Supplement dated November 17, 2000 to the Prospectus dated October 23, 2000

                                       AST Neuberger Berman Mid-Cap Value Portfolio

         S. Basu  Mullick  is no  longer  serving  as a  portfolio  manager  for the AST  Neuberger  Berman  Mid-Cap  Value
Portfolio.  Accordingly,  the  section of the  prospectus  entitled  "Management  of the Trust -  Sub-advisors  - Neuberger
Berman Management Inc." is revised by deleting the third paragraph and replacing it with the following:

         The portfolio  manager  responsible  for the  day-to-day  management of the AST Neuberger  Berman  Mid-Cap
         Value  Portfolio  is  Robert  I.  Gendelman.  Mr.  Gendelman  has been  managing  the  Portfolio  since NB
         Management  became the  Portfolio's  Sub-advisor  in May 1998.  Mr.  Gendelman has been with NB Management
         since 1994, where he is currently a Vice President.

                                     AST Sanford Bernstein Managed Index 500 Portfolio

         In  connection  with a recent  transaction  in which the parent  company of the  Sub-advisor  for the AST  Sanford
Bernstein Managed Index 500 Portfolio  combined with Alliance Capital  Management L.P.,  Sanford C. Bernstein ;amp; Co., LLC, a
subsidiary  of  Alliance,  became  the  Portfolio's  Sub-advisor.  Accordingly,  the  section  of the  prospectus  entitled
"Management of the Trust - Sub-advisors - Sanford C. Bernstein & Co., Inc." is revised by deleting the first  paragraph and
replacing it with the following:

         Sanford C.  Bernstein & Co., LLC  ("Bernstein"),  767 Fifth Avenue,  New York,  New York 10153,  serves as
         Sub-advisor  for the AST Sanford  Bernstein  Managed  Index 500  Portfolio.  Bernstein is a subsidiary  of
         Alliance  (the  Sub-advisor  for the AST Alliance  Growth  Portfolio  and AST  Alliance  Growth and Income
         Portfolio),  and sub-advisory  services for the AST Sanford  Bernstein  Managed Index 500 Portfolio may be
         delegated  by  Bernstein  to  Alliance  subject  to  Bernstein's   overall   responsibility.   Bernstein's
         predecessor  company was founded in 1967, and had  approximately $81 billion in assets under management as
         of June 30, 2000.