<PAGE> 1
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
VARIABLE ACCOUNT B
CLASS 1
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
JUNE 30, 1995
(UNAUDITED)
This report has been prepared to provide information to owners of American
Skandia Life Assurance Corporation's LifeVest(R) Personal Security Annuities,
American Skandia Advisors Plan(SM) Annuities, American Skandia Advisors
Plan(SM) II Annuities and The Alliance Capital Navigator Annuities. If it is
used for any other purpose, it must be accompanied or preceded by a current
LifeVest Personal Security Annuity prospectus, an American Skandia Advisors
Plan prospectus, an American Skandia Advisors Plan II prospectus or The
Alliance Capital Navigator prospectus, as applicable, which discloses any
charges and other important information about the Account, together with the
current applicable prospectus for the Neuberger & Berman Advisors Management
Trust, The Alger American Fund, the American Skandia Trust, the Alliance
Variable Products Series Fund, Inc., or the Scudder Variable Life Investment
Fund.
The Alger American Fund includes financial information on a portfolio which is
not available to owners of the LifeVest Personal Security Annuities, American
Skandia Advisors Plan Annuities, American Skandia Advisors Plan II Annuities nor
the Alliance Capital Navigator Annuities. Other portfolios may not be available
to contractowners in certain jurisdictions.
<PAGE> 2
<TABLE>
<S> <C>
CONTENTS
I. American Skandia Life Assurance Corporation
II. The Alger American Fund
III. Neuberger & Berman Advisors Management Trust
IV. American Skandia Trust
V. Alliance Variable Product Series Fund, Inc.
VI. Scudder Variable Life Investment Fund
</TABLE>
<PAGE> 3
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
VARIABLE ACCOUNT B - CLASS 1
President's Letter
July, 1995
Dear Contractholder:
The financial markets performed impressively during the first half of 1995, in
stark contrast to last year's disappointing results. Falling long-term interest
rates, low inflation and continued economic growth combined to create ideal
conditions for both the bond and equity markets. All the indices were up. Both
the Dow Jones Industrial Average and the Standard & Poor's 500 Index were up
over 19%. The Lehman Composite Bond Index was up 11.3%. It was a great time to
be in the domestic equity and bond markets.
The portfolios available through American Skandia shared in the general good
performance. And several portfolios had even better returns. Seven equity
portfolios had returns in excess of 20% in the first 6 months of 1995.
It is important to remember after such a stellar short-term period, that this
is still a long-term retirement funding contract. This year has been great, but
it doesn't change the long-term disciplined strategy that leads to a more
comfortable retirement. And with the wide range of portfolio choices available
at American Skandia you can make that strategy work for you. Diversification
across asset classes, a global outlook, and dollar cost averaging are just some
of the strategies that will serve you well in the long run.
I am writing this report in the month that marks the 60th anniversary of
Social Security. While commemorating this landmark, most commentators have made
two additional points. First, the current level of Social Security benefits
cannot be sustained in the long run at the current level of taxes. And second,
that most Americans are not saving enough to supplement Social Security for a
comfortable retirement. I don't know what Congress will do to "fix" Social
Security. But it is very satisfying to be able to offer through American
Skandia a retirement savings solution for our contractholders, and to increase
our nation's awareness of the need for long-term savings.
[SIG]
Gordon C. Boronow
<PAGE> 4
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
VARIABLE ACCOUNT B -- CLASS 1
STATEMENT OF ASSETS AND LIABILITIES
AS OF JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS
Investment in mutual funds at market value (Note 2):
Neuberger & Berman Advisers Management Trust (NBAMT):
Growth Portfolio - 3,199,082 shares (cost $68,996,313)............................................... $ 76,490,060
Limited Maturity Bond Portfolio - 9,539,932 shares (cost $133,951,872)............................... 134,513,037
Balanced Portfolio - 4,035,377 shares (cost $59,402,953)............................................. 66,220,530
Partners Portfolio - 135,645 shares (cost $1,554,892)................................................ 1,592,467
The Alger American Fund (AAF):
Income & Growth Portfolio - 2,157,053 shares (cost $31,312,601)...................................... 36,324,769
Small Capitalization Portfolio - 10,038,647 shares (cost $279,755,797)............................... 361,592,068
Growth Portfolio - 7,033,929 shares (cost $168,728,238).............................................. 201,170,368
Balanced Portfolio - 892,090 shares (cost $9,927,699)................................................ 11,231,411
MidCap Growth Portfolio - 5,123,364 shares (cost $70,896,670)........................................ 87,711,985
American Skandia Trust (AST):
Seligman Henderson International Equity Portfolio - 14,606,312 shares (cost $254,943,692)............ 240,712,023
Seligman Henderson International Small Cap Portfolio - 233,908 shares (cost $2,359,734).............. 2,378,845
Lord Abbett Growth & Income Portfolio - 9,678,789 shares (cost $115,048,160)......................... 131,631,524
JanCap Growth Portfolio - 23,422,036 shares (cost $269,394,398)...................................... 317,837,032
Money Market Portfolio - 327,715,623 shares (cost $325,715,623)...................................... 325,715,623
Federated Utility Income Portfolio - 8,325,491 shares (cost $86,233,601)............................. 87,417,656
Federated High Yield Portfolio - 3,698,775 shares (cost $36,844,172)................................. 38,319,307
Phoenix Balanced Asset Portfolio - 13,740,311 shares (cost $143,729,779)............................. 153,341,871
Phoenix Capital Growth Portfolio - 1,888,287 shares (cost $18,179,828)............................... 20,450,153
T. Rowe Price Asset Allocation Portfolio - 2,985,691 shares (cost $30,093,417)....................... 33,230,744
T. Rowe Price International Equity Portfolio - 13,172,621 shares (cost $129,352,410)................. 131,462,756
T. Rowe Price Natural Resources Portfolio - 45,467 shares (cost $454,220)............................ 458,766
Founders Capital Appreciation Portfolio - 3,706,655 shares (cost $39,553,449)........................ 47,037,454
INVESCO Equity Income Portfolio - 9,267,529 shares (cost $93,216,460)................................ 103,147,596
PIMCO Total Return Bond Portfolio - 8,292,882 shares (cost $82,826,488).............................. 87,406,974
PIMCO Limited Maturity Bond Portfolio - 428,072 shares (cost $4,304,188)............................. 4,302,119
Scudder International Bond Portfolio - 2,525,018 shares (cost $24,781,864)........................... 25,553,180
Eagle Growth Equity Portfolio - 659,943 shares (cost $6,795,663)..................................... 7,358,366
Berger Capital Growth Portfolio - 1,848,383 shares (cost $18,905,419)................................ 20,350,693
Alliance Variable Products Series Fund (AVP):
Short-Term Multi-Market Portfolio - 1,307,168 shares (cost $13,911,100).............................. 13,176,257
Premier Growth Portfolio - 3,334,115 shares (cost $43,154,007)....................................... 52,378,952
Growth & Income Portfolio - 2,759,620 shares (cost $33,076,020)...................................... 38,469,103
U.S. Government/High Grade Securities Portfolio - 78,122 shares (cost $829,229)...................... 853,871
Total Return Portfolio - 32,589 shares (cost $359,433)............................................... 381,938
International Portfolio - 60,860 shares (cost $795,717).............................................. 799,092
Money Market Portfolio - 448,240 shares (cost $448,240).............................................. 448,240
North American Government Income Portfolio - 27,331 shares (cost $260,023)........................... 250,895
Global Dollar Government Portfolio - 44,111 shares (cost $447,231)................................... 474,196
Utility Income Portfolio - 13,832 shares (cost $147,791)............................................. 152,011
Global Bond Portfolio - 4,676 shares (cost $53,256).................................................. 53,075
Conservative Investors Portfolio - 9,510 shares (cost $104,750)...................................... 105,275
Growth Investors Portfolio - 9,615 shares (cost $103,242)............................................ 105,093
Growth Portfolio - 19,411 shares (cost $233,969)..................................................... 248,072
Worldwide Privatization Portfolio - 32,029 shares (cost $348,744).................................... 345,911
Scudder Variable Life Investment Fund (SVL):
Bond Portfolio - 7,424,062 shares (cost $49,190,014)................................................. 51,448,746
--------------
Total Invested Assets........................................................................ 2,914,650,104
Receivable from American Skandia Life Assurance Corp......................................................... 2,067,577
Receivable from Neuberger & Berman Advisers Management Trust................................................. 493,376
Receivable from Scudder Variable Life Investment Fund........................................................ 490,529
--------------
Total Assets................................................................................. $2,917,701,586
==============
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
2
<PAGE> 5
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
VARIABLE ACCOUNT B -- CLASS 1
STATEMENT OF ASSETS AND LIABILITIES (CONCLUDED)
AS OF JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
LIABILITIES
Payable to Contractowners (Note 5)........................................................................... $ 349,284
Payable to The Alger American Fund........................................................................... 1,015,773
Payable to American Skandia Trust............................................................................ 1,540,786
Payable to Alliance Variable Products Series Fund............................................................ 146,443
--------------
Total Liabilities............................................................................ $ 3,052,286
--------------
</TABLE>
NET ASSETS
<TABLE>
<CAPTION>
UNIT
CONTRACTOWNERS' EQUITY UNITS VALUE
- ----------------------- ---------- ------
<S> <C> <C> <C>
NBAMT - Growth.................................................................. 3,803,161 $20.11 $ 76,490,060
NBAMT - Limited Maturity Bond................................................... 9,198,420 14.62 134,513,037
NBAMT - Balanced................................................................ 3,859,724 17.16 66,220,530
NBAMT - Partners................................................................ 147,923 10.77 1,592,467
AAF - Income & Growth........................................................... 2,116,154 17.17 36,324,769
AAF - Small Capitalization...................................................... 9,876,588 36.61 361,592,068
AAF - Growth.................................................................... 6,981,266 28.82 201,170,368
AAF - Balanced.................................................................. 793,883 14.15 11,231,411
AAF - MidCap Growth............................................................. 5,206,244 16.85 87,711,985
AST - Seligman Henderson International Equity................................... 14,482,501 16.62 240,712,023
AST - Seligman Henderson International Small Cap................................ 234,451 10.15 2,378,845
AST - Lord Abbett Growth & Income............................................... 9,457,850 13.92 131,631,524
AST - JanCap Growth............................................................. 24,125,216 13.17 317,837,032
AST - Money Market.............................................................. 30,832,997 10.56 325,715,622
AST - Federated Utility Income.................................................. 8,092,162 10.80 87,417,656
AST - Federated High Yield...................................................... 3,631,646 10.55 38,319,307
AST - Phoenix Balanced Asset.................................................... 13,683,876 11.21 153,341,871
AST - Phoenix Capital Growth.................................................... 1,914,671 10.68 20,450,153
AST - T. Rowe Price Asset Allocation............................................ 2,986,362 11.13 33,230,744
AST - T. Rowe Price International Equity........................................ 13,406,210 9.81 131,462,756
AST - T. Rowe Price Natural Resources........................................... 45,566 10.07 458,700
AST - Founders Capital Appreciation............................................. 3,753,994 12.53 47,037,454
AST - INVESCO Equity Income..................................................... 9,328,509 11.06 103,147,596
AST - PIMCO Total Return Bond................................................... 8,292,521 10.54 87,406,974
AST - PIMCO Limited Maturity Bond............................................... 429,065 10.03 4,302,119
AST - Scudder International Bond................................................ 2,529,747 10.10 25,553,180
AST - Eagle Growth Equity....................................................... 669,280 10.99 7,358,366
AST - Berger Capital Growth..................................................... 1,865,843 10.91 20,350,693
AVP - Short-Term Multi-Market................................................... 1,358,518 9.70 13,176,257
AVP - Premier Growth............................................................ 3,451,440 15.18 52,378,952
AVP - Growth & Income........................................................... 2,866,086 13.42 38,469,102
AVP - U.S. Government/High Grade Securities..................................... 76,856 11.11 853,774
AVP - Total Return.............................................................. 33,325 11.46 381,938
AVP - International............................................................. 62,648 12.75 799,000
AVP - Money Market.............................................................. 43,187 10.38 448,169
AVP - North American Government Income.......................................... 26,987 9.29 250,827
AVP - Global Dollar Government.................................................. 44,272 10.71 474,124
AVP - Utility Income............................................................ 13,953 10.89 151,933
AVP - Global Bond............................................................... 4,597 11.53 53,018
AVP - Conservative Investors.................................................... 9,554 11.01 105,183
AVP - Growth Investors.......................................................... 9,523 11.04 105,093
AVP - Growth.................................................................... 20,082 12.35 248,003
AVP - Worldwide Privatization................................................... 32,404 10.67 345,871
SVL - Bond...................................................................... 4,754,009 10.82 51,448,746
--------------
Total Net Assets.................................................... $2,914,649,300
==============
</TABLE>
- --------------------------------------------------------------------------------
3
<PAGE> 6
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
VARIABLE ACCOUNT B -- CLASS 1
STATEMENT OF OPERATIONS
FOR THE PERIODS ENDED JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
------------------------------------
NBAMT
TOTAL GROWTH
------------ -----------
<S> <C> <C>
INVESTMENT INCOME:
Income
Dividends........................................................................... $ 35,129,257 $ 128,840
Expenses
Mortality and Expense Risks Charges and Administrative Fees (Note 4)................ (18,590,409) (433,704)
------------ -----------
NET INVESTMENT INCOME (LOSS)............................................................ 16,538,848 (304,864)
------------ -----------
REALIZED GAIN (LOSS) ON INVESTMENTS:
Proceeds from Sales................................................................... 600,809,395 6,874,110
Cost of Securities Sold............................................................... 596,702,143 7,900,087
------------ -----------
Net Gain (Loss)..................................................................... 4,107,252 (1,025,977)
Capital Gain Distributions Received................................................... 19,418,766 1,726,459
------------ -----------
NET REALIZED GAIN (LOSS)................................................................ 23,526,018 700,482
UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Beginning of Period................................................................... (15,588,735) (3,347,126)
End of Period......................................................................... 263,927,738 7,493,747
------------ -----------
NET UNREALIZED GAIN (LOSS).............................................................. 279,516,473 10,840,873
------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS......................... $319,581,339 $11,236,491
============ ===========
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements
* Date Operations Commenced.
4
<PAGE> 7
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
-------------------------------------------------------------------------------------------------------
NBAMT
PARTNERS
(MAY 2* THRU
NBAMT - LIMITED NBAMT JUN. 30, AAF - INCOME AAF - SMALL
MATURITY BOND BALANCED 1995) & GROWTH CAPITALIZATION AAF - GROWTH
----------------- ---------- ------------ ------------ -------------- -------------
<S> <C> <C> <C> <C> <C>
$ 7,870,005 $1,120,253 $ 0 $ 317,267 $ 0 $ 428,668
(1,041,439) (455,653) (1,402) (218,744) (2,078,912) (1,122,603)
----------- ---------- ------- ----------- ----------- -----------
6,828,566 664,600 (1,402) 98,523 (2,078,912) (693,935)
----------- ---------- ------- ----------- ----------- -----------
41,741,108 4,146,870 0 3,134,701 90,012,108 29,078,838
43,546,045 3,833,647 0 2,967,538 90,244,251 26,793,511
----------- ---------- ------- ----------- ----------- -----------
(1,804,937) 313,223 0 167,163 (232,143) 2,285,327
0 360,081 0 0 0 1,518,710
----------- ---------- ------- ----------- ----------- -----------
(1,804,937) 673,304 0 167,163 (232,143) 3,804,037
(2,126,276) (526,315) 0 (2,132,292) (4,831) 752,833
561,165 6,817,577 37,575 5,012,168 81,836,271 32,442,130
----------- ---------- ------- ----------- ----------- -----------
2,687,441 7,343,892 37,575 7,144,460 81,841,102 31,689,297
----------- ---------- ------- ----------- ----------- -----------
$ 7,711,070 $8,681,796 $ 36,173 $ 7,410,146 $ 79,530,047 $34,799,399
=========== ========== ======= =========== =========== ===========
</TABLE>
- --------------------------------------------------------------------------------
5
<PAGE> 8
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
VARIABLE ACCOUNT B -- CLASS 1
STATEMENT OF OPERATIONS (CONT'D)
FOR THE PERIODS ENDED JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
-----------------------------------
AAF AAF - MIDCAP
BALANCED GROWTH
---------- -------------
<S> <C> <C>
INVESTMENT INCOME:
Income
Dividends........................................................................... $ 189,888 $ 9,721
Expenses
Mortality and Expense Risks Charges and Administrative Fees (Note 4)................ (73,411) (500,512)
---------- -----------
NET INVESTMENT INCOME (LOSS)............................................................ 116,477 (490,791)
---------- -----------
REALIZED GAIN (LOSS) ON INVESTMENTS:
Proceeds from Sales................................................................... 1,460,698 11,166,778
Cost of Securities Sold............................................................... 1,347,989 9,788,509
---------- -----------
Net Gain (Loss)..................................................................... 112,709 1,378,269
Capital Gain Distributions Received................................................... 0 0
---------- -----------
NET REALIZED GAIN (LOSS)................................................................ 112,709 1,378,269
UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Beginning of Period................................................................... (151,154) 1,272,715
End of Period......................................................................... 1,303,712 16,815,315
---------- -----------
NET UNREALIZED GAIN (LOSS).............................................................. 1,454,866 15,542,600
---------- -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS......................... $1,684,052 $16,430,078
========== ===========
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
* Date Operations Commenced.
6
<PAGE> 9
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
- ----------------------------------------------------------------------------------------------------------------
AST - SELIGMAN
AST - SELIGMAN HENDERSON INAT'L
HENDERSON SMALL CAP AST - LORD
INTERNATIONAL (MAY 1* THRU ABBETT GROWTH AST - JANCAP AST - MONEY AST - FEDERATED
EQUITY JUN. 30, 1995) & INCOME GROWTH MARKET UTILITY INCOME
-------------- ---------------- ------------- ------------- ------------ ---------------
<S> <C> <C> <C> <C> <C>
$ 0 $ 0 $ 1,657,847 $ 1,353,851 $ 8,921,557 $ 3,329,756
(1,711,392) (2,943) (804,263) (1,999,944) (2,403,770) (589,321)
----------- -------- ----------- ----------- ------------ -----------
(1,711,392) (2,943) 853,584 (646,093) 6,517,787 2,740,435
----------- -------- ----------- ----------- ------------ -----------
48,170,003 256,737 3,413,527 23,304,920 231,299,894 13,890,325
49,144,111 253,682 2,587,091 20,897,459 231,299,894 14,679,477
----------- -------- ----------- ----------- ------------ -----------
(974,108) 3,055 826,436 2,407,461 0 (789,152)
12,552,955 0 1,656,966 0 0 0
----------- -------- ----------- ----------- ------------ -----------
11,578,847 3,055 2,483,402 2,407,461 0 (789,152)
(1,373,923) 0 3,616,951 (1,818,595) 0 (4,420,441)
(14,231,669) 19,111 16,583,364 48,442,634 0 1,184,055
----------- -------- ----------- ----------- ------------ -----------
(12,857,746) 19,111 12,966,413 50,261,229 0 5,604,496
----------- -------- ----------- ----------- ------------ -----------
$ (2,990,291) $ 19,223 $16,303,399 $52,022,597 $ 6,517,787 $ 7,555,779
=========== ======== =========== =========== ============ ===========
</TABLE>
- --------------------------------------------------------------------------------
7
<PAGE> 10
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
VARIABLE ACCOUNT B -- CLASS 1
STATEMENT OF OPERATIONS (CONT'D)
FOR THE PERIODS ENDED JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
------------------------------------------
AST - FEDERATED AST - PHOENIX
HIGH YIELD BALANCED ASSET
---------------- --------------
<S> <C> <C>
INVESTMENT INCOME:
Income
Dividends.................................................................... $ 1,151,380 $ 3,837,709
Expenses
Mortality and Expense Risks Charges and Administrative Fees (Note 4)......... (223,762) (1,094,126)
---------- -----------
NET INVESTMENT INCOME (LOSS)..................................................... 927,618 2,743,583
---------- -----------
REALIZED GAIN (LOSS) ON INVESTMENTS:
Proceeds from Sales............................................................ 10,716,658 11,446,677
Cost of Securities Sold........................................................ 10,366,624 10,653,356
---------- -----------
Net Gain (Loss).............................................................. 350,034 793,321
Capital Gain Distributions Received............................................ 0 0
---------- -----------
NET REALIZED GAIN (LOSS)......................................................... 350,034 793,321
UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Beginning of Period............................................................ (122,643) 1,048,462
End of Period.................................................................. 1,475,135 9,612,092
---------- -----------
NET UNREALIZED GAIN (LOSS)....................................................... 1,597,778 8,563,630
---------- -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.................. $ 2,875,430 $ 12,100,534
========== ===========
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements
* Date Operations Commenced.
8
<PAGE> 11
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
----------------------------------------------------------------------------------------------
AST - T. ROWE
PRICE NATURAL
RESOURCES
AST - T. ROWE AST - T. ROWE (MAY 1* THRU AST - FOUNDERS
AST - PHOENIX PRICE ASSET PRICE INTERNATIONAL JUN. 30, CAPITAL
CAPITAL GROWTH ALLOCATION EQUITY 1995) APPRECIATION
--------------- ------------- ------------------- ------------- --------------
<S> <C> <C> <C> <C>
$ 114,096 $ 513,045 $ 118,043 $ 0 $ 269,670
(128,298) (199,899) (845,711) (1,099) (261,462)
---------- ---------- ---------- ------- ----------
(14,202) 313,146 (727,668) (1,099) 8,208
---------- ---------- ---------- ------- ----------
1,909,423 1,734,151 9,997,191 311,998 3,085,071
1,929,436 1,712,252 10,580,939 310,169 2,645,501
---------- ---------- ---------- ------- ----------
(20,013) 21,899 (583,748) 1,829 439,570
0 0 243,203 0 0
---------- ---------- ---------- ------- ----------
(20,013) 21,899 (340,545) 1,829 439,570
(385,057) 61,399 (2,989,688) 0 1,868,641
2,270,325 3,137,327 2,110,346 4,546 7,484,005
---------- ---------- ---------- ------- ----------
2,655,382 3,075,928 5,100,034 4,546 5,615,364
---------- ---------- ---------- ------- ----------
$ 2,621,167 $ 3,410,973 $ 4,031,821 $ 5,276 $6,063,142
========== ========== ========== ======= ==========
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE> 12
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
VARIABLE ACCOUNT B -- CLASS 1
STATEMENT OF OPERATIONS (CONT'D)
FOR THE PERIODS ENDED JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
----------------------------------
AST - PIMCO
TOTAL
AST - INVESCO RETURN
EQUITY INCOME BOND
------------- -----------
<S> <C> <C>
INVESTMENT INCOME:
Income
Dividends....................................................................... $ 1,036,385 $1,209,016
Expenses
Mortality and Expense Risks Charges and Administrative Fees (Note 4)............ (593,116) (479,565)
----------- ----------
NET INVESTMENT INCOME (LOSS)........................................................ 443,269 729,451
----------- ----------
REALIZED GAIN (LOSS) ON INVESTMENTS:
Proceeds from Sales............................................................... 1,141,777 6,806,487
Cost of Securities Sold........................................................... 1,088,129 6,461,434
----------- ---------
Net Gain (Loss)................................................................. 53,648 345,053
Capital Gain Distributions Received............................................... 0 0
----------- ----------
NET REALIZED GAIN (LOSS)............................................................ 53,648 345,053
UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Beginning of Period............................................................... (891,893) (251,292)
End of Period..................................................................... 9,931,136 4,580,486
----------- ----------
NET UNREALIZED GAIN (LOSS).......................................................... 10,823,029 4,831,778
----------- ----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS..................... $11,319,946 $5,906,282
=========== ==========
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
* Date Operations Commenced.
10
<PAGE> 13
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
--------------------------------------------------------------------------------------------------------------
AST - PIMCO
LIMITED MATURITY BOND AST - SCUDDER
(MAY 1* THRU INTERNATIONAL AST - EAGLE AST - BERGER AVP - ST AVP - PREMIER
JUN. 30, 1995) BOND GROWTH EQUITY CAPITAL GROWTH MULTI-MKT GROWTH
--------------------- ------------- ------------- -------------- ----------- -------------
<S> <C> <C> <C> <C> <C>
$ 0 $ 258,689 $ 10,277 $ 3,085 $ 0 $ 84,207
(4,954) (145,178) (39,681) (74,865) (106,792) (309,232)
------- ---------- -------- ---------- ----------- -----------
(4,954) 113,511 (29,404) (71,780) (106,792) (225,025)
------- ---------- -------- ---------- ----------- -----------
328,895 2,089,134 616,803 902,514 6,506,765 7,344,743
325,007 2,088,549 587,850 872,732 7,426,482 5,997,392
------- ---------- -------- ---------- ----------- -----------
3,888 585 28,953 29,782 (919,717) 1,347,351
0 0 0 0 0 236,427
------- ---------- -------- ---------- ----------- -----------
3,888 585 28,953 29,782 (919,717) 1,583,778
0 (240,434) (50,341) 30,142 (1,772,660) 160,860
(2,069) 771,316 562,703 1,445,274 (734,843) 9,224,945
------- ---------- -------- ---------- ----------- -----------
(2,069) 1,011,750 613,044 1,415,132 1,037,817 9,064,085
------- ---------- -------- ---------- ----------- -----------
$ (3,135) $ 1,125,846 $ 612,593 $1,373,134 $ 11,308 $10,422,838
======= ========== ======== ========== =========== ===========
</TABLE>
- --------------------------------------------------------------------------------
11
<PAGE> 14
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
VARIABLE ACCOUNT B -- CLASS 1
STATEMENT OF OPERATIONS (CONT'D)
FOR THE PERIODS ENDED JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
--------------------------------------
AVP - U.S.
GOV'T
AVP - GROWTH HIGH GRADE
& INCOME SECURITIES
------------- ---------------
<S> <C> <C>
INVESTMENT INCOME:
Income
Dividends........................................................................ $ 355,890 $ 13,275
Expenses
Mortality and Expense Risks Charges and Administrative Fees (Note 4)............. (247,479) (4,456)
------------- ---------------
NET INVESTMENT INCOME (LOSS)......................................................... 108,411 8,819
------------- ---------------
REALIZED GAIN (LOSS) ON INVESTMENTS:
Proceeds from Sales................................................................ 1,540,264 31,233
Cost of Securities Sold............................................................ 1,291,942 29,934
------------- ---------------
Net Gain (Loss).................................................................. 248,322 1,299
Capital Gain Distributions Received................................................ 369,371 0
------------- ---------------
NET REALIZED GAIN (LOSS)............................................................. 617,693 1,299
UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Beginning of Period................................................................ 138,583 (28,921)
End of Period...................................................................... 5,393,083 24,642
------------- ---------------
NET UNREALIZED GAIN (LOSS)........................................................... 5,254,500 53,563
------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $ 5,980,604 $ 63,681
============ ===============
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
* Date Operations Commenced.
12
<PAGE> 15
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
- -------------------------------------------------------------------------------------------------
AVP - GLOBAL
AVP - NORTH DOLLAR
AVP - TOTAL AVP AVP - MONEY AMERICAN GOV'T AVP - UTILITY
RETURN INTERNATIONAL MARKET GOV'T INCOME INCOME INCOME
---------- ------------- ---------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C>
$ 1,685 $ 1,911 $ 8,540 $ 7,097 $ 5,552 $ 844
(1,806) (5,205) (2,518) (1,019) (3,071) (357)
------- -------- -------- ------- ------- ------
(121) (3,294) 6,022 6,078 2,481 487
------- -------- -------- ------- ------- ------
9,260 144,870 451,337 17,159 97,898 1,697
8,888 118,260 451,337 20,426 95,571 1,629
------- -------- -------- ------- ------- ------
372 26,610 0 (3,267) 2,327 68
0 2,375 0 0 0 0
------- -------- -------- ------- ------- ------
372 28,985 0 (3,267) 2,327 68
(6,986) 16,417 0 (14,058) (11,116) (300)
22,505 3,375 0 (9,128) 26,965 4,220
------- -------- -------- ------- ------- ------
29,491 (13,042) 0 4,930 38,081 4,520
------- -------- -------- ------- ------- ------
$ 29,742 $ 12,649 $ 6,022 $ 7,741 $ 42,889 $5,075
======= ======== ======== ======= ======= ======
</TABLE>
- --------------------------------------------------------------------------------
13
<PAGE> 16
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
VARIABLE ACCOUNT B -- CLASS 1
STATEMENT OF OPERATIONS (CONCLUDED)
FOR THE PERIODS ENDED JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
---------------------------------------
AVP
AVP - GLOBAL CONSERVATIVE
BOND INVESTORS
(APR. 18* THRU (MAY 29* THRU
JUN. 30, 1995) JUN. 30, 1995)
-------------- --------------
<S> <C> <C>
INVESTMENT INCOME:
Income
Dividends...................................................................... $ 355 $ 140
Expenses
Mortality and Expense Risks Charges and Administrative Fees (Note 4)........... (58) (92)
---- ----
NET INVESTMENT INCOME (LOSS)....................................................... 297 48
---- ----
REALIZED GAIN (LOSS) ON INVESTMENTS:
Proceeds from Sales.............................................................. 61 0
Cost of Securities Sold.......................................................... 60 0
---- ----
Net Gain (Loss)................................................................ 1 0
Capital Gain Distributions Received.............................................. 0 0
---- ----
NET REALIZED GAIN (LOSS)........................................................... 1 0
UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Beginning of Period.............................................................. 0 0
End of Period.................................................................... (181) 525
---- ----
NET UNREALIZED GAIN (LOSS)......................................................... (181) 525
---- ----
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.................... $ 117 $ 573
==== ====
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
* Date Operations Commenced.
14
<PAGE> 17
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
- -------------------------------------------------------------------------
AVP - GROWTH AVP AVP - WORLDWIDE
INVESTORS GROWTH PRIVATIZATION
(MAY 23* THRU (FEB. 11* THRU (APR. 3* THRU
JUN. 30, 1995) JUN. 30, 1995) JUN. 30, 1995) SVL - BOND
-------------- -------------- ---------------- -----------
<S> <C> <C> <C>
$ 69 $ 123 $ 808 $ 799,713
(102) (378) (713) (377,402)
------ ------- ------- -----------
(33) (255) 95 422,311
------ ------- ------- -----------
0 12,522 8,674 25,605,516
0 11,536 8,119 26,335,298
------ ------- ------- -----------
0 986 555 (729,782)
0 0 0 752,219
------ ------- ------- -----------
0 986 555 22,437
0 0 0 (1,889,396)
1,851 14,103 (2,833) 2,258,732
------ ------- ------- -----------
1,851 14,103 (2,833) 4,148,128
------ ------- ------- -----------
$1,818 $ 14,834 $ (2,183) $ 4,592,876
====== ========= ========= ===========
</TABLE>
- --------------------------------------------------------------------------------
15
<PAGE> 18
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
VARIABLE ACCOUNT B -- CLASS 1
STATEMENTS OF CHANGES IN NET ASSETS
(UNAUDITED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
CLASS 1 SUB-ACCOUNTS INVESTING IN:
--------------------------------------------------------------------
NBAMT
TOTAL LIQUID ASSET
--------------------------------- ------------------------------
PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED
JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994
-------------- -------------- ------------- -------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net Investment Income (Loss)................. $ 16,538,848 $ (2,304,906) $0 $ 43
Net Realized Gain (Loss)..................... 23,526,018 56,558,361 0 0
Net Unrealized Gain (Loss) On Investments.... 279,516,473 (101,980,777) 0 0
-------------- -------------- -- --------
Net Increase (Decrease) In Net Assets
Resulting From Operations.................. 319,581,339 (47,727,322) 0 43
-------------- -------------- -- --------
CAPITAL SHARE TRANSACTIONS:
Transfers of Annuity Fund Deposits........... 446,258,933 1,136,301,461 0 (18,000)
Net Transfers Between Sub-accounts........... 557,305 891,130 0 18,533
Surrenders................................... (114,818,045) (116,753,024) 0 (576)
-------------- -------------- -- --------
Net Increase (Decrease) In Net Assets
Resulting From Capital Share
Transactions............................... 331,998,193 1,020,439,567 0 (43)
-------------- -------------- -- --------
TOTAL INCREASE (DECREASE) IN
NET ASSETS..................................... 651,579,532 972,712,245 0 0
NET ASSETS:
Beginning of Period.......................... 2,263,069,768 1,290,357,523 0 0
-------------- -------------- -- --------
End of Period................................ $2,914,649,300 $2,263,069,768 $0 $ 0
============== ============== == ========
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
* Date Operations Commenced.
16
<PAGE> 19
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
- ---------------------------------------------------------------------------------------------------------
NBAMT NBAMT NBAMT
GROWTH LIMITED MATURITY BOND BALANCED
------------------------------ ------------------------------ -------------------------------
PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED
JUN. 30, DEC. 31, JUN. 30, DEC. 31, JUNE 30, DEC.31,
1995 1994 1995 1994 1995 1994
------------ ------------- ------------ ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
$ (304,864) $ (423,242) $ 6,828,566 $ 3,517,651 $ 664,600 $ 5,270
700,482 2,596,283 ( 1,804,937) (834,778) 673,304 1,676,917
10,840,873 (5,585,664) 2,687,441 (5,190,015) 7,343,892 (4,487,304)
----------- ----------- ------------ ------------ ----------- -----------
11,236,491 (3,412,623) 7,711,070 (2,507,142) 8,681,796 (2,805,117)
----------- ----------- ----------- ------------ ----------- -----------
6,488,933 13,584,312 14,565,590 86,631,573 3,184,883 13,564,002
15,124,262 (4,839,790) (29,275,507) (73,112,599) (2,726,082) (4,728,960)
(1,838,912) (2,249,171) (6,530,138) (12,305,221) (1,895,021) (3,741,693)
----------- ----------- ------------ ------------ ----------- -----------
19,774,283 6,495,351 (21,240,055) 1,213,753 (1,436,220) 5,093,349
----------- ----------- ------------ ------------ ----------- -----------
31,010,774 3,082,728 (13,528,985) (1,293,389) 7,245,576 2,288,232
45,479,286 42,396,558 148,042,022 149,335,411 58,974,954 56,686,722
----------- ----------- ------------ ------------ ----------- -----------
$76,490,060 $45,479,286 $134,513,037 $148,042,022 $66,220,530 $58,974,954
=========== =========== ============ ============ =========== ===========
</TABLE>
- --------------------------------------------------------------------------------
17
<PAGE> 20
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
VARIABLE ACCOUNT B -- CLASS 1
STATEMENTS OF CHANGES IN NET ASSETS (CONT'D)
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
----------------------------------------------------
NBAMT AAF
PARTNERS MONEY MARKET
----------- ----------------------------------
MAY 2* THRU PERIOD ENDED
JUN. 30, JUN. 30, YEAR ENDED
1995 1995 DEC. 31, 1994
----------- ------------ -------------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net Investment Income (Loss)........................................ $ (1,402) $0 $0
Net Realized Gain (Loss)............................................ 0 0 0
Net Unrealized Gain (Loss) On Investments........................... 37,575 0 0
---------- -- --
Net Increase (Decrease) In Net Assets Resulting
From Operations................................................... 36,173 0 0
---------- -- --
CAPITAL SHARE TRANSACTIONS:
Transfers of Annuity Fund Deposits.................................. 1,175,354 0 0
Net Transfers Between Sub-accounts.................................. 381,140 0 6
Surrenders.......................................................... (200) 0 (6)
---------- -- --
Net Increase (Decrease) In Net Assets Resulting
From Capital Share Transactions................................... 1,556,294 0 0
---------- -- --
TOTAL INCREASE (DECREASE) IN NET ASSETS................................. 1,592,467 0 0
NET ASSETS:
Beginning of Period................................................. 0 0 0
---------- -- --
End of Period....................................................... $1,592,467 $0 $0
========== == ==
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
* Date Operations Commenced.
18
<PAGE> 21
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
- ----------------------------------------------------------------------------------------------------------
AAF AAF AAF
INCOME & GROWTH SMALL CAPITALIZATION GROWTH
------------------------------ ------------------------------- -------------------------------
PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED
JUN. 30 1995 DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994
------------ ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
$ 98,523 $ (129,539) $ (2,078,912) $ (2,975,134) $ (693,935) $ (1,233,213)
167,163 728,190 (232,143) 23,713,018 3,804,037 10,000,487
7,144,460 (3,804,217) 81,841,102 (30,043,148) 31,689,297 (8,447,531)
----------- ----------- ------------ ------------ ------------ ------------
7,410,146 (3,205,566) 79,530,047 (9,305,264) 34,799,399 319,743
----------- ----------- ------------ ------------ ------------ ------------
1,239,953 6,717,881 22,758,958 56,318,695 19,590,301 38,904,547
2,463,947 (5,864,504) 5,969,099 11,288,463 20,660,626 25,731,026
(1,257,503) (1,408,813) (8,222,383) (7,290,412) (4,056,581) (4,253,228)
----------- ----------- ------------ ------------ ------------ ------------
2,446,397 (555,436) 20,505,674 60,316,746 36,194,346 60,382,345
----------- ----------- ------------ ------------ ------------ ------------
9,856,543 (3,761,002) 100,035,721 51,011,482 70,993,745 60,702,088
26,468,226 30,229,228 261,556,347 210,544,865 130,176,623 69,474,535
----------- ----------- ------------ ------------ ------------ ------------
$36,324,769 $26,468,226 $361,592,068 $261,556,347 $201,170,368 $130,176,623
=========== =========== ============ ============ ============ ============
</TABLE>
- --------------------------------------------------------------------------------
19
<PAGE> 22
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
VARIABLE ACCOUNT B -- CLASS 1
STATEMENTS OF CHANGES IN NET ASSETS (CONT'D)
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
-------------------------------------------------------------------
AAF AAF - MIDCAP
BALANCED GROWTH
------------------------------- -------------------------------
PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED
JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net Investment Income (Loss)................. $ 116,477 $ (24,468) $ (490,791) $ (536,764)
Net Realized Gain (Loss)..................... 112,709 217,335 1,378,269 745,455
Net Unrealized Gain (Loss) On Investments.... 1,454,866 (681,436) 15,542,600 (321,790)
----------- ---------- ----------- -----------
Net Increase (Decrease) In Net Assets
Resulting From Operations.................. 1,684,052 (488,569) 16,430,078 (113,099)
----------- ---------- ----------- -----------
CAPITAL SHARE TRANSACTIONS:
Transfers of Annuity Fund Deposits........... 1,023,941 3,376,270 10,219,507 21,760,961
Net Transfers Between Sub-accounts........... (175,186) (423,424) 5,083,110 17,658,989
Surrenders................................... (519,222) (669,880) (1,482,893) (1,777,070)
----------- ---------- ----------- -----------
Net Increase (Decrease) In Net Assets
Resulting From Capital Share
Transactions............................... 329,533 2,282,966 13,819,724 37,642,880
----------- ---------- ----------- -----------
TOTAL INCREASE (DECREASE) IN NET ASSETS......... 2,013,585 1,794,397 30,249,802 37,529,781
NET ASSETS:
Beginning of Period.......................... 9,217,826 7,423,429 57,462,183 19,932,402
----------- ---------- ----------- -----------
End of Period................................ $11,231,411 $ 9,217,826 $87,711,985 $57,462,183
=========== ========== =========== ===========
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
* Date Operations Commenced.
20
<PAGE> 23
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
- ---------------------------------------------------------------------------------------------
AST - SELIGMAN AST - SELIGMAN
HENDERSON HENDERSON AST
INTERNATIONAL EQUITY INAT'L SMALL CAP. LORD ABBETT GROWTH & INCOME
------------------------------- ----------------- -------------------------------
PERIOD ENDED YEAR ENDED MAY 1* THRU PERIOD ENDED YEAR ENDED
JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 JUN. 30, 1995 DEC. 31, 1994
------------- ------------- ----------------- ------------- -------------
<S> <C> <C> <C> <C>
$ (1,711,392) $ (2,748,650) $ (2,943) $ 853,584 $ (440,246)
11,578,847 17,640,678 3,055 2,483,402 1,138,699
(12,857,746) (17,148,069) 19,111 12,966,413 (91,936)
------------ ------------ ---------- ------------ -----------
(2,990,291) (2,256,041) 19,223 16,303,399 606,517
------------ ------------ ---------- ------------ -----------
20,333,064 87,148,737 787,485 16,269,499 34,884,203
(6,313,441) 10,704,208 1,608,181 13,733,225 9,678,044
(6,312,363) (10,097,051) (36,044) (4,246,714) (3,815,649)
------------ ------------ ---------- ------------ -----------
7,707,260 87,755,894 2,359,622 25,756,010 40,746,598
------------ ------------ ---------- ------------ -----------
4,716,969 85,499,853 2,378,845 42,059,409 41,353,115
235,995,054 150,495,201 0 89,572,115 48,219,000
------------ ------------ ---------- ------------ -----------
$240,712,023 $235,995,054 $ 2,378,845 $131,631,524 $89,572,115
============ ============ ========== ============ ===========
</TABLE>
- --------------------------------------------------------------------------------
21
<PAGE> 24
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
VARIABLE ACCOUNT B -- CLASS 1
STATEMENTS OF CHANGES IN NET ASSETS (CONT'D)
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
-------------------------------------------------------------------
AST AST
JANCAP GROWTH MONEY MARKET
------------------------------- -------------------------------
PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED
JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net Investment Income (Loss)................. $ (646,093) $ (2,491,101) $ 6,517,787 $ 5,946,221
Net Realized Gain (Loss)..................... 2,407,461 1,587,144 0 19,022
Net Unrealized Gain (Loss) On Investments.... 50,261,229 (11,094,994) 0 0
------------ ------------ ------------ ------------
Net Increase (Decrease) In Net Assets
Resulting From Operations.................. 52,022,597 (11,998,951) 6,517,787 5,965,243
------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS:
Transfers of Annuity Fund Deposits........... 28,920,268 89,693,814 147,585,728 320,036,373
Net Transfers Between Sub-accounts........... (824,151) 16,413,857 (72,532,912) (120,635,658)
Surrenders................................... (6,215,678) (7,841,867) (40,514,570) (36,308,163)
------------ ------------ ------------ ------------
Net Increase (Decrease) In Net Assets
Resulting From Capital Share
Transactions............................... 21,880,439 98,265,804 34,538,246 163,092,552
------------ ------------ ------------ ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS.......... 73,903,036 86,266,853 41,056,033 169,057,795
NET ASSETS:
Beginning of Period.......................... 243,933,996 157,667,143 284,659,589 115,601,794
------------ ------------ ------------ ------------
End of Period................................ $317,837,032 $243,933,996 $325,715,622 $284,659,589
============ ============ ============ ============
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
* Date Operations Commenced.
22
<PAGE> 25
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
- -----------------------------------------------------------------------------------------------------------
AST - FEDERATED AST - FEDERATED AST - PHOENIX
UTILITY INCOME HIGH YIELD BALANCED ASSET
------------------------------- ------------------------------- -------------------------------
PERIOD ENDED YEAR ENDED PERIOD ENDED JAN. 4* THRU PERIOD ENDED YEAR ENDED
JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
$ 2,740,435 $ (73,541) $ 927,618 $ (182,878) $ 2,743,583 $ (1,086,844)
(789,152) (192,841) 350,034 (198,100) 793,321 507,844
5,604,496 (5,216,614) 1,597,778 (122,643) 8,563,630 (907,982)
----------- ----------- ----------- ----------- ------------ ------------
7,555,779 (5,482,996) 2,875,430 (503,621) 12,100,534 (1,486,982)
----------- ----------- ----------- ----------- ------------ ------------
6,923,889 28,831,445 9,560,887 11,382,228 10,865,754 60,895,715
6,420,292 (6,473,719) 6,551,419 10,453,765 (4,486,423) (843,326)
(3,875,195) (4,108,447) (799,727) (1,201,074) (9,691,383) (5,573,851)
----------- ----------- ----------- ----------- ------------ ------------
9,468,986 18,249,279 15,312,579 20,634,919 (3,312,052) 54,478,538
----------- ----------- ----------- ----------- ------------ ------------
17,024,765 12,766,283 18,188,009 20,131,298 8,788,482 52,991,556
70,392,891 57,626,608 20,131,298 0 144,553,389 91,561,833
----------- ----------- ----------- ----------- ------------ ------------
$87,417,656 $70,392,891 $38,319,307 $20,131,298 $153,341,871 $144,553,389
=========== =========== =========== =========== ============ ============
</TABLE>
- --------------------------------------------------------------------------------
23
<PAGE> 26
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
VARIABLE ACCOUNT B -- CLASS 1
STATEMENTS OF CHANGES IN NET ASSETS (CONT'D)
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
-------------------------------------------------------------------
AST - T. ROWE
AST - PHOENIX PRICE ASSET
CAPITAL GROWTH ALLOCATION
------------------------------- -------------------------------
PERIOD ENDED JAN. 4* THRU PERIOD ENDED JAN. 3* THRU
JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net Investment Income (Loss)................. $ (14,202) $ (110,386) $ 313,146 $ (182,803)
Net Realized Gain (Loss)..................... (20,013) (63,342) 21,899 (14,957)
Net Unrealized Gain (Loss) On Investments.... 2,655,382 (385,057) 3,075,928 61,399
----------- ----------- ----------- -----------
Net Increase (Decrease) In Net Assets
Resulting From Operations.................. 2,621,167 (558,785) 3,410,973 (136,361)
----------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS:
Transfers of Annuity Fund Deposits........... 3,316,648 10,939,730 5,777,170 17,100,763
Net Transfers Between Sub-accounts........... 423,615 4,540,747 1,894,861 6,612,892
Surrenders................................... (535,923) (297,046) (593,416) (836,138)
----------- ----------- ----------- -----------
Net Increase (Decrease) In Net Assets
Resulting From Capital Share
Transactions............................... 3,204,340 15,183,431 7,078,615 22,877,517
----------- ----------- ----------- -----------
TOTAL INCREASE (DECREASE) IN
NET ASSETS..................................... 5,825,507 14,624,646 10,489,588 22,741,156
NET ASSETS:
Beginning of Period.......................... 14,624,646 0 22,741,156 0
----------- ----------- ----------- -----------
End of Period................................ $20,450,153 $14,624,646 $33,230,744 $22,741,156
=========== =========== =========== ===========
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
* Date Operations Commenced.
24
<PAGE> 27
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
-------------------------------------------------------------------------------------
AST - T. ROWE AST - T. ROWE
PRICE INTERNATIONAL PRICE NATURAL AST - FOUNDERS CAPITAL
EQUITY RESOURCES APPRECIATION
------------------------------ --------------- ------------------------------
PERIOD ENDED JAN. 3* MAY 1* PERIOD ENDED JAN. 5*
JUN. 30, THRU DEC. 31, THRU JUN. 30, JUN. 30, THRU DEC. 31,
1995 1994 1995 1995 1994
------------ ------------- --------------- ------------ -------------
<S> <C> <C> <C> <C>
$ (727,668) $ (841,016) $ (1,099) $ 8,208 $ (153,802)
(340,545) (206,344) 1,829 439,570 66,235
5,100,034 (2,989,688) 4,546 5,615,364 1,868,641
------------ ------------ -------- ----------- ----------
4,031,821 (4,037,048) 5,276 6,063,142 1,781,074
------------ ------------ -------- ----------- ----------
21,220,277 65,204,510 199,331 10,146,417 14,103,413
2,525,416 46,877,402 285,651 4,039,601 11,996,947
(2,246,883) (2,112,739) (31,558) (738,264) (354,876)
------------ ------------ -------- ----------- ----------
21,498,810 109,969,173 453,424 13,447,754 25,745,484
------------ ------------ -------- ----------- ----------
25,530,631 105,932,125 458,700 19,510,896 27,526,558
105,932,125 0 0 27,526,558 0
------------ ------------ -------- ----------- ----------
$131,462,756 $105,932,125 $458,700 $47,037,454 $27,526,558
============ ============ ======== =========== ==========
</TABLE>
- --------------------------------------------------------------------------------
25
<PAGE> 28
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
VARIABLE ACCOUNT B -- CLASS 1
STATEMENTS OF CHANGES IN NET ASSETS (CONT'D)
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
--------------------------------------------------------------
AST - INVESCO AST - PIMCO
EQUITY INCOME TOTAL RETURN BOND
----------------------------- -----------------------------
PERIOD ENDED JAN. 3* PERIOD ENDED JAN. 3*
JUN. 30, THRU DEC. 31, JUN. 30, THRU DEC. 31,
1995 1994 1995 1994
------------ ------------- ------------ -------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net Investment Income (Loss)......................... $ 443,269 $ (428,257) $ 729,451 $ (299,678)
Net Realized Gain (Loss)............................. 53,648 (1,642) 345,053 (39,295)
Net Unrealized Gain (Loss) On Investments............ 10,823,029 (891,893) 4,831,778 (251,292)
------------ ----------- ----------- -----------
Net Increase (Decrease) In Net Assets Resulting
From Operations.................................... 11,319,946 (1,321,792) 5,906,282 (590,265)
------------ ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS:
Transfers of Annuity Fund Deposits................... 20,094,337 48,411,425 25,571,356 32,923,290
Net Transfers Between Sub-accounts................... 9,945,587 18,185,796 13,336,287 13,167,453
Surrenders........................................... (1,989,001) (1,498,702) (1,419,648) (1,487,781)
------------ ----------- ----------- -----------
Net Increase (Decrease) In Net Assets Resulting
From Capital Share Transactions.................... 28,050,923 65,098,519 37,487,995 44,602,962
------------ ----------- ----------- -----------
TOTAL INCREASE (DECREASE) IN
NET ASSETS............................................. 39,370,869 63,776,727 43,394,277 44,012,697
NET ASSETS:
Beginning of Period.................................. 63,776,727 0 44,012,697 0
------------ ----------- ----------- -----------
End of Period........................................ $103,147,596 $63,776,727 $87,406,974 $44,012,697
============ =========== =========== ===========
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
* Date Operations Commenced.
26
<PAGE> 29
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
-----------------------------------------------------------------------------------------
AST - PIMCO
LIMITED MATURITY AST - SCUDDER AST - EAGLE
BOND INTERNATIONAL BOND GROWTH EQUITY
----------------- ------------------------------- -------------------------------
MAY 1* THRU PERIOD ENDED MAY 2* THRU PERIOD ENDED MAY 3* THRU
JUN. 30, 1995 JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994
----------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
$ (4,954) $ 113,511 $ (85,300) $ (29,404) $ (18,282)
3,888 585 (14,892) 28,953 (3,648)
(2,069) 1,011,750 (240,434) 613,044 (50,341)
------------ ----------- ----------- ---------- ----------
(3,135) 1,125,846 (340,626) 612,593 (72,271)
------------ ----------- ----------- ---------- ----------
2,828,621 6,412,223 6,840,455 1,226,338 2,083,418
1,624,060 3,627,113 8,878,060 2,212,407 1,482,143
(147,427) (594,912) (394,979) (156,066) (30,196)
------------ ----------- ----------- ---------- ----------
4,305,254 9,444,424 15,323,536 3,282,679 3,535,365
------------ ----------- ----------- ---------- ----------
4,302,119 10,570,270 14,982,910 3,895,272 3,463,094
0 14,982,910 0 3,463,094 0
------------ ----------- ----------- ---------- ----------
$ 4,302,119 $25,553,180 $14,982,910 $ 7,358,366 $ 3,463,094
============ =========== =========== ========== ==========
</TABLE>
- --------------------------------------------------------------------------------
27
<PAGE> 30
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
VARIABLE ACCOUNT B -- CLASS 1
STATEMENTS OF CHANGES IN NET ASSETS (CONT'D)
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
-------------------------------------------------------------------
AST - BERGER AVP
CAPITAL GROWTH ST MULTI-MKT
------------------------------- -------------------------------
PERIOD ENDED OCT. 19* THRU PERIOD ENDED YEAR ENDED
JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net Investment Income (Loss).......................... $ (71,780) $ (3,225) $ (106,792) $ 603,557
Net Realized Gain (Loss).............................. 29,782 (1,238) (919,717) (295,311)
Net Unrealized Gain (Loss) On Investments............. 1,415,132 30,142 1,037,817 (1,931,642)
----------- ---------- ---------- -----------
Net Increase (Decrease) In Net Assets Resulting
From Operations..................................... 1,373,134 25,679 11,308 (1,623,396)
----------- ---------- ---------- -----------
CAPITAL SHARE TRANSACTIONS:
Transfers of Annuity Fund Deposits.................... 9,645,207 1,213,330 2,155,881 12,466,700
Net Transfers Between Sub-accounts.................... 6,476,301 1,759,059 (5,288,437) (12,047,999)
Surrenders............................................ (139,240) (2,777) (1,367,349) (1,584,844)
---------- ---------- ---------- -----------
Net Increase (Decrease) In Net Assets Resulting
From Capital Share Transactions..................... 15,982,268 2,969,612 (4,499,905) (1,166,143)
---------- ---------- ---------- -----------
TOTAL INCREASE (DECREASE)
IN NET ASSETS........................................... 17,355,402 2,995,291 (4,488,597) (2,789,539)
NET ASSETS:
Beginning of Period................................... 2,995,291 0 17,664,854 20,454,393
----------- ---------- ---------- -----------
End of Period......................................... $20,350,693 $ 2,995,291 $13,176,257 $ 17,664,854
=========== =========== =========== ============
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
* Date Operations Commenced.
28
<PAGE> 31
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
-------------------------------------------------------------------------------------------------------
AVP
AVP AVP U.S. GOV'T/HIGH GRADE
PREMIER GROWTH GROWTH & INCOME SECURITIES
------------------------------- ------------------------------- -------------------------------
PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED
JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
$ (225,025) $ (277,768) $ 108,411 $ 206,111 $ 8,819 $ 14,309
1,583,778 328,106 617,693 442,931 1,299 (1,423)
9,064,085 (1,025,385) 5,254,500 (1,194,217) 53,563 (54,167)
----------- ----------- ----------- ----------- --------- ---------
10,422,838 (975,047) 5,980,604 (545,175) 63,681 (41,281)
----------- ----------- ----------- ----------- --------- ---------
5,769,438 15,122,332 3,007,664 12,983,481 184,891 96,937
6,366,776 7,312,981 912,786 65,363 67,180 (377,349)
(3,682,638) (981,711) (1,344,073) (1,325,144) (287) (3,428)
----------- ----------- ----------- ----------- --------- ---------
8,453,576 21,453,602 2,576,377 11,723,700 251,784 (283,840)
----------- ----------- ----------- ----------- --------- ---------
18,876,414 20,478,555 8,556,981 11,178,525 315,465 (325,121)
33,502,538 13,023,983 29,912,121 18,733,596 538,309 863,430
----------- ----------- ----------- ----------- --------- ---------
$52,378,952 $33,502,538 $38,469,102 $29,912,121 $ 853,774 $ 538,309
=========== =========== =========== =========== ========= =========
</TABLE>
- --------------------------------------------------------------------------------
29
<PAGE> 32
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
VARIABLE ACCOUNT B -- CLASS 1
STATEMENTS OF CHANGES IN NET ASSETS (CONT'D)
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
------------------------------------------------------------------
AVP AVP
TOTAL RETURN INTERNATIONAL
------------------------------- ------------------------------
PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED
JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net Investment Income (Loss).......................... $ (121) $ 1,012 $ (3,294) $ (4,528)
Net Realized Gain (Loss).............................. 372 4,982 28,985 4,971
Net Unrealized Gain (Loss) On Investments............. 29,491 (23,507) (13,042) (7,326)
----------- ----------- ----------- -----------
Net Increase (Decrease) In Net Assets Resulting
From Operations..................................... 29,742 (17,513) 12,649 (6,883)
----------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS:
Transfers of Annuity Fund Deposits.................... 120,225 58,897 174,557 80,370
Net Transfers Between Sub-accounts.................... 22,591 (181,111) (106,795) 463,342
Surrenders............................................ (834) (9,962) (21,705) (23,253)
----------- ----------- ----------- -----------
Net Increase (Decrease) In Net Assets Resulting
From Capital Share Transactions..................... 141,982 (132,176) 46,057 520,459
----------- ----------- ----------- -----------
TOTAL INCREASE (DECREASE) IN
NET ASSETS.............................................. 171,724 (149,689) 58,706 513,576
NET ASSETS:
Beginning of Period................................... 210,214 359,903 740,294 226,718
----------- ----------- ----------- -----------
End of Period......................................... $ 381,938 $ 210,214 $ 799,000 $ 740,294
=========== =========== =========== ===========
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
* Date Operations Commenced.
30
<PAGE> 33
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
-------------------------------------------------------------------------------------------------------
AVP AVP - NORTH AMERICAN AVP - GLOBAL DOLLAR
MONEY MARKET GOV'T INCOME GOV'T INCOME
------------------------------- ------------------------------- -------------------------------
PERIOD ENDED YEAR ENDED PERIOD ENDED JUL. 6* THRU PERIOD ENDED JUL. 6* THRU
JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
$ 6,022 $ 1,531 $ 6,078 $ (2,351) $ 2,481 $ (2,425)
0 0 (3,267) (37,128) 2,327 126
0 0 4,930 (14,058) 38,081 (11,116)
-------- -------- -------- -------- -------- --------
6,022 1,531 7,741 (53,537) 42,889 (13,415)
-------- -------- -------- -------- -------- --------
570,107 101,867 13,978 138,821 105,636 129,166
(313,266) 310,357 128,877 24,856 (70,044) 305,882
(164,265) (64,184) (272) (9,637) (16,491) (9,499)
-------- -------- -------- -------- -------- --------
92,576 348,040 142,583 154,040 19,101 425,549
-------- -------- -------- -------- -------- --------
98,598 349,571 150,324 100,503 61,990 412,134
349,571 0 100,503 0 412,134 0
-------- -------- -------- -------- -------- --------
$ 448,169 $ 349,571 $ 250,827 $ 100,503 $ 474,124 $ 412,134
======== ======== ======== ======== ======== ========
</TABLE>
- --------------------------------------------------------------------------------
31
<PAGE> 34
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
VARIABLE ACCOUNT B -- CLASS 1
STATEMENTS OF CHANGES IN NET ASSETS (CONCLUDED)
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
------------------------------------------------------
AVP - UTILITY AVP - GLOBAL
INCOME BOND
-------------------------------- -------------
PERIOD ENDED AUG. 29* THRU APR. 18* THRU
JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995
------------- ------------- -------------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net Investment Income (Loss)...................................... $ 487 $ (42) $ 297
Net Realized Gain (Loss).......................................... 68 0 1
Net Unrealized Gain (Loss) On Investments......................... 4,520 (299) (181)
-------- ------- -------
Net Increase (Decrease) In Net Assets Resulting
From Operations................................................. 5,075 (341) 117
-------- ------- -------
CAPITAL SHARE TRANSACTIONS:
Transfers of Annuity Fund Deposits................................ 129,038 13,739 36,715
Net Transfers Between Sub-accounts................................ (1,274) 5,970 16,218
Surrenders........................................................ (274) 0 (32)
-------- ------- -------
Net Increase (Decrease) In Net Assets Resulting
From Capital Share Transactions................................. 127,490 19,709 52,901
-------- ------- -------
TOTAL INCREASE (DECREASE) IN
NET ASSETS.......................................................... 132,565 19,368 53,018
NET ASSETS:
Beginning of Period............................................... 19,368 0 0
-------- ------- -------
End of Period..................................................... $151,933 $19,368 $53,018
======== ======= =======
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
* Date Operations Commenced.
32
<PAGE> 35
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS 1 SUB-ACCOUNTS INVESTING IN:
- -----------------------------------------------------------------------------------------------------------
AVP
CONSERVATIVE AVP - GROWTH AVP AVP - WORLDWIDE SVL
INVESTORS INVESTORS GROWTH PRIVATIZATION BOND
------------ ------------ ------------- --------------- ------------------------------
MAY 29* THRU MAY 23* THRU FEB. 11* THRU APR. 3* THRU PERIOD ENDED YEAR ENDED
JUN. 30, JUN. 30, JUN. 30, JUN. 30, JUN. 30, DEC. 31,
1995 1995 1995 1995 1995 1994
------------ ------------ ------------- --------------- ------------ -------------
<S> <C> <C> <C> <C> <C>
$ 48 $ (33) $ (255) $ 95 $ 422,311 $ 2,154,872
0 0 986 555 22,437 (2,955,123)
525 1,851 14,103 (2,833) 4,148,128 (1,727,194)
-------- -------- -------- -------- ----------- -----------
573 1,818 14,834 (2,183) 4,592,876 (2,527,445)
-------- -------- -------- -------- ----------- -----------
92,580 103,318 217,214 131,008 5,514,764 22,576,061
12,030 0 16,571 217,076 (9,475,482) 6,483,428
0 (43) (616) (30) (2,132,271) (3,083,956)
-------- -------- -------- -------- ----------- -----------
104,610 103,275 233,169 348,054 (6,092,989) 25,975,533
-------- -------- -------- -------- ----------- -----------
105,183 105,093 248,003 345,871 (1,500,113) 23,448,088
0 0 0 0 52,948,859 29,500,771
-------- -------- -------- -------- ----------- -----------
$105,183 $105,093 $ 248,003 $345,871 $51,448,746 $52,948,859
======== ======== ======== ======== =========== ===========
</TABLE>
- --------------------------------------------------------------------------------
33
<PAGE> 36
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
VARIABLE ACCOUNT B -- CLASS 1
NOTES TO
FINANCIAL STATEMENTS
(UNAUDITED)
- --------------------------------------------------------------------------------
1. ORGANIZATION
American Skandia Life Assurance Corporation Variable Account B -- Class 1 (the
"Account") is a separate investment account of American Skandia Life Assurance
Corporation ("American Skandia"). The Account is registered with the SEC under
the Investment Company Act of 1940 as a unit investment trust. The Account
commenced operations September 20, 1988.
As of June 30, 1995, the Account consisted of forty-eight sub-accounts. These
financial statements report on forty-four sub-accounts offered in the LifeVest
Personal Security Annuity, the American Skandia Advisors Plan Annuity, the
American Skandia Advisors Plan II Annuity and The Alliance Capital Navigator
Annuity. Each of the forty-four sub-accounts invests only in a single
corresponding portfolio of either the Neuberger and Berman Advisers Management
Trust, The Alger American Fund, the American Skandia Trust, the Alliance
Variable Products Series Fund, Inc. or the Scudder Variable Life Investment Fund
(the "Trusts"). Neuberger and Berman Management, Inc. is the advisor for the
Neuberger and Berman Advisers Management Trust. Fred Alger Management, Inc. is
the advisor for The Alger American Fund. American Skandia Investment Services
Incorporated is the investment manager for American Skandia Trust, while
Seligman Henderson Co., Lord Abbett & Co., Janus Capital Corporation, J. P.
Morgan Investment Management Incorporated, Federated Investment Counseling,
Phoenix Investment Counsel, Inc., T. Rowe Price Associates, Inc., Rowe
Price-Fleming International, Inc., Founders Asset Management, Inc., INVESCO
Trust Company, Pacific Investment Management Company, Scudder, Stevens & Clark,
Inc., Eagle Asset Management, Inc. and Berger Associates, Inc. are the
sub-advisors. Alliance Capital Management L.P. is the advisor for the Alliance
Variable Products Series Fund, Inc. Scudder, Stevens & Clark, Inc. is the
advisor for the Scudder Variable Life Investment Fund. The investment advisors
are paid fees for their services by the respective Trusts.
The following nine sub-accounts have commenced operations during 1995: the
NBAMT-Partners on May 2, 1995; the AST-Seligman Henderson International Small
Cap on May 1, 1995; the AST-T. Rowe Price Natural Resources on May 1, 1995; the
AST-PIMCO Limited Maturity Bond on May 1, 1995; the AVP-Global Bond on April 18,
1995; the AVP-Conservative Investors on May 29, 1995; the AVP-Growth Investors
on May 23, 1995; the AVP-Growth on February 11, 1995 and the AVP-Worldwide
Privatization on April 3, 1995.
Effective May 1, 1995 the AST-Henderson International Growth sub-account changed
its name to AST-Seligman Henderson International Equity.
2. VALUATION OF INVESTMENTS
The market value of the investments in the sub-accounts is based on the net
asset values of the Trust shares held at the end of the current period.
Transactions are accounted for on the trade date and dividend income is
recognized on an accrual basis. Realized gains and losses on sales of
investments are determined on a first-in first-out basis.
3. INCOME TAXES
American Skandia does not expect to incur any Federal income tax liability on
earnings, or realized capital gains attributable to the Account, therefore, no
charges for Federal income taxes are currently deducted from the Account. If
American Skandia incurs income taxes attributable to the Account, or determines
that such taxes will be incurred, it may make a charge for such taxes against
the Account.
Under current laws, American Skandia may incur state and local income taxes (in
addition to premium tax) in
34
<PAGE> 37
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
VARIABLE ACCOUNT B -- CLASS 1
NOTES TO
FINANCIAL STATEMENTS (CONT'D)
(UNAUDITED)
- --------------------------------------------------------------------------------
several states. The company does not anticipate that these will be significant.
However, American Skandia may make charges to the Account in the event that the
amount of these taxes change.
4. CONTRACT CHARGES
The following contract charges are paid to American Skandia:
Mortality and Expense Risk Charges -- Charged daily against the Account at
an annual rate of 1.25% of the net assets.
Administrative Fees -- Charged daily against the Account at an annual rate
of .15% of the net assets. A maintenance fee of $30 is deducted at the end
of each contract year and on surrender.
Contingent Deferred Sales Charges are computed as set forth in the LifeVest
Personal Security Annuity, the American Skandia Advisors Plan Annuity, the
American Skandia Advisor Plan II Annuity or The Alliance Capital Navigator
Annuity. These charges may be imposed on the full, or partial surrender of
certain contracts. There is no contingent deferred sales charge if all
premiums were received at least seven complete years prior to the date of
the full or partial surrender.
5. PAYABLE TO CONTRACTOWNERS
Under the exchange program, new contractowners are eligible to receive an
"Exchange Credit" for the surrender charge paid to surrender exchange contracts,
with specific limitations. This Exchange Credit is converted to units on behalf
of the contractowner 30 days following issuance of the contract pursuant to the
exchange program.
The balance of the Exchange Credit for contracts within their first thirty days
is equal to $349,284 as of June 30, 1995.
35
<PAGE> 38
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
VARIABLE ACCOUNT B -- CLASS 1
NOTES TO
FINANCIAL STATEMENTS (CONT'D)
(UNAUDITED)
- --------------------------------------------------------------------------------
6. CHANGES IN THE UNITS OUTSTANDING
<TABLE>
<CAPTION>
-----------------------------------------------------------
CLASS 1 SUB-ACCOUNTS INVESTING IN:
-----------------------------------------------------------
NBAMT - LIMITED
NBAMT - GROWTH MATURITY BOND
---------------------------- ----------------------------
PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED
JUN. 30, DEC. 31, JUN. 30, DEC. 31,
1995 1994 1995 1994
------------ ------------- ------------ -------------
<S> <C> <C> <C> <C>
Units Outstanding Beginning of the Period.................... 2,734,835 2,388,450 10,689,462 10,615,851
Units Purchased.............................................. 324,551 792,315 972,945 6,223,007
Units Transferred Between Sub-accounts....................... 838,753 (310,529) (2,112,718) (5,248,072)
Units Surrendered............................................ (94,978) (135,401) (351,269) (901,324)
--------- --------- ---------- ------------
Units Outstanding End of the Period.......................... 3,803,161 2,734,835 9,198,420 10,689,462
========= ========= ========== ============
<CAPTION>
-----------------------------------------------------------
CLASS 1 SUB-ACCOUNTS INVESTING IN:
-----------------------------------------------------------
AAF
AAF - BALANCED MIDCAP GROWTH
---------------------------- ---------------------------
PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED
JUN. 30, DEC. 31, JUN. 30, DEC. 31,
1995 1994 1995 1994
------------ ------------- ------------ -------------
<S> <C> <C> <C> <C>
Units Outstanding Beginning of the Period.................... 768,128 583,925 4,308,374 1,450,892
Units Purchased.............................................. 76,321 276,819 612,956 1,672,798
Units Transferred Between Sub-accounts....................... (18,622) (36,274) 370,060 1,325,354
Units Surrendered............................................ (31,944) (56,342) (85,146) (140,670)
--------- --------- ---------- ------------
Units Outstanding End of the Period.......................... 793,883 768,128 5,206,244 4,308,374
========= ========= ========== ============
<CAPTION>
-----------------------------------------------------------
CLASS 1 SUB-ACCOUNTS INVESTING IN:
-----------------------------------------------------------
AST - FEDERATED AST - FEDERATED
UTILITY INCOME HIGH YIELD
---------------------------- ----------------------------
PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED
JUN. 30, DEC. 31, JUN. 30, JAN. 4* THRU
1995 1994 1995 1994
------------ ------------- ------------ -------------
<S> <C> <C> <C> <C>
Units Outstanding Beginning of the Period.................... 7,177,232 5,390,877 2,106,791 0
Units Purchased.............................................. 595,526 2,825,121 845,415 1,166,363
Units Transferred Between Sub-accounts....................... 615,189 (624,103) 749,646 1,065,686
Units Surrendered............................................ (295,785) (414,663) (70,206) (125,258)
--------- --------- ---------- ------------
Units Outstanding End of the Period.......................... 8,092,162 7,177,232 3,631,646 2,106,791
========= ========= ========== ============
<CAPTION>
-----------------------------------------------------------
CLASS 1 SUB-ACCOUNTS INVESTING IN:
-----------------------------------------------------------
AST - FOUNDERS AST - INVESCO
CAP'L APPRECIATION EQUITY INCOME
---------------------------- ---------------------------
PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED
JUN. 30, JAN. 5* THRU JUN. 30, JAN. 3* THRU
1995 DEC. 31, 1994 1995 DEC. 31, 1994
------------ ------------- ------------ -------------
<S> <C> <C> <C> <C>
Units Outstanding Beginning of the Period.................... 2,575,105 0 6,633,333 0
Units Purchased.............................................. 804,659 1,412,806 1,767,454 4,940,630
Units Transferred Between Sub-accounts....................... 430,253 1,198,628 1,089,772 1,851,061
Units Surrendered............................................ (56,023) (36,329) (162,050) (158,358)
--------- --------- ---------- ------------
Units Outstanding End of the Period.......................... 3,753,994 2,575,105 9,328,509 6,633,333
========= ========= ========== ============
</TABLE>
- --------------------------------------------------------------------------------
* Date Operations Commenced.
36
<PAGE> 39
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
CLASS 1 SUB-ACCOUNTS INVESTING IN:
-------------------------------------------------------------------------------------------------------------
NBAMT AAF - INCOME AAF - SMALL
NBAMT - BALANCED PARTNERS & GROWTH CAPITALIZATION
------------------------------ -------------------- ------------------------------- -------------
PERIOD ENDED YEAR ENDED MAY 2* THRU PERIOD ENDED YEAR ENDED PERIOD ENDED
JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995
------------- ------------- -------------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
3,956,683 3,624,095 0 1,958,603 2,023,006 9,356,764
184,419 890,323 107,480 78,965 482,871 676,732
(184,127) (307,645) 40,443 148,636 (441,752) 89,539
(97,251) (250,090) 0 (70,050) (105,522) (246,447)
---------- ---------- --------- --------- --------- ----------
3,859,724 3,956,683 147,923 2,116,154 1,958,603 9,876,588
========== ========== ========= ========= ========= ==========
<CAPTION>
AAF - GROWTH
-------------------------------------
YEAR ENDED PERIOD ENDED YEAR ENDED
DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994
------------- ------------- -------------------
<S> <C> <C>
7,101,658 5,614,760 2,997,458
2,068,053 722,391 1,718,430
464,709 790,898 1,095,282
(277,656) (146,783) (196,410)
---------- ---------- ------------
9,356,764 6,981,266 5,614,760
========== ========== ============
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
CLASS 1 SUB-ACCOUNTS INVESTING IN:
- -------------------------------------------------------------------------------------------------------------------
AST - SELIGMAN HENDERSON AST - SELIGMAN HEND. AST - LORD ABBETT AST - JANCAP
INTERNATIONAL EQUITY INAT'L SMALL CAP GROWTH & INCOME GROWTH
------------------------------- ------------------- ------------------------------- -------------
PERIOD ENDED YEAR ENDED MAY 1* THRU PERIOD ENDED YEAR ENDED PERIOD ENDED
JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995
------------- ------------- -------------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
14,043,215 9,063,464 0 7,479,449 4,058,228 22,354,170
1,094,159 5,095,072 73,358 1,128,833 2,933,200 2,212,934
(342,114) 485,868 163,355 1,126,020 813,176 (13,412)
(312,759) (601,189) (2,262) (276,452) (325,155) (428,476)
---------- ---------- --------- --------- --------- ----------
14,482,501 14,043,215 234,451 9,457,850 7,479,449 24,125,216
========== ========== ========= ========= ========= ==========
<CAPTION>
AST - MONEY MARKET
-------------------------------------
YEAR ENDED PERIOD ENDED YEAR ENDED
DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994
------------- ------------- -------------------
<S> <C> <C>
13,603,637 27,491,389 11,422,783
7,976,529 13,917,131 31,347,755
1,497,592 (8,165,739) (11,832,144)
(723,588) (2,409,784) (3,447,005)
---------- ---------- ------------
22,354,170 30,832,997 27,491,389
========== ========== ============
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
CLASS 1 SUB-ACCOUNTS INVESTING IN:
- -------------------------------------------------------------------------------------------------------------------
AST - PHOENIX AST - PHOENIX AST - T. ROWE PRICE
BALANCED ASSET CAPITAL GROWTH ASSET ALLOCATION
------------------------------ -------------------------------------- -------------------------------
PERIOD ENDED YEAR ENDED PERIOD ENDED JAN. 3* THRU PERIOD ENDED JAN. 3* THRU
JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994
------------ ------------- -------------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
13,986,604 8,743,758 1,587,862 0 2,320,063 0
922,252 5,868,183 298,888 1,148,001 504,020 1,738,663
(851,800) (79,635) 60,744 472,146 208,817 667,736
(373,180) (545,702) (32,823) (32,285) (46,538) (86,336)
---------- ---------- --------- --------- --------- ----------
13,683,876 13,986,604 1,914,671 1,587,862 2,986,362 2,320,063
========== ========== ========= ========= ========= ==========
<CAPTION>
AST - T. ROWE PRICE AST - T. ROWE PRICE
INTERNATIONAL EQUITY NTR'L. RESOURCES
------------------------------- -------------------
PERIOD ENDED JAN. 3* THRU MAY 1* THRU
JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995
------------- ------------- -------------------
<S> <C> <C>
11,166,758 0 0
2,023,805 6,643,509 17,444
411,161 4,744,934 31,254
(195,514) (221,685) (3,132)
---------- ---------- ------------
13,406,210 11,166,758 45,566
========== ========== ============
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
CLASS 1 SUB-ACCOUNTS INVESTING IN:
- -------------------------------------------------------------------------------------------------------------------
AST - PIMCO TOTAL AST - PIMCO LTD. AST - SCUDDER AST - EAGLE
RETURN BOND MATURITY BOND INTERNATIONAL BOND GROWTH EQUITY
------------------------------- -------------------- ------------------------------- -------------
PERIOD ENDED JAN. 3* THRU MAY 1* THRU PERIOD ENDED MAY 2* THRU PERIOD ENDED
JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995
------------- ------------- -------------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
4,577,708 0 0 1,562,364 0 351,319
2,396,901 3,383,108 252,057 616,539 703,494 112,737
1,434,551 1,354,594 187,232 404,874 899,756 218,781
(116,639) (159,994) (10,224) (54,030) (40,886) (13,557)
---------- ---------- --------- --------- --------- ----------
8,292,521 4,577,708 429,065 2,529,747 1,562,364 669,280
========== ========== ========= ========= ========= ==========
<CAPTION>
AST - BERGER
CAPITAL GROWTH
-------------------------------------
MAY 3* THRU PERIOD ENDED OCT. 19* THRU
DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994
------------- ------------- -------------------
<S> <C> <C>
0 301,267 0
205,932 880,211 123,907
148,564 696,931 177,648
(3,177) (12,566) (288)
---------- ---------- ------------
351,319 1,865,843 301,267
========== ========== ============
</TABLE>
- --------------------------------------------------------------------------------
37
<PAGE> 40
AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
VARIABLE ACCOUNT B -- CLASS 1
NOTES TO
FINANCIAL STATEMENTS (CONCLUDED)
(UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------
CLASS 1 SUB-ACCOUNTS INVESTING IN:
-----------------------------------------------------------
AVP - ST
MULTI-MKT AVP - PREMIER GROWTH
---------------------------- ----------------------------
PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED
JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994
------------- ------------- ------------ -------------
<S> <C> <C> <C> <C>
Units Outstanding Beginning of the Period.................... 1,839,569 1,963,502 2,802,431 1,042,445
Units Purchased.............................................. 226,988 1,204,060 405,291 1,241,198
Units Transferred Between Sub-accounts....................... (645,014) (1,171,841) 312,229 602,509
Units Surrendered............................................ (63,025) (156,152) (68,511) (83,721)
--------- --------- --------- ---------
Units Outstanding End of the Period.......................... 1,358,518 1,839,569 3,451,440 2,802,431
========= ========= ========= =========
<CAPTION>
-----------------------------------------------------------
CLASS 1 SUB-ACCOUNTS INVESTING IN:
-----------------------------------------------------------
AVP - NORTH AMERICAN
AVP - MONEY MARKET GOV'T INCOME
--------------------------- -----------------------------
PERIOD ENDED YEAR ENDED PERIOD ENDED JUL. 6* THRU
JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Units Outstanding Beginning of the Period.................... 34,276 0 11,541 0
Units Purchased.............................................. 46,642 10,126 1,532 14,000
Units Transferred Between Sub-accounts....................... (36,261) 30,484 13,926 (1,485)
Units Surrendered............................................ (1,470) (6,334) (12) (974)
--------- --------- --------- ---------
Units Outstanding End of the Period.......................... 43,187 34,276 26,987 11,541
========= ========= ========= =========
<CAPTION>
CLASS 1 SUB-ACCOUNTS
INVESTING IN:
----------------------------
SVL - BOND
----------------------------
PERIOD ENDED MAY 3* THRU
JUN. 30, 1995 DEC. 31, 1994
------------- -------------
<S> <C> <C>
Units Outstanding Beginning of the Period.................... 5,363,572 2,805,580
Units Purchased.............................................. 487,150 2,224,881
Units Transferred Between Sub-accounts....................... (953,951) 647,672
Units Surrendered............................................ (142,762) (314,561)
--------- ---------
Units Outstanding End of the Period.......................... 4,754,009 5,363,572
========= =========
</TABLE>
- --------------------------------------------------------------------------------
* Date Operations Commenced.
38
<PAGE> 41
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS 1 SUB-ACCOUNTS INVESTING IN:
- -----------------------------------------------------------------------------------------------------------------------------------
AVP - GROWTH AVP - U.S. GOV'T\
& INCOME HIGH GRADE SECURITIES AVP - TOTAL RETURN
------------------------------- ------------------------------- -------------------------------------
PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED PERIOD ENDED YEAR ENDED
JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994
------------- ------------- ------------- ------------- -------------- ------------------
<S> <C> <C> <C> <C> <C>
2,652,224 1,632,107 53,792 81,644 20,623 33,503
213,984 1,135,476 16,599 9,403 10,563 5,616
81,893 1,946 6,499 (36,866) 2,213 (17,497)
(82,015) (117,305) (34) (389) (74) (999)
--------- --------- ------ ------ ------ ------
2,866,086 2,652,224 76,856 53,792 33,325 20,623
========= ========= ====== ====== ====== ======
<CAPTION>
AVP - INTERNATIONAL
-------------------------------------
PERIOD ENDED YEAR ENDED
JUN. 30, 1995 DEC. 31, 1994
------------- -------------
<S> <C>
59,089 19,040
13,819 6,274
(8,512) 35,623
(1,748) (1,848)
------ ------
62,648 59,089
====== ======
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS 1 SUB-ACCOUNTS INVESTING IN:
- -----------------------------------------------------------------------------------------------------------------------------------
AVP - GLOBAL DOLLAR AVP - UTILITY AVP - GLOBAL AVP - CONSERVATIVE AVP - GROWTH
GOV'T INCOME INCOME BOND INVESTORS INVESTORS
- ------------------------------------- ------------------------------ ------------- ------------------ -----------
PERIOD ENDED JUL. 6* THRU PERIOD ENDED AUG. 29* THRU APR. 18* THRU MAY 29* THRU MAY 23* THRU
JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 DEC. 31, 1994 JUN. 30, 1995 JUN. 30, 1995 JUN. 30, 1995
------------- ------------- ------------- ------------- -------------- ------------------ -------------
<S> <C> <C> <C> <C> <C> <C>
42,277 0 1,963 0 0 0 0
10,420 12,888 12,135 1,371 3,197 8,462 9,523
(6,750) 30,339 (120) 593 1,405 1,092 0
(1,675) (950) (25) (1) (5) 0 0
--------- --------- ------ ------ ------ ------ ------
44,272 42,277 13,953 1,963 4,597 9,554 9,523
========= ========= ====== ====== ====== ====== ======
<CAPTION>
AVP AVP - WORLDWIDE
GROWTH PRIVATIZATION
FEB. 11* THRU APR. 3* THRU
JUN. 30, 1995 JUN. 30, 1995
------------- ---------------
<S> <C>
0 0
18,647 12,377
1,435 20,028
0 (1)
------ ------
20,082 32,404
====== ======
</TABLE>
- --------------------------------------------------------------------------------
39
<PAGE> 42
[EDGAR REFERENCE - IN THE PRINTED VERSION OF THIS REPORT THE UNAUDITED JUNE 30,
1995 FINANCIAL STATEMENTS OF THE ALGER AMERICAN FUND FOLLOW AT THIS POINT. THE
FINANCIAL STATEMENTS WERE FILED WITH THE COMMISSION VIA THE EDGAR FORMAT ON
SEPTEMBER 1, 1995; FORM TYPE N-30D; FILE # 811-5550. THE FINANCIAL STATEMENTS
INCLUDE INFORMATION ON PORTFOLIOS WHICH ARE NOT AVAILABLE TO OWNERS OF THE
LIFEVEST PERSONAL SECURITY ANNUITIES, AMERICAN SKANDIA ADVISORS PLAN ANNUITIES,
AMERICAN SKANDIA ADVISORS PLAN II ANNUITIES NOR THE ALLIANCE CAPITAL NAVIGATOR
ANNUITIES.]
<PAGE> 43
[EDGAR REFERENCE - IN THE PRINTED VERSION OF THIS REPORT THE UNAUDITED JUNE 30,
1995 FINANCIAL STATEMENTS OF THE NEUBERGER & BERMAN ADVISORS MANAGEMENT TRUST
FOLLOW AT THIS POINT. THE FINANCIAL STATEMENTS WERE FILED WITH THE COMMISSION
VIA THE EDGAR FORMAT ON AUGUST 28,1995; FORM TYPE N-30D; FILE #811-04255. THE
FINANCIAL STATEMENTS INCLUDE INFORMATION ON PORTFOLIOS WHICH ARE NOT AVAILABLE
TO OWNERS OF THE LIFEVEST PERSONAL SECURITY ANNUITIES, AMERICAN SKANDIA
ADVISORS PLAN ANNUITIES, AMERICAN SKANDIA ADVISORS PLAN II ANNUITIES NOR THE
ALLIANCE CAPITAL NAVIGATOR ANNUITIES.]
<PAGE> 44
AMERICAN SKANDIA TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1995
(UNAUDITED)
<PAGE> 45
AMERICAN SKANDIA TRUST
SELIGMAN HENDERSON INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
FOREIGN SECURITIES -- 89.4%
AUSTRALIA -- 2.7%
Broken Hill Proprietary Co.
LTD. .......................... 258,500 $ 3,180,973
MIM Holdings LTD. ............... 992,000 1,226,345
News Corp. ...................... 365,901 2,043,326
------------
6,450,644
------------
DENMARK -- 1.1%
Teledanmark Series "B"........... 49,000 2,727,517
------------
FRANCE -- 7.8%
AXA SA........................... 50,607 2,734,780
Carrefour Supermarch SA.......... 5,600 2,870,284
Danone Corp. .................... 16,500 2,777,056
L'Oreal.......................... 11,000 2,761,174
Lafarge -- Coppee SA............. 29,869 2,323,822
Societe Generale................. 25,000 2,923,705
Societe Nationale Elf
Aquitaine...................... 35,784 2,645,992
------------
19,036,813
------------
GERMANY -- 4.2%
Bayer AG......................... 11,000 2,734,288
Deutsche Bank AG................. 48,000 2,364,070
Karstadt......................... 5,000 2,191,365
Lufthansa........................ 20,600 2,984,147
------------
10,273,870
------------
HONG KONG -- 2.1%
Hong Kong Telecommunications
LTD. .......................... 1,158,800 2,291,184
Swire Pacific LTD. "A"........... 368,000 2,805,820
------------
5,097,004
------------
INDONESIA -- 1.3%
Gadjah Tungal.................... 2,209,000 3,174,848
------------
ITALY -- 0.8%
Assicurazione Genrali............ 84,000 1,974,809
------------
JAPAN -- 31.1%
Aoyama Trading Co. LTD. ......... 72,500 1,215,108
CSK Corp. ....................... 175,000 4,048,392
Daiwa House Industry Co. LTD. ... 250,000 3,835,940
East Japan Railway............... 1,665 8,548,539
Fuji Bank LTD. .................. 186,000 3,754,028
Kao Corp. ....................... 199,000 2,395,751
Mitsubishi Materials Corp. ...... 796,000 3,570,139
Mitsui Hightech.................. 4,000 94,423
Nippon Paper Industries Ord. .... 502,000 3,258,778
Nippon Telegraph & Telephone..... 985 8,254,352
Nippon TV Network................ 10,210 2,301,694
Nomura Securities................ 217,000 3,790,617
Pioneer Electronic Corp. ........ 449,000 7,631,278
Sumitomo Sitix Corp. ............ 129,000 1,385,541
Sumitomo Trust & Banking......... 322,000 3,914,547
Toshiba Corp. ................... 1,322,000 8,379,038
Toyo Ink......................... 185,000 1,026,261
Yamaha Corp. .................... 725,000 7,915,314
------------
75,319,740
------------
MALAYSIA -- 1.3%
Malayan Banking BHD.............. 193,500 1,532,123
Proton Perusahaan Otomobil....... 448,000 1,617,395
------------
3,149,518
------------
MEXICO -- 0.2%
Grupo Financiero Banamex "B"..... 225,000 341,007
Grupo Financiero Banamex "L"..... 11,250 17,050
------------
358,057
------------
NETHERLANDS -- 3.5%
ABN AMRO Holdings NV............. 800 3,278
AKZO Nobel NV.................... 22,000 2,629,154
Elsevier NV...................... 248,000 2,928,567
Internationale Nederlanden
Bank NV........................ 50,968 2,818,583
Internationale Nederlanden
(Warrants)*.................... 1,646 3,611
------------
8,383,193
------------
NORWAY -- 2.1%
Kvaerner Industries "B".......... 51,398 2,252,103
Norsk Hydro AS................... 67,000 2,810,695
------------
5,062,798
------------
SINGAPORE -- 2.3%
Jurong Shipyard.................. 467,000 3,342,878
United Overseas Bank LTD. ....... 247,860 2,341,984
------------
5,684,862
------------
SPAIN -- 2.1%
Banco de Santander SA............ 73,666 2,905,147
Uralita SA*...................... 190,000 2,291,047
------------
5,196,194
------------
SWEDEN -- 2.4%
Ericsson "B" Free................ 160,000 3,189,968
Stora Kopparbergs Bergslags
Series "B"..................... 187,500 2,539,428
------------
5,729,396
------------
SWITZERLAND -- 4.8%
Brown, Boveri & Cie.............. 2,750 2,847,463
Nestle SA........................ 2,800 2,916,261
Roche Genusscheine Hldgs. ....... 450 2,900,452
Zuerich Versicherung Bearer...... 2,300 2,890,983
------------
11,555,159
------------
</TABLE>
1
<PAGE> 46
AMERICAN SKANDIA TRUST
SELIGMAN HENDERSON INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
THAILAND -- 1.5%
Siam Cement*..................... 31,000 $ 1,979,178
Siam Commercial Bank............. 182,000 1,740,004
------------
3,719,182
------------
UNITED KINGDOM -- 18.1%
BAT Industries PLC............... 465,000 3,557,975
British Petroleum Co. ........... 510,000 3,654,853
BTR PLC.......................... 754,829 3,836,406
Caradon PLC...................... 530,000 1,989,724
Central European Growth
Fund***........................ 1,680,000 1,042,267
Central European Growth Fund
(Warrants)*.................... 258,000 32,833
Delta Group Ord. ................ 268,000 2,067,671
Farnell Electronics PLC.......... 290,000 2,924,773
FKI Babcock PLC.................. 890,000 2,251,086
FKI Babcock Rights*.............. 222,500 118,571
Granada Group PLC................ 410,000 3,965,449
Legal & General Group Ord. ...... 370,000 3,131,254
Reuters Holdings PLC............. 530,000 4,417,861
Tesco............................ 940,000 4,336,414
Unilever PLC..................... 198,000 4,008,002
WPP Group Ord. .................. 1,350,000 2,598,508
------------
43,933,647
------------
TOTAL FOREIGN SECURITIES
(COST $210,152,716)................ 216,827,251
------------
AMERICAN DEPOSITORY RECEIPTS -- 1.1%
Grupo Carso SA*.................. 110,000 1,201,860
Sociedad Anoni................... 80,000 1,510,000
------------
TOTAL AMERICAN DEPOSITORY RECEIPTS
(COST $3,435,327).................. 2,711,860
------------
GLOBAL DEPOSITORY RECEIPTS -- 2.0%
Hindalco Industries.............. 75,000 2,184,750
Hocheng Group Corp. ............. 75,000 918,750
Samsung Electronics.............. 34,000 1,810,500
------------
TOTAL GLOBAL DEPOSITORY RECEIPTS
(COST $4,966,265).................. 4,914,000
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ ------------
<S> <C> <C> <C>
FOREIGN BONDS -- 0.0%
International
Nederlanden (NETH)
10.00%
(COST $4,406)....... 03/15/01 $ 7 $ 5,140
------------
CORPORATE BONDS -- 1.6%
Daewoo Corp. 3.50%...... 12/31/04 665 384,037
Gujarat Ambuja Cement
3.50%................. 06/30/99 1,450 1,981,977
Teco Electric & Machine
Corp. 2.75%........... 04/15/04 1,480 1,376,400
------------
TOTAL CORPORATE BONDS
(COST $3,660,337).................... 3,742,414
------------
TOTAL INVESTMENTS
(COST $222,219,051**) -- 94.1%....... 228,200,665
OTHER ASSETS LESS
LIABILITIES -- 5.9%.................. 14,330,961
------------
NET ASSETS -- 100.0%................... $242,531,626
===========
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
Gross appreciation................. $ 19,893,501
Gross depreciation................. (13,911,887)
------------
Net appreciation................... $ 5,981,614
===========
COUNTRY ABBREVIATIONS
- ----------------------------------------------------------
NETH - Netherlands
</TABLE>
- --------------------------------------------------------------------------------
Unless otherwise noted, all foreign securities are common stock.
* Non-income producing securities.
** Also cost for Federal income tax purposes.
*** Closed-end fund.
See Notes to Financial Statements.
2
<PAGE> 47
AMERICAN SKANDIA TRUST
LORD ABBETT GROWTH & INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
COMMON STOCK -- 81.4%
AEROSPACE -- 3.4%
Boeing Co. .................... 30,000 $ 1,878,750
Raytheon Co. .................. 20,000 1,552,500
Rockwell International
Corp. ....................... 25,000 1,143,750
------------
4,575,000
------------
AUTOMOBILES -- 0.8%
General Motors Corp. .......... 24,550 1,150,781
------------
AUTOMOTIVE PARTS-EQUIPMENT -- 1.3%
Genuine Parts Co. ............. 45,000 1,704,375
------------
BANKING -- 2.7%
BankAmerica Corp. ............. 20,000 1,052,500
Comerica Inc. ................. 40,000 1,285,000
George Mason Bankshares,
Inc. ........................ 30,000 600,000
Keycorp New.................... 25,000 784,375
------------
3,721,875
------------
BUSINESS SERVICES -- 1.4%
H & R Block, Inc. ............. 45,000 1,850,625
------------
BUSINESS SUPPLIES -- 1.9%
Snap-On, Inc. ................. 65,000 2,518,750
------------
CHEMICALS -- 3.4%
Dow Chemical Co. .............. 20,000 1,437,500
James River Corp. ............. 50,000 1,381,250
M.A. Hanna Co. ................ 72,000 1,872,000
------------
4,690,750
------------
COMMUNICATIONS -- 1.1%
Harris Corp. .................. 30,000 1,548,750
------------
COMPUTERS -- 0.5%
Apple Computer, Inc.*.......... 15,000 696,562
------------
CONGLOMERATES -- 2.3%
Minnesota Mining &
Manufacturing Co. ........... 55,000 3,148,750
------------
DIVERSIFIED -- 2.4%
Crane Co. ..................... 35,000 1,268,750
National Services Industries,
Inc. ........................ 70,000 2,021,250
------------
3,290,000
------------
DRUGS -- 1.4%
Merck & Co., Inc. ............. 40,000 1,960,000
------------
ELECTRONICS -- 3.4%
AMP, Inc. ..................... 40,000 1,690,000
Emerson Electric Co. .......... 40,000 2,860,000
------------
4,550,000
------------
FINANCIAL SERVICES -- 3.0%
Ahmanson H.F. Co. ............. 60,000 1,320,000
American Express Co. .......... 40,000 1,405,000
St. Paul Capital............... 25,450 1,329,763
------------
4,054,763
------------
FOODS -- 8.9%
Archer-Daniels Midland Co. .... 120,000 2,235,000
Conagra, Inc. Cl-E............. 65,000 2,299,375
Dean Foods Co. ................ 90,000 2,520,000
Hershey Foods Corp. ........... 30,000 1,657,500
Sara Lee Corp. ................ 45,000 1,282,500
Supervalu, Inc. ............... 70,000 2,038,750
------------
12,033,125
------------
HOSPITAL MANAGEMENT -- 1.1%
Baxter International, Inc. .... 40,000 1,455,000
------------
INSURANCE -- 8.6%
Aetna Life & Casualty Co. ..... 25,000 1,571,875
CHUBB Corp. ................... 35,000 2,804,375
Cigna Corp. ................... 28,000 2,173,500
Lincoln National Corp. ........ 50,000 2,187,500
Transamerica Corp. ............ 50,000 2,912,500
------------
11,649,750
------------
MACHINERY & HEAVY EQUIPMENT -- 0.8%
Goulds Pumps, Inc. ............ 50,000 1,087,500
------------
OFFICE EQUIPMENT -- 1.4%
Moore Corp., LTD. ............. 88,000 1,947,000
------------
OIL & GAS -- 7.1%
Chevron Corp. ................. 65,000 3,030,625
Coastal Corp. ................. 72,000 2,187,000
Equitable Resources, Inc. ..... 80,000 2,310,000
Exxon Corp. ................... 30,000 2,118,750
------------
9,646,375
------------
PHOTO-OPTICS -- 1.8%
Perkin Elmer Corp. ............ 70,000 2,485,000
------------
PRINTING & PUBLISHING -- 2.8%
Deluxe Corp.*.................. 45,000 1,490,625
Donnelley R.R. & Sons Co. ..... 65,000 2,340,000
------------
3,830,625
------------
RESTAURANTS -- 0.8%
Brinker International Inc.*.... 60,000 1,035,000
------------
RETAIL MERCHANDISING -- 2.6%
Dayton-Hudson Corp. ........... 15,000 1,076,250
Sears Roebuck & Co. ........... 40,000 2,395,000
------------
3,471,250
------------
RUBBER & PLASTIC -- 1.1%
Standard Products Co. ......... 70,000 1,522,500
------------
</TABLE>
3
<PAGE> 48
AMERICAN SKANDIA TRUST
LORD ABBETT GROWTH & INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
SAVINGS & LOAN ASSOCIATIONS -- 1.0%
Great Western Financial
Corp. ....................... 65,000 $ 1,340,625
------------
TELECOMMUNICATIONS -- 3.7%
American Telephone and
Telegraph Co., (New)......... 50,000 2,656,250
MCI Communications Corp. ...... 110,000 2,420,000
------------
5,076,250
------------
TEXTILES -- 1.0%
Warnaco Group.................. 70,000 1,400,000
------------
UTILITIES-ELECTRIC -- 3.0%
Ohio Edison Co. ............... 75,000 1,696,875
Potomac Electric Power Co. .... 40,000 860,000
Public Service Co. ............ 45,000 1,462,500
------------
4,019,375
------------
UTILITIES-GAS -- 3.7%
Cinergy Corp. ................. 110,000 2,887,500
Consolidated Natural Gas
Co. ......................... 55,000 2,076,250
------------
4,963,750
------------
WASTE MANAGEMENT -- 3.0%
Browning-Ferris Industries,
Inc. ........................ 70,000 2,528,750
WMX Technologies, Inc. ........ 55,000 1,560,625
------------
4,089,375
------------
TOTAL COMMON STOCK
(COST $98,739,756)............... 110,513,481
------------
PREFERRED STOCK -- 6.1%
BUSINESS SERVICES -- 1.2%
General Motors Convertible PFD.
$3.25 Cl-C................... 25,000 1,575,000
------------
METALS & MINING -- 1.2%
Cyprus Amax Minerals
Convertible PFD. $4.00....... 25,000 1,575,000
------------
OIL & GAS -- 2.3%
Atlantic Richfield 9.00%....... 70,000 1,820,000
Unocal Corporation Convertible
PFD. $3.50................... 25,000 1,331,250
------------
3,151,250
------------
PACKAGING & PAPER PRODUCTS -- 1.4%
Sonoco Products Co. Convertible
PFD. $2.25................... 35,000 1,942,500
------------
TOTAL PREFERRED STOCK
(COST $7,967,805)................ 8,243,750
------------
AMERICAN DEPOSITORY RECEIPTS -- 3.3%
AIRLINES -- 1.5%
British Airways PLC............ 30,000 2,017,500
------------
HEALTH -- 1.8%
Smithkline Beecham PLC......... 55,000 2,488,750
------------
TOTAL AMERICAN DEPOSITORY RECEIPTS
(COST $3,479,148)................ 4,506,250
------------
SHORT TERM INVESTMENTS -- 9.5%
Temporary Investment
Cash Fund.................... 6,403,427 6,403,427
Temporary Investment Fund...... 6,403,426 6,403,426
------------
(COST $12,806,853)........... 12,806,853
------------
TOTAL INVESTMENTS
(COST $122,993,562**) -- 100.3%.. 136,070,334
LIABILITIES IN EXCESS OF
OTHER ASSETS -- (0.3%)........... (366,215)
------------
NET ASSETS -- 100.0%............... $135,704,119
============
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
Gross appreciation........................ $ 13,642,837
Gross depreciation........................ (566,065)
------------
Net appreciation.......................... $ 13,076,772
============
</TABLE>
- --------------------------------------------------------------------------------
* Non-income producing securities.
** Also cost for Federal income tax purposes.
See Notes to Financial Statements.
4
<PAGE> 49
AMERICAN SKANDIA TRUST
JANCAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
---------- ------------
<S> <C> <C>
COMMON STOCK -- 86.9%
AEROSPACE-DEFENSE -- 1.2%
Lockheed Martin Corp. ........... 60,225 $ 3,801,703
------------
BANKING -- 4.6%
Chase Manhattan Corp. ........... 63,850 3,000,950
Chemical Banking Corp. .......... 44,125 2,084,906
Citicorp......................... 87,445 5,060,879
First Bank Systems, Inc. ........ 82,375 3,377,375
First Interstate Bancorp......... 15,825 1,269,956
------------
14,794,066
------------
BEVERAGES & BOTTLING -- 5.9%
Coca-Cola Co. ................... 148,600 9,473,250
Pepsico, Inc. ................... 204,475 9,329,172
------------
18,802,422
------------
BUILDING & REAL ESTATE -- 0.4%
MDC Holdings, Inc. .............. 189,500 1,184,375
------------
BUSINESS SERVICES -- 6.6%
Diebold, Inc. ................... 59,500 2,588,250
First Data Corp. ................ 182,500 10,379,688
General Motors Corp. Cl-E........ 189,650 8,249,775
------------
21,217,713
------------
CHEMICALS -- 1.0%
Hercules, Inc. .................. 67,700 3,300,375
------------
COMMUNICATIONS -- 1.7%
Lin Television Corp.*............ 812 27,304
US Robotics, Inc. ............... 48,700 5,308,300
------------
5,335,604
------------
COMPUTERS -- 5.2%
Adobe Systems, Inc. ............. 50,000 2,900,000
International Business
Machines....................... 35,000 3,360,000
Microsoft Corp.*................. 113,750 10,280,156
------------
16,540,156
------------
CONSUMER GOODS & SERVICES -- 6.8%
Coleman Co., Inc.*............... 75,875 2,693,563
Dial Corp. ...................... 25 619
Duracell International, Inc. .... 69,000 2,984,250
Lowe's Companies, Inc. .......... 291,900 8,720,513
Mattel, Inc. .................... 281,250 7,312,500
------------
21,711,445
------------
CONTAINERS -- 2.2%
Crown Cork & Seal Co., Inc.*..... 137,275 6,880,909
------------
DRUGS -- 5.7%
Amgen, Inc.*..................... 59,900 4,818,206
Merck & Co., Inc. ............... 103,200 5,056,800
Pfizer, Inc. .................... 90,375 8,348,391
------------
18,223,397
------------
ENTERTAINMENT -- 2.8%
Circus Circus Enterprises,
Inc. .......................... 15,925 561,356
Heritage Media Corp.*............ 8,000 231,000
Walt Disney Corp. ............... 148,050 8,235,281
------------
9,027,637
------------
FINANCIAL SERVICES -- 10.4%
Countrywide Credit Ind., Inc. ... 160,925 3,379,425
Federal Home Loan Mortgage
Association.................... 70,075 4,817,656
Federal National Mortgage
Association.................... 90,215 8,514,041
Lehman Brothers Holdings,
Inc. .......................... 66,525 1,455,234
Merrill Lynch & Co., Inc. ....... 213,100 11,187,750
Schwab, Charles Corp. (New)...... 91,350 3,962,306
------------
33,316,412
------------
FOOD PROCESSING -- 0.6%
Nabisco Holdings Corp. .......... 69,675 1,881,225
------------
FOREST PRODUCTS -- 1.1%
Georgia Pacific Corp. ........... 40,875 3,545,906
------------
MANUFACTURING-DIVERSIFIED -- 0.0%
Datalogix International*......... 4,625 112,734
------------
MEDICAL -- 0.4%
Vivra, Inc.*..................... 49,700 1,348,113
------------
METALS & STEELS -- 2.4%
Phelps Dodge Corp. .............. 129,675 7,650,825
------------
NATURAL RESOURCE -- 0.6%
Boise Cascade Corp. ............. 51,100 2,069,550
------------
PAPER & PAPER PRODUCTS -- 0.9%
Willamette Industries, Inc. ..... 50,300 2,791,650
------------
PRINTING & PUBLISHING -- 1.0%
Gartner Group, Inc. New Cl-A*.... 100,000 2,900,000
Infinity Broadcast Corp. Cl-A*... 11,475 382,978
------------
3,282,978
------------
TECHNOLOGY -- 23.7%
Alliance Semiconductor Corp.*.... 56,100 2,748,900
Altera Corp.*.................... 214,700 9,285,775
Applied Materials, Inc.*......... 84,375 7,308,984
BDM International Inc. .......... 6,400 130,400
Cisco Systems*................... 44,850 2,267,728
General Instruments Corp.*....... 51,925 1,992,622
Hewlett Packard Co. ............. 161,450 12,028,025
Intel Corp. ..................... 135,850 8,601,003
Intuit, Inc.*.................... 100,000 7,600,000
LSI Logic Corp.*................. 95,400 3,732,525
National Instruments Corp.*...... 32,450 575,988
National Semiconductor Corp.*.... 118,725 3,294,619
Oracle Systems Corp.*............ 37,632 1,453,536
Silicon Graphics, Inc. .......... 40,725 1,623,909
</TABLE>
5
<PAGE> 50
AMERICAN SKANDIA TRUST
JANCAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
---------- ------------
<S> <C> <C>
TECHNOLOGY (CONT'D)
Texas Instruments, Inc. ......... 74,750 $ 10,007,156
Xilinx, Inc.*.................... 35,800 3,365,200
------------
76,016,370
------------
WASTE MANAGEMENT -- 1.7%
Browning-Ferris Industries,
Inc. .......................... 153,415 5,542,117
------------
TOTAL COMMON STOCK
(COST $227,979,623)................ 278,377,682
------------
PREFERRED STOCK -- 0.1%
FINANCIAL SERVICES
American Express
(COST $252,360)................ 6,000 291,000
------------
AMERICAN DEPOSITORY RECEIPTS -- 5.0%
ELECTRONICS -- 3.8%
Nokia Corp. PFD. ADR............. 92,718 5,528,311
Philips Electronics N.V. ........ 161,000 6,882,750
------------
12,411,061
------------
FINANCIAL SERVICES -- 0.4%
Reuters Holding PLC ADR.......... 22,725 1,139,091
------------
HEALTH -- 0.6%
Smithkline Beecham PLC ADR....... 43,300 1,959,325
------------
TELECOMMUNICATIONS -- 0.2%
Ericsson, (L.N.) Telephone
Co. ........................... 33,000 660,000
------------
TOTAL AMERICAN DEPOSITORY RECEIPTS
(COST $11,626,750)................. 16,169,477
------------
FOREIGN SECURITIES -- 3.1%
COMPUTER SERVICES & SOFTWARE
Sap AG Vorzug -- (DEM)
(COST $5,779,963).............. 7,781 9,864,824
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------- ------------
<S> <C> <C> <C>
COMMERCIAL PAPER -- 4.9%
FORD MOTOR CREDIT CO.
6.05%
(COST $15,794,689).. 07/03/95 $15,800 $ 15,794,689
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 1.3%
Federal National
Mortgage Association
Discount Note 5.90%
(COST $3,992,134).. 07/13/95 4,000 3,992,134
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
-------
<S> <C> <C>
SHORT TERM INVESTMENTS -- 0.0%
Temporary Investment Cash Fund.... 51,664 51,664
Temporary Investment Fund......... 51,664 51,664
-----------
(COST $103,328)................. 103,328
-----------
TOTAL INVESTMENTS
(COST $265,528,847**) -- 101.3%..... 324,593,134
LIABILITIES IN EXCESS OF
OTHER ASSETS -- (1.3%).............. (4,315,382)
-----------
NET ASSETS -- 100.0%.................. $320,277,752
===========
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
Gross appreciation................ $ 59,911,041
Gross depreciation................ (846,754)
-----------
Net appreciation.................. $ 59,064,287
===========
COUNTRY ABBREVIATIONS
- ----------------------------------------------------------
DEM - Germany
</TABLE>
- --------------------------------------------------------------------------------
* Non-income producing securities.
** Also cost for Federal income tax purposes.
See Notes to Financial Statements.
6
<PAGE> 51
AMERICAN SKANDIA TRUST
AST MONEY MARKET PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------- ------------
<S> <C> <C> <C>
COMMERCIAL PAPER -- 38.8%
FINANCIAL -- 29.5%
Abbey National Corp.
6.12%................. 09/20/95 $17,000 $ 16,765,910
American Express Credit
Corp. 5.99%........... 07/03/95 10,000 9,996,672
Ameritech Corp.
5.99%................. 07/26/95 10,000 9,958,403
Canadian Imperial
Holdings
6.03%................. 07/05/95 5,000 4,996,650
Canadian Wheat Board
6.17%................. 09/27/95 2,000 1,969,836
Chevron Oil Finance Co.
5.89%................. 07/07/95 16,000 15,984,293
Commerz Bank U.S.
Finance
5.95%................. 07/11/95 10,000 9,983,472
Ford Motor Credit Co.
5.96%................. 07/10/95 8,000 7,988,080
General Electric Capital
Corp.
6.20%................. 07/03/95 9,000 8,996,900
UBS Finance Inc.
6.17%................. 07/05/95 12,000 11,991,773
-----------
98,631,989
-----------
FOOD -- 7.8%
Heinz (H.J.) Co.
5.95%................. 07/10/95 16,000 15,976,200
Nestle Capital Corp.
5.95%................. 07/07/95 10,000 9,990,083
-----------
25,966,283
-----------
UTILITIES -- 1.5%
Southern California
Edison Co.
6.00%................. 08/01/95 5,000 4,974,167
TOTAL COMMERCIAL PAPER
(COST $129,572,439)....... 129,572,439
-----------
CERTIFICATES OF DEPOSIT -- 21.8%
YANKEE DOLLAR CERTIFICATES
OF DEPOSIT
ABN AMRO Bank
6.26%................. 08/04/95 5,000 5,000,226
Commerzbank AG
6.08%................. 07/05/95 2,000 1,999,962
Dia Ichi Kangyo Bank NY
6.03%................. 07/05/95 15,000 15,000,017
Industrial Bank of Japan
6.11%................. 08/07/95 15,000 15,000,773
Mitsubishi Bank-New York
6.00%................. 07/14/95 $15,000 15,000,000
NBD Bank NA
5.95%................. 05/30/96 8,000 8,021,287
Rabo Bank Nederland
5.68%................. 08/21/95 2,000 2,000,073
Sanwa Bank LTD.
5.95%................. 07/06/95 3,000 2,999,968
Societe Generale
6.06%................. 08/01/95 5,000 5,000,000
6.60%................. 04/12/96 3,000 3,002,725
-----------
TOTAL CERTIFICATES OF
DEPOSIT (COST
$73,025,031).............. 73,025,031
-----------
U.S. TREASURY BILLS -- 2.8%
5.25%................... 05/02/96 5,000 4,776,875
5.25%................... 05/02/96 5,000 4,776,663
TOTAL U.S. TREASURY BILLS
(COST $9,553,538)......... 9,553,538
-----------
CORPORATE BONDS -- 0.6%
CONSUMER PRODUCTS
General Electric Capital
Corp.
5.66% (COST
$1,999,990)........... 08/31/95 2,000 1,999,990
-----------
MEDIUM TERM NOTES -- 1.5%
FINANCIAL
Ford Motor Credit Co.
6.12% (COST
$4,975,634)........... 12/11/95 5,000 4,975,634
-----------
VARIABLE RATE DISCOUNT NOTES -- 9.0%
FINANCIAL
Student Loan Marketing
Association Floating
Rate Note
5.83%................. 07/01/96 15,000 14,989,262
Federal National
Mortgage Association
6.07%................. 07/01/95 10,000 9,999,699
General Electric Capital
Corp.
6.03%................. 07/30/95 5,000 5,000,000
-----------
TOTAL VARIABLE RATE DISCOUNT
NOTES (COST
$29,988,961).............. 29,988,961
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 25.7%
FEDERAL FARM CREDIT
BANK -- 3.0%
6.07%................... 06/03/96 10,000 9,991,129
-----------
</TABLE>
7
<PAGE> 52
AMERICAN SKANDIA TRUST
AST MONEY MARKET PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------- ------------
<S> <C> <C> <C>
FEDERAL HOME LOAN
BANK -- 0.7%
6.01%................... 05/15/96 $ 2,245 $ 2,244,387
FEDERAL HOME LOAN MORTGAGE
CORP. -- 14.1%
6.10%................... 07/03/95 14,695 14,690,020
5.90%................... 07/20/95 8,430 8,403,750
5.89%................... 07/20/95 15,380 15,332,190
5.90%................... 07/27/95 6,738 6,709,289
6.06%................... 03/21/96 2,000 1,911,120
------------
47,046,369
------------
FEDERAL NATIONAL MORTGAGE
ASSOCIATION -- 7.9%
5.91%................... 07/06/95 7,000 6,994,254
5.90%................... 07/26/95 5,000 4,979,514
5.86%................... 08/21/95 9,665 9,584,764
5.94%................... 10/26/95 5,000 4,903,475
------------
26,462,007
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS (COST $85,743,892)...... 85,743,892
------------
TOTAL INVESTMENTS (COST
$334,859,485*) -- 100.2%............ 334,859,485
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (0.2%).................... (737,850)
------------
NET ASSETS -- 100.0%.................. $334,121,635
============
</TABLE>
- --------------------------------------------------------------------------------
* Also cost for Federal income tax purposes.
See Notes to Financial Statements.
8
<PAGE> 53
AMERICAN SKANDIA TRUST
FEDERATED UTILITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
COMMON STOCK -- 65.7%
ENERGY -- 3.9%
Sonat Inc. ...................... 77,100 $ 2,351,550
Westcoast Energy, Inc. .......... 76,700 1,131,325
-----------
3,482,875
-----------
HEALTHCARE -- 1.9%
Meditrust SBI.................... 51,200 1,747,200
-----------
NATURAL GAS -- 5.7%
MCN Corp. ....................... 72,900 1,439,775
Pacific Enterprises, Inc. ....... 81,400 1,994,300
Panhandle Eastern Corp. ......... 21,800 531,375
Williams Companies, Inc. ........ 30,800 1,074,150
-----------
5,039,600
-----------
OIL & GAS -- 1.4%
Exxon Corp. ..................... 18,000 1,271,250
-----------
REAL ESTATE -- 1.4%
Simon Property Group, Inc. ...... 41,000 1,030,125
South West Property Trust,
Inc. .......................... 18,600 213,900
-----------
1,244,025
-----------
TELECOMMUNICATIONS -- 4.0%
AT&T Corp. ...................... 41,100 2,183,437
BellSouth Corp. ................. 21,200 1,346,200
-----------
3,529,637
-----------
TELEPHONES -- 4.9%
GTE Corp. ....................... 46,300 1,579,987
Pacific Telesis Group............ 46,100 1,233,175
U.S. West, Inc. ................. 36,100 1,502,662
-----------
4,315,824
-----------
UTILITIES-COMBINATION -- 2.2%
CMS Energy Corp. ................ 79,200 1,950,300
-----------
UTILITIES-ELECTRIC -- 32.4%
Baltimore Gas & Electric Co. .... 53,700 1,342,500
Cinergy Corp. ................... 67,600 1,774,500
DPL, Inc. ....................... 66,600 1,473,525
DQE, Inc. ....................... 76,650 1,801,275
Duke Power Co. .................. 30,800 1,278,200
Florida Progress Corp. .......... 35,900 1,121,875
FPL Group, Inc. ................. 52,000 2,008,500
General Public Utilities
Corp. ......................... 56,500 1,680,875
Illinova Corp. .................. 70,000 1,776,250
NIPSCO Industries, Inc. ......... 50,700 1,723,800
Pacificorp....................... 79,300 1,486,875
PECO Energy Co. ................. 73,600 2,033,200
Pinnacle West Capital Co. ....... 77,400 1,896,300
Public Service Enterprise........ 38,000 1,054,500
Southern Co. .................... 77,000 1,722,875
Texas Utilities Co. ............. 13,100 450,312
UGI Corp. ....................... 36,500 771,063
Utilicorp United, Inc. .......... 56,300 1,583,438
Western Resources, Inc. ......... 56,300 1,738,263
-----------
28,718,126
-----------
UTILITIES-GAS -- 3.9%
Consolidated Natural Gas Co. .... 27,200 1,026,800
Enron Corp. ..................... 46,100 1,619,262
Enron Global Power & Pipelines... 35,100 833,625
-----------
3,479,687
-----------
UTILITIES-TELEPHONE -- 4.0%
British Telecommunications....... 3,100 194,525
SBC Communications, Inc. ........ 40,700 1,938,338
Southern New England
Telecommunications Corp. ...... 39,800 1,402,950
-----------
3,535,813
-----------
TOTAL COMMON STOCK
(COST $56,108,014)................. 58,314,337
-----------
PREFERRED STOCK -- 16.6%
BEVERAGES & TOBACCO -- 1.9%
RJR Nabisco Holdings Corp.
Convertible PFD. Cl-C, $.60.... 277,200 1,697,850
-----------
ELECTRICAL EQUIPMENT -- 2.5%
Westinghouse Electric Corp.
Participating Equity PFD. Cl-C
$1.30.......................... 150,000 2,231,250
-----------
ENERGY -- 1.0%
Occidental Petroleum Corp.
Convertible PFD. $3.88......... 15,400 891,275
-----------
FINANCIAL -- 2.3%
SunAmerica Inc. $2.78 Convertible
PFD. Cl-C...................... 31,200 1,435,200
SunAmerica Inc. Adjustable Rate
Cumulative PFD. Cl-C........... 6,100 616,100
-----------
2,051,300
-----------
FOREST PRODUCTS -- 1.5%
James River Corp.
DECS 9.00%..................... 55,000 1,361,250
-----------
HOME FURNISHINGS/
HOUSEWARES -- 0.7%
Kaufman & Broad $1.52 Convertible
PFD. Cl-B...................... 41,000 635,500
-----------
INSURANCE -- 0.6%
Allstate Corp $2.30.............. 12,300 501,225
-----------
METALS & MINING -- 1.5%
Reynolds Metals Co.
Prides $3.31................... 26,600 1,283,450
-----------
</TABLE>
9
<PAGE> 54
AMERICAN SKANDIA TRUST
FEDERATED UTILITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
OIL & GAS -- 1.9%
Enserch Corp. Adjustable Rate
PFD. Cl-E...................... 9,400 $ 874,200
Williams Companies $3.50,
Convertible Preferred.......... 12,500 789,063
-----------
1,663,263
-----------
STEEL -- 0.4%
USX Corp. Adjustable Rate
PFD. .......................... 6,700 332,488
-----------
UTILITIES-ELECTRIC -- 2.3%
Niagra Mohawk Power Corp.
Adjustable Rate PFD. Cl-C...... 33,050 776,675
Texas Utilities Inc. Convertible
$6.50 PFD. Cl-A................ 530 46,110
Texas Utilities Inc. Convertible
$7.00 PFD. Cl-B................ 8,530 793,290
Toledo Edison Co. Adjustable Rate
PFD. Cl-B...................... 20,400 433,500
-----------
2,049,575
-----------
TOTAL PREFERRED STOCK
(COST $14,440,862)................. 14,698,426
-----------
AMERICAN DEPOSITORY RECEIPTS -- 5.2%
ELECTRIC POWER -- 0.8%
National Power PLC............... 54,600 675,675
-----------
MULTI-INDUSTRY -- 1.2%
Hanson Trust PLC................. 61,000 1,075,125
-----------
TELECOMMUNICATIONS -- 3.2%
Cointel Prides................... 35,000 1,828,750
Hong Kong Telecommunications
LTD. .......................... 5,000 99,375
Telefonica de Espana............. 23,200 899,000
-----------
2,827,125
-----------
TOTAL AMERICAN DEPOSITORY RECEIPTS
(COST $4,972,214).................. 4,577,925
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR
MATURITY (000)
-------- -------
<S> <C> <C> <C>
CORPORATE BONDS -- 5.9%
FINANCE -- 0.7%
Equitable Cos., Inc.,
Convertible
Subordinated
Debenture
6.125%............... 12/15/24 $ 625 641,406
-----------
OIL -- 1.3%
Pennzoil Exchange
Debenture 6.50%...... 01/15/03 1,000 1,195,000
-----------
<CAPTION>
PAR
MATURITY (000) VALUE
-------- ------- -----------
<S> <C> <C> <C>
PACKAGING & PAPER PRODUCTS -- 1.6%
Riverwood International
Corp. 6.75%.......... 09/15/03 $ 1,000 $ 1,386,250
-----------
TELECOMMUNICATIONS -- 2.3%
Rogers Communication,
Inc. 2.00%........... 11/26/05 1,630 863,900
Telekom Malaysia
Berhad, Convertible
4.00%................ 10/03/04 1,200 1,164,000
-----------
2,027,900
-----------
TOTAL CORPORATE BONDS
(COST $4,831,247).................. 5,250,556
-----------
ZERO COUPON BONDS -- 1.6%
Roche Holdings Inc.
Convertible Lyon
6.99%
(COST $1,265,675)... 04/20/10 3,500 1,417,500
-----------
REPURCHASE AGREEMENT -- 4.7%
HSBC Securities Inc.
5.90%, dated 06/30/95
matures on 07/03/95,
repurchase price
$4,197,063
(Collateralized by
U.S. Treasury Notes,
par value $4,240,000,
market value
$4,313,131, due on
02/15/96)
(COST $4,195,000)... 07/03/95 4,195 4,195,000
-----------
TOTAL INVESTMENTS
(COST $85,813,012*) -- 99.7%....... 88,453,744
OTHER ASSETS LESS
LIABILITIES -- 0.3%................ 294,039
-----------
NET ASSETS -- 100.0%................. $88,747,783
===========
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
Gross appreciation............... $ 4,141,148
Gross depreciation............... (1,500,416)
-----------
Net appreciation................. $ 2,640,732
===========
</TABLE>
- --------------------------------------------------------------------------------
* Also cost for Federal income tax purposes.
See Notes to Financial Statements.
10
<PAGE> 55
AMERICAN SKANDIA TRUST
AST PHOENIX BALANCED ASSET PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
COMMON STOCK -- 46.2%
AEROSPACE-DEFENSE -- 1.7%
Boeing Co. ...................... 18,000 $ 1,127,250
Lockheed Martin Corp. ........... 25,000 1,578,125
------------
2,705,375
------------
AIRLINES -- 0.9%
Delta Air Lines, Inc. ........... 18,000 1,327,500
------------
BANKING -- 2.6%
Bankers Trust New York Corp. .... 25,000 1,550,000
Citicorp......................... 25,000 1,446,875
U.S. Bancorp..................... 40,000 962,500
------------
3,959,375
------------
CHEMICALS -- 0.8%
Engelhard Corp. ................. 30,000 1,286,250
------------
COMPUTERS -- 2.2%
Digital Equipment Corp.*......... 40,000 1,630,000
Honeywell, Inc. ................. 40,000 1,725,000
------------
3,355,000
------------
COMPUTER SERVICES & SOFTWARE -- 4.1%
Borland International, Inc.*..... 90,000 1,158,750
Computer Associates
International.................. 20,000 1,355,000
Microsoft Corp.*................. 17,000 1,536,375
Silicon Graphics, Inc.*.......... 40,000 1,595,000
Sybase Inc.*..................... 26,000 763,750
------------
6,408,875
------------
CONGLOMERATES -- 1.1%
ITT Corp. ....................... 14,000 1,645,000
------------
CONSTRUCTION -- 0.8%
Foster Wheeler Corp. ............ 35,000 1,233,750
------------
CONSUMER GOODS & SERVICES -- 1.0%
General Electric Co. ............ 28,000 1,578,500
------------
CONTAINERS -- 1.1%
Crown Cork & Seal Co., Inc.*..... 35,000 1,754,375
------------
DRUGS -- 2.5%
American Home Products Corp. .... 16,500 1,276,687
Amgen, Inc.*..................... 15,000 1,206,562
Warner Lambert Co. .............. 16,000 1,382,000
------------
3,865,249
------------
ELECTRONICS -- 4.0%
Cypress Semiconductor Corp.*..... 40,000 1,620,000
Motorola, Inc. .................. 23,700 1,590,861
Schlumberger LTD. Curacao........ 27,800 1,727,075
S3 Inc. ......................... 36,000 1,296,000
------------
6,233,936
------------
ENERGY -- 1.1%
Fluor Corp. ..................... 33,000 1,716,000
------------
ENVIRONMENTAL INSTRUMENTS -- 1.0%
Thermo Electron Corp.*........... 39,000 1,569,750
------------
FINANCIAL -- 2.9%
Equifax, Inc. ................... 50,000 1,668,750
Golden West Financial Corp. ..... 25,000 1,178,125
Merrill Lynch & Co., Inc. ....... 31,000 1,627,500
------------
4,474,375
------------
FOODS -- 0.7%
CPC International, Inc. ......... 18,000 1,111,500
------------
INSURANCE -- 2.5%
Aetna Life & Casualty Co. ....... 35,000 2,200,625
American International
Group, Inc. ................... 14,000 1,596,000
------------
3,796,625
------------
MACHINERY & HEAVY EQUIPMENT -- 1.3%
Caterpillar, Inc. ............... 32,000 2,056,000
------------
MEDICAL & MEDICAL SERVICES -- 0.8%
Abbott Laboratories.............. 32,000 1,296,000
------------
MEDIA -- 1.1%
Capital Cities ABC, Inc. ........ 15,000 1,620,000
------------
OIL -- 2.8%
Baker Hughes, Inc. .............. 65,000 1,332,500
Chevron Corp. ................... 35,000 1,631,875
Texaco, Inc. .................... 21,000 1,378,125
------------
4,342,500
------------
OIL EQUIPMENT & SERVICES -- 0.5%
Ensco International, Inc.*....... 50,000 793,750
------------
OTHER INDUSTRIAL MATERIALS -- 1.0%
Minnesota Mining &
Manufacturing Co. ............. 28,300 1,620,175
------------
RETAIL MERCHANDISING -- 2.5%
Kroger Co.*...................... 55,000 1,478,125
Nine West Group Inc.*............ 26,900 981,850
Walgreen Co. .................... 25,000 1,253,125
------------
3,713,100
------------
TELECOMMUNICATIONS -- 5.2%
AT&T Corp. ...................... 26,000 1,381,250
Bell Atlantic Corp. ............. 25,000 1,400,000
GTE Corp. ....................... 35,000 1,194,375
Qualcomm Inc.*................... 36,400 1,258,075
Tele-Communications Inc.*........ 60,000 1,406,250
US Robotics Inc.*................ 12,000 1,308,000
------------
7,947,950
------------
TOTAL COMMON STOCK
(COST $65,639,558)................. 71,410,910
------------
</TABLE>
11
<PAGE> 56
AMERICAN SKANDIA TRUST
AST PHOENIX BALANCED ASSET PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
AMERICAN DEPOSITORY RECEIPTS -- 2.1%
OIL
British Petroleum Co. ........... 18,000 $ 1,541,250
Royal Dutch Petroleum Co. ....... 13,500 1,645,313
------------
TOTAL AMERICAN DEPOSITORY RECEIPTS
(COST $2,698,058).................. 3,186,563
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
MATURITY (000)
--------- -------
<S> <C> <C> <C>
CORPORATE BONDS -- 0.3%
INDUSTRIAL
Albany International
Corp. 5.25%
(COST $428,594).... 03/15/02 $ 480 463,200
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 0.2%
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION
7.50%
(COST $302,683).... 08/15/23 312 314,478
------------
U.S. TREASURY OBLIGATIONS -- 37.0%
U.S. TREASURY
BONDS -- 13.7%
7.63%.................. 02/15/25 4,600 5,196,344
7.25%.................. 05/15/04 6,000 6,411,479
7.50%.................. 11/15/16 4,000 4,360,280
6.25%.................. 08/15/23 5,500 5,201,239
------------
21,169,342
------------
U.S. TREASURY
NOTES -- 23.3%
6.50%.................. 05/15/05 7,000 7,152,529
4.75%.................. 02/15/97 4,000 3,934,000
6.88%.................. 03/31/97 6,600 6,712,001
5.13%.................. 03/31/98 4,800 4,710,096
5.13%.................. 04/30/98 2,500 2,451,300
5.13%.................. 12/31/98 4,000 3,898,440
5.50%.................. 04/15/00 4,000 3,922,360
6.25%.................. 02/15/03 3,200 3,211,232
------------
35,991,958
------------
TOTAL U.S. TREASURY OBLIGATIONS
(COST $57,409,874)....... 57,161,300
------------
COMMERCIAL PAPER -- 13.8%
BREWERIES &
DISTILLERS -- 2.9%
Anheuser-Busch Cos.,
Inc. 5.89%........... 07/10/95 4,520 4,513,344
------------
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------- ------------
<S> <C> <C> <C>
BROKERAGE -- 1.6%
Goldman, Sachs & Co.
5.95%................ 07/20/95 $ 2,470 $ 2,462,244
------------
CHEMICALS -- 2.8%
Dupont (E.I.) de
Nemours & Co.
5.98%................ 07/13/95 4,300 4,291,429
------------
FINANCIAL -- 1.3%
General Electric
Capital Corp.
5.95%................ 07/18/95 2,000 1,994,381
------------
FOODS -- 2.2%
Campbell Soup Co.
5.93%................ 07/07/95 2,160 2,157,865
McDonald's Corp.
6.00%................ 07/06/95 1,204 1,202,997
------------
3,360,862
------------
MANUFACTURING -- 1.9%
Minnesota Mining &
Mfg. Co.
6.00%................ 07/12/95 3,010 3,004,482
------------
OIL -- 0.9%
Exxon Imperial U.S.,
Inc.
5.95%................ 07/12/95 505 504,082
6.05%................ 07/12/95 820 818,484
------------
1,322,566
------------
TELEPHONES -- 0.2%
GTE North, Inc.
5.98%................ 07/06/95 320 319,734
------------
TOTAL COMMERCIAL PAPER
(COST $21,269,042)....... 21,269,042
------------
TOTAL INVESTMENTS
(COST $147,747,809**) -- 99.6%........ 153,805,493
OTHER ASSETS LESS
LIABILITIES -- 0.4%................. 660,685
------------
NET ASSETS -- 100.0%.................. $154,466,178
===========
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
Gross appreciation................ $ 7,244,605
Gross depreciation................ (1,186,921)
------------
Net appreciation.................. $ 6,057,684
===========
</TABLE>
- --------------------------------------------------------------------------------
* Non-income producing securities.
** Also cost for Federal income tax purposes.
See Notes to Financial Statements.
12
<PAGE> 57
AMERICAN SKANDIA TRUST
FEDERATED HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ -----------
<S> <C> <C> <C>
CORPORATE BONDS -- 85.5%
AEROSPACE -- 0.3%
Tracor, Senior Subordinate
Notes
10.875%................. 08/15/01 $ 125 $ 128,750
----------
AUTOMOTIVE PARTS-
EQUIPMENT -- 3.5%
Aftermarket Technology
Co., Senior Subordinate
Notes
12.00%.................. 08/01/04 500 532,500
Doehler-Jarvis, Inc.,
Senior Notes
11.88%.................. 06/01/02 250 265,625
Lear Seating Corp.,
Subordinate Notes
8.25%................... 02/01/02 450 427,500
Motor Wheel Corp.
11.50%.................. 03/01/00 250 216,250
----------
1,441,875
----------
BANKING -- 2.0%
Dime Bancorp, Inc., Senior
Note
10.50%.................. 11/15/05 500 537,500
First Nationwide Holdings
Senior Notes
12.25%.................. 05/15/01 250 268,750
----------
806,250
----------
BROADCASTING -- 6.4%
Ackerly Communications,
Inc. Senior Secured
Notes
10.75%.................. 10/01/03 125 131,875
Chancellor Broadcasting
Co., Senior Subordinate
Notes
12.50%.................. 10/01/04 250 251,250
Granite Broadcasting,
Senior Subordinate
Debenture
10.38%.................. 05/15/05 500 501,250
Pegasus Media, Unit
12.50%.................. 07/01/05 150 150,000
Sinclair Broadcast Group,
Senior Subordinate Notes
10.00%.................. 12/15/03 500 505,000
Videotron Group LTD.
10.63%.................. 02/15/05 500 530,000
Young Broadcasting
11.75%.................. 11/15/04 250 275,000
Young Broadcasting, Senior
Subordinate Note
10.13%.................. 02/15/05 250 252,500
----------
2,596,875
----------
BUSINESS EQUIPMENT -- 1.4%
Monarch Marketing Senior
Note
12.50%.................. 07/01/03 375 377,812
United Stationers, Senior
Subordinate Notes
12.75%.................. 05/01/05 200 204,000
----------
581,812
----------
CABLE TELEVISION -- 3.4%
Cablevision Series B,
Senior Notes
9.25%................... 04/01/08 250 260,625
CF Cable TV, Inc.
11.63%.................. 02/15/05 500 531,250
International Cabletel,
Inc., Senior Deferred
Notes
5.99%................... 10/15/03 500 330,000
Rogers Cable Systems,
Senior Notes
10.00%.................. 03/15/02 250 258,750
----------
1,380,625
----------
CHEMICALS -- 3.9%
Arcadian Partners L.P.,
Senior Notes, Series B
10.75%.................. 05/01/05 550 559,625
Laroche Industries, Senior
Subordinate Notes
13.00%.................. 08/15/04 300 308,250
Polymer Group, Inc.
12.25%.................. 07/15/02 700 710,500
----------
1,578,375
----------
CONSUMER NON-DURABLES -- 1.9%
Container Corp. of
America, Senior Notes
9.75%................... 04/01/03 250 248,125
Curtice-Burns Foods, Inc.,
Senior Subordinate Notes
12.25%.................. 02/01/05 500 532,500
----------
780,625
----------
CONSUMER PRODUCTS -- 1.2%
Revlon Consumer Products
Notes
9.375%.................. 04/01/01 500 483,750
----------
CONTAINERS & GLASS
PRODUCTS -- 5.1%
Owens Illinois Inc.,
Senior Subordinate Notes
9.95%................... 10/15/04 750 772,500
Owens Illinois, Inc.
10.50%.................. 06/15/02 100 104,500
</TABLE>
13
<PAGE> 58
AMERICAN SKANDIA TRUST
FEDERATED HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ -----------
<S> <C> <C> <C>
CONTAINERS & GLASS PRODUCTS (CONT'D)
Sea Containers, Senior
Notes
9.50%................... 07/01/03 $ 375 $ 367,500
Sea Containers, Senior
Subordinate Debenture
Notes, Series B
12.50%.................. 12/01/04 125 136,250
Silgan Corp., Senior
Subordinate Notes
11.75%.................. 06/15/02 170 181,050
Trans Ocean Container
Corp., Senior
Subordinate Notes
12.25%.................. 07/01/04 250 253,750
U.A. Can Co., Senior
Subordinate Notes
13.50%.................. 01/15/02 250 278,750
----------
2,094,300
----------
ECOLOGICAL SERVICES &
EQUIPMENT -- 1.8%
Allied Waste Industries,
Inc., Senior Subordinate
Notes
10.75%.................. 02/01/04 225 237,375
Mid-American Waste
Systems, Inc., Senior
Subordinate Notes
12.25%.................. 02/15/03 500 512,500
----------
749,875
----------
FINANCIAL -- 0.6%
American Life Holding Co.,
Senior Subordinate Notes
11.25%.................. 09/15/04 250 260,625
----------
FOOD & DRUG RETAILERS -- 1.2%
Pathmark Stores, Senior
Subordinate Notes
9.63%................... 05/01/03 500 490,625
----------
FOOD SERVICES -- 3.3%
Flagstar Corp. Senior
Notes
10.88%.................. 12/01/02 125 116,562
Flagstar Corp., Senior
Notes
10.75%.................. 09/15/01 375 352,500
Flagstar Corp., Senior
Subordinate Debenture
Notes
11.25%.................. 11/01/04 125 99,375
PMI Acquisition Corp.,
Senior Subordinate Notes
10.25%.................. 09/01/03 750 768,750
----------
1,337,187
----------
FOOD PRODUCTS -- 1.2%
Doskocil Co., Senior
Subordinate Notes
9.75%................... 07/15/00 250 243,750
Specialty Foods Corp.,
Senior Subordinate Notes
11.25%.................. 08/15/03 250 241,250
----------
485,000
----------
FOREST PRODUCTS -- 0.6%
Repap New Brunswick
9.875%.................. 07/15/00 250 253,750
----------
HEALTHCARE -- 2.9%
Amerisource Corp., Senior
Debenture Notes
11.25%.................. 07/15/05 134 149,650
Integrated Health Service,
Senior Subordinate Note
9.63%................... 05/31/02 500 507,500
National Medical, Senior
Subordinate Notes
10.13%.................. 03/01/05 500 531,250
----------
1,188,400
----------
HOME VIDEOS -- 1.1%
Triangle Pacific, Senior
Notes
10.50%.................. 08/01/03 450 461,250
----------
HOTELS/RESTAURANTS -- 0.6%
Motels of America, Inc.,
Senior Subordinate Notes
12.00%.................. 04/15/04 250 252,813
----------
INDUSTRIAL -- 4.3%
Cabot Safety Acquisition
Senior Subordinate Note
12.50%.................. 07/15/05 250 253,125
Hosiery Corp. of
America, Inc.
13.75%.................. 08/01/02 250 255,000
Icon Health & Fitness
13.00%.................. 07/15/02 250 256,250
S.D. Warren Co.
12.00%.................. 12/15/04 250 270,000
Sherritt Gordon LTD.,
Senior Notes
9.75%................... 04/01/03 525 507,937
Sherritt, Inc. Debenture
10.50%.................. 03/31/14 250 243,750
----------
1,786,062
----------
LEISURE TIME -- 0.6%
Affinity Group, Inc.,
Senior Subordinated
Notes
11.50%.................. 10/15/03 250 250,312
----------
</TABLE>
14
<PAGE> 59
AMERICAN SKANDIA TRUST
FEDERATED HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ -----------
<S> <C> <C> <C>
MACHINERY & HEAVY
EQUIPMENT -- 2.4%
Pace Industries Inc.,
Delaware Senior Notes,
Series B
10.63%.................. 12/01/02 $ 125 $ 118,750
Primeco, Inc., Senior
Subordinate Notes
12.75%.................. 03/01/05 500 511,250
Waters Corp., Senior
Subordinate Notes
12.75%.................. 09/30/04 350 368,375
----------
998,375
----------
MANUFACTURING -- 1.4%
American Standard, Senior
Debenture Notes
11.38%.................. 05/15/04 250 275,625
Fairfield Manufacturing
Co.
11.38%.................. 07/01/01 300 285,000
----------
560,625
----------
MEDIA -- 2.9%
Allbritton Communications
Co., Senior Subordinate
Notes
11.50%.................. 08/15/04 150 159,000
Continental Cablevision,
Senior Debenture Notes
9.50%................... 08/01/13 500 518,750
New World Television,
Inc., Senior Secured
Notes
11.00%.................. 06/30/05 500 523,750
----------
1,201,500
----------
OIL -- 0.6%
WRT Energy Corp., Unit
13.88%.................. 03/01/02 250 248,750
----------
OIL & GAS -- 2.9%
Falcon Drilling Co., Inc.
Senior Subordinate Notes
12.50%.................. 03/15/05 250 260,625
Falcon Drilling Co., Inc.,
Senior Subordinate Notes
9.75%................... 01/15/01 250 247,500
Giant Industries Co.,
Senior Subordinate Notes
9.75%................... 11/15/03 450 439,875
H.S. Resources, Inc.,
Senior Subordinate Notes
9.88%................... 12/01/03 250 243,750
----------
1,191,750
----------
OTHER INDUSTRIAL
MATERIALS -- 3.2%
Exide Corp., Senior Notes
10.00%.................. 04/15/05 475 490,438
Foamex L.P., Senior Notes
11.25%.................. 10/01/02 250 250,000
ICF Kaiser International
12.00%.................. 12/31/03 250 236,875
Truck Components, Inc.,
Senior Notes
12.25%.................. 06/30/01 300 331,500
----------
1,308,813
----------
PACKAGING & PAPER
PRODUCTS -- 0.8%
Riverwood International
Corp.
11.25%.................. 06/15/02 300 327,750
----------
PAPER & FOREST
PRODUCTS -- 2.5%
Domtar, Inc., Notes
12.00%.................. 04/15/01 200 230,000
11.25%.................. 09/15/17 250 267,500
Stone Container Corp.,
Senior Notes
9.88%................... 02/01/01 250 249,375
11.50%.................. 10/01/04 250 266,875
----------
1,013,750
----------
PERSONAL ITEMS -- 1.7%
Playtex Family Products
9.00%................... 12/15/03 750 708,750
----------
PRINTING & PUBLISHING -- 0.7%
Webcraft Technologies,
Inc., Senior Subordinate
Notes
9.38%................... 02/15/02 300 264,000
----------
RETAIL FOOD CHAINS -- 2.0%
Penn Traffic Co., Senior
Subordinated Notes
9.63%................... 04/15/05 500 472,500
Ralph's Grocery Co. Senior
Note
10.45%.................. 06/15/04 350 350,000
----------
822,500
----------
RETAILING -- 1.2%
Brylane Capital Corp.
10.00%.................. 09/01/03 500 475,000
----------
SERVICES -- 0.3%
Solon Automated Services,
Inc., Senior Notes
12.75%.................. 07/15/01 125 123,125
----------
</TABLE>
15
<PAGE> 60
AMERICAN SKANDIA TRUST
FEDERATED HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ -----------
<S> <C> <C> <C>
SPECIALTY CHEMICALS -- 1.7%
Harris Chemical Inc.
1.59%................... 07/15/01 $ 500 $ 460,000
Uniroyal Technology Units
11.75%.................. 06/01/03 250 226,250
----------
686,250
----------
STEEL -- 4.3%
Bayou Steel Corp., First
Mortgage Notes
10.25%.................. 03/01/01 250 231,875
Carbide Graphite Group,
Senior Notes
11.50%.................. 09/01/03 250 263,750
Envirosource, Inc., Senior
Notes
9.75%................... 06/15/03 500 448,750
Geneva Steel, Senior Notes
9.50%................... 01/15/04 125 89,375
GS Technologies Operating
Co., Inc., Senior Notes
12.00%.................. 09/01/04 475 471,438
Northwestern Steel & Wire
Co., Senior Notes
9.50%................... 06/15/01 250 235,000
----------
1,740,188
----------
SURFACE TRANSPORTATION -- 0.8%
Trism, Inc., Senior
Subordinate Notes
10.75%.................. 12/15/00 325 318,500
----------
TELECOMMUNICATIONS -- 2.8%
Nextel Communications,
Senior Discount Notes
11.53%.................. 08/15/04 725 358,875
Panamsat L.P., Senior
Subordinate Discount
Notes
8.31%................... 08/01/03 500 357,500
USA Mobile Communications
Corp.
9.50%................... 02/01/04 500 437,500
----------
1,153,875
----------
TEXTILES -- 2.5%
Dan River Inc. Senior
Subordinate Note
10.13%.................. 12/15/03 500 497,500
Westpoint Stevens, Inc.,
Senior Subordinate
Debenture Notes
9.38%................... 12/15/05 550 534,875
----------
1,032,375
----------
TRANSPORT -- 1.3%
Gearbulk Holdings, LTD.
11.25%.................. 12/01/04 500 532,500
----------
UTILITIES-ELECTRIC -- 1.6%
California Energy Co.,
Inc., Senior Discount
Notes
9.87%................... 01/15/04 750 643,125
----------
MISCELLANEOUS -- 0.6%
Pronet Inc. Senior
Subordinate Note
11.88%.................. 06/15/05 250 252,500
----------
TOTAL CORPORATE BONDS
(COST $34,394,724).......... 34,993,137
----------
ZERO COUPON BONDS -- 8.4%
BROADCASTING -- 1.1%
Australis Media
8.62%................... 05/15/03 500 263,750
NWCG Holding Corp., Senior
Discount Notes
13.20%.................. 06/15/99 300 188,250
----------
452,000
----------
CABLE TELEVISION -- 0.9%
Diamond Cable Co., Senior
Discount Notes
5.84%................... 09/30/04 250 164,375
People's Choice - T.V.
Unit
6.43%................... 06/01/04 450 214,875
----------
379,250
----------
CHEMICALS -- 1.2%
G I Holdings Corp.
11.52%.................. 10/01/98 700 474,250
----------
MANUFACTURING -- 0.9%
American Standard, Senior
Subordinate Notes
5.81%................... 06/01/05 500 382,500
----------
METALS & STEELS -- 0.6%
Acme Metals Inc., Senior
Discount Notes
13.50%.................. 08/01/04 350 264,250
----------
OIL & GAS -- 1.2%
Clark R&M Holdings,
Senior Notes
10.50%.................. 02/15/00 750 470,625
----------
PRINTING & PUBLISHING -- 1.4%
Affiliated Newspaper
Investments
11.76%.................. 07/01/06 1,000 590,000
----------
</TABLE>
16
<PAGE> 61
AMERICAN SKANDIA TRUST
FEDERATED HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ------ -----------
<S> <C> <C> <C>
RECREATION -- 1.1%
Six Flags Theme Parks,
Senior Subordinate
Discount Note
3.58%................... 06/15/05 $ 600 $ 435,000
----------
TOTAL ZERO COUPON BONDS
(COST $3,375,846)........... 3,447,875
----------
FOREIGN BONDS -- 0.8%
TELECOMMUNICATIONS
Rogers Cablevision LTD.,
Senior Secured Notes --
(CAN)
9.65% (COST $323,074)... 01/15/14 500 313,114
----------
REPURCHASE AGREEMENTS -- 2.6%
HSBC Securities, Inc.
5.90%, dated 06/30/95
matures on 07/03/95,
repurchase price
$1,060,521
(Collateralized by U.S.
Treasury Note, par value
$1,070,000, market value
$1,078,505,
due 05/15/97)
(COST $1,060,000)..... 07/03/95 1,060 1,060,000
----------
COMMON STOCK -- 0.3%
CHEMICALS -- 0.0%
Uniroyal (Warrants)*...... 2,500 5,000
----------
<CAPTION>
SHARES
------
<S> <C> <C>
CONSUMER PRODUCTS -- 0.0%
Hosiery Corp. America
Cl-A.................... 250 0
----------
<CAPTION>
SHARES VALUE
------ ----------
<S> <C> <C> <C>
PRINTING & PUBLISHING -- 0.1%
Affiliated Newspaper
Investments, Inc. ...... 1,000 $ 25,000
----------
RETAIL FOOD CHAINS -- 0.2%
Grand Union Co. .......... 7,069 95,432
----------
HEALTH CARE -- 0.0%
Icon Health and Fitness
Warrants*............... 250 6,250
----------
TOTAL COMMON STOCK
(COST $412,028)............. 131,682
----------
PREFERRED STOCK -- 0.3%
TELECOMMUNICATIONS
Panamsat Corp., Senior
Preferred
12.75% (COST
$125,000)............... 125 127,188
----------
TOTAL INVESTMENTS
(COST $39,690,672**) -- 97.9%......... 40,072,996
OTHER ASSETS LESS LIABILITIES -- 2.1%... 864,909
----------
NET ASSETS -- 100.0%.................... $40,937,905
==========
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
Gross appreciation.................. $ 1,222,897
Gross depreciation.................. (840,573)
----------
Net appreciation.................... $ 382,324
==========
COUNTRY ABBREVIATIONS
- ----------------------------------------------------------
CAN - Canada
</TABLE>
- --------------------------------------------------------------------------------
* Non-income producing securities.
** Also cost for Federal income tax purposes.
See Notes to Financial Statements.
17
<PAGE> 62
AMERICAN SKANDIA TRUST
AST PHOENIX CAPITAL GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
---------- ------------
<S> <C> <C>
COMMON STOCK -- 91.7%
AEROSPACE -- 1.2%
Boeing Co. ...................... 4,000 $ 250,500
------------
AIRLINES -- 1.1%
AMR Corp.*....................... 3,000 223,875
------------
BANKING -- 2.0%
Citicorp......................... 7,200 416,700
------------
CHEMICALS -- 3.9%
Monsanto Co. .................... 5,000 450,625
Morton International, Inc. ...... 12,000 351,000
------------
801,625
------------
COMPUTERS -- 3.6%
Compaq Computer Corp.*........... 8,000 363,000
Honeywell, Inc. ................. 9,000 388,125
------------
751,125
------------
COMPUTER SERVICES & SOFTWARE -- 6.2%
Bay Networks Inc.*............... 4,500 186,188
Cisco Systems*................... 8,800 444,950
Intel Corp. ..................... 3,400 215,262
Oak Technology, Inc.*............ 12,000 441,000
------------
1,287,400
------------
CONSTRUCTION -- 1.8%
J. Ray McDermott SA.............. 17,000 376,125
------------
CONSUMER DURABLES -- 1.5%
Eastman Kodak Co. ............... 5,000 303,125
------------
DRUGS -- 3.6%
Amgen, Inc.*..................... 4,800 386,100
Merck & Co., Inc. ............... 7,500 367,500
------------
753,600
------------
ELECTRICAL EQUIPMENT -- 1.9%
General Instrument Corp. ........ 10,000 383,750
------------
ELECTRONICS -- 2.4%
National Semiconductor Corp.*.... 18,000 499,500
------------
ENTERTAINMENT -- 1.9%
Walt Disney Co. ................. 7,000 389,375
------------
FINANCIAL SERVICES -- 4.2%
Dean Witter Discover & Co. ...... 9,500 446,500
Student Loan Marketing........... 9,000 421,875
------------
868,375
------------
FOODS -- 2.2%
Ralston Purina Group............. 9,000 459,000
------------
HEALTHCARE -- 2.5%
Columbia Healthcare, Corp. ...... 12,000 519,000
------------
HOSPITAL -- INFORMATION
SYSTEM -- 1.1%
HBO & Co. ....................... 4,000 218,000
------------
HOUSEWARES -- 1.7%
American Home Products Corp. .... 4,600 355,925
------------
INSURANCE -- 8.4%
Aetna Life & Casualty Co. ....... 8,500 534,437
American International Group, Inc.... 2,800 319,200
General Re Corp. ................ 3,600 481,950
Travelers Group, Inc. ........... 9,000 393,750
------------
1,729,337
------------
MEDICAL -- 3.4%
Baxter International, Inc. ...... 11,000 400,125
St. Jude Medical, Inc. .......... 6,000 300,750
------------
700,875
------------
MEDIA -- 2.5%
Evergreen Media Corp.*........... 20,000 520,000
------------
OFFICE EQUIPMENT -- 2.0%
Office Depot, Inc.*.............. 15,000 421,875
------------
OIL & GAS-EQUIPMENT &
SERVICES -- 7.1%
Apache Corp. .................... 13,000 355,875
BJ Services Co.*................. 20,000 455,000
Petroleum Geo Services*.......... 10,000 287,500
Schlumberger LTD, Curacao........ 6,000 372,750
------------
1,471,125
------------
PAPER & FOREST PRODUCTS -- 1.4%
Bowater, Inc. ................... 6,500 291,688
------------
RESTAURANTS -- 1.9%
Boston Chicken, Inc. ............ 16,000 387,000
------------
RETAIL -- MERCHANDISING -- 6.3%
Federated Department Stores,
Inc.*.......................... 15,000 386,250
Safeway Inc. Co. New*............ 6,000 224,250
Staples, Inc. ................... 12,000 346,500
Wal Mart Stores, Inc. ........... 13,000 347,750
------------
1,304,750
------------
TELECOMMUNICATIONS -- 10.3%
Ascend Communications, Inc. ..... 9,600 484,800
Cascade Communications........... 11,000 475,750
Glenayre Technologies, Inc. ..... 8,000 408,000
Paging Network Inc.*............. 13,000 445,250
US Robotics Inc. ................ 3,000 327,000
------------
2,140,800
------------
TOBACCO -- 2.0%
Philip Morris Cos., Inc. ........ 5,500 409,063
------------
</TABLE>
18
<PAGE> 63
AMERICAN SKANDIA TRUST
AST PHOENIX CAPITAL GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
---------- ------------
<S> <C> <C>
WASTE MANAGEMENT -- 3.6%
Browning-Ferris Industries,
Inc. .......................... 10,500 $ 379,312
WMX Technologies, Inc. .......... 13,000 368,875
------------
748,187
------------
TOTAL COMMON STOCK
(COST $17,469,521)................. 18,981,700
------------
AMERICAN DEPOSITORY RECEIPTS -- 3.1%
OIL & GAS -- 2.1%
Royal Dutch Petroleum Co. ....... 3,600 438,750
------------
TELECOMMUNICATIONS -- 1.0%
Ericsson, (L.N.) Telephone
Co. ........................... 10,800 216,000
------------
TOTAL AMERICAN DEPOSITORY RECEIPTS
(COST $557,307).................... 654,750
------------
FOREIGN SECURITIES -- 0.5%
TELECOMMUNICATIONS
DDI Corp. -- (JPN)
(COST $96,098)................. 12 96,312
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
MATURITY (000)
--------- ----
<S> <C> <C> <C>
COMMERCIAL PAPER -- 3.9%
OIL -- 3.3%
Exxon Imperial U.S., Inc.
5.97%.................... 07/10/95 $680 678,985
-----------
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ---- -----------
<S> <C> <C> <C>
TELECOMMUNICATIONS -- 0.6%
Bell South
Telecommunications
5.95%.................... 07/21/95 $120 $ 119,603
-----------
TOTAL COMMERCIAL PAPER
(COST $798,588)......................... 798,588
-----------
TOTAL INVESTMENTS
(COST $18,921,514**) -- 99.2%........... 20,531,350
OTHER ASSETS LESS LIABILITIES -- 0.8%..... 172,225
-----------
NET ASSETS -- 100.0%...................... $20,703,575
==========
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
Gross appreciation.......................... $ 1,731,041
Gross depreciation.......................... (121,205)
-----------
Net appreciation............................ $ 1,609,836
==========
COUNTRY ABBREVIATIONS
- ----------------------------------------------------------
JPN - Japan
</TABLE>
- --------------------------------------------------------------------------------
* Non-income producing securities.
** Also cost for Federal income tax purposes.
See Notes to Financial Statements.
19
<PAGE> 64
AMERICAN SKANDIA TRUST
T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
COMMON STOCK -- 40.0%
AEROSPACE -- 0.7%
Allied-Signal, Inc. ................ 2,100 $ 93,450
Boeing Co. ......................... 1,500 93,937
Northrop Corp. ..................... 1,200 62,550
------------
249,937
------------
AUTOMOBILES -- 0.2%
General Motors Corp. ............... 1,400 65,625
------------
AUTOMOTIVE PARTS-EQUIPMENT -- 0.6%
Gentex Corp.*....................... 600 11,850
Genuine Parts Co. .................. 1,000 37,875
Superior Industries
International, Inc. .............. 600 18,675
TRW, Inc. .......................... 1,800 143,775
------------
212,175
------------
BEVERAGES & BOTTLING -- 1.2%
Anheuser-Busch Co., Inc. ........... 3,000 170,625
Coca-Cola Co. ...................... 2,200 140,250
Pepsico, Inc. ...................... 2,400 109,500
------------
420,375
------------
BUILDING & REAL ESTATE -- 0.0%
Masco Corp. ........................ 600 16,200
------------
BUSINESS SERVICES -- 0.8%
Browning-Ferris Industries, Inc. ... 1,500 54,187
Jefferson Smurfit Corp.*............ 9,000 118,125
Sanifill, Inc.*..................... 2,000 62,750
Wallace Computer Service, Inc. ..... 700 26,862
------------
261,924
------------
CHEMICALS -- 2.3%
Dupont (E.I.) de Nemours............ 1,400 96,250
Geon Co. ........................... 700 20,125
Great Lakes Chemical Corp. ......... 2,400 144,600
Loctite Corp. ...................... 1,100 50,050
Lyondell Petrochemical Co. ......... 800 20,500
Merck & Co., Inc. .................. 2,000 98,000
Minnesota Mining &
Manufacturing Co. ................ 1,200 68,700
Monsanto Co. ....................... 1,000 90,125
Morton International, Inc. ......... 2,400 70,200
Olin Corp. ......................... 900 46,350
Pall Corp. ......................... 1,200 26,700
Rohm & Haas Co. .................... 500 27,437
Wellman, Inc. ...................... 400 10,950
------------
769,987
------------
COMMUNICATIONS -- 0.5%
General Motors Corp. Cl-E........... 400 17,400
McGraw Hill Co., Inc. .............. 1,800 136,575
------------
153,975
------------
COMPUTERS -- 1.5%
Autodesk, Inc. ..................... 1,700 73,100
Automatic Data Processing, Inc. .... 700 44,012
Chipcom Corp.*...................... 800 19,000
Compaq Computer Corp.*.............. 2,000 90,750
Computer Associates International... 700 47,425
Komag, Inc.*........................ 2,000 104,000
Microsoft Corp.*.................... 900 81,337
Sun Microsystems, Inc.*............. 1,300 63,050
------------
522,674
------------
COMPUTER SERVICES & SOFTWARE -- 0.3%
Novell, Inc.*....................... 1,200 23,925
Parametric Technology Corp.*........ 500 24,875
Reynolds & Reynolds Co., Cl-A....... 2,300 67,850
------------
116,650
------------
CONSUMER GOODS & SERVICES -- 0.6%
Philips Electronics................. 3,600 153,900
Service Corp. International......... 1,200 37,950
------------
191,850
------------
CONSUMER DURABLES -- 0.5%
Black & Decker Corp. ............... 1,200 37,050
Eastman Kodak Co. .................. 1,500 90,937
York International Corp. ........... 1,300 58,500
------------
186,487
------------
CONSUMER PRODUCTS -- 1.2%
Brunswick Corp. .................... 2,000 34,000
Colgate-Palmolive Co. .............. 1,500 109,687
Jones Apparel Group*................ 600 17,925
Legget & Platt, Inc. ............... 300 13,200
Philip Morris Cos., Inc. ........... 1,100 81,812
Procter & Gamble Co. ............... 1,800 129,375
Springs Industries, Inc. ........... 200 7,450
------------
393,449
------------
COSMETICS-TOILETRY -- 0.1%
International Flavors &
Fragrances, Inc. ................. 400 19,900
------------
DRUGS -- 1.4%
American Home Products Corp. ....... 2,000 154,750
Bristol-Meyers Squibb Co. .......... 3,400 231,625
Pfizer, Inc. ....................... 1,100 101,612
------------
487,987
------------
ELECTRICAL EQUIPMENT -- 1.6%
Emerson Electric Co. ............... 2,800 200,200
General Electric Co. ............... 3,100 174,762
Hubbell, Inc. ...................... 3,150 177,975
------------
552,937
------------
ELECTRONICS -- 2.7%
Advanced Micro Devices, Inc.*....... 3,900 141,862
American Power Conversion Corp.*.... 1,000 22,875
Analog Devices, Inc.*............... 1,900 64,600
</TABLE>
20
<PAGE> 65
AMERICAN SKANDIA TRUST
T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
ELECTRONICS (CONT'D)
Arrow Electronics, Inc.*............ 700 $ 34,825
Cypress Semiconductor Corp.*........ 2,200 89,100
Hewlett Packard Co. ................ 800 59,600
Honeywell, Inc. .................... 1,500 64,687
Intel Corp. ........................ 1,600 101,300
Lam Research Corp.*................. 1,100 70,400
Motorola, Inc. ..................... 1,000 67,125
Teradyne, Inc.*..................... 1,300 84,987
Varian Associates, Inc. ............ 700 38,675
Xilinx, Inc.*....................... 800 75,200
------------
915,236
------------
ENERGY SERVICES -- 0.4%
Halliburton Co. .................... 800 28,600
Schlumberger LTD. .................. 1,600 99,400
------------
128,000
------------
ENTERTAINMENT & LEISURE -- 0.8%
Mirage Resorts Inc.*................ 2,600 79,625
Viacom, Inc.*....................... 400 18,600
Viacom Inc. B (non Voting)*......... 1,200 55,650
Walt Disney Co. .................... 2,000 111,250
Webb (Del) Corp. ................... 900 20,925
------------
286,050
------------
FINANCIAL-BANK & TRUST -- 2.7%
BayBanks, Inc. ..................... 600 47,550
Chase Manhattan Corp. .............. 1,400 65,800
Chemical Banking Corp. ............. 1,500 70,875
CoreStates Financial Corp.*......... 2,000 69,750
Crestar Financial Corp. ............ 500 24,500
First American Corp.*............... 400 14,350
First Bank System, Inc. ............ 1,000 41,000
First Union Corp. .................. 1,800 81,450
KeyCorp............................. 2,500 78,438
Mellon Bank Corp. .................. 1,500 62,438
Midlantic Corp., Inc. .............. 400 16,000
Morgan (J.P.) & Co., Inc. .......... 900 63,113
NationsBank Corp. .................. 1,400 75,076
Norwest Corp.*...................... 1,500 43,120
Southern National Corp. ............ 1,740 41,760
Southtrust Corp. ................... 1,200 27,750
UJB Financial Corp. ................ 1,700 51,638
West One Bancorp.................... 1,600 53,400
------------
928,008
------------
FINANCIAL SERVICES -- 1.3%
AMBAC, Inc. ........................ 1,600 64,200
American Express.................... 1,700 59,712
Federal National Mortgage
Association....................... 1,000 94,375
H & R Block, Inc. .................. 2,300 94,588
Household International, Inc. ...... 1,100 54,450
Salomon, Inc. ...................... 400 16,050
Travelers Group, Inc. .............. 1,000 43,750
------------
427,125
------------
FOOD & BEVERAGES -- 0.8%
Conagra, Inc. ...................... 1,300 45,338
CPC International, Inc. ............ 500 30,875
General Mills, Inc. ................ 900 46,238
Hershey Foods Corp. ................ 800 44,200
Ralston-Purina Group................ 600 30,600
Sara Lee Corp. ..................... 3,100 88,350
------------
285,601
------------
FOOD PROCESSING -- 0.2%
Archer-Daniels Midland Co. ......... 3,000 55,875
------------
HEALTHCARE -- 0.0%
Healthsource, Inc.*................. 400 14,000
------------
HOME BUILDER -- 0.1%
Clayton Homes, Inc. ................ 800 13,100
Oakwood Homes Corp. ................ 600 15,375
------------
28,475
------------
HOSPITAL SUPPLIES/HOSPITAL
MANAGEMENT -- 1.1%
Abbott Laboratories................. 2,300 93,150
Becton Dickinson & Co. ............. 500 29,125
Columbia Healthcare, Corp. ......... 2,064 89,268
Foxmeyer Health Corp.*.............. 1,500 26,813
Pacificare Health Systems, Inc.*.... 400 20,300
Sunrise Medical, Inc.*.............. 700 21,788
United Healthcare Corp.*............ 2,000 82,750
U.S. Healthcare, Inc. .............. 600 18,375
Wellpoint Health*................... 300 8,475
------------
390,044
------------
HOTEL GAMING -- 0.0%
President Riverboat Warrants*....... 883 2,649
------------
INSURANCE -- 1.4%
American International
Group, Inc. ...................... 1,600 182,400
American Re Corp. .................. 1,300 48,425
Hartford Steam Boiler Inspection &
Insurance Co. .................... 1,400 62,125
MGIC Investment Corp. .............. 1,200 56,250
National Re Corp. .................. 800 26,800
Selective Insurance Group, Inc. .... 1,000 33,000
Torchmark Corp. .................... 2,100 79,275
------------
488,275
------------
INSURANCE (LIFE) -- 0.1%
Security Connecticut Corp. ......... 1,200 30,900
------------
INVESTMENT -- 0.5%
Standard & Poor's Depository
Receipts.......................... 3,000 163,219
------------
</TABLE>
21
<PAGE> 66
AMERICAN SKANDIA TRUST
T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
MACHINERY -- 0.8%
FMC Corp.*.......................... 900 $ 60,525
KLA Instruments Corp.*.............. 900 69,525
Trimas Corp. ....................... 2,900 66,700
Watts Industries, Inc. ............. 2,900 72,681
------------
269,431
------------
MEDIA & COMMUNICATIONS -- 0.7%
Capital Cities ABC, Inc. ........... 400 43,200
Comcast Corp. ...................... 1,700 31,556
Dun & Bradstreet Corp. ............. 800 42,000
Gannett, Inc. ...................... 700 37,975
Infinity Broadcasting Corp.*........ 600 20,025
Time Warner, Inc. .................. 1,400 57,575
------------
232,331
------------
METALS & MINING -- 0.3%
Alumax, Inc.*....................... 1,600 49,800
Aluminum Co. of America............. 1,000 50,125
Coeur D'alene Mines Corp. .......... 800 13,900
------------
113,825
------------
OIL & GAS -- 2.7%
Amerada Hess Corp. ................. 2,200 107,525
Atlantic Richfield Co. ............. 800 87,800
Exxon Corp. ........................ 2,000 141,250
Helmerich & Payne, Inc. ............ 2,000 59,000
Mobil Corp. ........................ 2,100 201,600
Phillips Petroleum Co. ............. 1,800 60,075
Questar Corp. ...................... 400 11,500
Smith International, Inc.*.......... 4,500 75,375
Sonat, Inc. ........................ 1,200 36,600
Union Texas Petroleum
Holding, Inc. .................... 3,300 69,713
USX Marathon Corp. ................. 2,800 55,300
------------
905,738
------------
PAPER & FOREST PRODUCTS -- 0.5%
Bowater, Inc. ...................... 700 31,413
Georgia Pacific Corp. .............. 400 34,700
International Paper Co. ............ 400 34,300
Kimberly-Clark Corp. ............... 700 41,913
Weyerhaeuser Co. ................... 500 23,563
------------
165,889
------------
PHARMACEUTICALS -- 0.5%
Amgen, Inc.*........................ 1,100 88,481
Liposome Co., Inc.*................. 1,100 11,963
Perrigo Co.*........................ 5,000 55,313
------------
155,757
------------
RAILROADS -- 0.3%
Burlington Northern, Inc. .......... 500 31,688
Consolidated Rail Corp. ............ 400 22,250
CSX Corp. .......................... 500 37,563
------------
91,501
------------
RESTAURANTS -- 1.1%
Brinker International, Inc.*........ 3,800 65,550
Cracker Barrel Old Country
Store, Inc. ...................... 1,800 37,125
Darden Restaurants, Inc.*........... 900 9,788
Lone Star Steakhouse & Saloon*...... 1,900 57,594
McDonald's Corp. ................... 2,000 78,250
Sbarro, Inc. ....................... 4,950 115,088
------------
363,395
------------
SPECIALTY MERCHANDISERS -- 2.5%
Circuit City Stores, Inc. .......... 3,500 110,688
Dayton-Hudson Corp. ................ 1,800 129,150
Gap, Inc. .......................... 2,100 73,238
Heilig-Meyers Co. .................. 2,000 51,000
Kroger Corp.*....................... 3,000 80,625
May Department Stores Co. .......... 2,000 83,250
Penney (J.C.) Co., Inc. ............ 1,000 48,000
Petrie Stores Corp. ................ 2,700 18,225
Price Costco, Inc.*................. 3,000 48,750
Tandy Corp. ........................ 1,000 51,875
Toys 'R' Us, Inc.*.................. 3,650 106,763
Waban Inc.*......................... 600 8,925
Wal Mart Stores, Inc. .............. 1,600 42,800
------------
853,289
------------
TELECOMMUNICATIONS -- 2.5%
Ameritech Corp. .................... 1,000 44,000
Aspect Telecommunications Corp. .... 300 13,425
AT&T Corp. ......................... 3,700 196,563
Bell Atlantic Corp. ................ 900 50,400
BellSouth Corp. .................... 1,000 63,500
Glenayre Technologies, Inc.*........ 1,050 53,550
GTE Corp. .......................... 2,600 88,725
Pacific Telesis Group............... 2,000 53,500
SBC Communications, Inc. ........... 2,400 114,300
Southern New England
Telecommunications Corp. ......... 1,400 49,350
Tellabs, Inc.*...................... 1,000 48,125
U.S. West, Inc. .................... 1,600 66,600
------------
842,038
------------
TRANSPORT -- 0.5%
Union Pacific Corp. ................ 1,800 99,675
WMX Technologies Inc. .............. 2,700 76,613
------------
176,288
------------
TRANSPORTATION EQUIPMENT -- 0.5%
GATX Corp. ......................... 1,400 65,975
PHH Corp. .......................... 2,100 93,450
TNT Freightways Corp. .............. 600 11,925
------------
171,350
------------
UTILITIES-ELECTRIC -- 1.3%
Duke Power Co. ..................... 900 37,350
Entergy Corp. ...................... 2,600 62,725
FPL Group, Inc. .................... 800 30,900
</TABLE>
22
<PAGE> 67
AMERICAN SKANDIA TRUST
T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
UTILITIES-ELECTRIC (CONT'D)
Niagara Mohawk Power Corp. ......... 5,500 $ 81,125
Public Service Co. of
New Mexico*....................... 2,800 39,900
SCEcorp............................. 5,600 95,900
Texas Utilities Co. ................ 1,400 48,125
Unicom Corp. ....................... 1,900 50,587
------------
446,612
------------
UTILITIES-GAS -- 0.2%
Atlanta Gas Light Co. .............. 1,900 66,025
------------
TOTAL COMMON STOCK
(COST $11,946,624).................... 13,619,058
------------
PREFERRED STOCK -- 0.0%
INDUSTRIAL
Teledyne, Inc. PFD. Series E
(COST $513)....................... 72 1,053
------------
AMERICAN DEPOSITORY RECEIPTS -- 4.7%
AUTOMOBILES -- 0.1%
Honda Motor LTD. ................... 1,600 49,200
------------
BUSINESS SERVICES -- 0.3%
Reuters Holding PLC................. 1,900 95,237
------------
CHEMICALS -- 0.2%
AKZO Nobel N.V. Sponsored........... 1,000 59,875
------------
CONSUMER GOODS & SERVICES -- 0.1%
Hanson PLC.......................... 2,700 47,588
U.S. Industries Inc.*............... 135 1,839
------------
49,427
------------
FOOD PROCESSING -- 0.4%
Cadbury Schweppes PLC............... 1,459 43,405
Unilever PLC........................ 1,300 104,975
------------
148,380
------------
HEALTH -- 0.4%
Smithkline Beecham PLC.............. 2,700 122,175
------------
INFORMATION PROCESSING -- 0.3%
Hitachi LTD. ....................... 1,200 120,300
------------
OIL -- 0.3%
British Petroleum Co. PLC........... 800 68,500
Repsol S.A. Sponsored............... 1,000 31,625
------------
100,125
------------
OIL & GAS -- 0.9%
Royal Dutch Petroleum Co. .......... 2,400 292,500
------------
RETAIL FOOD CHAINS -- 0.1%
Ito Yokado.......................... 200 42,400
------------
TELECOMMUNICATIONS -- 1.3%
British Telecommunications PLC...... 2,000 125,500
Ericsson, (L.M.) Telephone Co. ..... 4,800 96,000
Hong Kong Telecommunications........ 3,000 59,625
Telefonica de Espana................ 1,600 62,000
Telefonos de Mexico SA.............. 600 17,775
Vodafone Group PLC Sponsored*....... 2,000 75,750
------------
436,650
------------
UTILITIES-ELECTRIC -- 0.3%
Empresa Nacional de Electricidad.... 1,900 93,575
------------
TOTAL AMERICAN DEPOSITORY RECEIPTS
(COST $1,462,134)..................... 1,609,844
------------
AMERICAN DEPOSITORY SECURITIES -- 0.0%
FINANCIAL SERVICES
Grupo Financiero Bancomer
(COST $36,750).................... 1,400 8,063
------------
FOREIGN SECURITIES -- 6.6%
BANKING -- 0.4%
Louis Vuitton Moet
Hennessy -- (FRF)................. 660 118,842
------------
CHEMICALS -- 0.1%
L'air Liquide -- (FRF).............. 300 47,955
------------
DRUGS -- 0.3%
Astra AB Free -- (SW)............... 3,000 90,337
------------
ELECTRICAL EQUIPMENT -- 0.5%
Brown Boveri & Cie Bearer -- (SW)... 80 82,835
Getronics Geneue
Electric -- (NETH)................ 1,800 88,159
------------
170,994
------------
ELECTRONICS -- 0.1%
Societe Nationale Elf Acquitaine --
(FRF)............................. 600 44,366
------------
ENTERTAINMENT -- 0.4%
Gehe AG -- (DEM).................... 100 46,142
Gehe PFD. -- (DEM).................. 25 10,758
Hutchison Whampoa LTD. -- (HK)...... 17,000 82,164
------------
139,064
------------
FINANCIAL -- 1.5%
Bank of Scotland -- (UK)............ 20,208 67,507
Bankgesellschaft Berlin
AG -- (DEM)....................... 245 64,851
Deutsche Bank -- (DEM).............. 1,600 78,802
Gemina SPA -- (ITL)................. 50,000 23,571
Mediobanca -- (ITL)................. 7,000 50,868
Societe Generale -- (FRF)........... 400 46,779
Toronto Dominion Bank -- (CAN)...... 4,100 63,255
Union Bank Swiss Bearer -- (SW)..... 100 103,631
------------
499,264
------------
</TABLE>
23
<PAGE> 68
AMERICAN SKANDIA TRUST
T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
FOOD & BEVERAGES -- 0.2%
Carrefour -- (FRF).................. 150 $ 76,883
------------
PAPER & FOREST PRODUCTS -- 0.1%
Kimberly Clark Mexico
Cl-A -- (MEX)..................... 2,000 22,958
------------
PUBLISHING -- 0.3%
Elsevier -- (NETH).................. 4,000 47,235
Pearson PLC -- (UK)................. 5,600 53,004
------------
100,239
------------
REAL ESTATE -- 0.4%
DBS Land -- (SNG)................... 25,000 78,382
Hopewell Holding -- (HK)............ 59,463 50,332
------------
128,714
------------
RETAIL FOOD CHAINS -- 0.2%
Tesco PLC -- (UK)................... 15,174 70,001
------------
TELEPHONES -- 0.3%
Telecomm Corp. of New Zealand
LTD. -- (NZD)..................... 22,000 82,335
Telekom Malaysia Berhad -- (MALA)... 3,000 22,769
------------
105,104
------------
TRANSPORTATION EQUIPMENT -- 0.3%
Swire Pacific Series A -- (HK)...... 14,000 106,743
------------
UTILITIES -- 0.4%
Generale des Eaux -- (FRF).......... 480 53,462
Telecom Italia SPA -- (ITL)......... 35,000 94,910
------------
148,372
------------
MISCELLANEOUS -- 1.1%
BTR PLC -- (UK)..................... 27,000 137,227
BTR Nylex LTD. -- (AUS)............. 17,000 32,490
Lonrho PLC -- (UK).................. 22,000 51,795
Sig Schweiz
Industries-Bearer -- (SW)......... 70 169,953
------------
391,465
------------
TOTAL FOREIGN SECURITIES
(COST $2,119,050)..................... 2,261,301
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
MATURITY (000)
--------- ----
<S> <C> <C> <C>
CORPORATE BONDS -- 21.1%
AEROSPACE -- 0.3%
IMO Industries Senior
Subordinated Debenture
12.00%.................... 11/01/01 $100 101,875
----------
AUTOMOBILES -- 0.3%
Daimler-Benz Auto
Grantor Trust
3.90%..................... 10/15/98 102 100,065
----------
AUTOMOTIVE PARTS-
EQUIPMENT -- 0.3%
Exide Corp.
10.75%.................... 12/15/02 100 $ 105,875
----------
BANKING -- 0.3%
Banesto Inc.
8.25%..................... 07/28/02 50 50,125
Bank of Nova Scotia
6.25%..................... 09/15/08 50 46,562
----------
96,687
----------
BEVERAGES & BOTTLING -- 0.6%
Coca-Cola Bottling Group
9.00%..................... 11/15/03 100 98,875
Dr. Pepper Bottling Holding
Company
11.63%.................... 02/15/03 140 103,950
----------
202,825
----------
BROADCASTING -- 0.3%
Granite Broadcasting Senior
Subordinate Debenture
10.38%.................... 05/15/05 100 100,000
----------
BUILDING & BUILDING
SUPPLIES -- 0.4%
Rouse Company Notes
8.50%..................... 01/15/03 120 128,700
----------
CABLE TELEVISION -- 0.6%
Continental Cablevision
9.00%..................... 09/01/08 100 101,750
Rogers Cable Systems
Senior Notes
10.00%.................... 03/15/05 100 103,250
----------
205,000
----------
CONGLOMERATES -- 0.6%
Tenneco, Inc.
8.00%..................... 11/15/99 55 57,612
7.88%..................... 10/01/02 150 158,625
----------
216,237
----------
CONTAINERS -- 0.7%
Owens Illinois, Inc.
11.00%.................... 12/01/03 100 110,500
Riverwood International
Corp.
11.25%.................... 06/15/02 100 110,250
----------
220,750
----------
ELECTRIC POWER -- 0.8%
Public Service Electric &
Gas First Mortgage
7.00%..................... 09/01/24 300 277,125
----------
</TABLE>
24
<PAGE> 69
AMERICAN SKANDIA TRUST
T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ---- ----------
<S> <C> <C> <C>
ENTERTAINMENT & LEISURE -- 0.9%
TCI Communications Inc.
8.65%..................... 09/15/04 $200 $ 212,000
Time Warner Entertainment
7.25%..................... 09/01/08 100 94,000
----------
306,000
----------
FINANCE & CREDIT -- 4.3%
Advanta Corp.
7.07%..................... 09/15/97 235 237,350
Aristar Inc.
8.88%..................... 08/15/98 200 212,500
7.88%..................... 02/15/99 200 208,250
Associates Corp.
8.63%..................... 06/15/97 10 10,462
Chrysler Financial Corp.
8.46%..................... 01/19/00 200 213,500
Commercial Credit Note
8.13%..................... 03/01/97 5 5,162
CoreStates Home Loan Equity
6.65%..................... 05/15/09 90 90,373
Ford Motor Credit Company
9.45%..................... 05/20/97 50 52,938
General Motors Acceptance
Corp.
7.75%..................... 04/15/97 50 51,438
8.38%..................... 05/01/97 10 10,350
General Motors Acceptance
Corp. Grantor Trust
6.30%..................... 06/15/99 60 60,208
Household Finance Co.
6.96%..................... 04/27/98 300 304,500
----------
1,457,031
----------
FOREIGN GOVERNMENT & MUNI -- 0.1%
Export Import Korea Notes
6.50%..................... 05/15/00 40 39,200
----------
GAS TRANSMISSION -- 0.3%
Ferrellgas Lp Financial
Corp.
10.00%.................... 08/01/01 100 104,000
----------
HEALTHCARE -- 0.3%
National Medical Enterprises
10.13%.................... 03/01/05 100 106,250
----------
HOTEL GAMING -- 0.5%
President Riverboat Casino
13.00%.................... 09/15/01 100 86,000
Showboat Inc.
9.25%..................... 05/01/08 100 91,500
----------
177,500
----------
INDUSTRIAL -- 0.9%
Bally Park Place Funding
9.25%..................... 03/15/04 100 95,000
Repap Wisconsin Inc.
9.25%..................... 02/01/02 100 97,250
Westpoint Stevens Inc.
8.75%..................... 12/15/01 100 99,000
----------
291,250
----------
INSURANCE -- 0.2%
New York Life Insurance
7.50%..................... 12/15/23 100 94,125
----------
INVESTMENT -- 0.2%
Lehman Brothers Holdings,
Inc.
7.63%..................... 06/15/97 65 66,138
----------
MANUFACTURING -- 1.6%
American Standard
11.38%.................... 05/15/04 75 82,594
9.25%..................... 12/01/16 25 25,469
Ametek Inc.
9.75%..................... 03/15/04 100 105,625
Coltec Industries
10.25%.................... 04/01/02 100 104,125
Westinghouse Electric Corp.
8.88%..................... 06/01/01 200 214,000
----------
531,813
----------
NATURAL RESOURCE -- 0.3%
Gulf Canada Resources
9.63%..................... 07/01/05 100 99,060
----------
PAPER & FOREST PRODUCTS -- 0.6%
Container Corp. Senior Notes
Series A
11.25%.................... 05/01/04 100 105,500
Stone Container Corp.
9.88%..................... 02/01/01 100 99,500
----------
205,000
----------
RETAIL MERCHANDISING -- 1.3%
Kmart Corporation Medium
Term Notes
8.50%..................... 05/09/97 100 103,625
Pep Boys Manny Moe & Jack
8.88%..................... 04/15/96 250 254,688
Wal Mart Stores, Inc.
7.25%..................... 06/01/13 85 84,894
----------
443,207
----------
SAVINGS & LOAN ASSOCIATIONS -- 0.3%
H.F. Ahmanson & Co.
9.88%..................... 11/15/99 100 111,625
----------
</TABLE>
25
<PAGE> 70
AMERICAN SKANDIA TRUST
T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ---- ----------
<S> <C> <C> <C>
SPECIALTY CHEMICALS -- 0.6%
D.M. Scott Company
9.88%..................... 08/01/04 $100 $ 106,875
Methanex Corp.
8.88%..................... 11/15/01 100 103,875
----------
210,750
----------
TELECOMMUNICATIONS -- 0.8%
United Telecommunications
9.75%..................... 04/01/00 250 280,938
----------
TEXTILES -- 0.3%
Dan River Inc. Senior
Subordinate Notes
10.13%.................... 12/15/03 100 99,750
----------
TRANSPORTATION -- 0.6%
Federal Express
6.25%..................... 04/15/98 70 69,650
Sea Containers LTD.
12.50%.................... 12/01/04 100 109,500
Southwest Airlines Co.
9.25%..................... 02/15/98 25 26,563
----------
205,713
----------
UTILITIES-ELECTRIC -- 1.8%
Commonwealth Edison
7.00%..................... 02/15/97 50 50,563
Consumers Power Co.
6.00%..................... 07/01/97 65 64,594
6.63%..................... 10/01/98 50 50,313
Gulf States Utilities
5.38%..................... 02/01/97 128 126,880
Long Island Lighting Co.
5.50%..................... 04/01/97 102 99,450
Pacific Gas & Electric Corp.
6.75%..................... 12/01/00 200 202,000
----------
593,800
----------
TOTAL CORPORATE BONDS
(COST $7,010,118)............. 7,178,289
----------
MEDIUM TERM NOTES -- 0.8%
UTILITIES-ELECTRIC
Commonwealth Edison Medium
Term Note
9.00% (COST $269,793)..... 10/15/99 250 268,750
----------
ZERO COUPON BONDS -- 0.2%
RETAIL FOOD CHAINS
Pathmark Stores
6.18%(COST $60,221)....... 11/01/03 100 60,250
----------
U.S. GOVT. AGENCY OBLIGATIONS -- 5.5%
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION -- 4.7%
9.50%..................... 10/15/09 30 31,910
10.00%.................... 11/15/09 39 42,782
11.50%.................... 06/15/10 57 64,325
12.00%.................... 09/15/13 2 1,927
12.00%.................... 01/15/14 9 9,703
10.50%.................... 08/15/15 23 25,828
8.00%..................... 05/15/16 36 36,818
8.50%..................... 06/15/16 45 46,355
9.00%..................... 07/15/16 19 20,022
8.00%..................... 12/15/16 62 63,326
9.00%..................... 12/15/16 3 2,844
8.00%..................... 02/15/17 122 125,347
8.00%..................... 05/15/17 66 67,805
9.00%..................... 05/15/17 123 129,169
8.00%..................... 06/15/17 32 33,059
9.50%..................... 11/15/18 5 5,642
9.50%..................... 03/15/19 25 26,849
9.50%..................... 01/15/20 13 14,305
9.50%..................... 06/15/20 14 15,144
8.00%..................... 06/15/22 193 197,619
8.00%..................... 09/15/22 40 40,976
8.00%..................... 07/15/23 94 96,689
7.00%..................... 09/15/23 396 390,061
7.50%..................... 06/15/24 97 97,731
----------
1,586,236
----------
FEDERAL HOME LOAN MORTGAGE
CORP. -- 0.6%
5.91%..................... 07/07/95 209 208,794
7.50%..................... 07/15/20 15 15,222
----------
224,016
----------
TENNESSEE VALLEY AUTHORITY
NOTES -- 0.2%
7.75%..................... 12/15/22 10 10,400
7.25%..................... 07/15/43 20 19,700
6.88%..................... 12/15/43 40 37,450
----------
67,550
----------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(COST $1,845,237)........... 1,877,802
----------
U.S. TREASURY OBLIGATIONS -- 9.6%
U.S. TREASURY BONDS -- 2.1%
11.63%.................... 11/15/02 100 132,097
7.13%..................... 02/15/23 240 253,044
7.63%..................... 02/15/25 300 338,892
----------
724,033
----------
</TABLE>
26
<PAGE> 71
AMERICAN SKANDIA TRUST
T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
--------- ---- ----------
<S> <C> <C> <C>
U.S. TREASURY NOTES -- 7.5%
4.25%..................... 11/30/95 $ 35 $ 34,801
6.50%..................... 09/30/96 80 80,681
7.25%..................... 11/30/96 240 244,558
6.13%..................... 05/15/98 100 100,681
5.13%..................... 12/31/98 50 48,731
6.75%..................... 05/31/99 460 472,319
6.88%..................... 03/31/00 250 258,780
6.25%..................... 05/31/00 100 101,043
5.75%..................... 08/15/03 965 936,349
7.50%..................... 02/15/05 250 272,495
----------
2,550,438
----------
TOTAL U.S. TREASURY OBLIGATIONS
(COST $3,081,628)............. 3,274,471
----------
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY***
(000)
------------
<S> <C> <C> <C>
FOREIGN BONDS -- 5.1%
Australian Government
Bond -- (AUS)
9.50%............... 08/15/03 20 14,551
Belgium Kingdom
Government Bond --
(BEL)
7.25%............... 04/29/04 1,550 54,054
BTPS Italian Bond --
(ITL)
8.50%............... 08/01/04 45,000 22,063
Canadian Government
Bond -- (CAN)
6.50%............... 06/01/04 110 72,834
9.75%............... 06/01/21 10 8,389
Denmark Bullet Bond --
(DKK)
7.00%............... 12/15/04 275 46,254
French Government
Bond -- (FRF)
8.50%............... 04/25/23 50 10,667
French O.A.T. Bond --
(FRF)
8.25%............... 02/27/04 264 56,719
French Treasury
Bill -- (FRF)
8.50%............... 03/12/97 75 15,913
German Government
Bond -- (DEM)
8.50%............... 08/21/00 375 295,838
6.50%............... 07/15/03 110 77,138
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY***
MATURITY (000) VALUE
--------- ------------ ----------
<S> <C> <C> <C>
International Bank
Recovery &
Development Bond --
(JPN)
6.75%............... 03/15/00 14,000 $ 200,005
Italian Government
Bond -- (ITL)
11.50%.............. 03/01/03 275,000 164,239
Japan Government
Bond -- (JPN)
4.50%............... 06/20/03 33,500 447,723
Netherlands Government
Bond -- (NETH)
5.75%............... 01/15/04 115 68,935
Spanish Government
Bond -- (ESP)
8.00%............... 05/30/04 6,400 42,151
United Kingdom Gilt --
(UK)
9.00%............... 03/03/00 85 139,356
----------
TOTAL FOREIGN BONDS
(COST $1,480,512)....... 1,736,829
----------
<CAPTION>
PAR
(000)
-------
<S> <C> <C> <C>
COMMERCIAL PAPER -- 10.5%
Asset Securitization
Coop Corp.
5.83%................ 09/20/95 $ 500 493,360
Corporate Asset Fund,
Inc.
5.90%................ 07/19/95 200 199,410
Mobil Australia
6.00%................ 07/06/95 295 294,754
Northern States Power
Co.
6.05%................ 07/07/95 931 930,061
Preferred Receivable
Fund Co.
5.90%................ 08/17/95 1,000 992,172
Wal Mart Stores, Inc.
6.10%................ 07/03/95 663 662,775
-----------
TOTAL COMMERCIAL PAPER
(COST $3,572,739)........ 3,572,532
-----------
</TABLE>
27
<PAGE> 72
AMERICAN SKANDIA TRUST
T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
SHORT TERM INVESTMENTS -- 0.1%
Temporary Investment Fund
(COST $32,847)....... 32,847 $ 32,847
-----------
TOTAL INVESTMENTS
(COST $32,918,166**) -- 104.2%....... 35,501,089
LIABILITIES IN EXCESS OF
OTHER ASSETS -- (4.2%)............... (1,437,905)
-----------
NET ASSETS -- 100.0%................... $34,063,184
==========
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
Gross appreciation................. $ 2,907,088
Gross depreciation................. (324,165)
-----------
Net appreciation................... $ 2,582,923
==========
</TABLE>
<TABLE>
<CAPTION>
COUNTRY ABBREVIATIONS
- -----------------------------------------------------------
<S> <C>
AUS - Australia JPN - Japan
BEL - Belgium MALA - Malaysia
CAN - Canada MEX - Mexico
DEM - Germany NETH - Netherlands
DKK - Denmark NZD - New Zealand
ESP - Spain SNG - Singapore
FRF - France SW - Switzerland
HK - Hong Kong UK - United Kingdom
ITL - Italy
</TABLE>
- --------------------------------------------------------------------------------
* Non-income producing securities.
** Also cost for Federal income tax purposes.
*** Currency of countries indicated.
See Notes to Financial Statements.
28
<PAGE> 73
AMERICAN SKANDIA TRUST
PIMCO TOTAL RETURN BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
-------- ------- -----------
<S> <C> <C> <C>
CORPORATE BONDS -- 19.1%
AIRLINES -- 3.4%
American Air Equipment
10.19%............... 05/26/15 $ 250 $ 282,850
United Airlines Corp.
10.02%............... 03/22/14 2,000 2,245,000
10.67%............... 05/01/04 500 579,375
-----------
3,107,225
-----------
CABLE OPERATORS -- 1.1%
Centel Capital
9.88%................ 10/01/98 1,000 1,007,500
-----------
ELECTRICAL POWER -- 0.4%
Cleveland Electric
9.11%................ 07/22/96 250 254,375
8.75%................ 11/15/05 100 99,375
-----------
353,750
-----------
FINANCIAL -- 3.5%
General Motors
Acceptance Corp.
5.35%................ 09/11/95 150 149,938
7.75%................ 07/18/96 2,000 2,034,820
Ohio Edison First
Mortgage
8.50%................ 05/01/96 1,000 1,016,250
-----------
3,201,008
-----------
INDUSTRIAL -- 1.4%
AMR Corp.
10.45%............... 11/15/11 100 118,375
Arkla, Inc.
9.45%................ 10/15/95 335 337,511
8.00%................ 01/15/97 300 300,000
9.20%................ 12/18/97 500 516,875
-----------
1,272,761
-----------
MISCELLANEOUS -- 2.1%
United Mexican States
Series "B"
6.25%................ 12/31/19 1,500 907,500
United Mexican States
Series "C"
6.97%................ 12/31/19 1,000 712,500
United Mexican States
Series "D"
6.88%................ 12/31/19 500 356,250
United Mexican States
Rights*.............. 3,807 0
-----------
1,976,250
-----------
OIL -- 1.7%
Occidental Petroleum Corp.
9.63%................ 07/01/99 500 517,500
11.75%............... 03/15/11 1,000 1,080,000
-----------
1,597,500
-----------
PUBLISHING NEWS -- 2.2%
Time Warner, Inc.
7.45%................ 02/01/98 2,000 2,032,500
-----------
TOBACCO -- 1.1%
Philip Morris
9.80%................ 12/15/98 1,000 1,016,250
-----------
UTILITIES-ELECTRIC -- 2.2%
Illinois Power Co.
5.85%................ 10/01/96 2,000 1,997,500
-----------
TOTAL CORPORATE BONDS
(COST $17,496,888)....... 17,562,244
-----------
ZERO COUPON BONDS -- 3.3%
CONGLOMERATES -- 1.2%
USX Corp.
7.86%................ 08/09/05 2,500 1,168,750
-----------
ELECTRIC & GAS PRODUCERS -- 0.2%
CMS Energy
2.02%................ 10/01/97 150 150,750
-----------
PUBLISHING NEWS -- 1.9%
Time Warner, Inc.
1.06%................ 08/15/02 1,750 1,723,750
-----------
TOTAL ZERO COUPON BONDS
(COST $2,946,455)........ 3,043,250
-----------
ASSET BACKED SECURITIES -- 4.9%
Countrywide Adjustable
Rate Mortgage
6.61%................ 03/25/24 1,661 1,656,290
6.75%................ 11/25/24 1,824 1,866,272
Guardian Adjustable
Rate Mortgage
7.09%................ 12/25/19 116 91,547
Saxon Adjustable Rate
Mortgage
5.94%................ 05/25/24 870 890,047
-----------
TOTAL ASSET BACKED SECURITIES
(COST $4,487,318).................. 4,504,156
-----------
</TABLE>
29
<PAGE> 74
AMERICAN SKANDIA TRUST
PIMCO TOTAL RETURN BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
-------- ------- -----------
<S> <C> <C> <C>
COLLATERALIZED MORTAGE
SECURITIES -- 15.8%
Citicorp Mortgage
Securities, Inc.
7.45%................ 10/25/22 $ 1,031 $ 1,052,075
Collateralized Mortgage
Security Corp.
7.99%................ 05/01/17 476 478,799
Mortgage Capital
Trust VI
9.50%................ 02/01/18 1,581 1,632,137
Prudential Securities
CMO
7.50%................ 03/25/19 1,233 1,232,916
Prudential-Bache CMO
Trust
8.40%................ 03/20/21 2,855 2,943,670
Resolution Trust Corp.
8.00%................ 09/25/21 829 844,108
Rothschild L.F.
Mortgage Trust
9.95%................ 08/01/17 3,650 3,905,083
Ryland Mortgage
Securities Corp.
7.85%................ 09/25/23 2,395 2,431,382
-----------
TOTAL COLLATERALIZED MORTGAGE SECURITIES
(COST $14,270,404)....... 14,520,170
-----------
MEDIUM TERM NOTES -- 2.2%
FINANCE
General Motors
Acceptance Corp.
6.70%
(COST
$2,006,858).......... 05/20/96 2,000 2,012,160
-----------
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY****
(000)
-----------
FOREIGN BONDS -- 7.9%
German Government Bond
6.25% -- (DEM)
(COST
$7,420,233).......... 01/04/24 11,900 7,277,822
-----------
<CAPTION>
PAR
MATURITY (000) VALUE
-------- ------- -----------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 35.7%
FEDERAL HOME LOAN MORTGAGE
CORP. -- 6.2%
6.50%***............... 10/15/08 $ 3,670 $ 505,448
8.25%.................. 08/01/17 838 860,162
7.00%***............... 04/25/19 765 87,870
6.13%.................. 02/01/24 4,172 4,234,752
-----------
5,688,232
-----------
FEDERAL NATIONAL MORTGAGE
ASSOCIATION -- 6.9%
9.40%.................. 07/25/03 493 515,217
6.25%***............... 05/25/08 236 82,455
6.50%***............... 06/25/14 3,000 348,516
8.50%.................. 11/25/18 4,122 4,125,754
5.68%.................. 01/01/24 813 826,569
7.00%.................. 04/25/24 542 471,333
-----------
6,369,844
-----------
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION -- 22.6%
6.00%.................. 06/20/22 3,282 3,349,931
6.50%.................. 04/20/23 4,410 4,490,243
6.50%.................. 10/20/23 916 927,771
7.50%.................. 12/20/23 500 500,097
7.00%.................. 09/20/24 1,961 2,006,045
6.50%.................. 08/21/25 10,000 9,575,000
-----------
20,849,087
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(COST $32,849,871)....... 32,907,163
-----------
U.S. TREASURY OBLIGATIONS -- 0.8%
U.S. TREASURY BILLS
5.86%.................. 07/27/95 85 84,649
5.77%.................. 08/24/95 80 79,351
5.57%.................. 10/26/95 45 44,206
5.60%.................. 10/26/95 115 112,970
5.64%.................. 10/26/95 70 68,764
5.83%.................. 11/16/95 125 122,363
5.89%.................. 11/16/95 140 137,046
6.14%.................. 11/16/95 120 117,468
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(COST $765,981).......... 766,817
-----------
</TABLE>
30
<PAGE> 75
AMERICAN SKANDIA TRUST
PIMCO TOTAL RETURN BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
-------- ------- -----------
<S> <C> <C> <C>
COMMERCIAL PAPER -- 20.2%
CHEMICALS-DIVERSIFIED -- 0.7%
Dupont (E.I.) de
Nemours & Co.
5.90%................ 07/07/95 $ 600 $ 599,410
-----------
ELECTRICAL EQUIPMENT -- 5.2%
Emerson Electric Co.
5.96%................ 07/21/95 3,300 3,289,073
General Electric
Capital Corp.
6.68%................ 10/05/95 1,500 1,475,952
-----------
4,765,025
-----------
FINANCIAL SERVICES -- 1.0%
National Rural
Utility Corp.
5.95%................ 07/05/95 1,000 999,320
-----------
FOOD PROCESSING -- 0.5%
Kellogg Co.
6.00%................ 07/13/95 500 498,977
-----------
FOREIGN GOVERNMENT -- 7.1%
Canadian Wheat Board
5.83%................ 08/28/95 900 891,406
Electricite de France
6.01%................ 07/18/95 1,000 997,119
Export Development
Corp.
5.87%................ 07/06/95 900 899,266
Mexico Treasury Bill
16.59%............... 01/18/96 600 562,200
New South Wales Corp.
5.95%................ 07/18/95 1,000 997,193
Province of British
Columbia
6.07%................ 10/10/95 2,200 2,162,912
-----------
6,510,096
-----------
FOREST PRODUCTS -- 1.1%
Kimberly Clark Corp.
5.85%................ 08/30/95 1,000 989,816
-----------
HEALTH CARE-DIVERSIFIED -- 0.2%
Abbott Labs
5.94%................ 07/10/95 200 199,703
-----------
HOUSEHOLD PRODUCTS -- 0.3%
Procter & Gamble Co.
6.01%................ 07/12/95 300 299,437
-----------
PHARMACEUTICAL -- 0.1%
Warner Lambert Co.
5.86%................ 07/19/95 100 99,707
-----------
TELECOMMUNICATIONS -- 4.0%
American Information
Tech Corp.
6.40%................ 07/28/95 1,500 1,493,141
American Telephone &
Telegraph
6.08%................ 08/02/95 2,200 2,188,290
-----------
3,681,431
-----------
TOTAL COMMERCIAL PAPER
(COST $18,622,860)....... 18,642,922
-----------
OPTIONS -- 0.0%
Written CME Put Option on
Eurodollar Futures, strike
price XEU 92, expire 9/18/95... (200,000) (5,000)
Written CME Put Option on
Eurodollar Futures, strike
price XEU 92.50, expire
9/18/95........................ (200,000) (5,000)
CME Put Option on Eurodollar
Futures, strike price XEU
90.25, expire 9/18/95.......... 200,000 5,000
----------
TOTAL OPTIONS
(COST ($198,900)).................. (5,000)
----------
</TABLE>
31
<PAGE> 76
AMERICAN SKANDIA TRUST
PIMCO TOTAL RETURN BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
SHORT TERM INVESTMENTS -- 1.3%
Temporary Investment Cash
Fund.......................... 620,462 $ 620,462
Temporary Investment Fund....... 620,462 620,462
-----------
(COST $1,240,924)............. 1,240,924
-----------
TOTAL INVESTMENTS (COST
$101,908,892**) -- 111.2%......... 102,472,628
LIABILITIES IN EXCESS OF
OTHER ASSETS -- (11.2%)........... (10,293,098)
-----------
NET ASSETS -- 100.0%................ $ 92,179,530
===========
The aggregate unrealized appreciation
(depreciation) on a tax
basis is as follows:
Gross appreciation.............. $ 1,292,613
Gross depreciation.............. (728,877)
-----------
Net appreciation................ $ 563,736
===========
</TABLE>
COUNTRY ABBREVIATIONS
- ----------------------------------------------------------
DEM - Germany
- --------------------------------------------------------------------------------
* Non-income producing securities.
** Also cost for Federal income tax purposes.
*** Interest Only Securities.
**** Currency of countries indicated.
See Notes to Financial Statements.
32
<PAGE> 77
AMERICAN SKANDIA TRUST
INVESCO EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
COMMON STOCK -- 65.1%
AEROSPACE -- 2.2%
Boeing Co. ...................... 17,000 $ 1,064,625
Lockheed Martin Corp. ........... 20,000 1,262,500
----------
2,327,125
----------
AUTOMOBILES -- 0.5%
Chrysler Corp. .................. 10,000 478,750
----------
AUTOMOTIVE PARTS-EQUIPMENT -- 2.2%
Borg Warner Automotive Corp. .... 40,000 1,140,000
Eaton Corp. ..................... 20,000 1,162,500
----------
2,302,500
----------
BANKING -- 2.9%
Bank of New York Co., Inc. ...... 20,000 807,500
Chase Manhattan Corp. ........... 30,000 1,410,000
Citicorp......................... 15,000 868,125
----------
3,085,625
----------
BEVERAGES -- 1.3%
Seagram Co. LTD. ................ 40,000 1,385,000
----------
BROADCASTING -- 1.0%
CBS, Inc. ....................... 15,000 1,005,000
----------
CHEMICALS -- 3.3%
Dupont (E.I.) de Nemours......... 10,000 687,500
Lawter International, Inc. ...... 100,000 1,200,000
PPG Industries, Inc. ............ 15,000 645,000
Vigoro Corp. .................... 22,000 913,000
----------
3,445,500
----------
COMPUTERS -- 3.2%
Apple Computer, Inc. ............ 15,000 696,563
Honeywell, Inc. ................. 25,000 1,078,125
International Business
Machines Corp. ................ 17,000 1,632,000
----------
3,406,688
----------
COMPUTER SERVICES & SOFTWARE -- 0.6%
Computer Associates
International.................. 10,000 677,500
----------
CONGLOMERATES -- 0.5%
Tenneco, Inc. ................... 11,000 506,000
----------
CONSUMER STAPLES-TOBACCO -- 1.1%
Philip Morris Cos., Inc. ........ 15,000 1,115,625
----------
ELECTRICAL EQUIPMENT -- 1.3%
General Electric Co. ............ 17,000 958,375
General Signal Corp. ............ 11,000 437,250
----------
1,395,625
----------
ELECTRONICS -- 1.5%
Intel Corp. ..................... 25,000 1,582,813
----------
ENGINEERING & CONSTRUCTION -- 0.7%
Fluor Corp. ..................... 14,000 728,000
ENTERTAINMENT -- 1.8%
Time Warner, Inc. ............... 25,000 1,028,125
Walt Disney Co. ................. 15,000 834,375
----------
1,862,500
----------
FINANCIAL SERVICES -- 3.2%
Beneficial Corp. ................ 30,000 1,320,000
H. & R. Block, Inc. ............. 30,000 1,233,750
PMI Group, Inc. ................. 20,000 867,500
----------
3,421,250
----------
FOODS -- 3.6%
CPC International, Inc. ......... 12,000 741,000
General Mills, Inc. ............. 16,000 822,000
Heinz, H.J. Co. ................. 20,000 887,500
Kellogg Co. ..................... 10,000 713,750
Quaker Oats...................... 20,000 657,500
----------
3,821,750
----------
GOLD MINING -- 0.3%
Newmont Mining Corp. ............ 7,994 334,749
----------
HOTELS/MOTELS -- 1.5%
Hilton Hotels Corp. ............. 23,000 1,615,750
----------
HOUSEHOLD FURNITURE &
APPLIANCES -- 0.7%
Armstrong World Industries,
Inc. .......................... 15,000 751,875
----------
INSURANCE -- 2.4%
Allmerica Property & Casualty,
Inc. .......................... 70,000 1,548,750
Ohio Casualty Corp. ............. 30,000 945,000
----------
2,493,750
----------
MACHINERY & HEAVY EQUIPMENT -- 2.3%
Caterpillar, Inc. ............... 10,000 642,500
Cummins Engine, Inc. ............ 10,000 436,250
Deere & Co. ..................... 10,000 856,250
Ingersoll-Rand Co. .............. 12,000 459,000
----------
2,394,000
----------
MANUFACTURING -- 5.5%
Allied-Signal, Inc. ............. 18,000 801,000
Eastman Kodak Co. ............... 25,000 1,515,625
Minnesota Mining &
Manufacturing Co. ............. 20,000 1,145,000
Trinova Corp. ................... 20,000 700,000
Tyco International LTD. ......... 15,000 810,000
Whitman Corp. ................... 40,000 775,000
----------
5,746,625
----------
MEDICAL -- 0.7%
Baxter International, Inc. ...... 20,000 727,500
----------
METALS & MINING -- 0.7%
ASARCO, Inc. .................... 25,000 762,500
----------
</TABLE>
33
<PAGE> 78
AMERICAN SKANDIA TRUST
INVESCO EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
MINING -- 1.1%
Potash Corp. of Saskatchewan,
Inc. .......................... 20,000 $ 1,117,500
----------
NATURAL GAS -- 0.3%
El Paso Natural Gas Co. ......... 12,000 342,000
----------
OIL -- 4.2%
Amoco Corp. ..................... 14,000 932,750
Apache Corp. .................... 13,700 375,038
Atlantic Richfield Co. .......... 8,000 878,000
Chevron Corp. ................... 20,000 932,500
Exxon Corp. ..................... 12,000 847,500
Mobil Corp. ..................... 5,000 480,000
----------
4,445,788
----------
OIL EQUIPMENT & SERVICES -- 2.4%
Dresser Industries, Inc. ........ 35,000 778,750
Halliburton Co. ................. 30,000 1,072,500
Schlumberger LTD. ............... 11,000 683,375
----------
2,534,625
----------
PHARMACEUTICAL -- 3.1%
Abbott Laboratories.............. 20,000 810,000
American Home Products Corp. .... 12,000 928,500
Upjohn Co. ...................... 40,000 1,515,000
----------
3,253,500
----------
PUBLISHING -- 1.0%
Donnelley & Sons Co., R.R. ...... 30,000 1,080,000
----------
RAILROADS -- 1.2%
Kansas City Southern Industries,
Inc. .......................... 20,000 745,000
Union Pacific Corp. ............. 9,000 498,375
----------
1,243,375
----------
RETAIL MERCHANDISING -- 0.7%
Sears Roebuck & Co. ............. 12,000 718,500
----------
RETAIL SPECIALTY -- 2.2%
Jostens, Inc. ................... 30,000 637,500
Limited, Inc. ................... 30,000 660,000
Melville Corp. .................. 30,000 1,027,500
----------
2,325,000
----------
SURFACE TRANSPORTATION -- 0.3%
Overseas Shipholding Group,
Inc. .......................... 17,000 352,750
----------
TELEPHONES -- 3.6%
AT&T Corp. ...................... 25,000 1,328,125
Bell Atlantic Corp. ............. 10,000 560,000
NYNEX Corp. ..................... 15,000 603,750
U.S. West, Inc. ................. 30,000 1,248,750
----------
3,740,625
----------
TOTAL COMMON STOCK
(COST $61,248,053)................. 68,527,663
----------
PREFERRED STOCK -- 0.7%
GOLD MINING
Amax Gold, Inc. $3.75 Cl-B PFD.
(COST $750,000)................ 15,000 723,750
AMERICAN DEPOSITORY RECEIPTS -- 0.6%
TELECOMMUNICATIONS
Cable and Wireless
(COST $615,075)................ 30,000 615,000
----------
<CAPTION>
PAR
MATURITY (000)
-------- ------
<S> <C> <C> <C>
CORPORATE BONDS -- 13.5%
AIRLINES -- 0.5%
Delta Air Lines
9.30%................... 01/02/11 $ 500 570,067
------------
AUTOMOBILES & RELATED -- 0.3%
Auburn Hills Trust
12.00%.................. 05/01/20 250 364,063
------------
BROADCASTING -- 1.5%
Act III Broadcasting, Inc.
9.63%................... 12/15/03 500 491,250
Allbritton Communications
Co. Senior Subordinate
Debenture
11.50%.................. 08/15/04 500 531,250
SCI Television, Inc.
Senior Notes
11.00%.................. 06/30/05 500 521,875
------------
1,544,375
------------
BUILDING & BUILDING
SUPPLIES -- 1.2%
USG Corp.
9.25%................... 09/15/01 600 604,500
8.75%................... 03/01/17 750 695,625
------------
1,300,125
------------
CABLE TELEVISION -- 1.4%
Century Communications
9.50%................... 03/01/05 500 503,750
CF Cable TV, Inc.
11.63%.................. 02/15/05 250 266,250
Jones Intercable, Senior
Subordinate Debenture
10.50%.................. 03/01/08 250 264,688
Viacom, Inc., Subordinate
Debenture
8.00%................... 07/07/06 500 487,500
------------
1,522,188
------------
</TABLE>
34
<PAGE> 79
AMERICAN SKANDIA TRUST
INVESCO EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
-------- ------ ------------
<S> <C> <C> <C>
CHEMICALS -- 1.2%
Borden Chemicals &
Plastics
9.50%................... 05/01/05 $ 500 $ 507,500
Rexene Corp.
11.75%.................. 12/01/04 250 267,188
Sifto Canada, Inc.
8.50%................... 07/15/00 500 474,375
------------
1,249,063
------------
CONSUMER PRODUCTS -- 0.5%
Philip Morris Cos., Inc.
9.80%................... 12/15/98 500 508,125
------------
FINANCIAL -- 1.9%
Associates Corp. of North
America
8.55%................... 07/15/09 425 490,344
Chrysler Financial Corp.
6.50%................... 06/15/98 500 500,000
General Motors Acceptance
Corp.
7.13%................... 06/01/99 500 508,750
Westinghouse Credit Corp.
8.88%................... 06/14/14 500 528,125
------------
2,027,219
------------
FOREIGN GOVERNMENT -- 0.6%
Province of Newfoundland
9.00%................... 06/01/19 500 593,125
------------
GAMING -- 0.5%
GNS Finance Corp.
9.25%................... 03/15/03 500 525,625
------------
HEALTHCARE -- 0.7%
Hillhaven Corp.
10.13%.................. 09/01/01 250 255,938
National Medical
Enterprises
9.63%................... 09/01/02 500 531,250
------------
787,188
------------
PAPER & PAPER PRODUCTS -- 0.5%
Repap New Brunswick
10.63%.................. 04/15/05 500 507,500
------------
PUBLISHING -- 0.8%
News America Holdings
8.50%................... 02/23/25 250 272,813
Valassis Communications
9.55%................... 12/01/03 500 555,625
------------
828,438
------------
RECREATIONAL -- 0.5%
Royal Caribbean Cruises
Note
11.38%.................. 05/15/02 $ 250 $ 274,063
United Artists Theatre
11.50%.................. 05/01/02 175 187,469
------------
461,532
------------
TELECOMMUNICATIONS -- 1.2%
Allnet Communication
Services, Inc.
9.00%................... 05/15/03 750 802,500
Centennial Cellular,
Senior Notes
8.88%................... 11/01/01 500 485,000
------------
1,287,500
------------
UTILITIES -- 0.2%
Commonwealth Edison Corp.
6.38%................... 10/01/98 175 174,781
------------
TOTAL CORPORATE BONDS
(COST $13,671,728).......... 14,250,914
------------
ZERO COUPON BONDS -- 1.7%
CABLE TELEVISION -- 0.5%
Marcus Cable Operating Co.
6.00%................... 08/01/99 900 571,500
------------
GAMING -- 0.2%
Resorts International
7.70%................... 06/30/00 250 222,500
------------
BEVERAGES -- 1.0%
Dr. Pepper/Seven-Up Cos.
1.71%................... 11/01/02 1,125 997,031
------------
TOTAL ZERO COUPON BONDS
(COST $1,774,811)........... 1,791,031
------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 7.5%
FEDERAL FARM CREDIT
BANK -- 0.5%
6.65%................... 05/01/96 500 502,930
------------
FEDERAL HOME LOAN MORTGAGE
CORP. -- 4.6%
6.50%................... 01/01/00 1,000 985,620
7.50%................... 07/01/09 942 958,321
7.00%................... 04/01/24 995 980,127
7.00%................... 07/01/24 974 958,745
8.00%................... 12/01/24 992 1,011,623
------------
4,894,436
------------
</TABLE>
35
<PAGE> 80
AMERICAN SKANDIA TRUST
INVESCO EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
-------- ------ ------------
<S> <C> <C> <C>
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION -- 1.9%
7.50%................... 10/15/23 $1,963 $ 1,975,938
------------
TENNESSEE VALLEY AUTHORITY
NOTES -- 0.5%
6.82%................... 05/19/97 500 500,000
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(COST $7,571,488).................... 7,873,304
------------
U.S. TREASURY NOTES -- 6.1%
7.75%................... 11/30/99 1,000 1,066,814
6.75%................... 04/30/00 1,500 1,545,720
6.25%................... 05/31/00 1,000 1,011,562
5.88%................... 02/15/04 750 732,390
6.50%................... 05/15/05 2,000 2,043,580
------------
TOTAL U.S. TREASURY NOTES
(COST $6,285,443).................... 6,400,066
------------
COMMERCIAL PAPER -- 2.8%
General Motors
Acceptance Corp.
6.03%
(COST $2,997,993)..... 07/05/95 3,000 2,997,993
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
---------- ------------
<S> <C> <C>
SHORT TERM INVESTMENTS -- 3.2%
Temporary Investment Cash
Fund......................... 1,665,584 $ 1,665,584
Temporary Investment Fund...... 1,665,583 1,665,583
------------
(COST $3,331,167)............ 3,331,167
------------
TOTAL INVESTMENTS
(COST $98,245,758*) -- 101.2%.... 106,510,888
LIABILITIES IN EXCESS OF
OTHER ASSETS -- (1.2%)........... (1,222,371)
------------
NET ASSETS -- 100%................. $105,288,517
===========
The aggregate unrealized appreciation (depreciation) on a tax
basis is
as follows:
Gross appreciation......................... $ 8,745,500
Gross depreciation......................... (480,370)
------------
Net appreciation........................... $ 8,265,130
===========
</TABLE>
- --------------------------------------------------------------------------------
* Also cost for Federal income tax purposes.
See Notes to Financial Statements.
36
<PAGE> 81
AMERICAN SKANDIA TRUST
FOUNDERS CAPITAL APPRECIATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
COMMON STOCK -- 84.0%
AUTO-PARTS/EQUIPMENT -- 0.6%
Tops Source Technologies,
Inc.*......................... 46,000 $ 319,125
-----------
BROADCASTING -- 0.5%
Comcast U.K. Cable Partners*.... 15,000 241,875
-----------
BROADCASTING & PUBLISHING -- 1.0%
SFX Broadcasting Cl-A........... 18,700 500,225
-----------
BUILDING & BUILDING SUPPLIES -- 2.1%
Cameron Ashley, Inc.*........... 20,000 265,000
Harsco Corp. ................... 15,000 791,250
-----------
1,056,250
-----------
BUSINESS SERVICES -- 2.1%
Insurance Auto Auctions,
Inc.*......................... 25,000 731,250
Norrell Corp. .................. 17,000 323,000
-----------
1,054,250
-----------
COMMUNICATION EQUIPMENT -- 1.9%
Anadigics, Inc.*................ 17,250 336,375
Tellabs, Inc.*.................. 12,000 577,500
-----------
913,875
-----------
COMPUTERS -- 13.4%
Adobe Systems, Inc. ............ 13,000 754,000
Alantec Corp.*.................. 14,000 479,500
Cerner Corp.*................... 6,000 367,500
HCIA, Inc.*..................... 8,000 250,000
Informix Corp.*................. 19,500 494,812
Network General Corp.*.......... 9,000 245,250
Opti, Inc.*..................... 55,750 1,268,312
Parametric Technology Corp.*.... 14,000 696,500
Pri Automation, Inc. ........... 15,000 491,250
Pyxis Corp.*.................... 18,000 407,250
Sterling Software, Inc.*........ 21,000 808,500
Stormedia Inc. ................. 9,750 307,123
-----------
6,569,997
-----------
COMPUTER SOFTWARE & SERVICES -- 4.2%
Arcsys, Inc.*................... 12,600 428,400
Broadway & Sey*................. 16,150 335,113
Dendrite International, Inc. ... 19,125 308,391
Eagle Point Software Corp. ..... 32,200 547,400
Trident Microsystems, Inc.*..... 21,875 453,906
-----------
2,073,210
-----------
CONSUMER GOODS & SERVICES -- 1.1%
Quicksilver, Inc.*.............. 20,000 525,000
-----------
DRUGS -- 1.4%
Watson Pharmaceuticals*......... 17,275 673,725
-----------
ELECTRICAL EQUIPMENT -- 2.6%
Microchip Technology, Inc.*..... 26,000 945,750
Sanmina*........................ 9,000 342,000
-----------
1,287,750
-----------
ELECTRONICS -- 9.0%
Alliance Semiconductor Corp. ... 20,000 980,000
Altera Corp. ................... 14,100 609,825
DSP Group, Inc.*................ 24,000 600,375
LAM Research Corp.*............. 10,000 640,000
LSI Logic Corp.*................ 20,000 782,500
Orbit Semiconductor, Inc. ...... 23,800 505,750
Tower Semiconductor LTD. ....... 11,250 326,250
-----------
4,444,700
-----------
ENTERTAINMENT -- 1.9%
Anchor Gaming................... 16,375 364,344
Movie Gallery*.................. 8,000 280,500
WMS Industries, Inc.*........... 16,000 314,000
-----------
958,844
-----------
FINANCIAL -- 1.1%
Banco Latinoamericano de
Exportaciones, SA*............ 4,000 132,500
Mercury Finance Co. ............ 20,000 385,000
-----------
517,500
-----------
FOODS -- 0.9%
General Nutrition Center,
Inc.*......................... 12,000 421,500
-----------
FUNERAL SERVICES -- 1.7%
Loewen Group, Inc. ............. 23,000 819,375
-----------
HEALTHCARE -- 0.5%
Healthsource, Inc.*............. 7,000 245,000
-----------
HOME FURNISHINGS/HOUSEWARES -- 1.7%
Catalina Lighting, Inc.......... 22,150 127,363
Williams-Sonoma, Inc.*.......... 35,000 770,000
-----------
897,363
-----------
HOTEL/GAMING -- 1.7%
Trump Hotels & Casino Resort*... 61,700 825,238
-----------
INSURANCE -- 1.0%
HCC Insurance Holdings*......... 18,000 468,000
-----------
LEISURE TIME -- 0.8%
Golf Enterprises, Inc.*......... 30,000 370,313
-----------
MANUFACTURING -- 5.3%
Asyst Technologies, Inc.*....... 25,000 928,125
Authentic Fitness Corp. ........ 40,000 670,000
Bolle America, Inc.*............ 24,000 159,000
Plantronics*.................... 14,000 374,500
Wolverine World Wide, Inc. ..... 22,500 466,875
-----------
2,598,500
-----------
</TABLE>
37
<PAGE> 82
AMERICAN SKANDIA TRUST
FOUNDERS CAPITAL APPRECIATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
MEDICAL & MEDICAL SERVICES -- 5.2%
Coram Healthcare Corp.*......... 20,000 $ 282,500
Gulf South Medical*............. 29,000 696,000
Hillhaven Corp.*................ 14,000 395,500
Horizon Healthcare Corp.*....... 19,725 352,584
Multicare Companies, Inc.*...... 26,000 451,750
Orthodontic Centers of
America, Inc. ................ 16,000 388,000
-----------
2,566,334
-----------
METALS & MINING -- 0.6%
Easco, Inc.*.................... 24,950 305,638
-----------
OFFICE EQUIPMENT -- 0.9%
Boise Cascade Office
Products*..................... 20,000 445,000
-----------
OIL & GAS -- 1.4%
Seitel, Inc.*................... 23,000 713,000
-----------
PHARMACEUTICAL -- 3.0%
Biogen, Inc.*................... 8,000 356,000
Circa Pharmaceuticals, Inc.*.... 35,000 1,115,625
-----------
1,471,625
-----------
RESTAURANTS -- 1.8%
Doubletree Corp.*............... 21,400 461,438
Uno Restaurant Corp.*........... 40,000 415,000
-----------
876,438
-----------
RETAILING -- 4.6%
Fusion System Corp.*............ 11,000 376,750
Proffitt's, Inc.*............... 13,475 400,881
Strouds, Inc.*.................. 70,000 420,000
The Sports Authority*........... 30,000 611,250
Trendlines*..................... 30,000 450,000
-----------
2,258,881
-----------
TELECOMMUNICATIONS -- 3.8%
ALC Communications Corp.*....... 22,000 992,750
Intelcom Group*................. 17,100 152,831
LCI International, Inc.*........ 24,125 738,828
-----------
1,884,409
-----------
TRANSPORTATION -- 1.0%
Mark VII, Inc. ................. 30,000 491,250
-----------
TEXTILES -- 1.5%
Nautica*........................ 20,000 725,000
-----------
TOYS -- 0.7%
Happiness Express, Inc.*........ 25,000 331,250
-----------
TRUCKING -- 0.9%
Celadon Group*.................. 28,000 427,000
-----------
UTILITIES-TELEPHONE -- 2.1%
Intermedia Communications of
Florida, Inc.*................ 32,000 360,000
Worldcom, Inc. ................. 25,000 675,000
-----------
1,035,000
-----------
TOTAL COMMON STOCK
(COST $33,057,956)................ 41,312,440
-----------
AMERICAN DEPOSITORY RECEIPTS -- 1.0%
DRUGS
Teva Pharmaceutical
Industries LTD.
(COST $304,524)............. 13,000 487,500
-----------
FOREIGN SECURITIES -- 5.0%
BROADCASTING -- 1.0%
Flextech PLC -- (UK)*........... 87,000 507,914
-----------
MANUFACTURING -- 1.0%
Hunter Douglas -- (NETH)........ 11,022 480,083
-----------
MANUFACTURING-OPTICAL GLASS -- 1.2%
Hoya Corp. -- (JPN)............. 20,000 590,145
-----------
RETAIL MERCHANDISING -- 1.0%
Next PLC Ord -- (UK)............ 86,000 467,191
-----------
TRANSPORTATION EQUIPMENT -- 0.8%
IHC Caland -- (NETH)............ 14,000 397,496
-----------
TOTAL FOREIGN SECURITIES
(COST $2,245,855)................. 2,442,829
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR
MATURITY (000)
-------- ------
<S> <C> <C> <C>
COMMERCIAL PAPER -- 13.5%
AUTOMOBILES -- 0.6%
Ford Motor Credit Co.
5.97%................ 07/03/95 $ 310 309,897
-----------
DIVERSIFIED -- 0.8%
General Electric
Capital Corp.
6.03%................ 07/11/95 400 399,330
-----------
ELECTRONICS -- 0.8%
Hitachi America, LTD.
5.97%................ 07/05/95 400 399,735
-----------
FINANCIAL -- 0.3%
Ciesco 6.05%........... 07/14/95 150 149,672
-----------
FOODS -- 2.0%
Golden Peanuts Co.
5.97%................ 07/06/95 1,000 999,171
-----------
</TABLE>
38
<PAGE> 83
AMERICAN SKANDIA TRUST
FOUNDERS CAPITAL APPRECIATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
-------- ------ -----------
<S> <C> <C> <C>
INSURANCE (LIFE) -- 2.2%
Met Life Funding Corp.
6.00%................ 07/07/95 $1,060 $ 1,058,940
-----------
RETAIL-MERCHANDISING -- 2.5%
Wal-Mart Stores Inc.
5.95%................ 07/10/95 1,225 1,223,178
-----------
TELECOMMUNICATION -- 0.3%
AT&T Capital Corp.
5.95%................ 07/14/95 165 164,645
-----------
TRANSPORTATION -- 1.6%
PHH Corp
6.00%................ 07/13/95 800 798,400
-----------
UTILITIES-ELECTRIC -- 2.4%
New England Power Co.
6.05%................ 07/10/95 420 419,365
-----------
6.00%................ 07/12/95 745 743,634
-----------
1,162,999
-----------
TOTAL COMMERCIAL PAPER
(COST $6,665,967)................... 6,665,967
-----------
TOTAL INVESTMENTS
(COST $42,274,302**) -- 103.5%...... 50,908,736
-----------
LIABILITIES IN EXCESS OF
OTHER ASSETS -- (3.5%).............. (1,707,136)
-----------
NET ASSETS -- 100.0%.................. $49,201,600
===========
The aggregate unrealized appreciation (depreciation) on a tax basis is
as follows:
Gross appreciation................ $ 9,596,045
Gross depreciation................ (961,611)
-----------
Net appreciation.................. $ 8,634,434
===========
COUNTRY ABBREVIATIONS
- ----------------------------------------------------------
NETH - Netherlands
JPN - Japan
UK - United Kingdom
</TABLE>
- --------------------------------------------------------------------------------
* Non-income producing securities.
** Also cost for Federal income tax purposes.
See Notes to Financial Statements.
39
<PAGE> 84
AMERICAN SKANDIA TRUST
T. ROWE PRICE INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
FOREIGN SECURITIES -- 90.4%
ARGENTINA -- 0.1%
Naviera Perez Companc............ 27,194 $ 114,215
Sociedad Comercial del Plata..... 14,380 35,519
Telecom Argentina Stet-Fran Tel
SA "B"......................... 10,450 47,652
-----------
197,386
-----------
AUSTRALIA -- 2.1%
Australian Gas Light Co. ........ 89,321 283,670
Broken Hill Proprietary Co.,
LTD. .......................... 23,334 287,137
Burns Philip..................... 59,783 124,875
Coca-Cola Amatil................. 20,057 123,976
Coca-Cola Amatil Rights*......... 5,014 0
Fletcher Challange LTD. ......... 12,000 33,591
Lend Lease Corp. ................ 9,000 114,970
Mayne Nickless................... 29,289 120,485
MIM Holdings LTD. ............... 35,000 43,267
News Corp. ...................... 58,130 324,618
News Corp., PFD. ................ 29,148 144,342
Publishing & Broadcasting........ 47,300 139,127
Sydney Harbour Casino
Holdings*...................... 130,000 134,386
Tab Corp. ....................... 56,000 115,780
TNT LTD Conv. PFD. Cl-A.......... 96,000 132,320
TNT LTD.*........................ 135,000 177,442
Western Mining Corp. ............ 40,377 221,750
Westpac Banking Corp. ........... 30,000 108,490
Woodside Petroleum LTD. ......... 53,000 207,858
-----------
2,838,084
-----------
AUSTRIA -- 0.1%
Creditanstalt-Bankverein PFD. ... 550 31,734
Flughafen Wien AG................ 971 51,731
Oesterreichsche Elekrizitats..... 1,180 86,652
-----------
170,117
-----------
BELGIUM -- 1.3%
Fortis AG........................ 1,080 114,304
Generale Banque.................. 890 286,027
Krediet Bank NPV................. 2,760 653,122
Societe Generale de Belgique..... 220 16,013
U.C.B. NPV....................... 669 668,059
-----------
1,737,525
-----------
BRAZIL -- 0.5%
Brazil Fund, Inc.***............. 25,110 630,889
-----------
CANADA -- 0.4%
Alcan Aluminum................... 11,370 343,075
Macmillan Bloedel................ 5,780 81,283
Royal Bank of Canada............. 5,140 114,857
-----------
539,215
-----------
CHILE -- 0.4%
Five Arrows Chile Investment
Trust***....................... 54,120 159,383
Genesis Chile Fund***............ 5,130 187,245
The Chile Fund***................ 3,847 206,776
-----------
553,404
-----------
DENMARK -- 0.3%
Den Danske Bank AB............... 2,340 146,941
Teledanmark Series C1-B.......... 1,180 65,683
Unidanmark....................... 3,310 162,480
-----------
375,104
-----------
FINLAND -- 0.2%
Nokia Series Cl-A................ 5,304 310,175
-----------
FRANCE -- 7.9%
Accor............................ 3,680 490,333
Assurances Generales de France... 1,600 51,284
Carrefour........................ 1,670 855,960
Charguers SA..................... 1,744 339,929
Ecco Ste Ord. ................... 3,379 530,375
Generale des Eaux................ 13,150 1,464,637
GTM Entrepose.................... 2,100 165,547
L'Oreal.......................... 710 178,221
Lafarge-Coppee SA................ 5,210 405,340
Lapeyre.......................... 4,775 314,177
Legrand.......................... 2,600 412,928
Louis Vuitton Moet Hennessy...... 3,620 651,828
Peugeot.......................... 965 133,953
Pinault Printemps Redoute........ 1,933 414,644
Poliet........................... 4,250 386,141
Primagaz (Cie des Gaz Petrole)... 425 74,072
Rexel............................ 925 160,262
Societe Generale................. 1,110 129,813
Societe Nationale Elf
Aquitaine...................... 6,680 493,942
Sodexho SA....................... 1,150 259,730
St. Gobain....................... 6,750 815,853
Television Francais.............. 8,370 824,346
Total Cl-B....................... 7,660 461,341
Valeo............................ 14,630 711,841
-----------
10,726,497
-----------
GERMANY -- 5.1%
Allianz AG Holdings Warrants*.... 70 63,282
Allianz Rfd. .................... 24 17,357
Allianz Holdings Reg'd. ......... 347 622,126
Altana AG........................ 232 125,757
Ava Allgemeine Handels........... 255 102,354
Bayer AG......................... 1,908 474,275
Bayerische Motoren Werke......... 166 91,122
Bilfinger & Berger Bau AG........ 630 291,148
Buderus AG....................... 216 106,227
Deutsche Bank AG................. 8,390 413,220
</TABLE>
40
<PAGE> 85
AMERICAN SKANDIA TRUST
T. ROWE PRICE INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
GERMANY (CONT'D)
Fielmann......................... 3,712 $ 169,130
Gehe............................. 1,626 750,263
Gehe AG Def del*................. 406 184,399
Hoechst AG....................... 1,280 276,329
Hornbach......................... 208 279,800
Hornbach Baumarkt AG............. 130 87,908
Krones AG PFD. .................. 456 217,661
Mannesmann....................... 2,412 737,015
Rhoen-Klinicum AG................ 360 424,387
Schering AG...................... 7,820 546,897
Schering (Axel) Verlag AG*....... 245 138,208
Veba AG.......................... 816 320,451
Veba AG Warrants*................ 1,220 161,908
Volkswagen AG.................... 775 223,358
Volkswagen International Finance
Warrants*...................... 370 27,562
-----------
6,852,144
-----------
HONG KONG -- 2.7%
Great Eagle*..................... 84,200 179,538
Hong Kong Land Holdings
(Singapore Reg.)............... 328,184 597,295
Hopewell Holdings Ord. .......... 3,402 2,880
Hutchison Whampoa................ 198,000 956,967
Shanghai Petrochemical Co.,
LTD. .......................... 778,000 243,810
Swire Pacific LTD. Cl-A.......... 67,000 510,842
Wharf Holdings................... 295,000 962,595
Yizheng Chemical Fibre Co. ...... 708,000 247,034
-----------
3,700,961
-----------
ITALY -- 2.0%
Assicurazioni Generali........... 30,756 723,062
Banca Fideuram................... 126,770 144,016
Danieli & Co. ................... 14,954 45,488
Danieli Warrants*................ 875 642
Instituto Mobiliare Italiano..... 7,000 42,843
Instituto National
Assicurazioni.................. 57,480 76,476
Italgas Ord. .................... 45,936 119,369
Ras Ord. ........................ 2,410 25,529
Rinascente....................... 16,800 95,479
Sasib di Risp.................... 35,260 94,645
SME (Meridionale di
Finanziara).................... 39,100 97,541
Stet di Risp..................... 46,220 102,727
Stet Ord. ....................... 134,480 372,071
Stet Warrants*................... 1,000 15,592
Telecom Italia SPA Ord. ......... 162,773 441,393
Telecom Italia SPA Risp.......... 100,718 213,075
Union Cem March Emil SPA......... 8,642 51,519
-----------
2,661,467
-----------
JAPAN -- 22.8%
Advantest Co., LTD. ............. 8,000 302,154
Alps Electric Co., LTD. ......... 27,000 282,986
Amada Co. ....................... 53,000 453,526
Canon, Inc. ..................... 53,000 863,263
Citizen Watch Co. ............... 29,000 179,699
Dai Ichi Seiyaku................. 49,000 717,144
Dai Nippon Screen
Manufacturing.................. 42,000 282,561
Daifuku Co., LTD. ............... 11,000 123,210
Daiwa House Industry Co. ........ 47,000 721,157
DDI Corp. ....................... 30 240,779
East Japan Railway............... 138 708,528
Fanuc Co. ....................... 11,000 475,184
Hitachi LTD. .................... 80,000 797,875
Hitachi Zosen.................... 45,000 181,647
Honda Motor Co. ................. 20,000 306,875
Inax............................. 27,000 260,360
Ishihara Sangyo Kaisha LTD. ..... 24,000 71,384
Ito-Yokado Co. .................. 15,000 791,384
Kawada Kogyo..................... 9,000 72,765
Kokuyo Co., LTD. ................ 20,000 448,510
Komatsu LTD. .................... 77,000 588,008
Komori Corp. .................... 19,000 387,961
Kumagai Gumi Co. ................ 52,000 217,881
Kuraray Co., LTD. ............... 49,000 532,653
Kyocera.......................... 20,000 1,647,684
Makita Electric.................. 35,000 479,197
Matsushita Electric.............. 52,000 810,150
Mauri Co. ....................... 44,000 701,092
Mitsubishi Corp. ................ 31,000 353,084
Mitsubishi Heavy Industry........ 168,000 1,142,142
Mitsubishi Paper Mills LTD. ..... 38,000 200,035
Mitsui Fudosan................... 77,000 882,467
Mitsui Petrochemical
Industries..................... 22,000 166,704
Murata Manufacturing Co. ........ 15,000 568,309
National House Industrial Co. ... 12,000 222,366
NEC Corp. ....................... 70,000 767,542
Nippon Denso..................... 53,000 963,352
Nippon Hodo...................... 14,000 246,208
Nippon Steel Corp. .............. 244,000 794,854
Nomura Securities................ 31,000 541,517
Pioneer Electronic Corp. ........ 29,000 492,889
Sangetsu Co. .................... 9,000 239,009
Sankyo Pharmaceuticals........... 24,900 578,967
Sega Enterprises................. 9,700 344,609
Sekisui Chemical Co., LTD. ...... 61,000 719,976
Sekisui House.................... 43,000 532,901
Seven Eleven Japan Co., LTD. .... 6,000 429,861
Sharp Corp. ..................... 57,000 753,497
Shin-Etsu Chemical Co. .......... 26,000 457,244
Sony Corp. ...................... 15,400 739,782
Sumitomo Corp. .................. 88,000 801,841
</TABLE>
41
<PAGE> 86
AMERICAN SKANDIA TRUST
T. ROWE PRICE INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
JAPAN (CONT'D)
Sumitomo Electric Industries..... 75,000 $ 894,069
Sumitomo Forestry Co., LTD. ..... 27,000 449,336
Taisho Pharmaceutical Co. ....... 7,000 135,497
TDK Corp. ....................... 14,000 637,828
Teijin........................... 91,000 436,070
Tokio Marine & Fire Insurance
Co. ........................... 28,000 321,228
Tokyo Electron................... 14,000 479,197
Tokyo Steel Manufacturing........ 17,000 290,941
Toppan Printing.................. 19,000 248,923
Yurtec Corp. .................... 12,000 263,441
-----------
30,741,303
-----------
KOREA -- 1.0%
Hanil Securities Co.*............ 2,060 23,598
Korea Electric Power Corp. ...... 6,600 254,438
Pohang Iron & Steel Co. ......... 4,000 400,143
Samsung Electronics Co. ......... 1,040 181,473
Samsung Electronics Co. Def
del*........................... 205 35,168
Samsung Electronics Co. Def del
PFD.*.......................... 593 55,469
Samsung Electronics Co. PFD. .... 3,000 280,620
Yukong*.......................... 3,471 147,174
Yukong Def del*.................. 284 11,835
-----------
1,389,918
-----------
MALAYSIA -- 3.4%
Affin Holdings Berhad............ 397,000 700,349
Affin Holdings Warrants*......... 72,600 45,868
Aokam Perdana.................... 92,000 228,349
Berjaya Sports Toto.............. 181,000 320,788
Commerce Asset Holdings Berhad
Warrants*...................... 33,000 87,323
Multi-Purpose Holdings........... 305,000 538,051
Renong Berhad.................... 324,000 603,471
Technology Resources Industry*... 314,000 901,744
United Engineers................. 178,000 1,131,897
-----------
4,557,840
-----------
MEXICO -- 0.6%
Cemex SA Cl-B.................... 30,169 108,039
Fomento Ecenomico Mexicano SA.... 26,269 61,735
Gruma SA de CV Bcp*.............. 22,333 62,340
Grupo Embotellador de Mexico Cl-B
NPV............................ 3,360 5,254
Grupo Embotellador de Mexico def
del CPO (Cl-B/D/L)............. 32,797 170,408
Grupo Fin Banamex "L"............ 736 1,115
Grupo Financiero Banamex Accivl
Cl-B........................... 14,739 22,323
Grupo Financiero Bancomer Cl-L... 86 22
Grupo Industrial Maseca SA de
CV Cl-B........................ 109,015 72,851
Grupo Sidek SA de CV............. 36,774 32,218
Tolmex Class Cl-B2............... 61,010 237,993
-----------
774,298
-----------
NETHERLANDS -- 9.8%
ABN AMRO Holdings NV............. 10,260 395,914
Ahold NV......................... 8,060 288,656
AKZO Nobel NV.................... 4,189 500,615
CSM.............................. 15,774 695,208
Elsevier NV...................... 223,520 2,639,489
Fortis Amev NV................... 6,817 371,708
Hagemeyer........................ 3,472 154,814
International Nederlanden Groep
NV............................. 15,140 837,258
Koninklijke Nederland............ 8,324 299,185
Nutricia Verenigde Bedrijven..... 2,570 178,276
Polygram......................... 18,005 1,063,082
Royal Dutch Petroleum............ 15,370 1,876,495
Unilever......................... 5,850 761,025
Wolters Kluwer................... 36,654 3,233,272
-----------
13,294,997
-----------
NEW ZEALAND -- 1.0%
Air New Zealand LTD. ............ 113,000 328,504
Carter Holt Harvey............... 64,000 156,543
Fernz Corp. ..................... 29,100 83,625
Fletcher Challange............... 85,000 238,584
Fletcher Challenge Forest
Division....................... 77,000 101,375
New Zealand Telecom.............. 110,000 411,674
-----------
1,320,305
-----------
NORWAY -- 1.5%
Bergesen Cl-A Ord. .............. 3,710 84,291
Kvaerner Industrier.............. 5,230 237,650
Norsk Hydro AS................... 22,420 940,534
Orkla Class Cl-A................. 14,990 671,412
Saga Petroleum................... 3,650 48,276
-----------
1,982,163
-----------
PORTUGAL -- 0.3%
Jeronimo Martins................. 7,140 361,519
-----------
SINGAPORE -- 2.4%
DBS Land......................... 88,000 275,906
Far East-Levingston.............. 30,000 143,880
Jurong Shipyard.................. 35,000 250,537
Keppel Corporation............... 16,000 130,565
Neptune Orient Lines............. 76,000 88,132
Overseas Union Bank LTD.
Foreign........................ 19,000 119,685
Overseas Union Enterprises....... 40,000 244,810
Sembawang Shipyard............... 41,000 249,463
Singapore International
Airlines....................... 34,000 313,958
Singapore Land................... 56,000 366,786
Singapore Press Holdings
Foreign........................ 18,000 269,291
United Industrial Corp. ......... 134,000 129,492
</TABLE>
42
<PAGE> 87
AMERICAN SKANDIA TRUST
T. ROWE PRICE INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
SINGAPORE (CONT'D)
United Overseas Bank............. 63,400 $ 599,055
United Overseas Bank Warrants*... 17,092 80,750
-----------
3,262,310
-----------
SPAIN -- 2.3%
Banco de Santander SA............ 7,440 293,409
Banco Popular Espanol............ 1,280 190,287
Centros Comerciales Pryca
Ord. .......................... 22,506 418,223
Empresa Nacional de Electric..... 13,768 679,985
Fomentos de Construcciones Y
Contra......................... 2,360 200,760
Gas Natural SDG.................. 3,523 420,735
Iberdrola SA..................... 35,623 268,320
Repsol SA........................ 13,924 438,144
Sevillana de Electricidad........ 22,045 135,642
-----------
3,045,505
-----------
SWEDEN -- 2.1%
AGA AB Cl-B (Zurich Reg.)........ 2,500 29,860
ASEA AB Cl-A..................... 3,260 281,050
Astra AB Cl-B.................... 29,990 903,065
Atlas Copco AB Cl-B.............. 18,700 259,694
Electrolux Co. .................. 9,860 448,749
Esselte.......................... 3,080 38,326
Frigoskandia Cl-B................ 500 2,097
Hennes & Mauritz AB Cl-B......... 4,180 244,841
Sandvik AB Cl-A.................. 3,610 65,024
Sandvik AB Cl-B.................. 19,140 347,388
Scribona Cl-B.................... 1,510 11,108
Stora Kopparbergs Cl-B........... 13,500 182,839
-----------
2,814,041
-----------
SWITZERLAND -- 3.9%
Brown, Boveri & Cie Cl-A......... 1,167 1,208,360
Ciba Geigy AG.................... 420 307,922
CS Holdings...................... 3,310 303,340
Nestle SA........................ 968 1,008,193
Roche Holdings AG................ 175 1,127,953
Sandoz AG........................ 807 556,600
Swiss Bank Corp. ................ 1,340 474,913
Union Bank of Switzerland........ 280 290,167
-----------
5,277,448
-----------
THAILAND -- 1.2%
Advanced Information
Services -- Foreign............ 7,900 117,132
Bangkok Bank..................... 32,500 358,112
Bank of Ayudhya.................. 31,000 151,955
Land and House Public Co. ....... 4,400 92,688
Siam Cement Public Co. .......... 4,300 274,531
Siam Commercial Bank............. 17,300 165,396
Thai Farmer Bank Foreign......... 29,200 279,165
United Communications
Industries -- Foreign.......... 8,900 129,795
-----------
1,568,774
-----------
UNITED KINGDOM -- 15.0%
Abbey National................... 113,000 841,258
Argos............................ 69,160 475,273
Argyll Group..................... 97,660 521,988
Asda Group....................... 290,450 438,935
British Airports Authorities..... 15,440 120,842
British Gas...................... 74,210 341,756
British Petroleum Co. ........... 43,840 314,174
Cable & Wireless................. 113,000 772,951
Cadbury Schweppes................ 93,456 682,378
Caradon PLC...................... 187,700 704,663
Clyde Petroleum.................. 45,090 30,126
Coats Viyella.................... 53,270 157,616
Compass Group PLC................ 22,000 129,838
East Midlands Electricity........ 44,385 453,290
Eastern Electricity.............. 13,140 135,867
First National Finance Corp.,
PFD. .......................... 12,820 18,354
First National Finance Corp. .... 5,000 12,130
Glaxo Wellcome PLC............... 70,000 859,090
Grand Metropolitan Ord. ......... 124,300 762,255
Guinness Ord. ................... 102,640 772,294
Heath............................ 10,000 32,292
Heywood Williams Group Ord. ..... 22,010 78,778
Hillsdown Holdings............... 55,160 157,943
Kingfisher....................... 84,950 574,324
Ladbroke Group................... 83,000 223,136
Laing (John)..................... 60,000 197,572
London Electricity Ord. ......... 62,770 641,050
National Westminster Ord. ....... 182,670 1,586,590
Rank Organisation PLC, Reg'd. ... 92,120 581,767
Reed International............... 109,370 1,536,257
Rolls-Royce...................... 46,140 128,079
RTZ Corp Ord., Reg'd. ........... 49,600 646,994
Sears Holdings................... 44,490 70,419
Shell Transport & Trading Co.,
Ord. .......................... 73,630 879,629
Smith David Holdings............. 41,950 432,426
Smithkline Beecham............... 179,220 1,590,837
South Western Electricity........ 12,850 136,957
Spring Ram Corp. ................ 12,000 6,872
T & N Corp. ..................... 115,680 310,072
Tesco............................ 83,000 382,896
</TABLE>
43
<PAGE> 88
AMERICAN SKANDIA TRUST
T. ROWE PRICE INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
UNITED KINGDOM (CONT'D)
Tomkins Ord. .................... 231,220 $ 827,585
United News and Media PLC........ 75,470 624,285
-----------
20,191,838
-----------
TOTAL FOREIGN SECURITIES
(COST $118,492,896)................ 121,875,227
-----------
AMERICAN DEPOSITORY RECEIPTS -- 2.7%
A.F.P. Provida SA*............... 1,152 30,960
Banco de Galicia Buenos Aires
SA............................. 5,261 82,861
Buenos Aires Embotelladora....... 2,878 72,310
Chilectra Metropolitana SA....... 2,386 121,166
Chilgener SA..................... 2,020 63,883
Cifra SA de CV NPV............... 358,754 494,722
Companhia Energetica de Minas
Geras.......................... 6,068 119,873
Compania de Telefonos de Chile
SA............................. 699 56,881
Electrobras-Centrais Eletr
Bras........................... 11,248 152,613
Empresa National de Electricidad
SA............................. 7,797 206,621
Enersis SA....................... 2,324 68,558
Enron Global Power & Pipeline.... 1,356 32,205
Huaneng Power International
Inc. .......................... 14,000 257,250
Panamerica Beverages............. 5,210 156,300
Repsol SA........................ 110 3,479
Sociedad Comercial del Plata*.... 1,640 40,521
Telebras......................... 23,183 791,375
Telecome Argentina Cl-B.......... 941 42,816
Telecomunicacoes Brasileiras
SA............................. 217 7,408
Telefonica de Argentina*......... 11,020 272,745
Telefonos de Mexico.............. 20,594 610,097
-----------
TOTAL AMERICAN DEPOSITORY RECEIPTS
(COST $4,702,373).................. 3,684,644
-----------
AMERICAN DEPOSITORY SECURITIES -- 0.4%
Banco Frances del Rio de la
Plata.......................... 2,299 41,382
Cervecerias Unidas............... 3,628 96,596
Cesp-Cia Energetica de Sao
Paolo*......................... 5,020 57,128
Sociedad Anoni................... 11,440 215,930
Transportadora de Gas del Sur.... 2,632 27,636
Usinas Siderurgicas de Minas
Gerais SA...................... 11,096 124,164
-----------
TOTAL AMERICAN DEPOSITORY SECURITIES
(COST $664,465).................... 562,836
-----------
GLOBAL DEPOSITORY RECEIPTS -- 0.3%
Samsung Electronics Co. *........ 605 32,216
Samsung Electronics Co. def
del*........................... 7,060 375,945
-----------
TOTAL GLOBAL DEPOSITORY RECEIPTS
(COST $381,285).................... 408,161
-----------
GLOBAL DEPOSITORY SECURITIES -- 0.2%
Grupo Financiero Bancomer SA
Cl-B........................... 2,330 13,689
Grupo Televisia.................. 10,789 219,826
-----------
TOTAL GLOBAL DEPOSITORY SECURITIES
(COST $533,840).................... 233,515
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY****
MATURITY (000)
--------- ------------
<S> <C> <C> <C>
FOREIGN BONDS -- 0.0%
BELGIUM 0.0%
Kredietbank NV
5.75%........................ 11/30/03 900 28,522
------------
ITALY 0.0%
Danieli & Co.
7.25%........................ 01/01/00 5,250 2,631
------------
TOTAL FOREIGN BONDS
(COST $29,722)............................. 31,153
------------
TOTAL INVESTMENTS
(COST
$124,804,581**) -- 94.0%....... 126,795,536
OTHER ASSETS LESS
LIABILITIES -- 6.0%............ 8,103,021
------------
NET ASSETS -- 100.0%............. $134,898,557
===========
The aggregate unrealized appreciation (depreciation) on a tax basis is as
follows:
Gross appreciation......................... $ 10,592,173
Gross depreciation......................... (8,601,218)
------------
Net appreciation........................... $ 1,990,955
===========
</TABLE>
- --------------------------------------------------------------------------------
* Non-income producing securities.
** Also cost for Federal income tax purposes.
*** Closed-end funds.
**** Currency of countries indicated.
See Notes to Financial Statements.
44
<PAGE> 89
AMERICAN SKANDIA TRUST
EAGLE GROWTH EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ ----------
<S> <C> <C>
COMMON STOCK -- 88.3%
BANKS -- 6.7%
Citicorp........................... 2,000 $ 115,750
Crestar Financial Corp. ........... 700 34,300
First Union Corp. ................. 2,000 90,500
Fleet Financial Group, Inc. ....... 1,800 66,825
Integra Financial Corp. ........... 800 38,900
MBNA Corp. ........................ 1,500 50,625
NationsBank Corp. ................. 1,300 69,713
Old Kent Financial Corp. .......... 1,000 34,000
----------
500,613
----------
BEVERAGES & BOTTLING -- 3.2%
Anheuser-Busch Companies, Inc. .... 900 51,187
Coca-Cola Co. ..................... 3,000 191,250
----------
242,437
----------
BROADCASTING -- 4.5%
Capital Cities ABC, Inc. .......... 600 64,800
Infinity Broadcasting Corp.*....... 750 25,031
Tele-Communications, Inc.*......... 9,500 222,656
Turner Broadcasting System,
Inc. ............................ 1,200 24,000
----------
336,487
----------
BUSINESS SERVICES -- 2.5%
Service Corp. International........ 6,000 189,750
----------
CELLULAR TELEPHONE -- 3.3%
Airtouch Communications, Inc.*..... 6,000 171,000
Cellular Communications, Inc.*..... 1,600 72,800
----------
243,800
----------
CHEMICALS -- 0.5%
Ecolab, Inc. ...................... 1,600 39,200
----------
COMMUNICATIONS-INFORMATION -- 2.6%
American Express DECS.............. 2,000 97,000
First Data Corp. .................. 1,200 68,250
General Motors Cl-E................ 600 26,100
----------
191,350
----------
CONSUMER DURABLES -- 1.8%
Eastman Kodak Co. ................. 2,200 133,375
----------
CONTAINERS -- 0.9%
Crown Cork & Seal Co., Inc.*....... 1,300 65,162
----------
COSMETICS-TOILETRY -- 1.2%
Avon Products, Inc. ............... 1,300 87,100
----------
ELECTRONICS -- 0.7%
AMP, Inc. ......................... 1,300 54,925
----------
ENERGY -- 1.7%
AES Corp.*......................... 6,000 114,000
Sithe Energies, Inc.*.............. 1,200 11,700
----------
125,700
----------
ENTERTAINMENT -- 7.3%
Circus Circus Enterprises, Inc.*... 3,000 105,750
Gaylord Entertainment, Inc. ....... 4,725 119,306
Mirage Resorts, Inc.*.............. 3,000 91,875
Promus Companies, Inc.*............ 2,300 64,688
Time Warner, Inc. ................. 4,000 164,500
----------
546,119
----------
FINANCIAL -- 12.1%
AMBAC, Inc. ....................... 4,400 176,550
Federal Home Loan Mortgage
Corp. ........................... 5,000 343,750
Federal National Mortgage
Association...................... 3,400 320,875
Student Loan Marketing Corp. ...... 1,400 65,625
----------
906,800
----------
HEALTHCARE -- 1.4%
Beverly Enterprises, Inc.*......... 4,100 50,737
Laboratory Corporation of
America*......................... 4,000 53,000
----------
103,737
----------
HOSPITAL MANAGEMENT -- 0.5%
Tenet Health Care Corp.*........... 2,700 38,813
----------
HOTELS/RESTAURANTS -- 2.2%
Host Marriott Corp.*............... 3,500 37,188
Marriott International, Inc. ...... 3,500 125,563
----------
162,751
----------
HOUSEHOLD PRODUCTS -- 6.6%
Duracell International Corp. ...... 2,300 99,475
Gillette Co. ...................... 2,000 89,250
Procter & Gamble Co. .............. 4,200 301,875
----------
490,600
----------
INSURANCE -- 0.8%
Western National Corp. ............ 5,000 61,875
----------
MANUFACTURING -- 2.0%
Corning, Inc. ..................... 4,500 147,375
----------
OIL & GAS -- 0.6%
Williams Companies, Inc. .......... 1,200 41,850
----------
PUBLISHING -- 7.7%
Belo (A.H.) Corp. ................. 1,200 36,750
Gannett, Inc. ..................... 3,200 173,600
New York Times Co., Cl-A........... 1,700 39,950
Scripps (E.W.) Co. ................ 4,000 129,000
Tribune Co. ....................... 2,000 122,750
Valassis Communications, Inc.*..... 4,500 75,375
----------
577,425
----------
</TABLE>
45
<PAGE> 90
AMERICAN SKANDIA TRUST
EAGLE GROWTH EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ ----------
<S> <C> <C>
REAL ESTATE -- 2.6%
Manufactured Homes Corp. .......... 3,000 $ 46,125
Newhall Land & Farm Co. ........... 3,400 47,175
The Rouse Co. ..................... 5,000 98,125
----------
191,425
----------
RESTAURANTS -- 2.3%
McDonald's Corp. .................. 4,400 172,150
----------
RETAIL SPECIALTY -- 0.3%
Home Depot, Inc. .................. 500 20,312
----------
TELECOMMUNICATIONS -- 4.5%
AT&T Corp. ........................ 6,400 340,000
----------
TOBACCO -- 1.6%
RJR Nabisco Holdings Corp. ........ 4,400 122,650
----------
TOYS -- 0.7%
Hasbro, Inc. ...................... 1,700 53,975
----------
UTILITIES-NATURAL GAS -- 0.4%
UGI Corp. ......................... 1,500 31,688
----------
UTILITIES-TELEPHONE -- 2.4%
Telephone & Data Systems, Inc. .... 5,000 181,875
----------
WASTE MANAGEMENT -- 2.7%
Wheelabrator Technologies, Inc. ... 4,000 61,500
WMX Technologies, Inc. ............ 5,000 141,875
----------
203,375
----------
TOTAL COMMON STOCK
(COST $6,059,632).................... 6,604,694
----------
AMERICAN DEPOSITORY RECEIPTS -- 4.0%
BUSINESS SERVICES -- 2.0%
Reuters Holdings PLC............... 3,000 150,375
----------
CELLULAR TELEPHONE -- 2.0%
Vodafone Group..................... 4,000 151,500
----------
TOTAL AMERICAN DEPOSITORY RECEIPTS
(COST $253,790)...................... 301,875
----------
SHORT TERM INVESTMENTS -- 6.8%
Temporary Investment Cash Fund..... 252,119 252,119
Temporary Investment Fund.......... 252,119 252,119
----------
(COST $504,238).................. 504,238
----------
TOTAL INVESTMENTS
(COST $6,817,660**) -- 99.1%......... 7,410,807
OTHER ASSETS LESS
LIABILITIES -- 0.9%.................. 68,657
----------
NET ASSETS -- 100.0%................... $7,479,464
==========
The aggregate unrealized appreciation (depreciation) on a tax basis is
as follows:
Gross appreciation......................... $ 646,222
Gross depreciation......................... (53,075)
----------
Net appreciation........................... $ 593,147
==========
</TABLE>
- --------------------------------------------------------------------------------
* Non-income producing securities.
** Also cost for Federal income tax purposes.
See Notes to Financial Statements.
46
<PAGE> 91
AMERICAN SKANDIA TRUST
AST SCUDDER INTERNATIONAL BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY**
MATURITY (000) VALUE
--------- ---------- -----------
<S> <C> <C> <C>
FOREIGN BONDS -- 84.8%
AUSTRALIA -- 5.7%
Australian Government
10.50%.............. 09/15/95 305 $ 217,926
6.75%............... 11/15/06 1,150 675,179
10.00%.............. 10/15/07 350 261,807
Treasury Corp. of
Victoria
8.25%............... 10/15/03 495 335,861
---------
1,490,773
---------
CANADA -- 2.7%
Canadian Government
8.50%............... 03/01/00 410 309,373
Canadian Mortgage
Backed #96403720
9.875%.............. 05/01/96 250 184,654
Canadian Mortgage
Backed #96404611
8.25%............... 12/01/96 284 208,595
---------
702,622
---------
DENMARK -- 5.9%
Denmark Government
9.00%............... 11/15/00 4,800 927,013
8.00%............... 05/15/03 2,400 435,032
7.00%............... 12/15/04 1,000 168,195
---------
1,530,240
---------
FINLAND -- 2.1%
Finland Government
8.75%............... 10/17/01 400 548,092
---------
FRANCE -- 10.5%
French O.A.T.
8.50%............... 03/28/00 1,000 216,983
6.75%............... 04/25/02 275 344,244
8.50%............... 04/25/23 3,700 789,388
6.00%............... 10/25/25 1,300 202,945
French O.A.T.
Principal Strip
0.00%............... 10/25/19 32,000 884,031
Societe National des
Chemin Fee
8.88%............... 08/11/23 1,400 303,326
---------
2,740,917
---------
GERMANY -- 11.6%
German Government
8.38%............... 05/21/01 3,115 2,437,434
6.25%............... 01/04/24 970 593,234
---------
3,030,668
---------
ITALY -- 5.8%
Italian Government
10.50%.............. 04/15/98 2,150,000 1,273,798
---------
8.50%............... 01/01/99 415,000 229,589
---------
1,503,387
---------
JAPAN -- 13.6%
Japan Development Bank
6.50%............... 09/20/01 41,000 596,381
World Bank Euro
4.75%............... 12/20/04 106,900 1,468,701
World Bank Note
5.25%............... 03/20/02 106,700 1,473,398
---------
3,538,480
---------
NETHERLANDS -- 4.3%
Netherland Government
7.75%............... 01/15/00 700 479,954
6.50%............... 04/15/03 1,000 634,413
---------
1,114,367
---------
NEW ZEALAND -- 3.3%
New Zealand Government
8.00%............... 04/15/04 555 380,459
8.00%............... 11/15/06 700 482,135
---------
862,594
---------
NORWAY -- 1.6%
Kingdom of Norway
9.00%............... 07/01/96 300 408,454
---------
POLAND -- 1.4%
Poland Government
Discount FRN
7.13%............... 10/27/24 150 115,219
Poland Government PDI
FRN
3.25%............... 10/27/14 400 240,000
---------
355,219
---------
PORTUGAL -- 0.9%
Portugal Government
7.70%............... 06/07/05 1,100 224,048
---------
SPAIN -- 1.7%
Spanish Government
7.40%............... 07/30/99 63,000 451,427
---------
</TABLE>
47
<PAGE> 92
AMERICAN SKANDIA TRUST
AST SCUDDER INTERNATIONAL BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY**
MATURITY (000) VALUE
--------- ---------- -----------
<S> <C> <C> <C>
SWEDEN -- 3.6%
Swedish Government
11.00%.............. 01/21/99 3,000 $ 418,065
10.25%.............. 05/05/00 3,800 516,852
-----------
934,917
-----------
UNITED KINGDOM -- 10.1%
European Investment
Bank
9.50%............... 12/09/09 150 251,869
International Bank
Reconstructive &
Development
9.25%............... 07/20/07 100 163,534
United Kingdom
Government Bonds
9.13%............... 02/21/01 425 597,918
8.50%............... 12/07/05 455 725,832
8.00%............... 12/07/15 575 876,385
-----------
2,615,538
-----------
TOTAL FOREIGN BONDS
(COST $21,535,407)................. 22,051,743
-----------
OPTIONS -- 0.2%
Call option on British Pounds,
strike price GBP 1.5808, expire
7/22/95.......................... (6,015)
Put option on Deutschemark, strike
price DEM 1.45, expire 8/19/95... 2,800
Put option on Deutschemark, strike
price DEM 1.47, expire
10/21/95......................... 4,346
Put option on Deutschemark, strike
price DEM 1.41, expire 8/19/95... 6,276
Put option on Deutschemark, strike
price DEM 1.465, expire 8/19/95.. 1,425
Call option on Deutschemark, strike
price DEM 1.335, expire
9/16/95.......................... (8,758)
Put option on Deutschemark, strike
price DEM 1.47, expire 11/18/95.. 6,327
Call option on French Francs,
strike price FRF 4.79, expire
8/19/95.......................... (15,216)
Put option on French Francs, strike
price FRF 5.214, expire 8/19/95.. 1,192
Put option on French Francs, strike
price FRF 5.22, expire 1/20/96... $ 8,700
Put option on Yen, strike price
JPY 86.57, expire 7/22/95........ 44,108
Call option on Yen, strike price
JPY 74.50, expire 10/21/95....... (1,567)
Put option on Yen, strike price
JPY 88.52, expire 10/21/95....... 14,071
Put option on Yen, strike price
JPY 88.00, expire 12/16/95....... 7,634
Call option on Swedish Krona,
strike price SEK 7.4875, expire
7/22/95.......................... (10,393)
Call option on Swedish Krona,
strike price SEK 7.3145, expire
8/19/95.......................... (10,626)
----------
TOTAL OPTIONS
(COST $171,814)...................... 44,304
----------
</TABLE>
<TABLE>
<CAPTION>
PAR
MATURITY (000)
--------- -----
<S> <C> <C> <C>
COMMERCIAL PAPER -- 11.6%
American Express Co.
5.85%...................... 07/03/95 $ 800 800,000
Ford Motor Credit Co.
5.92%...................... 07/03/95 800 800,000
Household Finance Corp.
5.75%...................... 07/03/95 611 611,000
Prudential Funding Corp.
6.00%...................... 07/03/95 800 800,000
TOTAL COMMERCIAL PAPER
(COST $3,011,000)............ 3,011,000
-----------
TOTAL INVESTMENTS
(COST $24,718,221*) -- 96.6%. 25,107,047
OTHER ASSETS LESS
LIABILITIES -- 3.4%.......... 890,955
-----------
NET ASSETS -- 100.0%........... $25,998,002
===========
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
Gross appreciation.................... $ 641,343
Gross depreciation.................... (252,517)
Net appreciation...................... $ 388,826
</TABLE>
- --------------------------------------------------------------------------------
* Also cost for Federal income tax purposes.
** Currency of countries indicated.
See Notes to Financial Statements.
48
<PAGE> 93
AMERICAN SKANDIA TRUST
BERGER CAPITAL GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-------- -----------
<S> <C> <C>
COMMON STOCK -- 69.5%
AUTOMOTIVE PARTS-EQUIPMENT -- 1.1%
Lear Seating Corp.*............ 10,000 $ 228,750
-----------
BUILDING & BUILDING
SUPPLIES -- 1.1%
Home Depot, Inc. .............. 6,000 243,750
-----------
BUSINESS SERVICES -- 1.2%
Paging Network Inc.*........... 7,500 256,875
-----------
CHEMICALS -- 1.2%
Engelhard Corp. ............... 6,000 257,250
-----------
COMMUNICATIONS -- 2.8%
GTECH Holdings*................ 12,000 351,000
Western Atlas, Inc.*........... 5,500 244,063
-----------
595,063
-----------
COMPUTERS -- 6.3%
America Online, Inc. .......... 3,000 132,000
Cisco Sytems*.................. 5,000 252,812
EMC Corp.*..................... 10,000 242,500
Intel Corp. ................... 4,000 253,250
International Business
Machines Corp. .............. 1,400 134,400
Parametric Technology Corp.*... 3,000 149,250
SPS Transaction Co.*........... 5,000 173,125
-----------
1,337,337
-----------
COMPUTER SERVICES &
SOFTWARE -- 2.7%
Microsoft Corp.*............... 3,000 271,125
Oracle Systems Corp.*.......... 7,500 289,688
-----------
560,813
-----------
COSMETICS-TOILETRY -- 0.8%
Gillette Co. .................. 4,000 178,500
-----------
DRUGS -- 2.2%
Merck & Co., Inc. ............. 4,200 205,800
Watson Pharmaceuticals*........ 6,500 253,500
-----------
459,300
-----------
DEALER/BROKER -- 1.1%
Waterhouse Investment
Services, Inc................ 10,000 230,000
-----------
ELECTRICAL EQUIPMENT -- 1.2%
Sanmina Holdings*.............. 6,500 247,000
-----------
ELECTRONIC COMPONENTS -- 3.3%
Elsag Bailey Process N.V. ..... 7,500 206,250
Motorola, Inc. ................ 4,000 268,500
Solectron Corp.*............... 6,500 221,813
-----------
696,563
-----------
ELECTRONICS -- 4.9%
Atmel Corp.*................... 6,000 $ 332,250
Dovatron International,
Inc.*........................ 8,000 196,000
SCI Systems, Inc.*............. 9,000 225,000
Sensormatic Electronics
Corp. ....................... 8,000 284,000
-----------
1,037,250
-----------
ENVIRONMENTAL INSTRUMENTS -- 1.3%
Thermo Electron Corp.*......... 7,000 281,750
-----------
FINANCIAL -- 2.3%
First Data Corp. .............. 4,500 255,937
First USA, Inc. ............... 5,000 221,875
-----------
477,812
-----------
FINANCIAL SERVICES -- 1.4%
First Financial Management
Corp. ....................... 3,500 299,250
-----------
FUNERAL SERVICES -- 1.3%
Loewen Group, Inc. ............ 8,000 285,000
-----------
GAMING -- 1.1%
Promus Companies, Inc.*........ 6,000 234,000
-----------
HOSPITAL-INFORMATION SYSTEM -- 1.6%
HBO & Co. ..................... 6,000 327,000
-----------
HOUSEHOLD-AUDIO/VIDEO -- 1.2%
Philips Electronics N.V. ...... 6,000 256,500
-----------
INSURANCE -- 3.2%
AFLAC, Inc. ................... 5,000 218,750
Tidewater, Inc. ............... 10,000 251,250
USF & G Corp. ................. 12,000 195,000
-----------
665,000
-----------
MANUFACTURING -- 1.2%
Black & Decker Corp. .......... 8,000 247,000
-----------
MEDICAL -- 4.2%
Amerisource Health Corp.*...... 8,500 193,906
Amgen, Inc.*................... 3,000 241,312
Columbia Healthcare, Corp. .... 4,500 194,625
IDEXX Laboratories, Inc.*...... 10,000 260,000
-----------
889,843
-----------
MEDICAL PRODUCTS -- 1.4%
Boston Scientific Corp.*....... 9,000 286,875
-----------
MEDIA -- 1.1%
New World Communications,
Inc.*........................ 11,000 229,625
-----------
OFFICE EQUIPMENT -- 3.5%
Officemax, Inc.*............... 8,000 223,000
Staples, Inc.*................. 7,500 216,563
Viking Office Products,
Inc.*........................ 8,000 293,000
-----------
732,563
-----------
</TABLE>
49
<PAGE> 94
AMERICAN SKANDIA TRUST
BERGER CAPITAL GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-------- -----------
<S> <C> <C>
OIL & GAS-EQUIPMENT & SERVICES -- 3.2%
Dresser Industries, Inc........ 10,000 $ 222,500
Halliburton Co. ............... 6,500 232,375
Schlumberger LTD, Curacao...... 3,500 217,437
-----------
672,312
-----------
PHOTOGRAPHY -- 1.0%
Picturetel Corp.*.............. 4,400 211,750
-----------
PUBLISHING -- 1.1%
Time Warner, Inc. ............. 5,500 226,188
-----------
RECREATIONAL -- 1.0%
Mirage Resorts Inc.*........... 7,000 214,375
-----------
RETAIL -- 4.6%
Ann Taylor Stores*............. 10,000 232,500
Federated Department Stores,
Inc.*........................ 10,000 257,500
Gap, Inc. ..................... 6,500 226,687
General Nutrition Center,
Inc.*........................ 7,000 245,875
-----------
962,562
-----------
RETAIL MAIL ORDER -- 1.2%
CUC International, Inc.*....... 6,000 252,000
-----------
TELECOMMUNICATIONS -- 2.7%
General Instruments*........... 5,000 191,875
Intelcom Group, Inc.*.......... 20,000 178,750
Worldcom, Inc.*................ 7,500 202,500
-----------
573,125
-----------
TOTAL COMMON STOCK
(COST $13,150,732)............... 14,652,981
-----------
AMERICAN DEPOSITORY RECEIPTS -- 4.0%
MEDICAL -- 2.9%
Luxottica Group SPA............ 7,500 278,438
Teva Pharmaceutical
Industries LTD. ............. 9,000 337,500
-----------
615,938
-----------
OIL & GAS -- 1.1%
Petroleum Geo Services*........ 8,000 230,000
-----------
TOTAL AMERICAN DEPOSITORY RECEIPTS
(COST $741,224).................. 845,938
-----------
AMERICAN DEPOSITORY SECURITIES -- 1.4%
TELECOMMUNICATIONS
Nokia PFD (COST $231,522)...... 5,000 298,125
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR
MATURITY (000)
-------- ------
<S> <C> <C> <C>
U.S. TREASURY BILLS -- 18.9%
5.31% (COST
$3,972,374)............ 08/17/95 $4,000 3,970,773
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
-----
<S> <C> <C>
SHORT TERM INVESTMENTS -- 6.1%
Temporary Investment Cash Fund.... 642,019 642,019
Temporary Investment Fund......... 642,019 642,019
-----------
(COST $1,284,038)............... 1,284,038
-----------
TOTAL INVESTMENTS
(COST $19,379,890**) -- 99.9%............... 21,051,855
OTHER ASSETS LESS LIABILITIES -- 0.1%......... 23,274
-----------
NET ASSETS -- 100.0%.......................... $21,075,129
==========
The aggregate unrealized appreciation (depreciation) on a
tax basis is
as follows:
Gross appreciation................ $ 1,763,516
Gross depreciation................ (91,551)
-----------
Net appreciation.................. $ 1,671,965
==========
</TABLE>
- --------------------------------------------------------------------------------
* Non-income producing securities.
** Also cost for Federal income tax purposes.
See Notes to Financial Statements.
50
<PAGE> 95
AMERICAN SKANDIA TRUST
SELIGMAN HENDERSON INTERNATIONAL SMALL CAP PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ ----------
<S> <C> <C>
FOREIGN SECURITIES -- 51.9%
DENMARK -- 1.5%
Danske Traelast.................... 540 $ 37,510
-------
FINLAND -- 2.0%
Nokian Renkaat Oy*................. 5,850 49,263
-------
FRANCE -- 3.4%
Christian Dalloz*.................. 120 21,038
Montupet........................... 345 51,733
Sylea.............................. 120 12,054
-------
84,825
-------
GERMANY -- 4.0%
Apcoa Parking AG*.................. 390 20,505
Hornbach Baumarkt AG............... 60 40,573
Jean Pascale AG.................... 125 38,286
-------
99,364
-------
HONG KONG -- 0.6%
Yue Yuen Industrial Holding........ 56,000 13,605
-------
INDONESIA -- 0.5%
PT Mulia Industrindo............... 6,000 13,205
-------
JAPAN -- 6.8%
Aiya Co., LTD. .................... 1,000 12,039
Asatsu............................. 700 22,390
Nakayama Steel Works Ord. ......... 4,000 22,001
Namura Shipbuilding................ 7,000 23,960
Nittetsu Mining.................... 3,000 24,751
Sumitomo Sitix Corp. .............. 2,000 21,481
Toyo Ink........................... 4,000 22,189
Tsudakoma.......................... 3,000 19,262
-------
168,073
-------
MALAYSIA -- 0.2%
TH Loy Industries Berhad........... 1,000 4,226
-------
NETHERLANDS -- 2.5%
Otra NV............................ 293 61,353
-------
SINGAPORE -- 0.8%
Comfort Group LTD.*................ 19,000 14,961
Courts (Singapore) LTD. ........... 4,000 5,955
-------
20,916
-------
SWEDEN -- 6.9%
Cardo AB*.......................... 3,400 45,347
Forsheda "B"....................... 1,685 40,777
Kalmar Industries.................. 2,775 43,498
Rottneros Bruk..................... 26,200 41,428
-------
171,050
-------
SWITZERLAND -- 6.0%
Foto Laboratory SA................. 14 46,820
Lem Holding........................ 203 59,955
Sig Schweiz Industrie-Reg.......... 38 42,912
-------
149,687
-------
UNITED KINGDOM -- 16.7%
Ashtead Group PLC.................. 4,500 32,571
Capital Radio...................... 4,300 29,755
David Brown Group.................. 8,057 28,966
Domnick Hunter Group............... 7,500 33,644
Frost Group........................ 6,700 29,310
Hodder Headline.................... 5,000 30,861
International Business
Communications................... 6,700 30,056
ISA International PLC.............. 12,300 22,697
Life Sciences International........ 12,500 24,259
Pizzaexpress....................... 12,100 30,220
Polypipe........................... 11,300 27,862
Tilbury Douglas.................... 5,000 33,803
Trifast............................ 6,800 28,990
Wace Group......................... 8,000 29,143
-------
412,137
-------
TOTAL FOREIGN SECURITIES
(COST $1,269,432).................... 1,285,214
-------
TOTAL INVESTMENTS
(COST $1,269,432**) -- 51.9%......... 1,285,214
OTHER ASSETS LESS
LIABILITIES -- 48.1%................. 1,190,651
-------
NET ASSETS -- 100.0%................... $2,475,865
=======
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
Gross appreciation............... $ 36,638
Gross depreciation............... (20,856)
-------
Net appreciation................. $ 15,782
=======
</TABLE>
- --------------------------------------------------------------------------------
Unless otherwise noted, all foreign securities are common stock.
* Non-income producing securities.
** Also cost for Federal income tax purposes.
See Notes to Financial Statements.
51
<PAGE> 96
AMERICAN SKANDIA TRUST
T. ROWE PRICE NATURAL RESOURCES PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ --------
<S> <C> <C>
COMMON STOCK -- 50.5%
COMPUTERS -- 6.9%
Paradigm Technology Corp.*........... 1,500 $ 33,656
------
FOREST PRODUCTS -- 1.8%
Georgia Pacific Corp. ............... 100 8,675
------
GOLD MINING -- 1.6%
Pegasus Gold Inc.*................... 800 8,100
------
MACHINERY -- 1.2%
Cooper Cameron Corp.*................ 300 5,662
------
METALS & MINING -- 5.5%
Barrick Gold Corp.................... 300 7,575
Greenstone Resource, LTD.*........... 3,900 8,775
TVX Gold Inc.*....................... 1,500 10,875
------
27,225
------
OIL & GAS -- 22.1%
HS Resources Inc.*................... 1,100 15,400
Mobil Corp. ......................... 200 19,200
Oryx Energy Company*................. 800 11,000
Union Texas Petroleum Holding,
Inc. .............................. 900 19,013
United Maridian Corp.*............... 1,300 20,150
USX Marathon Group Corp. New......... 1,200 23,700
------
108,463
------
OIL & GAS-EQUIPMENT & SERVICES -- 8.2%
Camco International Inc. ............ 400 9,350
Enterra Corp.*....................... 300 6,300
Nowsco Well Service.................. 1,700 16,574
Oceaneering International, Inc. ..... 900 7,987
------
40,211
------
PACKAGING & PAPER PRODUCTS -- 3.2%
Jefferson Smurfit Corp.*............. 1,200 15,750
------
TOTAL COMMON STOCK
(COST $241,122)........................ 247,742
------
AMERICAN DEPOSITORY RECEIPTS -- 6.1%
OIL -- 4.5%
Repsol, S.A. ........................ 700 22,138
------
MANUFACTURING -- 1.6%
Coflexip............................. 300 7,613
------
TOTAL AMERICAN DEPOSITORY RECEIPTS
(COST $30,505)......................... 29,751
------
FOREIGN SECURITIES -- 8.4%
METALS & MINING
Com Gen de Geophsique -- (FRF)....... 100 5,961
Dayton Mining Corp. -- (CAN)*........ 2,400 8,301
Golden Shamrock Mines, LTD --
(AUS)*............................. 12,300 9,263
Lonrho PLC -- (UK)................... 7,600 17,893
------
TOTAL FOREIGN SECURITIES
(COST $44,647)......................... 41,418
------
GLOBAL DEPOSITORY RECEIPTS -- 1.9%
Ashanti Goldfields Co.
(COST $9,261)...................... 400 9,225
------
SHORT TERM INVESTMENTS -- 10.5%
Temporary Investment Cash Fund....... 25,839 25,839
Temporary Investment Fund............ 25,839 25,839
------
(COST $51,678)..................... 51,678
------
</TABLE>
<TABLE>
<CAPTION>
PAR
MATURITY (000)
--------- -----
<S> <C> <C> <C>
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 26.5%
Federal Home Loan Bank
Consolidated Discount
Notes 5.91%
(COST $129,893)........ 07/06/95 $130 129,893
--------
TOTAL INVESTMENTS
(COST $507,106**) -- 103.9%.............. 509,707
LIABILITIES IN EXCESS OF OTHER ASSETS
(3.9%)................................... (19,058)
--------
NET ASSETS -- 100.0%....................... $490,649
========
The aggregate unrealized appreciation (depreciation) on a tax
basis is as follows:
Gross appreciation..................... $ 13,649
Gross depreciation..................... (11,048)
--------
Net appreciation....................... $ 2,601
========
COUNTRY ABBREVIATIONS
- -------------------------------------------
AUS - Australia FRF - France
CAN - Canada UK - United Kingdom
</TABLE>
- --------------------------------------------------------------------------------
* Non-income producing securities.
** Also cost for Federal income tax purposes.
See Notes to Financial Statements.
52
<PAGE> 97
AMERICAN SKANDIA TRUST
PIMCO LIMITED MATURITY BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
-------- ------- -----------
<S> <C> <C> <C>
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 157.4%
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
7.00%.................... 08/21/25 $ 4,000 $ 3,923,125
8.00%.................... 09/19/25 1,000 1,019,063
FEDERAL FARM CREDIT BANK
5.83%.................... 07/05/95 100 99,936
FEDERAL HOME LOAN BANK
5.87%.................... 07/07/95 350 349,658
5.88%.................... 07/07/95 230 229,775
FEDERAL HOME LOAN MORTGAGE ASSOCIATION
5.87%.................... 07/05/95 800 799,478
5.90%.................... 07/07/95 3,600 3,596,460
5.88%.................... 07/14/95 500 498,938
5.91%.................... 07/20/95 200 199,376
FEDERAL NATIONAL MORTGAGE ASSOCIATION
5.84%.................... 07/05/95 100 99,935
5.90%.................... 07/07/95 200 199,803
5.90%.................... 07/31/95 400 398,033
5.50%.................... 01/01/25 986 991,663
5.89%.................... 07/21/95 500 498,364
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(COST $12,939,602).................. 12,903,607
-----------
<CAPTION>
SHARES VALUE
------- -----------
<S> <C> <C>
SHORT TERM INVESTMENTS -- 2.9%
Temporary Investment Cash Fund.... 116,579 $ 116,579
Temporary Investment Fund......... 116,579 116,579
-----------
(COST $233,158)................. 233,158
-----------
TOTAL INVESTMENTS
(COST $13,172,760*) -- 160.3%....... 13,136,765
LIABILITIES IN EXCESS
OF OTHER ASSETS -- (60.3%).......... (4,939,911)
-----------
NET ASSETS -- 100.0%.................. $ 8,196,854
===========
The aggregate unrealized appreciation (depreciation) on a tax
basis is
as follows:
Gross appreciation................ $ 5,880
Gross depreciation................ (41,875)
-----------
Net depreciation.................. $ (35,995)
===========
</TABLE>
- --------------------------------------------------------------------------------
* Also cost for Federal income tax purposes.
See Notes to Financial Statements.
53
<PAGE> 98
AMERICAN SKANDIA TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1995 (UNAUDITED)
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELIGMAN AST AST
HENDERSON LORD ABBETT AST FEDERATED PHOENIX PHOENIX
INTERNATIONAL GROWTH AND JANCAP MONEY UTILITY BALANCED FEDERATED CAPITAL
EQUITY INCOME GROWTH MARKET INCOME ASSET HIGH YIELD GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- ----------- --------- --------- --------- -------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments in
securities at
value (A) (Note
1)............. $ 228,201 $ 136,070 $324,593 $334,859 $88,454 $153,805 $ 40,073 $20,531
Cash in bank,
including
foreign
currency
holdings....... 13,286 0 0 0 0 32 5 96
Receivable for
securities
sold........... 0 2,689 292 0 455 3,699 266 566
Receivable for
dividends and
interest....... 1,526 385 286 984 338 897 878 24
Receivable for
fund shares
sold........... 575 350 308 0 56 19 152 0
Deferred
organization
costs (Note
1)............. 22 0 0 0 0 0 0 0
Other assets..... 6 2 3 4 1 2 0 0
Unrealized
appreciation on
foreign
currency
exchange
contracts and
futures (Note
4)............. 561 0 0 0 0 0 0 0
-------- -------- -------- -------- ------- -------- ------- -------
TOTAL
ASSETS..... 244,177 139,496 325,482 335,847 89,304 158,454 41,374 21,217
-------- -------- -------- -------- ------- -------- ------- -------
LIABILITIES:
Cash overdraft... 0 219 0 1 0 0 0 0
Payable for
securities
purchased...... 1,384 3,463 4,604 0 492 3,863 400 467
Payable for fund
shares
redeemed....... 0 0 0 0 0 0 0 28
Unrealized
depreciation on
foreign
currency
exchange
contracts and
futures (Note
4)............. 0 0 316 0 0 0 0 0
Accrued expenses
(Note 2)....... 261 110 284 189 64 125 36 18
Dividends payable
(Note 1)....... 0 0 0 1,535 0 0 0 0
-------- -------- -------- -------- ------- -------- ------- -------
TOTAL
LIABILITIES... 1,645 3,792 5,204 1,725 556 3,988 436 513
-------- -------- -------- -------- ------- -------- ------- -------
NET ASSETS.......... $ 242,532 $ 135,704 $320,278 $334,122 $88,748 $154,466 $ 40,938 $20,704
======== ======== ======== ======== ======= ======== ======= =======
COMPONENTS OF NET
ASSETS
Common stock
(unlimited number
of shares
authorized, $.001
par value per
share)............. $ 15 $ 10 $ 24 $ 334 $ 8 $ 14 $ 4 $ 2
Additional paid-in
capital............ 239,910 117,603 266,977 333,659 88,547 143,641 39,190 18,487
Undistributed net
investment
income............. 2,616 1,536 766 0 1,852 2,652 1,459 99
Accumulated net
realized gain
(loss) on
investments and
foreign currency
transactions....... (6,592) 3,479 (6,238) 129 (4,300) 2,102 (97) 507
Accumulated net
unrealized
appreciation
(depreciation) on
investments,
foreign currency
transactions, and
forward currency
contracts.......... 6,583 13,076 58,749 0 2,641 6,057 382 1,609
-------- -------- -------- -------- ------- -------- ------- -------
NET ASSETS.......... $ 242,532 $ 135,704 $320,278 $334,122 $88,748 $154,466 $ 40,938 $20,704
======== ======== ======== ======== ======= ======== ======= =======
Shares of common
stock
outstanding........ 14,713 9,978 23,599 333,992 8,450 13,840 3,953 1,911
Net asset value,
offering and
redemption price
per share (Note
1)................. $ 16.48 $ 13.60 $ 13.57 $ 1.00 $ 10.50 $ 11.16 $ 10.36 $ 10.83
======== ======== ======== ======== ======= ======== ======= =======
(A) Investments at
cost............... $ 222,219 $ 122,994 $265,529 $334,859 $85,813 $147,748 $ 39,691 $18,922
======== ======== ======== ======== ======= ======== ======= =======
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
54
<PAGE> 99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
T. ROWE PIMCO
PRICE TOTAL INVESCO FOUNDERS T. ROWE PRICE EAGLE AST SCUDDER
ASSET RETURN EQUITY CAPITAL INTERNATIONAL GROWTH INTERNATIONAL
ALLOCATION BOND INCOME APPRECIATION EQUITY EQUITY BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------- --------- --------- ------------ ------------- --------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments in
securities at
value (A) (Note
1)............. $ 35,501 $102,473 $106,511 $ 50,909 $ 126,795 $ 7,411 $25,107
Cash in bank,
including
foreign
currency
holdings....... 83 346 0 2 8,053 48 214
Receivable for
securities
sold........... 612 0 255 652 223 0 2,030
Receivable for
dividends and
interest....... 328 1,066 571 26 667 15 561
Receivable for
fund shares
sold........... 108 719 267 32 0 18 302
Deferred
organization
costs (Note
1)............. 0 0 0 0 0 0 0
Other assets..... 0 1 1 0 2 0 0
Unrealized
appreciation on
foreign
currency
exchange
contracts and
futures (Note
4)............. 0 0 0 0 0 0 0
------- -------- ------- ------- -------- ------ -------
TOTAL
ASSETS..... 36,632 104,605 107,605 51,621 135,740 7,492 28,214
------- -------- ------- ------- -------- ------ -------
LIABILITIES:
Cash overdraft... 0 0 0 0 0 0 0
Payable for
securities
purchased...... 2,543 12,262 2,217 2,376 327 0 2,051
Payable for fund
shares
redeemed....... 0 0 0 0 271 0 0
Unrealized
depreciation on
foreign
currency
exchange
contracts and
futures (Note
4)............. 0 91 0 0 0 0 128
Accrued expenses
(Note 2)....... 26 72 99 43 243 13 37
Dividends payable
(Note 1)....... 0 0 0 0 0 0 0
------- -------- ------- ------- -------- ------ -------
TOTAL
LIABILITIES....... 2,569 12,425 2,316 2,419 841 13 2,216
------- -------- ------- ------- -------- ------ -------
NET ASSETS........... $ 34,063 $ 92,180 $105,289 $ 49,202 $ 134,899 $ 7,479 $25,998
======= ======== ======== ======== ======== ====== =======
COMPONENTS OF NET
ASSETS
Common stock
(unlimited number
of shares
authorized, $.001
par value per
share)............. $ 3 $ 9 $ 10 $ 4 $ 14 $ 1 $ 3
Additional paid-in
capital............ 30,826 87,084 95,079 40,913 133,469 6,880 25,229
Undistributed net
investment
income............. 484 2,183 1,511 1 1,172 27 868
Accumulated net
realized gain
(loss) on
investments and
foreign currency
transactions....... 158 2,653 424 (351) (1,760) (22) (369)
Accumulated net
unrealized
appreciation
(depreciation) on
investments,
foreign currency
transactions, and
forward currency
contracts.......... 2,592 251 8,265 8,635 2,004 593 267
------- -------- ------- ------- -------- ------ -------
NET ASSETS.......... $ 34,063 $ 92,180 $105,289 $ 49,202 $ 134,899 $ 7,479 $25,998
======= ======== ======= ======= ======== ====== =======
Shares of common
stock
outstanding........ 3,060 8,747 9,456 3,877 13,512 671 2,569
Net asset value,
offering and
redemption price
per share (Note
1)................. $ 11.13 $ 10.54 $ 11.13 $ 12.69 $ 9.98 $ 11.15 $ 10.12
======= ======== ======= ======= ======== ====== =======
(A) Investments at
cost............... $ 32,918 $101,909 $98,246 $ 42,274 $ 124,805 $ 6,818 $24,718
======= ======== ======= ======= ======== ====== =======
<CAPTION>
SELIGMAN T. ROWE PIMCO
BERGER HENDERSON PRICE LIMITED
CAPITAL INTERNATIONAL NATURAL MATURITY
GROWTH SMALL CAP RESOURCES BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- ------------- --------- ---------
<S> <C> <C> <C> <C>
ASSETS:
Investments in
securities at
value (A) (Note
1)............. $21,052 $ 1,285 $ 510 $13,137
Cash in bank,
including
foreign
currency
holdings....... 0 1,274 19 1
Receivable for
securities
sold........... 225 0 11 0
Receivable for
dividends and
interest....... 3 9 0 6
Receivable for
fund shares
sold........... 110 302 1 43
Deferred
organization
costs (Note
1)............. 0 0 0 0
Other assets..... 0 0 0 0
Unrealized
appreciation on
foreign
currency
exchange
contracts and
futures (Note
4)............. 0 0 0 0
------- ------ ------ -------
TOTAL
ASSETS..... 21,390 2,870 541 13,187
------- ------ ------ -------
LIABILITIES:
Cash overdraft... 1 0 0 0
Payable for
securities
purchased...... 292 391 49 4,984
Payable for fund
shares
redeemed....... 0 0 0 0
Unrealized
depreciation on
foreign
currency
exchange
contracts and
futures (Note
4)............. 0 0 0 0
Accrued expenses
(Note 2)....... 22 3 1 6
Dividends payable
(Note 1)....... 0 0 0 0
------- ------ ------ -------
TOTAL
LIABILITIES....... 315 394 50 4,990
------- ------ ------ -------
NET ASSETS........... $21,075 $ 2,476 $ 491 $ 8,197
======= ======= ======= =======
COMPONENTS OF NET
ASSETS
Common stock
(unlimited number
of shares
authorized, $.001
par value per
share)............. $ 2 $ 0 $ 0 $ 1
Additional paid-in
capital............ 19,553 2,453 484 8,207
Undistributed net
investment
income............. 61 9 3 25
Accumulated net
realized gain
(loss) on
investments and
foreign currency
transactions....... (213) (2) 1 0
Accumulated net
unrealized
appreciation
(depreciation) on
investments,
foreign currency
transactions, and
forward currency
contracts.......... 1,672 16 3 (36)
------- ------ ------ -------
NET ASSETS.......... $21,075 $ 2,476 $ 491 $ 8,197
======= ======= ======= =======
Shares of common
stock
outstanding........ 1,914 243 49 815
Net asset value,
offering and
redemption price
per share (Note
1)................. $ 11.01 $ 10.17 $ 10.09 $ 10.05
======= ======= ======= =======
(A) Investments at
cost............... $19,380 $ 1,269 $ 507 $13,173
======= ======= ======= =======
</TABLE>
- ------------------------------------------------------------------------
55<PAGE> 100
AMERICAN SKANDIA TRUST
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
(AMOUNTS IN THOUSANDS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELIGMAN AST AST
HENDERSON LORD ABBETT AST FEDERATED PHOENIX PHOENIX
INTERNATIONAL GROWTH AND JANCAP MONEY UTILITY BALANCED FEDERATED CAPITAL
EQUITY INCOME GROWTH MARKET INCOME ASSET HIGH YIELD GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- ----------- --------- --------- --------- -------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Interest......... $ 490 $ 311 $ 1,142 $10,187 $ 220 $ 2,741 $1,645 $ 81
Dividends (Note
1)............. 2,735 1,775 1,401 0 2,011 603 0 119
-------- ------- ------- ------ ------ ------- ------ ------
Total
Investment
Income..... 3,225 2,086 2,543 10,187 2,231 3,344 1,645 200
-------- ------- ------- ------ ------ ------- ------ ------
EXPENSES
Investment
advisory fees
(Note 2)....... 1,160 421 1,213 832 280 524 121 66
Shareholder
servicing fees
(Note 2)....... 116 56 135 168 40 75 16 9
Administration
and accounting
fees........... 109 56 121 140 41 75 37 37
Custodian fees... 68 11 28 32 10 19 5 9
Professional
fees........... 19 8 20 24 6 12 2 1
Registration
fees........... (28) (8) (28) (43) (3) (19) (2) (4)
Trustees' fees
and expenses
(Note 2)....... 5 2 5 7 2 3 0 0
Insurance fees... 4 2 4 7 1 2 1 0
Amortization of
organization
costs (Note
1)............. 1 0 1 1 0 1 0 0
Miscellaneous
expenses....... 9 2 3 1 2 2 9 1
-------- ------- ------- ------ ------ ------- ------ ------
Total
Expenses... 1,463 550 1,502 1,169 379 694 189 119
Less:
Advisory
fee waivers
and expense
reimbursements
(Note 2)... (118) 0 0 (162) 0 0 (3) (18)
-------- ------- ------- ------ ------ ------- ------ ------
Net
Expenses... 1,345 550 1,502 1,007 379 694 186 101
-------- ------- ------- ------ ------ ------- ------ ------
Net Investment
Income (Loss)...... 1,880 1,536 1,041 9,180 1,852 2,650 1,459 99
REALIZED AND
UNREALIZED GAIN
(LOSS) ON
INVESTMENTS AND
FOREIGN CURRENCY
TRANSACTIONS
Net realized gain
(loss) on
investments and
foreign
currency
transactions... (3,689) 3,502 8,890 136 (1,170) 2,393 50 1,211
Net change in
unrealized
appreciation
(depreciation)
on investments,
foreign
currency
transactions,
and forward
currency
contracts...... 569 12,537 44,599 0 7,588 8,325 1,772 1,474
-------- ------- ------- ------ ------ ------- ------ ------
Net Increase
(Decrease) in
Net Assets
resulting from
Operations..... $(1,240) $17,575 $54,530 $ 9,316 $ 8,270 $13,368 $3,281 $ 2,784
======== ======= ======= ====== ====== ======= ====== ======
</TABLE>
- --------------------------------------------------------------------------------
(1) Commenced operations on May 2, 1995.
See Notes to Financial Statements.
56
<PAGE> 101
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PIMCO
T. ROWE TOTAL INVESCO FOUNDERS T. ROWE PRICE EAGLE
PRICE ASSET RETURN EQUITY CAPITAL INTERNATIONAL GROWTH
ALLOCATION BOND INCOME APPRECIATION EQUITY EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- --------- --------- ------------ ------------- ---------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Interest............................... $ 524 $ 2,504 $1,138 $ 170 $ 302 $ 17
Dividends (Note 1)..................... 169 0 773 53 1,526 44
------ ------ ------- ------ ------ ----
Total Investment Income............ 693 2,504 1,911 223 1,828 61
------ ------ ------- ------ ------ ----
EXPENSES
Investment advisory fees (Note 2)...... 117 223 308 166 584 22
Shareholder servicing fees (Note 2).... 14 34 41 18 58 3
Administration and accounting fees..... 37 39 42 37 58 34
Custodian fees......................... 8 5 12 9 97 5
Professional fees...................... 2 3 4 2 7 0
Registration fees...................... (6) (3) (13) (4) (31) 0
Trustees' fees and expenses (Note 2)... 0 1 1 1 2 0
Insurance fees......................... 1 2 2 1 3 0
Amortization of organization costs
(Note 1)............................. 0 0 0 0 0 0
Miscellaneous expenses................. 8 2 3 2 24 2
------ ------ ------- ------ ------ ----
Total Expenses..................... 181 306 400 232 802 66
Less:
Advisory fee waivers and expense
reimbursements (Note 2)........ (9) 0 0 0 0 (31)
------ ------ ------- ------ ------ ----
Net Expenses....................... 172 306 400 232 802 35
------ ------ ------- ------ ------ ----
Net Investment Income (Loss).............. 521 2,198 1,511 (9) 1,026 26
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCY
TRANSACTIONS
Net realized gain (loss) on investments
and foreign currency transactions.... 310 3,115 679 688 (1,495) 20
Net change in unrealized appreciation
(depreciation) on investments,
foreign currency transactions, and
forward currency contracts........... 2,884 1,355 10,013 5,868 5,571 614
------ ------ ------- ------ ------ ----
Net Increase (Decrease) in Net Assets
resulting from Operations............ $ 3,715 $ 6,668 $12,203 $6,547 $ 5,102 $ 660
====== ====== ======= ====== ====== ====
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELIGMAN T. ROWE PIMCO
AST SCUDDER BERGER HENDERSON PRICE LIMITED
INTERNATIONAL CAPITAL INTERNATIONAL NATURAL MATURITY
BOND GROWTH SMALL CAP RESOURCES BOND
PORTFOLIO PORTFOLIO PORTFOLIO (1) PORTFOLIO(1) PORTFOLIO(1)
------------- --------- ------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Interest.................................. $ 872 $ 113 $ 7 $ 4 $ 30
Dividends (Note 1)........................ 0 14 5 0 0
------ ------ --- -- ----
Total Investment Income............... 872 127 12 4 30
------ ------ --- -- ----
EXPENSES
Investment advisory fees (Note 2)......... 102 40 2 1 2
Shareholder servicing fees (Note 2)....... 10 5 0 0 1
Administration and accounting fees........ 38 17 0 0 1
Custodian fees............................ 11 6 1 1 0
Professional fees......................... 1 0 0 0 0
Registration fees......................... (2) 5 1 0 3
Trustees' fees and expenses (Note 2)...... 0 0 0 0 0
Insurance fees............................ 0 0 0 0 0
Amortization of organization costs
(Note 1)................................ 0 0 0 0 0
Miscellaneous expenses.................... 2 2 0 0 0
------ ------ --- -- ----
Total Expenses........................ 162 75 4 2 7
Less:
Advisory fee waivers and expense
reimbursements (Note 2)........... 0 (9) (1) (1) (2)
------ ------ --- -- ----
Net Expenses.......................... 162 66 3 1 5
------ ------ --- -- ----
Net Investment Income (Loss)................. 710 61 9 3 25
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCY
TRANSACTIONS
Net realized gain (loss) on investments
and foreign currency transactions....... (115) (204) (2) 1 0
Net change in unrealized appreciation
(depreciation) on investments,
foreign currency transactions, and
forward currency contracts.............. 699 1,637 16 3 (36)
------ ------ --- -- ----
Net Increase (Decrease) in Net Assets
resulting from Operations............... $ 1,294 $ 1,494 $23 $ 7 $ (11)
====== ====== === == ====
</TABLE>
- --------------------------------------------------------------------------------
57
<PAGE> 102
AMERICAN SKANDIA TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELIGMAN HENDERSON
INTERNATIONAL EQUITY LORD ABBETT GROWTH AND
PORTFOLIO INCOME PORTFOLIO JANCAP GROWTH PORTFOLIO
---------------------------- ---------------------------- ----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JUNE 30, 1995 DECEMBER 31, JUNE 30, 1995 DECEMBER 31, JUNE 30, 1995 DECEMBER 31,
(UNAUDITED) 1994 (UNAUDITED) 1994 (UNAUDITED) 1994
------------- ------------ ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income............ $ 1,880 $ 1,164 $ 1,536 $ 1,700 $ 1,041 $ 1,245
Net realized gain (loss) on
investments and foreign
currency transactions.......... (3,689) 10,789 3,502 1,699 8,890 (15,037)
Net change in unrealized
appreciation (depreciation) on
investments,
foreign currency transactions,
and forward currency
contracts...................... 569 (11,302) 12,537 (1,797) 44,599 4,596
-------- --------- -------- ------- -------- --------
Net Increase (Decrease) in Net
Assets from Operations....... (1,240) 651 17,575 1,602 54,530 (9,196)
-------- --------- -------- ------- -------- --------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS
Dividends to shareholders from
net investment income.......... 0 (309) (1,700) (559) (1,363) (447)
Distributions to shareholders
from
capital gains.................. (12,667) (1,751) (1,699) (922) 0 0
-------- --------- -------- ------- -------- --------
Total Dividends and
Distributions
to Shareholders............ (12,667) (2,060) (3,399) (1,481) (1,363) (447)
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold........ 54,925 199,458 30,346 43,721 43,979 117,459
Net asset value of shares issued
in reinvestment of dividends
and distributions.............. 12,667 2,060 3,399 1,481 1,363 447
Cost of shares redeemed.......... (49,203) (112,705) (4,267) (1,658) (23,876) (20,470)
-------- --------- -------- ------- -------- --------
Increase (Decrease) in Net
Assets from Capital Share
Transactions................. 18,389 88,813 29,478 43,544 21,466 97,436
-------- --------- -------- ------- -------- --------
Total Increase in Net
Assets..................... 4,482 87,404 43,654 43,665 74,633 87,793
-------- --------- -------- ------- -------- --------
NET ASSETS
Beginning of Period.............. 238,050 150,646 92,050 48,385 245,645 157,852
-------- --------- -------- ------- -------- --------
End of Period.................... $ 242,532 $ 238,050 $ 135,704 $ 92,050 $ 320,278 $245,645
======== ========= ======== ======= ======== ========
SHARES ISSUED AND REDEEMED
Shares sold...................... 3,354 11,116 2,361 3,682 3,590 10,265
Shares issued in reinvestment of
dividends and distributions.... 823 117 276 118 119 37
Shares redeemed.................. (2,982) (6,401) (331) (139) (2,011) (1,801)
-------- --------- -------- ------- -------- --------
Net Increase (Decrease) in
Shares Outstanding........... 1,195 4,832 2,306 3,661 1,698 8,501
======== ========= ======== ======= ======== ========
</TABLE>
- --------------------------------------------------------------------------------
(1) Commenced operations on January 4, 1994.
(2) Commenced operations on May 3, 1994.
(3) Commenced operations on October 20, 1994.
(4) Commenced operations on May 2, 1995.
See Notes to Financial Statements.
58
<PAGE> 103
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FEDERATED UTILITY INCOME
AST MONEY MARKET PORTFOLIO PORTFOLIO
------------------------------ ------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
JUNE 30, 1995 DECEMBER 31, JUNE 30, 1995 DECEMBER 31,
(UNAUDITED) 1994 (UNAUDITED) 1994
------------- ------------ ------------- ------------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income............ $ 9,180 $ 9,697 $ 1,852 $ 3,376
Net realized gain (loss) on
investments and foreign
currency transactions.......... 136 (7) (1,170) (3,130)
Net change in unrealized
appreciation (depreciation) on
investments,
foreign currency transactions,
and forward currency
contracts...................... 0 0 7,588 (4,810)
-------- -------- -------- --------
Net Increase (Decrease) in Net
Assets from Operations....... 9,316 9,690 8,270 (4,564)
-------- -------- -------- --------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS
Dividends to shareholders from
net investment income.......... (9,180) (9,697) (3,376) (884)
Distributions to shareholders
from
capital gains.................. 0 (19) 0 (109)
-------- -------- -------- --------
Total Dividends and
Distributions
to Shareholders............ (9,180) (9,716) (3,376) (993)
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold........ 283,569 510,604 23,730 33,886
Net asset value of shares issued
in reinvestment of dividends
and distributions.............. 9,123 8,496 3,376 993
Cost of shares redeemed.......... (247,294) (344,560) (14,457) (15,760)
-------- -------- -------- --------
Increase (Decrease) in Net
Assets from Capital Share
Transactions................. 45,398 174,540 12,649 19,119
-------- -------- -------- --------
Total Increase in Net
Assets..................... 45,534 174,514 17,543 13,562
-------- -------- -------- --------
NET ASSETS
Beginning of Period.............. 288,588 114,074 71,205 57,643
-------- -------- -------- --------
End of Period.................... $ 334,122 $ 288,588 $ 88,748 $ 71,205
======== ======== ======== ========
SHARES ISSUED AND REDEEMED
Shares sold...................... 283,569 510,604 2,313 3,338
Shares issued in reinvestment of
dividends and distributions.... 9,123 8,496 344 96
Shares redeemed.................. (247,294) (344,560) (1,420) (1,562)
-------- -------- -------- --------
Net Increase (Decrease) in
Shares Outstanding........... 45,398 174,540 1,237 1,872
======== ======== ======== ========
<CAPTION>
FEDERATED
AST PHOENIX BALANCED ASSET HIGH YIELD
PORTFOLIO PORTFOLIO
------------------------------ -------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
JUNE 30, 1995 DECEMBER 31, JUNE 30, 1995 DECEMBER 31,
(UNAUDITED) 1994 (UNAUDITED) 1994(1)
------------- ------------ ------------- ------------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income............ $ 2,650 $ 3,869 $ 1,459 $ 1,210
Net realized gain (loss) on
investments and foreign
currency transactions.......... 2,393 (291) 50 (147)
Net change in unrealized
appreciation (depreciation) on
investments,
foreign currency transactions,
and forward currency
contracts...................... 8,325 (3,287) 1,772 (1,390)
-------- -------- -------- --------
Net Increase (Decrease) in Net
Assets from Operations....... 13,368 291 3,281 (327)
-------- -------- -------- --------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS
Dividends to shareholders from
net investment income.......... (3,867) (724) (1,210) 0
Distributions to shareholders
from
capital gains.................. 0 (180) 0 0
-------- -------- -------- --------
Total Dividends and
Distributions
to Shareholders............ (3,867) (904) (1,210) 0
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold........ 7,401 63,156 27,838 32,507
Net asset value of shares issued
in reinvestment of dividends
and distributions.............. 3,867 904 1,210 0
Cost of shares redeemed.......... (11,927) (9,414) (11,489) (10,872)
-------- -------- -------- --------
Increase (Decrease) in Net
Assets from Capital Share
Transactions................. (659) 54,646 17,559 21,635
-------- -------- -------- --------
Total Increase in Net
Assets..................... 8,842 54,033 19,630 21,308
-------- -------- -------- --------
NET ASSETS
Beginning of Period.............. 145,624 91,591 21,308 0
-------- -------- -------- --------
End of Period.................... $ 154,466 $145,624 $ 40,938 $ 21,308
======== ======== ======== ========
SHARES ISSUED AND REDEEMED
Shares sold...................... 685 6,038 2,770 3,302
Shares issued in reinvestment of
dividends and distributions.... 367 86 124 0
Shares redeemed.................. (1,100) (904) (1,139) (1,104)
-------- -------- -------- --------
Net Increase (Decrease) in
Shares Outstanding........... (48) 5,220 1,755 2,198
======== ======== ======== ========
</TABLE>
- --------------------------------------------------------------------------------
(1) Commenced operations on January 4, 1994.
(2) Commenced operations on May 3, 1994.
(3) Commenced operations on October 20, 1994.
(4) Commenced operations on May 2, 1995.
See Notes to Financial Statements.
59
<PAGE> 104
AMERICAN SKANDIA TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AST PHOENIX CAPITAL GROWTH T. ROWE PRICE ASSET PIMCO TOTAL RETURN BOND
PORTFOLIO ALLOCATION PORTFOLIO PORTFOLIO
---------------------------- ---------------------------- ----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JUNE 30, 1995 DECEMBER 31, JUNE 30, 1995 DECEMBER 31, JUNE 30, 1995 DECEMBER 31,
(UNAUDITED) 1994(1) (UNAUDITED) 1994(1) (UNAUDITED) 1994(1)
------------- ------------ ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income (loss)....... $ 99 $ 116 $ 521 $ 489 $ 2,198 $ 1,256
Net realized gain (loss) on
investments
and foreign currency
transactions..................... 1,211 (705) 310 (152) 3,115 (463)
Net change in unrealized
appreciation (depreciation) on
investments, foreign currency
transactions, and forward
currency contracts............... 1,474 136 2,884 (292) 1,355 (1,104)
------- ------- ------- ------- ------- -------
Net Increase (Decrease) in Net
Assets from Operations......... 2,784 (453) 3,715 45 6,668 (311)
------- ------- ------- ------- ------- -------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS
Dividends to shareholders from net
investment income................ (116) 0 (525) 0 (1,271) 0
Distributions to shareholders from
capital gains.................... 0 0 0 0 0 0
------- ------- ------- ------- ------- -------
Total Dividends and
Distributions to
Shareholders................. (116) 0 (525) 0 (1,271) 0
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold.......... 5,114 16,685 8,908 24,603 46,889 49,723
Net asset value of shares issued in
reinvestment of dividends
and distributions................ 116 0 525 0 1,271 0
Cost of shares redeemed............ (2,039) (1,387) (2,023) (1,185) (7,870) (2,919)
------- ------- ------- ------- ------- -------
Increase in Net Assets from
Capital Share Transactions..... 3,191 15,298 7,410 23,418 40,290 46,804
------- ------- ------- ------- ------- -------
Total Increase in Net Assets... 5,859 14,845 10,600 23,463 45,687 46,493
------- ------- ------- ------- ------- -------
NET ASSETS
Beginning of Period................ 14,845 0 23,463 0 46,493 0
------- ------- ------- ------- ------- -------
End of Period...................... $20,704 $ 14,845 $34,063 $ 23,463 $92,180 $ 46,493
======= ======= ======= ======= ======= =======
SHARES ISSUED AND REDEEMED
Shares sold........................ 514 1,735 843 2,481 4,606 5,067
Shares issued in reinvestment of
dividends and distributions...... 12 0 52 0 128 0
Shares redeemed.................... (204) (146) (196) (120) (754) (299)
------- ------- ------- ------- ------- -------
Net Increase in Shares
Outstanding.................... 322 1,589 699 2,361 3,980 4,768
======= ======= ======= ======= ======= =======
</TABLE>
- --------------------------------------------------------------------------------
(1) Commenced operations on January 4, 1994.
(2) Commenced operations on May 3, 1994.
(3) Commenced operations on October 20, 1994.
(4) Commenced operations on May 2, 1995.
See Notes to Financial Statements.
60
<PAGE> 105
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INVESCO EQUITY INCOME FOUNDERS CAPITAL APPRECIATION T. ROWE PRICE INTERNATIONAL
PORTFOLIO PORTFOLIO EQUITY PORTFOLIO
---------------------------- ----------------------------- ----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JUNE 30, 1995 DECEMBER 31, JUNE 30, 1995 DECEMBER 31, JUNE 30, 1995 DECEMBER 31,
(UNAUDITED) 1994(1) (UNAUDITED) 1994(1) (UNAUDITED) 1994(1)
------------- ------------ ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income (loss)....... $ 1,511 $ 1,056 $ (9) $ 290 $ 1,026 $ 268
Net realized gain (loss) on
investments
and foreign currency
transactions..................... 679 (255) 688 (1,039) (1,495) (16)
Net change in unrealized
appreciation (depreciation) on
investments, foreign currency
transactions, and forward
currency contracts............... 10,013 (1,748) 5,868 2,767 5,571 (3,567)
-------- -------- -------- -------- -------- --------
Net Increase (Decrease) in Net
Assets from Operations......... 12,203 (947) 6,547 2,018 5,102 (3,315)
-------- -------- -------- -------- -------- --------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS
Dividends to shareholders from net
investment income................ (1,056) 0 (280) 0 (121) 0
Distributions to shareholders from
capital gains.................... 0 0 0 0 (249) 0
-------- -------- -------- -------- -------- --------
Total Dividends and
Distributions to
Shareholders................. (1,056) 0 (280) 0 (370) 0
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold.......... 29,454 66,925 17,597 29,373 33,583 122,535
Net asset value of shares issued in
reinvestment of dividends
and distributions................ 1,056 0 280 0 370 0
Cost of shares redeemed............ (1,569) (777) (3,501) (2,832) (12,537) (10,469)
-------- -------- -------- -------- -------- --------
Increase in Net Assets from
Capital Share Transactions..... 28,941 66,148 14,376 26,541 21,416 112,066
-------- -------- -------- -------- -------- --------
Total Increase in Net Assets... 40,088 65,201 20,643 28,559 26,148 108,751
-------- -------- -------- -------- -------- --------
NET ASSETS
Beginning of Period................ 65,201 0 28,559 0 108,751 0
-------- -------- -------- -------- -------- --------
End of Period...................... $ 105,289 $ 65,201 $49,202 $ 28,559 $ 134,899 $108,751
======== ======== ======== ======== ======== ========
SHARES ISSUED AND REDEEMED
Shares sold........................ 2,812 6,769 1,523 2,908 3,473 12,383
Shares issued in reinvestment of
dividends and distributions...... 105 0 26 0 41 0
Shares redeemed.................... (151) (79) (306) (274) (1,311) (1,074)
-------- -------- -------- -------- -------- --------
Net Increase in Shares
Outstanding.................... 2,766 6,690 1,243 2,634 2,203 11,309
======== ======== ======== ======== ======== ========
<CAPTION>
EAGLE GROWTH
EQUITY AST SCUDDER INTERNATIONAL
PORTFOLIO BOND PORTFOLIO
------------ ------------ ------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
JUNE 30, 1995 DECEMBER 31, JUNE 30, 1995 DECEMBER 31,
(UNAUDITED 1994(2) (UNAUDITED) 1994(2)
------------- ------------ ------------- ------------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income (loss)....... $ 26 $ 10 $ 710 $ 421
Net realized gain (loss) on
investments
and foreign currency
transactions..................... 20 (42) (115) (254)
Net change in unrealized
appreciation (depreciation) on
investments, foreign currency
transactions, and forward
currency contracts............... 614 (21) 699 (432)
-------- --------- -------- --------
Net Increase (Decrease) in Net
Assets from Operations......... 660 (53) 1,294 (265)
-------- -------- -------- --------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS
Dividends to shareholders from net
investment income................ (10) 0 (263) 0
Distributions to shareholders from
capital gains.................... 0 0 0 0
-------- --------- -------- --------
Total Dividends and
Distributions to
Shareholders................. (10) 0 (263) 0
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold.......... 3,963 3,841 11,762 16,273
Net asset value of shares issued in
reinvestment of dividends
and distributions................ 10 0 263 0
Cost of shares redeemed............ (623) (309) (2,276) (790)
-------- --------- -------- --------
Increase in Net Assets from
Capital Share Transactions..... 3,350 3,532 9,749 15,483
-------- --------- -------- --------
Total Increase in Net Assets... 4,000 3,479 10,780 15,218
-------- --------- -------- --------
NET ASSETS
Beginning of Period................ 3,479 0 15,218 0
-------- --------- -------- --------
End of Period...................... $ 7,479 $3,479 $25,998 $ 15,218
======== ========= ======== ========
SHARES ISSUED AND REDEEMED
Shares sold........................ 379 381 1,197 1,654
Shares issued in reinvestment of
dividends and distributions...... 1 0 27 0
Shares redeemed.................... (59) (31) (228) (81)
-------- --------- -------- --------
Net Increase in Shares
Outstanding.................... 321 350 996 1,573
======== ========= ======== ========
</TABLE>
- --------------------------------------------------------------------------------
(1) Commenced operations on January 4, 1994.
(2) Commenced operations on May 3, 1994.
(3) Commenced operations on October 20, 1994.
(4) Commenced operations on May 2, 1995.
See Notes to Financial Statements.
61
<PAGE> 106
AMERICAN SKANDIA TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELIGMAN
HENDERSON T. ROWE PRICE
INTERNATIONAL NATURAL PIMCO LIMITED
BERGER CAPITAL GROWTH SMALL CAP RESOURCES MATURITY BOND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------------------------- ------------- ------------- -------------
SIX MONTHS YEAR SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED ENDED ENDED
JUNE 30, 1995 DECEMBER 31, JUNE 30, 1995 JUNE 30, 1995 JUNE 30, 1995
(UNAUDITED) 1994(3) (UNAUDITED)(4) (UNAUDITED)(4) (UNAUDITED)(4)
------------- ------------ ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income.......................... $ 61 $ 3 $ 9 $ 3 $ 25
Net realized gain (loss) on investments and
foreign
currency transactions........................ (204) (9) (2) 1 0
Net change in unrealized appreciation
(depreciation) on investments, foreign
currency transactions, and forward currency
contracts.................................... 1,637 36 16 3 (36)
------- ------ ------ ---- ------
Net Increase (Decrease) in Net Assets
from Operations............................ 1,494 30 23 7 (11)
------- ------ ------ ---- ------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends to shareholders from net investment
income....................................... (3) 0 0 0 0
Distributions to shareholders from capital
gains........................................ 0 0 0 0 0
------- ------ ------ ---- ------
Total Dividends and Distributions to
Shareholders............................. (3) 0 0 0 0
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold...................... 17,495 3,077 2,732 796 8,545
Net asset value of shares issued in
reinvestment of dividends and
distributions................................ 3 0 0 0 0
Cost of shares redeemed........................ (944) (77) (279) (312) (337)
------- ------ ------ ---- ------
Increase in Net Assets from
Capital Share Transactions................. 16,554 3,000 2,453 484 8,208
------- ------ ------ ---- ------
Total Increase in Net Assets............... 18,045 3,030 2,476 491 8,197
------- ------ ------ ---- ------
NET ASSETS
Beginning of Period............................ 3,030 0 0 0 0
------- ------ ------ ---- ------
End of Period.................................. $21,075 $3,030 $ 2,476 $ 491 $ 8,197
======= ====== ====== ==== ======
SHARES ISSUED AND REDEEMED
Shares sold.................................... 1,701 312 271 80 848
Shares issued in reinvestment of dividends and
distributions................................ 0 0 0 0 0
Shares redeemed................................ (91) (8) (28) (31) (33)
------- ------ ------ ---- ------
Net Increase in Shares Outstanding........... 1,610 304 243 49 815
======= ====== ====== ==== ======
</TABLE>
- --------------------------------------------------------------------------------
(1) Commenced operations on January 4, 1994.
(2) Commenced operations on May 3, 1994.
(3) Commenced operations on October 20, 1994.
(4) Commenced operations on May 2, 1995.
See Notes to Financial Statements.
62
<PAGE> 107
AMERICAN SKANDIA TRUST
FINANCIAL HIGHLIGHTS
PER SHARE DATA (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELIGMAN HENDERSON INTERNATIONAL EQUITY PORTFOLIO
-------------------------------------------------------------------
SIX MONTHS FOR THE YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 1995 ----------------------------------------------------
(UNAUDITED) 1994 1993 1992 1991 1990
------------- -------- -------- ------- ------- ------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value at Beginning of Period............ $ 17.61 $ 17.34 $ 12.74 $ 13.90 $ 12.99 $13.76
-------- -------- -------- ------- ------- ------
Increase (Decrease) from Investment Operations
Net Investment Income (Loss).................. 0.12 0.10 0.14 (0.17) 0.01 0.22
Net Realized & Unrealized Gains (Losses) on
Investments and Foreign Currency
Transactions................................ (0.26) 0.36 4.46 (0.99) 0.90 (0.63)
-------- -------- -------- ------- ------- ------
Total Increase (Decrease) From Investment
Operations............................. (0.14) 0.46 4.60 (1.16) 0.91 (0.41)
-------- -------- -------- ------- ------- ------
Less Dividends and Distributions
Dividends from Net Investment Income.......... 0.00 (0.03) 0.00 0.00 0.00 (0.23)
Distributions from Net Realized Capital
Gains....................................... (0.99) (0.16) 0.00 0.00 0.00 (0.13)
-------- -------- -------- ------- ------- ------
Total Dividends and Distributions........ (0.99) (0.19) 0.00 0.00 0.00 (0.36)
-------- -------- -------- ------- ------- ------
Net Asset Value at End of Period.................. $ 16.48 $ 17.61 $ 17.34 $ 12.74 $ 13.90 $12.99
-------- -------- -------- ------- ------- ------
Total Return...................................... (0.40%) 2.64% 36.11% (8.35%) 7.01% (2.97%)
Ratios/Supplemental Data
Net Assets at End of Period (in 000's)........ $ 242,532 $238,050 $150,646 $24,998 $15,892 $6,015
Ratios of Expenses to Average Net Assets:
After Advisory Fee Waiver and Expense
Reimbursement............................ 1.16%(1) 1.22% 1.52% 2.50% 2.50% 2.38%
Before Advisory Fee Waiver and Expense
Reimbursement............................ 1.26%(1) 1.32% 1.52% 2.50% 2.82% 8.80%
Ratios of Net Investment Income (Loss)
to Average Net Assets:
After Advisory Fee Waiver and Expense
Reimbursement............................ 1.62%(1) 0.55% 0.28% (1.62%) 0.12% 1.67%
Before Advisory Fee Waiver and Expense
Reimbursement............................ 1.52%(1) 0.46% 0.28% (1.62%) (0.20%) (4.75%)
Portfolio Turnover Rate........................... 32.01% 48.69% 31.69% 54.56% 58.74% 76.10%
</TABLE>
- --------------------------------------------------------------------------------
(1) Annualized.
(2) Commenced operations on May 1, 1992.
(3) Commenced operations on November 6, 1992.
(4) Commenced operations on November 10, 1992.
(5) Commenced operations on May 4, 1993.
(6) Commenced operations on January 4, 1994.
(7) Commenced operations on May 3, 1994.
(8) Commenced operations on October 20, 1994.
(9) Commenced operations on May 2, 1995.
See Notes to Financial Statements.
63
<PAGE> 108
AMERICAN SKANDIA TRUST
FINANCIAL HIGHLIGHTS
PER SHARE DATA (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LORD ABBETT GROWTH AND INCOME PORTFOLIO
-------------------------------------------
SIX MONTHS FOR THE YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 1995 ---------------------------
(UNAUDITED) 1994 1993 1992(2)
------------- ------- ------- -------
<S> <C> <C> <C> <C>
Net Asset Value at Beginning of Period.................................. $ 12.00 $ 12.06 $ 10.70 $ 10.00
-------- -------- -------- -------
Increase (Decrease) from Investment Operations
Net Investment Income (Loss)........................................ 0.13 0.20 0.11 0.07
Net Realized & Unrealized Gains (Losses) on Investments and Foreign
Currency Transactions............................................. 1.87 0.06 1.35 0.63
-------- -------- -------- -------
Total Increase (Decrease) From Investment Operations........... 2.00 0.26 1.46 0.70
-------- -------- -------- -------
Less Dividends and Distributions
Dividends from Net Investment Income................................ (0.20) (0.12) (0.04) 0.00
Distributions from Net Realized Capital Gains....................... (0.20) (0.20) (0.06) 0.00
-------- -------- -------- -------
Total Dividends and Distributions.............................. (0.40) (0.32) (0.10) 0.00
-------- -------- -------- -------
Net Asset Value at End of Period........................................ $ 13.60 $ 12.00 $ 12.06 $ 10.70
-------- -------- -------- -------
Total Return............................................................ 17.03% 2.22% 13.69% 7.00%
Ratios/Supplemental Data
Net Assets at End of Period (in 000's).............................. $ 135,704 $92,050 $48,385 $10,159
Ratios of Expenses to Average Net Assets:
After Advisory Fee Waiver and Expense Reimbursement............... 0.98%(1) 1.06% 1.22% 0.99%(1)
Before Advisory Fee Waiver and Expense Reimbursement.............. 0.98%(1) 1.06% 1.33% 1.75%(1)
Ratios of Net Investment Income (Loss) to Average Net Assets:
After Advisory Fee Waiver and Expense Reimbursement............... 2.74%(1) 2.45% 2.05% 2.49%(1)
Before Advisory Fee Waiver and Expense Reimbursement.............. 2.74%(1) 2.45% 1.94% 1.73%(1)
Portfolio Turnover Rate................................................. 29.23% 60.47% 56.70% 34.29%
</TABLE>
- --------------------------------------------------------------------------------
(1) Annualized.
(2) Commenced operations on May 1, 1992.
(3) Commenced operations on November 6, 1992.
(4) Commenced operations on November 10, 1992.
(5) Commenced operations on May 4, 1993.
(6) Commenced operations on January 4, 1994.
(7) Commenced operations on May 3, 1994.
(8) Commenced operations on October 20, 1994.
(9) Commenced operations on May 2, 1995.
See Notes to Financial Statements.
64
<PAGE> 109
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
JANCAP GROWTH PORTFOLIO
---------------------------------------------------
SIX MONTHS FOR THE YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 1995 ---------------------------------
(UNAUDITED) 1994 1993 1992(3)
------------- -------- -------- -------
<S> <C> <C> <C> <C>
Net Asset Value at Beginning of Period.................................. $ 11.22 $ 11.78 $ 10.53 $ 10.00
-------- ------- ------- -------
Increase (Decrease) from Investment Operations
Net Investment Income (Loss)........................................ 0.04 0.06 0.03 (0.01)
Net Realized & Unrealized Gains (Losses) on Investments and Foreign
Currency Transactions............................................. 2.37 (0.59) 1.22 0.54
-------- ------- ------- -------
Total Increase (Decrease) From Investment Operations........... 2.41 (0.53) 1.25 0.53
-------- ------- ------- -------
Less Dividends and Distributions
Dividends from Net Investment Income................................ (0.06) (0.03) 0.00 0.00
Distributions from Net Realized Capital Gains....................... 0.00 0.00 0.00 0.00
-------- ------- ------- -------
Total Dividends and Distributions.............................. (0.06) (0.03) 0.00 0.00
-------- ------- ------- -------
Net Asset Value at End of Period........................................ $ 13.57 $ 11.22 $ 11.78 $ 10.53
-------- ------- ------- -------
Total Return............................................................ 21.58% (4.51%) 11.87% 5.30%
Ratios/Supplemental Data
Net Assets at End of Period (in 000's).............................. $ 320,278 $245,645 $157,852 $15,218
Ratios of Expenses to Average Net Assets:
After Advisory Fee Waiver and Expense Reimbursement............... 1.11%(1) 1.18% 1.22% 1.33% (1)
Before Advisory Fee Waiver and Expense Reimbursement.............. 1.11%(1) 1.18% 1.22% 2.21% (1)
Ratios of Net Investment Income (Loss) to Average Net Assets:
After Advisory Fee Waiver and Expense Reimbursement............... 0.77%(1) 0.62% 0.35% (0.90%)(1)
Before Advisory Fee Waiver and Expense Reimbursement.............. 0.77%(1) 0.62% 0.35% (1.78%)(1)
Portfolio Turnover Rate................................................. 53.57% 93.92% 92.16% 1.52%
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AST MONEY MARKET PORTFOLIO
---------------------------------------------------
SIX MONTHS FOR THE YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 1995 ---------------------------------
(UNAUDITED) 1994 1993 1992(4)
------------- -------- -------- -------
<S> <C> <C> <C> <C>
Net Asset Value at Beginning of Period.................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------
Increase (Decrease) from Investment Operations
Net Investment Income (Loss)........................................ 0.0271 0.0369 0.0252 0.0032
Net Realized & Unrealized Gains (Losses) on Investments and Foreign
Currency Transactions............................................. 0.0000 0.0000 0.0000 0.0000
-------- -------- -------- -------
Total Increase (Decrease) From Investment Operations........... 0.0271 0.0369 0.0252 0.0032
-------- ------- ------- -------
Less Dividends and Distributions
Dividends from Net Investment Income................................ (0.0271) (0.0367) (0.0252) (0.0032)
Distributions from Net Realized Capital Gains....................... 0.0000 (0.0002) 0.0000 0.0000
-------- -------- -------- -------
Total Dividends and Distributions.............................. (0.0271) (0.0369) (0.0252) (0.0032)
-------- -------- -------- -------
Net Asset Value at End of Period........................................ $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------
Total Return............................................................ N/A N/A N/A N/A
Ratios/Supplemental Data
Net Assets at End of Period (in 000's).............................. $ 334,122 $288,588 $114,074 $ 4,294
Ratios of Expenses to Average Net Assets:
After Advisory Fee Waiver and Expense Reimbursement............... 0.60%(1) 0.64% 0.65% 0.65%(1)
Before Advisory Fee Waiver and Expense Reimbursement.............. 0.69%(1) 0.76% 0.84% 1.15%(1)
Ratios of Net Investment Income (Loss) to Average Net Assets:
After Advisory Fee Waiver and Expense Reimbursement............... 5.46%(1) 3.91% 2.52% 2.43%(1)
Before Advisory Fee Waiver and Expense Reimbursement.............. 5.37%(1) 3.78% 2.34% 1.93%(1)
Portfolio Turnover Rate................................................. N/A N/A N/A N/A
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FEDERATED UTILITY INCOME PORTFOLIO
-----------------------------------------------
SIX MONTHS FOR THE YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 1995 ------------------------
(UNAUDITED) 1994 1993(5)
------------- -------- -----------
<S> <C> <C> <C>
Net Asset Value at Beginning of Period.................................. $ 9.87 $ 10.79 $ 10.00
------- ------- -------
Increase (Decrease) from Investment Operations
Net Investment Income (Loss)........................................ 0.17 0.46 0.17
Net Realized & Unrealized Gains (Losses) on Investments and Foreign
Currency Transactions............................................. 0.88 (1.20) 0.62
------- ------- -------
Total Increase (Decrease) From Investment Operations........... 1.05 (0.74) 0.79
-------- ------- -------
Less Dividends and Distributions
Dividends from Net Investment Income................................ (0.42) (0.16) 0.00
Distributions from Net Realized Capital Gains....................... 0.00 (0.02) 0.00
------- ------- -------
Total Dividends and Distributions.............................. (0.42) (0.18) 0.00
------- ------- -------
Net Asset Value at End of Period........................................ $ 10.50 $ 9.87 $ 10.79
------- ------- -------
Total Return............................................................ 10.92% (6.95%) 7.90%
Ratios/Supplemental Data
Net Assets at End of Period (in 000's).............................. $88,748 $71,205 $57,643
Ratios of Expenses to Average Net Assets:
After Advisory Fee Waiver and Expense Reimbursement............... 0.94%(1) 0.99% 1.18%(1)
Before Advisory Fee Waiver and Expense Reimbursement.............. 0.94%(1) 0.99% 1.18%(1)
Ratios of Net Investment Income (Loss) to Average Net Assets:
After Advisory Fee Waiver and Expense Reimbursement............... 4.58%(1) 5.11% 5.09%(1)
Before Advisory Fee Waiver and Expense Reimbursement.............. 4.58%(1) 5.11% 5.09%(1)
Portfolio Turnover Rate................................................. 26.87% 54.26% 5.30%
</TABLE>
- --------------------------------------------------------------------------------
(1) Annualized.
(2) Commenced operations on May 1, 1992.
(3) Commenced operations on November 6, 1992.
(4) Commenced operations on November 10, 1992.
(5) Commenced operations on May 4, 1993.
(6) Commenced operations on January 4, 1994.
(7) Commenced operations on May 3, 1994.
(8) Commenced operations on October 20, 1994.
(9) Commenced operations on May 2, 1995.
See Notes to Financial Statements.
65
<PAGE> 110
AMERICAN SKANDIA TRUST
FINANCIAL HIGHLIGHTS
PER SHARE DATA (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AST PHOENIX FEDERATED HIGH
BALANCED ASSET PORTFOLIO YIELD PORTFOLIO
------------------------------------ -----------------------------
SIX MONTHS FOR THE YEAR ENDED SIX MONTHS FOR THE
ENDED DECEMBER 31, ENDED YEAR ENDED
JUNE 30, 1995 ------------------- JUNE 30, 1995 DECEMBER 31,
(UNAUDITED) 1994 1993(5) (UNAUDITED) 1994(6)
------------- -------- ------- ------------- ------------
<S> <C> <C> <C> <C> <C>
Net Asset Value at Beginning of Period................. $ 10.49 $ 10.57 $ 10.00 $ 9.69 $ 10.00
------- ------- ------- ------- --------
Increase (Decrease) from Investment Operations
Net Investment Income (Loss)....................... 0.19 0.27 0.08 0.21 0.55
Net Realized & Unrealized Gains (Losses) on
Investments and Foreign Currency Transactions.... 0.76 (0.26) 0.49 0.85 (0.86)
------- ------- ------- ------- --------
Total Increase (Decrease) From Investment
Operations.................................. 0.95 0.01 0.57 1.06 (0.31)
------- ------- ------- ------- --------
Less Dividends and Distributions
Dividends from Net Investment Income............... (0.28) (0.07) 0.00 (0.39) 0.00
Distributions from Net Realized Capital Gains...... 0.00 (0.02) 0.00 0.00 0.00
------- ------- ------- ------- --------
Total Dividends and Distributions............. (0.28) (0.09) 0.00 (0.39) 0.00
------- ------- ------- ------- --------
Net Asset Value at End of Period....................... $ 11.16 $ 10.49 $ 10.57 $ 10.36 $ 9.69
------- ------- ------- ------- --------
Total Return........................................... 9.19% 0.09% 5.70% 11.20% (3.10%)
Ratios/Supplemental Data
Net Assets at End of Period (in 000's)............. $ 154,466 $145,624 $91,591 $40,938 $ 21,308
Ratios of Expenses to Average Net Assets:
After Advisory Fee Waiver and Expense
Reimbursement................................. 0.93%(1) 0.99% 1.13%(1) 1.15%(1) 1.15%(1)
Before Advisory Fee Waiver and Expense
Reimbursement................................. 0.93%(1) 0.99% 1.13%(1) 1.17%(1) 1.34%(1)
Ratios of Net Investment Income (Loss) to Average Net
Assets:
After Advisory Fee Waiver and Expense
Reimbursement................................. 3.54%(1) 3.08%(1) 2.53%(1) 9.03%(1) 9.06%(1)
Before Advisory Fee Waiver and Expense
Reimbursement................................. 3.54%(1) 3.08%(1) 2.53%(1) 9.01%(1) 8.87%(1)
Portfolio Turnover Rate................................ 78.89% 86.50% 46.35% 19.43% 40.55%(1)
</TABLE>
- --------------------------------------------------------------------------------
(1) Annualized.
(2) Commenced operations on May 1, 1992.
(3) Commenced operations on November 6, 1992.
(4) Commenced operations on November 10, 1992.
(5) Commenced operations on May 4, 1993.
(6) Commenced operations on January 4, 1994.
(7) Commenced operations on May 3, 1994.
(8) Commenced operations on October 20, 1994.
(9) Commenced operations on May 2, 1995.
See Notes to Financial Statements.
66
<PAGE> 111
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AST PHOENIX CAPITAL T. ROWE PRICE ASSET
GROWTH PORTFOLIO ALLOCATION PORTFOLIO
---------------------------- ----------------------------
SIX MONTHS FOR THE SIX MONTHS FOR THE
ENDED YEAR ENDED ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31, JUNE 30, 1995 DECEMBER 31,
(UNAUDITED) 1994(6) (UNAUDITED) 1994(6)
------------- ------------ ------------- ------------
<S> <C> <C> <C> <C>
Net Asset Value at Beginning of Period................. $ 9.34 $ 10.00 $ 9.94 $ 10.00
-------- -------- ------- -------
Increase (Decrease) from Investment Operations
Net Investment Income (Loss)....................... 0.05 0.07 0.16 0.21
Net Realized & Unrealized Gains (Losses) on
Investments and Foreign Currency Transactions.... 1.51 (0.73) 1.24 (0.27)
-------- -------- ------- -------
Total Increase (Decrease) From Investment
Operations.................................. 1.56 (0.66) 1.40 (0.06)
-------- -------- ------- -------
Less Dividends and Distributions
Dividends from Net Investment Income............... (0.07) 0.00 (0.21) 0.00
Distributions from Net Realized Capital Gains...... 0.00 0.00 0.00 0.00
-------- -------- ------- -------
Total Dividends and Distributions............. (0.07) 0.00 (0.21) 0.00
-------- -------- ------- -------
Net Asset Value at End of Period....................... $ 10.83 $ 9.34 $ 11.13 $ 9.94
-------- -------- ------- -------
Total Return........................................... 16.78% (6.60%) 14.32% (0.60%)
Ratios/Supplemental Data
Net Assets at End of Period (in 000's)............. $20,704 $ 14,845 $34,063 $ 23,463
Ratios of Expenses to Average Net Assets:
After Advisory Fee Waiver and Expense
Reimbursement................................. 1.15%(1) 1.15%(1) 1.25%(1) 1.25%(1)
Before Advisory Fee Waiver and Expense
Reimbursement................................. 1.36%(1) 1.59%(1) 1.32%(1) 1.47%(1)
Ratios of Net Investment Income (Loss) to Average Net
Assets:
After Advisory Fee Waiver and Expense
Reimbursement................................. 1.13%(1) 1.47%(1) 3.79%(1) 3.64%(1)
Before Advisory Fee Waiver and Expense
Reimbursement................................. 0.92%(1) 1.03%(1) 3.72%(1) 3.42%(1)
Portfolio Turnover Rate................................ 142.37% 216.86% 11.87% 31.62%
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PIMCO TOTAL RETURN INVESCO EQUITY
BOND PORTFOLIO INCOME PORTFOLIO
---------------------------- ----------------------------
SIX MONTHS FOR THE SIX MONTHS FOR THE
ENDED YEAR ENDED ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31, JUNE 30, 1995 DECEMBER 31,
(UNAUDITED) 1994(6) (UNAUDITED) 1994(6)
------------- ------------ ------------- ------------
<S> <C> <C> <C> <C>
Net Asset Value at Beginning of Period................. $ 9.75 $ 10.00 $ 9.75 $ 10.00
------- ------- ------- --------
Increase (Decrease) from Investment Operations
Net Investment Income (Loss)....................... 0.20 0.26 0.15 0.16
Net Realized & Unrealized Gains (Losses) on
Investments and Foreign Currency Transactions.... 0.80 (0.51) 1.38 (0.41)
------- ------- ------- --------
Total Increase (Decrease) From Investment
Operations.................................. 1.00 (.025) 1.53 (0.25)
------- ------- ------- --------
Less Dividends and Distributions
Dividends from Net Investment Income............... (0.21) 0.00 (0.15) 0.00
Distributions from Net Realized Capital Gains...... 0.00 0.00 0.00 0.00
------- ------- ------- --------
Total Dividends and Distributions............. (0.21) 0.00 (0.15) 0.00
------- ------- ------- --------
Net Asset Value at End of Period....................... $ 10.54 $ 9.75 $ 11.13 $ 9.75
------- ------- ------- --------
Total Return........................................... 10.40% (2.50%) 15.82% (2.50%)
Ratios/Supplemental Data
Net Assets at End of Period (in 000's)............. $92,180 $ 46,493 $ 105,289 $ 65,201
Ratios of Expenses to Average Net Assets:
After Advisory Fee Waiver and Expense
Reimbursement................................. 0.89%(1) 1.02%(1) 0.97%(1) 1.14%(1)
Before Advisory Fee Waiver and Expense
Reimbursement................................. 0.89%(1) 1.02%(1) 0.97%(1) 1.14%(1)
Ratios of Net Investment Income (Loss) to Average Net
Assets:
After Advisory Fee Waiver and Expense
Reimbursement................................. 6.40%(1) 5.57%(1) 3.69%(1) 3.41%(1)
Before Advisory Fee Waiver and Expense
Reimbursement................................. 6.40%(1) 5.57%(1) 3.69%(1) 3.41%(1)
Portfolio Turnover Rate................................ 20.01% 139.25% 42.33% 62.87%
</TABLE>
- --------------------------------------------------------------------------------
(1) Annualized.
(2) Commenced operations on May 1, 1992.
(3) Commenced operations on November 6, 1992.
(4) Commenced operations on November 10, 1992.
(5) Commenced operations on May 4, 1993.
(6) Commenced operations on January 4, 1994.
(7) Commenced operations on May 3, 1994.
(8) Commenced operations on October 20, 1994.
(9) Commenced operations on May 2, 1995.
See Notes to Financial Statements.
67
<PAGE> 112
AMERICAN SKANDIA TRUST
FINANCIAL HIGHLIGHTS
PER SHARE DATA (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOUNDERS CAPITAL T.ROWE PRICE INTERNATIONAL
APPRECIATION PORTFOLIO EQUITY PORTFOLIO
---------------------------- ----------------------------
SIX MONTHS FOR THE SIX MONTHS FOR THE
ENDED YEAR ENDED ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31, JUNE 30, 1995 DECEMBER 31,
(UNAUDITED) 1994(6) (UNAUDITED) 1994(6)
------------- ------------ ------------- ------------
<S> <C> <C> <C> <C>
Net Asset Value at Beginning of Period.................... $ 10.84 $ 10.00 $ 9.62 $ 10.00
------------- ------------ ------------- ------------
Increase (Decrease) from Investment Operations
Net Investment Income (Loss).......................... (0.02) 0.11 0.12 0.02
Net Realized & Unrealized Gains (Losses) on
Investments and Foreign Currency Transactions....... 1.96 0.73 0.27 (0.40)
------------- ------------ ------------- ------------
Total Increase (Decrease) From Investment
Operations..................................... 1.94 0.84 0.39 (0.38)
------------- ------------ ------------- ------------
Less Dividends and Distributions
Dividends from Net Investment Income.................. (0.09) 0.00 (0.01) 0.00
Distributions from Net Realized
Capital Gains....................................... 0.00 0.00 (0.02) 0.00
------------- ------------ ------------- ------------
Total Dividends and Distributions................ (0.09) 0.00 (0.03) 0.00
------------- ------------ ------------- ------------
Net Asset Value at End of Period.......................... $ 12.69 $ 10.84 $ 9.98 $ 9.62
------------- ------------ ------------- ------------
Total Return.............................................. 18.04% 8.40% 4.10% (3.80%)
Ratios/Supplemental Data
Net Assets at End of Period (in 000's)................ $49,202 $ 28,559 $ 134,899 $108,751
Ratios of Expenses to Average Net Assets:
After Advisory Fee Waiver and
Expense Reimbursement............................ 1.26%(1) 1.30%(1) 1.37%(1) 1.75%(1)
Before Advisory Fee Waiver and
Expense Reimbursement............................ 1.26%(1) 1.55%(1) 1.37%(1) 1.77%(1)
Ratios of Net Investment Income (Loss) to Average Net
Assets:
After Advisory Fee Waiver and
Expense Reimbursement............................ (0.05%)(1) 2.59%(1) 1.76%(1) 0.45%(1)
Before Advisory Fee Waiver and
Expense Reimbursement............................ (0.05%)(1) 2.34%(1) 1.76%(1) 0.43%(1)
Portfolio Turnover Rate................................... 29.37% 197.93% 9.25% 15.70%
</TABLE>
- --------------------------------------------------------------------------------
(1) Annualized.
(2) Commenced operations on May 1, 1992.
(3) Commenced operations on November 6, 1992.
(4) Commenced operations on November 10, 1992.
(5) Commenced operations on May 4, 1993.
(6) Commenced operations on January 4, 1994.
(7) Commenced operations on May 3, 1994.
(8) Commenced operations on October 20, 1994.
(9) Commenced operations on May 2, 1995.
See Notes to Financial Statements.
68
<PAGE> 113
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EAGLE GROWTH AST SCUDDER INTERNATIONAL BERGER CAPITAL
EQUITY PORTFOLIO BOND PORTFOLIO GROWTH PORTFOLIO
--------------------------- --------------------------- ---------------------------
SIX MONTHS FOR THE SIX MONTHS FOR THE SIX MONTHS FOR THE
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31, JUNE 30, 1995 DECEMBER 31, JUNE 30, 1995 DECEMBER 31,
(UNAUDITED) 1994(7) (UNAUDITED) 1994(7) (UNAUDITED) 1994(8)
------------- ------------ ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value at Beginning of
Period......................... $ 9.95 $10.00 $ 9.68 $ 10.00 $ 9.97 $10.00
-------- ------- - -------- ------ ------ ------
Increase (Decrease) from Investment
Operations
Net Investment Income (Loss)... 0.03 0.03 0.21 0.27 0.05 0.01
Net Realized & Unrealized
Gains (Losses) on
Investments and Foreign
Currency Transactions........ 1.19 (0.08) 0.37 (0.59) 1.00 (0.04)
-------- ------- - -------- ------ ------ ------
Total Increase (Decrease)
From Investment
Operations............... 1.22 (0.05) 0.58 (0.32) 1.05 (0.03)
-------- ------- - -------- ------ ------ ------
Less Dividends and Distributions
Dividends from Net Investment
Income....................... (0.02) 0.00 (0.14) 0.00 (0.01) 0.00
Distributions from Net Realized
Capital Gains................ 0.00 0.00 0.00 0.00 0.00 0.00
-------- ------- - -------- ------ ------ ------
Total Dividends and
Distributions........... (0.02) 0.00 (0.14) 0.00 (0.01) 0.00
-------- ------- - -------- ------ ------ ------
Net Asset Value at End of Period... $ 11.15 $ 9.95 $ 10.12 $ 9.68 $ 11.01 $ 9.97
-------- ------- - -------- ------ ------ ------
Total Return....................... 12.32% (0.50%) 6.07% (3.20%) 10.48% (0.30%)
Ratios/Supplemental Data
Net Assets at End of Period
(in 000's)..................... $ 7,479 $3,479 $25,998 $ 15,218 $21,075 $3,030
Ratios of Expenses to Average Net
Assets:
After Advisory Fee Waiver and
Expense Reimbursement..... 1.25%(1) 1.25%(1) 1.60%(1) 1.68%(1) 1.25%(1) 1.25%(1)
Before Advisory Fee Waiver and
Expense Reimbursement..... 2.37%(1) 2.63%(1) 1.60%(1) 1.68%(1) 1.41%(1) 1.70%(1)
Ratios of Net Investment Income (Loss)
to Average Net Assets:
After Advisory Fee Waiver and
Expense Reimbursement..... 0.96%(1) 0.80%(1) 6.98%(1) 7.03%(1) 1.16%(1) 1.41%(1)
Before Advisory Fee Waiver and
Expense Reimbursement..... (0.15%)(1) (0.56%)(1) 6.98%(1) 7.03%(1) 1.00%(1) 0.97%(1)
Portfolio Turnover Rate............ 16.20% 11.39% 190.94% 163.27% 47.21% 5.36%
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELIGMAN T. ROWE PIMCO
HENDERSON PRICE LIMITED
INTERNATIONAL NATURAL MATURITY
SMALL CAP RESOURCES BOND
PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------- -------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
JUNE 30, 1995 JUNE 30, 1995 JUNE 30, 1995
(UNAUDITED)(9) (UNAUDITED)(9) (UNAUDITED)(9)
------------- ------------- -------------
<S> <C> <C> <C>
Net Asset Value at Beginning of Period.................... $ 10.00 $ 10.00 $ 10.00
------- ------- -------
Increase (Decrease) from Investment Operations
Net Investment Income (Loss).......................... 0.03 0.06 0.03
Net Realized & Unrealized Gains (Losses) on
Investments and Foreign Currency Transactions....... 0.14 0.03 0.02
------- ------- -------
Total Increase (Decrease) From Investment
Operations..................................... 0.17 0.09 0.05
------- ------- -------
Less Dividends and Distributions
Dividends from Net Investment Income.................. 0.00 0.00 0.00
Distributions from Net Realized
Capital Gains....................................... 0.00 0.00 0.00
------- ------- -------
Total Dividends and Distributions................ 0.00 0.00 0.00
------- ------- -------
Net Asset Value at End of Period.......................... $ 10.17 $ 10.09 $ 10.05
------- ------- -------
Total Return.............................................. 1.70% 0.90% 0.50%
Ratios/Supplemental Data
Net Assets at End of Period (in 000's)................ $ 2,476 $ 491 $ 8,197
Ratios of Expenses to Average Net Assets:
After Advisory Fee Waiver and
Expense Reimbursement............................ 1.75%(1) 1.35%(1) 1.05%(1)
Before Advisory Fee Waiver and
Expense Reimbursement............................ 2.23%(1) 2.55%(1) 1.47%(1)
Ratios of Net Investment Income (Loss) to Average Net
Assets:
After Advisory Fee Waiver and
Expense Reimbursement............................ 4.12%(1) 4.12%(1) 5.13%(1)
Before Advisory Fee Waiver and
Expense Reimbursement............................ 3.64%(1) 2.92%(1) 4.71%(1)
Portfolio Turnover Rate................................... 0.00% 101.75% 29.72%
</TABLE>
- --------------------------------------------------------------------------------
(1) Annualized.
(2) Commenced operations on May 1, 1992.
(3) Commenced operations on November 6, 1992.
(4) Commenced operations on November 10, 1992.
(5) Commenced operations on May 4, 1993.
(6) Commenced operations on January 4, 1994.
(7) Commenced operations on May 3, 1994.
(8) Commenced operations on October 20, 1994.
(9) Commenced operations on May 2, 1995.
See Notes to Financial Statements.
69
<PAGE> 114
AMERICAN SKANDIA TRUST
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
American Skandia Trust (the "Trust"), was organized under the laws of the
Commonwealth of Massachusetts on October 31, 1988, as a "Massachusetts Business
Trust". The Trust is registered under the Investment Company Act of 1940, as
amended, as a diversified, open-end management investment company. The Trust
operates as a series company currently issuing nineteen classes of shares of
beneficial interest: Seligman Henderson International Equity Portfolio
("Henderson"), Lord Abbett Growth and Income Portfolio ("Lord Abbett"), JanCap
Growth Portfolio ("JanCap"), AST Money Market Portfolio ("Money Market"),
Federated Utility Income Portfolio ("Federated"), AST Phoenix Balanced Asset
Portfolio ("Balanced"), Federated High Yield Portfolio ("High Yield"), AST
Phoenix Capital Growth Portfolio ("Growth"), T. Rowe Price Asset Allocation
Portfolio ("Asset Allocation"), PIMCO Total Return Bond Portfolio ("PIMCO"),
INVESCO Equity Income Portfolio ("INVESCO"), Founders Capital Appreciation
Portfolio ("Founders"), T. Rowe Price International Equity Portfolio ("T.
Rowe"), Eagle Growth Equity Portfolio ("Eagle"), AST Scudder International Bond
Portfolio ("Scudder"), Berger Capital Growth Portfolio ("Berger"), Seligman
Henderson International Small Cap Portfolio ("Small Cap"), T. Rowe Natural
Resources Portfolio ("Natural Resources"), and PIMCO Limited Maturity Bond
Portfolio ("Limited Maturity") (collectively "the Portfolios").
The following is a summary of the Trust's significant accounting policies:
Security Valuation
All Portfolios, other than Money Market: Securities are valued at the close of
regular trading on each business day the New York Stock Exchange ("NYSE") is
open. Securities, including options written, are valued at the last sale price
on the securities exchange or securities market on which such securities
primarily are traded. Securities not listed on an exchange or securities market,
or securities on which there were no transactions, are valued at the average of
the most recent bid and asked prices. Any securities or other assets for which
recent market quotations are not readily available are valued at fair value as
determined in good faith by the Board of Trustees. For the Portfolios that hold
foreign securities, the value of securities and other assets and liabilities
denominated in foreign currencies is translated daily into U.S. dollars at a
rate of exchange determined prior to the close of the NYSE.
Short-term obligations with less than sixty days remaining to maturity are
valued at amortized cost. Short-term obligations with more than sixty days
remaining to maturity will be valued at current market value until the sixtieth
day prior to maturity, and will then be valued on an amortized cost basis based
on the value on such date.
Money Market: Securities are valued at amortized cost. The amortized cost method
values a security at its cost at the time of purchase and thereafter assumes a
constant amortization to maturity of any discount or premium.
Foreign Currency Translation and Forward Foreign Currency Contracts
The Trust's investment valuations, other assets, and liabilities initially
expressed in foreign currencies are converted each business day into U.S.
dollars based upon current exchange rates. Purchases and sales of foreign
investments and income and expenses are converted into U.S. dollars based upon
currency exchange rates prevailing on the respective dates of such transactions.
Gains and losses attributable to changes in foreign currency exchange rates are
recorded for financial statement purposes as net realized gains and losses on
investments and foreign currency transactions. Forward foreign currency exchange
contracts are adjusted by the daily exchange rate of the underlying currency and
any gains or losses are recorded for financial statement purposes as unrealized
until the contract settlement date.
70
<PAGE> 115
AMERICAN SKANDIA TRUST
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
Investment Transactions and Investment Income
Security transactions are accounted for on the trade date. Realized gains and
losses from security transactions are recognized on the FIFO cost basis.
Dividend income is recognized on the ex-dividend date. Interest income is
accrued daily. Gains or losses on premiums from expired options are recognized
on the date of expiration.
Dividends and Distributions to Shareholders
All Portfolios other than Money Market: Dividends and distributions arising from
net investment income and net short-term and long-term capital gains, if any,
are declared and paid annually.
Money Market: Dividends from net investment income are declared daily and paid
monthly.
Organization Costs
The Trust bears all costs in connection with its organization including the
initial fees and expenses of registering and qualifying its shares for
distribution under Federal and state securities regulations. All such costs are
being amortized on a straight-line basis over a period of five years from May 1,
1992.
Tax Matters
It is the Trust's policy to comply with the requirements of the Internal Revenue
Code pertaining to regulated investment companies and to distribute all of its
taxable income, as well as any net realized gains to its shareholders.
Therefore, no federal income tax provision has been made. Foreign taxes have
been provided for dividend and interest income earned on foreign investments in
accordance with the applicable country's tax rates and, to the extent
unrecoverable, are recorded as a reduction of investment income.
2. INVESTMENT MANAGEMENT AGREEMENTS,
INVESTMENT SUB-ADVISORY
AGREEMENTS AND TRANSACTIONS
WITH AFFILIATES
The Portfolios have entered into Investment Management Agreements with American
Skandia Investment Services, Inc., formerly American Skandia Life Investment
Management, Inc., ("Investment Manager") which provide that the Investment
Manager will furnish each Portfolio with investment advice and investment
management and administrative services. The Investment Manager has engaged the
following entities as sub-advisors for their respective Portfolios: Seligman
Henderson Co., a joint venture between J&W Seligman & Co. Incorporated and
Henderson International, Inc. for Henderson and Small Cap, Lord Abbett & Co. for
Lord Abbett, Janus Capital Corporation for JanCap, J. P. Morgan Investment
Management, Inc. for Money Market, Federated Investment Counseling for Federated
and High Yield, Phoenix Investment Counsel, Inc. for Balanced and Growth, T.
Rowe Price Associates, Inc. for Asset Allocation and Natural Resources, Pacific
Investment Management Co. for PIMCO and Limited Maturity, INVESCO Trust Co. for
INVESCO, Founders Asset Management Inc. for Founders, Rowe Price-Fleming
International, a United Kingdom Corporation, for T. Rowe, Eagle Asset Management
for Eagle, Scudder, Stevens, and Clark for Scudder, and Berger Associates, Inc.
for Berger. The Investment Manager receives a fee computed daily and paid
monthly based on an annual rate of 1.00%, .75%, .90%, .50%, .75%, .75%, .75%,
.75%, .85%, .65%, .75%, .90%, 1.00%, .80%, 1.00%, .75%, 1.00%, .90%, and .65% of
the average daily net assets of the Henderson, Lord Abbett, JanCap, Money
Market, Federated, Balanced, High Yield, Growth, Asset Allocation, PIMCO,
INVESCO, Founders, T. Rowe, Eagle, Scudder, Berger, Small Cap, Natural
Resources, and Limited Maturity Portfolios, respectively. The fees for Federated
are at the rate of .60% for average daily net assets in excess of $50,000,000
and for Balanced are at the rate of .65% for
71
<PAGE> 116
AMERICAN SKANDIA TRUST
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
average daily net assets in excess of $75,000,000. The Investment Manager is
currently voluntarily waiving .15% of its fee for Henderson on average daily net
assets in excess of $75,000,000, and .05% of its fee for Money Market.
The Investment Manager pays each sub-advisor a fee computed daily and payable
monthly based on an annual rate of 1.00%, .50%, .60%, .25%, .50%, .50%, .50%,
.50%, .50%, .30%, .50%, .65%, .75%, .50%, .60%, .55%, .60%, .60%, and .30% of
the average daily net assets of the Henderson, Lord Abbett, JanCap, Money
Market, Federated, Balanced, High Yield, Growth, Asset Allocation, PIMCO,
INVESCO, Founders, T. Rowe, Eagle, Scudder, Berger, Small Cap, Natural
Resources, and Limited Maturity Portfolios, respectively. The sub-advisors for
Henderson and Money Market are currently voluntarily waiving portions of the
fees payable to them by the Investment Manager. The annual rates of the fees
payable by the Investment Manager to the sub-advisors of all Portfolios, other
than Eagle and Scudder, are reduced for Portfolio net assets in excess of
specified levels.
The Investment Manager has agreed to reimburse each Portfolio for the amount, if
any, by which the total operating and management expenses (after fee waivers and
expense reimbursements) of the Portfolio for any fiscal year exceed the most
restrictive state blue sky expense limitation in effect from time to time, to
the extent required by such limitation. The Investment Management Agreement with
each Portfolio provides that the Investment Manager will reimburse the Portfolio
to prevent its expenses from exceeding a specific percentage limit. During the
six months ended June 30, 1995 the Investment Manager reimbursed Money Market,
High Yield, Growth, Asset Allocation, Eagle, Berger, Small Cap, Natural
Resources, and Limited Maturity for expenses pursuant to those provisions.
The Trust has entered into an agreement for the sale of shares with American
Skandia Life Assurance Corporation ("ASLAC") pursuant to which it pays ASLAC a
shareholder servicing fee at an annual rate of 0.1% of each Portfolio's average
net assets.
Certain officers and/or trustees of the Trust are also officers and/or directors
of the Investment Manager. During the six months ended June 30, 1995, the Trust
made no direct payments to its officers or interested Trustees.
3. PURCHASES AND SALES OF SECURITIES
The cost of security purchases and proceeds from the sales of securities,
excluding short-term obligations, during the six months ended June 30, 1995 were
$72,453,817 and $69,428,456 for Henderson, $54,198,203 and $29,932,070 for Lord
Abbett, $212,467,876 and $130,051,155 for JanCap, $29,430,463 and $20,909,664
for Federated, $117,119,848 and $87,286,717 for Balanced, $24,408,445 and
$7,263,089 for High Yield, $27,187,518 and $21,478,740 for Growth, $12,446,694
and $2,955,683 for Asset Allocation, $65,192,822 and $9,315,187 for PIMCO,
$60,753,710 and $33,678,535 for INVESCO, $26,042,526 and $9,377,714 for
Founders, $41,660,594 and $9,960,793 for T. Rowe, $4,128,259 and $773,033 for
Eagle, $42,180,869 and $34,097,525 for Scudder, $21,836,672 and $4,278,439 for
Berger, $1,269,432 and $0 for Small Cap, $472,906 and $166,939 for Natural
Resources, and $6,999,560 and $1,029,375 for Limited Maturity.
4. FINANCIAL INSTRUMENTS
Off-Balance Sheet Risk
Certain Portfolios, as permitted by the Trust's prospectus, may trade financial
instruments with off-balance sheet risk in the normal course of investing
activities and to assist in managing exposure to market risks such as changes in
interest rates and foreign currency exchange rates. The financial instruments
include written options, forward foreign currency exchange contracts, futures
contracts and interest rate caps.
72
<PAGE> 117
AMERICAN SKANDIA TRUST
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
The notional or contractual amounts of these instruments represent the
investment the Trust has in particular classes of financial instruments and do
not necessarily represent the amounts potentially subject to risk. The
measurement of the risks associated with these instruments is meaningful only
when all related and offsetting transactions are considered.
Derivative Financial Instruments Held or Issued for Trading Purposes
Certain Portfolios, as permitted by the Trust's prospectus, may enter into
futures transactions. Unlike when the Portfolio purchases or sells a security,
no price would be paid or received by the Portfolio upon the purchase or sale of
a futures contract. Upon entering into a futures contract, and to maintain the
Portfolio's open positions in futures contracts, the Portfolio is required to
deposit with its custodian in a segregated account in the name of the futures
broker an amount of cash or liquid, high-grade debt securities, known as
"initial margin". The margin required for a particular futures contract is set
by the exchange on which it is traded, and may be significantly modified during
the term of the contract. Futures contracts are customarily purchased and sold
on margins that may range upward from less than 5% of the value of the contract
being traded.
Although financial futures contracts by their terms call for actual delivery or
acceptance of securities, in most cases the contracts are closed out before the
settlement date without the making or taking of delivery. Closing out is
accomplished by effecting an offsetting transaction. A futures contract sale is
closed out by effecting a futures contract purchase for the same aggregate
amount of securities and the same delivery date. If the sale price exceeds the
offsetting purchase price, the Portfolio immediately would be paid the
difference and would realize a gain. If the offsetting purchase price exceeds
the sale price, the Portfolio would immediately pay the difference and would
realize a loss. Similarly, a futures contract purchase is closed out by
effecting a futures contract sale for the same securities and the same delivery
date. If the offsetting sale price exceeds the purchase price, the Portfolio
would realize a gain, whereas if the purchase price exceeds the offsetting sale
price, the Portfolio would realize a loss.
Certain Portfolios, as permitted by the Trust's prospectus, may also purchase
and sell both put and call options on futures contracts. A futures option gives
the holder the right, in return for the premium paid, to assume a long position
(call) or short position (put) in a futures contract at a specified exercise
price at any time during the period of the option. Upon exercise of a call
option, the holder acquires a long position in the futures contract and the
writer is assigned the opposite short position. In the case of a put option, the
opposite is true.
Certain Portfolios, as permitted by the Trust's prospectus, may also enter into
interest rate swap agreements. Swap agreements are two-party contracts entered
into primarily by institutional investors for periods ranging from a few weeks
to more than one year. One commonly used swap agreement is known as an interest
rate cap. With interest rate caps, in return for a premium, one party agrees to
make payments to the other to the extent that interest rates exceed a specified
rate or "cap".
PIMCO maintained trading positions in derivative financial instruments. The
Portfolio purchased futures contracts on U.S. and German Treasury securities.
These futures contracts are utilized as a hedge against changes in prevailing
levels of interest rates or currency exchange rates, or as a means of adjusting
market exposure in response to changing market conditions. The Portfolio both
bought and wrote put options on Eurodollar futures. The purpose of these options
transactions was to decrease exposure to interest rate volatility. PIMCO also
purchased an interest rate cap. The cap was used to limit the potential impact
of drastic swings in interest rates on the Fund.
73
<PAGE> 118
AMERICAN SKANDIA TRUST
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------
PIMCO:
<TABLE>
<CAPTION>
-------------------------------
VALUE
-------------------------------
AVERAGE FOR THE
SIX MONTHS
ENDED
FUTURES JUNE 30, 1995 JUNE 30, 1995
- ----------------------- ------------- ---------------
<S> <C> <C>
5 Year Treasury........ $ 13,417,969 $13,436,198
10 Year Treasury....... 9,908,438 9,924,375
30 Year Treasury....... 11,807,250 11,805,083
10 Year German
Treasury............. 10,069,429 10,092,606
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF PAR OR VALUE
CONTRACTS NOTIONAL AMOUNT JUNE 30, 1995
--------- --------------- -------------
<S> <C> <C> <C>
Net Written
Put
Options... 3 $(200,000,000) $(5,000)
Interest
Rate
Cap --
LIBOR..... 1 150,000,000 339
</TABLE>
The net gain on these transactions during the six months ended June 30, 1995 was
$3,155,551. This gain was entirely short term.
Derivative Financial Instruments Held or Issued for Purposes Other Than Trading
Henderson, JanCap, Asset Allocation, PIMCO, Scudder and Small Cap entered into
foreign currency exchange contracts ("FCECs") during the six months ended June
30, 1995. The Portfolios will generally enter into forward foreign currency
exchange contracts as a way of managing foreign exchange rate risk. A Portfolio
may enter into these contracts to fix the U.S. dollar value of a security that
it has agreed to buy or sell for the period between the date the trade was
entered into and the date the security is delivered and paid for. A Portfolio
may also use these contracts to hedge, in whole or in part, the U.S. dollar
value of securities it already owns denominated in specific foreign currencies.
Scudder entered into both purchases and sales of put and call options on
currency contracts. These options entitle the holder to decide on or before a
future date whether to enter into such a contract. If the holder decides not to
enter into the contract, the premium received or paid is recognized as a
realized gain or loss. At June 30, 1995, the following instruments were
outstanding:
<TABLE>
<CAPTION>
NUMBER OF
PORTFOLIO DESCRIPTION CONTRACTS FACE AMOUNT
- ---------- ----------- --------- -----------
<S> <C> <C> <C>
Henderson FCEC 3 $23,680,201
JanCap FCEC 1 6,318,668
Asset
Allocation FCEC 1 51,837
PIMCO FCEC 1 5,119,444
Scudder FCEC 56 7,554,338
Option 16 6,090,507
Small Cap FCEC 7 335,233
</TABLE>
5. CAPITAL LOSS CARRYOVERS
At December 31, 1994, for Federal income tax purposes, the following Portfolios
had capital loss carryovers which may be applied against future net taxable
realized gains of each succeeding year until the earlier of its utilization or
expiration:
<TABLE>
<CAPTION>
EXPIRES IN:
--------------------------------
2000 2001 2002
------ ------- -----------
<S> <C> <C> <C>
JanCap............ $4,759 $86,855 $14,970,660
Money Market...... 0 0 7,006
Federated......... 0 0 2,737,836
Balanced.......... 0 0 288,864
High Yield........ 0 0 147,424
Growth............ 0 0 697,900
Asset
Allocation...... 0 0 188,355
PIMCO............. 0 0 477,174
INVESCO........... 0 0 255,091
Founders.......... 0 0 1,024,019
Eagle............. 0 0 42,223
Scudder........... 0 0 90,101
Berger............ 0 0 8,859
</TABLE>
74
<PAGE> 119
[EDGAR REFERENCE - IN THE PRINTED VERSION OF THIS REPORT THE UNAUDITED JUNE 30,
1995 FINANCIAL STATEMENTS OF THE ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.
FOLLOW AT THIS POINT. THE FINANCIAL STATEMENTS WERE FILED WITH THE COMMISSION
VIA THE EDGAR FORMAT ON AUGUST 28, 1995; FORM TYPE N-30B-2; FILE # 811-5398.
THE FINANCIAL STATEMENTS INCLUDE INFORMATION ON PORTFOLIOS WHICH ARE NOT
AVAILABLE TO OWNERS OF THE LIFEVEST PERSONAL SECURITY ANNUITIES, AMERICAN
SKANDIA ADVISORS PLAN ANNUITIES, AMERICAN SKANDIA ADVISORS PLAN II ANNUITIES
NOR THE ALLIANCE CAPITAL NAVIGATOR ANNUITIES.]
<PAGE> 120
[EDGAR REFERENCE - IN THE PRINTED VERSION OF THIS REPORT THE UNAUDITED JUNE 30,
1995 FINANCIAL STATEMENTS OF THE SCUDDER VARIABLE LIFE INVESTMENT FUND FOLLOW AT
THIS POINT. THE FINANCIAL STATEMENTS WERE FILED WITH THE COMMISSION VIA THE
EDGAR FORMAT ON AUGUST 15, 1995; FORM TYPE N-30D; FILE # 811-4257. THE FINANCIAL
STATEMENTS INCLUDE INFORMATION ON PORTFOLIOS WHICH ARE NOT AVAILABLE TO OWNERS
OF THE LIFEVEST PERSONAL SECURITY ANNUITIES, AMERICAN SKANDIA ADVISORS PLAN
ANNUITIES, AMERICAN SKANDIA ADVISORS PLAN II ANNUITIES NOR THE ALLIANCE CAPITAL
NAVIGATOR ANNUITIES.]
<PAGE> 121
American Skandia Life -----------------
Assurance Corporation BULK RATE
Tower One Corporate Drive U.S. POSTAGE
Shelton, CT 06484 PAID
PERMIT NO. 552
HACKENSACK, NJ
-----------------
