<PAGE> 1
AMERICAN SKANDIA TRUST
SCHEDULES OF INVESTMENTS
JUNE 30, 2000 (UNAUDITED)
AST AIM INTERNATIONAL EQUITY PORTFOLIO
AST ALLIANCE 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 AMERICAN CENTURY INTERNATIONAL GROWTH
PORTFOLIO II
AST T. ROWE PRICE GLOBAL 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 ALLIANCE 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 SANFORD BERNSTEIN MANAGED INDEX 500 PORTFOLIO
AST KEMPER SMALL-CAP GROWTH PORTFOLIO
AST MFS GLOBAL EQUITY PORTFOLIO
AST MFS GROWTH PORTFOLIO
AST MFS GROWTH WITH INCOME PORTFOLIO
AST ALGER ALL-CAP GROWTH PORTFOLIO
AST JANUS MID-CAP GROWTH PORTFOLIO
<PAGE> 2
AST AIM INTERNATIONAL EQUITY PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOREIGN STOCK -- 90.1%
AUSTRALIA -- 1.1%
AMP Ltd........................... 255,000 $ 2,602,822
Brambles Industries Ltd........... 73,400 2,262,421
Cable & Wireless Optus Ltd.*...... 580,000 1,734,254
Telstra Corp...................... 907,000 2,069,409
------------
8,668,906
------------
BELGIUM -- 0.2%
Tele Centro Sul Participacoes SA
[ADR]........................... 19,203 1,403,019
------------
BRAZIL -- 1.0%
Embartel Participacoes SA [ADR]... 90,500 2,138,063
Petroleo Brasileiro SA*........... 143,000 4,320,241
Telecomunicacoes de Sao Paulo SA
[ADR]........................... 54,000 999,000
------------
7,457,304
------------
CANADA -- 8.8%
Bombardier, Inc. Cl-B............. 425,065 11,532,672
C-Mac Industries, Inc.*........... 147,800 6,982,661
Celestica, Inc.*.................. 154,000 7,493,841
Mitel Corp.*...................... 156,100 3,255,441
Nortel Networks Corp. NY Reg.*.... 332,600 22,699,951
Rogers Communications, Inc.
Cl-B*........................... 266,000 7,531,164
Shaw Communications, Inc. Cl-B.... 277,400 6,833,573
------------
66,329,303
------------
DENMARK -- 1.5%
Novo-Nordisk AS Cl-B.............. 45,150 7,716,312
Vestas Wind Systems AS............ 99,900 3,684,239
------------
11,400,551
------------
FINLAND -- 3.0%
Nokia AB Oyj...................... 436,584 22,369,071
------------
FRANCE -- 14.0%
Alcatel Corp...................... 132,500 8,725,796
Altran Technologies SA............ 53,100 10,439,810
AXA SA............................ 74,447 11,775,072
Banque National de Paris.......... 133,627 12,911,811
Legrand SA........................ 32,525 7,326,855
M6 Metropole Television........... 28,800 1,755,828
Peugeot Citroen SA................ 26,600 5,359,778
Pinault-Printemps Redoute SA...... 32,500 7,249,569
Societe Generale.................. 121,200 7,319,402
Societe Television Francaise...... 115,170 8,059,250
STMicroelectronics NV............. 186,250 11,783,455
Total Fina SA Cl-B*............... 86,600 13,332,016
------------
106,038,642
------------
GERMANY -- 4.8%
Epcos AG*......................... 81,300 8,276,515
Infineon Technologies AG [ADR]*... 85,300 6,982,956
Intershop Communications AG....... 4,500 2,066,238
Marschollek, Lautenschlaeger und
Partner AG Pfd. ................ 3,400 1,693,156
Porsche AG Pfd. .................. 1,900 5,163,439
Siemens AG........................ 78,200 11,753,988
------------
35,936,292
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
HONG KONG -- 3.5%
China Telecom Ltd................. 1,761,000 $ 15,531,531
Dao Heng Bank Group Ltd........... 728,000 3,222,053
Hutchison Whampoa Ltd............. 589,600 7,412,524
------------
26,166,108
------------
ITALY -- 1.1%
Gruppo Editoriale L'Espresso...... 97,000 1,245,044
Telecom Italia Mobile SPA......... 671,000 6,882,381
------------
8,127,425
------------
JAPAN -- 16.8%
Advantest Corp.................... 44,100 9,857,752
DDI Corp. ........................ 655 6,314,655
Hirose Electric Co. Ltd........... 44,500 6,944,088
Hoya Corp......................... 51,000 4,579,330
Matsushita Communication
Industrial Co. Ltd.............. 37,000 4,329,428
Mitsumi Electric Co. Ltd.......... 700 25,803
Murata Manufacturing Co. Ltd...... 47,000 6,761,151
NEC Corp.......................... 390,000 12,274,872
Nippon Telegraph & Telephone
Corp. .......................... 473 6,303,596
NTT Data Corp..................... 373 3,842,762
NTT Mobile Communication Network,
Inc............................. 273 7,405,471
Ricoh Co. Ltd..................... 217,000 4,604,518
Rohm Co. Ltd...................... 19,000 5,567,028
Sanix, Inc........................ 50,400 2,667,637
Sanyo Electric Co................. 1,355,000 12,217,879
Sharp Corp. ...................... 171,000 3,030,439
Sony Corp......................... 62,000 5,801,429
Takeda Chemical Industries Ltd.... 120,000 7,894,027
Tokyo Electron Ltd................ 69,000 9,469,430
Trend Micro, Inc.*................ 42,800 7,079,294
------------
126,970,589
------------
KOREA -- 2.5%
Korea Telecom Corp. [ADR]......... 86,200 4,169,925
LG Chemical Ltd................... 113,000 2,260,024
Pohang Iron & Steel Co. Ltd.
[ADR]........................... 140,600 3,374,400
Samsung Electronics Co. .......... 28,200 9,332,654
------------
19,137,003
------------
MEXICO -- 3.6%
Cifra SA de CV Cl-C*.............. 1,656,800 3,820,851
Coca-Cola Femsa SA [ADR].......... 148,503 2,802,994
Fomento Economico Mexicano
SA de CV [ADR].................. 126,400 5,443,100
Grupo Modelo SA de CV Cl-C*....... 830,000 1,926,764
Grupo Televisa SA [GDR]........... 100,100 6,900,644
Kimberly-Clark de Mexico SA
Cl-A*........................... 363,000 1,032,592
Telefonos de Mexico
SA Cl-L [ADR]................... 94,226 5,382,660
------------
27,309,605
------------
NETHERLANDS -- 3.6%
ASM Lithography Holding NV*....... 128,300 5,536,873
Koninklijke (Royal) Philips
Electronics NV.................. 315,536 14,941,984
VNU NV............................ 122,700 6,363,181
------------
26,842,038
------------
</TABLE>
1
<PAGE> 3
AST AIM INTERNATIONAL EQUITY PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SINGAPORE -- 1.5%
Chartered Semiconductor
Manufacturing Ltd. [ADR]*....... 21,600 $ 1,944,000
Datadraft Asia Ltd................ 268,840 2,365,792
DBS Group Holdings Ltd............ 267,675 3,436,931
Keppel Corp. Ltd.................. 748,000 1,618,018
Singapore Press Holdings Ltd...... 141,000 2,201,876
------------
11,566,617
------------
SPAIN -- 1.5%
Telefonica SA*.................... 508,887 10,975,803
------------
SWEDEN -- 3.6%
Ericsson, (L.M.) Telephone Co.
Cl-B............................ 725,200 14,428,394
Netcom AB Cl-B.................... 128,500 9,537,814
OM Gruppen AB..................... 71,000 3,189,476
------------
27,155,684
------------
SWITZERLAND -- 6.9%
ABB AG............................ 96,870 11,631,644
Adecco SA......................... 13,825 11,783,902
Compagnie Financiere Richemont AG
Cl-A Units...................... 3,810 10,297,804
Kudelski SA*...................... 190 2,397,683
Serono SA Cl-B.................... 8,640 7,226,257
Zurich Allied AG.................. 18,400 9,120,395
------------
52,457,685
------------
TAIWAN -- 1.1%
Far Eastern Textile Ltd. [GDR]
144A............................ 165,000 2,070,750
Taiwan Semiconductor Manufacturing
Co. Ltd. [ADR]*................. 168,924 6,545,823
------------
8,616,573
------------
THAILAND -- 0.1%
Siam Commercial Bank.............. 1,860,000 948,405
------------
UNITED KINGDOM -- 9.9%
ARM Holdings PLC*................. 751,500 8,054,833
British Petroleum Co. PLC......... 548,000 5,259,738
Capita Group PLC.................. 352,800 8,636,403
CMG PLC........................... 413,200 5,862,117
Dialog Semiconductor PLC.......... 25,000 1,318,060
Logica PLC........................ 128,400 3,040,157
Marconi PLC....................... 607,400 7,908,016
Pace Micro Technology PLC......... 292,000 4,221,633
Shell Transport & Trading Co.
PLC............................. 1,345,700 11,235,389
Vodafone AirTouch PLC............. 2,589,812 10,468,243
WPP Group PLC..................... 617,338 9,018,714
------------
75,023,303
------------
TOTAL FOREIGN STOCK
(Cost $523,936,596)................. 680,899,926
------------
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 9.0%
Federal National Mortgage Assoc.
6.57%, 07/03/00
(Cost $68,117,128)................ $ 68,142 $ 68,117,128
------------
<CAPTION>
SHARES
------
<S> <C> <C>
U.S. STOCK -- 0.6%
INTERNET SERVICES -- 0.1%
Crayfish Co. Ltd.*................ 161,000 1,127,000
------------
OIL & GAS -- 0.3%
Gulf Indonesia Resources Ltd.*.... 216,000 1,728,000
------------
TELECOMMUNICATIONS -- 0.2%
360 Networks, Inc.*............... 91,000 1,387,750
------------
TOTAL U.S. STOCK
(Cost $10,795,050).................. 4,242,750
------------
TOTAL INVESTMENTS -- 99.7%
(Cost $602,848,774)................. 753,259,804
OTHER ASSETS LESS
LIABILITIES -- 0.3%................. 2,335,013
------------
NET ASSETS -- 100.0%.................. $755,594,817
============
</TABLE>
The following is a breakdown of the foreign stock portion of the Portfolio, by
industry classification, as of June 30, 2000. Percentages are based on net
assets.
<TABLE>
<CAPTION>
INDUSTRY
--------
<S> <C>
Advertising........................................ 1.2%
Automobile Manufacturers........................... 1.4%
Beverages.......................................... 0.6%
Broadcasting....................................... 5.4%
Building Materials................................. 0.4%
Business Services.................................. 9.0%
Chemicals.......................................... 0.3%
Computer Services & Software....................... 3.1%
Consumer Products & Services....................... 2.4%
Electronic Components & Equipment.................. 15.8%
Financial-Bank & Trust............................. 3.1%
Financial Services................................. 1.2%
Healthcare Services................................ 0.6%
Industrial Products................................ 1.6%
Insurance.......................................... 3.1%
Office Equipment................................... 0.6%
Oil & Gas.......................................... 4.5%
Paper & Forest Products............................ 0.1%
Pharmaceuticals.................................... 3.0%
Retail & Merchandising............................. 1.5%
Semiconductors..................................... 6.8%
Telecommunications................................. 24.4%
----
Total.............................................. 90.1%
====
</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.
2
<PAGE> 4
AST ALLIANCE GROWTH AND INCOME PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 97.8%
AEROSPACE -- 1.3%
Honeywell International,
Inc. ........................ 550,000 $ 18,528,125
--------------
AIRLINES -- 2.3%
Continental Airlines, Inc.
Cl-B*........................ 250,000 11,749,999
Delta Air Lines, Inc. ......... 225,000 11,376,563
UAL Corp. ..................... 175,000 10,182,813
--------------
33,309,375
--------------
BEVERAGES -- 2.5%
Pepsi Bottling Group, Inc. .... 1,250,000 36,484,375
--------------
BROADCASTING -- 1.0%
Clear Channel Communications,
Inc.*........................ 200,000 15,000,000
--------------
BUILDING MATERIALS -- 1.7%
Masco Corp. ................... 900,000 16,256,250
U.S. Industries, Inc. ......... 700,000 8,487,500
--------------
24,743,750
--------------
BUSINESS SERVICES -- 3.9%
First Data Corp. .............. 1,150,000 57,068,750
--------------
CHEMICALS -- 3.6%
Dow Chemical Co. .............. 675,000 20,376,563
Eastman Chemical Co. .......... 225,000 10,743,750
Lyondell Chemical Co. ......... 500,000 8,375,000
Solutia, Inc. ................. 1,000,000 13,750,000
--------------
53,245,313
--------------
CLOTHING & APPAREL -- 0.6%
Limited, Inc. ................. 400,000 8,650,000
--------------
COMPUTER HARDWARE -- 2.2%
Compaq Computer Corp. ......... 650,000 16,615,625
Gateway, Inc.*................. 275,000 15,606,250
--------------
32,221,875
--------------
COMPUTER SERVICES & SOFTWARE -- 2.5%
Computer Sciences Corp.*....... 211,300 15,781,469
Electronic Data Systems
Corp. ....................... 500,000 20,624,999
Unisys Corp.*.................. 1 15
--------------
36,406,483
--------------
CONGLOMERATES -- 10.0%
Philip Morris Companies,
Inc. ........................ 1,200,000 31,875,000
Tyco International Ltd. ....... 1,250,000 59,218,749
United Technologies Corp. ..... 1,000,000 58,875,000
--------------
149,968,749
--------------
ELECTRONIC COMPONENTS &
EQUIPMENT -- 1.5%
Solectron Corp.*............... 275,000 11,515,625
Texas Instruments, Inc. ....... 150,000 10,303,125
--------------
21,818,750
--------------
ENERGY SERVICES -- 0.8%
Dynegy, Inc. .................. 175,000 11,954,688
--------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ENTERTAINMENT & LEISURE -- 3.4%
Mattel, Inc. .................. 600,000 $ 7,912,500
Royal Caribbean Cruises
Ltd. ........................ 400,000 7,400,000
Time Warner, Inc. ............. 280,976 21,354,176
Viacom, Inc. Cl-B*............. 200,000 13,637,500
--------------
50,304,176
--------------
FINANCIAL-BANK & TRUST -- 7.8%
Bank of America Corp. ......... 1,000,000 43,000,000
Bank One Corp. ................ 600,000 15,937,500
Chase Manhattan Corp. ......... 1,250,000 57,578,125
--------------
116,515,625
--------------
FINANCIAL SERVICES -- 8.2%
Associates First Capital Corp.
Cl-A......................... 1,650,000 36,815,625
CIT Group...................... 500,000 8,125,000
Fleet Financial Group, Inc. ... 250,000 8,500,000
Household International,
Inc. ........................ 1,150,000 47,796,875
Morgan Stanley Dean Witter &
Co. ......................... 125,000 10,406,250
Wells Fargo & Co. ............. 275,000 10,656,250
--------------
122,300,000
--------------
FOOD -- 4.7%
Archer Daniels Midland Co. .... 400,000 3,925,000
Kroger Co.*.................... 3,000,000 66,187,500
--------------
70,112,500
--------------
HEALTHCARE SERVICES -- 4.8%
HCA - The Healthcare Corp. .... 300,000 9,112,500
Tenet Healthcare Corp. ........ 2,000,000 54,000,000
United HealthGroup, Inc. ...... 100,000 8,575,000
--------------
71,687,500
--------------
INSURANCE -- 2.4%
Ace Ltd. ...................... 850,000 23,800,000
MGIC Investment Corp. ......... 250,000 11,375,000
--------------
35,175,000
--------------
MEDICAL SUPPLIES & EQUIPMENT -- 1.7%
Abbott Laboratories............ 550,000 24,509,375
--------------
METALS & MINING -- 1.5%
Alcoa, Inc. ................... 750,000 21,750,000
--------------
OIL & GAS -- 8.3%
BP Amoco PLC [ADR]............. 400,000 22,625,000
Coastal Corp. ................. 150,000 9,131,250
Exxon Mobil Corp. ............. 175,000 13,748,438
Kerr-McGee Corp. .............. 400,000 23,575,000
Repsol SA [ADR]................ 500,000 9,906,250
Total Fina Elf SA [ADR]........ 125,000 9,625,000
Transocean Sedco Forex,
Inc. ........................ 200,000 10,687,500
USX-Marathon Group, Inc. ...... 1,000,000 25,062,500
--------------
124,360,938
--------------
PAPER & FOREST PRODUCTS -- 0.6%
International Paper Co. ....... 300,000 8,943,750
--------------
</TABLE>
3
<PAGE> 5
AST ALLIANCE GROWTH AND INCOME PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PHARMACEUTICALS -- 4.8%
Pharmacia Corp. ............... 700,000 $ 36,181,250
Schering-Plough Corp........... 700,000 35,350,000
--------------
71,531,250
--------------
PRINTING & PUBLISHING -- 2.8%
Belo, (A.H.) Corp. Cl-A........ 700,000 12,118,750
Gannett Co., Inc............... 500,000 29,906,250
--------------
42,025,000
--------------
RAILROADS -- 1.0%
Burlington Northern
Santa Fe Corp. .............. 300,000 6,881,250
Union Pacific Corp............. 200,000 7,437,500
--------------
14,318,750
--------------
RETAIL & MERCHANDISING -- 0.9%
Circuit City Stores, Inc....... 400,000 13,275,000
--------------
SEMICONDUCTORS -- 1.7%
Atmel Corp.*................... 150,000 5,531,250
Fairchild Semiconductor
Corp.*....................... 250,000 10,125,000
Micron Technology, Inc.*....... 100,000 8,806,250
--------------
24,462,500
--------------
TELECOMMUNICATIONS -- 7.3%
AT&T Corp...................... 660,000 20,872,500
Bell Atlantic Corp.*........... 200,000 10,162,500
Comcast Corp. Cl-A*............ 500,000 20,250,000
SBC Communications, Inc........ 225,000 9,731,250
Sprint Corp. (FON Group)....... 650,000 33,150,000
WorldCom, Inc.*................ 300,000 13,762,500
--------------
107,928,750
--------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TRANSPORTATION -- 0.5%
United Parcel Service, Inc.
Cl-B......................... 125,000 $ 7,375,000
--------------
UTILITIES -- 1.5%
AES Corp.*..................... 250,000 11,406,250
Duke Energy Corp............... 200,000 11,275,000
--------------
22,681,250
--------------
TOTAL COMMON STOCK
(Cost $1,416,896,148)............ 1,448,656,597
--------------
SHORT-TERM INVESTMENTS -- 1.6%
Temporary Investment Cash
Fund......................... 11,638,089 11,638,089
Temporary Investment Fund...... 11,638,088 11,638,088
--------------
(Cost $23,276,177)............. 23,276,177
--------------
TOTAL INVESTMENTS -- 99.4%
(Cost $1,440,172,325)............ 1,471,932,774
OTHER ASSETS LESS
LIABILITIES -- 0.6%.............. 8,316,360
--------------
NET ASSETS -- 100.0%............... $1,480,249,134
==============
</TABLE>
--------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
4
<PAGE> 6
AST JANCAP GROWTH PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 91.7%
ADVERTISING -- 1.3%
DoubleClick, Inc.*............. 2,002,005 $ 76,326,441
--------------
AEROSPACE -- 1.6%
General Motors Corp. Cl-H*..... 1,094,835 96,071,771
--------------
BEVERAGES -- 1.4%
Coca-Cola Co. ................. 1,481,805 85,111,175
--------------
COMPUTER HARDWARE -- 7.9%
Apple Computer, Inc.*.......... 4,506,470 236,026,367
Dell Computer Corp.*........... 1,539,515 75,917,333
EMC Corp.*..................... 1,949,840 150,015,815
Handspring, Inc.*.............. 213,115 5,754,105
--------------
467,713,620
--------------
COMPUTER SERVICES & SOFTWARE -- 22.4%
3Com Corp.*.................... 2,352,325 135,552,728
Cisco Systems, Inc.*........... 7,209,080 458,227,148
Inktomi Corp.*................. 659,280 77,959,860
Intuit, Inc.*.................. 1,364,028 56,436,659
Microsoft Corp.*............... 1,305,140 104,411,200
Veritas Software Corp.*........ 4,332,408 489,629,797
--------------
1,322,217,392
--------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 12.3%
General Electric Co. .......... 4,225,425 215,496,675
Metromedia Fiber Network, Inc.
Cl-A*........................ 1,791,610 71,104,522
Texas Instruments, Inc. ....... 6,402,380 439,763,476
--------------
726,364,673
--------------
ENTERTAINMENT & LEISURE -- 4.5%
Time Warner, Inc. ............. 3,535,195 268,674,820
--------------
FINANCIAL SERVICES -- 3.9%
Schwab, (Charles) Corp. ....... 6,910,516 232,366,101
--------------
INSURANCE -- 2.1%
American International Group,
Inc. ........................ 1,054,320 123,882,600
--------------
INTERNET SERVICES -- 7.3%
America Online, Inc.*.......... 6,213,010 327,736,277
Yahoo!, Inc.*.................. 834,345 103,354,487
--------------
431,090,764
--------------
PHARMACEUTICALS -- 2.1%
Pfizer, Inc. .................. 2,529,245 121,403,760
--------------
RETAIL & MERCHANDISING -- 2.0%
Home Depot, Inc. .............. 2,340,220 116,864,736
--------------
TELECOMMUNICATIONS -- 22.9%
EchoStar Communications Corp.
Cl-A*........................ 901,640 29,852,737
Level 3 Communications,
Inc.*........................ 1,397,310 122,963,280
Nextel Communications, Inc.
Cl-A*........................ 1,804,525 110,414,373
Nokia Corp. Cl-A [ADR]......... 10,081,440 503,441,911
Nortel Networks Corp. NY
Reg.*........................ 1,490,220 101,707,515
Sprint Corp. (PCS Group)*...... 4,742,070 282,153,165
Telefonos de Mexico SA Cl-L
[ADR]........................ 791,555 45,217,579
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
Vodafone AirTouch PLC [ADR].... 3,148,050 $ 130,447,322
WinStar Communications,
Inc.*........................ 625,350 21,183,731
--------------
1,347,381,613
--------------
TOTAL COMMON STOCK
(Cost $2,875,881,767)............ 5,415,469,466
--------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 2.5%
Federal Home Loan Bank 6.04%,
10/16/00..................... $ 25,000 24,526,025
6.27%, 07/31/00.............. 50,000 49,738,750
--------------
74,264,775
--------------
Federal National Mortgage
Assoc. 6.41%, 08/21/00....... 50,000 49,545,958
6.44%, 07/28/00.............. 25,000 24,879,250
--------------
74,425,208
--------------
(Cost $148,715,153)............ 148,689,983
--------------
CORPORATE OBLIGATIONS -- 1.8%
ENTERTAINMENT & LEISURE -- 0.8%
Venetian Casino Resort LLC
12.25%, 11/15/04............. 49,725 50,470,874
--------------
RETAIL & MERCHANDISING -- 0.6%
Amazon.com, Inc.
4.75%, 02/01/09.............. 51,851 32,795,758
--------------
TELECOMMUNICATIONS -- 0.4%
Lenfest Communications, Inc.
7.625%, 02/15/08............. 11,295 11,026,744
8.25%, 02/15/08.............. 12,480 12,402,000
--------------
23,428,744
--------------
TOTAL CORPORATE OBLIGATIONS
(Cost $125,956,451).............. 106,695,376
--------------
<CAPTION>
SHARES
------
<S> <C> <C>
FOREIGN STOCK -- 1.0%
SEMICONDUCTORS -- 0.1%
Infineon Technologies
AG -- (DEM)*................. 97,820 8,007,887
--------------
TELECOMMUNICATIONS -- 0.9%
Vodafone AirTouch
PLC -- (GBP)................. 12,548,193 50,720,877
--------------
TOTAL FOREIGN STOCK
(Cost $65,758,884)................. 58,728,764
--------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
COMMERCIAL PAPER -- 3.0%
Associates Corp. of North
America
6.85%, 07/03/00
(Cost $179,131,804)............ $ 179,200 179,131,804
--------------
</TABLE>
5
<PAGE> 7
AST JANCAP GROWTH PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.0%
Temporary Investment Cash
Fund......................... 46,620 $ 46,620
Temporary Investment Fund...... 46,619 46,619
--------------
(Cost $93,239)................. 93,239
--------------
TOTAL INVESTMENTS -- 100.0%
(Cost $3,395,537,298).......... 5,908,808,632
LIABILITIES IN EXCESS OF OTHER
ASSETS -- 0.0%................... (2,845,708)
--------------
NET ASSETS -- 100.0%............... $5,905,962,924
==============
</TABLE>
--------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
6
<PAGE> 8
AST MONEY MARKET PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
CORPORATE OBLIGATIONS -- 41.7%
FINANCIAL-BANK & TRUST -- 23.9%
Bank of America NA
6.75%, 08/15/00.............. $ 18,500 $ 18,516,350
6.65%, 09/06/00 [FRN]++...... 75,000 74,993,014
Bank of Austria [FRN]
6.45%, 07/16/00++............ 60,000 59,981,543
Bank of Scotland [FRN] 144A
6.079%, 09/06/00++........... 76,000 75,996,136
Citibank NA
7.41%, 05/30/01.............. 25,500 25,500,000
Comerica Bank [FRN]
6.564%, 07/14/00++........... 20,000 19,992,987
First Union National Bank [FRN]
6.17%, 08/16/00++............ 32,000 32,000,000
6.792%, 09/15/00++........... 31,000 30,998,159
Fleet Financial Group [FRN]
6.343%, 07/13/00++........... 36,500 36,450,069
National City Bank [FRN]
6.633%, 07/04/00++........... 11,000 11,000,000
SouthTrust Bank NA [FRN]
6.606%, 07/24/00++........... 39,000 38,996,476
US Bank of Minnesota NA [FRN]
6.17%, 07/04/00++............ 18,000 17,994,088
--------------
442,418,822
--------------
FINANCIAL SERVICES -- 12.1%
CIT Group, Inc. [FRN]
6.75%, 07/05/00++............ 24,500 24,497,129
6.16%, 07/19/00++............ 30,000 29,989,503
6.10%, 08/15/00++............ 17,000 16,990,653
Citigroup, Inc. [FRN]
6.622%, 07/04/00++........... 28,000 28,000,000
General Electric Capital Corp.
[FRN]
6.221%, 07/07/00++........... 75,000 75,000,000
PNC Financial Services Group,
Inc. [FRN]
6.445%, 07/01/00++........... 50,000 49,999,264
--------------
224,476,549
--------------
INDUSTRIAL -- 3.5%
Diageo Capital PLC [FRN]
6.815%, 08/24/00++........... 65,000 64,993,862
--------------
TELECOMMUNICATIONS -- 2.2%
AT&T Corp. [FRN] 144A
6.25%, 07/13/00++............ 40,000 39,960,186
--------------
TOTAL CORPORATE OBLIGATIONS
(Cost $771,849,419).............. 771,849,419
--------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
CERTIFICATES OF DEPOSIT -- 25.2%
Abbey National Treasury
6.47%, 01/10/01.............. $ 31,500 $ 31,492,081
Bayerische Landesbank NY
6.576%, 07/17/00 [FRN]++..... 7,000 6,997,285
5.875%, 08/04/00............. 20,000 19,999,465
6.11%, 10/02/00.............. 50,000 49,977,735
Canadian Imperial Corp.
7.45%, 06/02/01.............. 25,000 24,993,458
Commerzbank AG NY
6.601%, 07/26/00 [FRN]++..... 25,000 24,995,986
6.585%, 07/28/00............. 47,000 46,984,739
Credit Commercial de Belgium
6.70%, 02/26/01.............. 29,000 28,990,956
Deutsche Bank
6.555%, 07/16/00 [FRN]++..... 31,000 30,989,918
6.19%, 12/01/00.............. 40,000 39,988,812
Landesbank Hessen - Thueringen
7.142%, 05/08/01............. 25,000 24,998,491
Rabobank Nederland NV
6.66%, 03/09/01.............. 9,000 8,997,062
Suntrust Bank Atlanta
6.24%, 07/06/00.............. 25,000 25,000,000
Union Bank of Switzerland
6.235%, 12/04/00............. 40,000 39,987,786
6.39%, 12/21/00.............. 30,000 29,993,235
Westdeutsche Landesbank NY
[FRN]
6.571%, 07/25/00++........... 30,000 29,944,908
--------------
(Cost $464,331,917)............ 464,331,917
--------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 6.7%
Federal Farm Credit Bank
6.57%, 07/03/00.............. 42,047 42,031,653
--------------
Federal Home Loan Bank
6.13%, 07/05/00 [FRN]++...... 25,000 24,995,537
6.48%, 07/03/00 - 07/07/00... 35,753 35,714,929
--------------
60,710,466
--------------
Student Loan Marketing Assoc.
6.20%, 07/03/00.............. 20,203 20,196,041
--------------
(Cost $122,938,160)............ 122,938,160
--------------
SOVEREIGN ISSUES -- 1.9%
Province of Manitoba
9.50%, 10/01/00
(Cost $34,728,653)............. 34,500 34,728,653
--------------
</TABLE>
7
<PAGE> 9
AST MONEY MARKET PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
z~
COMMERCIAL PAPER -- 24.3%
FINANCIAL SERVICES -- 4.6%
American Express Credit Corp.
6.88%, 07/03/00.............. $ 10,806 $ 10,801,870
6.54%, 07/06/00.............. 75,000 74,931,875
--------------
85,733,745
--------------
FOOD -- 1.6%
Nestle Co.
6.50%, 07/03/00.............. 30,000 29,989,167
--------------
INDUSTRIAL -- 3.3%
Ford Motor Co.
6.65%, 07/05/00.............. 60,000 59,955,667
--------------
REAL ESTATE -- 4.0%
HD Real Estate Funding+
6.80%, 11/21/00.............. 75,000 72,974,167
--------------
TELECOMMUNICATIONS -- 10.3%
AT&T Corp.
6.366%, 07/08/00............. 25,000 24,996,673
CDC Corp.
6.65%, 08/24/00.............. 75,000 74,251,875
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
SBC Communications, Inc.+
6.56%, 07/20/00.............. $ 45,410 $ 45,252,780
6.63%, 08/17/00.............. 5,200 5,154,990
6.65%, 09/01/00.............. 24,612 24,330,124
6.68%, 09/01/00.............. 15,000 14,827,433
--------------
188,813,875
--------------
UTILITIES -- 0.5%
Wisconsin Energy Corp.+
6.60%, 08/03/00.............. 10,000 9,939,500
--------------
TOTAL COMMERCIAL PAPER
(Cost $447,406,121).............. 447,406,121
--------------
TOTAL INVESTMENTS -- 99.8%
(Cost $1,841,254,270)............ 1,841,254,270
OTHER ASSETS LESS
LIABILITIES -- 0.2%.............. 3,141,865
--------------
NET ASSETS -- 100.0%............... $1,844,396,135
==============
</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
9.4% of net assets.
++ Maturity date reflects the next interest rate change date.
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 6.3% of net assets.
See Notes to Financial Statements.
8
<PAGE> 10
AST NEUBERGER BERMAN MID-CAP VALUE PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 100.4%
AEROSPACE -- 2.7%
General Dynamics Corp............. 246,000 $ 12,853,500
General Motors Corp. Cl-H*........ 62,900 5,519,475
------------
18,372,975
------------
AIRLINES -- 2.2%
Continental Airlines, Inc.
Cl-B*........................... 185,000 8,695,000
Southwest Airlines Co............. 345,600 6,544,800
------------
15,239,800
------------
AUTOMOTIVE PARTS -- 2.3%
Eaton Corp. ...................... 106,800 7,155,600
Lear Corp.*....................... 410,100 8,202,000
------------
15,357,600
------------
BROADCASTING -- 1.7%
Emmis Communications Corp. Cl-A*.. 79,200 3,276,900
Scripps, (E.W.) Co. Cl-A.......... 170,900 8,416,825
------------
11,693,725
------------
BUSINESS SERVICES -- 3.2%
ChoicePoint, Inc.*................ 188,200 7,880,875
Comdisco, Inc..................... 253,500 5,656,219
Iron Mountain, Inc.*.............. 240,100 7,878,281
------------
21,415,375
------------
CAPITAL GOODS -- 3.0%
American Standard Companies,
Inc.*........................... 192,200 7,880,200
SPX Corp.*........................ 101,700 12,299,344
------------
20,179,544
------------
CHEMICALS -- 3.1%
Engelhard Corp.................... 327,700 5,591,381
FMC Corp.*........................ 141,800 8,224,400
Praxair, Inc. .................... 194,100 7,266,619
------------
21,082,400
------------
CLOTHING & APPAREL -- 0.5%
AnnTaylor Stores Corp.*........... 96,200 3,186,625
------------
COMPUTER HARDWARE -- 2.9%
Apple Computer, Inc.*............. 87,000 4,556,625
Gateway, Inc.*.................... 109,900 6,236,825
Insight Enterprises, Inc.*........ 146,000 8,659,625
------------
19,453,075
------------
COMPUTER SERVICES & SOFTWARE -- 3.4%
Ceridian Corp.*................... 285,300 6,865,031
Compuware Corp.*.................. 359,900 3,733,963
Fiserv, Inc.*..................... 76,300 3,299,975
Intuit, Inc.*..................... 88,800 3,674,100
Storage Networks, Inc.*........... 1,100 99,275
SunGard Data Systems, Inc.*....... 174,800 5,418,800
------------
23,091,144
------------
CONSUMER PRODUCTS & SERVICES -- 0.6%
Energizer Holdings, Inc.*......... 228,400 4,168,300
------------
CONTAINERS & PACKAGING -- 1.0%
Sealed Air Corp.*................. 132,900 6,960,638
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRONIC COMPONENTS & EQUIPMENT -- 1.3%
Flextronics International Ltd.*... 70,400 $ 4,835,600
Gemstar International Group
Ltd.*........................... 67,900 4,172,667
------------
9,008,267
------------
ENERGY SERVICES -- 1.2%
Dynegy, Inc....................... 114,100 7,794,456
------------
FINANCIAL-BANK & TRUST -- 2.0%
M&T Bank Corp. ................... 16,200 7,290,000
Valley National Bancorp........... 242,970 5,937,579
------------
13,227,579
------------
FINANCIAL SERVICES -- 10.5%
AMBAC Financial Group, Inc........ 160,100 8,775,481
Bear Stearns Companies, Inc. ..... 133,200 5,544,450
Countrywide Credit Industries,
Inc. ........................... 293,300 8,890,656
Dun & Bradstreet Corp............. 327,800 9,383,275
Franklin Resources, Inc........... 228,100 6,928,538
Household International, Inc...... 223,000 9,268,438
Providian Financial Corp.......... 96,700 8,703,000
SLM Holding Corp. ................ 370,000 13,851,873
------------
71,345,711
------------
FOOD -- 3.8%
Hershey Foods Corp................ 156,300 7,609,856
Kroger Co.*....................... 447,000 9,861,938
Nabisco Holdings Corp. ........... 158,000 8,295,000
------------
25,766,794
------------
HEALTHCARE SERVICES -- 4.2%
Healthsouth Corp.*................ 948,000 6,813,750
Tenet Healthcare Corp. ........... 463,400 12,511,800
Wellpoint Health Networks,
Inc.*........................... 123,700 8,960,519
------------
28,286,069
------------
HOTELS & MOTELS -- 2.0%
Starwood Hotels & Resorts
Worldwide, Inc. [REIT].......... 428,900 13,858,831
------------
INDUSTRIAL PRODUCTS -- 1.0%
Crane Co.......................... 267,800 6,510,888
------------
INSURANCE -- 10.9%
Ace Ltd........................... 456,400 12,779,199
AON Corp.......................... 296,000 9,194,500
John Hancock Financial Services,
Inc.*........................... 90,900 2,153,194
MetLife, Inc.*.................... 823,700 17,349,180
Nationwide Financial Services,
Inc. ........................... 364,900 11,996,088
UNUM Corp......................... 436,200 8,751,263
Xl Capital Ltd.................... 219,400 11,875,025
------------
74,098,449
------------
MACHINERY & EQUIPMENT -- 1.8%
Danaher Corp...................... 124,900 6,174,743
Pall Corp......................... 315,300 5,951,288
------------
12,126,031
------------
</TABLE>
9
<PAGE> 11
AST NEUBERGER BERMAN MID-CAP VALUE PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
MEDICAL SUPPLIES & EQUIPMENT -- 6.0%
Bard, (C.R.), Inc. ............... 205,700 $ 9,899,312
Becton Dickinson & Co. ........... 197,000 5,651,438
Charles River Laboratories
International, Inc.*............ 159,800 3,545,563
Genzyme Corp.*.................... 251,400 14,942,587
St. Jude Medical, Inc.*........... 149,800 6,872,074
------------
40,910,974
------------
METALS & MINING -- 1.1%
Homestake Mining Co. ............. 1,107,100 7,611,313
------------
OIL & GAS -- 9.9%
Anadarko Petroleum Corp. ......... 189,500 9,344,718
Apache Corp. ..................... 134,700 7,922,044
Coastal Corp. .................... 140,400 8,546,850
Kinder Morgan, Inc. .............. 168,600 5,827,238
Noble Drilling Corp.*............. 108,500 4,468,844
Santa Fe International Corp. ..... 148,300 5,181,231
Transocean Sedco Forex, Inc. ..... 171,000 9,137,812
USX-Marathon Group, Inc. ......... 308,100 7,721,756
Williams Companies, Inc. ......... 211,600 8,821,075
------------
66,971,568
------------
PAPER & FOREST PRODUCTS -- 0.8%
Bowater, Inc. .................... 115,400 5,092,025
------------
PHARMACEUTICALS -- 0.7%
Waters Corp.*..................... 35,900 4,480,769
------------
PRINTING & PUBLISHING -- 2.0%
Belo, (A.H.) Corp. Cl-A........... 796,700 13,792,869
------------
RAILROADS -- 1.5%
Kansas City Southern Industries,
Inc. ........................... 115,400 10,234,538
------------
REAL ESTATE -- 5.8%
Boston Properties, Inc. [REIT].... 281,000 10,730,687
Indymac Mortgage Holdings, Inc.
[REIT].......................... 735,900 9,980,644
Spieker Properties, Inc. [REIT]... 189,700 8,963,325
Vornado Realty Trust [REIT]....... 281,000 9,764,750
------------
39,439,406
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RETAIL & MERCHANDISING -- 1.3%
Consolidated Stores Corp.*........ 414,100 $ 5,357,419
Tiffany & Co. .................... 53,900 3,638,250
------------
8,995,669
------------
TELECOMMUNICATIONS -- 2.6%
American Tower Corp. Cl-A*........ 229,300 9,558,944
Exfo Electro-Optical Engineering,
Inc.*........................... 700 30,714
Loral Space & Communications
Ltd.*........................... 1,172,100 8,131,444
------------
17,721,102
------------
UTILITIES -- 3.4%
AES Corp.*........................ 296,000 13,505,000
Unicom Corp. ..................... 252,600 9,772,463
------------
23,277,463
------------
TOTAL COMMON STOCK
(Cost $652,086,001)................. 680,751,972
------------
SHORT-TERM INVESTMENTS -- 0.4%
Temporary Investment Cash Fund.... 1,290,838 1,290,838
Temporary Investment Fund......... 1,290,838 1,290,838
------------
(Cost $2,581,676)................. 2,581,676
------------
TOTAL INVESTMENTS -- 100.8%
(Cost $654,667,677)................. 683,333,648
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (0.8%).................... (5,586,726)
------------
NET ASSETS -- 100.0%.................. $677,746,922
============
</TABLE>
--------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
10
<PAGE> 12
AST AIM BALANCED PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 48.2%
ADVERTISING -- 0.8%
Lamar Advertising Co.*............. 62,800 $ 2,720,025
Omnicom Group, Inc. ............... 25,300 2,253,281
------------
4,973,306
------------
AEROSPACE -- 0.5%
General Motors Corp. Cl-H*......... 30,700 2,693,925
------------
AUTOMOBILE MANUFACTURERS -- 0.2%
Ford Motor Co. .................... 28,900 1,242,700
------------
AUTOMOTIVE PARTS -- 0.0%
Visteon Corp.*..................... 3,784 45,881
------------
BROADCASTING -- 1.8%
Clear Channel Communications,
Inc.*............................ 41,100 3,082,500
Grupo Televisa SA [GDR]*........... 24,000 1,654,500
Hispanic Broadcasting Corp.*....... 72,600 2,404,875
Infinity Broadcasting Corp.*....... 85,250 3,106,297
UIH Australia Pacific, Inc.
Warrants 144A*................... 50 1,500
UnitedGlobalCom, Inc. Cl-A*........ 11,000 514,250
------------
10,763,922
------------
BUSINESS SERVICES -- 0.3%
Foundry Networks, Inc.*............ 10,600 1,171,300
Maximus, Inc.*..................... 31,300 692,513
------------
1,863,813
------------
COMPUTER HARDWARE -- 1.7%
EMC Corp.*......................... 96,600 7,432,163
Immersion Corp.*................... 29,000 870,000
International Business Machines
Corp. ........................... 16,128 1,767,024
------------
10,069,187
------------
COMPUTER SERVICES & SOFTWARE -- 7.9%
BEA Systems, Inc.*................. 59,900 2,961,306
Brocade Communications Systems,
Inc.*............................ 25,300 4,642,154
Cisco Systems, Inc.*............... 116,000 7,373,249
DST Systems, Inc.*................. 16,900 1,286,513
InfoSpace.com, Inc.*............... 115,600 6,386,899
ISS Group, Inc.*................... 34,200 3,376,716
MarchFirst, Inc.*.................. 69,200 1,262,900
Microsoft Corp.*................... 37,500 3,000,000
Oracle Corp.*...................... 32,200 2,706,813
Phone.com, Inc.*................... 40,700 2,650,588
Redback Networks, Inc.*............ 19,200 3,417,600
Sun Microsystems, Inc.*............ 69,000 6,274,687
Veritas Software Corp.*............ 9,650 1,090,601
------------
46,430,026
------------
CONGLOMERATES -- 0.9%
Corning, Inc. ..................... 11,000 2,968,625
Tyco International Ltd. ........... 45,400 2,150,825
------------
5,119,450
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CONSUMER PRODUCTS & SERVICES -- 0.4%
Critical Path, Inc.*............... 38,300 $ 2,233,369
Hedstrom Holdings, Inc. Warrants
144A*............................ 303 9
------------
2,233,378
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 1.7%
Analog Devices, Inc.*.............. 60,800 4,620,800
Comverse Technology, Inc.*......... 24,300 2,259,900
General Electric Co. .............. 60,600 3,090,600
------------
9,971,300
------------
ENTERTAINMENT & LEISURE -- 1.1%
Club Regina Resorts, Inc.
Warrants*........................ 20 20
Time Warner, Inc................... 26,800 2,036,800
Viacom, Inc. Cl-B*................. 64,015 4,365,023
------------
6,401,843
------------
EQUIPMENT SERVICES -- 0.9%
Quanta Services, Inc.*............. 94,500 5,197,500
------------
FINANCIAL-BANK & TRUST -- 0.6%
Chase Manhattan Corp. ............. 71,100 3,275,044
------------
FINANCIAL SERVICES -- 2.8%
American Express Co. .............. 35,955 1,874,154
AXA Financial, Inc. ............... 50,000 1,700,000
Citigroup, Inc. ................... 41,700 2,512,425
Merrill Lynch & Co., Inc. ......... 31,700 3,645,500
Morgan Stanley Dean Witter &
Co. ............................. 46,800 3,896,100
Schwab, (Charles) Corp. ........... 89,100 2,995,988
------------
16,624,167
------------
FOOD -- 0.3%
Safeway, Inc.*..................... 43,000 1,940,375
------------
INSURANCE -- 1.1%
American International Group,
Inc. ............................ 27,500 3,231,250
AXA [ADR].......................... 20,000 1,591,250
MGIC Investment Corp. ............. 33,200 1,510,600
------------
6,333,100
------------
INTERNET SERVICES -- 2.0%
America Online, Inc.*.............. 79,200 4,177,800
Juniper Networks, Inc.*............ 26,600 3,871,963
PSINet, Inc.*...................... 22,000 552,750
VeriSign, Inc.*.................... 16,700 2,947,550
------------
11,550,063
------------
MEDICAL SUPPLIES & EQUIPMENT -- 2.6%
Baxter International, Inc. ........ 46,600 3,276,563
Forest Laboratories, Inc.*......... 25,500 2,575,500
Genzyme Corp.*..................... 67,100 3,988,256
Guidant Corp.*..................... 35,000 1,732,500
Medtronic, Inc..................... 76,300 3,800,694
------------
15,373,513
------------
OIL & GAS -- 1.2%
Apache Corp. ...................... 16,500 970,406
Exxon Mobil Corp................... 15,762 1,238,302
Kerr-McGee Corp. .................. 38,700 2,280,881
</TABLE>
11
<PAGE> 13
AST AIM BALANCED PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TCR Holding Corp. Cl-B*............ 2,898 $ 29
Williams Companies, Inc............ 58,300 2,430,382
------------
6,920,000
------------
PHARMACEUTICALS -- 2.3%
American Home Products Corp. ...... 55,500 3,260,625
Merck & Co., Inc. ................. 40,000 3,065,000
Pfizer, Inc. ...................... 156,475 7,510,800
------------
13,836,425
------------
RETAIL & MERCHANDISING -- 1.6%
Amazon.com, Inc.*.................. 18,100 657,256
Bed, Bath & Beyond, Inc.*.......... 61,200 2,218,500
Home Depot, Inc. .................. 48,400 2,416,975
Linens 'n Things, Inc.*............ 48,700 1,320,988
Target Corp. ...................... 54,000 3,132,000
------------
9,745,719
------------
SEMICONDUCTORS -- 4.1%
Applied Materials, Inc.*........... 39,600 3,588,750
Intel Corp......................... 36,900 4,933,068
JDS Uniphase Corp.*................ 21,000 2,517,375
Microchip Technology, Inc.*........ 32,850 1,914,026
SDL, Inc.*......................... 28,000 7,985,249
Vitesse Semiconductor Corp.*....... 45,900 3,376,519
------------
24,314,987
------------
TELECOMMUNICATIONS -- 10.4%
360 Networks, Inc.*................ 103,800 1,582,950
AT&T Canada, Inc. NY Reg.*......... 57,000 1,891,688
Bell Atlantic Corp.*............... 33,725 1,713,652
Birch Telecommunications
Warrants*........................ 10 550
BroadWing, Inc..................... 78,642 2,039,777
Cellnet Data System Warrants
144A*............................ 95 1
Comcast Corp. Cl-A*................ 49,000 1,984,500
Copper Mountain Networks, Inc.*.... 22,000 1,938,750
Global Crossing Ltd.*.............. 62,200 1,636,638
Korea Telecom Corp. [ADR].......... 29,659 1,434,754
Level 3 Communications, Inc.*...... 21,600 1,900,800
Lucent Technologies, Inc........... 74,500 4,414,124
McLeodUSA, Inc. Cl-A*.............. 155,800 3,223,113
Nextel International, Inc.*........ 4 0
NEXTLINK Communications, Inc.
Cl-A*............................ 88,000 3,338,500
Nokia Corp. Cl-A [ADR]............. 94,600 4,724,087
Nortel Networks Corp. NY Reg.*..... 49,700 3,392,024
Pathnet, Inc. Warrants 144A*....... 30 304
Powertel, Inc.*.................... 44 3,121
Qwest Communications International,
Inc.*............................ 105,000 5,217,187
SBC Communications, Inc. .......... 39,618 1,713,479
Sycamore Networks, Inc.*........... 41,000 4,525,374
Time Warner Telecom, Inc. Cl-A*.... 51,600 3,321,750
Univision Communications, Inc.*.... 48,700 5,040,449
Western Wireless Corp. Cl-A*....... 39,600 2,158,200
Williams Communications Group,
Inc.*............................ 52,900 1,755,619
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
WinStar Communications, Inc.*...... 2,467 $ 83,570
WorldCom, Inc.*.................... 50,100 2,298,338
------------
61,333,299
------------
UTILITIES -- 1.0%
AES Corp.*......................... 67,600 3,084,250
Enron Corp. ....................... 47,000 3,031,500
------------
6,115,750
------------
TOTAL COMMON STOCK
(Cost $203,046,961).................. 284,368,673
------------
<CAPTION>
PAR
(000)
-------
<S> <C> <C>
CORPORATE OBLIGATIONS -- 32.3%
AEROSPACE -- 0.1%
Boeing Co.
6.625%, 02/15/38................. $ 580 499,763
AIRLINES -- 0.9%
AMR Corp.
10.00%, 04/15/21................. 650 665,404
Calair Capital Corp. LLC
8.125%, 04/01/08................. 90 81,675
Continental Airlines Series 981C
6.541%, 09/15/09................. 841 787,513
Delta Air Lines, Inc.
7.90%, 12/15/09.................. 1,000 944,038
9.00%, 05/15/16.................. 900 859,660
10.375%, 12/15/22................ 750 821,357
United Air Lines, Inc.
9.75%, 08/15/21.................. 1,200 1,164,557
------------
5,324,204
------------
AUTOMOBILE MANUFACTURERS -- 0.5%
DaimlerChrysler NA Holding Co.
7.40%, 01/20/05.................. 1,250 1,248,141
8.00%, 06/15/10.................. 900 917,069
Ford Motor Co.
6.625%, 10/01/28................. 1,200 1,015,883
------------
3,181,093
------------
BEVERAGES -- 0.3%
Seagram, (J.) & Sons Co.
9.65%, 08/15/18.................. 1,350 1,499,191
BROADCASTING -- 1.3%
Continental Cablevision, Inc.
9.50%, 08/01/13.................. 4,450 4,824,699
Cox Communications, Inc.
7.75%, 08/15/06.................. 1,000 996,321
Liberty Media Group
7.875%, 07/15/09................. 580 559,294
8.25%, 02/01/30.................. 1,400 1,288,910
------------
7,669,224
------------
</TABLE>
12
<PAGE> 14
AST AIM BALANCED PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
------- ------------
<S> <C> <C>
CABLE TELEVISION -- 1.4%
British Sky Broadcasting
8.20%, 07/15/09.................. $ 1,750 $ 1,644,480
Comcast Cable Communications, Inc.
8.50%, 05/01/27.................. 2,000 2,039,647
Cox Enterprises, Inc. 144A
8.00%, 02/15/07.................. 1,400 1,389,319
CSC Holdings, Inc.
7.875%, 12/15/07................. 1,425 1,382,083
Lenfest Communications, Inc.
8.375%, 11/01/05................. 1,500 1,533,750
------------
7,989,279
------------
CHEMICALS -- 0.2%
Airgas, Inc.
7.14%, 03/08/04.................. 1,200 1,094,568
------------
COMPUTER SERVICES & SOFTWARE -- 0.9%
Veritas Software Corp. [CVT]
1.856%, 08/13/06................. 1,600 5,042,000
------------
CONSTRUCTION -- 0.0%
American Architectural Co.
11.75%, 12/01/07................. 10 1,750
------------
CONSUMER PRODUCTS & SERVICES -- 0.2%
Procter & Gamble Co.
8.00%, 09/01/24.................. 1,000 1,070,917
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 0.7%
Candescent Technologies Corp. [CVT]
144A
7.00%, 05/01/03.................. 2,050 1,486,249
7.00%, 05/01/03.................. 500 362,500
CSC Holdings, Inc.
7.875%, 02/15/18................. 750 691,432
Israel Electric Corp. Ltd. 144A
7.75%, 03/01/09.................. 800 775,614
7.75%, 12/15/27.................. 1,000 876,509
------------
4,192,304
------------
ENTERTAINMENT & LEISURE -- 1.8%
News America Holdings Co.
9.25%, 02/01/13.................. 1,700 1,807,013
8.45%, 08/01/34.................. 2,000 2,023,144
Time Warner, Inc.
9.125%, 01/15/13................. 3,000 3,261,951
9.15%, 02/01/23.................. 3,000 3,297,525
------------
10,389,633
------------
ENVIRONMENTAL SERVICES -- 0.3%
Browning-Ferris Industries, Inc.
7.40%, 09/15/35.................. 1,500 1,047,273
Waste Management, Inc.
7.125%, 12/15/17................. 170 139,158
7.10%, 08/01/26.................. 925 870,071
------------
2,056,502
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
------- ------------
<S> <C> <C>
FINANCIAL-BANK & TRUST -- 4.6%
Bank of America Corp.
9.375%, 09/15/09................. $ 1,800 $ 1,959,620
Bank of Tokyo-Mitsubishi
8.40%, 04/15/10.................. 270 273,039
Banponce Trust I
8.327%, 02/01/27................. 1,635 1,379,636
BB&T Corp.
6.375%, 06/30/05................. 1,100 1,044,805
Dime Capital, Inc. Cl-A
9.33%, 05/06/27.................. 1,500 1,282,929
First Union Corp.
7.50%, 04/15/35.................. 3,000 2,996,880
6.55%, 10/15/35.................. 1,840 1,753,816
GreenPoint Capital Corp.
9.10%, 06/01/27.................. 10 8,176
Mercantile Bancorp
7.30%, 06/15/07.................. 3,000 2,883,330
Midland Bank PLC
7.65%, 05/01/25.................. 340 346,670
NBD Bank NA
8.25%, 11/01/24.................. 2,965 3,120,276
Provident Capital, Inc.
8.60%, 12/01/26.................. 20 16,749
Regions Financial Corp.
7.75%, 09/15/24.................. 1,000 1,003,250
Republic New York Corp.
9.70%, 02/01/09.................. 845 926,877
9.50%, 04/15/14.................. 880 976,677
Sanwa Finance Aruba
8.35%, 07/15/09.................. 400 398,985
Skandinaviska Enskilda
6.875%, 02/15/09................. 1,350 1,255,291
Sovereign Capital, Inc.
9.00%, 04/01/27.................. 15 11,635
St. Paul Bancorp, Inc.
7.125%, 02/15/04................. 1,220 1,182,084
Suntrust Banks, Inc.
8.75%, 11/15/04.................. 600 623,323
U.S. Bancorp
7.50%, 06/01/26.................. 1,500 1,506,131
Union Planters Bank NA
6.50%, 03/15/08.................. 2,385 2,091,495
------------
27,041,674
------------
FINANCIAL SERVICES -- 6.3%
AIG Sunamerica Global Financial
Services II 144A
7.60%, 06/15/05.................. 1,500 1,514,919
American General Finance
8.45%, 10/15/09.................. 1,650 1,692,540
Associates Corp.
6.95%, 11/01/18.................. 1,885 1,662,338
Bear Stearns Co., Inc.
7.625%, 12/07/09................. 1,270 1,216,049
Beaver Valley Funding Corp.
9.00%, 06/01/17.................. 1,930 1,930,000
</TABLE>
13
<PAGE> 15
AST AIM BALANCED PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
------- ------------
<S> <C> <C>
Capital One Financial Corp.
7.25%, 05/01/06.................. $ 1,765 $ 1,661,940
Citicorp Lease 144A
8.04%, 12/15/19.................. 900 897,372
Colonial Capital II Co. Cl-A
8.92%, 01/15/27.................. 15 12,587
Countrywide Home Loan Co.
6.25%, 04/15/09.................. 2,000 1,751,466
Dow Capital BV
9.20%, 06/01/10.................. 1,600 1,709,493
E*TRADE Group, Inc.
6.00%, 02/01/07.................. 650 593,158
6.00%, 02/01/07 144A............. 1,000 906,250
General Electric Capital Corp.
7.375%, 01/19/10................. 2,860 2,894,119
General Motors Acceptance Corp.
9.00%, 10/15/02.................. 725 750,867
5.75%, 11/10/03.................. 2,500 2,372,954
Heller Financial, Inc.
8.00%, 06/15/05.................. 1,750 1,746,173
7.375%, 11/01/09................. 1,970 1,856,916
Household Finance Corp.
8.00%, 05/09/05.................. 870 877,756
KN Capital Trust III
7.63%, 04/15/28.................. 1,595 1,339,902
Lehman Brothers Holdings, Inc.
7.375%, 01/15/07................. 700 671,253
8.80%, 03/01/15.................. 1,805 1,912,401
8.50%, 08/01/15.................. 1,850 1,847,473
MBNA Capital I Cl-A
8.278%, 12/01/26................. 1,415 1,160,248
Riggs Capital Trust II
8.875%, 03/15/27................. 1,535 1,253,281
Source One Mortgage Services Corp.
9.00%, 06/01/12.................. 890 945,627
Torchmark Corp.
7.875%, 05/15/23................. 1,400 1,237,428
Washington Mutual Capital I
8.375%, 06/01/27................. 685 611,299
Washington Mutual, Inc.
8.25%, 04/01/10.................. 875 864,775
Webster Capital Corp. 144A
9.36%, 01/29/27.................. 10 8,852
------------
37,899,436
------------
FOOD -- 0.4%
Conagra, Inc.
7.125%, 10/01/26................. 2,500 2,386,610
------------
HEALTHCARE SERVICES -- 0.0%
Healthsouth Corp. [CVT]
3.25%, 04/01/03.................. 10 7,900
------------
INDUSTRIAL PRODUCTS -- 0.0%
Safety Components International,
Inc. Cl-B
10.125%, 07/15/07................ 10 2,050
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
------- ------------
<S> <C> <C>
INSURANCE -- 0.3%
General Electric Global Insurance
7.75%, 06/15/30.................. $ 1,000 $ 992,331
John Hancock Global Funding II 144A
7.90%, 07/02/10.................. 900 898,313
------------
1,890,644
------------
OIL & GAS -- 1.4%
Amerada Hess Corp.
7.875%, 10/01/29................. 700 688,865
Kinder Morgan Energy Partners
6.30%, 02/01/09.................. 1,400 1,261,352
Occidental Petroleum Corp.
7.375%, 11/15/08................. 1,000 968,503
9.25%, 08/01/19.................. 1,190 1,298,753
Oneok, Inc.
7.75%, 08/15/06.................. 500 498,008
Statoil 144A
7.375%, 05/01/16................. 900 851,670
Tosco Corp.
7.80%, 01/01/27.................. 900 859,839
Union Pacific Resources
7.50%, 10/15/26.................. 1,300 1,224,677
YPF SA
9.125%, 02/24/09................. 700 711,375
------------
8,363,042
------------
RAILROADS -- 0.3%
Norfolk Southern Corp.
7.05%, 05/01/37.................. 1,800 1,762,387
------------
REAL ESTATE -- 0.2%
ERP Operating L.P.
7.125%, 10/15/17................. 500 423,328
Spieker Properties, Inc. [REIT]
7.35%, 12/01/17.................. 1,000 870,917
------------
1,294,245
------------
TELECOMMUNICATIONS -- 3.9%
AT&T Canada, Inc.
7.625%, 03/15/05................. 1,700 1,694,591
7.65%, 09/15/06.................. 700 693,991
AT&T Corp.
8.625%, 12/01/31................. 2,100 2,125,780
Centel Capital Corp.
9.00%, 10/15/19.................. 3,000 3,308,348
Comverse Technology, Inc. [CVT]
4.50%, 07/01/05.................. 695 2,995,450
CSC Holdings, Inc.
7.25%, 07/15/08.................. 20 18,584
Deutsche Telekom Financial Corp.
8.00%, 06/15/10.................. 1,050 1,060,649
GTE Corp.
6.84%, 04/15/18.................. 400 359,277
Lenfest Communications, Inc.
8.25%, 02/15/08.................. 350 347,989
MCI WorldCom, Inc.
7.125%, 06/15/27................. 1,150 1,138,428
</TABLE>
14
<PAGE> 16
AST AIM BALANCED PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
------- ------------
<S> <C> <C>
NTL, Inc. 144A
5.75%, 12/15/09.................. $ 1,900 $ 1,501,000
Qwest Communications International,
Inc.
7.50%, 11/01/08.................. 1,450 1,409,474
Sprint Spectrum L.P.
9.658%, 08/15/06 [STEP].......... 20 19,250
11.00%, 08/15/06................. 10 10,767
TCI Communications, Inc.
8.75%, 08/01/15.................. 400 433,371
TeleCommunications, Inc.
9.80%, 02/01/12.................. 2,000 2,299,382
Vodafone Airtouch PLC 144A
7.75%, 02/15/10.................. 1,500 1,489,664
WorldCom, Inc.
8.00%, 05/15/06.................. 1,900 1,923,252
------------
22,829,247
------------
TRANSPORTATION -- 0.5%
CSX Corp.
9.00%, 08/15/06.................. 3,000 3,111,732
UTILITIES -- 5.8%
AES Corp.
8.00%, 12/31/08.................. 100 89,500
Cleveland Electric Illuminating Co.
Cl-B
9.50%, 05/15/05.................. 25 25,484
CMS Energy Corp.
8.125%, 05/15/02................. 4,000 3,915,487
CMS Energy Corp. Cl-B
6.75%, 01/15/04.................. 40 37,060
CMS Panhandle Holding Co.
6.125%, 03/15/04................. 3,000 2,812,137
Commonwealth Edison
7.50%, 07/01/13.................. 2,000 1,921,332
Duke Energy Corp.
7.875%, 08/15/04................. 1,500 1,510,325
El Paso Electric Co.
8.90%, 02/01/06.................. 1,750 1,806,875
El Paso Electric Co. Cl-E
9.40%, 05/01/11.................. 10 10,517
Empire District Electric Co.
7.70%, 11/15/04.................. 1,300 1,305,421
Enron Corp.
8.375%, 05/23/05................. 450 464,418
Hydro-Quebec
8.62%, 12/15/11.................. 2,000 2,192,752
KN Energy, Inc.
7.35%, 08/01/26.................. 2,000 1,976,642
Niagara Mohawk Power Corp. Cl-G
7.75%, 10/01/08.................. 4,000 3,905,288
Niagara Mohawk Power Corp. Cl-H
[STEP]
8.36%, 07/01/10.................. 2,500 1,923,735
Northeast Utilities System
8.38%, 03/01/05.................. 19 18,182
8.58%, 12/01/06.................. 7 7,275
NRG Energy, Inc.
7.50%, 06/01/09.................. 900 847,196
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
------- ------------
<S> <C> <C>
Public Service of New Mexico Cl-A
7.10%, 08/01/05.................. $ 1,200 $ 1,159,950
Sonat, Inc.
7.625%, 07/15/11................. 1,900 1,860,529
Southern Energy 144A
7.90%, 07/15/09.................. 2,500 2,289,443
Tennessee Gas Pipeline
7.50%, 04/01/17.................. 2,000 1,903,564
Texas-New Mexico Power Corp.
6.25%, 01/15/09.................. 1,000 865,593
UtiliCorp United, Inc.
6.70%, 10/15/06.................. 1,500 1,481,360
------------
34,330,065
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $191,123,925).................. 190,929,460
------------
U.S. TREASURY OBLIGATIONS -- 10.1%
U.S. Treasury Notes
6.625%, 05/31/02................. 4,000 4,007,031
7.25%, 08/15/04.................. 2,500 2,584,375
5.875%, 11/15/04#................ 14,500 14,287,039
6.75%, 05/15/05.................. 5,000 5,090,234
6.50%, 08/15/05 - 02/15/10....... 23,000 23,301,334
6.875%, 05/15/06................. 10,000 10,293,750
------------
(Cost $59,712,317)................. 59,563,763
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 4.3%
Federal National Mortgage Assoc.
5.75%, 04/15/03.................. 1,775 1,721,047
6.57%, 07/03/00.................. 23,652 23,643,367
------------
(Cost $25,420,075)................. 25,364,414
------------
<CAPTION>
SHARES
-------
<S> <C> <C>
FOREIGN STOCK -- 1.8%
INSURANCE -- 0.0%
AXA SA -- (FRF)*................... 1,552 245,475
------------
TELECOMMUNICATIONS -- 1.8%
Libertel NV -- (NLG)*.............. 74,500 1,139,067
Nokia AB Oyj -- (FIM).............. 17,560 899,714
NTT Mobile Communications Network,
Inc. -- (JPY).................... 40 1,085,051
Sonera Oyj -- (FIM)................ 55,000 2,517,494
Telefonica SA -- (ESP)*............ 100,735 2,172,678
Vodafone AirTouch PLC -- (GBP)..... 661,995 2,675,842
------------
10,489,846
------------
TOTAL FOREIGN STOCK
(Cost $7,468,379).................... 10,735,321
------------
PREFERRED STOCK -- 1.6%
FINANCIAL SERVICES -- 0.5%
Calpine Capital Trust
5.75%............................ 26,400 3,162,983
------------
</TABLE>
15
<PAGE> 17
AST AIM BALANCED PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------- ------------
<S> <C> <C>
OIL & GAS -- 0.3%
Kerr-McGee Corp.
5.50%............................ 32,000 $ 1,592,000
------------
TELECOMMUNICATIONS -- 0.6%
Broadwing, Inc.
6.75% [CVT]...................... 10,400 488,800
Cablevision Systems Corp. Cl-M
11.125% [PIK].................... 10 1,063
NEXTLINK Communications, Inc.
6.50% [CVT]...................... 3,300 568,013
Winstar Communications, Inc.
7.25%............................ 2,680 2,639,799
------------
3,697,675
------------
UTILITIES -- 0.2%
AES Corp.
6.75% [CVT]...................... 15,000 1,072,500
Public Service Co. of New Hampshire
Cl-A
10.60%........................... 705 17,691
------------
1,090,191
------------
TOTAL PREFERRED STOCK
(Cost $7,793,807).................... 9,542,849
------------
<CAPTION>
PAR
(000)
-------
SOVEREIGN ISSUES -- 0.7%
CANADA
Province of British Columbia
5.375%, 10/29/08................. $ 500 443,110
Province of Manitoba
7.75%, 07/17/16.................. 1,750 1,787,716
Province of Newfoundland
9.00%, 06/01/19.................. 800 881,512
Province of Quebec
6.50%, 01/17/06.................. 1,000 961,770
------------
(Cost $4,047,402).................. 4,074,108
------------
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000) VALUE
--------- ------------
<S> <C> <C>
FOREIGN BONDS -- 0.3%
AUSTRALIA -- 0.0%
State Bank New South Wales
8.625%, 08/20/01................. 1,000 $ 613,341
NETHERLANDS -- 0.1%
Tecnost International NV
6.125%, 07/30/09................. 510 448,305
NEW ZEALAND -- 0.1%
Export Development Corp.
6.50%, 12/21/04.................. 950 428,881
UNITED KINGDOM -- 0.1%
British Sky Broadcasting
7.75%, 07/09/09.................. 320 457,161
------------
TOTAL FOREIGN BONDS
(Cost $2,184,223).................... 1,947,688
------------
<CAPTION>
PAR
(000)
---------
<S> <C> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS -- 0.1%
Independent National Mortgage Corp.
Series 1994-V Cl-A1
8.841%, 12/25/24................. $ 45 46,368
Morgan Stanley Capital I Series
1996-WF1 Cl-A2
7.227%, 01/16/06................. 655 655,685
------------
(Cost $713,324).................... 702,053
------------
TOTAL INVESTMENTS -- 99.4%
(Cost $501,510,413).................. 587,228,329
------------
<CAPTION>
NUMBER
OF
CONTRACTS
---------
<S> <C> <C>
WRITTEN OPTIONS -- 0.0%
CALL OPTIONS
Analog Devices, Strike Price $105,
Expires 07/21/00
(Cost $(100,527)).................. 18 (3,375)
------------
OTHER ASSETS LESS LIABILITIES --0.6%... 3,810,921
------------
NET ASSETS -- 100.0%................... $591,035,875
============
</TABLE>
# Securities with an aggregate market value of $2,147,982 have been segregated
with the custodian to cover margin requirements for the following open futures
contracts at June 30, 2000:
<TABLE>
<CAPTION>
EXPIRATION NUMBER OF UNREALIZED
DESCRIPTION MONTH CONTRACTS DEPRECIATION
---------------------------------------------------------------------
<S> <C> <C> <C>
NASDAQ 100................ 09/00 41 $ 51,250
S&P 500................... 09/00 14 67,550
----------
$ 118,800
==========
</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 2.6% of net assets.
See Notes to Financial Statements.
16
<PAGE> 18
AST FEDERATED HIGH YIELD PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
CORPORATE OBLIGATIONS -- 85.3%
AEROSPACE -- 0.3%
Anteon Corp.
12.00%, 05/15/09................. $ 1,900 $ 1,748,000
Condor Systems, Inc. 144A
11.875%, 05/01/09................ 600 294,000
------------
2,042,000
------------
AUTOMOTIVE PARTS -- 3.4%
Accuride Corp. Cl-B
9.25%, 02/01/08.................. 1,950 1,667,250
Aftermarket Technology, Inc.
12.00%, 08/01/04................. 1,938 1,947,690
Aftermarket Technology, Inc. Cl-D
12.00%, 08/01/04................. 350 351,750
American Axle & Manufacturing, Inc.
9.75%, 03/01/09.................. 5,100 4,806,750
French, (J.L.) Automotive Casting,
Inc. 144A
11.50%, 06/01/09................. 2,550 2,333,250
HDA Parts System, Inc.
12.00%, 08/01/05................. 2,275 1,649,375
Lear Corp.
9.50%, 07/15/06.................. 2,500 2,437,500
8.11%, 05/15/09.................. 3,800 3,479,812
Oxford Automotive, Inc.
10.125%, 06/15/07................ 2,000 1,850,000
------------
20,523,377
------------
BEVERAGES -- 0.6%
National Wine & Spirits
10.125%, 01/15/09................ 1,450 1,402,875
Triarc Consumer Beverage Co.
10.25%, 02/15/09................. 2,500 2,425,000
------------
3,827,875
------------
BROADCASTING -- 4.7%
Acme Television Co. Cl-B [STEP]
11.043%, 09/30/04................ 2,175 2,088,000
Australis Media Ltd. [STEP]
45.45%, 05/15/03................. 11 160
Australis Media Ltd. Units [STEP]
16.00%, 05/15/03................. 625 9,375
Big City Radio, Inc. [STEP]
12.937%, 03/15/05................ 2,950 1,666,750
Capstar Broadcasting Partners, Inc.
[PIK]
12.00%, 07/01/09................. 824 953,896
Chancellor Media Corp. L.A. Cl-B
8.75%, 06/15/07.................. 1,950 1,979,250
8.125%, 12/15/07................. 5,750 5,800,313
Fox/Liberty Networks LLC [STEP]
9.208%, 08/15/07................. 5,550 4,342,875
Sinclair Broadcast Group, Inc.
10.00%, 09/30/05................. 2,700 2,602,125
8.75%, 12/15/07.................. 1,650 1,460,250
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
UIH Australia Pacific, Inc. Cl-B
[STEP]
11.248%, 05/15/06................ $ 2,725 $ 2,493,375
UnitedGlobalCom, Inc. Cl-B [STEP]
10.75%, 02/15/08................. 4,300 2,988,500
XM Satellite Radio, Inc. 144A
14.00%, 03/15/10................. 1,750 1,553,125
------------
27,937,994
------------
BUILDING MATERIALS -- 0.9%
American Builders & Contractors
Supply Co., Inc. Cl-B
10.625%, 05/15/07................ 1,625 1,340,625
ISG Resources, Inc.
10.00%, 04/15/08................. 1,650 1,513,875
Juno Lighting, Inc.
11.875%, 07/01/09................ 2,025 1,690,875
NCI Building Systems, Inc. Cl-B
9.25%, 05/01/09.................. 1,000 945,000
------------
5,490,375
------------
BUSINESS SERVICES -- 3.8%
e.spire Communications, Inc. [STEP]
13.748%, 04/01/06................ 1,400 605,500
Intermedia Communications, Inc.
[STEP]
10.749%, 05/15/06................ 4,850 4,631,750
12.25%, 03/01/09................. 4,500 2,677,500
Intermedia Communications, Inc.
Cl-B
8.875%, 11/01/07................. 1,000 942,500
8.60%, 06/01/08.................. 550 508,750
Orion Network Systems
11.25%, 01/15/07................. 2,750 1,608,750
Sitel Corp.
9.25%, 03/15/06.................. 2,800 2,562,000
Teligent, Inc.
11.50%, 12/01/07................. 3,475 2,762,625
Teligent, Inc. Cl-B [STEP]
14.981%, 03/01/08................ 3,000 1,455,000
U.S. Office Products Co.
9.75%, 06/15/08.................. 4,475 1,006,875
Winstar Communications, Inc. 144A
10.612%, 04/15/10 [STEP]......... 4,959 2,380,320
12.75%, 04/15/10................. 1,693 1,642,210
------------
22,783,780
------------
CABLE TELEVISION -- 7.0%
Charter Communications Holdings LLC
10.00%, 04/01/09................. 2,000 1,950,000
12.357%, 04/01/11 [STEP]......... 7,850 4,494,125
Comcast U.K. Cable Corp. [STEP]
10.997%, 11/15/07................ 2,900 2,726,000
CSC Holdings, Inc.
9.25%, 11/01/05.................. 4,525 4,547,625
7.875%, 12/15/07................. 1,700 1,648,201
9.875%, 02/15/13................. 500 507,500
</TABLE>
17
<PAGE> 19
AST FEDERATED HIGH YIELD PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Diamond Cable Communications PLC
[STEP]
10.751%, 12/15/05................ $ 4,000 $ 3,820,000
Diamond Holdings Co. PLC
9.125%, 02/01/08................. 1,875 1,753,125
Echostar DBS Corp.
9.375%, 02/01/09................. 3,925 3,826,875
NTL, Inc. Cl-B [STEP]
10.408%, 02/01/06................ 5,100 4,717,499
Pegasus Communications Corp. Cl-B
9.625%, 10/15/05................. 1,725 1,673,250
9.75%, 12/01/06.................. 1,500 1,455,000
Rogers Cablesystems of America,
Inc.
11.00%, 12/01/15................. 750 806,250
TeleWest Communications PLC
11.25%, 11/01/08................. 525 535,500
9.25%, 04/15/09 [STEP]........... 3,450 1,880,250
United Pan-Europe Communication
Corp. [STEP]
13.221%, 04/15/08................ 3,125 1,546,875
12.475%, 08/01/09................ 7,400 3,663,000
------------
41,551,075
------------
CHEMICALS -- 3.9%
Foamex Capital Corp.
13.50%, 08/15/05................. 500 430,000
General Chemical Industry Products,
Inc.
10.625%, 05/01/09................ 2,000 1,750,000
Georgia Gulf Corp.
10.375%, 11/01/07................ 950 988,000
Huntsman Corp. 144A
9.50%, 07/01/07.................. 3,125 2,828,125
Huntsman ICI Chemicals Corp.
10.125%, 07/01/09................ 1,200 1,212,000
Lyondell Chemical Co.
10.875%, 05/01/09................ 6,500 6,467,500
Polymer Group, Inc. Cl-B
9.00%, 07/01/07.................. 3,475 2,971,125
8.75%, 03/01/08.................. 2,450 2,070,250
Sterling Chemicals Holdings, Inc.
[STEP]
11.077%, 08/15/08................ 2,150 806,250
Sterling Chemicals, Inc.
11.75%, 08/15/06................. 950 783,750
Texas Petrochemical Corp.
11.125%, 07/01/06................ 1,725 1,474,875
United Industries Corp. Cl-B
9.875%, 04/01/09................. 1,700 1,028,500
------------
22,810,375
------------
CLOTHING & APPAREL -- 0.6%
Boyds Collection Ltd.
9.00%, 05/15/08.................. 717 630,960
Dyersburg Corp. Cl-B
9.75%, 09/01/07.................. 1,725 181,125
GFSI, Inc. Cl-B
9.625%, 03/01/07................. 2,425 1,758,125
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Pillowtex Corp.
10.00%, 11/15/06................. $ 1,600 $ 584,000
Pillowtex Corp. Cl-B
9.00%, 12/15/07.................. 1,825 647,875
------------
3,802,085
------------
COMPUTER SERVICES & SOFTWARE -- 0.6%
Exodus Communications, Inc. 144A
11.625%, 07/15/10................ 2,000 2,020,000
Verio, Inc.
10.625%, 11/15/09................ 1,700 1,878,500
------------
3,898,500
------------
CONGLOMERATES -- 0.5%
Eagle-Picher Industries, Inc.
9.375%, 03/01/08................. 3,350 2,847,500
------------
CONSTRUCTION -- 0.7%
Formica Corp.
10.875%, 03/01/09................ 1,800 1,395,000
MMI Products, Inc. Cl-B
11.25%, 04/15/07................. 3,100 3,053,500
------------
4,448,500
------------
CONSUMER PRODUCTS & SERVICES -- 4.2%
Albecca, Inc.
10.75%, 08/15/08................. 4,000 3,380,000
American Safety Razor Co.
9.875%, 08/01/05................. 1,000 965,000
Amscan Holdings, Inc.
9.875%, 12/15/07................. 1,800 1,485,000
Cabot Safety Corp.
12.50%, 07/15/05................. 2,500 2,512,500
Chattem, Inc. Cl-B
8.875%, 04/01/08................. 2,500 2,012,500
Collins & Aikman Floor Coverings
Corp.
10.00%, 01/15/07................. 1,400 1,365,000
Collins & Aikman Products Corp.
11.50%, 04/15/06................. 1,000 962,500
Diamond Brands Operating, Inc.
[STEP]
12.83%, 04/15/09................. 1,500 142,500
Glenoit Corp.++
11.00%, 04/15/07................. 2,000 290,000
Jostens, Inc. 144A
12.75%, 05/01/10................. 1,800 1,791,000
NBTY, Inc. Cl-B
8.625%, 09/15/07................. 2,350 2,056,250
Revlon Consumer Products Corp.
8.125%, 02/01/06................. 2,000 1,450,000
8.625%, 02/01/08................. 5,000 2,550,000
Scotts Co. 144A
8.625%, 01/15/09................. 1,000 955,000
</TABLE>
18
<PAGE> 20
AST FEDERATED HIGH YIELD PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Sleepmaster, Inc.
11.00%, 05/15/09................. $ 1,100 $ 1,039,500
Volume Services America, Inc.
11.25%, 03/01/09................. 2,200 2,024,000
------------
24,980,750
------------
CONTAINERS & PACKAGING -- 1.6%
Container Corp. of America
11.25%, 05/01/04................. 250 255,000
Huntsman Packaging Corp. 144A
13.00%, 06/01/10................. 1,000 1,030,000
Owens-Illinois, Inc.
7.15%, 05/15/05.................. 2,000 1,831,619
8.10%, 05/15/07.................. 1,000 939,840
7.35%, 05/15/08.................. 1,050 930,605
Russell Stanley Holdings, Inc.
10.875%, 02/15/09................ 1,950 1,335,750
Stone Container Corp.
12.25%, 04/01/02................. 125 127,188
11.50%, 10/01/04................. 1,350 1,404,000
12.58%, 08/01/16 [VR]............ 1,550 1,604,250
------------
9,458,252
------------
DIVERSIFIED -- 0.2%
Blount International, Inc.
13.00%, 08/01/09................. 950 973,750
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 1.2%
Amphenol Corp.
9.875%, 05/15/07................. 1,400 1,421,000
Electronic Retailing Systems, Inc.
[STEP]
13.25%, 02/01/04................. 875 185,938
Flextronics International Ltd. 144A
9.875%, 07/01/10................. 1,050 1,068,375
SCG Holdings Corp.
12.00%, 08/01/09................. 845 908,375
WESCO Distribution, Inc. Cl-B
9.125%, 06/01/08................. 4,200 3,864,000
------------
7,447,688
------------
ENTERTAINMENT & LEISURE -- 2.7%
AMF Group, Inc. [STEP]
9.822%, 03/15/06................. 3,462 709,710
Florida Panthers Holdings, Inc.
9.875%, 04/15/09................. 3,925 3,699,313
Premier Parks, Inc.
9.25%, 04/01/06.................. 2,275 2,166,938
9.75%, 06/15/07.................. 2,600 2,522,000
9.724%, 04/01/08 [STEP].......... 6,250 4,296,874
Regal Cinemas, Inc.
9.50%, 06/01/08.................. 5,125 1,255,625
True Temper Sports, Inc.
10.875%, 12/01/08................ 1,875 1,846,875
------------
16,497,335
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
ENVIRONMENTAL SERVICES -- 2.4%
Allied Waste North America Co.
10.00%, 08/01/09................. $17,450 $ 14,658,000
------------
EQUIPMENT SERVICES -- 0.2%
Coinmach Corp. Cl-D
11.75%, 11/15/05................. 1,100 1,061,500
------------
FARMING & AGRICULTURE -- 0.1%
Royster-Clark, Inc.
10.25%, 04/01/09................. 1,100 896,500
------------
FINANCIAL-BANK & TRUST -- 1.4%
GS Escrow Corp.
7.125%, 08/01/05................. 7,925 7,061,017
RBF Finance Co.
11.00%, 03/15/06................. 500 540,000
11.375%, 03/15/09................ 1,050 1,139,250
------------
8,740,267
------------
FINANCIAL SERVICES -- 0.3%
Unifrax Investment Corp.
10.50%, 11/01/03................. 2,125 1,986,875
------------
FOOD -- 1.6%
Agrilink Foods, Inc.
11.875%, 11/01/08................ 3,700 2,978,499
Del Monte Foods Co. [STEP]
12.139%, 12/15/07................ 1,100 838,750
Dominos, Inc. Cl-B
10.375%, 01/15/09................ 2,000 1,865,000
Eagle Family Foods, Inc. Cl-B
8.75%, 01/15/08.................. 2,200 1,309,000
International Home Foods, Inc.
10.375%, 11/01/06................ 2,600 2,795,000
Jitney-Jungle Stores, Inc.
10.375%, 09/15/07................ 2,725 34,063
Nebco Evans Holding Co. [STEP]
11.645%, 07/15/07................ 1,250 7,813
------------
9,828,125
------------
FURNITURE -- 0.2%
Sealy Mattress Co. Cl-B
9.875%, 12/15/07................. 775 751,750
10.875%, 12/15/07 [STEP]......... 1,000 725,000
------------
1,476,750
------------
HEALTHCARE SERVICES -- 3.7%
Everest Healthcare Services, Inc.
9.75%, 05/01/08.................. 1,575 1,330,875
Genesis Health Ventures, Inc.
9.25%, 10/01/06.................. 1,000 95,000
9.875%, 01/15/09................. 1,450 181,250
HCA-The Healthcare Co.
6.91%, 06/15/05.................. 2,950 2,697,893
</TABLE>
19
<PAGE> 21
AST FEDERATED HIGH YIELD PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Hudson Respiratory Care, Inc.
9.125%, 04/15/08................. $ 850 $ 599,250
Tenet Healthcare Corp.
8.00%, 01/15/05.................. 4,000 3,870,000
8.625%, 01/15/07................. 3,500 3,368,750
8.125%, 12/01/08................. 5,000 4,625,000
9.25%, 09/01/10 144A............. 5,750 5,821,875
------------
22,589,893
------------
INDUSTRIAL PRODUCTS -- 0.5%
Continental Global Group, Inc. Cl-B
11.00%, 04/01/07................. 2,100 556,500
Hexcel Corp.
9.75%, 01/15/09.................. 750 686,250
URS Corp. Cl-B 144A
12.25%, 05/01/09................. 1,775 1,801,625
------------
3,044,375
------------
INTERNET SERVICES -- 2.4%
Call-Net Enterprises, Inc. [STEP]
8.522%, 08/15/07................. 4,100 1,962,670
9.573%, 08/15/08................. 3,800 1,497,846
10.826%, 05/15/09................ 4,800 1,848,000
Northpoint Communications Group,
Inc. 144A
12.875%, 02/15/10................ 2,500 1,812,500
PSINet, Inc.
11.50%, 11/01/08................. 800 764,000
11.00%, 08/01/09................. 3,000 2,820,000
PSINet, Inc. Cl-B
10.00%, 02/15/05................. 2,500 2,325,000
Rhythms Netconnections 144A
14.00%, 02/15/10................. 1,500 1,087,500
Verio, Inc.
11.25%, 12/01/08................. 575 641,125
------------
14,758,641
------------
MACHINERY & EQUIPMENT -- 2.4%
Clark Materials Handling Corp.
Cl-D++
10.75%, 11/15/06................. 2,625 406,875
Columbus McKinnon Corp.
8.50%, 04/01/08.................. 1,000 885,000
National Equipment Services, Inc.
Cl-B
10.00%, 11/30/04................. 975 814,125
National Equipment Services, Inc.
Cl-D
10.00%, 11/30/04................. 2,250 1,878,750
NationsRent, Inc.
10.375%, 12/15/08................ 3,100 1,999,500
Tekni-Plex, Inc. 144A
12.75%, 06/15/10................. 1,400 1,403,500
United Rentals, Inc.
9.25%, 01/15/09.................. 3,600 3,258,000
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
United Rentals, Inc. Cl-B
9.00%, 04/01/09.................. $ 2,750 $ 2,447,500
Woods Equipment Co.
12.00%, 07/15/09................. 1,375 1,161,875
------------
14,255,125
------------
MEDICAL SUPPLIES & EQUIPMENT -- 2.6%
CONMED Corp.
9.00%, 03/15/08.................. 2,975 2,737,000
Dade International, Inc. Cl-B
11.125%, 05/01/06................ 2,575 1,454,875
Fisher Scientific International,
Inc.
9.00%, 02/01/08.................. 2,975 2,774,188
9.00%, 02/01/08.................. 4,200 3,916,500
Hanger Orthopedic Group, Inc.
11.25%, 06/15/09................. 1,775 1,553,125
Kinetic Concepts, Inc. Cl-B
9.625%, 11/01/07................. 4,050 3,017,250
------------
15,452,938
------------
METALS & MINING -- 1.1%
AEI Resources, Inc. 144A
10.50%, 12/15/05................. 2,800 574,000
11.50%, 12/15/06................. 3,375 354,375
Euramax International PLC
11.25%, 10/01/06................. 1,825 1,742,875
Murrin Murrin Holdings Pty. Ltd.
9.375%, 08/31/07................. 650 572,000
Neenah Corp. Cl-B
11.125%, 05/01/07................ 1,725 1,328,250
Neenah Corp. Cl-F
11.125%, 05/01/07................ 1,450 1,116,500
Republic Technologies, Inc.
13.75%, 07/15/09................. 1,700 221,000
Ryerson Tull, Inc.
9.125%, 07/15/06................. 900 859,347
------------
6,768,347
------------
OFFICE EQUIPMENT -- 0.4%
Buhrmann U.S., Inc.
12.25%, 11/01/09................. 2,425 2,534,125
------------
OIL & GAS -- 1.9%
Continental Resources, Inc.
10.25%, 08/01/08................. 3,075 2,767,500
DI Industries, Inc.
8.875%, 07/01/07................. 975 931,125
Pogo Producing Co. Cl-B
10.375%, 02/15/09................ 2,100 2,152,500
R&B Falcon Corp.
12.25%, 03/15/06................. 3,050 3,370,250
</TABLE>
20
<PAGE> 22
AST FEDERATED HIGH YIELD PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
R&B Falcon Corp. Cl-B
6.75%, 04/15/05.................. $ 1,600 $ 1,448,000
Triton Energy Ltd.
9.25%, 04/15/05.................. 850 845,750
------------
11,515,125
------------
PRINTING & PUBLISHING -- 0.5%
Garden State Newspapers, Inc. Cl-B
8.75%, 10/01/09.................. 2,575 2,356,125
K-III Communications Corp.
8.50%, 02/01/06.................. 1,000 960,000
------------
3,316,125
------------
RAILROADS -- 0.3%
Railworks Corp.
11.50%, 04/15/09................. 1,600 1,544,000
------------
REAL ESTATE -- 1.5%
HMH Properties, Inc. Cl-A
7.875%, 08/01/05................. 400 370,000
HMH Properties, Inc. Cl-B
7.875%, 08/01/08................. 6,000 5,422,500
HMH Properties, Inc. Cl-C
8.45%, 12/01/08.................. 3,250 3,006,250
------------
8,798,750
------------
RESTAURANTS -- 0.4%
Advantica Restaurant Group, Inc.
11.25%, 01/15/08................. 1,750 1,163,750
Carrols Corp.
9.50%, 12/01/08.................. 1,800 1,503,000
------------
2,666,750
------------
RETAIL & MERCHANDISING -- 0.1%
Community Distributors, Inc. Cl-B
10.25%, 10/15/04................. 1,000 795,000
------------
SEMICONDUCTORS -- 0.5%
Fairchild Semiconductor Corp.
10.375%, 10/01/07 144A........... 1,500 1,522,500
10.75%, 04/15/09................. 2,100 1,417,500
------------
2,940,000
------------
TELECOMMUNICATIONS -- 21.8%
Arch Communications, Inc.
12.75%, 07/01/07................. 1,400 1,127,000
Centennial Cellular Corp.
10.75%, 12/15/08................. 2,250 2,261,250
Crown Castle International Corp.
10.524%, 05/15/11 [STEP]......... 7,875 4,843,125
10.75%, 08/01/11................. 1,100 1,122,000
11.07%, 08/01/11 [STEP].......... 1,500 937,500
Dolphin Telecom PLC [STEP]
14.00%, 05/15/09................. 3,200 1,136,000
Global Crossing Holdings Ltd.
9.50%, 11/15/09.................. 8,900 8,588,499
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Hermes Europe Railtel BV, Inc.
11.50%, 08/15/07................. $ 3,975 $ 3,498,000
10.375%, 01/15/09................ 1,825 1,523,875
Intermedia Communications, Inc.
Cl-B [STEP]
10.458%, 07/15/07................ 1,050 834,750
Lenfest Communications, Inc.
8.25%, 02/15/08.................. 2,275 2,253,774
Level 3 Communications, Inc.
9.125%, 05/01/08................. 6,300 5,685,750
11.004%, 12/01/08 [STEP]......... 9,575 5,745,000
McLeodUSA, Inc.
9.732%, 03/01/07 [STEP].......... 6,175 5,125,250
9.25%, 07/15/07.................. 1,300 1,261,000
8.375%, 03/15/08................. 1,250 1,150,000
Metricom, Inc.
13.00%, 02/15/10................. 700 472,500
MetroMedia Fiber Network, Inc.
10.00%, 12/15/09................. 2,725 2,684,125
Millicom International Cellular SA
[STEP]
11.76%, 06/01/06................. 5,375 4,595,625
Nextel Communications, Inc.
10.213%, 02/15/08 [STEP]......... 6,500 4,793,750
9.375%, 11/15/09................. 8,050 7,768,249
Nextel International, Inc. [STEP]
12.125%, 04/15/08................ 1,750 1,149,278
Nextel Partners, Inc. [STEP]
6.885%, 02/01/09................. 1,235 864,500
NEXTLINK Communications, Inc.
9.00%, 03/15/08.................. 1,575 1,452,938
10.039%, 04/15/08 [STEP]......... 3,000 1,890,000
10.75%, 06/01/09................. 2,750 2,729,375
12.20%, 06/01/09 [STEP].......... 10,800 6,750,000
NTL, Inc. Cl-B [STEP]
9.316%, 04/01/08................. 7,825 4,929,750
10.822%, 10/01/08................ 550 357,500
Orius Capital Corp. 144A
12.75%, 02/01/10................. 1,675 1,733,625
Pegasus Media & Communications,
Inc.
12.50%, 07/01/05................. 975 1,018,875
Qwest Communications International,
Inc. [STEP]
8.54%, 10/15/07.................. 3,875 3,158,125
Qwest Communications International,
Inc. Cl-B [STEP]
8.29%, 02/01/08.................. 2,250 1,738,125
RCN Corp. [STEP]
11.939%, 10/15/07................ 950 584,250
12.606%, 07/01/08................ 1,100 599,500
RCN Corp. Cl-B [STEP]
12.361%, 02/15/08................ 1,700 926,500
Rogers Cantel, Inc.
8.80%, 10/01/07.................. 4,000 4,000,000
SpectraSite Holdings, Inc. [STEP]
144A
12.875%, 03/15/10................ 2,500 1,387,500
</TABLE>
21
<PAGE> 23
AST FEDERATED HIGH YIELD PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Telecommunications Techniques Co.
9.75%, 05/15/08.................. $ 5,825 $ 5,388,125
Telesystem International Wireless,
Inc. Cl-B [STEP]
12.656%, 06/30/07................ 5,325 3,754,125
10.50%, 11/01/07................. 800 484,000
Tritel PCS, Inc. [STEP]
11.607%, 05/15/09................ 1,000 665,000
Triton PCS Holdings, Inc. [STEP]
11.291%, 05/01/08................ 4,850 3,564,750
U.S. Unwired, Inc. [STEP]
13.288%, 11/01/09................ 1,825 1,012,875
US Xchange LLC++
15.00%, 07/01/08................. 1,625 1,775,313
USA Mobile Communications Holdings,
Inc.
9.50%, 02/01/04.................. 650 484,250
Viatel, Inc.
11.25%, 04/15/08................. 2,525 1,906,375
12.374%, 04/15/08 [STEP]......... 2,250 1,046,250
11.50%, 03/15/09................. 1,250 956,250
Voicestream Wireless Holdings
10.375%, 11/15/09................ 1,600 1,672,000
11.732%, 11/15/09................ 5,625 3,796,875
Williams Communications Group, Inc.
10.875%, 10/01/09................ 1,900 1,862,000
------------
131,045,051
------------
TRANSPORTATION -- 1.8%
Allied Holdings, Inc. Cl-B
8.625%, 10/01/07................. 400 356,000
Ameritruck Distribution Corp.
Cl-B++
12.25%, 11/15/05................. 1,950 195
Gearbulk Holding Ltd.
11.25%, 12/01/04................. 2,400 2,430,000
Holt Group, Inc.
9.75%, 01/15/06.................. 1,350 141,750
Motor Coach Industries, Inc.
11.25%, 05/01/09................. 2,100 1,837,500
Stena AB
10.50%, 12/15/05................. 3,275 3,225,875
8.75%, 06/15/07.................. 2,775 2,442,000
Stena Line AB
10.625%, 06/01/08................ 1,250 737,500
------------
11,170,820
------------
UTILITIES -- 0.3%
CMS Energy Corp.
7.50%, 01/15/09.................. 1,100 986,084
El Paso Electric Co. Cl-E
9.40%, 05/01/11.................. 175 184,541
International Utility Structures,
Inc.
10.75%, 02/01/08................. 925 763,125
------------
1,933,750
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $604,092,306).................. 515,098,043
------------
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PREFERRED STOCK -- 3.3%
BROADCASTING -- 0.5%
Benedek Communications Corp.
11.50% [PIK]..................... 1,600 $ 1,048,000
Sinclair Capital Cl-A
11.625%.......................... 22,500 2,126,250
------------
3,174,250
------------
FINANCIAL SERVICES -- 0.1%
California Federal Capital Corp.
Cl-A
9.125% [PIK]..................... 30,000 656,250
------------
FOOD -- 0.0%
Nebco Evans Holding Co.
11.25% [PIK]..................... 8,483 5,302
------------
HEALTHCARE SERVICES -- 0.1%
River Holding Corp. Cl-B
11.50% [PIK]..................... 6,266 441,753
------------
INDUSTRIAL PRODUCTS -- 0.0%
International Utility Structures,
Inc.
$13.00 [PIK] 144A................ 125 106,875
International Utility Structures,
Inc.
13.00% [PIK] 144A................ 34 2,805
------------
109,680
------------
MACHINERY & EQUIPMENT -- 0.1%
Fairfield Manufacturing Co., Inc.
11.25%........................... 650 555,750
------------
OIL & GAS -- 0.3%
R&B Falcon Corp.
13.875% [PIK].................... 1,532 1,753,678
------------
PRINTING & PUBLISHING -- 1.2%
Primedia, Inc. Cl-D
10.00%........................... 23,750 2,303,750
Primedia, Inc. Cl-F
9.20%............................ 15,000 1,372,500
Primedia, Inc. Cl-H
8.625%........................... 43,100 3,685,049
------------
7,361,299
------------
TELECOMMUNICATIONS -- 1.0%
AMFM Operating, Inc.
12.625% [PIK].................... 967,500 1,117,463
Nextel Communications, Inc.
13.00% [PIK]..................... 1,200 1,284,000
Nextel Communications, Inc.
Cl-E 11.125% [PIK]............... 956 927,320
Pegasus Communications Corp. Cl-A
12.75% [PIK]..................... 2,758 2,785,658
------------
6,114,441
------------
TOTAL PREFERRED STOCK
(Cost $21,712,832)................... 20,172,403
------------
</TABLE>
22
<PAGE> 24
AST FEDERATED HIGH YIELD PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 0.1%
BROADCASTING -- 0.0%
Australis Holdings Warrants
144A*............................ 1,000 $ 10
------------
CHEMICALS -- 0.0%
Sterling Chemicals Holdings, Inc.
Warrants*........................ 1,075 9,406
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 0.0%
Electronic Retailing Systems, Inc.
Warrants 144A*................... 875 875
------------
METALS & MINING -- 0.0%
Bar Technologies, Inc. Warrants
144A*............................ 300 0
Republic Technologies Warrants*.... 1,700 0
Royal Oak Mines, Inc.++*........... 66,164 0
------------
OIL & GAS -- 0.1%
R&B Falcon Corp. Warrants 144A*.... 750 374,250
------------
PRINTING & PUBLISHING -- 0.0%
MediaNews Group, Inc.*............. 1,000 150,000
------------
TELECOMMUNICATIONS -- 0.0%
Metricom, Inc. Warrants*........... 1,350 2,734
MetroNet Communications Corp.
Warrants 144A*................... 1,525 167,750
Sullivan Broadcasting Holdings,
Inc.*............................ 2,400 0
UIH Australia Warrants*............ 3,100 93,000
Wireless One, Inc. Warrants*....... 1,500 15
------------
263,499
------------
TOTAL COMMON STOCK
(Cost $239,288)...................... 798,040
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
REPURCHASE AGREEMENTS -- 9.9%
Greenwich Capital Markets, Inc.
6.25% dated 06/30/00, maturing
07/03/00, repurchase price
$59,895,179 (Collateralized by U.S.
Treasury Notes, par value
$61,548,000, market value
$61,024,365 due 11/15/04)
(Cost $59,864,000)................... $59,864 $ 59,864,000
------------
TOTAL INVESTMENTS -- 98.6%
(Cost $685,908,426).................. 595,932,486
OTHER ASSETS LESS
LIABILITIES -- 1.4%.................. 8,677,573
------------
NET ASSETS -- 100.0%................... $604,610,059
============
</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
0.4% 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 6.0% of net assets.
See Notes to Financial Statements.
23
<PAGE> 25
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 46.4%
ADVERTISING -- 0.1%
Omnicom Group, Inc. ............. 3,800 $ 338,438
------------
AEROSPACE -- 0.3%
Boeing Co. ...................... 10,768 450,237
General Dynamics Corp. .......... 2,500 130,625
General Motors Corp. Cl-H*....... 660 57,915
Honeywell International, Inc. ... 10,012 337,279
Litton Industries, Inc.*......... 1,700 71,400
Lockheed Martin Corp. ........... 5,600 138,950
Northrop Grumman Corp. .......... 1,500 99,375
Primex Technologies, Inc. ....... 840 18,480
Raytheon Co. Cl-B*............... 4,000 77,000
------------
1,381,261
------------
AIRLINES -- 0.1%
Alaska Air Group, Inc.*.......... 2,700 73,238
AMR Corp.*....................... 2,400 63,450
Delta Air Lines, Inc. ........... 2,000 101,125
Southwest Airlines Co. .......... 10,025 189,848
------------
427,661
------------
AUTOMOBILE MANUFACTURERS -- 0.3%
Ford Motor Co. .................. 16,000 688,000
General Motors Corp. ............ 8,080 469,145
Honda Motor Co. Ltd. [ADR]....... 3,700 254,375
------------
1,411,520
------------
AUTOMOTIVE PARTS -- 0.2%
Arvin Industries, Inc. .......... 1,800 31,275
Dana Corp. ...................... 2,880 61,020
Delphi Automotive Systems
Corp. ......................... 6,919 101,623
Eaton Corp. ..................... 1,600 107,199
Federal-Mogul Corp. ............. 2,600 24,863
Genuine Parts Co. ............... 4,050 81,000
Goodyear Tire & Rubber Co. ...... 2,400 48,000
Lear Corp.*...................... 3,700 74,000
Mark IV Industries, Inc. ........ 4,300 89,763
Superior Industries
International, Inc. ........... 2,500 64,375
TRW, Inc. ....................... 1,400 60,725
Visteon Corp.*................... 2,095 25,401
------------
769,244
------------
BEVERAGES -- 0.8%
Anheuser-Busch Companies,
Inc. .......................... 7,500 560,156
Cadbury Schweppes PLC [ADR]...... 4,246 111,458
Coca-Cola Co. ................... 29,400 1,688,662
Coca-Cola Enterprises, Inc. ..... 7,000 114,188
Compania Cervecerias Unidas SA
[ADR].......................... 3,900 88,481
PepsiCo, Inc. ................... 18,000 799,875
Whitman Corp. ................... 4,900 60,638
------------
3,423,458
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BROADCASTING -- 0.2%
Chris-Craft Industries, Inc.*.... 1,462 $ 96,583
Clear Channel Communications,
Inc.*.......................... 4,000 300,000
Hispanic Broadcasting Corp.*..... 3,800 125,875
News Corp. Ltd. ................. 5,400 294,300
------------
816,758
------------
BUILDING MATERIALS -- 0.2%
Armstrong Holdings, Inc. ........ 800 12,250
Clayton Homes, Inc. ............. 6,450 51,600
Fastenal Co. .................... 2,100 106,313
Martin Marietta Materials
Corp. ......................... 2,800 113,225
Masco Corp. ..................... 7,200 130,049
Modine Manufacturing Co. ........ 1,100 29,700
USG Corp. ....................... 1,800 54,675
Vulcan Materials Co. ............ 3,000 128,063
York International Corp. ........ 2,000 52,250
------------
678,125
------------
BUSINESS SERVICES -- 0.3%
Adecco SA [ADR]*................. 141 14,964
Avery Dennison Corp. ............ 2,500 167,813
Comdisco, Inc. .................. 5,700 127,181
Convergys Corp.*................. 4,300 223,063
Equifax, Inc. ................... 2,000 52,625
First Data Corp. ................ 7,200 357,299
Manpower, Inc. .................. 3,800 121,600
Navigant International, Inc.*.... 215 2,069
Nova Corp. ...................... 3,100 86,606
Parametric Technology Corp.*..... 5,000 55,000
Quintiles Transnational Corp.*... 4,300 60,738
Robert Half International,
Inc.*.......................... 7,700 219,450
------------
1,488,408
------------
CAPITAL GOODS -- 0.0%
Harsco Corp. .................... 2,600 66,300
------------
CHEMICALS -- 0.5%
AKZO Nobel NV [ADR].............. 100 4,206
Arch Chemicals, Inc. ............ 1,050 22,969
Cabot Corp. ..................... 4,100 111,725
Crompton Corp. .................. 9,451 115,775
Dexter Corp. .................... 1,500 72,000
Dow Chemical Co. ................ 9,000 271,687
DuPont, (E.I.) de Nemours &
Co. ........................... 15,059 658,830
FMC Corp.*....................... 1,600 92,800
Grace, (W.R.) & Co.*............. 2,000 24,250
Great Lakes Chemical Corp. ...... 2,500 78,750
Hanna, (M.A.) Co. ............... 3,400 30,600
IMC Global, Inc. ................ 6,000 78,000
Imperial Chemical Industries
PLC............................ 3,000 92,438
Lubrizol Corp. .................. 3,100 65,100
Olin Corp. ...................... 3,600 59,400
Omnova Solutions, Inc. .......... 2,800 17,500
PPG Industries, Inc. ............ 3,000 132,938
Rohm & Haas Co. ................. 2,459 84,836
Schulman, (A.), Inc. ............ 3,000 36,188
Solutia, Inc. ................... 5,560 76,450
------------
2,126,442
------------
</TABLE>
24
<PAGE> 26
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CLOTHING & APPAREL -- 0.2%
Abercrombie & Fitch Co. Cl-A*.... 3,600 $ 43,875
AnnTaylor Stores Corp.*.......... 1,600 53,000
Cintas Corp. .................... 5,400 198,113
Jones Apparel Group, Inc.*....... 5,200 122,200
Nike, Inc. Cl-B.................. 5,500 218,968
Payless ShoeSource, Inc.*........ 1,181 61,633
Ross Stores, Inc. ............... 5,200 88,725
Springs Industries, Inc. Cl-A.... 2,100 67,594
Unifi, Inc.*..................... 4,800 59,400
------------
913,508
------------
COMPUTER HARDWARE -- 2.0%
Compaq Computer Corp. ........... 23,368 597,345
Dell Computer Corp.*............. 38,000 1,873,875
EMC Corp.*....................... 26,000 2,000,375
Hewlett-Packard Co. ............. 12,000 1,498,500
International Business Machines
Corp. ......................... 24,000 2,629,499
Quantum Corp. - DLT & Storage
Systems*....................... 6,500 62,969
Quantum Corp. - Hard Disk
Drive*......................... 2,650 29,316
Seagate Technology, Inc.*........ 4,500 247,500
Storage Technology Corp.*........ 3,700 40,469
------------
8,979,848
------------
COMPUTER SERVICES & SOFTWARE -- 5.2%
Adobe Systems, Inc. ............. 1,200 156,000
Automatic Data Processing,
Inc. .......................... 7,500 401,719
Aztec Technology Partners,
Inc.*.......................... 430 934
BMC Software, Inc.*.............. 6,200 226,203
Cadence Design Systems, Inc.*.... 9,500 193,563
Ceridian Corp.*.................. 5,200 125,125
Cisco Systems, Inc.*............. 84,000 5,339,249
Citrix Systems, Inc.*............ 6,200 117,413
Computer Associates
International, Inc. ........... 7,362 376,842
Computer Sciences Corp.*......... 2,000 149,375
Compuware Corp.*................. 11,400 118,275
DST Systems, Inc.*............... 900 68,513
Electronic Arts, Inc.*........... 2,800 204,225
Electronic Data Systems Corp. ... 7,500 309,375
Fiserv, Inc.*.................... 4,525 195,706
Informix Corp.*.................. 7,300 54,294
Intuit, Inc.*.................... 7,800 322,725
Legato Systems, Inc.*............ 3,100 46,888
Microsoft Corp.*................. 63,500 5,079,999
NCR Corp.*....................... 2,400 93,450
Networks Associates, Inc.*....... 6,350 129,381
Novell, Inc.*.................... 9,500 87,875
Oracle Corp.*.................... 39,250 3,299,452
Paychex, Inc. ................... 11,400 478,800
Policy Management Systems
Corp.*......................... 1,700 26,138
Siebel Systems, Inc.*............ 7,800 1,275,788
Structural Dynamics Research
Corp.*......................... 2,500 37,656
Sun Microsystems, Inc.*.......... 18,800 1,709,625
SunGard Data Systems, Inc.*...... 3,200 99,200
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Symantec Corp.*.................. 3,500 $ 188,781
Synopsys, Inc.*.................. 2,300 79,494
Tech Data Corp.*................. 1,900 82,769
Veritas Software Corp.*.......... 14,400 1,627,425
------------
22,702,257
------------
CONGLOMERATES -- 1.0%
Berkshire Hathaway, Inc. Cl-B*... 136 239,360
Corning, Inc. ................... 5,200 1,403,350
Minnesota Mining & Manufacturing
Co. ........................... 5,300 437,250
Ogden Corp. ..................... 2,500 22,500
Philip Morris Companies, Inc. ... 29,300 778,281
Textron, Inc. ................... 1,500 81,469
Tyco International Ltd. ......... 20,800 985,400
United Technologies Corp. ....... 8,427 496,140
Viad Corp. ...................... 4,500 122,625
------------
4,566,375
------------
CONSTRUCTION -- 0.0%
Granite Construction, Inc. ...... 2,650 64,925
Jacobs Engineering Group,
Inc.*.......................... 2,400 78,450
------------
143,375
------------
CONSUMER PRODUCTS & SERVICES -- 0.7%
ACNielson Corp.*................. 3,100 68,200
Church and Dwight Co., Inc. ..... 2,000 36,000
Clorox Co. ...................... 3,256 145,910
Colgate-Palmolive Co. ........... 7,500 449,063
Cross, (A.T.) Co. Cl-A*.......... 1,400 6,825
Dial Corp. ...................... 3,600 37,350
Eastman Kodak Co. ............... 4,200 249,900
Energizer Holdings, Inc.*........ 2,000 36,500
Fortune Brands, Inc. ............ 4,100 94,556
Gillette Co. .................... 14,000 489,124
International Flavors &
Fragrances, Inc. .............. 2,000 60,375
Keane, Inc.*..................... 2,600 56,225
Lancaster Colony Corp. .......... 1,550 29,741
National Presto Industries,
Inc. .......................... 800 24,600
Pittston Brink's Group........... 1,300 17,794
Procter & Gamble Co. ............ 16,000 915,999
RJ Reynolds Tobacco Holdings..... 4,200 117,338
Shaw Industries, Inc. ........... 5,100 63,750
Sotheby's Holdings, Inc. Cl-A.... 3,400 59,500
Stewart Enterprises, Inc. ....... 8,900 31,428
Universal Corp. ................. 1,800 38,025
WestPoint Stevens, Inc. ......... 2,300 25,588
------------
3,053,791
------------
CONTAINERS & PACKAGING -- 0.1%
Bemis Co., Inc. ................. 2,700 90,788
Owens Illinois, Inc.*............ 3,700 43,244
Sealed Air Corp.*................ 2,400 125,700
Sonoco Products Co. ............. 3,910 80,399
------------
340,131
------------
</TABLE>
25
<PAGE> 27
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRONIC COMPONENTS & EQUIPMENT -- 3.6%
Agilent Technologies, Inc.*...... 4,576 $ 337,480
American Power Conversion
Corp.*......................... 8,800 359,150
Analog Devices, Inc.*............ 19,266 1,464,215
Arrow Electronics, Inc.*......... 5,600 173,600
Comverse Technology, Inc.*....... 4,800 446,400
Diebold, Inc. ................... 2,700 75,263
Emerson Electric Co. ............ 5,500 332,063
General Electric Co. ............ 120,000 6,119,999
Hitachi Ltd. [ADR]............... 5,000 720,625
Hubbell, Inc. Cl-B*.............. 2,500 63,750
Koninklijke (Royal) Philips
Electronics NV NY Reg. ........ 8,752 415,720
Linear Technology Corp. ......... 12,000 767,250
Molex, Inc. ..................... 8,093 389,476
PerkinElmer, Inc. ............... 3,000 198,375
Rockwell International Corp. .... 3,000 94,500
Sanmina Corp.*................... 4,400 376,200
SCI Systems, Inc.*............... 4,400 172,975
Solectron Corp.*................. 12,200 510,875
Symbol Technologies, Inc. ....... 4,443 247,420
Teleflex, Inc. .................. 1,800 66,713
Teradyne, Inc.*.................. 6,200 455,700
Texas Instruments, Inc. ......... 22,000 1,511,124
TXU Corp. ....................... 4,000 118,000
Varian Medical Systems, Inc.*.... 1,900 74,338
Varian, Inc.*.................... 1,900 87,638
------------
15,578,849
------------
ENERGY SERVICES -- 0.1%
Dynegy, Inc. .................... 3,700 252,756
Halliburton Co. ................. 7,700 363,344
------------
616,100
------------
ENTERTAINMENT & LEISURE -- 1.1%
Brunswick Corp. ................. 2,000 33,125
Callaway Golf Co. ............... 2,200 35,888
Carnival Corp. .................. 7,700 150,150
Disney, (Walt) Co. .............. 26,592 1,032,102
Harley-Davidson, Inc. ........... 11,800 454,300
International Game Technology.... 5,900 156,350
Mandalay Resort Group*........... 5,000 100,000
Mattel, Inc. .................... 4,100 54,069
Premier Parks, Inc. ............. 3,000 68,250
Sabre Holdings Corp. ............ 1,734 49,419
Time Warner, Inc. ............... 15,200 1,155,200
Viacom, Inc. Cl-B*............... 19,765 1,347,725
------------
4,636,578
------------
ENVIRONMENTAL SERVICES -- 0.1%
Allied Waste Industries, Inc.*... 5,400 54,000
Tetra Tech, Inc.*................ 2,343 53,596
Waste Management, Inc. .......... 12,959 246,221
------------
353,817
------------
FINANCIAL-BANK & TRUST -- 1.9%
Astoria Financial Corp. ......... 3,200 82,400
Australia & New Zealand Banking
Group Ltd. [ADR]............... 3,600 137,025
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Banco Bilbao Vizcaya Argentaria
SA [ADR]....................... 36,300 $ 535,424
Banco Bradesco SA [ADR].......... 14,500 126,195
Banco Frances SA [ADR]........... 5,060 109,423
Bank of America Corp. ........... 22,360 961,479
Bank of New York Co., Inc. ...... 9,400 437,099
Bank One Corp. .................. 14,134 375,434
CCB Financial Corp. ............. 2,000 76,500
Charter One Financial, Inc. ..... 6,237 143,451
Chase Manhattan Corp. ........... 15,018 691,766
City National Corp. ............. 1,800 63,900
Compass Bancshares, Inc. ........ 4,500 76,781
Dime Bancorp, Inc. .............. 5,100 80,325
Fifth Third Bancorp.............. 4,225 267,231
First Security Corp. ............ 8,287 112,392
First Tennessee National
Corp. ......................... 5,400 89,438
First Union Corp. ............... 12,608 312,836
First Virginia Banks, Inc. ...... 2,000 69,625
Firstar Corp. ................... 16,093 338,959
GreenPoint Financial Corp. ...... 3,000 56,250
Hibernia Corp. Cl-A.............. 5,500 59,813
Huntington Bancshares, Inc. ..... 4,066 64,294
KeyCorp.......................... 7,000 123,375
Marshall & Ilsley Corp. ......... 4,700 195,050
MBNA Corp. ...................... 9,500 257,688
Mellon Financial Corp. .......... 8,800 320,650
Mercantile Bankshares Corp. ..... 3,300 98,381
Morgan, (J.P.) & Co., Inc. ...... 2,100 231,263
National City Corp. ............. 7,520 128,310
North Fork Bancorporation,
Inc. .......................... 4,400 66,550
Northern Trust Corp. ............ 3,000 195,188
Old Kent Financial Corp. ........ 5,182 138,612
Pacific Century Financial
Corp. ......................... 3,900 58,013
Regions Financial Corp. ......... 2,700 53,663
Silicon Valley Bancshares*....... 2,800 119,350
Southtrust Corp. ................ 3,200 72,400
State Street Corp. .............. 2,000 212,125
Summit Bancorp................... 4,000 98,500
SunTrust Banks, Inc. ............ 3,648 166,668
TCF Financial Corp. ............. 4,700 120,731
U.S. Bancorp..................... 9,659 185,936
Uniao de Bancos Brasileiros SA
[GDR].......................... 3,300 94,875
Union Planters Corp. ............ 2,800 78,225
Wilmington Trust Corp. .......... 1,900 81,225
Zions Bancorp.................... 2,700 123,905
------------
8,488,723
------------
FINANCIAL SERVICES -- 2.4%
AMBAC Financial Group, Inc. ..... 2,400 131,550
American Express Co. ............ 15,300 797,512
Associates First Capital Corp.
Cl-A........................... 8,728 194,744
Bear Stearns Companies, Inc. .... 4,095 170,454
Block, (H&R), Inc. .............. 2,000 64,750
Capital One Financial Corp. ..... 2,500 111,563
Citigroup, Inc. ................. 43,005 2,591,050
Concord EFS, Inc.*............... 6,450 167,700
Dun & Bradstreet Corp. .......... 2,500 71,563
</TABLE>
26
<PAGE> 28
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
E*TRADE Group, Inc.*............. 9,000 $ 148,500
Edwards, (A.G.), Inc. ........... 3,350 130,650
Fannie Mae....................... 14,000 730,625
FINOVA Group, Inc. .............. 2,500 32,500
Fleet Financial Group, Inc. ..... 11,056 375,904
Franklin Resources, Inc. ........ 5,700 173,138
Freddie Mac...................... 10,600 429,300
Golden West Financial Corp. ..... 2,400 97,950
Grupo Financiero Bancomer [ADR]
144A*.......................... 1,400 14,223
Household International, Inc. ... 5,600 232,750
Merrill Lynch & Co., Inc. ....... 3,900 448,500
Morgan Stanley Dean Witter &
Co. ........................... 14,970 1,246,252
Paine Webber Group, Inc. ........ 5,800 263,900
PNC Financial Services Group,
Inc. .......................... 2,820 132,188
Providian Financial Corp. ....... 1,500 135,000
Schwab, (Charles) Corp. ......... 15,075 506,897
Waddell & Reed Financial, Inc.
Cl-A........................... 392 12,846
Waddell & Reed Financial, Inc.
Cl-B........................... 1,674 48,651
Washington Mutual, Inc. ......... 5,750 166,031
Wells Fargo & Co. ............... 20,000 775,000
------------
10,401,691
------------
FOOD -- 1.0%
Albertson's, Inc. ............... 6,024 200,298
Archer Daniels Midland Co. ...... 11,887 116,641
Bestfoods, Inc. ................. 3,300 228,525
Campbell Soup Co. ............... 6,000 174,750
ConAgra, Inc. ................... 6,900 131,531
Dean Foods Corp. ................ 1,400 44,363
Diageo PLC [ADR]................. 6,547 232,828
Dole Food Co. ................... 2,800 45,850
Flowers Industries, Inc. ........ 3,000 59,813
General Mills, Inc. ............. 5,000 191,250
Heinz, (H.J.) Co. ............... 6,250 273,438
Hershey Foods Corp. ............. 2,600 126,588
Hormel Foods Corp. .............. 6,000 100,875
IBP, Inc. ....................... 4,300 66,381
Interstate Bakeries Corp. ....... 3,000 44,250
Kellogg Co. ..................... 7,000 208,250
Kroger Co.*...................... 16,800 370,649
Lance, Inc. ..................... 3,200 28,800
McCormick & Co., Inc. ........... 4,100 133,250
Ralston Purina Group............. 5,000 99,688
Safeway, Inc.*................... 6,060 273,458
Sara Lee Corp. .................. 12,400 239,475
Smucker, (J.M.) Co.*............. 1,600 30,800
Starbucks Corp.*................. 7,500 286,405
The Earthgrains Co. ............. 592 11,507
Tyson Foods, Inc. ............... 7,300 63,875
Unilever NV NY Reg. ............. 13,407 576,500
Universal Foods Corp. ........... 3,700 68,450
Wrigley, (Wm., Jr.) Co. ......... 1,300 104,244
------------
4,532,732
------------
FURNITURE -- 0.0%
Leggett & Platt, Inc. ........... 8,700 143,550
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
HEALTHCARE SERVICES -- 0.5%
Amgen, Inc.*..................... 12,500 $ 878,124
Apria Healthcare Group, Inc.*.... 7,500 91,875
Foundation Health Systems,
Inc.*.......................... 6,400 83,200
Gentiva Health Services, Inc.*... 500 4,063
HCA - The Healthcare Corp. ...... 9,096 276,291
Health Management Associates,
Inc. Cl-A*..................... 12,050 157,403
Healthsouth Corp.*............... 5,500 39,531
IMS Health, Inc. ................ 5,000 90,000
McKesson HBOC, Inc. ............. 2,600 54,438
Oxford Health Plans, Inc.*....... 1,300 30,956
PacifiCare Health Systems,
Inc.*.......................... 1,800 108,338
Quorum Health Group, Inc.*....... 3,600 37,125
Total Renal Care Holdings,
Inc.*.......................... 2,700 16,200
United HealthGroup, Inc. ........ 4,000 343,000
------------
2,210,544
------------
HOTELS & MOTELS -- 0.0%
Hilton Hotels Corp. ............. 2,945 27,609
Marriott International, Inc.
Cl-A........................... 3,000 108,188
------------
135,797
------------
INSURANCE -- 1.3%
Aetna, Inc. ..................... 2,502 160,597
AFLAC, Inc. ..................... 8,900 408,843
Allmerica Financial Corp. ....... 2,300 120,463
Allstate Corp. .................. 10,600 235,850
American Financial Group,
Inc. .......................... 3,200 79,400
American General Corp. .......... 3,500 213,500
American International Group,
Inc. .......................... 19,020 2,234,849
Chubb Corp. ..................... 3,300 202,950
CIGNA Corp. ..................... 3,900 364,650
Conseco, Inc. ................... 5,691 55,487
HSB Group, Inc. ................. 1,650 51,356
Lincoln National Corp. .......... 3,400 122,825
Loews Corp. ..................... 3,000 180,000
Marsh & McLennan Companies,
Inc. .......................... 3,500 365,531
Old Republic International
Corp. ......................... 7,300 120,450
Progressive Corp. ............... 1,400 103,688
ReliaStar Financial Corp. ....... 3,000 157,313
Selective Insurance Group,
Inc. .......................... 3,500 66,500
The Hartford Financial Services
Group, Inc. ................... 3,000 167,813
Torchmark Corp. ................. 4,600 113,563
Transatlantic Holdings, Inc. .... 1,050 87,938
Unitrin, Inc. ................... 2,800 82,250
UNUM Corp. ...................... 5,777 115,901
------------
5,811,717
------------
INTERNET SERVICES -- 0.5%
America Online, Inc.*............ 38,000 2,004,500
------------
LUMBER & WOOD PRODUCTS -- 0.0%
Deltic Timber Corp. ............. 342 7,161
Rayonier, Inc. .................. 1,600 57,400
------------
64,561
------------
</TABLE>
27
<PAGE> 29
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
MACHINERY & EQUIPMENT -- 0.5%
AGCO Corp. ...................... 2,100 $ 25,725
Black & Decker Corp. ............ 2,700 106,144
Caterpillar, Inc. ............... 5,000 169,375
Danaher Corp. ................... 4,500 222,468
Deere & Co. ..................... 4,000 148,000
Federal Signal Corp. ............ 3,600 61,200
Flowserve Corp. ................. 2,900 43,863
Gencorp, Inc. ................... 2,800 22,400
Grant Prideco, Inc.*............. 2,320 58,000
Illinois Tool Works, Inc. ....... 5,339 304,322
Ingersoll-Rand Co. .............. 2,000 80,500
Kaydon Corp. .................... 2,200 46,200
Kennametal, Inc. ................ 1,200 25,725
Nordson Corp. ................... 1,000 50,625
Pall Corp. ...................... 4,000 75,500
Precision Castparts Corp. ....... 1,400 63,350
Sequa Corp. Cl-A*................ 1,200 45,825
Smith International, Inc.*....... 2,000 145,625
Tecumseh Products Co. Cl-A....... 1,400 53,463
Thermo Electron Corp.*........... 6,300 133,088
Weatherford International,
Inc.*.......................... 2,320 92,365
------------
1,973,763
------------
MEDICAL SUPPLIES & EQUIPMENT -- 1.2%
Abbott Laboratories.............. 18,500 824,406
Baxter International, Inc. ...... 4,000 281,250
Beckman Coulter, Inc. ........... 2,100 122,588
Becton Dickinson & Co. .......... 4,000 114,750
Bergen Brunswig Corp. Cl-A....... 3,800 20,900
Boston Scientific Corp.*......... 6,000 131,625
Edwards Lifesciences Corp.*...... 960 18,360
Forest Laboratories, Inc.*....... 3,400 343,400
Genzyme Corp.*................... 2,100 124,819
Genzyme Surgical Products*....... 375 3,727
Genzyme Tissue Repair*........... 63 331
Guidant Corp.*................... 6,000 297,000
Hillenbrand Industries, Inc. .... 2,700 84,544
Johnson & Johnson Co. ........... 18,005 1,834,258
Medtronic, Inc. ................. 15,000 747,188
STERIS Corp.*.................... 4,000 35,500
Stryker Corp. ................... 6,800 297,500
Sybron International Corp.*...... 3,700 73,306
VISX, Inc.*...................... 2,400 67,350
------------
5,422,802
------------
METALS & MINING -- 0.2%
Alcoa, Inc. ..................... 15,600 452,399
Barrick Gold Corp. .............. 7,000 127,313
Brush Wellman, Inc. ............. 2,400 37,500
Carpenter Technology Corp. ...... 2,200 46,475
Nucor Corp. ..................... 2,800 92,925
Placer Dome, Inc. ............... 9,900 94,669
------------
851,281
------------
OFFICE EQUIPMENT -- 0.2%
Herman Miller, Inc. ............. 3,900 100,913
Ikon Office Solutions, Inc. ..... 6,800 26,350
Office Depot, Inc.*.............. 11,550 72,188
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Pitney Bowes, Inc. .............. 4,900 $ 195,999
Standard Register Co. ........... 2,700 37,800
Staples, Inc.*................... 8,325 127,997
Wallace Computer Service,
Inc. .......................... 2,900 28,638
Xerox Corp. ..................... 10,400 207,999
------------
797,884
------------
OIL & GAS -- 3.2%
Amerada Hess Corp. .............. 3,500 216,125
Anadarko Petroleum Corp. ........ 1,600 78,900
Apache Corp. .................... 1,600 94,100
BJ Services Co.*................. 9,000 562,500
BP Amoco PLC [ADR]............... 12,400 701,374
Chevron Corp. ................... 7,400 627,612
Conoco, Inc. Cl-B*............... 8,670 212,957
Devon Energy Corp. .............. 2,800 157,325
El Paso Energy Corp. ............ 8,600 438,063
ENI Co. SPA [ADR]................ 5,500 320,031
Ensco International, Inc. ....... 5,500 196,969
Exxon Mobil Corp. ............... 41,033 3,223,654
Global Marine, Inc.*............. 8,700 245,231
Helmerich & Payne, Inc. ......... 1,800 63,900
Keyspan Corp. ................... 6,300 193,725
MCN Energy Group, Inc. .......... 3,600 78,750
Murphy Oil Corp. ................ 2,400 142,650
Nabors Industries, Inc.*......... 4,300 178,719
National Fuel Gas Co. ........... 2,600 126,750
Nicor, Inc. ..................... 3,000 97,875
Noble Affiliates, Inc. .......... 2,500 93,125
Noble Drilling Corp.*............ 3,300 135,919
Occidental Petroleum Corp. ...... 9,600 202,200
Phillips Petroleum Co. .......... 3,000 152,063
Ranger Oil Ltd.*................. 7,800 42,900
Repsol SA [ADR].................. 6,700 132,744
Royal Dutch Petroleum Co. ....... 40,300 2,480,968
Schlumberger Ltd. ............... 7,000 522,375
Shell Transport & Trading Co.
[ADR].......................... 6,700 334,581
Texaco, Inc. .................... 6,200 330,150
Tidewater, Inc. ................. 2,700 97,200
Tosco Corp. ..................... 5,900 168,888
Total Fina Elf SA [ADR].......... 2,407 185,339
Transocean Sedco Forex, Inc. .... 4,639 247,897
Ultramar Diamond Shamrock
Corp. ......................... 3,900 96,769
Union Pacific Resources Group,
Inc. .......................... 5,509 121,198
Unocal Corp. .................... 5,200 172,250
USX-Marathon Group, Inc. ........ 5,400 135,338
Valero Energy Corp. ............. 3,800 120,650
Washington Gas Light Co. ........ 3,100 74,594
Williams Companies, Inc. ........ 8,998 375,104
------------
14,179,462
------------
PAPER & FOREST PRODUCTS -- 0.3%
Bowater, Inc. ................... 2,200 97,075
Consolidated Papers, Inc. ....... 4,600 168,188
Fort James Corp. ................ 7,000 161,875
Georgia-Pacific Group............ 2,000 52,500
Georgia-Pacific Timber Group..... 3,100 67,038
</TABLE>
28
<PAGE> 30
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Glatfelter, (P.H.) Co. .......... 2,600 $ 26,488
International Paper Co. ......... 5,000 149,063
Kimberly-Clark Corp. ............ 9,000 516,374
Wausau-Mosinee Paper Corp. ...... 3,700 31,681
Weyerhaeuser Co. ................ 4,500 193,499
------------
1,463,781
------------
PERSONAL SERVICES -- 0.0%
Cendant Corp.*................... 8,168 114,352
------------
PHARMACEUTICALS -- 3.5%
American Home Products Corp. .... 18,400 1,081,000
AstraZeneca Group PLC [ADR]...... 12,000 558,000
Biogen, Inc.*.................... 6,000 387,000
Bristol-Meyers Squibb Co. ....... 23,600 1,374,700
Carter-Wallace, Inc. ............ 3,900 78,488
Chiron Corp.*.................... 7,600 361,000
Genzyme-Molecular Oncology*...... 226 3,136
Gilead Sciences, Inc.*........... 1,700 120,913
Glaxo Wellcome PLC [ADR]......... 12,100 699,531
ICN Pharmaceuticals, Inc. ....... 2,700 75,094
Ivax Corp.*...................... 11,100 460,650
Lilly, (Eli) & Co. .............. 14,200 1,418,225
MedImmune, Inc.*................. 6,300 466,200
Merck & Co., Inc. ............... 28,000 2,145,500
Mylan Laboratories, Inc. ........ 5,100 93,075
Omnicare, Inc. .................. 3,800 34,438
Perrigo Co.*..................... 8,400 53,025
Pfizer, Inc. .................... 83,250 3,995,999
Pharmacia Corp. ................. 15,125 781,773
Schering-Plough Corp. ........... 17,500 883,750
Waters Corp.*.................... 2,400 299,550
Watson Pharmaceuticals, Inc.*.... 3,000 161,250
------------
15,532,297
------------
PRINTING & PUBLISHING -- 0.3%
Banta Corp. ..................... 2,900 54,919
Belo, (A.H.) Corp. Cl-A.......... 3,400 58,863
Donnelley, (R.R.) & Sons Co. .... 2,600 58,663
Gannett Co., Inc. ............... 3,500 209,344
Lexmark International Group, Inc.
Cl-A*.......................... 4,800 322,799
McGraw-Hill Co., Inc. ........... 5,800 313,200
Readers Digest Association,
Inc. .......................... 4,100 162,975
Tribune Co. ..................... 4,200 147,000
Washington Post Co. Cl-B......... 400 191,200
Workflow Management, Inc.*....... 286 3,378
------------
1,522,341
------------
RAILROADS -- 0.2%
Burlington Northern Santa Fe
Corp. ......................... 5,100 116,981
Kansas City Southern Industries,
Inc. .......................... 4,000 354,750
Norfolk Southern Corp. .......... 6,000 89,250
Trinity Industries, Inc. ........ 2,700 49,950
Union Pacific Corp. ............. 3,000 111,563
------------
722,494
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RESTAURANTS -- 0.2%
Brinker International, Inc.*..... 7,300 $ 213,525
CBRL Group, Inc. ................ 2,700 39,656
Darden Restaurants, Inc. ........ 6,500 105,625
McDonald's Corp. ................ 16,200 533,588
Outback Steakhouse, Inc.*........ 3,600 105,300
Tricon Global Restaurants,
Inc.*.......................... 1,480 41,810
------------
1,039,504
------------
RETAIL & MERCHANDISING -- 2.1%
Barnes & Noble, Inc.*............ 3,400 75,650
Bed, Bath & Beyond, Inc.*........ 5,200 188,500
Best Buy Co., Inc.*.............. 7,000 442,749
BJ's Wholesale Club, Inc.*....... 4,000 132,000
Circuit City Stores, Inc. ....... 4,000 132,750
Companhia Brasileira de
Distribuicao Grupo Pao de
Acucar [ADR]................... 6,200 199,175
Costco Companies, Inc.*.......... 6,000 198,000
CVS Corp. ....................... 6,500 260,000
Dollar General Corp. ............ 5,491 107,075
Family Dollar Stores, Inc. ...... 7,400 144,763
Federated Department Stores,
Inc.*.......................... 2,500 84,375
Gap, Inc. ....................... 12,037 376,156
Home Depot, Inc. ................ 28,800 1,438,199
Kohl's Corp.*.................... 5,000 278,125
Lands' End, Inc.*................ 3,000 100,125
May Department Stores Co. ....... 5,850 140,400
Nordstrom, Inc. ................. 1,900 45,838
Penney, (J.C.) Co., Inc. ........ 3,100 57,156
RadioShack Corp. ................ 3,000 142,125
Rite Aid Corp. .................. 2,600 17,063
Saks, Inc.*...................... 5,200 54,600
School Specialty, Inc.*.......... 238 4,418
Sears, Roebuck & Co. ............ 4,500 146,813
Target Corp. .................... 7,400 429,200
Tiffany & Co. ................... 4,000 270,000
TJX Companies, Inc. ............. 5,600 105,000
Toys 'R' Us, Inc.*............... 6,920 100,773
Wal-Mart Stores, Inc. ........... 55,200 3,180,899
Walgreen Co. .................... 13,000 418,438
Warnaco Group*................... 2,600 20,150
------------
9,290,515
------------
SEMICONDUCTORS -- 2.6%
Altera Corp.*.................... 12,000 1,223,250
Applied Materials, Inc.*......... 12,000 1,087,500
Atmel Corp.*..................... 9,200 339,250
Intel Corp. ..................... 44,800 5,989,199
LSI Logic Corp.*................. 4,000 216,500
Maxim Integrated Products,
Inc.*.......................... 9,000 611,438
Varian Semiconductor Equipment
Associates, Inc.*.............. 1,900 119,344
Xilinx, Inc.*.................... 19,600 1,618,225
------------
11,204,706
------------
TELECOMMUNICATIONS -- 5.9%
ADC Telecommunications, Inc.*.... 8,800 738,100
Alltel Corp. .................... 4,908 303,989
AT&T Canada, Inc. NY Reg.*....... 342 10,215
</TABLE>
29
<PAGE> 31
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
AT&T Corp. ...................... 37,631 $ 1,190,080
Bell Atlantic Corp.*............. 20,514 1,042,368
BellSouth Corp. ................. 22,400 954,800
British Telecommunications PLC
[ADR].......................... 3,000 396,750
BroadWing, Inc. ................. 4,300 111,531
Cable & Wireless
Communications................. 9,245 198,768
CenturyTel, Inc. ................ 4,000 115,000
Cia de Telecomunicaciones de
Chile SA [ADR]................. 7,800 141,375
Comcast Corp. Cl-A*.............. 12,000 486,000
Cox Communications, Inc. Cl-A*... 2,373 108,120
Ericsson, (L.M.) Telephone Co.
[ADR].......................... 50,800 1,016,000
France Telecom SA [ADR].......... 6,300 897,750
GTE Corp. ....................... 13,500 840,375
Leap Wireless International,
Inc.*.......................... 400 18,800
Lucent Technologies, Inc. ....... 38,565 2,284,976
MediaOne Group, Inc.*............ 10,000 666,250
Motorola, Inc. .................. 24,300 706,219
Nextel Communications, Inc.
Cl-A*.......................... 7,200 440,550
Nokia Corp. Cl-A [ADR]........... 27,600 1,378,275
Nortel Networks Corp. NY Reg.*... 33,920 2,315,039
QUALCOMM, Inc.*.................. 10,000 600,000
SBC Communications, Inc. ........ 40,533 1,753,052
Sprint Corp. (FON Group)......... 12,400 632,400
Sprint Corp. (PCS Group)*........ 10,200 606,900
Tele Norte Leste Participacoes SA
[ADR].......................... 503 11,883
Tele Sudeste Celular
Participacoes SA [ADR]......... 860 26,230
Telecom Corp. of New Zealand Ltd.
[ADR].......................... 1,700 47,813
Telecomunicacoes de Sao Paulo SA
[ADR].......................... 4,300 79,550
Telefonica SA [ADR]*............. 6,691 428,642
Telefonos de Mexico SA Cl-L
[ADR].......................... 13,200 754,050
Telephone & Data Systems,
Inc. .......................... 2,500 250,625
Tellabs, Inc.*................... 5,000 342,188
U.S. West, Inc. ................. 6,418 550,344
Univision Communications,
Inc.*.......................... 3,500 362,250
Vodafone AirTouch PLC [ADR]...... 18,400 762,450
WorldCom, Inc.*.................. 37,045 1,699,439
------------
25,269,146
------------
TRANSPORTATION -- 0.1%
Alexander & Baldwin, Inc. ....... 2,500 55,156
CNF Transportation, Inc. ........ 2,200 50,050
CSX Corp. ....................... 3,000 63,563
FedEx Corp.*..................... 3,500 133,000
------------
301,769
------------
UTILITIES -- 1.2%
AES Corp.*....................... 10,200 465,374
Allegheny Energy, Inc. .......... 5,200 142,350
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
American Electric Power Co.,
Inc. .......................... 4,800 $ 142,200
American Water Works Co.,
Inc. .......................... 3,400 85,000
CMS Energy Corp. ................ 3,900 86,288
Consolidated Edison, Inc. ....... 5,200 154,050
Constellation Energy Group....... 2,700 87,919
DPL, Inc. ....................... 5,600 122,850
Duke Energy Corp. ............... 6,100 343,887
Edison International Co. ........ 6,200 127,100
Empresa Nacional de Electridad SA
[ADR].......................... 9,930 109,851
Energy East Corp. ............... 6,800 129,625
Enersis SA [ADR]................. 2,600 51,838
Enron Corp. ..................... 9,500 612,749
Entergy Corp. ................... 6,200 168,563
FirstEnergy Corp. ............... 7,300 170,638
Florida Progress Corp. .......... 4,400 206,249
FPL Group, Inc. ................. 3,000 148,500
IDACORP, Inc. ................... 2,600 83,850
IPALCO Enterprises, Inc. ........ 4,800 96,600
Kansas City Power & Light Co. ... 4,000 90,000
LG&E Energy Corp. ............... 5,500 131,313
New Century Energies, Inc. ...... 3,895 119,528
Niagara Mohawk Holdings, Inc.*... 10,000 139,375
Nisource, Inc. .................. 4,600 85,675
Oklahoma Gas & Electric Co. ..... 2,900 53,650
PG&E Corp. ...................... 1,800 44,325
Pinnacle West Capital Co. ....... 3,000 101,625
Potomac Electric Power Co. ...... 4,900 122,500
Public Service Co. of New
Mexico......................... 1,900 29,331
SCANA Corp. ..................... 2,272 54,812
Sierra Pacific Resources......... 4,000 50,250
Southern Co. .................... 12,300 286,743
Teco Energy, Inc. ............... 6,000 120,375
Unicom Corp. .................... 4,200 162,488
UtiliCorp United, Inc. .......... 3,450 68,569
Wisconsin Energy Corp. .......... 5,200 103,025
------------
5,299,065
------------
TOTAL COMMON STOCK
(Cost $118,009,157)................ 203,591,221
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS -- 16.6%
U.S. Treasury Bonds
11.625%, 11/15/02.............. $ 100 111,219
7.125%, 02/15/23............... 240 266,325
7.625%, 02/15/25............... 300 353,906
6.875%, 08/15/25............... 300 326,250
6.00%, 02/15/26................ 100 97,781
6.75%, 08/15/26................ 9,325 10,024,375
6.625%, 02/15/27............... 3,250 3,447,031
------------
14,626,887
------------
</TABLE>
30
<PAGE> 32
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
U.S. Treasury Notes
6.125%, 09/30/00-08/15/07...... $ 2,150 $ 2,138,797
5.625%, 11/30/00-05/15/08...... 31,375 30,519,755
5.75%, 08/15/03................ 665 653,778
7.50%, 02/15/05................ 250 262,266
5.875%, 11/15/05............... 18,425 18,114,078
6.50%, 10/15/06................ 3,850 3,892,952
6.25%, 02/15/07................ 2,000 2,002,500
6.00%, 08/15/09................ 525 520,899
------------
58,105,025
------------
(Cost $73,081,396)............... 72,731,912
------------
CORPORATE OBLIGATIONS -- 12.4%
AEROSPACE -- 0.3%
Anteon Corp.
12.00%, 05/15/09 .............. 150 135,375
Boeing Co.
6.35%, 06/15/03 ............... 120 117,480
Dyncorp, Inc.
9.50%, 03/01/07 ............... 200 153,000
Raytheon Co.
6.50%, 07/15/05................ 1,000 948,502
------------
1,354,357
------------
AUTOMOTIVE PARTS -- 0.1%
Lear Corp.
8.11%, 05/15/09................ 300 273,246
Safelite Glass Corp. Cl-B
9.875%, 12/15/06............... 200 2,750
Venture Holdings Trust
9.50%, 07/01/05................ 200 153,000
------------
428,996
------------
BEVERAGES -- 0.2%
Anheuser-Busch Companies, Inc.
7.00%, 12/01/25................ 150 133,036
Seagram, (J.) & Sons Co.
7.60%, 12/15/28................ 1,000 948,401
------------
1,081,437
------------
BROADCASTING -- 0.4%
Chancellor Media Corp.
9.00%, 10/01/08................ 250 258,125
Charter Communications Holdings
LLC
8.25%, 04/01/07................ 600 532,500
Sinclair Broadcast Group, Inc.
8.75%, 12/15/07................ 275 243,375
Spanish Broadcasting System, Inc.
9.625%, 11/01/09............... 300 300,000
UnitedGlobalCom, Inc. Cl-B [STEP]
11.458%, 02/15/08.............. 575 405,375
------------
1,739,375
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
BUILDING MATERIALS -- 0.3%
American Builders & Contractors
Supply Co., Inc. Cl-B
10.625%, 05/15/07.............. $ 300 $ 248,250
American Standard, Inc.
9.25%, 12/01/16................ 15 15,056
Associated Materials, Inc.
9.25%, 03/01/08................ 350 329,000
Koppers Industry, Inc.
9.875%, 12/01/07............... 75 69,563
Lennar Corp. 144A
9.95%, 05/01/10................ 250 247,500
Nortek, Inc.
9.875%, 03/01/04............... 300 286,500
------------
1,195,869
------------
CABLE TELEVISION -- 0.5%
Classic Cable, Inc.
9.375%, 08/01/09............... 500 438,750
Mediacom LLC Capital Corp.
7.875%, 02/15/11............... 600 528,000
Northland Cable Television, Inc.
10.25%, 11/15/07............... 250 208,750
NTL, Inc. Cl-B [STEP]
10.514%, 02/01/06.............. 600 556,500
Pegasus Communications Corp. Cl-B
9.625%, 10/15/05............... 375 363,750
Rogers Cablesystems of America,
Inc. Cl-B
10.00%, 03/15/05............... 125 128,438
------------
2,224,188
------------
CHEMICALS -- 0.1%
American Pacific Corp. 144A
9.25%, 03/01/05................ 225 223,875
------------
CLOTHING & APPAREL -- 0.1%
Dan River, Inc.
10.125%, 12/15/03.............. 150 146,250
Delta Mills, Inc.
9.625%, 09/01/07............... 75 63,375
Dyersburg Corp. Cl-B
9.75%, 09/01/07................ 175 41,125
Westpoint Stevens, Inc.
7.875%, 06/15/05............... 225 189,000
------------
439,750
------------
COMPUTER SERVICES & SOFTWARE -- 0.2%
Exodus Communications, Inc.
10.75%, 12/15/09............... 400 388,000
Verio, Inc.
10.375%, 04/01/05.............. 150 158,250
10.625%, 11/15/09.............. 100 111,375
------------
657,625
------------
CONSTRUCTION -- 0.0%
Newport News Shipbuilding, Inc.
8.625%, 12/01/06............... 150 148,500
------------
</TABLE>
31
<PAGE> 33
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
CONSUMER PRODUCTS & SERVICES -- 0.2%
Chattem, Inc.
12.75%, 06/15/04............... $ 350 $ 355,250
Herff Jones, Inc.
11.00%, 08/15/05............... 250 261,250
Holmes Products Corp. Cl-D
9.875%, 11/15/07............... 250 176,250
------------
792,750
------------
CONTAINERS & PACKAGING -- 0.4%
BWAY Corp.
10.25%, 04/15/07............... 250 241,250
Consolidated Container Co.
10.125%, 07/15/09.............. 300 298,500
Container Corp. of America
9.75%, 04/01/03................ 150 150,563
11.25%, 05/01/04............... 100 101,500
Packaging Corp. of America, Inc.
9.625%, 04/01/09............... 600 598,500
Riverwood International Corp.
10.25%, 04/01/06............... 250 241,250
U.S. Can Corp.
10.125%, 10/15/06.............. 150 154,500
------------
1,786,063
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 0.2%
Amkor Technology, Inc.
10.50%, 05/01/09............... 200 201,250
Flextronics International Ltd.
144A
9.875%, 07/01/10............... 350 354,375
HCC Industries, Inc. 144A
10.75%, 05/15/07............... 250 106,250
L-3 Communications Holdings, Inc.
144A
10.375%, 05/01/07.............. 150 153,375
------------
815,250
------------
ENTERTAINMENT & LEISURE -- 0.8%
Argosy Gaming Co.
10.75%, 06/01/09............... 200 207,750
Bally Total Fitness Holdings
Corp. Cl-C
9.875%, 10/15/07............... 225 204,750
Cinemark USA, Inc. Cl-B
8.50%, 08/01/08................ 175 88,375
Harrahs Operating Co., Inc.
7.875%, 12/15/05............... 150 141,375
International Game Technology
8.375%, 05/15/09............... 300 285,000
Isle of Capri Casinos
8.75%, 04/15/09................ 300 279,000
Mohegan Tribal Gaming Authority
8.125%, 01/01/06............... 500 477,500
Premier Parks, Inc.
9.75%, 06/15/07................ 250 242,813
9.402%, 04/01/08 [STEP]........ 350 239,313
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Six Flags Entertainment Corp.
8.875%, 04/01/06............... $ 175 $ 168,000
Speedway Motorsports, Inc.
8.50%, 08/15/07................ 300 280,500
Station Casinos, Inc.
10.125%, 03/15/06.............. 300 305,250
Time Warner Entertainment Co.
7.25%, 09/01/08................ 500 483,664
YankeeNets LLC 144A
12.75%, 03/01/07............... 150 144,750
------------
3,548,040
------------
EQUIPMENT SERVICES -- 0.0%
Coinmach Corp. Cl-D
11.75%, 11/15/05............... 125 120,625
------------
FINANCIAL-BANK & TRUST -- 0.6%
Banesto Delaware
8.25%, 07/28/02................ 50 50,531
Bank of America Corp.
6.85%, 03/01/03................ 150 147,638
Bank of Nova Scotia
6.25%, 09/15/08................ 50 45,459
BankUnited Capital Trust Corp.
Cl-B 144A
10.25%, 12/31/26............... 250 212,500
Capital One Bank
8.25%, 06/15/05................ 750 749,262
CoreStates Home Equity Trust
Corp. Cl-A
6.65%, 05/15/09................ 27 26,513
MBNA Corp.
6.15%, 10/01/03................ 450 424,796
National Australia Bank
8.60%, 05/19/10................ 600 629,718
NationsBank Texas Corp.
6.75%, 08/15/00................ 150 150,002
Provident Bank Corp.
7.125%, 03/15/03............... 175 169,579
------------
2,605,998
------------
FINANCIAL SERVICES -- 1.3%
AIG Sunamerica Global Financial
Services II 144A
7.60%, 06/15/05................ 600 605,968
American Express Master Trust
7.60%, 08/15/02................ 500 501,195
Household Finance Corp.
8.00%, 05/09/05................ 400 403,566
Intertek Finance PLC Cl-B
10.25%, 11/01/06............... 250 206,250
Morgan Stanley Dean Witter & Co.
5.625%, 01/20/04............... 700 657,636
Orion Power Holdings, Inc. 144A
12.00%, 05/01/10............... 300 312,000
Salomon, Inc.
6.75%, 02/15/03................ 500 492,316
State Street Corp.
7.65%, 06/15/10................ 675 673,136
</TABLE>
32
<PAGE> 34
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
USF&G Capital II Cl-B
8.47%, 01/10/27................ $ 500 $ 449,703
Washington Mutual, Inc.
8.25%, 04/01/10................ 700 691,819
Wells Fargo & Co.
6.25%, 04/15/08................ 700 636,747
------------
5,630,336
------------
FOOD -- 0.3%
B&G Foods, Inc.
9.625%, 08/01/07............... 350 246,750
Doane Pet Care Co.
9.75%, 05/15/07................ 359 308,740
International Home Foods, Inc.
10.375%, 11/01/06.............. 200 215,000
Luigino's, Inc.
10.00%, 02/01/06............... 275 215,875
New World Pasta Co.
9.25%, 02/15/09................ 500 300,000
------------
1,286,365
------------
HEALTHCARE SERVICES -- 0.2%
Lifepoint Hospitals Holdings
10.75%, 05/15/09............... 300 310,500
Quest Diagnostic, Inc.
10.75%, 12/15/06............... 125 130,000
Tenet Healthcare Corp.
8.00%, 01/15/05................ 600 579,000
------------
1,019,500
------------
HOTELS & MOTELS -- 0.0%
Courtyard By Marriott II Cl-B
10.75%, 02/01/08............... 150 147,375
------------
INDUSTRIAL PRODUCTS -- 0.2%
Fico [ZCB]
13.226%, 04/06/03.............. 1,000 828,130
------------
INSURANCE -- 0.1%
New York Life Insurance Co. 144A
7.50%, 12/15/23................ 420 370,297
------------
INTERNET SERVICES -- 0.0%
PSINet, Inc. Cl-B
10.00%, 02/15/05............... 75 69,375
------------
MACHINERY & EQUIPMENT -- 0.2%
Hawk Corp.
10.25%, 12/01/03............... 450 434,250
Westinghouse Air Brake Co.
9.375%, 06/15/05............... 400 388,000
------------
822,250
------------
MEDICAL SUPPLIES & EQUIPMENT -- 0.0%
Dade International, Inc. Cl-B
11.125%, 05/01/06.............. 100 47,500
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
METALS & MINING -- 0.1%
Freeport-McMoRan Resource
Partners, Inc. L.P.
7.00%, 02/15/08................ $ 150 $ 135,641
P&L Coal Holdings Corp.
8.875%, 05/15/08............... 200 189,500
------------
325,141
------------
OFFICE EQUIPMENT -- 0.0%
Global Imaging Systems, Inc.
10.75%, 02/15/07............... 200 171,000
------------
OIL & GAS -- 0.4%
Frontier Oil Corp.
11.75%, 11/15/09............... 250 251,250
Nuevo Energy Co. Cl-B
9.50%, 06/01/08................ 600 595,500
Ocean Energy, Inc.
8.375%, 07/01/08............... 300 292,500
Pride Petroleum Services, Inc.
9.375%, 05/01/07............... 250 250,625
Universal Compression, Inc.
[STEP]
13.564%, 02/15/08.............. 400 290,000
------------
1,679,875
------------
PAPER & FOREST PRODUCTS -- 0.2%
International Paper Co.
6.875%, 04/15/29............... 1,000 838,164
Repap New Brunswick Corp.
11.50%, 06/01/04............... 150 151,500
------------
989,664
------------
PHARMACEUTICALS -- 0.0%
Owens & Minor, Inc.
10.875%, 06/01/06.............. 75 77,250
------------
PRINTING & PUBLISHING -- 0.1%
Hollinger International
Publishing Co.
9.25%, 03/15/07................ 400 396,000
Sun Media Corp.
9.50%, 05/15/07................ 163 158,925
------------
554,925
------------
RAILROADS -- 0.1%
Norfolk Southern Corp.
8.625%, 05/15/10............... 600 627,446
------------
RESTAURANTS -- 0.1%
Jack in the Box, Inc.
9.75%, 11/01/03................ 125 125,625
McDonald's Corp.
6.625%, 09/01/05............... 100 97,464
------------
223,089
------------
</TABLE>
33
<PAGE> 35
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
RETAIL & MERCHANDISING -- 0.5%
Dayton Hudson Corp.
5.875%, 11/01/08............... $ 1,500 $ 1,332,271
Kroger Co.
8.05%, 02/01/10................ 700 696,760
Wal-Mart Stores, Inc.
7.25%, 06/01/13................ 85 84,927
------------
2,113,958
------------
SEMICONDUCTORS -- 0.1%
Amkor Technologies, Inc.
9.25%, 05/01/06................ 300 297,375
------------
TELECOMMUNICATIONS -- 3.4%
Adelphia Communications
9.875%, 03/01/05............... 500 488,750
Alaska Communications Systems
9.375%, 05/15/09............... 250 231,875
AT&T Corp.
6.50%, 03/15/29................ 1,500 1,259,923
Clear Channel Communications,
Inc.
7.875%, 06/15/05............... 700 704,097
Comcast Cable Communication, Inc.
8.125%, 05/01/04............... 400 406,241
Communication & Power Industries,
Inc.
12.00%, 08/01/05............... 250 176,875
Deutsche Telekom Financial Corp.
8.00%, 06/15/10................ 700 707,099
Dobson Communications, Inc. 144A
10.875%, 07/01/10.............. 375 378,750
Energis PLC
9.75%, 06/15/09................ 600 591,000
Focal Communications Corp. 144A
11.875%, 01/15/10.............. 350 353,500
Frontiervision L.P.
11.00%, 10/15/06............... 350 355,250
Global Crossing Holdings Ltd.
9.50%, 11/15/09................ 375 363,750
Hermes Europe Railtel BV, Inc.
10.375%, 01/15/09.............. 100 82,000
Intermedia Communications, Inc.
Cl-B [STEP]
11.556%, 07/15/07.............. 500 395,000
International Wire Group, Inc.
Cl-B
11.75%, 06/01/05............... 350 353,500
Lucent Technologies, Inc.
6.90%, 07/15/01................ 500 501,173
Mastec, Inc.
7.75%, 02/01/08................ 250 231,250
McLeodUSA, Inc. [STEP]
10.464%, 03/01/07.............. 400 330,000
Metromedia Fiber Network, Inc.
Cl-B
10.00%, 11/15/08............... 300 297,000
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
MetroNet Communications Corp.
[STEP]
8.759%, 06/15/08............... $ 800 $ 652,000
Millicom International Cellular
SA [STEP]
12.764%, 06/01/06.............. 250 213,750
Nextel Commmunications, Inc.
[STEP]
10.225%, 10/31/07.............. 575 429,813
NEXTLINK Communications, Inc.
12.50%, 04/15/06............... 125 131,250
12.25%, 06/01/09 [STEP]........ 300 186,000
NTL, Inc. Cl-B [STEP]
10.534%, 04/01/08.............. 300 188,250
Orange PLC
9.00%, 06/01/09................ 600 615,000
Price Communications Wireless,
Inc. Cl-B
9.125%, 12/15/06............... 350 355,250
Qwest Communications
International, Inc.
7.50%, 11/01/08................ 75 72,904
Sprint Capital Corp.
6.125%, 11/15/08............... 1,000 892,429
Telecorp PCS, Inc.
11.345%, 04/15/09.............. 300 197,250
Triton PCS Holdings, Inc. [STEP]
10.853%, 05/01/08.............. 400 292,000
Voicestream Wireless Holdings
10.375%, 11/15/09.............. 600 621,000
WorldCom, Inc.
7.75%, 04/01/07................ 1,500 1,501,727
------------
14,555,656
------------
TRANSPORTATION -- 0.1%
Allied Holdings, Inc. Cl-B
8.625%, 10/01/07............... 175 155,969
Avis Rent A Car, Inc.
11.00%, 05/01/09............... 300 314,250
Union Tank Car Co.
7.125%, 02/01/07............... 150 143,279
------------
613,498
------------
UTILITIES -- 0.6%
Citizens Utilities Co.
8.45%, 09/01/01................ 335 339,115
Energy Corp. of America Cl-A
9.50%, 05/15/07................ 250 161,250
Entergy Louisiana, Inc.
6.50%, 03/01/08................ 1,000 922,588
National Rural Utilities Corp.
5.70%, 01/15/10................ 1,000 864,735
Pacific Gas & Electric Co.
6.75%, 12/01/00................ 200 199,696
</TABLE>
34
<PAGE> 36
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Public Service Electric & Gas Co.
7.00%, 09/01/24................ $ 300 $ 261,976
Southern California Edison Corp.
6.50%, 06/01/01................ 100 99,603
------------
2,848,963
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $58,010,203)................. 54,461,666
------------
<CAPTION>
SHARES
------
<S> <C> <C>
FOREIGN STOCK -- 11.6%
ADVERTISING -- 0.2%
Asatsu-DK, Inc. -- (JPY)......... 11,000 452,262
Publicis SA -- (FRF)............. 667 262,785
------------
715,047
------------
AEROSPACE -- 0.0%
Mitsubishi Heavy Industries
Ltd. -- (JPY).................. 20,000 88,846
------------
AIRLINES -- 0.1%
Singapore Airlines
Ltd. -- (SGD).................. 27,000 267,036
------------
AUTOMOBILE MANUFACTURERS -- 0.2%
DaimlerChrysler AG -- (DEM)...... 3,600 191,871
Fiat SPA -- (ITL)................ 4,400 114,640
Rolls-Royce PLC -- (DEM)......... 63,600 225,784
Volkswagen AG -- (DEM)........... 5,700 220,197
Volvo AB Cl-B -- (SEK)........... 1,900 41,485
------------
793,977
------------
AUTOMOTIVE PARTS -- 0.1%
Bridgestone Corp. -- (JPY)....... 6,000 127,314
Sommer Allibert SA-- (FRF)....... 12,200 380,080
------------
507,394
------------
BEVERAGES -- 0.1%
Lion Nathan Ltd. -- (NZD)........ 50,000 111,804
Louis Vuitton Moet Hennessy --
(FRF).......................... 655 271,180
------------
382,984
------------
BROADCASTING -- 0.1%
EM.TV & Merchandising AG --
(DEM).......................... 1,400 83,206
Mediaset SPA -- (ITL)............ 13,700 210,123
Publishing & Broadcasting Ltd. --
(AUD).......................... 29,900 230,690
------------
524,019
------------
BUILDING MATERIALS -- 0.1%
Cemex SA de CV -- (MXP).......... 28,362 132,256
Lafarge SA -- (FRF).............. 1,100 85,832
Malayan Cement BHD -- (MYR)...... 30,750 10,115
RMC Group PLC -- (GBP)........... 8,800 113,505
------------
341,708
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BUSINESS SERVICES -- 0.1%
Adecco SA -- (CHF)............... 147 $ 125,298
Prosegur CIA de Seguridad SA --
(ESP).......................... 8,500 99,813
Securitas AB Cl-B -- (SEK)....... 4,300 91,680
Vedior NV -- (NLG)............... 4,900 60,827
------------
377,618
------------
CHEMICALS -- 0.3%
AKZO Nobel NV -- (NLG)........... 1,600 68,252
BASF AG -- (DEM)................. 8,300 338,142
SGL Carbon AG -- (DEM)........... 900 59,960
Sumitomo Chemical Co. -- (JPY)... 152,000 916,584
------------
1,382,938
------------
CLOTHING & APPAREL -- 0.1%
Kuraray Co. Ltd. -- (JPY)........ 8,000 91,946
Yue Yuen Industrial Holdings --
(HKD).......................... 95,000 210,839
------------
302,785
------------
COMPUTER SERVICES & SOFTWARE -- 0.2%
ASM Lithography Holding NV --
(NLG)*......................... 1,500 64,734
Cap Gemini SA -- (FRF)........... 800 141,488
Getronics NV -- (NLG)............ 3,600 55,732
SAP AG -- (DEM).................. 1,869 283,789
SEMA Group PLC -- (GBP).......... 5,600 79,691
Softbank Corp. -- (JPY).......... 900 122,494
------------
747,928
------------
CONGLOMERATES -- 0.6%
Cycle & Carriage Ltd. -- (SGD)... 15,000 35,223
Fomento Economico Mexicano SA de
CV -- (MEX)*................... 16,600 70,831
GKN PLC -- (GBP)................. 8,800 112,306
Granada Group PLC -- (GBP)....... 10,200 101,915
Hays PLC -- (GBP)................ 23,000 128,310
Hutchison Whampoa Ltd. -- (HKD).. 70,400 885,076
Mitsui & Co. Ltd. -- (JPY)....... 60,000 459,351
Norsk Hydro AS -- (NOK).......... 4,600 193,742
Rentokil Initial PLC -- (GBP).... 39,700 90,152
Sulzer AG -- (CHF)*.............. 181 120,773
Tomkins PLC -- (GBP)............. 70,500 227,333
------------
2,425,012
------------
CONSTRUCTION -- 0.0%
Bouyguesn SA -- (FRF)*........... 152 101,994
Matsushita Electric Works Ltd. --
(JPY).......................... 1,000 12,419
------------
114,413
------------
CONSUMER PRODUCTS & SERVICES -- 0.3%
Electrolux AB Cl-B -- (SEK)...... 5,300 82,485
JUSCO Co. -- (JPY)............... 18,000 341,961
Kao Corp. -- (JPY)............... 19,000 581,844
Orkla ASA Cl-A -- (NOK).......... 2,900 55,303
</TABLE>
35
<PAGE> 37
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Societe BIC SA -- (FRF).......... 5,600 $ 275,383
Swatch Group AG -- (CHF)......... 224 58,615
------------
1,395,591
------------
CONTAINERS & PACKAGING -- 0.0%
Pechiney SA Cl-A -- (FRF)........ 2,000 83,781
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 1.5%
Bang & Olufsen Holding AS --
(DKK)*......................... 2,800 95,706
Epcos AG -- (DEM)*............... 300 30,541
Fujitsu Ltd. -- (JPY)............ 22,000 763,127
Iberdrola SA -- (ESP)............ 30,000 388,229
Johnson Electric Holdings Ltd. --
(HKD).......................... 96,200 910,163
Matsushita Electric Industrial
Co. Ltd. -- (JPY).............. 31,000 805,754
Mitsubishi Electric
Corp. -- (JPY)................. 60,000 651,030
Omron Corp. -- (JPY)............. 27,000 734,961
Sharp Corp. -- (JPY)............. 17,000 301,272
Siemens AG -- (DEM).............. 4,200 631,288
Sony Corp. -- (JPY).............. 10,000 935,714
Spirent PLC -- (GBP)............. 33,900 221,963
Thomson CSF -- (FRF)............. 400 15,821
------------
6,485,569
------------
ENTERTAINMENT & LEISURE -- 0.0%
Kuoni Reisen AG -- (CHF)......... 5 2,322
------------
FINANCIAL-BANK & TRUST -- 1.8%
Abbey National PLC -- (GBP)...... 39,400 471,213
ABN AMRO Holding NV -- (NLG)..... 9,700 238,595
Allied Irish Banks
PLC -- (IEP)................... 18,900 169,759
Australia & New Zealand Banking
Group Ltd. -- (AUD)............ 16,300 125,370
Banca Intesa SPA -- (ITL)........ 82,200 369,553
Banca Popolare di
Milano -- (ITL)................ 4,600 33,292
Bank of Scotland -- (GBP)........ 46,508 442,514
Bankgesellschaft Berlin AG --
(DEM).......................... 8,650 126,864
Barclays PLC -- (GBP)............ 17,191 427,595
BNP Paribas -- (FRF)............. 2,900 280,215
Commonwealth Bank of Australia --
(AUD).......................... 17,900 297,599
Credit Suisse Group -- (CHF)..... 3,600 718,420
Credito Italiano SPA -- (ITL).... 77,800 373,637
DBS Groupo Holdings -- (SGD)..... 20,236 259,829
Den Norske Bank -- (NOK)......... 6,700 27,905
Dresdner Bank AG -- (DEM)........ 13,300 540,567
Fuji Bank Ltd. -- (JPY).......... 38,000 289,485
HSBC Holdings PLC -- (GBP)....... 54,969 628,705
KBC Bancassurance Holdings NV --
(BEF).......................... 3,800 167,926
Nordic Baltic Holding AB --
(DKK)*......................... 45,734 334,980
Oversea-Chinese Banking Corp.
Ltd. -- (SGD).................. 26,250 180,670
Societe Generale -- (FRF)........ 1,528 92,278
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Sumitomo Bank Ltd. -- (JPY)...... 34,000 $ 417,763
Svenska Handlesbanken Cl-A --
(SEK).......................... 17,400 253,936
The Industrial Bank of Japan
Ltd. -- (JPY).................. 43,000 326,763
------------
7,595,433
------------
FINANCIAL SERVICES -- 0.3%
Amvescap PLC -- (GBP)............ 18,700 300,083
Grupo Financiero Banamex Accival,
SA de CV -- (MXP)*............. 37,900 161,716
ING Groep NV -- (NLG)............ 7,453 505,821
Nomura Securities Co.
Ltd. -- (JPY).................. 10,000 245,271
------------
1,212,891
------------
FOOD -- 0.4%
Associated British Foods PLC --
(GBP).......................... 41,800 288,560
Cadbury Schweppes PLC -- (GBP)... 19,800 130,092
Compass Group PLC -- (GBP)....... 8,900 117,288
CSM NV -- (NLG).................. 3,400 67,140
Danisco AS -- (DKK).............. 700 23,477
Eridania Beghin-Say
SA -- (FRF).................... 1,500 147,527
Nestle SA -- (CHF)*.............. 237 475,873
Tesco PLC -- (GBP)*.............. 150,729 468,924
------------
1,718,881
------------
INSURANCE -- 0.7%
Aegon NV -- (NLG)................ 5,200 185,778
Allied Zurich PLC -- (CHF)....... 44,000 520,566
AMP Ltd. -- (AUD)................ 12,000 122,486
AXA SA -- (FRF)*................. 2,300 363,785
Instituto Nazionale delle
Assicurazioni -- (ITL)......... 60,800 150,368
Muenchener Rueckversicherungs-
Gesellschaft AG -- (DEM)....... 2,306 725,048
Schweizerische
Rueckversicherungs-
Gesellschaft -- (DEM)*......... 186 380,334
Sumitomo Marine & Fire Insurance
Co. -- (JPY)................... 86,000 501,524
------------
2,949,889
------------
MACHINERY & EQUIPMENT -- 0.0%
Deutz AG -- (DEM)*............... 23,900 105,387
Sandvik AB -- (SEK).............. 3,800 80,153
------------
185,540
------------
MEDICAL SUPPLIES & EQUIPMENT -- 0.2%
Radiometer AS -- (DKK)........... 2,300 72,705
Smith and Nephew PLC -- (GBP)*... 77,200 280,494
Terumo Corp. -- (JPY)............ 19,000 644,697
------------
997,896
------------
METALS & MINING -- 0.1%
Rio Tinto Ltd. -- (AUD).......... 20,700 343,269
Rio Tinto PLC -- (AUD)........... 5,800 94,830
Union Miniere SA -- (ATS)........ 3,000 109,250
------------
547,349
------------
</TABLE>
36
<PAGE> 38
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
OFFICE EQUIPMENT -- 0.3%
Canon, Inc. -- (JPY)............. 12,000 $ 598,857
Oce NV -- (NLG).................. 1,200 19,728
Ricoh Co. Ltd. -- (JPY).......... 25,000 530,474
------------
1,149,059
------------
OIL & GAS -- 0.1%
OMV AG -- (ATS)*................. 200 17,446
Santos Ltd. -- (AUD)............. 32,000 97,796
Total Fina SA Cl-B -- (FRF)...... 3,496 538,207
Tullow Oil PLC -- (IEP)*......... 200 164
------------
653,613
------------
PAPER & FOREST PRODUCTS -- 0.1%
Jefferson Smurfit Group PLC --
(IEP).......................... 450 760
Kimberly-Clark de Mexico SA
Cl-A -- (MXP)*................. 103,100 293,278
Svenska Cellulosa AB Cl-B --
(SEK).......................... 6,100 116,496
------------
410,534
------------
PHARMACEUTICALS -- 0.8%
AstraZeneca Group
PLC -- (GBP)*.................. 7,998 373,535
Daiichi Pharmaceutical Co.
Ltd. -- (JPY).................. 6,000 152,550
Merck KGAA -- (DEM).............. 4,600 141,104
Novartis AG -- (CHF)............. 853 1,355,510
Novo Nordisk AS Cl-B -- (DKK).... 100 17,090
Rhone-Poulenc Cl-A -- (FRF)*..... 8,100 593,601
Takeda Chemical Industries --
(JPY).......................... 15,000 986,753
------------
3,620,143
------------
PRINTING & PUBLISHING -- 0.3%
Dai Nippon Printing Co. Ltd. --
(JPY).......................... 23,000 406,299
Elsevier NV -- (NLG)............. 6,900 83,935
Pearson PLC -- (GBP)............. 11,300 359,246
Reed International
PLC -- (GBP)................... 42,200 367,345
Singapore Press Holdings Ltd. --
(SGD).......................... 11,000 171,778
------------
1,388,603
------------
RAILROADS -- 0.0%
Railtrack Group PLC -- (GBP)..... 9,800 152,293
------------
REAL ESTATE -- 0.2%
Cheung Kong Holdings Ltd. --
(HKD).......................... 38,000 420,460
City Developments
Ltd. -- (SGD).................. 11,000 42,626
DBS Land Ltd. -- (SGD)........... 33,000 42,754
Singapore Land Ltd. -- (SGD)..... 25,000 53,211
Slough Estates PLC -- (GBP)...... 33,400 185,317
Unibail -- (FRF)................. 600 83,397
Westfield Trust -- (AUD)......... 100,700 195,958
------------
1,023,723
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RETAIL & MERCHANDISING -- 0.3%
Carrefour Supermarche
SA -- (FRF).................... 9,200 $ 631,441
Mauri Co. Ltd. -- (JPY).......... 18,000 345,364
Metro AG -- (DEM)................ 1,600 54,448
Woolworths Ltd. -- (AUD)......... 80,200 296,868
------------
1,328,121
------------
SEMICONDUCTORS -- 0.2%
Rohm Co. Ltd. -- (JPY)........... 2,000 586,003
STMicroelectronics NV -- (FRF)... 5,100 322,661
------------
908,664
------------
TELECOMMUNICATIONS -- 1.2%
Alcatel -- (FRF)................. 7,295 480,413
Carso Global Telecom -- (MXP)*... 67,600 192,982
Deutsche Telekom AG -- (DEM)..... 18,500 1,071,128
eircom PLC -- (IEP).............. 19,300 51,802
KPN NV -- (NLG).................. 5,600 251,495
Marconi PLC -- (GBP)............. 13,600 177,065
Nippon Telegraph & Telephone
Corp. -- (JPY)................. 68 906,225
Portugal Telecom SA -- (PTE)..... 6,800 76,656
Singapore Telecommunications
Ltd. -- (SGD).................. 112,000 163,889
Sonera Oyj -- (FIM).............. 6,200 283,790
Swisscom AG -- (CHF)............. 548 190,410
Tele Danmark AS -- (DKK)......... 700 47,313
Telecom Corp. of New Zealand
Ltd. -- (NZD).................. 22,000 77,157
Telecom Italia Mobile
SPA -- (ITL)................... 55,900 573,361
Telecom Italia SPA -- (ITL)...... 30,566 421,923
Telekom Malaysia BHD -- (MYR).... 100 345
Telstra Corp. Ltd. -- (AUD)...... 45,000 183,188
------------
5,149,142
------------
TRANSPORTATION -- 0.2%
BAA PLC -- (GBP)................. 15,875 127,375
Bergesen d.y. ASA
Cl-A -- (NOK).................. 6,900 142,077
BG Group PLC -- (GBP)............ 35,877 231,920
Nippon Express Co.
Ltd. -- (JPY).................. 48,000 295,346
TNT Post Group NV -- (NLG)....... 2,600 70,408
------------
867,126
------------
UTILITIES -- 0.4%
ABB AG -- (CHF).................. 1,098 131,842
Electrabel SA -- (BEF)*.......... 389 96,542
Hong Kong Electric Holdings
Ltd. -- (HKD).................. 30,000 96,600
National Grid Group
PLC -- (GBP)................... 13,800 108,846
PowerGen PLC -- (GBP)............ 16,400 141,022
Suez Lyonnaise des Eaux SA --
(FRF).......................... 3,300 580,473
Tokyo Electric Power
Co. -- (JPY)................... 19,000 464,218
Veba AG -- (DEM)................. 7,000 338,861
------------
1,958,404
------------
TOTAL FOREIGN STOCK
(Cost $43,954,974)................. 50,756,272
------------
</TABLE>
37
<PAGE> 39
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 8.9%
Federal Farm Credit Bank
5.86%, 03/03/06................ $ 2,416 $ 2,279,672
------------
Federal National Mortgage Assoc.
7.00%, 04/18/22................ 1,000 995,894
7.125%, 02/15/05-01/15/30...... 2,000 2,008,876
------------
3,004,770
------------
Government National Mortgage
Assoc.
6.00%, 02/15/26-05/15/26....... 588 541,914
6.50%, 01/15/28-05/29/29....... 19,438 18,485,846
7.00%, 01/15/26-06/15/26....... 8,218 8,003,702
7.50%, 06/15/24-12/15/29....... 5,417 5,381,704
8.00%, 05/15/16-06/15/26....... 493 498,569
8.50%, 06/15/16-10/15/26....... 772 790,861
9.50%, 10/15/09-01/15/20....... 17 18,199
10.00%, 11/15/09............... 3 3,570
10.50%, 08/15/15............... 4 4,042
11.50%, 06/15/10-09/15/15...... 42 46,953
12.00%, 09/15/13-01/15/14...... 1 1,683
------------
33,777,043
------------
Tennessee Valley Authority
6.875%, 12/15/43............... 40 35,134
7.25%, 07/15/43................ 20 18,273
------------
53,407
------------
(Cost $40,349,342)............... 39,114,892
------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 0.2%
Advanta Home Equity Loan Trust
1993-1 Cl-A2
5.95%, 05/25/09
(Cost $1,000,835)................ 1,007 975,736
------------
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PREFERRED STOCK -- 0.1%
TELECOMMUNICATIONS
Telecomunicacoes Brasileiras SA
1.55% [ADR]
(Cost $227,554).................. 4,300 $ 417,638
------------
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000)
---------
<S> <C> <C>
FOREIGN BONDS -- 0.0%
OIL & GAS
BG Transco Holdings PLC -- (GBP)
7.057%, 12/14/09............... 5 7,630
4.188%, 12/14/22............... 5 7,349
7.00%, 12/16/24................ 5 7,286
------------
(Cost $26,848)................... 22,265
------------
<CAPTION>
SHARES
------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 3.1%
Temporary Investment Cash Fund
(Cost $13,386,122)............... 13,386,122 13,386,122
------------
TOTAL INVESTMENTS -- 99.3%
(Cost $348,046,431)................ 435,457,724
OTHER ASSETS LESS
LIABILITIES -- 0.7%................ 2,885,899
------------
NET ASSETS -- 100.0%................. $438,343,623
============
</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 0.8% of net assets.
See Notes to Financial Statements.
38
<PAGE> 40
AST PIMCO TOTAL RETURN BOND PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 44.7%
Federal Home Loan Bank
6.40%, 07/05/00.............. $ 100 $ 99,929
--------------
Federal Home Loan Mortgage
Corp.
6.00%, 07/17/30.............. 8,600 7,878,374
7.00%, 04/25/19 [IO]++....... 64 3,565
7.00%, 07/17/30.............. 31,100 30,052,863
7.575%, 02/01/24 [VR]........ 609 631,203
8.25%, 08/01/17.............. 179 181,263
--------------
38,747,268
--------------
Federal National Mortgage
Assoc.
6.00%, 07/01/12-12/01/28..... 23,332 21,401,729
6.00%, 07/17/30 [TBA]........ 29,600 27,088,736
6.217%, 01/01/28 [VR]........ 613 596,887
6.25%, 05/25/08 [IO]++....... 236 41,699
6.50%, 05/18/23.............. 8,064 7,911,091
6.90%, 05/25/23.............. 244 216,498
7.00%, 07/17/30.............. 45,000 43,446,150
7.491%, 01/01/24 [VR]........ 100 103,888
9.40%, 07/25/03.............. 69 70,116
--------------
100,876,794
--------------
Government National Mortgage
Assoc.
6.00%, 07/25/30 [TBA]........ 33,910 33,183,987
6.125%, 12/20/26 [VR]........ 7,083 7,139,972
6.375%, 03/20/17-03/20/24
[VR]....................... 9,407 9,402,336
6.375%, 02/20/27............. 3,172 3,171,805
6.50%, 09/15/23-07/25/30..... 105,812 100,144,674
6.50%, 07/24/30 [TBA]........ 37,600 35,508,500
6.75%, 08/20/23-09/20/24..... 8,056 7,997,351
7.00%, 07/24/30.............. 68,300 66,366,999
7.125%, 10/20/23-11/20/26
[VR]....................... 11,045 11,048,348
7.375%, 01/20/26 [VR]........ 11,614 11,637,418
7.50%, 12/20/23-07/24/30..... 75,557 75,013,130
8.00%, 07/24/30.............. 5,200 5,255,276
--------------
365,869,796
--------------
Student Loan Marketing Assoc.
[FRN]
6.357%, 04/25/04............. 2,552 2,550,940
--------------
(Cost $510,963,649)............ 508,144,727
--------------
CORPORATE OBLIGATIONS -- 40.2%
AIRLINES -- 2.1%
American Airlines, Inc.
10.19%, 05/26/15............. 250 271,840
Continental Airlines, Inc.
6.954%, 02/02/11............. 14,488 13,818,489
United Air Lines, Inc.
10.36%, 11/13/12............. 6,925 7,180,325
10.36%, 11/27/12............. 500 581,115
10.02%, 03/22/14............. 2,000 1,999,440
--------------
23,851,209
--------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
DIVERSIFIED -- 0.9%
Textron Financial Corp.
6.581%, 09/17/02............. $ 10,000 $ 10,003,910
--------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 1.3%
Sierra Pacific Resources Co.
144A
6.892%, 04/20/03............. 15,000 14,987,475
--------------
ENTERTAINMENT & LEISURE -- 0.0%
Time Warner, Inc.
7.975%, 08/15/04............. 262 266,999
--------------
FINANCIAL-BANK & TRUST -- 5.5%
Allied Irish Bank [FRN]
6.34%, 10/31/06.............. 8,000 8,011,136
Household Bank [FRN]
6.227%, 10/22/03............. 11,750 11,683,025
Korea Development Bank 144A
7.675%, 10/06/00............. 13,000 12,981,007
LG&E Capital Corp. 144A
6.205%, 05/01/04............. 5,000 4,789,380
Popular North America, Inc.
Cl-D
6.625%, 01/15/04............. 11,500 11,058,113
Westdeutsche Landesbank
6.05%, 01/15/09.............. 15,600 13,945,120
--------------
62,467,781
--------------
FINANCIAL SERVICES -- 17.8%
Avco Financial Services, Inc.
5.75%, 01/23/01.............. 7,850 7,794,885
Chrysler Financial Corp. [FRN]
6.60%, 06/11/01.............. 5,000 5,001,605
6.69%, 01/30/02.............. 10,000 9,999,590
Ford Motor Credit Co. [FRN]
7.052%, 06/20/03............. 16,900 16,877,929
6.563%, 04/28/05............. 19,970 19,893,096
General Motors Acceptance Corp.
6.13%, 02/01/02 [FRN]........ 18,400 18,396,522
5.55%, 09/15/03.............. 3,000 2,839,419
6.54%, 04/05/04 [FRN]........ 10,000 9,976,940
6.85%, 06/17/04.............. 2,000 1,957,304
Goldman Sachs Group, Inc. [FRN]
6.511%, 07/17/00............. 20,000 20,006,320
Household Finance Corp. [FRN]
5.607%, 06/17/05............. 30,500 30,386,601
Lehman Brothers Holdings, Inc.
Cl-E [FRN]
6.979%, 04/02/02............. 10,400 10,450,263
Merrill Lynch & Co., Inc. [FRN]
6.12%, 07/24/00.............. 2,650 2,653,207
New England Educational Loan
Marketing Assoc. Cl-B [FRN]
144A
5.681%, 09/11/00............. 10,000 10,000,930
</TABLE>
39
<PAGE> 41
AST PIMCO TOTAL RETURN BOND PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Salomon Smith Barney Holdings
[FRN]
6.939%, 02/11/03............. $ 6,000 $ 5,999,286
St. George Holdings [FRN] 144A
5.25%, 07/01/01.............. 30,000 29,953,125
--------------
202,187,022
--------------
HEALTHCARE SERVICES -- 0.2%
Tenet Healthcare Corp.
8.00%, 01/15/05.............. 2,000 1,930,000
--------------
INSURANCE -- 0.9%
Gold Eagle Capital [FRN] 144A
11.453%, 07/17/00............ 10,000 10,001,000
--------------
OIL & GAS -- 2.6%
Conoco, Inc.
5.90%, 04/15/04.............. 20,000 19,067,600
Phillips Petroleum Co.
8.50%, 05/25/05.............. 10,000 10,358,830
--------------
29,426,430
--------------
RAILROADS -- 0.4%
Union Pacific Co.
7.875%, 02/15/02............. 5,000 5,038,925
--------------
REAL ESTATE -- 0.4%
Spieker Properties, Inc. L.P.
6.95%, 12/15/02.............. 5,000 4,886,565
--------------
TELECOMMUNICATIONS -- 5.2%
AT&T Capital Corp. Cl-F
6.25%, 05/15/01.............. 13,100 12,994,283
Sprint Corp.
9.50%, 04/01/03.............. 22,500 23,832,877
TCI Communications, Inc. [FRN]
5.985%, 09/11/00............. 10,000 10,010,900
US West Communications
7.20%, 11/10/26.............. 13,250 11,739,858
--------------
58,577,918
--------------
UTILITIES -- 2.9%
Alliant Energy Resources 144A
7.25%, 02/15/30.............. 50 34,500
Connecticut Light & Power Co.
144A
8.59%, 06/05/03.............. 5,000 4,870,550
Connecticut Light & Power Co.
Cl-C
7.75%, 06/01/02.............. 4,000 4,016,124
Entergy Louisiana, Inc.
8.50%, 06/01/03.............. 12,000 12,176,604
Louisiana Power & Light Corp.
7.74%, 07/01/02.............. 1,890 1,886,297
Petroleos Mexicanos Co. [FRN]
144A
9.437%, 07/15/05............. 10,000 10,000,000
--------------
32,984,075
--------------
TOTAL CORPORATE OBLIGATIONS
(Cost $461,315,808).............. 456,609,309
--------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS -- 28.0%
Chase Series 1999-S8 Cl-A1
6.35%, 06/25/29.............. $ 7,000 $ 6,860,175
Citicorp Mortgage Securities,
Inc. [VR]
7.263%, 10/25/22............. 238 243,477
CMC Securities Corp. III Series
1998-1 Cl-A19
6.75%, 05/25/28.............. 36,592 34,064,153
Conseco Finance Home
Improvement Series 1999-G
Cl-M1
8.88%, 06/15/24.............. 9,250 9,266,326
Contimortgage Home Equity Loan
Trust Cl-A2 [VR]
6.693%, 10/15/12............. 1,919 1,920,237
Countrywide Home Loans [VR]
7.896%, 03/25/24............. 115 114,747
8.643%, 11/25/24............. 15 14,834
Credit Suisse First Boston,
Inc. Series 1998-1 Cl-A5
6.75%, 09/25/28.............. 3,500 3,253,828
DLJ Mortgage Acceptance Corp.
Series 1999-1 Cl-1A3
6.625%, 01/25/29............. 18,800 17,246,086
First Plus Home Loan Trust
Series 1998-5 Cl-A3 [VR]
6.06%, 09/10/11.............. 3,781 3,773,510
Freddie Mac Series 2145 Cl-MZ
6.50%, 04/15/29.............. 10,840 8,608,049
Green Tree Financial Corp. 1999
Cl-A5
7.86%, 04/01/31.............. 10,400 9,747,556
Green Tree Recreational
Equipment Series 1999-A Cl-A4
6.43%, 04/17/06.............. 2,000 1,984,530
Mellon Bank Home Equity
Installment Loan Series
1999-1 Cl-A1
5.90%, 06/25/01.............. 15,605 15,451,085
Merrill Lynch Mortgage
Investors, Inc. 1998-C3 C1-A1
5.65%, 12/15/30.............. 7,686 7,256,768
Nationslink Funding Corp.
Series 1999-SL Cl-A4
6.654%, 02/10/06............. 500 481,793
PHH Mortgage Services Corp.
Series 1997-6 Cl-A4 144A
7.018%, 11/18/27............. 15,788 15,033,197
PNC Mortgage Securities Corp.
Series 1997-3 Cl-2A4
7.50%, 05/25/27.............. 14,475 14,186,658
PNC Mortgage Securities Corp.
Series 1998-1 Cl-5A4
6.98%, 02/25/28.............. 18,663 17,537,040
PNC Mortgage Securities Corp.
Series 1999-5 Cl-1A9
6.30%, 06/25/29.............. 66,610 63,633,198
</TABLE>
40
<PAGE> 42
AST PIMCO TOTAL RETURN BOND PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Prudential-Bache Trust
8.40%, 03/20/21.............. $ 1,542 $ 1,568,941
Residential Funding Mortgage
Securities I Series 1997-S15
Cl-A1
7.00%, 10/25/27.............. 5,214 5,182,746
Residential Funding Mortgage
Securities Series 1998-S30
Cl-A6
6.50%, 12/25/28.............. 32,359 29,500,915
Residential Funding Mortgage
Securities Series 1999-16
Cl-A4
6.75%, 07/30/29.............. 10,000 9,231,450
Rothschild, (L.F.) Mortgage
Trust
9.95%, 08/01/17.............. 889 938,652
Salomon Brothers Mortgage
1999-3-A
6.99%, 05/25/29.............. 13,161 13,165,052
Structured Asset Mortgage
Investments, Inc.
6.30%, 04/25/29.............. 28,519 27,167,342
--------------
(Cost $331,611,367)............ 317,432,345
--------------
U.S. TREASURY OBLIGATIONS -- 4.8%
U.S. Treasury Bills
5.59%, 09/21/00#............. 50 49,373
5.65%, 09/21/00#............. 505 498,671
5.73%, 09/21/00#............. 815 804,785
--------------
1,352,829
--------------
U.S. Treasury Inflationary
Bonds
3.625%, 07/15/02-01/15/08#... 26,100 27,339,792
3.375%, 01/15/07............. 15,000 15,559,920
3.875%, 01/15/09-04/15/29.... 5,300 5,486,701
--------------
48,386,413
--------------
U.S. Treasury Notes
5.125%, 08/31/00#............ 4,135 4,128,541
--------------
(Cost $52,784,825)............. 53,867,783
--------------
BANK LOAN OBLIGATIONS -- 1.7%
Columbia HCA Healthcare Corp.++
8.25%, 07/12/00.............. 3,000 2,955,000
Flag Corp.++
8.422%, 08/31/00............. 1,500 1,492,500
Kansas City Southern Corp.++
8.563%, 07/15/00............. 2,000 2,000,000
Nextel, Inc.++
9.09%, 09/30/00.............. 1,000 992,600
Protective Life Fund [FRN]++
6.38%, 07/17/00.............. 10,000 9,985,000
Voicestream, Inc.++
8.837%, 08/23/00............. 2,000 1,974,600
--------------
(Cost $19,478,063)............. 19,399,700
--------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
SOVEREIGN ISSUES -- 1.7%
ARGENTINA -- 0.2%
Republic of Argentina [BRB,
FRB]
11.595%, 04/10/05............ $ 3,000 $ 2,797,500
--------------
BRAZIL -- 1.1%
Republic of Brazil
6.938%, 04/15/06 [BRB,
FRN]....................... 6,580 6,000,302
12.25%, 03/06/30............. 6,250 5,750,000
--------------
11,750,302
--------------
PHILIPPINES -- 0.4%
Bangko Sentral Pilipinas
8.60%, 06/15/27.............. 6,000 4,275,000
--------------
TOTAL SOVEREIGN ISSUES
(Cost $19,451,801)............... 18,822,802
--------------
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000)
---------
<S> <C> <C>
FOREIGN BONDS -- 0.9%
GERMANY -- 0.6%
Bundesrepublic Germany
6.25%, 01/04/24.............. 920 955,717
6.25%, 01/04/30.............. 5,260 5,634,634
--------------
6,590,351
--------------
NEW ZEALAND -- 0.3%
Inter-American Development Bank
5.75%, 04/15/04.............. 5,700 2,535,719
International Bank
Reconstruction & Development
7.25%, 05/27/03.............. 1,500 700,115
--------------
3,235,834
--------------
TOTAL FOREIGN BONDS
(Cost $9,968,464)................ 9,826,185
--------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
COMMERCIAL PAPER -- 9.9%
American Electric Power+
6.86%, 08/24/00.............. $ 16,300 16,132,273
Burlington Northern Corp.+
6.86%, 07/06/00.............. 13,700 13,686,947
Compaq Computer Corp.
6.85%, 08/09/00.............. 16,000 15,881,267
Conagra, Inc.
6.77%, 08/23/00.............. 900 890,922
Conoco, Inc.+
6.82%, 08/23/00.............. 12,400 12,275,497
CSX Corp.+
6.73%, 07/11/00.............. 20,800 20,761,115
Edison Midwest Co.+
6.86%, 08/22/00.............. 2,600 2,574,815
</TABLE>
41
<PAGE> 43
AST PIMCO TOTAL RETURN BOND PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
General Electric Capital Corp.
6.58%, 09/13/00.............. $ 6,000 $ 5,921,280
Texas Utilities Co.+
6.80%, 07/07/00.............. 3,500 3,496,033
Tyco International Ltd.+
6.86%, 07/26/00.............. 6,900 6,867,129
UBS Finance, Inc.
6.92%, 07/05/00.............. 13,300 13,289,774
--------------
(Cost $111,774,149)............ 111,777,052
--------------
<CAPTION>
SHARES
------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.9%
Temporary Investment Cash
Fund......................... 4,848,988 4,848,988
Temporary Investment Fund...... 4,848,987 4,848,987
--------------
(Cost $9,697,975).............. 9,697,975
--------------
TOTAL INVESTMENTS -- 132.8%
(Cost $1,527,046,101)............ 1,505,577,878
--------------
<CAPTION>
NUMBER
OF
CONTRACTS
---------
<S> <C> <C>
WRITTEN OPTIONS -- 0.0%
CALL OPTIONS
10 Year September U.S. Treasury
Note Futures,
Strike Price $100,
Expires 08/19/00............. 316 (118,500)
March 2001 Eurodollar Futures,
Strike Price 93.25,
Expires 03/19/01............. 524 (144,100)
Swap between Fixed Rate and 3
Month LIBOR-BBA,
Strike Price 7.00,
Expires 09/15/00............. 483 (42,842)
Swap between Fixed Rate and 3
Month LIBOR-BBA,
Strike Price 7.00,
Expires 09/22/00............. 209 (22,355)
Swap between Fixed Rate and 3
Month LIBOR-BBA,
Strike Price 7.00,
Expires 09/28/00............. 240 (45,936)
--------------
(373,733)
--------------
PUT OPTIONS
December Eurodollar Futures,
Strike Price 93.5,
Expires 12/18/00............. 99 (7,425)
March 2001 Eurodollar Futures,
Strike Price 92.25,
Expires 03/19/01............. 442 (77,350)
</TABLE>
<TABLE>
<CAPTION>
NUMBER
OF
CONTRACTS VALUE
--------- -----
<S> <C> <C>
March 2001 Eurodollar Futures,
Strike Price 92.75,
Expires 03/19/01............. 57 $ (27,075)
September 30 Year U.S. Treasury
Bond Futures,
Strike Price $94,
Expires 08/19/00............. 44 (15,812)
Swap between 6 Month LIBOR-BBA
and 10 Year Japanese
Government Bond Futures,
Strike Price 2.215,
Expires 08/31/00............. 103 (6,425)
--------------
(134,087)
--------------
TOTAL WRITTEN OPTIONS
(Cost $(711,312))................ (507,820)
--------------
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (32.8%)................ (371,665,091)
--------------
NET ASSETS -- 100.0%............... $1,133,404,967
==============
</TABLE>
Foreign currency exchange contracts outstanding at June 30, 2000:
<TABLE>
<CAPTION>
IN UNREALIZED
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS APPRECIATION/
MONTH TYPE TO DELIVER FOR AT VALUE (DEPRECIATION)
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
07/00 Sell EUR 3,672,000 $3,491,762 $3,524,482 $(32,720)
08/00 Sell EUR 3,902,000 3,691,916 3,750,913 (58,997)
07/00 Sell NZD 5,691,000 2,726,387 2,679,000 47,387
---------- ---------- --------
$9,910,065 $9,954,395 $(44,330)
========== ========== ========
# Securities with an aggregate market value of $5,779,495 have been segregated
with the custodian to cover margin requirements for the following open
futures contracts at June 30, 2000:
</TABLE>
<TABLE>
<CAPTION>
NOTIONAL UNREALIZED
EXPIRATION AMOUNT APPRECIATION/
DESCRIPTION MONTH (000) (DEPRECIATION)
----------------------------------------------------------------------
<S> <C> <C> <C> <C>
Short U.S. Treasury 5
Year Note............. 09/00 $(60,600) $ (231,984)
Short 10 Year U.K.
Gilt.................. 09/00 GBP (37,000) 126,959
U.S. Treasury 10 Year
Note.................. 09/00 275,000 5,820,609
10 Year Euro Bond....... 09/00 EUR 3,900 12,436
Eurodollar.............. 03/01 EUR 99,250 259,850
----------
$5,987,870
==========
</TABLE>
42
<PAGE> 44
AST PIMCO TOTAL RETURN BOND PORTFOLIO
--------------------------------------------------------------------------------
Interest rate swap agreements outstanding at June 30, 2000:
<TABLE>
<CAPTION>
NOTIONAL UNREALIZED
EXPIRATION AMOUNT APPRECIATION/
DESCRIPTION MONTH (000) (DEPRECIATION)
----------------------------------------------------------------------
<S> <C> <C> <C> <C>
Receive variable rate
payments on the six
month LIBOR-BBA
floating rate +0.499%
and pay fixed rate
payments of 6.00%..... 01/09 EUR 4,250 $ 76,257
Receive variable rate
payments on the six
month LIBOR-BBA
floating rate -0.54%
and pay fixed rate
payments of 6.25%..... 01/24 EUR 920 (80,779)
Receive variable rate
payments on the three
month LIBOR-BBA
floating rate -0.59%
and pay fixed rate
payments of 6.01%..... 01/30 EUR 2,700 17,193
Receive variable rate
payments on the six
month LIBOR-BBA
floating rate and pay
fixed rate payments of
6.175%................ 05/30 EUR 3,210 (49,122)
Receive variable rate
payments on the six
month LIBOR-BBA
floating rate and pay
fixed rate payments of
2.295% on the Japanese
10 Year Government
Bond.................. 04/08 JPY 580,000 (220,199)
</TABLE>
<TABLE>
<CAPTION>
NOTIONAL UNREALIZED
EXPIRATION AMOUNT APPRECIATION/
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 of
2.305% on the Japanese
10 Year Government
Bond.................. 04/08 JPY 377,000 $(145,485)
Receive fixed rate
payments of 7.47% and
pay variable rate
payments on the three
month LIBOR-BBA
floating rate......... 05/10 $ 10,000 346,660
---------
$ (55,475)
=========
</TABLE>
Credit default swap agreements outstanding at June 30, 2000:
<TABLE>
<CAPTION>
NOTIONAL
EXPIRATION AMOUNT UNREALIZED
DESCRIPTION MONTH (000) DEPRECIATION
-----------------------------------------------------------------------
<S> <C> <C> <C> <C>
Pay fixed rate equal to
6.15% and the Portfolio
will receive from the
counterparty at par in
the event of default of
the Republic of
Argentina 9.25% due
02/23/01............... 03/01 $ 500 $26,654
Pay fixed rate equal to
5.70% and the Portfolio
will receive from the
counterparty at par in
the event of default of
the Republic of
Argentina 9.25% due
02/23/01............... 03/01 1,000 46,277
-------
$72,931
=======
</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
6.7% of net assets.
++ Illiquid security. At the end of the period, these securities amounted to
1.7% 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 9.9% of net assets.
See Notes to Financial Statements.
43
<PAGE> 45
AST INVESCO EQUITY INCOME PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 72.2%
ADVERTISING -- 0.6%
Omnicom Group, Inc. ........... 75,000 $ 6,679,688
--------------
AEROSPACE -- 3.4%
Boeing Co. .................... 290,000 12,125,625
General Motors Corp. Cl-H*..... 176,500 15,487,875
Honeywell International,
Inc. ........................ 163,400 5,504,538
Northrop Grumman Corp. ........ 86,700 5,743,882
--------------
38,861,920
--------------
AUTOMOBILE MANUFACTURERS -- 0.8%
Ford Motor Co. ................ 200,000 8,600,000
--------------
BEVERAGES -- 2.5%
Anheuser-Busch Companies,
Inc. ........................ 185,500 13,854,531
Coors, (Adolph) Co. Cl-B....... 240,000 14,520,000
--------------
28,374,531
--------------
BROADCASTING -- 0.8%
AT&T Corp. Liberty Media Group
Cl-A*........................ 391,000 9,481,750
--------------
CHEMICALS -- 0.5%
Lyondell Chemical Co. ......... 326,200 5,463,850
--------------
COMPUTER SERVICES & SOFTWARE -- 1.9%
Cisco Systems, Inc.*........... 286,000 18,178,875
SAP AG [ADR]................... 80,000 3,755,000
--------------
21,933,875
--------------
CONGLOMERATES -- 1.2%
Minnesota Mining &
Manufacturing Co. ........... 71,000 5,857,500
Textron, Inc................... 138,000 7,495,125
--------------
13,352,625
--------------
CONSUMER PRODUCTS & SERVICES -- 2.2%
Colgate-Palmolive Co. ......... 203,100 12,160,613
Gillette Co. .................. 360,000 12,577,500
--------------
24,738,113
--------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 3.5%
General Electric Co. .......... 480,000 24,480,000
Texas Instruments, Inc. ....... 229,400 15,756,913
--------------
40,236,913
--------------
ENERGY SERVICES -- 0.4%
Scottish Power PLC [ADR]....... 145,000 4,848,438
--------------
ENTERTAINMENT & LEISURE -- 0.5%
Harrah's Entertainment,
Inc.*........................ 220,000 4,606,250
Park Place Entertainment
Corp.*....................... 106,600 1,299,188
--------------
5,905,438
--------------
FINANCIAL-BANK & TRUST -- 5.9%
Bank of America Corp. ......... 210,000 9,030,000
Bank of New York Co., Inc. .... 500,000 23,249,999
Charter One Financial, Inc. ... 327,600 7,534,800
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Chase Manhattan Corp. ......... 255,000 $ 11,745,938
Morgan, (J.P.) & Co., Inc. .... 100,000 11,012,500
Summit Bancorp................. 200,000 4,925,000
--------------
67,498,237
--------------
FINANCIAL SERVICES -- 3.8%
Citigroup, Inc. ............... 300,000 18,075,000
Morgan Stanley Dean Witter &
Co. ......................... 170,000 14,152,500
Wells Fargo & Co............... 285,000 11,043,750
--------------
43,271,250
--------------
FOOD -- 3.5%
General Mills, Inc. ........... 280,000 10,710,000
Heinz, (H.J.) Co. ............. 200,000 8,750,000
Kellogg Co. ................... 250,000 7,437,500
Quaker Oats Co. ............... 180,000 13,522,500
--------------
40,420,000
--------------
INSURANCE -- 4.2%
Allmerica Financial Corp. ..... 370,363 19,397,761
John Hancock Financial
Services, Inc.*.............. 600,000 14,212,500
MetLife, Inc.*................. 560,000 11,795,000
Ohio Casualty Corp. ........... 300,000 3,187,500
--------------
48,592,761
--------------
INTERNET SERVICES -- 0.7%
America Online, Inc.*.......... 160,000 8,440,000
--------------
MACHINERY & EQUIPMENT -- 0.6%
Illinois Tool Works, Inc. ..... 130,000 7,410,000
--------------
METALS & MINING -- 0.0%
Newmont Mining Corp. .......... 7,494 162,058
--------------
OIL & GAS -- 7.5%
Apache Corp. .................. 256,600 15,091,288
BP Amoco PLC [ADR]............. 250,000 14,140,625
Exxon Mobil Corp. ............. 240,000 18,854,999
Royal Dutch Petroleum Co. ..... 180,000 11,081,250
Schlumberger Ltd. ............. 220,000 16,417,500
Unocal Corp. .................. 320,000 10,600,000
--------------
86,185,662
--------------
PAPER & FOREST PRODUCTS -- 1.0%
Bowater, Inc. ................. 64,000 2,824,000
Temple-Inland, Inc. ........... 48,000 2,016,000
Weyerhaeuser Co. .............. 142,900 6,144,700
--------------
10,984,700
--------------
PHARMACEUTICALS -- 5.9%
American Home Products
Corp. ....................... 300,000 17,625,000
Merck & Co., Inc. ............. 182,000 13,945,750
Pfizer, Inc. .................. 475,750 22,835,999
Pharmacia Corp. ............... 250,000 12,921,875
--------------
67,328,624
--------------
</TABLE>
44
<PAGE> 46
AST INVESCO EQUITY INCOME PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RAILROADS -- 3.6%
Kansas City Southern
Industries, Inc. ............ 390,000 $ 34,588,125
Norfolk Southern Corp. ........ 419,700 6,243,038
--------------
40,831,163
--------------
RETAIL & MERCHANDISING -- 3.1%
RadioShack Corp................ 380,000 18,002,500
Target Corp. .................. 300,000 17,400,000
--------------
35,402,500
--------------
SEMICONDUCTORS -- 3.3%
Intel Corp. ................... 145,500 19,451,531
Maxim Integrated Products,
Inc.*........................ 273,000 18,546,938
--------------
37,998,469
--------------
TELECOMMUNICATIONS -- 8.9%
AT&T Corp. .................... 150,000 4,743,750
Bell Atlantic Corp.*........... 200,000 10,162,500
BellSouth Corp. ............... 240,000 10,230,000
Cable & Wireless Communications
PLC.......................... 210,000 10,513,125
Cox Communications, Inc.
Cl-A*........................ 147,100 6,702,244
Crown Castle International
Corp.*....................... 155,000 5,657,500
EchoStar Communications Corp.
Cl-A*........................ 146,000 4,833,969
Nortel Networks Corp. NY
Reg.*........................ 258,000 17,608,499
SBC Communications, Inc. ...... 328,500 14,207,625
U.S. West, Inc. ............... 200,000 17,150,000
--------------
101,809,212
--------------
UTILITIES -- 1.9%
Alliant Energy Corp. .......... 88,400 2,298,400
Duke Energy Corp. ............. 129,000 7,272,375
Enron Corp. ................... 100,000 6,450,000
PG&E Corp. .................... 230,000 5,663,750
--------------
21,684,525
--------------
TOTAL COMMON STOCK
(Cost $653,787,131).............. 826,496,302
--------------
<CAPTION>
PAR
(000)
----------
<S> <C> <C>
CORPORATE OBLIGATIONS -- 20.6%
BROADCASTING -- 0.5%
Chancellor Media Corp.
8.00%, 11/01/08.............. $ 2,000 2,017,500
Chancellor Media Corp. L.A.
Cl-B
8.125%, 12/15/07............. 4,000 4,045,000
--------------
6,062,500
--------------
BUILDING MATERIALS -- 0.3%
USG Corp.
8.50%, 08/01/05.............. 3,500 3,607,835
--------------
BUSINESS SERVICES -- 0.1%
Intermedia Communications, Inc.
[STEP]
12.25%, 03/01/09............. 1,000 607,500
--------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
---------- --------------
<S> <C> <C>
CABLE TELEVISION -- 0.6%
Charter Communication Holdings
LLC
8.625%, 04/01/09............. $ 2,000 $ 1,767,500
Comcast U.K. Cable Corp. [STEP]
10.243%, 11/15/07............ 4,000 3,750,000
Diamond Cable Communications
PLC [STEP]
15.643%, 12/15/05............ 1,500 1,430,625
--------------
6,948,125
--------------
CHEMICALS -- 0.2%
Equistar Chemicals L.P.
7.55%, 02/15/26.............. 2,225 1,785,233
--------------
COMPUTER SERVICES & SOFTWARE -- 0.6%
Juniper Networks, Inc.
4.75%, 03/15/07.............. 6,300 6,890,625
--------------
ENTERTAINMENT & LEISURE -- 0.1%
Park Place Entertainment
9.375%, 02/15/07............. 1,500 1,507,500
--------------
FINANCIAL SERVICES -- 1.1%
Associates Corp. of North
America Cl-E
7.375%, 06/11/07............. 2,400 2,375,736
Resolution Funding Corp. [ZCB]
6.58%, 04/15/09.............. 18,000 10,159,902
--------------
12,535,638
--------------
HEALTHCARE SERVICES -- 0.1%
FHP International Corp.
7.00%, 09/15/03.............. 1,000 956,095
--------------
HOTELS & MOTELS -- 0.2%
Hilton Hotels Corp.
7.20%, 12/15/09.............. 2,000 1,754,614
--------------
INDUSTRIAL PRODUCTS -- 0.4%
Heritage Media Corp.
8.75%, 02/15/06.............. 1,500 1,477,500
Inland Steel Co. Cl-R
7.90%, 01/15/07.............. 2,000 1,790,000
National Steel Corp.
8.375%, 08/01/06............. 1,500 1,267,500
--------------
4,535,000
--------------
INSURANCE -- 0.4%
The Equitable Companies, Inc.
9.00%, 12/15/04.............. 4,035 4,243,807
--------------
INTERNET SERVICES -- 0.2%
Call-Net Enterprises, Inc.
[STEP]
10.80%, 05/15/09............. 2,000 730,000
PSINet, Inc. Cl-B
10.00%, 02/15/05............. 2,100 1,942,500
--------------
2,672,500
--------------
</TABLE>
45
<PAGE> 47
AST INVESCO EQUITY INCOME PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
---------- --------------
<S> <C> <C>
MACHINERY & EQUIPMENT -- 0.2%
NationsRent, Inc.
10.375%, 12/15/08............ $ 1,950 $ 1,257,750
United Rentals, Inc.
9.25%, 01/15/09.............. 750 680,625
--------------
1,938,375
--------------
OIL & GAS -- 1.1%
Atlantic Richfield Co.
10.875%, 07/15/05............ 3,000 3,463,740
Canadian Forest Oil Ltd.
8.75%, 09/15/07.............. 1,500 1,417,500
Cliffs Drilling Co. Cl-B
10.25%, 05/15/03............. 1,160 1,168,700
CMS Panhandle Holding Co.
6.50%, 07/15/09.............. 2,000 1,792,590
Gulf Canada Resources Ltd.
8.35%, 08/01/06.............. 1,000 995,000
8.25%, 03/15/17.............. 1,000 925,000
Noram Energy Corp. [CVT]
6.00%, 03/15/12.............. 1,929 1,687,875
Snyder Oil Corp.
8.75%, 06/15/07.............. 650 656,500
Sun Co., Inc.
9.375%, 06/01/16............. 1,000 1,041,472
--------------
13,148,377
--------------
PAPER & FOREST PRODUCTS -- 0.8%
Bowater, Inc.
9.00%, 08/01/09.............. 2,000 2,087,376
Chesapeake Corp.
7.20%, 03/15/05.............. 5,000 4,663,450
Quno Corp.
9.125%, 05/15/05............. 2,150 2,197,887
--------------
8,948,713
--------------
PHARMACEUTICALS -- 0.1%
Pharmerica, Inc.
8.375%, 04/01/08............. 2,000 1,110,000
--------------
PRINTING & PUBLISHING -- 0.3%
TV Guide, Inc.
8.125%, 03/01/09............. 500 501,250
World Color Press, Inc.
7.75%, 02/15/09.............. 3,000 2,782,500
--------------
3,283,750
--------------
TELECOMMUNICATIONS -- 5.5%
Allegiance Telecom, Inc. Cl-B
[STEP]
11.489%, 02/15/08............ 1,500 1,095,000
AT&T Corp.
6.00%, 03/15/09.............. 2,000 1,786,190
Centel Capital Corp.
9.00%, 10/15/19.............. 2,500 2,756,958
East Telecom Group PLC
10.089%, 02/01/07 [STEP]..... 2,000 1,900,000
11.875%, 12/01/08............ 1,000 1,182,500
GTE Corp.
7.90%, 02/01/27.............. 4,000 3,802,944
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
---------- --------------
<S> <C> <C>
Level 3 Communications, Inc.
11.826%, 12/01/08 [STEP]..... $ 6,250 $ 3,828,125
Lin Television Co.
8.375%, 03/01/08............. 2,000 1,830,000
McLeodUSA, Inc.
10.994%, 03/01/07 [STEP]..... 2,500 2,062,500
9.50%, 11/01/08.............. 1,000 982,500
MetroNet Communications Corp.
[STEP]
10.75%, 11/01/07............. 1,750 1,540,000
8.195%, 06/15/08............. 10,700 8,720,500
NEXTLINK Communications, Inc.
12.50%, 04/15/06............. 1,000 1,050,000
9.625%, 10/01/07............. 2,500 2,368,750
Paramount Communication 8.25%,
08/01/22..................... 4,250 4,118,271
Qwest Communications
International, Inc. Cl-B
[STEP]
8.174%, 02/01/08............. 6,000 4,740,000
RCN Corp.
10.125%, 01/15/10............ 1,500 1,256,250
Renaissance Media Group [STEP]
9.587%, 04/15/08............. 2,200 1,507,000
Rogers Cantel, Inc.
9.75%, 06/01/16.............. 5,500 5,953,750
TCI Telecommunications, Inc.
7.875%, 02/15/26............. 2,500 2,490,130
TeleCommunications, Inc.
9.80%, 02/01/12.............. 2,000 2,299,382
Time Warner Telecom LLC
9.75%, 07/15/08.............. 2,000 1,945,000
US West Communications
5.65%, 11/01/04.............. 5,000 4,619,995
--------------
63,835,745
--------------
UTILITIES -- 7.8%
Arizona Public Service Co.
8.00%, 02/01/25.............. 3,000 2,855,583
Cleveland Electric Illuminating
Co.
9.00%, 07/01/23.............. 1,000 995,840
Cleveland Electric Illuminating
Co. Cl-B
9.50%, 05/15/05.............. 3,000 3,058,089
Cleveland Electric Illuminating
Co. Cl-D
7.88%, 11/01/17.............. 2,500 2,394,010
Commonwealth Edison Co.
7.00%, 07/01/05.............. 2,500 2,432,893
8.25%, 10/01/06.............. 2,000 2,044,536
8.625%, 02/01/22............. 3,000 2,968,542
8.375%, 02/15/23............. 400 394,683
Consumers Energy Co.
7.375%, 09/15/23............. 2,500 2,235,963
Duquesne Light Co.
7.55%, 06/15/25.............. 4,500 4,120,542
El Paso Electric Co.
8.90%, 02/01/06.............. 4,950 5,110,874
</TABLE>
46
<PAGE> 48
AST INVESCO EQUITY INCOME PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
---------- --------------
<S> <C> <C>
El Paso Electric Co. Cl-C
8.25%, 02/01/03.............. $ 1,500 $ 1,510,077
Gulf Power Co.
6.875%, 01/01/26............. 3,000 2,596,158
Gulf States Utilities
8.70%, 04/01/24.............. 1,000 997,823
Indiana Michigan Power
8.50%, 12/15/22.............. 4,000 3,991,144
Jersey Central Power & Light
Co.
7.98%, 02/16/23.............. 1,500 1,417,364
7.50%, 05/01/23.............. 2,500 2,304,298
Kentucky Utility Energy Corp.
7.55%, 06/01/25.............. 1,500 1,401,380
Metropolitan Edison Co. Cl-B
8.15%, 01/30/23.............. 2,975 2,881,728
New York State Electric & Gas
Corp. 8.30%, 12/15/22........ 1,400 1,375,626
8.30%, 12/15/22.............. 475 471,813
Niagara Mohawk Power Corp.
8.75%, 04/01/22.............. 2,683 2,716,760
8.50%, 07/01/23.............. 1,000 1,000,576
Niagara Mohawk Power Corp. Cl-H
[STEP]
7.562%, 07/01/10............. 3,250 2,502,500
Penn Power Co.
8.50%, 07/15/22.............. 1,000 972,379
Potomac Edison Co.
8.00%, 06/01/24.............. 2,000 1,932,898
7.75%, 05/01/25.............. 3,400 3,227,171
Potomac Electric Power
8.50%, 05/15/27.............. 1,000 1,019,965
Public Service Electric & Gas
Co.
6.375%, 05/01/08............. 1,000 934,376
Public Service of Colorado
9.875%, 07/01/20............. 2,500 2,617,635
Public Service of New Mexico
7.50%, 08/01/18.............. 1,500 1,391,286
Public Service of New Mexico
Cl-A
7.10%, 08/01/05.............. 3,500 3,383,188
Texas Utilities
8.50%, 08/01/24.............. 5,000 4,951,109
TXU Corp.
7.875%, 04/01/24............. 4,000 3,778,368
TXU Electric Capital Corp.
8.175%, 01/30/37............. 2,000 2,004,218
Union Electric Co.
8.25%, 10/15/22.............. 4,750 4,697,573
Western Massachusetts Electric
Co. Cl-V
7.75%, 12/01/02.............. 941 934,241
Wisconsin Electric & Power
8.375%, 12/02/26............. 4,500 4,498,349
--------------
90,121,558
--------------
TOTAL CORPORATE OBLIGATIONS
(Cost $250,754,014).............. 236,493,490
--------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
---------- --------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 1.0%
Federal Home Loan Mortgage
Corp.
6.50%, 09/01/11-02/01/30
(Cost $12,018,382)............. $ 12,444 $ 12,023,202
--------------
U.S. TREASURY OBLIGATIONS -- 0.9%
U.S. Treasury Notes
5.875%, 11/15/04
(Cost $9,763,015).............. 10,000 9,850,242
--------------
<CAPTION>
SHARES
------
<S> <C> <C>
PREFERRED STOCK -- 0.4%
METALS & MINING -- 0.0%
Kinam Gold, Inc. $3.75 Cl-B.... 20,000 450,000
--------------
TELECOMMUNICATIONS -- 0.4%
Cincinnati Bell, Inc. Cl-B
12.50%....................... 3,500 3,543,750
Global Crossing Holdings Ltd.
10.50% [PIK]................. 10,000 967,500
--------------
4,511,250
--------------
TOTAL PREFERRED STOCK
(Cost $5,819,700)................ 4,961,250
--------------
<CAPTION>
PAR
(000)
----------
<S> <C> <C>
COMMERCIAL PAPER -- 2.3%
Chevron Corp.
6.72%, 07/06/00.............. $ 16,000 16,000,000
Ford Motor Credit Corp.
6.72%, 07/03/00.............. 10,000 10,000,000
--------------
(Cost $26,000,000)............. 26,000,000
--------------
<CAPTION>
SHARES
------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 3.3%
Temporary Investment Cash
Fund......................... 18,668,774 18,668,774
Temporary Investment Fund...... 18,668,774 18,668,774
--------------
(Cost $37,337,548)............. 37,337,548
--------------
TOTAL INVESTMENTS -- 100.7%
(Cost $995,479,790).............. 1,153,162,034
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (0.7%)................. (7,725,888)
--------------
NET ASSETS -- 100.0%............... $1,145,436,146
==============
</TABLE>
--------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
47
<PAGE> 49
AST JANUS SMALL-CAP GROWTH PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 94.8%
ADVERTISING -- 3.7%
Getty Images, Inc.*............. 176,435 $ 6,539,122
Interep National Radio Sales,
Inc.*......................... 180,335 958,030
Lamar Advertising Co.*.......... 303,945 13,164,618
TMP Worldwide, Inc.*............ 250,535 18,492,614
--------------
39,154,384
--------------
BROADCASTING -- 8.4%
Acme Communications, Inc.*...... 166,100 3,031,325
ACTV, Inc.*..................... 97,890 1,462,232
Citadel Communications Corp.*... 418,630 14,625,885
Cox Radio, Inc.*................ 254,530 7,126,840
Cumulus Media, Inc.*............ 238,350 2,174,944
Entercom Communications
Corp.*........................ 172,715 8,419,856
NDS Group PLC*.................. 163,420 9,968,620
Radio One, Inc.*................ 301,475 8,912,355
Radio One, Inc. Cl-D*........... 602,950 13,302,584
Radio Unica Corp.*.............. 273,750 1,916,250
Regent Communications, Inc.*.... 775,600 6,665,313
Spanish Broadcasting Systems,
Inc.*......................... 434,580 8,936,051
Wink Communications, Inc.*...... 69,920 2,132,560
--------------
88,674,815
--------------
BUSINESS SERVICES -- 5.8%
Adelphia Business Solutions,
Inc.*......................... 349,925 8,113,886
AnswerThink Consulting Group,
Inc.*......................... 181,220 3,012,783
Avenue A, Inc.*................. 93,905 827,538
Brightpoint, Inc.*.............. 427,145 3,697,474
CIBER, Inc.*.................... 363,560 4,817,170
Eloyalty Corp.*................. 134,405 1,713,664
Informatica Corp.*.............. 250,180 20,499,123
Iron Mountain, Inc.*............ 137,980 4,527,469
PurchasePro.com, Inc.*.......... 274,915 11,271,514
Tanning Technology Corp.*....... 137,455 2,646,009
--------------
61,126,630
--------------
CABLE TELEVISION -- 0.2%
Classic Communications, Inc.*... 177,870 1,589,713
--------------
CAPITAL GOODS -- 0.7%
Mettler-Toledo International,
Inc.*......................... 177,270 7,057,562
--------------
CHEMICALS -- 0.6%
Lyondell Chemical Co. .......... 401,320 6,722,110
--------------
COMPUTER HARDWARE -- 2.3%
Insight Enterprises, Inc.*...... 405,082 24,026,426
--------------
COMPUTER SERVICES & SOFTWARE -- 8.1%
Brio Technology, Inc.*.......... 201,360 4,266,315
Broadbase Software, Inc.*....... 238,355 7,299,622
Exchange Applications, Inc.*.... 152,300 4,054,988
HNC Software, Inc.*............. 51,295 3,167,466
InterTrust Technologies
Corp.*........................ 209,940 4,316,891
JNI Corp.*...................... 19,380 612,893
Media 100, Inc.*................ 265,230 6,829,673
net.Genesis Corp.*.............. 103,625 1,871,727
NetIQ Corp.*.................... 180,985 10,791,230
Numerical Technologies, Inc.*... 89,430 4,348,534
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
OTG Software, Inc.*............. 146,325 $ 4,179,408
Pinnacle Systems, Inc.*......... 101,680 2,286,211
Quest Software, Inc.*........... 138,345 7,660,853
Razorfish, Inc.*................ 408,020 6,553,821
Scient Corp.*................... 205,645 9,074,085
Silverstream Software, Inc.*.... 99,505 5,746,414
Software.com, Inc.*............. 19,460 2,527,368
--------------
85,587,499
--------------
CONSUMER PRODUCTS & SERVICES -- 0.2%
Meade Instruments Corp.*........ 82,180 2,064,773
--------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 2.3%
Aeroflex, Inc.*................. 74,385 3,696,005
Capstone Turbine Corp.*......... 146,900 6,619,681
Dionex Corp.*................... 287,965 7,703,064
Methode Electronics, Inc.
Cl-A.......................... 128,035 4,945,352
Robotic Vision Systems, Inc.*... 89,410 1,609,380
--------------
24,573,482
--------------
ENTERTAINMENT & LEISURE -- 4.3%
Ackerley Group, Inc............. 38,865 456,664
Championship Auto Racing Teams,
Inc.*......................... 209,810 5,350,155
Park Place Entertainment
Corp.*........................ 559,480 6,818,663
Playboy Enterprises, Inc.
Cl-B*......................... 243,115 3,130,106
Premier Parks, Inc.*............ 296,635 6,748,446
SFX Entertainment, Inc. Cl-A*... 301,040 13,640,874
Station Casinos, Inc.*.......... 359,755 8,993,875
--------------
45,138,783
--------------
FINANCIAL SERVICES -- 0.8%
Investors Financial Service
Corp.......................... 219,670 8,718,153
--------------
HEALTHCARE SERVICES -- 2.2%
Accredo Health, Inc.*........... 253,690 8,768,161
Apria Healthcare Group, Inc.*... 1,140,510 13,971,247
--------------
22,739,408
--------------
HOTELS & MOTELS -- 0.3%
Hospitality Properties Trust.... 124,910 2,818,282
--------------
INSURANCE -- 0.5%
StanCorp Financial Group,
Inc. ......................... 173,315 5,567,744
--------------
INTERNET SERVICES -- 13.9%
724 Solutions, Inc.*............ 133,815 5,871,133
AppliedTheory Corp.*............ 190,375 2,855,625
AppNet Systems, Inc.*........... 354,220 12,751,920
Ask Jeeves, Inc.*............... 7,715 139,352
Digital Impact, Inc.*........... 149,650 2,113,806
eSoft, Inc.*.................... 110,850 775,950
Globix Corp.*................... 1,074,060 31,483,384
internet.com Corp.*............. 141,115 2,778,202
IntraNet Solutions, Inc.*....... 273,350 10,489,806
Lante Corp.*.................... 82,195 1,679,860
Liberate Technologies, Inc.*.... 348,165 10,205,587
NaviSite, Inc.*................. 273,150 11,421,084
PSINet, Inc.*................... 178,170 4,476,521
Rare Medium Group, Inc.*........ 112,710 1,782,227
Register.com, Inc.*............. 100,450 3,070,003
</TABLE>
48
<PAGE> 50
AST JANUS SMALL-CAP GROWTH PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Retek, Inc.*.................... 66,690 $ 2,134,080
Selectica, Inc.*................ 81,905 5,738,469
Tumbleweed Communications
Corp.*........................ 38,690 1,968,354
Verio, Inc.*.................... 308,115 17,095,568
VerticalNet, Inc.*.............. 415,440 15,345,315
Vicinity Corp.*................. 103,645 2,034,033
--------------
146,210,279
--------------
MEDICAL SUPPLIES & EQUIPMENT -- 1.2%
Celera Genomics Group*.......... 64,590 6,039,165
Invitrogen Corp.*............... 87,205 6,558,089
--------------
12,597,254
--------------
OIL & GAS -- 0.3%
Core Laboratories NV*........... 119,880 3,476,520
--------------
PERSONAL SERVICES -- 0.6%
Career Education Corp.*......... 121,725 5,903,663
--------------
PHARMACEUTICALS -- 9.9%
Abgenix, Inc.*.................. 216,180 25,911,200
BioCryst Pharmaceuticals,
Inc.*......................... 316,190 9,070,701
Celgene Corp.*.................. 168,570 9,924,559
Cubist Pharmaceuticals, Inc.*... 150,580 7,416,065
Enzon, Inc.*.................... 627,560 26,671,299
Priority Healthcare Corp.
Cl-B*......................... 118,665 8,818,293
Professional Detailing, Inc.*... 193,930 6,605,741
QLT PhotoTherapeutics, Inc.*.... 119,540 9,241,936
--------------
103,659,794
--------------
PRINTING & PUBLISHING -- 1.6%
Valassis Communications,
Inc.*......................... 448,542 17,100,664
--------------
RESTAURANTS -- 0.2%
P.F. Chang's China Bistro,
Inc.*......................... 60,360 1,927,748
--------------
RETAIL & MERCHANDISING -- 1.7%
Ames Department Stores, Inc.*... 130,185 1,008,934
Linens 'n Things, Inc.*......... 152,560 4,138,190
pcOrder.com, Inc.*.............. 68,915 534,091
Rent-Way, Inc.*................. 172,165 5,089,628
School Specialty, Inc.*......... 398,055 7,388,896
--------------
18,159,739
--------------
SEMICONDUCTORS -- 13.2%
Alpha Industries, Inc.*......... 611,384 26,939,107
ATMI, Inc.*..................... 345,660 16,073,190
Marvell Technology Group
Ltd.*......................... 177,685 10,128,045
Mattson Technology, Inc.*....... 144,480 4,695,600
Pixelworks, Inc.*............... 123,445 2,808,374
Quicklogic Corp.*............... 81,720 1,818,270
SDL, Inc.*...................... 186,800 53,273,024
Silicon Image, Inc.*............ 39,740 1,982,033
TriQuint Semiconductor, Inc.*... 108,590 10,390,706
Virata Corp.*................... 184,670 11,010,949
--------------
139,119,298
--------------
TELECOMMUNICATIONS -- 11.0%
Accelerated Networks, Inc.*..... 34,185 1,442,180
Adaptive Broadband Corp.*....... 179,370 6,591,848
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Alamosa PCS Holdings, Inc.*..... 125,455 $ 2,618,873
Avanex Corp.*................... 12,610 1,204,255
Caprock Communications Corp.*... 425,495 8,297,153
Centillium Commuications,
Inc.*......................... 50,765 3,502,785
CTC Communications Group,
Inc.*......................... 256,372 9,229,392
i3 Mobile, Inc.*................ 93,365 1,715,582
IDT Corp.*...................... 156,600 5,314,613
Interwave Communications
International Ltd.*........... 74,880 1,048,320
Natural MicroSystems Corp.*..... 161,960 18,210,377
Net2000 Communications, Inc.*... 159,240 2,607,555
Netro Corp.*.................... 53,205 3,052,637
New Focus, Inc.*................ 48,550 3,987,169
NorthEast Optic Network,
Inc.*......................... 255,630 15,753,198
Pac-West Telecomm, Inc.*........ 259,450 5,189,000
Price Communications Corp.*..... 88,300 2,080,569
Research in Motion Ltd.*........ 51,775 2,342,819
SBA Communications Corp.*....... 25,505 1,324,666
Terayon Communication Systems,
Inc.*......................... 50,585 3,249,296
Viatel, Inc.*................... 344,135 9,829,355
WinStar Communications, Inc.*... 204,270 6,919,646
--------------
115,511,288
--------------
UTILITIES -- 0.8%
Avista Corp..................... 464,955 8,107,653
--------------
TOTAL COMMON STOCK
(Cost $788,701,958)............... 997,333,664
--------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 3.3%
Federal Home Loan Bank
6.26%, 09/27/00............... $ 25,000 24,613,097
6.43%, 08/15/00............... 10,000 9,919,625
--------------
(Cost $34,537,069).............. 34,532,722
--------------
<CAPTION>
SHARES
------
<S> <C> <C>
FOREIGN STOCK -- 2.0%
AUTOMOBILE MANUFACTURERS - 0.0%
Ducati Motor Holding SPA --
(ITL)*........................ 187,726 524,560
--------------
ENTERTAINMENT & LEISURE -- 0.6%
Corporacion Interamericana de
Entretenimento -- (MXP)*...... 1,476,200 5,878,891
--------------
TELECOMMUNICATIONS -- 1.4%
Cogeco Cable, Inc. -- (CAD)..... 322,013 7,823,920
Moffat Communications Ltd. --
(CAD)......................... 370,130 6,744,761
--------------
14,568,681
--------------
TOTAL FOREIGN STOCK
(Cost $15,152,148)................ 20,972,132
--------------
</TABLE>
49
<PAGE> 51
AST JANUS SMALL-CAP GROWTH PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
CORPORATE OBLIGATIONS -- 0.3%
INTERNET SERVICES -- 0.2%
Globix Corp.
12.50%, 02/01/10.............. $ 877 $ 723,525
Verio, Inc.
11.25%, 12/01/08.............. 1,430 1,612,325
--------------
2,335,850
--------------
TELECOMMUNICATIONS -- 0.1%
Radio One, Inc. Cl-B
12.00%, 05/15/04.............. 1,174 1,273,790
--------------
TOTAL CORPORATE OBLIGATIONS
(Cost $3,653,142)................. 3,609,640
--------------
COMMERCIAL PAPER -- 0.9%
CIT Group Holdings, Inc.
6.84%, 07/03/00
(Cost $9,596,352)............... 9,600 9,596,352
--------------
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.0%
Temporary Investment Cash
Fund.......................... 38,497 $ 38,497
Temporary Investment Fund....... 38,496 38,496
--------------
(Cost $76,993).................. 76,993
--------------
TOTAL INVESTMENTS -- 101.3%
(Cost $851,717,662)............... 1,066,121,503
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (1.3%).................. (13,958,858)
--------------
NET ASSETS -- 100.0%................ $1,052,162,645
==============
</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.
50
<PAGE> 52
AST AMERICAN CENTURY INTERNATIONAL GROWTH PORTFOLIO II
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOREIGN STOCK -- 91.7%
AUSTRALIA -- 1.6%
News Corp. Ltd. [ADR]............. 132,500 $ 7,221,250
------------
BRAZIL -- 1.3%
Petroleo Brasileiro SA*........... 189,725 5,731,876
------------
CANADA -- 3.9%
Celestica, Inc. NY Reg.*.......... 107,954 5,357,217
Nortel Networks Corp. NY Reg.*.... 182,900 12,482,925
------------
17,840,142
------------
DENMARK -- 2.9%
Den Danske Bank................... 6,600 797,209
ISS AS............................ 44,400 3,394,692
Novo-Nordisk AS Cl-B.............. 38,445 6,570,402
Tele Danmark AS................... 32,740 2,212,915
------------
12,975,218
------------
FINLAND -- 3.5%
Nokia Corp. Cl-A [ADR]............ 176,000 8,789,000
Sonera Group Oyj.................. 127,806 5,850,016
Tieto Corp. Cl-B.................. 35,900 1,202,746
------------
15,841,762
------------
FRANCE -- 13.2%
Alcatel Corp...................... 126,608 8,337,777
Altran Technologies SA............ 12,515 2,460,532
Aventis SA........................ 51,700 3,788,789
AXA SA............................ 42,775 6,765,601
Business Objects SA*.............. 22,800 2,009,250
Pinault-Printemps Redoute SA...... 21,800 4,862,788
Sagem SA.......................... 2,100 2,472,009
Societe Generale.................. 65,976 3,984,363
Societe Television Francaise...... 69,100 4,835,410
STMicroelectronics NV NY Reg. .... 115,500 7,413,656
Suez Lyonnaise des Eaux........... 40,000 7,036,043
Total Fina SA Cl-B*............... 14,900 2,293,846
Vivendi........................... 39,130 3,467,761
------------
59,727,825
------------
GERMANY -- 3.9%
Intershop Communications AG....... 8,966 4,116,865
Marschollek, Lautenschlaeger Und
Partner AG...................... 7,179 3,014,189
SAP AG [ADR]...................... 22,000 1,032,625
Schering AG....................... 24,400 1,334,375
Siemens AG........................ 53,820 8,089,510
------------
17,587,564
------------
HONG KONG -- 3.6%
Cheung Kong Holdings Ltd. ........ 142,000 1,571,193
China Telecom Ltd. ............... 805,000 7,099,877
China Unicom Ltd. ................ 67,000 142,251
China Unicom Ltd. [ADR]*.......... 54,400 1,156,000
Citic Pacific Ltd. ............... 320,000 1,674,913
Hutchison Whampoa Ltd. ........... 382,000 4,802,547
------------
16,446,781
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ISRAEL -- 1.2%
Check Point Software Technologies
Ltd.*........................... 26,100 $ 5,526,675
------------
ITALY -- 4.6%
Alleanza Assicurazioni............ 234,900 3,141,157
Banco Intesa SPA.................. 1,112,722 5,002,555
Mediaset SPA...................... 177,942 2,729,172
Mediolanum SPA.................... 191,920 3,134,890
Mondadori, (Arnoldo) Editore
SPA............................. 147,800 3,386,139
Telecom Italia SPA................ 235,620 3,252,423
------------
20,646,336
------------
JAPAN -- 14.8%
Canon, Inc. ...................... 112,000 5,589,334
Fuji Television Network, Inc. .... 121 1,898,461
Hitachi Ltd. ..................... 422,000 6,102,559
Hoya Corp. ....................... 35,000 3,142,677
Japan Telecom Co. Ltd. ........... 59 2,565,181
Kao Corp. ........................ 64,000 1,959,896
Keyence Corp. .................... 3,100 1,025,505
Kyocera Corp. .................... 27,900 4,743,987
Nomura Securities Co. Ltd. ....... 150,000 3,679,059
NTT Mobile Communication Network,
Inc. ........................... 84 2,278,606
Orix Corp. ....................... 18,800 2,780,868
Pioneer Corp. .................... 53,000 2,068,874
Sharp Corp. ...................... 263,000 4,660,850
SoftBank Corp. ................... 5,400 734,961
Sony Corp. ....................... 31,800 2,975,572
Takeda Chemical Industries
Ltd. ........................... 34,000 2,236,641
Tokyo Electron Ltd. .............. 35,000 4,803,334
Toshiba Corp. .................... 579,000 6,550,597
Toyota Motor Corp. ............... 50,000 2,282,576
Tyco International Ltd. .......... 119,800 5,675,525
------------
67,755,063
------------
KOREA -- 2.7%
Hyundai Motor Co. Ltd. .......... 96,320 1,235,328
Samsung Electronics Co. .......... 27,670 9,157,254
SK Telecom Co. Ltd. .............. 5,100 1,669,524
------------
12,062,106
------------
MEXICO -- 1.4%
Grupo Televisa SA [GDR]........... 22,734 1,567,225
Telefonos de Mexico SA Cl-L
[ADR]........................... 81,828 4,674,425
------------
6,241,650
------------
NETHERLANDS -- 5.8%
ASM Lithography Holding NV NY
Reg. ........................... 26,500 1,169,313
Getronics NV...................... 162,300 2,512,601
ING Groep NV...................... 53,942 3,660,941
Koninklijke (Royal) Philips
Electronics NV NY Reg. ......... 193,200 9,176,999
Royal Dutch Petroleum Co. ........ 40,600 2,499,438
</TABLE>
51
<PAGE> 53
AST AMERICAN CENTURY INTERNATIONAL GROWTH PORTFOLIO II
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
United Pan-Europe Communications
NV.............................. 43,301 $ 1,136,900
VNU NV............................ 122,070 6,330,509
------------
26,486,701
------------
PORTUGAL -- 0.5%
Telecel-Comunicacoes Pessoais
SA.............................. 139,974 2,133,423
------------
SPAIN -- 1.7%
Banco Popular Espanol SA.......... 10,300 319,900
Sogecable SA...................... 39,808 1,420,297
Telefonica SA*.................... 281,195 6,064,885
------------
7,805,082
------------
SWEDEN -- 5.5%
Assa Abloy AB Cl-B................ 179,864 3,629,796
Atlas Copco AB.................... 24,460 474,100
Atlas Copco AB Cl-B............... 32,900 618,934
Ericsson, (L.M.) Telephone Co.
[ADR]........................... 369,600 7,392,001
Modern Times Group AB Cl-B........ 41,129 1,969,528
Netcom AB Cl-B.................... 39,129 2,904,320
Nordbanken Holding Co. AB......... 437,056 3,313,779
Securitas AB Cl-B................. 209,745 4,471,961
------------
24,774,419
------------
SWITZERLAND -- 6.6%
ABB AG............................ 56,290 6,759,009
Adecco SA......................... 3,891 3,316,540
Credit Suisse Group............... 33,440 6,673,317
Julius Baer Holdings AG Cl-B...... 1,027 4,073,718
Novartis AG....................... 3,856 6,127,598
Swatch Group AG................... 2,479 3,161,885
------------
30,112,067
------------
UNITED KINGDOM -- 13.0%
Amvescap PLC...................... 328,600 5,273,120
Barclays PLC...................... 46,800 1,164,066
Cable & Wireless PLC.............. 304,532 5,158,903
Capita Group PLC.................. 90,800 2,222,748
Centrica PLC...................... 1,175,861 3,925,174
CMG PLC........................... 161,000 2,281,372
Colt Telecom Group PLC............ 59,574 1,984,147
Compass Group PLC................. 153,300 2,020,251
Diageo PLC........................ 299,143 2,685,517
Energis PLC....................... 66,454 2,492,968
Hays PLC.......................... 332,700 1,856,028
Logica PLC........................ 77,200 1,827,883
Misys PLC......................... 277,100 2,340,804
Pearson PLC....................... 93,600 2,975,702
SEMA Group PLC.................... 144,381 2,054,623
Telewest Communications PLC....... 420,700 1,452,117
Vodafone AirTouch PLC............. 3,302,900 13,350,605
WPP Group PLC..................... 256,800 3,751,601
------------
58,817,629
------------
TOTAL FOREIGN STOCK
(Cost $389,677,972)................. 415,733,569
------------
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 6.5%
Federal Home Loan Bank
6.23%, 07/03/00
(Cost $29,289,859)................ $ 29,300 $ 29,289,859
------------
<CAPTION>
SHARES
------
<S> <C> <C>
U.S. STOCK -- 2.2%
COMPUTER SERVICES & SOFTWARE -- 0.7%
Comverse Technology, Inc. ........ 33,500 3,115,500
------------
SEMICONDUCTORS -- 0.9%
JDS Uniphase Corp. ............... 36,100 4,327,488
------------
TELECOMMUNICATIONS -- 0.6%
Amdocs Ltd. ...................... 35,400 2,716,950
------------
TOTAL U.S. STOCK
(Cost $9,303,208)................... 10,159,938
------------
TOTAL INVESTMENTS -- 100.4% (Cost
$428,271,039)....................... 455,183,366
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (0.4%).................... (1,899,015)
------------
NET ASSETS -- 100.0%.................. $453,284,351
============
</TABLE>
Foreign currency exchange contracts outstanding at June 30, 2000:
<TABLE>
<CAPTION>
IN UNREALIZED
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS APPRECIATION/
MONTH TYPE TO RECEIVE FOR AT VALUE (DEPRECIATION)
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
07/00 Buy CHF 742,895 $ 452,130 $ 457,017 $ 4,887
07/00 Buy EUR 1,763,231 1,669,686 1,690,587 20,901
07/00 Buy JPY 201,695,471 1,919,954 1,907,225 (12,729)
---------- ---------- --------
$4,041,770 $4,054,829 $ 13,059
========== ========== ========
</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>
07/00 Sell EUR 799,255 $ 759,999 $ 766,792 $(6,793)
07/00 Sell GBP 132,117 198,884 200,020 (1,136)
07/00 Sell JPY 1,150,678,000 10,968,642 10,927,409 41,233
----------- ----------- -------
$11,927,525 $11,894,221 $33,304
=========== =========== =======
</TABLE>
52
<PAGE> 54
AST AMERICAN CENTURY INTERNATIONAL GROWTH PORTFOLIO II
--------------------------------------------------------------------------------
The following is a breakdown of the foreign stock portion of the Portfolio, by
industry classification, as of June 30, 2000. Percentages are based on net
assets.
<TABLE>
<CAPTION>
INDUSTRY
--------
<S> <C>
Advertising......................................... 0.8%
Aerospace........................................... 0.5%
Automobile Manufacturers............................ 0.8%
Beverages........................................... 0.6%
Broadcasting........................................ 8.1%
Business Services................................... 7.6%
Computer Hardware................................... 3.9%
Computer Services & Software........................ 2.0%
Consumer Products & Services........................ 1.7%
Electronic Components & Equipment................... 11.4%
Financial -- Bank & Trust........................... 6.4%
Financial Services.................................. 3.3%
Food................................................ 0.4%
Healthcare Services................................. 0.7%
Industrial Products................................. 1.8%
Insurance........................................... 2.9%
Machinery & Equipment............................... 0.2%
Metals & Mining..................................... 0.8%
Office Equipment.................................... 1.2%
Oil & Gas........................................... 3.2%
Pharmaceuticals..................................... 4.4%
Real Estate......................................... 0.3%
Retail & Merchandising.............................. 1.8%
Semiconductors...................................... 2.7%
Telecommunications.................................. 22.6%
Utilities........................................... 1.6%
-----
Total............................................... 91.7%
=====
</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> 55
AST T. ROWE PRICE GLOBAL BOND PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000) VALUE
--------- -----
<S> <C> <C>
FOREIGN BONDS -- 50.5%
AUSTRALIA -- 0.4%
Publishing and Broadcasting
Finance Ltd.
6.25%, 11/01/06................. 600 $ 569,776
------------
CANADA -- 1.6%
Canadian Government
5.50%, 06/01/09................. 2,570 1,692,034
Province of Ontario
1.875%, 01/25/10................ 50,000 474,166
------------
2,166,200
------------
DENMARK -- 2.9%
Kingdom of Denmark
6.00%, 11/15/02................. 20,000 2,578,722
8.00%, 03/15/06................. 10,000 1,422,486
------------
4,001,208
------------
EUROPEAN CURRENCY UNIT -- 3.2%
American Standard Co., Inc.
7.125%, 06/01/06................ 340 320,054
Carrier 1
13.25%, 02/15/09................ 120 117,906
Dura Operating Corp.
9.00%, 05/01/09................. 131 121,808
Flextronics International Ltd.
144A
9.75%, 07/01/10................. 375 368,458
Hermes Europe Railtel
10.375%, 01/15/06............... 320 250,000
Huntsman ICI Chemicals
10.125%, 07/01/09............... 280 277,799
IFCO Systems NV 144A
10.625%, 03/15/10............... 219 219,378
Level 3 Communications 144A
11.25%, 03/15/10................ 211 193,160
Lloyds TSB Bank PLC
5.625%, 07/15/49................ 600 519,076
Metromedia Fiber Network
10.00%, 12/15/09................ 176 161,972
Orange PLC
7.625%, 08/01/08................ 320 319,018
Public Power Corp.
4.50%, 03/12/09................. 700 585,928
Slovenian Government
5.375%, 05/27/05................ 300 280,459
Standard Chartered Bank
5.375%, 05/06/09................ 700 609,782
------------
4,344,798
------------
FRANCE -- 9.0%
French Government
4.00%, 04/25/09................. 1,145 993,314
5.50%, 04/25/29................. 1,340 1,278,087
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000) VALUE
--------- -----
<S> <C> <C>
French Treasury Bill
4.50%, 07/12/02................. 9,642 $ 9,153,060
SunAmerica Institutional Funding
5.25%, 05/20/09................. 5,500 758,956
------------
12,183,417
------------
GERMANY -- 8.8%
Bank Nederlandse Gemeenten
6.25%, 08/10/00................. 1,000 490,952
5.25%, 10/01/01................. 2,100 1,029,404
Colt Telecom Group PLC
8.875%, 11/30/07................ 470 229,204
German Government
4.50%, 05/17/02................. 7 6,436,432
4.75%, 07/04/28................. 1,120 959,279
KFW International Finance, Inc.
6.75%, 06/20/05................. 2,301 2,323,641
Minnesota Mining & Manufacturing
Co.
5.00%, 10/15/01................. 900 439,320
------------
11,908,232
------------
GREECE -- 1.8%
Greek Government
6.50%, 01/11/14................. 850,000 2,478,778
------------
ITALY -- 4.6%
Italian Government
9.00%, 10/01/03................. 5,565 5,910,426
7.25%, 11/01/26................. 328 368,401
------------
6,278,827
------------
JAPAN -- 6.6%
Central Bank of Tunisia
4.95%, 09/27/11................. 65,000 698,832
Japanese Government
0.90%, 12/22/08................. 400,000 3,541,726
1.80%, 06/21/10................. 80,000 762,016
2.40%, 03/20/20................. 50,000 493,835
Korea Development Bank
2.56%, 06/26/01................. 100,000 956,717
1.875%, 02/13/02................ 60,000 571,026
Republic of Austria
4.50%, 09/28/05................. 170,000 1,881,221
------------
8,905,373
------------
KOREA -- 0.5%
Korea Industrial Leasing
2.20%, 08/07/02................. 70,000 668,232
------------
MEXICO -- 0.2%
United Mexican States
3.85%, 12/31/19................. 35,000 320,884
------------
</TABLE>
54
<PAGE> 56
AST T. ROWE PRICE GLOBAL BOND PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000) VALUE
--------- -----
<S> <C> <C>
NETHERLANDS -- 2.9%
Netherlands Government
5.75%, 01/15/04................. 2,541 $ 2,485,908
Tecnost International NV
5.375%, 07/30/04................ 1,300 1,189,652
United Pan-Europe Communications
10.875%, 08/01/09............... 400 335,506
------------
4,011,066
------------
PORTUGAL -- 0.4%
European Investment Bank
5.25%, 03/23/02................. 100,000 480,844
------------
RUSSIA -- 0.4%
Russia Ofz
30.00%, 07/14/00-09/25/00
[VR]++........................ 5,103 99,109
58.75%, 12/15/01 [ZCB]++........ 1,457 25,598
Russian Federation
11.75%, 06/10/03................ 400 371,760
------------
496,467
------------
SOUTH AFRICA -- 1.5%
Republic of South Africa
13.00%, 08/31/10................ 15,000 2,071,664
------------
SPAIN -- 0.5%
Spanish Government
6.00%, 01/31/29................. 662 655,361
------------
SWEDEN -- 0.6%
Swedish Government
5.00%, 01/28/09................. 7,400 827,294
------------
UNITED KINGDOM -- 4.6%
Abbey National Treasury
5.25%, 01/21/04................. 780 1,130,294
Alliance & Leicester BLD
8.75%, 12/07/06................. 1,300 2,119,697
Doncasters PLC
8.125%, 05/01/09................ 200 286,413
Energis PLC
9.50%, 06/15/09................. 100 150,776
Gallaher Group PLC
5.875%, 08/06/08................ 500 226,983
LCR Finance PLC 144A
4.75%, 12/31/10................. 540 737,999
NTL, Inc. [STEP]
10.75%, 04/01/08................ 340 316,554
TDL Infomedia Group Ltd.
10.125%, 10/15/09............... 145 221,160
Telewest Communications PLC [STEP]
9.256%, 04/15/09................ 263 205,049
United Kingdom Gilt
6.00%, 12/07/28................. 260 488,629
4.25%, 06/07/32................. 250 372,303
------------
6,255,857
------------
TOTAL FOREIGN BONDS
(Cost $73,893,755).................. 68,624,278
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
--------- -----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 18.5%
Federal National Mortgage Assoc.
5.75%, 04/15/03-06/15/05........ $ 3,500 $ 3,364,820
6.00%, 05/15/08................. 1,300 1,226,095
6.875%, 06/07/02................ 990 1,510,366
7.00%, 06/01/15................. 4,000 3,922,111
7.00%, 07/01/30 [TBA]........... 5,200 5,021,250
------------
15,044,642
------------
Government National Mortgage
Assoc.
7.50%, 09/15/29................. 5,199 5,158,860
8.00%, 06/15/30................. 5,000 5,051,563
------------
10,210,423
------------
(Cost $25,048,122)................ 25,255,065
------------
U.S. TREASURY OBLIGATIONS -- 12.1%
U.S. Treasury Bonds
6.375%, 08/15/27................ 3,620 3,722,591
------------
U.S. Treasury Notes
6.00%, 08/15/09................. 6,000 5,952,252
7.25%, 05/15/16................. 6,180 6,799,916
------------
12,752,168
------------
(Cost $16,114,822)................ 16,474,759
------------
CERTIFICATES OF DEPOSIT -- 7.3%
Chase Manhattan Bank
6.75%, 07/06/00
(Cost $10,012,882)................ 10,013 10,012,882
------------
CORPORATE OBLIGATIONS -- 3.3%
ENTERTAINMENT & LEISURE -- 0.7%
Comcast Cable Communications
8.125%, 05/01/04................ 1,000 1,013,460
------------
FINANCIAL SERVICES -- 1.9%
Ford Motor Credit Corp.
5.75%, 02/23/04................. 1,300 1,225,900
Heller Financial, Inc.
7.875%, 05/15/03................ 1,300 1,298,678
------------
2,524,578
------------
TELECOMMUNICATIONS -- 0.7%
SBC Communications Capital Corp.
5.875%, 06/01/03................ 1,000 962,253
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $4,466,690)................... 4,500,291
------------
</TABLE>
55
<PAGE> 57
AST T. ROWE PRICE GLOBAL BOND PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
SOVEREIGN ISSUES -- 4.0%
BULGARIA -- 0.8%
National Republic of Bulgaria
6.50%, 07/28/11 [BRB, FRN]...... $ 355 $ 281,781
2.50%, 07/28/12................. 1,020 752,250
------------
1,034,031
------------
MEXICO -- 1.2%
United Mexican States
11.50%, 05/15/26................ 1,121 1,351,870
United Mexican States Cl-W-A [BRB]
6.25%, 12/31/19................. 250 206,525
United Mexican States Cl-W-B [BRB]
6.25%, 12/31/19................. 250 207,813
------------
1,766,208
------------
POLAND -- 1.3%
Government of Poland [BRB, STEP]
3.50%, 10/27/24................. 1,750 1,054,375
Government of Poland PDI [BRB]
6.00%, 10/27/14................. 125 112,109
6.00%, 10/27/14................. 600 538,125
------------
1,704,609
------------
REPUBLIC OF SLOVENIA -- 0.3%
Republic of Turkey
11.875%, 01/15/30............... 400 419,760
RUSSIA -- 0.4%
Russia -- IAN [FRN]
5.969%, 12/15/15................ 1,038 321,780
Russia Principal Loans [FRN]
2.984%, 12/15/20................ 810 249,075
------------
570,855
------------
TOTAL SOVEREIGN ISSUES
(Cost $5,911,624)................... 5,495,463
------------
FOREIGN STOCK -- 0.0%
MEXICO -- 0.0%
Mexican Value Recovery Rights*.... 233,000 $ 0
------------
NIGERIA -- 0.0%
Central Bank of Nigeria
Warrants*....................... 250 0
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
----- -----
<S> <C> <C>
VENEZUELA -- 0.0%
Republic of Venezuela Warrants*... 1,250 $ 0
------------
TOTAL FOREIGN STOCK
(Cost $0)........................... 0
------------
TOTAL INVESTMENTS -- 95.7%
(Cost $135,447,895)................. 130,362,738
OTHER ASSETS LESS
LIABILITIES -- 4.3%................. 5,909,107
------------
NET ASSETS -- 100.0%.................. $136,271,845
============
</TABLE>
Foreign currency exchange contracts outstanding at June 30, 2000:
<TABLE>
<CAPTION>
IN UNREALIZED
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS APPRECIATION/
MONTH TYPE TO RECEIVE FOR AT VALUE (DEPRECIATION)
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
07/00 Buy CAD 3,566,059 $ 2,403,005 $ 2,407,222 $ 4,217
09/00 Buy EUR 6,564,980 6,249,205 6,324,582 75,377
07/00 Buy GBP 4,939,408 7,439,112 7,479,419 40,307
07/00 Buy JPY 560,692,406 5,350,118 5,314,794 (35,324)
----------- ----------- --------
$21,441,440 $21,526,017 $ 84,577
=========== =========== ========
</TABLE>
<TABLE>
<CAPTION>
IN
SETTLEMENT CONTRACTS EXCHANGE UNREALIZED
MONTH TYPE TO RECEIVE FOR APPRECIATION
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
09/00 Buy DKK 10,458,348 SEK 11,500,000 $ 28,537
07/00 Buy EUR 2,455,258 GBP 1,484,915 107,688
07/00 Buy EUR 2,412,758 ZAR 15,389,777 48,757
--------
$184,982
========
</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>
07/00 Sell CAD 2,251,600 $ 1,710,498 $ 1,702,173 $ 8,325
07/00 Sell DKK 10,135,710 1,300,000 1,303,469 (3,469)
09/00 Sell EUR 7,737,456 7,455,580 7,454,124 1,456
07/00 Sell GBP 4,285,490 6,437,578 6,489,235 (51,657)
07/00 Sell JPY 316,905,000 3,000,000 3,003,937 (3,937)
----------- ----------- --------
$19,903,656 $19,952,938 $(49,282)
=========== =========== ========
</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
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 1.1% of net assets.
See Notes to Financial Statements.
56
<PAGE> 58
AST NEUBERGER BERMAN MID-CAP GROWTH PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 91.6%
BROADCASTING -- 3.9%
Emmis Communications Corp.
Cl-A*.......................... 249,600 $ 10,327,200
Entercom Communications Corp.*... 91,100 4,441,125
USA Networks, Inc.*.............. 186,700 4,037,388
Westwood One, Inc.*.............. 314,200 10,722,075
------------
29,527,788
------------
BUILDING MATERIALS -- 0.3%
Fastenal Co...................... 51,100 2,586,938
------------
BUSINESS SERVICES -- 3.5%
CSG Systems International,
Inc.*.......................... 200,700 11,251,743
Micromuse, Inc.*................. 48,900 8,092,186
PurchasePro.com, Inc.*........... 64,900 2,660,900
Safeguard Scientifics, Inc.*..... 143,900 4,613,794
------------
26,618,623
------------
CLOTHING & APPAREL -- 0.8%
Limited, Inc. ................... 270,300 5,845,238
------------
COMPUTER SERVICES & SOFTWARE -- 11.6%
Adobe Systems, Inc............... 54,500 7,085,000
BEA Systems, Inc.*............... 220,300 10,891,080
Fiserv, Inc.*.................... 185,100 8,005,575
Intuit, Inc.*.................... 247,600 10,244,450
Network Appliance, Inc.*......... 76,800 6,182,400
Peregrine Systems, Inc.*......... 284,500 9,868,594
Phone.com, Inc.*................. 100,100 6,519,013
Precise Software Solutions*...... 900 21,600
Rational Software Corp.*......... 173,400 16,115,362
RealNetworks, Inc.*.............. 86,400 4,368,600
Redback Networks, Inc.*.......... 57,400 10,217,200
Storage Networks, Inc.*.......... 1,200 108,300
------------
89,627,174
------------
CONSUMER PRODUCTS & SERVICES -- 0.8%
Estee Lauder Companies, Inc.
Cl-A........................... 126,000 6,229,125
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 11.8%
Comverse Technology, Inc.*....... 126,000 11,718,000
Flextronics International
Ltd.*.......................... 158,000 10,852,625
Gemstar International Group
Ltd.*.......................... 186,000 11,430,281
Intersil Holding Corp.*.......... 137,400 7,428,188
Jabil Circuit*................... 158,800 7,880,450
KLA-Tencor Corp.*................ 172,300 10,090,319
Metromedia Fiber Network, Inc.
Cl-A*.......................... 171,200 6,794,500
Rambus, Inc.*.................... 23,600 2,430,800
Sanmina Corp.*................... 193,400 16,535,699
Tektronix, Inc................... 61,700 4,488,675
Vishay Intertechnology, Inc.*.... 39,200 1,487,150
------------
91,136,687
------------
ENERGY SERVICES -- 0.5%
Dynegy, Inc...................... 51,100 3,490,769
------------
ENTERTAINMENT & LEISURE -- 1.0%
Harley-Davidson, Inc............. 194,800 7,499,800
------------
EQUIPMENT SERVICES -- 1.0%
Millipore Corp. ................. 96,800 7,296,300
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FINANCIAL SERVICES -- 3.5%
Capital One Financial Corp. ..... 130,200 $ 5,810,175
Concord EFS, Inc.*............... 421,900 10,969,400
Lehman Brothers Holdings,
Inc. .......................... 47,900 4,529,544
Providian Financial Corp......... 58,200 5,238,000
------------
26,547,119
------------
FOOD -- 1.2%
Quaker Oats Co. ................. 28,700 2,156,088
Starbucks Corp.*................. 177,400 6,774,462
------------
8,930,550
------------
HEALTHCARE SERVICES -- 0.9%
Health Management Associates,
Inc. Cl-A*..................... 502,800 6,567,825
------------
INTERNET SERVICES -- 7.7%
Art Technology Group, Inc.*...... 76,700 7,741,906
BroadVision, Inc.*............... 88,700 4,507,069
Clarent Corp.*................... 50,800 3,632,200
Digex, Inc.*..................... 70,000 4,755,625
eSPEED, Inc.*.................... 57,400 2,493,313
Portal Software, Inc.*........... 283,100 18,083,012
VeriSign, Inc.*.................. 49,400 8,719,100
Vignette Corp.*.................. 166,300 8,650,198
------------
58,582,423
------------
MACHINERY & EQUIPMENT -- 1.6%
Cooper Cameron Corp.*............ 133,000 8,778,000
Weatherford International,
Inc.*.......................... 83,400 3,320,363
------------
12,098,363
------------
MEDICAL SUPPLIES & EQUIPMENT -- 3.6%
Forest Laboratories, Inc.*....... 111,300 11,241,300
MiniMed, Inc.*................... 71,400 8,425,200
PE Corp.-PE Biosystems Group..... 115,800 7,628,325
------------
27,294,825
------------
OIL & GAS -- 2.9%
Coastal Corp..................... 94,300 5,740,513
Rowan Companies, Inc.*........... 365,600 11,105,100
Union Pacific Resources Group,
Inc. .......................... 255,400 5,618,800
------------
22,464,413
------------
PHARMACEUTICALS -- 10.8%
Abgenix, Inc.*................... 15,200 1,821,863
ALZA Corp.*...................... 37,500 2,217,188
Human Genome Sciences, Inc.*..... 37,800 5,041,575
IDEC Pharmaceutical Corp.*....... 51,500 6,041,594
King Pharmaceuticals, Inc.*...... 91,300 4,005,788
MedImmune, Inc.*................. 284,600 21,060,399
Millennium Pharmaceuticals,
Inc.*.......................... 115,900 12,966,312
QLT PhotoTherapeutics, Inc.*..... 89,500 6,919,469
Sepracor, Inc.*.................. 86,300 10,409,937
Waters Corp.*.................... 101,600 12,680,949
------------
83,165,074
------------
</TABLE>
57
<PAGE> 59
AST NEUBERGER BERMAN MID-CAP GROWTH PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RETAIL & MERCHANDISING -- 2.5%
Best Buy Co., Inc.*.............. 111,200 $ 7,033,400
Dollar Tree Stores, Inc.*........ 114,100 4,514,081
Tiffany & Co..................... 106,900 7,215,750
------------
18,763,231
------------
SEMICONDUCTORS -- 10.5%
Altera Corp.*.................... 56,500 5,759,469
Applied Micro Circuits Corp.*.... 113,400 11,198,249
Atmel Corp.*..................... 344,500 12,703,437
Conexant Systems, Inc.*.......... 209,700 10,196,663
E-Tek Dynamics, Inc.*............ 25,800 6,806,363
Globespan, Inc.*................. 70,600 8,618,716
Integrated Device Technology,
Inc.*.......................... 122,000 7,304,750
National Semiconductor Corp.*.... 91,100 5,169,925
QLogic Corp.*.................... 104,500 6,903,531
Vitesse Semiconductor Corp.*..... 88,200 6,488,213
------------
81,149,316
------------
TELECOMMUNICATIONS -- 9.2%
Amdocs Ltd.*..................... 128,500 9,862,375
American Tower Corp. Cl-A*....... 140,800 5,869,600
Efficient Networks, Inc.*........ 106,200 7,812,338
Exfo Electro-Optical Engineering,
Inc.*.......................... 700 30,713
Intermedia Communications,
Inc.*.......................... 182,100 5,417,475
McLeodUSA, Inc. Cl-A*............ 161,900 3,349,306
Next Level Communications,
Inc.*.......................... 28,000 2,401,000
NTL, Inc.*....................... 95,250 5,703,094
Univision Communications,
Inc.*.......................... 162,200 16,787,699
Voicestream Wireless Corp.*...... 53,800 6,256,772
WinStar Communications, Inc.*.... 213,000 7,215,375
------------
70,705,747
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
UTILITIES -- 2.0%
Calpine Corp.*................... 230,600 $ 15,161,950
------------
TOTAL COMMON STOCK
(Cost $586,382,933)................ 701,289,278
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
COMMERCIAL PAPER -- 6.5%
American Express Credit Corp.
6.72%, 07/06/00................ $ 25,000 24,976,667
Ford Motor Credit Corp.
6.77%, 07/05/00................ 25,000 24,981,194
------------
(Cost $49,957,861)............... 49,957,861
------------
<CAPTION>
SHARES
------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 1.6%
Temporary Investment Cash
Fund .......................... 5,990,503 5,990,503
Temporary Investment Fund ....... 5,990,502 5,990,502
------------
(Cost $11,981,005)............... 11,981,005
------------
TOTAL INVESTMENTS -- 99.7%
(Cost $648,321,799)................ 763,228,144
OTHER ASSETS LESS
LIABILITIES -- 0.3%................ 2,218,398
------------
NET ASSETS -- 100.0%................. $765,446,542
============
</TABLE>
--------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
58
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--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOREIGN STOCK -- 90.7%
AUSTRALIA -- 1.1%
Aristocrat Leisure Ltd. ........ 292,161 $ 991,120
ERG Ltd......................... 211,085 1,643,813
Sausage Software Ltd.*.......... 36,925 56,047
Solutions Ltd.*................. 219,000 1,212,357
------------
3,903,337
------------
AUSTRIA -- 0.1%
DO & CO Restaurants & Catering.. 4,869 191,315
------------
BELGIUM -- 0.6%
Custom Silicon Configuration
Services*..................... 7,000 108,301
G.B.I. Group SA................. 11,800 435,374
Ubizen*......................... 44,000 1,560,583
------------
2,104,258
------------
CANADA -- 5.6%
Agrium, Inc.*................... 232,550 1,993,281
Canadian Hunter Exploration
Ltd.*......................... 118,725 2,520,063
Crestar Energy, Inc.*........... 72,700 1,106,444
Ensign Resource Service Group,
Inc. ......................... 55,125 1,815,586
Genesis Exploration Ltd.*....... 140,750 1,044,936
GT Group Telecom, Inc. Cl-B*.... 34,425 542,512
Hermosol, Inc.*................. 95,625 939,038
NHC Communications, Inc.++*..... 45,143 351,901
Precision Drilling Corp.*....... 80,450 3,105,779
Rio Alto Exploration Ltd.*...... 88,850 1,625,082
Sierra Wireless, Inc.*.......... 26,225 1,415,970
WestJet Airlines Ltd.*.......... 171,375 2,602,427
------------
19,063,019
------------
CHINA -- 2.4%
Beijing Yanhua Petrochemical Co.
Ltd........................... 8,946,000 1,044,365
China Shipping Development Co.
Ltd.*......................... 9,108,000 1,659,180
China Southern Airlines Co.
Ltd.*......................... 4,106,000 979,747
Shanghai Petrochemical Co.
Ltd........................... 19,596,000 2,664,745
Yanzhou Coal Mining Co. Ltd..... 9,034,000 1,865,899
------------
8,213,936
------------
DENMARK -- 0.2%
DSV, de Sammensluttede Vognmaend
AS Cl-B*...................... 29,675 667,312
------------
FINLAND -- 2.4%
Aldata Solutions Oyj*........... 87,950 598,586
Alma Media Corp................. 15,725 538,889
Comptel Oyj 144A................ 44,025 890,460
F-Secure Oyj 144A*.............. 91,425 1,061,308
Hartwall Oyj.................... 52,425 1,055,335
JOT Automation Group Oyj........ 243,950 1,634,596
Menire Oyj*..................... 23,100 110,717
Tecnomen Oyj*................... 53,625 462,639
Teleste Oyj..................... 75,900 1,855,300
------------
8,207,830
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FRANCE -- 8.3%
A Novo.......................... 7,427 $ 1,836,816
Carbone Lorraine SA............. 19,250 763,947
Cerep SA........................ 37,460 2,585,430
Christian Dalloz................ 6,572 439,729
Elior 144A*..................... 118,725 1,505,686
Faurecia........................ 29,193 1,157,142
Neopost SA*..................... 41,553 1,352,305
Net2S*.......................... 37,925 763,444
Netgem SA*...................... 50,350 1,926,254
Penauille Polyservices.......... 3,909 1,886,677
Pierre & Vacances............... 21,605 1,294,395
Pinguely-Haulotte............... 157,655 3,294,555
Remy Cointreau SA*.............. 40,125 1,309,678
Riber SA*....................... 95,838 1,975,189
Silicon-On-Insulator
Technologies.................. 6,075 1,426,740
Societe Manutan................. 1,698 148,526
Sommer Allibert SA.............. 30,175 940,076
SR Teleperformance.............. 21,296 814,523
Vallourec SA.................... 13,175 555,694
Wavecom SA...................... 8,850 1,077,406
Zodiac SA....................... 5,759 1,176,421
------------
28,230,633
------------
GERMANY -- 9.6%
ACG AG*......................... 3,950 825,441
Adcon Telemetry AG.............. 71,203 1,160,325
Amatech Holdings AG*............ 24,511 834,107
Articon Information Systems
AG*........................... 33,047 2,255,508
Austria Technologies &
Systemtechnik AG.............. 5,775 437,332
Balda AG*....................... 25,075 960,263
Comroad AG*..................... 10,293 1,598,414
COR Insurance Technologies AG*.. 121,050 2,065,462
Dis Deutscher Industrie Service
AG............................ 8,625 1,030,998
GPC Biotech AG 144A*............ 32,475 1,696,595
Grenke Leasing AG*.............. 46,650 1,471,228
Hugo Boss AG.................... 10,871 1,896,589
Kontron Embedded Computers AG*.. 16,675 1,502,540
Medigene AG*.................... 4,200 235,525
Ruecker AG*..................... 69,450 1,098,471
SAI Automotive AG............... 29,750 262,366
SZ Testsysteme AG*.............. 76,525 1,855,907
Tecis Holding AG................ 11,218 1,043,085
Thiel Logistik AG 144A*......... 44,850 4,256,280
U.C.A. Unternehmer Consulting... 11,500 584,260
Valor Computerized Systems AG
144A*......................... 88,200 811,656
Wedeco AG Water Technology*..... 53,500 2,025,738
Zapf Creation AG................ 46,500 2,852,762
------------
32,760,852
------------
GREECE -- 1.8%
Folli-Follie SA................. 6,120 135,316
M-Systems Flash Disk Pioneers
Ltd.*......................... 26,225 2,042,272
</TABLE>
59
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--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
M.J. Maillis SA................. 80,380 $ 1,010,987
Metrolife SA*................... 7,710 72,620
Techem AG 144A*................. 118,805 2,847,129
------------
6,108,324
------------
HONG KONG -- 5.8%
Angang New Steel Co. Ltd. ...... 22,798,000 2,310,500
Beijing Datang Power Generation
Co. Ltd. 144A................. 5,376,000 1,206,923
Brilliance China Automotive
Holdings Ltd. [ADR]*.......... 28,970 503,354
China Eastern Airlines Corp.
Ltd.*......................... 19,972,000 2,536,524
China Everbright Ltd. .......... 442,000 345,887
China Pharmaceutical Enterprise
& Investment Corp. Ltd. ...... 8,492,000 1,034,941
China Resources Beijing Land
Ltd. ......................... 8,158,000 1,088,427
Cosco Pacific Ltd. ............. 3,314,000 2,614,627
Giordano International Ltd. .... 796,000 1,210,079
HKCB Bank Holding Co. Ltd. ..... 1,580,000 456,060
Huaneng Power International,
Inc. ......................... 5,562,000 1,819,506
Quality Healthcare Asia Ltd.*... 1,292,000 381,217
Shandong International Power
Development Co. Ltd. ......... 3,204,000 472,686
Shenzhen International Holdings
Ltd.*......................... 18,707,500 1,343,959
Vtech Holdings Ltd. ............ 86,000 325,464
Yuxing Infotech Holdings
Ltd.*......................... 322,000 176,593
Zhejiang Expressway Co. Ltd. ... 10,426,000 1,778,900
------------
19,605,647
------------
INDIA -- 0.0%
Silverline Technologies Ltd.
[ADR]*........................ 4,050 87,581
------------
IRELAND -- 1.0%
ITG Group PLC 144A*............. 165,329 1,738,554
Trinity Biotech PLC [ADR]*...... 180,300 529,631
Trintech Group PLC [ADR]*....... 49,300 971,364
------------
3,239,549
------------
ISRAEL -- 2.8%
BATM Advanced Communications
Ltd. ......................... 38,250 3,339,745
BreezeCom Ltd.*................. 93,700 4,075,951
RT-SET Ltd. 144A*............... 89,925 1,413,698
TTI Team Telecom International
Ltd.*......................... 15,700 565,200
------------
9,394,594
------------
ITALY -- 1.0%
Buzzi Unicem SPA................ 62,250 566,289
ERG SPA......................... 409,885 1,233,741
Ericsson SPA.................... 24,600 1,440,817
------------
3,240,847
------------
JAPAN -- 10.0%
Aderans Co. Ltd. ............... 33,500 1,554,656
Aica Koygo Co. Ltd. ............ 13,000 103,458
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Amada Co........................ 274,000 $ 2,330,780
Central Glass Co. Ltd. ......... 262,000 1,394,177
Fuji Oil Co. Ltd. .............. 135,000 1,205,796
Hisamitsu Pharmaceutical Co.,
Inc.*......................... 44,000 678,289
Hunet, Inc. .................... 292,000 2,246,546
Ichiyoshi Securities Co.
Ltd. ......................... 47,000 395,807
Idec Izumi Corp. ............... 130,500 1,843,995
Joint Corp. .................... 29,500 1,006,555
Katokichi Co. Ltd. ............. 55,000 1,395,774
Kinseki Ltd. ................... 130,000 2,205,545
Koa Corp. ...................... 45,000 1,399,318
Micronics Japan Co. Ltd. ....... 27,000 632,883
Moritex Corp. .................. 15,000 1,368,128
Nippon Thompson Co. Ltd. ....... 247,000 3,758,642
Ryoyo Electro Corp. ............ 102,000 2,043,827
Shimachu Co. Ltd. .............. 133,600 2,841,169
Sumisho Lease Co. Ltd. ......... 7,000 105,197
Toko, Inc. ..................... 93,000 704,083
Toky Individualized Educational
Institute, Inc. .............. 12,000 657,836
Toshiba Tungaloy Co. Ltd. ...... 288,000 2,027,948
Tsubaki Nakashima Co. Ltd. ..... 137,000 2,020,009
Xebio Co. Ltd. ................. 7,500 176,510
------------
34,096,928
------------
KOREA -- 1.1%
Daum Communications Corp.*...... 11,825 1,124,182
Mirae Co. ...................... 145,100 591,468
Samsung Heavy Industry Co.
Ltd.*......................... 299,040 1,397,323
Shin Sung ENG................... 102,400 551,037
------------
3,664,010
------------
NETHERLANDS -- 3.2%
AOT NV*......................... 149,225 858,273
ASM International NV............ 36,200 959,300
BE Semiconductor Industries
NV*........................... 73,050 1,144,907
Beter Bed Holding NV............ 28,750 865,366
IFCO Systems NV*................ 49,125 1,299,703
IHC Caland NV................... 41,325 2,020,298
PinkRoccade NV*................. 14,700 767,974
Unique International NV......... 28,675 689,937
Van der Moolen Holdings NV...... 43,075 2,427,924
------------
11,033,682
------------
NEW ZEALAND -- 0.1%
Advantage Group Ltd.*........... 137,042 178,701
------------
NORWAY -- 3.7%
Bergesen d.y. ASA Cl-A.......... 109,600 2,256,764
C.Rel ASA 144A*................. 392,800 505,507
Frontline Ltd. 144A*............ 117,525 1,443,718
ProSafe ASA*.................... 118,550 1,761,441
Smedvig ASA Cl-B................ 187,125 3,064,946
TGS Nopec Geophysical Co. ASA*.. 270,125 3,586,936
------------
12,619,312
------------
</TABLE>
60
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--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SPAIN -- 0.4%
Abengoa SA...................... 10,766 $ 290,513
Cortefiel SA.................... 33,620 732,215
Prosegur Cia de Seguridad SA.... 42,625 500,533
------------
1,523,261
------------
SWEDEN -- 2.1%
Biacaore International AB*...... 36,575 1,567,967
Glocalnet AB*................... 23,310 33,487
Karo Bio AB*.................... 50,675 1,895,102
Kipling Holding AB*............. 1,075 15,198
Perbio Science AB*.............. 202,600 1,593,871
Sifo Group AB Cl-B.............. 80,485 1,128,716
SwitchCore AB*.................. 79,535 834,278
------------
7,068,619
------------
SWITZERLAND -- 7.9%
Card-Guard Scientific Survival
Ltd.*......................... 44,475 2,119,720
ESEC Holdings AG................ 1,160 2,867,773
Kudelski SA*.................... 137 1,728,855
Logitech International SA*...... 4,600 3,284,360
Oridion Systems Ltd.*........... 18,529 491,123
Rieter Holdings AG.............. 10,450 3,534,596
Sarna Kunststoff Holding AG..... 1,750 2,152,429
Saurer AG Reg................... 6,250 3,912,809
Straumann AG.................... 1,434 2,160,608
Swisslog Holding AG............. 2,100 1,033,166
Swisslog Holding AG Rights*..... 2,100 0
Tecan AG........................ 1,300 1,247,978
Think Tools AG*................. 4,002 2,325,785
------------
26,859,202
------------
UNITED KINGDOM -- 19.5%
Abacus Polar PLC................ 27,325 191,323
Actinic PLC 144A*............... 679,225 1,007,706
Advanced Power Components PLC... 56,275 345,036
AIT Group PLC................... 85,775 1,603,696
Alphameric PLC*................. 114,675 587,654
Anite Group PLC................. 553,600 1,319,991
Arena Leisure PLC*.............. 312,525 891,847
Axis-Shield PLC*................ 83,900 895,458
Berisford PLC................... 450,875 2,214,956
Cedar Group PLC................. 72,600 730,891
Chloride Group PLC.............. 1,155,620 3,341,510
Debenhams PLC................... 741,600 2,430,647
Dialog Semiconductor PLC........ 27,250 1,436,685
Easynet Group PLC*.............. 79,270 1,209,061
Eyretel PLC*.................... 1,227,575 3,809,747
Fibernet Group PLC*............. 28,225 793,701
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Future Integrated Telephony
PLC*.......................... 31,894 $ 112,260
GEO Interactive Media Group
PLC*.......................... 83,400 1,590,856
HIT Entertainment PLC 144A...... 575,500 3,789,910
Imagination Tech Group PLC*..... 468,775 2,040,312
Incepta Group PLC............... 693,650 1,396,646
Intermediate Capital Group
PLC........................... 234,375 2,478,403
International Quantum Epitaxy
PLC*.......................... 23,525 1,929,050
ITE Group PLC................... 255,675 282,557
Lex Service PLC................. 123,525 621,786
Man (E D & F) Group PLC......... 468,750 3,739,781
Mayflower Corp. PLC............. 464,025 1,001,038
Menmore Abbey PLC............... 201,800 621,699
Mitie Group PLC................. 159,325 876,764
Nestor Healthcare Group PLC..... 269,475 1,947,987
NSB Retail Systems PLC.......... 18,325 71,436
Orchestream Holdings PLC*....... 660,800 3,161,196
Oxford Asymmetry International
PLC*.......................... 211,875 1,578,117
Oxford GlycoSciences PLC*....... 76,336 2,166,831
Pace Micro Technology PLC....... 111,200 1,607,691
Parthus Technologies PLC*....... 902,625 2,548,476
QXL Ltd.*....................... 1,019,700 1,520,558
Redstone Telecom PLC*........... 268,700 1,057,634
Redstone Telecom PLC Rights*.... 40,936 37,184
Robotic Tech Systems PLC*....... 135,500 1,388,744
Scipher PLC*.................... 80,150 615,792
Shaftesbury PLC................. 208,125 805,025
Staffware PLC................... 22,350 697,856
Superscape VR PLC*.............. 309,975 950,268
Ted Baker PLC................... 169,000 1,350,874
Telemetrix PLC.................. 310,225 1,561,575
Xenova Group PLC*............... 286,125 340,032
------------
66,698,247
------------
TOTAL FOREIGN STOCK
(Cost $301,321,794)............... 308,760,996
------------
U.S. STOCK -- 1.6%
COMPUTER SERVICES & SOFTWARE -- 0.5%
Comtouch Software*.............. 47,450 1,542,125
------------
INTERNET SERVICES -- 0.9%
RADVision Ltd.*................. 113,350 3,166,715
------------
OIL & GAS - 0.1%
Gulf Indonesia Resources
Ltd.*......................... 36,500 292,000
------------
</TABLE>
61
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--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TELECOMMUNICATIONS -- 0.1%
Exfo Electro-Optical
Engineering, Inc.*............ 7,875 $ 345,516
------------
TOTAL U.S. STOCK
(Cost $5,461,655)................. 5,346,356
------------
<CAPTION>
PAR
(000)
----------
<S> <C> <C>
COMMERCIAL PAPER -- 7.2%
Ciesco L.P.
6.95%, 07/03/00............... $ 17,245 17,238,341
Morgan Stanley Dean Witter & Co.
6.85%, 07/03/00............... 7,177 7,172,448
------------
(Cost $24,410,789).............. 24,410,789
------------
TOTAL INVESTMENTS -- 99.5%
(Cost $331,194,238)............... 338,518,141
OTHER ASSETS LESS
LIABILITIES -- 0.5%............... 1,645,117
------------
NET ASSETS -- 100.0%................ $340,163,258
============
</TABLE>
Foreign currency exchange contracts outstanding at June 30, 2000:
<TABLE>
<CAPTION>
IN UNREALIZED
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS APPRECIATION/
MONTH TYPE TO RECEIVE FOR AT VALUE (DEPRECIATION)
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
07/00 Buy AUD 2,113,424 $ 1,271,885 $ 1,268,943 $ (2,942)
07/00 Buy CAD 268,000 181,025 180,877 (148)
07/00 Buy CHF 2,665,672 1,637,757 1,639,334 1,577
07/00 Buy EUR 1,995,024 1,892,758 1,912,408 19,650
07/00 Buy GBP 2,570,395 3,889,205 3,891,296 2,091
07/00 Buy HKD 8,825,026 1,132,142 1,132,135 (7)
07/00 Buy JPY 172,786,566 1,634,717 1,633,120 (1,597)
07/00 Buy KOR 2,560,241,882 2,296,636 2,296,205 (431)
----------- ----------- --------
$13,936,125 $13,954,318 $ 18,193
=========== =========== ========
</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>
07/00 Sell CAD 701,671 $ 473,011 $ 473,568 $ (557)
07/00 Sell DKK 1,165,242 148,823 149,733 (910)
07/00 Sell EUR 5,854,622 5,588,446 5,612,176 (23,730)
07/00 Sell GBP 1,182,728 1,787,717 1,790,521 (2,804)
07/00 Sell GRD 255,092,670 720,796 725,894 (5,098)
07/00 Sell HKD 691,794 88,748 88,748 --
07/00 Sell JPY 136,937,330 1,297,836 1,294,285 3,551
07/00 Sell MYR 505,040 132,905 132,908 (3)
07/00 Sell NOK 10,967 1,269 1,283 (14)
07/00 Sell NZD 299,372 140,663 140,931 (268)
07/00 Sell SEK 8,458,222 958,748 964,370 (5,622)
----------- ----------- --------
$11,338,962 $11,374,417 $(35,455)
=========== =========== ========
</TABLE>
The following is a breakdown of the foreign stock portion of the Portfolio, by
industry classification, as of June 30, 2000. Percentages are based on net
assets.
<TABLE>
<CAPTION>
INDUSTRY
--------
<S> <C>
Advertising......................................... 0.6%
Airlines............................................ 1.8%
Automobile Manufacturers............................ 0.1%
Automotive Parts.................................... 1.0%
Beverages........................................... 0.7%
Broadcasting........................................ 2.4%
Building Materials.................................. 1.6%
Business Services................................... 7.3%
Chemicals........................................... 2.2%
Clothing & Apparel.................................. 1.0%
Computer Hardware................................... 6.6%
Computer Services & Software........................ 7.1%
Construction........................................ 0.7%
Consumer Products & Services........................ 1.1%
Containers & Packaging.............................. 0.7%
Electronic Components & Equipment................... 9.9%
Entertainment & Leisure............................. 1.8%
Environmental Services.............................. 0.6%
Financial -- Bank & Trust........................... 0.1%
Financial Services.................................. 4.0%
Food................................................ 1.3%
Healthcare Services................................. 2.1%
Machinery & Equipment............................... 7.1%
Metals & Mining..................................... 1.4%
Oil & Gas........................................... 6.1%
Pharmaceuticals..................................... 3.9%
Real Estate......................................... 1.2%
Retail & Merchandising.............................. 3.6%
Semiconductors...................................... 4.8%
Telecommunications.................................. 6.0%
Transportation...................................... 1.9%
-----
Total............................................... 90.7%
=====
</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 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 7.1% of net assets.
See Notes to Financial Statements.
62
<PAGE> 64
AST T. ROWE PRICE NATURAL RESOURCES PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 90.0%
BUILDING & REAL ESTATE -- 4.1%
Camden Property Trust............ 48,100 $ 1,412,937
Kilroy Realty Corp............... 32,000 830,000
Post Properties, Inc. [REIT]..... 25,800 1,135,200
Security Capital U.S. Realty
[ADR]*......................... 27,200 488,750
Weeks Corp....................... 46,330 1,036,634
------------
4,903,521
------------
BUILDING MATERIALS -- 0.9%
Johns Manville Corp.............. 25,300 333,644
Southdown, Inc................... 12,700 733,425
------------
1,067,069
------------
CHEMICALS -- 4.5%
Bush Boake Allen, Inc.*.......... 22,600 988,750
FMC Corp.*....................... 11,700 678,600
Hercules, Inc.................... 73,900 1,039,219
Millennium Chemicals, Inc........ 47,600 877,625
Octel Corp.*..................... 68,875 538,086
Olin Corp........................ 34,200 564,300
Union Carbide Corp............... 13,000 643,500
------------
5,330,080
------------
CONTAINERS & PACKAGING -- 0.9%
Longview Fibre Co................ 30,000 331,875
Smurfit-Stone Container Corp.*... 59,200 762,200
------------
1,094,075
------------
DIVERSIFIED RESOURCES -- 1.3%
IMC Global, Inc.................. 117,000 1,521,000
------------
ENERGY SERVICES -- 3.3%
CMS Energy Corp.................. 17,400 384,975
Coflexip SA [ADR]................ 25,700 1,554,850
Layne Christensen Co.*........... 44,500 200,250
Niagara Mohawk Holdings, Inc.*... 124,700 1,738,006
------------
3,878,081
------------
ENVIRONMENTAL SERVICES -- 0.6%
Waste Management, Inc............ 36,400 691,600
------------
FARMING & AGRICULTURE -- 1.3%
Delta & Pine Land Co............. 60,900 1,526,306
------------
HOTELS & MOTELS -- 0.5%
Hilton Hotels Corp............... 68,400 641,250
------------
INTEGRATED PETROLEUM -- 17.0%
Amerada Hess Corp................ 46,000 2,840,500
Chevron Corp..................... 20,052 1,700,660
Norsk Hydro AS [ADR]............. 39,600 1,665,675
Royal Dutch Petroleum Co......... 71,800 4,420,188
Texaco, Inc...................... 111,600 5,942,699
USX-Marathon Group, Inc.......... 147,400 3,694,213
------------
20,263,935
------------
LUMBER & WOOD PRODUCTS -- 1.4%
Georgia-Pacific Corp. (Timber
Group)........................... 75,700 1,637,013
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
MACHINERY & EQUIPMENT -- 4.0%
Baker Hughes, Inc.................. 132,200 $ 4,230,400
Carbo Ceramics, Inc................ 15,200 533,900
------------
4,764,300
------------
METALS & MINING -- 8.9%
Aber Resources Ltd.*............... 128,400 802,500
Alcoa, Inc......................... 51,684 1,498,836
Allegheny Technologies, Inc........ 74,800 1,346,400
Arch Coal, Inc..................... 123,000 945,563
Cleveland-Cliffs, Inc.............. 55,600 1,435,175
Harmony Gold Mining Co. Ltd........ 75,000 417,188
Inco Ltd.*......................... 44,600 685,725
Inco Ltd. Cl-VBN*.................. 202,800 887,250
Lihir Gold Ltd. [ADR]*............. 45,000 365,625
Placer Dome, Inc................... 158,000 1,510,874
USX-U.S. Steel Group, Inc.......... 40,000 742,500
------------
10,637,636
------------
NON-FERROUS METALS -- 1.3%
Phelps Dodge Corp.................. 43,250 1,608,359
------------
OIL & GAS -- 24.4%
Anadarko Petroleum Corp............ 4,300 212,044
BJ Services Co.*................... 26,000 1,625,000
BP Amoco PLC [ADR]................. 30,440 1,721,763
Burlington Resources, Inc.......... 51,900 1,985,175
Cabot Oil & Gas Corp............... 42,600 902,588
Devon Energy Corp.................. 10,535 591,935
Diamond Offshore Drilling, Inc..... 40,800 1,433,100
Exxon Mobil Corp................... 47,909 3,763,850
Helmerich & Payne, Inc............. 58,000 2,058,999
Key Energy Services, Inc.*......... 56,100 539,963
Mitchell Energy & Development Corp.
Cl-A............................. 31,900 1,024,788
Murphy Oil Corp.................... 11,600 689,475
Nicor, Inc......................... 17,500 570,938
Questar Corp....................... 34,600 670,375
Santa Fe Energy Resources, Inc.*... 61,600 700,700
Schlumberger Ltd................... 14,388 1,073,705
Seacor Smit, Inc.*................. 64,050 2,477,933
Tidewater, Inc..................... 53,100 1,911,600
Total SA [ADR]..................... 23,874 1,838,298
Union Pacific Resources Group,
Inc.............................. 41,100 904,200
Unocal Corp........................ 44,200 1,464,125
Vastar Resources, Inc.............. 12,700 1,043,781
------------
29,204,335
------------
PAPER & FOREST PRODUCTS -- 6.0%
Abitibi-Consolidated, Inc.......... 72,200 676,875
Fort James Corp.................... 70,900 1,639,562
International Paper Co............. 24,400 727,425
Jefferson Smurfit Group [ADR]...... 41,600 733,200
Kimberly-Clark Corp................ 7,700 441,788
Packaging Corp. of America*........ 67,800 686,475
Wausau-Mosinee Paper Corp.......... 117,400 1,005,238
Weyerhaeuser Co.................... 28,300 1,216,900
------------
7,127,463
------------
</TABLE>
63
<PAGE> 65
AST T. ROWE PRICE NATURAL RESOURCES PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PETROLEUM EXPLORATION & PRODUCTION -- 3.6%
Barrett Resources Corp.*........... 11,300 $ 343,944
Companie Generale de Geophysique SA
[ADR]*........................... 60,800 828,400
Forcenergy, Inc.*.................. 63,500 1,277,938
Ocean Energy, Inc.*................ 128,480 1,822,809
------------
4,273,091
------------
PRECIOUS METALS -- 4.4%
Battle Mountain Gold Co.*.......... 475,400 1,039,938
Newmont Mining Corp................ 192,024 4,152,519
------------
5,192,457
------------
TRANSPORTATION -- 0.8%
Norfolk Southern Corp.............. 64,400 957,950
------------
UTILITIES -- 0.8%
Unisource Energy Corp.............. 61,900 928,500
------------
TOTAL COMMON STOCK
(Cost $105,417,144)................ 107,248,021
------------
FOREIGN STOCK -- 4.7%
METALS & MINING -- 3.4%
Lihir Gold Ltd. -- (AUD)*.......... 6,530,500 2,587,890
Lonrho Africa PLC -- (GBP)......... 203,159 58,436
Rio Tinto PLC -- (GBP)*............ 39,500 645,825
WMC Ltd. -- (AUD).................. 180,000 807,649
------------
4,099,800
------------
NON-FERROUS METALS -- 0.1%
Bougainville Copper
Ltd. -- (AUD)*................... 1,321,892 123,022
------------
PETROLEUM EXPLORATION & PRODUCTION -- 1.1%
Compagnie Generale de Geophysique
SA -- (FRF)*..................... 19,100 1,307,266
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PRECIOUS METALS -- 0.1%
Goldfields Ltd. -- (AUD)........... 131,062 $ 107,966
------------
TOTAL FOREIGN STOCK
(Cost $6,035,860).................. 5,638,054
------------
PREFERRED STOCK -- 2.2%
BUILDING & REAL ESTATE -- 1.1%
Rouse Co. $3.00 Cl-B............... 34,100 1,219,075
------------
METALS & MINING -- 0.5%
Kinam Gold, Inc. $3.75 Cl-B........ 28,500 641,250
------------
PRECIOUS METALS -- 0.6%
Battle Mountain Gold $3.25......... 25,900 764,050
------------
TOTAL PREFERRED STOCK
(Cost $3,234,868).................. 2,624,375
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
CORPORATE OBLIGATIONS -- 0.5%
METALS & MINING
Teck Corp.
3.75%, 07/15/06
(Cost $574,480).................. $ 750 570,000
------------
TOTAL INVESTMENTS -- 97.4%
(Cost $115,262,352)................ 116,080,450
OTHER ASSETS LESS
LIABILITIES -- 2.6%................ 3,077,510
------------
NET ASSETS -- 100.0%................. $119,157,960
============
</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.
64
<PAGE> 66
AST PIMCO LIMITED MATURITY BOND PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
CORPORATE OBLIGATIONS -- 56.3%
AEROSPACE -- 3.8%
Lockheed Martin Corp.
6.85%, 05/15/01................ $ 15,000 $ 14,934,435
------------
BUILDING MATERIALS -- 0.8%
Cemex SA 144A
8.50%, 08/31/00................ 3,000 3,005,400
------------
BUSINESS SERVICES -- 2.5%
Cox Enterprises 144A
6.625%, 06/14/02............... 10,000 9,815,750
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 2.1%
Arizona Public Service [FRN]
6.816%, 11/15/01............... 8,000 7,996,408
------------
ENTERTAINMENT & LEISURE -- 0.3%
Time Warner, Inc. 144A
6.10%, 12/30/01................ 1,250 1,227,726
------------
FINANCIAL -- BANK & TRUST -- 2.7%
Bank of America Corp.
8.625%, 11/15/03............... 1,000 1,034,223
Beneficial Corp. Cl-H [FRN]
6.28%, 01/09/02................ 5,000 5,003,855
First Union Corp. [FRN]
6.165%, 07/22/03............... 4,550 4,544,349
------------
10,582,427
------------
FINANCIAL SERVICES -- 21.7%
Bear Stearns Co.
6.596%, 03/28/03............... 700 699,282
Chrysler Financial Corp. [FRN]
6.69%, 01/30/02................ 4,000 3,999,836
General Motors Acceptance Corp.
[FRN]
6.13%, 02/01/02................ 500 499,906
Golden State Holdings Corp.
7.00%, 08/01/03................ 4,000 3,711,600
Goldman Sachs Group 144A
7.125%, 03/01/03............... 4,000 3,711,600
Household Finance Corp.
7.625%, 12/27/00............... 15,000 14,980,349
6.302%, 05/24/02 [VR].......... 30,000 30,009,689
Lehman Brothers Holdings, Inc.
6.375%, 05/07/02 [FRN]......... 1,200 1,175,142
6.84%, 07/15/02................ 500 502,149
7.00%, 05/15/03................ 2,500 2,441,783
Merrill Lynch & Co., Inc. [FRN]
6.40%, 05/30/03................ 5,000 5,006,500
Nacional Financiera [FRN] 144A
8.693%, 12/01/00............... 4,875 4,850,625
New England Educational Loan
Marketing Assoc. Cl-B [FRN]
144A
6.29%, 09/11/00................ 5,000 5,000,465
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Salomon, Inc.
7.50%, 02/01/03................ $ 1,000 $ 1,002,254
Transamerica Financial Corp.
7.25%, 08/15/02................ 10,000 9,978,010
------------
84,844,352
------------
INDUSTRIAL PRODUCTS -- 1.2%
Amerco
7.20%, 04/01/02................ 5,000 4,785,650
------------
INSURANCE -- 2.8%
Gold Eagle Capital [FRN] 144A
11.453%, 08/16/00.............. 3,000 3,000,300
Marsh & McLennan Companies, Inc.
6.625%, 06/15/04............... 8,000 7,759,464
------------
10,759,764
------------
OIL & GAS -- 1.0%
Gulf Canada Resources Ltd.
9.25%, 01/15/04................ 3,000 3,030,000
Occidental Petroleum Corp.
6.40%, 04/01/03................ 1,000 959,093
------------
3,989,093
------------
PAPER & FOREST PRODUCTS -- 0.9%
International Paper Co.
7.597%, 07/08/02 [FRN] 144A.... 2,000 1,999,526
6.125%, 11/01/03............... 1,500 1,431,425
------------
3,430,951
------------
RETAIL & MERCHANDISING -- 0.8%
Kmart Corp.
8.00%, 12/13/01................ 3,150 3,090,739
------------
TELECOMMUNICATIONS -- 5.1%
AT&T Capital Corp. Cl-F
6.25%, 05/15/01................ 10,000 9,919,300
Deutsche Telekom International
Finance
7.75%, 06/15/05................ 5,000 5,037,000
TCI Communications, Inc. [FRN]
6.855%, 09/11/00............... 5,000 5,005,450
------------
19,961,750
------------
UTILITIES -- 10.6%
Alliant Energy Resources 144A
7.25%, 02/15/30................ 20 13,800
Cleveland Electric Illuminating
Co.
7.625%, 08/01/02............... 2,100 2,081,856
Connecticut Light & Power Co.
7.875%, 06/01/01............... 2,000 2,004,856
Connecticut Light & Power Co.
Cl-C
7.75%, 06/01/02................ 10,000 10,040,310
Detroit Edison Co.
6.75%, 03/17/03................ 5,000 4,889,515
KN Energy, Inc.
6.45%, 11/30/01................ 10,000 9,824,500
Nevada Power Co.
6.20%, 04/15/04................ 4,500 4,282,434
</TABLE>
65
<PAGE> 67
AST PIMCO LIMITED MATURITY BOND PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Texas Utilities Co.
6.62%, 07/01/01................ $ 3,411 $ 3,408,091
United Illuminating Co.
6.25%, 12/15/02................ 5,000 4,831,920
------------
41,377,282
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $222,365,398)................ 219,801,727
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 24.0%
Federal Home Loan Mortgage Corp.
8.50%, 01/01/25................ 5,574 5,688,728
8.75%, 10/01/01................ 438 443,349
------------
6,132,077
------------
Federal National Mortgage Assoc.
6.225%, 03/01/17 [VR].......... 1,983 1,905,984
6.50%, 05/18/23................ 4,032 3,955,545
6.664%, 05/01/25 [VR].......... 734 734,835
7.185%, 01/01/25 [VR].......... 118 119,504
7.50%, 01/25/22................ 4,000 3,943,750
------------
10,659,618
------------
Government National Mortgage
Assoc.
6.375%, 03/20/24-02/20/28
[VR]........................... 12,577 12,580,367
6.50%, 06/20/28-07/24/30....... 10,600 9,339,718
6.75%, 07/20/17-07/20/24
[VR]......................... 768 765,334
7.00%, 01/15/24-08/15/25
[VR]......................... 1,669 1,624,080
7.125%, 11/20/26 [VR].......... 8,542 8,520,952
7.50%, 07/24/30................ 2,100 2,085,563
8.00%, 07/24/30................ 20,000 20,125,000
8.50%, 07/24/30................ 20,200 20,686,062
------------
75,727,076
------------
Student Loan Marketing Assoc.
[FRN]
5.26%, 04/25/04................ 1,276 1,275,470
------------
(Cost $95,364,027)............... 93,794,241
------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 23.8%
Chase Credit Card Master Trust
Series 1997-3 Cl-A
6.777%, 05/15/07............... 5,739 5,700,107
Chase Series 1999-S8 Cl-A1
6.35%, 06/25/29................ 13,000 12,740,325
Countrywide Home Loans Series
1999-3 C1-A2
6.05%, 04/25/29................ 11,700 10,948,158
Delta Funding Home Equity Loan
Trust Series 1998-1 Cl-A1A
6.28%, 05/25/30................ 883 867,390
Duck Auto Grantor Trust 1999-A
144A
5.65%, 03/15/04................ 2,013 1,978,869
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Federal Home Loan Mortgage Corp.
Series 1371 Cl-PG
5.80%, 08/15/19................ $ 1,777 $ 1,767,823
Federal Home Loan Mortgage Corp.
Series 1725 Cl-B
7.00%, 10/15/20................ 7,995 7,941,855
Federal National Mortgage Assoc.
Series 1996-39 Cl-H
8.00%, 11/25/23................ 1,757 1,776,805
First Plus Home Loan Trust Series
1998-5 Cl-A3 [VR]
6.06%, 11/10/11................ 3,025 3,018,806
Government National Mortgage
Assoc. Series 1997-1 Cl-A
7.25%, 12/16/23................ 3,290 3,269,148
Green Tree Financial Corp. 1999-5
Cl-A2
6.77%, 04/01/31................ 10,600 10,502,957
Green Tree Financial Corp. 1999-5
Cl-A3
6.97%, 04/01/31................ 6,000 5,936,490
Green Tree Home Equity Loan Trust
Series 1999-A Cl-A1
5.59%, 02/15/13................ 954 952,438
Green Tree Home Equity Loan Trust
Series 1999-C Cl-A4
7.18%, 07/15/30................ 10,700 10,361,452
Green Tree Home Improvement Loan
Trust Series 1998-D
Cl-HIA2
5.94%, 06/15/29................ 481 481,013
Merrill Lynch Mortgage Investors,
Inc. Cl-B
7.069%, 06/15/21............... 627 607,410
PP&L Transition Bonds Series
1999-1 Cl-A1
6.08%, 03/25/03................ 1,925 1,915,170
Residential Accredit Loans, Inc.
Series 1997-QS8 Cl-A9
7.375%, 08/25/27............... 2,000 1,988,181
Residential Funding Mortgage
Securities II Series 1993-S20
Cl-A8
6.982%, 06/25/08............... 2,800 2,772,350
Residential Funding Mortgage
Securities II Series 1997-S6
Cl-A5
7.00%, 05/25/12................ 2,687 2,576,188
Residential Reinsurance [FRN]
144A
10.926%, 09/01/00.............. 1,300 1,300,000
The Money Store Residential Trust
Series 1998-I Cl-A3
6.215%, 02/15/11............... 1,755 1,749,271
</TABLE>
66
<PAGE> 68
AST PIMCO LIMITED MATURITY BOND PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Travelers Mortgage Securities
Corp. Series 1984-1 Cl-Z2
12.00%, 03/01/14............... $ 1,554 $ 1,652,057
------------
(Cost $93,991,498)............... 92,804,263
------------
U.S. TREASURY OBLIGATIONS -- 4.1%
U.S. Treasury Inflationary Bonds
3.625%, 07/15/02-01/15/08
(Cost $15,909,030)............... 15,000 15,933,887
------------
SOVEREIGN ISSUES -- 3.5%
ARGENTINA -- 1.0%
Republic of Argentina [BRB, FRB]
11.595%, 04/10/05.............. 4,000 3,730,000
------------
CANADA -- 0.3%
Hydro-Quebec
9.00%, 03/07/01................ 1,000 1,009,000
------------
KOREA -- 2.2%
Korea Development Bank
7.125%, 09/17/01............... 8,902 8,827,143
------------
TOTAL SOVEREIGN ISSUES
(Cost $13,891,945)................. 13,566,143
------------
BANK LOAN OBLIGATIONS -- 2.2%
Alpha Wind Reinsurance [FRN]
11.321%, 05/23/01.............. 1,500 1,500,000
AMFM Operating, Inc.++
7.438%, 12/27/01............... 1,000 996,900
Kansas City Southern Co.++
8.605%, 01/15/07............... 1,500 1,504,219
MGM Grand Corp.++
8.059%, 07/06/00............... 3,000 2,927,399
Starwood Hotel Trust II [FRN]++
8.573%, 02/23/03............... 1,500 1,500,938
------------
(Cost $8,498,957)................ 8,429,456
------------
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000)
---------
<S> <C> <C>
FOREIGN BONDS -- 0.6%
NEW ZEALAND
Inter-American Development Bank
5.75%, 04/15/04
(Cost $2,641,657)................ 4,900 2,179,828
------------
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
COMMERCIAL PAPER -- 1.2%
Daimler-Chrysler
6.63%, 09/21/00................ $ 400 $ 393,886
Edison Midwest+
6.78%, 07/19/00................ 900 896,949
General Electric Capital Corp.
6.61%, 09/06/00................ 100 98,751
Norfolk Southern Corp.+
6.83%, 08/28/00................ 800 791,359
Pearson, Inc.+
6.87%, 08/24/00................ 600 593,743
Texas Utilities Co.+
6.80%, 07/07/00................ 900 898,980
UBS Finance, Inc.
6.92%, 07/05/00................ 900 899,308
------------
(Cost $4,572,980)................ 4,572,976
------------
<CAPTION>
SHARES
------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.4%
Temporary Investment Cash Fund... 748,250 748,250
Temporary Investment Fund........ 748,250 748,250
------------
(Cost $1,496,500)................ 1,496,500
------------
TOTAL INVESTMENTS -- 116.1% (Cost
$458,731,992)...................... 452,579,021
------------
<CAPTION>
NUMBER
OF
CONTRACTS
---------
<S> <C> <C>
WRITTEN OPTIONS -- 0.0%
CALL OPTIONS
March 2001 Euro Dollar Futures,
Strike Price 93.25, Expires
03/19/01....................... 9 (2,475)
Swap between Fixed Rate and 3
Month LIBOR-BBA, Strike Price
7.00, Expires 09/15/00......... 84 (7,039)
Swap between Fixed Rate and 3
Month LIBOR-BBA, Strike Price
7.00, Expires 09/22/00......... 78 (8,343)
Swap between Fixed Rate and 3
Month LIBOR-BBA, Strike Price
7.00, Expires 09/28/00......... 70 (13,398)
------------
TOTAL WRITTEN OPTIONS
(Cost $(30,952))................... (31,255)
------------
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (16.1%).................. (62,826,907)
------------
NET ASSETS -- 100.0%................. $389,720,859
============
</TABLE>
67
<PAGE> 69
AST PIMCO LIMITED MATURITY BOND PORTFOLIO
--------------------------------------------------------------------------------
Foreign currency exchange contracts outstanding at June 30, 2000:
<TABLE>
<CAPTION>
IN
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE TO DELIVER FOR AT VALUE APPRECIATION
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
07/00 Sell NZD 4,855,000 $2,325,885 $2,285,459 $40,426
========== ========== =======
</TABLE>
Credit default swap agreements outstanding at June 30, 2000:
<TABLE>
<CAPTION>
NOTIONAL
EXPIRATION AMOUNT UNREALIZED
DESCRIPTION MONTH (000) DEPRECIATION
--------------------------------------------------------------------
<S> <C> <C> <C>
Pay fixed rate equal to 6.15%
and the Portfolio will
receive from the
counterparty at par in the
event of default of the
Republic of Argentina 9.25%
due 02/23/01................ 03/01 $ 900 $ 47,978
Pay fixed rate equal to 5.70%
and the Portfolio will
receive from the
counterparty at par in the
event of default of the
Republic of Argentina 9.25%
due 02/23/01................ 03/01 2,100 97,182
--------
$145,160
========
</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
0.8% of net assets.
++ Illiquid security. At the end of the period, these securities amounted to
1.8% 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 9.2% of net assets.
See Notes to Financial Statements.
68
<PAGE> 70
AST ALLIANCE GROWTH PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 99.2%
BROADCASTING -- 5.4%
AMFM, Inc.*...................... 83,800 $ 5,782,200
AT&T Corp. Liberty Media Group
Cl-A*.......................... 748,400 18,148,700
------------
23,930,900
------------
BUSINESS SERVICES -- 0.3%
Foundry Networks, Inc.*.......... 13,900 1,535,950
------------
COMPUTER HARDWARE -- 4.8%
Dell Computer Corp.*............. 196,200 9,675,113
EMC Corp.*....................... 152,800 11,756,050
------------
21,431,163
------------
COMPUTER SERVICES & SOFTWARE -- 11.1%
Cisco Systems, Inc.*............. 316,700 20,130,243
Microsoft Corp.*................. 171,200 13,696,000
Oracle Corp.*.................... 135,400 11,382,063
Sun Microsystems, Inc.*.......... 30,700 2,791,781
Veritas Software Corp.*.......... 10,300 1,164,061
------------
49,164,148
------------
CONGLOMERATES -- 9.3%
Corning, Inc. ................... 34,300 9,256,713
Tyco International Ltd. ......... 525,800 24,909,775
United Technologies Corp. ....... 117,600 6,923,700
------------
41,090,188
------------
CONSUMER PRODUCTS & SERVICES -- 1.1%
Colgate-Palmolive Co. ........... 81,800 4,897,775
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 3.2%
AT&T Wireless Group*............. 291,200 8,117,200
Texas Instruments, Inc. ......... 89,000 6,113,188
------------
14,230,388
------------
ENTERTAINMENT & LEISURE -- 5.7%
Disney, (Walt) Co. .............. 101,800 3,951,113
Time Warner, Inc. ............... 169,800 12,904,799
Viacom, Inc. Cl-B*............... 121,311 8,271,894
------------
25,127,806
------------
FINANCIAL-BANK & TRUST -- 1.6%
Chase Manhattan Corp. ........... 83,600 3,850,825
MBNA Corp. ...................... 114,700 3,111,238
------------
6,962,063
------------
FINANCIAL SERVICES -- 9.4%
Associates First Capital Corp.
Cl-A........................... 421,400 9,402,488
Citigroup, Inc. ................. 262,400 15,809,599
Freddie Mac...................... 96,500 3,908,250
Goldman Sachs Group, Inc. ....... 19,700 1,869,038
Morgan Stanley Dean Witter &
Co. ........................... 116,100 9,665,325
Wells Fargo & Co. ............... 26,500 1,026,875
------------
41,681,575
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INSURANCE -- 0.6%
American International Group,
Inc. .......................... 22,900 $ 2,690,750
------------
INTERNET SERVICES -- 0.8%
eBay, Inc.*...................... 10,600 575,713
VeriSign, Inc.*.................. 17,773 3,136,846
------------
3,712,559
------------
MEDICAL SUPPLIES & EQUIPMENT -- 1.2%
Medtronic, Inc. ................. 90,900 4,527,956
PE Corp. - PE Biosystems Group... 9,200 606,050
------------
5,134,006
------------
PHARMACEUTICALS -- 10.9%
Pfizer, Inc. .................... 577,375 27,714,000
Pharmacia Corp. ................. 47,900 2,475,831
Schering-Plough Corp. ........... 356,900 18,023,450
------------
48,213,281
------------
PRINTING & PUBLISHING -- 0.5%
Lexmark International Group, Inc.
Cl-A*.......................... 33,300 2,239,425
------------
RETAIL & MERCHANDISING -- 6.5%
Gap, Inc. ....................... 86,800 2,712,500
Home Depot, Inc. ................ 239,200 11,945,049
Kohl's Corp.*.................... 81,500 4,533,438
Lowe's Companies, Inc. .......... 85,500 3,510,844
Target Corp. .................... 21,600 1,252,800
Walgreen Co. .................... 150,400 4,841,000
------------
28,795,631
------------
SEMICONDUCTORS -- 13.4%
Applied Materials, Inc.*......... 217,000 19,665,625
E-Tek Dynamics, Inc.*............ 11,800 3,112,988
Intel Corp. ..................... 193,800 25,908,637
JDS Uniphase Corp.*.............. 40,800 4,890,900
Micron Technology, Inc.*......... 34,400 3,029,350
PMC-Sierra, Inc.*................ 17,600 3,127,300
------------
59,734,800
------------
TELECOMMUNICATIONS -- 13.4%
Ericsson, (L.M.) Telephone Co.
[ADR].......................... 117,200 2,344,000
MediaOne Group, Inc.++........... 111,900 7,455,338
Nokia Corp. Cl-A [ADR]........... 529,900 26,461,880
Nortel Networks Corp. NY Reg.*... 174,800 11,930,100
QUALCOMM, Inc.*.................. 22,000 1,320,000
Sprint Corp. (FON Group)......... 62,800 3,202,800
Sycamore Networks, Inc.*......... 8,400 927,150
Vodafone AirTouch PLC [ADR]...... 151,800 6,290,213
------------
59,931,481
------------
TOTAL COMMON STOCK
(Cost $412,777,181)................ 440,503,889
------------
</TABLE>
69
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--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.7%
Temporary Investment Cash Fund... 1,640,523 $ 1,640,523
Temporary Investment Fund........ 1,640,522 1,640,522
------------
(Cost $3,281,045)................ 3,281,045
------------
TOTAL INVESTMENTS -- 99.9%
(Cost $416,058,226)................ 443,784,934
OTHER ASSETS LESS
LIABILITIES -- 0.1%................ 322,454
------------
NET ASSETS -- 100.0%................. $444,107,388
============
</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 1.7%
of net assets.
See Notes to Financial Statements.
70
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--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOREIGN STOCK -- 88.8%
ARGENTINA -- 0.1%
Telefonica SA [ADR]*.......... 25,451 $ 1,630,455
--------------
AUSTRALIA -- 0.1%
Melbourne It Ltd.*............ 322,112 1,622,067
--------------
BRAZIL -- 2.5%
Petroleo Brasileiro SA
[ADR]*...................... 421,550 12,735,657
Tele Sudeste Celular
Participacoes SA [ADR]*..... 25,027 763,324
Telecomunicacoes Brasileiras
SA Pfd. [ADR]............... 125,135 12,153,737
Telecomunicacoes de Sao Paulo
SA [ADR].................... 125,135 2,314,998
Telesp Celular Participacoes
SA [ADR].................... 233,320 10,470,235
--------------
38,437,951
--------------
CANADA -- 6.7%
Bombardier, Inc. Cl-B......... 331,900 9,004,961
Celestica, Inc.*.............. 10,946 532,647
Celestica, Inc. NY Reg.*...... 215,355 10,686,992
Corus Entertainment, Inc.*.... 186,694 4,977,095
Le Groupe Videotron Ltee...... 609,975 14,161,817
Nortel Networks Corp. ........ 80,377 5,571,226
Nortel Networks Corp. NY
Reg.*....................... 352,230 24,039,697
Rogers Communications, Inc.
Cl-B*....................... 647,416 18,330,061
Shaw Communications, Inc.
Cl-B........................ 638,161 15,720,691
--------------
103,025,187
--------------
EGYPT -- 0.4%
MobiNil*...................... 181,096 5,893,813
--------------
FINLAND -- 6.3%
Nokia AB Oyj.................. 1,083,067 55,492,648
Nokia Corp. Cl-A [ADR]........ 767,460 38,325,034
Tieto Corp. Cl-B.............. 73,145 2,450,554
--------------
96,268,236
--------------
FRANCE -- 5.5%
Alcatel Corp. ................ 261,560 17,225,050
Canal Plus.................... 20,506 3,459,601
Cap Gemini SA................. 27,126 4,797,495
Havas Advertising SA.......... 543,064 12,467,775
Schneider SA.................. 71,682 5,016,091
STMicroelectronics NV......... 238,953 15,117,809
STMicroelectronics NV NY Reg.. 5,985 384,162
Total Fina SA Cl-B*........... 171,356 26,380,151
--------------
84,848,134
--------------
GERMANY -- 3.1%
EM.TV & Merchandising AG...... 112,168 6,666,426
Intershop Communications AG... 4,801 2,204,447
Marschollek, Lautenschlaeger
und Partner AG Pfd. ........ 29,790 14,835,032
Pharmacia Corp. .............. 183,563 9,487,913
Porsche AG Pfd. .............. 5,345 14,525,570
--------------
47,719,388
--------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
HONG KONG -- 9.5%
China Telecom Ltd. ........... 3,052,000 $ 26,917,791
China Telecom Ltd. [ADR]*..... 469,560 83,493,637
China Unicom Ltd. [ADR]*...... 175,070 3,720,238
Citic Pacific Ltd. ........... 2,566,000 13,430,712
Legend Holdings Ltd. ......... 18,850,000 18,257,467
--------------
145,819,845
--------------
INDIA -- 0.9%
Reliance Industries [GDR]
144A........................ 693,998 14,573,958
--------------
ISRAEL -- 2.1%
Check Point Software
Technologies Ltd.*.......... 153,370 32,476,098
--------------
ITALY -- 0.1%
Finmeccanica SPA*............. 1,335,000 1,842,791
--------------
JAPAN -- 13.5%
Fujitsu Ltd.*................. 164,000 5,688,766
Furukawa Electric Co. ........ 887,000 18,569,726
Ito-Yokado Co. Ltd. .......... 61,000 3,678,397
Murata Manufacturing Co.
Ltd. ....................... 67,000 9,638,237
NEC Corp. .................... 600,000 18,884,419
Nippon Telegraph & Telephone
Corp. ...................... 363 4,837,644
NTT Mobile Communication
Network, Inc. .............. 2,680 72,698,394
Rohm Co. Ltd. ................ 8,100 2,373,312
Shionogi & Co. Ltd. .......... 413,000 7,865,625
SoftBank Corp. ............... 98,800 13,447,067
Sony Corp. ................... 279,600 26,162,575
Sony Corp. [ADR]*............. 34,490 3,252,838
Takeda Chemical Industries
Ltd. ....................... 232,000 15,261,786
Yamanouchi Pharmaceutical Co.
Ltd. ....................... 68,000 3,721,308
--------------
206,080,094
--------------
KOREA -- 5.1%
Dacom Corp. .................. 29,520 4,275,812
Samsung Electronics Co. ...... 105,300 34,848,529
Samsung Electronics Co. [GDR]
144A*....................... 108,020 9,870,328
SK Telecom Co. Ltd. [ADR]..... 797,681 28,965,791
--------------
77,960,460
--------------
MEXICO -- 4.6%
Grupo Televisa SA [GDR]....... 341,460 23,539,399
Telefonos de Mexico SA Cl-L
[ADR]....................... 830,790 47,458,879
--------------
70,998,278
--------------
NETHERLANDS -- 3.8%
ASM Lithography Holding NV*... 113,126 4,882,029
ASM Lithography Holding NV NY
Reg. ....................... 50,835 2,243,094
Getronics NV.................. 221,940 3,435,900
IFCO Systems NV*.............. 7,691 203,481
IFCO Systems NV NY Reg.*...... 9,395 239,573
Koninklijke (Royal) Philips
Electronics NV.............. 636,671 30,149,106
</TABLE>
71
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--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Koninklijke Numico NV......... 45,219 $ 2,154,318
Unilever NV................... 68,628 3,161,019
Versatel Telecom International
NV*......................... 297,744 12,558,221
--------------
59,026,741
--------------
SINGAPORE -- 1.6%
Chartered Semiconductor
Manufacturing Ltd. [ADR]*... 66,930 6,023,700
Datadraft Asia Ltd. .......... 923,520 8,126,977
Flextronics International
Ltd. ....................... 44,370 3,047,664
Singapore Press Holdings
Ltd. ....................... 323,000 5,044,014
ST Assembly Test Services
Ltd.*....................... 99,595 2,564,571
--------------
24,806,926
--------------
SOUTH AFRICA -- 0.8%
Dimension Data Holdings
Ltd. ....................... 1,536,200 12,711,467
--------------
SPAIN -- 4.2%
Banco Bilbao Vizcaya SA....... 1,817,369 27,264,019
Telefonica SA*................ 1,760,589 37,972,827
--------------
65,236,846
--------------
SWEDEN -- 3.5%
Adcore AB..................... 151,164 1,171,985
Assa Abloy AB Cl-B............ 661,689 13,353,402
Ericsson, (L.M.) Telephone Co.
[ADR]....................... 599,704 11,994,080
Ericsson, (L.M.) Telephone Co.
Cl-B........................ 749,488 14,911,622
Securitas AB Cl-B............. 589,296 12,564,345
--------------
53,995,434
--------------
SWITZERLAND -- 0.5%
Serono SA Cl-B................ 9,556 7,992,374
--------------
TAIWAN -- 2.6%
Taiwan Semiconductor
Manufacturing Co. Ltd.*..... 793,290 30,789,568
Taiwan Semiconductor
Manufacturing Co. Ltd.
[ADR]*...................... 236,054 9,147,083
--------------
39,936,651
--------------
UNITED KINGDOM -- 11.3%
AstraZeneca Group PLC......... 286,619 13,386,112
AstraZeneca Group PLC
[ADR]*...................... 3,495 162,518
Autonomy Corp. PLC*........... 12,717 1,564,191
Baltimore Technologies PLC*... 517,530 3,956,591
Cambridge Antibody Technology
Group PLC*.................. 309,631 14,015,543
Capita Group PLC.............. 279,706 6,847,091
Colt Telecom Group PLC........ 533,397 17,765,096
Compass Group PLC............. 455,486 6,002,582
Egg PLC 144A*................. 710,601 1,844,948
Energis PLC................... 134,214 5,034,930
GEO Interactive Media Group
PLC++*...................... 119,036 2,270,613
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Logica PLC.................... 196,112 $ 4,643,391
Oxford GlycoSciences PLC*..... 238,514 6,770,324
Prudential Corp. PLC.......... 793,411 11,627,005
SEMA Group PLC................ 199,352 2,836,892
Telewest Communications PLC... 679,361 2,344,929
The Sage Group PLC............ 684,277 5,542,172
Vodafone AirTouch PLC......... 15,292,251 61,812,596
Williams PLC*................. 858,972 4,973,988
--------------
173,401,512
--------------
TOTAL FOREIGN STOCK
(Cost $941,754,783)............. 1,366,304,706
--------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000)
-------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 5.1%
Federal Home Loan Bank 5.87%,
08/25/00........................ $30,000 29,723,625
5.90%, 07/24/00................. 25,000 24,905,285
5.92%, 09/27/00................. 25,000 24,634,111
------------
(Cost $79,246,354)................ 79,263,021
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES
------
<S> <C> <C>
U.S. STOCK -- 4.6%
BUSINESS SERVICES -- 0.1%
Autonomy Corp.*.................. 11,625 1,429,875
------------
COMPUTER SERVICES & SOFTWARE -- 0.5%
Comverse Technology, Inc. ....... 81,270 7,558,110
------------
SEMICONDUCTORS -- 1.4%
JDS Uniphase Corp. .............. 176,630 21,173,521
------------
TELECOMMUNICATIONS -- 2.6%
Amdocs Ltd. ..................... 437,380 33,568,915
NTL, Inc.*....................... 123,785 7,411,627
------------
40,980,542
------------
TOTAL U.S. STOCK
(Cost $29,294,621)................. 71,142,048
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000)
---------
<S> <C> <C>
FOREIGN BONDS -- 0.0%
NETHERLANDS
United Pan-Europe Communications
11.25%, 02/01/10
(Cost $650,243).................. 655 586,225
------------
</TABLE>
72
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--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000)
-------
<S> <C> <C>
COMMERCIAL PAPER -- 1.8%
CIT Group Holdings, Inc.
6.84%, 07/03/00
(Cost $28,189,284)................. $28,200 $ 28,189,284
--------------
TOTAL INVESTMENTS -- 100.3%
(Cost $1,079,135,285).............. 1,545,485,284
LIABILITIES IN EXCESS OF OTHER
ASSETS --(0.3%).................... (5,333,437)
--------------
NET ASSETS -- 100.0%................. $1,540,151,847
==============
</TABLE>
Foreign currency exchange contracts outstanding at June 30, 2000:
<TABLE>
<CAPTION>
IN UNREALIZED
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS APPRECIATION/
MONTH TYPE TO RECEIVE FOR AT VALUE (DEPRECIATION)
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
10/00 Buy CHF 9,300,000 $ 5,539,735 $ 5,773,170 $ 233,435
07/00 Buy EUR 4,002,830 3,791,529 3,837,069 45,540
09/00 Buy EUR 93,900,000 88,055,149 90,441,544 2,386,395
10/00 Buy EUR 31,800,000 29,740,508 30,675,142 934,634
01/01 Buy EUR 9,200,000 8,747,666 8,934,033 186,367
07/00 Buy GBP 1,551,569 2,332,443 2,348,905 16,462
09/00 Buy GBP 12,000,000 18,073,420 18,193,167 119,747
07/00 Buy JPY 144,589,512 1,373,300 1,366,611 (6,689)
09/00 Buy JPY 6,720,000,000 65,263,723 64,307,567 (956,156)
10/00 Buy JPY 1,725,000,000 16,553,592 16,574,887 21,295
07/00 Buy HKD 575,895 73,879 73,880 1
03/01 Buy HKD 181,000,000 23,214,369 23,232,382 18,013
05/01 Buy HKD 152,000,000 19,399,105 19,508,827 109,722
07/00 Buy KOR 7,015,137,360 6,304,608 6,291,669 (12,939)
------------ ------------ ----------
$288,463,026 $291,558,853 $3,095,827
============ ============ ==========
</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>
09/00
Sell CAD 17,600,000 $ 12,126,891 $ 11,906,050 $ 220,841
10/00
Sell CAD 11,600,000 7,845,790 7,859,398 (13,608)
07/00
Sell CHF 12,450,000 7,642,726 7,728,599 (85,873)
09/00
Sell CHF 147,700,000 141,198,824 142,310,921 (1,112,097)
10/00
Sell CHF 46,550,000 44,734,550 44,903,393 (168,843)
11/00
Sell CHF 27,500,000 25,161,950 26,594,716 (1,432,766)
01/01
Sell CHF 21,800,000 20,907,175 21,165,382 (258,207)
07/00
Sell EUR 2,494,722 2,354,680 2,391,413 (36,733)
07/00
Sell GBP 96,675 145,411 146,355 (944)
09/00
Sell GBP 42,300,000 67,148,668 64,139,103 3,009,565
10/00
Sell GBP 700,000 1,107,820 1,061,716 46,104
</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>
01/01
Sell GBP 11,200,000 $ 17,141,600 $ 17,023,088 $ 118,512
03/01
Sell HKD 454,900,000 58,387,681 58,389,008 (1,327)
05/01
Sell HKD 787,000,000 100,159,009 101,009,428 (850,419)
06/01
Sell HKD 96,400,000 12,373,901 12,371,932 1,969
07/00
Sell JPY 259,409,216 2,464,056 2,451,848 12,208
09/00
Sell JPY 15,265,000,000 146,226,950 145,979,287 247,663
10/00
Sell JPY 2,050,000,000 20,256,917 19,697,691 559,226
11/00
Sell JPY 1,490,000,000 14,064,565 14,433,478 (368,913)
01/01
Sell JPY 560,000,000 5,455,431 5,490,183 (34,752)
01/01
Sell KOR 600,000,000 534,759 538,104 (3,345)
02/01
Sell KOR 4,180,000,000 3,734,737 3,748,796 (14,059)
07/01
Sell SGD 4,600,000 2,844,253 2,938,489 (94,236)
------------ ------------ -----------
$714,018,344 $714,278,378 $ (260,034)
============ ============ ===========
</TABLE>
The following is a breakdown of the foreign stock portion of the Portfolio, by
industry classification, as of June 30, 2000. Percentages are based on net
assets.
<TABLE>
<CAPTION>
INDUSTRY
--------
<S> <C>
Advertising......................................... 0.8%
Aerospace........................................... 0.1%
Automobile Manufacturers............................ 0.9%
Broadcasting........................................ 6.1%
Business Services................................... 1.9%
Chemicals........................................... 0.9%
Computer Hardware................................... 4.2%
Computer Services & Software........................ 4.0%
Consumer Products & Services........................ 0.8%
Electronic Components & Equipment................... 11.1%
Financial-Bank & Trust.............................. 1.8%
Financial Services.................................. 1.1%
Food................................................ 0.7%
Insurance........................................... 0.8%
Internet Services................................... 15.4%
Machinery & Equipment............................... 0.3%
Metals & Mining..................................... 0.9%
Oil & Gas........................................... 2.5%
Pharmaceuticals..................................... 5.1%
Retail & Merchandising.............................. 0.2%
Semiconductors...................................... 4.3%
Telecommunications.................................. 24.9%
-----
Total............................................... 88.8%
=====
</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 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 1.7% of net assets.
See Notes to Financial Statements.
73
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--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 98.6%
ADVERTISING -- 0.4%
Omnicom Group, Inc. .............. 5,300 $ 472,031
TMP Worldwide, Inc.*.............. 7,300 538,831
True North Communications,
Inc. ........................... 21,900 932,119
------------
1,942,981
------------
AEROSPACE -- 1.4%
Boeing Co. ....................... 65,800 2,751,263
Northrop Grumman Corp. ........... 57,900 3,835,875
------------
6,587,138
------------
AIRLINES -- 0.1%
AMR Corp.*........................ 4,600 121,613
Delta Air Lines, Inc. ............ 4,700 237,643
------------
359,256
------------
AUTOMOBILE MANUFACTURERS -- 1.1%
Ford Motor Co. ................... 83,100 3,573,300
General Motors Corp. ............. 31,300 1,817,356
------------
5,390,656
------------
AUTOMOTIVE PARTS -- 0.4%
Eaton Corp. ...................... 23,200 1,554,400
Visteon Corp.*.................... 10,881 131,926
------------
1,686,326
------------
BEVERAGES -- 0.9%
Anheuser-Busch Companies, Inc. ... 23,400 1,747,688
Coca-Cola Co. .................... 3,900 224,006
PepsiCo, Inc. .................... 54,200 2,408,512
------------
4,380,206
------------
BROADCASTING -- 0.0%
Hispanic Broadcasting Corp.*...... 7,200 238,500
------------
BUILDING MATERIALS -- 0.3%
Sherwin Williams Co. ............. 44,300 938,606
USG Corp. ........................ 11,200 340,200
------------
1,278,806
------------
BUSINESS SERVICES -- 0.1%
Diamond Technology Partners
Cl-A*........................... 2,600 228,800
Galileo International, Inc. ...... 8,400 175,350
Manpower, Inc. ................... 8,500 272,000
------------
676,150
------------
CAPITAL GOODS -- 0.4%
Briggs & Stratton Corp. .......... 14,600 500,050
Cummins Engine Co., Inc. ......... 47,800 1,302,550
------------
1,802,600
------------
CHEMICALS -- 0.9%
Dow Chemical Co. ................. 112,200 3,387,037
DuPont, (E.I.) de Nemours &
Co. ............................ 6,800 297,500
Engelhard Corp. .................. 25,400 433,388
------------
4,117,925
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CLOTHING & APPAREL -- 0.5%
Limited, Inc. .................... 84,900 $ 1,835,962
Liz Claiborne, Inc. .............. 15,300 539,325
Reebok International Ltd.*........ 6,200 98,813
------------
2,474,100
------------
COMPUTER HARDWARE -- 4.8%
Adaptec, Inc.*.................... 16,200 368,550
Apple Computer, Inc.*............. 55,000 2,880,625
Compaq Computer Corp. ............ 2,800 71,575
Dell Computer Corp.*.............. 83,400 4,112,663
EMC Corp.*........................ 47,600 3,662,225
Gateway, Inc.*.................... 3,600 204,300
Hewlett-Packard Co. .............. 42,600 5,319,675
Insight Enterprises, Inc.*........ 1,400 83,038
International Business Machines
Corp. .......................... 54,000 5,916,374
Sandisk Corp.*.................... 4,500 275,344
Seagate Technology, Inc.*......... 5,000 275,000
------------
23,169,369
------------
COMPUTER SERVICES & SOFTWARE -- 11.2%
Adobe Systems, Inc. .............. 5,800 754,000
Advanced Digital Information
Corp.*.......................... 9,400 149,813
Automatic Data Processing,
Inc. ........................... 5,400 289,238
BEA Systems, Inc.*................ 2,100 103,819
Cisco Systems, Inc.*.............. 255,200 16,221,149
Computer Associates International,
Inc. ........................... 29,300 1,499,794
Electronic Data Systems Corp. .... 41,200 1,699,500
InfoSpace.com, Inc.*.............. 2,100 116,025
MarchFirst, Inc.*................. 43,300 790,225
Microsoft Corp.*.................. 173,800 13,903,999
Network Appliance, Inc.*.......... 10,600 853,300
Oracle Corp.*..................... 109,100 9,171,218
Siebel Systems, Inc.*............. 3,900 637,894
Sun Microsystems, Inc.*........... 66,800 6,074,625
Sybase, Inc.*..................... 15,100 347,300
Veritas Software Corp.*........... 10,400 1,175,363
------------
53,787,262
------------
CONGLOMERATES -- 2.5%
Corning, Inc. .................... 9,200 2,482,850
ITT Industries, Inc. ............. 14,300 434,363
Johnson Controls, Inc. ........... 5,400 277,088
Minnesota Mining & Manufacturing
Co. ............................ 35,600 2,936,999
National Service Industries,
Inc. ........................... 32,700 637,650
Philip Morris Companies, Inc. .... 81,100 2,154,219
Tyco International Ltd. .......... 37,800 1,790,775
Viad Corp. ....................... 37,700 1,027,325
------------
11,741,269
------------
CONSTRUCTION -- 0.1%
Centex Corp. ..................... 2,500 58,750
Dycom Industries, Inc.*........... 6,000 276,000
------------
334,750
------------
</TABLE>
74
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--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CONSUMER PRODUCTS & SERVICES -- 2.3%
Alberto-Culver Co. Cl-B........... 4,400 $ 134,475
Avon Products, Inc. .............. 8,800 391,600
Bausch & Lomb, Inc. .............. 21,300 1,648,088
Church and Dwight Co., Inc. ...... 12,400 223,200
Colgate-Palmolive Co. ............ 26,400 1,580,700
Eastman Kodak Co. ................ 20,100 1,195,950
Fortune Brands, Inc. ............. 8,100 186,806
International Flavors &
Fragrances, Inc. ............... 11,200 338,100
Procter & Gamble Co. ............. 43,500 2,490,375
Tupperware Corp. ................. 57,600 1,267,200
UST, Inc. ........................ 36,400 534,625
Whirlpool Corp. .................. 26,400 1,230,900
------------
11,222,019
------------
CONTAINERS & PACKAGING -- 0.1%
Ball Corp. ....................... 15,800 508,563
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 7.1%
Agilent Technologies, Inc.*....... 11,842 873,348
Analog Devices, Inc.*............. 12,400 942,400
AVX Corp. ........................ 32,000 734,000
Cabletron Systems, Inc.*.......... 6,300 159,075
Credence Systems Corp.*........... 19,700 1,087,194
Cypress Semiconductor Corp.*...... 9,600 405,600
Diebold, Inc. .................... 15,300 426,488
Electronics for Imaging, Inc.*.... 7,900 199,969
General Electric Co. ............. 380,100 19,385,099
KEMET Corp.*...................... 45,300 1,135,331
KLA-Tencor Corp.*................. 22,500 1,317,656
PerkinElmer, Inc. ................ 7,000 462,875
Proxicom, Inc.*................... 2,000 95,750
Rockwell International Corp. ..... 12,700 400,050
Sensormatic Electronics Corp.*.... 22,000 347,875
Technitrol, Inc. ................. 1,000 96,875
Teradyne, Inc.*................... 16,000 1,176,000
Texas Instruments, Inc. .......... 43,100 2,960,430
TXU Corp. ........................ 24,000 708,000
Vishay Intertechnology, Inc.*..... 23,800 902,913
------------
33,816,928
------------
ENTERTAINMENT & LEISURE -- 1.9%
Anchor Gaming*.................... 2,800 134,225
Brunswick Corp. .................. 36,700 607,844
Disney, (Walt) Co. ............... 139,300 5,406,581
Pixar, Inc.*...................... 10,000 352,500
Time Warner, Inc. ................ 16,100 1,223,600
Viacom, Inc. Cl-B*................ 20,000 1,363,750
------------
9,088,500
------------
EQUIPMENT SERVICES -- 0.2%
Hertz Corp. Cl-A.................. 30,100 844,681
------------
FINANCIAL-BANK & TRUST -- 2.7%
Bank of America Corp. ............ 135,900 5,843,699
Chase Manhattan Corp. ............ 83,850 3,862,341
City National Corp. .............. 2,600 92,300
First Union Corp. ................ 14,400 357,300
GreenPoint Financial Corp. ....... 39,900 748,125
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
MBNA Corp. ....................... 8,700 $ 235,988
Silicon Valley Bancshares*........ 18,200 775,775
UnionBanCal Corp. ................ 43,200 801,900
------------
12,717,428
------------
FINANCIAL SERVICES -- 7.3%
AMBAC Financial Group, Inc. ...... 18,400 1,008,550
Americredit Corp.*................ 7,300 124,100
AXA Financial, Inc. .............. 4,300 146,200
Block, (H&R), Inc. ............... 10,600 343,175
Citigroup, Inc. .................. 196,800 11,857,199
Deluxe Corp. ..................... 44,500 1,048,531
Dun & Bradstreet Corp. ........... 2,800 80,150
Fannie Mae........................ 75,000 3,914,063
Fleet Financial Group, Inc. ...... 160,200 5,446,800
Lehman Brothers Holdings, Inc. ... 21,000 1,985,813
Merrill Lynch & Co., Inc. ........ 10,000 1,150,000
Metris Companies, Inc. ........... 35,550 893,194
Morgan Stanley Dean Witter &
Co. ............................ 66,900 5,569,424
PNC Financial Services Group,
Inc. ........................... 15,900 745,313
Providian Financial Corp. ........ 7,900 711,000
------------
35,023,512
------------
FOOD -- 2.7%
Archer Daniels Midland Co. ....... 7,900 77,519
Bestfoods, Inc. .................. 1,700 117,725
ConAgra, Inc. .................... 140,800 2,683,999
Great Atlantic & Pacific Tea Co.,
Inc. ........................... 13,300 221,113
Heinz, (H.J.) Co. ................ 2,800 122,500
Hormel Foods Corp. ............... 15,800 265,638
IBP, Inc. ........................ 36,300 560,381
Keebler Foods Co. ................ 10,300 382,388
Kellogg Co. ...................... 28,600 850,850
Quaker Oats Co. .................. 50,300 3,778,787
Ralston Purina Group.............. 22,000 438,625
Safeway, Inc.*.................... 16,100 726,513
Supervalu, Inc. .................. 113,900 2,171,218
Sysco Corp. ...................... 4,300 181,138
Unilever NV NY Reg................ 6,600 283,800
------------
12,862,194
------------
HEALTHCARE SERVICES -- 0.6%
Oxford Health Plans, Inc.*........ 32,400 771,525
PacifiCare Health Systems,
Inc.*........................... 2,800 168,525
United HealthGroup, Inc. ......... 22,700 1,946,525
------------
2,886,575
------------
INSURANCE -- 2.9%
American General Corp. ........... 2,000 122,000
American International Group,
Inc. ........................... 12,925 1,518,688
Arthur J. Gallagher & Co. ........ 12,700 533,400
CIGNA Corp. ...................... 40,300 3,768,049
Lincoln National Corp. ........... 80,300 2,900,837
Marsh & McLennan Companies,
Inc. ........................... 6,500 678,844
MetLife, Inc.*.................... 25,800 543,413
MGIC Investment Corp. ............ 21,800 991,900
PMI Group, Inc. .................. 29,600 1,406,000
Radian Group, Inc. ............... 27,400 1,417,950
</TABLE>
75
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--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
The Hartford Financial Services
Group, Inc. .................... 1,900 $ 106,281
Torchmark Corp. .................. 3,000 74,063
------------
14,061,425
------------
INTERNET SERVICES -- 1.5%
America Online, Inc.*............. 87,400 4,610,350
Yahoo!, Inc.*..................... 19,500 2,415,563
------------
7,025,913
------------
MACHINERY & EQUIPMENT -- 1.5%
Advanced Energy Industries*....... 3,534 208,314
Asyst Technologies, Inc.*......... 13,300 455,525
Caterpillar, Inc. ................ 5,000 169,375
Cooper Industries, Inc. .......... 10,400 338,650
Dover Corp. ...................... 68,400 2,774,474
Illinois Tool Works, Inc. ........ 15,500 883,500
Kulicke & Soffa Industries,
Inc.*........................... 20,900 1,240,938
Pall Corp. ....................... 36,700 692,713
Stanley Works, Inc. .............. 16,900 401,375
------------
7,164,864
------------
MEDICAL SUPPLIES & EQUIPMENT -- 2.7%
Bard, (C.R.), Inc. ............... 17,700 851,813
Baxter International, Inc. ....... 16,900 1,188,281
Beckman Coulter, Inc. ............ 2,300 134,263
Cytyc Corp.*...................... 6,200 330,925
Johnson & Johnson Co. ............ 81,800 8,333,375
Mallinckrodt, Inc. ............... 42,700 1,854,781
------------
12,693,438
------------
METALS & MINING -- 0.4%
Alcan Aluminum Ltd. .............. 12,400 384,400
Alcoa, Inc. ...................... 2,200 63,800
Barrick Gold Corp. ............... 17,600 320,100
Nucor Corp. ...................... 16,200 537,637
Placer Dome, Inc. ................ 19,900 190,294
USX-U.S. Steel Group, Inc. ....... 3,900 72,394
Worthington Industries, Inc. ..... 24,200 254,100
------------
1,822,725
------------
OFFICE EQUIPMENT -- 0.2%
Pitney Bowes, Inc. ............... 19,900 796,000
Xerox Corp. ...................... 5,900 118,000
------------
914,000
------------
OIL & GAS -- 7.0%
Amerada Hess Corp. ............... 7,100 438,425
BJ Services Co.*.................. 14,000 875,000
Chevron Corp. .................... 61,800 5,241,413
Ensco International, Inc. ........ 8,100 290,081
Exxon Mobil Corp. ................ 99,100 7,785,543
Kerr-McGee Corp. ................. 84,000 4,950,750
Keyspan Corp. .................... 12,500 384,375
Noble Drilling Corp.*............. 9,000 370,688
Occidental Petroleum Corp. ....... 243,800 5,135,038
Phillips Petroleum Co. ........... 14,400 729,900
Royal Dutch Petroleum Co. ........ 56,900 3,502,906
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Texaco, Inc. ..................... 6,300 $ 335,475
Tidewater, Inc. .................. 25,800 928,800
Ultramar Diamond Shamrock
Corp. .......................... 103,900 2,578,019
------------
33,546,413
------------
PAPER & FOREST PRODUCTS -- 0.7%
International Paper Co. .......... 29,068 866,590
Temple-Inland, Inc. .............. 19,500 819,000
Westvaco Corp. ................... 30,500 756,781
Weyerhaeuser Co. ................. 22,100 950,300
------------
3,392,671
------------
PHARMACEUTICALS -- 8.0%
Allergan, Inc. ................... 7,400 551,300
Andrx Corp.*...................... 1,900 121,452
Bristol-Meyers Squibb Co. ........ 81,000 4,718,250
Cardinal Health, Inc. ............ 5,300 392,200
Elan Corp. PLC [ADR]*............. 5,300 256,719
Jones Pharma, Inc. ............... 15,600 623,025
Lilly, (Eli) & Co. ............... 29,400 2,936,325
Merck & Co., Inc. ................ 107,200 8,214,199
Pfizer, Inc. ..................... 323,150 15,511,199
Schering-Plough Corp. ............ 96,700 4,883,350
------------
38,208,019
------------
PRINTING & PUBLISHING -- 0.6%
Gannett Co., Inc. ................ 17,800 1,064,663
Knight-Ridder, Inc. .............. 8,400 446,775
Tribune Co. ...................... 40,300 1,410,500
------------
2,921,938
------------
RAILROADS -- 0.1%
Burlington Northern Santa Fe
Corp. .......................... 15,300 350,943
Union Pacific Corp. .............. 7,400 275,188
------------
626,131
------------
REAL ESTATE -- 0.2%
CarrAmerica Realty Corp. [REIT]... 27,600 731,400
Spieker Properties, Inc. [REIT]... 4,000 189,000
------------
920,400
------------
RESTAURANTS -- 0.3%
Brinker International, Inc.*...... 8,900 260,325
Darden Restaurants, Inc. ......... 46,900 762,125
Tricon Global Restaurants,
Inc.*........................... 21,600 610,200
------------
1,632,650
------------
RETAIL & MERCHANDISING -- 4.7%
Best Buy Co., Inc.*............... 9,600 607,200
Circuit City Stores, Inc. ........ 22,200 736,763
Federated Department Stores,
Inc.*........................... 74,200 2,504,250
Home Depot, Inc. ................. 72,200 3,605,488
Lowe's Companies, Inc. ........... 14,700 603,619
Michael's Stores, Inc.*........... 10,100 462,706
RadioShack Corp. ................. 6,400 303,200
Sears, Roebuck & Co. ............. 161,400 5,265,675
Talbots, Inc. .................... 9,200 498,525
Tiffany & Co. .................... 11,700 789,750
</TABLE>
76
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AST AMERICAN CENTURY INCOME & GROWTH PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Wal-Mart Stores, Inc. ............ 108,500 $ 6,252,312
Zale Corp.*....................... 27,300 996,450
------------
22,625,938
------------
SEMICONDUCTORS -- 4.8%
Advanced Micro Devices, Inc.*..... 9,100 702,975
Applied Materials, Inc.*.......... 36,400 3,298,750
Conexant Systems, Inc.*........... 12,200 593,225
Integrated Device Technology,
Inc.*........................... 27,200 1,628,600
Intel Corp. ...................... 109,800 14,678,888
International Rectifier Corp.*.... 4,700 263,200
Lam Research Corp.*............... 23,500 881,250
LTX Corp.*........................ 10,700 373,831
National Semiconductor Corp.*..... 9,200 522,100
Varian Semiconductor Equipment
Associates, Inc.*............... 1,100 69,094
------------
23,011,913
------------
TELECOMMUNICATIONS -- 10.3%
Alltel Corp. ..................... 9,900 613,181
AT&T Corp. ....................... 82,800 2,618,550
Bell Atlantic Corp.*.............. 84,400 4,288,575
BellSouth Corp. .................. 131,500 5,605,188
Comcast Corp. Cl-A*............... 57,000 2,308,500
GTE Corp. ........................ 44,200 2,751,450
Lucent Technologies, Inc. ........ 9,400 556,950
MasTec, Inc.*..................... 2,500 95,469
MediaOne Group, Inc.*............. 17,700 1,181,475
Motorola, Inc. ................... 60,900 1,769,906
Nextel Communications, Inc.
Cl-A*........................... 34,300 2,098,731
Nokia Corp. Cl-A [ADR]............ 4,500 224,719
Nortel Networks Corp. NY Reg.*.... 92,900 6,340,424
QUALCOMM, Inc.*................... 28,200 1,692,000
SBC Communications, Inc. ......... 131,500 5,687,375
Scientific-Atlanta, Inc. ......... 17,600 1,311,200
Sprint Corp. (FON Group).......... 56,500 2,881,500
Sprint Corp. (PCS Group)*......... 20,100 1,195,950
Telephone & Data Systems, Inc. ... 2,700 270,675
U.S. West, Inc. .................. 18,600 1,594,950
WorldCom, Inc.*................... 94,800 4,348,950
------------
49,435,718
------------
TRANSPORTATION -- 0.2%
FedEx Corp.*...................... 5,800 220,400
Paccar, Inc. ..................... 12,000 476,250
United Parcel Service, Inc.
Cl-B............................ 3,100 182,900
------------
879,550
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
UTILITIES -- 2.5%
Ameren Corp. ..................... 18,000 $ 607,500
Calpine Corp.*.................... 7,900 519,425
Conectiv, Inc. Cl-A............... 1,600 39,000
Consolidated Edison, Inc. ........ 1,500 44,438
Constellation Energy Group........ 7,300 237,706
Duke Energy Corp. ................ 22,400 1,262,800
Edison International Co. ......... 14,000 287,000
GPU, Inc. ........................ 25,500 690,094
Minnesota Power, Inc. ............ 38,200 737,738
PG&E Corp. ....................... 63,200 1,556,300
PPL Corp. ........................ 5,900 129,431
Public Service Enterprise Group,
Inc. ........................... 53,600 1,855,900
Reliant Energy, Inc. ............. 95,100 2,811,393
Sempra Energy..................... 18,400 312,800
Unicom Corp. ..................... 23,000 889,813
------------
11,981,338
------------
TOTAL COMMON STOCK
(Cost $445,891,261)................. 471,802,738
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 1.2%
Federal Home Loan Bank
6.23%, 07/03/00
(Cost $5,797,993)............... $ 5,800 5,797,993
------------
<CAPTION>
SHARES
------
<S> <C> <C>
PREFERRED STOCK -- 0.1%
COMPUTER SERVICES & SOFTWARE -- 0.0%
Morgan Stanley (EMC Perqs) 8.00%
[CVT]........................... 5,272 134,436
------------
RETAIL & MERCHANDISING -- 0.1%
Morgan Stanley (Home Depot Perqs)
6.00% [CVT]*.................... 24,200 308,550
------------
TOTAL PREFERRED STOCK
(Cost $461,380)..................... 442,986
------------
TOTAL INVESTMENTS -- 99.9%
(Cost $452,150,634)................. 478,043,717
OTHER ASSETS LESS
LIABILITIES -- 0.1%................. 717,572
------------
NET ASSETS -- 100.0%.................. $478,761,289
============
</TABLE>
$187,500 has been segregated with the custodian to cover margin requirements for
the following open futures contracts at June 30, 2000:
<TABLE>
<CAPTION>
EXPIRATION NUMBER OF UNREALIZED
DESCRIPTION MONTH CONTRACTS DEPRECIATION
----------------------------------------------------------------
<S> <C> <C> <C>
S&P 500.................. 09/00 10 $41,655
=======
</TABLE>
--------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
77
<PAGE> 79
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--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 58.5%
AEROSPACE -- 0.5%
Boeing Co. ....................... 22,400 $ 936,600
Northrop Grumman Corp. ........... 4,400 291,500
------------
1,228,100
------------
AIRLINES -- 0.0%
AMR Corp.*........................ 800 21,150
Delta Air Lines, Inc. ............ 1,300 65,731
------------
86,881
------------
AUTOMOBILE MANUFACTURERS -- 0.5%
Ford Motor Co. ................... 19,600 842,800
General Motors Corp. ............. 4,500 261,281
------------
1,104,081
------------
AUTOMOTIVE PARTS -- 0.0%
Visteon Corp.*.................... 2,566 31,116
------------
BEVERAGES -- 0.5%
Anheuser-Busch Companies, Inc. ... 5,400 403,313
Coors, (Adolph) Co. Cl-B.......... 3,900 235,950
PepsiCo, Inc. .................... 10,800 479,925
------------
1,119,188
------------
CAPITAL GOODS -- 0.1%
Cummins Engine Co., Inc. ......... 8,900 242,525
------------
CHEMICALS -- 0.7%
Dow Chemical Co. ................. 39,900 1,204,481
DuPont, (E.I.) de Nemours &
Co. ............................ 9,800 428,750
------------
1,633,231
------------
COMPUTER HARDWARE -- 2.8%
Apple Computer, Inc.*............. 9,800 513,275
Dell Computer Corp.*.............. 18,200 897,488
EMC Corp.*........................ 21,800 1,677,238
Hewlett-Packard Co. .............. 15,400 1,923,074
International Business Machines
Corp. .......................... 12,200 1,336,663
------------
6,347,738
------------
COMPUTER SERVICES & SOFTWARE -- 7.5%
Automatic Data Processing,
Inc. ........................... 8,800 471,350
Cisco Systems, Inc.*.............. 82,900 5,269,330
Computer Associates International,
Inc. ........................... 9,300 476,044
Electronic Data Systems Corp. .... 11,000 453,750
MarchFirst, Inc.*................. 15,200 277,400
Microsoft Corp.*.................. 49,000 3,919,999
Network Appliance, Inc.*.......... 3,500 281,750
Oracle Corp.*..................... 32,100 2,698,406
Siebel Systems, Inc.*............. 1,200 196,275
Sun Microsystems, Inc.*........... 24,000 2,182,500
Sybase, Inc.*..................... 9,600 220,800
Symantec Corp.*................... 3,800 204,963
Veritas Software Corp.*........... 4,000 452,063
------------
17,104,630
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CONGLOMERATES -- 1.3%
Corning, Inc. .................... 6,600 $ 1,781,175
Tyco International Ltd. .......... 16,900 800,638
United Technologies Corp. ........ 4,000 235,500
------------
2,817,313
------------
CONSUMER PRODUCTS & SERVICES -- 1.2%
Avon Products, Inc. .............. 9,400 418,300
Colgate-Palmolive Co. ............ 9,800 586,775
Fortune Brands, Inc. ............. 6,300 145,294
Procter & Gamble Co. ............. 9,900 566,775
Tupperware Corp. ................. 14,400 316,800
Universal Corp. .................. 8,000 169,000
Whirlpool Corp. .................. 9,600 447,600
------------
2,650,544
------------
CONTAINERS & PACKAGING -- 0.0%
Ball Corp. ....................... 2,400 77,250
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 4.0%
Analog Devices, Inc.*............. 5,500 418,000
AVX Corp. ........................ 17,400 399,113
Comverse Technology, Inc.*........ 3,000 279,000
Credence Systems Corp.*........... 9,600 529,800
Cypress Semiconductor Corp.*...... 5,000 211,250
General Electric Co. ............. 82,900 4,227,899
KEMET Corp.*...................... 23,000 576,438
KLA-Tencor Corp.*................. 6,900 404,081
Rockwell International Corp. ..... 4,100 129,150
Teradyne, Inc.*................... 8,200 602,700
Texas Instruments, Inc. .......... 5,400 370,913
TXU Corp. ........................ 5,500 162,250
Vishay Intertechnology, Inc.*..... 19,950 756,853
------------
9,067,447
------------
ENTERTAINMENT & LEISURE -- 1.6%
Disney, (Walt) Co. ............... 29,600 1,148,850
Viacom, Inc. Cl-B*................ 35,359 2,411,042
------------
3,559,892
------------
EQUIPMENT SERVICES -- 0.1%
Hertz Corp. Cl-A.................. 10,700 300,269
------------
FINANCIAL-BANK & TRUST -- 1.9%
Bank of America Corp. ............ 25,500 1,096,500
Chase Manhattan Corp. ............ 56,300 2,593,318
Old Kent Financial Corp. ......... 5,670 151,673
Silicon Valley Bancshares*........ 5,300 225,913
UnionBanCal Corp. ................ 16,400 304,425
------------
4,371,829
------------
FINANCIAL SERVICES -- 4.4%
AMBAC Financial Group, Inc. ...... 10,100 553,606
Citigroup, Inc. .................. 43,000 2,590,750
Deluxe Corp. ..................... 19,200 452,400
Fannie Mae........................ 28,900 1,508,219
Fleet Financial Group, Inc. ...... 26,000 884,000
Freddie Mac....................... 13,200 534,600
Merrill Lynch & Co., Inc. ........ 1,900 218,500
Morgan Stanley Dean Witter &
Co. ............................ 27,800 2,314,350
</TABLE>
78
<PAGE> 80
AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Providian Financial Corp. ........ 6,100 $ 549,000
Wells Fargo & Co. ................ 8,000 310,000
------------
9,915,425
------------
FOOD -- 2.0%
General Mills, Inc. .............. 4,800 183,600
Hormel Foods Corp. ............... 14,500 243,781
IBP, Inc. ........................ 27,600 426,075
Quaker Oats Co. .................. 26,700 2,005,837
Ralston Purina Group.............. 14,900 297,069
Safeway, Inc.*.................... 13,600 613,700
Suiza Foods Corp.*................ 12,400 606,050
Sysco Corp. ...................... 5,100 214,838
------------
4,590,950
------------
HEALTHCARE SERVICES -- 1.1%
Amgen, Inc.*...................... 15,200 1,067,800
Oxford Health Plans, Inc.*........ 21,900 521,494
PacifiCare Health Systems,
Inc.*........................... 4,400 264,825
United HealthGroup, Inc. ......... 8,500 728,875
------------
2,582,994
------------
HOTELS & MOTELS -- 0.1%
MGM Grand, Inc. .................. 5,200 167,050
------------
INSURANCE -- 1.4%
American International Group,
Inc. ........................... 1,950 229,125
Arthur J. Gallagher & Co. ........ 1,900 79,800
CIGNA Corp. ...................... 6,900 645,150
Lincoln National Corp. ........... 33,400 1,206,575
MGIC Investment Corp. ............ 10,200 464,100
Radian Group, Inc. ............... 8,500 439,875
------------
3,064,625
------------
INTERNET SERVICES -- 1.1%
America Online, Inc.*............. 30,900 1,629,975
Yahoo!, Inc.*..................... 6,800 842,350
------------
2,472,325
------------
MACHINERY & EQUIPMENT -- 0.7%
Illinois Tool Works, Inc. ........ 19,100 1,088,700
Ingersoll-Rand Co. ............... 3,500 140,875
Kulicke & Soffa Industries,
Inc.*........................... 5,900 350,313
------------
1,579,888
------------
MEDICAL SUPPLIES & EQUIPMENT -- 1.4%
Bard, (C.R.), Inc. ............... 11,800 567,875
Johnson & Johnson Co. ............ 21,000 2,139,375
Mallinckrodt, Inc. ............... 6,600 286,688
PE Corp.-PE Biosystems Group...... 2,600 171,275
------------
3,165,213
------------
METALS & MINING -- 0.3%
Alcan Aluminum Ltd. .............. 5,700 176,700
Alcoa, Inc. ...................... 14,200 411,800
------------
588,500
------------
OIL & GAS -- 3.6%
Amerada Hess Corp. ............... 36,400 2,247,699
Apache Corp. ..................... 20,800 1,223,300
BJ Services Co.*.................. 3,300 206,250
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BP Amoco PLC [ADR]................ 11,900 $ 673,094
Ensco International, Inc. ........ 14,500 519,281
Exxon Mobil Corp. ................ 13,601 1,068,529
Kerr-McGee Corp. ................. 22,100 1,302,519
Occidental Petroleum Corp. ....... 9,600 202,200
Texaco, Inc. ..................... 2,500 133,125
Union Pacific Resources Group,
Inc. ........................... 23,100 508,200
------------
8,084,197
------------
PAPER & FOREST PRODUCTS -- 0.5%
International Paper Co. .......... 7,600 226,575
Temple-Inland, Inc. .............. 5,600 235,200
Westvaco Corp. ................... 900 22,331
Weyerhaeuser Co. ................. 13,300 571,900
------------
1,056,006
------------
PHARMACEUTICALS -- 4.6%
Allergan, Inc. ................... 4,000 298,000
Andrx Corp.*...................... 2,600 166,197
Biogen, Inc.*..................... 5,100 328,950
Bristol-Meyers Squibb Co. ........ 17,100 996,075
Elan Corp. PLC [ADR]*............. 5,400 261,563
Ivax Corp.*....................... 8,800 365,200
Jones Pharma, Inc. ............... 9,850 393,384
MedImmune, Inc.*.................. 4,900 362,600
Merck & Co., Inc. ................ 11,200 858,200
Pfizer, Inc. ..................... 81,300 3,902,399
Pharmacia Corp. .................. 8,000 413,500
Schering-Plough Corp. ............ 33,500 1,691,750
Vertex Pharmaceuticals*........... 2,300 242,363
------------
10,280,181
------------
PRINTING & PUBLISHING -- 0.6%
Dow Jones & Co., Inc. ............ 9,400 688,550
Valassis Communications, Inc.*.... 14,800 564,250
------------
1,252,800
------------
RAILROADS -- 0.1%
Union Pacific Corp. .............. 4,400 163,625
------------
RESTAURANTS -- 0.3%
Brinker International, Inc.*...... 12,900 377,325
Jack in the Box, Inc.*............ 15,800 391,050
------------
768,375
------------
RETAIL & MERCHANDISING -- 3.1%
Best Buy Co., Inc.*............... 5,400 341,550
Federated Department Stores,
Inc.*........................... 5,900 199,125
Home Depot, Inc. ................. 35,900 1,792,756
Sears, Roebuck & Co. ............. 10,600 345,825
Tiffany & Co. .................... 2,800 189,000
TJX Companies, Inc. .............. 7,300 136,875
Wal-Mart Stores, Inc. ............ 61,300 3,532,413
Zale Corp.*....................... 10,300 375,950
------------
6,913,494
------------
SEMICONDUCTORS -- 3.5%
Applied Materials, Inc.*.......... 14,600 1,323,125
Integrated Device Technology,
Inc.*........................... 16,200 969,975
Intel Corp. ...................... 28,500 3,810,093
</TABLE>
79
<PAGE> 81
AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
International Rectifier Corp.*.... 8,500 $ 476,000
Lam Research Corp.*............... 15,800 592,500
LSI Logic Corp.*.................. 3,500 189,438
National Semiconductor Corp.*..... 9,500 539,125
------------
7,900,256
------------
TELECOMMUNICATIONS -- 5.9%
Adtran, Inc.*..................... 3,400 203,575
AT&T Corp. ....................... 32,100 1,015,163
Bell Atlantic Corp.*.............. 8,900 452,231
BellSouth Corp. .................. 35,000 1,491,875
Comcast Corp. Cl-A*............... 23,700 959,850
Commscope, Inc.*.................. 14,600 598,600
Cox Communications, Inc. Cl-A*.... 8,400 382,725
Digital Lightwave, Inc.*.......... 1,500 150,750
GTE Corp. ........................ 15,900 989,775
Nextel Communications, Inc.
Cl-A*........................... 7,400 452,788
Nortel Networks Corp. NY Reg.*.... 22,200 1,515,150
QUALCOMM, Inc.*................... 8,300 498,000
SBC Communications, Inc. ......... 42,000 1,816,499
Scientific-Atlanta, Inc. ......... 5,200 387,400
Sprint Corp. (FON Group).......... 15,800 805,800
Sprint Corp. (PCS Group)*......... 6,600 392,700
U.S. West, Inc. .................. 2,900 248,675
WorldCom, Inc.*................... 18,600 853,275
------------
13,214,831
------------
UTILITIES -- 1.1%
AES Corp.*........................ 8,400 383,250
Calpine Corp.*.................... 6,400 420,800
Minnesota Power, Inc. ............ 9,600 185,400
Public Service Enterprise Group,
Inc. ........................... 21,000 727,125
Reliant Energy, Inc. ............. 16,800 496,650
Southern Co. ..................... 12,700 296,069
------------
2,509,294
------------
TOTAL COMMON STOCK
(Cost $119,328,484)................. 132,012,063
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 19.4%
Federal Home Loan Bank
6.50%, 07/03/00................. $ 5,800 5,797,905
------------
Federal Home Loan Mortgage Corp.
7.00%, 06/01/14-08/01/29........ 2,770 2,707,324
7.50%, 08/01/29................. 1,710 1,688,234
------------
4,395,558
------------
Federal National Conventional Loan
7.00%, 03/01/28................. 629 607,043
------------
Federal National Mortgage Assoc.
5.25%, 01/15/03................. 2,100 2,020,423
6.00%, 07/20/13 [TBA]........... 1,000 945,935
6.00%, 12/01/13-10/01/28........ 3,170 2,924,037
6.23%, 07/21/08................. 200 186,453
6.50%, 04/29/09-07/01/29........ 9,411 8,597,202
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
7.00%, 05/01/11-05/01/30........ $ 3,022 $ 2,929,330
7.125%, 02/15/05-01/15/30....... 2,900 2,913,542
7.25%, 01/15/10................. 2,150 2,171,248
7.50%, 06/01/15-11/01/29........ 4,212 4,173,561
8.00%, 07/01/30 [TBA]........... 900 903,654
------------
27,765,385
------------
Government National Mortgage
Assoc.
6.00%, 04/15/28-05/15/28........ 561 517,230
6.50%, 03/15/28-04/15/28........ 1,538 1,460,616
7.00%, 12/15/27-08/15/29........ 1,745 1,696,690
7.50%, 05/15/30................. 1,299 1,289,754
8.00%, 03/15/27................. 68 69,014
8.75%, 01/15/27-04/15/27........ 104 106,917
------------
5,140,221
------------
(Cost $44,468,101)................ 43,706,112
------------
CORPORATE OBLIGATIONS -- 12.8%
AEROSPACE -- 0.3%
Raytheon Corp. 144A
8.20%, 03/01/06................. 700 711,660
------------
AUTOMOBILE MANUFACTURERS -- 0.3%
DaimlerChrysler
7.125%, 03/01/02................ 700 699,894
------------
BEVERAGES -- 0.1%
Pepsi Bottling Group, Inc. 144A
7.00%, 03/01/29................. 300 269,933
------------
BROADCASTING -- 0.2%
Liberty Media Group
8.25%, 02/01/30................. 400 368,260
------------
CABLE TELEVISION -- 0.2%
British Sky Broadcasting
8.20%, 07/15/09................. 550 516,837
------------
CONGLOMERATES -- 0.4%
Tyco International Group SA 144A
6.875%, 09/05/02................ 1,000 990,230
------------
CONSUMER PRODUCTS & SERVICES -- 0.1%
Fort James Corp.
6.625%, 09/15/04................ 250 239,121
------------
FINANCIAL-BANK & TRUST -- 1.0%
Bank of America Corp.
6.125%, 07/15/04................ 300 286,132
7.80%, 02/15/10................. 1,300 1,295,280
First Bank System, Inc.
7.625%, 05/01/05................ 100 100,368
Fleet National Bank
5.75%, 01/15/09................. 450 393,278
Southern Investments UK
6.80%, 12/01/06................. 300 277,304
------------
2,352,362
------------
</TABLE>
80
<PAGE> 82
AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
FINANCIAL SERVICES -- 3.7%
BMW Vehicle Owner Trust
6.41%, 04/25/03................. $ 600 $ 595,071
Cilcorp, Inc.
8.70%, 10/15/09................. 700 706,552
Ford Motor Credit Co.
7.50%, 03/15/05................. 3,400 3,384,665
General Motors Acceptance Corp.
6.95%, 03/10/03................. 900 898,732
7.125%, 05/01/03................ 100 99,259
Hutchison Whampoa Financial Corp.
144A
7.45%, 08/01/17................. 700 612,788
Lehman Brothers Holdings, Inc.
8.25%, 06/15/07................. 1,100 1,102,397
Morgan Stanley Dean Witter & Co.
7.125%, 01/15/03................ 650 646,042
------------
8,045,506
------------
INSURANCE -- 0.1%
Conseco, Inc.
6.40%, 06/15/01................. 200 159,000
------------
OIL & GAS -- 1.7%
Enron Corp.
6.70%, 11/15/06................. 700 663,777
Gulf Canada Resources Ltd.
8.35%, 08/01/06................. 900 895,500
Kerr-McGee Corp.
7.125%, 10/15/27................ 1,000 890,814
Petro Geo-Services ASA
6.625%, 03/30/08................ 900 797,354
USX Corp.
6.65%, 02/01/06................. 600 570,700
------------
3,818,145
------------
PAPER & FOREST PRODUCTS -- 0.4%
International Paper Co.
8.125%, 07/08/05................ 900 908,861
------------
REAL ESTATE -- 0.4%
Chelsea GCA Realty, Inc. [REIT]
7.25%, 10/21/07................. 200 182,266
EOP Operating LP
6.75%, 02/15/08................. 900 820,732
------------
1,002,998
------------
RETAIL & MERCHANDISING -- 0.3%
Home Depot, Inc.
6.50%, 09/15/04................. 600 594,923
Sears, Roebuck & Co.
6.25%, 01/15/04................. 200 192,856
------------
787,779
------------
TELECOMMUNICATIONS -- 3.0%
CSC Holdings, Inc.
8.125%, 07/15/09................ 1,000 974,694
GTE North, Inc.
5.65%, 11/15/08................. 500 434,986
KPNQwest NV
8.125%, 06/01/09................ 500 472,500
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
MCI Worldcom, Inc. [FRN] 144A
6.72%, 06/30/00................. $ 800 $ 800,045
Sprint Capital Corp.
7.625%, 06/10/02................ 1,000 1,004,158
TCI Communications, Inc.
8.75%, 08/01/15................. 300 325,028
Vodafone Airtouch PLC 144A
7.75%, 02/15/10................. 1,350 1,340,697
WorldCom, Inc.
7.875%, 05/15/03................ 700 706,412
8.25%, 05/15/10................. 650 666,428
------------
6,724,948
------------
UTILITIES -- 0.6%
Alliant Energy Resources
7.375%, 11/09/09................ 600 585,288
Valero Energy Corp.
8.375%, 06/15/05................ 650 660,804
------------
1,246,092
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $29,138,833).................. 28,841,626
------------
U.S. TREASURY OBLIGATIONS -- 8.2%
U.S. Treasury Bonds
9.25%, 02/15/16................. 2,550 3,304,639
7.875%, 02/15/21................ 700 831,469
6.25%, 05/15/30................. 1,100 1,155,000
------------
5,291,108
------------
U.S. Treasury Notes
4.875%, 03/31/01................ 4,700 4,644,188
6.625%, 07/31/01................ 1,900 1,903,563
6.00%, 08/15/04................. 350 346,828
5.875%, 11/15/04................ 6,300 6,205,652
------------
13,100,231
------------
(Cost $18,201,188)................ 18,391,339
------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 1.4%
AmeriCredit Automobile Receivables
Trust Series 1999-D C1-A3
7.02%, 12/12/05................. 700 695,229
Case Equipment Loan Trust Series
1998-B Cl-A4
5.92%, 10/15/05................. 300 294,515
CIT RV Trust Series 1998-A Cl-A4
6.09%, 02/15/12................. 300 291,842
Comed Transitional Funding Trust
Series 1998-1 Cl-A6
5.63%, 06/25/09................. 100 92,239
General Motors Acceptance Corp.
Series 1999-Cl Cl-A2
6.175%, 05/15/33................ 450 412,843
Morgan Stanley Capital I Series
1998-WF1 Cl-A1
6.25%, 07/15/07................. 176 170,733
Morgan Stanley Capital I Series
1998-WF1 Cl-A2
6.55%, 12/15/07................. 800 762,915
</TABLE>
81
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AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Nationslink Funding Corp. Series
1998-2 Cl-A1
6.00%, 11/20/07................. $ 180 $ 171,551
Nationslink Funding Corp. Series
1999-1 Cl-A2
6.316%, 11/20/08................ 250 233,080
------------
(Cost $3,225,244)............... 3,124,947
------------
SOVEREIGN ISSUES -- 0.6%
CANADA
Province of Quebec
5.75%, 02/15/09................. 800 715,865
7.50%, 09/15/29................. 600 588,473
------------
(Cost $1,287,215)................. 1,304,338
------------
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.0%
Temporary Investment Cash Fund.... 29,809 $ 29,809
Temporary Investment Fund......... 29,808 29,808
------------
(Cost $59,617).................... 59,617
------------
TOTAL INVESTMENTS -- 100.9%
(Cost $215,708,682)................. 227,440,042
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (0.9%).................... (2,048,343)
------------
NET ASSETS -- 100.0%.................. $225,391,699
============
</TABLE>
$112,500 has been segregated with the custodian to cover margin requirements for
the following open futures contracts at June 30, 2000:
<TABLE>
<CAPTION>
EXPIRATION NUMBER OF UNREALIZED
DESCRIPTION MONTH CONTRACTS DEPRECIATION
----------------------------------------------------------------
<S> <C> <C> <C>
S&P 500.................. 09/00 6 $29,070
=======
</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 2.1% of net assets.
See Notes to Financial Statements.
82
<PAGE> 84
AST AMERICAN CENTURY INTERNATIONAL GROWTH PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOREIGN STOCK -- 90.0%
AUSTRALIA -- 1.6%
News Corp. Ltd. [ADR]............ 88,400 $ 4,817,800
------------
BRAZIL -- 1.1%
Petroleo Brasileiro SA*.......... 113,900 3,441,088
------------
CANADA -- 3.9%
Celestica, Inc. NY Reg.*......... 71,500 3,548,188
Nortel Networks Corp. NY Reg.*... 121,000 8,258,250
------------
11,806,438
------------
DENMARK -- 2.6%
Den Danske Bank.................. 700 84,552
ISS AS........................... 25,900 1,980,237
Novo-Nordisk AS Cl-B............. 24,831 4,243,716
Tele Danmark AS.................. 20,900 1,412,643
------------
7,721,148
------------
FINLAND -- 3.4%
Nokia Corp. Cl-A [ADR]........... 112,900 5,637,944
Sonera Group Oyj................. 84,374 3,862,019
Tieto Corp. Cl-B................. 23,300 780,613
------------
10,280,576
------------
FRANCE -- 12.8%
Alcatel Corp. ................... 86,753 5,713,124
Altran Technologies SA........... 8,087 1,589,958
Aventis SA....................... 34,200 2,506,317
AXA SA........................... 27,060 4,280,004
Business Objects SA*............. 13,900 1,224,938
Pinault-Printemps Redoute SA..... 13,300 2,966,747
Sagem SA......................... 1,300 1,530,291
Societe Generale................. 40,100 2,421,683
Societe Television Francaise..... 48,600 3,400,882
STMicroelectronics NV NY Reg..... 75,600 4,852,575
Suez Lyonnaise des Eaux.......... 25,600 4,503,067
Total Fina SA Cl-B*.............. 9,400 1,447,124
Vivendi.......................... 24,890 2,205,790
------------
38,642,500
------------
GERMANY -- 3.8%
Intershop Communications AG...... 5,564 2,554,789
Marschollek, Lautenschlaeger Und
Partner AG..................... 4,802 2,016,177
SAP AG [ADR]..................... 13,800 647,738
Schering AG...................... 15,600 853,125
Siemens AG....................... 35,800 5,380,981
------------
11,452,810
------------
HONG KONG -- 3.6%
Cheung Kong Holdings Ltd. ....... 94,000 1,040,086
China Telecom Ltd. .............. 532,000 4,692,091
China Unicom Ltd. ............... 45,000 95,542
China Unicom Ltd. [ADR]*......... 35,400 752,250
Citic Pacific Ltd. .............. 200,000 1,046,821
Hutchison Whampoa Ltd. .......... 254,000 3,193,317
------------
10,820,107
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ISRAEL -- 1.2%
Check Point Software Technologies
Ltd.*.......................... 17,600 $ 3,726,800
------------
ITALY -- 4.7%
Alleanza Assicurazioni........... 193,000 2,580,857
Banco Intesa SPA................. 737,850 3,317,212
Mediaset SPA..................... 119,609 1,834,494
Mediolanum SPA................... 128,500 2,098,965
Mondadori, (Arnoldo) Editore
SPA............................ 98,500 2,256,662
Telecom Italia SPA............... 152,300 2,102,301
------------
14,190,491
------------
JAPAN -- 14.4%
Canon, Inc. ..................... 72,000 3,593,143
Fuji Television Network, Inc. ... 78 1,223,801
Hitachi Ltd. .................... 276,000 3,991,247
Hoya Corp. ...................... 24,000 2,154,979
Japan Telecom Co. Ltd. .......... 38 1,652,150
Kao Corp. ....................... 35,000 1,071,818
Keyence Corp. ................... 1,600 529,293
Kyocera Corp. ................... 18,400 3,128,651
Nomura Securities Co. Ltd. ...... 97,000 2,379,125
NTT Mobile Communication Network,
Inc. .......................... 50 1,356,313
Orix Corp. ...................... 12,200 1,804,606
Pioneer Corp. ................... 31,000 1,210,096
Sharp Corp. ..................... 174,000 3,083,604
Sony Corp. ...................... 20,800 1,946,286
Takeda Chemical Industries
Ltd. .......................... 26,000 1,710,373
Tokyo Electron Ltd. ............. 21,000 2,882,000
Toshiba Corp. ................... 397,000 4,491,515
Toyota Motor Corp. .............. 32,000 1,460,849
Tyco International Ltd. ......... 79,700 3,775,788
------------
43,445,637
------------
KOREA -- 2.8%
Hyundai Motor Co. Ltd. .......... 62,200 797,730
Samsung Electronics Co. ......... 19,612 6,490,498
SK Telecom Co. Ltd. ............. 3,400 1,113,016
------------
8,401,244
------------
MEXICO -- 1.4%
Grupo Televisa SA [GDR].......... 14,500 999,594
Telefonos de Mexico SA Cl-L
[ADR].......................... 55,300 3,159,012
------------
4,158,606
------------
NETHERLANDS -- 5.8%
ASM Lithography Holding NV NY
Reg. .......................... 17,000 750,125
Getronics NV..................... 109,500 1,695,193
ING Groep NV..................... 37,477 2,543,493
Koninklijke (Royal) Philips
Electronics NV NY Reg. ........ 126,420 6,004,950
</TABLE>
83
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AST AMERICAN CENTURY INTERNATIONAL GROWTH PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Royal Dutch Petroleum Co. ....... 26,200 $ 1,612,938
United Pan-Europe Communications
NV............................. 26,683 700,582
VNU NV........................... 81,700 4,236,934
------------
17,544,215
------------
PORTUGAL -- 0.4%
Telecel-Comunicacoes Pessoais
SA............................. 84,060 1,281,206
------------
SPAIN -- 1.7%
Banco Popular Espanol SA......... 6,600 204,985
Sogecable SA..................... 26,867 958,579
Telefonica SA*................... 189,982 4,097,579
------------
5,261,143
------------
SWEDEN -- 5.4%
Assa Abloy AB Cl-B............... 123,744 2,497,251
Atlas Copco AB................... 14,342 277,986
Atlas Copco AB Cl-B.............. 25,100 472,196
Ericsson, (L.M.) Telephone Co.
[ADR].......................... 237,000 4,740,000
Modern Times Group AB Cl-B....... 27,210 1,302,995
Netcom AB Cl-B................... 25,723 1,909,270
Nordbanken Holding Co. AB........ 282,877 2,144,786
Securitas AB Cl-B................ 140,600 2,997,724
------------
16,342,208
------------
SWITZERLAND -- 6.4%
ABB AG........................... 37,664 4,522,496
Adecco SA........................ 1,840 1,568,346
Credit Suisse Group.............. 22,300 4,450,208
Julius Baer Holdings AG Cl-B..... 706 2,800,433
Novartis AG...................... 2,439 3,875,833
Swatch Group AG.................. 1,585 2,021,617
------------
19,238,933
------------
UNITED KINGDOM -- 13.0%
Amvescap PLC..................... 248,900 3,994,156
Barclays PLC..................... 29,900 743,709
Cable & Wireless PLC............. 196,336 3,326,016
Capita Group PLC................. 61,600 1,507,943
Centrica PLC..................... 746,817 2,492,970
CMG PLC.......................... 104,600 1,482,183
Colt Telecom Group PLC........... 38,496 1,282,132
Compass Group PLC................ 87,200 1,149,158
Diageo PLC....................... 191,811 1,721,958
Energis PLC...................... 45,565 1,709,334
Hays PLC......................... 206,800 1,153,672
Logica PLC....................... 48,800 1,155,449
Misys PLC........................ 175,200 1,480,003
Pearson PLC...................... 60,300 1,917,039
SEMA Group PLC................... 94,620 1,346,496
Shire Pharmaceuticals Group
PLC............................ 27,700 479,734
Telewest Communications PLC...... 280,645 968,694
Vodafone AirTouch PLC............ 2,180,502 8,813,776
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
WPP Group PLC.................... 162,400 $ 2,372,508
------------
39,096,930
------------
TOTAL FOREIGN STOCK
(Cost $246,480,463)................ 271,669,880
------------
<CAPTION>
PAR
(000)
---------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 7.8%
Federal Home Loan Bank
6.23%, 07/03/00................ $ 3,600 3,598,754
6.50%, 07/03/00................ 20,000 19,992,778
------------
(Cost $23,591,532)............... 23,591,532
------------
<CAPTION>
SHARES
------
<S> <C> <C>
U.S. STOCK -- 2.2%
COMPUTER SERVICES & SOFTWARE -- 0.7%
Comverse Technology, Inc. ....... 22,400 2,083,200
------------
SEMICONDUCTORS -- 0.9%
JDS Uniphase Corp. .............. 22,160 2,656,430
------------
TELECOMMUNICATIONS -- 0.6%
Amdocs Ltd....................... 23,600 1,811,300
------------
TOTAL U.S. STOCK
(Cost $3,653,002).................. 6,550,930
------------
TOTAL INVESTMENTS -- 100.0%
(Cost $273,724,997)................ 301,812,342
OTHER ASSETS LESS
LIABILITIES -- 0.0%................ 57,606
------------
NET ASSETS -- 100.0%................. $301,869,948
============
</TABLE>
Foreign currency exchange contracts outstanding at June 30, 2000:
<TABLE>
<CAPTION>
IN UNREALIZED
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS APPRECIATION/
MONTH TYPE TO RECEIVE FOR AT VALUE (DEPRECIATION)
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
07/00 Buy CHF 469,735 $ 285,883 $ 288,973 $ 3,090
07/00 Buy EUR 1,127,781 1,067,949 1,081,316 13,367
07/00 Buy JPY 118,765,140 1,130,534 1,123,039 (7,495)
---------- ---------- -------
$2,484,366 $2,493,328 $ 8,962
========== ========== =======
<CAPTION>
IN UNREALIZED
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS APPRECIATION/
MONTH TYPE TO DELIVER FOR AT VALUE (DEPRECIATION)
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
07/00 Sell EUR 490,525 $ 466,401 $ 470,617 $(4,216)
07/00 Sell GBP 84,684 127,480 128,208 (728)
07/00 Sell JPY 737,935,200 7,034,242 7,007,799 26,443
---------- ---------- -------
$7,628,123 $7,606,624 $21,499
========== ========== =======
</TABLE>
84
<PAGE> 86
AST AMERICAN CENTURY INTERNATIONAL GROWTH PORTFOLIO
--------------------------------------------------------------------------------
The following is a breakdown of the foreign stock portion of the Portfolio, by
industry classification, as of June 30, 2000. Percentages are based on net
assets.
<TABLE>
<CAPTION>
INDUSTRY
--------
<S> <C>
Advertising......................................... 0.8%
Aerospace........................................... 0.5%
Automobile Manufacturers............................ 0.7%
Beverages........................................... 0.6%
Broadcasting........................................ 8.2%
Business Services................................... 7.2%
Computer Hardware................................... 3.9%
Computer Services & Software........................ 1.7%
Consumer Products & Services........................ 1.6%
Electronic Components & Equipment................... 11.4%
Financial-Bank & Trust.............................. 6.2%
Financial Services.................................. 3.4%
Food................................................ 0.4%
Healthcare Services................................. 0.7%
Industrial Products................................. 1.8%
Insurance........................................... 3.0%
Machinery & Equipment............................... 0.2%
Metals & Mining..................................... 0.8%
Office Equipment.................................... 1.2%
Oil & Gas........................................... 3.0%
Pharmaceuticals..................................... 4.5%
Real Estate......................................... 0.3%
Retail & Merchandising.............................. 1.7%
Semiconductors...................................... 2.6%
Telecommunications.................................. 22.1%
Utilities........................................... 1.5%
-----
Total............................................... 90.0%
=====
</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.
85
<PAGE> 87
AST T. ROWE PRICE SMALL COMPANY VALUE PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 96.3%
AIRLINES -- 1.0%
Midwest Express Holdings,
Inc.*.......................... 136,000 $ 2,924,000
------------
AUTOMOTIVE PARTS -- 0.7%
Myers Industries, Inc. .......... 125,000 1,429,688
TBC Corp.*....................... 177,000 818,625
------------
2,248,313
------------
BROADCASTING -- 1.5%
Saga Communications, Inc.
Cl-A*.......................... 100,000 2,200,000
Sinclair Broadcast Group,
Inc.*.......................... 200,000 2,200,000
------------
4,400,000
------------
BUILDING MATERIALS -- 9.8%
Ameron International Corp. ...... 40,000 1,430,000
Florida Rock Industries, Inc. ... 60,000 2,137,500
Genlyte Group, Inc.*............. 3,400 71,613
Gibraltar Steel Corp. ........... 113,000 1,582,000
Insituform Technologies, Inc.*... 160,000 4,340,000
Lone Star Technologies, Inc.*.... 128,000 5,919,999
Modine Manufacturing Co. ........ 80,000 2,160,000
Republic Group, Inc. ............ 189,000 1,701,000
SCP Pool Corp.*.................. 127,500 2,996,250
Skyline Corp. ................... 115,000 2,472,500
Thomas Industries, Inc. ......... 140,000 2,476,250
U.S. Aggregates, Inc. ........... 150,000 2,718,750
------------
30,005,862
------------
BUSINESS SERVICES -- 1.3%
G & K Services, Inc. ............ 10,700 268,169
IT Group, Inc.*.................. 330,000 1,608,750
StaffMark, Inc.*................. 300,000 2,006,250
------------
3,883,169
------------
CHEMICALS -- 2.8%
Arch Chemicals, Inc. ............ 170,000 3,718,750
Schulman, (A.), Inc. ............ 105,000 1,266,563
TETRA Technologies, Inc.*........ 240,000 3,405,000
------------
8,390,313
------------
CLOTHING & APPAREL -- 1.0%
Dan River, Inc. Cl-A*............ 236,000 1,121,000
Unifi, Inc.*..................... 160,000 1,980,000
------------
3,101,000
------------
COMPUTER HARDWARE -- 1.0%
Analogic Corp. .................. 74,000 2,960,000
------------
COMPUTER SERVICES & SOFTWARE -- 3.5%
Analysts International Corp. .... 175,000 1,629,688
CompuCom Systems, Inc.*.......... 250,000 406,250
Metro Information Services,
Inc.*.......................... 55,000 550,000
Progress Software*............... 188,000 3,372,250
SPSS, Inc.*...................... 155,000 4,514,375
------------
10,472,563
------------
CONSUMER PRODUCTS & SERVICES -- 0.7%
Culp, Inc. ...................... 132,000 676,500
Packaged Ice, Inc.*.............. 350,000 1,443,750
------------
2,120,250
------------
CONTAINERS & PACKAGING -- 3.4%
Aptargroup, Inc. ................ 155,000 4,185,000
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Ivex Packaging Corp.*............ 253,200 $ 2,816,850
Liqui-Box Corp. ................. 68,000 3,366,000
------------
10,367,850
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 8.3%
Electro Rental Corp.*............ 290,000 3,552,500
FLIR Systems, Inc.*.............. 180,000 1,170,000
Franklin Electric Co., Inc. ..... 45,000 3,048,750
Landauer, Inc. .................. 62,000 964,875
Littelfuse, Inc.*................ 163,000 7,986,999
Methode Electronics, Inc. Cl-A... 180,000 6,952,500
Pioneer-Standard Electronics,
Inc. .......................... 120,000 1,770,000
------------
25,445,624
------------
ENVIRONMENTAL SERVICES -- 1.2%
Newpark Resources, Inc.*......... 315,000 2,972,813
Waste Connections, Inc.*......... 6,900 136,275
Waterlink, Inc.*................. 150,000 375,000
------------
3,484,088
------------
EQUIPMENT SERVICES -- 0.2%
Unifirst Corp. .................. 60,000 472,500
------------
FINANCIAL-BANK & TRUST -- 7.4%
Community First Bankshares,
Inc. .......................... 235,000 3,833,438
First Republic Bank*............. 142,000 2,831,125
Silicon Valley Bancshares*....... 300,000 12,787,499
Southwest Bancorporation of
Texas, Inc.*................... 146,000 3,029,500
------------
22,481,562
------------
FINANCIAL SERVICES -- 4.6%
Allied Capital Corp. ............ 270,000 4,589,999
American Capital Strategies
Ltd. .......................... 140,000 3,342,500
First Financial Fund, Inc.**..... 280,000 2,292,500
Medallion Financial Corp. ....... 20,000 308,750
Triad Guaranty, Inc.*............ 153,000 3,509,438
------------
14,043,187
------------
FOOD -- 0.7%
International Multifoods
Corp. ......................... 120,000 2,077,500
------------
FURNITURE -- 1.1%
Stanley Furniture Co., Inc.*..... 145,000 3,190,000
------------
INSURANCE -- 5.1%
Brown & Brown, Inc. ............. 150,000 7,799,999
Hilb, Rogal & Hamilton Co. ...... 40,000 1,387,500
Markel Corp.*.................... 22,000 3,115,750
Medical Assurance, Inc.*......... 160,000 1,800,000
Presidential Life Corp. ......... 90,000 1,248,750
------------
15,351,999
------------
LUMBER & WOOD PRODUCTS -- 0.6%
Deltic Timber Corp. ............. 80,000 1,675,000
------------
MACHINERY & EQUIPMENT -- 3.6%
Alamo Group, Inc. ............... 56,600 707,500
Carbo Ceramics, Inc. ............ 88,000 3,091,000
Smith, (A.O.) Corp. ............. 130,000 2,721,875
TransTechnology Corp. ........... 132,000 1,452,000
Woodward Governor Co. ........... 107,500 3,043,594
------------
11,015,969
------------
</TABLE>
86
<PAGE> 88
AST T. ROWE PRICE SMALL COMPANY VALUE PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
MEDICAL SUPPLIES & EQUIPMENT -- 2.1%
Ocular Sciences, Inc.*........... 60,000 $ 705,000
Owens & Minor, Inc. ............. 335,000 5,757,813
------------
6,462,813
------------
METALS & MINING -- 1.9%
Homestake Mining Co. ............ 120,000 825,000
Layne Christensen Co.*........... 113,000 508,500
Material Sciences Corp.*......... 161,000 1,610,000
Penn Virginia Corp. ............. 120,000 2,955,000
------------
5,898,500
------------
OFFICE EQUIPMENT -- 4.1%
Aaron Rents, Inc. Cl-A........... 49,900 779,688
Aaron Rents, Inc. Cl-B........... 190,100 2,388,131
CompX International, Inc. ....... 165,000 3,351,563
IDEX Corp. ...................... 125,000 3,945,312
McGrath Rentcorp................. 106,000 1,802,000
------------
12,266,694
------------
OIL & GAS -- 5.1%
Chieftan International, Inc.*.... 185,000 3,526,563
Cross Timbers Oil Co. ........... 232,000 5,132,999
Devon Energy Corp. .............. 40,000 2,247,500
Forest Oil Corp.*................ 290,000 4,621,875
------------
15,528,937
------------
PAPER & FOREST PRODUCTS -- 0.8%
CSS Industries, Inc.*............ 40,000 817,500
Wausau-Mosinee Paper Corp. ...... 170,000 1,455,625
------------
2,273,125
------------
PERSONAL SERVICES -- 1.5%
Matthews International Corp.
Cl-A........................... 161,000 4,669,000
------------
PETROLEUM EXPLORATION & PRODUCTION -- 0.5%
Companie Generale de Geophysique
SA [ADR]....................... 100,000 1,362,500
------------
PHARMACEUTICALS -- 1.0%
Bone Care International, Inc.*... 75,000 1,767,188
Coulter Pharmaceutical, Inc.*.... 60,000 1,230,000
------------
2,997,188
------------
REAL ESTATE -- 5.6%
Apartment Investment & Management
Co. Cl-A [REIT]................ 50,000 2,162,500
Glenborough Realty Trust, Inc.
[REIT]......................... 260,000 4,533,749
Innkeepers USA Trust [REIT]...... 220,000 2,007,500
Pacific Gulf Properties, Inc.
[REIT]......................... 130,000 3,258,125
Parkway Co. [REIT]............... 58,000 1,769,000
Sun Communities, Inc. [REIT]..... 95,000 3,176,563
------------
16,907,437
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
RESTAURANTS -- 4.4%
Consolidated Products, Inc.*..... 190,000 $ 1,710,000
RARE Hospitality International,
Inc.*.......................... 165,000 4,661,250
Ruby Tuesday, Inc. .............. 545,000 6,846,563
------------
13,217,813
------------
RETAIL & MERCHANDISING -- 4.3%
Bon-Ton Stores, Inc.*............ 130,000 300,625
Casey's General Stores, Inc. .... 245,000 2,541,875
Fred's, Inc. .................... 153,000 2,754,000
Goody's Family Clothing*......... 250,000 1,375,000
Hancock Fabrics, Inc. ........... 190,000 807,500
Jo-Ann Stores, Inc. Cl-B*........ 122,000 930,250
Stein Mart, Inc.*................ 425,000 4,356,250
------------
13,065,500
------------
TRANSPORTATION -- 2.2%
Hub Group, Inc. Cl-A*............ 105,000 1,568,438
Landstar Systems, Inc.*.......... 87,000 5,181,937
------------
6,750,375
------------
UTILITIES -- 3.3%
Black Hills Corp. ............... 160,000 3,610,000
Cleco Corp. ..................... 105,000 3,517,500
United Water Resources, Inc. .... 70,000 2,441,250
Vectran Corp.*................... 30,000 521,250
------------
10,090,000
------------
TOTAL COMMON STOCK (Cost
$298,578,387)...................... 291,600,631
------------
PREFERRED STOCK -- 0.5%
OIL & GAS
Cross Timbers Oil Co. $1.5625
Cl-A
(Cost $1,188,022)................ 33,000 1,551,000
------------
<CAPTION>
PAR
(000)
---------
<S> <C> <C>
COMMERCIAL PAPER -- 1.3%
UBS Finance, Inc.
7.05%, 07/05/00
(Cost $3,996,867)................ $ 4,000 3,996,867
------------
<CAPTION>
SHARES
---------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 1.5%
Temporary Investment Cash Fund
(Cost $4,447,075)................ 4,447,075 4,447,075
------------
TOTAL INVESTMENTS -- 99.6%
(Cost $308,210,351)................ 301,595,573
OTHER ASSETS LESS
LIABILITIES -- 0.4%................ 1,159,208
------------
NET ASSETS -- 100.0%................. $302,754,781
============
</TABLE>
--------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
** Closed-end fund.
See Notes to Financial Statements.
87
<PAGE> 89
AST MARSICO CAPITAL GROWTH PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 96.1%
ADVERTISING -- 1.0%
Omnicom Group, Inc. ........... 213,277 $ 18,994,983
--------------
AEROSPACE -- 3.2%
General Dynamics Corp. ........ 497,224 25,979,954
General Motors Corp. Cl-H*..... 390,878 34,299,545
--------------
60,279,499
--------------
AUTOMOBILE MANUFACTURERS -- 1.0%
Ford Motor Co. ................ 458,158 19,700,794
--------------
AUTOMOTIVE PARTS -- 0.3%
Delphi Automotive Systems
Corp. ....................... 342,332 5,028,001
Visteon Corp.*................. 59,988 727,355
--------------
5,755,356
--------------
BEVERAGES -- 3.2%
Anheuser-Busch Companies,
Inc. ........................ 341,766 25,525,648
Coca-Cola Co. ................. 339,310 19,489,118
Coca-Cola Enterprises, Inc. ... 434,193 7,082,773
Pepsi Bottling Group, Inc. .... 284,968 8,317,504
--------------
60,415,043
--------------
BROADCASTING -- 2.0%
Clear Channel Communications,
Inc.*........................ 400,978 30,073,350
UnitedGlobalCom, Inc. Cl-A*.... 185,678 8,680,447
--------------
38,753,797
--------------
COMPUTER HARDWARE -- 5.6%
EMC Corp.*..................... 1,378,554 106,062,498
--------------
COMPUTER SERVICES & SOFTWARE -- 13.3%
Adobe Systems, Inc. ........... 342,166 44,481,580
Cisco Systems, Inc.*........... 566,601 36,014,576
Microsoft Corp.*............... 237,903 19,032,240
Oracle Corp.*.................. 1,127,853 94,810,142
Sun Microsystems, Inc.*........ 597,101 54,298,872
Veritas Software Corp.*........ 30,648 3,463,703
--------------
252,101,113
--------------
CONGLOMERATES -- 4.0%
Corning, Inc. ................. 280,061 75,581,462
--------------
CONSTRUCTION -- 0.2%
M.D.C. Holdings, Inc. ......... 165,770 3,087,466
--------------
CONSUMER PRODUCTS & SERVICES -- 0.2%
Estee Lauder Companies, Inc.
Cl-A......................... 94,698 4,681,632
--------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 9.5%
Agilent Technologies, Inc.*.... 332,807 24,544,516
Flextronics International
Ltd.*........................ 259,925 17,853,598
General Electric Co. .......... 1,163,994 59,363,694
Sony Corp. .................... 296,405 27,954,697
Texas Instruments, Inc. ....... 706,210 48,507,799
The Titan Corp.*............... 61,789 2,765,058
--------------
180,989,362
--------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ENERGY SERVICES -- 0.7%
Halliburton Co. ............... 276,133 $ 13,030,026
--------------
ENTERTAINMENT & LEISURE -- 2.8%
Time Warner, Inc. ............. 699,009 53,124,684
--------------
FINANCIAL-BANK & TRUST -- 0.7%
Northern Trust Corp. .......... 219,523 14,282,715
--------------
FINANCIAL SERVICES -- 9.6%
American Express Co. .......... 156,816 8,174,034
Citigroup, Inc. ............... 984,629 59,323,897
Fannie Mae..................... 1,128,893 58,914,103
Morgan Stanley Dean Witter &
Co. ......................... 684,495 56,984,209
--------------
183,396,243
--------------
HOTELS & MOTELS -- 1.8%
Four Seasons Hotels, Inc. ..... 561,121 34,894,712
--------------
INTERNET SERVICES -- 2.1%
America Online, Inc.*.......... 763,882 40,294,776
--------------
OIL & GAS -- 3.7%
BP Amoco PLC [ADR]............. 636,425 35,997,789
Schlumberger Ltd. ............. 464,033 34,628,463
--------------
70,626,252
--------------
PAPER & FOREST PRODUCTS -- 1.0%
Kimberly-Clark Corp. .......... 337,375 19,356,891
--------------
PHARMACEUTICALS -- 7.8%
Genentech, Inc.*............... 615,743 105,907,796
Priority Healthcare Corp.
Cl-B*........................ 585,336 43,497,782
--------------
149,405,578
--------------
RETAIL & MERCHANDISING -- 8.7%
Costco Companies, Inc.*........ 587,618 19,391,394
Home Depot, Inc. .............. 1,074,682 53,666,932
Tiffany & Co. ................. 471,817 31,847,648
Wal-Mart Stores, Inc. ......... 1,070,490 61,686,986
--------------
166,592,960
--------------
SEMICONDUCTORS -- 3.1%
Applied Materials, Inc.*....... 607,368 55,042,725
Chartered Semiconductor
Manufacturing [ADR]*......... 50,000 4,500,000
--------------
59,542,725
--------------
TELECOMMUNICATIONS -- 10.3%
Comcast Corp. Cl-A*............ 981,079 39,733,700
Ericsson, (L.M.) Telephone Co.
[ADR]........................ 855,446 17,108,920
Nortel Networks Corp. NY
Reg.*........................ 540,859 36,913,627
SBC Communications, Inc. ...... 212,513 9,191,187
Sprint Corp. (PCS Group)*...... 998,244 59,395,518
Vodafone AirTouch PLC [ADR].... 812,645 33,673,977
--------------
196,016,929
--------------
</TABLE>
88
<PAGE> 90
AST MARSICO CAPITAL GROWTH PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TRANSPORTATION -- 0.3%
United Parcel Service, Inc.
Cl-B......................... 108,280 $ 6,388,520
--------------
TOTAL COMMON STOCK
(Cost $1,440,866,221)............ 1,833,356,016
--------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 3.9%
Federal Home Loan Bank 6.48%,
07/03/00
(Cost $74,773,072)............. $ 74,800 74,773,072
--------------
TOTAL INVESTMENTS -- 100.0%
(Cost $1,515,639,293)............ 1,908,129,088
OTHER ASSETS LESS
LIABILITIES -- 0.0%.............. 445,347
--------------
NET ASSETS -- 100.0%............... $1,908,574,435
==============
</TABLE>
--------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
89
<PAGE> 91
AST COHEN & STEERS REALTY PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 95.8%
APARTMENT/RESIDENTIAL -- 18.9%
Apartment Investment & Management
Co. Cl-A [REIT]................. 66,500 $ 2,876,125
Archstone Communities Trust
[REIT].......................... 142,000 3,274,875
Avalonbay Communities, Inc.
[REIT].......................... 75,900 3,168,825
Equity Residential Properties
Trust [REIT].................... 80,500 3,702,999
Essex Property Trust, Inc.
[REIT].......................... 31,900 1,339,800
Smith, (Charles E.) Residential
Realty, Inc. ................... 25,600 972,800
United Dominion Realty Trust, Inc.
[REIT] ......................... 144,900 1,593,900
-----------
16,929,324
-----------
COMMUNITY CENTER -- 2.5%
Kimco Realty Corp. [REIT]......... 54,600 2,238,600
-----------
DIVERSIFIED -- 13.5%
Brookfield Properties Corp........ 178,300 2,364,626
Cresent Real Estate Equities
Co.............................. 156,800 3,214,400
Vornado Realty Trust [REIT]....... 189,600 6,588,600
-----------
12,167,626
-----------
HEALTH CARE -- 5.7%
Health Care Property Investors,
Inc. [REIT]..................... 118,300 3,223,675
Nationwide Health Properties,
Inc............................. 138,600 1,931,738
-----------
5,155,413
-----------
HEALTHCARE SERVICES -- 0.6%
Manor Care, Inc.*................. 80,100 560,700
-----------
HOTELS & MOTELS -- 6.7%
Host Marriott Corp. .............. 231,600 2,171,250
MeriStar Hospitality Corp. ....... 40,000 840,000
Starwood Hotels & Resorts
Worldwide, Inc. [REIT].......... 94,300 3,047,069
-----------
6,058,319
-----------
INDUSTRIAL -- 8.2%
AMB Property Corp. [REIT]......... 165,500 3,775,469
First Industrial Realty Trust,
Inc. [REIT]..................... 5,600 165,200
Prologis Trust [REIT]............. 162,400 3,461,150
-----------
7,401,819
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INTERNET SERVICES -- 2.4%
Frontline Capital Group*.......... 99,600 $ 2,122,725
-----------
OFFICE -- 16.6%
Arden Realty, Inc. [REIT]......... 146,400 3,440,400
Equity Office Properties Trust
[REIT].......................... 151,200 4,167,450
Highwoods Properties, Inc.
[REIT].......................... 38,300 919,200
Mack-Cali Realty Corp. [REIT]..... 195,600 5,024,474
SL Green Realty Corp. [REIT]...... 50,600 1,353,550
-----------
14,905,074
-----------
OFFICE/INDUSTRIAL -- 9.6%
Boston Properties, Inc. [REIT].... 77,800 2,970,988
PS Business Parks, Inc. [REIT].... 33,800 811,200
Reckson Associates Realty Corp.
[REIT].......................... 67,500 1,603,125
Spieker Properties, Inc. [REIT]... 69,700 3,293,325
-----------
8,678,638
-----------
REGIONAL MALL -- 11.1%
General Growth Properties, Inc.
[REIT].......................... 79,300 2,517,775
Macerich Co. [REIT]............... 55,200 1,217,850
Rouse Co. [REIT].................. 86,200 2,133,450
Simon Property Group, Inc.
[REIT].......................... 83,200 1,846,000
Taubman Centers, Inc. [REIT]...... 43,400 477,400
Weingarten Realty Investors
[REIT].......................... 44,000 1,776,500
-----------
9,968,975
-----------
TOTAL COMMON STOCK
(Cost $85,432,507).................. 86,187,213
-----------
SHORT-TERM INVESTMENTS -- 2.4%
Temporary Investment Cash Fund.... 1,069,613 1,069,613
Temporary Investment Fund......... 1,069,612 1,069,612
-----------
(Cost $2,139,225)................. 2,139,225
-----------
TOTAL INVESTMENTS -- 98.2%
(Cost $87,571,732).................. 88,326,438
OTHER ASSETS LESS
LIABILITIES -- 1.8%................. 1,659,416
-----------
NET ASSETS -- 100.0%.................. $89,985,854
===========
</TABLE>
--------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
90
<PAGE> 92
AST LORD ABBETT SMALL CAP VALUE PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 92.6%
AEROSPACE -- 2.6%
AAR Corp. ....................... 123,600 $ 1,483,200
Alliant Techsystems, Inc.*....... 25,000 1,685,938
------------
3,169,138
------------
AUTOMOBILE MANUFACTURERS -- 2.5%
Oshkosh Truck Corp. ............. 85,000 3,038,750
------------
AUTOMOTIVE PARTS -- 2.3%
American Axle & Manufacturing
Holdings, Inc.*................ 45,000 638,438
Superior Industries
International, Inc............. 85,000 2,188,750
------------
2,827,188
------------
BEVERAGES -- 1.5%
Robert Mondavi Corp. Cl-A*....... 62,500 1,917,969
------------
BROADCASTING -- 0.3%
Salem Communications Corp.
Cl-A*.......................... 45,700 424,153
------------
BUILDING MATERIALS -- 3.6%
American Woodmark Corp. ......... 13,000 266,500
Florida Rock Industries, Inc. ... 23,000 819,375
Hughes Supply, Inc. ............. 65,000 1,283,750
Simpson Manufacturing Co.,
Inc.*.......................... 45,000 2,151,563
------------
4,521,188
------------
BUSINESS SERVICES -- 2.4%
American Management Systems,
Inc.*.......................... 52,000 1,707,063
Baker, (Michael) Corp.*.......... 40,000 260,000
CIBER, Inc.*..................... 75,000 993,750
------------
2,960,813
------------
CHEMICALS -- 1.5%
Fuller, (H.B.) Co. .............. 41,000 1,868,063
------------
CLOTHING & APPAREL -- 3.1%
AnnTaylor Stores Corp.*.......... 36,700 1,215,688
Cutter & Buck, Inc.*............. 42,900 340,519
Pacific Sunwear of California,
Inc.*.......................... 50,000 937,500
Phillips-Van Heusen Corp......... 145,000 1,377,499
------------
3,871,206
------------
COMPUTER HARDWARE -- 0.4%
Analogic Corp. .................. 10,900 436,000
------------
COMPUTER SERVICES & SOFTWARE -- 6.3%
Analysts International Corp. .... 38,700 360,394
Datastream Systems, Inc.*........ 145,400 1,817,499
Kronos, Inc.*.................... 44,500 1,157,000
Metro Information Services,
Inc.*.......................... 38,000 380,000
Micros Systems, Inc.*............ 46,200 857,588
Systems & Computer Technology
Corp.*......................... 165,000 3,299,999
------------
7,872,480
------------
CONSTRUCTION -- 0.8%
Granite Construction, Inc........ 40,000 980,000
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CONSUMER PRODUCTS & SERVICES -- 1.2%
Church and Dwight Co., Inc....... 80,000 $ 1,440,000
------------
CONTAINERS & PACKAGING -- 1.9%
Ivex Packaging Corp.*............ 215,000 2,391,875
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 12.8%
Anixter International, Inc.*..... 22,600 598,900
Kent Electronics Corp.*.......... 85,000 2,534,063
Moog, Inc. Cl-A*................. 75,900 2,001,863
Rogers Corp.*.................... 140,000 4,899,999
Sensormatic Electronics Corp.*... 220,000 3,478,749
Teleflex, Inc.................... 35,000 1,297,188
Woodhead Industries, Inc......... 60,900 1,111,425
------------
15,922,187
------------
FINANCIAL-BANK & TRUST -- 2.7%
Doral Financial Corp............. 180,000 2,058,749
East West Bancorp, Inc........... 62,900 904,188
UCBH Holdings, Inc............... 14,600 389,638
------------
3,352,575
------------
FINANCIAL SERVICES -- 1.3%
Financial Federal Corp.*......... 90,000 1,563,750
------------
FOOD -- 3.9%
Dreyer's Grand Ice Cream, Inc.... 134,400 2,822,400
Smithfield Foods, Inc.*.......... 70,000 1,964,375
------------
4,786,775
------------
FURNITURE -- 0.8%
Furniture Brands International,
Inc.*.......................... 65,000 983,125
------------
INDUSTRIAL PRODUCTS -- 4.9%
Carlisle Companies, Inc.......... 65,000 2,925,000
Lydall, Inc.*.................... 61,400 652,375
MSC Industrial Direct Co.,
Inc.*.......................... 65,000 1,360,938
Robbins & Myers, Inc............. 50,000 1,140,625
------------
6,078,938
------------
MACHINERY & EQUIPMENT -- 11.0%
Astec Industries, Inc.*.......... 11,600 294,350
BEI Technologies, Inc............ 70,500 1,802,156
Gardner Denver, Inc.*............ 49,700 888,388
National-Oilwell, Inc.*.......... 120,000 3,944,999
Nordson Corp..................... 30,200 1,528,875
Precision Castparts Corp......... 42,000 1,900,499
SPS Technologies, Inc.*.......... 43,000 1,765,688
Universal Compression Holdings,
Inc.*.......................... 47,700 1,597,950
------------
13,722,905
------------
MEDICAL SUPPLIES & EQUIPMENT -- 5.1%
ICU Medical, Inc.*............... 53,000 1,431,000
Invacare Corp.................... 120,000 3,150,000
Mentor Corp...................... 62,800 1,707,375
------------
6,288,375
------------
</TABLE>
91
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AST LORD ABBETT SMALL CAP VALUE PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
METALS & MINING -- 1.7%
Carpenter Technology Corp........ 36,000 $ 760,500
RTI International Metals,
Inc.*.......................... 40,000 455,000
Shaw Group, Inc.*................ 18,300 862,388
------------
2,077,888
------------
OIL & GAS -- 7.1%
Basin Exploration, Inc.*......... 95,000 1,698,125
Forest Oil Corp.*................ 65,000 1,035,938
Helmerich & Payne, Inc........... 100,300 3,560,649
Marine Drilling Co., Inc.*....... 68,400 1,825,425
Oceaneering International,
Inc.*.......................... 40,000 760,000
------------
8,880,137
------------
PHARMACEUTICALS -- 1.0%
ChiRex, Inc.*.................... 59,300 1,186,000
------------
PRINTING & PUBLISHING -- 4.5%
Houghton Mifflin Co.*............ 32,000 1,494,000
Scholastic Corp.*................ 67,200 4,107,600
------------
5,601,600
------------
RESTAURANTS -- 0.5%
BUCA, Inc.*...................... 37,600 587,500
------------
RETAIL & MERCHANDISING -- 2.5%
Coldwater Creek, Inc.*........... 42,100 1,268,263
Good Guys, Inc.*................. 131,900 478,138
Shopko Stores, Inc.*............. 85,000 1,306,874
------------
3,053,275
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TELECOMMUNICATIONS -- 1.3%
Commscope, Inc.*................. 39,600 $ 1,623,600
------------
TRANSPORTATION -- 1.1%
Heartland Express, Inc.*......... 28,100 468,919
Swift Transportation Co.,
Inc.*.......................... 60,200 842,800
------------
1,311,719
------------
TOTAL COMMON STOCK
(Cost $99,388,550)................. 114,739,172
------------
SHORT-TERM INVESTMENTS -- 7.7%
Temporary Investment Cash Fund... 4,743,118 4,743,118
Temporary Investment Fund........ 4,743,117 4,743,117
------------
(Cost $9,486,235)................ 9,486,235
------------
TOTAL INVESTMENTS -- 100.3%
(Cost $108,874,785)................ 124,225,407
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (0.3%)................... (347,031)
------------
NET ASSETS -- 100.0%................. $123,878,376
============
</TABLE>
--------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
92
<PAGE> 94
AST SANFORD BERNSTEIN MANAGED INDEX 500 PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 98.0%
AEROSPACE -- 1.2%
Boeing Co. ...................... 125,800 $ 5,260,013
Honeywell International, Inc. ... 44,800 1,509,200
Northrop Grumman Corp. .......... 31,600 2,093,500
------------
8,862,713
------------
AIRLINES -- 0.1%
AMR Corp.*....................... 38,596 1,020,382
------------
AUTOMOBILE MANUFACTURERS -- 0.8%
Ford Motor Co. .................. 89,700 3,857,100
General Motors Corp. ............ 38,582 2,240,167
------------
6,097,267
------------
AUTOMOTIVE PARTS -- 0.3%
Genuine Parts Co. ............... 60,119 1,202,380
Goodyear Tire & Rubber Co. ...... 35,700 714,000
Visteon Corp.*................... 11,745 142,404
------------
2,058,784
------------
BEVERAGES -- 0.9%
Anheuser-Busch Companies,
Inc. .......................... 10,700 799,156
Coca-Cola Co. ................... 68,500 3,934,469
PepsiCo, Inc. ................... 44,100 1,959,694
------------
6,693,319
------------
CHEMICALS -- 1.5%
Dow Chemical Co. ................ 145,500 4,392,281
Eastman Chemical Co. ............ 89,800 4,287,950
Union Carbide Corp. ............. 46,400 2,296,800
------------
10,977,031
------------
CLOTHING & APPAREL -- 0.3%
V.F. Corp. ...................... 95,375 2,283,039
------------
COMPUTER HARDWARE -- 6.9%
Apple Computer, Inc.*............ 55,600 2,912,050
Compaq Computer Corp. ........... 120,400 3,077,725
Dell Computer Corp.*............. 138,000 6,805,125
EMC Corp.*....................... 135,800 10,448,113
Gateway, Inc.*................... 56,900 3,229,075
Hewlett-Packard Co............... 95,200 11,888,100
International Business Machines
Corp........................... 88,000 9,641,500
Seagate Technology, Inc.*........ 33,800 1,859,000
------------
49,860,688
------------
COMPUTER SERVICES & SOFTWARE -- 11.0%
Autodesk, Inc. .................. 53,700 1,862,719
Cisco Systems, Inc.*............. 416,000 26,441,999
Computer Associates
International, Inc. ........... 60,400 3,091,725
Computer Sciences Corp.*......... 10,100 754,344
Microsoft Corp.*................. 248,600 19,887,999
Oracle Corp.*.................... 172,800 14,526,000
Sun Microsystems, Inc.*.......... 111,400 10,130,438
Veritas Software Corp.*.......... 19,100 2,158,598
------------
78,853,822
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CONGLOMERATES -- 2.6%
Corning, Inc. ................... 11,700 $ 3,157,538
Minnesota Mining & Manufacturing
Co. ........................... 49,000 4,042,500
Philip Morris Companies, Inc. ... 295,700 7,854,530
Tyco International Ltd. ......... 75,500 3,576,813
------------
18,631,381
------------
CONSUMER PRODUCTS & SERVICES -- 0.4%
Procter & Gamble Co. ............ 19,700 1,127,825
Whirlpool Corp. ................. 42,500 1,981,563
------------
3,109,388
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 6.2%
General Electric Co. ............ 596,600 30,426,600
KLA-Tencor Corp.*................ 40,000 2,342,500
Tektronix, Inc. ................. 8,500 618,375
Teradyne, Inc.*.................. 24,500 1,800,750
Texas Instruments, Inc. ......... 139,600 9,588,775
------------
44,777,000
------------
ENTERTAINMENT & LEISURE -- 2.8%
Disney, (Walt) Co. .............. 154,900 6,012,056
Time Warner, Inc. ............... 66,400 5,046,400
Viacom, Inc. Cl-B*............... 140,200 9,559,888
------------
20,618,344
------------
EQUIPMENT SERVICES -- 0.1%
Polaroid Corp.*.................. 55,000 993,438
------------
FINANCIAL-BANK & TRUST -- 3.5%
Bank of America Corp. ........... 165,700 7,125,099
Bank One Corp. .................. 158,200 4,202,188
Chase Manhattan Corp. ........... 23,400 1,077,863
First Union Corp. ............... 174,100 4,319,856
KeyCorp.......................... 61,600 1,085,700
MBNA Corp. ...................... 30,600 830,025
Morgan, (J.P.) & Co., Inc. ...... 30,000 3,303,750
National City Corp. ............. 144,700 2,468,944
Union Planters Corp. ............ 39,800 1,111,913
------------
25,525,338
------------
FINANCIAL SERVICES -- 7.9%
American Express Co. ............ 91,500 4,769,438
Citigroup, Inc. ................. 251,700 15,164,924
Fannie Mae....................... 81,900 4,274,156
Fleet Financial Group, Inc. ..... 151,100 5,137,400
Freddie Mac...................... 26,600 1,077,300
Golden West Financial Corp. ..... 70,700 2,885,444
Lehman Brothers Holdings,
Inc. .......................... 56,600 5,352,238
MBIA, Inc. ...................... 15,600 751,725
Merrill Lynch & Co., Inc. ....... 65,400 7,521,000
Morgan Stanley Dean Witter &
Co. ........................... 65,800 5,477,850
Paine Webber Group, Inc. ........ 11,600 527,800
Wells Fargo & Co. ............... 118,600 4,595,750
------------
57,535,025
------------
</TABLE>
93
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--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOOD -- 1.6%
Archer Daniels Midland Co. ...... 383,500 $ 3,763,093
ConAgra, Inc. ................... 125,000 2,382,813
Great Atlantic & Pacific Tea Co.,
Inc. .......................... 85,700 1,424,763
Heinz, (H.J.) Co. ............... 37,800 1,653,750
Supervalu, Inc. ................. 126,900 2,419,031
------------
11,643,450
------------
HEALTHCARE SERVICES -- 0.7%
Amgen, Inc.*..................... 67,200 4,720,800
------------
INSURANCE -- 2.5%
Aetna, Inc. ..................... 49,100 3,151,606
American General Corp. .......... 9,100 555,100
American International Group,
Inc. .......................... 64,300 7,555,251
Chubb Corp. ..................... 34,900 2,146,350
MGIC Investment Corp. ........... 35,600 1,619,800
St. Paul Companies, Inc. ........ 89,035 3,038,319
------------
18,066,426
------------
INTERNET SERVICES -- 1.0%
America Online, Inc.*............ 72,000 3,798,000
Yahoo!, Inc.*.................... 27,600 3,418,950
------------
7,216,950
------------
MACHINERY & EQUIPMENT -- 0.5%
Black & Decker Corp. ............ 43,000 1,690,438
Deere & Co. ..................... 52,900 1,957,300
------------
3,647,738
------------
MEDICAL SUPPLIES & EQUIPMENT -- 2.2%
Abbott Laboratories.............. 149,400 6,657,638
Johnson & Johnson Co. ........... 72,800 7,416,499
Medtronic, Inc. ................. 43,800 2,181,788
------------
16,255,925
------------
METALS & MINING -- 0.2%
Alcan Aluminum Ltd. ............. 30,500 945,500
Alcoa, Inc. ..................... 15,200 440,800
------------
1,386,300
------------
OIL & GAS -- 9.0%
Amerada Hess Corp. .............. 61,000 3,766,750
Ashland, Inc. ................... 85,100 2,983,819
Chevron Corp. ................... 75,300 6,386,380
Conoco, Inc. Cl-B*............... 165,300 4,060,181
Exxon Mobil Corp. ............... 218,200 17,142,337
Kerr-McGee Corp. ................ 72,200 4,255,288
Occidental Petroleum Corp. ...... 184,600 3,888,138
Phillips Petroleum Co. .......... 85,400 4,328,713
Royal Dutch Petroleum Co. ....... 121,400 7,473,687
Sunoco, Inc. .................... 125,000 3,679,688
Texaco, Inc. .................... 100,400 5,346,300
Tosco Corp. ..................... 65,500 1,874,938
------------
65,186,219
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PAPER & FOREST PRODUCTS -- 0.6%
International Paper Co. ......... 43,855 $ 1,307,427
Westvaco Corp. .................. 135,200 3,354,650
------------
4,662,077
------------
PHARMACEUTICALS -- 9.0%
American Home Products Corp. .... 57,900 3,401,625
Bristol-Meyers Squibb Co. ....... 127,800 7,444,350
Lilly, (Eli) & Co. .............. 84,400 8,429,450
Merck & Co., Inc. ............... 174,700 13,386,387
Pfizer, Inc. .................... 523,550 25,130,399
Pharmacia Corp. ................. 89,800 4,641,538
Schering-Plough Corp. ........... 59,300 2,994,650
------------
65,428,399
------------
PRINTING & PUBLISHING -- 0.4%
Dow Jones & Co., Inc. ........... 36,600 2,680,950
------------
RAILROADS -- 0.3%
Norfolk Southern Corp. .......... 135,900 2,021,513
Union Pacific Corp. ............. 13,600 505,750
------------
2,527,263
------------
RETAIL & MERCHANDISING -- 4.0%
Dillard's, Inc. Cl-A............. 95,900 1,174,775
Federated Department Stores,
Inc.*.......................... 66,900 2,257,875
Home Depot, Inc. ................ 134,200 6,701,613
May Department Stores Co. ....... 47,600 1,142,400
Sears, Roebuck & Co. ............ 116,900 3,813,863
Wal-Mart Stores, Inc. ........... 239,900 13,824,237
------------
28,914,763
------------
SEMICONDUCTORS -- 6.1%
Advanced Micro Devices, Inc.*.... 32,400 2,502,900
Applied Materials, Inc.*......... 68,800 6,235,000
Intel Corp. ..................... 225,400 30,133,162
LSI Logic Corp.*................. 41,300 2,235,363
Micron Technology, Inc.*......... 33,500 2,950,094
------------
44,056,519
------------
TELECOMMUNICATIONS -- 9.7%
Andrew Corp.*.................... 57,100 1,916,419
AT&T Corp. ...................... 160,700 5,082,138
Bell Atlantic Corp.*............. 113,100 5,746,894
BellSouth Corp. ................. 59,000 2,514,875
GTE Corp. ....................... 119,800 7,457,549
Lucent Technologies, Inc. ....... 147,500 8,739,374
Motorola, Inc. .................. 162,271 4,716,001
Nortel Networks Corp. NY Reg.*... 187,600 12,803,699
QUALCOMM, Inc.*.................. 65,500 3,930,000
SBC Communications, Inc. ........ 112,300 4,856,975
Scientific-Atlanta, Inc. ........ 11,700 871,650
Sprint Corp. (FON Group)......... 25,700 1,310,700
U.S. West, Inc. ................. 79,700 6,834,275
WorldCom, Inc.*.................. 85,700 3,931,488
------------
70,712,037
------------
TRANSPORTATION -- 0.2%
CSX Corp. ....................... 61,200 1,296,675
------------
</TABLE>
94
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--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
UTILITIES -- 3.5%
AES Corp.*....................... 72,800 $ 3,321,500
Ameren Corp. .................... 103,900 3,506,625
American Electric Power Co.,
Inc. .......................... 162,160 4,803,989
Cinergy Corp. ................... 3,600 91,575
FirstEnergy Corp. ............... 50,000 1,168,750
GPU, Inc. ....................... 120,200 3,252,913
New Century Energies, Inc. ...... 108,900 3,341,869
PG&E Corp. ...................... 148,129 3,647,677
Southern Co. .................... 112,100 2,613,331
------------
25,748,229
------------
TOTAL COMMON STOCK
(Cost $687,938,259)................ 712,047,679
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 1.7%
Temporary Investment Cash Fund... 6,025,141 $ 6,025,141
Temporary Investment Fund........ 6,025,140 6,025,140
------------
(Cost $12,050,281)............... 12,050,281
------------
TOTAL INVESTMENTS -- 99.7%
(Cost $699,988,540)................ 724,097,960
OTHER ASSETS LESS
LIABILITIES -- 0.3%................ 1,816,504
------------
NET ASSETS -- 100.0%................. $725,914,464
============
</TABLE>
--------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
95
<PAGE> 97
AST KEMPER SMALL-CAP GROWTH PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 95.2%
AEROSPACE -- 0.3%
Remec, Inc.*................... 76,400 $ 3,199,250
--------------
AUTOMOTIVE PARTS -- 1.2%
Copart, Inc.*.................. 795,400 12,726,400
--------------
BROADCASTING -- 0.7%
Cumulus Media, Inc.*........... 858,900 7,837,463
--------------
BUILDING MATERIALS -- 2.7%
Simpson Manufacturing Co.,
Inc.*........................ 115,200 5,508,000
Trex Co., Inc.*................ 467,100 23,355,000
--------------
28,863,000
--------------
BUSINESS SERVICES -- 5.4%
AnswerThink Consulting Group,
Inc.*........................ 357,300 5,940,113
Digital Courier Technologies,
Inc.*........................ 993,200 6,331,650
ITXC Corp.*.................... 67,300 2,382,841
Korn/Ferry International*...... 345,200 10,960,100
Micromuse, Inc.*............... 137,400 22,737,552
Newgen Results Corp.*.......... 306,800 5,062,200
RSA Security, Inc.*............ 68,600 4,750,550
--------------
58,165,006
--------------
CHEMICALS -- 1.4%
Cabot Microelectronics
Corp.*....................... 325,400 14,887,050
--------------
CLOTHING & APPAREL -- 2.1%
David's Bridal, Inc.*.......... 296,300 3,425,969
Gildan Activewear, Inc.
Cl-A*........................ 405,200 14,891,099
Pacific Sunwear of California,
Inc.*........................ 218,350 4,094,063
--------------
22,411,131
--------------
COMPUTER HARDWARE -- 5.0%
Cobalt Networks, Inc.*......... 272,700 15,782,513
Mercury Computer Systems,
Inc.*........................ 238,300 7,700,069
Silicon Storage Technology,
Inc.*........................ 347,100 30,653,268
--------------
54,135,850
--------------
COMPUTER SERVICES & SOFTWARE -- 20.9%
Advent Software, Inc.*......... 341,400 22,020,300
Braun Consulting, Inc.*........ 359,000 7,583,875
Brooks Automation, Inc.*....... 188,400 12,045,825
BSQUARE Corp.*................. 571,800 12,829,763
Information Architects
Corp.*....................... 653,500 4,533,656
ISS Group, Inc.*............... 315,600 31,160,568
Mercator Software, Inc.*....... 401,800 27,623,749
Mercury Interactive Corp.*..... 283,600 27,438,300
National Computer Systems,
Inc. ........................ 184,500 9,086,625
National Information
Consortium, Inc. ............ 1,090,200 12,401,025
Numerical Technologies,
Inc.*........................ 43,000 2,090,875
Pinnacle Systems, Inc.*........ 1,182,900 26,596,767
Precise Software Solutions
Ltd.*........................ 8,400 201,600
Quintus Corp.*................. 493,300 9,796,630
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Radisys Corp.*................. 227,700 $ 12,921,975
Viador, Inc.*.................. 598,500 9,501,188
--------------
227,832,721
--------------
CONSUMER PRODUCTS & SERVICES -- 2.0%
JAKKS Pacific, Inc.*........... 462,700 6,824,825
Rent-A-Center, Inc.*........... 470,700 10,590,750
Steiner Leisure Ltd.*.......... 175,700 3,975,213
--------------
21,390,788
--------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 6.9%
Burr-Brown Corp.*.............. 214,950 18,633,478
Power-One, Inc.*............... 414,750 47,255,578
SonoSight, Inc.*............... 315,500 9,090,344
--------------
74,979,400
--------------
FINANCIAL-BANK & TRUST -- 1.0%
Hudson United Bankcorp......... 493,700 11,077,394
--------------
FINANCIAL SERVICES -- 0.7%
Multex.com, Inc.*.............. 311,200 7,838,350
--------------
FOOD -- 2.0%
Hain Celestial Group, Inc.*.... 423,505 15,537,339
Wild Oats Markets, Inc.*....... 474,300 5,958,394
--------------
21,495,733
--------------
FURNITURE -- 1.0%
Cost Plus, Inc.*............... 394,600 11,320,088
--------------
HEALTHCARE SERVICES -- 3.0%
Albany Molecular Research,
Inc.*........................ 246,500 13,418,844
Gene Logic, Inc.*.............. 293,600 10,477,850
MedQuist, Inc.*................ 244,700 8,319,800
--------------
32,216,494
--------------
INTERNET SERVICES -- 3.3%
Firstworld Communications,
Inc.*........................ 286,800 3,011,400
Netopia, Inc.*................. 179,200 7,212,800
Vicinity Corp.*................ 204,700 4,017,238
VocalTec Communications
Ltd.*........................ 313,900 7,219,700
Watchguard Technologies,
Inc.*........................ 257,100 14,124,431
--------------
35,585,569
--------------
MACHINERY & EQUIPMENT -- 3.4%
Asyst Technologies, Inc.*...... 90,100 3,085,925
National-Oilwell, Inc.*........ 353,900 11,634,463
SpeedFam-IPEC, Inc.*........... 473,000 8,602,688
Universal Compression Holdings,
Inc.*........................ 409,400 13,714,899
--------------
37,037,975
--------------
MEDICAL SUPPLIES & EQUIPMENT -- 2.5%
Aclara Biosciences, Inc.*...... 123,100 6,270,406
Charles River Laboratories
International, Inc.*......... 263,600 5,848,625
Cytyc Corp.*................... 273,800 14,614,075
--------------
26,733,106
--------------
</TABLE>
96
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--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
OIL & GAS -- 6.9%
3Tec Energy Corp.*............. 299,000 $ 2,990,000
Barrett Resources Corp.*....... 358,600 10,914,888
Key Production Co., Inc.*...... 807,800 14,843,325
Newfield Exploration Co.*...... 206,500 8,079,313
Precision Drilling Corp.*...... 295,200 11,402,100
Stone Energy Corp.*............ 268,700 16,054,824
Swift Energy Co.*.............. 400,000 11,350,000
--------------
75,634,450
--------------
PERSONAL SERVICES -- 0.1%
Cornell Corrections, Inc.*..... 87,900 703,200
--------------
PHARMACEUTICALS -- 3.7%
Alexion Pharmaceuticals,
Inc.*........................ 305,400 21,836,100
QLT PhotoTherapeutics, Inc.*... 231,900 17,928,769
--------------
39,764,869
--------------
REAL ESTATE -- 0.5%
Costar Group, Inc.*............ 215,000 5,388,438
--------------
RESTAURANTS -- 0.5%
The Cheesecake Factory,
Inc.*........................ 186,700 5,134,250
--------------
RETAIL & MERCHANDISING -- 0.9%
Duane Reade, Inc.*............. 362,500 9,334,375
--------------
SCIENCE & TECHNOLOGY -- 1.1%
Molecular Devices Corp.*....... 165,700 11,464,369
--------------
SEMICONDUCTORS -- 5.0%
Alpha Industries, Inc.*........ 282,500 12,447,656
ATMI, Inc.*.................... 273,700 12,727,050
Pixelworks, Inc.*.............. 41,200 937,300
Silicon Image, Inc.*........... 168,600 8,408,925
Therma-Wave, Inc.*............. 289,500 6,459,469
TranSwitch Corp.*.............. 170,775 13,181,695
--------------
54,162,095
--------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TELECOMMUNICATIONS -- 11.0%
ANTEC Corp.*................... 510,800 $ 21,230,124
Com21, Inc.*................... 341,700 8,542,500
Insight Communications Co.,
Inc.*........................ 664,900 10,389,063
Lightbridge, Inc.*............. 548,100 13,085,888
Polycom, Inc.*................. 282,400 26,572,074
Proxim, Inc.*.................. 46,400 4,592,150
Research in Motion Ltd.*....... 221,100 10,004,775
SBA Communications Corp.*...... 238,000 12,361,125
Spectrasite Holdings, Inc.*.... 494,300 14,025,763
--------------
120,803,462
--------------
TOTAL COMMON STOCK
(Cost $803,936,651).............. 1,032,122,276
--------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
COMMERCIAL PAPER -- 4.8%
Countrywide Home Loans, Inc.
6.88%, 07/06/00.............. $ 9,500 9,490,922
6.90%, 07/07/00.............. 8,000 7,990,800
CSW Credit, Inc.
6.72%, 07/10/00.............. 11,500 11,480,680
Ford Motor Credit Corp.
6.60%, 07/11/00.............. 11,500 11,478,917
Renaissance Energy Co.
6.90%, 07/05/00.............. 12,000 11,990,800
--------------
(Cost $52,432,119)............. 52,432,119
--------------
TOTAL INVESTMENTS -- 100.0%
(Cost $856,368,770).............. 1,084,554,395
LIABILITIES IN EXCESS OF OTHER
ASSETS -- 0.0%................... (235,814)
--------------
NET ASSETS -- 100.0%............... $1,084,318,581
==============
</TABLE>
--------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
97
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--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOREIGN STOCK -- 53.4%
AUSTRALIA -- 1.7%
Publishing & Broadcasting Ltd. ..... 7,050 $ 54,394
QBE Insurance Group Ltd. ........... 30,330 148,840
-----------
203,234
-----------
CANADA -- 1.7%
Anderson Exploration Ltd.*.......... 3,710 67,606
AT&T Canada, Inc.*.................. 950 31,738
BCE, Inc. .......................... 2,260 53,920
Nortel Networks Corp. .............. 794 55,544
-----------
208,808
-----------
FINLAND -- 1.6%
Helsingin Puhelin Oyj............... 1,920 188,834
Tecnomen Oyj*....................... 270 2,200
-----------
191,034
-----------
FRANCE -- 6.8%
Aventis SA.......................... 970 71,086
Banque National de Paris............ 1,080 104,356
Bouygues SA......................... 200 134,201
Castorama Dubois.................... 91 22,593
Compagnie Francaise d'Etudes et de
Construction Technip*............. 755 91,697
Sanofi SA........................... 3,000 143,500
Societe Television Francaise........ 563 39,397
Total Fina SA Cl-B*................. 800 123,160
Vivendi............................. 1,140 101,029
-----------
831,019
-----------
GERMANY -- 2.7%
Pharmacia Corp. .................... 2,340 120,949
ProSieben Media AG Pfd. ............ 1,780 213,286
-----------
334,235
-----------
GREECE -- 0.2%
Antenna TV SA [ADR]*................ 1,578 24,459
-----------
HONG KONG -- 0.0%
China Unicom Ltd. [ADR]*............ 170 3,613
-----------
ISRAEL -- 0.2%
Partner Communications Co. Ltd.
[ADR]*............................ 2,130 20,235
-----------
ITALY -- 0.9%
Telecom Italia Mobile SPA........... 21,010 106,138
-----------
JAPAN -- 12.0%
Canon, Inc. ........................ 4,000 199,619
Chugai Pharmaceutical Co. Ltd. ..... 9,000 170,555
Fast Retailing Co. Ltd. ............ 300 125,896
Fuji Heavy Industries Ltd. ......... 8,000 58,222
Fujitsu Ltd.*....................... 3,000 104,063
Hitachi Ltd. ....................... 14,000 202,455
Mitsubishi Electric Corp.*.......... 6,000 65,103
Mitsubishi Motors Corp. ............ 11,000 47,098
Nippon Telegraph & Telephone
Corp. ............................ 7 93,288
NTT Mobile Communication Network,
Inc. ............................. 9 244,135
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Sony Corp. ......................... 400 $ 37,429
Tokyo Broadcasting System, Inc. .... 2,000 86,577
Toshiba Corp. ...................... 3,000 33,941
-----------
1,468,381
-----------
MEXICO -- 0.5%
Grupo Televisa SA [GDR]............. 970 66,869
-----------
NETHERLANDS -- 6.2%
AKZO Nobel NV....................... 4,580 195,371
Completel Europe NV*................ 40 498
ING Groep NV........................ 1,870 126,913
Koninklijke (Royal) Philips
Electronics NV.................... 2,940 139,222
KPN NV.............................. 2,940 132,035
Libertel NV*........................ 2,390 36,542
Royal Dutch Petroleum Co. .......... 2,000 124,808
-----------
755,389
-----------
NORWAY -- 0.5%
Schibsted ASA....................... 2,100 39,064
Sparebanken NOR..................... 780 17,567
-----------
56,631
-----------
PORTUGAL -- 0.4%
Telecel-Comunicacoes Pessoais SA.... 3,560 54,260
-----------
SINGAPORE -- 1.7%
OverSea-Chinese Banking Corp.
Ltd. ............................. 10,000 68,827
Overseas Union Bank Ltd. ........... 25,000 96,878
Singapore Press Holdings Ltd. ...... 3,000 46,848
-----------
212,553
-----------
SPAIN -- 0.6%
Repsol SA........................... 3,560 71,152
-----------
SWEDEN -- 2.1%
Netcom AB Cl-B...................... 865 64,204
Saab AB*............................ 22,030 185,871
Tele1 Europe Holding AB*............ 20 246
-----------
250,321
-----------
SWITZERLAND -- 1.3%
Novartis AG......................... 101 160,500
-----------
UNITED KINGDOM -- 12.3%
Anglo Irish Bank Corp. PLC.......... 6,460 14,132
AstraZeneca Group PLC............... 2,600 121,541
British Aerospace PLC*.............. 14,332 89,392
British Petroleum Co. PLC........... 12,140 116,520
Cable & Wireless PLC................ 7,520 127,392
Capital Radio PLC................... 1,890 44,135
Carlton Communications PLC.......... 9,450 121,603
CGU PLC*............................ 8,079 134,538
Diageo PLC.......................... 10,482 94,101
NDS Group PLC [ADR]*................ 10 610
Next PLC............................ 9,000 79,093
Reckitt Benckiser PLC*.............. 6,760 75,731
Royal Bank of Scotland NY Reg. ..... 5,964 99,859
</TABLE>
98
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--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
United News & Media PLC............. 10,550 $ 151,730
Vodafone AirTouch PLC............... 54,565 220,555
-----------
1,490,932
-----------
TOTAL FOREIGN STOCK
(Cost $6,234,672)..................... 6,509,763
-----------
U.S. STOCK -- 39.6%
AEROSPACE -- 0.9%
Boeing Co. ......................... 2,610 109,131
-----------
AUTOMOTIVE PARTS -- 0.3%
TRW, Inc. .......................... 800 34,700
-----------
BROADCASTING -- 0.1%
Hearst-Argyle Television, Inc.*..... 750 14,625
-----------
COMPUTER HARDWARE -- 1.7%
Hewlett-Packard Co. ................ 790 98,651
International Business Machines
Corp. ............................ 1,000 109,563
Mirae Corp. ........................ 80 620
-----------
208,834
-----------
COMPUTER SERVICES & SOFTWARE -- 4.3%
BMC Software, Inc.*................. 2,070 75,523
Computer Associates International,
Inc. ............................. 5,570 285,114
Computer Sciences Corp.*............ 1,650 123,234
Compuware Corp.*.................... 3,450 35,794
Electronic Data Systems Corp. ...... 230 9,488
-----------
529,153
-----------
CONGLOMERATES -- 0.5%
Corning, Inc. ...................... 205 55,324
-----------
CONSUMER PRODUCTS & SERVICES -- 2.6%
Bausch & Lomb, Inc. ................ 3,000 232,125
Polaroid Corp. ..................... 4,390 79,294
-----------
311,419
-----------
ELECTRONIC COMPONENTS & EQUIPMENT -- 0.6%
Agilent Technologies, Inc.*......... 282 20,798
AT&T Wireless Group*................ 1,780 49,617
-----------
70,415
-----------
ENERGY SERVICES -- 1.0%
Halliburton Co. .................... 1,680 79,275
NRG Energy, Inc.*................... 2,470 45,078
-----------
124,353
-----------
ENTERTAINMENT & LEISURE -- 2.2%
Time Warner, Inc. .................. 1,730 131,480
Walt Disney Co. .................... 3,510 136,232
-----------
267,712
-----------
FOOD -- 1.9%
Keebler Foods Co. .................. 3,340 123,997
Safeway, Inc.*...................... 2,420 109,203
-----------
233,200
-----------
INSURANCE -- 4.0%
CIGNA Corp. ........................ 1,170 109,395
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Marsh & McLennan Companies, Inc. ... 880 $ 91,905
Metlife, Inc. ...................... 970 20,431
ReliaStar Financial Corp. .......... 2,000 104,875
The Hartford Financial Services
Group, Inc. ...................... 2,960 165,575
-----------
492,181
-----------
MACHINERY & EQUIPMENT -- 1.8%
Deere & Co. ........................ 3,610 133,570
Ingersoll-Rand Co. ................. 2,090 84,123
-----------
217,693
-----------
MEDICAL SUPPLIES & EQUIPMENT -- 0.0%
Synthes-Stratec*.................... 5 2,275
-----------
OIL & GAS -- 4.9%
Apache Corp. ....................... 1,270 74,692
Coastal Corp. ...................... 2,370 144,273
Conoco, Inc. ....................... 5,370 118,140
EOG Resources, Inc. ................ 5,770 193,294
Santa Fe International Corp. ....... 1,800 62,888
-----------
593,287
-----------
PHARMACEUTICALS -- 1.4%
Bristol-Meyers Squibb Co. .......... 850 49,513
Pfizer, Inc. ....................... 2,582 123,936
-----------
173,449
-----------
RETAIL & MERCHANDISING -- 2.0%
BJ's Wholesale Club, Inc.*.......... 3,550 117,150
CVS Corp. .......................... 3,090 123,600
-----------
240,750
-----------
SEMICONDUCTORS -- 0.9%
Motorola, Inc. ..................... 3,780 109,856
-----------
TELECOMMUNICATIONS -- 7.3%
Adelphia Business Solutions,
Inc.*............................. 1,450 33,622
AT&T Canada, Inc. NY Reg.*.......... 1,290 42,812
Bell Atlantic Corp.*................ 1,630 82,824
BroadWing, Inc. .................... 1,695 43,964
Flag Telecom Holdings Ltd.*......... 2,040 30,345
GTE Corp. .......................... 1,250 77,813
Lucent Technologies, Inc. .......... 740 43,845
NTL, Inc.*.......................... 2,552 152,801
Sprint Corp. (FON Group)............ 1,110 56,610
Sprint Corp. (PCS Group)*........... 2,620 155,889
Tellabs, Inc.*...................... 1,950 133,453
Time Warner Telecom, Inc.*.......... 710 45,706
-----------
899,684
-----------
TRANSPORTATION -- 1.2%
Canadian National Railway Co.
NY Reg. .......................... 4,670 136,306
United Parcel Service, Inc. Cl-B.... 230 13,570
-----------
149,876
-----------
TOTAL U.S. STOCK
(Cost $4,798,985)..................... 4,837,917
-----------
</TABLE>
99
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--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
-------- -----------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 12.3%
Federal Home Loan Mortgage Corp.
6.57%, 07/03/00
(Cost $1,499,453)................... $1,500 $ 1,499,453
-----------
TOTAL INVESTMENTS -- 105.3%
(Cost $12,533,110).................... 12,847,133
LIABILITIES IN EXCESS OF OTHER ASSETS --
(5.3%)................................ (644,303)
-----------
NET ASSETS -- 100.0%.................... $12,202,830
===========
</TABLE>
Foreign currency exchange contracts outstanding at June 30, 2000:
<TABLE>
<CAPTION>
IN UNREALIZED
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS APPRECIATION/
MONTH TYPE TO RECEIVE FOR AT VALUE (DEPRECIATION)
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
07/00 Buy CAD 29,387 $ 19,830 $ 19,834 $ 4
07/00 Buy EUR 149,250 142,161 143,180 1,019
07/00 Buy GBP 56,740 86,131 85,907 (224)
07/00 Buy SEK 151,750 17,157 17,307 150
-------- -------- ------
$265,279 $266,228 $ 949
======== ======== ======
<CAPTION>
IN
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE TO DELIVER FOR AT VALUE DEPRECIATION
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
07/00 Sell EUR 1,874 $ 1,768 $ 1,797 $ 29
07/00 Sell NOK 95,462 11,103 11,168 65
-------- -------- ------
$ 12,871 $ 12,965 $ 94
======== ======== ======
</TABLE>
The following is a breakdown of the foreign stock portion of the Portfolio, by
industry classification, as of June 30, 2000. Percentages are based on net
assets.
<TABLE>
<CAPTION>
INDUSTRY
--------
<S> <C>
Aerospace........................................... 2.3%
Automobile Manufacturers............................ 0.9%
Beverages........................................... 0.8%
Broadcasting........................................ 7.3%
Business Services................................... 1.9%
Chemicals........................................... 1.6%
Consumer Products & Services........................ 0.6%
Electronic Components & Equipment................... 3.9%
Financial-Bank & Trust.............................. 4.3%
Industrial Products................................. 0.8%
Insurance........................................... 2.3%
Office Equipment.................................... 1.6%
Oil & Gas........................................... 4.1%
Pharmaceuticals..................................... 6.5%
Retail & Merchandising.............................. 1.9%
Semiconductors...................................... 0.9%
Telecommunications.................................. 11.7%
-----
TOTAL............................................... 53.4%
=====
</TABLE>
--------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
100
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AST MFS GROWTH PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 83.5%
ADVERTISING -- 0.0%
Interpublic Group of Companies,
Inc. ........................... 230 $ 9,890
-----------
BEVERAGES -- 1.8%
Anheuser-Busch Companies, Inc. ... 4,480 334,600
Coca-Cola Co. .................... 6,300 361,856
-----------
696,456
-----------
BROADCASTING -- 1.7%
AT&T Corp. Liberty Media Group
Cl-A*........................... 8,060 195,455
Infinity Broadcasting Corp.*...... 4,535 165,244
UnitedGlobalCom, Inc. Cl-A*....... 1,710 79,943
USA Networks, Inc.*............... 9,200 198,950
-----------
639,592
-----------
BUSINESS SERVICES -- 0.9%
Commerce One, Inc.*............... 800 36,313
First Data Corp. ................. 5,770 286,336
Foundry Networks, Inc.*........... 300 33,150
-----------
355,799
-----------
COMPUTER HARDWARE -- 3.6%
Compaq Computer Corp. ............ 3,920 100,205
Dell Computer Corp.*.............. 10,050 495,591
EMC Corp.*........................ 6,700 515,481
Seagate Technology, Inc.*......... 4,800 264,000
-----------
1,375,277
-----------
COMPUTER SERVICES & SOFTWARE -- 14.1%
Automatic Data Processing,
Inc. ........................... 8,310 445,104
BEA Systems, Inc.*................ 1,000 49,438
BISYS Group, Inc.*................ 1,590 97,785
BMC Software, Inc.*............... 4,870 177,679
Cadence Design Systems, Inc.*..... 11,660 237,573
Cisco Systems, Inc.*.............. 16,160 1,027,169
Computer Associates International,
Inc. ........................... 5,860 299,959
Computer Sciences Corp.*.......... 5,630 420,491
Fiserv, Inc.*..................... 1,430 61,848
I2 Technologies, Inc.*............ 100 10,427
Mercury Interactive Corp.*........ 900 87,075
Microsoft Corp.*.................. 13,950 1,115,999
Oracle Corp.*..................... 5,550 466,546
Rational Software Corp.*.......... 3,600 334,575
Siebel Systems, Inc.*............. 710 116,129
Sun Microsystems, Inc.*........... 4,200 381,938
Veritas Software Corp.*........... 200 22,603
-----------
5,352,338
-----------
CONGLOMERATES -- 4.5%
Corning, Inc. .................... 2,670 720,566
Philip Morris Companies, Inc. .... 4,600 122,188
Tyco International Ltd. .......... 18,800 890,650
-----------
1,733,404
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CONSUMER PRODUCTS & SERVICES -- 0.8%
Bausch & Lomb, Inc. .............. 2,660 $ 205,818
Clorox Co. ....................... 2,100 94,106
-----------
299,924
-----------
ELECTRONIC COMPONENTS & EQUIPMENT -- 5.1%
Analog Devices, Inc.*............. 2,240 170,240
Cabletron Systems, Inc.*.......... 2,660 67,165
Capstone Turbine Corp.*........... 40 1,803
Comverse Technology, Inc.*........ 2,500 232,500
Emerson Electric Co. ............. 2,480 149,730
Flextronics International Ltd.*... 5,715 392,549
General Electric Co. ............. 10,020 511,020
Metromedia Fiber Network, Inc.
Cl-A*........................... 10,780 427,831
-----------
1,952,838
-----------
ENERGY SERVICES -- 0.9%
Dynegy, Inc. ..................... 1,600 109,300
Halliburton Co. .................. 5,230 246,791
-----------
356,091
-----------
ENTERTAINMENT & LEISURE -- 1.9%
Time Warner, Inc. ................ 3,740 284,240
Viacom, Inc. Cl-B*................ 6,531 445,333
-----------
729,573
-----------
FINANCIAL-BANK & TRUST -- 0.6%
State Street Corp. ............... 2,130 225,913
-----------
FINANCIAL SERVICES -- 3.6%
American Express Co. ............. 1,760 91,740
Associates First Capital Corp.
Cl-A............................ 7,420 165,559
AXA Financial, Inc. .............. 7,900 268,600
Citigroup, Inc. .................. 5,970 359,692
Freddie Mac....................... 7,460 302,130
Providian Financial Corp. ........ 2,150 193,500
-----------
1,381,221
-----------
FOOD -- 2.1%
Kroger Co.*....................... 7,000 154,438
Safeway, Inc.*.................... 14,080 635,360
-----------
789,798
-----------
HEALTHCARE SERVICES -- 0.5%
HCA -- The Healthcare Corp. ...... 6,300 191,363
-----------
INSURANCE -- 2.9%
American International Group,
Inc. ........................... 4,370 513,474
Lincoln National Corp. ........... 1,900 68,638
Marsh & McLennan Companies,
Inc. ........................... 1,540 160,834
Nationwide Financial Services,
Inc. ........................... 140 4,603
The Hartford Financial Services
Group, Inc. .................... 6,400 358,000
-----------
1,105,549
-----------
</TABLE>
101
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--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
INTERNET SERVICES -- 3.2%
Art Technology Group, Inc.*....... 400 $ 40,375
Check Point Software Technologies
Ltd.*........................... 1,400 296,450
E.Piphany, Inc.*.................. 700 75,031
Juniper Networks, Inc.*........... 400 58,225
VeriSign, Inc.*................... 4,215 743,948
Vignette Corp.*................... 400 20,806
-----------
1,234,835
-----------
MACHINERY & EQUIPMENT -- 1.2%
Baker Hughes, Inc. ............... 10,130 324,160
Deere & Co. ...................... 3,560 131,720
-----------
455,880
-----------
MEDICAL SUPPLIES & EQUIPMENT -- 1.8%
Abbott Laboratories............... 9,300 414,431
Genzyme Corp.*.................... 500 29,719
PE Corp. -- PE Biosystems Group... 3,500 230,563
-----------
674,713
-----------
OFFICE EQUIPMENT -- 0.0%
Office Depot, Inc.*............... 2,770 17,313
-----------
OIL & GAS -- 2.2%
Apache Corp. ..................... 830 48,814
Coastal Corp. .................... 3,700 225,238
Global Marine, Inc.*.............. 5,300 149,394
Noble Drilling Corp.*............. 3,420 140,861
Transocean Sedco Forex, Inc. ..... 4,940 263,981
-----------
828,288
-----------
PHARMACEUTICALS -- 7.2%
ALZA Corp.*....................... 1,600 94,600
American Home Products Corp. ..... 10,750 631,562
Bristol-Meyers Squibb Co. ........ 6,040 351,830
Pfizer, Inc. ..................... 14,872 713,855
Pharmacia Corp. .................. 11,518 595,337
Sepracor, Inc.*................... 900 108,563
Waters Corp.*..................... 2,090 260,858
-----------
2,756,605
-----------
RETAIL & MERCHANDISING -- 2.1%
CVS Corp. ........................ 12,700 507,999
RadioShack Corp. ................. 4,660 220,768
Wal-Mart Stores, Inc. ............ 1,510 87,014
-----------
815,781
-----------
SEMICONDUCTORS -- 8.1%
Altera Corp.*..................... 1,820 185,526
Applied Materials, Inc.*.......... 900 81,563
Atmel Corp.*...................... 2,470 91,081
Intel Corp. ...................... 6,700 895,706
Lam Research Corp.*............... 6,300 236,250
LSI Logic Corp.*.................. 6,490 351,271
Micron Technology, Inc.*.......... 10,500 924,655
National Semiconductor Corp.*..... 5,450 309,288
Stratos Lightwave, Inc.*.......... 40 1,115
-----------
3,076,455
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TELECOMMUNICATIONS -- 10.9%
Alltel Corp. ..................... 1,300 $ 80,519
Amdocs Ltd.*...................... 1,330 102,078
American Tower Corp. Cl-A*........ 7,360 306,820
China Unicom Ltd. [ADR]*.......... 30 638
Comcast Corp. Cl-A*............... 8,400 340,199
Global Crossing Ltd.*............. 13,250 348,640
Motorola, Inc. ................... 6,297 183,007
Nextel Communications, Inc.
Cl-A*........................... 3,500 214,156
NEXTLINK Communications, Inc.
Cl-A*........................... 5,100 193,481
Nortel Networks Corp. NY Reg.*.... 14,400 982,799
NTL, Inc.*........................ 3,865 231,417
Sprint Corp. (PCS Group)*......... 7,920 471,239
Tellabs, Inc.*.................... 2,800 191,625
Univision Communications, Inc.*... 1,120 115,920
Voicestream Wireless Corp.*....... 800 93,038
WorldCom, Inc.*................... 6,500 298,188
-----------
4,153,764
-----------
UTILITIES -- 1.8%
AES Corp.*........................ 13,480 615,025
Enron Corp. ...................... 1,100 70,950
-----------
685,975
-----------
TOTAL COMMON STOCK
(Cost $30,128,014).................. 31,894,635
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 13.4%
Federal Home Loan Mortgage Corp.
6.57%, 07/03/00
(Cost $5,098,139)................. $ 5,100 5,098,139
-----------
<CAPTION>
SHARES
------
<S> <C> <C>
FOREIGN STOCK -- 3.3%
FINANCIAL-BANK & TRUST -- 0.2%
HSBC Holdings PLC -- (GBP)........ 7,300 83,493
-----------
OIL & GAS -- 1.2%
Royal Dutch Petroleum
Co. -- (NLG).................... 7,600 474,271
-----------
RETAIL & MERCHANDISING -- 0.3%
Fast Retailing Co.
Ltd. -- (JPY)................... 300 125,896
-----------
TELECOMMUNICATIONS -- 1.6%
Ericsson, (L.M.) Telephone Co.
CL-B -- (SEK)................... 3,220 64,065
Nokia AB Oyj -- (FIM)............. 40 2,049
Vodafone AirTouch PLC -- (GBP).... 122,753 496,179
-----------
562,293
-----------
TOTAL FOREIGN STOCK
(Cost $1,337,561)................... 1,245,953
-----------
</TABLE>
102
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AST MFS GROWTH PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.5%
Temporary Investment Cash Fund.... 96,624 $ 96,624
Temporary Investment Fund......... 96,623 96,623
-----------
(Cost $193,247)................... 193,247
-----------
TOTAL INVESTMENTS -- 100.7%
(Cost $36,756,961).................. 38,431,974
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (0.7%).................... (263,790)
-----------
NET ASSETS -- 100.0%.................. $38,168,184
===========
</TABLE>
Foreign currency exchange contracts outstanding at June 30, 2000:
<TABLE>
<CAPTION>
IN
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE TO RECEIVE FOR AT VALUE APPRECIATION
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
07/00 Buy EUR 39,385 $37,507 $ 37,761 $254
======= ========= ====
<CAPTION>
IN
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE TO DELIVER FOR AT VALUE DEPRECIATION
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
07/00 Sell SEK 334,363 $37,807 $ 38,137 $330
======= ========= ====
</TABLE>
--------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
103
<PAGE> 105
AST MFS GROWTH WITH INCOME PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 89.3%
AEROSPACE -- 1.4%
Boeing Co. ...................... 5,960 $ 249,203
General Dynamics Corp. .......... 3,680 192,280
Honeywell International, Inc. ... 1,810 60,974
------------
502,457
------------
AUTOMOBILE MANUFACTURERS -- 0.1%
Ford Motor Co. .................. 1,070 46,010
------------
AUTOMOTIVE PARTS -- 0.4%
Delphi Automotive Systems
Corp. ......................... 4,240 62,275
TRW, Inc. ....................... 1,950 84,581
Visteon Corp.*................... 140 1,698
------------
148,554
------------
BEVERAGES -- 1.6%
Anheuser-Busch Companies,
Inc. .......................... 3,270 244,228
Coca-Cola Co. ................... 4,000 229,750
PepsiCo, Inc. ................... 1,440 63,990
------------
537,968
------------
BUSINESS SERVICES -- 0.8%
First Data Corp. ................ 5,860 290,803
------------
CHEMICALS -- 0.9%
Air Products & Chemicals,
Inc. .......................... 5,010 154,371
DuPont, (E.I.) de Nemours &
Co. ........................... 190 8,313
Rohm & Haas Co. ................. 4,800 165,599
------------
328,283
------------
CLOTHING & APPAREL -- 0.2%
Cintas Corp. .................... 2,115 77,594
------------
COMPUTER HARDWARE -- 4.4%
Compaq Computer Corp. ........... 3,740 95,604
Dell Computer Corp.*............. 5,120 252,480
EMC Corp.*....................... 2,760 212,348
Hewlett-Packard Co. ............. 6,230 777,970
International Business Machines
Corp. ......................... 1,630 178,587
------------
1,516,989
------------
COMPUTER SERVICES & SOFTWARE -- 9.9%
Automatic Data Processing,
Inc. .......................... 7,380 395,291
BMC Software, Inc.*.............. 1,530 55,821
Cisco Systems, Inc.*............. 11,400 724,613
Computer Associates
International, Inc. ........... 3,920 200,655
Computer Sciences Corp.*......... 2,460 183,731
DST Systems, Inc.*............... 2,530 192,596
Electronic Data Systems Corp. ... 100 4,125
Microsoft Corp.*................. 10,210 816,799
Oracle Corp.*.................... 3,580 300,944
Rational Software Corp.*......... 1,110 103,161
Sun Microsystems, Inc.*.......... 4,190 381,028
Veritas Software Corp.*.......... 340 38,425
------------
3,397,189
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CONGLOMERATES -- 5.1%
Corning, Inc. ................... 2,530 $ 682,783
Philip Morris Companies, Inc. ... 2,300 61,094
Tyco International Ltd. ......... 8,900 421,638
United Technologies Corp. ....... 10,420 613,478
------------
1,778,993
------------
CONSUMER PRODUCTS & SERVICES -- 1.8%
Bausch & Lomb, Inc. ............. 1,960 151,655
Clorox Co. ...................... 2,880 129,060
Colgate-Palmolive Co. ........... 3,650 218,543
Energizer Holdings, Inc.*........ 416 7,592
Gillette Co. .................... 2,760 96,428
Procter & Gamble Co. ............ 170 9,733
------------
613,011
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 5.1%
Agilent Technologies, Inc.*...... 351 25,886
Cabletron Systems, Inc.*......... 4,950 124,988
Emerson Electric Co. ............ 3,530 213,124
General Electric Co. ............ 22,840 1,164,840
Texas Instruments, Inc. ......... 300 20,606
TXU Corp. ....................... 7,350 216,825
------------
1,766,269
------------
ENTERTAINMENT & LEISURE -- 1.5%
Time Warner, Inc. ............... 5,070 385,320
Viacom, Inc. Cl-B*............... 1,900 129,556
------------
514,876
------------
FINANCIAL-BANK & TRUST -- 2.2%
Comerica, Inc. .................. 1,460 65,518
Northern Trust Corp. ............ 210 13,663
State Street Corp. .............. 4,610 488,948
U.S. Bancorp..................... 10,400 200,200
------------
768,329
------------
FINANCIAL SERVICES -- 4.8%
American Express Co. ............ 3,830 199,639
Associates First Capital Corp.
Cl-A........................... 1,430 31,907
AXA Financial, Inc. ............. 5,620 191,080
Citigroup, Inc. ................. 3,550 213,888
Fannie Mae....................... 3,380 176,394
Freddie Mac...................... 9,570 387,584
MBIA, Inc. ...................... 1,660 79,991
Merrill Lynch & Co., Inc. ....... 180 20,700
Providian Financial Corp. ....... 540 48,600
Reuters Group PLC [ADR].......... 1,040 103,935
Wells Fargo & Co. ............... 5,620 217,775
------------
1,671,493
------------
FOOD -- 3.8%
Bestfoods, Inc. ................. 1,480 102,490
Kroger Co.*...................... 6,780 149,584
Quaker Oats Co. ................. 3,530 265,191
Ralston Purina Group............. 1,970 39,277
Safeway, Inc.*................... 17,180 775,247
------------
1,331,789
------------
</TABLE>
104
<PAGE> 106
AST MFS GROWTH WITH INCOME PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
HEALTHCARE SERVICES -- 0.5%
United HealthGroup, Inc. ........ 1,970 $ 168,928
------------
INSURANCE -- 3.5%
Allstate Corp. .................. 2,000 44,500
American International Group,
Inc. .......................... 2,810 330,175
Lincoln National Corp. .......... 1,700 61,413
Marsh & McLennan Companies,
Inc. .......................... 1,500 156,656
St. Paul Companies, Inc. ........ 1,780 60,743
The Hartford Financial Services
Group, Inc. ................... 9,070 507,352
Torchmark Corp. ................. 2,760 68,138
------------
1,228,977
------------
MACHINERY & EQUIPMENT -- 2.0%
Baker Hughes, Inc. .............. 6,450 206,400
Deere & Co. ..................... 7,500 277,500
Grainger, (W.W.), Inc. .......... 2,420 74,566
Ingersoll-Rand Co. .............. 3,450 138,863
------------
697,329
------------
MEDICAL SUPPLIES & EQUIPMENT -- 1.4%
Johnson & Johnson Co. ........... 1,650 168,094
Medtronic, Inc. ................. 6,180 307,841
PE Corp. -- PE Biosystems
Group.......................... 320 21,080
------------
497,015
------------
OIL & GAS -- 8.3%
BP Amoco PLC [ADR]............... 14,849 839,896
Chevron Corp. ................... 1,570 133,156
Coastal Corp. ................... 7,430 452,301
Conoco, Inc. Cl-B*............... 12,200 299,663
Exxon Mobil Corp. ............... 10,112 794,423
Global Marine, Inc.* ............ 1,700 47,919
Transocean Sedco Forex, Inc. .... 2,510 134,128
Williams Companies, Inc. ........ 4,100 170,919
------------
2,872,405
------------
PAPER & FOREST PRODUCTS -- 0.1%
Weyerhaeuser Co. ................ 590 25,370
------------
PHARMACEUTICALS -- 8.3%
American Home Products Corp. .... 3,560 209,150
Bristol-Meyers Squibb Co. ....... 10,250 597,063
Pfizer, Inc. .................... 23,522 1,129,055
Pharmacia Corp. ................. 14,382 743,370
Schering-Plough Corp. ........... 3,630 183,315
------------
2,861,953
------------
PRINTING & PUBLISHING -- 2.0%
Gannett Co., Inc. ............... 4,270 255,399
New York Times Co. .............. 6,800 268,600
Tribune Co. ..................... 4,820 168,700
------------
692,699
------------
RESTAURANTS -- 0.2%
McDonald's Corp. ................ 2,180 71,804
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
RETAIL & MERCHANDISING -- 2.8%
CVS Corp. ....................... 10,640 $ 425,600
Target Corp. .................... 160 9,280
Wal-Mart Stores, Inc. ........... 9,120 525,540
------------
960,420
------------
SEMICONDUCTORS -- 3.9%
Intel Corp. ..................... 8,640 1,155,060
National Semiconductor Corp.* ... 3,480 197,490
------------
1,352,550
------------
TELECOMMUNICATIONS -- 10.3%
Alltel Corp. .................... 4,770 295,442
Bell Atlantic Corp.*............. 9,870 501,519
BellSouth Corp. ................. 1,610 68,626
BroadWing, Inc. ................. 3,640 94,413
Global Crossing Ltd.*............ 2,020 53,151
Motorola, Inc. .................. 12,705 369,239
Nokia Corp. Cl-A [ADR]........... 2,510 125,343
Nortel Networks Corp. NY Reg.*... 10,990 750,067
Qwest Communications
International, Inc.*........... 960 47,700
SBC Communications, Inc. ........ 6,980 301,885
Sprint Corp. (FON Group)......... 4,670 238,170
Sprint Corp. (PCS Group)*........ 2,830 168,385
Tellabs, Inc.*................... 3,190 218,316
WorldCom, Inc.*.................. 6,445 295,664
------------
3,527,920
------------
TRANSPORTATION -- 0.2%
Canadian National Railway Co. ... 2,307 67,336
------------
UTILITIES -- 1.8%
CMS Energy Corp. ................ 2,610 57,746
Enron Corp. ..................... 1,410 90,945
Nisource, Inc. .................. 3,630 67,609
PECO Energy Co. ................. 5,560 224,137
Pinnacle West Capital Co. ....... 3,430 116,191
Unicom Corp. .................... 1,480 57,258
------------
613,886
------------
TOTAL COMMON STOCK (Cost
$30,029,856)....................... 30,929,199
------------
<CAPTION>
PAR
(000)
---------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 5.2%
Federal Home Loan Mortgage Corp.
6.57%, 07/03/00
(Cost $1,799,343)................ $ 1,800 1,799,343
------------
<CAPTION>
SHARES
------
<S> <C> <C>
FOREIGN STOCK -- 2.8%
CHEMICALS -- 0.3%
AKZO Nobel NV -- (NLG)........... 2,540 108,349
------------
FINANCIAL -- BANK & TRUST -- 0.2%
HSBC Holdings PLC -- (GBP)....... 5,600 64,050
------------
</TABLE>
105
<PAGE> 107
AST MFS GROWTH WITH INCOME PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FINANCIAL SERVICES -- 0.3%
ING Groep NV -- (NLG)............ 1,433 $ 97,255
------------
OIL & GAS -- 1.1%
Royal Dutch Petroleum Co. --
(NLG).......................... 6,280 391,898
------------
PHARMACEUTICALS -- 0.3%
AstraZeneca Group
PLC -- (GBP)*.................. 2,590 120,962
------------
TELECOMMUNICATIONS -- 0.6%
KPN NV -- (NLG).................. 1,792 80,479
Vodafone AirTouch PLC -- (GBP)... 30,797 124,484
------------
204,963
------------
TOTAL FOREIGN STOCK (Cost
$1,007,325)........................ 987,477
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
CORPORATE OBLIGATIONS -- 0.4%
FINANCIAL SERVICES -- 0.2%
Bell Atlantic Financial Services
144A 4.25%, 09/15/05........... $ 42 54,705
OIL & GAS -- 0.1%
Transocean Sedco Forex, Inc.
[ZCB] 2.75%, 05/24/03.......... 30 18,000
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
TELECOMMUNICATIONS -- 0.1%
NTL, Inc. 144A 5.75%, 12/15/09... $ 103 $ 81,370
TOTAL CORPORATE OBLIGATIONS (Cost
$167,357).......................... 154,075
------------
<CAPTION>
SHARES
------
<S> <C> <C>
PREFERRED STOCK -- 0.2%
TELECOMMUNICATIONS
Global Crossing Ltd. 6.75% [CVT]
(Cost $75,000)................... 300 66,788
------------
SHORT-TERM INVESTMENTS -- 2.1%
Temporary Investment Cash Fund... 367,015 367,015
Temporary Investment Fund........ 367,015 367,015
------------
(Cost $734,030).................. 734,030
------------
TOTAL INVESTMENTS -- 100.0% (Cost
$33,812,911)....................... 34,670,912
LIABILITIES IN EXCESS OF OTHER
ASSETS -- 0.0%..................... (2,707)
------------
NET ASSETS -- 100.0%................. $ 34,668,205
============
</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 0.4% of net assets.
See Notes to Financial Statements.
106
<PAGE> 108
AST ALGER ALL-CAP GROWTH PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 90.3%
ADVERTISING -- 0.4%
Omnicom Group, Inc. ........... 11,000 $ 979,688
--------------
BROADCASTING -- 2.7%
AT&T Corp. Liberty Media Group
Cl-A*........................ 73,000 1,770,250
Clear Channel Communications,
Inc.*........................ 60,800 4,560,000
--------------
6,330,250
--------------
BUSINESS SERVICES -- 1.2%
Commerce One, Inc.*............ 45,400 2,060,734
Foundry Networks, Inc.*........ 6,500 718,250
--------------
2,778,984
--------------
COMPUTER HARDWARE -- 4.2%
ASM Lithography Holding NV NY
Reg.*........................ 46,400 2,047,400
Dell Computer Corp.*........... 86,900 4,285,256
Hewlett-Packard Co............. 29,500 3,683,813
--------------
10,016,469
--------------
COMPUTER SERVICES & SOFTWARE -- 16.8%
Ariba, Inc.*................... 34,900 3,421,836
Brocade Communications Systems,
Inc.*........................ 5,800 1,064,209
Cisco Systems, Inc.*........... 119,600 7,602,074
I2 Technologies, Inc.*......... 24,165 2,519,579
Mercury Interactive Corp.*..... 30,000 2,902,500
Microsoft Corp.*............... 95,900 7,671,999
Oracle Corp.*.................. 53,800 4,522,563
Phone.com, Inc.*............... 29,400 1,914,675
RealNetworks, Inc.*............ 13,000 657,313
Sun Microsystems, Inc.*........ 49,600 4,510,500
Veritas Software Corp.*........ 30,000 3,390,469
--------------
40,177,717
--------------
CONGLOMERATES -- 1.8%
Corning, Inc. ................. 15,700 4,237,038
--------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 3.9%
Agilent Technologies, Inc.*.... 11,251 829,761
Linear Technology Corp......... 37,100 2,372,081
Teradyne, Inc.*................ 29,300 2,153,550
Texas Instruments, Inc......... 56,600 3,887,713
--------------
9,243,105
--------------
ENERGY SERVICES -- 0.7%
Halliburton Co. ............... 36,700 1,731,781
--------------
FINANCIAL SERVICES -- 3.0%
American Express Co. .......... 11,100 578,588
Citigroup, Inc. ............... 91,000 5,482,750
Morgan Stanley Dean Witter & Co. 14,500 1,207,125
--------------
7,268,463
--------------
FOOD -- 2.0%
Safeway, Inc.*................. 107,100 4,832,888
--------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
HEALTHCARE SERVICES -- 3.0%
Amgen, Inc.*................... 100,400 $ 7,053,100
--------------
INTERNET SERVICES -- 8.9%
America Online, Inc.*.......... 77,900 4,109,225
eBay, Inc.*.................... 87,600 4,757,776
Exodus Communications, Inc.*... 64,000 2,948,000
VeriSign, Inc.*................ 15,500 2,735,750
Vignette Corp.*................ 62,800 3,266,581
Yahoo!, Inc.*.................. 28,150 3,487,081
--------------
21,304,413
--------------
MEDICAL SUPPLIES & EQUIPMENT -- 1.5%
Affymetrix, Inc.*.............. 10,000 1,651,250
Medtronic, Inc. ............... 37,800 1,882,913
--------------
3,534,163
--------------
OIL & GAS -- 1.0%
BJ Services Co.*............... 21,400 1,337,500
Nabors Industries, Inc.*....... 24,700 1,026,594
--------------
2,364,094
--------------
PHARMACEUTICALS -- 3.1%
Celgene Corp.*................. 16,800 989,100
Genentech, Inc.*............... 14,200 2,442,400
Lilly, (Eli) & Co.............. 11,500 1,148,563
Waters Corp.*.................. 21,800 2,720,912
--------------
7,300,975
--------------
RETAIL & MERCHANDISING -- 3.6%
Home Depot, Inc. .............. 73,800 3,685,388
Wal-Mart Stores, Inc. ......... 83,200 4,794,400
--------------
8,479,788
--------------
SEMICONDUCTORS -- 20.4%
Altera Corp.*.................. 40,400 4,118,275
Applied Materials, Inc.*....... 48,700 4,413,438
Applied Micro Circuits
Corp.*....................... 28,400 2,804,500
Broadcom Corp. Cl-A*........... 16,100 3,524,894
Conexant Systems, Inc.*........ 18,600 904,425
E-Tek Dynamics, Inc.*.......... 8,300 2,189,644
Intel Corp..................... 38,800 5,187,074
JDS Uniphase Corp.*............ 55,800 6,689,024
LSI Logic Corp.*............... 56,500 3,058,063
Micron Technology, Inc.*....... 60,700 5,345,393
PMC-Sierra, Inc.*.............. 20,000 3,553,750
SDL, Inc.*..................... 8,800 2,509,650
Vitesse Semiconductor Corp.*... 50,400 3,707,550
Xilinx, Inc.*.................. 12,400 1,023,775
--------------
49,029,455
--------------
TELECOMMUNICATIONS -- 12.1%
Allegiance Telecom, Inc.*...... 29,100 1,862,400
Amdocs Ltd.*................... 26,000 1,995,500
Comcast Corp. Cl-A*............ 24,400 988,200
Cox Communications, Inc.
Cl-A*........................ 23,000 1,047,938
Efficient Networks, Inc.*...... 13,600 1,000,450
Ericsson, (L.M.) Telephone Co.
[ADR]........................ 112,000 2,240,000
McLeodUSA, Inc. Cl-A*.......... 29,400 608,213
</TABLE>
107
<PAGE> 109
AST ALGER ALL-CAP GROWTH PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Motorola, Inc.................. 123,000 $ 3,574,688
Nextel Communications, Inc.
Cl-A*........................ 31,600 1,933,525
Nokia Corp. Cl-A [ADR]......... 70,350 3,513,103
Nortel Networks Corp. NY
Reg.*........................ 63,000 4,299,749
Sprint Corp. (PCS Group)*...... 99,700 5,932,149
--------------
28,995,915
--------------
TOTAL COMMON STOCK
(Cost $224,301,442).............. 215,658,286
--------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
SOVEREIGN ISSUES -- 2.5%
AUSTRIA
Bank of Austria
6.58%, 07/14/00
(Cost $5,985,743).............. $ 6,000 5,985,743
--------------
COMMERCIAL PAPER -- 6.7%
Fayette Funding
6.65%, 07/21/00.............. 5,000 4,981,528
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Nestle Capital
6.66%, 07/07/00.............. $ 7,000 $ 6,992,230
Salomon SB Holdings
6.53%, 07/03/00.............. 4,000 3,998,549
--------------
(Cost $15,972,307)............. 15,972,307
--------------
<CAPTION>
SHARES
------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.3%
Temporary Investment Cash
Fund......................... 318,245 318,245
Temporary Investment Fund...... 318,244 318,244
--------------
(Cost $636,489)................ 636,489
--------------
TOTAL INVESTMENTS -- 99.8%
(Cost $246,895,981).............. 238,252,825
OTHER ASSETS LESS
LIABILITIES -- 0.2%.............. 545,073
--------------
NET ASSETS -- 100.0%............... $ 238,797,898
==============
</TABLE>
--------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
108
<PAGE> 110
AST JANUS MID-CAP GROWTH PORTFOLIO
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 73.8%
COMPUTER HARDWARE -- 1.3%
ASM Lithography Holding NV NY
Reg.*............................ 10,205 $ 450,296
-----------
COMPUTER SERVICES & SOFTWARE -- 10.6%
Be Free, Inc.*..................... 61,245 551,205
DigitalThink, Inc.*................ 16,850 604,852
InfoSpace.com, Inc.*............... 5,195 287,024
Inktomi Corp.*..................... 3,940 465,905
Media 100, Inc.*................... 2,165 55,749
National Computer Systems, Inc..... 10,640 524,020
Pinnacle Systems, Inc.*............ 21,375 480,604
RealNetworks, Inc.*................ 11,235 568,069
StorageNetworks, Inc.*............. 355 32,039
-----------
3,569,467
-----------
ELECTRONIC COMPONENTS & EQUIPMENT -- 9.6%
Metromedia Fiber Network, Inc.
CI-A*............................ 33,520 1,330,325
SCI Systems, Inc.*................. 17,475 686,986
Symbol Technologies, Inc. ......... 21,600 1,202,850
-----------
3,220,151
-----------
ENTERTAINMENT & LEISURE -- 1.2%
Royal Caribbean Cruises Ltd. ...... 21,855 404,318
-----------
FINANCIAL SERVICES -- 1.9%
E*TRADE Group, Inc.*............... 37,935 625,928
-----------
HEALTH CARE -- 0.9%
Medarex, Inc.*..................... 3,450 292,370
-----------
INTERNET SERVICES -- 16.2%
Digex, Inc.*....................... 9,240 627,743
Exodus Communications, Inc.*....... 10,570 486,881
PSINet, Inc.*...................... 86,497 2,173,236
Skillsoft Corp.*................... 83,565 1,180,355
Verio, Inc.*....................... 17,675 980,686
-----------
5,448,901
-----------
MEDICAL SUPPLIES & EQUIPMENT -- 4.1%
Genzyme Corp.*..................... 5,285 314,127
Maxygen, Inc.*..................... 10,055 570,778
PE Corp. -- PE Biosystems Group.... 7,435 489,781
-----------
1,374,686
-----------
PHARMACEUTICALS -- 3.7%
King Pharmaceuticals, Inc.*........ 18,540 813,442
Millennium Pharmaceuticals,
Inc.*............................ 3,995 446,941
-----------
1,260,383
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SEMICONDUCTORS -- 2.5%
Integrated Device Technology,
Inc.*............................ 5,005 $ 299,674
Marvell Technology Group Ltd.*..... 3,275 186,675
Vitesse Semiconductor Corp.*....... 4,995 367,445
-----------
853,794
-----------
TELECOMMUNICATIONS -- 21.8%
Adaptive Broadband Corp.*.......... 7,905 290,509
AT&T Canada, Inc. NY Reg.*......... 35,950 1,193,090
Caprock Communications Corp.*...... 33,565 654,518
Carrier 1 International SA*........ 26,685 310,213
Clearnet Communications, Inc.*..... 27,240 756,336
CTC Communications Group, Inc.*.... 13,440 483,840
EchoStar Communications Corp.
CI-A*............................ 20,945 693,476
Infonet Services Corp. CI-B*....... 38,395 458,340
McLeodUSA, Inc. CI-A*.............. 49,610 1,026,306
Research in Motion Ltd.*........... 14,750 667,438
Western Wireless Corp. CI-A*....... 15,315 834,667
-----------
7,368,733
-----------
TOTAL COMMON STOCK
(Cost $24,758,683)................... 24,869,037
-----------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 31.2%
Federal Home Loan Mortgage Corp.
6.57%, 07/03/00
(Cost $10,496,168)................. $10,500 10,496,168
-----------
CORPORATE OBLIGATIONS -- 0.9%
COMPUTER SERVICES & SOFTWARE
Mercury Interactive Corp. 144A
4.75%, 07/01/07
(Cost $280,000).................... 280 301,168
-----------
<CAPTION>
SHARES
------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.1%
Temporary Investment Cash Fund..... 8,625 8,625
Temporary Investment Fund.......... 8,625 8,625
-----------
(Cost $17,250)..................... 17,250
-----------
TOTAL INVESTMENTS -- 106.0%
(Cost $35,552,101)................... 35,683,623
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (6.0%)..................... (2,019,513)
-----------
NET ASSETS -- 100.0%................... $33,664,110
===========
</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 0.9% of net assets.
See Notes to Financial Statements.
109
<PAGE> 111
DEFINITION OF ABBREVIATIONS
--------------------------------------------------------------------------------
THE FOLLOWING ABBREVIATIONS ARE USED THROUGHOUT THE SCHEDULES OF INVESTMENTS:
SECURITY DESCRIPTIONS:
-----------------------
ADR-American Depositary Receipt
BRB-Brady Bond
CVT-Convertible Security
FRB-Floating Rate Bond (1)
FRN-Floating Rate Note (1)
GDR-Global Depositary Receipt
IO-Interest Only Security
PIK-Payment in Kind Security
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, 2000.
(2)- Rates shown are the effective yields at purchase date.
COUNTRIES/CURRENCIES:
---------------------------
ATS-Austria/Austrian Schilling
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
PTE-Portugal/Portuguese Escudo
SEK-Sweden/Swedish Krona
SGD-Singapore/Singapore Dollar
110
<PAGE> 112
(This page intentionally left blank)
111
<PAGE> 113
AMERICAN SKANDIA TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2000 (UNAUDITED)
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------------------------------------------------
AST
AST AST NEUBERGER
AIM ALLIANCE 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)........... $753,260 $1,471,933 $5,908,809 $1,841,254 $683,334 $587,228
Collateral received for securities lent.......... -- 122,685 1,320,084 -- 73,153 89,761
Cash............................................. 38 7,498 146 1 -- 13
Foreign currency at value (B).................... 2,987 -- -- -- -- --
Unrealized appreciation on foreign currency
exchange contracts............................. -- -- -- -- -- --
Receivable for:
Securities sold................................ 1,101 21,311 -- -- 2,606 2,018
Dividends and interest......................... 1,628 2,820 3,458 13,185 945 5,008
Futures variation margin....................... -- -- -- -- -- 388
Unrealized appreciation on interest rate swap
agreements................................... -- -- -- -- -- --
Other assets..................................... 14 10 -- 11 -- 4
-------- ---------- ---------- ---------- -------- --------
TOTAL ASSETS................................. 759,028 1,626,257 7,232,497 1,854,451 760,038 684,420
-------- ---------- ---------- ---------- -------- --------
LIABILITIES
Cash overdraft................................... -- -- -- -- -- --
Unrealized depreciation on foreign currency
exchange contracts............................. -- -- -- -- -- --
Written options outstanding, at value............ -- -- -- -- -- 3
Unrealized depreciation on interest rate swap
agreements..................................... -- -- -- -- -- --
Payable upon return of securities lent........... -- 122,685 1,320,084 -- 73,153 89,761
Payable for:
Securities purchased........................... 2,341 22,416 3,522 -- 8,698 3,076
Futures variation margin....................... -- -- -- -- -- --
Advisory fees.................................. 503 626 2,141 697 298 182
Shareholder servicing fees..................... 62 135 497 159 58 48
Accrued dividends.............................. -- -- -- 9,068 -- --
Accrued expenses and other liabilities......... 527 146 290 131 84 314
-------- ---------- ---------- ---------- -------- --------
TOTAL LIABILITIES............................ 3,433 146,008 1,326,534 10,055 82,291 93,384
-------- ---------- ---------- ---------- -------- --------
NET ASSETS.......................................... $755,595 $1,480,249 $5,905,963 $1,844,396 $677,747 $591,036
======== ========== ========== ========== ======== ========
COMPONENTS OF NET ASSETS
Common stock (unlimited number of shares authorized,
$.001 par value per share)......................... $ 28 $ 75 $ 125 $ 1,844 $ 49 $ 42
Additional paid-in capital.......................... 548,679 1,309,036 3,468,385 1,842,573 641,732 509,732
Undistributed net investment income (loss).......... (379) 8,654 (13,302) -- 1,071 5,690
Accumulated net realized gain (loss) on
investments........................................ 56,913 130,723 (62,511) (21) 6,228 (10,117)
Accumulated net unrealized appreciation
(depreciation) on investments...................... 150,354 31,761 2,513,266 -- 28,667 85,689
-------- ---------- ---------- ---------- -------- --------
NET ASSETS.......................................... $755,595 $1,480,249 $5,905,963 $1,844,396 $677,747 $591,036
======== ========== ========== ========== ======== ========
Shares of common stock outstanding.................. 28,107 74,725 125,275 1,844,417 48,874 41,658
Net asset value, offering and redemption price per
share.............................................. $ 26.88 $ 19.81 $ 47.14 $ 1.00 $ 13.87 $ 14.19
======== ========== ========== ========== ======== ========
(A) Investments at cost............................. $602,849 $1,440,172 $3,395,537 $1,841,254 $654,667 $501,510
======== ========== ========== ========== ======== ========
(B) Foreign currency at cost........................ $ 2,974 $ -- $ -- $ -- $ -- $ --
======== ========== ========== ========== ======== ========
</TABLE>
--------------------------------------------------------------------------------
See Notes to Financial Statements.
112
<PAGE> 114
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
PORTFOLIO
----------------------------------------------------------------------------------------------------------
AST AST AST
AST AST PIMCO AST AST AMERICAN AST NEUBERGER
FEDERATED T. ROWE TOTAL INVESCO JANUS CENTURY T. ROWE BERMAN
HIGH PRICE ASSET RETURN EQUITY SMALL-CAP INTERNATIONAL PRICE GLOBAL MID-CAP
YIELD ALLOCATION BOND INCOME GROWTH GROWTH II BOND GROWTH
--------- ----------- ---------- ---------- ---------- ------------- ------------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
$595,932 $435,458 $1,505,578 $1,153,162 $1,066,122 $455,183 $130,363 $763,228
14,739 81,926 -- 80,267 127,085 -- -- 177,178
-- 420 14,161 3,578 -- 65 5,197 --
-- -- 3,074 -- -- -- 17 --
-- -- 47 -- -- 67 315 --
425 626 1,031 1,341 1,708 4,894 5,240 2,940
11,316 2,893 12,051 5,286 146 1,048 2,245 328
-- -- -- -- -- -- -- --
-- -- 440 -- -- -- -- --
6 3 10 14 -- 4 -- --
-------- -------- ---------- ---------- ---------- -------- -------- --------
622,418 521,326 1,536,392 1,243,648 1,195,061 461,261 143,377 943,674
-------- -------- ---------- ---------- ---------- -------- -------- --------
-- -- -- -- -- -- -- --
-- -- 91 -- -- 21 95 --
-- -- 508 -- -- -- -- --
-- -- 568 -- -- -- -- --
14,739 81,926 -- 80,267 127,085 -- -- 177,178
2,585 825 401,287 17,021 15,265 7,473 6,680 685
-- -- 69 -- -- -- -- --
368 102 250 721 363 153 46 238
47 35 93 95 83 37 11 56
-- -- -- -- -- -- -- --
69 94 121 108 102 293 273 70
-------- -------- ---------- ---------- ---------- -------- -------- --------
17,808 82,982 402,987 98,212 142,898 7,977 7,105 178,227
-------- -------- ---------- ---------- ---------- -------- -------- --------
$604,610 $438,344 $1,133,405 $1,145,436 $1,052,163 $453,284 $136,272 $765,447
======== ======== ========== ========== ========== ======== ======== ========
$ 58 $ 24 $ 105 $ 67 $ 33 $ 33 $ 15 $ 29
682,967 336,060 1,154,192 977,651 675,976 327,567 151,589 563,999
28,820 5,724 29,736 11,908 (7,153) (1,273) 8,210 (4,296)
(17,258) 9,127 (34,574) (1,873) 168,903 100,025 (18,670) 90,809
(89,977) 87,409 (16,054) 157,683 214,404 26,932 (4,872) 114,906
-------- -------- ---------- ---------- ---------- -------- -------- --------
$604,610 $438,344 $1,133,405 $1,145,436 $1,052,163 $453,284 $136,272 $765,447
======== ======== ========== ========== ========== ======== ======== ========
57,565 23,733 104,870 66,945 32,783 32,797 14,956 28,854
$10.50 $ 18.47 $ 10.81 $ 17.11 $ 32.09 $ 13.82 $ 9.11 $ 26.53
======== ======== ========== ========== ========== ======== ======== ========
$685,908 $348,046 $1,527,046 $ 995,479 $ 851,718 $428,271 $135,448 $648,322
======== ======== ========== ========== ========== ======== ======== ========
$ -- $ -- $ 3,063 $ -- $ -- $ -- $ 17 $ --
======== ======== ========== ========== ========== ======== ======== ========
----------------------------------------------------------------------------------------------------------
</TABLE>
113
<PAGE> 115
AMERICAN SKANDIA TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2000 (UNAUDITED)
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
------------------------------------------------------------------
PORTFOLIO
--------------------------------------------------------------------------------------------------------------------------------
AST AST AST
T. ROWE PIMCO AST AMERICAN
AST PRICE LIMITED AST JANUS CENTURY
FOUNDERS NATURAL MATURITY ALLIANCE OVERSEAS INCOME &
PASSPORT RESOURCES BOND GROWTH GROWTH GROWTH
-------- --------- -------- -------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in securities at value (A)................... $338,518 $116,080 $452,579 $443,785 $1,545,485 $478,044
Collateral received for securities lent.................. -- 9,099 -- 103,202 -- 53,158
Cash..................................................... -- 2,379 -- -- 21 282
Foreign currency at value (B)............................ 764 -- 335 -- 2 --
Unrealized appreciation on foreign currency exchange
contracts.............................................. 27 -- 40 -- 8,288 --
Receivable for:
Securities sold........................................ 10,034 596 31 3,862 6,266 606
Dividends and interest................................. 536 219 4,214 66 1,468 499
Futures variation margin............................... -- -- -- -- -- 25
Unrealized appreciation on interest rate swap
agreements........................................... -- -- -- -- -- --
Other assets............................................. 1 1 4 2 -- 2
-------- -------- -------- -------- ---------- --------
TOTAL ASSETS......................................... 349,880 128,374 457,203 550,917 1,561,530 532,616
-------- -------- -------- -------- ---------- --------
LIABILITIES
Cash overdraft........................................... -- -- -- -- -- --
Unrealized depreciation on foreign currency exchange
contracts.............................................. 44 -- -- -- 5,452 --
Written options outstanding, at value.................... -- -- 31 -- -- --
Unrealized depreciation on interest rate swap
agreements............................................. -- -- 145 -- -- --
Payable upon return of securities lent................... -- 9,099 -- 103,202 -- 53,158
Payable for:
Securities purchased................................... 9,398 2 67,101 3,379 14,602 449
Futures variation margin............................... -- -- -- -- -- --
Advisory fees.......................................... 153 54 84 102 704 122
Shareholder servicing fees............................. 95 10 32 36 218 64
Accrued dividends...................................... -- -- -- -- -- --
Accrued expenses and other liabilities................. 27 51 89 91 402 62
-------- -------- -------- -------- ---------- --------
TOTAL LIABILITIES.................................... 9,717 9,216 67,482 106,810 21,378 53,855
-------- -------- -------- -------- ---------- --------
NET ASSETS.................................................. $340,163 $119,158 $389,721 $444,107 $1,540,152 $478,761
======== ======== ======== ======== ========== ========
COMPONENTS OF NET ASSETS
Common stock (unlimited number of shares authorized, $.001
par value per share)....................................... $ 18 $ 9 $ 37 $ 23 $ 64 $ 34
Additional paid-in capital.................................. 342,445 112,432 386,087 313,934 858,591 452,340
Undistributed net investment income (loss).................. (474) 915 10,742 (4,326) (7,594) 1,474
Accumulated net realized gain (loss) on investments......... (9,099) 4,987 (878) 106,749 219,939 (938)
Accumulated net unrealized appreciation (depreciation) on
investments................................................ 7,273 815 (6,267) 27,727 469,152 25,851
-------- -------- -------- -------- ---------- --------
NET ASSETS.................................................. $340,163 $119,158 $389,721 $444,107 $1,540,152 $478,761
======== ======== ======== ======== ========== ========
Shares of common stock outstanding.......................... 17,656 8,520 36,997 22,901 64,044 34,081
Net asset value, offering and redemption price per share.... $ 19.27 $ 13.99 $ 10.53 $ 19.39 $ 24.05 $ 14.05
======== ======== ======== ======== ========== ========
(A) Investments at cost..................................... $331,194 $115,262 $458,732 $416,058 $1,079,135 $452,151
======== ======== ======== ======== ========== ========
(B) Foreign currency at cost................................ $ 799 $ -- $ 340 $ -- $ 2 $ --
======== ======== ======== ======== ========== ========
</TABLE>
--------------------------------------------------------------------------------
See Notes to Financial Statements.
114
<PAGE> 116
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
PORTFOLIO
--------------------------------------------------------------------------------------------------------
AST AST AST AST AST
AMERICAN AMERICAN T. ROWE AST AST LORD SANFORD AST
CENTURY CENTURY PRICE SMALL MARSICO COHEN & ABBETT BERNSTEIN KEMPER
STRATEGIC INTERNATIONAL COMPANY CAPITAL STEERS SMALL CAP MANAGED SMALL-CAP
BALANCED GROWTH VALUE GROWTH REALTY VALUE INDEX 500 GROWTH
--------- ------------- ----------- ---------- ------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$227,440 $301,812 $301,596 $1,908,129 $88,326 $124,225 $724,098 $1,084,554
21,907 -- 14,139 250,406 10,372 6,946 55,725 103,728
112 12 -- -- 1,056 -- 719 698
-- -- -- -- -- -- -- --
-- 43 -- -- -- -- -- --
1,110 3,173 960 1,330 159 558 416 524
1,465 360 411 664 514 58 894 85
15 -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
1 -- 2 6 -- -- 3 2
-------- -------- -------- ---------- ------- -------- -------- ----------
252,050 305,400 317,108 2,160,535 100,427 131,787 781,855 1,189,591
-------- -------- -------- ---------- ------- -------- -------- ----------
-- -- -- 564 -- -- -- --
-- 13 -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
21,907 -- 14,139 250,406 10,372 6,946 55,725 103,728
4,613 3,241 -- -- -- 901 -- 1,017
-- -- -- -- -- -- -- --
70 111 126 706 46 36 90 352
18 33 24 159 11 10 61 80
-- -- -- -- -- -- -- --
50 132 64 126 12 16 65 95
-------- -------- -------- ---------- ------- -------- -------- ----------
26,658 3,530 14,353 251,961 10,441 7,909 55,941 105,272
-------- -------- -------- ---------- ------- -------- -------- ----------
$225,392 $301,870 $302,755 $1,908,574 $89,986 $123,878 $725,914 $1,084,319
======== ======== ======== ========== ======= ======== ======== ==========
$ 16 $ 15 $ 25 $ 97 $ 10 $ 10 $ 54 $ 70
206,791 254,707 304,661 1,468,126 90,316 109,272 678,179 716,555
2,332 (306) 1,405 (4,434) 2,361 (383) 2,697 (5,823)
4,549 19,329 3,279 52,295 (3,456) (372) 20,875 145,332
11,704 28,125 (6,615) 392,490 755 15,351 24,109 228,185
-------- -------- -------- ---------- ------- -------- -------- ----------
$225,392 $301,870 $302,755 $1,908,574 $89,986 $123,878 $725,914 $1,084,319
======== ======== ======== ========== ======= ======== ======== ==========
15,827 14,900 24,943 96,864 10,087 10,185 53,744 70,130
$ 14.24 $ 20.26 $ 12.14 $ 19.70 $ 8.92 $ 12.16 $ 13.51 $ 15.46
======== ======== ======== ========== ======= ======== ======== ==========
$215,709 $273,725 $308,210 $1,515,639 $87,572 $108,875 $699,989 $ 856,369
======== ======== ======== ========== ======= ======== ======== ==========
$ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
======== ======== ======== ========== ======= ======== ======== ==========
--------------------------------------------------------------------------------------------------------
</TABLE>
115
<PAGE> 117
AMERICAN SKANDIA TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2000 (UNAUDITED)
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
----------------------------------------------------
PORTFOLIO
------------------------------------------------------------------------------------------------------------------
AST
AST MFS AST AST
MFS AST GROWTH ALGER JANUS
GLOBAL MFS WITH ALL-CAP MID-CAP
EQUITY GROWTH INCOME GROWTH GROWTH
------- ------- ------- -------- -------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in securities at value (A)................... $12,847 $38,432 $34,671 $238,253 $35,684
Collateral received for securities lent.................. -- 5,999 3,365 63,294 6,505
Cash..................................................... 58 24 59 3,552 --
Foreign currency at value (B)............................ 1 -- -- -- --
Unrealized appreciation on foreign currency exchange
contracts.............................................. 1 -- -- -- --
Receivable for:
Securities sold........................................ 60 253 155 2,503 --
Dividends and interest................................. 3 15 29 48 2
Futures variation margin............................... -- -- -- -- --
Unrealized appreciation on interest rate swap
agreements........................................... -- -- -- -- --
Other assets............................................. -- -- -- -- --
------- ------- ------- -------- -------
TOTAL ASSETS......................................... 12,970 44,723 38,279 307,650 42,191
------- ------- ------- -------- -------
LIABILITIES
Cash overdraft........................................... -- -- -- -- --
Unrealized depreciation on foreign currency exchange
contracts.............................................. -- -- -- -- --
Written options outstanding, at value.................... -- -- -- -- --
Unrealized depreciation on interest rate swap
agreements............................................. -- -- -- -- --
Payable upon return of securities lent................... -- 5,999 3,365 63,294 6,505
Payable for:
Securities purchased................................... 759 541 234 5,272 2,002
Futures variation margin............................... -- -- -- -- --
Advisory fees.......................................... 7 12 10 208 12
Shareholder servicing fees............................. 1 3 2 19 2
Accrued dividends...................................... -- -- -- -- --
Accrued expenses and other liabilities................. -- -- -- 59 6
------- ------- ------- -------- -------
TOTAL LIABILITIES.................................... 767 6,555 3,611 68,852 8,527
------- ------- ------- -------- -------
NET ASSETS.................................................. $12,203 $38,168 $34,668 $238,798 $33,664
======= ======= ======= ======== =======
COMPONENTS OF NET ASSETS
Common stock (unlimited number of shares authorized, $.001
par value per share)....................................... $ 1 $ 3 $ 3 $ 27 $ 3
Additional paid-in capital.................................. 11,763 37,174 33,925 284,589 33,331
Undistributed net investment income (loss).................. 35 23 58 1 54
Accumulated net realized gain (loss) on investments......... 96 (706) (176) (37,176) 144
Accumulated net unrealized appreciation (depreciation) on
investments................................................ 308 1,674 858 (8,643) 132
------- ------- ------- -------- -------
NET ASSETS.................................................. $12,203 $38,168 $34,668 $238,798 $33,664
======= ======= ======= ======== =======
Shares of common stock outstanding.......................... 1,098 3,274 3,264 27,215 3,310
Net asset value, offering and redemption price per share.... $ 11.11 $ 11.66 $ 10.62 $ 8.77 $ 10.17
======= ======= ======= ======== =======
(A) Investments at cost..................................... $12,533 $36,757 $33,813 $246,896 $35,552
======= ======= ======= ======== =======
(B) Foreign currency at cost................................ $ 1 $ -- $ -- $ -- $ --
======= ======= ======= ======== =======
</TABLE>
--------------------------------------------------------------------------------
See Notes to Financial Statements.
116
<PAGE> 118
(This page intentionally left blank)
117
<PAGE> 119
AMERICAN SKANDIA TRUST
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------------------------------------------------
AST
AST AST NEUBERGER
AIM ALLIANCE 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............................................ $ 1,005 $ 1,532 $ 13,180 $58,618 $ 964 $ 8,613
Dividends........................................... 9,129 13,657 5,514 -- 3,585 766
Foreign taxes withheld.............................. (117) (13) (333) -- (3) (6)
--------- --------- --------- ------- ------- -------
Total Investment Income......................... 10,017 15,176 18,361 58,618 4,546 9,373
--------- --------- --------- ------- ------- -------
EXPENSES
Investment advisory fees............................ 3,205 5,505 27,811 4,974 2,994 1,972
Shareholder servicing fees.......................... 370 734 3,037 995 333 271
Administration and accounting fees.................. 198 250 463 284 191 171
Custodian fees...................................... 324 128 404 142 60 156
Distribution fees................................... 245 1,562 66 -- 493 8
Audit and legal fees................................ 5 9 38 12 4 3
Trustees' fees...................................... 3 5 22 7 2 2
Insurance expenses.................................. 2 3 13 4 1 1
Miscellaneous expenses.............................. 5 6 14 6 4 35
--------- --------- --------- ------- ------- -------
Total Expenses.................................. 4,357 8,202 31,868 6,424 4,082 2,619
Less: Advisory fee waivers and expense
reimbursements................................ -- (118) (1,270) (497) -- --
Less: Fees paid indirectly...................... (245) (1,562) (66) -- (493) (8)
--------- --------- --------- ------- ------- -------
Net Expenses.................................... 4,112 6,522 30,532 5,927 3,589 2,611
--------- --------- --------- ------- ------- -------
Net Investment Income (Loss)........................... 5,905 8,654 (12,171) 52,691 957 6,762
--------- --------- --------- ------- ------- -------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Securities...................................... 54,728 131,196 (43,653) (21) 11,510 (9,116)
Foreign currency transactions................... (1,871) -- 13 -- -- (1,158)
Futures contracts............................... -- -- -- -- -- 348
Written options contracts....................... -- -- -- -- -- 153
Swap agreements................................. -- -- -- -- -- --
--------- --------- --------- ------- ------- -------
Net realized gain (loss)............................ 52,857 131,196 (43,640) (21) 11,510 (9,773)
--------- --------- --------- ------- ------- -------
Net change in unrealized appreciation (depreciation)
on:
Securities...................................... (136,251) (177,106) (404,103) -- 18,496 14,969
Futures contracts............................... -- -- -- -- -- (840)
Written option contracts........................ -- -- -- -- -- (320)
Swap agreements................................. -- -- -- -- -- --
Translation of assets and liabilities
denominated in foreign currencies............. (40) -- (971) -- -- (4)
--------- --------- --------- ------- ------- -------
Net change in unrealized appreciation
(depreciation).................................... (136,291) (177,106) (405,074) -- 18,496 13,805
--------- --------- --------- ------- ------- -------
Net gain (loss) on investments...................... (83,434) (45,910) (448,714) (21) 30,006 4,032
--------- --------- --------- ------- ------- -------
Net Increase (Decrease) in Net Assets Resulting from
Operations........................................ $ (77,529) $ (37,256) $(460,885) $52,670 $30,963 $10,794
========= ========= ========= ======= ======= =======
</TABLE>
--------------------------------------------------------------------------------
See Notes to Financial Statements.
118
<PAGE> 120
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
PORTFOLIO
----------------------------------------------------------------------------------------------
AST AST AST AST
AST AST PIMCO AST AST AMERICAN T. ROWE NEUBERGER
FEDERATED T. ROWE TOTAL INVESCO JANUS CENTURY PRICE BERMAN
HIGH PRICE ASSET RETURN EQUITY SMALL-CAP INTERNATIONAL GLOBAL MID-CAP
YIELD ALLOCATION BOND INCOME GROWTH GROWTH II BOND GROWTH
--------- ----------- ------- ------- --------- ------------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 30,376 $ 6,142 $36,816 $10,952 $ 3,345 $ 452 $ 3,398 $ 1,382
1,157 1,762 -- 5,979 295 2,894 -- 147
-- (44) -- -- (7) (224) (1) --
-------- ------- ------- ------- --------- --------- -------- --------
31,533 7,860 36,816 16,931 3,633 3,122 3,397 1,529
-------- ------- ------- ------- --------- --------- -------- --------
2,131 1,821 3,421 4,071 5,895 2,409 530 2,669
284 214 526 543 655 237 66 296
189 165 227 229 240 172 67 148
58 57 135 95 91 141 65 49
-- -- -- 179 6 -- -- 43
4 3 7 7 8 3 1 4
2 2 4 4 5 2 1 2
1 1 2 2 3 1 1 1
45 33 11 9 6 24 10 4
-------- ------- ------- ------- --------- --------- -------- --------
2,714 2,296 4,333 5,139 6,909 2,989 741 3,216
-- -- (13) (18) (6) -- -- --
-- -- -- (179) (6) -- -- (43)
-------- ------- ------- ------- --------- --------- -------- --------
2,714 2,296 4,320 4,942 6,897 2,989 741 3,173
-------- ------- ------- ------- --------- --------- -------- --------
28,819 5,564 32,496 11,989 (3,264) 133 2,656 (1,644)
-------- ------- ------- ------- --------- --------- -------- --------
(10,119) 9,422 (3,444) (1,866) 166,452 102,253 (1,541) 91,858
-- (58) (35) -- 3 (1,374) (9,646) --
-- -- (4,633) -- -- -- -- --
-- -- 368 -- -- -- -- --
-- -- (1,704) -- -- -- -- --
-------- ------- ------- ------- --------- --------- -------- --------
(10,119) 9,364 (9,448) (1,866) 166,455 100,879 (11,187) 91,858
-------- ------- ------- ------- --------- --------- -------- --------
(32,589) (9,794) 6,831 10,016 (400,468) (139,048) 3,406 (36,038)
-- -- 10,431 -- -- -- -- --
-- -- 485 -- -- -- -- --
-- -- 119 -- -- -- -- --
-- (1) 78 -- (1) 41 289 --
-------- ------- ------- ------- --------- --------- -------- --------
(32,589) (9,795) 17,944 10,016 (400,469) (139,007) 3,695 (36,038)
-------- ------- ------- ------- --------- --------- -------- --------
(42,708) (431) 8,496 8,150 (234,014) (38,128) (7,492) 55,820
-------- ------- ------- ------- --------- --------- -------- --------
$(13,889) $ 5,133 $40,992 $20,139 $(237,278) $ (37,995) $ (4,836) $ 54,176
======== ======= ======= ======= ========= ========= ======== ========
</TABLE>
--------------------------------------------------------------------------------
119
<PAGE> 121
AMERICAN SKANDIA TRUST
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
-----------------------------------------------------------------
PORTFOLIO
-------------------------------------------------------------------------------------------------------------------------------
AST AST AST
T. ROWE PIMCO AST AMERICAN
AST PRICE LIMITED AST JANUS CENTURY
FOUNDERS NATURAL MATURITY ALLIANCE OVERSEAS INCOME &
PASSPORT RESOURCES BOND GROWTH GROWTH GROWTH
-------- --------- -------- -------- --------- --------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Interest................................................. $ 528 $ 182 $13,146 $ 804 $ 4,615 $ 519
Dividends................................................ 1,405 1,182 -- 426 8,592 2,950
Foreign taxes withheld................................... (92) (18) -- (4) (193) (8)
-------- ------- ------- -------- --------- --------
Total Investment Income.............................. 1,841 1,346 13,146 1,226 13,014 3,461
-------- ------- ------- -------- --------- --------
EXPENSES
Investment advisory fees................................. 1,738 486 1,241 1,860 8,751 1,576
Shareholder servicing fees............................... 174 54 192 207 875 210
Administration and accounting fees....................... 96 48 160 141 246 140
Custodian fees........................................... 107 25 55 46 256 51
Distribution fees........................................ -- 56 -- 251 140 --
Audit and legal fees..................................... 2 1 2 3 11 3
Trustees' fees........................................... 1 -- 1 1 6 2
Insurance expenses....................................... 1 -- 1 1 4 1
Miscellaneous expenses................................... 5 5 9 3 17 4
-------- ------- ------- -------- --------- --------
Total Expenses....................................... 2,124 675 1,661 2,513 10,306 1,987
Less: Advisory fee waivers and expense
reimbursements..................................... -- -- -- -- (72) --
Less: Fees paid indirectly........................... -- (56) -- (251) (140) --
-------- ------- ------- -------- --------- --------
Net Expenses......................................... 2,124 619 1,661 2,262 10,094 1,987
-------- ------- ------- -------- --------- --------
Net Investment Income (Loss)................................ (283) 727 11,485 (1,036) 2,920 1,474
-------- ------- ------- -------- --------- --------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Securities........................................... (7,091) 6,564 1,105 104,882 207,448 1,595
Foreign currency transactions........................ (2,003) (36) 222 -- 22,962 --
Futures contracts.................................... -- -- (402) -- -- (357)
Written options contracts............................ -- -- -- -- -- --
Swap agreements...................................... -- -- -- -- -- --
-------- ------- ------- -------- --------- --------
Net realized gain (loss)................................. (9,094) 6,528 925 104,882 230,410 1,238
-------- ------- ------- -------- --------- --------
Net change in unrealized appreciation (depreciation) on:
Securities........................................... (52,551) (1,523) (1,110) (68,243) (250,627) (17,021)
Futures contracts.................................... -- -- 217 -- -- (456)
Written option contracts............................. -- -- (113) -- -- --
Swap agreements...................................... -- -- (47) -- -- --
Translation of assets and liabilities denominated in
foreign currencies................................. 47 (2) (16) -- 427 --
-------- ------- ------- -------- --------- --------
Net change in unrealized appreciation (depreciation)..... (52,504) (1,525) (1,069) (68,243) (250,200) (17,477)
-------- ------- ------- -------- --------- --------
Net gain (loss) on investments........................... (61,598) 5,003 (144) 36,639 (19,790) (16,239)
-------- ------- ------- -------- --------- --------
Net Increase (Decrease) in Net Assets Resulting from
Operations............................................. $(61,881) $ 5,730 $11,341 $ 35,603 $ (16,870) $(14,765)
======== ======= ======= ======== ========= ========
</TABLE>
--------------------------------------------------------------------------------
See Notes to Financial Statements.
120
<PAGE> 122
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
PORTFOLIO
-------------------------------------------------------------------------------------------------
AST AST AST AST AST
AMERICAN AMERICAN T. ROWE AST AST LORD SANFORD AST
CENTURY CENTURY PRICE SMALL MARSICO COHEN & ABBETT BERNSTEIN KEMPER
STRATEGIC INTERNATIONAL COMPANY CAPITAL STEERS SMALL CAP MANAGED SMALL-CAP
BALANCED GROWTH VALUE GROWTH REALTY VALUE INDEX 500 GROWTH
--------- ------------- ----------- --------- ------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 2,935 $ 578 $ 349 $ 4,090 $ 111 $ 190 $ 1,257 $ 1,956
662 932 2,293 3,240 2,122 231 4,073 207
(1) (47) -- (8) -- (2) (2) --
------- -------- ------- --------- ------ ------- -------- ---------
3,596 1,463 2,642 7,322 2,233 419 5,328 2,163
------- -------- ------- --------- ------ ------- -------- ---------
922 1,030 1,218 8,072 360 451 2,069 4,436
109 103 135 897 36 47 345 468
103 71 117 256 37 37 109 205
44 134 33 122 9 17 89 78
-- 4 -- 124 28 -- 128 22
1 1 2 11 -- 1 4 6
1 1 1 6 -- -- 2 3
-- -- 1 4 -- -- 2 2
3 12 3 7 2 2 11 2
------- -------- ------- --------- ------ ------- -------- ---------
1,183 1,356 1,510 9,499 472 555 2,759 5,222
-- -- -- (200) -- -- -- (1)
-- (4) -- (124) (28) -- (128) (22)
------- -------- ------- --------- ------ ------- -------- ---------
1,183 1,352 1,510 9,175 444 555 2,631 5,199
------- -------- ------- --------- ------ ------- -------- ---------
2,413 111 1,132 (1,853) 1,789 (136) 2,697 (3,036)
------- -------- ------- --------- ------ ------- -------- ---------
5,879 19,990 3,423 50,978 (263) 1,912 23,251 142,614
(1,249) (20) -- (62) -- -- -- --
145 -- -- -- -- -- 4,346 --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
------- -------- ------- --------- ------ ------- -------- ---------
4,775 19,970 3,423 50,916 (263) 1,912 27,597 142,614
------- -------- ------- --------- ------ ------- -------- ---------
(5,501) (34,075) 30,918 (173,148) 5,533 9,197 (51,748) (107,716)
(75) -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(1) 41 -- (2) -- -- -- --
------- -------- ------- --------- ------ ------- -------- ---------
(5,577) (34,034) 30,918 (173,150) 5,533 9,197 (51,748) (107,716)
------- -------- ------- --------- ------ ------- -------- ---------
(802) (14,064) 34,341 (122,234) 5,270 11,109 (24,151) 34,898
------- -------- ------- --------- ------ ------- -------- ---------
$ 1,611 $(13,953) $35,473 $(124,087) $7,059 $10,973 $(21,454) $ 31,862
======= ======== ======= ========= ====== ======= ======== =========
</TABLE>
--------------------------------------------------------------------------------
121
<PAGE> 123
AMERICAN SKANDIA TRUST
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
--------------------------------------------------
PORTFOLIO
-----------------------------------------------------------------------------------------------------------------
AST AST AST AST
MFS AST MFS ALGER JANUS
GLOBAL MFS GROWTH WITH ALL-CAP MID-CAP
EQUITY GROWTH INCOME GROWTH GROWTH
------ ------ ----------- -------- -------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Interest................................................. $ 20 $ 89 $ 55 $ 866 $ 92
Dividends................................................ 46 41 101 68 2
Foreign taxes withheld................................... (1) -- (1) (2) --
---- ------ ----- -------- ----
Total Investment Income.............................. 65 130 155 932 94
---- ------ ----- -------- ----
EXPENSES
Investment advisory fees................................. 24 95 92 739 31
Shareholder servicing fees............................... 2 11 9 76 3
Administration and accounting fees....................... 1 1 3 75 3
Custodian fees........................................... 2 -- 1 37 --
Distribution fees........................................ -- -- -- -- 1
Audit and legal fees..................................... -- -- -- 1 --
Trustees' fees........................................... -- -- -- -- --
Insurance expenses....................................... -- -- -- -- --
Miscellaneous expenses................................... -- -- -- 3 3
---- ------ ----- -------- ----
Total Expenses....................................... 29 107 105 931 41
Less: Advisory fee waivers and expense
reimbursements..................................... -- -- (8) -- --
Less: Fees paid indirectly........................... -- -- -- -- (1)
---- ------ ----- -------- ----
Net Expenses......................................... 29 107 97 931 40
---- ------ ----- -------- ----
Net Investment Income (Loss)................................ 36 23 58 1 54
---- ------ ----- -------- ----
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Securities........................................... 95 (692) (170) (37,176) 144
Foreign currency transactions........................ 1 (8) (3) -- --
Futures contracts.................................... -- -- -- -- --
Written options contracts............................ -- -- -- -- --
Swap agreements...................................... -- -- -- -- --
---- ------ ----- -------- ----
Net realized gain (loss)................................. 96 (700) (173) (37,176) 144
---- ------ ----- -------- ----
Net change in unrealized appreciation (depreciation) on:
Securities........................................... 210 1,305 584 (8,643) 132
Futures contracts.................................... -- -- -- -- --
Written option contracts............................. -- -- -- -- --
Swap agreements...................................... -- -- -- -- --
Translation of assets and liabilities denominated in
foreign currencies................................. (7) -- -- -- --
---- ------ ----- -------- ----
Net change in unrealized appreciation (depreciation)..... 203 1,305 584 (8,643) 132
---- ------ ----- -------- ----
Net gain (loss) on investments........................... 299 605 411 (45,819) 276
---- ------ ----- -------- ----
Net Increase (Decrease) in Net Assets Resulting from
Operations............................................. $335 $ 628 $ 469 $(45,818) $330
==== ====== ===== ======== ====
</TABLE>
--------------------------------------------------------------------------------
See Notes to Financial Statements.
122
<PAGE> 124
(This page intentionally left blank)
123
<PAGE> 125
AMERICAN SKANDIA TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------------------------------------------------
AST AIM AST ALLIANCE
INTERNATIONAL EQUITY GROWTH AND INCOME AST JANCAP GROWTH
------------------------------- ------------------------------- -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
---------------- ------------ ---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income
(loss)................. $ 5,905 $ 970 $ 8,654 $ 14,653 $ (12,171) $ 5,220
Net realized gain (loss)
on investments......... 52,857 94,950 131,196 171,133 (43,640) 477,448
Net change in unrealized
appreciation
(depreciation) on
investments............ (136,291) 209,949 (177,106) 9,189 (405,074) 1,482,720
--------- --------- ---------- ---------- ---------- -----------
Net Increase (Decrease)
in Net Assets from
Operations........... (77,529) 305,869 (37,256) 194,975 (460,885) 1,965,388
--------- --------- ---------- ---------- ---------- -----------
DIVIDENDS AND DISTRIBUTIONS
TO SHAREHOLDERS
Dividends to shareholders
from net investment
income................. (1,501) -- (14,653) (13,889) (7,572) --
Distributions to
shareholders from
capital gains.......... (96,849) (40,173) (169,612) (65,834) (492,826) (130,343)
--------- --------- ---------- ---------- ---------- -----------
Total Dividends and
Distributions to
Shareholders......... (98,350) (40,173) (184,265) (79,723) (500,398) (130,343)
--------- --------- ---------- ---------- ---------- -----------
CAPITAL SHARE TRANSACTIONS
Proceeds from shares
sold................... 385,348 466,738 251,361 593,376 1,290,700 2,869,466
Net asset value of shares
issued in reinvestment
of dividends and
distributions.......... 98,350 40,173 184,265 79,723 500,398 130,343
Cost of shares
redeemed............... (322,736) (499,556) (232,162) (471,954) (847,630) (2,166,734)
--------- --------- ---------- ---------- ---------- -----------
Increase (Decrease) in
Net Assets from
Capital Share
Transactions......... 160,962 7,355 203,464 201,145 943,468 833,075
--------- --------- ---------- ---------- ---------- -----------
Total Increase
(Decrease) in Net
Assets............. (14,917) 273,051 (18,057) 316,397 (17,815) 2,668,120)
NET ASSETS
Beginning of Period...... 770,512 497,461 1,498,306 1,181,909 5,923,778 3,255,658
--------- --------- ---------- ---------- ---------- -----------
End of Period............ $ 755,595 $ 770,512 $1,480,249 $1,498,306 $5,905,963 $ 5,923,778
========= ========= ========== ========== ========== ===========
SHARES ISSUED AND REDEEMED
Shares sold.............. 13,788 19,802 12,279 26,751 24,844 68,510
Shares issued in
reinvestment of
dividends and
distributions.......... 3,216 1,887 10,214 3,891 9,573 3,397
Shares redeemed.......... (11,407) (21,118) (11,518) (21,409) (16,433) (52,595)
--------- --------- ---------- ---------- ---------- -----------
Net Increase (Decrease)
in Shares
Outstanding.......... 5,597 571 10,975 9,233 17,984 19,312
========= ========= ========== ========== ========== ===========
</TABLE>
--------------------------------------------------------------------------------
See Notes to Financial Statements.
124
<PAGE> 126
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
PORTFOLIO
-------------------------------------------------------------------------------------------------------
AST NEUBERGER BERMAN
AST MONEY MARKET MID-CAP VALUE AST AIM BALANCED
------------------------------- ------------------------------- -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
---------------- ------------ ---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C> <C> <C>
$ 52,691 $ 71,758 $ 957 $ 2,177 $ 6,762 $ 10,135
(21) 8 11,510 (1,550) (9,773) 37,486
-- -- 18,496 (4,592) 13,805 37,287
----------- ----------- --------- --------- -------- --------
52,670 71,766 30,963 (3,965) 10,794 84,908
----------- ----------- --------- --------- -------- --------
(52,691) (71,758) (2,176) (3,830) (10,797) (9,982)
(8) (106) (2,619) (8,712) (36,372) (33,245)
----------- ----------- --------- --------- -------- --------
(52,699) (71,864) (4,795) (12,542) (47,169) (43,227)
----------- ----------- --------- --------- -------- --------
5,722,386 9,162,968 137,452 648,383 95,348 58,331
51,958 67,429 4,795 12,542 47,169 43,228
(6,339,076) (7,788,875) (155,051) (252,003) (14,677) (53,004)
----------- ----------- --------- --------- -------- --------
(564,732) 1,441,522 (12,804) 408,922 127,840 48,555
----------- ----------- --------- --------- -------- --------
(564,761) 1,441,424 13,364 392,415 91,465 90,236
2,409,157 967,733 664,383 271,968 499,571 409,335
----------- ----------- --------- --------- -------- --------
$ 1,844,396 $ 2,409,157 $ 677,747 $ 664,383 $591,036 $499,571
=========== =========== ========= ========= ======== ========
5,722,386 9,162,968 10,064 47,274 6,614 4,301
51,958 67,429 379 999 3,271 3,442
(6,339,075) (7,788,875) (11,448) (19,055) (1,007) (3,934)
----------- ----------- --------- --------- -------- --------
(564,731) 1,441,522 (1,005) 29,218 8,878 3,809
=========== =========== ========= ========= ======== ========
<CAPTION>
--- -----------------------------------------------------------------
PORTFOLIO
--- -----------------------------------------------------------------
AST FEDERATED AST T. ROWE PRICE
HIGH YIELD ASSET ALLOCATION
------------------------------- -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999
---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C>
$ 28,819 $ 57,676 $ 5,564 $ 10,648
(10,119) (7,097) 9,364 3,891
(32,589) (38,643) (9,795) 25,492
--------- --------- -------- --------
(13,889) 11,936 5,133 40,031
--------- --------- -------- --------
(57,675) (46,298) (10,446) (7,355)
-- (4,074) (4,195) (104)
--------- --------- -------- --------
(57,675) (50,372) (14,641) (7,459)
--------- --------- -------- --------
147,207 351,076 42,979 127,050
57,675 50,372 14,641 7,459
(152,496) (334,904) (57,310) (63,736)
--------- --------- -------- --------
52,386 66,544 310 70,773
--------- --------- -------- --------
(19,178) 28,108 (9,198) 103,345
623,788 595,680 447,542 344,197
--------- --------- -------- --------
$ 604,610 $ 623,788 $438,344 $447,542
========= ========= ======== ========
13,932 28,958 2,320 7,183
5,415 4,212 831 438
(14,101) (27,931) (3,153) (3,583)
--------- --------- -------- --------
5,246 5,239 (2) 4,038
========= ========= ======== ========
</TABLE>
--------------------------------------------------------------------------------
125
<PAGE> 127
AMERICAN SKANDIA TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------------------------------------------------
AST PIMCO TOTAL AST INVESCO AST JANUS
RETURN BOND EQUITY INCOME SMALL-CAP GROWTH
------------------------------- ------------------------------- -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
---------------- ------------ ---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income
(loss)................. $ 32,496 $ 54,418 $ 11,989 $ 20,214 $ (3,264) $ (2,537)
Net realized gain (loss)
on investments......... (9,448) (28,885) (1,866) 78,862 166,455 145,207
Net change in unrealized
appreciation
(depreciation) on
investments............ 17,944 (35,986) 10,016 2,582 (400,469) 550,645
---------- ---------- ---------- ---------- ---------- ----------
Net Increase (Decrease)
in Net Assets from
Operations........... 40,992 (10,453) 20,139 101,658 (237,278) 693,315
---------- ---------- ---------- ---------- ---------- ----------
DIVIDENDS AND DISTRIBUTIONS
TO SHAREHOLDERS
Dividends to shareholders
from net investment
income................. (54,224) (40,382) (20,214) (15,474) -- --
Distributions to
shareholders from
capital gains.......... -- (29,828) (78,949) (23,985) (136,801) --
---------- ---------- ---------- ---------- ---------- ----------
Total Dividends and
Distributions to
Shareholders......... (54,224) (70,210) (99,163) (39,459) (136,801) --
---------- ---------- ---------- ---------- ---------- ----------
CAPITAL SHARE TRANSACTIONS
Proceeds from shares
sold................... 253,911 406,569 221,629 375,408 135,992 917,746
Net asset value of shares
issued in reinvestment
of dividends and
distributions.......... 54,224 70,210 99,163 39,458 136,801 --
Cost of shares
redeemed............... (167,261) (286,850) (144,396) (260,483) (289,762) (453,697)
---------- ---------- ---------- ---------- ---------- ----------
Increase (Decrease) in
Net Assets from
Capital Share
Transactions......... 140,874 189,929 176,396 154,383 (16,969) 464,049
---------- ---------- ---------- ---------- ---------- ----------
Total Increase
(Decrease) in Net
Assets............. 127,642 109,266 97,372 216,582 (391,048) 1,157,364
NET ASSETS
Beginning of Period...... 1,005,763 896,497 1,048,064 831,482 1,443,211 285,847
---------- ---------- ---------- ---------- ---------- ----------
End of Period............ $1,133,405 $1,005,763 $1,145,436 $1,048,064 $1,052,163 $1,443,211
========== ========== ========== ========== ========== ==========
SHARES ISSUED AND REDEEMED
Shares sold.............. 23,766 36,437 12,945 20,846 3,217 37,569
Shares issued in
reinvestment of
dividends and
distributions.......... 5,154 6,394 6,225 2,329 3,008 --
Shares redeemed.......... (15,593) (25,872) (8,411) (14,501) (7,312) (19,931)
---------- ---------- ---------- ---------- ---------- ----------
Net Increase (Decrease)
in Shares
Outstanding.......... 13,327 16,959 10,759 8,674 (1,087) 17,638
========== ========== ========== ========== ========== ==========
</TABLE>
--------------------------------------------------------------------------------
See Notes to Financial Statements.
126
<PAGE> 128
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------------------
AST AMERICAN CENTURY AST T. ROWE PRICE AST NEUBERGER BERMAN
INTERNATIONAL GROWTH II GLOBAL BOND MID-CAP GROWTH
------------------------------- ------------------------------- -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
---------------- ------------ ---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C> <C>
$ 133 $ 2,133 $ 2,656 $ 5,163 $ (1,644) $ (1,935)
100,879 47,755 (11,187) (3,742) 91,858 13,781
(139,007) 83,119 3,695 (14,013) (36,038) 118,263
--------- --------- -------- -------- --------- ---------
(37,995) 133,007 (4,836) (12,592) 54,176 130,109
--------- --------- -------- -------- --------- ---------
(1,024) (3,236) (2,181) (9,278) -- --
(49,071) (21,765) -- (2,979) (13,633) (19,893)
--------- --------- -------- -------- --------- ---------
(50,095) (25,001) (2,181) (12,257) (13,633) (19,893)
--------- --------- -------- -------- --------- ---------
178,381 603,613 13,911 48,898 719,950 202,094
50,095 25,001 2,181 12,257 13,633 19,893
(203,926) (691,957) (10,947) (46,135) (403,004) (199,670)
--------- --------- -------- -------- --------- ---------
24,550 (63,343) 5,145 15,020 330,579 22,317
--------- --------- -------- -------- --------- ---------
(63,540) 44,663 (1,872) (9,829) 371,122 132,533
516,824 472,161 138,144 147,973 394,325 261,792
--------- --------- -------- -------- --------- ---------
$ 453,284 $ 516,824 $136,272 $138,144 $ 765,447 $ 394,325
========= ========= ======== ======== ========= =========
12,307 46,058 1,524 4,970 27,668 11,881
3,309 2,034 237 1,233 468 1,303
(13,817) (52,356) (1,198) (4,723) (15,690) (11,944)
--------- --------- -------- -------- --------- ---------
1,799 (4,264) 563 1,480 12,446 1,240
========= ========= ======== ======== ========= =========
<CAPTION>
-----------------------------------------------------------------
PORTFOLIO
-----------------------------------------------------------------
AST T. ROWE PRICE
AST FOUNDERS PASSPORT NATURAL RESOURCES
------------------------------- -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999
---------------- ------------ ---------------- ------------
<C> <C> <C> <C>
$ (283) $ (654) $ 727 $ 1,045
(9,094) 60,896 6,528 (1,413)
(52,504) 36,077 (1,525) 20,106
--------- --------- -------- --------
(61,881) 96,319 5,730 19,738
--------- --------- -------- --------
-- (228) (945) (1,049)
(57,250) (256) -- (8,637)
--------- --------- -------- --------
(57,250) (484) (945) (9,686)
--------- --------- -------- --------
466,333 141,040 76,376 98,060
57,251 484 945 9,685
(281,687) (139,959) (65,173) (89,698)
--------- --------- -------- --------
241,897 1,565 12,148 18,047
--------- --------- -------- --------
122,766 97,400 16,933 28,099
217,397 119,997 102,225 74,126
--------- --------- -------- --------
$ 340,163 $ 217,397 $119,158 $102,225
========= ========= ======== ========
19,108 8,649 5,487 7,786
1,921 38 78 988
(12,200) (9,064) (4,813) (7,197)
--------- --------- -------- --------
8,829 (377) 752 1,577
========= ========= ======== ========
</TABLE>
--------------------------------------------------------------------------------
127
<PAGE> 129
AMERICAN SKANDIA TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------------------------------------------------
AST PIMCO LIMITED AST JANUS
MATURITY BOND AST ALLIANCE GROWTH OVERSEAS GROWTH
------------------------------- ------------------------------- -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
---------------- ------------ ---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income
(loss)................. $ 11,485 $ 21,139 $ (1,036) $ (1,417) $ 2,920 $ (1,485)
Net realized gain (loss)
on investments......... 925 (1,892) 104,882 32,038 230,410 30,229
Net change in unrealized
appreciation
(depreciation) on
investments............ (1,069) (5,992) (68,243) 60,401 (250,200) 629,896
-------- --------- -------- --------- ---------- ----------
Net Increase (Decrease)
in Net Assets from
Operations........... 11,341 13,255 35,603 91,022 (16,870) 658,640
-------- --------- -------- --------- ---------- ----------
DIVIDENDS AND DISTRIBUTIONS
TO SHAREHOLDERS
Dividends to shareholders
from net investment
income................. (21,367) (18,691) -- -- (9,620) --
Distributions to
shareholders from
capital gains.......... -- -- (30,894) (33,503) (13,477) --
-------- --------- -------- --------- ---------- ----------
Total Dividends and
Distributions to
Shareholders......... (21,367) (18,691) (30,894) (33,503) (23,097) --
-------- --------- -------- --------- ---------- ----------
CAPITAL SHARE TRANSACTIONS
Proceeds from shares
sold................... 61,013 176,908 111,788 82,279 752,575 1,127,067
Net asset value of shares
issued in reinvestment
of dividends and
distributions.......... 21,367 18,691 30,894 33,504 23,097 --
Cost of shares
redeemed............... (89,237) (133,266) (67,738) (109,772) (746,598) (841,868)
-------- --------- -------- --------- ---------- ----------
Increase (Decrease) in
Net Assets from
Capital Share
Transactions......... (6,857) 62,333 74,944 6,011 29,074 285,199
-------- --------- -------- --------- ---------- ----------
Total Increase
(Decrease) in Net
Assets............. (16,883) 56,897 79,653 63,530 (10,893) 943,839
NET ASSETS
Beginning of Period...... 406,604 349,707 364,454 300,924 1,551,045 607,206
-------- --------- -------- --------- ---------- ----------
End of Period............ $389,721 $ 406,604 $444,107 $ 364,454 $1,540,152 $1,551,045
======== ========= ======== ========= ========== ==========
SHARES ISSUED AND REDEEMED
Shares sold.............. 5,853 16,533 5,690 5,458 29,674 73,126
Shares issued in
reinvestment of
dividends and
distributions.......... 2,075 1,783 1,561 2,396 801 --
Shares redeemed.......... (8,449) (12,347) (3,580) (7,346) (28,227) (55,526)
-------- --------- -------- --------- ---------- ----------
Net Increase (Decrease)
in Shares
Outstanding.......... (521) 5,969 3,671 508 2,248 17,600
======== ========= ======== ========= ========== ==========
</TABLE>
--------------------------------------------------------------------------------
See Notes to Financial Statements.
128
<PAGE> 130
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------------------
AST AMERICAN CENTURY AST AMERICAN CENTURY AST AMERICAN CENTURY
INCOME & GROWTH STRATEGIC BALANCED INTERNATIONAL GROWTH
------------------------------- ------------------------------- -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
---------------- ------------ ---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C> <C>
$ 1,474 $ 2,121 $ 2,413 $ 3,184 $ 111 $ (318)
1,238 20,971 4,775 12,632 19,970 7,972
(17,477) 31,045 (5,577) 4,767 (34,034) 53,802
-------- -------- -------- --------- --------- --------
(14,765) 54,137 1,611 20,583 (13,953) 61,456
-------- -------- -------- --------- --------- --------
(2,121) (1,630) (3,230) (936) -- --
(22,771) (9,176) (12,672) (24) (6,118) (596)
-------- -------- -------- --------- --------- --------
(24,892) (10,806) (15,902) (960) (6,118) (596)
-------- -------- -------- --------- --------- --------
164,373 146,857 21,144 117,755 302,088 98,779
24,892 10,806 15,902 960 6,118 596
(31,477) (30,235) (14,111) (12,633) (140,491) (83,742)
-------- -------- -------- --------- --------- --------
157,788 127,428 22,935 106,082 167,715 15,633
-------- -------- -------- --------- --------- --------
118,131 170,759 8,644 125,705 147,644 76,493
360,630 189,871 216,748 91,043 154,226 77,733
-------- -------- -------- --------- --------- --------
$478,761 $360,630 $225,392 $ 216,748 $ 301,870 $154,226
======== ======== ======== ========= ========= ========
11,385 10,285 1,473 8,308 14,498 6,699
1,883 844 1,176 69 261 44
(2,232) (2,180) (988) (875) (6,743) (5,549)
-------- -------- -------- --------- --------- --------
11,036 8,949 1,661 7,502 8,016 1,194
======== ======== ======== ========= ========= ========
<CAPTION>
-----------------------------------------------------------------
PORTFOLIO
-----------------------------------------------------------------
AST T. ROWE PRICE AST MARSICO
SMALL COMPANY VALUE CAPITAL GROWTH
------------------------------- -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999
---------------- ------------ ---------------- ------------
<C> <C> <C> <C>
$ 1,132 $ 1,805 $ (1,853) $ (2,610)
3,423 14,768 50,916 53,167
30,918 (16,127) (173,150) 478,644
--------- --------- ---------- ----------
35,473 446 (124,087) 529,201
--------- --------- ---------- ----------
(1,649) (2,399) -- (400)
(14,365) -- (45,101) (476)
--------- --------- ---------- ----------
(16,014) (2,399) (45,101) (876)
--------- --------- ---------- ----------
123,777 129,871 479,131 922,808
16,014 2,399 45,101 876
(117,988) (172,896) (170,206) (323,239)
--------- --------- ---------- ----------
21,803 (40,626) 354,026 600,445
--------- --------- ---------- ----------
41,262 (42,579) 184,838 1,128,770
261,493 304,072 1,723,736 594,966
--------- --------- ---------- ----------
$ 302,755 $ 261,493 $1,908,574 $1,723,736
========= ========= ========== ==========
10,869 11,553 23,394 57,115
1,497 233 2,168 59
(10,373) (15,422) (8,373) (19,397)
--------- --------- ---------- ----------
1,993 (3,636) 17,189 37,777
========= ========= ========== ==========
</TABLE>
--------------------------------------------------------------------------------
129
<PAGE> 131
AMERICAN SKANDIA TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------------------------------------------------
AST COHEN & STEERS AST LORD ABBETT AST SANFORD BERNSTEIN
REALTY SMALL CAP VALUE MANAGED INDEX 500
------------------------------- ------------------------------- -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31,
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
---------------- ------------ ---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income
(loss)................. $ 1,789 $ 2,446 $ (136) $ (202) $ 2,697 $ 3,516
Net realized gain (loss)
on investments......... (263) (2,514) 1,912 255 27,597 40,358
Net change in unrealized
appreciation
(depreciation) on
investments............ 5,533 (181) 9,197 5,624 (51,748) 47,244
--------- --------- ---------- ---------- --------- ---------
Net Increase (Decrease)
in Net Assets from
Operations........... 7,059 (249) 10,973 5,677 (21,454) 91,118
--------- --------- ---------- ---------- --------- ---------
DIVIDENDS AND DISTRIBUTIONS
TO SHAREHOLDERS
Dividends to shareholders
from net investment
income................. (2,005) (956) -- -- (3,516) (1,358)
Distributions to
shareholders from
capital gains.......... -- -- -- -- (41,829) (9,219)
--------- --------- ---------- ---------- --------- ---------
Total Dividends and
Distributions to
Shareholders......... (2,005) (956) -- -- (45,345) (10,577)
--------- --------- ---------- ---------- --------- ---------
CAPITAL SHARE TRANSACTIONS
Proceeds from shares
sold................... 68,236 55,613 59,074 70,629 373,470 624,369
Net asset value of shares
issued in reinvestment
of dividends and
distributions.......... 2,005 956 -- -- 45,345 10,577
Cost of shares
redeemed............... (42,006) (31,692) (20,361) (43,902) (259,669) (371,471)
--------- --------- ---------- ---------- --------- ---------
Increase (Decrease) in
Net Assets from
Capital Share
Transactions......... 28,235 24,877 38,713 26,727 159,146 263,475
--------- --------- ---------- ---------- --------- ---------
Total Increase
(Decrease) in Net
Assets............. 33,289 23,672 49,686 32,404 92,347 344,016
NET ASSETS
Beginning of Period...... 56,697 33,025 74,192 41,788 633,567 289,551
--------- --------- ---------- ---------- --------- ---------
End of Period............ $ 89,986 $ 56,697 $ 123,878 $ 74,192 $ 725,914 $ 633,567
========= ========= ========== ========== ========= =========
SHARES ISSUED AND REDEEMED
Shares sold.............. 7,925 6,510 5,164 6,842 26,579 46,867
Shares issued in
reinvestment of
dividends and
distributions.......... 257 117 -- -- 3,531 847
Shares redeemed.......... (4,878) (3,773) (1,803) (4,199) (18,724) (28,014)
--------- --------- ---------- ---------- --------- ---------
Net Increase (Decrease)
in Shares
Outstanding.......... 3,304 2,854 3,361 2,643 11,386 19,700
========= ========= ========== ========== ========= =========
</TABLE>
--------------------------------------------------------------------------------
(1) Commenced operations on January 4, 1999.
(2) Commenced operations on October 18, 1999.
(3) Commenced operations on December 31, 1999.
(4) Commenced operations on May 1, 2000.
See Notes to Financial Statements.
130
<PAGE> 132
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------------------
AST KEMPER AST MFS
SMALL-CAP GROWTH GLOBAL EQUITY AST MFS GROWTH
------------------------------- ------------------------------- -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 DECEMBER 31,
(UNAUDITED) 1999(1) (UNAUDITED) 1999(2) (UNAUDITED) 1999(2)
---------------- ------------ ---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C> <C>
$ (3,036) $ (2,787) $ 36 $ 1 $ 23 $ 3
142,614 51,910 96 2 (700) (6)
(107,716) 335,901 203 105 1,305 370
---------- --------- ------- ------ ------- ------
31,862 385,024 335 108 628 367
---------- --------- ------- ------ ------- ------
-- -- (2) -- (3) --
(49,192) -- (2) -- -- --
---------- --------- ------- ------ ------- ------
(49,192) -- (4) -- (3) --
---------- --------- ------- ------ ------- ------
396,149 876,431 17,495 1,309 34,585 5,575
49,192 -- 4 -- 3 --
(185,676) (419,471) (6,918) (126) (1,913) (1,074)
---------- --------- ------- ------ ------- ------
259,665 456,960 10,581 1,183 32,675 4,501
---------- --------- ------- ------ ------- ------
242,335 841,984 10,912 1,291 33,300 4,868
841,984 -- 1,291 -- 4,868 --
---------- --------- ------- ------ ------- ------
$1,084,319 $ 841,984 $12,203 $1,291 $38,168 $4,868
========== ========= ======= ====== ======= ======
25,165 95,259 1,622 129 3,012 535
2,839 -- -- -- -- --
(11,893) (41,240) (641) (12) (169) (104)
---------- --------- ------- ------ ------- ------
16,111 54,019 981 117 2,843 431
========== ========= ======= ====== ======= ======
<CAPTION>
---------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------
AST MFS AST ALGER AST JANUS
GROWTH WITH INCOME ALL-CAP GROWTH MID-CAP GROWTH
------------------------------- ---------------- ----------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED SIX MONTHS ENDED
JUNE 30, 2000 DECEMBER 31, JUNE 30, 2000 JUNE 30, 2000
(UNAUDITED) 1999(2) (UNAUDITED)(3) (UNAUDITED)(4)
---------------- ------------ ---------------- ----------------
<C> <C> <C> <C>
$ 58 $ 11 $ 1 $ 54
(173) (3) (37,176) 144
584 274 (8,643) 132
------- ------ -------- -------
469 282 (45,818) 330
------- ------ -------- -------
(11) -- -- --
-- -- -- --
------- ------ -------- -------
(11) -- -- --
------- ------ -------- -------
29,467 8,585 319,213 35,613
11 -- -- --
(4,025) (110) (34,597) (2,279)
------- ------ -------- -------
25,453 8,475 284,616 33,334
------- ------ -------- -------
25,911 8,757 238,798 33,664
8,757 -- -- --
------- ------ -------- -------
$34,668 $8,757 $238,798 $33,664
======= ====== ======== =======
2,823 843 30,678 3,555
1 -- -- --
(392) (11) (3,463) (245)
2,432 832 27,215 3,310
======= ====== ======== =======
</TABLE>
--------------------------------------------------------------------------------
131
<PAGE> 133
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 06/30/00** $34.23 $ 0.27 $ (3.29) $ (3.02) $ (0.07) $ (4.26) $ (4.33)
International Equity 12/31/99 22.67 0.05 13.36 13.41 -- (1.85) (1.85)
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)
AST Alliance 06/30/00** $23.50 $ 0.12 $ (0.93) $ (0.81) $ (0.23) $ (2.65) $ (2.88)
Growth and Income 12/31/99 21.68 0.23 3.04 3.27 (0.25) (1.20) (1.45)
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)
AST JanCap Growth 06/30/00** $55.21 $ (0.10) $ (3.45) $ (3.55) $ (0.07) $ (4.45) $ (4.52)
12/31/99 37.00 0.05 19.65 19.70 -- (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)
AST Money Market 06/30/00** $ 1.00 $0.0263 $ -- $0.0263 $(0.0263) $ -- $(0.0263)
12/31/99 1.00 0.0449 0.0001 0.0450 (0.0449) (0.0001) (0.0450)
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)
AST Neuberger Berman 06/30/00** $13.32 $ 0.02 $ 0.62 $ 0.64 $ (0.04) $ (0.05) $ (0.09)
Mid-Cap Value 12/31/99 13.16 0.10 0.60 0.70 (0.24) (0.30) (0.54)
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)
AST AIM Balanced 06/30/00** $15.24 $ 0.16 $ 0.18 $ 0.34 $ (0.32) $ (1.07) $ (1.39)
12/31/99 14.13 0.32 2.30 2.62 (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)
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<C> <S>
(1) Annualized.
* For 1999 and 2000, includes commissions received by American
Skandia Marketing, Inc. under the Portfolio's Distribution
Plan, as described in Note 3 to the Financial Statements.
** Unaudited.
</TABLE>
See Notes to Financial Statements.
132
<PAGE> 134
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
RATIO OF EXPENSES
SUPPLEMENTAL DATA TO AVERAGE NET ASSETS*
----------------------------------- --------------------------------
NET ASSET AFTER ADVISORY BEFORE ADVISORY RATIO OF NET
VALUE NET ASSETS AT PORTFOLIO FEE WAIVER FEE WAIVER INVESTMENT INCOME
END TOTAL END OF PERIOD TURNOVER AND EXPENSE AND EXPENSE (LOSS) TO AVERAGE
OF PERIOD RETURN (IN 000'S) RATE REIMBURSEMENT REIMBURSEMENT NET ASSETS
--------- ------- ------------- --------- -------------- --------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C>
$26.88 (10.35%) $ 755,595 44% 1.18%(1) 1.18%(1) 1.59%(1)
34.23 64.13% 770,512 159% 1.18% 1.18% 0.18%
22.67 20.10% 497,461 117% 1.13% 1.13% 0.69%
21.29 18.15% 412,270 116% 1.15% 1.15% 1.04%
19.22 9.65% 346,211 124% 1.16% 1.26% 0.88%
18.20 10.00% 268,056 59% 1.17% 1.27% 0.88%
$19.81 (2.22%) $1,480,249 86% 1.10%(1) 1.12%(1) 1.18%(1)
23.50 16.09% 1,498,306 69% 0.92% 0.94% 1.09%
21.68 12.48% 1,181,909 78% 0.91% 0.91% 1.32%
20.53 23.92% 936,986 41% 0.93% 0.93% 1.60%
17.17 18.56% 530,497 43% 0.97% 0.97% 1.92%
14.98 28.91% 288,749 50% 0.99% 0.99% 2.50%
$47.14 (7.24%) $5,905,963 16% 1.01%(1) 1.05%(1) (0.40%)(1)
55.21 55.01% 5,923,778 35% 1.00% 1.04% 0.12%
37.00 68.26% 3,255,658 42% 1.02% 1.04% 0.16%
23.15 28.66% 1,511,602 94% 1.07% 1.08% 0.24%
18.79 28.36% 892,324 79% 1.10% 1.10% 0.25%
15.40 37.98% 431,321 113% 1.12% 1.12% 0.51%
$ 1.00 2.66% $1,844,396 N/A 0.60%(1) 0.65%(1) 5.29%(1)
1.00 4.60% 2,409,157 N/A 0.60% 0.65% 4.52%
1.00 5.14% 967,733 N/A 0.60% 0.66% 4.99%
1.00 5.18% 759,888 N/A 0.60% 0.69% 5.06%
1.00 5.08% 549,470 N/A 0.60% 0.71% 4.87%
1.00 5.05% 344,225 N/A 0.60% 0.72% 5.38%
$13.87 4.95% $ 677,747 92% 1.23%(1) 1.23%(1) 0.29%(1)
13.32 5.67% 664,383 176% 1.13% 1.13% 0.39%
13.16 (2.33%) 271,968 208% 1.05% 1.05% 1.83%
15.15 26.42% 201,143 91% 0.90% 0.90% 3.34%
12.83 11.53% 123,138 81% 0.93% 0.93% 3.14%
11.94 26.13% 107,399 71% 0.93% 0.93% 4.58%
$14.19 2.03% $ 591,036 33% 0.97%(1) 0.97%(1) 2.49%(1)
15.24 20.85% 499,571 154% 1.00% 1.00% 2.37%
14.13 12.86% 409,335 139% 1.00% 1.00% 2.55%
13.64 18.28% 357,591 170% 1.03% 1.03% 2.81%
13.19 11.23% 286,479 276% 0.94% 0.94% 2.66%
12.53 22.60% 255,206 161% 0.94% 0.94% 3.28%
</TABLE>
--------------------------------------------------------------------------------
133
<PAGE> 135
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 06/30/00** $11.92 $ 0.55 $(0.81) $(0.26) $(1.16) $ -- $(1.16)
High Yield 12/31/99 12.65 1.03 (0.77) 0.26 (0.91) (0.08) (0.99)
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)
AST T. Rowe Price 06/30/00** $18.86 $ 0.24 $ -- $ 0.24 $(0.45) $(0.18) $(0.63)
Asset Allocation 12/31/99 17.47 0.44 1.32 1.76 (0.36) (0.01) (0.37)
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)
AST PIMCO Total 06/30/00** $10.99 $ 0.32 $ 0.10 $ 0.42 $(0.60) $ -- $(0.60)
Return Bond 12/31/99 12.02 0.58 (0.71) (0.13) (0.52) (0.38) (0.90)
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)
AST INVESCO 06/30/00** $18.65 $ 0.18 $ 0.04 $ 0.22 $(0.36) $(1.40) $(1.76)
Equity Income 12/31/99 17.50 0.36 1.61 1.97 (0.32) (0.50) (0.82)
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)
AST Janus 06/30/00** $42.61 $(0.10) $(6.41) $(6.51) $ -- $(4.01) $(4.01)
Small-Cap Growth 12/31/99 17.61 (0.03) 25.03 25.00 -- -- --
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)
AST American Century 06/30/00** $16.67 $(0.01) $(1.17) $(1.18) $(0.03) $(1.64) $(1.67)
International Growth II 12/31/99 13.39 0.06 3.95 4.01 (0.09) (0.64) (0.73)
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)
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<C> <S>
(1) Annualized.
* For 1999 and 2000, includes commissions received by American
Skandia Marketing, Inc. under the Portfolio's Distribution
Plan, as described in Note 3 to the Financial Statements.
** Unaudited.
</TABLE>
See Notes to Financial Statements.
134
<PAGE> 136
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
RATIOS OF EXPENSES
SUPPLEMENTAL DATA TO AVERAGE NET ASSETS*
---------------------------------- --------------------------------
NET ASSET AFTER ADVISORY BEFORE ADVISORY RATIO OF NET
VALUE NET ASSETS AT PORTFOLIO FEE WAIVER FEE WAIVER INVESTMENT INCOME
END TOTAL END OF PERIOD TURNOVER AND EXPENSE AND EXPENSE (LOSS) TO AVERAGE
OF PERIOD RETURN (IN 000'S) RATE REIMBURSEMENT REIMBURSEMENT NET ASSETS
--------- ------ ------------- --------- -------------- --------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C>
$10.50 (2.35%) $ 604,610 13% 0.95%(1) 0.95%(1) 10.14%(1)
11.92 2.00% 623,788 39% 0.94% 0.94% 9.09%
12.65 2.61% 595,680 36% 0.95% 0.95% 8.64%
13.11 13.59% 434,420 28% 0.98% 0.98% 8.83%
12.13 13.58% 205,262 43% 1.03% 1.03% 8.02%
11.14 19.57% 83,692 30% 1.11% 1.11% 8.72%
$18.47 1.44% $ 438,344 17% 1.07%(1) 1.07%(1) 2.60%(1)
18.86 10.28% 447,542 17% 1.07% 1.07% 2.65%
17.47 18.36% 344,197 8% 1.09% 1.09% 2.70%
15.13 18.40% 213,075 10% 1.13% 1.13% 2.95%
13.27 13.14% 120,149 31% 1.20% 1.20% 3.02%
12.01 23.36% 59,399 18% 1.25% 1.29% 3.53%
$10.81 3.97% $1,133,405 155% 0.82%(1) 0.82%(1) 6.17%(1)
10.99 (1.09%) 1,005,763 227% 0.82% 0.82% 5.46%
12.02 9.46% 896,497 231% 0.83% 0.83% 5.24%
11.72 9.87% 572,100 320% 0.86% 0.86% 5.56%
11.11 3.42% 360,010 403% 0.89% 0.89% 5.38%
11.34 18.78% 225,335 124% 0.89% 0.89% 5.95%
$17.11 1.88% $1,145,436 33% 0.95%(1) 0.95%(1) 2.21%(1)
18.65 11.74% 1,048,064 76% 0.93% 0.93% 2.10%
17.50 13.34% 831,482 67% 0.93% 0.93% 2.17%
16.51 23.33% 602,105 73% 0.95% 0.95% 2.54%
13.99 17.09% 348,680 58% 0.98% 0.98% 2.83%
12.50 30.07% 176,716 89% 0.98% 0.98% 3.34%
$32.09 (18.05%) $1,052,163 53% 1.05%(1) 1.05%(1) (0.50%)(1)
42.61 141.96% 1,443,211 116% 1.08% 1.08% (0.46%)
17.61 3.49% 285,847 100% 1.12% 1.12% (0.53%)
17.81 6.01% 278,258 77% 1.13% 1.13% (0.32%)
16.80 20.05% 220,068 69% 1.16% 1.16% (0.38%)
14.25 32.56% 90,460 68% 1.22% 1.22% (0.28%)
$13.82 (7.91%) $ 453,284 102% 1.26%(1) 1.26%(1) 0.06%(1)
16.67 31.95% 516,824 29% 1.26% 1.26% 0.47%
13.39 14.03% 472,161 32% 1.25% 1.25% 0.60%
12.09 1.36% 464,456 19% 1.26% 1.26% 0.71%
12.07 14.17% 402,559 11% 1.30% 1.30% 0.84%
10.65 11.09% 195,667 17% 1.33% 1.33% 1.03%
</TABLE>
--------------------------------------------------------------------------------
135
<PAGE> 137
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 06/30/00** $ 9.60 $ 0.17 $(0.51) $(0.34) $(0.15) $ -- $(0.15)
Global Bond 12/31/99 11.46 0.33 (1.25) (0.92) (0.71) (0.23) (0.94)
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)
AST Neuberger Berman 06/30/00** $24.03 $ 0.01 $ 3.11 $ 3.12 $ -- $(0.62) $(0.62)
Mid-Cap Growth 12/31/99 17.26 (0.11) 8.21 8.10 -- (1.33) (1.33)
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)
AST Founders Passport 06/30/00** $24.63 $(0.01) $(0.80) $(0.81) $ -- $(4.55) $(4.55)
12/31/99 13.04 (0.07) 11.72 11.65 (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(2) 10.00 0.03 0.30 0.33 -- -- --
AST T. Rowe Price 06/30/00** $13.16 $ 0.10 $ 0.87 $ 0.97 $(0.14) $ -- $(0.14)
Natural Resources 12/31/99 11.97 0.14 2.67 2.81 (0.18) (1.44) (1.62)
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(2) 10.00 0.04 1.07 1.11 -- -- --
AST PIMCO Limited 06/30/00** $10.84 $ 0.36 $(0.05) $ 0.31 $(0.62) $ -- $(0.62)
Maturity Bond 12/31/99 11.08 0.59 (0.22) 0.37 (0.61) -- (0.61)
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(2) 10.00 0.05 0.42 0.47 -- -- --
AST Alliance Growth 06/30/00** $18.95 $(0.02) $ 2.02 $ 2.00 $ -- $(1.56) $(1.56)
12/31/99 16.07 (0.07) 4.85 4.78 -- (1.90) (1.90)
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(3) 10.00 (0.01) 1.00 0.99 -- -- --
</TABLE>
--------------------------------------------------------------------------------
(1) Annualized.
(2) Commenced operations on May 2, 1995.
(3) Commenced operations on May 2, 1996.
* For 1999 and 2000, includes commissions received by American Skandia
Marketing, Inc. under the Portfolio's Distribution Plan, as described in Note
3 to the Financial Statements.
** Unaudited.
See Notes to Financial Statements.
136
<PAGE> 138
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
RATIOS OF EXPENSES
SUPPLEMENTAL DATA TO AVERAGE NET ASSETS*
----------------------------------------------- --------------------------------
NET ASSET NET ASSETS AT AFTER ADVISORY BEFORE ADVISORY RATIO OF NET
VALUE END OF PORTFOLIO FEE WAIVER FEE WAIVER INVESTMENT INCOME
END TOTAL PERIOD TURNOVER AND EXPENSE AND EXPENSE (LOSS) TO AVERAGE
OF PERIOD RETURN (IN 000'S) RATE REIMBURSEMENT REIMBURSEMENT NET ASSETS
--------- ------- ------------- --------- -------------- --------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 9.11 (3.53%) $ 136,272 108% 1.12%(1) 1.12%(1) 4.00%(1)
9.60 (8.33%) 138,144 106% 1.11% 1.11% 3.51%
11.46 14.72% 147,973 136% 1.11% 1.11% 4.78%
10.11 (3.42%) 130,408 173% 1.11% 1.11% 4.73%
10.90 5.98% 98,235 241% 1.21% 1.21% 5.02%
10.60 11.10% 45,602 325% 1.53% 1.53% 6.17%
$26.53 12.75% $ 765,447 55% 1.08%(1) 1.08%(1) (0.55%)(1)
24.03 51.37% 394,325 148% 1.13% 1.13% (0.71%)
17.26 20.65% 261,792 228% 1.07% 1.07% (0.34%)
16.61 16.68% 185,050 305% 0.99% 0.99% 0.07%
14.39 16.34% 136,247 156% 1.01% 1.01% 0.24%
12.40 24.42% 45,979 84% 1.17% 1.17% 0.70%
$19.27 (9.83%) $ 340,163 264% 1.22%(1) 1.22%(1) (0.16%)(1)
24.63 89.71% 217,397 309% 1.29% 1.29% (0.54%)
13.04 10.92% 119,997 46% 1.30% 1.30% 0.32%
11.78 2.03% 117,938 73% 1.35% 1.35% 0.43%
11.63 12.91% 117,643 133% 1.36% 1.36% 1.25%
10.33 3.30% 28,455 4% 1.46%(1) 1.46%(1) 0.94%(1)
$13.99 7.50% $ 119,158 61% 1.25%(1) 1.25%(1) 1.35%(1)
13.16 28.11% 102,225 72% 1.16% 1.16% 1.11%
11.97 (11.83%) 74,126 55% 1.16% 1.16% 1.14%
14.57 3.39% 111,954 44% 1.16% 1.16% 0.98%
14.47 30.74% 88,534 31% 1.30% 1.30% 1.08%
11.11 11.10% 9,262 2% 1.35%(1) 1.80%(1) 1.28%(1)
$10.53 3.04% $ 389,721 34% 0.86%(1) 0.86%(1) 5.96%(1)
10.84 3.37% 406,604 178% 0.86% 0.86% 5.51%
11.08 5.72% 349,707 263% 0.86% 0.86% 5.70%
11.02 7.46% 288,642 54% 0.88% 0.88% 5.71%
10.81 3.90% 209,013 247% 0.89% 0.89% 5.69%
10.47 4.70% 161,940 205% 0.89%(1) 0.89%(1) 4.87%(1)
$19.39 10.40% $ 444,107 91% 1.22%(1) 1.22%(1) (0.50%)(1)
18.95 33.91% 364,454 316% 1.11% 1.11% (0.50%)
16.07 27.34% 300,924 252% 1.22% 1.22% (0.70%)
12.62 14.83% 235,648 219% 1.23% 1.23% (0.59%)
10.99 9.90% 48,790 77% 1.33%(1) 1.33%(1) (0.56%)(1)
----------------------------------------------------------------------------------------------------------
</TABLE>
137
<PAGE> 139
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 06/30/00** $25.10 $ 0.02 $(0.76) $(0.74) $(0.13) $(0.18) $(0.31)
Growth 12/31/99 13.74 (0.03) 11.39 11.36 -- -- --
12/31/98 11.87 0.04 1.88 1.92 (0.05) -- (0.05)
12/31/97(4) 10.00 0.02 1.85 1.87 -- -- --
AST American Century 06/30/00** $15.65 $ 0.03 $(0.67) $(0.64) $(0.08) $(0.88) $(0.96)
Income & Growth 12/31/99 13.47 0.09 2.84 2.93 (0.11) (0.64) (0.75)
12/31/98 12.23 0.11 1.38 1.49 (0.07) (0.18) (0.25)
12/31/97(4) 10.00 0.07 2.16 2.23 -- -- --
AST American Century 06/30/00** $15.30 $ 0.15 $(0.10) $ 0.05 $(0.23) $(0.88) $(1.11)
Strategic Balanced 12/31/99 13.66 0.20 1.56 1.76 (0.12) -- (0.12)
12/31/98 11.34 0.11 2.29 2.40 (0.08) -- (0.08)
12/31/97(4) 10.00 0.11 1.23 1.34 -- -- --
AST American Century 06/30/00** $22.40 $ 0.04 $(1.36) $(1.32) $ -- $(0.82) $(0.82)
International Growth 12/31/99 13.66 (0.04) 8.88 8.84 -- (0.10) (0.10)
12/31/98 11.52 0.03 2.12 2.15 (0.01) -- (0.01)
12/31/97(4) 10.00 (0.03) 1.55 1.52 -- -- --
AST T. Rowe Price 06/30/00** $11.39 $ 0.05 $ 1.40 $ 1.45 $(0.07) $(0.63) $(0.70)
Small Company Value 12/31/99 11.44 0.08 (0.03) 0.05 (0.10) -- (0.10)
12/31/98 12.88 0.09 (1.42) (1.33) (0.05) (0.06) (0.11)
12/31/97(4) 10.00 0.06 2.82 2.88 -- -- --
AST Marsico Capital 06/30/00** $21.63 $(0.01) $(1.40) $(1.41) $ -- $(0.52) $(0.52)
Growth 12/31/99 14.20 (0.03) 7.48 7.45 (0.01) (0.01) (0.02)
12/31/98 10.03 -- 4.17 4.17 -- -- --
12/31/97(5) 10.00 0.01 0.02 0.03 -- -- --
AST Cohen & Steers 06/30/00** $ 8.36 $ 0.14 $ 0.70 $ 0.84 $(0.28) $ -- $(0.28)
Realty 12/31/99 8.41 0.33 (0.15) 0.18 (0.23) -- (0.23)
12/31/98(6) 10.00 0.28 (1.87) (1.59) -- -- --
AST Lord Abbett 06/30/00** $10.87 $ -- $ 1.29 $ 1.29 $ -- $ -- $ --
Small Cap Value 12/31/99 9.99 (0.03) 0.91 0.88 -- -- --
12/31/98(6) 10.00 (0.01) -- (0.01) -- -- --
AST Sanford Bernstein 06/30/00** $14.96 $ 0.05 $(0.47) $(0.42) $(0.08) $(0.95) $(1.03)
Managed Index 500 12/31/99 12.78 0.08 2.56 2.64 (0.06) (0.40) (0.46)
12/31/98(6) 10.00 0.06 2.72 2.78 -- -- --
</TABLE>
--------------------------------------------------------------------------------
(1) Annualized.
(4) Commenced operations on January 2, 1997.
(5) Commenced operations on December 22, 1997.
(6) Commenced operations on January 2, 1998.
* For 1999 and 2000, includes commissions received by American Skandia
Marketing, Inc. under the Portfolio's Distribution Plan, as described in Note
3 to the Financial Statements.
** Unaudited.
See Notes to Financial Statements.
138
<PAGE> 140
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
RATIOS OF EXPENSES
SUPPLEMENTAL DATA TO AVERAGE NET ASSETS*
----------------------------------------------- --------------------------------
NET ASSET NET ASSETS AT AFTER ADVISORY BEFORE ADVISORY RATIO OF NET
VALUE END OF PORTFOLIO FEE WAIVER FEE WAIVER INVESTMENT INCOME
END TOTAL PERIOD TURNOVER AND EXPENSE AND EXPENSE (LOSS) TO AVERAGE
OF PERIOD RETURN (IN 000'S) RATE REIMBURSEMENT REIMBURSEMENT NET ASSETS
--------- ------- ------------- --------- -------------- --------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C>
$24.05 (3.16%) $1,540,152 56% 1.17%(1) 1.18%(1) 0.33%(1)
25.10 82.68% 1,551,045 76% 1.23% 1.23% (0.18%)
13.74 16.22% 607,206 97% 1.27% 1.27% 0.32%
11.87 18.70% 255,705 94% 1.35%(1) 1.35%(1) 0.36%(1)
$14.05 (3.71%) $ 478,761 29% 0.94%(1) 0.94%(1) 0.70%(1)
15.65 22.98% 360,630 125% 0.98% 0.98% 0.86%
13.47 12.27% 189,871 87% 1.00% 1.00% 1.05%
12.23 22.30% 117,438 81% 1.23%(1) 1.23%(1) 1.24%(1)
$14.24 0.71% $ 225,392 64% 1.09%(1) 1.09%(1) 2.22%(1)
15.30 12.97% 216,748 104% 1.10% 1.10% 1.93%
13.66 21.29% 91,043 95% 1.16% 1.13% 1.68%
11.34 13.40% 28,947 76% 1.25%(1) 1.35%(1) 2.02%(1)
$20.26 (6.40%) $ 301,870 54% 1.32%(1) 1.32%(1) 0.11%(1)
22.40 65.20% 154,226 112% 1.50% 1.50% (0.32%)
13.66 18.68% 77,733 220% 1.65% 1.65% 0.10%
11.52 15.10% 33,125 171% 1.75%(1) 1.75%(1) (0.58%)(1)
$12.14 13.62% $ 302,755 15% 1.12%(1) 1.12%(1) 0.84%(1)
11.39 0.58% 261,493 26% 1.11% 1.11% 0.64%
11.44 (10.53%) 304,072 10% 1.11% 1.11% 0.93%
12.88 28.80% 199,896 7% 1.16%(1) 1.16% 1.20%(1)
$19.70 (6.67%) $1,908,574 61% 1.05%(1) 1.06%(1) (0.21%)(1)
21.63 52.58% 1,723,736 115% 1.08% 1.08% (0.25%)
14.20 41.59% 594,966 213% 1.11% 1.11% 0.16%
10.03 0.30% 7,299 -- 1.00%(1) 1.00%(1) 3.62%(1)
$ 8.92 10.57% $ 89,986 34% 1.31%(1) 1.31%(1) 4.97%(1)
8.36 2.26% 56,697 51% 1.27% 1.27% 4.95%
8.41 (16.00%) 33,025 18% 1.30%(1) 1.30%(1) 5.02%(1)
$12.16 11.87% $ 123,878 36% 1.17%(1) 1.17%(1) (0.29%)(1)
10.87 8.81% 74,192 85% 1.24% 1.24% (0.36%)
9.99 (0.10%) 41,788 58% 1.31%(1) 1.31%(1) (0.21%)(1)
$13.51 (2.47%) $ 725,914 78% 0.73%(1) 0.73%(1) 0.78%(1)
14.96 21.23% 633,567 101% 0.79% 0.77% 0.74%
12.78 27.90% 289,551 162% 0.80%(1) 0.86%(1) 1.07%(1)
</TABLE>
--------------------------------------------------------------------------------
139
<PAGE> 141
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 Kemper 06/30/00** $15.59 $(0.03) $ 0.79 $ 0.76 $ -- $(0.89) $(0.89)
Small-Cap Growth 12/31/99(7) 10.00 (0.05) 5.64 5.59 -- -- --
AST MFS Global Equity 06/30/00** $11.03 $ 0.04 $ 0.06 $ 0.10 $(0.01) $(0.01) $(0.02)
12/31/99(8) 10.00 0.01 1.02 1.03 -- -- --
AST MFS Growth 06/30/00** $11.30 $ 0.01 $ 0.35 $ 0.36 $ -- $ -- $ --
12/31/99(8) 10.00 0.01 1.29 1.30 -- -- --
AST MFS Growth 06/30/00** $10.52 $ 0.03 $ 0.08 $ 0.11 $(0.01) $ -- $(0.01)
with Income 12/31/99(8) 10.00 0.01 0.51 0.52 -- -- --
AST Alger 06/30/00**(9) $10.00 $ -- $(1.23) $(1.23) $ -- $ -- $ --
All-Cap Growth
AST Janus Mid-Cap Growth 06/30/00**(10) $10.00 $ 0.02 $ 0.15 $ 0.17 $ -- $ -- $ --
</TABLE>
--------------------------------------------------------------------------------
<TABLE>
<C> <S>
(1) Annualized.
(7) Commenced operations on January 4, 1999.
(8) Commenced operations on October 18, 1999.
(9) Commenced operations on December 31, 1999.
(10) Commenced operations on May 1, 2000.
* For 1999 and 2000, includes commissions received by American
Skandia Marketing, Inc. under the Portfolio's Distribution
Plan, as described in Note 3 to the Financial Statements.
** Unaudited.
</TABLE>
See Notes to Financial Statements.
140
<PAGE> 142
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
RATIOS OF EXPENSES
SUPPLEMENTAL DATA TO AVERAGE NET ASSETS*
----------------------------------------------- --------------------------------
NET ASSET NET ASSETS AT AFTER ADVISORY BEFORE ADVISORY RATIO OF NET
VALUE END OF PORTFOLIO FEE WAIVER FEE WAIVER INVESTMENT INCOME
END TOTAL PERIOD TURNOVER AND EXPENSE AND EXPENSE (LOSS) TO AVERAGE
OF PERIOD RETURN (IN 000'S) RATE REIMBURSEMENT REIMBURSEMENT NET ASSETS
--------- ------- ------------- --------- -------------- --------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C>
$15.46 4.27% $1,084,319 65% 1.12%(1) 1.12%(1) (0.65%)(1)
15.59 55.90% 841,984 133% 1.14%(1) 1.14%(1) (0.67%)(1)
$11.11 0.80% $ 12,203 35% 1.20%(1) 1.20%(1) 1.48%(1)
11.03 10.40% 1,291 142% 1.75%(1) 2.11%(1) 0.75%(1)
$11.66 3.21% $ 38,168 102% 1.02%(1) 1.02%(1) 0.22%(1)
11.30 13.00% 4,868 60% 1.35%(1) 1.35%(1) 0.76%(1)
$10.62 1.05% $ 34,668 28% 1.04%(1) 1.04%(1) 0.63%(1)
10.52 5.20% 8,757 6% 1.23%(1) 1.23%(1) 1.45%(1)
$ 8.77 (12.30%) $ 238,798 53% 1.23%(1) 1.23%(1) 0.00%(1)
$10.17 1.70% $ 33,664 5% 1.26%(1) 1.26%(1) 1.76%(1)
</TABLE>
--------------------------------------------------------------------------------
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AMERICAN SKANDIA TRUST
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000 (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, 2000, issued 33 classes of
shares of beneficial interest: AST AIM International Equity Portfolio
("International Equity"), AST Alliance Growth and Income Portfolio ("Growth and
Income"), AST JanCap Growth Portfolio ("JanCap Growth"), AST Money Market
Portfolio ("Money Market"), AST Neuberger Berman Mid-Cap Value Portfolio
("Mid-Cap Value"), AST AIM Balanced Portfolio ("Balanced"), 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 American Century
International Growth Portfolio II ("International Growth II") (formerly, AST T.
Rowe Price International Equity Portfolio), AST T. Rowe Price Global Bond
Portfolio ("Global Bond") (formerly, AST T. Rowe Price International Bond
Portfolio), AST Neuberger Berman Mid-Cap Growth Portfolio ("Neuberger 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 Alliance Growth Portfolio
("Alliance Growth") (formerly, AST Oppenheimer Large-Cap Growth Portfolio), AST
Janus Overseas Growth Portfolio ("Overseas Growth"), AST American Century Income
& Growth Portfolio ("Income & Growth"), 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 Sanford Bernstein
Managed Index 500 Portfolio ("Managed Index 500") (formerly, AST Bankers Trust
Managed Index 500 Portfolio), AST Kemper Small-Cap Growth Portfolio ("Kemper
Small-Cap Growth"), AST MFS Global Equity Portfolio ("Global Equity"), AST MFS
Growth Portfolio ("MFS Growth"), AST MFS Growth with Income Portfolio ("Growth
with Income"), AST Alger All-Cap Growth Portfolio ("All-Cap Growth"), and AST
Janus Mid-Cap Growth Portfolio ("Janus Mid-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.
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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 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, 2000, there were no securities 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
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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 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.
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 "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.
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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.
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At June 30, 2000, 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 and Income.................................... $ 125,845,725 $ 122,685,018 $133,153
JanCap Growth........................................ 1,328,757,881 1,320,083,926 957,941
Mid-Cap Value........................................ 71,402,577 73,153,329 91,084
Balanced............................................. 93,547,476 89,761,339 100,788
High Yield........................................... 13,944,113 14,738,880 146,841
Asset Allocation..................................... 80,204,302 81,925,710 58,560
Equity Income........................................ 80,451,924 80,267,262 99,818
Janus Small-Cap Growth............................... 125,755,174 127,084,647 606,543
Neuberger Mid-Cap Growth............................. 177,696,911 177,177,541 134,464
Natural Resources.................................... 8,686,275 9,099,015 19,458
Alliance Growth...................................... 102,445,914 103,201,689 56,322
Income & Growth...................................... 55,728,328 53,157,945 43,204
Strategic Balanced................................... 24,407,661 21,906,911 24,838
Small Company Value.................................. 13,659,851 14,139,060 38,088
Capital Growth....................................... 247,388,008 250,406,392 282,269
Realty............................................... 11,019,725 10,372,500 18,479
Small Cap Value...................................... 2,821,406 6,945,900 30,125
Managed Index 500.................................... 54,432,979 55,724,782 56,580
Kemper Small-Cap Growth.............................. 116,049,865 103,727,828 491,744
MFS Growth........................................... 5,945,463 5,999,125 314
Growth with Income................................... 3,325,058 3,365,172 141
All-Cap Growth....................................... 62,951,747 63,294,427 35,846
Janus Mid-Cap Growth................................. 6,383,737 6,504,590 1,687
</TABLE>
* Income earned for the period is included in interest income on the Statements
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, 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.
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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 International Equity and Balanced; Lord Abbett &
Co. for Small Cap Value; Janus Capital Corporation for JanCap Growth, Janus
Small-Cap Growth, Overseas Growth, and Janus Mid-Cap 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 Global Bond; Neuberger
Berman Management, Inc. for Mid-Cap Value and Neuberger Mid-Cap Growth; American
Century Investment Management, Inc. for Income & Growth, Strategic Balanced,
International Growth, and International Growth II; Marsico Capital Management,
LLC for Capital Growth; Cohen & Steers Capital Management, Inc. for Realty;
Sanford C. Bernstein & Co., Inc. for Managed Index 500; Scudder Kemper
Investments, Inc. for Kemper Small-Cap Growth; Massachusetts Financial Services
Co. for Global Equity, MFS Growth, and Growth with Income; Alliance Capital
Management L.P. for Growth and Income and Alliance Growth; and Fred Alger
Management, Inc. for All-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%, .95%, 1.00%, .90%, .90%, .95%, and 1.00% of the
average daily net assets of the International Equity, Growth and Income, JanCap
Growth, Money Market, Mid-Cap Value, Balanced, High Yield, Asset Allocation,
Total Return Bond, Equity Income, Janus Small-Cap Growth, International Growth
II, Global Bond, Neuberger Mid-Cap Growth, Passport, Natural Resources, Limited
Maturity Bond, Alliance Growth, Overseas Growth, Income & Growth, Strategic
Balanced, International Growth, Small Company Value, Capital Growth, Realty,
Small Cap Value, Managed Index 500, Kemper Small-Cap Growth, Global Equity, MFS
Growth, Growth with Income, All-Cap Growth, and Janus Mid-Cap Growth Portfolios,
respectively. The fees for International Equity are at the rate of .85% for
average daily net assets in excess of $75 million, for Mid-Cap Value, Neuberger
Mid-Cap Growth, and Alliance 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 six months ended June 30, 2000, the Investment Manager
voluntarily waived .05% from its fee for the Money Market Portfolio and .05%
from its fee on average daily net assets in excess of $1 billion for the JanCap
Growth, Growth and Income, and Capital Growth
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Portfolios. From March 31, 2000 to June 30, 2000, the Investment Manager
voluntarily waived .05% from its fee on average daily net assets in excess of $1
billion for the Total Return Bond, Equity Income, Janus Small-Cap Growth, and
Overseas Growth Portfolios. The Investment Manager pays each Sub-advisor a fee
as compensation for advisory services provided to the Portfolios.
On May 1, 2000, Alliance Capital Management L.P. became Sub-advisor to AST
Alliance Growth and Income Portfolio (formerly, AST Lord Abbett Growth and
Income Portfolio, sub-advised by Lord Abbett & Co.) and AST Alliance Growth
Portfolio (formerly, AST Oppenheimer Large-Cap Growth Portfolio, sub-advised by
OppenheimerFunds, Inc.).
On May 1, 2000, Sanford C. Bernstein & Co, Inc. became Sub-advisor to AST
Sanford Bernstein Managed Index 500 Portfolio (formerly, AST Bankers Trust
Managed Index 500 Portfolio, sub-advised by Bankers Trust Co.).
On May 1, 2000, American Century Investment Management, Inc. became Sub-advisor
to AST American Century International Growth II Portfolio (formerly, AST T. Rowe
Price International Equity Portfolio, sub-advised by Rowe Price-Fleming
International, Inc.).
The Trust has adopted a Distribution Plan (the "Plan") under Rule 12b-1 of the
Investment Company Act of 1940. The Plan permits American Skandia Marketing,
Incorporated ("ASMI") to receive brokerage commissions in connection with
purchases and sales of securities by the Portfolios, and to use these
commissions to promote the sale of variable contracts, the premiums for which
are invested in shares of the Trust. Under the Plan, securities transactions for
a Portfolio may be directed to certain brokers for execution ("clearing
brokers") who have agreed to pay part of the brokerage commissions received on
these transactions to ASMI for "introducing" transactions to the clearing
broker. In turn, ASMI uses the brokerage commissions received as an introducing
broker to pay various distribution-related expenses, such as advertising,
printing of sales materials, and payments to dealers.
Commissions received by ASMI under the Plan are reflected in the cost of
securities purchased and the proceeds from the sale of securities. These
commissions are shown in the Statements of Operations as "Distribution Fees" and
a corresponding reduction "Fees Paid Indirectly". Net expenses of the Portfolios
are unaffected by these commissions. For the six months ended June 30, 2000,
commissions received by ASMI totaled $3,356,739.
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.
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.
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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, 1999, 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 2007
----------- -------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C>
High Yield....................... $ 3,504,698 $ -- $ -- $ -- $ 3,504,698
Total Return Bond................ 23,034,821 -- -- -- 23,034,821
Global Bond...................... 1,753,510 -- -- -- 1,753,510
Limited Maturity Bond............ 1,947,158 496,087 -- -- 1,451,071
Realty........................... 2,479,752 -- -- 569,675 1,910,077
Small Cap Value.................. 1,275,730 -- -- 1,275,730 --
MFS Growth....................... 1,705 -- -- -- 1,705
Growth with Income............... 1,855 -- -- -- 1,855
</TABLE>
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5. PORTFOLIO SECURITIES
Purchases and sales of securities, other than short-term obligations, during the
six months ended June 30, 2000, 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....................... $ -- $ -- $ 342,529 $ 309,865
Growth and Income.............................. -- -- 1,285,974 1,234,205
JanCap Growth.................................. -- -- 1,262,124 921,672
Mid-Cap Value.................................. -- -- 604,782 590,373
Balanced....................................... 32,322 30,758 238,443 138,600
High Yield..................................... 82 856 70,276 75,334
Asset Allocation............................... 23,342 17,881 45,249 59,955
Total Return Bond.............................. 1,949,619 1,649,794 214,444 162,911
Equity Income.................................. 11,082 9,658 408,827 329,150
Janus Small-Cap Growth......................... -- -- 633,892 645,185
International Growth II........................ -- -- 466,186 515,242
Global Bond.................................... 43,362 7,180 90,780 134,682
Neuberger Mid-Cap Growth....................... -- -- 571,818 303,141
Passport....................................... -- -- 992,048 841,873
Natural Resources.............................. -- -- 73,383 61,952
Limited Maturity Bond.......................... 39,680 29,578 276,387 126,089
Alliance Growth................................ -- -- 413,451 341,574
Overseas Growth................................ -- -- 775,815 717,180
Income & Growth................................ -- -- 268,106 118,939
Strategic Balanced............................. 1,730 3,033 147,978 132,278
International Growth........................... -- -- 240,194 104,760
Small Company Value............................ -- -- 46,258 41,377
Capital Growth................................. -- -- 1,365,175 1,041,083
Realty......................................... -- -- 50,787 23,462
Small Cap Value................................ -- -- 70,098 31,558
Managed Index 500.............................. 2,617 6,749 654,804 496,234
Kemper Small-Cap Growth........................ -- -- 783,522 584,953
Global Equity.................................. -- -- 11,848 1,657
MFS Growth..................................... -- -- 49,904 19,024
Growth with Income............................. -- -- 29,523 4,967
All-Cap Growth................................. -- -- 315,262 63,988
Janus Mid-Cap Growth........................... -- -- 25,607 792
</TABLE>
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At June 30, 2000, 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...................... $ 602,849 $ 171,540 $ (21,116) $ 150,424
Growth and Income............................. 1,440,172 112,254 (80,493) 31,761
JanCap Growth................................. 3,395,537 2,770,202 (256,930) 2,513,272
Mid-Cap Value................................. 654,667 64,086 (35,420) 28,666
Balanced...................................... 501,510 100,247 (14,529) 85,718
High Yield.................................... 685,908 5,564 (95,540) (89,976)
Asset Allocation.............................. 348,046 108,331 (20,919) 87,412
Total Return Bond............................. 1,527,046 4,017 (25,474) (21,457)
Equity Income................................. 995,479 207,181 (49,498) 157,683
Janus Small-Cap Growth........................ 851,718 339,776 (125,372) 214,404
International Growth II....................... 428,271 47,060 (20,148) 26,912
Global Bond................................... 135,448 3,459 (8,544) (5,085)
Neuberger Mid-Cap Growth...................... 648,322 134,971 (20,065) 114,906
Passport...................................... 331,194 28,991 (21,702) 7,289
Natural Resources............................. 115,262 11,734 (10,916) 818
Limited Maturity Bond......................... 458,732 248 (6,405) (6,157)
Alliance Growth............................... 416,058 45,798 (18,071) 27,727
Overseas Growth............................... 1,079,135 493,709 (27,359) 466,350
Income & Growth............................... 452,151 58,748 (32,855) 25,893
Strategic Balanced............................ 215,709 22,336 (10,605) 11,731
International Growth.......................... 273,725 35,271 (7,184) 28,087
Small Company Value........................... 308,210 50,646 (57,261) (6,615)
Capital Growth................................ 1,515,639 462,140 (69,650) 392,490
Realty........................................ 87,572 4,658 (3,903) 755
Small Cap Value............................... 108,875 20,481 (5,130) 15,351
Managed Index 500............................. 699,989 66,743 (42,634) 24,109
Kemper Small-Cap Growth....................... 856,369 326,866 (98,681) 228,185
Global Equity................................. 12,533 758 (444) 314
MFS Growth.................................... 36,757 2,594 (920) 1,674
Growth with Income............................ 33,813 2,106 (1,248) 858
All-Cap Growth................................ 246,896 13,707 (22,350) (8,643)
Janus Mid-Cap Growth.......................... 35,552 1,518 (1,386) 132
</TABLE>
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6. WRITTEN OPTIONS TRANSACTIONS
Written options transactions, during the six months ended June 30, 2000, were as
follows:
<TABLE>
<CAPTION>
BALANCED TOTAL RETURN BOND
---------------------- -----------------------
NUMBER OF NUMBER OF
CONTRACTS PREMIUM CONTRACTS PREMIUM
--------- --------- --------- ----------
<S> <C> <C> <C> <C>
Balance at beginning of year...................... 540 $ 231,037 16,970 $ 862,050
Written........................................... 18 100,527 4,737 1,396,621
Expired........................................... (390) (165,864) (15,086) (989,060)
Exercised......................................... -- -- -- --
Closed............................................ (150) (65,173) (4,104) (558,299)
---- --------- ------- ----------
Balance at end of year............................ 18 $ 100,527 2,517 $ 711,312
==== ========= ======= ==========
</TABLE>
<TABLE>
<CAPTION>
LIMITED MATURITY BOND
----------------------
NUMBER OF
CONTRACTS PREMIUM
--------- ---------
<S> <C> <C> <C> <C>
Balance at beginning of year........................ -- $ --
Written............................................. 490 206,957
Expired............................................. -- --
Exercised........................................... -- --
Closed.............................................. (249) (176,005)
------- ---------
Balance at end of year.............................. 241 $ 30,952
======= =========
</TABLE>
At June 30, 2000, Balanced, Total Return Bond and Limited Maturity Bond had
sufficient cash and/or securities at least equal to the value of written
options.
7. LINE OF CREDIT
The Portfolios and other affiliated funds participate in a $100 million
unsecured, committed line of credit, provided by a syndication of banks, under a
line of credit agreement. Borrowings may be made for temporary or emergency
purposes, including the meeting of redemption requests that otherwise might
require the untimely disposition of securities. Any borrowings must be repaid
within 30 days of their receipt. Interest is charged to each Portfolio, based on
its borrowings, at a premium above the Federal Funds Rate. In addition, a
commitment fee, equal to an annual rate of .09% of the average daily unused
portion of the line of credit, is allocated among the participants at the end of
each quarter. At June 30, 2000, there were no borrowings under the agreement.
152
