
United Overseas Bank LTD.
(Warrants)*................... 27,092 109,196
-----------
4,838,038
-----------
SPAIN -- 2.2%
Banco de Santander SA........... 11,626 585,870
Banco Popular Espanol........... 1,600 296,169
Centros Comerciales Pryca
Ord. ......................... 20,089 423,058
Empresa Nacional de
Electridad.................... 18,678 1,061,794
Fomentos de Construcciones
y Contra...................... 2,730 210,087
Gas Natural SDG................. 3,088 482,939
Iberdrola SA.................... 46,483 426,944
Repsol SA....................... 17,044 560,612
Sevillana de Electricidad....... 28,475 221,957
-----------
4,269,430
-----------
SWEDEN -- 2.0%
AGA AB Cl-B..................... 2,500 31,432
ASEA AB Cl-A.................... 3,790 367,906
Astra AB Cl-B................... 40,300 1,595,139
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
Atlas Copco AB Cl-B............. 21,740 $ 327,188
Electrolux Co. ................. 13,060 535,608
Esselte......................... 5,800 86,854
Hennes & Mauritz AB Cl-B........ 4,870 271,187
Sandvik AB Cl-A................. 3,610 63,295
Sandvik AB Cl-B................. 22,210 389,415
Scribona Cl-B................... 5,500 58,770
Stora Kopparbergs Cl-B.......... 16,600 198,615
-----------
3,925,409
-----------
SWITZERLAND -- 3.9%
BBC Brown Boveri AG-Bearer...... 1,079 1,253,672
Ciba Geigy AG................... 570 501,647
CS Holdings..................... 3,860 395,773
Nestle SA....................... 1,478 1,635,245
Roche Holding AG-Genussshein.... 215 1,701,097
Sandoz AG....................... 997 912,886
Swiss Bank Corp. ............... 1,560 637,094
Union Bank of Switzerland....... 530 574,439
-----------
7,611,853
-----------
THAILAND -- 0.9%
Advanced Information Services
(Foreign)..................... 10,400 182,485
Advanced Information Services
(Local)....................... 8,000 141,644
Bangkok Bank PLC................ 32,500 394,800
Bank of Ayudhya LTD. ........... 31,600 176,880
Land and House Public Co. ...... 4,400 72,314
Siam Cement Co. LTD. ........... 3,000 166,256
Siam Commercial Bank............ 22,900 301,818
Thai Farmer Bank (Foreign)...... 24,200 244,017
-----------
1,680,214
-----------
UNITED KINGDOM -- 14.4%
Abbey National PLC.............. 138,000 1,362,899
Argos PLC....................... 85,160 788,151
Argyll Group PLC................ 121,660 642,324
Asda Group PLC.................. 377,450 647,663
British Airports Authorities
PLC........................... 20,440 153,940
British Gas PLC................. 86,210 340,031
British Petroleum Co. PLC....... 53,840 450,631
Cable & Wireless PLC............ 138,000 985,745
Cadbury Schweppes PLC........... 117,456 970,319
Caradon PLC..................... 181,700 551,606
Coats Viyella PLC............... 74,270 201,827
Compass Group PLC............... 56,000 425,665
East Midlands Electricity PLC... 54,385 563,291
Electrocomponents PLC........... 35,000 195,658
GKN PLC......................... 13,000 157,256
Glaxo Wellcome PLC.............. 85,000 1,207,724
Grand Metropolitan Ord. PLC..... 155,300 1,118,966
Guinness Ord. .................. 124,640 917,410
</TABLE>
63
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AMERICAN SKANDIA TRUST
T. ROWE PRICE INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
UNITED KINGDOM (CONT'D)
Heywood Williams Group Ord. .... 32,010 $ 122,278
Hillsdown Holdings PLC.......... 55,160 144,757
Kingfisher PLC.................. 127,950 1,076,880
Ladbroke Group PLC.............. 103,000 234,316
Laing (John) PLC Cl-A NV........ 70,000 301,096
London Electricity Ord. PLC..... 64,770 577,316
National Grid PLC*.............. 94,011 291,239
National Westminster Ord. PLC... 228,670 2,304,525
Rank Organisation PLC Reg'd. ... 113,120 818,565
Reed International PLC.......... 137,370 2,094,744
Rolls-Royce PLC................. 60,140 176,503
RTZ Corp. Ord. PLC Reg'd. ...... 60,600 880,798
Sears Holdings PLC.............. 44,490 71,849
Shell Transport & Trading Co.
Ord. PLC...................... 116,000 1,534,706
Smith David Holdings PLC........ 97,900 431,746
Smithkline Beecham (Units)...... 220,220 2,400,609
Spring Ram Corp. PLC............ 12,000 5,031
T & N Corp. PLC................. 133,680 336,286
Tesco PLC....................... 102,000 470,418
Tomkins Ord. PLC................ 283,220 1,240,225
United News and Media PLC....... 105,470 908,975
------------
28,103,968
------------
TOTAL FOREIGN STOCKS
(COST $153,238,339)............... 166,184,376
------------
AMERICAN DEPOSITORY RECEIPTS -- 2.8%
A.F.P. Provida SA............... 1,152 31,824
Banco de Galicia
Buenos Aires SA............... 6,207 128,019
Buenos Aires Embotelladora...... 1,535 31,659
Cemex SA*....................... 50,068 338,741
Cervecerias Unidas (CCU)........ 3,628 84,351
Cesp-Cia Energetica
de Sao Paolo*................. 5,020 43,835
Chilectra Metropolitana SA...... 3,196 154,450
Chilgener SA.................... 4,371 109,275
Cifra SA de CV NPV*............. 432,174 454,215
Companhia Energetica de Minas
Geras......................... 6,068 134,230
Compania de Telefonos
de Chile SA................... 2,020 167,408
Electrobras-Centrais Eletr
Bras.......................... 16,358 221,324
Empresa National
de Electridad SA.............. 14,096 320,684
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
Enersis SA...................... 5,314 $ 151,449
Enron Global Power & Pipeline... 1,356 33,731
Huaneng Power
International, Inc.*.......... 35,000 503,125
Panamerica Beverages, Inc. ..... 7,120 227,840
Repsol SA....................... 110 3,616
Sociedad Comercial del Plata*... 1,640 43,468
Telebras........................ 23,784 1,126,767
Telecome Argentina Cl-B......... 941 44,815
Telecomunicacoes Brasileiras
SA............................ 217 10,449
Telefonica de Argentina......... 14,780 402,755
Telekomunikasi Indonesia*....... 16,000 404,000
Uniao Siderurgicas de Minas
Gerais SA..................... 23,370 189,951
------------
TOTAL AMERICAN DEPOSITORY RECEIPTS
(COST $6,564,517)................. 5,361,981
------------
AMERICAN DEPOSITORY SECURITIES -- 0.6%
Banco Frances del Rio de la
Plata......................... 2,643 71,031
Sociedad Anoni.................. 13,600 294,100
Telefonos de Mexico SA.......... 22,584 719,865
Transportadora de Gas del Sur... 2,632 33,887
Usinas Siderurgicas de Minas
Gerais SA..................... 11,100 90,221
------------
TOTAL AMERICAN DEPOSITORY SECURITIES
(COST $1,196,437)................. 1,209,104
------------
GLOBAL DEPOSITORY RECEIPTS -- 0.4%
Grupo Televisia................. 12,639 284,378
Samsung Electronics def
del (New)*.................... 92 8,878
Samsung Electronics def del*.... 62 5,983
Samsung Electronics N/V*........ 6,000 360,000
Samsung Electronics Rfd.*....... 593 35,580
Samsung Electronics
Rfd. (New)*................... 11 1,062
------------
TOTAL GLOBAL DEPOSITORY RECEIPTS
(COST $837,943)................... 695,881
------------
GLOBAL DEPOSITORY SECURITIES -- 0.0%
Grupo Financiero Bancomer C1-B
(COST $62,422)................ 2,330 13,980
------------
</TABLE>
64
<PAGE> 66
AMERICAN SKANDIA TRUST
T. ROWE PRICE INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY****
MATURITY (000) VALUE
--------- ------------ ------------
<S> <C> <C> <C>
FOREIGN BONDS -- 0.0%
BELGIUM -- 0.0%
Kredietbank NV
5.75%.............. 11/30/03 900 $ 32,749
------------
ITALY -- 0.0%
Danieli & Co.
7.25%.............. 01/01/00 5,250 2,935
------------
TOTAL FOREIGN BONDS
(COST $29,798)................... 35,684
------------
TOTAL INVESTMENTS
(COST $161,929,456**) -- 88.7%... 173,501,006
OTHER ASSETS LESS
LIABILITIES -- 11.3%............. 22,166,287
------------
NET ASSETS -- 100.0%............... $195,667,293
===========
<CAPTION>
NOTES TO SCHEDULE OF INVESTMENTS:
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
<S> <C>
Gross appreciation........................... $19,515,366
Gross depreciation........................... (8,309,983)
----------
Net appreciation............................. $11,205,383
===========
</TABLE>
- --------------------------------------------------------------------------------
Unless otherwise noted, all foreign stocks are common stock.
* Non-income producing securities.
** Cost for Federal income tax purposes was $162,295,623.
*** Closed-end funds.
**** Currency of countries indicated.
See Notes to Financial Statements.
65
<PAGE> 67
AMERICAN SKANDIA TRUST
AST SCUDDER INTERNATIONAL BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY**
MATURITY (000) VALUE
--------- ---------- -----------
<S> <C> <C> <C>
FOREIGN BONDS -- 87.6%
ARGENTINA -- 0.6%
Republic of Argentina
FRB Cl-L
6.81%............... 03/31/05 375 $ 265,547
------------
AUSTRALIA -- 7.4%
Australian Government
10.00%.............. 10/15/07 1,100 920,936
New South Wales
Treasury Corp.
6.50%............... 05/01/06 2,100 1,354,391
Queensland Treasury
Corp.
8.00%............... 08/14/01 1,485 1,106,408
------------
3,381,735
------------
BRAZIL -- 0.6%
Brazil DCB
7.31%............... 04/15/12 500 286,250
------------
CANADA -- 2.2%
Canadian Government
8.50%............... 03/01/00 580 456,042
8.75%............... 12/01/05 525 429,752
Province of Ontario
9.00%............... 09/15/04 140 113,886
------------
999,680
------------
DENMARK -- 4.3%
Denmark Government
9.00%............... 11/15/00 4,400 879,081
8.00%............... 05/15/03 4,675 892,352
7.00%............... 12/15/04 1,000 178,795
------------
1,950,228
------------
EUROPEAN CURRENCY UNIT -- 2.0%
Council of Europe
9.00%............... 11/14/01 625 890,100
------------
FRANCE -- 6.9%
Credit Local de France
8.88%............... 06/10/02 2,200 505,921
France O.A.T.
5.50%............... 04/25/04 3,200 610,924
7.25%............... 04/25/06 3,400 723,868
Republic of Portugal
7.70%............... 06/07/05 2,500 537,583
Societe Nationale
de Chemins XW
7.75%............... 03/01/02 3,600 784,686
------------
3,162,982
------------
GERMANY -- 14.8%
Bundesobligation
7.00%............... 01/13/00 1,400 1,058,249
Deutsche Finance BV
6.00%............... 11/11/03 450 318,156
General Electric
Capital Corp.
7.25%............... 02/03/00 1,580 1,165,556
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY**
MATURITY (000) VALUE
--------- ---------- -----------
<S> <C> <C> <C>
German Government
6.50%............... 07/15/03 1,200 $ 870,674
Inter-America
Development Bank
7.00%............... 06/08/05 1,100 806,132
Republic of Austria
8.00%............... 06/17/02 2,000 1,553,479
Republic of Finland
5.50%............... 02/09/01 1,400 983,963
------------
6,756,209
------------
ITALY -- 9.7%
Eurofima
11.13%.............. 02/02/00 1,950,000 1,264,400
European Bank
Reconstruction &
Development
9.75%............... 07/28/00 800,000 496,695
European Investment
Bank
10.15%.............. 07/06/98 1,700,000 1,075,543
Italian Government
10.50%.............. 04/15/98 150,000 95,071
8.50%............... 01/01/99 865,000 524,391
8.50%............... 01/01/04 1,720,000 963,785
------------
4,419,885
------------
JAPAN -- 12.5%
Asian Development Bank
3.13%............... 06/29/05 85,000 822,687
Export-Import Bank of
Japan
4.38%............... 10/01/03 136,000 1,446,283
Japan Development Bank
6.50%............... 09/20/01 120,000 1,417,683
Republic of Austria
6.25%............... 10/16/03 65,000 777,741
World Bank Notes
5.25%............... 03/20/02 110,000 1,236,994
------------
5,701,388
------------
NETHERLANDS -- 3.3%
Netherland Government
7.75%............... 01/15/00 700 480,931
6.50%............... 04/15/03 1,600 1,045,429
------------
1,526,360
------------
NEW ZEALAND -- 4.7%
Electric Corp. of
New Zealand
10.00%.............. 10/15/01 900 649,832
New Zealand Government
8.00%............... 11/15/06 2,155 1,490,454
------------
2,140,286
------------
</TABLE>
66
<PAGE> 68
AMERICAN SKANDIA TRUST
AST SCUDDER INTERNATIONAL BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY**
MATURITY (000) VALUE
--------- ---------- -----------
<S> <C> <C> <C>
POLAND -- 1.9%
Republic of Poland
Discount FRN
7.13%............... 10/27/24 150 $ 113,250
Republic of Poland PDI
Variable Rate
3.75%............... 10/27/14 1,150 744,625
------------
857,875
------------
SOUTH AFRICA -- 1.0%
Republic of South
Africa
12.00%.............. 02/28/05 1,790 435,582
------------
SWEDEN -- 7.0%
Kingdom of Sweden
Bonds
6.00%............... 02/09/05 4,400 559,726
Swedish Government
11.00%.............. 01/21/99 4,000 647,242
10.25%.............. 05/05/00 1,700 274,400
10.25%.............. 05/05/03 10,500 1,732,512
------------
3,213,880
------------
UNITED KINGDOM -- 8.7%
Abbey National
Treasury
6.00%............... 08/10/99 995 1,495,830
Barclays Bank PLC
6.50%............... 02/16/04 925 1,323,265
European Investment
Bank
9.50%............... 12/09/09 150 265,300
Government of United
Kingdom
9.50%............... 01/15/99 345 579,594
International Bank
Reconstructive &
Development
9.25%............... 07/20/07 100 171,486
United Kingdom
Treasury
6.75%............... 11/26/04 90 133,816
------------
3,969,291
------------
TOTAL FOREIGN BONDS
(COST $39,064,161)...... 39,957,278
------------
<CAPTION>
PAR
(000)
----------
<S> <C> <C> <C>
SOVEREIGN ISSUES -- 0.8%
Mexican States Cl-A
6.77%
(COST $358,228)........... 12/31/19 $ 500 360,938
------------
<CAPTION>
SHARES
----------
<S> <C> <C>
FOREIGN STOCKS -- 0.0%
MEXICO
Mexican Value Recovery
Cl-A (Rights)*
(COST $0)......... 769,000 0
------------
<CAPTION>
VALUE
-----------
<S> > <C>
OPTIONS -- 0.0%
Written Call Option on British
Pounds, Strike Price GBP 1.54,
Expire 01/04/96................ $ (14,418)
Written Call Option on German
Deutschemark, Strike Price DEM
1.33, Expire 01/26/96.......... 0
Written Call Option on Italian
Lira, Strike Price ITL 1590.75,
Expire 01/18/96................ (1,087)
Written Call Option on Swedish
Krona, Strike Price SEK 6.64,
Expire 01/09/96................ (5,716)
Written Call Option on Swedish
Krona, Strike Price SEK 6.68,
Expire 01/08/96................ (452)
Put Option on Australian Dollar,
Strike Price AUD .72, Expire
02/01/96....................... 1,147
Put Option on German
Deutschemark, Strike Price DEM
1.45, Expire 01/26/96.......... 11,163
Put Option on French Francs,
Strike Price FRF 5.00, Expire
02/01/96....................... 2,048
Put Option on French Francs,
Strike Price FRF 5.05, Expire
03/01/96....................... 4,480
Put Option on French Francs,
Strike Price FRF 5.22, Expire
01/12/96....................... 100
Put Option on Japanese Yen,
Strike Price JPY 103.80, Expire
01/29/96....................... 12,503
Written Put Option on Japanese
Yen, Strike Price JPY 107.00,
Expire 01/29/96................ (2,482)
Put Option on New Zealand Dollar,
Strike Price NZD .64, Expire
02/01/96....................... 769
------------
TOTAL OPTIONS (COST $36,393)......... 8,055
------------
TOTAL INVESTMENTS
(COST $39,458,782*) -- 88.4%....... 40,326,271
OTHER ASSETS LESS
LIABILITIES -- 11.6%............... 5,275,704
------------
NET ASSETS -- 100.0%................. $45,601,975
============
NOTES TO SCHEDULE OF INVESTMENTS:
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
Gross appreciation........................... $1,164,210
Gross depreciation........................... (297,905)
---------
Net appreciation............................. $ 866,305
=========
</TABLE>
67
<PAGE> 69
AMERICAN SKANDIA TRUST
AST SCUDDER INTERNATIONAL BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
Foreign currency exchange contracts outstanding at December 31, 1995:
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT UNREALIZED
COVERED EXPIRATION APPRECIATION/
TYPE BY CONTRACT MONTH (DEPRECIATION)
<S> <C> <C> <C> <C> <C>
- ----------------------------------------------------------
(Dollar Based)
Buy AUD 1,541,039 01/96 $ 10,255
Sell AUD 3,853,826 01/96 10,943
Buy DEM 428,986 01/96 (391)
Buy DEM 608,326 02/96 143
Sell DEM 428,986 01/96 5,877
Sell DEM 608,326 02/96 1,678
Buy ECU 247,601 02/96 (6,122)
Sell ECU 247,601 02/96 4,215
Buy FRF 5,340,866 01/96 (731)
Sell FRF 5,340,866 01/96 4,807
Buy JPN 142,153,246 02/96 (17,778)
Sell JPN 87,630,868 02/96 12,252
Buy UK 216,353 01/96 103
Sell UK 216,353 01/96 2,073
Buy ZAR 1,647,162 01/96 4,552
</TABLE>
<TABLE>
<CAPTION>
UNREALIZED
EXPIRATION APPRECIATION/
BUY SELL MONTH (DEPRECIATION)
<S> <C> <C> <C> <C> <C>
- ----------------------------------------------------------
DEM 1,555,476 ECU 856,152 01/96 $ (9,710)
DEM 1,621,588 UK 736,453 01/96 (11,879)
ECU 856,152 DEM 1,567,372 01/96 1,405
ECU 383,500 JPN 49,072,660 01/96 14,721
JPN 112,313,159 ECU 855,467 01/96 (5,020)
JPN 76,375,863 FRF 3,732,571 01/96 (21,697)
JPN 119,012,704 UK 749,674 01/96 (9,727)
UK 744,752 DEM 1,656,844 01/96 156
-----------
$ (9,875)
===========
</TABLE>
COUNTRY/CURRENCY ABBREVIATIONS
- ----------------------------------------------------------
<TABLE>
<S> <C>
AUD - Australia/Australian JPN - Japan/Japanese Yen
Dollar UK - United Kingdom/British
DEM - Germany/German Pound
Deutschemark ZAR - South Africa/South
ECU - European Currency Unit African Rand
FRF - France/French Franc
</TABLE>
- --------------------------------------------------------------------------------
* Cost for Federal income tax purposes was $39,459,966.
** Currency of countries indicated.
See Notes to Financial Statements.
68
<PAGE> 70
AMERICAN SKANDIA TRUST
BERGER CAPITAL GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-------- -----------
<S> <C> <C>
COMMON STOCK -- 82.3%
AEROSPACE -- 1.5%
Boeing Co. .................... 9,000 $ 705,375
-----------
AUTOMOBILES -- 1.5%
Chrysler Corp. ................ 12,000 664,500
-----------
AUTOMOTIVE PARTS-EQUIPMENT -- 0.6%
Lear Seating Corp.*............ 10,000 290,000
-----------
BIOPHARMACEUTICALS -- 2.9%
Amgen, Inc.*................... 14,000 831,250
Curative Technology, Inc.*..... 35,000 498,750
-----------
1,330,000
-----------
BUSINESS SERVICES -- 0.8%
Paging Network, Inc.*.......... 15,000 365,625
-----------
COMMUNICATIONS -- 2.8%
GTECH Holdings Group*.......... 12,000 312,000
Micro Warehouse, Inc.*......... 11,000 475,750
Western Atlas, Inc.*........... 10,000 505,000
-----------
1,292,750
-----------
COMPUTER SERVICES &
SOFTWARE -- 4.2%
American Online, Inc. ......... 10,000 375,000
Bay Networks, Inc. ............ 13,500 555,187
First Data Corp. .............. 5,550 371,156
Oracle Systems Corp.*.......... 10,000 423,750
Parametric Technology Corp.*... 3,000 199,500
-----------
1,924,593
-----------
COMPUTERS -- 2.4%
Cisco Systems, Inc.*........... 7,500 559,688
EMC Corp.*..................... 35,000 538,125
-----------
1,097,813
-----------
DRUGS -- 2.9%
Merck & Co., Inc. ............. 10,000 657,500
Watson Pharmaceuticals,
Inc.*........................ 14,000 686,000
-----------
1,343,500
-----------
ELECTRICAL EQUIPMENT -- 0.7%
Sanmina Holdings*.............. 6,500 337,188
-----------
ELECTRONIC COMPONENTS -- 4.0%
Elsag Bailey Process NV*....... 20,000 537,500
Intel Corp. ................... 9,000 510,750
Solectron Corp.*............... 18,000 794,250
-----------
1,842,500
-----------
ELECTRONICS -- 2.9%
Dovatron International,
Inc.*........................ 8,000 270,000
Input Output, Inc.*............ 10,000 577,500
Motorola, Inc. ................ 3,000 171,000
SCI Systems, Inc.*............. 9,000 279,000
-----------
1,297,500
-----------
<CAPTION>
SHARES VALUE
-------- -----------
<S> <C> <C>
ENVIRONMENTAL INSTRUMENTS -- 1.4%
Thermo Electron Corp.*......... 12,000 $ 624,000
-----------
FINANCIAL -- 0.5%
First USA, Inc. ............... 5,000 221,875
-----------
FINANCIAL SERVICES -- 1.8%
H&R Block, Inc. ............... 13,000 526,500
Waterhouse Investment
Services, Inc. .............. 12,500 309,375
-----------
835,875
-----------
HEALTHCARE -- 7.7%
Health Management Association,
Inc. C1-A.................... 22,500 587,812
Healthsouth Rehabilitation
Corp.*....................... 20,000 582,500
Horizon Healthcare Corp.*...... 25,000 631,250
Oxford Health Plans, Inc. ..... 7,500 554,063
Total Renal Care Holdings*..... 18,000 531,000
United Healthcare Corp......... 10,000 655,000
-----------
3,541,625
-----------
HOSPITAL-INFORMATION SYSTEM -- 1.3%
HBO & Co. ..................... 8,000 613,000
-----------
INSURANCE -- 3.6%
Conseco, Inc. ................. 10,000 626,250
Tidewater, Inc. ............... 18,000 567,000
USF&G Corp. ................... 28,000 472,500
-----------
1,665,750
-----------
MACHINERY-MINING -- 1.0%
Case Corp. .................... 10,000 457,500
-----------
MANUFACTURING -- 2.4%
Black & Decker Corp. .......... 15,000 528,750
Eastman Kodak Co. ............. 8,500 569,500
-----------
1,098,250
-----------
MEDIA -- 0.8%
New World Communications, Inc.
Cl-A*........................ 22,000 385,000
-----------
MEDICAL & MEDICAL SERVICES -- 6.4%
Apria Healthcare Group,
Inc. ........................ 20,000 565,000
Columbia Healthcare Corp. ..... 12,000 609,000
Conmed Corp. .................. 21,000 525,000
IDEXX Laboratories, Inc. ...... 15,000 705,000
Lincare Holdings, Inc.*........ 22,000 550,000
-----------
2,954,000
-----------
MEDICAL PRODUCTS -- 4.0%
Boston Scientific Corp.*....... 9,000 441,000
Guidant........................ 17,000 718,250
Lunar Corp. ................... 24,000 660,000
-----------
1,819,250
-----------
</TABLE>
69
<PAGE> 71
AMERICAN SKANDIA TRUST
BERGER CAPITAL GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-------- -----------
<S> <C> <C>
OFFICE EQUIPMENT -- 2.2%
Officemax, Inc.*............... 14,000 $ 313,250
Staples, Inc.*................. 13,000 316,875
Viking Office Products,
Inc.*........................ 8,000 372,000
-----------
1,002,125
-----------
OIL & GAS-EQUIPMENT & SERVICES -- 7.9%
Baker Hughes, Inc. ............ 25,000 609,375
BJ Services Co.*............... 25,000 725,000
Dresser Industries, Inc. ...... 20,000 487,500
Halliburton Co. ............... 12,000 607,500
Schlumberger LTD. ............. 8,000 554,000
Sonat Offshore Drilling,
Inc. ........................ 15,000 671,250
-----------
3,654,625
-----------
PHARMACEUTICALS -- 3.1%
Biochem Pharmaceutical,
Inc.*........................ 20,000 802,500
Pfizer, Inc. .................. 10,000 630,000
-----------
1,432,500
-----------
PUBLISHING -- 0.7%
Time Warner, Inc. ............. 8,000 303,000
-----------
RECREATIONAL -- 0.5%
Mirage Resorts, Inc.*.......... 7,000 241,500
-----------
RETAIL -- 2.9%
Federated Department Stores,
Inc.*........................ 15,000 412,500
General Nutrition Companies,
Inc.*........................ 20,000 460,000
Nine West Group, Inc. ......... 12,000 450,000
-----------
1,322,500
-----------
RETAIL MAIL ORDER -- 1.5%
CUC International, Inc. ....... 20,000 682,500
-----------
TELECOMMUNICATIONS -- 3.3%
ECI Telecom LTD. .............. 25,000 570,312
Intelcom Group, Inc.*.......... 20,000 247,500
Worldcom, Inc.*................ 20,000 705,000
-----------
1,522,812
-----------
TEXTILES -- 1.2%
Tommy Hilfiger Corp.*.......... 13,000 550,875
-----------
TRANSPORTATION -- 0.9%
Western Pacific Airlines,
Inc.*........................ 25,000 418,750
-----------
TOTAL COMMON STOCK
(COST $33,195,213)............... 37,838,656
-----------
<CAPTION>
SHARES VALUE
-------- -----------
<S> <C> <C>
AMERICAN DEPOSITORY RECEIPTS -- 5.8%
ELECTRONICS -- 1.3%
Nokia Corp. C1-A .............. 16,000 $ 622,000
-----------
MANUFACTURING -- 1.3%
Luxottica Group SPA............ 10,000 585,000
-----------
OIL & GAS -- 0.6%
Petroleum Geo Services*........ 12,000 300,000
-----------
PHARMACEUTICALS -- 0.8%
Elan Corp. PLC*................ 7,500 364,687
-----------
PUBLISHING -- 0.6%
News Corp. LTD. ............... 12,500 267,188
-----------
RETAIL -- 1.2%
Fila Holding SPA............... 12,000 546,000
-----------
TOTAL AMERICAN DEPOSITORY RECEIPTS
(COST $2,432,529)................ 2,684,875
-----------
SHORT TERM INVESTMENTS --
MONEY MARKET FUNDS -- 4.2%
Temporary Investment Cash
Fund......................... 963,888 963,888
Temporary Investment Fund...... 963,887 963,887
-----------
(COST $1,927,775)............ 1,927,775
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR
MATURITY (000)
-------- -----------
<S> <C> <C> <C>
U.S. TREASURY BILLS -- 8.2%
5.28%
(COST
$3,779,491)..... 01/11/96 $ 3,785 3,779,491
-----------
TOTAL INVESTMENTS
(COST
$41,335,008**) -- 100.5%........ 46,230,797
LIABILITIES IN EXCESS OF
OTHER ASSETS -- (0.5)%.......... (252,037)
-----------
NET ASSETS -- 100.0%.............. $45,978,760
==========
<CAPTION>
NOTES TO SCHEDULE OF INVESTMENTS:
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
<S> <C>
Gross appreciation.......................... $5,560,455
Gross depreciation.......................... (664,666)
---------
Net appreciation............................ $4,895,789
=========
</TABLE>
- --------------------------------------------------------------------------------
* Non-income producing securities.
** Also cost for Federal income tax purposes.
See Notes to Financial Statements.
70
<PAGE> 72
AMERICAN SKANDIA TRUST
SELIGMAN HENDERSON INTERNATIONAL SMALL CAP PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
FOREIGN STOCKS -- 85.3%
AUSTRALIA -- 1.1%
Futuris Corp. LTD. .............. 170,000 $ 166,952
Skilled Engineering Pty LTD. .... 55,000 139,945
-------
306,897
-------
AUSTRIA -- 1.5%
Bau Holding AG................... 2,200 118,730
Bau Holding AG -- Vorzug......... 8,350 313,953
-------
432,683
-------
BELGIUM -- 1.6%
D'ieteren Trading NV............. 5,550 468,152
-------
DENMARK -- 1.7%
Danske Traelast.................. 7,390 499,028
-------
FINLAND -- 2.9%
Lassila & Tikanoja Oy............ 6,800 254,922
Nokian Renkaat Oy................ 56,250 569,227
-------
824,149
-------
FRANCE -- 5.8%
Christian Dalloz*................ 120 24,992
Montupet......................... 4,433 488,784
Sylea............................ 7,255 524,404
Technip SA....................... 8,900 612,414
-------
1,650,594
-------
GERMANY -- 5.8%
APCOA Parking AG*................ 7,090 465,185
Hornbach Baumarkt AG............. 13,000 559,266
Jean Pascale AG.................. 8,080 247,887
Jean Pascale AG (Rights)*........ 2,020 59,155
Kiekert AG*...................... 5,200 309,999
-------
1,641,492
-------
HONG KONG -- 2.3%
Jardine International Motor
Holdings....................... 144,000 163,882
Manhattan Card Co. LTD. ......... 399,500 170,497
New Asia Realty & Trust Co.
Cl-A........................... 84,000 160,778
Yue Yuen Industrial Holding...... 582,000 154,299
-------
649,456
-------
INDONESIA -- 1.2%
PT Darya Varia Lab*.............. 38,000 69,163
PT Mulia Industrindo............. 67,000 187,128
Sorini Corp. .................... 16,000 80,805
-------
337,096
-------
ITALY -- 0.7%
Stayer SPA*...................... 123,200 201,649
-------
JAPAN -- 21.9%
Aiya Co. LTD. ................... 16,000 201,316
Asahi Diamond Industry Co.,
LTD. .......................... 16,000 224,545
Asatsu, Inc. .................... 4,100 172,222
Danto Corp. ..................... 16,000 198,219
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
Danto Rfd. Corp. ................ 1,800 $ 22,300
Enplas Corp. .................... 5,000 93,399
Fujitsu Business Systems......... 7,000 184,282
Glory LTD. ...................... 6,000 220,674
Higashi Nihon House.............. 15,000 246,806
Hitachi Medical Corp. ........... 14,000 200,542
Hokushin......................... 17,000 202,381
Horiba Instruments............... 15,000 194,541
Ichiyoshi Securities............. 32,000 216,802
Iino Kaiun*...................... 31,000 176,423
Kentucky Fried Chicken........... 14,000 230,352
Mitsui Home Co. LTD. ............ 14,000 223,577
Nakayama Steel Works Ord. ....... 50,000 274,874
Namura Shipbuilding.............. 39,000 215,157
Nichicon......................... 13,000 191,250
Nippon Seiki..................... 14,000 168,022
Nittetsu Mining.................. 20,000 199,381
Rengo Co. LTD. .................. 39,000 260,453
Sagami Chain Co. LTD. ........... 12,000 198,606
Sanyo Special Steel Co. ......... 66,000 286,179
Sodick*.......................... 21,000 197,154
Sumitomo Sitix Corp. ............ 6,000 109,175
Tokai Senko K.K.*................ 8,000 31,823
Toyo Ink Manufacturing........... 50,000 246,806
Tsubakimoto Precision Products... 15,000 207,607
Tsudakoma........................ 35,000 220,190
Tsutsumi Jewelry Co. LTD. ....... 4,000 200,155
Xebio Co. LTD. .................. 6,000 211,963
-------
6,227,176
-------
MALAYSIA -- 0.6%
Asas Dunia Berhad................ 15,000 42,530
Chemical Co. of Malaysia
Berhad......................... 25,000 49,716
Sistem Televisyen Malaysia....... 26,000 93,684
-------
185,930
-------
NETHERLANDS -- 1.7%
Otra NV.......................... 28,080 498,710
-------
NORWAY -- 3.5%
Ekornes AS*...................... 42,000 457,965
Fokus Bank AS*................... 100,000 540,455
-------
998,420
-------
SINGAPORE -- 1.6%
Bukit Sembawang Estates LTD. .... 7,500 164,404
Comfort Group LTD. .............. 168,000 142,554
Courts LTD. ..................... 95,000 145,100
-------
452,058
-------
SWEDEN -- 9.5%
BT Industries AB................. 45,000 494,394
Cardo AB*........................ 16,400 304,824
</TABLE>
71
<PAGE> 73
AMERICAN SKANDIA TRUST
SELIGMAN HENDERSON INTERNATIONAL SMALL CAP PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
SWEDEN (CONT'D)
Finnveden AB-B*.................. 29,000 $ 296,787
Forsheda Cl-B.................... 24,185 382,185
Iro AB........................... 44,600 503,424
Kalmar Industries................ 27,775 459,816
Rottneros AB..................... 246,200 259,372
-------
2,700,802
-------
SWITZERLAND -- 3.3%
Foto Laboratory SA............... 1,210 482,615
Lem Holding...................... 203 71,639
Sig Schweiz Industries........... 366 371,300
-------
925,554
-------
THAILAND -- 0.6%
Loxley Co. LTD. ................. 9,000 167,924
-------
UNITED KINGDOM -- 18.0%
Ashtead Group PLC................ 108,000 290,133
Capital Radio PLC................ 45,000 372,449
David Brown Group PLC............ 102,657 314,038
Domnick Hunter Group PLC......... 60,000 303,736
Frost Group PLC.................. 73,833 223,570
Hamleys PLC...................... 55,000 298,068
Hodder Headline PLC.............. 48,730 190,689
IBC Group PLC.................... 60,000 266,468
ISA International PLC............ 150,000 356,378
Pet City Holdings PLC*........... 48,000 284,729
Pizzaexpress PLC................. 96,100 323,825
Polypipe PLC..................... 113,300 307,890
Ruberoid PLC..................... 104,000 230,939
Stoves PLC*...................... 65,000 262,431
Tilbury Douglas PLC.............. 32,000 221,125
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
Trifast PLC...................... 50,000 $ 292,711
Wace Group PLC................... 95,000 361,424
Wellington Holdings PLC.......... 55,000 211,808
-------
5,112,411
-------
TOTAL INVESTMENTS
(COST $24,295,226**) -- 85.3%...... 24,280,181
OTHER ASSETS LESS
LIABILITIES -- 14.7%............... 4,175,022
-------
NET ASSETS -- 100.0%................. $28,455,203
=======
<CAPTION>
NOTES TO SCHEDULE OF INVESTMENTS:
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
<S> <C>
Gross appreciation............... $ 1,278,860
Gross depreciation............... (1,293,905)
----------
Net depreciation................. $ (15,045)
==========
</TABLE>
Foreign currency exchange contracts outstanding at December 31, 1995:
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT UNREALIZED
COVERED EXPIRATION APPRECIATION/
TYPE BY CONTRACT MONTH (DEPRECIATION)
- ----------------------------------------------------------
<S> <C> <C> <C> <C>
Buy FIM 410,018 01/96 $ 88
Buy HK 104,173 01/96 (3)
Buy THB 1,032,192 01/96 (65)
Buy UK 70,770 01/96 (214)
Sell JPN 191,776,500 02/96 31,307
--------
$ 31,113
========
</TABLE>
COUNTRY/CURRENCY ABBREVIATIONS
- ----------------------------------------------------------
FIM - Finland/Finnish Markka
HK - Hong Kong/Hong Kong Dollar
JPN - Japan/Japanese Yen
THB - Thailand/Thai Baht
UK - United Kingdom/British Pound
- --------------------------------------------------------------------------------
Unless otherwise noted, all foreign stocks are common stock.
* Non-income producing securities.
** Also cost for Federal income tax purposes.
See Notes to Financial Statements.
72
<PAGE> 74
AMERICAN SKANDIA TRUST
T. ROWE PRICE NATURAL RESOURCES PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- ----------
<S> <C> <C>
COMMON STOCK -- 63.9%
CHEMICALS -- 3.8%
Dupont (E.I.) de Nemours & Co. .... 3,200 $ 223,600
Petrolite Corp. ................... 4,400 125,400
----------
349,000
----------
FOREST PRODUCTS -- 4.3%
Georgia Pacific Corp. ............. 2,900 199,012
International Paper Co. ........... 5,300 200,737
----------
399,749
----------
MANUFACTURING -- 0.5%
Oakley, Inc.*...................... 1,300 44,200
----------
METALS & MINING -- 13.3%
Applied Extrusion Technologies,
Inc. ............................ 7,100 88,750
Barrick Gold Corp.................. 4,700 123,963
Cambior, Inc. ..................... 12,000 130,500
Freeport McMoran Copper Co.,
Inc. ............................ 2,900 81,200
Greenstone Resources LTD.*......... 20,200 57,444
Newmont Mining Corp. .............. 4,600 208,150
Pegasus Gold, Inc.*................ 8,700 120,713
Santa Fe Pacific Gold Corp. ....... 13,600 164,900
TVX Gold, Inc.*.................... 36,100 257,213
----------
1,232,833
----------
OIL & GAS -- 26.4%
Amerada Hess Corp. ................ 3,400 180,200
Atlantic Richfield Co. ............ 3,700 409,775
Cross Timbers Oil Co. ............. 3,500 61,687
HS Resources, Inc.*................ 8,000 103,000
Mobil Corp. ....................... 2,900 324,800
Noble Affiliates, Inc. ............ 7,300 218,087
Oryx Energy Co.*................... 6,400 85,600
Sun, Inc. ......................... 4,000 109,500
Tejas Power Corp.*................. 9,000 82,125
Ultramar Corp. .................... 4,000 103,000
Union Texas Petroleum Holdings,
Inc. ............................ 15,100 292,563
United Meridian Corp.*............. 9,600 166,800
USX Marathon Group................. 13,300 259,350
Wainoco Oil Corp.*................. 15,400 50,050
----------
2,446,537
----------
OIL & GAS-EQUIPMENT & SERVICES -- 8.8%
Camco International, Inc. ......... 4,500 126,000
Cooper Cameron Corp.*.............. 3,900 138,450
Halliburton Co. ................... 2,500 126,562
Nowsco Well Service................ 7,300 93,987
Oceaneering International, Inc.*... 10,300 132,613
Schlumberger LTD. ................. 2,800 193,900
Weatherford Enterra, Inc. ......... 253 7,305
----------
818,817
----------
<CAPTION>
SHARES VALUE
------- ----------
<S> <C> <C>
PACKAGING & PAPER PRODUCTS -- 2.3%
Jefferson Smurfit Corp.*........... 22,700 $ 215,650
----------
PAPER & FOREST PRODUCTS -- 1.3%
Kimberly-Clark Corp. .............. 1,400 115,850
Schweitzer Manduit
International, Inc.*............. 140 3,238
----------
119,088
----------
RAILROADS -- 1.7%
Canadian National Railways*........ 10,500 157,500
----------
STEEL -- 1.5%
Nucor Corp. ....................... 2,400 137,100
----------
TOTAL COMMON STOCK
(COST $5,630,748).................... 5,920,474
----------
AMERICAN DEPOSITORY RECEIPTS -- 11.3%
OIL & GAS -- 9.8%
Repsol SA.......................... 11,300 371,488
Royal Dutch Petroleum Co. ......... 3,800 536,275
----------
907,763
----------
OIL & GAS-EQUIPMENT & SERVICES -- 1.5%
Coflexip........................... 7,400 139,675
----------
TOTAL AMERICAN DEPOSITORY RECEIPTS
(COST $957,901)...................... 1,047,438
----------
FOREIGN STOCKS -- 5.7%
METALS & MINING
Anglo American Plantinum
Corp. -- (ZAR)................... 14,500 82,533
Bougainville Copper
LTD. -- (AUD)*................... 50,000 22,320
Dayton Mining Corp. -- (CAN)*...... 17,900 74,572
Golden Shamrock Mines
LTD. -- (AUD)*................... 117,600 72,620
Golden Shamrock Mines
LTD. -- (CAN)*................... 15,700 9,775
Greenstone Resources
LTD. -- (CAN)*................... 8,000 23,029
Loki Gold Corp.
(Warrants) -- (CAN)*............. 61,000 94,503
Lonrho PLC -- (UK)................. 17,600 48,101
Potgietersrust Platinums
LTD. -- (ZAR).................... 16,900 101,989
----------
TOTAL FOREIGN STOCKS
(COST $525,578)...................... 529,442
----------
</TABLE>
73
<PAGE> 75
AMERICAN SKANDIA TRUST
T. ROWE PRICE NATURAL RESOURCES PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- ----------
<S> <C> <C>
SHORT TERM INVESTMENTS --
MONEY MARKET FUNDS -- 1.4%
Temporary Investment Cash Fund..... 65,353 $ 65,353
Temporary Investment Fund.......... 65,352 65,352
----------
(COST $130,705).................... 130,705
----------
</TABLE>
<TABLE>
<CAPTION>
PAR
MATURITY (000)
-------- ------
<S> <C> <C> <C>
COMMERCIAL PAPER -- 15.9%
Dun & Bradstreet Corp.
5.80%................... 01/02/96 $ 227 226,963
Federal Home Loan
Mortgage Corp.
5.50%................... 01/05/96 1,250 1,249,236
----------
TOTAL COMMERCIAL PAPER
(COST $1,476,199)........... 1,476,199
----------
TOTAL INVESTMENTS
(COST $8,721,131**) -- 98.3%.......... 9,104,258
OTHER ASSETS LESS LIABILITIES -- 1.7%... 157,335
----------
NET ASSETS -- 100.0%.................... $9,261,593
==========
<CAPTION>
NOTES TO SCHEDULE OF
INVESTMENTS:
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
<S> <C>
Gross appreciation........................... $ 526,841
Gross depreciation........................... (145,958)
--------
Net appreciation............................. $ 380,883
========
</TABLE>
COUNTRY/CURRENCY ABBREVIATIONS
- ----------------------------------------------------------
AUD - Australia/Australian Dollar
CAN - Canada/Canadian Dollar
UK - United Kingdom/British Pound
ZAR - South Africa/South African Rand
- --------------------------------------------------------------------------------
Unless otherwise noted, all foreign stocks are common stock.
* Non-income producing securities.
** Cost for Federal income tax purposes was $8,723,375.
See Notes to Financial Statements.
74
<PAGE> 76
AMERICAN SKANDIA TRUST
PIMCO LIMITED MATURITY BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
-------- ------- ------------
<S> <C> <C> <C>
CORPORATE BONDS -- 1.6%
ELECTRIC POWER
CMS Energy Corp.
9.50%................... 10/01/97 $ 1,000 $ 1,051,250
Texas Utilities Co.
6.38%................... 05/01/99 1,500 1,499,856
-----------
TOTAL CORPORATE BONDS
(COST $2,499,976).................. 2,551,106
-----------
COLLATERALIZED MORTGAGE SECURITIES -- 1.0%
Merrill Lynch Mortgage
Investors C1-B
7.67% (COST
$1,513,304)........... 06/15/21 1,491 1,543,139
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 21.0%
FEDERAL HOME LOAN BANK -- 0.4%
5.70%..................... 01/02/96 700 699,889
-----------
FEDERAL HOME LOAN MORTGAGE CORP. -- 3.2%
8.00%..................... 01/16/26 5,000 5,182,031
-----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 10.3%
5.37%..................... 03/12/96 1,000 989,064
6.38%..................... 01/01/25 924 936,685
5.88%..................... 05/01/25 2,028 2,069,013
6.36%..................... 01/24/26 12,500 12,640,600
-----------
16,635,362
-----------
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION -- 7.1%
7.25%..................... 07/20/17 404 413,865
7.25%..................... 08/20/17 494 505,617
7.25%..................... 09/20/17 418 429,091
7.00%..................... 01/15/24 56 56,771
7.00%..................... 02/15/24 62 62,589
7.00%..................... 04/15/24 440 445,611
7.38%..................... 05/20/24 4,402 4,495,266
7.00%..................... 06/15/24 63 63,552
7.25%..................... 07/20/24 540 553,013
7.00%..................... 07/15/25 458 464,347
7.00%..................... 08/15/25 1,930 1,954,280
7.00%..................... 01/22/26 2,000 2,022,500
-----------
11,466,502
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(COST $33,729,071)................. 33,983,784
-----------
U.S. TREASURY OBLIGATIONS -- 12.4%
U.S. TREASURY BILLS -- 0.0%
5.27%#.................... 02/08/96 $ 10 $ 9,942
5.30%#.................... 02/08/96 60 59,653
5.00%#.................... 02/15/96 15 14,901
5.35%#.................... 02/15/96 10 9,934
-----------
94,430
-----------
<CAPTION>
PAR
MATURITY (000) VALUE
-------- ------- ------------
<S> <C> <C> <C>
U.S. TREASURY NOTES -- 12.4%
4.38%..................... 08/15/96 5,000 4,974,300
6.50%..................... 09/30/96 15,000 15,131,250
-----------
20,105,550
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(COST $20,168,250)................. 20,199,980
-----------
COMMERCIAL PAPER -- 10.8%
Abbott Laboratories
5.62%................... 01/09/96 2,000 1,997,502
BellSouth Telecomm, Inc.
5.75%................... 01/09/96 1,000 998,722
Canadian Wheat Board
5.58%................... 03/01/96 1,000 990,305
5.49%................... 03/05/96 1,300 1,286,644
Commonwealth Bank of
Australia
5.54%................... 03/13/96 2,500 2,471,250
Hewlett-Packard Co.
5.53%................... 03/12/96 2,000 1,977,307
General Electric Capital
Corp.
5.84%................... 01/26/96 300 298,783
5.65%................... 01/31/96 900 895,762
KFW International Finance
Corp.
5.53%................... 03/06/96 800 791,659
National Rural Utility
5.55%................... 03/06/96 800 791,659
5.63%................... 03/08/96 500 494,633
5.55%................... 03/18/96 2,000 1,975,600
Pitney Bowes Credit, Inc.
5.66%................... 01/26/96 100 99,607
Shell Oil Co.
5.65%................... 01/26/96 2,500 2,490,191
-----------
TOTAL COMMERCIAL PAPER
(COST $17,564,082)................. 17,559,624
-----------
</TABLE>
75
<PAGE> 77
AMERICAN SKANDIA TRUST
PIMCO LIMITED MATURITY BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C> <C>
SHORT TERM INVESTMENTS --
MONEY MARKET FUNDS -- 0.4%
Temporary Investment Cash Fund... 289,707 $ 289,707
Temporary Investment Fund........ 289,706 289,706
-----------
(COST $579,413)................ 579,413
-----------
TOTAL INVESTMENTS
(COST $76,054,096*) -- 47.2%....... 76,417,046
OTHER ASSETS LESS
LIABILITIES -- 52.8%............... 85,523,348
-----------
NET ASSETS -- 100.0%................. $161,940,394
===========
<CAPTION>
NOTES TO SCHEDULE OF INVESTMENTS:
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
<S> <C>
Gross appreciation......................... $368,223
Gross depreciation......................... (5,273)
-------
Net appreciation........................... $362,950
========
</TABLE>
# Securities with an aggregate market value of $94,430, which have been
segregated with the custodian to cover margin requirements for the following
open futures contracts at December 31, 1995:
<TABLE>
<CAPTION>
UNREALIZED
TYPE CONTRACTS APPRECIATION
----------------------------------------------------------
<S> <C> <C>
U.S. Treasury 5 Year Note (03/96) 90 $ 92,813
U.S. Treasury 10 Year Note (03/96) 20 32,500
------------
$125,313
============
</TABLE>
- --------------------------------------------------------------------------------
* Also cost for Federal income tax purposes.
See Notes to Financial Statements.
76
<PAGE> 78
AMERICAN SKANDIA TRUST
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1995
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELIGMAN AST AST
HENDERSON LORD ABBETT AST FEDERATED PHOENIX PHOENIX
INTERNATIONAL GROWTH AND JANCAP MONEY UTILITY BALANCED FEDERATED CAPITAL
EQUITY INCOME GROWTH MARKET INCOME ASSET HIGH YIELD GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO(1)
------------- ----------- --------- --------- --------- -------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in
securities at
value (A)
(Note 1)..... $ 250,018 $ 223,536 $444,152 $343,207 $106,505 $187,234 $ 81,780 $ --
Cash in bank,
including
foreign
currency
holdings..... 17,183 -- -- 2 4 1 -- 19,240
Receivable for
securities
sold......... 93 -- 246 -- -- -- -- --
Receivable for
dividends and
interest..... 769 505 224 2,776 374 1,136 1,775 11
Receivable for
fund shares
sold......... 2,671 66,117 2,282 -- 735 69,718 1,478 --
Deferred
organization
costs (Note
1)........... 17 -- -- -- -- -- -- --
Other assets... 16 -- -- -- -- -- -- --
Unrealized
appreciation
on foreign
currency
exchange
contracts and
futures (Note
1)........... 546 -- 280 -- -- -- -- --
-------- -------- -------- -------- ------- -------- ------- -------
TOTAL
ASSETS... 271,313 290,158 447,184 345,985 107,618 258,089 85,033 19,251
-------- -------- -------- -------- ------- -------- ------- -------
LIABILITIES
Cash
overdraft.... -- -- -- -- -- -- -- --
Payable for
securities
purchased.... 2,975 1,228 15,450 -- 143 2,729 1,275 --
Payable for
fund shares
redeemed..... -- -- -- -- -- -- -- 19,228
Unrealized
depreciation
on foreign
currency
exchange
contracts and
futures (Note
1)........... -- -- -- -- -- -- -- --
Advisory fee
payable (Note
2)........... 197 136 327 98 59 107 49 9
Shareholder
servicing fee
payable (Note
2)........... 22 18 36 30 9 15 7 2
Accrued
expenses..... 63 27 50 58 8 32 10 12
Dividends
payable (Note
1)........... -- -- -- 1,574 -- -- -- --
-------- -------- -------- -------- ------- -------- ------- -------
TOTAL
LIABILITIES... 3,257 1,409 15,863 1,760 219 2,883 1,341 19,251
-------- -------- -------- -------- ------- -------- ------- -------
NET ASSETS........ $ 268,056 $ 288,749 $431,321 $344,225 $107,399 $255,206 $ 83,692 $ --
======== ======== ======== ======== ======= ======== ======= =======
COMPONENTS OF NET
ASSETS
Common stock
(unlimited number
of shares
authorized, $.001
par value per
share)........... $ 15 $ 19 $ 28 $ 344 $ 9 $ 20 $ 8 $ --
Additional paid-in
capital.......... 239,727 254,072 334,097 343,732 95,017 224,886 77,593 --
Undistributed net
investment income
(loss)........... 2,901 3,534 1,412 -- 4,023 5,212 4,026 --
Accumulated net
realized gain
(loss) on
investments and
foreign currency
transactions..... 6,014 7,113 23,307 149 (2,772 ) 8,809 (24) --
Accumulated net
unrealized
appreciation on
investments,
foreign currency
transactions, and
forward currency
contracts........ 19,399 24,011 72,477 -- 11,122 16,279 2,089 --
-------- -------- -------- -------- ------- -------- ------- -------
NET ASSETS........ $ 268,056 $ 288,749 $431,321 $344,225 $107,399 $255,206 $ 83,692 $ --
======== ======== ======== ======== ======= ======== ======= =======
Shares of common
stock
outstanding...... 14,726 19,278 28,014 344,076 8,997 20,363 7,511 --
Net asset value,
offering and
redemption price
per share (Note
1)............... $ 18.20 $ 14.98 $ 15.40 $ 1.00 $ 11.94 $ 12.53 $ 11.14 $ --
======== ======== ======== ======== ======= ======== ======= =======
(A) Investments at
cost............. $ 231,160 $ 199,525 $371,968 $343,207 $ 95,383 $170,955 $ 79,691 $ --
======== ======== ======== ======== ======= ======== ======= =======
</TABLE>
- --------------------------------------------------------------------------------
(1) See Note 6.
See Notes to Financial Statements.
77
<PAGE> 79
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
T. ROWE PIMCO
PRICE TOTAL INVESCO FOUNDERS T. ROWE PRICE EAGLE AST SCUDDER BERGER
ASSET RETURN EQUITY CAPITAL INTERNATIONAL GROWTH INTERNATIONAL CAPITAL
ALLOCATION BOND INCOME APPRECIATION EQUITY EQUITY BOND GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO(1) PORTFOLIO PORTFOLIO
---------- --------- -------- ------------ ------------- ----------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 61,615 $193,203 $174,742 $ 89,018 $ 173,501 $ -- $40,326 $46,231
-- 452 1 85 21,226 5,263 4,140 --
-- -- -- -- 46 -- -- --
453 2,784 1,062 18 548 6 1,483 23
367 42,734 1,066 2,780 617 -- 167 137
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- 182 -- -- -- -- -- --
------- -------- ------- ------- -------- ------ ------- -------
62,435 239,355 176,871 91,901 195,938 5,269 46,116 46,391
------- -------- ------- ------- -------- ------ ------- -------
344 -- -- -- -- -- -- --
2,621 13,864 -- 1,351 12 -- 449 371
-- -- -- -- -- 5,255 -- --
-- 26 -- -- -- -- 10 --
38 95 109 64 158 2 36 27
5 15 14 7 16 -- 4 4
28 20 32 19 85 12 15 10
-- -- -- -- -- -- -- --
------- -------- ------- ------- -------- ------ ------- -------
3,036 14,020 155 1,441 271 5,269 514 412
------- -------- ------- ------- -------- ------ ------- -------
$ 59,399 $225,335 $176,716 $ 90,460 $ 195,667 $ -- $45,602 $45,979
======= ======== ======= ======= ======== ====== ======= =======
$ 5 $ 20 $ 14 $ 6 $ 18 $ -- $ 4 $ 4
52,646 209,801 150,532 75,443 183,647 -- 43,117 41,133
1,269 5,951 3,658 (141) 1,601 -- 1,865 150
331 6,094 5,013 1,797 (1,173) -- (241) (204)
5,148 3,469 17,499 13,355 11,574 -- 857 4,896
------- -------- ------- ------- -------- ------ ------- -------
$ 59,399 $225,335 $176,716 $ 90,460 $ 195,667 $ -- $45,602 $45,979
======= ======== ======= ======= ======== ====== ======= =======
4,944 19,865 14,133 6,350 18,365 -- 4,301 3,707
$ 12.01 $ 11.34 $ 12.50 $ 14.25 $ 10.65 $ -- $ 10.60 $ 12.40
======= ======== ======= ======= ======== ====== ======= =======
$ 56,469 $190,446 $157,243 $ 75,663 $ 161,929 $ -- $39,459 $41,335
======= ======== ======= ======= ======== ====== ======= =======
<CAPTION>
SELIGMAN T. ROWE PIMCO
HENDERSON PRICE LIMITED
INTERNATIONAL NATURAL MATURITY
SMALL CAP RESOURCES BOND
PORTFOLIO PORTFOLIO PORTFOLIO
------------- --------- ---------
<S> <C> <C> <C> <C>
$24,280 $ 9,104 $ 76,417
3,983 -- --
-- -- 1,034
46 4 454
625 716 104,848
-- -- --
-- -- --
31 -- 24
------- ------ --------
28,965 9,824 182,777
------- ------ --------
-- -- --
469 548 20,793
-- -- --
-- -- --
22 4 28
2 1 4
17 9 12
-- -- --
------- ------ --------
510 562 20,837
------- ------ --------
$28,455 $ 9,262 $161,940
======= ====== ========
$ 3 $ 1 $ 15
28,356 8,817 160,498
72 30 765
8 31 174
16 383 488
------- ------ --------
$28,455 $ 9,262 $161,940
======= ====== ========
2,756 834 15,465
$ 10.33 $ 11.11 $ 10.47
======= ====== ========
$24,295 $ 8,721 $ 76,054
======= ====== ========
</TABLE>
- --------------------------------------------------------------------------------
78
<PAGE> 80
AMERICAN SKANDIA TRUST
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
(AMOUNTS IN THOUSANDS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELIGMAN AST AST
HENDERSON LORD ABBETT AST FEDERATED PHOENIX PHOENIX
INTERNATIONAL GROWTH AND JANCAP MONEY UTILITY BALANCED FEDERATED CAPITAL
EQUITY INCOME GROWTH MARKET INCOME ASSET HIGH YIELD GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- ----------- --------- --------- --------- -------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
(NOTE 1)
Interest......... $ 847 $ 729 $ 2,275 $19,996 $ 476 $ 5,318 $4,538 $ 146
Dividends........ 4,186 4,197 3,110 -- 4,366 1,380 -- 182
-------- -------- ------- ------ ------- ------- ------ ------
Total
Investment
Income..... 5,033 4,926 5,385 19,996 4,842 6,698 4,538 328
-------- -------- ------- ------ ------- ------- ------ ------
EXPENSES
Investment
advisory fees
(Note 2)....... 2,454 1,060 2,977 1,674 601 1,108 347 144
Shareholder
servicing fees
(Note 2)....... 245 141 331 335 88 159 46 19
Administration
and accounting
fees........... 227 141 278 280 87 159 75 75
Custodian fees... 153 30 70 95 25 40 17 24
Professional
fees........... 38 20 47 47 13 23 6 2
Registration
fees........... (30) (15) (33) (57) (6) (18 ) (7) (5)
Trustees' fees
and expenses
(Note 2)....... 10 5 12 12 4 6 1 1
Insurance fees... 7 3 8 11 2 4 1 1
Amortization of
organization
costs (Note
1)............. 1 -- 2 2 -- 1 -- --
Miscellaneous
expenses....... 18 7 7 7 5 6 26 3
-------- -------- ------- ------ ------- ------- ------ ------
Total
Expenses... 3,123 1,392 3,699 2,406 819 1,488 512 264
Less:
Advisory
fee waivers
and expense
reimbursements
(Note 2)... (255) -- -- (402) -- -- -- (43)
-------- -------- ------- ------ ------- ------- ------ ------
Net
Expenses... 2,868 1,392 3,699 2,004 819 1,488 512 221
-------- -------- ------- ------ ------- ------- ------ ------
Net Investment
Income (Loss)...... 2,165 3,534 1,686 17,992 4,023 5,210 4,026 107
REALIZED AND
UNREALIZED GAIN
(LOSS) ON
INVESTMENTS AND
FOREIGN CURRENCY
TRANSACTIONS (NOTE
1)
Net realized gain
(loss) on
investments and
foreign
currency
transactions... 8,916 7,136 38,435 156 358 9,100 124 5,417
Net unrealized
appreciation
(depreciation)
on investments,
foreign
currency
transactions,
and forward
currency
contracts...... 13,385 23,471 58,329 -- 16,069 18,547 3,479 (136)
-------- -------- ------- ------ ------- ------- ------ ------
Net Increase in
Net Assets
resulting from
Operations..... $24,466 $34,141 $98,450 $18,148 $20,450 $32,857 $7,629 $ 5,388
======== ======== ======= ====== ======= ======= ====== ======
</TABLE>
- --------------------------------------------------------------------------------
(1) Commenced operations on May 2, 1995.
See Notes to Financial Statements.
79
<PAGE> 81
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PIMCO
T. ROWE TOTAL INVESCO FOUNDERS T. ROWE PRICE EAGLE AST SCUDDER BERGER
PRICE ASSET RETURN EQUITY CAPITAL INTERNATIONAL GROWTH INTERNATIONAL CAPITAL
ALLOCATION BOND INCOME APPRECIATION EQUITY EQUITY BOND GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- --------- ------- ------------ ------------- --------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 1,368 $ 6,857 $2,789 $ 419 $ 632 $ 28 $ 2,127 $ 329
400 -- 1,943 88 2,694 84 -- 72
------ ------- ------- ------- ------- ----- ------ ------
1,768 6,857 4,732 507 3,326 112 2,127 401
------ ------- ------- ------- ------- ----- ------ ------
314 652 821 487 1,412 46 276 161
37 100 109 54 141 6 28 21
75 105 110 76 141 72 83 53
35 24 25 35 140 12 30 10
5 13 14 7 18 1 3 3
(8) (16) (23 ) (9) (38) (1) (5) (1)
1 3 3 2 5 -- 1 1
1 3 3 1 5 -- 1 --
-- -- 1 -- -- -- -- --
18 7 11 5 48 5 5 3
------ ------- ------- ------- ------- ----- ------ ------
478 891 1,074 658 1,872 141 422 251
(16) -- -- -- -- (69) -- --
------ ------- ------- ------- ------- ----- ------ ------
462 891 1,074 658 1,872 72 422 251
------ ------- ------- ------- ------- ----- ------ ------
1,306 5,966 3,658 (151) 1,454 40 1,705 150
483 6,557 5,268 2,836 (908) 1,216 13 (195)
5,440 4,574 19,246 10,589 15,141 21 1,290 4,860
------ ------- ------- ------- ------- ----- ------ ------
$ 7,229 $17,097 $28,172 $ 13,274 $15,687 $ 1,277 $ 3,008 $ 4,815
====== ======= ======= ======= ======= ===== ====== ======
<CAPTION>
SELIGMAN T. ROWE PIMCO
HENDERSON PRICE LIMITED
INTERNATIONAL NATURAL MATURITY
SMALL CAP RESOURCES BOND
PORTFOLIO (1) PORTFOLIO(1) PORTFOLIO(1)
------------- ---------- -----------
<S> <C> <C> <C> <C>
$ 110 $ 30 $ 906
73 31 --
---- --- -----
183 61 906
---- --- -----
76 21 101
8 2 16
14 13 16
10 3 3
1 -- 3
-- -- --
-- -- --
-- -- --
-- -- --
2 3 2
---- --- -----
111 42 141
-- (11) --
---- --- -----
111 31 141
---- --- -----
72 30 765
8 31 174
16 383 488
---- --- -----
$ 96 $444 $ 1,427
==== === =====
</TABLE>
- --------------------------------------------------------------------------------
80
<PAGE> 82
AMERICAN SKANDIA TRUST
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31,
(AMOUNTS IN THOUSANDS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELIGMAN HENDERSON
INTERNATIONAL EQUITY LORD ABBETT GROWTH AND
PORTFOLIO INCOME PORTFOLIO JANCAP GROWTH PORTFOLIO
---------------------------- ---------------------------- ----------------------------
1995 1994 1995 1994 1995 1994
------------- ------------ ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income (loss)..... $ 2,165 $ 1,164 $ 3,534 $ 1,700 $ 1,686 $ 1,245
Net realized gain (loss) on
investments and foreign
currency transactions.......... 8,916 10,789 7,136 1,699 38,435 (15,037)
Net unrealized appreciation
(depreciation) on investments,
foreign currency transactions,
and forward currency
contracts...................... 13,385 (11,302) 23,471 (1,797) 58,329 4,596
-------- --------- -------- ------- -------- --------
Net Increase (Decrease) in Net
Assets from Operations....... 24,466 651 34,141 1,602 98,450 (9,196)
-------- --------- -------- ------- -------- --------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS
Dividends to shareholders from
net investment income.......... -- (309) (1,700) (559) (1,363) (447)
Distributions to shareholders
from capital gains............. (12,667) (1,751) (1,699) (922) -- --
-------- --------- -------- ------- -------- --------
Total Dividends and
Distributions to
Shareholders............... (12,667) (2,060) (3,399) (1,481) (1,363) (447)
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold........ 105,273 199,458 170,735 43,721 135,311 117,459
Net asset value of shares issued
in reinvestment of dividends
and distributions.............. 12,667 2,060 3,399 1,481 1,363 447
Cost of shares redeemed.......... (99,733) (112,705) (8,177) (1,658) (48,085) (20,470)
-------- --------- -------- ------- -------- --------
Increase (Decrease) in Net
Assets from Capital Share
Transactions................. 18,207 88,813 165,957 43,544 88,589 97,436
-------- --------- -------- ------- -------- --------
Total Increase (Decrease) in
Net Assets................. 30,006 87,404 196,699 43,665 185,676 87,793
-------- --------- -------- ------- -------- --------
NET ASSETS
Beginning of Period.............. 238,050 150,646 92,050 48,385 245,645 157,852
-------- --------- -------- ------- -------- --------
End of Period.................... $ 268,056 $ 238,050 $ 288,749 $ 92,050 $ 431,321 $245,645
======== ========= ======== ======= ======== ========
SHARES ISSUED AND REDEEMED
Shares sold...................... 6,250 11,116 11,930 3,682 9,644 10,265
Shares issued in reinvestment of
dividends and distributions.... 823 117 276 118 119 37
Shares redeemed.................. (5,865) (6,401) (600) (139) (3,650) (1,801)
-------- --------- -------- ------- -------- --------
Net Increase (Decrease) in
Shares Outstanding........... 1,208 4,832 11,606 3,661 6,113 8,501
======== ========= ======== ======= ======== ========
</TABLE>
- --------------------------------------------------------------------------------
(1) Commenced operations on January 4, 1994.
See Notes to Financial Statements.
81
<PAGE> 83
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FEDERATED
FEDERATED UTILITY INCOME AST PHOENIX BALANCED ASSET HIGH YIELD
AST MONEY MARKET PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------------------------ ------------------------------ ------------------------------ -------------
1995 1994 1995 1994 1995 1994 1995
------------- ------------ ------------- ------------ ------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 17,992 $ 9,697 $ 4,023 $ 3,376 $ 5,210 $ 3,869 $ 4,026
156 (7) 358 (3,130) 9,100 (291) 124
-- -- 16,069 (4,810) 18,547 (3,287) 3,479
--------- --------- -------- -------- -------- -------- --------
18,148 9,690 20,450 (4,564) 32,857 291 7,629
--------- --------- -------- -------- -------- -------- --------
(17,992) (9,697) (3,376) (884) (3,867) (724) (1,210)
-- (19) -- (109) -- (180) --
--------- --------- -------- -------- -------- -------- --------
(17,992) (9,716) (3,376) (993) (3,867) (904) (1,210)
674,956 510,604 43,009 33,886 92,940 63,156 75,531
17,896 8,496 3,376 993 3,867 904 1,210
(637,371) (344,560) (27,265) (15,760) (16,215) (9,414) (20,776)
--------- --------- -------- -------- -------- -------- --------
55,481 174,540 19,120 19,119 80,592 54,646 55,965
--------- --------- -------- -------- -------- -------- --------
55,637 174,514 36,194 13,562 109,582 54,033 62,384
--------- --------- -------- -------- -------- -------- --------
288,588 114,074 71,205 57,643 145,624 91,591 21,308
--------- --------- -------- -------- -------- -------- --------
$ 344,225 $ 288,588 $ 107,399 $ 71,205 $ 255,206 $145,624 $ 83,692
========= ========= ======== ======== ======== ======== ========
674,956 510,604 4,009 3,338 7,580 6,038 7,197
17,896 8,496 344 96 367 86 124
(637,371) (344,560) (2,569) (1,562) (1,473) (904) (2,008)
--------- --------- -------- -------- -------- -------- --------
55,481 174,540 1,784 1,872 6,474 5,220 5,313
========= ========= ======== ======== ======== ======== ========
<CAPTION>
1994(1)
------------
<S> <C> <C>
$ 1,210
(147)
(1,390)
--------
(327)
--------
--
--
--------
--
32,507
--
(10,872)
--------
21,635
--------
21,308
--------
--
--------
$ 21,308
========
3,302
--
(1,104)
--------
2,198
========
</TABLE>
- --------------------------------------------------------------------------------
82
<PAGE> 84
AMERICAN SKANDIA TRUST
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31,
(AMOUNTS IN THOUSANDS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AST PHOENIX CAPITAL GROWTH T. ROWE PRICE ASSET PIMCO TOTAL RETURN BOND
PORTFOLIO* ALLOCATION PORTFOLIO PORTFOLIO
---------------------------- ---------------------------- ----------------------------
1995 1994(1) 1995 1994(1) 1995 1994(1)
------------- ------------ ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income (loss)..... $ 107 $ 116 $ 1,306 $ 489 $ 5,966 $ 1,256
Net realized gain (loss) on
investments
and foreign currency
transactions................... 5,417 (705) 483 (152) 6,557 (463)
Net unrealized appreciation
(depreciation) on investments,
foreign currency transactions,
and forward currency
contracts...................... (136) 136 5,440 (292) 4,574 (1,104)
-------- ------- ------- ------- ------- -------
Net Increase (Decrease) in Net
Assets from Operations....... 5,388 (453) 7,229 45 17,097 (311)
-------- ------- ------- ------- ------- -------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS
Dividends to shareholders from
net investment income.......... (116) -- (525) -- (1,271) --
Distributions to shareholders
from
capital gains.................. -- -- -- -- -- --
-------- ------- ------- ------- ------- -------
Total Dividends and
Distributions to
Shareholders............... (116) -- (525) -- (1,271) --
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold........ 6,536 16,685 31,289 24,603 199,583 49,723
Net asset value of shares issued
in reinvestment of dividends
and distributions.............. 116 -- 525 -- 1,271 --
Cost of shares redeemed.......... (26,769) (1,387) (2,582) (1,185) (37,838) (2,919)
-------- ------- ------- ------- ------- -------
Increase (Decrease) in Net
Assets from
Capital Share Transactions... (20,117) 15,298 29,232 23,418 163,016 46,804
-------- ------- ------- ------- ------- -------
Total Increase (Decrease) in
Net Assets................. (14,845) 14,845 35,936 23,463 178,842 46,493
-------- ------- ------- ------- ------- -------
NET ASSETS
Beginning of Period.............. 14,845 -- 23,463 -- 46,493 --
-------- ------- ------- ------- ------- -------
End of Period.................... $ -- $ 14,845 $59,399 $ 23,463 $ 225,335 $ 46,493
======== ======= ======= ======= ======= =======
SHARES ISSUED AND REDEEMED
Shares sold...................... 633 1,735 2,775 2,481 18,460 5,067
Shares issued in reinvestment of
dividends and distributions.... 12 -- 52 -- 128 --
Shares redeemed.................. (2,234) (146) (244) (120) (3,491) (299)
-------- ------- ------- ------- ------- -------
Net Increase (Decrease) in
Shares Outstanding........... (1,589) 1,589 2,583 2,361 15,097 4,768
======== ======= ======= ======= ======= =======
</TABLE>
- --------------------------------------------------------------------------------
* See Note 6.
(1) Commenced operations on January 4, 1994.
(2) Commenced operations on May 3, 1994.
See Notes to Financial Statements.
83
<PAGE> 85
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EAGLE GROWTH
INVESCO EQUITY INCOME FOUNDERS CAPITAL APPRECIATION T. ROWE PRICE INTERNATIONAL EQUITY
PORTFOLIO PORTFOLIO EQUITY PORTFOLIO PORTFOLIO*
------------------------------ ------------------------------ ------------------------------ -------------
1995 1994(1) 1995 1994(1) 1995 1994(1) 1995
------------- ------------ ------------- ------------ ------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 3,658 $ 1,056 $ (151) $ 290 $ 1,454 $ 268 $ 40
5,268 (255) 2,836 (1,039) (908) (16) 1,216
19,246 (1,748) 10,589 2,767 15,141 (3,567) 21
-------- ------- -------- ------- -------- -------- --------
28,172 (947) 13,274 2,018 15,687 (3,315) 1,277
-------- ------- -------- ------- -------- -------- --------
(1,056) -- (280) -- (121) -- (10)
-- -- -- -- (249) -- --
-------- ------- -------- ------- -------- -------- --------
(1,056) -- (280) -- (370) -- (10)
93,257 66,925 62,848 29,373 101,284 122,535 5,636
1,056 -- 280 -- 370 -- 10
(9,914) (777) (14,221) (2,832) (30,055) (10,469) (10,392)
-------- ------- -------- ------- -------- -------- --------
84,399 66,148 48,907 26,541 71,599 112,066 (4,746)
-------- ------- -------- ------- -------- -------- --------
111,515 65,201 61,901 28,559 86,916 108,751 (3,479)
-------- ------- -------- ------- -------- -------- --------
65,201 -- 28,559 -- 108,751 -- 3,479
-------- ------- -------- ------- -------- -------- --------
$ 176,716 $ 65,201 $ 90,460 $ 28,559 $ 195,667 $108,751 $ --
======== ======= ======== ======= ======== ======== ========
8,188 6,769 4,764 2,908 10,012 12,383 516
105 -- 26 -- 41 -- 1
(850) (79) (1,074) (274) (2,997) (1,074) (867)
-------- ------- -------- ------- -------- -------- --------
7,443 6,690 3,716 2,634 7,056 11,309 (350)
======== ======= ======== ======= ======== ======== ========
<CAPTION>
AST SCUDDER INTERNATIONAL
BOND PORTFOLIO
------------------------------
1994(2) 1995 1994(2)
------------ ------------- ------------
<S> <C> <C> <C> <C>
$ 10 $ 1,705 $ 421
(42) 13 (254)
(21) 1,290 (432)
------ ------- -------
(53) 3,008 (265)
------ ------- -------
-- (263) --
-- -- --
------ ------- -------
-- (263) --
3,841 30,340 16,273
-- 263 --
(309) (2,964) (790)
------ ------- -------
3,532 27,639 15,483
------ ------- -------
3,479 30,384 15,218
------ ------- -------
-- 15,218 --
------ ------- -------
$3,479 $45,602 $ 15,218
====== ======= =======
381 2,996 1,654
-- 27 --
(31) (295) (81)
------ ------- -------
350 2,728 1,573
====== ======= =======
</TABLE>
- --------------------------------------------------------------------------------
84
<PAGE> 86
AMERICAN SKANDIA TRUST
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31,
(AMOUNTS IN THOUSANDS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELIGMAN
HENDERSON T. ROWE PRICE
INTERNATIONAL NATURAL PIMCO LIMITED
BERGER CAPITAL GROWTH SMALL CAP RESOURCES MATURITY BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------------------------- ------------- ------------- -------------
1995 1994(3) 1995(4) 1995(4) 1995(4)
------------- ------------ ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income (loss)................... $ 150 $ 3 $ 72 $ 30 $ 765
Net realized gain (loss) on investments and
foreign
currency transactions........................ (195) (9) 8 31 174
Net unrealized appreciation (depreciation) on
investments, foreign currency transactions,
and forward currency contracts............... 4,860 36 16 383 488
------- ------ ------- ------ --------
Net Increase (Decrease) in Net Assets
from Operations............................ 4,815 30 96 444 1,427
------- ------ ------- ------ --------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends to shareholders from net investment
income....................................... (3) -- -- -- --
Distributions to shareholders from capital
gains........................................ -- -- -- -- --
------- ------ ------- ------ --------
Total Dividends and Distributions to
Shareholders............................. (3) -- -- -- --
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold...................... 42,283 3,077 29,685 9,686 166,622
Net asset value of shares issued in
reinvestment of dividends and
distributions................................ 3 -- -- -- --
Cost of shares redeemed........................ (4,149) (77) (1,326) (868) (6,109)
------- ------ ------- ------ --------
Increase (Decrease) in Net Assets from
Capital Share Transactions................. 38,137 3,000 28,359 8,818 160,513
------- ------ ------- ------ --------
Total Increase (Decrease) in Net Assets.... 42,949 3,030 28,455 9,262 161,940
------- ------ ------- ------ --------
NET ASSETS
Beginning of Period............................ 3,030 -- -- -- --
------- ------ ------- ------ --------
End of Period.................................. $45,979 $3,030 $28,455 $ 9,262 $ 161,940
======= ====== ======= ====== ========
SHARES ISSUED AND REDEEMED
Shares sold.................................... 3,773 312 2,884 918 16,062
Shares issued in reinvestment of dividends and
distributions................................ -- -- -- -- --
Shares redeemed................................ (370) (8) (128) (84) (597)
------- ------ ------- ------ --------
Net Increase (Decrease) in Shares
Outstanding................................ 3,403 304 2,756 834 15,465
======= ====== ======= ====== ========
</TABLE>
- --------------------------------------------------------------------------------
(3) Commenced operations on October 20, 1994.
(4) Commenced operations on May 2, 1995.
See Notes to Financial Statements.
85
<PAGE> 87
AMERICAN SKANDIA TRUST
FINANCIAL HIGHLIGHTS
PER SHARE DATA (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELIGMAN HENDERSON INTERNATIONAL EQUITY PORTFOLIO
------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31,
------------------------------------------------------
1995 1994 1993 1992 1991
-------- -------- -------- ------- -------
<S> <C> <C> <C> <C> <C>
Net Asset Value at Beginning of Period...................... $ 17.61 $ 17.34 $ 12.74 $ 13.90 $ 12.99
-------- -------- -------- ------- -------
Increase (Decrease) from Investment Operations
Net Investment Income (Loss)............................ 0.14 0.10 0.14 (0.17) 0.01
Net Realized & Unrealized Gains (Losses) on Investments
and Foreign Currency Transactions..................... 1.44 0.36 4.46 (0.99) 0.90
-------- -------- -------- ------- -------
Total Increase (Decrease) From Investment
Operations....................................... 1.58 0.46 4.60 (1.16) 0.91
-------- -------- -------- ------- -------
Less Dividends and Distributions
Dividends from Net Investment Income.................... -- (0.03) -- -- --
Distributions from Net Realized Capital Gains........... (0.99) (0.16) -- -- --
-------- -------- -------- ------- -------
Total Dividends and Distributions.................. (0.99) (0.19) -- -- --
-------- -------- -------- ------- -------
Net Asset Value at End of Period............................ $ 18.20 $ 17.61 $ 17.34 $ 12.74 $ 13.90
-------- -------- -------- ------- -------
Total Return................................................ 10.00% 2.64% 36.11% (8.35%) 7.01%
Ratios/Supplemental Data
Net Assets at End of Period (in 000's).................. $268,056 $238,050 $150,646 $24,998 $15,892
Ratios of Expenses to Average Net Assets:
After Advisory Fee Waiver and Expense Reimbursement... 1.17% 1.22% 1.52% 2.50% 2.50%
Before Advisory Fee Waiver and Expense
Reimbursement...................................... 1.27% 1.32% 1.52% 2.50% 2.82%
Ratios of Net Investment Income (Loss)
to Average Net Assets:
After Advisory Fee Waiver and Expense Reimbursement... 0.88% 0.55% 0.28% (1.62%) 0.12%
Before Advisory Fee Waiver and Expense
Reimbursement...................................... 0.78% 0.46% 0.28% (1.62%) (0.20%)
Portfolio Turnover Rate..................................... 58.62% 48.69% 31.69% 54.56% 58.74%
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
86
<PAGE> 88
AMERICAN SKANDIA TRUST
FINANCIAL HIGHLIGHTS
PER SHARE DATA (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LORD ABBETT GROWTH AND INCOME PORTFOLIO
-----------------------------------------
FOR THE YEAR ENDED DECEMBER 31,
-----------------------------------------
1995 1994 1993 1992(2)
-------- ------- ------- -------
<S> <C> <C> <C> <C>
Net Asset Value at Beginning of Period................................. $ 12.00 $ 12.06 $ 10.70 $ 10.00
-------- ------- ------- -------
Increase (Decrease) from Investment Operations
Net Investment Income (Loss)....................................... 0.16 0.20 0.11 0.07
Net Realized & Unrealized Gains (Losses) on Investments and Foreign
Currency Transactions............................................ 3.22 0.06 1.35 0.63
-------- ------- ------- -------
Total Increase (Decrease) From Investment Operations.......... 3.38 0.26 1.46 0.70
-------- ------- ------- -------
Less Dividends and Distributions
Dividends from Net Investment Income............................... (0.20) (0.12) (0.04) --
Distributions from Net Realized Capital Gains...................... (0.20) (0.20) (0.06) --
-------- ------- ------- -------
Total Dividends and Distributions............................. (0.40) (0.32) (0.10) --
-------- ------- ------- -------
Net Asset Value at End of Period....................................... $ 14.98 $ 12.00 $ 12.06 $ 10.70
-------- ------- ------- -------
Total Return........................................................... 28.91% 2.22% 13.69% 7.00%
Ratios/Supplemental Data
Net Assets at End of Period (in 000's)............................. $288,749 $92,050 $48,385 $10,159
Ratios of Expenses to Average Net Assets:
After Advisory Fee Waiver and Expense Reimbursement.............. 0.99% 1.06% 1.22% 0.99%(1)
Before Advisory Fee Waiver and Expense Reimbursement............. 0.99% 1.06% 1.33% 1.75%(1)
Ratios of Net Investment Income (Loss)
to Average Net Assets:
After Advisory Fee Waiver and Expense Reimbursement.............. 2.50% 2.45% 2.05% 2.49%(1)
Before Advisory Fee Waiver and Expense Reimbursement............. 2.50% 2.45% 1.94% 1.73%(1)
Portfolio Turnover Rate................................................ 50.28% 60.47% 56.70% 34.29%
</TABLE>
- --------------------------------------------------------------------------------
(1) Annualized.
(2) Commenced operations on May 1, 1992.
(3) Commenced operations on November 6, 1992.
(4) Commenced operations on November 10, 1992.
(5) Commenced operations on May 4, 1993.
See Notes to Financial Statements.
87
<PAGE> 89
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FEDERATED UTILITY
INCOME PORTFOLIO
JANCAP GROWTH PORTFOLIO AST MONEY MARKET PORTFOLIO --------------------
---------------------------------------------- -----------------------------------------------
FOR THE YEAR ENDED
FOR THE YEAR ENDED DECEMBER 31, FOR THE YEAR ENDED DECEMBER 31, DECEMBER 31,
---------------------------------------------- ----------------------------------------------- --------------------
1995 1994 1993 1992(3) 1995 1994 1993 1992(4) 1995 1994
-------- -------- -------- ------- -------- -------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 11.22 $ 11.78 $ 10.53 $ 10.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 9.87 $ 10.79
-------- -------- -------- ------- -------- -------- ------- -------
0.06 0.06 0.03 (0.01) 0.0494 0.0369 0.0252 0.0032 0.40 0.46
4.18 (0.59) 1.22 0.54 -- -- -- -- 2.09 (1.20)
-------- -------- -------- ------- -------- -------- ------- -------
4.24 (0.53) 1.25 0.53 0.0494 0.0369 0.0252 0.0032 2.49 (0.74)
-------- -------- -------- ------- -------- -------- ------- -------
(0.06) (0.03) -- -- (0.0494) (0.0367) (0.0252) (0.0032) (0.42) (0.16)
-- -- -- -- -- (0.0002) -- -- -- (0.02)
-------- -------- -------- ------- -------- -------- ------- -------
(0.06) (0.03) -- -- (0.0494) (0.0369) (0.0252) (0.0032) (0.42) (0.18)
-------- -------- -------- ------- -------- -------- ------- -------
$ 15.40 $ 11.22 $ 11.78 $ 10.53 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 11.94 $ 9.87
-------- -------- -------- ------- -------- -------- ------- -------
37.98% (4.51%) 11.87% 5.30% N/A N/A N/A N/A 26.13% (6.95%)
$431,321 $245,645 $157,852 $15,218 $344,225 $288,588 $114,074 $ 4,294 $107,399 $71,205
1.12% 1.18% 1.22% 1.33%(1) 0.60% 0.64% 0.65% 0.65%(1) 0.93% 0.99%
1.12% 1.18% 1.22% 2.21%(1) 0.72% 0.76% 0.84% 1.15%(1) 0.93% 0.99%
0.51% 0.62% 0.35% (0.90%)(1) 5.38% 3.90% 2.53% 2.43%(1) 4.58% 5.11%
0.51% 0.62% 0.35% (1.78%)(1) 5.26% 3.78% 2.34% 1.93%(1) 4.58% 5.11%
113.32% 93.92% 92.16% 1.52% N/A N/A N/A N/A 70.94% 54.26%
<CAPTION>
1993(5)
-------
<S> <C> <C>
$ 10.00
0.17
0.62
0.79
--
--
--
$ 10.79
7.90%
$57,643
1.18%(1)
1.18%(1)
5.09%(1)
5.09%(1)
5.30%
</TABLE>
- --------------------------------------------------------------------------------
88
<PAGE> 90
AMERICAN SKANDIA TRUST
FINANCIAL HIGHLIGHTS
PER SHARE DATA (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FEDERATED HIGH
AST PHOENIX YIELD PORTFOLIO
BALANCED ASSET PORTFOLIO ------------------
-------------------------------
FOR THE YEAR ENDED
FOR THE YEAR ENDED DECEMBER 31, DECEMBER 31,
------------------------------- ------------------
1995 1994 1993(5) 1995 1994(6)
-------- -------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net Asset Value at Beginning of Period...................... $ 10.49 $ 10.57 $ 10.00 $ 9.69 $ 10.00
------- ------- ------- -------
Increase (Decrease) from Investment Operations
Net Investment Income (Loss)............................ 0.26 0.27 0.08 0.38 0.55
Net Realized & Unrealized Gains (Losses) on Investments
and Foreign Currency Transactions..................... 2.06 (0.26) 0.49 1.46 (0.86)
------- ------- ------- -------
Total Increase (Decrease) From Investment
Operations....................................... 2.32 0.01 0.57 1.84 (0.31)
------- ------- ------- -------
Less Dividends and Distributions
Dividends from Net Investment Income.................... (0.28) (0.07) -- (0.39) --
Distributions from Net Realized Capital Gains........... -- (0.02) -- -- --
------- ------- ------- -------
Total Dividends and Distributions.................. (0.28) (0.09) -- (0.39) --
------- ------- ------- -------
Net Asset Value of Final Redemptions on December 29, 1995...
Net Asset Value at End of Period............................ $ 12.53 $ 10.49 $ 10.57 $ 11.14 $ 9.69
------- ------- ------- -------
Total Return................................................ 22.60% 0.09% 5.70% 19.57% (3.10%)
Ratios/Supplemental Data
Net Assets at End of Period (in 000's).................. $255,206 $145,624 $91,591 $83,692 $21,308
Ratios of Expenses to Average Net Assets:
After Advisory Fee Waiver and Expense Reimbursement... 0.94% 0.99% 1.13%(1) 1.11% 1.15%(1)
Before Advisory Fee Waiver and Expense
Reimbursement...................................... 0.94% 0.99% 1.13%(1) 1.11% 1.34%(1)
Ratios of Net Investment Income (Loss) to Average Net
Assets:
After Advisory Fee Waiver and Expense Reimbursement... 3.28% 3.08% 2.53%(1) 8.72% 9.06%(1)
Before Advisory Fee Waiver and Expense
Reimbursement...................................... 3.28% 3.08% 2.53%(1) 8.72% 8.87%(1)
Portfolio Turnover Rate..................................... 160.94% 86.50% 46.35% 29.64% 40.55%
</TABLE>
- --------------------------------------------------------------------------------
(1) Annualized.
(5) Commenced operations on May 4, 1993.
(6) Commenced operations on January 4, 1994.
See Notes to Financial Statements.
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
T. ROWE PRICE ASSET
AST PHOENIX CAPITAL ALLOCATION PIMCO TOTAL RETURN INVESCO EQUITY
GROWTH PORTFOLIO PORTFOLIO BOND PORTFOLIO INCOME PORTFOLIO
------------------- ------------------- -------------------- --------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
------------------- ------------------- -------------------- --------------------
1995 1994(6) 1995 1994(6) 1995 1994(6) 1995 1994(6)
------- ------- ------- ------- -------- ------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 9.34 $ 10.00 $ 9.94 $ 10.00 $ 9.75 $ 10.00 $ 9.75 $ 10.00
------- ------- ------- ------- -------- ------- -------- -------
0.06 0.07 0.26 0.21 0.25 0.26 0.25 0.16
2.92 (0.73) 2.02 (0.27) 1.55 (0.51) 2.65 (0.41)
------- ------- ------- ------- -------- ------- -------- -------
2.98 (0.66) 2.28 (0.06) 1.80 (0.25) 2.90 (0.25)
------- ------- ------- ------- -------- ------- -------- -------
(0.07) -- (0.21) -- (0.21) -- (0.15) --
-- -- -- -- -- -- -- --
------- ------- ------- ------- -------- ------- -------- -------
(0.07) -- (0.21) -- (0.21) -- (0.15) --
------- ------- ------- ------- -------- ------- -------- -------
$ 12.25
-- $ 9.34 $ 12.01 $ 9.94 $ 11.34 $ 9.75 $ 12.50 $ 9.75
------- ------- ------- ------- -------- ------- -------- -------
32.10% (6.60%) 23.36% (0.60%) 18.78% (2.50%) 30.07% (2.50%)
$ -- $14,845 $59,399 $23,463 $225,335 $46,493 $176,716 $65,201
1.15% 1.15%(1) 1.25% 1.25%(1) 0.89% 1.02%(1) 0.98% 1.14%(1)
1.37% 1.59%(1) 1.29% 1.47%(1) 0.89% 1.02%(1) 0.98% 1.14%(1)
0.55% 1.47%(1) 3.53% 3.64%(1) 5.95% 5.57%(1) 3.34% 3.41%(1)
0.33% 1.03%(1) 3.49% 3.42%(1) 5.95% 5.57%(1) 3.34% 3.41%(1)
290.38% 216.86% 17.62% 31.62% 124.41% 139.25% 89.48% 62.87%
</TABLE>
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<PAGE> 92
AMERICAN SKANDIA TRUST
FINANCIAL HIGHLIGHTS
PER SHARE DATA (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOUNDERS CAPITAL T. ROWE PRICE
APPRECIATION INTERNATIONAL
PORTFOLIO EQUITY PORTFOLIO
------------------ --------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, DECEMBER 31,
------------------ --------------------
1995 1994(6) 1995 1994(6)
------- ------- -------- --------
<S> <C> <C> <C> <C>
Net Asset Value at Beginning of Period................................ $ 10.84 $ 10.00 $ 9.62 $ 10.00
------- ------- -------- --------
Increase (Decrease) from Investment Operations
Net Investment Income (Loss)...................................... (0.04) 0.11 0.07 0.02
Net Realized & Unrealized Gains (Losses) on Investments and
Foreign Currency Transactions................................... 3.54 0.73 0.99 (0.40)
------- ------- -------- --------
Total Increase (Decrease) From Investment Operations......... 3.50 0.84 1.06 (0.38)
------- ------- -------- --------
Less Dividends and Distributions
Dividends from Net Investment Income.............................. (0.09) -- (0.01) --
Distributions from Net Realized Capital Gains..................... -- -- (0.02) --
------- ------- -------- --------
Total Dividends and Distributions............................ (0.09) -- (0.03) --
------- ------- -------- --------
Net Asset Value of Final Redemptions on December 29, 1995.............
Net Asset Value at End of Period...................................... $ 14.25 $ 10.84 $ 10.65 $ 9.62
------- ------- -------- --------
Total Return.......................................................... 32.56% 8.40% 11.09% (3.80%)
Ratios/Supplemental Data
Net Assets at End of Period (in 000's)............................ $90,460 $28,559 $195,667 $108,751
Ratios of Expenses to Average Net Assets:
After Advisory Fee Waiver and
Expense Reimbursement........................................ 1.22% 1.30%(1) 1.33% 1.75%(1)
Before Advisory Fee Waiver and
Expense Reimbursement........................................ 1.22% 1.55%(1) 1.33% 1.77%(1)
Ratios of Net Investment Income (Loss) to Average Net Assets:
After Advisory Fee Waiver and
Expense Reimbursement........................................ (0.28%) 2.59%(1) 1.03% 0.45%(1)
Before Advisory Fee Waiver and
Expense Reimbursement........................................ (0.28%) 2.34%(1) 1.03% 0.43%(1)
Portfolio Turnover Rate............................................... 68.32% 197.93% 17.11% 15.70%
</TABLE>
- --------------------------------------------------------------------------------
(1) Annualized.
(6) Commenced operations on January 4, 1994.
(7) Commenced operations on May 3, 1994.
(8) Commenced operations on October 20, 1994.
(9) Commenced operations on May 2, 1995.
See Notes to Financial Statements.
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELIGMAN T. ROWE PIMCO
HENDERSON PRICE LIMITED
AST SCUDDER INTERNATIONAL NATURAL MATURITY
EAGLE GROWTH INTERNATIONAL BERGER CAPITAL SMALL CAP RESOURCES BOND
EQUITY PORTFOLIO BOND PORTFOLIO GROWTH PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------------ ------------------- ------------------ ------------ ------------ ------------
FOR THE FOR THE FOR THE
FOR THE YEAR ENDED FOR THE YEAR ENDED FOR THE YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
------------------ ------------------- ------------------ ------------ ------------ ------------
1995 1994(7) 1995 1994(7) 1995 1994(8) 1995(9) 1995(9) 1995(9)
------- ------ ------- ------- ------- ------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 9.95 $10.00 $ 9.68 $ 10.00 $ 9.97 $10.00 $ 10.00 $10.00 $ 10.00
------- ------ ------- ------- ------- ------ ------- ------ --------
0.09 0.03 0.31 0.27 0.04 0.01 0.03 0.04 0.05
2.30 (0.08) 0.75 (0.59) 2.40 (0.04) 0.30 1.07 0.42
------- ------ ------- ------- ------- ------ ------- ------ --------
2.39 (0.05) 1.06 (0.32) 2.44 (0.03) 0.33 1.11 0.47
------- ------ ------- ------- ------- ------ ------- ------ --------
(0.02) -- (0.14) -- (0.01) -- -- -- --
-- -- -- -- -- -- -- -- --
------- ------ ------- ------- ------- ------ ------- ------ --------
(0.02) -- (0.14) -- (0.01) -- -- -- --
------- ------ ------- ------- ------- ------ ------- ------ --------
$ 12.32
-- $ 9.95 $ 10.60 $ 9.68 $ 12.40 $ 9.97 $ 10.33 $11.11 $ 10.47
------- ------ ------- ------- ------- ------ ------- ------ --------
24.11% (0.50%) 11.10% (3.20%) 24.42% (0.30%) 3.30% 11.10% 4.70%
$ -- $3,479 $45,602 $15,218 $45,979 $3,030 $ 28,455 $9,262 $161,940
1.25% 1.25%(1) 1.53% 1.68%(1) 1.17% 1.25%(1) 1.46%(1) 1.35%(1) 0.89%(1)
2.44% 2.63%(1) 1.53% 1.68%(1) 1.17% 1.70%(1) 1.46%(1) 1.80%(1) 0.89%(1)
0.69% 0.80%(1) 6.17% 7.03%(1) 0.70% 1.41%(1) 0.94%(1) 1.28%(1) 4.87%(1)
(0.50%) (0.56%)(1) 6.17% 7.03%(1) 0.70% 0.97%(1) 0.94%(1) 0.83%(1) 4.87%(1)
107.63% 11.39% 325.00% 163.27% 84.21% 5.36% 3.52% 2.32% 204.85%
</TABLE>
- --------------------------------------------------------------------------------
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<PAGE> 94
AMERICAN SKANDIA TRUST
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
American Skandia Trust (the "Trust"), was organized under the laws of the
Commonwealth of Massachusetts on October 31, 1988, as a "Massachusetts Business
Trust". The Trust is registered under the Investment Company Act of 1940, as
amended, as a diversified, open-end management investment company. The Trust
operates as a series company, issuing nineteen classes of shares of beneficial
interest during 1995: Seligman Henderson International Equity Portfolio
("Henderson"), Lord Abbett Growth and Income Portfolio ("Lord Abbett"), JanCap
Growth Portfolio ("JanCap"), AST Money Market Portfolio ("Money Market"),
Federated Utility Income Portfolio ("Federated"), AST Phoenix Balanced Asset
Portfolio ("Balanced"), Federated High Yield Portfolio ("High Yield"), AST
Phoenix Capital Growth Portfolio ("Growth"), T. Rowe Price Asset Allocation
Portfolio ("Asset Allocation"), PIMCO Total Return Bond Portfolio ("PIMCO"),
INVESCO Equity Income Portfolio ("INVESCO"), Founders Capital Appreciation
Portfolio ("Founders"), T. Rowe Price International Equity Portfolio ("T.
Rowe"), Eagle Growth Equity Portfolio ("Eagle"), AST Scudder International Bond
Portfolio ("Scudder"), Berger Capital Growth Portfolio ("Berger"), Seligman
Henderson International Small Cap Portfolio ("Small Cap"), T. Rowe Price Natural
Resources Portfolio ("Natural Resources"), and PIMCO Limited Maturity Bond
Portfolio ("Limited Maturity") (collectively "the Portfolios").
The following is a summary of the Trust's significant accounting policies:
Security Valuation
All Portfolios, other than Money Market: Securities are valued at the close of
regular trading on each business day the New York Stock Exchange ("NYSE") is
open. Securities are valued at the last sale price on the securities exchange or
securities market on which such securities primarily are traded. Securities not
listed on an exchange or securities market, or securities on which there were no
transactions, are valued at the average of the most recent bid and asked prices.
Any securities or other assets for which recent market quotations are not
readily available are valued at fair value as determined in good faith by the
Board of Trustees.
Short-term obligations with less than sixty days remaining to maturity are
valued at amortized cost. Short-term obligations with more than sixty days
remaining to maturity are valued at current market value until the sixtieth day
prior to maturity, and thereafter are valued on an amortized cost basis based on
the value on such date.
Money Market: Securities are valued at amortized cost. The amortized cost method
values a security at its cost at the time of purchase and thereafter assumes a
constant amortization to maturity of any discount or premium.
Foreign Currency Translation and Foreign Currency Exchange Contracts
The Trust's investment valuations, other assets, and liabilities initially
expressed in foreign currencies are converted each business day into U.S.
dollars based upon current exchange rates determined prior to the close of the
NYSE. Purchases and sales of foreign investments and income and expenses are
converted into U.S. dollars based upon currency exchange rates prevailing on the
respective dates of such transactions. Gains and losses attributable to changes
in foreign currency exchange rates are recorded for financial statement purposes
as net realized gains and losses on investments and foreign currency
transactions.
A foreign currency exchange contract (FCEC) is a commitment to purchase or sell
a specified amount of foreign currency at the settlement date at a specified
rate. FCECs are used to hedge against foreign exchange rate risk arising from a
Portfolio's investment or anticipated investment in securities denominated in
foreign currencies. Risks may arise upon entering into FCECs from the
93
<PAGE> 95
- --------------------------------------------------------------------------------
potential inability of counterparties to meet the terms of their contracts.
Also, when utilizing FCECs a Portfolio gives up the opportunity to profit from
favorable exchange rate movements during the term of the contract. FCECs are
marked-to-market daily at the applicable exchange rates and any gains or losses
are recorded as unrealized until the contract settlement date.
Futures and Options
Certain Portfolios, as permitted by the Trust's prospectus, may enter into
futures contracts and purchase and write both put and call options. Futures
contracts provide for the future sale by one party and purchase by another of a
specified amount of a financial instrument at an agreed upon price and date. Put
and call options give the holder the right to sell or purchase, respectively, a
specified amount of a security or currency at a specified price on a certain
date. For both futures and options, risks arise from possible illiquidity and
from movements in security values, interest rates or currency values.
Futures and purchased options are valued based on their quoted daily settlement
prices. The premium received for a written option is recorded as an asset with
an equal liability which is marked-to-market based on the option's quoted daily
settlement price. Fluctuations in the value of futures and options are recorded
as unrealized appreciation (depreciation) until terminated, at which time
realized gains (losses) are recognized.
Investment Transactions and Investment Income
Security transactions are accounted for on the trade date. Realized gains and
losses from security transactions are recognized on the FIFO cost basis.
Dividend income is recognized on the ex-dividend date. Interest income is
accrued daily. Gains or losses on premiums from expired options are recognized
on the date of expiration.
Dividends and Distributions to Shareholders
All Portfolios other than Money Market: Dividends and distributions arising from
net investment income and net short-term and long-term capital gains, if any,
are declared and paid annually.
Money Market: Dividends from net investment income are declared daily and paid
monthly, and capital gains, if any, are declared and paid annually.
Organizations Costs
The Trust bears all costs in connection with its organization, including the
initial fees and expenses of registering and qualifying its shares for
distribution under Federal and state securities regulations. All such costs are
being amortized on a straight-line basis over a period of five years from May 1,
1992.
Tax Matters
It is the Trust's policy to comply with the requirements of the Internal Revenue
Code pertaining to regulated investment companies and to distribute all of its
taxable income, as well as any net realized gains to its shareholders.
Therefore, no federal income tax provision has been made. Foreign taxes have
been provided for dividend and interest income earned on foreign investments in
accordance with the applicable country's tax rates and, to the extent
unrecoverable, are recorded as a reduction of investment income.
2. INVESTMENT MANAGEMENT AGREEMENTS,
INVESTMENT SUB-ADVISORY
AGREEMENTS AND TRANSACTIONS
WITH AFFILIATES
The Portfolios have entered into Investment Management Agreements with American
Skandia Investment Services, Inc., formerly American Skandia Life Investment
Management, 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 entities as sub-advisors for their respective Portfolios: Seligman
Henderson Co., a joint venture between J&W Seligman
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<PAGE> 96
- --------------------------------------------------------------------------------
& Co. Incorporated and Henderson International, Inc. for Henderson and Small
Cap, Lord Abbett & Co. for Lord Abbett, Janus Capital Corporation for JanCap, J.
P. Morgan Investment Management, Inc. for Money Market, Federated Investment
Counseling for Federated and High Yield, Phoenix Investment Counsel, Inc. for
Balanced and Growth, T. Rowe Price Associates, Inc. for Asset Allocation and
Natural Resources, Pacific Investment Management Co. for PIMCO and Limited
Maturity, INVESCO Trust Co. for INVESCO, Founders Asset Management Inc. for
Founders, Rowe Price-Fleming International, a United Kingdom corporation, for T.
Rowe, Eagle Asset Management for Eagle, Scudder, Stevens, and Clark for Scudder,
and Berger Associates, Inc. for Berger. The Investment Manager receives a fee
computed daily and paid monthly based on an annual rate of 1.00%, .75%, .90%,
.50%, .75%, .75%, .75%, .75%, .85%, .65%, .75%, .90%, 1.00%, .80%, 1.00%, .75%,
1.00%, .90%, and .65% of the average daily net assets of the Henderson, Lord
Abbett, JanCap, Money Market, Federated, Balanced, High Yield, Growth, Asset
Allocation, PIMCO, INVESCO, Founders, T. Rowe, Eagle, Scudder, Berger, Small
Cap, Natural Resources, and Limited Maturity Portfolios, respectively. The fees
for Federated are at the rate of .60% for average daily net assets in excess of
$50,000,000 and for Balanced are at the rate of .65% for average daily net
assets in excess of $75,000,000. The Investment Manager is currently voluntarily
waiving .15% of its fee for Henderson on average daily net assets in excess of
$75,000,000, and .05% of its fee for Money Market.
The Investment Manager pays each sub-advisor a fee computed daily and payable
monthly based on an annual rate of 1.00%, .50%, .60%, .25%, .50%, .50%, .50%,
.50%, .50%, .30%, .50%, .65%, .75%, .50%, .60%, .55%, .60%, .60%, and .30% of
the average daily net assets of the Henderson, Lord Abbett, JanCap, Money
Market, Federated, Balanced, High Yield, Growth, Asset Allocation, PIMCO,
INVESCO, Founders, T. Rowe, Eagle, Scudder, Berger, Small Cap, Natural
Resources, and Limited Maturity Portfolios, respectively. The sub-advisors for
Henderson and Money Market are currently voluntarily waiving portions of the
fees payable to them by the Investment Manager. The annual rates of the fees
payable by the Investment Manager to the sub-advisors of all Portfolios, other
than Eagle and Scudder, are reduced for Portfolio net assets in excess of
specified levels.
The Investment Manager has agreed to reimburse each Portfolio for the amount, if
any, by which the total operating and management expenses (after fee waivers and
expense reimbursements) of the Portfolio for any fiscal year exceed the most
restrictive state blue sky expense limitation in effect from time to time, to
the extent required by such limitation. The Investment Management Agreement with
each Portfolio also provides that the Investment Manager will reimburse the
Portfolio to prevent its expenses from exceeding a specific percentage limit.
During the year ended December 31, 1995, the Investment Manager reimbursed Money
Market, Growth, Asset Allocation, Eagle and Natural Resources for expenses
pursuant to those provisions.
The Trust has entered into an agreement for the sale of shares with American
Skandia Life Assurance Corporation ("ASLAC") pursuant to which it pays ASLAC a
shareholder servicing fee at an annual rate of 0.1% of each Portfolio's average
daily net assets.
Certain officers and/or Trustees of the Trust are also officers and/or directors
of the Investment Manager. During the year ended December 31, 1995, the Trust
made no direct payments to its officers or interested Trustees.
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<PAGE> 97
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3. PURCHASES AND SALES OF SECURITIES
The cost of security purchases and proceeds from the sales of securities,
excluding short-term obligations, during the year ended December 31, 1995 were
($ in thousands): $139,949 and $135,018 for Henderson, $161,248 and $67,797 for
Lord Abbett, $481,042 and $338,056 for JanCap, $79,463 and $60,002 for
Federated, $231,131 and $201,726 for Balanced, $65,672 and $12,996 for High
Yield, $44,632 and $61,254 for Growth, $37,318 and $5,889 for Asset Allocation,
$229,857 and $87,401 for PIMCO, $175,237 and $93,917 for INVESCO, $77,534 and
$32,394 for Founders, $90,390 and $22,238 for T. Rowe, $4,887 and $9,040 for
Eagle, $106,962 and $80,393 for Scudder, $54,444 and $15,457 for Berger, $24,497
and $359 for Small Cap, $7,314 and $271 for Natural Resources, and $100,645 and
$44,050 for Limited Maturity.
4. FINANCIAL INSTRUMENTS
Certain Portfolios, as permitted by the Trust's prospectus, may trade financial
instruments with off-balance sheet risk in the normal course of investing
activities and to assist in managing exposure to market risks such as changes in
interest rates and foreign currency exchange rates. The financial instruments
include written options, forward foreign currency exchange contracts and futures
contracts.
The notional or contractual amounts of these instruments represent the
investment the Trust has in particular classes of financial instruments and do
not necessarily represent the amounts potentially subject to risk. The
measurement of the risks associated with these instruments is meaningful only
when all related and offsetting transactions are considered.
5. CAPITAL LOSS CARRYOVERS
At December 31, 1995, for Federal income tax purposes, capital loss carryovers
which may be applied against future net taxable realized gains of each
succeeding year until the earlier of utilization or expiration in 2002 were ($
in thousands): $2,704 for Federated, $26 for High Yield and $9 for Berger.
Capital loss carryovers that expire in 2003 were ($ in thousands): $418 for T.
Rowe, $195 for Berger and $14 for Small Cap.
6. FUND SUBSTITUTION
On December 29, 1995, pursuant to an exemptive order granted by the Securities
and Exchange Commission, ASLAC effected a substitution involving various
Portfolios and other unaffiliated mutual funds offered as investment options in
its annuity contracts. As a result of that substitution, on December 29, 1995,
the separate accounts of ASLAC redeemed all of the then-outstanding shares of
Growth and Eagle, and effected purchases of the shares of various Portfolios of
the Trust, as follows ($ in thousands unaudited):
<TABLE>
<CAPTION>
VALUE OF FUND SHARES:
PORTFOLIO PURCHASED REDEEMED
- ----------------------------- ---------- ---------
<S> <C> <C>
Henderson.................... $ 2,154
Lord Abbett.................. 66,471
JanCap....................... 623
Balanced..................... 69,746
PIMCO........................ 44,198
Limited Maturity............. 101,712
Growth....................... $19,220
Eagle........................ 5,255
</TABLE>
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<PAGE> 98
INDEPENDENT AUDITORS' REPORT
The Board of Trustees and Shareholders,
American Skandia Trust:
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of Seligman Henderson International Equity
Portfolio (formerly Henderson International Equity Portfolio) of American
Skandia Trust (the "Trust") as of December 31, 1995, the related statements of
operations for the year then ended and changes in net assets for each of the
years in the two-year period then ended, and the financial highlights for each
of the years in the five-year period then ended. We also have audited the
accompanying statements of assets and liabilities, including the portfolios of
investments, of Lord Abbett Growth and Income Portfolio, JanCap Growth
Portfolio, AST Money Market Portfolio, Federated Utility Income Portfolio, AST
Phoenix Balanced Asset Portfolio, Federated High Yield Portfolio, T. Rowe Price
Asset Allocation Portfolio, PIMCO Total Return Bond Portfolio, INVESCO Equity
Income Portfolio, Founders Capital Appreciation Portfolio, T. Rowe Price
International Equity Portfolio, AST Scudder International Bond Portfolio, Berger
Capital Growth Portfolio, Seligman Henderson International Small Cap Portfolio,
T. Rowe Price Natural Resources Portfolio, and PIMCO Limited Maturity Bond
Portfolio of the Trust as of December 31, 1995, the related statements of
operations and changes in net assets and the financial highlights for each of
the periods presented. We also have audited the accompanying statements of
assets and liabilities of AST Phoenix Capital Growth Portfolio and Eagle Growth
Equity Portfolio of the Trust as of December 31, 1995, the related statements of
operations and changes in net assets, and the financial highlights for each of
the periods presented. These financial statements and the financial highlights
are the responsibility of the Trust's management. Our responsibility is to
express an opinion on these financial statements and the financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and the financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned at December
31, 1995 by correspondence with the custodians and brokers and where replies
were not received, we performed other auditing procedures. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial positions of Seligman Henderson
International Equity Portfolio, Lord Abbett Growth and Income Portfolio, JanCap
Growth Portfolio, AST Money Market Portfolio, Federated Utility Income
Portfolio, AST Phoenix Balanced Asset Portfolio, Federated High Yield Portfolio,
AST Phoenix Capital Growth Portfolio, T. Rowe Price Asset Allocation Portfolio,
PIMCO Total Return Bond Portfolio, INVESCO Equity Income Portfolio, Founders
Capital Appreciation Portfolio, T. Rowe Price International Equity Portfolio,
Eagle Growth Equity Portfolio, AST Scudder International Bond Portfolio, Berger
Capital Growth Portfolio, Seligman Henderson International Small Cap Portfolio,
T. Rowe Price Natural Resources Portfolio, and PIMCO Limited Maturity Bond
Portfolio of American Skandia Trust as of December 31, 1995, the results of
their operations, the changes in their net assets, and the financial highlights
for the respective stated periods in conformity with generally accepted
accounting principles.
Deloitte & Touche LLP
Princeton, New Jersey
February 9, 1996
97
