American Skandia Trust
Supplement dated March 28, 2000 to the Prospectus dated October 18, 1999
Effective January 3, 2000, American Skandia Trust (the "Trust") added a
thirty-second Portfolio, the AST Alger All-Cap Growth Portfolio. At this time,
this new Portfolio is offered through a prospectus (dated as of December 30,
1999) that is separate from the prospectus to which this supplement relates. The
Prospectus for the AST Alger All-Cap Portfolio can be obtained by calling (800)
752-6342 or by writing American Skandia Trust at One Corporate Drive, Shelton,
Connecticut 06484.
AST Janus Overseas Growth Portfolio
Laurance Chang has been appointed as co-portfolio manager for the AST
Janus Overseas Growth Portfolio (the "Portfolio"), joining Helen Young Hayes in
managing the Portfolio. Accordingly, the section of the prospectus entitled
"Management of the Trust -- Sub-advisors - Janus Capital Corporation" is amended
by deleting the second paragraph and replacing it with the following:
The portfolio managers responsible for the management of the AST Janus
Overseas Growth Portfolio are Helen Young Hayes, CFA and Laurance
Chang, CFA. Ms. Hayes has been managing the Portfolio since its
inception, while Mr. Chang has been managing the Portfolio since
January 2000. Ms. Hayes is a Vice President of Janus and joined Janus
in 1987. Mr. Chang is a Vice President of Janus and joined Janus in
1993.
AST Janus Small-Cap Growth Portfolio
James P. Craig, III, Chief Investment Officer of Janus, has expanded
his duties by becoming Director of Research and has relinquished his day-to-day
portfolio management responsibilities, including management of the AST Janus
Small-Cap Growth Portfolio. Accordingly, the section of the prospectus entitled
"Management of the Trust -- Sub-advisors - Janus Capital Corporation" is amended
by deleting the third paragraph and replacing it with the following:
The AST Janus Small-Cap Growth Portfolio is managed by a management
team consisting of William H. Bales and Jonathan D. Coleman, CFA. Mr.
Bales and Mr. Coleman have managed the Portfolio since Janus became
the Portfolio's Sub-advisor in January, 1999. Mr. Bales has been a
Portfolio Manager with Janus since 1997 and a research analyst since
1993. He joined Janus in 1991. Mr. Coleman has been a Portfolio
Manager with Janus since 1997 and a research analyst since joining
Janus in 1994.
AST Kemper Small-Cap Growth Portfolio
Due to the increases in the market prices of small-cap stocks, it has
become appropriate to increase the market capitalization standard for the stocks
in which the AST Kemper Small-Cap Growth Portfolio will invest. Accordingly, the
discussion of this Portfolio in the section of the prospectus entitled
"Risk/Return Summary - Capital Growth Portfolios - Principal Investment
Strategies" is revised by deleting the first sentence and replacing it with the
following:
At least 65% of the AST Kemper Small-Cap Growth Portfolio's total
assets normally will be invested in the equity securities of smaller
companies, i.e., those having a market capitalization of $2 billion or
less at the time of investment, many of which would be in the early
stages of their life cycle.
In addition, the section of the prospectus entitled "Investment
Objective and Policies - AST Kemper Small-Cap Growth Portfolio - Principal
Investment Policies and Risks" is revised similarly.
AST Neuberger Berman Mid-Cap Value Portfolio
Michael M. Kassen is no longer serving as a portfolio manager for the
AST Neuberger Berman Mid-Cap Value Portfolio. Accordingly, the section of the
prospectus entitled "Management of the Trust -- Sub-advisors - Neuberger Berman
Management Inc." is amended by deleting the third paragraph and replacing it
with the following:
The portfolio managers responsible for the day-to-day management of
the AST Neuberger Berman Mid-Cap Value Portfolio are Robert I.
Gendelman and S. Basu Mullick. Mr. Gendelman has been managing the
Portfolio since NB Management became the Portfolio's Sub-advisor in
May 1998, and Mr. Mullick has been managing the Portfolio since
October 1998. Mr. Gendelman is a principal of Neuberger Berman and has
been with NB Management since 1994, where he is currently a Vice
President. Mr. Mullick has been a Vice President of NB Management
since October 1998. From 1993 to 1998, Mr. Mullick was a portfolio
manager for a prominent investment adviser.
AST Federated High Yield Portfolio
Constantine J. Kartsonas is no longer serving as a portfolio manager
for the AST Federated High Yield Portfolio. Accordingly, the section of the
prospectus entitled "Management of the Trust - Sub-advisors - Federated
Investment Counseling" is amended by deleting the second paragraph and replacing
it with the following:
Mark E. Durbiano is primarily responsible for the day-to-day management
of the AST Federated High Yield Portfolio. Mr. Durbiano, who has
managed the Portfolio since it commenced operations in 1994, joined the
Federated Investment's parent company in 1982 and has been a Senior
Vice President of an affiliate of Federated Investment since January
1996.
