American Skandia Trust
Supplement dated July 23, 1999 to the Prospectus dated May 3, 1999
AST Oppenheimer Large-Cap Growth Portfolio
Bruce L. Bartlett has replaced Robert C. Doll, Jr. as the portfolio
manager for the AST Oppenheimer Large-Cap Growth Portfolio (the "Portfolio").
Accordingly, the section of the prospectus entitled "Management of the Trust --
Sub-advisors -- OppenheimerFunds, Inc." (on page 91) is revised by deleting the
second paragraph and replacing it with the following:
Bruce L. Bartlett, CFA has been the portfolio manager responsible
for management of the Portfolio since July 1999. Mr. Bartlett is
a Senior Vice President and Portfolio Manager for
OppenheimerFunds who joined OppenheimerFunds in June 1995.
Previously, Mr. Bartlett was a Vice President and Senior
Portfolio Manager at First of America Investment Corporation.
In addition, the new portfolio manager for the Portfolio desires to
have the flexibility to engage in certain options and forward contract
transactions. Accordingly, the section of the prospectus entitled "Investment
Objectives and Policies -- AST Oppenheimer Large-Cap Growth Portfolio -- Other
Investments" (on page 56) is deleted and replaced with the following:
Other Investments:
While the Sub-advisor will invest the Portfolio's assets
primarily in domestic equity securities, it also may invest in
other types of securities and employ special investment
techniques. The Portfolio may purchase securities of foreign
companies or governments, including those in developing
countries. The Portfolio may buy and sell futures contracts,
forward foreign currency contracts and put and call options on
securities, currencies, futures contracts and broadly-based
securities indices. The Portfolio may use these instruments to
hedge the Portfolio against price fluctuations or to increase its
exposure to the market, but not for speculative purposes. The
Portfolio currently does not use these instruments extensively.
In addition to options, futures contracts and forward contracts,
the Portfolio may invest in specially designed derivative
instruments for hedging purposes or to seek enhanced total
return.
The Portfolio may invest a portion of its assets in cash, cash
equivalents and U.S. Government securities for liquidity
purposes, but will not invest a significant portion of its assets
in these instruments for temporary defensive purposes. For
additional information about these investments and their risks,
see this Prospectus under "Certain Risk Factors and Investment
Methods."
