<PAGE> 1
AMERICAN
SKANDIA
TRUST
-----------------------------------------------
ANNUAL REPORT
-----------------------------------------------
DECEMBER 31, 1999
<PAGE> 2
PERFORMANCE INFORMATION AND COMMENTARY
- --------------------------------------------------------------------------------
The following pages present information on the investment performance of each
Portfolio (other than the AST Money Market Portfolio), which had been in
operation for six months or more at December 31, 1999, including comparisons
with relevant market indexes. Commentary by each Portfolio's sub-advisor
regarding its performance and relevant market conditions is also provided.
EXPLANATIONS OF MARKET INDEXES
S&P 500 INDEX -- The Standard & Poor's 500 Index is an unmanaged
capitalization-weighted measure of 500 widely held common stocks listed on the
New York Stock Exchange, American Stock Exchange, and over-the-counter market.
S&P MID-CAP 400 INDEX -- The Standard & Poor's Mid-Cap 400 Index is an unmanaged
capitalization-weighted index of 400 domestic stocks chosen for market size
(median market capitalization of about $2.7 billion as of December 1999).
RUSSELL 2000 INDEX -- The Russell 2000 Index is an unmanaged
capitalization-weighted index which is comprised of 2,000 of the smallest
capitalized U.S. domiciled companies whose common stock is traded in the U.S. on
the New York Stock Exchange, American Stock Exchange and over-the-counter
market.
NAREIT INDEX -- The NAREIT Equity REIT Index is an unmanaged
capitalization-weighted index comprised of all tax-qualified Real Estate
Investment Trusts listed on the New York Stock Exchange, American Stock Exchange
and NASDAQ National Market System.
ML HIGH YIELD INDEX -- The Merrill Lynch High Yield Index is an unmanaged index
of publicly traded non-convertible U.S. bonds rated below investment grade.
ML 1-3 YEAR INDEX -- The Merrill Lynch 1-3 Year Treasury Index is an unmanaged
index of treasury issues with maturities ranging from 1-2.99 years.
LB AGGREGATE INDEX -- The Lehman Brothers Aggregate Bond Index is an unmanaged
capitalization-weighted measure of treasury issues, agency issues, corporate
bond issues and mortgage securities.
MSCI EAFE INDEX -- The Morgan Stanley Capital International Europe, Australasia,
Far East Index is an unmanaged capitalization-weighted index generally accepted
as a benchmark for major overseas markets.
SB EXTENDED MARKET INDEX -- The Salomon Brothers Extended Market Index is an
unmanaged capitalization-weighted index of the smallest 20%, based on market
capitalization, of all institutionally available non-U.S. stocks.
JPM NON-U.S. GOV'T BOND INDEX -- The J.P. Morgan Non-U.S. Government Bond Index
is an unmanaged capitalization-weighted index of government bond markets in
Australia, Belgium, Canada, Denmark, France, Germany, Italy, Japan, Netherlands,
Spain, Sweden and the United Kingdom.
BLENDED INDEX -- The Blended Index is calculated by weighting the S&P 500 Index
at 60% and the Lehman Brothers Government/Corporate Bond Index at 40%. The
Lehman Brothers Government/Corporate Bond Index is an unmanaged index comprised
of intermediate and long-term government and investment grade corporate debt
securities.
All index returns assume reinvestment of dividends and, unlike Portfolio
returns, do not reflect any fees or expenses.
1
<PAGE> 3
AST AIM INTERNATIONAL EQUITY PORTFOLIO
(FORMERLY THE AST PUTNAM INTERNATIONAL EQUITY PORTFOLIO)
- --------------------------------------------------------------------------------
The AST AIM International Equity Portfolio achieved a total return of 64.13% in
1999, substantially outperforming the return of 26.96% for the unmanaged MSCI
EAFE Index.
On May 4, 1999 A I M Capital Management, Inc. replaced Putnam as the Portfolio's
sub-advisor and the name of the Portfolio changed to the AST AIM International
Equity Portfolio.
The superb investment return by the Portfolio was primarily driven by two
distinct factors. Firstly, global markets staged a sharp rebound as economic
activity stabilized and dire warnings of financial dislocation failed to
materialize. Secondly, the equity selection process concentrated upon earnings
growth potential which generated superior returns throughout the year. Portfolio
holdings in technology and communications posted exceptional results as
businesses' investments in productivity, the Internet, telecommunications and
Y2K preparation accelerated. The Portfolio maintained a focus upon consumer
issues, which benefited from employment and income gains in Europe and North
America. Underweighting financial issues and utilities also contributed to
relative performance.
AIM is optimistic on the outlook for the financial markets. They believe that
the prospects for economic growth are favorable, and that the potential benefits
of a synchronized global economic rebound should not be underestimated.
Importantly, inflation remains a nonevent, and globalization trends mandate
restructuring, enhanced merger and acquisition activity, and an increased focus
upon shareholder value.
[AST AIM INTERNATIONAL EQUITY PORTFOLIO PERFORMANCE GRAPH] [COMPARISON OF CHANGE
IN THE VALUE OF A $10,000 INVESTMENT]
<TABLE>
<CAPTION>
AST AIM INTERNATIONAL EQUITY
PORTFOLIO MSCI EAFE INDEX
---------------------------- ---------------
<S> <C> <C>
12/89 10000.00 10000.00
12/90 9695.00 7655.00
12/91 10374.00 8584.00
12/92 9509.00 7539.00
12/93 12942.00 9994.00
12/94 13283.00 10771.00
12/95 14612.00 11978.00
12/96 16021.00 12702.00
12/97 18930.00 12928.00
12/98 22734.00 15513.00
12/99 37312.00 19696.00
</TABLE>
<TABLE>
<CAPTION>
1 Year 5 Year 10 Year
------ ------ -------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 64.13% 22.94% 14.07%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
2
<PAGE> 4
AST LORD ABBETT GROWTH AND INCOME PORTFOLIO
- --------------------------------------------------------------------------------
For the year ended December 31, 1999, the AST Lord Abbett Growth and Income
Portfolio generated a 16.09% total return, compared with a return of 21.04% for
the unmanaged S&P 500 Index. Value stocks again underperformed growth stocks, as
demonstrated by the return of 12.72% for the S&P 500 Barra Value Index.
Evidence of a global economic recovery emerged early in 1999. Much of the global
rebound could be attributed to the Federal Reserve Board's last interest rate
cut in the autumn of 1998 and rapid increases in the monetary supply in an
attempt to pump liquidity into many of the world's faltering economies. As
global markets continued to improve throughout 1999, the Federal Reserve decided
that this stimulus was no longer needed, resulting in a series of autumn
interest rate hikes. Rising interest rates in recent months caused the following
leadership shift in the stocks of large companies: interest-rate-sensitive
sectors such as electric utilities and financial services underperformed,
whereas technology stocks demonstrated tremendous relative strength despite
their high valuations.
Over the course of the year, the Portfolio remained underweighted in the
financial services sector, in anticipation of rising interest rates. Likewise,
it was well positioned to benefit from the leadership position of the technology
sector, with select holdings generating strong gains. Lord Abbett also increased
the Portfolio's exposure in basic materials industries, in anticipation of
further global economic recovery throughout 2000 and 2001.
Lord Abbett expects to see global economic growth continue throughout the coming
year. In response, they are adding holdings in companies that this recovery is
likely to favor, such as those producing basic materials and capital goods.
[AST LORD ABBET GROWTH AND INCOME PORTFOLIO PERFORMANCE GRAPH] [COMPARISON OF
CHANGE IN THE VALUE OF A $10,000 INVESTMENT]
<TABLE>
<CAPTION>
AST LORD ABBETT GROWTH & INCOME
PORTFOLIO S&P 500 INDEX
------------------------------- -------------
<S> <C> <C>
5/1/92 10000.00 10000.00
12/92 10700.00 10725.00
12/93 12164.00 11804.00
12/94 12434.00 11959.00
12/95 16029.00 16447.00
12/96 19003.00 20221.00
12/97 23549.00 26965.00
12/98 26488.00 34671.00
12/99 30750.00 41965.00
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year 5 Year on 5/1/92
------ ------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 16.09% 19.85% 15.76%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
3
<PAGE> 5
AST JANCAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
For the year 1999, the AST JanCap Growth Portfolio achieved a total return of
55.01%, significantly outperforming the unmanaged S&P 500 Index's return of
21.04%.
Many of the Portfolio's technology holdings gained, including a substantial
advance by America Online, which benefited from its continuing ability to add
subscribers as well as its ability to leverage its brand in unique and
profitable ways. Microsoft also traded higher despite the company's ongoing
battle with antitrust officials. Cisco Systems, which boasts nearly a 100%
market share for Internet connectivity hardware and stands to benefit from the
explosive growth in Internet traffic, was another standout. Meanwhile, Sprint
PCS, with its all-digital wireless network, is keenly poised to benefit from the
explosion of wireless data and Internet services. Also in the wireless area,
Janus added to the Portfolio's already sizable position in Nokia, the world's
leading supplier of cellular phones, and remains very optimistic on the outlook
for the entire wireless industry. Both Sprint PCS and Nokia ranked among the
Portfolio's most profitable positions during 1999. Meanwhile, pharmaceutical
holdings, such as Pfizer, continued to disappoint.
The past year has been truly remarkable. However, as we move ahead, Janus
believes it's important to rationalize our expectations. With interest rates
likely heading higher, periods of extreme volatility will almost certainly
emerge during the coming year. However, Janus will continue to focus on
identifying great franchises whose potential has not yet been fully appreciated
by the market.
[AST JANCAP GROWTH PORTFOLIO PERFORMANCE GRAPH]
COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 INVESTMENT
<TABLE>
<CAPTION>
AST JANCAP GROWTH PORTFOLIO S&P 500 INDEX
--------------------------- -------------
<S> <C> <C>
11/6/92 10000.00 10000.00
12/92 10530.00 10474.00
12/93 11780.00 11528.00
12/94 11248.00 11679.00
12/95 15520.00 16063.00
12/96 19921.00 19748.00
12/97 25630.00 26335.00
12/98 43124.00 33860.00
12/99 66847.00 40984.00
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year 5 Year on 11/6/92
------ ------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 55.01% 42.82% 30.41%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
4
<PAGE> 6
AST NEUBERGER BERMAN MID-CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
The AST Neuberger Berman Mid-Cap Value Portfolio posted a 5.67% total return for
the year ended December 31, 1999, compared with a return of 14.72% for the
unmanaged S&P Mid-Cap 400 Index. The Portfolio's return compared favorably to
the S&P Mid-Cap 400/Barra Value Index, which produced a total return of 2.32%,
largely as a result of successful security selection and sector allocation
strategies.
Stronger-than-expected economic growth and higher interest rates constrained the
performance of mid-cap stocks for much of the year. Until the fourth quarter,
only a handful of growth-oriented technology and telecommunications stocks drove
the market averages higher. In the fourth quarter, a more broad-based rally
began to emerge, sending most major stock market averages to new highs on the
last trading day of 1999. However, value-oriented stocks were the notable
exception to this list of winners.
In this environment, the Portfolio's performance was favorably impacted by
investments in communications services and technology. Declines in the financial
sector due to higher interest rates detracted from performance.
Looking forward, Neuberger Berman believes that the global economy's persistent
strength may translate into higher earnings for economically sensitive
companies, especially in industries such as paper and chemical manufacturing
with little new capacity and rising demand. Yet, they remain cautious regarding
the broader U.S. stock market, where concerns about potentially higher interest
rates and deteriorating credit quality could offset the positive effects of a
strong economy.
[AST NEUBERGER BERMAN MID-CAP VALUE PORTFOLIO PERFORMANCE GRAPH] [COMPARISON OF
CHANGE IN THE VALUE OF A $10,000 INVESTMENT]
<TABLE>
<CAPTION>
AST NEUBERGER BERMAN
MID-CAP VALUE PORTFOLIO S&P MID-CAP 400 INDEX S&P 500 INDEX
----------------------- --------------------- -------------
<S> <C> <C> <C>
5/4/93 10000.00 10000.00 10000.00
12/31/93 10790.00 11138.00 10707.00
12/31/94 10040.00 10738.00 10848.00
12/31/95 12664.00 14058.00 14919.00
12/31/96 14124.00 16755.00 18342.00
12/31/97 17855.00 22158.00 24460.00
12/31/98 17439.00 26393.00 31449.00
12/31/99 18428.00 30278.00 38066.00
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year 5 Year on 5/4/93
------ ------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 5.67% 12.91% 9.60%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
5
<PAGE> 7
AST AIM BALANCED PORTFOLIO
(FORMERLY THE AST PUTNAM BALANCED PORTFOLIO)
- --------------------------------------------------------------------------------
The AST AIM Balanced Portfolio posted a total return of 20.85% for the year
ended December 31, 1999. This return compares most favorably to the unmanaged
blended benchmark index (60% S&P 500/40% Lehman Brothers Government/Corporate
Bond Index) return of 11.40%.
On May 4, 1999 A I M Capital Management, Inc. replaced Putnam as the Portfolio's
sub-advisor and the name of the Portfolio changed to the AST AIM Balanced
Portfolio.
The Portfolio maintained a significant exposure to both technology and
telecommunication issues, which posted strong returns. Specifically, portfolio
holdings benefited from efforts to prepare for Y2K and greater spending on
technology products and services, which serve to reduce costs and enhance
productivity. Additionally, the Portfolio maintained a commitment to the
consumer sector as record low unemployment, higher personal income and strong
trends in overall economic activity provided a favorable consumer environment.
Equally important to results, was AIM's decision to underweight financial issues
and utilities, which generally posted less favorable returns.
As we enter the new year, AIM remains decidedly optimistic on the outlook for
the financial markets. This favorable point of view is due to the sub-advisor's
belief that the current business expansion in the U.S. will continue unabated,
and that the prospects for a resurgence of global economic growth remain
positive. Furthermore, the continued absence of adverse inflationary
developments should serve to aid both the equity and fixed income markets.
[AST AIM BALANCED PORTFOLIO PERFORMANCE GRAPH] [COMPARISON OF CHANGE IN THE
VALUE OF A $10,000 INVESTMENT]
<TABLE>
<CAPTION>
AST AIM BALANCED PORTFOLIO BLENDED INDEX
-------------------------- -------------
<S> <C> <C>
5/4/93 10000.00 10000.00
12/93 10570.00 10697.00
12/94 10580.00 10636.00
12/95 12971.00 13824.00
12/96 14427.00 15848.00
12/97 17064.00 19596.00
12/98 19258.00 23779.00
12/99 23273.00 26489.00
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year 5 Year on 5/4/93
------ ------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 20.85% 17.08% 13.51%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
6
<PAGE> 8
AST FEDERATED HIGH YIELD PORTFOLIO
- --------------------------------------------------------------------------------
The AST Federated High Yield Portfolio achieved a total return of 2.00% for
1999, compared to 1.57% for the unmanaged ML High Yield Index. The Portfolio's
overweight in the B-rated sector aided performance, as this sector outperformed
both the more interest rate-sensitive BB-rated sector and the more
credit-impacted CCC-rated sector. In terms of industry performance, an
overweight in telecommunications and cable television benefited performance,
while weakness in healthcare and textiles hurt performance. Strong individual
performers included United GlobalCom, Triton PCS, Tekni-plex and Telesystems
International. On the negative side, underperforming positions included Jitney
Jungle Stores, Paging Network, Genesis Health and Pillowtex.
Looking into 2000, Federated believes that strong economic growth worldwide,
coupled with attractive yield spreads will lead to good relative performance for
high yield bonds. However, possible Fed rate increases to slow the domestic
economy may temper absolute returns. Federated believes default rates, which
increased in 1999 to their highest level in 8 years, will remain above average
for the next few quarters. However, given the high percentage of securities
currently trading at distressed levels, the performance impact of these defaults
has, to some degree, already been felt.
From a portfolio perspective, Federated continues to like the telecommunications
sector, as strong operating gains and consolidation activity provide
opportunities for strong relative returns. The sub-advisor thinks that cable TV
plant upgrades in both the U.S. and western Europe will lead to strong
performance by holdings in companies such as UPC/ United Pan European, NTL and
Charter Communications. They also believe that specific holdings in healthcare
and chemicals, which underperformed in 1999, are poised to rebound in 2000.
[AST FEDERATED HIGH YIELD PORTFOLIO PERFORMANCE GRAPH] [COMPARISON OF CHANGE IN
THE VALUE OF A $10,000 INVESTMENT]
<TABLE>
<CAPTION>
AST FEDERATED HIGH YIELD
PORTFOLIO ML HIGH YIELD INDEX
------------------------ -------------------
<S> <C> <C>
1/4/94 10000.00 10000.00
12/94 9690.00 9886.00
12/95 11587.00 11854.00
12/96 13161.00 13166.00
12/97 14950.00 14854.00
12/98 15339.00 15398.00
12/99 15646.00 15641.00
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year 5 Year on 1/4/94
------ ------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 2.00% 10.06% 7.75%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
7
<PAGE> 9
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
The AST T. Rowe Price Asset Allocation Portfolio had a total return of 10.28%
for 1999, compared with a return of 11.40% for the unmanaged blended benchmark
index (60% S&P 500 Index/40% Lehman Brothers Government/ Corporate Bond Index).
An overweighting in fixed income securities hampered overall returns relative to
the benchmark index during 1999's rising interest rate environment.
Large-cap U.S. stocks produced their fifth consecutive year of returns in excess
of 20%, which was made possible by a strong fourth quarter rally. The rally in
the fourth quarter reflected a significant broadening in the equity markets, as
international and small-cap stocks saw sharp gains. Among domestic large-cap
stocks, valuation disparities between growth and value stocks grew even more
pronounced in 1999.
T. Rowe Price expects the U.S. economy to slow somewhat during the next year,
although consumption is still robust, which has been putting upward pressure on
interest rates. They expect the Fed to remain vigilant in its fight to head off
inflation before it becomes a problem, but real interest rates are already
high -- providing attractive income for investors -- and the Fed appears to be
ahead of the inflation curve so far. Overall, the sub-advisor foresees a
lessening of volatility in the financial markets and an improvement in bond
liquidity compared with 1999. Accordingly, they believe bonds offer an
attractive opportunity for investors searching for income and long-term
appreciation. On the equity side of the ledger, T. Rowe Price expects corporate
profit growth to remain strong, getting a boost from continuing high demand from
domestic and, increasingly, international consumers. In this environment, they
remain optimistic about the prospects for attractive stock and bond returns over
the long term.
[AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO PERFORMANCE GRAPH] [COMPARISON OF
CHANGE IN THE VALUE OF A $10,000 INVESTMENT]
<TABLE>
<CAPTION>
AST T. ROWE PRICE ASSET
ALLOCATION PORTFOLIO BLENDED INDEX
----------------------- -------------
<S> <C> <C>
1/4/94 10000 10000
12/94 9940 9943
12/95 12262 12923
12/96 13874 14816
12/97 16426 18319
12/98 19442 22230
12/99 21441 24763
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year 5 Year on 1/4/94
------ ------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 10.28% 16.62% 13.57%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
8
<PAGE> 10
AST PIMCO TOTAL RETURN BOND PORTFOLIO
- --------------------------------------------------------------------------------
The AST PIMCO Total Return Bond Portfolio had a total return of -1.09% for 1999.
This compares to a return of -0.83% for the unmanaged LB Aggregate Index.
1999 was the worst year in the domestic U.S. bond market since 1994, as
investors anticipated that more Federal Reserve tightening would be required to
prevent the economy from overheating. While duration (interest rate sensitivity
of the Portfolio) was held below the index, it was not low enough to overcome
the negative effects of rising intermediate term rates as the Portfolio had an
intermediate maturity emphasis.
PIMCO does not expect large interest rate movement in either direction during
the year 2000; they believe therefore, that yield enhancement will offer better
opportunity for outperformance than interest rate based strategies in such a
low-volatility environment.
[AST PIMCO TOTAL RETURN BOND PORTFOLIO PERFORMANCE GRAPH] [COMPARISON OF CHANGE
IN THE VALUE OF A $10,000 INVESTMENT]
<TABLE>
<CAPTION>
AST PIMCO TOTAL RETURN BOND
PORTFOLIO LB AGGREGATE INDEX
--------------------------- ------------------
<S> <C> <C>
1/4/94 10000.00 10000.00
12/94 9750.00 9708.00
12/95 11581.00 11501.00
12/96 11977.00 11917.00
12/97 13160.00 13071.00
12/98 14405.00 14205.00
12/99 14247.00 14087.00
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year 5 Year on 1/4/94
------ ------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS -1.09% 7.88% 6.08%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
9
<PAGE> 11
AST INVESCO EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
For the year ended December 31, 1999, the AST INVESCO Equity Income Portfolio
showed a total return of 11.74%, compared to 21.04% for the unmanaged S&P 500
Index.
The Portfolio's equity holdings (approximately 74% of total net assets at
year-end) performed strongly during the year as the equity markets, once again,
significantly outperformed the fixed income markets. Though underperforming the
S&P 500, the Portfolio's fixed income investments continue to raise the overall
portfolio yield and enhance the defensive characteristics of the Portfolio. The
Portfolio is over-weighted in basic materials, communications, consumer
cyclical, consumer staples, energy, financial services, and healthcare.
Technology and utilities are under-weighted in the Portfolio. The Portfolio
benefited from strong relative performance by its basic material, consumer
cyclicals, energy, and technology stocks. The Portfolio's fixed income component
outperformed the Lehman Brothers Government/Corporate Bond Index.
INVESCO Funds Group expects that U.S. GDP growth and corporate profits will
continue to exhibit strength and provide solid support for the equity markets in
2000. Rising interest rates are a concern with the yield on the thirty-year
treasury approaching 6.75%. However, on a historical basis, interest rates
remain low and the sub-advisor is comforted by the strong profit outlook. Though
selected commodity prices are strengthening, broad inflationary measures such as
the CPI and PPI remain benign.
[AST INVESCO EQUITY INCOME PORTFOLIO PERFORMANCE GRAPH]
COMPARISON OF CHANGE IN THE VALUE
OF A $10,000 INVESTMENT
<TABLE>
<CAPTION>
AST INVESCO EQUITY INCOME
PORTFOLIO S&P INDEX
------------------------- ---------
<S> <C> <C>
1/4/94 10000.00 10000.00
12/94 9750.00 10165.00
12/95 12682.00 13981.00
12/96 14849.00 17189.00
12/97 18313.00 22921.00
12/98 20755.00 29471.00
12/99 23192.00 35672.00
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year 5 Year on 1/4/94
------ ------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 11.74% 18.92% 15.07%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
10
<PAGE> 12
AST JANUS SMALL-CAP GROWTH PORTFOLIO
(FORMERLY THE FOUNDERS CAPITAL APPRECIATION PORTFOLIO)
- --------------------------------------------------------------------------------
The AST Janus Small-Cap Growth Portfolio achieved a total return of 141.96% for
1999, significantly outperforming the unmanaged Russell 2000 Index's return of
21.26%.
On January 1, 1999 Janus Capital Corporation replaced Founders Asset Management
LLC as the Portfolio's sub-advisor, and the name of the Portfolio changed to the
AST Janus Small-Cap Growth Portfolio.
1999 proved to be a remarkable year for equity investors as stocks advanced
strongly. Although interest rates moved persistently higher throughout the
period, many issues, particularly shares of technology and telecommunications
companies, recorded once in a lifetime gains.
Although the Portfolio's performance was supported by holdings from a diverse
group of industries, Internet infrastructure and telecommunications component
manufacturers stood out. Applied Micro Circuits, whose products transmit voice
and data over telecommunications networks, gained over 1000%. The Portfolio also
enjoyed solid gains from Verio and Exodus, two companies that host corporate Web
sites, and biotech concern QLT Phototherapeutics.
Looking ahead, with interest rates likely moving higher in the coming year,
Janus believes volatility will certainly persist as investors constantly
reassess equity valuations. While market fluctuations can be unsettling, Janus
will continue to focus on identifying the best opportunities in the small-cap
universe.
[AST JANUS SMALL-CAP GROWTH PORTFOLIO PERFORMANCE GRAPH] [COMPARISON OF CHANGE
IN THE VALUE OF A $10,000 INVESTMENT]
<TABLE>
<CAPTION>
AST JANUS SMALL-CAP
GROWTH PORTFOLIO S&P 500 INDEX RUSSELL 2000 INDEX
------------------- ------------- ------------------
<S> <C> <C> <C>
1/4/94 10000.00 10000.00 10000.00
12/94 10840.00 10165.00 9743.00
12/95 14369.00 13981.00 12514.00
12/96 17249.00 17189.00 14583.00
12/97 18286.00 22921.00 17845.00
12/98 18926.00 29471.00 17380.00
12/99 45793.00 35672.00 21087.00
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year 5 Year on 1/4/94
------ ------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 141.96% 33.40% 28.89%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
11
<PAGE> 13
AST T. ROWE PRICE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
The AST T. Rowe Price International Equity Portfolio achieved a total return of
31.95% for 1999, outperforming the 26.96% return of the unmanaged MSCI EAFE
Index.
Country weighting relative to the benchmark index was broadly neutral for the
year. An underweight position in Japan subtracted considerable value, while an
overweight position in Latin America added significant value. The sector which
added the most value was overweighting electronic components. Overweighting the
consumer electronics sector and underweighting the utilities and insurance
sectors were also positive.
At year-end Europe accounted for about 60% of the Portfolio compared to just
over 70% a year ago. Japan rose from nearly 17% of the Portfolio last year to
roughly 23%, below the benchmark's 27%. Somewhat over 9% was invested elsewhere
in the Pacific, above the 6% benchmark allocation, reflecting Rowe
Price-Fleming's increased optimism as the Asian crisis passed. Latin American
holdings continue to represent about 4% of the Portfolio.
Rowe Price-Fleming expects stronger economic growth in Europe. In Japan,
declining domestic demand and capital expenditure, together with the potential
for a strong yen, are liable to keep the economy weak. Elsewhere in Asia,
economic recovery is well under way and they expect it to continue. The
sub-advisor believes that international economies are poised for better growth
with moderate inflation in 2000. They believe greater-than-expected progress in
restructuring and reform during 1999, as well as mergers and acquisitions, have
enhanced the earning potential of international companies and provided a
positive backdrop for international stock markets in the year ahead.
[AST T. ROWE PRICE INTERNATIONAL EQUITY PORTFOLIO PERFORMANCE GRAPH] [COMPARISON
OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT]
<TABLE>
<CAPTION>
AST T. ROWE PRICE INTERNATIONAL
EQUITY PORTFOLIO MSCI EAFE INDEX
------------------------------- ---------------
<S> <C> <C>
1/4/94 10000.00 10000.00
12/94 9620.00 10728.00
12/95 10687.00 11930.00
12/96 12201.00 12651.00
12/97 12387.00 12876.00
12/98 14102.00 15451.00
12/99 18608.00 19618.00
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year 5 Year on 1/4/94
------ ------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 31.95% 14.10% 10.91%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
12
<PAGE> 14
AST T. ROWE PRICE INTERNATIONAL BOND PORTFOLIO
- --------------------------------------------------------------------------------
The AST T. Rowe Price International Bond Portfolio produced disappointing
results for 1999, with a total return of -8.33%, which trailed the unmanaged JPM
Non-U.S. Government Bond Index return of -6.17%.
Absolute performance was negative for the year as the Euro continued to weaken.
This weakness was partly offset by a further strengthening in the Yen. Most of
the major bond markets provided negative returns, with the exception of Japan.
The Portfolio's 5% exposure to emerging markets provided a strong contribution
to both absolute and relative performance. An underweighting in Japan detracted
from performance as this market again performed better than expected.
Although the Federal Reserve will want to rein in growth in the U.S., Rowe
Price-Fleming believes there is less need to do so elsewhere. Where economic
growth edges above sustainable rates it will not do so by enough to close the
accumulated output gap. The sub-advisor believes inflation will remain steady
across G7 (and very low to negative in Japan), but that fears of interest rate
rises will help to maintain a negative tone in bond markets, at least during the
first quarter. However, attractive real interest rates relative to recent
history could stabilize bonds thereafter.
Although non-government spreads have performed well since mid-1999, the
sub-advisor believes they have only returned to fair value levels. Rowe
Price-Fleming believes that the Euro's inauspicious start, falling 15% against
the U.S. dollar and 25% versus the Japanese yen last year, has left Europe's
fledgling currency sharply undervalued and that with Europe's economy showing
widespread improvement, the Euro should be able strengthen.
[AST T. ROWE PRICE INTERNATIONAL BOND PORTFOLIO PERFORMANCE GRAPH] [COMPARISON
OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT]
<TABLE>
<CAPTION>
AST T. ROWE PRICE INTERNATIONAL
BOND PORTFOLIO JPM NON-U.S. GOV'T BOND INDEX
------------------------------- -----------------------------
<S> <C> <C>
5/3/94 10000.00 10000.00
12/94 9680.00 10293.00
12/95 10755.00 12467.00
12/96 11398.00 13124.00
12/97 11009.00 12628.00
12/98 12629.00 14937.00
12/99 11577.00 14015.00
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year 5 Year on 5/3/94
------ ------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS -8.33% 3.64% 2.62%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
13
<PAGE> 15
AST NEUBERGER BERMAN MID-CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
The AST Neuberger Berman Mid-Cap Growth Portfolio produced a 51.37% total return
for the year ended December 31, 1999, compared with a return of 14.72% for the
unmanaged S&P Mid-Cap 400 Index.
While 1999 was a good year for most segments of the U.S. stock market, it was
particularly rewarding for mid-cap growth stocks, as represented by the S&P
Mid-Cap 400/Barra Growth Index, which returned 28.74%. The Portfolio's
co-managers believe that the recent strength of mid-cap growth stocks, compared
to large-cap growth stocks, provides evidence that investors may have come to
recognize mid-caps' fundamental advantages over their large-cap counterparts.
More specifically, mid-cap growth stocks have recently traded at sharply lower
valuations than large-cap stocks, but have had superior earnings growth
prospects.
The technology sector contributed the most to the Portfolio's performance during
1999. Positive contributors to performance from this sector included Citrix
Systems, a software manufacturer and one of the Portfolio's top holdings at
year-end. Another top-ten position, Checkfree Holdings, the electronic bill
payment service, also provided attractive returns. Good stock selection in the
consumer staples and financials sectors also contributed positively to
performance during the year. On the other hand, the energy, health care and
utilities sectors detracted from returns.
Looking forward, Neuberger Berman is optimistic that the mid-cap growth sector's
strong performance in 1999 will remind investors of the good long term
performance of mid-cap investing, particularly among mid-cap companies that have
surpassed analysts' earnings and revenue growth expectations.
[AST NEUBERGER BERMAN MID-CAP GROWTH PORTFOLIO PERFORMANCE GRAPH] [COMPARISON OF
CHANGE IN THE VALUE OF A $10,000 INVESTMENT]
<TABLE>
<CAPTION>
AST NEUBERGER BERMAN
MID-CAP GROWTH PORTFOLIO S&P MID-CAP 400 INDEX S&P 500 INDEX
------------------------ --------------------- -------------
<S> <C> <C> <C>
10/20/94 10000.00 10000.00 10000.00
12/94 9970.00 9756.00 9900.00
12/95 12405.00 12772.00 13615.00
12/96 14431.00 15223.00 16739.00
12/97 16839.00 20131.00 22322.00
12/98 20317.00 23979.00 28701.00
12/99 30755.00 27508.00 34739.00
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year 5 Year on 10/20/94
------ ------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 51.37% 25.27% 24.10%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
14
<PAGE> 16
AST FOUNDERS PASSPORT PORTFOLIO
- --------------------------------------------------------------------------------
The AST Founders Passport Portfolio achieved a total return of 89.71% in 1999,
significantly outperforming its benchmark, the unmanaged SB Extended Market
Index, which returned 19.65%.
Early in the year, the Portfolio was underweight in Japan, but in mid-year
Founders' research located many promising investment opportunities in Japan. An
increased exposure to this high-performing region served the Portfolio in good
stead during the remainder of the year. The sub-advisor also purchased more
companies in the United Kingdom, Germany, and Sweden.
Founders utilizes an intensive, bottom-up research process to attempt to
identify the world's best small companies, regardless of region or market
sector. Several themes have emerged from their research efforts. For example,
the Portfolio is investing in companies Founders believes will benefit from:
- - "The Internet" -- The growth of the World Wide Web has allowed companies to do
business globally without having to develop a costly infrastructure.
- - "Outsourcing" -- A strong trend across the globe, outsourcing helps companies
focus more sharply on their core businesses by farming out operational and
developmental activities to third parties.
- - "Demographic Shifts" -- The population of the world, not just America, is
aging, and many companies stand to benefit as retirees begin to take more
advantage of leisure activities.
[AST FOUNDERS PASSPORT PORTFOLIO PORTFOLIO PERFORMANCE GRAPH]
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT
<TABLE>
<CAPTION>
AST FOUNDERS PASSPORT
PORTFOLIO SB EXTENDED MARKET INDEX MSCI EAFE INDEX
--------------------- ------------------------ ---------------
<S> <C> <C> <C>
5/2/95 10000 10000 10000
12/95 10330 10281 10354
12/96 11664 11025 10980
12/97 11901 9989 11175
12/98 13201 11203 13410
12/99 25043 13404 17026
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 5/2/95
------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 89.71% 21.72%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
15
<PAGE> 17
AST T. ROWE PRICE NATURAL RESOURCES PORTFOLIO
- --------------------------------------------------------------------------------
The AST T. Rowe Price Natural Resources Portfolio had a total return of 28.11%
for the year 1999, compared to a return of 21.04% for the unmanaged S&P 500
Index.
The year 1999 was one of recovery in the world's key economies, and not
coincidentally, of a resurgence in commodity prices and natural resource
equities. Just as the 1997-98 recession in Asia was accompanied by a decline in
consumption of basic materials, so the upturn which took hold in 1999, combined
with economic growth in the U.S. and Europe, saw a pickup in demand for oil,
metals, forest products, chemicals and other industrial commodities. A classic
cyclical recovery in most natural resource industry sectors was the result.
One of the biggest surprises of the year in the commodity sector has been the
continued strength in energy prices. The price of crude oil has almost tripled
from its lows of early 1999. While energy stocks have performed well, they have
nonetheless lagged the improvement in oil prices. T. Rowe Price has taken
advantage of this disparity by purchasing several new energy stocks and by
adding to positions in oil service, exploration and production companies.
Another key feature of the natural resource industry landscape has been the
proliferation of merger and acquisition activity. The late 1990s saw some of the
lowest prices ever in inflation adjusted terms for many commodities, leading to
a willingness on the part of many company managements to seek the benefits of
scale and cost rationalization that could be achieved through mergers and
takeovers. T. Rowe Price expects consolidation in the natural resources sector
to continue, and seeks to position the Portfolio to be exposed to benefit from
this trend.
[AST ROWE PRICE NATURAL RESOURCES PORTFOLIO PERFORMANCE GRAPH]
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT
<TABLE>
<CAPTION>
AST T. ROWE PRICE NATURAL
RESOURCES PORTFOLIO S&P 500 INDEX
------------------------- -------------
<S> <C> <C>
5/2/95 10000.00 10000.00
12/95 11110.00 12170.00
12/96 14525.00 14963.00
12/97 15018.00 19953.00
12/98 13242.00 25655.00
12/99 16964.00 31052.00
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 5/2/95
------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 28.11% 11.98%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
16
<PAGE> 18
AST PIMCO LIMITED MATURITY BOND PORTFOLIO
- --------------------------------------------------------------------------------
The AST PIMCO Limited Maturity Bond Portfolio had a total return of 3.37% for
the year 1999, compared with a return on the unmanaged ML 1-3 Year Index of
3.06%.
1999 was the worst year in the domestic U.S. bond market since 1994, as
investors anticipated that more Federal Reserve tightening would be required to
prevent the economy from overheating. Exposure to mortgage, corporate and
emerging market securities contributed to outperforming the Index.
PIMCO does not expect large interest rate movement in either direction during
the year 2000; they believe therefore, that yield enhancement will offer better
opportunities for outperformance than interest rate based strategies in such a
low-volatility environment.
[AST PIMCO LIMITED MATURITY BOND PORTFOLIO PERFORMANCE GRAPH]
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT
<TABLE>
<CAPTION>
AST PIMCO LIMITED MATURITY
BOND PORTFOLIO ML 1-3 YEAR INDEX
-------------------------- -----------------
<S> <C> <C>
5/2/95 10000.00 10000.00
12/95 10470.00 10620.00
12/96 10878.00 11148.00
12/97 11689.00 11890.00
12/98 12358.00 12722.00
12/99 12775.00 13121.00
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 5/2/95
------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 3.37% 5.38%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
17
<PAGE> 19
AST OPPENHEIMER LARGE-CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
The AST Oppenheimer Large-Cap Growth Portfolio achieved a total return of 33.91%
in 1999, which compares favorably to the return of 21.04% for the unmanaged S&P
500 Index, over the same period.
Throughout 1999, U.S. economic growth remained robust, largely driven by the
performance of technology-oriented companies. However, the possibility of slower
growth, in the face of increasing domestic interest rates, gave rise to economic
uncertainty. In such an environment, the market tends to reward companies that
appear most likely to deliver strong and sustainable growth, which are the kinds
of companies on which the Portfolio focuses.
The Portfolio's exposure to technology-related issues rose substantially by
year's end. In particular, Oppenheimer added to positions among companies that
are helping to build today's high-speed, high-capacity data communications and
telecommunications networks. The sub-advisor also discovered attractive
investments among consumer cyclical companies, particularly those in the retail
and specialty retail areas. Holdings included electronics retailers that are
benefiting from strong consumer demand for the latest generation of digital
cameras, disk players and other digital media.
Financial stocks proved volatile performers during 1999. The sector was buoyed
during the first half of the year by the healthy U.S. economy and signs of
financial strength among worldwide emerging markets. However, financial stocks
suffered during the second half of the year under pressure from slowing earnings
and moderate, but consistent, increases in interest rates. In response,
Oppenheimer significantly reduced our position in financial companies.
[AST OPPENHEIMER LARGE-CAP GROWTH PERFORMANCE GRAPH]
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT
<TABLE>
<CAPTION>
AST OPPENHEIMER LARGE-CAP
GROWTH PORTFOLIO S&P 500 INDEX
------------------------- -------------
<S> <C> <C>
5/2/96 10000.00 10000.00
12/96 10990.00 11690.00
12/97 12620.00 15588.00
12/98 16070.00 20043.00
12/99 21520.00 24260.00
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 5/2/96
------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 33.91% 23.23%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
18
<PAGE> 20
AST JANUS OVERSEAS GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
For the year 1999, the AST Janus Overseas Growth Portfolio achieved a total
return of 82.68%, well outpacing the unmanaged MSCI EAFE Index's return of
26.96%.
Many of the Portfolio's best performers are capitalizing on technological
changes driving the global transformation to an information-driven, networked
economy. For example, with data traffic doubling every three to six months,
there is a tremendous need for the architecture and broadband capacity to
transmit these signals. Cable companies, such as NTL and Telewest in the United
Kingdom and Rogers Communications in Canada, are major beneficiaries of this
demand and were all strong performers. Also capitalizing on the growth in data
transmissions were companies working to increase the capacity and efficiency of
broadband networks. Two top performers were Nortel Networks and JDS Uniphase.
Both are leaders in "photonics" technology, which increases network capacity by
breaking fiber-optic strands into different wavelengths, each capable of
carrying a digital signal. Meanwhile, the surge in Internet traffic is fueling
tremendous growth for semiconductor manufacturers, including Philips Electronics
in the Netherlands and ST Microelectronics in France, both of which produced
strong returns.
Looking forward, growth in the U.S. remains robust and economic activity in
Europe is accelerating. Together, these trends could pressure interest rates
higher and keep worldwide markets volatile. However, by selecting stocks one at
a time and working hard to know a company better than anyone else, Janus
believes they can continue to deliver strong results, even in a fast-changing
environment.
[AST JANUS OVERSEAS GROWTH PORTFOLIO PORTFOLIO PERFORMANCE GRAPH]
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT
<TABLE>
<CAPTION>
AST JANUS OVERSEAS GROWTH
PORTFOLIO MSCI EAFE INDEX
------------------------- ---------------
<S> <C> <C>
1/2/97 10000.00 10000.00
12/97 11870.00 10266.00
12/98 13795.00 12319.00
12/99 25201.00 15641.00
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 1/2/97
------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 82.68% 36.08%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
19
<PAGE> 21
AST AMERICAN CENTURY INCOME & GROWTH PORTFOLIO
(FORMERLY THE AST PUTNAM VALUE GROWTH & INCOME PORTFOLIO)
- --------------------------------------------------------------------------------
The AST American Century Income & Growth Portfolio had a total return of 22.98%
for 1999, outperforming the unmanaged S&P 500 Index which returned 21.04%.
On May 4, 1999 American Century replaced Putnam as the Portfolio's sub-advisor.
Also on that date, the name of the Portfolio changed to the AST American Century
Income & Growth Portfolio.
Broadly, growth stocks led the way to market highs after a sell-off during the
historically troublesome month of October. Growth stocks continued to soundly
beat value stocks during 1999. The Portfolio incorporates into stock selection
both growth and value measures (with a value-tilt) to seek consistent long-term
performance while maintaining a large-cap value orientation. In a bifurcated
market, where growth and value have had such wide performance differences,
exposure to growth aspects of the market has benefited the Portfolio. The
Portfolio's value-tilt may be beneficial -- should the pendulum of style
performance swing back to value.
Stock selection among shares in the technology sector boosted absolute
performance for the year, followed by stocks in the consumer (cyclical) and
financial services sectors. The top industries that added most to the
Portfolio's performance were stocks from the electrical equipment, computer
hardware, and computer software industries. Broadly, stocks from the consumer
(non-cyclical), industrials, and commercial services sectors detracted most from
Portfolio returns.
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT
[AST AMERICAN CENTURY INCOME & GROWTH PORTFOLIO PERFORMANCE GRAPH]
<TABLE>
<CAPTION>
AST AMERICAN CENTURY INCOME &
GROWTH PORTFOLIO S&P 500 INDEX
----------------------------- -------------
<S> <C> <C>
1/2/97 10000.00 10000.00
12/97 12230.00 13403.00
12/98 13730.00 17233.00
12/99 16885.00 20859.00
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 1/2/97
------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 22.98% 19.08%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
20
<PAGE> 22
AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO
- --------------------------------------------------------------------------------
The AST American Century Strategic Balanced Portfolio had a total return of
12.97% for 1999, outperforming its unmanaged blended benchmark index (60% S&P
500 Index/40% Lehman Brother Government/Corporate Bond Index) which returned
11.40%.
Broadly, growth stocks led the way to market highs after a sell-off during the
historically troublesome month of October. Growth stocks continued to soundly
beat value stocks during 1999.
The equity portion of the Portfolio incorporates into stock selection both
growth and value measures (with a value-tilt) to seek consistent long-term
performance. In such a bifurcated market, where growth and value have had such
wide performance differences, exposure to growth aspects of the market has
benefited the Portfolio and is revealed in the top contributing sectors for the
year. The Portfolio's value-tilt may be beneficial -- should the pendulum of
style performance swing back to value.
Stock selection among shares in the technology sector boosted Portfolio
performance for the year, followed by stocks in the consumer (cyclical) and
consumer services sectors. Broadly, stocks from the consumer (non-cyclical),
utility, and commercial services sectors detracted most from performance.
The fixed-income portion of the Portfolio declined during the year due to rising
interest rates. By the end of the year, the duration of the fixed-income portion
had extended slightly to 5.0 years. The average credit quality was AAA.
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT
[AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO PERFORMANCE GRAPH]
<TABLE>
<CAPTION>
AST AMERICAN CENTURY STRATEGIC
BALANCED PORTFOLIO BLENDED INDEX
------------------------------ -------------
<S> <C> <C>
1/2/97 10000.00 10000.00
12/97 11340.00 12365.00
12/98 13754.00 15004.00
12/99 15538.00 16714.00
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 1/2/97
------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 12.97% 15.82%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
21
<PAGE> 23
AST AMERICAN CENTURY INTERNATIONAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
The AST American Century International Growth Portfolio achieved a total return
of 65.20% in 1999, strongly outperforming the 26.96% return of the unmanaged
MSCI EAFE Index for the year.
Calendar year 1999 was a very challenging year for investors of non-U.S.
equities. It began with a dramatic shift of capital out of large, high-growth
European stocks and into Japanese and Asian cyclicals. Emerging markets, which
had suffered badly the two years prior because of near economic collapses in
Southeast Asia and Eastern Europe, took the markets by surprise by rebounding
strongly and ending up being the year's biggest gainers. Adding to the
complexity of foreign markets was the slide of the Eurozone's new unified
currency, the unabated strength in the Japanese yen, interest rate hikes by the
U.S. Fed, and concerns that the "Y2K bug" might spark a global recession or
liquidity crunch.
Throughout the first three quarters of the year the Portfolio performed more or
less in line with the EAFE Index. Staying with the investment process paid off
late in the year, however, when shareholders were rewarded with strong
outperformance vs. the EAFE Index. Driving performance during the latter part of
the year was strong investor focus on the wireless telecommunications,
technology, information services, and media industries. Use of the Internet is
increasing in Europe and Asia and is now more accessible due to new
technologies, that allow users to send and receive e-mail and search for data
using cell phones. Cellular telephony, which has been a fast growing industry
overseas in recent years, continued to gain attention as merger and acquisition
activity in that industry flourished.
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT
[AST AMERICAN CENTURY INTERNATIONAL GROWTH PORTFOLIO PERFORMANCE GRAPH]
<TABLE>
<CAPTION>
AST AMERICAN CENTURY
INTERNATIONAL GROWTH PORTFOLIO MSCI EAFE INDEX
------------------------------ ---------------
<S> <C> <C>
1/2/97 10000.00 10000.00
12/97 11510.00 10266.00
12/98 13674.00 12319.00
12/99 22591.00 15641.00
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 1/2/97
------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 65.20% 31.21%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
22
<PAGE> 24
AST T. ROWE PRICE SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
The AST T. Rowe Price Small Company Value Portfolio had a total return for 1999
of 0.58%, compared with a return of 21.26% for the unmanaged Russell 2000 Index.
While the Portfolio lagged well behind the Russell 2000 Index, which was boosted
by its technology component, it actually compared favorably to the Russell 2000
Value Index, which fell 1.49% for the year. The performance gap between
small-cap growth and small-cap value was the largest in the 20-year history of
the Russell Index.
The Portfolio held some very successful stocks in 1999, including Silicon Valley
Bancshares and Optical Coating Laboratory, each of which reported much
better-than-expected results as the year unfolded, and their stock prices
responded accordingly. Also, in l999, there were almost two dozen announced
takeovers affecting Portfolio holdings, with many of the Portfolio's largest
sales involving such companies. These companies represented a wide range of
businesses from lighting products to cement to wireless telephone service.
T. Rowe Price believes the outlook for the Portfolio is less clear than ever.
On the one hand, a correction in technology stocks would affect the entire stock
market, small-cap value stocks included, although the Portfolio's value bias
should temper the decline. On the other hand, the sub-advisor believes that
small-cap value stocks are demonstrably the best values in the market today, as
confirmed by the record takeover activity and corporate share repurchase
announcements. T. Rowe Price believes that when the market's speculative fever
breaks, the return to fundamental principles is likely to create a sustained
period of good performance for small value stocks and for the Portfolio.
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT
[AST T. ROWE PRICE SMALL COMPANY VALUE PORTFOLIO PERFORMANCE GRAPH]
<TABLE>
<CAPTION>
AST T. ROWE PRICE SMALL
COMPANY VALUE PORTFOLIO RUSSELL 2000 INDEX S&P 500 INDEX
----------------------- ------------------ -------------
<S> <C> <C> <C>
1/2/97 10000.00 10000.00 10000.00
12/97 12880.00 12348.00 13403.00
12/98 11523.00 12033.00 17233.00
12/99 11590.00 14591.00 20859.00
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 1/2/97
------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 0.58% 5.04%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
23
<PAGE> 25
AST MARSICO CAPITAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
The AST Marsico Capital Growth Portfolio achieved a total return of 52.58% for
the year ended December 31, 1999, compared with a return of 21.04% for the
unmanaged S&P 500 Index.
The Portfolio's investment strategy was well positioned from a macroeconomic
outlook. This included being invested in some of the better performing sectors,
industries and individual stocks. The Portfolio has been well represented in the
technology sector through companies such as QUALCOMM, EMC Corporation, Cisco
Systems, and Sun Microsystems -- many of which produced strong gains for the
year. However, the Portfolio had a variety of positive contributors to
performance outside the technology arena, including Citigroup, Genentech, Sprint
PCS, General Electric, and Tiffany & Co. Retail stocks such as Home Depot and
Wal-Mart Stores also continued to perform very well for the Portfolio.
There were relatively few areas that detracted from returns. However, certain
financial services positions struggled. In addition, positions in health care
were reduced, as were several energy-related holdings.
Marsico Capital Management's overall macroeconomic outlook remains positive.
They believe there is good potential for strong equity returns in 2000. There
are several primary factors that, in the sub-advisor's opinion, help create an
overall favorable investing backdrop for equities. These include productivity
gains associated with technological advancements, a strong U.S. consumer,
higher-than-expected Federal budget surpluses and expected escalation of free
trade.
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT
[AST MARSICO CAPITAL GROWTH PORTFOLIO PERFORMANCE GRAPH]
<TABLE>
<CAPTION>
AST MARSICO CAPITAL GROWTH
PORTFOLIO S&P 500 INDEX
-------------------------- -------------
<S> <C> <C>
12/22/97 10000.00 10000.00
12/31/97 10030.00 10181.00
12/31/98 14201.00 13090.00
12/31/99 21669.00 15844.00
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 12/22/97
------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 52.58% 46.44%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
24
<PAGE> 26
AST COHEN & STEERS REALTY PORTFOLIO
- --------------------------------------------------------------------------------
For the year ended December 31, 1999, the AST Cohen & Steers Realty Portfolio
had a total return of 2.26%. This outperformed the unmanaged NAREIT Index total
return of -4.62% for the year. The broad-based S&P 500 Index returned 21.04% for
the year.
Cohen & Steers' strong performance relative to the NAREIT Index was driven by
the continuation of the "Realty Majors" strategy that focuses on the largest,
best managed and strongest capitalized companies in the REIT universe.
Additionally, the Portfolio was heavily weighted in the apartment and office
sectors, which were the best performing of the year. Cohen & Steers also
established positions in companies, such as Reckson Services, that are
capitalizing on the opportunity to provide Internet and telecommunication
services to the real estate industry. REITs, however, underperformed the broader
stock market as investor sentiment continued to favor technology and
Internet-related companies.
Looking forward, Cohen & Steers believes the environment for REITs is very
positive. The economy continues to grow at a substantial pace, occupancy levels
are high, and there is strong demand for space in most major real estate
markets. REIT share prices, meanwhile, are at historically attractive levels
based on nearly every valuation measure. Congress has also recently passed the
REIT Modernization Act, which will allow REITs to engage in property and related
service businesses starting in 2001. The sub-advisor believes that REITs offer
investors significant value today given their high and secure dividends,
earnings predictability and stable growth.
Comparison of Change in the Value of a $10,000 Investment
[AST COHEN & STEERS REALTY PORTFOLIO PERFORMANCE GRAPH]
<TABLE>
<CAPTION>
AST COHEN & STEERS REALTY
PORTFOLIO S&P 500 INDEX NAREIT INDEX
------------------------- ------------- ------------
<S> <C> <C> <C>
1/2/98 10000.00 10000.00 10000.00
12/31/98 8400.00 12798.00 8250.00
12/31/99 8590.00 15490.00 7869.00
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 1/2/98
------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 2.26% -7.31%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
25
<PAGE> 27
AST LORD ABBETT SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
For the year ended December 31, 1999, the AST Lord Abbett Small Cap Value
Portfolio generated an 8.81% total return, compared with a return of 21.26% for
the unmanaged Russell 2000 Index.
Growth stocks significantly outperformed value stocks. For the year, the Russell
2000 Value Index returned -1.49%, compared to a return of 43.10% for the Russell
2000 Growth Index.
The Portfolio's exposure to companies in the technology and telecommunications
industries contributed positively to performance. The Portfolio benefited from
the purchase of several hardware technology stocks that had been depressed early
in the year, but performed quite well as the year progressed. Lord Abbett's
concern about high valuations for banks and insurance companies was the second
factor that enhanced performance. In the midst of merger and acquisition
activity, they remained significantly underweighted in the financial sector,
feeling that valuations could not be sustained, as acquiring banks eventually
found it hard to cut costs and grow revenue.
Lord Abbett anticipates that more stocks will participate in the market as
investor attention shifts away from expensive large company growth stocks and
highly valued technology and Internet company stocks. In an environment
characterized by accelerating global growth, rising interest rates and stable
inflation, value stocks will often outperform growth stocks, since earnings tend
to accelerate for a large number of companies. The Portfolio's fundamentals
position it so it should benefit from such a shift. The sub-advisor's strategy
remains steadfast, and they continue to search for stocks with dominant market
positions, strong balance sheets, and attractive valuations.
Comparison of Change in the Value of a $10,000 Investment
[AST LORD ABBOT SMALL CAP VALUE PORTFOLIO PERFORMANCE GRAPH]
<TABLE>
<CAPTION>
AST LORD ABBETT SMALL
CAP VALUE PORTFOLIO S&P 500 INDEX RUSSELL 2000 INDEX
--------------------- ------------- ------------------
<S> <C> <C> <C>
1/2/98 10000.00 10000.00 10000.00
12/31/98 9990.00 12798.00 9789.00
12/31/99 10870.00 15490.00 11871.00
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 1/2/98
------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 8.81% 4.25%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
26
<PAGE> 28
AST BANKERS TRUST MANAGED INDEX 500 PORTFOLIO
- --------------------------------------------------------------------------------
The AST Bankers Trust Managed Index 500 Portfolio achieved a total return of
21.23% for the year ending December 31, 1999, compared to the unmanaged S&P 500
Index return of 21.04%. The Portfolio benefited from the dramatic increase in
U.S. merger and acquisition activity, 41 additions/deletions to the S&P 500
Index, and excellent performance of several of the sub-advisor's quantitative
screens.
The U.S. equity market ended the year on a high note, surging ahead
substantially in the final two weeks of trading. This late jump in equity prices
helped propel the S&P 500 Index to its fifth-straight year of 20% or greater
returns.
The central scenario Bankers Trust has painted for the U.S. over the next few
years is distinctly less rosy than recent outcomes. They expect GDP growth to
slow gradually over the next year or two, accompanied by a mild pickup in
inflation, somewhat slower growth in corporate profits, and a continuation of
the recent backup in interest rates. In this context, the sub-advisor thinks
that U.S. equity markets are likely to be much less ebullient than in recent
years, though they do not anticipate a sharp correction. That's largely because
the macroeconomic backdrop envisioned for the U.S., though clearly not as
spectacular as the nirvana of the past few years, is still pretty upbeat by
historical standards. Bankers Trust sees the economy shifting to a less
favorable cyclical phase in 2000, but still retaining many of the structural
improvements of recent years.
Comparison of Change in the Value of a $10,000 Investment
[AST BANKERS TRUST MANAGED INDEX 500 PORTFOLIO PERFORMANCE GRAPH]
<TABLE>
<CAPTION>
AST BANKERS TRUST MANAGED INDEX
500 PORTFOLIO S&P 500
------------------------------- -------
<S> <C> <C>
1/2/98 10000.00 10000.00
12/31/98 12790.00 12798.00
12/31/99 15506.00 15490.00
</TABLE>
<TABLE>
<CAPTION>
Since Inception
1 Year on 1/2/98
------ ---------------
<S> <C> <C> <C>
AVERAGE ANNUAL TOTAL RETURNS 21.23% 24.48%
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
27
<PAGE> 29
AST KEMPER SMALL-CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
The AST Kemper Small-Cap Growth Portfolio achieved a total return of 55.90% for
1999, its first year of operations, compared with a return of 21.26% for the
unmanaged Russell 2000 Index.
Stock market performance during 1999 could be described as participants in the
New Economy vs. the Old Economy. The Internet is central to the New Economy
which is being built on rapidly available comprehensive information. Sectors
which contributed strongly to performance included technology and commercial
services, which represented 45% and 13% of assets, respectively at year-end.
Energy and consumer staples holdings underperformed, but collectively these
represented only 9% of the Portfolio on December 31, 1999.
During the year Scudder Kemper selectively bought business to business Internet
stocks with strong fundamentals and attractive valuations. They also made
selections in specific biotech areas where probable FDA product approval is
near. With the interest rate hike fears, the sub-advisor minimized our
investment in financial services to 1%. Dramatic examples of the 1999
appreciation from average cost by the technology and services related holdings,
include: Commerce One up 1,119%, RSA Security up 233%, InterVU up 191%, ISS
Group up 169%, TSI International Software up 159%, Silicon Image up 156% and
Copart up 154%.
Given last year's price appreciation, some of the Portfolio's holdings are now
beyond the small-cap universe. Scudder Kemper is trimming them and reinvesting
the cash into new smaller cap issues. As always, they will continue to stay
focused on small cap companies which could be the potential leaders in the 21st
century.
Comparison of Change in the Value of a $10,000 Investment
[AST KEMPER SMALL-CAP GROWTH PORTFOLIO PERFORMANCE GRAPH]
<TABLE>
<CAPTION>
AST KEMPER SMALL-CAP
GROWTH PORTFOLIO RUSSELL 2000 INDEX S&P 500 INDEX
-------------------- ------------------ -------------
<S> <C> <C> <C>
1/4/99 10000.00 10000.00 10000.00
6/99 9690.00 10942.00 11248.00
12/99 15590.00 12126.00 12104.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
</TABLE>
Performance is historical, assumes reinvestment of all dividends and capital
gains, and is not indicative of future results. Portfolio performance numbers
are net of all Portfolio expenses, but do not reflect deduction of insurance
charges.
28
<PAGE> 30
AMERICAN SKANDIA TRUST
SCHEDULES OF INVESTMENTS
DECEMBER 31, 1999
AST AIM INTERNATIONAL EQUITY PORTFOLIO
AST LORD ABBETT GROWTH AND INCOME PORTFOLIO
AST JANCAP GROWTH PORTFOLIO
AST MONEY MARKET PORTFOLIO
AST NEUBERGER BERMAN MID-CAP VALUE PORTFOLIO
AST AIM BALANCED PORTFOLIO
AST FEDERATED HIGH YIELD PORTFOLIO
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
AST PIMCO TOTAL RETURN BOND PORTFOLIO
AST INVESCO EQUITY INCOME PORTFOLIO
AST JANUS SMALL-CAP GROWTH PORTFOLIO
AST T. ROWE PRICE INTERNATIONAL EQUITY PORTFOLIO
AST T. ROWE PRICE INTERNATIONAL BOND PORTFOLIO
AST NEUBERGER BERMAN MID-CAP GROWTH PORTFOLIO
AST FOUNDERS PASSPORT PORTFOLIO
AST T. ROWE PRICE NATURAL RESOURCES PORTFOLIO
AST PIMCO LIMITED MATURITY BOND PORTFOLIO
AST OPPENHEIMER LARGE-CAP GROWTH PORTFOLIO
AST JANUS OVERSEAS GROWTH PORTFOLIO
AST AMERICAN CENTURY INCOME & GROWTH PORTFOLIO
AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO
AST AMERICAN CENTURY INTERNATIONAL GROWTH PORTFOLIO
AST T. ROWE PRICE SMALL COMPANY VALUE PORTFOLIO
AST MARSICO CAPITAL GROWTH PORTFOLIO
AST COHEN & STEERS REALTY PORTFOLIO
AST LORD ABBETT SMALL CAP VALUE PORTFOLIO
AST BANKERS TRUST 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
29
<PAGE> 31
AST AIM INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOREIGN STOCK -- 95.4%
AUSTRALIA -- 1.5%
AMP Ltd.......................... 255,000 $ 2,819,614
Brambles Industries Ltd. ........ 90,900 2,515,640
Cable & Wireless Optus Ltd.*..... 580,000 1,939,595
Telstra Corp*.................... 1,107,000 3,905,596
------------
11,180,445
------------
BELGIUM -- 0.6%
Tele Centro Sul Participacoes SA
[ADR].......................... 19,203 1,742,672
UCB SA........................... 61,000 2,644,829
------------
4,387,501
------------
BRAZIL -- 0.8%
Embartel Participacoes SA
[ADR].......................... 90,500 2,466,125
Petroleo Brasileiro SA........... 14,300,000 3,641,295
------------
6,107,420
------------
CANADA -- 6.8%
BCE, Inc. ....................... 152,922 13,893,813
Bombardier, Inc. Cl-B............ 290,465 5,966,254
Nortel Networks Corp. ........... 184,000 18,584,000
Research in Motion Ltd.*......... 125,000 5,775,892
Rogers Communications, Inc.
Cl-B*.......................... 126,000 3,081,261
Shaw Communications, Inc. Cl-B... 68,700 2,267,790
Toronto-Dominion Bank............ 95,800 2,571,701
------------
52,140,711
------------
FINLAND -- 3.9%
Nokia AB Oyj..................... 120,246 21,799,053
Sonera Group Oyj................. 115,400 7,909,125
------------
29,708,178
------------
FRANCE -- 12.3%
Accor SA......................... 90,000 4,348,172
Altran Technologies SA........... 17,000 10,272,938
AXA SA........................... 52,147 7,268,753
Banque National de Paris......... 87,527 8,074,804
Carrefour Supermarche SA......... 91,400 16,855,011
Peugeot Citroen SA............... 13,500 3,064,659
Pinault-Printemps Redoute SA..... 58,400 15,410,213
Societe Generale................. 27,900 6,490,986
Societe Television Francaise..... 25,617 13,416,094
Total Fina SA Cl-B............... 70,500 9,408,047
------------
94,609,677
------------
GERMANY -- 3.2%
EM.TV & Merchandising AG......... 35,000 2,308,893
Mannesmann AG.................... 71,662 17,350,736
Porsche AG Pfd. ................. 1,900 5,166,683
------------
24,826,312
------------
HONG KONG -- 3.7%
China Telecom Ltd.*.............. 1,761,000 11,009,790
Cosco Pacific Ltd. .............. 6,210,000 5,152,698
Dao Heng Bank Group Ltd. ........ 912,000 4,704,599
Hutchison Whampoa Ltd. .......... 536,000 7,791,600
------------
28,658,687
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
IRELAND -- 0.0%
Bank of Ireland PLC.............. 1 $ 7
------------
ITALY -- 2.4%
Banca Popolare di Brescia........ 167,300 14,802,402
Telecom Italia Mobile SPA........ 350,000 3,909,256
------------
18,711,658
------------
JAPAN -- 26.4%
Advantest Corp................... 45,000 11,891,945
Alps Electric Co. Ltd. .......... 225,000 3,433,249
DDI Corp......................... 735 10,071,450
Hirose Electric Co. Ltd. ........ 38,500 8,633,014
Hoya Corp........................ 51,000 4,018,303
Ibiden Co. Ltd................... 154,000 2,080,063
Kyocera Corp..................... 60,700 15,743,858
Matsushita Communication
Industrial Co. Ltd............. 68,000 17,970,049
Mitsumi Electric Co. Ltd. ....... 700 21,924
Murata Manufacturing Co. Ltd. ... 71,000 16,678,086
NEC Corp......................... 390,000 9,294,803
Nippon Telegraph & Telephone
Corp........................... 695 11,904,179
NTT Data Corp.................... 401 9,223,353
NTT Mobile Communication Network,
Inc............................ 431 16,578,546
Orix Corp.*...................... 8,400 1,892,610
Ricoh Co. Ltd. .................. 325,000 6,126,554
Rohm Co. Ltd. ................... 14,000 5,864,735
Sanix, Inc.*..................... 35,300 3,869,629
Sharp Corp....................... 203,000 5,195,703
Sony Corp........................ 62,600 18,564,940
Takeda Chemical Industries
Ltd. .......................... 120,000 5,931,291
Tokyo Electron Ltd. ............. 42,000 5,755,114
Trend Micro, Inc.*............... 35,300 8,913,967
Ushio, Inc.*..................... 236,000 4,550,455
------------
204,207,820
------------
KOREA -- 2.1%
Korea Electric Power Corp. [ADR]... 121,300 2,031,775
Korea Telecom Corp. [ADR].......... 86,200 6,443,450
LG Chemical Ltd.................... 113,000 3,572,611
Pohang Iron & Steel Co. Ltd. [ADR]. 120,500 4,217,500
------------
16,265,336
------------
MEXICO -- 3.5%
Cifra SA de CV Cl-C*............. 1,997,000 3,857,002
Coca-Cola Femsa SA [ADR]......... 148,503 2,608,084
Fomento Economico Mexicano SA de
CV [ADR]....................... 142,400 6,336,800
Grupo Modelo SA de CV Cl-C....... 830,000 2,198,734
Grupo Televisa SA [GDR]*......... 100,100 6,831,825
Kimberly-Clark de Mexico SA
Cl-A........................... 363,000 1,394,533
Telefonos de Mexico SA Cl-L
[ADR].......................... 29,913 3,365,213
------------
26,592,191
------------
</TABLE>
30
<PAGE> 32
AST AIM INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
NETHERLANDS -- 2.9%
AEGON NV......................... 35,600 $ 3,438,453
Koninklijke (Royal) Philips
Electronics NV................. 59,884 8,142,149
United Pan-Europe Communications
NV*............................ 32,400 4,144,224
VNU NV........................... 122,700 6,448,269
------------
22,173,095
------------
SINGAPORE -- 1.6%
Datadraft Asia Ltd............... 258,500 2,145,550
Development Bank of Singapore*... 267,675 4,387,588
Keppel Corp. Ltd. ............... 748,000 1,958,139
Singapore Press Holdings Ltd. ... 175,000 3,793,155
------------
12,284,432
------------
SPAIN -- 2.2%
Banco Popular Espanol SA......... 37,300 2,432,445
Telefonica SA.................... 514,487 12,850,517
Telesp Participacoes SA [ADR]*... 78,000 1,906,125
------------
17,189,087
------------
SWEDEN -- 2.5%
Hennes & Mauritz AB Cl-B......... 296,800 9,942,172
Netcom AB Cl-B*.................. 128,500 9,031,852
------------
18,974,024
------------
SWITZERLAND -- 3.4%
ABB AG*.......................... 27,870 3,408,706
Adecco SA*....................... 4,525 3,523,833
Ares-Serono Group Cl-B........... 2,770 5,914,715
Compagnie Financiere Richemont AG
Cl-A Units..................... 2,900 6,920,806
Zurich Allied AG................. 11,600 6,614,834
------------
26,382,894
------------
TAIWAN -- 1.1%
Far Eastern Textile Ltd.
[GDR]*......................... 165,000 3,984,750
Taiwan Semiconductor
Manufacturing Co. Ltd.
[ADR]*......................... 91,266 4,106,970
------------
8,091,720
------------
THAILAND -- 0.3%
Siam Commercial Bank*............ 1,860,000 2,271,605
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
UNITED KINGDOM -- 14.2%
Barclays PLC..................... 271,000 $ 7,800,644
British Petroleum Co. PLC........ 595,500 5,987,897
British Telecommunications PLC... 324,332 7,926,509
CMG PLC*......................... 63,200 4,703,878
Colt Telecom Group PLC*.......... 145,000 7,422,385
Compass Group PLC................ 375,900 5,161,126
CRH PLC.......................... 244,544 5,270,663
Hays PLC......................... 662,800 10,556,322
Logica PLC....................... 194,200 5,009,650
Marconi PLC...................... 727,300 12,870,019
Orange PLC*...................... 519,802 17,548,397
Shell Transport & Trading Co.
PLC............................ 618,600 5,141,011
Vodafone AirTouch PLC............ 1,437,800 7,124,203
WPP Group PLC.................... 471,938 7,478,374
------------
110,001,078
------------
TOTAL FOREIGN STOCK
(Cost $448,142,319)................ 734,763,878
------------
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000)
---------
<S> <C> <C>
FOREIGN BONDS -- 0.1%
UNITED KINGDOM
Cosco Treasury Co. Ltd.
1.00%, 03/13/03
(Cost $428,956).................. 482 482,400
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 3.9%
Federal Home Loan Bank
1.50%, 01/03/00
(Cost $30,294,475)............... $ 30,297 30,294,475
------------
TOTAL INVESTMENTS -- 99.4%
(Cost $478,865,750)................ 765,540,753
OTHER ASSETS LESS
LIABILITIES -- 0.6%................ 4,971,035
------------
NET ASSETS -- 100.0%................. $770,511,788
============
</TABLE>
31
<PAGE> 33
AST AIM INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
The following is a breakdown of the foreign stock portion of the Portfolio, by
industry classification, as of December 31, 1999. Percentages are based on net
assets.
<TABLE>
<CAPTION>
INDUSTRY
- --------
<S> <C>
Advertising........................................... 1.0%
Aerospace............................................. 2.1%
Automobile Manufacturers.............................. 2.4%
Beverages............................................. 2.7%
Broadcasting.......................................... 2.5%
Building Materials.................................... 0.8%
Business Services..................................... 1.6%
Cable Television...................................... 0.9%
Capital Goods......................................... 0.5%
Chemicals............................................. 0.5%
Computer Services & Software.......................... 2.1%
Conglomerates......................................... 0.3%
Construction.......................................... 0.3%
Consumer Products & Services.......................... 6.1%
Containers & Packaging................................ 0.7%
Electronic Components & Equipment..................... 13.9%
Entertainment & Leisure............................... 0.9%
Financial-Bank & Trust................................ 5.5%
Financial Services.................................... 2.3%
Food.................................................. 1.5%
Hotels & Motels....................................... 0.6%
Industrial Products................................... 3.4%
Insurance............................................. 4.1%
Machinery & Equipment................................. 1.2%
Office Equipment...................................... 0.8%
Oil & Gas............................................. 3.1%
Paper & Forest Products............................... 0.5%
Pharmaceuticals....................................... 1.5%
Printing & Publishing................................. 2.4%
Retail & Merchandising................................ 2.0%
Semiconductors........................................ 1.3%
Telecommunications.................................... 24.0%
Transportation........................................ 0.5%
Utilities............................................. 1.4%
----
Total................................................. 95.4%
====
</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.
32
<PAGE> 34
AST LORD ABBETT GROWTH AND INCOME PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 95.0%
AEROSPACE -- 2.2%
Honeywell International,
Inc. ........................ 570,000 $ 32,881,875
--------------
AUTOMOBILE MANUFACTURERS -- 1.0%
Ford Motor Co.................. 270,000 14,428,125
--------------
BEVERAGES -- 1.0%
Seagram Co. Ltd. .............. 330,000 14,850,000
--------------
BROADCASTING -- 1.7%
CBS Corp.* .................... 400,000 25,575,000
--------------
BUSINESS SERVICES -- 1.1%
First Data Corp. .............. 340,000 16,766,250
--------------
CHEMICALS -- 3.4%
Dow Chemical Co................ 220,000 29,397,500
Rohm & Haas Co................. 540,000 21,971,250
--------------
51,368,750
--------------
COMPUTER HARDWARE -- 3.9%
Apple Computer, Inc.* ......... 120,000 12,337,500
Compaq Computer Corp........... 640,000 17,320,000
International Business Machines
Corp......................... 265,000 28,620,000
--------------
58,277,500
--------------
COMPUTER SERVICES & SOFTWARE -- 8.1%
Cadence Design Systems,
Inc.* ....................... 1,000,000 24,000,000
Ceridian Corp.*................ 450,000 9,703,125
Oracle Corp.*.................. 330,000 36,980,625
Sun Microsystems, Inc.*........ 320,000 24,780,000
Unisys Corp.*.................. 800,000 25,550,000
--------------
121,013,750
--------------
CONGLOMERATES -- 1.2%
Minnesota Mining &
Manufacturing Co. ........... 190,000 18,596,250
--------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 3.0%
Emerson Electric Co. .......... 350,000 20,081,250
Texas Instruments, Inc. ....... 260,000 25,187,500
--------------
45,268,750
--------------
FINANCIAL-BANK & TRUST -- 4.2%
Bank One Corp. ................ 420,000 13,466,250
Chase Manhattan Corp. ......... 320,000 24,860,000
Wells Fargo & Co. ............. 600,000 24,262,500
--------------
62,588,750
--------------
FINANCIAL SERVICES -- 4.2%
Fannie Mae..................... 275,000 17,170,313
Fleet Financial Group, Inc. ... 570,000 19,843,125
Morgan Stanley, Dean Witter &
Co. ......................... 180,000 25,695,000
--------------
62,708,438
--------------
FOOD -- 2.8%
Archer Daniels Midland Co...... 1,700,000 20,718,750
Ralston Purina Group........... 780,000 21,742,500
--------------
42,461,250
--------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
HEALTHCARE SERVICES -- 1.3%
Columbia HCA Healthcare
Corp. ....................... 670,000 $ 19,639,375
--------------
INSURANCE -- 9.3%
Ace Ltd. ...................... 1,500,000 25,031,250
Aetna, Inc. ................... 250,000 13,953,125
American General Corp. ........ 460,000 34,902,500
AON Corp. ..................... 750,000 30,000,000
CIGNA Corp. ................... 220,000 17,723,750
Jefferson-Pilot Corp........... 270,000 18,427,500
--------------
140,038,125
--------------
MACHINERY & EQUIPMENT -- 3.0%
Black & Decker Corp. .......... 360,000 18,810,000
Deere & Co. ................... 600,000 26,025,000
--------------
44,835,000
--------------
METALS & MINING -- 4.7%
Alcoa, Inc. ................... 440,000 36,520,000
Phelps Dodge Corp. ............ 400,000 26,850,000
USX-U.S. Steel Group, Inc. .... 230,000 7,590,000
--------------
70,960,000
--------------
OIL & GAS -- 11.6%
Atlantic Richfield Co. ........ 180,000 15,570,000
BP Amoco PLC [ADR]............. 400,000 23,725,000
Coastal Corp. ................. 650,000 23,034,375
Exxon Mobil Corp. ............. 460,001 37,058,830
Schlumberger Ltd. ............. 430,000 24,187,500
Texaco, Inc. .................. 340,000 18,466,250
Total SA [ADR]................. 410,000 28,392,500
Transocean Sedco Forex,
Inc.*........................ 83,248 2,804,417
--------------
173,238,872
--------------
PAPER & FOREST PRODUCTS -- 2.7%
International Paper Co. ....... 710,000 40,070,625
--------------
PHARMACEUTICALS -- 3.3%
American Home Products
Corp. ....................... 680,000 26,817,500
Pharmacia & Upjohn, Inc. ...... 500,000 22,500,000
--------------
49,317,500
--------------
PRINTING & PUBLISHING -- 3.2%
Dow Jones & Co., Inc. ......... 400,000 27,200,000
Gannett Co., Inc. ............. 250,000 20,390,625
--------------
47,590,625
--------------
RETAIL & MERCHANDISING -- 2.4%
Consolidated Stores Corp.*..... 960,000 15,600,000
Federated Department Stores,
Inc.*........................ 400,000 20,225,000
--------------
35,825,000
--------------
TELECOMMUNICATIONS -- 10.3%
Alltel Corp. .................. 330,000 27,286,875
AT&T Corp. .................... 640,000 32,480,000
Bell Atlantic Corp. ........... 400,000 24,625,000
Loral Space and Communications
Ltd.*........................ 850,000 20,665,625
MCI WorldCom, Inc.*............ 420,000 22,286,250
</TABLE>
33
<PAGE> 35
AST LORD ABBETT GROWTH AND INCOME PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
MediaOne Group, Inc.*.......... 70,000 $ 5,376,875
SBC Communications, Inc. ...... 450,000 21,937,500
--------------
154,658,125
--------------
UTILITIES -- 5.4%
Carolina Power & Light Co. .... 350,000 10,653,125
Dominion Resources, Inc. ...... 550,000 21,587,500
Duke Energy Corp. ............. 550,000 27,568,750
FirstEnergy Corp. ............. 900,000 20,418,750
--------------
80,228,125
--------------
TOTAL COMMON STOCK (Cost
$1,220,362,729).................. 1,423,186,060
--------------
PREFERRED STOCK -- 1.4%
UTILITIES
Houston Industries, Inc. 7.00%
[CVT]
(Cost $14,441,695)............. 170,000 20,485,000
--------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 3.6%
Temporary Investment Cash
Fund......................... 27,255,240 $ 27,255,240
Temporary Investment Fund...... 27,255,240 27,255,240
--------------
(Cost $54,510,480)............. 54,510,480
--------------
TOTAL INVESTMENTS -- 100.0%
(Cost $1,289,314,904)............ 1,498,181,540
OTHER ASSETS LESS
LIABILITIES -- 0.0%................ 124,467
--------------
NET ASSETS -- 100.0%............... $1,498,306,007
==============
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
34
<PAGE> 36
AST JANCAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 93.4%
ADVERTISING -- 0.3%
DoubleClick, Inc.*.............. 72,170 $ 18,263,521
--------------
BEVERAGES -- 1.2%
Coca-Cola Co. .................. 1,231,300 71,723,225
--------------
CABLE TELEVISION -- 1.3%
Charter Communications, Inc.
Cl-A*......................... 3,478,765 76,097,984
--------------
COMPUTER HARDWARE -- 9.4%
Apple Computer, Inc.*........... 2,253,235 231,660,724
Dell Computer Corp.*............ 4,357,890 222,252,390
EMC Corp.*...................... 920,265 100,538,951
--------------
554,452,065
--------------
COMPUTER SERVICES & SOFTWARE -- 31.6%
America Online, Inc.*........... 6,213,010 468,693,941
Cisco Systems, Inc.*............ 3,604,540 386,136,348
Intuit, Inc.*................... 1,266,018 75,881,954
Microsoft Corp.*................ 3,155,800 368,439,650
VERITAS Software Corp.*......... 2,888,272 413,384,001
Yahoo!, Inc.*................... 360,160 155,836,730
--------------
1,868,372,624
--------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 9.6%
General Electric Co. ........... 1,408,475 217,961,506
Metromedia Fiber Network, Inc.
Cl-A*......................... 895,805 42,942,652
Texas Instruments, Inc. ........ 3,201,190 310,115,282
--------------
571,019,440
--------------
ENTERTAINMENT & LEISURE -- 4.3%
Time Warner, Inc. .............. 3,535,195 256,080,688
--------------
FINANCIAL SERVICES -- 4.0%
Fannie Mae...................... 971,065 60,630,871
Schwab, (Charles) Corp. ........ 4,607,011 176,794,047
--------------
237,424,918
--------------
INSURANCE -- 3.7%
American International Group,
Inc. ......................... 1,651,705 178,590,603
Progressive Corp. .............. 586,990 42,923,644
--------------
221,514,247
--------------
PHARMACEUTICALS -- 1.6%
Pfizer, Inc. ................... 2,902,950 94,164,441
--------------
RESTAURANTS -- 1.5%
McDonald's Corp. ............... 2,194,425 88,462,758
--------------
RETAIL & MERCHANDISING -- 6.2%
Amazon.com, Inc.*............... 900,230 68,530,009
Costco Companies, Inc.*......... 545,585 49,784,631
Home Depot, Inc. ............... 2,254,755 154,591,639
Wal-Mart Stores, Inc. .......... 1,356,005 93,733,846
--------------
366,640,125
--------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TELECOMMUNICATIONS -- 18.7%
EchoStar Communications Corp.
Cl-A*......................... 450,820 $ 43,954,950
Level 3 Communications, Inc.*... 958,225 78,454,672
Nokia Corp. Cl-A [ADR].......... 2,520,360 478,868,399
SBC Communications, Inc. ....... 2,046,430 99,763,463
Sprint Corp. (PCS Group)*....... 2,371,035 243,031,087
Vodafone AirTouch PLC [ADR]..... 2,556,740 126,558,630
WinStar Communications, Inc.*... 416,900 31,215,388
--------------
1,101,846,589
--------------
TOTAL COMMON STOCK
(Cost $2,611,609,231)............. 5,526,062,625
--------------
FOREIGN STOCK -- 0.6%
TELECOMMUNICATIONS
Vodafone AirTouch PLC -- (GBP)
(Cost $33,129,443)............ 7,228,015 35,814,331
--------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
CORPORATE OBLIGATIONS -- 2.1%
ENTERTAINMENT & LEISURE -- 0.7%
Venetian Casino Resort LLC
12.25%, 11/15/04.............. $ 49,725 43,509,375
--------------
RETAIL & MERCHANDISING -- 1.0%
Amazon.com, Inc. 144A
4.75%, 02/01/09............... 51,851 58,915,699
--------------
TELECOMMUNICATIONS -- 0.4%
Lenfest Communications, Inc.
7.625%, 02/15/08.............. 11,295 11,309,119
8.25%, 02/15/08 144A.......... 12,480 12,620,400
--------------
23,929,519
--------------
TOTAL CORPORATE OBLIGATIONS
(Cost $125,997,248)............... 126,354,593
--------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 3.8%
Federal Home Loan Bank
5.51%, 02/02/00............... 50,000 49,751,030
5.77%, 03/23/00............... 20,000 19,733,939
--------------
69,484,969
--------------
Federal Mortgage Corp.
5.10%, 05/25/00............... 50,000 48,863,940
5.55%, 01/10/00............... 25,000 24,964,734
--------------
73,828,674
--------------
Federal National Mortgage Assoc.
5.48%, 01/21/00-01/28/00...... 85,000 84,699,152
--------------
(Cost $228,134,413)............. 228,012,795
--------------
COMMERCIAL PAPER -- 0.1%
Associates First Capital Corp.
4.00%, 01/03/00
(Cost $5,898,689)............... 5,900 5,898,689
--------------
</TABLE>
35
<PAGE> 37
AST JANCAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.0%
Temporary Investment Cash
Fund.......................... 13,027 $ 13,027
Temporary Investment Fund....... 13,026 13,026
--------------
(Cost $26,053).................. 26,053
--------------
TOTAL INVESTMENTS -- 100.0%
(Cost $3,004,795,077)............. 5,922,169,086
OTHER ASSETS LESS
LIABILITIES -- 0.0%............... 1,608,716
--------------
NET ASSETS -- 100.0%................ $5,923,777,802
==============
</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 year, these securities amounted
to 1.2% of net assets.
See Notes to Financial Statements.
36
<PAGE> 38
AST MONEY MARKET PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
CORPORATE OBLIGATIONS -- 14.1%
FINANCIAL-BANK & TRUST -- 10.2%
Diageo Capital [PLC]
5.475%, 02/24/00............... $ 65,000 $ 64,973,177
First Union National Bank [FRN]
5.54%, 03/15/00++.............. 31,000 30,993,083
Fleet Financial Group
6.236%, 01/13/00............... 36,500 36,481,374
Key Bank NA
5.491%, 01/28/00............... 16,000 16,005,247
NationsBank Texas Corp.
6.75%, 08/15/00................ 18,500 18,581,708
SouthTrust Bank NA [FRN]
5.544%, 01/24/00++............. 39,000 38,968,591
Wells Fargo & Co. Cl-J
5.31%, 03/31/00................ 40,000 39,994,847
--------------
245,998,027
--------------
FINANCIAL SERVICES -- 3.9%
American Express Centurion [FRN]
5.45%, 01/01/00++.............. 25,000 25,000,000
CIT Group, Inc.
5.75%, 01/05/00................ 24,500 24,485,255
Morgan Stanley, Dean Witter & Co.
6.46%, 01/19/00................ 10,000 10,000,000
Xerox Credit Corp. Cl-F
5.32%, 03/31/00................ 35,000 34,995,571
--------------
94,480,826
--------------
TOTAL CORPORATE OBLIGATIONS (Cost
$340,478,853)...................... 340,478,853
--------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 20.9%
Federal Home Loan Bank
1.28%, 01/03/00................ 337,977 337,946,530
5.34%, 10/04/00................ 100,000 99,947,953
5.39%, 02/02/00................ 42,798 42,592,950
--------------
480,487,433
--------------
Federal Home Loan Mortgage Corp.
1.75%, 01/03/00................ 23,070 23,067,757
--------------
(Cost $503,555,190).............. 503,555,190
--------------
U.S. TREASURY OBLIGATIONS -- 3.5%
U.S. Treasury Bills
3.05%, 01/06/00
(Cost $85,463,781)............... 85,500 85,463,781
--------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 1.0%
LINCS [VR]
5.319%, 01/17/00
(Cost $25,000,000)............... 25,000 25,000,000
--------------
CERTIFICATES OF DEPOSIT -- 23.9%
Abbey National Treasury Services
PLC
5.22%, 05/11/00................ 13,000 12,997,755
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
AT&T Corp. [FRN]
5.27%, 01/13/00................ $ 40,000 $ 39,991,426
Bankers Trust Co. [FRN]
6.156%, 01/10/00............... 15,000 14,997,981
Bayerische Hypo Vereinsbank
5.15%, 04/25/00................ 10,000 9,998,181
Bayerische Landesbank NY
5.115%, 03/21/00............... 14,000 13,995,600
5.875%, 08/04/00............... 20,000 19,996,604
6.11%, 10/02/00................ 50,000 49,934,164
3.825%, 12/15/00 [FRN]......... 7,000 6,994,326
Canadian Imperial Bank
5.01%, 02/07/00................ 25,000 24,999,267
Comerica Bank [FRN]
6.401%, 01/20/00............... 26,000 26,000,000
5.65%, 03/22/00++.............. 40,000 39,996,661
Commerzbank AG NY [FRN]
5.325%, 01/10/00++............. 20,000 19,997,283
5.15%, 02/23/00................ 30,000 29,998,276
Deutsche Bank
5.00%, 01/06/00................ 25,000 24,999,901
6.19%, 12/01/00................ 40,000 39,975,503
Fifth Third Bancorp
5.98%, 01/28/00................ 22,500 22,500,681
Harris Trust Bank
6.38%, 01/18/00................ 50,000 49,999,999
PNC Bank Corp. [FRN]
5.359%, 01/01/00++............. 50,000 49,987,081
Toronto Dominion Bank
5.00%, 02/04/00................ 8,000 7,999,784
Union Bank of Switzerland
6.235%, 12/04/00............... 40,000 39,973,536
6.39%, 12/21/00................ 30,000 29,986,117
--------------
(Cost $575,320,126).............. 575,320,126
--------------
COMMERCIAL PAPER -- 27.2%
AUTOMOBILE MANUFACTURERS -- 0.8%
General Motors Corp.
6.09%, 01/18/00................ 20,000 19,942,483
--------------
CONSUMER PRODUCTS & SERVICES -- 1.0%
Cregman North America, Inc.
5.88%, 01/21/00................ 25,000 24,918,333
--------------
FINANCIAL-BANK & TRUST -- 6.7%
Bank of America Corp.
5.77%, 01/26/00................ 23,500 23,405,837
5.99%, 03/13/00................ 35,000 34,580,700
Bank of New York Co., Inc.
5.75%, 02/22/00................ 37,000 36,692,695
Banque et Caisse d'Epargne
5.92%, 01/21/00................ 66,077 65,859,679
--------------
160,538,911
--------------
FINANCIAL SERVICES -- 14.5%
Associates Corp. of North America
4.00%, 01/03/00................ 100,000 99,977,779
BellSouth Capital Funding Corp.
5.68%, 02/10/00................ 35,000 34,779,111
</TABLE>
37
<PAGE> 39
AST MONEY MARKET PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
General Electric Capital Corp.
5.73%, 02/02/00................ $ 5,000 $ 4,974,311
5.72%, 02/23/00................ 15,000 14,873,683
General Motors Acceptance Corp.
5.72%, 03/17/00................ 37,000 36,553,204
Morgan Stanley, Dean Witter & Co.
6.10%, 02/08/00................ 50,000 49,678,056
Salomon Smith Barney Holdings,
Inc.
6.25%, 01/19/00................ 50,000 49,843,750
6.49%, 01/27/00................ 15,000 14,929,692
6.01%, 03/01/00................ 18,000 17,819,700
UBS Finance, Inc.
4.25%, 01/03/00................ 25,000 24,994,097
--------------
348,423,383
--------------
TELECOMMUNICATIONS -- 2.1%
British Telecommunications PLC
5.85%, 02/16/00................ 25,000 24,813,125
France Telecom [FRN]
6.10%, 02/28/00+............... 25,000 24,754,306
--------------
49,567,431
--------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
UTILITIES -- 2.1%
Southern Co.
5.75%, 02/09/00+............... $ 50,000 $ 49,688,542
--------------
TOTAL COMMERCIAL PAPER
(Cost $653,079,083)................ 653,079,083
--------------
REPURCHASE AGREEMENTS -- 9.3%
Morgan Stanley and Co., Inc.
2.47% dated 12/31/99, maturing
01/03/00, repurchase price
$225,046,313 (Collateralized by
U.S. Treasury Bonds, par value
$200,050,000, market value
$229,496,557 due
08/15/01-05/15/09)
(Cost $225,000,000).............. 225,000 225,000,000
--------------
TOTAL INVESTMENTS -- 99.9%
(Cost $2,407,897,033).............. 2,407,897,033
OTHER ASSETS LESS
LIABILITIES -- 0.1%................ 1,260,364
--------------
NET ASSETS -- 100.0%................. $2,409,157,397
==============
</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 year, these securities amounted to
3.1% of net assets.
++ Maturity date reflects the next interest rate change date.
See Notes to Financial Statements.
38
<PAGE> 40
AST NEUBERGER BERMAN MID-CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 95.8%
AEROSPACE -- 4.0%
General Dynamics Corp. ......... 261,300 $ 13,783,575
General Motors Corp. Cl-H*...... 131,500 12,624,000
------------
26,407,575
------------
AIRLINES -- 1.3%
Continental Airlines, Inc.
Cl-B*......................... 196,200 8,706,375
------------
AUTOMOTIVE PARTS -- 2.7%
Eaton Corp. .................... 68,600 4,982,075
Lear Corp.* .................... 410,000 13,120,000
------------
18,102,075
------------
BEVERAGES -- 0.4%
American National Can Group,
Inc. ......................... 213,100 2,770,300
------------
BROADCASTING -- 3.9%
AT&T Corp. Liberty Media Group
Cl-A*......................... 202,000 11,463,500
News Corp. Ltd. [ADR]........... 251,600 8,412,875
Scripps, (E.W.) Co. Cl-A........ 131,000 5,870,438
------------
25,746,813
------------
BUSINESS SERVICES -- 5.7%
Comdisco, Inc................... 547,900 20,409,275
MedicaLogic, Inc.*.............. 10,000 210,000
Parametric Technology Corp.*.... 628,000 16,995,250
------------
37,614,525
------------
CAPITAL GOODS -- 1.8%
SPX Corp.*...................... 152,000 12,283,500
------------
CHEMICALS -- 5.1%
Engelhard Corp. ................ 351,000 6,625,125
Grace, (W.R.) & Co.*............ 805,000 11,169,375
Lyondell Chemical Co. .......... 185,800 2,368,950
Praxair, Inc. .................. 270,900 13,629,656
------------
33,793,106
------------
COMPUTER SERVICES & SOFTWARE -- 6.4%
Cabletron Systems, Inc.*........ 287,100 7,464,600
Cadence Design Systems, Inc.*... 720,000 17,280,000
Ceridian Corp.*................. 640,000 13,800,000
PSINet, Inc.*................... 65,000 4,013,750
------------
42,558,350
------------
CONSUMER PRODUCTS & SERVICES -- 1.9%
Maytag Corp..................... 268,000 12,864,000
------------
CONTAINERS & PACKAGING -- 1.9%
Sealed Air Corp.*............... 63,700 3,300,456
Smurfit-Stone Container
Corp.*........................ 385,000 9,432,500
------------
12,732,956
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 2.0%
Metromedia Fiber Network, Inc.
Cl-A*......................... 88,700 4,252,056
UCAR International, Inc.*....... 525,000 9,351,563
------------
13,603,619
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FINANCIAL-BANK & TRUST -- 2.3%
Countrywide Credit Industries,
Inc. ......................... 360,000 $ 9,090,000
Valley National Bancorp......... 226,500 6,342,000
------------
15,432,000
------------
FINANCIAL SERVICES -- 6.4%
AMBAC Financial Group, Inc. .... 145,000 7,567,188
Dun & Bradstreet Corp. ......... 295,200 8,708,400
FINOVA Group, Inc. ............. 332,900 11,817,950
Fleet Financial Group, Inc. .... 222,800 7,756,225
SLM Holding Corp. .............. 162,000 6,844,500
------------
42,694,263
------------
HEALTHCARE SERVICES -- 1.8%
Wellpoint Health Networks,
Inc.*......................... 180,000 11,868,750
------------
HOTELS & MOTELS -- 0.9%
Starwood Hotels & Resorts
Worldwide, Inc. [REIT]........ 265,800 6,246,300
------------
INSURANCE -- 3.8%
Ace Ltd. ....................... 540,000 9,011,250
AON Corp. ...................... 220,000 8,800,000
Xl Capital Ltd. ................ 140,000 7,262,500
------------
25,073,750
------------
MACHINERY & EQUIPMENT -- 1.1%
Grainger, (W.W.), Inc. ......... 154,000 7,363,125
------------
MEDICAL SUPPLIES & EQUIPMENT -- 3.3%
Becton Dickinson & Co........... 340,000 9,095,000
Genzyme Corp.*.................. 281,700 12,676,500
------------
21,771,500
------------
METALS & MINING -- 3.1%
AK Steel Holding Corp. ......... 526,300 9,933,912
Phelps Dodge Corp. ............. 28,100 1,886,213
Reynolds Metals Co. ............ 115,000 8,811,875
------------
20,632,000
------------
OIL & GAS -- 12.3%
Anadarko Petroleum Corp......... 189,700 6,473,513
Apache Corp..................... 230,000 8,495,625
Coastal Corp.................... 305,400 10,822,612
Dynegy, Inc..................... 350,000 8,509,375
Kinder Morgan, Inc.............. 240,000 4,845,000
Noble Drilling Corp.*........... 225,000 7,368,750
Tosco Corp...................... 235,000 6,389,063
Transocean Sedco Forex, Inc.*... 297,000 10,005,187
USX-Marathon Group, Inc......... 416,400 10,279,874
Williams Companies, Inc......... 260,000 7,946,250
------------
81,135,249
------------
PAPER & FOREST PRODUCTS -- 3.1%
Bowater, Inc. .................. 210,000 11,405,625
Fort James Corp. ............... 330,000 9,033,750
------------
20,439,375
------------
PHARMACEUTICALS -- 0.5%
Waters Corp.*................... 67,000 3,551,000
------------
</TABLE>
39
<PAGE> 41
AST NEUBERGER BERMAN MID-CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PRINTING & PUBLISHING -- 1.9%
Belo, (A.H.) Corp. Cl-A......... 653,200 $ 12,451,625
------------
RAILROADS -- 1.5%
Kansas City Southern Industries,
Inc. ......................... 136,300 10,171,388
------------
REAL ESTATE -- 1.5%
Indymac Mortgage Holdings, Inc.
[REIT]........................ 785,000 10,008,750
------------
RETAIL & MERCHANDISING -- 2.9%
Consolidated Stores Corp.*...... 648,900 10,544,625
Harcourt General, Inc. ......... 210,000 8,452,500
------------
18,997,125
------------
SEMICONDUCTORS -- 1.3%
National Semiconductor Corp.*... 206,100 8,823,656
------------
TELECOMMUNICATIONS -- 7.0%
American Tower Corp. Cl-A*...... 365,000 11,155,313
ANTEC Corp.*.................... 17,900 653,350
EchoStar Communications Corp.
Cl-A*......................... 87,200 8,502,000
Global Crossing Ltd.*........... 261,700 13,085,000
Sonera Oyj Corp. [ADR]*......... 42,600 2,950,050
WinStar Communications, Inc.*... 127,600 9,554,050
------------
45,899,763
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TRANSPORTATION -- 1.1%
Navistar International Corp.*... 153,600 $ 7,276,800
------------
UTILITIES -- 2.9%
Cinergy Corp. .................. 138,000 3,329,250
Niagara Mohawk Holdings,
Inc.*......................... 540,000 7,526,250
Unicom Corp. ................... 252,600 8,462,100
------------
19,317,600
------------
TOTAL COMMON STOCK
(Cost $626,167,133)............... 636,337,213
------------
SHORT-TERM INVESTMENTS -- 5.2%
Temporary Investment Cash
Fund.......................... 17,288,854 17,288,854
Temporary Investment Fund....... 17,288,854 17,288,854
------------
(Cost $34,577,708).............. 34,577,708
------------
TOTAL INVESTMENTS -- 101.0%
(Cost $660,744,841)............... 670,914,921
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (1.0)%.................. (6,532,349)
------------
NET ASSETS -- 100.0%................ $664,382,572
============
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
40
<PAGE> 42
AST AIM BALANCED PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 49.5%
ADVERTISING -- 1.0%
Omnicom Group, Inc. .............. 20,900 $ 2,090,000
Young & Rubicam, Inc. ............ 39,000 2,759,250
------------
4,849,250
------------
AEROSPACE -- 0.3%
General Motors Corp. Cl-H*........ 15,000 1,440,000
------------
AUTOMOBILE MANUFACTURERS -- 0.3%
Ford Motor Co. ................... 28,900 1,544,344
------------
BROADCASTING -- 1.9%
CBS Corp.*........................ 59,000 3,772,312
Hispanic Broadcasting Corp.*...... 30,800 2,840,338
Infinity Broadcasting Corp.*...... 74,250 2,686,922
------------
9,299,572
------------
BUSINESS SERVICES -- 0.5%
Foundry Networks, Inc.*........... 5,300 1,598,944
Maximus, Inc.*.................... 31,300 1,062,244
------------
2,661,188
------------
COMPUTER HARDWARE -- 1.8%
Dell Computer Corp.*.............. 21,000 1,071,000
EMC Corp.*........................ 48,300 5,276,775
Immersion Corp.*.................. 13,400 514,225
International Business Machines
Corp............................ 21,128 2,281,824
------------
9,143,824
------------
COMPUTER SERVICES & SOFTWARE -- 7.6%
America Online, Inc.*............. 69,000 5,205,188
Cisco Systems, Inc.*.............. 56,000 5,998,999
Comverse Technology, Inc.*........ 12,150 1,758,713
Concord Communications, Inc.*..... 12,900 572,438
DST Systems, Inc.*................ 16,900 1,289,681
eSPEED, Inc. Cl-A*................ 20,200 718,363
InfoSpace.com, Inc.*.............. 28,900 6,184,599
ISS Group, Inc.*.................. 34,200 2,432,475
Knology Holdings, Inc. Warrants
144A*........................... 45 113
Microsoft Corp.*.................. 32,000 3,736,000
National Information Consortium,
Inc.*........................... 44,000 1,408,000
Sun Microsystems, Inc.*........... 62,000 4,801,125
Telemate.Net Software, Inc.*...... 44,400 721,500
USWeb Corp.*...................... 80,000 3,555,000
------------
38,382,194
------------
CONGLOMERATES -- 0.4%
Tyco International Ltd. .......... 45,400 1,764,925
------------
CONSUMER PRODUCTS & SERVICES -- 1.0%
Estee Lauder Co................... 5,000 432,813
Hedstrom Holdings, Inc. Warrants
144A*........................... 303 18
Official Payments Corp.*.......... 29,100 1,513,200
Procter & Gamble Co. ............. 20,000 2,191,250
Steiner Leisure Ltd.*............. 44,000 734,250
------------
4,871,531
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRONIC COMPONENTS & EQUIPMENT -- 1.3%
Analog Devices, Inc.*............. 30,400 $ 2,827,200
Conexant Systems, Inc.*........... 4,800 318,600
General Electric Co. ............. 20,200 3,125,950
------------
6,271,750
------------
ENTERTAINMENT & LEISURE -- 1.1%
Carnival Corp. ................... 37,500 1,792,969
Club Regina Resorts, Inc.
Warrants*....................... 20 20
Royal Caribbean Cruises Ltd. ..... 43,100 2,125,368
Time Warner, Inc. ................ 23,000 1,666,063
------------
5,584,420
------------
EQUIPMENT SERVICES -- 0.4%
Quanta Services, Inc.*............ 63,000 1,779,750
------------
FINANCIAL-BANK & TRUST -- 0.5%
Chase Manhattan Corp. ............ 32,890 2,555,142
------------
FINANCIAL SERVICES -- 3.4%
American Express Co. ............. 11,985 1,992,506
AXA Financial, Inc. .............. 50,000 1,693,750
Citigroup, Inc. .................. 38,027 2,112,875
Esat Holdings Ltd. Warrants
144A*........................... 35 2,538
Fannie Mae........................ 29,000 1,810,688
Freddie Mac....................... 38,000 1,788,375
Goldman Sachs Group, Inc. ........ 8,000 753,500
Merrill Lynch & Co., Inc. ........ 27,700 2,312,950
Morgan Stanley, Dean Witter &
Co. ............................ 23,400 3,340,349
SLM Holding Corp. ................ 24,300 1,026,675
------------
16,834,206
------------
FOOD -- 0.5%
Keebler Foods Co.*................ 38,000 1,068,750
Safeway, Inc.*.................... 36,900 1,312,256
------------
2,381,006
------------
FURNITURE -- 0.3%
Ethan Allen Interiors, Inc. ...... 43,100 1,381,894
------------
INDUSTRIAL PRODUCTS -- 0.0%
Cellnet Data Systems Warrants
144A*........................... 95 1
------------
INSURANCE -- 1.8%
American International Group,
Inc. ........................... 27,500 2,973,437
AXA [ADR]......................... 20,000 1,420,000
CIGNA Corp. ...................... 17,246 1,389,381
MGIC Investment Corp.............. 25,400 1,528,763
Nationwide Financial Services,
Inc. ........................... 22,000 614,625
Travelers Property Casualty Corp.
Cl-A............................ 31,100 1,065,175
------------
8,991,381
------------
MEDICAL SUPPLIES & EQUIPMENT -- 2.6%
Baxter International, Inc. ....... 23,500 1,476,094
Forest Laboratories, Inc.*........ 25,500 1,566,656
Genzyme Corp.*.................... 27,500 1,237,500
Guidant Corp.*.................... 44,000 2,068,000
Johnson & Johnson Co. ............ 16,000 1,490,000
Medtronic, Inc. .................. 76,300 2,780,181
VISX, Inc.*....................... 47,500 2,458,125
------------
13,076,556
------------
</TABLE>
41
<PAGE> 43
AST AIM BALANCED PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
OIL & GAS -- 1.0%
Apache Corp. ..................... 32,000 $ 1,182,000
Conoco, Inc. Cl-B................. 48,000 1,194,000
Exxon Mobil Corp. ................ 15,762 1,269,826
TCR Holding Corp. Cl-B*........... 2,898 29
Williams Companies, Inc. ......... 38,430 1,174,517
------------
4,820,372
------------
PHARMACEUTICALS -- 2.5%
American Home Products Corp. ..... 30,500 1,202,844
Biogen, Inc.*..................... 24,400 2,061,800
Bristol-Meyers Squibb Co. ........ 21,084 1,353,329
Lilly, (Eli) & Co. ............... 22,500 1,496,250
Merck & Co., Inc. ................ 19,000 1,274,188
Pfizer, Inc. ..................... 52,300 1,696,481
Schering-Plough Corp. ............ 24,100 1,016,719
Warner-Lambert Co. ............... 27,700 2,269,668
------------
12,371,279
------------
REAL ESTATE -- 0.0%
Equity Office Property
Warrants*....................... 530 530
------------
RETAIL & MERCHANDISING -- 2.9%
Amazon.com, Inc.*................. 15,100 1,149,488
Bed, Bath & Beyond, Inc.*......... 47,500 1,650,625
Dayton-Hudson Corp.*.............. 34,500 2,533,594
FreeMarkets, Inc.*................ 14,000 4,778,374
Home Depot, Inc. ................. 42,000 2,879,625
Linens 'n Things, Inc.*........... 48,700 1,442,738
------------
14,434,444
------------
SEMICONDUCTORS -- 2.8%
Applied Materials, Inc.*.......... 19,800 2,508,413
Intel Corp. ...................... 36,900 3,037,331
JDS Uniphase Corp.*............... 9,000 1,451,813
Microchip Technology, Inc.*....... 21,900 1,498,781
Motorola, Inc. ................... 15,660 2,305,935
SDL, Inc.*........................ 14,000 3,052,000
------------
13,854,273
------------
TELECOMMUNICATIONS -- 12.6%
ANTEC Corp.*...................... 41,100 1,500,150
AT&T Canada, Inc.*................ 45,900 1,847,475
AT&T Corp. ....................... 36,000 1,827,000
Bell Atlantic Corp. .............. 33,725 2,076,195
Birch Telecommunications
Warrants*....................... 10 550
BroadWing, Inc. .................. 65,342 2,409,486
Global Crossing Ltd.*............. 86,600 4,330,000
Global TeleSystems Group, Inc.*... 66,500 2,302,563
Globalstar Telecommunications
Warrants*....................... 45 5,625
Infonet Services Corp. Cl-B*...... 58,000 1,522,500
KMC Telecom Holdings, Inc.
Warrants*....................... 35 88
Korea Telecom Corp. [ADR]......... 23,459 1,753,560
Long Distance International
Warrants*....................... 10 25
Lucent Technologies, Inc.......... 82,500 6,172,030
McCaw International Ltd.
Warrants*....................... 10 25
MCI WorldCom, Inc.*............... 66,600 3,533,963
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
McLeodUSA, Inc. Cl-A*............. 45,600 $ 2,684,700
NEXTLINK Communications, Inc.
Cl-A*........................... 44,000 3,654,750
Nokia Corp. Cl-A [ADR]............ 34,400 6,535,999
Onepoint Communications
Warrants*....................... 10 100
Orbital Imaging Corp. Warrants
144A*........................... 20 400
Partner Communications Co. Ltd.
[ADR]*.......................... 35,800 926,325
Pathnet, Inc. Warrants 144A*...... 30 304
Powertel, Inc.*................... 44 4,417
Qwest Communications
International, Inc.*............ 105,000 4,515,000
SBC Communications, Inc........... 31,918 1,556,003
Sycamore Networks, Inc.*.......... 7,500 2,310,000
Tellabs, Inc.*.................... 30,000 1,925,625
Time Warner Telecom, Inc. Cl-A*... 32,900 1,642,944
UIH Australia Warrants*........... 50 1,256
Univision Communications, Inc.*... 48,700 4,976,531
Western Wireless Corp. Cl-A*...... 30,900 2,062,575
Williams Communications Group,
Inc.*........................... 43,800 1,266,094
------------
63,344,258
------------
UTILITIES -- 1.0%
AES Corp.*........................ 33,800 2,526,550
Enron Corp. ...................... 47,000 2,085,625
Plug Power, Inc.*................. 15,600 440,700
------------
5,052,875
------------
TOTAL COMMON STOCK
(Cost $181,553,640)................. 246,690,965
------------
PREFERRED STOCK -- 1.9%
COMPUTER SERVICES & SOFTWARE -- 0.3%
Verio, Inc. 6.75% 144A............ 22,900 1,325,338
FINANCIAL SERVICES -- 0.3%
Calpine Capital Trust 5.75%*...... 22,000 1,432,750
OIL & GAS -- 0.2%
Kerr-McGee Corp. 5.50%............ 32,000 1,056,000
TELECOMMUNICATIONS -- 0.9%
Broadwing, Inc. 6.75% [CVT]*...... 10,400 616,200
Cablevision Systems Corp. Cl-M
11.125% [PIK]*.................. 10 1,098
NEXTLINK Communications 6.50%
[CVT]........................... 3,300 626,587
Winstar Communications, Inc.
7.25%........................... 2,680 3,555,784
------------
4,799,669
------------
UTILITIES -- 0.2%
AES Corp. 6.75% [CVT]............. 15,000 924,375
Public Service Co. of New
Hampshire Cl-A 10.60%........... 705 18,022
------------
942,397
------------
TOTAL PREFERRED STOCK
(Cost $8,605,368)................... 9,556,154
------------
</TABLE>
42
<PAGE> 44
AST AIM BALANCED PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOREIGN STOCK -- 2.7%
COMPUTER SERVICES & SOFTWARE -- 0.1%
Terra Networks SA -- (ESP)*....... 10,800 $ 590,090
------------
FINANCIAL-BANK & TRUST -- 0.0%
DBS Groupo Holdings -- (SGD)*..... 978 16,031
------------
INSURANCE -- 0.0%
AXA SA -- (FRF)................... 1,552 216,333
------------
MACHINERY & EQUIPMENT -- 0.2%
Mannesmann AG -- (DEM)............ 3,778 914,726
------------
SEMICONDUCTORS -- 0.1%
Advantest Corp. -- (JPY).......... 1,900 502,104
------------
TELECOMMUNICATIONS -- 2.3%
Libertel NV -- (NLG)*............. 74,500 1,950,851
Nokia AB Oyj -- (FIM)............. 4,390 795,851
NTT Mobile Communication Network,
Inc. -- (JPY)................... 50 192,327
Orange PLC -- (GBP)*.............. 77,200 2,606,253
Sonera Group Oyj -- (FIM)......... 55,000 3,769,513
Telefonica SA -- (ESP)............ 83,935 2,096,473
------------
11,411,268
------------
TOTAL FOREIGN STOCK
(Cost $6,411,405)................... 13,650,552
------------
<CAPTION>
PAR
(000)
---------
<S> <C> <C>
CORPORATE OBLIGATIONS -- 24.3%
ADVERTISING -- 0.2%
Lamar Advertising Co.
5.25%, 09/15/06................. $ 850 1,243,125
------------
AEROSPACE -- 0.2%
Boeing Co.
6.625%, 02/15/38.................. 580 487,066
Lockheed Martin Corp.
7.25%, 05/15/06................. 455 434,924
------------
921,990
------------
AIRLINES -- 1.1%
AMR Corp.
10.00%, 04/15/21 ............... 650 732,750
Calair LLC Capital Corp.
8.125%, 04/01/08 ............... 90 79,650
Continental Airlines Series 981C
6.541%, 09/15/09................ 857 818,199
Delta Air Lines, Inc.
7.90%, 12/15/09 144A............ 900 882,651
9.00%, 05/15/16................. 900 927,000
10.375%, 12/15/22............... 750 881,393
United Air Lines, Inc. 144A
9.75%, 08/15/21................. 1,200 1,301,168
------------
5,622,811
------------
AUTOMOBILE MANUFACTURERS -- 0.2%
DaimlerChrysler NA Holding Co.
7.20%, 09/01/09................. 900 885,138
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
--------- ------------
<S> <C> <C>
BROADCASTING -- 0.9%
British Sky Broadcasting
8.20%, 07/15/09................. $ 1,750 $ 1,688,750
Clear Channel Communications, Inc.
1.50%, 12/01/02................. 1,625 1,669,688
Cox Communications, Inc.
7.75%, 08/15/06................. 1,000 1,010,447
------------
4,368,885
------------
CABLE TELEVISION -- 0.5%
Comcast Cable Communication, Inc.
8.50%, 05/01/27................. 2,000 2,103,328
CSC Holdings, Inc.
7.875%, 12/15/07................ 325 321,750
------------
2,425,078
------------
CHEMICALS -- 0.4%
Airgas, Inc.
7.14%, 03/08/04................. 1,200 1,174,500
Equistar Chemicals L.P.
8.50%, 02/15/04................. 1,000 997,500
------------
2,172,000
------------
CLOTHING & APPAREL -- 0.3%
AnnTayor Stores Corp. 144A
0.55%, 06/18/19................. 2,500 1,340,625
------------
COMPUTER SERVICES & SOFTWARE -- 0.9%
Veritas Software Corp.
1.856%, 08/13/06................ 1,600 4,314,000
------------
CONGLOMERATES -- 0.0%
Tyco International Group SA
6.25%, 06/15/00................. 235 222,976
------------
CONSTRUCTION -- 0.0%
American Architectural Co.
11.75%, 12/01/07................ 10 2,875
------------
CONSUMER PRODUCTS & SERVICES -- 0.2%
Procter & Gamble Co.
8.00%, 09/01/24................. 1,000 1,060,098
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 0.8%
CSC Holdings, Inc.
7.875%, 02/15/18................ 3,010 2,882,075
Empire District Electric Co.
7.70%, 11/15/04................. 1,300 1,285,736
------------
4,167,811
------------
ENTERTAINMENT & LEISURE -- 0.0%
Circus Circus Enterprises
6.45%, 02/01/06................. 10 8,784
------------
ENVIRONMENTAL SERVICES -- 0.4%
Browning-Ferris Industries, Inc.
7.40%, 09/15/35................. 1,500 1,055,625
Waste Management, Inc.
7.125%, 12/15/17................ 170 133,589
7.10%, 08/01/26................. 925 853,052
------------
2,042,266
------------
</TABLE>
43
<PAGE> 45
AST AIM BALANCED PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
--------- ------------
<S> <C> <C>
FINANCIAL-BANK & TRUST -- 2.4%
Dime Capital, Inc. Cl-A
9.33%, 05/06/27................. $ 860 $ 820,623
First Union Corp.
7.50%, 04/15/35................. 3,000 2,981,386
GreenPoint Capital Corp.
9.10%, 06/01/27................. 10 9,325
HSBC America Capital Trust 144A
8.38%, 05/15/27................. 290 273,665
Mercantile Bancorp
7.30%, 06/15/07................. 3,000 2,906,283
Midland Bank PLC
7.65%, 05/01/25................. 340 340,697
Provident Capital, Inc.
8.60%, 12/01/26................. 20 17,765
Republic New York Corp.
9.70%, 02/01/09................. 855 953,616
9.50%, 04/15/14................. 880 974,317
Riggs Capital Corp.
8.625%, 12/31/26................ 15 13,412
Sovereign Capital, Inc.
9.00%, 04/01/27................. 15 12,912
St. Paul Bancorp, Inc.
7.125%, 02/15/04................ 1,220 1,189,701
US Bancorp
7.50%, 06/01/26................. 1,500 1,501,875
------------
11,995,577
------------
FINANCIAL SERVICES -- 3.5%
AFC Capital Trust I Cl-B
8.207%, 02/03/27................ 500 486,474
Capital One Financial Corp.
7.25%, 05/01/06................. 640 610,380
CIT Group, Inc.
5.50%, 10/15/01................. 480 467,467
Colonial Capital II Co. Cl-A
8.92%, 01/15/27................. 15 13,292
Countrywide Capital III
8.05%, 06/15/27................. 600 570,690
Dow Capital BV
9.20%, 06/01/10................. 1,600 1,756,000
General Motors Acceptance Corp.
9.00%, 10/15/02 ................ 725 758,531
Heller Financial, Inc. 144A
7.375%, 11/01/09................ 1,500 1,460,796
Lehman Brothers Holdings, Inc.
7.375%, 01/15/07................ 700 681,970
7.00%, 03/01/15................. 760 798,338
8.50%, 08/01/15................. 850 867,080
MBNA Capital I Cl-A
8.278%, 12/01/26................ 1,415 1,246,969
Riggs Capital Trust II
8.875%, 03/15/27................ 1,535 1,400,201
Salomon, Inc.
7.30%, 05/15/02................. 465 468,096
Source One Mortgage Services Corp.
9.00%, 06/01/12................. 890 858,850
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
--------- ------------
<S> <C> <C>
TIG Holdings, Inc.
8.125%, 04/15/05................ $ 450 $ 442,688
Torchmark Corp.
7.875%, 05/15/23................ 4,000 3,685,399
Washington Mutual Capital I
8.375%, 06/01/27................ 685 656,171
Washington Mutual, Inc.
7.50%, 08/15/06................. 365 361,556
Webster Capital Corp. 144A
9.36%, 01/29/27................. 10 9,609
------------
17,600,557
------------
HEALTHCARE SERVICES -- 0.0%
Healthsouth Corp. [CVT]
3.25%, 04/01/03................. 10 7,763
------------
INDUSTRIAL PRODUCTS -- 0.0%
FRD Acquisition Cl-B
12.50%, 07/15/04................ 10 5,038
Safety Components International,
Inc. Cl-B
10.125%, 07/15/07............... 10 4,050
------------
9,088
------------
INSURANCE -- 0.4%
Conseco, Inc.
6.80%, 06/15/05................. 1,050 984,224
9.00%, 10/15/06................. 410 425,172
Provident Companies, Inc.
7.405%, 03/15/38................ 660 558,405
------------
1,967,801
------------
OIL & GAS -- 0.5%
Candescent Technologies Corp.
[CVT] 144A
7.00%, 05/01/03................. 2,050 1,599,000
Oneok, Inc.
7.75%, 08/15/06................. 500 499,242
Statoil 144A
6.50%, 12/01/28................. 325 274,726
------------
2,372,968
------------
PRINTING & PUBLISHING -- 0.4%
News America Holdings Co.
9.25%, 02/01/13................. 1,700 1,865,750
------------
RAILROADS -- 0.2%
Norfolk Southern Corp.
7.05%, 05/01/37................. 1,000 984,362
------------
REAL ESTATE -- 0.4%
Spieker Properties, Inc. [REIT]
7.35%, 12/01/17................. 2,100 1,879,500
------------
TELECOMMUNICATIONS -- 4.7%
AT&T Corp.
8.625%, 12/01/31................ 2,100 2,152,366
Cable & Wireless Communications
PLC
6.75%, 12/01/08................. 1,500 1,487,793
Centel Capital Corp.
9.00%, 10/15/19................. 3,000 3,251,250
</TABLE>
44
<PAGE> 46
AST AIM BALANCED PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
--------- ------------
<S> <C> <C>
Comverse Technology, Inc. [CVT]
4.50%, 07/01/05................. $ 645 $ 2,200,256
Continental Cablevision
8.30%, 05/15/06................. 1,500 1,539,375
CSC Holdings, Inc.
7.25%, 07/15/08................. 20 19,050
GTE Corp.
6.84%, 04/15/18................. 400 366,001
Lenfest Communications, Inc. 144A
8.25%, 02/15/08................. 350 353,500
Liberty Media Group 144A
7.875%, 07/15/09................ 750 747,836
MCI WorldCom, Inc.
6.125%, 08/15/01................ 530 524,457
7.125%, 06/15/27................ 1,150 1,150,000
News America Holdings
8.45%, 08/01/34................. 2,000 2,039,808
NTL, Inc. 144A
5.75%, 12/15/09................. 1,400 1,512,000
SBC Communications, Inc.
7.375%, 07/15/43................ 3,000 2,721,462
Sprint Spectrum L.P.
9.639%, 08/15/06 [STEP]......... 20 18,519
11.00%, 08/15/06................ 10 11,056
Time Warner, Inc.
9.15%, 02/01/23................. 3,000 3,355,528
------------
23,450,257
------------
TRANSPORTATION -- 0.8%
CSX Corp.
9.00%, 08/15/06................. 3,000 3,193,707
Laidlaw, Inc.
7.65%, 05/15/06................. 1,100 1,023,550
------------
4,217,257
------------
UTILITIES -- 4.9%
AES Corp.
8.00%, 12/31/08................. 450 414,000
Cleveland Electric Illuminating
Co.
6.86%, 10/01/08................. 30 27,572
Cleveland Electric Illuminating
Co. Cl-B
9.50%, 05/15/05................. 25 25,919
CMS Energy Corp.
8.125%, 05/15/02................ 4,000 3,981,244
CMS Energy Corp. Cl-B
6.75%, 01/15/04................. 40 37,115
CMS Panhandle Holding Co.
6.125%, 03/15/04................ 3,000 2,841,222
Commonwealth Edison
7.50%, 07/01/13................. 2,000 1,930,000
Duke Energy Corp.
7.875%, 08/15/04................ 1,500 1,505,625
El Paso Electric Co. Cl-E
9.40%, 05/01/11................. 10 10,707
Hydro-Quebec Series MTNB
8.62%, 12/15/11................. 1,000 1,072,500
KN Energy, Inc.
7.35%, 08/01/26................. 2,000 1,952,026
Niagara Mohawk Power Corp. Cl-G
7.75%, 10/01/08................. 4,000 4,004,280
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
--------- ------------
<S> <C> <C>
Niagara Mohawk Power Corp. Cl-H
[STEP] 144A
8.36%, 07/01/10................. $ 2,500 $ 1,890,263
Northeast Utilities System
8.38%, 03/01/05................. 23 22,312
8.58%, 12/01/06................. 7 7,248
NRG Energy, Inc.
7.50%, 06/01/09................. 900 835,722
Sonat, Inc.
7.625%, 07/15/11................ 1,400 1,377,492
Southern Energy 144A
7.90%, 07/15/09................. 2,500 2,423,510
------------
24,358,757
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $121,952,595)................. 121,508,099
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 8.2%
Federal Home Loan Bank
1.50%, 01/03/00................. 37,584 37,580,868
Federal National Mortgage Assoc.
5.75%, 04/15/03................. 1,775 1,724,620
6.00%, 05/15/08................. 1,705 1,596,179
------------
3,320,799
------------
(Cost $41,087,577)................ 40,901,667
------------
U.S. TREASURY OBLIGATIONS -- 9.2%
U.S. Treasury Notes
5.00%, 02/28/01................. 1,085 1,071,777
5.25%, 05/15/04................. 10,000 9,581,814
7.25%, 08/15/04................. 2,500 2,578,514
5.875%, 11/15/04................ 1,000 980,938
6.50%, 08/15/05-10/15/06#....... 20,000 19,980,214
6.875%, 05/15/06................ 10,000 10,178,130
5.625%, 05/15/08................ 1,550 1,458,454
------------
(Cost $46,871,581)................ 45,829,841
------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 0.1%
Independent National Mortgage Corp.
Series 1994-V Cl-A1
8.264%, 12/25/24................ 84 85,644
Morgan Stanley Capital I Series
1996-WF1 Cl-A2
7.227%, 01/16/06................ 655 657,348
------------
(Cost $755,375)................... 742,992
------------
SOVEREIGN ISSUES -- 0.7%
CANADA
Laidlaw, Inc.
6.70%, 05/01/08................. 1,000 850,377
Province of Ontario
5.50%, 10/01/08................. 340 302,988
Quebec Province
7.00%, 01/30/07................. 405 397,188
5.735%, 03/02/26................ 2,000 1,983,339
------------
(Cost $3,649,370)................. 3,533,892
------------
</TABLE>
45
<PAGE> 47
AST AIM BALANCED PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
PRINCIPAL
IN LOCAL
CURRENCY
(000) VALUE
----- -----
<S> <C> <C>
FOREIGN BONDS -- 2.3%
AUSTRALIA -- 0.3%
New South Wales Treasury Corp.
7.00%, 04/01/04................. 1,240 $ 814,412
State Bank New South Wales
8.625%, 08/20/01................ 1,000 675,573
-----------
1,489,985
-----------
DENMARK -- 0.1%
Kingdom of Denmark
5.00%, 08/15/05................. 4,100 545,802
-----------
GERMANY -- 0.6%
Federal Republic of Germany
7.25%, 10/21/02................. 990 1,065,080
LB Baden-Wuerttemberg
6.25%, 12/15/04................. 990 563,781
SPT Telecom Finance BV
5.125%, 05/07/03................ 700 355,111
Treuhandanstalt German Government
6.00%, 11/12/03................. 1,100 1,155,946
-----------
3,139,918
-----------
GREECE -- 0.2%
Greek Government
6.60%, 04/15/04................. 397,000 1,214,238
-----------
NETHERLANDS -- 0.1%
Tecnost International NV
6.125%, 07/30/09................ 510 503,913
-----------
NEW ZEALAND -- 0.3%
Export Development Corp
6.50%, 12/21/04................. 950 469,813
New Zealand Government
10.00%, 03/15/02................ 850 474,253
8.00%, 04/15/04................. 850 458,878
-----------
1,402,944
-----------
SWEDEN -- 0.2%
Swedish Government
6.00%, 02/09/05................. 7,200 865,642
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000) VALUE
--------- ------------
<S> <C> <C>
UNITED KINGDOM -- 0.5%
General Electric Capital Corp.
6.00%, 07/27/01................. 400 $ 636,913
Merrill Lynch & Co.
7.375%, 12/17/07................ 900 1,476,449
National Westminster Bank
5.125%, 06/30/11................ 400 359,742
------------
2,473,104
------------
TOTAL FOREIGN BONDS (Cost
$12,050,769)........................ 11,635,546
------------
<CAPTION>
NUMBER
OF
CONTRACTS
---------
<S> <C> <C>
OPTIONS -- 0.0%
PUT OPTIONS
General Motors Corp., Strike Price
$90, Expires 01/21/00*
(Cost $73,575).................. 150 63,750
------------
TOTAL INVESTMENTS -- 98.9%
(Cost $423,011,255)............... 494,113,458
------------
WRITTEN OPTIONS -- 0.0%
CALL OPTIONS
America Online, Inc., Strike Price
$175, Expires 01/21/00.......... 340 (59,500)
General Motors Corp., Strike Price
$100, Expires 01/21/00.......... 150 (35,625)
International Business Machines,
Corp.
Strike Price $95, Expires
01/21/00........................ 50 (71,875)
------------
TOTAL WRITTEN OPTIONS
(Cost ($231,037))................... (167,000)
------------
OTHER ASSETS LESS LIABILITIES -- 1.1%. 5,624,931
------------
NET ASSETS -- 100.0%.................. $499,571,389
============
</TABLE>
# Securities with an aggregate market value of $1,480,570 have been segregated
with the custodian to cover margin requirements for the following open futures
contracts at December 31, 1999:
<TABLE>
<CAPTION>
EXPIRATION NUMBER OF UNREALIZED
DESCRIPTION MONTH CONTRACTS APPRECIATION
- ---------------------------------------------------------------------
<S> <C> <C> <C>
S&P 500................... 03/00 58 $ 720,650
==========
</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.
46
<PAGE> 48
AST FEDERATED HIGH YIELD PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
CORPORATE OBLIGATIONS -- 89.2%
AEROSPACE -- 0.4%
Anteon Corp.
12.00%, 05/15/09................. $ 1,900 $ 1,776,500
Condor Systems, Inc. 144A
11.875%, 05/01/09................ 600 453,000
------------
2,229,500
------------
AUTOMOTIVE PARTS -- 3.3%
Accuride Corp. Cl-B
9.25%, 02/01/08.................. 1,950 1,803,750
Aftermarket Technology, Inc.
12.00%, 08/01/04................. 1,938 1,952,535
Aftermarket Technology, Inc. Cl-D
12.00%, 08/01/04................. 350 352,625
American Axle & Manufacturing, Inc.
9.75%, 03/01/09.................. 4,600 4,657,500
French (J.L.) Automotive Casting,
Inc. 144A
11.50%, 06/01/09................. 2,550 2,620,125
HDA Parts System, Inc.
12.00%, 08/01/05................. 1,575 1,441,125
Lear Corp.
9.50%, 07/15/06.................. 2,500 2,537,500
8.11%, 05/15/09 144A............. 3,300 3,128,829
Oxford Automotive, Inc.
10.125%, 06/15/07................ 2,300 2,139,000
------------
20,632,989
------------
BEVERAGES -- 0.6%
National Wine & Spirits
10.125%, 01/15/09................ 1,450 1,479,000
Triarc Consumer Beverage Co. 144A
10.25%, 02/15/09................. 2,500 2,406,250
------------
3,885,250
------------
BROADCASTING -- 5.4%
Acme Television Co. Cl-B [STEP]
10.993%, 09/30/04................ 3,100 2,805,500
Australis Media Ltd. [STEP]
45.45%, 05/15/03................. 11 107
Australis Media Ltd. Units [STEP]
16.00%, 05/15/03................. 625 6,250
Big City Radio, Inc. [STEP]
12.937%, 03/15/05................ 2,950 1,917,500
Chancellor Media Corp.
9.375%, 10/01/04................. 1,150 1,184,500
Chancellor Media Corp. L.A. Cl-B
10.50%, 01/15/07................. 1,700 1,861,500
8.75%, 06/15/07.................. 1,950 1,979,250
8.125%, 12/15/07................. 5,750 5,785,937
Cumulus Media, Inc.
10.375%, 07/01/08................ 1,425 1,496,250
Fox/Liberty Networks LLC
9.208%, 08/15/07 [STEP].......... 5,550 4,495,499
Sinclair Broadcasting Group, Inc.
10.00%, 09/30/05................. 3,700 3,700,000
8.75%, 12/15/07.................. 1,650 1,542,750
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
UIH Australia Pacific, Inc. Cl-B
[STEP]
12.854%, 05/15/06................ $ 3,100 $ 2,635,000
United International Holdings, Inc.
Cl-B [STEP]
10.75%, 02/15/08................. 4,300 2,773,500
Young Broadcasting, Inc.
10.125%, 02/15/05................ 1,175 1,213,188
------------
33,396,731
------------
BUILDING MATERIALS -- 0.7%
American Builders & Contractors
Supply Co., Inc. Cl-B
10.625%, 05/15/07................ 1,625 1,503,125
Falcon Building Products, Inc. Cl-B
9.50%, 06/15/07.................. 350 341,250
9.50%, 06/15/07 [STEP]........... 2,500 1,887,500
Juno Lighting, Inc.
11.875%, 07/01/09................ 925 864,875
------------
4,596,750
------------
BUSINESS SERVICES -- 5.5%
Dialog Corp. PLC Cl-A
11.00%, 11/15/07................. 3,250 1,576,250
e.spire Communications, Inc. [STEP]
11.98%, 11/01/05................. 1,150 626,750
13.748%, 04/01/06................ 1,400 679,000
Intermedia Communications, Inc.
[STEP]
10.749%, 05/15/06................ 4,850 4,267,999
12.25%, 03/01/09................. 4,500 2,722,500
Intermedia Communications, Inc.
Cl-B
9.795%, 07/15/07 [STEP].......... 3,075 2,290,875
8.875%, 11/01/07................. 1,000 940,000
8.60%, 06/01/08.................. 1,550 1,437,625
NEXTLINK Communications, Inc.
9.00%, 03/15/08.................. 1,575 1,508,063
10.039%, 04/15/08 [STEP]......... 3,000 1,905,000
10.75%, 06/01/09................. 2,750 2,866,875
11.805%, 06/01/09 [STEP]......... 5,175 3,208,500
12.125%, 12/01/09 144A [STEP].... 5,625 3,304,687
Orion Network Systems
11.25%, 01/15/07................. 2,750 2,076,250
Sitel Corp.
9.25%, 03/15/06.................. 2,800 2,649,500
U.S. Office Products Co.
9.75%, 06/15/08.................. 4,475 2,349,375
------------
34,409,249
------------
CABLE TELEVISION -- 6.8%
Charter Communication Holdings LLC
[STEP]
10.624%, 04/01/11................ 3,100 1,832,875
Comcast U.K. Cable Corp. [STEP]
10.997%, 11/15/07................ 2,900 2,776,750
CSC Holdings, Inc.
9.25%, 11/01/05.................. 4,525 4,649,438
7.875%, 12/15/07................. 1,700 1,677,135
9.875%, 02/15/13................. 500 528,750
</TABLE>
47
<PAGE> 49
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 $ 3,800,000
Diamond Holdings Co. PLC
9.125%, 02/01/08................. 1,875 1,865,625
Echostar DBS Corp.
9.375%, 02/01/09................. 5,925 5,999,062
International CableTel, Inc. Cl-B
[STEP]
10.408%, 02/01/06................ 5,100 4,692,000
Pegasus Communications Corp. Cl-B
9.625%, 10/15/05................. 2,125 2,156,875
9.75%, 12/01/06.................. 1,500 1,533,750
Rogers Cablesystems of America, Inc.
11.00%, 12/01/15................. 750 847,500
Telewest Communications PLC
11.25%, 11/01/08................. 525 576,188
9.25%, 04/15/09 [STEP] 144A...... 3,450 2,259,750
United Pan-Europe Communication
Corp. [STEP]
13.221%, 04/15/08 144A........... 3,125 1,796,875
12.475%, 08/01/09................ 8,575 4,887,749
------------
41,880,322
------------
CAPITAL GOODS -- 0.2%
Buckeye Cellulose Corp.
8.50%, 12/15/05.................. 1,500 1,473,750
------------
CHEMICALS -- 3.7%
Foamex Capital Corp.
13.50%, 08/15/05................. 500 472,500
General Chemical Industry Products,
Inc.
10.625%, 05/01/09................ 1,000 995,000
Georgia Gulf Corp. 144A
10.375%, 11/01/07................ 950 996,313
Huntsman Corp. 144A
9.50%, 07/01/07.................. 3,900 3,724,500
Huntsman ICI Chemicals 144A
10.125%, 07/01/09................ 1,200 1,236,000
Lyondell Chemical Co.
10.875%, 05/01/09................ 6,500 6,890,000
Polymer Group, Inc. Cl-B
9.00%, 07/01/07.................. 3,225 3,144,375
8.75%, 03/01/08.................. 2,450 2,364,250
Sterling Chemicals Holdings, Inc.
[STEP]
11.149%, 08/15/08................ 2,350 693,250
Sterling Chemicals, Inc.
11.75%, 08/15/06................. 1,975 1,491,125
Texas Petrochemical Corp.
11.125%, 07/01/06................ 1,525 1,334,375
------------
23,341,688
------------
CLOTHING & APPAREL -- 0.7%
Boyds Collection Ltd.
9.00%, 05/15/08.................. 717 673,980
Dyersburg Corp. Cl-B
9.75%, 09/01/07.................. 1,725 698,625
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
GFSI, Inc. Cl-B
9.625%, 03/01/07................. $ 2,150 $ 1,343,750
Pillowtex Corp.
10.00%, 11/15/06................. 1,950 906,750
Pillowtex Corp. Cl-B
9.00%, 12/15/07.................. 1,825 793,875
------------
4,416,980
------------
COMPUTER SERVICES & SOFTWARE -- 0.8%
Alvey Systems, Inc.
11.375%, 01/31/03................ 1,217 1,271,765
Diva Systems Corp. Cl-B [STEP]
11.594%, 03/01/08................ 1,625 625,625
Verio, Inc.
11.25%, 12/01/08................. 1,325 1,397,875
10.625%, 11/15/09 144A........... 1,700 1,742,500
------------
5,037,765
------------
CONGLOMERATES -- 0.4%
Eagle-Picher Industries, Inc.
9.375%, 03/01/08................. 2,950 2,596,000
------------
CONSTRUCTION -- 0.9%
Building Materials Holdings Corp.
Cl-B
8.00%, 10/15/07.................. 400 363,000
Formica Corp.
10.875%, 03/01/09................ 2,000 1,840,000
MMI Products, Inc. Cl-B
11.25%, 04/15/07................. 3,100 3,208,500
------------
5,411,500
------------
CONSUMER PRODUCTS & SERVICES -- 3.8%
Albecca, Inc.
10.75%, 08/15/08................. 4,000 2,739,999
American Safety Razor Co.
9.875%, 08/01/05................. 1,000 981,250
Amscan Holdings, Inc.
9.875%, 12/15/07................. 1,800 1,530,000
Cabot Safety Corp.
12.50%, 07/15/05................. 1,500 1,537,500
Chattem, Inc. Cl-B
8.875%, 04/01/08................. 2,000 1,880,000
Collins & Aikman Floor Coverings
Corp.
10.00%, 01/15/07................. 1,400 1,379,000
Collins & Aikman Products Corp.
11.50%, 04/15/06................. 1,400 1,393,000
Diamond Brands Operating, Inc.
12.83%, 04/15/09 [STEP].......... 1,500 307,500
Glenoit Corp.
11.00%, 04/15/07................. 2,000 510,000
NBTY, Inc. Cl-B
8.625%, 09/15/07................. 2,350 2,197,250
Playtex Family Products Corp.
9.00%, 12/15/03.................. 1,600 1,596,000
Revlon Consumer Products Corp.
8.125%, 02/01/06................. 2,000 1,480,000
8.625%, 02/01/08................. 5,000 2,575,000
Scotts Co. 144A
8.625%, 01/15/09................. 1,000 980,000
</TABLE>
48
<PAGE> 50
AST FEDERATED HIGH YIELD PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Sleepmaster, Inc. 144A
11.00%, 05/15/09................. $ 700 $ 704,375
Volume Services America
11.25%, 03/01/09................. 2,200 2,178,000
------------
23,968,874
------------
CONTAINERS & PACKAGING -- 1.6%
Container Corp. of America
11.25%, 05/01/04................. 250 261,875
Owens-Illinois, Inc.
8.10%, 05/15/07.................. 1,000 960,000
Packaging Corp. of America, Inc.
9.625%, 04/01/09................. 1,000 1,030,000
Russell Stanley Holdings, Inc.
10.875%, 02/15/09................ 1,950 1,706,250
Stone Container Corp.
12.25%, 04/01/02................. 125 125,938
11.50%, 10/01/04................. 1,200 1,246,500
12.58%, 08/01/16 [VR]............ 1,550 1,658,500
Tekni-Plex, Inc. Cl-B
9.25%, 03/01/08.................. 2,750 2,805,000
------------
9,794,063
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 1.4%
Amphenol Corp.
9.875%, 05/15/07................. 2,400 2,508,000
Electronic Retailing Systems, Inc.
[STEP]
13.25%, 02/01/04................. 875 196,875
SCG Holdings Corp. 144A
12.00%, 08/01/09................. 1,300 1,387,750
Viasystems, Inc. Cl-B
9.75%, 06/01/07.................. 1,625 901,875
WESCO Distribution, Inc. Cl-B
9.125%, 06/01/08................. 4,200 3,969,000
------------
8,963,500
------------
ENTERTAINMENT & LEISURE -- 3.3%
AMF Group, Inc. [STEP]
9.822%, 03/15/06................. 3,462 1,159,770
Florida Panthers Holdings, Inc.
9.875%, 04/15/09................. 3,925 3,826,875
Premier Parks, Inc.
9.25%, 04/01/06.................. 2,275 2,246,563
9.75%, 06/15/07.................. 2,600 2,616,250
9.724%, 04/01/08 [STEP].......... 6,250 4,343,750
Regal Cinemas, Inc.
9.50%, 06/01/08.................. 6,075 4,738,500
True Temper Sports, Inc.
10.875%, 12/01/08................ 1,875 1,800,000
------------
20,731,708
------------
ENVIRONMENTAL SERVICES -- 2.5%
Allied Waste North America Co. 144A
10.00%, 08/01/09................. 17,450 15,617,750
------------
EQUIPMENT SERVICES -- 0.2%
Coinmach Corp. Cl-D
11.75%, 11/15/05................. 1,000 1,035,000
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
FARMING & AGRICULTURE -- 0.3%
Dimon, Inc.
8.875%, 06/01/06................. $ 1,350 $ 1,181,250
Royster-Clark, Inc. 144A
10.25%, 04/01/09................. 600 549,000
------------
1,730,250
------------
FINANCIAL-BANK & TRUST -- 1.0%
GS Escrow Corp.
7.125%, 08/01/05................. 4,750 4,311,528
RBF Finance Co.
11.00%, 03/15/06................. 500 538,750
11.375%, 03/15/09................ 1,050 1,134,000
------------
5,984,278
------------
FINANCIAL SERVICES -- 0.3%
Unifrax Investment Corp.
10.50%, 11/01/03................. 1,350 1,363,500
Unilab Finance Corp. 144A
12.75%, 10/01/09................. 750 783,750
------------
2,147,250
------------
FOOD -- 2.1%
Agrilink Foods, Inc.
11.875%, 11/01/08................ 3,500 3,534,999
Ameriserv Food Distributor, Inc.
8.875%, 10/15/06................. 1,425 833,625
10.125%, 07/15/07................ 4,950 1,707,750
Dominos, Inc. Cl-B
10.375%, 01/15/09................ 2,325 2,249,438
Eagle Family Foods, Inc. Cl-B
8.75%, 01/15/08.................. 2,200 1,683,000
International Home Foods, Inc.
10.375%, 11/01/06................ 2,600 2,710,500
Jitney-Jungle Stores, Inc.
10.375%, 09/15/07++.............. 2,725 34,063
Nebco Evans Holding Co. [STEP]
11.645%, 07/15/07................ 1,250 143,750
------------
12,897,125
------------
FURNITURE -- 0.2%
Sealy Mattress Co. Cl-B
9.875%, 12/15/07................. 775 771,125
10.875%, 12/15/07 [STEP]......... 1,000 705,000
------------
1,476,125
------------
HEALTHCARE SERVICES -- 2.6%
Columbia HCA Healthcare, Inc.
6.91%, 06/15/05.................. 2,950 2,685,326
Everest Healthcare Services, Inc.
9.75%, 05/01/08.................. 1,575 1,472,625
Genesis Health Ventures, Inc.
9.25%, 10/01/06.................. 1,000 415,000
9.875%, 01/15/09................. 1,450 587,250
</TABLE>
49
<PAGE> 51
AST FEDERATED HIGH YIELD PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Hudson Respiratory Care, Inc.
9.125%, 04/15/08................. $ 850 $ 684,250
Tenet Healthcare Corp.
8.00%, 01/15/05.................. 2,200 2,128,500
8.625%, 01/15/07................. 3,500 3,386,250
8.125%, 12/01/08................. 5,000 4,762,500
------------
16,121,701
------------
INDUSTRIAL PRODUCTS -- 1.0%
Continental Global Group, Inc. Cl-B
11.00%, 04/01/07................. 2,100 1,102,500
Hexcel Corp.
9.75%, 01/15/09.................. 750 641,250
ISG Resources, Inc.
10.00%, 04/15/08................. 1,800 1,539,000
United Industries Corp. Series B
9.875%, 04/01/09................. 1,700 1,564,000
URS Corp. Series B 144A
12.25%, 05/01/09................. 1,525 1,605,063
------------
6,451,813
------------
MACHINERY & EQUIPMENT -- 2.8%
Blount, Inc. 144A
13.00%, 08/01/09................. 950 1,007,000
Clark Materials Handling Corp. Cl-D
10.75%, 11/15/06................. 2,625 826,875
Columbus McKinnon Corp.
8.50%, 04/01/08.................. 1,000 865,000
Johnstown America Industries, Inc.
Cl-C
11.75%, 08/15/05................. 700 715,750
National Equipment Services, Inc.
Cl-B
10.00%, 11/30/04................. 1,275 1,284,563
National Equipment Services, Inc.
Cl-D
10.00%, 11/30/04................. 2,250 2,266,875
Nationsrent, Inc.
10.375%, 12/15/08................ 3,100 3,045,750
United Rentals, Inc.
9.25%, 01/15/09.................. 3,600 3,465,000
United Rentals, Inc. Cl-B
9.00%, 04/01/09.................. 2,750 2,598,750
Woods Equipment Co.
12.00%, 07/15/09................. 1,275 1,192,125
------------
17,267,688
------------
MEDICAL SUPPLIES & EQUIPMENT -- 2.4%
CONMED Corp.
9.00%, 03/15/08.................. 2,800 2,632,000
Dade International, Inc. Cl-B
11.125%, 05/01/06................ 2,575 2,536,375
Fisher Scientific International,
Inc.
9.00%, 02/01/08.................. 2,975 2,863,438
9.00%, 02/01/08.................. 3,300 3,176,250
Hanger Orthopedic Group
11.25%, 06/15/09................. 1,350 1,393,875
Kinetic Concepts, Inc. Cl-B
9.625%, 11/01/07................. 3,350 2,495,750
------------
15,097,688
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
METALS & MINING -- 2.3%
AEI Resources, Inc. 144A
10.50%, 12/15/05................. $ 2,800 $ 2,114,000
11.50%, 12/15/06................. 3,375 2,210,625
Euramax International PLC
11.25%, 10/01/06................. 2,075 2,137,250
Murrin Murrin Holdings PTY
9.375%, 08/31/07................. 650 591,500
National Steel Corp. Cl-D
9.875%, 03/01/09................. 1,450 1,497,125
Neenah Corp.
11.125%, 05/01/07................ 1,300 1,209,000
Neenah Corp. Cl-B
11.125%, 05/01/07................ 1,725 1,604,250
Republic Technologies, Inc. 144A
13.75%, 07/15/09................. 1,700 1,130,500
Ryerson Tull, Inc.
8.50%, 07/15/01.................. 1,000 1,002,020
9.125%, 07/15/06................. 900 896,706
------------
14,392,976
------------
OFFICE EQUIPMENT -- 0.6%
Buhrmann U.S., Inc. 144A
12.25%, 11/01/09................. 2,425 2,534,125
United Stationers Supply Co.
12.75%, 05/01/05................. 1,169 1,265,443
------------
3,799,568
------------
OIL & GAS -- 2.0%
Continental Resources, Inc.
10.25%, 08/01/08................. 3,075 2,721,375
DI Industries, Inc.
8.875%, 07/01/07................. 975 901,875
Houston Exploration Co. Cl-B
8.625%, 01/01/08................. 625 600,000
Pogo Producing Co. Cl-B
10.375%, 02/15/09................ 2,100 2,173,500
R&B Falcon Corp.
12.25%, 03/15/06................. 3,050 3,385,500
R&B Falcon Corp. Cl-B
6.75%, 04/15/05.................. 1,600 1,432,000
Universal Compression Holdings
[STEP]
11.375%, 02/15/09................ 350 199,500
Universal Compression, Inc. [STEP]
9.739%, 02/15/08................. 1,900 1,180,375
------------
12,594,125
------------
PAPER & FOREST PRODUCTS -- 0.2%
Warren, (S.D.) Co.
12.00%, 12/15/04................. 1,300 1,366,625
------------
PRINTING & PUBLISHING -- 0.5%
Garden State Newspapers, Inc. Cl-B
8.75%, 10/01/09.................. 2,575 2,433,375
K-III Communications Corp.
8.50%, 02/01/06.................. 1,000 980,000
------------
3,413,375
------------
</TABLE>
50
<PAGE> 52
AST FEDERATED HIGH YIELD PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
RAILROADS -- 0.2%
Railworks Corp.
11.50%, 04/15/09................. $ 1,200 $ 1,221,000
------------
REAL ESTATE -- 1.3%
HMH Properties, Inc. Cl-A
7.875%, 08/01/05................. 400 379,000
HMH Properties, Inc. Cl-B
7.875%, 08/01/08................. 6,000 5,430,000
HMH Properties, Inc. Cl-C
8.45%, 12/01/08.................. 2,500 2,337,500
------------
8,146,500
------------
RESTAURANTS -- 0.4%
Advantica Restaurant Group, Inc.
11.25%, 01/15/08................. 1,750 1,330,000
Carrols Corp.
9.50%, 12/01/08.................. 1,500 1,372,500
------------
2,702,500
------------
RETAIL & MERCHANDISING -- 0.3%
Community Distributors, Inc. Cl-B
10.25%, 10/15/04................. 1,000 855,000
Leslie's Poolmart, Inc.
10.375%, 07/15/04................ 950 812,250
------------
1,667,250
------------
SEMICONDUCTORS -- 0.5%
Fairchild Semiconductor Corp.
10.375%, 10/01/07 144A........... 1,000 1,025,000
10.75%, 04/15/09................. 2,100 1,795,500
------------
2,820,500
------------
TELECOMMUNICATIONS -- 23.4%
American Cellular Corp.
10.50%, 05/15/08................. 3,150 3,488,625
Arch Communications, Inc.
12.75%, 07/01/07................. 1,400 1,113,000
Call-Net Enterprises, Inc. [STEP]
8.522%, 08/15/07................. 4,100 2,285,750
9.573%, 08/15/08................. 3,800 1,890,500
10.826%, 05/15/09................ 4,800 2,328,000
Centennial Cellular Corp.
10.75%, 12/15/08................. 2,250 2,424,375
Crown Castle International Corp.
[STEP]
10.524%, 05/15/11................ 7,875 4,961,250
11.07%, 08/01/11................. 1,500 945,000
Dolphin Telecom PLC [STEP]
14.00%, 05/15/09................. 3,200 1,488,000
Global Crossing Holdings Ltd. 144A
9.50%, 11/15/09.................. 8,900 8,844,374
Hermes Europe Railtel BV, Inc.
11.50%, 08/15/07................. 4,575 4,723,688
10.375%, 01/15/09................ 1,825 1,811,313
ICG Holdings, Inc. [STEP]
11.681%, 05/01/06................ 1,000 775,830
Lenfest Communications, Inc. 144A
8.25%, 02/15/08.................. 2,275 2,286,375
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Level 3 Communications, Inc.
9.125%, 05/01/08................. $ 4,800 $ 4,566,000
11.004%, 12/01/08 [STEP]......... 9,575 5,864,687
McLeodUSA, Inc.
9.732%, 03/01/07 [STEP].......... 6,175 5,094,375
9.25%, 07/15/07.................. 1,300 1,306,500
8.375%, 03/15/08................. 1,250 1,181,250
Metromedia Fiber Network
10.00%, 12/15/09................. 2,725 2,793,125
Millicom International Cellular,
Inc. [STEP]
11.76%, 06/01/06................. 5,375 4,461,250
Nextel Communications, Inc.
10.441%, 09/15/07 [STEP]......... 1,975 1,501,000
10.213%, 02/15/08 [STEP]......... 6,500 4,647,500
9.375%, 11/15/09 144A............ 7,275 7,184,062
Nextel International, Inc. [STEP]
12.125%, 04/15/08................ 1,750 1,040,568
Nextel Partners, Inc.
6.885%, 02/01/09 [STEP].......... 1,900 1,282,500
NTL, Inc. Cl-B [STEP]
9.316%, 04/01/08................. 7,825 5,516,624
10.822%, 10/01/08................ 550 389,125
Paging Network, Inc.
10.00%, 10/15/08................. 2,525 795,375
Pathnet, Inc.
12.25%, 04/15/08................. 625 390,625
Pegasus Media & Communications,
Inc.
12.50%, 07/01/05................. 975 1,057,875
PSINet, Inc.
11.50%, 11/01/08................. 2,000 2,100,000
11.00%, 08/01/09................. 3,000 3,090,000
PSINet, Inc. Cl-B
10.00%, 02/15/05................. 2,500 2,487,500
Qwest Communications International,
Inc.
8.54%, 10/15/07 [STEP]........... 3,875 3,138,750
Qwest Communications International,
Inc. Cl-B
8.29%, 02/01/08 [STEP]........... 2,250 1,732,500
RCN Corp. [STEP]
11.939%, 10/15/07................ 950 679,250
12.606%, 07/01/08................ 1,100 723,250
RCN Corp. Cl-B [STEP]
12.361%, 02/15/08................ 1,700 1,117,750
Rogers Cantel, Inc.
8.80%, 10/01/07.................. 4,000 4,060,000
Telecommunications Techniques Co.
9.75%, 05/15/08.................. 5,825 5,329,875
Telesystem International Wireless,
Inc. Cl-B [STEP]
12.565%, 06/30/07................ 5,325 3,434,625
10.50%, 11/01/07................. 800 444,000
Teligent, Inc.
11.50%, 12/01/07................. 3,475 3,422,875
Teligent, Inc. Cl-B [STEP]
16.11%, 03/01/08................. 3,000 1,815,000
</TABLE>
51
<PAGE> 53
AST FEDERATED HIGH YIELD PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Triton PCS, Inc. [STEP]
11.291%, 05/01/08................ $ 4,850 $ 3,467,750
U.S. Unwired, Inc. [STEP] 144A
13.309%, 11/01/09................ 2,400 1,404,000
US Xchange LLC
15.00%, 07/01/08................. 1,625 1,564,063
USA Mobile Communications Holdings,
Inc.
9.50%, 02/01/04.................. 650 529,750
Viatel, Inc.
11.25%, 04/15/08................. 2,525 2,550,250
12.374%, 04/15/08 [STEP]......... 2,250 1,428,750
11.50%, 03/15/09................. 1,250 1,275,000
Voicestream Wireless Holdings 144A
10.375%, 11/15/09................ 1,050 1,086,750
11.746%, 11/15/09 [STEP]......... 6,250 3,796,875
Williams Communications Group, Inc.
10.875%, 10/01/09................ 2,500 2,631,250
Winstar Communications, Inc. [STEP]
7.502%, 03/15/08................. 3,325 3,408,125
------------
145,156,459
------------
TRANSPORTATION -- 2.3%
Allied Holdings, Inc. Cl-B
8.625%, 10/01/07................. 400 356,000
Ameritruck Distribution Corp. Cl-B
12.25%, 11/15/05++............... 1,950 107,250
Avis Rent A Car, Inc.
11.00%, 05/01/09................. 1,450 1,529,750
Gearbulk Holding Ltd.
11.25%, 12/01/04................. 1,950 2,013,375
Holt Group
9.75%, 01/15/06.................. 1,350 884,250
Johnstown America Industries, Inc.
11.75%, 08/15/05................. 1,200 1,227,000
Motor Coach Industries, Inc.
11.25%, 05/01/09................. 2,100 2,163,000
Stena AB
10.50%, 12/15/05................. 3,275 3,013,000
8.75%, 06/15/07.................. 2,775 2,289,375
Stena Line AB
10.625%, 06/01/08................ 1,250 756,250
------------
14,339,250
------------
UTILITIES -- 0.3%
CMS Energy Corp.
7.50%, 01/15/09.................. 1,100 1,017,995
International Utility Structures,
Inc.
10.75%, 02/01/08................. 925 763,125
------------
1,781,120
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $613,832,047).................. 555,994,535
------------
</TABLE>
<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
Warrants*........................ 1,075 17,200
------------
COMPUTER SERVICES & SOFTWARE -- 0.0%
Diva Systems Corp. Warrants*....... 4,875 39,000
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 0.0%
Electronic Retailing Systems, Inc.
Warrants 144A*................... 875 875
------------
METALS & MINING -- 0.0%
Bar Technologies, Inc. Warrants
144A*............................ 300 6,000
Royal Oak Mines, Inc.*............. 66,164 0
------------
6,000
------------
OIL & GAS -- 0.0%
R&B Falcon Warrants 144A*.......... 750 210,375
------------
PRINTING & PUBLISHING -- 0.0%
Affiliated Newspaper Investments,
Inc.*............................ 1,000 160,000
------------
TELECOMMUNICATIONS -- 0.1%
MetroNet Communications Corp.
Warrants 144A*................... 1,525 137,250
Pathnet, Inc. Warrants 144A*....... 625 6,328
Sullivan Broadcasting Holdings*.... 2,400 0
UIH Australia Warrants*............ 3,100 93,000
Wireless One, Inc. Warrants*....... 1,500 15
------------
236,593
------------
TOTAL COMMON STOCK
(Cost $23,288)....................... 670,053
------------
PREFERRED STOCK -- 3.7%
BROADCASTING -- 0.9%
Benedek Communications Corp.
11.50% [PIK]..................... 1,600 1,288,000
Capstar Broadcasting Corp.
12.00% [PIK]..................... 8,241 966,257
Cumulus Media, Inc. Cl-A
13.75%........................... 1,061 1,193,922
Sinclair Capital Cl-A
$11.625.......................... 18,500 1,887,000
------------
5,335,179
------------
CONTAINERS & PACKAGING -- 0.1%
Packaging Corp. of America, Inc.
12.375% [PIK].................... 5,555 611,050
------------
FINANCIAL SERVICES -- 0.1%
California Federal Capital Corp.
Cl-A
9.125% [PIK]..................... 30,000 660,000
------------
FOOD -- 0.0%
Nebco Evans Holding Co.
11.25% [PIK]..................... 8,483 46,657
------------
</TABLE>
52
<PAGE> 54
AST FEDERATED HIGH YIELD PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
HEALTHCARE SERVICES -- 0.1%
River Holding Corp. Cl-B
11.50% [PIK]..................... 5,926 $ 371,406
------------
INDUSTRIAL PRODUCTS -- 0.0%
International Utility Structures,
Inc.
13.00% [PIK] 144A................ 125 106,875
International Utility Structures,
Inc.
13.00% [PIK] 144A................ 25 2,081
------------
108,956
------------
MACHINERY & EQUIPMENT -- 0.1%
Fairfield Manufacturing Co., Inc.
11.25%........................... 650 646,750
------------
OIL & GAS -- 0.2%
R&B Falcon Corp.
13.875% [PIK].................... 1,431 1,512,886
------------
PRINTING & PUBLISHING -- 1.2%
Primedia, Inc. Cl-D
10.00%........................... 23,750 2,345,313
Primedia, Inc. Cl-F
9.20%............................ 15,000 1,406,250
Primedia, Inc. Cl-H
8.625%........................... 43,100 3,771,249
------------
7,522,812
------------
TELECOMMUNICATIONS -- 1.0%
AMFM Operating, Inc.
12.625% [PIK].................... 967,500 1,163,419
Nextel Communications, Inc.
13.00% [PIK]..................... 1,127 1,222,795
Nextel Communications, Inc. Cl-E
11.125% [PIK].................... 906 920,723
Pegasus Communications Corp. Cl-A
12.75% [PIK]..................... 2,593 2,865,015
------------
6,171,952
------------
TOTAL PREFERRED STOCK
(Cost $23,183,788)................... 22,987,648
------------
PAR
(000) VALUE
------- ------------
REPURCHASE AGREEMENTS -- 5.2%
Greenwich Capital Markets, Inc.
3.00% dated 12/31/99, maturing
01/03/00, repurchase price
$32,726,180 (Collateralized by
U.S. Treasury Bonds, par value
$22,907,000, market value
$33,484,053, due 02/15/15)
(Cost $32,718,000)............... $32,718 $ 32,718,000
------------
SHARES
-------
SHORT-TERM INVESTMENTS -- 0.0%
Temporary Investment Cash Fund..... 17,733 17,733
Temporary Investment Fund.......... 17,733 17,733
------------
(Cost $35,466)................... 35,466
------------
TOTAL INVESTMENTS -- 98.2%
(Cost $669,792,589).................. 612,405,702
OTHER ASSETS LESS
LIABILITIES -- 1.8%.................. 11,381,952
------------
NET ASSETS -- 100.0%................... $623,787,654
============
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
++ Illiquid security. At the end of the year, 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 year, these securities amounted
to 12.5% of net assets.
See Notes to Financial Statements.
53
<PAGE> 55
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C> <C>
COMMON STOCK -- 48.3%
ADVERTISING -- 0.1%
Omnicom Group, Inc. ............. 3,800 $ 380,000
------------
AEROSPACE -- 0.5%
Boeing Co. ...................... 11,768 489,108
General Dynamics Corp. .......... 2,500 131,875
Honeywell International, Inc. ... 12,412 716,016
Litton Industries, Inc. ......... 1,700 84,788
Lockheed Martin Corp. ........... 5,600 122,500
Northrop Grumman Corp. .......... 2,300 124,344
Primex Technologies, Inc. ....... 840 17,430
Raytheon Co. Cl-A................ 535 13,275
Raytheon Co. Cl-B................ 4,000 106,250
United Technologies Corp. ....... 8,427 547,755
------------
2,353,341
------------
AIRLINES -- 0.1%
Alaska Air Group, Inc.*.......... 2,700 94,838
AMR Corp.*....................... 2,400 160,800
Delta Air Lines, Inc. ........... 2,000 99,625
Southwest Airlines Co. .......... 13,125 212,460
------------
567,723
------------
AUTOMOBILE MANUFACTURERS -- 0.5%
Ford Motor Co. .................. 16,700 892,406
General Motors Corp. ............ 9,000 654,188
Honda Motor Co. Ltd. [ADR]....... 7,100 543,150
------------
2,089,744
------------
AUTOMOTIVE PARTS -- 0.2%
Arvin Industries, Inc. .......... 1,800 51,075
Dana Corp. ...................... 2,880 86,220
Delphi Automotive Systems
Corp. ......................... 6,919 108,974
Eaton Corp. ..................... 1,600 116,200
Federal-Mogul Corp. ............. 2,600 52,325
Genuine Parts Co. ............... 5,750 142,672
Goodyear Tire & Rubber Co. ...... 2,400 67,650
Lear Corp.*...................... 3,700 118,400
Mark IV Industries, Inc. ........ 4,300 76,056
Superior Industries
International, Inc. ........... 2,500 67,031
TRW, Inc. ....................... 3,400 176,588
------------
1,063,191
------------
BEVERAGES -- 0.8%
Anheuser-Busch Companies,
Inc. .......................... 7,500 531,563
Cadbury Schweppes PLC [ADR]...... 15,346 371,181
Coca-Cola Co. ................... 31,800 1,852,350
Coca-Cola Enterprises, Inc. ..... 7,600 152,950
Compania Cervecerias Unidas SA
[ADR].......................... 1,200 38,475
PepsiCo, Inc. ................... 18,600 655,650
Whitman Corp. ................... 4,900 65,844
------------
3,668,013
------------
BROADCASTING -- 0.3%
CBS Corp.*....................... 9,000 575,437
Chris-Craft Industries, Inc.*.... 1,420 102,418
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C> <C>
Clear Channel Communications,
Inc.*.......................... 4,400 $ 392,700
Hispanic Broadcasting Corp.*..... 1,900 175,216
------------
1,245,771
------------
BUILDING MATERIALS -- 0.2%
Armstrong World Industries,
Inc. .......................... 800 26,700
Clayton Homes, Inc. ............. 6,450 59,259
Fastenal Co. .................... 2,100 94,369
Martin Marietta Materials
Corp. ......................... 2,800 114,800
Masco Corp. ..................... 7,200 182,700
Modine Manufacturing Co. ........ 1,100 27,500
USG Corp. ....................... 1,800 84,825
Vulcan Materials Co. ............ 3,900 155,756
York International Corp. ........ 2,000 54,875
------------
800,784
------------
BUSINESS SERVICES -- 0.3%
Avery Dennison Corp. ............ 2,500 182,188
Comdisco, Inc. .................. 5,700 212,324
Convergys Corp.*................. 4,300 132,225
Equifax, Inc. ................... 3,700 87,181
First Data Corp. ................ 7,200 355,049
Manpower, Inc. .................. 3,800 142,975
Navigant International, Inc.*.... 215 2,520
Nova Corp.*...................... 3,100 97,844
Olsten Corp. .................... 2,000 22,625
Parametric Technology Corp.*..... 5,000 135,313
Quintiles Transnational Corp.*... 4,300 80,356
Robert Half International,
Inc.*.......................... 3,850 109,966
------------
1,560,566
------------
CAPITAL GOODS -- 0.0%
Harsco Corp. .................... 2,600 82,550
------------
CHEMICALS -- 0.8%
AKZO Nobel NV [ADR].............. 2,000 99,500
Arch Chemicals, Inc. ............ 1,050 21,984
Cabot Corp. ..................... 4,100 83,538
CK Witco Corp. .................. 9,451 126,407
Dexter Corp. .................... 1,500 59,625
Dow Chemical Co. ................ 3,600 481,049
DuPont, (E.I.) de Nemours &
Co. ........................... 15,059 992,011
FMC Corp.*....................... 1,600 91,700
Grace, (W.R.) & Co.*............. 2,000 27,750
Great Lakes Chemical Corp. ...... 2,500 95,469
Hanna, (M.A.) Co. ............... 3,400 37,188
IMC Global, Inc. ................ 6,000 98,250
Imperial Chemical Industries
PLC............................ 5,800 246,863
Lubrizol Corp. .................. 3,100 95,713
Monsanto Co. .................... 9,000 320,624
Olin Corp. ...................... 3,600 71,325
Omnova Solutions, Inc. .......... 2,800 21,700
PPG Industries, Inc. ............ 3,600 225,225
Rohm & Haas Co. ................. 6,459 262,800
Schulman, (A.), Inc. ............ 3,000 48,938
Solutia, Inc. ................... 5,560 85,833
------------
3,593,492
------------
</TABLE>
54
<PAGE> 56
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C> <C>
CLOTHING & APPAREL -- 0.2%
Abercrombie & Fitch Co. Cl-A*.... 3,600 $ 96,075
AnnTaylor Stores Corp.*.......... 1,600 55,100
Cintas Corp. .................... 3,600 191,250
Jones Apparel Group, Inc.*....... 5,200 141,050
Nike, Inc. Cl-B.................. 5,500 272,594
Payless ShoeSource, Inc.*........ 1,572 73,884
Ross Stores, Inc. ............... 5,200 93,275
Springs Industries, Inc. Cl-A.... 2,100 83,869
Unifi, Inc.*..................... 4,800 59,100
------------
1,066,197
------------
COMPUTER HARDWARE -- 2.0%
Compaq Computer Corp. ........... 23,368 632,397
Dell Computer Corp.*............. 41,600 2,121,600
EMC Corp.*....................... 15,000 1,638,750
Hewlett-Packard Co. ............. 14,100 1,606,519
International Business Machines
Corp. ......................... 24,200 2,613,599
Quantum Corp. - DLT & Storage
Systems*....................... 6,500 98,313
Quantum Corp. - Hard Disk
Drive*......................... 2,650 18,384
Seagate Technology, Inc.*........ 4,500 209,531
Storage Technology Corp.*........ 3,700 68,219
------------
9,007,312
------------
COMPUTER SERVICES & SOFTWARE -- 6.3%
Adobe Systems, Inc. ............. 1,200 80,700
America Online, Inc.*............ 38,000 2,866,624
Automatic Data Processing,
Inc. .......................... 8,000 431,000
Aztec Technology Partners,
Inc.*.......................... 430 2,002
BMC Software, Inc.*.............. 6,200 495,613
Cadence Design Systems, Inc.*.... 9,500 228,000
Ceridian Corp.*.................. 5,200 112,125
Cisco Systems, Inc.*............. 45,450 4,868,830
Citrix Systems, Inc.*............ 3,100 381,300
CompUSA, Inc.*................... 3,500 17,938
Computer Associates
International, Inc. ........... 7,362 514,880
Computer Sciences Corp.*......... 2,000 189,250
Compuware Corp.*................. 11,400 424,650
Comverse Technology, Inc.*....... 2,400 347,400
DST Systems, Inc.*............... 900 68,681
Electronic Arts, Inc.*........... 2,800 235,200
Electronic Data Systems Corp. ... 8,000 535,500
Fiserv, Inc.*.................... 4,525 173,364
Informix Corp.*.................. 7,300 83,038
Intuit, Inc.*.................... 7,800 467,513
Legato Systems, Inc.*............ 3,100 213,319
Microsoft Corp.*................. 66,400 7,752,199
NCR Corp.*....................... 2,400 90,900
Networks Associates, Inc.*....... 6,350 169,466
Novell, Inc.*.................... 9,500 378,219
Oracle Corp.*.................... 21,625 2,423,351
Paychex, Inc. ................... 8,100 324,000
Policy Management Systems
Corp.*......................... 1,700 43,456
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C> <C>
Siebel Systems, Inc.*............ 7,800 655,200
Sterling Commerce, Inc.*......... 3,400 115,813
Structural Dynamics Research
Corp.*......................... 2,500 $ 31,875
Sun Microsystems, Inc.*.......... 22,200 1,719,113
Sungard Data Systems, Inc.*...... 3,200 76,000
Symantec Corp.*.................. 3,500 205,188
Synopsys, Inc.*.................. 2,300 153,525
Tech Data Corp.*................. 1,900 51,538
VERITAS Software Corp.*.......... 9,600 1,374,000
------------
28,300,770
------------
CONGLOMERATES -- 0.7%
Berkshire Hathaway, Inc. Cl-B*... 136 248,880
Corning, Inc. ................... 5,200 670,475
Hanson PLC [ADR]................. 337 13,627
Minnesota Mining & Manufacturing
Co. ........................... 5,700 557,888
Ogden Corp. ..................... 2,500 29,844
Philip Morris Companies, Inc. ... 29,300 679,394
Textron, Inc. ................... 1,500 115,031
Tomkins PLC [ADR]................ 1,538 22,589
Tyco International Ltd. ......... 20,800 808,600
Viad Corp. ...................... 4,500 125,438
------------
3,271,766
------------
CONSTRUCTION -- 0.0%
Granite Construction, Inc. ...... 2,650 48,859
Jacobs Engineering Group,
Inc.*.......................... 2,400 78,000
------------
126,859
------------
CONSUMER PRODUCTS & SERVICES -- 1.0%
ACNielson Corp.*................. 3,100 76,338
Church and Dwight Co., Inc. ..... 2,000 53,375
Clorox Co. ...................... 3,256 164,021
Colgate-Palmolive Co. ........... 8,000 520,000
Cross, (A.T.) Co. Cl-A........... 1,400 6,300
Dial Corp. ...................... 3,600 87,525
Eastman Kodak Co. ............... 4,200 278,250
Fortune Brands, Inc. ............ 4,100 135,556
Gallaher Group PLC [ADR]......... 2,400 36,900
Gillette Co. .................... 14,600 601,338
Imperial Tobacco Group PLC
[ADR].......................... 675 10,673
International Flavors &
Fragrances, Inc. .............. 2,000 75,500
Keane, Inc.*..................... 2,600 82,550
Lancaster Colony Corp. .......... 1,550 51,344
National Presto Industries,
Inc. .......................... 800 28,400
Pittston Brink's Group........... 1,300 28,600
Procter & Gamble Co. ............ 18,100 1,983,080
RJ Reynolds Tobacco Holdings..... 4,200 74,025
Shaw Industries, Inc. ........... 5,100 78,731
Sotheby's Holdings, Inc. Cl-A.... 3,400 102,000
Stewart Enterprises, Inc. ....... 8,900 42,275
Universal Corp. ................. 1,800 41,063
WestPoint Stevens, Inc. ......... 2,300 40,250
------------
4,598,094
------------
</TABLE>
55
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AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C> <C>
CONTAINERS & PACKAGING -- 0.1%
Bemis Co., Inc. ................. 2,700 $ 94,163
Owens Illinois, Inc.*............ 3,700 92,731
Sealed Air Corp.*................ 2,400 124,349
Sonoco Products Co. ............. 3,910 88,953
------------
400,196
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 3.3%
Altera Corp.*.................... 12,000 594,750
American Power Conversion
Corp.*......................... 8,800 232,100
Analog Devices, Inc.*............ 9,633 895,868
Arrow Electronics, Inc.*......... 5,600 142,100
Diebold, Inc. ................... 2,700 63,450
Emerson Electric Co. ............ 6,000 344,250
General Electric Co. ............ 44,200 6,839,949
Hitachi Ltd. [ADR]............... 3,400 550,375
Hubbell, Inc. Cl-B............... 2,500 68,125
Koninklijke (Royal) Philips
Electronics NV NY Reg. ........ 5,888 794,880
Linear Technology Corp. ......... 6,000 429,375
Molex, Inc. ..................... 6,475 367,052
PerkinElmer, Inc. ............... 3,000 125,063
Rockwell International Corp. .... 3,000 143,625
Sanmina Corp.*................... 2,200 219,725
SCI Systems, Inc.*............... 2,200 180,813
Solectron Corp.*................. 6,100 580,263
Symbol Technologies, Inc. ....... 2,962 188,272
Tandy Corp. ..................... 4,800 236,100
Teleflex, Inc. .................. 1,800 56,363
Teradyne, Inc.*.................. 6,200 409,200
Texas Instruments, Inc. ......... 11,000 1,065,624
Varian Medical Systems, Inc. .... 1,900 56,644
Varian Semiconductor Equipment
Associates, Inc.* ............. 1,900 64,600
Varian, Inc.*.................... 1,900 42,750
------------
14,691,316
------------
ENTERTAINMENT & LEISURE -- 0.9%
Brunswick Corp. ................. 2,000 44,500
Callaway Golf Co. ............... 2,200 38,913
Carnival Corp. .................. 7,700 368,156
Disney, (Walt) Co. .............. 28,392 830,465
Harley-Davidson, Inc. ........... 5,900 377,969
International Game Technology.... 5,900 119,844
Mandalay Resort Group*........... 5,000 100,625
Mattel, Inc. .................... 4,100 53,813
Mirage Resorts, Inc.*............ 3,800 58,188
Premier Parks, Inc.*............. 3,000 86,625
Readers Digest Association,
Inc. .......................... 4,100 119,925
Time Warner, Inc. ............... 15,200 1,101,049
Viacom, Inc. Cl-B*............... 10,000 604,375
------------
3,904,447
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C> <C>
ENVIRONMENTAL SERVICES -- 0.1%
Allied Waste Industries, Inc.*... 5,400 47,588
Tetra Tech, Inc.*................ 2,343 36,024
Waste Management, Inc. .......... 12,959 222,732
------------
306,344
------------
FINANCIAL-BANK & TRUST -- 2.5%
Astoria Financial Corp. ......... 3,200 $ 97,400
Australia & New Zealand Banking
Group Ltd. [ADR]............... 3,600 128,925
Banco Bilbao Vizcaya [ADR]....... 27,000 383,063
Banco Frances SA [ADR]........... 5,060 119,859
Bank of America Corp. ........... 22,360 1,122,192
Bank of New York Co., Inc. ...... 9,400 376,000
Bank One Corp. .................. 15,634 501,264
CCB Financial Corp. ............. 2,000 87,125
Charter One Financial, Inc. ..... 6,237 119,283
Chase Manhattan Corp. ........... 12,112 940,950
City National Corp. ............. 1,800 59,288
Compass Bancshares, Inc. ........ 4,500 100,406
Dime Bancorp, Inc. .............. 5,100 77,138
Fifth Third Bancorp.............. 4,725 346,697
First Security Corp. ............ 8,287 211,577
First Tennessee National
Corp. ......................... 5,400 153,900
First Union Corp. ............... 12,608 413,699
First Virginia Banks, Inc. ...... 2,000 86,000
Firstar Corp. ................... 17,693 373,765
GreenPoint Financial Corp. ...... 3,000 71,438
Hibernia Corp. Cl-A.............. 5,500 58,438
Huntington Bancshares, Inc. ..... 6,666 159,151
KeyCorp. ........................ 8,000 177,000
Marshall & Ilsley Corp. ......... 4,700 295,219
MBNA Corp. ...................... 9,500 258,875
Mellon Financial Corp. .......... 8,800 299,750
Mercantile Bankshares Corp. ..... 3,300 105,394
Morgan, (J.P.) & Co., Inc. ...... 2,600 329,225
National City Corp. ............. 7,520 178,130
North Fork Bancorporation,
Inc. .......................... 4,400 77,000
Northern Trust Corp. ............ 5,000 265,000
Old Kent Financial Corp. ........ 4,935 174,576
Pacific Century Financial
Corp. ......................... 3,900 72,881
PNC Bank Corp. NA................ 5,520 245,640
Regions Financial Corp. ......... 2,700 67,838
Silicon Valley Bancshares*....... 1,400 69,300
Southtrust Corp. ................ 3,200 121,000
State Street Boston Corp. ....... 2,900 211,881
Summit Bancorp................... 4,600 140,875
SunTrust Banks, Inc. ............ 3,648 251,028
TCF Financial Corp. ............. 4,700 116,913
U.S. Bancorp..................... 11,659 277,630
Union Planters Corp. ............ 2,800 110,425
Wells Fargo & Co. ............... 22,000 889,624
Wilmington Trust Corp. .......... 1,900 91,675
Zions Bancorp.................... 2,700 159,806
------------
10,974,243
------------
</TABLE>
56
<PAGE> 58
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C> <C>
FINANCIAL SERVICES -- 2.2%
AMBAC Financial Group, Inc. ..... 2,400 $ 125,250
American Express Co. ............ 5,100 847,875
Associates First Capital Corp.
Cl-A........................... 12,228 335,506
Bear Stearns Companies, Inc. .... 4,095 175,061
Block, (H&R), Inc. .............. 3,000 131,250
Capital One Financial Corp. ..... 3,200 154,200
Citigroup, Inc. ................. 43,005 2,389,464
Concord EFS, Inc.*............... 6,450 166,088
Dun & Bradstreet Corp. .......... 3,600 106,200
E*TRADE Group, Inc.*............. 9,000 235,125
Echelon International Corp.*..... 846 19,458
Edwards, (A.G.), Inc. ........... 3,350 107,409
Fannie Mae....................... 14,000 874,125
FINOVA Group, Inc. .............. 2,500 88,750
Fleet Financial Group, Inc. ..... 13,256 461,475
Franklin Resources, Inc. ........ 5,700 182,756
Freddie Mac...................... 10,600 498,863
Golden West Financial Corp. ..... 2,400 80,400
Grupo Financiero Bancomer [ADR]
144A........................... 1,400 11,375
Household International, Inc. ... 5,900 219,775
Merrill Lynch & Co., Inc. ....... 3,900 325,650
Morgan Stanley, Dean Witter &
Co. ........................... 7,485 1,068,483
Paine Webber Group, Inc. ........ 5,800 225,113
Providian Financial Corp. ....... 1,500 136,594
Schwab, (Charles) Corp. ......... 13,950 535,331
Waddell & Reed Financial, Inc.
Cl-A........................... 261 7,080
Waddell & Reed Financial, Inc.
Cl-B........................... 1,116 28,040
Washington Mutual, Inc. ......... 5,750 149,500
------------
9,686,196
------------
FOOD -- 1.2%
Albertson's, Inc. ............... 7,224 232,974
Archer Daniels Midland Co. ...... 11,887 144,873
Bestfoods, Inc. ................. 5,500 289,094
Campbell Soup Co. ............... 7,800 301,763
ConAgra, Inc. ................... 6,900 155,681
Dean Foods Corp. ................ 1,400 55,650
Diageo PLC [ADR]................. 11,047 353,503
Dole Food Co. ................... 2,800 45,500
Flowers Industries, Inc. ........ 3,000 47,813
General Mills, Inc. ............. 5,000 178,750
Heinz, (H.J.) Co. ............... 6,250 248,828
Hershey Foods Corp. ............. 3,100 147,250
Hormel Foods Corp. .............. 3,000 121,875
IBP, Inc. ....................... 4,300 77,400
Interstate Bakeries Corp. ....... 3,000 54,375
Kellogg Co. ..................... 7,500 231,094
Kroger Co.*...................... 16,800 317,099
Lance, Inc. ..................... 3,200 32,000
McCormick & Co., Inc. ........... 4,100 121,975
Ralston Purina Group............. 9,000 250,875
Safeway, Inc.*................... 6,060 215,509
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C> <C>
Sara Lee Corp. .................. 12,400 273,575
Smucker, (J.M.) Co. ............. 1,600 $ 31,200
Starbucks Corp.*................. 7,500 181,875
The Earthgrains Co. ............. 592 9,546
Tyson Foods, Inc. ............... 7,300 118,625
U.S. Foodservice, Inc.*.......... 4,200 70,350
Unilever NV NY Reg. ............. 13,407 729,843
Universal Foods Corp. ........... 3,700 75,388
Wrigley, (Wm., Jr.) Co. ......... 1,300 107,819
------------
5,222,102
------------
FURNITURE -- 0.0%
Leggett & Platt, Inc. ........... 8,700 186,506
------------
HEALTHCARE SERVICES -- 0.6%
Amgen, Inc.*..................... 18,400 1,105,149
Apria Healthcare Group, Inc.*.... 7,500 134,531
Columbia HCA Healthcare Corp. ... 11,096 325,251
Foundation Health Systems*....... 6,400 63,600
Health Management Associates,
Inc. Cl-A*..................... 12,050 161,169
Healthsouth Corp.*............... 6,200 33,325
IMS Health, Inc. ................ 7,000 190,313
LifePoint Hospitals, Inc.*....... 583 6,887
McKesson HBOC, Inc. ............. 2,600 58,663
Oxford Health Plans, Inc.*....... 1,300 16,494
PacifiCare Health Systems,
Inc.*.......................... 1,800 95,400
Quorum Health Group, Inc.*....... 3,600 33,525
Total Renal Care Holdings,
Inc.*.......................... 2,700 18,056
Triad Hospitals, Inc.*........... 583 8,690
United HealthCare Corp. ......... 4,700 249,688
------------
2,500,741
------------
HOTELS & MOTELS -- 0.0%
Hilton Hotels Corp. ............. 2,945 28,346
Marriott International, Inc.
Cl-A........................... 3,000 94,687
------------
123,033
------------
INDUSTRIAL PRODUCTS -- 0.0%
Kaydon Corp. .................... 2,200 58,988
------------
INSURANCE -- 1.3%
Aetna, Inc. ..................... 3,302 184,293
AFLAC, Inc. ..................... 8,900 419,968
Allmerica Financial Corp. ....... 2,300 127,938
Allstate Corp. .................. 10,600 254,400
American Financial Group,
Inc. .......................... 3,200 84,400
American General Corp. .......... 3,500 265,562
American International Group,
Inc. .......................... 20,020 2,164,662
Chubb Corp. ..................... 3,300 185,831
CIGNA Corp. ..................... 3,900 314,193
Conseco, Inc. ................... 5,691 101,727
HSB Group, Inc. ................. 1,650 55,791
Lincoln National Corp. .......... 3,400 136,000
Loews Corp. ..................... 3,000 182,063
Marsh & McLennan Companies,
Inc............................ 3,500 334,905
Old Republic International
Corp. ......................... 7,300 99,463
Progressive Corp. ............... 1,400 102,375
ReliaStar Financial Corp. ....... 3,000 117,563
</TABLE>
57
<PAGE> 59
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C> <C>
Selective Insurance Group,
Inc. .......................... 4,500 $ 77,344
The Hartford Financial Services
Group, Inc. ................... 3,000 142,125
Torchmark Corp. ................. 4,600 133,688
Transatlantic Holdings, Inc. .... 1,050 81,966
Unitrin, Inc. ................... 2,800 105,350
UNUM Corp. ...................... 7,777 249,350
------------
5,920,957
------------
LUMBER & WOOD PRODUCTS -- 0.0%
Deltic Timber Corp. ............. 342 7,481
Rayonier, Inc. .................. 1,600 77,300
------------
84,781
------------
MACHINERY & EQUIPMENT -- 0.5%
AGCO Corp. ...................... 2,100 28,219
Black & Decker Corp. ............ 2,700 141,075
Caterpillar, Inc. ............... 6,700 315,319
Danaher Corp. ................... 4,500 217,125
Deere & Co. ..................... 4,000 173,500
Federal Signal Corp. ............ 3,600 57,825
Flowserve Corp. ................. 2,900 49,300
Gencorp, Inc. ................... 2,800 27,650
Illinois Tool Works, Inc. ....... 5,339 360,715
Ingersoll-Rand Co. .............. 2,000 110,125
Kennametal, Inc. ................ 1,200 40,350
Nordson Corp. ................... 1,000 48,250
Pall Corp. ...................... 4,000 86,250
Precision Castparts Corp. ....... 1,400 36,750
Sequa Corp. Cl-A*................ 1,200 64,725
Smith International, Inc.*....... 2,000 99,375
Tecumseh Products Co. Cl-A....... 1,400 66,063
Thermo Electron Corp.*........... 6,300 94,500
Weatherford International,
Inc.*.......................... 2,320 92,655
------------
2,109,771
------------
MEDICAL SUPPLIES & EQUIPMENT -- 1.1%
Abbott Laboratories.............. 21,700 787,980
Baxter International, Inc. ...... 4,800 301,500
Beckman Coulter, Inc. ........... 2,100 106,838
Becton Dickinson & Co. .......... 4,000 107,000
Bergen Brunswig Corp. Cl-A....... 3,800 31,588
Boston Scientific Corp.*......... 8,400 183,750
Forest Laboratories, Inc.*....... 3,400 208,888
Genzyme Corp.*................... 2,100 94,500
Genzyme Surgical Products*....... 375 2,180
Genzyme Tissue Repair*........... 63 181
Guidant Corp. ................... 6,400 300,800
Hillenbrand Industries, Inc. .... 2,700 85,556
Johnson & Johnson Co. ........... 19,005 1,769,840
Medtronic, Inc. ................. 15,000 546,563
STERIS Corp.*.................... 4,000 41,250
Stryker Corp. ................... 3,400 236,725
Sybron International Corp.*...... 3,700 91,344
VISX, Inc.*...................... 2,400 124,200
------------
5,020,683
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C> <C>
METALS & MINING -- 0.3%
Alcoa, Inc. ..................... 7,800 $ 647,399
Barrick Gold Corp. .............. 7,000 123,813
Brush Wellman, Inc. ............. 2,400 40,350
Carpenter Technology Corp. ...... 2,200 60,363
Nucor Corp. ..................... 2,800 153,475
Placer Dome, Inc. ............... 9,900 106,425
------------
1,131,825
------------
OFFICE EQUIPMENT -- 0.2%
Herman Miller, Inc. ............. 3,900 89,700
Ikon Office Solutions, Inc. ..... 6,800 46,325
Office Depot, Inc.*.............. 11,550 126,328
Pitney Bowes, Inc. .............. 4,900 236,730
Standard Register Co. ........... 2,700 52,313
Staples, Inc.*................... 8,325 172,744
Wallace Computer Service,
Inc. .......................... 2,900 48,213
Xerox Corp. ..................... 10,400 235,950
------------
1,008,303
------------
OIL & GAS -- 3.5%
Amerada Hess Corp. .............. 4,700 266,725
Anadarko Petroleum Corp. ........ 2,800 95,550
Apache Corp. .................... 1,600 59,100
Atlantic Richfield Co. .......... 4,900 423,850
BJ Services Co.*................. 9,000 376,313
BP Amoco PLC [ADR]............... 12,200 723,613
Chevron Corp. ................... 7,400 641,025
Conoco, Inc. Cl-B................ 8,670 215,666
Devon Energy Corp. .............. 2,800 92,050
El Paso Energy Corp. ............ 10,500 407,531
ENI Co. SPA [ADR]................ 5,500 303,188
Ensco International, Inc. ....... 5,500 125,813
Exxon Mobil Corp. ............... 43,532 3,507,046
Global Marine, Inc.*............. 8,700 144,638
Halliburton Co. ................. 7,700 309,925
Helmerich & Payne, Inc. ......... 1,800 39,263
Keyspan Corp. ................... 6,300 146,081
MCN Energy Group, Inc. .......... 3,600 85,500
Murphy Oil Corp. ................ 2,400 137,700
Nabors Industries, Inc.*......... 4,300 133,031
National Fuel Gas Co. ........... 2,600 120,900
Nicor, Inc. ..................... 3,000 97,500
Noble Affiliates, Inc. .......... 2,500 53,594
Noble Drilling Corp.*............ 3,300 108,075
Occidental Petroleum Corp. ...... 9,600 207,600
Phillips Petroleum Co. .......... 4,000 188,000
Ranger Oil Ltd.*................. 7,800 24,375
Repsol SA [ADR].................. 9,000 209,250
Royal Dutch Petroleum Co. ....... 46,000 2,780,124
Schlumberger Ltd. ............... 9,500 534,375
Shell Transport & Trading Co.
[ADR].......................... 15,700 773,224
Texaco, Inc. .................... 6,200 336,738
Tidewater, Inc. ................. 2,700 97,200
Tosco Corp. ..................... 5,900 160,406
Total SA [ADR]................... 7,707 533,710
</TABLE>
58
<PAGE> 60
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C> <C>
Transocean Sedco Forex, Inc.*.... 4,639 $ 151,644
Ultramar Diamond Shamrock
Corp. ......................... 3,900 88,481
Union Pacific Resources Group,
Inc. .......................... 5,509 70,240
Unocal Corp. .................... 5,200 174,525
USX-Marathon Group, Inc. ........ 5,400 133,313
Valero Energy Corp. ............. 3,800 75,525
Washington Gas Light Co. ........ 3,100 85,250
Williams Companies, Inc. ........ 10,198 311,676
------------
15,549,333
------------
PAPER & FOREST PRODUCTS -- 0.4%
Bowater, Inc. ................... 2,200 119,488
Consolidated Papers, Inc. ....... 4,600 146,338
Fort James Corp. ................ 7,000 191,625
Georgia Pacific Group............ 3,000 152,250
Georgia-Pacific Timber Group..... 3,100 76,338
Glatfelter, (P.H.) Co. .......... 2,600 37,863
International Paper Co. ......... 5,000 282,188
Kimberly-Clark Corp. ............ 9,700 632,924
Wausau-Mosinee Paper Corp. ...... 3,700 43,244
Weyerhaeuser Co. ................ 4,500 323,155
------------
2,005,413
------------
PERSONAL SERVICES -- 0.1%
Cendant Corp.*................... 9,168 243,525
Service Corp. International...... 5,300 36,769
------------
280,294
------------
PHARMACEUTICALS -- 2.8%
American Home Products Corp. .... 18,400 725,650
AstraZeneca Group PLC [ADR]...... 12,000 501,000
Biogen, Inc.*.................... 6,000 507,000
Bristol-Meyers Squibb Co. ....... 26,600 1,707,387
Carter-Wallace, Inc. ............ 3,900 69,956
Chiron Corp.*.................... 7,600 322,050
Genzyme-Molecular Oncology*...... 226 1,582
Gilead Sciences, Inc. ........... 1,700 92,013
Glaxo Wellcome PLC [ADR]......... 8,900 497,288
ICN Pharmaceuticals, Inc. ....... 2,700 68,344
Ivax Corp.*...................... 7,400 190,550
Lilly, (Eli) & Co. .............. 14,200 944,300
MedImmune, Inc.*................. 2,100 348,338
Merck & Co., Inc. ............... 31,500 2,112,468
Mylan Laboratories, Inc. ........ 5,100 128,456
Omnicare, Inc. .................. 3,800 45,600
Perrigo Co.*..................... 8,400 67,200
Pfizer, Inc. .................... 51,900 1,683,505
Pharmacia & Upjohn, Inc. ........ 7,500 337,500
Schering-Plough Corp. ........... 18,800 793,125
Warner-Lambert Co. .............. 11,400 934,088
Waters Corp.*.................... 2,400 127,200
Watson Pharmaceuticals, Inc.*.... 3,400 121,763
------------
12,326,363
------------
PRINTING & PUBLISHING -- 0.4%
Banta Corp. ..................... 2,900 65,431
Belo, (A.H.) Corp. Cl-A.......... 3,400 64,813
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C> <C>
Donnelley, (R.R.) & Sons Co. .... 2,600 $ 64,513
Gannett Co., Inc. ............... 5,200 424,125
Lexmark International Group, Inc.
Cl-A*.......................... 4,800 434,399
McGraw-Hill Co., Inc. ........... 5,800 357,425
Tribune Co. ..................... 4,200 231,263
Washington Post Co. Cl-B......... 400 222,350
Workflow Management, Inc.*....... 286 8,133
------------
1,872,452
------------
RAILROADS -- 0.2%
Burlington Northern Santa Fe
Corp. ......................... 5,100 123,675
Kansas City Southern Industries,
Inc. .......................... 5,400 402,975
Norfolk Southern Corp. .......... 6,000 123,000
Trinity Industries, Inc. ........ 2,700 76,781
Union Pacific Corp. ............. 3,000 130,875
------------
857,306
------------
RESTAURANTS -- 0.3%
Brinker International, Inc.*..... 7,300 175,200
CBRL Group, Inc. ................ 2,700 26,198
Darden Restaurants, Inc. ........ 6,500 117,813
McDonald's Corp. ................ 16,200 653,062
Outback Steakhouse, Inc.*........ 3,600 93,375
Tricon Global Restaurants,
Inc.*.......................... 1,480 57,165
------------
1,122,813
------------
RETAIL & MERCHANDISING -- 2.5%
Barnes & Noble, Inc.*............ 3,400 70,125
Bed, Bath & Beyond, Inc.*........ 5,200 180,700
Best Buy Co., Inc.*.............. 7,000 351,313
BJ's Wholesale Club, Inc.*....... 4,000 146,000
Circuit City Stores, Inc. ....... 4,000 180,250
Costco Companies, Inc.*.......... 3,900 355,875
CVS Corp. ....................... 6,500 259,594
Dayton-Hudson Corp. ............. 7,400 543,437
Dollar General Corp. ............ 4,393 99,941
Family Dollar Stores, Inc. ...... 7,400 120,713
Federated Department Stores,
Inc.*.......................... 3,500 176,969
Gap, Inc. ....................... 12,037 553,701
Home Depot, Inc. ................ 28,800 1,974,599
Kohl's Corp.*.................... 5,600 404,250
Lands' End, Inc.*................ 3,000 104,250
May Department Stores Co. ....... 5,850 188,663
Micro Warehouse, Inc.*........... 2,600 48,100
Nordstrom, Inc. ................. 1,900 49,756
Penney, (J.C.) Co., Inc. ........ 3,500 69,781
Rite Aid Corp. .................. 2,600 29,088
Saks, Inc.*...................... 5,200 80,925
School Specialty, Inc.*.......... 238 3,600
Sears, Roebuck & Co. ............ 4,800 146,100
Tiffany & Co. ................... 4,000 357,000
TJX Companies, Inc. ............. 5,600 114,450
Toys 'R' Us, Inc.*............... 6,920 99,043
U.S. Office Products Co.*........ 537 1,754
Wal-Mart Stores, Inc. ........... 55,200 3,815,699
</TABLE>
59
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AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C> <C>
Walgreen Co. .................... 15,400 $ 450,450
Warnaco Group*................... 2,600 32,013
------------
11,008,139
------------
SEMICONDUCTORS -- 1.7%
Applied Materials, Inc.*......... 6,600 836,138
Atmel Corp.*..................... 9,200 271,975
Intel Corp. ..................... 45,800 3,769,912
LSI Logic Corp.*................. 2,000 135,000
Maxim Integrated Products,
Inc.*.......................... 9,000 424,688
Motorola, Inc. .................. 8,100 1,192,724
Xilinx, Inc.*.................... 19,600 891,188
------------
7,521,625
------------
TELECOMMUNICATIONS -- 6.7%
ADC Telecommunications, Inc.*.... 4,400 319,275
Alltel Corp. .................... 4,908 405,830
AT&T Corp. ...................... 37,631 1,909,773
Bell Atlantic Corp. ............. 20,514 1,262,893
BellSouth Corp. ................. 25,400 1,189,038
British Telecommunications PLC
[ADR].......................... 3,200 761,600
BroadWing, Inc. ................. 4,300 158,563
Cable & Wireless
Communications................. 9,245 269,261
CenturyTel, Inc. ................ 6,300 298,463
Cia de Telecomunicaciones de
Chile SA [ADR]................. 7,800 142,350
Comcast Corp. Cl-A............... 14,000 703,500
Cox Communications, Inc. Cl-A*... 2,373 122,210
Deutsche Telekom AG [ADR]........ 12,400 880,400
Ericsson, (L.M.) Telephone Co.
[ADR].......................... 9,600 630,600
France Telecom SA [ADR].......... 5,900 787,650
GTE Corp. ....................... 14,100 994,931
Leap Wireless International,
Inc.*.......................... 400 31,400
Lucent Technologies, Inc. ....... 40,465 3,027,287
MCI WorldCom, Inc.*.............. 37,046 1,965,727
MediaOne Group, Inc.*............ 11,100 852,619
Nextel Communications, Inc.
Cl-A*.......................... 3,600 371,250
Nokia Corp. Cl-A [ADR]........... 7,200 1,368,000
Nortel Networks Corp. ........... 16,960 1,712,960
QUALCOMM, Inc.*.................. 14,400 2,537,999
SBC Communications, Inc. ........ 49,433 2,409,859
Sprint Corp. (FON Group)......... 12,400 834,675
Sprint Corp. (PCS Group)*........ 5,100 522,750
Telecom Corp. of New Zealand Ltd.
[ADR].......................... 1,700 65,450
Telefonica SA [ADR].............. 5,091 401,234
Telefonos de Mexico SA Cl-L
[ADR].......................... 4,000 450,000
Telephone & Data Systems,
Inc. .......................... 2,500 315,000
Tellabs, Inc.*................... 5,000 320,938
U.S. West, Inc. ................. 6,418 462,096
Univision Communications,
Inc.*.......................... 3,500 357,656
Vodafone AirTouch PLC [ADR]...... 16,000 792,000
------------
29,635,237
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C> <C>
TRANSPORTATION -- 0.1%
Alexander & Baldwin, Inc. ....... 2,500 $ 57,031
CNF Transportation, Inc. ........ 2,200 75,900
CSX Corp. ....................... 3,000 94,125
FDX Corp.*....................... 3,500 143,282
------------
370,338
------------
UTILITIES -- 1.3%
AES Corp.*....................... 5,100 381,224
Allegheny Energy, Inc. .......... 5,200 140,075
American Electric Power Co.,
Inc. .......................... 4,800 154,200
American Water Works Co.,
Inc. .......................... 3,400 72,250
CMS Energy Corp. ................ 3,900 121,631
Consolidated Edison, Inc. ....... 5,200 179,400
Constellation Energy Group....... 2,700 78,300
DPL, Inc. ....................... 5,600 96,950
Duke Energy Corp. ............... 6,100 305,763
Edison International Co. ........ 7,800 204,263
Empresa Nacional de Electridad SA
[ADR].......................... 8,230 116,763
Empresa SA [ADR]................. 7,600 153,425
Energy East Corp. ............... 6,800 141,525
Enersis SA [ADR]................. 2,600 61,100
Enron Corp. ..................... 10,800 479,249
Entergy Corp. ................... 6,200 159,650
FirstEnergy Corp. ............... 7,300 165,619
Florida Progress Corp. .......... 4,400 186,175
FPL Group, Inc. ................. 3,700 158,406
Idacorp, Inc. ................... 2,600 69,713
Illinova Corp. .................. 3,700 128,575
IPALCO Enterprises, Inc. ........ 4,800 81,900
Kansas City Power & Light Co. ... 4,000 88,250
LG&E Energy Corp. ............... 5,500 95,906
MidAmerican Energy Holdings
Co.*........................... 2,400 80,850
New Century Energies, Inc. ...... 3,895 118,311
New England Electric Systems..... 2,600 134,550
Niagara Mohawk Holdings, Inc.*... 10,000 139,375
Nisource, Inc. .................. 4,600 82,225
Oklahoma Gas & Electric Co. ..... 2,900 55,100
PG&E Corp. ...................... 8,200 168,100
Pinnacle West Capital Co. ....... 3,000 91,688
Potomac Electric Power Co. ...... 4,900 112,394
Public Service Co. of New
Mexico......................... 1,900 30,875
SCANA Corp. ..................... 3,600 96,750
Sierra Pacific Resources......... 4,000 69,250
Southern Co. .................... 12,300 289,050
Teco Energy, Inc. ............... 6,000 111,375
Texas Utilities Co. ............. 4,000 142,250
Unicom Corp. .................... 4,200 140,700
UtiliCorp United, Inc. .......... 3,450 67,059
Wisconsin Energy Corp. .......... 5,200 100,100
------------
5,850,314
------------
TOTAL COMMON STOCK (Cost
$123,296,461)...................... 215,506,232
------------
</TABLE>
60
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AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PREFERRED STOCK -- 0.1%
TELECOMMUNICATIONS
Telecomunicacoes Brasileiras SA
1.55% [ADR]
(Cost $322,497).................. 4,300 $ 552,550
------------
FOREIGN STOCK -- 12.1%
ADVERTISING -- 0.1%
Asatsu-DK, Inc. -- (JPY)......... 9,000 607,811
------------
AEROSPACE -- 0.1%
Mitsubishi Heavy Industries
Ltd. -- (JPY).................. 138,000 460,585
------------
AIRLINES -- 0.1%
KLM Royal Dutch Airlines NV --
(NLG).......................... 2,250 57,785
Singapore Airlines
Ltd. -- (SGD).................. 27,000 306,395
------------
364,180
------------
AUTOMOBILE MANUFACTURERS -- 0.3%
DaimlerChrysler AG -- (DEM)...... 5,300 415,822
MAN AG -- (DEM).................. 10,000 375,164
Rolls-Royce PLC -- (DEM)......... 97,800 338,069
------------
1,129,055
------------
AUTOMOTIVE PARTS -- 0.1%
Bridgestone Corp. -- (JPY)....... 22,000 484,487
------------
BEVERAGES -- 0.3%
Bass PLC -- (GBP)................ 33,300 414,448
Lion Nathan Ltd. -- (NZD)........ 50,000 116,256
Louis Vuitton Moet Hennessy --
(FRF).......................... 2,160 967,421
------------
1,498,125
------------
BROADCASTING -- 0.0%
Publishing & Broadcasting Ltd. --
(AUD).......................... 27,900 213,181
------------
BUILDING MATERIALS -- 0.3%
Blue Circle Industries PLC --
(GBP).......................... 55,813 324,332
Cemex SA de CV -- (MXP)*......... 21,600 120,823
Heidelberger Zement AG --
VVPR -- (DEM).................. 800 73
Heidelberger Zement AG -- (DEM).. 4,600 356,733
Holderbank Financiere Glarus AG
Cl-B -- (CHF).................. 260 355,963
Malayan Cement BHD -- (MYR)...... 30,750 8,982
------------
1,166,906
------------
CHEMICALS -- 0.4%
AKZO Nobel NV -- (NLG)........... 1,600 80,250
BASF AG -- (DEM)................. 8,000 418,169
Bayer AG -- (DEM)................ 7,600 361,285
L'Air Liquide -- (FRF)........... 1,642 274,852
Sumitomo Chemical Co. -- (JPY)... 142,000 667,123
------------
1,801,679
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CLOTHING & APPAREL -- 0.3%
Benetton Group SPA -- (ITL)...... 96,600 $ 221,823
Christian Dior SA -- (FRF)....... 1,200 297,311
Kuraray Co. Ltd. -- (JPY)........ 47,000 476,118
Yue Yuen Industrial Holdings --
(HKD).......................... 95,000 227,311
------------
1,222,563
------------
CONGLOMERATES -- 0.6%
Coles Myer Ltd. -- (AUD)......... 35,100 181,442
Cycle & Carriage Ltd. -- (SGD)... 15,000 46,382
GKN PLC -- (GBP)................. 35,500 559,096
Hutchison Whampoa Ltd. --
(HKD).......................... 64,000 930,339
Mitsui & Co. Ltd. -- (JPY)....... 90,000 629,833
Tomkins PLC -- (GBP)............. 89,300 288,493
Valmet-Rauma Oyj -- (FIM)........ 4,000 51,969
------------
2,687,554
------------
CONSTRUCTION -- 0.1%
Compagnie Francaise d'Etudes et
de Construction
Technip -- (FRF)............... 3,300 338,342
Matsushita Electric Works Ltd. --
(JPY).......................... 24,000 237,252
------------
575,594
------------
CONSUMER PRODUCTS & SERVICES -- 0.3%
JUSCO Co. -- (JPY)............... 21,000 366,066
Kao Corp. -- (JPY)............... 26,000 741,804
Orkla ASA Cl-A -- (NOK).......... 7,600 130,846
------------
1,238,716
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 1.2%
Johnson Electric Holdings Ltd. --
(HKD).......................... 187,200 1,201,683
Mitsubishi Electric Corp. --
(JPY).......................... 39,000 251,933
Omron Corp. -- (JPY)............. 24,000 554,370
Schneider SA -- (FRF)............ 4,200 329,731
Sharp Corp. -- (JPY)............. 9,000 230,351
Siemens AG -- (DEM).............. 3,800 486,051
Sony Corp. -- (JPY).............. 6,000 1,779,387
------------
4,833,506
------------
FINANCIAL-BANK & TRUST -- 2.0%
Abbey National PLC -- (GBP)...... 28,000 447,761
ABN AMRO Holding NV -- (NLG)..... 24,600 614,443
Australia & New Zealand Banking
Group Ltd. -- (AUD)............ 16,300 118,668
Banca Commerciale Italia NA --
(ITL).......................... 61,000 331,755
Bank of Scotland -- (GBP)........ 31,808 369,418
Bankgesellschaft Berlin AG --
(DEM).......................... 10,050 167,011
Barclays PLC -- (GBP)............ 26,291 756,777
DBS Groupo Holdings -- (SGD)*.... 20,236 331,698
Deutsche Bank AG -- (DEM)........ 9,300 787,255
Dresdner Bank AG -- (DEM)........ 12,200 662,282
</TABLE>
61
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AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
HSBC Holdings PLC -- (GBP)....... 54,969 $ 766,270
ING Groep NV -- (NLG)............ 11,753 709,512
KBC Bancassurance Holdings NV --
(BEF).......................... 5,300 285,578
Oversea-Chinese Banking Corp.
Ltd. -- (SGD)*................. 26,250 241,144
Sumitomo Bank Ltd. -- (JPY)...... 34,000 465,557
Svenska Handlesbanken Cl-A --
(SEK).......................... 21,900 275,423
Toronto-Dominion Bank -- (CAD)... 8,200 222,397
UBS AG -- (CHF).................. 3,631 980,549
Westpac Banking Corp. Ltd. --
(AUD).......................... 10,000 69,031
------------
8,602,529
------------
FINANCIAL SERVICES -- 0.3%
Holding di Partecipazioni
Industriali SPA -- (ITL)....... 45,000 45,322
Mediobanca SPA -- (ITL).......... 32,600 332,599
Societe Generale -- (FRF)........ 3,367 783,339
Unidanmark AS Cl-A -- (DKK)...... 4,500 316,379
------------
1,477,639
------------
FOOD -- 0.5%
Associated British Foods PLC --
(GBP).......................... 33,800 186,995
Cadbury Schweppes PLC -- (GBP)... 19,800 119,616
CSM NV -- (NLG).................. 4,800 102,488
Danisco AS -- (DKK).............. 4,000 155,756
Eridania Beghin-Say
SA -- (FRF).................... 1,800 193,615
Huhtamaki Co. -- (FIM)........... 1,500 50,760
Nestle SA -- (CHF)............... 471 862,844
Tesco PLC -- (GBP)............... 172,529 524,627
------------
2,196,701
------------
HOTELS & MOTELS -- 0.1%
Accor SA -- (FRF)................ 9,000 434,817
------------
INDUSTRIAL PRODUCTS -- 0.0%
Pacific Dunlop Ltd. -- (AUD)..... 70,100 99,296
------------
INSURANCE -- 0.8%
Allied Zurich PLC -- (CHF)....... 44,000 518,479
Assurances Generales de France --
(FRF).......................... 4,300 232,994
AXA Colonia Konzern AG --
(DEM).......................... 5,400 523,195
AXA SA -- (FRF).................. 4,600 641,192
Instituto Nazionale delle
Assicurazioni -- (ITL)......... 127,100 336,663
Royal & Sun Alliance Insurance
Group PLC -- (GBP)............. 57,636 438,967
Schweizerische
Rueckversicherungs-
Gesellschaft-- (DEM)........... 262 538,216
Sumitomo Marine & Fire Insurance
Co. -- (JPY)................... 88,000 542,625
------------
3,772,331
------------
MACHINERY & EQUIPMENT -- 0.0%
SIG Holding AG -- (CHF).......... 280 167,054
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
MEDICAL SUPPLIES & EQUIPMENT -- 0.2%
Smith and Nephew PLC -- (GBP).... 98,000 $ 329,263
Terumo Corp. -- (JPY)............ 26,000 694,724
------------
1,023,987
------------
METALS & MINING -- 0.0%
Lonrho Africa PLC -- (GBP)....... 6,497 3,253
Rio Tinto Ltd. -- (AUD).......... 9,300 199,929
------------
203,182
------------
OFFICE EQUIPMENT -- 0.3%
Canon, Inc. -- (JPY)............. 21,000 834,492
Ricoh Co. Ltd. -- (JPY).......... 25,000 471,273
------------
1,305,765
------------
OIL & GAS -- 0.1%
Santos Ltd. -- (AUD)............. 32,000 87,250
Total Fina SA Cl-B -- (FRF)...... 3,496 466,532
------------
553,782
------------
PAPER & FOREST PRODUCTS -- 0.1%
Bobst SA -- (CHF)................ 160 192,928
Kimberly-Clark de Mexico SA
Cl-A -- (MXP).................. 67,500 259,315
Svenska Cellulosa AB Cl-B --
(SEK).......................... 3,500 103,667
------------
555,910
------------
PHARMACEUTICALS -- 0.8%
Altana AG -- (DEM)............... 2,100 138,534
AstraZeneca Group PLC -- (GBP)... 7,398 306,876
Daiichi Pharmaceutical Co.
Ltd. -- (JPY).................. 26,000 338,201
Gehe AG -- (DEM)................. 11,550 447,855
Novartis AG -- (CHF)............. 749 1,099,769
Rhone-Poulenc Cl-A -- (FRF)...... 5,400 313,808
Takeda Chemical Industries --
(JPY).......................... 16,000 790,838
Takkt AG -- (DEM)*............... 11,550 75,612
------------
3,511,493
------------
PRINTING & PUBLISHING -- 0.5%
Dai Nippon Printing Co. Ltd. --
(JPY).......................... 40,000 638,152
Elsevier NV -- (NLG)............. 12,000 143,338
Pearson PLC -- (GBP)............. 25,600 828,688
Singapore Press Holdings Ltd. --
(SGD).......................... 11,000 238,427
Wolters Klumer -- (NLG).......... 12,000 406,083
------------
2,254,688
------------
RAILROADS -- 0.1%
Railtrack Group PLC -- (GBP)..... 21,000 352,782
------------
REAL ESTATE -- 0.2%
Cheung Kong Holdings Ltd. --
(HKD).......................... 38,000 482,730
City Developments
Ltd. -- (SGD).................. 11,000 64,395
DBS Land Ltd. -- (SGD)........... 33,000 64,989
Singapore Land Ltd. -- (SGD)..... 25,000 65,746
</TABLE>
62
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AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Slough Estates PLC -- (GBP)...... 45,500 $ 259,809
Westfield Trust -- (AUD)......... 41,300 81,131
------------
1,018,800
------------
RETAIL & MERCHANDISING -- 0.3%
Carrefour Supermarche SA --
(FRF).......................... 900 165,968
Mauri Co. Ltd. -- (JPY).......... 39,000 582,500
Pinault-Printemps Redoute SA --
(FRF).......................... 3,000 791,621
------------
1,540,089
------------
TELECOMMUNICATIONS -- 0.7%
AT&T Canada -- (CAD) 144A*....... 342 8,569
Carso Global Telecom -- (MXP)*... 12,200 113,824
Nippon Telegraph & Telephone
Corp. -- (JPY)................. 60 1,027,698
Singapore Telecommunications
Ltd. -- (SGD).................. 112,000 231,330
Telecom Corp. of New Zealand
Ltd. -- (NZD).................. 22,000 103,455
Telecom Italia Mobile SPA --
(ITL).......................... 75,000 837,698
Telecom Italia SPA -- (ITL)...... 41,666 587,495
Telekom Malaysia BHD -- (MYR).... 100 387
------------
2,910,456
------------
TRANSPORTATION -- 0.3%
BAA PLC -- (GBP)................. 51,075 358,881
BG Group PLC -- (GBP)............ 37,777 244,085
Nippon Express Co. Ltd. --
(JPY).......................... 99,000 547,470
------------
1,150,436
------------
UTILITIES -- 0.6%
ABB AG -- (CHF)*................. 4,798 586,831
Electrabel SA -- (BEF)........... 720 235,673
Hong Kong Electric Holdings
Ltd. -- (HKD).................. 30,000 93,780
PowerGen PLC -- (GBP)............ 21,300 153,106
Tokyo Electric Power Co. --
(JPY).......................... 27,000 724,088
United Utilities PLC -- (GBP).... 44,200 459,435
Veba AG -- (DEM)................. 9,300 454,275
------------
2,707,188
------------
TOTAL FOREIGN STOCK
(Cost $40,998,040)................. 54,122,867
------------
PAR
(000) VALUE
---------- ------------
CORPORATE OBLIGATIONS -- 11.2%
AEROSPACE -- 0.3%
Boeing Co.
6.35%, 06/15/03................ $ 120 $ 117,150
Dyncorp, Inc.
9.50%, 03/01/07................ 300 268,500
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Raytheon Co.
6.50%, 07/15/05................ $ 1,000 $ 932,500
------------
1,318,150
------------
AUTOMOTIVE PARTS -- 0.2%
Hayes Lemmerz International, Inc.
8.25%, 12/15/08................ 250 230,000
Lear Corp.
8.11%, 05/15/09 144A........... 300 283,875
Safelite Glass Corp. Cl-B
9.875%, 12/15/06............... 200 11,000
Venture Holdings Trust
9.50%, 07/01/05................ 300 280,875
------------
805,750
------------
BEVERAGES -- 0.2%
Anheuser-Busch Companies, Inc.
7.00%, 12/01/25................ 150 133,500
Seagram, (J.) & Sons Co.
7.60%, 12/15/28................ 1,000 941,250
------------
1,074,750
------------
BROADCASTING -- 0.4%
Chancellor Media Corp.
9.00%, 10/01/08................ 250 260,625
8.00%, 11/01/08................ 175 175,875
Chancellor Media Corp. L.A. Cl-B
8.125%, 12/15/07............... 175 175,438
Charter Communications Holdings
LLC
8.25%, 04/01/07................ 600 556,500
United International Holdings,
Inc. Cl-B [STEP]
11.458%, 02/15/08.............. 575 368,000
Young Broadcasting, Inc.
10.125%, 02/15/05.............. 150 153,000
------------
1,689,438
------------
BUILDING MATERIALS -- 0.2%
American Builders & Contractors
Supply Co., Inc. Cl-B
10.625%, 05/15/07.............. 300 270,000
American Standard, Inc.
9.25%, 12/01/16................ 15 15,000
Associated Materials, Inc.
9.25%, 03/01/08................ 350 346,063
Koppers Industry, Inc.
9.875%, 12/01/07............... 75 68,250
------------
699,313
------------
BUSINESS SERVICES -- 0.2%
Intermedia Communications, Inc.
Cl-B
8.60%, 06/01/08................ 250 231,250
</TABLE>
63
<PAGE> 65
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Iron Mountain, Inc.
8.75%, 09/30/09................ $ 125 $ 120,938
NEXTLINK Communications, Inc.
12.50%, 04/15/06............... 125 134,063
6.034%, 06/01/09 [STEP]........ 700 437,499
------------
923,750
------------
CABLE TELEVISION -- 0.4%
Classic Cable, Inc.
9.375%, 08/01/09............... 500 495,000
Mediacom LLC Capital Corp.
7.87%, 02/15/11................ 600 531,000
Northland Cable Television, Inc.
10.25%, 11/15/07............... 250 251,875
Pegasus Communications Corp. Cl-B
9.62%, 10/15/05................ 250 253,750
Rogers Cablesystems of America,
Inc. Cl-B
10.00%, 03/15/05............... 125 135,625
------------
1,667,250
------------
CHEMICALS -- 0.2%
American Pacific Corp. 144A
9.25%, 03/01/05................ 300 302,625
Lyondell Chemical Co.
10.875%, 05/01/09.............. 200 208,000
Sovereign Specialty Chemicals
Cl-B
9.50%, 08/01/07................ 250 248,750
------------
759,375
------------
CLOTHING & APPAREL -- 0.1%
Delta Mills, Inc.
9.625%, 09/01/07............... 75 52,500
Dyersburg Corp. Cl-B
9.75%, 09/01/07................ 175 69,125
Westpoint Stevens, Inc.
7.875%, 06/15/08............... 600 540,000
------------
661,625
------------
COMPUTER SERVICES & SOFTWARE -- 0.1%
Exodus Communications, Inc. 144A
11.25%, 12/15/09............... 250 255,625
Verio, Inc.
10.375%, 04/01/05.............. 150 152,438
------------
408,063
------------
CONSTRUCTION -- 0.0%
Newport News Shipbuilding, Inc.
8.625%, 12/01/06............... 150 149,438
------------
CONSUMER PRODUCTS & SERVICES -- 0.4%
Anchor Advanced Products, Inc.
11.75%, 04/01/04............... 600 516,000
Chattem, Inc.
12.75%, 06/15/04............... 350 373,625
Group Maintenance America Corp.
9.75%, 01/15/09................ 300 298,500
Herff Jones, Inc.
11.00%, 08/15/05............... 250 267,188
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Holmes Products Corp. Cl-B
9.875%, 11/15/07............... $ 200 $ 150,000
Protection One Alarm, Inc. [STEP]
13.625%, 06/30/05.............. 100 63,500
------------
1,668,813
------------
CONTAINERS & PACKAGING -- 0.3%
Consolidated Container Co. LLC
144A
10.125%, 07/15/09.............. 300 305,250
Container Corp. of America
9.75%, 04/01/03................ 150 154,125
11.25%, 05/01/04............... 100 104,500
Packaging Corp. of America, Inc.
9.625%, 04/01/09............... 600 618,750
U.S. Can Corp.
10.125%, 10/15/06.............. 150 156,000
------------
1,338,625
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 0.0%
HCC Industries, Inc.
10.75%, 05/15/07++............. 250 146,250
------------
ENTERTAINMENT & LEISURE -- 1.0%
Bally Total Fitness Holdings
Corp. Series C
9.875%, 10/15/07............... 225 218,813
Cinemark USA, Inc. Cl-B
8.50%, 08/01/08................ 350 306,250
Harrahs Operating Co., Inc.
7.875%, 12/15/05............... 600 579,000
Hollywood Park, Inc. Cl-B
9.25%, 02/15/07................ 400 397,000
Isle of Capri Casinos
8.75%, 04/15/09................ 650 601,249
Mohegan Tribal Gaming Authority
8.125%, 01/01/06............... 500 491,250
Park Place Entertainment, Inc.
7.875%, 12/15/05............... 600 576,000
Premier Parks, Inc.
9.75%, 06/15/07................ 250 250,000
9.402%, 04/01/08 [STEP]........ 350 238,000
Six Flags Entertainment Corp.
8.875%, 04/01/06............... 175 170,625
Time Warner Entertainment Co.
7.25%, 09/01/08................ 500 488,750
------------
4,316,937
------------
EQUIPMENT SERVICES -- 0.0%
Coinmach Corp. Cl-D
11.75%, 11/15/05............... 125 129,063
------------
FINANCIAL-BANK & TRUST -- 0.3%
Banesto Delaware
8.25%, 07/28/02................ 50 50,938
Bank of America Corp.
6.85%, 03/01/03................ 150 148,500
</TABLE>
64
<PAGE> 66
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Bank of Nova Scotia
6.25%, 09/15/08................ $ 50 $ 45,375
BankUnited Capital Trust Corp.
Cl-B 144A
10.25%, 12/31/26............... 250 245,624
CoreStates Home Equity Trust
Corp. Cl-A
6.65%, 05/15/09................ 30 30,119
MBNA Corp.
6.15%, 10/01/03................ 450 429,187
NationsBank Texas Corp.
6.75%, 08/15/00................ 150 150,188
Provident Bank Corp.
7.125%, 03/15/03............... 175 171,063
------------
1,270,994
------------
FINANCIAL SERVICES -- 0.8%
American Express Master Trust
7.60%, 08/15/02................ 500 505,424
Associates Corp. of North America
7.70%, 03/15/00................ 50 50,133
Chrysler Financial Corp.
8.46%, 01/19/00................ 200 200,148
Enhance Financial Services Group,
Inc.
6.75%, 03/01/03................ 300 295,500
Intertek Finance PLC Cl-B
10.25%, 11/01/06............... 250 233,750
Salomon Smith Barney Holdings,
Inc.
6.625%, 06/01/00............... 200 200,186
Salomon, Inc.
6.75%, 02/15/03................ 500 493,125
Simon Debartolo Group, Inc. L.P.
7.00%, 07/15/09................ 525 465,281
USF&G Capital II Cl-B
8.47%, 01/10/27................ 500 481,875
Wells Fargo & Co.
6.25%, 04/15/08................ 700 647,499
------------
3,572,921
------------
FOOD -- 0.4%
B&G Foods, Inc.
9.625%, 08/01/07............... 350 312,375
Doane Pet Care Co.
9.75%, 05/15/07................ 359 351,820
International Home Foods, Inc.
10.375%, 11/01/06.............. 600 621,000
Mrs. Fields Original Cookies Co.
10.125%, 12/01/04.............. 25 20,406
New World Pasta Co.
9.25%, 02/15/09................ 500 461,250
------------
1,766,851
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
HEALTHCARE SERVICES -- 0.2%
Quest Diagnostic, Inc.
10.75%, 12/15/06............... $ 125 $ 131,875
Tenet Healthcare Corp.
8.00%, 01/15/05................ 600 579,000
------------
710,875
------------
HOTELS & MOTELS -- 0.2%
Courtyard By Marriott
10.75%, 02/01/08............... 150 147,000
Host Marriott Travel Plaza Corp.
Cl-B
9.50%, 05/15/05................ 600 623,250
------------
770,250
------------
INDUSTRIAL PRODUCTS -- 0.5%
Fico [ZCB]
13.226%, 04/06/03.............. 1,000 802,953
Holmes Products Corp. Series D
9.875%, 11/15/07............... 250 187,500
Luigino's, Inc.
10.00%, 02/01/06............... 275 249,219
Paragon Corp. Holdings, Inc. Cl-B
9.625%, 04/01/08++............. 75 22,688
Westinghouse Air Brake Co.
9.375%, 06/15/05............... 1,000 995,000
------------
2,257,360
------------
INSURANCE -- 0.1%
New York Life Insurance Co. 144A
7.50%, 12/15/23................ 420 369,075
------------
MACHINERY & EQUIPMENT -- 0.1%
Hawk Corp.
10.25%, 12/01/03............... 600 582,000
------------
MEDICAL SUPPLIES & EQUIPMENT -- 0.1%
Dade International, Inc. Cl-B
11.125%, 05/01/06.............. 525 514,500
------------
METALS & MINING -- 0.0%
Freeport-McMoRan Resource
Partners, Inc. L.P.
7.00%, 02/15/08................ 150 136,125
------------
OFFICE EQUIPMENT -- 0.1%
Global Imaging Systems, Inc.
10.75%, 02/15/07............... 300 289,500
------------
OIL & GAS -- 0.2%
Frontier Oil Corp.
11.75%, 11/15/09............... 250 246,250
Nuevo Energy Co. 144A
9.50%, 06/01/08................ 600 600,750
Pride Petroleum Services, Inc.
9.375%, 05/01/07............... 250 250,625
------------
1,097,625
------------
</TABLE>
65
<PAGE> 67
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
PAPER & FOREST PRODUCTS -- 0.2%
International Paper Co.
6.875%, 04/15/29............... $ 1,000 $ 866,250
Repap New Brunswick Corp.
9.00%, 06/01/04................ 75 73,500
11.50%, 06/01/04............... 150 156,375
------------
1,096,125
------------
PHARMACEUTICALS -- 0.0%
Owens & Minor, Inc.
10.875%, 06/01/06.............. 75 77,250
------------
PRINTING & PUBLISHING -- 0.2%
Hollinger International
Publishing Co.
9.25%, 03/15/07................ 600 595,500
Sun Media Corp.
9.50%, 05/15/07................ 163 162,185
------------
757,685
------------
RESTAURANTS -- 0.0%
McDonald's Corp.
6.625%, 09/01/05............... 100 98,125
------------
RETAIL & MERCHANDISING -- 0.3%
Dayton Hudson Corp.
5.875%, 11/01/08............... 1,500 1,346,250
Wal-Mart Stores, Inc.
7.25%, 06/01/13................ 85 84,469
------------
1,430,719
------------
TELECOMMUNICATIONS -- 2.8%
Adelphia Communications
9.875%, 03/01/05............... 500 511,250
7.875%, 05/01/09............... 100 90,250
Alaska Communications Systems
9.375%, 05/15/09............... 250 243,125
AT&T Corp.
6.50%, 03/15/29................ 1,500 1,286,250
Comcast Cable Communication, Inc.
8.125%, 05/01/04............... 400 411,000
Communication & Power Industries,
Inc.
12.00%, 08/01/05............... 250 207,500
Energis PLC
9.75%, 06/15/09................ 600 630,000
Frontiervision L.P.
11.00%, 10/15/06............... 350 371,875
Hermes Europe Railtel BV, Inc.
10.375%, 01/15/09.............. 250 248,750
Intermedia Communications, Inc.
9.50%, 03/01/09................ 350 338,625
International Wire Group, Inc.
Cl-B
11.75%, 06/01/05............... 350 362,250
Lucent Technologies, Inc.
6.90%, 07/15/01................ 500 501,250
Mastec, Inc.
7.75%, 02/01/08................ 250 243,750
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Metromedia Fiber Network, Inc.
Cl-B
10.00%, 11/15/08............... $ 300 $ 308,250
MetroNet Communications Corp.
[STEP]
8.759%, 06/15/08............... 800 630,000
Nextel Communications, Inc.
[STEP]
10.225%, 10/31/07.............. 575 412,563
NTL, Inc. Cl-B [STEP]
10.534%, 04/01/08.............. 900 627,750
Orange PLC
9.00%, 06/01/09................ 600 637,500
Price Communications Wireless,
Inc. Cl-B
9.125%, 12/15/06............... 350 358,750
PSINet, Inc. Cl-B
10.00%, 02/15/05............... 150 149,250
Qwest Communications
International, Inc.
7.50%, 11/01/08................ 75 73,031
Sprint Capital Corp.
6.125%, 11/15/08............... 1,000 906,250
United Telecommunications, Inc.
9.75%, 04/01/00................ 250 251,875
Voicestream Wireless Holdings
144A
10.375%, 11/15/09.............. 600 616,500
Worldcom, Inc.
7.75%, 04/01/07................ 1,500 1,528,124
------------
11,945,718
------------
TRANSPORTATION -- 0.1%
Allied Holdings, Inc. Cl-B
8.625%, 10/01/07............... 175 155,750
Avis Rent A Car, Inc.
11.00%, 05/01/09............... 300 317,250
Union Tank Car Co.
7.125%, 02/01/07............... 150 147,000
------------
620,000
------------
UTILITIES -- 0.6%
Citizens Utilities Co.
8.45%, 09/01/01................ 335 342,956
Energy Corp. of America Cl-A
9.50%, 05/15/07................ 250 182,500
Entergy Louisiana, Inc.
6.50%, 03/01/08................ 1,000 911,249
National Rural Utilities Corp.
5.70%, 01/15/10................ 1,000 872,500
</TABLE>
66
<PAGE> 68
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Pacific Gas & Electric Co.
6.75%, 12/01/00................ $ 200 $ 201,000
Public Service Electric & Gas Co.
7.00%, 09/01/24................ 300 262,500
Southern California Edison Corp.
6.50%, 06/01/01................ 100 99,625
------------
2,872,330
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $52,914,193)................. 49,992,618
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 9.0%
Federal Farm Credit Bank
5.86%, 03/03/06................ 2,416 2,284,401
------------
Federal National Mortgage Assoc.
5.25%, 01/15/09................ 2,000 1,763,610
7.00%, 04/18/22................ 1,000 995,854
------------
2,759,464
------------
Government National Mortgage
Assoc.
6.00%, 10/15/23-05/15/26....... 2,374 2,163,991
6.50%, 02/15/24-05/29/29....... 21,747 20,470,647
7.00%, 09/15/23-04/15/28....... 6,028 5,830,010
7.50%, 06/15/24................ 5,359 5,302,078
8.00%, 05/15/16-06/15/26....... 527 532,474
8.50%, 06/15/16-10/15/26....... 903 929,017
9.50%, 10/15/09-03/15/19....... 18 19,099
10.00%, 11/15/09............... 5 5,919
10.50%, 08/15/15............... 4 4,135
11.50%, 06/15/10-09/15/15...... 45 50,661
12.00%, 09/15/13-01/15/14...... 3 3,032
------------
35,311,063
------------
Tennessee Valley Authority
6.875%, 12/15/43............... 40 35,950
7.25%, 07/15/43................ 20 18,875
------------
54,825
------------
(Cost $42,274,503)............... 40,409,753
------------
U.S. TREASURY OBLIGATIONS -- 16.4%
U.S. Treasury Bonds
11.625%, 11/15/02.............. 100 113,606
7.125%, 02/15/23............... 240 249,859
7.625%, 02/15/25............... 300 332,687
6.875%, 08/15/25............... 300 305,616
6.00%, 02/15/26................ 100 91,527
6.75%, 08/15/26................ 11,325 11,379,725
6.625%, 02/15/27............... 3,250 3,223,406
5.50%, 08/15/28................ 7,000 5,975,094
------------
21,671,520
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
U.S. Treasury Notes
6.875%, 03/31/00............... $ 3,473 $ 3,485,459
6.25%, 05/31/00................ 2,100 2,069,677
6.125%, 09/30/00-08/15/07...... 2,150 2,101,911
5.625%, 11/30/00-05/15/08...... 28,375 27,211,380
5.75%, 08/15/03................ 665 651,603
7.50%, 02/15/05................ 250 260,819
5.875%, 11/15/05............... 12,425 12,067,737
6.50%, 10/15/06................ 3,850 3,841,177
------------
51,689,763
------------
(Cost $76,883,158)............... 73,361,283
------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 0.2%
Advanta Home Equity Loan Trust
1993-1 Cl-A2
5.95%, 05/25/09
(Cost $1,142,162)................ 1,150 1,096,503
------------
COMMERCIAL PAPER -- 1.7%
Corporate Asset Funding Co.
6.00%, 02/02/00+............... 5,000 4,972,889
Dexia Finance Co.
6.00%, 01/28/00+............... 2,000 1,991,000
Harvard (Pres & Fellows of)
University
5.00%, 01/03/00................ 818 817,773
------------
(Cost $7,782,106)................ 7,781,662
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000)
---------
<S> <C> <C>
FOREIGN BONDS -- 0.0%
OIL & GAS
BG Transco Holdings PLC -- (GBP)
7.05%, 12/14/09............... 5 8,127
4.18%, 12/14/22............... 5 8,056
7.00%, 12/16/24............... 5 7,847
------------
(Cost $28,978).................. 24,030
------------
</TABLE>
67
<PAGE> 69
AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
SHARES VALUE
---------- -----------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 2.9%
Temporary Investment Cash Fund
(Cost $13,199,384)............ 13,199,384 $13,199,384
-----------
TOTAL INVESTMENTS -- 101.9%
(Cost $358,841,482)............... 456,046,882
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (1.9)%.................. (8,504,517)
-----------
NET ASSETS -- 100.0%................ $447,542,365
===========
</TABLE>
- --------------------------------------------------------------------------------
Unless otherwise noted, all stocks are common stock.
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
+ Security is restricted as to resale and may not be resold except to qualified
institutional buyers. At the end of the year, these securities amounted to
1.6% of net assets.
++ Illiquid security. At the end of the year, 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 year, these securities amounted
to 0.5% of net assets.
See Notes to Financial Statements.
68
<PAGE> 70
AST PIMCO TOTAL RETURN BOND PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 25.4%
Federal Home Loan Mortgage Corp.
6.56%, 02/01/24............... $ 715 $ 729,751
8.25%, 08/01/17............... 212 215,767
--------------
945,518
--------------
Federal Home Loan Mortgage Corp.
[IO]
7.00%, 04/25/19++............. 70 4,002
--------------
Federal National Mortgage Assoc.
5.50%, 01/14/29............... 20,000 17,596,876
5.754%, 10/01/27.............. 653 639,229
5.754%, 01/01/28-06/01/28
[VR]........................ 1,303 1,274,854
6.00%, 07/01/12-12/01/28...... 60,001 56,185,357
6.50%, 05/18/23-01/19/30...... 17,514 16,892,121
6.54%, 11/01/27............... 18,133 17,974,256
6.90%, 05/25/23............... 236 206,227
7.00%, 05/25/08 [IO]++........ 236 47,521
7.036%, 01/01/24.............. 103 105,123
7.50%, 04/01/24............... 1,997 1,976,054
9.40%, 07/25/03............... 89 91,591
--------------
112,989,209
--------------
Government National Mortgage Assoc.
6.125%, 10/20/23-12/20/26..... 20,571 20,865,681
6.375%, 03/20/17-02/20/27..... 27,144 27,502,239
6.50%, 09/15/23-01/25/30...... 62,449 57,607,324
6.625%, 08/20/23-09/20/24..... 8,707 8,802,521
7.00%, 01/25/00............... 8,100 7,821,603
7.50%, 12/20/23............... 252 248,688
--------------
122,848,056
--------------
Student Loan Marketing Assoc.
5.439%, 04/25/04 [FRN]........ 3,748 3,739,948
5.544%, 04/25/07.............. 14,694 14,621,606
--------------
18,361,554
--------------
(Cost $260,558,607)............. 255,148,339
--------------
U.S. TREASURY OBLIGATIONS -- 4.3%
U.S. Treasury Bills
4.68%, 02/10/00#.............. 480 477,400
4.71%, 02/17/00#.............. 1,145 1,137,674
--------------
1,615,074
--------------
U.S. Treasury Bonds
8.00%, 11/15/21............... 4,600 5,223,041
--------------
U.S. Treasury Inflationary Bonds
3.625%, 07/15/02-01/15/08..... 26,100 26,615,460
3.875%, 01/15/09-04/15/29..... 5,300 5,134,260
--------------
31,749,720
--------------
U.S. Treasury Notes
5.50%, 02/29/00#.............. 4,790 4,792,259
--------------
(Cost $43,475,858).............. 43,380,094
--------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS -- 31.9%
Chase Series 1999-S8 Cl-A1
6.35%, 06/25/29............... $ 7,000 $ 6,894,017
Citicorp Mortgage Securities,
Inc. [VR]
6.615%, 10/25/22.............. 266 267,149
CMC Securities Corp. III Series
1998-1 Cl-A19
6.75%, 05/25/28............... 36,592 33,800,879
Conseco Finance Home Improvement
Series 1999-G Cl-M1
8.88%, 06/15/24............... 9,250 9,085,234
Contimortgage Home Equity Loan
Trust Cl-A2
5.448%, 10/15/12.............. 5,124 5,106,109
Countrywide Home Loans [VR]
6.831%, 03/25/24.............. 149 148,591
8.018%, 11/25/24.............. 61 61,328
Countrywide Home Loans Series
1999-7 Cl-A3
6.25%, 06/25/14............... 9,799 9,040,094
Credit Suisse First Boston, Inc.
Series 1998-1 Cl-A5
6.75%, 07/25/28............... 3,500 3,220,893
DLJ Mortgage Acceptance Corp.
Series 1999-1 Cl-1A3
6.625%, 01/25/29.............. 18,800 17,074,442
First Plus Home Loan Trust
Series 1998-5 Cl-A3 [VR]
6.06%, 09/10/11............... 10,000 9,969,150
Freddie Mac Series 2145 CL-MZ
6.50%, 04/15/29............... 10,494 8,313,090
Green Tree Financial Corp. 1999
Cl-A5
7.86%, 04/01/31............... 10,400 10,278,072
Green Tree Recreational
Equipment Series 1999-A Cl-A4
6.43%, 04/17/06............... 2,000 1,987,520
Mellon Bank Home Equity
Installment Loan Series 1999-1
Cl-A1
5.90%, 06/25/01............... 18,993 18,840,579
Merrill Lynch Mortgage
Investors, Inc. 1998-C3 C1-A1
5.65%, 12/15/30............... 8,071 7,612,962
PNC Mortgage Securities Corp.
Series 1997-3 Cl-2A4
7.50%, 05/25/27............... 14,559 14,114,290
PNC Mortgage Securities Corp.
Series 1998-1 Cl-5A4
6.988%, 02/25/28.............. 18,835 17,675,418
PNC Mortgage Securities Corp.
Series 1999-5 Cl-1A9
6.30%, 06/25/29............... 66,610 63,383,411
Prudential-Bache Trust
8.40%, 03/20/21............... 1,589 1,620,578
</TABLE>
69
<PAGE> 71
AST PIMCO TOTAL RETURN BOND PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Residential Funding Mortgage
Securities 1999-S16 Cl-A4
6.75%, 07/30/29............... $ 10,000 $ 9,147,850
Residential Funding Mortgage
Securities Series 1998-S30
Cl-A6
6.50%, 12/25/28.............. 32,539 29,348,331
Rothschild, (L.F.) Mortgage
Trust
9.95%, 08/01/17.............. 981 1,037,815
Salomon Brothers Mortgage
1999-3-A
5.97%, 05/25/29.............. 15,907 15,878,260
Structured Asset Mortgage
Investments, Inc.
6.30%, 04/25/29.............. 28,519 27,359,275
--------------
(Cost $337,208,591)............. 321,265,337
--------------
CORPORATE OBLIGATIONS -- 44.1%
AIRLINES -- 2.5%
American Airlines, Inc.
10.19%, 05/26/15............. 250 284,718
Continental Airlines, Inc.
6.954%, 02/02/11............. 14,994 14,335,657
United Air Lines, Inc.
10.36%, 11/13/12............. 6,925 7,709,949
10.36%, 11/27/12............. 500 567,625
10.02%, 03/22/14............. 2,000 2,142,080
--------------
25,040,029
--------------
CONGLOMERATES -- 1.2%
Phillip Morris Companies, Inc.
[VR]
6.15%, 03/15/00.............. 11,600 11,571,000
--------------
ENTERTAINMENT & LEISURE -- 0.1%
Time Warner, Inc.
7.975%, 08/15/04............. 262 267,240
8.11%, 08/15/06.............. 525 538,125
8.18%, 08/15/07.............. 525 541,406
--------------
1,346,771
--------------
FINANCIAL-BANK & TRUST -- 8.0%
Citicorp [FRN]
5.443%, 02/29/00............. 6,000 6,020,340
Household Bank [FRN]
5.188%, 10/22/03............. 11,750 11,678,913
Korea Development Bank 144A
7.154%, 10/06/00............. 13,000 12,902,500
LG&E Capital Corp. 144A
6.205%, 05/01/04............. 5,000 4,800,000
PNC Bank Corp. NA [FRN]
5.35%, 01/03/00.............. 20,000 19,987,959
Popular North America, Inc. Cl-D
6.625%, 01/15/04............. 11,500 11,073,431
Westdeutsche Landesbank
6.05%, 01/15/09.............. 15,000 13,500,000
--------------
79,963,143
--------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
FINANCIAL SERVICES -- 18.9%
Avco Financial Services, Inc.
5.75%, 01/23/01.............. $ 7,850 $ 7,761,688
Chrysler Financial Corp. [FRN]
5.489%, 06/11/01............. 5,000 4,997,990
5.579%, 01/30/02............. 10,000 9,979,850
Cincinnati Financial Corp.
6.90%, 05/15/28.............. 24,070 21,031,163
Ford Motor Credit Co.
6.391%, 04/28/05 [FRN]....... 19,970 19,836,301
General Motors Acceptance Corp.
5.55%, 09/15/03.............. 3,000 2,838,750
5.62%, 04/05/04[FRN]......... 10,000 9,964,000
6.85%, 06/17/04.............. 2,000 1,972,500
Goldman Sachs Group [FRN] 144A
6.312%, 02/25/02............. 20,000 19,995,400
Household Finance Corp. [FRN]
5.607%, 06/17/05............. 30,500 30,327,156
Lehman Brothers Holdings, Inc.
Cl-E [FRN]
6.979%, 04/02/02............. 10,400 10,436,587
Merrill Lynch & Co., Inc.
5.08%, 01/23/01.............. 2,650 2,654,161
6.375%, 10/15/08 [FRN]....... 10,000 9,212,500
New England Educational Loan
Marketing Assoc. Cl-B [FRN]
144A
5.681%, 06/11/01............. 10,000 9,996,560
St. George Holdings [FRN] 144A
5.25%, 07/01/01.............. 30,000 29,953,125
--------------
190,957,731
--------------
HEALTHCARE SERVICES -- 0.2%
Tenet Healthcare Corp.
8.00%, 01/15/05.............. 2,000 1,930,000
--------------
INSURANCE -- 1.5%
Gold Eagle Capital 144A
11.453%, 04/16/01............ 10,000 9,996,875
Residential Reinsurance [VR]
144A
9.77%, 03/01/00.............. 5,000 4,968,750
--------------
14,965,625
--------------
OIL & GAS -- 1.9%
Conoco, Inc.
5.90%, 04/15/04.............. 20,000 19,100,000
--------------
RAILROADS -- 0.5%
Union Pacific Co.
7.875%, 02/15/02............. 5,000 5,050,000
--------------
REAL ESTATE -- 0.5%
Spieker Properties, Inc. L.P.
6.95%, 12/15/02.............. 5,000 4,893,750
--------------
TELECOMMUNICATIONS -- 5.8%
AT&T Capital Corp. Cl-F
6.25%, 05/15/01.............. 13,100 12,985,375
Sprint Corp.
9.50%, 04/01/03.............. 22,500 23,995,260
</TABLE>
70
<PAGE> 72
AST PIMCO TOTAL RETURN BOND PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
TCI Communications, Inc. [FRN]
5.985%, 03/11/00............. $ 10,000 $ 10,096,000
US West Communications
7.20%, 11/10/26.............. 13,250 11,528,746
--------------
58,605,381
--------------
UTILITIES -- 3.0%
CMS Energy Corp.
8.125%, 05/15/02............. 5,000 4,950,000
Connecticut Light & Power Co.
144A
8.59%, 06/05/03.............. 5,000 4,856,600
Connecticut Light & Power Co.
Cl-C
7.75%, 06/01/02.............. 4,000 4,005,000
Louisiana Power & Light Corp.
7.74%, 07/01/02.............. 1,890 1,890,000
Petroleos Mexicanos Co. [FRN]
144A
8.799%, 07/15/05............. 10,000 9,812,500
Western Resources, Inc.
6.875%, 08/01/04............. 5,400 5,145,892
--------------
30,659,992
--------------
TOTAL CORPORATE OBLIGATIONS
(Cost $451,316,794)............... 444,083,422
--------------
SOVEREIGN ISSUES -- 1.5%
ARGENTINA -- 1.0%
Province of Buenos Aires 144A
12.50%, 03/15/02............. 10,000 10,100,000
--------------
PHILIPPINES -- 0.5%
Bangko Sentral Pilipinas
8.60%, 06/15/27.............. 6,000 5,071,974
--------------
TOTAL SOVEREIGN ISSUES
(Cost $15,058,474)................ 15,171,974
--------------
PRINCIPAL
IN LOCAL
CURRENCY
(000)
----------
FOREIGN BONDS -- 3.6%
NEW ZEALAND -- 0.7%
Inter-American Development Bank
5.75%, 04/15/04.............. 5,700 2,776,468
New Zealand Government
10.00%, 03/15/02............. 3,900 2,176,108
5.50%, 04/15/03.............. 3,900 1,955,257
--------------
6,907,833
--------------
UNITED KINGDOM -- 2.9%
United Mexican States [FRN]
6.25%, 06/27/02............... $ 10,000 $ 9,824,530
6.768%, 06/27/02 144A......... 20,000 19,850,000
--------------
29,674,530
--------------
TOTAL FOREIGN BONDS
(Cost $36,887,501)................ 36,582,363
--------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
BANK LOAN OBLIGATIONS -- 0.1%
Allied Waste Industries, Inc.
8.467%, 07/30/01++
(Cost $994,306)................. 995 991,228
--------------
<CAPTION>
SHARES
------
SHORT-TERM INVESTMENTS -- 2.9%
Temporary Investment Cash
Fund.......................... 14,481,737 14,481,737
Temporary Investment Fund....... 14,481,737 14,481,737
--------------
(Cost $28,963,474).............. 28,963,474
--------------
TOTAL INVESTMENTS -- 113.8% (Cost
$1,174,463,605)................... 1,145,586,231
--------------
PAR
(000)
----------
<S> <C> <C>
REVERSE REPURCHASE
AGREEMENTS -- (3.7)%
Credit Suisse
5.84%, due 01/26/00, dated
11/24/99..................... $ 1,168 (1,175,200)
Goldman Sachs
5.80%, due 01/26/00, dated
10/25/99..................... 24,085 (24,348,864)
Morgan Stanley
5.95%, due 01/26/00, dated
11/18/99..................... 4,958 (4,994,056)
Morgan Stanley
5.97%, due 01/26/00, dated
12/17/99..................... 7,122 (7,139,716)
--------------
(Cost $(37,333,000))............ (37,657,836)
--------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER
OF
CONTRACTS
---------
<S> <C> <C>
WRITTEN OPTIONS -- (0.1)%
CALL OPTIONS
10 Year March U.S. Treasury Bond
Futures, Strike Price $98,
Expires 02/18/00.............. 6,560 (41,000)
PUT OPTIONS
10 Year March U.S. Treasury Bond
Futures, Strike Price $88,
Expires 02/18/00.............. 2,330 (105,579)
10 Year March U.S. Treasury Bond
Futures, Strike Price $90,
Expires 02/18/00.............. 4,230 (429,609)
December 00 Euro Dollar Futures,
Strike Price 93.50, Expires
12/18/00..................... 3,850 (567,875)
--------------
(1,103,063)
--------------
TOTAL WRITTEN OPTIONS
(Cost $(862,050))................. (1,144,063)
--------------
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (10.0)%................. (101,021,310)
--------------
NET ASSETS -- 100.0%................ $1,005,763,022
==============
</TABLE>
71
<PAGE> 73
AST PIMCO TOTAL RETURN BOND PORTFOLIO
- --------------------------------------------------------------------------------
Foreign currency exchange contracts outstanding at December 31, 1999:
<TABLE>
<CAPTION>
IN
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE TO DELIVER FOR AT VALUE APPRECIATION
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
01/00 Sell NZD 5,648,000 $2,960,258 $2,947,500 $12,758
========== ========== =======
# Securities with an aggregate market value of $6,407,333 have been segregated
with the custodian to cover margin requirements for the following open
futures contracts at December 31, 1999:
</TABLE>
<TABLE>
<CAPTION>
NUMBER
EXPIRATION OF UNREALIZED
DESCRIPTION MONTH CONTRACTS DEPRECIATION
- ------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Treasury 10 Year
Note................... 03/00 1,727 $3,452,922
Euro Dollar.............. 09/00 EUR 436 536,313
Euro Dollar.............. 12/00 EUR 361 423,463
Euro Dollar.............. 03/01 EUR 200 30,000
----------
$4,442,698
==========
</TABLE>
Interest rate swap agreements outstanding at December 31, 1999:
<TABLE>
<CAPTION>
NOTIONAL
EXPIRATION AMOUNT UNREALIZED
DESCRIPTION MONTH (000) DEPRECIATION
- -----------------------------------------------------------------------
<S> <C> <C> <C> <C>
Receive variable rate
payments on the six
month LIBOR-BBA floating
rate and pay fixed rate
payments on the then-
current Japanese
10 Year Government
Bonds with a spread of:
2.295.................. 04/08 JPY 580,000 $208,067
2.305.................. 04/08 JPY 377,000 138,306
--------
$346,373
========
</TABLE>
Credit default swap agreements outstanding at December 31, 1999:
<TABLE>
<CAPTION>
NOTIONAL
EXPIRATION AMOUNT UNREALIZED
DESCRIPTION MONTH (000) DEPRECIATION
- ----------------------------------------------------------------------
<S> <C> <C> <C>
Credit default swap on Republic of
Argentina Bonds
5.70%....................... 03/01 $1,000 $30,373
6.15%....................... 03/01 500 18,899
-------
$49,272
=======
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
+ Reverse repurchase agreements are collateralized by $39,868,163 Government
National Mortgage Assoc., 6.125%-6.625%, maturing 06/20/22-12/20/26.
++ Illiquid security. At the end of the year, 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 year, these securities amounted
to 11.9% of net assets.
See Notes to Financial Statements.
72
<PAGE> 74
AST INVESCO EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 74.3%
AEROSPACE -- 3.4%
General Motors Corp. Cl-H*.... 183,100 $ 17,577,599
Honeywell International,
Inc. ....................... 211,700 12,212,444
Northrop Grumman Corp. ....... 105,000 5,676,563
--------------
35,466,606
--------------
AUTOMOBILE MANUFACTURERS -- 1.0%
Ford Motor Co. ............... 200,000 10,687,500
--------------
BEVERAGES -- 3.2%
Anheuser-Busch Companies,
Inc. ....................... 185,500 13,147,313
Coca-Cola Co. ................ 163,000 9,494,750
Coors, (Adolph) Co. Cl-B...... 200,000 10,500,000
--------------
33,142,063
--------------
BROADCASTING -- 1.6%
AT&T Corp. Liberty Media Group
Cl-A*....................... 295,200 16,752,600
--------------
CHEMICALS -- 0.3%
Lyondell Chemical Co. ........ 252,000 3,213,000
--------------
COMPUTER SERVICES & SOFTWARE -- 3.3%
America Online, Inc.*......... 82,600 6,231,138
Computer Associates
International, Inc. ........ 113,800 7,958,888
Microsoft Corp.*.............. 142,000 16,578,499
SAP AG [ADR]*................. 70,000 3,644,375
--------------
34,412,900
--------------
CONGLOMERATES -- 1.5%
Philip Morris Companies,
Inc. ....................... 225,000 5,217,188
Textron, Inc. ................ 138,000 10,582,875
--------------
15,800,063
--------------
CONSUMER PRODUCTS & SERVICES -- 2.4%
Colgate-Palmolive Co. ........ 186,100 12,096,500
Procter & Gamble Co. ......... 115,000 12,599,688
--------------
24,696,188
--------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 4.8%
General Electric Co. ......... 160,000 24,760,000
Tandy Corp. .................. 300,000 14,756,250
Texas Instruments, Inc. ...... 113,000 10,946,875
--------------
50,463,125
--------------
ENERGY SERVICES -- 0.4%
Scottish Power PLC [ADR]...... 145,000 4,060,000
--------------
ENTERTAINMENT & LEISURE -- 0.7%
Park Place Entertainment
Corp.*...................... 600,000 7,500,000
--------------
FINANCIAL-BANK & TRUST -- 6.6%
Bank of New York Co., Inc. ... 500,000 19,999,999
Charter One Financial,
Inc. ....................... 367,500 7,028,438
Chase Manhattan Corp. ........ 170,000 13,206,875
Morgan, (J.P.) & Co., Inc. ... 100,000 12,662,500
Summit Bancorp................ 200,000 6,125,000
Wells Fargo & Co. ............ 260,000 10,513,750
--------------
69,536,562
--------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FINANCIAL SERVICES -- 2.5%
Citigroup, Inc. .............. 250,000 $ 13,890,625
Morgan Stanley, Dean Witter &
Co. ........................ 85,000 12,133,750
--------------
26,024,375
--------------
FOOD -- 3.4%
General Mills, Inc. .......... 280,000 10,010,000
Heinz, (H.J.) Co. ............ 200,000 7,962,500
Kellogg Co. .................. 200,000 6,162,500
Quaker Oats Co. .............. 180,000 11,812,500
--------------
35,947,500
--------------
HOTELS & MOTELS -- 0.6%
Hilton Hotels Corp. .......... 290,000 2,791,250
Marriott International, Inc.
Cl-A........................ 117,700 3,714,906
--------------
6,506,156
--------------
INSURANCE -- 3.3%
Allmerica Financial Corp. .... 325,363 18,098,317
Ohio Casualty Corp. .......... 300,000 4,818,750
Travelers Property Casualty
Corp. Cl-A.................. 330,000 11,302,500
--------------
34,219,567
--------------
MEDICAL SUPPLIES & EQUIPMENT -- 1.1%
Medtronic, Inc. .............. 313,000 11,404,938
--------------
METALS & MINING -- 0.2%
Newmont Mining Corp. ......... 100,994 2,474,353
--------------
OIL & GAS -- 6.2%
Apache Corp. ................. 256,600 9,478,163
Atlantic Richfield Co. ....... 117,500 10,163,750
Exxon Mobil Corp. ............ 158,800 12,793,324
Royal Dutch Petroleum Co. .... 160,000 9,670,000
Schlumberger Ltd. ............ 220,000 12,374,999
Transocean Sedco Forex,
Inc.*....................... 42,592 1,420,177
Unocal Corp. ................. 257,000 8,625,563
--------------
64,525,976
--------------
PAPER & FOREST PRODUCTS -- 1.9%
Champion International
Corp. ...................... 147,700 9,148,169
Weyerhaeuser Co. ............. 142,900 10,262,006
--------------
19,410,175
--------------
PHARMACEUTICALS -- 6.5%
American Home Products
Corp. ...................... 220,000 8,676,250
Bristol-Meyers Squibb Co. .... 180,000 11,553,750
Merck & Co., Inc. ............ 182,000 12,205,374
Pfizer, Inc. ................. 125,000 4,054,688
Pharmacia & Upjohn, Inc. ..... 109,800 4,941,000
SmithKline Beecham PLC
[ADR]....................... 135,800 8,750,613
Warner-Lambert Co. ........... 225,000 18,435,937
--------------
68,617,612
--------------
</TABLE>
73
<PAGE> 75
AST INVESCO EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RAILROADS -- 3.1%
Kansas City Southern
Industries, Inc. ........... 363,000 $ 27,088,875
Norfolk Southern Corp. ....... 260,000 5,330,000
--------------
32,418,875
--------------
RESTAURANTS -- 1.1%
McDonald's Corp. ............. 291,000 11,730,938
--------------
RETAIL & MERCHANDISING -- 4.4%
Circuit City Stores, Inc. .... 200,000 9,012,500
Dayton-Hudson Corp.*.......... 250,000 18,359,375
Penney, (J.C.) Co., Inc. ..... 220,000 4,386,250
Wal-Mart Stores, Inc. ........ 206,000 14,239,750
--------------
45,997,875
--------------
SEMICONDUCTORS -- 2.3%
Intel Corp. .................. 200,000 16,462,500
Maxim Integrated Products,
Inc.*....................... 168,000 7,927,500
--------------
24,390,000
--------------
TELECOMMUNICATIONS -- 6.7%
AT&T Corp. ................... 150,000 7,612,500
Bell Atlantic Corp. .......... 200,000 12,312,500
Bellsouth Corp. .............. 120,000 5,617,500
Cable & Wireless
Communications.............. 100,000 5,293,750
Nextel Communications, Inc.
Cl-A*....................... 100,000 10,312,500
SBC Communications, Inc. ..... 308,500 15,039,374
U.S. West, Inc. .............. 200,000 14,400,000
--------------
70,588,124
--------------
TRANSPORTATION -- 0.6%
Galileo International,
Inc. ....................... 205,000 6,137,188
--------------
UTILITIES -- 1.2%
Alliant Energy Corp. ......... 88,400 2,431,000
Duke Energy Corp. ............ 100,000 5,012,500
PG&E Corp. ................... 230,000 4,715,000
--------------
12,158,500
--------------
TOTAL COMMON STOCK
(Cost $615,720,760)............. 778,282,759
--------------
PREFERRED STOCK -- 0.1%
METALS & MINING -- 0.1%
Kinam Gold, Inc.
$3.75 Cl-B.................. 20,000 527,500
--------------
TELECOMMUNICATIONS -- 0.0%
Global Crossing Holdings Ltd.
10.50% [PIK]................ 10,000 1,007,500
--------------
TOTAL PREFERRED STOCK
(Cost $2,001,575)............... 1,535,000
--------------
PAR
(000) VALUE
----- ----
CORPORATE OBLIGATIONS -- 19.8%
AIRLINES -- 0.4%
Delta Air Lines, Inc. 10.375%,
12/15/22.................... $ 3,500 $ 4,042,500
--------------
BUILDING MATERIALS -- 0.3%
USG Corp.
8.50%, 08/01/05............. 3,500 3,577,483
--------------
BUSINESS SERVICES -- 0.5%
Intermedia Communications,
Inc. [STEP]
12.25%, 03/01/09............ 2,600 1,573,000
NEXTLINK Communications, Inc.
12.50%, 04/15/06............ 1,000 1,072,500
9.625%, 10/01/07............ 2,500 2,462,500
--------------
5,108,000
--------------
CABLE TELEVISION -- 1.0%
Comcast U.K. Cable Corp.
[STEP]
10.243%, 11/15/07........... 4,000 3,805,000
Diamond Cable Communications
Co. [STEP]
13.25%, 09/30/04............ 1,000 1,061,250
Diamond Cable Communications
PLC [STEP]
15.643%, 12/15/05........... 1,500 1,425,000
International CableTel, Inc.
Cl-B [STEP]
9.683%, 02/01/06............ 1,500 1,357,500
Telewest Communications PLC
[STEP]
10.361%, 10/01/07........... 3,500 3,272,500
--------------
10,921,250
--------------
CHEMICALS -- 0.3%
Equistar Chemicals L.P.
7.55%, 02/15/26............. 2,225 1,757,750
Huntsman ICI Chemicals 144A
10.125%, 07/01/09........... 1,000 1,035,000
--------------
2,792,750
--------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 0.2%
Jersey Central Power & Light
Co.
7.50%, 05/01/23............. 2,500 2,312,500
--------------
ENTERTAINMENT & LEISURE -- 0.2%
Aztar Corp. 144A
8.875%, 05/15/07............ 1,000 970,000
GCI, Inc.
9.75%, 08/01/07............. 1,000 953,750
--------------
1,923,750
--------------
ENVIRONMENTAL SERVICES -- 0.2%
Allied Waste North America Co.
144A 10.00%, 08/01/09....... 2,500 2,237,500
--------------
</TABLE>
74
<PAGE> 76
AST INVESCO EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----------- --------------
<S> <C> <C>
FINANCIAL SERVICES -- 0.2%
Associates Corp. of North
America Cl-E 7.375%,
06/11/07.................... $ 2,400 $ 2,387,926
--------------
HEALTHCARE SERVICES -- 0.1%
FHP International Corp. 7.00%,
09/15/03.................... 1,000 982,500
--------------
HOTELS & MOTELS -- 0.2%
Hilton Hotels Corp. 7.20%,
12/15/09.................... 2,000 1,742,500
--------------
INDUSTRIAL PRODUCTS -- 0.6%
Heritage Media Corp. 8.75%,
02/15/06.................... 1,500 1,531,875
Inland Steel Co. Cl-R 7.90%,
01/15/07.................... 2,000 2,012,500
National Steel Corp. 8.375%,
08/01/06.................... 1,500 1,432,500
Worldwide Fiber, Inc. 12.50%,
12/15/05.................... 1,500 1,571,250
--------------
6,548,125
--------------
INSURANCE -- 0.4%
The Equitable Companies, Inc.
9.00%, 12/15/04............. 4,035 4,287,188
--------------
MACHINERY & EQUIPMENT -- 0.3%
Nationsrent, Inc. 10.375%,
12/15/08.................... 1,950 1,925,625
United Rentals, Inc. 9.25%,
01/15/09.................... 750 723,750
--------------
2,649,375
--------------
OIL & GAS -- 1.7%
Atlantic Richfield Co.
10.875%, 07/15/05........... 3,000 3,498,750
Canadian Forest Oil Ltd.
8.75%, 09/15/07............. 1,500 1,436,250
Cliffs Drilling Co. Cl-B
10.25%, 05/15/03............ 1,900 1,947,500
CMS Panhandle Holding Co.
6.50%, 07/15/09............. 2,000 1,812,500
Gulf Canada Resources Ltd.
8.35%, 08/01/06............. 1,000 971,250
8.25%, 03/15/17............. 1,000 912,500
Exxon Mobil Corp. 8.625%,
08/15/21.................... 1,500 1,672,500
Noram Energy Corp. [CVT]
6.00%, 03/15/12............. 1,429 1,264,665
Ocean Energy, Inc. Cl-B
8.875%, 07/15/07............ 2,000 2,015,000
Sun Co., Inc. 9.375%,
06/01/16.................... 1,000 1,052,500
Veritas Holdings 9.625%,
12/15/03.................... 800 799,000
--------------
17,382,415
--------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----------- --------------
<S> <C> <C>
PAPER & FOREST PRODUCTS -- 0.9%
Bowater, Inc. 9.00%,
08/01/09.................... $ 2,000 $ 2,115,000
Chesapeake Corp. 7.20%,
03/15/05.................... 5,000 4,587,500
Quno Corp. 9.125%, 05/15/05... 2,150 2,263,709
--------------
8,966,209
--------------
PHARMACEUTICALS -- 0.1%
Pharmerica, Inc. 8.375%,
04/01/08.................... 2,000 1,500,000
--------------
PRINTING & PUBLISHING -- 0.3%
World Color Press, Inc. 7.75%,
02/15/09.................... 3,000 2,872,500
--------------
TELECOMMUNICATIONS -- 4.8%
AT&T Corp. 6.00%, 03/15/09.... 2,000 1,820,000
Call-Net Enterprises, Inc.
[STEP] 10.80%, 05/15/09..... 3,000 1,470,000
Centel Capital Corp. 9.00%,
10/15/19.................... 2,500 2,709,375
CF Cable TV, Inc. 11.625%,
02/15/05.................... 2,000 2,190,000
GTE Corp. 7.90%, 02/01/27..... 4,000 3,860,000
IXC Communications, Inc.
9.00%, 04/15/08............. 2,000 2,025,000
Level 3 Communications, Inc.
[STEP] 11.273%, 12/01/08.... 4,250 2,571,250
Lin Television Co. 8.375%,
03/01/08.................... 2,000 1,885,000
McLeodUSA, Inc. 9.50%,
11/01/08.................... 1,000 1,015,000
MetroNet Communications Corp.
[STEP] 10.75%, 11/01/07..... 1,750 1,445,938
8.265%, 06/15/08............ 7,700 6,063,749
Paramount Communication 8.25%,
08/01/22.................... 4,250 4,064,063
PSINet, Inc. Cl-B 10.00%,
02/15/05.................... 2,100 2,089,500
Qwest Communications
International, Inc. Cl-B
[STEP] 7.262%, 02/01/08..... 4,000 3,060,000
RCN Corp. 10.125%, 01/15/10... 1,500 1,500,000
Renaissance Media Group [STEP]
9.587%, 04/15/08............ 2,200 1,562,000
Rogers Cantel, Inc. 9.75%,
06/01/16.................... 1,500 1,695,000
TCI Telecommunications, Inc.
7.875%, 02/15/26............ 2,500 2,512,500
</TABLE>
75
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AST INVESCO EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----------- --------------
<S> <C> <C>
TeleCommunications, Inc.
9.80%, 02/01/12............. $ 2,000 $ 2,342,500
US West Communications 5.65%,
11/01/04.................... 5,000 4,683,485
--------------
50,564,360
--------------
UTILITIES -- 7.1%
Arizona Public Service Co.
8.00%, 02/01/25............. 3,000 2,850,000
Citizens Utilities Co. 7.00%,
11/01/25.................... 2,500 2,209,375
Cleveland Electric
Illuminating Co. 9.00%,
07/01/23.................... 1,000 992,500
Cleveland Electric
Illuminating Co. Cl-B 9.50%,
05/15/05.................... 3,000 3,116,250
Cleveland Electric
Illuminating Co. Cl-D 7.88%,
11/01/17.................... 2,500 2,384,375
Commonwealth Edison Co. 7.00%,
07/01/05.................... 2,500 2,440,625
8.25%, 10/01/06............. 2,000 2,042,500
8.625%, 02/01/22............ 1,700 1,706,375
Connecticut Light & Power Co.
Cl-C 8.50%, 06/01/24........ 5,000 4,892,629
Consumers Energy Co. 7.375%,
09/15/23.................... 2,500 2,231,250
Duquesne Light Co. 8.375%,
05/15/24.................... 1,000 983,750
El Paso Electric Co. 8.90%,
02/01/06.................... 4,250 4,404,063
El Paso Electric Co. Cl-C
8.25%, 02/01/03............. 1,500 1,516,875
Gulf Power Co. 6.875%,
01/01/26.................... 3,000 2,595,000
Gulf States Utilities 8.70%,
04/01/24.................... 1,000 967,500
Jersey Central Power & Light
Co. 7.98%, 02/16/23......... 1,500 1,438,125
Kentucky Utility Energy Corp.
7.55%, 06/01/25............. 1,500 1,391,250
Metropolitan Edison Co. Cl-B
8.15%, 01/30/23............. 2,975 2,874,686
New York State Electric & Gas
Corp. 8.30%, 12/15/22....... 1,400 1,368,500
8.30%, 12/15/22............. 475 466,094
Niagara Mohawk Power Corp.
8.75%, 04/01/22............. 118 117,558
8.50%, 07/01/23............. 1,627 1,598,528
Niagara Mohawk Power Corp.
Cl-G 7.75%, 10/01/08........ 1,500 1,501,875
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----------- --------------
<S> <C> <C>
Niagara Mohawk Power Corp.
Cl-H [STEP] 144A 7.562%,
07/01/10.................... $ 3,250 $ 2,486,250
Potomic Edison Co. 8.00%,
06/01/24.................... 2,000 1,922,500
7.75%, 05/01/25............. 3,400 3,191,750
Public Service Co. of New
Mexico Cl-A 7.10%,
08/01/05.................... 3,500 3,360,000
Public Service Electric & Gas
Co. 6.375%, 05/01/08........ 1,000 917,500
Public Service of Colorado
9.875%, 07/01/20............ 2,500 2,631,250
Southwestern Public Service
Co. 8.20%, 12/01/22......... 3,000 2,928,750
Union Electric Co. 8.25%,
10/15/22.................... 4,750 4,660,937
Western Massachusetts Electric
Co. Cl-V 7.75%, 12/01/02.... 2,000 1,987,894
Wisconsin Electric & Power
8.375%, 12/02/26............ 4,500 4,404,374
--------------
74,580,888
--------------
TOTAL CORPORATE OBLIGATIONS (Cost
$221,054,283)................... 207,379,719
--------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 0.8%
Federal Home Loan Mortgage
Corp. 6.50%, 09/01/11-
01/01/12
(Cost $8,958,136)............. 9,136 8,870,832
--------------
U.S. TREASURY OBLIGATIONS -- 0.8%
U.S. Treasury Notes 5.625%,
05/15/08.................... 6,250 5,881,600
6.00%, 08/15/09............. 2,750 2,665,923
--------------
(Cost $9,214,352)............. 8,547,523
--------------
</TABLE>
76
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 3.6%
Temporary Investment Cash
Fund........................ 18,820,366 $ 18,820,366
Temporary Investment Fund..... 18,820,365 18,820,365
--------------
(Cost $37,640,731)............ 37,640,731
--------------
TOTAL INVESTMENTS -- 99.4%
(Cost $894,589,837)............. 1,042,256,564
OTHER ASSETS LESS
LIABILITIES -- 0.6%............. 5,807,883
--------------
NET ASSETS -- 100.0%.............. $1,048,064,447
==============
</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 year, these securities amounted
to 0.3% of net assets.
See Notes to Financial Statements.
77
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 86.5%
ADVERTISING -- 4.8%
DoubleClick, Inc.*.............. 70,865 $ 17,933,274
Getty Images, Inc.*............. 114,165 5,579,814
Interep National Radio Sales,
Inc.*......................... 156,750 2,096,531
Lamar Advertising Co.*.......... 337,200 20,421,675
TMP Worldwide, Inc.*............ 161,130 22,880,461
--------------
68,911,755
--------------
BROADCASTING -- 8.6%
Acme Communications, Inc.*...... 158,970 5,285,753
ACTV, Inc.*..................... 314,925 14,388,136
Citadel Communications Corp.*... 340,085 22,063,014
Cox Radio, Inc. Cl-A*........... 149,780 14,940,555
Cumulus Media, Inc. Cl-A*....... 464,030 23,549,523
Entercom Communications
Corp.*........................ 113,075 7,462,950
NDS Group PLC*.................. 186,100 5,676,050
Radio One, Inc.*................ 256,170 23,567,639
Radio Unica Corp.*.............. 265,530 7,667,179
--------------
124,600,799
--------------
BUSINESS SERVICES -- 12.8%
Adelphia Business Solutions,
Inc.*......................... 349,925 16,796,399
AnswerThink Consulting Group,
Inc.*......................... 116,520 3,990,810
Appnet Systems, Inc.*........... 354,220 15,497,125
Breakaway Solutions, Inc.*...... 25,705 1,876,465
Brightpoint, Inc.*.............. 285,460 3,746,663
CIBER, Inc.*.................... 139,830 3,845,325
Digital Impact, Inc.*........... 163,510 8,195,939
El Sitio, Inc.*................. 51,520 1,893,360
F5 Networks, Inc.*.............. 37,320 4,254,480
Informatica Corp.*.............. 155,385 16,529,078
Interwoven, Inc.*............... 80,880 9,837,030
Jupiter Communications, Inc.*... 41,095 1,243,124
Liberate Technologies, Inc.*.... 188,200 48,367,399
Management Network Group,
Inc.*......................... 81,755 2,667,257
MessageMedia, Inc.*............. 115,725 1,627,383
Pegasus Systems, Inc.*.......... 109,135 6,582,205
Pfsweb, Inc.*................... 133,995 5,024,813
Phone.com, Inc.*................ 45,845 5,315,155
Rare Medium Group, Inc.*........ 280,215 9,562,337
Retek, Inc.*.................... 59,005 4,440,126
Tanning Technology Corp.*....... 109,680 6,464,265
Vitria Technology, Inc.*........ 32,880 7,693,920
--------------
185,450,658
--------------
CABLE TELEVISION -- 0.5%
Classic Communications, Inc.*... 177,870 6,503,372
--------------
CAPITAL GOODS -- 0.3%
Mettler-Toledo International,
Inc.*......................... 129,560 4,947,573
--------------
COMPUTER HARDWARE -- 0.8%
Insight Enterprises, Inc.*...... 240,047 9,751,910
Paradyne Networks, Inc.*........ 52,825 1,439,481
--------------
11,191,391
--------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMPUTER SERVICES & SOFTWARE -- 24.7%
Active Software, Inc.*.......... 36,865 $ 3,391,580
Audible, Inc.*.................. 88,200 1,323,000
Be Free, Inc.*.................. 34,735 2,496,578
Bluestone Software, Inc.*....... 41,195 4,737,425
Brio Technology, Inc.*.......... 201,360 8,457,120
Broadbase Software, Inc.*....... 107,700 12,116,250
BSQUARE Corp.*.................. 84,640 3,549,590
Concentric Network Corp.*....... 497,725 15,336,152
Cysive, Inc.*................... 27,355 1,971,270
E.piphany, Inc.*................ 30,165 6,730,566
Emulex Corp.*................... 87,840 9,882,000
Esoft, Inc.*.................... 119,315 3,475,049
Exactis.com, Inc.*.............. 199,685 4,854,842
Exodus Communications, Inc.*.... 426,670 37,893,628
Globix Corp.*................... 537,030 32,221,799
internet.com LLC*............... 77,200 4,033,700
Intertrust Technologies
Corp.*........................ 121,545 14,296,731
Jacada Ltd.*.................... 96,350 2,685,756
JNI Corp.*...................... 19,380 1,279,080
Kana Communications, Inc.*...... 35,735 7,325,675
Keynote Systems, Inc.*.......... 34,055 2,511,556
NaviSite, Inc.*................. 136,575 13,657,500
Netcentives, Inc.*.............. 137,445 8,564,542
Netiq Corp.*.................... 180,985 9,422,532
Ondisplay, Inc.*................ 16,240 1,475,810
Preview Systems, Inc.*.......... 93,300 6,052,838
Quest Software, Inc.*........... 32,030 3,267,060
Quintus Corp.*.................. 24,265 1,113,157
Radware Ltd.*................... 29,920 1,290,300
Razorfish, Inc.*................ 245,530 23,356,041
Scient Corp.*................... 139,770 12,081,369
Silverstream Software, Inc.*.... 78,270 9,314,130
Software.com, Inc.*............. 102,645 9,853,920
SonicWALL, Inc.*................ 22,420 902,405
Verio, Inc.*.................... 474,030 21,894,261
VerticalNet, Inc.*.............. 307,930 50,500,519
Xpedior, Inc.*.................. 117,230 3,370,363
--------------
356,686,094
--------------
CONSUMER PRODUCTS & SERVICES -- 0.6%
Action Performance Companies,
Inc.*......................... 126,715 1,457,223
Critical Path, Inc.*............ 66,990 6,322,181
Egreetings Network, Inc.*....... 95,960 971,595
--------------
8,750,999
--------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 4.0%
Applied Micro Circuits Corp.*... 120,730 15,362,893
Dionex Corp.*................... 287,965 11,860,558
Galileo Technology Ltd.*........ 253,680 6,120,030
Pittway Corp. Cl-A.............. 218,414 9,787,677
Sawtek, Inc.*................... 219,020 14,578,519
--------------
57,709,677
--------------
</TABLE>
78
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ENTERTAINMENT & LEISURE -- 2.6%
Ackerley Group, Inc. ........... 34,175 $ 619,422
Championship Auto Racing Teams,
Inc.*......................... 209,810 4,825,630
Launch Media, Inc.*............. 82,665 1,565,468
Playboy Enterprises, Inc.
Cl-B*......................... 243,115 5,910,733
Premier Parks, Inc.*............ 294,720 8,510,040
SFX Entertainment, Inc. Cl-A*... 460,235 16,654,755
--------------
38,086,048
--------------
FINANCIAL-BANK & TRUST -- 0.1%
Digital Insight Corp.*.......... 26,110 949,751
--------------
FINANCIAL SERVICES -- 0.6%
Investors Financial Service
Corp. ........................ 181,640 8,355,440
--------------
FOOD -- 0.5%
Whole Foods Market, Inc.*....... 149,925 6,952,772
--------------
HEALTHCARE SERVICES -- 0.8%
Accredo Health, Inc.*........... 149,925 4,610,194
Apria Healthcare Group, Inc.*... 373,340 6,696,786
--------------
11,306,980
--------------
INSURANCE -- 0.6%
Blanch, (E.W.) Holdings,
Inc. ......................... 79,185 4,850,081
StanCorp Financial Group,
Inc........................... 173,315 4,365,372
--------------
9,215,453
--------------
MEDICAL SUPPLIES & EQUIPMENT -- 1.6%
Celera Genomics Group*.......... 48,365 7,206,385
Invitrogen Corp.*............... 220,050 13,203,000
ViroPharma, Inc.*............... 54,630 2,021,310
--------------
22,430,695
--------------
PERSONAL SERVICES -- 0.4%
Career Education Corp.*......... 89,725 3,443,197
Corinthian Colleges, Inc.*...... 38,200 912,025
eCollege.com*................... 29,865 326,648
Lifeminders.com, Inc.*.......... 22,780 1,315,545
--------------
5,997,415
--------------
PHARMACEUTICALS -- 6.1%
Abgenix, Inc.*.................. 108,090 14,321,925
BioCryst Pharmaceuticals,
Inc.*......................... 198,400 5,852,800
Enzon, Inc.*.................... 854,050 37,044,418
Priority Healthcare Corp.
Cl-B*......................... 142,035 4,110,138
Professional Detailing, Inc.*... 103,620 3,102,124
QLT PhotoTherapeutics, Inc.*.... 410,040 24,089,850
--------------
88,521,255
--------------
PRINTING & PUBLISHING -- 0.9%
Valassis Communications,
Inc.*......................... 294,057 12,423,908
--------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RETAIL & MERCHANDISING -- 2.4%
Ames Department Stores, Inc.*... 272,005 $ 7,837,144
Calico Commerce, Inc.*.......... 57,130 3,027,890
Fogdog, Inc.*................... 52,890 502,455
Liquid Audio, Inc.*............. 133,395 3,501,619
pcOrder.com, Inc.*.............. 185,815 9,476,564
Rent-Way, Inc.*................. 206,490 3,858,782
School Specialty, Inc.*......... 398,055 6,020,582
SmarterKids.com, Inc.*.......... 66,890 484,953
--------------
34,709,989
--------------
SEMICONDUCTORS -- 6.5%
Alpha Industries, Inc.*......... 305,692 17,519,973
ATMI, Inc.*..................... 275,945 9,123,432
Quicklogic Corp.*............... 81,720 1,348,380
Rudolph Technologies, Inc.*..... 47,145 1,579,358
SDL, Inc.*...................... 244,970 53,403,459
Silicon Image, Inc.*............ 39,740 2,784,284
TriQuint Semiconductor, Inc.*... 54,295 6,040,319
Virata Corp.*................... 74,750 2,233,156
--------------
94,032,361
--------------
TELECOMMUNICATIONS -- 5.9%
Adaptive Broadband Corp.*....... 12,260 904,941
Caprock Communications Corp.*... 101,525 3,293,217
CTC Communications Group,
Inc.*......................... 135,605 5,290,714
Efficient Networks, Inc.*....... 25,300 1,720,400
Metasolv Software, Inc.*........ 39,140 3,199,695
Natural MicroSystems Corp.*..... 59,205 2,771,534
Pac-West Telecomm, Inc.*........ 233,560 6,189,340
Spanish Broadcasting Systems,
Inc.*......................... 434,580 17,491,844
Splitrock Services, Inc.*....... 245,715 4,883,586
Terayon Communication Systems,
Inc.*......................... 156,545 9,832,983
Viatel, Inc.*................... 316,225 16,957,566
WinStar Communications, Inc.*... 136,180 10,196,478
Z-Tel Technologies, Inc.*....... 44,355 1,790,833
--------------
84,523,131
--------------
UTILITIES -- 0.4%
Avista Corp. ................... 369,380 5,702,304
--------------
TOTAL COMMON STOCK
(Cost $637,164,590)............... 1,247,959,820
--------------
FOREIGN STOCK -- 1.2%
AUTOMOBILE MANUFACTURERS -- 0.0%
Ducati Motor Holding SPA --
(ITL)*........................ 187,726 484,015
--------------
ENTERTAINMENT & LEISURE -- 0.3%
Corporacion Interamericana de
Entretenimento -- (MXP)*...... 1,079,100 4,310,706
--------------
</TABLE>
79
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
TELECOMMUNICATIONS -- 0.9%
Cogeco Cable, Inc. -- (CAD)..... 322,013 $ 6,000,796
Moffat Communications Ltd. --
(CAD)......................... 370,130 6,666,699
--------------
12,667,495
--------------
TOTAL FOREIGN STOCK
(Cost $13,376,952)................ 17,462,216
--------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000)
----------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 6.1%
Federal Home Loan Bank 1.50%,
01/03/00.......................... $ 18,900 18,898,425
-----------
Federal Mortgage Corp. 5.40%,
01/12/00.......................... 25,000 24,958,063
-----------
Federal National Mortgage Assoc.
5.60%, 05/25/00................... 20,000 19,545,778
5.80%, 03/23/00................... 25,000 24,665,694
-----------
44,211,472
-----------
(Cost $88,075,786).................. 88,067,960
-----------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
---------- -----------
<S> <C> <C>
COMMERCIAL PAPER -- 4.8%
Household Finance Corp.
4.50%, 01/03/00
(Cost $69,982,500).................. $ 70,000 $69,982,500
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 1.0%
Temporary Investment Cash Fund...... 7,234,340 7,234,340
Temporary Investment Fund........... 7,234,340 7,234,340
--------------
(Cost $14,468,680).................. 14,468,680
--------------
TOTAL INVESTMENTS -- 99.6%
(Cost $823,068,508)................... 1,437,941,176
OTHER ASSETS LESS LIABILITIES -- 0.4%... 5,270,066
--------------
NET ASSETS -- 100.0%.................... $1,443,211,242
==============
</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.
80
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AST T. ROWE PRICE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOREIGN STOCK -- 96.4%
ARGENTINA -- 0.2%
Banco de Galicia y Buenos Aires
SA de CV [ADR] ................ 14,013 $ 277,633
Telefonica de Argentina SA Cl-B
[ADR].......................... 16,220 500,793
------------
778,426
------------
AUSTRALIA -- 2.4%
Brambles Industries Ltd. ........ 29,000 802,570
Broken Hill Proprietary Co.
Ltd. .......................... 57,895 760,778
Colonial Ltd. ................... 273,852 1,225,260
Commonwealth Bank of Australia... 77,068 1,328,121
Lend Lease Corp. Ltd. ........... 54,830 768,737
News Corp. Ltd. ................. 155,957 1,515,440
News Corp. Ltd. Pfd. ............ 119,030 1,020,545
Publishing & Broadcasting
Ltd. .......................... 159,300 1,217,197
TABCORP Holdings Ltd. ........... 99,000 670,854
Telstra Corp. ................... 69,000 243,438
Telstra Corp. Ltd. .............. 281,838 1,533,188
Westpac Banking Corp. Ltd. ...... 191,532 1,322,164
------------
12,408,292
------------
BELGIUM -- 1.2%
Dexia Belgium.................... 5,296 848,619
Fortis Cl-B...................... 55,084 1,987,218
KBC Bancassurance Holdings NV.... 45,560 2,454,889
Societe Europeene des Satellites
[FDR]*......................... 2,600 379,696
UCB SA........................... 6,320 274,022
------------
5,944,444
------------
BRAZIL -- 2.2%
Banco Itau SA.................... 5,317,000 456,205
Companhia Brasileira de
Distribuicoa Grupo Pao de
Acucar [ADR]................... 26,146 844,843
Companhia Brasileira de
Distribuicoa Grupo Pao de
Acucar [GDR]................... 5,160 166,733
Companhia Energetica de Minas
Geras.......................... 14,496,779 325,004
Companhia Energetica de Minas
Geras [ADR].................... 23,971 541,299
Petroleo Brasileiro SA........... 6,427,508 1,636,675
Telecomunicacoes Brasileiras SA
Pfd. [ADR]..................... 50,888 6,539,107
Telesp Celular SA Pfd. Cl-B...... 4,494,000 355,739
Telesp Telecomunicoes Rights*.... 20,554,357 483,565
------------
11,349,170
------------
CANADA -- 0.4%
Alcan Aluminium Ltd. ............ 19,180 789,257
Nortel Networks Corp............. 8,300 838,624
Royal Bank of Canada............. 8,470 372,598
------------
2,000,479
------------
CHINA -- 0.1%
Huaneng Power International, Inc.
[ADR].......................... 42,000 443,625
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
DENMARK -- 0.3%
Den Danske Bank.................. 4,970 $ 544,293
Tele Danmark AS.................. 12,220 907,057
Unidanmark AS Cl-A............... 4,020 282,632
------------
1,733,982
------------
FINLAND -- 2.2%
Nokia AB Oyj..................... 62,796 11,384,107
------------
FRANCE -- 10.9%
Alcatel.......................... 13,682 3,141,803
AXA SA........................... 22,342 3,114,244
Banco Frances SA [ADR]........... 16,411 388,736
Banque National de Paris*........ 24,660 2,275,009
Cap Gemini SA*................... 8,710 2,210,615
Carrefour Supermarche SA......... 24,824 4,577,777
Compagnie de Saint-Gobain........ 9,740 1,831,461
Dexia............................ 7,306 147
Groupe Danone.................... 1,710 403,001
Hermes International Designs*.... 7,660 1,155,673
L'Oreal.......................... 687 551,108
Lafarge SA....................... 5,723 666,310
Legrand SA....................... 8,353 1,987,928
Pinault-Printemps Redoute SA..... 6,525 1,721,775
Rhone-Poulenc SA*................ 14,310 831,591
Sanofi SA*....................... 62,828 2,615,882
Schneider SA..................... 32,608 2,559,969
Societe Generale................. 8,134 1,892,390
Societe Television Francaise..... 10,160 5,320,979
Sodexho Alliance SA.............. 15,750 2,787,063
STMicroelectronics NV............ 29,263 4,503,360
Total Fina SA Cl-B............... 42,824 5,714,756
Vivendi.......................... 67,000 6,049,502
------------
56,301,079
------------
GERMANY -- 6.6%
Allianz AG....................... 6,770 2,273,940
Aventis AG....................... 9,737 563,881
Bayer AG......................... 35,245 1,675,460
Bayerische Hypo-Und Vereinsbank
AG............................. 44,879 3,064,555
Deutsche Bank AG................. 31,314 2,650,762
Deutsche Telekom AG.............. 44,176 3,107,759
Dresdner Bank AG................. 40,393 2,192,751
Fielmann AG Pfd. ................ 5,023 156,826
Fresenius AG Pfd. ............... 1,820 344,607
Gehe AG.......................... 35,101 1,361,052
Mannesmann AG.................... 43,500 10,532,177
Rhoen-Klinikum AG................ 18,450 678,241
SAP AG........................... 4,940 2,427,959
Siemens AG....................... 11,550 1,477,339
Veba AG.......................... 31,214 1,524,704
------------
34,032,013
------------
</TABLE>
81
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
HONG KONG -- 3.3%
Cheung Kong Holdings Ltd. ....... 129,000 $ 1,638,741
China Light & Power Co. Ltd. .... 199,000 916,473
China Telecom Ltd.*.............. 675,000 4,220,107
Dao Heng Bank Group Ltd. ........ 102,000 526,172
Hederson Land Development Co.
Ltd. .......................... 198,000 1,271,010
Hong Kong Telecommunications
Ltd. .......................... 290,400 838,680
HSBC Holdings PLC................ 130,800 1,834,077
Hutchison Whampoa Ltd. .......... 260,000 3,779,507
Pacific Century Cyberworks
Ltd.*.......................... 557,000 1,296,932
Sun Hung Kai Properties Ltd. .... 65,000 677,301
------------
16,999,000
------------
INDIA -- 0.2%
ICICI Ltd.*...................... 59,500 825,563
Mahanagar Telephone Nigam Ltd.
[GDR].......................... 27,000 303,750
------------
1,129,313
------------
IRELAND -- 0.2%
CBT Group PLC [ADR]*............. 29,560 990,260
------------
ITALY -- 5.1%
Assicurazioni Generali........... 44,960 1,485,233
Banca Popolare di Brescia........ 42,000 3,716,084
Ente Nazionale Idrocarburi SPA... 394,100 2,167,173
Instituto Nazionale delle
Assicurazioni.................. 116,000 307,262
Italgas SPA...................... 72,936 276,200
Mediolanum SPA................... 125,720 1,646,047
San Paolo-IMI SPA................ 124,681 1,693,974
Seat Pagine Gialle SPA........... 240,000 787,995
Tecnost SPA*..................... 237,000 895,105
Telecom Italia Mobile SPA........ 692,805 7,738,148
Telecom Italia SPA............... 295,520 4,166,865
Unicredito Italiano SPA.......... 315,996 1,553,087
------------
26,433,173
------------
JAPAN -- 23.1%
Bridgestone Corp. ............... 30,000 660,664
Canon, Inc. ..................... 138,000 5,483,802
Citizen Watch Co. Ltd. .......... 45,000 286,288
Daiichi Pharmaceutical Co.
Ltd. .......................... 27,000 351,209
Daiwa House Industry Co. Ltd. ... 85,000 632,280
DDI Corp. ....................... 184 2,521,288
Denso Corp. ..................... 113,000 2,698,640
East Japan Railway Co. Ltd. ..... 213 1,148,703
Fanuc Co. ....................... 18,500 2,355,731
Fuji Television Network, Inc..... 610 835,862
Fujitsu Ltd. .................... 95,000 4,332,974
Hitachi Ltd. .................... 100,000 1,605,168
Honda Motor Co. Ltd. ............ 9,000 334,736
Ito-Yokado Co. Ltd. ............. 15,000 1,629,637
Kao Corp. ....................... 56,000 1,597,729
Kokuyo Co. Ltd. ................. 42,000 559,068
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Komori Corp. .................... 39,000 $ 743,966
Kuraray Co. Ltd. ................ 108,000 1,094,059
Kyocera Corp. ................... 40,000 10,374,864
Makita Corp. .................... 58,000 522,267
Matsushita Electric Industrial
Co. ........................... 168,000 4,653,421
Mauri Co. Ltd. .................. 86,000 1,284,487
Mitsubishi Corp. ................ 106,000 818,577
Mitsubishi Heavy Industries
Ltd. .......................... 485,000 1,618,724
Mitsui Fudosan Co. Ltd. ......... 215,000 1,456,200
Murata Manufacturing Co. Ltd. ... 41,000 9,631,007
NEC Corp. ....................... 248,000 5,910,541
Nippon Telegraph & Telephone
Corp. ......................... 521 8,923,852
Nomura Securities Co. Ltd. ...... 169,000 3,051,825
NTT Mobile Communication Network,
Inc. .......................... 167 6,423,706
Sankyo Co. Ltd. ................. 91,000 1,870,412
Sekisui Chemical Co. Ltd. ....... 149,000 660,634
Sekisui House Ltd. .............. 101,000 894,636
Seven-Eleven Japan Co. Ltd. ..... 10,000 1,585,593
Shin-Etsu Chemical Co. Ltd. ..... 42,000 1,808,750
Shiseido Co. Ltd. ............... 55,000 802,095
Softbank Corp.*.................. 800 765,783
Sony Corp. ...................... 35,800 10,617,010
Sumitomo Bank Ltd................ 117,000 1,602,065
Sumitomo Corp. .................. 178,000 1,726,515
Sumitomo Electric Industries..... 167,000 1,930,381
TDK Corp. ....................... 33,000 4,557,404
Tokio Marine & Fire Insurance Co.
Ltd. .......................... 47,000 549,721
Tokyo Electron Ltd. ............. 5,000 685,133
Toppan Printing Co. Ltd. ........ 84,000 838,602
Toshiba Corp.*................... 348,000 2,656,749
UNY Co. Ltd. .................... 54,000 528,002
Yamanouchi Pharmaceutical Co.
Ltd. .......................... 48,000 1,677,205
------------
119,297,965
------------
KOREA -- 1.2%
Korea Telecom Corp. [ADR]........ 25,000 1,868,750
Pohang Iron & Steel Co. Ltd.
[ADR].......................... 13,575 475,125
Samsung Electronics Co. ......... 12,806 2,999,908
SK Telecom Co. Ltd.*............. 2,100 752,708
------------
6,096,491
------------
MEXICO -- 1.7%
Cemex Rights*.................... 4,245 0
Cemex Rights [ADR]*.............. 2,027 0
Cemex SA de CV*.................. 67,925 379,950
Cemex SA de CV [ADR]............. 32,436 904,154
Fomento Economico Mexicano SA de
CV UBD Units................... 294,820 1,300,630
Grupo Modelo SA de CV Cl-C....... 213,024 564,317
Grupo Televisa SA [GDR]*......... 17,634 1,203,521
Telefonos de Mexico SA Cl-L
[ADR].......................... 38,014 4,276,574
------------
8,629,146
------------
</TABLE>
82
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AST T. ROWE PRICE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
NETHERLANDS -- 7.3%
ABN AMRO Holding NV.............. 77,566 $ 1,937,392
AKZO Nobel NV.................... 7,768 389,613
ASM Lithography Holding NV*...... 45,230 5,024,543
CSM NV........................... 58,242 1,243,560
Elsevier NV...................... 75,992 907,710
Equant NV*....................... 16,746 1,900,770
Fortis (NL) NV................... 72,564 2,612,713
Gucci Group NV NY Reg. .......... 14,976 1,714,752
ING Groep NV..................... 96,132 5,803,356
Koninklijke (Royal) Philips
Electronics NV................. 35,404 4,813,772
KPN NV........................... 9,749 951,433
Royal Dutch Petroleum Co......... 45,704 2,800,975
TNT Post Group NV................ 10,259 293,956
United Pan-Europe Communications
NV*............................ 6,268 801,728
VNU NV........................... 32,700 1,718,487
Wolters Kluwer NV................ 148,934 5,039,966
------------
37,954,726
------------
NEW ZEALAND -- 0.2%
Telecom Corp. of New Zealand
Ltd. .......................... 238,000 1,119,192
------------
NORWAY -- 0.5%
Norsk Hydro AS................... 13,540 567,580
Orkla ASA Cl-A................... 120,650 2,077,188
------------
2,644,768
------------
PORTUGAL -- 0.3%
Jeronimo Martins SGPS SA......... 64,969 1,662,013
------------
SINGAPORE -- 0.7%
Singapore Press Holdings Ltd. ... 51,456 1,115,318
Singapore Telecommunications..... 240,000 495,707
United Overseas Bank Ltd. ....... 251,896 2,223,279
------------
3,834,304
------------
SPAIN -- 2.9%
Argentaria Caja Postal Y Banco
Hipotecario de Espana SA....... 38,126 895,840
Banco Bilbao Vizcaya SA.......... 44,950 640,138
Banco Popular Espanol SA......... 7,730 504,097
Banco Santander Central Hispano
SA............................. 224,520 2,541,651
Endesa SA........................ 64,002 1,270,500
Gas Natural SDG SA............... 35,253 812,001
Iberdrola SA..................... 100,943 1,398,908
Repsol SA........................ 57,625 1,336,013
Telefonica SA.................... 232,275 5,801,611
------------
15,200,759
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SWEDEN -- 3.1%
Atlas Copco AB Cl-B.............. 26,130 $ 743,237
Electrolux AB Cl-B............... 114,380 2,876,977
Ericsson, (L.M.) Telephone Co.
Cl-B........................... 34,860 2,241,234
Esselte AB....................... 14,410 109,244
Hennes & Mauritz AB Cl-B......... 157,530 5,276,922
Nordbanken Holding Co. AB........ 326,678 1,919,828
Sandvik AB Cl-B.................. 35,340 1,125,663
Securitas AB Cl-B................ 86,265 1,561,449
------------
15,854,554
------------
SWITZERLAND -- 4.7%
ABB AG*.......................... 17,982 2,199,331
ABB Ltd.*........................ 9,865 1,202,398
Adecco SA........................ 7,840 6,105,382
Credit Suisse Group.............. 9,640 1,916,134
Nestle SA........................ 3,048 5,583,757
Roche Holding AG................. 315 3,738,931
Swisscom AG...................... 1,594 644,688
UBS AG........................... 10,510 2,838,221
------------
24,228,842
------------
TAIWAN -- 0.2%
Hon Hai Precision Industry Co.
Ltd. [GDR] 144A*............... 50,940 984,670
------------
UNITED KINGDOM -- 15.2%
Abbey National PLC............... 114,000 1,823,028
AstraZeneca Group PLC............ 80,229 3,327,972
BG Group PLC..................... 111,642 721,340
British Petroleum Co. PLC........ 209,680 2,108,383
Cable & Wireless PLC............. 347,300 5,884,824
Cadbury Schweppes PLC............ 374,712 2,263,719
Caradon PLC...................... 144,530 364,197
Centrica PLC..................... 113,589 322,008
Compass Group PLC................ 311,000 4,270,046
Diageo PLC....................... 288,236 2,318,626
Electrocomponents PLC............ 90,000 996,559
GKN PLC.......................... 32,000 503,974
Glaxo Wellcome PLC............... 185,000 5,229,534
Hays PLC......................... 21,100 336,057
Kingfisher PLC................... 426,900 4,737,357
Ladbroke Group PLC............... 191,000 611,646
Laing, (John) PLC Cl-A........... 70,000 315,468
Marconi PLC...................... 146,000 2,583,559
National Westminster Bank PLC.... 424,670 9,123,395
Rank Group PLC................... 49,400 156,400
Reed International PLC........... 650,740 4,872,036
Rio Tinto PLC.................... 121,600 2,936,486
Safeway PLC...................... 129,660 444,012
</TABLE>
83
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AST T. ROWE PRICE INTERNATIONAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Shell Transport & Trading Co.
PLC............................ 820,000 $ 6,814,790
Smith, (Davis S.) Holdings PLC... 141,900 457,276
SmithKline Beecham PLC........... 397,440 5,071,681
Tesco PLC........................ 489,600 1,488,777
Tomkins PLC...................... 522,444 1,687,808
Unilever PLC..................... 376,571 2,770,693
United News & Media PLC.......... 118,170 1,506,043
Vodafone AirTouch PLC............ 509,500 2,524,538
------------
78,572,232
------------
TOTAL FOREIGN STOCK
(Cost $332,992,554).................. 498,007,025
------------
U.S. STOCK -- 0.4%
ELECTRONIC COMPONENTS & EQUIPMENT
Celestica, Inc.*
(Cost $1,291,309)................ 40,332 2,238,426
------------
TOTAL INVESTMENTS -- 96.8%
(Cost $334,283,863)................ 500,245,451
OTHER ASSETS LESS
LIABILITIES -- 3.2%................ 16,578,367
------------
NET ASSETS -- 100.0%................. $516,823,818
============
</TABLE>
The following is a breakdown of the foreign stock portion of the Portfolio,
by industry classification, as of December 31, 1999. Percentages are based on
net assets.
<TABLE>
<CAPTION>
INDUSTRY
- --------
<S> <C>
Aerospace............................................. 0.3%
Automobile Manufacturers.............................. 1.9%
Automotive Parts...................................... 0.1%
Beverages............................................. 1.7%
Broadcasting.......................................... 1.8%
Building Materials.................................... 1.4%
Business Services..................................... 1.7%
Chemicals............................................. 6.5%
Clothing & Apparel.................................... 0.3%
Conglomerates......................................... 0.3%
Construction.......................................... 0.5%
Consumer Products & Services.......................... 6.4%
Electronic Components & Equipment..................... 10.1%
Entertainment & Leisure............................... 1.4%
Equipment Services.................................... 0.5%
Financial-Bank & Trust................................ 6.8%
Financial Services.................................... 4.2%
Food.................................................. 5.9%
Hotels & Motels....................................... 0.1%
Industrial Products................................... 2.9%
Insurance............................................. 1.7%
Machinery & Equipment................................. 1.0%
Medical Supplies & Equipment.......................... 1.2%
Metals & Mining....................................... 1.2%
Office Equipment...................................... 2.0%
Oil & Gas............................................. 3.6%
Paper & Forest Products............................... 0.5%
Pharmaceuticals....................................... 5.1%
Printing & Publishing................................. 6.9%
Real Estate........................................... 0.6%
Retail & Merchandising................................ 0.9%
Semiconductors........................................ 0.5%
Telecommunications.................................... 11.4%
Transportation........................................ 1.2%
Utilities............................................. 3.8%
----
Total................................................. 96.4%
====
</TABLE>
- --------------------------------------------------------------------------------
Unless otherwise noted, all stocks are common stock.
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
144A -- Security was purchased pursuant to Rule 144A under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers. At the end of the year, these securities amounted
to 0.2% of net assets.
See Notes to Financial Statements.
84
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000) VALUE
--------- ------------
<S> <C> <C>
FOREIGN BONDS -- 89.1%
AUSTRALIA -- 2.3%
Australian Government
8.75%, 08/15/08................. 890 $ 653,301
Federal National Mortgage Assoc.
6.375%, 08/15/07................ 2,000 1,234,372
Queensland Treasury Corp.
6.50%, 06/14/05................. 2,000 1,285,972
------------
3,173,645
------------
AUSTRIA -- 3.8%
Austrian National Government
4.75%, 12/20/04................. 140,000 1,620,270
5.00%, 01/15/08................. 3,689 3,607,537
------------
5,227,807
------------
CANADA -- 1.0%
Canadian Government
9.00%, 06/01/25................. 1,500 1,381,954
------------
DENMARK -- 5.7%
Kingdom of Denmark 6.00%,
11/15/02........................ 45,000 6,256,997
8.00%, 03/15/06................. 10,600 1,619,767
------------
7,876,764
------------
EUROPEAN CURRENCY UNIT -- 5.2%
American Standard Co., Inc.
7.125%, 06/01/06................ 340 343,287
Carrier 1 13.25%, 02/15/09........ 120 128,714
Cyprus Government 5.375%,
07/28/08........................ 700 660,840
Dura Operating Corp. 9.00%,
05/01/09........................ 350 333,115
European Investment Bank 4.00%,
04/15/09........................ 1,400 1,252,583
Hermes Europe Railtel 10.375%,
01/15/06........................ 320 325,511
Huntsman ICI Chemicals 10.125%,
07/01/09........................ 280 298,217
Hypothekenbank In Essen 4.25%,
07/06/09........................ 2,100 1,890,614
Lloyds TSB Bank PLC 5.625%,
07/15/49........................ 600 559,815
Metromedia Fiber Network 10.00%,
12/15/09........................ 176 184,349
Orange PLC 7.625%, 08/01/08....... 320 338,403
Public Power Corp. 4.50%,
03/12/09........................ 700 616,386
Slovenian Government 5.375%,
05/27/05........................ 300 298,429
------------
7,230,263
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000) VALUE
--------- ------------
<S> <C> <C>
FRANCE -- 4.3%
Caisse Nationale des Autoroutes
5.85%, 03/24/13................. 1,006 $ 1,003,224
French Treasury Bill 4.50%,
07/12/02........................ 3,142 3,168,266
Reseau Ferre de France 5.25%,
04/14/10........................ 1,000 970,289
SunAmerica Institutional Funding
5.25%, 05/20/09................. 5,500 803,875
------------
5,945,654
------------
GERMANY -- 21.4%
Bank Nederlandse Gemeenten 6.25%,
08/10/00........................ 1,000 522,132
5.25%, 10/01/01................. 2,100 1,096,367
Colt Telecom Group PLC 8.875%,
11/30/07........................ 470 251,707
Deutschland Republic 4.50%,
05/17/02........................ 3,770 3,808,349
6.875%, 05/12/05................ 3,362 3,678,888
5.25%, 01/04/08................. 2,760 2,766,949
Inter-American Bank 1.90%,
07/08/09........................ 530,000 5,285,994
Inter-American Development Bank
7.00%, 06/08/05................. 4,500 2,500,562
KFW International Finance, Inc.
5.50%, 06/18/04................. 2,310 3,549,440
6.75%, 06/20/05................. 2,301 2,485,036
Minnesota Mining & Manufacturing
Co. 5.00%, 10/15/01............. 900 466,211
SunAmerica Institutional Funding
5.125%, 04/15/08................ 2,800 1,371,675
Tennessee Valley Authority 6.375%,
09/18/06........................ 3,000 1,620,078
------------
29,403,388
------------
GREECE -- 1.9%
Greek Government 6.50%,
01/11/14........................ 845,000 2,559,769
------------
ITALY -- 5.7%
Italian Government 9.00%,
10/01/03........................ 5,565 6,369,576
7.25%, 11/01/26................. 1,378 1,571,081
------------
7,940,657
------------
JAPAN -- 16.9%
Asian Development Bank 3.125%,
06/29/05........................ 200,000 2,167,955
Central Bank of Tunisia 4.95%,
09/27/11........................ 65,000 683,114
European Investment Bank 4.625%,
02/26/03........................ 80,000 885,661
3.00%, 09/20/06................. 50,000 544,631
2.125%, 09/20/07................ 140,000 1,438,573
</TABLE>
85
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AST T. ROWE PRICE INTERNATIONAL BOND PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000) VALUE
--------- ------------
<S> <C> <C>
International Bank Reconstruction
& Development 4.75%, 12/20/04... 100,000 $ 1,162,279
Japanese Government 0.90%,
12/22/08........................ 550,000 5,008,434
KFW International Finance 1.00%,
12/20/04........................ 558,000 5,475,960
Korea Development Bank 2.56%,
06/26/01........................ 100,000 995,559
1.875%, 02/13/02................ 60,000 591,690
Korea Industrial Leasing 2.20%,
08/07/02........................ 70,000 685,133
Republic of Austria 4.50%,
09/28/05........................ 170,000 1,975,790
Toyota Motor Credit Corp. 1.00%,
12/20/04........................ 150,000 1,464,471
United Mexican States 3.85%,
12/31/19........................ 35,000 315,161
------------
23,394,411
------------
NETHERLANDS -- 5.4%
Netherlands Government 5.75%,
01/15/04........................ 4,946 5,145,966
5.50%, 01/15/28................. 720 675,838
Tecnost International NV 5.375%,
07/30/04........................ 1,300 1,265,173
United Pan-Europe Communications
10.875%, 08/01/09............... 400 409,910
------------
7,496,887
------------
PORTUGAL -- 0.4%
European Investment Bank 5.25%,
03/23/02........................ 100,000 507,288
------------
RUSSIA -- 0.1%
Russia Ofz
30.00%, 07/14/00-09/25/00
[VR]++........................ 5,100 60,054
0.00%, 05/17/00 [ZCB] ++........ 1,980 50,057
58.75%, 12/15/01 [ZCB] ++....... 1,457 12,254
------------
122,365
------------
SPAIN -- 5.0%
Spanish Government 6.15%,
01/31/13........................ 5,457 5,703,310
6.00%, 01/31/29................. 1,202 1,205,414
------------
6,908,724
------------
SWEDEN -- 2.8%
Swedish Government 5.50%,
04/12/02........................ 21,500 2,549,959
6.50%, 10/25/06................. 11,000 1,357,411
------------
3,907,370
------------
UNITED KINGDOM -- 7.2%
Abbey National Treasury 5.25%,
01/21/04........................ 780 1,184,653
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000) VALUE
--------- ------------
<S> <C> <C>
Alliance & Leicester BLD 8.75%,
12/07/06........................ 1,300 $ 2,249,297
Doncasters PLC 8.125%, 05/01/09... 200 315,791
Energis PLC 9.50%, 06/15/09....... 100 171,626
Federal National Mortgage Assoc.
6.875%, 06/07/02................ 990 1,599,787
Gallaher Group PLC 5.875%,
08/06/08........................ 500 240,300
Halifax Building Society 8.75%,
07/10/06........................ 600 1,047,441
KFW International Finance Series
NOV 5.50%, 06/18/04............. 1,000 1,537,120
LCR Finance PLC 4.75%, 12/31/10... 540 781,765
NTL, Inc. [STEP] 10.75%,
04/01/08........................ 340 370,711
TDL Infomedia 12.125%, 10/15/09... 145 233,926
Telewest Communications PLC [STEP]
9.256%, 04/15/09................ 263 263,391
------------
9,995,808
------------
TOTAL FOREIGN BONDS
(Cost $130,847,009)................. 123,072,754
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000)
--------
<S> <C> <C>
SOVEREIGN ISSUES -- 4.3%
ARGENTINA -- 0.4%
Republic of Argentina [FRB, BRB]
5.938%, 03/31/05................ $ 198 177,461
6.00%, 03/31/23................. 575 379,529
------------
556,990
------------
BRAZIL -- 0.7%
Republic of Brazil Capitalization
[FRB, BRB] 5.00%, 04/15/14...... 1,213 907,602
------------
BULGARIA -- 0.9%
National Republic of Bulgaria
2.50%, 07/28/12................. 1,270 917,575
National Republic of Bulgaria
[FRN, BRB] 6.50%, 07/28/11...... 355 281,116
------------
1,198,691
------------
COLOMBIA -- 0.0%
Colombian Government 9.75%,
04/23/09........................ 30 27,969
------------
</TABLE>
86
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AST T. ROWE PRICE INTERNATIONAL BOND PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
--------- ------------
<S> <C> <C>
MEXICO -- 0.9%
United Mexican States 11.50%,
05/15/26........................ $ 521 $ 618,557
United Mexican States Cl-W-A [BRB]
6.25%, 12/31/19................. 600 471,750
United Mexican States Cl-W-B [BRB]
6.25%, 12/31/19................. 250 195,938
------------
1,286,245
------------
POLAND -- 1.2%
Government of Poland [STEP, BRB]
3.00%, 10/27/24................. 1,750 1,078,437
Government of Poland PDI [BRB]
5.00%, 10/27/14................. 600 529,499
5.00%, 10/27/14................. 125 110,313
------------
1,718,249
------------
RUSSIA -- 0.2%
Russia -- IAN [FRN] 5.969%,
12/15/15........................ 1,038 173,216
Russia Principal Loans [FRN]
2.984%, 12/15/20................ 810 119,475
------------
292,691
------------
TOTAL SOVEREIGN ISSUES
(Cost $6,606,129)................... 5,988,437
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES
--------
<S> <C> <C>
FOREIGN STOCK -- 0.0%
MEXICO -- 0.0%
Mexican Value Recovery Rights*.... 233,000 0
------------
NIGERIA -- 0.0%
Central Bank of Nigeria
Warrants*....................... 250 0
------------
SWITZERLAND -- 0.0%
Carrier 1 Warrants*............... 120 $ 13
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
-------- ------------
<S> <C> <C>
VENEZUELA -- 0.0%
Republic of Venezuela Warrants*... 1,250 $ 0
------------
TOTAL FOREIGN STOCK
(Cost $0)........................... 13
------------
TOTAL INVESTMENTS -- 93.4%
(Cost $137,453,138)................. 129,061,204
OTHER ASSETS LESS
LIABILITIES -- 6.6%................. 9,082,841
------------
NET ASSETS -- 100.0%.................. $138,144,045
============
</TABLE>
Foreign currency exchange contracts outstanding at December 31, 1999:
<TABLE>
<CAPTION>
IN UNREALIZED
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS APPRECIATION/
MONTH TYPE TO RECEIVE FOR AT VALUE (DEPRECIATION)
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
02/00 Buy CAD 4,423,480 $2,990,858 $3,055,375 $ 64,517
01/00 Buy EUR 4,928,536 5,000,000 4,971,289 (28,711)
01/00 Buy JPY 149,321,604 1,458,219 1,465,460 7,241
---------- ---------- --------
$9,449,077 $9,492,124 $ 43,047
========== ========== ========
</TABLE>
<TABLE>
<CAPTION>
IN UNREALIZED
SETTLEMENT CONTRACTS EXCHANGE APPRECIATION/
MONTH TYPE TO RECEIVE FOR (DEPRECIATION)
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
01/00 Buy EUR 1,093,174 CAD 1,638,208 $ (28,407)
01/00 Buy EUR 1,532,401 GBP 956,617 1,001
01/00 Buy EUR 971,938 SEK 8,378,103 (6,667)
02/00 Buy JPY 297,206,669 AUD 4,607,855 (92,399)
---------
$(126,472)
=========
</TABLE>
<TABLE>
<CAPTION>
IN
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE TO DELIVER FOR AT VALUE DEPRECIATION
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
01/00 Sell DKK 12,162,803 $1,643,622 $1,648,036 $ 4,414
========== ========== ========
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
++ Illiquid security. At the end of the year, these securities amounted to less
than 0.1% of net assets.
See Notes to Financial Statements.
87
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 98.9%
ADVERTISING -- 1.5%
DoubleClick, Inc.* ............... 17,700 $ 4,479,206
Lamar Advertising Co.* ........... 21,800 1,320,263
------------
5,799,469
------------
BROADCASTING -- 4.4%
AMFM, Inc.* ...................... 21,300 1,666,725
Emmis Communications Corp.
Cl-A* .......................... 60,400 7,528,294
Entercom Communications Corp.* ... 58,900 3,887,400
Westwood One, Inc.* .............. 55,000 4,180,000
------------
17,262,419
------------
BUSINESS SERVICES -- 6.3%
CheckFree Holdings Corp.* ........ 78,000 8,150,999
Clarent, Corp.* .................. 22,200 1,726,050
Digex, Inc.* ..................... 45,100 3,100,625
Micromuse, Inc.* ................. 19,600 3,332,000
Phone.com, Inc.* ................. 8,600 997,063
PurchasePro.com, Inc.* ........... 14,500 1,993,750
Safeguard Scientifics, Inc.* ..... 34,200 5,542,538
------------
24,843,025
------------
CLOTHING & APPAREL -- 1.6%
AnnTaylor Stores Corp.* .......... 63,300 2,179,894
Limited, Inc. .................... 90,900 3,937,106
------------
6,117,000
------------
COMPUTER HARDWARE -- 1.2%
Adaptec, Inc.* ................... 98,800 4,927,650
------------
COMPUTER SERVICES & SOFTWARE -- 25.0%
BEA Systems, Inc.* ............... 30,100 2,105,119
BroadVision, Inc.* ............... 25,600 4,353,600
Citrix Systems, Inc.* ............ 121,600 14,956,799
CMG PLC* ......................... 7,700 2,131,938
Comverse Technology, Inc.* ....... 51,400 7,440,149
Covad Communications Group,
Inc.* .......................... 49,800 2,785,688
Intuit, Inc.* .................... 113,000 6,772,938
Lycos, Inc.* ..................... 39,700 3,158,631
Network Appliance, Inc.* ......... 78,000 6,478,875
Peregrine Systems, Inc.* ......... 85,600 7,072,700
Portal Software, Inc.* ........... 20,700 2,129,513
PSINet, Inc.* .................... 82,600 5,100,550
Rational Software Corp.* ......... 93,800 4,607,925
Siebel Systems, Inc.* ............ 81,900 6,879,600
Starmedia Network, Inc.* ......... 47,900 1,918,994
USWeb Corp.* ..................... 108,100 4,803,694
VERITAS Software Corp.* .......... 109,450 15,665,030
------------
98,361,743
------------
CONSUMER PRODUCTS & SERVICES -- 0.7%
S1 Corp.* ........................ 35,200 2,750,000
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 13.1%
Altera Corp.* .................... 84,300 4,178,119
Analog Devices, Inc.* ............ 54,800 5,096,400
Broadcom Corp.* .................. 6,200 1,688,725
Conexant Systems, Inc.* .......... 75,400 5,004,675
E-Tek Dynamics, Inc.* ............ 28,600 3,850,275
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Flextronics International
Ltd.* .......................... 109,000 $ 5,014,000
Gemstar International Group
Ltd.* .......................... 106,700 7,602,374
KLA-Tencor Corp.* ................ 9,900 1,102,613
Metromedia Fiber Network, Inc.
Cl-A* .......................... 149,300 7,157,068
Sanmina Corp.* ................... 69,800 6,971,275
Tandy Corp.* ..................... 85,000 4,180,938
------------
51,846,462
------------
ENTERTAINMENT & LEISURE -- 2.6%
Harley-Davidson, Inc. ............ 87,800 5,624,687
Park Place Entertainment
Corp.* ......................... 255,900 3,198,750
Royal Caribbean Cruises Ltd. ..... 28,600 1,410,338
------------
10,233,775
------------
FINANCIAL SERVICES -- 4.3%
Capital One Financial Corp. ...... 75,300 3,628,519
Donaldson, Lufkin & Jenrette,
Inc. ........................... 49,900 2,413,913
E*TRADE Group, Inc.* ............. 129,400 3,380,575
Lehman Brothers Holdings, Inc. ... 40,100 3,395,969
Providian Financial Corp. ........ 47,400 4,316,362
------------
17,135,338
------------
FOOD -- 0.5%
Starbucks Corp.* ................. 79,000 1,915,750
------------
MEDICAL SUPPLIES & EQUIPMENT -- 3.1%
MiniMed, Inc.* ................... 60,500 4,431,625
PE Corp. -- PE Biosystems Group... 64,900 7,808,281
------------
12,239,906
------------
OIL & GAS -- 1.3%
Coastal Corp. .................... 80,800 2,863,350
Union Pacific Resources Group,
Inc. ........................... 186,000 2,371,500
------------
5,234,850
------------
PHARMACEUTICALS -- 8.8%
Biogen, Inc.* .................... 82,800 6,996,600
Gilead Sciences, Inc.* ........... 77,500 4,194,688
Immunex Corp.* ................... 43,600 4,766,025
MedImmune, Inc.* ................. 52,500 8,708,437
QLT PhotoTherapeutics, Inc.* ..... 64,400 3,783,500
Sepracor, Inc.* .................. 33,000 3,273,188
Waters Corp.* .................... 53,200 2,819,600
------------
34,542,038
------------
PRINTING & PUBLISHING -- 0.9%
Valassis Communications, Inc.* ... 85,650 3,618,713
------------
RETAIL & MERCHANDISING -- 4.8%
Best Buy Co., Inc.* .............. 69,800 3,503,088
Circuit City Stores, Inc. ........ 81,700 3,681,606
FreeMarkets, Inc.* ............... 3,600 1,228,725
Tiffany & Co. .................... 59,100 5,274,675
Williams-Sonoma, Inc.* ........... 115,200 5,299,200
------------
18,987,294
------------
SEMICONDUCTORS -- 8.4%
JDS Uniphase Corp.* .............. 35,700 5,758,856
Maxim Integrated Products,
Inc.* .......................... 148,000 6,983,750
</TABLE>
88
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AST NEUBERGER BERMAN MID-CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
PMC-Sierra, Inc.* ................ 48,400 $ 7,759,125
Qlogic Corp* ..................... 13,100 2,094,363
------------
Vitesse Semiconductor Corp.* ..... 89,800 4,708,888
Xilinx, Inc.* .................... 127,700 5,806,359
------------
33,111,341
------------
TELECOMMUNICATIONS -- 9.3%
Adelphia Communications Corp.
Cl-A* .......................... 44,700 2,933,438
Copper Mountain Networks,
Inc.* .......................... 39,000 1,901,250
EchoStar Communications Corp.
Cl-A* .......................... 40,300 3,929,250
Efficient Networks, Inc.* ........ 57,700 3,923,600
Intermedia Communications,
Inc.* .......................... 114,900 4,459,556
Next Level Communications,
Inc.* .......................... 11,700 876,038
NTL, Inc.* ....................... 61,900 7,722,024
Voicestream Wireless Corp.* ...... 43,000 6,119,437
WinStar Communications, Inc.* .... 64,000 4,792,000
------------
36,656,593
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
UTILITIES -- 1.1%
Calpine Corp.* ................... 66,200 $ 4,236,800
------------
TOTAL COMMON STOCK
(Cost $238,875,725)................. 389,820,166
------------
SHORT-TERM INVESTMENTS -- 4.3%
Temporary Investment Cash Fund ... 8,550,250 8,550,250
Temporary Investment Fund ........ 8,550,250 8,550,250
------------
(Cost $17,100,500)................ 17,100,500
------------
TOTAL INVESTMENTS -- 103.2%
(Cost $255,976,225)................. 406,920,666
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (3.2)%.................... (12,595,472)
------------
NET ASSETS -- 100.0%.................. $394,325,194
============
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
89
<PAGE> 91
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOREIGN STOCK -- 99.1%
AUSTRALIA -- 5.5%
Catuity, Inc.*.................. 9,678 $ 109,995
Challenger International........ 272,677 738,093
Chaosmusic Ltd.*................ 61,925 43,533
Davnet Ltd.*.................... 836,475 1,263,997
ERG Ltd.*....................... 103,400 580,834
FiberTel Ltd.*.................. 202,275 182,066
Formida Holdings Ltd.*.......... 13,852 27,211
Health Communications Network
Ltd.*......................... 622,350 633,770
Multiemedia.com Ltd.*........... 1,809,150 843,914
One.Tel*........................ 446,625 689,567
PowerLan Ltd.*.................. 450,900 438,437
Sausage Software Ltd.*.......... 391,200 1,336,496
Solution 6 Holdings Ltd.*....... 97,975 1,068,535
Solutions Ltd.*................. 497,600 2,255,770
Technology One Ltd.*............ 163,825 315,365
Westel Group Ltd.*.............. 2,675,982 1,441,659
------------
11,969,242
------------
AUSTRIA -- 0.5%
Austria Technologie &
Systemtechnik AG*............. 16,700 872,928
DO & CO Restaurants &
Catering*..................... 7,000 262,967
------------
1,135,895
------------
BRAZIL -- 1.5%
Tele Celular Sul Participacoes
SA [ADR]*..................... 44,000 1,397,000
Tele Centro Oeste Celular
Participacoes SA [ADR]*....... 158,300 1,028,950
Tele Nordeste Celular
Participacoes SA [ADR]*....... 15,900 802,950
------------
3,228,900
------------
DENMARK -- 0.8%
Vestas Wind Systems AS 144A*.... 9,375 1,660,481
------------
DOMINICAN REPUBLIC -- 0.4%
Tricom SA [ADR]*................ 38,050 856,125
------------
EGYPT -- 0.5%
Commercial International Bank
[GDR]*........................ 76,900 1,101,208
------------
FINLAND -- 4.5%
Comptel Oyj*.................... 26,750 1,881,579
Data Fellows Oyj*............... 16,175 472,429
Elcoteq Network................. 18,975 290,482
JOT Automation Group Oyj........ 96,875 902,502
PMJ automec Oyj................. 49,800 585,322
Stonesoft Oyj*.................. 98,200 1,305,509
Talentum Oyj Cl-B............... 44,725 1,085,580
Teleste Oyj*.................... 143,300 2,338,061
TJ Group Oyj*................... 26,400 930,607
------------
9,792,071
------------
FRANCE -- 5.9%
ALTEN........................... 6,475 1,116,447
Avenir Telecom*................. 3,275 620,762
Coheris Atix*................... 4,057 $ 747,331
Consodata SA*................... 22,950 1,040,135
Cross Systems*.................. 2,825 625,944
FI System....................... 3,276 996,427
Infosources*.................... 16,175 1,197,364
IPSOS*.......................... 15,525 1,283,717
Neopost SA*..................... 26,150 1,099,569
Remy Cointreau SA*.............. 34,200 768,802
Silicon-On-Insulator
Technologies (Soitec)*........ 5,700 774,428
Valtech*........................ 11,125 918,213
Wavecom SA*..................... 19,425 1,711,843
------------
12,900,982
------------
GERMANY -- 14.4%
ADVA AG Optical Networking*..... 7,225 1,368,013
Articon Information Systems
AG*........................... 16,175 822,679
Balda AG*....................... 11,950 974,872
Brokat Infosystems AG*.......... 11,050 2,203,545
Easy Software AG*............... 10,339 499,821
Emprise Management Consulting
AG*........................... 36,840 2,422,854
Fantastic Corp.*................ 15,000 2,719,307
Fluxx.com AG*................... 16,300 508,913
GFK AG*144A..................... 39,975 1,610,434
Intermediahouse.com*............ 8,650 331,050
Intershop Communications AG*.... 7,651 2,188,422
JUMPtec Industrielle
Computertechnik AG*........... 3,500 305,972
Kabel New Media*................ 4,050 101,566
Kamps AG........................ 26,747 1,858,740
Pandatel AG*.................... 5,550 380,099
Pixelpark AG.................... 12,700 1,496,525
ricardo.de AG*.................. 25,479 3,015,190
Secunet Security AG*............ 27,525 1,250,254
SinnerSchrader AG*.............. 22,550 1,078,784
Telegate AG*.................... 24,525 1,427,682
Tomorrow Internet*.............. 26,500 1,361,164
Utimaco Safeware AG*............ 11,225 1,882,327
Zapf Creation AG*............... 42,450 1,415,143
------------
31,223,356
------------
GREECE -- 0.7%
Etba Leasing SA*................ 56,300 514,908
Intralot SA*.................... 350 28,329
Jazztel PLC [ADR]*.............. 14,125 919,890
------------
1,463,127
------------
HONG KONG -- 4.1%
ASM Pacific Technology Ltd. .... 234,000 415,411
CCT Telecom Holdings Ltd........ 1,720,000 1,272,271
E-New Media Co. Ltd............. 3,800,000 1,857,593
Hanny Holdings Ltd.*............ 1,476,000 1,395,588
Quality Healthcare*............. 48,000 18,524
</TABLE>
90
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Sino-I.com Ltd.*................ 11,891,000 $ 1,101,373
TCL International Holdings
Ltd.*......................... 4,108,000 2,880,119
------------
8,940,879
------------
INDONESIA -- 0.7%
Multipolar Corp.*............... 7,733,000 1,355,696
PT Kalbe Farma*................. 1,486,000 239,249
------------
1,594,945
------------
IRELAND -- 1.1%
Grafton Group PLC............... 14,900 337,647
ITG Group PLC*.................. 177,879 1,746,723
Jurys Doyle Hotel Group PLC..... 35,975 264,495
------------
2,348,865
------------
ISRAEL -- 0.6%
BATM Advanced Communications
Ltd. ......................... 16,950 1,396,346
------------
ITALY -- 2.9%
Class Editori SPA............... 108,850 1,896,571
Ericsson SPA.................... 39,775 2,269,366
Magneti Marelli SPA*............ 238,225 909,329
Tiscali SPA*.................... 2,900 1,177,057
------------
6,252,323
------------
JAPAN -- 10.6%
Alpha Systems, Inc. ............ 4,200 883,821
Chiyoda Integre Co. Ltd. ....... 29,000 383,185
Enplas Corp. ................... 12,700 472,350
Global-Dining, Inc. ............ 15,000 1,086,425
H.I.S. Co. Ltd. ................ 7,980 569,386
INES Corp. ..................... 68,000 2,202,995
Innotech Corp. ................. 36,800 1,656,846
Justsystem Corp. ............... 6,000 364,099
Kappa Create Co. Ltd. .......... 36,000 757,561
Kinseki Ltd. ................... 51,000 541,597
Koha Co. Ltd. .................. 8,000 555,936
Megane Top Co. Ltd. ............ 25,000 856,416
Mobilephone Telecommunications
International Ltd. ........... 4,500 4,492,513
Moritex Corp. .................. 4,000 195,752
NIDEC Copal Electronics
Corp. ........................ 58,000 1,084,271
Nikko Travel Co. Ltd. .......... 37,000 778,604
PC DEPOT Corp. ................. 300 396,398
PCA Corp. ...................... 15,063 950,928
Plaza Create Co. Ltd. .......... 11,500 1,181,854
RENOWN, Inc. ................... 43,000 105,217
Shobunsha Publications, Inc. ... 4,600 288,147
Tanseisha Co. Ltd. ............. 63,500 435,059
Uchida Yoko Co. Ltd. ........... 199,000 1,217,334
Yokowo Co. Ltd. ................ 55,000 1,372,712
Zuken, Inc. .................... 8,200 313,810
------------
23,143,216
------------
KOREA -- 1.6%
Cybertek Holdings*.............. 100 1,541
Kasan Electronics............... 100 771
Korea Technology Banking Co. ... 29,000 280,934
Kumho Electric, Inc. ........... 11,893 379,152
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
LG Ad, Inc.*.................... 15,120 $ 838,890
Mirae Co. ...................... 145,100 1,128,343
The Will-Bes & Co. ............. 79,790 797,605
------------
3,427,236
------------
MALAYSIA -- 0.0%
KFC Holdings Berhad Warrants*... 21,333 9,993
------------
MEXICO -- 3.1%
Consorcio Ara SA*............... 447,175 731,526
Corporacion GEO SA*............. 260,600 1,045,150
Corporacion Interamericana de
Entrerenimiento SA*........... 139,625 557,763
Datacapital SA Cl-B*............ 1,095,150 471,579
Grupo Elektra SA*............... 1,260,275 1,242,319
Grupo Radio Centro SA de CV
[ADR]*........................ 68,100 570,338
Grupo Sanborns SA*.............. 997,725 2,148,136
------------
6,766,811
------------
NETHERLANDS -- 2.4%
ASM International NV*........... 101,575 2,352,931
Detron Group NV*................ 34,175 736,575
Meta4 NV*....................... 47,000 373,955
Unit 4*......................... 64,617 1,656,262
------------
5,119,723
------------
NEW ZEALAND -- 0.6%
Advantage Group Ltd.*........... 683,375 1,392,544
------------
NORWAY -- 2.7%
Norman ASA*..................... 135,750 1,473,426
Opticom ASA*.................... 10,425 2,211,029
VISMA ASA....................... 287,750 2,153,952
------------
5,838,407
------------
SINGAPORE -- 1.9%
JIT Holdings Ltd.*.............. 73,000 254,218
Keppel Telecommunications &
Transportation Ltd. .......... 598,000 973,029
Manufacturing Integration
Technololy Ltd.*.............. 830,000 548,184
Mediaring.com 144A*............. 549,000 593,335
PCI Ltd. ....................... 59,000 48,178
WBL Corp. ...................... 638,000 1,693,161
------------
4,110,105
------------
SOUTH AFRICA -- 0.6%
Anglovaal Industries Ltd.*...... 224,700 217,581
Ixchange Technology Holdings
Ltd.*......................... 232,500 982,129
------------
1,199,710
------------
SWEDEN -- 9.5%
Arkivator AB*................... 27,450 700,123
Aspiro Information AB*.......... 24,000 685,642
Connecta AB*144A................ 25,675 875,147
Connova Group AB*............... 115,650 1,950,609
Enea Data AB.................... 12,525 964,254
Framtidsfabriken AB*............ 9,275 1,678,832
HiQ International AB*........... 17,875 1,145,025
</TABLE>
91
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Industrial & Financial Systems
Cl-B*......................... 24,700 $ 537,083
Infocast AB*.................... 4,350 28,121
Information Highway AB.......... 15,075 2,498,325
Mandator AB..................... 117,500 1,753,937
Modul 1 Data AB................. 26,925 291,150
Semcon AB....................... 86,000 1,010,813
Sifo Group AB Cl-B*............. 27,225 345,592
Sigma AB Cl-B................... 60,575 1,295,798
SwitchCore AB*.................. 45,300 1,852,891
Technology Nexus AB*............ 60,175 1,131,641
Telelogic AB*................... 17,100 908,463
Teligent AB*.................... 55,750 950,135
------------
20,603,581
------------
SWITZERLAND -- 2.1%
4M Technologies Holding SA*..... 5,350 1,609,401
Edipresse SA.................... 1,750 967,154
Kudelski SA*.................... 175 1,044,087
Miracle Holding AG*............. 1,800 520,003
SEZ Holding AG.................. 575 321,752
------------
4,462,397
------------
UNITED KINGDOM -- 19.9%
African Lakes Corp. PLC*........ 396,825 631,377
AIT Group PLC................... 9,950 242,691
Autonomy Corp. PLC*............. 48,300 2,342,550
Baltimore Technologies PLC*..... 2,400 198,682
Bloomsbury Publishing PLC....... 60,200 792,028
Capital Radio PLC............... 56,075 1,355,499
Celltech Group PLC*............. 100,750 864,971
Chrysalis Group PLC*............ 2,750 67,964
Dialog Semiconductor PLC
144A*......................... 38,925 2,861,844
Durlacher Corp.*................ 77,950 2,105,889
Eidos PLC [ADR]*................ 7,100 589,300
F.I. Group PLC.................. 101,225 1,254,930
Fibernet Group PLC*............. 8,250 234,542
GEO Interactive Media Group
PLC*.......................... 60,350 1,691,336
Glotel PLC*..................... 114,600 1,346,700
Goldshield Group PLC............ 11,625 122,056
Guardian IT PLC................. 107,725 1,667,869
GWR Group PLC................... 107,950 1,133,416
Harrier Group PLC*.............. 136,250 913,351
HIT Entertainment PLC........... 6,000 208,858
Incepta Group PLC............... 219,875 403,111
Independent Energy Holdings PLC
[ADR]*........................ 40,675 1,354,986
Infobank International Holdings
PLC*.......................... 39,675 1,175,997
International Quantum Epitaxy
PLC*.......................... 5,600 218,400
Kewill Systems PLC.............. 41,100 1,038,985
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Matalan PLC..................... 58,950 $ 1,621,154
NetBenefit PLC*................. 14,500 208,454
NewMedia SPARK PLC*............. 340,000 906,183
NXT PLC*........................ 58,950 1,295,018
Pace Micro Tech PLC............. 211,100 1,773,147
QXL Ltd.*....................... 94,700 2,225,698
Recognition Systems Group
PLC*.......................... 273,600 1,542,392
Redstone Telecom PLC............ 115,100 911,013
RM PLC.......................... 70,000 969,584
Sherwood International PLC...... 74,800 1,498,223
Sportsworld Media Group PLC*.... 34,775 276,086
Superscape VR PLC*.............. 115,600 637,678
The Exchange Holdings PLC*...... 236,275 1,312,893
Trafficmaster PLC*.............. 91,483 1,344,730
VideoLogic Group PLC*........... 244,500 1,603,460
Whatman PLC..................... 30,300 636,267
------------
43,579,312
------------
TOTAL FOREIGN STOCK
(Cost $156,317,567)............... 215,517,780
------------
U.S. STOCK -- 3.9%
BUSINESS SERVICES -- 0.7%
El Sitio, Inc.*................. 44,325 1,628,944
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 0.7%
Sensar Corp.*................... 24,800 1,475,600
------------
MACHINERY & EQUIPMENT -- 0.3%
Toolex International NV*........ 32,000 544,000
------------
TELECOMMUNICATIONS -- 2.2%
AudioCodes Ltd.*................ 14,975 1,377,700
FirstCom Corp.*................. 24,625 904,969
NDS Group PLC*.................. 33,775 1,030,138
SCM Microsystems, Inc.*......... 22,775 1,456,177
------------
4,768,984
------------
TOTAL U.S. STOCK
(Cost $7,751,272)................. 8,417,528
------------
<CAPTION>
PAR
(000)
----------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 1.8%
Federal Home Loan Bank
1.50%, 01/03/00
(Cost $3,958,670)............... $ 3,959 3,958,670
------------
TOTAL INVESTMENTS -- 104.8%
(Cost $168,027,509)............... 227,893,978
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (4.8)%.................. (10,496,975)
------------
NET ASSETS -- 100.0%................ $217,397,003
============
</TABLE>
92
<PAGE> 94
AST FOUNDERS PASSPORT PORTFOLIO
- --------------------------------------------------------------------------------
Foreign currency exchange contracts outstanding at December 31, 1999:
<TABLE>
<CAPTION>
IN UNREALIZED
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS APPRECIATION/
MONTH TYPE TO RECEIVE FOR AT VALUE (DEPRECIATION)
- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
01/00 Buy AUD 1,253,090 $ 819,521 $ 822,853 $ 3,332
01/00 Buy CHF 820,347 514,418 515,468 1,050
01/00 Buy EUR 2,975,897 2,999,759 2,998,054 (1,705)
01/00 Buy GBP 174,359 281,636 281,631 (5)
01/00 Buy HKD 6,077,011 782,011 781,750 (261)
01/00 Buy IDR 10,528,028,501 1,523,391 1,501,930 (21,461)
01/00 Buy JPY 504,629,595 4,950,576 4,943,065 (7,511)
01/00 Buy SGD 1,333,724 801,759 801,027 (732)
----------- ----------- --------
$12,673,071 $12,645,778 ($27,293)
=========== =========== ========
</TABLE>
<TABLE>
<CAPTION>
IN
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE TO DELIVER FOR AT VALUE APPRECIATION
- -------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
01/00 Sell GBP 441,548 $713,762 $713,198 $564
======== ======== ====
</TABLE>
The following is a breakdown of the foreign stock portion of the Portfolio, by
industry classification, as of December 31, 1999. Percentages are based on net
assets.
<TABLE>
<CAPTION>
INDUSTRY
- --------
<S> <C>
Advertising........................................... 0.4%
Automobile Manufacturers.............................. 0.3%
Automotive Parts...................................... 0.4%
Beverages............................................. 0.4%
Broadcasting.......................................... 1.7%
Building Materials.................................... 0.2%
Business Services..................................... 12.3%
Clothing & Apparel.................................... 0.4%
Computer Hardware..................................... 1.8%
Computer Services & Software.......................... 24.5%
Conglomerates......................................... 1.0%
Construction.......................................... 0.2%
Consumer Products & Services.......................... 4.5%
Electronic Components & Equipment..................... 7.9%
Entertainment & Leisure............................... 0.9%
Financial Services.................................... 2.4%
Food.................................................. 1.2%
Hotels & Motels....................................... 0.6%
Industrial Products................................... 0.4%
Machinery & Equipment................................. 1.5%
Metals & Mining....................................... 0.3%
Office Equipment...................................... 0.6%
Pharmaceuticals....................................... 0.6%
Printing & Publishing................................. 2.1%
Real Estate........................................... 0.8%
Retail & Merchandising................................ 6.0%
Semiconductors........................................ 4.5%
Telecommunications.................................... 19.5%
Transportation........................................ 0.3%
Utilities............................................. 1.4%
----
Total................................................. 99.1%
====
</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 year, these securities amounted
to 7.5% of net assets.
See Notes to Financial Statements.
93
<PAGE> 95
AST T. ROWE PRICE NATURAL RESOURCES PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 87.2%
BUILDING & REAL ESTATE -- 3.6%
Archstone Communities Trust
[REIT]......................... 19,285 $ 395,343
Camden Property Trust............ 30,100 823,988
Kilroy Realty Corp. ............. 27,000 594,000
Post Properties, Inc. [REIT]..... 24,000 917,999
United Dominion Realty Trust
[REIT]......................... 22,000 217,250
Weeks Corp. ..................... 39,330 766,935
------------
3,715,515
------------
BUILDING MATERIALS -- 0.5%
Martin Marietta Materials,
Inc. .......................... 12,500 512,500
------------
CHEMICALS -- 5.0%
Bush Boake Allen, Inc.*.......... 41,400 1,016,888
Grace, (W.R.) & Co.*............. 60,800 843,600
Millennium Chemicals, Inc. ...... 61,500 1,214,624
Octel Corp.*..................... 77,375 802,766
Olin Corp. ...................... 32,800 649,850
Union Carbide Corp. ............. 8,000 534,000
------------
5,061,728
------------
CONTAINERS & PACKAGING -- 1.0%
Smurfit-Stone Container Corp.*... 43,600 1,068,200
------------
DIVERSIFIED METALS -- 2.5%
Nucor Corp. ..................... 21,500 1,178,469
Reynolds Metals Co. ............. 18,200 1,394,575
------------
2,573,044
------------
DIVERSIFIED RESOURCES -- 2.0%
Burlington Northern Santa Fe
Corp. ......................... 17,900 434,075
IMC Global, Inc. ................ 95,800 1,568,725
------------
2,002,800
------------
ENERGY SERVICES -- 4.3%
Coflexip SA [ADR]................ 25,500 969,000
Halliburton Co. ................. 4,600 185,150
Layne Christensen Co.*........... 45,000 326,250
McDermott International, Inc. ... 124,500 1,128,281
Niagara Mohawk Holdings, Inc.*... 131,300 1,829,994
------------
4,438,675
------------
ENVIRONMENTAL SERVICES -- 1.0%
TETRA Technologies, Inc.*........ 35,000 253,750
Waste Management, Inc. .......... 47,000 807,813
------------
1,061,563
------------
HOTELS & MOTELS -- 0.2%
Hilton Hotels Corp. ............. 26,400 254,100
------------
INTEGRATED PETROLEUM -- 13.3%
Amerada Hess Corp. .............. 52,100 2,956,674
Atlantic Richfield Co. .......... 12,900 1,115,850
Chevron Corp. ................... 14,052 1,217,255
Norsk Hydro AS [ADR]............. 18,000 769,500
Occidental Petroleum Corp. ...... 55,000 1,189,375
Royal Dutch Petroleum Co. ....... 50,000 3,021,874
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Texaco, Inc. .................... 39,000 $ 2,118,188
USX-Marathon Group, Inc. ........ 46,000 1,135,625
------------
13,524,341
------------
MACHINERY & EQUIPMENT -- 3.3%
Baker Hughes, Inc. .............. 133,200 2,805,525
Smith International, Inc.*....... 11,800 586,313
------------
3,391,838
------------
METALS & MINING -- 6.4%
Aber Resources Ltd.*............. 20,700 129,375
Alcan Aluminium Ltd. ............ 25,000 1,029,688
Allegheny Technologies, Inc. .... 58,000 1,301,375
Cleveland-Cliffs, Inc. .......... 29,000 902,625
Inco Ltd.*....................... 32,500 282,344
Inco Ltd. Cl-VBN*................ 95,800 2,251,299
Lihir Gold Ltd. [ADR]*........... 45,000 652,500
------------
6,549,206
------------
NON-FERROUS METALS -- 2.3%
Phelps Dodge Corp. .............. 34,950 2,346,019
------------
OIL & GAS -- 24.1%
Anadarko Petroleum Corp. ........ 15,500 528,938
BJ Services Co.*................. 105,800 4,423,762
BP Amoco PLC [ADR]............... 14,400 854,100
Burlington Resources, Inc. ...... 27,900 922,444
Devon Energy Corp. .............. 9,635 316,751
Diamond Offshore Drilling,
Inc. .......................... 4,000 122,250
Exxon Mobil Corp. ............... 33,109 2,667,343
Global Industries Ltd.*.......... 15,000 129,375
Helmerich & Payne, Inc. ......... 40,000 872,500
Key Energy Services, Inc.*....... 285,000 1,478,438
Kinder Morgan, Inc. ............. 17,500 353,281
Mitchell Energy & Development
Corp. Cl-B..................... 46,800 1,009,125
Murphy Oil Corp. ................ 25,000 1,434,375
Nicor, Inc. ..................... 17,000 552,500
Questar Corp.*................... 31,000 465,000
Santa Fe Energy Resources,
Inc.*.......................... 111,100 888,800
Schlumberger Ltd. ............... 18,688 1,051,200
Seacor Smit, Inc.*............... 9,000 465,750
Total SA [ADR]................... 35,075 2,428,877
Union Pacific Resources Group,
Inc. .......................... 53,000 675,750
Unocal Corp. .................... 29,500 990,094
Valero Energy Corp. ............. 29,600 588,300
Vastar Resources, Inc. .......... 22,500 1,327,500
------------
24,546,453
------------
PAPER & FOREST PRODUCTS -- 8.7%
Abitibi-Consolidated, Inc. ...... 67,000 795,625
Champion International Corp. .... 4,000 247,750
Consolidated Papers, Inc. ....... 45,000 1,431,563
Domtar, Inc. .................... 71,300 837,775
Fort James Corp. ................ 59,600 1,631,549
Jefferson Smurfit Group [ADR].... 20,000 580,000
Kimberly-Clark Corp. ............ 12,300 802,575
</TABLE>
94
<PAGE> 96
AST T. ROWE PRICE NATURAL RESOURCES PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Potlatch Corp. .................. 2,500 $ 111,563
Weyerhaeuser Co. ................ 33,600 2,412,899
------------
8,851,299
------------
PETROLEUM EXPLORATION & PRODUCTION -- 0.9%
Barrett Resources Corp.*......... 10,600 312,038
Ocean Energy, Inc.*.............. 83,880 650,070
------------
962,108
------------
PRECIOUS METALS -- 6.3%
Barrick Gold Corp. .............. 22,000 389,125
Battle Mountain Gold Co. ........ 478,000 985,875
Gold Fields Ltd. [ADR]........... 115,631 523,953
Newmont Mining Corp. ............ 183,324 4,491,438
------------
6,390,391
------------
REAL ESTATE -- 0.3%
Security Capital ADR*............ 25,000 351,563
------------
TRANSPORTATION -- 0.5%
Overseas Shipholding Group,
Inc. .......................... 33,000 488,813
------------
UTILITIES -- 1.0%
Unisource Energy Corp. .......... 90,000 1,006,875
------------
TOTAL COMMON STOCK (Cost
$86,579,192)....................... 89,097,031
------------
PREFERRED STOCK -- 2.3%
BUILDING & REAL ESTATE -- 0.9%
Rouse Co. $3.00 Cl-B............. 29,000 946,125
------------
METALS & MINING -- 0.8%
Kinam Gold, Inc. $3.75 Cl-B...... 32,000 844,000
------------
PRECIOUS METALS -- 0.6%
Battle Mountain Gold $3.25....... 22,900 588,244
------------
TOTAL PREFERRED STOCK (Cost
$3,179,363)........................ 2,378,369
------------
FOREIGN STOCK -- 7.4%
METALS & MINING -- 3.6%
Broken Hill Proprietary Co.
Ltd. -- (AUD).................. 15,000 197,110
Franco Nevada Mining Corp. --
(CAD)*......................... 57,820 893,236
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Lihir Gold Ltd. -- (AUD)*........ 1,720,000 $ 1,254,344
Lonrho Africa PLC -- (GBP)....... 203,159 101,730
Rio Tinto PLC -- (GBP)........... 51,000 1,231,586
------------
3,678,006
------------
NON-FERROUS METALS -- 0.2%
Bougainville Copper
Ltd. -- (AUD)*................. 1,496,992 172,117
------------
PRECIOUS METALS -- 3.6%
Gencor Ltd. -- (ZAR)............. 378,000 1,642,811
Gold Fields Ltd. -- (ZAR)........ 403,113 1,948,433
Goldfields Ltd. -- (AUD)......... 181,200 129,763
------------
3,721,007
------------
TOTAL FOREIGN STOCK (Cost
$6,938,903)........................ 7,571,130
------------
<CAPTION>
PAR
(000)
-----
<S> <C> <C>
CORPORATE OBLIGATIONS -- 0.5%
METALS & MINING
Teck Corp. 3.75%, 07/15/06
(Cost $563,623).................. $ 750 555,000
------------
<CAPTION>
SHARES
------
<S> <C> <C>
Temporary Investment Cash Fund
(Cost $4,298,021)................ 4,298,021 4,298,021
------------
TOTAL INVESTMENTS -- 101.6% (Cost
$101,559,102)...................... 103,899,551
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (1.6)%................... (1,674,479)
------------
NET ASSETS -- 100.0%................. $102,225,072
============
</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.
95
<PAGE> 97
AST PIMCO LIMITED MATURITY BOND PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 16.7%
Federal Home Loan Mortgage Corp.
8.50%, 01/01/25................ $ 6,071 $ 6,236,284
8.75%, 10/01/01................ 482 491,104
------------
6,727,388
------------
Federal National Mortgage Assoc.
6.045%, 03/01/17............... 2,065 2,023,403
6.335%, 05/01/25............... 838 839,603
6.50%, 05/18/23-01/19/30....... 4,557 4,488,862
7.185%, 01/01/25............... 127 130,232
7.50%, 01/25/22-10/01/22....... 15,630 15,517,593
------------
22,999,693
------------
Government National Mortgage
Assoc.
6.125%, 11/20/26............... 9,894 10,085,698
6.375%, 03/20/24-02/20/28...... 14,374 14,529,703
6.50%, 06/20/28-06/20/28....... 10,600 9,284,952
6.625%, 07/20/24............... 222 225,060
6.75%, 07/20/17-09/20/17....... 610 619,221
7.00%, 01/15/24-07/15/25....... 1,791 1,730,703
------------
36,475,337
------------
Student Loan Marketing Assoc.
5.26%, 04/25/04 [FRN].......... 1,874 1,869,974
------------
(Cost $69,566,719)............. 68,072,392
------------
U.S. TREASURY OBLIGATIONS -- 4.1%
U.S. Treasury Bills
4.70%, 02/17/00#............... 590 586,223
------------
U.S. Treasury Inflationary Bonds
3.625%, 07/15/02-01/15/08...... 15,000 15,604,869
------------
U.S. Treasury Notes
5.50%, 02/29/00#............... 500 500,236
------------
(Cost $16,572,496)............. 16,691,328
------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 22.5%
Amersco Residential Securities
Mortgage Loan
Series 1998-2 Cl-A1
6.50%, 11/25/15................ 203 201,954
Chase Credit Card Master Trust
Series 1997-3 Cl-A
6.777%, 05/15/07............... 7,446 7,436,535
Chase Series 1999-S8 Cl-A1
6.35%, 06/25/29................ 13,000 12,803,174
Delta Funding Home Equity Loan
Trust Series 1998-1 Cl-A1A
6.28%, 05/25/30................ 2,319 2,284,792
Duck Auto Grantor Trust
1999-A 144A
5.65%, 03/15/04................ 3,203 3,183,564
Federal Home Loan Mortgage Corp.
Series 1371 Cl-PG
5.80%, 08/15/19................ 3,510 3,490,558
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
Federal Home Loan Mortgage Corp.
Series 1725 Cl-B
7.00%, 10/15/20................ $ 9,183 $ 9,149,457
Federal National Mortgage Assoc.
Series 1996-39 Cl-H
8.00%, 11/25/23................ 1,882 1,915,698
First Plus Home Loan Trust Series
1998-5 Cl-A3 [VR]
6.06%, 11/10/11................ 8,000 7,975,320
Government National Mortgage
Assoc. Series 1997-1 Cl-A
7.25%, 12/16/23................ 3,729 3,719,834
Green Tree Financial Corp.
1999-5 A2
6.77%, 04/01/31................ 10,600 10,531,153
Green Tree Financial Corp.
1999-5 A3
6.97%, 04/01/31................ 6,000 5,949,510
Green Tree Home Equity Loan Trust
Series 1999-A Cl-A1
5.59%, 02/15/13................ 2,464 2,451,536
Green Tree Home Improvement Loan
Trust Series 1998-D Cl-HIA2
5.94%, 06/15/29................ 1,440 1,438,598
Merrill Lynch Mortgage Investors,
Inc. Cl-B
7.069%, 06/15/21............... 708 696,868
Norwest Asset Securities Corp.
Series 1998-27 Cl-A
6.25%, 11/25/13................ 2,642 2,534,515
PP&L Transition Bonds Series
1999-1 Cl-A1
6.08%, 03/25/03................ 3,595 3,581,052
Residential Accredit Loans, Inc.
Series 1997-QS8 Cl-A9
7.375%, 08/25/27............... 2,000 1,991,121
Residential Funding Mortgage
Securities II Series 1993-S20
Cl-A8
6.982%, 06/25/08............... 2,800 2,778,342
Residential Funding Mortgage
Securities II Series 1997-S6
Cl-A5
7.00%, 05/25/12................ 2,687 2,532,524
The Money Store Residential Trust
Series 1998-I Cl-A3
6.215%, 02/15/11............... 3,000 2,991,135
Travelers Mortgage Securities
Corp. Series 1984-1 Cl-Z2
12.00%, 03/01/14............... 1,773 1,898,619
------------
(Cost $92,753,790)............. 91,535,859
------------
CORPORATE OBLIGATIONS -- 50.0%
AEROSPACE -- 3.7%
Lockheed Martin Corp.
6.85%, 05/15/01................ 15,000 14,887,500
------------
</TABLE>
96
<PAGE> 98
AST PIMCO LIMITED MATURITY BOND PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
AUTOMOBILE MANUFACTURERS -- 1.2%
Ford Motor Credit Co.
5.79%, 03/21/01................ $ 5,000 $ 5,011,210
------------
BUILDING MATERIALS -- 0.7%
Cemex SA 144A
8.50%, 08/31/00................ 3,000 3,044,100
------------
BUSINESS SERVICES -- 2.4%
Cox Enterprises 144A
6.625%, 06/14/02............... 10,000 9,837,500
------------
CONGLOMERATES -- 0.1%
Philip Morris Companies, Inc.
9.25%, 02/15/00................ 500 501,875
------------
ENTERTAINMENT & LEISURE -- 0.3%
Time Warner, Inc. 144A
6.10%, 12/30/01................ 1,250 1,225,000
------------
FINANCIAL SERVICES -- 24.1%
Bear Stearns Co. Cl-B [FRN]
6.224%, 02/06/01............... 700 701,663
Beneficial Corp. Cl-H [FRN]
5.559%, 01/09/02............... 5,000 4,994,660
Chrysler Financial Corp. [FRN]
5.579%, 01/30/02............... 4,000 3,991,940
First Union Corp. [FRN]
5.434%, 07/22/03............... 4,550 4,545,118
General Motors Acceptance Corp.
7.125%, 05/01/01............... 2,000 2,005,000
Goldman Sachs Group 144A
7.125%, 03/01/03............... 1,000 992,500
Household Finance Corp.
7.625%, 06/28/00............... 15,000 15,150,000
5.249%, 05/24/02 [VR].......... 30,000 29,960,279
Lehman Brothers Holdings, Inc.
6.375%, 05/07/02 [FRN]......... 1,200 1,176,000
6.11%, 07/15/02................ 500 501,535
7.00%, 05/15/03................ 2,500 2,462,500
Merrill Lynch & Co., Inc. [FRN]
5.76%, 01/11/02................ 5,000 5,014,065
5.783%, 05/30/03............... 5,000 5,000,000
Nacional Financiera [FRN] 144A
8.693%, 06/01/00............... 4,875 4,850,625
NationsBank Corp.
8.625%, 11/15/03............... 1,000 1,046,250
New England Educational
Loan Marketing Assoc.
Cl-B [FRN] 144A
5.27%, 03/13/00................ 5,000 4,998,280
Salomon, Inc.
7.50%, 02/01/03................ 1,000 1,007,500
Transamerica Financial Corp.
7.25%, 08/15/02................ 10,000 10,012,500
------------
98,410,415
------------
INDUSTRIAL PRODUCTS -- 1.2%
Amerco
7.20%, 04/01/02................ 5,000 4,794,750
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
INSURANCE -- 2.7%
Gold Eagle Capital 144A
11.453%, 04/16/01.............. $ 3,000 $ 2,999,063
Marsh & McLennan Companies, Inc.
6.625%, 06/15/04............... 8,000 7,820,000
------------
10,819,063
------------
OIL & GAS -- 1.0%
Gulf Canada Resources Ltd.
9.25%, 01/15/04................ 3,000 3,000,000
Occidental Petroleum Corp.
6.40%, 04/01/03................ 1,000 968,750
------------
3,968,750
------------
PAPER & FOREST PRODUCTS -- 0.4%
International Paper Co.
6.125%, 11/01/03............... 1,500 1,428,750
------------
RETAIL & MERCHANDISING -- 0.8%
Kmart Corp.
8.00%, 12/13/01................ 3,150 3,130,313
------------
TELECOMMUNICATIONS -- 3.7%
AT&T Capital Corp. Cl-F
6.25%, 05/15/01................ 10,000 9,912,500
TCI Communications, Inc. [FRN]
5.985%, 03/11/00............... 5,000 5,048,000
------------
14,960,500
------------
UTILITIES -- 7.7%
Cleveland Electric Illuminating
Co.
7.625%, 08/01/02............... 2,100 2,069,907
Connecticut Light & Power Co.
7.875%, 06/01/01............... 2,000 2,010,000
Detroit Edison Co.
6.75%, 03/17/03................ 5,000 4,887,500
KN Energy, Inc.
6.45%, 11/30/01................ 10,000 9,837,499
Nevada Power Co.
6.20%, 04/15/04................ 4,500 4,258,125
Texas Utilities Co.
6.62%, 07/01/01................ 3,411 3,410,837
United Illuminating Co.
6.25%, 12/15/02................ 5,000 4,812,500
------------
31,286,368
------------
TOTAL CORPORATE OBLIGATIONS (Cost
$205,894,101)...................... 203,306,094
------------
SOVEREIGN ISSUES -- 3.8%
ARGENTINA -- 1.4%
Republic of Argentina
12.12%, 04/10/05 [FRB, BRB].... 4,000 3,680,000
14.25%, 05/30/00 [VR].......... 2,000 1,980,000
------------
5,660,000
------------
CANADA -- 0.3%
Hydro-Quebec
9.00%, 03/07/01................ 1,000 1,021,500
------------
</TABLE>
97
<PAGE> 99
AST PIMCO LIMITED MATURITY BOND PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
KOREA -- 2.1%
Korea Development Bank
7.125%, 09/17/01............... $ 8,902 $ 8,835,235
------------
TOTAL SOVEREIGN ISSUES (Cost
$15,830,623)....................... 15,516,735
------------
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000)
---------
<S> <C> <C>
FOREIGN BONDS -- 2.9%
NEW ZEALAND -- 0.6%
Inter-American Development Bank
5.75%, 04/15/04................ 4,900 2,386,788
------------
UNITED KINGDOM -- 2.3%
United Mexican States
5.875%, 12/31/19............... 10,000 9,369,000
------------
TOTAL FOREIGN BONDS (Cost
$11,154,637)....................... 11,755,788
------------
<CAPTION>
SHARES
------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 2.8%
Temporary Investment Cash Fund... 5,611,226 5,611,226
Temporary Investment Fund........ 5,611,225 5,611,225
------------
(Cost $11,222,451)............... 11,222,451
------------
TOTAL INVESTMENTS -- 102.8% (Cost
$422,994,817)...................... 418,100,647
------------
LIABILITIES IN EXCESS OF
OTHER ASSETS -- (2.8)%............. (11,497,086)
------------
NET ASSETS -- 100.0%................. $406,603,561
============
</TABLE>
Foreign currency exchange contracts outstanding at December 31, 1999:
<TABLE>
<CAPTION>
IN
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE TO DELIVER FOR AT VALUE APPRECIATION
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
01/00 Sell NZD 4,855,000 $2,544,627 $2,533,660 $10,967
========== ========== =======
</TABLE>
# Securities with an aggregate market value of $1,082,822 have been segregated
with the custodian to cover margin requirements for the following open futures
contracts at December 31, 1999:
<TABLE>
<CAPTION>
NUMBER
EXPIRATION OF UNREALIZED
DESCRIPTION MONTH CONTRACTS DEPRECIATION
- ---------------------------------------------------------------------
<S> <C> <C> <C> <C>
Euro Dollar............. 09/00 EUR 115 $ 90,813
Euro Dollar............. 12/00 EUR 190 126,313
--------
$217,126
========
</TABLE>
Credit default swap agreements outstanding at December 31, 1999:
<TABLE>
<CAPTION>
NOTIONAL
EXPIRATION AMOUNT UNREALIZED
DESCRIPTION MONTH (000) DEPRECIATION
- ---------------------------------------------------------------------
<S> <C> <C> <C> <C>
Credit default swap on
Republic of Argentina
Bonds
5.70%.................. 03/01 $2,100 $63,783
6.15%.................. 03/01 900 34,018
-------
$97,801
=======
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
144A -- Security was purchased pursuant to Rule 144A under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers. At the end of the year, these securities amounted
to 6.4% of net assets.
See Notes to Financial Statements.
98
<PAGE> 100
AST OPPENHEIMER LARGE-CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 90.7%
BROADCASTING -- 1.8%
Infinity Broadcasting Corp.* ... 178,700 $ 6,466,706
------------
CLOTHING & APPAREL -- 1.6%
Abercrombie & Fitch Co.
Cl-A* ........................ 97,300 2,596,694
Intimate Brands, Inc. .......... 71,700 3,092,062
------------
5,688,756
------------
COMPUTER HARDWARE -- 4.0%
Apple Computer, Inc.* .......... 35,000 3,598,438
Dell Computer Corp.* ........... 80,400 4,100,400
EMC Corp.* ..................... 61,700 6,740,725
------------
14,439,563
------------
COMPUTER SERVICES & SOFTWARE -- 13.9%
America Online, Inc.* .......... 80,000 6,035,000
At Home Corp.* ................. 62,300 2,671,113
Cisco Systems, Inc.* ........... 121,000 12,962,125
Citrix Systems, Inc.* .......... 40,000 4,920,000
Compuware Corp.* ............... 96,000 3,576,000
Microsoft Corp.* ............... 123,000 14,360,249
USWeb Corp.* ................... 50,000 2,221,875
VERITAS Software Corp.* ........ 30,000 4,293,750
------------
51,040,112
------------
CONGLOMERATES -- 3.6%
Tyco International Ltd. ........ 335,200 13,030,900
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 8.6%
E-Tek Dynamics, Inc.* .......... 66,000 8,885,250
Optical Coating Laboratory,
Inc. ......................... 15,000 4,440,000
Sanmina Corp.* ................. 20,000 1,997,500
Solectron Corp.* ............... 53,300 5,070,163
Tandy Corp.* ................... 220,100 10,826,168
------------
31,219,081
------------
ENTERTAINMENT & LEISURE -- 1.4%
Royal Caribbean Cruises Ltd. ... 100,000 4,931,250
------------
FINANCIAL-BANK & TRUST -- 0.8%
Fifth Third Bancorp............. 39,700 2,912,988
------------
FINANCIAL SERVICES -- 0.9%
Citigroup, Inc. ................ 60,900 3,383,756
------------
HEALTHCARE SERVICES -- 3.3%
Amgen, Inc.* ................... 203,000 12,192,688
------------
INSURANCE -- 0.4%
American International Group,
Inc. ......................... 15,000 1,621,875
------------
OIL & GAS -- 2.6%
Exxon Mobil Corp. .............. 116,238 9,364,424
------------
PHARMACEUTICALS -- 6.8%
Biogen, Inc.* .................. 77,000 6,506,500
Genentech, Inc.* ............... 20,000 2,690,000
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
IDEC Pharmaceuticals Corp.* .... 80,000 $ 7,860,000
Immunex Corp.* ................. 20,000 2,186,250
Waters Corp.* .................. 106,000 5,618,000
------------
24,860,750
------------
PRINTING & PUBLISHING -- 2.4%
Lexmark International Group,
Inc. Cl-A* ................... 96,000 8,688,000
------------
RETAIL & MERCHANDISING -- 12.2%
Bed, Bath & Beyond, Inc.* ...... 38,000 1,320,500
Best Buy Co., Inc.* ............ 138,200 6,935,913
CVS Corp. ...................... 128,000 5,112,000
Home Depot, Inc. ............... 137,850 9,451,340
Kohl's Corp.* .................. 104,200 7,521,938
Tiffany & Co. .................. 98,000 8,746,499
Wal-Mart Stores, Inc. .......... 77,300 5,343,363
------------
44,431,553
------------
SEMICONDUCTORS -- 15.4%
Intel Corp. .................... 86,000 7,078,875
JDS Uniphase Corp.* ............ 240,000 38,714,999
LSI Logic Corp.* ............... 60,000 4,050,000
Vitesse Semiconductor Corp.* ... 125,000 6,554,688
------------
56,398,562
------------
TELECOMMUNICATIONS -- 7.8%
BroadWing, Inc. ................ 120,000 4,425,000
Lucent Technologies, Inc. ...... 81,000 6,059,813
MCI WorldCom, Inc.* ............ 28,500 1,512,281
Nortel Networks Corp. .......... 127,600 12,887,600
Tellabs, Inc.* ................. 54,000 3,466,125
------------
28,350,819
------------
UTILITIES -- 3.2%
AES Corp.* ..................... 85,000 6,353,750
Enron Corp. .................... 120,800 5,360,500
------------
11,714,250
------------
TOTAL COMMON STOCK
(Cost $234,765,760)............... 330,736,033
------------
SHORT-TERM INVESTMENTS -- 9.2%
Temporary Investment Cash
Fund.......................... 16,727,634 16,727,634
Temporary Investment Fund....... 16,727,634 16,727,634
------------
(Cost $33,455,268).............. 33,455,268
------------
TOTAL INVESTMENTS -- 99.9% (Cost
$268,221,028)..................... 364,191,301
OTHER ASSETS LESS
LIABILITIES -- 0.1%............... 262,375
------------
NET ASSETS -- 100.0%................ $364,453,676
============
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
99
<PAGE> 101
AST JANUS OVERSEAS GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOREIGN STOCK -- 81.0%
ARGENTINA -- 0.1%
Telefonica SA [ADR]*........... 19,361 $ 1,525,889
--------------
AUSTRALIA -- 0.1%
Melbourne It Limited*.......... 180,030 1,008,808
--------------
BRAZIL -- 1.5%
Petroleo Brasileiro SA
[ADR]*....................... 134,245 3,443,114
Telecomunicacoes Brasileiras SA
Pfd. [ADR]................... 125,135 16,079,848
Telesp Celular Participacoes SA
[ADR]*....................... 104,865 4,443,654
--------------
23,966,616
--------------
CANADA -- 5.0%
BCE, Inc. ..................... 51,183 4,650,260
Bombardier, Inc. Cl-B.......... 300,230 6,166,830
Celestica, Inc.*............... 10,946 612,703
Corus Entertainment, Inc.*..... 186,694 3,815,361
Le Groupe Videotron Ltee....... 497,651 8,446,449
Nortel Networks Corp. ......... 303,095 30,612,595
Rogers Communications, Inc. Cl-B*... 647,416 15,832,203
Shaw Communications, Inc.
Cl-B......................... 218,386 7,208,932
--------------
77,345,333
--------------
FINLAND -- 7.1%
Nokia AB Oyj................... 265,389 48,111,612
Nokia Corp. Cl-A [ADR]......... 197,190 37,466,100
Sonera Group Oyj............... 269,908 18,498,579
Tieto Corp. Cl-B............... 106,480 6,648,968
--------------
110,725,259
--------------
FRANCE -- 3.8%
Atos SA*....................... 93,415 15,486,059
Cap Gemini SA.................. 39,117 9,927,973
Carrefour Supermarche SA....... 38,827 7,160,060
STMicroelectronics NV.......... 55,981 8,615,064
STMicroelectronics NV NY Reg. ... 1,490 225,642
Total Fina SA Cl-B............. 74,917 9,997,485
Vivendi........................ 85,393 7,710,225
--------------
59,122,508
--------------
GERMANY -- 5.3%
EM.TV & Merchandising AG....... 31,000 2,045,020
Intershop Communications AG*... 43,520 12,448,061
Mannesmann AG.................. 185,272 44,857,880
Marschollek, Lautenschlaeger
und Partner AG Non-Voting
Pfd. ........................ 29,790 8,910,897
Porsche AG Pfd. ............... 5,345 14,534,696
--------------
82,796,554
--------------
HONG KONG -- 4.7%
China Telecom Ltd. [ADR]*...... 445,660 57,295,164
Legend Holdings Ltd............ 6,498,000 16,133,196
--------------
73,428,360
--------------
INDIA -- 0.4%
Reliance Industries [GDR]
144A......................... 437,713 6,259,296
--------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ISRAEL -- 1.9%
Check Point Software
Technologies Ltd. ........... 86,855 $ 17,262,431
Partner Communications Co. Ltd.
[ADR]*....................... 493,970 12,781,474
--------------
30,043,905
--------------
ITALY -- 1.3%
Banca Popolare di Brescia...... 91,311 8,079,032
Gucci Group Designs............ 9,296 1,072,003
Telecom Italia Mobile SPA...... 788,881 8,811,250
Unicredito Italiano SPA........ 539,168 2,649,955
--------------
20,612,240
--------------
JAPAN -- 18.6%
Fuji Bank Ltd.................. 1,206,000 11,721,229
Fujitsu Ltd. .................. 194,000 8,848,390
Furukawa Electric Co.*......... 23,000 348,928
Internet Initiative, Inc.
[ADR]*....................... 28,875 2,806,289
Ito-Yokado Co. Ltd. ........... 61,000 6,627,190
Kirin Brewery Co. Ltd. ........ 194,000 2,041,206
Matsushita Communication
Industrial Co. Ltd........... 14,000 3,699,716
NEC Corp. ..................... 428,000 10,200,450
Nippon Telegraph & Telephone
Corp. ....................... 363 6,217,579
NTT Data Corp. ................ 465 10,695,410
NTT Mobile Communication
Network, Inc. ............... 2,666 102,548,497
Rohm Co. Ltd. ................. 8,100 3,393,168
Softbank Corp.................. 47,700 45,659,782
Sony Corp. .................... 129,700 38,464,422
Takeda Chemical Industries
Ltd. ........................ 232,000 11,467,163
Tokio Marine & Fire Insurance
Co. Ltd. .................... 361,000 4,222,326
Tyco International Ltd. ....... 392,735 15,267,573
Yamanouchi Pharmaceutical Co.
Ltd.......................... 68,000 2,376,040
--------------
286,605,358
--------------
KOREA -- 2.9%
Dacom Corp.*................... 28,500 14,682,959
Korea Thrunet Co. Ltd.
[ADR]*....................... 17,755 1,205,121
SK Telecom Co. Ltd. [ADR]...... 760,017 29,165,669
--------------
45,053,749
--------------
MEXICO -- 1.8%
Grupo Televisa SA [GDR]*....... 136,815 9,337,624
Telefonos de Mexico SA Cl-L
[ADR]........................ 159,440 17,937,000
--------------
27,274,624
--------------
NETHERLANDS -- 8.0%
ASM Lithography Holding NV*.... 51,252 5,693,520
ASM Lithography Holding NV NY
Reg.*........................ 50,550 5,750,063
Equant NV*..................... 14,723 1,671,147
Equant NV NY Reg.*............. 27,325 3,060,400
Getronics NV................... 228,170 18,200,285
</TABLE>
100
<PAGE> 102
AST JANUS OVERSEAS GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Gucci Group NV NY Reg. ........ 125,459 $ 14,365,056
Koninklijke (Royal) Philips
Electronics NV............... 83,573 11,363,033
Koninklijke (Royal) Philips
Electronics NV NY Reg. ...... 101,438 13,694,130
KPNQwest NV*................... 173,936 11,579,383
TNT Post Group NV.............. 335,893 9,624,490
United Pan-Europe
Communications NV*........... 123,817 15,837,202
Versatel Telecom International
NV*.......................... 377,644 13,312,056
--------------
124,150,765
--------------
PORTUGAL -- 0.2%
PT MULTIMEDIA -- Servicos de
Telecomunicacoes e Multimedia
SGPS SA 144A*................ 58,725 3,287,275
--------------
SINGAPORE -- 1.2%
Datadraft Asia Ltd............. 600,135 4,981,121
Development Bank of
Singapore.................... 382,627 6,271,821
Singapore Press Holdings
Ltd. ........................ 323,000 7,001,080
--------------
18,254,022
--------------
SPAIN -- 2.7%
Argentaria Caja Postal Y Banco
Hipotecario de Espana SA..... 132,632 3,116,431
Banco Bilbao Vizcaya SA........ 279,407 3,979,066
Telefonica SA.................. 1,323,238 33,050,965
Terra Networks SA*............. 19,709 1,076,859
--------------
41,223,321
--------------
SWEDEN -- 3.3%
Assa Abloy AB Cl-B............. 661,689 9,293,822
Ericsson, (L.M.) Telephone Co.
[ADR]........................ 187,216 12,297,751
Ericsson, (L.M.) Telephone Co.
Cl-B......................... 169,286 10,883,808
Information Highway AB......... 10,018 1,660,247
Nocom AB CL-B*................. 38,834 926,575
Securitas AB Cl-B.............. 873,512 15,811,101
--------------
50,873,304
--------------
SWITZERLAND -- 0.3%
ABB AG*........................ 41,882 5,122,476
Julius Baer Holdings AG Cl-B... 72 217,497
--------------
5,339,973
--------------
TAIWAN -- 0.9%
Taiwan Semiconductor
Manufacturing Co. Ltd. [ADR]*... 304,072 13,683,240
--------------
UNITED KINGDOM -- 9.9%
Baltimore Technologies PLC*.... 114,212 9,454,941
Capita Group PLC............... 279,706 5,105,443
CMG PLC........................ 79,113 5,823,447
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Colt Telecom Group PLC*........ 631,053 $ 32,302,884
Compass Group PLC.............. 587,306 8,063,741
Energis PLC*................... 267,092 12,830,839
Hays PLC....................... 505,839 8,056,427
Logica PLC..................... 393,593 10,153,260
Orange PLC*.................... 181,886 6,140,430
Prudential Corp. PLC........... 490,464 9,665,408
Psion PLC...................... 101,090 4,408,849
QXL Ltd.*...................... 698,461 16,415,661
SEMA Group PLC................. 387,685 6,976,176
Telewest Communications PLC*... 1,484,397 7,918,558
Vodafone AirTouch PLC.......... 787,262 3,900,831
Vodafone AirTouch PLC [ADR].... 133,025 6,584,738
--------------
153,801,633
--------------
TOTAL FOREIGN STOCK
(Cost $619,050,853).............. 1,256,382,032
--------------
U.S. STOCK -- 10.8%
BROADCASTING -- 2.0%
UnitedGlobalCom, Inc. Cl-A*.... 253,680 17,916,150
UnitedGlobalCom, Inc. Pfd.
144A*........................ 138,415 12,595,765
--------------
30,511,915
--------------
COMPUTER SERVICES & SOFTWARE -- 0.9%
Comverse Technology, Inc.*..... 65,955 9,546,987
StarMedia Network, Inc.*....... 105,940 4,244,221
--------------
13,791,208
--------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 0.9%
Celestica, Inc.*............... 154,330 8,565,315
Galileo Technology Ltd.*....... 226,110 5,454,904
--------------
14,020,219
--------------
PHARMACEUTICALS -- 0.9%
QLT PhotoTherapeutics, Inc.*... 228,490 13,423,788
--------------
PRINTING & PUBLISHING -- 1.8%
Viacom, Inc. Cl-B*............. 468,580 28,319,804
--------------
SEMICONDUCTORS -- 2.3%
Chartered Semiconductor
Manufacturing*............... 118,715 8,666,195
JDS Uniphase Corp.*............ 176,080 28,403,904
--------------
37,070,099
--------------
TELECOMMUNICATIONS -- 2.0%
Amdocs Ltd.*................... 348,145 12,011,002
FirstCom Corp.*................ 168,670 6,198,623
Lumenon Innovative Lightwave
Technology, Inc.*............ 6,710 172,783
NTL, Inc.*..................... 99,028 12,353,742
--------------
30,736,150
--------------
TOTAL U.S. STOCK
(Cost $88,219,464)............... 167,873,183
--------------
</TABLE>
101
<PAGE> 103
AST JANUS OVERSEAS GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
------- --------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 5.8%
Federal Home Loan Bank
5.51%, 02/02/00................ $20,000 $ 19,900,412
--------------
Federal National Mortgage Assoc.
5.48%, 01/28/00................ 20,000 19,916,474
5.66%, 01/20/00................ 20,000 19,940,256
5.80%, 03/23/00................ 30,000 29,598,833
--------------
69,455,563
--------------
(Cost $89,363,767)............... 89,355,975
--------------
COMMERCIAL PAPER -- 2.1%
Household Finance Corp.
4.50%, 01/03/00
(Cost $32,891,775)............... 32,900 32,891,775
--------------
TOTAL INVESTMENTS -- 99.7%
(Cost $829,525,859)................ 1,546,502,965
OTHER ASSETS LESS
LIABILITIES -- 0.3%................ 4,542,118
--------------
NET ASSETS -- 100.0%................. $1,551,045,083
==============
</TABLE>
Foreign currency exchange contracts outstanding at December 31, 1999:
<TABLE>
<CAPTION>
IN UNREALIZED
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS APPRECIATION/
MONTH TYPE TO RECEIVE FOR AT VALUE (DEPRECIATION)
- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
04/00 Buy CHF 5,100,000 $ 3,403,757 $ 3,239,367 $(164,390)
04/00 Buy EUR 14,500,000 15,071,820 14,714,698 (357,122)
04/00 Buy GBP 12,920,000 21,447,659 20,861,247 (586,412)
05/00 Buy HKD 42,000,000 5,289,006 5,360,240 71,234
03/00 Buy JPY 605,000,000 5,774,976 5,984,375 209,399
04/00 Buy JPY 4,395,000,000 42,187,208 43,675,717 1,488,509
----------- ----------- ---------
$93,174,426 $93,835,644 $ 661,218
=========== =========== =========
</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>
04/00
Sell CAD 17,600,000 $ 12,069,194 $ 12,174,707 $ (105,513)
05/00
Sell CAD 2,100,000 1,438,356 1,454,132 (15,776)
01/00
Sell CHF 1,542,136 965,278 969,011 (3,733)
04/00
Sell CHF 5,100,000 3,431,558 3,239,368 192,190
06/00
Sell CHF 3,000,000 1,972,387 1,916,676 55,711
01/00
Sell EUR 1,179,287 1,185,476 1,188,119 (2,643)
04/00
Sell EUR 102,550,000 107,413,582 104,072,065 3,341,517
06/00
Sell EUR 30,100,000 31,421,198 30,668,380 752,818
01/00
Sell GBP 98,487 158,988 159,081 (93)
04/00
Sell GBP 24,120,000 39,548,494 38,945,233 603,261
</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>
06/00 Sell GBP 13,500,000 $ 21,886,398 $ 21,790,361 $ 96,037
05/01 Sell HKD 422,000,000 53,383,722 53,856,757 (473,035)
01/00 Sell JPY 2,234,501 21,900 21,883 17
03/00 Sell JPY 1,500,000,000 14,574,575 14,846,755 (272,180)
04/00 Sell JPY 7,495,000,000 72,455,823 74,518,501 (2,062,678)
05/00 Sell JPY 600,000,000 5,836,576 6,002,911 (166,335)
06/00 Sell JPY 600,000,000 5,842,259 6,017,813 (175,554)
07/01 Sell SGD 4,600,000 2,844,253 2,876,330 (32,077)
------------ ------------ -----------
$376,450,017 $374,718,083 $ 1,731,934
============ ============ ===========
</TABLE>
The following is a breakdown of the foreign stock portion of the Portfolio, by
industry classification, as of December 31, 1999. Percentages are based on net
assets.
<TABLE>
<CAPTION>
INDUSTRY
- --------
<S> <C>
Aerospace............................................. 0.4%
Automobile Manufacturers.............................. 1.8%
Beverages............................................. 0.1%
Broadcasting.......................................... 0.8%
Business Services..................................... 2.3%
Chemicals............................................. 1.8%
Clothing & Apparel.................................... 1.0%
Computer Hardware..................................... 2.1%
Computer Services & Software.......................... 5.2%
Conglomerates......................................... 1.6%
Consumer Products & Services.......................... 18.0%
Electronic Components & Equipment..................... 2.3%
Entertainment & Leisure............................... 0.6%
Financial-Bank & Trust................................ 3.2%
Financial Services.................................... 3.7%
Industrial Products................................... 3.5%
Insurance............................................. 0.9%
Oil & Gas............................................. 0.9%
Pharmaceuticals....................................... 0.2%
Printing & Publishing................................. 1.0%
Retail & Merchandising................................ 3.5%
Semiconductors........................................ 2.5%
Telecommunications.................................... 23.0%
Transportation........................................ 0.6%
----
Total................................................. 81.0%
====
</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 year, these securities amounted
to 1.4% of net assets.
See Notes to Financial Statements.
102
<PAGE> 104
AST AMERICAN CENTURY INCOME & GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 93.9%
ADVERTISING -- 0.3%
Omnicom Group, Inc. ............ 3,800 $ 380,000
True North Communications,
Inc........................... 15,700 701,594
------------
1,081,594
------------
AEROSPACE -- 0.9%
Boeing Co. ..................... 33,900 1,408,969
General Dynamics Corp. ......... 9,000 474,750
Goodrich, (B.F.) Co. ........... 700 19,250
Northrop Grumman Corp. ......... 15,300 827,156
United Technologies Corp. ...... 9,900 643,500
------------
3,373,625
------------
AIRLINES -- 0.1%
AMR Corp.*...................... 2,800 187,600
Delta Air Lines, Inc. .......... 2,900 144,456
------------
332,056
------------
AUTOMOBILE MANUFACTURERS -- 1.5%
Ford Motor Co. ................. 64,900 3,468,094
General Motors Corp. ........... 28,000 2,035,250
------------
5,503,344
------------
AUTOMOTIVE PARTS -- 0.0%
Delphi Automotive Systems
Corp. ........................ 2,100 33,075
------------
BEVERAGES -- 0.4%
Anheuser-Busch Companies,
Inc. ......................... 17,000 1,204,875
Coca-Cola Co. .................. 600 34,950
PepsiCo, Inc. .................. 7,500 264,375
------------
1,504,200
------------
BROADCASTING -- 1.0%
CBS Corp.*...................... 54,100 3,459,019
------------
BUILDING MATERIALS -- 0.3%
Armstrong World Industries,
Inc. ......................... 11,200 373,800
Sherwin Williams Co. ........... 15,400 323,400
USG Corp. ...................... 6,600 311,025
------------
1,008,225
------------
BUSINESS SERVICES -- 0.1%
American Management Systems,
Inc.*......................... 3,400 106,675
Manpower, Inc. ................. 2,400 90,300
------------
196,975
------------
CAPITAL GOODS -- 0.6%
Briggs & Stratton Corp. ........ 11,300 605,963
Cummins Engine Co., Inc. ....... 32,000 1,546,000
------------
2,151,963
------------
CHEMICALS -- 1.2%
Dexter Corp. ................... 12,800 508,800
Dow Chemical Co. ............... 26,000 3,474,250
Engelhard Corp. ................ 8,900 167,988
------------
4,151,038
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CLOTHING & APPAREL -- 0.3%
Abercrombie & Fitch Co. Cl-A*... 14,000 $ 373,624
AnnTaylor Stores Corp.*......... 1,300 44,769
Liz Claiborne, Inc.............. 1,100 41,388
Ross Stores, Inc. .............. 18,100 324,669
Tommy Hilfiger Corp.*........... 10,800 251,775
------------
1,036,225
------------
COMPUTER HARDWARE -- 4.9%
Adaptec, Inc.*.................. 56,100 2,797,988
Apple Computer, Inc.*........... 19,000 1,953,438
Dell Computer Corp.*............ 52,900 2,697,900
EMC Corp.*...................... 19,000 2,075,750
Gateway, Inc.*.................. 1,700 122,506
Hewlett-Packard Co.............. 32,400 3,691,575
International Business Machines
Corp.......................... 41,500 4,481,999
------------
17,821,156
------------
COMPUTER SERVICES & SOFTWARE -- 13.0%
3Com Corp.*..................... 10,300 484,100
Adobe Systems, Inc.............. 13,400 901,150
America Online, Inc.*........... 58,000 4,375,374
Cisco Systems, Inc.*............ 85,300 9,137,762
CMG PLC*........................ 200 55,375
Computer Associates
International, Inc. .......... 12,400 867,225
Compuware Corp.*................ 21,400 797,150
Comverse Technology, Inc.*...... 7,300 1,056,675
Electronic Data Systems
Corp. ........................ 37,000 2,476,688
Microsoft Corp.*................ 144,900 16,917,074
NCR Corp.*...................... 6,900 261,338
Network Solutions, Inc.*........ 200 43,513
Novell, Inc.*................... 13,800 549,413
Oracle Corp.*................... 32,800 3,675,649
Paychex, Inc. .................. 7,300 292,000
Sun Microsystems, Inc.*......... 34,200 2,648,363
Unisys Corp.*................... 22,100 705,819
Yahoo!, Inc.*................... 3,500 1,514,406
------------
46,759,074
------------
CONGLOMERATES -- 1.7%
Corning, Inc. .................. 8,100 1,044,394
Minnesota Mining & Manufacturing
Co. .......................... 18,400 1,800,900
National Service Industries,
Inc. ......................... 25,000 737,500
Philip Morris Companies,
Inc. ......................... 21,300 493,894
Tyco International Ltd. ........ 56,000 2,177,000
------------
6,253,688
------------
CONSTRUCTION -- 0.1%
Dycom Industries, Inc.*......... 4,100 180,656
Pulte Corp. .................... 3,200 72,000
------------
252,656
------------
CONSUMER PRODUCTS & SERVICES -- 2.6%
Alberto-Culver Co. Cl-B......... 2,700 69,694
Avon Products, Inc. ............ 10,000 330,000
</TABLE>
103
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AST AMERICAN CENTURY INCOME & GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Bausch & Lomb, Inc. ............ 5,500 $ 376,406
Church and Dwight Co., Inc. .... 9,100 242,856
Clorox Co. ..................... 900 45,338
Eastman Kodak Co. .............. 16,200 1,073,250
Fortune Brands, Inc. ........... 23,900 790,194
International Flavors &
Fragrances, Inc. ............. 9,100 343,525
Procter & Gamble Co. ........... 40,900 4,481,106
Tupperware Corp. ............... 42,000 711,375
Whirlpool Corp. ................ 11,300 735,206
------------
9,198,950
------------
CONTAINERS & PACKAGING -- 0.2%
Ball Corp. ..................... 5,700 224,438
Crown Cork & Seal Co., Inc. .... 23,300 521,337
------------
745,775
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 4.5%
AVX Corp.*...................... 700 34,956
Diebold, Inc. .................. 2,900 68,150
Electronics for Imaging,
Inc.*......................... 17,300 1,005,563
General Electric Co. ........... 73,000 11,296,749
KLA-Tencor Corp.*............... 2,900 322,988
Pentair, Inc. .................. 2,400 92,400
PerkinElmer, Inc................ 13,900 579,456
Rockwell International Corp. ... 17,400 833,025
Solectron Corp.*................ 1,500 142,688
Tandy Corp...................... 4,400 216,425
Texas Instruments, Inc. ........ 15,400 1,491,875
------------
16,084,275
------------
ENTERTAINMENT & LEISURE -- 1.2%
Anchor Gaming*.................. 2,000 86,875
Brunswick Corp. ................ 7,000 155,750
Carnival Corp. ................. 44,600 2,132,437
Readers Digest Association,
Inc.*......................... 5,300 155,025
Time Warner, Inc. .............. 6,500 470,844
Viacom, Inc. Cl-B*.............. 24,400 1,474,675
------------
4,475,606
------------
EQUIPMENT SERVICES -- 0.3%
Hertz Corp. Cl-A................ 19,800 992,475
------------
FINANCIAL-BANK & TRUST -- 4.5%
AmSouth Bancorporation.......... 46,300 894,169
Bank of America Corp. .......... 86,200 4,326,162
Bank One Corp. ................. 24,900 798,356
Chase Manhattan Corp. .......... 77,800 6,044,087
Cullen/Frost Bankers, Inc. ..... 8,200 211,150
First Union Corp. .............. 11,600 380,625
GreenPoint Financial Corp. ..... 29,800 709,613
KeyCorp. ....................... 8,900 196,913
MBNA Corp....................... 7,200 196,200
North Fork Bancorporation,
Inc. ......................... 2,500 43,750
Pacific Century Financial
Corp. ........................ 3,600 67,275
PNC Bank Corp. NA............... 6,300 280,350
Republic New York Corp. ........ 2,700 194,400
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
UnionBanCal Corp. .............. 29,500 $ 1,163,406
Wells Fargo & Co. .............. 21,400 865,363
------------
16,371,819
------------
FINANCIAL SERVICES -- 5.6%
AMBAC Financial Group, Inc. .... 13,500 704,531
Block, (H&R), Inc. ............. 12,300 538,125
Citigroup, Inc. ................ 100,200 5,567,362
Deluxe Corp. ................... 45,100 1,237,431
Dun & Bradstreet Corp. ......... 21,200 625,400
Fannie Mae...................... 46,400 2,897,100
Fleet Financial Group, Inc. .... 22,800 793,725
Freddie Mac..................... 3,500 164,719
Lehman Brothers Holdings,
Inc. ......................... 7,400 626,688
Merrill Lynch & Co., Inc. ...... 9,000 751,500
Morgan Stanley, Dean Witter &
Co. .......................... 43,700 6,238,174
------------
20,144,755
------------
FOOD -- 3.4%
Albertson's, Inc. .............. 2,700 87,075
Bestfoods, Inc. ................ 1,700 89,356
ConAgra, Inc. .................. 88,200 1,990,012
General Mills, Inc. ............ 40,900 1,462,174
Great Atlantic & Pacific Tea
Co., Inc. .................... 7,800 217,425
Heinz, (H.J.) Co. .............. 2,800 111,475
Hormel Foods Corp. ............. 5,800 235,625
IBP, Inc. ...................... 15,600 280,800
Kellogg Co. .................... 15,400 474,513
Kroger Co.*..................... 6,900 130,238
Nabisco Group Holdings.......... 100,400 1,066,750
Quaker Oats Co. ................ 35,700 2,342,812
Ralston Purina Group............ 26,100 727,538
Safeway, Inc.*.................. 8,900 316,506
Sara Lee Corp. ................. 13,100 289,019
Supervalu, Inc. ................ 71,900 1,438,000
The Earthgrains Co. ............ 14,000 225,750
Unilever NV NY Reg. ............ 12,500 680,469
Winn-Dixie Stores, Inc. ........ 8,100 193,894
------------
12,359,431
------------
HEALTHCARE SERVICES -- 0.8%
Amgen, Inc.*.................... 17,600 1,057,099
Herbalife International,
Inc. ......................... 4,300 61,813
MedQuist, Inc.*................. 5,700 147,131
Oxford Health Plans, Inc.*...... 9,000 114,188
Shared Medical Systems Corp..... 5,000 254,688
United HealthCare Corp.......... 24,300 1,290,937
------------
2,925,856
------------
INSURANCE -- 3.7%
Aetna, Inc. .................... 19,200 1,071,600
Allmerica Financial Corp. ...... 2,300 127,938
American International Group,
Inc. ......................... 4,225 456,828
AON Corp. ...................... 2,500 100,000
</TABLE>
104
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Arthur J. Gallagher & Co. ...... 8,600 $ 556,850
Lincoln National Corp. ......... 59,500 2,379,999
Loews Corp. .................... 14,600 886,038
Marsh & McLennan Companies,
Inc. ......................... 45,000 4,305,937
MGIC Investment Corp. .......... 9,800 589,838
PMI Group, Inc. ................ 6,700 327,044
Radian Group, Inc. ............. 2,100 100,275
St. Paul Companies, Inc. ....... 59,500 2,004,406
Travelers Property Casualty
Corp. Cl-A.................... 8,500 291,125
------------
13,197,878
------------
MACHINERY & EQUIPMENT -- 0.6%
Dover Corp. .................... 29,700 1,347,638
Illinois Tool Works, Inc. ...... 7,806 527,393
Pall Corp. ..................... 8,900 191,906
Stanley Works, Inc. ............ 2,400 72,300
------------
2,139,237
------------
MEDICAL SUPPLIES & EQUIPMENT -- 2.0%
Bard, (C.R.), Inc. ............. 10,700 567,100
Baxter International, Inc. ..... 22,200 1,394,438
Bergen Brunswig Corp. Cl-A...... 6,000 49,875
Forest Laboratories, Inc.*...... 6,500 399,344
Johnson & Johnson Co. .......... 41,000 3,818,124
Mallinckrodt, Inc. ............. 25,100 798,494
VISX, Inc.*..................... 6,300 326,025
------------
7,353,400
------------
METALS & MINING -- 0.7%
Alcan Aluminum Ltd. ............ 9,500 391,281
Alcoa, Inc. .................... 1,300 107,900
Barrick Gold Corp. ............. 14,400 254,700
Homestake Mining Co. ........... 4,800 37,500
Nucor Corp. .................... 3,300 180,881
Phelps Dodge Corp. ............. 19,300 1,295,513
Worthington Industries, Inc. ... 7,500 124,219
------------
2,391,994
------------
OFFICE EQUIPMENT -- 0.3%
Pitney Bowes, Inc. ............. 24,600 1,188,488
------------
OIL & GAS -- 6.1%
Amerada Hess Corp. ............. 9,300 527,775
Apache Corp. ................... 1,800 66,488
Atlantic Richfield Co. ......... 14,500 1,254,250
Chevron Corp. .................. 23,800 2,061,675
Diamond Offshore Drilling,
Inc. ......................... 11,300 345,356
Exxon Mobil Corp. .............. 55,700 4,487,330
Kerr-McGee Corp. ............... 67,300 4,172,600
Keyspan Corp. .................. 8,100 187,819
Noble Drilling Corp.*........... 5,400 176,850
Occidental Petroleum Corp. ..... 103,600 2,240,350
Phillips Petroleum Co. ......... 9,700 455,900
Royal Dutch Petroleum Co. ...... 43,400 2,622,988
Texaco, Inc. ................... 35,700 1,938,956
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Tidewater, Inc. ................ 16,400 $ 590,400
Ultramar Diamond Shamrock
Corp. ........................ 34,400 780,450
------------
21,909,187
------------
PAPER & FOREST PRODUCTS -- 1.0%
Georgia Pacific Group........... 8,600 436,450
International Paper Co. ........ 3,400 191,888
Kimberly-Clark Corp. ........... 13,600 887,400
Louisiana-Pacific Corp. ........ 4,100 58,425
Temple-Inland, Inc. ............ 7,000 461,563
Westvaco Corp. ................. 2,700 88,088
Weyerhaeuser Co. ............... 22,000 1,579,874
------------
3,703,688
------------
PHARMACEUTICALS -- 5.4%
American Home Products Corp. ... 2,600 102,538
Andrx Corp.*.................... 13,800 583,913
Biogen, Inc.*................... 11,900 1,005,550
Bristol-Meyers Squibb Co. ...... 50,200 3,222,212
Genentech, Inc.*................ 500 67,250
Lilly, (Eli) & Co. ............. 21,700 1,443,050
Merck & Co., Inc. .............. 59,400 3,983,512
Pfizer, Inc. ................... 143,900 4,667,755
Pharmacia & Upjohn, Inc. ....... 34,400 1,548,000
Schering-Plough Corp. .......... 49,400 2,084,063
Warner-Lambert Co. ............. 10,300 843,956
------------
19,551,799
------------
PRINTING & PUBLISHING -- 0.2%
Donnelley, (R.R.) & Sons Co. ... 7,500 186,094
Knight-Ridder, Inc. ............ 2,900 172,550
Tribune Co. .................... 7,900 434,994
------------
793,638
------------
RAILROADS -- 0.1%
Trinity Industries, Inc. ....... 2,400 68,250
Union Pacific Corp. ............ 5,500 239,938
------------
308,188
------------
REAL ESTATE -- 0.1%
CarrAmerica Realty Corp.
[REIT]........................ 14,200 299,975
------------
RESTAURANTS -- 0.4%
Brinker International, Inc.*.... 8,900 213,600
Darden Restaurants, Inc. ....... 25,500 462,188
Tricon Global Restaurants,
Inc.*......................... 5,500 212,438
Wendy's International, Inc. .... 30,800 635,249
------------
1,523,475
------------
RETAIL & MERCHANDISING -- 5.3%
Best Buy Co., Inc.*............. 17,000 853,188
Circuit City Stores, Inc. ...... 19,000 856,188
Costco Companies, Inc.*......... 1,000 91,250
Dayton-Hudson Corp. ............ 1,100 80,781
Federated Department Stores,
Inc.*......................... 24,700 1,248,894
Home Depot, Inc. ............... 54,300 3,722,944
Lowe's Companies, Inc. ......... 6,500 388,375
Penney, (J.C.) Co., Inc. ....... 8,500 169,469
</TABLE>
105
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AST AMERICAN CENTURY INCOME & GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Sears, Roebuck & Co. ........... 52,750 $ 1,605,578
Tiffany & Co. .................. 1,200 107,100
TJX Companies, Inc. ............ 8,100 165,544
Toys 'R' Us, Inc.*.............. 58,900 843,006
Wal-Mart Stores, Inc. .......... 121,800 8,419,424
Zale Corp.*..................... 12,600 609,525
------------
19,161,266
------------
SEMICONDUCTORS -- 3.7%
Applied Materials, Inc.*........ 22,300 2,825,131
Integrated Device Technology,
Inc.*......................... 23,400 678,600
Intel Corp. .................... 55,800 4,593,037
Lam Research Corp.*............. 13,400 1,494,938
Micron Technology, Inc.*........ 11,700 909,675
Motorola, Inc. ................. 18,500 2,724,125
National Semiconductor Corp.*... 3,100 132,719
SDL, Inc.*...................... 400 87,200
------------
13,445,425
------------
TELECOMMUNICATIONS -- 12.4%
Alltel Corp. ................... 8,300 686,306
AT&T Corp. ..................... 104,700 5,313,524
Bell Atlantic Corp. ............ 37,400 2,302,438
BellSouth Corp. ................ 79,100 3,702,869
Comcast Corp. Cl-A.............. 32,700 1,643,175
GTE Corp. ...................... 38,600 2,723,713
Lucent Technologies, Inc. ...... 74,000 5,536,124
MCI WorldCom, Inc.*............. 74,550 3,955,809
MediaOne Group, Inc.*........... 10,300 791,169
Nextel Communications, Inc.
Cl-A*......................... 2,700 278,438
NEXTLINK Communications, Inc.
Cl-A*......................... 1,000 83,063
Nortel Networks Corp. .......... 30,600 3,090,600
QUALCOMM, Inc.*................. 25,600 4,511,999
SBC Communications, Inc. ....... 98,918 4,822,252
Scientific-Atlanta, Inc. ....... 11,100 617,438
Sprint Corp. (FON Group)........ 14,500 976,031
Sprint Corp. (PCS Group)*....... 13,800 1,414,500
TALK.com, Inc.*................. 2,600 46,150
Tellabs, Inc.*.................. 16,200 1,039,838
U.S. West, Inc. ................ 16,100 1,159,200
Xircom, Inc.*................... 1,600 120,000
------------
44,814,636
------------
TRANSPORTATION -- 0.2%
Paccar, Inc. ................... 6,600 292,463
United Parcel Service, Inc.
Cl-B.......................... 4,800 331,200
------------
623,663
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
UTILITIES -- 2.2%
Ameren Corp. ................... 20,500 $ 671,375
Avista Corp. ................... 9,600 146,400
Conectiv, Inc. Cl-A............. 1,600 47,400
Constellation Energy Group...... 17,300 501,700
DTE Energy Co. ................. 17,600 552,200
Duke Energy Corp. .............. 13,500 676,688
GPU, Inc. ...................... 26,000 778,375
LG&E Energy Corp. .............. 6,600 115,088
Minnesota Power, Inc. .......... 22,600 382,788
Public Service Enterprise Group,
Inc. ......................... 29,900 1,040,893
Reliant Energy, Inc. ........... 2,800 64,050
Sempra Energy................... 54,100 939,988
Texas Utilities Co. ............ 27,800 988,637
UtiliCorp United, Inc........... 50,200 975,762
------------
7,881,344
------------
TOTAL COMMON STOCK
(Cost $295,590,272)............... 338,504,136
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000)
---------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 3.8%
Federal Home Loan Bank
1.40%, 01/03/00
(Cost $13,824,925)............... $ 13,826 13,824,925
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES
------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 1.1%
Temporary Investment Cash Fund... 2,055,829 2,055,829
Temporary Investment Fund........ 2,055,828 2,055,828
------------
(Cost $4,111,657)................ 4,111,657
------------
TOTAL INVESTMENTS -- 98.8%
(Cost $313,526,854)................ 356,440,718
OTHER ASSETS LESS
LIABILITIES -- 1.2%................ 4,189,182
------------
NET ASSETS -- 100.0%................. $360,629,900
============
</TABLE>
$468,750 has been segregated with the custodian to cover margin requirements for
the following open futures contracts at December 31, 1999:
<TABLE>
<CAPTION>
EXPIRATION NUMBER OF UNREALIZED
DESCRIPTION MONTH CONTRACTS APPRECIATION
- ----------------------------------------------------------------
<S> <C> <C> <C>
S&P 500.................. 03/00 43 $414,416
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
106
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 59.0%
AEROSPACE -- 0.7%
Boeing Co. ....................... 18,900 $ 785,531
General Dynamics Corp. ........... 7,300 385,075
United Technologies Corp. ........ 5,300 344,500
------------
1,515,106
------------
AIRLINES -- 0.1%
AMR Corp.*........................ 3,200 214,400
Delta Air Lines, Inc. ............ 1,300 64,756
------------
279,156
------------
AUTOMOBILE MANUFACTURERS -- 0.7%
Ford Motor Co. ................... 17,600 940,500
General Motors Corp. ............. 6,900 501,544
------------
1,442,044
------------
AUTOMOTIVE PARTS -- 0.0%
Delphi Automotive Systems
Corp. .......................... 3,200 50,400
------------
BEVERAGES -- 0.3%
Anheuser-Busch Companies, Inc. ... 4,500 318,938
Coors, (Adolph) Co. Cl-B.......... 4,500 236,250
------------
555,188
------------
BROADCASTING -- 0.8%
CBS Corp.*........................ 27,100 1,732,706
------------
BUILDING MATERIALS -- 0.1%
Centex Construction Products,
Inc. ........................... 4,800 187,200
Owens Corning..................... 3,000 57,938
------------
245,138
------------
CAPITAL GOODS -- 0.1%
Cummins Engine Co., Inc. ......... 3,700 178,756
------------
CHEMICALS -- 1.3%
Dexter Corp. ..................... 9,700 385,575
Dow Chemical Co. ................. 13,500 1,803,937
DuPont, (E.I.) de Nemours &
Co. ............................ 8,900 586,288
------------
2,775,800
------------
CLOTHING & APPAREL -- 0.4%
Abercrombie & Fitch Co.*.......... 5,600 149,450
American Eagle Outfitters Co.*.... 1,800 81,000
AnnTaylor Stores Corp.*........... 9,400 323,712
Jones Apparel Group, Inc.*........ 4,000 108,500
Tommy Hilfiger Corp.*............. 8,200 191,163
------------
853,825
------------
COMPUTER HARDWARE -- 3.2%
Adaptec, Inc.*.................... 52,900 2,638,388
Dell Computer Corp.*.............. 5,400 275,400
Hewlett-Packard Co. .............. 23,200 2,643,350
International Business Machines
Corp. .......................... 12,400 1,339,200
SanDisk Corp.*.................... 600 57,750
------------
6,954,088
------------
COMPUTER SERVICES & SOFTWARE -- 8.2%
America Online, Inc.*............. 24,300 1,833,130
Automatic Data Processing,
Inc.*........................... 5,800 312,475
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Cisco Systems, Inc.*.............. 33,700 $ 3,610,112
Computer Associates International,
Inc. ........................... 4,800 335,700
Comverse Technology, Inc.*........ 5,800 839,550
Electronic Data Systems Corp. .... 7,800 522,113
Microsoft Corp.*.................. 59,800 6,981,649
NCR Corp.*........................ 6,100 231,038
Novell, Inc.*..................... 5,000 199,063
Sun Microsystems, Inc.*........... 4,000 309,750
Sybase, Inc.*..................... 12,300 209,100
Symantec Corp.*................... 4,100 240,363
Unisys Corp.*..................... 21,500 686,656
USWeb Corp.*...................... 9,600 426,600
Yahoo!, Inc.*..................... 2,600 1,124,988
------------
17,862,287
------------
CONGLOMERATES -- 1.0%
Corning, Inc. .................... 13,900 1,792,231
Tyco International Ltd. .......... 11,800 458,725
------------
2,250,956
------------
CONSTRUCTION -- 0.1%
Dycom Industries, Inc.*........... 4,500 198,281
Pulte Corp. ...................... 5,500 123,750
------------
322,031
------------
CONSUMER PRODUCTS & SERVICES -- 0.9%
Fortune Brands, Inc. ............. 6,300 208,294
Procter & Gamble Co. ............. 11,700 1,281,880
Tupperware Corp. ................. 7,700 130,419
Universal Corp. .................. 7,800 177,938
Whirlpool Corp. .................. 2,200 143,138
------------
1,941,669
------------
CONTAINERS & PACKAGING -- 0.2%
Ball Corp. ....................... 7,300 287,438
Sealed Air Corp.*................. 2,400 124,350
------------
411,788
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 2.7%
American Power Conversion
Corp.*.......................... 6,000 158,250
Electronics for Imaging, Inc.*.... 31,500 1,830,937
General Electric Co. ............. 18,900 2,924,774
Harmonic, Inc.*................... 2,900 275,319
PerkinElmer, Inc.*................ 6,200 258,463
Rockwell International Corp. ..... 3,100 148,413
Texas Instruments, Inc. .......... 2,500 242,188
------------
5,838,344
------------
ENTERTAINMENT & LEISURE -- 0.5%
Anchor Gaming*.................... 2,900 125,969
Carnival Corp. ................... 4,000 191,250
Pixar, Inc.*...................... 3,500 123,813
Station Casinos, Inc.*............ 4,400 98,725
Viacom, Inc. Cl-B*................ 8,400 507,674
------------
1,047,431
------------
</TABLE>
107
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AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
EQUIPMENT SERVICES -- 0.4%
Hertz Corp. Cl-A.................. 11,600 $ 581,450
Millipore Corp. .................. 8,000 309,000
------------
890,450
------------
FINANCIAL-BANK & TRUST -- 3.0%
Bank of America Corp. ............ 14,400 722,700
Chase Manhattan Corp. ............ 40,500 3,146,343
Old Kent Financial Corp. ......... 15,100 534,163
UnionBanCal Corp. ................ 28,300 1,116,081
Wells Fargo & Co. ................ 5,600 226,450
Zions Bancorp..................... 11,400 674,738
------------
6,420,475
------------
FINANCIAL SERVICES -- 4.4%
AMBAC Financial Group, Inc. ...... 23,000 1,200,313
Citigroup, Inc. .................. 14,300 794,544
Deluxe Corp. ..................... 21,300 584,419
Fannie Mae........................ 28,900 1,804,443
Freddie Mac....................... 12,800 602,400
Merrill Lynch & Co., Inc. ........ 2,000 167,000
Morgan Stanley, Dean Witter &
Co. ............................ 26,200 3,740,049
Providian Financial Corp. ........ 7,700 701,181
------------
9,594,349
------------
FOOD -- 1.7%
ConAgra, Inc. .................... 4,800 108,300
General Mills, Inc. .............. 4,800 171,600
Hormel Foods Corp. ............... 7,700 312,813
IBP, Inc. ........................ 34,800 626,400
Quaker Oats Co. .................. 24,000 1,574,999
Ralston Purina Group.............. 5,200 144,950
Suiza Foods Corp.*................ 14,100 558,713
Unilever NV NY Reg.*.............. 3,000 163,313
------------
3,661,088
------------
HEALTHCARE SERVICES -- 0.9%
Amgen, Inc.*...................... 20,500 1,231,280
MedQuist, Inc.*................... 4,300 110,994
Oxford Health Plans, Inc.*........ 14,600 185,238
PacifiCare Health Systems,
Inc.*........................... 4,700 249,100
United HealthCare Corp.*.......... 2,500 132,813
------------
1,909,425
------------
INSURANCE -- 1.1%
Aetna, Inc.*...................... 2,100 117,206
American International Group,
Inc. ........................... 1,850 200,031
Arthur J. Gallagher & Co. ........ 7,400 479,150
Lincoln National Corp. ........... 35,100 1,404,001
Radian Group, Inc. ............... 4,700 224,425
------------
2,424,813
------------
MACHINERY & EQUIPMENT -- 1.3%
Illinois Tool Works, Inc. ........ 30,788 2,080,114
Ingersoll-Rand Co. ............... 12,600 693,788
------------
2,773,902
------------
MEDICAL SUPPLIES & EQUIPMENT -- 1.2%
Bard, (C.R.), Inc. ............... 11,900 630,700
Forest Laboratories, Inc.*........ 8,200 503,788
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Johnson & Johnson Co. ............ 11,500 $ 1,070,937
Mallinckrodt, Inc. ............... 7,800 248,138
VISX, Inc.*....................... 4,600 238,050
------------
2,691,613
------------
METALS & MINING -- 0.3%
Alcan Aluminium Ltd. ............. 6,300 259,481
Alcoa, Inc. ...................... 4,100 340,300
------------
599,781
------------
OIL & GAS -- 3.2%
Amerada Hess Corp. ............... 37,800 2,145,150
Anadarko Petroleum Corp. ......... 4,300 146,738
Apache Corp. ..................... 31,500 1,163,531
Atlantic Richfield Co. ........... 12,500 1,081,250
Ensco International, Inc. ........ 13,000 297,375
Exxon Mobil Corp. ................ 8,901 717,087
Kerr-McGee Corp. ................. 6,000 372,000
Noble Drilling Corp.*............. 3,300 108,075
Texaco, Inc. ..................... 3,300 179,231
Union Pacific Resources Group,
Inc. ........................... 51,600 657,900
Vastar Resources, Inc. ........... 2,400 141,600
------------
7,009,937
------------
PAPER & FOREST PRODUCTS -- 0.7%
Georgia Pacific Group............. 4,700 238,525
Kimberly-Clark Corp. ............. 5,800 378,450
Temple-Inland, Inc. .............. 2,500 164,844
Weyerhaeuser Co. ................. 11,300 811,481
------------
1,593,300
------------
PHARMACEUTICALS -- 3.7%
Allergan, Inc. ................... 4,000 199,000
Andrx Corp.*...................... 8,900 376,581
Biogen, Inc.*..................... 5,400 456,300
Bristol-Meyers Squibb Co. ........ 17,800 1,142,538
IDEC Pharmaceuticals Corp.*....... 2,400 235,800
Ivax Corp.*....................... 33,800 870,350
Jones Pharma, Inc. ............... 3,700 160,719
MedImmune, Inc.*.................. 3,600 597,150
Merck & Co., Inc. ................ 4,800 321,900
Pfizer, Inc. ..................... 27,100 879,056
Schering-Plough Corp. ............ 33,600 1,417,499
Shire Pharmaceuticals Group PLC
[ADR]*.......................... 3,962 115,393
Warner-Lambert Co. ............... 14,200 1,163,513
------------
7,935,799
------------
PRINTING & PUBLISHING -- 0.4%
Valassis Communications, Inc.*.... 19,600 828,100
------------
RESTAURANTS -- 0.3%
Brinker International, Inc.*...... 10,900 261,600
Darden Restaurants, Inc. ......... 4,700 85,188
Jack in the Box, Inc.*............ 15,800 326,862
------------
673,650
------------
RETAIL & MERCHANDISING -- 4.0%
Best Buy Co., Inc.*............... 5,900 296,106
Home Depot, Inc. ................. 41,100 2,817,919
</TABLE>
108
<PAGE> 110
AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Kohl's Corp.* .................... 2,000 $ 144,375
Wal-Mart Stores, Inc. ............ 70,800 4,894,049
Zale Corp.*....................... 10,200 493,425
------------
8,645,874
------------
SEMICONDUCTORS -- 2.3%
Applied Materials, Inc.*.......... 23,400 2,964,488
Integrated Device Technology,
Inc.*........................... 25,000 725,000
Lam Research Corp.*............... 3,700 412,781
Motorola, Inc. ................... 3,500 515,375
National Semiconductor Corp.*..... 8,800 376,750
------------
4,994,394
------------
TELECOMMUNICATIONS -- 7.5%
Adelphia Communications Corp.
CL-A*........................... 2,800 183,750
AT&T Corp. ....................... 38,900 1,974,175
Bell Atlantic Corp. .............. 9,000 554,063
Bellsouth Corp. .................. 34,500 1,615,031
Comcast Corp. Cl-A................ 7,200 361,800
Commscope, Inc.*.................. 14,800 596,625
Cox Communications, Inc. Cl-A*.... 8,600 442,900
EchoStar Communications Corp.
Cl-A*........................... 3,600 351,000
GTE Corp. ........................ 13,700 966,706
Lucent Technologies, Inc. ........ 31,100 2,326,668
Nextel Communications, Inc.
Cl-A*........................... 3,300 340,313
Nortel Networks Corp. ............ 8,800 888,800
QUALCOMM, Inc.*................... 1,600 282,000
SBC Communications, Inc. ......... 41,906 2,042,917
Scientific-Atlanta, Inc.*......... 10,900 606,313
Sprint Corp. (FON Group).......... 31,000 2,086,687
Sprint Corp. (PCS Group)*......... 4,600 471,500
U.S. West, Inc. .................. 2,800 201,600
------------
16,292,848
------------
TRANSPORTATION -- 0.2%
Paccar, Inc. ..................... 4,800 212,700
United Parcel Service, Inc.
Cl-B*........................... 1,600 110,400
USFreightways Corp. .............. 1,600 76,600
------------
399,700
------------
UTILITIES -- 1.1%
Energy East Corp. ................ 6,300 131,119
LG&E Energy Corp. ................ 15,500 270,281
Minnesota Power, Inc. ............ 13,200 223,575
Public Service Enterprise Group,
Inc. ........................... 17,800 619,662
Reliant Energy, Inc. ............. 6,700 153,263
Southern Co. ..................... 18,100 425,350
Texas Utilities Co. .............. 5,100 181,369
UtiliCorp United, Inc. ........... 22,000 427,625
------------
2,432,244
------------
TOTAL COMMON STOCK
(Cost $107,746,356)................. 128,028,455
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
------- ------------
<S> <C> <C>
CORPORATE OBLIGATIONS -- 7.4%
AEROSPACE -- 0.2%
Lockheed Martin Corp.
8.20%, 12/01/09................. $ 500 $ 498,750
------------
AIRLINES -- 0.2%
Continental Airlines, Inc.
8.00%, 12/15/05................. 450 415,125
------------
AUTOMOTIVE PARTS -- 0.2%
Lear Corp. 144A
7.96%, 05/15/05................. 550 528,688
------------
BEVERAGES -- 0.2%
Pepsi Bottling Group, Inc. 144A
7.00%, 03/01/29................. 300 272,625
Pepsi Bottling Holdings, Inc. 144A
5.625%, 02/17/09................ 300 265,500
------------
538,125
------------
BROADCASTING -- 0.1%
British Sky Broadcasting
6.875%, 02/23/09................ 300 265,875
------------
CHEMICALS -- 0.3%
DuPont, (E.I.) de Nemours & Co.
6.875%, 10/15/09................ 650 632,938
------------
CONSUMER PRODUCTS & SERVICES -- 0.1%
Fort James Corp.
6.625%, 09/15/04................ 250 240,938
------------
CONTAINERS & PACKAGING -- 0.1%
Owens-Illinois, Inc.
7.15%, 05/15/05................. 350 325,063
------------
FINANCIAL-BANK & TRUST -- 0.8%
Banco Santander
7.625%, 11/03/09................ 600 594,750
First Bank System, Inc.
7.625%, 05/01/05................ 100 101,000
Fleet National Bank
5.75%, 01/15/09................. 450 395,438
NationsBank Corp.
6.125%, 07/15/04................ 300 288,000
Southern Investments UK
6.80%, 12/01/06................. 300 280,875
------------
1,660,063
------------
FINANCIAL SERVICES -- 1.6%
BMW Vehicle Owner Trust
6.41%, 04/25/03................. 600 597,129
Ford Motor Credit Co.
7.375%, 10/28/09................ 1,200 1,187,999
General Motors Acceptance Corp.
7.125%, 05/01/03................ 100 99,625
Hutchison Whampoa Financial Corp.
144A
7.45%, 08/01/17................. 350 317,188
</TABLE>
109
<PAGE> 111
AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
------- ------------
<S> <C> <C>
Lehman Brothers Holdings, Inc.
6.625%, 04/01/04................ $ 450 $ 434,813
Morgan Stanley, Dean Witter & Co.
7.125%, 01/15/03................ 650 649,187
------------
3,285,941
------------
INSURANCE -- 0.1%
Conseco, Inc.
6.40%, 06/15/01................. 300 294,750
------------
MACHINERY & EQUIPMENT -- 0.3%
Caterpillar, Inc.
7.25%, 09/15/09................. 600 589,500
------------
OIL & GAS -- 1.0%
Enron Corp.
6.625%, 11/15/05................ 600 570,750
6.70%, 11/15/06................. 600 567,750
Petroleum Geo-Services
7.125%, 03/30/28................ 650 571,187
USX Corp.
6.65%, 02/01/06................. 600 563,250
------------
2,272,937
------------
REAL ESTATE -- 0.2%
Chelsea GCA Realty, Inc. [REIT]
7.25%, 10/21/07................. 400 362,500
------------
RETAIL & MERCHANDISING -- 0.8%
Home Depot, Inc. 144A
6.50%, 09/15/04................. 600 588,000
Rite Aid Corp. 144A
6.00%, 12/15/05................. 100 74,000
Saks, Inc.
8.25%, 11/15/08................. 300 294,000
Sears, Roebuck & Co.
6.25%, 01/15/04................. 200 191,250
Wal-Mart Stores, Inc.
6.875%, 08/10/09................ 600 584,250
------------
1,731,500
------------
TELECOMMUNICATIONS -- 0.9%
CSC Holdings, Inc.
8.125%, 07/15/09................ 300 300,000
GTE North, Inc.
5.65%, 11/15/08................. 500 443,125
Qwest Communications
International, Inc.
7.50%, 11/01/08................. 700 681,624
TCI Communications, Inc.
8.75%, 08/01/15................. 300 326,625
WorldCom, Inc.
7.55%, 04/01/04................. 100 101,250
------------
1,852,624
------------
UTILITIES -- 0.3%
Alliant Energy Resources 144A
7.375%, 11/09/09................ 600 585,750
------------
TOTAL CORPORATE OBLIGATIONS
(Cost $16,648,950).................. 16,081,067
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000) VALUE
------- ------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 14.6%
Federal Home Loan Bank
1.50%, 01/03/00................. $ 8,544 $ 8,543,288
------------
Federal Home Loan Mortgage Corp.
7.00%, 06/01/14-08/01/29........ 2,908 2,856,702
7.50%, 08/01/29................. 1,793 1,776,227
------------
4,632,929
------------
Federal National Conventional Loan
7.00%, 03/01/28................. 654 632,523
------------
Federal National Mortgage Assoc.
6.00%, 10/01/28................. 2,513 2,300,643
6.23%, 07/21/08................. 200 186,513
6.50%, 08/15/04-01/01/28........ 8,466 8,026,506
7.00%, 05/01/11-07/01/29........ 2,147 2,094,421
7.50%, 12/11/03-07/01/29........ 2,801 2,779,640
------------
15,387,723
------------
Government National Mortgage
Assoc.
6.00%, 04/15/28-05/15/28........ 569 518,147
6.50%, 03/15/28-04/15/28........ 1,574 1,479,134
7.00%, 12/15/27................. 254 245,137
8.00%, 03/15/27................. 81 81,462
8.75%, 01/15/27-04/15/27........ 105 108,988
------------
2,432,868
------------
(Cost $32,545,430)................ 31,629,331
------------
U.S. TREASURY OBLIGATIONS -- 10.4%
U.S. Treasury Bonds
7.875%, 02/15/21................ 3,600 4,025,682
5.25%, 11/15/28-02/15/29........ 750 620,575
6.125%, 08/15/29................ 1,400 1,334,781
------------
5,981,038
------------
U.S. Treasury Notes
5.50%, 03/31/00-05/15/04........ 12,750 12,682,935
6.625%, 07/31/01-05/15/07....... 1,600 1,608,557
5.75%, 11/30/02................. 500 493,024
5.25%, 05/15/04................. 400 383,273
6.00%, 08/15/04-08/15/09........ 550 538,472
6.50%, 10/15/06................. 600 598,625
4.75%, 11/15/08................. 250 220,695
------------
16,525,581
------------
(Cost $23,227,101)................ 22,506,619
------------
COLLATERALIZED MORTGAGE OBLIGATIONS -- 1.1%
Case Equipment Loan Trust
Series 1998-B Cl-A4
5.92%, 10/15/05................. 300 294,506
CIT RV Trust Series 1998-A Cl-A4
6.09%, 02/15/12................. 300 293,126
Comed Transitional Funding Trust
Series 1998-1 Cl-A6
5.63%, 06/25/09................. 100 92,712
</TABLE>
110
<PAGE> 112
AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
------- ------------
<S> <C> <C>
General Motors Acceptance Corp.
Series 1999-Cl Cl-A2
6.175%, 05/15/33................ $ 450 $ 409,672
Morgan Stanley Capital I
Series 1998-WF1 Cl-A1
6.25%, 07/15/07................. 183 177,336
Morgan Stanley Capital I
Series 1998-WF1 Cl-A2
6.55%, 12/15/07................. 800 759,803
Nationslink Funding Corp.
Series 1998-2 Cl-A1
6.00%, 11/20/07................. 187 177,861
Nationslink Funding Corp.
Series 1999-1 Cl-A2
6.316%, 11/20/08................ 250 232,311
------------
(Cost $2,552,141)................. 2,437,327
------------
SOVEREIGN ISSUES -- 0.3%
CANADA
British Columbia Government
5.375%, 10/29/08................ 100 87,813
Quebec Province
7.50%, 09/15/29................. 600 574,138
------------
(Cost $692,819)................... 661,951
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000)
---------
<S> <C> <C>
FOREIGN BONDS -- 6.8%
CANADA -- 0.4%
Canadian Government
5.00%, 03/15/00................ 980 678,878
6.00%, 06/01/08................ 300 204,420
------------
883,298
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
IN LOCAL
CURRENCY
(000) VALUE
--------- -----
<S> <C> <C>
DENMARK -- 0.1%
Kingdom of Denmark
8.00%, 03/15/06................ 1,150 $ 175,729
------------
GERMANY -- 3.5%
Deutschland Republic
6.00%, 09/15/03................ 4,150 4,352,254
4.125%, 07/04/08............... 3,400 3,151,395
------------
7,503,649
------------
JAPAN -- 2.0%
Japanese Government
2.90%, 12/20/05................ 410,000 4,408,353
------------
UNITED KINGDOM -- 0.8%
United Kingdom Treasury
9.00%, 10/13/08................ 850 1,673,419
------------
TOTAL FOREIGN BONDS
(Cost $15,344,243)................. 14,644,448
------------
TOTAL INVESTMENTS -- 99.6%
(Cost $198,757,040)................ 215,989,198
OTHER ASSETS LESS
LIABILITIES -- 0.4%................ 758,748
------------
NET ASSETS -- 100.0%................. $216,747,946
============
</TABLE>
$56,250 has been segregated with the custodian to cover margin requirements for
the following open futures contracts at December 31, 1999:
<TABLE>
<CAPTION>
EXPIRATION NUMBER OF UNREALIZED
DESCRIPTION MONTH CONTRACTS APPRECIATION
- ----------------------------------------------------------------
<S> <C> <C> <C>
S&P 500.................. 03/00 3 $46,003
=======
</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 year, these securities amounted
to 1.2% of net assets.
See Notes to Financial Statements.
111
<PAGE> 113
AST AMERICAN CENTURY INTERNATIONAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOREIGN STOCK -- 95.8%
AUSTRALIA -- 0.5%
Cable & Wireless Optus Ltd.*..... 208,477 $ 697,174
------------
BELGIUM -- 0.2%
Fortis Cl-B...................... 10,146 366,029
------------
BRAZIL -- 0.9%
Petroleo Brasileiro SA........... 5,220,000 1,329,200
------------
CANADA -- 1.9%
Nortel Networks Corp. ........... 29,400 2,969,400
------------
DENMARK -- 1.1%
ISS International Cl-B........... 5,400 362,862
Novo-Nordisk AS Cl-B............. 4,543 601,950
Tele Danmark AS.................. 10,600 786,809
------------
1,751,621
------------
FINLAND -- 4.3%
Nokia Corp. Cl-A [ADR]........... 15,400 2,926,000
Sonera Group Oyj................. 53,666 3,678,086
------------
6,604,086
------------
FRANCE -- 11.4%
Accor SA......................... 11,450 553,184
Alcatel.......................... 7,609 1,747,258
Altran Technologies SA........... 2,607 1,575,385
AXA SA........................... 7,561 1,053,925
Cap Gemini SA.................... 3,413 866,226
Carrefour Supermarche SA......... 7,286 1,343,606
Groupe Danone.................... 3,000 707,020
Lafarge SA....................... 4,000 465,707
Pinault-Printemps Redoute SA..... 5,800 1,530,466
Societe Generale................. 3,500 814,281
Societe Television Francaise..... 3,850 2,016,316
STMicroelectronics NV NY Reg. ... 12,500 1,892,969
Total Fina SA Cl-B............... 3,344 446,248
Vivendi.......................... 28,690 2,590,451
------------
17,603,042
------------
GERMANY -- 5.2%
DePfa Deutsche
Pfandbriefbank AG.............. 2,200 162,856
EM.TV & Merchandising AG......... 5,331 351,677
Intershop Communications AG*..... 2,305 659,301
Mannesmann AG.................... 22,350 5,411,361
Siemens AG....................... 10,800 1,381,408
------------
7,966,603
------------
HONG KONG -- 2.1%
China Telecom Ltd.*.............. 506,000 3,163,517
------------
ISRAEL -- 0.4%
Check Point Software Technologies
Ltd. .......................... 2,900 576,375
------------
ITALY -- 4.2%
Banco Intesa SPA................. 83,800 340,129
Mediaset SPA..................... 59,546 925,965
Mediolanum SPA................... 64,000 837,949
Mondadori (Arnoldo) Editore
SPA............................ 49,600 1,573,572
Seat Pagine Gialle SPA........... 305,991 1,004,664
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Telecom Italia SPA............... 120,100 $ 1,693,424
Tiscali SPA*..................... 235 95,382
------------
6,471,085
------------
JAPAN -- 28.5%
Fujitsu Ltd. .................... 35,000 1,596,359
Hitachi Ltd. .................... 143,000 2,295,390
Japan Telecom Co. Ltd. .......... 400 1,605,168
Kao Corp. ....................... 40,000 1,141,235
KDD Corp......................... 8,700 1,205,755
Keyence Corp. ................... 1,700 690,516
Kyocera Corp. ................... 18,000 4,668,689
Matsushita Communication
Industrial Co. Ltd............. 4,000 1,057,062
Matsushita Electric Industrial
Co. ........................... 25,000 692,473
NEC Corp. ....................... 26,000 619,654
Nippon Telegraph & Telephone
Corp. ......................... 87 1,490,163
Nomura Securities Co. Ltd. ...... 63,000 1,137,663
NTT Data Corp. .................. 96 2,208,085
NTT Mobile Communication Network,
Inc. .......................... 88 3,384,947
Omron Corp. ..................... 28,000 646,765
Pioneer Corp..................... 23,000 607,811
Ryohin Keikaku Co. Ltd. ......... 4,300 863,199
SMC Corp. ....................... 2,100 464,725
Softbank Corp. .................. 4,900 4,690,418
Sony Corp. ...................... 20,300 6,020,263
Takeda Chemical Industries
Ltd. .......................... 9,000 444,847
Tokyo Electric Power Co.,
Inc. .......................... 30,700 823,314
Tokyo Electron Ltd. ............. 16,000 2,192,424
Toyota Motor Corp. .............. 50,000 2,422,433
Trend Micro, Inc. ............... 2,000 505,041
Tyco International Ltd. ......... 14,000 544,250
------------
44,018,649
------------
KOREA -- 1.1%
Samsung Electronics Co. ......... 7,491 1,754,827
------------
MEXICO -- 1.5%
Grupo Televisa SA [GDR]*......... 11,100 757,575
Telefonos de Mexico SA Cl-L
[ADR].......................... 14,500 1,631,250
------------
2,388,825
------------
NETHERLANDS -- 6.3%
ASM Lithography Holding NV NY
Reg.*.......................... 7,700 875,875
Assurantieconcern Stad
Rotterdam NV................... 6,140 390,823
Getronics NV..................... 17,100 1,364,004
Gucci Group NV NY Reg. .......... 3,100 354,950
ING Groep NV..................... 15,677 946,399
Koninklijke (Royal) Philips
Electronics NV NY Reg. ........ 13,980 1,887,300
Randstad Holdings NV............. 13,400 645,100
United Pan-Europe Communications
NV*............................ 12,407 1,586,956
VNU NV........................... 24,800 1,303,318
</TABLE>
112
<PAGE> 114
AST AMERICAN CENTURY INTERNATIONAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Wolters Kluwer NV................ 11,627 $ 393,461
------------
9,748,186
------------
PORTUGAL -- 0.4%
PT MULTIMEDIA -- Servicos de
Telecomunicacoes e Multimedia
SGPS SA 144A*.................. 10,972 614,184
------------
SINGAPORE -- 2.0%
Development Bank of Singapore*... 38,638 633,334
Singapore Press Holdings Ltd. ... 43,200 936,367
Singapore Technologies
Engineering Ltd. .............. 518,000 802,426
United Overseas Bank Ltd. ....... 36,960 326,216
Venture Manufacturing Ltd. ...... 39,000 447,253
------------
3,145,596
------------
SPAIN -- 1.9%
Sogecable SA*.................... 10,087 644,089
Telefonica SA.................... 94,382 2,357,411
------------
3,001,500
------------
SWEDEN -- 3.7%
Assa Abloy AB Cl-B............... 40,800 573,061
Ericsson, (L.M.) Telephone Co.
[ADR].......................... 15,000 985,313
Europolitan Holdings AB.......... 37,500 661,142
Hennes & Mauritz AB Cl-B......... 61,500 2,060,119
Modern Times Group AB Cl-B*...... 14,244 706,508
Securitas AB Cl-B................ 37,400 676,963
------------
5,663,106
------------
SWITZERLAND -- 3.8%
ABB AG*.......................... 18,528 2,266,110
Credit Suisse Group.............. 5,500 1,093,230
Holderbank Financiere Glarus AG
Cl-B........................... 419 573,648
Nestle SA........................ 278 509,280
Novartis AG...................... 669 982,304
PubliGroupe SA*.................. 400 395,654
------------
5,820,226
------------
UNITED KINGDOM -- 14.4%
Amvescap PLC..................... 99,100 1,152,549
ARM Holdings PLC*................ 7,860 530,323
AstraZeneca Group PLC............ 16,800 696,879
Barclays PLC..................... 16,900 486,461
BBA Group PLC.................... 47,600 384,441
BP Amoco PLC [ADR]............... 8,500 504,156
British Telecommunications PLC... 77,200 1,886,728
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Cable & Wireless Communications
PLC............................ 47,937 $ 689,151
Cable & Wireless PLC............. 28,711 486,493
Capita Group PLC................. 46,800 854,235
Centrica PLC..................... 203,278 576,263
CMG PLC.......................... 6,800 500,543
Colt Telecom Group PLC*.......... 31,593 1,617,209
Compass Group PLC................ 46,500 638,447
CRH PLC.......................... 16,400 353,470
Energis PLC*..................... 18,020 865,663
Invensys PLC..................... 101,600 553,066
Logica PLC....................... 44,700 1,153,097
Marconi PLC...................... 68,000 1,203,302
Orange PLC*...................... 20,500 692,075
Pearson PLC...................... 28,700 929,037
Prudential Corp. PLC............. 34,500 679,880
Telewest Communications PLC*..... 178,145 950,320
Thus PLC*........................ 93,370 613,840
Vodafone AirTouch PLC............ 191,550 949,117
Vodafone AirTouch PLC [ADR]...... 15,850 784,575
WPP Group PLC.................... 92,900 1,472,102
------------
22,203,422
------------
TOTAL FOREIGN STOCK
(Cost $89,466,066)................. 147,856,653
------------
U.S. STOCK -- 4.6%
COMPUTER SERVICES & SOFTWARE -- 0.5%
Comverse Technology, Inc.*....... 5,800 839,550
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 0.8%
Celestica, Inc.*................. 21,000 1,165,500
------------
SEMICONDUCTORS -- 1.7%
JDS Uniphase Corp.*.............. 16,080 2,593,905
------------
TELECOMMUNICATIONS -- 1.6%
Amdocs Ltd.* .................... 16,400 565,800
Global TeleSystems Group,
Inc.*.......................... 24,200 837,925
Infonet Services Corp. Cl-B*..... 11,300 296,625
NTL, Inc.*....................... 5,900 736,025
------------
2,436,375
------------
TOTAL U.S. STOCK
(Cost $3,263,546).................. 7,035,330
------------
TOTAL INVESTMENTS -- 100.4%
(Cost $92,729,612)................. 154,891,983
LIABILITIES IN EXCESS OF
OTHER ASSETS -- (0.4)%............. (665,603)
------------
NET ASSETS -- 100.0%................. $154,226,380
============
</TABLE>
113
<PAGE> 115
AST AMERICAN CENTURY INTERNATIONAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
Foreign currency exchange contracts outstanding at December 31, 1999:
<TABLE>
<CAPTION>
IN UNREALIZED
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS APPRECIATION/
MONTH TYPE TO RECEIVE FOR AT VALUE (DEPRECIATION)
- ---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
01/00 Buy CHF 94,156 $58,869 $ 59,163 $ 294
01/00 Buy JPY 12,482,779 122,380 122,250 (130)
-------- -------- -----
$181,249 $181,413 $ 164
======== ======== =====
</TABLE>
<TABLE>
<CAPTION>
IN
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE TO DELIVER FOR AT VALUE APPRECIATION
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
01/00 Sell CHF 2,411,971 $2,436,481 $2,434,855 $1,626
========== ========== ======
</TABLE>
The following is a breakdown of the foreign stock portion of the Portfolio, by
industry classification, as of December 31, 1999. Percentages are based on net
assets.
<TABLE>
<CAPTION>
INDUSTRY
- --------
<S> <C>
Advertising........................................... 1.2%
Automobile Manufacturers.............................. 3.1%
Beverages............................................. 0.3%
Broadcasting.......................................... 2.9%
Business Services..................................... 5.7%
Chemicals............................................. 0.3%
Clothing & Apparel.................................... 0.2%
Computer Hardware..................................... 0.6%
Computer Services & Software.......................... 1.7%
Conglomerates......................................... 2.6%
Construction.......................................... 0.3%
Consumer Products & Services.......................... 8.8%
Electronic Components & Equipment..................... 8.5%
Entertainment & Leisure............................... 0.5%
Financial-Bank & Trust................................ 2.8%
Financial Services.................................... 6.2%
Food.................................................. 2.9%
Hotels & Motels....................................... 0.4%
Industrial Products................................... 5.8%
Insurance............................................. 1.9%
Machinery & Equipment................................. 1.5%
Oil & Gas............................................. 1.2%
Pharmaceuticals....................................... 1.5%
Printing & Publishing................................. 6.6%
Retail & Merchandising................................ 1.6%
Semiconductors........................................ 1.6%
Telecommunications.................................... 24.6%
Utilities............................................. 0.5%
----
Total................................................. 95.8%
====
</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 year, this security amounted to
0.4% of net assets.
See Notes to Financial Statements.
114
<PAGE> 116
AST T. ROWE PRICE SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 95.8%
AIRLINES -- 1.7%
Midwest Express Holdings,
Inc.*.......................... 141,000 $ 4,494,375
------------
AUTOMOTIVE PARTS -- 1.6%
Myers Industries, Inc. .......... 125,000 1,968,750
OEA, Inc. ....................... 236,000 1,150,500
TBC Corp.*....................... 177,000 1,106,250
------------
4,225,500
------------
BROADCASTING -- 0.4%
Saga Communications, Inc.
Cl-A*.......................... 57,050 1,155,263
------------
BUILDING MATERIALS -- 8.2%
Cameron Ashley Building Products,
Inc.*.......................... 215,000 2,150,000
Gibraltar Steel Corp. ........... 113,000 2,641,375
Lone Star Technologies, Inc.*.... 151,000 4,209,124
Modine Manufacturing Co. ........ 100,000 2,500,000
Republic Group, Inc. ............ 189,000 2,858,625
Skyline Corp. ................... 113,000 2,655,500
Thomas Industries, Inc. ......... 122,000 2,493,375
U.S. Aggregates, Inc............. 150,000 1,800,000
------------
21,307,999
------------
BUSINESS SERVICES -- 1.1%
IT Group, Inc.*.................. 320,000 2,940,000
------------
CHEMICALS -- 2.5%
Arch Chemicals, Inc. ............ 141,000 2,952,188
Schulman, (A.), Inc. ............ 110,000 1,794,375
TETRA Technologies, Inc.*........ 247,400 1,793,650
------------
6,540,213
------------
CLOTHING & APPAREL -- 1.1%
Dan River, Inc. Cl-A*............ 236,000 1,209,500
Unifi, Inc.*..................... 130,000 1,600,625
------------
2,810,125
------------
COMPUTER HARDWARE -- 0.9%
Analogic Corp. .................. 75,000 2,475,000
------------
COMPUTER SERVICES & SOFTWARE -- 4.9%
Analysts International Corp. .... 175,000 2,187,500
CompuCom Systems, Inc.*.......... 300,000 1,237,500
Progress Software*............... 94,000 5,334,500
SPSS, Inc.*...................... 160,000 4,040,000
------------
12,799,500
------------
CONSUMER PRODUCTS & SERVICES -- 0.7%
Culp, Inc. ...................... 132,000 833,250
Packaged Ice, Inc.*.............. 300,000 975,000
------------
1,808,250
------------
CONTAINERS & PACKAGING -- 4.9%
Aptargroup, Inc. ................ 150,000 3,768,750
Ivex Packaging Corp.*............ 210,000 2,100,000
Liqui-Box Corp. ................. 66,000 3,267,000
Shorewood Packaging Corp.*....... 190,000 3,598,125
------------
12,733,875
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRONIC COMPONENTS & EQUIPMENT -- 9.4%
Electro Rental Corp.*............ 283,000 $ 3,289,875
FLIR Systems, Inc.*.............. 140,000 2,275,000
Franklin Electric Co., Inc. ..... 40,000 2,807,500
Landauer, Inc. .................. 63,000 1,378,125
Littelfuse, Inc.*................ 200,000 4,853,125
Methode Electronics, Inc. Cl-A... 250,000 8,031,249
Pioneer-Standard Electronics,
Inc. .......................... 122,000 1,761,375
------------
24,396,249
------------
ENVIRONMENTAL SERVICES -- 0.9%
Newpark Resources, Inc.*......... 320,000 1,960,000
Waterlink, Inc.*................. 150,000 375,000
------------
2,335,000
------------
EQUIPMENT SERVICES -- 1.3%
Cort Business Services Corp.*.... 140,000 2,441,250
Unifirst Corp. .................. 73,100 922,888
------------
3,364,138
------------
FINANCIAL-BANK & TRUST -- 6.0%
Community First Bankshares,
Inc. .......................... 190,000 2,992,500
First Republic Bank*............. 142,000 3,337,000
Silicon Valley Bancshares*....... 190,000 9,404,999
------------
15,734,499
------------
FINANCIAL SERVICES -- 5.1%
Allied Capital Corp. ............ 236,000 4,321,749
American Capital Strategies
Ltd. .......................... 100,000 2,275,000
First Financial Fund, Inc.**..... 283,000 2,175,563
Medallion Financial Corp. ....... 65,000 1,165,938
Triad Guaranty, Inc.*............ 146,000 3,321,500
------------
13,259,750
------------
FOOD -- 0.5%
International Multifoods
Corp. ......................... 100,000 1,325,000
------------
FURNITURE -- 0.6%
Stanley Furniture Co., Inc.*..... 90,000 1,653,750
------------
INSURANCE -- 5.4%
Brown & Brown, Inc. ............. 151,000 5,785,187
Markel Corp.*.................... 18,000 2,790,000
Medical Assurance, Inc.*......... 142,000 3,008,625
Presidential Life Corp. ......... 100,000 1,837,500
PXRE Corp. ...................... 50,000 650,000
------------
14,071,312
------------
LUMBER & WOOD PRODUCTS -- 0.6%
Deltic Timber Corp. ............. 75,000 1,640,625
------------
MACHINERY & EQUIPMENT -- 3.7%
Alamo Group, Inc. ............... 49,200 492,000
Carbo Ceramics, Inc. ............ 90,000 1,968,750
Smith, (A.O.) Corp. ............. 132,000 2,887,500
TransTechnology Corp. ........... 132,000 1,460,250
Woodward Governor Co. ........... 100,000 2,750,000
------------
9,558,500
------------
</TABLE>
115
<PAGE> 117
AST T. ROWE PRICE SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
MEDICAL SUPPLIES & EQUIPMENT -- 2.0%
Lunar Corp.*..................... 58,200 $ 414,675
Ocular Sciences, Inc.*........... 95,000 1,793,125
Owens & Minor, Inc. ............. 330,000 2,949,375
------------
5,157,175
------------
METALS & MINING -- 2.1%
Homestake Mining Co. ............ 127,000 992,188
Layne Christensen Co.*........... 113,000 819,250
Material Sciences Corp.*......... 161,000 1,640,188
Penn Virginia Corp. ............. 122,000 2,043,499
------------
5,495,125
------------
OFFICE EQUIPMENT -- 4.7%
Aaron Rents, Inc. Cl-A........... 51,600 941,700
Aaron Rents, Inc. Cl-B........... 132,000 2,343,000
CompX International, Inc. ....... 175,000 3,215,625
IDEX Corp. ...................... 130,000 3,948,750
McGrath Rentcorp................. 108,000 1,890,000
------------
12,339,075
------------
OIL & GAS -- 3.1%
Chieftan International, Inc.*.... 190,000 3,277,500
Cross Timbers Oil Co. ........... 236,000 2,138,750
Devon Energy Corp. .............. 85,000 2,794,375
------------
8,210,625
------------
PAPER & FOREST PRODUCTS -- 1.2%
CSS Industries, Inc.*............ 50,000 1,068,750
Wausau-Mosinee Paper Corp. ...... 173,000 2,021,938
------------
3,090,688
------------
PERSONAL SERVICES -- 1.7%
Matthews International Corp.
Cl-A........................... 161,000 4,427,500
------------
PHARMACEUTICALS -- 0.7%
Coulter Pharmaceutical, Inc.*.... 78,000 1,769,625
------------
REAL ESTATE -- 4.9%
Glenborough Realty Trust, Inc.
[REIT]......................... 240,000 3,210,000
Innkeepers USA Trust [REIT]...... 212,000 1,735,750
National Health Investors, Inc.
[REIT]......................... 22,900 340,638
Pacific Gulf Properties, Inc.
[REIT]......................... 142,000 2,875,500
Parkway Co. [REIT]............... 60,000 1,728,750
Sun Communities, Inc. [REIT]..... 94,000 3,025,625
------------
12,916,263
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RESTAURANTS -- 4.1%
Consolidated Products, Inc.*..... 209,000 $ 2,116,125
RARE Hospitality International,
Inc.*.......................... 160,000 3,462,500
Ruby Tuesday, Inc. .............. 285,000 5,183,438
------------
10,762,063
------------
RETAIL & MERCHANDISING -- 4.1%
Bon-Ton Stores, Inc.*............ 180,000 663,750
Casey's General Stores, Inc. .... 235,000 2,452,812
Fred's, Inc. .................... 122,000 1,944,375
Goody's Family Clothing*......... 250,000 1,343,750
Hancock Fabrics, Inc. ........... 190,000 593,750
Jo-Ann Stores, Inc. Cl-B*........ 122,000 1,227,625
Stein Mart, Inc.*................ 425,000 2,417,188
------------
10,643,250
------------
TRANSPORTATION -- 2.0%
Hub Group, Inc. Cl-A*............ 102,900 2,058,000
Landstar Systems, Inc.*.......... 75,000 3,210,938
------------
5,268,938
------------
UTILITIES -- 3.7%
Black Hills Corp. ............... 150,000 3,328,125
Cleco Corp. ..................... 100,000 3,206,250
United Water Resources, Inc. .... 90,000 3,076,875
------------
9,611,250
------------
TOTAL COMMON STOCK
(Cost $287,452,145)................ 250,320,500
------------
PREFERRED STOCK -- 0.3%
Cross Timbers Oil Co.
$1.5625 Cl-A
(Cost $1,188,022)................ 33,000 787,875
------------
<CAPTION>
PAR
(000)
---------
<S> <C> <C>
Oesterreichische Kontrollbank
6.60%, 01/18/00................ $ 3,000 2,990,650
Sand Dollar Fund
6.00%, 02/28/00+............... 5,000 4,950,861
------------
(Cost $7,942,317)................ 7,941,511
------------
</TABLE>
116
<PAGE> 118
AST T. ROWE PRICE SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
--------- ------------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 0.5%
Temporary Investment Cash Fund
(Cost $1,332,777)................ 1,332,777 $ 1,332,777
------------
TOTAL INVESTMENTS -- 99.6%
(Cost $297,915,261)................ 260,382,663
OTHER ASSETS LESS
LIABILITIES -- 0.4%................ 1,110,717
------------
NET ASSETS -- 100.0%................. $261,493,380
============
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
** Closed-end fund.
+ Security is restricted as to resale and may not be resold except to qualified
institutional buyers. At the end of the year, this security amounted to 1.9%
of net assets.
See Notes to Financial Statements.
117
<PAGE> 119
AST MARSICO CAPITAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 94.0%
ADVERTISING -- 1.2%
Omnicom Group, Inc. ........... 213,277 $ 21,327,700
--------------
AEROSPACE -- 1.5%
General Motors Corp. Cl-H*..... 265,468 25,484,928
--------------
AIRLINES -- 2.9%
AMR Corp.*..................... 237,320 15,900,440
UAL Corp.*..................... 434,180 33,676,086
--------------
49,576,526
--------------
BEVERAGES -- 1.5%
Anheuser-Busch Companies,
Inc.......................... 358,829 25,432,005
--------------
BROADCASTING -- 2.9%
Clear Channel Communications,
Inc.*........................ 344,663 30,761,173
UnitedGlobalCom, Inc. Cl-A*.... 266,066 18,790,911
--------------
49,552,084
--------------
CHEMICALS -- 0.8%
Dupont, (E.I.) de Nemours &
Co. ......................... 204,658 13,481,846
--------------
COMPUTER HARDWARE -- 10.9%
Dell Computer Corp.*........... 1,638,393 83,558,043
EMC Corp.*..................... 961,030 104,992,528
--------------
188,550,571
--------------
COMPUTER SERVICES & SOFTWARE -- 15.4%
3Com Corp.*.................... 859,752 40,408,344
America Online, Inc.*.......... 843,363 63,621,196
Cisco Systems, Inc.*........... 762,969 81,733,054
Juniper Networks, Inc.*........ 68,492 23,287,280
Oracle Corp.*.................. 99,028 11,097,325
Sun Microsystems, Inc.*........ 602,888 46,686,140
--------------
266,833,339
--------------
CONSTRUCTION -- 0.2%
M.D.C. Holdings, Inc........... 165,770 2,600,517
--------------
CONSUMER PRODUCTS & SERVICES -- 1.3%
Estee Lauder Companies, Inc.
Cl-A......................... 460,334 23,218,096
--------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 6.7%
General Electric Co. .......... 446,931 69,162,572
Sony Corp.*.................... 3,394 966,442
Texas Instruments, Inc. ....... 475,381 46,052,534
--------------
116,181,548
--------------
ENTERTAINMENT & LEISURE -- 3.0%
Royal Caribbean Cruises Ltd. .. 24,079 1,187,396
Time Warner, Inc. ............. 704,577 51,037,796
--------------
52,225,192
--------------
EQUIPMENT SERVICES -- 1.2%
Hertz Corp. Cl-A............... 412,955 20,699,369
--------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FINANCIAL-BANK & TRUST -- 0.8%
Northern Trust Corp............ 251,754 $ 13,342,962
--------------
FINANCIAL SERVICES -- 8.9%
Citigroup, Inc................. 1,352,944 75,172,951
Fannie Mae..................... 546,800 34,140,825
Morgan Stanley, Dean Witter &
Co. ......................... 306,046 43,688,067
--------------
153,001,843
--------------
HOTELS & MOTELS -- 1.7%
Four Seasons Hotels, Inc....... 539,754 28,741,901
--------------
PHARMACEUTICALS -- 5.2%
Genentech, Inc.*............... 536,463 72,154,273
Priority Healthcare Corp.
Cl-B*........................ 585,336 16,938,161
--------------
89,092,434
--------------
RETAIL & MERCHANDISING -- 8.2%
Home Depot, Inc. .............. 803,420 55,084,450
Tiffany & Co. ................. 348,881 31,137,629
Wal-Mart Stores, Inc. ......... 793,959 54,882,416
--------------
141,104,495
--------------
SEMICONDUCTORS -- 2.8%
Chartered Semiconductor
Manufacturing [ADR]*......... 50,000 3,650,000
JDS Uniphase Corp.*............ 272,748 43,997,662
--------------
47,647,662
--------------
TELECOMMUNICATIONS -- 16.9%
Ciena Corp.*................... 302,430 17,389,725
Lucent Technologies, Inc. ..... 628,442 47,015,317
MCI WorldCom, Inc.*............ 1,002,582 53,199,507
MediaOne Group, Inc.*.......... 222,236 17,070,503
Nortel Networks Corp. ......... 42,378 4,280,178
QUALCOMM, Inc.*................ 585,536 103,200,720
Sprint Corp. (PCS Group)*...... 216,710 22,212,775
Vodafone AirTouch PLC [ADR].... 568,514 28,141,443
--------------
292,510,168
--------------
TOTAL COMMON STOCK
(Cost $1,095,812,272)............ 1,620,605,186
--------------
PREFERRED STOCK -- 0.8%
UTILITIES
AES Corp. 6.75% [CVT]
(Cost $10,896,300)............. 217,926 13,429,690
--------------
FOREIGN STOCK -- 3.9%
ELECTRONIC COMPONENTS & EQUIPMENT
Sony Corp. -- (JPY)
(Cost $33,051,100)............. 225,200 66,786,336
--------------
</TABLE>
118
<PAGE> 120
AST MARSICO CAPITAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAR
(000) VALUE
----- -----
<S> <C> <C>
CORPORATE OBLIGATIONS -- 0.9%
TELECOMMUNICATIONS
Level 3 Communications, Inc.
[CVT] 6.00%, 09/15/09
(Cost $11,300,000)............. $ 11,300 $ 15,876,500
--------------
TOTAL INVESTMENTS -- 99.6%
(Cost $1,151,059,672)............ 1,716,697,712
OTHER ASSETS LESS
LIABILITIES -- 0.4%.............. 7,038,326
--------------
NET ASSETS -- 100.0%............... $1,723,736,038
==============
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
119
<PAGE> 121
AST COHEN & STEERS REALTY PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 96.1%
APARTMENT/RESIDENTIAL -- 17.9%
Apartment Investment & Management
Co. Cl-A [REIT]................. 78,200 $ 3,113,337
Avalonbay Communities, Inc.
[REIT].......................... 87,500 3,002,343
Equity Residential Properties
Trust [REIT]*................... 49,400 2,108,763
Essex Property Trust, Inc.
[REIT].......................... 30,900 1,050,600
Smith, (Charles E.) Residential
Realty, Inc. ................... 25,600 905,600
-----------
10,180,643
-----------
COMMUNITY CENTER -- 2.3%
Kimco Realty Corp. [REIT]......... 38,200 1,294,025
-----------
DIVERSIFIED -- 16.4%
Brookfield Properties Corp. ...... 130,600 1,370,689
Cresent Real Estate Equities
Co. ............................ 62,600 1,150,275
Reckson Services Industries,
Inc.*........................... 48,600 3,031,425
Vornado Realty Trust [REIT]....... 115,500 3,753,750
-----------
9,306,139
-----------
HEALTH CARE -- 5.7%
Health Care Property Investors,
Inc. [REIT]..................... 73,800 1,761,975
Nationwide Health Properties,
Inc. ........................... 108,600 1,493,250
-----------
3,255,225
-----------
HEALTHCARE SERVICES -- 2.3%
Manor Care, Inc.*................. 80,100 1,281,600
-----------
HOTELS & MOTELS -- 6.3%
MeriStar Hospitality Corp......... 29,000 464,000
Starwood Hotels & Resorts
Worldwide, Inc. [REIT].......... 133,300 3,132,550
-----------
3,596,550
-----------
INDUSTRIAL -- 7.1%
AMB Property Corp. [REIT]......... 58,500 1,166,344
First Industrial Realty Trust,
Inc. [REIT]..................... 26,000 713,375
Prologis Trust [REIT]............. 111,100 2,138,675
-----------
4,018,394
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
OFFICE -- 17.7%
Arden Realty, Inc. [REIT]......... 97,900 $ 1,964,119
Equity Office Properties Trust
[REIT].......................... 115,600 2,846,650
Highwoods Properties, Inc.
[REIT].......................... 49,400 1,148,550
Mack-Cali Realty Corp. [REIT]..... 113,200 2,950,275
SL Green Realty Corp. [REIT]...... 50,600 1,100,550
-----------
10,010,144
-----------
OFFICE/INDUSTRIAL -- 10.0%
PS Business Parks, Inc. [REIT].... 48,800 1,110,200
Reckson Associates Realty Corp.
[REIT].......................... 67,500 1,383,750
Spieker Properties, Inc. [REIT]... 87,700 3,195,569
-----------
5,689,519
-----------
REGIONAL MALL -- 8.3%
General Growth Properties, Inc.
[REIT].......................... 52,600 1,472,800
Macerich Co. [REIT]............... 44,100 917,831
Simon Property Group, Inc.
[REIT].......................... 63,700 1,461,119
Taubman Centers, Inc.............. 78,100 839,575
-----------
4,691,325
-----------
SELF STORAGE -- 2.1%
Public Storage, Inc. [REIT]....... 52,400 1,188,825
-----------
TOTAL COMMON STOCK
(Cost $59,290,297).................. 54,512,389
-----------
SHORT-TERM INVESTMENTS -- 7.6%
Temporary Investment Cash Fund.... 2,154,802 2,154,802
Temporary Investment Fund......... 2,154,801 2,154,801
-----------
(Cost $4,309,603)................. 4,309,603
-----------
TOTAL INVESTMENTS -- 103.7%
(Cost $63,599,900).................. 58,821,992
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (3.7)%.................... (2,124,588)
-----------
NET ASSETS -- 100.0%.................. $56,697,404
===========
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
120
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AST LORD ABBETT SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 96.8%
AEROSPACE -- 2.9%
AAR Corp. ........................ 60,100 $ 1,078,044
Alliant Techsystems, Inc.*........ 13,500 841,219
DONCASTERS PLC [ADR]*............. 27,500 247,500
-----------
2,166,763
-----------
AUTOMOBILE MANUFACTURERS -- 3.0%
Oshkosh Truck Corp. .............. 76,100 2,230,681
-----------
AUTOMOTIVE PARTS -- 2.0%
American Axle & Manufacturing
Holdings, Inc.*................. 37,000 448,625
Jason, Inc.*...................... 15,300 110,925
Superior Industries International,
Inc. ........................... 34,300 919,669
-----------
1,479,219
-----------
BEVERAGES -- 0.7%
Robert Mondavi Corp. Cl-A*........ 15,000 521,250
-----------
BUILDING MATERIALS -- 3.9%
Hughes Supply, Inc. .............. 51,800 1,116,938
Simpson Manufacturing Co.,
Inc.*........................... 40,000 1,750,000
-----------
2,866,938
-----------
BUSINESS SERVICES -- 4.6%
American Management Systems,
Inc.*........................... 48,000 1,506,000
Baker, (Michael) Corp.*........... 40,000 265,000
CIBER, Inc.*...................... 61,000 1,677,500
-----------
3,448,500
-----------
CHEMICALS -- 0.7%
Cambrex Corp...................... 15,400 530,338
-----------
CLOTHING & APPAREL -- 3.1%
Cutter & Buck, Inc.*.............. 20,000 302,500
Garan, Inc. ...................... 28,500 815,812
Gildan Activewear, Inc. Cl-A*..... 17,000 308,125
North Face, Inc.*................. 23,600 99,931
Phillips-Van Heusen Corp. ........ 95,000 789,688
Stride Rite Corp. ................ 2,000 13,000
-----------
2,329,056
-----------
COMPUTER SERVICES & SOFTWARE -- 6.9%
Analysts International Corp. ..... 110,000 1,375,000
Datastream Systems, Inc.*......... 59,800 1,468,837
Inprise Corp.*.................... 3,600 39,825
Metro Information Services,
Inc.*........................... 51,900 1,245,600
Systems & Computer Technology
Corp.*.......................... 60,000 975,000
-----------
5,104,262
-----------
CONGLOMERATES -- 0.1%
Ruddick Corp. .................... 3,200 49,600
-----------
CONSTRUCTION -- 0.5%
Granite Construction, Inc. ....... 20,000 368,750
-----------
CONSUMER PRODUCTS & SERVICES -- 3.3%
Church and Dwight Co., Inc. ...... 20,000 533,750
LSI Industries, Inc............... 22,400 484,400
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
NBTY, Inc.*....................... 40,000 $ 462,500
Regis Corp........................ 50,000 943,750
-----------
2,424,400
-----------
CONTAINERS & PACKAGING -- 2.7%
BWAY Corp.*....................... 24,100 147,613
Ivex Packaging Corp.*............. 185,000 1,850,000
-----------
1,997,613
-----------
ELECTRONIC COMPONENTS & EQUIPMENT -- 16.2%
Anixter International, Inc.*...... 22,600 466,125
Electro Scientific Industries,
Inc.*........................... 14,000 1,022,000
Electronics for Imaging, Inc.*.... 6,000 348,750
GenRad, Inc.*..................... 79,400 1,280,325
Kent Electronics Corp.*........... 19,000 432,250
Methode Electronics, Inc. Cl-A.... 20,000 642,500
Moog, Inc. Cl-A*.................. 55,000 1,485,000
Rogers Corp.*..................... 75,000 2,868,749
SBS Technologies, Inc.*........... 21,400 781,100
Sensormatic Electronics Corp.*.... 140,000 2,441,250
Woodhead Industries, Inc.*........ 1,300 15,113
Zebra Technologies Corp.*......... 5,300 310,050
-----------
12,093,212
-----------
EQUIPMENT SERVICES -- 0.5%
CLARCOR, Inc. .................... 18,900 340,200
-----------
FINANCIAL-BANK & TRUST -- 3.2%
Community First Bankshares,
Inc. ........................... 26,000 409,500
Doral Financial Corp. ............ 92,000 1,132,750
East West Bancorp, Inc............ 44,000 503,250
Sterling Bancshares, Inc.......... 27,000 302,063
-----------
2,347,563
-----------
FINANCIAL SERVICES -- 1.8%
Financial Federal Corp.*.......... 57,000 1,300,313
-----------
FOOD -- 4.1%
Dreyer's Grand Ice Cream, Inc. ... 120,400 2,046,800
Michael Foods, Inc. .............. 37,600 925,900
Sanderson Farms, Inc. ............ 10,000 85,625
-----------
3,058,325
-----------
HEALTHCARE SERVICES -- 0.2%
Sierra Health Services, Inc.*..... 17,400 116,363
-----------
INDUSTRIAL PRODUCTS -- 1.0%
Carlisle Companies, Inc........... 20,000 720,000
-----------
MACHINERY & EQUIPMENT -- 7.2%
BEI Technologies, Inc. ........... 55,000 838,750
CMI Corp. Cl-A.................... 46,400 327,700
CUNO, Inc.*....................... 20,000 414,063
Gardner Denver, Inc.*............. 28,000 467,250
Kollmorgen Corp. ................. 72,700 895,118
National-Oilwell, Inc.*........... 97,000 1,521,687
SPS Technologies, Inc.*........... 27,000 862,312
-----------
5,326,880
-----------
MEDICAL SUPPLIES & EQUIPMENT -- 8.9%
Arrow International, Inc. ........ 32,100 930,900
Gliatech, Inc.*................... 57,800 960,925
</TABLE>
121
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AST LORD ABBETT SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Haemonetics Corp.*................ 64,000 $ 1,523,999
ICU Medical, Inc.*................ 50,000 762,500
Invacare Corp. ................... 50,000 1,003,125
Mentor Corp. ..................... 55,000 1,419,688
-----------
6,601,137
-----------
METALS & MINING -- 2.9%
IMCO Recycling, Inc. ............. 47,000 593,375
NS Group, Inc.*................... 47,900 365,238
Shaw Group, Inc.*................. 48,000 1,215,000
-----------
2,173,613
-----------
OIL & GAS -- 6.4%
Basin Exploration, Inc.*.......... 67,500 1,189,688
Helmerich & Payne, Inc. .......... 60,000 1,308,750
Marine Drilling Co., Inc.*........ 80,000 1,794,999
Oceaneering International,
Inc.*........................... 30,400 454,100
-----------
4,747,537
-----------
PHARMACEUTICALS -- 0.7%
Applied Analytical Industries,
Inc.*........................... 14,300 130,488
Covance, Inc.*.................... 35,000 378,437
-----------
508,925
-----------
PRINTING & PUBLISHING -- 3.7%
Scholastic Corp.*................. 44,000 2,736,250
-----------
RAILROADS -- 0.1%
ABC-NACO, Inc.*................... 13,000 107,250
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RESTAURANTS -- 0.4%
BUCA, Inc.*....................... 30,000 $ 307,500
-----------
RETAIL & MERCHANDISING -- 3.3%
Coldwater Creek, Inc.*............ 19,500 399,750
Good Guys, Inc.*.................. 132,100 1,230,181
Shopko Stores, Inc.*.............. 36,000 828,000
-----------
2,457,931
-----------
TELECOMMUNICATIONS -- 1.6%
Commscope, Inc.*.................. 29,300 1,181,156
-----------
TRANSPORTATION -- 0.2%
Smithway Motor Express Corp.
Cl-A*........................... 36,300 149,738
-----------
TOTAL COMMON STOCK
(Cost $65,637,804).................. 71,791,263
-----------
SHORT-TERM INVESTMENTS -- 4.9%
Temporary Investment Cash Fund.... 1,831,006 1,831,006
Temporary Investment Fund......... 1,831,005 1,831,005
-----------
(Cost $3,662,011)................. 3,662,011
-----------
TOTAL INVESTMENTS -- 101.7%
(Cost $69,299,815).................. 75,453,274
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (1.7)%.................... (1,261,753)
-----------
NET ASSETS -- 100.0%.................. $74,191,521
===========
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
122
<PAGE> 124
AST BANKERS TRUST MANAGED INDEX 500 PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 91.5%
ADVERTISING -- 0.2%
Interpublic Group of Companies,
Inc. .......................... 11,700 $ 674,944
Omnicom Group, Inc. ............. 5,800 580,000
------------
1,254,944
------------
AEROSPACE -- 1.2%
Boeing Co. ...................... 44,300 1,841,219
General Dynamics Corp. .......... 9,100 480,025
Goodrich, (B.F.) Co. ............ 23,200 638,000
Honeywell International, Inc. ... 31,137 1,796,216
Lockheed Martin Corp. ........... 18,500 404,688
Raytheon Co. Cl-B................ 9,300 247,031
Teledyne Technologies, Inc.*..... 3,085 29,115
United Technologies Corp. ....... 30,000 1,949,999
------------
7,386,293
------------
AIRLINES -- 0.3%
AMR Corp.*....................... 11,600 777,199
Delta Air Lines, Inc. ........... 14,200 707,338
Southwest Airlines Co. .......... 13,400 216,913
------------
1,701,450
------------
AUTOMOBILE MANUFACTURERS -- 0.8%
Ford Motor Co. .................. 51,200 2,736,000
General Motors Corp. ............ 36,000 2,616,750
------------
5,352,750
------------
AUTOMOTIVE PARTS -- 0.3%
AutoZone, Inc.*.................. 15,900 513,768
Dana Corp. ...................... 2,700 80,831
Delphi Automotive Systems
Corp. ......................... 19,305 304,053
Eaton Corp. ..................... 1,300 94,413
Genuine Parts Co. ............... 8,200 203,463
Goodyear Tire & Rubber Co. ...... 7,300 205,769
TRW, Inc. ....................... 5,800 301,238
------------
1,703,535
------------
BEVERAGES -- 1.6%
Anheuser-Busch Companies,
Inc. .......................... 21,300 1,509,638
Brown-Forman Corp. Cl-B.......... 400 22,900
Coca-Cola Co. ................... 104,400 6,081,299
Coca-Cola Enterprises, Inc. ..... 20,500 412,563
PepsiCo, Inc. ................... 58,100 2,048,025
------------
10,074,425
------------
BROADCASTING -- 0.8%
CBS Corp.*....................... 49,219 3,146,940
Clear Channel Communications,
Inc.*.......................... 22,000 1,963,500
------------
5,110,440
------------
BUILDING MATERIALS -- 0.2%
Armstrong World Industries,
Inc. .......................... 1,800 60,075
Masco Corp. ..................... 20,100 510,038
TJ International, Inc............ 9,400 394,800
Vulcan Materials Co. ............ 5,200 207,675
------------
1,172,588
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
BUSINESS SERVICES -- 0.6%
Avery Dennison Corp. ............ 2,300 $ 167,613
Clarify, Inc.*................... 17,700 2,230,199
Ecolab, Inc. .................... 5,900 230,838
First Data Corp. ................ 19,800 976,387
Parametric Technology Corp.*..... 4,000 108,250
Pittway Corp.*................... 2,100 94,631
Quintiles Transnational Corp.*... 5,400 100,913
------------
3,908,831
------------
CAPITAL GOODS -- 0.0%
Briggs & Stratton Corp. ......... 4,100 219,863
------------
CHEMICALS -- 1.3%
Air Products & Chemicals,
Inc. .......................... 5,500 184,594
Dow Chemical Co. ................ 8,200 1,095,725
DuPont, (E.I.) de Nemours &
Co. ........................... 53,700 3,537,487
Eastman Chemical Co. ............ 3,600 171,675
Engelhard Corp. ................. 5,800 109,475
FMC Corp.*....................... 6,900 395,456
Grace, (W.R.) & Co.*............. 3,400 47,175
Great Lakes Chemical Corp. ...... 2,700 103,106
Monsanto Co. .................... 23,500 837,188
PPG Industries, Inc. ............ 4,600 287,788
Praxair, Inc. ................... 2,300 115,719
Rohm & Haas Co. ................. 5,600 227,850
Union Carbide Corp. ............. 16,300 1,088,025
------------
8,201,263
------------
CLOTHING & APPAREL -- 0.2%
Limited, Inc. ................... 10,181 440,965
Liz Claiborne, Inc............... 4,500 169,313
Nike, Inc. Cl-B.................. 11,700 579,880
Reebok International, Ltd.*...... 10,800 88,425
Springs Industries, Inc. Cl-A.... 900 35,944
V.F. Corp. ...................... 1,400 42,000
------------
1,356,527
------------
COMPUTER HARDWARE -- 5.0%
Adaptec, Inc.*................... 9,900 493,763
Apple Computer, Inc.*............ 9,700 997,281
Compaq Computer Corp. ........... 70,500 1,907,906
Dell Computer Corp.*............. 123,800 6,313,800
EMC Corp.*....................... 48,225 5,268,581
Gateway, Inc.*................... 17,900 1,289,919
Hewlett-Packard Co. ............. 44,700 5,093,006
International Business Machines
Corp. ......................... 87,800 9,482,400
Seagate Technology, Inc.*........ 19,000 884,688
------------
31,731,344
------------
COMPUTER SERVICES & SOFTWARE -- 13.5%
3Com Corp.*...................... 23,700 1,113,900
Adobe Systems, Inc. ............. 12,600 847,350
America Online, Inc.*............ 117,160 8,838,257
Automatic Data Processing,
Inc. .......................... 27,900 1,503,113
BMC Software, Inc.*.............. 10,800 863,325
Cabletron Systems, Inc.*......... 15,900 413,400
Ceridian Corp.*.................. 7,600 163,875
Cisco Systems, Inc.*............. 153,900 16,486,537
</TABLE>
123
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AST BANKERS TRUST MANAGED INDEX 500 PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Citrix Systems, Inc.*............ 4,300 $ 528,900
Computer Associates
International, Inc. ........... 24,400 1,706,475
Computer Sciences Corp.*......... 7,500 709,688
Compuware Corp.*................. 14,000 521,500
Comverse Technology, Inc.*....... 4,100 593,475
Electronic Data Systems Corp. ... 22,400 1,499,400
Microsoft Corp.*................. 236,000 27,552,999
Network Appliance, Inc.*......... 6,800 564,825
Novell, Inc.*.................... 27,500 1,094,844
Oracle Corp.*.................... 67,400 7,553,012
Paychex, Inc. ................... 11,600 464,000
PeopleSoft, Inc.*................ 18,000 383,625
Silicon Graphics, Inc.*.......... 29,800 292,413
Sun Microsystems, Inc.*.......... 75,600 5,854,275
Unisys Corp.*.................... 14,500 463,094
Visio Corp*...................... 11,100 527,250
Yahoo!, Inc.*.................... 12,300 5,322,056
------------
85,861,588
------------
CONGLOMERATES -- 1.5%
Corning, Inc. ................... 100 12,894
ITT Industries, Inc. ............ 4,800 160,500
Johnson Controls, Inc. .......... 900 51,188
Minnesota Mining & Manufacturing
Co. ........................... 19,700 1,928,138
Philip Morris Companies, Inc. ... 109,700 2,543,668
Seagram Co. Ltd. ................ 19,500 876,281
Textron, Inc. ................... 12,900 989,269
Tyco International Ltd. ......... 76,810 2,985,988
------------
9,547,926
------------
CONSTRUCTION -- 0.0%
Centex Corp. .................... 2,700 66,656
Pulte Corp. ..................... 10,200 229,500
------------
296,156
------------
CONSUMER PRODUCTS & SERVICES -- 2.5%
Alberto-Culver Co. Cl-B.......... 2,500 64,531
Avon Products, Inc. ............. 7,700 254,100
Bausch & Lomb, Inc. ............. 700 47,906
Clorox Co. ...................... 10,700 539,013
Colgate-Palmolive Co. ........... 26,000 1,690,000
Eastman Kodak Co. ............... 23,600 1,563,500
Fortune Brands, Inc. ............ 2,400 79,350
Gillette Co. .................... 43,300 1,783,419
Hasbro, Inc. .................... 8,550 162,984
International Flavors &
Fragrances, Inc. .............. 9,200 347,300
Jostens, Inc. ................... 43,700 1,062,456
Maytag Corp. .................... 15,500 744,000
Procter & Gamble Co. ............ 60,400 6,617,575
Tupperware Corp. ................ 9,900 167,681
UST, Inc. ....................... 20,400 513,825
Water Pik Technologies, Inc.*.... 1,080 10,328
Whirlpool Corp. ................. 3,400 221,213
------------
15,869,181
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CONTAINERS & PACKAGING -- 0.1%
Crown Cork & Seal Co., Inc. ..... 6,600 $ 147,675
Pactiv Corp.*.................... 7,800 82,875
Sealed Air Corp.*................ 4,700 243,519
------------
474,069
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 5.3%
Analog Devices, Inc.*............ 8,300 771,900
Emerson Electric Co. ............ 15,600 895,050
General Electric Co. ............ 149,700 23,166,074
KLA-Tencor Corp.*................ 4,100 456,638
Molex, Inc. ..................... 5,800 328,788
Oak Industries, Inc.*............ 10,100 1,071,863
Parker-Hannifin Corp. ........... 15,300 785,081
PerkinElmer, Inc.*............... 11,700 487,744
Rockwell International Corp. .... 5,900 282,463
Solectron Corp.*................. 13,000 1,236,624
Tandy Corp....................... 8,800 432,850
Teradyne, Inc.*.................. 7,900 521,400
Texas Instruments, Inc. ......... 33,274 3,223,418
------------
33,659,893
------------
ENTERTAINMENT & LEISURE -- 1.6%
Brunswick Corp. ................. 4,500 100,125
Carnival Corp. .................. 27,500 1,314,844
Disney, (Walt) Co. .............. 85,700 2,506,725
Harrah's Entertainment, Inc.*.... 10,600 280,238
Mattel, Inc. .................... 11,600 152,250
Mirage Resorts, Inc.*............ 9,200 140,875
Time Warner, Inc. ............... 60,400 4,375,224
Viacom, Inc. Cl-B*............... 25,000 1,510,938
------------
10,381,219
------------
ENVIRONMENTAL SERVICES -- 0.1%
Allied Waste Industries, Inc.*... 8,600 75,788
Waste Management, Inc. .......... 24,900 427,968
------------
503,756
------------
EQUIPMENT SERVICES -- 0.0%
Millipore Corp. ................. 3,600 139,050
------------
FINANCIAL-BANK & TRUST -- 4.3%
AmSouth Bancorporation........... 16,932 326,999
Bank of America Corp. ........... 80,500 4,040,093
Bank of New York Co., Inc. ...... 34,000 1,360,000
Bank One Corp. .................. 51,700 1,657,631
BB&T Corp. ...................... 13,008 356,094
Chase Manhattan Corp. ........... 37,900 2,944,355
Comerica, Inc. .................. 4,100 191,419
Countrywide Credit Industries,
Inc. .......................... 1,400 35,350
Fifth Third Bancorp.............. 12,300 902,513
First Union Corp. ............... 35,000 1,148,438
Firstar Corp. ................... 45,147 953,730
Huntington Bancshares, Inc. ..... 6,150 146,831
KeyCorp. ........................ 12,100 267,713
MBNA Corp........................ 36,500 994,625
Mellon Financial Corp. .......... 22,800 776,625
Morgan, (J.P.) & Co., Inc. ...... 15,100 1,912,038
National City Corp. ............. 28,600 677,463
Northern Trust Corp. ............ 5,800 307,400
</TABLE>
124
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- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Old Kent Financial Corp. ........ 5,500 $ 194,563
PNC Bank Corp. NA................ 12,000 534,000
Regions Financial Corp. ......... 5,100 128,138
Republic New York Corp. ......... 6,200 446,400
Southtrust Corp. ................ 7,300 276,031
State Street Boston Corp. ....... 4,800 350,700
Summit Bancorp................... 7,235 221,572
SunTrust Banks, Inc. ............ 12,900 887,681
Synovus Financial Corp. ......... 8,400 166,950
U.S. Bancorp..................... 34,791 828,461
Union Planters Corp. ............ 15,500 611,281
Wachovia Corp. .................. 8,300 564,400
Wells Fargo & Co. ............... 72,300 2,923,631
------------
27,133,125
------------
FINANCIAL SERVICES -- 4.8%
American Express Co. ............ 23,000 3,823,749
Associates First Capital Corp.
Cl-A........................... 28,800 790,200
Bear Stearns Companies, Inc. .... 5,660 241,965
Block, (H&R), Inc. .............. 4,500 196,875
Capital One Financial Corp. ..... 4,500 216,844
Citigroup, Inc. ................. 166,600 9,256,712
Deluxe Corp. .................... 3,600 98,775
Dun & Bradstreet Corp. .......... 2,400 70,800
Fannie Mae....................... 46,600 2,909,588
Fleet Financial Group, Inc. ..... 42,024 1,462,961
Franklin Resources, Inc. ........ 4,400 141,075
Freddie Mac...................... 29,000 1,364,813
Golden West Financial Corp. ..... 6,100 204,350
Household International, Inc. ... 17,500 651,875
Lehman Brothers Holdings,
Inc. .......................... 5,400 457,313
MBIA, Inc. ...................... 4,500 237,656
Merrill Lynch & Co., Inc. ....... 16,800 1,402,800
Morgan Stanley, Dean Witter &
Co. ........................... 26,000 3,711,499
Paine Webber Group, Inc. ........ 6,700 260,044
Providian Financial Corp. ....... 6,500 591,906
Schwab, (Charles) Corp. ......... 37,100 1,423,713
SLM Holding Corp. ............... 4,600 194,350
T. Rowe Price Associates, Inc.... 7,100 262,256
Washington Mutual, Inc. ......... 12,900 335,400
------------
30,307,519
------------
FOOD -- 1.9%
Albertson's, Inc. ............... 9,500 306,375
Archer Daniels Midland Co. ...... 28,065 342,042
Bestfoods, Inc. ................. 6,600 346,913
ConAgra, Inc. ................... 8,900 200,806
General Mills, Inc. ............. 9,300 332,475
Great Atlantic & Pacific Tea Co.,
Inc. .......................... 14,800 412,550
Hannaford Bros. Co............... 56,700 3,930,018
Heinz, (H.J.) Co. ............... 10,600 422,013
Kellogg Co. ..................... 18,500 570,031
Kroger Co.*...................... 34,700 654,963
Nabisco Group Holdings........... 13,400 142,375
Quaker Oats Co. ................. 6,100 400,313
Ralston Purina Group............. 8,300 231,363
Safeway, Inc.*................... 23,900 849,943
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Sara Lee Corp. .................. 41,400 $ 913,387
Supervalu, Inc. ................. 20,900 418,000
Sysco Corp. ..................... 8,300 328,369
Unilever NV NY Reg. ............. 23,300 1,268,393
Winn-Dixie Stores, Inc. ......... 800 19,150
Wrigley, (Wm., Jr.) Co. ......... 2,900 240,519
------------
12,329,998
------------
FURNITURE -- 0.1%
Leggett & Platt, Inc. ........... 11,300 242,244
Newell Rubbermaid, Inc. ......... 6,200 179,800
------------
422,044
------------
HEALTHCARE SERVICES -- 0.9%
Amgen, Inc.*..................... 49,500 2,973,093
Columbia HCA Healthcare Corp. ... 24,800 726,949
Healthsouth Corp.*............... 31,300 168,238
Humana, Inc.*.................... 8,300 67,956
IMS Health, Inc. ................ 9,400 255,563
Manor Care, Inc.*................ 10,600 169,600
McKesson HBOC, Inc. ............. 12,600 284,288
Tenet Healthcare Corp.*.......... 14,100 331,350
United HealthCare Corp........... 4,500 239,063
Wellpoint Health Networks,
Inc.*.......................... 7,700 507,719
------------
5,723,819
------------
HOTELS & MOTELS -- 0.1%
Hilton Hotels Corp. ............. 11,700 112,613
Marriott International, Inc.
Cl-A........................... 7,700 243,031
------------
355,644
------------
INSURANCE -- 2.2%
Aetna, Inc. ..................... 2,000 111,625
AFLAC, Inc. ..................... 12,200 575,688
Allstate Corp. .................. 19,200 460,800
American General Corp. .......... 11,000 834,625
American International Group,
Inc. .......................... 76,325 8,252,640
AON Corp. ....................... 6,800 272,000
Chubb Corp. ..................... 4,800 270,300
CIGNA Corp. ..................... 7,100 571,994
Cincinnati Financial Corp. ...... 6,700 208,956
Conseco, Inc. ................... 900 16,088
Jefferson-Pilot Corp. ........... 2,000 136,500
Lincoln National Corp. .......... 5,000 200,000
Marsh & McLennan Companies,
Inc............................ 9,100 870,755
Progressive Corp. ............... 1,900 138,938
St. Paul Companies, Inc. ........ 9,600 323,400
The Hartford Financial Services
Group, Inc. ................... 2,300 108,963
Torchmark Corp. ................. 6,000 174,375
UNUM Corp. ...................... 6,214 199,236
------------
13,726,883
------------
MACHINERY & EQUIPMENT -- 0.7%
Baker Hughes, Inc. .............. 15,300 322,256
Caterpillar, Inc. ............... 24,500 1,153,031
Cooper Industries, Inc. ......... 4,300 173,881
Danaher Corp. ................... 3,000 144,750
Deere & Co. ..................... 10,400 451,100
</TABLE>
125
<PAGE> 127
AST BANKERS TRUST MANAGED INDEX 500 PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Dover Corp. ..................... 10,900 $ 494,588
Grainger, (W.W.), Inc. .......... 1,400 66,938
Illinois Tool Works, Inc. ....... 9,700 655,356
Ingersoll-Rand Co. .............. 4,700 258,794
Pall Corp. ...................... 26,100 562,781
Stanley Works, Inc. ............. 4,100 123,513
The Timken Co. .................. 5,100 104,231
------------
4,511,219
------------
MEDICAL SUPPLIES & EQUIPMENT -- 2.1%
Abbott Laboratories.............. 70,700 2,567,294
Bard, (C.R.), Inc. .............. 5,500 291,500
Baxter International, Inc. ...... 13,200 829,125
Becton Dickinson & Co. .......... 3,400 90,950
Boston Scientific Corp.*......... 21,900 479,063
Guidant Corp. ................... 13,700 643,900
Johnson & Johnson Co. ........... 63,200 5,885,499
Medtronic, Inc. ................. 54,300 1,978,556
PE Corp. -- PE Biosystems
Group.......................... 4,500 541,406
St. Jude Medical, Inc.*.......... 8,200 251,638
------------
13,558,931
------------
METALS & MINING -- 0.7%
Alcan Aluminum Ltd. ............. 17,700 729,019
Alcoa, Inc. ..................... 5,900 489,700
Allegheny Technologies, Inc. .... 11,100 249,056
Barrick Gold Corp................ 9,800 173,338
Bethlehem Steel Corp.*........... 110,400 924,600
Freeport-McMoRan Copper & Gold,
Inc. Cl-B*..................... 7,400 156,325
Homestake Mining Co. ............ 2,400 18,750
Nucor Corp. ..................... 1,100 60,294
Phelps Dodge Corp. .............. 3,216 215,874
Reynolds Metals Co. ............. 15,500 1,187,687
USX-U.S. Steel Group, Inc. ...... 4,500 148,500
Worthington Industries, Inc. .... 24,000 397,500
------------
4,750,643
------------
OFFICE EQUIPMENT -- 0.3%
Office Depot, Inc.*.............. 25,400 277,813
Pitney Bowes, Inc. .............. 9,600 463,800
Staples, Inc.*................... 21,300 441,975
Xerox Corp. ..................... 27,000 612,562
------------
1,796,150
------------
OIL & GAS -- 5.1%
Amerada Hess Corp. .............. 1,300 73,775
Ashland, Inc. ................... 3,500 115,281
Atlantic Richfield Co. .......... 15,000 1,297,500
Burlington Resources, Inc. ...... 4,100 135,556
Chevron Corp. ................... 30,400 2,633,400
Coastal Corp. ................... 23,800 843,413
Columbia Gas Systems, Inc. ...... 1,200 75,900
Conoco, Inc. Cl-B................ 28,800 716,400
Consolidated Natural Gas Co. .... 1,800 116,888
El Paso Energy Corp. ............ 5,900 228,994
Exxon Mobil Corp. ............... 165,421 13,326,728
Halliburton Co. ................. 16,100 648,025
Kerr-McGee Corp. ................ 4,000 248,000
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Nicor, Inc. ..................... 8,100 $ 263,250
Occidental Petroleum Corp. ...... 26,000 562,250
ONEOK, Inc. ..................... 9,000 226,125
Phillips Petroleum Co. .......... 11,500 540,500
Rowan Companies, Inc.*........... 8,000 173,500
Royal Dutch Petroleum Co. ....... 95,600 5,777,825
Schlumberger Ltd. ............... 24,900 1,400,625
Texaco, Inc. .................... 25,400 1,379,538
Tosco Corp. ..................... 7,300 198,469
Transocean Offshore, Inc. ....... 7,700 259,394
Transocean Sedco Forex, Inc.*.... 4,821 162,395
Union Pacific Resources Group,
Inc. .......................... 11,500 146,625
Unocal Corp. .................... 5,600 187,950
USX-Marathon Group, Inc. ........ 9,500 234,531
Williams Companies, Inc. ........ 19,800 605,138
------------
32,577,975
------------
PAPER & FOREST PRODUCTS -- 1.2%
American Greetings Corp. Cl-A.... 16,700 394,538
Boise Cascade Corp. ............. 2,700 109,350
Champion International Corp. .... 1,400 86,713
Fort James Corp. ................ 3,900 106,763
Georgia Pacific Group............ 7,900 400,925
International Paper Co. ......... 26,700 1,506,880
Kimberly-Clark Corp. ............ 28,800 1,879,199
Louisiana-Pacific Corp. ......... 12,600 179,550
Mead Corp. ...................... 4,600 199,813
Potlatch Corp. .................. 25,700 1,146,862
Temple-Inland, Inc. ............. 9,800 646,188
Westvaco Corp. .................. 4,600 150,075
Weyerhaeuser Co. ................ 9,100 653,494
Willamette Industries, Inc. ..... 1,600 74,300
------------
7,534,650
------------
PERSONAL SERVICES -- 0.1%
Cendant Corp.*................... 31,500 836,719
Service Corp. International...... 900 6,244
------------
842,963
------------
PHARMACEUTICALS -- 5.0%
Allergan, Inc. .................. 1,500 74,625
ALZA Corp.*...................... 12,880 445,970
American Home Products Corp. .... 55,000 2,169,063
Bristol-Meyers Squibb Co. ....... 90,300 5,796,131
Cardinal Health, Inc. ........... 5,400 258,525
Lilly, (Eli) & Co. .............. 48,200 3,205,300
Merck & Co., Inc. ............... 107,300 7,195,806
Pfizer, Inc. .................... 176,500 5,725,219
Pharmacia & Upjohn, Inc. ........ 12,800 576,000
Schering-Plough Corp. ........... 64,300 2,712,656
Warner-Lambert Co. .............. 38,200 3,130,013
Watson Pharmaceuticals, Inc.*.... 4,500 161,156
------------
31,450,464
------------
PRECIOUS METALS -- 0.0%
Inco Ltd. ....................... 6,800 159,800
------------
PRINTING & PUBLISHING -- 0.5%
Donnelley, (R.R.) & Sons Co. .... 6,400 158,800
Gannett Co., Inc. ............... 10,900 889,031
</TABLE>
126
<PAGE> 128
AST BANKERS TRUST MANAGED INDEX 500 PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Knight-Ridder, Inc. ............. 8,100 $ 481,950
Lexmark International Group, Inc.
Cl-A*.......................... 7,700 696,850
McGraw-Hill Co., Inc. ........... 5,400 332,775
New York Times Co. .............. 2,600 127,725
Tribune Co. ..................... 6,800 374,425
------------
3,061,556
------------
RAILROADS -- 0.2%
Burlington Northern Santa Fe
Corp. ......................... 15,800 383,150
Kansas City Southern Industries,
Inc. .......................... 1,400 104,475
Norfolk Southern Corp. .......... 15,200 311,600
Union Pacific Corp. ............. 7,400 322,825
------------
1,122,050
------------
RESTAURANTS -- 0.5%
Darden Restaurants, Inc. ........ 16,200 293,625
McDonald's Corp. ................ 58,100 2,342,156
Tricon Global Restaurants,
Inc.*.......................... 7,000 270,375
------------
2,906,156
------------
RETAIL & MERCHANDISING -- 5.6%
Bed, Bath & Beyond, Inc.*........ 11,000 382,250
Best Buy Co., Inc.*.............. 9,400 471,763
Circuit City Stores, Inc. ....... 9,500 428,094
Consolidated Stores Corp.*....... 4,100 66,625
Costco Companies, Inc.*.......... 13,400 1,222,750
CVS Corp. ....................... 13,100 523,181
Dayton-Hudson Corp. ............. 20,400 1,498,124
Dillard's, Inc. Cl-A............. 4,900 98,919
Dollar General Corp. ............ 10,100 229,775
Federated Department Stores,
Inc.*.......................... 16,300 824,169
Gap, Inc. ....................... 39,100 1,798,599
Home Depot, Inc. ................ 105,450 7,229,915
Kmart Corp.*..................... 67,800 682,238
Kohl's Corp.*.................... 17,600 1,270,500
Long's Drug Stores Corp.......... 5,100 131,644
Lowe's Companies, Inc. .......... 17,700 1,057,575
May Department Stores Co. ....... 15,200 490,200
Nordstrom, Inc. ................. 9,600 251,400
Penney, (J.C.) Co., Inc. ........ 7,600 151,525
Rite Aid Corp. .................. 12,100 135,369
Sears, Roebuck & Co. ............ 5,500 167,406
TJX Companies, Inc. ............. 14,700 300,431
Toys 'R' Us, Inc.*............... 25,000 357,813
Wal-Mart Stores, Inc. ........... 203,500 14,066,937
Walgreen Co. .................... 46,100 1,348,425
------------
35,185,627
------------
SEMICONDUCTORS -- 3.4%
Advanced Micro Devices, Inc.*.... 13,700 396,444
Applied Materials, Inc.*......... 26,200 3,319,213
Intel Corp. ..................... 154,494 12,716,787
LSI Logic Corp.*................. 8,800 594,000
Micron Technology, Inc.*......... 11,400 886,350
Motorola, Inc. .................. 16,800 2,473,800
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
National Semiconductor Corp.*.... 10,700 $ 458,094
Xilinx, Inc.*.................... 19,800 900,281
------------
21,744,969
------------
TELECOMMUNICATIONS -- 11.8%
ADC Telecommunications, Inc.*.... 10,200 740,138
Alltel Corp. .................... 9,629 796,198
Andrew Corp.*.................... 3,800 71,963
AT&T Corp. ...................... 125,100 6,348,825
Bell Atlantic Corp. ............. 67,000 4,124,688
BellSouth Corp. ................. 84,900 3,974,381
CenturyTel, Inc. ................ 6,400 303,200
Comcast Corp. Cl-A............... 34,100 1,713,525
General Instrument Corp.*........ 31,400 2,669,000
Global Crossing Ltd.*............ 35,535 1,776,750
GTE Corp. ....................... 44,100 3,111,806
Lucent Technologies, Inc. ....... 144,853 10,836,814
MCI WorldCom, Inc.*.............. 104,550 5,547,684
MediaOne Group, Inc.*............ 55,600 4,270,775
Nextel Communications, Inc.
Cl-A*.......................... 16,200 1,670,625
Nortel Networks Corp. ........... 28,000 2,828,000
QUALCOMM, Inc.*.................. 32,800 5,781,000
SBC Communications, Inc. ........ 168,056 8,192,729
Scientific-Atlanta, Inc.......... 1,200 66,750
Sprint Corp. (FON Group)......... 65,900 4,435,894
Sprint Corp. (PCS Group)*........ 21,300 2,183,250
Tellabs, Inc.*................... 20,900 1,341,519
U.S. West, Inc. ................. 23,200 1,670,400
------------
74,455,914
------------
TRANSPORTATION -- 0.4%
CSX Corp. ....................... 10,600 332,575
FDX Corp.*....................... 18,200 745,063
Navistar International Corp.*.... 9,400 445,325
Paccar, Inc. .................... 17,100 757,743
Ryder Systems, Inc. ............. 3,200 78,200
------------
2,358,906
------------
UTILITIES -- 2.5%
AES Corp.*....................... 14,100 1,053,974
Ameren Corp. .................... 2,100 68,775
American Electric Power Co.,
Inc. .......................... 8,800 282,700
Carolina Power & Light Co. ...... 7,100 216,106
Central & South West Corp. ...... 9,000 180,000
Cinergy Corp. ................... 7,200 173,700
CMS Energy Corp. ................ 5,000 155,938
Consolidated Edison, Inc. ....... 19,300 665,850
Dominion Resources, Inc. ........ 3,800 149,150
DTE Energy Co. .................. 16,000 502,000
Duke Energy Corp. ............... 16,900 847,113
Eastern Enterprises.............. 1,000 57,438
Edison International Co. ........ 29,600 775,150
Enron Corp. ..................... 27,400 1,215,874
Entergy Corp. ................... 37,100 955,325
FirstEnergy Corp. ............... 27,400 621,638
Florida Progress Corp. .......... 15,700 664,306
FPL Group, Inc. ................. 4,600 196,938
GPU, Inc. ....................... 5,700 170,644
Niagara Mohawk Holdings, Inc.*... 39,600 551,925
</TABLE>
127
<PAGE> 129
AST BANKERS TRUST MANAGED INDEX 500 PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Northern States Power Co. ....... 7,000 $ 136,500
PECO Energy Co. ................. 8,500 295,375
People's Energy Corp. ........... 5,000 167,500
PG&E Corp. ...................... 28,600 586,300
Pinnacle West Capital Co. ....... 4,100 125,306
PP&L Resources, Inc. ............ 7,200 164,700
Public Service Enterprise Group,
Inc. .......................... 24,500 852,906
Reliant Energy, Inc. ............ 33,500 766,313
Sempra Energy.................... 10,900 189,388
Southern Co. .................... 34,600 813,100
Texas Utilities Co. ............. 12,800 455,200
Unicom Corp. .................... 31,200 1,045,200
United Water Resources, Inc. .... 30,600 1,046,137
------------
16,148,469
------------
TOTAL COMMON STOCK
(Cost $506,118,862)................ 580,072,565
------------
</TABLE>
<TABLE>
<CAPTION>
PAR
(000)
---------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS -- 0.7%
U.S. Treasury Bills
5.08%, 04/06/00#
(Cost $4,517,800) ............... $ 4,580 4,518,053
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 6.0%
Temporary Investment Cash
Fund.......................... 18,897,184 $18,897,184
Temporary Investment Fund....... 18,897,183 18,897,183
------------
(Cost $37,794,367).............. 37,794,367
------------
TOTAL INVESTMENTS -- 98.2%
(COST $548,431,029)............... 622,384,985
OTHER ASSETS LESS
LIABILITIES -- 1.8%............... 11,182,509
------------
NET ASSETS -- 100.0%................ $633,567,494
============
</TABLE>
# Securities with an aggregate market value of $4,340,468 have been segregated
with the custodian to cover margin requirements for the following open futures
contracts at December 31, 1999:
<TABLE>
<CAPTION>
EXPIRATION NUMBER OF UNREALIZED
DESCRIPTION MONTH CONTRACTS APPRECIATION
- ----------------------------------------------------------------
<S> <C> <C> <C>
S&P 500.................. 03/00 166 $1,905,125
===== === ==========
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
128
<PAGE> 130
AST KEMPER SMALL-CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 97.8%
ADVERTISING -- 3.3%
DoubleClick, Inc.*................ 109,145 $ 27,620,507
------------
AUTOMOTIVE PARTS -- 1.8%
Copart, Inc.*..................... 342,600 14,903,100
------------
BROADCASTING -- 1.5%
Cumulus Media, Inc. Cl-A*......... 224,500 11,393,375
Radio Unica Corp.*................ 34,100 984,638
------------
12,378,013
------------
BUILDING MATERIALS -- 1.6%
Simpson Manufacturing Co.,
Inc.*........................... 97,800 4,278,750
Trex Co., Inc.*................... 351,100 9,391,925
------------
13,670,675
------------
BUSINESS SERVICES -- 19.3%
AnswerThink Consulting Group,
Inc.*........................... 296,800 10,165,400
Commerce One, Inc.*............... 178,800 35,134,199
Digex, Inc.*...................... 96,700 6,648,125
Digital Courier Technologies,
Inc.*........................... 501,500 4,826,938
E-Stamp Corp.*.................... 207,400 4,614,650
Interactive Intelligence, Inc.*... 76,600 2,039,475
Interactive Pictures Corp.*....... 250,200 5,832,788
Interleaf, Inc.*.................. 152,200 5,117,725
ITXC Corp.*....................... 66,800 2,246,150
Korn/Ferry International*......... 287,100 10,443,263
Loislaw.com, Inc.*................ 161,400 6,314,775
Mediaplex, Inc.*.................. 116,200 7,291,550
MedicaLogic, Inc.*................ 16,600 348,600
Micromuse, Inc.*.................. 78,100 13,276,999
NetRatings, Inc.*................. 11,600 558,250
Newgen Results Corp.*............. 264,000 2,788,500
Pegasus Systems, Inc.*............ 151,600 9,143,375
Reckson Service Industries,
Inc.*........................... 160,500 10,011,188
RSA Security, Inc.*............... 75,900 5,882,250
Whittman-Hart, Inc.*.............. 385,000 20,645,624
------------
163,329,824
------------
CLOTHING & APPAREL -- 1.6%
David's Bridal, Inc.*............. 271,300 3,035,169
Gildan Activewear, Inc. Cl-A*..... 255,300 4,627,313
Pacific Sunwear of California,
Inc.*........................... 169,150 5,444,515
------------
13,106,997
------------
COMPUTER HARDWARE -- 1.5%
Mercury Computer Systems, Inc.*... 55,600 1,946,000
Silicon Storage Technology,
Inc.*........................... 251,900 10,390,875
------------
12,336,875
------------
COMPUTER SERVICES & SOFTWARE -- 23.6%
Advent Software, Inc.*............ 166,050 10,699,847
Digital River, Inc.*.............. 193,800 6,455,963
eSPEED, Inc. Cl-A*................ 21,700 771,706
GetThere.com, Inc.*............... 16,700 672,175
Intertrust Technologies Corp.*.... 15,300 1,799,663
InterVU, Inc.*.................... 148,500 15,592,500
ISS Group, Inc.*.................. 196,600 13,983,175
Keynote Systems, Inc.*............ 12,500 921,875
Mercury Interactive Corp.*........ 282,500 30,492,343
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
National Computer Systems,
Inc. ........................... 142,000 $ 5,342,750
National Information Consortium,
Inc.*........................... 423,400 13,548,800
Network Appliance, Inc.*.......... 260,400 21,629,474
Pinnacle Systems, Inc.*........... 520,400 21,173,775
Preview Systems, Inc.*............ 100,500 6,519,938
Sapient Corp.*.................... 52,900 7,455,594
Silknet Software, Inc.*........... 65,300 10,823,475
SonicWALL, Inc.*.................. 20,700 833,175
TSI International Software
Ltd.*........................... 493,800 27,961,424
Viador, Inc.*..................... 51,000 2,161,125
Xpedior, Inc.*.................... 14,500 416,875
------------
199,255,652
------------
CONSUMER PRODUCTS & SERVICES -- 3.2%
JAKKS Pacific, Inc.*.............. 270,400 5,053,100
Rent-A-Center, Inc.*.............. 397,300 7,871,506
S1 Corp.*......................... 145,200 11,343,750
Steiner Leisure Ltd.*............. 148,600 2,479,763
------------
26,748,119
------------
ELECTRONIC COMPONENTS & EQUIPMENT -- 4.0%
Burr-Brown Corp.*................. 228,450 8,252,756
Power Integrations, Inc.*......... 152,000 7,286,500
Power-One, Inc.*.................. 214,300 9,817,619
SonoSight, Inc.*.................. 251,800 7,963,175
------------
33,320,050
------------
ENTERTAINMENT & LEISURE -- 2.0%
Speedway Motorsports, Inc.*....... 137,200 3,815,875
The 3DO Co.*...................... 649,000 5,901,844
THQ, Inc.*........................ 301,000 6,979,437
------------
16,697,156
------------
FINANCIAL-BANK & TRUST -- 0.6%
Peoples Heritage Financial
Group, Inc. .................... 334,900 5,044,431
------------
FINANCIAL SERVICES -- 1.3%
Multex.com, Inc.*................. 292,700 11,012,838
------------
FOOD -- 0.5%
Hain Food Group, Inc.*............ 204,900 4,584,638
------------
HEALTHCARE SERVICES -- 1.2%
Albany Molecular Research,
Inc.*........................... 153,200 4,672,600
MedQuist, Inc.*................... 207,000 5,343,188
------------
10,015,788
------------
MACHINERY & EQUIPMENT -- 1.8%
Asyst Technologies, Inc.*......... 162,000 10,621,125
National-Oilwell, Inc.*........... 274,200 4,301,513
------------
14,922,638
------------
MEDICAL SUPPLIES & EQUIPMENT -- 1.7%
Endocardial Solutions, Inc.*...... 594,886 5,205,253
VISX, Inc.*....................... 168,800 8,735,400
------------
13,940,653
------------
OIL & GAS -- 1.9%
Barrett Resources Corp.*.......... 139,100 4,094,756
Key Production Co., Inc.*......... 30,500 224,938
</TABLE>
129
<PAGE> 131
AST KEMPER SMALL-CAP GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Newfield Exploration Co.*......... 160,100 $ 4,282,675
Stone Energy Corp.*............... 211,100 7,520,437
------------
16,122,806
------------
PERSONAL SERVICES -- 0.1%
Cornell Corrections, Inc.*........ 92,500 774,688
------------
PHARMACEUTICALS -- 3.5%
Alexion Pharmaceuticals, Inc.*.... 305,200 9,194,150
Enzon, Inc.*...................... 196,600 8,527,525
QLT PhotoTherapeutics, Inc.*...... 194,900 11,450,375
------------
29,172,050
------------
REAL ESTATE -- 0.8%
Costar Group, Inc.*............... 190,800 6,844,950
------------
RESTAURANTS -- 1.2%
The Cheesecake Factory, Inc.*..... 284,100 9,943,500
------------
RETAIL & MERCHANDISING -- 4.1%
FreeMarkets, Inc.*................ 34,800 11,877,675
SciQuest.com, Inc.*............... 192,500 15,303,750
Urban Outfitters, Inc.*........... 241,200 7,024,950
------------
34,206,375
------------
SEMICONDUCTORS -- 7.0%
PMC-Sierra, Inc.*................. 127,200 20,391,749
Silicon Image, Inc.*.............. 160,100 11,217,006
TranSwitch Corp.*................. 125,850 9,131,991
Vitesse Semiconductor Corp.*...... 357,700 18,756,894
------------
59,497,640
------------
TELECOMMUNICATIONS -- 8.7%
BroadWing, Inc. .................. 243,441 8,976,887
Com21, Inc.*...................... 313,500 7,034,156
Insight Communications Co.,
Inc.*........................... 289,100 8,564,588
Net2Phone, Inc.*.................. 125,200 5,751,375
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Polycom, Inc.*.................... 222,500 $ 14,170,469
Proxim, Inc.*..................... 47,300 5,203,000
Research in Motion Ltd.*.......... 321,100 14,830,805
Telecorp PCS, Inc.*............... 10,300 391,400
Terayon Communication Systems,
Inc.*........................... 16,800 1,055,250
Xircom, Inc.*..................... 109,700 8,227,500
------------
74,205,430
------------
TOTAL COMMON STOCK
(Cost $487,754,004)................. 823,655,393
------------
<CAPTION>
PAR
(000)
--------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 2.5%
Federal Home Loan Bank
1.28%, 01/03/00................. $ 9,000 8,999,360
4.75%, 01/10/00................. 12,000 11,985,750
------------
(Cost $20,985,110)................ 20,985,110
------------
SHARES
------
SHORT-TERM INVESTMENTS -- 0.1%
Temporary Investment Cash Fund.... 434,031 434,031
Temporary Investment Fund......... 434,030 434,030
------------
(Cost $868,061)................... 868,061
------------
TOTAL INVESTMENTS -- 100.4%
(Cost $509,607,175)................. 845,508,564
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (0.4)%.................... (3,524,161)
------------
NET ASSETS -- 100.0%.................. $841,984,403
============
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
130
<PAGE> 132
AST MFS GLOBAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
FOREIGN STOCK -- 53.7%
AUSTRALIA -- 1.3%
QBE Insurance Group Ltd.*............. 3,530 $ 16,466
----------
CANADA -- 1.0%
BCE, Inc. ............................ 140 12,720
----------
FINLAND -- 2.0%
Helsingin Puhelin Oyj*................ 240 19,990
HPY Holding -- HTF Holding Oyj*....... 160 6,003
----------
25,993
----------
FRANCE -- 7.9%
Bouygues SA .......................... 20 12,710
Castorama Dubois*..................... 40 12,166
Pernod Ricard SA*..................... 160 9,153
Rhone-Poulenc SA*..................... 90 5,230
Sanofi SA*............................ 290 12,074
STMicroelectronics NV ................ 105 16,159
Total Fina SA Cl-B.................... 140 18,683
Union des Assurances Federales*....... 60 7,046
Vivendi............................... 95 8,578
----------
101,799
----------
GERMANY -- 3.1%
Henkel KGaA*.......................... 110 7,312
Mannesmann AG......................... 130 31,475
Wella AG*............................. 50 1,108
----------
39,895
----------
GREECE -- 1.2%
Antenna TV SA [ADR]*.................. 380 6,508
Hellenic Tellecommunications
Organization SA*.................... 360 8,555
Jazztel PLC [ADR]*.................... 10 651
----------
15,714
----------
ISRAEL -- 0.5%
Partner Communications Co. Ltd.
[ADR]*.............................. 250 6,469
----------
ITALY -- 1.3%
Telecom Italia Mobile SPA ............ 3,540 16,864
----------
JAPAN -- 12.6%
Canon, Inc. [ADR] .................... 430 17,442
Chugai Pharmaceutical Co. Ltd.*....... 1,000 10,815
Fuji Heavy Industries Ltd............. 1,000 6,851
Hitachi Ltd........................... 2,000 32,103
Mitsubishi Motors Corp.*.............. 1,000 3,416
Nippon Telegraph & Telephone Corp..... 1 17,128
NTT Mobile Communication Network,
Inc................................. 1 38,466
Sony Corp............................. 100 29,656
Toshiba Corp.*........................ 1,000 7,634
----------
163,511
----------
MEXICO -- 0.7%
Coca-Cola Femsa SA[ADR]............... 280 4,917
Kimberly-Clark de Mexico SA Cl-A...... 1,150 4,418
----------
9,335
----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
NETHERLANDS -- 2.7%
AKZO Nobel NV......................... 260 $ 13,041
Fox Kids Europe NV*................... 100 1,279
ING Groep NV.......................... 250 15,092
Libertel NV*.......................... 210 5,499
----------
34,911
----------
NORWAY -- 1.3%
NetCom ASA*........................... 40 1,996
Sparebanken NOR*...................... 340 7,890
Storebrand ASA*....................... 850 6,469
----------
16,355
----------
PORTUGAL -- 0.5%
Telecel-Comunicacoes Pessoais SA*..... 340 5,927
----------
SINGAPORE -- 2.2%
Development Bank of Singapore*........ 1,000 16,392
Overseas Union Bank Ltd.*............. 2,000 11,708
----------
28,100
----------
SPAIN -- 0.7%
Repsol SA............................. 370 8,578
----------
SWEDEN -- 1.9%
Netcom AB Cl-B*....................... 30 2,109
Saab AB*.............................. 2,330 22,456
----------
24,565
----------
SWITZERLAND -- 0.6%
Nestle SA............................. 4 7,328
----------
UNITED KINGDOM -- 12.2%
Anglo Irish Bank Corp. PLC*........... 3,160 7,350
AstraZeneca Group PLC................. 390 16,502
British Aerospace PLC*................ 1,490 9,868
British Petroleum Co. PLC............. 760 7,642
British Telecommunications PLC........ 890 21,751
Cable & Wireless Communications
PLC ................................ 2,290 32,922
Cable & Wireless PLC.................. 920 15,589
Capital Radio PLC..................... 180 4,351
CGU PLC*.............................. 600 9,668
Next PLC.............................. 800 7,676
Telewest Communications PLC*.......... 1,640 8,749
Thus PLC*............................. 200 1,253
Tomkins PLC........................... 1,640 5,298
United News & Media PLC............... 845 10,769
----------
159,388
----------
TOTAL FOREIGN STOCK (Cost $601,380)....... 693,918
----------
U.S. STOCK -- 30.9%
AUTOMOTIVE PARTS -- 1.0%
Delphi Automotive Systems Corp. ...... 570 8,978
TRW, Inc. ............................ 80 4,155
----------
13,133
----------
BROADCASTING -- 0.6%
Hearst-Argyle Television, Inc.*....... 310 8,254
----------
</TABLE>
131
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AST MFS GLOBAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CHEMICALS -- 0.4%
Monsanto Co. ......................... 150 $ 5,344
----------
COMPUTER HARDWARE -- 1.3%
Hewlett-Packard Co. .................. 70 7,976
International Business Machines
Corp. .............................. 80 8,640
----------
16,616
----------
COMPUTER SERVICES & SOFTWARE -- 5.7%
BMC Software, Inc.*................... 120 9,593
Computer Associates International,
Inc. ............................... 430 30,072
Compuware Corp.*...................... 440 16,390
Sun Microsystems, Inc.*............... 80 6,195
SunGard Data Systems, Inc.*........... 400 9,500
----------
71,750
----------
CONSUMER PRODUCTS & SERVICES -- 2.2%
Bausch & Lomb, Inc. .................. 240 16,425
Polaroid Corp. ....................... 270 5,079
Sodexho Marriott Services, Inc. ...... 490 6,370
----------
27,874
----------
ENTERTAINMENT & LEISURE -- 2.0%
Time Warner, Inc. .................... 210 15,211
Walt Disney Co. ...................... 370 10,823
----------
26,034
----------
FINANCIAL SERVICES -- 0.5%
Block, (H&R), Inc. ................... 160 7,000
----------
FOOD -- 2.1%
Keebler Foods Co.*.................... 300 8,438
Kroger Co.*........................... 460 8,683
Safeway, Inc.*........................ 280 9,957
----------
27,078
----------
INSURANCE -- 3.3%
CIGNA Corp. .......................... 120 9,668
ReliaStar Financial Corp. ............ 510 19,985
The Hartford Financial Services Group,
Inc. ............................... 280 13,265
----------
42,918
----------
MACHINERY & EQUIPMENT -- 1.1%
Deere & Co. .......................... 340 14,748
----------
OIL & GAS -- 1.6%
Conoco, Inc. ......................... 500 12,375
Exxon Mobil Corp. .................... 100 8,056
----------
20,431
----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
RETAIL & MERCHANDISING -- 2.1%
BJ's Wholesale Club, Inc.*............ 195 $ 7,118
CVS Corp. ............................ 230 9,185
Federated Department Stores, Inc.*.... 100 5,056
Gap, Inc. ............................ 120 5,520
----------
26,879
----------
SEMICONDUCTORS -- 1.5%
Motorola, Inc. ....................... 130 19,143
----------
TELECOMMUNICATIONS -- 2.9%
Amdocs Ltd.*.......................... 40 1,380
Bell Atlantic Corp. .................. 60 3,694
BroadWing, Inc. ...................... 325 11,984
EchoStar Communications Corp. Cl-A*... 10 975
Global TeleSystems Group, Inc.*....... 30 1,039
GTE Corp. ............................ 130 9,173
MCI WorldCom, Inc.*................... 165 8,755
NDS Group PLC*........................ 10 305
----------
37,305
----------
TRANSPORTATION -- 2.6%
Canadian National Railway Co. ........ 520 13,683
Galileo International, Inc. .......... 630 18,860
United Parcel Service, Inc. Cl-B...... 20 1,380
----------
33,923
----------
TOTAL U.S. STOCK (Cost $386,421).......... 398,430
----------
<CAPTION>
PAR
(000)
--------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.7%
Federal Home Loan Mortgage Corp.
1.50%, 01/03/00
(Cost $124,990)....................... $ 125 124,990
----------
TOTAL INVESTMENTS -- 94.3% (Cost
$1,112,791)............................. 1,217,338
OTHER ASSETS LESS LIABILITIES -- 5.7%..... 73,364
----------
NET ASSETS -- 100.0%...................... $1,290,702
==========
</TABLE>
Foreign currency exchange contracts outstanding at December 31, 1999:
<TABLE>
<CAPTION>
IN
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE TO DELIVER FOR AT VALUE DEPRECIATION
- ---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
01/00 Sell EUR 439 $440 $445 $ 5
==== ==== ===
</TABLE>
132
<PAGE> 134
AST MFS GLOBAL EQUITY PORTFOLIO
- --------------------------------------------------------------------------------
The following is a breakdown of the foreign stock portion of the Portfolio, by
industry classification, as of December 31, 1999. Percentages are based on net
assets.
<TABLE>
<CAPTION>
INDUSTRY
- --------
<S> <C>
Aerospace.............................................. 0.8%
Automobile Manufacturers............................... 2.5%
Beverages.............................................. 2.5%
Broadcasting........................................... 1.4%
Business Services...................................... 1.4%
Chemicals.............................................. 0.7%
Construction........................................... 1.1%
Consumer Products & Services........................... 2.4%
Electronic Components & Equipment...................... 1.9%
Financial-Bank & Trust................................. 1.2%
Financial Services..................................... 3.2%
Food................................................... 1.8%
Industrial Products.................................... 2.4%
Insurance.............................................. 3.1%
Medical Supplies & Equipment........................... 0.9%
Oil & Gas.............................................. 0.6%
Pharmaceuticals........................................ 3.2%
Printing & Publishing.................................. 2.0%
Retail & Merchandising................................. 1.5%
Telecommunications..................................... 16.1%
Utilities.............................................. 3.0%
----
Total.................................................. 53.7%
====
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
133
<PAGE> 135
AST MFS GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 62.6%
ADVERTISING -- 0.9%
Interpublic Group of Companies,
Inc. ............................. 160 $ 9,230
Young & Rubicam, Inc. .............. 460 32,545
----------
41,775
----------
BROADCASTING -- 2.5%
AMFM, Inc.*......................... 250 19,563
AT&T Corp. Liberty Media Group
Cl-A*............................. 540 30,645
CBS Corp.*.......................... 680 43,477
Clear Channel Communications,
Inc.*............................. 110 9,818
Cox Radio, Inc. Cl-A*............... 40 3,990
Infinity Broadcasting Corp.*........ 225 8,142
Westwood One, Inc.*................. 100 7,600
----------
123,235
----------
BUSINESS SERVICES -- 0.9%
First Data Corp. ................... 930 45,861
----------
CABLE TELEVISION -- 0.5%
Cablevision Systems Corp. Cl-A*..... 300 22,650
----------
CLOTHING & APPAREL -- 0.2%
Cintas Corp. ....................... 200 10,625
----------
COMPUTER HARDWARE -- 0.7%
EMC Corp.*.......................... 330 36,053
----------
COMPUTER SERVICES & SOFTWARE -- 15.4%
Affiliated Computer Services, Inc.
Cl-A*............................. 400 18,400
America Online, Inc.*............... 360 27,158
Ancor Communications, Inc.*......... 50 3,394
BEA Systems, Inc.*.................. 100 6,994
BMC Software, Inc.*................. 530 42,367
Cadence Design Systems, Inc.*....... 460 11,040
Ceridian Corp.*..................... 850 18,328
Cisco Systems, Inc.*................ 900 96,412
Computer Associates International,
Inc............................... 620 43,361
Computer Sciences Corp.*............ 420 39,743
Compuware Corp.*.................... 1,250 46,563
Comverse Technology, Inc.*.......... 150 21,713
Macromedia, Inc.*................... 110 8,044
MASSTOR Systems Corp.*.............. 30 2,319
Microsoft Corp.*.................... 840 98,069
Network Solutions, Inc.*............ 70 15,229
New Era of Networks, Inc.*.......... 45 2,143
Novellus Systems, Inc.*............. 250 30,633
Oracle Corp.*....................... 650 72,840
Siebel Systems, Inc.*............... 140 11,760
Sun Microsystems, Inc.*............. 620 48,011
Sungard Data Systems, Inc.*......... 500 11,875
Verisign, Inc.*..................... 80 15,260
VERITAS Software Corp.*............. 370 52,956
----------
744,612
----------
CONGLOMERATES -- 2.7%
Corning, Inc. ...................... 490 63,179
Tyco International Ltd. ............ 1,740 67,643
----------
130,822
----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
CONSUMER PRODUCTS & SERVICES -- 0.8%
Bausch & Lomb, Inc. ................ 440 $ 30,112
Clorox Co. ......................... 220 11,083
----------
41,195
----------
ELECTRONIC COMPONENTS & EQUIPMENT -- 4.8%
Altera Corp.*....................... 330 16,356
Analog Devices, Inc.*............... 380 35,340
Conexant Systems, Inc.*............. 50 3,319
DII Group, Inc.*.................... 50 3,548
Flextronics International Ltd.*..... 240 11,040
General Electric Co. ............... 600 92,849
Metromedia Fiber Network, Inc.
Cl-A*............................. 230 11,026
RF Micro Devices, Inc.*............. 100 6,844
Tandy Corp.*........................ 300 14,756
Teradyne, Inc.*..................... 370 24,420
Texas Instruments, Inc. ............ 130 12,594
----------
232,092
----------
ENTERTAINMENT & LEISURE -- 1.4%
Harrah's Entertainment, Inc.*....... 120 3,173
Royal Caribbean Cruises Ltd. ....... 260 12,821
Time Warner, Inc. .................. 710 51,430
----------
67,424
----------
FINANCIAL-BANK & TRUST -- 1.0%
State Street Boston Corp. .......... 640 46,760
----------
FINANCIAL SERVICES -- 2.1%
American Express Co. ............... 100 16,625
Citigroup, Inc. .................... 660 36,671
Morgan Stanley, Dean Witter &
Co. .............................. 240 34,260
Providian Financial Corp. .......... 160 14,570
----------
102,126
----------
FOOD -- 0.8%
Kroger Co.*......................... 960 18,120
Safeway, Inc.*...................... 630 22,404
----------
40,524
----------
HEALTHCARE SERVICES -- 0.3%
United HealthCare Corp. ............ 240 12,750
----------
INSURANCE -- 1.7%
American International Group,
Inc. ............................. 380 41,088
AON Corp. .......................... 470 18,800
CIGNA Corp. ........................ 160 12,890
Lincoln National Corp. ............. 280 11,200
----------
83,978
----------
MACHINERY & EQUIPMENT -- 0.2%
Cooper Cameron Corp.*............... 210 10,277
----------
MEDICAL SUPPLIES & EQUIPMENT -- 1.1%
Guidant Corp.* ..................... 420 19,740
Medtronic, Inc. .................... 920 33,523
----------
53,263
----------
OFFICE EQUIPMENT -- 0.2%
Office Depot, Inc.*................. 830 9,078
----------
</TABLE>
134
<PAGE> 136
AST MFS GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
OIL & GAS -- 1.5%
BP Amoco PLC [ADR].................. 370 $ 21,946
Conoco, Inc. Cl-B .................. 390 9,701
Halliburton Co. .................... 480 19,320
Noble Drilling Corp.*............... 620 20,305
----------
71,272
----------
PHARMACEUTICALS -- 2.6%
American Home Products Corp. ....... 640 25,240
Bristol-Meyers Squibb Co. .......... 450 28,884
Pharmacia & Upjohn, Inc. ........... 400 18,000
Shire Pharmaceuticals Group PLC
[ADR]*............................ 270 7,864
Warner-Lambert Co. ................. 300 24,581
Waters Corp.*....................... 410 21,730
----------
126,299
----------
PRINTING & PUBLISHING -- 0.5%
Gannett Co., Inc. .................. 300 24,469
----------
RETAIL & MERCHANDISING -- 3.2%
Costco Companies, Inc.*............. 360 32,850
CVS Corp. .......................... 1,080 43,133
Gap, Inc. .......................... 60 2,760
Lowe's Companies, Inc. ............. 430 25,693
TJX Companies, Inc. ................ 140 2,861
Wal-Mart Stores, Inc. .............. 720 49,769
----------
157,066
----------
SEMICONDUCTORS -- 3.9%
Applied Materials, Inc.*............ 180 22,804
Atmel Corp.*........................ 920 27,198
Intel Corp. ........................ 200 16,463
JDS Uniphase Corp.*................. 60 9,679
Lam Research Corp.*................. 200 22,313
LSI Logic Corp.*.................... 560 37,799
Motorola, Inc. ..................... 190 27,977
National Semiconductor Corp.*....... 590 25,259
----------
189,492
----------
TELECOMMUNICATIONS -- 11.1%
Alltel Corp. ....................... 540 44,651
Amdocs Ltd.*........................ 170 5,865
American Tower Corp. Cl-A*.......... 670 20,477
ANTEC Corp.*........................ 200 7,300
BCE, Inc. .......................... 50 4,509
Comcast Corp. Cl-A.................. 900 45,225
EchoStar Communications Corp.
Cl-A*............................. 100 9,750
General Instrument Corp.*........... 660 56,100
Global Crossing Ltd.*............... 300 15,000
Global TeleSystems Group, Inc.*..... 240 8,310
Jazztel PLC [ADR]*.................. 105 6,838
MCI WorldCom, Inc.*................. 1,005 53,328
MediaOne Group, Inc.*............... 400 30,725
Nextel Communications, Inc. Cl-A*... 305 31,453
Nokia Corp. Cl-A [ADR].............. 300 57,000
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Nortel Networks Corp. .............. 450 $ 45,450
QUALCOMM, Inc.*..................... 180 31,725
Spanish Broadcasting Systems,
Inc.*............................. 190 7,648
Sprint Corp. (PCS Group)*........... 350 35,875
Univision Communications, Inc.*..... 230 23,503
----------
540,732
----------
UTILITIES -- 1.6%
AES Corp.*.......................... 850 63,538
Calpine Corp.*...................... 220 14,080
----------
77,618
----------
TOTAL COMMON STOCK
(Cost $2,696,920)..................... 3,042,048
----------
FOREIGN STOCK -- 3.3%
BUILDING & REAL ESTATE -- 0.3%
Bouyguesn SA -- (FRF)............... 20 12,710
----------
CHEMICALS -- 0.3%
AKZO Nobel NV -- (NLG).............. 290 14,545
----------
FOOD -- 0.3%
Nestle SA -- (CHF).................. 9 16,487
----------
MACHINERY & EQUIPMENT -- 0.7%
Mannesmann AG -- (DEM).............. 150 36,318
----------
TELECOMMUNICATIONS -- 1.7%
China Telecom Ltd. -- (HKD)*........ 1,000 6,252
Ericsson, (L.M.) Telephone Co.
Cl-B -- (SEK)..................... 290 18,645
Nippon Telegraph & Telephone
Corp. -- (JPY).................... 10 17,128
NTT Mobile Communication Network,
Inc. -- (JPY)..................... 10 38,466
----------
80,491
----------
TOTAL FOREIGN STOCK
(Cost $135,390)....................... 160,551
----------
<CAPTION>
PAR
(000)
--------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 20.5%
Federal Home Loan Mortgage Corp.
1.30%, 01/03/00 (Cost $999,928)... $ 1,000 999,928
----------
SHARES
-------
SHORT-TERM INVESTMENTS -- 9.1%
Temporary Investment Cash Fund...... 222,459 222,459
Temporary Investment Fund........... 222,459 222,459
----------
(Cost $444,918)..................... 444,918
----------
TOTAL INVESTMENTS -- 95.5%
(Cost $4,277,156)..................... 4,647,445
OTHER ASSETS LESS LIABILITIES -- 4.5%... 220,842
----------
NET ASSETS -- 100.0%.................... $4,868,287
==========
</TABLE>
- --------------------------------------------------------------------------------
Definitions of abbreviations are included following the Schedules of
Investments.
* Non-income producing security.
See Notes to Financial Statements.
135
<PAGE> 137
AST MFS GROWTH WITH INCOME PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
COMMON STOCK -- 78.2%
AEROSPACE -- 3.4%
Boeing Co. ......................... 550 $ 22,859
General Dynamics Corp. ............. 1,350 71,213
Honeywell International, Inc. ...... 770 44,419
United Technologies Corp. .......... 2,450 159,250
----------
297,741
----------
AUTOMOBILE MANUFACTURERS -- 0.2%
Ford Motor Co. ..................... 320 17,100
----------
AUTOMOTIVE PARTS -- 0.3%
TRW, Inc. .......................... 440 22,853
----------
BEVERAGES -- 1.0%
Anheuser-Busch Companies, Inc. ..... 1,040 73,710
Coca-Cola Co. ...................... 60 3,495
PepsiCo, Inc. ...................... 280 9,870
----------
87,075
----------
BUSINESS SERVICES -- 0.8%
First Data Corp. ................... 1,460 71,996
----------
CHEMICALS -- 0.1%
DuPont, (E.I.) de Nemours & Co. .... 110 7,246
----------
CLOTHING & APPAREL -- 0.3%
Cintas Corp. ....................... 470 24,969
----------
COMPUTER HARDWARE -- 2.5%
Hewlett-Packard Co. ................ 1,100 125,331
International Business Machines
Corp. ............................ 870 93,960
----------
219,291
----------
COMPUTER SERVICES & SOFTWARE -- 9.9%
BMC Software, Inc.*................. 320 25,580
Cisco Systems, Inc.*................ 1,010 108,196
Computer Associates International,
Inc. ............................. 1,300 90,919
Computer Sciences Corp.*............ 630 59,614
DST Systems, Inc.*.................. 600 45,788
MASSTOR Systems Corp.*.............. 350 27,059
Microsoft Corp.*.................... 2,870 335,072
Oracle Corp.*....................... 900 100,856
Sun Microsystems, Inc.*............. 1,100 85,181
----------
878,265
----------
CONGLOMERATES -- 1.6%
Corning, Inc. ...................... 670 86,388
Tyco International Ltd. ............ 1,420 55,203
----------
141,591
----------
CONSUMER PRODUCTS & SERVICES -- 3.0%
Bausch & Lomb, Inc. ................ 380 26,006
Clorox Co. ......................... 680 34,255
Colgate-Palmolive Co. .............. 870 56,550
Gillette Co. ....................... 670 27,596
Procter & Gamble Co. ............... 1,060 116,136
----------
260,543
----------
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
ELECTRONIC COMPONENTS & EQUIPMENT -- 3.6%
Emerson Electric Co. ............... 800 $ 45,900
General Electric Co. ............... 1,590 246,052
STMicroelectronics NV............... 150 22,716
----------
314,668
----------
ENTERTAINMENT & LEISURE -- 1.3%
Carnival Corp. ..................... 280 13,388
Time Warner, Inc. .................. 1,380 99,963
----------
113,351
----------
FINANCIAL-BANK & TRUST -- 4.6%
Bank of America Corp. .............. 1,060 53,199
Bank One Corp. ..................... 1,010 32,383
Comerica, Inc. ..................... 280 13,073
Northern Trust Corp. ............... 1,200 63,600
State Street Boston Corp. .......... 1,060 77,446
U.S. Bancorp........................ 2,430 57,864
Wells Fargo & Co. .................. 2,560 103,520
----------
401,085
----------
FINANCIAL SERVICES -- 3.0%
American Express Co. ............... 240 39,900
Associates First Capital Corp.
Cl-A.............................. 270 7,408
AXA Financial, Inc. ................ 730 24,729
Citigroup, Inc. .................... 950 52,784
Freddie Mac......................... 1,210 56,945
MBIA, Inc. ......................... 400 21,125
Providian Financial Corp. .......... 280 25,498
Reuters Group PLC [ADR]............. 380 30,709
----------
259,098
----------
FOOD -- 3.3%
Bestfoods, Inc. .................... 310 16,294
Kroger Co.*......................... 4,050 76,444
Nabisco Holdings Corp. Cl-A......... 580 18,343
Quaker Oats Co. .................... 800 52,500
Ralston Purina Group................ 460 12,823
Safeway, Inc.*...................... 3,110 110,599
----------
287,003
----------
HEALTHCARE SERVICES -- 0.5%
United HealthCare Corp. ............ 800 42,500
----------
INSURANCE -- 3.4%
Allstate Corp. ..................... 470 11,280
American International Group,
Inc. ............................. 700 75,688
Lincoln National Corp. ............. 1,260 50,400
Marsh & McLennan Companies, Inc..... 350 33,491
The Hartford Financial Services
Group, Inc. ...................... 2,200 104,224
Torchmark Corp. .................... 670 19,472
----------
294,555
----------
MACHINERY & EQUIPMENT -- 0.4%
Deere & Co. ........................ 600 26,025
Grainger, (W.W.), Inc. ............. 240 11,475
----------
37,500
----------
</TABLE>
136
<PAGE> 138
AST MFS GROWTH WITH INCOME PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
MEDICAL SUPPLIES & EQUIPMENT -- 2.1%
Guidant Corp.* ..................... 720 $ 33,840
Johnson & Johnson Co. .............. 400 37,250
Medtronic, Inc. .................... 3,030 110,406
----------
181,496
----------
OIL & GAS -- 5.3%
BP Amoco PLC [ADR].................. 2,370 140,570
Chevron Corp. ...................... 350 30,319
Coastal Corp. ...................... 870 30,831
Conoco, Inc. Cl-B................... 1,900 47,263
Exxon Mobil Corp. .................. 2,392 192,705
Unocal Corp. ....................... 660 22,151
----------
463,839
----------
PHARMACEUTICALS -- 3.8%
American Home Products Corp. ....... 1,230 48,508
Bristol-Meyers Squibb Co. .......... 1,410 90,505
Pfizer, Inc. ....................... 2,050 66,497
Pharmacia & Upjohn, Inc. ........... 1,350 60,750
Schering-Plough Corp. .............. 870 36,703
Warner-Lambert Co. ................. 400 32,775
----------
335,738
----------
PRINTING & PUBLISHING -- 3.1%
Gannett Co., Inc. .................. 1,530 124,790
New York Times Co. ................. 1,580 77,618
Tribune Co. ........................ 1,320 72,683
----------
275,091
----------
RESTAURANTS -- 0.5%
McDonald's Corp. ................... 1,040 41,925
----------
RETAIL & MERCHANDISING -- 4.6%
CVS Corp. .......................... 1,650 65,897
Dayton-Hudson Corp.* ............... 780 57,281
Home Depot, Inc. ................... 1,050 71,991
TJX Companies, Inc. ................ 2,270 46,393
Wal-Mart Stores, Inc. .............. 2,390 165,209
----------
406,771
----------
SEMICONDUCTORS -- 3.7%
Intel Corp. ........................ 2,040 167,918
Motorola, Inc. ..................... 780 114,855
National Semiconductor Corp.*....... 900 38,531
----------
321,304
----------
TELECOMMUNICATIONS -- 8.9%
Alltel Corp. ....................... 610 50,439
AT&T Corp. ......................... 920 46,690
Bell Atlantic Corp. ................ 2,250 138,515
BellSouth Corp. .................... 380 17,789
BroadWing, Inc. .................... 920 33,925
General Instrument Corp.*........... 240 20,400
Lucent Technologies, Inc. .......... 750 56,109
MCI WorldCom, Inc.*................. 1,935 102,676
Nokia Corp. Cl-A [ADR].............. 240 45,600
</TABLE>
<TABLE>
<CAPTION>
SHARES VALUE
------ -----
<S> <C> <C>
Nortel Networks Corp. .............. 750 $ 75,750
SBC Communications, Inc. ........... 1,900 92,625
Sprint Corp. (FON Group)............ 1,100 74,044
Sprint Corp. (PCS Group)*........... 320 32,800
----------
787,362
----------
TRANSPORTATION -- 0.5%
Canadian National Railway Co........ 1,138 29,944
United Parcel Service, Inc. Cl-B.... 150 10,350
----------
40,294
----------
UTILITIES -- 2.5%
CMS Energy Corp. ................... 640 19,960
Duke Energy Corp. .................. 670 33,584
FirstEnergy Corp. .................. 700 15,881
Nisource, Inc. ..................... 860 15,373
PECO Energy Co. .................... 1,300 45,175
Pinnacle West Capital Co. .......... 750 22,922
Texas Utilities Co. ................ 1,660 59,033
Unicom Corp. ....................... 310 10,385
----------
222,313
----------
TOTAL COMMON STOCK
(Cost $6,602,667)..................... 6,854,563
----------
FOREIGN STOCK -- 3.1%
CHEMICALS -- 0.3%
AKZO Nobel NV -- (NLG).............. 610 30,595
----------
CONGLOMERATES -- 0.4%
Hitachi Ltd. -- (JPY)............... 2,000 32,103
----------
FINANCIAL-BANK & TRUST -- 0.3%
Bank of Ireland -- (IEP)*........... 3,680 29,280
----------
INSURANCE -- 0.3%
AXA SA -- (FRF)..................... 200 27,878
----------
MACHINERY & EQUIPMENT -- 1.2%
Mannesmann AG -- (DEM).............. 380 92,005
----------
PHARMACEUTICALS -- 0.3%
AstraZeneca Group PLC -- (GBP)...... 630 26,133
----------
TELECOMMUNICATIONS -- 0.3%
KPN NV -- (NLG)..................... 310 30,254
----------
TOTAL FOREIGN STOCK
(Cost $248,755)....................... 268,248
----------
<CAPTION>
PAR
(000)
--------
<S> <C> <C>
CORPORATE OBLIGATIONS -- 0.5%
TELECOMMUNICATIONS
Cable & Wireless Communications 144A
4.25%, 09/15/05................... $ 11 13,654
NTL, Inc. 144A
5.75%, 12/15/09................... 30 32,400
----------
(Cost $43,316)........................ 46,054
----------
</TABLE>
137
<PAGE> 139
AST MFS GROWTH WITH INCOME PORTFOLIO
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-------- ----------
<S> <C> <C>
SHORT-TERM INVESTMENTS -- 9.0%
Temporary Investment Cash Fund...... 392,918 $ 392,918
Temporary Investment Fund........... 392,918 392,918
----------
(Cost $785,836)..................... 785,836
----------
TOTAL INVESTMENTS -- 90.8%
(Cost $7,680,574)..................... 7,954,701
OTHER ASSETS LESS LIABILITIES -- 9.2%... 802,588
----------
NET ASSETS -- 100.0%.................... $8,757,289
==========
</TABLE>
Foreign currency exchange contracts outstanding at December 31, 1999:
<TABLE>
<CAPTION>
IN
SETTLEMENT CONTRACTS EXCHANGE CONTRACTS UNREALIZED
MONTH TYPE TO RECEIVE FOR AT VALUE DEPRECIATION
- -------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
01/00 Buy GBP 5,556 $ 8,991 $ 8,975 $ 16
01/00 Buy EUR 10,013 10,183 10,088 95
------- ------- ----
$19,174 $19,063 $111
======= ======= ====
</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 year, these securities amounted
to 0.5% of net assets.
See Notes to Financial Statements.
138
<PAGE> 140
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
FDR-Federal Depositary Receipt
FRB-Floating Rate Bond (1)
FRN-Floating Rate Note (1)
GDR-Global Depositary Receipt
IO-Interest Only Security
PIK-Payment in Kind Security
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 December 31, 1999.
(2)- Rates shown are the effective yields at purchase date.
COUNTRIES/CURRENCIES:
- -----------------------
AUD-Australia/Australian Dollar
BEF-Belgium/Belgian Franc
CAD-Canada/Canadian Dollar
CHF-Switzerland/Swiss Franc
DEM-Germany/German Deutschemark
DKK-Denmark/Danish Krone
ESP-Spain/Spanish Peseta
EUR-Europe/Euro Currency
FIM-Finland/Finnish Markka
FRF-France/French Franc
GBP-United Kingdom/British Pound
HKD-Hong Kong/Hong Kong Dollar
IDR-Indonesia/Indonesian Rupiah
IEP-Ireland/Irish Punt
ITL-Italy/Italian Lira
JPY-Japan/Japanese Yen
MXP-Mexico/Mexican Peso
MYR-Malaysia/Malaysian Ringgit
NLG-Netherlands/Netherland Guilder
NOK-Norway/Norwegian Krone
NZD-New Zealand/New Zealand Dollar
SEK-Sweden/Swedish Krona
SGD-Singapore/Singapore Dollar
ZAR-South Africa/South African Rand
139
<PAGE> 141
AMERICAN SKANDIA TRUST
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------
PORTFOLIO
- ---------------------------------------------------------------------------------------------------------------------------------
AST
AST AST NEUBERGER
AIM LORD ABBETT AST AST BERMAN AST
INTERNATIONAL GROWTH AND JANCAP MONEY MID-CAP AIM
EQUITY INCOME GROWTH MARKET VALUE BALANCED
------------- ----------- ---------- ---------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in securities at value(A).......... $765,541 $1,498,182 $5,922,169 $2,407,897 $670,915 $494,113
Collateral received for securities lent........ -- 347,434 1,525,148 -- 130,094 81,439
Cash........................................... 951 -- 26 -- -- 5
Foreign currency at value(B)................... 3,836 -- -- -- -- 14
Unrealized appreciation on foreign currency
exchange contracts........................... -- -- -- -- -- --
Receivable for:
Securities sold.............................. 87 -- -- -- 438 3,254
Dividends and interest....................... 1,266 1,695 3,996 9,916 641 3,346
Fund shares sold............................. 939 3,129 3,312 -- 1,859 11
Futures variation margin..................... -- -- -- -- -- 49
Other assets................................... 15 10 996 10 3 3
-------- ---------- ---------- ---------- -------- --------
TOTAL ASSETS............................... 772,635 1,850,450 7,455,647 2,417,823 803,950 582,234
-------- ---------- ---------- ---------- -------- --------
LIABILITIES
Cash overdraft................................. -- -- -- 17 -- --
Unrealized depreciation on foreign currency
exchange contracts........................... -- -- -- -- -- --
Written options outstanding, at value.......... -- -- -- -- -- 167
Reverse repurchase agreements, at value........ -- -- -- -- -- --
Unrealized depreciation on swap agreements..... -- -- -- -- -- --
Payable upon return of securities lent......... -- 347,434 1,525,148 -- 130,094 81,439
Payable for:
Securities purchased......................... 1,010 4,056 -- -- 9,113 614
Fund shares redeemed......................... 116 5 3,861 -- -- 96
Futures variation margin..................... -- -- -- -- -- --
Advisory fees................................ 527 469 2,301 86 277 163
Shareholder servicing fees................... 60 132 487 183 54 41
Accrued dividends............................ -- -- -- 8,337 -- --
Accrued expenses and other liabilities......... 410 48 72 43 29 143
-------- ---------- ---------- ---------- -------- --------
TOTAL LIABILITIES.......................... 2,123 352,144 1,531,869 8,666 139,567 82,663
-------- ---------- ---------- ---------- -------- --------
NET ASSETS........................................ $770,512 $1,498,306 $5,923,778 $2,409,157 $664,383 $499,571
======== ========== ========== ========== ======== ========
COMPONENTS OF NET ASSETS
Common stock (unlimited number of shares
authorized, $.001 par value per share)........... $ 23 $ 64 $ 107 $ 2,409 $ 50 $ 33
Additional paid-in capital........................ 387,722 1,105,583 2,524,935 2,406,740 654,535 381,901
Undistributed net investment income (loss)........ (4,783) 14,653 6,441 -- 2,290 9,725
Accumulated net realized gain (loss) on
investments...................................... 100,905 169,139 473,955 8 (2,663) 36,028
Accumulated net unrealized appreciation
(depreciation) on investments.................... 286,645 208,867 2,918,340 -- 10,171 71,884
-------- ---------- ---------- ---------- -------- --------
NET ASSETS........................................ $770,512 $1,498,306 $5,923,778 $2,409,157 $664,383 $499,571
======== ========== ========== ========== ======== ========
Shares of common stock outstanding................ 22,510 63,750 107,291 2,409,148 49,879 32,780
Net asset value, offering and redemption price per
share............................................ $ 34.23 $ 23.50 $ 55.21 $ 1.00 $ 13.32 $ 15.24
======== ========== ========== ========== ======== ========
(A) Investments at cost........................... $478,866 $1,289,315 $3,004,795 $2,407,897 $660,744 $423,011
======== ========== ========== ========== ======== ========
(B) Foreign currency at cost...................... $ 3,824 $ -- $ -- $ -- $ -- $ 13
======== ========== ========== ========== ======== ========
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
140
<PAGE> 142
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
PORTFOLIO
----------------------------------------------------------------------------------------------------------
AST AST AST AST
AST AST PIMCO AST AST T. ROWE T. ROWE NEUBERGER
FEDERATED T. ROWE TOTAL INVESCO JANUS PRICE PRICE BERMAN
HIGH PRICE ASSET RETURN EQUITY SMALL-CAP INTERNATIONAL INTERNATIONAL MID-CAP
YIELD ALLOCATION BOND INCOME GROWTH EQUITY BOND GROWTH
--------- ----------- ---------- ---------- ---------- ------------- ------------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
$612,406 $456,047 $1,145,586 $1,042,257 $1,437,941 $500,245 $129,061 $406,920
24,630 59,449 -- 128,217 272,041 -- -- 130,028
1 -- 709 -- -- 15,510 5,540 1
-- -- -- -- -- 1,350 1 --
-- -- 13 -- -- -- 73 --
-- -- -- -- 3,963 -- -- 1,455
11,325 2,672 9,558 5,296 262 728 3,358 118
296 588 3 1,164 2,014 26 612 303
-- -- -- -- -- -- -- --
5 3 9 13 3 4 -- 2
-------- -------- ---------- ---------- ---------- -------- -------- --------
648,663 518,759 1,155,878 1,176,947 1,716,224 517,863 138,645 538,827
-------- -------- ---------- ---------- ---------- -------- -------- --------
-- 3 -- -- 6 -- -- --
-- -- -- -- -- -- 161 --
-- -- 1,144 -- -- -- -- --
-- -- 37,658 -- -- -- -- --
-- -- 396 -- -- -- -- --
24,630 59,449 -- 128,217 272,041 -- -- 130,028
-- 11,555 109,070 -- 128 -- -- 14,252
37 12 633 214 222 524 -- 28
-- -- 809 -- -- -- -- --
151 108 231 331 457 344 48 132
53 37 85 89 108 135 11 31
-- -- -- -- -- -- -- --
4 53 89 32 51 36 281 31
-------- -------- ---------- ---------- ---------- -------- -------- --------
24,875 71,217 150,115 128,883 273,013 1,039 501 144,502
-------- -------- ---------- ---------- ---------- -------- -------- --------
$623,788 $447,542 $1,005,763 $1,048,064 $1,443,211 $516,824 $138,144 $394,325
======== ======== ========== ========== ========== ======== ======== ========
$ 52 $ 24 $ 92 $ 56 $ 34 $ 31 $ 14 $ 16
630,587 335,750 1,013,331 801,266 692,944 303,019 146,445 233,433
57,676 10,606 51,464 20,133 (3,889) (382) 7,735 (2,652
(7,139) 3,958 (25,126) 78,942 139,249 48,217 (7,483) 12,584
(57,388) 97,204 (33,998) 147,667 614,873 165,939 (8,567) 150,944
-------- -------- ---------- ---------- ---------- -------- -------- --------
$623,788 $447,542 $1,005,763 $1,048,064 $1,443,211 $516,824 $138,144 $394,325
======== ======== ========== ========== ========== ======== ======== ========
52,319 23,735 91,543 56,186 33,870 30,998 14,393 16,408
$ 11.92 $ 18.86 $ 10.99 $ 18.65 $ 42.61 $ 16.67 $ 9.60 $ 24.03
======== ======== ========== ========== ========== ======== ======== ========
$669,794 $358,842 $1,174,464 $ 894,590 $ 823,068 $334,284 $137,453 $255,976
======== ======== ========== ========== ========== ======== ======== ========
$ -- $ -- $ -- $ -- $ -- $ 1,351 $ 1 $ --
======== ======== ========== ========== ========== ======== ======== ========
</TABLE>
- --------------------------------------------------------------------------------
141
<PAGE> 143
AMERICAN SKANDIA TRUST
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
---------------------------------------------------------------------
PORTFOLIO
- ---------------------------------------------------------------------------------------------------------------------------------
AST AST AST
T. ROWE PIMCO AST AST AMERICAN
AST PRICE LIMITED OPPENHEIMER JANUS CENTURY
FOUNDERS NATURAL MATURITY LARGE-CAP OVERSEAS INCOME &
PASSPORT RESOURCES BOND GROWTH GROWTH GROWTH
-------- --------- -------- ----------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in securities at value(A).................. $227,894 $103,900 $418,101 $364,191 $1,546,503 $356,441
Collateral received for securities lent................ -- 21,980 -- 111,632 -- 88,952
Cash................................................... 405 32 472 -- 1,260 466
Foreign currency at value(B)........................... 803 33 -- -- 1 --
Unrealized appreciation on foreign currency exchange
contracts............................................ 5 -- 11 -- 6,811 --
Receivable for:
Securities sold...................................... 722 118 -- -- 3,821 1,981
Dividends and interest............................... 54 202 4,236 195 651 427
Fund shares sold..................................... 3,778 18 254 422 991 1,487
Futures variation margin............................. -- -- -- -- -- 22
Other assets........................................... 1 1 4 2 -- 2
-------- -------- -------- -------- ---------- --------
TOTAL ASSETS....................................... 233,662 126,284 423,078 476,442 1,560,038 449,778
-------- -------- -------- -------- ---------- --------
LIABILITIES
Cash overdraft......................................... -- -- -- -- -- --
Unrealized depreciation on foreign currency exchange
contracts............................................ 32 -- -- -- 4,418 --
Written options outstanding, at value.................. -- -- -- -- -- --
Reverse repurchase agreements, at value................ -- -- -- -- -- --
Unrealized depreciation on swap agreements............. -- -- 98 -- -- --
Payable upon return of securities lent................. -- 21,980 -- 111,632 -- 88,952
Payable for:
Securities purchased................................. 15,911 1,813 16,126 -- 1,097 --
Fund shares redeemed................................. -- 178 1 178 2,294 1
Futures variation margin............................. -- -- 81 -- -- --
Advisory fees........................................ 167 42 97 178 653 98
Shareholder servicing fees........................... 25 8 34 -- 207 53
Accrued dividends.................................... -- -- -- -- -- --
Accrued expenses and other liabilities................. 130 38 37 -- 324 44
-------- -------- -------- -------- ---------- --------
TOTAL LIABILITIES.................................. 16,265 24,059 16,474 111,988 8,993 89,148
-------- -------- -------- -------- ---------- --------
NET ASSETS................................................ $217,397 $102,225 $406,604 $364,454 $1,551,045 $360,630
======== ======== ======== ======== ========== ========
COMPONENTS OF NET ASSETS
Common stock (unlimited number of shares authorized, $.001
par value per share)..................................... $ 9 $ 8 $ 38 $ 19 $ 62 $ 23
Additional paid-in capital................................ 100,557 100,285 392,943 238,994 829,519 294,563
Undistributed net investment income (loss)................ (191) 1,133 20,624 (3,290) (894) 2,121
Accumulated net realized gain (loss) on investments....... 57,245 (1,541) (1,803) 32,761 3,006 20,595
Accumulated net unrealized appreciation (depreciation) on
investments.............................................. 59,777 2,340 (5,198) 95,970 719,352 43,328
-------- -------- -------- -------- ---------- --------
NET ASSETS................................................ $217,397 $102,225 $406,604 $364,454 $1,551,045 $360,630
======== ======== ======== ======== ========== ========
Shares of common stock outstanding........................ 8,827 7,768 37,518 19,230 61,796 23,045
Net asset value, offering and redemption price per
share.................................................... $ 24.63 $ 13.16 $ 10.84 $ 18.95 $ 25.10 $ 15.65
======== ======== ======== ======== ========== ========
(A) Investments at cost................................... $168,028 $101,560 $422,995 $268,221 $ 829,526 $313,527
======== ======== ======== ======== ========== ========
(B) Foreign currency at cost.............................. $ 830 $ 32 $ -- $ -- $ 1 $ --
======== ======== ======== ======== ========== ========
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
142
<PAGE> 144
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------
PORTFOLIO
---------------------------------------------------------------------------------------
AST AST AST AST AST
AMERICAN AMERICAN T. ROWE AST AST LORD BANKERS
CENTURY CENTURY PRICE SMALL MARSICO COHEN & ABBETT TRUST
STRATEGIC INTERNATIONAL COMPANY CAPITAL STEERS SMALL CAP MANAGED
BALANCED GROWTH VALUE GROWTH REALTY VALUE INDEX 500
--------- ------------- ----------- ---------- ------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
$154,892 $260,383 $1,716,698 $58,822 $75,453 $622,385
$215,989
-- 5,047 415,385 3,206 6,338 135,957
44,751
-- -- -- -- -- 14,242
36
-- -- -- -- -- --
--
2 -- -- -- -- --
--
60 146 19,960 222 1,008 186
554
142 433 634 393 28 736
1,256
587 763 2,818 43 175 10
659
-- -- -- -- -- 141
3
-- 2 8 -- -- 3
1
-------- -------- ---------- ------- ------- --------
--------
155,683 266,774 2,155,503 62,686 83,002 773,660
263,249
-------- -------- ---------- ------- ------- --------
--------
831 -- 15,564 212 -- --
--
-- -- -- -- -- --
--
-- -- -- -- -- --
--
-- -- -- -- -- --
--
-- -- -- -- -- --
--
-- 5,047 415,385 3,206 6,338 135,957
44,751
389 62 -- 2,053 2,428 262
1,626
-- 9 6 480 -- 3,685
1
-- -- -- -- -- --
--
122 113 625 27 30 104
84
21 22 141 8 6 53
18
-- -- -- -- -- --
--
94 28 46 3 8 32
21
-------- -------- ---------- ------- ------- --------
--------
1,457 5,281 431,767 5,989 8,810 140,093
46,501
-------- -------- ---------- ------- ------- --------
--------
$154,226 $261,493 $1,723,736 $56,697 $74,192 $633,567
$216,748
======== ======== ========== ======= ======= ========
========
$ 7 $ 23 $ 80 $ 7 $ 7 $ 42
$ 14
87,000 282,860 1,114,117 62,084 70,562 519,045
183,858
(417) 1,922 (2,581) 2,577 (247) 3,516
3,149
5,477 14,221 46,480 (3,193) (2,284) 35,107
12,446
62,159 (37,533) 565,640 (4,778) 6,154 75,857
17,281
-------- -------- ---------- ------- ------- --------
--------
$154,226 $261,493 $1,723,736 $56,697 $74,192 $633,567
$216,748
======== ======== ========== ======= ======= ========
========
6,884 22,950 79,675 6,783 6,824 42,358
14,166
$ 22.40 $ 11.39 $ 21.63 $ 8.36 $ 10.87 $ 14.96
$ 15.30
======== ======== ========== ======= ======= ========
========
$ 92,730 $297,916 $1,151,060 $63,600 $69,299 $548,431
$198,757
======== ======== ========== ======= ======= ========
========
$ -- $ -- $ -- $ -- $ -- $ --
$ --
======== ======== ========== ======= ======= ========
========
</TABLE>
- --------------------------------------------------------------------------------
143
<PAGE> 145
AMERICAN SKANDIA TRUST
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
-----------------------------------------------
PORTFOLIO
- -------------------------------------------------------------------------------------------------------------
AST AST
AST MFS AST MFS
KEMPER GLOBAL MFS GROWTH WITH
SMALL-CAP EQUITY GROWTH INCOME
GROWTH PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- -----------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities at value(A).................... $845,508 $1,217 $4,647 $7,955
Collateral received for securities lent.................. 140,177 -- -- --
Cash..................................................... -- 55 113 388
Foreign currency at value(B)............................. -- -- -- --
Unrealized appreciation on foreign currency exchange
contracts.............................................. -- -- -- --
Receivable for:
Securities sold........................................ -- 4 12 --
Dividends and interest................................. 97 1 2 6
Fund shares sold....................................... -- 16 248 429
Futures variation margin............................... -- -- -- --
Unrealized appreciation on interest rate swap
agreements............................................. -- -- -- --
Other assets............................................. 1 -- -- --
-------- ------ ------ ------
TOTAL ASSETS......................................... 985,783 1,293 5,022 8,778
-------- ------ ------ ------
LIABILITIES
Cash overdraft........................................... -- -- -- --
Unrealized depreciation on foreign currency exchange
contracts.............................................. -- -- -- --
Written options outstanding, at value.................... -- -- -- --
Reverse repurchase agreements, at value.................. -- -- -- --
Unrealized depreciation on swap agreements............... -- -- -- --
Payable upon return of securities lent................... 140,177 -- -- --
Payable for:
Securities purchased................................... -- -- 153 19
Fund shares redeemed................................... 3,217 -- -- --
Futures variation margin............................... -- -- -- --
Advisory fees.......................................... 298 -- 1 --
Shareholder servicing fees............................. 66 -- -- 1
Accrued dividends...................................... -- -- -- --
Accrued expenses and other liabilities................... 41 2 -- 1
-------- ------ ------ ------
TOTAL LIABILITIES.................................... 143,799 2 154 21
-------- ------ ------ ------
NET ASSETS.................................................. $841,984 $1,291 $4,868 $8,757
======== ====== ====== ======
COMPONENTS OF NET ASSETS
Common stock (unlimited number of shares authorized, $.001
par value per share)....................................... $ 54 $ -- $ -- $ 1
Additional paid-in capital.................................. 456,906 1,183 4,501 8,474
Undistributed net investment income (loss).................. (2,787) 1 3 11
Accumulated net realized gain (loss) on investments......... 51,910 2 (6) (3)
Accumulated net unrealized appreciation (depreciation) on
investments................................................ 335,901 105 370 274
-------- ------ ------ ------
NET ASSETS.................................................. $841,984 $1,291 $4,868 $8,757
======== ====== ====== ======
Shares of common stock outstanding.......................... 54,019 117 431 832
Net asset value, offering and redemption price per share.... $ 15.59 $11.03 $11.30 $10.52
======== ====== ====== ======
(A) Investments at cost..................................... $509,607 $1,113 $4,277 $7,681
======== ====== ====== ======
(B) Foreign currency at cost................................ $ -- $ -- $ -- $ --
======== ====== ====== ======
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
144
<PAGE> 146
(This page intentionally left blank)
145
<PAGE> 147
AMERICAN SKANDIA TRUST
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1999
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
PORTFOLIO
- ---------------------------------------------------------------------------------------------------------------------------------
AST
AST AST NEUBERGER
AIM LORD ABBETT AST AST BERMAN AST
INTERNATIONAL GROWTH AND JANCAP MONEY MID-CAP AIM
EQUITY INCOME GROWTH MARKET VALUE BALANCED
------------- ----------- ---------- ------- --------- --------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Interest........................................... $ 1,096 $ 2,667 $ 38,357 $81,228 $ 550 $11,980
Dividends.......................................... 6,501 24,141 9,464 -- 7,595 2,432
Foreign taxes withheld............................. (349) (165) (3) -- (5) (18)
-------- -------- ---------- ------- ------- -------
Total Investment Income........................ 7,248 26,643 47,818 81,228 8,140 14,394
-------- -------- ---------- ------- ------- -------
EXPENSES
Investment advisory fees........................... 4,695 10,105 38,565 7,967 4,970 3,145
Shareholder servicing fees......................... 539 1,347 4,285 1,586 552 428
Administration and accounting fees................. 357 490 784 513 344 328
Custodian fees..................................... 652 152 304 150 70 259
Distribution fees.................................. 84 440 233 -- 261 37
Audit and legal fees............................... 10 26 76 27 10 8
Trustees' fees..................................... 5 14 44 16 5 4
Insurance expenses................................. 3 9 27 10 3 3
Miscellaneous expenses............................. 17 21 156 22 9 84
-------- -------- ---------- ------- ------- -------
Total Expenses................................. 6,362 12,604 44,474 10,291 6,224 4,296
Less: Advisory fee waivers and expense
reimbursements............................... -- (174) (1,643) (821) -- --
Less: Fees paid indirectly..................... (84) (440) (233) -- (261) (37)
-------- -------- ---------- ------- ------- -------
Net Expenses................................... 6,278 11,990 42,598 9,470 5,963 4,259
-------- -------- ---------- ------- ------- -------
Net Investment Income (Loss).......................... 970 14,653 5,220 71,758 2,177 10,135
-------- -------- ---------- ------- ------- -------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Securities..................................... 99,093 171,133 474,503 8 (1,550) 37,054
Foreign currency transactions.................. (4,143) -- 2,945 -- -- 556
Futures contracts.............................. -- -- -- -- -- (125)
Written options contracts...................... -- -- -- -- -- 1
-------- -------- ---------- ------- ------- -------
Net realized gain (loss)........................... 94,950 171,133 477,448 8 (1,550) 37,486
-------- -------- ---------- ------- ------- -------
Net change in unrealized appreciation
(depreciation) on:
Securities..................................... 206,527 9,189 1,482,346 -- (4,592) 39,770
Futures contracts.............................. -- -- -- -- -- (2,213)
Written options contracts...................... -- -- -- -- -- (409)
Swap agreements................................ -- -- -- -- -- --
Translation of assets and liabilities
denominated in foreign currencies............ 3,422 -- 374 -- -- 139
-------- -------- ---------- ------- ------- -------
Net change in unrealized appreciation
(depreciation)................................... 209,949 9,189 1,482,720 -- (4,592) 37,287
-------- -------- ---------- ------- ------- -------
Net gain (loss) on investments..................... 304,899 180,322 1,960,168 8 (6,142) 74,773
-------- -------- ---------- ------- ------- -------
Net Increase (Decrease) in Net Assets Resulting
from Operations.................................. $305,869 $194,975 $1,965,388 $71,766 $(3,965) $84,908
======== ======== ========== ======= ======= =======
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
146
<PAGE> 148
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
PORTFOLIO
-----------------------------------------------------------------------------------------------------
AST AST AST AST
AST AST PIMCO AST AST T. ROWE T. ROWE NEUBERGER
FEDERATED T. ROWE TOTAL INVESCO JANUS PRICE PRICE BERMAN
HIGH PRICE ASSET RETURN EQUITY SMALL-CAP INTERNATIONAL INTERNATIONAL MID-CAP
YIELD ALLOCATION BOND INCOME GROWTH EQUITY BOND GROWTH
--------- ----------- -------- -------- --------- ------------- ------------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
61,620 $11,704 $ 62,599 $17,844 $ 3,206 $ 527 $ 6,814 $ 690
$ 2,025 3,359 -- 11,151 252 7,921 -- 394
-- (112) -- (8) (8) (692) (20) --
-------- ------- -------- -------- -------- -------- -------- --------
63,645 14,951 62,599 28,987 3,450 7,756 6,794 1,084
-------- ------- -------- -------- -------- -------- -------- --------
4,762 3,419 6,474 7,205 4,981 4,493 1,178 2,441
635 402 996 961 553 449 147 271
382 317 453 446 342 334 147 243
60 81 192 108 58 282 130 47
-- -- -- 151 15 40 -- 43
12 7 19 18 7 9 3 5
7 4 10 10 5 4 2 3
4 3 6 6 3 3 1 2
107 70 31 19 38 49 23 7
-------- ------- -------- -------- -------- -------- -------- --------
5,969 4,303 8,181 8,924 6,002 5,663 1,631 3,062
-- -- -- -- -- -- -- --
-- -- -- (151) (15) (40) -- (43)
-------- ------- -------- -------- -------- -------- -------- --------
5,969 4,303 8,181 8,773 5,987 5,623 1,631 3,019
-------- ------- -------- -------- -------- -------- -------- --------
57,676 10,648 54,418 20,214 (2,537) 2,133 5,163 (1,935)
-------- ------- -------- -------- -------- -------- -------- --------
(7,097) 4,440 (13,779) 78,862 145,192 48,838 278 13,781
-- (549) (285) -- 15 (1,083) (4,020) --
-- -- (16,354) -- -- -- -- --
-- -- 1,533 -- -- -- -- --
-------- ------- -------- -------- -------- -------- -------- --------
(7,097) 3,891 (28,885) 78,862 145,207 47,755 (3,742) 13,781
-------- ------- -------- -------- -------- -------- -------- --------
(38,643) 25,502 (34,617) 2,582 550,645 83,163 (12,728) 118,263
-- -- (2,250) -- -- -- -- --
-- -- 733 -- -- -- -- --
-- -- 584 -- -- -- -- --
-- (10) (436) -- -- (44) (1,285) --
-------- ------- -------- -------- -------- -------- -------- --------
(38,643) 25,492 (35,986) 2,582 550,645 83,119 (14,013) 118,263
-------- ------- -------- -------- -------- -------- -------- --------
(45,740) 29,383 (64,871) 81,444 695,852 130,874 (17,755) 132,044
-------- ------- -------- -------- -------- -------- -------- --------
$ 11,936 $40,031 $(10,453) $101,658 $693,315 $133,007 $(12,592) $130,109
======== ======= ======== ======== ======== ======== ======== ========
</TABLE>
- --------------------------------------------------------------------------------
147
<PAGE> 149
AMERICAN SKANDIA TRUST
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1999
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------
PORTFOLIO
- ---------------------------------------------------------------------------------------------------------------------------------
AST AST AST
T. ROWE PIMCO AST AST AMERICAN
AST PRICE LIMITED OPPENHEIMER JANUS CENTURY
FOUNDERS NATURAL MATURITY LARGE-CAP OVERSEAS INCOME &
PASSPORT RESOURCES BOND GROWTH GROWTH GROWTH
-------- --------- -------- ----------- -------- ------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Interest............................................. $ 256 $ 200 $24,441 $ 631 $ 3,336 $ 466
Dividends............................................ 759 1,971 -- 1,095 5,623 4,072
Foreign taxes withheld............................... (87) (34) -- -- (336) (3)
------- ------- ------- ------- -------- -------
Total Investment Income.......................... 928 2,137 24,441 1,726 8,623 4,535
------- ------- ------- ------- -------- -------
EXPENSES
Investment advisory fees............................. 1,223 847 2,495 2,537 8,285 1,863
Shareholder servicing fees........................... 122 94 384 282 829 247
Administration and accounting fees................... 122 95 309 249 416 228
Custodian fees....................................... 100 43 81 58 514 60
Distribution fees.................................... -- 3 -- -- 48 --
Audit and legal fees................................. 2 2 7 5 14 4
Trustees' fees....................................... 1 1 4 3 8 2
Insurance expenses................................... 1 1 2 2 5 2
Miscellaneous expenses............................... 11 9 20 7 37 8
------- ------- ------- ------- -------- -------
Total Expenses................................... 1,582 1,095 3,302 3,143 10,156 2,414
Less: Advisory fee waivers and expense
reimbursements................................. -- -- -- -- -- --
Less: Fees paid indirectly....................... -- (3) -- -- (48) --
------- ------- ------- ------- -------- -------
Net Expenses..................................... 1,582 1,092 3,302 3,143 10,108 2,414
------- ------- ------- ------- -------- -------
Net Investment Income (Loss)............................ (654) 1,045 21,139 (1,417) (1,485) 2,121
------- ------- ------- ------- -------- -------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Securities....................................... 61,876.. (1,351) (1,037) 32,038 32,559 21,131
Foreign currency transactions.................... (980) (62) 228 -- (2,330) --
Futures contracts................................ -- -- (1,296) -- -- (160)
Written options contracts........................ -- -- 213 -- -- --
------- ------- ------- ------- -------- -------
Net realized gain (loss)............................. 60,896 (1,413) (1,892) 32,038 30,229 20,971
------- ------- ------- ------- -------- -------
Net change in unrealized appreciation (depreciation)
on:
Securities....................................... 36,139 20,107 (5,732) 60,401 625,107 30,631
Futures contracts................................ -- -- (142) -- -- 414
Written options contracts........................ -- -- (113) -- -- --
Swap agreements.................................. -- -- 128 -- -- --
Translation of assets and liabilities denominated
in foreign currencies.......................... (62) (1) (133) -- 4,789 --
------- ------- ------- ------- -------- -------
Net change in unrealized appreciation
(depreciation)..................................... 36,077 20,106 (5,992) 60,401 629,896 31,045
------- ------- ------- ------- -------- -------
Net gain (loss) on investments....................... 96,973 18,693 (7,884) 92,439 660,125 52,016
------- ------- ------- ------- -------- -------
Net Increase (Decrease) in Net Assets Resulting from
Operations......................................... $96,319 $19,738 $13,255 $91,022 $658,640 $54,137
======= ======= ======= ======= ======== =======
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
148
<PAGE> 150
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------
PORTFOLIO
- ------------------------------------------------------------------------------------
AST AST AST AST AST
AMERICAN AMERICAN T. ROWE AST AST LORD BANKERS
CENTURY CENTURY PRICE SMALL MARSICO COHEN & ABBETT TRUST
STRATEGIC INTERNATIONAL COMPANY CAPITAL STEERS SMALL CAP MANAGED
BALANCED GROWTH VALUE GROWTH REALTY VALUE INDEX 500
- --------- ------------- ----------- -------- ------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
$ 3,791 $ 165 $ 547 $ 2,771 $2,975 $ 164 $ 1,910
1,215 1,069 4,382 5,912 98 329 5,369
(11) (59) -- (194) (2) -- (12)
------- ------- -------- -------- ------- ------ -------
4,995 1,175 4,929 8,489 3,071 493 7,267
------- ------- -------- -------- ------- ------ -------
1,400 992 2,529 9,436 495 532 2,857
165 99 281 1,048 49 56 476
164 106 249 451 63 75 180
66 270 46 113 13 26 124
-- -- -- 174 3 -- --
3 2 6 18 1 1 8
2 1 3 10 -- 1 5
1 1 2 7 -- -- 3
10 22 8 16 4 4 25
------- ------- -------- -------- ------- ------ -------
1,811 1,493 3,124 11,273 628 695 3,678
-- -- -- -- -- -- 73
-- -- -- (174) (3) -- --
------- ------- -------- -------- ------- ------ -------
1,811 1,493 3,124 11,099 625 695 3,751
------- ------- -------- -------- ------- ------ -------
3,184 (318) 1,805 (2,610) 2,446 (202) 3,516
------- ------- -------- -------- ------- ------ -------
12,554 7,867 14,768 45,888 (2,514) 255 40,358
78 105 -- 1 -- -- --
-- -- -- -- -- -- --
-- -- -- 7,128 -- -- --
------- ------- -------- -------- ------- ------ -------
12,632 7,972 14,768 53,167 (2,514) 255 40,358
------- ------- -------- -------- ------- ------ -------
4,720 53,767 (16,127) 478,642 (181) 5,624 45,339
46 -- -- -- -- -- 1,905
-- -- -- -- -- -- --
-- -- -- -- -- -- --
1 35 -- 2 -- -- --
------- ------- -------- -------- ------- ------ -------
4,767 53,802 (16,127) 478,644 (181) 5,624 47,244
------- ------- -------- -------- ------- ------ -------
17,399 61,774 (1,359) 531,811 (2,695) 5,879 87,602
------- ------- -------- -------- ------- ------ -------
$20,583 $61,456 $ 446 $529,201 $ (249) $5,677 $91,118
======= ======= ======== ======== ======= ====== =======
</TABLE>
- --------------------------------------------------------------------------------
149
<PAGE> 151
AMERICAN SKANDIA TRUST
STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED DECEMBER 31, 1999
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
----------------------------------------------------------
PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------
AST AST
AST MFS AST MFS
KEMPER GLOBAL MFS GROWTH WITH
SMALL-CAP EQUITY GROWTH INCOME
GROWTH(1) PORTFOLIO(2) PORTFOLIO(2) PORTFOLIO(2)
---------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest................................................. $ 1,840 $ 3 $ 1 $ 6
Dividends................................................ 104 1 8 15
Foreign tax withholding.................................. -- -- -- --
-------- ---- ---- ----
Total Investment Income.............................. 1,944 4 9 21
-------- ---- ---- ----
EXPENSES
Investment advisory fees................................. 3,958 2 4 7
Shareholder servicing fees............................... 417 -- -- 1
Administration and accounting fees....................... 259 -- -- 1
Custodian fees........................................... 80 1 1 --
Distribution fees........................................ 14 -- -- --
Audit and legal fees..................................... 6 -- -- --
Trustees' fees........................................... 4 -- -- --
Insurance expenses....................................... 2 -- -- --
Miscellaneous expenses................................... 5 1 1 1
-------- ---- ---- ----
Total Expenses....................................... 4,745 4 6 10
Less: Advisory fee waivers and expense
reimbursements..................................... -- (1) -- --
Less: Fees paid indirectly........................... (14) -- -- --
-------- ---- ---- ----
Net Expenses......................................... 4,731 3 6 10
-------- ---- ---- ----
Net Investment Income (Loss)................................ (2,787) 1 3 11
-------- ---- ---- ----
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Securities........................................... 56,296 2 (6) (3)
Foreign currency transactions........................ -- -- -- --
Futures contracts.................................... (4,386) -- -- --
Written options contracts............................ -- -- -- --
-------- ---- ---- ----
Net realized gain (loss)................................. 51,910 2 (6) (3)
-------- ---- ---- ----
Net change in unrealized appreciation (depreciation) on:
Securities........................................... 335,901 105 370 274
Futures contracts.................................... -- -- -- --
Written options contracts............................ -- -- -- --
Swap agreements...................................... -- -- -- --
Translation of assets and liabilities denominated in
foreign currencies................................. -- -- -- --
-------- ---- ---- ----
Net change in unrealized appreciation (depreciation)..... 335,901 105 370 274
-------- ---- ---- ----
Net gain (loss) on investments........................... 387,811 107 364 271
-------- ---- ---- ----
Net Increase (Decrease) in Net Assets Resulting from
Operations............................................. $385,024 $108 $367 $282
======== ==== ==== ====
</TABLE>
- --------------------------------------------------------------------------------
(1) Commenced operations on January 4, 1999.
(2) Commenced operations on October 18, 1999.
See Notes to Financial Statements.
150
<PAGE> 152
(This page intentionally left blank)
151
<PAGE> 153
AMERICAN SKANDIA TRUST
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31,
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
PORTFOLIO
- ---------------------------------------------------------------------------------------------------------------------------------
AST AIM AST LORD ABBETT
INTERNATIONAL EQUITY GROWTH AND INCOME AST JANCAP GROWTH
--------------------- ----------------------- ------------------------
1999 1998 1999 1998 1999 1998
--------- --------- ---------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income (loss)...................... $ 970 $ 3,273 $ 14,653 $ 13,889 $ 5,220 $ 3,392
Net realized gain (loss) on investments........... 94,950 35,882 171,133 64,048 477,448 125,145
Net change in unrealized appreciation
(depreciation) on investments................... 209,949 42,465 9,189 47,175 1,482,720 1,055,349
--------- --------- ---------- ---------- ----------- ----------
Net Increase (Decrease) in Net Assets from
Operations.................................... 305,869 81,620 194,975 125,112 1,965,388 1,183,886
--------- --------- ---------- ---------- ----------- ----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends to shareholders from net investment
income.......................................... -- (13,084) (13,889) (11,541) -- (5,171)
Distributions to shareholders from capital
gains........................................... (40,173) (38,174) (65,834) (50,708) (130,343) (82,896)
--------- --------- ---------- ---------- ----------- ----------
Total Dividends and Distributions to
Shareholders.................................. (40,173) (51,258) (79,723) (62,249) (130,343) (88,067)
--------- --------- ---------- ---------- ----------- ----------
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold......................... 466,738 185,700 593,376 270,381 2,869,466 1,505,748
Net asset value of shares issued in reinvestment
of dividends and distributions.................. 40,173 51,257 79,723 62,249 130,343 88,067
Cost of shares redeemed........................... (499,556) (182,128) (471,954) (150,570) (2,166,734) (945,578)
--------- --------- ---------- ---------- ----------- ----------
Increase (Decrease) in Net Assets from Capital
Share Transactions............................ 7,355 54,829 201,145 182,060 833,075 648,237
--------- --------- ---------- ---------- ----------- ----------
Total Increase (Decrease) in Net Assets....... 273,051 85,191 316,397 244,923 2,668,120 1,744,056
NET ASSETS
Beginning of Period............................... 497,461 412,270 1,181,909 936,986 3,255,658 1,511,602
--------- --------- ---------- ---------- ----------- ----------
End of Period..................................... $ 770,512 $ 497,461 $1,498,306 $1,181,909 $ 5,923,778 $3,255,658
========= ========= ========== ========== =========== ==========
SHARES ISSUED AND REDEEMED
Shares sold....................................... 19,802 8,691 26,751 13,210 68,510 53,163
Shares issued in reinvestment of dividends and
distributions................................... 1,887 2,483 3,891 3,057 3,397 3,601
Shares redeemed................................... (21,118) (8,600) (21,409) (7,400) (52,595) (34,087)
--------- --------- ---------- ---------- ----------- ----------
Net Increase (Decrease) in Shares Outstanding... 571 2,574 9,233 8,867 19,312 22,677
========= ========= ========== ========== =========== ==========
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
152
<PAGE> 154
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
PORTFOLIO
- ---------------------------------------------------------------------------------------------------------------------
AST NEUBERGER BERMAN AST FEDERATED AST ROWE PRICE
AST MONEY MARKET MID-CAP VALUE AST AIM BALANCED HIGH YIELD ASSET ALLOCATION
- ------------------------- --------------------- ------------------- --------------------- -------------------
1999 1998 1999 1998 1999 1998 1999 1998 1999 1998
- ----------- ----------- --------- --------- -------- -------- --------- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 71,758 $ 46,464 $ 2,177 $ 3,830 $ 10,135 $ 9,873 $ 57,676 $ 46,298 $ 10,648 $ 7,245
8 106 (1,550) 7,804 37,486 31,535 (7,097) 4,047 3,891 214
-- -- (4,592) (11,166) 37,287 4,938 (38,643) (38,540) 25,492 38,790
- ----------- ----------- --------- --------- -------- -------- --------- --------- -------- --------
71,766 46,570 (3,965) 468 84,908 46,346 11,936 11,805 40,031 46,249
- ----------- ----------- --------- --------- -------- -------- --------- --------- -------- --------
(71,758) (46,464) (3,830) (4,404) (9,982) (9,278) (46,298) (27,616) (7,355) (4,836)
(106) (61) (8,712) (16,269) (33,245) (21,696) (4,074) (1,507) (104) (930)
- ----------- ----------- --------- --------- -------- -------- --------- --------- -------- --------
(71,864) (46,525) (12,542) (20,673) (43,227) (30,974) (50,372) (29,123) (7,459) (5,766)
- ----------- ----------- --------- --------- -------- -------- --------- --------- -------- --------
9,162,968 3,991,163 648,383 190,527 58,331 35,841 351,076 347,227 127,050 103,937
67,429 45,987 12,542 20,673 43,228 30,974 50,372 29,123 7,459 5,767
(7,788,875) (3,829,350) (252,003) (120,170) (53,004) (30,443) (334,904) (197,772) (63,736) (19,065)
- ----------- ----------- --------- --------- -------- -------- --------- --------- -------- --------
1,441,522 207,800 408,922 91,030 48,555 36,372 66,544 178,578 70,773 90,639
- ----------- ----------- --------- --------- -------- -------- --------- --------- -------- --------
1,441,424 207,845 392,415 70,825 90,236 51,744 28,108 161,260 103,345 131,122
967,733 759,888 271,968 201,143 409,335 357,591 595,680 434,420 344,197 213,075
- ----------- ----------- --------- --------- -------- -------- --------- --------- -------- --------
$ 2,409,157 $ 967,733 $ 664,383 $ 271,968 $499,571 $409,335 $ 623,788 $ 595,680 $447,542 $344,197
=========== =========== ========= ========= ======== ======== ========= ========= ======== ========
9,162,968 3,991,163 47,274 14,882 4,301 2,666 28,958 27,343 7,183 6,425
67,429 45,987 999 1,531 3,442 2,361 4,212 2,302 438 371
(7,788,875) (3,829,350) (19,055) (9,030) (3,934) (2,282) (27,931) (15,704) (3,583) (1,181)
- ----------- ----------- --------- --------- -------- -------- --------- --------- -------- --------
1,441,522 207,800 29,218 7,383 3,809 2,745 5,239 13,941 4,038 5,615
=========== =========== ========= ========= ======== ======== ========= ========= ======== ========
</TABLE>
- --------------------------------------------------------------------------------
153
<PAGE> 155
AMERICAN SKANDIA TRUST
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31,
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
------------------------------------------------------------------------
PORTFOLIO
- ---------------------------------------------------------------------------------------------------------------------------------
AST PIMCO TOTAL AST INVESCO EQUITY AST JANUS SMALL-CAP
RETURN BOND INCOME GROWTH
---------------------- ---------------------- ----------------------
1999 1998 1999 1998 1999 1998
---------- --------- ---------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income (loss)........................ $ 54,418 $ 38,448 $ 20,214 $ 15,417 $ (2,537) $ (1,352)
Net realized gain (loss) on investments............. (28,885) 33,856 78,862 24,041 145,207 (5,942)
Net change in unrealized appreciation (depreciation)
on investments.................................... (35,986) (6,318) 2,582 50,324 550,645 21,943
---------- --------- ---------- --------- ---------- ---------
Net Increase (Decrease) in Net Assets from
Operations...................................... (10,453) 65,986 101,658 89,782 693,315 14,649
---------- --------- ---------- --------- ---------- ---------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends to shareholders from net investment
income............................................ (40,382) (26,514) (15,474) (12,093) -- --
Distributions to shareholders from capital gains.... (29,828) (12,394) (23,985) (30,573) -- (12,821)
---------- --------- ---------- --------- ---------- ---------
Total Dividends and Distributions to
Shareholders.................................... (70,210) (38,908) (39,459) (42,666) -- (12,821)
---------- --------- ---------- --------- ---------- ---------
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold........................... 406,569 443,436 375,408 341,838 917,746 112,086
Net asset value of shares issued in reinvestment of
dividends and distributions....................... 70,210 38,909 39,458 42,666 -- 12,821
Cost of shares redeemed............................. (286,850) (185,026) (260,483) (202,243) (453,697) (119,146)
---------- --------- ---------- --------- ---------- ---------
Increase (Decrease) in Net Assets from Capital
Share Transactions.............................. 189,929 297,319 154,383 182,261 464,049 5,761
---------- --------- ---------- --------- ---------- ---------
Total Increase (Decrease) in Net Assets......... 109,266 324,397 216,582 229,377 1,157,364 7,589
NET ASSETS
Beginning of Period................................. 896,497 572,100 831,482 602,105 285,847 278,258
---------- --------- ---------- --------- ---------- ---------
End of Period....................................... $1,005,763 $ 896,497 $1,048,064 $ 831,482 $1,443,211 $ 285,847
========== ========= ========== ========= ========== =========
SHARES ISSUED AND REDEEMED
Shares sold......................................... 36,437 38,021 20,846 20,510 37,569 7,069
Shares issued in reinvestment of dividends and
distributions..................................... 6,394 3,502 2,329 2,613 -- 706
Shares redeemed..................................... (25,872) (15,740) (14,501) (12,079) (19,931) (7,164)
---------- --------- ---------- --------- ---------- ---------
Net Increase (Decrease) in Shares Outstanding..... 16,959 25,783 8,674 11,044 17,638 611
========== ========= ========== ========= ========== =========
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
154
<PAGE> 156
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------
AST T. ROWE PRICE AST T. ROWE PRICE AST NEUBERGER BERMAN AST T. ROWE PRICE
INTERNATIONAL EQUITY INTERNATIONAL BOND MID-CAP GROWTH AST FOUNDERS PASSPORT NATURAL RESOURCES
- --------------------- ------------------- --------------------- --------------------- -------------------
1999 1998 1999 1998 1999 1998 1999 1998 1999 1998
- --------- --------- -------- -------- --------- --------- --------- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 2,133 $ 2,796 $ 5,163 $ 6,722 $ (1,935) $ (717) $ (654) $ 393 $ 1,045 $ 1,098
47,755 23,255 (3,742) 4,529 13,781 19,756 60,896 71 (1,413) 8,533
83,119 39,900 (14,013) 8,056 118,263 28,800 36,077 12,484 20,106 (20,469)
- --------- --------- -------- -------- --------- --------- --------- --------- -------- --------
133,007 65,951 (12,592) 19,307 130,109 47,839 96,319 12,948 19,738 (10,838)
- --------- --------- -------- -------- --------- --------- --------- --------- -------- --------
(3,236) (5,390) (9,278) (440) -- (122) (228) (249) (1,049) (1,033)
(21,765) (8,769) (2,979) (1,035) (19,893) (34,532) (256) -- (8,637) (6,254)
- --------- --------- -------- -------- --------- --------- --------- --------- -------- --------
(25,001) (14,159) (12,257) (1,475) (19,893) (34,654) (484) (249) (9,686) (7,287)
- --------- --------- -------- -------- --------- --------- --------- --------- -------- --------
603,613 376,940 48,898 34,101 202,094 183,164 141,040 111,816 98,060 23,994
25,001 14,158 12,257 1,475 19,893 34,654 484 249 9,685 7,287
(691,957) (435,185) (46,135) (35,843) (199,670) (154,261) (139,959) (122,705) (89,698) (50,984)
- --------- --------- -------- -------- --------- --------- --------- --------- -------- --------
(63,343) (44,087) 15,020 (267) 22,317 63,557 1,565 (10,640) 18,047 (19,703)
- --------- --------- -------- -------- --------- --------- --------- --------- -------- --------
44,663 7,705 (9,829) 17,565 132,533 76,742 97,400 2,059 28,099 (37,828)
472,161 464,456 147,973 130,408 261,792 185,050 119,997 117,938 74,126 111,954
- --------- --------- -------- -------- --------- --------- --------- --------- -------- --------
$ 516,824 $ 472,161 $138,144 $147,973 $ 394,325 $ 261,792 $ 217,397 $ 119,997 $102,225 $ 74,126
========= ========= ======== ======== ========= ========= ========= ========= ======== ========
46,058 29,768 4,970 3,207 11,881 11,663 8,649 8,699 7,786 1,743
2,034 1,115 1,233 144 1,303 2,141 38 20 988 527
(52,356) (34,036) (4,723) (3,340) (11,944) (9,777) (9,064) (9,531) (7,197) (3,762)
- --------- --------- -------- -------- --------- --------- --------- --------- -------- --------
(4,264) (3,153) 1,480 11 1,240 4,027 (377) (812) 1,577 (1,492)
========= ========= ======== ======== ========= ========= ========= ========= ======== ========
</TABLE>
- --------------------------------------------------------------------------------
155
<PAGE> 157
AMERICAN SKANDIA TRUST
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31,
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
----------------------------------------------------------------------
PORTFOLIO
- ---------------------------------------------------------------------------------------------------------------------------------
AST PIMCO LIMITED AST OPPENHEIMER AST JANUS OVERSEAS
MATURITY BOND LARGE-CAP GROWTH GROWTH
--------------------- --------------------- ----------------------
1999 1998 1999 1998 1999 1998
--------- --------- --------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income (loss).......................... $ 21,139 $ 18,063 $ (1,417) $ (1,873) $ (1,485) $ 1,404
Net realized gain (loss) on investments............... (1,892) 1,116 32,038 38,928 30,229 (25,436)
Net change in unrealized appreciation (depreciation)
on investments...................................... (5,992) (1,794) 60,401 27,050 629,896 75,820
--------- --------- --------- --------- ---------- ---------
Net Increase (Decrease) in Net Assets from
Operations........................................ 13,255 17,385 91,022 64,105 658,640 51,788
--------- --------- --------- --------- ---------- ---------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends to shareholders from net investment
income.............................................. (18,691) (14,378) -- -- -- (1,265)
Distributions to shareholders from capital gains...... -- -- (33,503) -- -- --
--------- --------- --------- --------- ---------- ---------
Total Dividends and Distributions to Shareholders... (18,691) (14,378) (33,503) -- -- (1,265)
--------- --------- --------- --------- ---------- ---------
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold............................. 176,908 169,835 82,279 115,467 1,127,067 627,893
Net asset value of shares issued in reinvestment of
dividends and distributions......................... 18,691 14,379 33,504 -- -- 1,265
Cost of shares redeemed............................... (133,266) (126,156) (109,772) (114,296) (841,868) (328,180)
--------- --------- --------- --------- ---------- ---------
Increase (Decrease) in Net Assets from Capital Share
Transactions...................................... 62,333 58,058 6,011 1,171 285,199 300,978
--------- --------- --------- --------- ---------- ---------
Total Increase (Decrease) in Net Assets........... 56,897 61,065 63,530 65,276 943,839 351,501
NET ASSETS
Beginning of Period................................... 349,707 288,642 300,924 235,648 607,206 255,705
--------- --------- --------- --------- ---------- ---------
End of Period......................................... $ 406,604 $ 349,707 $ 364,454 $ 300,924 $1,551,045 $ 607,206
========= ========= ========= ========= ========== =========
SHARES ISSUED AND REDEEMED
Shares sold........................................... 16,533 15,604 5,458 8,359 73,126 47,356
Shares issued in reinvestment of dividends and
distributions....................................... 1,783 1,360 2,396 -- -- 98
Shares redeemed....................................... (12,347) (11,604) (7,346) (8,303) (55,526) (24,800)
--------- --------- --------- --------- ---------- ---------
Net Increase (Decrease) in Shares Outstanding....... 5,969 5,360 508 56 17,600 22,654
========= ========= ========= ========= ========== =========
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
156
<PAGE> 158
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
PORTFOLIO
- -----------------------------------------------------------------------------------------------
AST AMERICAN CENTURY AST AMERICAN CENTURY AST AMERICAN CENTURY AST T. ROWE PRICE SMALL
INCOME & GROWTH STRATEGIC BALANCED INTERNATIONAL GROWTH COMPANY VALUE
- --------------------- -------------------- --------------------- ------------------------
1999 1998 1999 1998 1999 1998 1999 1998
- --------- --------- --------- -------- --------- --------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 2,121 $ 1,630 $ 3,184 $ 861 $ (318) $ 59 $ 1,805 $ 2,513
20,971 8,830 12,632 245 7,972 (1,418) 14,768 (545)
31,045 6,641 4,767 10,684 53,802 6,892 (16,127) (38,214)
- -------- -------- -------- ------- -------- -------- --------- --------
54,137 17,101 20,583 11,790 61,456 5,533 446 (36,246)
- -------- -------- -------- ------- -------- -------- --------- --------
(1,630) (686) (936) (233) -- (66) (2,399) (946)
(9,176) (1,892) (24) -- (596) -- -- (1,025)
- -------- -------- -------- ------- -------- -------- --------- --------
(10,806) (2,578) (960) (233) (596) (66) (2,399) (1,971)
- -------- -------- -------- ------- -------- -------- --------- --------
146,857 79,616 117,755 56,082 98,779 91,526 129,871 223,838
10,806 2,578 960 233 596 66 2,399 1,971
(30,235) (24,284) (12,633) (5,776) (83,742) (52,451) (172,896) (83,416)
- -------- -------- -------- ------- -------- -------- --------- --------
127,428 57,910 106,082 50,539 15,633 39,141 (40,626) 142,393
- -------- -------- -------- ------- -------- -------- --------- --------
170,759 72,433 125,705 62,096 76,493 44,608 (42,579) 104,176
189,871 117,438 91,043 28,947 77,733 33,125 304,072 199,896
- -------- -------- -------- ------- -------- -------- --------- --------
$360,630 $189,871 $216,748 $91,043 $154,226 $ 77,733 $ 261,493 $304,072
======== ======== ======== ======= ======== ======== ========= ========
10,285 6,243 8,308 4,561 6,699 6,818 11,553 17,995
844 202 69 20 44 5 233 146
(2,180) (1,954) (875) (469) (5,549) (4,008) (15,422) (7,075)
- -------- -------- -------- ------- -------- -------- --------- --------
8,949 4,491 7,502 4,112 1,194 2,815 (3,636) 11,066
======== ======== ======== ======= ======== ======== ========= ========
</TABLE>
- --------------------------------------------------------------------------------
157
<PAGE> 159
AMERICAN SKANDIA TRUST
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31,
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
----------------------------------------------------
PORTFOLIO
- --------------------------------------------------------------------------------------------------------------------
AST MARSICO CAPITAL AST COHEN & STEERS
GROWTH REALTY
------------------------- ---------------------
1999 1998 1999 1998(1)
---------- --------- -------- -------
<S> <C> <C> <C> <C>
FROM OPERATIONS
Net investment income (loss)............................. $ (2,610) $ 429 $ 2,446 $ 1,087
Net realized gain (loss) on investments.................. 53,167 (6,211) (2,514) (679)
Net change in unrealized appreciation (depreciation) on
investments............................................ 478,644 86,973 (181) (4,597)
---------- --------- -------- -------
Net Increase (Decrease) in Net Assets from
Operations........................................... 529,201 81,191 (249) (4,189)
---------- --------- -------- -------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends to shareholders from net investment income..... (400) (6) (956) --
Distributions to shareholders from capital gains......... (476) -- -- --
---------- --------- -------- -------
Total Dividends and Distributions to Shareholders...... (876) (6) (956) --
---------- --------- -------- -------
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold................................ 922,808 609,599 55,613 43,323
Net asset value of shares issued in reinvestment of
dividends and distributions............................ 876 6 956 --
Cost of shares redeemed.................................. (323,239) (103,123) (31,692) (6,109)
---------- --------- -------- -------
Increase (Decrease) in Net Assets from Capital Share
Transactions......................................... 600,445 506,482 24,877 37,214
---------- --------- -------- -------
Total Increase (Decrease) in Net Assets.............. 1,128,770 587,667 23,672 33,025
NET ASSETS
Beginning of Period...................................... 594,966 7,299 33,025 --
---------- --------- -------- -------
End of Period............................................ $1,723,736 $ 594,966 $ 56,697 $33,025
========== ========= ======== =======
SHARES ISSUED AND REDEEMED
Shares sold.............................................. 57,115 49,747 6,510 4,659
Shares issued in reinvestment of dividends and
distributions.......................................... 59 1 117 --
Shares redeemed.......................................... (19,397) (8,577) (3,773) (730)
---------- --------- -------- -------
Net Increase (Decrease) in Shares Outstanding.......... 37,777 41,171 2,854 3,929
========== ========= ======== =======
</TABLE>
- --------------------------------------------------------------------------------
(1) Commenced operations on January 2, 1998.
(2) Commenced operations on January 4, 1999.
(3) Commenced operations on October 18, 1999.
See Notes to Financial Statements.
158
<PAGE> 160
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
PORTFOLIO
- -------------------------------------------------------------------------------------------------------------------------
AST MFS GROWTH
AST LORD ABBETT SMALL AST BANKERS TRUST AST KEMPER AST MFS GLOBAL AST MFS GROWTH WITH INCOME
CAP VALUE MANAGED INDEX 500 SMALL-CAP GROWTH EQUITY PORTFOLIO PORTFOLIO PORTFOLIO
- --------------------- --------------------- ---------------- ---------------- -------------- --------------
1999 1998(1) 1999 1998(1) 1999(2) 1999(3) 1999(3) 1999(3)
- --------- --------- --------- --------- ---------------- ---------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ (202) $ (45) $ 3,516 $ 1,358 $ (2,787) $ 1 $ 3 $ 11
255 (2,539) 40,358 3,968 51,910 2 (6) (3)
5,624 530 47,244 28,613 335,901 105 370 274
- -------- -------- --------- --------- --------- ------ ------- ------
5,677 (2,054) 91,118 33,939 385,024 108 367 282
- -------- -------- --------- --------- --------- ------ ------- ------
-- -- (1,358) -- -- -- -- --
-- -- (9,219) -- -- -- -- --
- -------- -------- --------- --------- --------- ------ ------- ------
-- -- (10,577) -- -- -- -- --
- -------- -------- --------- --------- --------- ------ ------- ------
70,629 55,415 624,369 399,894 876,431 1,309 5,575 8,585
-- -- 10,577 -- -- -- -- --
(43,902) (11,573) (371,471) (144,282) (419,471) (126) (1,074) (110)
- -------- -------- --------- --------- --------- ------ ------- ------
26,727 43,842 263,475 255,612 456,960 1,183 4,501 8,475
- -------- -------- --------- --------- --------- ------ ------- ------
32,404 41,788 344,016 289,551 841,984 1,291 4,868 8,757
41,788 -- 289,551 -- -- -- -- --
- -------- -------- --------- --------- --------- ------ ------- ------
$ 74,192 $ 41,788 $ 633,567 $ 289,551 $ 841,984 $1,291 $ 4,868 $8,757
======== ======== ========= ========= ========= ====== ======= ======
6,842 5,384 46,867 35,658 95,259 129 535 843
-- -- 847 -- -- -- -- --
(4,199) (1,203) (28,014) (13,000) (41,240) (12) (104) (11)
- -------- -------- --------- --------- --------- ------ ------- ------
2,643 4,181 19,700 22,658 54,019 117 431 832
======== ======== ========= ========= ========= ====== ======= ======
</TABLE>
- --------------------------------------------------------------------------------
159
<PAGE> 161
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
YEAR VALUE INVESTMENT NET REALIZED TOTAL FROM FROM NET FROM NET
ENDED BEGINNING INCOME & UNREALIZED INVESTMENT INVESTMENT REALIZED TOTAL
PORTFOLIO DECEMBER 31, OF PERIOD (LOSS) GAIN (LOSS) OPERATIONS INCOME GAINS DISTRIBUTIONS
- ------------------------ ------------ --------- ---------- ------------ ---------- ---------- -------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
AST AIM 1999 $22.67 $ 0.05 $ 13.36 $ 13.41 $ -- $ (1.85) $ (1.85)
International Equity 1998 21.29 0.20 3.81 4.01 (0.67) (1.96) (2.63)
1997 19.22 0.36 2.96 3.32 (0.30) (0.95) (1.25)
1996 18.20 0.16 1.55 1.71 (0.32) (0.37) (0.69)
1995 17.61 0.14 1.44 1.58 -- (0.99) (0.99)
AST Lord Abbett 1999 $21.68 $ 0.23 $ 3.04 $ 3.27 $ (0.25) $ (1.20) $ (1.45)
Growth and Income 1998 20.53 0.25 2.23 2.48 (0.25) (1.08) (1.33)
1997 17.17 0.24 3.76 4.00 (0.23) (0.41) (0.64)
1996 14.98 0.23 2.48 2.71 (0.17) (0.35) (0.52)
1995 12.00 0.16 3.22 3.38 (0.20) (0.20) (0.40)
AST JanCap Growth 1999 $37.00 $ 0.05 $ 19.65 $ 19.70 $ -- $ (1.49) $ (1.49)
1998 23.15 0.04 15.10 15.14 (0.08) (1.21) (1.29)
1997 18.79 0.06 5.16 5.22 (0.05) (0.81) (0.86)
1996 15.40 0.02 4.19 4.21 (0.02) (0.80) (0.82)
1995 11.22 0.06 4.18 4.24 (0.06) -- (0.06)
AST Money Market 1999 $ 1.00 $0.0449 $0.0001 $0.0450 $(0.0449) $(0.0001) $(0.0450)
1998 1.00 0.0502 0.0002 0.0504 (0.0502) (0.0002) (0.0504)
1997 1.00 0.0507 0.0002 0.0509 (0.0507) (0.0002) (0.0509)
1996 1.00 0.0492 0.0005 0.0497 (0.0492) (0.0005) (0.0497)
1995 1.00 0.0494 -- 0.0494 (0.0494) -- (0.0494)
AST Neuberger Berman 1999 $13.16 $ 0.10 $ 0.60 $ 0.70 $ (0.24) $ (0.30) $ (0.54)
Mid-Cap Value 1998 15.15 0.21 (0.52) (0.31) (0.36) (1.32) (1.68)
1997 12.83 0.32 2.87 3.19 (0.36) (0.51) (0.87)
1996 11.94 0.36 0.97 1.33 (0.44) -- (0.44)
1995 9.87 0.40 2.09 2.49 (0.42) -- (0.42)
AST AIM Balanced 1999 $14.13 $ 0.32 $ 2.30 $ 2.62 $ (0.35) $ (1.16) $ (1.51)
1998 13.64 0.34 1.31 1.65 (0.35) (0.81) (1.16)
1997 13.19 0.33 1.85 2.18 (0.31) (1.42) (1.73)
1996 12.53 0.32 1.02 1.34 (0.25) (0.43) (0.68)
1995 10.49 0.26 2.06 2.32 (0.28) -- (0.28)
<CAPTION>
- ------------------------ ---------
NET ASSET
VALUE
END
PORTFOLIO OF PERIOD
- ------------------------ ---------
<S> <C>
AST AIM $34.23
International Equity 22.67
21.29
19.22
18.20
AST Lord Abbett $23.50
Growth and Income 21.68
20.53
17.17
14.98
AST JanCap Growth $55.21
37.00
23.15
18.79
15.40
AST Money Market $ 1.00
1.00
1.00
1.00
1.00
AST Neuberger Berman $13.32
Mid-Cap Value 13.16
15.15
12.83
11.94
AST AIM Balanced $15.24
14.13
13.64
13.19
12.53
</TABLE>
- --------------------------------------------------------------------------------
(1) Annualized.
* For 1999, includes commissions received by American Skandia Marketing, Inc.
under the Portfolio's Distribution Plan, as described in Note 3 to the
Financial Statements.
See Notes to Financial Statements.
160
<PAGE> 162
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
RATIOS OF EXPENSES
SUPPLEMENTAL DATA TO AVERAGE NET ASSETS*
- -------------------------------------- --------------------------------
AFTER ADVISORY BEFORE ADVISORY RATIO OF NET
NET ASSETS AT PORTFOLIO FEE WAIVER FEE WAIVER INVESTMENT INCOME
TOTAL END OF PERIOD TURNOVER AND EXPENSE AND EXPENSE (LOSS) TO AVERAGE
RETURN (IN 000'S) RATE REIMBURSEMENT REIMBURSEMENT NET ASSETS
------ ------------- --------- -------------- --------------- -----------------
<S> <C> <C> <C> <C> <C> <C>
64.13% $ 770,512 159% 1.18% 1.18% 0.18%
20.10% 497,461 117% 1.13% 1.13% 0.69%
18.15% 412,270 116% 1.15% 1.15% 1.04%
9.65% 346,211 124% 1.16% 1.26% 0.88%
10.00% 268,056 59% 1.17% 1.27% 0.88%
16.09% $1,498,306 69% 0.92% 0.94% 1.09%
12.48% 1,181,909 78% 0.91% 0.91% 1.32%
23.92% 936,986 41% 0.93% 0.93% 1.60%
18.56% 530,497 43% 0.97% 0.97% 1.92%
28.91% 288,749 50% 0.99% 0.99% 2.50%
55.01% $5,923,778 35% 1.00% 1.04% 0.12%
68.26% 3,255,658 42% 1.02% 1.04% 0.16%
28.66% 1,511,602 94% 1.07% 1.08% 0.24%
28.36% 892,324 79% 1.10% 1.10% 0.25%
37.98% 431,321 113% 1.12% 1.12% 0.51%
4.60% $2,409,157 N/A 0.60% 0.65% 4.52%
5.14% 967,733 N/A 0.60% 0.66% 4.99%
5.18% 759,888 N/A 0.60% 0.69% 5.06%
5.08% 549,470 N/A 0.60% 0.71% 4.87%
5.05% 344,225 N/A 0.60% 0.72% 5.38%
5.67% $ 664,383 176% 1.13% 1.13% 0.39%
(2.33%) 271,968 208% 1.05% 1.05% 1.83%
26.42% 201,143 91% 0.90% 0.90% 3.34%
11.53% 123,138 81% 0.93% 0.93% 3.14%
26.13% 107,399 71% 0.93% 0.93% 4.58%
20.85% $ 499,571 154% 1.00% 1.00% 2.37%
12.86% 409,335 139% 1.00% 1.00% 2.55%
18.28% 357,591 170% 1.03% 1.03% 2.81%
11.23% 286,479 276% 0.94% 0.94% 2.66%
22.60% 255,206 161% 0.94% 0.94% 3.28%
</TABLE>
- --------------------------------------------------------------------------------
161
<PAGE> 163
AMERICAN SKANDIA TRUST
FINANCIAL HIGHLIGHTS
PER SHARE DATA (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
INCREASE (DECREASE) FROM
INVESTMENT OPERATIONS
--------------------------------------
NET ASSET NET
YEAR VALUE INVESTMENT NET REALIZED TOTAL FROM
ENDED BEGINNING INCOME & UNREALIZED INVESTMENT
PORTFOLIO DECEMBER 31, OF PERIOD (LOSS) GAIN (LOSS) OPERATIONS
- ------------------------- ------------ --------- ---------- ------------ ----------
<S> <C> <C> <C> <C> <C>
AST Federated High Yield 1999 $12.65 $ 1.03 $(0.77) $ 0.26
1998 13.11 0.91 (0.57) 0.34
1997 12.13 0.75 0.83 1.58
1996 11.14 0.56 0.90 1.46
1995 9.69 0.38 1.46 1.84
AST T. Rowe Price 1999 $17.47 $ 0.44 $ 1.32 $ 1.76
Asset Allocation 1998 15.13 0.35 2.38 2.73
1997 13.27 0.33 2.03 2.36
1996 12.01 0.27 1.28 1.55
1995 9.94 0.26 2.02 2.28
AST PIMCO Total 1999 $12.02 $ 0.58 $(0.71) $(0.13)
Return Bond 1998 11.72 0.49 0.56 1.05
1997 11.11 0.48 0.58 1.06
1996 11.34 0.46 (0.10) 0.36
1995 9.75 0.25 1.55 1.80
AST INVESCO Equity 1999 $17.50 $ 0.36 $ 1.61 $ 1.97
Income 1998 16.51 0.31 1.81 2.12
1997 13.99 0.31 2.84 3.15
1996 12.50 0.27 1.79 2.06
1995 9.75 0.25 2.65 2.90
AST Janus Small-Cap 1999 $17.61 $(0.03) $25.03 $25.00
Growth 1998 17.81 (0.08) 0.73 0.65
1997 16.80 (0.05) 1.06 1.01
1996 14.25 (0.03) 2.85 2.82
1995 10.84 (0.04) 3.54 3.50
AST T. Rowe Price 1999 $13.39 $ 0.06 $ 3.95 $ 4.01
International Equity 1998 12.09 0.08 1.59 1.67
1997 12.07 0.09 0.08 0.17
1996 10.65 0.06 1.44 1.50
1995 9.62 0.07 0.99 1.06
AST T. Rowe Price 1999 $11.46 $ 0.33 $(1.25) $(0.92)
International Bond 1998 10.11 0.52 0.94 1.46
1997 10.90 0.20 (0.57) (0.37)
1996 10.60 0.23 0.38 0.61
1995 9.68 0.31 0.75 1.06
<CAPTION>
- ------------------------- -------------------------------------------------
LESS DISTRIBUTIONS
-------------------------------------
NET ASSET
FROM NET FROM NET VALUE
INVESTMENT REALIZED TOTAL END
PORTFOLIO INCOME GAINS DISTRIBUTIONS OF PERIOD
- ------------------------- ---------- -------- ------------- ---------
<S> <C> <C> <C> <C>
AST Federated High Yield $(0.91) $(0.08) $(0.99) $11.92
(0.76) (0.04) (0.80) 12.65
(0.54) (0.06) (0.60) 13.11
(0.47) -- (0.47) 12.13
(0.39) -- (0.39) 11.14
AST T. Rowe Price $(0.36) $(0.01) $(0.37) $18.86
Asset Allocation (0.33) (0.06) (0.39) 17.47
(0.26) (0.24) (0.50) 15.13
(0.25) (0.04) (0.29) 13.27
(0.21) -- (0.21) 12.01
AST PIMCO Total $(0.52) $(0.38) $(0.90) $10.99
Return Bond (0.51) (0.24) (0.75) 12.02
(0.45) -- (0.45) 11.72
(0.28) (0.31) (0.59) 11.11
(0.21) -- (0.21) 11.34
AST INVESCO Equity $(0.32) $(0.50) $(0.82) $18.65
Income (0.32) (0.81) (1.13) 17.50
(0.26) (0.37) (0.63) 16.51
(0.24) (0.33) (0.57) 13.99
(0.15) -- (0.15) 12.50
AST Janus Small-Cap $ -- $ -- $ -- $42.61
Growth -- (0.85) (0.85) 17.61
-- -- -- 17.81
-- (0.27) (0.27) 16.80
(0.09) -- (0.09) 14.25
AST T. Rowe Price $(0.09) $(0.64) $(0.73) $16.67
International Equity (0.14) (0.23) (0.37) 13.39
(0.07) (0.08) (0.15) 12.09
(0.08) -- (0.08) 12.07
(0.01) (0.02) (0.03) 10.65
AST T. Rowe Price $(0.71) $(0.23) $(0.94) $ 9.60
International Bond (0.03) (0.08) (0.11) 11.46
(0.16) (0.26) (0.42) 10.11
(0.14) (0.17) (0.31) 10.90
(0.14) -- (0.14) 10.60
</TABLE>
- --------------------------------------------------------------------------------
* For 1999, includes commissions received by American Skandia Marketing, Inc.
under the Portfolio's Distribution Plan, as described in Note 3 to the
Financial Statements.
See Notes to Financial Statements.
162
<PAGE> 164
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
RATIOS OF EXPENSES
SUPPLEMENTAL DATA TO AVERAGE NET ASSETS*
----------------------------------- --------------------------------
AFTER ADVISORY BEFORE ADVISORY RATIO OF NET
NET ASSETS AT PORTFOLIO FEE WAIVER FEE WAIVER INVESTMENT INCOME
TOTAL END OF PERIOD TURNOVER AND EXPENSE AND EXPENSE (LOSS) TO AVERAGE
RETURN (IN 000'S) RATE REIMBURSEMENT REIMBURSEMENT NET ASSETS
------- ------------- --------- -------------- --------------- -----------------
<S> <C> <C> <C> <C> <C> <C>
2.00% $ 623,788 39% 0.94% 0.94% 9.09%
2.61% 595,680 36% 0.95% 0.95% 8.64%
13.59% 434,420 28% 0.98% 0.98% 8.83%
13.58% 205,262 43% 1.03% 1.03% 8.02%
19.57% 83,692 30% 1.11% 1.11% 8.72%
10.28% $ 447,542 17% 1.07% 1.07% 2.65%
18.36% 344,197 8% 1.09% 1.09% 2.70%
18.40% 213,075 10% 1.13% 1.13% 2.95%
13.14% 120,149 31% 1.20% 1.20% 3.02%
23.36% 59,399 18% 1.25% 1.29% 3.53%
(1.09%) $1,005,763 227% 0.82% 0.82% 5.46%
9.46% 896,497 231% 0.83% 0.83% 5.24%
9.87% 572,100 320% 0.86% 0.86% 5.56%
3.42% 360,010 403% 0.89% 0.89% 5.38%
18.78% 225,335 124% 0.89% 0.89% 5.95%
11.74% $1,048,064 76% 0.93% 0.93% 2.10%
13.34% 831,482 67% 0.93% 0.93% 2.17%
23.33% 602,105 73% 0.95% 0.95% 2.54%
17.09% 348,680 58% 0.98% 0.98% 2.83%
30.07% 176,716 89% 0.98% 0.98% 3.34%
141.96% $1,443,211 116% 1.08% 1.08% (0.46%)
3.49% 285,847 100% 1.12% 1.12% (0.53%)
6.01% 278,258 77% 1.13% 1.13% (0.32%)
20.05% 220,068 69% 1.16% 1.16% (0.38%)
32.56% 90,460 68% 1.22% 1.22% (0.28%)
31.95% $ 516,824 29% 1.26% 1.26% 0.47%
14.03% 472,161 32% 1.25% 1.25% 0.60%
1.36% 464,456 19% 1.26% 1.26% 0.71%
14.17% 402,559 11% 1.30% 1.30% 0.84%
11.09% 195,667 17% 1.33% 1.33% 1.03%
(8.33%) $ 138,144 106% 1.11% 1.11% 3.51%
14.72% 147,973 136% 1.11% 1.11% 4.78%
(3.42%) 130,408 173% 1.11% 1.11% 4.73%
5.98% 98,235 241% 1.21% 1.21% 5.02%
11.10% 45,602 325% 1.53% 1.53% 6.17%
</TABLE>
- --------------------------------------------------------------------------------
163
<PAGE> 165
AMERICAN SKANDIA TRUST
FINANCIAL HIGHLIGHTS
PER SHARE DATA (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
INCREASE (DECREASE) FROM
INVESTMENT OPERATIONS
--------------------------------------
NET ASSET NET
YEAR VALUE INVESTMENT NET REALIZED TOTAL FROM
ENDED BEGINNING INCOME & UNREALIZED INVESTMENT
PORTFOLIO DECEMBER 31, OF PERIOD (LOSS) GAIN (LOSS) OPERATIONS
- ------------------------- ------------ --------- ---------- ------------ ----------
<S> <C> <C> <C> <C> <C>
AST Neuberger Berman 1999 $17.26 $(0.11) $ 8.21 $ 8.10
Mid-Cap Growth 1998 16.61 (0.05) 3.31 3.26
1997 14.39 0.01 2.36 2.37
1996 12.40 0.01 2.01 2.02
1995 9.97 0.04 2.40 2.44
AST Founders Passport 1999 $13.04 $(0.07) $11.72 $11.65
1998 11.78 0.05 1.24 1.29
1997 11.63 0.03 0.21 0.24
1996 10.33 0.09 1.24 1.33
1995(2) 10.00 0.03 0.30 0.33
AST T. Rowe Price 1999 $11.97 $ 0.14 $ 2.67 $ 2.81
Natural Resources 1998 14.57 0.19 (1.78) (1.59)
1997 14.47 0.14 0.35 0.49
1996 11.11 0.05 3.35 3.40
1995(2) 10.00 0.04 1.07 1.11
AST PIMCO Limited 1999 $11.08 $ 0.59 $(0.22) $ 0.37
Maturity Bond 1998 11.02 0.56 0.03 0.59
1997 10.81 0.55 0.22 0.77
1996 10.47 0.56 (0.15) 0.41
1995(2) 10.00 0.05 0.42 0.47
AST Oppenheimer 1999 $16.07 $(0.07) $ 4.85 $ 4.78
Large-Cap Growth 1998 12.62 (0.10) 3.55 3.45
1997 10.99 (0.05) 1.68 1.63
1996(3) 10.00 (0.01) 1.00 0.99
AST Janus Overseas 1999 $13.74 $(0.03) $11.39 $11.36
Growth 1998 11.87 0.04 1.88 1.92
1997(4) 10.00 0.02 1.85 1.87
AST American Century 1999 $13.47 $ 0.09 $ 2.84 $ 2.93
Income & Growth 1998 12.23 0.11 1.38 1.49
1997(4) 10.00 0.07 2.16 2.23
AST American Century 1999 $13.66 $ 0.20 $ 1.56 $ 1.76
Strategic Balanced 1998 11.34 0.11 2.29 2.40
1997(4) 10.00 0.11 1.23 1.34
<CAPTION>
- ------------------------- -------------------------------------------------
LESS DISTRIBUTIONS
-------------------------------------
NET ASSET
FROM NET FROM NET VALUE
INVESTMENT REALIZED TOTAL END
PORTFOLIO INCOME GAINS DISTRIBUTIONS OF PERIOD
- ------------------------- ---------- -------- ------------- ---------
<S> <C> <C> <C> <C>
AST Neuberger Berman $ -- $(1.33) $(1.33) $24.03
Mid-Cap Growth (0.01) (2.60) (2.61) 17.26
(0.02) (0.13) (0.15) 16.61
(0.03) -- (0.03) 14.39
(0.01) -- (0.01) 12.40
AST Founders Passport $(0.03) $(0.03) $(0.06) $24.63
(0.03) -- (0.03) 13.04
(0.08) (0.01) (0.09) 11.78
(0.03) -- (0.03) 11.63
-- -- -- 10.33
AST T. Rowe Price $(0.18) $(1.44) $(1.62) $13.16
Natural Resources (0.14) (0.87) (1.01) 11.97
(0.07) (0.32) (0.39) 14.57
(0.02) (0.02) (0.04) 14.47
-- -- -- 11.11
AST PIMCO Limited $(0.61) $ -- $(0.61) $10.84
Maturity Bond (0.53) -- (0.53) 11.08
(0.56) -- (0.56) 11.02
(0.05) (0.02) (0.07) 10.81
-- -- -- 10.47
AST Oppenheimer $ -- $(1.90) $(1.90) $18.95
Large-Cap Growth -- -- -- 16.07
-- -- -- 12.62
-- -- -- 10.99
AST Janus Overseas $ -- $ -- $ -- $25.10
Growth (0.05) -- (0.05) 13.74
-- -- -- 11.87
AST American Century $(0.11) $(0.64) $(0.75) $15.65
Income & Growth (0.07) (0.18) (0.25) 13.47
-- -- -- 12.23
AST American Century $(0.12) $ -- $(0.12) $15.30
Strategic Balanced (0.08) -- (0.08) 13.66
-- -- -- 11.34
</TABLE>
- --------------------------------------------------------------------------------
(1) Annualized.
(2) Commenced operations on May 2, 1995.
(3) Commenced operations on May 2, 1996.
(4) Commenced operations on January 2, 1997.
* For 1999, includes commissions received by American Skandia Marketing, Inc.
under the Portfolio's Distribution Plan, as described in Note 3 to the
Financial Statements.
See Notes to Financial Statements.
164
<PAGE> 166
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
RATIOS OF EXPENSES
SUPPLEMENTAL DATA TO AVERAGE NET ASSETS*
- --------------------------------------- --------------------------------
AFTER ADVISORY BEFORE ADVISORY RATIO OF NET
NET ASSETS AT PORTFOLIO FEE WAIVER FEE WAIVER INVESTMENT INCOME
TOTAL END OF PERIOD TURNOVER AND EXPENSE AND EXPENSE (LOSS) TO AVERAGE
RETURN (IN 000'S) RATE REIMBURSEMENT REIMBURSEMENT NET ASSETS
------- ------------- --------- -------------- --------------- -----------------
<S> <C> <C> <C> <C> <C> <C>
51.37% $ 394,325 148% 1.13% 1.13% (0.71%)
20.65% 261,792 228% 1.07% 1.07% (0.34%)
16.68% 185,050 305% 0.99% 0.99% 0.07%
16.34% 136,247 156% 1.01% 1.01% 0.24%
24.42% 45,979 84% 1.17% 1.17% 0.70%
89.71% $ 217,397 309% 1.29% 1.29% (0.54%)
10.92% 119,997 46% 1.30% 1.30% 0.32%
2.03% 117,938 73% 1.35% 1.35% 0.43%
12.91% 117,643 133% 1.36% 1.36% 1.25%
3.30% 28,455 4% 1.46%(1) 1.46%(1) 0.94%(1)
28.11% $ 102,225 72% 1.16% 1.16% 1.11%
(11.83%) 74,126 55% 1.16% 1.16% 1.14%
3.39% 111,954 44% 1.16% 1.16% 0.98%
30.74% 88,534 31% 1.30% 1.30% 1.08%
11.10% 9,262 2% 1.35%(1) 1.80%(1) 1.28%(1)
3.37% $ 406,604 178% 0.86% 0.86% 5.51%
5.72% 349,707 263% 0.86% 0.86% 5.70%
7.46% 288,642 54% 0.88% 0.88% 5.71%
3.90% 209,013 247% 0.89% 0.89% 5.69%
4.70% 161,940 205% 0.89%(1) 0.89%(1) 4.87%(1)
33.91% $ 364,454 316% 1.11% 1.11% (0.50%)
27.34% 300,924 252% 1.22% 1.22% (0.70%)
14.83% 235,648 219% 1.23% 1.23% (0.59%)
9.90% 48,790 77% 1.33%(1) 1.33%(1) (0.56%)(1)
82.68% $1,551,045 76% 1.23% 1.23% (0.18%)
16.22% 607,206 97% 1.27% 1.27% 0.32%
18.70% 255,705 94% 1.35%(1) 1.35%(1) 0.36%(1)
22.98% $ 360,630 125% 0.98% 0.98% 0.86%
12.27% 189,871 87% 1.00% 1.00% 1.05%
22.30% 117,438 81% 1.23%(1) 1.23%(1) 1.24%(1)
12.97% $ 216,748 104% 1.10% 1.10% 1.93%
21.29% 91,043 95% 1.16% 1.13% 1.68%
13.40% 28,947 76% 1.25%(1) 1.35%(1) 2.02%(1)
</TABLE>
- --------------------------------------------------------------------------------
165
<PAGE> 167
AMERICAN SKANDIA TRUST
FINANCIAL HIGHLIGHTS
PER SHARE DATA (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
INCREASE (DECREASE) FROM
INVESTMENT OPERATIONS
--------------------------------------
NET ASSET NET
YEAR VALUE INVESTMENT NET REALIZED TOTAL FROM
ENDED BEGINNING INCOME & UNREALIZED INVESTMENT
PORTFOLIO DECEMBER 31, OF PERIOD (LOSS) GAIN (LOSS) OPERATIONS
- -------------------------- ------------ --------- ---------- ------------ ----------
<S> <C> <C> <C> <C> <C>
AST American Century 1999 $13.66 $(0.04) $ 8.88 $ 8.84
International Growth 1998 11.52 0.03 2.12 2.15
1997(4) 10.00 (0.03) 1.55 1.52
AST T. Rowe Price Small 1999 $11.44 $ 0.08 $(0.03) $ 0.05
Company Value 1998 12.88 0.09 (1.42) (1.33)
1997(4) 10.00 0.06 2.82 2.88
AST Marsico Capital Growth 1999 $14.20 $(0.03) $ 7.48 $ 7.45
1998 10.03 -- 4.17 4.17
1997(5) 10.00 0.01 0.02 0.03
AST Cohen & Steers Realty 1999 $ 8.41 $ 0.33 $(0.15) $ 0.18
1998(6) 10.00 0.28 (1.87) (1.59)
AST Lord Abbett 1999 $ 9.99 $(0.03) $ 0.91 $ 0.88
Small Cap Value 1998(6) 10.00 (0.01) -- (0.01)
AST Bankers Trust 1999 $12.78 $ 0.08 $ 2.56 $ 2.64
Managed Index 500 1998(6) 10.00 0.06 2.72 2.78
AST Kemper Small-Cap
Growth 1999(7) $10.00 $(0.05) $ 5.64 $ 5.59
AST MFS Global Equity 1999(8) $10.00 $ 0.01 $ 1.02 $ 1.03
AST MFS Growth 1999(8) $10.00 $ 0.01 $ 1.29 $ 1.30
AST MFS
Growth with Income 1999(8) $10.00 $ 0.01 $ 0.51 $ 0.52
<CAPTION>
- -------------------------- -------------------------------------------------
LESS DISTRIBUTIONS
-------------------------------------
NET ASSET
FROM NET FROM NET VALUE
INVESTMENT REALIZED TOTAL END
PORTFOLIO INCOME GAINS DISTRIBUTIONS OF PERIOD
- -------------------------- ---------- -------- ------------- ---------
<S> <C> <C> <C> <C>
AST American Century $ -- $(0.10) $(0.10) $22.40
International Growth (0.01) -- (0.01) 13.66
-- -- -- 11.52
AST T. Rowe Price Small $(0.10) $ -- $(0.10) $11.39
Company Value (0.05) (0.06) (0.11) 11.44
-- -- -- 12.88
AST Marsico Capital Growth $(0.01) $(0.01) $(0.02) $21.63
-- -- -- 14.20
-- -- -- 10.03
AST Cohen & Steers Realty $(0.23) $ -- $(0.23) $ 8.36
-- -- -- 8.41
AST Lord Abbett $ -- $ -- $ -- $10.87
Small Cap Value -- -- -- 9.99
AST Bankers Trust $(0.06) $(0.40) $(0.46) $14.96
Managed Index 500 -- -- -- 12.78
AST Kemper Small-Cap
Growth $ -- $ -- $ -- $15.59
AST MFS Global Equity $ -- $ -- $ -- $11.03
AST MFS Growth $ -- $ -- $ -- $11.30
AST MFS
Growth with Income $ -- $ -- $ -- $10.52
</TABLE>
- --------------------------------------------------------------------------------
(1) Annualized.
(4) Commenced operations on January 2, 1997.
(5) Commenced operations on December 22, 1997.
(6) Commenced operations on January 2, 1998.
(7) Commenced operations on January 4, 1999.
(8) Commenced operations on October 18, 1999.
* For 1999, includes commissions received by American Skandia Marketing, Inc.
under the Portfolio's Distribution Plan, as described in Note 3 to the
Financial Statements.
See Notes to Financial Statements.
166
<PAGE> 168
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------
RATIO OF EXPENSES
SUPPLEMENTAL DATA TO AVERAGE NET ASSETS*
- ---------------------------------- --------------------------------
AFTER ADVISORY BEFORE ADVISORY RATIO OF NET
NET ASSETS AT PORTFOLIO FEE WAIVER FEE WAIVER INVESTMENT INCOME
TOTAL END OF PERIOD TURNOVER AND EXPENSE AND EXPENSE (LOSS) TO AVERAGE
RETURN (IN 000'S) RATE REIMBURSEMENT REIMBURSEMENT NET ASSETS
- ------ ------------- --------- -------------- --------------- -----------------
<S> <C> <C> <C> <C> <C>
65.20% $ 154,226 112% 1.50% 1.50% (0.32%)
18.68% 77,733 220% 1.65% 1.65% 0.10%
15.10% 33,125 171% 1.75%(1) 1.75%(1) (0.58%)(1)
0.58% $ 261,493 26% 1.11% 1.11% 0.64%
(10.53%) 304,072 10% 1.11% 1.11% 0.93%
28.80% 199,896 7% 1.16%(1) 1.16%(1) 1.20%(1)
52.58% $1,723,736 115% 1.08% 1.08% (0.25%)
41.59% 594,966 213% 1.11% 1.11% 0.16%
0.30% 7,299 -- 1.00%(1) 1.00%(1) 3.62%(1)
2.26% $ 56,697 51% 1.27% 1.27% 4.95%
(16.00%) 33,025 18% 1.30%(1) 1.30%(1) 5.02%(1)
8.81% $ 74,192 85% 1.24% 1.24% (0.36%)
(0.10%) 41,788 58% 1.31%(1) 1.31%(1) (0.21%)(1)
21.23% $ 633,567 101% 0.79% 0.77% 0.74%
27.90% 289,551 162% 0.80%(1) 0.86%(1) 1.07%(1)
55.90% $ 841,984 133% 1.14%(1) 1.14%(1) (0.67%)(1)
10.40% $ 1,291 142% 1.75%(1) 2.11%(1) 0.75%(1)
13.00% $ 4,868 60% 1.35%(1) 1.35%(1) 0.76%(1)
5.20% $ 8,757 6% 1.23%(1) 1.23%(1) 1.45%(1)
</TABLE>
- --------------------------------------------------------------------------------
167
<PAGE> 169
AMERICAN SKANDIA TRUST
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999
- --------------------------------------------------------------------------------
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 December 31, 1999, issued 31 classes
of shares of beneficial interest: AST AIM International Equity Portfolio ("AIM
International Equity") (formerly, AST Putnam International Equity Portfolio),
AST Lord Abbett Growth and Income Portfolio ("Growth and Income"), AST JanCap
Growth Portfolio ("JanCap Growth"), AST Money Market Portfolio ("Money Market"),
AST Neuberger Berman Mid-Cap Value Portfolio ("Mid-Cap Value"), AST AIM Balanced
Portfolio ("Balanced") (formerly, AST Putnam Balanced Portfolio), AST Federated
High Yield Portfolio ("High Yield"), AST T. Rowe Price Asset Allocation
Portfolio ("Asset Allocation"), AST PIMCO Total Return Bond Portfolio ("Total
Return Bond"), AST INVESCO Equity Income Portfolio ("Equity Income"), AST Janus
Small-Cap Growth Portfolio ("Janus Small-Cap Growth") (formerly, Founders
Capital Appreciation Portfolio), AST T. Rowe Price International Equity
Portfolio ("T. Rowe International Equity"), AST T. Rowe Price International Bond
Portfolio ("International Bond"), AST Neuberger Berman Mid-Cap Growth Portfolio
("Mid-Cap Growth"), AST Founders Passport Portfolio ("Passport"), AST T. Rowe
Price Natural Resources Portfolio ("Natural Resources"), AST PIMCO Limited
Maturity Bond Portfolio ("Limited Maturity Bond"), AST Oppenheimer Large-Cap
Growth Portfolio ("Large-Cap Growth"), AST Janus Overseas Growth Portfolio
("Overseas Growth"), AST American Century Income & Growth Portfolio ("Income &
Growth") (formerly, AST Putnam Value Growth & Income), AST American Century
Strategic Balanced Portfolio ("Strategic Balanced"), AST American Century
International Growth Portfolio ("International Growth"), AST T. Rowe Price Small
Company Value Portfolio ("Small Company Value"), AST Marsico Capital Growth
Portfolio ("Capital Growth"), AST Cohen & Steers Realty Portfolio ("Realty"),
AST Lord Abbett Small Cap Value Portfolio ("Small Cap Value"), AST Bankers Trust
Managed Index 500 Portfolio ("Managed Index 500"), AST Kemper Small-Cap Growth
Portfolio ("Kemper Small-Cap Growth"), AST MFS Global Equity Portfolio ("Global
Equity"), AST MFS Growth Portfolio ("MFS Growth"), and AST MFS Growth with
Income Portfolio ("Growth with Income") (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.
168
<PAGE> 170
- --------------------------------------------------------------------------------
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 December 31, 1999, 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
169
<PAGE> 171
- --------------------------------------------------------------------------------
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.
Reverse Repurchase Agreements
A reverse repurchase agreement involves the sale of portfolio securities
together with an agreement to repurchase the same securities at an agreed-upon
price and date. It may be viewed as a borrowing of money and the difference
between the cost of repurchase and proceeds from sale determines the effective
interest rate on the transaction. Reverse repurchase agreements are recorded as
a liability equal to the amount of cash received plus the effective interest
that is payable to the buyer of the securities.
Reverse repurchase agreements bear a risk of loss in the event that the buyer of
the securities is unable to sell back the securities to the Portfolio. In such
case, the Portfolio's use of proceeds under the agreement may be restricted.
Swap Agreements
A swap agreement is a two-party contract under which an agreement is made to
exchange returns from predetermined investments or instruments, including a
particular interest rate, foreign currency, or "basket" of securities
representing
170
<PAGE> 172
- --------------------------------------------------------------------------------
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.
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.
171
<PAGE> 173
- --------------------------------------------------------------------------------
At December 31, 1999, securities lending activities are summarized as follows:
<TABLE>
<CAPTION>
MARKET VALUE
OF SECURITIES MARKET VALUE INCOME FROM
PORTFOLIO ON LOAN OF COLLATERAL LENDING*
- --------- -------------- -------------- -----------
<S> <C> <C> <C>
Growth and Income...................................... $ 345,689,001 $ 347,434,005 $108,848
JanCap Growth.......................................... 1,502,959,721 1,525,148,321 540,583
Mid-Cap Value.......................................... 128,169,342 130,094,329 38,423
Balanced............................................... 82,617,534 81,439,050 30,402
High Yield............................................. 23,405,225 24,630,100 26,396
Asset Allocation....................................... 58,011,616 59,448,883 15,852
Equity Income.......................................... 125,190,251 128,216,670 60,347
Janus Small-Cap Growth................................. 265,654,785 272,040,500 606,473
Mid-Cap Growth......................................... 128,909,312 130,027,941 66,012
Natural Resources...................................... 21,660,027 21,980,432 7,342
Large-Cap Growth....................................... 109,009,098 111,632,102 31,890
Income & Growth........................................ 87,533,080 88,952,431 15,745
Strategic Balanced..................................... 43,788,765 44,750,958 9,027
Small Company Value.................................... 4,687,750 5,047,000 9,830
Capital Growth......................................... 415,438,834 415,384,697 125,598
Realty................................................. 3,113,337 3,206,200 1,431
Small Cap Value........................................ 6,151,653 6,337,680 12,083
Managed Index 500...................................... 133,100,156 135,956,790 23,978
Kemper Small-Cap Growth................................ 146,998,021 140,176,624 186,759
</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 AIM International Equity and Balanced; Lord
Abbett & Co. for Growth and Income and Small Cap Value; Janus Capital
Corporation for JanCap Growth, Janus Small-Cap Growth, and Overseas Growth; J.
P. Morgan Investment Management, Inc. for Money Market; Federated Investment
Counseling for High Yield; T. Rowe Price Associates, Inc. for Asset Allocation,
Natural Resources, and Small Company Value; Pacific Investment Management Co.
for Total Return Bond and Limited Maturity Bond; INVESCO Funds Group, Inc. for
Equity Income; Founders Asset Management, Inc. for Passport; Rowe Price-Fleming
International, Inc., a United Kingdom Corporation, for T. Rowe International
Equity and International Bond; Neuberger Berman Management, Inc. for Mid-Cap
Value and Mid-Cap Growth; OppenheimerFunds, Inc. for Large-Cap Growth; American
Century Investment Management, Inc. for Income & Growth, Strategic Balanced, and
International Growth; Marsico Capital Management, LLC for Capital Growth; Cohen
& Steers Capital Management, Inc. for Realty; Bankers Trust Co. for Managed
Index 500; Scudder Kemper Investments, Inc. for Kemper Small-Cap Growth; and
Massachusetts Financial Services Co. for Global Equity, MFS Growth, and Growth
with Income.
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%, and .90% of the average daily
net assets of the AIM 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, T. Rowe International
Equity, International Bond, Mid-Cap Growth, Passport, Natural Resources, Limited
Maturity Bond, Large-Cap Growth, Overseas Growth, Income & Growth, Strategic
Balanced, International Growth, Small Company Value, Capital Growth, Realty,
Small Cap Value, Managed Index 500, Kemper Small-Cap Growth, Global Equity, MFS
Growth, and Growth with Income Portfolios, respectively. The fees for AIM
International Equity are at the rate of .85% for average daily net assets in
excess of $75 million, for Mid-Cap Value, Mid-Cap Growth, and Large-Cap Growth
are at the rate of .85% for average daily net assets in excess of $1 billion,
for Balanced are at the rate of .70% for average daily net assets in excess of
$300 million, and for Kemper Small-Cap Growth are at the rate of .90% for
average daily net assets in excess of $1 billion. During the period ended
December 31, 1999, the Investment Manager voluntarily waived .05% from its fee
for the Money Market Portfolio and .05% from its fee for the JanCap Growth and
Growth and Income Portfolios on average daily net assets in excess of $1
billion.
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The Investment Manager pays each Sub-advisor a fee, computed daily and paid
monthly, based on an annual rate of .65%, .50%, .60%, .25%, .50%, .45%, .50%,
.50%, .30%, .50%, .50%, .75%, .40%, .45%, .60%, .60%, .30%, .35%, .65%, .45%,
.50%, .70%, .60%, .45%, .60%, .50%, .17%, .50%, .425%, .40%, and .40% of the
average daily net assets of the AIM 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, T. Rowe
International Equity, International Bond, Mid-Cap Growth, Passport, Natural
Resources, Limited Maturity Bond, Large-Cap Growth, Overseas Growth, Income &
Growth, Strategic Balanced, International Growth, Small Company Value, Capital
Growth, Realty, Small Cap Value, Managed Index 500, Kemper Small-Cap Growth,
Global Equity, MFS Growth, and Growth with Income Portfolios, respectively. The
Sub-advisors for the JanCap Growth, Money Market, Janus Small-Cap Growth, and T.
Rowe International Equity Portfolios are currently voluntarily waiving a portion
of their fee payable by the Investment Manager. The annual rates of the fees
payable by the Investment Manager to the Sub-advisors of all Portfolios, other
than International Bond, Capital Growth, and Small Cap Value are reduced for
Portfolio net assets in excess of specified levels.
On April 21, 1999, the Board of Trustees of the Trust approved changes in
Sub-advisor for AST Putnam International Equity Portfolio, AST Putnam Balanced
Portfolio, and AST Putnam Value Growth & Income Portfolio. On May 4, 1999, A I M
Capital Management, Inc. became Sub-advisor to Putnam International Equity
Portfolio (currently, AST AIM International Equity Portfolio) and AST Putnam
Balanced Portfolio (currently, AST AIM Balanced Portfolio) and American Century
Investment Management, Inc. became Sub-advisor to AST Putnam Value Growth &
Income Portfolio (currently, AST American Century Income & Growth Portfolio).
These changes were approved by shareholder vote on September 30, 1999.
By the terms of the Investment Management Agreement, during the year ended
December 31, 1999, the Investment Manager reimbursed Money Market in the amount
of $28,308 to prevent its expenses from exceeding an annual rate of .60% of
average daily net assets. In addition, the Investment Manager voluntarily
reimbursed Global Equity in the amount of $599. Voluntary payments of Portfolio
expenses by the Investment Manager are subject to reimbursement by the Portfolio
within the two-year period following such payments. During the year ended
December 31, 1999, Managed Index 500 paid $72,940 as reimbursement to the
Investment Manager.
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. From July 28, 1999 to December 31, 1999,
commissions received by ASMI totaled $1,548,081.
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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.
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
International 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 --
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
year ended December 31, 1999, were as follows ($ in thousands):
<TABLE>
<CAPTION>
U.S. GOVERNMENT SECURITIES OTHER SECURITIES
-------------------------- ------------------------
PURCHASES SALES PURCHASES SALES
----------- ----------- ---------- ----------
<S> <C> <C> <C> <C>
AIM International Equity......................... $ -- $ -- $ 830,587 $ 893,771
Growth and Income................................ -- -- 1,031,937 891,206
JanCap Growth.................................... -- -- 2,139,068 1,318,833
Mid-Cap Value.................................... -- -- 1,312,090 927,638
Balanced......................................... 114,207 114,379 496,669 470,733
High Yield....................................... -- -- 283,625 236,080
Asset Allocation................................. 46,316 25,551 108,439 36,658
Total Return Bond................................ 2,276,625 2,188,256 567,799 221,645
Equity Income.................................... 16,907 13,814 719,471 579,175
Janus Small-Cap Growth........................... -- -- 940,218 614,224
T. Rowe International Equity..................... -- -- 126,137 205,677
International Bond............................... -- -- 147,805 173,204
Mid-Cap Growth................................... -- -- 362,756 352,625
Passport......................................... -- -- 387,655 369,225
Natural Resources................................ -- -- 73,597 64,443
Limited Maturity Bond............................ 545,870 614,377 258,923 90,401
Large-Cap Growth................................. -- -- 837,731 829,951
Overseas Growth.................................. -- -- 805,402 590,590
Income & Growth.................................. -- -- 404,614 302,722
Strategic Balanced............................... 48,041 18,940 225,910 143,628
International Growth............................. -- -- 127,603 108,167
Small Company Value.............................. -- -- 69,754 105,500
Capital Growth................................... -- -- 1,811,015 1,159,407
Realty........................................... -- -- 51,289 24,220
Small Cap Value.................................. -- -- 72,376 45,254
Managed Index 500................................ 4,499 -- 677,310 409,735
Kemper Small-Cap Growth.......................... -- -- 984,665 553,208
Global Equity.................................... -- -- 2,444 1,456
MFS Growth....................................... -- -- 4,614 1,737
Growth with Income............................... -- -- 7,225 326
</TABLE>
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At December 31, 1999, the cost and unrealized appreciation or depreciation in
value of the investments owned by the Portfolios, for federal income tax
purposes, were as follows ($ in thousands):
<TABLE>
<CAPTION>
GROSS GROSS NET UNREALIZED
AGGREGATE UNREALIZED UNREALIZED APPRECIATION
COST APPRECIATION DEPRECIATION (DEPRECIATION)
---------- ------------ ------------ --------------
<S> <C> <C> <C> <C>
AIM International Equity........................ $ 479,131 $ 291,300 $ (4,890) $ 286,410
Growth and Income............................... 1,289,787 264,942 (56,547) 208,395
JanCap Growth................................... 3,004,795 2,975,642 (58,268) 2,917,374
Mid-Cap Value................................... 662,886 75,118 (67,089) 8,029
Balanced........................................ 423,115 82,645 (11,647) 70,998
High Yield...................................... 669,859 8,226 (65,679) (57,453)
Asset Allocation................................ 358,845 116,902 (19,700) 97,202
Total Return Bond............................... 1,174,514 1,631 (35,283) (33,652)
Equity Income................................... 894,678 199,874 (52,295) 147,579
Janus Small-Cap Growth.......................... 823,143 627,888 (13,090) 614,798
T. Rowe International Equity.................... 336,281 180,018 (16,054) 163,964
International Bond.............................. 137,466 3,365 (11,770) (8,405)
Mid-Cap Growth.................................. 256,683 153,860 (3,623) 150,237
Passport........................................ 168,191 63,381 (3,678) 59,703
Natural Resources............................... 101,596 14,214 (11,910) 2,304
Limited Maturity Bond........................... 423,020 1,594 (6,730) (5,136)
Large-Cap Growth................................ 268,563 102,749 (7,121) 95,628
Overseas Growth................................. 829,900 722,419 (5,816) 716,603
Income & Growth................................. 314,295 56,650 (14,504) 42,146
Strategic Balanced.............................. 199,009 24,724 (7,744) 16,980
International Growth............................ 93,229 62,751 (1,088) 61,663
Small Company Value............................. 297,967 26,067 (63,651) (37,584)
Capital Growth.................................. 1,152,263 570,809 (6,374) 564,435
Realty.......................................... 63,651 2,749 (7,578) (4,829)
Small Cap Value................................. 69,584 10,980 (5,111) 5,869
Managed Index 500............................... 553,250 102,141 (33,006) 69,135
Kemper Small-Cap Growth......................... 509,676 355,934 (20,102) 335,832
Global Equity................................... 1,113 134 (30) 104
MFS Growth...................................... 4,281 419 (53) 366
Growth with Income.............................. 7,683 450 (178) 272
</TABLE>
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6. WRITTEN OPTIONS TRANSACTIONS
Written options transactions, during the year ended December 31, 1999, were as
follows ($ in thousands):
<TABLE>
<CAPTION>
BALANCED TOTAL RETURN BOND
---------------------- -----------------------
NUMBER OF NUMBER OF
CONTRACTS PREMIUM CONTRACTS PREMIUM
--------- --------- --------- ----------
<S> <C> <C> <C> <C>
Balance at beginning of year........................ -- $ -- 26,230 $ 638,678
Written............................................. 741 583,730 58,590 2,584,719
Expired............................................. -- -- (67,420) (2,315,890)
Exercised........................................... -- -- -- --
Closed.............................................. (201) (352,693) (430) (45,457)
------ --------- ------- ----------
Balance at end of year.............................. 540 $ 231,037 16,970 $ 862,050
====== ========= ======= ==========
</TABLE>
<TABLE>
<CAPTION>
LIMITED MATURITY BOND CAPITAL GROWTH
---------------------- ---------------------
NUMBER OF NUMBER OF
CONTRACTS PREMIUM CONTRACTS PREMIUM
--------- --------- --------- --------
<S> <C> <C> <C> <C>
Balance at beginning of year.......................... 76 $ 13,948 -- $ --
Written............................................... 5,270 203,793 2,970 4,572
Expired............................................... (156) (16,096) -- --
Exercised............................................. (190) (4,180) -- --
Closed................................................ (5,000) (197,465) (2,970) (4,572)
------ --------- ------ --------
Balance at end of year................................ -- $ -- -- $ --
====== ========= ====== ========
</TABLE>
At December 31, 1999, Balanced and Total Return 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. As of December 31, 1999, there were no borrowings under the
agreement.
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INDEPENDENT AUDITORS' REPORT
The Board of Trustees and Shareholders,
American Skandia Trust:
We have audited the accompanying statements of assets and liabilities, including
the schedules of investments, of American Skandia Trust (the "Trust")
(comprising, respectively, the AST AIM International Equity Portfolio [formerly,
AST Putnam International Equity Portfolio], AST Lord Abbett Growth and Income
Portfolio, AST JanCap Growth Portfolio, AST Money Market Portfolio, AST
Neuberger Berman Mid-Cap Value Portfolio, AST AIM Balanced Portfolio [formerly,
AST Putnam 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 [formerly,
Founders Capital Appreciation Portfolio], AST T. Rowe Price International Equity
Portfolio, AST T. Rowe Price International Bond Portfolio, AST Neuberger Berman
Mid-Cap Growth Portfolio, AST Founders Passport Portfolio, AST T. Rowe Price
Natural Resources Portfolio, AST PIMCO Limited Maturity Bond Portfolio, AST
Oppenheimer Large-Cap Growth Portfolio, AST Janus Overseas Growth Portfolio, AST
American Century Income & Growth Portfolio [formerly, AST Putnam Value Growth
and Income Portfolio], AST American Century Strategic Balanced Portfolio, AST
American Century International Growth Portfolio, AST T. Rowe Price Small Company
Value Portfolio, AST Marsico Capital Growth Portfolio, AST Cohen & Steers Realty
Portfolio, AST Lord Abbett Small Cap Value Portfolio, AST Bankers Trust Enhanced
500 Portfolio, AST Kemper Small-Cap Growth Portfolio, AST MFS Global Equity
Portfolio, AST MFS Growth Portfolio, and AST MFS Growth with Income Portfolio)
as of December 31, 1999, and the related statements of operations and changes in
net assets and the financial highlights for each of the periods presented. These
financial statements and the financial highlights are the responsibility of the
Trust's management. Our responsibility is to express an opinion on these
financial statements and the financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and the financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1999, by correspondence with the Trust's custodians and brokers;
where replies were not received from brokers, we performed other auditing
procedures. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective portfolios constituting American Skandia Trust, as of December
31, 1999, the results of their operations, the changes in their net assets, and
the financial highlights for the respective stated periods, in conformity with
generally accepted accounting principles.
Deloitte & Touche LLP
New York, New York
February 11, 2000
179
