The Depository Trust Company
January 26, 2004
Sean M. Bollers
Income Processing, Dividends, Tax Reporting
American Skandia Advisors Fund
Important Tax Information
The Depository Trust Company received the attached correspondence containing tax information. If
applicable please consult your tax advisor to assure proper treatment of this event.
IMPORTANT TAX INFORMATION for Tax Year 2003
The American Skandia Advisor Funds that earned a portion of investment income from U.S. treasury securities or U.S. government
agency securities are shown in the chart below.
In states with a state income tax, the dividends paid to you may be reduced by the Fund's percentage of income earned from
these securities when reporting taxable income on your state and local income tax forms. This percentage generally does not
apply to short-term capital gain distributions.
NOTE: To determine the amount that may be excluded from state and local taxation, you generally deduct the
amount of your short-term capital gain distribution shown on your year-end account statement from the ordinary
dividends shown in Box 1a on Form 1099-DIV before applying the percentage shown on this form.
In addition, for those shareholders who may be liable for an intangible or personal property tax, or where the state of residency
requires that a specific percentage of the Fund's assets be U.S. treasury securities, we have also provided the percentage of
each Fund's assets held in U.S. treasury and government agency securities as of December 31, 2003.
Because state and local governments vary in their tax treatment of income earned from U.S. treasury and
government agency securities, you should check with your state or local ta