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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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008 A001001 AMERICAN SKANDIA INV. SERVICES, INC.
008 B001001 A
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008 D011001 SHELTON
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<PAGE> PAGE 49
015 C031001 19113
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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008 B001101 A
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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008 A001201 AMERICAN SKANDIA INV. SERVICES, INC.
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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<PAGE> PAGE 71
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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<PAGE> PAGE 75
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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<PAGE> PAGE 78
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<PAGE> PAGE 79
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<PAGE> PAGE 80
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<PAGE> PAGE 81
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<PAGE> PAGE 82
070 D011700 Y
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<PAGE> PAGE 83
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<PAGE> PAGE 84
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<PAGE> PAGE 85
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<PAGE> PAGE 86
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<PAGE> PAGE 87
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<PAGE> PAGE 88
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<PAGE> PAGE 89
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<PAGE> PAGE 90
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<PAGE> PAGE 91
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<PAGE> PAGE 92
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<PAGE> PAGE 93
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<PAGE> PAGE 94
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<PAGE> PAGE 95
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<PAGE> PAGE 97
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<PAGE> PAGE 99
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<PAGE> PAGE 100
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<PAGE> PAGE 101
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<PAGE> PAGE 102
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<PAGE> PAGE 103
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<PAGE> PAGE 104
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<PAGE> PAGE 105
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<PAGE> PAGE 106
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<PAGE> PAGE 107
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<PAGE> PAGE 108
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<PAGE> PAGE 109
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<PAGE> PAGE 110
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<PAGE> PAGE 111
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<PAGE> PAGE 112
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<PAGE> PAGE 113
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<PAGE> PAGE 114
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<PAGE> PAGE 115
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<PAGE> PAGE 116
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<PAGE> PAGE 117
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<PAGE> PAGE 118
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<PAGE> PAGE 119
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<PAGE> PAGE 120
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<PAGE> PAGE 121
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<PAGE> PAGE 122
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<PAGE> PAGE 124
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<PAGE> PAGE 125
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<PAGE> PAGE 126
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<PAGE> PAGE 127
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<PAGE> PAGE 128
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<PAGE> PAGE 129
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<PAGE> PAGE 130
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<PAGE> PAGE 131
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<PAGE> PAGE 132
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<PAGE> PAGE 133
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<PAGE> PAGE 134
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<PAGE> PAGE 135
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<PAGE> PAGE 136
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<PAGE> PAGE 137
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
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<NUMBER-OF-SHARES-SOLD> 25343239
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<SHARES-REINVESTED> 559
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<TABLE> <S> <C>
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<CIK> 0000814679
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<NAME> AST COHEN & STEERS REALTY PORTFOLIO
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<DIVIDEND-INCOME> 356882
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<EXPENSES-NET> (91251)
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<GROSS-EXPENSE> 91251
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<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> (.64)
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<PER-SHARE-NAV-END> 9.47
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<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814679
<NAME> AMERICAN SKANDIA TRUST
<SERIES>
<NUMBER> 28
<NAME> LORD ABBETT SMALL CAP VALUE PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 29977941
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<OTHER-ITEMS-LIABILITIES> 18877
<TOTAL-LIABILITIES> 2133672
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30499640
<SHARES-COMMON-STOCK> 2770187
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (22638)
<ACCUM-APPREC-OR-DEPREC> (409183)
<NET-ASSETS> 30049824
<DIVIDEND-INCOME> 29550
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<EXPENSES-NET> (71532)
<NET-INVESTMENT-INCOME> (17995)
<REALIZED-GAINS-CURRENT> (22638)
<APPREC-INCREASE-CURRENT> (409183)
<NET-CHANGE-FROM-OPS> (449816)
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<NUMBER-OF-SHARES-SOLD> 2988903
<NUMBER-OF-SHARES-REDEEMED> (218726)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 30049724
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 51509
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<GROSS-EXPENSE> 71532
<AVERAGE-NET-ASSETS> 10933743
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> .86
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<PER-SHARE-NAV-END> 10.85
<EXPENSE-RATIO> 1.32
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814679
<NAME> AMERICAN SKANDIA TRUST
<SERIES>
<NUMBER> 29
<NAME> BANKERS TRUST ENHANCED 500 PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 106148801
<INVESTMENTS-AT-VALUE> 110952201
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 114539974
<PAYABLE-FOR-SECURITIES> 163281
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 182135
<TOTAL-LIABILITIES> 345416
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 101333262
<SHARES-COMMON-STOCK> 9759995
<SHARES-COMMON-PRIOR> 10
<ACCUMULATED-NII-CURRENT> 510195
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7178541
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5172560
<NET-ASSETS> 114194558
<DIVIDEND-INCOME> 660644
<INTEREST-INCOME> 180617
<OTHER-INCOME> 0
<EXPENSES-NET> (331066)
<NET-INVESTMENT-INCOME> 510195
<REALIZED-GAINS-CURRENT> 7178541
<APPREC-INCREASE-CURRENT> 5172560
<NET-CHANGE-FROM-OPS> 12861296
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14896923
<NUMBER-OF-SHARES-REDEEMED> (5136938)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 114194458
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 383511
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814679
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<NUMBER> 30
<NAME> STEIN ROE VENTURE PORTFOLIO
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<PAYABLE-FOR-SECURITIES> 282137
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<TOTAL-LIABILITIES> 287386
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5458083
<SHARES-COMMON-STOCK> 541370
<SHARES-COMMON-PRIOR> 10
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<OVERDISTRIBUTION-NII> (5410)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (3258)
<ACCUM-APPREC-OR-DEPREC> (478030)
<NET-ASSETS> 4971385
<DIVIDEND-INCOME> 5911
<INTEREST-INCOME> 4652
<OTHER-INCOME> 0
<EXPENSES-NET> (15973)
<NET-INVESTMENT-INCOME> (5410)
<REALIZED-GAINS-CURRENT> (3258)
<APPREC-INCREASE-CURRENT> (478030)
<NET-CHANGE-FROM-OPS> (486698)
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 572774
<NUMBER-OF-SHARES-REDEEMED> (31414)
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<NET-CHANGE-IN-ASSETS> 4971285
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<GROSS-EXPENSE> 25213
<AVERAGE-NET-ASSETS> 2385983
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> (.81)
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<EXPENSE-RATIO> 1.35
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</TABLE>
EXHIBIT INDEX
EXHIBIT A - Attachment to item 77C: Submission of matters to a vote
of security holders.
EXHIBIT B - Attachment to item 77D: Policies with respect to security
Investments
EXHIBIT C - Attachment to item 77O: Transactions effected pursuant
To Rule 10f-3
EXHIBIT D - Attachment to item 77Q1: incorporated by reference as follows
- -------------------------------------------------------------------------
EXHIBIT A
I. A Special Meeting of the Shareholders of the Founders Capital
Appreciation Portfolio of the Registrant was held on February 19, 1998 for
the following purpose:
To approve or disapprove a new Sub-Advisory Agreement between American
Skandia Investment Services, Incorporated and Founders Asset Management
LLC regarding investment advice to the Founders Capital Appreciation
Portfolio.
With regard to the resolution approving the Sub-Advisory Agreement between
American Skandia Investment Services, Incorporated and Founders Asset
Management LLC regarding investment advice to the Founders Capital
Appreciation Portfolio:
13,618,232 shares were voted for,
336,940 shares were voted against, and
1,494,852 shares abstained.
II. A Special Meeting of the Shareholders of the Founders Passport
Portfolio of the Registrant was held on February 19, 1998 for the
following purpose:
To approve or disapprove a new Sub-Advisory Agreement between American
Skandia Investment Services, Incorporated and Founders Asset Management
LLC regarding investment advice to the Founders Passport Portfolio.
With regard to the resolution approving the Sub-Advisory Agreement between
American Skandia Investment Services, Incorporated and Founders Asset
Management LLC regarding investment advice to the Founders Passport
Portfolio:
9,177,560 shares were voted for,
200,907 shares were voted against, and
901,179 shares abstained.
III. A Special Meeting of the Shareholders of the Federated Utility
Income Portfolio of the Registrant was held on April 29, 1998 for the
following purposes:
1. To approve or disapprove the Investment Management Agreement between
American Skandia Trust and American Skandia Investment Services,
Incorporated regarding management of the Federated Utility Income
Portfolio.
With regard to the resolution approving the Investment Management
Agreement between American Skandia Trust and American Skandia Investment
Services, Incorporated regarding management of the Federated Utility
Income Portfolio:
12,522,801 shares were voted for,
649,892 shares were voted against, and
759,017 shares abstained.
2. To approve or disapprove the Sub-Advisory Agreement between American
Skandia Investment Services, Incorporated and Neuberger&Berman Management
Incorporated regarding investment advice to the Federated Utility Income
Portfolio.
With regard to the resolution approving the Sub-Advisory Agreement between
American Skandia Investment Services, Incorporated and Neuberger&Berman
Management Incorporated regarding investment advice to the Federated
Utility Income Portfolio:
12,533,584 shares were voted for,
638,274 shares were voted against, and
759,852 shares abstained.
3. To approve or disapprove the proposed change in the fundamental
investment objective of the Federated Utility Income Portfolio.
With regard to the resolution approving the proposed change in the
fundamental investment objective of the Federated Utility Income Portfolio:
12,507,212 shares were voted for,
599,224 shares were voted against, and
825,281 shares abstained.
4. To approve or disapprove the proposed changes in the fundamental
investment restrictions of the Federated Utility Income Portfolio.
With regard to the resolution approving the proposed changes in the
fundamental investment restrictions of the Federated Utility Income
Portfolio:
12,322,758 shares were voted for,
729,845 shares were voted against, and
879,114 shares abstained.
IV. A Special Meeting of the Shareholders of the Berger Capital Growth
Portfolio of the Registrant was held on April 29, 1998 for the following
purposes:
1. To approve or disapprove the Investment Management Agreement between
American Skandia Trust and American Skandia Investment Services,
Incorporated regarding management of the Berger Capital Growth Portfolio.
With regard to the resolution approving the Investment Management Agreement
between American Skandia Trust and American Skandia Investment Services,
Incorporated regarding management of the Berger Capital Growth Portfolio:
13,406,015 shares were voted for,
713,283 shares were voted against, and
705,799 shares abstained.
2. To approve or disapprove the Sub-Advisory Agreement between American
Skandia Investment Services, Incorporated and Neuberger&Berman Management
Incorporated regarding investment advice to the Berger Capital Growth
Portfolio.
With regard to the resolution approving the Sub-Advisory Agreement between
American Skandia Investment Services, Incorporated and Neuberger&Berman
Management Incorporated regarding investment advice to the Berger Capital
Growth Portfolio:
13,470,203 shares were voted for,
607,569 shares were voted against, and
747,325 shares abstained.
3. To approve or disapprove the proposed changes in the fundamental
investment restrictions of the Berger Capital Growth Portfolio.
With regard to the resolution approving the proposed changes in the
fundamental investment restrictions of the Berger Capital Growth Portfolio:
13,301,660 shares were voted for,
687,617 shares were voted against, and
835,819 shares abstained.
- ------------------------------------------------------------------------
EXHIBIT B
As set forth in response to Item 77C, special meetings of the
shareholders of two portfolios of the Registrant (the Neuberger&Berman
Mid-Cap Value Portfolio, which formerly was named the Federated Utility
Income Portfolio, and Neuberger&Berman Mid-Cap Growth Portfolio, which
formerly was named the Berger Capital Growth Portfolio) were held on
April 29, 1998 in order to approve new sub-advisory arrangements for the
portfolios and certain changes in the portfolios' investment policies
related to the new sub-advisory arrangements. In addition to the changes
in the investment policies that required shareholder approval, a number of
changes to the investment policies of those portfolios not requiring
shareholder approval were also made in connection with the new sub-advisory
arrangements. The current investment policies of these Portfolios are
described in detail in the prospectus and Statement of Additional
Information for the Registrant included as part of Post-Effective Amendment
No. 26 to the Registrant's registration statement filed on May 1, 1998.
In addition, a number of changes not requiring shareholder approval
were made to the investment policies of the Registrant's other Portfolios
effective May 1, 1998. Specifically, disclosure was added to clarify that
the JanCap Growth Portfolio may invest in money market funds managed by the
Portfolio's sub-adviser and that the Founders Capital Appreciation and
Founders Passport Portfolios may engage in "proxy-hedging" with respect to
foreign currencies. The portion of the INVESCO Equity Income Portfolio's
assets that can be invested in cash and high quality debt securities as
part of a temporary defensive position was increased from 50% to 100%.
Disclosure was added to permit the Bankers Trust Enhanced 500 Portfolio to
invest in equity securities that are not part of the S&P500 Index in
certain circumstances. Finally, disclosure was added regarding investment
by the Marsico Capital Growth Portfolio in debt securities, including
lower-rated debt securities, zero coupon securities, and index/structured
securities.
The current investment policies of the Registrant's Portfolios are
described in detail in the prospectus and Statement of Additional
Information for the Registrant included as part of Post-Effective
Amendment No. 26.
- -------------------------------------------------------------------------
EXHIBIT C
On June 30, 1998, the Neuberger&Berman Mid-Cap Growth Portfolio of the
Registrant purchased 60,000 shares of Republic Services, Inc. Class A stock
from Merrill Lynch, Pierce, Fenner & Smith Incorporated in an underwritten
offering of 63,250,000 shares of such stock in which Neuberger&Berman, LLC,
an affiliate of the Portfolio's sub-adviser, was one of 33 members of the
selling syndicate. The Portfolio purchased the security at the public
offering price of $24.00 per share.
On June 11, 1998, the Twentieth Century International Growth Portfolio
of the Registrant purchased 2,900 shares of Cable & Wireless Communications
plc ordinary shares from Goldman, Sachs & Co. in an underwritten offering
of 74,383,545 such shares in which J.P. Morgan Securities Inc., an affiliate
of the Portfolio's Sub-adviser, was a member of the selling syndicate. The
Portfolio purchased the security at the public offering price of 4.60(in
pounds) per share. The other members of the selling syndicate were Morgan
Stanley & Co. Incorporated, Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Smith Barney Inc. and Bear, Stearns & Co. Inc.
On April 6, 1998, the T. Rowe Price International Equity Portfolio of
the Registrant purchased 47,000 shares of Telecom Corporation of New
Zealand ordinary shares from Merrill Lynch, Pierce, Fenner & Smith
Incorporated in an underwritten offering of 170,846,064 such shares in
which Robert Fleming Co., Ltd., an affiliate of the Portfolio's Sub-adviser,
was a member of the selling syndicate. The Portfolio purchased the
security at the public offering price of NZ$4.70 per share.
On June 18, 1998, the T. Rowe Price International Equity Portfolio of the
Registrant purchased 30,000 shares of AMP Limited ordinary shares from
Credit Suisse First Boston in an underwritten offering of 150,000,000 such
shares in which Ord Minnett, an affiliate of the Portfolio's Sub-adviser,
was a member of the selling syndicate. The Portfolio purchased the
security at the public offering price of A$18.70 per share.
The Investment Manager has obtained information from each Portfolio's
Sub-advisor with regard to each of the above transactions' compliance with
rule 10f-3 under the Investment Company Act of 1940 and the Registrant's
rule 10f-3 procedures. At its September 2, 1998 meeting, the Registrant's
Board of Trustees will in turn consider making the determinations required
by rule 10f-3 based on information provided to it by the Investment Manager.
- -------------------------------------------------------------------------
EXHIBIT D
The Investment Management Agreement between the Registrant and
American Skandia Investment Services, Incorporated with respect to the
Lord Abbett Small Cap Value Portfolio is incorporated by reference to
Exhibit 5(v) of Post-Effective Amendment No. 24 to the Registrant's
Registration Statement filed on December 19, 1997.
The Investment Management Agreement between the Registrant and American
Skandia Investment Services, Incorporated with respect to the Cohen &
Steers Realty Portfolio is incorporated by reference to Exhibit 5(w) of
Post-Effective Amendment No. 24 to the Registrant's Registration Statement
filed on December 19, 1997.
The Investment Management Agreement between the Registrant and American
Skandia Investment Services, Incorporated with respect to the Stein Roe
Venture Portfolio is incorporated by reference to Exhibit 5(x) of Post-
Effective Amendment No. 24 to the Registrant's Registration Statement filed
on December 19, 1997.
The Investment Management Agreement between the Registrant and American
Skandia Investment Services, Incorporated with respect to the Bankers Trust
Enhanced 500 Portfolio is incorporated by reference to Exhibit 5(y) of
Post-Effective Amendment No. 24 to the Registrant's Registration Statement
filed on December 19, 1997.
The Investment Management Agreement between the Registrant and American
Skandia Investment Services, Incorporated with respect to the
Neuberger&Berman Mid-Cap Growth Portfolio is incorporated by reference to
Exhibit 5(aa) of Post-Effective Amendment No. 26 to the Registrant's
Registration Statement filed on May 1, 1998.
The Investment Management Agreement between the Registrant and American
Skandia Investment Services, Incorporated with respect to the
Neuberger&Berman Mid-Cap Value Portfolio is incorporated by reference to
Exhibit 5(bb) of Post-Effective Amendment No. 26 to the Registrant's
Registration Statement filed on May 1, 1998.
The Sub-advisory Agreement between the American Skandia Investment
Services, Incorporated and Founders Asset Management LLC with respect to
the Founders Capital Appreciation Portfolio is incorporated by reference
to Exhibit 5(ii) of Post-Effective Amendment No. 26 to the Registrant's
Registration Statement filed on May 1, 1998.
The Sub-advisory Agreement between the American Skandia Investment
Services, Incorporated and Founders Asset Management LLC with respect to
the Founders Passport Portfolio is incorporated by reference to Exhibit
5(pp) of Post-Effective Amendment No. 26 to the Registrant's Registration
Statement filed on May 1, 1998.
The Sub-advisory Agreement between the American Skandia Investment
Services, Incorporated and Lord, Abbett & Co. with respect to the Lord
Abbett Small Cap Value Portfolio is incorporated by reference to Exhibit
5(xx) of Post-Effective Amendment No. 24 to the Registrant's Registration
Statement filed on December 19, 1997.
The Sub-advisory Agreement between the American Skandia Investment
Services, Incorporated and Cohen & Steers Capital Management, Inc. with
respect to the Cohen & Steers Realty Portfolio is incorporated by reference
to Exhibit 5(yy) of Post-Effective Amendment No. 24 to the Registrant's
Registration Statement filed on December 19, 1997.
The Sub-advisory Agreement between the American Skandia Investment
Services, Incorporated and Stein Roe & Farnham Incorporated with respect
to the Stein Roe Venture Portfolio is incorporated by reference to Exhibit
5(zz) of Post-Effective Amendment No. 24 to the Registrant's Registration
Statement filed on December 19, 1997.
The Sub-advisory Agreement between the American Skandia Investment
Services, Incorporated and Bankers Trust Company with respect to the
Bankers Trust Enhanced 500 Portfolio is incorporated by reference to
Exhibit 5(aaa) of Post-Effective Amendment No. 24 to the Registrant's
Registration Statement filed on December 19, 1997.
The Sub-advisory Agreement between the American Skandia Investment
Services, Incorporated and Neuberger&Berman Management Incorporated with
respect to the Neuberger&Berman Mid-Cap Value Portfolio is incorporated by
reference to Exhibit 5(ccc) of Post-Effective Amendment No. 24 to the
Registrant's Registration Statement filed on December 19, 1997.
The Sub-advisory Agreement between the American Skandia Investment
Services, Incorporated and Neuberger&Berman Management Incorporated with
respect to the Neuberger&Berman Mid-Cap Growth Portfolio is incorporated
by reference to Exhibit 5(ddd) of Post-Effective Amendment No. 24 to the
Registrant's Registration Statement filed on December 19, 1997.
