<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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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 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 37
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<PAGE> PAGE 38
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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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<PAGE> PAGE 49
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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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<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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<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
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<PAGE> PAGE 83
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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 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 96
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<PAGE> PAGE 98
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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 115
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<PAGE> PAGE 116
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<PAGE> PAGE 117
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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 123
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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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<PAGE> PAGE 138
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<PAGE> PAGE 139
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<PAGE> PAGE 148
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<PAGE> PAGE 149
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<PAGE> PAGE 151
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<PAGE> PAGE 161
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<PAGE> PAGE 162
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<PAGE> PAGE 163
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<PAGE> PAGE 164
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
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<PER-SHARE-NAV-END> 8.36
<EXPENSE-RATIO> 1.27
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814679
<NAME> AMERICAN SKANDIA TRUST
<SERIES>
<NUMBER> 28
<NAME> AST LORD ABBETT SMALL CAP VALUE
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 69299
<INVESTMENTS-AT-VALUE> 75453
<RECEIVABLES> 1211
<ASSETS-OTHER> 6338
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 83002
<PAYABLE-FOR-SECURITIES> 2428
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6382
<TOTAL-LIABILITIES> 8810
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70569
<SHARES-COMMON-STOCK> 6824
<SHARES-COMMON-PRIOR> 4181
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (247)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2284)
<ACCUM-APPREC-OR-DEPREC> 6154
<NET-ASSETS> 74192
<DIVIDEND-INCOME> 329
<INTEREST-INCOME> 164
<OTHER-INCOME> 0
<EXPENSES-NET> (695)
<NET-INVESTMENT-INCOME> (202)
<REALIZED-GAINS-CURRENT> 255
<APPREC-INCREASE-CURRENT> 5624
<NET-CHANGE-FROM-OPS> 5677
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 70629
<NUMBER-OF-SHARES-REDEEMED> (43902)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 32404
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (45)
<OVERDIST-NET-GAINS-PRIOR> (2539)
<GROSS-ADVISORY-FEES> 532
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 695
<AVERAGE-NET-ASSETS> 55970
<PER-SHARE-NAV-BEGIN> 9.99
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> .91
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.87
<EXPENSE-RATIO> 1.24
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814679
<NAME> AMERICAN SKANDIA TRUST
<SERIES>
<NUMBER> 29
<NAME> AST BANKERS TRUST ENHANCED 500
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 548431
<INVESTMENTS-AT-VALUE> 622385
<RECEIVABLES> 137030
<ASSETS-OTHER> 14245
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 773660
<PAYABLE-FOR-SECURITIES> 262
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 139831
<TOTAL-LIABILITIES> 140093
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 519087
<SHARES-COMMON-STOCK> 42358
<SHARES-COMMON-PRIOR> 22658
<ACCUMULATED-NII-CURRENT> 3516
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 35107
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 75857
<NET-ASSETS> 633567
<DIVIDEND-INCOME> 5357
<INTEREST-INCOME> 1910
<OTHER-INCOME> 0
<EXPENSES-NET> (3751)
<NET-INVESTMENT-INCOME> 3516
<REALIZED-GAINS-CURRENT> 40358
<APPREC-INCREASE-CURRENT> 47244
<NET-CHANGE-FROM-OPS> 91118
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1358)
<DISTRIBUTIONS-OF-GAINS> (9219)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 624369
<NUMBER-OF-SHARES-REDEEMED> (371471)
<SHARES-REINVESTED> 10577
<NET-CHANGE-IN-ASSETS> 344016
<ACCUMULATED-NII-PRIOR> 1358
<ACCUMULATED-GAINS-PRIOR> 3968
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2857
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3678
<AVERAGE-NET-ASSETS> 476090
<PER-SHARE-NAV-BEGIN> 12.78
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> 2.56
<PER-SHARE-DIVIDEND> (.06)
<PER-SHARE-DISTRIBUTIONS> (.40)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.96
<EXPENSE-RATIO> .79
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814679
<NAME> AMERICAN SKANDIA TRUST
<SERIES>
<NUMBER> 31
<NAME> AST KEMPER SMALL-CAP GROWTH
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 509607
<INVESTMENTS-AT-VALUE> 845508
<RECEIVABLES> 140274
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 985783
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 143799
<TOTAL-LIABILITIES> 143799
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 456960
<SHARES-COMMON-STOCK> 54019
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2787)
<ACCUMULATED-NET-GAINS> 51910
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 335901
<NET-ASSETS> 841984
<DIVIDEND-INCOME> 104
<INTEREST-INCOME> 1840
<OTHER-INCOME> 0
<EXPENSES-NET> (4731)
<NET-INVESTMENT-INCOME> (2787)
<REALIZED-GAINS-CURRENT> 51910
<APPREC-INCREASE-CURRENT> 335901
<NET-CHANGE-FROM-OPS> 385024
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 876431
<NUMBER-OF-SHARES-REDEEMED> (419471)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 841984
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3958
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4745
<AVERAGE-NET-ASSETS> 421252
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> 5.64
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.59
<EXPENSE-RATIO> 1.14
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814679
<NAME> AMERICAN SKANDIA TRUST
<SERIES>
<NUMBER> 32
<NAME> AST MFS GLOBAL EQUITY
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 1113
<INVESTMENTS-AT-VALUE> 1217
<RECEIVABLES> 21
<ASSETS-OTHER> 55
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1293
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2
<TOTAL-LIABILITIES> 2
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1183
<SHARES-COMMON-STOCK> 117
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 105
<NET-ASSETS> 1291
<DIVIDEND-INCOME> 1
<INTEREST-INCOME> 3
<OTHER-INCOME> 0
<EXPENSES-NET> (3)
<NET-INVESTMENT-INCOME> 1
<REALIZED-GAINS-CURRENT> 2
<APPREC-INCREASE-CURRENT> 105
<NET-CHANGE-FROM-OPS> 108
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1309
<NUMBER-OF-SHARES-REDEEMED> (126)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1291
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4
<AVERAGE-NET-ASSETS> 812
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 1.02
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.03
<EXPENSE-RATIO> 1.75
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814679
<NAME> AMERICAN SKANDIA TRUST
<SERIES>
<NUMBER> 33
<NAME> AST MFS GROWTH
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 4277
<INVESTMENTS-AT-VALUE> 4647
<RECEIVABLES> 262
<ASSETS-OTHER> 113
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5022
<PAYABLE-FOR-SECURITIES> 153
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1
<TOTAL-LIABILITIES> 154
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4501
<SHARES-COMMON-STOCK> 431
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (6)
<ACCUM-APPREC-OR-DEPREC> 370
<NET-ASSETS> 4868
<DIVIDEND-INCOME> 8
<INTEREST-INCOME> 1
<OTHER-INCOME> 0
<EXPENSES-NET> (6)
<NET-INVESTMENT-INCOME> 3
<REALIZED-GAINS-CURRENT> (6)
<APPREC-INCREASE-CURRENT> 370
<NET-CHANGE-FROM-OPS> 367
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5575
<NUMBER-OF-SHARES-REDEEMED> (1074)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4868
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6
<AVERAGE-NET-ASSETS> 2014
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 1.29
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.30
<EXPENSE-RATIO> 1.35
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000814679
<NAME> AMERICAN SKANDIA TRUST
<SERIES>
<NUMBER> 34
<NAME> AST MFS GROWTH WITH INCOME
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 7681
<INVESTMENTS-AT-VALUE> 7955
<RECEIVABLES> 435
<ASSETS-OTHER> 388
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8778
<PAYABLE-FOR-SECURITIES> 19
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2
<TOTAL-LIABILITIES> 21
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8475
<SHARES-COMMON-STOCK> 832
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 11
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (3)
<ACCUM-APPREC-OR-DEPREC> 274
<NET-ASSETS> 8757
<DIVIDEND-INCOME> 15
<INTEREST-INCOME> 6
<OTHER-INCOME> 0
<EXPENSES-NET> (10)
<NET-INVESTMENT-INCOME> 11
<REALIZED-GAINS-CURRENT> (3)
<APPREC-INCREASE-CURRENT> 274
<NET-CHANGE-FROM-OPS> 282
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8585
<NUMBER-OF-SHARES-REDEEMED> (110)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8757
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10
<AVERAGE-NET-ASSETS> 3921
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> .51
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.52
<EXPENSE-RATIO> 1.23
</TABLE>
EXHIBIT INDEX
EXHIBIT A:
Attachment to item 77B:
Accountant's report on internal control.
EXHIBIT B:
Attachment to item 77C:
Submission of matters to a vote of security holders.
EXHIBIT C:
Attachment to item 77D:
Policies with respect to security investments.
EXHIBIT D:
Attachment to item 77O:
Transactions effected pursuant to Rule 10f-3
EXHIBIT E:
Attachment to item 77Q1:
New Advisory Contracts
- - - - - - - - - - - - - - - - - - - - - - - - - - - - -
EXHIBIT A:
The Board of Trustees
American Skandia Trust:
In planning and performing our audit of the financial statements
of American Skandia Trust (the "Trust") (including the AST AIM
International Equity, AST Lord Abbett Growth and Income, AST
JanCap Growth, AST Money Market, AST Neuberger Berman Mid-Cap
Value, AST AIM Balanced, AST Federated High Yield, AST T. Rowe
Price Asset Allocation, AST PIMCO Total Return Bond, AST INVESCO
Equity Income, AST Janus Small-Cap Growth, AST T. Rowe Price
International Equity, AST Neuberger Berman Mid-Cap Growth, AST
Founders Passport, AST T. Rowe Price Natural Resources, AST PIMCO
Limited Maturity Bond, AST Oppenheimer Large-Cap Growth, AST
Janus Overseas Growth, AST American Century Income & Growth, AST
American Century Strategic Balanced, AST American Century
International Growth, AST T. Rowe Price Small Company Value, AST
Marsico Capital Growth, AST Cohen & Steers Realty, AST Lord
Abbett Small Cap Value, AST Bankers Trust Managed Index 500, AST
Kempers Small-Cap Growth, AST MFS Global Equity, AST MFS Growth
and AST MFS Growth with Income Portfolios) for the year ended
December 31, 1999 (on which we have issued our report dated
February 11, 2000), we considered its internal control, including
control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the
Trust's internal control.
The management of the Trust is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control,
misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of internal
control to future periods are subject to the risk that the
internal control may become inadequate because of changes in
conditions or that the degree of compliance with policies or
procedures may deteriorate.
Our consideration of the Trust's internal control would not
necessarily disclose all matters in internal control that might
be material weaknesses under standards established by the
American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of one
or more of the internal control components does not reduce to a
relatively low level the risk that misstatements caused by error
or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no
matters involving the Trust's internal control and its operation,
including controls for safeguarding securities, that we consider
to be material weaknesses as defined above as of December 31,
1999.
The report is intended solely for the information and use of
management, the Board of Trustees of American Skandia Trust, and
the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified
parties.
DELOITTE & TOUCHE LLP
New York, New York
February 11, 2000
EXHIBIT B:
Item 77C
I. A Special Meeting of the Shareholders of the AST Lord
Abbett Growth & Income Portfolio of the Registrant was held
on August 2, 1999 for the following purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
56,911,785 shares were voted for,
2,413,247 shares were voted against, and
3,694,962 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
55,248,132 shares were voted for,
4,178,844 shares were voted against, and
3,593,140 shares abstained.
3. To approve the elimination of the Portfolio's
fundamental investment restriction concerning investments in
other investment companies.
With regard to the resolution approving the elimination
of the Portfolio's fundamental investment restriction
concerning investments in other investment companies:
55,991,402 shares were voted for,
3,209,137 shares were voted against, and
3,819,578 shares abstained.
4. To approve the elimination of the Portfolio's
fundamental investment restriction concerning investment in
securities of issuers in which management of American
Skandia Trust and of American Skandia Trust's investment
manager owns securities.
With regard to the resolution approving the elimination
of the Portfolio's fundamental investment restriction
concerning investment in securities of issuers in which
management of American Skandia Trust and of American Skandia
Trust's investment manager owns securities:
54,878,585 shares were voted for,
4,364,920 shares were voted against, and
3,776,610 shares abstained.
5. To approve the reclassification of the Portfolio
investment objective from "fundamental" to "non-
fundamental".
With regard to the resolution approving the
reclassification of the Portfolio investment objective from
"fundamental" to "non-fundamental":
55,609,487 shares were voted for,
3,510,564 shares were voted against, and
3,900,064 shares abstained.
6. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
56,808,608 shares were voted for,
2,434,737 shares were voted against, and
3,776,771 shares abstained.
7. To approve a change in the Portfolio's fundamental
investment restriction concerning loans.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
loans:
55,175,741 shares were voted for,
4,127,157 shares were voted against, and
3,717,218 shares abstained.
8. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
58,692,793 shares were voted for,
1,107,103 shares were voted against, and
3,220,221 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
58,883,465 shares were voted for,
949,570 shares were voted against, and
3,187,081 shares abstained.
II. A Special Meeting of the Shareholders of the AST JanCap
Growth Portfolio of the Registrant was held on August 2,
1999 for the following purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
88,617,286 shares were voted for,
5,164,886 shares were voted against, and
6,983,549 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
85,731,844 shares were voted for,
8,449,333 shares were voted against, and
6,584,545 shares abstained.
3. To approve the elimination of the Portfolio's
fundamental investment restriction concerning investments in
other investment companies.
With regard to the resolution approving the elimination
of the Portfolio's fundamental investment restriction
concerning investments in other investment companies:
87,350,541 shares were voted for,
6,735,317 shares were voted against, and
6,679,863 shares abstained.
4. To approve the elimination of the Portfolio's
fundamental investment restriction concerning investment in
securities of issuers in which management of American
Skandia Trust and of American Skandia Trust's investment
manager owns securities.
With regard to the resolution approving the elimination
of the Portfolio's fundamental investment restriction
concerning investment in securities of issuers in which
management of American Skandia Trust and of American Skandia
Trust's investment manager owns securities:
85,235,663 shares were voted for,
8,788,082 shares were voted against, and
6,741,977 shares abstained.
5. To approve the reclassification of the Portfolio
investment objective from "fundamental" to "non-
fundamental".
With regard to the resolution approving the
reclassification of the Portfolio investment objective from
"fundamental" to "non-fundamental":
86,219,337 shares were voted for,
7,064,779 shares were voted against, and
7,476,171 shares abstained.
6. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
88,256,467 shares were voted for,
5,147,272 shares were voted against, and
7,361,982 shares abstained.
7. To approve a change in the Portfolio's fundamental
investment restriction concerning loans.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
loans:
86,110,453 shares were voted for,
7,831,944 shares were voted against, and
6,823,325 shares abstained.
8. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
92,050,229 shares were voted for,
2,150,147 shares were voted against, and
6,565,347 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
92,518,811 shares were voted for,
1,871,116 shares were voted against, and
6,375,794 shares abstained.
III. A Special Meeting of the Shareholders of the AST Money
Market Portfolio of the Registrant was held on August 2,
1999 for the following purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
1,214,938,663 shares were voted for,
74,076,726 shares were voted against, and
93,307,793 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
1,178,481,724 shares were voted for,
116,175,256 shares were voted against, and
87,666,202 shares abstained.
3. To approve the elimination of the Portfolio's
fundamental investment restriction concerning investments in
other investment companies.
With regard to the resolution approving the elimination
of the Portfolio's fundamental investment restriction
concerning investments in other investment companies:
1,198,679,418 shares were voted for,
90,505,820 shares were voted against, and
93,137,944 shares abstained.
4. To approve the elimination of the Portfolio's
fundamental investment restriction concerning investment in
securities of issuers in which management of American
Skandia Trust and of American Skandia Trust's investment
manager owns securities.
With regard to the resolution approving the elimination
of the Portfolio's fundamental investment restriction
concerning investment in securities of issuers in which
management of American Skandia Trust and of American Skandia
Trust's investment manager owns securities:
1,176,374,045 shares were voted for,
112,698,735 shares were voted against, and
93,250,402 shares abstained.
5. To approve the reclassification of the Portfolio
investment objective from "fundamental" to "non-
fundamental".
With regard to the resolution approving the
reclassification of the Portfolio investment objective from
"fundamental" to "non-fundamental":
1,185,598,398 shares were voted for,
96,122,269 shares were voted against, and
100,602,515 shares abstained.
6. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
1,220,123,109 shares were voted for,
56,917,947 shares were voted against, and
105,282,126 shares abstained.
7. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
1,250,480,217 shares were voted for,
20,735,802 shares were voted against, and
111,107,163 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
1,247,925,094 shares were voted for,
22,733,619 shares were voted against, and
111,664,470 shares abstained.
IV. A Special Meeting of the Shareholders of the AST
Neuberger Berman Mid-Cap Value Portfolio of the Registrant
was held on August 2, 1999 for the following purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
51,441,371 shares were voted for,
2,959,450 shares were voted against, and
3,263,750 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
49,893,215 shares were voted for,
4,435,427 shares were voted against, and
3,335,928 shares abstained.
3. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
51,274,868 shares were voted for,
2,964,295 shares were voted against, and
3,425,407 shares abstained.
4. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
53,285,796 shares were voted for,
971,109 shares were voted against, and
3,407,664 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
53,401,931 shares were voted for,
809,389 shares were voted against, and
3,453,250 shares abstained.
V. A Special Meeting of the Shareholders of the AST
Neuberger Berman Mid-Cap Growth Portfolio of the Registrant
was held on August 2, 1999 for the following purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
14,240,792 shares were voted for,
939,362 shares were voted against, and
1,032,918 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
13,963,048 shares were voted for,
1,257,020 shares were voted against, and
993,011 shares abstained.
3. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
14,301,075 shares were voted for,
1,048,684 shares were voted against, and
1,037,918 shares abstained.
4. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
14,916,659 shares were voted for,
347,369 shares were voted against, and
949,051 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
14,933,843 shares were voted for,
309,516 shares were voted against, and
969,720 shares abstained.
VI. A Special Meeting of the Shareholders of the AST AIM
Balanced Portfolio of the Registrant was held on August 2,
1999 for the following purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
28,270,089 shares were voted for,
1,389,889 shares were voted against, and
2,300,822 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
27,124,219 shares were voted for,
2,724,759 shares were voted against, and
2,111,822 shares abstained.
3. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
28,132,943 shares were voted for,
1,544,712 shares were voted against, and
2,283,144 shares abstained.
4. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
29,233,022 shares were voted for,
601,363 shares were voted against, and
2,126,416 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
29,290,229 shares were voted for,
534,428 shares were voted against, and
2,136,143 shares abstained.
VII. A Special Meeting of the Shareholders of the AST T.
Rowe Price Natural Resources Portfolio of the Registrant was
held on August 2, 1999 for the following purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
6,367,616 shares were voted for,
665,031 shares were voted against, and
417,824 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
6,435,973 shares were voted for,
575,832 shares were voted against, and
438,665 shares abstained.
3. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
6,468,538 shares were voted for,
477,606 shares were voted against, and
504,326 shares abstained.
4. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
6,936,939 shares were voted for,
147,991 shares were voted against, and
365,539 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
6,951,868 shares were voted for,
128,803 shares were voted against, and
369,799 shares abstained.
VIII. A Special Meeting of the Shareholders of the AST
Oppenheimer Large-Cap Growth Resources Portfolio of the
Registrant was held on August 2, 1999 for the following
purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
16,155,433 shares were voted for,
902,051 shares were voted against, and
1,358,515 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
15,534,357 shares were voted for,
1,541,618 shares were voted against, and
1,340,025 shares abstained.
3. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
16,061,196 shares were voted for,
841,052 shares were voted against, and
1,513,750 shares abstained.
4. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
16,693,236 shares were voted for,
330,811 shares were voted against, and
1,391,952 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
16,811,818 shares were voted for,
315,358 shares were voted against, and
1,288,822 shares abstained.
IX. A Special Meeting of the Shareholders of the AST
American Century Income & Growth Portfolio of the Registrant
was held on August 2, 1999 for the following purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
14,542,136 shares were voted for,
611,085 shares were voted against, and
1,209,435 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
13,967,507 shares were voted for,
1,139,365 shares were voted against, and
1,255,784 shares abstained.
3. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
14,528,461 shares were voted for,
589,156 shares were voted against, and
1,245,040 shares abstained.
4. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
15,020,517 shares were voted for,
198,239 shares were voted against, and
1,143,900 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
15,087,146 shares were voted for,
163,189 shares were voted against, and
1,112,321 shares abstained.
X. A Special Meeting of the Shareholders of the AST T.
Rowe Price Asset Allocation Portfolio of the Registrant was
held on August 2, 1999 for the following purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
19,865,728 shares were voted for,
1,077,397 shares were voted against, and
1,947,934 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
19,310,963 shares were voted for,
2,074,799 shares were voted against, and
1,505,296 shares abstained.
3. To approve the reclassification of the Portfolio
investment objective from "fundamental" to "non-
fundamental".
With regard to the resolution approving the
reclassification of the Portfolio investment objective from
"fundamental" to "non-fundamental":
19,694,284 shares were voted for,
1,522,440 shares were voted against, and
1,674,335 shares abstained.
4. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
20,128,058 shares were voted for,
870,037 shares were voted against, and
1,892,964 shares abstained.
5. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
20,817,101 shares were voted for,
386,713 shares were voted against, and
1,687,245 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
20,846,705 shares were voted for,
307,759 shares were voted against, and
1,736,594 shares abstained.
XI. A Special Meeting of the Shareholders of the AST PIMCO
Total Return Bond Portfolio of the Registrant was held on
August 2, 1999 for the following purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
80,311,850 shares were voted for,
3,849,192 shares were voted against, and
6,146,218 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
77,870,461 shares were voted for,
6,605,992 shares were voted against, and
5,830,806 shares abstained.
3. To approve the elimination of the Portfolio's
fundamental investment restriction concerning investments in
other investment companies.
With regard to the resolution approving the elimination
of the Portfolio's fundamental investment restriction
concerning investments in other investment companies:
78,667,868 shares were voted for,
5,320,864 shares were voted against, and
6,318,526 shares abstained.
4. To approve the elimination of the Portfolio's
fundamental investment restriction concerning investment in
securities of issuers in which management of American
Skandia Trust and of American Skandia Trust's investment
manager owns securities.
With regard to the resolution approving the elimination
of the Portfolio's fundamental investment restriction
concerning investment in securities of issuers in which
management of American Skandia Trust and of American Skandia
Trust's investment manager owns securities:
77,338,225 shares were voted for,
6,796,775 shares were voted against, and
6,172,258 shares abstained.
5. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
81,020,795 shares were voted for,
3,451,723 shares were voted against, and
5,834,741 shares abstained.
6. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
82,279,171 shares were voted for,
2,250,103 shares were voted against, and
5,777,985 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
82,715,483 shares were voted for,
1,833,353 shares were voted against, and
5,758,423 shares abstained.
XII. A Special Meeting of the Shareholders of the AST
Federated High Yield Portfolio of the Registrant was held on
August 2, 1999 for the following purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
46,624,196 shares were voted for,
3,505,420 shares were voted against, and
3,538,448 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
46,276,279 shares were voted for,
4,118,282 shares were voted against, and
3,273,503 shares abstained.
3. To approve the elimination of the Portfolio's
fundamental investment restriction concerning investments in
other investment companies.
With regard to the resolution approving the elimination
of the Portfolio's fundamental investment restriction
concerning investments in other investment companies:
46,644,562 shares were voted for,
3,566,487 shares were voted against, and
3,457,016 shares abstained.
4. To approve the elimination of the Portfolio's
fundamental investment restriction concerning investment in
securities of issuers in which management of American
Skandia Trust and of American Skandia Trust's investment
manager owns securities.
With regard to the resolution approving the elimination
of the Portfolio's fundamental investment restriction
concerning investment in securities of issuers in which
management of American Skandia Trust and of American Skandia
Trust's investment manager owns securities:
45,865,310 shares were voted for,
4,028,534 shares were voted against, and
3,774,220 shares abstained.
5. To approve the reclassification of the Portfolio
investment objective from "fundamental" to "non-
fundamental".
With regard to the resolution approving the
reclassification of the Portfolio investment objective from
"fundamental" to "non-fundamental":
46,067,146 shares were voted for,
3,695,727 shares were voted against, and
3,905,190 shares abstained.
6. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
46,692,861 shares were voted for,
3,308,865 shares were voted against, and
3,666,337 shares abstained.
7. To approve a change in the Portfolio's fundamental
investment restriction concerning loans.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
loans:
46,204,278 shares were voted for,
3,601,878 shares were voted against, and
3,861,909 shares abstained.
8. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
48,850,450 shares were voted for,
1,511,319 shares were voted against, and
3,306,286 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
48,998,666 shares were voted for,
1,374,273 shares were voted against, and
3,295,125 shares abstained.
XIII. A Special Meeting of the Shareholders of the AST
Janus Small-Cap Growth Portfolio of the Registrant was held
on August 2, 1999 for the following purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
17,906,610 shares were voted for,
813,524 shares were voted against, and
1,382,845 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
17,357,525 shares were voted for,
1,323,712 shares were voted against, and
1,421,742 shares abstained.
3. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
17,726,677 shares were voted for,
804,320 shares were voted against, and
1,571,982 shares abstained.
4. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
18,446,136 shares were voted for,
306,976 shares were voted against, and
1,349,866 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
18,591,500 shares were voted for,
256,772 shares were voted against, and
1,254,707 shares abstained.
XIV. A Special Meeting of the Shareholders of the AST
INVESCO Equity Income Portfolio of the Registrant was held
on August 2, 1999 for the following purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
46,615,732 shares were voted for,
2,474,497 shares were voted against, and
4,180,519 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
45,412,116 shares were voted for,
3,726,542 shares were voted against, and
4,132,089 shares abstained.
3. To approve the elimination of the Portfolio's
fundamental investment restriction concerning investments in
other investment companies.
With regard to the resolution approving the elimination
of the Portfolio's fundamental investment restriction
concerning investments in other investment companies:
46,235,536 shares were voted for,
2,868,832 shares were voted against, and
4,166,380 shares abstained.
4. To approve the elimination of the Portfolio's
fundamental investment restriction concerning investment in
securities of issuers in which management of American
Skandia Trust and of American Skandia Trust's investment
manager owns securities.
With regard to the resolution approving the elimination
of the Portfolio's fundamental investment restriction
concerning investment in securities of issuers in which
management of American Skandia Trust and of American Skandia
Trust's investment manager owns securities:
45,682,035 shares were voted for,
3,566,524 shares were voted against, and
4,022,189 shares abstained.
5. To approve the reclassification of the Portfolio
investment objective from "fundamental" to "non-
fundamental".
With regard to the resolution approving the
reclassification of the Portfolio investment objective from
"fundamental" to "non-fundamental":
45,731,739 shares were voted for,
3,148,417 shares were voted against, and
4,390,592 shares abstained.
6. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
46,665,873 shares were voted for,
2,468,606 shares were voted against, and
4,136,269 shares abstained.
7. To approve a change in the Portfolio's fundamental
investment restriction concerning loans.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
loans:
45,284,281 shares were voted for,
3,807,808 shares were voted against, and
4,178,659 shares abstained.
8. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
48,497,790 shares were voted for,
791,803 shares were voted against, and
3,981,155 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
48,651,306 shares were voted for,
641,585 shares were voted against, and
3,977,856 shares abstained.
XV. A Special Meeting of the Shareholders of the AST PIMCO
Limited Maturity Bond Portfolio of the Registrant was held
on August 2, 1999 for the following purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
32,754,089 shares were voted for,
1,565,716 shares were voted against, and
2,272,689 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
31,184,757 shares were voted for,
2,952,251 shares were voted against, and
2,455,486 shares abstained.
3. To approve the elimination of the Portfolio's
fundamental investment restriction concerning investments in
other investment companies.
With regard to the resolution approving the elimination
of the Portfolio's fundamental investment restriction
concerning investments in other investment companies:
31,013,442 shares were voted for,
3,003,902 shares were voted against, and
2,575,150 shares abstained.
4. To approve the elimination of the Portfolio's
fundamental investment restriction concerning investment in
securities of issuers in which management of American
Skandia Trust and of American Skandia Trust's investment
manager owns securities.
With regard to the resolution approving the elimination
of the Portfolio's fundamental investment restriction
concerning investment in securities of issuers in which
management of American Skandia Trust and of American Skandia
Trust's investment manager owns securities:
30,669,254 shares were voted for,
3,461,933 shares were voted against, and
2,461,307 shares abstained.
5. To approve the reclassification of the Portfolio
investment objective from "fundamental" to "non-
fundamental".
With regard to the resolution approving the
reclassification of the Portfolio investment objective from
"fundamental" to "non-fundamental":
31,222,996 shares were voted for,
2,849,696 shares were voted against, and
2,519,801 shares abstained.
6. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
31,998,805 shares were voted for,
2,182,728 shares were voted against, and
2,410,961 shares abstained.
7. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
33,515,628 shares were voted for,
749,140 shares were voted against, and
2,327,726 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
33,530,150 shares were voted for,
631,510 shares were voted against, and
2,430,834 shares abstained.
XVI. A Special Meeting of the Shareholders of the AST
American Century Strategic Balanced Portfolio of the
Registrant was held on August 2, 1999 for the following
purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
10,434,101 shares were voted for,
411,396 shares were voted against, and
822,125 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
9,992,583 shares were voted for,
836,161 shares were voted against, and
838,878 shares abstained.
3. To approve the reclassification of the Portfolio
investment objective from "fundamental" to "non-
fundamental".
With regard to the resolution approving the
reclassification of the Portfolio investment objective from
"fundamental" to "non-fundamental":
10,327,347 shares were voted for,
509,591 shares were voted against, and
830,684 shares abstained.
4. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
10,415,406 shares were voted for,
430,579 shares were voted against, and
821,637 shares abstained.
5. To approve a change in the Portfolio's fundamental
investment restriction concerning loans.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
loans:
10,093,162 shares were voted for,
674,131 shares were voted against, and
900,329 shares abstained.
6. To approve a change in the Portfolio's fundamental
investment restriction concerning commodities contracts.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
commodities contracts:
10,100,595 shares were voted for,
643,943 shares were voted against, and
923,084 shares abstained.
7. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
10,688,639 shares were voted for,
150,101 shares were voted against, and
828,882 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
10,736,044 shares were voted for,
103,010 shares were voted against, and
828,568 shares abstained.
XVII. A Special Meeting of the Shareholders of the AST
T. Rowe Price Small Company Value Portfolio of the
Registrant was held on August 2, 1999 for the following
purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
23,779,498 shares were voted for,
1,165,518 shares were voted against, and
1,749,619 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
22,810,252 shares were voted for,
2,359,119 shares were voted against, and
1,525,265 shares abstained.
3. To approve the reclassification of the Portfolio
investment objective from "fundamental" to "non-
fundamental".
With regard to the resolution approving the
reclassification of the Portfolio investment objective from
"fundamental" to "non-fundamental":
23,123,052 shares were voted for,
1,787,385 shares were voted against, and
1,784,199 shares abstained.
4. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
23,695,155 shares were voted for,
1,284,529 shares were voted against, and
1,714,951 shares abstained.
5. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
24,465,527 shares were voted for,
512,805 shares were voted against, and
1,716,303 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
24,659,552 shares were voted for,
350,151 shares were voted against, and
1,684,932 shares abstained.
XVIII. A Special Meeting of the Shareholders of the AST
Cohen & Steers Realty Portfolio of the Registrant was held
on August 2, 1999 for the following purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
6,744,072 shares were voted for,
487,725 shares were voted against, and
383,527 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
6,830,717 shares were voted for,
473,652 shares were voted against, and
310,955 shares abstained.
3. To approve the reclassification of the Portfolio
investment objective from "fundamental" to "non-
fundamental".
With regard to the resolution approving the
reclassification of the Portfolio investment objective from
"fundamental" to "non-fundamental":
6,760,266 shares were voted for,
429,376 shares were voted against, and
425,682 shares abstained.
4. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
6,844,511 shares were voted for,
350,463 shares were voted against, and
420,350 shares abstained.
5. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
7,045,668 shares were voted for,
207,869 shares were voted against, and
361,787 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
7,058,641 shares were voted for,
187,422 shares were voted against, and
369,261 shares abstained.
XVIV. A Special Meeting of the Shareholders of the AST
Bankers Trust Enhanced 500 Portfolio of the Registrant was
held on August 2, 1999 for the following purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
30,393,261 shares were voted for,
1,897,604 shares were voted against, and
2,959,767 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
29,528,868 shares were voted for,
3,079,437 shares were voted against, and
2,642,327 shares abstained.
3. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
29,885,032 shares were voted for,
2,118,100 shares were voted against, and
3,247,500 shares abstained.
4. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
31,848,950 shares were voted for,
588,386 shares were voted against, and
2,813,296 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
31,872,028 shares were voted for,
605,141 shares were voted against, and
2,773,463 shares abstained.
XX. A Special Meeting of the Shareholders of the AST
Marsico Capital Growth Portfolio of the Registrant was held
on August 2, 1999 for the following purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
56,834,237 shares were voted for,
2,857,436 shares were voted against, and
3,809,208 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
54,867,211 shares were voted for,
5,016,512 shares were voted against, and
3,617,157 shares abstained.
3. To approve the reclassification of the Portfolio
investment objective from "fundamental" to "non-
fundamental".
With regard to the resolution approving the
reclassification of the Portfolio investment objective from
"fundamental" to "non-fundamental":
55,517,790 shares were voted for,
3,842,809 shares were voted against, and
4,140,282 shares abstained.
4. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
56,866,842 shares were voted for,
2,583,752 shares were voted against, and
4,050,287 shares abstained.
5. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
58,566,389 shares were voted for,
1,233,425 shares were voted against, and
3,701,067 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
58,653,666 shares were voted for,
1,093,810 shares were voted against, and
3,753,405 shares abstained.
XXI. A Special Meeting of the Shareholders of the AST Lord
Abbett Small Cap Value Portfolio of the Registrant was held
on August 2, 1999 for the following purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
5,285,374 shares were voted for,
173,677 shares were voted against, and
528,189 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
5,058,415 shares were voted for,
457,711 shares were voted against, and
471,114 shares abstained.
3. To approve the reclassification of the Portfolio
investment objective from "fundamental" to "non-
fundamental".
With regard to the resolution approving the
reclassification of the Portfolio investment objective from
"fundamental" to "non-fundamental":
5,195,746 shares were voted for,
246,360 shares were voted against, and
545,134 shares abstained.
4. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
5,208,978 shares were voted for,
192,516 shares were voted against, and
585,745 shares abstained.
5. To approve a change in the Portfolio's fundamental
investment restriction concerning loans.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
loans:
5,051,171 shares were voted for,
405,000 shares were voted against, and
531,069 shares abstained.
6. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
5,282,151 shares were voted for,
128,316 shares were voted against, and
576,773 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
5,322,615 shares were voted for,
95,306 shares were voted against, and
569,319 shares abstained.
XXII. A Special Meeting of the Shareholders of the AST
Kemper Small-Cap Growth Portfolio of the Registrant was held
on August 2, 1999 for the following purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
55,056,618 shares were voted for,
2,569,506 shares were voted against, and
4,350,489 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
53,476,577 shares were voted for,
4,320,402 shares were voted against, and
4,179,635 shares abstained.
3. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
54,871,789 shares were voted for,
2,882,999 shares were voted against, and
4,221,826 shares abstained.
4. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
56,758,777 shares were voted for,
940,729 shares were voted against, and
4,277,109 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
56,884,127 shares were voted for,
775,053 shares were voted against, and
4,317,434 shares abstained.
XXIII. A Special Meeting of the Shareholders of the AST
AIM International Equity Portfolio of the Registrant was
held on August 2, 1999 for the following purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
19,813,186 shares were voted for,
1,051,947 shares were voted against, and
1,374,686 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
19,089,220 shares were voted for,
1,748,482 shares were voted against, and
1,402,117 shares abstained.
3. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
19,565,535 shares were voted for,
1,120,593 shares were voted against, and
1,553,691 shares abstained.
4. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
20,518,112 shares were voted for,
445,335 shares were voted against, and
1,276,372 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
20,499,398 shares were voted for,
393,130 shares were voted against, and
1,347,291 shares abstained.
XXIV. A Special Meeting of the Shareholders of the AST
T. Rowe Price International Equity Portfolio of the
Registrant was held on August 2, 1999 for the following
purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
30,545,779 shares were voted for,
1,594,996 shares were voted against, and
2,455,570 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
29,619,186 shares were voted for,
2,556,323 shares were voted against, and
2,420,836 shares abstained.
3. To approve the reclassification of the Portfolio
investment objective from "fundamental" to "non-
fundamental".
With regard to the resolution approving the
reclassification of the Portfolio investment objective from
"fundamental" to "non-fundamental":
29,959,073 shares were voted for,
1,903,084 shares were voted against, and
2,734,188 shares abstained.
4. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
30,670,769 shares were voted for,
1,533,724 shares were voted against, and
2,391,852 shares abstained.
5. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
31,964,742 shares were voted for,
506,240 shares were voted against, and
2,125,363 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
31,983,943 shares were voted for,
417,264 shares were voted against, and
2,195,138 shares abstained.
XXV. A Special Meeting of the Shareholders of the AST T.
Rowe Price International Bond Portfolio of the Registrant
was held on August 2, 1999 for the following purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
14,144,132 shares were voted for,
614,947 shares were voted against, and
1,004,820 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
13,701,718 shares were voted for,
1,076,226 shares were voted against, and
985,956 shares abstained.
3. To approve the reclassification of the Portfolio
investment objective from "fundamental" to "non-
fundamental".
With regard to the resolution approving the
reclassification of the Portfolio investment objective from
"fundamental" to "non-fundamental":
13,756,951 shares were voted for,
986,057 shares were voted against, and
1,020,891 shares abstained.
4. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
14,148,790 shares were voted for,
577,501 shares were voted against, and
1,037,607 shares abstained.
5. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
14,525,305 shares were voted for,
275,361 shares were voted against, and
963,233 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
14,539,276 shares were voted for,
231,897 shares were voted against, and
992,726 shares abstained.
XXVI. A Special Meeting of the Shareholders of the AST
Founders Passport Portfolio of the Registrant was held on
August 2, 1999 for the following purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
6,821,648 shares were voted for,
455,433 shares were voted against, and
579,013 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
6,820,679 shares were voted for,
523,786 shares were voted against, and
511,629 shares abstained.
3. To approve the reclassification of the Portfolio
investment objective from "fundamental" to "non-
fundamental".
With regard to the resolution approving the
reclassification of the Portfolio investment objective from
"fundamental" to "non-fundamental":
6,773,049 shares were voted for,
493,512 shares were voted against, and
589,533 shares abstained.
4. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
6,832,274 shares were voted for,
481,419 shares were voted against, and
542,401 shares abstained.
5. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
7,168,629 shares were voted for,
103,032 shares were voted against, and
584,432 shares abstained.
b. With regard to the resolution approving the election
of Thomas M. Mazzaferro:
7,219,447 shares were voted for,
86,525 shares were voted against, and
550,122 shares abstained.
XXVII. A Special Meeting of the Shareholders of the AST
Janus Overseas Growth Portfolio of the Registrant was held
on August 2, 1999 for the following purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
44,853,538 shares were voted for,
2,287,146 shares were voted against, and
2,612,806 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
43,834,881 shares were voted for,
3,453,562 shares were voted against, and
2,465,047 shares abstained.
3. To approve the reclassification of the Portfolio
investment objective from "fundamental" to "non-
fundamental".
With regard to the resolution approving the
reclassification of the Portfolio investment objective from
"fundamental" to "non-fundamental":
43,919,369 shares were voted for,
3,095,302 shares were voted against, and
2,738,821 shares abstained.
4. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
44,761,376 shares were voted for,
2,345,023 shares were voted against, and
2,647,092 shares abstained.
5. To approve a change in the Portfolio's fundamental
investment restriction concerning loans.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
loans:
44,159,552 shares were voted for,
2,951,352 shares were voted against, and
2,642,587 shares abstained.
6. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
46,547,080 shares were voted for,
764,955 shares were voted against, and
2,441,456 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
46,535,601 shares were voted for,
702,824 shares were voted against, and
2,515,066 shares abstained.
XXVIII. A Special Meeting of the Shareholders of the AST
American Century International Growth Portfolio of the
Registrant was held on August 2, 1999 for the following
purposes:
1. To approve a distribution plan for American Skandia
Trust pursuant to rule 12b-1 under the Investment Company
Act of 1940.
With regard to the resolution approving the
distribution plan for American Skandia Trust pursuant to
rule 12b-1 under the Investment Company Act of 1940:
5,884,799 shares were voted for,
325,560 shares were voted against, and
392,579 shares abstained.
2. To authorize the Board of Trustees of American
Skandia Trust to select and change sub-advisors and enter
into sub-advisory agreements without obtaining the approval
of shareholders.
With regard to the resolution authorizing the Board of
Trustees of American Skandia Trust to select and change sub-
advisors and enter into sub-advisory agreements without
obtaining the approval of shareholders:
5,945,770 shares were voted for,
302,649 shares were voted against, and
354,519 shares abstained.
3. To approve the reclassification of the Portfolio
investment objective from "fundamental" to "non-
fundamental".
With regard to the resolution approving the
reclassification of the Portfolio investment objective from
"fundamental" to "non-fundamental":
5,885,566 shares were voted for,
261,135 shares were voted against, and
456,237 shares abstained.
4. To approve an amendment and restatement of the
Agreement and Declaration of Trust.
With regard to the resolution approving an amendment
and restatement of the Agreement and Declaration of Trust:
5,921,808 shares were voted for,
190,957 shares were voted against, and
490,173 shares abstained.
5. To approve a change in the Portfolio's fundamental
investment restriction concerning loans.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
loans:
5,831,172 shares were voted for,
377,282 shares were voted against, and
394,484 shares abstained.
6. To approve a change in the Portfolio's fundamental
investment restriction concerning commodities contracts.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
commodities contracts:
5,882,630 shares were voted for,
302,060 shares were voted against, and
418,247 shares abstained.
7. To approve the election of two Trustees.
a. With regard to the resolution approving the
election of Julian A. Lerner:
6,095,929 shares were voted for,
111,144 shares were voted against, and
395,865 shares abstained.
b. With regard to the resolution approving the
election of Thomas M. Mazzaferro:
6,087,209 shares were voted for,
119,422 shares were voted against, and
396,307 shares abstained.
XXVIV. A Special Meeting of the Shareholders of the AST
American Century Income & Growth Portfolio of the Registrant
was held on September 30, 1999 for the following purposes:
1. To approve a new sub-advisory agreement between
American Skandia Investment Services, Incorporated and
American Century Investment Management, Inc. for the AST
American Century Income & Growth Portfolio.
With regard to the resolution approving the sub-
advisory agreement between American Skandia Investment
Services, Incorporated and American Century Investment
Management, Inc. for the AST American Century Income &
Growth Portfolio:
16,230,606 shares were voted for,
306,147 shares were voted against, and
1,153,242 shares abstained.
2. To approve the reclassification of the Portfolio's
investment objective from "fundamental" to "non-
fundamental".
With regard to the resolution approving the
reclassification of the Portfolio's investment objective
from "fundamental" to "non-fundamental":
15,420,221 shares were voted for,
912,190 shares were voted against, and
1,357,583 shares abstained.
3. To approve a change in the Portfolio's fundamental
investment restrictions concerning diversification of
investments.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restrictions concerning
diversification of investments:
15,772,659 shares were voted for,
578,700 shares were voted against, and
1,338,635 shares abstained.
4. To approve a change in the Portfolio's fundamental
investment restriction concerning the purchase or sale of
real estate.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
the purchase or sale of real estate:
15,343,888 shares were voted for,
999,394 shares were voted against, and
1,346,713 shares abstained.
5. To approve a change in the Portfolio's fundamental
investment restriction concerning concentration of
investments in various industries.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
concentration of investments in various industries:
15,765,842 shares were voted for,
731,486 shares were voted against, and
1,192,666 shares abstained.
6. To approve a change in the Portfolio's fundamental
investment restriction concerning investments in
commodities.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
investments in commodities:
15,127,774 shares were voted for,
1,234,680 shares were voted against, and
1,327,541 shares abstained.
7. To approve a change in the Portfolio's fundamental
investment restriction concerning underwriting securities of
other issuers.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
underwriting securities of other issuers:
15,394,858 shares were voted for,
910,030 shares were voted against, and
1,385,107 shares abstained.
8. To approve a change in the Portfolio's fundamental
investment restriction concerning borrowings.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
borrowings:
15,289,392 shares were voted for,
1,058,690 shares were voted against, and
1,341,912 shares abstained.
9. To approve a change in the Portfolio's fundamental
investment restriction concerning loans.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
loans:
15,284,736 shares were voted for,
1,066,927 shares were voted against, and
1,338,332 shares abstained.
10. To approve a change in the Portfolio's fundamental
investment restriction concerning the issuance of senior
securities.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
the issuance of senior securities:
15,616,004 shares were voted for,
777,835 shares were voted against, and
1,296,155 shares abstained.
XXX. A Special Meeting of the Shareholders of the AST AIM
Balanced Portfolio of the Registrant was held on September
30, 1999 for the following purposes:
1. To approve a new sub-advisory agreement between
American Skandia Investment Services, Incorporated and A I M
Capital Management, Inc. for the AST AIM Balanced Portfolio.
With regard to the resolution approving the sub-
advisory agreement between American Skandia Investment
Services, Incorporated and A I M Capital Management,
Inc. for the AST AIM Balanced Portfolio:
28,892,712 shares were voted for,
628,517 shares were voted against, and
2,524,851 shares abstained.
2. To approve a change in the Portfolio's investment
objective.
With regard to the resolution approving a change in the
Portfolio's investment objective:
28,256,030 shares were voted for,
1,226,732 shares were voted against, and
2,563,317 shares abstained.
3. To approve the reclassification of the Portfolio's
investment objective from "fundamental" to "non-
fundamental".
With regard to the resolution approving the
reclassification of the Portfolio's investment objective
from "fundamental" to "non-fundamental":
27,593,580 shares were voted for,
1,676,193 shares were voted against, and
2,776,302 shares abstained.
4. To approve changes in the Portfolio's fundamental
investment restrictions concerning diversification of
investments.
With regard to the resolution approving changes in the
Portfolio's fundamental investment restrictions concerning
diversification of investments:
28,289,910 shares were voted for,
1,170,819 shares were voted against, and
2,585,351 shares abstained.
5. To approve a change in the Portfolio's fundamental
investment restriction concerning the purchase or sale of
real estate.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
the purchase or sale of real estate:
27,765,829 shares were voted for,
1,507,862 shares were voted against, and
2,772,383 shares abstained.
6. To approve a change in the Portfolio's fundamental
investment restriction concerning concentration of
investments in various industries.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
concentration of investments in various industries:
28,225,585 shares were voted for,
1,169,922 shares were voted against, and
2,650,254 shares abstained.
7. To approve a change in the Portfolio's fundamental
investment restriction concerning investments in
commodities.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
investments in commodities:
27,649,641 shares were voted for,
1,762,968 shares were voted against, and
2,633,466 shares abstained.
8. To approve a change in the Portfolio's fundamental
investment restriction concerning underwriting securities of
other issuers.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
underwriting securities of other issuers:
27,618,335 shares were voted for,
1,536,087 shares were voted against, and
2,891,653 shares abstained.
9. To approve a change in the Portfolio's fundamental
investment restriction concerning borrowings.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
borrowings:
27,338,478 shares were voted for,
1,834,260 shares were voted against, and
2,873,336 shares abstained.
10. To approve a change in the Portfolio's fundamental
investment restriction concerning loans.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
loans:
27,544,505 shares were voted for,
1,645,600 shares were voted against, and
2,855,975 shares abstained.
11. To approve a change in the Portfolio's fundamental
investment restriction concerning the issuance of senior
securities.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
the issuance of senior securities:
27,955,252 shares were voted for,
1,263,916 shares were voted against, and
2,826,911 shares abstained.
XXXI. A Special Meeting of the Shareholders of the AST
AIM International Equity Portfolio of the Registrant was
held on September 30, 1999 for the following purposes:
1. To approve a new sub-advisory agreement between
American Skandia Investment Services, Incorporated and A I M
Capital Management, Inc. for the AST AIM International
Equity Portfolio.
With regard to the resolution approving the sub-
advisory agreement between American Skandia Investment
Services, Incorporated and A I M Capital Management,
Inc. for the AST AIM International Equity Portfolio:
19,819,881 shares were voted for,
486,683 shares were voted against, and
1,510,184 shares abstained.
2. To approve a change in the Portfolio's investment
objective.
With regard to the resolution approving a change in the
Portfolio's investment objective:
19,424,382 shares were voted for,
746,036 shares were voted against, and
1,646,331 shares abstained.
3. To approve the reclassification of the Portfolio's
investment objective from "fundamental" to "non-
fundamental".
With regard to the resolution approving the
reclassification of the Portfolio's investment objective
from "fundamental" to "non-fundamental":
19,005,202 shares were voted for,
1,116,537 shares were voted against, and
1,695,010 shares abstained.
4. To approve changes in the Portfolio's fundamental
investment restrictions concerning diversification of
investments.
With regard to the resolution approving changes in the
Portfolio's fundamental investment restrictions concerning
diversification of investments:
19,393,494 shares were voted for,
804,312 shares were voted against, and
1,618,942 shares abstained.
5. To approve a change in the Portfolio's fundamental
investment restriction concerning the purchase or sale of
real estate.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
the purchase or sale of real estate:
19,037,634 shares were voted for,
1,114,316 shares were voted against, and
1,664,799 shares abstained.
6. To approve a change in the Portfolio's fundamental
investment restriction concerning industry concentration of
investments.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
industry concentration of investments:
19,324,121 shares were voted for,
878,475 shares were voted against, and
1,614,153 shares abstained.
7. To approve a change in the Portfolio's fundamental
investment restriction concerning investments in
commodities.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
investments in commodities:
18,800,822 shares were voted for,
1,339,372 shares were voted against, and
1,676,555 shares abstained.
8. To approve a change in the Portfolio's fundamental
investment restriction concerning underwriting securities of
other issuers.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
underwriting securities of other issuers:
18,932,851 shares were voted for,
1,188,981 shares were voted against, and
1,694,916 shares abstained.
9. To approve a change in the Portfolio's fundamental
investment restriction concerning borrowings.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
borrowings:
18,694,935 shares were voted for,
1,419,597 shares were voted against, and
1,702,216 shares abstained.
10. To approve a change in the Portfolio's fundamental
investment restriction concerning loans.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
loans:
18,812,382 shares were voted for,
1,304,398 shares were voted against, and
1,699,969 shares abstained.
11. To approve a change in the Portfolio's fundamental
investment restriction concerning the issuance of senior
securities.
With regard to the resolution approving a change in the
Portfolio's fundamental investment restriction concerning
the issuance of senior securities:
19,043,109 shares were voted for,
1,115,531 shares were voted against, and
1,658,109 shares abstained.
XXXII. A Special Meeting of the Shareholders of the AST
Bankers Trust Enhanced 500 Portfolio of the Registrant was
held on September 30, 1999 for the following purpose:
1. To approve a new sub-advisory agreement between
American Skandia Investment Services, Incorporated and
Bankers Trust Company regarding investment advice to the AST
Bankers Trust Enhanced 500 Portfolio.
With regard to the resolution approving the sub-
advisory agreement between American Skandia Investment
Services, Incorporated and Bankers Trust Company
regarding investment advice to the AST Bankers Trust
Enhanced 500 Portfolio:
33,496,092 shares were voted for,
679,128 shares were voted against, and
2,882,937 shares abstained.
EXHIBIT C:
Item 77D
As set forth in response to Item 77C, special meetings of
the shareholders of the various portfolios of the Registrant
were held on August 2, 1999 in order to approve certain
changes in the portfolios' investment policies. 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. Specifically, the investment
policies of the AST Oppenheimer Large-Cap Growth Portfolio
were revised to permit the portfolio to use additional types
of derivative securities, including options and forward
foreign currency contracts.
The 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 Amendments No. 32 and 33 to the
Registrant's registration statement filed on October 15,
1999 and October 19, 1999, respectively.
EXHIBIT D:
Item 77O
On September 22, 1999, the AST T. Rowe Price
International Equity Portfolio of the Registrant purchased
26,200 American Depositary shares of ICICI Limited from
Merrill Lynch in an underwritten offering of 29,761,574
shares of such American Depositary shares in which Jardine
Fleming, 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 $9.80 per
share.
On October 18, 1999, the AST T. Rowe Price
International Equity Portfolio of the Registrant purchased
45,000 shares of Installment Receipts of Telstra
Corporation Limited from Credit Suisse First Boston in an
underwritten offering of 2,133,288,285 shares of such
Installment Receipts in which Jardine Fleming, 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 AU$4.75 per share.
On October 18, 1999, the AST Neuberger Berman Mid-Cap
Value Portfolio and the AST Neuberger Berman Mid-Cap Growth
Portfolio of the Registrant purchased 900 and 300 shares,
respectively, of World Wrestling Federation Entertainment,
Inc. Class A common stock from Bear, Stearns & Co. Inc. in
an underwritten offering of 10,000,000 shares of such stock
in which Neuberger Berman, LLC, an affiliate of the
Portfolios' sub-adviser, was a member of the selling
syndicate. The Portfolios purchased the security at the
public offering price of $17.00 per share.
On October 28, 1999, the AST Neuberger Berman Mid-Cap
Growth Portfolio of the Registrant purchased 700 shares of
Spanish Broadcasting System, Inc. Class A common stock from
Lehman Brothers in an underwritten offering of 21,787,400
shares of such stock in which Neuberger Berman, LLC, 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 $20.00 per share.
On November 8, 1999, the AST American Century
International Growth Portfolio purchased 25 shares of Nippon
Telegraph & Telephone Corporation foreign common stock from
Goldman Sachs in an underwritten offering of 15,054,169,237
shares of such stock 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 $15,813.20 per share.
On November 9, 1999, the AST American Century Strategic
Balanced Portfolio purchased 2,500 shares of United Parcel
Service common stock from Morgan Stanley in an underwritten
offering of 6,017,000,000 shares of such stock 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 $50.00 per share.
On November 9, 1999, the AST American Century Income &
Growth Portfolio purchased a total of 6,400 shares of United
Parcel Service common stock from Morgan Stanley, Credit
Suisse First Boston and Donaldson, Lufkin, Jenrette in an
underwritten offering of 6,017,000,000 shares of such stock
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 $50.00 per share.
At its November 30, 1999 meeting, the Registrant's
Board of Trustees made the determinations required by rule
10f-3 under the Investment Company Act of 1940 for the first
transaction listed above based on information with regard to
compliance with rule 10f-3 and the Registrant's rule 10f-3
procedures that were provided to it by the Portfolio's
Investment Manager, which in turn had been provided to the
Investment Manager by the Portfolio's sub-adviser.
For the last six transactions listed above, the
Investment Manager has obtained information from each
Portfolio's sub-adviser with regard to compliance with rule
10f-3 under the Investment Company Act of 1940 and the
Registrant's rule 10f-3 procedures. At its April 18, 2000
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 E:
Item 77Q1
The By-laws of the Registrant, as amended, are attached as
Exhibit 1 to this filing.
The Amended and Restated Declaration of Trust of Registrant
is incorporated by reference to Exhibit (a)(1) of Post-
Effective Amendment No. 32 to the Registrant's Registration
Statement filed on October 15, 1999.
The Investment Management Agreement between the Registrant
and American Skandia Investment Services, Incorporated with
respect to the AST MFS Global Equity Portfolio is
incorporated by reference to Exhibit (d)(29) of Post-
Effective Amendment No. 32 to the Registrant's Registration
Statement filed on October 15, 1999.
The Investment Management Agreement between the Registrant
and American Skandia Investment Services, Incorporated with
respect to the AST MFS Growth Portfolio is incorporated by
reference to Exhibit (d)(30) of Post-Effective Amendment No.
32 to the Registrant's Registration Statement filed on
October 15, 1999.
The Investment Management Agreement between the Registrant
and American Skandia Investment Services, Incorporated with
respect to the AST MFS Growth with Income Portfolio is
incorporated by reference to Exhibit (d)(31) of Post-
Effective Amendment No. 32 to the Registrant's Registration
Statement filed on October 15, 1999.
The Investment Management Agreement between the Registrant
and American Skandia Investment Services, Incorporated with
respect to the AST Alger All-Cap Growth Portfolio is
incorporated by reference to Exhibit (d)(32) of Post-
Effective Amendment No. 33 to the Registrant's Registration
Statement filed on October 19, 1999.
The Sub-advisory Agreement between American Skandia
Investment Services, Incorporated and Massachusetts
Financial Services Company with respect to the AST MFS
Global Equity Portfolio is incorporated by reference to
Exhibit (d)(61) of Post-Effective Amendment No. 32 to the
Registrant's Registration Statement filed on October 15,
1999.
The Sub-advisory Agreement between American Skandia
Investment Services, Incorporated and Massachusetts
Financial Services Company with respect to the AST MFS
Growth Portfolio is incorporated by reference to Exhibit
(d)(62) of Post-Effective Amendment No. 32 to the
Registrant's Registration Statement filed on October 15,
1999.
The Sub-advisory Agreement between American Skandia
Investment Services, Incorporated and Massachusetts
Financial Services Company with respect to the AST MFS
Growth with Income Portfolio is incorporated by reference to
Exhibit (d)(63) of Post-Effective Amendment No. 32 to the
Registrant's Registration Statement filed on October 15,
1999.
The Sub-advisory Agreement between American Skandia
Investment Services, Incorporated and Fred Alger Management,
Inc. with respect to the AST Alger All-Cap Growth Portfolio
is incorporated by reference to Exhibit (d)(65) of Post-
Effective Amendment No. 33 to the Registrant's Registration
Statement filed on October 19, 1999.
The Sub-advisory Agreement between American Skandia
Investment Services, Incorporated and J.P. Morgan Investment
Management Inc. with respect to the AST Money Market
Portfolio is incorporated by reference to Exhibit (d)(35) of
Post Effective Amendment No. 34 to the Registrant's
Registration Statement filed on February 16, 2000.
The Sub-advisory Agreement between the American Skandia
Investment Services, Incorporated and American Century
Investment Management, Inc. with respect to the AST American
Century Income & Growth Portfolio is attached as Exhibit 2
to this filing.
The Sub-advisory Agreement between the American Skandia
Investment Services, Incorporated and A I M Capital
Management, Inc. with respect to the AST AIM International
Equity Portfolio is attached as Exhibit 3 to this filing.
The Sub-advisory Agreement between the American Skandia
Investment Services, Incorporated and A I M Capital
Management, Inc. with respect to the AST AIM Balanced
Portfolio is attached as Exhibit 4 to this filing.
EXHIBIT 1
BY-LAWS
OF
AMERICAN SKANDIA TRUST
ARTICLE 1
Declaration of Trust and Principal Office
1.1 Agreement and Declaration of Trust.
These By-laws shall be subject to the Amended and
Restated Declaration of Trust, as from time to
time in effect (the "Declaration of Trust"), of
American Skandia Trust, the Massachusetts
business trust established by the Declaration of
Trust (the "Trust").
1.2 Principal Office of the Trust. The
principal office of the Trust shall be located
within or without Massachusetts as the Trustees
may determine or as they may authorize.
ARTICLE 2
Meetings of Trustees
2.1 Regular Meetings. Regular meetings of
the Trustees may be held without call or notice at
such places and at such time as the Trustees may
from time to time determine, provided that notices
of the first regular meeting following any such
determination shall be given to absent Trustees.
A regular meeting of the Trustees may be held
without call or notice immediately after and at
the same place as the annual shareholders meeting.
2.2 Special Meetings. Special meetings of
the Trustees may be held at any time and at any
place designated in the call of the meeting when
called by the Chairman of the Trustees, the
President or the Treasurer or by two or more
Trustees, sufficient notice thereof being given
to each Trustee by the Secretary or an Assistant
Secretary or by the officer or Trustees calling
the meeting.
2.3 Notice. It shall be sufficient notice to
the Trustee of a special meeting to send notice
by mail at least forty-eight hours or by
telegram, telex or telecopy or other electronic
facsimile transmission method at least twenty-
four hours before the meeting, addressed to the
Trustee at his or her usual or last known
business or residence address, or to give notice
to him or her in person or by telephone or e-mail
at least twenty-four hours before the meeting.
Notice of a meeting need not be given to any
Trustee if a written waiver of notice, executed
by him or her before or after the meeting, is
filed with the records of the meeting, or to any
Trustee who attends the meeting without
protesting prior thereto or at its commencement
the lack of notice to him or her. Neither notice
of a meeting nor a waiver of a notice need
specify the purposes of the meeting.
2.4 Quorum; Voting. At any meeting of the
Trustees a majority of the Trustees then in
office shall constitute a quorum. Any action of
the Trustees may be taken at a meeting by a vote
of a majority of the Trustees present (a quorum
being present) or evidenced by one or more
writings signed by such a majority, unless
otherwise specified by law. Any meeting may be
adjourned from time to time by a majority of the
votes cast upon the question, whether or not a
quorum is present, and the meeting may be held as
adjourned without further notice.
ARTICLE 3
Officers
3.1 Enumeration; Qualification. The officers
of the Trust shall be a President, a Treasurer, a
Secretary, and such other officers including one
or more Vice Presidents and/or a Chairman of the
Trustees, if any, as the Trustees from time to
time may in their discretion elect. The Trustees
may also have such agents as the Trustees from
time to time may in their discretion appoint.
The Chairman of the Trustees, if one is elected,
shall be a Trustee and may but need not be a
shareholder; and any other officer may but need
not be a Trustee or a shareholder. Any two or
more offices may be held by the same person.
3.2 Election. The President, the Treasurer,
and the Secretary shall be elected annually by
the Trustees. Other officers, if any, may be
elected or appointed by the Trustees at said
meeting or at any other time. Vacancies in any
office may be filled at any time. The Trustees
may delegate to one or more officers or agents
the power to appoint any such subordinate
officers or agents and to prescribe the
respective rights, terms of office, authorities
and duties.
3.3 Tenure. The Chairman of the Trustees, if
one is elected, the President, the Treasurer and
the Secretary shall hold office until their
respective successors are chosen and qualified or
in each case until he or she sooner dies,
resigns, is removed or becomes disqualified.
Each other officer shall hold office and each
agent shall retain authority at the pleasure of
the Trustees.
3.4 Powers. Subject to the other provisions
of these By-laws, each officer shall have, in
addition to the duties and powers herein and in
the Declaration of Trust set forth, such duties
and powers as are commonly incident to the office
occupied by him or her as if the Trust were
organized as a Massachusetts business corporation
and such other duties and powers as the Trustees
may from time to time designate.
3.5 Chairman; President. Unless the Trustees
otherwise provide, the Chairman of the Trustees
or, if there is none or in the absence of the
Chairman, the President shall preside at all
meetings of the shareholders and of the Trustees.
The President shall be the chief executive
officer.
3.6 Treasurer. The Treasurer shall be the
chief financial and accounting officer of the
Trust, and shall, subject to the provisions of
the Declaration of Trust and to any arrangement
made by the Trustees with a custodian, investment
advisor or manager, or transfer, shareholder
servicing or similar agent, be in charge of the
valuable papers, books of account and accounting
records of the Trust, and shall have such other
duties and powers as may be designated from time
to time by the Trustees or by the President.
3.7 Secretary. The Secretary shall record
all proceedings of the shareholders and the
Trustees in books to be kept therefor, which
books or a copy thereof shall be kept at the
principal office of the Trust. In the absence of
the Secretary from any meeting of the
shareholders or Trustees, an assistant secretary,
or if there be none or if he or she is absent, a
temporary secretary chosen at such meeting shall
record the proceedings thereof in the aforesaid
books.
3.8 Vice Presidents. The Vice Presidents, in
the order of their seniority, shall, in the
absence or disability of the President, perform
the duties and exercise the powers of the
President, and shall perform such other duties as
the Trustees may from time to time prescribe.
3.9 Resignations. Any officer may resign at
any time by written instrument signed by him or
her and delivered to the Chairman, the President
or the Secretary or to a meeting of the Trustees.
Such resignation shall be effective upon receipt
unless specified to be effective at some other
time. Except to the extent expressly provided in
a written agreement with the Trust, no officer
resigning and no officer removed shall have any
right to any compensation for any period
following his or her resignation or removal, or
any right to damages on account of such removal.
ARTICLE 4
Committees
4.1 Quorum; Voting. A majority of the
members of any Committee of the Trustees shall
constitute a quorum for the transaction of
business, and any action of such a committee may be
taken at a meeting by a vote of a majority of the
members present (a quorum being present) or
evidenced by one or more writings signed by such a
majority. Members of a Committee may participate
in a meeting of such Committee by means of a
conference telephone or other communications
equipment by means of which all persons
participating in the meeting can hear each other at
the same time and participation by such means shall
constitute presence in person at a meeting.
ARTICLE 5
Reports
5.1 General. The Trustees and officers shall
render reports at the time and in the manner
required under any applicable law. Officers and
Committees shall render such additional reports
as they may deem desirable or as may from time to
time be required by the Trustees.
ARTICLE 6
Fiscal Year
6.1 General. The initial fiscal year of the
Trust shall be established by the Trustees and
any changes thereto shall be made by the
Trustees.
ARTICLE 7
Seal
7.1 General. The seal of the Trust shall
consist of a flat-faced die with the word
"Massachusetts," together with the name of the
Trust and the year of its organization cut or
engraved thereon but, unless otherwise required
by the Trustees, the seal shall not be necessary
to be placed on, and its absence shall not impair
the validity of, any document, instrument or
other paper executed and delivered by or on
behalf of the Trust.
ARTICLE 8
Execution of Papers
8.1 General. Except as the Trustees may
generally or in particular cases authorize the
execution thereof in some other manner, all
deeds, leases, contracts, notes and other
obligations made by the Trustees shall be signed
by the President, any Vice President, or by the
Treasurer and need not bear the seal of the
Trust.
ARTICLE 9
Issuance of Share Certificates
9.1 Share Certificates. In lieu of issuing
certificates for shares, the Trustees or the
transfer agent may either issue receipts thereof
or may keep accounts upon the books of the Trust
for the record holders of such shares who shall
in either case be deemed, for all purposes
hereunder, to be the holders of certificates for
such shares as if they had accepted such
certificates and shall be held to have expressly
assented and agreed to the terms hereof.
The Trustees may at any time authorize the
issuance of share certificates. In that event,
each shareholder shall be entitled to a
certificate stating the number of shares owned by
him, in such form as shall be prescribed from
time to time by the Trustees.
9.2 Discontinuance of Issuance of
Certificates. The Trustees may at any time
discontinue the issuance of shares certificates
and may, by written notice to each shareholder,
require the surrender of share certificates to
the Trust for cancellation. Such surrender and
cancellation shall not effect the ownership of
shares in the Trust.
ARTICLE 10
Custodians
10.1 Securities and Cash of the Trust to be
held by Custodian Subject to Certain Terms and
Conditions.
(a) All securities and cash owned by
this Trust shall be held by or deposited with
a company which is a member of a national
securities exchange as defined in the
Securities Exchange Act of 1934, or one or
more banks or trust companies having
(according to its last published report) not
less than $5,000,000 aggregate capital,
surplus and undivided profits (any such member
of a national securities exchange or bank or
trust company being hereby designated as
"Custodian"), provided such a Custodian can be
found ready and willing to act; subject to
such rules, regulations and orders, if any, as
the Securities and Exchange Commission may
adopt, this Trust may, or may permit any
custodian to, deposit all or any part of the
securities owned by this Trust in a system for
the central handling of securities pursuant to
which all securities of any particular class
or series of any issue deposited within the
system may be transferred or pledged by
bookkeeping entry without physical delivery.
The Custodian may appoint, subject to the
approval of the Trustees, one or more
subcustodians.
(b) The Trust shall enter into a written
contract with each Custodian regarding the
powers, duties and compensation of such
Custodian with respect to the cash and
securities of the Trust held by such
Custodian. Said contract and all amendments
thereto shall be approved by the Trustees.
(c) The Trust shall upon the resignation
or inability to serve of any Custodian or upon
change of any Custodian:
(i) in case of such resignation or
inability to serve, use its best efforts to
obtain a successor Custodian;
(ii) require that the cash and
securities owned by the Trust be delivered
directly to the successor Custodian; and
(iii) in the event that no successor
custodian can be found, submit to the
shareholders, before permitting delivery of
the cash and securities owned by the Trust
otherwise than to a successor Custodian, the
question whether the Trust shall be liquidated
or shall function without a Custodian.
ARTICLE 11
Shareholders' Voting Powers and Meetings
11.1 Voting Powers. The Shareholders shall
have power to vote as provided by Article X of
the Declaration of Trust.
11.2 Waiver of Notice. Whenever notice of a
meeting is required to be given to a Shareholder
under the Declaration of Trust or these By-laws,
a written waiver thereof, executed before or
after the meeting by such Shareholder or his
attorney thereunto authorized and filed with the
records of the meeting, shall be deemed
equivalent to such notice.
11.3 Adjournment. Any meeting may be
adjourned from time to time by a majority of the
votes cast upon the question, whether or not a
quorum is present. Any adjourned session or
sessions may be held, within a reasonable time
after the date set for the original meeting,
without the necessity of further notice.
11.4 Action by Written Consent. Any action
taken by Shareholders may be taken without a
meeting if a majority of Shareholders entitled to
vote on the matter (or such larger proportion
thereof as shall be required by any express
provision of law or the Declaration of Trust or
these By-laws) consent to the action in writing
and such written consents are filed with the
records of the meetings of Shareholders. Such
consent shall be treated for all purposes as a
vote taken at a meeting of Shareholders.
11.5 Record Dates. For the purpose of determining the
Shareholders who are entitled to vote or act at any meeting
or any adjournment thereof, or who are entitled to receive
payment of any dividend or of any other distribution, the
Trustees may from time to time fix a date, which shall be
not more than 90 days before the date of any meeting of
Shareholders or the date for the payment of any dividend or
of any other distribution, as the record date for
determining the Shareholders having the right to notice of
and to vote at such meeting and any adjournment thereof or
the right to receive such dividend or distribution. Only
Shareholders of record on such record date shall have such
right notwithstanding any transfer of shares on the books of
the Trust after the record date. Without fixing such record
date the Trustees may for any of such purposes close the
register or transfer books for all or any span of such
period.
11.6 Proxies. A Shareholder may authorize the
casting of a vote by proxy pursuant to telephonic
or electronically transmitted instructions
(including, without limitation, instructions
transmitted over the internet) obtained pursuant to
procedures which are reasonably designed to verify
that such instructions have been authorized by such
Shareholder.
ARTICLE 12
Amendments to the By-laws
12.1 General. These By-laws may be amended or
repealed in whole or in part, by a majority of
the Trustees then in office at any meeting of the
Trustees, or by one or more writings signed by
such a majority.
EXHIBIT 2
SUB-ADVISORY AGREEMENT
THIS AGREEMENT is between American Skandia Investment
Services, Incorporated (the "Investment Manager") and
American Century Investment Management, Inc. (the "Sub-
Advisor").
WHEREAS American Skandia Trust (the "Trust") is a
Massachusetts business trust organized with one or more
series of shares, and is registered as an investment company
under the Investment Company Act of 1940 (the "ICA"); and
WHEREAS the trustees of the Trust (the "Trustees") have
engaged the Investment Manager to act as investment manager
for the AST American Century Income & Growth Portfolio (the
"Portfolio") under the terms of a management agreement,
dated May 4, 1999, with the Trust (the "Management
Agreement"); and
WHEREAS the Investment Manager has engaged the Sub-Advisor
and the Trustees have approved the engagement of the Sub-
Advisor to provide investment advice and other investment
services set forth below;
NOW, THEREFORE the Investment Manager and the Sub-Advisor
agree as follows:
1. Investment Services. The Sub-Advisor will furnish the
Investment Manager with investment advisory services in
connection with a continuous investment program for the
Portfolio which is to be managed in accordance with the
investment objective, investment policies and restrictions
of the Portfolio as set forth in the Prospectus and
Statement of Additional Information of the Trust and in
accordance with applicable provisions of the Trust's
Declaration of Trust and By-laws provided to the Sub-Advisor
from time to time by the Investment Manager. Officers and
employees of Sub-Advisor will be available to consult with
Investment Manager and the Trust, their officers, employees
and Trustees concerning the business of the Trust, as
reasonably requested from time to time. Investment Manager
will promptly furnish Sub-Advisor with any amendments to any
of the foregoing documents (the "Documents"). Any
amendments to the Documents will not be deemed effective
with respect to the Sub-Advisor until the Sub-Advisor's
receipt thereof.
Subject to the supervision and control of the
Investment Manager, which is in turn subject to the
supervision and control of the Trust's Board of Trustees,
the Sub-Advisor will in its discretion determine and select
the securities to be purchased for and sold from the
Portfolio from time to time and will place orders with and
give instructions to brokers, dealers and others for all
such transactions and cause such transactions to be
executed. Custody of the Portfolio will be maintained by a
custodian bank (the "Custodian") and the Investment
Manager will authorize the Custodian to honor orders and
instructions by employees of the Sub-Advisor designated by
the Investment Manager to settle transactions in respect of
the Portfolio. No assets may be withdrawn from the
Portfolio other than for settlement of transactions on
behalf of the Portfolio except upon the written
authorization of appropriate officers of the Trust who shall
have been certified as such by proper authorities of the
Trust prior to the withdrawal. The Sub-Advisor shall not be
responsible for the provision of administrative, bookkeeping
or accounting services to the Trust. The Sub-Advisor shall
supply the Investment Manager and the Trust with such
information as is specifically provided herein, as required
by the ICA or the Investment Advisers Act of 1940, as
amended (the "Advisers Act") in connection with the Sub-
Advisor's management of the Portfolio, or as may be
requested by the Trust's Board of Trustees. Any records
required to be maintained under the ICA shall be the
property of the Trust and surrendered to the Trust promptly
upon request or upon termination of this Agreement. The
Sub-Advisor may retain copies of any records surrendered to
the Trust.
To the extent deemed necessary by the Sub-Advisor in
connection with the investment program for the Portfolio,
the Sub-Advisor will obtain and evaluate pertinent
information about significant developments and economic,
statistical and financial data, domestic, foreign or
otherwise, whether affecting the economy generally or the
Portfolio, and concerning the individual issuers whose
securities are included in the Portfolio or the activities
in which they engage, or with respect to securities which
the Sub-Advisor considers desirable for inclusion in the
Portfolio or such other information as the Sub-Advisor deems
relevant.
The Sub-Advisor represents that it reviewed the
Registration Statement of the Trust, including any
amendments or supplements thereto, and any Proxy Statement
relating to the approval of this Agreement, as filed with
the Securities and Exchange Commission and represents and
warrants that with respect to disclosure about the Sub-
Advisor or information relating to the Sub-Advisor or the
Sub-Advisor's activities in connection with the investment
program for the Portfolio, such Registration Statement or
Proxy Statement contains, as of the date thereof, no untrue
statement of any material fact and does not omit any
statement of material fact which was required to be stated
therein or necessary to make the statements contained
therein not misleading.
Sub-Advisor shall use its best judgment, effort, and
advice in rendering services under this Agreement.
In furnishing the services under this Agreement, the
Sub-Advisor will comply with the requirements of the ICA and
subchapter M (including and Section 851(b)(1), (2) and (3))
and Section 817(h) of the Internal Revenue Code, applicable
to the Portfolio, and the regulations promulgated
thereunder, to the extent such compliance is within the Sub-
Advisor's control. Sub-Advisor shall comply with (i) other
applicable provisions of state or federal law; (ii) the
provisions of the Declaration of Trust and By-laws of the
Trust communicated to the Sub-Advisor by the Investment
Manager in writing; (iii) policies and determinations of the
Trust and Investment Manager communicated to the Sub-Advisor
in writing; (iv) the fundamental policies and investment
restrictions of the Trust, as set out in the Trust's
registration statement under the ICA, or as amended by the
Trust's shareholders; (v) the Prospectus and Statement of
Additional Information of the Trust; and (vi) investment
guidelines or other instructions received in writing from
Investment Manager. Sub-Advisor shall supervise and monitor
the activities of its representatives, personnel and agents
in connection with the investment program of the Portfolio.
Nothing in this Agreement shall be implied to prevent
the Investment Manager from engaging other sub-advisors to
provide investment advice and other services in relation to
portfolios of the Trust for which Sub-Advisor does not
provide such services, or to prevent Investment Manager from
providing such services itself in relation to such
portfolios.
2. Delivery of Documents to Sub-Advisor. The Investment
Manager has furnished the Sub-Advisor with copies of each of
the following documents:
(a) The Declaration of Trust of the Trust as in effect
on the date hereof;
(b) The By-laws of the Trust in effect on the date
hereof;
(c) The resolutions of the Trustees approving the
engagement of the Sub-Advisor as Sub-Advisor to
the Investment Manager and approving the form of
this agreement;
(d) The resolutions of the Trustees selecting the
Investment Manager as investment manager to the
Trust and approving the form of the Investment
Manager's Management Agreement with the Trust;
(e) The Investment Manager's Management Agreement with
the Trust;
(f) The Code of Ethics of the Trust and of the
Investment Manager as currently in effect; and
(g) A list of companies the securities of which are
not to be bought or sold for the Portfolio because
of non-public information regarding such companies
that is available to Investment Manager or the
Trust, or which, in the sole opinion of the
Investment Manager, it believes such non-public
information would be deemed to be available to
Investment Manager and/or the Trust.
The Investment Manager will furnish the Sub-Advisor
from time to time with copies, properly certified or
otherwise authenticated, of all amendments of or supplements
to the foregoing, if any. Such amendments or supplements as
to items (a) through (f) above will be provided within 30
days of the time such materials became available to the
Investment Manager. Such amendments or supplements as to
item (g) above will be provided not later than the end of
the business day next following the date such amendments or
supplements become known to the Investment Manager.
3. Delivery of Documents to the Investment Manager. The
Sub-Advisor has furnished the Investment Manager with copies
of each of the following documents:
(a) The Sub-Advisor's Form ADV as filed with the
Securities and Exchange Commission;
(b) The Sub-Advisor's most recent balance sheet;
(c) Separate lists of persons who the Sub-Advisor
wishes to have authorized to give written and/or
oral instructions to Custodians of Trust assets
for the Portfolio;
(d) The Code of Ethics of the Sub-Advisor as currently
in effect.
The Sub-Advisor will thereafter furnish the Investment
Manager with copies, properly certified or otherwise
authenticated, of all material amendments of or supplements
to items (a), (c) and (d) above within 30 days of the time
such materials become available to the Sub-Advisor. With
respect to item (b) above, the Sub-Advisor will timely
furnish the Investment Manager with a copy of the document,
properly certified or otherwise authenticated, upon request
by the Investment Manager.
4. Investment Advisory Facilities. The Sub-Advisor, at
its expense, will furnish all necessary investment
facilities, including salaries of personnel required for it
to execute its duties faithfully.
5. Execution of Portfolio Transactions. Sub-Advisor is
responsible for decisions to buy and sell securities for the
Portfolio, broker-dealer selection, and negotiation of its
brokerage commission rates. Sub-Advisor shall determine the
securities to be purchased or sold by the Portfolio pursuant
to its determinations with or through such persons, brokers
or dealers, in conformity with the policy with respect to
brokerage as set forth in the Trust's Prospectus and
Statement of Additional Information, or as the Board of
Trustees may determine from time to time. Generally, Sub-
Advisor's primary consideration in placing Portfolio
securities transactions with broker-dealers for execution is
to obtain and maintain the availability of best execution at
the best net price and in the most effective manner
possible. The Sub-Advisor may consider sale of the shares
of the Portfolio, as well as recommendations of the
Investment Manager, subject to the requirements of best net
price and most favorable execution.
Consistent with this policy, the Sub-Advisor will take
the following into consideration: the best net price
available; the reliability, integrity and financial
condition of the broker-dealer; the size of and difficulty
in executing the order; and the value of the expected
contribution of the broker-dealer to the investment
performance of the Portfolio on a continuing basis.
Accordingly, the cost of the brokerage commissions to the
Portfolio may be greater than that available from other
brokers if the difference is reasonably justified by other
aspects of the portfolio execution services offered.
Subject to such policies and procedures as the Board of
Trustees of the Trust may determine, the Sub-Advisor shall
not be deemed to have acted unlawfully or to have breached
any duty solely by reason of its having caused the Portfolio
to pay a broker-dealer that provides research services to
the Sub-Advisor for the Portfolio's use an amount of
commission for effecting a portfolio investment transaction
in excess of the amount of commission another broker-dealer
would have charged for effecting that transaction, if the
Sub-Advisor determines in good faith that such amount of
commission was reasonable in relation to the value of the
research services provided by such broker, viewed in terms
of either that particular transaction or the Sub-Advisor's
ongoing responsibilities with respect to the Portfolio. The
Sub-Advisor is further authorized to allocate the orders
placed by it on behalf of the Portfolio to such broker-
dealers who also provide research or statistical material,
or other services to the Portfolio or the Sub-Advisor. Such
allocation shall be in such amounts and proportions as the
Sub-Advisor shall determine in good faith in conformity with
its responsibilities under applicable laws, rules and
regulations and the Sub-Advisor will report on said
allocations to the Investment Manager regularly as requested
by the Investment Manager and, in any event, at least once
each calendar year if no specific request is made,
indicating the brokers to whom such allocations have been
made and the basis therefor. Notwithstanding the above,
nothing shall require the Sub-Advisor to use a broker that
provides research services or to use a particular broker
that the Investment Manager has recommended.
6. Reports by Sub-Advisor. The Sub-Advisor shall furnish
the Investment Manager monthly, quarterly and annual reports
concerning transactions and performance of the Portfolio,
including information requested for inclusion in the Trust's
Registration Statement, in such form as may be mutually
agreed, to review the Portfolio and discuss the management
of it. The Sub-Advisor shall permit the financial
statements, books and records with respect to the Portfolio
to be inspected and audited by the Trust, the Investment
Manager or their agents at all reasonable times during
normal business hours. The Sub-Advisor shall immediately
notify and forward to the Investment Manager and the Trust
any legal process served upon it on behalf of the Investment
Manager or the Trust. The Sub-Advisor shall promptly notify
the Investment Manager of any changes in any information
concerning the Sub-Advisor or the Sub-Advisors activities in
connection with the investment program for the Portfolio
required to be disclosed in the Trust's Registration
Statement.
7. Compensation of Sub-Advisor. The amount of the
compensation to the Sub-Advisor is computed at an annual
rate. The fee is payable monthly in arrears, based on the
average daily net assets of the Portfolio for each month, at
the annual rates shown below.
For all services rendered, the Investment Manager will
calculate and pay the Sub-Advisor at the annual rate of: .40
of 1% of the portion of the average daily net assets of the
Portfolio not in excess of $100 million; plus .35 of 1% of
the portion of the net assets over $100 million.
In computing the fee to be paid to the Sub-Advisor, the
net asset value of the Portfolio shall be valued as set
forth in the then current registration statement of the
Trust. If this agreement is terminated, the payment shall
be prorated to the effective date of termination.
Investment Manager and Sub-Advisor shall not be
considered as partners or participants in a joint venture.
Sub-Advisor will pay its own expenses for the services to be
provided pursuant to this Agreement and will not be
obligated to pay any expenses of Investment Manager or the
Trust. Except as otherwise provided herein, Investment
Manager and the Trust will not be obligated to pay any
expenses of Sub-Advisor.
8. Confidential Treatment. It is understood that any
information or recommendation supplied by the Sub-Advisor in
connection with the performance of its obligations hereunder
is to be regarded as confidential and for use only by the
Investment Manager, the Trust or such persons the Investment
Manager may designate in connection with the Portfolio. It
is also understood that any information supplied to Sub-
Advisor in connection with the performance of its
obligations hereunder, particularly, but not limited to, any
list of securities which, on a temporary basis, may not be
bought or sold for the Portfolio, is to be regarded as
confidential and for use only by the Sub-Advisor in
connection with its obligation to provide investment advice
and other services to the Portfolio.
9. Representations of the Parties. Each party to this
Agreement hereby acknowledges that it is registered as an
investment advisor under the Advisers Act, that it will use
its reasonable best efforts to maintain such registration,
and that it will promptly notify the other if it ceases to
be so registered, if its registration is suspended for any
reason, or if it is notified by any regulatory organization
or court of competent jurisdiction that it should show cause
why its registration should not be suspended or terminated.
Each party further acknowledges that it is registered under
the laws of all jurisdictions in which the conduct of its
business hereunder requires such registration.
10. Liability. The Sub-Advisor shall use its best efforts
and good faith in the performance of its services hereunder.
However, so long as the Sub-Advisor has acted in good faith
and has used its best efforts, then in the absence of
willful misfeasance, bad faith, gross negligence or reckless
disregard for its obligations hereunder, it shall not be
liable to the Trust or its shareholders or to the Investment
Manager for any act or omission resulting in any loss
suffered in any portfolio of the Trust in connection with
any service to be provided herein. The Federal laws impose
responsibilities under certain circumstances on persons who
act in good faith, and therefore, nothing herein shall in
any way constitute a waiver of limitation of any rights
which the Trust or Investment Manager may have under
applicable law.
The Investment Manager agrees that, subject to the
investment objective, investment policies and investment
restrictions of the Portfolio as set forth in the Trust's
Registration Statement as in effect from time to time, the
Sub-Advisor's adherence to an investment style generally
used by the Sub-Advisor in managing any of its domestic or
foreign equity or fixed income mutual funds shall not be
considered a failure by the Sub-Advisor to use its best
judgment, efforts and advice under this Agreement. The
Investment Manager shall consult from time to time with the
Sub-Advisor to review the Sub-Advisor's performance under
this Agreement. In the event that any claim is made by the
Investment Manager against the Sub-Advisor based upon a
failure by the Sub-Advisor to use its best judgment, efforts
and advice in rendering services under this Agreement, the
Investment Manager shall bear the burden of proving such
failure.
11. Other Activities of Sub-Advisor. Investment Manager
agrees that the Sub-Advisor and any of its partners or
employees, and persons affiliated with it or with any such
partner or employee may render investment management or
advisory services to other investors and institutions, and
such investors and institutions may own, purchase or sell,
securities or other interests in property the same as or
similar to those which are selected for purchase, holding or
sale for the Portfolio, and the Sub-Advisor shall be in all
respects free to take action with respect to investments in
securities or other interests in property the same as or
similar to those selected for purchase, holding or sale for
the Portfolio. The Investment Manager understands that the
Sub-Advisor shall not favor or disfavor any client or class
of clients in the allocation of investment opportunities, so
that to the extent practical, such opportunities will be
allocated among clients over a period of time on a fair and
equitable basis. Notwithstanding paragraph 8 above, nothing
in this agreement shall impose upon the Sub-Advisor any
obligation to (i) purchase or sell, or recommend for
purchase or sale, for the Portfolio any security which it,
its partners, affiliates or employees may purchase or sell
for the Sub-Advisor or such partner's, affiliate's or
employee's own accounts or for the account of any other
client, advisory or otherwise; or (ii) to abstain from the
purchase or sale of any security for the Sub-Advisor's other
clients, advisory or otherwise, that the Investment Manager
has placed on the list provided pursuant to paragraph 2(g)
above.
12. Continuance and Termination. This Agreement shall
remain in full force and effect for one year from the date
hereof, and is renewable annually thereafter by specific
approval of the Board of Trustees of the Trust or by vote of
a majority of the outstanding voting securities of the
Portfolio. Any such renewal shall be approved by the vote
of a majority of the Trustees who are not interested persons
under the ICA, cast in person at a meeting called for the
purpose of voting on such renewal. This agreement may be
terminated without penalty at any time by the Investment
Manager or Sub-Advisor upon 60 days written notice, and will
automatically terminate in the event of its assignment (as
defined in the ICA) by either party to this Agreement or
(provided Sub-Advisor has received prior written notice
thereof) upon termination of the Investment Manager's
Management Agreement with the Trust.
13. Notification. Sub-Advisor will notify the Investment
Manager within a reasonable time of any change in the
personnel of the Sub-Advisor with responsibility for making
investment decisions in relation to the Portfolio or who
have been authorized to give instructions to a Custodian of
the Trust.
Any notice, instruction or other communication required
or contemplated by this agreement shall be in writing. All
such communications shall be addressed to the recipient at
the address set forth below, provided that either party may,
by notice, designate a different contact person and/or
address for such party.
Investment Manager: American Skandia Investment Services,
Incorporated
One Corporate Drive
Shelton, Connecticut 06484
Attention: John Birch
Senior Vice President & Chief Operating
Officer
Sub-Advisor: American Century Investment Management,
Inc.
4500 Main Street
Kansas City, Missouri 64111
Attention: William M. Lyons
Executive Vice President & Chief Operating
Officer
14. Indemnification. The Sub-Advisor agrees to indemnify
and hold harmless Investment Manager, any affiliated person
within the meaning of Section 2(a)(3) of the ICA
("affiliated person") of Investment Manager and each
person, if any who, within the meaning of Section 15 of the
Securities Act of 1933 (the "1933 Act"), controls
("controlling person") Investment Manager, against any and
all losses, claims, damages, liabilities or litigation
(including reasonable legal and other expenses), to which
Investment Manager or such affiliated person or controlling
person may become subject under the 1933 Act, the ICA, the
Advisers Act, under any other statute, at common law or
otherwise, arising out of Sub-Advisor's responsibilities
hereunder (1) to the extent of and as a result of the
willful misconduct, bad faith, or gross negligence by Sub-
Advisor, any of Sub-Advisor's employees or representatives
or any affiliate of or any person acting on behalf of Sub-
Advisor, or (2) as a result of any untrue statement or
alleged untrue statement of a material fact relating to the
Sub-Advisor or the Sub-Advisor's activities in connection
with the investment program for the Portfolio contained in a
prospectus or statement of additional information covering
the Portfolio or the Trust or any amendment thereof or any
supplement thereto or the omission or alleged omission to
state therein such a material fact required to be stated
therein or necessary to make the statement therein not
misleading, if such a statement or omission was made in
reliance upon and in conformity with written information
furnished to the Investment Manager, the Trust or any
affiliated person of the Investment Manager or the Trust by
the Sub-Advisor or upon verbal information confirmed by the
Sub-Advisor in writing or (3) to the extent of, and as a
result of, the failure of the Sub-Advisor to execute, or
cause to be executed, Portfolio transactions according to
the standards and requirements of the ICA; provided,
however, that in no case is Sub-Advisor's indemnity in favor
of Investment Manager or any affiliated person or
controlling person of Investment Manager deemed to protect
such person against any liability to which any such person
would otherwise be subject by reason of willful misconduct,
bad faith or gross negligence in the performance of its
duties or by reason of its reckless disregard of its
obligations and duties under this Agreement; and, provided
further, that in the case of an alleged untrue statement or
omission of a material fact for which the Sub-Advisor
provides this indemnity, the Investment Manager shall
reimburse the Sub-Advisor for all amounts paid pursuant to
this indemnity unless a court of competent jurisdiction
shall issue a final judgment finding that such an untrue
statement or omission of material fact did occur.
The Investment Manager agrees to indemnify and hold
harmless Sub-Advisor, any affiliated person of Sub-Advisor
and each controlling person of Sub-Advisor, if any, against
any and all losses, claims, damages, liabilities or
litigation (including reasonable legal and other expenses),
to which Sub-Advisor or such affiliated person or
controlling person may become subject under the 1933 Act,
the ICA, the Advisers Act, under any other statute, at
common law or otherwise, arising out of Investment Manager's
responsibilities as investment manager of the Portfolio (1)
to the extent of and as a result of the willful misconduct,
bad faith, or gross negligence by Investment Manager, any of
Investment Manager's employees or representatives or any
affiliate of or any person acting on behalf of Investment
Manager, or (2) as a result of any untrue statement or
alleged untrue statement of a material fact contained in a
prospectus or statement of additional information covering
the Portfolio or the Trust or any amendment thereof or any
supplement thereto or the omission or alleged omission to
state therein such a material fact required to be stated
therein or necessary to make the statement therein not
misleading, if such a statement or omission was made by the
Trust other than in reliance upon and in conformity with
written information furnished by Sub-Advisor, or any
affiliated person of the Sub-Advisor or other than upon
verbal information confirmed by the Sub-Advisor in writing;
provided, however, that in no case is Investment Manager's
indemnity in favor of Sub-Advisor or any affiliated person
or controlling person of Sub-Advisor deemed to protect such
person against any liability to which any such person would
otherwise be subject by reason of willful misconduct, bad
faith or gross negligence in the performance of its duties
or by reason of its reckless disregard of its obligations
and duties under this Agreement. It is agreed that the
Investment Manager's indemnification obligations under this
Section 14 will extend to expenses and costs (including
reasonable attorneys fees) incurred by the Sub-Advisor as a
result of any litigation brought by the Investment Manager
alleging Sub-Advisor's failure to perform its obligations
and duties in the manner required under this Agreement
unless judgment is rendered for the Investment Manager.
15. Warranty. The Investment Manager represents and
warrants that (i) the appointment of the Sub-Advisor by the
Investment Manager has been duly authorized and (ii) it has
acted and will continue to act in connection with the
transactions contemplated hereby, and the transactions
contemplated hereby are, in conformity with the ICA, the
Trust's governing documents and other applicable laws.
The Sub-Advisor represents and warrants that it is
authorized to perform the services contemplated to be
performed hereunder.
16. Governing Law. This agreement is made under, and shall
be governed by and construed in accordance with, the laws of
the State of Connecticut.
The effective date of this agreement is October 1, 1999.
FOR THE INVESTMENT MANAGER: FOR THE SUB-
ADVISOR:
John Birch
Senior Vice President & Chief Operating Officer
Date: Date:
Attest: Attest:
EXHIBIT 3
SUB-ADVISORY AGREEMENT
THIS AGREEMENT is between American Skandia Investment
Services, Incorporated (the "Investment Manager") and A I
M Capital Management, Inc. (the "Sub-Advisor").
WHEREAS American Skandia Trust (the "Trust") is a
Massachusetts business trust organized with one or more
series of shares, and is registered as an investment company
under the Investment Company Act of 1940 (the "ICA"); and
WHEREAS the trustees of the Trust (the "Trustees") have
engaged the Investment Manager to act as investment manager
for the AST AIM International Equity Portfolio (the
"Portfolio") under the terms of a management agreement,
dated May 4, 1999, with the Trust (the "Management
Agreement"); and
WHEREAS the Investment Manager has engaged the Sub-Advisor
and the Trustees have approved the engagement of the Sub-
Advisor to provide investment advice and other investment
services set forth below;
NOW, THEREFORE the Investment Manager and the Sub-Advisor
agree as follows:
1. Investment Services. The Sub-Advisor will furnish the
Investment Manager with investment advisory services in
connection with a continuous investment program for the
Portfolio which is to be managed in accordance with the
investment objective, investment policies and restrictions
of the Portfolio as set forth in the Prospectus and
Statement of Additional Information of the Trust and in
accordance with applicable provisions of the Trust's
Declaration of Trust and By-laws provided to the Sub-Advisor
from time to time by the Investment Manager. Officers,
directors, and employees of Sub-Advisor will be available to
consult with Investment Manager and the Trust, their
officers, employees and Trustees concerning the business of
the Portfolio. Investment Manager will promptly furnish
Sub-Advisor with any amendments to any of the foregoing
documents (the "Documents"). Any amendments to the
Documents will not be deemed effective with respect to the
Sub-Advisor until the Sub-Advisor's receipt thereof.
Subject to the supervision and control of the
Investment Manager, which is in turn subject to the
supervision and control of the Trust's Board of Trustees,
the Sub-Advisor will in its discretion determine and select
the securities to be purchased for and sold from the
Portfolio from time to time and will place orders with and
give instructions to brokers, dealers and others for all
such transactions and cause such transactions to be
executed. Custody of the Portfolio will be maintained by a
custodian bank (the "Custodian") and the Investment
Manager will authorize the Custodian to honor orders and
instructions by employees of the Sub-Advisor designated by
the Investment Manager to settle transactions in respect of
the Portfolio. No assets may be withdrawn from the
Portfolio other than for settlement of transactions on
behalf of the Portfolio except upon the written
authorization of appropriate officers of the Trust who shall
have been certified as such by proper authorities of the
Trust prior to the withdrawal. The Sub-Advisor shall not be
responsible for the provision of administrative, bookkeeping
or accounting services to the Trust. Any records required
to be maintained by the Sub-advisor shall be the property of
the Trust and surrendered to the Trust promptly upon request
or upon termination of this Agreement. The Sub-Advisor may
retain copies of any records surrendered to the Trust.
To the extent deemed necessary by the Sub-Advisor in
connection with the investment program for the Portfolio,
the Sub-Advisor will obtain and evaluate pertinent
information about significant developments and economic,
statistical and financial data, domestic, foreign or
otherwise, whether affecting the economy generally or the
Portfolio, and concerning the individual issuers whose
securities are included in the Portfolio or the activities
in which they engage, or with respect to securities which
the Sub-Advisor considers desirable for inclusion in the
Portfolio or such other information as the Sub-Advisor deems
relevant.
The Sub-Advisor represents that it has reviewed the
Registration Statement of the Trust filed with the
Securities and Exchange Commission on April 28, 1999 and
provided to the Sub-Advisor by the Investment Manager. The
Sub-Advisor further represents and warrants that, with
respect to disclosure about the Sub-Advisor and the
investment program for the Portfolio furnished or commented
upon in writing by the Sub-Advisor to the Investment Manager
or the Trust expressly for use in such Registration
Statement, such Registration Statement contains, as of the
date thereof, no untrue statement of material fact and does
not omit any statement of material fact which was required
to be stated therein or necessary to make the statements
contained therein, in light of the circumstances under which
they were made, not misleading; provided, however, that the
Sub-Advisor makes no representations or warranties regarding
(i) the accuracy or adequacy of any disclosure in such
Registration Statement regarding the degree and nature of
the risks associated with particular types of investments,
or (ii) any disclosure in the Registration Statement with
respect to which the Investment Manager did not include
information provided by the Sub-Advisor expressly for use
therein.
In furnishing the services under this Agreement, the
Sub-Advisor will comply with the requirements of the ICA and
will use its best efforts to cause the Portfolio to comply
with the adequate diversification requirements of Section
817(h)(2) and the Subchapter M qualification requirements of
Section 851 (b)(2) and (3) of the Internal Revenue Code,
applicable to the Portfolio, and the regulations promulgated
thereunder, to the extent such compliance is within the Sub-
Advisor's control. Sub-Advisor shall also comply with (i)
other applicable provisions of federal law; (ii) the
provisions of the Declaration of Trust and By-laws of the
Trust communicated to the Sub-Advisor pursuant to paragraph
1 of this Agreement; (iii) policies and determinations of
the Trust and Investment Manager communicated to the Sub-
Advisor in writing; (iv) the fundamental policies and
investment restrictions of the Trust, as set out in the
Trust's registration statement under the ICA, or as amended
by the Trust's shareholders, and communicated to the Sub-
Advisor; (v) the Prospectus and Statement of Additional
Information of the Trust as provided to the Sub-Advisor; and
(vi) investment guidelines or other instructions received in
writing from Investment Manager. Sub-Advisor shall
supervise and monitor the activities of its representatives,
personnel and agents in connection with the investment
program of the Portfolio.
Unless the Investment Manager gives the Sub-Advisor
written instructions to the contrary, the Sub-Advisor shall
use its good faith judgment in a manner that it reasonably
believes best serves the interests of the Portfolio's
shareholders to vote or abstain from voting all proxies
solicited by or with respect to the issuers of securities in
which assets of the Portfolio may be invested.
Nothing in this Agreement shall be implied to prevent
the Investment Manager from engaging other sub-advisors to
provide investment advice and other services in relation to
portfolios of the Trust for which Sub-Advisor does not
provide such services, or to prevent Investment Manager from
providing such services itself in relation to such
portfolios.
2. Delivery of Documents to Sub-Advisor. The Investment
Manager has furnished the Sub-Advisor with copies of each of
the following documents:
(a) The Declaration of Trust of the Trust as in effect
on the date hereof;
(b) The By-laws of the Trust in effect on the date
hereof;
(c) The resolutions of the Trustees approving the
engagement of the Sub-Advisor as Sub-Advisor to
the Investment Manager and approving the form of
this agreement;
(d) A certificate of the inspector of election from
the meeting of shareholders of the Portfolio at
which this Agreement was approved, which
certificate indicates that such shareholders have
approved this Agreement;
(e) The resolutions of the Trustees selecting the
Investment Manager as investment manager to the
Trust and approving the form of the Investment
Manager's Management Agreement with the Trust;
(f) The Investment Manager's Management Agreement with
the Trust;
(g) The Code of Ethics of the Trust and of the
Investment Manager as currently in effect; and
(h) A list of companies the securities of which are
not to be bought or sold for the Portfolio because
of non-public information regarding such companies
that is available to Investment Manager or the
Trust, or which, in the sole opinion of the
Investment Manager, it believes such non-public
information would be deemed to be available to
Investment Manager and/or the Trust.
The Investment Manager will furnish the Sub-Advisor
from time to time with copies, properly certified or
otherwise authenticated, of all amendments of or supplements
to the foregoing, if any. Such amendments or supplements as
to items (a) through (g) above will be provided within 30
days of the time such materials became available to the
Investment Manager. Such amendments or supplements as to
item (h) above will be provided not later than the end of
the business day next following the date such amendments or
supplements become known to the Investment Manager.
3. Delivery of Documents to the Investment Manager. The
Sub-Advisor has furnished the Investment Manager with copies
of each of the following documents:
(a) The Sub-Advisor's Form ADV as filed with the
Securities and Exchange Commission;
(b) The Sub-Advisor's most recent balance sheet;
(c) Separate lists of persons who the Sub-Advisor
wishes to have authorized to give written and/or
oral instructions to Custodians of Trust assets
for the Portfolio;
(d) The Code of Ethics of the Sub-Advisor as currently
in effect.
The Sub-Advisor will thereafter furnish the Investment
Manager with copies, properly certified or otherwise
authenticated, of all material amendments of or supplements
to items (a), (c) and (d) above within 30 days of the time
such materials become available to the Sub-Advisor. With
respect to item (b) above, the Sub-Advisor will thereafter
furnish the Investment Manager, within 30 days of the time
such materials become available to the Sub-Advisor, with a
copy of the Sub-Advisor's audited balance sheet as at the
end of each fiscal year of the Sub-Advisor.
4. Investment Advisory Facilities. The Sub-Advisor, at
its expense, will furnish all necessary investment
facilities, including salaries of personnel required for it
to execute its duties faithfully.
5. Execution of Portfolio Transactions. The Sub-Advisor
is responsible for decisions to buy and sell securities for
the Portfolio, broker-dealer selection, and negotiation of
brokerage commission rates. Sub-Advisor shall determine the
securities to be purchased or sold by the Portfolio pursuant
to its determinations with or through such persons, brokers
or dealers, in conformity with the policy with respect to
brokerage as set forth in the Trust's Prospectus and
Statement of Additional Information, or as the Board of
Trustees may determine from time to time. Generally, the
Sub-Advisor's primary consideration in placing Portfolio
securities transactions with broker-dealers for execution is
to obtain and maintain the availability of best execution at
the best net price and in the most effective manner
possible. The Sub-Advisor may consider sale of the shares
of the Portfolio, as well as recommendations of the
Investment Manager, subject to the requirements of best net
price and most favorable execution and, if applicable, legal
requirements relating to the use of broker-dealers
affiliated with the Trust.
Consistent with this policy, the Sub-Advisor will take
the following into consideration: the best net price
available; the reliability, integrity and financial
condition of the broker-dealer; the size of and difficulty
in executing the order; and the value of the expected
contribution of the broker-dealer to the investment
performance of the Portfolio on a continuing basis.
Accordingly, the cost of the brokerage commissions to the
Portfolio may be greater than that available from other
brokers if the difference is reasonably justified by other
aspects of the portfolio execution services offered.
Subject to such policies and procedures as the Board of
Trustees of the Trust may determine, the Sub-Advisor shall
not be deemed to have acted unlawfully or to have breached
any duty solely by reason of its having caused the Portfolio
to pay a broker-dealer that provides research services to
the Sub-Advisor an amount of commission for effecting a
portfolio investment transaction in excess of the amount of
commission another broker-dealer would have charged for
effecting that transaction, if the Sub-Advisor determines in
good faith that such amount of commission was reasonable in
relation to the value of the research services provided by
such broker, viewed in terms of either that particular
transaction or the Sub-Advisor's overall responsibilities
with respect to the Portfolio and to other clients of the
Sub-Advisor as to which the Sub-Advisor exercises investment
discretion. The Sub-Advisor is further authorized to
allocate the orders placed by it on behalf of the Portfolio
to such broker-dealers who also provide research or
statistical material, or other services to the Portfolio or
the Sub-Advisor. Such allocation shall be in such amounts
and proportions as the Sub-Advisor shall determine in good
faith in conformity with its responsibilities under
applicable laws, rules and regulations and the Sub-Advisor
will report on said allocations to the Investment Manager
regularly as requested by the Investment Manager and, in any
event, at least once each calendar year if no specific
request is made, indicating the brokers to whom such
allocations have been made and the basis therefor.
6. Reports by Sub-Advisor. The Sub-Advisor shall furnish
the Investment Manager monthly, quarterly and annual reports
concerning transactions and performance of the Portfolio,
including information requested for inclusion in the Trust's
Registration Statement, in such form as may be mutually
agreed, to review the Portfolio and discuss the management
of it. The Sub-Advisor shall supply the Investment Manager
and the Trust with such information as may be necessary to
respond to a specific request of the Trust's Board of
Trustees or its agents. The Sub-Advisor shall permit the
books and records with respect to the Portfolio to be
inspected and audited by the Trust, the Investment Manager
or their agents at all reasonable times during normal
business hours. The Sub-Advisor shall immediately notify
and forward to the Investment Manager and the Trust any
legal process served upon it on behalf of the Investment
Manager or the Trust. The Investment Manager and the Trust
shall immediately notify and forward to the Sub-Advisor any
legal process served upon them on behalf of the Sub-Advisor.
The Sub-Advisor shall promptly notify the Investment Manager
of any changes in any information concerning the Sub-Advisor
or the investment program for the Portfolio required to be
disclosed in the Trust's Registration Statement.
7. Compensation of Sub-Advisor. The amount of the
compensation to the Sub-Advisor is computed at an annual
rate. The fee is payable monthly in arrears, based on the
average daily net assets of the Portfolio for each month, at
the annual rates shown below.
For all services rendered, the Investment Manager will
calculate and pay the Sub-Advisor at the annual rate equal
to the following percentages of the combined average daily
net assets of the Portfolio and the series of American
Skandia Advisor Funds, Inc. that is managed by the Sub-
advisor and identified by the Sub-Advisor and the Investment
Manager as being similar to the Portfolio: .55 of 1% of the
portion of the combined average daily net assets not in
excess of $75 million; plus .45 of 1% of the portion of the
combined average daily net assets in excess of $75 million.
In computing the fee to be paid to the Sub-Advisor, the
net asset value of the Portfolio shall be valued as set
forth in the then current registration statement of the
Trust. If this Agreement is terminated, the payment shall
be prorated to the date of termination. The fee for the
period from the effective date of the Agreement to the end
of the month during which the effective date occurs shall be
prorated according to the proportion that such period bears
to the full monthly period.
Investment Manager and Sub-Advisor shall not be
considered as partners or participants in a joint venture.
Sub-Advisor will pay its own expenses for the services to be
provided pursuant to this Agreement and will not be
obligated to pay any expenses of Investment Manager or the
Trust, including without limitation brokerage expenses and
custodian fees. Except as otherwise provided herein,
Investment Manager and the Trust will not be obligated to
pay any expenses of Sub-Advisor.
Unless otherwise agreed in writing by the Investment
Manager and Sub-Advisor, the waiver by the Investment
Manager of any fees it is entitled to receive under the
Management Agreement shall not offset the obligation of the
Investment Manager to compensate the Sub-Advisor pursuant to
this paragraph 7.
8. Confidential Treatment. It is understood that any
information or recommendation supplied by the Sub-Advisor in
connection with the performance of its obligations hereunder
is to be regarded as confidential and for use only by the
Investment Manager, the Trust or such persons the Investment
Manager may designate in connection with the Portfolio. It
is also understood that any information supplied to Sub-
Advisor in connection with the performance of its
obligations hereunder, particularly, but not limited to, any
list of securities which, on a temporary basis, may not be
bought or sold for the Portfolio, is to be regarded as
confidential and for use only by the Sub-Advisor in
connection with its obligation to provide investment advice
and other services to the Portfolio.
9. Representations of the Parties. Each party to this
Agreement hereby acknowledges that it is registered as an
investment advisor under the Investment Advisers Act of 1940
(the "Advisers Act"), that it will use its reasonable best
efforts to maintain such registration, and that it will
promptly notify the other if it ceases to be so registered,
if its registration is suspended for any reason, or if it is
notified by any regulatory organization or court of
competent jurisdiction that it should show cause why its
registration should not be suspended or terminated.
10. Liability. The Sub-Advisor shall use its best efforts
and judgment and shall act in good faith in rendering
services hereunder. However, so long as the Sub-Advisor has
acted in good faith and has used its best efforts and
judgment, the Sub-Advisor, its officers, directors and
employees shall not be liable for any error of judgment or
mistake of law or for any loss suffered by the Portfolio,
any shareholder of the Portfolio or the Investment Manager
in connection with the matters to which this Agreement
relates, provided that nothing in this Agreement shall be
deemed to protect or purport to protect the Sub-Advisor
against any liability to the Investment Manager, the Trust
or to the shareholders of the Portfolio to which the Sub-
Advisor would otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence on its part in
the performance of its duties or by reason of the Sub-
Advisor's reckless disregard of its obligations and duties
under this Agreement.
The Investment Manager agrees that the Sub-Advisor
shall not be liable for any failure to recommend the
purchase or sale of any security on behalf of the Portfolio
on the basis of any information which might, in Sub-
Advisor's opinion, constitute a violation of any federal or
state laws, rules or regulations.
11. Other Activities of Sub-Advisor. Investment Manager
agrees that the Sub-Advisor and any of its officers or
employees, and persons affiliated with it or with any such
officer or employee may render investment management or
advisory services to other investors and institutions, and
such investors and institutions may own, purchase or sell,
securities or other interests in property the same as or
similar to those which are selected for purchase, holding or
sale for the Portfolio, and the Sub-Advisor shall be in all
respects free to take action with respect to investments in
securities or other interests in property the same as or
similar to those selected for purchase, holding or sale for
the Portfolio. Purchases and sales of individual securities
on behalf of the Portfolio and other portfolios of the Trust
or accounts for other investors or institutions will be made
on a basis that the Sub-Advisor believes is equitable to all
accounts. The Investment Manager and the Trust recognize
that in some cases this procedure may adversely affect the
size of the position obtainable for the Portfolio. In
addition, the Investment Manager and the Trust understand
(i) that the persons employed by the Sub-Advisor to assist
in the performance of the Sub-Advisor's duties under this
Agreement generally will not devote their full time to such
service, and (ii) the Sub-Advisor and any affiliate of the
Sub-Advisor may engage in and devote time and attention to
other businesses or to rendering services of whatever kind
or nature. Nothing in this Agreement shall impose upon the
Sub-Advisor any obligation to purchase or sell or recommend
for purchase or sale, for the Portfolio any security which
it, its officers, affiliates or employees may purchase or
sell for the Sub-Advisor or such officer's, affiliate's or
employee's own accounts or for the account of any other
client, advisory or otherwise.
12. Continuance and Termination. This Agreement shall
remain in full force and effect for one year from the date
hereof, and is renewable annually thereafter by specific
approval of the Board of Trustees of the Trust or by vote of
a majority of the outstanding voting securities of the
Portfolio. Any such renewal shall also be approved by the
vote of a majority of the Trustees who are not interested
persons under the ICA, cast in person at a meeting called
for the purpose of voting on such renewal. This agreement
may be terminated without penalty at any time by the
Investment Manager or Sub-Advisor upon 60 days written
notice or by the Board of Trustees of the Trust or by a vote
of the outstanding voting securities of the Portfolio, and
will automatically terminate in the event of its assignment
by either party to this Agreement, as defined in the ICA, or
(provided Sub-Advisor has received prior written notice
thereof) upon termination of the Investment Manager's
Management Agreement with the Trust.
13. Notification. Sub-Advisor will notify the Investment
Manager within a reasonable time of any change in the
personnel of the Sub-Advisor with responsibility for making
investment decisions in relation to the Portfolio or who
have been authorized to give instructions to a Custodian of
the Trust.
Any notice, instruction or other communication required
or contemplated by this Agreement shall be in writing. All
such communications shall be addressed to the recipient at
the address set forth below, provided that either party may,
by notice, designate a different address for such party.
Investment Manager: American Skandia Investment Services,
Incorporated
One Corporate Drive
Shelton, Connecticut 06484
Attention: John Birch
Senior Vice President & Chief Operating
Officer
Sub-Advisor: A I M Capital Management, Inc.
11 Greenway Plaza, Suite 100
Houston, Texas 77046-1173
Attention: Nancy L. Martin
General Counsel
14. Indemnification. The Sub-Advisor agrees to indemnify
and hold harmless Investment Manager, any affiliated person
within the meaning of Section 2(a)(3) of the ICA
("affiliated person") of Investment Manager and each
person, if any who, within the meaning of Section 15 of the
Securities Act of 1933 (the "1933 Act"), controls
("controlling person") Investment Manager, against any and
all losses, claims, damages, liabilities or litigation
(including reasonable legal and other expenses), to which
Investment Manager or such affiliated person or controlling
person may become subject under the 1933 Act, the ICA, the
Advisers Act, under any other statute, at common law or
otherwise, arising out of Sub-Advisor's responsibilities as
portfolio manager of the Portfolio (1) to the extent of and
as a result of the willful misconduct, bad faith, or gross
negligence by Sub-Advisor, any of Sub-Advisor's employees or
representatives or any affiliate of or any person acting on
behalf of Sub-Advisor, or (2) as a result of any untrue
statement or alleged untrue statement of a material fact
relating to the Sub-Advisor or the investment program for
the Portfolio contained in a prospectus or statement of
additional information covering the Portfolio or the Trust
or any amendment thereof or any supplement thereto or the
omission or alleged omission to state therein such a
material fact required to be stated therein or necessary to
make the statement therein not misleading, if such a
statement or omission was made in reliance upon and in
conformity with written information furnished or commented
upon by the Sub-Advisor to the Investment Manager, the Trust
or any affiliated person of the Investment Manager or the
Trust expressly for use in such a prospectus or statement or
additional information or upon verbal information confirmed
by the Sub-Advisor in writing or (3) to the extent of, and
as a result of, a violation by the Sub-Advisor of the
requirements of the ICA governing executions of Portfolio
transactions; provided, however, that in no case is Sub-
Advisor's indemnity in favor of Investment Manager or any
affiliated person or controlling person of Investment
Manager deemed to protect such person against any liability
to which any such person would otherwise be subject by
reason of willful misconduct, bad faith or negligence in the
performance of its duties or by reason of its reckless
disregard of its obligations and duties under this
Agreement; and, provided further, that in the case of an
alleged untrue statement or omission of a material fact for
which the Sub-Advisor provides this indemnity, the
Investment Manager shall reimburse the Sub-Advisor for all
amounts paid pursuant to this indemnity unless a court of
competent jurisdiction shall issue a final judgment finding
that such an untrue statement or omission of material fact
did occur; and, provided further, that in no event shall
Sub-Advisor be required to indemnify the Investment Manager
for any consequential damages.
The Investment Manager agrees to indemnify and hold
harmless Sub-Advisor, any affiliated person of Sub-Advisor
and each controlling person of Sub-Advisor, if any, against
any and all losses, claims, damages, liabilities or
litigation (including reasonable legal and other expenses),
to which Sub-Advisor or such affiliated person or
controlling person may become subject under the 1933 Act,
the ICA, the Advisers Act, under any other statute, at
common law or otherwise, arising out of Investment Manager's
responsibilities as investment manager of the Portfolio (1)
to the extent of and as a result of the willful misconduct,
bad faith, or gross negligence by Investment Manager, any of
Investment Manager's employees or representatives or any
affiliate of or any person acting on behalf of Investment
Manager, or (2) as a result of any untrue statement or
alleged untrue statement of a material fact contained in a
prospectus or statement of additional information covering
the Portfolio or the Trust or any amendment thereof or any
supplement thereto or the omission or alleged omission to
state therein such a material fact required to be stated
therein or necessary to make the statement therein not
misleading, if such a statement or omission was made by the
Trust other than in reliance upon and in conformity with
written information furnished or commented upon by Sub-
Advisor or any affiliated person of the Sub-Advisor
expressly for use in such a prospectus or statement of
additional information or other than upon verbal information
confirmed by the Sub-Advisor in writing; provided, however,
that in no case is Investment Manager's indemnity in favor
of Sub-Advisor or any affiliated person or controlling
person of Sub-Advisor deemed to protect such person against
any liability to which any such person would otherwise be
subject by reason of willful misconduct, bad faith or
negligence in the performance of its duties or by reason of
its reckless disregard of its obligations and duties under
this Agreement; and, provided further, that in no event
shall Investment Manager be required to indemnify the Sub-
Advisor for any consequential damages.
15. Warranty. The Investment Manager represents and
warrants that (i) the appointment of the Sub-Advisor by the
Investment Manager has been duly authorized and (ii) it has
acted and will continue to act in connection with the
transactions contemplated hereby, and the transactions
contemplated hereby are, in conformity with the ICA, the
Trust's governing documents and other applicable laws.
The Sub-Advisor represents and warrants that it is
authorized to perform the services contemplated to be
performed hereunder.
16. Governing Law. Any question of interpretation of any
term or provision of this Agreement having a counterpart in
or otherwise derived from a term or provision of the ICA or
the Advisers Act shall be resolved by reference to such term
or provision of the ICA or the Advisers Act and to
interpretations thereof, if any, by the United States courts
or, in the absence of any controlling decision of any such
court, by rules, regulations or orders of the Securities and
Exchange Commission issued pursuant to the ICA or the
Advisers Act. In addition, where the effect of a
requirement of the ICA or the Advisers Act reflected in any
provision of this Agreement is revised by rule, regulation
or order of the Securities and Exchange Commission, such
provision shall be deemed to incorporate the effect of such
rule, regulation or order. To the extent federal law does
not apply, this Agreement shall be governed by and construed
in accordance with the laws of the State of Connecticut.
The effective date of this agreement is October 1, 1999.
FOR THE INVESTMENT MANAGER: FOR THE SUB-ADVISOR:
John Birch
Senior Vice President & Chief Operating Officer
Date: Date:
Attest: Attest:
EXHIBIT 4
SUB-ADVISORY AGREEMENT
THIS AGREEMENT is between American Skandia Investment
Services, Incorporated (the "Investment Manager") and A I
M Capital Management, Inc. (the "Sub-Advisor").
WHEREAS American Skandia Trust (the "Trust") is a
Massachusetts business trust organized with one or more
series of shares, and is registered as an investment company
under the Investment Company Act of 1940 (the "ICA"); and
WHEREAS the trustees of the Trust (the "Trustees") have
engaged the Investment Manager to act as investment manager
for the AST AIM Balanced Portfolio (the "Portfolio") under
the terms of a management agreement, dated May 4, 1999, with
the Trust (the "Management Agreement"); and
WHEREAS the Investment Manager has engaged the Sub-Advisor
and the Trustees have approved the engagement of the Sub-
Advisor to provide investment advice and other investment
services set forth below;
NOW, THEREFORE the Investment Manager and the Sub-Advisor
agree as follows:
1. Investment Services. The Sub-Advisor will furnish the
Investment Manager with investment advisory services in
connection with a continuous investment program for the
Portfolio which is to be managed in accordance with the
investment objective, investment policies and restrictions
of the Portfolio as set forth in the Prospectus and
Statement of Additional Information of the Trust and in
accordance with applicable provisions of the Trust's
Declaration of Trust and By-laws provided to the Sub-Advisor
from time to time by the Investment Manager. Officers,
directors, and employees of Sub-Advisor will be available to
consult with Investment Manager and the Trust, their
officers, employees and Trustees concerning the business of
the Portfolio. Investment Manager will promptly furnish
Sub-Advisor with any amendments to any of the foregoing
documents (the "Documents"). Any amendments to the
Documents will not be deemed effective with respect to the
Sub-Advisor until the Sub-Advisor's receipt thereof.
Subject to the supervision and control of the
Investment Manager, which is in turn subject to the
supervision and control of the Trust's Board of Trustees,
the Sub-Advisor will in its discretion determine and select
the securities to be purchased for and sold from the
Portfolio from time to time and will place orders with and
give instructions to brokers, dealers and others for all
such transactions and cause such transactions to be
executed. Custody of the Portfolio will be maintained by a
custodian bank (the "Custodian") and the Investment
Manager will authorize the Custodian to honor orders and
instructions by employees of the Sub-Advisor designated by
the Investment Manager to settle transactions in respect of
the Portfolio. No assets may be withdrawn from the
Portfolio other than for settlement of transactions on
behalf of the Portfolio except upon the written
authorization of appropriate officers of the Trust who shall
have been certified as such by proper authorities of the
Trust prior to the withdrawal. The Sub-Advisor shall not be
responsible for the provision of administrative, bookkeeping
or accounting services to the Trust. Any records required
to be maintained by the Sub-advisor shall be the property of
the Trust and surrendered to the Trust promptly upon request
or upon termination of this Agreement. The Sub-Advisor may
retain copies of any records surrendered to the Trust.
To the extent deemed necessary by the Sub-Advisor in
connection with the investment program for the Portfolio,
the Sub-Advisor will obtain and evaluate pertinent
information about significant developments and economic,
statistical and financial data, domestic, foreign or
otherwise, whether affecting the economy generally or the
Portfolio, and concerning the individual issuers whose
securities are included in the Portfolio or the activities
in which they engage, or with respect to securities which
the Sub-Advisor considers desirable for inclusion in the
Portfolio or such other information as the Sub-Advisor deems
relevant.
The Sub-Advisor represents that it has reviewed the
Registration Statement of the Trust filed with the
Securities and Exchange Commission on April 28, 1999 and
provided to the Sub-Advisor by the Investment Manager. The
Sub-Advisor further represents and warrants that, with
respect to disclosure about the Sub-Advisor and the
investment program for the Portfolio furnished or commented
upon in writing by the Sub-Advisor to the Investment Manager
or the Trust expressly for use in such Registration
Statement, such Registration Statement contains, as of the
date thereof, no untrue statement of material fact and does
not omit any statement of material fact which was required
to be stated therein or necessary to make the statements
contained therein, in light of the circumstances under which
they were made, not misleading; provided, however, that the
Sub-Advisor makes no representations or warranties regarding
(i) the accuracy or adequacy of any disclosure in such
Registration Statement regarding the degree and nature of
the risks associated with particular types of investments,
or (ii) any disclosure in the Registration Statement with
respect to which the Investment Manager did not include
information provided by the Sub-Advisor expressly for use
therein.
In furnishing the services under this Agreement, the
Sub-Advisor will comply with the requirements of the ICA and
will use its best efforts to cause the Portfolio to comply
with the adequate diversification requirements of Section
817(h)(2) and the Subchapter M qualification requirements of
Section 851(b)(2) and (3) of the Internal Revenue Code,
applicable to the Portfolio, and the regulations promulgated
thereunder, to the extent such compliance is within the Sub-
Advisor's control. Sub-Advisor shall also comply with (i)
other applicable provisions of federal law; (ii) the
provisions of the Declaration of Trust and By-laws of the
Trust communicated to the Sub-Advisor pursuant to paragraph
1 of this Agreement; (iii) policies and determinations of
the Trust and Investment Manager communicated to the Sub-
Advisor in writing; (iv) the fundamental policies and
investment restrictions of the Trust, as set out in the
Trust's registration statement under the ICA, or as amended
by the Trust's shareholders, and communicated to the Sub-
Advisor; (v) the Prospectus and Statement of Additional
Information of the Trust as provided to the Sub-Advisor; and
(vi) investment guidelines or other instructions received in
writing from Investment Manager. Sub-Advisor shall
supervise and monitor the activities of its representatives,
personnel and agents in connection with the investment
program of the Portfolio.
Unless the Investment Manager gives the Sub-Advisor
written instructions to the contrary, the Sub-Advisor shall
use its good faith judgment in a manner that it reasonably
believes best serves the interests of the Portfolio's
shareholders to vote or abstain from voting all proxies
solicited by or with respect to the issuers of securities in
which assets of the Portfolio may be invested.
Nothing in this Agreement shall be implied to prevent
the Investment Manager from engaging other sub-advisors to
provide investment advice and other services in relation to
portfolios of the Trust for which Sub-Advisor does not
provide such services, or to prevent Investment Manager from
providing such services itself in relation to such
portfolios.
2. Delivery of Documents to Sub-Advisor. The Investment
Manager has furnished the Sub-Advisor with copies of each of
the following documents:
(a) The Declaration of Trust of the Trust as in effect
on the date hereof;
(b) The By-laws of the Trust in effect on the date
hereof;
(c) The resolutions of the Trustees approving the
engagement of the Sub-Advisor as Sub-Advisor to
the Investment Manager and approving the form of
this agreement;
(e) A certificate of the inspector of election from
the meeting of shareholders of the Portfolio at
which this Agreement was approved, which
certificate indicates that such shareholders have
approved this Agreement;
(e) The resolutions of the Trustees selecting the
Investment Manager as investment manager to the
Trust and approving the form of the Investment
Manager's Management Agreement with the Trust;
(f) The Investment Manager's Management Agreement with
the Trust;
(g) The Code of Ethics of the Trust and of the
Investment Manager as currently in effect; and
(h) A list of companies the securities of which are
not to be bought or sold for the Portfolio because
of non-public information regarding such companies
that is available to Investment Manager or the
Trust, or which, in the sole opinion of the
Investment Manager, it believes such non-public
information would be deemed to be available to
Investment Manager and/or the Trust.
The Investment Manager will furnish the Sub-Advisor
from time to time with copies, properly certified or
otherwise authenticated, of all amendments of or supplements
to the foregoing, if any. Such amendments or supplements as
to items (a) through (g) above will be provided within 30
days of the time such materials became available to the
Investment Manager. Such amendments or supplements as to
item (h) above will be provided not later than the end of
the business day next following the date such amendments or
supplements become known to the Investment Manager.
3. Delivery of Documents to the Investment Manager. The
Sub-Advisor has furnished the Investment Manager with copies
of each of the following documents:
(a) The Sub-Advisor's Form ADV as filed with the
Securities and Exchange Commission;
(b) The Sub-Advisor's most recent balance sheet;
(c) Separate lists of persons who the Sub-Advisor
wishes to have authorized to give written and/or
oral instructions to Custodians of Trust assets
for the Portfolio;
(d) The Code of Ethics of the Sub-Advisor as currently
in effect.
The Sub-Advisor will thereafter furnish the Investment
Manager with copies, properly certified or otherwise
authenticated, of all material amendments of or supplements
to items (a), (c) and (d) above within 30 days of the time
such materials become available to the Sub-Advisor. With
respect to item (b) above, the Sub-Advisor will thereafter
furnish the Investment Manager, within 30 days of the time
such materials become available to the Sub-Advisor, with a
copy of the Sub-Advisor's audited balance sheet as at the
end of each fiscal year of the Sub-Advisor.
4. Investment Advisory Facilities. The Sub-Advisor, at
its expense, will furnish all necessary investment
facilities, including salaries of personnel required for it
to execute its duties faithfully.
5. Execution of Portfolio Transactions. The Sub-Advisor
is responsible for decisions to buy and sell securities for
the Portfolio, broker-dealer selection, and negotiation of
brokerage commission rates. Sub-Advisor shall determine the
securities to be purchased or sold by the Portfolio pursuant
to its determinations with or through such persons, brokers
or dealers, in conformity with the policy with respect to
brokerage as set forth in the Trust's Prospectus and
Statement of Additional Information, or as the Board of
Trustees may determine from time to time. Generally, the
Sub-Advisor's primary consideration in placing Portfolio
securities transactions with broker-dealers for execution is
to obtain and maintain the availability of best execution at
the best net price and in the most effective manner
possible. The Sub-Advisor may consider sale of the shares
of the Portfolio, as well as recommendations of the
Investment Manager, subject to the requirements of best net
price and most favorable execution and, if applicable, legal
requirements relating to the use of broker-dealers
affiliated with the Trust.
Consistent with this policy, the Sub-Advisor will take
the following into consideration: the best net price
available; the reliability, integrity and financial
condition of the broker-dealer; the size of and difficulty
in executing the order; and the value of the expected
contribution of the broker-dealer to the investment
performance of the Portfolio on a continuing basis.
Accordingly, the cost of the brokerage commissions to the
Portfolio may be greater than that available from other
brokers if the difference is reasonably justified by other
aspects of the portfolio execution services offered.
Subject to such policies and procedures as the Board of
Trustees of the Trust may determine, the Sub-Advisor shall
not be deemed to have acted unlawfully or to have breached
any duty solely by reason of its having caused the Portfolio
to pay a broker-dealer that provides research services to
the Sub-Advisor an amount of commission for effecting a
portfolio investment transaction in excess of the amount of
commission another broker-dealer would have charged for
effecting that transaction, if the Sub-Advisor determines in
good faith that such amount of commission was reasonable in
relation to the value of the research services provided by
such broker, viewed in terms of either that particular
transaction or the Sub-Advisor's overall responsibilities
with respect to the Portfolio and to other clients of the
Sub-Advisor as to which the Sub-Advisor exercises investment
discretion. The Sub-Advisor is further authorized to
allocate the orders placed by it on behalf of the Portfolio
to such broker-dealers who also provide research or
statistical material, or other services to the Portfolio or
the Sub-Advisor. Such allocation shall be in such amounts
and proportions as the Sub-Advisor shall determine in good
faith in conformity with its responsibilities under
applicable laws, rules and regulations and the Sub-Advisor
will report on said allocations to the Investment Manager
regularly as requested by the Investment Manager and, in any
event, at least once each calendar year if no specific
request is made, indicating the brokers to whom such
allocations have been made and the basis therefor.
6. Reports by Sub-Advisor. The Sub-Advisor shall furnish
the Investment Manager monthly, quarterly and annual reports
concerning transactions and performance of the Portfolio,
including information requested for inclusion in the Trust's
Registration Statement, in such form as may be mutually
agreed, to review the Portfolio and discuss the management
of it. The Sub-Advisor shall supply the Investment Manager
and the Trust with such information as may be necessary to
respond to a specific request of the Trust's Board of
Trustees or its agents. The Sub-Advisor shall permit the
books and records with respect to the Portfolio to be
inspected and audited by the Trust, the Investment Manager
or their agents at all reasonable times during normal
business hours. The Sub-Advisor shall immediately notify
and forward to the Investment Manager and the Trust any
legal process served upon it on behalf of the Investment
Manager or the Trust. The Investment Manager and the Trust
shall immediately notify and forward to the Sub-Advisor any
legal process served upon them on behalf of the Sub-Advisor.
The Sub-Advisor shall promptly notify the Investment Manager
of any changes in any information concerning the Sub-Advisor
or the investment program for the Portfolio required to be
disclosed in the Trust's Registration Statement.
7. Compensation of Sub-Advisor. The amount of the
compensation to the Sub-Advisor is computed at an annual
rate. The fee is payable monthly in arrears, based on the
average daily net assets of the Portfolio for each month, at
the annual rates shown below.
For all services rendered, the Investment Manager will
calculate and pay the Sub-Advisor at the annual rate equal
to the following percentages of the combined average daily
net assets of the Portfolio and the series of American
Skandia Advisor Funds, Inc. that is managed by the Sub-
advisor and identified by the Sub-Advisor and the Investment
Manager as being similar to the Portfolio: .45 of 1% of the
portion of the combined average daily net assets not in
excess of $75 million; plus .40 of 1% of the portion of the
combined average daily net assets over $75 million but not
in excess of $150 million; plus .35 of 1% of the portion of
the combined average daily net assets in excess of $150
million.
In computing the fee to be paid to the Sub-Advisor, the
net asset value of the Portfolio shall be valued as set
forth in the then current registration statement of the
Trust. If this Agreement is terminated, the payment shall
be prorated to the date of termination. The fee for the
period from the effective date of the Agreement to the end
of the month during which the effective date occurs shall be
prorated according to the proportion that such period bears
to the full monthly period.
Investment Manager and Sub-Advisor shall not be
considered as partners or participants in a joint venture.
Sub-Advisor will pay its own expenses for the services to be
provided pursuant to this Agreement and will not be
obligated to pay any expenses of Investment Manager or the
Trust, including without limitation brokerage expenses and
custodian fees. Except as otherwise provided herein,
Investment Manager and the Trust will not be obligated to
pay any expenses of Sub-Advisor.
Unless otherwise agreed in writing by the Investment
Manager and Sub-Advisor, the waiver by the Investment
Manager of any fees it is entitled to receive under the
Management Agreement shall not offset the obligation of the
Investment Manager to compensate the Sub-Advisor pursuant to
this paragraph 7.
8. Confidential Treatment. It is understood that any
information or recommendation supplied by the Sub-Advisor in
connection with the performance of its obligations hereunder
is to be regarded as confidential and for use only by the
Investment Manager, the Trust or such persons the Investment
Manager may designate in connection with the Portfolio. It
is also understood that any information supplied to Sub-
Advisor in connection with the performance of its
obligations hereunder, particularly, but not limited to, any
list of securities which, on a temporary basis, may not be
bought or sold for the Portfolio, is to be regarded as
confidential and for use only by the Sub-Advisor in
connection with its obligation to provide investment advice
and other services to the Portfolio.
9. Representations of the Parties. Each party to this
Agreement hereby acknowledges that it is registered as an
investment advisor under the Investment Advisers Act of 1940
(the "Advisers Act"), that it will use its reasonable best
efforts to maintain such registration, and that it will
promptly notify the other if it ceases to be so registered,
if its registration is suspended for any reason, or if it is
notified by any regulatory organization or court of
competent jurisdiction that it should show cause why its
registration should not be suspended or terminated.
10. Liability. The Sub-Advisor shall use its best efforts
and judgment and shall act in good faith in rendering
services hereunder. However, so long as the Sub-Advisor has
acted in good faith and has used its best efforts and
judgment, the Sub-Advisor, its officers, directors and
employees shall not be liable for any error of judgment or
mistake of law or for any loss suffered by the Portfolio,
any shareholder of the Portfolio or the Investment Manager
in connection with the matters to which this Agreement
relates, provided that nothing in this Agreement shall be
deemed to protect or purport to protect the Sub-Advisor
against any liability to the Investment Manager, the Trust
or to the shareholders of the Portfolio to which the Sub-
Advisor would otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence on its part in
the performance of its duties or by reason of the Sub-
Advisor's reckless disregard of its obligations and duties
under this Agreement.
The Investment Manager agrees that the Sub-Advisor
shall not be liable for any failure to recommend the
purchase or sale of any security on behalf of the Portfolio
on the basis of any information which might, in Sub-
Advisor's opinion, constitute a violation of any federal or
state laws, rules or regulations.
11. Other Activities of Sub-Advisor. Investment Manager
agrees that the Sub-Advisor and any of its officers or
employees, and persons affiliated with it or with any such
officer or employee may render investment management or
advisory services to other investors and institutions, and
such investors and institutions may own, purchase or sell,
securities or other interests in property the same as or
similar to those which are selected for purchase, holding or
sale for the Portfolio, and the Sub-Advisor shall be in all
respects free to take action with respect to investments in
securities or other interests in property the same as or
similar to those selected for purchase, holding or sale for
the Portfolio. Purchases and sales of individual securities
on behalf of the Portfolio and other portfolios of the Trust
or accounts for other investors or institutions will be made
on a basis that the Sub-Advisor believes is equitable to all
accounts. The Investment Manager and the Trust recognize
that in some cases this procedure may adversely affect the
size of the position obtainable for the Portfolio. In
addition, the Investment Manager and the Trust understand
(i) that the persons employed by the Sub-Advisor to assist
in the performance of the Sub-Advisor's duties under this
Agreement generally will not devote their full time to such
service, and (ii) the Sub-Advisor and any affiliate of the
Sub-Advisor may engage in and devote time and attention to
other businesses or to rendering services of whatever kind
or nature. Nothing in this Agreement shall impose upon the
Sub-Advisor any obligation to purchase or sell or recommend
for purchase or sale, for the Portfolio any security which
it, its officers, affiliates or employees may purchase or
sell for the Sub-Advisor or such officer's, affiliate's or
employee's own accounts or for the account of any other
client, advisory or otherwise.
12. Continuance and Termination. This Agreement shall
remain in full force and effect for one year from the date
hereof, and is renewable annually thereafter by specific
approval of the Board of Trustees of the Trust or by vote of
a majority of the outstanding voting securities of the
Portfolio. Any such renewal shall also be approved by the
vote of a majority of the Trustees who are not interested
persons under the ICA, cast in person at a meeting called
for the purpose of voting on such renewal. This agreement
may be terminated without penalty at any time by the
Investment Manager or Sub-Advisor upon 60 days written
notice or by the Board of Trustees of the Trust or by a vote
of the outstanding voting securities of the Portfolio, and
will automatically terminate in the event of its assignment
by either party to this Agreement, as defined in the ICA, or
(provided Sub-Advisor has received prior written notice
thereof) upon termination of the Investment Manager's
Management Agreement with the Trust.
13. Notification. Sub-Advisor will notify the Investment
Manager within a reasonable time of any change in the
personnel of the Sub-Advisor with responsibility for making
investment decisions in relation to the Portfolio or who
have been authorized to give instructions to a Custodian of
the Trust.
Any notice, instruction or other communication required
or contemplated by this Agreement shall be in writing. All
such communications shall be addressed to the recipient at
the address set forth below, provided that either party may,
by notice, designate a different address for such party.
Investment Manager: American Skandia Investment Services,
Incorporated
One Corporate Drive
Shelton, Connecticut 06484
Attention: John Birch
Senior Vice President & Chief Operating
Officer
Sub-Advisor: A I M Capital Management, Inc.
11 Greenway Plaza, Suite 100
Houston, Texas 77046-1173
Attention: Nancy L. Martin
General Counsel
14. Indemnification. The Sub-Advisor agrees to indemnify
and hold harmless Investment Manager, any affiliated person
within the meaning of Section 2(a)(3) of the ICA
("affiliated person") of Investment Manager and each
person, if any who, within the meaning of Section 15 of the
Securities Act of 1933 (the "1933 Act"), controls
("controlling person") Investment Manager, against any and
all losses, claims, damages, liabilities or litigation
(including reasonable legal and other expenses), to which
Investment Manager or such affiliated person or controlling
person may become subject under the 1933 Act, the ICA, the
Advisers Act, under any other statute, at common law or
otherwise, arising out of Sub-Advisor's responsibilities as
portfolio manager of the Portfolio (1) to the extent of and
as a result of the willful misconduct, bad faith, or gross
negligence by Sub-Advisor, any of Sub-Advisor's employees or
representatives or any affiliate of or any person acting on
behalf of Sub-Advisor, or (2) as a result of any untrue
statement or alleged untrue statement of a material fact
relating to the Sub-Advisor or the investment program for
the Portfolio contained in a prospectus or statement of
additional information covering the Portfolio or the Trust
or any amendment thereof or any supplement thereto or the
omission or alleged omission to state therein such a
material fact required to be stated therein or necessary to
make the statement therein not misleading, if such a
statement or omission was made in reliance upon and in
conformity with written information furnished or commented
upon by the Sub-Advisor to the Investment Manager, the Trust
or any affiliated person of the Investment Manager or the
Trust expressly for use in such a prospectus or statement of
additional information or upon verbal information confirmed
by the Sub-Advisor in writing or (3) to the extent of, and
as a result of, a violation by the Sub-Advisor of the
requirements of the ICA governing executions of Portfolio
transactions; provided, however, that in no case is Sub-
Advisor's indemnity in favor of Investment Manager or any
affiliated person or controlling person of Investment
Manager deemed to protect such person against any liability
to which any such person would otherwise be subject by
reason of willful misconduct, bad faith or negligence in the
performance of its duties or by reason of its reckless
disregard of its obligations and duties under this
Agreement; and, provided further, that in the case of an
alleged untrue statement or omission of a material fact for
which the Sub-Advisor provides this indemnity, the
Investment Manager shall reimburse the Sub-Advisor for all
amounts paid pursuant to this indemnity unless a court of
competent jurisdiction shall issue a final judgment finding
that such an untrue statement or omission of material fact
did occur; and, provided further, that in no event shall
Sub-Advisor be required to indemnify the Investment Manager
for any consequential damages.
The Investment Manager agrees to indemnify and hold
harmless Sub-Advisor, any affiliated person of Sub-Advisor
and each controlling person of Sub-Advisor, if any, against
any and all losses, claims, damages, liabilities or
litigation (including reasonable legal and other expenses),
to which Sub-Advisor or such affiliated person or
controlling person may become subject under the 1933 Act,
the ICA, the Advisers Act, under any other statute, at
common law or otherwise, arising out of Investment Manager's
responsibilities as investment manager of the Portfolio (1)
to the extent of and as a result of the willful misconduct,
bad faith, or gross negligence by Investment Manager, any of
Investment Manager's employees or representatives or any
affiliate of or any person acting on behalf of Investment
Manager, or (2) as a result of any untrue statement or
alleged untrue statement of a material fact contained in a
prospectus or statement of additional information covering
the Portfolio or the Trust or any amendment thereof or any
supplement thereto or the omission or alleged omission to
state therein such a material fact required to be stated
therein or necessary to make the statement therein not
misleading, if such a statement or omission was made by the
Trust other than in reliance upon and in conformity with
written information furnished or commented upon by Sub-
Advisor or any affiliated person of the Sub-Advisor
expressly for use in such a prospectus or statement of
additional information or other than upon verbal information
confirmed by the Sub-Advisor in writing; provided, however,
that in no case is Investment Manager's indemnity in favor
of Sub-Advisor or any affiliated person or controlling
person of Sub-Advisor deemed to protect such person against
any liability to which any such person would otherwise be
subject by reason of willful misconduct, bad faith or
negligence in the performance of its duties or by reason of
its reckless disregard of its obligations and duties under
this Agreement; and, provided further, that in no event
shall Investment Manager be required to indemnify the Sub-
Advisor for any consequential damages.
15. Warranty. The Investment Manager represents and
warrants that (i) the appointment of the Sub-Advisor by the
Investment Manager has been duly authorized and (ii) it has
acted and will continue to act in connection with the
transactions contemplated hereby, and the transactions
contemplated hereby are, in conformity with the ICA, the
Trust's governing documents and other applicable laws.
The Sub-Advisor represents and warrants that it is
authorized to perform the services contemplated to be
performed hereunder.
16. Governing Law. Any question of interpretation of any
term or provision of this Agreement having a counterpart in
or otherwise derived from a term or provision of the ICA or
the Advisers Act shall be resolved by reference to such term
or provision of the ICA or the Advisers Act and to
interpretations thereof, if any, by the United States courts
or, in the absence of any controlling decision of any such
court, by rules, regulations or orders of the Securities and
Exchange Commission issued pursuant to the ICA or the
Advisers Act. In addition, where the effect of a
requirement of the ICA or the Advisers Act reflected in any
provision of this Agreement is revised by rule, regulation
or order of the Securities and Exchange Commission, such
provision shall be deemed to incorporate the effect of such
rule, regulation or order. To the extent federal law does
not apply, this Agreement shall be governed by and construed
in accordance with the laws of the State of Connecticut.
The effective date of this agreement is October 1, 1999.
FOR THE INVESTMENT MANAGER: FOR THE SUB-ADVISOR:
John Birch
Senior Vice President & Chief Operating Officer
Date: Date:
Heather Gumienny
A I M Capital Management, Inc.
11 Greenway Plaza, Suite 100
Houston, TX 77046
Dear Heather:
Attest: Attest:
