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PROSPECTUS May 1, 2003

AMERICAN SKANDIA TRUST
One Corporate Drive, Shelton, Connecticut 06484
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American Skandia Trust (the "Trust") is an investment company made up of the following 41 separate portfolios ("Portfolios"), one of
which is offered through this Prospectus:

AST Money Market Portfolio

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION NOR HAS THE COMMISSION PASSED UPON
THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

The Trust is an investment vehicle for life insurance companies ("Participating Insurance Companies") writing variable annuity
contracts and variable life insurance policies. Shares of the Trust may also be sold directly to certain tax-deferred retirement
plans. Each variable annuity contract and variable life insurance policy involves fees and expenses not described in this
Prospectus. Please read the Prospectus for the variable annuity contract and variable life insurance policy for information
regarding the contract or policy, including its fees and expenses.

The Trust has received an order from the Securities and Exchange Commission that permits its Investment Manager, subject to approval
by its Board of Trustees, to change sub-advisors engaged by the Investment Manager to conduct the investment programs of each
Portfolio without shareholder approval. For more information, please see this Prospectus under "Management of the Trust."

TABLE OF CONTENTS
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Caption Page
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RISK/RETURN SUMMARY...............................................................................................3
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PAST PERFORMANCE..................................................................................................5
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FEES AND EXPENSES OF THE PORTFOLIO:...............................................................................6
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INVESTMENT OBJECTIVES AND POLICIES:...............................................................................8
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AST Money Market Portfolio:.......................................................................................8
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NET ASSET VALUE:.................................................................................................11
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PURCHASE AND REDEMPTION OF SHARES:...............................................................................11
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MANAGEMENT OF THE TRUST:.........................................................................................12
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TAX MATTERS:.....................................................................................................14
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FINANCIAL HIGHLIGHTS:............................................................................................16
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CERTAIN RISK FACTORS AND INVESTMENT METHODS:.....................................................................18
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RISK/RETURN SUMMARY

American Skandia Trust (the "Trust") is comprised of forty-one investment portfolios (the "Portfolios"), one of which is
offered through this Prospectus. While the Portfolio offers potential for stable returns with relatively little risk, it is possible
to lose money when investing in this Portfolio. Investments in the Portfolio are not bank deposits and are not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.

It is not possible to provide an exact measure of the risk to which a Portfolio is subject, and a Portfolio's risk will vary
based on the securities that it holds at a given time. Nonetheless, based on the Portfolio's investment style and the risks
typically associated with that style, it is possible to assess in a general manner the risks to which the Portfolio will be subject.
The following discussion highlights the investment strategies and risks of the Portfolio. Additional information about the
Portfolio's potential investments and its risks is included in this Prospectus under "Investment Objectives and Policies."

Fixed Income Portfolio:

Portfolio: Investment Goal: Primary Investments:
---------- ---------------- --------------------
Money Market Maximize current income and The Portfolio invests in high-quality, short-term,
maintain high levels of liquidity U.S. dollar- denominated instruments.
Principal Investment Strategies:

The AST Money Market Portfolio will invest in high-quality, short-term, U.S. dollar denominated corporate, bank and government
obligations. Under the regulatory requirements applicable to money market funds, the Portfolio must maintain a weighted average
portfolio maturity of not more than 90 days and invest in securities that have effective maturities of not more than 397 days. In
addition, the Portfolio will limit its investments to those securities that, in accordance with guidelines adopted by the Directors
of the Company, present minimal credit risks. The Portfolio will not purchase any security (other than a United States Government
security) unless:

(1) if rated by only one nationally recognized statistical rating organization (such as Moody's and Standard & Poor's),
such organization has rated it with the highest rating assigned to short-term debt securities;

(2) if rated by more than one nationally recognized statistical rating organization, at least two rating organizations
have rated it with the highest rating assigned to short-term debt securities; or

(3) it is not rated, but is determined to be of comparable quality in accordance with the guidelines noted above.

Principal Risks:
---------------

o........The risk of a fund or portfolio investing primarily in fixed income securities is determined largely by the quality and
maturity characteristics of its portfolio securities. Lower-quality fixed income securities are subject to greater risk that the
company may fail to make interest and principal payments on the securities when due. Fixed income securities with longer
maturities (or durations) are generally subject to greater risk than securities with shorter maturities, in that their values
will fluctuate more in response to changes in market interest rates. Accordingly, loss of money is a risk of investing in this
Portfolio.

o The AST Money Market Portfolio seeks to preserve the value of your investment at $1.00 per share, but it is still possible
to lose money by investing in the Portfolio. For instance, the issuer or guarantor of a portfolio security or the other party to
a contract could default on its obligation, and this could cause the Portfolio's net asset value to fall below $1.00. An
investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. In addition, the income earned by the Portfolio will fluctuate based on market conditions, interest rates and other
factors. In a low interest rate environment, the yield for the Portfolio, after deduction of operating expenses, may be negative
even though the yield before deducting such expenses is positive. A negative yield may also cause the Portfolio's net asset
value to fall below $1.00. The Investment Manager may decide to reimburse certain of these expenses to the Portfolio in order to
maintain a positive yield, however it is under no obligation to do so and may cease doing so at any time without prior notice.

PAST PERFORMANCE

The bar charts show the performance of the Portfolio for each full calendar year the Portfolio has been in operation. The
tables below the bar chart shows the such Portfolio's best and worst quarters during the periods included in the bar chart, as well
as average annual total returns for the Portfolio since inception. This information may help provide an indication of the
Portfolio's risks by showing changes in performance from year to year and by comparing the Portfolio's performance with that of a
broad-based securities index. The performance figures do not reflect any charges associated with the variable insurance contracts
through which Portfolio shares are purchased; and would be lower if they did. All figures assume reinvestment of dividends. Past
performance does not necessarily indicate how the Portfolio will perform in the future.

[insert graphic]

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Best Quarter Worst Quarter
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Up 1.77%, 3rd quarter 2000 Up 0.28%, 4th quarter 2002
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7-day yield (as of 12/31/02) 0.91%
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*Prior to September 22, 2001 J.P. Morgan Investment Management, Inc. served as Sub-advisor to the Portfolio.

FEES AND EXPENSES OF THE PORTFOLIO:

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. Unless otherwise
indicated, the expenses shown below are for the year ending December 31, 2002.

SHAREHOLDER TRANSACTION EXPENSES (fees paid directly from your investment):

Maximum Sales Charge (Load) Imposed on Purchases NONE*
Maximum Deferred Sales Charge (Load) NONE*
Maximum Sales Charge (Load) Imposed on Reinvested Dividends NONE*
Redemption Fees NONE*
Exchange Fee NONE*

*Because shares of the Portfolio may be purchased through variable insurance products, the prospectus of the relevant product should
be carefully reviewed for information on the charges and expenses of those products. This table does not reflect any such charges;
and the expenses shown would be higher if such charges were reflected.

ANNUAL FUND OPERATING EXPENSES (expenses that are deducted from Portfolio assets, in %):
----------------------------------------------- ------------- ------------- ------------ --------------- --------------- ------------

Management Distribution Other Total Annual Fee Waivers Net
Fees and Expenses Portfolio and Expense Annual
Service Operating Reimbursement(2)Portfolio
Portfolio: (12b-1) Expenses Operating
Fees(1) Expenses

----------------------------------------------- ------------- ------------- ------------ --------------- --------------- ------------
----------------------------------------------- ------------- ------------- ------------ --------------- --------------- ------------
AST Money Market 0.50 0.00 0.13 0.63 (0.05) 0.58

(1) As discussed below under "Management of the Trust - Fees and Expenses", the Trustees adopted a Distribution Plan (the
"Distribution Plan") under Rule 12b-1 to permit an affiliate of the Trust's Investment Manager to receive brokerage commissions in
connection with purchases and sales of securities held by the Portfolios, and to use these commissions to promote the sale of shares
of the Portfolio. While the brokerage commission rates and amounts paid by the various Portfolios are not expected to increase as a
result of the Distribution Plan, the staff of the Securities and Exchange Commission takes the position that commission amounts
received under the Distribution Plan should be reflected as distribution expenses of the Portfolios. The Distribution Fees are
derived and annualized from data regarding commission amounts directed to the affiliate under the Distribution Plan. Although there
are no maximum amounts allowable, actual commission amounts directed under the Distribution Plan will vary and the amounts directed
during the last full fiscal year of the Distribution Plan's operations may differ from the amounts listed in the above chart.
(2) The Investment Manager has agreed to reimburse and/or waive fees for certain Portfolios until at least April 30, 2004. The
caption "Total Annual Fund Operating Expenses" reflects the Portfolios' fees and expenses before such waivers and reimbursements,
while the caption "Net Annual Fund Operating Expenses" reflects the effect of such waivers and reimbursements.

EXPENSE EXAMPLES:

This example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other
mutual funds.

The Example assumes that you invest $10,000 in a Portfolio for the time periods indicated. The Example also assumes that
your investment has a 5% return each year, that the Portfolio's total operating expenses remain the same, and that any expense
waivers and reimbursements remain in effect only for the periods during which they are binding. Although your actual costs may be
higher or lower, based on these assumptions your costs would be:

After:
Portfolio: 1 yr. 3 yrs. 5 yrs. 10 yrs.
--------- ------------------------------------------------------------

AST Money Market $ 59 $ 186 $ 324 $ 726

INVESTMENT OBJECTIVES AND POLICIES:

The investment objective, policies and limitations for the Portfolio are described below. The investment objectives and
policies of the Portfolio generally are not fundamental policies and may be changed by the Trustees without shareholder approval.

There can be no assurance that the investment objective of the Portfolio will be achieved. Risks relating to certain types
of securities and instruments in which the Portfolio may invest are described in this Prospectus under "Certain Risk Factors and
Investment Methods."

If approved by the Trustees, the Trust may add more Portfolios and may cease to offer any existing Portfolios in the future.

AST Money Market Portfolio:

Investment Objective: The investment objective of the Portfolio is to seek high current income and maintain high levels of liquidity.

Principal Investment Policies and Risks:

As a money market fund, the Portfolio seeks to maintain a stable net asset value of $1.00 per share. In other words, the
Portfolio attempts to operate so that shareholders do not lose any of the principal amount they invest in the Portfolio. Of course,
there can be no assurance that the Portfolio will achieve its goal of a stable net asset value, and shares of the Portfolio are
neither insured nor guaranteed by the U.S. government or any other entity. For instance, the issuer or guarantor of a portfolio
security or the other party to a contract could default on its obligation, and this could cause the Portfolio's net asset value to
fall below $1. In addition, the income earned by the Portfolio will fluctuate based on market conditions, interest rates and other
factors. In a low interest rate environment, the yield for the Portfolio, after deduction of operating expenses, may be negative
even though the yield before deducting such expenses is positive. A negative yield may also cause the Portfolio's net asset value to
fall below $1.00. The Investment Manager may decide to reimburse certain of these expenses to the Portfolio in order to maintain a
positive yield, however it is under no obligation to do so and may cease doing so at any time without prior notice.

Under the regulatory requirements applicable to money market funds, the Portfolio must maintain a weighted average portfolio
maturity of not more than 90 days and invest in high quality U.S. dollar-denominated securities that have effective maturities of not
more than 397 days. In addition, the Portfolio will limit its investments to those securities that, in accordance with guidelines
adopted by the Trustees of the Trust, present minimal credit risks. The Portfolio will not purchase any security (other than a
United States Government security) unless:

o if rated by only one nationally recognized statistical rating organization (such as Moody's and Standard & Poor's), such
organization has rated it with the highest rating assigned to short-term debt securities;
o if rated by more than one nationally recognized statistical rating organization, at least two rating organizations have
rated it with the highest rating assigned to short-term debt securities; or
o it is not rated, but is determined to be of comparable quality in accordance with procedures noted above.

These standards must be satisfied at the time an investment is made. If the quality of the investment later declines, the Portfolio
may continue to hold the investment, subject in certain circumstances to a finding by the Directors that disposing of the investment
would not be in the Portfolio's best interest.

Subject to the above requirements, the Portfolio will invest in one or more of the types of investments described below.

United States Government Obligations. The Portfolio may invest in obligations of the U.S. Government and its agencies and
instrumentalities either directly or through repurchase agreements. U.S. Government obligations include: (i) direct obligations
issued by the United States Treasury such as Treasury bills, notes and bonds; and (ii) instruments issued or guaranteed by
government-sponsored agencies acting under authority of Congress. Some U.S. Government Obligations are supported by the full faith
and credit of the U.S. Treasury; others are supported by the right of the issuer to borrow from the Treasury; others are supported by
the discretionary authority of the U.S. Government to purchase the agency's obligations; still others are supported only by the
credit of the agency. There is no assurance that the U.S. Government will provide financial support to one of its agencies if it is
not obligated to do so by law.

Bank Obligations. The Portfolio may invest in high quality United States dollar-denominated negotiable certificates of
deposit, time deposits and bankers' acceptances of U.S. and foreign banks, savings and loan associations and savings banks meeting
certain total asset minimums. The Portfolio may also invest in obligations of international banking institutions designated or
supported by national governments to promote economic reconstruction, development or trade between nations (e.g., the European
Investment Bank, the Inter-American Development Bank, or the World Bank). These obligations may be supported by commitments of their
member countries, and there is no assurance these commitments will be undertaken or met.

Commercial Paper; Bonds. The Portfolio may invest in high quality commercial paper and corporate bonds issued by United
States issuers. The Portfolio may also invest in bonds and commercial paper of foreign issuers if the obligation is U.S.
dollar-denominated and is not subject to foreign withholding tax.

Asset-Backed Securities. The Portfolio may invest in asset-backed securities backed by credit card receivables, automobile
loans, manufactured housing loans and home equity loans in an aggregate amount of up to 10% of the Portfolio's net assets, subject to
the limitations of rule 2a-7 under in Investment Company Act of 1940.

Synthetic Instruments. As may be permitted by current laws and regulations and if expressly permitted by the Directors of
the Company, the Portfolio may invest in certain synthetic instruments. Such instruments generally involve the deposit of
asset-backed securities in a trust arrangement and the issuance of certificates evidencing interests in the trust. The Sub-advisor
will review the structure of synthetic instruments to identify credit and liquidity risks and will monitor such risks.

Foreign Securities. Foreign investments must be denominated in U.S. dollars and may be made directly in securities of
foreign issuers or in the form of American Depositary Receipts and European Depositary Receipts.

For more information on certain of these investments, see this Prospectus under "Certain Risk Factors and Investment
Methods."

NET ASSET VALUE:

The net asset value per share ("NAV") of the Portfolio is determined as of the time of the close of the New York Stock Exchange (the
"NYSE") (which is normally 4:00 p.m. Eastern Time) on each day that the NYSE is open for business. NAV is determined by dividing the
value of a Portfolio's total assets, less any liabilities, by the number of total shares of that Portfolio outstanding. The assets
of the Portfolio are valued by the amortized cost method, which is intended to approximate market value. Because NAV is calculated
and purchases may be made only on business days, and because securities traded on foreign exchanges may trade on other days, the
value of the Portfolio's investments may change on days when shares cannot be purchased or redeemed.

PURCHASE AND REDEMPTION OF SHARES:

Purchases of shares of the Portfolio may be made only by separate accounts of Participating Insurance Companies for the
purpose of investing assets attributable to variable annuity contracts and variable life insurance policies ("contractholders"), or
by qualified plans. The separate accounts of the Participating Insurance Companies place orders to purchase and redeem shares of the
Trust based on, among other things, the amount of premium payments to be invested and the amount of surrender and transfer requests
to be effected on that day under the variable annuity contracts and variable life insurance policies. Orders are effected on days on
which the NYSE is open for trading. Orders received before 4:00 P.M. Eastern time are effected at the NAV determined as of
4:00 P.M. Eastern Time on that same day. Orders received after 4:00 P.M. Eastern Time are effected at the NAV calculated the next
business day. Payment for redemptions will be made within seven days after the request is received. The Trust does not assess any
fees, either when it sells or when it redeems its securities. However, surrender charges, mortality and expense risk fees and other
charges may be assessed by Participating Insurance Companies under the variable annuity contracts or variable life insurance
policies. Please refer to the prospectuses for the variable annuity contracts and variable insurance policies for further
information on these fees.

As of the date of this Prospectus, American Skandia Life Assurance Corporation ("ASLAC") and Kemper Investors Life Insurance
Company are the only Participating Insurance Companies. The profit sharing plan covering employees of ASLAC and its affiliates,
which is a retirement plan qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended, also may directly own
shares of the Trust. Certain conflicts of interest may arise as a result of investment in the Trust by various insurance
companies for the benefit of their contractholders and by various qualified plans. These conflicts could arise because of
differences in the tax treatment of the various investors, because of actions of the Participating Insurance Companies and/or the
qualified plans, or other reasons. The Trust does not currently expect that any material conflicts of interest will arise.
Nevertheless, the Trustees intend to monitor events in order to identify any material irreconcilable conflicts and to determine what
action, if any, should be taken in response to such conflicts. Should any conflict arise that would require a substantial amount of
assets to be withdrawn from the Trust, orderly portfolio management could be disrupted.

MANAGEMENT OF THE TRUST:

Acquisition of American Skandia by Prudential Financial, Inc.: On December 19, 2002, Skandia Insurance Company Ltd. ("Skandia"), the
ultimate parent company of American Skandia Investment Services, Inc. ("ASISI"), announced that it reached a definitive agreement
with Prudential Financial, Inc. ("Prudential") to sell American Skandia, Inc. ("ASI"), and its subsidiaries, including ASISI, to
Prudential (the "Transaction"). Skandia is a Swedish company that owns, directly or indirectly, a number of insurance companies in
many countries. The predecessor to Skandia commenced operations in 1855. Founded in 1875, Prudential is a publicly held financial
services company primarily engaged in providing life insurance, property and casualty insurance, mutual funds, annuities, pension and
retirement related services and administration, asset management, securities brokerage, banking and trust services, real estate
brokerage franchises and relocation services through its wholly-owned subsidiaries.

The Transaction is anticipated to close during the second quarter of 2003 (the "Closing"). Prudential and ASI do not
anticipate that the portfolio management or the day-to-day operation of the Portfolios will be adversely impacted as a result of the
Transaction.

Investment Managers: ASISI, One Corporate Drive, Shelton, Connecticut, has served as Investment Manager to the Trust since 1992, and
serves as investment manager to a total of 72 investment company portfolios (including the Portfolios of the Trust). Prior to the
Closing of the Transaction, ASISI will continue to serve as sole Investment Manager to the Trust. Upon the Closing of the
Transaction, ASISI will serve as co-manager of the Trust along with Prudential Investments LLC ("PI") (each an "Investment Manager"
and together the "Investment Managers"). PI is located at Gateway Center Three, 100 Mulberry Street, Newark, New Jersey, and serves
as investment manager to the investment companies that comprise the Prudential mutual funds.

The Trust's Investment Management Agreements, on behalf of each Portfolio, with ASISI, effective until the Closing of
Transaction (the "Current Management Agreements"), provide that ASISI will furnish each applicable Portfolio with investment advice
and administrative services subject to the supervision of the Board of Trustees and in conformity with the stated policies of the
applicable Portfolio. ASISI has engaged Sub-advisors to conduct the investment programs of each Portfolio, including the purchase,
retention and sale of portfolio securities. ASISI is responsible for monitoring the activities of the Sub-advisors and reporting on
such activities to the Trustees. ASISI must also provide, or obtain and supervise, the executive, administrative, accounting,
custody, transfer agent and shareholder servicing services that are deemed advisable by the Trustees.

Upon the Closing of the Transaction, new Investment Management Agreements (the "New Management Agreements") will be
effective among the Trust, on behalf of each Portfolio, and ASISI and PI as co-managers. As co-manager, PI will provide supervision
and oversight of ASISI's investment management responsibilities with respect to the Trust. Pursuant to the New Management
Agreements, ASISI and PI jointly will administer each Portfolio's business affairs and supervise each Portfolio's investments. Under
the New Management Agreements, subject to approval by the Board of Trustees, ASISI and PI may select and employ one or more
sub-advisors for a Portfolio, who will have primary responsibility for determining what investments the Portfolio will purchase,
retain and sell.

The Trust has obtained an exemption from the Securities and Exchange Commission that permits an Investment Manager, subject
to approval by the Board of Trustees of the Trust, to change sub-advisors for a Portfolio and to enter into new sub-advisory
agreements, without obtaining shareholder approval of the changes. This exemption (which is similar to exemptions granted to other
investment companies that are organized in a similar manner as the Trust) is intended to facilitate the efficient supervision and
management of the Sub-advisors by an Investment Manager and the Trustees.

Sub-advisors:

Wells Capital Management, Inc. ("Wells"), 525 Market Street, San Francisco, CA 94105 serves as Sub-advisor for the AST Money Market
Portfolio. Wells is a wholly-owned subsidiary of Wells Fargo & Co., which was founded in 1852 and, as of December 31, 2002, had
approximately $109.9 billion in assets under management.

The co-portfolio managers responsible for management of the AST Money Market Portfolio are David D. Sylvester and Laurie R.
White. Mr. Sylvester, Executive Vice President of Wells Capital and Head of Liquidity Investments, has over 25 years of investment
experience and has been with the firm since 1979. Ms. White, Executive Vice President of Wells Capital, has over 15 years of
investment experience and has been with the firm since 1991. Mr. Sylvester and Ms. White have managed the Portfolio since Wells
became the Portfolio's Sub-advisor in September 2001.

Fees and Expenses:

Investment Management Fees. ASISI receives a fee, payable each month, for the performance of its services. ASISI pays the
Sub-advisor a portion of such fee for the performance of the Sub-advisory services at no additional cost to any Portfolio. The
Portfolio's fee is accrued daily for the purposes of determining the sale and redemption price of the Portfolio's shares. The
Portfolio will pay advisory fees under its New Management Agreement at the same advisory fee rate currently paid by the Portfolio
under its Current Management Agreement. PI will not receive a fee for its services under the New Management Agreements.

The fees paid to ASISI for the fiscal year ended December 31, 2002 by the Portfolio, stated as a percentage of the
Portfolio's average daily net assets, were as follows:

Portfolio: Annual Rate:
--------- -----------

AST Money Market Portfolio: 0.45%

For more information about investment management fees, including voluntary fee waivers and the fee rates applicable at
various asset levels, and the fees payable by ASISI to each of the Sub-advisors, please see the Trust's SAI under "Investment
Advisory and Other Services."

Other Expenses. In addition to Investment Management fees, the Portfolio pays other expenses, including costs incurred in
connection with the maintenance of its securities law registrations, printing and mailing prospectuses and statements of additional
information to shareholders, certain office and financial accounting services, taxes or governmental fees, brokerage commissions,
custodial, transfer and shareholder servicing agent costs, expenses of outside counsel and independent accountants, preparation of
shareholder reports and expenses of trustee and shareholder meetings. The Trust may also pay Participating Insurance Companies for
printing and delivery of certain documents (including prospectuses, semi-annual and annual reports and any proxy materials) to
holders of variable annuity contracts and variable life insurance policies whose assets are invested in the Trust. Expenses not
directly attributable to the Portfolio are allocated on the basis of the net assets of the Portfolio.

Distribution Plan. The Trust has adopted a Distribution Plan (the "Distribution Plan") under Rule 12b-1 under the
Investment Company Act of 1940 to permit American Skandia Marketing, Inc. ("ASM"), an affiliate of ASISI, to receive brokerage
commissions in connection with purchases and sales of securities held by the Portfolio, and to use these commissions to promote the
sale of shares of the Portfolio. Under the Distribution Plan, transactions for the purchase and sale of securities for the Portfolio
may be directed to certain brokers for execution ("clearing brokers") who have agreed to pay part of the brokerage commissions
received on these transactions to ASM for "introducing" transactions to the clearing broker. In turn, ASM will use the brokerage
commissions received as an introducing broker to pay various distribution-related expenses, such as advertising, printing of sales
materials, and payments to dealers. The Portfolio will not pay any new fees or charges resulting from the Distribution Plan, nor is
it expected that the brokerage commissions paid by the Portfolio will increase as the result of implementation of the Distribution
Plan.

TAX MATTERS:

The Portfolio intends to distribute substantially all its net investment income. Dividends from investment income are
expected to be declared daily and paid monthly, although the Trustees of the Trust may decide to declare dividends at other
intervals. Similarly, any net realized long- and short-term capital gains of the Portfolio will be declared and distributed at least
annually either during or after the close of the Portfolio's fiscal year. Distributions will be made to the various separate
accounts of the Participating Insurance Companies and to qualified plans (not to holders of variable insurance contracts or to plan
participants) in the form of additional shares (not in cash). The result is that the investment performance of the Portfolio, either
in the form of dividends or capital gains, will be reflected in the value of the variable contracts or the qualified plans.

Holders of variable annuity contracts or variable life insurance policies should consult the prospectuses of their
respective contracts or policies for information on the federal income tax consequences to such holders, and plan participants should
consult any applicable plan documents for information on the federal income tax consequences to such participants. In addition,
variable contract owners and qualified plan participants may wish to consult with their own tax advisors as to the tax consequences
of investments in the Trust, including the application of state and local taxes.

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FINANCIAL HIGHLIGHTS:

The financial highlights table is intended to help you understand the Portfolio's financial performance for the past five years.
Certain information reflects financial results for a single Portfolio share. The total returns in the table represent the rate that
an investor would have earned or lost in the Portfolio. The information has been audited by Deloitte & Touche LLP, the Trust's
independent auditors. The report of the independent auditors, along with the Portfolio's financial statements, are included in the
annual reports of the separate accounts funding the variable annuity contracts and variable life insurance policies, which are
available without charge upon request to the Trust at One Corporate Drive, Shelton, Connecticut or by calling (800) 752-6342.

INCREASE (DECREASE) FROM
INVESTMENT OPERATIONS LESS DISTRIBUTIONS
--------------------------------------------------------------------------- -----------------------------------

NET
ASSET
NET ASSET NET VALUE
VALUE INVESTMENT NET REALIZED TOTAL FROM FROM NET FROM NET END
PERIOD BEGINNING INCOME & UNREALIZED INVESTMENT INVESTMENTS REALIZED TOTAL OF PERIOD
---------
PORTFOLIO ENDED OF PERIOD (LOSS) GAIN (LOSS) OPERATIONS INCOME GAINS DISTRIBUTION
--------- ----- --------- ------ ----------- ---------- ------ ----- ------------

AST Money Market (1) 12/31/02 $ 1.00 $ 0.01 $ -- $ 0.01 $ (0.01) $ -- $ (0.01) $ 1.00
12/31/01 1.00 0.04 -- 0.04 (0.04) -- (0.04) 1.00
12/31/00 1.00 0.06 -- 0.06 (0.06) -- (0.06) 1.00
12/31/99 1.00 0.04 -- 0.04 (0.04) -- (0.04) 1.00
12/31/98 1.00 0.05 -- 0.05 (0.05) -- (0.05) 1.00
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(1) Prior to September 22, 2001, J.P. Morgan Investment Management Inc. served as Sub-advisor to the Portfolio. Wells Capital
Management, Incorporated has served as Sub-advisor to the Portfolio since September 22, 2001.
*For 1999 and 2000, includes commissions received by American Skandia Marketing, Inc. under the Trust's Distribution Plan, as
described in this Prospectus under "Management of the Trust - Distribution Plan".

SUPPLEMENTAL DATA TO AVERAGE NET ASSETS*
------------------------------------ --------------------------------------------

AFTER ADVISORY BEFORE ADVISORY RATIO OF NET
NET ASSETS AT PORTFOLIO FEE WAIVER FEE WAIVER INVESTMENT INCOME
TOTAL END OF PERIOD TURNOVER AND EXPENSE AND EXPENSE (LOSS) TO AVERAGE
RETURN (IN 000'S) RATE REIMBURSEMENT REIMBURSEMENT NET ASSETS
------ ---------- ---- ------------- ------------- ----------

1.29% $2,744,716 N/A 0.58% 0.63% 1.27%
3.77% 2,652,093 N/A 0.59% 0.64% 3.60%
6.07% 2,244,193 N/A 0.60% 0.65% 5.93%
4.60% 2,409,157 N/A 0.60% 0.65% 4.52%
5.14% 967,733 N/A 0.60% 0.66% 4.99%

CERTAIN RISK FACTORS AND INVESTMENT METHODS:

The following is a description of certain securities and investment methods that the Portfolio may invest in or use, and
certain of the risks associated with such securities and investment methods. The primary investment focus of the Portfolio is
described above under "Investment Objective and Policies" and an investor should refer to that section to obtain information about
the Portfolio. In general, whether the Portfolio may invest in a specific type of security or use an investment method is described
above or in the Trust's SAI under "Investment Objectives and Policies."

FOREIGN SECURITIES:

Investments in securities of foreign issuers may involve risks that are not present with domestic investments. While
investments in foreign securities can reduce risk by providing further diversification, such investments involve "sovereign risks" in
addition to the credit and market risks to which securities generally are subject. Sovereign risks includes local political or
economic developments, potential nationalization, withholding taxes on dividend or interest payments, and currency blockage (which
would prevent cash from being brought back to the United States). Compared to United States issuers, there is generally less
publicly available information about foreign issuers and there may be less governmental regulation and supervision of foreign stock
exchanges, brokers and listed companies. Foreign issuers are not generally subject to uniform accounting and auditing and financial
reporting standards, practices and requirements comparable to those applicable to domestic issuers. In some countries, there may
also be the possibility of expropriation or confiscatory taxation, difficulty in enforcing contractual and other obligations,
political or social instability or revolution, or diplomatic developments that could affect investments in those countries.

Securities of some foreign issuers are less liquid and their prices are more volatile than securities of comparable domestic
issuers. Further, it may be more difficult for the Trust's agents to keep currently informed about corporate actions and decisions
that may affect the price of portfolio securities. Brokerage commissions on foreign securities exchanges, which may be fixed, may be
higher than in the United States. Settlement of transactions in some foreign markets may be less frequent or less reliable than in
the United States, which could affect the liquidity of investments. For example, securities that are traded in foreign markets may
trade on days (such as Saturday or Holidays) when a Portfolio does not compute its price or accept purchase or redemption orders. As
a result, a shareholder may not be able to act on developments taking place in foreign countries as they occur.

American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs"), and
International Depositary Receipts ("IDRs"). ADRs are U.S. dollar-denominated receipts generally issued by a domestic bank evidencing
its ownership of a security of a foreign issuer. ADRs generally are publicly traded in the United States. ADRs are subject to many
of the same risks as direct investments in foreign securities, although ownership of ADRs may reduce or eliminate certain risks
associated with holding assets in foreign countries, such as the risk of expropriation. EDRs, GDRs and IDRs are receipts similar to
ADRs that typically trade in countries other than the United States.

Depositary receipts may be issued as sponsored or unsponsored programs. In sponsored programs, the issuer makes
arrangements to have its securities traded as depositary receipts. In unsponsored programs, the issuer may not be directly involved
in the program. Although regulatory requirements with respect to sponsored and unsponsored programs are generally similar, the
issuers of unsponsored depositary receipts are not obligated to disclose material information in the United States and, therefore,
the import of such information may not be reflected in the market value of such securities.

Developing Countries. Although the Portfolio does not invest primarily in securities of issuers in developing countries, it
may invest in these securities to some degree. Many of the risks described above with respect to investing in foreign issuers are
accentuated when the issuers are located in developing countries. Developing countries may be politically and/or economically
unstable, and the securities markets in those countries may be less liquid or subject to inadequate government regulation and
supervision. Developing countries have often experienced high rates of inflation or sharply devalued their currencies against the
U.S. dollar, causing the value of investments in companies located in these countries to decline. Securities of issuers in
developing countries may be more volatile and, in the case of debt securities, more uncertain as to payment of interest and
principal. Investments in developing countries may include securities created through the Brady Plan, under which certain
heavily-indebted countries have restructured their bank debt into bonds.

FIXED INCOME SECURITIES:

The Portfolio will invest primarily in equity securities, and may invest to some degree in bonds, notes, debentures and
other obligations of corporations and governments. Fixed-income securities are generally subject to two kinds of risk: credit risk
and market risk. Credit risk relates to the ability of the issuer to meet interest and principal payments as they come due. The
ratings given a security by Moody's Investors Service, Inc. ("Moody's") and Standard & Poor's Corporation ("S&P"), which are
described in detail in the Appendix to the Trust's SAI, provide a generally useful guide as to such credit risk. The lower the
rating, the greater the credit risk the rating service perceives to exist with respect to the security. Increasing the amount of
Portfolio assets invested in lower-rated securities generally will increase the Portfolio's income, but also will increase the credit
risk to which the Portfolio is subject. Market risk relates to the fact that the prices of fixed income securities generally will be
affected by changes in the level of interest rates in the markets generally. An increase in interest rates will tend to reduce the
prices of such securities, while a decline in interest rates will tend to increase their prices. In general, the longer the
maturity or duration of a fixed income security, the more its value will fluctuate with changes in interest rates.

MORTGAGE-BACKED SECURITIES:

Mortgage-backed securities are securities representing interests in "pools" of mortgage loans on residential or commercial
real property and that generally provide for monthly payments of both interest and principal, in effect "passing through" monthly
payments made by the individual borrowers on the mortgage loans (net of fees paid to the issuer or guarantor of the securities).
Mortgage-backed securities are frequently issued by U.S. Government agencies or Government-sponsored enterprises, and payments of
interest and principal on these securities (but not their market pricks) may be guaranteed by the full faith and credit of the U.S.
Government or by the agency only, or may be supported by the issuer's ability to borrow from the U.S. Treasury. Mortgage-backed
securities created by non-governmental issuers may be supported by various forms of insurance or guarantees.

Like other fixed-income securities, the value of a mortgage-backed security will generally decline when interest rates
rise. However, when interest rates are declining, their value may not increase as much as other fixed-income securities, because
early repayments of principal on the underlying mortgages (arising, for example, from sale of the underlying property, refinancing,
or foreclosure) may serve to reduce the remaining life of the security. If a security has been purchased at a premium, the value of
the premium would be lost in the event of prepayment. Prepayments on some mortgage-backed securities may necessitate that the
Portfolio find other investments, which, because of intervening market changes, will often offer a lower rate of return. In
addition, the mortgage securities market may be particularly affected by changes in governmental regulation or tax policies.

Collateralized Mortgage Obligations (CMOs). CMOs are a type of mortgage pass-through security that are typically issued in
multiple series with each series having a different maturity. Principal and interest payments from the underlying collateral are
first used to pay the principal on the series with the shortest maturity; in turn, the remaining series are paid in order of their
maturities. Therefore, depending on the type of CMOs in which the Portfolio invests, the investment may be subject to greater or
lesser risk than other types of mortgage-backed securities.

Stripped Mortgage-Backed Securities. Stripped mortgage-backed securities are mortgage pass-through securities that have
been divided into interest and principal components. "IOs" (interest only securities) receive the interest payments on the
underlying mortgages while "POs" (principal only securities) receive the principal payments. The cash flows and yields on IO and PO
classes are extremely sensitive to the rate of principal payments (including prepayments) on the underlying mortgage loans. If the
underlying mortgages experience higher than anticipated prepayments, an investor in an IO class of a stripped mortgage-backed
security may fail to recoup fully its initial investment, even if the IO class is highly rated or is derived from a security
guaranteed by the U.S. Government. Conversely, if the underlying mortgage assets experience slower than anticipated prepayments, the
price on a PO class will be affected more severely than would be the case with a traditional mortgage-backed security. Unlike other
fixed-income and other mortgage-backed securities, the value of IOs tends to move in the same direction as interest rates.

ASSET-BACKED SECURITIES:

Asset-backed securities conceptually are similar to mortgage pass-through securities, but they are secured by and payable
from payments on assets such as credit card, automobile or trade loans, rather than mortgages. The credit quality of these
securities depends primarily upon the quality of the underlying assets and the level of credit support or enhancement provided. In
addition, asset-backed securities involve prepayment risks that are similar in nature to those of mortgage pass-through securities.

WHEN-ISSUED, DELAYED-DELIVERY AND FORWARD COMMITMENT TRANSACTIONS:

The Portfolio may purchase securities on a when-issued, delayed-delivery or forward commitment basis. These transactions
generally involve the purchase of a security with payment and delivery due at some time in the future. The Portfolio does not earn
interest on such securities until settlement and bears the risk of market value fluctuations in between the purchase and settlement
dates. If the seller fails to complete the sale, the Portfolio may lose the opportunity to obtain a favorable price and yield.
While the Portfolio will generally engage in such when-issued, delayed-delivery and forward commitment transactions with the intent
of actually acquiring the securities, a Portfolio may sometimes sell such a security prior to the settlement date. The Portfolio
will not enter into these commitments if they would exceed 15% of the value of the Portfolio's total assets less its liabilities
other than liabilities created by these commitments.

The Portfolio may also sell securities on a delayed-delivery or forward commitment basis. If the Portfolio does so, it will
not participate in future gains or losses on the security. If the other party to such a transaction fails to pay for the securities,
the Portfolio could suffer a loss.

ILLIQUID AND RESTRICTED SECURITIES:

Subject to guidelines adopted by the Trustees of the Trust, the Portfolio may invest up to 10% of its net assets in illiquid
securities. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual
restrictions on resale, cannot be sold within seven days in the ordinary course of business at approximately the amount at which the
Portfolio has valued the investment. Therefore, the Portfolio may find it difficult to sell illiquid securities at the time
considered most advantageous by its Sub-advisor and may incur expenses that would not be incurred in the sale of securities that were
freely marketable.

Certain securities that would otherwise be considered illiquid because of legal restrictions on resale to the general public
may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. These Rule 144A securities, and
well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act, may be deemed liquid by the
Portfolio's Sub-advisor under the guidelines adopted by the Trustees of the Trust. However, the liquidity of a Portfolio's
investments in Rule 144A securities could be impaired if trading does not develop or declines.

REPURCHASE AGREEMENTS:

The Portfolio may enter into repurchase agreements. Repurchase agreements are agreements by which a Portfolio purchases a
security and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. The
resale price is in excess of the purchase price and reflects an agreed upon market rate unrelated to the coupon rate on the purchased
security. Repurchase agreements must be fully collateralized and can be entered into only with well-established banks and
broker-dealers that have been deemed creditworthy by the Sub-advisor. Repurchase transactions are intended to be short-term
transactions, usually with the seller repurchasing the securities within seven days. Repurchase agreements that mature in more than
seven days are subject to the Portfolio's limit on illiquid securities.

If the Portfolio enters into a repurchase agreement, it may lose money in the event that the other party defaults on its
obligation and the Portfolio is delayed or prevented from disposing of the collateral. The Portfolio also might incur a loss if the
value of the collateral declines, and it might incur costs in selling the collateral or asserting its legal rights under the
agreement. If a defaulting seller filed for bankruptcy or became insolvent, disposition of collateral might be delayed pending court
action.

REVERSE REPURCHASE AGREEMENTS:

The Portfolio may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Portfolio sells a
portfolio instrument and agrees to repurchase it at an agreed upon date and price, which reflects an effective interest rate. It may
also be viewed as a borrowing of money by the Portfolio and, like borrowing money, may increase fluctuations in a Portfolio's share
price. When entering into a reverse repurchase agreement, the Portfolio must set aside on its books cash or other liquid assets in
an amount sufficient to meet its repurchase obligation.

BORROWING:

The Portfolio may borrow money from banks or broker/dealers. The Portfolio's borrowings are limited so that immediately
after such borrowing the value of the Portfolio's assets (including borrowings) less its liabilities (not including borrowings) is at
least three times the amount of the borrowings. Should the Portfolio, for any reason, have borrowings that do not meet the above
test, the Portfolio must reduce such borrowings so as to meet the necessary test within three business days. The Portfolio will not
purchase securities when outstanding borrowings are greater than 5% of the Portfolio's total assets. If the Portfolio borrows money,
its share price may fluctuate more widely until the borrowing is repaid.

LENDING PORTFOLIO SECURITIES:

Each Portfolio may lend securities with a value of up to 33 1/3% of its total assets to broker-dealers, institutional
investors, or others (collectively, a "Borrower") for the purpose of realizing additional income. Voting rights on loaned securities
typically pass to the borrower, although a Portfolio has the right to terminate a securities loan, usually within three business
days, in order to vote on significant matters or for other reasons. All securities loans will be collateralized by cash or
securities issued or guaranteed by the U.S. Government or its agencies at least equal in value to the market value of the loaned
securities. Any cash collateral received by a Portfolio in connection with such loans normally will be invested in short-term
instruments, which may not be immediately liquid under certain circumstances. Any losses resulting from the investment of cash
collateral would be borne by the lending Portfolio. The Portfolio could also suffer a loss where the value of the collateral falls
below the market value of the borrowed securities, in the event of a Borrower's default. These events could trigger adverse tax
consequences to the Portfolio. Lending securities involves certain other risks, including the risk that the Portfolio will be
delayed or prevented from recovering the collateral if the borrower fails to timely return a loaned security and the risk that an
increase in interest rates may result in unprofitable securities loans made to Borrowers.

OTHER INVESTMENT COMPANIES:

The Trust has made arrangements with certain money market mutual funds so that the Sub-advisor for the Portfolio can "sweep"
excess cash balances of the Portfolio to those funds for temporary investment purposes. In addition, certain Sub-advisors may invest
Portfolio assets in money market funds that they advise or in other investment companies. Mutual funds pay their own operating
expenses, including investment management fees, and the Portfolio, as shareholders in the money market funds, will indirectly pay
their proportionate share of such funds' expenses.

Mailing Address
American Skandia Trust
One Corporate Drive
Shelton, CT 06484

Investment Managers
American Skandia Investment Services, Incorporated Prudential Investments LLC
One Corporate Drive Gateway Center Three, 100 Mulberry Street
Shelton, CT 06484 Newark, NJ 07102

Sub-Advisor
Wells Capital Management, Inc.

Custodians
PFPC Trust Company JP Morgan Chase Bank
400 Bellevue Parkway 4 MetroTech Center
Wilmington, DE 19809 Brooklyn, NY 11245

Administrator
Transfer and Shareholder Servicing Agent
PFPC Inc.
103 Bellevue Parkway
Wilmington, DE 19809

Independent Accountants
Deloitte & Touche LLP
Two World Financial Center
New York, NY 10281

Legal Counsel
Stradley Ronon Stevens & Young, LLP
2600 One Commerce Square
Philadelphia, PA 19103

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INVESTOR INFORMATION SERVICES:

Shareholder inquiries should be made by calling (800) 752-6342 or by writing to the American Skandia Trust at One Corporate
Drive, Shelton, Connecticut 06484.

Additional information about the Portfolio is included in a Statement of Additional Information, which is incorporated by
reference into this Prospectus. Additional information about the Portfolio's investments is available in the annual and semi-annual
reports to holders of variable annuity contracts and variable life insurance policies. In the annual reports, you will find a
discussion of the market conditions and investment strategies that significantly affected each Portfolio's performance during its
last fiscal year. The Statement of Additional Information and additional copies of annual and semi-annual reports are available
without charge by calling the above number.

Delivery of Prospectus and other Documents to Households. To lower costs and eliminate duplicate documents sent to your
address, the Trust, in accordance with applicable laws and regulations, may begin mailing only one copy of the Trust's prospectus,
prospectus supplements, annual and semi-annual reports, proxy statements and information statements, or any other required documents
to your address even if more than one shareholder lives there. If you have previously consented to have any of these documents
delivered to multiple investors at a shared address, as required by law, and wish to revoke this consent of otherwise would prefer to
continue to receive your own copy, you should call 1-800-SKANDIA or write to "American Skandia Trust, c/o American Skandia Life
Assurance Corporation" at P.O. Box 7038, Bridgeport, CT 06601-9642. The Trust will begin sending individual copies to you within
thirty days of receipt of revocation.

The information in the Trust's filings with the Securities and Exchange Commission (including the Statement of Additional
Information) is available from the Commission. Copies of this information may be obtained, upon payment of duplicating fees, by
electronic request to publicinfo@sec.gov or by writing the Public Reference Section of the Commission, Washington, D.C. 20549-0102.
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The information can also be reviewed and copied at the Commission's Public Reference Room in Washington, D.C. Information on the
operation of the Public Reference Room may be obtained by calling the Commission at 1-202-942-8090. Finally, information about the
Trust is available on the EDGAR database on the Commission's Internet site at http://www.sec.gov.
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Investment Company Act File No. 811-5186