<PAGE> 1
AMERICAN
SKANDIA
TRUST
-----------------------------------------------
SEMIANNUAL REPORT
-----------------------------------------------
JUNE 30, 1999
(UNAUDITED)
<PAGE> 2
AMERICAN SKANDIA TRUST
SCHEDULES OF INVESTMENTS
JUNE 30, 1999 (UNAUDITED)
AST AIM INTERNATIONAL EQUITY PORTFOLIO
AST LORD ABBETT GROWTH AND INCOME PORTFOLIO
AST JANCAP GROWTH PORTFOLIO
AST MONEY MARKET PORTFOLIO
AST NEUBERGER BERMAN MID-CAP VALUE PORTFOLIO
AST AIM BALANCED PORTFOLIO
AST FEDERATED HIGH YIELD PORTFOLIO
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
AST PIMCO TOTAL RETURN BOND PORTFOLIO
AST INVESCO EQUITY INCOME PORTFOLIO
AST JANUS SMALL-CAP GROWTH PORTFOLIO
AST T. ROWE PRICE INTERNATIONAL EQUITY PORTFOLIO
AST T. ROWE PRICE INTERNATIONAL BOND PORTFOLIO
AST NEUBERGER BERMAN MID-CAP GROWTH PORTFOLIO
AST FOUNDERS PASSPORT PORTFOLIO
AST T. ROWE PRICE NATURAL RESOURCES PORTFOLIO
AST PIMCO LIMITED MATURITY BOND PORTFOLIO
AST OPPENHEIMER LARGE-CAP GROWTH PORTFOLIO
AST JANUS OVERSEAS GROWTH PORTFOLIO
AST AMERICAN CENTURY INCOME & GROWTH PORTFOLIO
AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO
AST AMERICAN CENTURY INTERNATIONAL GROWTH PORTFOLIO
AST T. ROWE PRICE SMALL COMPANY VALUE PORTFOLIO
AST MARSICO CAPITAL GROWTH PORTFOLIO
AST COHEN & STEERS REALTY PORTFOLIO
AST LORD ABBETT SMALL CAP VALUE PORTFOLIO
AST BANKERS TRUST ENHANCED 500 PORTFOLIO
AST KEMPER SMALL-CAP GROWTH PORTFOLIO
<PAGE> 3
AST AIM INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOREIGN STOCK -- 90.2%
ARGENTINA -- 0.4%
Telefonica de Argentina SA Cl-B
[ADR].......................... 65,000 $ 2,039,375
------------
AUSTRALIA -- 1.1%
AMP Ltd.......................... 255,000 2,787,741
Brambles Industries Ltd.......... 72,000 1,896,806
Cable & Wireless Optus Ltd.*..... 580,000 1,320,669
------------
6,005,216
------------
BELGIUM -- 0.8%
Tele Centro Sul Participacoes SA
[ADR]*......................... 33,203 1,842,766
UCB SA........................... 61,000 2,610,655
------------
4,453,421
------------
BRAZIL -- 1.0%
Embartel Participacoes SA
[ADR].......................... 28,300 392,662
Petroleo Brasileiro SA........... 14,300,000 2,113,201
Telesp Participacoes SA [ADR]*... 120,301 2,751,863
------------
5,257,726
------------
CANADA -- 6.6%
ATI Technologies, Inc.*.......... 177,600 2,861,903
BCE, Inc......................... 127,122 6,162,632
Bombardier, Inc. Cl-B............ 106,965 1,626,102
CGI Group, Inc.*................. 67,200 1,418,871
Imasco Ltd....................... 65,400 1,754,252
JDS Fitel, Inc.*................. 36,200 3,020,641
Loblaw Companies Ltd............. 52,500 1,324,871
Nortel Networks Corp............. 111,000 9,636,189
Rogers Communications, Inc.
Cl-B*.......................... 126,000 2,013,378
Shaw Communications, Inc. Cl-B... 68,700 2,706,132
Toronto-Dominion Bank............ 47,900 2,160,282
------------
34,685,253
------------
FINLAND -- 3.2%
Nokia AB Oyj..................... 152,646 13,380,610
Sonera Group Oyj................. 146,900 3,211,657
------------
16,592,267
------------
FRANCE -- 12.3%
Accor SA......................... 18,000 4,520,048
Alstom*.......................... 40,500 1,273,874
Altran Technologies SA........... 11,000 2,904,051
AXA SA........................... 43,447 5,300,491
Banque Nationale de Paris........ 80,927 6,743,360
Cap Gemini SA.................... 16,500 2,593,227
Carrefour Supermarche SA......... 48,400 7,112,656
Equant NV*....................... 34,700 3,199,179
Groupe Danone.................... 9,922 2,558,060
Pinault-Printemps-Redoute SA..... 34,000 5,834,502
Promodes......................... 8,200 5,382,497
Societe Nationale Elf Aquitaine
SA............................. 20,807 3,053,416
Societe Television Francaise..... 13,972 3,256,406
Total Fina SA Cl-B............... 40,100 5,173,366
Vivendi.......................... 65,700 5,322,101
------------
64,227,234
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
GERMANY -- 4.0%
DaimlerChrysler AG*.............. 79,038 $ 6,902,213
EM.TV & Merchandising AG......... 1,400 2,032,836
Mannesmann AG.................... 71,662 10,715,896
Porsche AG Pfd. ................. 700 1,631,466
------------
21,282,411
------------
HONG KONG -- 3.5%
China Telecom Ltd.*.............. 1,977,000 5,491,235
Cosco Pacific Ltd................ 5,500,000 4,572,340
Dao Heng Bank Group Ltd.......... 722,000 3,238,415
Hutchison Whampoa Ltd............ 458,000 4,146,941
Ng Fung Hong Ltd................. 982,000 816,370
------------
18,265,301
------------
INDONESIA -- 0.5%
Gulf Indonesia Resources Ltd.
[ADR]*......................... 231,000 2,656,500
------------
IRELAND -- 1.6%
Allied Irish Banks PLC........... 148,180 1,948,370
Bank of Ireland.................. 100,200 1,683,689
Bank of Ireland PLC.............. 121,072 2,035,180
CRH PLC.......................... 139,544 2,475,205
------------
8,142,444
------------
ITALY -- 2.2%
Banca Popolare di Brescia........ 167,300 7,168,669
Unicredito Italiano SPA.......... 487,900 2,143,443
San Paolo-IMI SPA................ 167,100 2,274,689
------------
11,586,801
------------
JAPAN -- 15.2%
Advantest Corp................... 43,000 4,725,034
Aiwa Co. Ltd..................... 75,000 2,478,598
Alps Electric Co. Ltd............ 189,000 4,426,900
Hirose Electric Co. Ltd.......... 38,500 3,995,170
Hoya Corp........................ 51,000 2,877,900
Ibiden Co. Ltd................... 154,000 2,544,694
Kirin Brewery Co. Ltd............ 382,000 4,576,318
Matsushita Electric Industrial
Co. Ltd. ...................... 60,000 4,287,975
Mitsumi Electric Co. Ltd......... 700 19,548
Murata Manufacturing Co. Ltd..... 67,000 4,339,860
NEC Corp......................... 390,000 4,849,377
Nippon Telegraph & Telephone
Corp. ......................... 4,210 4,939,185
NTT Data Corp.................... 3,700 2,940,774
NTT Mobile Communication Network,
Inc............................ 3,650 4,945,629
Okuma Corp....................... 628,000 2,915,955
Ricoh Co. Ltd.................... 323,000 4,445,928
Rohm Co. Ltd..................... 14,000 2,176,870
Sharp Corp....................... 170,000 2,008,491
Sony Corp........................ 50,900 5,487,988
Takeda Chemical Industries....... 95,000 4,403,230
</TABLE>
1
<PAGE> 4
AST AIM INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Tokyo Electron Ltd............... 42,000 $ 2,848,901
Ushio, Inc....................... 236,000 3,022,237
------------
79,256,562
------------
KOREA -- 2.3%
Coca-Cola Femsa SA [ADR]*........ 148,503 2,877,246
Korea Electric Power Corp.
[ADR].......................... 121,300 2,486,650
Korea Telecom Corp. [ADR]........ 86,200 3,448,000
Pohang Iron & Steel Co. Ltd.
[ADR].......................... 102,500 3,446,563
------------
12,258,459
------------
MEXICO -- 3.2%
Cifra SA de CV Cl-C*............. 1,627,000 2,841,488
Fomento Economico Mexicano, SA de
CV [ADR]....................... 103,400 4,123,075
Grupo Modelo SA de CV Cl-C*...... 830,000 2,328,082
Grupo Televisa SA [GDR]*......... 82,600 3,701,513
Kimberly-Clark de Mexico SA
Cl-A........................... 363,000 1,460,039
Telefonos de Mexico SA Cl-L
[ADR].......................... 29,913 2,417,344
------------
16,871,541
------------
NETHERLANDS -- 4.6%
AEGON NV......................... 14,600 1,059,226
Getronics NV..................... 65,400 2,515,696
Koninklijke Ahold NV............. 182,991 6,303,007
Koninklijke (Royal) Philips
Electronics NV................. 30,084 2,967,509
Libertel NV*..................... 94,550 1,852,621
VNU NV........................... 122,700 4,903,293
Wolters Kluwer NV................ 106,500 4,239,440
------------
23,840,792
------------
NORWAY -- 0.2%
Merkantildata ASA................ 93,600 903,632
------------
PHILIPPINES -- 0.5%
Philippine Long Distance
Telephone Co. [ADR]............ 88,000 2,651,000
------------
PORTUGAL -- 0.3%
Jeronimo Martins SGPS SA......... 49,000 1,618,544
------------
SINGAPORE -- 1.5%
Development Bank of Singapore
Ltd............................ 225,000 2,748,947
Keppel Corp. Ltd................. 726,000 2,473,348
Singapore Press Holdings Ltd..... 140,000 2,384,770
------------
7,607,065
------------
SPAIN -- 2.3%
Banco Popular Espanol SA......... 37,300 2,683,024
Endesa SA........................ 118,800 2,533,603
NH Hoteles SA*................... 105,500 1,351,281
Telefonica SA.................... 113,229 5,454,301
------------
12,022,209
------------
SWEDEN -- 3.4%
Electrolux AB Cl-B............... 237,200 4,966,230
Hennes & Mauritz AB Cl-B......... 275,600 6,807,548
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
NetCom AB Cl-B*.................. 40,200 $ 1,352,335
Svenska Handelsbanken Cl-A....... 270,570 3,246,175
WM-Data AB Cl-B.................. 33,900 1,291,924
------------
17,664,212
------------
SWITZERLAND -- 4.3%
ABB AG........................... 3,300 4,882,316
Adecco SA........................ 5,500 2,947,079
Compagnie Financiere Richemont AG
Cl-A Units*.................... 1,400 2,692,671
Julius Baer Holdings AG Cl-B..... 543 1,547,347
UBS AG........................... 15,210 4,539,744
Zurich Allied AG................. 10,500 5,970,706
------------
22,579,863
------------
THAILAND -- 0.5%
Siam Commercial Bank 144A*....... 1,860,000 2,648,216
------------
UNITED KINGDOM -- 14.7%
Airtours PLC..................... 182,500 1,455,627
Allied Irish Banks PLC........... 160,500 2,109,978
Barclays PLC..................... 242,000 7,041,803
British Sky Broadcasting Group
PLC............................ 517,500 4,800,579
British Telecommunications PLC... 293,332 4,915,068
Compass Group PLC................ 375,900 3,727,003
Diageo PLC....................... 227 2,371
Dixons Group PLC................. 192,900 3,603,192
General Electric Co. PLC......... 595,000 6,068,175
Granada Group PLC................ 174,907 3,245,043
Hays PLC......................... 614,500 6,475,303
Invensys PLC..................... 537,200 2,542,470
Logica PLC....................... 194,200 2,035,672
Misys PLC........................ 426,200 3,647,960
Orange PLC*...................... 372,802 5,465,099
Provident Financial PLC*......... 181,100 2,516,388
Railtrack Group PLC.............. 175,200 3,581,879
Shell Transport & Trading Co.
PLC............................ 330,200 2,476,240
Stagecoach Holdings PLC.......... 305,100 1,092,906
Vodafone AirTouch PLC............ 275,800 5,434,269
WPP Group PLC.................... 516,638 4,369,109
------------
76,606,134
------------
TOTAL FOREIGN STOCK
(Cost $440,253,087)................ 471,722,178
------------
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000)
----------
<S> <C> <C>
FOREIGN BONDS -- 0.1%
UNITED KINGDOM
Cosco Treasury Co. Ltd. 1.00%,
03/13/03
(Cost $421,299).................. 482 459,587
------------
</TABLE>
2
<PAGE> 5
AST AIM INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
---------- ------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 4.1%
Federal Home Loan Mortgage Corp.
4.60%, 07/01/99
(Cost $21,455,000)............... $ 21,455 $ 21,455,000
------------
TOTAL INVESTMENTS -- 94.4%
(Cost $462,129,386)................ 493,636,765
OTHER ASSETS LESS
LIABILITIES -- 5.6%................ 29,030,345
------------
NET ASSETS -- 100.0%................. $522,667,110
============
</TABLE>
Foreign currency exchange contracts outstanding at June 30, 1999:
<TABLE>
<CAPTION>
IN UNREALIZED
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS APPRECIATION
MONTH TYPE TO DELIVER FOR AT VALUE (DEPRECIATION)
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
07/99 Sell CHF 64,350 $ 41,530 $ 41,394 $ 136
07/99 Sell GBP 782,520 1,232,626 1,233,481 (855)
----------- ---------- ------
$1,274,156 $1,274,875 $(719)
=========== ========== ======
</TABLE>
The following is a breakdown of the foreign stock portion of the Portfolio, by
industry classification, as of June 30, 1999. Percentages are based on net
assets.
<TABLE>
<CAPTION>
INDUSTRY
- --------
<S> <C>
Advertising........................................ 1.7%
Aerospace.......................................... 1.8%
Airlines........................................... 0.3%
Automobile Manufacturers........................... 3.2%
Beverages.......................................... 2.6%
Broadcasting....................................... 2.2%
Business Services.................................. 2.6%
Chemicals.......................................... 0.3%
Computer Services & Software....................... 2.3%
Conglomerates...................................... 2.7%
Construction....................................... 0.7%
Consumer Products & Services....................... 4.2%
Containers & Packaging............................. 0.9%
Electronic Components & Equipment.................. 4.9%
Entertainment & Leisure............................ 1.3%
Financial -- Bank & Trust.......................... 6.7%
Financial Services................................. 3.9%
Food............................................... 3.8%
Industrial Products................................ 3.0%
Insurance.......................................... 4.4%
Machinery & Equipment.............................. 0.9%
Metals & Mining.................................... 0.7%
Office Equipment................................... 0.9%
Oil & Gas.......................................... 2.0%
Paper & Forest Products............................ 1.0%
Pharmaceuticals.................................... 0.4%
Printing & Publishing.............................. 2.8%
Real Estate........................................ 0.5%
Retail & Merchandising............................. 1.3%
Telecommunications................................. 24.3%
Transportation..................................... 0.7%
Utilities.......................................... 1.2%
----
TOTAL.............................................. 90.2%
====
</TABLE>
- --------------------------------------------------------------------------------
Unless otherwise noted, all stocks are common stock.
Definitions of abbreviations are included following the Schedules of
Investments.
* Non income producing security.
144A-- Security was purchased pursuant to Rule 144A under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers. At the end of the period, this security amounted to
0.5% of net assets.
See Notes to Financial Statements.
3
<PAGE> 6
AST LORD ABBETT GROWTH AND INCOME PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 91.7%
AEROSPACE -- 0.6%
AlliedSignal, Inc.............. 140,000 $ 8,820,000
--------------
AUTOMOBILE MANUFACTURERS -- 1.0%
Ford Motor Co.................. 270,000 15,238,125
--------------
BROADCASTING -- 1.5%
CBS Corp.*..................... 500,000 21,718,750
--------------
CHEMICALS -- 1.1%
Rohm & Haas Co................. 350,000 15,006,250
--------------
COMPUTER HARDWARE -- 2.8%
International Business Machines
Corp......................... 320,000 41,360,000
--------------
COMPUTER SERVICES & SOFTWARE -- 6.0%
Cadence Design Systems,
Inc.*........................ 1,000,000 12,750,000
First Data Corp................ 640,000 31,320,000
Oracle Corp.*.................. 200,000 7,425,000
Sun Microsystems, Inc.*........ 480,000 33,060,000
Unisys Corp.*.................. 151,697 5,906,702
--------------
90,461,702
--------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 6.2%
Emerson Electric Co............ 320,000 20,120,000
Honeywell, Inc................. 210,000 24,333,750
Rockwell International Corp.... 125,000 7,593,750
Texas Instruments, Inc......... 280,000 40,600,000
--------------
92,647,500
--------------
ENVIRONMENTAL SERVICES -- 2.3%
Waste Management, Inc.......... 650,000 34,937,500
--------------
FINANCIAL-BANK & TRUST -- 8.0%
Bank One Corp.................. 510,000 30,376,875
BankAmerica Corp............... 200,000 14,662,500
Chase Manhattan Corp........... 340,000 29,452,500
Fleet Financial Group, Inc..... 510,000 22,631,250
Wells Fargo & Co............... 520,000 22,230,000
--------------
119,353,125
--------------
FINANCIAL SERVICES -- 1.2%
Morgan Stanley, Dean Witter &
Co........................... 180,000 18,450,000
--------------
FOOD -- 3.5%
Heinz, (H.J.) Co............... 600,000 30,075,000
Ralston Purina Group........... 750,000 22,828,125
--------------
52,903,125
--------------
HEALTHCARE SERVICES -- 0.7%
Columbia HCA Healthcare
Corp......................... 440,000 10,037,500
--------------
INSURANCE -- 9.4%
Ace Ltd........................ 600,000 16,950,000
Aetna, Inc..................... 200,000 17,887,500
Allstate Corp.................. 400,000 14,350,000
American General Corp.......... 480,000 36,180,000
Aon Corp....................... 440,000 18,150,000
CIGNA Corp..................... 220,000 19,580,000
St. Paul Companies, Inc........ 560,000 17,815,000
--------------
140,912,500
--------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
MACHINERY & EQUIPMENT -- 1.5%
Deere & Co..................... 580,000 $ 22,982,500
--------------
MEDICAL SUPPLIES & EQUIPMENT -- 1.3%
Baxter International, Inc...... 320,000 19,400,000
--------------
METALS & MINING -- 1.7%
Alcoa, Inc..................... 400,000 24,750,000
--------------
OFFICE EQUIPMENT -- 1.7%
Xerox Corp..................... 420,000 24,806,250
--------------
OIL & GAS -- 11.8%
Atlantic Richfield Co.......... 180,000 15,041,250
BP Amoco PLC [ADR]............. 210,000 22,785,000
Coastal Corp................... 720,000 28,800,000
Mobil Corp..................... 440,000 43,560,000
Schlumberger Ltd............... 200,000 12,737,500
Texaco, Inc.................... 310,000 19,375,000
Total SA [ADR]................. 540,000 34,796,250
--------------
177,095,000
--------------
PAPER & FOREST PRODUCTS -- 2.3%
International Paper Co......... 680,000 34,340,000
--------------
PHARMACEUTICALS -- 4.3%
American Home Products Corp.... 650,000 37,375,000
Pharmacia & Upjohn, Inc........ 470,000 26,701,875
--------------
64,076,875
--------------
PRINTING & PUBLISHING -- 2.5%
Dow Jones & Co., Inc........... 400,000 21,225,000
Gannett Co., Inc............... 220,000 15,702,500
--------------
36,927,500
--------------
RETAIL & MERCHANDISING -- 1.8%
Federated Department Stores,
Inc.*........................ 510,000 26,998,125
--------------
TELECOMMUNICATIONS -- 13.7%
Alltel Corp.................... 430,000 30,745,000
AT&T Corp...................... 940,000 52,463,750
Bell Atlantic Corp............. 510,000 33,341,250
MCI WorldCom, Inc.*............ 280,000 24,150,000
QUALCOMM, Inc.*................ 260,000 37,310,000
SBC Communications, Inc........ 470,000 27,260,000
--------------
205,270,000
--------------
UTILITIES -- 4.9%
Carolina Power & Light Co...... 540,000 23,118,750
Duke Energy Corp............... 510,000 27,731,250
FirstEnergy Corp.*............. 720,000 22,320,000
--------------
73,170,000
--------------
TOTAL COMMON STOCK
(Cost $1,098,627,729)............ 1,371,662,327
--------------
</TABLE>
4
<PAGE> 7
AST LORD ABBETT GROWTH AND INCOME PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PREFERRED STOCK -- 4.5%
COMPUTER SERVICES & SOFTWARE -- 0.8%
Unisys Corp. Cl-A $3.75
[CVT]........................ 199,194 $ 12,972,509
--------------
CONTAINERS & PACKAGING -- 1.0%
Owens-Illinois, Inc. 4.75%
[CVT]........................ 330,000 14,437,500
--------------
INSURANCE -- 1.0%
Aetna, Inc. Cl-C 6.25%......... 200,000 14,850,000
--------------
TELECOMMUNICATIONS -- 0.5%
Comcast Corp. $3.35 [CVT]...... 90,000 7,911,810
--------------
UTILITIES -- 1.2%
Houston Industries, Inc.
7.00%........................ 150,000 17,887,500
--------------
TOTAL PREFERRED STOCK
(Cost $59,713,544)............... 68,059,319
--------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 4.2%
Temporary Investment Cash
Fund......................... 31,665,752 $ 31,665,752
Temporary Investment Fund...... 31,665,752 31,665,752
--------------
(Cost $63,331,504)............. 63,331,504
--------------
TOTAL INVESTMENTS -- 100.4%
(Cost $1,221,672,777)............ 1,503,053,150
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (0.4%)................. (5,447,230)
--------------
NET ASSETS -- 100.0%............... $1,497,605,920
==============
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
5
<PAGE> 8
AST JANCAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 78.4%
BEVERAGES -- 0.9%
Coca-Cola Co. ................. 615,650 $ 38,478,125
--------------
COMPUTER HARDWARE -- 4.4%
Dell Computer Corp.*........... 3,957,815 146,439,155
EMC Corp.*..................... 812,570 44,691,350
--------------
191,130,505
--------------
COMPUTER SERVICES & SOFTWARE -- 25.4%
America Online, Inc.*.......... 3,884,710 429,260,455
Cisco Systems, Inc.*........... 3,604,540 232,492,830
Intuit, Inc.*.................. 422,006 38,033,291
Microsoft Corp.*............... 3,155,800 284,613,712
VERITAS Software Corp.*........ 810,820 76,977,224
Yahoo!, Inc.*.................. 268,830 46,305,967
--------------
1,107,683,479
--------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 8.6%
General Electric Co. .......... 1,251,950 141,470,350
Texas Instruments, Inc......... 1,600,595 232,086,275
--------------
373,556,625
--------------
ENTERTAINMENT & LEISURE -- 4.8%
Time Warner, Inc............... 2,823,480 207,525,780
--------------
FINANCIAL SERVICES -- 5.3%
Fannie Mae..................... 971,065 66,396,569
Schwab, (Charles) Corp......... 1,512,940 166,234,282
--------------
232,630,851
--------------
FOOD -- 2.3%
Kroger Co.*.................... 1,472,260 41,131,264
Safeway, Inc.*................. 1,226,190 60,696,405
--------------
101,827,669
--------------
INSURANCE -- 3.5%
American International Group,
Inc. ........................ 1,296,440 151,764,507
--------------
OFFICE EQUIPMENT -- 1.0%
Staples, Inc.*................. 1,444,005 44,673,905
--------------
PHARMACEUTICALS -- 4.5%
Lilly, (Eli) & Co. ............ 715,325 51,235,153
Pfizer, Inc. .................. 926,730 101,708,617
Warner-Lambert Co. ............ 654,900 45,433,687
--------------
198,377,457
--------------
RETAIL & MERCHANDISING -- 6.0%
Amazon.com, Inc.*.............. 375,115 46,936,264
Costco Companies, Inc.*........ 1,590,535 127,342,208
Home Depot, Inc. .............. 1,386,525 89,344,205
--------------
263,622,677
--------------
TELECOMMUNICATIONS -- 11.7%
Global TeleSystems Group,
Inc.*........................ 442,635 35,853,435
Level 3 Communications,
Inc.*........................ 606,940 36,454,334
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
MCI WorldCom, Inc.*............ 1,611,985 $ 139,033,706
Metromedia Fiber Network, Inc.
Cl-A*........................ 878,820 31,582,594
Nokia Corp. Cl-A [ADR]......... 2,520,360 230,770,463
Qwest Communications
International, Inc.*......... 1,097,200 36,276,175
--------------
509,970,707
--------------
TOTAL COMMON STOCK
(Cost $1,799,311,176)............ 3,421,242,287
--------------
<CAPTION>
PAR
(000)
----------
<S> <C> <C>
CORPORATE OBLIGATIONS -- 2.9%
ENTERTAINMENT & LEISURE -- 1.1%
Venetian Casino Resort LLC
12.25%, 11/15/04............. $ 49,725 49,289,906
--------------
RETAIL & MERCHANDISING -- 1.2%
Amazon.com, Inc. 144A 4.75%,
02/01/09..................... 51,851 51,526,931
--------------
TELECOMMUNICATIONS -- 0.6%
Lenfest Communications, Inc.
7.625%, 02/15/08............. 11,295 11,690,325
8.25%, 02/15/08.............. 12,480 13,166,400
--------------
24,856,725
--------------
TOTAL CORPORATE OBLIGATIONS
(Cost $126,038,602).............. 125,673,562
--------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 15.2%
Federal Home Loan Mortgage
Corp. 5.03%, 09/08/99........ 50,000 49,510,972
--------------
Federal Mortgage Corp.
4.93%, 09/23/99.............. 25,000 24,705,423
4.94%, 10/18/99.............. 50,000 49,229,445
5.00%, 11/19/99.............. 50,000 49,001,250
5.00%, 12/14/99.............. 75,000 73,225,973
5.10%, 05/25/00.............. 50,000 47,596,605
--------------
243,758,696
--------------
Federal National Mortgage
Assoc. 4.64%, 09/17/99....... 50,000 49,452,935
4.68%, 07/13/99.............. 50,000 49,921,833
4.70%, 07/02/99.............. 50,000 49,993,737
4.73%, 08/16/99.............. 50,000 49,686,955
4.80%, 11/29/99.............. 150,000 146,791,245
4.89%, 10/08/99.............. 25,000 24,650,068
--------------
370,496,773
--------------
(Cost $664,198,187)............ 663,766,441
--------------
</TABLE>
6
<PAGE> 9
AST JANCAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
COMMERCIAL PAPER -- 3.4%
Associates First Capital Corp.
5.25%, 07/01/99.............. $ 73,900 $ 73,900,000
IBM Credit Corp. 5.00%,
09/16/99..................... 50,000 49,446,025
UBS Financial Corp. 5.50%,
07/01/99..................... 25,000 25,000,000
--------------
(Cost $148,365,278)............ 148,346,025
--------------
<CAPTION>
SHARES
----------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.0%
Temporary Investment Cash
Fund......................... 44,466 44,466
Temporary Investment Fund...... 44,466 44,466
--------------
(Cost $88,932)................. 88,932
--------------
TOTAL INVESTMENTS -- 99.9%
(Cost $2,738,002,175)............ 4,359,117,247
OTHER ASSETS LESS
LIABILITIES -- 0.1%.............. 2,506,024
--------------
NET ASSETS -- 100.0%............... $4,361,623,271
==============
</TABLE>
Foreign currency exchange contracts outstanding at June 30, 1999:
<TABLE>
<CAPTION>
IN
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE TO RECEIVE FOR AT VALUE DEPRECIATION
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
07/99 Buy EUR 18,300,000 $20,845,197 $18,894,035 $1,951,162
08/99 Buy EUR 16,800,000 18,590,704 17,379,010 1,211,694
----------- ----------- ----------
$39,435,901 $36,273,045 $3,162,856
=========== =========== ==========
<CAPTION>
IN
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE TO DELIVER FOR AT VALUE APPRECIATION
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
07/99 Sell EUR 18,300,000 $21,400,590 $18,894,035 $2,506,555
08/99 Sell EUR 16,800,000 19,831,670 17,379,010 2,452,660
----------- ----------- ----------
$41,232,260 $36,273,045 $4,959,215
=========== =========== ==========
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
144A -- Security was purchased pursuant to Rule 144A under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers. At the end of the period, this security amounted
to 1.2% of net assets.
See Notes to Financial Statements.
7
<PAGE> 10
AST MONEY MARKET PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
CORPORATE OBLIGATIONS -- 27.6%
BEVERAGES -- 2.6%
PepsiCo, Inc. [FRN]++
4.838%, 08/19/99................ $35,000 $ 34,994,698
--------------
FINANCIAL-BANK & TRUST -- 17.2%
American Express Centurion [FRN]++
4.904%, 07/13/99................ 30,000 30,000,000
4.95%, 07/26/99................. 25,000 25,000,000
First Union National Bank [FRN]++
5.018%, 07/26/99................ 25,000 25,000,000
Key Bank N.A.
4.835%, 07/01/99 [FRN]++........ 40,000 39,998,284
5.018%, 07/15/99 [VR]++......... 25,000 25,000,000
NationsBank Corp. Cl-F [FRN]++
5.088%, 08/19/99................ 4,000 4,000,911
US Bank N.A. Minnesota [VR]++
4.95%, 07/21/99................. 40,000 40,000,000
Wells Fargo & Co. Cl-J
5.31%, 03/31/00................. 40,000 39,988,482
--------------
228,987,677
--------------
FINANCIAL SERVICES -- 7.8%
CIT Group, Inc. [FRN]++
4.95%, 07/01/99................. 38,400 38,401,133
General Motors Acceptance Corp.
[FRN]++
4.89%, 07/06/99................. 31,000 30,999,738
Xerox Credit Corp. Cl-F
5.32%, 03/31/00................. 35,000 34,990,166
--------------
104,391,037
--------------
TOTAL CORPORATE OBLIGATIONS (Cost
$368,373,412)....................... 368,373,412
--------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 8.5%
Federal Home Loan Bank
4.85%, 07/14/99................. 49,916 49,828,578
--------------
Student Loan Marketing Assoc.
4.60%, 07/01/99................. 63,630 63,630,000
--------------
(Cost $113,458,578)............... 113,458,578
--------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 3.6%
Greentree Steers Corp. [VR]++
5.018%, 07/15/99................ 12,842 12,841,094
LINCS [VR]++
5.038%, 07/15/99................ 25,000 25,000,000
The Money Store, Inc. [VR]++
5.018%, 07/15/99................ 10,671 10,670,427
--------------
(Cost $48,511,521)................ $ 48,511,521
--------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
CERTIFICATES OF DEPOSIT -- 23.2%
Abbey National Treasury Services
PLC
5.22%, 05/11/00................. $13,000 $ 12,994,602
Bankers Trust Co. [FRN]++
4.98%, 07/12/99................. 15,000 14,994,266
Bayerische Hypo Vereinsbank
5.15%, 04/25/00................. 10,000 9,995,270
Bayerische Landesbank NY
5.115%, 03/21/00................ 14,000 13,985,480
Canadian Imperial Bank
5.01%, 02/07/00................. 25,000 24,995,621
Comerica Bank [FRN]++
4.90%, 07/01/99................. 40,000 39,989,076
Commerzbank AG NY [FRN]++
4.90%, 07/01/99................. 30,000 29,992,292
4.873%, 07/08/99................ 20,000 19,990,109
Deutsche Bank NY
4.95%, 11/09/99................. 30,000 29,995,844
5.00%, 01/06/00................. 25,000 24,996,253
Fleet National Bank
5.03%, 07/22/99................. 12,500 12,501,424
Toronto Dominion Bank
5.65%, 07/26/99................. 25,000 24,999,016
5.00%, 02/04/00................. 8,000 7,998,617
Wachovia Bank
5.02%, 11/22/99................. 43,000 43,000,000
--------------
(Cost $310,427,870)............... 310,427,870
--------------
COMMERCIAL PAPER -- 36.9%
FINANCIAL-BANK & TRUST -- 5.0%
Cregem North America, Inc.
4.81%, 07/02/99................. 20,000 19,997,328
SunTrust Banks, Inc.
4.98%, 07/14/99................. 47,000 46,915,478
--------------
66,912,806
--------------
FINANCIAL SERVICES -- 17.9%
Associates Corp. of North America
5.78%, 07/01/99................. 68,000 68,000,000
Ford Motor Credit Corp.
5.07%, 07/08/99................. 30,000 29,970,425
Halifax PLC
4.73%, 07/12/99................. 5,000 4,992,774
Morgan Stanley, Dean Witter & Co.
5.75%, 07/01/99................. 20,000 20,000,000
4.95%, 07/20/99................. 45,000 44,882,437
Salomon Smith Barney
4.91%, 07/15/99................. 50,000 49,904,528
UBS Finance, Inc.
4.72%, 07/15/99................. 21,740 21,700,095
--------------
239,450,259
--------------
</TABLE>
8
<PAGE> 11
AST MONEY MARKET PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
PHARMACEUTICALS -- 4.7%
Bayer Corp.
5.65%, 07/01/99................. $28,356 $ 28,356,000
Pfizer, Inc.++
4.95%, 07/19/99................. 35,155 35,067,991
--------------
63,423,991
--------------
OIL & GAS -- 6.7%
Koch Industries
5.52%, 07/01/99................. 65,000 65,000,000
Mobil Corp.
4.97%, 07/01/99................. 25,000 25,000,000
--------------
90,000,000
--------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
UTILITIES -- 2.6%
The Southern Co.++
5.10%, 07/23/99................. $35,180 $ 35,070,356
--------------
TOTAL COMMERCIAL PAPER
(Cost $494,857,412)................. 494,857,412
--------------
TOTAL INVESTMENTS -- 99.8%
(Cost $1,335,628,793)............... 1,335,628,793
OTHER ASSETS LESS
LIABILITIES -- 0.2%................. 2,657,124
--------------
NET ASSETS -- 100.0%.................. $1,338,285,917
==============
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
++ Security is restricted as to resale and may not be resold except to
qualified institutional buyers. At the end of the period, these securities
amounted to 5.2% of net assets.
++ Maturity date reflects the next interest rate change date.
See Notes to Financial Statements.
9
<PAGE> 12
AST NEUBERGER BERMAN MID-CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 99.3%
AEROSPACE -- 5.1%
General Motors Corp. Cl-H......... 250,000 $ 14,062,500
Gulfstream Aerospace Corp.*....... 324,500 21,924,031
Raytheon Co. Cl-A................. 76,000 5,234,500
------------
41,221,031
------------
AIRLINES -- 1.0%
Continental Airlines, Inc.
Cl-B*........................... 220,000 8,277,500
------------
AUTOMOBILE MANUFACTURERS -- 0.8%
Navistar International Corp.*..... 138,000 6,900,000
------------
AUTOMOTIVE PARTS -- 3.4%
AutoZone, Inc.*................... 390,000 11,748,750
Lear Corp.*....................... 320,000 15,920,000
------------
27,668,750
------------
BROADCASTING -- 4.0%
AT&T Corp. Liberty Media Group
Cl-A*........................... 348,000 12,789,000
News Corp. Ltd. [ADR]............. 470,000 14,834,375
Scripps, (E.W.) Co. Cl-A.......... 100,000 4,756,250
------------
32,379,625
------------
CAPITAL GOODS -- 2.1%
SPX Corp.*........................ 200,000 16,700,000
------------
CHEMICALS -- 6.6%
Engelhard Corp.................... 525,000 11,878,125
Grace, (W.R.) & Co.*.............. 550,000 10,106,250
Hercules, Inc..................... 200,000 7,862,500
Lyondell Chemical Co.............. 615,000 12,684,375
Praxair, Inc. .................... 212,400 10,394,325
------------
52,925,575
------------
COMPUTER HARDWARE -- 1.9%
Quantum Corp.*.................... 350,000 8,443,750
Storage Technology Corp.*......... 300,000 6,825,000
------------
15,268,750
------------
COMPUTER SERVICES & SOFTWARE -- 4.0%
Cadence Design Systems, Inc.*..... 730,000 9,307,500
Computer Associates
International, Inc. ............ 270,000 14,850,000
Parametric Technology Corp.*...... 590,000 8,186,250
------------
32,343,750
------------
CONTAINERS & PACKAGING -- 1.0%
Owens-Illinois, Inc.*............. 258,500 8,449,719
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 1.5%
Teradyne, Inc.*................... 138,000 9,901,500
UCAR International, Inc.*......... 79,700 2,012,425
------------
11,913,925
------------
ENTERTAINMENT & LEISURE -- 1.0%
Mirage Resorts, Inc.*............. 470,200 7,875,850
------------
ENVIRONMENTAL SERVICES -- 3.1%
Allied Waste Industries, Inc.*.... 1,283,300 25,345,175
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FINANCIAL-BANK & TRUST -- 8.0%
Bank One Corp. ................... 210,000 $ 12,508,125
BankBoston Corp. ................. 333,000 17,024,625
Chase Manhattan Corp. ............ 135,700 11,755,012
Countrywide Credit Industries,
Inc. ........................... 375,300 16,044,075
Valley National Bancorp........... 241,000 6,928,750
------------
64,260,587
------------
FINANCIAL SERVICES -- 9.4%
AMBAC Financial Group, Inc........ 136,000 7,769,000
Bear Stearns Companies, Inc. ..... 315,000 14,726,250
FINOVA Group, Inc................. 332,900 17,518,862
Goldman Sachs Group, Inc.......... 16,900 1,221,025
SLM Holding Corp. ................ 385,000 17,637,812
The Dun & Bradstreet Corp......... 470,000 16,655,625
------------
75,528,574
------------
FOOD -- 2.2%
ConAgra, Inc...................... 275,000 7,321,875
Food Lion, Inc. Cl-A.............. 534,000 6,341,250
Food Lion, Inc. Cl-B.............. 385,000 4,451,562
------------
18,114,687
------------
HEALTHCARE SERVICES -- 3.3%
PacifiCare Health Systems,
Inc.*........................... 182,400 13,121,400
Tenet Healthcare Corp.*........... 473,000 8,780,062
Wellpoint Health Networks,
Inc.*........................... 50,800 4,311,650
------------
26,213,112
------------
INSURANCE -- 4.8%
Ace, Ltd. ........................ 540,000 15,255,000
CIGNA Corp. ...................... 170,000 15,130,000
Cincinnati Financial Corp. ....... 225,000 8,451,562
------------
38,836,562
------------
MACHINERY & EQUIPMENT -- 2.1%
Grainger, (W.W.), Inc............. 142,300 7,657,519
McDermott International, Inc...... 328,100 9,268,825
------------
16,926,344
------------
MEDICAL SUPPLIES & EQUIPMENT -- 3.8%
Baxter International, Inc. ....... 140,000 8,487,500
Becton Dickinson & Co............. 385,000 11,550,000
Centocor, Inc.*................... 220,000 10,257,500
------------
30,295,000
------------
METALS & MINING -- 0.6%
AK Steel Holding Corp............. 224,500 5,051,250
------------
OFFICE EQUIPMENT -- 0.8%
Xerox Corp. ...................... 115,000 6,792,188
------------
OIL & GAS -- 5.1%
Apache Corp....................... 258,600 10,085,400
Coastal Corp...................... 255,000 10,200,000
Tosco Corp. ...................... 405,000 10,504,688
USX-Marathon Group, Inc........... 310,000 10,094,375
------------
40,884,463
------------
PAPER & FOREST PRODUCTS -- 2.0%
Fort James Corp................... 430,000 16,286,250
------------
</TABLE>
10
<PAGE> 13
AST NEUBERGER BERMAN MID-CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PHARMACEUTICALS -- 1.5%
ALZA Corp.*....................... 232,100 $ 11,808,088
------------
PRINTING & PUBLISHING -- 0.9%
Belo, (A.H.) Corp. Cl-A........... 370,000 7,284,375
------------
RAILROADS -- 1.9%
Burlington Northern Santa Fe
Corp............................ 383,000 11,873,000
Canadian National Railway Co...... 47,300 3,169,100
------------
15,042,100
------------
REAL ESTATE -- 1.6%
Indymac Mortgage Holdings, Inc.
[REIT].......................... 785,000 12,560,000
------------
RETAIL & MERCHANDISING -- 3.9%
Harcourt General, Inc. ........... 235,000 12,117,188
Rite Aid Corp..................... 790,000 19,453,750
------------
31,570,938
------------
TELECOMMUNICATIONS -- 7.8%
American Tower Corp. Cl-A......... 490,000 11,760,000
Loral Space & Communications
Corp.*.......................... 440,000 7,920,000
MCI WorldCom, Inc.*............... 135,900 11,721,375
Nortel Networks Corp.............. 140,200 12,171,113
Shaw Communications, Inc. Cl-B.... 128,600 5,111,850
Williams Companies, Inc........... 332,700 14,160,544
------------
62,844,882
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
UTILITIES -- 4.1%
Niagara Mohawk Holdings, Inc.*.... 540,000 $ 8,673,750
Texas Utilities Co................ 203,000 8,373,750
UGI Corp. ........................ 326,300 6,587,181
Unicom Corp....................... 240,000 9,255,000
------------
32,889,681
------------
TOTAL COMMON STOCK
(Cost $768,349,434)................. 800,458,731
------------
SHORT-TERM INVESTMENTS -- 0.7%
Temporary Investment Cash Fund.... 2,648,726 2,648,726
Temporary Investment Fund......... 2,648,726 2,648,726
------------
(Cost $5,297,452)................. 5,297,452
------------
TOTAL INVESTMENTS -- 100.0%
(Cost $773,646,886)................. 805,756,183
LIABILITIES IN EXCESS OF OTHER
ASSETS -- 0.0%...................... (90,897)
------------
NET ASSETS -- 100.0%.................. $805,665,286
============
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
11
<PAGE> 14
AST AIM BALANCED PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 37.4%
ADVERTISING -- 0.5%
Omnicom Group, Inc. ............... 7,400 $ 592,000
Young & Rubicam, Inc. ............. 33,000 1,499,437
------------
2,091,437
------------
AUTOMOBILE MANUFACTURERS -- 0.3%
Ford Motor Co. .................... 24,700 1,394,006
------------
BROADCASTING -- 1.0%
AT&T Corp. Liberty Media
Group Cl-A*...................... 10,608 389,844
CBS Corp.*......................... 59,000 2,562,812
Diva Systems Corp. Warrants*....... 210 2,520
Hispanic Broadcasting Corp.*....... 15,000 1,138,125
------------
4,093,301
------------
CHEMICALS -- 0.3%
Monsanto Co. Units................. 22,000 882,750
Waters Corp.*...................... 8,600 456,875
------------
1,339,625
------------
COMPUTER HARDWARE -- 1.8%
Dell Computer Corp.*............... 20,500 758,500
EMC Corp.*......................... 47,000 2,585,000
International Business Machines
Corp. ........................... 33,828 4,372,269
------------
7,715,769
------------
COMPUTER SERVICES & SOFTWARE -- 3.8%
America Online, Inc.*.............. 49,000 5,414,500
Cisco Systems, Inc.*............... 56,000 3,612,000
Comverse Technology, Inc.*......... 12,150 917,325
InfoSpace.com, Inc.*............... 15,500 728,500
Knology Holdings, Inc. Warrants
144A*............................ 45 112
Microsoft Corp.*................... 32,000 2,886,000
Sun Microsystems, Inc.*............ 15,000 1,033,125
USWeb Corp.*....................... 50,000 1,109,375
VERITAS Software Corp.*............ 7,050 669,309
------------
16,370,246
------------
CONGLOMERATES -- 0.7%
Philip Morris Companies, Inc. ..... 48,967 1,967,861
Tyco International Ltd. ........... 10,000 947,500
------------
2,915,361
------------
CONSUMER PRODUCTS & SERVICES -- 0.5%
Avon Products, Inc. ............... 8,000 444,000
Hedstrom Holdings, Inc. 144A*...... 303 264
Mohawk Industries, Inc.*........... 3,400 103,275
Procter & Gamble Co. .............. 17,505 1,562,321
------------
2,109,860
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 0.7%
Applied Materials, Inc.*........... 10,000 738,750
Cellnet Data Systems Warrants*..... 95 831
General Electric Co. .............. 20,200 2,282,600
------------
3,022,181
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ENTERTAINMENT & LEISURE -- 0.2%
Carnival Corp. .................... 10,000 $ 485,000
Club Regina Resorts, Inc.
Warrants*........................ 20 20
Royal Caribbean Cruises Ltd. ...... 4,500 196,875
------------
681,895
------------
ENVIRONMENTAL SERVICES -- 0.4%
Allied Waste Industries, Inc.*..... 22,000 434,500
Republic Services, Inc. Cl-A*...... 23,700 586,575
Waste Management, Inc. ............ 11,160 599,850
------------
1,620,925
------------
EQUIPMENT SERVICES -- 0.6%
Hertz Corp. Cl-A................... 24,000 1,488,000
Quanta Services, Inc.*............. 28,000 1,232,000
------------
2,720,000
------------
FINANCIAL-BANK & TRUST -- 2.1%
Bank United Corp. Cl-A............. 27,000 1,085,062
BankAmerica Corp. ................. 64,318 4,715,313
Chase Manhattan Corp. ............. 32,890 2,849,096
Zions Bancorp. .................... 9,100 577,850
------------
9,227,321
------------
FINANCIAL SERVICES -- 3.2%
American Express Co. .............. 9,785 1,273,273
Citigroup, Inc. ................... 96,727 4,594,532
Esat Holdings Ltd. Warrants*....... 35 2,817
Fannie Mae......................... 29,000 1,982,875
FINOVA Group, Inc. ................ 12,200 642,025
Freddie Mac........................ 15,000 870,000
Merrill Lynch & Co., Inc. ......... 25,800 2,062,387
Morgan Stanley, Dean Witter &
Co. ............................. 21,000 2,152,500
------------
13,580,409
------------
FOOD -- 0.6%
Albertson's, Inc. ................. 23,470 1,210,172
Ralston Purina Group............... 45,000 1,369,687
------------
2,579,859
------------
HOTELS & MOTELS -- 0.0%
Epic Resorts Warrants 144A*........ 10 0
Starwood Hotels & Resorts
Worldwide, Inc. [REIT]........... 6,901 210,912
------------
INDUSTRIAL PRODUCTS -- 0.0%
Orbital Imaging Corp. Warrants
144A*............................ 20 600
------------
INSURANCE -- 1.9%
American International Group,
Inc. ............................ 22,000 2,575,375
AXA [ADR].......................... 20,000 1,246,250
CIGNA Corp. ....................... 30,146 2,682,994
The Equitable Companies, Inc. ..... 22,000 1,474,000
------------
7,978,619
------------
MEDICAL SUPPLIES & EQUIPMENT -- 2.0%
Abbott Laboratories................ 8,000 364,000
Baxter International, Inc. ........ 29,211 1,770,917
Becton Dickinson & Co. ............ 18,000 540,000
Guidant Corp. ..................... 38,000 1,954,625
</TABLE>
12
<PAGE> 15
AST AIM BALANCED PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
MEDIQ, Inc. Warrants*.............. 10 $ 0
Medtronic, Inc. ................... 18,700 1,456,262
VISX, Inc.*........................ 32,500 2,573,594
------------
8,659,398
------------
OFFICE EQUIPMENT -- 0.5%
Xerox Corp. ....................... 38,722 2,287,018
------------
OIL & GAS -- 1.6%
Conoco, Inc. Cl-A.................. 56,145 1,565,042
Exxon Corp. ....................... 38,631 2,979,416
Mobil Corp. ....................... 21,766 2,154,834
TCR Holding Corp. Cl-B............. 2,898 174
------------
6,699,466
------------
PERSONAL SERVICES -- 0.3%
Apollo Group, Inc. Cl-A*........... 49,000 1,301,562
------------
PHARMACEUTICALS -- 3.6%
American Home Products Corp. ...... 40,000 2,300,000
Biogen, Inc.*...................... 10,000 643,125
Bristol-Meyers Squibb Co. ......... 38,984 2,745,935
Cardinal Health, Inc. ............. 10,000 641,250
Lilly, (Eli) & Co. ................ 12,000 859,500
Merck & Co., Inc. ................. 40,945 3,029,930
Pfizer, Inc. ...................... 20,500 2,249,875
Pharmacia & Upjohn, Inc. .......... 20,000 1,136,250
Warner-Lambert Co. ................ 21,000 1,456,875
Watson Pharmaceuticals, Inc.*...... 16,300 571,519
------------
15,634,259
------------
REAL ESTATE -- 0.0%
Equity Office Property Warrants*... 530 530
------------
RESTAURANTS -- 0.1%
AmeriKing, Inc.*................... 25 1,000
Tricon Global Restaurants, Inc.*... 4,000 216,500
------------
217,500
------------
RETAIL & MERCHANDISING -- 1.2%
Dayton-Hudson Corp. ............... 32,000 2,080,000
Home Depot, Inc. .................. 28,000 1,804,250
Linens 'n Things, Inc.*............ 25,000 1,093,750
------------
4,978,000
------------
SEMICONDUCTORS -- 1.2%
Intel Corp. ....................... 41,000 2,439,500
Motorola, Inc. .................... 24,460 2,317,585
Xilinx, Inc.*...................... 7,700 440,825
------------
5,197,910
------------
TELECOMMUNICATIONS -- 7.3%
ADC Telecommunications, Inc.*...... 22,000 1,002,375
ANTEC Corp.*....................... 37,000 1,186,312
AT&T Canada, Inc.*................. 10,000 640,625
AT&T Corp. ........................ 36,000 2,009,250
Bell Atlantic Corp. ............... 33,725 2,204,772
Bestel Warrants*................... 20 40
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Birch Telecommunications
Warrants*........................ 10 $ 50
Global TeleSystems Group, Inc.*.... 4,900 396,900
Globalstar Telecommunications
Warrants 144A*................... 45 2,475
Intercel, Inc. Warrants*........... 640 8,160
KMC Telecom Holdings, Inc.
Warrants*........................ 35 87
Korea Telecom Corp. [ADR]*......... 23,459 938,360
Long Distance International
Warrants*........................ 10 25
Lucent Technologies, Inc. ......... 62,850 4,238,447
McCaw International Ltd.
Warrants*........................ 10 25
MCI WorldCom, Inc.*................ 30,600 2,639,250
McLeodUSA, Inc. Cl-A*.............. 8,800 484,000
NEXTLINK Communications, Inc. Cl-
A*............................... 18,500 1,375,937
Onepoint Communications
Warrants*........................ 10 10
Pathnet, Inc. Warrants 144A*....... 30 304
Qwest Communications International,
Inc.*............................ 85,000 2,810,312
Rhythms Netconnections Warrants
144A*............................ 160 26,675
SBC Communications, Inc. .......... 53,418 3,098,244
Startec Global Communications
Corp. ........................... 20 20
Superior TeleCom, Inc. ............ 30,000 750,000
Telefonos de Mexico SA Cl-L [ADR].. 3,171 256,256
Telehub Communications Warrants*... 10 40
Tellabs, Inc.*..................... 30,000 2,026,875
Time Warner Telecom, Inc. Cl-A*.... 15,600 452,400
UIH Australia Warrants*............ 50 56
Univision Communications, Inc.*.... 35,000 2,310,000
Williams Companies, Inc. .......... 38,430 1,635,677
WinStar Communications, Inc.*...... 20,000 975,000
------------
31,468,959
------------
TRANSPORTATION -- 0.1%
Avis Rent A Car, Inc.*............. 22,000 640,750
------------
UTILITIES -- 0.9%
AES Corp........................... 33,000 1,918,125
Azurix Corp.*...................... 54,000 1,080,000
Calpine Corp.*..................... 11,500 621,000
Korea Electric Power Corp. [ADR]... 10,340 211,970
------------
3,831,095
------------
TOTAL COMMON STOCK
(Cost $138,639,657).................. 160,568,773
------------
PREFERRED STOCK -- 0.1%
BROADCASTING -- 0.0%
Chancellor Media Corp. 12.00%
[PIK]............................ 100 11,025
------------
OIL & GAS -- 0.0%
R&B Falcon Corp. 13.875% [PIK]..... 20 20,650
------------
RESTAURANTS -- 0.0%
AmeriKing, Inc. 13.00%............. 1,041 23,162
------------
</TABLE>
13
<PAGE> 16
AST AIM BALANCED PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SEMICONDUCTORS -- 0.0%
Fairchild Semiconductor Corp.
11.74% [PIK]..................... 314 $ 29,873
------------
TELECOMMUNICATIONS -- 0.1%
Cablevision Systems Corp. Cl-M
11.125% [PIK].................... 404 44,230
Global Crossing Holdings Ltd.
10.50% [PIK]..................... 470 49,937
NEXTLINK Communications, Inc.
14.00% [PIK]..................... 518 26,288
Paxson Communications Corp. 13.25%
[PIK]............................ 3 30,474
Winstar Communications Cl-C 14.25%
[PIK]............................ 300 24,675
------------
175,604
------------
UTILITIES -- 0.0%
Public Service Co. of New Hampshire
Cl-A 10.60%...................... 1,058 27,243
------------
TOTAL PREFERRED STOCK
(Cost $260,407)...................... 287,557
------------
FOREIGN STOCK -- 2.2%
ADVERTISING -- 0.1%
WPP Group PLC -- (GBP)............. 25,543 216,012
------------
AIRLINES -- 0.0%
Cathay Pacific Airways -- (HKD).... 80,000 122,702
------------
AUTOMOBILE MANUFACTURERS -- 0.1%
Bayerische Motoren Werke
AG -- (DEM)*..................... 91 63,252
DaimlerChrysler AG -- (DEM)*....... 3,608 315,079
------------
378,331
------------
BROADCASTING -- 0.0%
Societe Television
Francaise -- (FRF)............... 230 53,605
------------
BUILDING MATERIALS -- 0.1%
CRH PLC -- (IEP)................... 15,379 272,790
Pohang Iron & Steel Co.
Ltd. -- (KOR).................... 100 12,428
------------
285,218
------------
CHEMICALS -- 0.0%
AKZO Nobel NV -- (NLG)............. 60 2,525
------------
CONGLOMERATES -- 0.0%
Hutchison Whampoa Ltd. -- (HKD).... 7,000 63,381
------------
CONSUMER PRODUCTS & SERVICES -- 0.2%
Anglian Water PLC -- (GBP)......... 7,500 82,933
Granada Group PLC -- (GBP)......... 14,701 272,747
Vivendi -- (FRF)................... 5,121 414,832
------------
770,512
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 0.0%
Murata Manufacturing Co.
Ltd. -- (JPY).................... 1,000 64,774
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FINANCIAL-BANK & TRUST -- 0.3%
Allied Irish Banks PLC -- (IEP).... 6,378 $ 83,862
Banca Popolare di Bergamo Credito
Varesino SPA -- (ITL)............ 200 4,393
Banque Nationale de
Paris -- (FRF)................... 3,056 254,646
Commonwealth Bank of
Australia -- (AUD)............... 151 2,404
Development Bank of Singapore
Ltd. -- (SGD).................... 6,000 73,305
Julius Baer Holdings AG Cl-
B -- (CHF)....................... 56 159,579
Keppel Tatlee Bank Ltd. -- (SGD)... 41,000 91,032
Overseas Union Bank
Ltd. -- (SGD).................... 12,100 58,280
Svenska Handlesbanken Cl-
A -- (SEK)....................... 7,330 87,942
UBS AG -- (CHF).................... 1,063 317,275
------------
1,132,718
------------
FINANCIAL SERVICES -- 0.0%
Bank of Ireland PLC -- (IEP)....... 5,221 87,763
------------
FOOD -- 0.1%
Diageo PLC -- (GBP)................ 229 2,391
Groupe Danone -- (FRF)............. 466 120,143
Koninklijke Ahold NV -- (NLG)...... 2,127 73,263
Tesco PLC -- (GBP)................. 27,600 71,023
------------
266,820
------------
INSURANCE -- 0.1%
AXA SA -- (FRF).................... 1,552 189,342
Muenchener Rueckversicherung
Rights -- (DEM)*................. 213 39,758
Muenchener Rueckversicherung-
Gesellschaft AG -- (DEM)......... 113 21,291
------------
250,391
------------
MACHINERY & EQUIPMENT -- 0.1%
Mannesmann AG -- (DEM)............. 3,778 564,939
------------
OFFICE EQUIPMENT -- 0.0%
Ricoh Co. Ltd. -- (JPY)............ 2,000 27,529
------------
OIL & GAS -- 0.1%
Burmah Castrol PLC -- (GBP)........ 5,955 113,017
Hong Kong & China Gas Co.
Ltd. -- (HKD).................... 3,400 4,930
Societe Nationale Elf Aquitaine
SA -- (FRF)...................... 2,619 384,337
------------
502,284
------------
PHARMACEUTICALS -- 0.1%
Pharmacia & Upjohn,
Inc. -- (SEK).................... 3,529 195,093
SmithKline Beecham PLC -- (GBP).... 8,174 106,234
------------
301,327
------------
PRINTING & PUBLISHING -- 0.0%
Dai Nippon Printing Co.
Ltd. -- (JPY).................... 3,000 47,961
------------
</TABLE>
14
<PAGE> 17
AST AIM BALANCED PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
REAL ESTATE -- 0.0%
Cheung Kong Holdings Ltd. --
(HKD)............................ 7,000 $ 62,253
------------
SEMICONDUCTORS -- 0.0%
Advantest Corp. -- (JPY)........... 1,900 208,781
------------
TELECOMMUNICATIONS -- 0.9%
BCE, Inc. -- (CAD)................. 8,667 420,160
British Telecommunications
PLC -- (GBP)..................... 21,004 351,943
China Telecom Ltd. -- (HKD)*....... 106,000 294,421
France Telecom SA -- (FRF)......... 1,360 102,735
Hellenic Telecommunication
Organization SA -- (GRD)......... 4,371 93,691
Libertel NV -- (NLG)*.............. 68,750 1,347,094
Nippon Telegraph & Telephone
Corp. -- (JPY)................... 430 504,477
Nokia AB Oyj -- (FIM).............. 4,390 384,818
NTT Mobile Communication Network,
Inc. -- (JPY).................... 50 67,748
Orange PLC -- (GBP)*............... 11,200 164,187
Telefonica SA -- (ESP)............ 8,647 416,434
------------
4,147,708
------------
TRANSPORTATION -- 0.0%
Peninsular & Oriental Steam
Navigation Co. -- (GBP).......... 6,609 99,229
------------
TOTAL FOREIGN STOCK
(Cost $7,863,618).................... 9,656,763
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
CORPORATE OBLIGATIONS -- 24.1%
ADVERTISING -- 0.0%
Outdoor Systems, Inc.
8.875%, 06/15/07................. $ 75 78,187
------------
AEROSPACE -- 0.2%
Boeing Co.
6.625%, 02/15/38................. 580 519,825
Lockheed Martin Corp.
7.25%, 05/15/06.................. 455 456,706
------------
976,531
------------
AIRLINES -- 0.5%
Calair LLC Capital Corp.
8.125%, 04/01/08................. 90 85,612
Continental Airlines Series 981C
6.541%, 09/15/09................. 858 834,181
Delta Air Lines, Inc.
10.375%, 12/15/22................ 750 946,875
------------
1,866,668
------------
AUTOMOBILE MANUFACTURERS -- 0.0%
Chrysler Corp.
7.45%, 02/01/49.................. 200 199,250
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
------- ------------
<S> <C> <C>
AUTOMOTIVE PARTS -- 0.2%
Delphi Auto Systems Corp.
6.125%, 05/01/04................. $ 490 $ 479,587
Ford Motor Co.
6.625%, 10/01/28................. 480 433,200
Safety Components International,
Inc. Cl-B
10.125%, 07/15/07................ 10 9,000
------------
921,787
------------
BEVERAGES -- 0.1%
Pepsi Bottling Group, Inc.
7.00%, 03/01/29.................. 375 352,969
Triarc Consumer Beverage
10.25%, 02/15/09................. 20 19,800
------------
372,769
------------
BROADCASTING -- 0.3%
Acme Television Co. Cl-B [STEP]
10.875%, 09/30/04................ 15 12,337
Central European Media Enterprises
Ltd.
9.375%, 08/15/04................. 10 8,600
News America Holdings, Inc.
7.70%, 10/30/25.................. 695 679,362
TCI Communications, Inc.
7.125%, 02/15/28................. 630 613,462
------------
1,313,761
------------
BUILDING MATERIALS -- 0.1%
Building Materials Corp.
8.625%, 12/15/06................. 10 9,987
8.00%, 12/01/08.................. 20 18,750
Lowe's Companies, Inc. 144A
6.50%, 03/15/29.................. 510 457,725
------------
486,462
------------
BUSINESS SERVICES -- 0.0%
Affinity Group Holding, Inc.
11.00%, 04/01/07................. 65 65,244
Iron Mountain, Inc.
8.75%, 09/30/09.................. 55 54,450
------------
119,694
------------
CHEMICALS -- 0.1%
Nova Chemicals Corp.
7.40%, 04/01/09.................. 430 420,862
------------
CLOTHING & APPAREL -- 0.1%
AnnTaylor Stores Corp. [CVT] 144A
0.55%, 06/18/19.................. 700 441,875
Fruit of the Loom, Inc. 144A
8.875%, 04/15/06................. 40 36,800
------------
478,675
------------
</TABLE>
15
<PAGE> 18
AST AIM BALANCED PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
------- ------------
<S> <C> <C>
COMPUTER SERVICES & SOFTWARE -- 0.1%
Diva Systems Corp. Cl-B [STEP]
13.462%, 03/01/08................ $ 70 $ 23,712
IBM Corp.
5.10%, 11/10/03.................. 635 604,837
L-3 Communications Corp. Cl-B
8.00%, 08/01/08.................. 10 10,012
------------
638,561
------------
CONGLOMERATES -- 0.3%
Philip Morris Co., Inc.
7.50%, 01/15/02.................. 425 433,500
7.50%, 04/01/04.................. 710 730,412
------------
1,163,912
------------
CONSTRUCTION -- 0.0%
American Architectural Co.
11.75%, 12/01/07................. 10 7,600
------------
CONSUMER PRODUCTS & SERVICES -- 0.3%
Albecca, Inc.
10.75%, 08/15/08................. 20 16,800
Consumers International Corp.
10.25%, 04/01/05................. 10 10,200
Hedstrom Holdings, Inc. [STEP]
11.613%, 06/01/09................ 5 2,162
Home Interiors & Gifts, Inc.
10.125%, 06/01/08................ 10 10,000
Procter & Gamble Co.
8.00%, 09/01/24.................. 1,000 1,128,383
Protection One Alarm, Inc. [STEP]
13.625%, 06/30/05................ 10 11,300
------------
1,178,845
------------
CONTAINERS & PACKAGING -- 0.0%
AEP Industries, Inc.
9.875%, 11/15/07................. 25 25,062
Owens-Illinois, Inc.
7.15%, 05/15/05.................. 40 38,200
8.10%, 05/15/07.................. 20 19,950
7.35%, 05/15/08.................. 10 9,513
------------
92,725
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 0.7%
CSC Holdings, Inc.
7.875%, 02/15/18................. 3,010 2,949,800
HCC Industries, Inc.
10.75%, 05/15/07................. 15 14,250
Pioneer Americas Acquistics Corp.
9.25%, 06/15/07.................. 10 8,600
------------
2,972,650
------------
ENTERTAINMENT & LEISURE -- 0.3%
Cinemark USA, Inc.
9.625%, 08/01/08................. 15 14,925
Circus Circus Enterprises
6.45%, 02/01/06.................. 10 9,175
Colorado Gaming & Entertainment
Corp.
12.00%, 06/01/03................. 159 160,684
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
------- ------------
<S> <C> <C>
Disney, (Walt) Co.
5.62%, 12/01/08.................. $ 455 $ 423,150
Premier Parks, Inc. Cl-A
12.00%, 08/15/03................. 40 42,400
SFX Entertainment, Inc.
9.125%, 02/01/08................. 10 9,750
9.125%, 12/01/08................. 20 19,600
Silver Cinemas International, Inc.
10.50%, 04/15/05................. 20 8,975
Six Flags Theme Parks Corp. Cl-A
[STEP]
12.25%, 06/15/05................. 90 101,025
Time Warner Co. Entertainment
8.875%, 10/01/12................. 425 481,844
United Artist Theatre Cl-B
9.75%, 04/15/08.................. 20 15,000
------------
1,286,528
------------
ENVIRONMENTAL SERVICES -- 0.2%
WMX Technologies, Inc.
7.10%, 08/01/26.................. 925 942,344
------------
EQUIPMENT SERVICES -- 0.0%
Jackson Products, Inc. Cl-B
9.50%, 04/15/05.................. 10 9,888
------------
FINANCIAL-BANK & TRUST -- 4.1%
Bank One Corp.
6.375%, 01/30/09................. 4,000 3,835,000
BankAmerica Corp.
7.125%, 03/01/09................. 4,000 4,030,000
Banponce Corp.
7.125%, 05/02/02................. 410 415,125
Dime Capital, Inc. Cl-A
9.33%, 05/06/27.................. 10 10,263
First Union Corp.
7.50%, 04/15/35.................. 3,000 3,142,500
Greenpoint Capital Corp.
9.10%, 06/01/27.................. 10 10,263
Household Finance Corp.
6.50%, 11/15/08.................. 235 224,719
HSBC Holding PLC
7.50%, 07/15/09.................. 1,410 1,421,751
Mercantile Bancorp
7.30%, 06/15/07.................. 3,000 3,056,250
Merita Bank Ltd.
6.50%, 01/15/06.................. 500 482,500
North Fork Bancorp
8.70%, 12/15/26.................. 5 5,406
Provident Capital, Inc.
8.60%, 12/01/26.................. 20 21,125
Providian National Bank
6.75%, 03/15/02.................. 495 492,525
Riggs Capital Corp.
8.625%, 12/31/26................. 15 14,400
Sovereign Capital, Inc.
9.00%, 04/01/27.................. 15 16,088
</TABLE>
16
<PAGE> 19
AST AIM BALANCED PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
------- ------------
<S> <C> <C>
St. Paul Bancorp, Inc.
7.125%, 02/15/04................. $ 350 $ 349,563
------------
17,527,478
------------
FINANCIAL SERVICES -- 2.7%
AFC Capital Trust I Cl-B
8.207%, 02/03/27................. 500 511,875
Ahold Finance USA, Inc.
6.875%, 05/01/29................. 515 478,306
CIA Latino Americana 144A
11.625%, 06/01/04................ 10 5,950
CIT Group, Inc.
5.50%, 10/15/01.................. 480 472,200
Citigroup, Inc.
6.20%, 03/15/09.................. 505 475,963
Colonial Capital II Co. Cl-A
8.92%, 01/15/27.................. 15 14,175
Countrywide Home Loan Co.
6.25%, 04/15/09.................. 1,070 996,438
Firstar Bank Milwaukee Corp.
6.25%, 12/01/02.................. 190 189,050
Ford Motor Credit Co.
7.00%, 09/25/01.................. 600 609,000
FRD Acquisition Cl-B
12.50%, 07/15/04................. 10 9,200
General Motors Acceptance Corp.
6.15%, 04/05/07.................. 2,000 1,910,000
Heller Financial, Inc.
6.00%, 03/19/04.................. 1,040 1,014,000
Lehman Brothers Holdings, Inc.
6.50%, 10/01/02.................. 550 541,063
Merrill Lynch & Co., Inc. Cl-B
6.13%, 04/07/03.................. 1,850 1,829,188
Nationwide Credit, Inc.
10.25%, 01/15/08................. 10 7,100
Netia Holdings Co. Cl-B
10.25%, 11/01/07................. 10 9,925
Ocwen Capital Corp.
10.875%, 08/01/27................ 10 7,850
Paine Webber Group, Inc.
6.55%, 04/15/08.................. 790 745,563
PX Escrow Corp. [STEP]
9.625%, 02/01/06................. 10 6,263
Salomon, Inc.
7.30%, 05/15/02.................. 465 476,053
Tanger Properties L.P. Co.
8.75%, 03/11/01.................. 40 40,750
The Money Store, Inc.
8.05%, 04/15/02.................. 235 243,225
TIG Holdings, Inc.
8.125%, 04/15/05................. 450 455,625
Toyota Motor Credit Corp.
5.625%, 11/13/03................. 360 348,750
Webster Capital Corp. 144A
9.36%, 01/29/27.................. 10 10,063
------------
11,407,575
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
------- ------------
<S> <C> <C>
HEALTHCARE SERVICES -- 0.0%
Healthsouth Corp. [CVT]
3.25%, 04/01/03.................. $ 10 $ 8,425
Hudson Respiratory Care, Inc.
9.125%, 04/15/08................. 20 17,925
Magellan Health Services, Inc.
9.00%, 02/15/08.................. 20 17,100
Multicare Co.
9.00%, 08/01/07.................. 50 34,000
------------
77,450
------------
HOTELS & MOTELS -- 0.0%
Epic Resorts LLC Capital Co.
13.00%, 06/15/05................. 10 9,275
Prime Hospitality Corp.
9.75%, 04/01/07.................. 35 34,563
------------
43,838
------------
INDUSTRIAL PRODUCTS -- 0.0%
Paragon Corp. Holdings, Inc. Cl-B
9.625%, 04/01/08................. 10 5,950
Transtel Co. 144A
12.50%, 11/01/07................. 15 8,363
------------
14,313
------------
INSURANCE -- 1.1%
Provident Companies, Inc.
7.405%, 03/15/38................. 660 625,350
Torchmark Corp.
7.875%, 05/15/23................. 4,000 3,965,000
------------
4,590,350
------------
MACHINERY & EQUIPMENT -- 0.2%
Hertz Corp.
7.00%, 01/15/28.................. 615 580,406
Morris Materials Handling, Inc.
9.50%, 04/01/08.................. 20 7,800
------------
588,206
------------
MEDICAL SUPPLIES & EQUIPMENT -- 0.0%
Kinetic Concepts, Inc. Cl-B
9.625%, 11/01/07................. 10 9,225
MEDIQ, Inc. [STEP]
13.00%, 06/01/09................. 10 4,450
------------
13,675
------------
METALS & MINING -- 0.0%
Anker Coal Group, Inc. Cl-B
9.75%, 10/01/07.................. 10 4,888
National Steel Corp. Cl-D
9.875%, 03/01/09................. 30 30,525
------------
35,413
------------
</TABLE>
17
<PAGE> 20
AST AIM BALANCED PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
------- ------------
<S> <C> <C>
OFFICE EQUIPMENT -- 0.2%
Xerox Corp.
5.50%, 11/15/03.................. $ 770 $ 745,938
------------
OIL & GAS -- 1.0%
Coastal Corp.
6.95%, 06/01/28.................. 520 494,000
Conoco, Inc.
5.90%, 04/15/04.................. 425 415,969
Gulf Canada Resources, Inc.
8.375%, 11/15/05................. 10 9,950
Petroleum Geo-Services ASA
7.50%, 03/31/07.................. 205 205,256
Pogo Producing Co. Cl-B
8.75%, 05/15/07.................. 5 4,775
Statoil 144A
6.50%, 12/01/28.................. 325 294,125
Trans-Canada Pipelines Ltd.
6.49%, 01/29/09.................. 3,000 2,880,000
Transtexas Gas Corp. Cl-D
13.75%, 12/31/01................. 75 7,500
Vintage Petroleum 144A
9.75%, 06/30/09.................. 30 30,750
------------
4,342,325
------------
PAPER & FOREST PRODUCTS -- 0.0%
Republic Group, Inc.
9.50%, 07/15/08.................. 10 10,000
------------
PHARMACEUTICALS -- 0.0%
ICN Pharmaceuticals, Inc. Cl-B
9.25%, 08/15/05.................. 15 15,075
------------
RAILROADS -- 0.8%
Burlington North Railroad Co.
6.125%, 03/15/09................. 590 556,813
CSX Corp.
7.95%, 05/01/27.................. 260 269,100
6.80%, 12/01/28.................. 2,800 2,527,000
------------
3,352,913
------------
REAL ESTATE -- 0.1%
Cathay International Ltd. 144A
13.00%, 04/15/08................. 30 12,150
EOP Operating L.P.
6.763%, 06/15/07................. 530 503,829
------------
515,979
------------
RETAIL & MERCHANDISING -- 0.6%
Amazon.com, Inc.
4.75%, 02/01/09.................. 1,400 1,391,250
Federated Department Stores, Inc.
8.50%, 06/15/03.................. 435 461,644
6.30%, 04/01/09.................. 285 269,325
Sears Roebuck Acceptance Corp.
6.50%, 12/01/28.................. 375 330,938
Tyco International Group SA
6.25%, 12/15/99.................. 235 230,594
------------
2,683,751
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
------- ------------
<S> <C> <C>
SEMICONDUCTORS -- 0.0%
Derlan Manufacturing Ltd.
10.00%, 01/15/07................. $ 25 $ 24,000
------------
TELECOMMUNICATIONS -- 5.4%
Adelphia Communications Corp. Cl-B
10.25%, 07/15/00................. 10 10,538
Airtouch Communications
6.65%, 05/01/08.................. 405 396,394
AT&T Capital Corp. Cl-F
6.25%, 05/15/01.................. 540 535,950
Bestel SA [STEP]
12.75%, 05/15/05................. 20 13,350
Cable & Wireless Communications PLC
6.75%, 12/01/08.................. 3,000 2,898,750
Centel Capital Corp.
9.00%, 10/15/19.................. 3,000 3,431,250
Comcast Cable Communications
8.50%, 05/01/27.................. 2,000 2,217,500
CSC Holdings, Inc.
7.875%, 12/15/07................. 25 25,219
7.25%, 07/15/08.................. 20 19,375
Focal Communications Corp. Cl-B
[STEP]
11.258%, 02/15/08................ 40 21,600
International CableTel, Inc. Cl-B
[STEP]
11.56%, 02/01/06................. 65 55,250
Kitty Hawk, Inc.
9.95%, 11/15/04.................. 10 10,000
L-3 Communications Corp. Cl-B
10.375%, 05/01/07................ 20 21,200
MCI Worldcom, Inc.
6.95%, 08/15/28.................. 435 412,163
MetroNet Communications Corp.
12.00%, 08/15/07................. 25 28,813
12.00%, 11/01/07 [STEP].......... 10 8,038
10.625%, 11/01/08 144A........... 40 45,000
Motorola, Inc.
6.50%, 11/15/28.................. 840 749,700
News America Holdings
8.45%, 08/01/34.................. 2,000 2,107,500
Northeast Optic Network, Inc.
12.75%, 08/15/08................. 30 31,050
Orbital Imaging Corp. Cl-B
11.625%, 03/01/05................ 20 18,275
Pegasus Communications Corp. Cl-B
9.75%, 12/01/06.................. 10 10,288
Rhythms Netconnections, Inc. Cl-B
[STEP]
9.194%, 05/15/08................. 30 15,600
RSL Communications Co. PLC
9.125%, 03/01/08................. 10 9,300
SBC Communications, Inc.
7.375%, 07/15/43................. 3,000 2,955,000
Sprint Capital Corp.
6.125%, 11/15/08................. 245 229,075
6.90%, 05/01/19.................. 475 444,125
</TABLE>
18
<PAGE> 21
AST AIM BALANCED PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
------- ------------
<S> <C> <C>
Sprint Spectrum L.P.
9.639%, 08/15/06 [STEP].......... $ 20 $ 18,125
11.00%, 08/15/06................. 10 11,275
Startec Global Communications Corp.
12.00%, 05/15/08................. 20 18,000
TCI Communications, Inc.
8.65%, 09/15/04.................. 560 606,900
Telecommunications Techniques Co.
9.75%, 05/15/08.................. 10 10,050
Telefonos de Mexico SA
4.25%, 06/15/04.................. 750 771,563
Telehub Communication Corp. [STEP]
13.882%, 07/31/05................ 10 7,200
Telewest Communications PLC [STEP]
144A
9.25%, 04/15/09.................. 20 13,350
Time Warner, Inc.
9.15%, 02/01/23.................. 3,000 3,510,000
United News & Media Notes PLC
7.75%, 07/01/09.................. 750 759,503
WorldCom, Inc.
6.125%, 08/15/01................. 530 527,350
------------
22,973,619
------------
TRANSPORTATION -- 0.0%
MC Shipping, Inc.
11.25%, 03/01/08................. 10 7,000
Navistar International Corp. Cl-B
7.00%, 02/01/03.................. 50 50,500
8.00%, 02/01/08.................. 50 51,875
------------
109,375
------------
UTILITIES -- 4.4%
Arizona Public Service Co.
6.75%, 11/15/06.................. 415 409,813
Baltimore Gas & Electric Co.
6.90%, 02/01/05.................. 705 712,050
Calenergy Co., Inc.
8.48%, 09/15/28.................. 3,000 3,217,500
Calpine Corp.
7.75%, 04/15/09.................. 30 28,725
Cinergy Corp.
6.125%, 04/15/04................. 355 346,125
Cleveland Electric Illuminating Co.
6.86%, 10/01/08.................. 30 29,325
Cleveland Electric Illuminating Co.
Cl-B
9.50%, 05/15/05.................. 25 26,406
CMS Energy Corp.
8.125%, 05/15/02................. 4,000 4,055,000
CMS Energy Corp. Cl-B
6.75%, 01/15/04.................. 40 38,150
CMS Panhandle Holding Co. 144A
6.125%, 03/15/04................. 3,000 2,898,750
Columbia Gas Systems, Inc.
6.61%, 11/28/02.................. 480 478,200
El Paso Electric Co. Cl-E
9.40%, 05/01/11.................. 10 11,463
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
------- ------------
<S> <C> <C>
KN Energy, Inc.
6.45%, 03/01/03.................. $ 125 $ 120,938
Nevada Power Co. 144A
6.20%, 04/15/04.................. 400 390,500
Niagara Mohawk Power Corp.
9.95%, 06/01/00.................. 50 51,334
7.375%, 07/01/03 [144A].......... 10 10,050
Niagara Mohawk Power Corp. Cl-G
7.75%, 10/01/08.................. 4,000 4,125,000
Northeast Utilities System
8.38%, 03/01/05.................. 23 22,667
8.58%, 12/01/06.................. 8 8,191
NRG Energy, Inc.
7.50%, 06/01/09.................. 900 891,000
Ram Energy, Inc.
11.50%, 02/15/08................. 10 5,200
Southern California Edison Co.
5.875%, 01/15/01................. 1,000 997,500
York Power Funding Co. 144A
12.00%, 10/30/07................. 30 30,600
------------
18,904,487
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $104,729,759).................. 103,503,459
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 10.9%
Federal Home Loan Mortgage Corp.
4.60%, 07/01/99.................. 37,334 37,334,000
7.50%, 04/01/28.................. 214 216,917
9.50%, 05/01/05.................. 207 217,726
------------
37,768,643
------------
Federal National Mortgage Assoc.
5.75%, 04/15/03.................. 1,775 1,758,202
6.00%, 05/15/08.................. 1,705 1,659,219
7.00%, 08/01/07-08/01/13......... 486 488,274
8.00%, 07/01/24-08/01/26......... 915 938,867
8.50%, 10/15/08.................. 606 634,682
------------
5,479,244
------------
Government National Mortgage Assoc.
6.50%, 04/15/28-01/15/29......... 1,514 1,457,767
7.00%, 05/15/23-09/15/28......... 1,860 1,836,269
8.00%, 11/15/27.................. 125 128,839
10.00%, 06/15/13................. 308 335,721
------------
3,758,596
------------
(Cost $47,220,378)................. 47,006,483
------------
U.S. TREASURY OBLIGATIONS -- 12.8%
U.S. Treasury Bonds
6.375%, 08/15/27#................ 3,240 3,319,103
6.125%, 11/15/27#................ 1,645 1,632,818
5.25%, 11/15/28#................. 995 881,247
5.25%, 02/15/29.................. 595 534,244
------------
6,367,412
------------
</TABLE>
19
<PAGE> 22
AST AIM BALANCED PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
------- ------------
<S> <C> <C>
U.S. Treasury Notes
4.50%, 09/30/00#................. $ 3,000 $ 2,968,658
4.625%, 11/30/00#................ 2,445 2,419,405
4.625%, 12/31/00#................ 5,280 5,220,396
5.00%, 02/28/01#................. 1,085 1,077,414
4.875%, 03/31/01#................ 2,790 2,762,442
5.25%, 08/15/03#................. 4,700 4,609,411
4.75%, 02/15/04#................. 905 867,669
5.25%, 05/15/04.................. 10,000 9,839,333
6.875%, 05/15/06................. 7,000 7,372,323
5.625%, 05/15/08#................ 1,550 1,518,670
5.50%, 05/15/09.................. 10,000 9,790,839
------------
48,446,560
------------
(Cost $55,954,528)................. 54,813,972
------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 0.3%
Federal National Mortgage Assoc.
REMIC Series 1997-61 Cl-ZC
7.00%, 02/25/23.................. 352 332,387
Independent National Mortgage Corp.
Series 1994-V Cl-A1
7.671%, 12/25/24................. 133 134,461
Morgan Stanley Capital I Series
1996-WF1 Cl-A2
7.227%, 01/16/06................. 655 675,816
------------
(Cost $1,146,563).................. 1,142,664
------------
SOVEREIGN ISSUES -- 0.6%
CANADA
Province of Ontario
5.50%, 10/01/08.................. 340 312,800
Quebec Province
7.00%, 01/30/07.................. 405 409,050
5.735%, 03/02/26................. 2,000 1,983,758
------------
(Cost $2,773,084).................. 2,705,608
------------
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000) VALUE
-------- ----
<S> <C> <C>
FOREIGN BONDS -- 1.2%
AUSTRALIA -- 0.2%
New South Wales Treasury Corp.
7.00%, 04/01/04.................. 1,240 $ 851,629
------------
GERMANY -- 0.8%
Federal Republic of Germany
7.25%, 10/21/02.................. 1,500 1,715,205
Treuhandanstalt German Government
6.00%, 11/12/03.................. 1,500 1,675,914
------------
3,391,119
------------
NEW ZEALAND -- 0.2%
New Zealand Government
10.00%, 03/15/02................. 850 499,182
8.00%, 04/15/04.................. 850 484,502
------------
983,684
------------
TOTAL FOREIGN BONDS
(Cost $5,238,899).................... 5,226,432
------------
TOTAL INVESTMENTS -- 89.6%
(Cost $363,826,893).................. 384,911,711
OTHER ASSETS LESS
LIABILITIES -- 10.4%................. 44,735,836
------------
NET ASSETS -- 100.0%................... $429,647,547
============
</TABLE>
Foreign currency exchange contracts outstanding at June 30, 1999:
<TABLE>
<CAPTION>
IN
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE TO RECEIVE FOR AT VALUE DEPRECIATION
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
07/99 Buy EUR 148,540 $ 153,368 $ 153,185 $ 183
========== ========== ========
</TABLE>
# Securities with an aggregate market value of $22,308,140 have been segregated
with the custodian to cover margin requirements for the following open futures
contracts at June 30, 1999:
<TABLE>
<CAPTION>
EXPIRATION NUMBER OF UNREALIZED
DESCRIPTION MONTH CONTRACTS DEPRECIATION
- ---------------------------------------------------------------------
<S> <C> <C> <C>
S&P 500................... 09/99 75 $ 954,375
==========
</TABLE>
- --------------------------------------------------------------------------------
Unless otherwise noted, all stocks are common stock.
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
144A -- Security was purchased pursuant to Rule 144A under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers. At the end of the period, these securities
amounted to 1.1% of net assets.
See Notes to Financial Statements.
20
<PAGE> 23
AST FEDERATED HIGH YIELD PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
CORPORATE OBLIGATIONS -- 93.9%
ADVERTISING -- 0.4%
Lamar Advertising Co.
9.625%, 12/01/06.................. $1,700 $ 1,742,500
Outdoor Systems, Inc.
8.875%, 06/15/07.................. 1,000 1,048,750
------------
2,791,250
------------
AEROSPACE -- 0.4%
Anteon Corp. 144A
12.00%, 05/15/09.................. 1,900 1,881,000
Condor Systems, Inc. 144A
11.875%, 05/01/09................. 600 585,000
------------
2,466,000
------------
AUTOMOTIVE PARTS -- 2.5%
Accuride Corp. Cl-B
9.25%, 02/01/08................... 2,250 2,216,250
Aftermarket Technology, Inc.
12.00%, 08/01/04.................. 1,938 2,025,210
Aftermarket Technology, Inc. Cl-D
12.00%, 08/01/04.................. 350 365,750
American Axle & Manufacturing, Inc.
9.75%, 03/01/09................... 2,000 2,015,000
HDA Parts System, Inc. 144A
12.00%, 08/01/05.................. 1,450 1,471,750
J.L. French Automotive Casting, Inc.
144A
11.50%, 06/01/09.................. 2,000 2,050,000
Lear Corp.
9.50%, 07/15/06................... 2,500 2,581,250
8.11%, 05/15/09 144A.............. 1,000 971,950
Oxford Automotive, Inc.
10.125%, 6/15/07.................. 2,300 2,334,500
------------
16,031,660
------------
BEVERAGES -- 0.7%
Canandaigua Brands, Inc.
8.50%, 03/01/09................... 600 580,500
National Wine & Spirits 144A
10.125%, 01/15/09................. 1,450 1,497,125
Triarc Consumer Beverage 144A
10.25%, 02/15/09.................. 2,500 2,475,000
------------
4,552,625
------------
BROADCASTING -- 6.5%
Acme Television Co. Cl-B [STEP]
10.993%, 09/30/04................. 3,100 2,588,500
Australis Media Ltd. [STEP] 144A
45.45%, 05/15/03.................. 11 107
Australis Media Ltd. Units [STEP]
16.00%, 05/15/03.................. 625 6,250
Big City Radio, Inc. [STEP]
12.937%, 03/15/05................. 2,950 2,101,875
Capstar Broadcasting Corp.
9.25%, 07/01/07................... 1,400 1,470,000
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Chancellor Media Corp.
9.375%, 10/01/04.................. $1,150 $ 1,175,875
9.00%, 10/01/08................... 2,200 2,244,000
8.00%, 11/01/08................... 2,000 1,960,000
Chancellor Media Corp. L.A. Cl-B
10.50%, 01/15/07.................. 1,700 1,861,500
8.75%, 06/15/07................... 1,750 1,750,000
8.125%, 12/15/07.................. 5,750 5,577,500
Cumulus Media, Inc.
10.375%, 07/01/08................. 1,850 1,970,250
Fox/Liberty Networks LLC
8.875%, 08/15/07.................. 1,775 1,846,000
9.208%, 08/15/07 [STEP]........... 5,550 4,356,750
SFX Broadcasting, Inc. Cl-B
10.75%, 05/15/06.................. 773 823,245
Sinclair Broadcasting Group, Inc.
10.00%, 09/30/05.................. 2,500 2,562,500
9.00%, 07/15/07................... 2,450 2,419,375
8.75%, 12/15/07................... 3,650 3,567,875
UIH Australia Pacific, Inc. Cl-B
[STEP]
12.854%, 05/15/06................. 3,100 2,201,000
Young Broadcasting, Inc.
10.125%, 02/15/05................. 1,175 1,216,125
Young Broadcasting, Inc. Cl-B
9.00%, 01/15/06................... 500 490,000
------------
42,188,727
------------
BUILDING MATERIALS -- 0.7%
American Builders & Contractors
Supply Co., Inc. Cl-B
10.625%, 05/15/07................. 1,625 1,535,625
Falcon Building Products, Inc. Cl-B
9.50%, 06/15/07 [STEP]............ 2,500 1,700,000
9.50%, 06/15/07................... 350 334,250
Juno Lighting, Inc. 144A
11.875%, 07/01/09................. 925 941,187
------------
4,511,062
------------
BUSINESS SERVICES -- 1.3%
Dialog Corp. PLC Cl-A
11.00%, 11/15/07.................. 3,250 2,957,500
Sitel Corp.
9.25%, 03/15/06................... 2,800 2,394,000
U.S. Office Products Co.
9.75%, 06/15/08................... 4,475 2,841,625
------------
8,193,125
------------
CABLE TELEVISION -- 9.0%
CSC Holdings, Inc.
9.25%, 11/01/05................... 4,525 4,683,375
7.875%, 12/15/07.................. 1,700 1,712,784
9.875%, 02/15/13.................. 500 540,000
Comcast U.K. Cable Corp. [STEP]
10.997%, 11/15/07................. 2,900 2,610,000
Diamond Cable Communications PLC
[STEP]
10.751%, 12/15/05................. 4,000 3,620,000
</TABLE>
21
<PAGE> 24
AST FEDERATED HIGH YIELD PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Diamond Holdings Co. PLC
9.125%, 02/01/08.................. $1,875 $ 1,912,500
Echostar DBS Corp. 144A
9.375%, 02/01/09.................. 7,925 8,063,687
International CableTel, Inc. Cl-A
[STEP]
10.153%, 04/15/05................. 1,050 1,015,875
International CableTel, Inc. Cl-B
[STEP]
10.408%, 02/01/06................. 5,100 4,475,250
Lenfest Communications, Inc.
8.25%, 02/15/08................... 2,275 2,348,937
NTL, Inc. Cl-B [STEP]
9.118%, 04/01/08.................. 7,825 5,399,250
Pegasus Communications Corp. Cl-B
9.625%, 10/15/05.................. 2,125 2,114,375
9.75%, 12/01/06................... 1,500 1,477,500
Rogers Cablesystems of America, Inc.
10.00%, 12/01/07.................. 1,350 1,464,750
11.00%, 12/01/15.................. 750 866,250
Rogers Cablesystems of America, Inc.
Cl-B
10.00%, 03/15/05.................. 3,050 3,309,250
Rogers Communications, Inc.
8.875%, 07/15/07.................. 350 354,375
Telewest Communications PLC [STEP]
10.093%, 10/01/07................. 7,625 6,843,437
9.25%, 04/15/09 144A.............. 3,450 2,294,250
United International Holdings, Inc.
Cl-B [STEP]
10.75%, 02/15/08.................. 4,300 2,881,000
------------
57,986,845
------------
CAPITAL GOODS -- 0.5%
Buckeye Cellulos Corp.
8.50%, 12/15/05................... 1,500 1,485,000
9.25%, 09/15/08................... 1,750 1,814,015
------------
3,299,015
------------
CHEMICALS -- 3.5%
Foamex Capital Corp.
13.50%, 08/15/05.................. 500 452,500
Huntsman Corp. 144A
9.50%, 07/01/07................... 3,150 3,008,250
Huntsman ICI Chemicals 144A
10.125%, 07/01/09................. 2,200 2,230,250
ISP Holdings, Inc. Cl-B
9.75%, 02/15/02................... 1,000 1,012,500
9.00%, 10/15/03................... 2,225 2,219,437
Lyondell Chemical Co. 144A
10.875%, 05/01/09................. 3,500 3,622,500
Polymer Group, Inc. Cl-B
9.00%, 07/01/07................... 4,725 4,547,812
8.75%, 03/01/08................... 2,450 2,333,625
Sterling Chemicals Holdings, Inc.
[STEP]
11.149%, 08/15/08................. 2,350 693,250
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Sterling Chemicals, Inc.
11.75%, 08/15/06.................. $1,675 $ 1,298,125
Texas Petrochemical Corp.
11.125%, 07/01/06................. 1,525 1,364,875
------------
22,783,124
------------
CLOTHING & APPAREL -- 1.0%
Boyds Collection Ltd. 144A
9.00%, 05/15/08................... 717 709,830
Dyersburg Corp. Cl-B
9.75%, 09/01/07................... 1,725 715,875
GFSI, Inc. Cl-B
9.625%, 03/01/07.................. 1,400 1,183,000
Pillowtex Corp.
10.00%, 11/15/06.................. 1,950 1,852,500
Pillowtex Corp. Cl-B
9.00%, 12/15/07................... 1,825 1,838,687
------------
6,299,892
------------
COMPUTER SERVICES & SOFTWARE -- 0.5%
Alvey Systems, Inc.
11.375%, 01/31/03................. 1,217 1,235,255
Diva Systems Corp. Cl-B [STEP]
11.594%, 03/01/08................. 1,625 479,375
Verio, Inc.
11.25%, 12/01/08.................. 1,325 1,394,562
------------
3,109,192
------------
CONGLOMERATES -- 0.4%
Eagle-Picher Industries, Inc.
9.375%, 03/01/08.................. 2,950 2,817,250
------------
CONSTRUCTION -- 1.2%
American Architectural Co.
11.75%, 12/01/07.................. 775 585,125
Building Materials Corp. Cl-B
8.00%, 10/15/07................... 2,250 2,109,375
Formica Corp. 144A
10.875%, 03/01/09................. 2,000 1,940,000
MMI Products, Inc. Cl-B
11.25%, 04/15/07.................. 3,100 3,193,000
------------
7,827,500
------------
CONSUMER PRODUCTS & SERVICES -- 5.2%
Albecca, Inc.
10.75%, 08/15/08.................. 4,000 3,300,000
American Safety Razor Co.
9.875%, 08/01/05.................. 1,250 1,268,750
Amscan Holdings, Inc.
9.875%, 12/15/07.................. 1,800 1,494,000
Cabot Safety Corp.
12.50%, 07/15/05.................. 1,500 1,612,500
Chattem, Inc. Cl-B
8.875%, 04/01/08.................. 3,300 3,184,500
Collins & Aikman Floor Coverings
Corp.
10.00%, 01/15/07.................. 1,400 1,407,000
Collins & Aikman Products Corp.
11.50%, 04/15/06.................. 2,900 2,943,500
Diamond Brands Operating, Inc.
[STEP]
12.83%, 04/15/09.................. 1,500 307,500
</TABLE>
22
<PAGE> 25
AST FEDERATED HIGH YIELD PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Glenoit Corp.
11.00%, 04/15/07.................. $2,000 $ 1,770,000
NBTY, Inc. Cl-B
8.625%, 09/15/07.................. 2,350 2,032,750
Playtex Family Products Corp.
9.00%, 12/15/03................... 2,600 2,652,000
Revlon Consumer Products Corp.
8.125%, 02/01/06.................. 2,200 2,167,000
8.625%, 02/01/08.................. 6,500 6,175,000
Scotts Co. 144A
8.625%, 01/15/09.................. 1,000 985,000
Volume Services America 144A
11.25%, 03/01/09.................. 2,200 2,431,000
------------
33,730,500
------------
CONTAINERS & PACKAGING -- 1.7%
Consolidated Container Co. LLC 144A
10.125%, 07/15/09................. 650 662,187
Container Corp. of America
11.25%, 05/01/04.................. 250 263,437
Owens-Illinois, Inc.
8.10%, 05/15/07................... 1,000 995,590
Packaging Corp. of America, Inc.
144A
9.625%, 04/01/09.................. 1,000 1,020,000
Plastic Containers, Inc. Cl-B
10.00%, 12/15/06.................. 450 509,872
Russell Stanley Holdings, Inc. 144A
10.875%, 02/15/09................. 1,950 1,911,000
Stone Container Corp.
12.75%, 04/01/02.................. 125 125,937
11.50%, 10/01/04.................. 1,200 1,266,000
12.58%, 08/01/16 [VR]............. 1,550 1,681,750
Tekni-Plex, Inc. Cl-B
9.25%, 03/01/08................... 2,750 2,681,250
------------
11,117,023
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 1.3%
Amphenol Corp.
9.875%, 05/15/07.................. 2,400 2,460,000
Cherokee International Corp. 144A
10.50%, 05/01/09.................. 675 675,000
Electronic Retailing Systems, Inc.
[STEP]
13.25%, 02/01/04.................. 875 249,375
Viasystems, Inc. Cl-B
9.75%, 06/01/07................... 1,625 1,430,000
WESCO Distribution, Inc. Cl-B
9.125%, 06/01/08.................. 3,850 3,744,125
------------
8,558,500
------------
ENTERTAINMENT & LEISURE -- 3.4%
AMF Group, Inc. [STEP]
9.822%, 03/15/06.................. 3,462 2,129,130
Loews Cineplex Entertainment Corp.
8.875%, 08/01/08.................. 1,800 1,728,000
Premier Parks, Inc.
9.25%, 04/01/06................... 875 881,562
9.75%, 06/15/07................... 2,600 2,639,000
9.928%, 04/01/08 [STEP]........... 5,200 3,477,500
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Regal Cinemas, Inc.
9.50%, 06/01/08................... $6,075 $ 5,740,875
Six Flags Theme Parks Corp. Cl-A
[STEP]
11.23%, 06/15/05.................. 3,625 4,060,000
True Temper Sports, Inc. 144A
10.875%, 12/01/08................. 1,575 1,346,625
------------
22,002,692
------------
ENVIRONMENTAL SERVICES -- 1.3%
Allied Waste North America, Inc.
Cl-B
7.625%, 01/01/06.................. 8,375 7,851,562
7.875%, 01/01/09.................. 625 581,250
------------
8,432,812
------------
EQUIPMENT SERVICES -- 0.3%
Coinmach Corp. Cl-D
11.75%, 11/15/05.................. 1,981 2,179,100
------------
FARMING & AGRICULTURE -- 0.4%
Dimon, Inc.
8.875%, 06/01/06.................. 1,950 1,725,750
Royster-Clark, Inc. 144A
10.25%, 04/01/09.................. 600 597,000
------------
2,322,750
------------
FINANCIAL-BANK & TRUST -- 1.1%
GS Escrow Corp.
7.125%, 08/01/05.................. 6,750 6,549,862
RBF Finance Co. 144A
11.375%, 03/15/09................. 850 888,250
------------
7,438,112
------------
FINANCIAL SERVICES -- 0.2%
Unifrax Investment Corp.
10.50%, 11/01/03.................. 1,350 1,400,625
------------
FOOD -- 2.7%
Agrilink Foods, Inc.
11.875%, 11/01/08................. 3,500 3,631,250
Ameriserv Food Distributor, Inc.
8.875%, 10/15/06.................. 1,425 1,318,125
10.125%, 07/15/07................. 4,950 4,232,250
Dominos, Inc. Cl-B
10.375%, 01/15/09................. 2,325 2,354,062
Eagle Family Foods, Inc. Cl-B
8.75%, 01/15/08................... 2,200 1,969,000
International Home Foods, Inc.
10.375%, 11/01/06................. 2,225 2,358,500
Jitney-Jungle Stores, Inc.
10.375%, 09/15/07................. 2,725 967,375
Nebco Evans Holding Co. [STEP]
11.645%, 07/15/07................. 1,250 631,250
------------
17,461,812
------------
FURNITURE -- 0.2%
Sealy Mattress Co. Cl-B
9.875%, 12/15/07.................. 775 763,375
10.875%, 12/15/07 [STEP].......... 1,000 655,000
------------
1,418,375
------------
</TABLE>
23
<PAGE> 26
AST FEDERATED HIGH YIELD PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
HEALTHCARE SERVICES -- 3.0%
Alliance Imaging, Inc.
9.54%, 12/15/05 [VR].............. $ 500 $ 455,000
9.625%, 12/15/05.................. 1,875 1,781,250
Everest Healthcare Services, Inc.
9.75%, 05/01/08................... 1,575 1,519,875
Genesis Health Ventures, Inc.
9.25%, 10/01/06................... 1,000 795,000
9.875%, 01/15/09.................. 1,450 1,167,250
Hudson Respiratory Care, Inc.
9.125%, 04/15/08.................. 850 709,750
Tenet Healthcare Corp.
8.00%, 01/15/05................... 4,200 4,116,000
8.625%, 01/15/07.................. 3,500 3,447,500
8.125%, 12/01/08.................. 4,000 3,800,000
Triad Hospitals Holdings, Inc. 144A
11.00%, 05/15/09.................. 1,350 1,380,375
------------
19,172,000
------------
HOTELS & MOTELS -- 0.7%
Courtyard by Marriott
10.75%, 02/01/08.................. 1,100 1,127,500
Florida Panthers Holdings, Inc. 144A
9.875%, 04/15/09.................. 3,575 3,414,125
------------
4,541,625
------------
INDUSTRIAL PRODUCTS -- 1.3%
Continental Global Group, Inc. Cl-B
11.00%, 04/01/07.................. 2,100 1,732,500
Hexcel Corp. 144A
9.75%, 01/15/09................... 2,500 2,462,500
ISG Resources, Inc.
10.00%, 04/15/08.................. 1,800 1,854,000
United Industries Corp. 144A
9.875%, 04/01/09.................. 700 635,250
URS Corp. 144A
12.25%, 05/01/09.................. 1,925 1,953,875
------------
8,638,125
------------
MACHINERY & EQUIPMENT -- 3.0%
Clark Materials Handling Corp. Cl-D
10.75%, 11/15/06.................. 2,625 2,296,875
Columbus McKinnon Corp.
8.50%, 04/01/08................... 1,550 1,511,250
Fairchild Corp. 144A
10.75%, 04/15/09.................. 1,975 1,955,250
Johnstown America Industries, Inc.
Cl-C
11.75%, 08/15/05.................. 700 742,000
National Equipment Services, Inc.
Cl-B
10.00%, 11/30/04.................. 1,275 1,300,500
National Equipment Services, Inc.
Cl-D
10.00%, 11/30/04.................. 3,100 3,162,000
Nationsrent, Inc.
10.375%, 12/15/08................. 3,100 3,100,000
United Rentals, Inc. Cl-B
9.25%, 01/15/09................... 3,600 3,582,000
9.00%, 04/01/09 144A.............. 2,000 1,975,000
------------
19,624,875
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
MEDICAL SUPPLIES & EQUIPMENT -- 1.8%
CONMED Corp.
9.00%, 03/15/08................... $2,800 $ 2,786,000
Dade International, Inc. Cl-B
11.125%, 05/01/06................. 2,575 2,729,500
Fisher Scientific International,
Inc.
9.00%, 02/01/08................... 2,475 2,363,625
9.00%, 02/01/08................... 3,300 3,151,500
Kinetic Concepts, Inc. Cl-B
9.625%, 11/01/07.................. 1,000 885,000
------------
11,915,625
------------
METALS & MINING -- 2.7%
AEI Resources, Inc. 144A
10.50%, 12/15/05.................. 2,800 2,793,000
11.50%, 12/15/06.................. 3,375 3,332,812
Euramax International PLC
11.25%, 10/01/06.................. 2,075 2,106,125
Metals USA, Inc.
8.625%, 02/15/08.................. 2,175 2,039,062
Murrin Murrin Holdings PTY
9.375%, 08/31/07.................. 650 572,000
National Steel Corp. Cl-D
9.875%, 03/01/09.................. 1,450 1,486,250
Neenah Corp. 144A
11.125%, 05/01/07................. 1,300 1,280,500
Neenah Corp. Cl-B
11.125%, 05/01/07................. 1,725 1,699,125
Ryerson Tull, Inc.
8.50%, 07/15/01................... 1,000 1,026,860
9.125%, 07/15/06.................. 900 945,045
------------
17,280,779
------------
OFFICE EQUIPMENT -- 0.2%
United Stationers Supply Co.
12.75%, 05/01/05.................. 1,169 1,285,900
------------
OIL & GAS -- 3.6%
Chiles Offshore LLC Corp.
10.00%, 05/01/08.................. 1,875 1,603,125
Continental Resources, Inc.
10.25%, 08/01/08.................. 3,075 2,267,812
Dailey International, Inc. Cl-B++++
9.50%, 02/15/08................... 3,700 2,368,000
DI Industries, Inc.
8.875%, 07/01/07.................. 975 867,750
Forcenergy, Inc.++++
9.50%, 11/01/06................... 2,275 1,603,875
8.50%, 02/15/07................... 1,150 810,750
Forest Oil Corp.
10.50%, 01/15/06.................. 1,350 1,404,000
Houston Exploration Co. Cl-B
8.625%, 01/01/08.................. 625 609,375
Nuevo Energy Co. Cl-B
8.875%, 06/01/08.................. 825 804,375
Ocean Rig Norway ASA
10.25%, 06/01/08.................. 300 211,500
Pogo Producing Co. Cl-B
10.375%, 02/15/09................. 1,500 1,567,500
</TABLE>
24
<PAGE> 27
AST FEDERATED HIGH YIELD PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Pride Petroleum Services, Inc.
9.375%, 05/01/07.................. $4,000 $ 3,980,000
R&B Falcon Corp. 144A
12.25%, 03/15/06.................. 1,400 1,442,000
R&B Falcon Corp. Cl-B
6.75%, 04/15/05................... 1,600 1,336,000
Universal Compression Holdings
[STEP]
11.375%, 02/15/09................. 350 212,625
Universal Compression, Inc [STEP]
9.739%, 02/15/08.................. 3,175 2,008,188
------------
23,096,875
------------
PAPER & FOREST PRODUCTS -- 0.2%
Warren, (S.D.) Co.
12.00%, 12/15/04.................. 1,300 1,400,750
------------
PRINTING & PUBLISHING -- 1.3%
Garden State Newspapers, Inc. Cl-B
8.75%, 10/01/09................... 2,575 2,510,625
Hollinger International Publishing
Co.
9.25%, 03/15/07................... 3,450 3,553,500
K-III Communications Corp.
8.50%, 02/01/06................... 1,000 995,000
Ziff-Davis, Inc.
8.50%, 05/01/08................... 1,225 1,151,500
------------
8,210,625
------------
RAILROADS -- 0.2%
Railworks Corp. 144A
11.50%, 04/15/09.................. 1,100 1,108,250
------------
REAL ESTATE -- 1.4%
HMH Properties, Inc. Cl-A
7.875%, 08/01/05.................. 400 384,000
HMH Properties, Inc. Cl-B
7.875%, 08/01/08.................. 6,500 6,028,750
HMH Properties, Inc. Cl-C
8.45%, 12/01/08................... 2,500 2,387,500
------------
8,800,250
------------
RESTAURANTS -- 0.5%
Advantica Restaurant Group, Inc.
11.25%, 01/15/08.................. 1,750 1,706,250
Carrols Corp.
9.50%, 12/01/08................... 1,500 1,413,750
------------
3,120,000
------------
RETAIL & MERCHANDISING -- 0.3%
Community Distributors, Inc. Cl-B
10.25%, 10/15/04.................. 1,000 885,000
Leslie's Poolmart, Inc.
10.375%, 07/15/04................. 950 971,375
------------
1,856,375
------------
SEMICONDUCTORS -- 0.2%
Fairchild Semiconductor Corp. 144A
10.375%, 10/01/07................. 1,000 985,000
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
TELECOMMUNICATIONS -- 24.3%
American Cellular Corp.
10.50%, 05/15/08.................. $3,150 $ 3,244,500
Arch Communications, Inc.
12.75%, 07/01/07.................. 1,400 1,204,000
Benedek Communications Corp. [STEP]
14.003%, 05/15/06................. 250 208,750
Call-Net Enterprises, Inc. [STEP]
8.522%, 08/15/07.................. 4,100 2,624,000
9.573%, 08/15/08.................. 3,800 2,147,000
10.80%, 05/15/09.................. 4,200 2,331,000
Centennial Cellular Corp. 144A
10.75%, 12/15/08.................. 2,500 2,606,250
Crown Castle International Corp.
[STEP]
8.67%, 05/15/11................... 5,450 3,222,313
Dolphin Telecom PLC [STEP] 144A
14.00%, 05/15/09.................. 3,200 1,584,000
e.spire Communications, Inc. [STEP]
11.98%, 11/01/05.................. 1,150 626,750
13.748%, 04/01/06................. 1,400 735,000
Hermes Europe Railtel BV, Inc.
11.50%, 08/15/07.................. 4,575 4,815,188
10.375%, 01/15/09................. 1,525 1,547,875
ICG Holdings, Inc. [STEP]
10.92%, 05/01/06.................. 5,550 4,331,276
9.875%, 05/01/08.................. 850 467,704
Intermedia Communications, Inc.
[STEP]
10.749%, 05/15/06................. 4,850 4,049,750
12.25%, 03/01/09.................. 4,500 2,576,250
Intermedia Communications, Inc. Cl-B
9.795%, 07/15/07 [STEP]........... 3,075 2,229,375
8.875%, 11/01/07.................. 1,000 952,500
8.60%, 06/01/08................... 1,900 1,776,500
IXC Communications, Inc.
9.00%, 04/15/08................... 3,100 2,979,875
Level 3 Communications, Inc.
9.125%, 05/01/08.................. 10,700 10,606,375
11.004%, 12/01/08 [STEP].......... 9,575 5,948,469
McLeodUSA, Inc.
9.732%, 03/01/07 [STEP]........... 6,175 4,770,188
9.25%, 07/15/07................... 1,300 1,300,000
8.375%, 03/15/08.................. 1,250 1,184,375
8.125%, 02/15/09 144A............. 2,000 1,850,000
MetroNet Communications Corp.
12.00%, 08/15/07.................. 1,525 1,765,188
10.299%, 11/01/07 [STEP].......... 1,925 1,540,000
9.866%, 06/15/08 [STEP]........... 4,050 3,017,250
10.625%, 11/01/08 144A............ 1,750 1,981,875
Millicom International Cellular,
Inc. [STEP]
11.76%, 06/01/06.................. 5,375 3,950,625
Nextel Communications, Inc. [STEP]
10.355%, 09/15/07................. 3,975 2,921,625
10.20%, 02/15/08.................. 11,800 8,171,500
Nextel International, Inc. [STEP]
12.125%, 04/15/08................. 1,750 890,313
</TABLE>
25
<PAGE> 28
AST FEDERATED HIGH YIELD PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Nextel Partners, Inc. [STEP] 144A
6.885%, 02/01/09.................. $1,900 $ 1,097,250
NEXTLINK Communications, Inc.
9.625%, 10/01/07.................. 1,250 1,218,750
9.00%, 03/15/08................... 1,575 1,492,313
10.039%, 04/15/08 [STEP].......... 3,000 1,815,000
12.119%, 06/01/09 [STEP].......... 3,475 2,050,250
NTL Communications Corp. Cl-B [STEP]
11.412%, 10/01/08................. 5,000 3,450,000
Orange PLC
8.00%, 08/01/08................... 2,225 2,124,875
Paging Network, Inc.
10.00%, 10/15/08.................. 3,100 2,402,500
Pathnet, Inc.
12.25%, 04/15/08.................. 2,350 1,163,250
Pegasus Media & Communications, Inc.
12.50%, 07/01/05.................. 975 1,083,469
PSINet, Inc.
11.50%, 11/01/08.................. 2,000 2,110,000
PSINet, Inc. Cl-B
10.00%, 02/15/05.................. 2,500 2,500,000
Qwest Communications International,
Inc. [STEP]
8.54%, 10/15/07................... 3,875 3,012,813
Qwest Communications International,
Inc. C1-B
10.875%, 04/01/07................. 1,135 1,288,225
8.29%, 02/01/08 [STEP]............ 2,250 1,676,250
7.50%, 11/01/08................... 1,000 980,000
RCN Corp. [STEP]
12.606%, 07/01/08................. 1,100 690,250
RCN Corp. Cl-B [STEP]
12.361%, 02/15/08................. 1,700 1,079,500
Rogers Cantel, Inc.
8.80%, 10/01/07................... 4,000 4,010,000
Telecommunications Techniques Co.
9.75%, 05/15/08................... 4,575 4,529,250
Tele1 Europe BV, Inc. Units 144A*
13.00%, 05/15/09.................. 825 866,250
Telesystem International Wireless,
Inc. C1-B [STEP]
12.565%, 06/30/07................. 5,325 2,742,375
10.50%, 11/01/07.................. 800 356,000
Telewest Communications PLC
11.25%, 11/01/08.................. 525 593,250
Teligent, Inc.
11.50%, 12/01/07.................. 3,475 3,492,375
Teligent, Inc. Cl-B [STEP]
16.11%, 03/01/08.................. 3,000 1,845,000
Tritel PCS, Inc. [STEP] 144A
12.75%, 05/15/09.................. 2,000 1,100,000
Triton PCS, Inc. [STEP]
11.291%, 05/01/08................. 4,850 3,152,500
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
US Xchange LLC
15.00%, 07/01/08.................. $1,425 $ 1,485,563
USA Mobile Communications Holdings,
Inc.
9.50%, 02/01/04................... 1,050 855,750
Viatel, Inc.
11.25%, 04/15/08.................. 2,525 2,588,125
12.37%, 04/15/08 [STEP]........... 2,250 1,451,250
11.50%, 03/15/09 144A............. 500 517,500
------------
156,977,522
------------
TRANSPORTATION -- 2.3%
Allied Holdings, Inc. Cl-B
8.625%, 10/01/07.................. 400 382,000
Ameritruck Distribution Corp.
Cl-B++++
12.25%, 11/15/05.................. 1,950 117,000
Avis Rent A Car, Inc. 144A
11.00%, 05/01/09.................. 1,750 1,785,000
Gearbulk Holding Ltd.
11.25%, 12/01/04.................. 1,950 2,013,375
Holt Group 144A
9.75%, 01/15/06................... 1,350 897,750
Johnstown America Industries, Inc.
11.75%, 08/15/05.................. 600 636,000
Motor Coach Industries, Inc. 144A
11.25%, 05/01/09.................. 2,100 2,110,500
Stena AB
10.50%, 12/15/05.................. 3,275 3,291,375
8.75%, 06/15/07................... 3,275 3,004,813
Stena Line AB
10.625%, 06/01/08................. 1,250 946,875
------------
15,184,688
------------
UTILITIES -- 0.5%
CMS Energy Corp.
7.50%, 01/15/09................... 1,100 1,037,179
International Utility Structures,
Inc.
10.75%, 02/01/08.................. 925 931,938
Niagara Mohawk Power Corp. Cl-H
[STEP]
8.242%, 07/01/10.................. 2,100 1,578,843
------------
3,547,960
------------
TOTAL CORPORATE OBLIGATIONS (Cost
$639,270,106)......................... 607,666,792
------------
<CAPTION>
SHARES
------
<S> <C> <C>
COMMON STOCK -- 0.1%
BROADCASTING -- 0.0%
Australis Holdings Warrants*........ 1,000 0
Diva Systems Corp. Warrants*........ 4,875 58,500
------------
58,500
------------
CHEMICALS -- 0.0%
Sterling Chemicals Holdings
Warrants*......................... 1,075 16,125
------------
</TABLE>
26
<PAGE> 29
AST FEDERATED HIGH YIELD PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRONIC COMPONENTS & EQUIPMENT -- 0.0%
Electronic Retailing System, Inc.
Warrants 144A*.................... 875 $ 4,375
------------
HEALTHCARE SERVICES -- 0.0%
Icon Health & Fitness Corp. Warrants
144A*............................. 250 125
------------
METALS & MINING -- 0.0%
Bar Technologies, Inc. Warrants
144A*............................. 300 6,000
Royal Oak Mines, Inc................ 66,164 0
------------
6,000
------------
PRINTING & PUBLISHING -- 0.0%
Affiliated Newspaper Investments,
Inc.*............................. 1,000 150,000
------------
TELECOMMUNICATIONS -- 0.0%
MetroNet Communications Corp.
Warrants 144A*.................... 1,525 117,425
Pathnet, Inc. Warrants 144A*........ 2,350 23,794
Pegasus Communications Corp.*....... 1,128 44,838
Pegasus Communications Corp.
Warrants*......................... 1,500 90,750
Sullivan Broadcasting Holdings*..... 2,400 0
UIH Australia Warrants*............. 3,100 3,488
Wireless One, Inc. Warrants*........ 1,500 15
------------
280,310
------------
TOTAL COMMON STOCK (Cost $34,288)....... 515,435
------------
PREFERRED STOCK -- 3.3%
BROADCASTING -- 1.1%
Benedek Communications Corp.
11.50% [PIK]...................... 1,600 1,224,000
Capstar Broadcasting Corp.
12.00% [PIK]...................... 8,242 958,074
Capstar Communications, Inc. Cl-E
12.625% [PIK]..................... 9,101 1,105,772
Cumulus Media, Inc. Cl-A
13.75%............................ 1,428 1,578,461
Sinclair Capital
11.625%........................... 18,500 1,951,750
------------
6,818,057
------------
CONTAINERS & PACKAGING -- 0.1%
Packaging Corp. of America, Inc.
12.375% [PIK] 144A................ 5,250 555,188
------------
FINANCIAL SERVICES -- 0.1%
California Federal Capital Corp.
Cl-A
9.125% [PIK]...................... 30,000 800,640
------------
FOOD -- 0.0%
Nebco Evans Holding Co.
11.25% [PIK]...................... 8,026 317,027
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
HEALTHCARE SERVICES -- 0.1%
River Holding Corp. Cl-B
11.50% [PIK]...................... 5,604 $ 393,681
------------
INDUSTRIAL PRODUCTS -- 0.0%
International Utility Structures,
Inc. $13.00 [PIK] 144A............ 125 123,125
International Utility Structures,
Inc.
13.00% [PIK] 144A................. 16 1,540
------------
124,665
------------
MACHINERY & EQUIPMENT -- 0.1%
Fairfield Manufacturing Co., Inc.
11.25%............................ 650 668,688
------------
OIL & GAS -- 0.1%
R&B Falcon Corp.
13.875% [PIK] 144A................ 750 774,375
------------
PRINTING & PUBLISHING -- 1.0%
Primedia, Inc. Cl-D
10.00%............................ 10,750 1,104,563
Primedia, Inc. Cl-F
9.20%............................. 15,000 1,492,500
Primedia, Inc. Cl-H
8.625%............................ 43,100 3,965,200
------------
6,562,263
------------
TELECOMMUNICATIONS -- 0.7%
Nextel Communications, Inc.
13.00% [PIK]...................... 1,092 1,185,238
Nextel Communications, Inc. Cl-E
11.125% [PIK]..................... 859 863,295
Pegasus Communications Corp. Cl-A
12.75% [PIK]...................... 2,437 2,522,698
------------
4,571,231
------------
TOTAL PREFERRED STOCK (Cost $21,154,412)........ 21,585,815
------------
<CAPTION>
PAR
(000)
------
<S> <C> <C>
REPURCHASE AGREEMENTS -- 1.4%
Greenwich Capital Markets, Inc.,
4.78% dated 06/30/99, maturing
07/01/99, repurchase price
$8,857,176 (Collateralized by U.S.
Treasury Bonds, par value
$6,179,000, market value
$9,058,968 due 08/15/15)
(Cost $8,856,000)................... $8,856 8,856,000
------------
</TABLE>
27
<PAGE> 30
AST FEDERATED HIGH YIELD PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.0%
Temporary Investment Cash Fund...... 230 $ 230
Temporary Investment Fund........... 229 229
------------
(Cost $459)......................... 459
------------
TOTAL INVESTMENTS -- 98.6%
(Cost $669,315,265)........................... 638,624,501
OTHER ASSETS LESS LIABILITIES -- 1.4%........... 8,856,023
------------
NET ASSETS -- 100.0%............................ $647,480,524
============
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
++++ Illiquid security. At the end of the period, these securities amounted to
0.8% of net assets.
144A -- Security was purchased pursuant to Rule 144A under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers. At the end of the period, these securities
amounted to 13.7% of net assets.
See Notes to Financial Statements.
28
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 45.9%
ADVERTISING -- 0.1%
Omnicom Group, Inc. .............. 3,800 $ 304,000
------------
AEROSPACE -- 0.7%
AlliedSignal, Inc. ............... 9,600 604,800
Boeing Co. ....................... 11,768 519,998
Gulfstream Aerospace Corp.*....... 2,500 168,906
Litton Industries, Inc. .......... 1,300 93,275
Lockheed Martin Corp. ............ 5,600 208,600
Northrop Grumman Corp. ........... 2,300 152,519
Primex Technologies, Inc. ........ 840 18,112
Raytheon Co. Cl-A................. 535 36,848
Raytheon Co. Cl-B................. 5,100 358,912
United Technologies Corp. ........ 8,427 604,111
------------
2,766,081
------------
AIRLINES -- 0.2%
Alaska Air Group, Inc.*........... 2,700 112,725
AMR Corp.*........................ 3,800 259,350
Delta Air Lines, Inc. ............ 2,600 149,825
Southwest Airlines Co. ........... 8,750 272,344
------------
794,244
------------
AUTOMOBILE MANUFACTURERS -- 0.5%
Ford Motor Co. ................... 16,700 942,506
General Motors Corp. ............. 9,900 653,400
Honda Motor Co. Ltd. [ADR]........ 7,100 615,925
------------
2,211,831
------------
AUTOMOTIVE PARTS -- 0.3%
Arvin Industries, Inc. ........... 1,800 68,175
Dana Corp. ....................... 2,880 132,660
Delphi Automotive Systems
Corp. .......................... 6,919 128,434
Eaton Corp. ...................... 1,600 147,200
Federal-Mogul Corp. .............. 2,600 135,200
Genuine Parts Co. ................ 5,750 201,250
Goodyear Tire & Rubber Co. ....... 2,400 141,150
Lear Corp.*....................... 3,100 154,225
Mark IV Industries, Inc. ......... 4,300 90,837
Superior Industries International,
Inc. ........................... 2,500 68,281
TRW, Inc. ........................ 3,400 186,575
------------
1,453,987
------------
BEVERAGES -- 1.0%
Anheuser-Busch Companies, Inc. ... 7,500 532,031
Cadbury Schweppes PLC [ADR]....... 15,346 408,587
Coca-Cola Co. .................... 31,800 1,987,500
Coca-Cola Enterprises, Inc. ...... 11,300 347,475
PepsiCo, Inc. .................... 18,600 719,587
Whitman Corp. .................... 3,400 61,200
------------
4,056,380
------------
BROADCASTING -- 0.2%
CBS Corp.*........................ 9,000 390,937
Chris-Craft Industries, Inc.*..... 1,420 66,917
Clear Channel Communications,
Inc.*........................... 4,400 303,325
------------
761,179
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BUILDING MATERIALS -- 0.2%
Armstrong World Industries,
Inc. ........................... 800 $ 46,250
Clayton Homes, Inc. .............. 6,450 73,772
Fastenal Co. ..................... 2,100 110,119
Martin Marietta Materials
Corp. .......................... 2,300 135,700
Masco Corp. ...................... 7,200 207,900
Modine Manufacturing Co. ......... 1,100 35,819
USG Corp. ........................ 1,800 100,800
Vulcan Materials Co. ............. 3,900 188,175
York International Corp. ......... 2,000 85,625
------------
984,160
------------
BUSINESS SERVICES -- 0.2%
Comdisco, Inc. ................... 5,700 146,062
Convergys Corp.*.................. 4,300 82,775
Equifax, Inc. .................... 3,700 132,044
Manpower, Inc. ................... 3,800 85,975
Navigant International, Inc.*..... 215 1,686
Olsten Corp. ..................... 2,000 12,625
Quintiles Transnational Corp.*.... 2,300 96,600
Robert Half International,
Inc. ........................... 3,850 100,100
------------
657,867
------------
CAPITAL GOODS -- 0.0%
Harsco Corp. ..................... 2,600 83,200
------------
CHEMICALS -- 0.9%
AKZO Nobel NV [ADR]............... 2,000 84,750
Arch Chemicals, Inc. ............. 1,050 25,528
Cabot Corp. ...................... 3,000 72,562
Crompton & Knowles Corp. ......... 3,800 74,337
Dexter Corp. ..................... 1,500 61,219
Dow Chemical Co. ................. 3,600 456,750
DuPont, (E.I.) de Nemours &
Co. ............................ 15,100 1,031,519
FMC Corp.*........................ 1,600 109,300
Great Lakes Chemical Corp. ....... 2,500 115,156
Hanna, (M.A.) Co. ................ 3,400 55,887
IMC Global, Inc. ................. 4,700 82,837
Imperial Chemical Industries
PLC............................. 5,800 230,550
Lubrizol Corp. ................... 2,200 59,950
Monsanto Co. ..................... 9,000 354,937
Olin Corp. ....................... 3,600 47,475
PPG Industries, Inc. ............. 3,600 212,625
Rohm & Haas Co. .................. 6,459 276,951
Schulman, (A.), Inc. ............. 3,000 51,562
Solutia, Inc. .................... 5,560 118,497
Witco Corp. ...................... 3,100 62,000
------------
3,584,392
------------
CLOTHING & APPAREL -- 0.3%
Abercrombie & Fitch Co. Cl-A*..... 3,600 172,800
AnnTaylor Stores Corp.*........... 1,600 72,000
Cintas Corp. ..................... 3,600 241,875
Jones Apparel Group, Inc.*........ 5,200 178,425
Nike, Inc. Cl-B................... 5,500 348,219
Payless ShoeSource, Inc.*......... 1,572 84,102
</TABLE>
29
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AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Ross Stores, Inc. ................ 2,000 $ 100,750
Springs Industries, Inc. Cl-A..... 2,000 87,250
Unifi, Inc. ...................... 3,200 68,000
------------
1,353,421
------------
COMPUTER HARDWARE -- 1.8%
Compaq Computer Corp. ............ 21,968 520,367
Dell Computer Corp.*.............. 41,600 1,539,200
EMC Corp.*........................ 15,000 825,000
Hewlett-Packard Co. .............. 14,100 1,417,050
International Business Machines
Corp. .......................... 22,200 2,869,350
Quantum Corp.*.................... 5,300 127,862
Seagate Technology, Inc.*......... 4,500 115,312
Storage Technology Corp.*......... 3,700 84,175
------------
7,498,316
------------
COMPUTER SERVICES & SOFTWARE -- 4.1%
Adobe Systems, Inc. .............. 600 49,294
America Online, Inc.*............. 19,000 2,099,500
Automatic Data Processing,
Inc. ........................... 8,000 352,000
Aztec Technology Partners,
Inc.*........................... 430 826
BMC Software, Inc.*............... 7,300 394,200
Cadence Design Systems, Inc.*..... 6,000 76,500
Ceridian Corp.*................... 5,200 169,975
Cisco Systems, Inc.*.............. 39,350 2,538,075
Citrix Systems, Inc.*............. 3,100 175,150
CompUSA, Inc.*.................... 3,500 26,031
Computer Associates International,
Inc. ........................... 7,362 404,910
Compuware Corp.*.................. 11,400 362,662
Comverse Technology, Inc.*........ 2,400 181,200
DST Systems, Inc.*................ 900 56,587
Electronic Arts, Inc.*............ 2,800 151,900
Electronic Data Systems Corp. .... 6,100 345,031
First Data Corp. ................. 7,200 352,350
Fiserv, Inc.*..................... 4,125 129,164
Informix Corp.*................... 2,900 24,741
Intuit, Inc.*..................... 2,300 207,287
Keane, Inc.*...................... 2,600 58,825
Microsoft Corp.*.................. 64,400 5,808,075
NCR Corp.*........................ 2,400 117,150
Network Associates, Inc.*......... 4,650 68,297
Novell, Inc.*..................... 9,500 251,750
Oracle Corp.*..................... 22,725 843,666
Parametric Technology Corp.*...... 5,000 69,375
Paychex, Inc. .................... 8,100 258,187
Policy Management Systems
Corp.*.......................... 1,700 51,000
Siebel Systems, Inc.*............. 3,500 232,312
Sterling Commerce, Inc.*.......... 3,400 124,100
Structural Dynamics Research
Corp.*.......................... 2,500 46,406
Sun Microsystems, Inc.*........... 11,800 812,725
SunGard Data Systems, Inc.*....... 3,200 110,400
Symantec Corp.*................... 2,600 66,300
Synopsys, Inc.*................... 2,300 126,931
Tech Data Corp.*.................. 1,900 72,675
------------
17,215,557
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CONGLOMERATES -- 0.8%
Berkshire Hathaway, Inc. Cl-B*.... 136 $ 305,864
Corning, Inc. .................... 5,200 364,650
Hanson PLC [ADR].................. 337 14,954
Minnesota Mining & Manufacturing
Co. ............................ 5,700 495,544
Ogden Corp. ...................... 2,500 67,344
Philip Morris Companies, Inc. .... 32,500 1,306,094
Tomkins PLC [ADR]................. 1,538 28,068
Tyco International Ltd. .......... 7,400 701,150
Viad Corp. ....................... 4,500 139,219
------------
3,422,887
------------
CONSTRUCTION -- 0.0%
Granite Construction, Inc. ....... 1,650 48,366
Jacobs Engineering Group, Inc.*... 1,700 64,600
------------
112,966
------------
CONSUMER PRODUCTS & SERVICES -- 1.0%
ACNielsen Corp.*.................. 3,100 93,775
Church and Dwight Co., Inc. ...... 1,000 43,500
Clorox Co. ....................... 628 67,078
Colgate-Palmolive Co. ............ 4,000 395,000
Cross, (A.T.) Co. Cl-A............ 1,400 7,787
Dial Corp. ....................... 3,600 133,875
Eastman Kodak Co. ................ 3,300 223,575
Fortune Brands, Inc. ............. 4,100 169,637
Gallaher Group PLC [ADR].......... 2,400 58,650
Gillette Co. ..................... 15,600 639,600
Imperial Tobacco Group PLC [ADR].. 675 14,766
International Flavors &
Fragrances, Inc. ............... 3,200 142,000
Lancaster Colony Corp. ........... 1,550 53,475
National Presto Industries,
Inc. ........................... 800 30,600
Pittston Brink's Group............ 1,300 34,775
Premark International, Inc. ...... 2,400 90,000
Procter & Gamble Co. ............. 17,400 1,552,950
Shaw Industries, Inc.*............ 5,100 84,150
Sotheby's Holdings, Inc. Cl-A..... 3,400 129,625
Stewart Enterprises, Inc. ........ 5,000 72,812
Universal Corp. .................. 1,800 51,187
------------
4,088,817
------------
CONTAINERS & PACKAGING -- 0.1%
Bemis Co., Inc. .................. 2,700 107,325
Owens-Illinois, Inc.*............. 3,700 120,944
Sealed Air Corp.*................. 2,400 155,700
Sonoco Products Co. .............. 3,910 117,056
------------
501,025
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 2.6%
Altera Corp.*..................... 12,000 441,750
American Power Conversion
Corp.*.......................... 7,600 152,950
Analog Devices, Inc.*............. 9,633 483,456
Applied Materials, Inc.*.......... 6,600 487,575
Arrow Electronics, Inc.*.......... 4,500 85,500
Diebold, Inc. .................... 2,700 77,625
Emerson Electric Co. ............. 6,000 377,250
</TABLE>
30
<PAGE> 33
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
General Electric Co. ............. 40,200 $ 4,542,600
Hitachi Ltd. [ADR]................ 3,400 321,087
Honeywell, Inc. .................. 2,600 301,275
Hubbell, Inc. Cl-B................ 2,500 113,437
Koninklijke (Royal) Philips
Electronics NV NY Reg. ......... 5,888 593,952
Linear Technology Corp. .......... 5,200 349,700
Maxim Integrated Products,
Inc.*........................... 4,500 299,250
Molex, Inc. ...................... 6,475 239,575
Rockwell International Corp. ..... 4,100 249,075
SCI Systems, Inc.*................ 2,200 104,500
Solectron Corp.*.................. 7,200 480,150
Symbol Technologies, Inc. ........ 2,962 109,224
Tandy Corp. ...................... 4,800 234,600
Teleflex, Inc. ................... 1,800 78,187
Teradyne, Inc.*................... 3,100 222,425
Texas Instruments, Inc. .......... 3,900 565,500
Varian, Inc. ..................... 1,900 25,650
Varian Medical Systems, Inc. ..... 1,900 47,975
Varian Semiconductor Equipment
Associates, Inc. ............... 1,900 32,300
------------
11,016,568
------------
ENTERTAINMENT & LEISURE -- 0.8%
Brunswick Corp. .................. 2,000 55,750
Callaway Golf Co. ................ 2,200 32,175
Carnival Corp. ................... 7,700 373,450
Disney, (Walt) Co. ............... 25,292 779,310
Harley-Davidson, Inc. ............ 5,300 288,187
International Game Technology..... 4,600 85,100
Mandalay Resort Group*............ 3,800 80,275
Mattel, Inc. ..................... 4,100 108,394
Mirage Resorts, Inc.*............. 3,800 63,650
President Casinos, Inc.
Warrants*....................... 883 44
Time Warner, Inc. ................ 15,200 1,117,200
Viacom, Inc. Cl-B*................ 11,600 510,400
------------
3,493,935
------------
ENVIRONMENTAL SERVICES -- 0.2%
Allied Waste Industries, Inc.*.... 5,400 106,650
Browning-Ferris Industries,
Inc. ........................... 4,740 203,820
Tetra Tech, Inc.*................. 2,343 38,659
Waste Management, Inc. ........... 12,959 696,546
------------
1,045,675
------------
FINANCIAL-BANK & TRUST -- 3.3%
Astoria Financial Corp. .......... 2,400 105,450
Australia and New Zealand Banking
Group Ltd. [ADR]................ 3,600 133,650
Banco Bilbao Vizcaya [ADR]........ 27,000 394,875
Banco Frances SA [ADR]............ 5,060 96,140
Bank of New York Co., Inc. ....... 9,400 344,862
Bank One Corp. ................... 16,234 966,938
BankAmerica Corp. ................ 22,360 1,639,267
BankBoston Corp. ................. 4,100 209,612
CCB Financial Corp. .............. 2,000 105,750
Charter One Financial, Inc. ...... 5,940 165,206
Chase Manhattan Corp. ............ 11,112 962,577
City National Corp. .............. 1,800 67,387
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Dime Bancorp, Inc. ............... 5,100 $ 102,637
Fifth Third Bancorp............... 4,725 314,508
First Security Corp. ............. 8,287 225,821
First Tennessee National Corp. ... 5,400 206,887
First Union Corp. ................ 12,608 592,576
First Virginia Banks, Inc. ....... 2,000 98,250
Firstar Corp. .................... 9,120 255,360
Fleet Financial Group, Inc. ...... 8,400 372,750
Golden West Financial Corp. ...... 800 78,400
GreenPoint Financial Corp. ....... 3,000 98,437
Hibernia Corp. Cl-A............... 5,500 86,281
Huntington Bancshares, Inc. ...... 6,060 212,100
Keycorp........................... 8,000 257,000
Marshall & Ilsley Corp. .......... 4,300 276,812
Mellon Bank Corp. ................ 8,800 320,100
Mercantile Bancorporation,
Inc. ........................... 4,100 234,212
Mercantile Bankshares Corp. ...... 3,300 116,737
Morgan, (J.P.) & Co., Inc. ....... 2,600 365,300
National City Corp. .............. 4,260 279,030
North Fork Bancorporation,
Inc. ........................... 4,400 93,775
Northern Trust Corp. ............. 3,600 349,200
Old Kent Financial Corp. ......... 4,935 206,653
Pacific Century Financial
Corp. .......................... 3,900 84,094
PNC Bank Corp. NA................. 5,520 318,090
Regions Financial Corp. .......... 2,700 103,781
Silicon Valley Bancshares*........ 1,400 34,650
Southtrust Corp. ................. 5,200 199,550
State Street Boston Corp. ........ 2,900 247,587
Summit Bancorp.................... 4,600 192,337
SunTrust Banks, Inc. ............. 3,648 253,308
TCF Financial Corp. .............. 3,800 105,925
U.S. Bancorp...................... 13,659 464,406
Union Planters Corp. ............. 2,800 125,125
Wells Fargo & Co. ................ 24,800 1,060,200
Wilmington Trust Corp. ........... 1,400 80,325
Zions Bancorp..................... 2,700 171,450
------------
13,775,368
------------
FINANCIAL SERVICES -- 2.2%
AMBAC Financial Group, Inc. ...... 2,400 137,100
American Express Co. ............. 5,100 663,637
Associates First Capital Corp.
Cl-A............................ 12,228 541,853
Bear Stearns Companies, Inc. ..... 3,900 182,325
Block, (H&R), Inc. ............... 3,700 185,000
Capital One Financial Corp. ...... 4,200 233,887
Citigroup, Inc. .................. 43,005 2,042,737
Concord EFS, Inc.*................ 4,300 181,944
E*TRADE Group, Inc.*.............. 4,000 159,750
Echelon International Corp.*...... 846 18,929
Edwards, (A.G.), Inc. ............ 3,350 108,037
Fannie Mae........................ 15,000 1,025,625
FINOVA Group, Inc. ............... 2,500 131,562
Franklin Resources, Inc. ......... 5,700 231,562
Freddie Mac....................... 10,600 614,800
Grupo Financiero Bancomer [ADR]
144A*........................... 1,400 10,150
Household International, Inc. .... 5,900 279,512
Merrill Lynch & Co., Inc. ........ 3,900 311,756
</TABLE>
31
<PAGE> 34
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Morgan Stanley, Dean Witter &
Co. ............................ 7,485 $ 767,212
Paine Webber Group, Inc. ......... 5,800 271,150
Schwab, (Charles) Corp. .......... 6,975 766,378
The Dun & Bradstreet Corp. ....... 3,600 127,575
Waddell & Reed Financial, Inc.
Cl-A............................ 261 7,161
Waddell & Reed Financial, Inc.
Cl-B............................ 1,116 30,132
Washington Mutual, Inc. .......... 3,750 132,656
------------
9,162,430
------------
FOOD -- 1.5%
Albertson's, Inc. ................ 7,224 372,487
Archer-Daniels-Midland Co. ....... 11,321 174,768
Bestfoods, Inc. .................. 5,500 272,250
Campbell Soup Co. ................ 7,800 361,725
ConAgra, Inc. .................... 6,800 181,050
Dean Foods Corp. ................. 1,400 58,187
Diageo PLC [ADR].................. 11,047 475,021
Dole Food Co. .................... 2,800 82,250
Flowers Industries, Inc. ......... 3,000 65,062
General Mills, Inc. .............. 2,500 200,937
Heinz, (H.J.) Co. ................ 6,250 313,281
Hershey Foods Corp. .............. 3,200 190,000
Hormel Foods Corp. ............... 3,000 120,750
IBP, Inc. ........................ 4,300 102,125
Interstate Bakeries Corp. ........ 3,000 67,312
Kellogg Co. ...................... 7,500 247,500
Kroger Co.*....................... 16,800 469,350
Lance, Inc. ...................... 3,200 50,000
McCormick & Co., Inc. ............ 4,100 129,406
Ralston Purina Group Co. ......... 6,300 191,756
Safeway, Inc.*.................... 6,060 299,970
Sara Lee Corp. ................... 12,400 281,325
Smucker, (J.M.) Co. .............. 1,600 35,600
Starbucks Corp.*.................. 6,200 232,887
The Earthgrains Co. .............. 592 15,281
Tyson Foods, Inc. ................ 7,300 164,250
U.S. Foodservice, Inc.*........... 2,100 89,512
Unilever NV NY Reg. .............. 13,407 935,138
Universal Foods Corp. ............ 3,700 78,162
Wrigley, (Wm., Jr.) Co. .......... 1,300 117,000
------------
6,374,342
------------
FURNITURE -- 0.1%
Leggett & Platt, Inc. ............ 8,700 241,969
------------
HEALTHCARE SERVICES -- 0.5%
Amgen, Inc.*...................... 9,200 560,050
Apria Healthcare Group, Inc.*..... 7,500 127,500
Columbia HCA Healthcare Corp. .... 11,096 253,127
Concentra Managed Care, Inc.*..... 2,800 41,475
Foundation Health Systems*........ 6,400 96,000
Health Management Associates, Inc.
Cl-A*........................... 8,950 100,687
Healthsouth Corp.*................ 6,200 92,612
IMS Health, Inc. ................. 7,000 218,750
LifePoint Hospitals, Inc.*........ 583 7,816
McKesson HBOC, Inc. .............. 2,600 83,525
Omnicare, Inc. ................... 3,800 47,975
Oxford Health Plans, Inc.*........ 1,300 20,231
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PacifiCare Health Systems,
Inc.*........................... 1,800 $ 129,487
Quorum Health Group, Inc.*........ 3,600 45,225
Total Renal Care Holdings,
Inc.*........................... 2,700 42,019
Triad Hospitals, Inc.*............ 583 7,852
United HealthCare Corp. .......... 4,700 294,337
------------
2,168,668
------------
HOTELS & MOTELS -- 0.0%
Promus Hotel Corp.*............... 2,600 80,600
Starwood Hotels & Resorts
Worldwide, Inc. [REIT].......... 2,664 81,418
------------
162,018
------------
INDUSTRIAL PRODUCTS -- 0.0%
Kaydon Corp. ..................... 2,200 73,975
------------
INSURANCE -- 1.4%
Aetna, Inc. ...................... 3,302 295,323
AFLAC, Inc. ...................... 8,900 426,087
Allstate Corp. ................... 10,600 380,275
American Financial Group, Inc. ... 2,400 81,750
American General Corp. ........... 4,300 324,112
American International Group,
Inc. ........................... 16,016 1,874,873
Chubb Corp. ...................... 3,300 229,350
CIGNA Corp. ...................... 3,900 347,100
Conseco, Inc. .................... 5,691 173,220
HSB Group, Inc. .................. 1,650 67,959
Lincoln National Corp. ........... 3,400 177,862
Loews Corp. ...................... 2,100 166,162
Old Republic International
Corp. .......................... 5,800 100,412
Progressive Corp. ................ 1,400 203,000
Provident Companies, Inc. ........ 4,900 196,000
ReliaStar Financial Corp. ........ 3,000 131,250
Selective Insurance Group,
Inc. ........................... 4,500 85,781
Torchmark Corp. .................. 4,600 156,975
Transatlantic Holdings, Inc. ..... 1,050 78,684
UNUM Corp. ....................... 4,200 229,950
------------
5,726,125
------------
LUMBER & WOOD PRODUCTS -- 0.0%
Deltic Timber Corp. .............. 342 9,213
Rayonier, Inc. ................... 1,600 79,700
------------
88,913
------------
MACHINERY & EQUIPMENT -- 0.6%
AGCO Corp. ....................... 2,100 23,756
Black & Decker Corp. ............. 2,700 170,437
Caterpillar, Inc. ................ 6,700 402,000
Danaher Corp. .................... 4,500 261,562
Deere & Co. ...................... 4,000 158,500
Federal Signal Corp. ............. 2,400 50,850
Flowserve Corp. .................. 2,900 54,919
Gencorp, Inc. .................... 2,800 70,700
Illinois Tool Works, Inc. ........ 4,200 344,400
Ingersoll-Rand Co. ............... 2,700 174,487
Kennametal, Inc. ................. 1,200 37,200
Nordson Corp. .................... 1,000 61,250
Pall Corp. ....................... 5,400 119,812
Precision Castparts Corp. ........ 700 29,750
Sequa Corp. Cl-A*................. 700 49,000
</TABLE>
32
<PAGE> 35
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Smith International, Inc.*........ 2,000 $ 86,875
Tecumseh Products Co. Cl-A........ 1,400 84,787
Thermo Electron Corp.*............ 6,300 126,394
Weatherford International,
Inc.*........................... 2,320 84,970
------------
2,391,649
------------
MEDICAL SUPPLIES & EQUIPMENT -- 1.3%
Abbott Laboratories............... 19,900 905,450
Baxter International, Inc. ....... 4,800 291,000
Beckman Coulter, Inc. ............ 1,500 72,937
Becton Dickinson & Co. ........... 6,800 204,000
Bergen Brunswig Corp. Cl-A........ 3,800 65,550
Boston Scientific Corp.*.......... 8,800 386,650
Centocor, Inc.*................... 2,200 102,575
Forest Laboratories, Inc.*........ 3,400 157,250
Genzyme Corp.*.................... 2,100 101,850
Genzyme Surgical Products*........ 376 1,656
Genzyme Tissue Repair*............ 63 128
Guidant Corp. .................... 6,400 329,200
Hillenbrand Industries, Inc. ..... 2,700 116,775
Johnson & Johnson Co. ............ 16,600 1,626,800
Medtronic, Inc. .................. 7,500 584,063
STERIS Corp.*..................... 4,000 77,500
Stryker Corp. .................... 3,400 204,425
Sybron International Corp.*....... 3,700 101,981
------------
5,329,790
------------
METALS & MINING -- 0.2%
Alcoa, Inc. ...................... 7,800 482,625
Barrick Gold Corp. ............... 8,000 155,000
Brush Wellman, Inc. .............. 2,400 43,500
Carpenter Technology Corp. ....... 2,200 62,838
Nucor Corp. ...................... 2,800 132,825
Placer Dome, Inc. ................ 9,900 116,944
------------
993,732
------------
OFFICE EQUIPMENT -- 0.4%
Herman Miller, Inc. .............. 2,800 58,800
Ikon Office Solutions, Inc. ...... 6,800 102,000
Office Depot, Inc.*............... 11,550 254,822
Pitney Bowes, Inc. ............... 4,900 314,825
Standard Register Co. ............ 1,700 52,275
Staples, Inc.*.................... 11,625 359,648
Wallace Computer Service, Inc. ... 2,900 72,500
Xerox Corp. ...................... 10,400 614,250
------------
1,829,120
------------
OIL & GAS -- 3.4%
Amerada Hess Corp. ............... 4,700 279,650
Anadarko Petroleum Corp. ......... 4,800 176,700
Apache Corp. ..................... 1,600 62,400
Atlantic Richfield Co. ........... 4,900 409,456
BJ Services Co.*.................. 9,000 264,938
BP Amoco PLC [ADR]................ 6,100 661,850
Chevron Corp. .................... 7,400 704,388
El Paso Energy Corp. ............. 4,600 161,863
ENI Co. SPA [ADR]................. 5,500 330,000
Ensco International, Inc. ........ 5,500 109,656
Exxon Corp. ...................... 30,200 2,329,175
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Global Marine, Inc.*.............. 8,700 $ 134,306
Halliburton Co. .................. 5,800 262,450
Helmerich & Payne, Inc. .......... 1,800 42,863
Keyspan Corp. .................... 5,400 142,425
MCN Energy Group, Inc. ........... 3,600 74,700
Mobil Corp. ...................... 10,100 999,900
Murphy Oil Corp. ................. 2,400 117,150
Nabors Industries, Inc.*.......... 4,300 105,081
National Fuel Gas Co. ............ 2,000 97,000
Noble Affiliates, Inc. ........... 2,500 70,469
Noble Drilling Corp.*............. 3,300 64,969
Occidental Petroleum Corp. ....... 13,100 276,738
Phillips Petroleum Co. ........... 4,000 201,250
Ranger Oil Ltd.*.................. 7,800 38,513
Repsol SA [ADR]................... 9,000 182,813
Royal Dutch Petroleum Co. ........ 46,000 2,771,500
Schlumberger Ltd. ................ 8,100 515,869
Shell Transport & Trading Co.
[ADR]........................... 15,700 728,088
Societe Nationale Elf Aquitaine SA
[ADR]........................... 2,000 147,125
Sonat, Inc. ...................... 5,900 195,438
Texaco, Inc. ..................... 6,200 387,500
Tidewater, Inc. .................. 2,700 82,350
Tosco Corp. ...................... 3,800 98,563
Total SA [ADR].................... 4,800 309,300
Transocean Offshore, Inc. ........ 2,800 73,500
Ultramar Diamond Shamrock
Corp. .......................... 3,900 85,069
Union Pacific Resources Group,
Inc. ........................... 5,509 89,866
Unocal Corp. ..................... 5,200 206,050
USX-Marathon Group, Inc. ......... 5,400 175,838
Valero Energy Corp. .............. 3,800 81,463
Washington Gas Light Co. ......... 2,200 57,200
------------
14,305,422
------------
PAPER & FOREST PRODUCTS -- 0.4%
Bowater, Inc. .................... 2,200 103,950
Consolidated Papers, Inc. ........ 4,600 123,050
Fort James Corp. ................. 4,100 155,288
Georgia Pacific Group............. 3,000 142,125
Georgia-Pacific Timber Group...... 3,100 78,275
Glatfelter, (P.H.) Co. ........... 2,600 38,025
International Paper Co. .......... 5,000 252,500
Kimberly-Clark Corp. ............. 9,700 552,900
Wausau-Mosinee Paper Corp. ....... 3,700 66,600
Weyerhaeuser Co. ................. 4,500 309,375
------------
1,822,088
------------
PERSONAL SERVICES -- 0.1%
Cendant Corp.*.................... 12,168 249,444
Service Corp. International....... 5,300 102,025
------------
351,469
------------
PHARMACEUTICALS -- 3.0%
American Home Products Corp. ..... 16,600 954,500
AstraZeneca Group PLC [ADR]....... 12,000 470,250
Biogen, Inc.*..................... 6,000 385,875
Bristol-Meyers Squibb Co. ........ 24,600 1,732,763
Cardinal Health, Inc. ............ 6,029 386,610
</TABLE>
33
<PAGE> 36
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Carter-Wallace, Inc. ............. 3,900 $ 70,931
Chiron Corp.*..................... 6,700 139,025
Genzyme-Molecular Oncology*....... 226 622
Glaxo Wellcome PLC [ADR].......... 8,900 503,963
ICN Pharmaceuticals, Inc. ........ 2,700 86,906
Ivax Corp.*....................... 7,400 104,525
Lilly, (Eli) & Co. ............... 14,200 1,017,075
Merck & Co., Inc. ................ 30,700 2,271,800
Mylan Laboratories, Inc. ......... 4,000 106,000
Perrigo Co.*...................... 5,300 40,413
Pfizer, Inc. ..................... 16,300 1,788,925
Pharmacia & Upjohn, Inc. ......... 7,500 426,094
Schering-Plough Corp. ............ 18,800 996,400
Warner-Lambert Co. ............... 11,400 790,875
Watson Pharmaceuticals, Inc.*..... 3,400 119,213
------------
12,392,765
------------
PRINTING & PUBLISHING -- 0.4%
Banta Corp. ...................... 2,900 60,900
Belo, (A.H.) Corp. Cl-A........... 3,400 66,938
Donnelley, (R.R.) & Sons Co. ..... 2,600 96,363
Gannett Co., Inc. ................ 5,200 371,150
Lexmark International Group,
Inc. Cl-A*...................... 4,800 317,100
McGraw-Hill Co., Inc. ............ 5,800 312,838
Tribune Co. ...................... 2,100 182,963
Washington Post Co. Cl-B.......... 400 215,100
Workflow Management, Inc.*........ 286 4,102
------------
1,627,454
------------
RAILROADS -- 0.2%
Burlington Northern Santa Fe
Corp. .......................... 5,100 158,100
Kansas City Southern Industries,
Inc. ........................... 5,400 344,588
Norfolk Southern Corp. ........... 6,000 180,750
Trinity Industries, Inc. ......... 2,700 90,450
Union Pacific Corp. .............. 3,000 174,938
------------
948,826
------------
RESTAURANTS -- 0.3%
Brinker International, Inc.*...... 7,300 198,469
CBRL Group, Inc. ................. 2,700 46,744
Darden Restaurants, Inc. ......... 6,500 141,781
McDonald's Corp. ................. 16,200 669,263
Outback Steakhouse, Inc.*......... 3,600 141,525
Tricon Global Restaurants,
Inc.*........................... 1,480 80,105
------------
1,277,887
------------
RETAIL & MERCHANDISING -- 2.3%
Barnes & Noble, Inc.*............. 3,400 93,075
Bed, Bath & Beyond, Inc.*......... 5,200 200,200
Best Buy Co., Inc.*............... 7,000 472,500
BJ's Wholesale Club, Inc.*........ 4,000 120,250
Circuit City Stores, Inc. ........ 2,000 186,000
Costco Companies, Inc.*........... 3,900 312,244
CVS Corp. ........................ 6,500 332,313
Dayton-Hudson Corp. .............. 7,400 481,000
Dollar General Corp. ............. 4,393 127,397
Family Dollar Stores, Inc. ....... 6,300 151,200
Federated Department Stores,
Inc.*........................... 3,500 185,281
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Gap, Inc. ........................ 12,038 $ 606,389
General Nutrition Companies,
Inc.*........................... 3,900 90,919
Home Depot, Inc. ................. 19,200 1,237,200
Kohl's Corp.*..................... 5,600 432,250
Lands' End, Inc.*................. 3,000 145,500
May Department Stores Co. ........ 5,850 239,119
Micro Warehouse, Inc.*............ 2,600 46,475
Nordstrom, Inc. .................. 1,900 63,650
Penney, (J.C.) Co., Inc. ......... 3,500 169,969
Rite Aid Corp. ................... 2,600 64,025
Saks, Inc.*....................... 5,200 150,150
School Specialty, Inc.*........... 238 3,823
Sears, Roebuck & Co. ............. 4,800 213,900
Tiffany & Co. .................... 2,000 193,000
TJX Companies, Inc. .............. 5,600 186,550
Toys 'R' Us, Inc.*................ 6,920 143,158
U.S. Office Products Co. ......... 537 2,870
Wal-Mart Stores, Inc. ............ 51,800 2,499,350
Walgreen Co. ..................... 15,400 452,375
------------
9,602,132
------------
SEMICONDUCTORS -- 0.9%
Atmel Corp.*...................... 4,600 120,463
Intel Corp. ...................... 42,400 2,522,800
Motorola, Inc. ................... 8,100 767,475
Xilinx, Inc.*..................... 9,800 561,050
------------
3,971,788
------------
TELECOMMUNICATIONS -- 5.7%
ADC Telecommunications, Inc.*..... 5,900 268,819
Aliant Communications, Inc. ...... 1,800 83,138
Alltel Corp. ..................... 1,702 121,693
Ameritech Corp. .................. 15,200 1,117,200
AT&T Corp. ....................... 41,731 2,329,111
Bell Atlantic Corp. .............. 18,514 1,210,353
BellSouth Corp. .................. 22,600 1,059,375
British Telecommunications PLC
[ADR]........................... 3,200 548,000
CenturyTel, Inc. ................. 6,300 250,425
Cia de Telecomunicaciones de Chile
SA [ADR]........................ 1,700 42,075
Cincinnati Bell, Inc. ............ 4,300 107,231
Comcast Corp. Cl-A................ 14,000 538,125
Deutsche Telekom AG [ADR]......... 12,400 523,900
Ericsson, (L.M.) Telephone Co.
[ADR]........................... 9,600 316,200
France Telecom SA [ADR]........... 5,900 454,300
GTE Corp. ........................ 14,100 1,068,075
Hong Kong Telecommunications Ltd.
[ADR]........................... 9,245 249,037
Leap Wireless International,
Inc.*........................... 400 8,100
Lucent Technologies, Inc. ........ 35,465 2,391,688
MCI WorldCom, Inc.*............... 23,697 2,043,866
MediaOne Group, Inc.*............. 9,100 676,813
MetroNet Communications Corp.
Warrants 144A*.................. 100 7,700
Nextel Communications, Inc.
Cl-A*........................... 3,600 180,675
Nokia Corp. Cl-A [ADR]............ 7,200 659,250
</TABLE>
34
<PAGE> 37
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Nortel Networks Corp. ............ 8,480 $ 736,170
QUALCOMM, Inc.*................... 4,600 660,100
SBC Communications, Inc. ......... 29,430 1,706,940
Sprint Corp. (FON Group).......... 12,400 654,875
Sprint Corp. (PCS Group)*......... 3,100 177,088
TCA Cable TV, Inc. ............... 3,200 177,600
Telecom Corp. of New Zealand Ltd.
[ADR]........................... 1,700 59,394
Telecomunicacoes Brasileiras SA
[ADR]*.......................... 3,300 206
Telefonica SA [ADR]............... 1,665 244,910
Telefonos de Mexico SA Cl-L
[ADR]........................... 2,400 193,950
Telephone & Data Systems, Inc. ... 2,500 182,656
Tellabs, Inc.*.................... 5,000 337,813
U.S. West, Inc. .................. 6,418 377,058
Univision Communications, Inc.*... 3,100 204,600
Vodafone AirTouch PLC [ADR]....... 7,150 1,408,550
Williams Companies, Inc. ......... 10,198 434,052
------------
23,811,111
------------
TRANSPORTATION -- 0.1%
Alexander & Baldwin, Inc. ........ 2,500 55,625
CNF Transportation, Inc. ......... 2,200 84,425
CSX Corp. ........................ 3,600 163,125
------------
303,175
------------
UTILITIES -- 1.6%
AES Corp.*........................ 6,500 377,813
Allegheny Energy, Inc. ........... 5,200 166,725
American Electric Power Co.,
Inc. ........................... 4,800 180,300
American Water Works Co., Inc. ... 3,400 104,550
CMS Energy Corp. ................. 3,900 163,313
Consolidated Edison, Inc. ........ 5,200 235,300
Constellation Energy Group........ 2,700 79,988
DPL, Inc. ........................ 5,600 102,900
Duke Energy Corp. ................ 6,100 331,688
Edison International Co. ......... 7,800 208,650
Empresa Nacional de Electridad SA
[ADR]........................... 1,330 16,126
Endesa SA [ADR]................... 7,600 161,500
Energy East Corp. ................ 6,800 176,800
Enron Corp. ...................... 5,400 441,450
Entergy Corp. .................... 6,200 193,750
FirstEnergy Corp. ................ 7,300 226,300
Florida Progress Corp. ........... 4,400 181,775
FPL Group, Inc. .................. 3,700 202,113
Idacorp, Inc. .................... 2,600 81,900
Illinova Corp. ................... 3,700 100,825
IPALCO Enterprises, Inc. ......... 4,800 101,700
Kansas City Power & Light Co. .... 4,000 102,000
LG&E Energy Corp. ................ 5,500 115,500
MidAmerican Energy Holdings
Co. ............................ 2,400 83,100
New Century Energies, Inc. ....... 3,895 151,175
New England Electric Systems...... 2,600 130,325
Niagara Mohawk Holdings, Inc.*.... 12,700 203,994
Nisource, Inc. ................... 4,600 118,738
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Oklahoma Gas & Electric Co. ...... 2,900 $ 68,875
PG&E Corp. ....................... 8,200 266,500
Pinnacle West Capital Co. ........ 3,000 120,750
Potomac Electric Power Co. ....... 4,900 144,244
Public Service Co. of New
Mexico.......................... 1,900 37,763
SCANA Corp. ...................... 3,600 84,150
Southern Co. ..................... 12,300 325,950
Teco Energy, Inc. ................ 6,000 136,500
Texas Utilities Co. .............. 4,900 202,125
Unicom Corp. ..................... 4,200 161,963
UtiliCorp United, Inc. ........... 3,450 83,878
Wisconsin Energy Corp. ........... 5,200 130,325
------------
6,503,321
------------
TOTAL COMMON STOCK
(Cost $114,145,774)................. 192,642,025
------------
PREFERRED STOCK -- 0.1%
TELECOMMUNICATIONS
Telecomunicacoes Brasileiras SA
1.55% [ADR]
(Cost $201,765)................... 3,300 297,619
------------
FOREIGN STOCK -- 10.4%
ADVERTISING -- 0.0%
Asatsu-DK, Inc. -- (JPY).......... 9,000 237,945
------------
AEROSPACE -- 0.1%
Mitsubishi Heavy Industries
Ltd. -- (JPY)................... 138,000 559,816
------------
AIRLINES -- 0.0%
KLM Royal Dutch Airlines NV --
(NLG)........................... 3,000 84,925
Singapore Airlines
Ltd. -- (SGD)................... 7,000 66,609
------------
151,534
------------
AUTOMOBILE MANUFACTURERS -- 0.2%
DaimlerChrysler AG -- (DEM)*...... 5,300 462,837
MAN AG -- (DEM).................. 10,000 340,318
------------
803,155
------------
AUTOMOTIVE PARTS -- 0.2%
Bridgestone Corp. -- (JPY)........ 22,000 665,256
------------
BEVERAGES -- 0.3%
Bass PLC -- (GBP)................ 33,300 483,175
Lion Nathan Ltd. -- (NZD)......... 50,000 119,762
Louis Vuitton Moet Hennessy --
(FRF)........................... 2,160 632,398
Louis Vuitton Moet Hennessy
Rights -- (FRF)*................ 2,160 63,151
------------
1,298,486
------------
BROADCASTING -- 0.0%
Publishing & Broadcasting Ltd. --
(AUD)........................... 27,900 184,122
------------
</TABLE>
35
<PAGE> 38
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BUILDING MATERIALS -- 0.1%
Blue Circle Industries
PLC -- (GBP).................... 38,213 $ 254,191
Holderbank Financiere Glarus AG
Cl-B -- (CHF)................... 260 306,898
Malayan Cement BHD -- (MYR)++++... 30,750 18,217
------------
579,306
------------
CHEMICALS -- 0.4%
AKZO Nobel NV -- (NLG)............ 1,600 67,321
BASF AG -- (DEM).................. 8,000 351,456
Bayer AG -- (DEM)................. 7,600 316,249
L'Air Liquide -- (FRF)............ 1,642 258,235
Sumitomo Chemical Co. -- (JPY).... 142,000 651,128
------------
1,644,389
------------
CLOTHING & APPAREL -- 0.3%
Benetton Group SPA -- (ITL)....... 96,600 190,275
Christian Dior SA -- (FRF)........ 1,200 195,528
Kuraray Co. Ltd. -- (JPY)......... 47,000 565,385
Yue Yuen Industrial Holdings --
(HKD)........................... 95,000 219,176
------------
1,170,364
------------
CONGLOMERATES -- 0.6%
Coles Myer Ltd. -- (AUD).......... 35,100 204,222
Cycle & Carriage Ltd. -- (SGD).... 15,000 86,345
GKN PLC -- (GBP).................. 35,500 606,029
Hutchison Whampoa Ltd. -- (HKD)... 64,000 579,485
Mitsui & Co. Ltd. -- (JPY)........ 90,000 627,581
Tomkins PLC -- (GBP).............. 89,300 387,098
Valmet Corp. -- (FIM)............. 4,000 45,376
------------
2,536,136
------------
CONSTRUCTION -- 0.2%
Compagnie Francaise d'Etudes et de
Construction Technip -- (FRF)... 3,300 370,266
Heidelberger Zement AG -- (DEM)... 3,800 307,627
Matsushita Electric Works Ltd. --
(JPY)........................... 24,000 231,600
------------
909,493
------------
CONSUMER PRODUCTS & SERVICES -- 0.3%
JUSCO Co. -- (JPY)................ 11,000 199,940
Kao Corp. -- (JPY)................ 26,000 730,360
Orkla ASA Cl-A -- (NOK)........... 7,600 118,264
------------
1,048,564
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 0.7%
Johnson Electric Holdings Ltd. --
(HKD)........................... 187,200 772,097
Mitsubishi Electric
Corp. -- (JPY).................. 39,000 149,831
Omron Corp. -- (JPY).............. 24,000 396,576
Schneider SA -- (FRF)............. 4,200 235,841
Sharp Corp. -- (JPY).............. 9,000 106,332
Siemans AG -- (DEM)............... 3,800 293,128
Sony Corp. -- (JPY)............... 6,000 646,914
------------
2,600,719
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FINANCIAL-BANK & TRUST -- 1.7%
Abbey National PLC -- (GBP)....... 28,000 $ 525,662
ABN AMRO Holding NV -- (NLG)...... 24,600 532,753
Australia & New Zealand Banking
Group Ltd. -- (AUD)............. 16,300 119,859
Banca Commerciale Italia NA --
(ITL)........................... 61,000 445,384
Bank of Scotland -- (GBP)......... 20,208 267,571
Bankgesellschaft Berlin AG --
(DEM)........................... 10,050 138,881
Barclays PLC -- (GBP)............. 26,291 765,025
Deutsche Bank AG -- (DEM)......... 9,300 566,816
Development Bank of Singapore
Ltd. -- (SGD)................... 4,400 53,757
Dresdner Bank AG -- (DEM)......... 12,200 474,321
HSBC Holdings PLC -- (GBP)........ 18,323 648,988
ING Groep NV -- (NLG)............. 11,753 636,326
KBC Bancassurance Holdings NV --
(BEF)........................... 5,300 314,279
Oversea-Chinese Banking Corp.
Ltd. -- (SGD)................... 6,000 50,045
Svenska Handlesbanken Cl-A --
(SEK)........................... 21,900 262,746
Toronto-Dominion Bank -- (CAD).... 4,100 182,832
UBS AG -- (CHF)................... 3,631 1,083,748
Westpac Banking Corp. Ltd. --
(AUD)........................... 10,000 64,868
------------
7,133,861
------------
FINANCIAL SERVICES -- 0.3%
Holding Di Partecipazioni
Industriali SPA -- (ITL)........ 45,000 28,448
Mediobanca SPA -- (ITL)........... 32,600 341,236
Societe Generale -- (FRF)......... 3,372 594,294
Unidanmark AS Cl-A -- (DKK)....... 4,500 300,343
------------
1,264,321
------------
FOOD -- 0.6%
Associated British Foods PLC --
(GBP)........................... 33,800 223,504
Cadbury Schweppes PLC -- (GBP)... 19,800 126,091
CSM NV -- (NLG)................... 2,400 119,916
Danisco AS -- (DKK)............... 4,000 180,762
Eridania Beghin-Say SA -- (FRF)... 1,800 258,023
Huhtamaki Co. -- (FIM)............ 1,500 54,606
Nestle SA -- (CHF)................ 471 848,630
Tesco PLC -- (GBP)................ 172,529 443,968
------------
2,255,500
------------
HOTELS & MOTELS -- 0.1%
Accor SA -- (FRF)................. 1,800 452,005
------------
</TABLE>
36
<PAGE> 39
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INDUSTRIAL PRODUCTS -- 0.0%
Pacific Dunlop Ltd. -- (AUD)*..... 70,100 $ 101,154
------------
INSURANCE -- 0.8%
Assurances Generales de France --
(FRF)*.......................... 4,300 207,089
AXA SA -- (FRF)................... 4,600 561,195
CKAG Colonia Konzern AG --
(DEM)........................... 5,400 512,334
Istituto Nazionale delle
Assicurazioni -- (ITL).......... 127,100 294,917
Royal & Sun Alliance Insurance
Group PLC -- (GBP).............. 57,636 516,947
Schweizerische Rueckversicherungs-
Gesellschaft -- (DEM)........... 262 498,858
Sumitomo Marine & Fire Insurance
Co. -- (JPY).................... 88,000 530,750
------------
3,122,090
------------
MACHINERY & EQUIPMENT -- 0.0%
SIG Holding AG -- (CHF)........... 280 166,784
------------
MEDICAL SUPPLIES & EQUIPMENT -- 0.2%
Smith and Nephew PLC -- (GBP)..... 98,000 298,140
Terumo Corp. -- (JPY)............. 26,000 578,918
------------
877,058
------------
METALS & MINING -- 0.0%
Lonrho Africa PLC -- (GBP)........ 6,499 4,921
Rio Tinto Ltd. -- (AUD)........... 9,300 152,494
------------
157,415
------------
OFFICE EQUIPMENT -- 0.2%
Canon, Inc. -- (JPY).............. 21,000 603,787
Ricoh Co. Ltd. -- (JPY)........... 25,000 344,112
------------
947,899
------------
OIL & GAS -- 0.1%
Santos Ltd. -- (AUD).............. 32,000 104,849
Societe Nationale Elf Aquitaine
SA -- (FRF)..................... 2,400 352,199
------------
457,048
------------
PAPER & FOREST PRODUCTS -- 0.1%
Bobst SA -- (CHF)................. 160 189,889
Kimberly-Clark de Mexico SA Cl-
A -- (MXP)...................... 10,000 40,221
Svenska Cellulosa AB
Cl-B -- (SEK)................... 3,500 90,570
------------
320,680
------------
PHARMACEUTICALS -- 0.7%
Altana AG -- (DEM)................ 2,100 121,277
AstraZeneca Group PLC -- (SEK)*... 7,398 288,028
Gehe AG -- (DEM).................. 11,550 532,428
Novartis AG -- (CHF).............. 749 1,093,685
Rhone-Poulenc Cl-A -- (FRF)....... 5,400 246,756
Takeda Chemical
Industries -- (JPY)............. 16,000 741,597
------------
3,023,771
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PRINTING & PUBLISHING -- 0.3%
Dai Nippon Printing Co. Ltd. --
(JPY)........................... 40,000 $ 639,478
Elsevier NV -- (NLG).............. 12,000 139,221
Pearson PLC -- (GBP).............. 25,600 520,151
------------
1,298,850
------------
REAL ESTATE -- 0.1%
Cheung Kong Holdings Ltd. --
(HKD)........................... 38,000 337,947
DBS Land Ltd. -- (SGD)............ 25,000 49,927
Westfield Trust -- (AUD).......... 41,300 83,598
------------
471,472
------------
RETAIL & MERCHANDISING -- 0.3%
Carrefour Supermarche
SA -- (FRF)..................... 900 132,260
Mauri Co. Ltd. -- (JPY)........... 39,000 644,436
Pinault-Printemps Redoute SA --
(FRF)........................... 3,000 514,809
------------
1,291,505
------------
TELECOMMUNICATIONS -- 0.5%
Nippon Telegraph & Telephone
Corp. -- (JPY).................. 600 703,922
Telecom Corp. of New Zealand
Ltd. -- (NZD)................... 22,000 94,432
Telecom Italia Mobile
SPA -- (ITL).................... 75,000 447,828
Telecom Italia SPA -- (ITL)....... 41,666 433,126
Telekom Malaysia
BHD -- (MYR)++++................ 100 337
------------
1,679,645
------------
TRANSPORTATION -- 0.3%
BAA PLC -- (GBP).................. 51,075 491,106
BG PLC -- (GBP)................... 42,500 259,596
Nippon Express Co.
Ltd. -- (JPY)................... 99,000 593,005
------------
1,343,707
------------
UTILITIES -- 0.7%
ABB AG -- (CHF)*.................. 296 466,490
Electrabel SA -- (BEF)*........... 720 232,407
Hong Kong Electric Holdings
Ltd. -- (HKD)................... 30,000 96,667
PowerGen PLC -- (GBP)............. 21,300 229,653
Tokyo Electric Power
Co. -- (JPY).................... 27,000 569,954
United Utilities PLC -- (GBP)..... 44,200 537,172
Veba AG -- (DEM).................. 9,300 548,593
------------
2,680,936
------------
TOTAL FOREIGN STOCK
(Cost $36,130,388)................ 43,434,986
------------
</TABLE>
37
<PAGE> 40
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
CORPORATE OBLIGATIONS -- 12.5%
AEROSPACE -- 0.2%
Boeing Co.
6.35%, 06/15/03................. $ 120 $ 119,400
Dyncorp, Inc.
9.50%, 03/01/07................. 300 300,000
Raytheon Co.
6.50%, 07/15/05................. 350 344,313
------------
763,713
------------
AUTOMOTIVE PARTS -- 0.3%
Federal Mogul Corp.
7.75%, 07/01/06................. 300 287,625
Hayes Lemmerz International, Inc.
144A 8.25%, 12/15/08............ 250 236,250
Safelite Glass Corp. Cl-B
9.875%, 12/15/06................ 200 188,000
Venture Holdings Trust 144A
11.00%, 06/01/07................ 500 500,000
------------
1,211,875
------------
BEVERAGES -- 0.3%
Anheuser-Busch Companies, Inc.
7.00%, 12/01/25................. 150 142,313
Seagram, (J.) & Sons Co.
7.60%, 12/15/28................. 1,000 981,250
------------
1,123,563
------------
BROADCASTING -- 0.4%
Adelphia Communications
7.875%, 05/01/09................ 100 93,000
Chancellor Media Corp.
9.00%, 10/01/08................. 250 255,625
8.00%, 11/01/08................. 175 172,375
Chancellor Media Corp. L.A. Cl-B
8.125%, 12/15/07................ 175 170,625
Charter Communications Holdings
LLC 144A
8.25%, 04/01/07................. 600 576,000
United International Holdings,
Inc. Cl-B [STEP]
11.459%, 02/15/08............... 575 382,375
Young Broadcasting, Inc.
10.125%, 02/15/05............... 150 156,563
------------
1,806,563
------------
BUILDING MATERIALS -- 0.3%
American Builders & Contractors
Supply Co., Inc. Cl-B
10.625%, 05/15/07............... 300 282,750
American Standard, Inc.
9.25%, 12/01/16................. 15 15,225
Associated Materials, Inc.
9.25%, 03/01/08................. 350 348,250
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Building Materials Holding Corp.
Cl-B
7.75%, 07/15/05................. $ 600 $ 570,000
Koppers Industry, Inc.
9.875%, 12/01/07................ 75 76,594
------------
1,292,819
------------
BUSINESS SERVICES -- 0.1%
Iron Mountain, Inc.
8.75%, 09/30/09................. 125 123,750
Sitel Corp.
9.25%, 03/15/06................. 100 95,625
------------
219,375
------------
CHEMICALS -- 0.2%
American Pacific Corp.
9.25%, 03/01/05................. 300 311,625
Lyondell Chemical Co. 144A
10.875%, 05/01/09............... 300 312,750
Sovereign Specialty Chemicals Cl-B
9.50%, 08/01/07................. 250 256,563
------------
880,938
------------
CLOTHING & APPAREL -- 0.2%
Delta Mills, Inc.
9.625%, 09/01/07................ 125 118,125
Dyersburg Corp. Cl-B
9.75%, 09/01/07................. 175 78,750
Synthetic Industries, Inc.
9.25%, 02/15/07................. 250 257,500
Westpoint Stevens, Inc.
7.875%, 06/15/08................ 600 582,000
------------
1,036,375
------------
COMPUTER SERVICES & SOFTWARE -- 0.0%
Verio, Inc.
10.375%, 04/01/05............... 150 151,875
------------
CONSTRUCTION -- 0.0%
Newport News Shipbuilding, Inc.
8.625%, 12/01/06................ 150 160,500
------------
CONSUMER PRODUCTS & SERVICES -- 0.5%
Anchor Advanced Products, Inc.
11.75%, 04/01/04................ 600 615,000
Chattem, Inc.
12.75%, 06/15/04................ 350 385,875
Group Maintenance America Corp.
144A
9.75%, 01/15/09................. 300 297,000
Herff Jones, Inc.
11.00%, 08/15/05................ 250 268,750
Holmes Products Corp. Cl-B
9.875%, 11/15/07................ 250 240,625
Protection One Alarm, Inc.
13.625%, 06/30/05 [STEP]........ 130 146,900
8.125%, 01/15/09 144A........... 100 93,125
------------
2,047,275
------------
</TABLE>
38
<PAGE> 41
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
CONTAINERS & PACKAGING -- 0.4%
Consolidated Container Co. LLC
144A
10.125%, 07/15/09............... $ 300 $ 303,000
Container Corp. of America
9.75%, 04/01/03................. 150 157,500
11.25%, 05/01/04................ 100 105,500
Packaging Corp. of America, Inc.
144A
9.625%, 04/01/09................ 600 606,000
Plastic Containers, Inc. Cl-B
10.00%, 12/15/06................ 250 282,500
U.S. Can Corp.
10.125%, 10/15/06............... 150 158,813
------------
1,613,313
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 0.1%
HCC Industries, Inc.
10.75%, 05/15/07................ 250 237,500
Viasystems, Inc.
9.75%, 06/01/07................. 300 263,250
------------
500,750
------------
ENTERTAINMENT & LEISURE -- 1.1%
Bally Total Fitness Holdings
9.875%, 10/15/07................ 225 218,250
Cinemark USA, Inc. Cl-B
8.50%, 08/01/08................. 350 330,750
Harrahs Operating Co., Inc.
7.875%, 12/15/05................ 600 582,000
Hollywood Park, Inc. Cl-B
9.25%, 02/15/07................. 400 396,000
Isle of Capri Casinos 144A
8.75%, 04/15/09................. 650 611,000
Mohegan Tribal Gaming Authority
8.125%, 01/01/06................ 500 490,000
Park Place Entertainment, Inc.
7.875%, 12/15/05................ 600 571,500
Premier Parks, Inc.
9.75%, 06/15/07................. 250 253,750
9.539%, 04/01/08 [STEP]......... 350 238,000
Six Flags Entertainment Corp.
8.875%, 04/01/06................ 175 176,750
Six Flags Theme Parks Corp.
Cl-A [STEP] 11.27%, 06/15/05.... 150 168,375
Time Warner Entertainment Co.
7.25%, 09/01/08................. 500 505,000
------------
4,541,375
------------
EQUIPMENT SERVICES -- 0.0%
Coinmach Corp. Cl-D
11.75%, 11/15/05................ 125 136,250
------------
FARMING & AGRICULTURE -- 0.0%
Purina Mills, Inc.
9.00%, 03/15/10................. 200 158,000
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
FINANCIAL-BANK & TRUST -- 0.3%
Banesto Delaware
8.25%, 07/28/02................. $ 50 $ 52,000
Bank of Nova Scotia
6.25%, 09/15/08................. 50 48,063
BankAmerica Corp.
6.85%, 03/01/03................. 150 151,313
BankUnited Capital Trust Corp.
Cl-B
10.25%, 12/31/26................ 250 253,125
CoreStates Home Equity Trust Corp.
Cl-A
6.65%, 05/15/09................. 36 35,970
First Federal Financial, Inc.
11.75%, 10/01/04................ 125 132,031
MBNA Corp.
6.15%, 10/01/03................. 450 437,625
NationsBank Texas Corp.
6.75%, 08/15/00................. 150 151,313
Provident Bank Corp.
7.125%, 03/15/03................ 175 175,438
------------
1,436,878
------------
FINANCIAL SERVICES -- 0.9%
Ahmanson, (H.F.) & Co.
9.875%, 11/15/99................ 100 101,420
American Express Master Trust
7.60%, 08/15/02................. 500 514,702
Associates Corp. of North America
7.70%, 03/15/00................. 50 50,785
Chrysler Financial Corp.
8.46%, 01/19/00................. 200 203,195
Enhance Financial Services Group,
Inc.
6.75%, 03/01/03................. 300 300,375
Intertek Finance PLC Cl-B
10.25%, 11/01/06................ 250 244,063
Salomon, Inc.
6.75%, 02/15/03................. 500 503,125
Salomon Smith Barney Holding, Inc.
6.625%, 06/01/00................ 200 201,696
Simon Debartolo Group, Inc. L.P.
7.00%, 07/15/09................. 525 496,781
USF&G Capital II Cl-B
8.47%, 01/10/27................. 500 515,000
Wells Fargo & Co.
6.25%, 04/15/08................. 700 672,000
------------
3,803,142
------------
FOOD -- 0.5%
B&G Foods, Inc.
9.625%, 08/01/07................ 350 329,000
Doane Pet Care Co.
9.75%, 05/15/07................. 359 369,770
International Home Foods, Inc.
10.375%, 11/01/06............... 600 648,750
Mrs. Fields Original Cookies Co.
10.125%, 12/01/04............... 25 23,063
</TABLE>
39
<PAGE> 42
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
New World Pasta Co. 144A
9.25%, 02/15/09................. $ 500 $ 508,125
Shoppers Food Warehouse Corp.
9.75%, 06/15/04................. 100 109,000
------------
1,987,708
------------
HEALTHCARE SERVICES -- 0.2%
Quest Diagnostic, Inc.
10.75%, 12/15/06................ 125 137,969
9.875%, 07/01/09 144A........... 225 226,688
Tenet Healthcare Corp.
8.00%, 01/15/05................. 600 588,000
------------
952,657
------------
HOTELS & MOTELS -- 0.3%
Courtyard by Marriott
10.75%, 02/01/08................ 150 153,375
Host Marriott Travel Plaza Corp.
Cl-B
9.50%, 05/15/05................. 600 624,750
Red Roof Inns, Inc.
9.625%, 12/15/03................ 600 598,500
------------
1,376,625
------------
INDUSTRIAL PRODUCTS -- 0.6%
Apcoa Standard Parking, Inc.
9.25%, 03/15/08................. 350 326,813
Fico [ZCB]
13.226%, 04/06/03............... 1,000 793,809
Holmes Products Corp. 144A
9.875%, 11/15/07................ 250 240,625
Luigino's, Inc. 144A
10.00%, 02/01/06................ 400 401,000
Paragon Corp. Holdings, Inc. Cl-B
9.625%, 04/01/08................ 175 104,125
Westinghouse Air Brake Co. 144A
9.375%, 06/15/05................ 600 612,000
------------
2,478,372
------------
INSURANCE -- 0.1%
New York Life Insurance Co. 144A
7.50%, 12/15/23................. 420 392,175
------------
MACHINERY & EQUIPMENT -- 0.2%
Hawk Corp.
10.25%, 12/01/03................ 600 633,000
------------
METALS & MINING -- 0.0%
Freeport-McMoRan Resource
Partners, Inc. L.P.
7.00%, 02/15/08................. 150 141,750
------------
OFFICE EQUIPMENT -- 0.1%
Global Imaging Systems, Inc. 144A
10.75%, 02/15/07................ 300 295,500
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
OIL & GAS -- 0.1%
Flores & Rucks, Inc.
9.75%, 10/01/06................. $ 50 $ 51,563
Pride Petroleum Services, Inc.
9.375%, 05/01/07................ 250 248,750
Tenneco, Inc.
8.20%, 11/15/99................. 55 55,413
8.075%, 10/01/02................ 150 154,688
------------
510,414
------------
PAPER & FOREST PRODUCTS -- 0.3%
International Paper Co.
6.875%, 04/15/29................ 1,000 930,000
Repap New Brunswick Corp.
9.00%, 06/01/04 144A............ 75 69,563
11.50%, 06/01/04................ 150 145,500
------------
1,145,063
------------
PHARMACEUTICALS -- 0.0%
Owens & Minor, Inc.
10.875%, 06/01/06............... 75 79,406
------------
PRINTING & PUBLISHING -- 0.2%
Hollinger International Publishing
Co.
9.25%, 03/15/07................. 600 613,500
Sun Media Corp.
9.50%, 05/15/07................. 163 171,150
------------
784,650
------------
RESTAURANTS -- 0.0%
McDonald's Corp.
6.625%, 09/01/05................ 100 100,625
------------
RETAIL & MERCHANDISING -- 0.4%
Dayton-Hudson Corp.
5.875%, 11/01/08................ 1,500 1,404,375
Wal-Mart Stores, Inc.
7.25%, 06/01/13................. 85 88,719
------------
1,493,094
------------
SEMICONDUCTORS -- 0.0%
Fairchild Semiconductor Corp.
10.125%, 03/15/07............... 125 123,125
------------
TELECOMMUNICATIONS -- 3.0%
Adelphia Communications Corp.
9.875%, 03/01/05................ 500 527,500
Alaska Communications Systems 144A
9.375%, 05/15/09................ 250 241,250
AT&T Corp.
6.50%, 03/15/29................. 1,500 1,357,500
Comcast Cable Communication, Inc.
8.125%, 05/01/04................ 400 420,500
Communication & Power
Industries, Inc.
12.00%, 08/01/05................ 250 262,188
Energis PLC 144A
9.75%, 06/15/09................. 600 606,000
Frontiervision L.P.
11.00%, 10/15/06................ 350 385,875
</TABLE>
40
<PAGE> 43
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Fundy Cable Ltd., Inc.
11.00%, 11/15/05................ $ 150 $ 163,875
Hermes Europe Railtel BV, Inc.
144A
10.375%, 01/15/09............... 250 253,750
ICG Holding, Inc. [STEP]
10.621%, 09/15/05............... 250 225,000
Intermedia Communication, Inc.
9.50%, 03/01/09................. 350 339,500
International Wire Group, Inc.
Cl-B
11.75%, 06/01/05................ 350 361,375
Lucent Technologies, Inc.
6.90%, 07/15/01................. 500 508,125
Mastec, Inc.
7.75%, 02/01/08................. 250 245,313
Metromedia Fiber Network, Inc.
Cl-B
10.00%, 11/15/08................ 300 309,000
MetroNet Communications Corp.
12.00%, 08/15/07................ 100 115,250
8.736%, 06/15/08 [STEP]......... 600 447,000
Microcell Telecommunications, Inc.
Cl-B [STEP]
11.566%, 06/01/06............... 425 343,188
Nextel Communications, Inc. [STEP]
10.225%, 10/31/07............... 575 401,063
NEXTLINK Communications, Inc.
12.50%, 04/15/06................ 125 137,500
6.034%, 06/01/09 [STEP]......... 700 409,500
NTL, Inc. Cl-B [STEP]
10.534%, 04/01/08............... 900 617,625
Orange PLC 144A
9.00%, 06/01/09................. 200 200,500
Pegasus Communications Corp. Cl-B
9.625%, 10/15/05................ 250 245,625
Price Communications Wireless,
Inc.
Cl-B 9.125%, 12/15/06........... 350 353,500
PSINet, Inc. Cl-B
10.00%, 02/15/05................ 150 150,375
Qwest Communications
International, Inc. Cl-B
7.50%, 11/01/08................. 75 74,625
Rogers Cablesystems of America,
Inc. Cl-B
10.00%, 03/15/05................ 125 135,000
Sprint Capital Corp.
6.125%, 11/15/08................ 1,000 935,000
United Telecommunications, Inc.
9.75%, 04/01/00................. 250 256,875
WorldCom, Inc.
7.75%, 04/01/07................. 1,500 1,576,875
------------
12,606,252
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
TRANSPORTATION -- 0.2%
Allied Holdings, Inc. Cl-B
8.625%, 10/01/07................ $ 175 $ 170,844
Coach USA, Inc. Cl-B
9.375%, 07/01/07................ 175 182,000
Stena AB
10.50%, 12/15/05................ 350 352,188
Union Tank Car Co.
7.125%, 02/01/07................ 150 151,875
------------
856,907
------------
UTILITIES -- 1.0%
Citizens Utilities Co.
8.45%, 09/01/01................. 335 349,238
Commonwealth Edison Co.
9.00%, 10/15/99................. 250 251,875
Energy Corp. of America Cl-A
9.50%, 05/15/07................. 250 230,000
Entergy Louisiana, Inc.
6.50%, 03/01/08................. 1,000 970,000
National Rural Utilities Corp.
5.70%, 01/15/10................. 1,000 923,750
Niagara Mohawk Power Corp. Cl-G
7.75%, 10/01/08................. 150 154,688
Northland Cable Television, Inc.
10.25%, 11/15/07................ 250 261,875
Pacific Gas & Electric Co.
6.75%, 12/01/00................. 200 201,000
Public Service Electric & Gas
7.00%, 09/01/24................. 300 281,625
Southern California Edison Corp.
6.50%, 06/01/01................. 100 100,625
------------
3,724,676
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $53,755,850).................. 52,566,578
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 10.2%
Federal Farm Credit Bank
5.86%, 03/03/06................. 2,416 2,345,792
------------
Federal National Mortgage Assoc.
5.25%, 01/15/09................. 2,000 1,833,597
5.325%, 09/25/23 [PO]........... 973 960,260
7.00%, 04/18/22................. 1,000 1,004,413
------------
3,798,270
------------
</TABLE>
41
<PAGE> 44
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Government National Mortgage
Assoc.
6.00%, 10/15/23-05/15/26........ $ 2,443 $ 2,287,376
6.50%, 02/15/24-05/29/29........ 20,675 19,912,807
7.00%, 09/15/23-04/15/28........ 6,539 6,464,939
7.50%, 06/15/24-06/15/29........ 5,743 5,803,622
8.00%, 05/15/16-06/15/26........ 633 650,389
8.50%, 06/15/16-10/15/26........ 1,084 1,134,374
9.00%, 07/15/16-05/15/17........ 60 63,701
9.50%, 10/15/09-01/15/20........ 20 21,320
10.00%, 11/15/09................ 7 7,174
10.50%, 08/15/15................ 4 4,222
11.50%, 06/15/10-09/15/15....... 46 51,811
12.00%, 09/15/13-01/15/14....... 3 3,182
------------
36,404,917
------------
Tennessee Valley Authority
6.875%, 12/15/43................ 40 38,400
7.25%, 07/15/43................. 20 19,975
------------
58,375
------------
(Cost $43,213,951)................ 42,607,354
------------
U.S. TREASURY OBLIGATIONS -- 11.7%
U.S. Treasury Bonds
11.625%, 11/15/02............... 100 117,596
7.125%, 02/15/23................ 240 266,042
7.625%, 02/15/25................ 300 353,628
6.875%, 08/15/25................ 300 325,185
6.00%, 02/15/26................. 100 97,528
6.75%, 08/15/26................. 11,325 12,121,217
6.625%, 02/15/27................ 3,250 3,431,231
5.50%, 08/15/28................. 7,000 6,403,999
------------
23,116,426
------------
U.S. Treasury Notes
6.875%, 03/31/00................ 250 253,119
6.25%, 05/31/00-02/15/07........ 2,100 2,139,490
6.125%, 09/30/00-08/15/07....... 2,150 2,173,476
5.625%, 11/30/00-05/15/08....... 16,375 16,178,757
5.75%, 08/15/03................. 665 663,745
7.50%, 02/15/05................. 250 268,639
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
5.875%, 11/15/05................ $ 425 $ 423,962
6.50%, 10/15/06................. 3,850 3,975,625
------------
26,076,813
------------
(Cost $50,330,859)................ 49,193,239
------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 0.8%
Advanta Home Equity Loan Trust
1993-1 Cl-A2
5.95%, 05/25/09................. 1,406 1,364,173
Government National Mortgage
Assoc. Series 1998-22 C1-ZA
6.50%, 09/20/28................. 1,944 1,894,392
------------
(Cost $3,334,802)................. 3,258,565
------------
COMMERCIAL PAPER -- 5.7%
New York Times Co.
5.03%, 08/04/99................. 5,000 4,976,247
Park Avenue Receivables Corp.++
5.05%, 07/15/99................. 5,000 4,990,181
Rockwell International Corp.
4.87%, 07/13/99................. 5,000 4,991,883
Sand Dollar Funding LLC++
5.85%, 07/01/99................. 4,067 4,067,000
UBS Finance Corp.
4.79%, 08/09/99................. 5,000 4,973,675
------------
(Cost $23,999,365)................ 23,998,986
------------
<CAPTION>
SHARES
---------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 2.2%
Temporary Investment Cash Fund
(Cost $9,165,395)................. 9,165,395 9,165,395
------------
TOTAL INVESTMENTS -- 99.5%
(Cost $334,278,149)................. 417,164,747
OTHER ASSETS LESS
LIABILITIES -- 0.5%................. 2,169,602
------------
NET ASSETS -- 100.0%.................. $419,334,349
============
</TABLE>
- --------------------------------------------------------------------------------
Unless otherwise noted, all stocks are common stock.
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
++ Security is restricted as to resale and may not be resold except to
qualified institutional buyers. At the end of the period, these securities
amounted to 2.2% of net assets.
++++ Illiquid security. At the end of the period, these securities amounted to
less than 0.1% of net assets.
144A -- Security was purchased pursuant to Rule 144A under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers. At the end of the period, these securities
amounted to 1.8% of net assets.
See Notes to Financial Statements.
42
<PAGE> 45
AST PIMCO TOTAL RETURN BOND PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 32.2%
Federal Home Loan Mortgage Corp.
6.00%, 07/14/28 [TBA]......... $ 16,200 $ 15,235,614
6.50%, 07/14/26............... 36,800 35,529,296
6.596%, 02/01/24 [VR]......... 720 735,694
7.00%, 04/25/19 [IO].......... 101 6,715
8.25%, 08/01/17............... 274 284,422
--------------
51,791,741
--------------
Federal National Mortgage Assoc.
5.50%, 07/14/29 [TBA]......... 20,000 18,225,000
5.812%, 10/01/27-06/01/28
[VR]........................ 2,167 2,129,016
6.00%, 03/01/13-12/01/28...... 63,309 60,553,257
6.25%, 05/25/08 [IO].......... 236 53,938
6.50%, 07/14/28 [TBA]......... 16,500 15,917,385
6.548%, 11/01/27.............. 20,039 20,164,649
6.90%, 05/25/23............... 228 213,357
7.074%, 01/01/24 [VR]......... 122 125,033
7.50%, 04/01/24............... 2,214 2,237,757
9.40%, 07/25/03............... 115 119,744
--------------
119,739,136
--------------
Government National Mortgage Assoc.
6.125%, 10/20/23-10/20/25
[VR]+....................... 7,913 8,027,681
6.125%, 11/20/26-12/20/26..... 15,752 15,926,965
6.375%, 03/20/17-03/20/24
[VR]+....................... 8,647 8,740,684
6.375%, 01/20/26-02/20/27+.... 19,883 20,117,192
6.50%, 09/15/23-07/21/29...... 63,408 60,197,671
6.625%, 08/20/23-09/20/23
[VR]+....................... 9,063 9,205,064
6.625%, 09/20/24 [VR]......... 780 794,522
6.875%, 06/20/22-04/20/23
[VR]........................ 2,846 2,902,576
7.50%, 12/20/23............... 278 279,573
--------------
126,191,928
--------------
Student Loan Marketing Assoc.
5.07%, 04/25/04 [FRN]......... 5,143 5,131,845
5.175%, 04/25/07 [VR]......... 17,000 16,941,859
--------------
22,073,704
--------------
(Cost $323,540,761)............. 319,796,509
--------------
U.S. TREASURY OBLIGATIONS -- 6.3%
U.S. Treasury Bills
4.39%, 09/16/99#.............. 420 415,877
4.42%, 09/16/99#.............. 350 346,564
4.45%, 09/16/99#.............. 160 158,429
4.50%, 09/16/99#.............. 15 14,853
4.53%, 09/16/99#.............. 80 79,215
4.535%, 09/16/99#............. 30 29,705
4.54%, 09/16/99#.............. 1,210 1,198,121
4.55%, 09/16/99#.............. 860 851,557
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
4.62%, 09/16/99#.............. $ 170 $ 168,331
4.625%, 09/16/99#............. 305 302,006
--------------
3,564,658
--------------
U.S. Treasury Inflationary Bonds
3.625%, 07/15/02.............. 15,000 15,416,602
3.625%, 01/15/08.............. 1,100 1,099,896
3.875%, 01/15/09.............. 1,900 1,903,969
--------------
18,420,467
--------------
U.S. Treasury Notes
5.375%, 07/31/00.............. 40,000 40,012,576
5.75%, 11/30/02............... 900 900,224
--------------
40,912,800
--------------
(Cost $62,920,830).............. 62,897,925
--------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 34.4%
Chase Series 1999-S8 Cl-A1
6.35%, 06/25/29............... 7,000 6,974,826
Citicorp Mortgage Securities,
Inc. [VR]
6.765%, 10/25/22.............. 296 299,406
CMC Securities Corp. III Series
1998-1 Cl-A19
6.75%, 05/25/28............... 36,592 35,448,088
Contimortgage Home Equity Loan
Trust Cl-A2
5.096%, 10/15/12.............. 8,969 8,969,086
Countrywide Adjustable Rate
Mortgage [VR]
6.832%, 03/25/24.............. 199 200,627
7.597%, 11/25/24.............. 119 120,330
Countrywide Home Loans Series
1999-7 Cl-A3
6.25%, 06/25/14............... 10,000 9,673,438
Credit Suisse First Boston, Inc.
Series 1998-1 Cl-A5
6.75%, 07/25/28............... 3,500 3,337,512
DLJ Mortgage Acceptance Corp.
Series 1999-1 Cl-1A3
6.625%, 01/25/29.............. 18,800 17,695,970
Federal National Mortgage Assoc.
Series 1997-77 Cl-G
6.50%, 05/18/23............... 10,682 10,660,834
First Plus Home Loan Trust
Series 1998-5 Cl-A3 [VR]
6.06%, 09/10/11............... 10,000 10,016,950
Freddie Mac Series 2145 Cl-MZ
6.50%, 04/15/29............... 10,104 8,629,595
Green Tree Recreational
Equipment Series 1999-A Cl-A4
6.43%, 04/17/06............... 2,000 1,996,763
MBNA Master Credit Card Trust
Cl-A [VR]
5.121%, 01/15/02.............. 15,000 14,982,000
</TABLE>
43
<PAGE> 46
AST PIMCO TOTAL RETURN BOND PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Mellon Bank Home Equity
Installment Loan
Series 1999-1 Cl-A1
5.90%, 06/25/01............... $ 23,508 $ 23,379,081
Merrill Lynch Mortgage
Investors, Inc.
1998-C3 Cl-A1
5.65%, 12/15/30............... 8,337 8,025,778
Mortgage Capital Trust VI
9.50%, 02/01/18............... 7 7,085
PNC Mortgage Securities Corp.
Series 1997-3 Cl-2A4
7.50%, 05/25/27............... 14,659 14,784,174
PNC Mortgage Securities Corp.
Series 1998-1 Cl-5A4
7.01%, 02/25/28............... 19,000 18,412,288
PNC Mortgage Securities Series
1999-5 Cl-1A9
6.30%, 06/25/29............... 66,610 65,839,655
Prudential Home Mortgage
Securities
6.50%, 01/25/00............... 1,968 1,960,213
Prudential-Bache Trust
8.40%, 03/20/21............... 1,876 1,931,861
Residential Funding Mortgage
Securities Series 1998-S30
Cl-A6
6.50%, 12/25/28............... 32,728 30,540,581
Rothschild, (L.F.) Mortgage
Trust
9.95%, 08/01/17............... 1,161 1,238,168
Salomon Brothers Mortgage
1999-3-A
5.303%, 04/25/29.............. 19,394 19,394,435
Structured Asset Mortgage
Investments, Inc.
6.30%, 04/25/29............... 285,190 27,967,300
--------------
(Cost $348,781,689)............. 342,486,044
--------------
CORPORATE OBLIGATIONS -- 43.4%
AIRLINES -- 2.6%
American Airlines, Inc.
10.19%, 05/26/15.............. 250 304,030
Continental Airlines, Inc.
6.954%, 02/02/11.............. 15,000 14,719,725
United Air Lines, Inc.
10.36%, 11/13/12.............. 6,925 8,245,043
10.36%, 11/27/12.............. 500 595,035
10.02%, 03/22/14.............. 2,000 2,282,000
--------------
26,145,833
--------------
CONGLOMERATES -- 1.2%
Philip Morris Companies, Inc.
[VR]
6.15%, 03/15/00............... 11,600 11,614,500
--------------
ENTERTAINMENT & LEISURE -- 0.1%
Time Warner, Inc.
7.975%, 08/15/04.............. 262 273,462
8.11%, 08/15/06............... 525 552,563
8.18%, 08/15/07............... 525 561,094
--------------
1,387,119
--------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
FINANCIAL-BANK & TRUST -- 6.8%
Citicorp [FRN]
5.443%, 11/30/00.............. $ 6,000 $ 6,031,020
First of America Bank
6.00%, 10/01/99............... 13,750 13,769,199
Household Bank [FRN]
5.188%, 10/22/03.............. 11,750 11,691,838
LG&E Capital Corp. 144A
6.205%, 05/01/04.............. 5,000 4,912,500
PNC Bank Corp. NA [FRN]
4.88%, 07/01/99............... 20,000 19,999,654
Popular North America, Inc. Cl-D
6.625%, 01/15/04.............. 11,500 11,241,733
--------------
67,645,944
--------------
FINANCIAL SERVICES -- 21.7%
Avco Financial Services, Inc.
5.75%, 01/23/01............... 7,850 7,800,938
Beneficial Corp. Cl-H [FRN]
5.101%, 01/09/02.............. 10,000 9,987,000
Chrysler Financial Corp. [FRN]
5.03%, 06/11/01............... 5,000 4,999,240
5.12%, 01/30/02............... 10,000 10,001,230
Ford Motor Credit Co. [FRN]
5.206%, 09/03/01.............. 10,000 9,995,820
5.184%, 04/28/05.............. 19,970 19,871,248
General Motors Acceptance Corp.
5.196%, 12/10/01 [FRN]........ 2,100 2,096,240
5.55%, 09/15/03............... 3,000 2,872,500
5.246%, 04/05/04 [FRN]........ 10,000 10,037,610
6.85%, 06/17/04............... 2,000 2,027,500
Goldman Sachs Group [FRN] 144A
5.258%, 11/24/00.............. 20,000 19,987,400
Household Finance Corp. [FRN]
5.455%, 06/17/05.............. 30,500 30,261,612
Lehman Brothers Holdings Cl-E
[FRN]
5.90%, 04/02/02............... 10,000 10,000,000
Merrill Lynch & Co., Inc.
5.08%, 01/23/01 [FRN]......... 2,650 2,648,940
5.195%, 02/04/03 [FRN]........ 23,000 23,016,100
6.375%, 10/15/08.............. 10,000 9,587,500
New England Educational Loan
Marketing Assoc. Cl-B [FRN]
144A
5.27%, 06/11/01............... 10,000 9,994,000
St. George Holdings [FRN] 144A
5.30%, 07/01/01............... 30,000 29,962,500
--------------
215,147,378
--------------
HEALTHCARE SERVICES -- 0.2%
Tenet Healthcare Corp.
8.00%, 01/15/05............... 2,000 1,960,000
--------------
INSURANCE -- 0.5%
Residential Reinsurance [VR]
144A
8.693%, 09/01/99.............. 5,000 4,990,624
--------------
</TABLE>
44
<PAGE> 47
AST PIMCO TOTAL RETURN BOND PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
OIL & GAS -- 2.0%
Conoco, Inc.
5.90%, 04/15/04............... $ 20,000 $ 19,575,000
--------------
RAILROADS -- 0.5%
Union Pacific Co.
7.875%, 02/15/02.............. 5,000 5,137,500
--------------
REAL ESTATE -- 0.5%
Spieker Properties, Inc. L.P.
6.95%, 12/15/02............... 5,000 4,968,750
--------------
TELECOMMUNICATIONS -- 4.8%
AT&T Capital Corp. Cl-F
6.25%, 05/15/01............... 13,100 13,001,750
Sprint Corp.
9.50%, 04/01/03............... 22,500 24,613,223
TCI Communications, Inc. [FRN]
5.985%, 09/11/00.............. 10,000 10,093,700
--------------
47,708,673
--------------
UTILITIES -- 2.5%
CMS Energy Corp.
8.125%, 05/15/02.............. 5,000 5,068,750
Connecticut Light & Power Co.
Cl-C
7.75%, 06/01/02............... 4,000 4,050,000
Connecticut Light & Power Co./
West Massachusetts Electric
Co. 144A
8.59%, 06/05/03............... 5,000 4,948,730
Louisiana Power & Light Corp.
7.74%, 07/01/02............... 1,890 1,892,363
Petroleos Mexicanos Co. [FRN]
144A
9.657%, 07/15/05.............. 10,000 9,350,000
--------------
25,309,843
--------------
TOTAL CORPORATE OBLIGATIONS
(Cost $434,392,649)............... 431,591,164
--------------
SOVEREIGN ISSUES -- 3.8%
ARGENTINA -- 2.4%
Province of Buenos Aires 144A
12.50%, 03/15/02.............. 10,000 10,050,000
Republic of Argentina [BRB, FRB]
5.938%, 03/31/05.............. 3,153 2,695,559
Republic of Argentina [FRB]
Series PRE2
4.93%, 07/01/99............... 8,607 7,916,540
Republic of Argentina [VR]
14.25%, 11/30/99.............. 3,000 2,925,000
--------------
23,587,099
--------------
MEXICO -- 0.9%
United Mexican States [FRN]
6.25%, 06/27/02............... 10,000 9,770,000
--------------
PHILIPPINES -- 0.5%
Bangko Sentral Pilipinas
8.60%, 06/15/27............... 6,000 4,890,000
--------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C>
TOTAL SOVEREIGN ISSUES
(Cost $39,129,777)................ $ 38,247,099
--------------
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000)
----------
<S> <C> <C>
FOREIGN BONDS -- 0.7%
CANADA -- 0.4%
Canadian Government
4.25%, 12/01/26............... 5,239 3,687,036
--------------
NEW ZEALAND -- 0.3%
Inter-American Development Bank
5.75%, 04/15/04............... 5,700 2,894,704
--------------
TOTAL FOREIGN BONDS
(Cost $6,900,331)................. 6,581,740
--------------
<CAPTION>
PAR
(000)
----------
<S> <C> <C>
BANK LOAN OBLIGATIONS -- 2.0%
Columbia HCA Healthcare
Corp.++++
6.688%, 09/30/99.............. $ 15,000 14,925,000
Starwood Hotel IRN 144A
7.675%, 02/23/03.............. 5,000 4,993,750
--------------
(Cost $19,973,088).............. 19,918,750
--------------
<CAPTION>
SHARES
----------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.4%
Temporary Investment Cash
Fund.......................... 1,849,227 1,849,227
Temporary Investment Fund....... 1,849,226 1,849,226
--------------
(Cost $3,698,453)............... 3,698,453
--------------
<CAPTION>
NUMBER
OF
CONTRACTS
----------
<S> <C> <C>
OPTIONS -- 0.0%
CALL OPTIONS
5 Year U.S. Treasury Notes,
Strike Price 99-9.25,
Expires 8/20/99............... 4,000 70,000
--------------
PUT OPTIONS
5 Year U.S. Treasury Notes,
Strike Price 90,
Expires 8/20/99............... 8,000 0
--------------
TOTAL OPTIONS (Cost $456,250)....... 70,000
--------------
TOTAL INVESTMENTS -- 123.2% (Cost
$1,239,793,828)................... 1,225,287,684
--------------
</TABLE>
45
<PAGE> 48
AST PIMCO TOTAL RETURN BOND PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER
OF
CONTRACTS VALUE
--------- -----------
<S> <C> <C>
WRITTEN OPTIONS -- (0.1%)
CALL OPTIONS
5 Year U.S. Treasury Notes,
Strike Price 101-8,
Expires 8/20/99............... 4,000 $ (2,800)
30 Year U.S. Treasury Bond
Futures,
Strike Price 124,
Expires 8/22/99............... 760 (2,375)
30 Year U.S. Treasury Bond
Futures,
Strike Price 126,
Expires 8/22/99............... 2,330 (3,641)
--------------
(8,816)
--------------
PUT OPTIONS
5 Year U.S. Treasury Notes,
Strike Price 97-31,
Expires 8/20/99............... 8,000 (305,600)
30 Year U.S. Treasury Bond
Futures,
Strike Price 112,
Expires 8/22/99............... 190 (6,531)
30 Year U.S. Treasury Bond
Futures,
Strike Price 114,
Expires 8/22/99............... 3,090 (231,750)
--------------
(543,881)
--------------
TOTAL WRITTEN OPTIONS (Cost
($775,563))....................... (552,697)
--------------
<CAPTION>
PAR
(000)
----------
<S> <C> <C>
REVERSE REPURCHASE AGREEMENTS -- (5.5%)+
Morgan Stanley 5.17%, due
07/26/99, dated 06/23/99...... $ 42,464 (42,506,688)
Morgan Stanley 5.18%, due
07/26/99, dated 06/29/99...... 2,480 (2,480,357)
Morgan Stanley 5.21%, due
08/25/99, dated 06/25/99...... 9,978 (9,986,664)
--------------
(Cost ($54,922,000))............ (54,973,709)
--------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
SALE COMMITMENTS -- (1.5%)
Federal Home Loan Mortgage Corp.
[TBA]
(Cost ($15,186,234))............ $ 16,200 $ (15,235,614)
--------------
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (16.1%)................. (160,378,550)
--------------
NET ASSETS -- 100.0%................ $ 994,147,114
==============
</TABLE>
Foreign currency exchange contracts outstanding at June 30, 1999:
<TABLE>
<CAPTION>
IN
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE TO DELIVER FOR AT VALUE APPRECIATION
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
07/99 Sell CAD 5,381,000 $3,688,143 $3,638,860 $49,283
08/99 Sell NZD 5,648,000 3,014,902 2,992,286 22,616
---------- ---------- -------
$6,703,045 $6,631,146 $71,899
========== ========== =======
# Securities with an aggregate market value of $3,564,658 have been segregated
with the custodian to cover margin requirements for the following open
futures contracts at June 30, 1999:
</TABLE>
<TABLE>
<CAPTION>
NOTIONAL UNREALIZED
EXPIRATION AMOUNT APPRECIATION
DESCRIPTION MONTH (000) (DEPRECIATION)
- ----------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Treasury 30 Year
Bond................ 09/99 $ 551,000 $ (96,594)
U.S. Treasury 10 Year
Note................ 09/99 1,018,000 (527,656)
U.S. Treasury 5 Year
Note................ 09/99 23,000 26,281
Euro Dollar........... 12/99 ECU 172,000 (351,812)
Euro Dollar........... 03/00 ECU 172,000 (397,050)
Euro Dollar........... 03/01 ECU 19,000 (24,462)
Euro Dollar........... 06/01 ECU 19,000 (27,075)
Euro Dollar........... 09/01 ECU 146,000 (264,025)
-----------
$(1,662,393)
===========
</TABLE>
46
<PAGE> 49
AST PIMCO TOTAL RETURN BOND PORTFOLIO
- --------------------------------------------------------------------------------
Interest rate swap agreements outstanding at June 30, 1999:
<TABLE>
<CAPTION>
NOTIONAL
EXPIRATION AMOUNT UNREALIZED
DESCRIPTION MONTH (000) DEPRECIATION
- ----------------------------------------------------------------------
<S> <C> <C> <C> <C>
Receive variable rate payments on
the six month LIBOR-BBA floating
rate and pay fixed rate payments on
the then-current Japanese 10 Year
Government Bonds with a spread of:
2.295................. 04/08 JPY 580,000 $43,822
2.305................. 04/08 JPY 377,000 30,930
-------
$74,752
=======
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
144A -- Security was purchased pursuant to Rule 144A under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers. At the end of the period, these securities
amounted to 9.1% of net assets.
++++ Illiquid security. At the end of the period, this security amounted to 1.5%
of net assets.
+ Reverse repurchase agreements are collateralized by $55,370,969 Government
National Mortgage Assoc.,
6.00%-6.875%, maturing 08/20/23-02/20/27.
See Notes to Financial Statements.
47
<PAGE> 50
AST INVESCO EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 73.9%
AEROSPACE -- 3.4%
AlliedSignal, Inc. .............. 211,700 $ 13,337,100
General Dynamics Corp. .......... 41,000 2,808,500
General Motors Corp. Cl-H........ 165,200 9,292,500
Northrop Grumman Corp. .......... 55,000 3,647,187
Raytheon Co. Cl-B................ 70,300 4,947,362
------------
34,032,649
------------
AUTOMOBILE MANUFACTURERS -- 0.8%
Ford Motor Co.................... 150,000 8,465,625
------------
BEVERAGES -- 2.3%
Anheuser-Busch Companies,
Inc. .......................... 220,000 15,606,250
Coors, (Adolph) Co. Cl-B......... 150,000 7,425,000
------------
23,031,250
------------
BROADCASTING -- 1.1%
AT&T Corp. Liberty Media Group
Cl-A*.......................... 295,200 10,848,600
------------
CHEMICALS -- 0.5%
Lyondell Chemical Co............. 252,000 5,197,500
------------
COMPUTER HARDWARE -- 2.1%
EMC Corp.*....................... 70,000 3,850,000
International Business Machines
Corp........................... 136,000 17,578,000
------------
21,428,000
------------
COMPUTER SERVICES & SOFTWARE -- 1.0%
Microsoft Corp.*................. 109,000 9,830,437
------------
CONGLOMERATES -- 2.4%
Philip Morris Companies, Inc. ... 200,000 8,037,500
Textron, Inc. ................... 86,000 7,078,875
Tyco International Ltd. ......... 95,000 9,001,250
------------
24,117,625
------------
CONSUMER PRODUCTS & SERVICES -- 2.6%
Colgate-Palmolive Co. ........... 160,000 15,800,000
Maytag Corp. .................... 150,000 10,453,125
------------
26,253,125
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 6.8%
Altera Corp.*.................... 200,000 7,362,500
General Electric Co. ............ 150,000 16,950,000
Honeywell, Inc. ................. 27,300 3,163,387
Tandy Corp. ..................... 520,000 25,415,000
Texas Instruments, Inc........... 100,000 14,500,000
------------
67,390,887
------------
ENTERTAINMENT & LEISURE -- 0.3%
Park Place Entertainment
Corp.*......................... 320,000 3,100,000
------------
FINANCIAL-BANK & TRUST -- 7.2%
Bank of New York Co., Inc. ...... 400,000 14,675,000
Charter One Financial, Inc. ..... 315,000 8,760,937
Chase Manhattan Corp. ........... 170,000 14,726,250
Fleet Financial Group, Inc. ..... 220,000 9,762,500
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Morgan, (J.P.) & Co., Inc. ...... 90,000 $ 12,645,000
Summit Bancorp................... 260,000 10,871,250
------------
71,440,937
------------
FINANCIAL SERVICES -- 0.7%
Citigroup, Inc. ................. 150,000 7,125,000
------------
FOOD -- 3.7%
General Mills, Inc. ............. 140,000 11,252,500
Heinz, (H.J.) Co. ............... 200,000 10,025,000
Kellogg Co. ..................... 140,000 4,620,000
Quaker Oats Co. ................. 160,000 10,620,000
------------
36,517,500
------------
HOTELS & MOTELS -- 1.4%
Hilton Hotels Corp. ............. 320,000 4,540,000
Marriott International, Inc.
Cl-A........................... 250,000 9,343,750
------------
13,883,750
------------
INSURANCE -- 3.2%
Allmerica Financial Corp. ....... 250,363 15,225,200
Ohio Casualty Corp. ............. 150,000 5,418,750
Travelers Property Casualty
Corp. Cl-A..................... 290,000 11,346,250
------------
31,990,200
------------
MEDICAL SUPPLIES & EQUIPMENT -- 2.1%
Boston Scientific Corp.*......... 250,000 10,984,375
Medtronic, Inc. ................. 132,000 10,279,500
------------
21,263,875
------------
METALS & MINING -- 1.3%
Newmont Mining Corp. ............ 100,994 2,007,256
Phelps Dodge Corp. .............. 77,100 4,775,381
Reynolds Metals Co. ............. 101,000 5,959,000
------------
12,741,637
------------
OIL & GAS -- 5.7%
Apache Corp. .................... 200,000 7,800,000
Atlantic Richfield Co. .......... 80,000 6,685,000
Exxon Corp. ..................... 100,000 7,712,500
Halliburton Co. ................. 241,000 10,905,250
Royal Dutch Petroleum Co. ....... 100,000 6,025,000
Schlumberger Ltd. ............... 150,000 9,553,125
Unocal Corp. .................... 205,000 8,123,125
------------
56,804,000
------------
PAPER & FOREST PRODUCTS -- 1.9%
Champion International Corp. .... 180,000 8,617,500
Weyerhaeuser Co. ................ 152,900 10,511,875
------------
19,129,375
------------
PHARMACEUTICALS -- 4.5%
American Home Products Corp. .... 76,000 4,370,000
Bristol-Meyers Squibb Co. ....... 132,000 9,297,750
Merck & Co., Inc. ............... 182,000 13,468,000
Pharmacia & Upjohn, Inc. ........ 90,000 5,113,125
SmithKline Beecham PLC [ADR]..... 100,000 6,606,250
Warner-Lambert Co. .............. 90,000 6,243,750
------------
45,098,875
------------
</TABLE>
48
<PAGE> 51
AST INVESCO EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RAILROADS -- 2.8%
Kansas City Southern Industries,
Inc. .......................... 363,000 $ 23,163,937
Norfolk Southern Corp. .......... 150,000 4,518,750
------------
27,682,687
------------
RESTAURANTS -- 0.9%
McDonald's Corp. ................ 220,000 9,088,750
------------
RETAIL & MERCHANDISING -- 2.9%
Dayton-Hudson Corp. ............. 200,000 13,000,000
Penney, (J.C.) Co., Inc. ........ 170,000 8,255,625
Wal-Mart Stores, Inc. ........... 156,000 7,527,000
------------
28,782,625
------------
SEMICONDUCTORS -- 2.5%
Intel Corp. ..................... 147,000 8,746,500
Motorola, Inc. .................. 172,800 16,372,800
------------
25,119,300
------------
TELECOMMUNICATIONS -- 8.4%
Ameritech Corp. ................. 100,000 7,350,000
Bell Atlantic Corp. ............. 200,000 13,075,000
BellSouth Corp. ................. 120,000 5,625,000
Frontier Corp. .................. 182,000 10,738,000
GTE Corp. ....................... 100,000 7,575,000
MediaOne Group, Inc.*............ 150,000 11,156,250
SBC Communications, Inc. ........ 180,000 10,440,000
Sprint Corp. (FON Group)......... 125,400 6,622,687
U.S. West, Inc. ................. 190,000 11,162,500
------------
83,744,437
------------
TRANSPORTATION -- 1.1%
Galileo International, Inc. ..... 205,000 10,954,687
------------
UTILITIES -- 0.3%
Alliant Energy Corp. ............ 88,400 2,508,350
------------
TOTAL COMMON STOCK
(Cost $530,388,486)................ 737,571,683
------------
PREFERRED STOCK -- 0.1%
METALS & MINING
Kinam Gold, Inc. $3.75 Cl-B
(Cost $996,575).................. 20,000 667,500
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
CORPORATE OBLIGATIONS -- 19.3%
AIRLINES -- 0.4%
Delta Air Lines, Inc.
10.375%, 12/15/22.............. $ 3,500 $ 4,418,750
------------
BROADCASTING -- 0.3%
American Radio Systems Co. 9.00%,
02/01/06....................... 130 139,588
Continental Cablevision, Inc.
9.50%, 08/01/13................ 2,000 2,315,000
------------
2,454,588
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
---------- ------------
<S> <C> <C>
BUILDING MATERIALS -- 0.4%
USG Corp.
8.50%, 08/01/05................ $ 3,500 $ 3,715,075
------------
CHEMICALS -- 0.3%
Equistar Chemicals L.P.
7.55%, 02/15/26................ 2,225 1,810,594
Huntsman ICI Chemicals 144A
10.125%, 07/01/09.............. 1,000 1,005,000
------------
2,815,594
------------
COMPUTER SERVICES & SOFTWARE -- 0.1%
Rhythms Netconnections, Inc. 144A
12.75%, 04/15/09............... 1,000 942,500
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 0.1%
Detroit Edison Co.
8.30%, 08/01/22................ 1,000 1,027,500
------------
ENTERTAINMENT & LEISURE -- 0.6%
Aztar Corp. 144A
8.875%, 05/15/07............... 1,000 960,000
GCI, Inc.
9.75%, 08/01/07................ 1,000 1,002,500
Hollywood Casino Corp. 144A
11.25%, 05/01/07............... 1,250 1,256,250
Horseshoe Gaming Holdings Corp.
144A
8.625%, 05/15/09............... 2,500 2,425,000
------------
5,643,750
------------
FINANCIAL SERVICES -- 0.5%
Associates Corp. of North America
Cl-E
7.375%, 06/11/07............... 2,400 2,440,498
DQU II Funding Corp.
8.70%, 06/01/16................ 1,989 2,145,634
------------
4,586,132
------------
HEALTHCARE SERVICES -- 0.1%
FHP International Corp.
7.00%, 09/15/03................ 1,000 1,000,000
------------
HOTELS & MOTELS -- 0.2%
Hilton Hotels Corp.
7.20%, 12/15/09................ 2,000 1,887,500
------------
INDUSTRIAL PRODUCTS -- 0.7%
Heritage Media Corp.
8.75%, 02/15/06................ 1,500 1,608,750
Inland Steel Co. Cl-R
7.90%, 01/15/07 2,000 2,017,500
JCAC, Inc.
10.125%, 06/15/06.............. 1,000 1,088,750
National Steel Corp.
8.375%, 08/01/06............... 1,500 1,434,375
Worldwide Fiber, Inc. 144A
12.50%, 12/15/05............... 1,500 1,518,750
------------
7,668,125
------------
</TABLE>
49
<PAGE> 52
AST INVESCO EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
---------- ------------
<S> <C> <C>
INSURANCE -- 0.4%
The Equitable Companies, Inc.
9.00%, 12/15/04................ $ 4,035 $ 4,418,325
------------
MACHINERY & EQUIPMENT -- 0.2%
Nationsrent, Inc.
10.375%, 12/15/08.............. 1,950 1,935,375
------------
METALS & MINING -- 0.1%
Glencore Nickel Property Ltd.
9.00%, 12/01/14................ 1,500 1,297,500
------------
OIL & GAS -- 2.0%
Atlantic Richfield Co.
10.875%, 07/15/05.............. 3,000 3,607,500
Belco Oil & Gas Corp. Cl-B
8.875%, 09/15/07............... 1,500 1,455,000
Canadian Forest Oil Ltd.
8.75%, 09/15/07................ 1,500 1,440,000
Cliffs Drilling Co. Cl-B
10.25%, 05/15/03............... 1,900 1,857,250
Gulf Canada Resources Ltd.
8.35%, 08/01/06................ 1,000 992,500
8.25%, 03/15/17................ 1,000 938,750
Navigator Gas Transport 144A
10.50%, 06/30/07............... 1,000 495,000
Noram Energy Corp. [CVT]
6.00%, 03/15/12................ 1,429 1,284,314
NRG Energy, Inc.
7.50%, 06/15/07................ 2,500 2,478,125
Ocean Energy, Inc.
10.375%, 10/15/05.............. 1,025 1,081,375
Ocean Energy, Inc. Cl-B
8.875%, 07/15/07............... 2,000 2,000,000
Sun Co., Inc.
9.375%, 06/01/16............... 1,000 1,105,000
Veritas Holdings
9.625%, 12/15/03............... 800 794,000
------------
19,528,814
------------
PAPER & FOREST PRODUCTS -- 0.7%
Chesapeake Corp.
7.20%, 03/15/05................ 5,000 5,050,000
Quno Corp.
9.125%, 05/15/05............... 2,150 2,288,002
------------
7,338,002
------------
PHARMACEUTICALS -- 0.2%
Pharmerica, Inc.
8.375%, 04/01/08............... 2,000 2,135,000
------------
PRINTING & PUBLISHING -- 0.3%
World Color Press, Inc.
7.75%, 02/15/09................ 3,000 2,775,000
------------
TELECOMMUNICATIONS -- 6.9%
AT&T Corp.
6.00%, 03/15/09................ 2,000 1,890,000
6.50%, 03/15/29................ 3,000 2,715,000
Call-Net Enterprises, Inc. [STEP]
10.80%, 05/15/09............... 3,000 1,665,000
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
---------- ------------
<S> <C> <C>
Cencall Communications Corp.
10.125%, 01/15/04.............. $ 3,000 $ 3,067,500
Centel Capital Corp.
9.00%, 10/15/19................ 2,500 2,859,375
CF Cable TV, Inc.
11.625%, 02/15/05.............. 2,000 2,197,500
Charter Communications Holdings
LLC 144A
8.625%, 04/01/09............... 1,600 1,540,000
Comcast U.K. Cable Corp. [STEP]
10.059%, 11/15/07.............. 3,000 2,715,000
Crown Castle International Corp.
9.00%, 05/15/11................ 1,000 982,500
Diamond Cable Communications PLC
[STEP]
15.643%, 12/15/05.............. 1,500 1,327,500
GTE Corp.
7.90%, 02/01/27................ 4,000 4,090,000
Intermedia Communications, Inc.
Cl-B [STEP]
12.25%, 03/01/09............... 2,600 1,495,000
Level 3 Communications, Inc.
9.125%, 05/01/08............... 1,500 1,481,250
10.731%, 12/01/08 [STEP] 144A.. 3,500 2,161,250
Lin Television Co.
8.375%, 03/01/08............... 2,000 1,925,000
McLeodUSA, Inc.
9.50%, 11/01/08................ 1,000 1,005,000
MetroNet Communications Corp.
12.00%, 08/15/07............... 1,500 1,728,750
10.75%, 11/01/07 [STEP]........ 1,750 1,406,563
8.265%, 06/15/08 [STEP]........ 7,700 5,736,500
Nextlink Communications, Inc.
9.625%, 10/01/07............... 2,500 2,437,500
10.75%, 11/15/08 144A.......... 1,500 1,541,250
12.25%, 06/01/09 [STEP]........ 1,500 877,500
Paramount Communication
8.25%, 08/01/22................ 4,250 4,297,813
Qwest Communications
International, Inc. Cl-B [STEP]
7.262%, 02/01/08............... 4,000 2,990,000
RCN Corp. Cl-B [STEP]
9.80%, 02/15/08................ 2,000 1,270,000
TCI Telecommunications, Inc.
7.875%, 02/15/26............... 2,500 2,656,250
Tele-Communications, Inc.
9.80%, 02/01/12................ 2,000 2,457,500
Telewest Communications PLC
[STEP]
10.361%, 10/01/07.............. 3,500 3,123,750
US West Communications
5.65%, 11/01/04................ 5,000 4,775,490
------------
68,415,741
------------
</TABLE>
50
<PAGE> 53
AST INVESCO EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
---------- ------------
<S> <C> <C>
UTILITIES -- 4.8%
Boston Edison Co.
7.80%, 03/15/23................ $ 1,640 $ 1,631,800
Citizens Utilities Co.
7.00%, 11/01/25................ 2,500 2,359,375
Cleveland Electric Illuminating
Co. Cl-B
9.50%, 05/15/05................ 3,000 3,168,750
Cleveland Electric Illuminating
Co. Cl-D
7.88%, 11/01/17................ 2,000 2,037,500
Coda Energy, Inc. Cl-B
10.50%, 04/01/06............... 1,000 1,017,500
Commonwealth Edison Co.
7.00%, 07/01/05................ 2,500 2,509,375
8.25%, 10/01/06................ 2,000 2,152,500
Connecticut Light & Power Co.
Cl-C
8.50%, 06/01/24................ 2,500 2,608,850
Consumers Energy Co.
7.375%, 09/15/23............... 2,500 2,375,000
El Paso Electric Co.
8.90%, 02/01/06................ 1,250 1,407,813
El Paso Electric Co. Cl-C
8.25%, 02/01/03................ 1,500 1,548,750
Gulf Power Co.
6.875%, 01/01/26............... 3,000 2,805,000
Gulf States Utilities
8.70%, 04/01/24................ 1,000 1,021,250
Metropolitan Edison Co. Cl-B
8.15%, 01/30/23................ 2,975 2,998,232
New York State Electric &
Gas Corp.
8.30%, 12/15/22................ 1,400 1,445,500
8.30%, 12/15/22................ 475 492,813
Niagara Mohawk Power Corp. Cl-G
7.75%, 10/01/08................ 1,500 1,546,875
Niagara Mohawk Power Corp. Cl-H
[STEP]
7.562%, 07/01/10............... 3,250 2,567,500
Panhandle Eastern Pipeline 144A
6.50%, 07/15/09................ 2,000 1,910,000
PP&L Resources, Inc.
7.70%, 10/01/09................ 2,000 2,140,000
Public Service Co. of New Mexico
Cl-A
7.10%, 08/01/05................ 2,500 2,453,125
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
---------- ------------
<S> <C> <C>
Public Service Electric & Gas Co.
6.375%, 05/01/08............... $ 1,000 $ 970,000
Southwestern Public Service Co.
8.20%, 12/01/22................ 3,000 3,131,250
Western Massachusetts Electric
Co. Cl-V
7.75%, 12/01/02................ 2,000 1,983,526
------------
48,282,284
------------
TOTAL CORPORATE OBLIGATIONS (Cost
$200,107,262)...................... 192,285,555
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 1.0%
Federal Home Loan Mortgage Corp.
6.50%, 09/01/11-01/01/12
(Cost $9,800,409)................ 10,008 9,886,488
------------
U.S. TREASURY OBLIGATIONS -- 1.2%
U.S. Treasury Notes
5.625%, 05/15/08
(Cost $12,294,529)............... 11,750 11,512,502
------------
COMMERCIAL PAPER -- 2.0%
Ford Motor Credit Co.
5.085%, 07/02/99............... 10,000 10,000,000
Sears Roebuck Acceptance Corp.
4.955%, 07/01/99............... 10,000 10,000,000
------------
(Cost $20,000,000)............... 20,000,000
------------
<CAPTION>
SHARES
----------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 2.0%
Temporary Investment Cash Fund... 10,247,266 10,247,266
Temporary Investment Fund........ 10,247,265 10,247,265
------------
(Cost $20,494,531)............... 20,494,531
------------
TOTAL INVESTMENTS -- 99.4%
(Cost $794,081,792)................ 992,418,259
OTHER ASSETS LESS
LIABILITIES -- 0.6%................ 5,850,311
------------
NET ASSETS -- 100.0%................. $998,268,570
============
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
144A -- Security was purchased pursuant to rule 144A under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers. At the end of the period, these securities
amounted to 1.2% of net assets.
See Notes to Financial Statements.
51
<PAGE> 54
AST JANUS SMALL-CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 92.7%
ADVERTISING -- 5.1%
DoubleClick, Inc.*................. 67,410 $ 6,184,867
Lamar Advertising Co.*............. 215,920 8,839,225
Penton Media, Inc. ................ 116,825 2,833,006
TMP Worldwide, Inc.*............... 102,830 6,529,705
------------
24,386,803
------------
AEROSPACE -- 0.7%
Aviation Sales Co.*................ 82,200 3,246,900
------------
BROADCASTING -- 4.9%
ACTV, Inc.*........................ 246,845 3,424,974
Citadel Communications Corp.*...... 219,545 7,944,785
Cox Radio, Inc. Cl-A*.............. 84,840 4,602,570
Entercom Communications Corp.*..... 65,225 2,788,369
Radio One, Inc.*................... 93,440 4,344,960
------------
23,105,658
------------
BUSINESS SERVICES -- 5.4%
Appnet Systems, Inc.*.............. 141,550 1,902,078
CIBER, Inc.*....................... 93,525 1,788,666
Critical Path, Inc.*............... 28,765 1,591,064
F5 Networks, Inc.*................. 27,025 1,108,025
Informatica Corp.*................. 160,670 5,723,869
Online Resources & Communications
Corp.*........................... 27,565 373,850
Pegasus Systems, Inc.*............. 80,900 3,028,694
Phone.com, Inc.*................... 67,490 3,779,440
Ramp Networks, Inc.*............... 54,710 783,037
Safeguard Scientifics, Inc.*....... 58,420 3,622,040
SoftNet Systems, Inc.*............. 74,685 2,081,844
------------
25,782,607
------------
CAPITAL GOODS -- 0.4%
Mettler-Toledo International,
Inc.*............................ 79,100 1,962,669
------------
CHEMICALS -- 0.1%
Spartech Corp. .................... 22,620 715,357
------------
COMPUTER HARDWARE -- 0.9%
Insight Enterprises, Inc.*......... 165,907 4,106,198
------------
COMPUTER SERVICES & SOFTWARE -- 22.3%
Advent Software, Inc.*............. 11,325 758,775
Ardent Software, Inc.*............. 22,200 471,750
Brio Technology, Inc.*............. 123,500 2,470,000
Computer Network Technology
Corp.*........................... 33,435 723,032
Concentric Network Corp.*.......... 273,555 10,873,811
ECsoft Group PLC [ADR]*............ 64,180 1,006,824
Emulex Corp.*...................... 16,720 1,859,055
Engineering Animation, Inc.*....... 157,370 3,334,277
Exodus Communications, Inc.*....... 97,440 11,686,710
Extreme Networks, Inc.*............ 76,540 4,444,104
Globix Corp.*...................... 226,120 9,991,677
internet.com LLC*.................. 77,200 969,825
Launch Media, Inc.*................ 75,875 1,356,266
Marimba, Inc.*..................... 89,250 4,702,359
New Era of Networks, Inc.*......... 65,470 2,876,588
Portal Software, Inc.*............. 61,505 2,848,450
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Razorfish, Inc.*................... 142,015 $ 5,263,431
Redback Networks, Inc.*............ 4,865 610,862
Scient Corp.*...................... 59,320 2,821,407
SIPEX Corp.*....................... 120,625 2,472,812
Software.com, Inc.*................ 79,275 1,838,189
Sykes Enterprises, Inc.*........... 121,505 4,055,229
TenFold Corp.*..................... 15,705 498,634
USinternetworking, Inc.*........... 45,460 1,909,320
Verio, Inc.*....................... 178,860 12,430,770
VerticalNet, Inc.*................. 103,755 10,881,306
Vignette Corp.*.................... 5,530 414,750
WorldGate Communications, Inc.*.... 48,965 2,509,456
------------
106,079,669
------------
CONSUMER PRODUCTS & SERVICES -- 0.9%
Action Performance Companies,
Inc.*............................ 76,930 2,538,690
Bally Total Fitness Holding
Corp.*........................... 59,735 1,694,981
------------
4,233,671
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 8.3%
Applied Micro Circuits Corp.*...... 59,550 4,897,988
Dionex Corp.*...................... 92,490 3,745,845
Galileo Technology Ltd.*........... 98,325 4,455,352
Gemstar International Group
Ltd.*............................ 103,140 6,729,885
Pittway Corp. Cl-A................. 148,239 5,067,921
RF Micro Devices, Inc.*............ 126,655 9,451,629
Sawtek, Inc.*...................... 109,060 5,003,128
------------
39,351,748
------------
ENTERTAINMENT & LEISURE -- 6.2%
Championship Auto Racing Teams,
Inc.*............................ 149,605 4,478,800
Playboy Enterprises, Inc. Cl-B*.... 196,230 5,212,359
Premier Parks, Inc.*............... 224,250 8,241,188
SFX Entertainment, Inc. Cl-A*...... 171,190 11,394,834
------------
29,327,181
------------
FINANCIAL-BANK & TRUST -- 0.3%
Carolina First Corp. .............. 9,320 227,175
Doral Financial Corp. ............. 85,575 1,476,169
------------
1,703,344
------------
FINANCIAL SERVICES -- 1.5%
E-LOAN, Inc.*...................... 13,625 525,414
Investors Financial Service
Corp. ........................... 90,655 3,626,200
Knight/Trimark Group, Inc.*........ 37,505 2,262,020
Southwest Securities Group,
Inc. ............................ 11,020 790,685
------------
7,204,319
------------
FOOD -- 1.2%
Whole Foods Market, Inc.*.......... 117,830 5,663,204
------------
HEALTHCARE SERVICES -- 2.4%
Accredo Health, Inc.*.............. 117,810 3,858,278
Apria Healthcare Group, Inc.*...... 260,865 4,434,705
InfoCure Corp.*.................... 39,000 2,064,563
Mediconsult.com, Inc.*............. 100,270 1,046,568
------------
11,404,114
------------
</TABLE>
52
<PAGE> 55
AST JANUS SMALL-CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INSURANCE -- 1.2%
Blanch, (E.W.) Holdings, Inc. ..... 43,905 $ 2,993,772
StanCorp Financial Group, Inc.*.... 90,595 2,717,850
------------
5,711,622
------------
MEDICAL SUPPLIES & EQUIPMENT -- 0.3%
Laser Vision Centers, Inc.*........ 19,305 1,216,215
------------
PERSONAL SERVICES -- 1.0%
Career Education Corp.*............ 71,015 2,401,195
Corinthian Colleges, Inc.*......... 38,200 721,025
ITT Educational Services, Inc.*.... 56,355 1,468,752
------------
4,590,972
------------
PHARMACEUTICALS -- 6.2%
ChiRex, Inc.*...................... 129,375 4,156,172
Enzon, Inc.*....................... 599,175 12,395,433
MedImmune, Inc.*................... 52,385 3,549,084
Professional Detailing, Inc.*...... 48,050 1,129,175
QLT PhotoTherapeutics, Inc.*....... 151,205 8,316,275
------------
29,546,139
------------
PRINTING & PUBLISHING -- 1.6%
Valassis Communications, Inc.*..... 213,747 7,828,484
------------
RETAIL & MERCHANDISING -- 5.5%
Ames Department Stores, Inc.*...... 201,525 9,194,578
Beyond.com Corp.*.................. 179,505 5,149,550
pcOrder.com, Inc.*................. 65,215 2,710,498
Rent-Way, Inc.*.................... 192,215 4,733,294
School Specialty, Inc.*............ 284,625 4,571,789
------------
26,359,709
------------
SEMICONDUCTORS -- 5.8%
Alpha Industries, Inc.*............ 187,287 8,919,543
ATMI, Inc.*........................ 200,560 5,966,660
GlobeSpan, Inc.*................... 31,245 1,241,989
NVIDIA Corp.*...................... 93,905 1,795,933
SDL, Inc.*......................... 185,860 9,490,476
------------
27,414,601
------------
TELECOMMUNICATIONS -- 10.2%
Advanced Radio Telecom Corp.*...... 75,045 1,078,772
Com21, Inc.*....................... 100,655 1,717,426
Copper Mountain Networks, Inc.*.... 6,385 493,241
Digital Microwave Corp.*........... 427,000 5,444,250
DSP Communications, Inc.*.......... 49,640 1,433,355
Gilat Satellite Networks Ltd.*..... 90,440 4,748,100
Hyperion Telecommunications, Inc.
Cl-A*............................ 207,350 3,900,772
TCA Cable TV, Inc. ................ 157,960 8,766,780
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Terayon Communication Systems,
Inc.*............................ 88,060 $ 4,920,353
Viatel, Inc.*...................... 203,600 11,427,050
WinStar Communications, Inc.*...... 95,500 4,655,625
------------
48,585,724
------------
UTILITIES -- 0.3%
Avista Corp. ...................... 77,380 1,257,425
------------
TOTAL COMMON STOCK
(Cost $326,189,944).................. 440,784,333
------------
FOREIGN STOCK -- 1.2%
AUTOMOBILE MANUFACTURERS -- 0.1%
Ducati Motor Holding SPA --
(ITL)*........................... 187,726 491,733
------------
TELECOMMUNICATIONS -- 1.1%
Cogeco Cable, Inc. --
(CAD)............................ 121,785 2,147,622
Moffat Communications Ltd. --
(CAD)............................ 226,490 2,907,544
------------
5,055,166
------------
TOTAL FOREIGN STOCK
(Cost $5,190,762).................... 5,546,899
------------
<CAPTION>
PAR
(000)
-------
<S> <C> <C>
COMMERCIAL PAPER -- 5.1%
Household Finance Corp.
5.45%, 07/01/99.................. $ 2,300 2,300,000
Prudential Funding Corp.
5.55%, 07/01/99.................. 22,000 22,000,000
------------
(Cost $24,300,000)................. 24,300,000
------------
<CAPTION>
SHARES
-------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.0%
Temporary Investment Cash Fund..... 17,282 17,282
Temporary Investment Fund.......... 17,282 17,282
------------
(Cost $34,564)..................... 34,564
------------
TOTAL INVESTMENTS -- 99.0%
(Cost $355,715,270).................. 470,665,796
OTHER ASSETS LESS
LIABILITIES -- 1.0%.................. 4,928,228
------------
NET ASSETS -- 100.0%................... $475,594,024
============
</TABLE>
- --------------------------------------------------------------------------------
Unless otherwise noted, all stocks are common stock.
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
53
<PAGE> 56
AST T. ROWE PRICE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOREIGN STOCK -- 90.4%
ARGENTINA -- 0.3%
Banco de Galicia y Buenos Aires
SA de CV [ADR]................. 12,122 $ 245,470
Banco Frances SA [ADR]........... 16,411 311,809
Telefonica de Argentina SA Cl-B
[ADR].......................... 21,720 681,465
------------
1,238,744
------------
AUSTRALIA -- 2.6%
Australian Gas Light Co. Ltd. ... 90,795 552,312
Brambles Industries Ltd. ........ 29,000 763,991
Broken Hill Proprietary Co.
Ltd. .......................... 57,895 670,635
Colonial Ltd. ................... 273,852 969,789
Commonwealth Bank of Australia... 76,068 1,210,945
Lend Lease Corp. Ltd. ........... 49,700 682,394
News Corp. Ltd. ................. 118,757 1,013,257
News Corp. Ltd. Pfd. ............ 99,030 754,483
Publishing & Broadcasting
Ltd. .......................... 186,300 1,229,463
Star City Holdings Ltd.*......... 419,000 407,698
TABCORP Holdings Ltd. ........... 99,000 667,099
Telstra Corp. Ltd. .............. 268,838 1,540,513
Westpac Banking Corp. Ltd. ...... 191,532 1,242,438
------------
11,705,017
------------
BELGIUM -- 1.5%
Dexia Belgium.................... 3,940 586,726
Fortis Cl-B...................... 60,664 1,904,978
KBC Bancassurance Holdings NV.... 57,510 3,410,223
Societe Europeene des Satellites
[FDR]*......................... 2,600 377,393
UCB SA........................... 10,100 432,256
------------
6,711,576
------------
BRAZIL -- 2.0%
Banco Bradesco SA................ 62,664,000 307,497
Banco Itau SA.................... 710,000 352,407
Companhia Brasileira de
Distribuicoa Grupo Pao de
Acucar [ADR]................... 26,146 486,969
Companhia Brasileira de
Distribuicoa Grupo Pao de
Acucar [GDR]................... 5,160 96,105
Companhia Cimento Portland
Itau........................... 865,000 81,965
Companhia Energetica de Minas
Geras.......................... 14,496,779 298,447
Companhia Energetica de Minas
Geras [ADR].................... 16,971 354,171
Petroleo Brasileiro SA........... 6,427,508 949,833
Telecomunicacoes Brasileiras SA
[ADR]*......................... 57,888 3,618
Telecomunicacoes Brasileiras SA
Pfd. [ADR]..................... 54,888 4,950,211
Telecomunicacoes de Sao Paulo
SA............................. 3,831,282 447,320
Telesp Celular SA Pfd. Cl-B*..... 4,494,000 226,861
Uniao de Bancos Brasileiros SA
[GDR].......................... 18,000 433,125
------------
8,988,529
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CANADA -- 0.2%
Alcan Aluminium Ltd. ............ 19,180 $ 605,834
Royal Bank of Canada............. 8,470 371,981
------------
977,815
------------
CHILE -- 0.1%
Chilectra SA [ADR] 144A.......... 14,905 322,498
------------
CHINA -- 0.2%
Huaneng Power International, Inc.
[ADR]*......................... 51,000 873,375
------------
DENMARK -- 0.3%
Den Danske Bank.................. 6,380 691,957
Tele Danmark AS.................. 12,220 601,503
Unidanmark AS Cl-A............... 4,020 268,306
------------
1,561,766
------------
FINLAND -- 0.9%
Nokia AB Oyj..................... 45,836 4,017,882
------------
FRANCE -- 10.2%
Alcatel.......................... 13,422 1,889,389
AXA SA........................... 25,062 3,057,539
Banque Nationale de Paris........ 12,930 1,077,411
Carrefour Supermarche SA......... 20,304 2,983,788
Compagnie de Saint-Gobain........ 9,740 1,551,883
Credit Commercial de France...... 12,340 1,333,669
Dexia France..................... 3,095 414,292
Dexia France SA.................. 7,128 954,144
Equant NV*....................... 2,300 212,049
Groupe Danone.................... 5,590 1,441,197
L'Oreal.......................... 1,607 1,086,326
Lafarge SA....................... 5,723 544,160
Legrand SA....................... 5,173 1,053,080
Pinault-Printemps Redoute SA..... 22,585 3,875,654
Sanofi-Synthelabo SA*............ 75,188 3,190,729
Schneider SA..................... 35,418 1,988,811
Societe Generale................. 8,136 1,433,919
Societe Nationale Elf Aquitaine
SA............................. 11,520 1,690,554
Societe Television Francaise..... 8,420 1,962,421
Sodexho Alliance SA.............. 15,750 2,712,493
STMicroelectronics NV............ 22,240 1,481,627
Total Fina SA Cl-B............... 32,434 4,184,363
Vivendi.......................... 75,470 6,113,531
------------
46,233,029
------------
GERMANY -- 6.0%
Allianz AG....................... 6,380 1,783,042
Bayer AG......................... 33,985 1,414,172
Bayerische Hypo-Und Vereinsbank
AG............................. 50,899 3,238,665
Deutsche Bank AG................. 35,874 2,186,446
Deutsche Telekom AG.............. 44,541 1,871,799
Deutsche Telekom AG Rights*...... 44,541 2,297
Dresdner Bank AG................. 44,733 1,739,166
Fielmann AG Pfd. ................ 1,323 48,299
Fresenius AG Pfd. ............... 2,660 466,339
Gehe AG.......................... 51,151 2,357,943
Hoechst AG....................... 12,980 584,962
Mannesmann AG.................... 29,770 4,451,623
</TABLE>
54
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Rhoen-Klinikum AG................ 6,150 $ 621,545
SAP AG........................... 5,470 1,875,645
SAP AG Pfd. ..................... 2,987 1,187,493
Siemens AG....................... 12,790 986,606
Veba AG.......................... 29,924 1,765,173
Volkswagen AG.................... 9,070 585,255
------------
27,166,470
------------
HONG KONG -- 2.6%
Cheung Kong Holdings Ltd. ....... 123,000 1,093,881
China Light & Power Co. Ltd. .... 226,000 1,098,161
China Telecom Ltd.*.............. 500,000 1,388,780
Henderson Land Development Co.
Ltd. .......................... 197,000 1,132,445
Hong Kong Telecommunications
Ltd. .......................... 273,200 709,532
HSBC Holdings PLC................ 47,600 1,736,239
Hutchison Whampoa Ltd. .......... 305,000 2,761,609
New World Development Co.
Ltd. .......................... 241,000 722,198
Sun Hung Kai Properties Ltd. .... 103,000 939,247
------------
11,582,092
------------
INDIA -- 0.1%
Mahanagar Telephone Nigam Ltd.
[GDR]*......................... 44,000 435,600
------------
IRELAND -- 0.1%
CBT Group PLC [ADR]*............. 36,650 604,725
------------
ITALY -- 4.4%
Assicurazioni Generali........... 44,960 1,557,891
Banca di Roma.................... 269,000 386,988
Banca Popolare di Brescia........ 48,000 2,056,761
Ente Nazionale Idrocarburi SPA... 406,100 2,424,840
Istituto Nazionale delle
Assicurazioni.................. 707,000 1,640,490
Italgas SPA...................... 72,936 306,131
Mediolanum SPA................... 149,720 1,150,291
San Paolo-IMI SPA................ 124,681 1,697,250
Tecnost SPA...................... 237,000 585,363
Telecom Italia Mobile SPA........ 564,805 3,372,474
Telecom Italia SPA............... 293,520 3,051,194
Unicredito Italiano SPA.......... 411,996 1,809,982
------------
20,039,655
------------
JAPAN -- 16.5%
Canon, Inc. ..................... 145,000 4,169,002
Citizen Watch Co. Ltd. .......... 45,000 390,379
Daiichi Pharmaceutical Co.
Ltd. .......................... 76,000 1,179,218
Daiwa House Industry Co. Ltd. ... 94,000 988,647
DDI Corp. ....................... 184 1,144,716
Denso Corp. ..................... 142,000 2,886,080
East Japan Railway Co. Ltd. ..... 213 1,143,873
Fanuc Co. ....................... 20,500 1,100,911
Fujitsu Ltd. .................... 53,000 1,066,252
Hitachi Ltd. .................... 184,000 1,725,435
Honda Motor Co. Ltd. ............ 9,000 381,456
Ito-Yokado Co. Ltd. ............. 23,000 1,539,209
Kao Corp. ....................... 84,000 2,359,625
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Kokuyo Co. Ltd. ................. 51,000 $ 821,655
Komori Corp. .................... 39,000 702,435
Kuraray Co. Ltd. ................ 107,000 1,287,153
Kyocera Corp. ................... 39,000 2,287,746
Makita Corp. .................... 58,000 656,019
Matsushita Electric Industrial
Co. ........................... 175,000 3,397,745
Mauri Co. Ltd. .................. 117,000 1,933,307
Mitsubishi Corp. ................ 106,000 718,132
Mitsubishi Heavy Industries
Ltd. .......................... 485,000 1,967,470
Mitsui Fudosan Co. Ltd. ......... 236,000 1,910,834
Murata Manufacturing Co. Ltd. ... 52,000 3,368,250
NEC Corp. ....................... 262,000 3,257,787
Nippon Telegraph & Telephone
Corp. ......................... 3,330 3,906,766
Nomura Securities Co. Ltd. ...... 166,000 1,943,403
NTT Mobile Communication Network,
Inc. .......................... 2,150 2,913,179
Sankyo Co. Ltd. ................. 119,000 2,998,691
Sekisui Chemical Co. Ltd. ....... 149,000 864,188
Sekisui House Ltd. .............. 87,000 938,744
Seven-Eleven Japan Co. Ltd. ..... 14,000 1,371,821
Shin-Etsu Chemical Co. Ltd. ..... 59,000 1,974,203
Shiseido Co. Ltd. ............... 55,000 824,299
Sony Corp. ...................... 38,900 4,194,160
Sumitomo Corp. .................. 178,000 1,301,512
Sumitomo Electric Industries..... 225,000 2,557,913
TDK Corp. ....................... 37,000 3,384,030
Tokio Marine & Fire Insurance Co.
Ltd. .......................... 47,000 510,633
Tokyo Electron Ltd. ............. 17,000 1,153,126
Toppan Printing Co. Ltd. ........ 84,000 937,604
UNY Co. Ltd. .................... 46,000 691,694
------------
74,849,302
------------
KOREA -- 0.8%
Korea Telecom Corp. [ADR]........ 33,000 1,320,000
Samsung Electronics Co. ......... 16,316 1,790,235
SK Telecom Co. Ltd. ............. 3,450 462,002
SK Telecom Co. Ltd. Rights*...... 791 40,525
------------
3,612,762
------------
MEXICO -- 1.6%
Cemex SA de CV [ADR]............. 14,090 138,698
Cemex SA de CV Cl-B.............. 67,925 327,845
Fomento Economico Mexicano SA de
CV UBD Units*.................. 192,820 749,018
Gruma SA [ADR]*.................. 25,127 169,605
Gruma SA Cl-B*................... 116,644 195,072
Grupo Financiero Bancomer SA Cl-B
[GDR].......................... 2,330 15,436
Grupo Financiero Bancomer SA Cl-
L*............................. 1,725 540
Grupo Industrial Maseca SA de CV
Cl-B........................... 306,095 183,378
Grupo Modelo SA de CV Cl-C*...... 213,024 597,515
Grupo Televisa SA [GDR]*......... 20,634 924,661
</TABLE>
55
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AST T. ROWE PRICE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Kimberly-Clark de Mexico SA
Cl-A........................... 128,630 $ 517,369
Telefonos de Mexico SA Cl-L
[ADR].......................... 39,014 3,152,819
TV Azteca SA de CV [ADR]*........ 26,200 135,912
------------
7,107,868
------------
NETHERLANDS -- 8.5%
ABN AMRO Holding NV.............. 84,706 1,834,446
AKZO Nobel NV.................... 7,768 326,844
ASM Lithography Holding NV*...... 48,220 2,789,726
CSM NV........................... 32,241 1,610,920
Elsevier NV...................... 157,552 1,827,881
Fortis (NL) NV................... 80,974 2,501,002
Gucci Group NV NY Reg. .......... 18,918 1,324,260
ING Groep NV..................... 107,252 5,806,792
Koninklijke Ahold NV............. 74,053 2,550,708
Koninklijke Numico NV............ 28,200 998,958
Koninklijke (Royal) Philips
Electronics NV................. 30,654 3,023,774
KPN NV........................... 9,749 457,449
Royal Dutch Petroleum Co. ....... 52,204 3,057,903
TNT Post Group NV................ 10,259 244,922
Unilever NV...................... 26,074 1,757,215
VNU NV........................... 32,700 1,306,746
Wolters Kluwer NV................ 175,404 6,982,298
------------
38,401,844
------------
NEW ZEALAND -- 0.2%
Telecom Corp. of New Zealand
Ltd. .......................... 262,000 1,124,595
------------
NORWAY -- 0.8%
Bergesen D.Y. AS Cl-A............ 9,560 140,870
Norsk Hydro AS................... 38,630 1,457,415
Orkla ASA Cl-A................... 131,030 2,038,962
------------
3,637,247
------------
PORTUGAL -- 0.5%
Jeronimo Martins SGPS SA......... 69,629 2,299,951
------------
RUSSIA -- 0.0%
Gazprom [ADR].................... 20,040 225,851
------------
SINGAPORE -- 0.4%
Singapore Press Holdings Ltd. ... 39,456 672,096
United Overseas Bank Ltd. ....... 192,000 1,342,050
------------
2,014,146
------------
SPAIN -- 2.9%
Argentaria Caja Postal Y Banco
Hipotecario de Espana SA....... 45,336 1,032,786
Banco Bilbao Vizcaya SA.......... 44,950 649,441
Banco Popular Espanol SA......... 7,730 556,026
Banco Santander Central Hispano
SA............................. 196,370 2,045,352
Endesa SA........................ 64,002 1,364,947
Gas Natural SDG SA............... 11,751 854,349
Iberdrola SA..................... 97,943 1,491,851
Repsol SA........................ 44,925 917,328
Telefonica SA.................... 86,692 4,176,000
------------
13,088,080
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SWEDEN -- 3.4%
ABB AB Cl-A...................... 72,000 $ 956,981
AstraZeneca Group PLC*........... 92,089 3,585,320
Atlas Copco AB Cl-B.............. 41,770 1,120,190
Electrolux AB Cl-B............... 112,590 2,357,285
Esselte AB....................... 14,410 149,155
Granges AB*...................... 6,285 106,454
Hennes & Mauritz AB Cl-B......... 155,550 3,842,213
Meto AB*......................... 14,410 71,357
Nordbanken Holding Co. AB*....... 326,678 1,909,715
Sandvik AB Cl-B.................. 35,340 781,478
Securitas AB Cl-B................ 31,685 473,314
------------
15,353,462
------------
SWITZERLAND -- 5.9%
ABB AG*.......................... 1,229 1,936,877
Adecco SA........................ 5,070 2,716,671
Credit Suisse Group.............. 10,600 1,834,181
Nestle SA........................ 3,598 6,482,737
Novartis AG...................... 3,429 5,006,999
Roche Holding AG................. 365 3,751,922
Swisscom AG*..................... 1,944 731,537
UBS AG........................... 13,650 4,074,129
------------
26,535,053
------------
UNITED KINGDOM -- 17.4%
Abbey National PLC............... 124,000 2,327,932
ASDA Group PLC................... 425,450 1,456,952
BG PLC........................... 150,597 919,867
British Petroleum Co. PLC........ 113,840 2,040,291
Cable & Wireless PLC............. 268,000 3,415,479
Cadbury Schweppes PLC............ 477,912 3,043,450
Caradon PLC...................... 305,530 719,999
Centrica PLC*.................... 113,589 266,784
Compass Group PLC................ 330,000 3,271,910
Diageo PLC....................... 514,436 5,372,223
Electrocomponents PLC............ 110,000 812,342
GKN PLC.......................... 32,000 546,280
Glaxo Wellcome PLC............... 208,000 5,780,328
Hays PLC......................... 40,000 421,501
Kingfisher PLC................... 548,900 6,316,157
Ladbroke Group PLC............... 191,000 757,196
Laing, (John) PLC Cl-A........... 70,000 348,124
National Westminster Bank PLC.... 482,670 10,233,151
Rank Group PLC................... 115,120 457,740
Reed International PLC........... 549,740 3,667,677
Rio Tinto PLC.................... 142,600 2,390,528
Rolls-Royce PLC.................. 105,140 444,989
Safeway PLC...................... 247,660 992,553
Shell Transport & Trading Co.
PLC............................ 919,000 6,891,776
Smith, (David S.) Holdings PLC... 197,900 463,243
SmithKline Beecham PLC........... 599,240 7,788,042
Tesco PLC........................ 696,000 1,791,015
Tomkins PLC...................... 522,444 2,264,693
</TABLE>
56
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AST T. ROWE PRICE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Unilever PLC..................... 207,571 $ 1,847,002
United News & Media PLC.......... 197,470 1,898,750
------------
78,947,974
------------
TOTAL INVESTMENTS -- 90.4%
(Cost $334,189,775)................ 409,656,908
OTHER ASSETS LESS
LIABILITIES -- 9.6%................ 43,470,987
------------
NET ASSETS -- 100.0%................. $453,127,895
============
</TABLE>
The following is a breakdown of the foreign stock portion of the Portfolio, by
industry classification, as of June 30, 1999. Percentages are based on net
assets.
<TABLE>
<S> <C>
INDUSTRY
Aerospace........................................... 0.6%
Automobile Manufacturers............................ 1.0%
Automotive Parts.................................... 0.1%
Beverages........................................... 0.8%
Broadcasting........................................ 0.7%
Building Materials.................................. 0.6%
Business Services................................... 0.9%
Chemicals........................................... 1.0%
Clothing & Apparel.................................. 0.3%
Computer Services & Software........................ 1.3%
Conglomerates....................................... 2.4%
Construction........................................ 1.3%
Consumer Products & Services........................ 2.8%
Electronic Components & Equipment................... 7.1%
Entertainment & Leisure............................. 1.6%
Equipment Services.................................. 0.2%
Financial -- Bank & Trust........................... 7.0%
Financial Services.................................. 6.3%
Food................................................ 7.9%
Hotels & Motels..................................... 0.3%
Industrial Products................................. 1.1%
Insurance........................................... 2.9%
Machinery & Equipment............................... 0.7%
Medical Supplies & Equipment........................ 0.1%
Metals & Mining..................................... 0.8%
Miscellaneous....................................... 0.7%
Office Equipment.................................... 1.0%
Oil & Gas........................................... 4.3%
Paper & Forest Products............................. 0.6%
Pharmaceuticals..................................... 7.6%
Printing & Publishing............................... 4.5%
Real Estate......................................... 1.7%
Retail & Merchandising.............................. 2.2%
Semiconductors...................................... 0.9%
Telecommunications.................................. 14.3%
Transportation...................................... 0.5%
Utilities........................................... 2.3%
-----
TOTAL............................................... 90.4%
=====
</TABLE>
- --------------------------------------------------------------------------------
Unless otherwise noted, all stocks are common stock.
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
144A -- Security was purchased pursuant to Rule 144A under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers. At the end of the period, this security amounted
to 0.1% of net assets.
See Notes to Financial Statements.
57
<PAGE> 60
AST T. ROWE PRICE INTERNATIONAL BOND PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000) VALUE
--------- -----
<S> <C> <C>
FOREIGN BONDS -- 92.4%
AUSTRALIA -- 6.4%
Australian Government
9.00%, 09/15/04................ 4,000 $ 3,028,456
8.75%, 08/15/08................ 6,700 5,191,652
Federal National Mortgage Assoc.
6.375%, 08/15/07............... 2,000 1,303,657
------------
9,523,765
------------
AUSTRIA -- 2.6%
Austrian National Government
5.00%, 01/15/08................ 3,689 3,899,352
------------
CANADA -- 2.6%
Canadian Government
5.00%, 09/01/04................ 5,750 3,815,268
------------
DENMARK -- 2.7%
Kingdom of Denmark
6.00%, 11/15/02................ 27,000 3,987,427
------------
EUROPEAN CURRENCY UNIT -- 2.4%
American Standard Co., Inc.
7.125%, 06/01/06............... 340 350,929
Carrier 1
13.25%, 02/15/09............... 120 132,415
Cyprus Government
5.375%, 07/28/08............... 700 708,292
Dura Operating Corp.
9.00%, 05/01/09................ 350 355,530
Hermes Europe Railtel
10.375%, 01/15/06.............. 320 349,806
Huntsman ICI Chemicals
10.125%, 07/01/09.............. 280 291,643
Orange PLC
7.625%, 08/01/08............... 320 339,081
Public Power Corp.
4.50%, 03/12/09................ 700 665,472
Slovenian Government
5.375%, 05/27/05............... 300 316,929
------------
3,510,097
------------
FRANCE -- 6.5%
Caisse Nationale des Autoroutes
5.85%, 03/24/13................ 1,006 1,113,556
French Government
4.00%, 04/25/09................ 1,200 1,183,071
French Treasury Bill
4.50%, 07/12/02................ 5,072 5,374,956
Reseau Ferre de France
5.25%, 04/14/10................ 1,000 1,056,225
SunAmerica Institutional Funding
5.25%, 05/20/09................ 5,500 876,201
------------
9,604,009
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000) VALUE
--------- -----
<S> <C> <C>
GERMANY -- 23.1%
Bank Nederlandse Gemeenten
6.25%, 08/10/00................ 1,000 $ 545,602
5.25%, 10/01/01................ 2,100 1,150,027
Colt Telecom Group PLC
8.875%, 11/30/07............... 470 258,973
German Government
4.50%, 05/17/02................ 5,270 5,581,793
7.50%, 11/11/04................ 2,240 2,687,790
6.875%, 05/12/05............... 4,092 4,810,213
6.00%, 01/04/07................ 1,789 2,026,909
6.50%, 07/04/27................ 4,110 4,905,895
Hypothekenbank In Essen
4.25%, 07/06/09................ 2,100 2,059,979
Inter-American Bank
1.90%, 07/08/09................ 130,000 1,068,614
Inter-American Development Bank
7.00%, 06/08/05................ 4,500 2,690,705
KFW International Finance, Inc.
6.75%, 06/20/05................ 2,301 2,673,146
Minnesota Mining & Manufacturing
Co.
5.00%, 10/15/01................ 900 487,352
SunAmerica Institutional Funding
5.125%, 04/15/08............... 2,800 1,500,607
Tennessee Valley Authority
6.375%, 09/18/06............... 3,000 1,754,415
------------
34,202,020
------------
GREECE -- 1.7%
Greek Government
6.60%, 01/15/04................ 775,000 2,480,620
------------
ITALY -- 6.3%
Italian Government
9.00%, 10/01/03................ 5,565 6,844,047
7.25%, 11/01/26................ 1,978 2,500,071
------------
9,344,118
------------
JAPAN -- 10.1%
Asian Development Bank
3.125%, 06/29/05............... 200,000 1,818,217
Central Bank of Tunisia
4.95%, 09/27/11................ 65,000 528,974
European Investment Bank
4.625%, 02/26/03............... 80,000 750,321
3.00%, 09/20/06................ 50,000 452,385
Export-Import Bank of Japan
4.375%, 10/01/03............... 360,000 3,390,573
Japanese Government
0.90%, 12/22/08................ 100,000 751,763
0.90%, 12/22/08................ 450,000 3,382,933
Korea Development Bank
2.56%, 06/26/01................ 100,000 833,998
1.875%, 02/13/02............... 60,000 491,291
Korea Industrial Leasing
2.20%, 08/07/02................ 70,000 576,894
</TABLE>
58
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AST T. ROWE PRICE INTERNATIONAL BOND PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000) VALUE
--------- -----
<S> <C> <C>
Republic of Austria
4.50%, 09/28/05................ 170,000 $ 1,659,393
United Mexican States
3.85%, 12/31/19................ 35,000 238,565
------------
14,875,307
------------
NETHERLANDS -- 3.7%
Netherlands Government
5.75%, 01/15/04................ 4,946 5,478,326
------------
PORTUGAL -- 0.4%
European Investment Bank
5.25%, 03/23/02................ 100,000 531,935
------------
RUSSIA -- 0.0%
Russia Ofz
30.00%, 07/14/99 [VR].......... 425 2,366
30.00%, 07/28/99 [VR].......... 850 4,903
30.00%, 08/10/99 [VR].......... 425 2,893
30.00%, 08/12/99 [VR].......... 425 2,598
30.00%, 08/16/99 [VR].......... 425 2,698
30.00%, 08/24/99 [VR].......... 425 2,924
30.00%, 08/26/99 [VR].......... 425 2,546
30.00%, 09/09/99 [VR].......... 425 2,538
30.00%, 09/10/99 [VR].......... 425 2,924
30.00%, 09/23/99 [VR].......... 425 2,519
30.00%, 09/24/99 [VR].......... 425 2,735
58.75%, 12/15/01 [ZCB]......... 1,457 5,785
------------
37,429
------------
SPAIN -- 5.1%
Spanish Government
6.15%, 01/31/13................ 4,557 6,231,098
6.00%, 01/31/29................ 1,202 1,324,076
------------
7,555,174
------------
SWEDEN -- 5.8%
Swedish Government
5.50%, 04/12/02................ 34,000 4,135,165
6.50%, 10/25/06................ 21,000 2,712,669
5.00%, 01/28/09................ 15,000 1,751,686
------------
8,599,520
------------
UNITED KINGDOM -- 13.0%
Abbey National Treasury
5.25%, 01/21/04................ 780 1,178,791
Alliance & Leicester BLD
8.75%, 12/07/06................ 1,300 2,284,119
Coral Group PLC
10.00%, 02/15/09............... 130 202,357
Doncasters PLC
8.125%, 05/01/09............... 200 310,136
Energis PLC
9.50%, 06/15/09................ 100 159,206
European Investment Bank
4.00%, 04/15/09................ 1,400 1,357,004
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000) VALUE
--------- -----
<S> <C> <C>
Federal National Mortgage Assoc.
6.875%, 06/07/02............... 990 $ 1,599,543
Gallaher Group PLC
5.875%, 08/06/08............... 500 261,911
Halifax Building Society
8.75%, 07/10/06................ 600 1,064,281
LCR Finance PLC
4.75%, 12/31/10................ 540 797,785
NTL, Inc. [STEP]
10.75%, 04/01/08............... 340 358,410
Telewest Communication PLC [STEP]
9.256%, 04/15/09............... 263 266,358
United Kingdom Treasury
6.50%, 12/07/03................ 850 1,393,711
7.50%, 12/07/06................ 3,510 6,223,279
7.25%, 12/07/07................ 1,000 1,774,275
------------
19,231,166
------------
TOTAL FOREIGN BONDS
(Cost $146,257,014)................ 136,675,533
------------
<CAPTION>
PAR
(000)
--------
<S> <C> <C>
SOVEREIGN ISSUES -- 4.4%
ARGENTINA -- 0.5%
Republic of Argentina [FRB, BRB]
5.938%, 03/31/05............... $ 209 177,580
11.375%, 01/30/17.............. 250 215,625
6.00%, 03/31/23................ 575 366,562
------------
759,767
------------
BRAZIL -- 0.5%
Republic of Brazil Capitalization
[FRB, BRB]
5.00%, 04/15/14................ 1,195 756,792
------------
BULGARIA -- 0.7%
National Republic of Bulgaria
[FRN, BRB]
6.688%, 07/28/11............... 355 244,506
2.50%, 07/28/12................ 1,270 768,350
------------
1,012,856
------------
MEXICO -- 0.8%
United Mexican States
6.25%, 12/31/19 [BRB].......... 600 438,330
11.50%, 05/15/26............... 521 571,641
United Mexican States
Cl-W-B [BRB]
6.25%, 12/31/19................ 250 182,637
------------
1,192,608
------------
</TABLE>
59
<PAGE> 62
AST T. ROWE PRICE INTERNATIONAL BOND PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
POLAND -- 1.4%
Government of Poland [STEP, BRB]
3.00%, 10/27/24................ $1,750 $ 1,058,750
Government of Poland PDI [BRB]
5.00%, 10/27/14................ 600 531,000
5.00%, 10/27/14................ 125 110,625
Poland Communications, Inc.
9.875%, 11/01/03............... 300 297,000
------------
1,997,375
------------
RUSSIA -- 0.5%
City of Moscow++++
9.50%, 05/31/00................ 100 61,500
Russia -- IAN [FRN]
5.969%, 12/15/15............... 1,588 255,122
Russia Principal Loans [FRN]
2.984%, 12/15/20............... 810 99,731
Russian Government
8.75%, 07/24/05................ 160 79,400
11.00%, 07/24/18............... 375 186,094
------------
681,847
------------
TOTAL SOVEREIGN ISSUES
(Cost $7,911,090).................. 6,401,245
------------
<CAPTION>
SHARES
--------
<S> <C> <C>
FOREIGN STOCK -- 0.0%
MEXICO -- 0.0%
Mexican Value Recovery Rights*... 233,000 0
------------
NIGERIA -- 0.0%
Central Bank of Nigeria
Warrants*...................... 250 0
------------
VENEZUELA -- 0.0%
Republic of Venezuela
Warrants*...................... 1,250 0
------------
TOTAL FOREIGN STOCK
(Cost $0).......................... 0
------------
<CAPTION>
NUMBER OF
CONTRACTS
--------
<S> <C> <C>
OPTIONS -- 0.0%
CALL OPTIONS
Republic of South Africa, Strike
Price 14.75, Expires 11/30/99
(Cost $34,656)................... 1,000 $ 38,944
------------
TOTAL INVESTMENTS -- 96.8% (Cost
$154,202,760)...................... 143,115,722
OTHER ASSETS LESS
LIABILITIES -- 3.2%................ 4,779,929
------------
NET ASSETS -- 100.0%................. $147,895,651
============
</TABLE>
Foreign currency exchange contracts outstanding at June 30, 1999:
<TABLE>
<CAPTION>
IN UNREALIZED
SETTLEMENT CONTRACTS EXCHANGE APPRECIATION
MONTH TYPE TO RECEIVE FOR (DEPRECIATION)
- -------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
07/99 Buy CAD 546,058 EUR 353,168 $ 4,833
07/99 Buy CAD 2,355,000 GBP 1,000,000 16,653
07/99 Buy DKK 6,761,610 EUR 909,577 1,283
07/99 Buy EUR 909,723 DKK 6,761,610 (1,100)
07/99 Buy EUR 2,000,000 SEK 17,414,890 11,195
07/99 Buy JPY 752,853,786 AUD 9,651,972 (172,263)
07/99 Buy JPY 174,343,873 GBP 902,401 20,403
07/99 Buy JPY 123,778,007 SEK 8,548,205 17,186
---------
$(101,810)
=========
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
++++ Illiquid security. At the end of the period, this security amounted to less
than 0.1% of net assets.
See Notes to Financial Statements.
60
<PAGE> 63
AST NEUBERGER BERMAN MID-CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 94.6%
ADVERTISING -- 0.5%
DoubleClick, Inc.* .............. 13,500 $ 1,238,625
------------
BROADCASTING -- 4.0%
Capstar Broadcasting Corp.
Cl-A* ......................... 119,900 3,282,262
Chancellor Media Corp.* ......... 74,200 4,090,275
Jones Intercable, Inc. Cl-A* .... 75,300 3,689,700
------------
11,062,237
------------
BUSINESS SERVICES -- 0.8%
International Network
Services* ..................... 55,200 2,228,700
------------
CHEMICALS -- 0.5%
Waters Corp.* ................... 24,800 1,317,500
------------
CLOTHING & APPAREL -- 2.5%
Abercrombie & Fitch Co. Cl-A* ... 78,200 3,753,600
AnnTaylor Stores Corp.* ......... 64,500 2,902,500
------------
6,656,100
------------
COMPUTER HARDWARE -- 1.7%
Adaptec, Inc.* .................. 129,300 4,565,906
------------
COMPUTER SERVICES & SOFTWARE -- 15.7%
BroadVision, Inc.* .............. 28,900 2,131,375
CheckFree Holdings Corp.* ....... 75,700 2,086,481
Citrix Systems, Inc.* ........... 145,100 8,198,150
Exodus Communications, Inc.* .... 16,000 1,919,000
Inktomi Corp.* .................. 9,600 1,253,400
Intuit, Inc.* ................... 50,200 4,524,275
Lycos, Inc.* .................... 18,200 1,672,125
Network Appliance, Inc.* ........ 50,600 2,827,275
Novell, Inc.* ................... 177,500 4,703,750
PSINet, Inc.* ................... 22,600 988,750
Safeguard Scientifics, Inc.* .... 25,100 1,556,200
Siebel Systems, Inc.* ........... 72,800 4,832,100
USWeb Corp.* .................... 73,200 1,624,125
VERITAS Software Corp.* ......... 39,600 3,759,525
------------
42,076,531
------------
CONSUMER PRODUCTS & SERVICES -- 2.3%
Estee Lauder Companies, Inc.
Cl-A .......................... 62,400 3,127,800
Fortune Brands, Inc. ............ 71,800 2,970,725
------------
6,098,525
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 6.8%
Altera Corp.* ................... 117,000 4,307,062
Broadcom Corp.* ................. 5,200 751,725
E-Tek Dynamics, Inc.* ........... 6,100 290,131
Gemstar International Group
Ltd.* ......................... 28,700 1,872,675
Maxim Integrated Products,
Inc.* ......................... 41,700 2,773,050
Metromedia Fiber Network, Inc.
Cl-A* ......................... 35,900 1,290,156
Sanmina Corp.* .................. 91,400 6,934,975
------------
18,219,774
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ENTERTAINMENT & LEISURE -- 1.6%
SFX Entertainment, Inc. Cl-A* ... 64,500 $ 4,293,281
------------
ENVIRONMENTAL SERVICES -- 2.0%
Republic Services, Inc. Cl-A* ... 227,400 5,628,150
------------
FINANCIAL-BANK & TRUST -- 1.1%
State Street Boston Corp. ....... 33,700 2,877,138
------------
FINANCIAL SERVICES -- 7.8%
Capital One Financial Corp. ..... 90,000 5,011,875
Donaldson, Lufkin & Jenrette,
Inc. .......................... 65,200 3,928,300
E*TRADE Group, Inc.* ............ 69,300 2,767,669
FINOVA Group, Inc. .............. 50,200 2,641,775
Lehman Brothers Holdings,
Inc. .......................... 38,800 2,415,300
Nationwide Financial Services,
Inc. .......................... 33,600 1,520,400
Providian Financial Corp. ....... 27,300 2,552,550
------------
20,837,869
------------
FOOD -- 0.6%
Food Lion, Inc. Cl-B ............ 128,500 1,485,781
------------
FURNITURE -- 0.8%
Furniture Brands International,
Inc.* ......................... 79,800 2,224,425
------------
HEALTHCARE SERVICES -- 1.3%
TLC The Laser Center, Inc.* ..... 40,200 1,929,600
Wellpoint Health Networks,
Inc.* ......................... 18,300 1,553,213
------------
3,482,813
------------
HOTELS & MOTELS -- 0.7%
Starwood Hotels & Resorts
Worldwide, Inc. [REIT] ........ 64,100 1,959,056
------------
MEDICAL SUPPLIES & EQUIPMENT -- 2.0%
Bard, (C.R.), Inc. .............. 69,300 3,313,406
MiniMed, Inc.* .................. 26,300 2,023,456
------------
5,336,862
------------
OFFICE EQUIPMENT -- 2.4%
Office Depot, Inc.* ............. 61,200 1,350,225
Staples, Inc.* .................. 162,900 5,039,719
------------
6,389,944
------------
OIL & GAS -- 4.0%
Coastal Corp. ................... 100,900 4,036,000
Enron Oil & Gas Co. ............. 151,400 3,065,850
Union Pacific Resources Group,
Inc. .......................... 220,700 3,600,169
------------
10,702,019
------------
PERSONAL SERVICES -- 1.2%
Cendant Corp.* .................. 154,600 3,169,300
------------
PHARMACEUTICALS -- 7.3%
Biogen, Inc.* ................... 89,200 5,736,675
Cardinal Health, Inc. ........... 46,000 2,949,750
Elan Corp. PLC [ADR]* ........... 132,700 3,682,425
Immunex Corp.* .................. 33,800 4,307,388
Sepracor, Inc.* ................. 36,100 2,933,125
------------
19,609,363
------------
</TABLE>
61
<PAGE> 64
AST NEUBERGER BERMAN MID-CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PRINTING & PUBLISHING -- 1.1%
Valassis Communications,
Inc.* ......................... 81,750 $ 2,994,094
------------
RAILROADS -- 1.2%
Kansas City Southern Industries,
Inc. .......................... 51,200 3,267,200
------------
RESTAURANTS -- 1.0%
Brinker International, Inc.* .... 96,600 2,626,313
------------
RETAIL & MERCHANDISING -- 7.6%
Best Buy Co., Inc.* ............. 90,800 6,129,000
Circuit City Stores, Inc. ....... 22,000 2,046,000
Costco Companies, Inc.* ......... 17,300 1,385,081
Linens 'n Things, Inc.* ......... 83,200 3,640,000
TJX Companies, Inc. ............. 220,600 7,348,738
------------
20,548,819
------------
SEMICONDUCTORS -- 4.4%
Conexant Systems, Inc.* ......... 29,300 1,701,231
PMC-Sierra, Inc.* ............... 62,600 3,689,488
Uniphase Corp.* ................. 27,600 4,581,600
Vitesse Semiconductor Corp.* .... 28,400 1,915,225
------------
11,887,544
------------
TELECOMMUNICATIONS -- 9.1%
Adelphia Communications Corp. Cl-
A* ............................ 26,700 1,698,788
Frontier Corp. .................. 62,700 3,699,300
Intermedia Communications,
Inc.* ......................... 103,200 3,096,000
NTL, Inc.* ...................... 62,100 5,352,244
RSL Communications Ltd. Cl-A* ... 132,900 2,566,631
Tellabs, Inc.* .................. 75,300 5,087,456
WinStar Communications, Inc.* ... 60,000 2,925,000
------------
24,425,419
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TRANSPORTATION -- 1.1%
Avis Rent A Car, Inc.* .......... 103,400 $ 3,011,525
------------
UTILITIES -- 1.5%
Montana Power Co. ............... 55,700 3,926,850
------------
TOTAL COMMON STOCK
(Cost $203,094,037)................ 254,147,663
------------
<CAPTION>
PAR
(000)
----------
<S> <C> <C>
COMMERCIAL PAPER -- 3.7%
Koch Industries
5.85%, 07/01/99
(Cost $10,000,000)............... $ 10,000 10,000,000
------------
<CAPTION>
SHARES
----------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 1.5%
Temporary Investment Cash
Fund .......................... 2,052,347 2,052,347
Temporary Investment Fund ....... 2,052,347 2,052,347
------------
(Cost $4,104,694)................ 4,104,694
------------
TOTAL INVESTMENTS -- 99.8%
(Cost $217,198,731)................ 268,252,357
OTHER ASSETS LESS
LIABILITIES -- 0.2%................ 595,163
------------
NET ASSETS -- 100.0%................. $268,847,520
============
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
62
<PAGE> 65
AST FOUNDERS PASSPORT PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOREIGN STOCK -- 93.6%
AUSTRIA -- 0.9%
KTM-Motorradholding AG........... 14,575 $ 973,991
------------
BRAZIL -- 1.1%
Aracruz Celulose SA [ADR]........ 54,025 1,188,550
------------
CANADA -- 4.6%
Cinar Corp. Cl-B*................ 120,025 2,940,613
Dorel Industries, Inc. Cl-B*..... 70,575 1,528,279
Research in Motion, Ltd.*........ 20,000 399,311
------------
4,868,203
------------
DENMARK -- 2.1%
Vestas Wind Systems AS 144A*..... 25,250 2,229,455
------------
FINLAND -- 3.2%
KCI Konecranes International
PLC*........................... 33,200 1,140,471
Raisio Group PLC................. 242,000 2,246,102
------------
3,386,573
------------
FRANCE -- 4.5%
Altran Technologies SA........... 13,000 3,432,060
Dassault Systemes SA............. 27,950 923,807
Royal Canin SA................... 7,500 433,133
------------
4,789,000
------------
GERMANY -- 14.3%
Douglas Holding AG............... 32,225 1,455,588
IXOS Software AG*................ 5,475 920,329
Marschollek, Lautenschlaeger und
Partner AG Non-Voting Pfd. .... 6,575 3,051,264
Porsche AG Pfd. ................. 1,700 3,962,132
PrimaCom AG*..................... 6,400 283,805
Rhoen-Klinikum AG................ 5,600 565,960
Schwarz Pharma AG................ 35,200 1,626,268
Singulus Technologies AG*........ 8,800 1,059,071
Sixt AG.......................... 33,675 2,344,137
------------
15,268,554
------------
GREECE -- 1.2%
Chipita International SA......... 48,168 1,257,315
------------
IRELAND -- 2.8%
Esat Telecom Group PLC [ADR]*.... 28,975 1,271,278
Ryanair Holdings PLC [ADR]*...... 31,600 1,674,800
------------
2,946,078
------------
ITALY -- 6.7%
Bulgari SPA...................... 372,950 2,507,666
Class Editori SPA*............... 62,400 498,721
Ducati Motor Holding SPA*........ 112,025 293,441
Gruppo Editoriale L'Espresso
SPA............................ 160,650 2,601,069
Industrie Natuzzi SPA [ADR]...... 66,150 1,285,791
------------
7,186,688
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
JAPAN -- 10.0%
Fancl Corp. ..................... 10,000 $ 1,817,639
Fuji Soft ABC, Inc. ............. 50,000 2,974,318
Nippon System Development........ 57,000 3,390,722
Ryohin Keikaku Co. Ltd. ......... 10,000 2,515,777
------------
10,698,456
------------
MALAYSIA -- 0.0%
KFC Holdings Berhad
Warrants++++*.................. 21,333 9,100
------------
MEXICO -- 1.2%
Grupo Posadas SA Cl-A*........... 1,875,600 1,298,352
------------
NETHERLANDS -- 6.5%
Beter Bed Holding NV............. 23,425 676,409
Grand Hotel Krasnapolsky NV...... 6,900 462,168
Hunter Douglas NV................ 46,400 1,593,433
IHC Caland NV.................... 37,700 1,477,395
Nutreco Holding NV............... 58,450 2,073,550
Ordina NV*....................... 23,000 664,137
Ordina NV Rights*................ 23,000 21,347
------------
6,968,439
------------
NORWAY -- 2.9%
Narvesen ASA..................... 16,000 371,940
Stolt Comex Seaway SA*........... 65,525 712,584
Tomra Systems ASA................ 53,975 2,029,488
------------
3,114,012
------------
SINGAPORE -- 2.0%
Natsteel Electronics Ltd.*....... 506,000 2,214,253
------------
SPAIN -- 2.9%
Baron de Ley SA*................. 34,350 1,183,164
Tele Pizza SA*................... 372,650 1,929,196
------------
3,112,360
------------
SWEDEN -- 1.6%
Haldex AB........................ 51,010 665,994
Ortivus AB Cl-B*................. 50,200 277,520
Semcon AB........................ 84,775 757,833
------------
1,701,347
------------
SWITZERLAND -- 3.1%
Kudelski SA*..................... 450 1,606,533
Logitech International SA*....... 8,300 1,201,281
Phonak Holding AG................ 400 535,189
------------
3,343,003
------------
</TABLE>
63
<PAGE> 66
AST FOUNDERS PASSPORT PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
UNITED KINGDOM -- 22.0%
Capital Radio PLC................ 132,025 $ 1,747,084
Eidos PLC [ADR]*................. 67,350 2,226,759
Filtronic PLC.................... 123,125 1,448,815
Flextech PLC*.................... 195,550 3,148,713
ICON PLC [ADR]*.................. 52,925 1,038,653
Parity PLC....................... 213,800 2,123,172
PizzaExpress PLC................. 276,525 3,988,341
Psion PLC........................ 233,125 3,013,280
Scoot.com PLC*................... 1,290,825 763,019
Select Appointments Holdings
PLC............................ 184,475 2,196,893
Wetherspoon, (J.D.) PLC.......... 385,875 1,809,549
------------
23,504,278
------------
TOTAL FOREIGN STOCK
(Cost $73,333,605)................. 100,058,007
------------
U.S. STOCK -- 0.9%
BROADCASTING
United International Holdings,
Inc. Cl-A*
(Cost $461,578).................. 13,675 924,772
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
COMMERCIAL PAPER--5.7%
A.I. Credit Corp.
5.65%, 07/01/99................ $ 3,000 3,000,000
Coca-Cola Corp.
5.65%, 07/01/99................ 3,091 3,091,000
------------
(Cost $6,091,000)................ 6,091,000
------------
TOTAL INVESTMENTS -- 100.2%
(Cost $79,886,183)................. 107,073,779
LIABILITIES IN EXCESS OF
OTHER ASSETS -- (0.2%)............. (187,669)
------------
NET ASSETS -- 100.0%................. $106,886,110
============
</TABLE>
Foreign currency exchange contracts outstanding at June 30, 1999:
<TABLE>
<CAPTION>
IN
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE TO RECEIVE FOR AT VALUE DEPRECIATION
- ---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
07/99 Buy EUR 64,982 $67,309 $ 67,018 $291
08/99 Buy GBP 94,960 150,275 149,685 590
-------- -------- ----
$217,584 $216,703 $881
======== ======== ====
</TABLE>
The following is a breakdown of the foreign stock portion of the Portfolio, by
industry classification, as of June 30, 1999. Percentages are based on net
assets.
<TABLE>
<CAPTION>
INDUSTRY
- --------
<S> <C>
Aerospace............................................ 3.2%
Airlines............................................. 1.6%
Automobile Manufacturers............................. 4.9%
Automotive Parts..................................... 0.6%
Beverages............................................ 1.1%
Broadcasting......................................... 8.3%
Business Services.................................... 3.4%
Capital Goods........................................ 1.1%
Computer Hardware.................................... 1.1%
Computer Services & Software......................... 14.6%
Consumer Products & Services......................... 3.2%
Electronic Components & Equipment.................... 4.6%
Environmental Services............................... 1.9%
Food................................................. 4.4%
Furniture............................................ 2.6%
Hotels & Motels...................................... 1.6%
Insurance............................................ 2.9%
Medical Supplies & Equipment......................... 1.3%
Oil & Gas............................................ 2.0%
Paper & Forest Products.............................. 1.1%
Pharmaceuticals...................................... 2.5%
Printing & Publishing................................ 3.6%
Retail & Merchandising............................... 17.0%
Telecommunications................................... 2.9%
Utilities............................................ 2.1%
----
TOTAL................................................ 93.6%
====
</TABLE>
- --------------------------------------------------------------------------------
Unless otherwise noted, all stocks are common stock.
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
++++ Illiquid security. At the end of the period, this security amounted to less
than 0.1% of net assets.
144A -- Security was purchased pursuant to Rule 144A under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers. At the end of the period, this security amounted
to 2.1% of net assets.
See Notes to Financial Statements.
64
<PAGE> 67
AST T. ROWE PRICE NATURAL RESOURCES PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 81.2%
BUILDING & REAL ESTATE -- 4.0%
Archstone Communities Trust
[REIT]......................... 19,285 $ 423,065
Camden Property Trust............ 30,100 835,275
Kilroy Realty Corp. ............. 22,000 534,875
Post Properties, Inc. [REIT]..... 22,000 902,000
United Dominion Realty Trust
[REIT]......................... 42,000 493,500
Weeks Corp....................... 28,500 869,250
------------
4,057,965
------------
CHEMICALS -- 5.1%
Bush Boake Allen, Inc.*.......... 34,000 994,500
Grace, (W.R.) & Co.*............. 64,000 1,176,000
Great Lakes Chemical Corp. ...... 22,800 1,050,225
Hercules, Inc. .................. 8,000 314,500
Millennium Chemicals, Inc. ...... 10,500 247,406
Octel Corp.*..................... 77,375 967,187
Olin Corp. ...................... 35,800 472,112
------------
5,221,930
------------
CONTAINERS & PACKAGING -- 0.9%
Smurfit-Stone Container Corp.*... 43,600 896,525
------------
DIVERSIFIED METALS -- 3.5%
Century Aluminum Co. ............ 60,000 371,250
Nucor Corp. ..................... 28,500 1,351,969
Reynolds Metals Co. ............. 30,800 1,817,200
------------
3,540,419
------------
DIVERSIFIED RESOURCES -- 2.9%
Burlington Northern Santa Fe
Corp. ......................... 29,400 911,400
Foster Wheeler Corp. ............ 40,000 565,000
IMC Global, Inc. ................ 53,800 948,225
Penn Virginia Corp. ............. 26,700 527,325
------------
2,951,950
------------
ENERGY SERVICES -- 8.9%
BJ Services Co.*................. 133,800 3,938,737
Fluor Corp. ..................... 37,700 1,526,850
Halliburton Co. ................. 23,600 1,067,900
Layne Christensen Co.*........... 35,000 223,125
McDermott International, Inc. ... 13,000 367,250
Niagara Mohawk Holdings, Inc.*... 118,000 1,895,375
------------
9,019,237
------------
FARMING & AGRICULTURE -- 0.8%
Imperial Sugar Co. .............. 120,000 832,500
------------
FOREST PRODUCTS -- 4.3%
Champion International Corp. .... 15,000 718,125
Domtar, Inc. .................... 192,300 1,826,850
Fort James Corp. 22,100 837,037
Kimberly-Clark Corp. ............ 17,300 986,100
------------
4,368,112
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
HOTELS & MOTELS -- 0.4%
Hilton Hotels Corp. ............. 26,400 $ 374,550
------------
INTEGRATED PETROLEUM -- 17.9%
Amerada Hess Corp. .............. 52,100 3,099,950
Atlantic Richfield Co. .......... 12,900 1,077,956
BP Amoco PLC [ADR]............... 8,200 889,700
Chevron Corp. ................... 9,552 909,231
Mobil Corp. ..................... 37,200 3,682,800
Royal Dutch Petroleum Co. ....... 50,000 3,012,500
Societe Nationale Elf Aquitaine
SA [ADR]....................... 11,000 809,187
Texaco, Inc. .................... 37,000 2,312,500
Total SA [ADR]................... 23,000 1,482,062
Ultramar Diamond Shamrock
Corp. ......................... 5,200 113,425
USX-Marathon Group, Inc. ........ 26,000 846,625
------------
18,235,936
------------
LUMBER & WOOD PRODUCTS -- 0.2%
MacMillan Bloedel Ltd. .......... 15,000 270,000
------------
MACHINERY & EQUIPMENT -- 4.7%
Baker Hughes, Inc. .............. 81,200 2,720,200
National-Oilwell, Inc.*.......... 112,000 1,421,000
Smith International, Inc.*....... 13,800 599,437
------------
4,740,637
------------
METALS & MINING -- 4.6%
Anglo American PLC [ADR]*........ 74 3,528
Cyprus AMAX Minerals Co. ........ 43,000 1,956,500
Gold Fields Ltd. [ADR]........... 95,631 328,732
Inco Ltd. ....................... 128,800 2,318,400
Inco Ltd. Cl-VBN................. 9,600 73,800
------------
4,680,960
------------
NON-FERROUS METALS -- 1.3%
Phelps Dodge Corp. .............. 21,600 1,337,850
------------
OIL & GAS -- 10.2%
Anadarko Petroleum Corp. ........ 9,500 349,719
Burlington Resources, Inc. ...... 22,400 968,800
Kerr-McGee Corp. ................ 12,800 642,400
Key Energy Services, Inc.*....... 360,000 1,282,500
Mitchell Energy & Development
Corp. Cl-B..................... 70,800 1,300,950
Murphy Oil Corp. ................ 25,000 1,220,312
Nicor, Inc. ..................... 14,000 532,875
Santa Fe Energy Resources,
Inc.*.......................... 121,100 923,388
Schlumberger Ltd. ............... 14,688 935,442
Tosco Corp. ..................... 4,800 124,500
Union Pacific Resources Group,
Inc. .......................... 53,000 864,563
Unocal Corp. .................... 29,500 1,168,938
Valero Energy Corp. ............. 4,400 94,325
------------
10,408,712
------------
</TABLE>
65
<PAGE> 68
AST T. ROWE PRICE NATURAL RESOURCES PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PAPER & FOREST PRODUCTS -- 0.4%
Consolidated Papers, Inc. ....... 16,100 $ 430,675
------------
PETROLEUM EXPLORATION & PRODUCTION -- 2.4%
Barrett Resources Corp.*......... 15,100 579,463
Canadian Occidental Petroleum
Ltd. .......................... 27,800 448,275
EEX Corp.*....................... 86,766 601,939
Ocean Energy, Inc.*.............. 83,880 807,345
------------
2,437,022
------------
PRECIOUS METALS -- 8.1%
Battle Mountain Gold Co. ........ 442,000 1,077,375
Cambior, Inc. ................... 245,400 797,550
Homestake Mining Co. ............ 181,973 1,489,904
Newmont Mining Corp. ............ 172,324 3,424,940
Placer Dome, Inc. ............... 99,375 1,173,867
TVX Gold, Inc.*.................. 280,900 280,900
------------
8,244,536
------------
UTILITIES -- 0.6%
UniSource Energy Corp.*.......... 50,000 596,875
------------
TOTAL COMMON STOCK
(Cost $81,472,961)................. 82,646,391
------------
PREFERRED STOCK -- 2.2%
BUILDING & REAL ESTATE -- 1.1%
Rouse Co. $3.00 Cl-B............. 29,000 1,163,625
------------
METALS & MINING -- 0.5%
Kinam Gold, Inc. $3.75 Cl-B...... 15,000 500,625
------------
PRECIOUS METALS -- 0.6%
Battle Mountain Gold $3.25....... 18,000 613,125
------------
TOTAL PREFERRED STOCK
(Cost $2,505,285).................. 2,277,375
------------
FOREIGN STOCK -- 10.9%
BUILDING & REAL ESTATE -- 0.7%
Security Capital U.S.
Realty -- (NLG)*............... 25,000 475,000
Sun International -- (ZAR)....... 1,150,000 261,090
------------
736,090
------------
DIVERSIFIED METALS -- 1.2%
Indochina Goldfields
Ltd. -- (CAD)*................. 170,000 166,548
Lonrho Africa PLC -- (GBP)....... 203,159 153,714
Rio Tinto PLC -- (GBP)........... 51,000 854,957
------------
1,175,219
------------
FOREST PRODUCTS -- 2.9%
Macmillan Bloedel
Ltd. -- (CAD).................. 164,000 2,919,766
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
METALS & MINING -- 1.9%
Eramet SLN -- (FRF)............. 9,000 $ 359,191
Lihir Gold Ltd. -- (AUD)*........ 1,470,000 1,109,250
Resolute Ltd. -- (AUD)........... 840,000 422,572
------------
1,891,013
------------
NON-FERROUS METALS -- 0.2%
Bougainville Copper
Ltd. -- (AUD)*................. 1,496,992 208,088
------------
OIL & GAS -- 0.3%
Northstar Energy
Corp. -- (CAD)................. 9,635 345,026
------------
PRECIOUS METALS -- 3.7%
Anglo American Platinum Corp.
Ltd. -- (ZAR).................. 40,139 891,339
Gencor Ltd. -- (ZAR)............. 478,000 1,314,945
Gold Fields Ltd. -- (ZAR)....... 253,113 880,859
Goldfields Ltd. -- (AUD)......... 656,200 416,980
Normandy Mining Ltd. -- (AUD).... 458,658 305,418
------------
3,809,541
------------
TOTAL FOREIGN STOCK
(Cost $11,906,663)................. 11,084,743
------------
<CAPTION>
PAR
(000)
---------
<S> <C> <C>
CERTIFICATES OF DEPOSIT -- 1.0%
First Tennessee Bank
4.90%, 07/06/99
(Cost $1,000,000)................ $ 1,000 1,000,000
------------
COMMERCIAL PAPER -- 4.4%
Asset Security Cooperative
Corp.++
5.00%, 07/20/99................ 2,000 1,994,722
Knight Ridder, Inc.++
5.02%, 07/19/99................ 1,500 1,496,235
Park Avenue Receivables Corp.++
5.05%, 07/15/99................ 1,000 998,036
------------
(Cost $4,488,993)................ 4,488,993
------------
<CAPTION>
SHARES
---------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.2%
Temporary Investment Cash Fund
(Cost $170,502).................. 170,502 170,502
------------
TOTAL INVESTMENTS -- 99.9%
(Cost $101,544,404)................ 101,668,004
OTHER ASSETS LESS
LIABILITIES -- 0.1%................ 80,643
------------
NET ASSETS -- 100.0%................. $101,748,647
============
</TABLE>
66
<PAGE> 69
AST T. ROWE PRICE NATURAL RESOURCES PORTFOLIO
- --------------------------------------------------------------------------------
Foreign currency exchange contracts outstanding at June 30, 1999:
<TABLE>
<CAPTION>
IN
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE TO DELIVER FOR AT VALUE APPRECIATION
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
07/99 Sell GBP 121,676 $ 192,126 $ 191,797 $ 329
========== ========== =======
</TABLE>
- --------------------------------------------------------------------------------
Unless otherwise noted, all stocks are common stock.
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
++ Security is restricted as to resale and may not be resold except to qualified
institutional buyers. At the end of the period, these securities amounted to
4.4% of net assets.
See Notes to Financial Statements.
67
<PAGE> 70
AST PIMCO LIMITED MATURITY BOND PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 18.8%
Federal Home Loan Mortgage Corp.
8.50%, 01/01/25................ $ 7,249 $ 7,565,732
8.75%, 10/01/01................ 676 692,307
------------
8,258,039
------------
Federal National Mortgage Assoc.
5.987%, 03/01/17............... 2,103 2,070,235
6.308%, 05/01/25............... 845 854,054
6.823%, 01/01/25 [VR].......... 142 145,993
7.50%, 01/25/22-10/01/22....... 16,706 16,924,568
------------
19,994,850
------------
Government National Mortgage Assoc.
6.125%, 11/20/26............... 11,401 11,551,062
6.375%, 03/20/24 [VR].......... 3,533 3,570,819
6.375%, 01/20/26-02/20/28...... 9,883 10,008,150
6.50%, 06/20/28-07/21/29....... 10,600 9,938,905
6.625%, 08/20/17-07/20/24...... 932 947,796
6.875%, 05/20/24-06/20/26...... 3,615 3,679,714
7.00%, 01/15/24-08/15/25....... 1,938 1,914,745
------------
41,611,191
------------
Student Loan Marketing Assoc.
[FRN]
5.082%, 04/25/04............... 2,572 2,565,923
------------
(Cost $72,805,517)............... 72,430,003
------------
U.S. TREASURY OBLIGATIONS -- 2.9%
U.S. Treasury Bills
4.55%, 09/16/99#............... 630 623,815
4.62%, 09/16/99#............... 120 118,822
4.62%, 09/16/99................ 60 59,411
------------
802,048
------------
U.S. Treasury Inflationary Bonds
3.625%, 07/15/02............... 10,000 10,277,734
------------
(Cost $11,121,003)............... 11,079,782
------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 25.3%
Amersco Residential Securities
Mortgage Loan Series 1998-2
Cl-A1
6.50%, 11/25/15................ 649 648,130
Chase Series 1999-S8 Cl-A1
6.35%, 06/25/29................ 13,000 12,953,248
Chase Credit Card Master Trust
Series 1997-3 Cl-A
6.777%, 05/15/07............... 11,100 11,145,343
Delta Funding Home Equity Loan
Trust Series 1998-1 Cl-A1A
6.28%, 05/25/30................ 2,500 2,499,487
Federal Home Loan Mortgage Corp.
Series 1371 Cl-PG
5.80%, 08/15/19................ 7,193 7,177,426
Federal Home Loan Mortgage Corp.
Series 1725 Cl-B
7.00%, 10/15/20................ 10,000 10,041,846
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Federal National Mortgage Assoc.
Series 1996-39 Cl-H
8.00%, 11/25/23................ $ 2,145 $ 2,225,907
Federal National Mortgage Assoc.
Series 1997-77 Cl-G
6.50%, 05/18/23................ 5,341 5,330,417
First Plus Home Loan Trust Series
1998-5 Cl-A3 [VR]
6.06%, 11/10/11................ 8,000 8,013,560
Government National Mortgage
Assoc. Series 1997-1 Cl-A
7.25%, 12/16/23................ 4,405 4,448,882
Green Tree Home Equity Loan Trust
Series 1999-A Cl-A1
5.59%, 02/15/13................ 3,941 3,932,100
Green Tree Home Improvement Loan
Trust
Series 1998-D Cl-HIA2
5.94%, 06/15/29................ 2,400 2,404,500
Merrill Lynch Mortgage Investors,
Inc. Cl-B
7.325%, 06/15/21............... 774 771,050
Norwest Asset Securities Corp.
Series 1998-27 Cl-A
6.25%, 11/25/13................ 2,854 2,804,376
Residential Accredit Loans, Inc.
Series 1997-QS8 Cl-A9
7.375%, 08/25/27............... 2,000 2,010,461
Residential Funding Mortgage
Securities II
Series 1993-S20 CL-A8
6.982%, 06/25/08............... 2,800 2,800,322
Residential Funding Mortgage
Securities II
Series 1997-S6 Cl-A5
7.00%, 05/25/12................ 3,000 2,955,930
Resolution Trust Corp. [VR]
6.797%, 07/25/28............... 10,000 9,912,195
The Money Store Residential Trust
Series 1998-I Cl-A3
6.215%, 02/15/11............... 3,000 3,004,575
Travelers Mortgage Securities
Corp.
Series 1984-1 Cl-Z2
12.00%, 03/01/14............... 2,076 2,302,267
------------
(Cost $98,038,261)............... 97,382,022
------------
CORPORATE OBLIGATIONS -- 47.9%
AUTOMOBILE MANUFACTURERS -- 1.3%
Ford Motor Credit Co.
5.435%, 03/21/01............... 5,000 5,005,025
------------
BUILDING MATERIALS -- 0.8%
Cemex SA 144A
8.50%, 08/31/00................ 3,000 3,011,550
------------
BUSINESS SERVICES -- 2.6%
Cox Enterprises 144A
6.625%, 06/14/02............... 10,000 9,987,500
------------
</TABLE>
68
<PAGE> 71
AST PIMCO LIMITED MATURITY BOND PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
CONGLOMERATES -- 0.1%
Philip Morris Companies, Inc.
9.25%, 02/15/00................ $ 500 $ 510,625
------------
ENTERTAINMENT -- 0.4%
Time Warner, Inc. 144A
6.10%, 12/30/01................ 1,250 1,242,187
------------
FINANCIAL SERVICES -- 23.8%
Bear Stearns Co. Cl-B [FRN]
5.85%, 02/06/01................ 700 703,203
Beneficial Corp. Cl-H [FRN]
5.101%, 01/09/02............... 5,000 4,993,500
Chrysler Financial Corp. [FRN]
5.12%, 01/30/02................ 4,000 4,000,492
First Union Corp. [FRN]
5.125%, 07/22/03............... 4,550 4,557,972
General Motors Acceptance Corp.
7.125%, 05/01/01............... 2,000 2,032,500
Goldman Sachs Group 144A
7.125%, 03/01/03............... 1,000 1,015,000
Heller Financial, Inc. Cl-L [FRN]
5.339%, 02/05/01............... 3,000 2,999,400
Household Finance Co.
7.625%, 12/27/99............... 15,000 15,487,500
7.15%, 06/15/00................ 10,000 10,099,599
5.249%, 05/24/02 [VR].......... 20,000 19,991,600
Lehman Brothers Holdings
6.375%, 05/07/02 [FRN]......... 1,200 1,183,500
7.00%, 05/15/03................ 2,500 2,487,500
Merrill Lynch & Co., Inc. [FRN]
5.45%, 01/11/02................ 5,000 5,024,600
5.333%, 05/30/03............... 5,000 5,002,000
Nacional Financiera [FRN] 144A
8.693%, 12/01/00............... 4,875 4,923,750
NationsBank Corp.
8.625%, 11/15/03............... 1,000 1,085,000
New England Educational Loan
Marketing Assoc. Cl-B [FRN]
144A
5.27%, 09/11/99................ 5,000 4,997,000
Salomon, Inc.
7.50%, 02/01/03................ 1,000 1,030,000
------------
91,614,116
------------
INDUSTRIAL PRODUCTS -- 1.3%
Amerco
7.20%, 04/01/02................ 5,000 4,926,050
------------
INSURANCE -- 2.0%
Marsh & McLennan Companies, Inc.
6.625%, 06/15/04............... 8,000 8,020,000
------------
OIL & GAS -- 1.1%
Gulf Canada Resources Ltd.
9.25%, 01/15/04................ 3,000 3,060,000
Occidental Petroleum Corp.
6.40%, 04/01/03................ 1,000 980,000
------------
4,040,000
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
PAPER & FOREST PRODUCTS -- 0.4%
International Paper Co.
6.125%, 11/01/03............... $ 1,500 $ 1,447,500
------------
RETAIL & MERCHANDISING -- 0.8%
Kmart Corp.
8.00%, 12/13/01................ 3,150 3,236,625
------------
TELECOMMUNICATIONS -- 3.9%
AT&T Capital Corp. Cl-F
6.25%, 05/15/01................ 10,000 9,925,000
TCI Communications, Inc. [FRN]
5.985%, 09/11/00............... 5,000 5,046,850
------------
14,971,850
------------
UTILITIES -- 9.4%
Cleveland Electric Illuminating
Co.
7.625%, 08/01/02............... 2,100 2,108,316
Connecticut Light & Power Co.
7.25%, 07/01/99................ 4,482 4,482,000
7.875%, 06/01/01............... 2,000 2,045,000
Detroit Edison Co.
6.75%, 03/17/03................ 5,000 4,993,750
KN Energy, Inc.
6.45%, 11/30/01................ 10,000 9,862,500
Niagara Mohawk Power Corp.
7.00%, 10/01/00................ 3,665 3,687,906
Texas Utilities Co.
6.62%, 07/01/01................ 4,136 4,168,014
United Illuminating Co.
6.25%, 12/15/02................ 5,000 4,862,500
------------
36,209,986
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $185,288,047)................ 184,223,014
------------
SOVEREIGN ISSUES -- 2.8%
ARGENTINA -- 2.5%
Republic of Argentina [FRB, BRB]
5.938%, 03/31/05............... 3,627 3,101,085
12.12%, 04/10/05............... 4,000 3,570,000
Republic of Argentina [VR]
14.25%, 11/30/99............... 2,000 1,950,000
Republic of Argentina Bote 10
[FRN, PIK]
5.288%, 07/01/99............... 833 815,849
------------
9,436,934
------------
CANADA -- 0.3%
Hydro-Quebec
9.00%, 03/07/01................ 1,000 1,043,640
------------
TOTAL SOVEREIGN ISSUES
(Cost $10,870,911)................. 10,480,574
------------
</TABLE>
69
<PAGE> 72
AST PIMCO LIMITED MATURITY BOND PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000) VALUE
--------- -----
<S> <C> <C>
FOREIGN BONDS -- 0.6%
NEW ZEALAND
Inter-American Development Bank
5.75%, 04/15/04
(Cost $2,637,780)................ 4,900 $ 2,488,430
------------
<CAPTION>
PAR
(000)
---------
<S> <C> <C>
COMMERCIAL PAPER --2.7%
Ameritech Corp.
4.95%, 07/20/99................ $ 1,500 1,496,081
Coca-Cola Co.
4.76%, 07/30/99................ 400 398,519
General Electric Capital Corp.
4.75%, 07/07/99................ 800 799,367
4.98%, 07/21/99................ 2,100 2,094,190
4.90%, 07/22/99................ 900 897,428
U.S. West Capital Funding Corp.
5.957%, 03/24/00............... 5,000 4,776,613
------------
(Cost $10,464,627)............... 10,462,198
------------
<CAPTION>
SHARES
---------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.6%
Temporary Investment Cash Fund... 1,121,183 1,121,183
Temporary Investment Fund........ 1,121,183 1,121,183
------------
(Cost $2,242,366)................ 2,242,366
------------
TOTAL INVESTMENTS -- 101.6% (Cost
$393,468,512)...................... 390,788,389
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER
OF
CONTRACTS VALUE
--------- ------------
<S> <C> <C>
WRITTEN OPTIONS -- (0.1%)
PUT OPTIONS
30 Year December Euro Dollar
Futures, Strike Price 94.25,
Expires 12/13/99
(Cost ($197,465))................ 5,000 $ (318,750)
------------
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (1.5%)................... (5,884,195)
------------
NET ASSETS -- 100.0%................. $384,585,444
============
</TABLE>
Foreign currency exchange contracts outstanding at June 30, 1999:
<TABLE>
<CAPTION>
IN
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE TO DELIVER FOR AT VALUE DEPRECIATION
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
08/99................ Sell NZD 4,855,000 $2,591,599 $2,572,158 $19,441
========== ========== =======
</TABLE>
# Securities with an aggregate market value of $742,637 have been segregated
with the custodian to cover margin requirements for the following open futures
contracts at June 30, 1999:
<TABLE>
<CAPTION>
NOTIONAL
EXPIRATION AMOUNT UNREALIZED
DESCRIPTION MONTH (000) DEPRECIATION
- ---------------------------------------------------------------------
<S> <C> <C> <C> <C>
Euro Dollar............ 12/99 ECU 75,000 $172,238
Euro Dollar............ 03/00 ECU 75,000 175,898
Euro Dollar............ 09/01 ECU 100,000 276,250
--------
$624,386
========
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
144A -- Security was purchased pursuant to Rule 144A under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers. At the end of the period, these securities
amounted to 6.5% of net assets.
See Notes to Financial Statements.
70
<PAGE> 73
AST OPPENHEIMER LARGE-CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 99.4%
AEROSPACE -- 2.1%
AlliedSignal, Inc. .............. 52,000 $ 3,276,000
Cordant Technologies, Inc. ...... 59,000 2,666,062
------------
5,942,062
------------
BEVERAGES -- 0.5%
Coca-Cola Co. ................... 22,000 1,375,000
------------
BUILDING MATERIALS -- 1.9%
American Standard Companies,
Inc.*.......................... 57,000 2,736,000
Fastenal Co. .................... 51,000 2,674,312
------------
5,410,312
------------
BUSINESS SERVICES -- 1.0%
OfficeMax, Inc.*................. 227,000 2,724,000
------------
CHEMICALS -- 1.1%
Waters Corp.*.................... 56,000 2,975,000
------------
CLOTHING & APPAREL -- 4.1%
Intimate Brands, Inc. ........... 56,700 2,686,162
Jones Apparel Group, Inc.*....... 88,000 3,019,500
Limited, Inc. ................... 62,000 2,813,250
Ross Stores, Inc. ............... 59,000 2,972,125
------------
11,491,037
------------
COMPUTER HARDWARE -- 5.4%
Adaptec, Inc.*................... 83,000 2,930,937
Gateway, Inc.*................... 45,000 2,655,000
Hewlett-Packard Co. ............. 52,000 5,226,000
International Business Machines
Corp. ......................... 32,000 4,136,000
------------
14,947,937
------------
COMPUTER SERVICES & SOFTWARE -- 19.4%
Adobe Systems, Inc. ............. 37,000 3,039,781
America Online, Inc.*............ 66,000 7,293,000
BMC Software, Inc.*.............. 67,000 3,618,000
Cisco Systems, Inc.*............. 121,000 7,804,500
Computer Associates
International, Inc. ........... 73,000 4,015,000
Compuware Corp.*................. 103,000 3,276,687
DST Systems, Inc.*............... 50,000 3,143,750
Gartner Group, Inc. Cl-A*........ 116,500 2,388,250
Intuit, Inc.*.................... 33,000 2,974,125
Microsoft Corp.*................. 98,000 8,838,375
Siebel Systems, Inc.*............ 50,000 3,318,750
Sun Microsystems, Inc.*.......... 63,000 4,339,125
------------
54,049,343
------------
CONSUMER PRODUCTS & SERVICES -- 4.9%
Bausch & Lomb, Inc. ............. 38,000 2,907,000
Maytag Corp. .................... 42,000 2,926,875
Mohawk Industries, Inc.*......... 84,000 2,551,500
Shaw Industries, Inc.*........... 137,000 2,260,500
Tupperware Corp. ................ 120,000 3,060,000
------------
13,705,875
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRONIC COMPONENTS & EQUIPMENT -- 7.7%
General Electric Co. ............ 97,000 $ 10,961,000
Sanmina Corp.*................... 33,000 2,503,875
Tandy Corp. ..................... 66,000 3,225,750
Texas Instruments, Inc. ......... 33,000 4,785,000
------------
21,475,625
------------
ENTERTAINMENT & LEISURE -- 2.9%
Harrah's Entertainment, Inc.*.... 126,000 2,772,000
Mandalay Resort Group*........... 121,000 2,556,125
MGM Grand, Inc.*................. 58,000 2,842,000
------------
8,170,125
------------
FINANCIAL SERVICES -- 4.4%
Associates First Capital Corp.
Cl-A........................... 36,000 1,595,250
Freddie Mac...................... 64,000 3,712,000
Schwab, (Charles) Corp. ......... 40,000 4,395,000
Washington Mutual, Inc. ......... 70,000 2,476,250
------------
12,178,500
------------
FURNITURE -- 2.1%
Ethan Allen Interiors, Inc. ..... 85,000 3,208,750
Furniture Brands International,
Inc.*.......................... 100,000 2,787,500
------------
5,996,250
------------
HEALTHCARE SERVICES -- 5.0%
Amgen, Inc.*..................... 74,000 4,504,750
Lincare Holdings, Inc.*.......... 60,000 1,500,000
United HealthCare Corp. ......... 43,500 2,724,187
Universal Health Services, Inc.
Cl-B*.......................... 56,000 2,674,000
Wellpoint Health Networks,
Inc.*.......................... 32,000 2,716,000
------------
14,118,937
------------
INSURANCE -- 0.9%
Aetna, Inc. ..................... 28,000 2,504,250
------------
MEDICAL SUPPLIES & EQUIPMENT -- 5.2%
Bergen Brunswig Corp. Cl-A....... 106,000 1,828,500
Boston Scientific Corp.*......... 78,500 3,449,094
Genzyme Corp.*................... 64,000 3,104,000
Genzyme Surgical Products*....... 11,457 50,481
Guidant Corp. ................... 50,000 2,571,875
Johnson & Johnson Co. ........... 5,000 490,000
Sybron International Corp.*...... 104,200 2,872,012
------------
14,365,962
------------
PHARMACEUTICALS -- 2.1%
Biogen, Inc.*.................... 35,000 2,250,938
Bristol-Meyers Squibb Co. ....... 11,000 774,813
Merck & Co., Inc. ............... 30,000 2,220,000
Pfizer, Inc. .................... 5,000 548,750
------------
5,794,501
------------
PRINTING & PUBLISHING -- 0.9%
Lexmark International Group, Inc.
Cl-A*.......................... 38,000 2,510,375
------------
</TABLE>
71
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AST OPPENHEIMER LARGE-CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RESTAURANTS -- 2.0%
Brinker International, Inc.*..... 93,000 $ 2,528,438
Outback Steakhouse, Inc.*........ 79,000 3,105,688
------------
5,634,126
------------
RETAIL & MERCHANDISING -- 12.8%
Bed, Bath & Beyond, Inc.*........ 50,000 1,925,000
Best Buy Co., Inc.*.............. 48,000 3,240,000
Circuit City Stores, Inc......... 30,000 2,790,000
Dayton-Hudson Corp. ............. 62,000 4,030,000
Gap, Inc. ....................... 90,000 4,533,750
Lowe's Companies, Inc. .......... 63,000 3,571,313
Saks, Inc.*...................... 100,000 2,887,500
Sears, Roebuck & Co. ............ 53,000 2,361,813
Tiffany & Co. ................... 33,500 3,232,750
TJX Companies, Inc. ............. 102,500 3,414,531
Wal-Mart Stores, Inc. ........... 23,000 1,109,750
WestPoint Stevens, Inc.*......... 90,000 2,683,125
------------
35,779,532
------------
SEMICONDUCTORS -- 4.8%
Intel Corp. ..................... 116,000 6,902,000
Motorola, Inc. .................. 39,000 3,695,250
Xilinx, Inc.*.................... 50,000 2,862,500
------------
13,459,750
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TELECOMMUNICATIONS -- 7.0%
Lucent Technologies, Inc. ....... 156,000 $ 10,520,250
QUALCOMM, Inc.*.................. 25,000 3,587,500
Scientific-Atlanta, Inc. ........ 50,000 1,800,000
Tellabs, Inc.*................... 54,000 3,648,375
------------
19,556,125
------------
UTILITIES -- 0.9%
Dynegy, Inc. .................... 129,100 2,630,413
------------
TOTAL COMMON STOCK
(Cost $249,750,893)................ 276,795,037
------------
SHORT-TERM INVESTMENTS -- 1.6%
Temporary Investment Cash Fund... 2,279,748 2,279,748
Temporary Investment Fund........ 2,279,747 2,279,747
------------
(Cost $4,559,495)................ 4,559,495
------------
TOTAL INVESTMENTS -- 101.0%
(Cost $254,310,388)................ 281,354,532
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (1.0%)................... (2,842,431)
------------
NET ASSETS -- 100.0%................. $278,512,101
============
</TABLE>
- --------------------------------------------------------------------------------
* Non-income producing security.
See Notes to Financial Statements.
72
<PAGE> 75
AST JANUS OVERSEAS GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOREIGN STOCK -- 75.4%
ARGENTINA -- 0.5%
Telecom Argentina Stet SA
[ADR].......................... 66,100 $ 1,768,175
Telefonica de Argentina SA Cl-B
[ADR].......................... 63,175 1,982,116
------------
3,750,291
------------
AUSTRALIA -- 1.6%
Cable & Wireless Optus Ltd.*..... 2,193,710 4,995,110
Fosters Brewing Group Ltd. ...... 1,295,821 3,652,230
News Corp. Ltd. [ADR]............ 70,035 2,473,111
Publishing & Broadcasting
Ltd. .......................... 294,023 1,940,367
------------
13,060,818
------------
BRAZIL -- 1.5%
Telecomunicacoes Brasileiras SA
Pfd. [ADR]..................... 113,750 10,258,828
Telesp Celular Participacoes SA
[ADR]*......................... 69,460 1,858,055
------------
12,116,883
------------
CANADA -- 4.1%
JDS Fitel, Inc.*................. 49,121 4,098,810
Le Groupe Videotron Ltee......... 497,651 7,901,624
Rogers Communications, Inc.
Cl-B*.......................... 647,416 10,345,183
Shaw Communications, Inc. Cl-B... 218,386 8,602,347
Toronto-Dominion Bank............ 45,833 2,067,060
------------
33,015,024
------------
FINLAND -- 4.6%
Nokia AB Oyj..................... 129,344 11,338,008
Nokia Corp. Cl-A [ADR]........... 171,600 15,712,126
Sonera Group Oyj................. 84,318 1,843,435
Talentum Oy Cl-B................. 228,217 3,483,223
Tieto Corp. Cl-B................. 106,480 4,436,301
------------
36,813,093
------------
FRANCE -- 7.4%
Accor SA......................... 20,841 5,233,462
Atos SA*......................... 26,528 2,708,390
AXA SA........................... 15,327 1,869,879
Cap Gemini SA.................... 35,322 5,551,391
Carrefour Supermarche SA......... 23,328 3,428,182
Equant NV*....................... 24,617 2,269,573
Sanofi-Synthelabo SA*............ 123,934 5,259,364
Societe Nationale Elf Aquitaine
SA............................. 30,407 4,462,210
Sodexho Alliance SA.............. 3,162 544,565
Suez Lyonnaise des Eaux.......... 53,558 9,660,191
Valeo SA......................... 20,370 1,680,554
Vivendi.......................... 216,372 17,527,453
------------
60,195,214
------------
GERMANY -- 6.5%
Adidas-Salomon AG................ 18,464 1,797,502
DaimlerChrysler AG*.............. 29,518 2,577,741
DePfa Deutsche Pfandbriefbank
AG............................. 69,203 6,251,735
Mannesmann AG.................... 189,050 28,269,378
Marschollek, Lautenschlaeger und
Partner AG Non-Voting Pfd...... 9,930 4,608,221
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Porsche AG Pfd................... 3,838 $ 8,945,095
------------
52,449,672
------------
HONG KONG -- 2.4%
China Telecom Ltd.*.............. 4,597,000 12,768,440
HSBC Holdings PLC................ 186,800 6,813,643
------------
19,582,083
------------
IRELAND -- 0.1%
Elan Corp. PLC [ADR]*............ 19,585 543,484
------------
ITALY -- 1.9%
Assicurazioni Generali........... 72,422 2,509,466
Banca Commerciale Italia NA...... 285,801 2,086,741
Banca di Roma.................... 2,357,523 3,391,577
Tecnost SPA...................... 172,753 425,790
Telecom Italia Mobile SPA........ 828,679 4,948,077
Unicredito Italiano SPA.......... 539,168 2,368,674
------------
15,730,325
------------
JAPAN -- 12.2%
Fuji Bank Ltd.................... 551,000 3,842,191
Fujitsu Ltd. .................... 236,000 4,747,837
Honda Motor Co. Ltd. ............ 197,000 8,349,654
Ito-Yokado Co. Ltd. ............. 61,000 4,082,251
Kao Corp......................... 473,000 13,286,938
Kirin Brewery Co. Ltd............ 378,000 4,528,399
Nippon Telegraph & Telephone
Corp. ......................... 1,990 2,334,674
NTT Data Corp. .................. 5,170 4,109,136
NTT Mobile Communication Network,
Inc. .......................... 18,150 24,592,651
Softbank Corp. .................. 43,100 8,727,813
Sony Corp. ...................... 87,200 9,401,818
Takeda Chemical Industries....... 232,000 10,753,150
------------
98,756,512
------------
KOREA -- 0.5%
SK Telecom Co. Ltd. [ADR]........ 234,541 3,987,202
------------
MEXICO -- 1.6%
Grupo Televisa SA [GDR]*......... 40,355 1,808,408
Telefonos de Mexico SA Cl-L
[ADR].......................... 138,020 11,153,741
------------
12,962,149
------------
NETHERLANDS -- 8.6%
AEGON NV......................... 62,599 4,541,539
ASM Lithography Holding NV NY
Reg.*.......................... 21,830 1,296,156
ASM Lithography Holding NV*...... 39,633 2,292,933
Equant NV NY Reg.*............... 28,330 2,666,561
Getronics NV..................... 168,631 6,486,610
Getronics NV 144A................ 64,038 2,463,305
Heineken NV...................... 103,692 5,309,285
ING Groep NV..................... 23,521 1,273,464
Koninklijke (Royal) Philips
Electronics NV................. 82,193 8,107,582
Koninklijke (Royal) Philips
Electronics NV NY Reg.......... 117,610 11,863,909
</TABLE>
73
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
United Pan-Europe Communications
NV*............................ 157,576 $ 8,547,663
Wolters Kluwer NV................ 370,401 14,744,533
------------
69,593,540
------------
SINGAPORE -- 0.5%
Development Bank of Singapore
Ltd. .......................... 329,000 4,019,572
------------
SPAIN -- 3.6%
Argentaria Caja Postal Y Banco
Hipotecario de Espana SA....... 132,632 3,021,451
Banco Bilbao Vizcaya SA.......... 279,407 4,036,891
Banco Santander Central Hispano
SA............................. 466,368 4,857,599
Tele Pizza SA*................... 180,645 935,193
Telefonica SA.................... 296,900 14,301,831
Telefonica SA [ADR].............. 11,096 1,632,434
------------
28,785,399
------------
SWEDEN -- 3.7%
Assa Abloy AB Cl-B............... 601,536 6,509,410
Assa Abloy AB-B Rights*.......... 601,536 127,358
Ericsson, (L.M.) Telephone Co.
[ADR].......................... 115,156 3,792,951
Ericsson, (L.M.) Telephone Co.
Cl-B........................... 90,364 2,896,371
Modern Times Group MTG AB
Cl-B*.......................... 164,855 3,577,591
Securitas AB Cl-B................ 873,512 13,048,626
------------
29,952,307
------------
SWITZERLAND -- 3.5%
Julius Baer Holdings AG Cl-B..... 2,055 5,855,981
Kuoni Reisen AG.................. 1,092 4,211,104
Roche Holding AG................. 672 6,907,648
Swisscom AG*..................... 19,291 7,259,300
Zurich Allied AG................. 7,483 4,255,123
------------
28,489,156
------------
TAIWAN -- 0.4%
Taiwan Semiconductor
Manufacturing Co. Ltd.
[ADR]*......................... 96,335 3,275,390
------------
UNITED KINGDOM -- 10.2%
Amvescap PLC..................... 234,278 2,084,646
British Telecommunications PLC... 294,274 4,930,852
Capita Group PLC................. 311,277 3,221,207
COLT Telecom Group PLC*.......... 631,053 13,239,778
Compass Group PLC................ 587,306 5,823,069
Energis PLC*..................... 267,092 6,369,959
Hays PLC......................... 573,483 6,043,086
Lloyds TSB Group PLC............. 272,333 3,691,778
Logica PLC....................... 808,390 8,473,823
Orange PLC*...................... 181,886 2,666,362
Prudential Corp. PLC............. 128,971 1,898,785
Rentokil Initial PLC............. 815,500 3,181,530
SEMA Group PLC................... 387,685 3,739,962
SmithKline Beecham PLC........... 172,803 2,245,840
SmithKline Beecham PLC [ADR]..... 66,845 4,415,948
TeleWest Communications PLC*..... 669,142 3,000,802
Vodafone AirTouch PLC............ 179,587 3,538,521
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Vodafone AirTouch PLC [ADR]...... 19,453 $ 3,832,143
WPP Group PLC.................... 7,509 63,502
------------
82,461,593
------------
TOTAL FOREIGN STOCK
(Cost $494,501,975)................ 609,539,707
------------
U.S. STOCK -- 9.5%
AUTOMOBILE MANUFACTURERS -- 0.1%
DaimlerChrysler AG*.............. 13,564 1,205,501
------------
BROADCASTING -- 1.1%
United International Holdings,
Inc. Cl-A*..................... 126,840 8,577,555
------------
COMPUTER SERVICES & SOFTWARE -- 0.2%
Pacific Internet Ltd.*........... 41,970 1,988,329
------------
CONGLOMERATES -- 3.1%
Seagram Co. Ltd.................. 168,705 8,498,514
Tyco International Ltd........... 171,565 16,255,784
------------
24,754,298
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 0.3%
Galileo Technology Ltd.*......... 61,965 2,807,789
------------
PHARMACEUTICALS -- 1.8%
Pharmacia & Upjohn, Inc.......... 146,755 8,337,518
QLT PhotoTherapeutics, Inc.*..... 108,015 5,940,825
------------
14,278,343
------------
TELECOMMUNICATIONS -- 2.9%
Global TeleSystems Group,
Inc.*.......................... 96,385 7,807,185
Nortel Networks Corp............. 46,680 4,052,408
NTL, Inc.*....................... 113,515 9,783,574
Viatel, Inc.*.................... 26,215 1,471,317
------------
23,114,484
------------
TOTAL U.S. STOCK
(Cost $63,646,370)................. 76,726,299
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000)
---------
<S> <C> <C>
FOREIGN BONDS -- 0.2%
ITALY
Tecnost SPA [FRN] 4.487%,
06/23/04
(Cost $1,579,106)................ 1,496 1,566,955
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000)
-------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 6.7%
Federal National Mortgage Assoc.
4.68%, 07/06/99................. $20,000 19,987,000
4.81%, 11/04/99................. 10,000 9,815,277
5.00%, 11/19/99................. 25,000 24,496,520
------------
(Cost $54,329,067)................ 54,298,797
------------
</TABLE>
74
<PAGE> 77
AST JANUS OVERSEAS GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
------- ------------
<S> <C> <C>
COMMERCIAL PAPER -- 7.1%
Associates First Capital Corp.
5.25%, 07/01/99................. $32,800 $ 32,800,000
------------
UBS Financial Corp. 5.50%,
07/01/99........................ 25,000 25,000,000
------------
(Cost $57,800,000)................ 57,800,000
------------
TOTAL INVESTMENTS -- 98.9% (Cost
$671,856,518)....................... 799,931,758
OTHER ASSETS LESS
LIABILITIES -- 1.1%................. 8,676,865
------------
NET ASSETS -- 100.0%.................. $808,608,623
============
</TABLE>
Foreign currency exchange contracts outstanding at June 30, 1999:
<TABLE>
<CAPTION>
IN
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE TO RECEIVE FOR AT VALUE DEPRECIATION
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
07/99 Buy EUR 2,746,697 $ 2,844,269 $ 2,838,403 $ 5,866
07/99 Buy GBP 2,644,038 4,192,542 4,167,777 24,765
10/99 Buy GBP 1,470,000 2,368,614 2,318,978 49,636
10/99 Buy JPY 1,770,000,000 15,374,217 14,836,270 537,947
----------- ----------- --------
$24,779,642 $24,161,428 $618,214
=========== =========== ========
</TABLE>
<TABLE>
<CAPTION>
IN UNREALIZED
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS APPRECIATION
MONTH TYPE TO DELIVER FOR AT VALUE (DEPRECIATION)
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
10/99
Sell CAD 11,300,000 $ 7,734,061 $ 7,652,094 $ 81,967
11/99
Sell CAD 2,100,000 1,444,808 1,422,774 22,034
10/99
Sell CHF 4,200,000 2,877,698 2,735,907 141,791
11/99
Sell CHF 2,400,000 1,675,978 1,570,732 105,246
07/99
Sell EUR 5,805,318 6,424,868 6,136,239 288,629
10/99
Sell EUR 32,500,000 38,164,130 33,508,851 4,655,279
07/99
Sell GBP 34,067 53,693 53,700 (7)
10/99
Sell GBP 15,890,000 25,617,145 25,067,063 550,082
12/99
Sell GBP 12,610,000 20,273,660 19,912,203 361,457
05/01
Sell HKD 128,000,000 16,066,175 16,211,930 (145,755)
09/99
Sell JPY 800,000,000 6,914,434 6,682,594 231,840
10/99
Sell JPY 7,070,000,000 61,702,541 59,284,697 2,417,844
11/99
Sell JPY 600,000,000 5,117,000 5,061,910 55,090
12/99
Sell JPY 600,000,000 5,000,000 5,073,967 (73,967)
07/99
Sell SEK 2,156,546 255,566 253,660 1,906
------------ ------------ ----------
$199,321,757 $190,628,321 $8,693,436
============ ============ ==========
</TABLE>
The following is a breakdown of the foreign stock portion of the Portfolio, by
industry classification, as of June 30, 1999. Percentages are based on net
assets.
<TABLE>
<CAPTION>
INDUSTRY
--------
<S> <C>
Advertising.......................................... 0.7%
Automobile Manufacturers............................. 2.7%
Automotive Parts..................................... 0.2%
Broadcasting......................................... 2.7%
Building Materials................................... 0.3%
Business Services.................................... 0.8%
Chemicals............................................ 0.7%
Clothing & Apparel................................... 0.2%
Computer Hardware.................................... 0.5%
Computer Services & Software......................... 2.4%
Conglomerates........................................ 3.4%
Consumer Products & Services......................... 4.0%
Electronic Components & Equipment.................... 5.1%
Entertainment & Leisure.............................. 0.7%
Financial -- Bank & Trust............................ 3.3%
Financial Services................................... 3.0%
Food................................................. 1.7%
Industrial Products.................................. 4.5%
Insurance............................................ 1.5%
Medical Supplies & Equipment......................... 0.7%
Oil & Gas............................................ 0.6%
Pharmaceuticals...................................... 1.5%
Printing & Publishing................................ 2.8%
Real Estate.......................................... 1.3%
Retail & Merchandising............................... 0.6%
Semiconductors....................................... 0.8%
Telecommunications................................... 28.7%
----
TOTAL................................................ 75.4%
====
</TABLE>
- --------------------------------------------------------------------------------
Unless otherwise noted, all stocks are common stock.
Definitions of abbreviations are included following the Schedules of
Investments.
* Non income producing security.
144A -- Security was purchased pursuant to Rule 144A under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers. At the end of the period, this security amounted
to 0.3% of net assets.
See Notes to Financial Statements.
75
<PAGE> 78
AST AMERICAN CENTURY INCOME & GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 96.0%
ADVERTISING -- 0.4%
Omnicom Group, Inc. .............. 6,400 $ 512,000
True North Communications,
Inc. ........................... 11,500 345,000
------------
857,000
------------
AEROSPACE -- 2.0%
AlliedSignal, Inc. ............... 11,700 737,100
Boeing Co. ....................... 11,000 486,062
Cordant Technologies, Inc. ....... 10,500 474,469
General Dynamics Corp. ........... 4,500 308,250
Goodrich, (B.F.) Co. ............. 47,200 2,006,000
United Technologies Corp. ........ 11,500 824,406
------------
4,836,287
------------
AIRLINES -- 0.1%
AMR Corp.*........................ 2,100 143,325
Delta Air Lines, Inc. ............ 2,900 167,112
US Airways Group, Inc.*........... 500 21,781
------------
332,218
------------
AUTOMOBILE MANUFACTURERS -- 1.8%
Ford Motor Co..................... 57,500 3,245,156
General Motors Corp. ............. 18,200 1,201,200
------------
4,446,356
------------
BEVERAGES -- 0.5%
Anheuser-Busch Companies, Inc. ... 10,700 759,031
Coca-Cola Co. .................... 5,400 337,500
PepsiCo, Inc. .................... 4,500 174,094
------------
1,270,625
------------
BROADCASTING -- 1.2%
CBS Corp.*........................ 65,000 2,823,437
------------
BUILDING MATERIALS -- 0.2%
Lafarge Corp. .................... 7,000 248,062
York International Corp. ......... 6,100 261,156
------------
509,218
------------
BUSINESS SERVICES -- 0.3%
American Management Systems,
Inc.*........................... 4,500 144,281
Century Business Services,
Inc.*........................... 2,500 36,250
Ecolab, Inc. ..................... 500 21,812
Kelly Services, Inc. Cl-A......... 7,200 231,300
Labor Ready, Inc.*................ 4,300 139,750
Snyder Communications, Inc.*...... 5,400 176,850
------------
750,243
------------
CAPITAL GOODS -- 0.2%
Briggs & Stratton Corp. .......... 2,800 161,700
Cummins Engine Co., Inc. ......... 1,400 79,975
Fleetwood Enterprises, Inc. ...... 3,400 89,887
SPX Corp.*........................ 1,500 125,250
------------
456,812
------------
CHEMICALS -- 1.6%
Dexter Corp. ..................... 12,100 493,831
Dow Chemical Co. ................. 12,100 1,535,187
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
DuPont, (E.I.) de Nemours &
Co. ............................ 22,400 $ 1,530,200
Eastman Chemical Co. ............. 1,300 67,275
Grace, (W.R.) & Co.*.............. 2,100 38,587
Hercules, Inc. ................... 1,600 62,900
Nalco Chemical Co. ............... 800 41,500
Rohm & Haas Co. .................. 1,300 55,737
------------
3,825,217
------------
CLOTHING & APPAREL -- 0.6%
Cato Corp. Cl-A................... 1,700 19,762
Intimate Brands, Inc. ............ 5,985 283,539
Ross Stores, Inc. ................ 5,200 261,950
Tommy Hilfiger Corp.*............. 4,000 294,000
V.F. Corp. ....................... 13,500 577,125
------------
1,436,376
------------
COMPUTER HARDWARE -- 6.1%
Adaptec, Inc.*.................... 17,100 603,844
Apple Computer, Inc.*............. 47,700 2,209,106
Compaq Computer Corp. ............ 21,100 499,806
Dell Computer Corp.*.............. 47,300 1,750,100
EMC Corp.*........................ 15,600 858,000
Gateway, Inc.*.................... 4,700 277,300
Hewlett-Packard Co. .............. 40,400 4,060,200
International Business Machines
Corp. .......................... 34,400 4,446,200
------------
14,704,556
------------
COMPUTER SERVICES & SOFTWARE -- 8.6%
America Online, Inc.*............. 24,600 2,718,300
BMC Software, Inc.*............... 4,200 226,800
Cisco Systems, Inc.*.............. 52,000 3,354,000
Computer Associates International,
Inc. ........................... 3,700 203,500
Compuware Corp.*.................. 9,900 314,944
Comverse Technology, Inc.*........ 14,200 1,072,100
Electronic Data Systems Corp. .... 3,500 197,969
Keane, Inc.*...................... 10,300 233,037
Microsoft Corp.*.................. 103,700 9,352,444
NCR Corp.*........................ 10,800 527,175
Oracle Corp.*..................... 20,400 757,350
Siebel Systems, Inc.*............. 2,800 185,850
Sterling Software, Inc.*.......... 18,700 499,056
Sun Microsystems, Inc.*........... 2,800 192,850
Unisys Corp.*..................... 25,900 1,008,481
------------
20,843,856
------------
CONGLOMERATES -- 2.3%
Corning, Inc...................... 6,500 455,812
Minnesota Mining & Manufacturing
Co. ............................ 8,200 712,887
National Service Industries,
Inc. ........................... 5,100 183,600
Ogden Corp. ...................... 21,900 589,931
Philip Morris Companies, Inc. .... 40,000 1,607,500
Tyco International Ltd. .......... 20,200 1,913,950
Viad Corp. ....................... 3,000 92,812
------------
5,556,492
------------
</TABLE>
76
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CONSTRUCTION -- 0.5%
Centex Corp. ..................... 11,200 $ 420,700
Horton, (D.R.), Inc. ............. 6,500 108,062
Foster Wheeler Corp. ............. 10,200 144,075
Kaufman & Broad Home Corp. ....... 9,200 228,850
Pulte Corp. ...................... 12,600 290,587
------------
1,192,274
------------
CONSUMER PRODUCTS & SERVICES -- 3.3%
ACNielsen Corp.*.................. 2,400 72,600
Alberto-Culver Co. Cl-B........... 1,100 29,287
Avon Products, Inc. .............. 14,800 821,400
Church and Dwight Co., Inc. ...... 1,700 73,950
Circuit City Stores, Inc.......... 1,500 139,500
Clorox Co. ....................... 3,800 405,887
Eastman Kodak Co. ................ 17,300 1,172,075
Fortune Brands, Inc. ............. 16,200 670,275
International Flavors &
Fragrances, Inc. ............... 3,900 173,062
Nature's Sunshine Products,
Inc. ........................... 3,700 38,850
Premark International, Inc. ...... 20,600 772,500
Procter & Gamble Co. ............. 18,600 1,660,050
R.J. Reynolds Tobacco Holdings,
Inc. ........................... 11,098 349,602
Tupperware Corp. ................. 30,800 785,400
Universal Corp. .................. 3,000 85,312
Whirlpool Corp. .................. 10,300 762,200
------------
8,011,950
------------
CONTAINERS & PACKAGING -- 0.0%
Crown Cork & Seal Co., Inc. ...... 1,900 54,150
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 3.5%
EG&G, Inc. ....................... 11,500 409,687
General Electric Co. ............. 56,700 6,407,100
Pentair, Inc. .................... 3,500 160,125
Rockwell International Corp. ..... 15,200 923,400
Texas Instruments, Inc. .......... 3,700 536,500
------------
8,436,812
------------
ENTERTAINMENT & LEISURE -- 1.2%
Anchor Gaming*.................... 2,000 96,125
Carnival Corp. ................... 23,100 1,120,350
Disney, (Walt) Co. ............... 4,700 144,819
Hollywood Entertainment Corp.*.... 9,800 191,712
Time Warner, Inc. ................ 5,300 389,550
Viacom, Inc. Cl-B*................ 21,700 954,800
------------
2,897,356
------------
ENVIRONMENTAL SERVICES -- 0.1%
Browning-Ferris Industries,
Inc. ........................... 6,000 258,000
------------
EQUIPMENT SERVICES -- 0.2%
Hertz Corp. Cl-A.................. 7,600 471,200
------------
FINANCIAL-BANK & TRUST -- 7.1%
Bank One Corp. ................... 61,700 3,675,006
BankAmerica Corp. ................ 46,400 3,401,700
Chase Manhattan Corp. ............ 66,000 5,717,250
City National Corp. .............. 4,800 179,700
Countrywide Credit Industries,
Inc. ........................... 8,100 346,275
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Cullen/Frost Bankers, Inc. ....... 2,000 $ 55,125
First Union Corp. ................ 36,800 1,729,600
Fleet Financial Group, Inc. ...... 19,200 852,000
GreenPoint Financial Corp. ....... 16,600 544,687
Pacific Century Financial
Corp. .......................... 2,700 58,219
UnionBanCal Corp. ................ 6,000 216,750
Wells Fargo & Co. ................ 11,400 487,350
------------
17,263,662
------------
FINANCIAL SERVICES -- 5.3%
Bear Stearns Companies, Inc. ..... 3,700 172,975
Citigroup, Inc. .................. 43,850 2,082,875
Concord EFS, Inc.*................ 4,400 186,175
Deluxe Corp. ..................... 52,000 2,024,750
Fannie Mae........................ 36,500 2,495,687
Freddie Mac....................... 20,400 1,183,200
Lehman Brothers Holdings, Inc. ... 11,500 715,875
Merrill Lynch & Co., Inc. ........ 12,200 975,237
Morgan Stanley, Dean Witter &
Co. ............................ 30,300 3,105,750
------------
12,942,524
------------
FOOD -- 4.2%
Albertson's, Inc. ................ 10,136 522,637
Bestfoods, Inc. .................. 11,600 574,200
ConAgra, Inc. .................... 12,000 319,500
General Mills, Inc. .............. 19,500 1,567,312
Heinz, (H.J.) Co. ................ 23,400 1,172,925
Hormel Foods Corp. ............... 4,700 189,175
IBP, Inc. ........................ 6,000 142,500
Kroger Co.*....................... 7,000 195,562
Lance, Inc. ...................... 8,500 132,813
Nabisco Group Holdings............ 45,800 895,963
Quaker Oats Co. .................. 24,500 1,626,188
Safeway, Inc.*.................... 9,000 445,500
Sara Lee Corp. ................... 10,100 229,144
Starbucks Corp.*.................. 3,000 112,688
Supervalu, Inc. .................. 23,700 608,794
Sysco Corp. ...................... 6,400 190,800
The Earthgrains Co. .............. 12,200 314,913
Unilever NV NY Reg. .............. 13,760 959,760
------------
10,200,374
------------
HEALTHCARE SERVICES -- 1.0%
Amgen, Inc.*...................... 28,700 1,747,113
Herbalife International, Inc. .... 6,400 70,000
McKesson HBOC, Inc. .............. 4,500 144,563
PacifiCare Health Systems,
Inc.*........................... 4,700 338,106
RehabCare Group, Inc.*............ 1,200 22,125
Shared Medical Systems Corp. ..... 2,000 130,500
Trigon Healthcare, Inc.*.......... 2,100 76,388
------------
2,528,795
------------
HOTELS & MOTELS -- 0.2%
Host Marriott Corp. [REIT]........ 42,200 501,125
------------
INSURANCE -- 4.0%
Allstate Corp. ................... 43,800 1,571,325
Arthur J. Gallagher & Co. ........ 7,400 366,300
Conseco, Inc. .................... 9,800 298,288
Fidelity National Financial,
Inc. ........................... 11,500 241,500
</TABLE>
77
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
First American Financial Corp. ... 20,500 $ 366,438
LandAmerica Financial Group,
Inc. ........................... 6,200 178,250
Lincoln National Corp. ........... 57,800 3,023,663
Loews Corp. ...................... 20,600 1,629,975
Marsh & McLennan Companies,
Inc. ........................... 25,800 1,947,900
Travelers Property Casualty Corp.
Cl-A............................ 800 31,300
------------
9,654,939
------------
MACHINERY & EQUIPMENT -- 0.5%
Caterpillar, Inc. ................ 5,000 300,000
Ingersoll-Rand Co. ............... 15,400 995,225
------------
1,295,225
------------
MEDICAL SUPPLIES & EQUIPMENT -- 2.7%
Abbott Laboratories............... 17,500 796,250
Baxter International, Inc. ....... 9,100 551,688
Bergen Brunswig Corp. Cl-A........ 25,000 431,250
Hillenbrand Industries, Inc. ..... 14,000 605,500
Johnson & Johnson Co. ............ 24,000 2,352,000
Mallinckrodt, Inc. ............... 20,600 749,325
St. Jude Medical, Inc.*........... 2,600 92,625
VISX, Inc.*....................... 13,600 1,076,950
------------
6,655,588
------------
METALS & MINING -- 0.2%
Alcoa, Inc. ...................... 5,800 358,875
Nucor Corp. ...................... 1,300 61,669
USX-U.S. Steel Group, Inc. ....... 800 21,600
------------
442,144
------------
OIL & GAS -- 6.2%
Atlantic Richfield Co. ........... 6,600 551,513
Chevron Corp. .................... 2,400 228,450
Diamond Offshore Drilling,
Inc. ........................... 14,200 402,925
Exxon Corp. ...................... 53,000 4,087,625
Kerr-McGee Corp. ................. 26,100 1,309,894
Keyspan Corp. .................... 13,800 363,975
MCN Energy Group, Inc. ........... 12,500 259,375
Mobil Corp. ...................... 22,000 2,178,000
Occidental Petroleum Corp. ....... 8,000 169,000
Royal Dutch Petroleum Co. ........ 20,100 1,211,025
Sempra Energy..................... 45,300 1,024,913
Sunoco, Inc. ..................... 9,100 274,706
Texaco, Inc. ..................... 29,200 1,825,000
Tidewater, Inc. .................. 19,600 597,800
Ultramar Diamond Shamrock
Corp. .......................... 16,100 351,181
Union Pacific Resources Group,
Inc. ........................... 9,400 153,338
------------
14,988,720
------------
PAPER & FOREST PRODUCTS -- 0.6%
Fort James Corp. ................. 3,100 117,413
International Paper Co. .......... 7,800 393,900
Kimberly-Clark Corp. ............. 10,200 581,400
Weyerhaeuser Co. ................. 3,800 261,250
------------
1,353,963
------------
PHARMACEUTICALS -- 6.8%
American Home Products Corp. ..... 1,400 80,500
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Andrx Corp.*...................... 4,000 $ 308,500
Biogen, Inc.*..................... 5,600 360,150
Bristol-Meyers Squibb Co. ........ 41,300 2,909,069
Cardinal Health, Inc. ............ 4,500 288,563
Genentech, Inc.*.................. 18,200 1,496,950
Lilly, (Eli) & Co. ............... 24,000 1,719,000
Medicis Pharmaceutical Corp.
Cl-A*........................... 2,000 50,750
Merck & Co., Inc. ................ 31,600 2,338,400
Pfizer, Inc. ..................... 13,700 1,503,575
Pharmacia & Upjohn, Inc. ......... 18,100 1,028,306
Schering-Plough Corp. ............ 47,500 2,517,500
Warner-Lambert Co. ............... 27,600 1,914,750
------------
16,516,013
------------
RAILROADS -- 0.1%
Union Pacific Corp. .............. 3,700 215,756
------------
REAL ESTATE -- 0.1%
CarrAmerica Realty Corp. [REIT]... 12,200 305,000
------------
RESTAURANTS -- 0.4%
Brinker International, Inc.*...... 3,200 87,000
McDonald's Corp. ................. 2,400 99,150
Tricon Global Restaurants,
Inc.*........................... 2,700 146,138
Wendy's International, Inc. ...... 23,500 665,344
------------
997,632
------------
RETAIL & MERCHANDISING -- 4.9%
Amazon.com, Inc.*................. 2,000 250,250
Best Buy Co., Inc.*............... 18,300 1,235,250
Borders Group, Inc.*.............. 7,300 115,431
Enesco Group, Inc. ............... 1,500 34,688
Home Depot, Inc. ................. 24,800 1,598,050
Lowe's Companies, Inc. ........... 3,100 175,731
Penney, (J.C.) Co., Inc. ......... 23,500 1,141,219
Rite Aid Corp. ................... 3,900 96,038
Sears, Roebuck & Co. ............. 25,200 1,122,975
TJX Companies, Inc. .............. 21,100 702,894
Wal-Mart Stores, Inc. ............ 105,600 5,095,200
Zale Corp.*....................... 10,900 436,000
------------
12,003,726
------------
SEMICONDUCTORS -- 2.6%
Intel Corp. ...................... 88,600 5,271,700
Micron Technology, Inc.*.......... 7,100 286,219
Motorola, Inc. ................... 7,600 720,100
------------
6,278,019
------------
TELECOMMUNICATIONS -- 11.5%
Alltel Corp. ..................... 2,400 171,600
Ameritech Corp. .................. 18,400 1,352,400
AT&T Corp. ....................... 75,600 4,219,425
Bell Atlantic Corp. .............. 21,900 1,431,713
BellSouth Corp. .................. 69,500 3,257,813
Comcast Corp. Cl-A................ 23,600 907,125
GTE Corp. ........................ 23,100 1,749,825
Lucent Technologies, Inc. ........ 59,000 3,978,813
MCI WorldCom, Inc.*............... 21,000 1,811,250
MediaOne Group, Inc.*............. 1,300 96,688
Nortel Networks Corp. ............ 13,600 1,180,650
</TABLE>
78
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
QUALCOMM, Inc.*................... 4,600 $ 660,100
SBC Communications, Inc. ......... 44,600 2,586,800
Sprint Corp. (FON Group).......... 7,000 369,688
Sprint Corp. (PCS Group)*......... 19,500 1,113,938
Tellabs, Inc.*.................... 13,600 918,850
U.S. West, Inc. .................. 34,625 2,034,219
------------
27,840,897
------------
TRANSPORTATION -- 0.0%
Laidlaw, Inc. .................... 3,000 22,125
------------
UTILITIES -- 2.9%
Ameren Corp. ..................... 7,700 295,488
Avista Corp. ..................... 10,000 170,000
Central & South West Corp. ....... 35,900 839,163
Conectiv, Inc. ................... 22,300 544,956
Conectiv, Inc. Cl-A............... 1,600 67,200
Constellation Energy Group........ 13,800 408,825
Dominion Resources, Inc. ......... 17,100 740,644
Duke Energy Corp. ................ 18,400 1,000,500
GPU, Inc. ........................ 2,300 97,031
LG&E Energy Corp. ................ 14,500 304,500
MDU Resources Group, Inc. ........ 3,300 75,281
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Minnesota Power, Inc. ............ 22,600 $ 449,175
Reliant Energy, Inc. ............. 5,100 140,888
Southern Co. ..................... 10,400 275,600
Texas Utilities Co. .............. 9,300 383,625
UtiliCorp United, Inc. ........... 50,200 1,220,488
------------
7,013,364
------------
TOTAL COMMON STOCK
(Cost $216,981,591)................. 232,990,026
------------
<CAPTION>
PAR
(000)
-------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 3.9%
Federal Home Loan Bank
4.60%, 07/01/99
(Cost $9,424,000)................... $ 9,424 9,424,000
------------
TOTAL INVESTMENTS -- 99.9%
(Cost $226,405,591)................. 242,414,026
OTHER ASSETS LESS
LIABILITIES -- 0.1%................. 226,409
------------
NET ASSETS -- 100.0%.................. $242,640,435
============
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
79
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 60.4%
AEROSPACE -- 1.3%
Cordant Technologies, Inc. ...... 5,300 $ 239,494
General Dynamics Corp. .......... 6,700 458,950
Goodrich, (B.F.) Co. ............ 25,400 1,079,500
United Technologies Corp. ....... 7,900 566,331
------------
2,344,275
------------
AIRLINES -- 0.2%
AMR Corp.*....................... 1,700 116,025
Delta Air Lines, Inc. ........... 1,300 74,912
Southwest Airlines Co. .......... 2,800 87,150
US Airways Group, Inc.*.......... 600 26,137
------------
304,224
------------
AUTOMOBILE MANUFACTURERS -- 1.0%
Ford Motor Co. .................. 25,500 1,439,156
General Motors Corp. ............ 5,300 349,800
------------
1,788,956
------------
AUTOMOTIVE PARTS -- 0.0%
Delphi Automotive Systems
Corp. ......................... 3,000 55,687
------------
BEVERAGES -- 0.2%
Anheuser-Busch Companies,
Inc. .......................... 2,400 170,250
Coors, (Adolph) Co. Cl-B......... 4,600 227,700
------------
397,950
------------
BROADCASTING -- 0.6%
CBS Corp.*....................... 23,400 1,016,437
King World Productions, Inc.*.... 3,300 114,881
------------
1,131,318
------------
BUILDING MATERIALS -- 0.1%
Centex Construction Products,
Inc. .......................... 5,100 174,037
------------
BUSINESS SERVICES -- 0.4%
American Management Systems,
Inc.*.......................... 10,600 339,862
Metzler Group, Inc.*............. 10,200 281,775
------------
621,637
------------
CHEMICALS -- 1.2%
Dexter Corp. .................... 8,300 338,744
Dow Chemical Co. ................ 7,400 938,875
DuPont, (E.I.) de Nemours &
Co. ........................... 10,200 696,787
Rohm & Haas Co. ................. 1,800 77,175
------------
2,051,581
------------
CLOTHING & APPAREL -- 0.5%
AnnTaylor Stores Corp.*.......... 7,400 333,000
Claire's Stores, Inc. ........... 3,600 92,250
Tommy Hilfiger Corp.*............ 3,600 264,600
V.F. Corp. ...................... 5,200 222,300
------------
912,150
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMPUTER HARDWARE -- 3.7%
Apple Computer, Inc.*............ 39,900 $ 1,847,869
Dell Computer Corp.*............. 20,400 754,800
Gateway, Inc.*................... 3,700 218,300
Hewlett-Packard Co. ............. 21,800 2,190,900
International Business Machines
Corp. ......................... 10,600 1,370,050
------------
6,381,919
------------
COMPUTER SERVICES & SOFTWARE -- 5.7%
America Online, Inc.*............ 9,200 1,016,600
Cisco Systems, Inc.*............. 19,800 1,277,100
Comverse Technology, Inc.*....... 7,800 588,900
Concentric Network Corp.*........ 3,500 139,125
Keane, Inc.*..................... 6,100 138,012
Mastech Corp.*................... 5,900 109,887
Microsoft Corp.*................. 52,500 4,734,844
NCR Corp.*....................... 9,700 473,481
Network Solutions, Inc.*......... 3,600 284,850
Sterling Software, Inc.*......... 4,300 114,756
Unisys Corp.*.................... 27,100 1,055,206
------------
9,932,761
------------
CONGLOMERATES -- 1.5%
Corning, Inc. ................... 12,300 862,537
Ogden Corp. ..................... 10,300 277,456
Philip Morris Companies, Inc. ... 16,100 647,019
Tyco International Ltd. ......... 8,800 833,800
------------
2,620,812
------------
CONSTRUCTION -- 0.3%
Centex Corp. .................... 9,200 345,575
Pulte Corp. ..................... 5,200 119,925
------------
465,500
------------
CONSUMER PRODUCTS & SERVICES -- 2.0%
Avon Products, Inc. ............. 10,000 555,000
Clorox Co. ...................... 5,600 598,150
Colgate-Palmolive Co. ........... 1,000 98,750
Eastman Kodak Co. ............... 8,200 555,550
Fortune Brands, Inc. ............ 5,400 223,425
Nature's Sunshine Products,
Inc. .......................... 3,500 36,750
Premark International, Inc. ..... 19,400 727,500
Procter & Gamble Co. ............ 2,500 223,125
Tupperware Corp. ................ 7,400 188,700
Universal Corp. ................. 8,700 247,406
Whirlpool Corp. ................. 1,200 88,800
------------
3,543,156
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 1.4%
American Power Conversion
Corp.*......................... 9,900 199,237
EG&G, Inc. ...................... 4,800 171,000
General Electric Co. ............ 15,800 1,785,400
</TABLE>
80
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Rockwell International Corp. .... 4,300 $ 261,225
Teleflex, Inc. .................. 2,200 95,562
------------
2,512,424
------------
ENTERTAINMENT & LEISURE -- 0.6%
Anchor Gaming*................... 3,100 148,994
Viacom, Inc. Cl-B*............... 20,000 880,000
------------
1,028,994
------------
EQUIPMENT SERVICES -- 0.3%
Hertz Corp. Cl-A................. 7,900 489,800
------------
FINANCIAL-BANK & TRUST -- 4.5%
Bank One Corp. .................. 28,000 1,667,750
BankAmerica Corp. ............... 14,400 1,055,700
Chase Manhattan Corp. ........... 36,700 3,179,137
Fifth Third Bancorp.............. 4,500 299,531
First Union Corp. ............... 12,400 582,800
Fleet Financial Group, Inc. ..... 9,100 403,812
GreenPoint Financial Corp. ...... 3,600 118,125
Wells Fargo & Co. ............... 3,500 149,625
Zions Bancorp.................... 6,400 406,400
------------
7,862,880
------------
FINANCIAL SERVICES -- 3.8%
Concord EFS, Inc.*............... 4,100 173,481
Deluxe Corp. .................... 22,600 879,987
Fannie Mae....................... 25,500 1,743,562
Freddie Mac...................... 15,300 887,400
Merrill Lynch & Co., Inc. ....... 6,000 479,625
Morgan Stanley, Dean Witter &
Co. ........................... 21,800 2,234,500
Providian Financial Corp. ....... 2,300 215,050
------------
6,613,605
------------
FOOD -- 2.9%
Albertson's, Inc. ............... 1,000 51,562
ConAgra, Inc. ................... 9,500 252,937
General Mills, Inc. ............. 2,700 217,012
Hormel Foods Corp. .............. 6,700 269,675
IBP, Inc. ....................... 21,900 520,125
Keebler Foods Co.*............... 20,200 613,575
Quaker Oats Co. ................. 20,100 1,334,137
Safeway, Inc.*................... 13,000 643,500
Suiza Foods Corp.*............... 12,100 506,687
The Earthgrains Co. ............. 9,300 240,056
Unilever NV NY Reg. ............. 4,910 342,472
------------
4,991,738
------------
HEALTHCARE SERVICES -- 1.0%
Amgen, Inc.*..................... 21,100 1,284,462
Herbalife International, Inc. ... 1,700 18,594
PacifiCare Health Systems,
Inc.*.......................... 5,000 359,687
------------
1,662,743
------------
INSURANCE -- 2.4%
Allstate Corp. .................. 15,100 541,712
Arthur J. Gallagher & Co. ....... 7,600 376,200
Fidelity National Financial,
Inc. .......................... 14,300 300,300
First American Financial
Corp. ......................... 21,800 389,675
LandAmerica Financial Group,
Inc. .......................... 4,100 117,875
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Lincoln National Corp. .......... 31,000 $ 1,621,688
Loews Corp. ..................... 10,700 846,638
------------
4,194,088
------------
MACHINERY & EQUIPMENT -- 0.5%
Ingersoll-Rand Co. .............. 13,900 898,288
------------
MEDICAL SUPPLIES & EQUIPMENT -- 1.9%
Bard, (C.R.), Inc. .............. 6,800 325,125
Genzyme Corp.*................... 9,200 446,200
Genzyme Surgical Products*....... 1,647 7,257
Hillenbrand Industries, Inc. .... 5,400 233,550
Johnson & Johnson Co. ........... 9,500 931,000
Mallinckrodt, Inc. .............. 6,700 243,713
MedImmune, Inc.*................. 3,000 203,250
VISX, Inc.*...................... 11,100 878,981
------------
3,269,076
------------
METALS & MINING -- 0.1%
Alcoa, Inc. ..................... 3,200 198,000
------------
OIL & GAS -- 3.3%
Amerada Hess Corp. .............. 4,900 291,550
Anadarko Petroleum Corp. ........ 9,800 360,763
Apache Corp. .................... 13,900 542,100
Atlantic Richfield Co. .......... 7,100 593,294
Burlington Resources, Inc. ...... 3,300 142,725
Exxon Corp. ..................... 11,500 886,938
Mobil Corp. ..................... 16,300 1,613,700
Occidental Petroleum Corp. ...... 3,000 63,375
Sempra Energy.................... 7,500 169,688
Sunoco, Inc. .................... 3,800 114,713
Texaco, Inc. .................... 4,100 256,250
Tidewater, Inc. ................. 10,100 308,050
Union Pacific Resources Group,
Inc. .......................... 20,300 331,144
Vastar Resources, Inc. .......... 2,200 115,363
------------
5,789,653
------------
PAPER & FOREST PRODUCTS -- 0.2%
Fort James Corp. ................ 1,400 53,025
International Paper Co. ......... 3,600 181,800
Weyerhaeuser Co. ................ 1,600 110,000
------------
344,825
------------
PHARMACEUTICALS -- 4.3%
Allergan, Inc. .................. 1,300 144,300
Andrx Corp.*..................... 4,700 362,488
Biogen, Inc.*.................... 6,800 437,325
Bristol-Meyers Squibb Co. ....... 14,300 1,007,256
Chiron Corp.*.................... 7,200 149,400
Genentech, Inc.*................. 16,000 1,316,000
Lilly, (Eli) & Co. .............. 6,900 494,213
Medicis Pharmaceutical Corp.
Cl-A*.......................... 5,700 144,638
Merck & Co., Inc. ............... 4,300 318,200
Pfizer, Inc. .................... 2,600 285,350
Roberts Pharmaceutical Corp.*.... 4,300 104,275
Schering-Plough Corp. ........... 32,600 1,727,800
Warner-Lambert Co. .............. 13,900 964,313
------------
7,455,558
------------
</TABLE>
81
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PRINTING & PUBLISHING -- 0.2%
Lexmark International Group, Inc.
Cl-A*.......................... 3,800 $ 251,038
Valassis Communications, Inc.*... 4,300 157,488
------------
408,526
------------
RAILROADS -- 0.1%
Union Pacific Corp. ............. 1,700 99,131
------------
RESTAURANTS -- 0.4%
Darden Restaurants, Inc. ........ 3,700 80,706
Foodmaker, Inc.*................. 8,800 249,700
Tricon Global Restaurants,
Inc.*.......................... 7,100 384,288
------------
714,694
------------
RETAIL & MERCHANDISING -- 3.0%
Best Buy Co., Inc.*.............. 4,700 317,250
Gap, Inc. ....................... 2,400 120,900
Home Depot, Inc. ................ 21,500 1,385,406
Kohl's Corp.*.................... 1,700 131,219
Neiman Marcus Group, Inc. ....... 3,000 77,063
Wal-Mart Stores, Inc. ........... 60,300 2,909,475
Zale Corp.*...................... 9,000 360,000
------------
5,301,313
------------
SEMICONDUCTORS -- 1.8%
Intel Corp. ..................... 51,400 3,058,300
------------
TELECOMMUNICATIONS -- 7.5%
Ameritech Corp. ................. 15,100 1,109,850
AT&T Corp. ...................... 32,400 1,808,325
Bell Atlantic Corp. ............. 7,400 483,775
BellSouth Corp. ................. 57,400 2,690,625
Cablevision Systems Corp.
Cl-A*.......................... 1,100 77,000
Comcast Corp. Cl-A............... 9,600 369,000
Commscope, Inc.*................. 10,300 316,725
EchoStar Communications Corp.
Cl-A*.......................... 2,400 368,250
GTE Corp. ....................... 11,000 833,250
Lucent Technologies, Inc. ....... 26,600 1,793,838
Nortel Networks Corp. ........... 7,900 685,819
SBC Communications, Inc. ........ 28,600 1,658,800
Sprint Corp. (FON Group)......... 3,000 158,438
Sprint Corp. (PCS Group)*........ 3,900 222,788
U.S. West, Inc. ................. 8,100 475,875
------------
13,052,358
------------
TRANSPORTATION -- 0.1%
FDX Corp.*....................... 2,400 130,200
------------
UTILITIES -- 1.4%
Energy East Corp. ............... 2,600 67,600
FPL Group, Inc. ................. 4,100 223,963
LG&E Energy Corp. ............... 14,500 304,500
Minnesota Power, Inc. ........... 11,100 220,613
Northeast Utilities*............. 6,300 111,431
Reliant Energy, Inc. ............ 12,000 331,500
Southern Co. .................... 25,100 665,150
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Texas Utilities Co. ............. 4,600 $ 189,750
UtiliCorp United, Inc. .......... 15,800 384,138
------------
2,498,645
------------
TOTAL COMMON STOCK
(Cost $94,788,350)................. 105,300,802
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000)
--------
<S> <C> <C>
CORPORATE OBLIGATIONS -- 6.3%
AIRLINES -- 0.2%
Continental Airlines, Inc.
8.00%, 12/15/05................ $ 450 427,500
------------
AUTOMOTIVE PARTS -- 0.3%
Lear Corp. 144A
7.96%, 05/15/05................ 550 533,500
------------
BEVERAGES -- 0.3%
Pepsi Bottling Group, Inc. 144A
7.00%, 03/01/29................ 300 282,375
Pepsi Bottling Holdings, Inc.
144A
5.625%, 02/17/09............... 300 274,875
------------
557,250
------------
BROADCASTING -- 0.1%
British Sky Broadcasting
6.875%, 02/23/09............... 100 94,250
------------
CHEMICALS -- 0.2%
Monsanto Co. 144A
6.60%, 12/01/28................ 400 357,500
------------
CONSUMER PRODUCTS & SERVICES -- 0.1%
Fort James Corp.
6.625%, 09/15/04............... 250 249,688
------------
CONTAINERS & PACKAGING -- 0.2%
Owens-Illinois, Inc.
7.15%, 05/15/05................ 350 334,250
------------
FINANCIAL-BANK & TRUST-- 0.6%
First Bank System
7.63%, 05/01/05................ 100 104,000
Fleet National Bank
5.75%, 01/15/09................ 450 411,188
NationsBank Corp.
6.13%, 07/15/04................ 300 294,750
Southern Investments UK
6.80%, 12/01/06................ 300 294,000
------------
1,103,938
------------
FINANCIAL SERVICES -- 0.9%
Associates Corp.
6.25%, 11/01/08................ 300 285,000
Ford Motor Credit Corp.
6.55%, 09/10/02................ 215 215,538
General Motors Acceptance Corp.
7.125%, 05/01/03............... 100 101,500
Hutchison Whampoa Financial Cl-C
144A
7.50%, 08/01/27................ 400 347,000
</TABLE>
82
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
-------- ------------
<S> <C> <C>
Lehman Brothers Holdings, Inc.
6.625%, 04/01/04............... $ 450 $ 441,563
Toyota Motor Credit Corp.
5.625%, 11/13/03............... 100 96,875
------------
1,487,476
------------
FOOD -- 0.3%
Kroger Co. 144A
7.25%, 06/01/09................ 500 500,625
------------
INSURANCE -- 0.4%
Conseco, Inc.
6.40%, 06/15/01................ 300 294,375
Fremont General Corp.
7.70%, 03/17/04................ 350 347,813
------------
642,188
------------
METALS & MINING -- 0.2%
Pohang Iron & Steel Co.
7.375%, 05/15/05............... 400 388,500
------------
OIL & GAS -- 0.7%
Conoco, Inc.
5.90%, 04/15/04................ 400 391,500
Enron Corp.
6.625%, 11/15/05............... 150 146,063
Petroleum Geo-Services
7.125%, 03/30/28............... 350 314,563
USX Corp.
6.65%, 02/01/06................ 300 288,750
------------
1,140,876
------------
REAL ESTATE -- 0.2%
Chelsea GCA Realty, Inc.
7.25%, 10/21/07................ 400 375,500
------------
RETAIL & MERCHANDISING -- 0.5%
Rite Aid Corp. 144A
6.70%, 12/15/01................ 350 349,125
6.00%, 12/15/05................ 250 231,875
Sears, Roebuck & Co.
6.25%, 01/15/04................ 200 198,250
------------
779,250
------------
TELECOMMUNICATIONS -- 1.1%
Cable & Wire Communications
6.625%, 03/06/05............... 200 195,500
Cincinnati Bell Telephone Co.
6.30%, 12/01/28................ 100 87,500
GTE North, Inc.
5.65%, 11/15/08................ 500 459,375
Qwest Communications
International, Inc. Cl-B
7.50%, 11/01/08................ 700 696,500
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
-------- ------------
<S> <C> <C>
TCI Communications, Inc.
8.75%, 08/01/15................ $ 300 $ 344,250
WorldCom, Inc.
7.55%, 04/01/04................ 100 103,000
6.40%, 08/15/05................ 100 97,625
------------
1,983,750
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $11,320,026)................. 10,956,041
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 15.8%
Federal Home Loan Bank
4.60%, 07/01/99................ 8,713 8,713,000
5.705%, 03/19/03............... 500 494,445
------------
9,207,445
------------
Federal Home Loan Mortgage Corp.
7.00%, 06/01/14................ 2,000 2,012,790
------------
Federal National Mortgage Assoc.
6.00%, 10/01/28................ 2,665 2,505,155
6.23%, 07/21/08................ 200 191,968
6.50%, 04/29/09-01/01/28....... 6,899 6,686,492
7.00%, 01/28/08 [TBA].......... 1,350 1,337,344
7.00%, 05/01/11-03/01/28....... 1,610 1,605,427
7.50%, 06/25/27 [TBA].......... 1,000 1,002,188
7.50%, 03/01/27-07/01/27....... 344 348,201
------------
13,676,775
------------
Government National Mortgage
Assoc.
6.00%, 04/15/28-05/15/28....... 584 546,673
6.50%, 03/15/28-04/15/28....... 1,633 1,574,707
7.00%, 12/15/27................ 273 269,963
8.00%, 03/15/27................ 95 97,475
8.75%, 01/15/27-04/15/27....... 105 111,039
------------
2,599,857
------------
(Cost $27,935,772)............... 27,496,867
------------
U.S. TREASURY OBLIGATIONS -- 11.3%
U.S. Treasury Bonds
7.875%, 02/15/21............... 3,600 4,264,237
5.25%, 11/15/28................ 1,000 885,675
------------
5,149,912
------------
U.S. Treasury Notes
7.75%, 11/30/99................ 2,750 2,780,515
5.50%, 03/31/00................ 8,700 8,724,493
6.625%, 07/31/01............... 900 917,844
5.75%, 11/30/02................ 500 500,125
6.625%, 05/15/07............... 700 729,294
4.75%, 11/15/08................ 250 229,511
5.50%, 05/15/09................ 650 636,405
------------
14,518,187
------------
(Cost $19,936,534)............... 19,668,099
------------
</TABLE>
83
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
-------- ------------
<S> <C> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS -- 1.2%
Amresco Residential Securities
Mortgage Loan Trust Series
1998-2 Cl-A4
6.44%, 04/25/27................ $ 400 $ 393,374
Case Equipment Loan Trust Series
1998-B Cl-A4
5.92%, 10/15/05................ 300 298,847
CIT RV Trust Series 1998-A Cl-A4
6.09%, 02/15/12................ 300 297,896
Comed Transitional Funding Trust
Series 1998-1 Cl-A6
5.63%, 06/25/09................ 100 94,642
General Motors Acceptance Corp.
Series 1999-C1 Cl-A2
6.175%, 05/15/33............... 450 426,530
Morgan Stanley Capital I Series
1998-WF1 Cl-A1
6.25%, 07/15/07................ 189 185,085
Nationslink Funding Corp. Series
1998-2 Cl-A1
6.00%, 11/20/07................ 193 187,340
Nationslink Funding Corp. Series
1999-1 Cl-A2
6.316%, 11/20/08............... 250 239,554
------------
(Cost $2,192,056)................ 2,123,268
------------
SOVEREIGN ISSUES -- 0.1%
CANADA
British Columbia Government
5.375%, 10/29/08
(Cost $99,508)................... 100 91,004
------------
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000)
-------
<S> <C> <C>
FOREIGN BONDS -- 5.8%
AUSTRALIA -- 0.4%
Australian Government
9.50%, 08/15/03................ 1,030 772,573
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000) VALUE
--------- -----
<S> <C> <C>
CANADA -- 0.5%
Canadian Government
5.00%, 03/15/00................ 980 $ 662,219
6.00%, 06/01/08................ 300 210,094
------------
872,313
------------
DENMARK -- 0.1%
Kingdom of Denmark
8.00%, 03/15/06................ 1,150 190,894
------------
GERMANY -- 3.1%
Deutschland Republic
6.00%, 09/15/03................ 2,529 2,823,122
4.125%, 07/04/08............... 2,000 2,001,444
4.75%, 07/04/28................ 681 638,301
------------
5,462,867
------------
JAPAN -- 0.9%
Japanese Government
3.30%, 06/20/06................ 170,000 1,566,054
------------
UNITED KINGDOM -- 0.8%
United Kingdom Treasury
7.50%, 12/07/06................ 180 319,142
9.00%, 08/06/12................ 470 1,007,492
------------
1,326,634
------------
TOTAL FOREIGN BONDS
(Cost $11,005,312)................. 10,191,335
------------
<CAPTION>
SHARES
-------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.0%
Temporary Investment Cash Fund... 1,685 1,685
Temporary Investment Fund........ 1,685 1,685
------------
(Cost $3,370).................... 3,370
------------
TOTAL INVESTMENTS -- 100.9%
(Cost $167,280,928)................ 175,830,786
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (0.9%)................... (1,536,401)
------------
NET ASSETS -- 100.0%................. $174,294,385
============
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
144A -- Security was purchased pursuant to Rule 144A under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers. At the end of the period, these securities
amounted to 1.5% of net assets.
See Notes to Financial Statements.
84
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOREIGN STOCK -- 94.8%
AUSTRALIA -- 2.1%
Australia & New Zealand Banking
Group Ltd. .................... 42,000 $ 308,839
Brambles Industries Ltd. ........ 17,300 455,760
Broken Hill Proprietary Co.
Ltd. .......................... 60,000 695,019
Cable & Wireless Optus Ltd.*..... 191,513 436,078
Woodside Petroleum Ltd. ......... 33,000 223,459
-----------
2,119,155
-----------
BELGIUM -- 0.9%
Fortis Cl-B...................... 14,450 453,761
UCB SA........................... 9,382 401,527
-----------
855,288
-----------
BRAZIL -- 1.7%
Centrais Eletricas Brasileiras
SA............................. 20,130,000 392,960
Embratel Participacoes SA
Pfd. .......................... 18,900,000 251,048
Petroleo Brasileiro SA........... 3,680,000 543,817
Telesp Participacoes SA [ADR]*... 20,600 471,225
-----------
1,659,050
-----------
CANADA -- 3.3%
Bombardier, Inc. Cl-B............ 31,600 480,389
Canadian National Railway Co. ... 5,300 354,157
JDS Fitel, Inc.*................. 6,725 561,155
Nortel Networks Corp. ........... 11,400 989,662
Rogers Communications,
Inc. Cl-B*..................... 27,000 431,438
Teleglobe, Inc. ................. 7,500 220,685
Toronto-Dominion Bank............ 5,400 243,539
-----------
3,281,025
-----------
DENMARK -- 0.5%
Tele Danmark AS.................. 9,000 443,006
-----------
FINLAND -- 1.7%
Nokia Corp. Cl-A [ADR]........... 16,000 1,465,000
Sonera Group Oyj................. 10,658 233,015
-----------
1,698,015
-----------
FRANCE -- 11.1%
Accor SA......................... 2,103 528,092
Altran Technologies SA........... 2,394 632,027
AXA SA........................... 9,342 1,139,715
Cap Gemini SA.................... 5,538 870,381
Carrefour Supermarche SA......... 4,206 618,095
Compagnie Francaise d'Etudes et
de Construction Technip........ 4,500 504,909
Groupe Danone.................... 2,800 721,888
Pinault-Printemps Redoute SA..... 5,400 926,656
Sidel SA......................... 2,319 281,959
Societe Generale................. 5,600 986,965
Societe Nationale Elf
Aquitaine SA................... 6,100 895,172
Societe Television Francaise..... 2,750 640,933
Vivendi.......................... 26,390 2,137,751
-----------
10,884,543
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
GERMANY -- 6.0%
Allianz AG....................... 1,294 $ 361,639
DaimlerChrysler AG*.............. 6,874 600,291
DePfa Deutsche Pfandbriefbank
AG............................. 11,300 1,020,832
Douglas Holding AG............... 6,800 307,153
Mannesmann AG.................... 19,510 2,917,406
Siemens AG....................... 9,500 732,819
-----------
5,940,140
-----------
HONG KONG -- 2.4%
Cheung Kong Holdings Ltd. ....... 55,000 489,134
China Telecom Ltd.*.............. 220,000 611,063
Henderson Land Development Co.
Ltd. .......................... 76,000 436,882
HSBC Holdings PLC................ 7,200 262,624
Swire Pacific Ltd. Cl-A.......... 72,500 358,827
Wharf Holdings Ltd. ............. 79,000 246,410
-----------
2,404,940
-----------
INDONESIA -- 0.4%
PT Telekomunikasi Indonesia...... 592,920 344,481
-----------
IRELAND -- 0.5%
Bank of Ireland.................. 28,000 470,492
-----------
ITALY -- 3.9%
Assicurazioni Generali........... 17,300 599,455
Banco Intesa SPA................. 57,518 276,415
Mediaset SPA..................... 37,700 335,135
Mediolanum SPA................... 79,800 613,099
Mondadori (Arnoldo)
Editore SPA.................... 45,600 790,034
Seat Pagine Gialle SPA........... 219,900 300,478
Telecom Italia SPA............... 89,100 926,211
-----------
3,840,827
-----------
JAPAN -- 17.2%
Eisai Co. Ltd. .................. 23,000 453,212
Fuji Heavy Industries Ltd. ...... 113,000 871,987
Fujitsu Ltd. .................... 70,000 1,408,257
Japan Telecom Co. Ltd. .......... 250 355,266
Kao Corp. ....................... 52,000 1,460,720
KDD Corp. ....................... 5,000 358,984
Kirin Brewery Co. Ltd. .......... 46,000 551,075
Mitsukoshi Ltd. ................. 113,000 491,076
Murata Manufacturing Co. Ltd. ... 3,000 194,322
Nippon Telegraph & Telephone
Corp. ......................... 960 1,126,275
Nomura Securities Co. Ltd. ...... 33,000 386,339
NTT Data Corp. .................. 380 302,025
NTT Mobile Communication Network,
Inc. .......................... 800 1,083,974
Ricoh Co. Ltd. .................. 28,000 385,405
Ryohin Keikaku Co. Ltd. ......... 1,400 352,209
Shiseido Co. Ltd. ............... 75,000 1,124,044
Shohkoh Fund & Co. Ltd. ......... 700 501,999
Sony Corp. ...................... 16,700 1,800,578
Sumitomo Bank Ltd. .............. 50,000 620,063
Takeda Chemical Industries....... 16,000 741,597
Tokyo Electron Ltd............... 22,000 1,492,281
</TABLE>
85
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AST AMERICAN CENTURY INTERNATIONAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Toyota Motor Corp................ 17,000 $ 537,938
Toppan Forms Co. Ltd............. 16,000 304,041
-----------
16,903,667
-----------
KOREA -- 2.3%
Korea Electric Power Corp........ 11,000 457,120
Korea Telecom Corp.*............. 10,730 711,957
Samsung Corp. ................... 12,000 281,996
Samsung Electronics Co. ......... 5,491 602,487
Shinhan Bank..................... 10,900 242,525
SK Telecom Co. Ltd. [ADR]........ 369 6,273
-----------
2,302,358
-----------
MEXICO -- 2.4%
Cemex SA de CV Cl-B.............. 50,000 241,329
Grupo Financiero Bancomer SA de
CV Cl-O........................ 730,000 254,983
Grupo Televisa SA [GDR]*......... 18,700 837,994
Telefonos de Mexico SA Cl-L
[ADR].......................... 13,000 1,050,562
-----------
2,384,868
-----------
NETHERLANDS -- 8.0%
Assurantieconcern Stad Rotterdam
NV............................. 8,640 569,804
Equant NV NY Reg.*............... 9,000 847,125
Getronics NV..................... 8,300 319,270
Gucci Group NV NY Reg. .......... 7,000 490,000
Heineken NV...................... 12,900 660,512
ING Groep NV..................... 19,222 1,040,709
Koninklijke Ahold NV............. 9,980 1,006,733
Koninklijke (Royal) Philips
Electronics NV NY Reg. ........ 16,474 567,436
Unilever NV NY Reg. ............. 6,114 426,452
United Pan-Europe Communications
NV*............................ 8,300 450,231
VNU NV........................... 16,700 667,359
Wolters Kluwer NV................ 19,920 792,954
-----------
7,838,585
-----------
PHILIPPINES -- 0.4%
San Miguel Cl-B.................. 158,490 345,731
-----------
SINGAPORE -- 2.5%
City Developments Ltd............ 71,000 454,575
DBS Land Ltd..................... 111,000 221,678
Development Bank of Singapore
Ltd............................ 11,000 134,393
Singapore Press Holdings Ltd. ... 40,200 684,770
Singapore Technologies
Engineering Ltd................ 476,000 539,616
United Overseas Bank Ltd......... 33,000 230,665
Venture Manufacturing Ltd........ 24,000 184,673
-----------
2,450,370
-----------
SPAIN -- 2.2%
Argentaria Caja Postal Y Banco
Hipotecario de Espana SA....... 26,500 603,689
Telefonica SA.................... 33,344 1,606,198
-----------
2,209,887
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SWEDEN -- 1.8%
Europolitan Holdings AB.......... 34,500 $ 340,871
Hennes & Mauritz AB Cl-B......... 56,500 1,395,597
-----------
1,736,468
-----------
SWITZERLAND -- 5.7%
ABB AG*.......................... 1,050 1,654,777
Credit Suisse Group.............. 2,400 415,286
Holderbank Financiere Glarus
AG Cl-B........................ 200 236,075
Holderbank Financiere Glarus
AG Rights*..................... 200 2,933
Julius Baer Holdings AG Cl-B..... 321 914,730
Nestle SA........................ 371 668,453
Novartis AG...................... 480 700,892
Swisscom AG*..................... 971 365,392
UBS AG........................... 2,206 658,427
-----------
5,616,965
-----------
UNITED KINGDOM -- 17.8%
Amvescap PLC..................... 100,300 892,487
AstraZeneca PLC.................. 13,300 514,474
Barclays PLC..................... 23,200 675,082
BBA Group PLC.................... 73,300 561,535
British Telecommunications PLC... 89,500 1,499,661
Cable & Wireless Communications
PLC*........................... 59,036 567,654
Capita Group PLC................. 35,000 362,193
COLT Telecom Group PLC*.......... 51,155 1,073,255
CRH PLC.......................... 21,500 380,080
Diageo PLC....................... 24,803 259,016
Dixons Group PLC................. 28,109 525,050
Energis PLC*..................... 19,335 461,126
Glaxo Wellcome PLC............... 18,300 508,558
Imperial Tobacco Group PLC....... 39,100 426,501
Invensys PLC..................... 162,800 770,503
Lloyds TSB Group PLC............. 49,100 665,605
Logica PLC....................... 32,900 344,869
National Westminster Bank PLC.... 29,100 616,953
Next PLC......................... 32,900 399,581
Orange PLC*...................... 26,300 385,545
Pearson PLC...................... 38,700 786,323
Provident Financial PLC*......... 12,768 177,412
Standard Chartered PLC........... 82,000 1,339,092
TeleWest Communications PLC*..... 188,700 846,235
Vodafone AirTouch PLC............ 62,500 1,231,479
Vodafone AirTouch PLC [ADR]...... 3,450 679,650
WPP Group PLC.................... 67,000 566,606
-----------
17,516,525
-----------
TOTAL FOREIGN STOCK
(Cost $83,321,827)................. 93,246,386
-----------
U.S. STOCK -- 3.0%
CLOTHING & APPAREL -- 0.6%
Tommy Hilfiger Corp.*............ 7,300 536,550
-----------
</TABLE>
86
<PAGE> 89
AST AMERICAN CENTURY INTERNATIONAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMPUTER SERVICES & SOFTWARE -- 0.4%
Comverse Technology, Inc.*....... 4,900 $ 369,950
-----------
CONGLOMERATES -- 0.5%
Seagram Co. Ltd.................. 10,500.... 528,938
-----------
OIL & GAS -- 0.3%
Schlumberger Ltd. ............... 5,400..... 343,913
-----------
TELECOMMUNICATIONS -- 1.2%
Amdocs Ltd....................... 13,000.... 295,750
Global TeleSystems Group,
Inc.*.......................... 11,000.... 891,000
-----------
1,186,750
-----------
TOTAL U.S. STOCK
(Cost $2,548,935).................. 2,966,101
-----------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 1.8%
Federal Home Loan Bank
4.60%, 07/01/99
(Cost $1,751,000)................ $ 1,751 1,751,000
-----------
TOTAL INVESTMENTS -- 99.6%
(Cost $87,621,762)................. 97,963,487
OTHER ASSETS LESS
LIABILITIES -- 0.4%................ 364,423
-----------
NET ASSETS -- 100.0%................. $98,327,910
===========
</TABLE>
Foreign currency exchange contracts outstanding at June 30, 1999:
<TABLE>
<CAPTION>
IN
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE TO RECEIVE FOR AT VALUE DEPRECIATION
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
07/99 Buy SGD 56,251 $ 33,044 $ 33,041 $ 3
=========== =========== ========
<CAPTION>
IN
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE TO DELIVER FOR AT VALUE APPRECIATION
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
07/99 Sell CHF 437,431 $ 284,832 $ 282,578 $ 2,254
07/99 Sell EUR 3,155,639 3,284,047 3,261,305 22,742
07/99 Sell JPY 337,801,800 2,801,626 2,801,242 384
07/99 Sell GBP 1,313,500 2,079,353 2,070,460 8,893
07/99 Sell SEK 724,812 86,209 85,540 669
----------- ----------- --------
$ 8,536,067 $ 8,501,125 $ 34,942
=========== =========== ========
</TABLE>
The following is a breakdown of the foreign stock portion of the Portfolio, by
industry classification, as of June 30, 1999. Percentages are based on net
assets.
<TABLE>
<CAPTION>
INDUSTRY
- --------
<S> <C>
Advertising.......................................... 1.1%
Aerospace............................................ 2.7%
Automobile Manufacturers............................. 2.3%
Automotive Parts..................................... 0.9%
Beverages............................................ 1.6%
Broadcasting......................................... 1.2%
Building Materials................................... 0.6%
Business Services.................................... 2.3%
Chemicals............................................ 1.7%
Clothing & Apparel................................... 0.5%
Computer Services & Software......................... 2.2%
Conglomerates........................................ 3.8%
Construction......................................... 0.5%
Consumer Products & Services......................... 2.8%
Electronic Components & Equipment.................... 4.3%
Entertainment & Leisure.............................. 1.1%
Financial -- Bank & Trust.......................... 6.1%
Financial Services................................... 6.9%
Food................................................. 4.8%
Industrial Products.................................. 3.8%
Insurance............................................ 2.5%
Medical Supplies & Equipment......................... 0.5%
Metals & Mining...................................... 0.7%
Miscellaneous........................................ 0.7%
Office Equipment..................................... 0.4%
Oil & Gas............................................ 1.7%
Pharmaceuticals...................................... 1.8%
Printing & Publishing................................ 4.0%
Real Estate.......................................... 2.3%
Retail & Merchandising............................... 2.5%
Telecommunications................................... 25.2%
Transportation....................................... 0.4%
Utilities............................................ 0.9%
----
TOTAL................................................ 94.8%
====
</TABLE>
- --------------------------------------------------------------------------------
Unless otherwise noted, all stocks are common stock.
Definitions of abbreviations are included following the Schedules of
Investments.
* Non income producing security.
See Notes to Financial Statements.
87
<PAGE> 90
AST T. ROWE PRICE SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 96.4%
AIRLINES -- 1.5%
Midwest Express Holdings,
Inc.*.......................... 140,000 $ 4,760,000
------------
AUTOMOTIVE PARTS -- 1.9%
Myers Industries, Inc. .......... 120,000 2,400,000
OEA, Inc. ....................... 250,000 2,218,750
TBC Corp.*....................... 188,000 1,327,750
------------
5,946,500
------------
BUILDING MATERIALS -- 11.4%
Cameron Ashley Building Products,
Inc.*.......................... 230,500 2,405,844
Giant Cement Holding, Inc.*...... 80,000 1,830,000
Gibraltar Steel Corp.*........... 120,000 2,970,000
Holophane Corp.*................. 120,000 4,575,000
Juno Lighting, Inc. ............. 150,000 3,750,000
Lone Star Technologies, Inc.*.... 160,000 2,840,000
Modine Manufacturing Co. ........ 110,000 3,581,875
Republic Group, Inc. ............ 180,000 3,240,000
Skyline Corp. ................... 120,000 3,517,500
Synthetic Industries, Inc.*...... 170,000 5,015,000
Thomas Industries, Inc. ......... 130,000 2,665,000
------------
36,390,219
------------
BUSINESS SERVICES -- 1.1%
Grey Advertising, Inc. .......... 2,000 666,000
IT Group, Inc.*.................. 186,630 2,997,744
------------
3,663,744
------------
CHEMICALS -- 2.7%
Furon Co. ....................... 240,500 4,569,500
Schulman, (A.), Inc. ............ 120,000 2,062,500
TETRA Technologies, Inc.*........ 214,500 1,970,719
------------
8,602,719
------------
CLOTHING & APPAREL -- 0.6%
Dan River, Inc. Cl-A*............ 250,000 1,843,750
------------
COMPUTER HARDWARE -- 0.7%
Analogic Corp. .................. 75,000 2,332,031
------------
COMPUTER SERVICES & SOFTWARE -- 2.6%
Analysts International Corp. .... 185,000 2,659,375
CompuCom Systems, Inc.*.......... 387,500 1,598,437
SPSS, Inc.*...................... 160,000 4,110,000
------------
8,367,812
------------
CONSUMER PRODUCTS & SERVICES -- 0.9%
Culp, Inc. ...................... 140,000 1,470,000
Packaged Ice, Inc.*.............. 250,000 1,484,375
------------
2,954,375
------------
CONTAINERS & PACKAGING -- 5.1%
AptarGroup, Inc. ................ 150,000 4,500,000
Ivex Packaging Corp.*............ 200,000 4,400,000
Liqui-Box Corp. ................. 70,000 3,762,500
Shorewood Packaging Corp.*....... 200,500 3,696,719
------------
16,359,219
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 9.9%
Electro Rental Corp.*............ 300,000 3,225,000
Franklin Electric Co., Inc. ..... 40,000 2,600,000
Landauer, Inc. .................. 70,000 2,065,000
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Littelfuse, Inc.*................ 225,000 $ 4,331,250
Methode Electronics, Inc. Cl-A... 278,000 6,359,250
Nichols Research Corp.*.......... 150,000 3,281,250
Optical Coating Laboratory,
Inc. .......................... 72,200 6,037,725
Pioneer-Standard Electronics,
Inc. .......................... 130,000 1,560,000
Scotsman Industries, Inc. ....... 100,000 2,156,250
------------
31,615,725
------------
ENVIRONMENTAL SERVICES -- 1.1%
Newpark Resources, Inc.*......... 340,000 3,017,500
Waterlink, Inc.*................. 150,000 431,250
------------
3,448,750
------------
EQUIPMENT SERVICES -- 1.8%
Cort Business Services Corp.*.... 140,000 3,351,250
Unifirst Corp. .................. 77,000 1,414,875
VWR Scientific Products,
Corp.*......................... 30,000 1,100,625
------------
5,866,750
------------
FINANCIAL-BANK & TRUST -- 4.3%
Community First Bankshares,
Inc. .......................... 200,000 4,775,000
First Republic Bank*............. 134,400 3,889,200
Silicon Valley Bancshares*....... 202,000 4,999,500
------------
13,663,700
------------
FINANCIAL SERVICES -- 4.1%
Allied Capital Corp. ............ 250,000 6,000,000
American Capital Strategies
Ltd. .......................... 20,000 365,000
First Financial Fund, Inc.**..... 300,083 2,625,726
Medallion Financial Corp. ....... 80,000 1,525,000
Triad Guaranty, Inc.*............ 154,500 2,771,344
------------
13,287,070
------------
FOOD -- 0.3%
Richfood Holdings, Inc. ......... 50,000 881,250
------------
FURNITURE -- 0.6%
Stanley Furniture Co., Inc.*..... 80,000 1,800,000
------------
INSURANCE -- 5.4%
Brown & Brown, Inc. ............. 160,000 6,080,000
Markel Corp.*.................... 18,000 3,366,000
Medical Assurance, Inc.*......... 150,000 4,284,375
Presidential Life Corp. ......... 120,000 2,355,000
PXRE Corp. ...................... 70,000 1,268,750
------------
17,354,125
------------
LUMBER & WOOD PRODUCTS -- 0.7%
Deltic Timber Corp. ............. 80,000 2,155,000
------------
MACHINERY & EQUIPMENT -- 4.0%
Alamo Group, Inc. ............... 60,000 525,000
Carbo Ceramics, Inc. ............ 94,900 2,888,519
Smith, (A.O.) Corp. ............. 140,000 3,920,000
TransTechnology Corp. ........... 140,000 2,756,250
Woodward Governor Co. ........... 105,000 2,730,000
------------
12,819,769
------------
MEDICAL SUPPLIES & EQUIPMENT -- 1.4%
Lunar Corp.*..................... 85,000 669,375
Owens & Minor, Inc............... 350,000 3,850,000
------------
4,519,375
------------
</TABLE>
88
<PAGE> 91
AST T. ROWE PRICE SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
METALS & MINING -- 2.3%
Cambior, Inc. ................... 90,000 $ 292,500
Golden Star Resources Ltd.*...... 100,000 81,250
Homestake Mining Co. ............ 150,000 1,228,125
Layne Christensen Co.*........... 120,000 765,000
Material Sciences Corp.*......... 170,000 2,550,000
Penn Virginia Corp. ............. 130,000 2,567,500
------------
7,484,375
------------
OFFICE EQUIPMENT -- 4.6%
Aaron Rents, Inc. Cl-A........... 51,600 928,800
Aaron Rents, Inc. Cl-B........... 150,000 3,337,500
CompX International, Inc.*....... 200,000 3,575,000
IDEX Corp. ...................... 140,000 4,602,500
McGrath Rentcorp................. 120,000 2,400,000
------------
14,843,800
------------
OIL & GAS -- 3.3%
Chieftain International, Inc.*... 200,800 3,514,000
Cross Timbers Oil Co. ........... 250,000 3,718,750
Devon Energy Corp. .............. 90,000 3,217,500
------------
10,450,250
------------
PAPER & FOREST PRODUCTS -- 1.5%
CSS Industries, Inc.*............ 50,000 1,406,250
Wausau-Mosinee Paper Corp. ...... 182,900 3,292,200
------------
4,698,450
------------
PERSONAL SERVICES -- 1.6%
Matthews International Corp.
Cl-A........................... 170,000 5,036,250
------------
PHARMACEUTICALS -- 0.8%
Coulter Pharmaceutical, Inc.*.... 120,000 2,707,500
------------
REAL ESTATE -- 4.6%
Glenborough Realty Trust, Inc.
[REIT]......................... 250,000 4,375,000
Innkeepers USA Trust [REIT]...... 225,000 2,250,000
National Health Investors, Inc.
[REIT]......................... 50,000 1,140,625
Pacific Gulf Properties, Inc.
[REIT]......................... 150,000 3,393,750
Sun Communities, Inc. [REIT]..... 100,000 3,550,000
------------
14,709,375
------------
RESTAURANTS -- 4.4%
Consolidated Products, Inc.*..... 225,000 4,050,000
RARE Hospitality International,
Inc.*.......................... 170,000 4,335,000
Ruby Tuesday, Inc. .............. 300,000 5,700,000
------------
14,085,000
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
RETAIL & MERCHANDISING -- 5.3%
Bon-Ton Stores, Inc.*............ 200,000 $ 1,287,500
Casey's General Stores, Inc. .... 250,000 3,750,000
Fred's, Inc. .................... 130,000 2,031,250
Goody's Family Clothing*......... 265,000 3,030,937
Hancock Fabrics, Inc. ........... 200,000 875,000
Jo-Ann Stores, Inc. Cl-B*........ 130,000 1,690,000
Stein Mart, Inc.*................ 450,000 4,218,750
------------
16,883,437
------------
TELECOMMUNICATIONS -- 0.7%
Aliant Communications, Inc. ..... 50,000 2,309,375
------------
TRANSPORTATION -- 1.7%
Hub Group, Inc. Cl-A*............ 100,000 2,243,750
Landstar Systems, Inc.*.......... 90,300 3,259,266
------------
5,503,016
------------
UTILITIES -- 3.5%
Black Hills Corp. ............... 150,000 3,468,750
Cleco Corp. ..................... 104,300 3,168,113
United Water Resources, Inc. .... 200,000 4,537,500
------------
11,174,363
------------
TOTAL COMMON STOCK (Cost
$312,158,376)...................... 308,517,074
------------
PREFERRED STOCK -- 0.3%
OIL & GAS
Cross Timbers Oil Co. $1.5625
Cl-A
(Cost $1,188,022)................ 33,000 1,056,000
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
COMMERCIAL PAPER -- 1.2%
Corporate Asset Funding Corp.++
5.03%, 07/27/99
(Cost $3,985,469)................ $ 4,000 3,985,469
------------
<CAPTION>
SHARES
-----
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 1.9%
Temporary Investment Cash Fund
(Cost $6,099,685)................ 6,099,685 6,099,685
------------
TOTAL INVESTMENTS -- 99.8%
(Cost $323,431,552)................ 319,658,228
OTHER ASSETS LESS
LIABILITIES -- 0.2%................ 553,782
------------
NET ASSETS -- 100.0%................. $320,212,010
============
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
** Closed-end fund.
++ Security is restricted as to resale and may not be resold except to qualified
institutional buyers. At the end of the period, this security amounted to
1.2% of net assets.
See Notes to Financial Statements.
89
<PAGE> 92
AST MARSICO CAPITAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 96.3%
ADVERTISING -- 0.6%
Young & Rubicam, Inc. ......... 146,001 $ 6,633,920
--------------
AIRLINES -- 6.7%
Delta Air Lines, Inc. ......... 351,600 20,260,950
Southwest Airlines Co. ........ 819,198 25,497,538
UAL Corp.*..................... 382,543 24,865,295
--------------
70,623,783
--------------
AUTOMOBILE MANUFACTURERS -- 5.3%
Ford Motor Co. ................ 343,878 19,407,615
General Motors Corp. .......... 559,359 36,917,694
--------------
56,325,309
--------------
AUTOMOTIVE PARTS -- 0.9%
Delphi Automotive Systems
Corp. ....................... 527,704 9,795,505
--------------
BEVERAGES -- 4.2%
Anheuser-Busch Companies,
Inc. ........................ 462,577 32,814,056
Coca-Cola Enterprises, Inc. ... 397,271 12,216,083
--------------
45,030,139
--------------
BROADCASTING -- 1.1%
Clear Channel Communications,
Inc.*........................ 45,389 3,129,004
United International Holdings,
Inc. Cl-A*................... 128,863 8,714,360
--------------
11,843,364
--------------
CHEMICALS -- 1.2%
Monsanto Co. .................. 314,231 12,392,485
--------------
COMPUTER HARDWARE -- 7.9%
EMC Corp.*..................... 944,190 51,930,450
International Business Machines
Corp. ....................... 247,329 31,967,273
--------------
83,897,723
--------------
COMPUTER SERVICES & SOFTWARE -- 3.2%
Cisco Systems, Inc.*........... 361,360 23,307,720
Sun Microsystems, Inc.*........ 156,747 10,795,950
--------------
34,103,670
--------------
CONSTRUCTION -- 0.3%
M.D.C. Holdings, Inc. ......... 165,770 3,564,055
--------------
CONSUMER PRODUCTS & SERVICES -- 0.5%
Estee Lauder Companies, Inc.
Cl-A......................... 107,645 5,395,706
--------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 3.0%
General Electric Co. .......... 287,710 32,511,230
--------------
ENTERTAINMENT & LEISURE -- 5.0%
Time Warner, Inc. ............. 723,124 53,149,614
--------------
EQUIPMENT SERVICES -- 2.4%
Hertz Corp. Cl-A............... 412,955 25,603,210
--------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FINANCIAL-BANK & TRUST -- 3.5%
Chase Manhattan Corp. ......... 272,214 $ 23,580,538
Northern Trust Corp. .......... 137,336 13,321,592
--------------
36,902,130
--------------
FINANCIAL SERVICES -- 12.8%
Associates First Capital Corp.
Cl-A......................... 496,326 21,993,446
Citigroup, Inc. ............... 1,284,049 60,992,327
Fannie Mae..................... 552,477 37,775,615
Freddie Mac.................... 252,371 14,637,518
--------------
135,398,906
--------------
FOOD -- 1.1%
Starbucks Corp.*............... 300,146 11,274,234
--------------
HOTELS & MOTELS -- 1.6%
Four Seasons Hotels, Inc. ..... 375,038 16,525,112
--------------
OIL & GAS -- 3.8%
Halliburton Co. ............... 178,354 8,070,519
Royal Dutch Petroleum Co. ..... 309,729 18,661,172
Schlumberger Ltd. ............. 214,012 13,629,889
--------------
40,361,580
--------------
PHARMACEUTICALS -- 3.8%
American Home Products
Corp. ....................... 318,716 18,326,170
Pfizer, Inc. .................. 204,535 22,447,716
--------------
40,773,886
--------------
PRINTING & PUBLISHING -- 0.9%
Houghton Mifflin Co. .......... 209,551 9,861,994
--------------
RESTAURANTS -- 2.5%
McDonald's Corp. .............. 642,844 26,557,493
--------------
RETAIL & MERCHANDISING -- 5.9%
Best Buy Co., Inc.*............ 165,386 11,163,555
CVS Corp. ..................... 92,673 4,737,907
Home Depot, Inc. .............. 485,998 31,316,496
Tiffany & Co. ................. 44,640 4,307,760
Wal-Mart Stores, Inc. ......... 225,601 10,885,248
--------------
62,410,966
--------------
SEMICONDUCTORS -- 2.2%
Motorola, Inc. ................ 150,707 14,279,488
Uniphase Corp.*................ 57,628 9,566,248
--------------
23,845,736
--------------
TELECOMMUNICATIONS -- 15.9%
Comcast Corp. Cl-A............. 238,600 9,171,188
Ericsson, (L.M.) Telephone Co.
[ADR]........................ 158,034 5,205,245
Lucent Technologies, Inc. ..... 378,434 25,520,643
MediaOne Group, Inc.*.......... 556,268 41,372,433
QUALCOMM, Inc.*................ 549,052 78,788,962
Sprint Corp. (PCS Group)*...... 141,924 8,107,409
--------------
168,165,880
--------------
TOTAL COMMON STOCK
(Cost $842,816,190).............. 1,022,947,630
--------------
</TABLE>
90
<PAGE> 93
AST MARSICO CAPITAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 4.2%
Federal Home Loan Bank 4.49%,
07/01/99
(Cost $44,900,000)............. $ 44,900 $ 44,900,000
--------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
--------- --------------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.0%
Temporary Investment Cash
Fund......................... 34,386 $ 34,386
Temporary Investment Fund...... 34,385 34,385
--------------
(Cost $68,771)................. 68,771
--------------
TOTAL INVESTMENTS -- 100.7%
(Cost $887,784,961).............. 1,067,916,401
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (0.7%)................. (7,144,677)
--------------
NET ASSETS -- 100.0%............... $1,060,771,724
==============
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
91
<PAGE> 94
AST COHEN & STEERS REALTY PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 99.1%
APARTMENT/RESIDENTIAL -- 15.3%
Apartment Investment & Management
Co. Cl-A [REIT]................. 81,000 $ 3,462,750
Avalonbay Communities, Inc.
[REIT].......................... 96,400 3,566,800
Equity Residential Properties
Trust [REIT].................... 7,400 333,462
Essex Property Trust, Inc.
[REIT].......................... 35,000 1,238,125
Smith, (Charles E.) Residential
Realty, Inc. ................... 39,700 1,347,319
-----------
9,948,456
-----------
COMMUNITY CENTER -- 3.6%
Kimco Realty Corp. [REIT]......... 60,000 2,347,500
-----------
DIVERSIFIED -- 12.5%
Brookfield Properties Corp........ 147,600 1,909,760
Catellus Development Corp.*....... 55,300 857,150
LNR Property Corp. ............... 53,200 1,137,150
Reckson Services Industries,
Inc.*........................... 51,200 774,400
Vornado Realty Trust [REIT]....... 99,000 3,495,937
-----------
8,174,397
-----------
HEALTH CARE -- 4.8%
American Retirement Corp.*........ 15,100 188,750
Health Care Property Investors,
Inc. [REIT]..................... 48,900 1,411,987
Nationwide Health Properties,
Inc............................. 81,400 1,551,687
-----------
3,152,424
-----------
HEALTHCARE SERVICES -- 2.8%
HCR Manor Care, Inc.*............. 75,500 1,826,156
-----------
HOTELS & MOTELS -- 7.3%
Marriott International, Inc.
Cl-A............................ 24,400 911,950
Starwood Hotels & Resorts
Worldwide, Inc. [REIT].......... 125,900 3,847,819
-----------
4,759,769
-----------
INDUSTRIAL -- 10.3%
AMB Property Corp. [REIT]......... 164,700 3,870,450
First Industrial Realty Trust,
Inc. [REIT]..................... 29,400 806,662
Prologis Trust [REIT]............. 99,600 2,016,900
-----------
6,694,012
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
OFFICE -- 22.5%
Arden Realty, Inc. [REIT]......... 116,400 $ 2,866,350
Cousins Properties, Inc. [REIT]... 38,000 1,284,875
Equity Office Properties Trust
[REIT].......................... 122,300 3,133,938
Highwoods Properties, Inc.
[REIT].......................... 86,400 2,370,600
Mack-Cali Realty Corp. [REIT]..... 124,300 3,845,531
SL Green Realty Corp. [REIT]...... 57,200 1,169,025
-----------
14,670,319
-----------
OFFICE/INDUSTRIAL -- 9.6%
PS Business Parks, Inc. [REIT].... 55,100 1,343,063
Reckson Associates Realty Corp.
[REIT].......................... 67,100 1,576,850
Spieker Properties, Inc. [REIT]... 85,900 3,339,363
-----------
6,259,276
-----------
REGIONAL MALL -- 7.8%
General Growth Properties, Inc.
[REIT].......................... 54,200 1,924,100
JP Realty, Inc. [REIT]............ 2,800 57,575
Macerich Co. [REIT]............... 51,400 1,349,250
Rouse Co. ........................ 21,700 550,638
Simon Property Group, Inc.
[REIT].......................... 46,400 1,177,400
-----------
5,058,963
-----------
SELF STORAGE -- 2.6%
Public Storage, Inc. [REIT]....... 59,800 1,674,400
-----------
TOTAL COMMON STOCK
(Cost $65,893,802).................. 64,565,672
-----------
SHORT-TERM INVESTMENTS -- 0.5%
Temporary Investment Cash Fund.... 158,376 158,376
Temporary Investment Fund......... 158,375 158,375
-----------
(Cost $316,751)................... 316,751
-----------
TOTAL INVESTMENTS -- 99.6%
(Cost $66,210,553).................. 64,882,423
OTHER ASSETS LESS
LIABILITIES -- 0.4%................. 280,930
-----------
NET ASSETS -- 100.0%.................. $65,163,353
===========
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
92
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 87.1%
AEROSPACE -- 2.4%
AAR Corp. ........................ 50,000 $ 1,134,375
DONCASTERS PLC [ADR]*............. 33,000 577,500
-----------
1,711,875
-----------
AIRLINES -- 0.5%
Midwest Express Holdings, Inc.*... 10,000 340,000
-----------
AUTOMOBILE MANUFACTURERS -- 3.5%
Oshkosh Truck Corp. .............. 50,000 2,515,625
-----------
AUTOMOTIVE PARTS -- 0.7%
American Axle & Manufacturing
Holdings, Inc.*................. 35,000 490,000
-----------
BUILDING MATERIALS -- 4.0%
Hughes Supply, Inc. .............. 49,000 1,454,687
Simpson Manufacturing Co.,
Inc.*........................... 29,700 1,410,750
-----------
2,865,437
-----------
BUSINESS SERVICES -- 1.2%
Baker, (Michael) Corp.*........... 37,200 281,325
Right Management Consultants,
Inc.*........................... 35,000 542,500
-----------
823,825
-----------
CLOTHING & APPAREL -- 7.1%
Garan, Inc. ...................... 29,000 931,625
Gerber Childrenswear, Inc.*....... 55,000 364,375
Gildan Activewear, Inc. Cl-A*..... 35,000 590,625
North Face, Inc.*................. 80,000 792,500
Phillips-Van Heusen Corp. ........ 80,000 790,000
Stride Rite Corp. ................ 149,100 1,537,594
-----------
5,006,719
-----------
COMPUTER HARDWARE -- 0.4%
Innovex, Inc. .................... 20,000 280,000
-----------
COMPUTER SERVICES & SOFTWARE -- 5.0%
Analysts International Corp. ..... 78,200 1,124,125
Evans & Sutherland Computer
Corp.*.......................... 33,000 431,062
Inprise Corp.*.................... 11,000 53,625
Mentor Graphics Corp.*............ 50,000 640,625
Metro Information Services,
Inc.*........................... 14,100 234,412
Security Dynamics Technologies,
Inc.*........................... 28,900 614,125
SOFTWORKS, Inc.*.................. 40,000 440,000
-----------
3,537,974
-----------
CONGLOMERATES -- 1.1%
Ruddick Corp. .................... 40,000 800,000
-----------
CONSUMER PRODUCTS & SERVICES -- 0.3%
LSI Industries, Inc. ............. 7,300 176,112
-----------
CONTAINERS & PACKAGING -- 2.9%
BWAY Corp.*....................... 34,000 484,500
Ivex Packaging Corp.*............. 70,000 1,540,000
-----------
2,024,500
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRONIC COMPONENTS & EQUIPMENT -- 17.8%
Anadigics, Inc.*.................. 30,000 $ 1,110,000
Electronics for Imaging, Inc.*.... 24,600 1,263,825
General Cable Corp. .............. 67,000 1,072,000
GenRad, Inc.*..................... 80,000 1,665,000
Methode Electronics, Inc. Cl-A.... 90,000 2,058,750
Moog, Inc. Cl-A*.................. 45,000 1,546,875
Paxar Corp.*...................... 42,400 381,600
Rogers Corp.*..................... 70,000 2,065,000
Sensormatic Electronics Corp.*.... 40,000 557,500
Zebra Technologies Corp.*......... 24,000 922,500
-----------
12,643,050
-----------
ENVIRONMENTAL SERVICES -- 1.6%
Newpark Resources, Inc.*.......... 130,000 1,153,750
-----------
EQUIPMENT SERVICES -- 0.8%
CLARCOR, Inc. .................... 28,000 537,250
-----------
FINANCIAL-BANK & TRUST -- 2.3%
Community First Bankshares,
Inc. ........................... 26,000 620,750
Doral Financial Corp. ............ 47,600 821,100
Sterling Bancshares, Inc. ........ 15,000 200,625
-----------
1,642,475
-----------
FINANCIAL SERVICES -- 1.6%
Financial Federal Corp.*.......... 52,000 1,144,000
-----------
FOOD -- 4.0%
Dreyer's Grand Ice Cream, Inc. ... 97,000 1,467,125
Michael Foods, Inc. .............. 24,000 564,000
Midwest Grain Products, Inc.*..... 25,000 278,125
Sanderson Farms, Inc. ............ 38,000 541,500
-----------
2,850,750
-----------
HEALTHCARE SERVICES -- 1.1%
Sierra Health Services, Inc.*..... 55,000 794,062
-----------
INSURANCE -- 0.6%
Chartwell Re Corp. ............... 11,000 204,875
Philadelphia Consolidated Holding
Corp.*.......................... 9,000 220,500
-----------
425,375
-----------
MACHINERY & EQUIPMENT -- 5.8%
BEI Technologies, Inc. ........... 45,000 450,000
CMI Corp. Cl-A.................... 30,500 278,313
CUNO, Inc.*....................... 20,000 382,500
Gardner Denver, Inc.*............. 17,000 274,125
Kollmorgen Corp. ................. 60,000 900,000
Milacron, Inc. ................... 16,000 296,000
National-Oilwell, Inc.*........... 58,000 735,875
SPS Technologies, Inc.*........... 22,000 825,000
-----------
4,141,813
-----------
</TABLE>
93
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AST LORD ABBETT SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
MEDICAL SUPPLIES & EQUIPMENT -- 6.9%
Arrow International, Inc. ........ 45,000 $ 1,164,375
Gliatech, Inc.*................... 30,000 765,000
Haemonetics Corp.*................ 10,000 200,625
ICU Medical, Inc.*................ 50,000 884,375
Invacare Corp. ................... 45,000 1,203,750
Mentor Corp. ..................... 37,000 689,125
-----------
4,907,250
-----------
METALS & MINING -- 2.1%
IMCO Recycling, Inc. ............. 75,000 1,284,375
NS Group, Inc.*................... 14,800 136,900
Shaw Group, Inc.*................. 5,600 88,900
-----------
1,510,175
-----------
OIL & GAS -- 3.2%
Basin Exploration, Inc.*.......... 40,000 802,500
Marine Drilling Co., Inc.*........ 17,600 240,900
Meridian Resource Corp.*.......... 179,700 696,338
Oceaneering International,
Inc.*........................... 35,000 564,375
-----------
2,304,113
-----------
PHARMACEUTICALS -- 0.1%
Gene Logic, Inc.*................. 15,000 54,375
-----------
PRINTING & PUBLISHING -- 0.7%
Scholastic Corp.*................. 9,300 470,813
-----------
RAILROADS -- 0.1%
ABC-NACO, Inc.*................... 4,700 96,350
-----------
RESTAURANTS -- 1.0%
BUCA, Inc.*....................... 2,900 47,850
CBRL Group, Inc. ................. 40,000 692,500
-----------
740,350
-----------
RETAIL & MERCHANDISING -- 2.7%
Coldwater Creek, Inc.*............ 27,500 536,250
Elder-Beerman Stores Corp.*....... 49,800 364,163
Good Guys, Inc.*.................. 36,000 270,000
Party City Corp.++++*............. 30,400 58,064
United Retail Group, Inc.*........ 45,000 680,625
-----------
1,909,102
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TELECOMMUNICATIONS -- 3.5%
Anicom, Inc.*..................... 72,800 $ 764,400
Commscope, Inc.*.................. 56,600 1,740,450
-----------
2,504,850
-----------
TRANSPORTATION -- 2.1%
Airnet Systems, Inc.*............. 46,900 633,150
Offshore Logistics, Inc.*......... 1,900 21,138
Smithway Motor Express Corp.
Cl-A*........................... 50,000 500,000
Varlen Corp. ..................... 8,000 324,000
-----------
1,478,288
-----------
TOTAL COMMON STOCK
(Cost $56,441,748).................. 61,880,258
-----------
SHORT-TERM INVESTMENTS -- 10.1%
Temporary Investment Cash Fund.... 3,574,831 3,574,831
Temporary Investment Fund......... 3,574,831 3,574,831
-----------
(Cost $7,149,662)................. 7,149,662
-----------
TOTAL INVESTMENTS -- 97.1%
(Cost $63,591,410).................. 69,029,920
OTHER ASSETS LESS
LIABILITIES -- 2.9%................. 2,025,326
-----------
NET ASSETS -- 100.0%.................. $71,055,246
===========
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
++++ Illiquid security. At the end of the period, this security amounted to less
than 0.1% of net assets.
See Notes to Financial Statements.
94
<PAGE> 97
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 87.3%
ADVERTISING -- 0.1%
Interpublic Group of Companies,
Inc. ......................... 4,800 $ 415,800
Omnicom Group, Inc. ............ 3,900 312,000
------------
727,800
------------
AEROSPACE -- 0.7%
AlliedSignal, Inc. ............. 7,700 485,100
Boeing Co. ..................... 4,900 216,519
General Dynamics Corp. ......... 100 6,850
Gulfstream Aerospace Corp.*..... 10,700 722,919
Raytheon Co. Cl-B............... 7,600 534,850
United Technologies Corp. ...... 22,900 1,641,644
------------
3,607,882
------------
AIRLINES -- 0.3%
AMR Corp.*...................... 10,300 702,975
Delta Air Lines, Inc. .......... 11,600 668,450
Southwest Airlines Co. ......... 7,300 227,212
------------
1,598,637
------------
AUTOMOBILE MANUFACTURERS -- 1.0%
Ford Motor Co. ................. 49,300 2,782,369
General Motors Corp. ........... 33,200 2,191,200
------------
4,973,569
------------
AUTOMOTIVE PARTS -- 0.3%
AutoZone, Inc.*................. 10,700 322,337
Dana Corp. ..................... 2,200 101,337
Delphi Automotive Systems
Corp. ........................ 23,205 430,743
Eaton Corp. .................... 1,100 101,200
Goodyear Tire & Rubber Co. ..... 11,800 693,987
------------
1,649,604
------------
BEVERAGES -- 1.5%
Anheuser-Busch Companies,
Inc. ......................... 15,900 1,127,906
Brown-Forman Corp. Cl-B......... 300 19,556
Coca-Cola Co. .................. 72,800 4,550,000
Coca-Cola Enterprises, Inc. .... 5,800 178,350
PepsiCo, Inc. .................. 39,200 1,516,550
------------
7,392,362
------------
BROADCASTING -- 0.5%
CBS Corp.*...................... 200 8,687
Clear Channel Communications,
Inc.*......................... 18,000 1,240,875
King World Productions, Inc.*... 35,400 1,232,362
------------
2,481,924
------------
BUILDING MATERIALS -- 0.1%
Armstrong World Industries,
Inc. ......................... 1,500 86,719
Masco Corp. .................... 7,200 207,900
Vulcan Materials Co. ........... 4,400 212,300
------------
506,919
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BUSINESS SERVICES -- 0.0%
Avery Dennison Corp. ........... 1,900 $ 114,712
Ecolab, Inc. ................... 800 34,900
Harris Corp. ................... 500 19,594
------------
169,206
------------
CAPITAL GOODS -- 0.1%
Briggs & Stratton Corp. ........ 12,500 721,875
------------
CHEMICALS -- 1.2%
Air Products & Chemicals,
Inc. ......................... 4,300 173,075
Dow Chemical Co. ............... 12,800 1,624,000
DuPont, (E.I.) de Nemours &
Co. .......................... 34,100 2,329,456
Eastman Chemical Co. ........... 2,400 124,200
FMC Corp.*...................... 5,600 382,550
Grace, (W.R.) & Co.*............ 2,800 51,450
Monsanto Co. ................... 8,400 331,275
Nalco Chemical Co. ............. 13,300 689,937
PPG Industries, Inc. ........... 2,500 147,656
Rohm & Haas Co. ................ 2,900 124,337
Union Carbide Corp. ............ 2,100 102,375
------------
6,080,311
------------
CLOTHING & APPAREL -- 0.6%
Fruit of the Loom, Inc. Cl-A*... 16,700 162,825
Limited, Inc. .................. 5,081 230,550
Nike, Inc. Cl-B................. 9,600 607,800
Reebok International, Ltd.*..... 8,800 163,900
Springs Industries, Inc. Cl-A... 8,300 362,087
St. John Knits, Inc. ........... 54,750 1,601,437
V.F. Corp. ..................... 1,200 51,300
------------
3,179,899
------------
COMPUTER HARDWARE -- 4.4%
Apple Computer, Inc.*........... 11,200 518,700
Compaq Computer Corp. .......... 57,800 1,369,137
Dell Computer Corp.*............ 101,400 3,751,800
EMC Corp.*...................... 37,600 2,068,000
Gateway, Inc.*.................. 8,100 477,900
Hewlett-Packard Co. ............ 36,000 3,618,000
International Business Machines
Corp. ........................ 74,600 9,642,050
Seagate Technology, Inc.*....... 21,100 540,687
------------
21,986,274
------------
COMPUTER SERVICES & SOFTWARE -- 8.7%
3Com Corp.*..................... 17,500 467,031
Adobe Systems, Inc. ............ 11,400 936,581
America Online, Inc.*........... 45,480 5,025,540
Automatic Data Processing,
Inc. ......................... 19,200 844,800
BMC Software, Inc.*............. 2,200 118,800
Cabletron Systems, Inc.*........ 16,800 218,400
Ceridian Corp.*................. 11,800 385,712
Cisco Systems, Inc.*............ 123,400 7,959,300
Computer Sciences Corp.*........ 7,600 525,825
Compuware Corp.*................ 22,500 715,781
Data General Corp.*............. 6,000 87,375
Electronic Data Systems
Corp. ........................ 18,700 1,057,719
First Data Corp. ............... 10,600 518,737
Microsoft Corp.*................ 195,000 17,586,562
</TABLE>
95
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Network Appliance, Inc.*........ 5,000 $ 279,375
Novell, Inc.*................... 22,500 596,250
Oracle Corp.*................... 54,600 2,027,025
Paychex, Inc. .................. 35,650 1,136,344
Silicon Graphics, Inc.*......... 24,400 399,550
Sun Microsystems, Inc.*......... 32,400 2,231,550
Unisys Corp.*................... 17,800 693,087
------------
43,811,344
------------
CONGLOMERATES -- 2.2%
Corning, Inc. .................. 6,100 427,762
ITT Industries, Inc. ........... 3,900 148,687
Johnson Controls, Inc. ......... 800 55,450
Minnesota Mining & Manufacturing
Co. .......................... 16,100 1,399,694
Philip Morris Companies,
Inc. ......................... 112,600 4,525,112
Seagram Co. Ltd. ............... 18,600 936,975
Tenneco, Inc. .................. 6,400 152,800
Textron, Inc. .................. 10,600 872,512
Tyco International Ltd. ........ 29,605 2,805,074
------------
11,324,066
------------
CONSTRUCTION -- 0.3%
Centex Corp. ................... 23,400 878,962
Pulte Corp. .................... 19,000 438,187
------------
1,317,149
------------
CONSUMER PRODUCTS & SERVICES -- 2.5%
Avon Products, Inc. ............ 4,700 260,850
Bausch & Lomb, Inc. ............ 600 45,900
Clorox Co. ..................... 3,100 331,119
Colgate-Palmolive Co. .......... 10,600 1,046,750
Eastman Kodak Co. .............. 17,600 1,192,400
Gillette Co. ................... 38,400 1,574,400
Hasbro, Inc. ................... 1,950 54,478
International Flavors &
Fragrances, Inc. ............. 19,000 843,125
Jostens, Inc. .................. 1,300 27,381
Maytag Corp. ................... 8,900 620,219
Procter & Gamble Co. ........... 50,200 4,480,350
UST, Inc. ...................... 35,200 1,029,600
Whirlpool Corp. ................ 15,100 1,117,400
------------
12,623,972
------------
CONTAINERS & PACKAGING -- 0.0%
Crown Cork & Seal Co., Inc. .... 1,700 48,450
Sealed Air Corp.*............... 1,600 103,800
------------
152,250
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 4.2%
Applied Materials, Inc.*........ 31,100 2,297,512
EG&G, Inc. ..................... 9,600 342,000
Emerson Electric Co. ........... 11,200 704,200
General Electric Co. ........... 122,600 13,853,800
Honeywell, Inc. ................ 8,200 950,175
KLA-Tencor Corp.*............... 300 19,462
Parker-Hannifin Corp. .......... 1,400 64,050
Rockwell International Corp. ... 3,800 230,850
Solectron Corp.*................ 14,000 933,625
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Tandy Corp. .................... 1,800 $ 87,975
Texas Instruments, Inc. ........ 13,200 1,914,000
------------
21,397,649
------------
ENTERTAINMENT & LEISURE -- 1.6%
Carnival Corp. ................. 22,500 1,091,250
Disney, (Walt) Co. ............. 60,200 1,854,912
Harrah's Entertainment, Inc.*... 8,700 191,400
Mattel, Inc. ................... 9,500 251,156
Mirage Resorts, Inc.*........... 18,300 306,525
Time Warner, Inc. .............. 44,500 3,270,750
Viacom, Inc. Cl-B*.............. 29,200 1,284,800
------------
8,250,793
------------
ENVIRONMENTAL SERVICES -- 1.1%
Browning-Ferris Industries,
Inc. ......................... 97,900 4,209,700
Waste Management, Inc. ......... 20,400 1,096,500
------------
5,306,200
------------
EQUIPMENT SERVICES -- 0.4%
VWR Scientific Products,
Corp.*........................ 52,000 1,907,750
------------
FARMING & AGRICULTURE -- 0.1%
Delta and Pine Land Co. ........ 10,300 324,450
Pioneer Hi-Bred International,
Inc. ......................... 9,000 350,437
------------
674,887
------------
FINANCIAL-BANK & TRUST -- 5.9%
AmSouth Bancorporation.......... 300 6,956
Bank of New York Co., Inc. ..... 27,900 1,023,581
Bank One Corp. ................. 44,300 2,638,619
BankAmerica Corp. .............. 71,500 5,241,844
BankBoston Corp. ............... 23,800 1,216,775
BB&T Corp. ..................... 10,708 392,850
Chase Manhattan Corp. .......... 30,800 2,668,050
Comerica, Inc. ................. 3,400 202,087
Countrywide Credit Industries,
Inc. ......................... 1,200 51,300
Fifth Third Bancorp............. 9,600 639,000
First American Corp. ........... 3,300 137,156
First Union Corp. .............. 50,800 2,387,600
Firstar Corp. .................. 200 5,600
Fleet Financial Group, Inc. .... 1,800 79,875
Golden West Financial Corp. .... 1,700 166,600
Huntington Bancshares, Inc. .... 4,500 157,500
Keycorp......................... 6,700 215,237
MBNA Corp. ..................... 24,000 735,000
Mellon Bank Corp. .............. 18,700 680,212
Mercantile Bancorporation,
Inc. ......................... 15,900 908,287
Morgan, (J.P.) & Co., Inc. ..... 12,300 1,728,150
National City Corp. ............ 12,500 818,750
Northern Trust Corp. ........... 2,400 232,800
PNC Bank Corp. NA............... 9,900 570,487
Prime Bancorp, Inc. ............ 200 5,525
Regions Financial Corp. ........ 4,200 161,437
Republic New York Corp. ........ 4,000 272,750
SouthTrust Corp. ............... 6,000 230,250
State Street Boston Corp. ...... 3,900 332,962
Summit Bancorp.................. 5,800 242,512
SunTrust Banks, Inc. ........... 10,600 736,037
Synovus Financial Corp. ........ 1,400 27,825
</TABLE>
96
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
U.S. Bancorp.................... 5,200 $ 176,800
Union Planters Corp. ........... 19,800 884,812
Wachovia Corp. ................. 7,900 675,944
Wells Fargo & Co. .............. 59,200 2,530,800
Western Bancorp................. 15,900 691,650
------------
29,873,620
------------
FINANCIAL SERVICES -- 5.3%
American Express Co. ........... 20,700 2,693,587
Associates First Capital Corp.
Cl-A.......................... 23,600 1,045,775
Bear Stearns Companies, Inc. ... 23,000 1,075,250
Block, (H&R), Inc. ............. 1,500 75,000
Capital One Financial Corp. .... 3,700 206,044
Citigroup, Inc. ................ 146,400 6,954,000
Deluxe Corp. ................... 24,200 942,287
Fannie Mae...................... 38,700 2,646,112
Franklin Resources, Inc. ....... 800 32,500
Freddie Mac..................... 23,800 1,380,400
Household International,
Inc. ......................... 14,300 677,462
Lehman Brothers Holdings,
Inc. ......................... 21,400 1,332,150
Merrill Lynch & Co., Inc. ...... 11,500 919,281
Morgan Stanley, Dean Witter &
Co. .......................... 26,300 2,695,750
Paine Webber Group, Inc. ....... 21,600 1,009,800
Providian Financial Corp. ...... 5,500 514,250
Schwab, (Charles) Corp. ........ 15,400 1,692,075
SLM Holding Corp. .............. 3,800 174,087
Washington Mutual, Inc. ........ 18,500 654,437
------------
26,720,247
------------
FOOD -- 1.6%
Albertson's, Inc. .............. 9,450 487,266
Archer Daniels Midland Co. ..... 4,900 75,644
Bestfoods, Inc. ................ 5,400 267,300
ConAgra, Inc. .................. 11,000 292,875
General Mills, Inc. ............ 3,800 305,425
Great Atlantic & Pacific Tea
Co., Inc. .................... 12,100 409,131
Heinz, (H.J.) Co. .............. 8,700 436,087
Kroger Co.*..................... 39,600 1,106,325
Nabisco Group Holdings.......... 11,000 215,187
Quaker Oats Co. ................ 2,700 179,212
Ralston Purina Group............ 4,300 130,881
Richfood Holdings, Inc. ........ 41,700 734,963
Safeway, Inc.*.................. 22,500 1,113,750
Sara Lee Corp. ................. 16,600 376,612
Supervalu, Inc. ................ 17,100 439,256
Sysco Corp. .................... 6,800 202,725
Unilever NV NY Reg. ............ 19,100 1,332,225
Winn-Dixie Stores, Inc. ........ 600 22,162
Wrigley, (Wm., Jr.) Co. ........ 1,400 126,000
------------
8,253,026
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FURNITURE -- 0.2%
Newell Rubbermaid, Inc. ........ 17,300 $ 804,450
------------
HEALTHCARE SERVICES -- 0.5%
Amgen, Inc.*.................... 22,100 1,345,338
Healthsouth Corp.*.............. 7,200 107,550
Humana, Inc.*................... 6,800 87,975
IMS Health, Inc. ............... 7,700 240,625
McKesson HBOC, Inc. ............ 10,400 334,100
United HealthCare Corp. ........ 3,700 231,713
Wellpoint Health Networks,
Inc.*......................... 5,000 424,375
------------
2,771,676
------------
HOTELS & MOTELS -- 0.0%
Marriott International, Inc.
Cl-A.......................... 6,300 235,463
------------
INSURANCE -- 2.2%
AFLAC, Inc. .................... 10,200 488,325
Allstate Corp. ................. 15,800 566,825
American General Corp. ......... 9,100 685,913
American International Group,
Inc. ......................... 50,000 5,853,125
Aon Corp. ...................... 5,500 226,875
CIGNA Corp. .................... 5,800 516,200
Cincinnati Financial Corp. ..... 5,500 206,594
Conseco, Inc. .................. 700 21,306
Executive Risk, Inc. ........... 4,400 374,275
Jefferson-Pilot Corp. .......... 1,700 112,519
Lincoln National Corp. ......... 4,000 209,250
Marsh & McLennan Companies,
Inc. ......................... 7,500 566,250
Progressive Corp. .............. 1,000 145,000
Provident Companies, Inc. ...... 1,800 72,000
St. Paul Companies, Inc. ....... 7,800 248,138
The Hartford Financial Services
Group, Inc. .................. 5,600 326,550
Torchmark Corp. ................ 800 27,300
Transamerica Corp. ............. 2,400 180,000
UNUM Corp. ..................... 1,300 71,175
------------
10,897,620
------------
MACHINERY & EQUIPMENT -- 1.3%
Baker Hughes, Inc. ............. 1,100 36,850
Case Corp. ..................... 41,000 1,973,125
Caterpillar, Inc. .............. 20,100 1,206,000
Danaher Corp. .................. 1,300 75,563
Dover Corp. .................... 5,300 185,500
Grainger, (W.W.), Inc. ......... 1,200 64,575
Illinois Tool Works, Inc. ...... 7,200 590,400
Ingersoll-Rand Co. ............. 2,800 180,950
Stanley Works, Inc. ............ 800 25,750
The Timken Co. ................. 2,300 44,850
Wyman Gordon Co.*............... 105,500 2,037,469
------------
6,421,032
------------
MEDICAL SUPPLIES & EQUIPMENT -- 2.3%
Abbott Laboratories............. 53,000 2,411,500
Bard, (C.R.), Inc. ............. 400 19,125
Baxter International, Inc. ..... 8,500 515,313
Becton Dickinson & Co. ......... 2,800 84,000
Boston Scientific Corp.*........ 34,000 1,493,875
</TABLE>
97
<PAGE> 100
AST BANKERS TRUST ENHANCED 500 PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Guidant Corp. .................. 8,500 $ 437,219
Johnson & Johnson Co. .......... 50,800 4,978,400
Medtronic, Inc. ................ 20,100 1,565,288
St. Jude Medical, Inc.*......... 6,700 238,688
------------
11,743,408
------------
METALS & MINING -- 0.6%
Alcan Aluminium Ltd. ........... 3,400 108,588
Alcoa, Inc. .................... 22,400 1,386,000
Allegheny Teledyne, Inc. ....... 1,700 38,463
Barrick Gold Corp. ............. 8,000 155,000
Bethlehem Steel Corp.*.......... 90,400 694,950
Homestake Mining Co. ........... 2,000 16,375
Nucor Corp. .................... 900 42,694
Phelps Dodge Corp. ............. 2,200 136,263
Worthington Industries, Inc. ... 19,600 322,175
------------
2,900,508
------------
OFFICE EQUIPMENT -- 0.6%
Office Depot, Inc.*............. 20,000 441,250
Pitney Bowes, Inc. ............. 7,900 507,575
Staples, Inc.*.................. 17,400 538,313
Xerox Corp. .................... 22,100 1,305,281
------------
2,792,419
------------
OIL & GAS -- 4.7%
Ashland, Inc. .................. 10,200 409,275
Atlantic Richfield Co. ......... 5,800 484,663
Burlington Resources, Inc. ..... 1,800 77,850
Chevron Corp. .................. 33,300 3,169,744
Coastal Corp. .................. 19,500 780,000
Columbia Gas System, Inc. ...... 900 56,419
Consolidated Natural Gas Co. ... 500 30,375
Eastern Enterprises............. 800 31,800
Exxon Corp. .................... 97,900 7,550,538
Halliburton Co. ................ 11,700 529,425
Kerr-McGee Corp. ............... 10,000 501,875
Mobil Corp. .................... 28,500 2,821,500
Nicor, Inc. .................... 6,700 255,019
Occidental Petroleum Corp. ..... 6,500 137,313
Phillips Petroleum Co. ......... 9,500 477,969
Royal Dutch Petroleum Co. ...... 77,600 4,675,400
Sempra Energy................... 9,100 205,888
Sonat, Inc. .................... 4,100 135,813
Texaco, Inc. ................... 14,900 931,250
Unocal Corp. ................... 4,600 182,275
USX-Marathon Group, Inc. ....... 7,800 253,988
------------
23,698,379
------------
PAPER & FOREST PRODUCTS -- 1.3%
American Greetings Corp. Cl-A... 30,000 903,750
Fort James Corp. ............... 800 30,300
Georgia Pacific Group........... 1,100 52,113
International Paper Co. ........ 7,800 393,900
Kimberly-Clark Corp. ........... 17,800 1,014,600
Potlatch Corp. ................. 17,400 764,513
Temple-Inland, Inc. ............ 8,000 546,000
Unisource Worldwide, Inc. ...... 132,700 1,600,694
Westvaco Corp. ................. 3,800 110,200
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Weyerhaeuser Co. ............... 15,900 $ 1,093,125
Willamette Industries, Inc. .... 1,300 59,881
------------
6,569,076
------------
PERSONAL SERVICES -- 0.0%
Service Corp. International..... 800 15,400
------------
PHARMACEUTICALS -- 5.9%
Allergan, Inc. ................. 600 66,600
ALZA Corp.*..................... 10,080 512,820
American Home Products Corp. ... 49,400 2,840,500
Bristol-Meyers Squibb Co. ...... 75,100 5,289,856
Cardinal Health, Inc. .......... 8,100 519,413
Lilly, (Eli) & Co. ............. 39,500 2,829,188
Merck & Co., Inc. .............. 90,100 6,667,400
Pfizer, Inc. ................... 49,000 5,377,750
Pharmacia & Upjohn, Inc. ....... 14,700 835,144
Schering-Plough Corp. .......... 51,700 2,740,100
Warner-Lambert Co. ............. 32,000 2,220,000
Watson Pharmaceuticals, Inc.*... 3,700 129,731
------------
30,028,502
------------
PRINTING & PUBLISHING -- 0.4%
Donnelley, (R.R.) & Sons Co. ... 5,200 192,725
Gannett Co., Inc. .............. 9,000 642,375
Knight-Ridder, Inc. ............ 10,100 554,869
McGraw-Hill Co., Inc. .......... 4,500 242,719
Tribune Co. .................... 2,000 174,250
------------
1,806,938
------------
RAILROADS -- 0.2%
Burlington Northern Santa Fe
Corp. ........................ 12,900 399,900
Kansas City Southern Industries,
Inc. ......................... 1,100 70,194
Norfolk Southern Corp. ......... 12,400 373,550
Union Pacific Corp. ............ 6,100 355,706
------------
1,199,350
------------
RESTAURANTS -- 0.5%
Darden Restaurants, Inc. ....... 2,200 47,988
McDonald's Corp. ............... 47,600 1,966,475
Tricon Global Restaurants,
Inc.*......................... 8,900 481,713
------------
2,496,176
------------
RETAIL & MERCHANDISING -- 5.1%
Circuit City Stores, Inc........ 17,400 1,618,200
Consolidated Stores Corp.*...... 3,100 83,700
Costco Companies, Inc.*......... 11,000 880,688
CVS Corp. ...................... 10,700 547,038
Dayton-Hudson Corp. ............ 13,400 871,000
Dillard's, Inc. Cl-A............ 4,000 140,500
Dollar General Corp. ........... 8,400 243,600
Federated Department Stores,
Inc.*......................... 13,400 709,363
Gap, Inc. ...................... 32,400 1,632,150
Home Depot, Inc. ............... 70,500 4,542,844
Kmart Corp.*.................... 18,600 305,738
Kohl's Corp.*................... 18,100 1,397,094
Lowe's Companies, Inc. ......... 17,100 969,356
May Department Stores Co. ...... 10,800 441,450
</TABLE>
98
<PAGE> 101
AST BANKERS TRUST ENHANCED 500 PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Nordstrom, Inc. ................ 3,700 $ 123,950
Penney, (J.C.) Co., Inc. ....... 22,500 1,092,656
Rite Aid Corp. ................. 2,200 54,175
TJX Companies, Inc. ............ 6,600 219,863
Toys 'R' Us, Inc.*.............. 1,000 20,688
Wal-Mart Stores, Inc. .......... 185,900 8,969,675
Walgreen Co. ................... 30,900 907,688
------------
25,771,416
------------
SEMICONDUCTORS -- 2.2%
Advanced Micro Devices, Inc.*... 11,300 204,106
Intel Corp. .................... 100,900 6,003,550
Level One Communications,
Inc.*......................... 26,000 1,272,375
LSI Logic Corp.*................ 13,900 641,138
Micron Technology, Inc.*........ 13,200 532,125
Motorola, Inc. ................. 20,400 1,932,900
National Semiconductor Corp.*... 15,600 394,875
------------
10,981,069
------------
TELECOMMUNICATIONS -- 10.5%
Aliant Communications, Inc. .... 8,700 401,831
Alltel Corp. ................... 100 7,150
Ameritech Corp. ................ 38,700 2,844,450
Andrew Corp.*................... 3,100 58,706
AT&T Corp. ..................... 96,200 5,369,163
Bell Atlantic Corp. ............ 53,400 3,491,025
BellSouth Corp. ................ 69,600 3,262,500
CenturyTel, Inc. ............... 5,400 214,650
Comcast Corp. Cl-A.............. 51,200 1,968,000
Frontier Corp. ................. 10,500 619,500
General Instrument Corp.*....... 12,900 548,250
GTE Corp. ...................... 36,200 2,742,150
Lucent Technologies, Inc. ...... 114,085 7,693,607
MCI WorldCom, Inc.*............. 72,100 6,218,625
MediaOne Group, Inc.*........... 52,800 3,927,000
Nextel Communications, Inc.
Cl-A*......................... 16,600 833,113
Nortel Networks Corp. .......... 19,100 1,658,119
SBC Communications, Inc. ....... 70,600 4,094,800
Scientific-Atlanta, Inc. ....... 4,700 169,200
Sprint Corp. (FON Group)........ 31,800 1,679,438
Sprint Corp. (PCS Group)*....... 9,900 565,538
Tellabs, Inc.*.................. 18,800 1,270,175
U.S. West, Inc. ................ 19,100 1,122,125
Vodafone AirTouch PLC [ADR]..... 7,950 1,566,150
Williams Companies, Inc. ....... 11,500 489,469
------------
52,814,734
------------
TRANSPORTATION -- 0.6%
Avondale Industries, Inc.*...... 30,000 1,170,000
CSX Corp. ...................... 4,100 185,781
FDX Corp.*...................... 20,900 1,133,825
Laidlaw, Inc. .................. 3,200 23,600
Navistar International Corp.*... 7,700 385,000
------------
2,898,206
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
UTILITIES -- 3.4%
Ameren Corp. ................... 1,700 $ 65,238
American Electric Power Co.,
Inc. ......................... 15,300 574,706
Carolina Power & Light Co. ..... 5,700 244,031
Cinergy Corp. .................. 1,000 32,000
CMS Energy Corp. ............... 4,000 167,500
Consolidated Edison, Inc. ...... 23,100 1,045,275
Dominion Resources, Inc. ....... 1,200 51,975
DTE Energy Co. ................. 16,800 672,000
Duke Energy Corp. .............. 21,600 1,174,500
Edison International Co. ....... 46,400 1,241,200
Enron Corp. .................... 11,200 915,600
Entergy Corp. .................. 30,400 950,000
FirstEnergy Corp.*.............. 37,200 1,153,200
Florida Progress Corp. ......... 12,000 495,750
FPL Group, Inc. ................ 10,000 546,250
GPU, Inc. ...................... 14,800 624,375
Niagara Mohawk Holdings,
Inc.*......................... 65,000 1,044,063
PacifiCorp...................... 4,900 90,038
PECO Energy Co. ................ 4,500 188,438
PG&E Corp. ..................... 23,400 760,500
PP&L Resources, Inc. ........... 30,900 950,175
Public Service Enterprise Group,
Inc. ......................... 20,000 817,500
Reliant Energy, Inc. ........... 27,400 756,925
Southern Co. ................... 54,200 1,436,300
Texas Utilities Co. ............ 10,600 437,250
Unicom Corp. ................... 25,500 983,344
------------
17,418,133
------------
TOTAL COMMON STOCK
(Cost $397,226,560)............... 440,953,170
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000)
------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS -- 2.6%
U.S. Treasury Bills
4.22%, 08/19/99#................ $ 40 39,763
4.25%, 08/19/99#................ 665 661,103
4.28%, 08/19/99#................ 100 99,408
4.30%, 08/19/99#................ 20 19,881
4.35%, 08/19/99#................ 450 447,336
4.40%, 08/19/99#................ 60 59,635
4.455%, 08/19/99#............... 75 74,538
4.47%, 08/19/99#................ 100 99,382
4.48%, 08/19/99#................ 3,580 3,557,812
4.53%, 09/16/99................. 8,000 7,921,480
--------------
(Cost $12,981,794)................ 12,980,338
--------------
</TABLE>
99
<PAGE> 102
AST BANKERS TRUST ENHANCED 500 PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 9.4%
Temporary Investment Cash
Fund........................ 23,888,528 $ 23,888,528
Temporary Investment Fund..... 23,888,528 23,888,528
--------------
(Cost $47,777,056)............ 47,777,056
--------------
TOTAL INVESTMENTS -- 99.3%
(Cost $457,985,410)............. 501,710,564
OTHER ASSETS LESS
LIABILITIES -- 0.7%............. 3,384,972
--------------
NET ASSETS -- 100.0%.............. $ 505,095,536
==============
</TABLE>
# Securities with an aggregate market value of $5,058,858 have been segregated
with the custodian to cover margin requirements for the following open futures
contracts at
June 30, 1999:
<TABLE>
<CAPTION>
EXPIRATION NUMBER OF UNREALIZED
DESCRIPTION MONTH CONTRACTS APPRECIATION
- ----------------------------------------------------------------
<S> <C> <C> <C>
S&P 500.................. 09/99 248 $3,215,537
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
100
<PAGE> 103
AST KEMPER SMALL-CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 97.2%
ADVERTISING -- 1.0%
AdForce, Inc.*.................... 249,300 $ 5,858,550
------------
AIRLINES -- 1.0%
America West Holdings Corp.
Cl-B*........................... 327,800 6,187,225
------------
BROADCASTING -- 1.5%
Citadel Communications Corp.*..... 72,000 2,605,500
Source Media, Inc.*............... 365,000 6,205,000
------------
8,810,500
------------
BUILDING MATERIALS -- 2.5%
Simpson Manufacturing Co.,
Inc.*........................... 119,500 5,676,250
Trex Co., Inc.*................... 364,900 9,259,337
------------
14,935,587
------------
BUSINESS SERVICES -- 12.8%
Abacus Direct Corp.*.............. 151,100 13,825,650
Complete Business Solutions,
Inc.*........................... 347,900 6,240,456
Daisytek International Corp.*..... 319,500 5,211,844
Korn/Ferry International*......... 362,300 6,159,100
Modis Professional Services,
Inc.*........................... 392,100 5,391,375
Newgen Results Corp.*............. 333,300 3,999,600
Pegasus Systems, Inc.*............ 191,300 7,161,794
TSI International Software
Ltd. ........................... 481,800 13,671,075
Whittman-Hart, Inc. .............. 486,000 15,430,500
------------
77,091,394
------------
CLOTHING & APPAREL -- 2.5%
David's Bridal, Inc.*............. 342,400 5,328,600
Gildan Activewear, Inc. Cl-A*..... 276,800 4,671,000
Pacific Sunwear of California,
Inc.*........................... 213,450 5,202,844
------------
15,202,444
------------
COMPUTER HARDWARE -- 0.1%
Mercury Computer Systems, Inc.*... 26,500 854,625
------------
COMPUTER SERVICES & SOFTWARE -- 20.1%
AboveNet Communications, Inc.*.... 163,000 6,581,125
Advent Software, Inc.*............ 142,200 9,527,400
Cais Internet, Inc.*.............. 190,600 3,502,275
Comverse Technology, Inc.*........ 154,150 11,638,325
Digital River, Inc.*.............. 244,600 8,132,950
InterVU, Inc.*.................... 187,500 7,183,594
MAPICS, Inc.*..................... 224,700 2,373,394
Mercury Interactive Corp.*........ 373,000 13,194,875
National Computer Systems,
Inc. ........................... 160,500 5,416,875
Network Appliance, Inc.*.......... 173,000 9,666,375
New Era of Networks, Inc.*........ 111,700 4,907,819
Pilot Network Services, Inc.*..... 438,600 4,303,762
Pinnacle Systems, Inc.*........... 627,200 21,089,600
Sapient Corp.*.................... 122,900 6,959,212
Security First Technologies*...... 158,900 7,170,362
------------
121,647,943
------------
CONSUMER PRODUCTS & SERVICES -- 3.9%
Action Performance Companies,
Inc.*........................... 136,900 4,517,700
JAKKS Pacific, Inc.*.............. 227,500 6,782,344
Rent-A-Center, Inc.*.............. 523,300 12,559,200
------------
23,859,244
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRONIC COMPONENTS & EQUIPMENT -- 2.9%
L-3 Communications Holdings,
Inc.*........................... 47,500 $ 2,294,844
SonoSight, Inc.*.................. 303,400 5,157,800
The DII Group, Inc.*.............. 89,000 3,320,812
WESCO International, Inc.*........ 316,400 6,486,200
------------
17,259,656
------------
ENTERTAINMENT & LEISURE -- 1.9%
Cinar Corp. Cl-B*................. 128,500 3,148,250
Speedway Motorsports, Inc.*....... 161,200 6,337,175
THQ, Inc. ........................ 73,500 2,113,125
------------
11,598,550
------------
FARMING & AGRICULTURE -- 0.4%
Hines Horticulture, Inc.*......... 217,000 2,170,000
------------
FINANCIAL-BANK & TRUST -- 1.0%
Astoria Financial Corp. .......... 142,200 6,247,912
------------
FINANCIAL SERVICES -- 0.1%
Financial Federal Corp.*.......... 33,500 737,000
------------
FOOD -- 2.1%
Hain Food Group, Inc.*............ 258,600 5,333,625
Horizon Organic Holding Corp.*.... 137,000 2,003,625
United Natural Foods, Inc.*....... 222,100 5,496,975
------------
12,834,225
------------
HEALTHCARE SERVICES -- 4.9%
Albany Molecular Research,
Inc.*........................... 193,400 5,753,650
IDX Systems Corp.*................ 272,600 6,150,537
MedQuist, Inc.*................... 284,900 12,464,375
Sunrise Assisted Living, Inc.*.... 147,700 5,151,037
------------
29,519,599
------------
MACHINERY & EQUIPMENT -- 1.6%
Astec Industries, Inc.*........... 127,300 5,187,475
National-Oilwell, Inc.*........... 346,000 4,389,875
------------
9,577,350
------------
MEDICAL SUPPLIES & EQUIPMENT -- 5.8%
Fusion Medical Technologies,
Inc.*........................... 32,500 245,781
Hyseq, Inc.*...................... 54,400 188,700
MEDE AMERICA Corp.*............... 177,400 6,696,850
Perclose, Inc.*................... 43,800 2,105,137
VISX, Inc.*....................... 244,300 19,345,506
Xomed Surgical Products, Inc. .... 127,500 6,207,656
------------
34,789,630
------------
OIL & GAS -- 4.1%
Cal Dive International, Inc.*..... 197,100 5,888,362
Dril-Quip, Inc.*.................. 42,200 967,963
Key Production Co., Inc.*......... 38,500 353,719
Newfield Exploration Co.*......... 202,100 5,747,219
Stone Energy Corp.*............... 266,500 11,292,938
Swift Energy Co.*................. 50,000 534,375
------------
24,784,576
------------
</TABLE>
101
<PAGE> 104
AST KEMPER SMALL-CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PERSONAL SERVICES -- 1.3%
Cornell Corrections, Inc.*........ 116,700 $ 1,918,256
Steiner Leisure Ltd.*............. 187,700 5,689,656
------------
7,607,912
------------
PHARMACEUTICALS -- 2.4%
Alexion Pharmaceuticals, Inc.*.... 12,300 109,163
Coulter Pharmaceutical, Inc.*..... 335,400 7,567,463
QLT PhotoTherapeutics, Inc.*...... 123,000 6,765,000
------------
14,441,626
------------
PRINTING & PUBLISHING -- 1.1%
Consolidated Graphics, Inc.*...... 135,900 6,795,000
------------
RAILROADS -- 1.1%
Wisconsin Central Transportation
Corp.*.......................... 347,500 6,559,063
------------
REAL ESTATE -- 1.0%
Realty Information Group, Inc.*... 140,100 6,094,350
------------
RESTAURANTS -- 2.4%
Dave & Buster's, Inc.*............ 25,000 725,000
IL Fornaio America Corp.*......... 130,000 1,941,875
The Cheesecake Factory, Inc.*..... 389,400 11,876,700
------------
14,543,575
------------
RETAIL & MERCHANDISING -- 2.2%
BJ's Wholesale Club, Inc.*........ 207,700 6,243,981
Urban Outfitters, Inc.*........... 290,600 7,301,325
------------
13,545,306
------------
SEMICONDUCTORS -- 7.5%
PLX Technology, Inc.*............. 257,300 12,189,588
PMC-Sierra, Inc.*................. 167,900 9,895,606
TranSwitch Corp. ................. 158,850 7,525,519
Vitesse Semiconductor Corp.*...... 231,700 15,625,269
------------
45,235,982
------------
TELECOMMUNICATIONS -- 6.2%
AudioCodes Ltd.*.................. 77,500 2,092,500
IXC Communication, Inc.*.......... 162,500 6,388,281
Polycom, Inc.*.................... 280,900 10,955,100
Research in Motion Ltd.*.......... 405,300 8,207,325
Terayon Communication Systems,
Inc.*........................... 180,200 10,068,675
------------
37,711,881
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TRANSPORTATION -- 1.8%
Eagle USA Airfreight, Inc.*....... 235,800 $ 10,006,763
Expeditors International of
Washington, Inc. ............... 36,000 981,000
------------
10,987,763
------------
TOTAL COMMON STOCK
(Cost $531,667,570)................. 587,488,468
------------
<CAPTION>
PAR
(000)
-------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 3.0%
Federal Home Loan Bank
4.95%, 07/15/99................. $ 5,940 5,928,566
------------
Federal Home Mortgage Corp.
4.60%, 07/01/99................. 12,000 12,000,000
------------
(Cost $17,928,566)................ 17,928,566
------------
<CAPTION>
SHARES
-------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.1%
Temporary Investment Cash Fund.... 187,288 187,288
Temporary Investment Fund......... 187,288 187,288
------------
(Cost $374,576)................... 374,576
------------
TOTAL INVESTMENTS -- 100.3%
(Cost $549,970,712)................. 605,791,610
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (0.3%).................... (1,693,254)
------------
NET ASSETS -- 100.0%.................. $604,098,356
============
</TABLE>
- --------------------------------------------------------------------------------
* Non-income producing security.
See Notes to Financial Statements.
102
<PAGE> 105
DEFINITIONS OF ABBREVIATIONS
- --------------------------------------------------------------------------------
THE FOLLOWING ABBREVIATIONS ARE USED THROUGHOUT THE SCHEDULES OF INVESTMENTS:
SECURITY DESCRIPTIONS:
- -----------------------
ADR-American Depositary Receipt
BRB-Brady Bond
CVT-Convertible Security
FDR-Federal Depositary Receipt
FRB-Floating Rate Bond (1)
FRN-Floating Rate Note (1)
GDR-Global Depositary Receipt
IO-Interest Only Security
PIK-Payment in Kind Security
PO-Principal Only
REIT-Real Estate Investment Trust
STEP-Stepped Coupon Bond (2)
TBA-To be Announced Security
VR-Variable Rate Bond (1)
ZCB-Zero Coupon Bond (2)
(1)- Rates shown for variable and floating rate securities are the coupon rates
as of June 30, 1999.
(2)- Rates shown are the effective yields at purchase date.
COUNTRIES/CURRENCIES:
- -----------------------
AUD-Australia/Australian Dollar
BEF-Belgium/Belgian Franc
CAD-Canada/Canadian Dollar
CHF -Switzerland/Swiss Franc
DEM-Germany/German Deutschemark
DKK-Denmark/Danish Krone
ESP-Spain/Spanish Peseta
EUR-Europe/Euro Currency
FIM-Finland/Finnish Markka
FRF-France/French Franc
GBP-United Kingdom/British Pound
GRD-Greece/Greek Drachma
HKD-Hong Kong/Hong Kong Dollar
IEP-Ireland/Irish Punt
ITL-Italy/Italian Lira
JPY-Japan/Japanese Yen
KOR-Korea/Korean Won
MXP-Mexico/Mexican Peso
MYR-Malaysia/Malaysian Ringgit
NLG-Netherlands/Netherland Guilder
NOK-Norway/Norwegian Krone
NZD-New Zealand/New Zealand Dollar
SEK-Sweden/Swedish Krona
SGD-Singapore/Singapore Dollar
ZAR-South Africa/South African Rand
103
<PAGE> 106
AMERICAN SKANDIA TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1999 (UNAUDITED)
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------
PORTFOLIO
- ---------------------------------------------------------------------------------------------------------------------------------
AST
AST AST NEUBERGER
AIM LORD ABBETT AST AST BERMAN AST
INTERNATIONAL GROWTH AND JANCAP MONEY MID-CAP AIM
EQUITY INCOME GROWTH MARKET VALUE BALANCED
------------- ----------- ---------- ---------- --------- --------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in securities at value (A).......... $493,637 $1,503,053 $4,359,117 $1,335,629 $805,756 $384,912
Collateral received for securities lent......... -- -- 4,344,772 -- -- --
Cash............................................ 552 -- -- 7 -- 5
Foreign currency (B)............................ 13,687 -- -- -- -- 70
Unrealized appreciation on foreign currency
exchange contracts............................ -- -- 4,959 -- -- --
Receivable for:
Securities sold............................... 14,186 -- -- -- 4,437 50,524
Dividends and interest........................ 2,269 2,285 2,649 8,185 910 2,989
Fund shares sold.............................. -- -- -- -- -- --
Futures variation margin...................... -- -- -- -- -- 469
Other assets.................................... 27 3 7 3 1 1
-------- ---------- ---------- ---------- -------- --------
TOTAL ASSETS................................ 524,358 1,505,341 8,711,504 1,343,824 811,104 438,970
-------- ---------- ---------- ---------- -------- --------
LIABILITIES
Unrealized depreciation on foreign currency
exchange contracts............................ 1 -- 3,163 -- -- --
Written options outstanding, at value........... -- -- -- -- -- --
Sale Commitments, at value...................... -- -- -- -- -- --
Reverse repurchase agreements, at value......... -- -- -- -- -- --
Unrealized depreciation on interest rate swap
agreements.................................... -- -- -- -- -- --
Payable upon return of securities lent.......... -- -- 4,344,772 -- -- --
Payable for:
Securities purchased.......................... 1,241 7,126 -- -- 5,000 9,100
Advisory fees................................. 229 448 1,605 125 337 141
Shareholder servicing fees.................... 41 118 336 121 66 35
Accrued dividends............................. -- -- -- 5,255 -- --
Accrued expenses and other liabilities........ 179 43 5 37 36 46
-------- ---------- ---------- ---------- -------- --------
TOTAL LIABILITIES........................... 1,691 7,735 4,349,881 5,538 5,439 9,322
-------- ---------- ---------- ---------- -------- --------
NET ASSETS......................................... $522,667 $1,497,606 $4,361,623 $1,338,286 $805,665 $429,648
======== ========== ========== ========== ======== ========
COMPONENTS OF NET ASSETS
Common stock (unlimited number of shares
authorized, $.001 par value per share)............ $ 23 $ 65 $ 103 $ 1,338 $ 57 $ 32
Additional paid-in capital......................... 395,694 1,128,989 2,333,305 1,336,940 744,305 369,790
Undistributed net investment income (loss)......... (4,092) 7,402 1,570 -- 1,285 4,328
Accumulated net realized gain (loss) on
investments....................................... 99,783 79,769 403,735 8 27,908 33,463
Accumulated net unrealized appreciation
(depreciation) on investments..................... 31,259 281,381 1,622,910 -- 32,110 22,035
-------- ---------- ---------- ---------- -------- --------
NET ASSETS......................................... $522,667 $1,497,606 $4,361,623 $1,338,286 $805,665 $429,648
======== ========== ========== ========== ======== ========
Shares of common stock outstanding................. 22,767 64,647 103,062 1,338,277 56,742 31,930
Net asset value, offering and redemption price per
share............................................. $ 22.96 $ 23.17 $ 42.32 $ 1.00 $ 14.20 $ 13.46
======== ========== ========== ========== ======== ========
(A) Investments at cost............................ $462,129 $1,221,673 $2,738,002 $1,335,629 $773,646 $363,827
======== ========== ========== ========== ======== ========
(B) Foreign currency at cost....................... $ 13,730 $ -- $ -- $ -- $ -- $ 71
======== ========== ========== ========== ======== ========
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
104
<PAGE> 107
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
PORTFOLIO
----------------------------------------------------------------------------------------------------------
AST AST AST AST
AST AST PIMCO AST AST T. ROWE T. ROWE NEUBERGER
FEDERATED T. ROWE TOTAL INVESCO JANUS PRICE PRICE BERMAN
HIGH PRICE ASSET RETURN EQUITY SMALL-CAP INTERNATIONAL INTERNATIONAL MID-CAP
YIELD ALLOCATION BOND INCOME GROWTH EQUITY BOND GROWTH
---------- ----------- ---------- ---------- --------- ------------- ------------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
$638,624 $417,165 $1,225,288 $ 992,418 $470,666 $409,657 $143,116 $268,252
-- -- -- -- 474,601 -- -- --
-- -- -- -- -- 33,663 1,142 --
-- 1 -- -- -- 7,791 2,705 --
-- -- 72 -- -- -- 71 --
-- 337 17,976 3,817 6,655 620 303 5,426
11,783 2,840 9,241 4,377 59 1,765 3,194 73
-- -- -- -- -- -- -- --
-- -- 1,529 -- -- -- -- --
2 1 3 6 1 4 1 1
-------- -------- ---------- ---------- -------- -------- -------- --------
650,409 420,344 1,254,109 1,000,618 951,982 453,500 150,532 273,752
-------- -------- ---------- ---------- -------- -------- -------- --------
-- -- -- -- -- -- 173 --
-- -- 553 -- -- -- -- --
-- -- 15,235 -- -- -- -- --
-- -- 54,974 -- -- -- -- --
-- -- 75 -- -- -- -- --
-- -- -- -- 474,601 -- -- --
2,727 843 188,821 1,949 1,561 -- 2,190 4,768
148 98 220 293 159 165 51 90
53 34 81 79 33 36 12 21
-- -- -- -- -- -- -- --
-- 35 3 28 34 171 210 25
-------- -------- ---------- ---------- -------- -------- -------- --------
2,928 1,010 259,962 2,349 476,388 372 2,636 4,904
-------- -------- ---------- ---------- -------- -------- -------- --------
$647,481 $419,334 $ 994,147 $ 998,269 $475,594 $453,128 $147,896 $268,848
======== ======== ========== ========== ======== ======== ======== ========
$ 54 $ 23 $ 91 $ 54 $ 21 $ 35 $ 16 $ 16
650,795 329,258 1,005,261 761,908 329,205 357,865 159,167 231,584
28,024 5,176 22,245 8,806 (2,566) 221 5,271 (1,633)
(701) 1,994 (17,453) 29,164 33,984 19,615 (5,285) (12,173)
(30,691) 82,883 (15,997) 198,337 114,950 75,392 (11,273) 51,054
-------- -------- ---------- ---------- -------- -------- -------- --------
$647,481 $419,334 $ 994,147 $ 998,269 $475,594 $453,128 $147,896 $268,848
======== ======== ========== ========== ======== ======== ======== ========
54,010 23,356 90,764 54,084 21,081 34,853 15,699 16,451
$ 11.99 $ 17.95 $ 10.95 $ 18.46 $ 22.56 $ 13.00 $ 9.42 $ 16.34
======== ======== ========== ========== ======== ======== ======== ========
$669,315 $334,278 $1,239,793 $ 794,082 $355,715 $334,190 $154,203 $217,199
======== ======== ========== ========== ======== ======== ======== ========
$ -- $ 1 $ -- $ -- $ -- $ 7,813 $ 2,702 $ --
======== ======== ========== ========== ======== ======== ======== ========
</TABLE>
- --------------------------------------------------------------------------------
105
<PAGE> 108
AMERICAN SKANDIA TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1999 (UNAUDITED)
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
-------------------------------------------------------------------
PORTFOLIO
- ---------------------------------------------------------------------------------------------------------------------------------
AST AST AST
T. ROWE PIMCO AST AST AMERICAN
AST PRICE LIMITED OPPENHEIMER JANUS CENTURY
FOUNDERS NATURAL MATURITY LARGE-CAP OVERSEAS INCOME &
PASSPORT RESOURCES BOND GROWTH GROWTH GROWTH
-------- --------- -------- ----------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in securities at value (A).................. $107,074 $101,668 $390,788 $281,355 $799,932 $242,414
Collateral received for securities lent................. -- -- -- -- -- --
Cash.................................................... -- -- -- -- 26 379
Foreign currency (B).................................... -- -- -- -- -- --
Unrealized appreciation on foreign currency
exchange contracts.................................... -- -- 19 -- 8,913 --
Receivable for:
Securities sold....................................... -- 212 -- 3,797 9,185 2,323
Dividends and interest................................ 189 160 3,829 123 1,287 262
Fund shares sold...................................... -- -- -- -- -- --
Futures variation margin.............................. -- -- 81 -- -- 131
Other assets............................................ -- -- 1 1 1 1
-------- -------- -------- -------- -------- --------
TOTAL ASSETS........................................ 107,263 102,040 394,718 285,276 819,344 245,510
-------- -------- -------- -------- -------- --------
LIABILITIES
Unrealized depreciation on foreign currency
exchange contracts.................................... 1 -- -- -- 838 --
Written options outstanding, at value................... -- -- 318 -- -- --
Sale Commitments, at value.............................. -- -- -- -- -- --
Reverse repurchase agreements, at value................. -- -- -- -- -- --
Unrealized depreciation on interest rate swap
agreements............................................ -- -- -- -- -- --
Payable upon return of securities lent.................. -- -- -- -- -- --
Payable for:
Securities purchased.................................. 267 211 9,678 6,633 9,433 2,711
Advisory fees......................................... 53 42 90 80 286 59
Shareholder servicing fees............................ 9 8 32 22 151 43
Accrued dividends..................................... -- -- -- -- -- --
Accrued expenses and other liabilities................ 47 30 15 29 27 57
-------- -------- -------- -------- -------- --------
TOTAL LIABILITIES................................... 377 291 10,133 6,764 10,735 2,870
-------- -------- -------- -------- -------- --------
NET ASSETS................................................. $106,886 $101,749 $384,585 $278,512 $808,609 $242,640
======== ======== ======== ======== ======== ========
COMPONENTS OF NET ASSETS
Common stock (unlimited number of shares authorized, $.001
par value per share)...................................... $ 8 $ 8 $ 36 $ 18 $ 53 $ 17
Additional paid-in capital................................. 77,510 101,386 378,447 226,187 680,272 201,528
Undistributed net investment income (loss)................. 395 548 9,549 (2,700) 1,785 1,033
Accumulated net realized gain (loss) on investments........ 1,789 (316) (107) 27,963 (18,593) 23,728
Accumulated net unrealized appreciation (depreciation) on
investments............................................... 27,184 123 (3,340) 27,044 145,092 16,334
-------- -------- -------- -------- -------- --------
NET ASSETS................................................. $106,886 $101,749 $384,585 $278,512 $808,609 $242,640
======== ======== ======== ======== ======== ========
Shares of common stock outstanding......................... 7,613 7,900 36,143 18,374 53,477 16,659
Net asset value, offering and redemption price per share... $ 14.04 $ 12.88 $ 10.64 $ 15.16 $ 15.12 $ 14.56
======== ======== ======== ======== ======== ========
(A) Investments at cost.................................... $79,886 $101,544 $393,469 $254,310 $662,888 $226,406
======== ======== ======== ======== ======== ========
(B) Foreign currency at cost............................... $ -- $ -- $ -- $ -- $ -- $ --
======== ======== ======== ======== ======== ========
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
106
<PAGE> 109
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
PORTFOLIO
-------------------------------------------------------------------------------------------------
AST AST AST AST AST
AMERICAN AMERICAN T. ROWE AST AST LORD BANKERS AST
CENTURY CENTURY PRICE SMALL MARSICO COHEN & ABBETT TRUST KEMPER
STRATEGIC INTERNATIONAL COMPANY CAPITAL STEERS SMALL CAP ENHANCED SMALL-CAP
BALANCED GROWTH VALUE GROWTH REALTY VALUE 500 GROWTH
--------- ------------- ----------- ---------- ------- --------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
$175,831 $ 97,963 $319,658 $1,067,916 $64,882 $69,030 $501,711 $605,792
-- -- -- -- -- -- -- --
-- 339 -- -- -- 2,263 -- --
-- 850 -- -- -- -- -- --
-- 35 -- -- -- -- -- --
1,107 682 564 602 9 180 1,711 3,403
1,059 333 438 145 320 23 472 3
-- -- -- -- -- -- -- --
-- -- -- -- -- -- 1,556 --
-- -- 1 1 -- -- -- --
-------- -------- -------- ---------- ------- ------- -------- --------
177,997 100,202 320,661 1,068,664 65,211 71,496 505,450 609,198
-------- -------- -------- ---------- ------- ------- -------- --------
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
3,604 1,854 274 7,410 -- 395 221 4,822
63 5 121 376 33 27 68 209
14 7 25 81 9 5 39 45
-- -- -- -- -- -- -- --
22 8 29 25 6 14 26 24
-------- -------- -------- ---------- ------- ------- -------- --------
3,703 1,874 449 7,892 48 441 354 5,100
-------- -------- -------- ---------- ------- ------- -------- --------
$174,294 $ 98,328 $320,212 $1,060,772 $65,163 $71,055 $505,096 $604,098
======== ======== ======== ========== ======= ======= ======== ========
$ 12 $ 7 $ 26 $ 66 $ 7 $ 6 $ 37 $ 62
153,420 86,433 322,619 879,214 67,482 66,978 437,346 550,971
1,244 183 919 (231) 1,139 (129) 1,430 44
11,084 1,334 422 1,592 (2,137) (1,239) 19,342 (2,800)
8,534 10,371 (3,774) 180,131 (1,328) 5,439 46,941 55,821
-------- -------- -------- ---------- ------- ------- -------- --------
$174,294 $ 98,328 $320,212 $1,060,772 $65,163 $71,055 $505,096 $604,098
======== ======== ======== ========== ======= ======= ======== ========
12,065 6,750 26,456 65,757 7,385 6,427 36,716 62,368
$ 14.45 $ 14.57 $ 12.10 $ 16.13 $ 8.82 $ 11.06 $ 13.76 $ 9.69
======== ======== ======== ========== ======= ======= ======== ========
$167,281 $ 87,622 $323,432 $ 887,785 $66,210 $65,854 $457,985 $549,971
======== ======== ======== ========== ======= ======= ======== ========
$ -- $ 848 $ -- $ -- $ -- $ -- $ -- $ --
======== ======== ======== ========== ======= ======= ======== ========
-------------------------------------------------------------------------------------------------
</TABLE>
107
<PAGE> 110
AMERICAN SKANDIA TRUST
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------
PORTFOLIO
- ---------------------------------------------------------------------------------------------------------------------------------
AST
AST AST NEUBERGER
AIM LORD ABBETT AST AST BERMAN AST
INTERNATIONAL GROWTH AND JANCAP MONEY MID-CAP AIM
EQUITY INCOME GROWTH MARKET VALUE BALANCED
------------- ----------- -------- ------- --------- --------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Interest............................................. $ 217 $ 1,360 $ 14,828 $31,329 $ 61 $ 5,031
Dividends............................................ 4,246 11,717 4,518 -- 3,422 1,742
-------- -------- -------- ------- ------- --------
Total Investment Income.......................... 4,463 13,077 19,346 31,329 3,483 6,773
-------- -------- -------- ------- ------- --------
EXPENSES
Investment advisory fees............................. 2,193 4,771 17,220 3,134 1,918 1,514
Shareholder servicing fees........................... 251 636 1,913 627 213 206
Administration and accounting fees................... 173 240 367 238 147 161
Custodian fees....................................... 166 60 99 40 20 110
Professional fees.................................... 7 17 51 17 5 5
Trustees' fees....................................... 3 7 22 7 2 2
Insurance expenses................................... 2 5 14 4 2 1
Miscellaneous expenses............................... 7 9 19 7 4 36
-------- -------- -------- ------- ------- --------
Total Expenses................................... 2,802 5,745 19,705 4,074 2,311 2,035
Less: Advisory fee waivers and expense
reimbursements................................. -- (70) (708) (314) -- --
-------- -------- -------- ------- ------- --------
Net Expenses..................................... 2,802 5,675 18,997 3,760 2,311 2,035
-------- -------- -------- ------- ------- --------
Net Investment Income (Loss)............................ 1,661 7,402 349 27,569 1,172 4,738
-------- -------- -------- ------- ------- --------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Securities....................................... 97,560 81,763 406,083 8 26,317 36,527
Foreign currency transactions.................... (3,732) -- 1,145 -- -- 460
Futures contracts................................ -- -- -- -- -- (2,066)
Written options contracts........................ -- -- -- -- -- --
-------- -------- -------- ------- ------- --------
Net realized gain (loss)............................. 93,828 81,763 407,228 8 26,317 34,921
-------- -------- -------- ------- ------- --------
Net change in unrealized appreciation (depreciation)
on:
Securities....................................... (48,696) 81,703 186,086 -- 17,347 (11,746)
Futures contracts................................ -- -- -- -- -- (954)
Written options contracts........................ -- -- -- -- -- --
Interest rate swaps.............................. -- -- -- -- -- --
Translation of assets and liabilities denominated
in foreign currencies.......................... 3,259 -- 1,204 -- -- 138
-------- -------- -------- ------- ------- --------
Net change in unrealized appreciation
(depreciation)..................................... (45,437) 81,703 187,290 -- 17,347 (12,562)
-------- -------- -------- ------- ------- --------
Net gain (loss) on investments....................... 48,391 163,466 594,518 8 43,664 22,359
-------- -------- -------- ------- ------- --------
Net Increase (Decrease) in Net Assets Resulting from
Operations......................................... $ 50,052 $170,868 $594,867 $27,577 $44,836 $ 27,097
======== ======== ======== ======= ======= ========
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
108
<PAGE> 111
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
PORTFOLIO
- -----------------------------------------------------------------------------------------------------
AST AST AST AST
AST AST PIMCO AST AST T. ROWE T. ROWE NEUBERGER
FEDERATED T. ROWE TOTAL INVESCO JANUS PRICE PRICE BERMAN
HIGH PRICE ASSET RETURN EQUITY SMALL-CAP INTERNATIONAL INTERNATIONAL MID-CAP
YIELD ALLOCATION BOND INCOME GROWTH EQUITY BOND GROWTH
- ---------- ----------- -------- ------- --------- ------------- ------------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 30,096 $ 5,440 $ 29,125 $7,895 $ 546 $ 291 $ 3,520 $ 308
953 1,771 -- 5,068 92 5,224 -- 183
-------- ------- -------- ------- ------- ------- -------- --------
31,049 7,211 29,125 12,963 638 5,515 3,520 491
-------- ------- -------- ------- ------- ------- -------- --------
2,420 1,589 3,125 3,348 1,508 2,222 594 1,137
323 187 481 446 167 222 74 126
191 151 222 216 140 165 74 115
30 24 62 38 25 136 64 20
9 5 13 12 4 6 2 4
4 2 6 5 2 3 1 1
2 1 3 3 1 2 1 1
46 34 14 9 5 24 11 3
-------- ------- -------- ------- ------- ------- -------- --------
3,025 1,993 3,926 4,077 1,852 2,780 821 1,407
-- -- -- -- -- -- -- --
-------- ------- -------- ------- ------- ------- -------- --------
3,025 1,993 3,926 4,077 1,852 2,780 821 1,407
-------- ------- -------- ------- ------- ------- -------- --------
28,024 5,218 25,199 8,886 (1,214) 2,735 2,699 (916)
-------- ------- -------- ------- ------- ------- -------- --------
(659) 2,458 (10,998) 29,084 39,939 19,962 2,562 (10,976)
-- (531) (50) -- 3 (809) (4,106) --
-- -- (11,005) -- -- -- -- --
-- -- 841 -- -- -- -- --
-------- ------- -------- ------- ------- ------- -------- --------
(659) 1,927 (21,212) 29,084 39,942 19,153 (1,544) (10,976)
-------- ------- -------- ------- ------- ------- -------- --------
(11,946) 11,184 (18,712) 53,252 50,722 (7,353) (15,421) 18,373
-- -- (437) -- -- -- -- --
-- -- 1,207 -- -- -- -- --
-- -- (74) -- -- -- -- --
-- (13) 31 -- -- (75) (1,298) --
-------- ------- -------- ------- ------- ------- -------- --------
(11,946) 11,171 (17,985) 53,252 50,722 (7,428) (16,719) 18,373
-------- ------- -------- ------- ------- ------- -------- --------
(12,605) 13,098 (39,197) 82,336 90,664 11,725 (18,263) 7,397
-------- ------- -------- ------- ------- ------- -------- --------
$ 15,419 $18,316 $(13,998) $91,222 $89,450 $14,460 $(15,564) $ 6,481
======== ======= ======== ======= ======= ======= ======== ========
</TABLE>
- --------------------------------------------------------------------------------
109
<PAGE> 112
AMERICAN SKANDIA TRUST
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
-------------------------------------------------------------------
PORTFOLIO
- ---------------------------------------------------------------------------------------------------------------------------------
AST AST AST
T. ROWE PIMCO AST AST AMERICAN
AST PRICE LIMITED OPPENHEIMER JANUS CENTURY
FOUNDERS NATURAL MATURITY LARGE-CAP OVERSEAS INCOME &
PASSPORT RESOURCES BOND GROWTH GROWTH GROWTH
-------- --------- -------- ----------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Interest................................................. $ 119 $ 84 $11,598 $ 42 $ 1,232 $ 181
Dividends................................................ 537 853 -- 629 4,005 1,875
------ ------- ------- ------- ------- -------
Total Investment Income.............................. 656 937 11,598 671 5,237 2,056
------ ------- ------- ------- ------- -------
EXPENSES
Investment advisory fees................................. 556 369 1,165 1,209 3,315 780
Shareholder servicing fees............................... 56 41 179 134 332 104
Administration and accounting fees....................... 56 42 147 120 193 102
Custodian fees........................................... 49 20 25 25 172 29
Professional fees........................................ 1 1 5 4 9 3
Trustees' fees........................................... 1 -- 2 2 4 1
Insurance expenses....................................... -- -- 1 1 2 1
Miscellaneous expenses................................... 5 5 10 3 16 3
------ ------- ------- ------- ------- -------
Total Expenses....................................... 724 478 1,534 1,498 4,043 1,023
Less: Advisory fee waivers and expense
reimbursements..................................... -- -- -- -- -- --
------ ------- ------- ------- ------- -------
Net Expenses......................................... 724 478 1,534 1,498 4,043 1,023
------ ------- ------- ------- ------- -------
Net Investment Income (Loss)................................ (68) 459 10,064 (827) 1,194 1,033
------ ------- ------- ------- ------- -------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Securities........................................... 5,515 (159) (300) 27,240 7,183 24,104
Foreign currency transactions........................ (75) (29) 163 -- 1,447 --
Futures contracts.................................... -- -- (75) -- -- --
Written options contracts............................ -- -- 16 -- -- --
------ ------- ------- ------- ------- -------
Net realized gain (loss)................................. 5,440 (188) (196) 27,240 8,630 24,104
------ ------- ------- ------- ------- -------
Net change in unrealized appreciation (depreciation) on:
Securities........................................... 3,487 17,890 (3,474) (8,525) 45,174 4,051
Futures contracts.................................... -- -- (625) -- -- --
Written options contracts............................ -- -- (121) -- -- --
Interest rate swaps.................................. -- -- -- -- -- --
Translation of assets and liabilities denominated in
foreign currencies................................. (3) (1) 86 -- 10,462 --
------ ------- ------- ------- ------- -------
Net change in unrealized appreciation (depreciation)..... 3,484 17,889 (4,134) (8,525) 55,636 4,051
------ ------- ------- ------- ------- -------
Net gain (loss) on investments........................... 8,924 17,701 (4,330) 18,715 64,266 28,155
------ ------- ------- ------- ------- -------
Net Increase (Decrease) in Net Assets Resulting from
Operations............................................. $8,856 $18,160 $ 5,734 $17,888 $65,460 $29,188
====== ======= ======= ======= ======= =======
</TABLE>
- --------------------------------------------------------------------------------
(1) Commenced operations on January 4, 1999.
See Notes to Financial Statements.
110
<PAGE> 113
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
PORTFOLIO
-----------------------------------------------------------------------------------------------
AST AST AST AST AST
AMERICAN AMERICAN T. ROWE AST AST LORD BANKERS AST
CENTURY CENTURY PRICE SMALL MARSICO COHEN & ABBETT TRUST KEMPER
STRATEGIC INTERNATIONAL COMPANY CAPITAL STEERS SMALL CAP ENHANCED SMALL-CAP
BALANCED GROWTH VALUE GROWTH REALTY VALUE 500 GROWTH(1)
--------- ------------- ----------- -------- ------- --------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 1,465 $ 105 $ 229 $ 1,214 $ 51 $ 79 $ 699 $ 1,043
520 813 2,118 2,867 1,242 134 2,288 42
------- ------ ------- -------- ------- ------ ------- -------
1,985 918 2,347 4,081 1,293 213 2,987 1,085
------- ------ ------- -------- ------- ------ ------- -------
558 432 1,253 3,680 228 221 1,168 874
66 43 139 409 23 23 195 92
66 50 123 208 25 38 78 66
12 98 20 20 6 12 55 4
1 1 4 11 1 1 5 2
1 1 2 5 -- -- 2 1
-- -- 1 3 -- -- 1 1
2 11 3 5 2 2 11 1
------- ------ ------- -------- ------- ------ ------- -------
706 636 1,545 4,341 285 297 1,515 1,041
-- -- -- -- -- -- 42 --
------- ------ ------- -------- ------- ------ ------- -------
706 636 1,545 4,341 285 297 1,557 1,041
------- ------ ------- -------- ------- ------ ------- -------
1,279 282 802 (260) 1,008 (84) 1,430 44
------- ------ ------- -------- ------- ------ ------- -------
11,244 3,215 969 8,279 (1,458) 1,300 17,673 (2,800)
26 615 -- -- -- -- -- --
-- -- -- -- -- -- 6,920 --
-- -- -- -- -- -- -- --
------- ------ ------- -------- ------- ------ ------- -------
11,270 3,830 969 8,279 (1,458) 1,300 24,593 (2,800)
------- ------ ------- -------- ------- ------ ------- -------
(3,962) 1,949 17,632 93,135 3,269 4,909 15,112 55,821
-- -- -- -- -- -- 3,216 --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(18) 65 -- -- -- -- -- --
------- ------ ------- -------- ------- ------ ------- -------
(3,980) 2,014 17,632 93,135 3,269 4,909 18,328 55,821
------- ------ ------- -------- ------- ------ ------- -------
7,290 5,844 18,601 101,414 1,811 6,209 42,921 53,021
------- ------ ------- -------- ------- ------ ------- -------
$ 8,569 $6,126 $19,403 $101,154 $2,819 $6,125 $44,351 $53,065
======= ====== ======= ======== ======= ====== ======= =======
</TABLE>
- --------------------------------------------------------------------------------
111
<PAGE> 114
AMERICAN SKANDIA TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
PORTFOLIO
- ----------------------------------------------------------------------------------------------------------------------------
AST AIM INTERNATIONAL EQUITY AST LORD ABBETT GROWTH AND INCOME
---------------------------------- ----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1999 DECEMBER 31, JUNE 30, 1999 DECEMBER 31,
(UNAUDITED) 1998 (UNAUDITED) 1998
---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income (loss).............. $ 1,661 $ 3,273 $ 7,402 $ 13,889
Net realized gain (loss) on investments... 93,828 35,882 81,763 64,048
Net change in unrealized appreciation
(depreciation) on investments........... (45,437) 42,465 81,703 47,175
--------- --------- ---------- ----------
Net Increase (Decrease) in Net Assets
from Operations...................... 50,052 81,620 170,868 125,112
--------- --------- ---------- ----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends to shareholders from net
investment income....................... -- (13,084) (13,889) (11,541)
Distributions to shareholders from capital
gains................................... (40,173) (38,174) (65,834) (50,708)
--------- --------- ---------- ----------
Total Dividends and Distributions to
Shareholders......................... (40,173) (51,258) (79,723) (62,249)
--------- --------- ---------- ----------
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold................. 230,378 185,700 426,288 270,381
Net asset value of shares issued in
reinvestment of dividends and
distributions........................... 40,173 51,257 79,723 62,249
Cost of shares redeemed................... (255,224) (182,128) (281,459) (150,570)
--------- --------- ---------- ----------
Increase (Decrease) in Net Assets from
Capital Share Transactions........... 15,327 54,829 224,552 182,060
--------- --------- ---------- ----------
Total Increase (Decrease) in Net
Assets............................. 25,206 85,191 315,697 244,923
NET ASSETS
Beginning of Period....................... 497,461 412,270 1,181,909 936,986
--------- --------- ---------- ----------
End of Period............................. $ 522,667 $ 497,461 $1,497,606 $1,181,909
========= ========= ========== ==========
SHARES ISSUED AND REDEEMED
Shares sold............................... 10,284 8,691 19,269 13,210
Shares issued in reinvestment of dividends
and distributions....................... 1,887 2,483 3,891 3,057
Shares redeemed........................... (11,343) (8,600) (13,030) (7,400)
--------- --------- ---------- ----------
Net Increase (Decrease) in Shares
Outstanding.......................... 828 2,574 10,130 8,867
========= ========= ========== ==========
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
112
<PAGE> 115
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
PORTFOLIO
- ---------------------------------------------------------------------------------------------------
AST NEUBERGER BERMAN
AST JANCAP GROWTH AST MONEY MARKET MID-CAP VALUE
- ------------------------------- ------------------------------- -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1999 DECEMBER 31, JUNE 30, 1999 DECEMBER 31, JUNE 30, 1999 DECEMBER 31,
(UNAUDITED) 1998 (UNAUDITED) 1998 (UNAUDITED) 1998
- ---------------- ------------ ---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C> <C>
$ 349 $ 3,392 $ 27,569 $ 46,464 $ 1,172 $ 3,830
407,228 125,145 8 106 26,317 7,804
187,290 1,055,349 -- -- 17,347 (11,166)
----------- ---------- ----------- ----------- --------- ---------
594,867 1,183,886 27,577 46,570 44,836 468
----------- ---------- ----------- ----------- --------- ---------
-- (5,171) (27,569) (46,464) (3,830) (4,404)
(130,343) (82,896) (106) (61) (6,008) (16,269)
----------- ---------- ----------- ----------- --------- ---------
(130,343) (88,067) (27,675) (46,525) (9,838) (20,673)
----------- ---------- ----------- ----------- --------- ---------
1,617,664 1,505,748 4,127,196 3,991,163 591,490 190,527
130,343 88,067 26,316 45,987 9,838 20,673
(1,106,566) (945,578) (3,782,861) (3,829,350) (102,629) (120,170)
----------- ---------- ----------- ----------- --------- ---------
641,441 648,237 370,651 207,800 498,699 91,030
----------- ---------- ----------- ----------- --------- ---------
1,105,965 1,744,056 370,553 207,845 533,697 70,825
3,255,658 1,511,602 967,733 759,888 271,968 201,143
----------- ---------- ----------- ----------- --------- ---------
$ 4,361,623 $3,255,658 $ 1,338,286 $ 967,733 $ 805,665 $ 271,968
=========== ========== =========== =========== ========= =========
39,625 53,163 4,127,196 3,991,163 42,946 14,882
3,397 3,601 26,316 45,987 787 1,531
(27,939) (34,087) (3,782,861) (3,829,350) (7,652) (9,030)
----------- ---------- ----------- ----------- --------- ---------
15,083 22,677 370,651 207,800 36,081 7,383
=========== ========== =========== =========== ========= =========
<CAPTION>
-------------------------------
PORTFOLIO
-------------------------------
AST AIM BALANCED
-------------------------------
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1999 DECEMBER 31,
(UNAUDITED) 1998
---------------- ------------
<S> <C> <C>
$ 4,738 $ 9,873
34,921 31,535
(12,562) 4,938
-------- --------
27,097 46,346
-------- --------
(9,982) (9,278)
(33,245) (21,696)
-------- --------
(43,227) (30,974)
-------- --------
26,982 35,841
43,227 30,974
(33,766) (30,443)
-------- --------
36,443 36,372
-------- --------
20,313 51,744
409,335 357,591
-------- --------
$429,648 $409,335
======== ========
2,034 2,666
3,442 2,361
(2,517) (2,282)
-------- --------
2,959 2,745
======== ========
</TABLE>
- --------------------------------------------------------------------------------
113
<PAGE> 116
AMERICAN SKANDIA TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
PORTFOLIO
- ----------------------------------------------------------------------------------------------------------------------------
AST T. ROWE PRICE
AST FEDERATED HIGH YIELD ASSET ALLOCATION
---------------------------------- ----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1999 DECEMBER 31, JUNE 30, 1999 DECEMBER 31,
(UNAUDITED) 1998 (UNAUDITED) 1998
---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income (loss).............. $ 28,024 $ 46,298 $ 5,218 $ 7,245
Net realized gain (loss) on investments... (659) 4,047 1,927 214
Net change in unrealized appreciation
(depreciation) on investments........... (11,946) (38,540) 11,171 38,790
--------- --------- -------- --------
Net Increase (Decrease) in Net Assets
from Operations...................... 15,419 11,805 18,316 46,249
--------- --------- -------- --------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends to shareholders from net
investment income....................... (46,298) (27,616) (7,355) (4,836)
Distributions to shareholders from capital
gains................................... (4,074) (1,507) (104) (930)
--------- --------- -------- --------
Total Dividends and Distributions to
Shareholders......................... (50,372) (29,123) (7,459) (5,766)
--------- --------- -------- --------
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold................. 178,678 347,227 86,486 103,937
Net asset value of shares issued in
reinvestment of dividends and
distributions........................... 50,372 29,123 7,459 5,767
Cost of shares redeemed................... (142,296) (197,772) (29,665) (19,065)
--------- --------- -------- --------
Increase (Decrease) in Net Assets from
Capital Share Transactions........... 86,754 178,578 64,280 90,639
--------- --------- -------- --------
Total Increase (Decrease) in Net
Assets............................. 51,801 161,260 75,137 131,122
NET ASSETS
Beginning of Period....................... 595,680 434,420 344,197 213,075
--------- --------- -------- --------
End of Period............................. $ 647,481 $ 595,680 $419,334 $344,197
========= ========= ======== ========
SHARES ISSUED AND REDEEMED
Shares sold............................... 14,430 27,343 4,920 6,425
Shares issued in reinvestment of dividends
and distributions....................... 4,212 2,302 438 371
Shares redeemed........................... (11,712) (15,704) (1,699) (1,181)
--------- --------- -------- --------
Net Increase (Decrease) in Shares
Outstanding.......................... 6,930 13,941 3,659 5,615
========= ========= ======== ========
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
114
<PAGE> 117
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------------------
AST PIMCO TOTAL RETURN BOND AST INVESCO EQUITY INCOME AST JANUS SMALL-CAP GROWTH
------------------------------- ------------------------------- -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1999 DECEMBER 31, JUNE 30, 1999 DECEMBER 31, JUNE 30, 1999 DECEMBER 31,
(UNAUDITED) 1998 (UNAUDITED) 1998 (UNAUDITED) 1998
---------------- ------------ ---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C> <C> <C>
$ 25,199 $ 38,448 $ 8,886 $ 15,417 $ (1,214) $ (1,352)
(21,212) 33,856 29,084 24,041 39,942 (5,942)
(17,985) (6,318) 53,252 50,324 50,722 21,943
--------- --------- --------- --------- --------- ---------
(13,998) 65,986 91,222 89,782 89,450 14,649
--------- --------- --------- --------- --------- ---------
(40,382) (26,514) (15,473) (12,093) -- --
(29,828) (12,394) (23,985) (30,573) -- (12,821)
--------- --------- --------- --------- --------- ---------
(70,210) (38,908) (39,458) (42,666) -- (12,821)
--------- --------- --------- --------- --------- ---------
253,511 443,436 209,519 341,838 242,935 112,086
70,210 38,909 39,458 42,666 -- 12,821
(141,863) (185,026) (133,954) (202,243) (142,638) (119,146)
--------- --------- --------- --------- --------- ---------
181,858 297,319 115,023 182,261 100,297 5,761
--------- --------- --------- --------- --------- ---------
97,650 324,397 166,787 229,377 189,747 7,589
896,497 572,100 831,482 602,105 285,847 278,258
--------- --------- --------- --------- --------- ---------
$ 994,147 $ 896,497 $ 998,269 $ 831,482 $ 475,594 $ 285,847
========= ========= ========= ========= ========= =========
22,493 38,021 11,763 20,510 12,298 7,069
6,394 3,502 2,329 2,613 -- 706
(12,707) (15,740) (7,520) (12,079) (7,449) (7,164)
--------- --------- --------- --------- --------- ---------
16,180 25,783 6,572 11,044 4,849 611
========= ========= ========= ========= ========= =========
<CAPTION>
-------------------------------
PORTFOLIO
-------------------------------
AST T. ROWE PRICE
INTERNATIONAL EQUITY
-------------------------------
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1999 DECEMBER 31,
(UNAUDITED) 1998
---------------- ------------
<S> <C> <C>
$ 2,735 $ 2,796
19,153 23,255
(7,428) 39,900
--------- ---------
14,460 65,951
--------- ---------
(3,235) (5,390)
(21,765) (8,769)
--------- ---------
(25,000) (14,159)
--------- ---------
391,735 376,940
25,000 14,158
(425,228) (435,185)
--------- ---------
(8,493) (44,087)
--------- ---------
(19,033) 7,705
472,161 464,456
--------- ---------
$ 453,128 $ 472,161
========= =========
30,425 29,768
2,034 1,115
(32,868) (34,036)
--------- ---------
(409) (3,153)
========= =========
</TABLE>
- --------------------------------------------------------------------------------
115
<PAGE> 118
AMERICAN SKANDIA TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------
PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------
AST NEUBERGER BERMAN
AST T. ROWE PRICE INTERNATIONAL BOND MID-CAP GROWTH
------------------------------------ ----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1999 DECEMBER 31, JUNE 30, 1999 DECEMBER 31,
(UNAUDITED) 1998 (UNAUDITED) 1998
----------------- ------------- ---------------- ------------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income (loss).............. $ 2,699 $ 6,722 $ (916) $ (717)
Net realized gain (loss) on investments... (1,544) 4,529 (10,976) 19,756
Net change in unrealized appreciation
(depreciation) on investments........... (16,719) 8,056 18,373 28,800
-------- -------- --------- ---------
Net Increase (Decrease) in Net Assets
from Operations...................... (15,564) 19,307 6,481 47,839
-------- -------- --------- ---------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends to shareholders from net
investment income....................... (9,278) (440) -- (122)
Distributions to shareholders from capital
gains................................... (2,979) (1,035) (19,893) (34,532)
-------- -------- --------- ---------
Total Dividends and Distributions to
Shareholders......................... (12,257) (1,475) (19,893) (34,654)
-------- -------- --------- ---------
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold................. 25,421 34,101 115,925 183,164
Net asset value of shares issued in
reinvestment of dividends and
distributions........................... 12,257 1,475 19,893 34,654
Cost of shares redeemed................... (9,934) (35,843) (115,350) (154,261)
-------- -------- --------- ---------
Increase (Decrease) in Net Assets from
Capital Share Transactions........... 27,744 (267) 20,468 63,557
-------- -------- --------- ---------
Total Increase (Decrease) in Net
Assets............................. (77) 17,565 7,056 76,742
NET ASSETS
Beginning of Period....................... 147,973 130,408 261,792 185,050
-------- -------- --------- ---------
End of Period............................. $147,896 $147,973 $ 268,848 $ 261,792
======== ======== ========= =========
SHARES ISSUED AND REDEEMED
Shares sold............................... 2,529 3,207 7,213 11,663
Shares issued in reinvestment of dividends
and distributions....................... 1,233 144 1,303 2,141
Shares redeemed........................... (976) (3,340) (7,233) (9,777)
-------- -------- --------- ---------
Net Increase (Decrease) in Shares
Outstanding.......................... 2,786 11 1,283 4,027
======== ======== ========= =========
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
116
<PAGE> 119
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
PORTFOLIO
- ---------------------------------------------------------------------------------------------------
AST T. ROWE PRICE AST PIMCO LIMITED
AST FOUNDERS PASSPORT NATURAL RESOURCES MATURITY BOND
- ------------------------------- ------------------------------- -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1999 DECEMBER 31, JUNE 30, 1999 DECEMBER 31, JUNE 30, 1999 DECEMBER 31,
(UNAUDITED) 1998 (UNAUDITED) 1998 (UNAUDITED) 1998
- ---------------- ------------ ---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C> <C>
$ (68) $ 393 $ 459 $ 1,098 $ 10,064 $ 18,063
5,440 71 (188) 8,533 (196) 1,116
3,484 12,484 17,889 (20,469) (4,134) (1,794)
-------- --------- -------- -------- -------- ---------
8,856 12,948 18,160 (10,838) 5,734 17,385
-------- --------- -------- -------- -------- ---------
(228) (249) (1,048) (1,033) (18,691) (14,378)
(256) -- (8,637) (6,254) -- --
-------- --------- -------- -------- -------- ---------
(484) (249) (9,685) (7,287) (18,691) (14,378)
-------- --------- -------- -------- -------- ---------
34,395 111,816 51,447 23,994 85,613 169,835
484 249 9,685 7,287 18,691 14,379
(56,362) (122,705) (41,984) (50,984) (56,469) (126,156)
-------- --------- -------- -------- -------- ---------
(21,483) (10,640) 19,148 (19,703) 47,835 58,058
-------- --------- -------- -------- -------- ---------
(13,111) 2,059 27,623 (37,828) 34,878 61,065
119,997 117,938 74,126 111,954 349,707 288,642
-------- --------- -------- -------- -------- ---------
$106,886 $ 119,997 $101,749 $ 74,126 $384,585 $ 349,707
======== ========= ======== ======== ======== =========
2,543 8,699 4,246 1,743 8,025 15,604
38 20 988 527 1,783 1,360
(4,172) (9,531) (3,525) (3,762) (5,214) (11,604)
-------- --------- -------- -------- -------- ---------
(1,591) (812) 1,709 (1,492) 4,594 5,360
======== ========= ======== ======== ======== =========
<CAPTION>
- ---------------- -------------------------------
PORTFOLIO
-------------------------------
AST OPPENHEIMER
LARGE-CAP GROWTH
-------------------------------
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1999 DECEMBER 31,
(UNAUDITED) 1998
---------------- ------------
<S> <C> <C>
$ (827) $ (1,873)
27,240 38,928
(8,525) 27,050
-------- ---------
17,888 64,105
-------- ---------
-- --
(33,503) --
-------- ---------
(33,503) --
-------- ---------
20,450 115,467
33,503 --
(60,750) (114,296)
-------- ---------
(6,797) 1,171
-------- ---------
(22,412) 65,276
300,924 235,648
-------- ---------
$278,512 $ 300,924
======== =========
1,415 8,359
2,396 --
(4,159) (8,303)
-------- ---------
(348) 56
======== =========
</TABLE>
- --------------------------------------------------------------------------------
117
<PAGE> 120
AMERICAN SKANDIA TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
PORTFOLIO
- ----------------------------------------------------------------------------------------------------------------------------
AST AMERICAN CENTURY
AST JANUS OVERSEAS GROWTH INCOME & GROWTH
---------------------------------- ----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1999 DECEMBER 31, JUNE 30, 1999 DECEMBER 31,
(UNAUDITED) 1998 (UNAUDITED) 1998
---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income (loss).............. $ 1,194 $ 1,404 $ 1,033 $ 1,630
Net realized gain (loss) on investments... 8,630 (25,436) 24,104 8,830
Net change in unrealized appreciation
(depreciation) on investments........... 55,636 75,820 4,051 6,641
--------- --------- -------- --------
Net Increase (Decrease) in Net Assets
from Operations...................... 65,460 51,788 29,188 17,101
--------- --------- -------- --------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends to shareholders from net
investment income....................... -- (1,265) (1,630) (686)
Distributions to shareholders from capital
gains................................... -- -- (9,176) (1,892)
--------- --------- -------- --------
Total Dividends and Distributions to
Shareholders......................... -- (1,265) (10,806) (2,578)
--------- --------- -------- --------
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold................. 572,767 627,893 45,574 79,616
Net asset value of shares issued in
reinvestment of dividends and
distributions........................... -- 1,265 10,806 2,578
Cost of shares redeemed................... (436,824) (328,180) (21,993) (24,284)
--------- --------- -------- --------
Increase (Decrease) in Net Assets from
Capital Share Transactions........... 135,943 300,978 34,387 57,910
--------- --------- -------- --------
Total Increase (Decrease) in Net
Assets............................. 201,403 351,501 52,769 72,433
NET ASSETS
Beginning of Period....................... 607,206 255,705 189,871 117,438
--------- --------- -------- --------
End of Period............................. $ 808,609 $ 607,206 $242,640 $189,871
========= ========= ======== ========
SHARES ISSUED AND REDEEMED
Shares sold............................... 39,852 47,356 3,324 6,243
Shares issued in reinvestment of dividends
and distributions....................... -- 98 844 202
Shares redeemed........................... (30,571) (24,800) (1,605) (1,954)
--------- --------- -------- --------
Net Increase (Decrease) in Shares
Outstanding.......................... 9,281 22,654 2,563 4,491
========= ========= ======== ========
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
118
<PAGE> 121
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
PORTFOLIO
- ---------------------------------------------------------------------------------------------------------------------------
AST AMERICAN CENTURY STRATEGIC BALANCED AST AMERICAN CENTURY INTERNATIONAL GROWTH AST T. ROWE PRICE SMALL COMPANY VALUE
- --------------------------------------- ----------------------------------------- -------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1999 DECEMBER 31, JUNE 30, 1999 DECEMBER 31, JUNE 30, 1999 DECEMBER 31,
(UNAUDITED) 1998 (UNAUDITED) 1998 (UNAUDITED) 1998
- -------------------- ---------------- --------------------- ----------------- ------------------- ---------------
<S> <C> <C> <C> <C> <C>
1,279 $ 861 $ 282 $ 59 $ 802 $ 2,513
11,270 245 3,830 (1,418) 969 (545)
(3,980) 10,684 2,014 6,892 17,632 (38,214)
-------- ------- -------- ------- -------- --------
8,569 11,790 6,126 5,533 19,403 (36,246)
-------- ------- -------- ------- -------- --------
(936) (233) -- (66) (2,399) (946)
(24) -- (597) -- -- (1,025)
-------- ------- -------- ------- -------- --------
(960) (233) (597) (66) (2,399) (1,971)
-------- ------- -------- ------- -------- --------
78,123 56,082 55,411 91,526 78,378 223,838
960 233 597 66 2,399 1,971
(3,441) (5,776) (40,942) (52,451) (81,641) (83,416)
-------- ------- -------- ------- -------- --------
75,642 50,539 15,066 39,141 (864) 142,393
-------- ------- -------- ------- -------- --------
83,251 62,096 20,595 44,608 16,140 104,176
91,043 28,947 77,733 33,125 304,072 199,896
-------- ------- -------- ------- -------- --------
$174,294 $91,043 $ 98,328 $77,733 $320,212 $304,072
======== ======= ======== ======= ======== ========
5,577 4,561 3,935 6,818 7,039 17,995
69 20 44 5 233 146
(245) (469) (2,919) (4,008) (7,402) (7,075)
-------- ------- -------- ------- -------- --------
5,401 4,112 1,060 2,815 (130) 11,066
======== ======= ======== ======= ======== ========
</TABLE>
- --------------------------------------------------------------------------------
119
<PAGE> 122
AMERICAN SKANDIA TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
PORTFOLIO
- ----------------------------------------------------------------------------------------------------------------------------
AST MARSICO CAPITAL GROWTH AST COHEN & STEERS REALTY
---------------------------------- ----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1999 DECEMBER 31, JUNE 30, 1999 DECEMBER 31,
(UNAUDITED) 1998 (UNAUDITED) 1998(1)
---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income (loss).............. $ (260) $ 429 $ 1,008 $ 1,087
Net realized gain (loss) on investments... 8,279 (6,211) (1,458) (679)
Net change in unrealized appreciation
(depreciation) on investments........... 93,135 86,973 3,269 (4,597)
---------- --------- ------- -------
Net Increase (Decrease) in Net Assets
from Operations...................... 101,154 81,191 2,819 (4,189)
---------- --------- ------- -------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends to shareholders from net
investment income....................... (400) (6) (956) --
Distributions to shareholders from capital
gains................................... (476) -- -- --
---------- --------- ------- -------
Total Dividends and Distributions to
Shareholders......................... (876) (6) (956) --
---------- --------- ------- -------
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold................. 435,522 609,599 38,400 43,323
Net asset value of shares issued in
reinvestment of dividends and
distributions........................... 876 6 956 --
Cost of shares redeemed................... (70,870) (103,123) (9,081) (6,109)
---------- --------- ------- -------
Increase (Decrease) in Net Assets from
Capital Share Transactions........... 365,528 506,482 30,275 37,214
---------- --------- ------- -------
Total Increase (Decrease) in Net
Assets............................. 465,806 587,667 32,138 33,025
NET ASSETS
Beginning of Period....................... 594,966 7,299 33,025 --
---------- --------- ------- -------
End of Period............................. $1,060,772 $ 594,966 $65,163 $33,025
========== ========= ======= =======
SHARES ISSUED AND REDEEMED
Shares sold............................... 28,446 49,747 4,383 4,659
Shares issued in reinvestment of dividends
and distributions....................... 59 1 116 --
Shares redeemed........................... (4,646) (8,577) (1,043) (730)
---------- --------- ------- -------
Net Increase (Decrease) in Shares
Outstanding.......................... 23,859 41,171 3,456 3,929
========== ========= ======= =======
</TABLE>
- --------------------------------------------------------------------------------
(1) Commenced operations on January 2, 1998.
(2) Commenced operations on January 4, 1999.
See Notes to Financial Statements.
120
<PAGE> 123
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
PORTFOLIO
- -----------------------------------------------------------------------------------------------
AST LORD ABBETT SMALL CAP VALUE AST BANKERS TRUST ENHANCED 500 AST KEMPER SMALL-CAP GROWTH
- ------------------------------- ------------------------------- ---------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED
JUNE 30, 1999 DECEMBER 31, JUNE 30, 1999 DECEMBER 31, JUNE 30, 1999
(UNAUDITED) 1998(1) (UNAUDITED) 1998(1) (UNAUDITED)(2)
- ---------------- ------------ ---------------- ------------ ---------------------------
<S> <C> <C> <C> <C>
$ (84) $ (45) $ 1,430 $ 1,358 $ 44
1,300 (2,539) 24,593 3,968 (2,800)
4,909 530 18,328 28,613 55,821
-------- -------- --------- --------- --------
6,125 (2,054) 44,351 33,939 53,065
-------- -------- --------- --------- --------
-- -- (1,358) -- --
-- -- (9,219) -- --
-------- -------- --------- --------- --------
-- -- (10,577) -- --
-------- -------- --------- --------- --------
48,118 55,415 334,051 399,894 622,222
-- -- 10,577 -- --
(24,976) (11,573) (162,857) (144,282) (71,189)
-------- -------- --------- --------- --------
23,142 43,842 181,771 255,612 551,033
-------- -------- --------- --------- --------
29,267 41,788 215,545 289,551 604,098
41,788 -- 289,551 -- --
-------- -------- --------- --------- --------
$ 71,055 $ 41,788 $ 505,096 $ 289,551 $604,098
======== ======== ========= ========= ========
4,693 5,384 25,630 35,658 70,285
-- -- 847 -- --
(2,447) (1,203) (12,419) (13,000) (7,917)
-------- -------- --------- --------- --------
2,246 4,181 14,058 22,658 62,368
======== ======== ========= ========= ========
</TABLE>
- --------------------------------------------------------------------------------
121
<PAGE> 124
AMERICAN SKANDIA TRUST
FINANCIAL HIGHLIGHTS
PER SHARE DATA (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) FROM
INVESTMENT OPERATIONS LESS DISTRIBUTIONS
-------------------------------------- -------------------------------------
NET ASSET NET
VALUE INVESTMENT NET REALIZED TOTAL FROM FROM NET FROM NET
PERIOD BEGINNING INCOME & UNREALIZED INVESTMENT INVESTMENT REALIZED TOTAL
PORTFOLIO ENDED OF PERIOD (LOSS) GAIN (LOSS) OPERATIONS INCOME GAINS DISTRIBUTIONS
- ------------------------- -------- --------- ---------- ------------ ---------- ---------- -------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
AST AIM 06/30/99* $22.67 $ 0.08 $ 2.06 $ 2.14 $ -- $ (1.85) $ (1.85)
International Equity 12/31/98 21.29 0.20 3.81 4.01 (0.67) (1.96) (2.63)
12/31/97 19.22 0.36 2.96 3.32 (0.30) (0.95) (1.25)
12/31/96 18.20 0.16 1.55 1.71 (0.32) (0.37) (0.69)
12/31/95 17.61 0.14 1.44 1.58 -- (0.99) (0.99)
12/31/94 17.34 0.10 0.36 0.46 (0.03) (0.16) (0.19)
AST Lord Abbett 06/30/99* $21.68 $ 0.11 $ 2.83 $ 2.94 $ (0.25) $ (1.20) $ (1.45)
Growth and Income 12/31/98 20.53 0.25 2.23 2.48 (0.25) (1.08) (1.33)
12/31/97 17.17 0.24 3.76 4.00 (0.23) (0.41) (0.64)
12/31/96 14.98 0.23 2.48 2.71 (0.17) (0.35) (0.52)
12/31/95 12.00 0.16 3.22 3.38 (0.20) (0.20) (0.40)
12/31/94 12.06 0.20 0.06 0.26 (0.12) (0.20) (0.32)
AST JanCap Growth 06/30/99* $37.00 $ -- $ 6.81 $ 6.81 $ -- $ (1.49) $ (1.49)
12/31/98 23.15 0.04 15.10 15.14 (0.08) (1.21) (1.29)
12/31/97 18.79 0.06 5.16 5.22 (0.05) (0.81) (0.86)
12/31/96 15.40 0.02 4.19 4.21 (0.02) (0.80) (0.82)
12/31/95 11.22 0.06 4.18 4.24 (0.06) -- (0.06)
12/31/94 11.78 0.06 (0.59) (0.53) (0.03) -- (0.03)
AST Money Market 06/30/99* $ 1.00 $0.0219 $ -- $0.0219 $(0.0219) $ -- $(0.0219)
12/31/98 1.00 0.0502 0.0002 0.0504 (0.0502) (0.0002) (0.0504)
12/31/97 1.00 0.0507 0.0002 0.0509 (0.0507) (0.0002) (0.0509)
12/31/96 1.00 0.0492 0.0005 0.0497 (0.0492) (0.0005) (0.0497)
12/31/95 1.00 0.0494 -- 0.0494 (0.0494) -- (0.0494)
12/31/94 1.00 0.0367 0.0002 0.0369 (0.0367) (0.0002) (0.0369)
AST Neuberger Berman 06/30/99* $13.16 $ 0.03 $ 1.50 $ 1.53 $ (0.19) $ (0.30) $ (0.49)
Mid-Cap Value 12/31/98 15.15 0.21 (0.52) (0.31) (0.36) (1.32) (1.68)
12/31/97 12.83 0.32 2.87 3.19 (0.36) (0.51) (0.87)
12/31/96 11.94 0.36 0.97 1.33 (0.44) -- (0.44)
12/31/95 9.87 0.40 2.09 2.49 (0.42) -- (0.42)
12/31/94 10.79 0.46 (1.20) (0.74) (0.16) (0.02) (0.18)
AST AIM Balanced 06/30/99* $14.13 $ 0.15 $ 0.69 $ 0.84 $ (0.35) $ (1.16) $ (1.51)
12/31/98 13.64 0.34 1.31 1.65 (0.35) (0.81) (1.16)
12/31/97 13.19 0.33 1.85 2.18 (0.31) (1.42) (1.73)
12/31/96 12.53 0.32 1.02 1.34 (0.25) (0.43) (0.68)
12/31/95 10.49 0.26 2.06 2.32 (0.28) -- (0.28)
12/31/94 10.57 0.27 (0.26) 0.01 (0.07) (0.02) (0.09)
<CAPTION>
- ------------------------- ---------
NET ASSET
VALUE
END
PORTFOLIO OF PERIOD
- ------------------------- ---------
<S> <C>
AST AIM $22.96
International Equity 22.67
21.29
19.22
18.20
17.61
AST Lord Abbett $23.17
Growth and Income 21.68
20.53
17.17
14.98
12.00
AST JanCap Growth $42.32
37.00
23.15
18.79
15.40
11.22
AST Money Market $ 1.00
1.00
1.00
1.00
1.00
1.00
AST Neuberger Berman $14.20
Mid-Cap Value 13.16
15.15
12.83
11.94
9.87
AST AIM Balanced $13.46
14.13
13.64
13.19
12.53
10.49
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<C> <S>
(1) Annualized.
* Unaudited.
</TABLE>
See Notes to Financial Statements.
122
<PAGE> 125
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
RATIO OF EXPENSES RATIOS OF NET INVESTMENT INCOME
SUPPLEMENTAL DATA TO AVERAGE NET ASSETS (LOSS) TO AVERAGE NET ASSETS
---------------------------------- -------------------------------- --------------------------------
AFTER ADVISORY BEFORE ADVISORY AFTER ADVISORY BEFORE ADVISORY
NET ASSETS AT PORTFOLIO FEE WAIVER FEE WAIVER FEE WAIVER FEE WAIVER
TOTAL END OF PERIOD TURNOVER AND EXPENSE AND EXPENSE AND EXPENSE AND EXPENSE
RETURN (IN 000'S) RATE REIMBURSEMENT REIMBURSEMENT REIMBURSEMENT REIMBURSEMENT
------ ------------- --------- -------------- --------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
10.09% $ 522,667 125% 1.11%(1) 1.11%(1) 0.66%(1) 0.66%(1)
20.10% 497,461 117% 1.13% 1.13% 0.69% 0.69%
18.15% 412,270 116% 1.15% 1.15% 1.04% 1.04%
9.65% 346,211 124% 1.16% 1.26% 0.88% 0.78%
10.00% 268,056 59% 1.17% 1.27% 0.88% 0.78%
2.64% 238,050 49% 1.22% 1.32% 0.55% 0.46%
14.46% $1,497,606 36% 0.89%(1) 0.90%(1) 1.16%(1) 1.15%(1)
12.48% 1,181,909 78% 0.91% 0.91% 1.32% 1.31%
23.92% 936,986 41% 0.93% 0.93% 1.60% 1.60%
18.56% 530,497 43% 0.97% 0.97% 1.92% 1.92%
28.91% 288,749 50% 0.99% 0.99% 2.50% 2.50%
2.22% 92,050 60% 1.06% 1.06% 2.45% 2.45%
18.82% $4,361,623 20% 0.99%(1) 1.03%(1) 0.02%(1) (0.02%)(1)
68.26% 3,255,658 42% 1.02% 1.04% 0.16% 0.13%
28.66% 1,511,563 94% 1.07% 1.08% 0.24% 0.23%
28.36% 892,324 79% 1.10% 1.10% 0.25% 0.25%
37.98% 431,321 113% 1.12% 1.12% 0.51% 0.51%
(4.51%) 245,645 94% 1.18% 1.18% 0.62% 0.62%
2.21% $1,338,286 N/A 0.60%(1) 0.60%(1) 4.40%(1) 4.40%(1)
5.14% 967,733 N/A 0.60% 0.66% 4.99% 4.93%
5.18% 759,888 N/A 0.60% 0.69% 5.06% 4.98%
5.08% 549,470 N/A 0.60% 0.71% 4.87% 4.76%
5.05% 344,225 N/A 0.60% 0.72% 5.38% 5.26%
3.75% 288,588 N/A 0.64% 0.76% 3.90% 3.78%
12.19% $ 805,665 100% 1.08%(1) 1.08%(1) 0.55%(1) 0.55%(1)
(2.33%) 271,968 208% 1.05% 1.05% 1.83% 1.83%
26.42% 201,143 91% 0.90% 0.90% 3.34% 3.34%
11.53% 123,138 81% 0.93% 0.93% 3.14% 3.14%
26.13% 107,399 71% 0.93% 0.93% 4.58% 4.58%
(6.95%) 71,205 54% 0.99% 0.99% 5.11% 5.11%
6.74% $ 429,648 98% 0.99%(1) 0.99%(1) 2.30%(1) 2.30%(1)
12.86% 409,335 139% 1.00% 1.00% 2.55% 2.55%
18.28% 357,591 170% 1.03% 1.03% 2.81% 2.81%
11.23% 286,479 276% 0.94% 0.94% 2.66% 2.66%
22.60% 255,206 161% 0.94% 0.94% 3.28% 3.28%
0.09% 145,624 87% 0.99% 0.99% 3.08% 3.08%
</TABLE>
- --------------------------------------------------------------------------------
123
<PAGE> 126
AMERICAN SKANDIA TRUST
FINANCIAL HIGHLIGHTS
PER SHARE DATA (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) FROM
INVESTMENT OPERATIONS LESS DISTRIBUTIONS
-------------------------------------- -------------------------------------
NET ASSET NET
VALUE INVESTMENT NET REALIZED TOTAL FROM FROM NET FROM NET
PERIOD BEGINNING INCOME & UNREALIZED INVESTMENT INVESTMENT REALIZED TOTAL
PORTFOLIO ENDED OF PERIOD (LOSS) GAIN (LOSS) OPERATIONS INCOME GAINS DISTRIBUTIONS
- ----------------------- -------- --------- ---------- ------------ ---------- ---------- -------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
AST Federated 06/30/99* $12.65 $ 0.44 $(0.11) $ 0.33 $(0.91) $(0.08) $(0.99)
High Yield 12/31/98 13.11 0.91 (0.57) 0.34 (0.76) (0.04) (0.80)
12/31/97 12.13 0.75 0.83 1.58 (0.54) (0.06) (0.60)
12/31/96 11.14 0.56 0.90 1.46 (0.47) -- (0.47)
12/31/95 9.69 0.38 1.46 1.84 (0.39) -- (0.39)
12/31/94(2) 10.00 0.55 (0.86) (0.31) -- -- --
AST T. Rowe Price 06/30/99* $17.47 $ 0.21 $ 0.64 $ 0.85 $(0.36) $(0.01) $(0.37)
Asset Allocation 12/31/98 15.13 0.35 2.38 2.73 (0.33) (0.06) (0.39)
12/31/97 13.27 0.33 2.03 2.36 (0.26) (0.24) (0.50)
12/31/96 12.01 0.27 1.28 1.55 (0.25) (0.04) (0.29)
12/31/95 9.94 0.26 2.02 2.28 (0.21) -- (0.21)
12/31/94(2) 10.00 0.21 (0.27) (0.06) -- -- --
AST PIMCO Total 06/30/99* $12.02 $ 0.26 $(0.43) $(0.17) $(0.52) $(0.38) $(0.90)
Return Bond 12/31/98 11.72 0.49 0.56 1.05 (0.51) (0.24) (0.75)
12/31/97 11.11 0.48 0.58 1.06 (0.45) -- (0.45)
12/31/96 11.34 0.46 (0.10) 0.36 (0.28) (0.31) (0.59)
12/31/95 9.75 0.25 1.55 1.80 (0.21) -- (0.21)
12/31/94(2) 10.00 0.26 (0.51) (0.25) -- -- --
AST INVESCO 06/30/99* $17.50 $ 0.16 $ 1.62 $ 1.78 $(0.32) $(0.50) $(0.82)
Equity Income 12/31/98 16.51 0.31 1.81 2.12 (0.32) (0.81) (1.13)
12/31/97 13.99 0.31 2.84 3.15 (0.26) (0.37) (0.63)
12/31/96 12.50 0.27 1.79 2.06 (0.24) (0.33) (0.57)
12/31/95 9.75 0.25 2.65 2.90 (0.15) -- (0.15)
12/31/94(2) 10.00 0.16 (0.41) (0.25) -- -- --
AST Janus 06/30/99* $17.61 $(0.04) $ 4.99 $ 4.95 $ -- $ -- $ --
Small-Cap Growth 12/31/98 17.81 (0.08) 0.73 0.65 -- (0.85) (0.85)
12/31/97 16.80 (0.05) 1.06 1.01 -- -- --
12/31/96 14.25 (0.03) 2.85 2.82 -- (0.27) (0.27)
12/31/95 10.84 (0.04) 3.54 3.50 (0.09) -- (0.09)
12/31/94(2) 10.00 0.11 0.73 0.84 -- -- --
AST T. Rowe Price 06/30/99* $13.39 $ 0.08 $ 0.26 $ 0.34 $(0.10) $(0.64) $(0.74)
International Equity 12/31/98 12.09 0.08 1.59 1.67 (0.14) (0.23) (0.37)
12/31/97 12.07 0.09 0.08 0.17 (0.07) (0.08) (0.15)
12/31/96 10.65 0.06 1.44 1.50 (0.08) -- (0.08)
12/31/95 9.62 0.07 0.99 1.06 (0.01) (0.02) (0.03)
12/31/94(2) 10.00 0.02 (0.40) (0.38) -- -- --
<CAPTION>
- ----------------------- ---------
NET ASSET
VALUE
END
PORTFOLIO OF PERIOD
- ----------------------- ---------
<S> <C>
AST Federated $11.99
High Yield 12.65
13.11
12.13
11.14
9.69
AST T. Rowe Price $17.95
Asset Allocation 17.47
15.13
13.27
12.01
9.94
AST PIMCO Total $10.95
Return Bond 12.02
11.72
11.11
11.34
9.75
AST INVESCO $18.46
Equity Income 17.50
16.51
13.99
12.50
9.75
AST Janus $22.56
Small-Cap Growth 17.61
17.81
16.80
14.25
10.84
AST T. Rowe Price $12.99
International Equity 13.39
12.09
12.07
10.65
9.62
</TABLE>
- --------------------------------------------------------------------------------
(1) Annualized.
(2) Commenced operations on January 4, 1994.
* Unaudited.
See Notes to Financial Statements.
124
<PAGE> 127
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
RATIOS OF EXPENSES RATIOS OF NET INVESTMENT INCOME
SUPPLEMENTAL DATA TO AVERAGE NET ASSETS (LOSS) TO AVERAGE NET ASSETS
---------------------------------- -------------------------------- --------------------------------
AFTER ADVISORY BEFORE ADVISORY AFTER ADVISORY BEFORE ADVISORY
NET ASSETS AT PORTFOLIO FEE WAIVER FEE WAIVER FEE WAIVER FEE WAIVER
TOTAL END OF PERIOD TURNOVER AND EXPENSE AND EXPENSE AND EXPENSE AND EXPENSE
RETURN (IN 000'S) RATE REIMBURSEMENT REIMBURSEMENT REIMBURSEMENT REIMBURSEMENT
------ ------------- --------- -------------- --------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
2.60% $647,481 13% 0.94%(1) 0.94%(1) 8.68%(1) 8.68%(1)
2.61% 595,680 36% 0.95% 0.95% 8.64% 8.64%
13.59% 434,420 28% 0.98% 0.98% 8.83% 8.83%
13.58% 205,262 43% 1.03% 1.03% 8.02% 8.02%
19.57% 83,692 30% 1.11% 1.11% 8.72% 8.72%
(3.10%) 21,308 41% 1.15%(1) 1.34%(1) 9.06%(1) 8.87%(1)
4.96% $419,334 10% 1.07%(1) 1.07%(1) 2.79%(1) 2.79%(1)
18.36% 344,197 8% 1.09% 1.09% 2.70% 2.70%
18.40% 213,075 10% 1.13% 1.13% 2.95% 2.95%
13.14% 120,149 31% 1.20% 1.20% 3.02% 3.02%
23.36% 59,399 18% 1.25% 1.29% 3.53% 3.49%
(0.60%) 23,463 32% 1.25%(1) 1.47%(1) 3.64%(1) 3.42%(1)
(1.45%) $994,147 132% 0.82%(1) 0.82%(1) 5.24%(1) 5.24%(1)
9.46% 896,497 231% 0.83% 0.83% 5.24% 5.24%
9.87% 572,100 320% 0.86% 0.86% 5.56% 5.56%
3.42% 360,010 403% 0.89% 0.89% 5.38% 5.38%
18.78% 225,335 124% 0.89% 0.89% 5.95% 5.95%
(2.50%) 46,493 139% 1.02%(1) 1.02%(1) 5.57%(1) 5.57%(1)
10.60% $998,269 33% 0.91%(1) 0.91%(1) 1.99%(1) 1.99%(1)
13.34% 831,482 67% 0.93% 0.93% 2.17% 2.17%
23.33% 602,105 73% 0.95% 0.95% 2.54% 2.54%
17.09% 348,680 58% 0.98% 0.98% 2.83% 2.83%
30.07% 176,716 89% 0.98% 0.98% 3.34% 3.34%
(2.50%) 65,201 63% 1.14%(1) 1.14%(1) 3.41%(1) 3.41%(1)
28.11% $475,594 93% 1.11%(1) 1.11%(1) (0.73%)(1) (0.73%)(1)
3.49% 285,847 100% 1.12% 1.12% (0.53%) (0.53%)
6.01% 278,258 77% 1.13% 1.13% (0.32%) (0.32%)
20.05% 220,068 69% 1.16% 1.16% (0.38%) (0.38%)
32.56% 90,460 68% 1.22% 1.22% (0.28%) (0.28%)
8.40% 28,559 198% 1.30%(1) 1.55%(1) 2.59%(1) 2.34%(1)
2.90% $453,128 9% 1.25%(1) 1.25%(1) 1.23%(1) 1.23%(1)
14.03% 472,161 32% 1.25% 1.25% 0.60% 0.60%
1.36% 464,456 19% 1.26% 1.26% 0.71% 0.71%
14.17% 402,559 11% 1.30% 1.30% 0.84% 0.84%
11.09% 195,667 17% 1.33% 1.33% 1.03% 1.03%
(3.80%) 108,751 16% 1.75%(1) 1.77%(1) 0.45%(1) 0.43%(1)
</TABLE>
- --------------------------------------------------------------------------------
125
<PAGE> 128
AMERICAN SKANDIA TRUST
FINANCIAL HIGHLIGHTS
PER SHARE DATA (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) FROM
INVESTMENT OPERATIONS LESS DISTRIBUTIONS
-------------------------------------- -------------------------------------
NET ASSET NET
VALUE INVESTMENT NET REALIZED TOTAL FROM FROM NET FROM NET
PERIOD BEGINNING INCOME & UNREALIZED INVESTMENT INVESTMENT REALIZED TOTAL
PORTFOLIO ENDED OF PERIOD (LOSS) GAIN (LOSS) OPERATIONS INCOME GAINS DISTRIBUTIONS
- ------------------------- -------- --------- ---------- ------------ ---------- ---------- -------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
AST T. Rowe Price 06/30/99* $11.46 $ 0.13 $(1.23) $(1.10) $(0.71) $(0.23) $(0.94)
International Bond 12/31/98 10.11 0.52 0.94 1.46 (0.03) (0.08) (0.11)
12/31/97 10.90 0.20 (0.57) (0.37) (0.16) (0.26) (0.42)
12/31/96 10.60 0.23 0.38 0.61 (0.14) (0.17) (0.31)
12/31/95 9.68 0.31 0.75 1.06 (0.14) -- (0.14)
12/31/94(3) 10.00 0.27 (0.59) (0.32) -- -- --
AST Neuberger Berman 06/30/99* $17.26 $(0.05) $ 0.46 $ 0.41 $ -- $(1.33) $(1.33)
Mid-Cap Growth 12/31/98 16.61 (0.05) 3.31 3.26 (0.01) (2.60) (2.61)
12/31/97 14.39 0.01 2.36 2.37 (0.02) (0.13) (0.15)
12/31/96 12.40 0.01 2.01 2.02 (0.03) -- (0.03)
12/31/95 9.97 0.04 2.40 2.44 (0.01) -- (0.01)
12/31/94(4) 10.00 0.01 (0.04) (0.03) -- -- --
AST Founders Passport 06/30/99* $13.04 $ -- $ 1.06 $ 1.06 $(0.03) $(0.03) $(0.06)
12/31/98 11.78 0.05 1.24 1.29 (0.03) -- (0.03)
12/31/97 11.63 0.03 0.21 0.24 (0.08) (0.01) (0.09)
12/31/96 10.33 0.09 1.24 1.33 (0.03) -- (0.03)
12/31/95(5) 10.00 0.03 0.30 0.33 -- -- --
AST T. Rowe Price 06/30/99* $11.97 $(0.10) $ 2.47 $ 2.37 $(0.02) $(1.44) $(1.46)
Natural Resources 12/31/98 14.57 0.19 (1.78) (1.59) (0.14) (0.87) (1.01)
12/31/97 14.47 0.14 0.35 0.49 (0.07) (0.32) (0.39)
12/31/96 11.11 0.05 3.35 3.40 (0.02) (0.02) (0.04)
12/31/95(5) 10.00 0.04 1.07 1.11 -- -- --
AST PIMCO Limited 06/30/99* $11.08 $ 0.30 $(0.13) $ 0.17 $(0.61) $ -- $(0.61)
Maturity Bond 12/31/98 11.02 0.56 0.03 0.59 (0.53) -- (0.53)
12/31/97 10.81 0.55 0.22 0.77 (0.56) -- (0.56)
12/31/96 10.47 0.56 (0.15) 0.41 (0.05) (0.02) (0.07)
12/31/95(5) 10.00 0.05 0.42 0.47 -- -- --
AST Oppenheimer 06/30/99* $16.07 $(0.05) $ 1.04 $ 0.99 $ -- $(1.90) $(1.90)
Large-Cap Growth 12/31/98 12.62 (0.10) 3.55 3.45 -- -- --
12/31/97 10.99 (0.05) 1.68 1.63 -- -- --
12/31/96(6) 10.00 (0.01) 1.00 0.99 -- -- --
<CAPTION>
- ------------------------- ---------
NET ASSET
VALUE
END
PORTFOLIO OF PERIOD
- ------------------------- ---------
<S> <C>
AST T. Rowe Price $ 9.42
International Bond 11.46
10.11
10.90
10.60
9.68
AST Neuberger Berman $16.34
Mid-Cap Growth 17.26
16.61
14.39
12.40
9.97
AST Founders Passport $14.04
13.04
11.78
11.63
10.33
AST T. Rowe Price $12.88
Natural Resources 11.97
14.57
14.47
11.11
AST PIMCO Limited $10.64
Maturity Bond 11.08
11.02
10.81
10.47
AST Oppenheimer $15.16
Large-Cap Growth 16.07
12.62
10.99
</TABLE>
- --------------------------------------------------------------------------------
(1) Annualized.
(3) Commenced operations on May 3, 1994.
(4) Commenced operations on October 20, 1994.
(5) Commenced operations on May 2, 1995.
(6) Commenced operations on May 2, 1996.
* Unaudited.
See Notes to Financial Statements.
126
<PAGE> 129
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
RATIOS OF EXPENSES RATIOS OF NET INVESTMENT INCOME
SUPPLEMENTAL DATA TO AVERAGE NET ASSETS (LOSS) TO AVERAGE NET ASSETS
----------------------------------- -------------------------------- --------------------------------
AFTER ADVISORY BEFORE ADVISORY AFTER ADVISORY BEFORE ADVISORY
NET ASSETS AT PORTFOLIO FEE WAIVER FEE WAIVER FEE WAIVER FEE WAIVER
TOTAL END OF PERIOD TURNOVER AND EXPENSE AND EXPENSE AND EXPENSE AND EXPENSE
RETURN (IN 000'S) RATE REIMBURSEMENT REIMBURSEMENT REIMBURSEMENT REIMBURSEMENT
------- ------------- --------- -------------- --------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
(10.05%) $147,896 56% 1.11%(1) 1.11%(1) 3.64%(1) 3.64%(1)
14.72% 147,973 136% 1.11% 1.11% 4.78% 4.78%
(3.42%) 130,408 173% 1.11% 1.11% 4.73% 4.73%
5.98% 98,235 241% 1.21% 1.21% 5.02% 5.02%
11.10% 45,602 325% 1.53% 1.53% 6.17% 6.17%
(3.20%) 15,218 163% 1.68%(1) 1.68%(1) 7.03%(1) 7.03%(1)
2.93% $268,848 74% 1.11%(1) 1.11%(1) (0.73%)(1) (0.73%)(1)
20.65% 261,792 228% 1.07% 1.07% (0.34%) (0.34%)
16.68% 185,050 305% 0.99% 0.99% 0.07% 0.07%
16.34% 136,247 156% 1.01% 1.01% 0.24% 0.24%
24.42% 45,979 84% 1.17% 1.17% 0.70% 0.70%
(0.30%) 3,030 5% 1.25%(1) 1.70%(1) 1.41%(1) 0.97%(1)
8.14% $106,886 16% 1.30%(1) 1.30%(1) (0.12%)(1) (0.12%)(1)
10.92% 119,997 46% 1.30% 1.30% 0.32% 0.32%
2.03% 117,938 73% 1.35% 1.35% 0.43% 0.43%
12.91% 117,643 133% 1.36% 1.36% 1.25% 1.25%
3.30% 28,455 4% 1.46%(1) 1.46%(1) 0.94%(1) 0.94%(1)
25.39% $101,749 35% 1.17%(1) 1.17%(1) 1.12%(1) 1.12%(1)
(11.83%) 74,126 55% 1.16% 1.16% 1.14% 1.14%
3.39% 111,954 44% 1.16% 1.16% 0.98% 0.98%
30.74% 88,534 31% 1.30% 1.30% 1.08% 1.08%
11.10% 9,262 2% 1.35%(1) 1.80%(1) 1.28%(1) 0.83%(1)
1.56% $384,585 188% 0.86%(1) 0.86%(1) 5.62%(1) 5.62%(1)
5.72% 349,707 263% 0.86% 0.86% 5.70% 5.70%
7.46% 288,642 54% 0.88% 0.88% 5.71% 5.71%
3.90% 209,013 247% 0.89% 0.89% 5.69% 5.69%
4.70% 161,940 205% 0.89%(1) 0.89%(1) 4.87%(1) 4.87%(1)
7.13% $278,512 203% 1.11%(1) 1.11%(1) (0.62%)(1) (0.62%)(1)
27.34% 300,924 252% 1.22% 1.22% (0.70%) (0.70%)
14.83% 235,648 219% 1.23% 1.23% (0.59%) (0.59%)
9.90% 48,790 77% 1.33%(1) 1.33%(1) (0.56%)(1) (0.56%)(1)
- -------------------------------------------------------------------------------------------------------------
</TABLE>
127
<PAGE> 130
AMERICAN SKANDIA TRUST
FINANCIAL HIGHLIGHTS
PER SHARE DATA (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) FROM
INVESTMENT OPERATIONS LESS DISTRIBUTIONS
-------------------------------------- -------------------------------------
NET ASSET NET
VALUE INVESTMENT NET REALIZED TOTAL FROM FROM NET FROM NET
PERIOD BEGINNING INCOME & UNREALIZED INVESTMENT INVESTMENT REALIZED TOTAL
PORTFOLIO ENDED OF PERIOD (LOSS) GAIN (LOSS) OPERATIONS INCOME GAINS DISTRIBUTIONS
- ------------------------ -------- --------- ---------- ------------ ---------- ---------- -------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
AST Janus Overseas 06/30/99* $13.74 $ 0.02 $ 1.36 $ 1.38 $ -- $ -- $ --
Growth 12/31/98 11.87 0.04 1.88 1.92 (0.05) -- (0.05)
12/31/97(7) 10.00 0.02 1.85 1.87 -- -- --
AST American Century 06/30/99* $13.47 $ 0.06 $ 1.78 $ 1.84 $(0.11) $(0.64) $(0.75)
Income & Growth 12/31/98 12.23 0.11 1.38 1.49 (0.07) (0.18) (0.25)
12/31/97(7) 10.00 0.07 2.16 2.23 -- -- --
AST American Century 06/30/99* $13.66 $ 0.08 $ 0.83 $ 0.91 $(0.12) $ -- $(0.12)
Strategic Balanced 12/31/98 11.34 0.11 2.29 2.40 (0.08) -- (0.08)
12/31/97(7) 10.00 0.11 1.23 1.34 -- -- --
AST American Century 06/30/99* $13.66 $ 0.04 $ 0.97 $ 1.01 $ -- $(0.10) $(0.10)
International Growth 12/31/98 11.52 0.03 2.12 2.15 (0.01) -- (0.01)
12/31/97(7) 10.00 (0.03) 1.55 1.52 -- -- --
AST T. Rowe Price Small 06/30/99* $11.44 $ 0.04 $ 0.72 $ 0.76 $(0.10) $ -- $(0.10)
Company Value 12/31/98 12.88 0.09 (1.42) (1.33) (0.05) (0.06) (0.11)
12/31/97(7) 10.00 0.06 2.82 2.88 -- -- --
AST Marsico Capital 06/30/99* $14.20 $(0.01) $ 1.96 $ 1.95 $(0.01) $(0.01) $(0.02)
Growth 12/31/98 10.03 -- 4.17 4.17 -- -- --
12/31/97(8) 10.00 0.01 0.02 0.03 -- -- --
AST Cohen & Steers 06/30/99* $ 8.41 $ 0.10 $ 0.54 $ 0.64 $(0.23) $ -- $(0.23)
Realty 12/31/98(9) 10.00 0.28 (1.87) (1.59) -- -- --
AST Lord Abbett 06/30/99* $ 9.99 $(0.01) $ 1.08 $ 1.07 $ -- $ -- $ --
Small Cap Value 12/31/98(9) 10.00 (0.01) -- (0.01) -- -- --
AST Bankers Trust 06/30/99* $12.78 $ 0.04 $ 1.40 $ 1.44 $(0.06) $(0.40) $(0.46)
Enhanced 500 12/31/98(9) 10.00 0.06 2.72 2.78 -- -- --
AST Kemper 06/30/99*(10) $10.00 $ -- $(0.31) $(0.31) $ -- $ -- $ --
Small-Cap Growth
<CAPTION>
- ------------------------ ---------
NET ASSET
VALUE
END
PORTFOLIO OF PERIOD
- ------------------------ ---------
<S> <C>
AST Janus Overseas $15.12
Growth 13.74
11.87
AST American Century $14.56
Income & Growth 13.47
12.23
AST American Century $14.45
Strategic Balanced 13.66
11.34
AST American Century $14.57
International Growth 13.66
11.52
AST T. Rowe Price Small $12.10
Company Value 11.44
12.88
AST Marsico Capital $16.13
Growth 14.20
10.03
AST Cohen & Steers $ 8.82
Realty 8.41
AST Lord Abbett $11.06
Small Cap Value 9.99
AST Bankers Trust $13.76
Enhanced 500 12.78
AST Kemper $ 9.69
Small-Cap Growth
</TABLE>
- --------------------------------------------------------------------------------
(1) Annualized.
(7) Commenced operations on January 2, 1997.
(8) Commenced operations on December 22, 1997.
(9) Commenced operations on January 2, 1998.
(10) Commenced operations on January 4, 1999.
* Unaudited.
See Notes to Financial Statements.
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<PAGE> 131
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
RATIOS OF EXPENSES RATIOS OF NET INVESTMENT INCOME
SUPPLEMENTAL DATA TO AVERAGE NET ASSETS (LOSS) TO AVERAGE NET ASSETS
----------------------------------- -------------------------------- --------------------------------
AFTER ADVISORY BEFORE ADVISORY AFTER ADVISORY BEFORE ADVISORY
NET ASSETS AT PORTFOLIO FEE WAIVER FEE WAIVER FEE WAIVER FEE WAIVER
TOTAL END OF PERIOD TURNOVER AND EXPENSE AND EXPENSE AND EXPENSE AND EXPENSE
RETURN (IN 000'S) RATE REIMBURSEMENT REIMBURSEMENT REIMBURSEMENT REIMBURSEMENT
------- ------------- --------- -------------- --------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
10.04% $ 808,609 43% 1.22%(1) 1.22%(1) 0.36%(1) 0.36%(1)
16.22% 607,206 97% 1.27% 1.27% 0.32% 0.32%
18.70% 255,705 94% 1.35%(1) 1.35%(1) 0.36%(1) 0.36%(1)
14.41% $ 242,640 109% 0.98%(1) 0.98%(1) 0.99%(1) 0.99%(1)
12.27% 189,871 87% 1.00% 1.00% 1.05% 1.05%
22.30% 117,438 81% 1.23%(1) 1.23%(1) 1.24%(1) 1.24%(1)
6.70% $ 174,294 71% 1.08%(1) 1.08%(1) 1.95%(1) 1.95%(1)
21.29% 91,043 95% 1.16% 1.13% 1.68% 1.71%
13.40% 28,947 76% 1.25%(1) 1.35%(1) 2.02%(1) 1.92%(1)
7.46% $ 98,328 55% 1.47%(1) 1.47%(1) 0.65%(1) 0.65%(1)
18.68% 77,733 220% 1.65% 1.65% 0.10% 0.10%
15.10% 33,125 171% 1.75%(1) 1.75%(1) (0.58%)(1) (0.58%)(1)
6.85% $ 320,212 15% 1.11%(1) 1.11%(1) 0.58%(1) 0.58%(1)
(10.53%) 304,072 10% 1.11% 1.11% 0.93% 0.93%
28.80% 199,896 7% 1.16%(1) 1.16%(1) 1.20%(1) 1.20%(1)
13.73% $1,060,772 44% 1.06%(1) 1.06%(1) (0.06%)(1) (0.06%)(1)
41.59% 594,966 213% 1.11% 1.11% 0.16% 0.16%
0.30% 7,299 -- 1.00%(1) 1.00%(1) 3.62%(1) 3.62%(1)
7.88% $ 65,163 19% 1.25%(1) 1.25%(1) 4.42%(1) 4.42%(1)
(16.00%) 33,025 18% 1.30%(1) 1.30%(1) 5.02%(1) 5.02%(1)
10.71% $ 71,055 30% 1.28%(1) 1.28%(1) (0.36%)(1) (0.36%)(1)
(0.10%) 41,788 58% 1.31%(1) 1.31%(1) (0.21%)(1) (0.21%)(1)
11.51% $ 505,096 68% 0.80%(1) 0.78%(1) 0.73%(1) 0.76%(1)
27.90% 289,551 162% 0.80%(1) 0.86%(1) 1.07%(1) 1.01%(1)
(3.10%) $ 604,098 79% 1.13%(1) 1.13%(1) 0.05%(1) 0.05%(1)
</TABLE>
- --------------------------------------------------------------------------------
129
<PAGE> 132
AMERICAN SKANDIA TRUST
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
1. ORGANIZATION
American Skandia Trust (the "Trust") is an open-end management investment
company, registered under the Investment Company Act of 1940, as amended. The
Trust was organized on October 31, 1988 as a Massachusetts business trust. The
Trust operates as a series company and, at June 30, 1999, issued 28 classes of
shares of beneficial interest: AST AIM International Equity Portfolio ("AIM
International Equity") (formerly, AST Putnam International Equity Portfolio),
AST Lord Abbett Growth and Income Portfolio ("Growth and Income"), AST JanCap
Growth Portfolio ("Growth"), AST Money Market Portfolio ("Money Market"), AST
Neuberger Berman Mid-Cap Value Portfolio ("Mid-Cap Value"), AST AIM Balanced
Portfolio ("Balanced") (formerly, AST Putnam Balanced Portfolio), AST Federated
High Yield Portfolio ("High Yield"), AST T. Rowe Price Asset Allocation
Portfolio ("Asset Allocation"), AST PIMCO Total Return Bond Portfolio ("Total
Return Bond"), AST INVESCO Equity Income Portfolio ("Equity Income"), AST Janus
Small-Cap Growth Portfolio ("Janus Small-Cap Growth"), AST T. Rowe Price
International Equity Portfolio ("T. Rowe International Equity"), AST T. Rowe
Price International Bond Portfolio ("International Bond"), AST Neuberger Berman
Mid-Cap Growth Portfolio ("Mid-Cap Growth"), AST Founders Passport Portfolio
("Passport"), AST T. Rowe Price Natural Resources Portfolio ("Natural
Resources"), AST PIMCO Limited Maturity Bond Portfolio ("Limited Maturity
Bond"), AST Oppenheimer Large-Cap Growth Portfolio ("Large-Cap Growth"), AST
Janus Overseas Growth Portfolio ("Overseas Growth"), AST American Century Income
& Growth Portfolio ("Income & Growth") (formerly, AST Putnam Value Growth &
Income), AST American Century Strategic Balanced Portfolio ("Strategic
Balanced"), AST American Century International Growth Portfolio ("International
Growth"), AST T. Rowe Price Small Company Value Portfolio ("Small Company
Value"), AST Marsico Capital Growth Portfolio ("Capital Growth"), AST Cohen &
Steers Realty Portfolio ("Realty"), AST Lord Abbett Small Cap Value Portfolio
("Small Cap Value"), AST Bankers Trust Enhanced 500 Portfolio ("Enhanced 500"),
and AST Kemper Small-Cap Growth Portfolio ("Kemper Small-Cap Growth")
(collectively the "Portfolios").
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the
Trust, in conformity with generally accepted accounting principles, in the
preparation of its financial statements. The preparation of financial statements
requires management to make estimates and assumptions that affect the reported
amounts and disclosures in the financial statements. Actual results could differ
from those estimates.
Security Valuation
Portfolio securities are valued at the close of trading on the New York Stock
Exchange. Equity securities are valued generally at the last reported sales
price on the securities exchange on which they are primarily traded, or at the
last reported sales price on the NASDAQ National Securities Market. Securities
not listed on an exchange or securities market, or securities in which there
were no transactions, are valued at the average of the most recent bid and asked
prices.
Debt securities are generally traded in the over-the-counter market and are
valued at a price deemed best to reflect fair value as quoted by dealers who
make markets in these securities or by an independent pricing service. Debt
securities
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<PAGE> 133
- --------------------------------------------------------------------------------
of Money Market are valued at amortized cost, which approximates market value.
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. For Portfolios other than Money Market, debt securities which mature in
60 days or less are valued at cost (or market value 60 days prior to maturity),
adjusted for amortization to maturity of any premium or discount.
Securities for which market quotations are not readily available are valued at
fair value as determined in accordance with procedures adopted by the Board of
Trustees. At June 30, 1999, .08% and .03% of the net assets of the Small Cap
Value and International Bond Portfolios, respectively, were valued in accordance
with such procedures.
Foreign Currency Translation
Portfolio securities and other assets and liabilities denominated in foreign
currencies are converted each business day into U.S. dollars based on the
prevailing rates of exchange. Purchases and sales of portfolio securities and
income and expenses are converted into U.S. dollars on the respective dates of
such transactions.
Gains and losses resulting from changes in exchange rates applicable to foreign
securities are not reported separately from gains and losses arising from
movements in securities prices.
Net realized foreign exchange gains and losses include gains and losses from
sales and maturities of foreign currency exchange contracts, gains and losses
realized between the trade and settlement dates of foreign securities
transactions, and the difference between the amount of net investment income
accrued on foreign securities and the U.S. dollar amount actually received. Net
unrealized foreign exchange gains and losses include gains and losses from
changes in the value of assets and liabilities other than portfolio securities,
resulting from changes in exchange rates.
Foreign Currency Exchange Contracts
A foreign currency exchange contract ("FCEC") is a commitment to purchase or
sell a specified amount of a foreign currency at a specified future date, in
exchange for either a specified amount of another foreign currency or U.S.
dollars.
FCECs are valued at the forward exchange rates applicable to the underlying
currencies, and changes in market value are recorded as unrealized gains and
losses until the contract settlement date.
Risks could arise from entering into FCECs if the counterparties to the
contracts were unable to meet the terms of their contracts. In addition, the use
of FCECs may not only hedge against losses on securities denominated in foreign
currency, but may also reduce potential gains on securities from favorable
movements in exchange rates.
Futures Contracts and Options
A financial futures contract calls for delivery of a particular security at a
specified price and future date. The seller of the contract agrees to make
delivery of the type of security called for in the contract and the buyer agrees
to take delivery at a specified future date. Such contracts require an initial
margin deposit, in cash or cash equivalents, equal to a certain percentage of
the contract amount. Subsequent payments (variation margin) are made or received
by the Portfolio each day, depending on the daily change in the value of the
contract. Futures contracts are valued based on
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<PAGE> 134
- --------------------------------------------------------------------------------
their quoted daily settlement prices. Fluctuations in value are recorded as
unrealized gains and losses until such time that the contracts are terminated.
An option is a right to buy or sell a particular security at a specified price
within a limited period of time. The buyer of the option, in return for a
premium paid to the seller, has the right to buy (in the case of a call option)
or sell (in the case of a put option) the underlying security of the contract.
The premium received in cash from writing options is recorded as an asset with
an equal liability that is adjusted to reflect the option's value. The premium
received from writing options which expire is recorded as realized gains. The
premium received from writing options which are exercised or closed is offset
against the proceeds or amount paid on the transaction to determine the realized
gain or loss. If a put option is exercised, the premium reduces the cost basis
of the security or currency purchased. Options are valued based on their quoted
daily settlement prices.
Risks could arise from entering into futures and written options transactions
from the potential inability of counterparties to meet the terms of their
contracts, the potential inability to enter into a closing transaction because
of an illiquid secondary market, and from unexpected movements in interest or
exchange rates or securities values.
Repurchase Agreements
A repurchase agreement is a commitment to purchase government securities from a
seller who agrees to repurchase the securities at an agreed-upon price and date.
The excess of the resale price over the purchase price determines the yield on
the transaction. Under the terms of the agreement, the market value, including
accrued interest, of the government securities will be at least equal to their
repurchase price. Repurchase agreements are recorded at cost, which, combined
with accrued interest, approximates market value.
Repurchase agreements entail a risk of loss in the event that the seller
defaults on its obligation to repurchase the securities. In such case, the
Portfolio may be delayed or prevented from exercising its right to dispose of
the securities.
Reverse Repurchase Agreements
A reverse repurchase agreement involves the sale of portfolio securities
together with an agreement to repurchase the same securities at an agreed-upon
price and date. It may be viewed as a borrowing of money and the difference
between the cost of repurchase and proceeds from sale determines the effective
interest rate on the transaction. Reverse repurchase agreements are recorded as
a liability equal to the amount of cash received plus the effective interest
that is payable to the buyer of the securities.
Reverse repurchase agreements bear a risk of loss in the event that the buyer of
the securities is unable to sell back the securities to the Portfolio. In such
case, the Portfolio's use of proceeds under the agreement may be restricted.
Swap Agreements
A swap agreement is a two-party contract under which an agreement is made to
exchange returns from predetermined investments or instruments, including a
particular interest rate, foreign currency, or "basket" of securities
representing a particular index. The gross returns to be exchanged or "swapped"
between the parties are calculated based on a
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"notional amount", which, each business day, is valued to determine each party's
obligation under the contract. Fluctuations in value are recorded as unrealized
gains and losses during the term of the contract.
Commonly used swap agreements include interest rate caps, under which, 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"; interest rate floors, under
which, in return for a premium, one party agrees to make payments to the other
to the extent that interest rates fall below a specified level or "floor"; and
interest rate collars, under which a party sells a cap and purchases a floor or
vice versa.
Risks could arise from entering into swap agreements from the potential
inability of counterparties to meet the terms of their contracts, and from the
potential inability to enter into a closing transaction. It is possible that
developments in the swaps market, including potential governmental regulation,
could affect the Portfolio's ability to terminate existing swap agreements or to
realize amounts to be received under such agreements.
Securities Loans
Each Portfolio may lend securities for the purpose of realizing additional
income. All securities loans are collateralized by cash or securities issued or
guaranteed by the U.S. Government or its agencies. The value of the collateral
is at least equal to the market value of the securities lent. However, due to
market fluctuations, the value of the securities lent may exceed the value of
the collateral. On the next business day the collateral is adjusted based on the
prior day's market fluctuations and the current day's lending activity.
Interest income from lending activity is determined by the amount of interest
earned on collateral, less any amounts payable to the borrowers of the
securities and the lending agent.
Lending securities involves certain risks, including the risk that the Portfolio
may be delayed or prevented from recovering the collateral if the borrower fails
to return the securities.
At June 30, 1999, securities lending activities are summarized as follows:
<TABLE>
<CAPTION>
MARKET VALUE
OF SECURITIES MARKET VALUE INCOME FROM
PORTFOLIO ON LOAN OF COLLATERAL LENDING*
- --------- ------------- ------------- -----------
<S> <C> <C> <C>
Growth.................................................. $424,820,004 $427,888,518 $62,341
Janus Small-Cap Growth.................................. 85,254,743 82,708,122 27,266
</TABLE>
* Income earned, for the period from June 9, 1999 to June 30, 1999, is included
in interest income on the Statement of Operations.
Investment Transactions and Investment Income
Securities transactions are accounted for on the trade date. Realized gains and
losses from securities sold are recognized on the specific identification basis.
Dividend income is recorded on the ex-dividend date. Corporate actions,
including dividends, on foreign securities are recorded on the ex-dividend date
or, if such information is not available,
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as soon as reliable information is available from the Trust's sources. Interest
income is recorded on the accrual basis and includes the accretion of discount
and amortization of premium.
Expenses
Each Portfolio is charged for expenses that are directly attributable to it.
Common expenses of the Trust are allocated to the Portfolios in proportion to
their net assets.
Distributions to Shareholders
Dividends, if any, from net investment income are declared and paid at least
annually by all Portfolios other than Money Market. In the case of Money Market,
dividends are declared daily and paid monthly. Net realized gains from
investment transactions, if any, are distributed at least annually.
Distributions to shareholders are recorded on the ex-dividend date.
3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES
The Portfolios have entered into investment management agreements with American
Skandia Investment Services, Inc. (the "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 firms as Sub-advisors for their respective Portfolios: A I
M Capital Management, Inc. for AIM International Equity and Balanced; Lord
Abbett & Co. for Growth and Income and Small Cap Value; Janus Capital
Corporation for Growth, Janus Small-Cap Growth, and Overseas Growth; J. P.
Morgan Investment Management Inc. for Money Market; Federated Investment
Counseling for High Yield; T. Rowe Price Associates, Inc. for Asset Allocation,
Natural Resources, and Small Company Value; Pacific Investment Management Co.
for Total Return Bond and Limited Maturity Bond; INVESCO Funds Group, Inc. for
Equity Income; Founders Asset Management, Inc. for Passport; Rowe Price-Fleming
International, Inc., a United Kingdom Corporation, for T. Rowe International
Equity and International Bond; Neuberger Berman Management Incorporated for
Mid-Cap Value and Mid-Cap Growth; OppenheimerFunds, Inc. for Large-Cap Growth;
American Century Investment Management, Inc. for Income & Growth, Strategic
Balanced, and International Growth; Marsico Capital Management, LLC for Capital
Growth; Cohen & Steers Capital Management, Inc. for Realty; Bankers Trust
Company for Enhanced 500; and Scudder Kemper Investments, Inc. for Kemper
Small-Cap Growth.
The Investment Manager receives a fee, computed daily and paid monthly, based on
an annual rate of 1.00%, .75%, .90%, .50%, .90%, .75%, .75%, .85%, .65%, .75%,
.90%, 1.00%, .80%, .90%, 1.00%, .90%, .65%, .90%, 1.00%, .75%, .85%, 1.00%,
.90%, .90%, 1.00%, .95%, .60%, and .95% of the average daily net assets of the
AIM International Equity, Growth and Income, Growth, Money Market, Mid-Cap
Value, Balanced, High Yield, Asset Allocation, Total Return Bond, Equity Income,
Janus Small-Cap Growth, T. Rowe International Equity, International Bond,
Mid-Cap Growth, Passport, Natural Resources, Limited Maturity Bond, Large-Cap
Growth, Overseas Growth, Income & Growth, Strategic Balanced, International
Growth, Small Company Value, Capital Growth, Realty, Small Cap Value, Enhanced
500, and Kemper Small-Cap Growth Portfolios, respectively. The fees for AIM
International Equity are at the rate of .85% for average daily net assets in
excess of $75 million, for Mid-Cap Value, Mid-Cap Growth and Large-
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Cap Growth are at the rate of .85% for average daily net assets in excess of $1
billion, for Balanced are at the rate of .70% for average daily net assets in
excess of $300 million, and for Kemper Small-Cap Growth are at the rate of .90%
for average daily net assets in excess of $1 billion. During the period ended
June 30, 1999, the Investment Manager voluntarily waived .05% from its fee for
the Money Market Portfolio and .05% from its fee for the Growth and Growth and
Income Portfolios on average daily net assets in excess of $1 billion.
The Investment Manager pays each Sub-advisor a fee, computed daily and paid
monthly, based on an annual rate of .65%, .50%, .60%, .25%, .50%, .45%, .50%,
.50%, .30%, .50%, .50%, .75%, .40%, .45%, .60%, .60%, .30%, .35%, .65%, .45%,
.50%, .70%, .60%, .45%, .60%, .50%, .17%, and .50% of the average daily net
assets of the AIM International Equity, Growth and Income, Growth, Money Market,
Mid-Cap Value, Balanced, High Yield, Asset Allocation, Total Return Bond, Equity
Income, Janus Small-Cap Growth, T. Rowe International Equity, International
Bond, Mid-Cap Growth, Passport, Natural Resources, Limited Maturity Bond,
Large-Cap Growth, Overseas Growth, Income & Growth, Strategic Balanced,
International Growth, Small Company Value, Capital Growth, Realty, Small Cap
Value, Enhanced 500, and Kemper Small-Cap Growth Portfolios, respectively. The
Sub-advisors for the Growth, Money Market, Janus Small-Cap Growth, and T. Rowe
International Equity Portfolios are currently voluntarily waiving a portion of
their fee payable by the Investment Manager. The annual rates of the fees
payable by the Investment Manager to the Sub-advisors of all Portfolios, other
than International Bond, Capital Growth, and Small Cap Value are reduced for
Portfolio net assets in excess of specified levels.
On April 21, 1999, the Board of Trustees of the Trust approved changes in
Sub-advisor for AST Putnam International Equity Portfolio, AST Putnam Balanced
Portfolio, and AST Putnam Value Growth & Income Portfolio. On May 4, 1999, A I M
Capital Management, Inc. became Sub-advisor to Putnam International Equity
Portfolio (currently, AST AIM International Equity Portfolio) and AST Putnam
Balanced Portfolio (currently, AST AIM Balanced Portfolio) and American Century
Investment Management, Inc. became Sub-advisor to AST Putnam Value Growth &
Income Portfolio (currently, AST American Century Income & Growth Portfolio).
Pursuant to an order issued by the Securities and Exchange Commission, the
Portfolios will seek shareholder approval for these changes prior to September
30, 1999.
By the terms of the Investment Management Agreement, during the period ended
June 30, 1999, the Investment Manager reimbursed Money Market in the amount of
$1,091 to prevent its expenses from exceeding an annual rate of .60% of average
daily net assets. Voluntary payments of Portfolio expenses by the Investment
Manager are subject to reimbursement by the Portfolio within the two-year period
following such payments. During the period ended June 30, 1999, Enhanced 500
paid $42,091 as reimbursement to the Investment Manager.
The Trust has entered into an agreement with American Skandia Life Assurance
Corporation ("ASLAC") pursuant to which it pays ASLAC a shareholder servicing
fee at an annual rate of .10% of each Portfolio's average daily net assets.
Certain officers and Trustees of the Trust are officers or directors of the
Investment Manager. The Trust pays no compensation directly to its officers or
interested Trustees.
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4. TAX MATTERS
Each Portfolio intends to qualify as a regulated investment company under the
Internal Revenue Code and to distribute all of its taxable income, including any
net realized gains on investments, to shareholders. Accordingly, no provision
for federal income or excise tax has been made.
Income and capital gains of the Portfolios are determined in accordance with
both tax regulations and generally accepted accounting principles. Such may
result in temporary and permanent differences between tax basis earnings and
earnings reported for financial statement purposes. Temporary differences that
result in over-distributions for financial statement purposes are classified as
distributions in excess of net investment income or accumulated net realized
gains. Permanent differences in the recognition of earnings are reclassified to
additional paid-in capital. Distributions in excess of tax-basis earnings are
recorded as a return of capital.
Capital Loss Carryforwards
At December 31, 1998, the following Portfolios had, for federal income tax
purposes, capital loss carryforwards available to offset future net realized
capital gains.
<TABLE>
<CAPTION>
EXPIRATION
DECEMBER 31,
-------------------------------------
AMOUNT 2004 2005 2006
----------- -------- ---------- -----------
<S> <C> <C> <C> <C>
Janus Small-Cap Growth........................ $ 5,945,483 $ -- $ -- $ 5,945,483
Passport...................................... 2,860,101 -- 2,860,101 --
Limited Maturity Bond......................... 132,375 132,375 -- --
Overseas Growth............................... 18,489,428 -- 2,020,791 16,468,637
Small Company Value........................... 504,463 -- -- 504,463
Realty........................................ 569,675 -- -- 569,675
Small Cap Value............................... 2,512,177 -- -- 2,512,177
</TABLE>
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5. PORTFOLIO SECURITIES
Purchases and sales of securities, other than short-term obligations, during the
period ended June 30, 1999, were as follows ($ in thousands):
<TABLE>
<CAPTION>
U.S. GOVERNMENT SECURITIES OTHER SECURITIES
-------------------------- ---------------------
PURCHASES SALES PURCHASES SALES
----------- ----------- --------- --------
<S> <C> <C> <C> <C>
AIM International Equity.......................... $ -- $ -- $611,805 $681,345
Growth and Income................................. -- -- 599,653 448,108
Growth............................................ -- -- 731,648 688,344
Mid-Cap Value..................................... -- -- 918,991 422,705
Balanced.......................................... 76,280 68,845 272,520 312,816
High Yield........................................ -- -- 151,201 83,291
Asset Allocation.................................. 34,830 13,299 54,251 20,855
Total Return Bond................................. 1,396,316 1,394,146 392,088 59,848
Equity Income..................................... 10,992 7,133 363,711 277,835
Janus Small-Cap Growth............................ -- -- 417,900 300,835
T. Rowe International Equity...................... -- -- 40,231 92,905
International Bond................................ -- -- 91,573 78,515
Mid-Cap Growth.................................... -- -- 179,976 180,874
Passport.......................................... -- -- 16,926 32,205
Natural Resources................................. -- -- 34,458 27,870
Limited Maturity Bond............................. 507,835 589,853 170,990 47,433
Large-Cap Growth.................................. -- -- 576,468 541,078
Overseas Growth................................... -- -- 351,399 267,705
Income & Growth................................... -- -- 243,841 219,946
Strategic Balanced................................ 33,148 13,877 132,916 76,139
International Growth.............................. -- -- 63,552 45,122
Small Company Value............................... -- -- 44,325 41,566
Capital Growth.................................... -- -- 734,800 339,818
Realty............................................ -- -- 40,156 8,452
Small Cap Value................................... -- -- 38,440 21,559
Enhanced 500...................................... -- -- 402,714 230,904
Kemper Small-Cap Growth........................... -- -- 667,983 137,901
</TABLE>
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At June 30, 1999, the cost and unrealized appreciation or depreciation in value
of the investments owned by the Portfolios, for federal income tax purposes,
were as follows ($ in thousands):
<TABLE>
<CAPTION>
GROSS GROSS NET UNREALIZED
AGGREGATE UNREALIZED UNREALIZED APPRECIATION
COST APPRECIATION DEPRECIATION (DEPRECIATION)
---------- ------------ ------------ --------------
<S> <C> <C> <C> <C>
AIM International Equity...................... $ 462,129 $ 42,514 $(11,006) $ 31,508
Growth and Income............................. 1,221,673 299,168 (17,788) 281,380
Growth........................................ 2,738,002 1,646,916 (25,801) 1,621,115
Mid-Cap Value................................. 773,646 53,509 (21,399) 32,110
Balanced...................................... 363,827 27,577 (6,492) 21,085
High Yield.................................... 669,315 8,894 (39,585) (30,691)
Asset Allocation.............................. 334,279 91,710 (8,823) 82,887
Total Return Bond............................. 1,239,793 2,289 (16,572) (14,283)
Equity Income................................. 794,082 216,976 (18,640) 198,336
Janus Small-Cap Growth........................ 355,715 129,203 (14,252) 114,951
T. Rowe International Equity.................. 334,190 94,855 (19,388) 75,467
International Bond............................ 154,203 3,741 (14,828) (11,087)
Mid-Cap Growth................................ 217,199 56,795 (5,742) 51,053
Passport...................................... 79,886 31,149 (3,961) 27,188
Natural Resources............................. 101,544 14,265 (14,141) 124
Limited Maturity Bond......................... 393,469 657 (3,458) (2,801)
Large-Cap Growth.............................. 254,310 33,497 (6,453) 27,044
Overseas Growth............................... 662,888 148,356 (11,312) 137,044
Income & Growth............................... 226,406 21,316 (5,308) 16,008
Strategic Balanced............................ 167,281 11,741 (3,191) 8,550
International Growth.......................... 87,622 12,647 (2,306) 10,341
Small Company Value........................... 323,432 36,753 (40,527) (3,774)
Capital Growth................................ 887,785 189,530 (9,399) 180,131
Realty........................................ 66,210 1,651 (2,979) (1,328)
Small Cap Value............................... 65,854 8,541 (3,102) 5,439
Enhanced 500.................................. 457,985 51,266 (7,540) 43,726
Kemper Small-Cap Growth....................... 549,971 72,530 (16,709) 55,821
</TABLE>
138
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6. WRITTEN OPTIONS TRANSACTIONS
Written options transactions, during the period ended June 30, 1999, were as
follows ($ in thousands):
<TABLE>
<CAPTION>
TOTAL RETURN BOND LIMITED MATURITY BOND
---------------------- ---------------------
NUMBER OF NUMBER OF
CONTRACTS PREMIUM CONTRACTS PREMIUM
--------- --------- --------- --------
<S> <C> <C> <C> <C>
Balance at beginning of year........................ 26,230 $ 638,678 76 $ 13,948
Written............................................. 22,570 978,004 5,080 199,613
Expired............................................. (30,430) (841,119) (156) (16,096)
Exercised........................................... -- -- -- --
Closed.............................................. -- -- -- --
------- --------- ----- --------
Balance at end of year.............................. 18,370 $ 775,563 5,000 $197,465
======= ========= ===== ========
</TABLE>
At June 30, 1999, Total Return Bond and Limited Maturity Bond had sufficient
cash and/or securities at least equal to the value of written options.
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