UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-05186
Exact name of registrant as specified in charter:	American Skandia Trust
Address of principal executive offices:	Gateway Center 3,
	100 Mulberry Street,
	Newark, New Jersey 07102
Name and address of agent for service:	Jonathan D. Shain
	Gateway Center 3,
	100 Mulberry Street,
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	973-802-6469
Date of fiscal year end:	12/31/2004
Date of reporting period:	6/30/2004

Item 1 – Reports to Stockholders – [ INSERT REPORT ]

AMERICAN SKANDIA

TRUST

Financial Statements

For the Semi-Annual Period Ended

June 30, 2004

This report has been prepared to provide information to owners of American Skandia Life Assurance Corporation’s Annuities based on information provided by the underlying portfolios. Investors should consider the contract and the underlying portfolios’ investment objectives, risks, and charges and expenses carefully before investing. The contract’s prospectus and the underlying portfolios prospectus contain information relating to investment objectives, risks, and charges and expenses as well as other important information. Contact your financial professional for the contract’s prospectus together with the applicable prospectuses for the American Skandia Trust. You should read the prospectuses carefully before investing or sending any money.

Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted.

IFS-2004-A087705 Please note that inside are a Prospectus Supplement and a Notice dated August 20, 2004. One of these two documents is applicable to your variable annuity based on the product you own. The product names to which the document applies are listed at the top of each document.

	American Skandia, Inc.
	One Corporate Drive
	P.O. Box 883
	Shelton, CT 06484-0883
	Telephone: (203) 926-1888

July 30, 2004

Dear Contract Owner:

The U.S. stock market slowed in 2004 following a particularly strong performance in 2003. Some investors still seem to be watching developments from the sidelines. This reaction is understandable, given the unsettled global political climate and the potential for rising short-term interest rates. However, too much time on the sidelines can make it difficult to achieve long-term goals. We recommend a different approach.

A broadly diversified portfolio through asset allocation can help you better manage downside risk by avoiding overexposure to any specific asset class. And this strategy may better position your investments to capture more upside performance as asset classes rotate in and out of favor.

Your investment professional can help you create a diversified investment plan that takes into account your reasons for investing, the time you have to reach your goals, and the amount of risk you feel comfortable assuming. With the proper asset allocation in your portfolio, it will be easier for you to stay focused on achieving your long-term goals.

Prudential is committed to providing you with the financial solutions to help you grow and protect your wealth. We thank you for your confidence in our products and look forward to continuing to serve your investment needs.

Sincerely,

David R. Odenath, President

Prudential Annuities

Prudential Annuities is a business unit of Prudential Financial.

TABLE OF CONTENTS

I.         American Skandia Trust
Schedules of Investments:
AST JPMorgan International Equity Portfolio	1
AST William Blair International Growth Portfolio	3
AST DeAM International Equity Portfolio	6
AST MFS Global Equity Portfolio	12
AST State Street Research Small-Cap Growth Portfolio	15
AST DeAM Small-Cap Growth Portfolio	17
AST Federated Aggressive Growth Portfolio	22
AST Goldman Sachs Small-Cap Value Portfolio	26
AST Gabelli Small-Cap Value Portfolio	31
AST DeAM Small-Cap Value Portfolio	39
AST Goldman Sachs Mid-Cap Growth Portfolio	43
AST Neuberger Berman Mid-Cap Growth Portfolio	45
AST Neuberger Berman Mid-Cap Value Portfolio	48
AST Alger All-Cap Growth Portfolio	50
AST Gabelli All-Cap Value Portfolio	53
AST T. Rowe Price Natural Resources Portfolio	59
AST Alliance Growth Portfolio	62
AST MFS Growth Portfolio	64
AST Marsico Capital Growth Portfolio	67
AST Goldman Sachs Concentrated Growth Portfolio	69
AST DeAM Large-Cap Value Portfolio	71
AST Hotchkis & Wiley Large-Cap Value Portfolio	75
AST Alliance/Bernstein Growth + Value Portfolio	77
AST Sanford Bernstein Core Value Portfolio	80
AST Cohen & Steers Realty Portfolio	84
AST Sanford Bernstein Managed Index 500 Portfolio	86
AST American Century Income & Growth Portfolio	91
AST Alliance Growth and Income Portfolio	95
AST DeAM Global Allocation Portfolio	98
AST American Century Strategic Balanced Portfolio	99
AST T. Rowe Price Asset Allocation Portfolio	107
AST T. Rowe Price Global Bond Portfolio	137
AST Goldman Sachs High Yield Portfolio	148
AST Lord Abbett Bond-Debenture Portfolio	159
AST PIMCO Total Return Bond Portfolio	169
AST PIMCO Limited Maturity Bond Portfolio	181
AST Money Market Portfolio	188
Financial Statements	190

AST JPMorgan International Equity Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 99.3%
COMMON STOCK
Australia — 2.1%
BHP Billiton Ltd.	310,900	$	2,713,666
News Corp. Ltd.	242,300		2,140,215
Woodside Petroleum Ltd.	149,800		1,739,531
			6,593,412
Belgium — 1.2%
Dexia	226,400		3,757,128
Brazil — 0.8%
Companhia Vale do Rio Doce [ADR]	49,138		2,336,512
Finland — 1.3%
Nokia Oyj	277,000		3,996,958
France — 10.9%
Axa SA	203,000		4,470,332
BNP Paribas SA	84,100		5,172,284
Compagnie de Saint-Gobain	102,000		5,084,302
Dassault Systemes SA	72,400		3,356,933
Lafarge SA	32,800		2,925,115
Total SA	67,200		12,811,601
			33,820,567
Germany — 5.6%
BASF AG	41,700		2,231,800
Bayerische Motoren Werke AG	112,200		4,964,794
Deutsche Post AG	165,900		3,582,696
Schering AG	39,600		2,333,323
Siemens AG	58,200		4,185,517
			17,298,130
Hong Kong
Cheung Kong Holdings Ltd.	100		737
Ireland — 0.9%
Bank of Ireland	219,200		2,928,249
Italy — 4.4%
Eni SPA	527,300		10,469,914
Telecom Italia SPA	1,482,500		3,273,682
			13,743,596
Japan — 20.5%
Canon, Inc.	126,000		6,639,784
Chugai Pharmaceutical Co. Ltd.	134,700		2,113,425
Daikin Industries Ltd.	77,000		2,067,635
Fanuc Ltd.	38,700		2,308,913
Honda Motor Co. Ltd.	110,700		5,336,407
Hoya Corp.	40,200		4,207,341
Kao Corp.	121,000		2,916,464
Matsushita Electric Industrial Co. Ltd.	165,000		2,342,345

	Shares	Value (Note 2)
Mitsubishi Corp.	209,000	$	2,030,335
Mitsubishi Tokyo Financial Group, Inc.	400		3,702,516
Nikko Cordial Corp.	589,000		2,855,529
Nintendo Co. Ltd.	27,400		3,176,557
Nippon Telegraph and Telephone Corp.	500		2,671,493
Nippon Unipac Holding	300		1,569,903
Secom Co. Ltd.	68,000		2,885,396
Sharp Corp.	138,000		2,204,408
Shin-Etsu Chemical Co. Ltd.	60,200		2,151,675
SMC Corp.	20,700		2,238,556
Sumitomo Corp.	429,000		3,113,852
Takeda Chemical Industries Ltd.	49,500		2,172,983
Takefuji Corp.	29,250		2,120,400
Yamanouchi Pharmaceutical Co. Ltd.	80,500		2,707,556
			63,533,473
Korea — 2.0%
Posco [ADR]	52,100		1,745,871
Samsung Electronics Co. Ltd. [GDR]	14,500		2,992,861
SK Telecom Co. Ltd. [ADR]	68,600		1,439,914
			6,178,646
Mexico — 0.5%
Fomento Economico Mexicano SA de CV [ADR]	35,400		1,622,736
Netherlands — 6.4%
ABN AMRO Holding NV	207,700		4,543,509
Fortis Bank*	120,800		2,666,057
ING Groep NV	125,400		2,959,814
Koninklijke (Royal) Philips Electronics NV	168,300		4,531,382
Reed Elsevier NV	199,500		2,801,005
Wolters Kluwer NV	129,400		2,348,920
			19,850,687
Russia — 0.4%
Yukos [ADR]	42,200		1,341,960
Spain — 2.7%
Altadis SA	104,800		3,238,621
Banco Popular Espanol SA	90,600		5,116,801
			8,355,422
Switzerland — 11.4%
Adecco SA	60,500		3,014,372
Holcim Ltd.	89,829		4,884,482
Nestle SA	20,000		5,333,759
Novartis AG	146,800		6,476,127
Roche Holding AG	55,900		5,534,653
UBS AG	93,100		6,560,265
Zurich Financial Services AG	22,000		3,473,730
			35,277,388

1

AST JPMorgan International Equity Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
United Kingdom — 28.2%
Allied Domecq PLC	371,100	$	3,166,417
Aviva PLC	235,500		2,430,081
Barclays PLC	605,200		5,155,647
BG Group PLC	617,500		3,804,643
British Land Co. PLC	273,800		3,443,479
Centrica PLC	563,700		2,294,996
Compass Group PLC	349,300		2,131,578
GlaxoSmithKline PLC	387,000		7,832,359
HSBC Holdings PLC	629,500		9,483,095
InterContinental Hotels Group PLC	214,200		2,262,731
Kingfisher PLC	593,300		3,079,905
National Grid Transco PLC	389,000		3,001,696
Reckitt Benckiser PLC	182,900		5,177,667
Royal Bank of Scotland Group PLC	120,000		3,455,805
Schroder PLC	202,700		2,253,366
Standard Chartered PLC	175,900		2,864,571
Tesco PLC	1,420,100		6,856,872
Vodafone Group PLC	4,663,900		10,213,011
William Morrison Supermarkets PLC	841,000		3,534,543
Wolseley PLC	351,600		5,451,707
			87,894,169
Total Long-Term Investments — 99.3%
(Cost $296,607,693; Note 5)			308,529,770
Other Assets in Excess of Liabilities — 0.7%			2,028,333
Net Assets — 100.0%		$	310,558,103

The industry classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2004 was as follows:

Industry
Financial-Bank & Trust	15.7	%
Oil & Gas	10.5
Pharmaceuticals	9.4
Telecommunications	7.0
Electronic Components & Equipment	5.8
Building Materials	5.7
Food	4.6
Financial Services	4.4
Insurance	4.3
Conglomerates	3.4
Consumer Products & Services	3.4
Automobile Manufacturers	3.3
Office Equipment	2.1
Retail & Merchandising	2.1
Printing & Publishing	1.7
Beverages	1.5
Chemicals	1.4
Medical Supplies & Equipment	1.4
Semiconductors	1.4
Metals & Mining	1.3
Computer Services & Software	1.1
Real Estate	1.1
Transportation	1.1
Commercial Services	1.0
Entertainment & Leisure	1.0
Farming & Agriculture	1.0
Broadcasting	0.7
Hotels & Motels	0.7
Machinery & Equipment	0.7
Paper & Forest Products	0.5
	99.3
Other assets in excess of liabilities	0.7
Total	100.0	%

The following abbreviations are used throughout the Schedule of Investments:

ADR American Depositary Receipt

GDR Global Depositary Receipt

The following annotation is used throughout the Schedule of Investments:

* Non-income producing security.

See Notes to Financial Statements.

2

AST William Blair International Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 92.4%
COMMON STOCK — 91.2%
Australia — 2.0%
BHP Billiton Ltd.	424,424	$	3,704,552
Macquarie Bank Ltd.	460,100		10,858,763
Toll Holdings Ltd.	1,071,700		8,002,998
			22,566,313
Austria — 1.5%
Erste Bank der Oesterreichischen Sparkassen AG	105,550		16,578,668
Canada — 6.5%
Alimentation Couche-Tard, Inc. (Class “B” Stock)*	317,400		5,534,822
Manulife Financial Corp.	849,800		34,258,207
Precision Drilling Corp.*	110,800		5,266,667
Research in Motion Ltd.*	172,200		11,749,287
Research in Motion Ltd. — USD*	34,860		2,385,818
Shoppers Drug Mart Corp.*	147,100		3,664,471
Suncor Energy, Inc.	452,300		11,473,222
			74,332,494
China — 0.7%
CNOOC Ltd.	12,338,500		5,220,269
Huaneng Power International, Inc.	2,600,000		2,316,726
			7,536,995
France — 7.1%
Axa SA	215,550		4,746,700
Dior, (Christian) SA	175,600		11,355,152
Essilor International SA	33,470		2,184,694
Hermes International Designs	54,900		10,960,897
Klepierre	51,800		3,541,859
LVMH Moet Hennessy Louis Vuitton SA	128,698		9,308,696
Sanofi-Synthelabo SA	238,500		15,117,893
Schneider Electric SA	41,030		2,800,461
Societe Generale (Class “A” Stock)	49,490		4,205,804
Total SA	51,300		9,780,285
Vinci SA	27,060		2,725,984
Vivendi Universal SA*	149,010		4,133,476
			80,861,901
Germany — 6.4%
Bayerische Motoren Werke AG	434,600		19,230,837
Continental AG	48,840		2,355,453
Depfa Bank PLC	110,750		1,608,841
Deutsche Bank AG	40		3,143
Puma AG Rudolf Dassler Sport	62,310		15,834,304
SAP AG	140,570		23,303,772
Siemens AG	82,870		5,959,687
T-Online International AG*	419,400		4,781,159
			73,077,196

	Shares	Value (Note 2)
Greece — 1.3%
Alpha Bank AE	76,020	$	1,933,033
Coca-Cola Hellenic Bottling Co. SA	304,000		7,101,335
National Bank of Greece SA	234,260		5,096,016
Public Power Corp.	50,350		1,200,662
			15,331,046
Hong Kong — 3.5%
Esprit Holdings Ltd.	2,019,000		9,033,962
Li & Fung Ltd.	4,024,000		5,881,382
Standard Chartered PLC	1,082,930		17,635,761
Techtronic Industries Co. Ltd.	4,348,160		6,940,510
			39,491,615
India — 1.0%
HDFC Bank Ltd.	426,600		3,430,430
Infosys Technologies Ltd.	71,109		8,542,205
			11,972,635
Indonesia — 0.3%
PT Unilever Indonesia TBK	8,477,000		3,538,657
Ireland — 0.7%
Anglo Irish Bank Corp. PLC	536,422		8,386,387
Israel — 1.1%
Teva Pharmaceutical Industries Ltd. [ADR]	178,647		12,021,157
Italy — 1.7%
Banco Popolare di Verona e Novara Scrl	795,600		13,667,675
Merloni Elettrodomestici SPA	221,000		3,925,638
Saipem SPA	194,860		1,773,330
			19,366,643
Japan — 20.1%
Askul Corp.	82,200		5,160,335
Canon, Inc.	546,500		28,798,743
Chugai Pharmaceutical Co. Ltd.	98		1,538
Fast Retailing Co. Ltd.	155,600		12,591,743
Hino Motors Ltd.	2,167,000		15,689,227
Hoya Corp.	154,900		16,211,868
Ito-Yokado Co. Ltd.	42,000		1,797,553
Keyence Corp.	85,400		19,480,420
Mitsubishi Tokyo Financial Group, Inc.	300		2,776,887
Nitto Denko Corp.	201,300		10,294,222
Orix Corp.	130,500		14,949,824
Sharp Corp.	959,800		15,331,819
Shinsei Bank Ltd.	471,000		3,004,317
SMC Corp.	114,400		12,371,535
Sumitomo Mitsui Financial Group, Inc.	4,203		28,812,206
Sumitomo Trust & Banking Co. Ltd.	2,885,000		20,543,875

3

AST William Blair International Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Toto Ltd.	876,000	$	9,216,405
Toyota Motor Corp.	132,800		5,379,425
Yahoo! Japan Corp.*	108		1,049,168
Yamada Denki Co. Ltd.	165,300		6,165,706
			229,626,816
Korea — 3.0%
Hyundai Motor Co. Ltd.	288,690		11,105,383
Samsung Electronics Co. Ltd.	50,880		21,003,687
Seoul Bank	102,410		2,162,531
			34,271,601
Mexico — 1.6%
America Movil (Class “L” Stock) [ADR]	89,840		3,267,481
America Movil SA de CV	5,433,600		9,870,278
Wal-Mart de Mexico SA de CV	1,584,500		4,698,682
			17,836,441
Netherlands — 0.4%
ING Groep NV	207,360		4,894,315
Russia — 0.6%
AO VimpelCom [ADR]*	23,480		2,264,646
Mobile Telesystems [ADR]	39,018		4,760,196
			7,024,842
South Africa — 1.1%
MTN Group Ltd.	302,990		1,390,030
Standard Bank Group Ltd.	1,649,200		11,415,445
			12,805,475
Spain — 2.1%
Banco Popular Espanol SA	139,700		7,889,813
Grupo Ferrovial SA	163,600		6,811,276
Repsol YPF SA	231,020		5,059,263
Telefonica SA	295,990		4,375,407
			24,135,759
Sweden — 3.1%
Ainax AB*	9,743		320,120
Ericsson, (L.M.) Telefonaktiebolaget (Class “B” Stock)*	7,927,470		23,362,671
Hennes & Mauritz AB (Class “B” Stock)	252,000		6,506,614
Volvo AB (Class “B” Stock)	151,020		5,252,556
			35,441,961
Switzerland — 5.4%
ABB Ltd.	907,228		4,962,082
Logitech International SA*	90,700		4,127,994
Nestle SA	16,740		4,464,356
Novartis AG	121,860		5,375,890
Roche Holding AG	79,801		7,901,089

	Shares	Value (Note 2)
Serono SA (Class “B” Stock)	9,300	$	5,858,911
Synthes, Inc.	24,000		2,735,548
UBS AG	375,560		26,463,727
			61,889,597
Taiwan — 1.4%
Hon Hai Precision Industry Co. Ltd.	1,910,000		7,097,206
MediaTek, Inc.	488,000		3,887,753
Quanta Computer, Inc.	2,587,300		5,499,166
			16,484,125
United Kingdom — 18.6%
Acambis PLC*	529,500		3,329,660
AstraZeneca PLC	308,460		13,839,361
BG Group PLC	4,321,100		26,623,875
British Sky Broadcasting Group PLC	2,236,490		25,227,536
Cadbury Schweppes PLC	377,420		3,256,276
Capita Group PLC	1,345,600		7,772,181
Carnival PLC	300,910		14,613,851
Diageo PLC	169,120		2,280,308
Enterprise Inns PLC	259,880		2,709,931
Hays PLC	1,213,370		2,701,048
HBOS PLC	1,292,205		15,993,796
Man Group PLC	473,045		12,250,340
Next PLC	338,290		8,729,946
Reckitt Benckiser PLC	742,685		21,024,469
Smith & Nephew PLC	1,739,190		18,719,112
Tesco PLC	5,319,990		25,687,268
United Business Media PLC	237,120		2,180,186
Vodafone Group PLC	2,353,293		5,153,243
			212,092,387
Total Common Stock
(Cost $877,123,652)			1,041,565,026
PREFERRED STOCK — 1.2%
Brazil — 0.9%
Banco Itau Holding Financeira SA	116,940,000		10,780,229
Germany — 0.3%
Porsche AG	4,690		3,138,630
Total Preferred Stock
(Cost $14,261,782)			13,918,859
Total Long-Term Investments — 92.4%
(Cost $891,385,434; Note 5)			1,055,483,885
Other Assets in Excess of Liabilities — 7.6%			86,444,021
Net Assets — 100.0%		$	1,141,927,906

4

AST William Blair International Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

The industry classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2004 was as follows:

Industry
Financial-Bank & Trust	15.1	%
Oil & Gas	5.7
Financial Services	5.6
Automobile Manufacturers	5.3
Electronic Components & Equipment	5.2
Pharmaceuticals	5.0
Retail & Merchandising	5.0
Telecommunications	4.8
Consumer Products & Services	4.0
Medical Supplies & Equipment	3.9
Insurance	3.8
Computer Services & Software	2.8
Computer Hardware	2.7
Broadcasting	2.6
Food	2.6
Office Equipment	2.5
Clothing & Apparel	2.4
Conglomerates	2.1
Machinery & Equipment	1.9
Entertainment & Leisure	1.3
Beverages	1.1
Transportation	1.0
Chemicals	0.9
Commercial Services	0.9
Semiconductors	0.9
Construction	0.8
Internet Services	0.5
Business Services	0.4
Building Materials	0.3
Healthcare Services	0.3
Real Estate	0.3
Utilities	0.3
Automotive Parts	0.2
Printing & Publishing	0.2
	92.4
Other assets in excess of liabilities	7.6
Total	100.0	%

The following abbreviation is used throughout the Schedule of Investments:

ADR American Depositary Receipt

The following annotation is used throughout the Schedule of Investments:

* Non-income producing security.

See Notes to Financial Statements.

5

AST DeAM International Equity Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 96.0%
COMMON STOCK — 95.5%
Australia — 4.7%
Amcor Ltd.	66,065	$	320,766
AMP Ltd.	47,838		210,941
Australia & New Zealand Banking Group Ltd.	43,382		552,421
BHP Billiton Ltd.	90,587		790,683
Coles Myer Ltd.	39,297		235,146
Commonwealth Bank of Australia	29,363		666,402
Foster’s Group Ltd.	87,232		286,815
Insurance Australia Group Ltd.	53,189		185,258
Macquarie Bank Ltd.	7,674		181,113
National Australia Bank Ltd.	35,397		735,783
News Corp. Ltd.	89,647		791,845
QBE Insurance Group Ltd.	26,555		236,778
Rinker Group, Ltd.	29,944		167,915
Rio Tinto Ltd.	6,405		160,399
Stockland	72,270		260,779
Suncorp-Metway Ltd.	16,942		167,586
TABCORP Holdings Ltd.	28,558		283,284
Telstra Corp. Ltd.	49,203		172,403
Wesfarmers Ltd.	16,999		348,141
Westfield Trust	43,737		134,361
Westpac Banking Corp. Ltd.	45,674		559,972
Woodside Petroleum Ltd.	27,227		316,170
Woolworths Ltd.	30,179		239,659
			8,004,620
Austria — 0.4%
OMV AG	3,850		749,502
Belgium — 4.5%
Almanij NV	24,500		1,462,077
Colruyt NV	4,180		516,188
Dexia	97,930		1,625,157
Electrabel SA*	2,130		682,850
Fortis	62,480		1,383,495
KBC Bancassurance Holding NV	12,380		712,287
Mobistar SA*	16,970		1,057,102
S.A. D’Ieteren NV	1,090		229,954
			7,669,110
Denmark — 0.2%
Carlsberg AS	1,145		55,289
Topdanmark AS*	5,761		340,422
			395,711
Finland — 1.4%
Elisa Communications Oyj	38,900		520,604
Nokia Oyj	40,240		580,641

	Shares	Value (Note 2)
Rautaruukki Oyj	77,850	$	627,968
Wartsila Oyj (Class “B” Stock)	25,780		577,120
			2,306,333
France — 7.7%
Alcatel SA*	4,920		75,901
Assurances Generales de France	11,980		727,752
Aventis SA	24,030		1,814,097
Axa SA	65,890		1,450,986
BNP Paribas SA	25,020		1,538,770
Carrefour SA	1,730		83,940
Compagnie de Saint-Gobain	930		46,357
Compagnie Generale de Geophysique SA*	4,970		303,547
Credit Agricole SA	34,040		828,294
Dior, (Christian) SA	9,330		603,323
Eramet SLN	2,110		121,271
France Telecom SA	20,560		535,806
Groupe Danone SA	2,040		177,957
LVMH Moet Hennessy Louis Vuitton SA	1,130		81,733
Societe Generale (Class “A” Stock)	21,030		1,787,191
Suez SA	2,760		57,455
Total Gabon	150		57,450
Total SA	13,800		2,630,953
Vinci SA	20		2,015
Vivendi Universal SA*	7,980		221,362
			13,146,160
Germany — 6.8%
DaimlerChrysler AG	11,670		545,214
Deutsche Lufthansa AG	100,290		1,364,158
Deutsche Telekom AG*	36,380		639,139
E.ON AG	9,330		673,134
IKB Deutsche Industriebank AG	5,230		123,444
Linde AG	15,760		867,449
Merck KGaA	16,080		968,404
Metro AG	27,390		1,298,303
RWE AG	36,300		1,706,951
SAP AG	2,580		427,714
Siemens AG	10,500		755,119
ThyssenKrup AG	51,950		885,501
TUI AG	63,620		1,215,230
			11,469,760
Hong Kong — 1.3%
Bank Of East Asia Ltd.	58,000		165,825
BOC Hong Kong Holdings Ltd.	100,500		171,370
Cheung Kong Holdings Ltd.	39,300		289,719
CLP Ltd.	34,600		189,418
Hang Seng Bank Ltd.	14,700		188,466
Hong Kong & China Gas Co. Ltd.	80,000		131,798

6

AST DeAM International Equity Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Hong Kong Electric Holdings Ltd.	12,500	$	51,764
Hutchison Whampoa Ltd.	79,100		540,024
Sun Hung Kai Properties Ltd.	37,900		310,982
Swire Pacific Ltd. (Class “A” Stock)	27,800		179,992
			2,219,358
Italy — 2.1%
Assicurazioni Generali SPA	770		20,769
Banca Intesa SPA	630		2,460
Buzzi Unicem SPA	30,580		392,514
Enel SPA	15,140		121,388
Eni SPA	41,470		823,416
Lottomatica SPA	24,210		600,883
Mediaset SPA	81,070		924,199
Milano Assicurazioni SPA	85,740		340,068
Parmalat Finanziaria SPA* (cost $1,180,360; purchased 11/25/03)(g)	448,250		62,717
Telecom Italia Mobile SPA	30,740		174,283
UniCredito Italiano SPA	28,390		140,235
			3,602,932
Japan — 22.9%
Acom Co. Ltd.	2,240		145,549
Advantest Corp.	2,600		174,183
Aeon Co. Ltd.	5,900		236,833
Ajinomoto Co., Inc.	13,000		156,550
Asahi Breweries Ltd.	15,000		165,376
Asahi Glass Co. Ltd.	25,800		268,368
Asahi Kasei Corp.	40,000		207,121
Bank of Yokohama Ltd. (The)*	24,000		150,007
Bridgestone Corp.	13,000		244,238
Canon, Inc.	18,800		990,697
Central Japan Railway Co.	29		246,905
Chubu Electric Power Co., Inc.	19,700		416,153
Dai Nippon Printing Co. Ltd.	20,000		319,479
Daikin Industries Ltd.	6,000		161,114
Daiwa House Industry Co. Ltd.	19,000		220,446
Daiwa Securities Group, Inc.	34,000		244,293
Denso Corp.	11,700		272,355
Dentsu, Inc.	52		133,914
East Japan Railway Co.	73		409,440
Eisai Co. Ltd.	5,600		161,151
Fanuc Ltd.	3,800		226,715
Fuji Photo Film Co. Ltd.	11,700		366,714
Fujisawa Pharmaceutical Co. Ltd.	7,100		168,203
Fujitsu Ltd.	45,000		317,142
Hitachi Ltd.	98,200		675,876
Hokkaido Electric Power Co. Inc.	24,000		426,486
Honda Motor Co. Ltd.	15,500		747,193
Hoya Corp.	2,800		293,049
Ito-Yokado Co. Ltd.	7,000		299,592

	Shares	Value (Note 2)
Itochu Corp.	46,000	$	206,571
JFE Holdings, Inc.	14,400		353,022
Kansai Electric Power Co.	30,900		563,260
Kao Corp.	14,000		337,442
Keihin Electric Express Railway Co. Ltd.	70,100		438,788
Keyence Corp.	1,000		228,108
Kinki Nippon Railway Co. Ltd.	35,900		136,539
Kirin Brewery Co. Ltd.	21,300		210,628
Komatsu Ltd.	29,200		176,889
Konica Minolta Holdings, Inc.	12,500		172,524
Kubota Corp.	34,000		180,727
Kyocera Corp.	3,600		305,513
Kyushu Electric Power Co., Inc.	21,500		400,976
Marui Co. Ltd.	8,800		118,554
Matsushita Electric Industrial Co. Ltd.	51,000		723,998
Millea Holdings, Inc.	39		579,022
Mitsubishi Chemical Corp.	62,000		164,780
Mitsubishi Corp.	37,000		359,437
Mitsubishi Electric Corp.	49,900		245,121
Mitsubishi Estate Co. Ltd.	28,000		347,450
Mitsubishi Heavy Industries Ltd.	83,000		225,157
Mitsubishi Tokyo Financial Group, Inc.	92		851,578
Mitsui & Co. Ltd.	41,000		306,988
Mitsui Fudosan Co. Ltd.	21,000		251,734
Mitsui OSK Lines Ltd.	33,000		173,597
Mitsui Sumitomo Insurance Co. Ltd.	29,000		272,419
Mizuho Financial Group, Inc.	170		771,204
Murata Manufacturing Co. Ltd.	6,100		347,725
NEC Corp.	47,400		333,622
Nidec Corp.	1,300		133,199
Nikko Cordial Corp.	47,000		227,861
Nintendo Co. Ltd.	2,100		243,459
Nippon Express Co. Ltd.	26,000		152,500
Nippon Mitsubishi Oil Corp.	38,900		244,919
Nippon Steel Corp.	196,000		411,346
Nippon Telegraph and Telephone Corp.	117		625,129
Nippon Unipac Holding	38		198,854
Nissan Motor Co. Ltd.	61,700		685,901
Nitto Denko Corp.	5,500		281,263
Nomura Holdings, Inc.	48,000		710,443
NTT Data Corp.	44		141,942
NTT DoCoMo, Inc.	443		791,687
Odakyu Electric Railway Co. Ltd.	28,000		151,913
Oji Paper Co. Ltd.	26,000		166,796
Olympus Optical Co. Ltd.	6,000		113,275
Omron Corp.	7,200		168,593
Orix Corp.	2,000		229,116
Osaka Gas Co. Ltd.	43,000		119,406
Promise Co. Ltd.	2,500		166,796
Resona Holdings, Inc.	136,000		241,800

7

AST DeAM International Equity Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Ricoh Co. Ltd.	16,000	$	340,192
Rohm Co. Ltd.	2,800		335,133
Sankyo Co. Ltd.	7,800		169,060
Sanyo Electric Co. Ltd.	55,400		227,967
Secom Co. Ltd.	5,800		246,107
Sekisui House Ltd.	12,000		133,181
Seven-Eleven Japan Co. Ltd.	7,900		257,746
Sharp Corp.	27,000		431,297
Shin-Etsu Chemical Co. Ltd.	12,200		436,054
Shiseido Co. Ltd.	13,000		163,818
SMC Corp.	2,000		216,286
SoftBank Corp.	4,800		211,153
Sompo Japan Insurance, Inc.	20,000		204,372
Sony Corp.	20,800		783,466
Sumitomo Chemical Co. Ltd.	37,000		172,598
Sumitomo Corp.	31,000		225,010
Sumitomo Electric Industries Ltd.	19,400		197,885
Sumitomo Metal Industries Ltd.	132,000		156,056
Sumitomo Mitsui Financial Group, Inc.	93		637,529
Sumitomo Trust & Banking Co. Ltd.	31,000		220,749
T&D Holdings, Inc.	3,600		179,810
Takeda Chemical Industries Ltd.	17,100		750,666
TDK Corp.	3,000		227,650
The Shizouka Bank Ltd.	19,200		169,627
Tobu Railway Co. Ltd.	61,000		267,223
Tohoku Electric Power Co., Inc.	14,000		235,825
Tokyo Electric Power Co., Inc.	24,200		548,916
Tokyo Electron Ltd.	4,700		263,612
Tokyo Gas Co. Ltd.	62,200		220,606
Tokyu Corp.	33,000		169,060
Toppan Printing Co. Ltd.	23,700		268,245
Toray Industries, Inc.	39,000		183,714
Toshiba Corp.	79,300		319,046
Tostem Inax Holding Corp.	8,000		172,662
Toyota Industries Corp.	13,600		326,555
Toyota Motor Corp.	54,900		2,223,873
UFJ Holdings, Inc.	97		428,484
Wacoal Corp.	36,000		382,715
West Japan Railway Co.	43		173,395
Yahoo! Japan Corp.*	26		252,578
Yamanouchi Pharmaceutical Co. Ltd.	6,500		218,623
Yamato Transport Co. Ltd.	11,000		179,545
			38,762,802
Luxembourg — 0.8%
Arcelor	73,160		1,228,338
SES Global [FDR]	23,940		202,430
			1,430,768
Netherlands — 5.1%
ABN AMRO Holding NV	19,350		423,288

	Shares	Value (Note 2)
Aegon NV	4,480	$	54,015
ASM Lithography Holding NV*	87,450		1,479,967
Hunter Douglas NV	3,380		164,491
ING Groep NV	65,930		1,556,145
Koninklijke (Royal) Philips Electronics NV	55,240		1,487,306
Koninklijke Luchtvaart Maatschappij NV	24,790		327,847
Oce NV	6,030		97,574
Royal Dutch Petroleum Co.	34,310		1,760,729
Stork NV	41,480		968,958
Unilever NV	4,440		303,048
			8,623,368
New Zealand — 0.1%
Telecom Corp. of New Zealand Ltd.	48,923		182,683
Norway — 2.0%
Norsk Hydro ASA	13,160		855,310
Orkla ASA	38,020		951,665
Statoil ASA	58,920		748,029
Telenor ASA	126,530		879,859
			3,434,863
Portugal — 0.7%
Jeronimo Martins SGPS SA*	25,820		289,008
Portugal Telecom SA	79,450		857,398
			1,146,406
Singapore — 0.7%
DBS Group Holdings Ltd.	29,700		248,297
Oversea-Chinese Banking Corp. Ltd.	31,600		221,986
Singapore Press Holdings Ltd.	66,000		159,401
Singapore Telecommunications Ltd.	191,300		249,891
United Overseas Bank Ltd.	37,600		292,514
			1,172,089
Spain — 5.1%
Amadeus Global Travel Distribution SA (Class “A” Stock)	231,030		1,515,034
Banco Bilbao Vizcaya Argentaria SA	46,270		618,112
Banco Santander Central Hispano SA	62,950		653,296
Corporacion Mapfre SA	33,560		411,165
Enagas	76,550		829,828
Repsol YPF SA	71,890		1,574,368
Telefonica SA	190,950		2,822,676
Union Fenosa SA	12,400		264,465
			8,688,944
Sweden — 2.2%
Ainax AB*	1,825		59,967
Atlas Copco AB (Class “B” Stock)	22,170		757,841

8

AST DeAM International Equity Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Ericsson, (L.M.) Telefonaktiebolaget (Class “B” Stock)	361,360	$	1,064,946
Foreningsparbanken AB	47,360		905,335
Volvo AB (Class “B” Stock)	28,290		983,941
			3,772,030
Switzerland — 8.4%
Baloise Holding Ltd.	2,890		125,532
Charles Voegele Holding AG	5,499		228,320
Credit Suisse Group	70,440		2,502,858
Georg Fisher AG	842		194,634
Nestle SA	7,424		1,979,891
Novartis AG	43,868		1,935,250
Roche Holding AG	25,226		2,497,624
Swiss Life Holding	6,173		861,332
Swisscom AG	2,779		918,641
UBS AG	19,560		1,378,290
Vontobel Holding AG	15,268		306,603
Zurich Financial Services AG	8,851		1,397,545
			14,326,520
United Kingdom — 18.4%
AstraZeneca PLC	25,960		1,164,721
Barclays PLC	107,850		918,765
BG Group PLC	23,550		145,100
BHP Billiton PLC	154,470		1,340,428
BP PLC	400,070		3,533,315
British Airways PLC*	100,580		502,517
British American Tobacco PLC	113,930		1,765,500
British Sky Broadcasting Group PLC	1,750		19,740
BT Group PLC	49,100		176,750
Carnival PLC	5,620		272,938
Daily Mail & General Trust PLC	62,700		828,351
Davis Service Group PLC	13,090		91,394
Diageo PLC	42,690		575,605
Enterprise Inns PLC	55,450		578,212
GlaxoSmithKline PLC	110,300		2,232,324
GUS PLC	53,520		820,630
HBOS PLC	59,820		740,400
HSBC Holdings PLC	248,380		3,693,661
Imperial Tobacco Group PLC	21,460		462,342

	Shares		Value (Note 2)
Lloyds TSB Group PLC		55,440	$	434,083
Next PLC		18,890		487,477
Photo-Me International PLC		205,920		366,901
Pilkington PLC		863,540		1,526,879
Reuters Group PLC		74,160		498,282
Rio Tinto PLC		9,930		238,787
Royal Bank of Scotland Group PLC		66,010		1,900,981
SABMiller PLC		155,340		2,009,994
Shell Transport & Trading Co. PLC		120,560		884,381
Tesco PLC		97,970		473,043
Unilever PLC		18,640		182,878
Vodafone Group PLC		1,020,200		2,234,033
				31,100,334
Total Common Stock
(Cost $149,382,663)				162,204,371
PREFERRED STOCK – 0.5%
Germany
Porsche AG
(Cost $899,511)		1,290		863,291
Total Long-Term Investments
(Cost $150,282,174)				163,067,662
	Principal Amount (000)
SHORT-TERM INVESTMENT — 0.6%
U.S. Treasury Obligation
U.S. Treasury Bill 0.95%, 07/29/04(k)(n)
(Cost $1,049,224)	$	1,050		1,049,171
Total Investments — 96.6%
(Cost $151,331,398; Note 5)				164,116,833
Other Assets in Excess of Liabilities — 3.4%				5,701,442
Net Assets — 100.0%			$	169,818,197

9

AST DeAM International Equity Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

The following annotations are used throughout the Schedule 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. Unless otherwise noted 144A securities are deemed to be liquid.

* Non-income producing security.

(g) Indicates a security that has been deemed illiquid. The aggregate cost of the illiquid security is $1,180,360. The aggregate value, $62,717 represents 0.04% of net assets.

(k) Securities with an aggregate market value of $1,049,171 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2004:

Description	Expiration Month	Number of Contracts	Contracts Value at Trade Date		Contracts Value at June 30, 2004		Unrealized Appreciation (Depreciation)
Long Positions:
DJ Euro STOXX 50 Index	Sep 04	81	$	2,733,522	$	2,776,112	$	42,590
FTSE 100 Index	Sep 04	26		2,108,345		2,108,121		(224	)
S&P ASX 200 Index	Sep 04	9		547,323		554,216		6,893
TOPIX Index	Sep 04	15		1,586,963		1,636,576		49,613
							$	98,872

(n) Rates shown are the effective yields at purchase date.

Foreign currency exchange contracts outstanding at June 30, 2004:

Purchase Contracts

Settlement Month	Type	Contracts to Receive	In Exchange For		Contracts at Value		Unrealized Appreciation (Depreciation)
Sep 04	Buy  EUR	4,412,445	$	5,510,338	$	5,552,711	$	42,373
Sep 04	Buy  GBP	1,547,752		2,789,402		2,788,087		(1,315	)
Sep 04	Buy  JPY	294,904,074		2,679,743		2,707,308		27,565
			$	10,979,483	$	11,048,106	$	68,623

Sale Contracts

Settlement Month	Type	Contracts to Deliver	In Exchange For		Contracts at Value		Unrealized Appreciation (Depreciation)
Sep 04	Sell  EUR	1,656,000	$	2,006,841	$	2,012,783	$	(5,942	)
Sep 04	Sell  GBP	554,000		1,000,684		997,964		2,720
Sep 04	Sell  JPY	106,829,000		989,446		980,722		8,724
			$	3,996,971	$	3,991,469	$	5,502

The following abbreviations are used throughout the Schedule of Investments:

EUR Euro

FDR Fiduciary Depositary Receipt

GBP British Pound

JPY Japanese Yen

10

AST DeAM International Equity Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

11

The industry classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2004 was as follows:

Industry
Financial-Bank & Trust	16.9	%
Oil & Gas	9.2
Telecommunications	8.8
Pharmaceuticals	7.1
Insurance	5.4
Utilities	3.8
Food	3.7
Electronic Components & Equipment	3.6
Automobile Manufacturers	3.5
Metals & Mining	3.3
Financial Services	2.8
Retail & Merchandising	2.4
Conglomerates	2.2
Beverages	2.0
Entertainment & Leisure	2.0
Transportation	1.9
Building Materials	1.7
Semiconductors	1.7
Machinery & Equipment	1.6
Broadcasting	1.4
Airlines	1.3
Farming & Agriculture	1.3
Consumer Products & Services	0.9
Real Estate	0.9
Office Equipment	0.8
Business Services	0.7
Chemicals	0.7
Medical Supplies & Equipment	0.6
Printing & Publishing	0.6
Short-Term Investments	0.6
Railroads	0.5
Automotive Parts	0.4
Commercial Services	0.4
Clothing & Apparel	0.3
Computer Hardware	0.3
Computer Services & Software	0.3
Internet Services	0.3
Construction	0.2
Containers & Packaging	0.2
Paper & Forest Products	0.2
Advertising	0.1
	96.6
Other assets in excess of liabilities	3.4
Total	100.0	%

See Notes to Financial Statements.

AST MFS Global Equity Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 94.1%
COMMON STOCK
Australia — 2.1%
News Corp. Ltd.	150,332	$	1,327,869
QBE Insurance Group Ltd.	126,823		1,130,816
			2,458,685
Austria — 0.8%
Erste Bank der Oesterreichischen Sparkassen AG	6,420		1,008,385
Brazil — 0.4%
Brasil Telecom Participacoes SA [ADR]	14,080		432,256
Canada — 1.9%
BCE, Inc.	27,369		545,032
Canadian National Railway Co.	17,551		765,048
EnCana Corp.	23,480		1,009,076
			2,319,156
France — 8.3%
Axa SA	69,950		1,540,393
Business Objects SA*	10,200		228,713
L’ Air Liquide SA	16,258		2,688,155
Sanofi-Synthelabo SA	26,680		1,691,176
Schneider Electric SA	12,422		847,851
Total SA	9,040		1,723,465
Veolia Environnement	41,590		1,173,424
			9,893,177
Germany — 1.9%
Bayerische Motoren Werke AG	27,230		1,204,914
Schering AG	17,790		1,048,228
			2,253,142
Hong Kong — 0.7%
Esprit Holdings Ltd.	189,500		847,913
Hungary — 0.7%
OTP Bank [GDR]	20,700		845,597
Ireland — 0.7%
Irish Life & Permanent PLC	51,070		785,998
Italy — 0.7%
Riunione Adriatica di Sicurta SPA	48,020		871,094
Japan — 8.7%
Bridgestone Corp.	58,000		1,089,676
Canon, Inc.	37,000		1,949,778
Chugai Pharmaceutical Co. Ltd.	69,600		1,092,015
Citizen Watch Co. Ltd.	85,000		962,837
KDDI Corp.	203		1,160,904
Nitto Denko Corp.	7,200		368,199
NOK Corp.	17,000		630,986
Tokyo Broadcasting System, Inc.	37,200		654,575
Tokyo Gas Co. Ltd.	158,000		560,381
Toyota Motor Corp.	31,500		1,275,993

	Shares	Value (Note 2)
Yamaha Corp.	34,400	$	564,322
			10,309,666
Korea — 2.2%
Samsung Electronics Co. Ltd.	3,880		1,601,697
Samsung SDI Co. Ltd.	9,220		969,476
			2,571,173
Netherlands — 1.0%
Reed Elsevier NV	82,800		1,162,522
Singapore — 2.0%
DBS Group Holdings Ltd.	111,500		932,160
Singapore Telecommunications Ltd.	609,000		795,524
United Overseas Bank Ltd.	87,000		676,827
			2,404,511
Spain — 3.3%
Banco Bilbao Vizcaya Argentaria SA	88,710		1,185,059
Iberdrola SA	55,450		1,170,486
Telefonica SA	109,866		1,624,070
			3,979,615
Sweden — 4.9%
Atlas Copco AB (Class “A” Stock)	33,160		1,230,357
Ericsson, (L.M.) Telefonaktiebolaget (Class “B” Stock)	386,140		1,137,975
Hennes & Mauritz AB (Class “B” Stock)	62,770		1,620,715
Sandvik AB	53,640		1,830,024
			5,819,071
Switzerland — 7.2%
Credit Suisse Group	32,790		1,165,087
Nestle SA	5,291		1,411,046
Novartis AG	24,940		1,100,236
Roche Holding AG	20,320		2,011,882
Syngenta AG	7,216		604,982
Synthes, Inc.	4,230		482,140
UBS AG	24,805		1,747,877
			8,523,250
United Kingdom — 15.0%
Amvescap PLC	182,740		1,246,060
AstraZeneca PLC	36,480		1,636,711
BOC Group PLC	77,480		1,296,907
BP PLC	123,580		1,091,427
British Sky Broadcasting Group PLC	76,170		859,195
Diageo PLC	124,756		1,682,131
Kingfisher PLC	283,794		1,473,215
Next PLC	34,040		878,440
Reckitt Benckiser PLC	148,090		4,192,240
Royal Bank of Scotland Group PLC	28,527		821,531
Vodafone Group PLC	605,974		1,326,962
William Hill PLC	129,680		1,302,868
			17,807,687

12

AST MFS Global Equity Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares		Value (Note 2)
United States — 31.6%
Accenture Ltd. (Class “A” Stock)*		72,720	$	1,998,346
Air Products & Chemicals, Inc.		20,740		1,087,813
American Express Co.		40,570		2,084,487
Aramark Corp.		31,150		895,874
Bank of America Corp.		13,480		1,140,678
Burlington Northern Santa Fe Corp.		25,480		893,584
Caremark Rx Inc.*		31,677		1,043,427
Citigroup, Inc.		35,180		1,635,870
Dell, Inc.*		49,490		1,772,732
Dentsply Corp.		14,090		734,089
DST Systems, Inc.*		9,000		432,810
EOG Resources, Inc.		8,350		498,579
Fisher Scientific International, Inc.*		26,840		1,550,010
Genzyme Corp.*		27,010		1,278,383
Janus Capital Group, Inc.		42,230		696,373
Johnson & Johnson		39,130		2,179,541
Lincare Holdings, Inc.*		19,310		634,527
MBNA Corp.		44,670		1,152,039
Medtronic, Inc.		9,470		461,378
Microsoft Corp.		44,600		1,273,776
Networks Associates, Inc.*		32,700		592,851
Noble Drilling Corp.*		32,770		1,241,655
PepsiCo, Inc.		15,550		837,834
Praxair, Inc.		31,730		1,266,344
SouthTrust Corp.		14,520		563,521
Symantec Corp.*		9,490		415,472
The Home Depot, Inc.		23,200		816,640
The J.M. Smucker Co.		9,100		417,781
Thermo Electron Corp.*		40,280		1,238,207
Time Warner, Inc.*		113,600		1,997,088
TJX Cos., Inc.		65,860		1,589,860
Union Pacific Corp.		11,960		711,022
Viacom, Inc. (Class “B” Stock)		37,850		1,352,002
Waters Corp.*		23,790		1,136,686
				37,621,279
Total Long-Term Investments
(Cost $95,639,552)				111,914,177
	Principal Amount (000)
SHORT-TERM INVESTMENT — 4.3%
U.S. Government Agency Obligation
Federal National Mortgage Assoc. l 1.25%, 07/01/04(n)
(Cost $5,109,000)	$	5,109		5,109,000
Total Investments — 98.4%
(Cost $100,748,552; Note 5)				117,023,177
Other Assets in Excess of Liabilities — 1.6%				1,945,954
Net Assets — 100.0%			$	118,969,131

The industry classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of June 30, 2004 was as follows:

Industry
Pharmaceuticals	8.1	%
Financial Services	7.9
Chemicals	7.2
Financial-Bank & Trust	7.0
Broadcasting	6.2
Retail & Merchandising	6.2
Telecommunications	5.9
Electrical Components & Equipment	5.5
Oil & Gas	5.1
Short-Term Investments	4.3
Consumer Products & Services	3.5
Machinery & Equipment	3.3
Medical Supplies & Equipment	3.2
Insurance	3.0
Automobile Manufacturers	2.6
Beverages	2.1
Transportation	2.0
Utilities	2.0
Computer Hardware	1.8
Business Services	1.7
Entertainment & Leisure	1.6
Office Equipment	1.6
Food	1.5
Computer Services & Software	1.3
Automotive Parts	0.9
Internet Services	0.9
Commerical Services	0.8
Conglomerates	0.7
Healthcare Services	0.5
	98.4
Other assets in excess of liabilities	1.6
Total	100.0	%

13

AST MFS Global Equity Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

The following abbreviations are used throughout the Schedule of Investments:

ADR American Depositary Receipt

GDR Global Depositary Receipt

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(n) Rates shown are the effective yields at purchase date.

See Notes to Financial Statements.

14

AST State Street Research Small-Cap Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 98.3%
COMMON STOCK
Broadcasting — 1.4%
Citadel Broadcasting Co.*	169,500	$	2,469,615
Entravision Communications Corp. (Class “A” Stock)*	160,300		1,231,104
			3,700,719
Building Materials — 1.7%
Trex Co., Inc.*	119,500		4,511,125
Business Services — 0.8%
LECG Corp.*	119,700		2,072,007
Computer Hardware — 1.8%
Integrated Silicon Solution, Inc.*	266,700		3,256,407
Silicon Storage Technology, Inc.*	124,600		1,283,380
			4,539,787
Computer Services & Software — 5.1%
Cerner Corp.*	73,400		3,272,172
Embarcadero Technologies, Inc.*	165,400		2,044,344
Epicor Software Corp.*	170,800		2,399,740
Quest Software, Inc.*	225,400		2,907,660
SkillSoft PLC [ADR] (Ireland)*	323,500		2,458,600
			13,082,516
Consumer Products & Services — 0.1%
Aaron Rents, Inc.	8,700		288,318
Electronic Components & Equipment — 4.0%
ESCO Technologies, Inc.*	32,800		1,750,208
Harman International Industries, Inc.	35,200		3,203,200
KEMET Corp.*	210,300		2,569,866
Mobility Electronics, Inc*	160,100		1,348,042
REMEC, Inc.*	215,700		1,363,224
			10,234,540
Entertainment & Leisure — 5.4%
Boyd Gaming Corp.	161,300		4,285,741
Pinnacle Entertainment, Inc.*	298,800		3,767,868
Shuffle Master, Inc.*	37,400		1,357,994
Station Casinos, Inc.	93,000		4,501,200
			13,912,803
Exchange Traded Funds — 1.4%
iShares Russell 2000 Index Fund	30,393		3,586,070
Financial — Bank & Trust — 4.0%
Commercial Capital Bancorp, Inc.*	104,700		1,818,639
East West Bancorp, Inc.	112,200		3,444,540
Southwest Bancorporation of Texas, Inc.	63,400		2,797,208
UCBH Holdings, Inc.	55,400		2,189,408
			10,249,795

	Shares	Value (Note 2)
Financial Services — 5.3%
Affiliated Managers Group, Inc.*	100,300	$	5,052,111
Capital Source, Inc.*	66,400		1,623,480
Greenhill & Co., Inc.*	18,200		380,562
Jefferies Group, Inc.	50,800		1,570,736
Nelnet, Inc. (Class “A” Stock)*	108,600		1,927,650
South Financial Group, Inc.	113,200		3,208,088
			13,762,627
Healthcare Services — 7.1%
AMERIGROUP Corp.*	66,600		3,276,720
AmSurg Corp.*	69,000		1,733,970
Molina Healthcare, Inc.*	49,800		1,901,364
Psychiatric Solutions, Inc.*	148,600		3,704,598
Select Medical Corp.	160,800		2,157,936
United Surgical Partners International, Inc.*	138,200		5,454,754
			18,229,342
Insurance — 0.7%
Bristol West Holdings, Inc.	100,800		1,833,552
Internet Services — 7.3%
Ask Jeeves, Inc.*	65,100		2,540,853
Autobytel, Inc.*	229,300		2,082,044
Avocent Corp.*	119,000		4,372,060
eCollege.com, Inc.*	231,500		3,704,000
Jupitermedia Corp.*	64,100		907,656
Loudeye Corp.*	622,200		982,454
Opsware, Inc.*	314,500		2,490,840
SonicWALL, Inc.*	206,900		1,779,340
			18,859,247
Medical Supplies & Equipment — 4.1%
Animas Corp.*	75,500		1,408,075
Cutera, Inc.*	147,400		2,003,166
Inamed Corp.*	47,800		3,004,230
Protein Design Labs, Inc.*	102,700		1,964,651
Respironics, Inc.*	36,400		2,138,500
			10,518,622
Metals & Mining — 1.8%
Arch Coal, Inc.	126,500		4,628,635
Oil & Gas — 5.4%
Cal Dive International, Inc.*	84,300		2,555,976
Newfield Exploration Co.*	29,600		1,649,904
Newpark Resources, Inc.*	407,100		2,524,020
Patterson-UTI Energy, Inc.	58,800		1,964,508
Rowan Cos., Inc.*	125,100		3,043,683
W-H Energy Services, Inc.*	108,800		2,132,480
			13,870,571

15

AST State Street Research Small-Cap Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Personal Services — 7.0%
Career Education Corp.*	108,400	$	4,938,704
Corinthian Colleges, Inc.*	307,300		7,602,602
Laureate Education, Inc.*	147,400		5,636,576
			18,177,882
Pharmaceuticals — 10.3%
Abgenix, Inc.*	239,000		2,801,080
Alkermes, Inc.*	171,500		2,332,400
Dyax Corp.*	129,000		1,515,750
ICOS Corp.*	110,000		3,282,400
Inveresk Research Group, Inc.*	91,800		2,831,112
MGI Pharma, Inc.*	50,300		1,358,603
Momenta Pharmaceuticals, Inc.*	4,800		43,200
Nektar Therapeutics*	238,400		4,758,464
Onyx Pharmaceuticals, Inc.*	51,200		2,168,832
OSI Pharmaceuticals, Inc.*	24,500		1,725,780
The Medicines Co.*	119,300		3,639,843
			26,457,464
Retail & Merchandising — 1.8%
Cost Plus, Inc.*	65,600		2,128,720
Hot Topic, Inc.*	77,000		1,577,730
Linens ’n Things, Inc.*	31,800		932,058
			4,638,508
Semiconductors — 14.4%
August Technology Corp.*	185,300		2,323,662
Cypress Semiconductor Corp.*	213,300		3,026,727
Helix Technology Corp.	188,000		4,010,040
International Rectifier Corp.*	117,300		4,858,566
Lam Research Corp.*	240,200		6,437,359
Mattson Technology, Inc.*	95,800		1,151,516
MKS Instruments, Inc.*	202,800		4,627,896
ON Semiconductor Corp.*	465,300		2,335,806

	Shares		Value (Note 2)
Sigmatel, Inc.*		136,300	$	3,960,878
Varian Semiconductor Equipment Associates, Inc.*		114,200		4,403,552
				37,136,002
Telecommunications — 7.4%
Aeroflex, Inc.*		402,700		5,770,691
American Tower Corp. Cl-A*		278,100		4,227,120
Anaren, Inc.*		132,600		2,166,684
Carrier Access Corp.*		210,600		2,510,352
SpectraLink Corp.		100,600		1,498,940
Western Wireless Corp. (Class “A” Stock)*		100,600		2,908,346
				19,082,133
Total Long-Term Investments
(Cost $249,095,999)				253,372,265
	Principal Amount (000)
SHORT-TERM INVESTMENTS — 3.2%
Commercial Paper
Caterpillar Financial 1.20%, 07/07/04	$	3,000		2,999,400
Goldman Sachs Group 1.25%, 07/02/04		3,297		3,296,886
UBS Finance, Inc. 1.42%, 07/01/04		2,068		2,068,000
Total Short-Term Investments
(Cost $8,364,286)				8,364,286
Total Investments — 101.5%
(Cost $257,460,285; Note 5)				261,736,551
Liabilities in Excess of Other Assets — (1.5%)				(3,766,898	)
Net Assets — 100.0%			$	257,969,653

The following abbreviation is used throughout the Schedule of Investments:

ADR American Depositary Receipt

The following annotation is used throughout the Schedule of Investments:

* Non-income producing security.

See Notes to Financial Statements.

16

AST DeAM Small-Cap Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 94.9%
COMMON STOCK
Advertising — 0.6%
ADVO, Inc.	39,800	$	1,310,217
Valassis Communications, Inc.*(a)	27,000		822,690
			2,132,907
Aerospace — 1.3%
Curtiss-Wright Corp.	12,500		702,375
Orbital Sciences Corp.*	34,500		476,445
Teledyne Technologies, Inc.*	148,600		2,974,972
United Industrial Corp.	18,700		436,645
			4,590,437
Airlines — 1.3%
America West Holdings Corp. (Class “B” Stock)*(a)	93,800		851,704
ExpressJet Holdings, Inc.*	150,200		1,823,428
Mesa Air Group, Inc.*	133,800		1,082,442
Pinnacle Airlines Corp.*	60,900		688,170
			4,445,744
Broadcasting — 0.2%
Cumulus Media, Inc. (Class “A” Stock)*	33,300		559,773
Building Materials — 1.2%
Drew Industries, Inc.*	5,600		227,920
ElkCorp	34,200		818,748
NCI Building Systems, Inc.*	8,400		273,420
SCP Pool Corp.	62,500		2,812,500
			4,132,588
Business Services — 3.2%
Administaff, Inc.*	35,400		587,640
Charles River Associates, Inc.*	8,600		266,170
CoStar Group, Inc.*	10,600		486,858
CSG Systems International, Inc.*	28,400		587,880
Dionex Corp.*	37,000		2,041,290
FTI Consulting, Inc.*	78,750		1,299,375
Gartner, Inc. (Class “A” Stock)*	25,000		330,500
Hiedrick & Struggles International, Inc.*	12,000		356,160
LECG Corp.*	53,200		920,892
Navigant Consulting, Inc.*	126,500		2,712,160
PDI, Inc.*	26,300		797,679
Pre-Paid Legal Services, Inc.*(a)	37,200		886,476
			11,273,080
Cable Television — 0.4%
Mediacom Communications Corp.*	95,800		749,156
TiVo, Inc.*	72,600		514,734
			1,263,890

	Shares	Value (Note 2)
Chemicals — 2.7%
Georgia Gulf Corp.	103,550	$	3,713,303
Hercules, Inc.*	246,900		3,009,711
MacDermid, Inc.	79,500		2,691,075
			9,414,089
Clothing & Apparel — 0.8%
Guess, Inc.*	14,200		228,620
J. Jill Group, Inc.*	78,100		1,842,379
Wolverine World Wide, Inc.	29,200		766,500
			2,837,499
Computer Hardware — 0.5%
Mercury Computer Systems, Inc.*	38,400		952,320
Silicon Storage Technology, Inc.*(a)	81,400		838,420
			1,790,740
Computer Services & Software — 8.8%
Aspen Technology, Inc.*	260,400		1,890,504
Cerner Corp.*(a)	77,300		3,446,034
Concur Technologies, Inc.*	99,500		1,064,650
Echelon Corp.*	38,600		431,934
Embarcadero Technologies, Inc.*	68,000		840,480
Epicor Software Corp.*	31,900		448,195
FileNET Corp.*(a)	38,200		1,205,974
Group 1 Software, Inc.*	49,200		1,129,140
IDX Systems Corp.*	12,300		392,247
Intergraph Corp.*	117,300		3,033,378
Kronos, Inc.*	93,050		3,833,660
Macrovision Corp.*	20,200		505,606
MatrixOne, Inc.*	143,100		988,821
Micromuse, Inc.*	3,700		24,753
Micros Systems, Inc.*	11,000		527,670
MicroStrategy, Inc. (Class “A” Stock)*	53,000		2,263,100
MRO Software, Inc.*	41,900		570,259
Netegrity, Inc.*	83,400		705,564
Omnicell, Inc.*	54,500		796,245
Progress Software Corp.*	37,000		801,790
Retek, Inc.*	42,600		261,564
SRA International, Inc. (Class “A” Stock)*	6,500		275,080
SS&C Technologies, Inc.	96,350		1,801,745
Tradestation Group, Inc.*	116,300		836,197
Transaction Systems Architects, Inc. (Class “A” Stock)*	49,500		1,065,735
Websense, Inc.*	34,100		1,269,543
			30,409,868
Consumer Products & Services — 2.7%
Aaron Rents, Inc.	91,900		3,045,566
Blyth, Inc.	14,000		482,860
Coinstar, Inc.*	38,100		837,057
Elizabeth Arden, Inc.*	10,800		227,232
Engineered Support Systems, Inc.	17,475		1,022,462

17

AST DeAM Small-Cap Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Nu Skin Enterprises, Inc. (Class “A” Stock)(a)	60,900	$	1,541,988
Viisage Technology, Inc.*	254,900		2,222,728
			9,379,893
Containers & Packaging — 1.0%
Silgan Holdings, Inc.	83,900		3,382,009
Electronic Components & Equipment — 5.0%
Advanced Energy Industries, Inc.*	70,200		1,103,544
BEI Technologies, Inc.	80,500		2,278,955
California Micro Devices Corp.*	142,900		1,647,637
Checkpoint Systems, Inc.*	132,700		2,379,311
Daktronics, Inc.*	30,900		770,955
Harmonic, Inc.*	264,500		2,253,540
Littelfuse, Inc.*	64,600		2,739,686
Measurement Specialties, Inc.*	14,900		321,840
Sonic Solutions, Inc.*	62,800		1,334,500
Varian, Inc.*	64,400		2,714,460
			17,544,428
Entertainment & Leisure — 1.9%
Alliance Gaming Corp.*(a)	108,200		1,856,712
Ameristar Casinos, Inc.	83,000		2,787,140
Argosy Gaming Co.*	24,600		924,960
Isle of Capri Casinos, Inc.*	56,000		977,200
			6,546,012
Environmental Services — 0.4%
Waste Connections, Inc.*	44,550		1,321,353
Equipment Services — 0.6%
Global Imaging Systems, Inc.*	53,400		1,957,644
Financial — Bank & Trust — 4.9%
Accredited Home Lenders Holding Co.*	51,200		1,441,280
Dime Community Bancshares	23,050		402,914
East West Bancorp, Inc.	138,000		4,236,600
Flagstar Bancorp, Inc.	109,500		2,176,860
Independent Bank Corp.	35,367		898,322
Pacific Capital Bancorp	36,133		1,016,421
R&G Financial Corp. (Class “B” Stock)	108,900		3,600,234
Republic Bancorp, Inc.	79,498		1,105,022
Texas Regional Bancshares, Inc. (Class “A” Stock)	33,020		1,515,948
Wintrust Financial Corp.	12,000		606,120
			16,999,721
Financial Services — 1.3%
New Century Financial Corp.(a)	91,200		4,269,984
World Acceptance Corp.*	11,000		201,630
			4,471,614
Food — 0.2%
Wild Oats Markets, Inc.*	44,100		620,487

	Shares	Value (Note 2)
Furniture — 0.6%
Tempur-Pedic International, Inc.*	141,900	$	1,988,019
Healthcare Services — 5.8%
Allscripts Healthcare Solutions*	237,300		1,860,432
Amedisys, Inc.*	121,700		4,020,968
America Service Group, Inc.*	9,200		319,700
AMERIGROUP Corp.*	66,800		3,286,560
Apria Healthcare Group, Inc.*	33,600		964,320
Beverly Enterprises, Inc.*(a)	256,100		2,202,460
Labone, Inc.*	36,100		1,147,258
NDCHealth Corp.(a)	27,400		635,680
Pediatrix Medical Group, Inc.*	10,100		705,485
Sierra Health Services, Inc.*	49,400		2,208,180
United Surgical Partners International, Inc.*	75,500		2,979,985
			20,331,028
Hotels & Motels — 0.3%
Choice Hotels International, Inc.	22,900		1,148,664
Industrial Products — 0.7%
Acuity Brands, Inc.	10,800		291,600
Armor Holdings, Inc.*	65,600		2,230,400
			2,522,000
Insurance — 0.7%
Philadelphia Consolidated Holdings Corp.*	33,800		2,030,366
Zenith National Insurance Corp.	8,800		427,680
			2,458,046
Internet Services — 6.6%
CNET Networks, Inc.*	105,600		1,168,992
Cybersource Corp.*	99,200		829,312
Digital Insight Corp.*	59,100		1,225,143
Digital River, Inc.*	40,700		1,328,041
EarthLink, Inc.*	145,500		1,505,925
eCollege.com, Inc.*	93,900		1,502,400
eResearch Technology, Inc.*	127,050		3,557,400
eSPEED, Inc. (Class “A” Stock)*	55,600		981,340
F5 Networks, Inc.*(a)	50,800		1,345,184
FindWhat.com*	77,300		1,788,722
InfoSpace, Inc.*	40,200		1,529,208
Openwave Systems, Inc.*	99,300		1,261,110
Priceline.com, Inc.*(a)	37,683		1,014,803
RSA Security, Inc.*	72,400		1,482,028
S1 Corp.*	29,700		295,218
Sohu.com, Inc.*(a)	54,300		1,079,484
WebEx Communications, Inc.*	54,400		1,183,744
			23,078,054
Machinery & Equipment — 2.9%
A.S.V., Inc.*	35,500		1,111,505
Middleby Corp.	48,500		2,649,070

18

AST DeAM Small-Cap Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Nordson Corp.	34,900	$	1,513,613
Terex Corp.*	87,500		2,986,375
Toro Co. (The)(a)	28,400		1,989,988
			10,250,551
Medical Supplies & Equipment — 5.9%
Advanced Medical Optics, Inc.*(a)	41,800		1,779,426
Align Technology, Inc.*	65,800		1,250,200
Digene Corp.*	61,700		2,253,901
Immucor, Inc.*	42,200		1,373,610
Integra LifeSciences Holdings Corp.*(a)	67,800		2,391,306
Merit Medical Systems, Inc.*	123,522		1,967,705
Quidel Corp.*	225,300		1,327,017
Regeneration Technologies, Inc.*	43,800		469,974
Serologicals Corp.*	84,300		1,685,157
Sybron Dental Specialties, Inc.*	117,300		3,501,405
Ventana Medical Systems, Inc.*	37,100		1,763,363
Wright Medical Group, Inc.*	20,700		736,920
			20,499,984
Metals & Mining — 1.2%
Hecla Mining Co.*	231,500		1,319,550
Steel Dynamics, Inc.*	94,500		2,705,535
			4,025,085
Office Equipment — 0.2%
Imagistics International, Inc.*	18,000		637,200
Oil & Gas — 3.8%
Cabot Oil & Gas Corp.	11,500		486,450
Comstock Resources, Inc.*	171,600		3,339,336
Denbury Resources, Inc.*	61,600		1,290,520
KCS Energy, Inc.*	247,400		3,295,368
Penn Virginia Corp.	18,900		682,479
Prima Energy Corp.*	5,600		221,592
Range Resources Corp.	24,800		362,080
Remington Oil & Gas Corp.*	66,700		1,574,120
Spinnaker Exploration Co.*	12,400		488,312
Stone Energy Corp.*	22,500		1,027,800
Veritas DGC, Inc.*	24,600		569,490
			13,337,547
Personal Services — 0.5%
Bright Horizons Family Solutions, Inc.*	9,700		520,017
Strayer Education, Inc.	11,500		1,283,055
			1,803,072
Pharmaceuticals — 7.7%
Bradley Pharmaceuticals, Inc.*	91,000		2,538,900
Connetics Corp.*	154,300		3,116,860
Enzon Pharmaceuticals, Inc.*	98,800		1,260,688
First Horizon Pharmaceutical Corp.*	98,900		1,869,210
Kos Pharmaceuticals, Inc.*	76,400		2,518,908

	Shares	Value (Note 2)
Ligand Pharmaceuticals, Inc. (Class “B” Stock)*(a)	159,200	$	2,766,896
Nabi Biopharmaceuticals*	140,000		1,990,800
Noven Pharmaceuticals, Inc.*	55,100		1,213,302
Onyx Pharmaceuticals, Inc.*	42,600		1,804,536
Perrigo Co.	157,000		2,978,290
POZEN, Inc.*	68,900		471,276
Regeneron Pharmaceuticals, Inc.*	39,000		410,670
SFBC International, Inc.*	96,450		3,021,779
Valeant Pharmaceuticals International(a)	34,500		690,000
			26,652,115
Printing & Publishing — 0.7%
Banta Corp.	25,800		1,145,778
Consolidated Graphics, Inc.*	12,000		528,600
Journal Register Co.*	9,200		184,000
Nelson, (Thomas), Inc.	14,600		332,004
Readers Digest Association, Inc.	25,800		412,542
			2,602,924
Real Estate — 1.0%
Alexandria Real Estate Equities, Inc. [REIT]	18,000		1,022,040
Corrections Corp. of America*	8,800		347,512
Essex Property Trust, Inc. [REIT](a)	15,500		1,059,425
Washington Real Estate Investment Trust [REIT]	34,200		1,004,796
			3,433,773
Restaurants — 1.0%
California Pizza Kitchen, Inc.*	22,600		433,016
CBRL Group, Inc.	34,400		1,061,240
CEC Entertainment, Inc.*	50,900		1,502,059
Red Robin Gourmet Burgers, Inc.*	17,800		487,186
			3,483,501
Retail & Merchandising — 4.7%
7-Eleven, Inc.*	114,200		2,038,470
Aeropostale, Inc.*	80,200		2,158,182
Children’s Place Retail Stores, Inc. (The)*	89,500		2,105,040
Coldwater Creek, Inc.*	22,700		600,869
Electronics Boutique Holdings Corp.*	14,900		392,466
Finish Line, Inc. (Class “A” Stock)*	14,600		440,482
Hibbett Sporting Goods, Inc.*	8,850		242,048
Hot Topic, Inc.*(a)	120,100		2,460,849
Movie Gallery, Inc.(a)	49,900		975,545
Oakley, Inc.	35,900		464,546
Select Comfort Corp.*	20,900		593,560
Stein Mart, Inc.*	18,000		292,680
Tuesday Morning Corp.*	17,500		507,500
Yankee Candle Co., Inc.*	110,500		3,232,125
			16,504,362

19

AST DeAM Small-Cap Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares		Value (Note 2)
Semiconductors — 6.5%
Cirrus Logic, Inc.*		288,300	$	1,732,683
ESS Technology, Inc.*		99,900		1,069,929
Helix Technology Corp.		116,000		2,474,280
LTX Corp.*		123,100		1,330,711
Micrel, Inc.*		186,100		2,261,115
Microsemi Corp.*		195,700		2,780,897
Mykrolis Corp.*		138,500		2,412,670
ON Semiconductor Corp.*		365,000		1,832,300
Photronics, Inc.*		115,900		2,195,146
Pixelworks, Inc.*		116,800		1,789,376
Silicon Image, Inc.*		66,600		874,458
Standard Microsystems Corp.*		73,600		1,716,352
				22,469,917
Telecommunications — 4.7%
Alamosa Holdings, Inc.*		191,900		1,410,465
Aspect Communications Corp.*		153,500		2,179,700
C-COR.net Corp.*		197,600		2,033,304
Golden Telecom, Inc.(a)		99,900		2,811,186
Intrado, Inc.*		22,800		366,852
Metrocall Holdings, Inc.*		7,100		475,700
Ptek Holdings, Inc.*		99,900		1,151,847
RF Micro Devices, Inc.*(a)		295,000		2,212,500
SpectraLink Corp.		58,700		874,630
Symmetricom, Inc.*		42,100		374,690
ViaSat, Inc.*		62,100		1,549,395
Westell Technologies, Inc. (Class “A”)		156,500		798,150
				16,238,419
Transportation — 0.4%
Knight Transportation, Inc.*		47,000		1,350,310
Total Long-Term Investments
(Cost $305,443,341)				329,888,347
	Principal Amount (000)
SHORT-TERM INVESTMENTS — 11.0%
Certificates of Deposit — 1.7%
Banco Santander PR 1.125%, 07/01/04(b)(c)	$	4,105		4,104,814
Svenska Handelsbanken 1.39%, 10/27/04(b)		1,716		1,715,941
				5,820,755

	Principal Amount (000)		Value (Note 2)
Commercial Paper — 0.5%
Amsterdam Funding Corp. 1.111%, 07/12/04(b)	$	1,764	$	1,761,495
Corporate Obligations — 1.4%
Bank of America NA 1.05%, 07/01/04(b)(c)		2,092		2,091,667
Merrill Lynch & Co., Inc. 1.63%, 07/01/04(b)(c)		302		301,856
Morgan Stanley 1.58%, 07/01/04(b)(c)		2,325		2,325,404
Swedbank 1.12%, 07/15/04(b)(c)		243		242,569
				4,961,496
Time Deposit — 0.7%
J. P. Morgan Chase & Co. 1.25%, 07/01/04(b)		2,427		2,427,339
U.S. Treasury Obligations — 0.3%
U.S. Treasury Bills 0.91%, 07/29/04(k)(n)		200		199,849
0.95%, 07/29/04(k)(n)		650		649,486
1.04%, 07/29/04(k)(n)		130		129,895
				979,230
	Shares
Non-Registered Investment Company — 6.4%
BlackRock Institutional Money Market Trust(b)(j)		22,316,218		22,316,218
Total Short-Term Investments
(Cost $38,266,576)				38,266,533
Total Investments — 105.9%
(Cost $343,709,917; Note 5)				368,154,880
Liabilities in Excess of Other Assets — (5.9%)				(20,349,223	)
Net Assets — 100.0%			$	347,805,657

The following abbreviation is used throughout the Schedule of Investments:

REIT Real Estate Investment Trust

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) Portion of securities on loan with an aggregate market value of $36,033,990; cash collateral of $37,287,303 was received with which the portfolio purchased highly liquid short-term investments.

20

AST DeAM Small-Cap Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

(b) Represents security purchased with cash collateral for securities on loan.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(j) Security available to institutional investors only.

(k) Securities with an aggregate market value of $979,230 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2004:

Description	Expiration Month	Number of Contracts	Value at Trade Date		Value at June 30, 2004		Unrealized Appreciation
Long Positions:
Russell 2000	Sep 04	51	$	15,153,906	$	15,697,275	$	543,369

(n) Rates shown are the effective yields at purchase date.

See Notes to Financial Statements.

21

AST Federated Aggressive Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 91.4%
COMMON STOCK
Advertising — 0.7%
Getty Images, Inc.*	10,400	$	624,000
Lamar Advertising Co.*	15,700		680,595
Valueclick, Inc.*	51,040		611,459
			1,916,054
Aerospace — 1.6%
DRS Technologies, Inc.*	60,711		1,936,681
Innovative Solutions and Support, Inc.*	120,400		2,350,208
			4,286,889
Automotive Parts — 6.2%
Advance Auto Parts, Inc.*	286,872		12,674,005
Monro Muffler Brake, Inc.*	145,331		3,525,730
			16,199,735
Beverages — 0.3%
NuCo2, Inc.*	43,800		862,860
Broadcasting — 0.6%
Entercom Communications Corp.*	6,080		226,784
Sky Perfect Communications, Inc. (Japan)	1,256		1,450,360
			1,677,144
Building Materials — 0.3%
Cemex SA de CV [ADR] (Mexico)	6,596		191,944
Simpson Manufacturing Co., Inc.	10,260		575,791
			767,735
Business Services — 4.4%
Arbitron, Inc.*	10,000		365,200
CoStar Group, Inc.*	42,257		1,940,864
Ctrip.com International Ltd. [ADR] (China)*	61,600		2,083,929
Discovery Partners International*	266,500		1,359,150
Exponent, Inc.*	39,535		1,062,305
Fair Isaac Corp.	11,448		382,134
Indus International, Inc.*	226,400		475,440
Infocrossing, Inc.*	55,800		753,300
Informatica Corp.*	95,095		725,575
Iron Mountain, Inc.*	11,800		569,468
Monster Worldwide, Inc.*	54,460		1,400,711
Visual Networks, Inc.*	145,780		441,713
			11,559,789
Cable Television — 4.0%
Central European Media Enterprises Ltd. (Class “A” Stock)*	442,888		10,062,415

	Shares	Value (Note 2)
Lodgenet Entertainment Corp.*	24,900	$	410,850
			10,473,265
Chemicals — 0.8%
Cabot Microelectronics Corp.*	65,770		2,013,220
Computer Hardware — 1.5%
Komag, Inc.*	61,900		864,743
Research in Motion Ltd. (Canada)*	24,400		1,669,936
SanDisk Corp.*	16,380		355,282
Silicon Storage Technology, Inc.*	87,300		899,190
			3,789,151
Computer Services & Software — 6.6%
Altiris, Inc.*	22,568		623,102
AutoDesk, Inc.	33,800		1,446,978
BindView Development Corp.*	137,100		479,850
Business Objects SA [ADR] (France)*	11,080		250,740
Cognos, Inc. (Canada)*	16,778		606,692
DigitalNet Holdings, Inc.*	50,700		1,030,731
Epicor Software Corp.*	104,100		1,462,605
FactSet Research Systems, Inc.	4,960		234,459
FileNET Corp.*	52,356		1,652,880
Fundtech Ltd*	24,500		197,740
Hummingbird Ltd. (Canada)*	35,300		796,721
Hyperion Solutions Corp.*	12,600		550,872
Magma Design Automation, Inc.*	58,740		1,129,570
MicroStrategy, Inc. (Class “A” Stock)*	3,450		147,315
Motive, Inc.*	154,500		1,594,441
Netegrity, Inc.*	41,340		349,736
NetIQ Corp.*	34,800		459,360
Niku Corp.*	102,000		1,159,740
Pervasive Software, Inc.*	186,744		1,167,150
QAD, Inc.	110,600		1,173,466
Salesforce.com, Inc.*	11,000		176,770
SupportSoft, Inc.*	71,700		622,356
			17,313,274
Construction — 0.2%
Infrasource Services, Inc.*	40,600		497,756
Consumer Products & Services — 1.6%
1-800-Flowers.com, Inc.*	154,700		1,259,258
Adesa, Inc.*	4,900		117,796
Concorde Career Colleges, Inc.*	36,100		631,389
Dollar Thrifty Automotive Group, Inc.*	41,410		1,136,290
NBTY, Inc.*	32,700		961,053
Stamps.com, Inc.	6,300		64,197
			4,169,983
Electronic Components & Equipment — 3.0%
American Power Conversion Corp.	19,267		378,597
CEVA, Inc.*	129,978		1,028,126

22

AST Federated Aggressive Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Digital Theater Systems, Inc.*	58,100	$	1,519,315
M-Systems Flash Disk Pioneers Ltd. (Israel)*	60,400		900,564
Mobility Electronics, Inc*	123,500		1,039,870
Sonic Solutions, Inc.*	72,300		1,536,375
Vicor Corp.*	76,256		1,393,197
			7,796,044
Entertainment & Leisure — 3.0%
International Speedway Corp. (Class “A” Stock)	48,928		2,379,858
Speedway Motorsports, Inc.	64,900		2,170,256
Winnebago Industries, Inc.	88,400		3,295,552
			7,845,666
Financial Services — 1.5%
Affiliated Managers Group, Inc.*	17,287		870,746
Bankrate, Inc.*	35,700		305,592
Federal Agricultural Mortgage Corp.*	21,138		505,832
IndyMac Bancorp, Inc.	17,480		552,368
Providian Financial Corp.*	43,456		637,500
SFGC Co. Ltd. (Japan)	5,000		1,003,528
			3,875,566
Food — 0.3%
Volume Services America Holdings, Inc.	50,600		684,618
Healthcare Services — 3.4%
Community Health Systems, Inc.*	43,800		1,172,526
Medarex, Inc.*	176,900		1,289,601
Select Medical Corp.	23,600		316,712
Symbion, Inc.*	5,000		87,300
TLC Vision Corp. (Canada)*	58,500		680,940
Triad Hospitals, Inc.*	42,800		1,593,444
United Surgical Partners International, Inc.*	49,090		1,937,582
UnitedHealth Group, Inc.	8,200		510,450
VCA Antech, Inc.*	28,350		1,270,647
			8,859,202
Hotels & Motels — 0.7%
Orient-Express Hotels Ltd.	40,493		685,951
Prime Hospitality Corp.*	118,642		1,259,978
			1,945,929
Insurance — 1.0%
Endurance Specialty Holdings Ltd.	7,100		247,080
Mercury General Corp.	10,500		521,325
Penn-America Group, Inc.	44,400		621,600
Philadelphia Consolidated Holdings Corp.*	19,224		1,154,786
			2,544,791

	Shares	Value (Note 2)
Internet Services — 2.8%
Blackboard, Inc.*	33,400	$	669,670
Digital Impact, Inc.*	463,750		881,125
eCollege.com, Inc.*	14,566		233,056
Macromedia, Inc.*	21,000		515,550
Mediagrif Interactive Technologies, Inc. (Canada)*	159,800		1,297,947
Netopia, Inc.*	61,300		404,580
NIC, Inc.*	185,792		1,332,129
Online Resources Corp.*	213,859		1,449,963
Online Resources Corp. (Germany)*144A	61,000		414,800
			7,198,820
Machinery & Equipment — 0.4%
Cooper Cameron Corp.*	11,400		555,180
Graco, Inc.	16,835		522,727
			1,077,907
Medical Supplies & Equipment — 5.1%
Aspect Medical Systems, Inc.*	61,960		1,144,401
Cambridge Heart, Inc.*	431,400		327,864
Conceptus, Inc.*	800		9,000
Cytyc Corp.*	108,848		2,761,474
Digirad Corp.*	66,300		659,685
Endocardial Solutions Inc*	106,400		1,101,240
Endologix, Inc.*	89,300		436,677
Illumina, Inc.*	27,200		172,720
Inamed Corp.*	57,430		3,609,476
Invitrogen Corp.*	6,600		475,134
Kyphon, Inc.*	29,874		841,849
Orthofix International NV (Netherlands)*	30,334		1,296,172
Thermogenesis Corp.* (cost $226,608; purchased 03/11/04)(g)(o)	56,652		214,371
Zoll Medical Corp.*	6,200		217,496
			13,267,559
Metals & Mining — 0.7%
Glamis Gold Ltd. (Canada)*	50,100		878,253
Golden Star Resources Ltd. (Canada)*	24,900		115,536
Hecla Mining Co.*	28,000		159,600
Placer Dome, Inc.	14,400		239,616
Steel Dynamics, Inc.*	12,060		345,278
			1,738,283
Oil & Gas — 1.2%
Encore Acquisition Co.*	18,400		513,360
FMC Technologies, Inc.*	19,400		558,720
National-Oilwell, Inc.*	18,400		579,416
Noble Corp.*	14,800		560,772

23

AST Federated Aggressive Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
W-H Energy Services, Inc.*	46,600	$	913,360
			3,125,628
Personal Services — 0.1%
Universal Technical Institute, Inc.*	6,500		259,870
Pharmaceuticals — 10.1%
Abgenix, Inc.*	108,700		1,273,964
Acadia Pharmaceuticals, Inc.*	14,900		92,380
Acusphere, Inc.*	176,100		1,127,040
Alexion Pharmaceuticals, Inc.*	118,904		2,211,614
Biovail Corp. (Canada)*	32,000		607,360
CV Therapeutics, Inc.*	115,776		1,940,406
Dynavax Technologies Corp*	304,000		2,024,640
Eon Labs, Inc.*	18,760		767,847
Eyetech Pharmaceuticals, Inc.*	5,900		253,228
Genaera Corp.*	351,300		1,475,460
Genta, Inc.*	32,700		81,750
I-Flow Corp.*	40,500		480,330
Inveresk Research Group, Inc.*	57,000		1,757,880
Neurochem, Inc. (Canada)*	82,200		1,714,692
Penwest Pharmaceuticals Co.*	60,700		777,567
Point Therapeutics, Inc.* (cost $700,000; purchased 09/26/03)(g)(o)	350,000		1,656,270
Ranbaxy Laboratories-Sp [GDR] (India)	18,400		363,978
Regeneron Pharmaceuticals, Inc.*	36,500		384,345
Shire Pharmaceuticals Group PLC [ADR] (United Kingdom)*	41,024		1,096,982
Spectrum Pharmaceuticals, Inc*	67,700		423,125
Transkaryotic Therapies, Inc.*	25,200		376,992
Vertex Pharmaceuticals*	264,300		2,865,011
Vical Inc.*	320,400		1,867,932
Vicuron Pharmaceuticals, Inc.*	25,000		314,000
YM Biosciences, Inc. (Canada)*	121,900		336,401
			26,271,194
Real Estate — 2.8%
Agree Realty Corp. [REIT]	5,200		131,560
American Financial Realty Trust [REIT]	22,700		324,383
Coachmen Industries, Inc.	118,100		1,888,419
First Potomac Realty Trust [REIT]	75,000		1,437,750
Global Signal, Inc. [REIT]	11,400		250,230
Saint Joe Corp.	13,000		516,100
Wetherspoon, (J.D.) PLC (United Kingdom)	540,916		2,810,425
			7,358,867
Restaurants — 2.2%
Applebee’s International, Inc.	19,500		448,890
Buffalo Wild Wings, Inc.*	53,000		1,465,450

	Shares	Value (Note 2)
Cheesecake Factory, Inc. (The)*	89,828	$	3,574,256
Ruby Tuesday, Inc.	10,200		279,990
			5,768,586
Retail & Merchandising — 5.9%
A.C. Moore Arts & Crafts, Inc.*	66,600		1,832,166
Cabela, Inc.*	14,500		390,775
Cache, Inc.*	93,000		1,256,430
Cost Plus, Inc.*	13,000		421,850
Design Within Reach, Inc.*	26,600		437,038
Dick’s Sporting Goods, Inc.*	52,954		1,766,016
Family Dollar Stores, Inc.	13,110		398,806
LKQ Corp.*	36,600		678,198
PETCO Animal Supplies, Inc.*	39,700		1,278,737
PETsMART, Inc.	176,150		5,716,068
Select Comfort Corp.*	44,800		1,272,320
			15,448,404
Semiconductors — 4.8%
Amkor Technology, Inc.*	13,400		109,612
ARM Holdings PLC [ADR] (United Kingdom)	130,829		870,013
ATI Technologies, Inc. (Canada)*	77,170		1,455,426
August Technology Corp.*	21,100		264,594
Conexant Systems, Inc.*	197,824		856,578
Cree, Inc.*	38,360		893,021
ESS Technology, Inc.*	95,800		1,026,018
Integrated Device Technology, Inc.*	54,100		748,744
Marvell Technology Group Ltd.*	22,800		608,760
MEMC Electronic Materials, Inc.*	132,400		1,308,112
Metron Technology NV*	157,000		379,940
Microsemi Corp.*	14,900		211,729
MKS Instruments, Inc.*	51,600		1,177,512
Staktek Holdings, Inc.*	35,400		185,850
Ultratech Stepper, Inc.*	46,200		752,136
Vitesse Semiconductor Corp.*	114,642		559,453
Xicor, Inc.*	65,500		991,015
			12,398,513
Telecommunications — 2.2%
Foundry Networks, Inc.*	38,464		541,188
Intrado, Inc.*	55,537		893,590
Knology, Inc.*	32,100		159,537
L-3 Communications Holdings, Inc.	7,770		519,036
RADVision Ltd. (Israel)*	143,610		1,780,765
TALK America Holdings, Inc.*	145,300		1,114,451
Western Wireless Corp. (Class “A” Stock)*	22,400		647,584
			5,656,151
Transportation — 10.8%
ABX Air, Inc.*	1,764,580		12,052,081
EGL, Inc.*	208,400		5,543,440

24

AST Federated Aggressive Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Expeditors International of Washington, Inc.	50,396	$	2,490,066
Forward Air Corp.*	67,100		2,509,540
Quality Distribution, Inc.*	508,500		5,608,755
			28,203,882
Utilities — 0.6%
Allete, Inc.	26,500		882,450
Cherokee International Corp.*	37,800		431,298
Consolidated Water Co. Ltd.	6,000		156,120
			1,469,868
Total Common Stock
(Cost $202,634,392)			238,322,203
WARRANT*
Pharmaceuticals
Point Therapeutics, Inc., Expiring on 09/24/08(o)
(Cost $0)	175,000		0
Total Long-Term Investments
(Cost $202,634,392)			238,322,203

	Principal Amount (000)		Value (Note 2)
SHORT-TERM INVESTMENTS — 7.9%
Repurchase Agreement
Greenwich Capital Markets, Inc., 1.23%, maturing 07/01/04, to be repurchased on 07/01/04, repurchase price $20,679,707 (Collateralized by U.S. Treasury Notes, 12.00%, maturing 8/15/13, par value $15,487,000, market value including accrued interest $20,661,065)
(Cost $20,679,000)	$	20,679	$	20,679,000
Total Investments — 99.3%
(Cost $223,313,392; Note 5)				259,001,203
Other Assets in Excess of Liabilities — 0.7%				1,738,875
Net Assets — 100.0%			$	260,740,078

The following abbreviations are used throughout the Schedule of Investments:

ADR American Depositary Receipt

GDR Global Depositary Receipt

REIT Real Estate Investment Trust

The following annotations are used throughout the Schedule 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. Unless otherwise noted 144A securities are deemed to be liquid.

* Non-income producing security.

(g) Indicates a security that has been deemed illiquid. The aggregate cost of the illiquid securities is $926,608. The aggregate value, $1,870,641 represents 0.72% of net assets.

(o) Indicates a fair valued security.

See Notes to Financial Statements.

25

AST Goldman Sachs Small-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 97.8%
COMMON STOCK
Basic Materials — Chemical — 3.1%
Agrium, Inc. (Canada)	254,202	$	3,698,639
Albemarle Corp.	59,189		1,873,332
Fuller, (H.B.) Co.	22,306		633,490
Minerals Technologies, Inc.	31,508		1,827,464
Monsanto Co.	26,100		1,004,850
NuCo2, Inc.*	7,243		142,687
Penford Corp.	7,701		135,153
Rohm & Haas Co.	11,400		474,012
			9,789,627
Basic Materials — Mining — 2.2%
Commercial Metals Co.	89,733		2,911,836
Maverick Tube Corp.*(a)	113,784		2,987,968
Nucor Corp.(a)	8,649		663,897
Schnitzer Steel Industries, Inc. (Class “A” Stock)	13,279		450,955
			7,014,656
Basic Materials — Paper & Packaging — 2.2%
Caraustar Industries, Inc.*	303,905		4,288,099
Packaging Corp. of America	23,425		559,858
Sealed Air Corp.*	7,300		388,871
Universal Forest Products, Inc.	39,043		1,259,136
Wausau-Mosinee Paper Corp.	18,475		319,618
			6,815,582
Consumer Cyclicals — Comsumer Durables — 0.5%
Ethan Allen Interiors, Inc.(a)	15,500		556,605
Select Comfort Corp.*	23,543		668,621
Stanley Works	10,600		483,148
			1,708,374
Consumer Cyclicals — Hotel & Leisure — 3.1%
Argosy Gaming Co.*	46,116		1,733,962
Callaway Golf Co.	29,400		333,396
Fossil, Inc.*(a)	88,199		2,403,423
Harrah’s Entertainment, Inc.	10,744		581,250
Hilton Hotels Corp.	24,907		464,765
JAKKS Pacific, Inc.*	18,753		389,875
K2, Inc.*	50,199		788,124
Marinemax, Inc.	15,181		435,391
Multimedia Games, Inc.*	50,410		1,351,996
RC2 Corp.*	7,879		279,705
Station Casinos, Inc.(a)	18,336		887,462
			9,649,349
Consumer Cyclicals — Motor Vehicle — 1.8%
American Axle & Manufacturing Holdings, Inc.	70,106		2,549,055
ArvinMeritor, Inc.	56,074		1,097,368

	Shares	Value (Note 2)
Lear Corp.(a)	10,049	$	592,791
Lo-Jack Corp.*	13,023		114,472
Methode Electronics, Inc. (Class “A” Stock)	44,065		571,523
Monaco Coach Corp.	31,244		880,143
			5,805,352
Consumer Cyclicals — Retail Apparel — 6.5%
Aaron Rents, Inc.	77,661		2,573,687
Abercrombie & Fitch Co.*(a)	36,300		1,406,625
Brookstone, Inc.*	97,321		1,951,286
Charlotte Russe Holding, Inc.*	54,485		1,164,889
Federated Department Stores, Inc.	18,020		884,782
Gymboree Corp.*	210,540		3,233,895
K-Swiss, Inc. (Class “A” Stock)	39,397		796,213
Kellwood Co.	46,042		2,005,129
Linens ‘n Things, Inc.*(a)	40,237		1,179,346
OshKosh B’Gosh, Inc. (Class “A” Stock)	16,258		405,962
Penney, (J.C.) Co., Inc.	20,400		770,304
Ross Stores, Inc.	16,400		438,864
Sharper Image Corp.*	14,787		464,164
Too, Inc.*	54,442		909,181
Tropical Sportswear International Corp.*(a)	125,007		443,775
Tuesday Morning Corp.*	27,314		792,106
Zale Corp.*	35,884		978,198
			20,398,406
Consumer Cylicals — Construction — 3.7%
Beazer Homes USA, Inc.(a)	13,224		1,326,499
ElkCorp	34,831		833,854
Hughes Supply, Inc.	70,268		4,140,893
Infrasource Services, Inc.*	58,604		718,485
Lennar Corp. (Class “A” Stock)	26,100		1,167,192
Lennox International, Inc.	54,289		982,631
Standard Pacific Corp.	26,326		1,297,872
Texas Industries, Inc.	15,353		632,083
WCI Communities, Inc.*	21,650		483,012
			11,582,521
Consumer Staples — Food & Beverage — 1.3%
American Italian Pasta Co. (Class “A” Stock)(a)	20,757		632,673
Archer-Daniels-Midland Co.	26,800		449,704
Hain Celestial Group, Inc.*	11,652		210,901
Pepsi Bottling Group, Inc.	10,100		308,454
Sensient Technologies Corp.	115,450		2,479,867
			4,081,599
Consumer Staples — Home Products — 2.2%
Clorox Co.	12,900		693,762
Elizabeth Arden, Inc.*	100,852		2,121,926

26

AST Goldman Sachs Small-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Helen of Troy Ltd.*	22,224	$	819,399
Jarden Corp.*	76,618		2,757,482
Lauder, (Estee) Cos., Inc. (Class “A” Stock)	10,375		506,093
Oneida Ltd.*(a)	101,549		164,509
			7,063,171
Consumer Staples — Restaurants — 0.9%
BUCA, Inc.*(a)	148,411		791,031
California Pizza Kitchen, Inc.*	30,637		587,005
Total Entertainment Restaurant Corp.*	64,889		877,948
Yum! Brands, Inc.*	14,400		535,968
			2,791,952
Consumer Staples — Tobacco — 0.1%
Reynolds, (R.J.) Tobacco Holdings, Inc.	6,400		432,576
Energy — Diversified Energy — 0.6%
Western Gas Resources, Inc.	24,200		786,016
Williams Cos., Inc.(a)	95,600		1,137,640
			1,923,656
Energy — Energy Resources — 3.4%
EOG Resources, Inc.	7,900		471,709
Parallel Petroleum Corp.*	2,798		14,189
Patina Oil & Gas Corp.	130,856		3,908,669
Range Resources Corp.	353,653		5,163,333
Whiting Petroleum Corp.*	26,301		661,470
XTO Energy, Inc.	17,400		518,346
			10,737,716
Energy — Oil Refining — 0.7%
Frontier Oil Corp.	69,307		1,468,615
Sunoco, Inc.	9,600		610,752
			2,079,367
Energy — Oil Services — 0.7%
Hydril Co.*	15,449		486,644
Patterson-UTI Energy, Inc.	25,900		865,319
Petroleum Development Corp.*	12,736		349,221
TETRA Technologies, Inc.*	10,006		268,661
Willbros Group, Inc. (Panama)*	22,048		332,263
			2,302,108
Financial — Brokers — 0.2%
Bear Stearns Cos., Inc.	6,522		549,870
Financial — Regionals — 9.2%
Alabama National Bancorp	28,475		1,579,507
Alliance Bankshares Corp.*	24,353		366,513
Bancorp Bank (The)*	65,017		1,151,451
Banknorth Group, Inc.	26,491		860,428
Berkshire Hills Bancorp, Inc.	21,781		808,075
Brookline Bancorp, Inc.(a)	102,365		1,501,695
Capital Corp of the West*	5,911		229,583

	Shares	Value (Note 2)
Cardinal Financial Corp.*	62,157	$	562,521
Citizens Banking Corp.	91,441		2,839,242
City National Corp.	8,800		578,160
Corus Bankshares, Inc.	15,749		647,441
First Community Bancorp	39,807		1,530,181
First Niagara Financial Group, Inc.	162,118		1,945,415
First Oak Brook Bancshares, Inc.	19,036		576,791
Firstmerit Corp.*	25,300		667,161
IBERIABANK Corp.	25,920		1,533,946
Interchange Financial Services Corp.	9,012		224,219
M&T Bank Corp.	11,763		1,026,910
Main Street Banks, Inc.	37,155		1,044,056
Millennium Bankshares Corp.*	68,065		524,101
North Fork Bancorp, Inc.(a)	16,200		616,410
PFF Bancorp, Inc.	82,815		3,084,030
Prosperity Bancshares, Inc.	21,232		516,999
Southcoast Financial Corp.*	17,635		370,251
SouthTrust Corp.	27,104		1,051,906
Sterling Bancorp	21,284		587,864
Sun Bancorp, Inc.*	11,872		252,399
United Community Banks, Inc.	43,078		1,084,704
West Coast Bancorp.*	1,586		34,004
Western Sierra Bancorp*	1,773		54,910
Wintrust Financial Corp.	14,762		745,629
			28,596,502
Financial — Specialty Financials — 2.4%
Accredited Home Lenders Holding Co.*	81,633		2,297,969
Affiliated Managers Group, Inc.*(a)	33,430		1,683,869
American Capital Strategies Ltd.	21,600		605,232
CIT Group, Inc.	30,900		1,183,161
Financial Federal Corp.*	54,091		1,907,249
			7,677,480
Financial — Thrifts — 3.1%
BankUnited Financial Corp.*	75,181		1,939,670
Fidelity Bankshares, Inc.	49,436		1,752,506
IndyMac Bancorp, Inc.(a)	54,435		1,720,146
Irwin Financial Corp.	43,739		1,154,710
NetBank, Inc.	110,466		1,207,393
Republic Bancorp, Inc.	140,167		1,948,321
WSFS Financial Corp.	83		4,040
			9,726,786
Financial — Trust/Processors — 0.3%
Apollo Investment Corp.*	73,995		1,018,911
Health Care — Biotechnology — 0.9%
Cell Therapeutics, Inc.*(a)	75,455		556,103
MedImmune, Inc.*	23,200		542,880
Nabi Biopharmaceuticals*	24,311		345,702
Neose Technolgies, Inc.*	24,622		205,101

27

AST Goldman Sachs Small-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Renovis, Inc.*	33,885	$	310,387
United Therapeutics Corp.*	33,978		871,536
			2,831,709
Health Care — Drugs — 1.2%
AmerisourceBergen Corp.	6,900		412,482
Charles River Laboratories International, Inc.*(a)	12,700		620,649
Covance, Inc.*	12,800		493,824
Inveresk Research Group, Inc.*	43,693		1,347,492
Kos Pharmaceuticals, Inc.*	25,915		854,418
			3,728,865
Health Care — Medical Products — 1.1%
Abaxis, Inc.*	19,166		363,771
Candela Corp.*	33,074		324,125
D & K Healthcare Resources, Inc.	10,519		126,228
NDCHealth Corp.(a)	34,954		810,933
Sybron Dental Specialties, Inc.*	13,133		392,020
Thermogenesis Corp.	139,810		661,301
Varian, Inc.*	20,560		866,604
			3,544,982
Health Care — Medical Providers — 1.1%
Lifeline Systems, Inc.*	12,435		294,212
Psychiatric Solutions, Inc.*	14,333		357,322
Radiologix, Inc.*	277,521		1,254,394
Symbion, Inc.*	26,443		461,695
United Surgical Partners International, Inc.*	31,778		1,254,278
			3,621,901
Industrials — Defense/Aerospace — 1.1%
DRS Technologies, Inc.*	9,341		297,978
Ducommun, Inc.*	68,699		1,468,785
EDO Corp.	44,179		1,065,597
Rockwell Collins, Inc.	18,928		630,681
			3,463,041
Industrials — Parts & Equipment — 6.5%
Actuant Corp.*	53,479		2,085,146
American Standard Cos., Inc.*	22,986		926,566
Baldor Electric Co.	22,087		515,731
Cummins, Inc.	20,000		1,250,000
Eaton Corp.	17,600		1,139,424
Franklin Electric Co., Inc.	36,080		1,362,381
GrafTech International Ltd.*(a)	251,645		2,632,207
Lydall, Inc.*	165,959		1,621,419
Mueller Industries, Inc.*	60,133		2,152,761
Terex Corp.*(a)	50,144		1,711,415
W-H Energy Services, Inc.*	14,204		278,398
Wabash National Corp.*(a)	179,892		4,956,025
			20,631,473

	Shares	Value (Note 2)
Insurance — Health Insurance — 0.4%
Aetna, Inc.(a)	7,303	$	620,755
Health Net, Inc.*	23,400		620,100
			1,240,855
Insurance — Life Insurance — 0.7%
StanCorp Financial Group, Inc.	26,266		1,759,822
Torchmark Corp.(a)	11,200		602,560
			2,362,382
Insurance — Property Insurance — 3.8%
Ambac Financial Group, Inc.	10,500		771,120
Donegal Group, Inc.	23,136		463,645
Hub International Ltd. (Canada)	52,041		993,463
Navigators Group, Inc.*	27,343		789,939
NYMAGIC, Inc.	23,349		616,414
PartnerRe Ltd.	20,223		1,147,251
ProAssurance Corp.*	48,203		1,644,204
Procentury Corp.*	90,101		876,683
PXRE Group Ltd.	43,132		1,089,946
RenaissanceRe Holdings Ltd.	16,369		883,108
RLI Corp.	49,129		1,793,208
Willis Group Holdings Ltd. (United Kingdom)	27,689		1,036,953
			12,105,934
Real Estate Investment Trust — 8.6%
Acadia Realty Trust [REIT]	54,007		742,056
Affordable Residential Communities, Inc. [REIT]	29,286		486,148
Agree Realty Corp. [REIT]	28,635		724,466
Avalonbay Communities, Inc. [REIT]	10,820		611,546
Brandywine Realty Trust [REIT]	34,653		942,215
Capital Automotive [REIT]	41,258		1,210,097
Commercial Net Lease Realty, Inc. [REIT]	92,058		1,583,398
Correctional Properties Trust [REIT]	70,247		2,054,725
Developers Diversified Realty Corp. [REIT]	15,700		555,309
Entertainment Properties Trust [REIT]	33,102		1,183,065
Gables Residential Trust [REIT]	17,007		577,898
iStar Financial, Inc. [REIT]	30,503		1,220,120
LaSalle Hotel Properties [REIT]	50,904		1,242,058
Lexington Corp. Properties Trust [REIT]	78,164		1,556,245
Liberty Property Trust [REIT]	13,282		534,069
MFA Mortgage Investments, Inc. [REIT]	96,448		858,387
Mission West Properties, Inc. [REIT]*	18,075		218,888
Parkway Properties, Inc. [REIT]	51,761		2,300,776
Plum Creek Timber Co., Inc. [REIT]	18,018		587,026
Post Properties, Inc. [REIT]	19,194		559,505
Prentiss Properties Trust [REIT]	70,363		2,358,568

28

AST Goldman Sachs Small-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
RAIT Investment Trust [REIT]	89,870	$	2,215,296
Summit Properties, Inc. [REIT]	113,339		2,906,011
			27,227,872
Services — Environmental & Other Services — 2.5%
Harsco Corp.	47,344		2,225,167
Medical Staffing Network Holdings, Inc.*	133,284		858,349
PRG-Schultz International, Inc.*(a)	228,895		1,252,056
Republic Services, Inc.	15,146		438,325
School Specialty, Inc.*	35,176		1,277,241
TRC Cos., Inc.*	28,163		469,759
Waste Connections, Inc.*(a)	43,842		1,300,354
			7,821,251
Services — Media — 1.5%
ADVO, Inc.	39,473		1,299,452
Emmis Communications Corp. (Class “A” Stock)*	34,200		717,516
Lamar Advertising Co.*	24,174		1,047,943
Regent Communications, Inc.*	179,201		1,109,254
Saga Communications, Inc. (Class “A” Stock)*	23,537		429,550
			4,603,715
Services — Publishing — 0.7%
Belo Corp. (Class “A” Stock)	20,162		541,350
Harland, (John H.) Co.	17,034		499,948
Journal Register Co.*	58,600		1,172,000
			2,213,298
Services — Telecom Equipment — 0.4%
Anixter International, Inc.*(a)	13,403		456,104
Extreme Networks, Inc.*	38,741		213,850
Tellabs, Inc.*(a)	70,300		614,422
			1,284,376
Services — Telephone — 1.5%
CenturyTel, Inc.	19,100		573,764
Cincinnati Bell, Inc.*	251,603		1,117,117
West Corp.*	114,443		2,992,685
			4,683,566
Services — Wireless — 0.8%
Ditech Communications Corp.*	106,565		2,487,227
Technology — Computer Hardware — 2.5%
CDW Corp.	8,500		541,960
EFJ, Inc.	79,248		700,552
Hutchinson Technology, Inc.*(a)	139,960		3,441,617
Intevac, Inc.*	25,420		225,475
ScanSource, Inc.*	26,821		1,593,704
Storage Technology Corp.*	25,100		727,900
Xerox Corp.*	22,000		319,000
Zebra Technologies Corp. (Class “A” Stock)*(a)	3,625		315,375
			7,865,583

	Shares	Value (Note 2)
Technology — Computer Software — 1.9%
Acclaim Entertainment, Inc.*	409,400	$	139,196
Activision, Inc.*(a)	42,450		674,955
Citadel Security Software, Inc.*(a)	90,647		279,193
Corillian Corp.	35,935		181,112
NetIQ Corp.*	139,622		1,843,011
OPNET Technologies, Inc.*	43,300		567,230
PeopleSoft, Inc.*	15,900		294,150
Take-Two Interactive Software, Inc.*	45,558		1,395,897
Viisage Technology, Inc.	78,207		681,965
			6,056,709
Technology — Information Services — 2.0%
Anteon International Corp.*	13,100		427,322
Lionbridge Technologies, Inc.*	438,368		3,353,516
MTC Technologies, Inc.*	99,098		2,558,710
			6,339,548
Technology — Internet — 0.6%
Autobytel, Inc.*	110,495		1,003,295
Getty Images, Inc.*(a)	5,400		324,000
Tumbleweed Communications Corp.*	108,489		462,163
United Online, Inc.*(a)	12,476		219,702
			2,009,160
Technology — Semiconductors — 1.2%
Actel Corp.*	32,511		601,454
Artisan Components, Inc.*	65,781		1,697,149
GSI Lumonics, Inc.*	12,945		218,771
Integrated Circuit Systems, Inc.*(a)	14,200		385,672
Power Integrations, Inc.*(a)	34,685		863,656
			3,766,702
Transportation — Transports — 3.1%
AirTran Holdings, Inc.*	83,072		1,174,638
Heartland Express, Inc.	40,377		1,104,715
Landstar System, Inc.*	41,370		2,187,232
OMI Corp.	230,343		2,741,082
SCS Transportation, Inc.*	57,111		1,507,159
Teekay Shipping Corp.	14,000		523,320
Yellow Roadway Corp.*	11,100		442,446
			9,680,592
Utilities — Electrical Utilities — 3.4%
Avista Corp.	30,799		567,318
Central Vermont Public Service Corp.	12,237		250,736
CH Energy Group, Inc.	10,005		464,632
El Paso Electric Co.*	125,477		1,937,364
Empire District Electric Co.	17,192		345,731
Energy East Corp.	11,795		286,029
Entergy Corp.	11,289		632,297
FirstEnergy Corp.	22,687		848,721
MGE Energy, Inc.	982		32,043

29

AST Goldman Sachs Small-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares		Value (Note 2)
PG&E Corp.*(a)		13,800	$	385,572
Pinnacle West Capital Corp.		7,900		319,081
PNM Resources, Inc.		77,208		1,603,610
PPL Corp.		35,344		1,622,289
Puget Energy, Inc.		10,500		230,055
Westar Energy, Inc.		36,981		736,292
Wisconsin Energy Corp.		12,500		407,625
				10,669,395
Utilities — Gas Utilities — 2.1%
AGL Resources, Inc.		29,152		846,866
Atmos Energy Corp.		25,707		658,099
Energen Corp.		13,842		664,278
Northwest Natural Gas Co.		73,153		2,231,166
Piedmont Natural Gas Co., Inc.		11,885		507,490
South Jersey Industries, Inc.		15,775		694,100
WGL Holdings, Inc.		34,183		981,735
				6,583,734
Total Long-Term Investments
(Cost $252,095,217)				308,569,431
	Principal Amount (000)
SHORT-TERM INVESTMENTS — 9.3%
Certificates of Deposit — 1.3%
Banco Santander PR 1.125%, 07/01/04(b)(c)	$	3,662		3,661,829
BNP Paribas 1.08%, 07/13/04(b)		571		571,142
				4,232,971
Commercial Paper — 0.2%
Grampian Funding LLC 1.20%, 07/13/04(b)		627		626,807

	Principal Amount (000)		Value (Note 2)
Corporate Obligations — 3.9%
Bank of America NA 1.05%, 07/01/04(b)(c)	$	966	$	966,043
Merrill Lynch & Co., Inc. 1.63%, 07/01/04(b)(c)		755		754,839
1.63%, 07/01/04(b)(c)		721		721,116
Morgan Stanley 1.58%, 07/01/04(b)(c)		1,893		1,892,686
Natexis Banque 1.60%, 07/01/04(b)(c)		1,564		1,563,550
Societe Generale NY 1.575%, 07/01/04(b)(c)		1,719		1,718,518
Swedbank 1.12%, 07/15/04(b)(c)		1,686		1,685,702
Westdeutsche Landesbank 1.13%, 07/09/04(b)(c)		1,760		1,759,991
1.25%, 07/23/04(b)(c)		321		321,254
1.30%, 07/29/04(b)(c)		809		809,315
				12,193,014
Time Deposit — 0.3%
J. P. Morgan Chase & Co. 1.25%, 07/01/04(b)		955		954,684
	Shares
Non-Registered Investment Company — 3.6%
BlackRock Institutional Money Market Trust(b)(j)		11,283,855		11,283,855
Total Short-Term Investments
(Cost $29,291,331)				29,291,331
Total Investments — 107.1%
(Cost $281,386,548; Note 5)				337,860,762
Liabilities in Excess of Other Assets — (7.1%)				(22,256,498	)
Net Assets — 100.0%			$	315,604,264

The following abbreviation is used throughout the Schedule of Investments:

REIT Real Estate Investment Trust

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) Portion of securities on loan with an aggregate market value of $28,149,912; cash collateral of $29,291,331 received with which the portfolio purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral of for securities on loan.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(j) Security available to institutional investors only.

See Notes to Financial Statements.

30

AST Gabelli Small-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 93.8%
COMMON STOCK — 93.6%
Advertising — 0.2%
Interep National Radio Sales, Inc.*	63,500	$	69,850
Penton Media, Inc.*	310,000		127,100
ValueVision Media, Inc. (Class “A” Stock)*	121,240		1,578,545
			1,775,495
Aerospace — 2.3%
Alliant Techsystems, Inc.*	58,100		3,680,054
Curtiss-Wright Corp. (Class “B” Stock)	100,000		5,377,000
Embraer Aircraft Corp. [ADR] (Brazil)	30,000		857,700
Fairchild Corp. (Class “A” Stock)*	690,000		2,953,200
Herley Industries, Inc.*	40,000		781,600
Sequa Corp. (Class “A” Stock)*	29,600		1,730,712
Sequa Corp. (Class “B” Stock)*	7,000		418,250
Titan Corp.*(a)	290,000		3,764,200
			19,562,716
Airlines — 0.1%
Midwest Air Group, Inc.*	295,000		1,230,150
Automobile Manufacturers — 0.7%
Monaco Coach Corp.	90,000		2,535,300
Navistar International Corp.*(a)	80,000		3,100,800
Oshkosh Truck Corp.	600		34,386
Thor Industries, Inc.	8,000		267,680
			5,938,166
Automotive Parts — 2.6%
American Axle & Manufacturing Holdings, Inc.	35,910		1,305,688
BorgWarner, Inc.	60,000		2,626,200
Cooper Tire & Rubber Co.	50,000		1,150,000
Dana Corp.	220,000		4,312,000
Federal-Mogul Corp.*(a)	100,000		29,000
Midas, Inc.*	165,000		2,871,000
Myers Industries, Inc.	295,000		4,159,500
Raytech Corp.*	93,400		155,044
Schieb, (Earl), Inc.*	3,000		9,540
Standard Motor Products, Inc.	160,100		2,358,273
Strattec Security Corp.*	2,000		136,860
TBC Corp.*	110,910		2,639,658
Transpro, Inc.*	40,000		230,400
			21,983,163
Beverages — 0.8%
Boston Beer Co., Inc. (Class “A” Stock)*	76,000		1,530,640
Mondavi, (Robert) Corp. (Class “A” Stock)*	30,000		1,110,600
PepsiAmericas, Inc.	204,390		4,341,244
			6,982,484

	Shares	Value (Note 2)
Broadcasting — 6.8%
Beasley Broadcast Group, Inc.*	250,000	$	3,740,000
Crown Media Holdings, Inc.*	300,000		2,556,000
Fisher Communications, Inc.*	95,000		4,781,350
Granite Broadcasting Corp.*	300,000		210,000
Gray Television, Inc.	374,200		5,197,638
Gray Television, Inc. (Class “A” Stock)	3,000		37,500
Hearst-Argyle Television, Inc.	1,000		25,780
Liberty Corp. (The)	35,000		1,643,250
Lin TV Corp. (Class “A” Stock)*	240,000		5,088,000
Media General, Inc. (Class “A” Stock)	151,000		9,697,219
Nexstar Broadcasting Group, Inc. (Class “A” Stock)*	90,000		988,200
Paxson Communications Corp.*	430,000		1,397,500
Saga Communications, Inc. (Class “A” Stock)*	100,000		1,825,000
Salem Communications Corp. (Class “A” Stock)*	70,000		1,899,100
SBS Broadcasting SA (Luxembourg)*	45,300		1,391,163
Scripps (E.W.) Co. (Class “A” Stock)	47,000		4,935,000
Sinclair Broadcast Group, Inc.	520,000		5,340,400
Spanish Broadcasting Systems, Inc. (Class “A” Stock)*	40,000		372,400
UnitedGlobalCom, Inc. (Class “A” Stock)*	320,000		2,323,200
Young Broadcasting, Inc. (Class “A” Stock)*	235,000		3,090,250
			56,538,950
Building Materials — 2.7%
Apogee Enterprises, Inc.	225,410		2,344,264
Drew Industries, Inc.*	500		20,350
Florida Rock Industries, Inc.	6,000		253,020
Gibraltar Steel Corp.	90,000		2,953,800
Hughes Supply, Inc.	1,000		58,930
Modine Manufacturing Co.	210,000		6,688,500
Skyline Corp.	88,000		3,577,200
Texas Industries, Inc.	62,540		2,574,772
Thomas Industries, Inc.	145,000		4,814,000
			23,284,836
Business Services — 1.0%
Acxiom Corp.(a)	64,050		1,590,362
BearingPoint, Inc.*	40,000		354,800
Edgewater Technology, Inc.*	420,000		2,599,800
GP Strategies Corp.*(a)	38,000		250,420
Harland, (John H.) Co.	29,440		864,064
Insurance Auto Auctions, Inc.*	156,940		2,667,980
StarTek, Inc.	9,000		322,200
UniFirst Corp.	2,000		58,180
			8,707,806

31

AST Gabelli Small-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Cable Television — 1.0%
Cablevision Systems New York Group (Class “A” Stock)*	390,000	$	7,663,500
Rogers Communications, Inc. (Class “B” Stock)	50,000		906,500
			8,570,000
Chemicals — 4.6%
Airgas, Inc.	2,000		47,820
Albemarle Corp.	100,000		3,165,000
Arch Chemicals, Inc.	115,000		3,314,300
Cytec Industries, Inc.	54,285		2,467,253
Ferro Corp.	215,000		5,736,200
Fuller, (H.B.) Co.	54,680		1,552,912
Great Lakes Chemical Corp.(a)	145,000		3,923,700
Hercules, Inc.*	460,000		5,607,400
MacDermid, Inc.	68,000		2,301,800
NewMarket Corp.*	40,000		858,800
Nova Chemicals Corp. (Canada)	25,000		723,250
Omnova Solutions, Inc.*	237,000		1,445,700
Penford Corp.	31,150		546,683
Schulman, (A.), Inc.	52,000		1,117,480
Sensient Technologies Corp.(a)	230,000		4,940,400
TETRA Technologies, Inc.*	50,000		1,342,500
			39,091,198
Clothing & Apparel — 0.5%
Hartmarx Corp.*	394,000		2,482,200
Wolverine World Wide, Inc.	65,000		1,706,250
			4,188,450
Computer Services & Software — 1.1%
Agilysys, Inc.	30,000		413,700
Analysts International Corp.*	12,000		36,960
Baldwin Technology Co., Inc. (Class “A” Stock)*	260,000		930,800
Intergraph Corp.*	133,673		3,456,784
Keane, Inc.*	15,000		205,350
PLATO Learning, Inc.*	91,400		905,774
Progress Software Corp.*	20,000		433,400
SPSS, Inc.*	23,000		413,310
Tyler Technologies, Inc.*	176,098		1,665,887
Xanser Corp.*	200,000		492,000
			8,953,965
Conglomerates — 1.1%
Brink’s Co. (The)	150,340		5,149,145
Cendant Corp.	35,000		856,800
Griffon Corp.*	85,170		1,897,588
Park Ohio Holdings Corp.*	100,000		1,180,000
			9,083,533

	Shares	Value (Note 2)
Construction — 1.7%
Cavalier Homes, Inc.*	150,000	$	802,500
Cavco Industries, Inc.*	65,000		2,580,500
Champion Enterprises, Inc.*	380,000		3,488,400
Fleetwood Enterprises, Inc.*	400,000		5,820,000
Insituform Technologies, Inc. (Class “A” Stock)*	20,000		325,400
KB Home	1,000		68,630
Nobility Homes, Inc.	5,000		102,550
Palm Harbor Homes, Inc.*	75,000		1,329,750
Southern Energy Homes, Inc.*	18,400		74,474
			14,592,204
Consumer Products & Services — 4.7%
Aaron Rents, Inc.	14,000		463,960
Aaron Rents, Inc. (Class “A” Stock)	78,700		2,379,101
Alberto-Culver Co. (Class “B” Stock)	55,215		2,768,480
ANC Rental Corp.*	20,000		81
Aviall, Inc.*	149,200		2,836,292
Bowlin Travel Centers, Inc.*	8,500		13,600
Chemed Corp.	140,000		6,789,999
Church and Dwight Co., Inc.	83,940		3,842,773
CNS, Inc.	162,600		1,631,041
Concorde Career Colleges, Inc.*	67,770		1,185,297
Culp, Inc.*	25,000		194,500
Eagle Supply Group, Inc.*(a)	60,000		130,200
Elizabeth Arden, Inc.*	18,000		378,720
Energizer Holdings, Inc.*	52,000		2,340,000
Fedders Corp.	381,000		1,657,350
GC Cos., Inc.*	103,000		54,075
Hancock Fabrics, Inc.	3,000		38,250
Jacuzzi Brands, Inc.*	100,000		807,000
Jarden Corp.*	36,235		1,304,098
National Presto Industries, Inc.	25,200		1,038,996
Oil-Dri Corp. of America	84,000		1,402,800
Revlon, Inc. (Class “A” Stock)*	76,101		224,498
Rollins, Inc.	280,000		6,442,800
Scotts Co. (The) (Class “A” Stock)*(a)	5,000		319,400
WD-40 Co.	22,000		658,680
Weider Nutrition International, Inc.*	270,000		1,266,300
			40,168,291
Containers & Packaging — 1.2%
Crown Holdings, Inc.*	90,000		897,300
Greif, Inc. (Class “A” Stock)	145,000		6,126,250
Greif, Inc. (Class “B” Stock)	6,000		255,000
Packaging Dynamics Corp.	99,000		1,371,150
Pactiv Corp.*	75,000		1,870,500
			10,520,200

32

AST Gabelli Small-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Diversified Operations — 0.3%
Standex International Corp.	20,000	$	544,000
Walter Industries, Inc.	160,000		2,179,200
			2,723,200
Electronic Components & Equipment — 6.3%
Agere Systems, Inc. (Class “A” Stock)*(a)	200,000		460,000
Agere Systems, Inc. (Class “B” Stock)*	100,000		215,000
AMETEK, Inc.	65,000		2,008,500
Baldor Electric Co.	150,000		3,502,500
C & D Technologies, Inc.	20,000		356,600
Capstone Turbine Corp.*	60,000		130,584
CTS Corp.	425,000		5,125,500
Electro Rental Corp.	140,000		1,465,800
ESCO Technologies, Inc.*	9,015		481,040
Fargo Electronics, Inc.*	22,000		244,420
FLIR Systems, Inc.*(a)	4,000		219,600
Franklin Electric Co., Inc.	54,000		2,039,040
GrafTech International Ltd.*(a)	60,000		627,600
Katy Industries, Inc.*	132,100		645,969
Lamson & Sessions Co.*	225,000		1,809,000
Landauer, Inc.	48,000		2,143,680
Lecroy Corp.*	11,000		198,110
Littelfuse, Inc.*	135,000		5,725,350
Magnetek, Inc.*	146,900		1,225,146
Methode Electronics, Inc. (Class “A” Stock)	78,000		1,011,660
Monolithic System Technology, Inc.*	50,000		376,500
Park Electrochemical Corp.	25,000		631,250
Parker-Hannifin Corp.	9,000		535,140
Pentair, Inc.	154,430		5,195,025
SL Industries, Inc.*	33,000		363,330
Thomas & Betts Corp.	530,000		14,431,900
Trans-Lux Corp.	8,000		54,400
Woodward Governor Co.	27,000		1,946,970
			53,169,614
Entertainment & Leisure — 3.8%
Brunswick Corp.	73,220		2,987,376
Caesars Entertainment, Inc.*(a)	60,000		900,000
Canterbury Park Holding Corp.	22,400		383,600
Churchill Downs, Inc.	50,000		2,035,000
Dover Downs Gaming & Entertainment, Inc.	130,000		1,462,500
Dover Motorsports, Inc.	215,000		860,000
Gaylord Entertainment Co. (Class “A” Stock)*	273,770		8,593,641
Gemstar-TV Guide International, Inc.*	550,000		2,640,000
Lakes Entertainment, Inc.*	30,000		347,700
Magna Entertainment Corp.*(a)	270,000		1,593,000
Pinnacle Entertainment, Inc.*	120,000		1,513,200

	Shares	Value (Note 2)
Six Flags, Inc.*	353,200	$	2,564,232
Topps Co., Inc. (The)	314,100		3,046,770
Vail Resorts, Inc.*	86,340		1,654,274
World Wrestling Entertainment, Inc.	125,000		1,593,750
			32,175,043
Environmental Services — 1.0%
Allied Waste Industries, Inc.*(a)	225,000		2,965,500
Catalytica Energy Systems, Inc.*	35,000		99,400
CUNO, Inc.*	5,000		266,750
Met-Pro Corp.	5,333		79,462
Republic Services, Inc.	101,400		2,934,516
Waste Connections, Inc.*	60,000		1,779,600
			8,125,228
Equipment Services — 0.3%
Gerber Scientific, Inc.*	180,000		1,270,800
Industrial Distribution Group, Inc.*	170,000		1,395,870
			2,666,670
Farming & Agriculture — 0.1%
Delta & Pine Land Co.	27,960		613,722
Financial — Bank & Trust — 1.8%
Community First Bankshares, Inc.	85,000		2,736,150
Crazy Woman Creek Bancorp, Inc.	9,500		159,600
First Republic Bank	60,000		2,584,800
Hibernia Corp. (Class “A” Stock)	50,000		1,215,000
Silicon Valley Bancshares*	82,000		3,251,300
Southwest Bancorporation of Texas, Inc.	30,000		1,323,600
TCF Financial Corp.	63,140		3,665,277
Webster Financial Corp.(a)	6,000		282,120
			15,217,847
Financial Services — 1.1%
BKF Capital Group, Inc.	100,000		2,905,000
CIT Group, Inc.	59,000		2,259,110
Countrywide Financial Corp.	12,000		843,000
Interactive Data Corp.*	20,000		348,400
SWS Group, Inc.	143,000		2,187,900
Waddell & Reed Financial, Inc. (Class “A” Stock)	25,000		552,750
			9,096,160
Food — 4.4%
Corn Products International, Inc.	150,000		6,982,500
Del Monte Foods Co.*	1,049,873		10,666,710
Flowers Foods, Inc.	315,000		8,237,250
Hain Celestial Group, Inc.*	60,000		1,086,000
Ingles Markets, Inc. (Class “A” Stock)	120,000		1,340,400
Interstate Bakeries Corp.	55,000		596,750
John B. Sanfillippo & Sons, Inc.*	3,000		80,160

33

AST Gabelli Small-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Performance Food Group Co.*	30,000	$	796,200
Ralcorp Holdings, Inc.*	35,000		1,232,000
Smucker, (J.M.) Co. (The)	78,491		3,603,522
Suprema Specialties, Inc.* (cost $12,750; purchased 11/08/01)(g)	1,000		0
Tl Administration Corp.*	310,000		8,680
Weis Markets, Inc.	72,500		2,541,125
			37,171,297
Furniture — 0.1%
Stanley Furniture Co., Inc.	20,000		842,200
Healthcare Services — 0.6%
Laboratory Corp. of America Holdings*	58,460		2,320,862
NeighborCare, Inc.*	52,460		1,643,572
NWH, Inc.	12,000		211,920
Odyssey Healthcare, Inc.*	4,500		84,690
VitalWorks, Inc.*	200,000		692,000
			4,953,044
Hotels & Motels — 1.5%
Aztar Corp.*	129,900		3,637,200
Boca Resorts, Inc. (Class “A” Stock)*	197,500		3,914,450
Kerzner International Ltd.*(a)	21,000		998,760
La Quinta Corp.*	440,000		3,696,000
Wyndham International, Inc. (Class “A” Stock)*	220,000		220,000
			12,466,410
Industrial Products — 3.8%
Acuity Brands, Inc.	50,000		1,350,000
Carlisle Cos., Inc.	33,470		2,083,508
Core Molding Technologies, Inc.*	243,200		814,720
Crane Co.(a)	140,000		4,394,600
Donaldson Co., Inc.	90,000		2,637,000
Eastern Co. (The)	32,400		541,080
Kaman Corp. (Class “A” Stock)	290,000		4,057,100
Precision Castparts Corp.	98,000		5,359,620
Robbins & Myers, Inc.	33,000		740,850
Roper Industries, Inc.	24,000		1,365,600
TransTechnology Corp.*	40,000		280,800
Tredegar Corp.	65,000		1,048,450
Watts Water Technologies, Inc. (Class “A” Stock)	270,000		7,276,500
			31,949,828
Insurance — 1.6%
Alleghany Corp.*	8,000		2,296,000
Argonaut Group, Inc.*	58,000		1,068,940
CNA Financial Corp.*	310,000		3,394,500
Everest Reinsurance Group Ltd.	20,000		1,607,200
MONY Group, Inc. (The)	50,900		1,593,170
Phoenix Cos., Inc. (The)	3,500		42,875

	Shares	Value (Note 2)
PMI Group, Inc. (The)(a)	25,000	$	1,088,000
Presidential Life Corp.	29,000		522,580
ProAssurance Corp.*	46,000		1,569,060
Triad Guaranty, Inc.*	1,000		58,200
UnumProvident Corp.(a)	40,000		636,000
			13,876,525
Internet Services — 0.3%
J Net Enterprises, Inc.*	200,000		600,000
Stellent, Inc.*	217,300		1,855,742
			2,455,742
Machinery & Equipment — 5.0%
AGCO Corp.*	145,000		2,953,650
Alamo Group, Inc.	12,000		190,800
Albany International Corp. (Class “A” Stock)	72,010		2,416,656
Carbo Ceramics, Inc.	34,000		2,320,500
CLARCOR, Inc.	140,000		6,411,999
Flowserve Corp.*	140,000		3,491,600
Gardner Denver, Inc.*	4,000		111,600
Gencorp, Inc.	460,000		6,159,399
Graco, Inc.	63,000		1,956,150
IDEX Corp.(a)	102,000		3,503,700
Lone Star Technologies, Inc.*	32,000		881,920
Selas Corp. of America*	60,000		180,000
Smith, (A.O.) Corp.	40,000		1,271,600
Tennant Co.	114,860		4,760,947
Thermo Electron Corp.*	90,000		2,766,600
Toro Co. (The)(a)	38,280		2,682,280
			42,059,401
Medical Supplies & Equipment — 4.7%
Apogent Technologies, Inc.*	173,430		5,549,760
ArthroCare Corp.*	10,000		290,800
Bio-Rad Laboratories, Inc.*	3,800		223,668
Biosite, Inc.*(a)	10,000		449,200
Cholestech Corp.*	13,800		112,470
CONMED Corp.*	3,800		104,120
DENTSPLY International, Inc.	9,000		468,900
DJ Orthopedics, Inc.*	5,800		133,400
Encore Medical Corp.*	3,800		23,940
Exactech, Inc.*	70,000		1,519,000
ICU Medical, Inc.*	20,000		670,600
Inamed Corp.*	85,000		5,342,250
Inverness Medical Innovations, Inc.*	30,000		657,000
Invitrogen Corp.*(a)	32,000		2,303,680
Kensey Nash Corp.*	18,000		621,000
Lifecore Biomedical, Inc.*	164,048		1,000,693
Ocular Sciences, Inc.*	18,000		684,000
Orthofix International NV (Netherlands)*	4,000		170,920
Osteotech, Inc.*	3,800		24,662

34

AST Gabelli Small-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Owens & Minor, Inc.	205,000	$	5,309,500
Patterson Dental Co.*(a)	6,000		458,940
Regeneration Technologies, Inc.*	20,000		214,600
Schein, (Henry), Inc.*	12,000		757,680
Schick Technologies, Inc.*	70,500		948,225
Sola International, Inc.*	68,000		1,171,640
SurModics, Inc.*(a)	76,960		1,896,294
Sybron Dental Specialties, Inc.*	240,000		7,163,999
Techne Corp.*(a)	26,200		1,138,390
Thoratec Corp.*(a)	60,000		643,800
Young Innovations, Inc.	5,000		127,000
			40,180,131
Metals & Mining — 1.5%
Ampco-Pittsburgh Corp.	34,000		437,240
Barrick Gold Corp. (Canada)(a)	190,000		3,752,500
Circor International, Inc.	38,400		782,976
Kinross Gold Corp. (Canada)*	19,500		108,420
Layne Christensen Co.*	48,000		794,400
Material Sciences Corp.*	368,360		3,923,034
Newmont Mining Corp.(a)	48,000		1,860,480
WHX Corp.*(a)	30,000		48,600
Worthington Industries, Inc.	60,000		1,231,800
			12,939,450
Office Equipment — 0.7%
Danka Business Systems PLC [ADR] (United Kingdom)*	146,280		661,186
Hon Industries, Inc.	59,670		2,525,831
Imagistics International, Inc.*	8,000		283,200
McGrath Rentcorp	40,000		1,478,000
Nashua Corp.*	120,000		1,162,800
			6,111,017
Oil & Gas — 3.6%
Callon Petroleum Co.*	59,000		841,340
Devon Energy Corp.	23,000		1,518,000
El Paso Corp.(a)	175,000		1,379,000
EOG Resources, Inc.(a)	46,500		2,776,515
Equitable Resources, Inc.	55,000		2,844,050
Forest Oil Corp.*(a)	110,000		3,005,200
Key Energy Services, Inc.*	134,390		1,268,642
Kinder Morgan, Inc.	42,000		2,490,180
Newpark Resources, Inc.*	180,000		1,116,000
Nicor, Inc.	4,000		135,880
Northwest Natural Gas Co.	14,600		445,300
NUI Corp.	35,000		511,000
Penn Virginia Corp.	24,000		866,640
Pioneer Natural Resources Co.	30,000		1,052,400
Rowan Cos., Inc.*	83,000		2,019,390
Semco Energy, Inc.	245,000		1,425,900
Southwestern Energy Co.*	26,000		745,420

	Shares	Value (Note 2)
W-H Energy Services, Inc.*	15,000	$	294,000
XTO Energy, Inc.	192,000		5,719,680
			30,454,537
Paper & Forest Products — 0.4%
Boise Cascade Corp.	34,300		1,291,052
CSS Industries, Inc.	12,000		420,480
Pope & Talbot, Inc.	32,600		644,502
Wausau-Mosinee Paper Corp.	80,000		1,384,000
			3,740,034
Personal Services — 0.7%
Matthews International Corp. (Class “A” Stock)	180,170		5,934,800
Pharmaceuticals — 0.2%
Bone Care International, Inc.*	40,000		936,800
CollaGenex Pharmaceuticals, Inc.*	3,800		35,796
Corixa Corp.*	30,000		140,100
Priority Healthcare Corp. (Class “B” Stock)*(a)	18,000		413,100
			1,525,796
Printing & Publishing — 3.0%
Bowne & Co., Inc.	150,250		2,381,463
Hollinger International, Inc.	100,515		1,687,647
Journal Communications, Inc. (Class “A” Stock)	126,710		2,385,949
Journal Register Co.*	192,500		3,850,000
Lee Enterprises, Inc.	63,000		3,024,630
Martha Stewart Living Omnimedia, Inc.*(a)	15,000		135,000
McClatchy Co.	12,000		841,800
Nelson, (Thomas), Inc.	70,000		1,591,800
PRIMEDIA, Inc.*	870,000		2,418,600
Pulitzer, Inc.	141,000		6,894,900
			25,211,789
Real Estate — 0.5%
Coachmen Industries, Inc.	56,000		895,440
Glenborough Realty Trust, Inc. [REIT]	15,000		275,250
Griffin Land & Nurseries, Inc.*	46,000		1,169,320
Innkeepers USA Trust [REIT]	100,000		1,031,000
Sun Communities, Inc. [REIT]	30,000		1,129,500
			4,500,510
Restaurants — 1.2%
RARE Hospitality International, Inc.*	12,000		298,800
Ruby Tuesday, Inc.	10,000		274,500
Steak ‘n Shake Co. (The)*	235,000		4,281,700
Triarc Cos., Inc. (Class “A” Stock)	139,360		1,439,589
Triarc Cos., Inc. (Class “B” Stock)	285,410		2,902,620
Wendy’s International, Inc.	18,000		627,120
			9,824,329

35

AST Gabelli Small-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Retail & Merchandising — 1.3%
Big 5 Sporting Goods Corp.*	10,000	$	261,900
Bon-Ton Stores, Inc.	40,000		586,400
Coldwater Creek, Inc.*	1,500		39,705
Del Laboratories, Inc.*	700		21,714
Fred’s, Inc.	30,000		662,700
Movado Group, Inc.	20,000		345,000
Neiman Marcus Group, Inc. (Class “A” Stock)	60,000		3,338,999
Office Depot, Inc.*	102,380		1,833,626
Paxar Corp.*	30,000		585,600
School Specialty, Inc.*	3,000		108,930
Sports Authority, Inc. (The)*(a)	56,824		2,039,982
United Auto Group, Inc.	50,000		1,532,500
			11,357,056
Semiconductors — 0.6%
Axcelis Technologies, Inc.*	281,000		3,495,640
MKS Instruments, Inc.*	20,000		456,400
Mykrolis Corp.*	60,000		1,045,200
			4,997,240
Telecommunications — 3.1%
Acme Communications, Inc.*	200,000		1,380,000
Andrew Corp.*(a)	25,000		500,250
AO VimpelCom [ADR] (Russia)*(a)	44,000		4,243,800
Centennial Communications, Inc.*	66,000		471,900
Cincinnati Bell, Inc.*	700,000		3,108,000
Citizens Communications Co.*	30,000		363,000
Commonwealth Telephone Enterprises, Inc.*(a)	155,000		6,939,350
Communications Systems, Inc.	30,000		240,300
D & E Communications, Inc.	100,000		1,342,000
General Communication, Inc.*	90,000		714,600
Leap Wireless International, Inc.*(a)	50,000		900
Nextel Communications, Inc. (Class “A” Stock)*	20,000		533,200
Nextel Partners, Inc. (Class “A” Stock)*(a)	25,000		398,000
Pegasus Communications Corp.*(a)	23,000		562,580
Plantronics, Inc.*	5,000		210,500
Rogers Wireless Communications, Inc. (Class “B” Stock)*	46,000		1,244,300
Rural Cellular Corp.*	95,000		842,650
Sycamore Networks, Inc.*	352,000		1,488,960
Western Wireless Corp. (Class “A” Stock)*(a)	70,000		2,023,700
			26,607,990
Transportation — 1.0%
GATX Corp.(a)	225,000		6,120,000
Hub Group, Inc. (Class “A” Stock) (Canada)*	30,000		1,023,000

	Shares	Value (Note 2)
Landstar System, Inc.*	2,000	$	105,740
Ryder System, Inc.	30,000		1,202,100
			8,450,840
Utilities — 6.0%
AES Corp.*	123,500		1,226,355
Allegheny Energy, Inc.*(a)	200,000		3,082,000
Allete, Inc.	99,820		3,324,006
Alliant Energy Corp.	45,000		1,173,600
American States Water Co.	5,000		116,200
Aquila, Inc.*	900,000		3,204,000
Artesian Resources Corp. (Class “A” Stock)	450		11,903
Atmos Energy Corp.	40,000		1,023,600
Avista Corp.	40,000		736,800
Baycorp Holdings Ltd.*	1,000		12,500
BIW Ltd.	1,000		19,430
California Water Service Group	5,000		137,750
Cascade Natural Gas Corp.	15,000		331,050
Central Vermont Public Service Corp.	69,000		1,413,810
CH Energy Group, Inc.	50,100		2,326,644
Chesapeake Utilities Corp.	6,000		136,200
Cleco Corp.	75,000		1,348,500
CMS Energy Corp.*(a)	105,000		958,650
Connecticut Water Service, Inc.	5,650		144,979
Consolidated Water Co. Ltd.	2,500		65,050
Delta Natural Gas Co., Inc.	5,000		123,750
Duquesne Light Holdings, Inc.(a)	200,000		3,861,999
El Paso Electric Co.*	290,000		4,477,599
Empire District Electric Co.	20,000		402,200
Energy West, Inc.	13,000		86,580
EnergySouth, Inc.	1,200		48,024
Green Mountain Power Corp.	1,000		26,100
Ionics, Inc.*	55,610		1,570,983
Laclede Group, Inc. (The)	15,000		411,150
Maine & Maritimes Corp.	15,700		502,400
MGE Energy, Inc.	15,000		489,450
Middlesex Water Co.	7,866		152,443
New Jersey Resources Corp.	5,000		207,900
Otter Tail Power Co.	30,000		805,800
Pennichuck Corp.	1,001		25,861
RGC Resources, Inc.	2,000		47,780
SJW Corp.	79,000		2,686,000
South Jersey Industries, Inc.	7,000		308,000
Southern Union Co.*	80,000		1,686,400
Southwest Gas Corp.	70,000		1,689,100
Southwest Water Co.	13,580		170,022
TXU Corp.(a)	30,000		1,215,300
UIL Holdings Corp.	15,000		730,350
Unisource Energy Corp.(a)	60,000		1,491,000
Unitil Corp.	10,000		263,500

36

AST Gabelli Small-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares		Value (Note 2)
Westar Energy, Inc.		340,000	$	6,769,399
York Water Co.		2,904		53,550
				51,095,667
Total Common Stock
(Cost $618,538,705)				793,664,724
PREFERRED STOCK — 0.2%
Aerospace — 0.1%
Sequa Corp., $5 [CVT]*		9,000		875,250
Broadcasting — 0.1%
News Corp. Ltd., 0.72% [ADR] (Australia)		30,000		986,400
Total Preferred Stock
(Cost $1,640,838)				1,861,650
	Units
WARRANT*
Aerospace
Orbital Science Corp. (expiring 08/31/04)
(Cost $0)		482		4,401
Total Long-term Investments
(Cost $620,179,543)				795,530,775
	Principal Amount (000)
SHORT-TERM INVESTMENTS — 7.5%
Certificates of Deposit — 0.6%
Banco Santander PR 1.125%, 07/01/04(b)(c)	$	2,073		2,072,971
Credit Lyonnais Bank 1.075%, 09/30/04(b)		1,090		1,090,543
Svenska Handelsbanken 1.39%, 10/27/04(b)		1,787		1,787,160
				4,950,674
Commercial Paper
Amsterdam Funding Corp. 1.111%, 07/12/04(b)		166		166,011
Fairway Finance Corp. 1.22%, 07/16/04(b)		239		239,163
				405,174

	Principal Amount (000)		Value (Note 2)
Corporate Obligations — 3.5%
Bank of America NA 1.05%, 07/01/04(b)(c)	$	4,739	$	4,739,441
Merrill Lynch & Co., Inc. 1.63%, 07/01/04(b)(c)		581		581,330
1.63%, 07/01/04(b)(c)		239		238,698
Morgan Stanley 1.23%, 07/01/04(b)(c)		1,133		1,133,140
1.58%, 07/01/04(b)(c)		3,917		3,916,940
Natexis Banque 1.547%, 07/01/04(b)(c)		5,427		5,425,987
Societe Generale 1.575%, 07/01/04(b)(c)		2,103		2,102,627
Swedbank 1.198%, 07/15/04(b)(c)		3,103		3,102,462
Westdeutsche Landesbank 1.13%, 07/09/04(b)(c)		7,079		7,077,585
1.25%, 07/23/04(b)(c)		40		40,166
1.30%, 07/29/04(b)(c)		718		717,747
				29,076,123
Time Deposit — 0.4%
J. P. Morgan Chase & Co. 1.25%, 07/01/04(b)		3,630		3,629,853
	Shares
Non-Registered Investment Company — 3.0%
BlackRock Institutional Money Market Trust(b)(j)		25,127,395		25,127,395
Total Short-Term Investments
(Cost $63,189,219)				63,189,219
Total Investments — 101.3%
(Cost $683,368,762; Note 5)				858,719,994
Liabilities in Excess of Other Assets — (1.3%)				(11,337,991	)
Net Assets — 100.0%			$	847,382,003

The following abbreviations are used throughout the Schedule of Investments:

ADR American Depositary Receipt

CVT Convertible Security

REIT Real Estate Investment Trust

37

AST Gabelli Small-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) Portion of securities on loan with an aggregate market value of $61,195,120; cash collateral of $63,189,219 was received with which the portfolio purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral for securities on loan.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(g) Indicates a security that has been deemed illiquid. The aggregate cost of the illiquid security is $12,750. The aggregate value, $0 represents 0.00% of net assets.

(j) Securities available to institutional investors only.

See Notes to Financial Statements.

38

AST DeAM Small-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 88.9%
COMMON STOCK
Aerospace — 0.1%
AAR Corp.*	8,400	$	95,341
Airlines — 0.7%
Frontier Airlines, Inc.*	40,400		439,552
Automotive Parts — 1.0%
Collins & Aikman Corp.*	47,300		264,407
Tenneco Automotive, Inc.*	31,400		415,422
			679,829
Building Materials — 2.5%
Eagle Materials, Inc.	13,000		923,260
Genlyte Group, Inc.*	12,300		773,424
			1,696,684
Business Services — 2.2%
Clark, Inc.*	9,500		176,225
eFunds Corp.*	28,300		495,250
MAXIMUS, Inc.*	7,600		269,496
Safeguard Scientifics, Inc.*	24,500		56,350
SOURCECORP, Inc.*	18,100		498,112
			1,495,433
Chemicals — 4.3%
FMC Corp.*	20,000		862,200
Georgia Gulf Corp.	20,600		738,716
NewMarket Corp.*	25,200		541,044
Octel Corp.	7,000		184,310
OM Group, Inc.*	16,100		531,461
			2,857,731
Clothing & Apparel — 1.3%
Kellwood Co.	20,600		897,130
Computer Hardware — 1.5%
Hutchinson Technology, Inc.*	22,900		563,111
Komag, Inc.*	31,400		438,658
			1,001,769
Computer Services & Software — 2.9%
BISYS Group, Inc. (The)*	49,100		690,346
E.piphany, Inc.*	33,300		160,839
Internet Security Systems, Inc.*	10,700		164,138
Lawson Software, Inc.*	40,500		286,740
MTS Systems Corp.	20,300		476,035
Perot Systems Corp.*	10,400		138,008
			1,916,106
Conglomerates — 0.5%
Griffon Corp.*	14,300		318,604

	Shares	Value (Note 2)
Construction — 0.8%
Dycom Industries, Inc.*	6,800	$	190,400
URS Corp.*	12,000		328,800
			519,200
Consumer Products & Services — 3.3%
American Greetings Corp. (Class “A” Stock)*	41,000		950,380
Blyth, Inc.	5,600		193,144
Dollar Thrifty Automotive Group, Inc.*	18,600		510,384
Jacuzzi Brands, Inc.*	51,900		418,833
Stewart Enterprises, Inc.*	16,800		136,752
			2,209,493
Diversified Operations — 0.1%
Standex International Corp.	3,600		97,920
Electronic Components & Equipment — 2.1%
Checkpoint Systems, Inc.*	34,000		609,620
KEMET Corp.*	7,000		85,540
Park Electrochemical Corp.	22,300		563,075
Stoneridge, Inc.*	8,600		146,200
			1,404,435
Entertainment & Leisure — 1.5%
AMC Entertainment, Inc.*	37,300		573,301
Callaway Golf Co.	40,000		453,600
			1,026,901
Equipment Services — 1.7%
United Rentals, Inc.*	35,000		626,150
Watsco, Inc.	18,300		513,681
			1,139,831
Financial — Bank & Trust — 9.7%
BankUnited Financial Corp.*	35,500		915,901
Community Bank Systems, Inc.	11,100		252,969
Corus Bankshares, Inc.	10,100		415,211
FirstFed Financial Corp.*	20,200		840,320
IBERIABANK Corp.	3,100		183,458
MAF Bancorp, Inc.	3,700		157,916
Mid-State Bancshares	2,800		65,828
NBT Bancorp, Inc.	4,200		93,828
Pacific Capital Bancorp	10,533		296,293
PFF Bancorp, Inc.	9,400		350,056
Prosperity Bancshares, Inc.	5,500		133,925
Provident Bancshares Corp.	19,500		562,380
Sterling Financial Corp.*	20,804		663,023
Texas Regional Bancshares, Inc. (Class “A” Stock)	6,100		280,051
UMB Financial Corp.	4,500		232,290
United Bancshares, Inc.	21,200		689,000

39

AST DeAM Small-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Westamerica Bancorp	4,900	$	257,005
Yardville National Bancorp	2,600		65,000
			6,454,454
Financial Services — 3.6%
Downey Financial Corp.	17,700		942,525
ITLA Capital Corp.*	5,900		239,363
New Century Financial Corp.	11,000		515,020
Old National Bancorp	7,100		176,293
Park National Corp.	900		114,939
Saxon Capital, Inc.*	5,100		116,433
West Coast Bancorp	3,100		66,464
WSFS Financial Corp.	4,900		238,483
			2,409,520
Food — 3.9%
Flowers Foods, Inc.	26,900		703,435
J&J Snack Foods Corp.*	6,800		277,644
Lance, Inc.	43,300		666,820
Nash Finch Co.	15,200		380,456
Winn-Dixie Stores, Inc.	79,300		570,960
			2,599,315
Furniture — 1.2%
Haverty Furniture Co., Inc.	28,500		498,180
La-Z-Boy, Inc.	15,400		276,892
			775,072
Healthcare Services — 1.2%
RehabCare Group, Inc.*	8,900		237,007
Res-Care, Inc.*	19,600		248,920
West Pharmaceutical Services, Inc.	7,800		329,940
			815,867
Industrial Products — 1.3%
Tredegar Corp.	51,800		835,534
Insurance — 3.0%
LandAmerica Financial Group, Inc.(a)	9,100		354,263
Navigators Group, Inc.*	5,200		150,228
Philadelphia Consolidated Holdings Corp.*	13,200		792,924
Selective Insurance Group, Inc.	4,300		171,484
Stewart Information Services Corp.	7,000		236,390
United Fire & Casualty Co.	1,200		69,300
United Insurance Cos., Inc.*	8,600		204,766
			1,979,355
Internet Services — 0.2%
EarthLink, Inc.*	13,000		134,550
Machinery & Equipment — 1.1%
Terex Corp.*	20,900		713,317
Medical Supplies & Equipment — 2.4%
Cambrex Corp.	17,400		439,002

	Shares	Value (Note 2)
Hanger Orthopedic Group, Inc.*	42,300	$	495,756
Ocular Sciences, Inc.*(a)	17,600		668,800
			1,603,558
Metals & Mining — 1.6%
Quanex Corp.(a)	15,200		740,240
Steel Technologies, Inc.	14,900		328,992
			1,069,232
Oil & Gas — 7.1%
Berry Petroleum Corp. (Class “A” Stock)	6,000		176,460
Energen Corp.	20,700		993,393
Houston Exploration Co.*	2,500		129,600
Magnum Hunter Resources, Inc.*	46,400		481,632
Meridian Resource Corp. (The)*	58,300		404,602
Piedmont Natural Gas Co., Inc.	2,500		106,750
Range Resources Corp.	50,200		732,920
Southwestern Energy Co.*	8,200		235,094
Stone Energy Corp.*	18,200		831,376
Tesoro Petroleum Corp.*	22,500		621,000
			4,712,827
Pharmaceuticals — 1.7%
Perrigo Co.	35,100		665,847
Valeant Pharmaceuticals International	22,800		456,000
			1,121,847
Printing & Publishing — 0.9%
Consolidated Graphics, Inc.*	14,200		625,510
Real Estate — 10.3%
Alexandria Real Estate Equities, Inc. [REIT]	3,900		221,442
American Financial Realty Trust [REIT]	12,200		174,338
Amli Residential Properties Trust [REIT]	5,300		155,502
Brandywine Realty Trust [REIT]	8,800		239,272
Capital Automotive [REIT]	5,500		161,315
CarrAmerica Realty Corp. [REIT]	9,900		299,277
Commercial Net Lease Realty, Inc. [REIT]	8,500		146,200
Corporate Office Properties Trust [REIT]	8,500		211,225
Essex Property Trust, Inc. [REIT](a)	3,700		252,895
First Industrial Realty Trust, Inc. [REIT]	6,700		247,096
Gables Residential Trust [REIT]	6,700		227,666
HealthCare Realty Trust, Inc. [REIT]	7,900		296,092
Heritage Property Investment Trust [REIT]	7,300		197,538
Highwoods Properties, Inc. [REIT]	8,400		197,400
Home Properties of New York, Inc. [REIT]	6,600		257,268
IMPAC Mortgage Holdings, Inc. [REIT]	12,200		274,744
Jones Lang Lasalle, Inc.* [REIT]	6,400		173,440
Kilroy Realty Corp. [REIT]	6,600		225,060

40

AST DeAM Small-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LNR Property Corp.	4,100	$	222,425
Manufactured Home Communities,	4,500		149,355
Mid-America Apartment Communities, Inc. [REIT]	5,000		189,450
Nationwide Health Properties, Inc. [REIT]	11,600		219,240
Pennsylvania Real Estate Investment Trust [REIT]	6,900		236,325
Post Properties, Inc. [REIT](a)	6,500		189,475
Prentiss Properties Trust [REIT]	8,400		281,568
RAIT Investment Trust [REIT]	7,300		179,945
Realty Income Corp. [REIT]	7,200		300,456
Redwood Trust, Inc. [REIT](a)	2,800		155,904
Senior Housing Properties Trust [REIT]	9,600		161,184
Sovran Self Storage, Inc. [REIT]	1,900		72,542
Summit Properties, Inc. [REIT]	7,600		194,864
Sun Communities, Inc. [REIT]	4,900		184,485
Washington Real Estate Investment Trust [REIT]	4,000		117,520
			6,812,508
Restaurants — 3.1%
CBRL Group, Inc.	22,900		706,465
Dave & Buster’s, Inc.*	37,200		698,988
Landry’s Restaurants, Inc.	22,600		675,514
			2,080,967
Retail & Merchandising — 3.1%
Cash America International, Inc.	31,400		722,200
Jo-Ann Stores, Inc.*	3,300		97,020
Movado Group, Inc.	10,700		184,575
Payless ShoeSource, Inc.*	30,700		457,737
Stage Stores, Inc.*	16,800		632,688
			2,094,220
Semiconductors — 1.3%
Emulex Corp.*	28,800		412,128
Integrated Device Technology, Inc.*	11,500		159,160
Standard Microsystems Corp.*	13,500		314,820
			886,108
Telecommunications — 1.5%
Brightpoint, Inc.*	21,100		290,125
Commscope, Inc.*	24,600		527,670
CT Communications, Inc.	10,100		152,005
			969,800
Transportation — 1.4%
Laidlaw International, Inc.*	11,600		150,336
Overseas Shipholding Group, Inc.	18,500		816,405
			966,741

	Shares		Value (Note 2)
Utilities — 2.8%
Avista Corp.		12,400	$	228,408
PNM Resources, Inc.		11,400		236,778
Sierra Pacific Resources*		90,400		696,984
South Jersey Industries, Inc.		1,200		52,800
Southern Union Co.*		31,590		665,916
				1,880,886
Total Long-term Investments
(Cost $56,596,125)				59,337,147
	Principal Amount (000)
SHORT-TERM INVESTMENTS — 5.0%
Corporate Obligations — 2.6%
Bank of America NA 1.05%, 07/01/04(b)(c)	$	188		187,766
Morgan Stanley 1.58%, 07/01/04(b)(c)		1,026		1,026,236
Swedbank 1.198%, 07/15/04(b)(c)		191		191,247
Westdeutsche Landesbank 1.30%, 07/29/04(b)(c)		350		349,745
				1,754,994
Time Deposit — 0.2%
J. P. Morgan Chase & Co. 1.25%, 07/01/04(b)		115		115,076
U.S. Treasury Obligations — 0.9%
U.S. Treasury Bills 0.95%, 07/29/04(k)(n)		600		599,527
1.00%, 07/29/04(n)		20		19,984
				619,511
	Shares
Non-Registered Investment Company — 1.3%
BlackRock Institutional Money Market Trust(b)(j)		840,434		840,434
Total Short-Term Investments
(Cost $3,330,046)				3,330,015
Total Investments — 93.9%
(Cost $59,926,171; Note 5)				62,667,162
Other Assets in Excess of Liabilities — 6.1%				4,085,936
Net Assets — 100.0%			$	66,753,098

41

AST DeAM Small-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

42

The following abbreviation is used throughout the Schedule of Investments:

REIT Real Estate Investment Trust

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) Portion of securities on loan with an aggregate market value of $2,647,916; cash collateral of $2,710,504 was received with which the portfolio purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral for securities on loan.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(j) Security available to institutional investors only.

(k) Securities with an aggregate market value of $599,527 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2004:

Description	Expiration Month	Number of Contracts	Value at Trade Date		Value at June 30, 2004		Unrealized Appreciation
Long Positions:
Russell 2000	Sep 04	23	$	6,246,338	$	6,515,850	$	269,512

(n) Rates shown are the effective yields at purchase date.

See Notes to Financial Statements.

AST Goldman Sachs Mid-Cap Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 99.4%
COMMON STOCK
Automotive Parts — 2.3%
ADESA, Inc.*(a)	21,400	$	514,456
Gentex Corp.(a)	113,350		4,497,728
			5,012,184
Broadcasting — 4.0%
Citadel Broadcasting Co.*(a)	240,579		3,505,236
Entravision Communications Corp. (Class “A” Stock)*	254,000		1,950,720
Univision Communications, Inc. (Class “A” Stock)*	95,800		3,058,894
			8,514,850
Business Services — 9.4%
ARAMARK Corp. (Class “B” Stock)	184,775		5,314,128
Brink’s Co. (The)	68,233		2,336,980
Grainger, (W.W.), Inc.	71,725		4,124,187
Iron Mountain, Inc.*(a)	78,177		3,772,822
Pitney Bowes, Inc.	69,250		3,064,313
ProQuest Co.*	59,350		1,617,288
			20,229,718
Cable Television — 3.4%
Cablevision Systems New York Group (Class “A” Stock)*(a)	141,475		2,779,984
Scripps, (E.W.) Co. (Class “A” Stock)	42,980		4,512,900
			7,292,884
Computer Services & Software — 6.8%
CheckFree Corp.*(a)	140,275		4,208,250
Cognos, Inc. (Canada)*	99,175		3,586,168
Manhattan Associates, Inc.*(a)	127,294		3,930,839
Salesforce.com, Inc.*(a)	52,800		848,496
Take-Two Interactive Software, Inc.*(a)	63,300		1,939,512
			14,513,265
Consumer Durables — 5.1%
Ethan Allen Interiors, Inc.(a)	58,725		2,108,815
Harman International Industries, Inc.(a)	54,650		4,973,150
Williams-Sonoma, Inc.*(a)	116,075		3,825,832
			10,907,797
Consumer Non-Durables — 2.5%
Energizer Holdings, Inc.*	70,700		3,181,500
UST, Inc.	57,525		2,070,900
			5,252,400
Consumer Services — 1.6%
ITT Educational Services, Inc.*	88,825		3,377,127
Defense/Aerospace — 4.4%
Alliant Techsystems, Inc.*	66,925		4,239,030
FLIR Systems, Inc.*(a)	92,900		5,100,210
			9,339,240

	Shares	Value (Note 2)
Entertainment & Leisure — 3.2%
EchoStar Communications Corp. (Class “A” Stock)*(a)	90,350	$	2,778,262
GTECH Holdings Corp.	37,700		1,745,887
Harrah’s Entertainment, Inc.	43,075		2,330,358
			6,854,507
Financial Services — 1.3%
Moody’s Corp.	41,525		2,685,007
Financials — 4.9%
Ambac Financial Group, Inc.	29,850		2,192,184
M&T Bank Corp.	25,325		2,210,873
RenaissanceRe Holdings Ltd.	44,000		2,373,800
Willis Group Holdings Ltd. (United Kingdom)	97,225		3,641,076
			10,417,933
Health — 8.1%
Allergan, Inc.	18,925		1,694,166
Apogent Technologies, Inc.*(a)	108,650		3,476,799
Biogen Idec, Inc.*(a)	37,150		2,349,738
Charles River Laboratories International, Inc.*(a)	113,175		5,530,861
Hooper Holmes, Inc.	177,755		1,020,314
MedImmune, Inc.*	53,050		1,241,370
St. Jude Medical, Inc.*	28,500		2,156,025
			17,469,273
Healthcare Services — 5.2%
Caremark Rx, Inc.*(a)	90,975		2,996,717
Covance, Inc.*(a)	92,575		3,571,544
Millipore Corp.*(a)	79,710		4,493,252
			11,061,513
Hotels & Motels — 0.8%
Marriott International, Inc. (Class “A” Stock)	34,075		1,699,661
Manufacturing — 1.4%
American Standard Cos., Inc.*	75,050		3,025,266
Media & Communications — 2.9%
Lamar Advertising Co.*(a)	110,750		4,801,013
Lodgenet Entertainment Corp.*	82,350		1,358,775
			6,159,788
Oil & Gas — 3.4%
Pogo Producing Co.	24,565		1,213,511
Smith International, Inc.*(a)	77,850		4,340,916
XTO Energy, Inc.	59,900		1,784,421
			7,338,848
Pharmaceuticals — 0.8%
OSI Pharmaceuticals, Inc.*	25,600		1,803,264
Restaurants — 1.1%
Chang’s China Bistro, (P.F.), Inc.*(a)	57,814		2,379,046
Retail & Merchandising — 8.4%
CarMax, Inc.*(a)	122,200		2,672,514
Chico’s FAS, Inc.*(a)	90,675		4,094,882

43

AST Goldman Sachs Mid-Cap Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares		Value (Note 2)
Dollar Tree Stores, Inc.*		99,425	$	2,727,228
PETCO Animal Supplies, Inc.*		143,570		4,624,389
Reebok International Ltd.		108,975		3,920,921
				18,039,934
Semiconductors — 1.1%
Tessera Technologies, Inc.*		132,900		2,394,858
Technology — 15.0%
ADTRAN, Inc.(a)		141,000		4,705,169
Amphenol Corp.*		121,000		4,031,720
Avocent Corp.*		114,125		4,192,952
CNET Networks, Inc.*		149,100		1,650,537
Electronic Arts, Inc.*		70,350		3,837,593
Intuit, Inc.*		38,250		1,475,685
KLA-Tencor Corp.*(a)		76,425		3,773,867
Microchip Technology, Inc.		129,250		4,076,545
Symantec Corp.*(a)		57,450		2,515,161
Xilinx, Inc.		64,800		2,158,488
				32,417,717
Telecommunications — 1.2%
Crown Castle International Corp.*(a)		179,775		2,651,681
Transportation — 1.1%
Robinson Worldwide, (C.H.), Inc.(a)		49,850		2,285,124
Total Long-Term Investments
(Cost $187,901,052)				213,122,885
	Principal Amount (000)
SHORT-TERM INVESTMENTS — 25.6%
Certificates of Deposit — 1.2%
BNP Paribas 1.08%, 07/13/04(b)	$	882		882,467
Canadian Imperial Bank of Commerce 1.285%, 07/29/04(b)(c)		1,302		1,302,094
Credit Lyonnais Bank 1.075%, 09/30/04(b)		349		348,807
				2,533,368

	Principal Amount (000)		Value (Note 2)
Commercial Paper — 1.1%
Concord Minutemen Capital Co. 1.12%, 07/08/04(b)	$	1,453	$	1,451,236
Fairway Finance Corp. 1.22%, 07/16/04(b)		934		933,651
				2,384,887
Corporate Obligations — 14.3%
Merrill Lynch & Co., Inc. 1.63%, 07/01/04(b)(c)		4,460		4,460,466
1.63%, 07/01/04(b)(c)		66		66,232
1.63%, 07/01/04(b)(c)		1,658		1,657,542
Morgan Stanley 1.58%, 07/01/04(b)(c)		4,105		4,104,533
Natexis Banque 1.547%, 07/01/04(b)(c)		5,661		5,660,620
1.60%, 07/01/04(b)(c)		262		262,127
Societe Generale NY 1.575%, 07/01/04(b)(c)		2,936		2,935,781
Swedbank 1.198%, 07/15/04(b)(c)		4,939		4,938,135
Westdeutsche Landesbank 1.13%, 07/09/04(b)(c)		5,549		5,547,532
1.25%, 07/23/04(b)(c)		79		78,997
1.30%, 07/29/04(b)(c)		1,039		1,038,892
				30,750,857
Time Deposit — 1.2%
J. P. Morgan Chase & Co. 1.25%, 07/01/04(b)		2,495		2,495,158
	Shares
Non-Registered Investment Company — 7.8%
BlackRock Institutional Money Market Trust(b)(j)		16,689,316		16,689,316
Total Short-Term Investments
(Cost $54,853,586)				54,853,586
Total Investments — 125.0%
(Cost $242,754,638; Note 5)				267,976,471
Liabilities in Excess of Other Assets — (25.0%)				(53,612,288	)
Net Assets — 100.0%			$	214,364,183

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) Portion of securities on loan with an aggregate market value of $53,728,664; cash collateral of $54,853,586 was received with which the portfolio purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral for securities on loan.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(j) Security available to institutional investors only.

See Notes to Financial Statements.

44

AST Neuberger Berman Mid-Cap Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 98.2%
COMMON STOCK
Advertising — 1.1%
Getty Images, Inc.*(a)	70,000	$	4,200,001
Aerospace — 0.5%
Rockwell Collins, Inc.	56,500		1,882,580
Beverages — 0.5%
Constellation Brands, Inc. (Class “A” Stock)*	48,500		1,800,805
Broadcasting — 2.9%
Scripps (E.W.) Co. (Class “A” Stock)	56,100		5,890,500
Univision Communications, Inc. (Class “A” Stock)*	105,000		3,352,650
XM Satellite Radio Holdings, Inc.*	50,050		1,365,865
			10,609,015
Building Materials — 1.0%
American Standard Cos., Inc.*	94,500		3,809,295
Business Services — 3.9%
Alliance Data Systems Corp.*	196,000		8,281,000
Corporate Executive Board Co.(a)	107,500		6,212,425
			14,493,425
Clothing & Apparel — 1.6%
Coach, Inc.*	128,000		5,784,320
Computer Hardware — 1.7%
Apple Computer, Inc.*	87,500		2,847,250
Lexmark International, Inc.*	36,000		3,475,080
			6,322,330
Computer Services & Software — 4.8%
Cognizant Technology Solutions Corp.*	159,000		4,040,190
Cognos, Inc. (Canada)*	29,000		1,048,640
Electronic Arts, Inc.*	74,000		4,036,700
Mercury Interactive Corp.*(a)	112,500		5,605,875
TIBCO Software, Inc.*(a)	345,500		2,919,475
			17,650,880
Construction — 0.5%
Centex Corp.	39,400		1,802,550
Containers & Packaging — 1.9%
Packaging Corp. of America	112,500		2,688,750
Pactiv Corp.*	171,600		4,279,704
			6,968,454
Electronic Components & Equipment — 8.8%
Agilent Technologies, Inc.*	116,000		3,396,480
Gentex Corp.(a)	89,500		3,551,360
Harman International Industries, Inc.	54,500		4,959,500
Jabil Circuit, Inc.*	140,000		3,525,200

	Shares	Value (Note 2)
Molex, Inc.	142,500	$	4,571,400
Symbol Technologies, Inc.	82,500		1,216,050
Zebra Technologies Corp. (Class “A” Stock)*(a)	132,750		11,549,250
			32,769,240
Entertainment & Leisure — 3.8%
International Game Technology, Inc.(a)	142,000		5,481,200
Multimedia Games, Inc.*(a)	95,000		2,547,900
Royal Caribbean Cruises Ltd.	142,000		6,164,220
			14,193,320
Financial — Brokerage — 0.8%
Piper Jaffray Cos., Inc.*	62,800		2,840,444
Financial Services — 5.9%
Capital Source, Inc.*(a)	153,000		3,740,850
First Marblehead Corp.*	89,000		3,583,140
Franklin Resources, Inc.	88,500		4,432,080
Investors Financial Services Corp.(a)	141,000		6,144,780
Moody’s Corp.	62,100		4,015,386
			21,916,236
Healthcare Services — 2.5%
Caremark Rx, Inc.*(a)	130,700		4,305,258
Stericycle, Inc.*(a)	95,000		4,915,300
			9,220,558
Hotels & Motels — 0.5%
Marriott International, Inc. (Class “A” Stock)(a)	35,000		1,745,800
Industrial Products — 3.3%
Donaldson Co., Inc.	150,000		4,395,000
Fastenal Co.(a)	137,000		7,785,710
			12,180,710
Internet Services — 2.2%
Check Point Software Technologies Ltd.*(a)	106,900		2,885,231
F5 Networks, Inc.*(a)	67,500		1,787,400
Juniper Networks, Inc.*(a)	143,500		3,525,795
			8,198,426
Machinery & Equipment — 3.2%
Danaher Corp.(a)	109,000		5,651,650
Eaton Corp.	79,000		5,114,460
Thermo Electron Corp.*	39,700		1,220,378
			11,986,488
Medical Supplies & Equipment — 12.0%
Advanced Neuromodulation Systems, Inc.*	60,000		1,968,000
Bard, (C.R.), Inc.	89,000		5,041,850
Fisher Scientific International, Inc.*(a)	42,500		2,454,375

45

AST Neuberger Berman Mid-Cap Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Inamed Corp.*	33,000	$	2,074,050
Invitrogen Corp.*(a)	55,000		3,959,450
Kinetic Concepts, Inc.*	45,400		2,265,460
Kyphon, Inc.*	70,500		1,986,690
Martek Biosciences Corp.*(a)	38,500		2,162,545
Protein Design Labs, Inc.*(a)	132,500		2,534,725
ResMed, Inc.*(a)	52,500		2,675,400
Schein, (Henry), Inc.*	53,800		3,396,932
Varian Medical Systems, Inc.*	98,500		7,815,974
Zimmer Holdings, Inc.*	70,000		6,174,000
			44,509,451
Oil & Gas — 4.5%
Canadian Natural Resources Ltd.	65,000		1,943,500
Murphy Oil Corp.	59,500		4,385,150
Smith International, Inc.*	67,700		3,774,952
XTO Energy, Inc.	225,000		6,702,750
			16,806,352
Personal Services — 1.1%
Education Management Corp.*	126,000		4,140,360
Pharmaceuticals — 6.2%
Alkermes, Inc.*(a)	120,900		1,644,240
Allergan, Inc.(a)	60,500		5,415,960
Celgene Corp.*(a)	79,000		4,523,540
Elan Corp. PLC [ADR] (Ireland)*(a)	74,000		1,830,760
Gilead Sciences, Inc.*	64,500		4,321,500
Teva Pharmaceutical Industries Ltd. [ADR] (Israel)(a)	76,500		5,147,685
			22,883,685
Restaurants — 2.3%
Applebee’s International, Inc.	101,250		2,330,775
Starbucks Corp.*(a)	103,000		4,478,440
Wendy’s International, Inc.	47,500		1,654,900
			8,464,115
Retail & Merchandising — 8.0%
Nordstrom, Inc.	135,000		5,752,350
PETsMART, Inc.(a)	160,000		5,192,000
Staples, Inc.	143,500		4,205,985
Talbots, Inc. (The)	29,600		1,158,840
Tuesday Morning Corp.*	135,000		3,915,000
Whole Foods Market, Inc.(a)	60,500		5,774,725
Williams-Sonoma, Inc.*	106,000		3,493,760
			29,492,660
Semiconductors — 6.2%
Altera Corp.*(a)	132,000		2,933,040
Broadcom Corp. (Class “A” Stock)*	73,500		3,437,595
Linear Technology Corp.	92,500		3,650,975
Microchip Technology, Inc.	181,000		5,708,740

	Shares		Value (Note 2)
Microsemi Corp.*		192,300	$	2,732,583
National Semiconductor Corp.*		213,000		4,683,870
				23,146,803
Telecommunications — 4.6%
Avaya, Inc.*		131,000		2,068,490
Corning, Inc.*(a)		239,000		3,121,340
Nextel Partners, Inc. (Class “A” Stock)*(a)		550,000		8,756,000
Western Wireless Corp. (Class “A” Stock)*(a)		106,500		3,078,915
				17,024,745
Transportation — 1.9%
C.H. Robinson Worldwide, Inc.(a)		42,500		1,948,200
J.B. Hunt Transport Services, Inc.		133,000		5,131,140
				7,079,340
Total Long-Term Investments
(Cost $281,848,722)				363,922,388
	Principal Amount (000)
SHORT-TERM INVESTMENTS — 24.9%
Certificates of Deposit — 3.2%
Banco Santander PR 1.125%, 07/01/04(b)(c)	$	6,605		6,603,608
BNP Paribas 1.08%, 07/13/04(b)		3,003		3,002,964
Canadian Imperial Bank of Commerce 1.285%, 07/29/04(b)(c)		312		311,748
Credit Lyonnais Bank 1.075%, 09/30/04(b)		1,874		1,874,771
Fortis Bank NY 1.775%, 06/06/05(b)		82		82,285
				11,875,376
Commercial Paper — 0.3%
Amsterdam Funding Corp. 1.111%, 07/12/04(b)		1,148		1,146,723
Fairway Finance Corp. 1.22%, 07/16/04(b)		78		77,489
				1,224,212
Corporate Obligations — 12.2%
Bank of America NA 1.05%, 07/01/04(b)(c)		1,672		1,672,012
Merrill Lynch & Co., Inc. 1.63%, 07/01/04(b)(c)		2,367		2,367,185
1.63%, 07/01/04(b)(c)		2,144		2,143,816
1.63%, 07/01/04(b)(c)		9,268		9,268,493
1.63%, 07/01/04(b)(c)		2,344		2,344,436
Morgan Stanley 1.58%, 07/01/04(b)(c)		1,801		1,801,226

46

AST Neuberger Berman Mid-Cap Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Principal Amount (000)		Value (Note 2)
Natexis Banque 1.547%, 07/01/04(b)(c)	$	385	$	385,389
1.60%, 07/01/04(b)(c)		3,242		3,240,695
Societe Generale 1.575%, 07/01/04(b)(c)		2,740		2,739,485
Swedbank 1.198%, 07/15/04(b)(c)		6,272		6,271,286
Westdeutsche Landesbank 1.13%, 07/09/04(b)(c)		713		713,307
1.25%, 07/23/04(b)(c)		4,482		4,481,809
1.30%, 07/29/04(b)(c)		7,590		7,588,856
				45,017,995
Time Deposit — 1.2%
J. P. Morgan Chase & Co. 1.25%, 07/01/04(b)		4,442		4,442,094
	Shares
Non-Registered Investment Company —7.4%
BlackRock Institutional Money Market Trust(b)(j)		27,610,431		27,610,431

	Shares	Value (Note 2)
Registered Investment Companies — 0.6%
BlackRock Provident Institutional Funds TempCash Portfolio(j)	1,092,780	$	1,092,780
BlackRock Provident Institutional Funds TempFund Portfolio(j)	1,092,780		1,092,780
			2,185,560
Total Short-Term Investments
(Cost $92,355,668)			92,355,668
Total Investments — 123.1%
(Cost $374,204,390; Note 5)			456,278,056
Liabilities in Excess of Other Assets — (23.1%)			(85,562,839	)
Net Assets — 100.0%		$	370,715,217

The following abbreviation is used throughout the Schedule of Investments:

ADR American Depositary Receipt

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) Portion of securities on loan with an aggregate market value of $87,616,061; cash collateral of $90,170,108 was received with which the portfolio purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral for securities on loan.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(j) Security available to institutional investors only.

See Notes to Financial Statements.

47

AST Neuberger Berman Mid-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 97.1%
COMMON STOCK
Automotive Parts — 7.2%
AutoNation, Inc.*(a)	506,400	$	8,659,440
AutoZone, Inc.*(a)	313,600		25,119,360
BorgWarner, Inc.	534,600		23,399,442
Lear Corp.(a)	419,400		24,740,406
			81,918,648
Beverages — 2.7%
Constellation Brands, Inc. (Class “A” Stock)*	838,800		31,144,644
Business Services — 2.2%
Manpower, Inc.(a)	502,700		25,522,079
Clothing & Apparel — 5.9%
Liz Claiborne, Inc.	551,400		19,839,372
Reebok International Ltd.(a)	614,600		22,113,308
VF Corp.	505,800		24,632,460
			66,585,140
Computer Hardware — 2.4%
Western Digital Corp.*(a)	3,108,300		26,917,878
Computer Services & Software — 1.8%
Computer Associates International, Inc.(a)	721,000		20,231,260
Conglomerates — 2.0%
Johnson Controls, Inc.	421,900		22,521,022
Consumer Products & Services — 4.6%
Black & Decker Corp.(a)	382,500		23,764,725
Whirlpool Corp.(a)	406,300		27,872,180
			51,636,905
Financial — Bank & Trust — 7.9%
First Horizon National Corp.(a)	628,900		28,596,083
GreenPoint Financial Corp.	558,700		22,180,390
North Fork Bancorp, Inc.(a)	423,400		16,110,370
TCF Financial Corp.	383,900		22,285,395
			89,172,238
Financial Services — 10.7%
Ambac Financial Group, Inc.	397,250		29,174,040
Bear Stearns Cos., Inc.(a)	339,600		28,631,676
CIT Group, Inc.	636,600		24,375,414
IndyMac Bancorp, Inc.(a)	798,300		25,226,280
Waddell & Reed Financial, Inc. (Class “A” Stock)(a)	622,500		13,763,475
			121,170,885
Food — 3.3%
Del Monte Foods Co.*	1,639,100		16,653,256
Fresh Del Monte Produce, Inc.(a)	831,800		21,019,586
			37,672,842

	Shares	Value (Note 2)
Furniture — 2.0%
Mohawk Industries, Inc.*(a)	314,200	$	23,040,286
Healthcare Services — 10.2%
Coventry Health Care, Inc.*(a)	537,200		26,269,080
DaVita, Inc.*	564,200		17,394,286
Laboratory Corp. of America Holdings*(a)	131,000		5,200,700
Omnicare, Inc.(a)	276,600		11,841,246
Oxford Health Plans, Inc.	188,900		10,397,056
Triad Hospitals, Inc.*	676,700		25,193,541
Universal Health Services, Inc. (Class “B” Stock)	415,200		19,053,528
			115,349,437
Industrial Products — 2.6%
SPX Corp.(a)	641,900		29,809,836
Insurance — 14.1%
Anthem, Inc.*(a)	285,400		25,560,424
Arch Capital Group Ltd.*	279,400		11,142,472
Endurance Specialty Holdings Ltd.	163,100		5,675,880
PartnerRe Ltd.	348,900		19,793,097
PMI Group, Inc.(The)(a)	582,900		25,367,808
Radian Group, Inc.	600,400		28,759,160
RenaissanceRe Holdings Ltd.	491,100		26,494,845
WellChoice, Inc.*	441,600		18,282,240
			161,075,926
Oil & Gas — 8.3%
Equitable Resources, Inc.	108,300		5,600,193
Pioneer Natural Resources Co.(a)	854,000		29,958,320
Sunoco, Inc.	402,900		25,632,498
XTO Energy, Inc.	1,102,257		32,836,236
			94,027,247
Railroads — 1.6%
Canadian National Railway Co. (Canada)(a)	416,250		18,144,338
Restaurants — 2.0%
Darden Restaurants, Inc.	1,093,700		22,475,535
Retail & Merchandising — 4.2%
Foot Locker, Inc.	985,200		23,979,768
Pier 1 Imports, Inc.	1,308,800		23,152,672
			47,132,440
Transportation — 1.0%
CNF, Inc.	286,100		11,890,316
Utilities — 0.4%
PPL Corp.	105,400		4,837,860
Total Long-Term Investments
(Cost $951,000,273)			1,102,276,762

48

AST Neuberger Berman Mid-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Principal Amount (000)		Value (Note 2)
SHORT-TERM INVESTMENTS — 31.0%
Certificates of Deposit — 4.1%
Banco Santander PR 1.125%, 07/01/04(b)(c)	$	22,423	$	22,419,795
BNP Paribas 1.08%, 07/13/04(b)		4,162		4,161,588
Canadian Imperial Bank of Commerce 1.285%, 07/29/04(b)(c)		2,179		2,178,863
Svenska Handelsbanken 1.39%, 10/27/04(b)		5,830		5,829,266
Westdeutsche Landesbank 1.50%, 01/10/05(b)		12,381		12,379,578
				46,969,090
Commercial Paper — 1.9%
Amsterdam Funding Corp. 1.111%, 07/12/04(b)		5,041		5,035,131
Concord Minutemen Capital Co. 1.12%, 07/08/04(b)		323		322,437
Fairway Finance Corp. 1.22%, 07/16/04(b)		15,787		15,773,175
				21,130,743
Corporate Obligations — 7.3%
Merrill Lynch & Co., Inc. 1.63%, 07/01/04(b)(c)		3,276		3,276,299
1.63%, 07/01/04(b)(c)		55		55,274
Morgan Stanley 1.23%, 07/01/04(b)(c)		6,246		6,246,435
1.58%, 07/01/04(b)(c)		2,856		2,855,910

	Principal Amount (000)		Value (Note 2)
Natexis Banque 1.547%, 07/01/04(b)(c)	$	21,942	$	21,939,961
1.60%, 07/01/04(b)(c)		6,138		6,136,025
Societe Generale 1.575%, 07/01/04(b)(c)		24,845		24,839,826
Swedbank 1.198%, 07/15/04(b)(c)		11,004		11,002,075
Westdeutsche Landesbank 1.13%, 07/09/04(b)(c)		2,991		2,989,908
1.25%, 07/23/04(b)(c)		2,090		2,089,808
1.30%, 07/29/04(b)(c)		1,317		1,316,351
				82,747,872
Time Deposit — 1.6%
J. P. Morgan Chase & Co. 1.25%, 07/01/04(b)		17,968		17,968,109
	Shares
Non-Registered Investment Company — 12.8%
BlackRock Institutional Money Market Trust(b)(j)		145,193,879		145,193,878
Registered Investment Company — 3.3%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		37,470,017		37,470,017
Total Short-Term Investments
(Cost $351,479,709)				351,479,709
Total Investments — 128.1%
(Cost $1,302,479,982; Note 5)				1,453,756,471
Liabilities in Excess of Other Assets — (28.1%)				(319,010,577	)
Net Assets — 100.0%			$	1,134,745,894

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) Portion of securities on loan with an aggregate market value of $306,124,543; cash collateral of $314,009,692 was received with which the portfolio purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral for securities on loan.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(j) Security available to institutional investors only.

See Notes to Financial Statements.

49

AST Alger All-Cap Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 97.1%
COMMON STOCK
Aerospace — 1.0%
Lockheed Martin Corp.	71,000	$	3,697,680
Biotechnology — 8.5%
Biogen Idec, Inc.*(a)	143,200		9,057,400
Genentech, Inc.*	136,900		7,693,780
Invitrogen Corp.*(a)	57,800		4,161,022
Millennium Pharmaceuticals, Inc.*	355,900		4,911,420
OSI Pharmaceuticals, Inc.*	42,600		3,000,744
Protein Design Labs, Inc.*(a)	73,500		1,406,055
QLT, Inc. (Canada)*(a)	106,500		2,132,130
			32,362,551
Capital Markets — 0.5%
Piper Jaffray Cos., Inc.*	43,000		1,944,890
Clothing & Apparel — 1.4%
Coach, Inc.*	116,500		5,264,635
Commercial Services & Supplies — 0.9%
Monster Worldwide, Inc.*(a)	139,800		3,595,656
Communication Equiptment — 4.6%
Juniper Networks, Inc.*	158,600		3,896,802
Research in Motion Ltd. (Canada)*(a)	138,800		9,499,472
Sierra Wireless, Inc. (Canada)*	113,500		4,202,905
			17,599,179
Computer Hardware — 1.6%
Palmone, Inc.*(a)	178,900		6,220,353
Computer Services & Software — 11.6%
Activision, Inc.*(a)	240,600		3,825,540
Cisco Systems, Inc.*	252,100		5,974,770
Microsoft Corp.	422,600		12,069,456
Oracle Corp.*	544,600		6,497,078
Red Hat, Inc.*(a)	479,800		11,021,006
Take-Two Interactive Software, Inc.*	144,500		4,427,480
			43,815,330
Conglomerates — 1.0%
Tyco International Ltd.(a)	117,800		3,903,892
Consumer Finance — 2.2%
Capital One Financial Corp.(a)	77,100		5,272,098
First Marblehead Corp.*	73,800		2,971,188
			8,243,286
Electronic Components & Equipment — 3.4%
Celestica, Inc. (Canada)*	302,800		6,040,860
Gentex Corp.(a)	67,100		2,662,528
Symbol Technologies, Inc.	283,200		4,174,368
			12,877,756

	Shares	Value (Note 2)
Energy Equiptment — 0.5%
National-Oilwell, Inc.*	59,800	$	1,883,102
Energy Services — 0.5%
Peabody Energy Corp.	33,700		1,886,863
Entertainment & Leisure — 3.6%
International Game Technology, Inc.	48,600		1,875,960
Royal Caribbean Cruises Ltd.	90,500		3,928,605
Time Warner, Inc.*	442,900		7,786,182
			13,590,747
Healthcare Services — 4.2%
Aetna, Inc.(a)	42,900		3,646,500
AMERIGROUP Corp.*	26,800		1,318,560
PacifiCare Health Systems, Inc.*	100,200		3,873,732
Quest Diagnostics, Inc.(a)	82,000		6,965,900
			15,804,692
Information Technology Services — 1.2%
Cognizant Technology Solutions Corp.*	172,000		4,370,520
Insurance — 3.9%
AFLAC, Inc.	89,900		3,668,819
Anthem, Inc.*(a)	52,800		4,728,768
MGIC Investment Corp.(a)	85,800		6,508,788
			14,906,375
Internet Services — 13.1%
Check Point Software Technologies Ltd.*(a)	231,500		6,248,185
eBay, Inc.*(a)	169,500		15,585,525
Netflix, Inc.*(a)	167,100		6,007,245
Priceline.com, Inc.*(a)	96,700		2,604,131
Yahoo!, Inc.*(a)	520,900		18,924,297
			49,369,383
Internet Software & Services — 1.0%
First Data Corp.	83,300		3,708,516
Media — 3.4%
Pixar, Inc.*	65,600		4,559,856
Sirius Satellite Radio, Inc.*(a)	840,200		2,587,816
XM Satellite Radio Holdings, Inc.*	214,900		5,864,621
			13,012,293
Medical Supplies & Equipment — 6.6%
Advanced Medical Optics, Inc.*(a)	73,100		3,111,867
Boston Scientific Corp.*	184,600		7,900,880
Given Imaging Ltd.*(a)	53,300		1,887,353
Kinetic Concepts, Inc.*	77,200		3,852,280
Varian Medical Systems, Inc.*(a)	34,200		2,713,770
Zimmer Holdings, Inc.*	61,700		5,441,940
			24,908,090

50

AST Alger All-Cap Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares		Value (Note 2)
Oil & Gas — 1.5%
EOG Resources, Inc.		93,200	$	5,564,972
Pharmaceuticals — 6.9%
Allergan, Inc.		75,300		6,740,856
Pfizer, Inc.		385,440		13,212,883
Teva Pharmaceutical Industries Ltd. [ADR] (Israel)(a)		92,300		6,210,867
				26,164,606
Retail & Merchandising — 2.9%
Aeropostale, Inc.*		140,025		3,768,073
Bed Bath & Beyond, Inc.*		101,400		3,898,830
Tiffany & Co.		90,000		3,316,500
				10,983,403
Semiconductors — 8.4%
Applied Materials, Inc.*		203,900		4,000,518
Broadcom Corp. (Class “A” Stock)*		283,900		13,278,003
Kulicke & Soffa Industries, Inc.*(a)		428,100		4,691,976
National Semiconductor Corp.*		270,400		5,946,096
Novellus Systems, Inc.*		128,500		4,040,040
				31,956,633
Telecommunications — 2.7%
Corning, Inc.*(a)		582,800		7,611,368
SpectraSite, Inc.*(a)		62,100		2,683,962
				10,295,330
Total Long-Term Investments
(Cost $311,926,396)				367,930,733
	Principal Amount (000)
SHORT-TERM INVESTMENTS — 26.9%
Certificates of Deposit — 0.6%
Canadian Imperial Bank of Commerce 1.285%, 07/29/04(b)(c)	$	1,508		1,507,495
Svenska Handelsbanken 1.39%, 10/27/04(b)		620		619,873
				2,127,368
Commercial Paper — 1.4%
Concord Minutemen Capital Co. 1.12%, 07/08/04(b)		2,218		2,215,510
Fairway Finance Corp. 1.22%, 07/16/04(b)		2,790		2,787,211
Grampian Funding LLC 1.20%, 07/13/04(b)		269		268,420
				5,271,141

	Principal Amount (000)		Value (Note 2)
Corporate Obligations — 10.6%
Merrill Lynch & Co., Inc. 1.63%, 07/01/04(b)(c)	$	4,671	$	4,671,172
1.63%, 07/01/04(b)(c)		6,980		6,980,427
1.63%, 07/01/04(b)(c)		8,859		8,858,872
1.63%, 07/01/04(b)(c)		610		609,756
Morgan Stanley 1.58%, 07/01/04(b)(c)		3,986		3,986,037
Natexis Banque NY 1.60%, 07/01/04(b)(c)		6,927		6,924,812
Societe Generale NY 1.575%, 07/01/04(b)(c)		3,278		3,277,590
Swedbank NY 1.198%, 07/15/04(b)(c)		3,729		3,728,427
Westdeutsche Landesbank 1.25%, 07/23/04(b)(c)		1,083		1,082,924
1.30%, 07/29/04(b)(c)		565		564,651
				40,684,668
Time Deposit — 1.4%
J. P. Morgan Chase & Co. 1.25%, 07/01/04(b)		5,152		5,151,905
	Shares
Non-Registered Investment Company — 10.6%
BlackRock Institutional Money Market Trust(b)(j)		40,265,195		40,265,195
Registered Investment Companies — 2.3%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		4,285,639		4,285,639
BlackRock Provident Institutional Funds TempFund Portfolio(j)		4,285,638		4,285,638
				8,571,277
Total Short-Term Investments
(Cost $102,071,554)				102,071,554
Total Investments — 124.0%
(Cost $413,997,950; Note 5)				470,002,287
Liabilities in Excess of Other Assets — (24.0%)				(91,019,171	)
Net Assets — 100.0%			$	378,983,116

51

AST Alger All-Cap Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

The following abbreviation is used throughout the Schedule of Investments:

ADR American Depositary Receipt

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) Portion of securities on loan with an aggregate market value of $91,609,304; cash collateral of $93,500,277 was received with which the portfolio purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral for securities on loan.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(j) Security available to institutional investors only.

See Notes to Financial Statements.

52

AST Gabelli All-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 97.0%
COMMON STOCK — 96.6%
Aerospace — 1.3%
Curtiss-Wright Corp. (Class “B” Stock)	1,400	$	75,278
General Dynamics Corp.	2,000		198,600
Lockheed Martin Corp.	1,000		52,080
Northrop Grumman Corp.	14,400		773,280
Raytheon Co.(a)	2,500		89,425
Sequa Corp. (Class “A” Stock)*	11,000		643,170
Titan Corp.*(a)	45,000		584,100
			2,415,933
Automobile Manufacturers — 2.2%
DaimlerChrysler AG*(a)	40,000		1,882,800
General Motors Corp.(a)	4,000		186,360
Monaco Coach Corp.	17,000		478,890
Navistar International Corp.*(a)	35,000		1,356,600
PACCAR, Inc.	4,500		260,955
			4,165,605
Automotive Parts — 3.7%
AutoNation, Inc.*(a)	80,000		1,368,000
AutoZone, Inc.*(a)	1,500		120,150
BorgWarner, Inc.	18,000		787,860
Dana Corp.	140,000		2,744,000
Federal-Mogul Corp.*(a)	8,000		2,320
Genuine Parts Co.	40,000		1,587,200
Midas, Inc.*	5,000		87,000
Myers Industries, Inc.	22,000		310,200
			7,006,730
Beverages — 2.1%
Coca-Cola Co.	22,000		1,110,560
Coca-Cola Enterprises, Inc.(a)	15,000		434,850
Coca-Cola Hellenic Bottling Co. SA [ADR] (Greece)	2,000		48,300
Fomento Economico Mexicano SA de CV [ADR] (Mexico)	35,000		1,604,400
PepsiAmericas, Inc.	35,000		743,400
Pernod Ricard SA (France)	500		63,935
			4,005,445
Broadcasting — 8.5%
Beasley Broadcast Group, Inc.*	7,500		112,200
Belo Corp. (Class “A” Stock)	10,000		268,500
Crown Media Holdings, Inc.*	58,000		494,160
Fox Entertainment Group, Inc. (Class “A” Stock)*	70,000		1,869,000
Gray Television, Inc.	20,000		277,800
Grupo Televisa SA [ADR] (Brazil)	22,000		995,940
Liberty Corp. (The)	5,000		234,750
Liberty Media Corp. (Class “A” Stock)*(a)	380,000		3,416,201

	Shares	Value (Note 2)
Liberty Media Corp. (Class “B” Stock)*	500	$	5,000
Liberty Media International, Inc. (Class “A” Stock)*	19,000		704,900
Liberty Media International, Inc. (Class “B” Stock)*	25		1,024
Lin TV Corp. (Class “A” Stock)*	17,000		360,400
Media General, Inc. (Class “A” Stock)	21,000		1,348,620
Mediaset SPA (Italy)	11,000		125,400
Meredith Corp.	6,000		329,760
News Corp. Ltd. [ADR] (Australia)(a)	3,500		123,970
NRJ Group (France)	2,000		43,799
Paxson Communications Corp.*	80,000		260,000
Publishing & Broadcasting Ltd. (Australia)	12,000		107,416
Scripps (E.W.) Co. (Class “A” Stock)	28,000		2,940,000
UnitedGlobalCom, Inc. (Class “A” Stock)*	213,509		1,550,075
Young Broadcasting, Inc. (Class “A” Stock)*	30,000		394,500
			15,963,415
Building Materials — 0.4%
Bouygues SA (France)	1,750		58,594
CRH PLC (Ireland)	5,000		105,848
Skyline Corp.	4,800		195,120
Thomas Industries, Inc.	10,000		332,000
			691,562
Cable Television — 1.7%
Cablevision Systems New York Group (Class “A” Stock)*	100,000		1,965,000
Comcast Corp. (Class “A” Stock)*	25,000		700,750
DIRECTV Group, Inc. (The)*	32,928		563,069
Nippon Television Network Corp. (Japan)	300		49,214
PrimaCom AG [ADR] (Germany)*	14,400		10,944
			3,288,977
Chemicals — 2.3%
Albemarle Corp.	10,000		316,500
Dow Chemical Co.	15,000		610,500
Great Lakes Chemical Corp.	33,000		892,980
Hercules, Inc.*	100,000		1,219,000
Sensient Technologies Corp.(a)	60,000		1,288,800
			4,327,780
Clothing & Apparel — 0.1%
Dior, (Christian) SA (France)	1,400		90,531
Swatch Group AG (Switzerland)	700		91,105
			181,636
Computer Hardware — 0.2%
Hewlett-Packard Co.	20,365		429,702

53

AST Gabelli All-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Computer Services & Software — 0.6%
EMC Corp.*	14,000	$	159,600
Microsoft Corp.	14,000		399,840
PeopleSoft, Inc.*	30,000		555,000
			1,114,440
Conglomerates — 3.1%
Cendant Corp.	38,800		949,824
Honeywell International, Inc.	109,000		3,992,670
ITT Industries, Inc.	12,000		996,000
			5,938,494
Construction — 0.8%
Fleetwood Enterprises, Inc.*	100,000		1,455,000
Sekisui House Ltd. (Japan)	6,000		66,590
Technip-Coflexip SA (France)	400		54,263
			1,575,853
Consumer Products & Services — 2.5%
Altadis SA (Spain)	3,000		92,709
Church and Dwight Co., Inc.	12,000		549,360
Energizer Holdings, Inc.*	35,000		1,575,000
Gallaher Group PLC [ADR] (Great Britain)	1,000		48,400
Gillette Co.	5,000		212,000
Mattel, Inc.(a)	15,000		273,750
Procter & Gamble Co.	26,000		1,415,440
Rayovac Corp.*	15,000		421,500
Secom Co., Ltd. (Japan)	1,500		63,648
			4,651,807
Containers & Packaging — 0.1%
Greif, Inc. (Class “A” Stock)	4,000		169,000
Diversified Manufacturing Operations — 0.4%
General Electric Co.	22,000		712,800
Electronic Components & Equipment — 1.7%
Agere Systems, Inc. (Class “B” Stock)*	50,000		107,500
AMETEK, Inc.	20,000		618,000
CTS Corp.	35,000		422,100
Magnetek, Inc.*	22,000		183,480
Molex, Inc.	20,000		545,600
Nintendo Co. Ltd. (Japan)	500		57,966
Thomas & Betts Corp.	45,000		1,225,350
Tokyo Electron Ltd. (Japan)	800		44,870
			3,204,866
Entertainment & Leisure — 5.5%
Disney, (Walt) Co.	100,000		2,549,000
Dover Downs Gaming & Entertainment, Inc.	16,000		180,000
Dover Motorsports, Inc.	30,000		120,000
Gaylord Entertainment Co. (Class “A” Stock)*	18,000		565,020

	Shares	Value (Note 2)
Gemstar-TV Guide International, Inc.*	120,000	$	576,000
Greek Organization of Football Prognostics (Greece)	3,000		56,647
Hilton Group PLC (United Kingdom)	20,000		100,105
MGM Mirage	13,000		610,220
Pixar, Inc.*	100		6,951
Time Warner, Inc.*	190,000		3,340,200
Viacom, Inc.	24,000		872,400
Vivendi Universal SA [ADR] (France)*	49,000		1,367,100
World Wrestling Entertainment, Inc.	10,000		127,500
			10,471,143
Environmental Services — 0.7%
Trojan Technologies, Inc. (Canada)*	30,000		170,400
Waste Management, Inc.	40,000		1,226,000
			1,396,400
Financial — Bank & Trust — 2.2%
Bank of America Corp.	2,500		211,550
Bank of Ireland [ADR] (Ireland)	2,000		107,680
Bank of New York Co., Inc. (The)	23,000		678,040
Deutsche Bank AG [ADR] (Germany)*	14,000		1,107,540
Lloyds TSB Group PLC (Great Britain)	6,000		46,979
UBS AG [ADR] (Germany)	2,000		142,120
Wilmington Trust Corp.	50,000		1,861,000
			4,154,909
Financial Services — 5.8%
American Express Co.(a)	92,000		4,726,960
BKF Capital Group, Inc.	7,000		203,350
Citigroup, Inc.	7,500		348,750
Countrywide Financial Corp.	7,999		561,930
Eaton Vance Corp.	5,000		191,050
Irish Life & Permanent PLC (Ireland)	4,000		60,832
J.P. Morgan Chase & Co.	13,500		523,395
Lehman Brothers Holdings, Inc.	4,000		301,000
Merrill Lynch & Co., Inc.	15,000		809,700
Mitsubishi Securities Co. Ltd.	5,000		65,665
Nikko Securities Co. Ltd. (Japan)	15,000		72,721
PNC Financial Services Group	15,000		796,200
Price, (T. Rowe) Group, Inc.	35,000		1,764,000
Schwab, (Charles) Corp.	18,000		172,980
Washington Mutual, Inc.(a)	12,000		463,680
			11,062,213
Food — 6.6%
Albertson’s, Inc.(a)	20,000		530,800
Archer-Daniels-Midland Co.	150,000		2,517,000
Del Monte Foods Co.*	10,000		101,600
Diageo PLC [ADR] (Great Britain)	26,500		1,450,875
Flowers Foods, Inc.	55,000		1,438,250
General Mills, Inc.(a)	40,000		1,901,200
Heinz, (H.J.) Co.	30,000		1,176,000

54

AST Gabelli All-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Kellogg Co.	15,000	$	627,750
Smucker, (J.M.) Co. (The)	340		15,609
Weis Markets, Inc.	17,000		595,850
Wrigley, (Wm., Jr.) Co.(a)	35,000		2,206,750
			12,561,684
Hotels & Motels — 0.1%
Hilton Hotels Corp.	15,000		279,900
Industrial Products — 2.3%
Cooper Industries Ltd. (Class “A” Stock)	38,000		2,257,580
Crane Co.(a)	30,000		941,700
Ingersoll-Rand Co. (Class “A” Stock)	4,000		273,240
Precision Castparts Corp.	17,000		929,730
			4,402,250
Insurance — 1.4%
Alleghany Corp.*	2,080		596,959
Allianz AG [ADR] (Germany)	4,000		43,800
American International Group, Inc.	2,500		178,200
Argonaut Group, Inc.*	14,000		258,020
Aviva PLC (United Kingdom)	6,000		61,913
Hartford Financial Services Group, Inc. (The)	5,000		343,700
Leucadia National Corp.	5,000		248,500
MONY Group, Inc. (The)(a)	10,000		313,000
Riunione Adriatica di Sicurta SPA (Italy)	3,800		68,933
St. Paul Cos., Inc.(a)	6,501		263,551
White Mountain Insurance Group	600		306,000
			2,682,576
Internet Services — 0.2%
Checkfree Corp.*	3,000		90,000
eBay, Inc.*	200		18,390
InterActiveCorp.*(a)	6,000		180,840
			289,230
Machinery & Equipment — 2.7%
AGCO Corp.*	40,000		814,800
Deere & Co.	20,000		1,402,800
Flowserve Corp.*	16,000		399,040
Gencorp, Inc.	55,000		736,450
Thermo Electron Corp.*	55,000		1,690,700
			5,043,790
Medical Supplies & Equipment — 2.5%
Ajinomoto Co., Inc. (Japan)	4,000		48,169
Aventis SA [ADR] (France)	1,000		76,070
Baxter International, Inc.	8,000		276,080
Bio-Rad Laboratories, Inc.*	2,000		117,720
DENTSPLY International, Inc.	3,000		156,300
ICU Medical, Inc.*	10,000		335,300
Inamed Corp.*	15,000		942,750
Invitrogen Corp.*(a)	6,000		431,940
McKesson Corp.	8,000		274,640
Owens & Minor, Inc.	15,000		388,500

	Shares	Value (Note 2)
Patterson Dental Co.*(a)	1,500	$	114,735
Schein, (Henry), Inc.*	10,000		631,400
Straumann Holding AG (Germany)	220		44,179
Sybron Dental Specialties, Inc.*	27,000		805,950
Synthes, Inc. (Switzerland)	700		79,787
			4,723,520
Metals & Mining — 0.7%
Alcan, Inc.	9,000		372,600
Alcoa, Inc.	16,000		528,480
Harmony Gold Mining Co. [ADR] (Canada)	7,000		74,130
Newmont Mining Corp.(a)	7,000		271,320
			1,246,530
Oil & Gas — 4.6%
Baker Hughes, Inc.	8,200		308,730
Burlington Resources, Inc.	50,000		1,809,000
ConocoPhillips	18,563		1,416,171
Devon Energy Corp.	15,000		990,000
El Paso Corp.(a)	72,000		567,360
Eni SpA [ADR] (Italy)(a)	750		75,255
ENSCO International, Inc.	5,000		145,500
Equitable Resources, Inc.	6,000		310,260
Halliburton Co.	4,000		121,040
Kerr-McGee Corp.(a)	20,000		1,075,400
National Fuel Gas Co.	30,000		750,000
ONEOK, Inc.	30,000		659,700
Questar Corp.	10,000		386,400
Total SA [ADR] (France)	950		91,276
			8,706,092
Paper & Forest Products — 0.1%
International Paper Co.	6,000		268,200
Pharmaceuticals — 1.8%
AstraZeneca PLC [ADR] (United Kingdom)	1,500		68,460
Bristol-Meyers Squibb Co.	32,000		784,000
GlaxoSmithKline PLC [ADR] (United Kingdom)	1,500		62,190
Merck & Co., Inc.	7,000		332,500
Novartis AG [ADR] (Switzerland)	2,500		111,250
Pfizer, Inc.	47,000		1,611,160
Roche Holding AG (Switzerland)	900		89,109
Sanofi-Sythelabo SA [ADR] (Switzerland)	1,500		47,985
Takeda Chemical Industries Ltd. (Japan)	1,500		65,848
Wyeth	6,000		216,960
			3,389,462
Printing & Publishing — 5.3%
Knight-Ridder, Inc.	14,000		1,008,000
McGraw-Hill Cos., Inc.	5,000		382,850

55

AST Gabelli All-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
New York Times Co. (Class “A” Stock)	30,000	$	1,341,300
Pearson PLC [ADR] (Great Britain)	5,300		66,144
PRIMEDIA, Inc.*	50,000		139,000
Pulitzer, Inc.	30,000		1,467,000
Readers Digest Association, Inc.	20,894		334,095
Tribune Co.	80,000		3,643,200
Washington Post Co. (Class “B” Stock)	1,700		1,581,017
			9,962,606
Real Estate
Cheung Kong Holdings Ltd. (Hong Kong)	5,000		36,860
Retail & Merchandising — 1.4%
Big 5 Sporting Goods Corp.*	3,000		78,570
Blockbuster, Inc. (Class “A” Stock)(a)	2,000		30,360
Compagnie Financiere Richemont AG (Switzerland)	3,700		96,607
Matsumotokiyoshi Co., LTD (Japan)	1,600		48,389
Neiman Marcus Group, Inc. (Class “A” Stock)	17,000		946,050
Safeway, Inc.*(a)	60,000		1,520,400
			2,720,376
Semiconductors — 0.6%
Rohm Co. Ltd. (Japan)	600		71,814
Texas Instruments, Inc.(a)	45,000		1,088,100
			1,159,914
Telecommunications — 12.3%
AT&T Corp.	20,000		292,600
AT&T Wireless Services, Inc.*	130,000		1,861,600
BCE, Inc.(a)	30,000		601,200
BT Group PLC [ADR] (Great Britain)	15,000		549,000
CenturyTel, Inc.(a)	80,000		2,403,200
Cincinnati Bell, Inc.*	111,600		495,504
Citizens Communications Co.*	90,000		1,089,000
Commonwealth Telephone Enterprises, Inc.*(a)	14,490		648,717
Corning, Inc.*(a)	110,000		1,436,600
France Telecom SA [ADR] (France)	1,000		26,280
IDT Corp.*	200		3,606
IDT Corp. (Class “B” Stock)*	200		3,688
Ito-Yokado Co. Ltd. (Japan)	2,000		85,598
KDDI Corp. (Japan)	16		91,500
Lucent Technologies, Inc.*(a)	150,000		567,000
MMO2 PLC [ADR] (Great Britain)*	60,000		1,008,000
Motorola, Inc.	140,000		2,555,001
Nextel Communications, Inc. (Class “A” Stock)*	25,000		666,500
Nextel Partners, Inc. (Class “A” Stock)*(a)	25,000		398,000

	Shares	Value (Note 2)
Nortel Networks Corp. (Canada)*	100,000	$	499,000
Price Communications Corp.*	36,750		542,430
Qualcomm, Inc.	2,000		145,960
Qwest Communications International,	300,000		1,077,000
Sprint Corp.(a)	100,000		1,760,000
Telecom Italia SPA (Italy)	25,000		77,713
Telefonica Moviles, SA (Spain)	7,700		80,379
Telephone & Data Systems, Inc.	19,000		1,352,800
United States Cellular Corp.*	35,000		1,349,250
Verizon Communications, Inc.	30,000		1,085,700
Vodafone Group PLC [ADR] (United Kingdom)(a)	4,000		88,400
Western Wireless Corp. (Class “A” Stock)*(a)	10,000		289,100
			23,130,326
Utilities — 8.1%
AES Corp.*	87,500		868,875
Allegheny Energy, Inc.*(a)	100,000		1,541,000
Aquila, Inc.*	110,000		391,600
CH Energy Group, Inc.	7,000		325,080
Cinergy Corp.	42,000		1,596,000
Cleco Corp.	10,000		179,800
Constellation Energy Group, Inc.	30,000		1,137,000
DPL, Inc.	25,000		485,500
Duquesne Light Holdings, Inc.(a)	48,000		926,880
El Paso Electric Co.*	38,100		588,264
FirstEnergy Corp.	8,500		317,985
Great Plains Energy, Inc.(a)	40,000		1,188,000
Mirant Corp.*	200,000		70,500
NiSource, Inc.	10,000		206,200
Northeast Utilities(a)	75,000		1,460,250
PPL Corp.	2,000		91,800
Public Service Enterprise Group, Inc.	8,200		328,246
Sierra Pacific Resources*	30,000		231,300
Teco Energy, Inc.	38,000		455,620
UIL Holdings Corp.	2,500		121,725
Unisource Energy Corp.(a)	50,000		1,242,500
Wisconsin Energy Corp.	20,000		652,200
Xcel Energy, Inc.(a)	50,000		835,500
			15,241,825
Total Common Stock
(Cost $153,816,506)			182,773,851
PREFERRED STOCK — 0.4%
Broadcasting
News Corp. Ltd., 0.72% [ADR] (Australia)
(Cost $778,730)	24,683		811,577
Total Long-Term Investments
(Cost $154,595,236)			183,585,428

56

AST Gabelli All-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Principal Amount (000)		Value (Note 2)
SHORT-TERM INVESTMENTS — 20.1%
Certificates of Deposit — 1.5%
Banco Santander PR 1.125%, 07/01/04(b)(c)	$	1,888	$	1,887,421
BNP Paribas 1.08%, 07/13/04(b)		246		245,534
Credit Lyonnais Bank 1.075%, 09/30/04(b)		328		328,496
Fortis Bank 2.055%, 06/08/05(b)		41		40,935
Svenska Handelsbanken 1.39%, 10/27/04(b)		261		260,627
				2,763,013
Commercial Paper — 0.8%
Grampian Funding LLC 1.20%, 07/13/04(b)		1,514		1,512,731
Corporate Obligations — 9.5%
Bank of America NA 1.05%, 07/01/04(b)(c)		1,416		1,416,409
Merrill Lynch & Co., Inc. 1.63%, 07/01/04(b)(c)		253		252,837
1.63%, 07/01/04(b)(c)		2,031		2,030,540
Morgan Stanley 1.23%, 07/01/04(b)(c)		225		224,664
Natexis Banque 1.547%, 07/01/04(b)(c)		5,146		5,145,123
1.60%, 07/01/04(b)(c)		6,750		6,748,637
Societe Generale 1.575%, 07/01/04(b)(c)		1,154		1,154,217
Swedbank 1.198%, 07/15/04(b)(c)		829		828,912

	Principal Amount (000)		Value (Note 2)
Westdeutsche Landesbank 1.13%, 07/09/04(b)(c)	$	140	$	140,262
1.25%, 07/23/04(b)(c)		68		68,253
				18,009,854
Time Deposit — 0.8%
J. P. Morgan Chase & Co. 1.25%, 07/01/04(b)		1,599		1,598,925
	Shares
Non-Registered Investment Company — 5.6%
BlackRock Institutional Money Market Trust(b)(j)		10,592,845		10,592,845
Registered Investment Companies — 1.9%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		1,773,947		1,773,947
BlackRock Provident Institutional Funds TempFund Portfolio(j)		1,773,946		1,773,946
				3,547,893
Total Short-Term Investments
(Cost $38,025,261)				38,025,261
Total Investments — 117.1%
(Cost $192,620,497; Note 5)				221,610,689
Liabilities in Excess of Other Assets — (17.1%)				(32,341,451	)
Net Assets — 100.0%			$	189,269,238

The following abbreviations are used throughout the Schedule of Investments:

ADR American Depositary Receipt

CHF Swiss Franc

EUR Euro

GBP British Pound

JPY Japanese Yen

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) Portion of securities on loan with an aggregate market value of $32,828,567; cash collateral of $34,477,368 was received with which the portfolio purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral for securities on loan.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(j) Security available to institutional investors only.

57

AST Gabelli All-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

Foreign currency exchange contracts outstanding at June 30, 2004:

Purchase Contracts

Settlement Month	Type	Contracts to Receive	In Exchange For		Contracts at Value		Unrealized Appreciation (Depreciation)
Jul 04	Buy  CHF	57,343	$	45,525	$	45,786	$	261
Jul 04	Buy  JPY	6,716,406		61,885		61,553		(332	)
			$	107,410	$	107,339	$	(71	)

Sale Contracts

Settlement Month	Type	Contracts to Deliver	In Exchange For		Contracts at Value		Unrealized (Depreciation)
Jul 04	Sell  EUR	18,504	$	22,423	$	22,512	$	(89	)
Jul 04	Sell  GBP	27,405		49,612		49,699		(87	)
			$	72,035	$	72,211	$	(176	)

See Notes to Financial Statements.

58

AST T. Rowe Price Natural Resources Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 90.0%
COMMON STOCK
Building & Real Estate — 5.1%
AMB Property Corp. [REIT]	36,800	$	1,274,384
Archstone Smith Trust [REIT]	30,900		906,297
Boston Properties, Inc. [REIT]	16,900		846,352
Camden Property Trust [REIT]	25,900		1,186,220
Catellus Development Corp.	50,285		1,239,525
Duke-Weeks Realty Corp. [REIT]	40,030		1,273,354
Rouse Co. [REIT]	31,700		1,505,751
Saint Joe Corp.	17,800		706,660
			8,938,543
Building Materials — 0.6%
Walter Industries, Inc.	79,000		1,075,980
Chemicals — 6.6%
Agrium, Inc. (Canada)	162,100		2,358,555
Dow Chemical Co.	52,600		2,140,820
IMC Global, Inc.(a)	119,200		1,597,280
Millennium Chemicals, Inc.	83,600		1,447,952
Potash Corp. of Saskatchewan, Inc. (Canada)(a)	41,700		4,040,730
			11,585,337
Containers & Packaging — 1.7%
Packaging Corp. of America	40,500		967,950
Smurfit-Stone Container Corp.*(a)	103,062		2,056,087
			3,024,037
Diversified Metals — 4.4%
Companhia Vale Do Rio Doce (Class “A” Shares) [ADR] (Brazil)	24,000		938,400
Companhia Vale Do Rio Doce [ADR] (Brazil)	24,600		1,169,730
Inco Ltd. (Canada)*	45,400		1,569,024
Nucor Corp.(a)	53,000		4,068,280
			7,745,434
Energy Services — 2.2%
Massey Energy Co.(a)	31,000		874,510
Peabody Energy Corp.(a)	22,100		1,237,379
W-H Energy Services, Inc.*	92,400		1,811,040
			3,922,929
Exploration & Production — 7.0%
Devon Energy Corp.	53,057		3,501,762
Encore Acquisition Co.*	38,900		1,085,310
Kerr-McGee Corp.(a)	35,726		1,920,987
Layne Christensen Co.*	71,500		1,183,325
Murphy Oil Corp.	62,600		4,613,620
			12,305,004
Farming & Agriculture — 0.6%
Delta and Pine Land Co.	47,400		1,040,430

	Shares	Value (Note 2)
Gas Transmission & Distribution — 0.8%
Gazprom [ADR] (Russia)144A (cost $943,024; purchased 06/24/03 — 06/30/03)(g)	46,900	$	1,346,030
Industrial Products — 1.0%
Steel Dynamics, Inc.*	60,000		1,717,800
Integrated Petroleum — 17.5%
Amerada Hess Corp.(a)	38,000		3,009,220
Baker Hughes, Inc.	100,000		3,765,000
BP PLC [ADR] (United Kingdom)	82,800		4,435,596
ChevronTexaco Corp.	19,528		1,837,780
ENI Co. SPA [ADR] (Italy)(a)	22,700		2,277,718
Exxon Mobil Corp.	104,000		4,618,639
LUKOIL [ADR] (Russia)	6,700		704,840
Marathon Oil Corp.	40,200		1,521,168
Royal Dutch Petroleum Co.(a)	84,400		4,360,948
Total Fina SA [ADR] (France)	36,300		3,487,704
Yukos [ADR] (Russia)	22,727		722,719
			30,741,332
Machinery & Equipment — 2.8%
Cooper Cameron Corp.*(a)	47,900		2,332,730
Grant Prideco, Inc.*	52,700		972,842
Hydril Co.*	49,300		1,552,950
Joy Global, Inc.	5,400		161,676
			5,020,198
Metals & Mining — 13.1%
Alcoa, Inc.	68,284		2,255,421
Arch Coal, Inc.(a)	74,100		2,711,319
BHP Billiton Ltd. (Australia)	436,700		3,811,702
International Steel Group, Inc.*	76,200		2,266,950
JSC MMC Norilsk Nickel [ADR] (Russia)(a)	23,100		1,282,050
Newmont Mining Corp.(a)	127,926		4,958,412
Rio Tinto PLC (United Kingdom)	98,500		2,368,630
Teck Corp. [CVT](a)	189,800		3,397,420
			23,051,904
Non-Ferrous Metals — 0.6%
Phelps Dodge Corp.*	12,600		976,626
Oil & Gas — 7.1%
Diamond Offshore Drilling, Inc.(a)	100,500		2,394,915
GlobalSantaFe Corp.(a)	39,900		1,057,350
Helmerich & Payne, Inc.	22,300		582,476
Nabors Industries, Inc.*(a)	16,100		728,042
Premcor, Inc.*	21,700		813,750
Schlumberger Ltd.	55,000		3,493,050
Tidewater, Inc.(a)	26,700		795,660
Transocean, Inc.*	93,700		2,711,678
			12,576,921

59

AST T. Rowe Price Natural Resources Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares		Value (Note 2)
Paper & Forest Products — 5.6%
Bowater, Inc.		41,700	$	1,734,303
International Paper Co.		60,500		2,704,350
Kimberly-Clark Corp.		16,000		1,054,080
MeadWestvaco Corp.		54,300		1,595,877
Potlatch Corp.		28,300		1,178,412
Weyerhaeuser Co.		26,700		1,685,304
				9,952,326
Petroleum Exploration & Production — 10.5%
BG Group PLC (United Kingdom)		230,600		1,420,811
BJ Services Co.*(a)		60,400		2,768,736
Burlington Resources, Inc.		57,300		2,073,114
Canadian Natural Resources Ltd. (Canada)		52,000		1,554,800
ConocoPhillips		45,639		3,481,799
FMC Technologies, Inc.*(a)		24,600		708,480
Noble Corp.*		36,900		1,398,141
Pioneer Natural Resouces Co.		12,900		452,532
Smith International, Inc.*(a)		19,900		1,109,624
Ultra Petroleum Corp.*		58,200		2,172,606
Unocal Corp.		31,000		1,178,000
XTO Energy, Inc.		7,657		228,102
				18,546,745
Precious Metals — 1.8%
Impala Platinum Holdings, Ltd. (South Africa)		9,100		689,943
Meridian Gold Inc*		86,700		1,124,499
Placer Dome, Inc. (Canada)		86,500		1,439,360
				3,253,802
Railroads — 0.6%
Burlington Northern Santa Fe Corp.		22,300		782,061
Union Pacific Corp.		5,200		309,140
				1,091,201
Transportation — 0.4%
Norfolk Southern Corp.		25,600		678,912
Total Long-Term Investments
(Cost $134,456,065)				158,591,491
	Principal Amount (000)
SHORT-TERM INVESTMENTS — 27.1%
Certificate of Deposit — 6.3%
Banco Santander PR 1.125%, 07/01/04(b)(c)	$	1,869		1,869,140
Credit Lyonnais Bank 1.075%, 09/30/04(b)		292		292,150

	Principal Amount (000)		Value (Note 2)
Fortis Bank NY 1.775%, 06/06/05(b)	$	4,164	$	4,163,628
Svenska Handelsbanken 1.39%, 10/27/04(b)		4,763		4,763,004
				11,087,922
Commercial Paper — 3.1%
Concord Minutemen Capital Co. 1.23%, 07/12/04(b)		1,949		1,946,884
Grampian Funding LLC 1.20%, 07/13/04(b)		3,149		3,146,213
Victory Receivables Corp. 1.23%, 07/19/04(b)		421		420,624
				5,513,721
Corporate Obligations — 4.8%
Merrill Lynch & Co., Inc. 1.63%, 07/01/04(b)(c)		1,269		1,269,308
Morgan Stanley 1.58%, 07/01/04(b)(c)		280		280,034
Natexis Banque NY 1.16%, 07/01/04(b)(c)		1,886		1,885,885
Swedbank NY 1.12%, 07/15/04(b)(c)		413		412,470
Westdeutsche Landesbank 1.13%, 07/09/04(b)(c)		719		718,881
1.25%, 07/23/04(b)(c)		2,137		2,136,231
1.30%, 07/29/04(b)(c)		1,802		1,801,940
				8,504,749
Time Deposit — 1.5%
J. P. Morgan Chase & Co. 1.25%, 07/01/04(b)		2,563		2,563,109
	Shares
Non-Registered Investment Company — 7.8%
BlackRock Institutional Money Market Trust(b)(j)		13,692,294		13,692,294
Registered Investment Company — 3.6%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		6,403,910		6,403,910
Total Short-Term Investments
(Cost $47,765,705)				47,765,705
Total Investments — 117.1%
(Cost $182,221,770; Note 5)				206,357,196
Liabilities in Excess of Other Assets — (17.1%)				(30,116,504	)
Net Assets — 100.0%			$	176,240,692

60

AST T. Rowe Price Natural Resources Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

The following abbreviations are used throughout the Schedule of Investments:

ADR American Depositary Receipt

CVT Convertible Security

REIT Real Estate Investment Trust

The following annotations are used throughout the Schedule 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. Unless otherwise noted 144A securities are deemed to be liquid.

(a) Portion of securities on loan with an aggregate market value of $40,618,093; cash collateral of $41,361,795 was received with which the portfolio purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral for securities on loan.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(g) Indicates a security that has been deemed illiquid. The aggregate cost of the illiquid security is $943,024. The aggregate value, $1,346,030 represents 0.76% of net assets.

(j) Security available to institutional investors only.

See Notes to Financial Statements.

61

AST Alliance Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 99.8%
COMMON STOCK — 98.9%
Beverages — 1.5%
Coca-Cola Co.	80,500	$	4,063,640
Broadcasting — 1.0%
Scripps (E.W.) Co. (Class “A” Stock)	26,300		2,761,500
Computer Hardware — 3.8%
Dell, Inc.*	291,200		10,430,784
Computer Services & Software — 13.9%
Cisco Systems, Inc.*	333,900		7,913,430
Electronic Arts, Inc.*	137,300		7,489,715
EMC Corp.*	403,000		4,594,200
Microsoft Corp.	276,700		7,902,552
Oracle Corp.*	190,200		2,269,086
SAP AG [ADR] (Germany)	86,200		3,604,022
Symantec Corp.*(a)	101,400		4,439,292
			38,212,297
Consumer Products & Services — 3.7%
Avon Products, Inc.	103,600		4,780,104
Procter & Gamble Co.	101,800		5,541,992
			10,322,096
Diversified Manufacturing Operations — 2.8%
General Electric Co.	241,200		7,814,880
Entertainment & Leisure — 4.1%
Carnival Corp.(a)	55,300		2,599,100
Time Warner, Inc.*	222,000		3,902,760
Viacom, Inc. (Class “B” Stock)(a)	139,000		4,965,080
			11,466,940
Financial Services — 7.7%
Citigroup, Inc.	172,200		8,007,300
Franklin Resources, Inc.	53,000		2,654,240
J.P. Morgan Chase & Co.(a)	159,000		6,164,430
MBNA Corp.	160,300		4,134,137
Merrill Lynch & Co., Inc.	9,700		523,606
			21,483,713
Healthcare Services — 2.4%
Caremark Rx, Inc.*	44,100		1,452,654
UnitedHealth Group, Inc.	84,200		5,241,450
			6,694,104
Insurance — 7.0%
American International Group, Inc.	137,500		9,801,000
Anthem, Inc.*(a)	58,900		5,275,084
Progressive Corp. (The)	51,600		4,401,480
			19,477,564

	Shares	Value (Note 2)
Internet Services — 10.3%
eBay, Inc.*	103,640	$	9,529,698
Juniper Networks, Inc.*(a)	230,800		5,670,756
Yahoo!, Inc.*(a)	364,700		13,249,551
			28,450,005
Medical Supplies & Equipment — 8.3%
Alcon, Inc. (Switzerland)	25,300		1,989,845
Amgen, Inc.*	145,400		7,934,478
Boston Scientific Corp.*	141,000		6,034,800
St. Jude Medical, Inc.*	74,000		5,598,100
Zimmer Holdings, Inc.*	18,300		1,614,060
			23,171,283
Oil & Gas — 2.2%
Baker Hughes, Inc.	35,300		1,329,045
Halliburton Co.	35,200		1,065,152
Nabors Industries Ltd.*	62,500		2,826,250
Schlumberger Ltd.	13,700		870,087
			6,090,534
Pharmaceuticals — 6.9%
Cephalon, Inc.*(a)	33,400		1,803,600
Forest Laboratories, Inc.*	79,000		4,473,770
Pfizer, Inc.	326,500		11,192,420
Teva Pharmaceutical Industries Ltd. [ADR] (Israel)	26,700		1,796,643
			19,266,433
Restaurants — 0.3%
Starbucks Corp.*(a)	21,800		947,864
Retail & Merchandising — 8.6%
Amazon.com, Inc.*	86,500		4,705,600
Bed Bath & Beyond, Inc.*	85,200		3,275,940
Lowe’s Cos., Inc.	144,700		7,603,985
Target Corp.	62,300		2,645,881
Wal-Mart Stores, Inc.	100,900		5,323,484
Whole Foods Market, Inc.	3,000		286,350
			23,841,240
Semiconductors — 10.7%
Applied Materials, Inc.*	254,100		4,985,442
Broadcom Corp. (Class “A” Stock)*	79,400		3,713,538
Intel Corp.	371,500		10,253,400
Marvell Technology Group Ltd.*(a)	185,200		4,944,840
Taiwan Semiconductor Manufacturing Co. Ltd. [ADR] (Taiwan)(a)	697,797		5,798,697
			29,695,917
Telecommunications — 3.7%
Corning, Inc.*(a)	443,200		5,788,192
Qualcomm, Inc.	63,000		4,597,740
			10,385,932
Total Common Stock
(Cost $250,675,878)			274,576,726

62

AST Alliance Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares		Value (Note 2)
PREFERRED STOCK — 0.9%
Broadcasting
News Corp. Ltd., 0.72% [ADR] (Australia) (Cost $2,712,097)		79,100	$	2,600,808
Total Long-Term Investments
(Cost $253,387,975)				277,177,534
	Principal Amount (000)
SHORT-TERM INVESTMENTS — 15.0%
Certificates of Deposit — 2.7%
Banco Santander PR 1.125%, 07/01/04(b)(c)	$	1,411		1,410,625
Canadian Imperial Bank of Commerce 1.72%, 05/25/05(b)		6,125		6,123,729
				7,534,354
Commercial Paper — 1.1%
Fairway Finance Corp. 1.22%, 07/16/04(b)		2,922		2,919,645
Grampian Funding LLC 1.20%, 07/13/04(b)		22		21,833
				2,941,478
Corporate Obligations — 10.3%
Merrill Lynch & Co., Inc. 1.63%, 07/01/04(b)(c)		379		379,081
Morgan Stanley 1.23%, 07/01/04(b)(c)		5,136		5,135,958
1.58%, 07/01/04(b)(c)		1,763		1,763,235

	Principal Amount (000)		Value (Note 2)
Natexis Banque 1.547%, 07/01/04(b)(c)	$	4,561	$	4,560,821
1.60%, 07/01/04(b)(c)		12,061		12,057,850
Swedbank 1.198%, 07/15/04(b)(c)		1,254		1,254,137
Westdeutsche Landesbank 1.13%, 07/09/04(b)(c)		1,501		1,500,934
1.25%, 07/23/04(b)(c)		1,816		1,815,962
				28,467,978
Time Deposit — 0.7%
J. P. Morgan Chase & Co. 1.25%, 07/01/04(b)		2,046		2,046,140
	Shares
Registered Investment Companies — 0.2%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		256,630		256,630
BlackRock Provident Institutional Funds TempFund Portfolio(j)		256,630		256,630
				513,260
Total Short-Term Investments
(Cost $41,503,210)				41,503,210
Total Investments — 114.8%
(Cost $294,891,185; Note 5)				318,680,744
Liabilities in Excess of Other Assets — (14.8%)				(41,177,159	)
Net Assets — 100.0%			$	277,503,585

The following abbreviation is used throughout the Schedule of Investments:

ADR American Depositary Receipt

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) Portion of securities on loan with an aggregate market value of $40,086,013; cash collateral of $40,989,950 was received with which the portfolio purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral for securities on loan.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(j) Security available to institutional investors only.

See Notes to Financial Statements.

63

AST MFS Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 97.1%
COMMON STOCK — 96.0%
Aerospace — 0.8%
Lockheed Martin Corp.	86,100	$	4,484,088
Airlines — 0.8%
Southwest Airlines Co.	277,900		4,660,383
Automotive Parts — 0.2%
AutoZone, Inc.*	11,400		913,140
Beverages — 2.0%
Anheuser-Busch Cos., Inc.	26,300		1,420,200
Cott Corp. (Canada)*	87,800		2,844,720
PepsiCo, Inc.	128,400		6,918,192
			11,183,112
Broadcasting — 0.2%
Grupo Televisa SA [ADR] (Brazil)	19,800		896,346
Business Services — 2.9%
Accenture Ltd. (Class “A” Stock)*	157,500		4,328,100
ARAMARK Corp. (Class “B” Stock)	38,200		1,098,632
First Data Corp.	189,200		8,423,184
Fiserv, Inc.*	76,100		2,959,529
			16,809,445
Cable Television — 1.2%
Comcast Corp. (Class “A” Stock)*	234,552		6,574,493
Chemicals — 1.0%
Air Products & Chemicals, Inc.	28,700		1,505,315
Waters Corp.*	83,200		3,975,296
			5,480,611
Clothing & Apparel — 1.2%
Coach, Inc.*	52,000		2,349,880
NIKE, Inc. (Class “B” Stock)	56,700		4,295,025
			6,644,905
Computer Hardware — 4.5%
Dell, Inc.*	343,420		12,301,304
International Business Machines Corp.	75,200		6,628,880
Lexmark International, Inc.*	38,800		3,745,364
Research in Motion Ltd. (Canada)*(a)	47,700		3,264,588
			25,940,136
Computer Services & Software — 12.3%
Ceridan Corp.*	68,600		1,543,500
Cisco Systems, Inc.*	791,980		18,769,926
Electronic Arts, Inc.*	53,700		2,929,335
EMC Corp.*	814,500		9,285,300
Microsoft Corp.	854,980		24,418,228
Oracle Corp.*	169,600		2,023,328
Red Hat, Inc.*(a)	57,500		1,320,775

	Shares	Value (Note 2)
Symantec Corp.*	130,700	$	5,722,046
Veritas Software Corp.*	171,911		4,761,935
			70,774,373
Conglomerates — 3.1%
3M Co.	30,660		2,759,707
Tyco International Ltd.(a)	446,100		14,783,754
			17,543,461
Consumer Products & Services — 5.8%
Avon Products, Inc.	31,700		1,462,638
Colgate-Palmolive Co.	26,300		1,537,235
Johnson & Johnson	296,058		16,490,431
Lauder, (Estee) Cos., Inc. (Class “A” Stock)	61,600		3,004,848
Procter & Gamble Co.	197,000		10,724,680
			33,219,832
Diversified Manufacturing Operations — 3.6%
General Electric Co.	643,450		20,847,780
Electronic Components & Equipment — 0.5%
Agilent Technologies, Inc.*	98,100		2,872,368
Entertainment & Leisure — 3.0%
Carnival Corp.(a)	177,300		8,333,100
Harley-Davidson, Inc.	92,700		5,741,838
Time Warner, Inc.*	162,600		2,858,508
			16,933,446
Farming & Agriculture — 0.7%
Monsanto Co.	109,900		4,231,150
Financial Services — 4.5%
American Express Co.(a)	179,609		9,228,310
Citigroup, Inc.	146,145		6,795,743
Countrywide Financial Corp.	19,900		1,397,975
Fannie Mae	29,100		2,076,576
MBNA Corp.	52,900		1,364,291
Merrill Lynch & Co., Inc.	39,800		2,148,404
SLM Corp.(a)	71,800		2,904,310
			25,915,609
Food — 0.2%
SYSCO Corp.	39,200		1,406,104
Healthcare Services — 1.8%
Caremark Rx, Inc.*(a)	143,800		4,736,772
HCA, Inc.(a)	139,200		5,789,328
			10,526,100
Industrial Products — 0.6%
Illinois Tool Works, Inc.	33,600		3,221,904
Insurance — 2.3%
AFLAC, Inc.	38,800		1,583,428
American International Group, Inc.	158,900		11,326,392
			12,909,820

64

AST MFS Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Internet Services — 4.3%
eBay, Inc.*	91,700	$	8,431,815
InterActiveCorp.*(a)	113,100		3,408,834
Yahoo!, Inc.*(a)	358,400		13,020,672
			24,861,321
Medical Supplies & Equipment — 9.5%
Abbott Laboratories	238,400		9,717,184
Amgen, Inc.*	153,100		8,354,667
Bard, (C.R.), Inc.	79,500		4,503,675
Biomet, Inc.	62,500		2,777,500
Fisher Scientific International, Inc.*(a)	50,600		2,922,150
Genzyme Corp.*(a)	215,100		10,180,683
Guidant Corp.	51,000		2,849,880
Invitrogen Corp.*	18,300		1,317,417
Medtronic, Inc.	205,600		10,016,832
Zimmer Holdings, Inc.*	25,900		2,284,380
			54,924,368
Oil & Gas — 2.8%
BJ Services Co.*	209,900		9,621,816
Smith International, Inc.*(a)	110,800		6,178,208
			15,800,024
Personal Services — 0.6%
Apollo Group, Inc. (Class “A” Stock)*	26,000		2,295,540
Career Education Corp.*(a)	26,000		1,184,560
			3,480,100
Pharmaceuticals — 9.5%
Allergan, Inc.(a)	84,700		7,582,344
Biogen Idec, Inc.*	22,600		1,429,450
Celgene Corp.*(a)	49,900		2,857,274
Elan Corp. PLC [ADR] (Ireland)*	48,600		1,202,364
Genentech, Inc.*	52,700		2,961,740
Gilead Sciences, Inc.*(a)	112,200		7,517,400
Lilly, (Eli) & Co.	78,500		5,487,935
Pfizer, Inc.	391,902		13,434,400
Roche Holding AG (Switzerland)	41,200		4,079,208
Wyeth	218,500		7,900,960
			54,453,075
Retail & Merchandising — 6.9%
Best Buy Co., Inc.	127,400		6,464,276
CVS Corp.	206,400		8,672,928
Kohl’s Corp.*(a)	77,900		3,293,612
Lowe’s Cos., Inc.	109,300		5,743,715
PETsMART, Inc.(a)	87,800		2,849,110
Target Corp.	225,700		9,585,479
Wal-Mart Stores, Inc.	53,700		2,833,212
			39,442,332

	Shares		Value (Note 2)
Semiconductors — 4.7%
Analog Devices, Inc.		93,400	$	4,397,272
Applied Materials, Inc.*		143,500		2,815,470
Intel Corp.		449,900		12,417,240
Marvell Technology Group Ltd.*(a)		108,200		2,888,940
PMC-Sierra, Inc.*		146,900		2,108,015
Texas Instruments, Inc.(a)		89,300		2,159,274
				26,786,211
Telecommunications — 3.4%
Amdocs Ltd.*		165,800		3,884,694
America Movil SA de CV, (Class “L” Stock) [ADR] (Mexico)		39,500		1,436,615
Corning, Inc.*(a)		281,100		3,671,166
Nortel Networks Corp. (Canada)*		439,800		2,194,602
NTL, Inc.*		38,300		2,206,846
Qualcomm, Inc.		20,700		1,510,686
Telefonaktiebolaget LM Ericsson [ADR] (Sweden)*		51,900		1,552,848
Vodafone Group PLC (United Kingdom)		1,236,500		2,707,689
				19,165,146
Transportation — 1.1%
FedEx Corp.		57,200		4,672,668
United Parcel Service, Inc. (Class “B” Stock)		19,400		1,458,298
				6,130,966
Total Common Stock
(Cost $517,146,702)				549,032,149
PREFERRED STOCK — 1.1%
Broadcasting
News Corp. Ltd., 0.72% [ADR] (Australia) (Cost $6,321,422)		192,300		6,322,824
Total Long-Term Investments
(Cost $523,468,124)				555,354,973
	Principal Amount (000)
SHORT-TERM INVESTMENTS — 17.3%
Certificates of Deposit — 0.8%
Banco Santander PR 1.125%, 07/01/04(b)(c)	$	38		38,414
BNP Paribas 1.08%, 07/13/04(b)		23		22,578
Credit Lyonnais Bank 1.075%, 09/30/04(b)		122		121,955
Fortis Bank 2.055%, 06/08/05(b)		124		123,874

65

AST MFS Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Principal Amount (000)		Value (Note 2)
Societe Generale 1.117%, 07/14/04(b)	$	4,247	$	4,245,090
				4,551,911
Commercial Paper — 0.1%
Concord Minutemen Capital Co. 1.23%, 07/12/04(b)		572		571,697
Grampian Funding LLC 1.20%, 07/13/04(b)		5		5,137
				576,834
Corporate Obligations — 8.6%
Merrill Lynch & Co., Inc. 1.63%, 07/01/04(b)(c)		1,636		1,635,775
1.63%, 07/01/04(b)(c)		745		744,967
1.63%, 07/01/04(b)(c)		138		137,974
1.63%, 07/01/04(b)(c)		126		126,052
Morgan Stanley 1.58%, 07/01/04(b)(c)		15,528		15,527,778
Natexis Banque 1.547%, 07/01/04(b)(c)		4,958		4,957,146
1.60%, 07/01/04(b)(c)		15,171		15,166,828
Societe Generale 1.575%, 07/01/04(b)(c)		3,695		3,694,338
Swedbank 1.198%, 07/15/04(b)(c)		2,676		2,675,172

	Principal Amount (000)		Value (Note 2)
Westdeutsche Landesbank 1.13%, 07/09/04(b)(c)	$	1,171	$	1,170,639
1.25%, 07/23/04(b)(c)		1,608		1,607,693
1.30%, 07/29/04(b)(c)		1,650		1,649,507
				49,093,869
Time Deposit — 0.5%
J. P. Morgan Chase & Co. 1.25%, 07/01/04(b)		2,655		2,655,197
U.S. Government Agency Obligation — 4.0%
Federal National Mortgage Assoc. 1.25%, 07/01/04(n)		22,977		22,977,000
	Shares
Non-Registered Investment Company — 3.3%
BlackRock Institutional Money Market Trust(b)(j)		18,814,053		18,814,053
Total Short-Term Investments
(Cost $98,668,864)				98,668,864
Total Investments — 114.4%
(Cost $622,136,988; Note 5)				654,023,837
Liabilities in Excess of Other Assets — (14.4%)				(82,389,163	)
Net Assets — 100.0%			$	571,634,674

The following abbreviation is used throughout the Schedule of Investments:

ADR American Depositary Receipt

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) Portion of securities on loan with an aggregate market value of $74,269,970; cash collateral of $75,691,864 was received with which the portfolio purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral for securities on loan.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(j) Security available to institutional investors only.

(n) Rates shown are the effective yields at purchase date.

See Notes to Financial Statements.

66

AST Marsico Capital Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 97.7%
COMMON STOCK
Aerospace — 1.5%
General Dynamics Corp.	279,666	$	27,770,834
Beverages — 2.2%
PepsiCo, Inc.	780,912		42,075,539
Clothing & Apparel — 2.1%
NIKE, Inc. (Class “B” Stock)(a)	533,667		40,425,275
Computer Hardware — 2.9%
Dell, Inc.*	1,542,621		55,256,684
Computer Services & Software — 5.5%
Automatic Data Processing, Inc.	241,197		10,101,330
Electronic Arts, Inc.*	669,085		36,498,587
Microsoft Corp.	1,968,945		56,233,069
			102,832,986
Conglomerates — 3.7%
Honeywell International, Inc.	762,973		27,947,701
Tyco International Ltd.(a)	1,244,914		41,256,450
			69,204,151
Construction — 2.9%
Lennar Corp. (Class “A” Stock)(a)	661,424		29,578,880
Lennar Corp. (Class “B” Stock)	63,250		2,620,448
MDC Holdings, Inc.	340,683		21,670,846
			53,870,174
Consumer Products & Services — 2.9%
Procter & Gamble Co.	1,015,180		55,266,399
Diversified Manufacturing Operations — 4.1%
General Electric Co.	2,398,371		77,707,220
Entertainment & Leisure — 5.9%
Mandalay Resort Group(a)	383,317		26,310,879
Royal Caribbean Cruises Ltd.(a)	756,843		32,854,555
Wynn Resorts Ltd.*(a)	1,356,552		52,403,603
			111,569,037
Farming & Agriculture — 0.5%
Monsanto Co.	223,701		8,612,489
Financial — Bank & Trust — 0.2%
UCBH Holdings, Inc.	82,767		3,270,952
Financial Services — 15.5%
Citigroup, Inc.	1,689,164		78,546,125
Countrywide Financial Corp.(a)	844,538		59,328,795
Goldman Sachs Group, Inc.(a)	364,323		34,304,654
Merrill Lynch & Co., Inc.	883,059		47,667,525
SLM Corp.	1,836,451		74,284,443
			294,131,542

	Shares		Value (Note 2)
Healthcare Services — 6.4%
Quest Diagnostics, Inc.(a)		304,040	$	25,828,198
UnitedHealth Group, Inc.(a)		1,519,208		94,570,698
				120,398,896
Hotels & Motels — 1.7%
Four Seasons Hotels, Inc. (Canada)(a)		545,714		32,857,440
Internet Services — 2.0%
eBay, Inc.*(a)		405,143		37,252,899
Machinery & Equipment — 3.3%
Caterpillar, Inc.		783,718		62,258,558
Medical Supplies & Equipment — 8.0%
Boston Scientific Corp.*(a)		1,193,553		51,084,069
Medtronic, Inc.		734,758		35,797,410
St. Jude Medical, Inc.*		173,068		13,092,594
Zimmer Holdings, Inc.*(a)		564,877		49,822,151
				149,796,224
Pharmaceuticals — 6.7%
Genentech, Inc.*(a)		1,770,610		99,508,282
Roche Holding AG (Switzerland)		261,668		25,907,723
				125,416,005
Retail & Merchandising — 8.5%
Bed Bath & Beyond, Inc.*		484,047		18,611,607
CVS Corp.		434,143		18,242,689
Lowe’s Cos., Inc.(a)		1,004,065		52,763,616
Tiffany & Co.(a)		1,141,437		42,061,953
Wal-Mart Stores, Inc.		549,988		29,017,367
				160,697,232
Semiconductors — 0.3%
Texas Instruments, Inc.		205,258		4,963,138
Telecommunications — 7.8%
Motorola, Inc.(a)		2,760,012		50,370,219
Qualcomm, Inc.		1,308,569		95,499,366
				145,869,585
Transportation — 3.1%
FedEx Corp.(a)		704,457		57,547,092
Total Long-Term Investments
(Cost $1,465,386,402)				1,839,050,351
	Principal Amount (000)
SHORT-TERM INVESTMENTS — 20.7%
Certificates of Deposit — 1.6%
Canadian Imperial Bank of Commerce 1.285%, 07/29/04(b)(c)	$	2,620		2,619,427

67

AST Marsico Capital Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Principal Amount (000)		Value (Note 2)
Svenska Handelsbanken 1.39%, 10/27/04(b)	$	15,762	$	15,760,717
Westdeutsche Landesbank 1.50%, 01/10/05(b)		11,202		11,200,571
				29,580,715
Commercial Paper — 0.6%
Fairway Finance Corp. 1.22%, 07/16/04(b)		11,373		11,363,293
HBOS Treasury Services, PLC 1.111%, 08/11/04(b)		108		107,215
				11,470,508
Corporate Obligations — 6.4%
Bank of America NA 1.05%, 07/01/04(b)(c)		4,354		4,353,995
Merrill Lynch & Co., Inc. 1.63%, 07/01/04(b)(c)		22,335		22,335,058
1.63%, 07/01/04(b)(c)		12,517		12,516,775
1.63%, 07/01/04(b)(c)		4,705		4,704,957
1.63%, 07/01/04(b)(c)		4,133		4,133,043
Morgan Stanley 1.23%, 07/01/04(b)(c)		9,881		9,880,510
1.58%, 07/01/04(b)(c)		6,284		6,283,776
Natexis Banque 1.547%, 07/01/04(b)(c)		19,796		19,794,045
1.60%, 07/01/04(b)(c)		15,184		15,180,050
Societe Generale 1.575%, 07/01/04(b)(c)		2,804		2,803,767

	Principal Amount (000)		Value (Note 2)
Swedbank 1.198%, 07/15/04(b)(c)	$	19,398	$	19,395,057
				121,381,033
Time Deposit — 1.1%
J. P. Morgan Chase & Co. 1.25%, 07/01/04(b)		21,322		21,321,950
	Shares
Non-Registered Investment Company — 9.7%
BlackRock Institutional Money Market Trust(b)(j)		181,929,740		181,929,740
Registered Investment Companies — 1.3%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		11,860,660		11,860,660
BlackRock Provident Institutional Funds TempFund Portfolio(j)		11,860,659		11,860,659
				23,721,319
Total Short-Term Investments
(Cost $389,405,265)				389,405,265
Total Investments — 118.4%
(Cost $1,854,791,667; Note 5)				2,228,455,616
Liabilities in Excess of Other Assets — (18.4%)				(346,453,516	)
Net Assets — 100.0%			$	1,882,002,100

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) Portion of securities on loan with an aggregate market value of $357,584,297; cash collateral of $365,683,946 was received with which the portfolio purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral for securities on loan.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(j) Security available to institutional investors only.

See Notes to Financial Statements.

68

AST Goldman Sachs Concentrated Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 99.4%
COMMON STOCK
Beverages — 3.8%
PepsiCo, Inc.	738,100	$	39,768,828
Broadcasting — 10.6%
Clear Channel Communications, Inc.	1,081,800		39,972,510
Entravision Communications Corp. (Class “A” Stock)*	549,655		4,221,350
Univision Communications, Inc. (Class “A” Stock)*	1,728,000		55,175,040
Westwood One, Inc.*	439,200		10,452,960
			109,821,860
Business Services — 11.0%
Cendant Corp.	2,361,415		57,807,439
First Data Corp.	951,900		42,378,588
Sabre Holdings Corp.	530,850		14,709,854
			114,895,881
Cable Television — 6.2%
Cablevision Systems New York Group (Class “A” Stock)*(a)	1,756,354		34,512,357
Comcast Corp. (Special Class “A” Stock)*	618,040		17,064,084
Scripps, (E.W.) Co. (Class “A” Stock)	118,104		12,400,920
			63,977,361
Computer Hardware — 5.6%
Cisco Systems, Inc.*	1,393,700		33,030,690
Dell, Inc.*	709,400		25,410,708
			58,441,398
Computer Services & Software — 5.0%
Microsoft Corp.	1,803,494		51,507,789
Conglomerates — 0.1%
3M Co.	11,800		1,062,118
Consumer Products & Services — 0.1%
Procter & Gamble Co.	15,800		860,152
Electronic Components & Equipment — 0.2%
General Electric Co.	55,200		1,788,480
Entertainment & Leisure — 14.1%
EchoStar Communications Corp. (Class “A” Stock)*(a)	788,425		24,244,069
Harrah’s Entertainment, Inc.	749,600		40,553,360
Time Warner, Inc.*	1,221,424		21,472,634
Viacom, Inc. (Class “B” Stock)(a)	1,719,950		61,436,613
			147,706,676

	Shares	Value (Note 2)
Financial Services — 14.0%
Fannie Mae(a)	537,116	$	38,328,598
Freddie Mac	669,100		42,354,029
McGraw-Hill Cos., Inc.	312,605		23,936,165
Moody’s Corp.	188,158		12,166,296
Schwab, (Charles) Corp.	3,105,500		29,843,855
			146,628,943
Food — 2.0%
Wrigley, (Wm., Jr.) Co.(a)	324,500		20,459,725
Healthcare Services — 1.8%
Caremark Rx, Inc.*(a)	563,305		18,555,267
Hotels & Motels — 1.0%
Starwood Hotels & Resorts Worldwide, Inc.	236,573		10,610,299
Internet Services — 2.7%
eBay, Inc.*(a)	165,120		15,182,784
Yahoo!, Inc.*(a)	360,800		13,107,864
			28,290,648
Medical Supplies & Equipment — 1.0%
Guidant Corp.	190,000		10,617,200
Pharmaceuticals — 5.8%
Pfizer, Inc.	1,353,200		46,387,696
Wyeth	391,500		14,156,640
			60,544,336
Retail & Merchandising — 3.9%
Dollar Tree Stores, Inc.*(a)	170,275		4,670,644
Family Dollar Stores, Inc.	529,400		16,104,348
Wal-Mart Stores, Inc.	369,900		19,515,924
			40,290,916
Semiconductors — 4.1%
Intel Corp.	1,174,500		32,416,200
Linear Technology Corp.	258,600		10,206,942
			42,623,142
Technology — 0.1%
Electronic Arts, Inc.*	12,000		654,600
Telecommunications — 6.3%
Crown Castle International Corp.*(a)	588,230		8,676,393
QUALCOMM, Inc.(a)	772,090		56,347,128
			65,023,521
Total Long-Term Investments
(Cost $931,177,833)			1,034,129,140

69

AST Goldman Sachs Concentrated Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Principal Amount (000)		Value (Note 2)
SHORT-TERM INVESTMENTS — 6.9%
Certificates of Deposit — 0.2%
Credit Lyonnais Bank 1.075%, 09/30/04(b)	$	2,245	$	2,246,013
Commercial Paper — 0.6%
Concord Minutemen Capital Co. 1.23%, 07/12/04(b)		3,742		3,738,888
Fairway Finance Corp. 1.22%, 07/16/04(b)		1,611		1,610,059
Grampian Funding LLC 1.20%, 07/13/04(b)		3		3,303
Victory Receivables Corp. 1.23%, 07/19/04(b)		436		436,196
				5,788,446
Corporate Obligations — 3.3%
Merrill Lynch & Co., Inc. 1.63%, 07/01/04(b)(c)		3,244		3,243,918
1.63%, 07/01/04(b)(c)		261		261,200
Morgan Stanley 1.58%, 07/01/04(b)(c)		8,070		8,070,251
Natexis Banque 1.547%, 07/01/04(b)(c)		5,399		5,398,039
1.60%, 07/01/04(b)(c)		12,876		12,873,110

	Principal Amount (000)		Value (Note 2)
Swedbank 1.198%, 07/15/04(b)(c)	$	1,231	$	1,231,236
Westdeutsche Landesbank 1.13%, 07/09/04(b)(c)		1,662		1,662,009
1.25%, 07/23/04(b)(c)		2,048		2,048,067
				34,787,830
Time Deposit — 0.3%
J. P. Morgan Chase & Co. 1.25%, 07/01/04(b)		3,247		3,247,419
	Shares
Non-Registered Investment Company — 2.5%
BlackRock Institutional Money Market Trust(b)(j)		25,911,751		25,911,751
Total Short-Term Investments
(Cost $71,981,459)				71,981,459
Total Investments — 106.3%
(Cost $1,003,159,292; Note 5)				1,106,110,599
Liabilities in Excess of Other Assets — (6.3%)				(65,961,815	)
Net Assets — 100.0%			$	1,040,148,784

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) Portion of securities on loan with an aggregate market value of $70,738,964; cash collateral of $71,981,459 was received with which the portfolio purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral for securities on loan.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(j) Security available to institutional investors only.

See Notes to Financial Statements.

70

AST DeAM Large-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 93.5%
COMMON STOCK
Aerospace — 2.2%
General Dynamics Corp.	23,400	$	2,323,620
Goodrich Corp.	31,600		1,021,628
			3,345,248
Automobile Manufacturers — 0.7%
General Motors Corp.(a)	22,000		1,024,980
Automotive Parts — 0.9%
American Axle & Manufacturing Holdings, Inc.	37,500		1,363,500
Beverages — 0.8%
Coca-Cola Co.	9,000		454,320
Coca-Cola Enterprises, Inc.	8,400		243,516
Coors, (Adolph) Co. (Class “B” Stock)(a)	6,900		499,146
			1,196,982
Broadcasting — 0.3%
Clear Channel Communications, Inc.	13,400		495,130
Cable Television — 1.7%
Cox Communications, Inc. (Class “A” Stock)*(a)	61,700		1,714,643
DIRECTV Group, Inc. (The)*	47,400		810,540
			2,525,183
Chemicals — 0.9%
Engelhard Corp.	43,100		1,392,561
Computer Hardware — 1.6%
Hewlett-Packard Co.	22,500		474,750
International Business Machines Corp.	8,600		758,090
Storage Technology Corp.*	42,300		1,226,700
			2,459,540
Computer Services & Software — 1.8%
Computer Sciences Corp.*	16,200		752,166
Microsoft Corp.	16,800		479,808
NCR Corp.*	24,100		1,195,119
Sybase, Inc.*	12,100		217,800
			2,644,893
Conglomerates — 1.8%
Altria Group, Inc.	8,800		440,440
Cendant Corp.	90,300		2,210,544
			2,650,984
Construction — 0.2%
Lafarge North America, Inc.	1,700		73,610
Ryland Group, Inc. (The)	3,100		242,420
			316,030

	Shares	Value (Note 2)
Consumer Products & Services — 1.6%
Gillette Co.	50,300	$	2,132,720
Loews Corp. — Carolina Group	8,300		203,765
			2,336,485
Containers & Packaging — 0.5%
Owens-Illinois, Inc.*	45,900		769,284
Diversified Manufacturing Operations — 3.7%
General Electric Co.	173,200		5,611,680
Electronic Components & Equipment — 2.7%
Avnet, Inc.*(a)	27,700		628,790
Eastman Kodak Co.(a)	69,800		1,883,204
Hubbell, Inc. (Class “B” Stock)	2,200		102,762
Parker-Hannifin Corp.	25,600		1,522,176
			4,136,932
Entertainment & Leisure — 1.6%
Disney, (Walt) Co.	51,300		1,307,637
Time Warner, Inc.*	62,600		1,100,508
			2,408,145
Farming & Agriculture — 1.0%
Monsanto Co.	38,700		1,489,950
Financial — Bank & Trust — 11.5%
Bank of America Corp.	47,700		4,036,374
Bank One Corp.	13,700		698,700
Golden West Financial Corp.	24,900		2,648,115
Marshall & Ilsley Corp.	3,200		125,088
National City Corp.	27,900		976,779
U.S. Bancorp	68,700		1,893,372
Wachovia Corp.	52,900		2,354,050
Wells Fargo & Co.(a)	79,400		4,544,062
			17,276,540
Financial Services — 10.1%
CIT Group, Inc.	35,300		1,351,637
Citigroup, Inc.	89,475		4,160,587
Countrywide Financial Corp.	30,799		2,163,630
Freddie Mac	13,700		867,210
J.P. Morgan Chase & Co.	65,000		2,520,050
Lehman Brothers Holdings, Inc.	7,800		586,950
MBNA Corp.	41,400		1,067,706
Merrill Lynch & Co., Inc.	20,200		1,090,396
PNC Financial Services Group	23,100		1,226,148
Providian Financial Corp.*	14,500		212,715
			15,247,029
Food — 2.0%
Sara Lee Corp.	55,500		1,275,945
Tyson Foods, Inc. (Class “A” Stock)(a)	79,800		1,671,810
			2,947,755

71

AST DeAM Large-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Healthcare Services — 0.9%
Humana, Inc.*	49,700	$	839,930
PacifiCare Health Systems, Inc.*(a)	14,400		556,704
			1,396,634
Insurance — 5.0%
Allstate Corp. (The)	61,300		2,853,515
Anthem, Inc.*(a)	5,000		447,800
Berkley, (W.R.) Corp.(a)	51,150		2,196,893
Loews Corp.	12,200		731,512
MetLife, Inc.	15,700		562,845
Principal Financial Group, Inc.	21,700		754,726
			7,547,291
Machinery & Equipment — 2.9%
Eaton Corp.	37,900		2,453,646
Stanley Works(a)	42,700		1,946,266
			4,399,912
Medical Supplies & Equipment — 1.0%
Baxter International, Inc.	43,000		1,483,930
Metals & Mining — 0.8%
Phelps Dodge Corp.(a)	16,200		1,255,662
Oil & Gas — 11.4%
Apache Corp.	28,900		1,258,595
Exxon Mobil Corp.	121,200		5,382,492
Kerr-McGee Corp.(a)	22,900		1,231,333
Noble Energy, Inc.	19,900		1,014,900
Occidental Petroleum Corp.	55,800		2,701,278
Pioneer Natural Resources Co.	18,300		641,964
Sunoco, Inc.	36,300		2,309,406
Valero Energy Corp.	25,800		1,903,008
Williams Cos., Inc.	55,500		660,450
			17,103,426
Paper & Forest Products — 1.3%
Louisiana-Pacific Corp.	62,700		1,482,855
Rayonier, Inc.	9,600		426,720
			1,909,575
Pharmaceuticals — 2.0%
King Pharmaceuticals, Inc.*	73,400		840,430
Merck & Co., Inc.	44,800		2,128,000
			2,968,430
Printing & Publishing — 0.5%
Gannett Co., Inc.(a)	9,300		789,105
Railroads — 0.3%
Burlington Northern Santa Fe Corp.	13,200		462,924

	Shares	Value (Note 2)
Real Estate — 1.9%
Apartment Investment & Management Co. (Class “A” Stock) [REIT](a)	5,900	$	183,667
Avalonbay Communities, Inc. [REIT]	3,600		203,472
Equity Office Properties Trust [REIT]	20,200		549,440
Equity Residential Properties Trust [REIT]	17,900		532,167
Federal Realty Investment Trust [REIT]	2,100		87,339
Kimco Realty Corp. [REIT]	4,200		191,100
Mills Corp. (The) [REIT](a)	2,700		126,090
Pan Pacific Retail Properties, Inc. [REIT]	1,900		95,988
Rouse Co. [REIT]	1,700		80,750
Simon Property Group, Inc. [REIT](a)	9,200		473,064
Vornado Realty Trust [REIT]	6,200		354,082
			2,877,159
Restaurants — 1.6%
McDonald’s Corp.	94,800		2,464,800
Retail & Merchandising — 2.9%
Federated Department Stores, Inc.	17,000		834,700
May Department Stores Co.(a)	64,700		1,778,603
Saks, Inc.	58,900		883,500
SUPERVALU, Inc.	27,700		847,897
			4,344,700
Semiconductors — 1.2%
Advanced Micro Devices, Inc.*(a)	55,600		884,040
LSI Logic Corp.*(a)	114,400		871,728
			1,755,768
Telecommunications — 6.3%
BellSouth Corp.	100,500		2,635,110
CenturyTel, Inc.(a)	7,600		228,304
SBC Communications, Inc.	50,400		1,222,200
Sprint Corp.(a)	77,500		1,364,000
Verizon Communications, Inc.	113,000		4,089,470
			9,539,084
Transportation — 1.1%
FedEx Corp.	6,800		555,492
Ryder System, Inc.	26,200		1,049,834
			1,605,326
Utilities — 4.8%
American Electric Power Co., Inc.(a)	34,000		1,088,000
Entergy Corp.	29,800		1,669,098
Exelon Corp.	89,800		2,989,442
PG&E Corp.*(a)	8,900		248,666
TXU Corp.	30,400		1,231,503
			7,226,709
Total Common Stock
(Cost $131,918,936)			140,769,266

72

AST DeAM Large-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
CORPORATE OBLIGATION
Retail & Merchandising
Ames Department Stores, Inc., Sr. Notes 10.00%, 04/15/06 (cost $13,156; purchased 11/17/00 - 11/30/01)(g)(i) (Cost $13,156)	NR	$	40	$	300
Total Long-Term Investments
(Cost $131,932,092)					140,769,566
SHORT-TERM INVESTMENTS — 13.1%
Certificates of Deposit — 0.5%
Canadian Imperial Bank of Commerce 1.285%, 07/29/04(b)(c)			126		125,576
Societe Generale 1.171%, 07/14/04(b)			529		529,264
Svenska Handelsbanken 1.39%, 10/27/04(b)			41		41,045
Westdeutsche Landesbank 1.50%, 01/10/05(b)			108		108,272
					804,157
Commercial Paper — 0.3%
Concord Minutemen Capital Co. 1.23%, 07/12/04(b)			434		433,229
Victory Receivables Corp. 1.23%, 07/19/04(b)			22		22,434
					455,663
Corporate Obligations — 6.2%
Merrill Lynch & Co., Inc. 1.63%, 07/01/04(b)(c)			1,821		1,820,947
1.63%, 07/01/04(b)(c)			2,626		2,626,291

	Principal Amount (000)		Value (Note 2)
Morgan Stanley 1.23%, 07/01/04(b)(c)	$	653	$	653,490
1.58%, 07/01/04(b)(c)		128		127,700
Natexis Banque 1.547%, 07/01/04(b)(c)		619		618,863
1.60%, 07/01/04(b)(c)		2,570		2,569,536
Swedbank 1.198%, 07/15/04(b)(c)		503		503,322
Westdeutsche Landesbank 1.30%, 07/29/04(b)(c)		540		539,608
				9,459,757
Time Deposit — 0.6%
J. P. Morgan Chase & Co. 1.25%, 07/01/04(b)		845		844,872
U.S. Treasury Obligation — 0.4%
U.S. Treasury Bills 0.95%, 07/29/04(k)(n)		550		549,566
	Shares
Non-Registered Investment Company — 5.1%
BlackRock Institutional Money Market Trust(b)(j)		7,626,907		7,626,907
Total Short-Term Investments
(Cost $19,740,950)				19,740,922
Total Investments — 106.6%
(Cost $151,673,042; Note 5)				160,510,488
Liabilities in Excess of Other Assets — (6.6%)				(9,937,079	)
Net Assets — 100.0%			$	150,573,409

The following abbreviations are used throughout the Schedule of Investments:

NR Not Rated by Moody’s or Standard & Poor’s

REIT Real Estate Investment Trust

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) Portion of securities on loan with an aggregate market value of $18,723,380; cash collateral of $19,191,356 was received with which the portfolio purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral for securities on loan.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(g) Indicates a security that has been deemed illiquid. The aggregate cost of the illiquid security is $13,156. The aggregate value, $300 represents 0.0% of net assets.

73

AST DeAM Large-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

(i) Represents issuer in default on interest payments, Non-income producing security.

(j) Security available to institutional investors only.

(k) Securities with an aggregate market value of $549,566 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2004:

Description	Expiration Month	Number of Contracts	Contracts Value at Trade Date		Contracts Value at June 30, 2004		Unrealized Appreciation
Long Positions:
S&P 500	Sep 04	30	$	7,637,255	$	7,697,700	$	60,445

(n) Rates shown are the effective yields at purchase date.

See Notes to Financial Statements.

74

AST Hotchkis and Wiley Large-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 95.3%
COMMON STOCK
Aerospace & Defense — 3.9%
Lockheed Martin Corp.	236,900	$	12,337,752
Raytheon Co.	304,800		10,902,696
			23,240,448
Auto Components — 1.0%
Delphi Corp.	554,700		5,924,196
Chemicals — 0.5%
Eastman Chemical Co.	65,600		3,032,688
Commercial Banks — 2.1%
KeyCorp	168,700		5,042,443
UnionBanCal Corp.	131,800		7,433,520
			12,475,963
Commercial Services & Supplies — 4.5%
Cendant Corp.	472,500		11,566,800
Waste Management, Inc.	486,600		14,914,290
			26,481,090
Diversified Financial Services — 5.9%
CIT Group, Inc.	484,400		18,547,676
Principal Financial Group, Inc.	475,300		16,530,934
			35,078,610
Diversified Telecommunication Services — 0.2%
AT&T Corp.	81,300		1,189,419
Electric Utilities — 6.4%
Alliant Energy Corp.	230,500		6,011,440
American Electric Power Co., Inc.	181,800		5,817,600
Entergy Corp.	178,600		10,003,386
FirstEnergy Corp.	428,900		16,045,149
			37,877,575
Food & Staples Retailing — 1.9%
Albertson’s, Inc.	415,400		11,024,716
Food Products — 1.4%
Kraft Foods, Inc. (Class “A” Stock)	169,700		5,376,096
Sara Lee Corp.	121,300		2,788,687
			8,164,783
Healthcare Providers & Services — 6.2%
Aetna, Inc.	202,100		17,178,500
Tenet Healthcare Corp.*	1,462,000		19,605,420
			36,783,920
Hotels, Restaurants & Leisure — 6.3%
Caesars Entertainment, Inc.*	521,300		7,819,500
Mandalay Resort Group	217,100		14,901,744
Yum! Brands, Inc.*	397,300		14,787,506
			37,508,750
Household Durables — 3.0%
Lennar Corp. (Class “A” Stock)	393,200		17,583,904
Industrial Conglomerates — 2.8%
Tyco International Ltd.	497,500		16,487,150

	Shares	Value (Note 2)
Insurance — 14.2%
Allmerica Financial Corp.*	322,900	$	10,914,020
Allstate Corp. (The)	301,900		14,053,445
MetLife, Inc.	768,000		27,532,800
St. Paul Cos., Inc.	366,100		14,841,694
UnumProvident Corp.	1,109,300		17,637,870
			84,979,829
IT Services — 4.9%
Electronic Data Systems Corp.	1,529,600		29,291,840
Leisure Equipment & Products — 2.0%
Eastman Kodak Co.	432,600		11,671,548
Metals & Mining — 1.2%
Alcoa, Inc.	223,100		7,368,993
Multi-Utilities — 1.0%
SCANA Corp.	161,600		5,877,392
Multiline Retail — 7.8%
Penney, (J.C.) Co., Inc.	474,600		17,920,896
Sears, Roebuck and Co.	762,600		28,795,776
			46,716,672
Oil & Gas — 3.6%
Sunoco, Inc.	175,000		11,133,500
Teekay Shipping Corp.	277,600		10,376,688
			21,510,188
Paper & Forest Products — 1.3%
Weyerhaeuser Co.	118,100		7,454,472
Real Estate — 2.1%
Apartment Investment & Management Co. (Class “A” Stock)[REIT]	196,600		6,120,158
Plum Creek Timber Co., Inc. [REIT]	189,500		6,173,910
			12,294,068
Software — 3.9%
Computer Associates International, Inc.	821,800		23,059,708
Textiles, Apparel & Luxury Goods — 1.0%
Jones Apparel Group, Inc.	150,100		5,925,948
Thrifts & Mortgage Finance — 3.2%
Freddie Mac	165,800		10,495,140
Washington Mutual, Inc.	212,200		8,199,408
			18,694,548
Tobacco — 3.0%
Altria Group, Inc.	353,400		17,687,670
Total Long-Term Investments — 95.3%
(Cost $548,516,346; Note 5)			565,386,088
Other Assets in Excess of Liabilities — 4.7%			27,982,702
Net Assets — 100.0%		$	593,368,790

75

AST Hotchkis and Wiley Large-Cap Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

The following abbreviation is used throughout the Schedule of Investments:

REIT Real Estate Investment Trust

The following annotation is used throughout the Schedule of Investments:

* Non-income producing security.

See Notes to Financial Statements.

76

AST Alliance/Bernstein Growth + Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 96.9%
COMMON STOCK
Automotive Parts — 0.9%
Magna International, Inc. (Class “A” Stock)	7,700	$	655,809
Beverages — 0.7%
PepsiCo, Inc.	9,600		517,248
Cable Television — 0.6%
Comcast Corp. (Special Class “A” Stock)*	15,300		422,433
Clothing & Apparel — 1.4%
VF Corp.	20,150		981,305
Computer Hardware — 4.9%
Dell, Inc.*	65,600		2,349,792
Hewlett-Packard Co.	52,750		1,113,025
			3,462,817
Computer Services & Software — 8.0%
Cisco Systems, Inc.*(a)	53,300		1,263,210
Electronic Arts, Inc.*	22,100		1,205,555
Microsoft Corp.(a)	93,700		2,676,071
Veritas Software Corp.*	17,700		490,290
			5,635,126
Conglomerates — 1.3%
Altria Group, Inc.	6,150		307,808
Textron, Inc.	10,600		629,110
			936,918
Consumer Products & Services — 2.3%
Avon Products, Inc.	11,500		530,610
Procter & Gamble Co.	13,400		729,496
Whirlpool Corp.(a)	5,700		391,020
			1,651,126
Containers & Packaging — 0.7%
Smurfit-Stone Container Corp.*(a)	25,600		510,720
Diversified Manufacturing Operations — 3.2%
General Electric Co.	69,800		2,261,520
Electronic Components & Equipment — 1.4%
Flextronics International Ltd.*	35,800		571,010
Solectron Corp.*(a)	62,697		405,650
			976,660
Entertainment & Leisure — 2.7%
Time Warner, Inc.*(a)	39,600		696,168
Viacom, Inc. (Class “B” Stock)(a)	34,400		1,228,768
			1,924,936

	Shares	Value (Note 2)
Financial — Bank & Trust — 4.3%
Bank of America Corp.	12,397	$	1,049,034
National City Corp.	39,100		1,368,891
Wachovia Corp.	14,650		651,925
			3,069,850
Financial Services — 12.6%
Citigroup, Inc.	65,700		3,055,049
Fannie Mae(a)	11,500		820,640
Goldman Sachs Group, Inc.	3,300		310,728
J.P. Morgan Chase & Co.(a)	32,500		1,260,025
Lehman Brothers Holdings, Inc.(a)	11,200		842,800
MBNA Corp.	70,200		1,810,458
Merrill Lynch & Co., Inc.	14,900		804,302
			8,904,002
Healthcare Services — 2.1%
UnitedHealth Group, Inc.	24,000		1,494,000
Industrial Products — 0.5%
Cooper Industries Ltd. (Class “A” Stock)	6,300		374,283
Insurance — 7.5%
American International Group, Inc.	21,200		1,511,136
Chubb Corp.	14,500		988,610
Jefferson-Pilot Corp.(a)	12,900		655,320
Manulife Financial Corp. (Canada)	9,800		396,900
MetLife, Inc.	14,500		519,825
Progressive Corp. (The)	7,500		639,750
St. Paul Cos., Inc.(a)	12,698		514,777
Torchmark Corp.(a)	1,200		64,560
			5,290,878
Internet Services — 5.8%
eBay, Inc.*(a)	16,200		1,489,590
Juniper Networks, Inc.*(a)	22,000		540,540
Yahoo!, Inc.*(a)	56,800		2,063,544
			4,093,674
Medical Supplies & Equipment — 5.1%
Alcon, Inc. (Switzerland)(a)	11,000		865,150
Amgen, Inc.*(a)	22,700		1,238,739
Boston Scientific Corp.*	12,500		535,000
Medtronic, Inc.	19,200		935,424
			3,574,313
Oil & Gas — 6.0%
BP PLC [ADR] (United Kingdom)(a)	13,900		744,623
ChevronTexaco Corp.	7,900		743,469
ConocoPhillips	17,700		1,350,333
Occidental Petroleum Corp.	21,200		1,026,292
Valero Energy Corp.(a)	5,000		368,800
			4,233,517
Paper & Forest Products — 2.1%
Georgia-Pacific Corp.	27,650		1,022,497
MeadWestvaco Corp.	14,600		429,094
			1,451,591

77

AST Alliance/Bernstein Growth + Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares		Value (Note 2)
Pharmaceuticals — 3.5%
GlaxoSmithKline PLC [ADR] (United Kingdom)		12,300	$	509,958
Pfizer, Inc.		47,200		1,618,016
Wyeth		9,700		350,752
				2,478,726
Railroads — 3.1%
Burlington Northern Santa Fe Corp.		19,000		666,330
CSX Corp.		18,900		619,353
Norfolk Southern Corp.		33,400		885,768
				2,171,451
Retail & Merchandising — 6.8%
Bed Bath & Beyond, Inc.*		7,000		269,150
Federated Department Stores, Inc.		4,600		225,860
Kroger Co. (The)*(a)		30,100		547,820
Lowe’s Cos., Inc.		20,300		1,066,765
May Department Stores Co.(a)		7,300		200,677
Safeway, Inc.*(a)		28,275		716,489
Wal-Mart Stores, Inc.		33,900		1,788,564
				4,815,325
Semiconductors — 3.8%
Applied Materials, Inc.*		14,000		274,680
Broadcom Corp. (Class “A” Stock)*		11,500		537,855
Intel Corp.(a)		55,700		1,537,320
Maxim Integrated Products, Inc.(a)		5,800		304,036
				2,653,891
Telecommunications — 2.3%
Corning, Inc.*(a)		44,300		578,558
Nortel Networks Corp. (Canada)*		36,700		183,133
Qwest Communications International,		76,500		274,635
Sprint Corp.(a)		19,100		336,160
Tellabs, Inc.*(a)		30,700		268,318
				1,640,804
Utilities — 3.3%
American Electric Power Co., Inc.		21,600		691,200
Entergy Corp.		9,900		554,499
PPL Corp.		13,800		633,420
Sempra Energy		12,500		430,375
				2,309,494
Total Long-Term Investments
(Cost $60,604,717)				68,492,417
	Principal Amount
SHORT-TERM INVESTMENTS — 32.9%
Certificates of Deposit — 3.8%
Banco Santander PR 1.125%, 07/01/04(b)(c)	$	1,234,225		1,234,036

	Principal Amount (000)		Value (Note 2)
Canadian Imperial Bank of Commerce 1.72%, 05/25/05(b)	$	513,194	$	513,084
Fortis Bank NY 1.775%, 06/06/05(b)		699,042		698,967
Westdeutsche Landesbank 1.50%, 01/10/05(b)		208,018		207,997
				2,654,084
Commercial Paper — 7.8%
Concord Minutemen Capital Co. 1.23%, 07/12/04(b)		2,337,126		2,334,969
Grampian Funding LLC 1.20%, 07/13/04(b)		691,810		691,141
Victory Receivables Corp. 1.23%, 07/19/04(b)		2,518,710		2,518,221
				5,544,331
Corporate Obligations — 16.3%
Merrill Lynch & Co., Inc. 1.63%, 07/01/04(b)(c)		2,342,500		2,342,500
1.63%, 07/01/04(b)(c)		707,923		707,923
1.63%, 07/01/04(b)(c)		426,787		426,787
1.63%, 07/01/04(b)(c)		523,462		523,462
1.63%, 07/01/04(b)(c)		3,339,538		3,339,539
Morgan Stanley 1.58%, 07/01/04(b)(c)		818,581		818,581
Natexis Banque 1.547%, 07/01/04(b)(c)		1,623,376		1,623,209
1.60%, 07/01/04(b)(c)		1,804,519		1,804,061
Swedbank 1.198%, 07/15/04(b)(c)		18,539		18,536
				11,604,598
Time Deposit — 1.8%
J. P. Morgan Chase & Co. 1.25%, 07/01/04(b)		1,241,394		1,241,394
	Shares
Non-Registered Investment Company — 0.6%
BlackRock Institutional Money Market Trust(b)(j)		400,939		400,939
Registered Investment Companies — 2.6%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		913,400		913,400
BlackRock Provident Institutional Funds TempFund Portfolio(j)		913,399		913,399
				1,826,799
Total Short-Term Investments
(Cost $23,272,145)				23,272,145
Total Investments — 129.8%
(Cost $83,876,862; Note 5)				91,764,562
Liabilities in Excess of Other Assets — (29.8%)				(21,066,983	)
Net Assets — 100.0%			$	70,697,579

78

AST Alliance/Bernstein Growth + Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

The following abbreviation is used throughout the Schedule of Investments:

ADR American Depositary Receipt

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) Portion of securities on loan with an aggregate market value of $20,767,312; cash collateral of $21,445,346 was received with which the portfolio purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral for securities on loan.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(j) Security available to institutional investors only.

See Notes to Financial Statements.

79

AST Sanford Bernstein Core Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 94.5%
COMMON STOCK
Aerospace — 1.5%
Boeing Co.(a)	27,900	$	1,425,411
General Dynamics Corp.	6,700		665,310
Goodrich Corp.	40,800		1,319,064
			3,409,785
Automobile Manufacturers — 0.9%
General Motors Corp.(a)	34,300		1,598,037
PACCAR, Inc.	9,600		556,704
			2,154,741
Automotive Parts — 2.6%
American Axle & Manufacturing Holdings, Inc.	16,000		581,760
Autoliv, Inc.	31,100		1,312,420
BorgWarner, Inc.	16,400		717,828
Cooper Tire & Rubber Co.	22,100		508,300
Dana Corp.	31,300		613,480
Lear Corp.(a)	18,000		1,061,820
Magna International, Inc. (Class “A” Stock)	14,800		1,260,516
			6,056,124
Beverages — 0.7%
Coors, (Adolph) Co. (Class “B” Stock)(a)	6,500		470,210
PepsiCo, Inc.	20,000		1,077,600
			1,547,810
Building Materials — 1.0%
Martin Marietta Materials, Inc.	14,800		656,084
Masco Corp.(a)	20,600		642,308
Vulcan Materials Co.	23,500		1,117,425
			2,415,817
Cable Television — 0.7%
Comcast Corp. (Class “A” Stock)*	57,900		1,622,937
Chemicals — 0.3%
Dow Chemical Co.	4,700		191,290
DuPont, (E.I.) de Nemours & Co.	9,100		404,222
			595,512
Clothing & Apparel — 1.3%
Jones Apparel Group, Inc.	35,000		1,381,800
Reebok International Ltd.	11,500		413,770
VF Corp.	23,100		1,124,970
			2,920,540
Computer Hardware — 1.9%
Hewlett-Packard Co.	170,624		3,600,166
International Business Machines Corp.	10,000		881,500
			4,481,666

	Shares	Value (Note 2)
Computer Services & Software — 0.9%
Ingram Micro, Inc. (Class “A” Stock)*	26,500	$	383,455
Microsoft Corp.	32,000		913,920
Tech Data Corp.*	18,850		737,601
			2,034,976
Conglomerates — 4.6%
Altria Group, Inc.	105,700		5,290,285
Honeywell International, Inc.	59,800		2,190,474
Johnson Controls, Inc.	7,100		378,998
Textron, Inc.	22,700		1,347,245
Tyco International Ltd.(a)	39,800		1,318,972
			10,525,974
Construction — 0.4%
D.R. Horton, Inc.	5,850		166,140
Pulte Corp.	14,800		770,044
			936,184
Consumer Products & Services — 1.1%
UST, Inc.	38,600		1,389,600
Whirlpool Corp.(a)	15,125		1,037,575
			2,427,175
Containers & Packaging — 0.4%
Smurfit-Stone Container Corp.*(a)	40,900		815,955
Diversified Manufacturing Operations — 2.5%
General Electric Co.	175,000		5,670,000
Electronic Components & Equipment — 2.9%
Arrow Electronics, Inc.*(a)	38,350		1,028,547
Avnet, Inc.*(a)	20,700		469,890
Celestica, Inc. (Canada)*	60,600		1,208,970
Flextronics International Ltd.*(a)	67,800		1,081,410
Hubbell, Inc. (Class “B” Stock)	14,500		677,295
Parker-Hannifin Corp.	7,400		440,004
Sanmina-SCI Corp.*	69,900		636,090
Solectron Corp.*(a)	155,950		1,008,997
Vishay Intertechnology, Inc.*(a)	6,200		115,196
			6,666,399
Entertainment & Leisure — 1.0%
Disney,(Walt) Co.	15,200		387,448
Time Warner, Inc.*	90,500		1,590,990
Viacom, Inc. (Class “B” Stock)(a)	8,700		310,764
			2,289,202
Financial — Bank & Trust — 10.4%
Astoria Financial Corp.(a)	13,200		482,856
Bank of America Corp.	90,188		7,631,708
Bank One Corp.	49,100		2,504,100
Comerica, Inc.(a)	26,300		1,443,344
Huntington Bancshares, Inc.(a)	19,900		455,710
National City Corp.	54,150		1,895,792

80

AST Sanford Bernstein Core Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Regions Financial Corp.	28,925	$	1,057,209
SunTrust Banks, Inc.	26,100		1,696,239
U.S. Bancorp	80,100		2,207,556
Wachovia Corp.	60,300		2,683,350
Wells Fargo & Co.(a)	33,700		1,928,651
			23,986,515
Financial Services — 14.3%
Capital One Financial Corp.(a)	3,100		211,978
Citigroup, Inc.	223,700		10,402,050
Fannie Mae	14,700		1,048,992
Freddie Mac	41,700		2,639,610
Goldman Sachs Group, Inc.	21,800		2,052,688
J.P. Morgan Chase & Co.	107,600		4,171,652
KeyCorp(a)	43,475		1,299,468
Lehman Brothers Holdings, Inc.	26,400		1,986,600
MBIA, Inc.(a)	19,300		1,102,416
Merrill Lynch & Co., Inc.	39,000		2,105,220
Morgan Stanley Dean Witter & Co.	40,000		2,110,800
PNC Financial Services Group	19,800		1,050,984
Washington Mutual, Inc.(a)	64,375		2,487,450
			32,669,908
Food — 1.2%
Archer-Daniels-Midland Co.	10,200		171,156
Tyson Foods, Inc. (Class “A” Stock)(a)	76,100		1,594,295
Unilever NV NY	16,200		1,109,862
			2,875,313
Healthcare Services — 0.5%
Oxford Health Plans, Inc.	20,200		1,111,808
Industrial Products — 0.9%
Cooper Industries Ltd. (Class “A” Stock)	13,900		825,799
Crane Co.(a)	8,600		269,954
Ingersoll-Rand Co. (Class “A” Stock)	15,600		1,065,636
			2,161,389
Insurance — 7.0%
ACE Ltd.	15,100		638,428
Allstate Corp. (The)	43,500		2,024,925
American International Group, Inc.	14,800		1,054,944
Chubb Corp.	20,700		1,411,326
Hartford Financial Services Group, Inc. (The)	28,100		1,931,594
Jefferson-Pilot Corp.(a)	15,500		787,400
Manulife Financial Corp. (Canada)	39,233		1,588,937
MetLife, Inc.	34,225		1,226,966
MGIC Investment Corp.(a)	19,300		1,464,098
PartnerRe Ltd.	6,200		351,726
RenaissanceRe Holdings Ltd.	6,300		339,885
St. Paul Cos., Inc.(a)	54,340		2,202,943

	Shares	Value (Note 2)
Torchmark Corp.(a)	2,225	$	119,705
XL Capital Ltd. (Class “A” Stock)	14,200		1,071,532
			16,214,409
Machinery & Equipment — 0.8%
Eaton Corp.	21,600		1,398,384
Stanley Works(a)	8,500		387,430
			1,785,814
Metals & Mining — 1.7%
Alcan, Inc.	20,600		852,840
Alcoa, Inc.	54,900		1,813,347
United States Steel Corp.(a)	35,500		1,246,760
			3,912,947
Oil & Gas — 11.2%
BP PLC [ADR] (United Kingdom)(a)	19,400		1,039,258
ChevronTexaco Corp.	55,400		5,213,694
ConocoPhillips	43,143		3,291,379
El Paso Corp.(a)	142,900		1,126,052
Exxon Mobil Corp.	227,700		10,112,157
Marathon Oil Corp.	42,400		1,604,416
Occidental Petroleum Corp.	37,300		1,805,693
Valero Energy Corp.(a)	22,700		1,674,352
			25,867,001
Paper & Forest Products — 2.1%
Georgia-Pacific Corp.	41,625		1,539,293
International Paper Co.	16,100		719,670
MeadWestvaco Corp.	46,100		1,354,879
Temple-Inland, Inc.	19,300		1,336,525
			4,950,367
Pharmaceuticals — 0.9%
Merck & Co., Inc.	26,000		1,235,000
Sanofi-Sythelabo SA [ADR] (Switzerland)	25,400		812,546
			2,047,546
Printing & Publishing — 0.6%
Donnelley, (R.R.) & Sons Co.(a)	41,200		1,360,424
Railroads — 1.7%
Burlington Northern Santa Fe Corp.	38,775		1,359,839
CSX Corp.	23,500		770,095
Norfolk Southern Corp.	64,450		1,709,214
			3,839,148
Restaurants — 1.0%
McDonald’s Corp.	92,000		2,392,000
Retail & Merchandising — 3.5%
Federated Department Stores, Inc.	26,175		1,285,193
Foot Locker, Inc.	1,400		34,076
Kroger Co. (The)*(a)	63,300		1,152,060

81

AST Sanford Bernstein Core Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares		Value (Note 2)
May Department Stores Co.(a)		45,225	$	1,243,235
Nordstrom, Inc.		12,900		549,669
Office Depot, Inc.*		76,000		1,361,160
Safeway, Inc.*(a)		61,100		1,548,274
Saks, Inc.		54,400		816,000
SUPERVALU, Inc.		1,625		49,741
				8,039,408
Semiconductors — 0.2%
Atmel Corp.*		79,800		463,111
Telecommunications — 5.6%
ADC Telecommunications, Inc.*(a)		241,400		685,576
BellSouth Corp.		29,900		783,978
Corning, Inc.*(a)		135,400		1,768,324
Nortel Networks Corp. (Canada)*		220,800		1,101,792
Qwest Communications International,		113,600		407,824
SBC Communications, Inc.		91,900		2,228,575
Sprint Corp.(a)		142,950		2,515,920
Tellabs, Inc.*(a)		121,100		1,058,414
Verizon Communications, Inc.		68,000		2,460,920
				13,011,323
Utilities — 6.2%
Alliant Energy Corp.		23,900		623,312
American Electric Power Co., Inc.(a)		52,200		1,670,400
CMS Energy Corp.*		57,500		524,975
Constellation Energy Group, Inc.		19,500		739,050
Edison International Co.		53,900		1,378,223
Entergy Corp.		20,400		1,142,604
Exelon Corp.		46,800		1,557,972
FirstEnergy Corp.		29,400		1,099,854
Northeast Utilities(a)		41,700		811,899
PPL Corp.		26,900		1,234,710
Sempra Energy		38,700		1,332,441
Wisconsin Energy Corp.		30,700		1,001,127
Xcel Energy, Inc.(a)		65,100		1,087,821
				14,204,388
Total Long-Term Investments
(Cost $185,475,033)				217,463,616
	Principal Amount (000)
SHORT-TERM INVESTMENTS — 23.5%
Certificates of Deposit — 1.4%
Banco Santander PR 1.125%, 07/01/04(b)(c)	$	1,585		1,584,519
Fortis Bank NY 1.775%, 06/06/05(b)		976		975,536
Svenska Handelsbanken 1.39%, 10/27/04(b)		40		39,845
Westdeutsche Landesbank 1.50%, 01/10/05(b)		642		641,598
				3,241,498

	Principal Amount (000)		Value (Note 2)
Commercial Paper — 1.7%
Grampian Funding LLC 1.20%, 07/13/04(b)	$	2,873	$	2,870,061
Victory Receivables Corp. 1.23%, 07/19/04(b)		1,047		1,046,602
				3,916,663
Corporate Obligations — 10.1%
Bank of America NA 1.05%, 07/01/04(b)(c)		238		237,961
Merrill Lynch & Co., Inc. 1.63%, 07/01/04(b)(c)		1,259		1,258,963
1.63%, 07/01/04(b)(c)		2,784		2,784,020
1.63%, 07/01/04(b)(c)		2,443		2,443,185
1.63%, 07/01/04(b)(c)		1,190		1,189,535
Morgan Stanley 1.23%, 07/01/04(b)(c)		1,573		1,572,992
Natexis Banque 1.547%, 07/01/04(b)(c)		2,730		2,729,958
1.60%, 07/01/04(b)(c)		7,232		7,230,584
Societe Generale 1.575%, 07/01/04(b)(c)		2,980		2,979,044
Swedbank 1.198%, 07/15/04(b)(c)		711		710,849
Westdeutsche Landesbank 1.25%, 07/23/04(b)(c)		46		46,485
1.30%, 07/29/04(b)(c)		28		27,672
				23,211,248
Time Deposit — 0.8%
J. P. Morgan Chase & Co. 1.25%, 07/01/04(b)		1,858		1,858,233
	Shares
Non-Registered Investment Company — 2.8%
BlackRock Institutional Money Market Trust(b)(j)		6,562,481		6,562,481
Registered Investment Companies — 6.7%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		7,704,717		7,704,717
BlackRock Provident Institutional Funds TempFund Portfolio(j)		7,704,717		7,704,717
				15,409,434
Total Short-Term Investments
(Cost $54,199,557)				54,199,557
Total Investments — 118.0%
(Cost $239,674,590; Note 5)				271,663,173
Liabilities in Excess of Other Assets — (18.0%)				(41,349,469	)
Net Assets — 100.0%			$	230,313,704

82

AST Sanford Bernstein Core Value Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

The following abbreviation is used throughout the Schedule of Investments:

ADR American Depositary Receipt

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) Portion of securities on loan with an aggregate market value of $37,477,462; cash collateral of $38,790,123 was received with which the portfolio purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral for securities on loan.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(j) Security available to institutional investors only.

See Notes to Financial Statements.

83

AST Cohen & Steers Realty Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 95.0%
COMMON STOCK
Apartment/Residential — 10.9%
Archstone-Smith Trust [REIT]	361,100	$	10,591,063
BRE Properties, Inc. [REIT]	177,100		6,154,225
Essex Property Trust, Inc. [REIT](a)	79,500		5,433,825
Post Properties, Inc. [REIT](a)	188,400		5,491,860
Summit Properties, Inc. [REIT]	165,300		4,238,292
			31,909,265
Diversified — 2.2%
Crescent Real Estate Equities Co. [REIT]	71,300		1,149,356
Sun Communities, Inc. [REIT]	143,100		5,387,715
			6,537,071
Health Care — 1.7%
Ventas, Inc. [REIT]	209,800		4,898,830
Hotels & Motels — 7.2%
Hilton Hotels Corp.	232,500		4,338,450
Host Marriott Corp. [REIT]*(a)	793,100		9,802,716
Starwood Hotels & Resorts Worldwide, Inc.(a)	154,700		6,938,295
			21,079,461
Industrial — 9.6%
AMB Property Corp. [REIT]	124,700		4,318,361
Catellus Development Corp. [REIT]	276,752		6,821,937
ProLogis [REIT]	512,800		16,881,376
			28,021,674
Office — 18.0%
Arden Realty, Inc. [REIT]	125,500		3,690,955
Boston Properties, Inc. [REIT](a)	331,900		16,621,552
Brookfield Properties Corp. (Canada)	232,500		6,627,746
CarrAmerica Realty Corp. [REIT]	126,900		3,836,187
Highwoods Properties, Inc. [REIT]	6,900		162,150
Kilroy Realty Corp. [REIT]	123,600		4,214,760
Mack-Cali Realty Corp. [REIT]	96,900		4,009,722
Maguire Properties, Inc. [REIT]	154,000		3,814,580
Prentiss Properties Trust [REIT]	97,400		3,264,848
SL Green Realty Corp. [REIT]	141,300		6,612,840
			52,855,340
Office/Industrial — 1.9%
Liberty Property Trust [REIT]	37,500		1,507,875
Reckson Associates Realty Corp. [REIT](a)	150,600		4,135,476
			5,643,351
Real Estate — 29.2%
Affordable Residential Communities [REIT]	41,900		695,540

	Shares		Value (Note 2)
Apartment Investment & Management Co. (Class “A” Stock) [REIT]		44,600	$	1,388,398
Avalonbay Communities, Inc. [REIT]		220,300		12,451,356
Equity Office Properties Trust [REIT]		249,400		6,783,680
Equity Residential Properties Trust [REIT]		255,700		7,601,961
Federal Realty Investment Trust [REIT]		158,200		6,579,538
Mills Corp. (The) [REIT](a)		181,800		8,490,060
Pan Pacific Retail Properties, Inc. [REIT]		59,700		3,016,044
Rouse Co. [REIT]		245,400		11,656,500
Simon Property Group, Inc. [REIT](a)		216,900		11,152,998
Vornado Realty Trust [REIT](a)		276,900		15,813,758
				85,629,833
Regional Mall — 9.7%
CBL & Associates Properties, Inc. [REIT]		89,900		4,944,500
Developers Diversified Realty Corp. [REIT]		160,200		5,666,274
General Growth Properties, Inc. [REIT]		125,400		3,708,078
Macerich Co. [REIT]		148,900		7,127,843
Regency Centers Corp. [REIT]		46,300		1,986,270
Taubman Centers, Inc. [REIT]		223,900		5,125,071
				28,558,036
Self Storage — 4.6%
Public Storage, Inc. [REIT]		169,200		7,784,892
Shurgard Storage Centers, Inc. (Class “A” Stock) [REIT]		149,600		5,595,040
				13,379,932
Total Long-Term Investments
(Cost $231,373,914)				278,512,793
	Principal Amount (000)
SHORT-TERM INVESTMENTS — 12.7%
Certificate of Deposit — 3.0%
Banco Santander PR 1.125%, 07/01/04(b)(c)	$	8,807		8,806,153
Corporate Obligations — 7.4%
Bank of America NA 1.05%, 07/01/04(b)(c)		4,741		4,741,093
Merrill Lynch & Co., Inc. 1.63%, 07/01/04(b)(c)		2,923		2,922,791
1.63%, 07/01/04(b)(c)		845		844,962

84

AST Cohen & Steers Realty Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Principal Amount (000)		Value (Note 2)
Morgan Stanley 1.58%, 07/01/04(b)(c)	$	1,764	$	1,764,153
Natexis Banque 1.547%, 07/01/04(b)(c)		4,829		4,828,777
1.60%, 07/01/04(b)(c)		3,419		3,418,486
Swedbank 1.198%, 07/15/04(b)(c)		1,657		1,656,490
Westdeutsche Landesbank 1.30%, 07/29/04(b)(c)		1,287		1,286,564
				21,463,316
Time Deposit — 0.4%
J. P. Morgan Chase & Co. 1.25%, 07/01/04(b)		1,231		1,230,631
	Shares
Non-Registered Investment Company — 0.2%
BlackRock Institutional Money Market Trust(b)(j)		722,400		722,400

	Shares	Value (Note 2)
Registered Investment Companies — 1.7%
BlackRock Provident Institutional Funds TempCash Portfolio(j)	2,558,143	$	2,558,143
BlackRock Provident Institutional Funds TempFund Portfolio(j)	2,558,142		2,558,142
			5,116,285
Total Short-Term Investments
(Cost $37,338,785)			37,338,785
Total Investments — 107.7%
(Cost $268,712,699; Note 5)			315,851,578
Liabilities in Excess of Other Assets — (7.7%)			(22,569,841	)
Net Assets — 100.0%		$	293,281,737

The following abbreviation is used throughout the Schedule of Investments:

REIT Real Estate Investment Trust

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) Portion of securities on loan with an aggregate market value of $31,356,599; cash collateral of $32,222,500 was received with which the portfolio purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral for securities on loan.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(j) Security available to institutional investors only.

See Notes to Financial Statements.

85

AST Sanford Bernstein Managed Index 500 Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 102.0%
COMMON STOCK
Advertising — 0.1%
Interpublic Group of Cos., Inc. (The)*	61,100	$	838,903
Aerospace — 1.3%
Boeing Co.	33,900		1,731,951
Goodrich Corp.	28,700		927,871
Northrop Grumman Corp.	5,356		287,617
United Technologies Corp.	51,100		4,674,628
			7,622,067
Airlines — 0.1%
Southwest Airlines Co.	23,100		387,387
Automobile Manufacturers — 0.8%
General Motors Corp.(a)	81,000		3,773,790
PACCAR, Inc.	14,550		843,755
			4,617,545
Automotive Parts — 0.4%
BorgWarner, Inc.	12,800		560,256
Delphi Corp.	143,400		1,531,512
			2,091,768
Beverages — 3.4%
Coca-Cola Co.	203,900		10,292,872
PepsiCo, Inc.	180,100		9,703,788
			19,996,660
Broadcasting — 0.8%
Clear Channel Communications, Inc.	67,700		2,501,515
Univision Communications, Inc. (Class “A” Stock)*	50,000		1,596,500
Westwood One, Inc.*	28,900		687,820
			4,785,835
Building Materials — 1.1%
American Standard Cos., Inc.*	57,000		2,297,670
Masco Corp.(a)	94,000		2,930,920
Sherwin-Williams Co. (The)	33,600		1,396,080
			6,624,670
Business Services — 0.1%
Fiserv, Inc.*	19,000		738,910
Cable Television — 0.4%
Comcast Corp. (Class “A” Stock)*	86,000		2,410,580
Chemicals — 1.7%
Dow Chemical Co.	24,200		984,940
DuPont, (E.I.) de Nemours & Co.	52,200		2,318,724
Eastman Chemical Co.	9,000		416,070
FMC Corp.*	30,800		1,327,788
Great Lakes Chemical Corp.	48,500		1,312,410

	Shares	Value (Note 2)
Lubrizol Corp.	35,700	$	1,307,334
PPG Industries, Inc.	22,000		1,374,780
Rohm & Haas Co.	15,000		623,700
			9,665,746
Clothing & Apparel — 0.3%
VF Corp.	34,375		1,674,063
Computer Hardware — 3.1%
Dell, Inc.*	200,185		7,170,627
Hewlett-Packard Co.	239,760		5,058,936
International Business Machines Corp.	68,400		6,029,460
			18,259,023
Computer Services & Software — 8.2%
Cisco Systems, Inc.*	581,100		13,772,070
Electronic Arts, Inc.*	50,000		2,727,500
Electronic Data Systems Corp.(a)	29,300		561,095
EMC Corp.*	143,400		1,634,760
Ingram Micro, Inc. (Class “A” Stock)*	33,200		480,404
Mercury Interactive Corp.*(a)	16,900		842,127
Microsoft Corp.	655,300		18,715,367
Oracle Corp.*	322,600		3,848,618
Symantec Corp.*(a)	55,300		2,421,034
Tech Data Corp.*	33,000		1,291,290
Veritas Software Corp.*(a)	57,000		1,578,900
			47,873,165
Conglomerates — 3.3%
3M Co.	13,900		1,251,139
Altria Group, Inc.	178,200		8,918,910
Cendant Corp.	131,100		3,209,328
Honeywell International, Inc.	44,900		1,644,687
Textron, Inc.	20,000		1,187,000
Tyco International Ltd.(a)	88,100		2,919,634
			19,130,698
Consumer Products & Services — 3.6%
Avon Products, Inc.	74,000		3,414,360
Fortune Brands, Inc.	12,100		912,703
Johnson & Johnson	101,800		5,670,260
Procter & Gamble Co.	144,000		7,839,360
Reynolds, (R.J.) Tobacco Holdings, Inc.(a)	26,800		1,811,412
Whirlpool Corp.	16,100		1,104,460
			20,752,555
Containers & Packaging — 0.1%
Sonoco Products Co.	20,500		522,750
Diversified Manufacturing Operations — 4.0%
General Electric Co.	718,470		23,278,428

86

AST Sanford Bernstein Managed Index 500 Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Electronic Components & Equipment — 1.2%
Agilent Technologies, Inc.*	40,500	$	1,185,840
Eastman Kodak Co.(a)	21,100		569,278
Emerson Electric Co.	14,000		889,700
Flextronics International Ltd.*(a)	31,000		494,450
Hubbell, Inc. (Class “B” Stock)	21,000		980,910
Sanmina-SCI Corp.*	92,600		842,660
Solectron Corp.*(a)	260,000		1,682,200
Vishay Intertechnology, Inc.*(a)	25,000		464,500
			7,109,538
Entertainment & Leisure — 2.1%
Carnival Corp.(a)	63,800		2,998,600
Disney, (Walt) Co.	96,200		2,452,138
Harley-Davidson, Inc.(a)	50,600		3,134,164
Time Warner, Inc.*	103,000		1,810,740
Viacom, Inc. (Class “B” Stock)	50,400		1,800,288
			12,195,930
Financial — Bank & Trust — 6.0%
Bank of America Corp.	122,226		10,342,764
Bank of New York Co., Inc. (The)	48,300		1,423,884
Bank One Corp.	60,300		3,075,300
Comerica, Inc.	43,300		2,376,304
Commerce Bancorp, Inc.(a)	25,000		1,375,250
Huntington Bancshares, Inc.	34,200		783,180
National City Corp.	95,400		3,339,954
Regions Financial Corp.	34,000		1,242,700
SunTrust Banks, Inc.(a)	45,000		2,924,550
U.S. Bancorp	71,000		1,956,760
Union Planters Corp.	61,700		1,839,277
Wachovia Corp.	62,800		2,794,600
Wells Fargo & Co.	30,800		1,762,684
			35,237,207
Financial Services — 8.0%
Citigroup, Inc.	385,200		17,911,799
Fannie Mae(a)	30,500		2,176,480
Franklin Resources, Inc.	900		45,072
Goldman Sachs Group, Inc.(a)	26,900		2,532,904
J.P. Morgan Chase & Co.(a)	140,080		5,430,902
KeyCorp(a)	76,000		2,271,640
Legg Mason, Inc.	14,500		1,319,645
Lehman Brothers Holdings, Inc.	41,300		3,107,825
MBNA Corp.	183,500		4,732,465
Merrill Lynch & Co., Inc.	59,000		3,184,820
Morgan Stanley Dean Witter & Co.	46,900		2,474,913
PNC Financial Services Group	22,300		1,183,684
			46,372,149
Food — 1.2%
Albertson’s, Inc.(a)	23,200		615,728
Archer-Daniels-Midland Co.	52,808		886,118

	Shares	Value (Note 2)
Dean Foods Co.*	36,000	$	1,343,160
General Mills, Inc.(a)	63,500		3,018,155
Hershey Foods Corp.	25,200		1,166,004
			7,029,165
Healthcare Services — 2.7%
Caremark Rx, Inc.*	85,700		2,822,958
HCA, Inc.(a)	69,700		2,898,823
Health Management Associates, Inc. (Class “A” Stock)(a)	80,000		1,793,600
UnitedHealth Group, Inc.	86,000		5,353,500
WellPoint Health Networks, Inc.*	28,000		3,136,280
			16,005,161
Industrial Products — 0.5%
Cooper Industries Ltd. (Class “A” Stock)	23,000		1,366,430
Crane Co.(a)	32,000		1,004,480
Ingersoll-Rand Co. (Class “A” Stock)	11,000		751,410
			3,122,320
Insurance — 5.9%
ACE Ltd.	42,500		1,796,900
AFLAC, Inc.	21,300		869,253
Allstate Corp. (The)	32,000		1,489,600
American International Group, Inc.	208,787		14,882,338
Anthem, Inc.*(a)	7,300		653,788
Chubb Corp.(a)	33,900		2,311,302
CIGNA Corp.	15,500		1,066,555
Hartford Financial Services Group, Inc. (The)	24,600		1,691,004
Lincoln National Corp.	29,100		1,374,975
Progressive Corp. (The)	35,900		3,062,270
St. Paul Cos., Inc.(a)	64,695		2,622,735
XL Capital Ltd. (Class “A” Stock)	30,500		2,301,530
			34,122,250
Internet Services — 2.8%
eBay, Inc.*	89,500		8,229,525
Juniper Networks, Inc.*(a)	67,100		1,648,647
Yahoo!, Inc.*(a)	182,200		6,619,326
			16,497,498
Machinery & Equipment — 0.5%
Caterpillar, Inc.	8,000		635,520
Eaton Corp.	38,000		2,460,120
			3,095,640
Medical Supplies & Equipment — 4.4%
Abbott Laboratories	17,700		721,452
Alcon, Inc. (Switzerland)	8,500		668,525
Amgen, Inc.*	147,800		8,065,446
Applera Corp. — Applied Biosystems Group	55,000		1,196,250

87

AST Sanford Bernstein Managed Index 500 Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Baxter International, Inc.	36,000	$	1,242,360
Boston Scientific Corp.*	124,200		5,315,760
Guidant Corp.	25,950		1,450,086
Medtronic, Inc.	11,800		574,896
St. Jude Medical, Inc.*	34,000		2,572,100
Zimmer Holdings, Inc.*	40,400		3,563,280
			25,370,155
Metals & Mining — 0.9%
Alcan, Inc.	19,000		786,600
Alcoa, Inc.	46,400		1,532,592
United States Steel Corp.(a)	50,400		1,770,048
Worthington Industries, Inc.	65,200		1,338,556
			5,427,796
Office Equipment — 0.1%
Pitney Bowes, Inc.	13,000		575,250
Oil & Gas — 5.2%
BP PLC [ADR] (United Kingdom)(a)	18,100		969,617
ChevronTexaco Corp.	63,938		6,017,205
ConocoPhillips	56,453		4,306,799
El Paso Corp.(a)	232,500		1,832,100
Exxon Mobil Corp.	256,900		11,408,930
Marathon Oil Corp.	68,800		2,603,392
Nabors Industries Ltd.*	14,800		669,256
Transocean, Inc.	22,000		636,680
Western Gas Resources, Inc.	58,000		1,883,840
			30,327,819
Paper & Forest Products — 1.1%
Georgia-Pacific Corp.	40,700		1,505,086
International Paper Co.	70,600		3,155,820
MeadWestvaco Corp.	30,000		881,700
Temple-Inland, Inc.	9,100		630,175
			6,172,781
Pharmaceuticals — 5.7%
Biogen Idec, Inc.*(a)	48,600		3,073,950
Bristol-Meyers Squibb Co.	84,300		2,065,350
Cephalon, Inc.*(a)	24,000		1,296,000
Forest Laboratories, Inc.*	54,600		3,091,998
Genentech, Inc.*	23,100		1,298,220
Lilly, (Eli) & Co.	6,500		454,415
Merck & Co., Inc.	59,700		2,835,750
Pfizer, Inc.	510,320		17,493,770
Wyeth	38,000		1,374,080
			32,983,533
Printing & Publishing — 0.7%
Donnelley, (R.R.) & Sons Co.	48,000		1,584,960
Tribune Co.	49,700		2,263,338
			3,848,298

	Shares	Value (Note 2)
Railroads — 0.5%
Burlington Northern Santa Fe Corp.	15,000	$	526,050
CSX Corp.	47,300		1,550,021
Norfolk Southern Corp.	38,400		1,018,368
			3,094,439
Real Estate — 0.5%
Equity Office Properties Trust [REIT]	70,000		1,904,000
Equity Residential Properties Trust [REIT]	35,000		1,040,550
			2,944,550
Restaurants — 0.8%
McDonald’s Corp.	63,200		1,643,200
Starbucks Corp.*(a)	69,000		3,000,120
			4,643,320
Retail & Merchandising — 7.8%
Bed Bath & Beyond, Inc.*	56,000		2,153,200
Federated Department Stores, Inc.	33,900		1,664,490
Home Depot, Inc.	213,000		7,497,600
Lowe’s Cos., Inc.	108,400		5,696,420
May Department Stores Co.	39,500		1,085,855
Safeway, Inc.*	16,500		418,110
Sears, Roebuck and Co.(a)	55,200		2,084,352
SUPERVALU, Inc.	31,900		976,459
Target Corp.	68,600		2,913,442
TJX Cos., Inc.(a)	100,100		2,416,414
Wal-Mart Stores, Inc.	322,200		16,999,271
Williams-Sonoma, Inc.*	51,500		1,697,440
			45,603,053
Semiconductors — 3.6%
Broadcom Corp. (Class “A” Stock)*	58,000		2,712,660
Intel Corp.	419,480		11,577,648
Linear Technology Corp.(a)	61,600		2,431,352
Marvell Technology Group Ltd.*(a)	58,600		1,564,620
Maxim Integrated Products, Inc.(a)	19,000		995,980
Silicon Laboratories, Inc.*	11,000		509,850
Texas Instruments, Inc.(a)	42,000		1,015,560
			20,807,670
Telecommunications — 4.3%
ALLTEL Corp.	14,000		708,680
AT&T Corp.(a)	30,340		443,874
BellSouth Corp.	76,000		1,992,720
Corning, Inc.*(a)	129,200		1,687,352
Lucent Technologies, Inc.*(a)	259,000		979,020
Motorola, Inc.	78,000		1,423,500
Nextel Communications, Inc. (Class “A” Stock)*	97,400		2,596,684
Qualcomm, Inc.	62,000		4,524,760
SBC Communications, Inc.	145,200		3,521,100

88

AST Sanford Bernstein Managed Index 500 Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares		Value (Note 2)
Sprint Corp.(a)		90,500	$	1,592,800
Tellabs, Inc.*(a)		70,000		611,800
Verizon Communications, Inc.		135,200		4,892,888
				24,975,178
Utilities — 2.7%
American Electric Power Co., Inc.(a)		61,160		1,957,120
CMS Energy Corp.*(a)		143,000		1,305,590
Constellation Energy Group, Inc.		20,700		784,530
DTE Energy Co.(a)		42,000		1,702,680
Entergy Corp.		35,000		1,960,350
FirstEnergy Corp.		63,000		2,356,830
FPL Group, Inc.		5,600		358,120
Pinnacle West Capital Corp.		22,150		894,639
PPL Corp.		42,800		1,964,520
Progress Energy, Inc.		42,500		1,872,125
TXU Corp.		18,000		729,180
				15,885,684
Total Long-Term Investments
(Cost $549,714,642)				594,717,137
	Principal Amount (000)
SHORT-TERM INVESTMENTS — 16.3%
Certificates of Deposit — 0.4%
Banco Santander PR 1.125%, 07/01/04(b)(c)	$	446		445,985
BNP Paribas 1.08%, 07/13/04(b)		1,451		1,451,152
Canadian Imperial Bank of Commerce 1.72%, 05/25/05(b)		90		90,084
Fortis Bank NY 1.775%, 06/06/05(b)		357		357,026
				2,344,247
Commercial Paper — 0.4%
Concord Minutemen Capital Co. 1.12%, 07/08/04(b)		2,039		2,037,251
Fairway Finance Corp. 1.22%, 07/16/04(b)		329		328,615
Victory Receivables Corp. 1.23%, 07/19/04(b)		119		118,963
				2,484,829

	Principal Amount (000)		Value (Note 2)
Corporate Obligations — 9.1%
Merrill Lynch & Co., Inc. 1.63%, 07/01/04(b)(c)	$	1,056	$	1,056,328
1.63%, 07/01/04(b)(c)		6,538		6,538,330
1.63%, 07/01/04(b)(c)		7,418		7,418,180
1.63%, 07/01/04(b)(c)		290		290,245
Morgan Stanley 1.23%, 07/01/04(b)(c)		5,429		5,428,869
1.58%, 07/01/04(b)(c)		2,174		2,174,236
Natexis Banque 1.547%, 07/01/04(b)(c)		13,844		13,842,931
1.60%, 07/01/04(b)(c)		4,746		4,744,488
Societe Generale| 1.575%, 07/01/04(b)(c)		937		937,023
Swedbank 1.12%, 07/15/04(b)(c)		5,742		5,741,309
Westdeutsche Landesbank 1.13%, 07/09/04(b)(c)		353		352,762
1.25%, 07/23/04(b)(c)		2,993		2,992,629
1.30%, 07/29/04(b)(c)		1,664		1,663,436
				53,180,766
Time Deposit — 0.6%
J. P. Morgan Chase & Co. 1.25%, 07/01/04(b)		3,567		3,566,764
	Shares
Non-Registered Investment Company — 2.6%
BlackRock Institutional Money Market Trust(b)(j)		15,038,106		15,038,106
Registered Investment Companies — 3.2%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		9,199,500		9,199,500
BlackRock Provident Institutional Funds TempFund Portfolio(j)		9,199,500		9,199,500
				18,399,000
Total Short-Term Investments
(Cost $95,013,712)				95,013,712
Total Investments — 118.3%
(Cost $644,728,354; Note 5)				689,730,849
Liabilities in Excess of Other Assets — (18.3%)				(106,814,378	)
Net Assets — 100.0%			$	582,916,471

89

AST Sanford Bernstein Managed Index 500 Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

The following abbreviations are used throughout the Schedule of Investments:

ADR American Depositary Receipt

REIT Real Estate Investment Trust

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) Portion of securities on loan with an aggregate market value of $74,527,749; cash collateral of $76,614,712 was received with which the portfolio purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral for securities on loan.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(j) Security available to institutional investors only.

See Notes to Financial Statements.

90

AST American Century Income & Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 100.3%
COMMON STOCK — 98.8%
Aerospace — 0.1%
Boeing Co.(a)	10,158	$	518,973
United Technologies Corp.	878		80,319
			599,292
Airlines — 0.1%
Delta Air Lines, Inc.(a)	16,995		121,004
Southwest Airlines Co.(a)	29,254		490,590
			611,594
Automobile Manufacturers — 2.3%
Ford Motor Co.(a)	636,249		9,957,297
General Motors Corp.(a)	899		41,884
			9,999,181
Beverages — 1.9%
Coca-Cola Co.	5,888		297,225
Coca-Cola Enterprises, Inc.(a)	48,299		1,400,188
Coors, (Adolph) Co. (Class “B” Stock)(a)	82,266		5,951,123
PepsiCo, Inc.	7,217		388,852
			8,037,388
Broadcasting — 0.1%
Clear Channel Communications, Inc.(a)	5,377		198,680
Fox Entertainment Group, Inc. (Class “A” Stock)*	7,236		193,201
			391,881
Building Materials — 0.7%
Sherwin-Williams Co. (The)	76,948		3,197,189
Business Services — 0.1%
Acxiom Corp.	10,052		249,591
Fiserv, Inc.*(a)	1,121		43,596
			293,187
Cable Television
Comcast Corp.(Class “A” Stock)*	1,344		37,672
EchoStar Communications Corp. (Class “A” Stock)*	1,342		41,267
			78,939
Chemicals — 0.2%
Dow Chemical Co.(a)	7,750		315,425
PPG Industries, Inc.	5,219		326,135
Praxair, Inc.	2,235		89,199
			730,759
Computer Hardware — 3.9%
Dell, Inc.*	2,351		84,213
Hewlett-Packard Co.	277,572		5,856,769

	Shares	Value (Note 2)
International Business Machines Corp.(a)	121,673	$	10,725,475
Lexmark International, Inc.*	1,677		161,881
Storage Technology Corp.*	8,366		242,614
			17,070,952
Computer Services & Software — 4.6%
Cisco Systems, Inc.*(a)	81,135		1,922,900
Computer Sciences Corp.*	94,825		4,402,725
Microsoft Corp.(a)	467,368		13,348,029
Tech Data Corp.*	5,444		213,024
Veritas Software Corp.*	3,305		91,549
			19,978,227
Conglomerates — 2.1%
Altria Group, Inc.	83,861		4,197,243
Cendant Corp.(a)	89,257		2,185,011
Tyco International Ltd.(a)	84,213		2,790,819
			9,173,073
Construction — 0.4%
KB Home(a)	25,548		1,753,360
NVR, Inc.*(a)	167		80,861
			1,834,221
Consumer Products & Services — 8.2%
Black & Decker Corp.(a)	38,665		2,402,256
Colgate-Palmolive Co.	1,865		109,009
Johnson & Johnson(a)	234,525		13,063,042
Kimberly-Clark Corp.(a)	49,403		3,254,670
Newell Rubbermaid, Inc.	2,103		49,421
Procter & Gamble Co.	148,821		8,101,815
Rent-A-Center, Inc.*	24,164		723,229
Reynolds, (R.J.) Tobacco Holdings, Inc.(a)	122,454		8,276,665
			35,980,107
Diversified Manufacturing Operations — 0.9%
General Electric Co.(a)	116,614		3,778,294
Electronic Components & Equipment — 3.2%
Arrow Electronics, Inc.*(a)	126,175		3,384,014
Avnet, Inc.*	72,427		1,644,093
Eastman Kodak Co.(a)	308,638		8,327,053
Sanmina-SCI Corp.*	52,262		475,584
			13,830,744
Entertainment & Leisure — 3.7%
Disney, (Walt) Co.	243,032		6,194,886
Harley-Davidson, Inc.(a)	725		44,907
Regal Entertainment Group (Class “A” Stock)(a)	89,298		1,616,294

91

AST American Century Income & Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Time Warner, Inc.*(a)	457,321	$	8,039,702
Viacom, Inc. (Class “B” Stock)(a)	8,851		316,158
			16,211,947
Farming & Agriculture — 2.1%
Monsanto Co.	239,960		9,238,460
Financial — Bank & Trust — 7.8%
Bank of America Corp.(a)	254,623		21,546,197
Flagstar Bancorp, Inc.	34,785		691,526
National City Corp.	61,453		2,151,470
Wachovia Corp.(a)	136,328		6,066,596
Wells Fargo & Co.(a)	65,218		3,732,426
			34,188,215
Financial Services — 6.4%
American Express Co.(a)	6,523		335,152
Citigroup, Inc.(a)	399,451		18,574,471
Countrywide Financial Corp.	79,494		5,584,454
Fannie Mae(a)	22,293		1,590,828
Goldman Sachs Group, Inc.(a)	2,775		261,294
Legg Mason, Inc.	1,552		141,248
Lehman Brothers Holdings, Inc.(a)	4,172		313,943
Merrill Lynch & Co., Inc.	5,754		310,601
Morgan Stanley Dean Witter & Co.	11,573		610,707
			27,722,698
Food — 1.6%
Corn Products International, Inc.	55,319		2,575,099
Tyson Foods, Inc. (Class “A” Stock)(a)	218,151		4,570,264
			7,145,363
Healthcare Services — 0.1%
Humana, Inc.*	21,497		363,299
Insurance — 6.4%
ACE Ltd.	253,981		10,738,316
Allstate Corp. (The)	28,795		1,340,407
American Financial Group, Inc.	25,274		772,626
American International Group, Inc.(a)	6,111		435,592
AmerUs Group Co.(a)	40,754		1,687,216
AON Corp.(a)	67,300		1,916,031
Berkley, (W.R.) Corp.(a)	114,179		4,903,988
Fidelity National Financial, Inc.	16,941		632,577
First American Corp.	156,615		4,054,762
Hartford Financial Services Group, Inc. (The)(a)	6,420		441,311
Protective Life Corp.	13,971		540,259
St. Paul Cos., Inc.	4,440		179,998
			27,643,083
Internet Services — 1.6%
Checkfree Corp.*(a)	15,568		467,040
EarthLink, Inc.*	251,365		2,601,628

	Shares	Value (Note 2)
United Online, Inc.*(a)	94,996	$	1,672,880
VeriSign, Inc.*(a)	107,166		2,132,603
			6,874,151
Machinery & Equipment — 0.1%
Caterpillar, Inc.	2,689		213,614
Eaton Corp.	4,298		278,253
			491,867
Medical Supplies & Equipment — 3.2%
Abbott Laboratories	7,238		295,021
AmerisourceBergen Corp.(a)	105,075		6,281,383
Amgen, Inc.*(a)	57,061		3,113,818
Applera Corp. — Applied Biosystems Group(a)	46,733		1,016,443
Bard, (C.R.), Inc.	2,666		151,029
Baxter International, Inc.	5,701		196,742
Becton, Dickinson & Co.(a)	46,686		2,418,335
Genzyme Corp.*(a)	2,576		121,922
Guidant Corp.	1,510		84,379
			13,679,072
Oil & Gas — 7.5%
Amerigas Partners L.P.	2,897		75,235
ChevronTexaco Corp.	211,791		19,931,650
ConocoPhillips	54,483		4,156,508
Exxon Mobil Corp.(a)	15,577		691,775
Halliburton Co.	1,358		41,093
National Fuel Gas Co.	5,234		130,850
Schlumberger Ltd.	2,724		173,001
Sunoco, Inc.	88,056		5,602,123
Unocal Corp.	5,735		217,930
Valero Energy Corp.(a)	18,863		1,391,335
			32,411,500
Paper & Forest Products — 1.7%
Georgia-Pacific Corp.(a)	60,142		2,224,051
Louisiana-Pacific Corp.	73,112		1,729,099
Plum Creek Timber Co., Inc.	22,140		721,321
Potlatch Corp.	42,870		1,785,107
Rayonier, Inc.	19,459		864,953
			7,324,531
Pharmaceuticals — 5.3%
Allergan, Inc.	450		40,284
Bristol-Meyers Squibb Co.(a)	250,746		6,143,277
Cardinal Health, Inc.	2,162		151,448
Gilead Sciences, Inc.*(a)	2,393		160,331
Lilly, (Eli) & Co.(a)	1,548		108,221
Merck & Co., Inc.	151,765		7,208,838
Pfizer, Inc.	258,890		8,874,749
Wyeth	2,909		105,189
			22,792,337

92

AST American Century Income & Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Printing & Publishing
New York Times Co. (Class “A” Stock)	899	$	40,194
Railroads — 0.5%
Burlington Northern Santa Fe Corp.	13,204		463,064
CSX Corp.	10,011		328,060
Norfolk Southern Corp.	16,150		428,298
Union Pacific Corp.(a)	12,515		744,018
			1,963,440
Real Estate — 1.8%
CBL & Associates Properties, Inc. [REIT]	81,779		4,497,845
Colonial Properties Trust [REIT]	8,051		310,205
Equity Office Properties Trust [REIT]	109,969		2,991,157
			7,799,207
Restaurants — 0.3%
McDonald’s Corp.	47,305		1,229,930
Retail & Merchandising — 6.1%
Barnes & Noble, Inc.*	105,738		3,592,977
Blockbuster, Inc. (Class “A” Stock)(a)	189,942		2,883,320
Borders Group, Inc.(a)	953		22,338
CVS Corp.	1,514		63,618
Federated Department Stores, Inc.	168,668		8,281,599
Gap, Inc.(a)	3,514		85,215
Home Depot, Inc.(a)	7,867		276,918
May Department Stores Co.(a)	227,801		6,262,249
SUPERVALU, Inc.	165,191		5,056,497
Target Corp.	1,865		79,207
			26,603,938
Semiconductors — 2.8%
Analog Devices, Inc.	3,608		169,865
Intel Corp.(a)	401,848		11,091,004
Novellus Systems, Inc.*	1,404		44,142
Texas Instruments, Inc.(a)	29,133		704,436
			12,009,447
Telecommunications — 6.2%
ALLTEL Corp.(a)	59,699		3,021,963
Aspect Communications Corp.*	48,691		691,412
AT&T Corp.(a)	50,502		738,844
BellSouth Corp.	152,113		3,988,403
Harris Corp.	10,440		529,830
Motorola, Inc.(a)	334,080		6,096,960
Nextel Communications, Inc. (Class “A” Stock)*(a)	62,572		1,668,170
Nortel Networks Corp. (Canada)*	21,837		108,967
PanAmSat Corp.*	61,715		1,433,022
SBC Communications, Inc.	135,089		3,275,908
Sprint Corp.(a)	53,570		942,832
Verizon Communications, Inc.(a)	116,356		4,210,924
			26,707,235

	Shares		Value (Note 2)
Transportation — 0.9%
FedEx Corp.(a)		10,810	$	883,069
United Parcel Service, Inc. (Class “B” Stock)(a)		41,468		3,117,149
				4,000,218
Utilities — 4.9%
CenterPoint Energy, Inc.(a)		257,048		2,956,052
Constellation Energy Group, Inc.		16,425		622,508
Dominion Resources, Inc.(a)		1,988		125,403
Edison International Co.		381,819		9,763,111
Entergy Corp.		4,090		229,081
Exelon Corp.		12,782		425,513
Great Plains Energy, Inc.(a)		64,018		1,901,335
OGE Energy Corp.		36,027		917,608
PG&E Corp.*(a)		9,907		276,802
TXU Corp.(a)		83,102		3,366,461
UGI Corp.		19,550		627,556
				21,211,430
Total Common Stock
(Cost $403,355,380)				433,236,590
PREFERRED STOCK — 0.5%
Automobile Manufacturers — 0.1%
General Motors Corp. (Class “B” Stock) 5.25%* [CVT]		18,144		448,337
Financial Services — 0.2%
Ford Motor Co. Capital Trust II 6.50%* [CVT]		14,767		808,641
Office Equipment — 0.2%
Xerox Corp. 6.125% [CVT]		6,311		835,577
Total Preferred Stock
(Cost $1,917,276)				2,092,555
Total Long-Term Investments
(Cost $405,272,656)				435,329,145
	Principal Amount (000)
SHORT-TERM INVESTMENTS — 40.2%
Certificates of Deposit — 6.4%
Banco Santander PR 1.125%, 07/01/04(b)(c)	$	560		560,353
BNP Paribas 1.08%, 07/13/04(b)		152		152,287
Canadian Imperial Bank of Commerce 1.285%, 07/29/04(b)(c)		1,172		1,171,384
1.72%, 05/25/05(b)		5,187		5,186,372
Fortis Bank 2.055%, 06/08/05(b)		110		110,034
Fortis Bank NY 1.775%, 06/06/05(b)		12,341		12,340,140
Svenska Handelsbanken 1.39%, 10/27/04(b)		8,389		8,388,326

93

AST American Century Income & Growth Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Principal Amount (000)		Value (Note 2)
Westdeutsche Landesbank 1.50%, 01/10/05(b)	$	42	$	41,560
				27,950,456
Commercial Paper — 6.6%
Amsterdam Funding Corp. 1.111%, 07/12/04(b)		809		807,870
Concord Minutemen Capital Co. 1.12%, 07/08/04(b)		3,241		3,238,097
1.23%, 07/12/04(b)		9,833		9,823,865
Fairway Finance Corp. 1.22%, 07/16/04(b)		879		877,858
Grampian Funding LLC 1.20%, 07/13/04(b)		2,222		2,219,410
HBOS Treasury Services, PLC 1.11%, 08/11/04(b)		548		544,499
Victory Receivables Corp. 1.23%, 07/19/04(b)		10,968		10,966,330
				28,477,929
Corporate Obligations — 12.9%
Bank of America NA 1.05%, 07/01/04(b)(c)		4,580		4,580,180
Merrill Lynch & Co., Inc. 1.63%, 07/01/04(b)(c)		4,122		4,121,967
1.63%, 07/01/04(b)(c)		924		923,881
1.63%, 07/01/04(b)(c)		7,855		7,855,075
1.63%, 07/01/04(b)(c)		12		12,133
1.63%, 07/01/04(b)(c)		8,075		8,075,131
Morgan Stanley 1.23%, 07/01/04(b)(c)		2,654		2,653,720

	Principal Amount (000)		Value (Note 2)
Natexis Banque 1.547%, 07/01/04(b)(c)	$	13,496	$	13,494,270
1.60%, 07/01/04(b)(c)		3,962		3,960,724
Societe Generale 1.575%, 07/01/04(b)(c)		2,309		2,308,592
Swedbank 1.198%, 07/15/04(b)(c)		6,139		6,138,426
Westdeutsche Landesbank 1.13%, 07/09/04(b)(c)		1,557		1,557,114
1.30%, 07/29/04(b)(c)		38		38,434
				55,719,647
Time Deposit — 2.2%
J. P. Morgan Chase & Co. 1.25%, 07/01/04(b)		9,714		9,714,385
U.S. Government Agency Obligation — 1.7%
Federal Home Loan Bank 1.25%, 07/01/04		7,500		7,500,000
	Shares
Non-Registered Investment Company — 10.4%
BlackRock Institutional Money Market Trust(b)(j)		44,975,098		44,975,098
Total Short-Term Investments
(Cost $174,337,515)				174,337,515
Total Investments — 140.5%
(Cost $579,610,171; Note 5)				609,666,660
Liabilities in Excess of Other Assets(m)— (40.5%)				(175,594,928	)
Net Assets — 100.0%			$	434,071,732

The following abbreviations are used throughout the Schedule of Investments:

CVT Convertible Security

REIT Real Estate Investment Trust

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) Portion of securities on loan with an aggregate market value of $161,354,905; cash collateral of $166,837,515 was received with which the portfolio purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral for securities on loan.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(j) Security available to institutional investors only.

(m) Cash of $240,000 has been segregated with the custodian to cover requirements for the following open futures contracts at June 30, 2004:

Description	Expiration Month	Number of Contracts	Value at Trade Date		Value at June 30, 2004		Unrealized Appreciation
Long Positions:
S&P 500	Sep 04	15	$	4,251,375	$	4,276,500	$	25,125

See Notes to Financial Statements.

94

AST Alliance Growth and Income Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 95.7%
COMMON STOCK
Aerospace — 2.0%
General Dynamics Corp.	65,000	$	6,454,500
Northrop Grumman Corp.	300,000		16,110,000
United Technologies Corp.	185,000		16,923,800
			39,488,300
Beverages — 0.9%
Coca-Cola Co.	350,000		17,668,000
Broadcasting — 2.7%
Clear Channel Communications, Inc.	1,000,000		36,950,000
Westwood One, Inc.*	675,000		16,065,000
			53,015,000
Building Materials — 0.9%
American Standard Cos., Inc.*	411,200		16,575,472
Business Services — 0.9%
Fiserv, Inc.*(a)	450,000		17,500,500
Cable Television — 2.7%
Comcast Corp. (Class “A” Stock)*	1,250,000		35,037,500
Comcast Corp. (Special Class “A” Stock)*	625,000		17,256,250
			52,293,750
Chemicals — 0.8%
Air Products & Chemicals, Inc.	300,000		15,735,000
Cabot Corp.	5,900		240,130
			15,975,130
Computer Hardware — 1.5%
Hewlett-Packard Co.	1,400,000		29,540,000
Computer Services & Software — 4.0%
EMC Corp.*	1,130,900		12,892,260
Microsoft Corp.	2,250,000		64,260,000
			77,152,260
Conglomerates — 3.9%
3M Co.	100,000		9,001,000
Altria Group, Inc.	1,023,200		51,211,160
Johnson Controls, Inc.	300,000		16,014,000
			76,226,160
Consumer Products & Services — 4.0%
Avon Products, Inc.	700,000		32,298,000
Loews Corp. — Carolina Group	564,800		13,865,840
Procter & Gamble Co.	570,000		31,030,800
			77,194,640
Diversified Manufacturing Operations — 2.3%
General Electric Co.	1,400,000		45,360,000

	Shares	Value (Note 2)
Entertainment & Leisure — 6.3%
Carnival Corp.(a)	225,000	$	10,575,000
Harley-Davidson, Inc.(a)	275,000		17,033,500
Royal Caribbean Cruises Ltd.	100,000		4,341,000
Time Warner, Inc.*	1,500,000		26,370,000
Viacom, Inc. (Class “B” Stock)(a)	1,800,000		64,296,000
			122,615,500
Financial — Bank & Trust — 8.5%
Bank of America Corp.	800,000		67,696,000
Bank One Corp.	1,400,000		71,400,000
Fifth Third Bancorp(a)	210,000		11,293,800
Wachovia Corp.	350,000		15,575,000
			165,964,800
Financial Services — 10.3%
Citigroup, Inc.	1,800,000		83,700,000
Fannie Mae(a)	425,000		30,328,000
Lehman Brothers Holdings, Inc.	225,000		16,931,250
MBNA Corp.	1,000,000		25,790,000
Merrill Lynch & Co., Inc.	325,000		17,543,500
Morgan Stanley Dean Witter & Co.	500,000		26,385,000
			200,677,750
Food — 0.3%
Dean Foods Co.*	175,000		6,529,250
Healthcare Services — 3.9%
Caremark Rx, Inc.*(a)	383,900		12,645,666
HCA, Inc.(a)	400,000		16,636,000
Health Management Associates, Inc. (Class “A” Stock)(a)	432,400		9,694,408
UnitedHealth Group, Inc.	100,000		6,225,000
WellPoint Health Networks, Inc.*	280,000		31,362,800
			76,563,874
Industrial Products — 1.0%
Ingersoll-Rand Co. (Class “A” Stock)	275,000		18,785,250
Insurance — 10.6%
ACE Ltd.	825,000		34,881,000
Allstate Corp. (The)	600,000		27,930,000
American International Group, Inc.	1,050,000		74,844,000
Anthem, Inc.*(a)	350,000		31,346,000
Axis Capital Holdings Ltd.	600,000		16,800,000
MetLife, Inc.	397,100		14,236,035
XL Capital Ltd. (Class “A” Stock)	100,000		7,546,000
			207,583,035
Medical Supplies & Equipment — 1.7%
Applera Corp. — Applied Biosystems Group(a)	700,000		15,225,000
Boston Scientific Corp.*	425,000		18,190,000
			33,415,000

95

AST Alliance Growth and Income Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares		Value (Note 2)
Oil & Gas — 10.1%
Baker Hughes, Inc.		450,000	$	16,942,500
BP PLC [ADR] (United Kingdom)(a)		680,200		36,438,314
ConocoPhillips		700,000		53,403,000
EnCana Corp. (Canada)		274,400		11,843,104
Exxon Mobil Corp.		400,000		17,764,000
Kerr-McGee Corp.(a)		325,000		17,475,250
Nabors Industries Ltd.*(a)		400,000		18,088,000
Noble Energy, Inc.		200,000		10,200,000
Occidental Petroleum Corp.		300,000		14,523,000
				196,677,168
Pharmaceuticals — 3.8%
Forest Laboratories, Inc.*		300,000		16,989,000
Pfizer, Inc.		1,250,000		42,850,000
Wyeth		400,000		14,464,000
				74,303,000
Railroads — 4.0%
Burlington Northern Santa Fe Corp.		924,800		32,432,736
Union Pacific Corp.		758,400		45,086,880
				77,519,616
Retail & Merchandising — 3.3%
Bed Bath & Beyond, Inc.*		250,000		9,612,500
Home Depot, Inc.(a)		1,050,000		36,960,000
Lowe’s Cos., Inc.		340,000		17,867,000
				64,439,500
Semiconductors — 0.6%
Applied Materials, Inc.*(a)		600,000		11,772,000
Telecommunications — 2.2%
BellSouth Corp.		550,000		14,421,000
Verizon Communications, Inc.		800,000		28,952,000
				43,373,000
Utilities — 2.5%
Dominion Resources, Inc.(a)		41,800		2,636,744
Entergy Corp.		250,000		14,002,500
Exelon Corp.		520,000		17,310,800
PPL Corp.		325,000		14,917,500
				48,867,544
Total Long-Term Investments
(Cost $1,665,434,678)				1,867,075,499
	Principal Amount (000)
SHORT-TERM INVESTMENTS — 11.7%
Certificates of Deposit — 1.9%
Banco Santander PR 1.125%, 07/01/04(b)(c)	$	11,415		11,413,462
Credit Lyonnais Bank 1.075%, 09/30/04(b)		7,209		7,211,161

	Principal Amount (000)		Value (Note 2)
Fortis Bank NY 1.775%, 06/06/05(b)	$	2,425	$	2,425,213
Societe Generale 1.171%, 07/14/04(b)		16,396		16,390,307
				37,440,143
Commercial Paper — 0.3%
Amsterdam Funding Corp. 1.111%, 07/12/04(b)		3,107		3,103,757
Victory Receivables Corp. 1.23%, 07/19/04(b)		2,576		2,575,233
				5,678,990
Corporate Obligations — 3.4%
Merrill Lynch & Co., Inc. 1.63%, 07/01/04(b)(c)		20,016		20,015,785
1.63%, 07/01/04(b)(c)		850		849,920
Natexis Banque 1.547%, 07/01/04(b)(c)		7,276		7,275,398
1.60%, 07/01/04(b)(c)		8,272		8,269,874
Societe Generale 1.575%, 07/01/04(b)(c)		4,808		4,806,941
Swedbank 1.198%, 07/15/04(b)(c)		8,043		8,041,311
Westdeutsche Landesbank 1.13%, 07/09/04(b)(c)		6,610		6,607,957
1.30%, 07/29/04(b)(c)		11,132		11,129,405
				66,996,591
Time Deposit — 0.3%
J. P. Morgan Chase & Co. 1.25%, 07/01/04(b)		5,916		5,915,565
	Shares
Non-Registered Investment Company — 1.1%
BlackRock Institutional Money Market Trust(b)(j)		22,209,863		22,209,863
Registered Investment Companies — 4.7%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		44,797,914		44,797,914
BlackRock Provident Institutional Funds TempFund Portfolio(j)		44,797,914		44,797,914
				89,595,828
Total Short-Term Investments
(Cost $227,836,980)				227,836,980
Total Investments — 107.4%
(Cost $1,893,271,658; Note 5)				2,094,912,479
Liabilities in Excess of Other Assets — (7.4%)				(144,806,714	)
Net Assets — 100.0%			$	1,950,105,765

96

AST Alliance Growth and Income Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

The following abbreviation is used throughout the Schedule of Investments:

ADR American Depositary Receipt

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) Portion of securities on loan with an aggregate market value of $135,874,031; cash collateral of $138,241,152 was received with which the portfolio purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral for securities on loan.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(j) Security available to institutional investors only.

See Notes to Financial Statements.

97

AST DeAM Global Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 98.7%
Registered Investment Companies
AST Alliance Growth Portfolio*	6,618,099	$	56,518,565
AST DeAM International Equity Portfolio	2,444,662		28,040,272
AST DeAM Large-Cap Value Portfolio	5,544,909		56,946,220
AST DeAM Small-Cap Growth Portfolio*	604,214		4,706,825
AST DeAM Small-Cap Value Portfolio	431,226		4,864,232
AST PIMCO Total Return Bond Portfolio	7,803,545		89,740,764
(Cost $233,919,125)			240,816,878
Total Investments — 98.7%
(Cost $233,919,125; Note 5)			240,816,878
Other Assets in Excess of Liabilities — 1.3%			3,280,111
Net Assets — 100.0%		$	244,096,989

The following annotation is used throughout the Schedule of Investments:

* Non-income producing security.

See Notes to Financial Statements.

98

AST American Century Strategic Balanced Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 99.9%
COMMON STOCK — 61.7%
Aerospace — 0.2%
Boeing Co.	7,058	$	360,593
Airlines — 0.1%
Southwest Airlines Co.	12,430		208,451
Automobile Manufacturers — 1.2%
Ford Motor Co.(a)	179,690		2,812,149
Beverages — 2.0%
Coca-Cola Enterprises, Inc.(a)	79,235		2,297,022
Coors, (Adolph) Co. (Class “B” Stock)(a)	30,899		2,235,234
			4,532,256
Building Materials — 0.5%
Sherwin-Williams Co. (The)	26,863		1,116,158
Business Services — 0.8%
Acxiom Corp.	13,236		328,650
Equifax, Inc.(a)	58,246		1,441,588
			1,770,238
Computer Hardware — 2.1%
Dell, Inc.*	5,484		196,437
Hewlett-Packard Co.	25,128		530,201
International Business Machines Corp.	45,096		3,975,212
Storage Technology Corp.*	1,882		54,578
			4,756,428
Computer Services & Software — 3.3%
Cisco Systems, Inc.*	72,555		1,719,554
Computer Sciences Corp.*	34,062		1,581,499
Microsoft Corp.	149,376		4,266,178
			7,567,231
Conglomerates — 1.4%
3M Co.	619		55,716
Cendant Corp.	55,096		1,348,750
Tyco International Ltd.(a)	52,599		1,743,131
			3,147,597
Construction — 1.0%
KB Home	8,883		609,640
NVR, Inc.*(a)	3,689		1,786,214
			2,395,854
Consumer Products & Services — 6.3%
Black & Decker Corp.	28,503		1,770,891
Energizer Holdings, Inc.*	10,992		494,640
Gillette Co.	59,642		2,528,821
Hasbro, Inc.	37,685		716,015
Johnson & Johnson	75,156		4,186,189

	Shares	Value (Note 2)
Kimberly-Clark Corp.	864	$	56,920
Procter & Gamble Co.	24,279		1,321,749
Rent-A-Center, Inc.*	33,186		993,257
Reynolds, (R.J.) Tobacco Holdings, Inc.(a)	37,521		2,536,044
			14,604,526
Electronic Components & Equipment — 1.7%
Arrow Electronics, Inc.*	43,437		1,164,980
Avnet, Inc.*	18,551		421,108
Eastman Kodak Co.(a)	86,390		2,330,802
			3,916,890
Entertainment & Leisure — 2.8%
Disney, (Walt) Co.	115,246		2,937,620
Regal Entertainment Group (Class “A” Stock)	21,094		381,801
Time Warner, Inc.*	166,913		2,934,331
Viacom, Inc. (Class “B” Stock)	3,237		115,626
			6,369,378
Exchange Traded Funds — 1.7%
iShares GS $ InvesTop Corporate Bond	36,100		3,898,078
Farming & Agriculture — 0.7%
Monsanto Co.	41,261		1,588,549
Financial — Bank & Trust — 4.2%
Bank of America Corp.	45,951		3,888,374
National City Corp.	73,423		2,570,539
Wachovia Corp.	56,636		2,520,302
Wells Fargo & Co.	17,340		992,368
			9,971,583
Financial Services — 4.1%
American Express Co.(a)	12,590		646,874
Capital One Financial Corp.(a)	12,528		856,665
Citigroup, Inc.	29,460		1,369,890
Compucredit Corp.*	14,832		256,594
Countrywide Financial Corp.	36,339		2,552,815
Doral Financial Corp.	5,521		190,475
Edwards, (A.G.), Inc.	14,283		486,050
Fannie Mae(a)	12,893		920,044
Goldman Sachs Group, Inc.(a)	2,311		217,604
H&R Block, Inc.	3,923		187,049
Lehman Brothers Holdings, Inc.	929		69,907
MBNA Corp.	18,137		467,753
Merrill Lynch & Co., Inc.	683		36,868
Morgan Stanley Dean Witter & Co.	7,206		380,261
New Century Financial Corp.(a)	12,199		571,157
WFS Financial, Inc.*	3,600		178,236
			9,388,242

99

AST American Century Strategic Balanced Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Food — 1.6%
Corn Products International, Inc.	26,080	$	1,214,024
Tyson Foods, Inc. (Class “A” Stock)(a)	120,284		2,519,950
			3,733,974
Healthcare Services — 0.1%
Humana, Inc.*	10,092		170,555
Insurance — 2.3%
ACE Ltd.	38,138		1,612,475
American International Group, Inc.	13,103		933,982
Berkley, (W.R.) Corp.	37,010		1,589,580
Hartford Financial Services Group, Inc. (The)	8,953		615,429
Nationwide Financial Services, Inc. (Class “A” Stock)	3,322		124,940
Odyssey Re Holdings Corp.(a)	2,116		50,784
St. Paul Cos., Inc.	8,036		325,779
			5,252,969
Internet Services — 0.6%
Checkfree Corp.*	946		28,380
EarthLink, Inc.*	74,944		775,671
United Online, Inc.*(a)	14,875		261,949
VeriSign, Inc.*(a)	17,966		357,523
			1,423,523
Machinery & Equipment — 0.2%
Stanley Works	8,569		390,575
Medical Supplies & Equipment — 2.2%
AmerisourceBergen Corp.	36,329		2,171,747
Amgen, Inc.*(a)	19,953		1,088,835
Becton, Dickinson & Co.	36,177		1,873,969
			5,134,551
Metals & Mining — 0.2%
Phelps Dodge Corp.	5,537		429,173
Office Equipment
Xerox Corp.*(a)	6,188		89,726
Oil & Gas — 4.1%
Baker Hughes, Inc.	442		16,641
ChevronTexaco Corp.	36,482		3,433,321
ConocoPhillips	8,214		626,646
Exxon Mobil Corp.	50,121		2,225,874
Schlumberger Ltd.	19,415		1,233,047
Sunoco, Inc.	22,284		1,417,708
Valero Energy Corp.	5,725		422,276
			9,375,513
Paper & Forest Products — 1.3%
Georgia-Pacific Corp.	23,818		880,790
Louisiana-Pacific Corp.	44,917		1,062,287

	Shares	Value (Note 2)
Plum Creek Timber Co., Inc.	6,140	$	200,041
Potlatch Corp.	21,446		893,011
			3,036,129
Pharmaceuticals — 1.9%
Andrx Group*	3,338		93,230
Cardinal Health, Inc.	1,104		77,335
Merck & Co., Inc.	4,864		231,040
Perrigo Co.	22,918		434,754
Pfizer, Inc.	102,298		3,506,776
			4,343,135
Printing & Publishing — 0.3%
McGraw-Hill Cos., Inc.	9,367		717,231
Railroads — 0.1%
Burlington Northern Santa Fe Corp.	1,303		45,696
Union Pacific Corp.	3,579		212,772
			258,468
Restaurants — 1.0%
McDonald’s Corp.	90,939		2,364,414
Retail & Merchandising — 3.7%
7-Eleven, Inc.*	2,434		43,447
Barnes & Noble, Inc.*	24,770		841,685
Blockbuster, Inc. (Class “A” Stock)(a)	9,259		140,552
Claire’s Stores, Inc.	19,321		419,266
Federated Department Stores, Inc.	55,066		2,703,740
Gap, Inc.(a)	36,829		893,103
Home Depot, Inc.(a)	1,996		70,259
May Department Stores Co.	31,890		876,656
RadioShack Corp.	19,289		552,244
SUPERVALU, Inc.	66,202		2,026,443
			8,567,395
Semiconductors — 1.1%
Atmel Corp.*	14,325		84,804
Intel Corp.	80,189		2,213,216
Texas Instruments, Inc.(a)	5,904		142,759
			2,440,779
Telecommunications — 3.7%
ALLTEL Corp.	3,136		158,744
Aspect Communications Corp.*	9,972		141,602
AT&T Corp.	8,441		123,492
BellSouth Corp.	50,319		1,319,364
CenturyTel, Inc.	1,398		41,996
Motorola, Inc.	143,315		2,615,499
Nextel Communications, Inc. (Class “A” Stock)*	47,710		1,271,949
PanAmSat Corp.*	45,715		1,061,502
SBC Communications, Inc.	9,518		230,812
Sprint Corp.	18,581		327,026
Verizon Communications, Inc.	36,339		1,315,108
			8,607,094

100

AST American Century Strategic Balanced Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares		Value (Note 2)
Transportation — 0.4%
FedEx Corp.		1,317	$	107,586
United Parcel Service, Inc. (Class “B” Stock)		11,397		856,712
				964,298
Utilities — 2.8%
CenterPoint Energy, Inc.(a)		108,812		1,251,338
Edison International Co.		82,938		2,120,725
PG&E Corp.*		4,579		127,937
TXU Corp.(a)		73,595		2,981,333
				6,481,333
Total Common Stock
(Cost $127,359,216)				142,185,036
	Principal Amount (000)
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 12.7%
Federal Home Loan Bank 1.875%, 06/15/06	$	3,000		2,940,708
Federal Home Loan Mortgage Corp. 4.50%, 01/01/19		1,600		1,567,525
5.00%, 08/01/33		1,939		1,878,263
5.50%, 12/01/33		640		639,617
6.00%, 07/15/34		1,350		1,378,688
6.50%, 06/01/16		400		422,848
7.00%, 06/01/14 - 08/01/29		413		437,945
				6,324,886
Federal National Mortgage Assoc. 5.00%, 03/15/19 - 03/25/19 [TBA]		5,280		5,285,414
5.50%, 12/01/16 - 01/01/34		7,839		7,871,893
6.00%, 12/01/13 - 07/15/34		3,155		3,230,521
6.50%, 01/01/32 - 07/15/34		1,093		1,139,328
7.00%, 05/01/11 - 06/01/32		1,264		1,336,381
7.50%, 03/01/27 - 09/01/30		193		206,995
				19,070,532
Government National Mortgage Assoc. 6.00%, 04/15/28 - 05/15/28		164		168,439
6.50%, 03/15/28 - 04/15/28		109		114,818
7.00%, 12/15/27 - 05/15/31		350		373,121
7.50%, 05/15/30		76		81,693
8.00%, 03/15/27		11		11,754
8.75%, 01/15/27 - 04/15/27		23		25,805
				775,630
Total U.S. Government Agency Mortgage-Backed Securities
(Cost $29,005,118)				29,111,756

		Principal Amount (000)		Value (Note 2)
U.S. TREASURY OBLIGATIONS — 9.5%
U.S. Treasury Bonds 8.00%, 11/15/21		$	1,650	$	2,163,176
6.25%, 08/15/23			1,500		1,661,486
5.375%, 02/15/31(a)			705		711,252
U.S. Treasury Notes 2.00%, 08/31/05(a)			5,000		4,990,630
2.375%, 08/15/06(a)			2,230		2,211,620
3.125%, 05/15/07(a)			9,300		9,302,911
4.00%, 06/15/09(a)			850		857,538
Total U.S. Treasury Obligations
(Cost $22,045,611)					21,898,613
	Moody’s Rating
CORPORATE OBLIGATIONS — 9.0%
Automobile Manufacturers — 0.3%
General Motors Corp., Notes 7.20%, 01/15/11(a)	Baa1		575		603,264
Automotive Parts — 0.1%
Dana Corp., Notes 6.50%, 03/01/09	Ba3		150		156,750
Lear Corp., Gtd. Notes, Series B 8.11%, 05/15/09	Ba1		100		114,021
					270,771
Beverages — 0.1%
Miller Brewing Co., Notes 4.25%, 08/15/08 144A (cost $304,409; purchased 01/06/04)(g)	Baa1		300		298,815
Broadcasting — 0.3%
Liberty Media Corp., Sr. Notes 3.02%, 09/17/06 (c)	Baa3		450		458,451
News America Holdings Co., Gtd. Notes 7.75%, 01/20/24	Baa3		150		170,084
					628,535
Cable Television — 0.4%
Comcast Cable Communications Corp., Notes 8.375%, 05/01/07	Baa3		350		391,414
Comcast Corp., Gtd. Notes 5.50%, 03/15/11	Baa3		600		606,569
					997,983
Chemicals — 0.2%
Crompton Corp., Sr. Notes 8.50%, 03/15/05	Ba2		450		465,885

101

AST American Century Strategic Balanced Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Consumer Products & Services — 0.3%
Dial Corp. (The), Sr. Notes 7.00%, 08/15/06	Baa3	$	400	$	428,957
General Electric Co., Notes 5.00%, 02/01/13	Aaa		350		345,054
					774,011
Containers & Packaging — 0.1%
Ball Corp., Gtd. Notes 7.75%, 08/01/06	Ba3		250		267,500
Diversified Operations — 0.5%
Morgan Stanley Traded Custody Receipts Series 2002-2, Notes 7.282%, 03/01/32 144A (cost $1,128,338; purchased 03/15/02 - 08/28/02)(f)(g)	Baa1		1,071		1,198,433
Entertainment & Leisure — 0.4%
Disney, (Walt) Co., Notes 5.50%, 12/29/06	Baa1		400		418,424
Park Place Entertainment, Inc., Sr. Sub. Notes 7.875%, 12/15/05	Ba2		300		316,125
Royal Caribbean Cruises, Sr. Notes 6.875%, 12/01/13	Ba2		200		198,750
					933,299
Environmental Services — 0.2%
Waste Management, Inc., Notes 7.00%, 10/15/06	Baa3		400		430,028
Financial — Bank & Trust — 0.4%
Bank of America Corp., Sr. Notes 4.375%, 12/01/10	Aa2		600		585,601
U.S. Bancorp, Sr. Notes 2.75%, 03/30/06	Aa3		400		399,332
					984,933
Financial — Brokerage — 0.4%
Credit Suisse First Boston, Inc., Notes 1.83%, 06/19/06	Aa3		300		301,312
Goldman Sachs Group, Inc., Notes 5.25%, 10/15/13	Aa3		250		243,185
Merrill Lynch & Co., Inc., Notes 2.07%, 06/12/06	Aa3		350		346,481
					890,978

	Moody’s Rating		Principal Amount (000)		Value (Note 2)
Financial Services — 1.8%
American General Finance, Notes 4.50%, 11/15/07	A1		$	300	$	304,960
American International Group, Inc., Notes 4.25%, 05/15/13	AAA	(d)		300		278,345
Citigroup, Inc., Sub. Notes 7.25%, 10/01/10	Aa2			600		676,581
Diageo Capital PLC, Notes (United Kingdom) 3.375%, 03/20/08(l)	A2			350		343,061
Ford Motor Credit Co., Notes 7.375%, 10/28/09	A3			600		641,039
7.00%, 10/01/13	A3			250		252,792
Sr. Notes 5.80%, 01/12/09	A3			275		277,858
Freddie Mac 2.375%, 02/15/07	Aaa			500		487,551
General Electric Capital Corp., Sr. Notes 4.25%, 12/01/10	Aaa			230		223,915
Morgan Stanley, Notes 4.25%, 05/15/10	Aa3			150		147,383
Wells Fargo & Co., Sub. Notes 4.95%, 10/16/13	Aa2			300		290,805
						3,924,290
Insurance — 0.3%
Genworth Financial, Inc., Notes 5.75%, 06/15/14	A2			300		303,526
Monumental Global Funding II, Notes 3.85%, 03/03/08 144A (cost $350,000; purchased 02/05/03)(g)	Aa3			350		349,492
						653,018
Medical Supplies & Equipment — 0.3%
Beckman Coulter, Inc., Gtd. Notes 7.45%, 03/04/08	Baa3			400		443,344
Schering-Plough Corp., Notes 5.30%, 12/01/13	A3			150		147,575
						590,919

102

AST American Century Strategic Balanced Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Oil & Gas — 0.4%
Anadarko Petroleum Corp., Debs. 7.95%, 04/15/29	Baa1	$	250	$	299,034
Devon Energy Corp., Sr. Notes 2.75%, 08/01/06	Baa2		300		295,760
Kinder Morgan Energy Partners, L.P., Sr. Notes 5.00%, 12/15/13	Baa1		400		376,831
					971,625
Printing & Publishing — 0.1%
Quebecor World Cap Corp., Gtd. 6.125%, 11/15/13	Baa3		350		333,989
Railroads — 0.1%
Norfolk Southern Corp., Bonds 7.80%, 05/15/27	Baa1		250		290,574
Restaurants — 0.3%
Yum! Brands, Inc., Sr. Notes 8.875%, 04/15/11	Ba1		650		785,404
Retail & Merchandising — 0.4%
Delhaize America, Inc., Gtd. Notes 7.375%, 04/15/06	Ba1		300		317,633
Safeway, Inc., Notes 6.50%, 03/01/11	Baa2		350		371,347
Toys “R” Us, Inc., Notes 7.375%, 10/15/18	Baa3		150		139,313
					828,293
Telecommunications — 0.9%
Ameritech Capital Funding SBC, Gtd. (Luxembourg) 6.25%, 05/18/09(l)	A1		300		318,891
AT&T Broadband Corp., Gtd. Notes 8.375%, 03/15/13	Baa3		48		56,439
AT&T Corp., Notes 6.00%, 03/15/09	Baa2		5		4,767
AT&T Wireless Services, Inc., Sr. Notes 7.875%, 03/01/11	Baa2		300		342,723
British Telecom PLC, Notes (United Kingdom) 7.00%, 05/23/07(l)	Baa1		270		291,422
Deutsche Telekom International Finance, Gtd. Notes (Germany) 5.25%, 07/22/13(l)	Baa3		100		97,526
France Telecom SA, Notes (France) 8.75%, 03/01/11(l)	Baa3		100		116,033

	Moody’s Rating		Principal Amount (000)		Value (Note 2)
Sprint Capital Corp., Notes 8.375%, 03/15/12	Baa3		$	500	$	575,497
Verizon New England, Inc., Notes 4.75%, 10/01/13	Aa3			300		280,916
						2,084,214
Utilities — 0.7%
Dominion Resources, Inc., Notes 4.125%, 02/15/08	Baa1			300		299,800
Pacific Gas And Electric, First Mortgage Notes 6.05%, 03/01/34	Baa2			100		94,368
Progress Energy, Inc., Sr. Notes 7.10%, 03/01/11	Baa2			300		329,176
Tampa Electric Co., Notes 6.375%, 08/15/12	Baa1			300		311,167
Virginia Electric & Power Co., Notes 5.25%, 12/15/15	A3			300		290,419
Virginia Electric & Power Co., Sr. Notes 5.75%, 03/31/06	A3			250		260,984
						1,585,914
Total Corporate Obligations (Cost $20,696,123)						20,792,675
U.S. GOVERNMENT AGENCY OBLIGATIONS — 3.7%
Federal Home Loan Mortgage Corp. 4.875%, 03/15/07(a)				600		623,146
2.875%, 05/15/07(a)				2,700		2,660,937
Federal National Mortgage Assoc. 2.375%, 12/15/05				2,000		1,993,816
6.625%, 10/15/07				700		763,852
3.25%, 11/15/07(a)				1,400		1,381,348
5.75%, 02/15/08				700		746,523
3.25%, 08/15/08				300		292,251
Total U.S. Government Agency Obligations (Cost $8,508,104)						8,461,873
COLLATERALIZED MORTGAGE OBLIGATIONS —1.3%
Argent NIM Trust Series 2004-WN8 Class A 4.70%, 07/25/34	BBB+	(d)		100		99,920
Banc of America Commercial Mortgage, Inc. Series 2004-1 Class Xp [IO] 0.83%, 11/10/39	Aaa			5,881		197,133
Centex Home Equity Series 2004-C Class Af1 2.82%, 01/25/19	Aaa			550		548,539

103

AST American Century Strategic Balanced Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating		Principal Amount (000)		Value (Note 2)
Commercial Mortgage Acceptance Corp. Series 1998-C2 Class X 1.22%, 09/15/30 [IO]	AAA	(d)	$	7,687	$	314,738
Federal National Mortgage Assoc. Series 2003-52 Cl-KF 1.50%, 07/25/17	Aaa			618		619,887
GMAC Commercial Mortgage Securities, Inc. Series 2002-C2 Class A1 4.321%, 10/15/38	Aaa			476		484,767
Master Alternative Loans Trust Series 2003-8 Class 4A1 7.00%, 12/25/33	Aaa			422		437,264
Morgan Stanley Capital I Series 1998-WF1 Class A1 6.25%, 03/15/30	NR			27		27,206
NationsLink Funding Corp. Series 1998-2 Class A1 6.00%, 08/20/30	Aaa			103		105,859
Sharps Series 2004-OP1N Class NA 5.19%, 04/25/34	BBB	(d)		140		140,304
Total Collateralized Mortgage Obligations (Cost $2,956,905)						2,975,617
ASSET-BACKED SECURITIES — 1.3%
ABSC NIMS Trust Series 2004-HE5 Class 5.00%, 07/25/34	BBB+	(d)		150		149,595
Ameriquest Finance NIM Trust Series 2003-N11 Class A 7.143%, 10/25/33	BB	(d)		42		42,350
Series 2004-RN4 Class A 4.60%, 07/25/34	BBB+	(d)		100		99,750
Ameriquest Finance NIM Trust Series 2004-RN5 Class A 5.193%, 06/25/34	BBB+	(d)		100		100,000
Argent NIM Trust Series 2004-WN2 Class A 4.55%, 04/25/34	BBB	(d)		64		63,999
Asset Backed Funding Corp. NIM Trust Series 2003-OPT1 Class N1 6.90%, 07/26/33	BBB	(d)		44		43,827
Bayview Financial Acquisition Trust Series 1998-B Class M1 2.70%, 06/25/36 144A (cost $144,397; purchased 06/13/03)(g)	Aa2			144		142,295

	Moody’s Rating		Principal Amount (000)		Value (Note 2)
Bayview Financial Acquisition Trust Series 2002-DA Class M1 2.15%, 08/25/32 144A (cost $145,421; purchased 09/19/03)(g)	Aa2		$	145	$	146,164
Chase Funding Mortgage Loan Asset-Backed Series 2001-1 Class 2M2 2.23%, 12/25/30	A2			109		109,849
CIT RV Trust Series 1998-A Class A4 6.09%, 02/15/12	Aaa			70		70,775
First Franklin NIM Trust Series 2004-FF1 Class N1 4.50%, 09/25/05	BBB	(d)		126		125,794
Ford Credit Auto Owner Trust Series 2002-A Class B 4.79%, 11/15/06	Aa1			350		358,038
Fremont NIM Trust Series 2004-B Class 4.703%, 05/25/34	BBB+	(d)		94		94,131
Household Mortgage Loan Trust Series 2002-HC1 Class M 1.75%, 05/20/32	Aa2			205		205,761
Trust Series 2003-HC2 Class M 1.70%, 06/20/33	Aa2			238		236,406
Long Beach Mortgage Loan Trust Series 2001-2 Class M2 2.25%, 07/25/31	A2			420		418,726
Master ABS NIM Trust Series 2004-CI3 Class N1 4.45%, 02/26/34	NR			42		42,069
Merrill Lynch Mortgage Investors, Inc. Series 2003-OP1N Class N1 7.25%, 07/25/34	B	(d)		55		55,674
Morgan Stanley ABS Capital I Series 2003-NC9N 7.60%, 07/25/33 144A (cost $25,879; purchased 10/29/03)(g)	A	(d)		26		26,056
Series 2004-NC2N 6.25%, 12/25/33 144A (cost $73.258; purchased 03/16/04)(g)	BBB+	(d)		73		73,044

104

AST American Century Strategic Balanced Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Residential Asset Mortgage Products, Inc. Series 2001-RS2 Class MII1 1.85%, 06/25/31	Aa2	$	200	$	201,231
Residential Asset Securities Corp. Series 2004-KS2 Class MI1 4.71%, 03/25/34	Aa2		110		106,385
Total Asset-Backed Securities (Cost $2,903,134)					2,911,919
MUNICIPAL BONDS — 0.4%
Illinois — 0.2%
Illinois State Taxable Pension 5.10%, 06/01/33	Aa3		600		532,356
New Jersey — 0.2%
New Jersery State Turnpike Authority 4.252%, 01/01/16	Aaa		400		371,112
Total Municipal Bonds (Cost $1,007,005)					903,468
SOVEREIGN ISSUE — 0.3%
Canada
Province of Ontario 3.50%, 09/17/07(a)(l) (Cost $697,328)	Aa2		700		696,853
Total Long-Term Investments (Cost $215,178,544)					229,937,810
SHORT-TERM INVESTMENTS — 24.9%
Certificates of Deposit — 1.9%
Banco Santander PR 1.125%, 07/01/04(b)(c)			973		972,881
Canadian Imperial Bank of Commerce 1.285%, 07/29/04(b)(c)			34		34,337
Credit Lyonnais Bank 1.075%, 09/30/04(b)			1,035		1,035,079
Fortis Bank 2.055%, 06/08/05(b)			171		170,962
Svenska Handelsbanken 1.39%, 10/27/04(b)			2,183		2,182,899
					4,396,158

	Principal Amount (000)		Value (Note 2)
Commercial Paper — 0.6%
Grampian Funding LLC 1.20%, 07/13/04(b)	$	538	$	537,020
Victory Receivables Corp. 1.23%, 07/19/04(b)		766		765,527
				1,302,547
Corporate Obligations — 4.1%
Merrill Lynch & Co., Inc. 1.63%, 07/01/04(b)(c)		986		985,536
1.63%, 07/01/04(b)(c)		217		216,889
Morgan Stanley 1.23%, 07/01/04(b)(c)		258		258,224
Natexis Banque 1.547%, 07/01/04(b)(c)		2,152		2,151,349
1.60%, 07/01/04(b)(c)		4,264		4,263,037
Societe Generale 1.575%, 07/01/04(b)(c)		18		17,964
Swedbank 1.198%, 07/15/04(b)(c)		511		510,576
Westdeutsche Landesbank 1.13%, 07/09/04(b)(c)		1,096		1,095,415
				9,498,990
Time Deposit — 1.3%
J. P. Morgan Chase & Co. 1.25%, 07/01/04(b)		2,967		2,967,443
U.S. Government Agency Obligation – 5.0%
Federal Home Loan Bank 1.25%, 07/01/04(n)		11,400		11,400,000
	Shares
Non-Registered Investment Company — 12.0%
BlackRock Institutional Money Market Trust(b)(j)		27,617,475		27,617,476
Total Short-Term Investments
(Cost $57,182,614)				57,182,614
Total Investments — 124.8%
(Cost $272,361,158; Note 5)				287,120,424
Liabilities in Excess of Other Assets — (24.8%)				(57,143,540	)
Net Assets — 100.0%			$	229,976,884

The following abbreviations are used throughout the Schedule of Investments:

IO Interest Only

NR Not Rated by Moody’s or Standard & Poor’s

TBA Securities purchased on a forward commitment basis.

105

AST American Century Strategic Balanced Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

The following annotations are used throughout the Schedule 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. Unless otherwise noted 144A securities are deemed to be liquid.

* Non-income producing security.

(a) Portion of securities on loan with an aggregate market value of $44,707,384; cash collateral of $45,782,614 was received with which the portfolio purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral for securities on loan.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(d) Standard & Poor’s rating.

(f) A TRACER (Traded Custody Receipts). Rate shown reflects the weighted average rate of the underlying securities as of June 30, 2004.

(g) Indicates a security that has been deemed illiquid. The aggregate cost of the illiquid securities is $2,171,702. The aggregate value, $2,234,299 represents 0.97% of net assets.

(j) Security available to institutional investors only.

(l) U.S. dollar denominated foreign bonds.

(n) Rates shown are the effective yields at purchase date.

See Notes to Financial Statements.

106

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
LONG-TERM INVESTMENTS — 97.2%
COMMON STOCK — 64.6%
Advertising — 0.2%
Aegis Group PLC (United Kingdom)	103,253	$	168,055
Getty Images, Inc.*(a)	1,200		72,000
JC Decaux SA (France)*	10,035		214,758
Lamar Advertising Co.*(a)	1,100		47,685
WPP Group PLC [ADR] (United Kingdom)	2,800		143,444
			645,942
Aerospace — 0.9%
Boeing Co.	10,300		526,227
European Aeronautic Defence and Space Co. (France)	12,004		334,154
General Dynamics Corp.	2,900		287,970
Lockheed Martin Corp.	11,900		619,752
MTC Technologies, Inc.*	1,900		49,058
Northrop Grumman Corp.	3,600		193,320
Raytheon Co.	5,800		207,466
Rockwell Collins, Inc.	8,000		266,560
Triumph Group, Inc.*	1,400		44,702
United Technologies Corp.	8,400		768,432
			3,297,641
Airlines — 0.2%
AirTran Holdings, Inc.*	3,500		49,490
Frontier Airlines, Inc.*	9,200		100,096
Qantas Airways Ltd. (Australia)	32,969		80,841
SkyWest, Inc.	5,600		97,496
Southwest Airlines Co.	17,500		293,475
			621,398
Automobile Manufacturers — 1.0%
Fuji Heavy Industries Ltd. (Japan)	26,000		145,828
General Motors Corp.(a)	16,800		782,712
Honda Motor Co. Ltd. (Japan)	4,900		236,210
Mitsubishi Corp. (Japan)	30,000		291,436
Oshkosh Truck Corp.	3,400		194,854
PACCAR, Inc.	3,900		226,161
Porsche AG (Germany)	450		301,148
PSA Peugeot Citroen SA (France)	3,708		206,484
Renault SA (France)	3,666		279,211
Toyota Motor Corp. (Japan)	27,900		1,130,164
			3,794,208
Automotive Parts — 0.2%
Autoliv AB (Sweden)	9,100		379,924
Autoliv, Inc.	2,800		118,160
Koito Manufacturing Co. Ltd. (Japan)	20,000		147,001
O’ Reilly Automotive, Inc.*	3,400		153,680
TRW Automotive Holdings Corp.*	8,000		150,800
			949,565

	Shares	Value (Note 2)
Beverages — 1.5%
Allied Domecq PLC (United Kingdom)	31,004	$	264,542
Anheuser-Busch Cos., Inc.	8,200		442,800
Coca-Cola Co.	43,000		2,170,641
Cott Corp. (Canada)*	11,300		366,120
Kirin Brewery Co. Ltd. (Japan)	28,000		276,882
Lion Nathan Ltd. (New Zealand)	46,393		216,839
PepsiCo, Inc.	31,400		1,691,832
Remy Cointreau SA (France)	3,963		129,459
			5,559,115
Broadcasting — 0.5%
Astro All Asia Networks PLC (Malaysia)*144A(cost $49,855; purchased 10/13/03)(g)	46,200		55,683
British Sky Broadcasting PLC (United Kingdom)	18,283		206,232
Clear Channel Communications, Inc.	12,300		454,484
Cox Radio, Inc. (Class “A” Stock)*	3,000		52,140
Emmis Communications Corp. (Class “A” Stock)*	1,600		33,568
Fox Entertainment Group, Inc. (Class “A” Stock)*	1,500		40,050
Gestevision Telecinco SA (Spain)*	1,900		28,364
Liberty Media Corp. (Class “A” Stock)*	24,924		224,067
Liberty Media International, Inc. (Class “A” Stock)*	1,246		46,227
Meredith Corp.	2,100		115,416
News Corp. Ltd. (Australia)	16,483		145,593
News Corp. Ltd. [ADR] (Australia)(a)	4,200		148,764
Radio One, Inc. (Class “D” Stock)*	3,900		62,439
Scripps (E.W.) Co. (Class “A” Stock)	1,000		105,000
Westwood One, Inc.*	1,600		38,080
			1,756,107
Building Materials — 0.6%
Aggregate Industries PLC (United Kingdom)	121,878		181,241
Boral Ltd. (Australia)	120,484		542,183
Bouygues SA (France)	9,047		302,913
Cemex SA de CV (Mexico)	68,551		397,053
Heidelberger Zement AG (Germany)	2,418		120,469
Lafarge SA (France)	1,399		124,763
Nobia AB (Sweden)	12,522		147,529
Pilkington PLC (United Kingdom)	113,525		200,731
RMC Group PLC (United Kingdom)	14,925		164,294
SCP Pool Corp.	4,075		183,375
Trex Co., Inc.*	2,100		79,275
			2,443,826

107

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Business Services — 0.6%
Advisory Board Co.*	1,900	$	67,640
BearingPoint, Inc.*	4,700		41,689
Catalina Marketing Corp.*	1,700		31,093
ChoicePoint, Inc.*	4,966		226,748
Corporate Executive Board Co.(a)	3,100		179,149
Exult, Inc.*	6,600		35,508
Fair Isaac Corp.	3,797		126,744
First Data Corp.	9,100		405,131
Fiserv, Inc.*	4,400		171,116
Forrester Research, Inc.*	2,800		52,220
Indra Sistemas SA (Spain)	16,116		205,487
Iron Mountain, Inc.*(a)	2,750		132,715
Manpower, Inc.	5,000		253,850
Monster Worldwide, Inc.*(a)	3,200		82,304
Robert Half International, Inc.	3,700		110,149
			2,121,543
Cable Television — 0.2%
Cable & Wireless PLC (United Kingdom)*	43,045		101,286
Comcast Corp. (Class “A” Stock)*	4,521		126,724
Cox Communications, Inc. (Class “A” Stock)*	2,273		63,167
DIRECTV Group, Inc. (The)*	8,455		144,580
EchoStar Communications Corp. (Class “A” Stock)*	15,800		485,849
			921,606
Capital Goods
Saurer AG (Switzerland)*	1,904		97,374
Chemicals — 1.1%
Agrium, Inc. (Canada)	15,500		225,525
Arch Chemicals, Inc.	3,850		110,957
BASF AG (Germany)	7,504		401,617
Cabot Corp.	8,100		329,670
Degussa AG (Germany)	11,248		373,734
Dow Chemical Co.	18,500		752,949
DuPont, (E.I.) de Nemours & Co.	9,659		429,053
Great Lakes Chemical Corp.	1,300		35,178
IMC Global, Inc.(a)	6,700		89,780
Kaneka Corp. (Japan)	16,000		151,473
Millennium Chemicals, Inc.	12,600		218,232
Minerals Technologies, Inc.	2,400		139,200
Mitsubishi Gas Chemical Co., Inc. (Japan)	29,000		120,130
Potash Corp. of Saskatchewan, Inc. (Canada)	5,200		503,880
Symyx Technologies, Inc.*	5,300		127,836
Valspar Corp.	1,200		60,528
Yara International ASA (Norway)*	2,979		24,068
			4,093,810

	Shares	Value (Note 2)
Clothing & Apparel — 0.2%
Adidas-Salomon AG (Germany)	1,316	$	157,117
Coach, Inc.*	4,100		185,278
Pacific Sunwear of California, Inc.*	2,700		52,839
World Co. Ltd. (Japan)	3,000		91,280
Yue Yuen Industrial Holdings Ltd. (Hong Kong)	76,000		184,646
			671,160
Computer Hardware — 1.8%
Dell, Inc.*	72,800		2,607,695
Hewlett-Packard Co.	32,585		687,544
Insight Enterprises, Inc.*	4,800		85,248
International Business Machines Corp.	21,950		1,934,893
Itochu Techno-Science Corp. (Japan)	6,600		281,263
Lexmark International, Inc.*	5,000		482,650
Mercury Computer Systems, Inc.*	3,500		86,800
Research in Motion Ltd. (Canada)*(a)	5,500		376,420
Storage Technology Corp.*	5,700		165,300
			6,707,813
Computer Services & Software — 3.8%
Adobe Systems, Inc.(a)	4,000		186,000
Affiliated Computer Services, Inc. (Class “A” Stock)*	7,900		418,226
Automatic Data Processing, Inc.	16,200		678,456
Black Box Corp.	900		42,534
Borland Software Corp.*	2,800		23,772
Brocade Communications Systems, Inc.*	4,400		26,312
Cadence Design Systems, Inc.*	3,500		51,205
CDW Corp.	6,300		401,688
Ceridan Corp.*	2,900		65,250
Cisco Systems, Inc.*	113,800		2,697,060
Citrix Systems, Inc.*	2,600		52,936
Creative Technology Ltd. (Singapore)	8,150		85,643
DST Systems, Inc.*(a)	9,900		476,091
FactSet Research Systems, Inc.	1,900		89,813
Global Payments, Inc.	1,400		63,028
Henry, (Jack) & Associates, Inc.	3,400		68,340
Ingram Micro, Inc. (Class “A” Stock)*	6,800		98,396
Intuit, Inc.*	10,000		385,800
Logica PLC (United Kingdom)	26,186		86,904
Macrovision Corp.*	4,100		102,623
MatrixOne, Inc.*	22,600		156,166
Mercury Interactive Corp.*(a)	3,600		179,388
Microsoft Corp.	182,700		5,217,912
NEC Fielding Ltd. (Japan)	2,000		58,470
NEC Soft Ltd. (Japan)	3,900		108,656
NetIQ Corp.*	11,000		145,200
Oracle Corp.*	100,800		1,202,544
Red Hat, Inc.*	2,000		45,940

108

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
SAP AG (Germany)	3,001	$	497,507
SERENA Software, Inc.*	4,000		76,360
Siebel Systems, Inc.*	5,800		61,944
SRA International, Inc. (Class “A” Stock)*	1,100		46,552
Symantec Corp.*	900		39,402
Tech Data Corp.*	1,600		62,608
TIBCO Software, Inc.*(a)	6,900		58,305
Trend Micro, Inc. (Japan)	3,000		133,071
Veritas Software Corp.*	8,000		221,600
Verity, Inc.*	9,700		131,047
Websense, Inc.*	1,900		70,737
			14,613,486
Conglomerates — 1.8%
Altria Group, Inc.	42,200		2,112,111
Cycle & Carriage Ltd. (Singapore)	8,379		31,133
DCC PLC (Ireland)	11,544		210,675
Guiness Peat Group PLC (New Zealand)	104,398		129,281
Honeywell International, Inc.	21,200		776,556
Hutchison Whampoa Ltd. (Hong Kong)	57,400		391,875
ITT Industries, Inc.	1,400		116,200
Jenoptik AG (Germany)	11,459		123,104
Mitsubishi Heavy Industries Ltd. (Japan)	67,000		181,753
Norsk Hydro ASA (Norway)	2,979		193,615
SembCorp Industries Ltd. (Singapore)	328,000		255,171
Sumitomo Corp. (Japan)	35,000		254,044
Teijin Ltd. (Japan)	71,000		265,481
Tyco International Ltd.(a)	51,200		1,696,768
			6,737,767
Construction — 0.3%
AMEC PLC (United Kingdom)	36,682		181,607
Balfour Beatty PLC (United Kingdom)	40,285		193,966
D.R. Horton, Inc.	3,771		107,096
Grupo Acciona SA (Spain)	4,222		262,486
Insituform Technologies, Inc. (Class “A” Stock)*	2,300		37,421
JGC Corp. (Japan)	15,000		144,343
NCC AB (Sweden)	20,598		192,774
Toll Brothers, Inc.*	3,200		135,424
WCI Communities, Inc.*	1,400		31,234
			1,286,351
Consumer Products & Services — 2.4%
Bausch & Lomb, Inc.	900		58,563
Clorox Co.	6,056		325,692
Colgate-Palmolive Co.	7,700		450,065
Dollar Thrifty Automotive Group, Inc.*	3,500		96,040
Engineered Support Systems, Inc.	800		46,808
Fortune Brands, Inc.	6,100		460,123

	Shares	Value (Note 2)
Gillette Co.	15,500	$	657,200
Hasbro, Inc.	14,700		279,300
Johnson & Johnson	49,846		2,776,422
Kimberly-Clark Corp.	7,200		474,336
L’Oreal SA (France)	1,599		127,717
Lauder, (Estee) Cos., Inc. (Class “A” Stock)	1,800		87,804
Newell Rubbermaid, Inc.	19,900		467,650
Procter & Gamble Co.	51,000		2,776,439
Rent-A-Center, Inc.*	1,150		34,420
SEB SA (France)	871		103,851
ServiceMaster Co.	3,600		44,352
			9,266,782
Containers & Packaging — 0.1%
Smurfit-Stone Container Corp.*(a)	2,900		57,855
Toyo Seikan Kaisha Ltd. (Japan)	10,000		171,745
			229,600
Diversified Manufacturing Operations — 1.8%
General Electric Co.	208,900		6,768,360
Electronic Components & Equipment — 1.0%
Advanced Energy Industries, Inc.*	4,500		70,740
Agere Systems, Inc. (Class “B” Stock)*	4,700		10,105
AVX Corp.	3,200		46,240
C & D Technologies, Inc.	2,500		44,575
Cable Design Techologies Corp.*	2,300		24,380
Digital Theater Systems, Inc.*	7,900		206,585
Fanuc Ltd. (Japan)	4,400		262,512
Gentex Corp.(a)	2,500		99,200
Hosiden Corp. (Japan)	9,000		110,361
Jabil Circuit, Inc.*	5,500		138,490
Kyocera Corp. (Japan)	1,600		135,783
Littelfuse, Inc.*	2,400		101,784
NEC Corp.	17,000		119,654
Neopost SA (France)	2,209		130,562
Pioneer Corp. (Japan)	11,100		286,872
Plexus Corp.*	8,400		113,400
Sagem SA (France)	2,076		231,612
Siemens AG (Germany)	9,859		709,021
Sony Corp. (Japan)	12,600		474,600
Sumitomo Electric Industries Ltd. (Japan)	15,000		153,004
TDK Corp. (Japan)	2,800		212,473
			3,681,953
Entertainment & Leisure — 1.3%
Brunswick Corp.	6,500		265,200
Caesars Entertainment, Inc.*	7,500		112,500
Carnival Corp.(a)	12,000		564,000
Disney, (Walt) Co.	4,092		104,305
Harley-Davidson, Inc.	5,000		309,700

109

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Heiwa Corp. (Japan)	5,000	$	79,274
Hilton Group PLC (United Kingdom)	23,298		116,613
International Game Technology, Inc.	10,500		405,300
Mandalay Resort Group(a)	900		61,776
Multimedia Games, Inc.*	9,200		246,744
Station Casinos, Inc.(a)	3,300		159,720
Time Warner, Inc.*	74,300		1,306,194
Viacom, Inc. (Class “B” Stock)	30,000		1,071,600
Whitbread PLC (United Kingdom)	18,993		283,300
WMS Industries, Inc.*	1,500		44,700
			5,130,926
Environmental Services — 0.2%
Waste Connections, Inc.*	2,100		62,286
Waste Management, Inc.	17,559		538,183
			600,469
Equipment Services
TTM Technologies, Inc.*	6,500		77,025
Farming & Agriculture
Sunopta, Inc.*	4,100		35,014
Financial—Bank & Trust — 5.6%
ABN AMRO Holding NV (Netherlands)	16,232		355,081
Anglo Irish Bank Corp. (Ireland)	19,576		306,050
Australia & New Zealand Banking Group Ltd. (Australia)	39,739		506,032
Australia & New Zealand Banking Group Ltd. [ADR] (Australia)	2,500		160,000
Banca Intesa SpA (Italy)	69,588		271,772
Banco Santander Central Hispano SA (Spain)	39,691		411,914
Banco Santander Chile [ADR] (Chile)	17,878		477,343
Bank Austria Creditanstalt (Austria)	5,432		318,546
Bank of America Corp.	25,788		2,182,180
Bank of Yokohama Ltd. (Japan)*	55,000		343,766
Bank One Corp.	31,500		1,606,499
BankAtlantic Bancorp, Inc. (Class “A” Stock)	8,200		151,290
Barclays PLC (United Kingdom)	103,287		879,893
BNP Paribas SA (France)	9,818		603,823
Bradford & Bingley PLC (United Kingdom)	50,940		257,277
Comerica, Inc.	27,500		1,509,200
Commerce Bancshares, Inc.	2,680		123,133
Compass Bancshares, Inc.	3,800		163,400
Credito Italiano SpA (Italy)	54,436		268,892
DBS Groupo Holdings (Singapore)	17,236		144,096
Deutsche Bank AG (Germany)	4,476		351,685
Dexia (France)	10,638		176,021
East West Bancorp, Inc.	5,200		159,640
First Horizon National Corp.	2,400		109,128

	Shares	Value (Note 2)
HBOS PLC (United Kingdom)	34,021	$	421,083
HSBC Holdings PLC (United Kingdom)	28,143		418,506
Jyske Bank SA (Denmark)*	3,290		188,215
Macquarie Bank Ltd. (Australia)	10,899		257,226
Mercantile Bankshares Corp.	3,500		163,870
National Austrailia Bank Ltd. (Australia)	28,434		591,046
National Commerce Financial Corp.	3,800		123,500
Nordea AB (Sweden)	75,152		541,222
Popular, Inc.	1,500		64,155
Royal Bank of Scotland (United Kingdom)	25,741		741,299
Skandianaviska Enskilda Banken (Sweden)	22,205		321,301
Southwest Bancorporation of Texas, Inc.	2,500		110,300
State Street Corp.	10,900		534,536
Sumitomo Mitsui Financial Group, Inc. (Japan)	55		377,033
Svenska Handlesbanken (Class “A” Stock) (Sweden)	19,454		389,961
TCF Financial Corp.	2,000		116,100
Texas Regional Bancshares, Inc. (Class “A” Stock)	3,715		170,556
The 77 Bank Ltd. (Japan)	25,000		170,462
U.S. Bancorp	74,100		2,042,195
UCBH Holdings, Inc.	5,200		205,504
Wachovia Corp.	20,000		890,000
Wells Fargo & Co.	16,100		921,403
Wilmington Trust Corp.	3,500		130,270
			21,726,404
Financial Services — 4.2%
Aiful Corp. (Japan)	2,400		250,525
Alliance & Leicester PLC (United Kingdom)	27,121		415,850
American Express Co.(a)	19,900		1,022,462
CIT Group, Inc.	2,000		76,580
Citigroup, Inc.	81,941		3,810,256
Credit Suisse Group (Switzerland)*	10,050		357,094
Doral Financial Corp.	2,425		83,663
E*TRADE Group, Inc.*	23,600		263,140
Eaton Vance Corp.	6,300		240,723
Fannie Mae	12,500		892,000
Federated Investors, Inc.	3,200		97,088
First Marblehead Corp.*	1,000		40,260
Franklin Resources, Inc.	5,600		280,448
Freddie Mac	17,600		1,114,080
Goldman Sachs Group, Inc.	8,600		809,776
Greenhill & Co., Inc.*	300		6,273
Grupo Financiero Banorte SA de C.V. (Mexico)	102,100		361,108

110

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Hypo Real Estate Holding AG (Germany)*	10,478	$	307,355
IndyMac Bancorp, Inc.	2,300		72,680
ING Groep NV (Netherlands)	13,509		318,853
Investors Financial Services Corp.(a)	12,800		557,824
J.P. Morgan Chase & Co.	34,388		1,333,222
Legg Mason, Inc.	1,700		154,717
Lehman Brothers Holdings, Inc.	6,000		451,500
Mellon Financial Corp.	4,800		140,784
Merrill Lynch & Co., Inc.	16,800		906,864
Mitsubishi Tokyo Financial Group, Inc. (Japan)	23		212,895
Moneygram International, Inc.*	4,000		82,400
Moody’s Corp.(a)	2,500		161,650
Morgan Stanley Dean Witter & Co.	19,600		1,034,292
Nomura Securities Co. Ltd. (Japan)	13,000		192,412
SLM Corp.(a)	8,700		351,915
Waddell & Reed Financial, Inc. (Class “A” Stock)	3,300		72,963
			16,473,652
Financial-Brokerage — 0.2%
Ameritrade Holding Corp.*	58,200		660,570
Food — 1.2%
Associated British Foods PLC (United Kingdom)	19,807		227,194
Campbell Soup Co.(a)	12,500		336,000
Compass Group PLC (United Kingdom)	13,653		83,316
CSM NV (Netherlands)	6,268		148,172
Dean Foods Co.*	1,850		69,024
General Mills, Inc.(a)	9,400		446,782
Heinz, (H.J.) Co.	3,550		139,160
Hershey Foods Corp.	4,000		185,080
Kellogg Co.	6,200		259,470
Koninklijke Wessanen NV (Netherland)	14,156		203,574
Kraft Foods, Inc. (Class “A” Stock)	3,300		104,544
Nestle SA (Switzerland)	2,703		720,859
Performance Food Group Co.*	1,300		34,502
Sainsbury (J.) PLC (United Kingdom)	39,200		202,426
SYSCO Corp.	13,200		473,484
Tesco PLC (United Kingdom)	56,295		271,817
Tootsie Roll Industries, Inc.	2,016		65,520
Unilever PLC (United Kingdom)	55,064		540,235
United Natural Foods, Inc.*	1,400		40,474
Yamazaki Baking Co. Ltd. (Japan)	7,000		68,771
			4,620,404
Furniture
Mohawk Industries, Inc.*	500		36,665
Healthcare Services — 0.8%
Caremark Rx, Inc.*	8,300		273,402
Community Health Systems, Inc.*	2,800		74,956

	Shares	Value (Note 2)
Coventry Health Care, Inc.*(a)	2,150	$	105,135
DaVita, Inc.*	3,450		106,364
HCA, Inc.(a)	9,500		395,105
Laboratory Corp. of America Holdings*	10,600		420,820
LifePoint Hospitals, Inc.*	1,500		55,830
Medco Health Solutions, Inc.*	2,484		93,150
Omnicare, Inc.	3,600		154,116
Stericycle, Inc.*(a)	500		25,870
Symbion, Inc.*	1,200		20,952
Triad Hospitals, Inc.*	1,378		51,303
United Surgical Partners International, Inc.*	2,800		110,516
UnitedHealth Group, Inc.	16,800		1,045,799
			2,933,318
Hotels & Motels
Fairmont Hotels & Resorts, Inc.	2,600		70,070
Industrial
Glory Ltd. (Japan)	6,000		88,860
Industrial Products — 0.7%
Actuant Corp.*	3,800		148,162
Draka Holdings (Netherlands)	3,654		69,130
Harsco Corp.	1,600		75,200
Illinois Tool Works, Inc.	7,800		747,942
Maverick Tube Corp.*	3,800		99,788
Nucor Corp.(a)	18,600		1,427,736
Roper Industries, Inc.	3,000		170,700
			2,738,658
Insurance — 3.3%
Allianz AG (Germany)	3,122		338,170
American International Group, Inc.	42,330		3,017,282
Anthem, Inc.*	3,700		331,372
Assurant, Inc.	5,100		134,538
Aviva PLC (United Kingdom)	20,661		213,197
CNP Assurances (France)	6,171		358,054
Conseco, Inc.*	10,600		210,940
Gallagher, (Arthur J.) & Co.	1,500		45,675
Genworth Financial, Inc.*	17,300		397,035
Hannover Rueckversicherungs AG (Germany)	3,844		128,285
Hartford Financial Services Group, Inc. (The)	6,600		453,684
Insurance Australia Group Ltd. (Australia)	47,222		164,475
Markel Corp.*	200		55,500
Marsh & McLennan Cos., Inc.	9,500		431,110
Mercury General Corp.	900		44,685
MGIC Investment Corp.(a)	3,800		288,268
Mitsui Marine & Fire (Japan)	25,000		234,844
Nipponkoa Insurance Co. Ltd. (Japan)	21,000		134,720
PMI Group, Inc. (The)(a)	3,200		139,264

111

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Principal Financial Group, Inc.	9,800	$	340,844
Protective Life Corp.	1,900		73,473
QBE Insurance Group Ltd. (Australia)	38,083		339,567
Radian Group, Inc.	8,300		397,570
Royal & Sun Alliance Insurance Group PLC (United Kingdom)	116,919		174,927
Safeco Corp.	28,200		1,240,800
St. Paul Cos., Inc.(a)	48,499		1,966,149
StanCorp Financial Group, Inc.	1,500		100,500
Triad Guaranty, Inc.*	3,400		197,880
Unipol SpA (Italy)	64,205		246,062
UnumProvident Corp.(a)	12,600		200,340
WellChoice, Inc.*	1,600		66,240
XL Capital Ltd. (Class “A” Stock)	2,300		173,558
			12,639,008
Internet Services — 0.9%
Digital Insight Corp.*	3,800		78,774
EarthLink, Inc.*	9,900		102,465
eBay, Inc.*	10,700		983,865
F5 Networks, Inc.*(a)	2,700		71,496
InterActiveCorp.*(a)	22,600		681,164
Juniper Networks, Inc.*(a)	6,400		157,248
Networks Associates, Inc.*(a)	15,800		286,454
VeriSign, Inc.*	3,200		63,680
Yahoo!, Inc.*(a)	32,800		1,191,624
			3,616,770
Machinery & Equipment — 0.4%
Cooper Cameron Corp.*	1,100		53,570
Danaher Corp.(a)	9,800		508,130
Deere & Co.	4,400		308,616
Grant Prideco, Inc.*	9,400		173,524
Nordson Corp.	2,100		91,077
Noritsu Koki Co. Ltd. (Japan)	4,000		97,145
Pall Corp.(a)	8,900		233,091
Stanley Works	1,200		54,696
			1,519,849
Medical Supplies & Equipment — 1.9%
Abbott Laboratories	16,900		688,844
AmerisourceBergen Corp.	1,600		95,648
Amgen, Inc.*	23,400		1,276,938
Apogent Technologies, Inc.*	3,500		112,000
Bard, (C.R.), Inc.	3,400		192,610
Baxter International, Inc.	8,200		282,982
Becton, Dickinson & Co.	4,000		207,200
Biomet, Inc.	2,900		128,876
Boston Scientific Corp.*	15,700		671,960
Charles River Laboratories International, Inc.*(a)	1,000		48,870
Computer Programs and Systems, Inc.	7,000		142,660
Cytyc Corp.*	7,100		180,127

	Shares	Value (Note 2)
DENTSPLY International, Inc.	2,350	$	122,435
Digene Corp.*	900		32,877
Edwards Lifesciences Corp.*	1,300		45,305
Elekta AB (Sweden)*	5,863		129,589
Genzyme Corp.*	3,400		160,922
Guidant Corp.	5,600		312,928
Inamed Corp.*	500		31,425
Invitrogen Corp.*(a)	1,462		105,249
Medtronic, Inc.	19,500		950,040
Patterson Dental Co.*(a)	900		68,841
Shimadzu Corp. (Japan)	42,000		214,783
St. Jude Medical, Inc.*	4,200		317,730
STERIS Corp.*(a)	4,700		106,032
Stryker Corp.	6,500		357,500
Techne Corp.*(a)	1,700		73,865
Thoratec Corp.*	1,500		16,095
Zimmer Holdings, Inc.*	4,000		352,800
			7,427,131
Metals & Mining — 0.8%
Alcoa, Inc.	15,200		502,056
Anglo American PLC (United Kingdom)	9,834		201,167
BHP Steel Ltd. (Australia)	109,702		515,062
Broken Hill Proprietary Co. Ltd. (Australia)	16,800		146,638
International Steel Group, Inc.*	5,500		163,625
Newmont Mining Corp.(a)	14,800		573,648
Nippon Steel Corp. (Japan)	107,000		224,561
SSAB Svenskt Stal AB Series A (Sweden)	13,586		229,050
Steel Dynamics, Inc.*	7,100		203,273
Voestalpine AG (Austria)	3,319		163,541
			2,922,621
Office Equipment — 0.2%
Canon, Inc. (Japan)	8,000		421,574
Herman Miller, Inc.	4,500		130,230
Pitney Bowes, Inc.	3,800		168,150
			719,954
Oil & Gas — 4.6%
Amerada Hess Corp.(a)	900		71,271
Anadarko Petroleum Corp.	4,006		234,752
Australia Gas & Light (Australia)	26,153		220,987
Baker Hughes, Inc.	9,300		350,145
BJ Services Co.*	1,800		82,512
BP PLC [ADR] (United Kingdom)(a)	16,600		889,262
British Petroleum Co. PLC (United Kingdom)	34,736		306,779
Centrica PLC (United Kingdom)	96,020		390,927
ChevronTexaco Corp.	19,461		1,831,475
ConocoPhillips	11,600		884,964

112

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Devon Energy Corp.	1,700	$	112,200
Eni SpA [ADR] (Italy)(a)	3,100		311,054
Ente Nazionale Idrocarburi SpA (Italy)	21,018		417,327
EOG Resources, Inc.	3,800		226,898
Exxon Mobil Corp.	110,166		4,892,473
FMC Technologies, Inc.*	11,259		324,259
Grey Wolf, Inc.*	21,200		89,888
Helmerich & Payne, Inc.	1,400		36,568
Murphy Oil Corp.	6,100		449,570
Nabors Industries Ltd.*	1,500		67,830
National Fuel Gas Co.	3,200		80,000
Newfield Exploration Co.*	2,400		133,776
Occidental Petroleum Corp.	2,300		111,343
OMV AG (Austria)	198		38,546
Patterson-UTI Energy, Inc.	3,300		110,253
Petroleo Brasileiro SA [ADR] (Brazil)	21,400		539,280
Pioneer Natural Resources Co.	4,400		154,352
Schlumberger Ltd.	14,900		946,299
Shell Transport & Trading Co. [ADR] (United Kingdom)	14,100		630,270
Shell Transport & Trading Co. PLC (United Kingdom)	30,650		224,836
Smedvig ASA (Class “A” Stock) (Norway)	4,672		51,394
Statoil ASA (Sweden)	35,546		451,280
Toho Gas Co., Ltd. (Japan)	38,000		128,855
Tonen General Sekiyu K.K. (Japan)	10,000		85,689
Total SA [ADR] (France)	4,300		413,144
TotalFinaElf SA (France)	4,599		876,794
Transocean, Inc.*	12,139		351,303
Valero Energy Corp.	1,400		103,264
WGL Holdings, Inc.	2,800		80,416
Williams Cos., Inc.	3,100		36,890
Woodside Petroleum Ltd. (Australia)	14,327		166,370
			17,905,495
Paper & Forest Products — 0.3%
Bowater, Inc.	3,500		145,565
International Paper Co.	9,500		424,650
MeadWestvaco Corp.	7,900		232,181
Potlatch Corp.	5,800		241,512
Weyerhaeuser Co.	3,500		220,920
			1,264,828
Personal Services — 0.2%
Apollo Group, Inc. (Class “A” Stock)*	3,200		282,528
Career Education Corp.*(a)	1,500		68,340
Corinthian Colleges, Inc.*	2,300		56,902
DeVry, Inc.*	2,300		63,066
Education Management Corp.*	3,400		111,724
University of Phoenix Online*	2,233		195,588
			778,148

	Shares	Value (Note 2)
Pharmaceuticals — 4.3%
Abgenix, Inc.*	3,500	$	41,020
Accredo Health, Inc.*	4,200		163,590
Alkermes, Inc.*(a)	3,800		51,680
Alliance Unichem PLC (United Kingdom)	21,129		250,021
AstraZeneca PLC [ADR] (United Kingdom)	8,200		374,248
Aventis SA (France)	4,009		302,652
Barr Laboratories, Inc.*	600		20,220
Biogen Idec, Inc.*(a)	5,400		341,550
Cardinal Health, Inc.	8,450		591,923
Celgene Corp.*(a)	1,900		108,794
Cephalon, Inc.*(a)	3,628		195,912
CSL Ltd. (Australia)	4,441		68,987
Eisai Co. Ltd. (Japan)	5,700		164,029
Eon Labs, Inc.*	1,800		73,674
Forest Laboratories, Inc.*	11,100		628,593
Galen Holdings PLC (United Kingdom)	16,447		207,295
Gehe AG (Germany)	3,826		228,555
Genentech, Inc.*	7,600		427,120
Gilead Sciences, Inc.*(a)	4,100		274,700
GlaxoSmithKline PLC (United Kingdom)	20,837		421,713
GlaxoSmithKline PLC [ADR] (United Kingdom)	8,000		331,680
Hisamitsu Pharmaceutical Co. (Japan)	7,000		129,588
Hospira, Inc.*	1,690		46,644
Human Genome Sciences, Inc.*	3,800		44,194
ICOS Corp.*	1,700		50,728
Kobayashi Pharmaceutical Co. Ltd. (Japan)	4,000		115,474
Lilly, (Eli) & Co.	18,700		1,307,317
Medicis Pharmaceutical Corp. (Class “A” Stock)(a)	2,800		111,860
MedImmune, Inc.*	7,500		175,500
Merck & Co., Inc.	33,800		1,605,500
Neurocrine Biosciences, Inc.*	2,000		103,700
Novartis AG (Switzerland)	21,564		951,302
Noven Pharmaceuticals, Inc.*	4,800		105,696
Novo Nordisk AS (Class “B” Stock) (Denmark)	2,266		116,652
Pfizer, Inc.	125,685		4,308,483
Sanofi-Synthelabo SA (France)	7,052		447,008
Schering-Plough Corp.	9,800		181,104
Suzuken Co. Ltd. (Japan)	2,500		77,670
Takeda Chemical Industries Ltd. (Japan)	5,700		250,222
Taro Pharmaceuticals Industries Ltd.*	1,000		43,500
Watson Pharmaceuticals, Inc.*	3,500		94,150
Wyeth	22,900		828,064
			16,362,312

113

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Printing & Publishing — 0.4%
Gannett Co., Inc.	6,000	$	509,100
McGraw-Hill Cos., Inc.	2,900		222,053
New York Times Co. (Class “A” Stock)	4,700		210,137
Scholastic Corp.*	4,700		140,765
Singapore Press Holdings Ltd. (Singapore)	35,000		84,531
Washington Post Co. (Class “B” Stock)	200		186,002
			1,352,588
Railroads — 0.1%
Burlington Northern Santa Fe Corp.	9,200		322,644
CSX Corp.	6,500		213,005
			535,649
Real Estate — 1.0%
Archstone-Smith Trust [REIT]	2,800		82,124
Arden Realty, Inc. [REIT]	3,500		102,935
Boston Properties, Inc. [REIT]	2,300		115,184
Camden Property Trust [REIT]	3,000		137,400
Catellus Development Corp.	2,078		51,223
China Overseas Land & Investment Ltd. (Hong Kong)	644,000		111,464
Corio NV (Netherlands)	3,741		159,302
Duke-Weeks Realty Corp. [REIT]	11,500		365,815
EastGroup Properties, Inc. [REIT]	2,000		67,340
General Property Trust (Australia)	127,155		309,132
Goldcrest Co. Ltd. (Japan)	3,550		244,334
LaSalle Hotel Properties [REIT]	4,500		109,800
Levitt Corp. (Class “A” Stock)*	2,075		53,452
Mills Corp. (The) [REIT]	2,100		98,070
Persimmon PLC (United Kingdom)	16,568		189,891
Reckson Associates Realty Corp. [REIT]	2,400		65,904
Redwood Trust, Inc. [REIT](a)	1,300		72,384
Regency Centers Corp. [REIT]	3,200		137,280
Rouse Co. [REIT]	2,700		128,250
Simon Property Group, Inc. [REIT]	2,700		138,834
SL Green Realty Corp. [REIT]	1,500		70,200
Sun Hung Kai Properties Ltd. (Hong Kong)	29,000		237,955
United Dominion Realty Trust [REIT]	9,600		189,888
Vornado Realty Trust [REIT]	2,500		142,775
Weingarten Realty, Inc. [REIT]	2,000		62,560
Westfield Trust (Australia)	80,347		246,827
Wheelock and Co. Ltd. (Hong Kong)	69,000		83,156
			3,773,479
Restaurants — 0.5%
CEC Entertainment, Inc.*	2,650		78,202
Cheesecake Factory, Inc. (The)*(a)	900		35,811
McDonald’s Corp.	19,200		499,199
Mitchells & Butlers PLC (United Kingdom)	27,963		141,230

	Shares	Value (Note 2)
P.F. Chang’s China Bistro, Inc.*	1,000	$	41,150
Panera Bread Co. (Class “A” Stock)*(a)	7,000		251,160
RARE Hospitality International, Inc.*	7,900		196,710
Ruby Tuesday, Inc.	2,300		63,135
Sonic Corp.*	2,250		51,188
Starbucks Corp.*(a)	6,400		278,272
Yum! Brands, Inc.	4,700		174,934
			1,810,991
Retail & Merchandising — 3.4%
A.C. Moore Arts & Crafts, Inc.*	4,100		112,791
Abercrombie & Fitch Co.(a)	9,600		372,000
Best Buy Co., Inc.	6,350		322,199
Carrefour SA (France)	3,020		146,530
Casino Guichard-Perrachon SA (France)	4,429		399,560
Charles Voegele Holding AG (Switzerland)	2,184		90,680
Chico’s FAS, Inc.*(a)	800		36,128
Christopher & Banks Corp.	9,375		166,031
Coles Myer Ltd. (Australia)	27,467		164,357
Compagnie Financiere Richemont AG (Switzerland)	5,773		150,732
Cost Plus, Inc.*	2,400		77,880
CVS Corp.	7,800		327,756
Dixons Group PLC (United Kingdom)	62,090		186,072
Dollar Tree Stores, Inc.*	9,100		249,613
Espirit Holdings Ltd. (Hong Kong)	27,500		123,048
Family Dollar Stores, Inc.	13,300		404,586
Home Depot, Inc.	35,400		1,246,080
Hot Topic, Inc.*	1,100		22,539
Kesa Electricals PLC (United Kingdom)	5,697		29,884
Kohl’s Corp.*	5,100		215,628
Lowe’s Cos., Inc.	13,100		688,405
Metro AG (Germany)	6,742		319,575
PETsMART, Inc.(a)	4,500		146,025
Pier 1 Imports, Inc.	5,300		93,757
Ross Stores, Inc.	17,800		476,328
Staples, Inc.	7,600		222,756
Target Corp.	27,400		1,163,678
TJX Cos., Inc.	18,600		449,004
Wal-Mart de Mexico SA (Class “V” Stock) (Mexico)	123,300		365,634
Wal-Mart Stores, Inc.	61,100		3,223,637
Walgreen Co.(a)	23,000		832,830
Whole Foods Market, Inc.(a)	1,000		95,450
Williams-Sonoma, Inc.*	2,600		85,696
York-Benimaru Co. Ltd. (Japan)	4,600		136,590
			13,143,459
Semiconductors — 1.8%
Analog Devices, Inc.	9,200		433,136
Applied Materials, Inc.*	14,600		286,452

114

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
ATMI, Inc.*	1,900	$	51,889
Cymer, Inc.*	2,400		89,856
Emulex Corp.*	10,000		143,100
Intel Corp.	107,200		2,958,720
Intersil Corp. (Class “A” Stock)(a)	5,600		121,296
KLA-Tencor Corp.*	2,700		133,326
Linear Technology Corp.	7,500		296,025
Maxim Integrated Products, Inc.(a)	9,500		497,990
Microchip Technology, Inc.	2,300		72,542
Mykrolis Corp.*	3,400		59,228
Novellus Systems, Inc.*	8,500		267,240
Omnivision Technologies, Inc.*(a)	2,700		43,065
QLogic Corp.*	11,100		295,149
Rohm Co. Ltd. (Japan)	600		71,814
Semiconductor Manufacturing International Corp. [ADR] (China)*	6,600		70,818
Semtech Corp.*	5,100		120,054
Tessera Technologies, Inc.*	3,000		54,060
Texas Instruments, Inc.	16,300		394,134
Varian Semiconductor Equipment Associates, Inc.*	600		23,136
Xilinx, Inc.	12,800		426,368
Zoran Corp.*	4,612		84,630
			6,994,028
Telecommunications — 3.7%
Advanced Fibre Communications, Inc.*	1,600		32,320
Aeroflex, Inc.*	3,800		54,454
America Movil SA de CV (Class “L” Stock) [ADR] (Mexico)	11,300		410,981
Andrew Corp.*(a)	2,700		54,027
Avaya, Inc.*	4,500		71,055
Centillium Commuications, Inc.*	9,800		37,534
China Unicom Ltd. (Hong Kong)	106,000		83,579
Comverse Technology, Inc.*(a)	4,700		93,718
Corning, Inc.*(a)	31,900		416,614
Crown Castle International Corp.*(a)	22,800		336,300
Debitel AG (Germany)*	4,668		67,130
Inter-Tel, Inc.	800		19,976
JDS Uniphase Corp.*	12,300		46,617
KDDI Corp. (Japan)	84		480,374
Lucent Technologies, Inc.*(a)	33,000		124,740
MM02 PLC (United Kingdom)*	286,440		481,798
Motorola, Inc.	35,200		642,400
Netcom AB (Class “B” Stock) (Sweden)	5,841		255,880
Nextel Communications, Inc. (Class “A” Stock)*	37,100		989,086
Nextel Partners, Inc. (Class “A” Stock)*(a)	5,600		89,152
NII Holdings, Inc. (Class “B” Stock)*(a)	6,400		215,616

	Shares	Value (Note 2)
Nokia Corp. (Class “A” Stock) [ADR] (Finland)	14,400	$	209,376
Nokia OYJ (Finland)	11,968		172,692
Nortel Networks Corp. (Canada)*	17,400		86,826
NTL, Inc.*	4,900		282,338
Plantronics, Inc.*	2,800		117,880
Polycom, Inc.*	6,600		147,906
Powerwave Technologies, Inc.*	4,200		32,340
Qualcomm, Inc.	13,800		1,007,123
Qwest Communications International,	29,000		104,110
Rogers Wireless Communications, Inc. (Class “B” Stock)*	9,600		259,680
SBC Communications, Inc.	14,400		349,200
SK Telecom Co. Ltd. [ADR] (South Korea)(a)	5,910		124,051
Smartone Telecommunications (Hong Kong)	73,000		80,021
SpectraSite, Inc.*(a)	4,200		181,524
Sprint Corp.	52,100		916,960
Tele Danmark AS (Denmark)	6,182		200,864
Tele Norte Leste Participacoes SA [ADR] (Brazil)	19,800		252,054
Telecom Italia Mobile SpA (Italy)	84,195		477,351
Telecom Italia SpA (Italy)	99,822		310,300
Telefonos de Mexico SA (Class “L” Stock) [ADR] (Mexico)	7,900		262,833
Telenor ASA (Norway)	45,699		317,780
Telephone & Data Systems, Inc.	800		56,960
Thomson Multimedia (France)	18,917		373,079
Total Access Communication Public Co. (Thailand)*	28,000		72,520
Uniden Corp. (Japan)	4,000		86,698
Verizon Communications, Inc.	43,384		1,570,066
Vodafone Group PLC [ADR] (United Kingdom)(a)	32,400		716,040
Western Wireless Corp. (Class “A” Stock)*(a)	11,400		329,574
			14,101,497
Transportation — 0.7%
Arriva PLC (United Kingdom)	31,008		231,680
Covenant Transportation, Inc.*	3,400		58,106
Expeditors International of Washington, Inc.(a)	2,300		113,643
Nippon Express Co. Ltd. (Japan)	25,000		146,634
Nippon Yusen Kabushiki (Japan)	63,000		290,418
United Parcel Service, Inc. (Class “B” Stock)	23,200		1,743,945
UTI Worldwide, Inc.	2,800		147,532
			2,731,958

115

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
Utilities — 1.7%
Alliant Energy Corp.	3,500	$	91,280
American Electric Power Co., Inc.(a)	2,600		83,200
Constellation Energy Group, Inc.	3,600		136,440
Duke Energy Corp.(a)	25,700		521,453
Dynegy, Inc.*	20,800		88,608
E.ON AG (Germany)	10,616		765,916
Edison International Co.	9,100		232,687
El Paso Electric Co.*	10,200		157,488
Energy East Corp.	4,800		116,400
Entergy Corp.	3,300		184,833
Exelon Corp.	11,200		372,848
FirstEnergy Corp.	17,400		650,935
Great Plains Energy, Inc.	3,800		112,860
Hong Kong Electric Holdings Ltd. (Hong Kong)	27,500		113,881
Iberdrola SA (Spain)	16,200		341,963
NiSource, Inc.	9,100		187,642
OGE Energy Corp.	4,300		109,521
PG&E Corp.*(a)	10,500		293,370
Pinnacle West Capital Corp.	5,200		210,028
PPL Corp.	6,900		316,710
RWE AG (Germany)	3,768		177,184
Southern Co. (The)(a)	9,300		271,095
Teco Energy, Inc.	4,300		51,557
Tohoku Electric Power Co., Inc. (Japan)	15,200		256,038
Tokyo Electric Power Co. (Japan)	7,000		158,777
TXU Corp.(a)	12,000		486,120
United Utilities PLC (United Kingdom)	20,815		195,723
			6,684,557
Total Common Stock
(Cost $209,495,543)			247,741,764
PREFERRED STOCK — 0.2%
Broadcasting — 0.2%
News Corp. Ltd., 0.72% [ADR] (Australia)	17,412		572,507
Chemicals
Hercules Trust II 6.5%*[CVT]	100		76,000
Clothing & Apparel
Anvil Holdings, Inc. 13.00% Series B (cost $26,721; purchased 12/18/01 - 03/20/02)(g)	1,966		20,148
Healthcare Services
Fresenius AG 2.24% (United Kingdom)	2,211		167,803
Telecommunications
Alamosa Holdings, Inc. 7.5%	75		43,528
Total Preferred Stock
(Cost $731,535)			879,986

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
CORPORATE OBLIGATIONS — 13.7%
Advertising — 0.1%
Advanstar Communications, Inc. Sr. Sec.’d Notes 10.75%, 08/15/10	B3	$	25	$	27,781
Advanstar Communications, Inc., Gtd. Notes 12.00%, 02/15/11	Caa2		25		26,750
R H Donnelley Finance Corp. I, Gtd. Notes 8.875%, 12/15/10	B1		25		27,563
10.875%, 12/15/12	B2		150		174,750
Vertis, Inc., Gtd. Notes, Series B 10.875%, 06/15/09	B3		25		27,000
Vertis, Inc., Sub. Notes 13.50%, 12/07/09 144A (cost $23,947; purchased 12/08/03)(g)	Caa1		25		25,125
					308,969
Aerospace — 0.2%
Aviall, Inc., Sr. Notes 7.625%, 07/01/11	B1		50		52,250
BE Aerospace, Inc., Sr. Notes 8.50%, 10/01/10	B3		50		52,875
BE Aerospace, Inc., Sr. Sub. Notes 8.00%, 03/01/08	Caa3		50		46,750
8.875%, 05/01/11 Series B	Caa3		25		23,375
Boeing Co., Debs. 8.75%, 08/15/21	A3		235		298,057
Gencorp, Inc., Sr. Sub. Notes 9.50%, 08/15/13	B2		100		104,500
Sequa Corp., Sr. Notes 9.00%, 08/01/09	B1		50		53,375
TD Funding Corp., Gtd. Notes 8.375%, 07/15/11	B3		25		25,500
Vought Aircraft Industry, Inc., Sr. Notes 8.00%, 07/15/11 144A (cost $127,500; purchased 06/27/03 - 06/30/03)(g)	B2		125		119,375
					776,057
Airlines
Northwest Airlines, Inc., Gtd. Notes 9.875%, 03/15/07	Caa1		25		19,875

116

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Automobile Manufacturers — 0.1%
Daimlerchrysler NA Holding Corp., Notes 6.50%, 11/15/13	A3	$	220	$	225,947
General Motors Corp., Debs. 8.375%, 07/15/33	Baa1		200		212,295
Navistar International Corp., Sr. Notes 7.50%, 06/15/11	Ba3		25		25,750
					463,992
Automotive Parts — 0.2%
Dana Corp., Notes 9.00%, 08/15/11	Ba3		50		58,750
Dura Operating Corp., Gtd. Notes, Series D 9.00%, 05/01/09(a)	B2		25		24,625
Eagle-Picher Industries, Inc., Sr. Notes 9.75%, 09/01/13	B3		75		81,000
J.B. Poindexter & Co., Inc., Sr. Notes 8.75%, 03/15/14 144A (cost $50,750; purchased 03/04/04 - 03/08/04)(g)	B1		50		51,000
Rexnord Corp., Gtd. Notes 10.125%, 12/15/12	B3		100		110,500
RJ Tower Corp., Gtd. Notes 12.00%, 06/01/13	B3		50		48,125
TRW Automotive, Inc., Sr. Notes 9.375%, 02/15/13	B1		156		176,670
TRW Automotive, Inc., Sr. Sub. Notes 11.00%, 02/15/13	B2		58		68,730
Visteon Corp., Notes 7.00%, 03/10/14	Ba1		75		72,375
					691,775
Beverages — 0.1%
Le-Natures, Inc., Sr. Sub. Notes 9.50%, 06/15/13 144A (cost $103,956; purchased 06/18/03 - 12/11/03)(g)	B3		100		104,000
Miller Brewing Co., Notes 5.50%, 08/15/13 144A (cost $238,798; purchased 05/21/04)(g)	Baa1		240		241,265
					345,265

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Broadcasting — 0.2%
Chancellor Media Corp., Gtd. Notes 8.00%, 11/01/08	Ba1	$	100	$	113,635
Hearst-Argyle Television, Inc., Sr. Notes 7.00%, 01/15/18	Baa3		135		146,143
Liberty Media Corp., Sr. Notes 2.61%, 09/17/06 (c)	Baa3		180		183,379
Sinclair Broadcast Group, Inc., Gtd. Notes 8.00%, 03/15/12	B2		75		77,063
Vivendi Universal SA, Sr. Notes (France) 9.25%, 04/15/10 (l)	B1		125		147,744
XM Satellite Radio, Inc., Sec’d. Notes 12.00%, 06/15/10	Caa1		87		100,159
					768,123
Building Materials — 0.2%
Associated Materials, Inc., Gtd. Notes 9.75%, 04/15/12	B3		125		139,375
Building Materials Corp., Sr. Notes, Series B 7.75%, 07/15/05	B2		25		25,250
8.625%, 12/15/06	B2		25		25,313
Masco Corp., Notes 5.875%, 07/15/12	Baa1		265		275,669
Nortek, Inc., Sr. Sub. Notes, Series B 9.875%, 06/15/11	B3		75		85,875
Riverside Forest Products, Sr. Notes (Canada) 7.875%, 03/01/14 144A (cost $76,812; purchased 02/17/04 - 02/18/04)(g)(l)	B2		75		76,875
Texas Industries, Inc., Sr. Notes 10.25%, 06/15/11	B1		50		56,000
U.S. Concrete, Inc., Sr. Sub. Notes 8.375%, 04/01/14 144A(cost $76,344; purchased 03/26/04 - 03/29/04)(g)	B3		75		75,188

117

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
WII Components, Inc., Sr. Notes 10.00%, 02/15/12 144A (cost $76,125; purchased 02/12/04 - 03/15/04)(g)	B2	$	75	$	73,875
					833,420
Business Services — 0.1%
Affinity Group, Inc., Sr. Sub. Notes 9.00%, 02/15/12 144A(cost $50,000; purchased 02/06/04)(g)	B3		50		51,500
Brickman Group Ltd., Gtd. Notes, Series B 11.75%, 12/15/09	B2		50		57,750
Cie Generale de Geophysique, Sr. Notes (France) 10.625%, 11/15/07(l)	Ba3		50		53,500
IESI Corp., Gtd. Notes 10.25%, 06/15/12	B3		75		82,125
Invensys PLC, Sr. Notes (United Kingdom) 9.875%, 03/15/11 144A (cost $98,722; purchased 02/27/04)(g)(l)	B3		100		100,000
IPC Acquisition Corp., Gtd. Notes 11.50%, 12/15/09	B3		100		108,500
Worldspan L.P./WS Financial Corp., Sr. Notes 9.625%, 06/15/11(a)	B2		50		51,250
					504,625
Cable Television — 0.4%
Charter Communications Holdings LLC, Sr. Notes 10.25%, 09/15/10 144A (cost $102,000; purchased 10/07/03 - 12/02/03)(g)	Caa1		100		101,250
8.75%, 11/15/13 144A (cost $125,295; purchased 11/05/03 - 12/10/03)(a)(g)	B3		125		120,313
Charter Communications Operating LLC, Sr. Notes 8.00%, 04/30/12 144A (cost $124,353; purchased 04/20/04 - 05/06/04)(g)	B2		125		121,563

	Moody’s Rating		Principal Amount (000)		Value (Note 2)
Cox Communications, Inc., Notes 7.875%, 08/15/09	Baa2		$	195	$	221,357
CSC Holdings, Inc., Debs., Series B 8.125%, 08/15/09	B1			25		26,125
CSC Holdings, Inc., Sr. Notes 7.875%, 12/15/07	B1			25		26,125
8.125%, 07/15/09	B1			25		26,125
7.625%, 04/01/11	B1			450		453,374
General Cable Corp., Sr. Notes 9.50%, 11/15/10	B2			25		27,000
Mediacom Broadband LLC, Gtd. Notes 11.00%, 07/15/13	B2			50		53,500
Rogers Cable, Inc., Sec’d Notes (Canada) 5.50%, 03/15/14(l)	Ba2			165		146,613
Rogers Cablesystems of America, Inc., Sr. Notes, Series B (Canada) 10.00%, 03/15/05(l)	Ba2			125		130,379
Superior Essex Communications, Sr. Notes 9.00%, 04/15/12 144A (cost $97,291; purchased 04/08/04)(g)	B3			100		96,000
						1,549,724
Chemicals — 0.4%
Chevron Phillips Chemical Co., Notes 5.375%, 06/15/07	Baa1			140		145,883
Compass Minerals Intl, Inc., Sr. Disc. Notes, Zero Coupon (until 6/1/08) 12.00%, 06/01/13	B-	(d)		125		95,625
Dow Chemical Corp., Notes 6.125%, 02/01/11	A3			115		121,829
Huntsman International LLC, Gtd. Notes 9.875%, 03/01/09	B3			100		108,500
Huntsman LLC, Co., Gtd. Notes 11.625%, 10/15/10	B2			100		111,000
IMC Global, Inc., Sr. Notes 10.875%, 08/01/13	B1			25		29,938
Koppers Industry, Inc., Co. Gtd. Notes 9.875%, 10/15/13	B2			50		55,000

118

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating		Principal Amount (000)		Value (Note 2)
Lyondell Chemical Co., Gtd. Notes 9.50%, 12/15/08	B1		$	50	$	52,375
MacDermid, Inc., Gtd. Notes 9.125%, 07/15/11	Ba3			125		140,000
Noveon, Inc., Sr. Sub. Notes 13.00%, 08/31/11 (cost $113.423; purchased 03/10/03 - 03/01/04)(g)	NR			113		120,228
Omnova Solutions, Inc., Sec’d Notes 11.25%, 06/01/10	B2			50		54,750
Resolution Perfomance LLC, Sr. Notes 9.50%, 04/15/10	B3			50		51,750
Rhodia SA, Sr. Notes (France) 7.625%, 06/01/10 144A (cost $25,000; purchased 08/14/03)(g)(l)	B3			25		22,750
10.25%, 06/01/10 144A (cost $72,600; purchased 05/07/04)(a)(g)(l)	B3			75		76,125
8.875%, 06/01/11 144A (cost $96,474; purchased 05/20/03 - 12/04/03)(a)(g)(l)	Caa1			100		85,000
Rockwood Specialties, Inc., Sr. Sub. Notes 10.625%, 05/15/11	B3			75		80,250
						1,351,003
Clothing & Apparel
Avondale Mills, Inc., Sr. Sub. Notes 10.25%, 07/01/13	B3			50		30,250
Dyersburg Corp., Gtd. Notes, Series B 9.75%, 09/01/07(i)	NR			175		18
J. Crew Intermediate LLC, Sr. Disc. Notes, Zero Coupon (until 11/15/05) 16.00%, 05/15/08(a)	CCC	(d)		50		43,500
						73,768
Computer Hardware — 0.1%
International Business Machines Corp., Notes 4.25%, 09/15/09	A1			200		199,837
Computer Services & Software
Sungard Data Systems, Inc. 3.75%, 01/15/09	Baa2			115		111,343

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Conglomerates — 0.1%
Hutchison Whampoa International Ltd., Gtd. Notes 5.45%, 11/24/10 144A (cost $129,688; purchased 11/19/03)(g)	A3	$	130	$	127,802
Tyco International Group, Gtd. Notes, (Luxembourg) 6.375%, 10/15/11(l)	Ba2		140		149,147
					276,949
Consumer Products & Services — 0.3%
American Achievement Corp., Sr. Sub. 8.25%, 04/01/12 144A (cost $51,125; purchased 04/05/04)(g)	B3		50		51,000
Bunge Limited Finance Corp., Co. Gtd. 4.375%, 12/15/08	Baa3		205		202,221
Chattem, Inc., Sr. Sub. Notes 7.00%, 03/01/14	B2		25		24,125
Coinmach Corp., Sr. Notes 9.00%, 02/01/10	B2		75		75,563
Fedders North America, Inc., Gtd. Notes 9.875%, 03/01/14 144A (cost $48,496; purchased 02/27/04)(g)	Caa1		50		46,000
FTD, Inc., Co. Gtd. Notes 7.75%, 02/15/14	B3		50		46,625
Invista Co., Notes 9.25%, 05/01/12 144A (cost $74,504; purchased 04/23/04 - 06/21/04)(g)	B1		75		75,750
Jostens Holdings Corp., Sr. Disc. Notes, Zero Coupon (until 12/01/08) 10.25%, 12/01/13	Caa2		100		68,500
Jostens, Inc., Sr. Sub. Notes 12.75%, 05/01/10	B3		100		112,000
Rayovac Corp., Sr. Sub. Notes 8.50%, 10/01/13	B3		25		26,375
UST, Inc., Notes 6.625%, 07/15/12	A3		260		282,012
					1,010,171

119

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Containers & Packaging — 0.3%
AEP Industries, Inc., Sr. Sub. Notes 9.875%, 11/15/07	B3	$	25	$	25,750
BWAY Corp., Sr. Sub. Notes 10.00%, 10/15/10	B3		50		52,750
Constar International, Inc., Sr. Sub. Notes 11.00%, 12/01/12(a)	Caa1		25		23,500
Crown European Holdings SA, Sec’d. Notes 10.875%, 03/01/13	B2		175		200,374
Graham Packaging International, Sr. Sub. Notes 9.50%, 08/15/13	B3		25		27,250
Greif, Inc., Gtd. Notes 8.875%, 08/01/12	B2		50		54,063
Owens-Brockway Glass Containers Corp., Gtd. Notes 8.875%, 02/15/09	B1		125		135,625
7.75%, 05/15/11	B1		25		26,125
8.25%, 05/15/13	B2		125		129,688
Owens-Illinois, Inc., Sr. Notes 7.35%, 05/15/08	B3		25		25,063
Plastipak Holdings, Inc., Gtd. Notes 10.75%, 09/01/11	B3		50		54,000
Pliant Corp., Sec’d. Notes Zero Coupon (until 12/15/06) 11.125%, 06/15/09	B3		25		21,188
Sealed Air Corp., Sr. Notes 5.375%, 04/15/08 144A (cost $146,843; purchased 04/09/03 - 06/26/03)(g)	Baa3		145		150,076
Silgan Holdings, Inc., Sr. Sub. Notes 6.75%, 11/15/13	B1		25		24,375
Smurfit Capital Funding PLC, Notes (Ireland) 6.75%, 11/20/05(l)	Ba3		50		51,500
Smurfit-Stone Container Corp., Sr. Notes 8.375%, 07/01/12	B2		75		78,750
Solo Cup Co., Sr. Sub. Notes 8.50%, 02/15/14 144A (cost $51,377; purchased 02/12/04)(g)	B3		25		23,375

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Tekni-Plex, Inc., Sec’d. Notes 8.75%, 11/15/13 144A (cost $75,906; purchased 11/12/03 - 11/13/03)(g)	B2	$	75	$	72,000
					1,175,452
Electronic Components & Equipment — 0.2%
Amkor Technologies, Inc., Sr. Notes 7.75%, 05/15/13(a)	B1		50		47,625
Chippac International Ltd., Gtd. Notes 12.75%, 08/01/09	B3		50		53,625
New ASAT Finance Ltd., Sr. Notes 9.25%, 02/01/11 144A (cost $25,000; purchased 01/16/04)(g)	B3		25		24,875
Sanmina — SCI Corp., Gtd. Notes 10.375%, 01/15/10	Ba2		100		115,000
Solectron Corp., Sr. Notes 9.625%, 02/15/09	B1		100		110,250
Stratus Technologies, Inc., Sr. Notes 10.375%, 12/01/08 144A (cost $128,610; purchased 11/06/03 - 06/29/04)(g)	B3		125		128,906
TNP Enterprises, Inc., Notes 14.50%, 10/01/05 [PIK]	B3		27		30,308
TNP Enterprises, Inc., Sr. Sub. Notes 10.25%, 04/01/10	Ba3		50		52,000
UGS Corp., Sr. Sub. Notes 10.00%, 06/01/12 144A (cost $104,248; purchased 05/19/04 - 06/18/04)(g)	B3		100		107,000
					669,589
Entertainment & Leisure — 0.5%
American Casino & Entertainment, Sec’d. Notes 7.85%, 02/01/12 144A (cost $75,094; purchased 01/15/04 - 03/31/04)(g)	B2		75		76,500
Ameristar Casinos, Inc., Gtd. Notes 10.75%, 02/15/09	B2		50		57,250

120

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
AMF Bowling Worldwide, Inc., Sr. Sub. 10.00%, 03/01/10 144A (cost $50,749; purchased 02/19/04 - 03/01/04)(g)	B3	$	50	$	51,500
AOL Time Warner, Inc., Gtd. Bonds 7.625%, 04/15/31	Baa1		160		173,658
Argosy Gaming Co., Sr. Sub. Notes 9.00%, 09/01/11	B2		25		27,750
7.00%, 01/15/14 144A (cost $50,000; purchased 02/05/04)(g)	B3		50		49,000
Boyd Gaming Corp., Sr. Sub. Notes 6.75%, 04/15/14 144A (cost $325,000; purchased 03/31/04)(g)	B1		325		307,937
Cinemark USA, Inc., Sr. Sub. Notes 9.00%, 02/01/13	B3		25		27,406
Cinemark, Inc., Sr. Disc. Notes, Zero Coupon (until 03/15/09) 9.75%, 03/15/14 144A (cost $15,972; purchased 03/29/04)(g)	Caa1		25		16,438
Coast Hotels & Casinos, Inc., Gtd. Notes 9.50%, 04/01/09	B2		25		26,375
Hockey Co., Notes (Canada) 11.25%, 04/15/09(l)	B2		75		89,625
Isle of Capri Casinos, Inc., Sr. Sub. Notes 7.00%, 03/01/14 144A (cost $50,000; purchased 02/19/04)(g)	B2		50		46,625
K2 Corp., Sr. Notes 7.375%, 07/01/14 144A (cost $76,050; purchased 06/24/04 - 06/25/04)(g)	Ba3		75		76,688
MGM Mirage, Inc., Unsec’d. Notes 6.75%, 02/01/08	Ba1		25		25,813
Penn National Gaming, Inc., Gtd. Notes, Series B 11.125%, 03/01/08	B3		75		82,875

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Premier Entertainment Biloxi LLC, First Mortgage Notes 10.75%, 02/01/12 144A (cost $51,956; purchased 01/15/04 - 04/13/04)(g)	B3	$	50	$	52,750
Resorts International Hotel & Casino, Inc., Gtd. Notes 11.50%, 03/15/09	B2		25		28,375
Six Flags, Inc., Sr. Notes 9.50%, 02/01/09	B2		50		51,625
9.75%, 04/15/13	B2		50		50,500
Speedway Motorsports, Inc., Sr. Sub. Notes 6.75%, 06/01/13	Ba2		50		50,750
Station Casinos, Inc., Sr. Notes 6.00%, 04/01/12	Ba3		100		97,250
Town Sports International, Inc., Gtd. Notes 9.625%, 04/15/11	B2		25		24,125
Turning Stone Casino Resort Enterprise, Sr. Notes 9.125%, 12/15/10 144A (cost $25,000; purchased 12/10/02)(g)	B1		25		26,250
Venetian Casino Resort LLC, Gtd. Notes 11.00%, 06/15/10	B3		175		202,999
Warner Music Group, Sr. Sub. Notes 7.375%, 04/15/14 144A (cost $152,188; purchased 04/01/04)(g)	B3		150		145,500
Wynn Las Vegas LLC, Sr. Notes 12.00%, 11/01/10	B3		83		99,808
					1,965,372
Environmental Services — 0.2%
Allied Waste North America, Inc., Sr. Notes 7.875%, 04/15/13	Ba3		575		603,750
Casella Waste Systems, Inc., Sr. Sub. 9.75%, 02/01/13	B3		100		108,500
Synagro Technologies, Inc., Sr. Sub. Notes 9.50%, 04/01/09	B3		125		131,250
					843,500

121

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Farming & Agriculture
AGCO Corp., Gtd. Notes 9.50%, 05/01/08	Ba3	$	50	$	54,750
Financial — Bank & Trust — 0.4%
ABN AMRO Bank NV, Sub. Notes 7.125%, 06/18/07	A1		145		158,791
Bank of America Corp., Sr. Notes 4.875%, 09/15/12	Aa2		225		219,596
Bank of Nova Scotia, Sub. Debs. (Canada) 6.25%, 09/15/08(l)	A1		50		53,712
BB&T Corp., Sub. Notes 6.50%, 08/01/11	A2		70		76,122
BCP Caylux Holdings Lux Sca, Sr. Sub. Notes (Luxembourg) 9.625%, 06/15/14 144A (cost $75,500; purchased 06/03/04 - 06/08/04)(g)(l)	B2		75		78,094
Countrywide Home Loans, Inc., Gtd. Notes 5.50%, 02/01/07	A3		135		141,103
International Nederland Bank NV, Sub. Notes (Netherlands) 5.125%, 05/01/15 144A (cost $252,236; purchased 02/04/04)(g)(l)	Aa3		250		240,865
Northern Trust Co., Sub. Notes 4.60%, 02/01/13	A1		115		110,067
US Bank NA, Notes 2.85%, 11/15/06	Aa2		175		174,831
Wachovia Corp., Sub. Notes 6.40%, 04/01/08	A1		80		86,272
Webster Bank, Sr. Notes 5.125%, 04/15/14	Baa3		180		171,078
					1,510,531
Financial Services — 1.4%
Alamosa Delaware, Inc., Gtd. Notes 11.00%, 07/31/10	Caa1		74		81,030
Arch Western Finance, Sr. Notes 6.75%, 07/01/13 144A (cost $50,000; purchased 06/19/03)(g)	Ba2		50		50,250

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Bank One Corp., Sub. Notes 5.25%, 01/30/13	A1	$	270	$	266,023
Capital One Bank, Sub. Notes 6.50%, 06/13/13	Baa3		180		185,908
CIT Group, Inc., Sr. Notes 2.875%, 09/29/06	A2		90		88,869
7.75%, 04/02/12	A2		175		199,875
Citigroup, Inc., Sub. Notes 5.625%, 08/27/12	Aa2		390		401,536
Couche-Tard Corp., Sr. Sub. Notes 7.50%, 12/15/13	Ba3		25		25,125
Dollar Financial Group, Gtd. Notes 9.75%, 11/15/11	B3		75		78,750
Duke Capital Corp., Notes 4.302%, 05/18/06	Baa3		100		101,642
Ford Motor Credit Co., Notes 6.50%, 01/25/07	A3		380		399,510
Franklin Resources, Inc., Notes 3.70%, 04/15/08	A2		55		54,199
General Electric Capital Corp., Notes 6.125%, 02/22/11	Aaa		280		300,272
6.00%, 06/15/12	Aaa		185		195,537
General Motors Acceptance Corp., Notes 7.25%, 03/02/11	A3		230		241,711
Global Cash Access LLC, Sr. Sub. Notes 8.75%, 03/15/12 144A (cost $102.531; purchased 03/04/04)(g)	Caa1		100		104,500
Goldman Sachs Group, Inc., Sub. Notes 6.345%, 02/15/34	A1		380		357,992
HBOS PLC, Sub. Notes (United Kingdom) 6.00%, 11/01/33 144A (cost $167,989; purchased 10/22/03)(g)(l)	Aa3		170		162,349
Household Finance Corp., Notes 6.375%, 11/27/12	A1		125		132,751
International Lease Finance Corp., Notes 6.375%, 03/15/09	A1		275		295,247
John Deere Capital Corp., Notes 7.00%, 03/15/12	A3		190		212,952

122

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
John Hancock Global Funding II, Notes 5.625%, 06/27/06 144A (cost $239,248; purchased 06/20/01)(g)	Aa3	$	240	$	251,279
Morgan Stanley, Notes 3.625%, 04/01/08	Aa3		300		295,081
Orion Power Holdings, Inc., Sr. Notes 12.00%, 05/01/10	B2		75		91,875
Pemex Project Funding Master Trust, Gtd. Notes 7.375%, 12/15/14	Baa1		125		128,125
State Street Corp., Sub. Notes 7.65%, 06/15/10	A1		250		291,373
Verizon Global Funding Corp., Notes 7.75%, 12/01/30	A2		165		185,880
Wells Fargo & Co., Notes 1.17%, 03/23/07(c)	Aa1		225		225,208
Williams Scotsman, Inc., Gtd. Notes 9.875%, 06/01/07	B3		25		24,938
					5,429,787
Financial-Brokerage
Labranche & Co., Sr. Notes 9.50%, 05/15/09 144A (cost $75,000; purchased 05/04/04)(g)	Ba1		75		76,125
Food — 0.2%
Agrilink Foods, Inc., Gtd. Notes 11.875%, 11/01/08	B3		25		26,563
B&G Foods, Inc., Gtd. Notes, Series D 9.625%, 08/01/07	B3		75		76,688
Dole Foods Co., Sr. Notes 8.875%, 03/15/11	B2		100		106,250
Kraft Foods, Inc., Notes 5.625%, 11/01/11	A3		195		198,668
McCormick & Co., Inc., Notes 6.40%, 02/01/06	A2		260		274,291
Merisant Co., Gtd. Notes 9.50%, 07/15/13 144A (cost $24,944; purchased 04/12/04)(g)	B3		25		26,750

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Pinnacle Foods Holding Corp., Sr. Sub. Notes 8.25%, 12/01/13 144A (cost $128,853; purchased 11/20/03 - 03/31/04)(g)	B3	$	125	$	121,250
8.25%, 12/01/13 144A (cost $52,507; purchased 02/05/04 - 04/01/04)(g)	B3		50		48,500
					878,960
Furniture
Interface, Inc., Sr. Notes 10.375%, 02/01/10	Caa1		75		84,000
Norcraft Cos. L.P., Sr. Sub. Notes 9.00%, 11/01/11 144A (cost $77,117; purchased 10/10/03)(g)	B3		75		79,500
					163,500
Healthcare Services — 0.2%
AmeriPath, Inc., Gtd. Notes 10.50%, 04/01/13	B3		50		50,750
Concentra Operating Corp., Gtd. Notes 9.50%, 08/15/10	B3		25		26,750
Concentra Operating Corp., Sr. Sub. Notes 9.125%, 06/01/12 144A (cost $74,968; purchased 05/25/04)(g)	B3		75		78,750
Genesis Healthcare Corp., Sr. Sub. Notes 8.00%, 10/15/13 144A (cost $76,406; purchased 10/23/03)(g)	B3		75		76,875
Highmark, Inc., Notes 6.80%, 08/15/13 144A (cost $79,830; purchased 08/14/03)(g)	Baa3		80		84,505
InSight Health Services Corp., Gtd. Notes 9.875%, 11/01/11	B3		50		53,750
Inverness Medical Innovations, Inc., Sr. Sub Notes 8.75%, 02/15/12 144A (cost $25,000; purchased 02/05/04)(g)	Caa1		25		25,688

123

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Quintiles Transnational Corp. 10.00%, 10/01/13	B3	$	50	$	49,750
Tenet Healthcare Corp., Notes 7.375%, 02/01/13(a)	B1		50		45,500
Tenet Healthcare Corp., Sr. Notes 9.875%, 07/01/14 144A (cost $24,422; purchased 06/15/04)(g)	B3		25		25,563
Triad Hospitals, Inc., Sr. Sub. Notes 7.00%, 11/15/13	B3		75		71,625
Vicar Operating, Inc., Gtd. Notes 9.875%, 12/01/09	B3		75		82,875
					672,381
Hotels & Motels — 0.1%
Courtyard by Marriott II Ltd., Sr. Notes, Series B 10.75%, 02/01/08	B2		215		216,612
Hammons, (John Q.) Hotels L.P., First Mortgage Notes 8.875%, 05/15/12	B2		100		109,000
Hilton Hotels Corp., Notes 7.625%, 12/01/12	Ba1		25		27,000
Host Marriott L.P., Gtd. Notes 9.50%, 01/15/07	Ba3		50		54,875
La Quinta Properties, Sr. Notes 8.875%, 03/15/11	Ba3		125		135,000
Prime Hospitality Corp., Sr. Sub. Notes 8.375%, 05/01/12	B2		25		25,938
					568,425
Industrial Products — 0.2%
Brand Services, Inc., Gtd. Notes 12.00%, 10/15/12	B3		100		114,500
Euramax International PLC, Sr. Sub. Notes 8.50%, 08/15/11	B2		25		26,125
Four M Corp., Sr. Notes, Series B 12.00%, 06/01/06	B3		125		126,875
Massey Energy Co., Sr. Notes 6.625%, 11/15/10	Ba3		75		75,000
Mobile Mini, Inc., Sr. Notes 9.50%, 07/01/13	B2		75		82,500

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
National Waterworks, Inc., Gtd. Notes 10.50%, 12/01/12	B3	$	100	$	111,500
Shaw Group, Inc., Unsec’d. Sr. Notes 10.75%, 03/15/10(a)	Ba2		75		73,875
Steel Dynamics, Inc., Gtd. Notes 9.50%, 03/15/09	B1		125		138,750
					749,125
Insurance — 0.6%
Ace Ina Holdings, Inc., Notes 5.875%, 06/15/14	A3		155		157,106
AIG SunAmerica Global Financing XII, 5.30%, 05/30/07 144A (cost $274,809; purchased 05/15/02)(g)	Aaa		275		287,696
Allstate Financial Global Funding LLC, 5.25%, 02/01/07 144A (cost $179,631; purchased 01/24/02)(g)	Aa2		180		187,992
Fund American Cos., Inc., Notes 5.875%, 05/15/13	Baa2		195		194,918
Genworth Financial, Inc., Notes 5.75%, 06/15/14	A2		185		187,174
Marsh & McLennan Cos., Inc., Notes 3.625%, 02/15/08	A2		80		78,970
Metlife, Inc., Sr. Notes 6.125%, 12/01/11	A2		200		215,024
Nationwide Financial Services, Inc., Sr. Notes 5.90%, 07/01/12	A3		205		213,396
Nationwide Mutual Insurance Co., Bonds 6.60%, 04/15/34 144A (cost $104,768; purchased 03/31/04)(g)	A2		105		99,880
NLV Financial Corp., Sr. Notes 7.50%, 08/15/33 144A (cost $121,258; purchased 08/20/03 - 12/03/03)(g)	Baa3		120		121,502

124

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Principal Life Global Funding I, Notes 5.125%, 10/15/13 144A (cost $183,907; purchased 10/20/03)(g)	Aa3	$	185	$	182,703
Security Benefit Life Insurance Co., Notes 7.45%, 10/01/33 144A (cost $79,820; purchased 09/26/03)(g)	Baa1		80		79,618
XL Capital Ltd., Gtd. Notes 6.50%, 01/15/12	A2		170		182,103
					2,188,082
Machinery & Equipment — 0.1%
Case New Holland, Inc., Sr. Notes 9.25%, 08/01/11 144A (cost $49,366; purchased 07/29/03)(g)	Ba3		50		52,750
Cummins, Inc., Sr. Notes 9.50%, 12/01/10	Ba2		25		28,438
JLG Industries, Inc. Sr. Sub. Notes 8.375%, 06/15/12(a)	B3		75		76,688
Maax Corp., Sr. Sub. Notes (Canada) 9.75%, 06/15/12 144A (cost $76,188; purchased 05/27/04)(g)(l)	B3		75		77,625
Manitowoc Co., Inc., Sr. Notes 7.125%, 11/01/13(a)	B1		50		50,250
Trimas Corp., Gtd. Notes 9.875%, 06/15/12	B3		125		133,124
					418,875
Medical Supplies & Equipment — 0.2%
Fisher Scientific International, Inc., Sr. Sub. Notes 8.125%, 05/01/12	B2		65		69,875
Fresenius Medical Capital Trust II, Gtd. Notes 7.875%, 02/01/08	Ba2		250		264,375
Hospira, Inc., Notes 4.95%, 06/15/09 144A (cost $190,068; purchased 06/07/04)(g)	Baa3		190		191,276

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
VWR International, Inc., Sr. Notes (Germany) 6.875%, 04/15/12 144A (cost $25,000; purchased 04/07/04)(g)(l)	B2	$	25	$	25,219
VWR International, Inc., Sr. Sub. Notes (Germany) 8.00%, 04/15/14 144A (cost $180,589; purchased 04/07/04 - 04/13/04)(g)(l)	B3		175		180,250
					730,995
Metals & Mining — 0.4%
Alcan, Inc., Bonds (Canada) 6.125%, 12/15/33 (l)	Baa1		175		169,888
Algoma Steel, Inc., Sec’d. Notes 11.00%, 12/31/09	NR		25		27,125
Allegheny Technologies, Inc., Notes 8.375%, 12/15/11	B2		75		75,750
Alpha Natural Resources, Sr. Notes 10.00%, 06/01/12 144A (cost $75,000; purchased 05/13/04)(g)	B3		75		78,750
Autocam Corp., Sr. Sub. Notes 10.875%, 06/15/14 144A (cost $48,894; purchased 05/26/04)(g)	B3		50		48,750
California Steel Industries, Inc., Sr. Notes 6.125%, 03/15/14	Ba3		25		23,438
Century Aluminum Co., Notes 11.75%, 04/15/08	B1		100		112,000
Compass Minerals Group, Inc., Gtd. Notes 10.00%, 08/15/11	B3		25		27,875
Freeport-McMoRan Resource Partners, Inc. L.P., Sr. Notes 7.00%, 02/15/08	Caa1		175		180,250
Gerdau Ameristeel Corp., Sr. Notes (Canada) 10.375%, 07/15/11(l)	B2		125		140,000
Ipsco, Inc., Sr. Notes (Canada) 8.75%, 06/01/13(l)	Ba3		25		28,000

125

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Ispat Inland ULC, Sr. Sec’d. Notes 9.75%, 04/01/14 144A (cost $52,125; purchased 04/20/04)(g)	Caa1	$	50	$	51,750
Jorgensen, (Earle, M.) Co., Sec’d. Notes 9.75%, 06/01/12	B2		175		192,499
Neenah Corp., Sec’d. Notes 11.00%, 09/30/10 144A (cost $27,125; purchased 10/15/03)(g)	B2		25		26,625
Russel Metals, Inc., Sr. Notes (Canada) 6.375%, 03/01/14(l)	Ba3		125		117,813
Valmont Industries, Inc., Sr. Sub. Notes 6.875%, 05/01/14 144A (cost $49,504; purchased 04/29/04 - 05/19/04)(g)	Ba3		50		49,375
					1,349,888
Oil & Gas — 1.3%
Amerada Hess Corp., Bonds 7.875%, 10/01/29	Ba1		135		146,257
AmeriGas Partners L.P., Sr. Notes 8.875%, 05/20/11	B2		475		508,249
ANR Pipeline, Inc., Notes 8.875%, 03/15/10	B1		25		27,438
Baker Hughes, Inc., Sr. Notes 6.875%, 01/15/29	A2		200		219,719
Buckeye Partners L.P., Notes 6.75%, 08/15/33	Baa2		75		75,615
Comstock Resources, Inc., Sr. Notes 6.875%, 03/01/12	B2		50		47,750
ConocoPhillips, Gtd. Bonds 5.90%, 10/15/32	A3		245		237,608
Denbury Resources, Inc., Gtd. Notes 7.50%, 04/01/13	B2		50		50,500
Devon Financing Corp. LLC, Co. Gtd. 7.875%, 09/30/31	Baa2		145		166,886
El Paso Production Holding, Notes 7.75%, 06/01/13	B2		50		46,125

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Encana Holdings Financial Corp., Co. Gtd. (Canada) 5.80%, 05/01/14(l)	Baa1	$	200	$	203,849
Encore Acquisition Co., Gtd. Notes 8.375%, 06/15/12	B2		50		53,750
Ferrellgas Partners L.P., Sr. Notes 8.75%, 06/15/12	B2		100		107,250
Halliburton Co., Notes 1.92%, 04/26/04 144A (cost $109,002; purchased 05/07/04)(c)(g)	Baa2		190		189,958
Hanover Compressor Co., Sr. Notes 9.00%, 06/01/14	B3		25		26,063
Hanover Equipment Trust, Sec’d. Notes 8.50%, 09/01/08	B2		25		26,563
Hilcorp Energy I L.P., Sr. Notes 10.50%, 09/01/10 144A (cost $75,000; purchased 08/05/03)(g)	B3		75		81,563
Kaneb Pipe Line Operating Partnership L.P., Sr. Notes 7.75%, 02/15/12	Ba1		90		98,113
Kinder Morgan, Inc., Sr. Notes 6.50%, 09/01/12	Baa2		180		191,015
Magnum Hunter Resources, Inc., Gtd. Notes 9.60%, 03/15/12	B2		50		55,250
Panhandle Eastern Pipe Line Co., Sr. Notes 4.80%, 08/15/08	Baa3		70		69,857
Pemex Project Funding Master Trust, Notes 2.769%, 06/15/04 144A (cost $189,789; purchased 06/08/04)(a)(c)(g)	Baa1		190		191,330
Petroleum Geo-Services ASA, Notes (Norway) 10.00%, 11/05/10(l)	NR		75		78,000
Pioneer Natural Resources Co., Gtd. Notes 7.50%, 04/15/12	Baa3		150		170,118

126

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Plains All American Pipeline L.P., Gtd. 7.75%, 10/15/12	Ba1	$	280	$	308,232
Pride International, Inc., Sr. Notes 7.375%, 07/15/14 144A (cost $49,737; purchased 06/22/04)(g)	Ba2		50		50,750
Pride Petroleum Services, Inc., Sr. Notes 9.375%, 05/01/07	Ba2		67		68,508
PSE&G Energy Holdings, Inc., Sr. Notes 8.50%, 06/15/11	Ba3		75		80,625
Range Resources Corp., Sr. Sub. Notes 7.375%, 07/15/13 144A (cost $24,532; purchased 06/22/04)(g)	B3		25		25,000
Southern Natural Gas Co., Notes 8.875%, 03/15/10	B1		550		603,624
Swift Energy Co., Sr. Notes 7.625%, 07/15/11	B1		50		50,750
Transocean, Inc., Notes 7.50%, 04/15/31	Baa2		110		125,623
Westport Resources Corp., Gtd. Notes 8.25%, 11/01/11	Ba3		25		28,406
Williams Cos., Inc., Debs. 7.50%, 01/15/31	B3		250		227,500
Williams Cos., Inc., Notes 8.125%, 03/15/12	B3		275		294,938
XTO Energy, Inc., Notes 4.90%, 02/01/14	Ba1		145		136,783
					5,069,565
Paper & Forest Products — 0.4%
Boise Cascade Co., Sr. Notes 7.00%, 11/01/13	Ba2		25		25,688
Celulosa Arauco Y Constitucion SA, Notes (Chile) 5.125%, 07/09/13(l)	Baa2		160		150,503
Domtar Inc., Notes (Canada) 5.375%, 12/01/13(l)	Baa3		155		147,656
Georgia-Pacific Corp., Gtd. Notes 9.375%, 02/01/13	Ba2		500		574,999

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Graphic Packaging International Corp., Sr. Notes 8.50%, 08/15/11	B2	$	25	$	26,875
JSG Funding PLC, Sr. Notes (Ireland) 9.625%, 10/01/12(l)	B2		150		165,000
Longview Fibre Co., Sr. Sub. Notes 10.00%, 01/15/09	B2		100		108,500
Potlatch Corp., Gtd. Notes 10.00%, 07/15/11	Ba1		25		27,875
SCA Coordination Center NV, Gtd. Notes (Belgium) 4.50%, 07/15/15 144A (cost $119,288; purchased 06/30/03)(g)(l)	A3		120		109,322
Weyerhaeuser Co., Notes 6.75%, 03/15/12	Baa2		180		195,226
					1,531,644
Pharmaceuticals — 0.1%
Abbott Laboratories, Notes 5.625%, 07/01/06	A1		360		378,048
Alpharma, Inc., Sr. Notes 8.625%, 05/01/11 144A (cost $25,000; purchased 04/16/03)(g)	B3		25		26,000
Biovail Corp., Sr. Sub. Notes (Canada) 7.875%, 04/01/10(l)	B2		50		49,625
Glaxosmithkline Capital, Inc., Gtd. Notes 5.375%, 04/15/34	Aa2		125		114,123
					567,796
Printing & Publishing — 0.3%
Canwest Media, Inc., Sr. Sub. Notes 10.625%, 05/15/11	B2		100		112,625
CBD Media, Inc., Gtd. Notes 8.625%, 06/01/11	B3		50		52,875
Dex Media East LLC, Gtd. Notes 9.875%, 11/15/09	B2		25		28,188
12.125%, 11/15/12	B3		150		175,874
Dex Media West Finance, Sr. Sub.Notes 9.875%, 08/15/13	Caa1		75		82,688
Dex Media West LLC, Sr. Notes 8.50%, 08/15/10	B3		25		27,375

127

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Dex Media, Inc., Notes 8.00%, 11/15/13 144A (cost $47,635; purchased 06/03/04 - 06/10/04)(g)	Caa1	$	50	$	48,250
Donnelley (R.R.) & Sons Co., Notes 3.75%, 04/01/09 144A (cost $114,841; purchased 03/03/04)(g)	Baa1		115		111,230
Hollinger Participation Trust, Sr. Notes 12.125%, 11/15/10 [PIK] 144A(cost $113,313; purchased 09/08/03 - 05/14/04)(g)	B3		105		122,361
Houghton Mifflin Co., Sr. Sub. Notes 9.875%, 02/01/13	B3		75		75,375
Liberty Group Operating, Inc., Gtd. Notes 9.375%, 02/01/08	Caa1		50		50,000
Primedia, Inc., Sr. Notes 8.875%, 05/15/11	B3		50		49,750
8.00%, 05/15/23 144A (cost $25,000; purchased 05/08/03)(g)	B3		25		23,625
Quebecor Media, Inc., Sr. Notes (Canada) 11.125%, 07/15/11 (l)	B2		150		171,937
Reader’s Digest Assoc., Sr. Notes 6.50%, 03/01/11	Ba3		50		49,063
Sun Media Corp., Gtd. Notes (Canada) 7.625%, 02/15/13 (l)	Ba3		50		51,250
Vertis, Inc., Sec’d. Notes 9.75%, 04/01/09	B2		25		27,000
					1,259,466
Railroads — 0.1%
Canadian National Railway Co., Notes (Canada) 4.40%, 03/15/13 (l)	Baa1		280		262,759
Real Estate — 0.4%
BF Saul, Sec’d. Notes 7.50%, 03/01/14	B3		25		24,875
Developers Diversified Reatly Corp., Notes 3.875%, 01/30/09	Baa3		145		138,687

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Geo Group, Inc. (The), Sr. Notes 8.25%, 07/15/13	B1	$	25	$	24,875
Istar Financial, Inc., Sr. Notes 4.875%, 01/15/09 [REIT]	Ba1		80		77,864
LNR Property Corp., Sr. Sub. Notes 7.625%, 07/15/13	Ba3		75		75,000
Omega Healthcare Investors, Inc., Sr. Notes 7.00%, 04/01/14 144A (cost $50,000; purchased 03/15/04)(g)	B1		50		47,500
Pulte Homes, Inc., Gtd. Notes 7.875%, 08/01/11	Baa3		150		169,904
Reckson Operating Partnership L.P., Notes 5.15%, 01/15/11	Ba1		180		174,599
Rouse Co., Notes 8.43%, 04/27/05	Baa3		350		363,739
Simon Property Group L.P., Notes 3.75%, 01/30/09	Baa2		190		182,590
Universal City Development, Notes 11.75%, 04/01/10	B2		150		174,375
WCI Communities, Inc., Gtd. Notes 9.125%, 05/01/12	Ba3		25		27,125
Williams Scotsman, Inc., Sec’d. Notes 10.00%, 08/15/08	B2		50		54,750
					1,535,883
Restaurants — 0.1%
Friendly Ice Cream Corp., Sr. Notes 8.375%, 06/15/12 144A (cost $101,219; purchased 03/03/04)(g)	B2		100		97,500
Perkins Family Restuarants L.P., Sr. Notes 10.125%, 12/15/07	B1		75		77,625
Yum! Brands, Inc., Sr. Notes 7.70%, 07/01/12	Baa3		185		212,113
					387,238

128

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Retail & Merchandising — 0.2%
Adesa Corp., Sr. Sub. Notes 7.625%, 06/15/12	B1	$	25	$	25,344
Asbury Automotive Group, Inc., Sr. Sub. Notes 8.00%, 03/15/14	B3		50		48,000
Barneys New York, Inc., Gtd. Notes 9.00%, 04/01/08	B3		25		26,125
Federated Department Stores 6.625%, 04/01/11	Baa1		150		162,818
Fred Meyer, Inc., Gtd. Notes 7.45%, 03/01/08	Baa3		170		188,798
Office Depot, Inc., Notes 6.25%, 08/15/13	Baa3		160		165,084
Pantry, Inc., Sr. Sub. Notes 7.75%, 02/15/14	B3		50		49,000
					665,169
Semiconductors — 0.2%
AMI Semiconductor, Inc., Gtd. Notes 10.75%, 02/01/13	B3		33		38,693
Amkor Technology, Inc., Sr. Notes 7.125%, 03/15/11 144A (cost $523,629; purchased 03/09/04 - 03/14/04)(a)(g)	B1		525		494,812
Fairchild Semiconductor International Corp., Sr. Sub. Notes 10.50%, 02/01/09	B2		200		218,500
On Semiconductor Corp., Gtd. Notes
13.00%, 05/15/08	Caa1		16		18,440
12.00%, 03/15/10	B3		65		76,375
					846,820
Telecommunications — 1.3%
Alamosa Delaware, Inc. Sr. Notes 8.50%, 01/31/12 144A (cost $25,000; purchased 01/13/04)(g)	Caa1		25		24,625
Alaska Communication Systems Holdings, Gtd. Notes 9.875%, 08/15/11	B2		50		52,375

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
AT&T Broadband Corp., Gtd. Notes 8.375%, 03/15/13	Baa3	$	205	$	241,042
British Telecom PLC, Notes (United Kingdom) 8.375%, 12/15/10(l)	Baa1		100		116,930
Call-Net Enterprises, Inc., Gtd. Notes 10.625%, 12/31/08	Caa3		75		75,000
Centennial Communications Corp., Gtd. Notes 10.125%, 06/15/13	Caa1		50		51,875
Deutsche Telekom International Finance BV, Gtd. Notes (Netherlands) 8.75%, 06/15/30(l)	Baa3		120		146,477
DIRECTV Holdings LLC, Sr. Notes 8.375%, 03/15/13	B1		550		611,187
Echostar DBS Corp., Sr. Notes 10.375%, 10/01/07	Ba3		50		53,688
9.125%, 01/15/09	Ba3		3		3,304
Eircom Funding, Sr. Sub. Notes (Ireland) 8.25%, 08/15/13(l)	B1		125		130,625
Fairpoint Communications, Inc., Sr. Sub. Notes 12.50%, 05/01/10	Caa1		125		133,750
France Telecom SA, Notes (France) 8.75%, 03/01/11(l)	Baa3		75		87,024
Inmarsat Finance PLC, Gtd. Notes (United Kingdom) 7.625%, 06/30/12 144A (cost $25,000; purchased 01/27/04)(g)(l)	B2		25		24,313
Insight Midwest L.P., Sr. Notes 10.50%, 11/01/10	B2		50		54,750
LCI International, Inc., Sr. Notes 7.25%, 06/15/07	Caa1		50		45,500
Lucent Technologies, Inc., Notes 5.50%, 11/15/08(a)	Caa1		75		71,250
MCI, Inc., Sr. Notes 5.908%, 05/01/07(a)	NR		75		72,938
Motorola, Inc., Notes 6.75%, 02/01/06(a)	Baa3		100		105,195

129

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Nextel Communications, Inc., Sr. Notes 9.375%, 11/15/09	B2	$	25	$	26,844
9.50%, 02/01/11	B2		50		56,250
6.875%, 10/31/13	B2		125		124,531
7.375%, 08/01/15	B2		150		152,250
Nortel Networks Ltd., Notes (Canada) 6.125%, 02/15/06 (l)	B3		100		101,000
Primus Telecommunications Group, Inc., Sr. Notes 8.00%, 01/15/14 144A (cost $98,933; purchased 01/13/04 - 04/15/04)(g)	B3		100		88,500
Qwest Corp., Notes 9.125%, 03/15/12 144A (cost $80,832; purchased 04/16/03 - 04/17/03)(g)	Ba3		75		81,375
Qwest Services Corp., Notes 13.50%, 12/15/10 144A (cost $484,238; purchased 01/03/03 - 06/24/04)(g)	Caa1		425		496,187
Rogers Wireless, Inc., Sec’d. Notes 9.625%, 05/01/11 (l)	Ba3		75		84,563
Rogers Wireless, Inc., Sr. Sec’d. Notes (Canada) 6.375%, 03/01/14 144A (l)(cost $306,611; purchased 03/11/04)(g)	Ba3		300		277,499
Sprint Capital Corp., Co. Gtd. 7.625%, 01/30/11	Baa3		215		237,990
Sprint Capital Corp., Gtd. Bonds 6.875%, 11/15/28	Baa3		150		144,603
Telecom Italia Capital, Gtd. Notes (Luxembourg) 5.25%, 11/15/13 144A (cost $192,272; purchased 05/11/04)(g)(l)	Baa2		200		193,921
Telefonos de Mexico SA, Notes (Mexico) 4.50%, 11/19/08 (l)	A3		95		92,696
Telex Communications, Inc., Sec’d. Notes 11.50%, 10/15/08	B3		75		79,875
Telus Corp., Notes (Canada) 8.00%, 06/01/11(l)	Baa3		135		153,643

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Time Warner Telecom LLC, Sr. Notes 9.75%, 07/15/08(a)	B3	$	125	$	117,500
Triton PCS, Inc., Gtd. Notes 8.50%, 06/01/13	B2		50		47,500
TSI Telecommunication Services, Inc., Gtd. Notes 12.75%, 02/01/09	B3		50		54,000
U.S. Unwired, Inc., Gtd. Notes, Zero Coupon (until 11/01/04) 11.375%, 11/01/09	Caa2		25		25,250
U.S. Unwired, Inc., Sec’d. Notes 10.00%, 06/15/12 144A (cost $49,665; purchased 06/10/04)(g)	Caa1		50		50,750
Ubiquitel Operating Co., Sr. Notes 9.875%, 03/01/11 144A (cost $49,174; purchased 02/12/04)(g)	Caa1		50		50,250
United States Cellular Corp., Notes 6.70%, 12/15/33	Baa1		110		104,345
Western Wireless Corp., Sr. Notes 9.25%, 07/15/13	Caa1		150		155,250
					5,098,420
Transportation — 0.2%
CHC Helicopter Corp., Sr. Sub. Notes 7.375%, 05/01/14 144A (cost $75,053; purchased 04/21/04)(g)	B2		75		74,063
Hertz Corp., Notes 4.70%, 10/02/06	Baa2		80		80,914
Laidlaw International, Inc., Sr. Notes 10.75%, 06/15/11	B2		100		109,625
Petroleum Helicopters, Inc., Gtd. Notes, Series B 9.375%, 05/01/09	B1		75		79,125
Travelcenters of America, Inc., Gtd. Notes 12.75%, 05/01/09	B3		175		203,875
Union Pacific Corp., Notes 6.50%, 04/15/12	Baa2		200		215,697
Union Tank Car Co., Notes 7.125%, 02/01/07	A2		150		162,077
					925,376

130

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Utilities — 1.6%
AES Corp., Sec’d. Notes 9.00%, 05/15/15 144A (cost $102,303; purchased 05/01/03 - 09/10/03)(g)	B2	$	100	$	107,625
AES Corp., Sr. Notes 9.375%, 09/15/10	B3		75		80,344
8.875%, 02/15/11(a)	B3		125		130,313
7.75%, 03/01/14	B3		25		24,156
Allegheny Energy Supply Co. LLC, Notes 7.80%, 03/15/11(a)	B3		125		122,813
8.75%, 04/15/12 144A (cost $41,267; purchased 04/11/03)(g)	B3		50		49,688
Appalachian Power Co., Sr. Notes, Series E 4.80%, 06/15/05	Baa2		185		188,698
Black Hills Corp., Notes 6.50%, 05/15/13	Baa3		150		150,547
Canadian Natural Resources Ltd., Notes (Canada) 7.20%, 01/15/32(l)	Baa1		300		332,165
CE Electric UK Funding Co., Sr. Notes (United Kingdom) 6.995%, 12/30/07 144A (cost $167,380; purchased 03/03/04)(g)(l)	Baa3		155		163,391
Chesapeake Energy Corp., Gtd. Notes 9.00%, 08/15/12	Ba3		100		113,000
CMS Energy Corp., Sr. Notes 9.875%, 10/15/07	B3		100		108,250
8.50%, 04/15/11	B3		400		409,999
Duke Capital Corp., Sr. Notes 7.50%, 10/01/09(a)	Baa3		175		193,220
Dynegy Holdings, Inc., Sec’d. Notes 10.125%, 07/15/13 144A (cost $127,264; purchased 08/01/03 - 12/03/03)(g)	B3		125		135,938
Edison Mission Energy, Sr. Notes 9.875%, 04/15/11	B2		100		104,750
Entergy Gulf States, Inc., First Mortgage Notes 5.20%, 12/03/07	Baa3		160		161,460

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Entergy Louisiana, Inc., First Mortgage Notes 6.50%, 03/01/08	Aaa	$	475	$	483,883
Exelon Generation Co. LLC, Notes 5.35%, 01/15/14 144A (cost $154,952; purchased 12/16/03)(g)	Baa1		155		150,587
Illinois Power Corp., First Mortgage Notes 11.50%, 12/15/10	B3		75		89,063
Jersey Central Power & Light, First Mortgage Notes 5.625%, 05/01/16 144A (cost $84,551; purchased 04/20/04)(g)	Baa1		85		83,861
Midwest Generation LLC, Sec’d. Notes 8.75%, 05/01/34 144A (cost $71,504; purchased 05/17/04 - 05/18/04)(g)	B1		75		76,125
North American Energy Partners, Inc., Sr. Notes 8.75%, 12/01/11 144A (cost $76,781; purchased 11/21/03 - 12/01/03)(g)	B2		75		74,625
NRG Energy, Inc., Sec’d. Notes 8.00%, 12/15/13 144A (cost $127,524; purchased 12/17/03 - 01/30/04)(g)	B2		125		126,875
Ohio Edison Co., Sr. Notes 4.00%, 05/01/08	Baa2		175		171,327
Pacific Gas & Electric, Notes 1.81%, 04/03/06(c)	Baa2		200		200,135
Pepco Holdings, Inc., Notes 3.75%, 02/15/06	Baa2		105		105,546
Pinnacle West Capital Corp., Sr. Notes 6.40%, 04/01/06	Baa2		150		157,719
PPL Capital Funding, Co. Gtd. 4.33%, 03/01/09 144A (cost $183,987; purchased 05/14/04)(g)	Baa3		190		184,111
PSE & G Power LLC, Notes 3.75%, 04/01/09	Baa1		130		124,516

131

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Public Service Co. of New Mexico, Sr. Notes 4.40%, 09/15/08	Baa3	$	155	$	154,668
Public Service Electric & Gas Co., First Mortgage Notes 7.00%, 09/01/24	A3		300		305,363
Sempra Energy Co., Notes 6.00%, 02/01/13	Baa1		180		186,299
Sierra Pacific Resources, Sr. Notes 8.625%, 03/15/14 144A (cost $175,699; purchased 03/16/04 - 03/24/04)(g)	B2		175		171,500
Williams Cos., Inc., Notes 8.75%, 03/15/32	B3		25		25,125
WPD Holdings UK, Jr. Unsub. Notes (United Kingdom) 6.875%, 12/15/07 144A (cost $112,323; purchased 11/06/03)(g)(l)	Baa2		110		114,773
					5,562,458
Total Corporate Obligations
(Cost $52,118,363)					52,442,827
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 7.4%
Federal Home Loan Mortgage Corp. 4.50%, 11/01/18 - 04/01/19			472		461,542
4.617%, 07/01/04(c)			174		176,774
5.00%, 12/01/08 - 12/01/33			3,074		3,029,273
5.50%, 10/01/33 - 07/01/34			1,687		1,681,588
6.00%, 01/01/34			496		506,540
7.00%, 11/01/30 - 06/01/32			238		251,499
					6,107,216
Federal National Mortgage Assoc. 4.375%, 09/15/12			450		432,686
4.50%, 05/01/18 - 11/01/33			3,168		3,099,351
5.50%, 12/01/16 - 06/01/34			9,565		9,626,300
6.00%, 05/15/08 - 05/01/34			3,323		3,429,170
6.50%, 05/01/17 - 12/01/32			1,359		1,431,562
7.00%, 01/01/31 - 04/01/32			30		32,003
					18,051,072
Government National Mortgage Assoc. 5.00%, 09/15/33 - 03/20/34			1,460		1,417,798
5.50%, 01/20/34 - 05/20/34			1,621		1,619,869
6.00%, 02/15/26 - 05/15/26			109		112,286
6.50%, 02/15/28 - 12/20/33			278		290,098
7.00%, 03/15/13 - 08/15/26			502		535,016

			Principal Amount (000)			Value (Note 2)
8.00%, 12/15/16 - 07/15/23			$	55		$	59,011
8.50%, 06/15/16 - 10/15/26				154			170,039
9.50%, 10/15/09 - 01/15/20				5			5,623
10.00%, 11/15/09				1			1,168
10.50%, 08/15/15				2			2,061
11.50%, 06/15/10				1			597
12.00%, 09/15/13				—	(p)		197
							4,213,763
Total U.S. Government Agency Mortgage-Backed Securities
(Cost $28,273,612)							28,372,051
U.S. TREASURY OBLIGATIONS — 5.7%
U.S. Treasury Bonds 7.50%, 11/15/16				750			924,815
6.25%, 08/15/23(a)				570			631,364
7.625%, 02/15/25				300			385,067
6.00%, 02/15/26				1,335			1,438,932
6.25%, 05/15/30(a)				390			436,785
5.375%, 02/15/31				785			791,961
U.S. Treasury Notes 2.125%, 08/31/04				325			325,571
2.125%, 10/31/04				1,150			1,152,561
5.875%, 11/15/04(a)				4,695			4,770,561
6.50%, 08/15/05(a)				1,830			1,918,213
1.50%, 03/31/06(a)				45			44,197
2.50%, 05/31/06(a)				2,460			2,452,507
3.25%, 08/15/07(a)				975			976,181
3.25%, 08/15/08(a)				990			978,051
4.75%, 11/15/08(a)				490			511,897
3.375%, 12/15/08(a)				3,655			3,609,601
3.875%, 02/15/13(a)				330			315,576
Total U.S. Treasury Obligations
(Cost $21,788,705)							21,663,840
	Moody’s Rating
COLLATERALIZED MORTGAGE OBLIGATIONS — 2.4%
Bank of America Commercial Mortgage, Inc., Series 2003-1 Class A2 4.648%, 09/11/36	AAA	(d)		350			337,778
Bank of America Mortgage Securities, Series 2003-L Class 2A2 4.347%, 01/25/34	Aaa			684			682,291
Bank of America Mortgage Securities, Series 2004-A Class 2A2 4.177%, 02/25/34	AAA	(d)		389			384,427

132

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating		Principal Amount (000)		Value (Note 2)
Bank of America Mortgage Securities, Series 2004-D Class 2A2
4.23%, 05/25/34	AAA	(d)	$	135	$	134,109
Bear Stearns Commercial Mortgage Securities, Series 2004-T14 Class A2 4.17%, 01/12/41	Aaa			900		891,607
Centex Home Equity, Series 2004-C Class M1 1.771%, 06/25/34(c)	Aa1			400		400,000
Fannie Mae Whole Loan, Series 2002-W5 Class A15 5.50%, 05/25/28	Aaa			305		307,143
Fannie Mae, Series 2002-74 Class PJ 5.00%, 03/25/15	Aaa			575		593,541
Fannie Mae, Series 2003-40 Class NI 5.50%, 04/01/33 [IO]	Aaa			247		30,231
Fannie Mae, Series 2003-92 Class NM 3.50%, 04/25/13	Aaa			300		298,984
Federal National Mortgage Assoc., Series 319 Class 2 6.50%, 02/01/32 [IO]	Aaa			139		33,378
Freddie Mac, Series 2614 Class IH 4.50%, 05/15/16 [IO]	Aaa			390		75,076
Freddie Mac, Series 2631 Class IG 4.50%, 07/15/11 [IO]	Aaa			625		65,773
Freddie Mac, Series 2631 Class PC 4.50%, 03/15/16	Aaa			750		751,330
Freddie Mac, Series 2686 Class JG 5.50%, 04/15/28	Aaa			800		810,519
General Electric Capital Commercial Mortgage Corp., Series 2001-1 Class A2 6.531%, 05/15/33	Aaa			390		425,113
GMAC Commercial Mortgage Securities, Inc., Series 2001-C2 Class A2 6.70%, 04/15/34	AAA	(d)		375		411,488
Greenwich Capital Commercial Funding Corp., Series 2004-GG1A Class A2 3.835%, 10/08/08	Aaa			335		333,876

	Moody’s Rating		Principal Amount (000)		Value (Note 2)
J.P. Morgan Chase Commercial Mortgage Finance Corp., Series 2001-CIBC Class A3 6.26%, 03/15/33	AAA	(d)	$	425	$	455,329
J.P. Morgan Chase Commercial Mortgage Finance Corp., Series 2001-CIB2 Class A2 6.244%, 04/15/35	AAA	(d)		325		346,755
LB-UBS Commercial Mortgage Trust, Series 2004-C2 Cl-A2 3.246%, 03/01/29	Aaa			475		452,948
LB-UBS Commercial Mortgage Trust, Series 2004-C4 Class A2 4.567%, 05/15/29	Aaa			750		754,949
Washington Mutual Mortgage, Series 2004-AR1 Class A 4.229%, 03/25/34	Aaa			239		236,146
Total Collateralized Mortgage Obligations
(Cost $9,373,507)						9,212,791
ASSET-BACKED SECURITIES — 1.6%
BankBoston Home Equity Loan Trust, Series 1998-1 Class A6 6.35%, 02/25/13	Aaa			269		278,218
Capital Auto Receivables Asset Trust, Series 2002-2 Class CTFS 4.18%, 10/15/07	Aaa			237		240,162
Chase Funding Mortgage Loan Asset-Backed, Series 2002-1 Class 1A3 5.039%, 12/25/23(c)	Aaa			226		226,080
Chase Funding Mortgage Loan Asset-Backed, Series 2002-2 Class 1M1 5.599%, 09/25/31	Aa2			80		82,107
Chase Funding Mortgage Loan Asset-Backed, Series 2003-3 Class 1M1 4.537%, 09/25/32	Aa2			150		142,701
Chase Manhattan Auto Owner Trust, Series 2003-A Class A4 2.06%, 12/15/09	Aaa			285		276,313

133

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating		Principal Amount (000)		Value (Note 2)
Citibank Credit Card Issuance Trust, Series 2000-C1 Class C1 7.45%, 09/15/07	Baa2		$	600	$	633,074
Citibank Credit Card Issuance Trust, Series 2001-C1 Class C1 2.22%, 01/15/10(c)	Baa2			235		240,134
Countrywide Asset-Backed Certificates, Series 2003-5 Class AF3 3.613%, 04/25/30	Aaa			315		314,145
Countrywide Asset-Backed Certificates, Series 2004-6 Class 2A2 1.64%, 11/25/34(c)	Aaa			380		380,000
Countrywide Home Loans, Series 2003-60 Class 2A1 5.06%, 02/25/34	Aaa			117		117,626
Fannie Mae Whole Loan, Series 2003-W16 Class AF3 2.91%, 11/25/23	Aaa			230		225,976
Hyundai Auto Receivables Trust, Series 2003-A Class A4 3.02%, 10/15/10	Aaa			175		172,304
Hyundai Auto Receivables Trust, Series 2003-A Class D 4.06%, 10/15/10	Baa2			80		80,127
John Deere Owner Trust, Series 2001-A Class A4 3.78%, 09/15/08	Aaa			900		905,955
MBNA Master Credit Card Trust, Series 2000-D Class C 8.40%, 09/15/09 144A (cost $317,369; purchased 05/16/02)(g)	BBB	(d)		300		335,081
Morgan Stanley Auto Loan Trust, Series 2004-HB1 Class C 2.88%, 10/15/11	Baa2			150		148,500
PECO Energy Transition Trust, Series 2001-A Class A1 6.52%, 12/31/10	Aaa			475		521,013

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Reliant Energy Transition Bond Co. LLC, Series 2001-1 Class A4 5.63%, 09/15/15	Aaa	$	350	$	365,261
World Financial Network Credit Card Master Trust, Series 2003-A Class A2 1.47%, 08/14/03(c)	Aaa		375		377,232
Total Asset-Backed Securities
(Cost $6,004,855)					6,062,009
U.S. GOVERNMENT AGENCY OBLIGATIONS – 1.4%
Federal Home Loan Bank 5.75%, 05/15/12			300		317,101
Federal Home Loan Mortgage Corp. 2.75%, 03/15/08			350		338,011
5.125%, 07/15/12			1,495		1,513,060
Federal National Mortgage Assoc. 7.125%, 02/15/05			160		165,238
2.50%, 06/15/06(a)			1,413		1,400,147
3.25%, 02/15/09(a)			700		675,132
6.00%, 05/15/11			325		349,438
5.125%, 01/02/14			155		151,120
Student Loan Marketing Assoc. 1.37%, 01/26/09(c)			225		225,012
3.05%, 04/01/09(c)			155		152,033
Total U.S. Government Agency Obligations
(Cost $5,272,745)					5,286,292
FOREIGN GOVERNMENT BONDS – 0.2%
Republic of Chile (Chile) 5.50%, 01/15/13(l)	Baa1		165		165,842
Republic of South Africa (South Africa) 6.50%, 06/02/14(l)	Baa2		100		101,250
United Mexican States (Mexico) 1.84%, 01/13/09(a)(c)(l)	Baa2		150		153,225
6.375%, 01/16/13(l)	Baa2		205		205,102
Total Foreign Government Bonds
(Cost $614,434)					625,419

134

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating		Principal Amount (000)		Value (Note 2)
MUNICIPAL BONDS
Kansas
Kansas State Development Finance Authority, Revenue Bonds 5.501%, 05/01/34	Aaa		$	125	$	118,699
Oregon
Oregon State Taxable Pension, General Obligation Unlimited 5.892%, 06/01/27	Aa3			60		60,599
Total Municipal Bonds
(Cost $185,000)						179,298
CONVERTIBLE BOND
Telecommunications
Western Wireless Corp., Unsec’d. Notes 4.625%, 07/05/04
(Cost $24,183)	CCC	(d)		14		29,418
			Shares
WARRANTS*
Entertainment & Leisure
Mikohn Gaming Corp., expiring 08/15/08 144A (cost $0; 01/16/02)(g)(q)				75		0
Retail & Merchandising
Barneys New York, Inc., expiring 04/01/08 144A (cost $0; 09/30/03)(g)(q)				25		875
Transportation
Travelcenters of America Units, expiring 05/01/09 (cost $0; 03/16/01)(g)(q)				525		2,888
Total Warrants
(Cost $0)						3,763
Total Long-term Investments
(Cost $333,882,482)						372,499,458

	Principal Amount (000)		Value (Note 2)
SHORT-TERM INVESTMENTS — 14.7%
Certificates of Deposit — 0.7%
Banco Santander PR 1.125%, 07/01/04(b)(c)	$	290	$	290,030
BNP Paribas 1.075%, 07/13/04(b)		84		83,519
Canadian Imperial Bank of Commerce 1.285%, 07/29/04(b)(c)		499		498,965
Fortis Bank 2.055%, 06/08/05(b)		435		434,839
Fortis Bank NY 1.775%, 06/06/05(b)		333		332,523
Societe Generale 1.171%, 07/14/04(b)		365		364,684
Svenska Handelsbanken 1.39%, 10/27/04(b)		551		551,041
Westdeutsche Landesbank 1.50%, 01/10/05(b)		35		35,370
				2,590,971
Commercial Paper – 0.5%
Amsterdam Funding Corp. 1.111%, 07/12/04(b)		46		46,235
Concord Minutemen Capital Co. 1.23%, 07/12/04(b)		268		267,340
Fairway Finance Corp. 1.22%, 07/16/04(b)		711		710,078
Grampian Funding LLC 1.20%, 07/13/04(b)		594		592,963
HBOS Treasury Services, PLC 1.11%, 08/11/04(b)		100		99,106
Victory Receivables Corp. 1.23%, 07/19/04(b)		49		48,527
				1,764,249
Corporate Obligations – 3.1%
Bank of America NA 1.05%, 07/01/04(b)(c)		93		92,522
Merrill Lynch & Co., Inc. 1.63%, 07/01/04(b)(c)		1,174		1,174,086
1.63%, 07/01/04(b)(c)		1,230		1,230,420
1.63%, 07/01/04(b)(c)		1,011		1,010,812
1.63%, 07/01/04(b)(c)		324		324,326
Morgan Stanley 1.58%, 07/01/04(b)(c)		853		852,613

135

AST T. Rowe Price Asset Allocation Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Principal Amount (000)		Value (Note 2)
Natexis Banque 1.547%, 07/01/04(b)(c)	$	2,422	$	2,421,634
1.60%, 07/01/04(b)(c)		494		493,740
Societe Generale 1.575%, 07/01/04(b)(c)		851		850,622
Swedbank 1.198%, 07/15/04(b)(c)		957		956,497
Westdeutsche Landesbank 1.13%, 07/09/04(b)(c)		1,382		1,381,358
1.25%, 07/23/04(b)(c)		619		619,394
1.30%, 07/29/04(b)(c)		460		460,355
				11,868,379
Time Deposit — 0.6%
J. P. Morgan Chase & Co. 1.25%, 07/01/04(b)		2,484		2,483,671
U.S. Government Obligations — 0.1%
U.S. Treasury Bills 1.051%, 08/12/04(n)		305		304,590

	Shares	Value (Note 2)
Non-Registered Investment Company — 5.5%
BlackRock Institutional Money Market Trust(b)(j)	21,107,339	$	21,107,339
Registered Investment Companies — 4.2%
BlackRock Provident Institutional Funds TempCash Portfolio(j)	8,107,531		8,107,531
BlackRock Provident Institutional Funds TempFund Portfolio(j)	8,107,531		8,107,531
			16,215,062
Total Short-term Investments
(Cost $56,334,297)			56,334,261
Total Investments — 111.9%
(Cost $390,216,779; Note 5)			428,833,719
Liabilities in Excess of Other Assets — (11.9%)			(45,730,369	)
Net Assets — 100.0%		$	383,103,350

The following abbreviations are used throughout the Schedule of Investments:

ADR American Depositary Receipt

CVT Convertible Security

EUR Euro

IO Interest Only

NR Not Rated by Moody’s or Standard & Poor’s

PIK Payment-in-kind

REIT Real Estate Investment Trust

TIPS Treasury Inflation Protestion Securities

USD United States Dollar

The following annotations are used throughout the Schedule 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. Unless otherwise noted 144A securities are deemed to be liquid.

* Non-income producing security.

(a) Portion of securities on loan with an aggregate market value of $38,994,392; cash collateral of $39,814,609 was received with which the portfolio purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral for securities on loan.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(d) Standard & Poor’s rating.

(g) Indicates a security that has been deemed illiquid. The aggregate cost of the illiquid security is $11,461,353. The aggregate value, $11,424,473 represents 2.99% of net assets.

(i) Represents issuer in default on interest payments, Non-income producing security.

(j) Security available to institutional investors only.

(l) U.S. dollar denominated foreign bonds.

(n) Rates shown are the effective yields at purchase date.

(p) Less than 1,000 par.

(q) Received pursuant to reorganization.

See Notes to Financial Statements.

136

AST T. Rowe Price Global Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)#	Value (Note 2)
LONG-TERM INVESTMENTS — 84.7%
FOREIGN BONDS — 47.9%
Australia — 0.1%
New South Wales Treasury Corp., Gtd. Notes
6.00%, 05/01/12	Aaa	AUD      495	$	344,355
Austria — 3.3%
Republic of Austria, Unsub. Notes 4.00%, 07/15/09	Aaa	EUR   6,200		7,663,166
Belgium — 0.1%
SCA Coordination Center NV, Gtd. Bonds 4.50%, 07/15/15 144A(cost $164,021; purchased 06/30/03)(g)	A3	165		150,318
Canada — 2.0%
Alcan, Inc., Bonds 6.125%, 12/15/33	Baa1	190		184,450
Canadian Government, Bonds
5.25%, 06/01/12	Aaa	CAD   2,680		2,057,967
5.25%, 06/01/13	Aaa	CAD      900		689,122
5.75%, 06/01/29	Aaa	CAD      815		640,390
Canadian National Railway Co., Notes 4.40%, 03/15/13	Baa1	205		192,377
Canadian Natural Resources Ltd., Notes 7.20%, 01/15/32	Baa1	195		215,908
Domtar Inc., Notes 5.375%, 12/01/13	Baa3	190		180,998
Encana Holdings Finance Corp., Gtd. Notes 5.80%, 05/01/14	Baa1	205		208,945
Ford Credit Canada, Sr. Notes 7.25%, 12/07/07	A3	GBP        90		167,365
Rogers Cable, Inc., Sec’d Notes 5.50%, 03/15/14	Ba2	165		146,613
				4,684,135
Chile — 0.1%
Celulosa Arauco y Constitucion SA, Notes 5.125%, 07/09/13	Baa2	225		211,644
Denmark — 1.0%
Kingdom of Denmark, Bonds 8.00%, 03/15/06	Aaa	EUR 12,360		2,196,263

	Moody’s Rating		Principal Amount (000)#	Value (Note 2)
TDC AS, Unsub. Notes 5.875%, 04/24/06	Baa1		EUR    100	$	127,382
					2,323,645
Finland — 1.6%
Finland Government, Bonds 5.00%, 07/04/07	Aaa		EUR 3,000		3,845,258
France — 5.5%
BNP Paribas SA, Sub. Notes
5.625%, 08/07/08	Aa3		EUR    150		195,009
5.25%, 12/17/12	Aa3		EUR    100		127,794
Credit Lyonnais SA, Sub. Notes 5.00%, 11/15/12	A1		EUR    300		381,241
Dexia Credit Local, Notes 5.25%, 04/25/08	Aa2		EUR    270		348,196
France Telecom SA, Notes 8.75%, 03/01/11	Baa3		90		104,429
France Telecom SA, Sr. Unsub. Notes 7.00%, 12/23/09	Baa3		EUR    435		597,498
French Government, Bonds
5.50%, 04/25/10	Aaa		EUR 3,500		4,631,513
5.00%, 04/25/12	Aaa		EUR 2,900		3,740,681
5.50%, 04/25/29	Aaa		EUR 1,280		1,682,150
5.75%, 10/25/32	Aaa		EUR    770		1,051,194
Vivendi Environment, Sr. Notes 5.875%, 06/27/08	Baa1		EUR    100		130,489
					12,990,194
Germany — 13.0%
German Government, Bonds
4.125%, 08/27/04	Aaa		EUR    600		731,988
5.00%, 05/20/05	Aaa		EUR 4,450		5,537,647
6.00%, 01/05/06	Aaa		EUR 4,200		5,364,276
4.00%, 02/16/07	Aaa		EUR 2,800		3,488,773
4.25%, 02/15/08	Aaa		EUR    300		376,672
4.75%, 07/04/08	Aaa		EUR 6,680		8,519,423
5.00%, 01/04/12	Aaa		EUR 2,250		2,904,529
4.25%, 01/04/14	Aaa		EUR 1,250		1,517,152
5.50%, 01/04/31	Aaa		EUR 1,640		2,170,156
					30,610,616
Greece — 1.2%
Greek Government, Bonds
4.60%, 05/20/13	A1		EUR    965		1,194,715
6.50%, 01/11/14	A+	(d)	EUR 1,075		1,514,747
					2,709,462
Ireland — 1.2%
Irish Government, Bonds 4.25%, 10/18/07	Aaa		EUR 2,000		2,513,041

137

AST T. Rowe Price Global Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating		Principal Amount (000)#	Value (Note 2)
Irish Life & Permanent PLC, Sub. Notes 6.25%, 02/15/11	A2		EUR      200	$	267,726
					2,780,767
Italy — 6.0%
Italy Treasury
5.00%, 10/15/07	Aa2		EUR   3,320		4,255,015
5.50%, 11/01/10	Aa2		EUR   1,525		2,015,084
5.25%, 08/01/11	Aa2		EUR   1,170		1,525,528
7.25%, 11/01/26	Aa2		EUR      660		1,051,628
6.00%, 05/01/31	Aa2		EUR      840		1,164,244
Italy Treasury, Debs. 6.75%, 07/01/07	Aa2		EUR   2,920		3,916,842
UniCredito Italiano SpA, Sub. Notes 6.10%, 02/28/12	Aa3		EUR      150		201,128
					14,129,469
Japan — 3.0%
Japanese Government, Bonds
1.00%, 12/20/12	A2		JPY 614,100		5,364,295
1.30%, 12/20/13	A2		JPY   81,900		722,958
2.00%, 06/20/22	A2		JPY 105,000		933,808
					7,021,061
Luxembourg — 0.1%
John Hancock Global Funding Ltd., Sec’d. Notes 3.875%, 02/08/06	AA	(d)	EUR      200		246,156
Mexico — 0.9%
Mexican Government, Bonds 8.00%, 12/07/23	NR		MXP 31,530		2,035,234
Telefonos de Mexico SA de CV, Notes 4.50%, 11/19/08	A3		105		102,454
					2,137,688
Netherlands — 2.8%
Deutsche Telekom International Finance BV, Gtd. Notes
7.50%, 05/29/07	Baa3		EUR      390		525,594
8.75%, 06/15/30	Baa2		160		195,302
E.ON International Finance BV, Gtd. Notes 5.75%, 05/29/09	A1		EUR      200		263,213
ING Bank NV, Sub. Notes 5.125%, 05/01/15 144A (cost $111,835; purchased 05/06/03)(g)	Aa3		110		105,981

	Moody’s Rating	Principal Amount (000)#	Value (Note 2)
Netherlands Government, Bonds
5.75%, 02/15/07	Aaa	EUR    660	$	857,941
5.00%, 07/15/12	Aaa	EUR 1,205		1,549,143
4.25%, 07/15/13	Aaa	EUR 2,220		2,696,131
Olivetti Finance NV, Gtd. Notes 6.50%, 04/24/07	Baa2	EUR    225		294,847
				6,488,152
Spain — 1.0%
Spanish Government, Bonds
6.00%, 01/31/29	Aaa	EUR 1,130		1,588,208
5.75%, 07/30/32	Aaa	EUR    560		765,138
				2,353,346
Sweden — 0.4%
Swedish Government, Bonds 5.00%, 01/28/09	Aaa	SEK 7,400		1,022,648
United Kingdom — 4.6%
Abbey National PLC, Sub. Notes 4.625%, 02/11/11	A1	EUR    200		246,905
AIG SunAmerica Institutional Funding III Ltd., Sec’d. Notes 5.50%, 03/07/11	Aaa	EUR    315		410,836
British Telecom PLC, Notes 8.375%, 12/15/10	Baa1	110		128,623
Coca-Cola HBC Finance PLC, Gtd. Notes 5.25%, 06/27/06	A3	EUR    200		253,458
HBOS PLC, Sub. Bonds 6.00%, 11/01/33 144A (cost $177,871; purchased 10/22/03)(g)	Aa3	180		171,899
HBOS Treasury Services PLC, Gtd. Notes 4.75%, 02/06/07	Aa2	EUR    300		379,401
Imperial Tobacco Finance, Gtd. Notes 6.375%, 09/27/06	Baa3	EUR    250		323,234
Monumental Global Funding, Sec’d. Notes 5.75%, 03/20/07	Aa3	GBP    120		217,642
NGG Finance PLC, Gtd. Notes 5.25%, 08/23/06	Baa1	EUR    200		253,485
Rio Tinto Finance PLC, Gtd. Notes 5.125%, 05/10/07	Aa3	EUR    200		255,002

138

AST T. Rowe Price Global Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)#	Value (Note 2)
Union Bank of Switzerland London, Sub. Notes 8.00%, 01/08/07	Aa3	GBP    207	$	397,739
United Kingdom Treasury, Bonds
8.50%, 12/07/05	Aaa	GBP    575		1,096,349
5.75%, 12/07/09	Aaa	GBP    465		871,122
5.00%, 03/07/12	Aaa	GBP    950		1,712,168
4.25%, 06/07/32	Aaa	GBP 2,260		3,752,861
United Utilities Water PLC, Gtd. Notes 6.625%, 11/08/07	A2	EUR    200		266,155
WPD Holdings UK, Jr. Unsub. Notes 6.875%, 12/15/07 144A(cost $122,534; purchased 11/06/03)(g)	Baa2	120		125,207
				10,862,086
Total Foreign Bonds
(Cost $102,816,265)				112,574,166
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 10.2%
Federal Home Loan Mortgage Corp.
4.50%, 07/15/11 - 05/01/19 [IO]		$1,196		1,081,404
4.611%, 09/01/32		246		248,979
5.00%, 12/01/08 - 12/01/33		2,539		2,497,334
6.00%, 07/01/34 [TBA]		431		440,159
7.00%, 10/10/30 -11/01/30		104		109,685
				4,377,561
Federal National Mortgage Assoc.
2.91%, 07/25/29		275		270,188
4.50%, 05/01/18		504		494,071
5.00%, 09/01/33 - 04/01/34		1,135		1,099,468
5.50%, 06/01/17 - 07/01/34		8,194		8,266,178
6.00%, 07/01/34 [TBA]		2,918		2,979,096
6.50%, 09/01/10 - 12/01/32		1,576		1,650,445
7.00%, 12/01/29 - 01/01/31		203		214,075
				14,973,521
Government National Mortgage Assoc.
5.00%, 02/20/34		855		828,881
5.50%, 10/15/17 - 07/01/34		1,672		1,683,222
6.50%, 05/15/16 - 12/20/33		1,172		1,240,094
7.00%, 03/15/13 - 12/15/13		333		355,048
7.50%, 09/15/30 - 11/15/32		410		441,209
				4,548,454
Total U.S. Government Agency Mortgage-Backed Securities
(Cost $23,850,563)				23,899,536

	Moody’s Rating	Principal Amount (000)#		Value (Note 2)
CORPORATE OBLIGATIONS — 8.9%
Aerospace — 0.1%
Boeing Co., Debs. 8.75%, 08/15/21	A3	$	125	$	158,541
Automobile Manufacturers — 0.2%
DaimlerChrysler NA Holding Corp., Notes 6.50%, 11/15/13	A3		235		241,352
General Motors Corp., Debs. 8.375%, 07/15/33	Baa1		275		291,906
					533,258
Broadcasting — 0.2%
Chancellor Media Corp., Gtd. Notes 8.00%, 11/01/08	Ba1		100		113,635
Hearst-Argyle Television, Inc., Sr. Notes 7.00%, 01/15/18	Baa3		180		194,857
Liberty Media Corp., Sr. Bonds 2.61%, 09/17/06(c)	Baa3		195		198,661
					507,153
Building Materials — 0.1%
Masco Corp., Notes 5.875%, 07/15/12	Baa1		245		254,865
Cable Television — 0.1%
Cox Communications, Inc., Notes 7.875%, 08/15/09	Baa2		225		255,413
Chemicals — 0.2%
Chevron Phillips Chemical Co., Notes 5.375%, 06/15/07	Baa1		205		213,614
Dow Chemical Co., Notes 6.125%, 02/01/11	A3		150		158,908
					372,522
Computer Hardware — 0.1%
International Business Machines Corp., Notes 4.25%, 09/15/09	A1		230		229,813
Computer Services & Software
Sungard Data Systems, Inc., Notes 3.75%, 01/15/09	Baa2		110		106,502
Conglomerates — 0.1%
Tyco International Group SA, Gtd. Notes 6.375%, 10/15/11	Baa3		150		159,800

139

AST T. Rowe Price Global Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)#		Value (Note 2)
Consumer Products & Services — 0.2%
Bunge Limited Finance Corp., Gtd. Notes 4.375%, 12/15/08	Baa3		$205	$   202,221
UST, Inc., Notes 6.625%, 07/15/12	A3		190	206,086
				408,307
Containers & Packaging — 0.1%
Sealed Air Corp., Sr. Notes 5.375%, 04/15/08 144A (cost $217,545; purchased 04/09/03 - 06/26/03)(g)	Baa3		215	222,528
Entertainment & Leisure — 0.1%
AOL Time Warner, Inc., Gtd. Bonds 7.625%, 04/15/31	Baa1		210	227,927
Financial — Bank & Trust — 0.6%
ABN AMRO Bank NV, Sub. Notes 7.125%, 06/18/07	A1		215	235,449
Bank of America Corp., Sr. Notes 6.125%, 12/16/10	Aa2	GBP	215	400,005
Bank One Corp., Sub. Notes 5.25%, 01/30/13	A1		285	280,802
BB&T Corp., Sub. Notes 6.50%, 08/01/11	A2		90	97,871
Northern Trust Co., Sub. Notes 4.60%, 02/01/13	A1		155	148,352
Webster Bank, Sr. Notes 5.125%, 04/15/14	Baa3		205	194,839
				1,357,318
Financial Services — 2.5%
Capital One Bank, Sub. Notes 6.50%, 06/13/13	Baa3		195	201,400
CIT Group, Inc., Sr. Notes 7.75%, 04/02/12	A2		235	268,404
Countrywide Home Loans, Inc., Gtd. Notes 5.50%, 02/01/07	A3		200	209,042
Duke Capital Corp., Notes 4.302%, 05/18/06	Baa3		100	101,642
Duke Capital Corp., Sr. Notes 7.50%, 10/01/09	Baa3		190	209,782
Ford Motor Credit Co., Notes 6.50%, 01/25/07	A3		515	541,442
Franklin Resources, Inc., Notes 3.70%, 04/15/08	A2		80	78,834

	Moody’s Rating	Principal Amount (000)#	Value (Note 2)
General Electric Capital Corp., Notes 6.125%, 02/22/11	Aaa	$145	$   155,498
Sr. Unsub. Notes 5.125%, 06/20/07	Aaa	EUR 425	544,318
General Motors Acceptance Corp., Notes
6.00%, 07/03/08	A3	190	243,736
7.25%, 03/02/11	A3	250	262,729
Goldman Sachs Group, Inc., Sub. Bonds 6.345%, 02/15/34	A1	395	372,125
Household Finance Corp., Unsub. Notes 5.125%, 06/24/09	A1	EUR 100	127,664
International Lease Finance Corp., Notes 6.375%, 03/15/09	A1	275	295,247
J.P. Morgan Chase & Co., Notes 3.875%, 12/03/08	A1	EUR 250	304,824
John Deere Capital Corp., Notes 7.00%, 03/15/12	A3	280	313,824
Merrill Lynch & Co., Sr. Unsub. Notes 7.375%, 12/17/07	Aa3	GBP  90	172,512
Morgan Stanley, Notes 3.625%, 04/01/08	Aa3	170	167,213
Morgan Stanley, Sr. Notes 4.375%, 03/01/10	Aa3	EUR 200	245,174
State Street Corp., Sub. Notes 7.65%, 06/15/10	A1	170	198,134
Verizon Global Funding Corp., Notes 7.75%, 12/01/30	A2	245	276,003
Wells Fargo & Co., Notes 1.619%, 03/23/07(c)	Aa1	235	235,217
			5,524,764
Food — 0.1%
McCormick & Co., Inc., Notes 6.40%, 02/01/06	A2	310	327,041
Healthcare Services
Highmark, Inc., Notes 6.80%, 08/15/13 144A (cost $99,787; purchased 8/14/03)(g)	Baa3	100	105,632

140

AST T. Rowe Price Global Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)#		Value (Note 2)
Insurance — 0.7%
Ace INA Holdings, Inc., Notes 5.875%, 06/15/14	A3	$	155	$	157,106
Allstate Financial Global Funding LLC, 5.25%, 02/01/07 144A(cost $264,457; purchased 01/24/02)(g)	Aa2		265		276,767
Fund American Cos., Inc., Notes 5.875%, 05/15/13	Baa2		200		199,915
Genworth Financial, Inc. Notes 5.75%, 06/15/14	A2		185		187,174
Marsh & McLennan Cos., Inc., Bonds 3.625%, 02/15/08	A2		90		88,841
Nationwide Financial Services, Inc., Sr. Notes 5.90%, 07/01/12	A3		200		208,191
Nationwide Mutual Insurance Co., Bonds 6.60%, 04/15/34 144A(cost $114,746; purchased 03/31/04)(g)	A2		115		109,392
NLV Financial Corp., Sr. Notes 7.50%, 08/15/33 144A (cost $146,375; purchased 08/20/03 - 12/03/03)(g)	Baa3		145		146,815
Security Benefit Life Insurance Co., Notes 7.45%, 10/01/33 144A (cost $94,787; purchased 09/26/03)(g)	Baa1		95		94,547
XL Capital Ltd., Gtd. Notes 6.50%, 01/15/12	A2		170		182,103
					1,650,851
Medical Supplies & Equipment — 0.1%
Hospira, Inc., Notes 4.95%, 06/15/09 144A (cost $195,079; purchased 06/07/04)(g)	Baa3		195		196,309
Oil & Gas — 1.1%
Amerada Hess Corp., Bonds 7.875%, 10/01/29	Ba1		135		146,257
Baker Hughes, Inc., Sr. Notes 6.875%, 01/15/29	A2		300		329,579
Buckeye Partners L.P., Notes 6.75%, 08/15/33	Baa2		95		95,779

	Moody’s Rating	Principal Amount (000)#		Value (Note 2)
ConocoPhillips, Gtd. Bonds 5.90%, 10/15/32	A3	$	180	$	174,569
Devon Financing Corp. ULC, Gtd. Bonds 7.875%, 09/30/31	Baa2		210		241,697
Halliburton Co., Notes 1.92%, 04/26/04 144A (cost $200,002; purchased 05/07/04)(g)	Baa2		200		199,955
Kaneb Pipe Line Operating Partnership L.P., Sr. Notes 7.75%, 02/15/12	Ba1		145		158,070
Kinder Morgan, Inc., Sr. Notes 6.50%, 09/01/12	Baa2		235		249,381
Panhandle Eastern Pipe Line Co., Sr. Notes 4.80%, 08/15/08	Baa3		90		89,817
Pemex Project Funding Master Trust, Gtd. Bonds 7.375%, 12/15/14	Baa1		130		133,250
Pemex Project Funding Master Trust, Notes 2.769%, 06/15/10 144A (cost $194,783; purchased 06/08/04)(g)	Baa1		195		196,365
Pioneer Natural Resources Co., Gtd. Notes 7.50%, 04/15/12	Baa3		150		170,118
Plains All American Pipeline L.P., Gtd. 7.75%, 10/15/12	Ba1		130		143,108
Transocean, Inc., Notes 7.50%, 04/15/31	Baa2		130		148,464
XTO Energy, Inc., Notes 4.90%, 02/01/14	Ba1		145		136,783
					2,613,192
Paper & Forest Products — 0.1%
Weyerhaeuser Co., Notes 6.75%, 03/15/12	Baa2		210		227,763
Pharmaceuticals — 0.1%
GlaxoSmithKline Capital, Inc., Gtd. Notes 5.375%, 04/15/34	Aa2		140		127,818
Printing & Publishing — 0.1%
Donnelley, (R.R.) & Sons Co., Notes 3.75%, 04/01/09 144A (cost $114,841; purchased 03/03/04)(g)	Baa1		115		111,230

141

AST T. Rowe Price Global Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)#		Value (Note 2)
Reed Elsevier Capital, Gtd. Notes 5.75%, 07/31/08	A3		EUR165	$	215,494
					326,724
Real Estate — 0.3%
Developers Diversified Reatly Corp., Notes 3.875%, 01/30/09	Baa3	$	145		138,687
iStar Financial, Inc., Sr. Notes 4.875%, 01/15/09	Ba1		80		77,864
Pulte Homes, Inc., Gtd. Notes 7.875%, 08/01/11	Baa3		165		186,894
Reckson Operating Partnership L.P., Notes 5.15%, 01/15/11	Ba1		180		174,599
Simon Property Group L.P., Notes 3.75%, 01/30/09	Baa2		190		182,590
					760,634
Retail & Merchandising — 0.2%
Federated Department Stores, Inc., Sr. Notes 6.625%, 04/01/11	Baa1		145		157,391
Fred Meyer, Inc., Gtd. Notes 7.45%, 03/01/08	Baa3		205		227,667
Office Depot, Inc., Notes 6.25%, 08/15/13	Baa3		185		190,879
					575,937
Telecommunications — 0.5%
AT&T Broadband Corp., Gtd. Notes 8.375%, 03/15/13	Baa3		200		235,163
Motorola, Inc., Notes 6.75%, 02/01/06	Baa3		120		126,234
Sprint Capital Corp., Gtd. Bonds 6.875%, 11/15/28	Baa3		180		173,523
Sprint Capital Corp., Gtd. Notes 7.625%, 01/30/11	Baa3		220		243,525
Telecom Italia Capital, Gtd. Notes 5.25%, 11/15/13 144A (cost $192,272; purchased 05/11/04)(g)	Baa2		200		193,921
Telus Corp., Notes 8.00%, 06/01/11	Baa3		135		153,643
United States Cellular Corp., Notes 6.70%, 12/15/33	Baa1		115		109,088
					1,235,097

	Moody’s Rating	Principal Amount (000)#		Value (Note 2)
Transportation
Hertz Corp., Sec’d. Notes 4.70%, 10/02/06	Baa2	$	95	$	96,085
Utilities — 1.0%
Appalachian Power Co., Sr. Notes 4.80%, 06/15/05	Baa2		225		229,498
Black Hills Corp., Notes 6.50%, 05/15/13	Baa3		230		230,840
Entergy Gulf States, Inc., First Mortgage Notes 5.20%, 12/03/07	Baa3		200		201,825
Exelon Generation Co. LLC, Notes 5.35%, 01/15/14 144A (cost $169,947; purchased 12/16/03)(g)	Baa1		170		165,160
Jersey Central Power & Light, First Mortgage Notes 5.625%, 05/01/16 144A (cost $84,551; purchased 04/20/04)(g)	Baa1		85		83,861
Ohio Edison Co., Sr. Notes 4.00%, 05/01/08	Baa2		205		200,697
Pacific Gas & Electric Co., First Mortgage Notes 1.81%, 04/03/06(c)	Baa2		200		200,135
Pepco Holdings, Inc., Notes 3.75%, 02/15/06	Baa2		105		105,546
Pinnacle West Capital Corp., Sr. Notes 6.40%, 04/01/06	Baa2		190		199,777
PPL Capital Funding, Gtd. Notes 4.33%, 03/01/09 144A (cost $188,831; purchased 05/14/04)(g)	Baa3		195		188,956
PSE&G Power LLC, Notes 3.75%, 04/01/09	Baa1		140		134,094
Public Service Co. of New Mexico, Sr. Notes 4.40%, 09/15/08	Baa3		185		184,604
Sempra Energy Co., Notes 6.00%, 02/01/13	Baa1		240		248,400
					2,373,393
Total Corporate Obligations
(Cost $20,424,093)					20,935,187

142

AST T. Rowe Price Global Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

			Principal Amount (000)#		Value (Note 2)
U.S.TREASURY OBLIGATIONS — 6.5%
U.S. Treasury Bonds
7.50%, 11/15/16			$	580	$	715,190
6.25%, 08/15/23				660		731,054
6.00%, 02/15/26				970		1,045,516
6.50%, 11/15/26				615		703,286
6.25%, 05/15/30				265		296,790
5.375%, 02/15/31				600		605,321
U.S. Treasury Notes
1.50%, 02/28/05				375		374,370
2.125%, 10/31/04				1,470		1,473,274
5.875%, 11/15/04				3,360		3,414,076
6.50%, 08/15/05				735		770,430
1.50%, 03/31/06				280		275,002
3.50%, 11/15/06				955		967,647
4.75%, 11/15/08				1,880		1,964,013
3.375%, 12/15/08(k)				1,425		1,407,300
5.00%, 08/15/11				145		151,417
3.875%, 02/15/13				495		473,364
Total U.S. Treasury Obligations
(Cost $15,662,955)						15,368,050
	Moody’s Rating
COLLATERALIZED MORTGAGE OBLIGATIONS — 3.5%
Bank of America Commercial Mortgage, Inc., Series 2003-1 Class A2 4.648%, 09/11/36	AAA	(d)		500		482,540
Bank of America Mortgage Securities, Series 2003-L Class 2A2 4.332%, 01/25/34	Aaa			765		762,561
Series 2004-A Class 2A2 4.165%, 02/25/34	AAA	(d)		389		384,427
Series 2004-D Class 2A2 4.23%, 05/25/34	AAA	(d)		149		148,581
Bear Stearns Commercial Mortgage Securities, Series 2002-Top8 Class A2 4.83%, 08/15/38	AAA	(d)		935		916,620
DLJ Commercial Mortgage Corp., Series 1999-CG2 Class A1B 7.30%, 06/10/32	Aaa			450		504,238
Fannie Mae REMIC Trust, Series 2003-92, Class NM 3.50%, 04/25/13	Aaa			300		298,984
Series 2002-74 Class-PJ 5.00%, 03/25/15	Aaa			700		722,571
Fannie Mae Strip, Series 319 Class-2 6.50%, 02/01/32 [IO]	Aaa			88		21,181

	Moody’s Rating		Principal Amount (000)#		Value (Note 2)
Fannie Mae, Series 2002-W5 Class-A15 5.50%, 05/25/28	Aaa		$	184	$	185,903
Series 2003-40 Class-NI 5.50%, 04/01/33 [IO]	Aaa			373		45,622
Series 2614 Cl-IH 4.50%, 05/15/16 [IO]	Aaa			303		58,328
Series 2627 Class-IE 4.50%, 04/15/18 [IO]	Aaa			159		21,754
Series 2631 Class-KI 4.50%, 01/15/15 [IO]	Aaa			623		66,159
Series 2631 Class-LI 4.50%, 06/15/11 [IO]	Aaa			287		19,493
Series 2631 Class-PC 4.50%, 03/15/16	Aaa			1,000		1,001,774
Series 2686 Class-JG 5.50%, 04/15/28	Aaa			925		937,162
General Electric Capital Commercial Mortgage Corp., Series 2001-1 Class A2 6.531%, 05/15/33	Aaa			550		599,519
J.P. Morgan Chase Commercial Mortgage Finance Corp., Series 2001-CIB2 Class A2 6.244%, 04/15/35	AAA	(d)		225		240,061
Series 2001-CIBC Class A3 6.26%, 03/15/33	AAA	(d)		440		471,400
Washington Mutual Mortgage Securities Corp., Series 2004-AR1 Class A 4.229%, 03/25/34	Aaa			239		236,146
Total Collateralized Mortgage Obligations
(Cost $8,254,781)						8,125,024
U.S. GOVERNMENT AGENCY OBLIGATIONS — 3.3%
Federal Home Loan Bank 5.75%, 05/15/12				900		951,302
Federal Home Loan Mortgage Corp.
2.75%, 03/15/08				1,600		1,545,192
5.125%, 07/15/12				575		581,946
Federal National Mortgage Assoc.
2.50%, 06/15/06				1,413		1,400,147
3.25%, 08/15/08				1,850		1,802,216
6.00%, 05/15/11				485		521,469
4.375%, 09/15/12				450		432,686
5.125%, 01/02/14				170		165,745

143

AST T. Rowe Price Global Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

		Principal Amount (000)#		Value (Note 2)
Student Loan Marketing Assoc.
1.331%, 01/26/09(c)		$	240	$	240,013
2.82%, 04/01/09(c)			155		152,033
Total U.S. Government Agency Obligations
(Cost $7,794,125)					7,792,749
	Moody’s Rating
ASSET-BACKED SECURITIES — 3.3%
BankBoston Home Equity Loan Trust, Series 1998-1 Class A6 6.35%, 02/25/13	Aaa		296		306,040
Capital Auto Receivables Asset Trust, Series 2002-2 Class CTFS 4.18%, 10/15/07	Aaa		128		129,318
Centex Home Equity, Series 2004-C Class M1 1.58%, 06/25/34(c)	Aa1		400		400,000
Chase Funding Mortgage Loan Asset-Backed, Series 2002-1 Class 1A3 5.039%, 12/25/23(c)	Aaa		123		123,317
Series 2002-2 Class 1M1 5.599%, 09/25/31	Aa2		60		61,580
Series 2003-1 Class 1A6 4.458%, 03/25/14	Aaa		500		489,558
Chase Funding Mortgage Loan Asset-Backed, Series 2003-3 Class 1M1 4.537%, 09/25/32	Aa2		225		214,051
Chase Manhattan Auto Owner Trust, Series 2001-B Class CTFS 3.75%, 05/15/08	A1		114		114,463
Series 2003-A Class A4 2.06%, 12/15/09	Aaa		455		441,131
Citibank Credit Card Issuance Trust, Series 2000-A3 Class A3 6.875%, 11/15/09	Aaa		825		905,446
Series 2000-C1 Class C1 7.45%, 09/15/07	Baa2		300		316,537
Series 2001-A1 Class A1 6.90%, 10/15/07	Aaa		150		158,158
Series 2001-C1 Class C1 2.22%, 01/15/10(c)	Baa2		250		255,462
Countrywide Asset-Backed Certificates, Series 2003-5 Class AF3 3.613%, 04/25/30	Aaa		340		339,077
Series 2004-6 Class 2A2 1.64%, 11/25/34	Aaa		350		350,000

	Moody’s Rating		Principal Amount (000)#		Value (Note 2)
Countrywide Home Loans, Series 2003-60 Class 2A1 5.074%, 02/25/34	Aaa		$	129	$	129,388
Greenwich Capital Commercial Funding Corp., Series 2004-GG1A Class A2 3.835%, 10/08/08	Aaa			375		373,741
Harley-Davidson Motorcycle Trust, Series 2001-1 Class B 5.29%, 01/15/09	A2			90		92,001
Hyundai Auto Receivables Trust, Series 2003-A Class A4 3.02%, 10/15/10	Aaa			200		196,919
Series 2003-A Class D 4.06%, 10/15/10	Baa2			90		90,143
MBNA Master Credit Card Trust, Series 2000-D Class C 8.40%, 09/15/09 144A(cost $696,847; purchased 05/16/02 - 12/06/02)(g)	BBB	(d)		650		726,009
Morgan Stanley Auto Loan Trust, Series 2004-HB1 Class C 2.88%, 10/15/11	Baa2			160		158,400
PECO Energy Transition Trust, Series 2001-A Class A1 6.52%, 12/31/10	Aaa			475		521,013
Reliant Energy Transition Bond Co. LLC, Series 2001-1 Class A4 5.63%, 09/15/15	Aaa			275		286,991
World Financial Network Credit Card Master Trust, Series 2003-A Class A2 1.47%, 05/15/12(c)	Aaa			500		502,976
Total Asset-Backed Securities
(Cost $7,676,331)						7,681,719
MUNICIPAL BONDS — 0.8%
California — 0.1%
California State Economic Recovery Series B
5.00%, 07/01/23	Aa3			95		102,458
5.00%, 07/01/23	Aa3			90		96,435
California State Variable Purpose GO 5.25%, 04/01/34	Baa1			105		104,210
						303,103
Kansas — 0.1%
Kansas State Development Finance Authority, Revenue Bonds 5.501%, 05/01/34	Aaa			125		118,699

144

AST T. Rowe Price Global Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)#		Value (Note 2)
Massachusetts — 0.2%
Massachusetts State Consolidated Loan Series E MBIA-IBC 5.50%, 01/01/13	Aaa	$	490	$	544,684
North Carolina — 0.3%
North Carolina State Public Impt. Series A 5.25%, 03/01/13	Aa1		645		712,886
Puerto Rico — 0.1%
Puerto Rico Public Finance Corp. Series A 5.25%, 08/01/29	Aaa		195		211,440
Total Municipal Bonds
(Cost $1,931,641)					1,890,812
SOVEREIGN ISSUES — 0.3%
Chile — 0.1%
Republic of Chile, Bonds 5.50%, 01/15/13	Baa1		225		226,148
Mexico — 0.2%
United Mexican States, Notes
1.84%, 01/13/09(c)	Baa2		140		143,010
6.375%, 01/16/13	Baa2		260		260,130
					403,140
South Africa
Republic of South Africa, Notes 6.50%, 06/02/14	Baa2		100		101,250
Total Sovereign Issues
(Cost $718,664)					730,538

	Shares		Value (Note 2)
WARRANTS*
Central Bank of Nigeria, expiring on 11/15/20 (Nigeria)		250	$	0
Republic of Venezuela, expiring on 04/15/20 (Venezuela)		1,250		0
Travelcenters of America, expiring on 05/01/09 (cost $0; purchased 02/07/01)(g)		750		4,125
Total Warrants
(Cost $0)				4,125
Total Long-Term Investments
(Cost $189,129,418)				199,001,906
	Principal Amount (000)#
SHORT-TERM INVESTMENT — 0.5%
U.S. GOVERNMENT OBLIGATION
U.S. Treasury Bills 1.086%, 08/12/04(n)
(Cost $1,178,553)	$	1,180		1,178,412
Total Investments — 85.2%
(Cost $190,307,971; Note 5)				200,180,318
Other Assets in Excess of Liabilities — 14.8%				34,776,964
Net Assets — 100.0%			$	234,957,282

The following abbreviations are used throughout the Schedule of Investments:

AUD Australian Dollar

BRC Brazilian Real

CAD Canadian Dollar

CNY Chinese Yuan

DKK Danish Krone

EUR Euro

GBP British Pound

IO Interest Only

JPY Japanese Yen

KOR Korean Won

MXP Mexican Peso

NOK Norwegian Krone

NR Not Rated by Moody’s or Standard & Poor’s

PLZ Polish Zloty

145

AST T. Rowe Price Global Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

SEK Swedish Krona

TBA Security purchased on a forward commitment basis

TWD Taiwan Dollar

USD United States Dollar

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

# Principal amount is shown in U.S. dollars unless otherwise stated.

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. Unless otherwise noted 144A securities are deemed to be liquid.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(d) Standard & Poor’s rating.

(g) Indicates a security that has been deemed illiquid. The aggregate cost of the illiquid security is $3,551,111. The aggregate value, $3,574,977 represents 1.52% of net assets.

(k) Securities with an aggregate market value of $10,863 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2004:

Description	Expiration Month	Number of Contracts	Value at Trade Date		Value at June 30, 2004		Unrealized Depreciation
Short Positions:
U.S. Treasury 5 Year Notes	Sep 04	54	$	5,809,828	$	5,869,125	$	(59,297	)
U.S. Treasury 10 Year Notes	Sep 04	52		5,600,539		5,685,062		(84,523	)
							$	(143,820	)

(n) Rates shown are the effective yields at purchase date.

Foreign currency exchange contracts outstanding at June 30, 2004:

Purchase Contracts

Settlement Month	Type	Contracts to Receive	In Exchange For		Contracts at Value		Unrealized Appreciation (Depreciation)
Aug 04	Buy  AUD	1,258,917	$	876,206	$	870,328	$	(5,878	)
Jul 04	Buy  BRC	3,533,225		1,175,000		1,140,854		(34,146	)
Aug 04	Buy  CAD	1,036,218		755,454		774,728		19,274
Sep 04	Buy  CNY	16,198,420		2,002,153		1,957,158		(44,995	)
Aug 04	Buy  EUR	6,772,780		8,111,765		8,234,644		122,879
Aug 04	Buy  GBP	1,075,187		1,927,703		1,942,055		14,352
Aug 04	Buy  JPY	4,672,261,028		41,642,767		42,825,945		1,183,178
Aug 04	Buy  KOR	2,445,777,750		2,066,936		2,116,576		49,640
Aug 04	Buy  NOK	2,025,000		296,690		291,411		(5,279	)
Aug 04	Buy  PLZ	22,519,453		5,804,779		6,038,139		233,360
Aug 04	Buy  SEK	57,009,479		7,524,014		7,560,888		36,874
Aug 04	Buy  SGD	466,675		272,114		271,380		(734	)
Aug 04	Buy  TWD	160,631,000		4,900,406		4,774,997		(125,409	)
			$	77,355,987	$	78,799,103	$	1,443,116

146

AST T. Rowe Price Global Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

Sale Contracts

Settlement Month	Type	Contracts to Deliver	In Exchange For		Contracts at Value		Unrealized Appreciation (Depreciation)
Jul 04	Sell  BRC	3,533,225	$	1,166,466	$	1,140,854	$	25,612
Sep 04	Sell  CNY	16,198,420		2,030,640		1,957,158		73,482
Aug 04	Sell  DKK	5,950,118		963,894		973,236		(9,342	)
Jul 04	Sell  EUR	1,000,000		1,219,550		1,216,649		2,901
Aug 04	Sell  EUR	34,644,877		41,747,301		42,122,762		(375,461	)
Aug 04	Sell  GBP	246,583		451,000		445,390		5,610
Aug 04	Sell  JPY	133,374,990		1,219,997		1,222,515		(2,518	)
Aug 04	Sell  MXP	24,694,081		2,128,800		2,126,037		2,763
Aug 04	Sell  SEK	2,666,084		356,000		353,590		2,410
Aug 04	Sell  TWD	160,631,000		4,827,381		4,774,997		52,384
			$	56,111,029	$	56,333,188	$	(222,159	)

See Notes to Financial Statements.

147

AST Goldman Sachs High Yield Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)#		Value (Note 2)
LONG-TERM INVESTMENTS — 95.2%
CORPORATE OBLIGATIONS — 94.1%
Aerospace / Defense — 1.3%
Alliant Techsystems, Inc., Gtd. Notes 8.50%, 05/15/11	B2	$	2,200	$	2,387,000
Argo-Tech Corp., Sr. Notes 9.25%, 06/01/11 144A	B3		1,000		1,035,000
DRS Technologies, Inc., Sr. Sub. Notes 6.875%, 11/01/13	B2		1,300		1,274,000
GenCorp, Inc., Sr. Sub. Notes 9.50%, 08/15/13	B2		475		496,375
Sequa Corp., Sr. Notes 9.00%, 08/01/09	B1		1,750		1,868,125
TransDigm, Inc., Gtd. Notes 8.375%, 07/15/11	B3		1,050		1,071,000
					8,131,500
Automotive — 2.8%
Accuride Corp., Sr. Sub. Notes, Series B 9.25%, 02/01/08	Caa1		800		820,000
Advanced Accessory System, Sr. Notes 10.75%, 06/15/11	B3		2,250		2,193,750
ArvinMeritor, Inc., Notes 8.75%, 03/01/12	Ba1		1,275		1,389,750
Dana Corp., Notes 9.00%, 08/15/11	Ba3		550		646,250
Delco Remy International, Inc., Sr. Sub. Notes 9.375%, 04/15/12 144A (cost $1,713,233; purchased 06/17/04 - 06/22/04)(g)	B3		1,750		1,710,625
Goodyear Tire & Rubber Co., Notes 7.857%, 08/15/11	B2		1,750		1,605,625
Stoneridge, Inc., Gtd. Notes 11.50%, 05/01/12	B2		750		886,875
TRW Automotive, Inc., Sr. Sub. Notes 11.00%, 02/15/13	B2		3,721		4,409,385
United Components, Inc., Sr. Sub. Notes 7 9.375%, 06/15/13	B3		1,750		1,793,750
United Rentals NA, Inc., Sr. Notes 7.75%, 11/15/13	B2		2,250		2,137,500
					17,593,510

	Moody’s Rating	Principal Amount (000)#		Value (Note 2)
Building Materials — 3.3%
Associated Materials, Inc., Gtd. Notes 9.75%, 04/15/12	B3	$	1,125	$	1,254,375
Sr. Disc. Notes, Zero Coupon (until 03/01/09) 11.25%, 03/01/14 144A	Caa1		2,650		1,788,750
Collins & Aikman Corp., Gtd. Notes 9.75%, 02/15/10	B2		1,375		1,402,500
ERICO International Corp., Sr. Sub. Notes 8.875%, 03/01/12 144A (cost $1,875,000; purchased 02/12/04)(g)	B3		1,875		1,921,875
Euramax International PLC, Sr. Sub. Notes 8.50%, 08/15/11	B2		3,800		3,971,000
FIMEP SA, Sr. Notes (France) 10.50%, 02/15/13(l)	B1		1,500		1,717,500
Mueller Group, Inc., Sr. Sub. Notes 10.00%, 05/01/12 144A	Caa1		1,525		1,593,625
NCI Building Systems, Inc., Sr. Sub. Notes, Series B 9.25%, 05/01/09	B2		2,050		2,162,750
Norcraft Cos. LLC, Sr. Sub. Notes 9.00%, 11/01/11 144A (cost $1,384,627; purchased 10/10/03 - 11/25/03)(g)	B3		1,350		1,431,000
Nortek Holdings, Inc., Sr. Notes, Zero Coupon (until 11/15/07) 10.00%, 05/15/11 144A	Caa1		3,500		2,817,500
US Concrete, Inc., Sr. Sub. Notes 8.375%, 04/01/14 144A (cost $700,000; purchased 03/26/04)(g)	B3		700		701,750
					20,762,625
Business Services — 0.7%
Cornell Cos., Inc., Sr. Notes 10.75%, 07/01/12 144A (cost $986,924; purchased 6/17/04)(g)	B3		1,000		1,015,000
Invensys PLC, Sr. Notes (United Kingdom) 9.875%, 03/15/11 144A(l)	B3		1,500		1,500,000
Worldspan L.P., Sr. Notes 9.625%, 06/15/11	B2		1,750		1,793,750
					4,308,750

148

AST Goldman Sachs High Yield Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating		Principal Amount (000)#	Value (Note 2)
Cable Television — 0.3%
Telenet Group Holdings NV, Notes, Zero Coupon (until 12/15/08) (Belgium) 11.50%, 06/15/14 144A(l)	Caa2		$3,250	$2,080,000
Chemicals — 5.8%
Avecia Group, Gtd. Notes (United Kingdom) 11.00%, 07/01/09(l)	Caa3		750	573,750
Compass Minerals Group, Inc., Gtd. Notes 10.00%, 08/15/11	B3		1,625	1,811,875
Compass Minerals International, Inc., Sr. Disc Notes, Zero Coupon (until 12/15/07) 12.75%, 12/15/12	B-	(d)	1,900	1,510,500
Sr. Disc. Notes, Zero Coupon (until 06/01/08) 12.00%, 06/01/13	B-	(d)	3,950	3,021,750
Equistar Chemical L.P., Gtd. Notes 10.125%, 09/01/08	B2		2,100	2,310,000
FMC Corp., Sec’d. Notes 10.25%, 11/01/09	Ba2		1,600	1,848,000
Sr. Sub. Notes 7.75%, 07/01/11	Ba2		275	290,125
General Chemical Industrial Products, Inc., Sr. Sub. Notes 10.625%, 05/01/09 (cost $854,313; purchased 01/27/00 - 11/07/02)(g)(i)	NR		1,075	274,125
Huntsman Advanced Materials, Inc., Sec’d. Notes 11.00%, 07/15/10 144A	B2		1,100	1,245,750
Huntsman ICI Chemicals LLC, Gtd. Notes 10.125%, 07/01/09	Caa1		3,875	3,971,875
Huntsman International LLC, Sr. Sub. Notes 10.125%, 07/01/09	Caa1		EUR 1,500	1,824,973
LBC Luxembourg Holdings SA, Gtd. Notes (Luxembourg) 11.00%, 05/15/14 144A	Caa1		EUR 1,375	1,647,798
Lyondell Chemical Co., Gtd. Notes
9.50%, 12/15/08	B1		3,450	3,613,875
10.875%, 05/01/09	B3		2,775	2,913,750
Sec’d. Notes 9.875%, 05/01/07	B1		1,050	1,102,500

	Moody’s Rating	Principal Amount (000)#		Value (Note 2)
Rhodia SA, Sr. Notes (France)
7.625%, 06/01/10 144A (cost $550,000; purchased 05/20/03)(g)(l)	B3	$	550	$	500,500
10.25%, 06/01/10 144A(l)	B3		1,750		1,776,250
8.875%, 06/01/11 144A(l)	Caa1		1,875		1,593,750
Rockwood Specialties, Inc., Sr. Sub. Notes 10.625%, 05/15/11	B3		2,375		2,541,250
UAP Holding Corp., Sr. Disc. Notes, Zero Coupon (until 01/15/08) 10.75%, 07/15/12 144A (cost $2,243,953; purchased 01/20/04)(g)	Caa2		3,250		2,613,000
					36,985,396
Construction Machinery — 0.8%
AGCO Corp., Gtd. Notes 9.50%, 05/01/08	Ba3		1,300		1,423,500
Case New Holland, Inc., Sr. Notes 9.25%, 08/01/11 144A	Ba3		1,750		1,846,250
Clark Materials Handling Corp., Gtd. Notes, Series D 10.75%, 11/15/06 (cost $2,742,684; purchased 12/19/96 - 02/17/98)(g)(i)	NR		2,625		0
Columbus McKinnon Corp., Gtd. Notes 8.50%, 04/01/08	Caa1		1,750		1,618,750
Sec’d. Notes 10.00%, 08/01/10	B3		425		452,625
					5,341,125
Consumer Products — 4.9%
Alltrista Corp., Gtd. Notes 9.75%, 05/01/12	B2		1,500		1,638,750
American Achievement Corp., Sr. Sub. 8.25%, 04/01/12 144A (cost $600,000; purchased 03/17/04)(g)	B3		600		612,000
Ames True Temper, Inc. Sr. Sub. Notes 10.00%, 07/15/12 144A (cost $1,512,233; purchased 06/23/04)(g)	Caa1		1,500		1,511,250
Armkel Finance, Inc., Sr. Sub. Notes 9.50%, 08/15/09	B2		1,275		1,399,313

149

AST Goldman Sachs High Yield Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating		Principal Amount (000)#		Value (Note 2)
Chattem, Inc., Sr. Sub. Notes 7.00%, 03/01/14	B2			$1,500	$1,447,500
Johnsondiversey Hodings, Inc., Disc. Notes, Zero Coupon (until 05/15/07) 10.67%, 05/15/13	B3			875	678,125
Jostens Holding Corp., Sr. Disc. Notes, Zero Coupon (until 12/01/08) 10.25%, 12/01/13	Caa2			4,500	3,082,500
Jostens, Inc., Sr. Sub. Notes 12.75%, 05/01/10	B3			1,900	2,128,000
Leiner Health Products, Sr. Sub. Notes 11.00%, 06/01/12 144A (cost $750,000; purchased 05/24/04)(g)	B3			750	778,125
Noma Luxembourg SA, Sr. Notes (Luxembourg) 9.75%, 07/15/11 144A (cost $1,835,652; purchased 06/29/04)(g)	B3		EUR	1,500	1,824,973
Playtex Products, Inc., Gtd. Notes 9.375%, 06/01/11	Caa1			2,900	2,834,750
Presige Brands, Inc., Sr. Sub. Notes 9.25%, 04/15/12 144A	Caa1			1,625	1,568,125
Safilo Capital International SA, Sr. Notes (Luxembourg) 9.625%, 05/15/13	Caa2		EUR	4,250	4,886,364
Sealy Mattress Co., Sr. Sub. Notes 8.25%, 06/15/14 144A	Caa1			1,750	1,767,500
Sleepmaster LLC, Gtd. Notes 11.00%, 05/15/09(i)	C			1,000	273,750
United Industries Corp., Gtd. Notes, Series D 9.875%, 04/01/09	B3			2,575	2,690,875
WH Holdings Ltd., Sr. Notes 9.50%, 04/01/11 144A	B3			2,000	2,090,000
					31,211,900
Containers & Packaging — 0.7%
Crown European Holdings, SA, Sec’d Notes (France)
9.50%, 03/01/11(l)	B1			2,000	2,190,000
10.25%, 03/01/11	B+	(d)	EUR	1,500	2,034,845
					4,224,845

	Moody’s Rating	Principal Amount (000)#		Value (Note 2)
Diversified Manufacturing — 0.2%
Amsted Industries, Inc., Sr. Notes 10.25%, 10/15/11 144A	B3	$	1,500	$	1,635,000
Electronic Components & Equipment — 0.4%
Communications & Power Industry, Sr. Sub. Notes 8.00%, 02/01/12	B3		400		402,000
L-3 Communications Corp., Gtd. Notes 6.125%, 07/15/13	BA3		2,000		1,940,000
					2,342,000
Energy — 2.1%
CITGO Petroleum Corp., Sr. Notes 11.375%, 02/01/11	Ba3		1,750		2,038,750
Evergreen Resources, Inc., Sr. Sub. Notes 5.875%, 03/15/12 144A (cost $347,333; purchased 03/05/04)(g)	Ba3		350		355,250
Ferrellgas Escrow LLC, Sr. Notes 6.75%, 05/01/14 144A	Ba3		1,250		1,212,500
Lone Star Technologies, Inc., Gtd. Notes 9.00%, 06/01/11	B3		625		654,688
Magnum Hunter Resources, Inc., Gtd. Notes 9.60%, 03/15/12	B2		1,100		1,215,500
Petroleum Helicopters, Inc., Gtd. Notes, Series B 9.375%, 05/01/09	B1		2,425		2,558,375
Swift Energy Co., Sr. Sub. Notes 9.375%, 05/01/12	B3		2,675		2,868,937
Tesoro Petroleum Corp., Gtd. Notes, Series B 9.625%, 11/01/08	B3		2,275		2,502,500
					13,406,500
Entertainment — 2.1%
AMC Entertainment, Inc., Sr. Sub. Notes 9.875%, 02/01/12	Caa1		1,750		1,846,250
Intrawest Corp., Gtd. Notes (Canada) 10.50%, 02/01/10(l)	B1		1,975		2,145,344
Six Flags, Inc., Sr. Notes 9.75%, 04/15/13	B2		2,050		2,070,500
True Temper Sports, Inc., Sr. Sub. Notes 8.375%, 09/15/11	B3		425		427,125

150

AST Goldman Sachs High Yield Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)#		Value (Note 2)
Universal City Development Partners Ltd., Sr. Notes 11.75%, 04/01/10	B2	$	5,125	$	5,957,812
Warner Music Group, Sr. Sub. Notes 7.375%, 04/15/14 144A (cost $980,117; purchased 06/02/04)(g)	B3		1,000		970,000
					13,417,031
Environmental — 0.9%
Allied Waste North America Co., Gtd. Notes, Series B 9.25%, 09/01/12	Ba3		3,350		3,768,750
Sec’d. Notes 6.125%, 02/15/14 144A (cost $2,396,039; purchased 01/21/04 - 06/02/04)(g)	Ba3		2,500		2,300,000
					6,068,750
Financial Institutions — 0.3%
BCP Caylux Holdings LUX SCA, Sr. Sub. Notes (Luxembourg) 9.625%, 06/15/14 144A (cost $2,017,500; purchased 06/03/04 - 06/17/04)(g)(l)	B2		2,000		2,082,500
Food & Beverage — 5.7%
Agrilink Foods, Inc., Gtd. Notes 11.875%, 11/01/08	B3		937		995,563
American Seafood Group LLC, Gtd. Notes 10.125%, 04/15/10	B3		3,225		3,870,000
B&G Foods, Inc., Gtd. Notes, Series D 9.625%, 08/01/07	B3		1,675		1,712,688
Del Monte Corp., Gtd. Notes, Series B 9.25%, 05/15/11	B2		3,625		3,978,438
Dole Foods Co., Inc., Sr. Notes 8.625%, 05/01/09	B2		5,100		5,367,749
Eagle Family Foods, Inc., Gtd. Notes, Series B 8.75%, 01/15/08	Caa2		2,200		1,551,000
Land O’ Lakes, Inc., Sr. Notes 8.75%, 11/15/11	B3		2,250		2,081,250
Michael Foods, Sr. Sub. Notes 8.00%, 11/15/13	B3		1,450		1,504,375
National Beef Packaging Co., Sr. Notes 10.50%, 08/01/11	B2		1,025		1,091,625

	Moody’s Rating	Principal Amount (000)#		Value (Note 2)
Pilgrim’s Pride Corp., Gtd. Notes 9.625%, 09/15/11	B1	$	2,200	$	2,442,000
Sr. Sub. Notes 9.25%, 11/15/13	B2		2,250		2,407,500
Reddy Ice Group, Inc., Sr. Sub. Notes 8.875%, 08/01/11	B3		2,150		2,279,000
Smithfield Foods, Inc., Sr. Notes
8.00%, 10/15/09	Ba2		1,600		1,732,000
7.75%, 05/15/13	Ba2		2,050		2,162,750
Swift & Co., Gtd. Notes 10.125%, 10/01/09	B1		1,250		1,340,625
Sr. Sub. Notes 12.50%, 01/01/10	B2		950		1,021,250
United Agricultural Products, Sr. Notes 8.25%, 12/15/11 144A	B3		725		812,000
					36,349,813
Gaming — 7.2%
Boyd Gaming Corp., Sr. Sub. Notes 8.75%, 04/15/12	B1		2,325		2,487,750
Global Cash Access LLC, Sr. Sub. Notes 8.75%, 03/15/12 144A (cost $971,754; purchased 03/04/04 - 03/08/04)(g)	Caa1		950		992,750
Isle of Capri Casinos, Inc., Gtd. Notes 9.00%, 03/15/12	B2		1,400		1,515,500
Sr. Sub. Notes 7.00%, 03/01/14 144A (cost $675,000; purchased 02/19/04)(g)	B2		675		629,438
Majestic Star Casino LLC, Gtd. Notes 9.50%, 10/15/10	B2		1,825		1,843,250
Mandalay Resort Group, Sr. Notes 9.50%, 08/01/08	Ba2		1,500		1,687,500
Sr. Sub. Notes
10.25%, 08/01/07	Ba3		425		473,875
9.375%, 02/15/10	Ba3		4,550		4,982,249
MGM Grand, Inc., Gtd. Notes 8.375%, 02/01/11	Ba2		5,900		6,194,999
MGM Mirage, Inc., Sr. Notes 5.875%, 02/27/14 144A (cost $3,963,653; purchased 03/09/04)(g)	Ba1		4,000		3,645,000

151

AST Goldman Sachs High Yield Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)#		Value (Note 2)
Mohegan Tribal Gaming Authority, Sr. Sub. Notes
6.375%, 07/15/09	Ba3	$	700	$	705,250
8.00%, 04/01/12	Ba3		1,100		1,177,000
Mohegan Tribal Gaming Co., Sr. Sub. Notes 8.375%, 07/01/11	Ba3		1,100		1,193,500
MTR Gaming Group, Inc., Gtd. Notes, Series B 9.75%, 04/01/10	B2		2,350		2,538,000
Park Place Entertainment Corp., Sr. Sub. Notes 7.875%, 03/15/10	Ba2		4,575		4,849,500
Penn National Gaming, Inc., Gtd. Notes, Series B 11.125%, 03/01/08	B2		1,850		2,044,250
River Rock Entertainment, Sr. Notes 9.75%, 11/01/11	B2		950		1,040,250
Seneca Gaming Corp., Sr. Notes 7.25%, 05/01/12 144A (cost $738,943; purchased 05/07/04)(g)	B2		750		752,813
Station Casinos, Inc., Sr. Sub. Notes 6.875%, 03/01/16	B1		1,750		1,693,125
Sun International Hotels Ltd., Gtd. Notes 8.875%, 08/15/11	B2		2,750		2,949,375
Venetian Casino / LV Sands, Gtd. Notes 11.00%, 06/15/10	B2		2,350		2,726,000
					46,121,374
Healthcare — 4.7%
Alaris Medical, Inc., Sr. Sub. Notes 7.25%, 07/01/11	B2		1,275		1,408,875
AmeriPath, Inc., Gtd. Notes 10.50%, 04/01/13	Caa1		3,075		3,121,125
Ardent Health Services LLC, Sr. Sub. Notes 10.00%, 08/15/13	B3		1,200		1,290,000
Concentra Operating Corp., Gtd. Notes 9.50%, 08/15/10	B3		600		642,000
Fisher Scientific International, Inc., Sr. Sub. Notes 8.00%, 09/01/13	B2		4,200		4,515,000
Hudson Respiratory Care, Inc., Sr. Sub. Notes 9.125%, 04/15/08	Ca		1,125		1,153,125

	Moody’s Rating	Principal Amount (000)#		Value (Note 2)
Medical Device Manufacturing, Inc., Sr. Sub. Debs. 10.00%, 07/15/12 144A (cost $1,519,553; purchased 06/23/04)(g)	Caa1		$1,500	$1,537,500
Nyco Holdings 2 APS, Sr. Notes (Denmark) 11.50%, 03/31/13	B3	EUR	750	1,031,110
Quintiles Transnational Corp., Sr. Sub. 10.00%, 10/01/13	B3		1,500	1,492,500
Sybron Dental Specialties, Inc., Gtd. Notes 8.125%, 06/15/12	B2		1,625	1,746,875
Tenet Healthcare Corp., Notes 7.375%, 02/01/13	B1		1,750	1,592,500
Sr. Notes 9.875%, 07/01/14 144A	B3		1,500	1,533,750
Universal Hospital Services, Inc., Sr. Notes 10.125%, 11/01/11	B3		3,750	3,825,000
Vanguard Health Systems, Inc., Gtd. Notes 9.75%, 08/01/11	B3		3,500	3,806,250
VWR Inernational, Inc., Sr. Sub. Notes (Germany) 8.00%, 04/15/14 144A (cost $1,256,250; purchased 04/07/04 - 06/02/04)(g)(l)	B3		1,250	1,287,500
				29,983,110
Industrial — Other — 4.4%
Aearo Co., Sr. Sub. Notes 8.25%, 04/15/12 144A (cost $875,000; purchased 04/01/04)(g)	B3		875	896,875
Brand Services, Inc., Gtd. Notes 12.00%, 10/15/12	B3		2,450	2,805,250
Briggs & Stratton Corp., Gtd. Notes 8.875%, 03/15/11	Ba1		2,125	2,491,563
Eagle Picher Industries, Inc., Sr. Notes 9.75%, 09/01/13	B3		3,475	3,752,999
Foamex L.P., Gtd. Notes
9.875%, 06/15/07	Caa2		325	277,875
10.75%, 04/01/09	B3		1,025	1,019,875
Hines Nurseries, Inc., Gtd. Notes 10.25%, 10/01/11	B3		1,650	1,806,750
Interline Brands, Inc., Sr. Sub. Notes 11.50%, 05/15/11	Caa1		1,750	1,942,500

152

AST Goldman Sachs High Yield Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)#		Value (Note 2)
Mark IV Industries, Inc., Sr. Sub. Notes 7.50%, 09/01/07	Caa1		$2,750	$2,581,563
Neenah Corp., Sec’d. Notes 11.00%, 09/30/10 144A	B2		2,608	2,777,520
Norcross Safety Products, Sr. Sub. Notes 9.875%, 08/15/11	B3		1,300	1,410,500
Pride International, Inc., Sr. Notes 7.375%, 07/15/14 144A (cost $1,492,110; purchased 06/22/04)(g)	Ba2		1,500	1,522,500
Rexnord Corp., Gtd. Notes 10.125%, 12/15/12	B3		2,700	2,983,500
Tesoro Petroleum Corp., Gtd. Notes 9.00%, 07/01/08	B3		700	724,500
Waste Services, Inc., Sr. Sub. Notes 9.50%, 04/15/14 144A (cost $1,017,500; purchased 05/04/04)(g)	Caa1		1,000	1,030,000
				28,023,770
Lodging — 1.6%
HMH Properties, Inc., Gtd. Notes, Series B 7.875%, 08/01/08	Ba3		1,950	2,008,500
Royal Caribbean Cruises Ltd., Sr. Notes 8.00%, 05/15/10	Ba2		2,050	2,219,125
Starwood Hotels & Resorts Worldwide, Inc., Gtd. Notes
7.375%, 05/01/07	Ba1		4,125	4,362,188
7.875%, 05/01/12	Ba1		1,500	1,612,500
				10,202,313
Machinery & Equipment — 0.7%
Duerr Beteiligungs AG, Sr. Sub. Notes (Germany) 9.75%, 07/15/11 144A	B2	EUR	1,500	1,758,015
Polypore, Inc., Sr. Sub. Notes 8.75%, 05/15/12 144A	Caa1	EUR	750	937,580
Sanitec International SA, Sr. Notes (Luxembourg) 9.00%, 05/15/12	B3	EUR	1,500	1,907,096
				4,602,691

	Moody’s Rating	Principal Amount (000)#		Value (Note 2)
Media — Cable — 3.7%
Cablevision Systems Corp., Sr. Notes 8.00%, 04/15/12 144A	B3		$2,750	$2,722,500
Charter Communications Holdings LLC, Sr. Disc. Notes, Zero Coupon (until 05/15/06) 11.75%, 05/15/11	Ca		2,950	1,924,875
Sr. Notes
10.25%, 09/15/10 144A	Caa1		3,750	3,796,874
10.00%, 05/15/11	Ca		4,000	3,190,000
CSC Holdings, Inc., Sr. Notes
7.875%, 12/15/07	B1		2,000	2,090,000
8.125%, 07/15/09	B1		2,200	2,299,000
Sr. Sub. Notes 10.50%, 05/15/16	B2		425	479,188
Ono Finance PLC, Gtd. Notes (United Kingdom) 10.50%, 05/15/14 144A	Caa2	EUR	2,000	2,329,882
Rogers Cablesystems Ltd., Gtd. Notes 11.00%, 12/01/15	Ba3		750	855,000
Tele Columbus AG & Co., Sr. Sub. Notes (Germany) 9.375%, 04/15/12 144A	B3	EUR	1,500	1,651,601
Telenet Communication NV, Sr. Notes (Belgium) 9.00%, 12/15/13	B3	EUR	1,750	2,139,781
				23,478,701
Media — Non Cable — 8.8%
Advanstar Communications, Inc., Gtd. Notes 12.00%, 02/15/11	Caa2		2,575	2,755,250
Advanstar Communications, Inc., Sec’d. Notes 10.75%, 08/15/10	B3		425	472,281
Advanstar, Inc., Gtd. Notes, Zero Coupon (until 10/15/05) 15.00%, 10/15/11 (cost $1,186,617; purchased 02/14/01 - 12/12/03)(g)	NR		1,675	1,358,844
American Media Operations, Inc., Gtd. Notes, Series B 10.25%, 05/01/09	B2		1,650	1,720,125

153

AST Goldman Sachs High Yield Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)#	Value (Note 2)
Block Communications, Inc., Gtd. Notes 9.25%, 04/15/09	B2	$1,875	$1,978,125
Dex Media East LLC, Gtd. Notes 12.125%, 11/15/12	Caa1	3,750	4,396,875
Dex Media West Finance, Sr. Sub. Notes 9.875%, 08/15/13	Caa1	4,500	4,961,249
Dex Media, Inc., Disc. Notes, Zero Coupon (until 11/15/08) 9.00%, 11/15/13 144A	Caa2	5,500	3,575,000
DIRECTV Holdings LLC, Sr. Notes 8.375%, 03/15/13	B1	3,000	3,333,750
Houghton Mifflin Co., Sr. Disc. Notes, Zero Coupon (Until 10/15/08) 11.50%, 10/15/13	Caa1	1,325	710,531
Inmarsat Finance PLC, Gtd. Notes (United Kingdom) 7.625%, 06/30/12 144A (cost $400,000; purchased 01/27/04)(g)(l)	B2	400	389,000
Lamar Media Corp., Gtd. Notes 7.25%, 01/01/13	Ba3	1,525	1,559,313
Lighthouse International Co. SA, Sr. Notes (Luxembourg) 8.00%, 04/30/14 144A (cost $4,151,982; purchased 05/04/04 - 06/02/04)(g)	B3	EUR3,500	4,130,522
Lodgenet Entertainment, Sr. Sub. Notes 9.50%, 06/15/13	B3	2,100	2,304,750
PanAmSat Corp., Gtd. Notes 8.50%, 02/01/12	Ba3	4,675	5,329,499
Quebecor Media, Inc., Sr. Disc. Notes, Zero Coupon (until 07/15/06) 13.75%, 07/15/11	B2	1,700	1,581,000
Sr. Notes 11.125%, 07/15/11	B2	2,475	2,836,969
Reader’s Digest Assoc., Sr. Notes 6.50%, 03/01/11	Ba3	500	490,625
Sinclair Broadcast Group, Inc., Gtd. Notes 8.00%, 03/15/12	B2	3,650	3,750,375

	Moody’s Rating		Principal Amount (000)#		Value (Note 2)
Vertis, Inc., Gtd. Notes, Series B 10.875%, 06/15/09	B3		$	1,750	$	1,890,000
Sec’d. Notes 9.75%, 04/01/09	B2			750		810,000
XM Satellite Radio, Inc., Sec’d. Notes 12.00%, 06/15/10	Caa1			901		1,037,276
Sec’d. Notes, Zero Coupon (until 12/31/05) 14.00%, 12/31/09	Caa1			1,782		1,688,840
Yell Finance BV, Sr. Disc. Notes, Zero Coupon (until 08/01/06) (Netherlands) 13.50%, 08/01/11(l)	B1			1,360		1,285,200
Sr. Notes (Netherlands) 10.75%, 08/01/11(l)	B1			1,137		1,316,078
Ziff Davis Media, Inc., Gtd. Notes, Series B 12.00%, 08/12/09	CC	(d)		414		407,335
						56,068,812
Metals & Mining — 1.0%
AK Steel Corp., Gtd. Notes 7.75%, 06/15/12	B3			2,000		1,815,000
California Steel Industries, Inc., Sr. Notes 6.125%, 03/15/14	Ba3			575		539,063
Republic Technologies International, Inc., Gtd. Notes 13.75%, 07/15/09 (cost $785,690; purchased 08/06/99)(g)(i)	NR			1,700		25,500
Ryerson Tull, Inc., Notes 9.125%, 07/15/06	B1			1,900		1,995,000
United States Steel Corp., Sr. Notes 9.75%, 05/15/10	B1			1,956		2,176,050
						6,550,613
Packaging — 2.4%
Graham Packaging Co., Gtd. Notes
4.795%, 01/15/08(c)	Caa1			1,325		1,278,625
8.75%, 01/15/08	Caa1			2,500		2,525,000
Huntsman Packaging Corp., Gtd. Notes 13.00%, 06/01/10	Caa2			2,100		1,890,000
Owens-Brockway Glass Container, Inc., Gtd. Notes
8.875%, 02/15/09	B2			1,150		1,247,750
8.25%, 05/15/13	B3			4,500		4,668,750

154

AST Goldman Sachs High Yield Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)#		Value (Note 2)
Owens-Illinois, Inc., Sr. Notes 8.10%, 05/15/07	Caa1	$	2,000	$	2,070,000
Plastipak Holdings, Inc., Gtd. Notes 10.75%, 09/01/11	B3		1,100		1,188,000
Pliant Corp., Sec’d. Notes 11.125%, 09/01/09	B3		500		537,500
Russell Stanley Holdings, Inc. Sr. Sub. 9.00%, 11/30/08 [PIK] 144A (cost $1,032,966; purchased 02/05/99 - 06/01/04)(g)	NR		326		0
					15,405,625
Paper — 2.9%
Boise Cascade Co., Sr. Notes 7.00%, 11/01/13	Ba2		525		539,438
Georgia-Pacific Corp., Gtd. Notes 9.375%, 02/01/13	Ba2		6,000		6,900,000
Graham Packaging International Corp., Sr. Sub. Notes 9.50%, 08/15/13	B3		1,000		1,090,000
Jefferson Smurfit Corp., Gtd. Notes 7.50%, 06/01/13	B2		1,200		1,194,000
MDP Acquisitions PLC, Sub. Notes (Ireland) 15.50%, 10/01/13 [PIK](l)	Caa1		1,951		2,253,707
Sr. Notes (Ireland) 9.625%, 10/01/12(l)	B3		1,750		1,925,000
Riverside Forest Products Ltd., Sr. Notes (Canada) 7.875%, 03/01/14 144A (cost $989,417; purchased 02/17/04 - 03/09/04)(g)(l)	B2		975		999,375
Stone Container Corp., Sr. Notes 9.75%, 02/01/11	B2		1,500		1,657,500
Tembec Industries, Inc., Gtd. Notes (Canada) 8.50%, 02/01/11(l)	Ba3		1,925		1,953,875
					18,512,895
Restaurants — 0.4%
Carrols Corp., Gtd. Notes 9.50%, 12/01/08	B3		1,625		1,690,000
Dominos, Inc., Sr. Sub. Notes 8.25%, 07/01/11	B3		825		878,625
					2,568,625
Retailers — 3.8%
Buhrmann U.S., Inc., Gtd. Notes 12.25%, 11/01/09	B2		4,750		5,227,831
Couche-Tard Corp., Sr. Sub. Notes 7.50%, 12/15/13	Ba3		1,675		1,683,375

	Moody’s Rating	Principal Amount (000)#		Value (Note 2)
FTD, Inc., Gtd. Notes 7.75%, 02/15/14	B3	$	1,900	$	1,771,750
General Nutrition Center, Sr. Sub. Notes 8.50%, 12/01/10 144A	B3		1,225		1,277,063
Michaels Stores, Inc., Sr. Notes 9.25%, 07/01/09	Ba1		1,075		1,182,500
PCA International, Inc., Sr. Notes 11.875%, 08/01/09	B3		1,200		1,296,000
Penney, (J.C.) Co., Inc., Notes 9.00%, 08/01/12	Ba3		4,618		5,472,330
Petro Stopping Centers, Sec’d. Notes 9.00%, 02/15/12 144A (cost $1,019,956; purchased 01/30/04 - 03/09/04)(g)	B3		1,000		995,000
Rite Aid Corp., Sec’d. Notes
8.125%, 05/01/10	B2		2,400		2,538,000
6.875%, 08/15/13	Caa1		2,800		2,590,000
					24,033,849
Services — 0.9%
Alamosa Delaware, Inc. Sr. Notes 8.50%, 01/31/12 144A	Caa1		2,000		1,970,000
Brickman Group Ltd., Gtd. Notes, Series B 11.75%, 12/15/09	B2		2,475		2,858,625
CBRE Escrow, Inc., Sr. Notes 9.75%, 05/15/10	B1		675		745,875
					5,574,500
Technology — 1.8%
Activant Solutions, Sr. Notes 10.50%, 06/15/11	B2		2,025		2,146,500
AMI Semiconductor, Inc., Gtd. Notes 10.75%, 02/01/13	B3		1,365		1,600,463
Xerox Corp., Gtd. Notes 9.75%, 01/15/09	B1		5,450		6,226,625
Sr. Notes 7.625%, 06/15/13	B1		1,250		1,284,375
					11,257,963
Textile — 1.6%
Dyersburg Corp., Gtd. Notes, Series B 9.75%, 09/01/07 (cost $1,757,563; purchased 09/03/97 - 10/20/97)(g)(i)	NR		1,725		173
Invista Co., Notes 9.25%, 05/01/12 144A (cost $1,625,000; purchased 06/23/04)(g)	B1		1,625		1,641,250
Phillips Van Heusen Corp., Sr. Notes 8.125%, 05/01/13	B2		1,925		2,016,438

155

AST Goldman Sachs High Yield Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)#		Value (Note 2)
Russell Corp., Gtd. Notes 9.25%, 05/01/10	B1	$	1,050	$	1,120,875
Warnaco Group, Inc., Sr. Notes 8.875%, 06/15/13	B2		3,700		3,995,999
William Carter Co., Gtd. Notes 10.875%, 08/15/11	B3		1,445		1,643,688
					10,418,423
Tobacco — 0.2%
Dimon, Inc., Gtd. Notes 9.625%, 10/15/11	Ba3		725		735,875
Standard Commercial Corp., Sr. Notes 8.00%, 04/15/12 144A (cost $625,000; purchased 03/19/04)(g)	Ba3		625		615,625
					1,351,500
Transportation — 0.8%
Allied Holdings, Inc., Gtd. Notes, Series B 8.625%, 10/01/07	Caa1		1,850		1,692,750
Holt Group, Inc., Gtd. Notes 9.75%, 01/15/06 (cost $1,372,500; purchased 01/14/98 - 02/09/98)(g)(i)	C		1,350		0
Stena AB, Sr. Notes (Sweden)
9.625%, 12/01/12(l)	Ba3		1,500		1,672,500
7.50%, 11/01/13(l)	Ba3		1,500		1,490,625
					4,855,875
Utility — Electric — 2.5%
Caithness Coso Funding Corp., Sec’d. Notes 9.05%, 12/15/09	Ba2		2,654		2,905,973
Calpine Canada Energy Finance Corp., Gtd. Notes (Canada) 8.50%, 05/01/08(l)	Caa1		2,225		1,479,625
Calpine Corp., Sr. Notes 8.50%, 02/15/11	Caa1		1,900		1,249,250
CMS Energy Corp., Sr. Notes 8.90%, 07/15/08	B3		1,250		1,315,625
8.50%, 04/15/11	B3		1,000		1,025,000
Illinois Power Co., First Mortgage 11.50%, 12/15/10	B1		3,700		4,393,750
NRG Energy, Inc., Sec’d. Notes 8.00%, 12/15/13 144A	B2		2,250		2,283,750
Reliant Resource, Inc., Sec’d. Notes 9.25%, 07/15/10	B1		1,000		1,072,500
9.50%, 07/15/13	B1		750		811,875
					16,537,348

	Moody’s Rating	Principal Amount (000)#		Value (Note 2)
Utility — Natural Gas — 5.4%
Dynegy Holdings, Inc., Sec’d. Notes 10.125%, 07/15/13 144A	B3	$	1,500	$	1,631,250
Sr. Notes 8.75%, 02/15/12	Caa2		1,750		1,671,250
El Paso Corp., Notes 7.875%, 06/15/12	Caa1		3,250		2,933,125
Sr. Notes 6.95%, 12/15/07	Caa1		2,175		2,115,188
8.05%, 10/15/30	Caa1		1,575		1,291,500
7.80%, 08/01/31	Caa1		6,475		5,228,562
El Paso Production Holding Co., Gtd. Notes 7.75%, 06/01/13	B3		3,275		3,021,188
Pacific Energy Partners L.P., Sr. Notes 7.125%, 06/15/14 144A	Ba2		1,750		1,785,000
Semco Energy, Inc., Sr. Notes 7.125%, 05/15/08	Ba2		950		978,500
Southern Natural Gas Co., Notes 8.00%, 03/01/32	B1		750		708,750
Tennessee Gas Pipeline Co., Bonds 8.375%, 06/15/32	B1		1,575		1,543,500
Debs. 7.50%, 04/01/17	B1		1,000		980,000
Transcontinental Gas Pipe Corp., Notes, Series B 7.00%, 08/15/11	B1		150		154,500
Sr. Notes, Series B 8.875%, 07/15/12	B1		1,875		2,128,125
Williams Cos., Inc., Notes
8.125%, 03/15/12	B3		1,000		1,072,500
7.625%, 07/15/19	B3		5,250		5,079,375
7.875%, 09/01/21	B3		2,300		2,225,250
Sr. Notes 8.625%, 06/01/10	B3		500		552,500
					35,100,063
Wireless Communications — 4.0%
Alaska Communications Systems Holdings, Inc., Gtd. Notes
9.375%, 05/15/09	B3		1,250		1,265,625
9.875%, 08/15/11	B2		1,525		1,597,438
American Cellular Corp., Sr. Notes, Series B 10.00%, 08/01/11	B3		1,750		1,518,125
American Tower Corp., Sr. Notes 7.50%, 05/01/12 144A	Caa1		2,000		1,945,000

156

AST Goldman Sachs High Yield Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)#		Value (Note 2)
Crown Castle International Corp., Sr. Notes 7.50%, 12/01/13	B3	$	1,000	$	1,000,000
Echostar DBS Corp., Sr. Notes 5.75%, 10/01/08	Ba3		4,000		3,965,000
Nextel Communications, Inc., Sr. Notes
9.375%, 11/15/09	B2		1,000		1,073,750
7.375%, 08/01/15	B2		3,750		3,806,250
5.95%, 03/15/14	B2		2,500		2,312,500
Nextel Partners, Inc., Sr. Notes 12.50%, 11/15/09	Caa1		838		980,460
Rogers Wireless, Inc., Sr. Sec’d. Notes (Canada) 6.375%, 03/01/14 144A(l)	Ba3		1,875		1,734,375
Triton PCS, Inc., Gtd. Notes
8.75%, 11/15/11	B3		1,000		830,000
8.50%, 06/01/13	B2		1,750		1,662,500
US Unwired, Inc., Sec’d. Notes 10.00%, 06/15/12 144A	Caa1		1,750		1,776,250
					25,467,273
Wireline Communications — 3.0%
Cincinnati Bell, Inc., Gtd. Notes 7.25%, 07/15/13	B2		1,800		1,692,000
Cincinnati Bell, Inc., Sr. Sub. Notes 8.375%, 01/15/14	B3		2,175		1,946,625
Eircom Funding, Sr. Sub. Notes (Ireland) 8.25%, 08/15/13(l)	B1		1,275		1,332,375
Lucent Technologies, Inc. Debs. 6.45%, 03/15/29	Caa1		1,500		1,166,250
Notes 5.50%, 11/15/08	Caa1		1,000		950,000
Nortel Networks Ltd., Notes (Canada) 6.125%, 02/15/06(l)	B3		1,000		1,010,000
Qwest Communications International, Inc., Notes
13.50%, 12/15/10 144A	Caa1		4,500		5,253,750
9.125%, 03/15/12 144A	Ba3		4,000		4,340,000
Telex Communications, Inc., Sec’d. Notes 11.50%, 10/15/08	B3		800		852,000
TSI Telecommunication Services, Inc., Gtd. Notes 12.75%, 02/01/09	B3		750		810,000
					19,353,000
Total Corporate Obligations
(Cost $589,004,569)					601,409,568

	Shares	Value (Note 2)
PREFERRED STOCK — 1.0%
Healthcare
River Holding Corp., Series B, 11.50% [PIK]* (cost $653,885; purchased 04/02/98 - 04/16/04)(g)(o)	9,794	$	98
Media — Non Cable — 0.6%
Primedia, Inc., Series D, 10.00%	8,475		800,888
Primedia, Inc., Series F, 9.20%	17,250		1,535,249
Primedia, Inc., Series H, 8.625%	13,100		1,133,150
Ziff Davis Media, Inc., Series E, 10.00%*	108		5,427
			3,474,714
Retailers — 0.4%
General Nutrition Center Holding Co., 12.00% [PIK]*144A (cost $2,414,400; purchased 12/18/03)(g)	2,400		2,610,000
Total Preferred Stock
(Cost $6,800,665)			6,084,812
WARRANTS* — 0.1%
Entertainment
AMF Bowling Worldwide, Inc., Series B, expiring 03/09/09 (cost $761,617; purchased 01/08/97 - 11/04/97)(g)	10,136		101
Industrial — Other — 0.1%
ACP Holding Corp., expiring 10/07/13144A (cost $0; purchased 09/26/03)(g)	321,453		361,635
Media — Non Cable
Advanstar Holdings Corp., expiring 10/15/11144A (cost $0; purchased 10/09/01)(g)	1,100		22
XM Satellite Radio, Inc., expiring 03/15/10144A (cost $354,375; purchased 08/31/00)(g)	2,000		111,000
Ziff Davis Media, Inc., expiring 08/12/12 (cost $198; purchased 07/18/00)(g)	19,800		11,880
			122,902
Packaging
Pliant Corp., expiring 06/01/10 (cost $0; purchased 09/29/00)(g)	1,000		10
Paper
MDP Acquisitions PLC, expiring 10/01/13 (Ireland)144A (cost $0; purchased 09/23/02)(g)	900		4,500
Total Warrants
(Cost $1,116,190)			489,148

157

AST Goldman Sachs High Yield Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares	Value (Note 2)
COMMON STOCK
Metals & Mining
Royal Oak Mines, Inc.* (cost $7,351; purchased 07/28/98 - 02/24/99)(g)	66,164	$	265
Packaging
Russell Stanley Holdings, Inc.* (cost $523,314; purchased 02/05/99 - 03/30/99)(g)(o)	39,000		390
Wireline Communications
McLeodUSA, Inc., Series A, 2.50% [CVT]*	24,880		64,713
Viatel Holding Ltd. (United Kingdom)*	13,205		16,176
			80,889
Total Common Stock
(Cost $9,250,348)			81,544
RIGHTS*
Consumer Products & Services
Sleepmaster, Inc.	1,055		0

	Shares	Value (Note 2)
Diversified Manufacturing
Simonds Industries, Inc. (cost $340,716; purchased 03/08/01)(g)(o)	10,428	$	0
Total Rights
(Cost $340,716)			0
Total Long-term Investments
(Cost $606,512,488)			608,065,072
SHORT-TERM INVESTMENTS — 3.0%
Registered Investment Companies
BlackRock Provident Institutional Funds TempCash Portfolio(j)	9,652,287		9,652,287
BlackRock Provident Institutional Funds TempFund Portfolio(j)	9,652,287		9,652,287
(Cost $19,304,574)			19,304,574
Total Investments — 98.2%
(Cost $625,817,062; Note 5)			627,369,646
Other Assets in Excess of Liabilities — 1.8%			11,387,511
Net Assets — 100.0%		$	638,757,157

The following abbreviations are used throughout the Schedule of Investments:

CVT Convertible Security

EUR Euro

NR Not Rated by Moody’s or Standard & Poor’s

PIK Payment-in-kind

The following annotations are used throughout the Schedule 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. Unless otherwise noted 144A securities are deemed to be liquid.

# Principal amount is shown in U.S. dollars unless otherwise stated.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(d) Standard & Poor’s rating.

(g) Indicates a security that has been deemed illiquid. The aggregate cost of the illiquid security is $56,001,918. The aggregate value, $46,151,539 represents 7.23% of net assets.

(i) Represents issuer in default on interest payments, Non-income producing security.

(j) Security available to institutional investors only.

(l) U.S. dollar denominated foreign bonds.

(o) Indicates a fair valued security.

Foreign currency exchange contracts outstanding at June 30, 2004:

Settlement Month	Type	Contracts to Deliver	In Exchange For		Contracts at Value		Unrealized Depreciation
Aug 04	Sell  EUR	20,377,139	$	24,471,532	$	24,777,949	$	(306,417	)

See Notes to Financial Statements.

158

AST Lord Abbett Bond—Debenture Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
LONG-TERM INVESTMENTS — 94.2%
CORPORATE OBLIGATIONS — 69.7%
Aerospace/Defense — 1.3%
DRS Technologies, Inc., Sr. Sub. Notes 6.875%, 11/01/13	B2	$	1,500	$	1,470,000
Esterline Technologies Corp., Sr. Sub. Notes 7.75%, 06/15/13	B1		500		517,500
Raytheon Co., Notes 4.85%, 01/15/11	Baa3		2,500		2,484,690
Titan Corp., Gtd. Notes 8.00%, 05/15/11 144A	B2		300		304,500
					4,776,690
Airlines — 0.4%
American Airlines, Inc., Bonds 8.608%, 04/01/11	Baa3		700		637,038
Continental Airlines, Inc., Pass Thru Cert., Series 974B 6.90%, 01/02/17	Ba2		475		366,554
Delta Air Lines, Inc., Pass-Thru Cert., Series 01-1 7.711%, 09/18/11	Baa3		1,000		646,391
					1,649,983
Apparel & Textile — 0.3%
Invista, Notes 9.25%, 05/01/12 144A	B1		1,000		1,010,000
Auto Loans — 0.4%
Ford Motor Credit Corp. 7.25%, 10/25/11(a)	A3		1,500		1,568,652
Automotive Parts & Equipment — 1.8%
Cummins, Inc., Sr. Notes 9.50%, 12/01/10	Ba2		750		853,125
Dana Corp., Notes 10.125%, 03/15/10	Ba3		750		853,125
Delco Remy International, Inc., Gtd. Notes 11.00%, 05/01/09(a)	B3		1,175		1,245,500
Dura Operating Corp., Gtd. Notes, Series D 9.00%, 05/01/09(a)	B2		850		837,250
Eagle — Picher Industries, Inc., Sr. Notes 9.75%, 09/01/13	B3		500		540,000
Goodyear Tire & Rubber Co., Notes 7.857%, 08/15/11(a)	B2		2,000		1,835,000

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Tenneco Automotive, Inc., Sec’d. Notes, Series B 10.25%, 07/15/13	B2	$	565	$	641,275
					6,805,275
Banking — 0.1%
Wachovia Corp., Sub. Notes 6.605%, 10/01/05	A1		325		344,426
Beverages — 0.3%
Le-Natures, Inc., Sr. Sub. Notes 9.50%, 06/15/13 144A	B3		1,000		1,040,000
Building & Construction — 1.3%
Beazer Homes USA, Inc., Gtd. Notes 8.375%, 04/15/12	Ba2		500		530,000
Sr. Notes 6.50%, 11/15/13	Ba2		1,500		1,425,000
D.R. Horton, Inc., Sr. Notes 6.875%, 05/01/13(a)	Ba1		500		512,500
Schuler Homes, Inc., Gtd. Notes 9.375%, 07/15/09	Ba1		500		551,250
Shaw Group, Inc. (The), Unsec’d. Sr. Notes 10.75%, 03/15/10(a)	Ba2		1,000		985,000
William Lyon Homes, Inc., Gtd. Notes 10.75%, 04/01/13	B3		750		832,500
					4,836,250
Building Materials — 0.3%
Jacuzzi Brands, Inc., Sec’d. Notes 9.625%, 07/01/10	B3		1,000		1,075,000
Chemicals — 2.7%
Airgas, Inc., Gtd. Notes 9.125%, 10/01/11	Ba2		350		396,375
Sr. Sub. Notes 6.25%, 07/15/14	Ba2		1,000		962,500
Hercules Inc., Gtd. Notes 6.75%, 10/15/29 144A	Ba3		1,000		965,000
Huntsman International Holdings, Sr. Disc. Notes Zero Coupon, 12/31/09	Caa2		200		99,000
IMC Global, Inc., Gtd. Notes, Series B 11.25%, 06/01/11	B1		700		810,250

159

AST Lord Abbett Bond—Debenture Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Kranton Polymers LLC, Sr. Sub. Notes 8.125%, 01/15/14 144A	B3	$	450	$	456,750
Lyondell Chemical Co., Sec’d. Notes, Series A 9.625%, 05/01/07	B1		750		787,500
Nalco Co., Sr. Sub. Notes 8.875%, 11/15/13 144A(a)	Caa1		2,000		2,105,000
Nova Chemicals Ltd., Sr. Notes 6.50%, 01/15/12	Ba2		450		445,500
Rhodia SA, Sr. Sub. Notes (France) 8.875%, 06/01/11 144A(a)(l)	Caa1		2,000		1,700,000
Terra Capital, Inc., Sec’d. Notes 11.50%, 06/01/10	Caa1		1,000		1,100,000
					9,827,875
Computer Hardware — 0.1%
Seagate Technology HDD Holdings, Gtd. Notes 8.00%, 05/15/09	Ba2		500		525,000
Consumer Products — 1.8%
Aearo Co., Sr. Sub. Notes 8.25%, 04/15/12 144A	B3		300		307,500
Elizabeth Arden, Inc., Gtd. Notes 7.75%, 01/15/14	B3		3,000		3,067,500
Rayovac Corp., Sr. Sub. Notes 8.50%, 10/01/13	B3		3,000		3,165,000
					6,540,000
Diversified Capital Goods — 1.8%
Blount, Inc., Gtd. Notes 13.00%, 08/01/09	Caa2		1,000		1,076,250
J.B. Poindexter & Co., Inc., Sr. Notes 8.75%, 03/15/14 144A	B1		1,200		1,224,000
Sensus Metering Systems, Sr. Sub. Notes 8.625%, 12/15/13 144A	Caa1		2,000		1,930,000
Trinity Industries, Inc., Sr. Notes 6.50%, 03/15/14 144A	Ba3		1,000		920,000
Tyco International Group SA, Sr. Notes (Luxembourg) 6.00%, 11/15/13(a)(l)	Baa3		1,500		1,544,771
					6,695,021

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Electric — Generation — 2.9%
AES Corp., Sr. Notes 7.75%, 03/01/14	B2	$	2,000	$	1,932,500
Calpine Corp., Sec’d. Notes 8.50%, 07/15/10 144A	B		3,000		2,497,500
Calpine Generating Co., Sec’d. Notes 11.50%, 04/01/11 144A	B3		500		442,500
Dynegy Holdings, Inc., Sec’d. Notes 9.875%, 07/15/10 144A	B3		1,000		1,080,000
Midwest Generation LLC, Sec’d. Notes 8.75%, 05/01/34 144A	B1		1,500		1,522,500
NRG Energy, Inc., Sec’d. Notes 8.00%, 12/15/13 144A	B2		2,200		2,233,000
Reliant Resource, Inc., Sec’d. Notes 9.50%, 07/15/13	B1		1,000		1,082,500
					10,790,500
Electric — Integrated — 2.6%
Duke Energy Corp., Sr. Notes, Series B 5.375%, 01/01/09	Baa1		2,500		2,567,117
Mission Energy Holding Co., Sec’d. Notes 13.50%, 07/15/08(a)	Caa2		750		842,813
Pacific Gas & Electric, First Mortgage 4.80%, 03/01/14	Baa2		1,000		949,336
PPL Energy Supply LLC, Sr. Notes 6.40%, 11/01/11	Baa2		500		530,722
Teco Energy, Inc., Sr. Notes 7.50%, 06/15/10	Ba1		2,000		2,030,000
Virginia Electric & Power Co., Notes 4.50%, 12/15/10	A3		2,400		2,348,354
7.00%, 01/01/24	A2		300		306,470
					9,574,812
Electronics — 1.2%
Amkor Technology, Inc., Sr. Notes 7.125%, 03/15/11 144A(a)	B1		1,000		942,500
Communications & Power Industries Holding Corp., Sr. Sub. Notes 8.00%, 02/01/12	B3		2,500		2,512,500
Sanmina — SCI Corp., Gtd. Notes 10.375%, 01/15/10	Ba2		1,000		1,150,000
					4,605,000

160

AST Lord Abbett Bond—Debenture Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Energy — Exploration & Production — 2.1%
El Paso Production, Gtd. Notes 7.75%, 06/01/13	B3	$	1,050	$	968,625
Exco Resources, Inc., Gtd. Notes 7.25%, 01/15/11	B2		2,500		2,550,000
Forest Oil Corp., Sr. Notes 8.00%, 06/15/08	Ba3		350		374,500
Houston Exploration Co., Sr. Sub. Notes 7.00%, 06/15/13	B2		1,000		1,010,000
KCS Energy, Inc., Sr. Notes 7.125%, 04/01/12 144A	B3		525		525,000
Magnum Hunter Resources, Inc., Gtd. Notes 9.60%, 03/15/12	B2		1,000		1,105,000
Range Resources Corp., Sr. Sub. Notes 7.375%, 07/15/13	B3		1,000		1,000,000
					7,533,125
Environmental Services — 1.0%
Allied Waste North America, Inc., Sec’d. Notes 6.125%, 02/15/14 144A	Ba3		1,000		920,000
Sr. Notes 7.875%, 04/15/13	Ba3		2,750		2,887,500
					3,807,500
Food & Drug Retailers — 1.3%
Ingles Markets, Inc., Gtd. Notes 8.875%, 12/01/11	Ba3		1,000		1,032,500
Rite Aid Corp., Notes 8.125%, 05/01/10	B2		2,000		2,115,000
Strater Brothers Holdings, Inc., Sr. Notes 8.125%, 06/15/12 144A	B1		1,500		1,513,125
					4,660,625
Food — Wholesale — 2.6%
B&G Foods, Inc., Gtd. Notes, Series D 9.625%, 08/01/07	B3		2,500		2,556,250
Corn Products International, Inc., Sr. Notes 8.45%, 08/15/09	Ba1		500		556,250
Dole Foods Co., Debs. 8.75%, 07/15/13	B2		2,000		2,100,000

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Land O’ Lakes, Inc., Sec’d. Notes 9.00%, 12/15/10 144A	B2	$	500	$	523,125
Michael Foods, Sr. Sub. Notes 8.00%, 11/15/13	B3		1,500		1,556,250
Pinnacle Foods Holding Corp., Sr. Sub. Notes 8.25%, 12/01/13 144A	B3		2,250		2,182,500
					9,474,375
Forestry/Paper — 2.9%
Boise Cascade Co., Sr. Notes 6.50%, 11/01/10	Ba2		2,000		2,045,000
Buckeye Technologies, Inc., Sr. Sub. Notes 8.00%, 10/15/10	Caa1		2,500		2,306,250
Georgia-Pacific Corp., Debs. 8.25%, 03/01/23	Ba3		750		774,375
Jefferson Smurfit Corp., Gtd. Notes 8.25%, 10/01/12	B2		1,000		1,045,000
JSG Funding PLC, Sr. Notes (Ireland) 9.625%, 10/01/12(l)	B2		750		825,000
Longview Fibre Co., Sr. Sub. Notes 10.00%, 01/15/09	B2		500		542,500
Norske Skog Canada, Sr. Notes 7.375%, 03/01/14	Ba3		1,425		1,385,813
Tembec Industries, Inc., Gtd. Notes, (Canada) 7.75%, 03/15/12(l)	Ba3		2,000		1,940,000
					10,863,938
Gaming — 4.6%
Boyd Gaming Corp., Sr. Sub. Notes 8.75%, 04/15/12	B1		1,500		1,605,000
Hard Rock Hotel, Inc., Notes 8.875%, 06/01/13	B3		1,840		1,867,600
Isle of Capri Casinos, Inc., Gtd. Notes 9.00%, 03/15/12	B2		1,250		1,353,125
Sr. Sub. Notes 7.00%, 03/01/14 144A	B2		1,500		1,398,750
Mandalay Resort Group, Sr. Sub. Notes 9.375%, 02/15/10	Ba3		600		657,000

161

AST Lord Abbett Bond—Debenture Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Mohegan Tribal Gaming Co., Sr. Sub. Notes 6.375%, 07/15/09	Ba3	$	1,000	$	1,007,500
Park Place Entertainment Corp., Sr. Notes 7.50%,09/01/09	Ba1		350		370,125
Sr. Sub. Notes 9.375%, 02/15/07	Ba2		1,000		1,088,750
Penn National Gaming, Inc., Sr. Sub. Notes 6.875%, 12/01/11 144A	B3		1,250		1,232,813
Premier Entertainment Biloxi LLC, First Mortgage 10.75%, 02/01/12 144A	B3		575		606,625
River Rock Entertainment, Sr. Notes 9.75%, 11/01/11(a)	B2		2,005		2,195,474
Seneca Gaming Corp., Sr. Notes 7.25%, 05/01/12 144A	B2		500		501,875
Station Casinos, Inc. Sr. Sub. Notes 6.50%, 02/01/14(a)	B1		2,000		1,935,000
Turning Stone Casino Resort Enterprise, Sr. Notes 9.125%, 12/15/10 144A	B1		500		525,000
Venetian Casino Resort LLC, Gtd. Notes 11.00%, 06/15/10	B3		500		580,000
					16,924,637
Gas Distribution — 1.4%
Ferrellgas Partners L.P., Sr. Notes 8.75%, 06/15/12	B2		400		429,000
6.75%, 05/01/14 144A	Ba3		400		388,000
Northwest Pipeline Corp., Gtd. Notes 8.125%, 03/01/10	B1		500		541,250
Sonat, Inc., Notes 7.625%, 07/15/11	Caa1		1,000		897,500
Suburban Propane Partners L.P., Sr. Notes 6.875%, 12/15/13	B1		1,500		1,457,823
Williams Cos., Inc., Notes 7.875%, 09/01/21	B3		1,000		967,500
Sr. Notes 8.625%, 06/01/10	B3		500		552,500
					5,233,573

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Health Services — 3.0%
AmeriPath, Inc., Gtd. Notes 10.50%, 04/01/13	B3	$	750	$	761,250
Beverly Enterprises, Inc., Sr. Sub. Notes 7.875%, 06/15/14 144A	B2		750		741,563
Hanger Orthopedic Group, Inc., Gtd. Notes 10.375%, 02/15/09(a)	B2		500		513,750
HEALTHSOUTH Corp., Sr. Notes 8.375%, 10/01/11(a)	NR		760		739,100
Medex, Inc., Sr. Sub. Notes 8.875%, 05/15/13	B3		2,000		2,119,999
National Nephrology Associates, Inc., Sr. Sub. Notes 9.00%, 11/01/11 144A	B3		335		385,250
Pacificare Health Systems, Inc., Gtd. Notes 10.75%, 06/01/09	B1		640		732,800
PerkinElmer, Inc., Gtd. Notes 8.875%, 01/15/13	Ba3		1,500		1,646,250
Tenet Healthcare Corp., Notes 7.375%, 02/01/13(a)	B1		1,000		910,000
Triad Hospitals, Inc., Sr. Sub. Notes 7.00%, 11/15/13	B3		1,500		1,432,500
UnitedHealth Group, Inc., Notes 4.875%, 04/01/13	A3		1,000		977,678
					10,960,140
Hotels — 0.8%
Felcor Lodging L.P., Gtd. Notes 9.00%, 06/01/11	B1		700		726,250
Hilton Hotels Corp., Notes 8.25%, 02/15/11	Ba1		1,000		1,117,500
Host Marriott L.P., Gtd. Notes 9.25%, 10/01/07	Ba3		1,000		1,107,500
					2,951,250
Household & Leisure Products — 0.6%
Fedders North America, Sr. Notes 9.875%, 03/01/14 144A	Caa1		1,500		1,380,000
Remington Arms Co., Inc., Gtd. Notes 10.50%, 02/01/11	B2		750		731,250
					2,111,250

162

AST Lord Abbett Bond—Debenture Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Leisure — 0.9%
Gaylord Entertainment Co., Sr. Notes 8.00%, 11/15/13	B3	$	2,500	$	2,546,875
K2, Inc., Sr. Notes 7.375%, 07/01/14 144A	Ba3		150		153,375
Six Flags, Inc., Sr. Notes 9.50%, 02/01/09	B2		750		774,375
					3,474,625
Machinery — 1.0%
AGCO Corp., Gtd. Notes 9.50%, 05/01/08	Ba3		1,000		1,095,000
JLG Industries, Inc., Gtd. Notes 8.25%, 05/01/08	B2		600		633,000
Manitowoc Co., Inc., Sr. Notes 7.125%, 11/01/13(a)	B1		2,015		2,025,075
					3,753,075
Media — Broadcasting — 1.8%
Allbritton Communications, Sr. Sub. Notes 7.75%, 12/15/12(a)	B3		2,050		2,029,500
Clear Channel Communications, Inc., Sr. Notes 4.625%, 01/15/08	Baa3		2,000		2,022,724
Paxson Communications Corp., Gtd. Notes 10.75%, 07/15/08(a)	Caa1		2,000		2,040,000
TV Azteca SA de CV, Sr. Notes, Series B (Mexico) 10.50%, 02/15/07(l)	B1		575		589,375
					6,681,599
Media — Cable — 4.8%
Charter Communications Holdings LLC, Sr. Notes 10.00%, 04/01/09	Ca		3,500		2,939,999
Comcast Corp., Gtd. Notes 5.85%, 01/15/10	Baa3		2,800		2,925,149
CSC Holdings, Inc., Debs., Series B 8.125%, 08/15/09	B1		1,500		1,567,500
DIRECTV Holdings LLC, Sr. Notes 8.375%, 03/15/13	B1		1,250		1,389,063
Echostar DBS Corp., Sr. Notes 6.375%, 10/01/11	Ba3		1,500		1,485,000

	Moody’s Rating		Principal Amount (000)		Value (Note 2)
Insight Communications Co., Inc., Sr. Disc. Notes, Zero Coupon (until 02/15/06) 12.25%, 02/15/11(a)	Caa2		$	4,000	$	3,619,999
Mediacom LLC Capital Corp., Sr. Notes 8.50%, 04/15/08(a)	B2			2,175		2,196,750
9.50%, 01/15/13(a)	B2			1,625		1,576,250
						17,699,710
Media — Diversified — 0.9%
Block Communications, Inc., Gtd. Notes 9.25%, 04/15/09	B2			1,550		1,635,250
Emmis Operating, Sr. Sub. Notes 6.875%, 05/15/12 144A	B2			1,500		1,477,500
						3,112,750
Media — Services — 0.6%
Interpublic Group of Cos., Inc., Notes 7.25%, 08/15/11	Baa3			500		537,390
Warner Music Group, Sr. Sub. Notes 7.375%, 04/15/14 144A	B3			1,555		1,508,350
						2,045,740
Metals/Mining Excluding Steel — 0.2%
Century Aluminum Co., First Mortgage 11.75%, 04/15/08	B1			500		560,000
Non-Electric Utilities — 1.0%
Semco Energy, Inc., Sr. Notes 7.125%, 05/15/08	Ba2			1,750		1,802,500
7.75%, 05/15/13	Ba2			1,855		1,919,925
						3,722,425
Non-Food & Drug Retailers — 1.3%
Couche-Tard Corp., Sr. Sub. Notes 7.50%, 12/15/13	Ba3			1,450		1,457,250
J. Crew Intermediate LLC, Sr. Disc. Notes, Zero Coupon (until 11/15/05) 16.00%, 05/15/08(a)	CCC	(d)		150		130,500
Penny, (J.C.) Co., Inc., Notes 8.00%, 03/01/10	Ba3			250		280,625
6.875%, 10/15/15	Ba3			1,000		1,031,250

163

AST Lord Abbett Bond—Debenture Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Saks, Inc., Gtd. Notes 9.875%, 10/01/11	B1	$	1,000	$	1,167,500
7.375%, 02/15/19	Ba3		750		720,000
					4,787,125
Oil Field Equipment & Services — 0.5%
Hanover Compressor Co., Sr. Notes 8.625%, 12/15/10	B3		1,000		1,040,000
Key Energy Services, Inc., Gtd. Notes 8.375%, 03/01/08	Ba2		500		520,000
Sr. Notes 6.375%, 05/01/13	Ba2		250		237,500
Pride International, Inc., Sr. Notes 7.375%, 07/15/14 144A	Ba2		175		177,625
					1,975,125
Packaging — 3.4%
AEP Industries, Inc., Sr. Sub. Notes 9.875%, 11/15/07	B3		1,000		1,030,000
BWAY Corp., Sr. Sub. Notes 10.00%, 10/15/10	B3		1,000		1,055,000
Constar International, Inc., Sr. Sub. Notes 11.00%, 12/01/12(a)	Caa1		500		470,000
Crown Cork & Seal Co., Inc., Debs. 7.375%, 12/15/26	B3		3,000		2,505,000
Graham Packaging Co., Inc., Sr. Disc. Notes, Series B 10.75%, 01/15/09	Caa2		1,150		1,188,813
Owens-Brockway Glass Containers Corp., Gtd. Notes 8.875%, 02/15/09	B1		2,500		2,712,499
7.75%, 05/15/11	B1		1,500		1,567,500
Solo Cup Co., Sr. Sub. Notes 8.50%, 02/15/14 144A(a)	B3		1,000		935,000
Tekni-Plex, Inc., Sec’d. Notes 8.75%, 11/15/13 144A	B2		1,000		960,000
					12,423,812

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Pharmaceuticals — 1.1%
Alpharma, Inc., Sr. Notes 8.625%, 05/01/11 144A	B3	$	1,500	$	1,560,000
Biovail Corp., Sr. Sub. Notes (Canada) 7.875%, 04/01/10(a)(l)	B2		2,500		2,481,250
					4,041,250
Printing & Publishing — 2.1%
Dex Media West Finance, Sr. Sub. Notes 9.875%, 08/15/13	Caa1		600		661,500
Dex Media, Inc., Notes 8.00%, 11/15/13 144A	Caa1		3,500		3,377,500
Houghton Mifflin Co., Sr. Notes 8.25%, 02/01/11	B2		2,500		2,512,500
Primedia, Inc., Sr. Notes 8.875%, 05/15/11	B3		1,350		1,343,250
					7,894,750
Restaurants — 0.3%
Friendly Ice Cream Corp., Sr. Notes 8.375%, 06/15/12 144A	B2		1,000		975,000
Software/Services — 0.5%
Electronic Data Systems Corp., Notes,  Series B 6.00%, 08/01/13(a)	Baa3		2,000		1,913,448
Steel Producers/Products — 0.3%
Armco, Inc., Sr. Notes 9.00%, 09/15/07	B3		400		395,000
International Steel Group, Sr. Notes 6.50%, 04/15/14 144A	Ba3		850		801,125
					1,196,125
Support-Services — 1.8%
Iron Mountain, Inc., Gtd. Notes 7.75%, 01/15/15	B3		2,500		2,493,750
6.625%, 01/01/16	B3		3,500		3,202,500
JohnsonDiversey, Inc., Gtd. Notes, Series B 9.625%, 05/15/12	B2		750		821,250
					6,517,500

164

AST Lord Abbett Bond—Debenture Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Telecom — Fixed Line — 0.2%
Level 3 Financing, Inc., Sr. Notes 10.75%, 10/15/11 144A	Caa2	$	700	$	621,250
Telecom — Integrated/Services — 2.5%
Cincinnati Bell, Inc., Sr. Sub. Notes 8.375%, 01/15/14(a)	B3		1,750		1,566,250
MCI, Inc., Sr. Notes 5.908%, 05/01/07(a)	NR		970		943,325
6.688%, 05/01/09(a)	NR		970		899,675
7.735%, 04/16/14(a)	NR		831		745,823
Qwest Capital Funding Co., Gtd. Notes 7.90%, 08/15/10(a)	Caa2		3,750		3,337,500
Qwest Services Corp., Notes 13.50%, 12/15/10 144A	Caa1		1,500		1,751,250
					9,243,823
Telecom — Wireless — 2.5%
Airgate PCS, Inc., Sec’d. Notes 9.375%, 09/01/09	Caa1		1,000		987,500
Centennial Communications Corp., Gtd. Notes 10.125%, 06/15/13	Caa1		2,000		2,075,000
Dobson Communications Corp., Sr. Notes 10.875%, 07/01/10(a)	B3		500		432,500
8.875%, 10/01/13(a)	B3		1,750		1,338,750
Nextel Communications, Inc., Sr. Notes 7.375%, 08/01/15	B2		750		761,250
Nextel Partners, Inc., Sr. Notes 8.125%, 07/01/11	Caa1		1,400		1,435,000
Rural Cellular Corp., Sr. Notes 9.875%, 02/01/10	Caa1		1,500		1,496,250
Sr. Sub Notes 9.75%, 01/15/10(a)	Caa2		300		273,750
Western Wireless Corp., Sr. Notes 9.25%, 07/15/13(a)	Caa1		550		569,250
					9,369,250
Theaters & Entertainment — 0.9%
AMC Entertainment, Inc., Sr. Sub. Notes 8.00%, 03/01/14 144A(a)	Caa1		2,500		2,400,000
Carmike Cinemas, Inc., Sr. Sub. Notes 7.50%, 02/15/14 144A(a)	Caa1		550		528,000

	Moody’s Rating		Principal Amount (000)		Value (Note 2)
Cinemark USA, Inc., Sr. Sub. Notes 9.00%, 02/01/13	B3		$	500	$	548,125
						3,476,125
Transportation Excluding Air/Rail — 1.5%
CHC Helicopter Corp., Sr. Sub. Notes 7.375%, 05/01/14 144A	B2			300		296,250
Great Lakes Dredge & Dock, Sr. Sub. Notes 7.75%, 12/15/13	B3			2,325		1,976,250
Horizon Lines LLC, Notes 9.00%, 11/01/12	B3			200		200,000
Offshore Logistics, Inc., Gtd. Notes 6.125%, 06/15/13	Ba2			750		716,250
Stena AB, Sr. Notes (Sweden) 7.50%, 11/01/13(l)	Ba3			2,250		2,235,938
						5,424,688
Total Corporate Obligations
(Cost $259,790,818)						257,094,092
CONVERTIBLE BONDS — 18.7%
Abgenix, Inc. 3.50%, 03/15/07	NR			1,000		933,750
Advanced Medical Optics 2.50%, 07/15/24 144A	B3			400		439,500
AGCO Corp. 1.75%, 12/31/10 144A	B1			1,070		1,183,688
Allergan, Inc. Zero Coupon, 11/06/07	A3			1,500		1,597,500
Alliant Techsystems, Inc. 2.75%, 08/15/09 144A	B2			1,000		1,040,000
Amylin Pharmaceuticals, Inc. 2.50%, 04/15/11 144A	NR			1,000		975,000
ASML Holding N.V. (Netherlands) 5.75%, 10/15/06(l)	B3			1,000		1,172,500
Bunge Ltd. Finance Corp. 3.75%, 11/15/07	Baa3			1,500		1,978,125
Cephalon, Inc. 2.50%, 12/15/06	B-	(d)		2,000		1,932,500
Corning, Inc. 3.50%, 11/01/08	Ba2			600		847,500
Costco Wholesale Corp. Zero Coupon, 08/19/17	A3			1,500		1,419,375
Disney, (Walt) Co. 2.125%, 04/15/08	Baa1			2,500		2,693,750
DSTSystems, Inc. 4.125%, 08/15/23	NR			1,750		2,196,250

165

AST Lord Abbett Bond—Debenture Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating		Principal Amount (000)		Value (Note 2)
EMC Corp. 4.50%, 04/01/07	BBB	(d)	$	1,250	$	1,376,563
Fairmont Hotels & Resorts, Inc. (Canada) 3.75%, 01/20/09(a)(l)	NR			3,500		3,561,249
Fisher Scientific International, Inc. 2.50%, 10/01/10(a)	B1			2,750		3,867,187
FLIR Systems, Inc. 3.00%, 06/01/10	B+	(d)		1,500		2,143,125
International Game Technology Zero Coupon, 01/29/33	Baa2			1,000		853,750
Invitrogen, Corp. 1.50%, 02/15/24 144A	NR			1,500		1,415,625
Kroll, Inc. 1.75%, 01/15/14 144A	B2			1,000		1,060,000
L-3 Communications Holdings, Inc. 4.00%, 09/15/11	Ba3			1,000		1,252,500
Lamar Advertising Co. 2.875%, 12/31/10	B2			2,000		2,157,500
Liberty Media Corp. 3.25%, 03/15/31	Baa3			3,000		2,700,000
Lifepoint Hospital Holdings, Inc. 4.50%, 06/01/09	B3			1,500		1,558,125
LSI Logic Corp. 4.00%, 05/15/10	B	(d)		2,000		2,010,000
Manugistics Group, Inc. 5.00%, 11/01/07	NR			1,250		1,153,125
Maxtor Corp. 6.80%, 04/30/10(a)	B2			260		275,600
Medtronic, Inc. 1.25%, 09/15/21	A1			2,500		2,550,000
Mentor Graphics Corp. 6.875%, 06/15/07	NR			1,750		1,850,625
Nestle Holding, Inc. (Switzerland) 3.00%, 05/09/05(l)	AAA	(d)		1,500		1,769,100
Nextel Communications, Inc. 5.25%, 01/15/10	B2			1,000		977,500
Placer Dome, Inc. 2.75%, 10/15/23	BBB+	(d)		2,500		2,837,500
RF Micro Devices, Inc. 1.50%, 07/01/10	B-	(d)		1,500		1,777,500
Schlumberger Ltd. 1.50%, 06/01/23	A1			1,500		1,595,625
Sinclair Broadcast Group, Inc. 4.875%, 01/15/11	B3			1,000		930,000
8.75%, 12/15/11	B2			1,000		1,075,000

	Moody’s Rating		Principal Amount (000)		Value (Note 2)
STMicroelectronics N.V. (Netherlands) Zero Coupon, 08/05/06(l)	A3		$	1,000	$	977,679
Teradyne, Inc. 3.75%, 10/15/06	B+	(d)		1,000		1,060,000
Teva Pharmaceuticals Financial 0.375%, 11/18/07	BBB	(d)		1,000		1,597,500
0.50%, 08/01/08	BBB	(d)		800		830,000
Tyco International Group SA (Luxembourg) 2.75%, 01/15/08(l)	Ba2			1,000		1,507,500
Universal Health Services, Inc. 0.426%, 06/23/06	Baa3			2,500		1,496,875
Watson Pharm, Inc. 1.75%, 03/15/23(a)	Ba1			1,750		1,660,313
Wind River Systems, Inc. 3.75%, 12/15/06	CCC+	(d)		600		589,500
Total Convertible Bonds
(cost $66,149,141)						68,876,004
			Shares
COMMON STOCK
Software/Services
EMC Corp.*				3,000		34,200
McDATA Corp. (Class “A” Stock)*				110		592
Total Common Stock
(Cost $126,604)						34,792
PREFERRED STOCK — 3.2%
Aerospace/Defense — 0.1%
Northrop Grumman Corp. 7.25% [CVT]				5,000		531,600
Beverages — 0.2%
Constellation Brands, Inc. 5.75% [CVT]*				20,000		658,600
Electric — Distribution/Transportation — 0.5%
FPL Group, Inc. 8.00% [CVT]				35,000		1,918,350
Electric — Integrated — 0.3%
Dominion Resources, Inc. 9.50% [CVT]				20,000		1,088,000
Energy — Exploration & Production — 0.2%
Kerr-McGee Corp. 5.50% [CVT]				10,000		564,900
Energy Exploration — 0.3%
Chesapeake Energy Corp. 6.00%* [CVT]				14,000		1,018,500

166

AST Lord Abbett Bond—Debenture Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares		Value (Note 2)
Food & Drug Retailers — 0.2%
Albertson’s, Inc. 7.25%* [CVT]		25,000	$	692,250
Forestry/Paper — 0.3%
Temple-Inland, Inc. 7.50% [CVT]		20,000		1,176,400
Health Services — 0.5%
Anthem, Inc. 6.00% [CVT]		5,500		564,905
Omnicare, Inc. 4.00% [CVT]		20,000		1,240,600
				1,805,505
Leisure
Six Flags, Inc. 7.25% [CVT]		8,000		179,200
Media — Broadcasting — 0.4%
Sinclair Broadcast Group, Inc. 6.00% [CVT]		30,000		1,297,500
Media — Services — 0.2%
Interpublic Group of Companies, Inc. Series A 5.375% [CVT]*		15,000		765,450
Total Preferred Stock
(Cost $10,931,123)				11,696,255
	Principal Amount (000)
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 2.6%
Federal National Mortgage Assoc.
5.50%, 07/01/33	$	3,189		3,183,600
6.00%, 05/01/33		5,472		5,597,883
7.00%, 11/01/31 - 03/01/32		706		746,490
Total U.S. Government Agency Mortgage-Backed Securities
(Cost $9,626,133)				9,527,973
Total Long-Term Investments
(Cost $346,623,819)				347,229,116

	Principal Amount (000)		Value (Note 2)
SHORT-TERM INVESTMENTS — 19.2%
Commercial Paper — 1.1%
HBOS Treasury Services 1.11%, 08/11/04(b)	$	4,072	$	4,049,270
Corporate Obligations — 0.8%
Natexis Banque 1.547%, 07/01/04(b)(c)		2,985		2,984,336
Time Deposit — 1.2%
J. P. Morgan Chase & Co. 1.25%, 07/01/04(b)		4,290		4,290,150
	Shares
Non-Registered Investment Company — 11.2%
BlackRock Institutional Money Market Trust(b)(j)		41,427,574		41,427,574
Registered Investment Companies — 4.9%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		9,014,409		9,014,409
BlackRock Provident Institutional Funds TempFund Portfolio(j)		9,014,409		9,014,409
				18,028,818
Total Short-Term Investments
(Cost $70,780,148)				70,780,148
Total Investments — 113.4%
(Cost $417,403,967; Note 5)				418,009,264
Liabilities in Excess of Other Assets — (13.4%)				(49,355,408	)
Net Assets — 100.0%			$	368,653,856

The following abbreviations are used throughout the Schedule of Investments:

CVT Convertible Security

NR Not Rated by Moody’s or Standard & Poor’s

167

AST Lord Abbett Bond—Debenture Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

The following annotations are used throughout the Schedule 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.

* Non-income producing security.

(a) Portion of securities on loan with an aggregate market value of $51,582,122; cash collateral of $52,751,330 was received with which the portfolio purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral for securities on loan.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(d) Standard & Poor’s rating.

(j) Security available to institutional investors only.

(l) U.S. dollar denominated foreign bonds.

See Notes to Financial Statements.

168

AST PIMCO Total Return Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Principal Amount (000)		Value (Note 2)
LONG-TERM INVESTMENTS — 53.4%
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 16.9%
Federal Home Loan Mortgage Corp.
5.00%, 10/01/18 - 05/01/34	$	9,348	$	9,350,416
5.50%, 01/01/34		3,770		3,760,193
6.00%, 02/01/16 - 02/01/33		11,118		11,454,739
6.50%, 08/01/32		3,589		3,747,772
8.25%, 08/01/17		21		23,265
				28,336,385
Federal National Mortgage Assoc.
3.437%, 01/01/24(c)		17		16,811
3.681%, 08/01/29(c)		344		352,457
3.966%, 05/01/36(c)		19,748		20,305,423
4.294%, 11/01/35(c)		6,028		6,226,340
4.50%, 09/01/18 - 09/01/33		1,974		1,917,961
4.534%, 01/01/28(c)		247		254,412
5.00%, 01/01/17 - 07/15/34		119,819		117,978,114
5.50%, 08/01/16 - 07/15/34		115,236		116,664,677
6.00%, 08/01/13 - 01/01/34		35,323		36,850,607
6.375%, 01/01/09		1,845		1,985,403
6.50%, 09/01/16 - 11/01/33		1,837		1,933,895
				304,486,100
Government National Mortgage Assoc.
2.75%, 01/20/32 - 02/20/32(c)		13,378		13,110,476
3.00%, 05/20/34 - 06/20/34		2,200		2,141,775
3.25%, 04/20/30 - 05/20/30(c)		547		543,491
3.375%, 03/20/17 - 02/20/27(c)		4,761		4,735,119
3.50%, 07/20/30(c)		3,681		3,661,199
4.00%, 10/20/29 - 11/20/29(c)		6,096		6,174,543
4.375%, 06/20/22 - 04/20/23(c)		598		609,676
4.625%, 10/20/23 - 12/20/26(c)		2,381		2,440,355
4.75%, 08/20/23 - 09/20/24(c)		1,473		1,512,479
6.00%, 01/15/34		205		210,324
7.00%, 02/15/24		19		20,094
				35,159,531
Total U.S. Government Agency Mortgage-Backed Securites
(Cost $366,674,025)				367,982,016
U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.0%
Federal Home Loan Mortgage Corp. 2.875%, 12/15/06		1,245		1,233,592
Federal National Mortgage Assoc. 6.25%, 05/25/08 [IO] (cost $1,270; purchased 05/16/94)(g)		17		76

			Principal Amount (000)		Value (Note 2)
Small Business Administration
7.449%, 08/01/10			$	1,879	$	2,045,306
6.344%, 08/01/11				13,444		14,133,657
4.875%, 09/10/13				13,600		13,382,907
5.13%, 09/01/23				1,668		1,662,005
5.52%, 06/01/24				10,580		10,717,884
Total U.S. Government Agency Obligations
(Cost $42,422,099)						43,175,427
U.S.TREASURY OBLIGATIONS — 16.6%
U.S. Treasury Bonds 6.00%, 02/15/26				4,957		5,342,912
U.S. Treasury Inflationary Bonds [TIPS]
3.375%, 01/15/07(c)(k)				6,100		7,754,620
3.875%, 01/15/09(c)				50,500		64,549,870
4.25%, 01/15/10(c)				3,000		3,837,403
3.375%, 01/15/12(c)				2,400		2,815,707
3.00%, 07/15/12(c)				24,500		27,699,705
3.875%, 04/15/29(c)				10,450		15,241,046
U.S. Treasury Notes
2.50%, 05/31/06				200,000		199,390,800
2.75%, 06/30/06				36,200		36,233,956
Total U.S. Treasury Obligations
(Cost $360,221,904)						362,866,019
	Moody’s Rating
COLLATERALIZED MORTGAGE OBLIGATIONS — 6.0%
Bank of America Mortgage Securities, Series 2004-1 Class 5A1 6.50%, 09/25/33	AAA	(d)		1,936		1,977,320
Bear Stearns Trust, Series 2002-11 Class A-1 5.635%, 02/25/33 [ARM](c)	Aaa			1,164		1,168,759
Series 2002-11 Class A-2 5.387%, 01/25/33 [ARM](c)	Aaa			3,964		3,992,923
Series 2002-8 Class 3A 6.053%, 08/25/32 [ARM](c)	Aaa			181		180,449
Series 2002-9 Class 2A 5.288%, 10/25/32 [ARM](c)	Aaa			582		587,794

169

AST PIMCO Total Return Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Fannie Mae Whole Loan, Series 2002-W3 Class A2 5.50%, 10/25/21	Aaa	$	164	$	164,502
Series 2003-W1 Class 1A1 6.50%, 12/25/42	Aaa		3,252		3,392,322
Series 2004-W2 Class 2A2 7.00%, 02/25/44	Aaa		990		1,047,746
Series 2004-W2 Class 5A 7.50%, 03/25/44	Aaa		997		1,068,773
Fannie Mae, Series 1993-70 Class Z 6.90%, 05/25/23	Aaa		275		287,188
Series 2002-55 Class KY 4.75%, 04/25/28	Aaa		283		283,330
Series 2002-56 Class MC 5.50%, 09/25/17	Aaa		549		570,316
Series 2003-122 Class TU 4.00%, 05/25/16	Aaa		770		773,555
Series 2003-25 Class KP 5.00%, 04/25/33	Aaa		27,637		27,401,259
Series 2003-33 Class PU 4.50%, 05/25/33	Aaa		917		927,012
Series 2003-63 Class A2 2.34%, 07/25/44	Aaa		420		419,850
Freddie Mac, Series 2064 Class ZA 6.50%, 05/15/28	Aaa		7,217		7,442,487
Series 2145 Class MZ 6.50%, 04/15/29	Aaa		14,048		14,572,717
Series 2378 Class PE 5.50%, 11/15/16	Aaa		665		682,837
Series 2504 Class L 5.50%, 03/15/15	Aaa		194		195,425
Series 2513 Class QK 5.00%, 08/15/28	Aaa		330		331,611
Series 2535 Class DT 5.00%, 09/15/16	Aaa		1,351		1,377,962
Series 2649 Class QA 3.50%, 03/15/10	Aaa		1,280		1,291,533
Series 2662 Class DG 5.00%, 10/15/22	Aaa		1,300		1,266,372
Series 2694 Class QH 4.50%, 03/15/32	Aaa		1,265		1,176,277
Series 2721 Class PE 5.00%, 01/15/23	Aaa		525		501,338
Series 2724 Class PT 3.75%, 05/15/16	Aaa		578		580,299

	Moody’s Rating		Principal Amount (000)		Value (Note 2)
Series 2728 Class TC 4.00%, 02/15/23	Aaa		$	1,060	$	1,055,886
Series 2734 Class PG 5.00%, 07/15/32	Aaa			909		878,754
Series 2737 Class XG 4.00%, 11/15/22	Aaa			530		528,220
Series 2737 Class YD 5.00%, 08/15/32	Aaa			600		575,881
Series 2750 Class NB 4.00%, 12/15/22	Aaa			1,426		1,419,933
Series 2759 Class AU 3.50%, 05/15/19	Aaa			610		612,699
Series 2786 Class PA 3.50%, 10/15/10	Aaa			595		599,243
Government National Mortgage Assoc., Series 1998-24 Class Z 6.50%, 09/20/28	Aaa			9,837		10,063,095
GS Mortgage Securities Corp. II, Series 2001-1285 Class A2 6.526%, 08/15/18 144A	Aa1			2,000		2,173,184
GSR Mortgage Loan Trust, Series 2004-7 Class 1A1 3.492%, 06/01/34	Aaa			19,400		19,085,128
Indymac Trust, Series 2001-H2 Class A2 6.587%, 01/25/32 [ARM](c)	Aaa			390		398,548
Merrill Lynch Mortgage Investors, Inc., Series 1998-C3 Class A1 5.65%, 12/15/30	Aaa			1,283		1,296,661
Nationslink Funding Corp., Series 1999-SL Class A4 6.654%, 11/10/30	Aaa			434		458,424
PHH Mortgage Services Corp., Series 1997-6 Class A4 7.194%, 11/18/27 144A(c)	NR			1,260		1,216,927
Prime Mortgage Trust, Series 2004-CL1 Class 1A2 1.50%, 02/25/34	AAA	(d)		3,671		3,671,011
Series 2004-CL1 Class 2A2 1.50%, 02/25/19	AAA	(d)		907		909,072
Residential Asset Securitization Trust, Series 2001-A1 Class A5 7.041%, 07/25/31	Aaa			7,553		7,547,833

170

AST PIMCO Total Return Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating		Principal Amount (000)		Value (Note 2)
Residential Funding Mortgage Securities, Series 2002-SA2 Class A1 5.604%, 09/25/32(c)	Aaa		$	813	$	814,771
Rothschild, (L.F.) Mortgage Trust, Series 2 Class Z 9.95%, 08/01/17	AAA	(d)		230		247,308
Structured Asset Securities Corp., Series 2002-1A Class 4A 6.111%, 02/25/32(c)	Aaa			414		416,800
Washington Mutual, Series 2002-AR11 Class A1 5.16%, 10/25/32(c)	Aaa			2,993		3,020,624
Series 2004-CB1 Class 4A 6.00%, 05/25/34	Aaa			837		862,360
Total Collateralized Mortgage Obligations
(Cost $130,140,349)						131,514,318
MUNICIPAL BONDS — 4.5%
California — 0.4%
Golden State Tobacco Securitization Corp. Series 2003-A-1 6.25%, 06/01/33	A3			5,300		4,779,328
Ventura County California Community College District Series A 5.00%, 08/01/27	Aaa			3,355		3,323,161
						8,102,489
Illinois — 0.9%
Chicago Illinois General Obligation Bond 5.00%, 01/01/35	Aaa			17,450		16,893,170
Chicago Illinois Refunding-Emergency Telephone System 5.25%, 01/01/13	Aaa			2,000		2,176,880
Illinois State Taxable-Pension General Obligation Bond 4.95%, 06/01/23	Aa3			570		523,363
						19,593,413
Maryland — 0.3%
Prince George’s Country Maryland General Obligation Bond Series B 5.00%, 10/01/13	Aa2			5,570		6,027,576

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Nevada — 0.6%
Las Vegas Water Authority (MBIA Insured) Series B
5.00%, 06/01/25	Aaa	$	3,840	$	3,842,419
5.00%, 06/01/26	Aaa		7,000		6,917,050
5.00%, 06/01/27	Aaa		2,200		2,164,536
					12,924,005
New Jersey — 0.1%
City of Trenton General Obligation Bond 4.80%, 04/01/14	Aaa		990		958,498
Jersey City Municipal Utilities Authority Water Revenue Bond Series A 4.81%, 05/15/14	Aaa		1,000		961,200
					1,919,698
New Mexico
Jicarilla New Mexico Apache Nation Revenue Bond 3.85%, 12/01/08	NR		435		427,896
New York — 1.2%
New York City Municipal Financial Authority Water & Sewer System Series E 5.00%, 06/15/34	Aa2		12,800		12,432,001
New York City Transitional Financial Authority Series E
5.00%, 02/01/28	Aa2		1,200		1,175,544
5.00%, 02/01/33	Aa2		11,700		11,370,294
					24,977,839
Oregon
Portland Oregon River District Urban Renewal and Redevelopment Revenue Bonds Series B 3.35%, 06/15/10	Aaa		1,020		944,306
Texas — 0.3%
Lower Colorado River Authority Texas 5.00%, 05/15/31	Aaa		5,000		4,884,100
University of Texas Revenue Bond Series B 5.00%, 08/15/33	Aaa		1,600		1,561,568
					6,445,668

171

AST PIMCO Total Return Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Washington — 0.3%
Energy Northwest Washington Electric Series A
5.50%, 07/01/13	Aa1	$	3,300	$	3,649,569
5.50%, 07/01/14	Aa2		2,600		2,871,128
					6,520,697
Wisconsin — 0.4%
Badger Tobacco Asset Securitization Corp. 6.00%, 06/01/17	A3		10,100		9,146,661
Wisconsin State General Revenue Bond 5.70%, 05/01/26	Aaa		510		502,921
					9,649,582
Total Municipal Bonds
(Cost $101,447,235)					97,533,169
CORPORATE OBLIGATIONS — 3.9%
Airlines — 0.2%
United Air Lines, Inc., Equipment Trust, Series 91C 10.36%, 11/13/12 144A (cost $8,052,232; purchased 01/03/96)(g)(i)	Ca		6,925		3,081,625
Series 91E 10.36%, 11/27/12 144A (cost $582,741; purchased 01/03/96)(g)(i)	Ca		500		197,500
United Air Lines, Inc., Pass-Thru Cert., Series 91A2 10.02%, 03/22/14 144A (cost $1,000,630; purchased 03/01/95)(g)(i)	Ca		1,000		483,175
					3,762,300
Conglomerates — 0.1%
Altria Group, Inc., Debs. 7.75%, 01/15/27	Baa2		1,700		1,742,850
Entertainment & Leisure
Time Warner, Inc., Notes 8.11%, 08/15/06	Baa1		510		556,409

	Moody’s Rating		Principal Amount (000)		Value (Note 2)
Financial Services — 1.8%
CIT Group, Inc., Sr. Notes 7.125%, 10/15/04	A2		$	7,000	$	7,107,631
Duke Capital Corp., Notes 4.302%, 05/18/06	Baa3			595		604,767
Ford Motor Credit Co., Notes 6.875%, 02/01/06	A3			431		452,243
Sr. Notes 5.80%, 01/12/09	A3			860		868,937
Gemstone Investor Ltd., Gtd. Notes 7.71%, 10/31/04 144A	Caa1			3,600		3,645,000
General Motors Acceptance Corp., Notes
1.499%, 07/21/04(c)	A3			5,150		5,149,057
6.75%, 01/15/06	A3			1,475		1,546,141
6.125%, 09/15/06	A3			780		812,677
4.375%, 12/10/07	A3			380		374,927
6.875%, 09/15/11	A3			510		523,638
Pemex Project Funding Master Trust, Gtd. Notes
8.50%, 02/15/08	Baa1			490		541,450
8.00%, 11/15/11	Baa1			2,700		2,922,750
8.625%, 02/01/22	Baa1			2,300		2,403,500
Phoenix Quake Ltd., Notes 3.56%, 07/03/08 144A (cost $1,200,000; purchased 06/18/03)(g)	Baa3			1,200		1,233,696
3.56%, 07/03/08 144A (cost $1,200,000; purchased 06/18/03)(g)	Baa3			1,200		1,233,696
4.61%, 07/03/08 144A(c)	Ba1			550		566,473
Qwest Capital Funding Corp., Gtd. Notes 7.25%, 02/15/11	Caa2			153		131,580
Sr. Wind Ltd., Notes, Series A1 6.43%, 05/09/08 144A (cost $4,000,000; purchased 04/30/01)(c)(g)	BB+	(d)		4,000		4,059,280
Series A2 6.93%, 05/09/08 144A (cost $2,000,000; purchased 04/30/01)(c)(g)	BB+	(d)		2,000		2,023,600

172

AST PIMCO Total Return Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)#		Value
UFJ Finance Aruba AEC, Gtd. Notes 6.75%, 07/15/13	Baa1	$	2,900	$	3,003,855
Verizon Global Funding Corp., Notes 7.25%, 12/01/10	A2		900		1,007,481
					40,212,379
Oil & Gas — 0.6%
El Paso Corp., Sr. Notes 7.75%, 01/15/32	Caa1		14,940		12,064,050
Telecommunications — 1.0%
France Telecom SA, Notes (France) 8.45%, 03/01/06(c)(l)	Baa2		5,000		5,362,785
GTE Hawaiian Telephone, Debs. 7.375%, 09/01/06	Aaa		585		628,212
Qwest Corp., Debs.
7.20%, 11/10/26	Ba3		8,950		7,741,751
8.875%, 06/01/31	Ba3		500		485,000
Notes 8.875%, 03/15/12 144A	Ba3		400		434,000
Sprint Capital Corp., Gtd. Notes 6.00%, 01/15/07	Baa3		6,300		6,601,379
					21,253,127
Utilities — 0.2%
AEP Texas Central Co., Notes 2.50%, 08/16/04(c)	Baa2		1,600		1,601,330
Appalachian Power Co., Sr. Notes, Series E 4.80%, 06/15/05	Baa2		1,585		1,616,684
Cleveland Electric Co., Notes 7.13%, 07/01/07	Aaa		1,570		1,710,984
					4,928,998
Total Corporate Obligations
(Cost $92,426,606)					84,520,113
FOREIGN GOVERNMENT BONDS — 2.4%
German Government (Germany) 5.25%, 07/04/10	Aaa		EUR 200		261,717
Republic of Brazil (Brazil)
2.063%, 04/15/06 [BRB](c)	B2		2,378		2,345,985
11.50%, 03/12/08	B2		7,000		7,514,500
2.125%, 04/15/09 [BRB](c)	B2		1,041		946,514
2.125%, 04/15/09	B2		118		106,951
11.00%, 01/11/12	B2		7,080		7,157,880

	Moody’s Rating	Principal Amount (000)#		Value
Republic of Panama (Panama)
9.375%, 01/16/23	Ba1	$	4,400	$	4,510,000
8.875%, 09/30/27	Ba1		400		390,000
Republic of Peru (Peru)
9.125%, 01/15/08	Ba3		3,000		3,270,000
9.125%, 02/21/12	Ba3		6,500		6,695,000
9.125%, 02/21/12	Ba3		1,375		1,416,250
9.875%, 02/06/15	Ba3		2,500		2,625,000
4.50%, 03/07/17	Ba3		4,000		3,230,000
Republic of South Africa (South Africa) 9.125%, 05/19/09	Baa2		800		933,000
United Mexican States (Mexico)
9.875%, 02/01/10	Baa2		600		722,400
8.375%, 01/14/11	Baa2		2,800		3,171,000
6.375%, 01/16/13	Baa2		2,490		2,491,245
8.125%, 12/30/19	Baa2		200		214,500
8.30%, 08/15/31	Baa2		5,100		5,355,000
Total Foreign Government Bonds
(Cost $51,593,036)					53,356,942
ASSET-BACKED SECURITIES — 1.0%
Bear Stearns Asset Backed Securities, Inc. Series 2001-A Class AIII 1.559%, 02/15/31(c)	Aaa		1,006		1,007,601
EMC Mortgage Loan Trust Series 2001-A Class A 1.67%, 05/25/40 144A(c)	Aaa		13,762		13,802,709
Novastar NIM Trust Series 2004-N1 Class Notes 4.458%, 02/25/34 144A (cost $550,617; purchased 01/30/04)(g)	A-(d)		551		550,962
Total Asset-Backed Securities
(Cost $21,784,608)					21,860,779
		Units
RIGHTS* — 0.1%
United Mexican States Value Recovery Series C (Mexico)			49,719		1,118,678
Series D (Mexico)			33,910		762,975
Series E (Mexico)			33,910		610,380
Total Rights
(Cost $291,114)					2,492,033
Total Long-Term Securities
(Cost $1,167,000,976)					1,165,300,816

173

AST PIMCO Total Return Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Principal Amount (000)		Value (Note 2)
SHORT-TERM INVESTMENTS — 52.7%
Certificates of Deposit — 4.2%
Citibank NA 1.19%, 08/20/04	$	42,800	$	42,799,929
Morgan Stanley 1.39%, 07/06/05 144A (cost $6,300,000; purchased 06/29/04)(g)		6,300		6,300,000
Wells Fargo Bank NA 1.24%, 07/19/04		42,800		42,800,000
				91,899,929
Commercial Paper — 7.1%
Altria-Philip Morris Group, Inc. 1.80%, 08/03/04(c)		3,000		3,000,000
CDC Corp. 1.32%, 09/10/04 144A (cost $6,383,334; purchased 06/08/04)(h)		6,400		6,383,104
Danske Corp. 1.195%, 08/20/04		600		598,954
HBOS Treasury Services PLC
1.08%, 07/23/04		32,500		32,477,478
1.21%, 08/25/04		300		299,417
1.25%, 08/31/04		200		199,569
1.32%, 10/01/04		200		199,318
Rabobank USA Finance Corp.
1.11%, 08/23/04		16,600		16,572,421
Stadshypotek Delaware, Inc.
1.10%, 08/06/04 144A (cost $10,388,560; purchased 05/06/04)(h)		10,400		10,387,988
1.10%, 08/06/04 144A (cost $49,945,000; purchased 05/06/04)(h)		50,000		49,942,250
UBS Finance (DE) LLC, Inc.
1.07%, 07/15/04		10,800		10,795,277
1.24%, 08/31/04		5,300		5,288,682
1.135%, 09/01/04		1,000		998,014
1.245%, 09/10/04		500		498,755
1.265%, 09/20/04		16,500		16,452,457
				154,093,684
U.S. Government Agency Obligations — 39.0%
Federal Home Loan Bank
1.20%, 07/01/04		13,000		13,000,000
1.25%, 09/01/04		21,400		21,353,188
Federal Home Loan Mortgage Corp.
1.055%, 08/03/04		22,300		22,278,074
1.06%, 08/03/04		21,000		20,979,255
1.12%, 08/10/04		21,700		21,671,101
1.125%, 08/10/04		1,600		1,597,860

	Principal Amount (000)		Value (Note 2)
1.055%, 08/16/04	$	10,000	$	9,986,295
1.28%, 08/23/04		21,400		21,359,001
1.21%, 08/31/04		21,500		21,455,196
1.215%, 08/31/04		21,500		21,455,011
1.275%, 09/07/04		21,400		21,347,704
1.275%, 09/07/04		21,400		21,347,704
1.275%, 09/07/04		15,900		15,861,144
1.32%, 09/07/04		21,400		21,345,858
1.20%, 09/08/04		21,700		21,649,367
1.44%, 09/14/04		17,500		17,446,800
1.45%, 09/14/04		21,300		21,234,798
1.45%, 09/14/04		19,700		19,639,696
1.26%, 09/20/04		1,400		1,395,982
1.435%, 09/21/04		21,400		21,329,199
1.28%, 09/22/04		21,400		21,336,085
1.30%, 09/30/04		21,400		21,328,904
1.47%, 09/30/04		21,400		21,319,607
1.52%, 10/13/04		16,100		16,028,623
Federal National Mortgage Assoc.
1.06%, 07/21/04		5,800		5,796,408
1.055%, 07/28/04		9,000		8,992,379
1.055%, 07/28/04		21,100		21,082,133
1.055%, 08/04/04		22,000		21,976,946
1.065%, 08/04/04		22,000		21,976,727
1.125%, 08/11/04		16,100		16,077,949
1.125%, 08/11/04		24,600		24,566,307
1.18%, 08/25/04		21,400		21,359,425
1.18%, 08/25/04		21,400		21,359,425
1.215%, 09/01/04		15,900		15,866,193
1.215%, 09/01/04		21,500		21,454,286
1.22%, 09/01/04		21,500		21,454,098
1.24%, 09/01/04		21,400		21,353,562
1.25%, 09/01/04		21,400		21,353,188
1.12%, 09/08/04		22,000		21,952,089
1.43%, 09/08/04		21,300		21,240,774
1.41%, 09/15/04		21,200		21,136,064
1.41%, 09/15/04		21,200		21,136,064
1.415%, 09/15/04		15,200		15,153,997
1.45%, 09/22/04		17,900		17,839,438
1.53%, 10/20/04		8,700		8,658,588
1.565%, 10/20/04		21,800		21,693,858
				851,226,350
U.S. Treasury Obligations — 2.4%
U.S. Treasury Bills
1.135%, 09/02/04(k)(n)		4,160		4,151,606
1.232%, 09/09/04(n)		42,700		42,596,207
1.315%, 09/16/04(n)		500		498,575
1.391%, 09/16/04(k)(n)		2,800		2,791,561
1.391%, 09/16/04(k)(n)		3,500		3,489,452
				53,527,401

174

AST PIMCO Total Return Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Shares		Value (Note 2)
Registered Investment Companies
BlackRock Provident Institutional Funds TempCash Portfolio(j)		128,249	$	128,249
BlackRock Provident Institutional Funds TempFund Portfolio(j)		128,249		128,249
				256,498
Total Short-Term Investments
(Cost $1,151,048,763)				1,151,003,862
Total Investments, Before Outstanding Options Written — 106.1%
(Cost $2,318,049,739; Note 5)				2,316,304,678
	Number of Contracts/ Swap Notional Amount (000)
OUTSTANDING OPTIONS WRITTEN — (0.2)%
Call Options — (0.2)%
Swap 3-Month LIBOR & Fixed, Strike Price 5.20, Expires 11/02/04*	$	31,400		(777,495	)
Swap 3-Month LIBOR & Fixed, Strike Price 5.50, Expires 01/07/05*		24,500		(870,730	)
Swap 3-Month LIBOR & Fixed, Strike Price 6.00, Expires 06/09/05*		38,300		(2,006,997	)
Swap 3-Month LIBOR & Fixed, Strike Price 6.00, Expires 10/19/04*		9,400		(614,393	)
Swap 3-Month LIBOR & Fixed, Strike Price 7.00, Expires 10/07/04*		9,100		(1,575	)
U.S. Treasury Note Futures, Strike Price 110, Expire 08/24/04*		260		(223,437	)
U.S. Treasury Note Futures, Strike Price 111, Expire 08/27/04*		105		(52,500	)
U.S. Treasury Note Futures, Strike Price 111.50, Expire 09/04/04*		61		(3,812	)
U.S. Treasury Note Futures, Strike Price 114, Expire 08/27/04*		30		(1,876	)
U.S. Treasury Note Futures, Strike Price 115, Expire 08/27/04*		369		(11,531	)
				(4,564,346	)

	Number of Contracts/ Swap Notional Amount (000)		Value (Note 2)
Put Options
3-Month Euro-Euribor Interest Futures, Strike Price 97.00, Expires 12/13/04*	$	86	$	(86,082	)
3-Month Euro-Euribor Interest Futures, Strike Price 97.50, Expires 09/13/04*		81		(25,643	)
Swap 3-Month LIBOR & Fixed, Strike Price 6.00, Expires 10/19/04*		9,400		(8,940	)
Swap 3-Month LIBOR & Fixed, Strike Price 6.70, Expires 06/09/05*		22,300		(88,241	)
Swap 3-Month LIBOR & Fixed, Strike Price 6.70, Expires 11/02/04*		31,400		(5,025	)
Swap 3-Month LIBOR & Fixed, Strike Price 7.00 Expires 01/07/05*		24,500		(9,628	)
U.S. Treasury Note Futures, Strike Price 105, Expire 08/27/04*		260		(36,562	)
U.S. Treasury Note Futures, Strike Price 107.50, Expire 09/04/04*		91		(34,125	)
U.S. Treasury Note Futures, Strike Price 108, Expire 08/27/04*		183		(122,953	)
				(417,199	)
Total Outstanding Options Written (Premium Received $7,246,615)				(4,981,545	)
Total Investments, Net of Outstanding Options Written — 105.9
(Cost $2,310,803,124)				2,311,323,133
Liabilities in Excess of Other Assets — (5.9%)				(129,503,624	)
Net Assets — 100.0%			$	2,181,819,509

175

AST PIMCO Total Return Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

The following abbreviations are used throughout the Schedule of Investments:

ARM Adjustable Rate Mortgage Security

BRB Brady Bond

BRC Brazilian Real

CLP Chilean Peso

EUR Euro

GBP British Pound

HKD Hong Kong Dollar

IDR Indonesian Rupiah

IO Interest Only

JPY Japanese Yen

KOR Korean Won

MXP Mexican Peso

NR Not Rated by Moody’s or Standard & Poor’s

PEI Peruvian Sol

RUB Russian Rouble

SGD Singapore Dollar

SKK Slovak Koruna

TIPS Treasury Inflation Protestion Securities

TWD Taiwan Dollar

ZAR South African Rand

176

AST PIMCO Total Return Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

# Principal amount is shown in U.S. dollars unless otherwise stated.

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. Unless otherwise noted 144A securities are deemed to be liquid.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(d) Standard & Poor’s rating.

(g) Indicates a security that has been deemed illiquid. The aggregate cost of the illiquid security is $27,644,836. The aggregate value, $21,984,009 represents 1.01% of net assets.

(h) Security is restricted as to resale and generally is sold only to institutional investors who agree that they are purchasing the paper for investment and not with a view to public distribution (does not include 144A securities—see footnote above). At the end of the current reporting period, the aggregate cost of such securities was $66,716,894. The aggregate market value of $66,713,342 is approximately 3.06% of net assets. These securities have been deemed to be liquid under procedures established by the Board of Directors.

(i) Represents issuer in default on interest payments, Non-income producing security.

(j) Security available to institutional investors only.

(k) Securities with an aggregate market value of $13,239,699 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2004:

Type	Expiration Month	Number of Contracts	Value at Trade Date		Value at June 30, 2004		Unrealized Appreciation (Depreciation)
Long Positions:
U.S. Treasury 5 Year Notes	Sep 04	934	$	100,875,313	$	101,514,125	$	638,812
U.S. Treasury 10 Year Notes	Sep 04	4,197		454,368,117		458,850,141		4,482,024
3 Month Euro-Bobl	Sep 04	333		44,645,144		44,687,382		42,238
Euro Dollar	Dec 04	248		60,527,512		60,440,700		(86,812	)
Euro Dollar	Mar 05	234		56,973,014		56,762,550		(210,464	)
Euro Dollar	June 05	320		77,690,500		77,304,000		(386,500	)
Euro Dollar	Sep 05	176		42,619,381		42,372,000		(247,381	)
Euro Dollar	Dec 05	196		47,294,987		47,044,900		(250,087	)
Euro Dollar	Mar 06	49		11,776,231		11,734,887		(41,344	)
Euro Euribor Interest Rate	June 05	475		140,293,003		140,301,638		8,635
Euro Euribor Interest Rate	Sep 05	420		123,916,794		123,762,364		(154,430	)
Euro Euribor Interest Rate	Dec 05	459		135,583,340		134,947,441		(635,899	)
								3,158,792
Short Position:
U.S. Treasury 30 Year Bonds	Sep 04	596		64,456,563		63,399,500		(1,057,063	)
							$	2,101,729

(l) U.S. dollar denominated foreign bonds.

(n) Rates shown are the effective yields at purchase date.

177

AST PIMCO Total Return Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

Interest rate swap agreements outstanding at June 30, 2004:

Description	Expiration Month		Notional Amount (000)		Unrealized Appreciation (Depreciation)
Receive variable rate payments on the one month LIBOR-BBA floating rate and pay fixed rate payments of 0.65%. (cost $0; purchased 03/26/04)(g)(6)	Sep 04		$	4,400	$	(10,160	)
Receive fixed rate payments of 4.00% and pay variable rate payments on the three month LIBOR-BBA floating rate.(7)	Dec 09			111,600		921,046
Receive fixed rate payments of 4.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost $255,444; purchased on 12/16/03)(g)(5)	Mar 07	EUR		48,100		367,194
Receive fixed rate payments of 4.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost $285,043; purchased 12/21/03 - 03/22/04)(g)(4)	Dec 07	EUR		83,300		(171,757	)
Receive fixed rate payments of 4.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost $947,301; purchased 03/10/04)(g)(2)	Jun 08	EUR		52,800		(737,651	)
Receive fixed rate payments of 4.00% and pay variable rate payments on the six month LIBOR-BBA floating rate.(4)	Jun 10	EUR		8,300		(145,056	)
Receive fixed rate payments of 4.00% and pay variable rate payments on the six month LIBOR-BBA floating rate.(7)	Jun 10	EUR		11,800		(212,625	)
Receive fixed rate payments of 4.00% and pay variable rate payments on the six month LIBOR-BBA floating rate.(1)	Jun 10	EUR		43,300		(456,504	)
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost ($4,768); purchased on 03/15/02)(g)(4)	Mar 17	EUR		2,000		40,028
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost ($22,063); purchased 02/12/02)(g)(3)	Mar 17	EUR		15,000		286,513
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost $62,540; purchased 05/15/02)(g)(7)	Mar 32	EUR		5,300		65,735
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost $41,291; purchased 03/15/02)(g)(4)	Mar 32	EUR		6,600		118,448
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%. (cost $17,837; purchased 03/15/02)(g)(4)	Mar 17	GBP		1,200		3,418
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%. (cost $38,858; purchased 03/14/02)(g)(7)	Mar 17	GBP		2,500		5,423
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%. (cost $68,356; purchased 02/12/02)(g)(3)	Mar 17	GBP		6,800		52,088
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%.(4)	Mar 32	GBP		3,600		18,393
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%.(7)	Mar 32	GBP		3,100		(12,269	)
					$	132,264

178

AST PIMCO Total Return Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

Credit default swap agreements outstanding at June 30, 2004:

Description	Expiration Month	Notional Amount (000)		Unrealized Appreciation
Receive a fixed rate equal to 1.10% and the Portfolio will pay to the counterparty at par in the event of default of Republic of Panama 9.375% due 04/01/29. (cost $0; purchased 06/07/04)(g)(5)	Jun 05	$	1,200	$	4,653
Receive a fixed rate equal to 1.80% and the Portfolio will pay to the counterparty at par in the event of default of Republic of Panama 9.375% due 04/01/29. (cost $0; purchased 05/30/03)(g)(6)	Jun 05		500		5,318
				$	9,971

Broker/Counterparty:

(1) Barclays Bank PLC

(2) Citigroup

(3) Goldman Sachs

(4) J.P. Morgan Chase & Co.

(5) Merrill Lynch

(6) Morgan Stanley

(7) UBS - Warburg

179

AST PIMCO Total Return Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

Foreign currency exchange contracts outstanding at June 30, 2004:

Purchase Contracts

Settlement Month	Type	Contracts to Receive	In Exchange For		Contracts at Value		Unrealized Appreciation (Depreciation)
Jul 04	Buy  BRC	1,303,830	$	430,662	$	420,998	$	(9,664	)
Aug 04	Buy  BRC	1,361,634		411,867		439,662		27,795
Sep 04	Buy  BRC	1,500,000		460,829		484,340		23,511
Aug 04	Buy  CLP	379,821,750		597,133		596,966		(167	)
Sep 04	Buy  CLP	303,010,000		468,328		476,241		7,913
Jul 04	Buy  GBP	1,070,000		1,941,100		1,936,330		(4,770	)
Jul 04	Buy  HKD	3,512,275		451,397		450,677		(720	)
Aug 04	Buy  HKD	3,561,866		458,059		457,497		(562	)
Sep 04	Buy  HKD	3,886,800		499,608		499,573		(35	)
Sep 04	Buy  IDR	34,231,540		754,219		744,567		(9,652	)
Jul 04	Buy  JPY	3,040,113,000		27,725,987		27,848,955		122,968
Jul 04	Buy  KOR	523,611,000		447,957		453,133		5,176
Aug 04	Buy  KOR	533,341,000		447,101		461,553		14,452
Sep 04	Buy  KOR	590,000,000		503,741		510,586		6,845
Aug 04	Buy  MXP	4,869,827		418,172		418,592		420
Sep 04	Buy  MXP	5,605,500		486,720		479,711		(7,009	)
Aug 04	Buy  PEI	1,563,460		446,384		450,240		3,856
Sep 04	Buy  PEI	1,739,500		498,139		500,936		2,797
Jul 04	Buy  RUB	12,835,460		437,770		441,474		3,704
Aug 04	Buy  RUB	13,057,580		441,880		449,114		7,234
Sep 04	Buy  RUB	14,270,000		484,056		490,815		6,759
Jul 04	Buy  SGD	761,437		449,291		442,512		(6,779	)
Aug 04	Buy  SGD	774,318		451,655		450,339		(1,316	)
Sep 04	Buy  SGD	852,375		496,187		496,081		(106	)
Aug 04	Buy  SKK	14,838,569		441,099		453,112		12,013
Sep 04	Buy  SKK	16,715,000		503,009		510,411		7,402
Aug 04	Buy  TWD	15,168,502		452,453		450,906		(1,547	)
Sep 04	Buy  TWD	16,605,000		494,564		493,608		(956	)
Aug 04	Buy  ZAR	3,026,639		441,143		480,673		39,530
Sep 04	Buy  ZAR	3,429,250		524,550		541,725		17,175
			$	43,065,060	$	43,331,327	$	266,267

Sale Contracts

Settlement Month	Type	Contracts to Deliver	In Exchange For		Contracts at Value		Unrealized Appreciation
Jul 04	Sell  EUR	14,078,000	$	17,322,598	$	17,124,268	$	198,330
Aug 04	Sell  ZAR	1,821,000		289,341		289,200		141
Sep 04	Sell  ZAR	2,003,000		316,670		316,418		252
			$	17,928,609	$	17,729,886	$	198,723

See Notes to Financial Statements.

180

AST PIMCO Limited Maturity Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
LONG-TERM INVESTMENTS — 32.2%
CORPORATE OBLIGATIONS — 12.9%
Airlines — 0.4%
United Air Lines, Inc., Pass-Thru Cert., Series 01-1
6.831%, 09/01/08	Ca	$	1,800	$	168,985
6.932%, 09/01/11	B3		1,100		273,390
United Air Lines, Inc., Pass-Thru Cert., Series 97A 1.535%, 09/02/04(c)	NR		3,413		2,809,075
					3,251,450
Automobile Manufacturers — 0.6%
DaimlerChrysler NA Holding Co., Notes 7.40%, 01/20/05	A3		4,960		5,094,952
Conglomerates — 0.5%
Tyco International Group, Gtd. Notes (Luxembourg) 6.375%, 06/15/05(l)	Baa3		4,670		4,815,601
Entertainment & Leisure — 1.1%
Disney, (Walt) Co., Notes 4.50%, 09/15/04	Baa1		5,500		5,532,334
Time Warner, Inc., Notes 7.75%, 06/15/05	Baa1		3,600		3,750,887
					9,283,221
Exploration & Production — 0.2%
Kerr-McGee Corp., Gtd. Notes 5.375%, 04/15/05	Baa3		2,000		2,041,766
Financial — Bank & Trust — 0.3%
Household Finance Corp., Notes 6.70%, 07/17/04	A1		2,300		2,415,262
Financial Services — 2.6%
Ford Motor Credit Co., Notes
7.60%, 08/01/05	A3		5,700		5,968,664
6.875%, 02/01/06	A3		4,000		4,197,152
General Motors Accept Corp., Notes 2.135%, 08/18/04(c)	A3		5,100		5,112,347
Pemex Project Funding Master Trust, Gtd. Notes
7.375%, 12/15/14	Baa1		4,000		4,100,000
8.625%, 02/01/22	Baa1		3,000		3,135,000
					22,513,163
Hotels & Motels — 0.3%
MGM Grand, Inc., Notes 6.95%, 02/01/05	Ba1		2,400		2,460,000

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
Oil & Gas — 0.5%
Centerpoint Energy, Notes 8.125%, 07/15/05	Ba1	$	1,950	$	2,048,793
Pioneer Natural Resources, Sr. Notes 8.875%, 04/15/05	Ba1		2,420		2,531,760
					4,580,553
Restaurants — 0.3%
Yum! Brands, Inc., Sr. Notes 7.45%, 05/15/05	Ba1		2,500		2,597,275
Telecommunications — 3.4%
British Telecom PLC, Notes (United Kingdom) 7.875%, 12/15/05(l)	Baa1		8,400		8,984,053
Deutsche Telekom International Finance Corp., Gtd. Notes (Germany) 8.25%, 06/15/05(l)	Baa2		5,000		5,258,335
France Telecom SA, Notes (France) 8.45%, 03/01/06(c)(l)	Baa2		2,500		2,681,393
Qwest Corp., Notes 7.20%, 11/01/04	Ba3		1,200		1,215,000
SBC Communications, Inc., Notes 4.206%, 06/05/21 144A	A1		4,470		4,540,255
Sprint Capital Corp., Gtd. Notes
7.90%, 03/15/05	Baa3		2,170		2,249,810
6.00%, 01/15/07	Baa3		5,000		5,239,190
					30,168,036
Utilities — 2.7%
AEP Texas Central Co., Notes 2.50%, 08/16/04(c)	Baa2		10,000		10,008,310
Edison International, Inc., Notes 6.875%, 09/15/04	Ba2		3,000		3,026,250
Niagara Mohawk Power Corp., Notes 7.75%, 05/15/06	Baa2		4,590		4,963,130
Pacific Gas & Electric, Notes 1.81%, 04/03/06(c)	Baa2		510		510,345
TXU Corp., Sr. Notes 6.375%, 06/15/06	Ba1		167		176,710
TXU Energy Co., Sr. Notes 6.125%, 03/15/08	Baa2		5,000		5,279,400
					23,964,145
Total Corporate Obligations
(Cost $113,016,224)					113,185,424

181

AST PIMCO Limited Maturity Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating		Principal Amount (000)		Value (Note 2)
COLLATERALIZED MORTGAGE OBLIGATIONS — 10.0%
Bank of America Mortgage Securities, Series 2002-K Class 2A1 5.668%, 10/20/32(c)	AAA	(d)	$	2,861	$	2,910,112
Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-8 Class 2A1 4.924%, 01/25/34(c)	Aaa			4,223		4,241,619
Bear Stearns Alt-A Trust, Series 2003-7 Class IIA1 1.58%, 07/01/04(c)	Aaa			2,152		2,153,108
Bear Stearns Trust, Series 2002-2 Class IIIA 6.917%, 06/25/31 [ARM](c)	Aaa			264		278,272
Countrywide Alternative Loan, Trust Series 2003-J3 Class 2A1 6.25%, 12/25/33	AAA	(d)		2,420		2,460,506
Countrywide Home Loans, Series 1999-9 Class A1 6.50%, 08/25/29	AAA	(d)		695		709,697
Series 2003-R4 Class 1A1B 4.879%, 07/25/19 144A	Aaa			1,492		1,514,223
Series 2003-R4 Class 2A 6.50%, 01/25/34 144A	Aaa			1,758		1,806,430
Credit Suisse First Boston USA, Inc., Series 2002 Class P-3A 1.693%, 09/27/32 144A	Aaa			6,937		6,961,506
Series 2003-8 Class 5A1 6.50%, 04/25/33(c)	Aaa			1,130		1,158,570
Fannie Mae Whole Loan, Series 2003-W15 Class 2A2 1.88%, 08/25/43	Aaa			1,662		1,659,581
Fannie Mae, Series 1988-22 Class A 3.065%, 08/25/18(c)	Aaa			21		20,774
Series 1996-39 Class H 8.00%, 11/25/23	Aaa			247		259,604
Series 2002-76 Class PD 5.00%, 08/25/22	Aaa			2,100		2,139,220
Series 2004-41 Class PB 3.50%, 04/25/17	Aaa			2,360		2,376,047

	Moody’s Rating		Principal Amount (000)		Value (Note 2)
FHLMC Structured Pass Through Securities, Series T-57 Class 1A1 6.50%, 07/25/43	Aaa		$	8,440	$	8,822,336
Series T-59 Class 1A2 7.00%, 10/25/43	Aaa			4,863		5,154,549
First Republic Mortgage Loan Trust, Series 2002-FRB1 Class A 1.539%, 08/15/32(c)	Aaa			21,062		21,074,411
Freddie Mac, Series 2538 Class CA 5.00%, 04/15/16	Aaa			4,187		4,259,933
Government National Mortgage Assoc., Series 1998-15 Class C 6.50%, 06/20/28	Aaa			6,301		6,516,446
GSmps Mortgage Loan Trust, Series 2003-3 Class A1 7.00%, 07/25/43 144A	AAA	(d)		2,792		2,931,918
GSR Mortgage Loan Trust, Series 2004-7 Class 1A1 3.494%, 06/01/34	Aaa			1,700		1,672,408
Mellon Residential Funding Corp., Series 1998-2 Class A14 6.75%, 01/25/13	AAA	(d)		30		30,116
Merrill Lynch Mortgage Investors, Inc., Series 1995-C2 Class B 7.177%, 06/15/21(c)	Aaa			342		360,603
Residential Funding Mortgage Securities, Series 2002-SA2 Class A1 5.595%, 09/25/32(c)	Aaa			1,794		1,796,803
Structured Asset Securities Corp., Series 2001-13 Class 2A 7.00%, 10/25/16	Aaa			911		925,480
Travelers Mortgage Securities Corp., Series 1984-1 Class Z2 12.00%, 03/01/14	Aaa			493		505,255
Washington Mutual, Series 2002-AR11 Class A1 5.16%, 10/25/32(c)	Aaa			3,207		3,235,662
Series 2002-AR2 Class A 3.065%, 07/25/04(c)	Aaa			920		920,888
Total Collateralized Mortgage Obligations
(Cost $88,603,125)						88,856,077

182

AST PIMCO Limited Maturity Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Principal Amount (000)		Value (Note 2)
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 4.8%
Federal Home Loan Mortgage Corp.
4.006%, 12/01/26	$	102	$	103,951
6.00%, 08/01/29 - 04/01/33		13,605		13,926,009
6.50%, 08/01/32		4,894		5,110,599
8.50%, 01/01/25 - 01/01/25		852		936,256
				20,076,815
Federal National Mortgage Assoc.
2.835%, 01/01/25(c)		33		34,466
4.657%, 05/01/25(c)		284		290,089
4.768%, 03/01/17(c)		882		911,866
5.00%, 09/01/18		3,901		3,916,505
5.50%, 07/15/34 [TBA]		200		199,062
6.00%, 04/01/12 - 11/01/17		6,488		6,769,878
				12,121,866
Government National Mortgage Assoc.
3.375%, 01/20/26(c)		458		455,530
4.00%, 11/20/29(c)		1,069		1,082,821
4.375%, 05/20/24 - 06/20/26(c)		636		648,530
4.75%, 07/20/17 - 07/20/24(c)		208		213,797
6.50%, 04/15/26 - 05/15/32		2,112		2,211,262
7.00%, 01/15/24 - 08/15/25		225		239,707
8.00%, 06/20/30 - 01/20/32		3,856		4,211,962
8.50%, 10/15/29 - 01/15/31		1,118		1,226,993
				10,290,602
Total U.S. Government Agency Mortgage-Backed Securities
(Cost $42,247,569)				42,489,283
U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.1%
Small Business Investment Cos., Series 1997-P10B1 Class 1 7.31%, 05/10/07
(Cost $575,217,842)		575		617,407

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
FOREIGN GOVERNMENT BONDS — 3.0%
Republic of Brazil (Brazil)
2.065%, 04/15/06 [BRB](c)	B2	$	3,648	$	3,599,493
2.125%, 04/15/09 [BRB](c)	B2		118		106,951
12.00%, 04/15/10	B2		700		749,000
11.00%, 01/11/12	B2		2,000		2,022,000
8.00%, 04/15/14 [BRB]	B2		2,310		2,121,994
Republic of Panama (Panama)
9.625%, 02/08/11	Ba1		3,000		3,337,500
9.375%, 07/23/12	Ba1		1,000		1,097,500
8.875%, 09/30/27	Ba1		900		877,500
Republic of Peru (Peru)
9.125%, 01/15/08	Ba3		1,200		1,308,000
9.125%, 02/21/12	Ba3		500		515,000
9.125%, 02/21/12	Ba3		4,875		5,021,249
9.875%, 02/06/15	Ba3		1,000		1,050,000
5.00%, 03/07/17	Ba3		501		429,829
Republic of South Africa (South Africa) 9.125%, 05/19/09	Baa2		2,650		3,090,563
United Mexican States (Mexico)
11.375%, 09/15/16	Baa2		150		210,000
8.125%, 12/30/19	Baa2		850		911,625
Total Foreign Government Bonds
(Cost $24,549,439)					26,448,204
ASSET-BACKED SECURITIES — 1.1%
Advanta Mortgage Loan Trust, Series 1994-4 Class A 1.675%, 11/25/29(c)	Aaa		2,286		2,287,783
Chase Fund Loan Acquisition Trust, 2001-C2 Class 11A1 1.54%, 07/25/30	Aaa		315		314,953
First Franklin Mortgage Loan, Series 2003-Ff5 Class A2 2.82%, 03/25/34	Aaa		1,561		1,575,240
Novaster Home Equity Loan, Series 2001-2 Class A2 1.63%, 09/25/31(c)	Aaa		515		515,978
Residential Asset Mortgage Products, Inc., Series 2003-Rs11 Class AIIB 1.63%, 07/25/04(c)	Aaa		2,298		2,304,602
Residential Asset Securities Corp., Series 2001-KS3 Class AII 1.53%, 07/25/04	Aaa		547		547,359

183

AST PIMCO Limited Maturity Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value (Note 2)
SVO Timeshare Mortgage Corp., Series 2001-AA Class A 5.47%, 10/20/13 144A	Aaa	$	2,439	$	2,503,996
Total Asset-Backed Securities
(Cost $9,959,409)					10,049,911
CONVERTIBLE BOND — 0.1%
Time Warner, Inc. Zero Coupon, 07/22/04
(Cost $1,017,098)	Baa2		1,600		1,022,000
RIGHTS*
United Mexican States Value Recovery Rights Series C (Mexico)			5,500		123,750
Rights Series D (Mexico)			5,500		123,750
Rights Series E (Mexico)			5,500		99,000
Total Rights
(Cost $0)					346,500
Bank Loan — 0.2%
Owens Illinois, Inc. 4.31%, 04/01/08 144A (cost $2,000,000; purchased 06/21/04)(g)			2,000		2,004,600
Total Long-Term Investments
(Cost $281,968,081)					285,019,406
SHORT-TERM INVESTMENTS — 67.5%
Certificates of Deposit — 2.2%
Citibank NA 1.10%, 08/05/04			19,500		19,499,983
Commercial Paper — 26.6%
Altria-Philip Morris Group, Inc. 1.80%, 08/03/04(c)			3,600		3,600,000
Bank of Ireland 1.255%, 09/01/04 144A (cost $12,971,902; purchased 06/01/04)(h)			13,000		12,971,449
1.28%, 09/08/04 144A (cost $14,963,200; purchased 06/03/04)(h)			15,000		14,962,667
CDC Corp. 1.26%, 09/22/04 144A (cost $997,095; Purchased 05/17/04)(h)			1,000		997,060
Danske Corp. 1.27%, 09/20/04			19,400		19,343,880
European Investment Bank 1.03%, 07/02/04			23,600		23,599,325

	Principal Amount (000)		Value (Note 2)
General Electric Capital Corp.
1.14%, 09/03/04	$	1,500	$	1,496,913
1.24%, 09/03/04		25,900		25,842,012
HBOS Treasury Services PLC
1.055%, 07/16/04		4,600		4,597,877
1.08%, 07/22/04		200		199,868
1.25%, 08/26/04		17,200		17,164,714
Rabobank USA Finance Corp.
1.05%, 07/06/04		25,500		25,496,281
1.11%, 08/23/04		2,500		2,495,847
Royal Bank of Scotland PLC
1.11%, 08/25/04		11,200		11,180,024
1.235%, 09/13/04		17,100		17,056,003
Svenska Handelsbank 1.09%, 08/03/04		26,800		26,772,775
Total Finance 1.42%, 07/01/04 144A (cost $18,300,000; purchased 06/30/04)(h)		18,300		18,300,000
UBS Finance (DE) LLC, Inc.
1.04%, 07/06/04		5,800		5,799,148
1.07%, 07/15/04		300		299,869
Westpac Capital Corp. 1.03%, 07/08/04		2,500		2,499,474
				234,675,186
U.S. Government Agency Obligations — 36.0%
Federal Home Loan Bank
1.20%, 07/01/04(n)		6,000		6,000,000
1.08%, 08/27/04(n)		16,200		16,170,913
1.24%, 09/03/04		9,300		9,279,178
Federal Home Loan Mortgage Corp.
1.055%, 08/03/04(n)		8,000		7,992,134
1.125%, 08/10/04(n)		2,700		2,696,388
1.055%, 08/16/04(n)		20,000		19,972,590
1.15%, 08/17/04(n)		9,400		9,385,652
1.195%, 08/17/04(n)		3,100		3,095,083
1.28%, 08/23/04(n)		9,500		9,481,799
1.205%, 09/14/04(n)		100		99,746
1.435%, 09/21/04(n)		2,300		2,292,391
1.435%, 09/21/04(n)		1,500		1,495,037
1.48%, 09/28/04(n)		8,800		8,767,440
1.47%, 09/30/04(n)		9,500		9,464,312
1.525%, 10/07/04		8,800		8,763,095
1.52%, 10/13/04(n)		1,500		1,493,350
1.53%, 10/18/04		9,400		9,356,056
1.545%, 10/25/04		9,400		9,352,800
1.56%, 10/20/04(n)		8,900		8,856,805
Federal National Mortgage Assoc.
1.045%, 07/21/04(n)		26,600		26,583,758
1.06%, 07/21/04(n)		9,700		9,693,992

184

AST PIMCO Limited Maturity Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Principal Amount (000)		Value (Note 2)
1.06%, 07/21/04(n)	$	500	$	499,690
1.055%, 07/28/04(n)		9,800		9,791,702
1.055%, 07/28/04(n)		19,600		19,583,403
1.125%, 08/11/04(n)		4,600		4,593,700
1.15%, 08/18/04(n)		9,400		9,384,841
1.15%, 08/18/04(n)		9,400		9,384,841
1.155%, 08/18/04(n)		7,000		6,988,662
1.185%, 08/25/04(n)		6,200		6,188,195
1.24%, 09/01/04(n)		9,300		9,279,819
1.25%, 09/01/04(n)		1,700		1,696,281
1.13%, 09/08/04(n)		9,800		9,778,467
1.405%, 09/08/04(n)		14,900		14,859,294
1.435%, 09/22/04(n)		9,500		9,468,191
1.45%, 09/22/04(n)		8,800		8,770,227
1.53%, 10/20/04(n)		9,500		9,454,780
1.565%, 10/20/04(n)		8,800		8,757,154
				318,771,766
U.S. Treasury Obligations — 2.6%
U.S. Treasury Bills
1.135%, 09/02/04(k)(n)		3,520		3,512,897
1.232%, 09/09/04(n)		18,600		18,554,788
1.391%, 09/16/04(k)(n)		600		598,192
				22,665,877
	Shares
Registered Investment Companies — 0.1%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		406,474		406,474
BlackRock Provident Institutional Funds TempFund Portfolio(j)		406,474		406,474
				812,948
Total Short-Term Investments
(Cost $596,447,501)				596,425,760
Total Investments, Before Outstanding Options Written — 99.7%
(Cost $878,415,582; Note 5)				881,445,166

	Swap Notional Amount (000)		Value (Note 2)
WRITTEN OPTIONS
Call Option
Swap 3-Month LIBOR, Strike Price 4.00%, Expires 01/07/05*	$	50,700	$	(66,214	)
Put Option
Swap 3-Month LIBOR, Strike Price 7.00%, Expires 01/07/05*		50,700		(19,925	)
Total Written Options
(Premium Received $929,078)				(86,139	)
Total Investments, Net of Outstanding Options Written — 99.7%
(Cost $877,486,504)				881,359,027
Other Assets in Excess of Liabilities — 0.3%				2,831,594
Net Assets — 100.0%			$	884,190,621

The following abbreviations are used throughout the Schedule of Investments:

ARM Adjustable Rate Mortgage Security

BRB Brady Bond

NR Not Rated by Moody’s or Standard & Poor’s

TBA Security purchased on a forward commitment basis

185

AST PIMCO Limited Maturity Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

The following annotations are used throughout the Schedule 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. Unless otherwise noted 144A securities are deemed to be liquid.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(d) Standard & Poor’s rating.

(g) Indicates a security that has been deemed illiquid. The aggregate cost of the illiquid security is $2,019,809. The aggregate value, $2,213,284 represents 0.25% of net assets.

(h) Security is restricted as to resale and generally is sold only to institutional investors who agree that they are purchasing the paper for investment and not with a view to public distribution (does not include 144A securities—see footnote above). At the end of the current reporting period, the aggregate cost of such securities was $47,232,197. The aggregate market value of $47,231,176 is approximately 5.34% of net assets. These securities have been deemed to be liquid under procedures established by the Board of Directors.

(j) Security available to institutional investors only.

(k) Securities with an aggregate market value of $4,111,089 have been segregated with the custodian to cover margin requirements for the following open futures contracts at June 30, 2004:

Description	Expiration Month	Number of Contracts	Value at Trade Date		Value at June 30, 2004		Unrealized Appreciation (Depreciation)
Long Positions:
3 Month Euro-Bobl	Sep 04	324	$	43,430,204	$	43,479,615	$	49,411
Eurodollar	Dec 04	530		128,511,813		129,167,625		655,812
Eurodollar	Sep 05	249		59,918,225		59,946,750		28,525
Eurodollar	Dec 05	874		210,851,275		209,781,850		(1,069,425	)
Eurodollar	Mar 06	249		59,584,938		59,632,388		47,450
Eurodollar	June 06	249		59,463,550		59,517,225		53,675
							$	(234,552	)

(l) U.S. dollar denominated foreign bonds.

(n) Rates shown are the effective yields at purchase date.

Interest rate swap agreements outstanding at June 30, 2004:

Description	Expiration Month		Notional Amount (000)	Unrealized Appreciation (Depreciation)
Receive fixed rate payments of 4.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost $19,809; purchased 03/17/03)(g)(4)	Mar 07	EUR	15,900	$	187,616
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 4.25%.(3)	Mar 05	GBP	96,500		(1,244,712	)
Receive fixed rate payments of 4.00% and pay variable rate payments on the six month LIBOR-BBA floating rate.(1)	Jun 07	GBP	3,700		(1,207	)
Receive variable rate payments on the three month STIBOR floating rate and pay fixed rate payments of 4.50%.(2)	Jun 08	SEK	254,000		86,864
				$	(971,439	)

186

AST PIMCO Limited Maturity Bond Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

Brokers/Counterparties

(1) Barclays Bank PLC

(2) Merrill Lynch

(3) Morgan Stanley

(4) UBS - Warburg

Credit default swap agreement outstanding at June 30, 2004:

Description	Expiration Month	Notional Amount (000)		Unrealized Appreciation
Receive a fixed rate equal to 1.00% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation 5.00% due 03/31/30. (cost $0; purchased 03/11/04)(g)(5)	Mar 05	$	3,200	$	1,258

Broker/Counterparty

(5) J.P. Morgan Chase & Co.

Foreign currency exchange contracts outstanding at June 30, 2004:

Settlement Month	Type	Contracts to Deliver	In Exchange For		Contracts at Value		Unrealized Appreciation
Jul 04	Sell	EUR1,475,000	$	1,814,948	$	1,794,168	$	20,780

See Notes to Financial Statements.

187

AST Money Market Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

	Principal Amount (000)		Value (Note 2)
COMMERCIAL PAPER — 49.8%
ANZ, Inc. 1.095%, 07/19/04	$	76,000	$	75,958,389
Banco Bilbao 1.12%, 08/02/04 (cost $21,978,098; purchased 05/06/04)(h)		22,000		21,978,098
Bank of America Corp. 1.06%, 07/22/04		50,000		49,969,083
CBA (Delaware) Finance 1.19%, 08/23/04		75,000		74,868,604
Danske Corp. 1.11%, 08/11/04		59,000		58,925,414
Greenwich Capital Holdings 1.26%, 09/10/04		73,000		72,818,595
HBOS Treasury Services PLC 1.10%, 07/26/04		68,000		67,948,056
Irish Life & Permanent PLC 1.13%, 07/13/04 144A (cost $34,986,817; purchased 01/08/04)(h)		35,000		34,986,817
Italy ( Republic of Italy) 1.04%, 07/29/04		64,000		63,948,231
KFW International Finance 1.23%, 10/15/04 144A (cost $24,909,458; purchased 04/21/04)(h)		25,000		24,909,458
Natexis Banques Populaires 1.16%, 08/09/04		49,400		49,337,921
Network Rail Finance PLC 1.09%, 07/30/04 144A (cost $61,945,561; purchased 05/04/04)(h)		62,000		61,945,561
Nordea North America, Inc. 1.07%, 07/19/04		61,000		60,967,365
Rabobank USA 1.05%, 07/01/04		59,000		59,000,000
Royal Bank of Scotland PLC 1.075%, 07/20/04		73,000		72,958,583
Spintab AB 1.05%, 07/21/04		50,000		49,970,833
(Cost $900,491,008)				900,491,008
EURO TIME DEPOSITS — 24.8%
Calyon 1.12%, 07/02/04		58,000		58,000,000
Chase Manhattan Bank 1.50%, 07/01/04		90,000		90,000,000
Fortis Bank Grand Cayman 1.50%, 07/01/04		59,530		59,530,000
ING Belgium SA NV 1.32%, 07/07/04		75,000		75,000,000

	Principal Amount (000)		Value (Note 2)
National Australia Bank Cayman 1.50%, 07/01/04	$	90,000	$	90,000,000
Dexia Bank Grand Cayman 1.27%, 07/06/04		75,000		75,000,000
(Cost $447,530,000)				447,530,000
CORPORATE OBLIGATIONS — 7.9%
Bank of America Corp. Notes 7.875%, 05/16/05		12,000		12,628,098
Lehman Brothers Holdings, Inc. 7.75%, 01/15/05		18,000		18,604,919
Marshall & Ilsley Corp. 5.252%, 12/15/04(c)		22,500		22,882,423
Royal Bank of Canada NY 1.227%, 09/03/04(c)		71,000		70,995,165
Wal-Mart Stores Notes 5.006%, 06/01/05		18,000		18,480,913
(Cost $143,591,518)				143,591,518
YANKEE CERTIFICATES OF DEPOSIT — 7.3%
BNP Paribas NY 1.39%, 08/27/04		62,000		62,006,523
Lloyds TSB Bank PLC 1.05%, 08/23/04		45,000		44,991,305
SwedBank (New York) 1.413%, 11/03/04		25,000		24,999,358
(Cost $131,997,186)				131,997,186
CERTIFICATES OF DEPOSIT — 6.7%
American Express Bank 1.24%, 07/27/04		59,750		59,750,000
Washington Mutual Bank 1.30%, 08/10/04		61,000		61,000,000
(Cost $120,750,000)				120,750,000
U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.4%
Federal Home Loan Mortgage Corp. 6.25%, 07/15/04		13,707		13,734,158
Federal National Mortgage Assoc. 1.06%, 07/23/04		65,000		64,957,895
(Cost $78,692,053)				78,692,053
PRIVATE PLACEMENT — 2.4%
John Hancock Global Funding II 1.569%, 09/13/04 144A(c) (Cost $44,010,821)		44,000		44,010,821
Total Investments — 103.3%
(Cost $1,867,062,586*)				1,867,062,586
Liabilities in Excess of Other Assets — (3.3%)				(59,748,261	)
Net Assets — 100.0%			$	1,807,314,325

188

AST Money Market Portfolio

Schedule of Investments

June 30, 2004

(Unaudited)

The following annotations are used throughout the Schedule of Investments:

* The cost of securities for federal income tax purposes is substantially the same as for financial reporting purposes.

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. Unless otherwise noted 144A securities are deemed to be liquid.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the latter of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted. The interest rate shown reflects the rate in effect at June 30, 2004.

(h) Security is restricted as to resale and generally is sold only to institutional investors who agree that they are purchasing the paper for investment and not with a view to public distribution (does not include 144A securities—see footnote above). At the end of the current reporting period, the aggregate cost of such securities was $143,819,934. The aggregate market value of $143,819,934 is approximately 7.96% of net assets. These securities have been deemed to be liquid under procedures established by the Board of Directors.

The following is a breakdown of the money market portfolio by industry classification, as of June 30, 2004. Percentages are based on net assets.

Industry

Financial Bank & Trust	41.6	%
Euro Time Deposits	24.8
Financial Services	14.1
Yankee Certificates of Deposits	7.3
Certificates of Deposits	6.7
U.S. Government	4.4
Special Purpose Insurance	2.4
Financial-Brokerage	1.0
Retail & Merchandising	1.0
	103.3
Liabilities in Excess of Other Assets	(3.3	)
	100.0	%

See Notes to Financial Statements.

189

American Skandia Trust

Statements of Assets and Liabilities

June 30, 2004 (Unaudited)

	AST JPMorgan International Equity			AST William Blair International Growth			AST DeAM International Equity			AST MFS Global Equity			AST State Street Research Small-Cap Growth
Assets
Investments at value(A) Including Securities on Loan(D)	$	308,529,770		$	1,055,483,885		$	164,116,833		$	117,023,177		$	261,736,551
Cash		1,909,416			70,852,832			5,004,025			14,752			118
Foreign currency at value(B)		—			5,106,328			—			—			—
Receivable for:
Securities Sold		—			7,180,609			—			468,592			4,353,625
Dividends and Interest		1,302,754			3,154,649			504,476			176,401			17,802
Fund Shares Sold		—			1,489,236			—			2,105,980			—
Futures Variation Margin		—			—			390,252			—			—
Unrealized Appreciation on Foreign Currency Forward Contracts		—			—			81,382			—			—
Unrealized Appreciation on Swap Agreements		—			—			—			—			—
Receivable from Investment Manager		—			—			—			—			—
Prepaid Expenses		755			2,522			274			163			598
Total Assets		311,742,695			1,143,270,061			170,097,242			119,789,065			266,108,694
Liabilities
Payable to Custodian		—			—			—			—			—
Written Options Outstanding, at Value(C)		—			—			—			—			—
Unrealized Depreciation on Swap Agreements		—			—			—			—			—
Payable to Investment Manager		—			—			—			—			—
Unrealized Depreciation on Foreign Currency Forward Contracts		—			—			7,257			—			—
Loan Payable		—			—			—			—			—
Payable to Broker for Collateral for Securities on Loan		—			—			—			—			—
Payable for:
Securities Purchased		—			—			—			702,961			7,309,426
Fund Shares Redeemed		874,849			—			107,473			—			585,013
Futures Variation Margin		—			—			—			—			—
Advisory Fees		244,240			917,440			130,521			99,462			202,521
Shareholder Servicing Fees		1,718			6,277			945			636			1,410
Deferred Trustees’ Fees		7,559			18,941			3,028			877			7,944
Accrued Expenses and Other Liabilities		56,226			56,836			29,821			15,998			32,727
Withholding Tax		—			342,661			—			—			—
Dividends and Distributions		—			—			—			—			—
Total Liabilities		1,184,592			1,342,155			279,045			819,934			8,139,041
Net Assets	$	310,558,103		$	1,141,927,906		$	169,818,197		$	118,969,131		$	257,969,653
Components of Net Assets
Common Stock, at $.001 Par Value	$	19,485		$	107,902		$	14,809		$	10,976		$	18,103
Paid-In Capital in Excess of Par		417,998,530			1,233,000,617			308,785,382			108,840,827			418,537,749
		418,018,015			1,233,108,519			308,800,191			108,851,803			418,555,852
Undistributed Net Investment Income (Loss)		3,178,428			(2,827,352	)		1,361,242			478,509			(1,249,650	)
Accumulated Net Realized Gain (Loss) on Investments		(122,592,828	)		(252,053,234	)		(153,307,811	)		(6,634,996	)		(163,612,815	)
Accumulated Unrealized Appreciation (Depreciation) on Investments		11,954,488			163,699,973			12,964,575			16,273,815			4,276,266
Net Assets, June 30, 2004	$	310,558,103		$	1,141,927,906		$	169,818,197		$	118,969,131		$	257,969,653
Shares of Common Stock Outstanding		19,484,593			107,902,212			14,809,170			10,976,155			18,103,019
Net Asset Value, Offering and Redemption Price Per Share	$	15.94		$	10.58		$	11.47		$	10.84		$	14.25
(A) Investments at Cost	$	296,607,693		$	891,385,434		$	151,331,398		$	100,748,552		$	257,460,285
(B) Foreign Currency at Cost	$	—		$	5,259,358		$	—		$	—		$	—
(C) Premiums Received for Written Options	$	—		$	—		$	—		$	—		$	—
(D) Securities on Loan at Value	$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements.

190

AST DeAM Small- Cap Growth			AST Federated Aggressive Growth			AST Goldman Sachs Small-Cap Value		AST Gabelli Small-Cap Value		AST DeAM Small-Cap Value		AST Goldman Sachs Mid-Cap Growth			AST Neuberger Berman Mid- Cap Growth			AST Neuberger Berman Mid- Cap Value
$	368,154,880		$	259,001,203		$	337,860,762	$	858,719,994	$	62,667,162	$	267,976,471		$	456,278,056		$	1,453,756,471
	17,098,702			5,647			6,884,849		50,738,098		11,607,037		3,555,387			159,063			454,349
	—			—			—		—		—		—			—			—
	—			1,202,511			1,601,169		681,826		22,560,555		181,130			5,825,794			—
	70,259			19,053			353,783		578,915		55,140		37,917			59,341			637,372
	—			1,999,384			241,762		1,942,308		481,605		99,671			2,924,091			3,146,836
	98,663			—			—		—		44,025		—			—			—
	—			—			—		—		—		—			—			—
	—			—			—		—		—		—			—			—
	—			—			—		—		—		—			—			—
	657			219			516		1,198		48		208			600			1,540
	385,423,161			262,228,017			346,942,841		912,662,339		97,415,572		271,850,784			465,246,945			1,457,996,568
	—			—			—		—		—		—			—			—
	—			—			—		—		—		—			—			—
	—			—			—		—		—		—			—			—
	—			—			—		—		—		—			—			—
	—			—			—		—		—		—			—			—
	—			—			—		—		—		—			—			—
	37,287,303			—			29,291,331		63,189,219		2,710,504		54,853,586			90,170,108			314,009,692
	—			1,249,989			1,738,410		1,343,538		27,891,429		2,441,223			4,034,888			8,244,921
	30,258			—			—		—		—		—			—			—
	—			—			—		—		—		—			—			—
	246,828			204,824			257,911		660,695		41,869		164,808			279,974			881,713
	1,886			1,386			1,711		4,578		357		1,156			2,045			6,122
	8,521			548			5,294		7,958		135		999			7,191			14,213
	42,708			31,192			43,920		74,348		18,180		24,829			37,522			94,013
	—			—			—		—		—		—			—			—
	—			—			—		—		—		—			—			—
	37,617,504			1,487,939			31,338,577		65,280,336		30,662,474		57,486,601			94,531,728			323,250,674
$	347,805,657		$	260,740,078		$	315,604,264	$	847,382,003	$	66,753,098	$	214,364,183		$	370,715,217		$	1,134,745,894
$	44,634		$	28,197		$	16,762	$	50,411	$	5,920	$	53,389		$	28,140		$	60,548
	584,049,141			206,942,494			232,665,044		667,325,706		59,217,457		268,596,485			669,784,607			884,282,484
	584,093,775			206,970,691			232,681,806		667,376,117		59,223,377		268,649,874			669,812,747			884,343,032
	(1,114,211	)		(1,164,090	)		840,054		838,457		87,421		(358,128	)		(1,285,323	)		1,134,885
	(260,162,239	)		19,245,666			25,608,190		3,816,197		4,431,798		(79,149,396	)		(379,885,873	)		97,991,488
	24,988,332			35,687,811			56,474,214		175,351,232		3,010,502		25,221,833			82,073,666			151,276,489
$	347,805,657		$	260,740,078		$	315,604,264	$	847,382,003	$	66,753,098	$	214,364,183		$	370,715,217		$	1,134,745,894
	44,634,400			28,196,641			16,762,279		50,410,942		5,920,235		53,388,657			28,140,466			60,547,964
$	7.79		$	9.25		$	18.83	$	16.81	$	11.28	$	4.02		$	13.17		$	18.74
$	343,709,917		$	223,313,392		$	281,386,548	$	683,368,762	$	59,926,171	$	242,754,638		$	374,204,390		$	1,302,479,982
$	—		$	—		$	—	$	—	$	—	$	—		$	—		$	—
$	—		$	—		$	—	$	—	$	—	$	—		$	—		$	—
$	36,033,990		$	—		$	28,149,912	$	61,195,120	$	2,647,916	$	53,728,664		$	87,616,061		$	306,124,543

191

American Skandia Trust

Statements of Assets and Liabilities (continued)

June 30, 2004 (Unaudited)

	AST Alger All-Cap Growth			AST Gabelli All-Cap Value			AST T. Rowe Price Natural Resources		AST Alliance Growth			AST MFS Growth
Assets
Investments at value(A) Including Securities on Loan(D)	$	470,002,287		$	221,610,689		$	206,357,196	$	318,680,744		$	654,023,837
Cash		182,883			93,233			44,049		703,844			317
Foreign currency at value(B)		—			—			—		—			—
Receivable for:
Securities Sold		5,807,545			206,655			—		3,548,703			14,342,793
Dividends and Interest		22,747			203,789			256,541		160,208			284,037
Fund Shares Sold		53,074			2,425,000			11,624,628		200,445			114,858
Futures Variation Margin		—			—			—		—			—
Unrealized Appreciation on Foreign Currency Forward Contracts		—			261			—		—			—
Unrealized Appreciation on Swap Agreements		—			—			—		—			—
Receivable from Investment Manager		—			—			—		—			—
Prepaid Expenses		683			234			196		418			1,027
Total Assets		476,069,219			224,539,861			218,282,610		323,294,362			668,766,869
Liabilities
Payable to Custodian		—			—			—		—			—
Written Options Outstanding, at Value(C)		—			—			—		—			—
Unrealized Depreciation on Swap Agreements		—			—			—		—			—
Payable to Investment Manager		—			—			—		—			—
Unrealized Depreciation on Foreign Currency Forward Contracts		—			508			—		—			—
Loan Payable		—			—			—		—			—
Payable to Broker for Collateral for Securities on Loan		93,500,277			34,477,368			41,361,795		40,989,950			75,691,864
Payable for:
Securities Purchased		3,218,304			611,851			526,261		3,954,427			20,890,440
Fund Shares Redeemed		—			—			—		590,000			46,215
Futures Variation Margin		—			—			—		—			—
Advisory Fees		315,082			156,825			123,674		209,088			428,337
Shareholder Servicing Fees		2,040			1,014			887		1,503			3,108
Deferred Trustees’ Fees		6,968			1,710			2,715		5,590			9,444
Accrued Expenses and Other Liabilities		43,432			21,347			26,586		40,219			62,787
Withholding Tax		—			—			—		—			—
Dividends and Distributions		—			—			—		—			—
Total Liabilities		97,086,103			35,270,623			42,041,918		45,790,777			97,132,195
Net Assets	$	378,983,116		$	189,269,238		$	176,240,692	$	277,503,585		$	571,634,674
Components of Net Assets
Common Stock, at $.001 Par Value	$	71,805		$	17,306		$	9,399	$	32,513		$	75,335
Paid-In Capital in Excess of Par		733,483,156			189,735,647			144,174,245		520,989,819			994,558,852
		733,554,961			189,752,953			144,183,644		521,022,332			994,634,187
Undistributed Net Investment Income (Loss)		(1,524,163	)		276,359			383,348		(452,877	)		(1,003,908	)
Accumulated Net Realized Gain (Loss) on Investments		(409,052,019	)		(29,750,314	)		7,538,274		(266,855,429	)		(453,883,457	)
Accumulated Unrealized Appreciation (Depreciation) on Investments		56,004,337			28,990,240			24,135,426		23,789,559			31,887,852
Net Assets, June 30, 2004	$	378,983,116		$	189,269,238		$	176,240,692	$	277,503,585		$	571,634,674
Shares of Common Stock Outstanding		71,805,088			17,306,248			9,398,549		32,513,187			75,334,992
Net Asset Value, Offering and Redemption Price Per Share	$	5.28		$	10.94		$	18.75	$	8.54		$	7.59
(A) Investments at Cost	$	413,997,950		$	192,620,497		$	182,221,770	$	294,891,185		$	622,136,988
(B) Foreign Currency at Cost	$	—		$	—		$	—	$	—		$	—
(C) Premiums Received for Written Options	$	—		$	—		$	—	$	—		$	—
(D) Securities on Loan at Value	$	91,609,304		$	32,828,567		$	40,618,093	$	40,086,013		$	74,269,970

See Notes to Financial Statements.

192

AST Marsico Capital Growth			AST Goldman Sachs Concentrated Growth			AST DeAM Large-Cap Value			AST Hotchkis & Wiley Large-Cap Value			AST Alliance/ Bernstein Growth + Value			AST Sanford Bernstein Core Value		AST Cohen & Steers Realty		AST Sanford Bernstein Managed Index 500
$	2,228,455,616		$	1,106,110,599		$	160,510,488		$	565,386,088		$	91,764,562		$	271,663,173	$	315,851,578	$	689,730,849
	902,411			9,325,193			8,235,484			22,955,239			—			—		110,142		—
	—			—			—			—			—			—		—		—
	17,305,775			—			—			—			—			567,183		899,066		3,038,036
	1,147,498			294,716			191,682			852,589			70,796			302,791		1,555,672		732,936
	1,491,517			—			888,621			5,538,187			344,984			1,091,671		10,289,730		806
	—			—			58,375			—			—			—		—		—
	—			—			—			—			—			—		—		—
	—			—			—			—			—			—		—		—
	—			—			—			—			—			—		—		—
	2,658			2,763			243			1,277			101			370		484		900
	2,249,305,475			1,115,733,271			169,884,893			594,733,380			92,180,443			273,625,188		328,706,672		693,503,527
	—			—			—			—			—			—		—		—
	—			—			—			—			—			—		—		—
	—			—			—			—			—			—		—		—
	—			—			—			—			—			—		—		—
	—			—			—			—			—			—		—		—
	—			—			—			—			—			—		—		—
	365,683,946			71,981,459			19,191,356			—			21,445,346			38,790,123		32,222,500		76,614,712
	—			582,419			30			922,286			—			4,439,832		2,956,003		9,776,403
	—			2,089,922			—			—			365			1,334		—		24,065,867
	—			—			—			—			—			—		—		—
	1,445,788			785,247			95,374			361,254			24,293			50,820		211,941		76,907
	10,169			5,801			807			3,211			381			1,246		1,574		3,290
	22,587			42,540			1,294			14,662			436			1,795		2,739		9,337
	140,885			97,099			22,623			63,177			12,043			26,334		30,178		40,540
	—			—			—			—			—			—		—		—
	—			—			—			—			—			—		—		—
	367,303,375			75,584,487			19,311,484			1,364,590			21,482,864			43,311,484		35,424,935		110,587,056
$	1,882,002,100		$	1,040,148,784		$	150,573,409		$	593,368,790		$	70,697,579		$	230,313,704	$	293,281,737	$	582,916,471
$	118,910		$	50,805		$	14,665		$	40,697		$	7,523		$	20,549	$	21,978	$	51,759
	1,806,412,537			1,876,124,458			150,134,349			644,549,419			66,954,674			194,462,574		228,169,766		690,228,330
	1,806,531,447			1,876,175,263			150,149,014			644,590,116			66,962,197			194,483,123		228,191,744		690,280,089
	(830,970	)		(973,018	)		899,518			2,567,540			76,379			1,367,358		9,391,353		2,472,530
	(297,363,238	)		(938,004,768	)		(9,373,014	)		(70,658,608	)		(4,228,697	)		2,474,640		8,559,333		(154,838,643	)
	373,664,861			102,951,307			8,897,891			16,869,742			7,887,700			31,988,583		47,139,307		45,002,495
$	1,882,002,100		$	1,040,148,784		$	150,573,409		$	593,368,790		$	70,697,579		$	230,313,704	$	293,281,737	$	582,916,471
	118,909,526			50,805,410			14,664,590			40,696,860			7,522,963			20,549,080		21,978,068		51,759,413
$	15.83		$	20.47		$	10.27		$	14.58		$	9.40		$	11.21	$	13.34	$	11.26
$	1,854,791,667		$	1,003,159,292		$	151,673,042		$	548,516,346		$	83,876,862		$	239,674,590	$	268,712,699	$	644,728,354
$	—		$	—		$	—		$	—		$	—		$	—	$	—	$	—
$	—		$	—		$	—		$	—		$	—		$	—	$	—	$	—
$	357,584,297		$	70,738,964		$	18,723,380		$	—		$	20,767,312		$	37,477,462	$	31,356,599	$	74,527,749

193

American Skandia Trust

STATEMENTS OF ASSETS AND LIABILITIES (continued)

June 30, 2004 (Unaudited)

	AST American Century Income & Growth			AST Alliance Growth and Income			AST DeAM Global Allocation			AST American Century Strategic Balanced			AST T. Rowe Price Asset Allocation
Assets
Investments at value(A) Including Securities on Loan(D)	$	609,666,660		$	2,094,912,479		$	240,816,878		$	287,120,424		$	428,833,719
Cash		240,843			800,564			3,533,206			42,163			—
Foreign currency at value(B)		—			—			—			—			—
Receivable for:
Securities Sold		3,653,167			14,232,395			—			6,362,226			1,938,941
Dividends and Interest		884,557			2,784,862			618			783,834			1,937,447
Fund Shares Sold		—			—			—			163,585			22,609
Futures Variation Margin		17,250			—			—			—			—
Unrealized Appreciation on Foreign Currency Forward Contracts		—			—			—			—			—
Unrealized Appreciation on Swap Agreements		—			—			—			—			—
Receivable from Investment Manager		—			—			—			—			—
Prepaid Expenses		1,027			2,722			2,120			406			600
Total Assets		614,463,504			2,112,733,022			244,352,822			294,472,638			432,733,316
Liabilities
Payable to Custodian		—			—			—			—			162,897
Written Options Outstanding, at Value(C)		—			—			—			—			—
Unrealized Depreciation on Swap Agreements		—			—			—			—			—
Payable to Investment Manager		—			—			—			—			—
Unrealized Depreciation on Foreign Currency Forward Contracts		—			—			—			—			—
Loan Payable		—			—			—			—			—
Payable to Broker for Collateral for Securities on Loan		166,837,515			138,241,152			—			45,782,614			39,814,609
Payable for:
Securities Purchased		3,639,702			22,443,637			—			18,583,327			9,337,546
Fund Shares Redeemed		9,551,190			485,958			217,807			10,054			169,902
Futures Variation Margin		—			—			—			—			—
Advisory Fees		267,663			1,264,220			21,811			76,104			93,147
Shareholder Servicing Fees		2,407			10,619			—			1,256			2,105
Deferred Trustees’ Fees		7,058			24,865			6,805			3,443			5,080
Accrued Expenses and Other Liabilities		86,237			156,806			9,410			38,956			44,680
Withholding Tax		—			—			—			—			—
Dividends and Distributions		—			—			—			—			—
Total Liabilities		180,391,772			162,627,257			255,833			64,495,754			49,629,966
Net Assets	$	434,071,732		$	1,950,105,765		$	244,096,989		$	229,976,884		$	383,103,350
Components of Net Assets
Common Stock, at $.001 Par Value	$	35,145		$	107,811		$	21,568		$	17,603		$	24,597
Paid-In Capital in Excess of Par		490,474,506			2,028,905,508			326,680,926			231,610,981			348,039,864
		490,509,651			2,029,013,319			326,702,494			231,628,584			348,064,461
Undistributed Net Investment Income (Loss)		2,575,337			9,128,992			5,308,499			1,647,469			3,126,580
Accumulated Net Realized Gain (Loss) on Investments		(89,100,892	)		(289,677,367	)		(94,811,758	)		(18,058,435	)		(6,706,669	)
Accumulated Unrealized Appreciation (Depreciation) on Investments		30,087,636			201,640,821			6,897,754			14,759,266			38,618,978
Net Assets, June 30, 2004	$	434,071,732		$	1,950,105,765		$	244,096,989		$	229,976,884		$	383,103,350
Shares of Common Stock Outstanding		35,144,977			107,811,217			21,567,952			17,602,687			24,596,885
Net Asset Value, Offering and Redemption Price Per Share	$	12.35		$	18.09		$	11.32		$	13.06		$	15.58
(A) Investments at Cost	$	579,610,171		$	1,893,271,658		$	233,919,125		$	272,361,158		$	390,216,779
(B) Foreign Currency at Cost	$	—		$	—		$	—		$	—		$	—
(C) Premiums Received for Written Options	$	—		$	—		$	—		$	—		$	—
(D) Securities on Loan at Value	$	161,354,905		$	135,874,031		$	—		$	44,707,384		$	38,994,392

See Notes to Financial Statements.

194

AST T. Rowe Price Global Bond			AST Goldman Sachs High Yield			AST Lord Abbett Bond- Debenture		AST PIMCO Total Return Bond		AST PIMCO Limited Maturity Bond		AST Money Market
$	200,180,318		$	627,369,646		$	418,009,264	$	2,316,304,678	$	881,445,166	$	1,867,062,586
	36,787,394			—			—		8,123		—		29,772
	511,469			—			—		12,754,732		1,886,209		—
	2,603,917			253,438			205,325		1,930,002		—		—
	3,330,617			12,560,647			5,794,736		6,681,836		3,110,826		3,160,137
	57			5,122,315			1,898,804		—		—		—
	269,034			—			—		3,855,624		914,028		—
	1,824,719			—			—		508,273		20,780		—
	—			—			—		1,888,257		275,738		—
	—			—			—		—		—		—
	489			10,373			465		5,601		2,461		5,442
	245,508,014			645,316,419			425,908,594		2,343,937,126		887,655,208		1,870,257,937
	—			151,815			—		—		246,940		—
	—			—			—		4,981,545		86,139		—
	—			—			—		1,746,022		1,245,919		—
	—			—			—		—		—		—
	603,762			306,417			—		43,283		—		—
	—			—			—		46,000,000		—		—
	—			—			52,751,330		—				—
	9,089,554			5,848,276			4,363,738		104,572,681		196,594		—
	745,285			364			148		4,096,449		1,070,450		61,638,333
	—			—			—		—		—		—
	82,945			169,814			89,370		482,272		512,173		128,727
	1,289			3,458			1,996		11,910		4,846		10,124
	3,002			10,293			1,822		34,163		14,567		45,047
	24,895			68,825			46,334		149,292		86,959		160,474
	—			—			—		—		—		—
	—			—			—		—		—		960,907
	10,550,732			6,559,262			57,254,738		162,117,617		3,464,587		62,943,612
$	234,957,282		$	638,757,157		$	368,653,856	$	2,181,819,509	$	884,190,621	$	1,807,314,325
$	21,269		$	77,899		$	33,538	$	189,692	$	80,952	$	1,807,411
	221,486,133			808,564,185			355,237,854		2,143,996,652		871,417,826		1,805,579,839
	221,507,402			808,642,084			355,271,392		2,144,186,344		871,498,778		1,807,387,250
	3,251,411			25,990,241			9,291,937		21,121,326		7,445,974		(46,432	)
	(763,779	)		(197,117,009	)		3,485,230		13,411,607		2,570,535		(26,493	)
	10,962,248			1,241,841			605,297		3,100,232		2,675,334		—
$	234,957,282		$	638,757,157		$	368,653,856	$	2,181,819,509	$	884,190,621	$	1,807,314,325
	21,269,014			77,899,128			33,538,274		189,691,927		80,952,045		1,807,411,049
$	11.05		$	8.20		$	10.99	$	11.50	$	10.92	$	1.00
$	190,307,971		$	625,817,062		$	417,403,967	$	2,318,049,739	$	878,415,582	$	1,867,062,586
$	510,083		$	—		$	—	$	12,849,316	$	1,899,444	$	—
$	—		$	—		$	—	$	7,246,615	$	929,078	$	—
$	—		$	—		$	51,582,122	$	—	$	—	$	—

195

American Skandia Trust

Statements of Operations

Six Months Ended June 30, 2004 (Unaudited)

	AST JPMorgan International Equity			AST William Blair International Growth			AST DeAM International Equity			AST MFS Global Equity			AST State Street Research Small-Cap Growth
Investment Income:
Interest	$	34,091		$	434,608		$	29,881		$	15,163		$	5,281
Dividends		5,697,381			8,895,621			2,858,602			1,335,544			383,637
Income from Securities Loaned, Net		—			—			—			—			31,653
Foreign Taxes Withheld		(707,008	)		(1,001,312	)		(330,349	)		(136,227	)		(83	)
Total Income		5,024,464			8,328,917			2,558,134			1,214,480			420,488
Expenses:
Advisory Fees		1,435,830			4,158,173			859,831			543,935			1,340,032
Distribution Fees		4,172			160,410			—			—			58,056
Shareholder Servicing Fees and Expenses		162,000			416,000			86,000			54,000			149,000
Administration and Accounting Fees		137,000			208,000			86,000			54,000			129,000
Custodian Fees and Expenses		55,000			177,000			75,000			31,000			19,000
Audit and legal fees		20,000			21,000			21,000			22,000			12,000
Trustees’ Fees		10,000			12,000			7,000			7,000			9,000
Interest Expense		699			—			—			269			785
Miscellaneous		17,942			66,170			25,349			13,046			10,536
Total Expenses		1,842,643			5,218,753			1,160,180			725,250			1,727,409
Less: Advisory Fee Waivers and Expense Reimbursements		—			(415,817	)		(128,975	)		—			—
Less: Fees paid indirectly		(4,172	)		(160,410	)		—			—			(58,056	)
Net Expenses		1,838,471			4,642,526			1,031,205			725,250			1,669,353
Net Investment Income (Loss)		3,185,993			3,686,391			1,526,929			489,230			(1,248,865	)
Realized and Unrealized Gain (Loss) on Investments
Net Realized Gain (Loss) on:
Investments		67,101,138			11,028,486			11,934,109			5,477,369			61,278,818
Futures		—			—			1,046,670			—			—
Options written		—			—			—			—			—
Swap agreements		—			—			—			—			—
Foreign currencies		31,352			(75,244	)		(466,350	)		(27,947	)		—
		67,132,490			10,953,242			12,514,429			5,449,422			61,278,818
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(63,867,454	)		83,013,041			(6,704,281	)		(10,108	)		(75,709,144	)
Futures		—			—			(211,525	)		—			—
Options written		—			—			—			—			—
Swap Agreements		—			—			—			—			—
Foreign currencies		(34,442	)		(55,988	)		(206,124	)		(8,891	)		—
		(63,901,896	)		82,957,053			(7,121,930	)		(18,999	)		(75,709,144	)
Net Gain (Loss) on Investments and Foreign Currencies		3,230,594			93,910,295			5,392,499			5,430,423			(14,430,326	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	6,416,587		$	97,596,686		$	6,919,428		$	5,919,653		$	(15,679,191	)

See Notes to Financial Statements.

196

AST DeAM Small-Cap Growth			AST Federated Aggressive Growth			AST Goldman Sachs Small-Cap Value			AST Gabelli Small-Cap Value			AST DeAM Small-Cap Value			AST Goldman Sachs Mid-Cap Growth			AST Neuberger Berman Mid-Cap Growth			AST Neuberger Berman Mid-Cap Value
$	13,630		$	31,427		$	11,406		$	113,683		$	18,517		$	9,258		$	—		$	34,177
	610,093			287,390			2,165,036			4,542,709			381,924			695,574			654,252			6,753,065
	58,823			—			49,898			81,406			1,649			19,235			51,839			112,157
	(2,477	)		(2,057	)		(1,798	)		(4,527	)		(261	)		—			(3,149	)		(6,278	)
	680,069			316,760			2,224,542			4,733,271			401,829			724,067			702,942			6,893,121
	1,803,389			1,075,238			1,543,404			3,637,462			284,359			947,985			1,605,284			4,862,580
	—			—			62,869			—			—			91,181			99,230			388,617
	190,000			113,000			162,000			404,000			30,000			95,000			178,000			543,000
	153,000			108,000			137,000			208,000			30,000			95,000			147,000			231,000
	33,000			24,000			46,000			49,000			16,000			16,000			22,000			81,000
	12,000			14,000			13,000			11,000			19,000			14,000			12,000			11,000
	9,000			8,000			10,000			14,000			6,000			7,000			10,000			16,000
	1,063			3,661			—			—			—			113			2,660			317
	10,434			7,510			9,705			18,647			7,661			5,987			9,938			22,153
	2,211,886			1,353,409			1,983,978			4,342,109			393,020			1,272,266			2,086,112			6,155,667
	(284,682	)		—			—			—			(51,766	)		(99,890	)		(5,809	)		(23,027	)
	—			—			(62,869	)		—			—			(91,181	)		(99,230	)		(388,617	)
	1,927,204			1,353,409			1,921,109			4,342,109			341,254			1,081,195			1,981,073			5,744,023
	(1,247,135	)		(1,036,649	)		303,433			391,162			60,575			(357,128	)		(1,278,131	)		1,149,098
	40,081,586			20,482,875			28,360,178			13,463,106			4,233,905			5,828,933			14,420,874			100,547,817
	294,246			—			—			—			306,222			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			1,043			—			—			—			—			—			—
	40,375,832			20,483,918			28,360,178			13,463,106			4,540,127			5,828,933			14,420,874			100,547,817
	(33,745,307	)		(1,751,040	)		(11,600,781	)		39,814,874			(1,377,207	)		4,718,680			12,097,533			(20,036,345	)
	512,125			—			—			—			169,311			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	(33,233,182	)		(1,751,040	)		(11,600,781	)		39,814,874			(1,207,896	)		4,718,680			12,097,533			(20,036,345	)
	7,142,650			18,732,878			16,759,397			53,277,980			3,332,231			10,547,613			26,518,407			80,511,472
$	5,895,515		$	17,696,229		$	17,062,830		$	53,669,142		$	3,392,806		$	10,190,485		$	25,240,276		$	81,660,570

197

American Skandia Trust

Statements of Operations (continued)

Six Months Ended June 30, 2004 (Unaudited)

	AST Alger All-Cap Growth			AST Gabelli All-Cap Value			AST T. Rowe Price Natural Resources			AST Alliance Growth			AST MFS Growth
Investment Income:
Interest	$	25,252		$	1,371		$	29,045		$	1,082		$	76,126
Dividends		703,885			1,420,998			1,295,560			948,371			2,064,301
Income from Securities Loaned, Net		50,794			21,149			16,260			7,871			38,679
Foreign Taxes Withheld		(19,009	)		(28,141	)		(55,496	)		(15,397	)		(19,807	)
Total Income		760,922			1,415,377			1,285,369			941,927			2,159,299
Expenses:
Advisory Fees		1,864,463			901,281			718,714			1,105,346			2,603,826
Distribution Fees		521,175			—			8,624			46,140			31,751
Shareholder Servicing Fees and Expenses		196,000			95,000			80,000			123,000			289,000
Administration and Accounting Fees		156,000			95,000			80,000			114,000			184,000
Custodian Fees and Expenses		22,000			16,000			22,000			21,000			49,000
Audit and legal fees		11,000			14,000			20,000			20,000			12,000
Trustees’ Fees		10,000			7,000			7,000			8,000			12,000
Interest Expense		7,214			1,773			2,729			1,458			510
Miscellaneous		11,440			7,249			6,534			7,609			14,922
Total Expenses		2,799,292			1,137,303			945,601			1,446,553			3,197,009
Less: Advisory Fee Waivers and Expense Reimbursements		—			—			—			(11,200	)		(23,220	)
Less: Fees paid indirectly		(521,175	)		—			(8,624	)		(46,140	)		(31,751	)
Net Expenses		2,278,117			1,137,303			936,977			1,389,213			3,142,038
Net Investment Income (Loss)		(1,517,195	)		278,074			348,392			(447,286	)		(982,739	)
Realized and Unrealized Gain (Loss) on Investments
Net Realized Gain (Loss) on:
Investments		28,611,160			2,050,803			12,409,191			9,596,811			30,100,508
Futures		—			—			—			—			—
Options written		—			—			—			—			—
Swap agreements		—			—			—			—			—
Foreign currencies		—			(308	)		(39,738	)		—			(5,340	)
		28,611,160			2,050,495			12,369,453			9,596,811			30,095,168
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(4,164,677	)		5,839,197			(542,212	)		(2,998,751	)		(6,568,238	)
Futures		—			—			—			—			—
Options written		—			—			—			—			—
Swap Agreements		—			—			—			—			—
Foreign currencies		—			(247	)		—			—			(1,176	)
		(4,164,677	)		5,838,950			(542,212	)		(2,998,751	)		(6,569,414	)
Net Gain (Loss) on Investments and Foreign Currencies		24,446,483			7,889,445			11,827,241			6,598,060			23,525,754
Net Increase (Decrease) in Net Assets Resulting from Operations	$	22,929,288		$	8,167,519		$	12,175,633		$	6,150,774		$	22,543,015

See Notes to Financial Statements.

198

AST Marsico Capital Growth			AST Goldman Sachs Concentrated Growth			AST DeAM Large-Cap Value			AST Hotchkis & Wiley Large-Cap Value			AST Alliance/ Bernstein Growth + Value			AST Sanford Bernstein Core Value			AST Cohen & Steers Realty			AST Sanford Bernstein Managed Index 500
$	132,694		$	—		$	15,622		$	929,993		$	—		$	—		$	13		$	10
	8,522,656			4,444,074			1,570,719			4,387,207			480,304			2,411,020			6,503,209			4,555,582
	175,994			66,563			7,951			7,347			6,739			17,382			9,026			24,801
	(53,662	)		—			—			—			(3,846	)		(4,626	)		(6,604	)		(3,331	)
	8,777,682			4,510,637			1,594,292			5,324,547			483,197			2,423,776			6,505,644			4,577,062
	8,074,611			4,862,588			605,162			2,232,631			301,899			798,680			1,466,721			1,669,370
	450,102			233,089			—			—			—			90,593			28,154			165,689
	897,000			540,000			71,000			298,000			34,000			106,000			147,000			278,000
	266,000			231,000			71,000			186,000			34,000			104,000			128,000			91,000
	95,000			37,000			21,000			31,000			11,000			14,000			17,000			29,000
	16,000			18,000			14,000			10,000			15,000			14,000			14,000			11,000
	22,000			18,000			7,000			13,000			6,000			8,000			9,000			11,000
	—			1,601			—			1,888			—			2,518			3,464			2,123
	36,303			103,293			6,380			16,761			4,482			7,426			7,853			16,122
	9,857,016			6,044,571			795,542			2,789,280			406,381			1,145,217			1,821,192			2,273,304
	(210,720	)		(369,597	)		(90,706	)		(46,950	)		—			—			(40,895	)		—
	(450,102	)		(233,089	)		—			—			—			(90,593	)		(28,154	)		(165,689	)
	9,196,194			5,441,885			704,836			2,742,330			406,381			1,054,624			1,752,143			2,107,615
	(418,512	)		(931,248	)		889,456			2,582,217			76,816			1,369,152			4,753,501			2,469,447
	52,965,213			27,109,852			12,318,270			32,260,758			1,449,758			4,837,158			10,825,503			8,123,662
	—			—			349,332			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	(330,742	)		—			—			—			—			—			434			—
	52,634,471			27,109,852			12,667,602			32,260,758			1,449,758			4,837,159			10,825,937			8,123,662
	(10,515,566	)		(45,446,118	)		(6,666,223	)		(28,530,942	)		876,053			1,260,165			635,134			7,315,826
	—			—			(148,751	)		—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	262,223			—			—			—			—			—			428			—
	(10,253,343	)		(45,446,118	)		(6,814,974	)		(28,530,942	)		876,053			1,260,165			635,562			7,315,826
	42,381,128			(18,336,266	)		5,852,628			3,729,816			2,325,811			6,097,323			11,461,499			15,439,488
$	41,962,616		$	(19,267,514	)	$	6,742,084		$	6,312,033		$	2,402,627		$	7,466,475		$	16,215,000		$	17,908,935

199

American Skandia Trust

Statements of Operations (continued)

Six Months Ended June 30, 2004 (Unaudited)

	AST American Century Income & Growth			AST Alliance Growth and Income			AST DeAM Global Allocation			AST American Century Strategic Balanced			AST T. Rowe Price Asset Allocation
Investment Income:
Interest	$	24,997		$	77,529		$	4,451		$	1,640,675		$	2,914,847
Dividends		4,284,356			17,433,273			5,498,154			1,278,832			2,588,627
Income from Securities Loaned, Net		53,595			71,244			—			27,237			25,214
Foreign Taxes Withheld		(976	)		(63,169	)		—			—			(139,262	)
Total Income		4,361,972			17,518,877			5,502,605			2,946,744			5,389,426
Expenses:
Advisory Fees		1,317,326			7,192,945			127,660			1,001,500			1,580,595
Distribution Fees		—			401,380			—			—			—
Shareholder Servicing Fees and Expenses		176,000			959,000			—			118,000			186,000
Administration and Accounting Fees		144,000			272,000			22,000			110,000			151,000
Custodian Fees and Expenses		49,000			91,000			6,000			37,000			49,000
Audit and legal fees		60,000			17,000			16,000			22,000			12,000
Trustees’ Fees		13,000			24,000			9,000			8,000			10,000
Interest Expense		1,036			1,474			—			—			—
Miscellaneous		35,264			38,496			5,280			10,640			39,564
Total Expenses		1,795,626			8,997,295			185,940			1,307,140			2,028,159
Less: Advisory Fee Waivers and Expense Reimbursements		—			(230,896	)		—			(11,308	)		(24,981	)
Less: Fees paid indirectly		—			(401,380	)		—			—			—
Net Expenses		1,795,626			8,365,019			185,940			1,295,832			2,003,178
Net Investment Income (Loss)		2,566,346			9,153,858			5,316,665			1,650,912			3,386,248
Realized and Unrealized Gain (Loss) on Investments
Net Realized Gain (Loss) on:
Investments		24,105,078			46,960,623			10,742,878			9,471,705			10,980,863
Futures		139,817			—			—			111,520			—
Options written		—			—			—			—			—
Swap agreements		—			—			—			—			—
Foreign currencies		(3,343	)		—			—			—			8,749
		24,241,552			46,960,623			10,742,878			9,583,225			10,989,612
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		750,906			(4,414,286	)		(7,469,076	)		(5,408,759	)		(3,672,438	)
Futures		(42,000	)		—			—			(78,837	)		—
Options written		—			—			—			—			—
Swap Agreements		—			—			—			—			—
Foreign currencies		6,022			—			—			—			(8,974	)
		714,928			(4,414,286	)		(7,469,076	)		(5,487,596	)		(3,681,412	)
Net Gain (Loss) on Investments and Foreign Currencies		24,956,480			42,546,337			3,273,802			4,095,629			7,308,200
Net Increase (Decrease) in Net Assets Resulting from Operations	$	27,522,826		$	51,700,195		$	8,590,467		$	5,746,541		$	10,694,448

See Notes to Financial Statements.

200

AST T. Rowe Price Global Bond			AST Goldman Sachs High Yield			AST Lord Abbett Bond- Debenture			AST PIMCO Total Return Bond			AST PIMCO Limited Maturity Bond			AST Money Market
$	4,299,822		$	29,136,679		$	10,674,439		$	28,820,205		$	11,260,703		$	11,218,522
	—			220,166			390,151			603,266			86,930			2,035
	—			—			50,059			—			—			—
	(54	)		—			—			—			—			—
	4,299,768			29,356,845			11,114,649			29,423,471			11,347,633			11,220,557
	954,294			2,693,470			1,439,219			6,938,370			3,115,153			5,039,216
	—			—			—			—			—			—
	119,000			359,000			180,000			1,067,000			479,000			1,008,000
	111,000			199,000			148,000			283,000			223,000			139,000
	37,000			38,000			31,000			130,000			51,000			75,000
	23,000			13,000			16,000			20,000			13,000			16,000
	9,000			15,000			9,000			30,000			17,000			26,000
	—			26,227			1,200			2,556			—			—
	19,064			12,578			19,743			161,587			27,351			51,528
	1,272,358			3,356,275			1,844,162			8,632,513			3,925,504			6,354,744
	—			—			(23,272	)		(285,241	)		(38,414	)		(503,914	)
	—			—			—			—			—			—
	1,272,358			3,356,275			1,820,890			8,347,272			3,887,090			5,850,830
	3,027,410			26,000,570			9,293,759			21,076,199			7,460,543			5,369,727
	(548,845	)		11,573,288			3,584,213			11,739,575			3,565,275			(26,493	)
	560,308			—			—			9,028,159			391,034			—
	—			—			—			2,510,474			—			—
	—			—			—			(1,633,479	)		1,150			—
	(875,285	)		59,064			—			238,373			(90,651	)		—
	(863,822	)		11,632,352			3,584,213			21,883,102			3,866,808			(26,493	)
	(7,251,959	)		(24,321,649	)		(14,211,467	)		(30,679,615	)		(8,417,173	)		—
	(114,407	)		—			—			(6,598,471	)		(1,412,257	)		—
	—			—			—			1,950,921			746,203			—
	—			—			—			(518,807	)		(184,836	)		—
	1,443,397			(310,743	)		—			478,082			12,386			—
	(5,922,969	)		(24,632,392	)		(14,211,467	)		(35,367,890	)		(9,255,677	)		—
	(6,786,791	)		(13,000,040	)		(10,627,254	)		(13,484,788	)		(5,388,869	)		(26,493	)
$	(3,759,381	)	$	13,000,530		$	(1,333,495	)	$	7,591,411		$	2,071,674		$	5,343,234

201

American Skandia Trust

Statements of Changes in Net Assets

June 30, 2004 (Unaudited)

	AST JPMorgan International Equity						AST William Blair International Growth
	Six Months Ended June 30, 2004			Year Ended December 31, 2003			Six Months Ended June 30, 2004			Year Ended December 31, 2003
Operations:
Net Investment Income (Loss)	$	3,185,993		$	3,597,767		$	3,686,391		$	1,711,134
Net Realized Gain (Loss) on Investments and Foreign Currencies		67,132,490			(8,430,018	)		10,953,242			12,024,056
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies		(63,901,896	)		103,596,542			82,957,053			119,096,652
Net Increase (Decrease) in Net Assets from Resulting from Operations		6,416,587			98,764,291			97,596,686			132,831,842
Dividends and Distributions:
Dividends from Net Investment Income		(3,597,872	)		(2,687,610	)		(7,604,485	)		—
Distributions from Net Realized Gains		—			—			—			—
Total Dividends and Distributions		(3,597,872	)		(2,687,610	)		(7,604,485	)		—
Fund Share Transactions
Net Proceeds from Shares Sold		13,293,172			265,111,169			498,539,185			332,531,656
Net Asset Value of Shares Issued in Reinvestment of Dividends and Distributions		3,597,872			2,687,610			7,604,485			—
Cost of Shares Redeemed		(48,190,483	)		(341,028,716	)		(95,756,951	)		(142,646,114	)
Increase (Decrease) in Net Assets from Fund Share Transactions		(31,299,439	)		(73,229,937	)		410,386,719			189,885,542
Net Increase (Decrease) in Net Assets		(28,480,724	)		22,846,744			500,378,920			322,717,384
Net Assets
Beginning of Period		339,038,827			316,192,083			641,548,986			318,831,602
End of Period (a)	$	310,558,103		$	339,038,827		$	1,141,927,906		$	641,548,986
(a) Includes Undistributed Net  Investment Income of:	$	3,178,428		$	3,590,307		$	—		$	1,090,742
(b) Includes Shares Issued in  Merger	$	—		$	—		$	371,141,306		$	—
Shares Issued and Redeemed
Shares Sold		825,777			20,500,466			15,569,853			35,495,958
Shares Issued in Reinvestment of Dividends and Distributions		229,018			236,170			722,172			—
Shares Issued in Merger		—			—			35,850,785			—
Shares Redeemed		(3,014,487	)		(25,177,543	)		(5,665,008	)		(16,833,929	)
Net Increase (Decrease) in Shares Outstanding		(1,959,692	)		(4,440,907	)		46,477,802			18,662,029

See Notes to Financial Statements.

202

AST DeAM International Equity						AST MFS Global Equity						AST State Street Research Small-Cap Growth
Six Months Ended June 30, 2004			Year Ended December 31, 2003			Six Months Ended June 30, 2004			Year Ended December 31, 2003			Six Months Ended June 30, 2004			Year Ended December 31, 2003
$	1,526,929		$	1,726,606		$	489,230		$	239,532		$	(1,248,865	)	$	(1,824,690	)
	12,514,429			6,044,625			5,449,422			(734,192	)		61,278,818			18,185,601
	(7,121,930	)		35,350,874			(18,999	)		19,986,060			(75,709,144	)		85,575,566
	6,919,428			43,122,105			5,919,653			19,491,400			(15,679,191	)		101,936,477
	(2,339,322	)		(787,176	)		(221,874	)		(121,731	)		—			—
	—			—			—			—			—			—
	(2,339,322	)		(787,176	)		(221,874	)		(121,731	)		—			—
	26,178,342			144,252,913			28,310,110			47,812,795			25,097,890			315,265,468
	2,339,322			787,176			221,874			121,731			—			—
	(35,338,820	)		(144,319,525	)		(18,198,735	)		(24,533,163	)		(89,639,730	)		(333,037,514	)
	(6,821,156	)		720,564			10,333,249			23,401,363			(64,541,840	)		(17,772,046	)
	(2,241,050	)		43,055,493			16,031,028			42,771,032			(80,221,031	)		84,164,431
	172,059,247			129,003,754			102,938,103			60,167,071			338,190,684			254,026,253
$	169,818,197		$	172,059,247		$	118,969,131		$	102,938,103		$	257,969,653		$	338,190,684
$	1,361,242		$	2,173,635		$	478,509		$	211,153		$	—		$	—
$	—		$	—		$	—		$	—		$	—		$	—
	2,296,541			16,124,899			2,658,176			5,416,991			1,621,278			25,415,423
	208,496			103,168			21,334			16,361			—			—
	—			—			—			—			—			—
	(3,126,461	)		(16,185,413	)		(1,741,280	)		(2,841,031	)		(5,884,085	)		(27,462,413	)
	(621,424	)		42,654			938,230			2,592,321			(4,262,807	)		(2,046,990	)

203

American Skandia Trust

Statements of Changes in Net Assets (continued)

June 30, 2004 (Unaudited)

	AST DeAM Small-Cap Growth						AST Federated Aggressive Growth
	Six Months Ended June 30, 2004			Year Ended December 31, 2003			Six Months Ended June 30, 2004			Year Ended December 31, 2003
Operations:
Net Investment Income (Loss)	$	(1,247,135	)	$	(650,051	)	$	(1,036,649	)	$	(990,021	)
Net Realized Gain (Loss) on Investments and Foreign Currencies		40,375,832			51,185,190			20,483,918			13,170,761
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies		(33,233,182	)		79,918,938			(1,751,040	)		40,158,594
Net Increase (Decrease) in Net Assets from Resulting from Operations		5,895,515			130,454,077			17,696,229			52,339,334
Dividends and Distributions:
Dividends from Net Investment Income		—			—			—			—
Distributions from Net Realized Gains		—			—			(4,045,919	)		—
Total Dividends and Distributions		—			—			(4,045,919	)		—
Fund Share Transactions
Net Proceeds from Shares Sold (b)		18,912,632			168,312,065			93,828,631			223,259,628
Net Asset Value of Shares Issued in Reinvestment of Dividends and Distributions		—			—			4,045,919			—
Cost of Shares Redeemed		(80,432,297	)		(188,633,759	)		(38,349,979	)		(127,105,498	)
Increase (Decrease) in Net Assets from Fund Share Transactions		(61,519,665	)		(20,321,694	)		59,524,571			96,154,130
Net Increase (Decrease) in Net Assets		(55,624,150	)		110,132,383			73,174,881			148,493,464
Net Assets
Beginning of Period		403,429,807			293,297,424			187,565,197			39,071,733
End of Period (a)	$	347,805,657		$	403,429,807		$	260,740,078		$	187,565,197
(a) Includes Undistributed Net  Investment Income of:	$	—		$	132,924		$	—		$	—
(b) Includes Shares Issued in  Merger	$	—		$	—		$	—		$	—
Shares Issued and Redeemed
Shares Sold		2,406,762			27,138,716			10,367,564			32,404,016
Shares Issued in Reinvestment of Dividends and Distributions		—			—			462,920			—
Shares Issued in Merger		—			—			—			—
Shares Redeemed		(10,648,969	)		(31,038,640	)		(4,408,976	)		(18,312,306	)
Net Increase (Decrease) in Shares Outstanding		(8,242,207	)		(3,899,924	)		6,421,508			14,091,710

See Notes to Financial Statements.

204

AST Goldman Sachs Small-Cap Value						AST Gabelli Small-Cap Value						AST DeAM Small-Cap Value
Six Months Ended June 30, 2004			Year Ended December 31, 2003			Six Months Ended June 30, 2004			Year Ended December 31, 2003			Six Months Ended June 30, 2004			Year Ended December 31, 2003
$	303,433		$	1,217,697		$	391,162		$	197,511		$	60,575		$	152,092
	28,360,178			14,463,894			13,463,106			6,055,694			4,540,127			4,965,824
	(11,600,781	)		87,538,179			39,814,874			170,461,501			(1,207,896	)		4,356,184
	17,062,830			103,219,770			53,669,142			176,714,706			3,392,806			9,474,100
	(696,491	)		(2,448,006	)		(42,788	)		(998,184	)		(121,670	)		(20,010	)
	(4,161,394	)		—			—			—			(2,928,706	)		—
	(4,857,885	)		(2,448,006	)		(42,788	)		(998,184	)		(3,050,376	)		(20,010	)
	4,468,515			24,078,465			95,603,869			296,681,802			30,555,866			66,691,597
	4,857,885			2,448,006			42,788			998,184			3,050,376			20,010
	(49,369,089	)		(98,957,367	)		(76,307,033	)		(200,050,371	)		(19,175,620	)		(37,604,247	)
	(40,042,689	)		(72,430,896	)		19,339,624			97,629,615			14,430,622			29,107,360
	(27,837,744	)		28,340,868			72,965,978			273,346,137			14,773,052			38,561,450
	343,442,008			315,101,140			774,416,025			501,069,888			51,980,046			13,418,596
$	315,604,264		$	343,442,008		$	847,382,003		$	774,416,025		$	66,753,098		$	51,980,046
$	840,054		$	1,233,112		$	838,457		$	490,083		$	87,421		$	148,516
$	—		$	—		$	—		$	—		$	—		$	—
	241,503			1,549,548			5,847,629			22,211,822			2,695,157			6,932,419
	268,540			199,837			2,690			90,825			279,851			2,741
	—			—			—			—			—			—
	(2,704,819	)		(7,104,738	)		(4,753,020	)		(16,207,684	)		(1,737,369	)		(3,983,864	)
	(2,194,776	)		(5,355,353	)		1,097,299			6,094,963			1,237,639			2,951,296

205

American Skandia Trust

Statements of Changes in Net Assets (continued)

June 30, 2004 (Unaudited)

	AST Goldman Sachs Mid-Cap Growth						AST Neuberger Berman Mid-Cap Growth
	Six Months Ended June 30, 2004			Year Ended December 31, 2003			Six Months Ended June 30, 2004			Year Ended December 31, 2003
Operations:
Net Investment Income (Loss)	$	(357,128	)	$	(507,024	)	$	(1,278,131	)	$	(2,582,570	)
Net Realized Gain (Loss) on Investments and Foreign Currencies		5,828,933			5,796,922			14,420,874			21,580,775
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies		4,718,680			21,374,255			12,097,533			62,914,518
Net Increase (Decrease) in Net Assets from Resulting from Operations		10,190,485			26,664,153			25,240,276			81,912,723
Dividends and Distributions:
Dividends from Net Investment Income		—			—			—			—
Distributions from Net Realized Gains		—			—			—			—
Total Dividends and Distributions		—			—			—			—
Fund Share Transactions
Net Proceeds from Shares Sold (b)		58,916,729			87,872,685			21,207,095			223,429,606
Net Asset Value of Shares Issued in Reinvestment of Dividends and Distributions		—			—			—			—
Cost of Shares Redeemed		(15,291,598	)		(15,361,738	)		(35,742,301	)		(232,790,046	)
Increase (Decrease) in Net Assets from Fund Share Transactions		43,625,131			72,510,947			(14,535,206	)		(9,360,440	)
Net Increase (Decrease) in Net Assets		53,815,616			99,175,100			10,705,070			72,552,283
Net Assets
Beginning of Period		160,548,567			61,373,467			360,010,147			287,457,864
End of Period (a)	$	214,364,183		$	160,548,567		$	370,715,217		$	360,010,147
(a) Includes Undistributed Net  Investment Income of:	$	—		$	—		$	—		$	—
(b) Includes Shares Issued in  Merger	$	—		$	—		$	—		$	—
Shares Issued and Redeemed
Shares Sold		15,005,607			26,125,346			1,662,910			21,029,402
Shares Issued in Reinvestment of Dividends and Distributions		—			—			—			—
Shares Issued in Merger		—			—			—			—
Shares Redeemed		(3,977,288	)		(5,080,380	)		(2,892,695	)		(22,258,356	)
Net Increase (Decrease) in Shares Outstanding		11,028,319			21,044,966			(1,229,785	)		(1,228,954	)

See Notes to Financial Statements.

206

AST Neuberger Berman Mid-Cap Value						AST Alger All-Cap Growth						AST Gabelli All-Cap Value
Six Months Ended June 30, 2004			Year Ended December 31, 2003			Six Months Ended June 30, 2004			Year Ended December 31, 2003			Six Months Ended June 30, 2004			Year Ended December 31, 2003
$	1,149,098		$	1,182,774		$	(1,517,195	)	$	(1,955,251	)	$	278,074		$	513,629
	100,547,817			49,678,777			28,611,160			32,943,906			2,050,495			(5,064,919	)
	(20,036,345	)		206,833,309			(4,164,677	)		76,563,619			5,838,950			43,074,019
	81,660,570			257,694,860			22,929,288			107,552,274			8,167,519			38,522,729
	(1,190,224	)		(1,718,079	)		—			—			(512,677	)		(880,134	)
	(26,886,646	)		—			—			—			—			—
	(28,076,870	)		(1,718,079	)		—			—			(512,677	)		(880,134	)
	102,470,730			177,071,018			32,222,214			149,224,395			35,085,803			175,383,709
	28,076,870			1,718,079			—			—			512,677			880,134
	(76,759,710	)		(168,365,058	)		(78,672,931	)		(177,557,709	)		(35,857,799	)		(145,589,930	)
	53,787,890			10,424,039			(46,450,717	)		(28,333,314	)		(259,319	)		30,673,913
	107,371,590			266,400,820			(23,521,429	)		79,218,960			7,395,523			68,316,508
	1,027,374,304			760,973,484			402,504,545			323,285,585			181,873,715			113,557,207
$	1,134,745,894		$	1,027,374,304		$	378,983,116		$	402,504,545		$	189,269,238		$	181,873,715
$	1,134,885		$	1,176,011		$	—		$	—		$	276,359		$	510,962
$	—		$	—		$	—		$	—		$	—		$	—
	5,563,793			11,610,879			6,214,675			35,493,768			3,225,994			19,789,079
	1,570,294			136,366			—			—			48,549			118,938
	—			—			—			—			—			—
	(4,292,016	)		(12,191,352	)		(15,583,460	)		(42,691,556	)		(3,363,119	)		(17,129,623	)
	2,842,071			(444,107	)		(9,368,785	)		(7,197,788	)		(88,576	)		2,778,394

207

American Skandia Trust

Statements of Changes in Net Assets (continued)

June 30, 2004 (Unaudited)

	AST T. Rowe Price Natural Resources						AST Alliance Growth
	Six Months Ended June 30, 2004			Year Ended December 31, 2003			Six Months Ended June 30, 2004			Year Ended December 31, 2003
Operations:
Net Investment Income (Loss)	$	348,392		$	867,608		$	(447,286	)	$	(326,953	)
Net Realized Gain (Loss) on Investments and Foreign Currencies		12,369,453			380,603			9,596,811			(17,957,900	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies		(542,212	)		32,880,858			(2,998,751	)		68,385,477
Net Increase (Decrease) in Net Assets from Resulting from Operations		12,175,633			34,129,069			6,150,774			50,100,624
Dividends and Distributions:
Dividends from Net Investment Income		(1,843,388	)		(1,610,638	)		—			—
Distributions from Net Realized Gains		—			(2,249,299	)		—			—
Total Dividends and Distributions		(1,843,388	)		(3,859,937	)		—			—
Fund Share Transactions
Net Proceeds from Shares Sold (b)		37,556,810			63,090,052			71,736,659			82,964,366
Net Asset Value of Shares Issued in Reinvestment of Dividends and Distributions		1,843,388			3,859,937			—			—
Cost of Shares Redeemed		(44,352,007	)		(49,044,554	)		(37,439,682	)		(136,498,812	)
Increase (Decrease) in Net Assets from Fund Share Transactions		(4,951,809	)		17,905,435			34,296,977			(53,534,446	)
Net Increase (Decrease) in Net Assets		5,380,436			48,174,567			40,447,751			(3,433,822	)
Net Assets
Beginning of Period		170,860,256			122,685,689			237,055,834			240,489,656
End of Period (a)	$	176,240,692		$	170,860,256		$	277,503,585		$	237,055,834
(a) Includes Undistributed Net  Investment Income of:	$	383,348		$	1,878,344		$	—		$	—
(b) Includes Shares Issued in  Merger	$	—		$	—		$	—		$	—
Shares Issued and Redeemed
Shares Sold		2,052,210			4,117,098			8,589,881			11,735,266
Shares Issued in Reinvestment of Dividends and Distributions		105,578			305,133			—			—
Shares Issued in Merger		—			—			—			—
Shares Redeemed		(2,551,532	)		(3,675,349	)		(4,470,052	)		(18,959,206	)
Net Increase (Decrease) in Shares Outstanding		(393,744	)		746,882			4,119,829			(7,223,940	)

See Notes to Financial Statements.

208

AST MFS Growth						AST Marsico Capital Growth						AST Goldman Sachs Concentrated Growth
Six Months Ended June 30, 2004			Year Ended December 31, 2003			Six Months Ended June 30, 2004			Year Ended December 31, 2003			Six Months Ended June 30, 2004			Year Ended December 31, 2003
$	(982,739	)	$	(1,082,134	)	$	(418,512	)	$	(2,677,864	)	$	(931,248	)	$	(2,943,541	)
	30,095,168			60,316,628			52,634,471			12,823,587			27,109,852			(16,368,661	)
	(6,569,414	)		52,297,178			(10,253,343	)		345,910,557			(45,446,118	)		267,349,182
	22,543,015			111,531,672			41,962,616			356,056,280			(19,267,514	)		248,036,980
	—			—			—			—			—			(3,836,920	)
	—			—			—			—			—			—
	—			—			—			—			—			(3,836,920	)
	17,551,923			90,882,329			214,708,655			585,870,757			62,705,338			185,939,240
	—			—			—			—			—			3,836,920
	(61,767,296	)		(135,191,566	)		(85,250,545	)		(312,446,929	)		(154,488,697	)		(430,389,058	)
	(44,215,373	)		(44,309,237	)		129,458,110			273,423,828			(91,783,359	)		(240,612,898	)
	(21,672,358	)		67,222,435			171,420,726			629,480,108			(111,050,873	)		3,587,162
	593,307,032			526,084,597			1,710,581,374			1,081,101,266			1,151,199,657			1,147,612,495
$	571,634,674		$	593,307,032		$	1,882,002,100		$	1,710,581,374		$	1,040,148,784		$	1,151,199,657
$	—		$	—		$	—		$	—		$	—		$	—
$	—		$	—		$	—		$	—		$	42,536,344		$	—
	2,337,634			13,930,579			13,674,523			43,295,979			1,015,540			10,352,347
	—			—			—			—			—			246,749
	—			—			—			—			2,089,499			—
	(8,293,649	)		(21,235,914	)		(5,549,685	)		(24,718,870	)		(7,509,788	)		(24,061,450	)
	(5,956,015	)		(7,305,335	)		8,124,838			18,577,109			(4,404,749	)		(13,462,354	)

209

American Skandia Trust

Statements of Changes in Net Assets (continued)

June 30, 2004 (Unaudited)

	AST DeAM Large-Cap Value						AST Hotchkis & Wiley Large-Cap Value
	Six Months Ended June 30, 2004			Year Ended December 31, 2003			Six Months Ended June 30, 2004			Year Ended December 31, 2003
Operations:
Net Investment Income (Loss)	$	889,456		$	1,261,229		$	2,582,217		$	9,253,490
Net Realized Gain (Loss) on Investments and Foreign Currencies		12,667,602			2,619,192			32,260,758			23,922,416
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies		(6,814,974	)		22,762,597			(28,530,942	)		77,110,024
Net Increase (Decrease) in Net Assets from Resulting from Operations		6,742,084			26,643,018			6,312,033			110,285,930
Dividends and Distributions:
Dividends from Net Investment Income		(1,225,279	)		(898,632	)		(9,262,013	)		(15,175,707	)
Distributions from Net Realized Gains		—			—			—			—
Total Dividends and Distributions		(1,225,279	)		(898,632	)		(9,262,013	)		(15,175,707	)
Fund Share Transactions
Net Proceeds from Shares Sold (b)		32,781,392			31,355,971			20,197,974			105,728,038
Net Asset Value of Shares Issued in Reinvestment of Dividends and Distributions		1,225,279			898,632			9,262,013			15,175,707
Cost of Shares Redeemed		(22,771,080	)		(34,172,073	)		(73,253,058	)		(236,435,297	)
Increase (Decrease) in Net Assets from Fund Share Transactions		11,235,591			(1,917,470	)		(43,793,071	)		(115,531,552	)
Net Increase (Decrease) in Net Assets		16,752,396			23,826,916			(46,743,051	)		(20,421,329	)
Net Assets
Beginning of Period		133,821,013			109,994,097			640,111,841			660,533,170
End of Period (a)	$	150,573,409		$	133,821,013		$	593,368,790		$	640,111,841
(a) Includes Undistributed Net  Investment Income of:	$	899,518		$	1,235,340		$	2,567,540		$	9,247,336
(b) Includes Shares Issued in  Merger	$	—		$	—		$	—		$	—
Shares Issued and Redeemed
Shares Sold		3,229,751			3,646,802			1,429,893			8,213,537
Shares Issued in Reinvestment of Dividends and Distributions		122,283			121,765			650,422			1,294,857
Shares Issued in Merger		—			—			—			—
Shares Redeemed		(2,271,583	)		(4,200,036	)		(5,058,130	)		(18,447,824	)
Net Increase (Decrease) in Shares Outstanding		1,080,451			(431,469	)		(2,977,815	)		(8,939,430	)

See Notes to Financial Statements.

210

AST Alliance/Bernstein Growth + Value						AST Sanford Bernstein Core Value						AST Cohen & Steers Realty
Six Months Ended June 30, 2004			Year Ended December 31, 2003			Six Months Ended June 30, 2004			Year Ended December 31, 2003			Six Months Ended June 30, 2004			Year Ended December 31, 2003
$	76,816		$	229,423		$	1,369,152		$	2,999,662		$	4,753,501		$	11,594,978
	1,449,758			(859,322	)		4,837,158			5,741,748			10,825,937			4,076,614
	876,053			11,294,315			1,260,165			41,119,213			635,562			53,524,346
	2,402,627			10,664,416			7,466,475			49,860,623			16,215,000			69,195,938
	(229,760	)		(201,627	)		(3,001,313	)		(1,344,832	)		(7,684,744	)		(6,935,947	)
	—			—			(5,245,992	)		—			(4,721,131	)		(4,037,564	)
	(229,760	)		(201,627	)		(8,247,305	)		(1,344,832	)		(12,405,875	)		(10,973,511	)
	10,760,622			49,406,446			64,441,102			171,733,899			55,392,424			125,402,990
	229,760			201,627			8,247,305			1,344,832			12,405,875			10,973,511
	(6,302,586	)		(28,298,575	)		(34,141,215	)		(228,223,123	)		(67,827,662	)		(82,617,074	)
	4,687,796			21,309,498			38,547,192			(55,144,392	)		(29,363	)		53,759,427
	6,860,663			31,772,287			37,766,362			(6,628,601	)		3,779,762			111,981,854
	63,836,916			32,064,629			192,547,342			199,175,943			289,501,975			177,520,121
$	70,697,579		$	63,836,916		$	230,313,704		$	192,547,342		$	293,281,737		$	289,501,975
$	76,379		$	229,323		$	1,367,358		$	2,999,519		$	9,391,353		$	12,322,596
$	—		$	—		$	—		$	—		$	—		$	—
	1,157,641			6,108,916			5,684,495			18,419,257			4,088,827			11,467,639
	25,416			29,221			757,329			162,814			902,901			1,194,070
	—			—			—			—			—			—
	(690,843	)		(3,530,277	)		(3,134,471	)		(24,050,334	)		(5,436,306	)		(7,906,893	)
	492,214			2,607,860			3,307,353			(5,468,263	)		(444,578	)		4,754,816

211

American Skandia Trust

Statements of Changes in Net Assets

June 30, 2004 (Unaudited)

	AST Sanford Bernstein Managed Index 500						AST American Century Income & Growth
	Six Months Ended June 30, 2004			Year Ended December 31, 2003			Six Months Ended June 30, 2004			Year Ended December 31, 2003
Operations:
Net Investment Income (Loss)	$	2,469,447		$	4,712,777		$	2,566,346		$	3,739,754
Net Realized Gain (Loss) on Investments and Foreign Currencies		8,123,662			(22,904,344	)		24,241,552			(14,708,272	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies		7,315,826			129,067,539			714,928			74,483,016
Net Increase (Decrease) in Net Assets from Resulting from Operations		17,908,935			110,875,972			27,522,826			63,514,498
Dividends and Distributions:
Dividends from Net Investment Income		(4,631,826	)		(5,460,558	)		(3,630,621	)		(3,198,975	)
Distributions from Net Realized Gains		—			—			—			—
Total Dividends and Distributions		(4,631,826	)		(5,460,558	)		(3,630,621	)		(3,198,975	)
Fund Share Transactions
Net Proceeds from Shares Sold (b)		125,963,753			356,925,914			145,534,061			89,193,923
Net Asset Value of Shares Issued in Reinvestment of Dividends and Distributions		4,631,826			5,460,558			3,630,621			3,198,975
Cost of Shares Redeemed		(102,448,307	)		(367,479,124	)		(44,795,505	)		(106,020,156	)
Increase (Decrease) in Net Assets from Fund Share Transactions		28,147,272			(5,092,652	)		104,369,177			(13,627,258	)
Net Increase (Decrease) in Net Assets		41,424,381			100,322,762			128,261,382			46,688,265
Net Assets
Beginning of Period		541,492,090			441,169,328			305,810,350			259,122,085
End of Period (a)	$	582,916,471		$	541,492,090		$	434,071,732		$	305,810,350
(a) Includes Undistributed Net  Investment Income of:	$	2,472,530		$	4,634,908		$	2,575,337		$	3,639,612
(b) Includes Shares Issued in  Merger	$	—		$	—		$	108,397,180		$	—
Shares Issued and Redeemed
Shares Sold		11,277,711			37,789,818			3,871,097			8,664,497
Shares Issued in Reinvestment of Dividends and Distributions		424,551			661,084			306,640			361,876
Shares Issued in Merger		—			—			9,098,089			—
Shares Redeemed		(9,251,175	)		(39,584,221	)		(3,712,218	)		(10,968,072	)
Net Increase (Decrease) in Shares Outstanding		2,451,087			(1,133,319	)		9,563,608			(1,941,699	)

See Notes to Financial Statements.

212

AST Alliance Growth and Income						AST DeAM Global Allocation						AST American Century Strategic Balanced
Six Months Ended June 30, 2004			Year Ended December 31, 2003			Six Months Ended June 30, 2004			Year Ended December 31, 2003			Six Months Ended June 30, 2004			Year Ended December 31, 2003
$	9,153,858		$	13,703,539		$	5,316,665		$	2,865,266		$	1,650,912		$	3,138,699
	46,960,623			6,271,686			10,742,878			(7,921,590	)		9,583,225			1,714,993
	(4,414,286	)		360,635,846			(7,469,076	)		51,799,545			(5,487,596	)		29,832,013
	51,700,195			380,611,071			8,590,467			46,743,221			5,746,541			34,685,705
	(13,715,428	)		(15,225,927	)		(2,868,023	)		(3,336,217	)		(3,257,861	)		(4,190,899	)
	—			—			—			—			—			—
	(13,715,428	)		(15,225,927	)		(2,868,023	)		(3,336,217	)		(3,257,861	)		(4,190,899	)
	161,182,567			593,298,760			1,936,229			8,946,825			14,532,627			76,199,419
	13,715,428			15,225,927			2,868,023			3,336,217			3,257,861			4,190,899
	(99,306,221	)		(307,078,572	)		(31,237,461	)		(75,244,539	)		(26,120,579	)		(54,434,994	)
	75,591,774			301,446,115			(26,433,209	)		(62,961,497	)		(8,330,091	)		25,955,324
	113,576,541			666,831,259			(20,710,765	)		(19,554,493	)		(5,841,411	)		56,450,130
	1,836,529,224			1,169,697,965			264,807,754			284,362,247			235,818,295			179,368,165
$	1,950,105,765		$	1,836,529,224		$	244,096,989		$	264,807,754		$	229,976,884		$	235,818,295
$	9,128,992		$	13,690,562		$	5,308,499		$	2,859,857		$	1,647,469		$	3,254,418
$	—		$	—		$	—		$	—		$	—		$	—
	8,897,873			38,000,229			173,088			920,270			1,112,981			6,454,629
	771,830			1,185,818			256,303			369,458			251,962			392,407
	—			—			—			—			—			—
	(5,581,681	)		(21,657,584	)		(2,777,643	)		(7,687,978	)		(2,011,891	)		(4,698,189	)
	4,088,022			17,528,463			(2,348,252	)		(6,398,250	)		(646,948	)		2,148,847

213

American Skandia Trust

Statements of Changes in Net Assets (continued)

June 30, 2004 (Unaudited)

	AST T. Rowe Price Asset Allocation						AST T. Rowe Price Global Bond
	Six Months Ended June 30, 2004			Year Ended December 31, 2003			Six Months Ended June 30, 2004			Year Ended December 31, 2003
Operations:
Net Investment Income (Loss)	$	3,386,248		$	5,424,142		$	3,027,410		$	5,620,309
Net Realized Gain (Loss) on Investments and Foreign Currencies		10,989,612			(2,775,356	)		(863,822	)		13,484,118
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies		(3,681,412	)		61,791,721			(5,922,969	)		6,225,980
Net Increase (Decrease) in Net Assets from Resulting from Operations		10,694,448			64,440,507			(3,759,381	)		25,330,407
Dividends and Distributions:
Dividends from Net Investment Income		(5,760,759	)		(7,112,841	)		(14,361,174	)		(7,341,835	)
Distributions from Net Realized Gains		—			—			(4,039,501	)		(393,861	)
Total Dividends and Distributions		(5,760,759	)		(7,112,841	)		(18,400,675	)		(7,735,696	)
Fund Share Transactions
Net Proceeds from Shares Sold (b)		33,591,494			64,071,924			38,648,601			149,353,234
Net Asset Value of Shares Issued in Reinvestment of Dividends and Distributions		5,760,759			7,112,841			18,400,675			7,735,696
Cost of Shares Redeemed		(21,334,701	)		(37,479,431	)		(29,561,949	)		(154,647,282	)
Increase (Decrease) in Net Assets from Fund Share Transactions		18,017,552			33,705,334			27,487,327			2,441,648
Net Increase (Decrease) in Net Assets		22,951,241			91,033,000			5,327,271			20,036,359
Net Assets
Beginning of Period		360,152,109			269,119,109			229,630,011			209,593,652
End of Period (a)	$	383,103,350		$	360,152,109		$	234,957,282		$	229,630,011
(a) Includes Undistributed Net  Investment Income of:	$	3,126,580		$	5,501,091		$	3,251,411		$	14,585,175
(b) Includes Shares Issued in  Merger	$	—		$	—		$	—		$	—
Shares Issued and Redeemed
Shares Sold		2,158,087			4,550,475			3,303,107			13,142,102
Shares Issued in Reinvestment of Dividends and Distributions		374,562			589,300			1,625,501			703,886
Shares Issued in Merger		—			—			—			—
Shares Redeemed		(1,384,825	)		(2,819,253	)		(2,631,699	)		(13,760,980	)
Net Increase (Decrease) in Shares Outstanding		1,147,824			2,320,522			2,296,909			85,008

See Notes to Financial Statements.

214

AST Goldman Sachs High Yield						AST Lord Abbett Bond-Debenture						AST PIMCO Total Return Bond
Six Months Ended June 30, 2004			Year Ended December 31, 2003			Six Months Ended June 30, 2004			Year Ended December 31, 2003			Six Months Ended June 30, 2004			Year Ended December 31, 2003
$	26,000,570		$	58,033,720		$	9,293,759		$	12,592,832		$	21,076,199		$	64,377,650
	11,632,352			(19,650,074	)		3,584,213			5,070,483			21,883,102			43,742,046
	(24,632,392	)		108,667,975			(14,211,467	)		16,561,547			(35,367,890	)		5,637,237
	13,000,530			147,051,621			(1,333,495	)		34,224,862			7,591,411			113,756,933
	(58,039,833	)		(48,256,122	)		(12,614,602	)		(6,806,378	)		(85,249,707	)		(81,937,642	)
	—			—			(1,277,546	)		—			(15,173,281	)		(84,016,359	)
	(58,039,833	)		(48,256,122	)		(13,892,148	)		(6,806,378	)		(100,422,988	)		(165,954,001	)
	178,014,162			877,747,441			92,125,232			290,840,802			285,203,270			614,483,072
	58,039,833			48,256,122			13,892,148			6,806,378			100,422,988			165,954,001
	(420,768,894	)		(732,728,601	)		(68,550,160	)		(143,591,943	)		(218,887,310	)		(875,375,595	)
	(184,714,899	)		193,274,962			37,467,220			154,055,237			166,738,948			(94,938,522	)
	(229,754,202	)		292,070,461			22,241,577			181,473,721			73,907,371			(147,135,590	)
	868,511,359			576,440,898			346,412,279			164,938,558			2,107,912,138			2,255,047,728
$	638,757,157		$	868,511,359		$	368,653,856		$	346,412,279		$	2,181,819,509		$	2,107,912,138
$	25,990,241		$	58,029,504		$	9,291,937		$	12,612,780		$	21,121,326		$	85,294,834
$	—		$	—		$	—		$	—		$	112,868,287		$	—
	21,128,252			109,361,578			8,128,512			26,854,491			14,359,332			51,497,661
	7,112,725			6,556,538			1,250,420			698,090			8,532,118			14,355,889
	—			—			—			—			9,825,426			—
	(49,424,872	)		(89,910,309	)		(6,132,953	)		(13,634,182	)		(18,773,894	)		(74,286,875	)
	(21,183,895	)		26,007,807			3,245,979			13,918,399			13,942,982			(8,433,325	)

215

American Skandia Trust

Statements of Changes in Net Assets (continued)

June 30, 2004 (Unaudited)

	AST PIMCO Limited Maturity Bond						AST Money Market
	Six Months Ended June 30, 2004			Year Ended December 31, 2003			Six Months Ended June 30, 2004			Year Ended December 31, 2003
Operations:
Net Investment Income (Loss)	$	7,460,543		$	22,396,135		$	5,369,727		$	15,784,301
Net Realized Gain (Loss) on Investments and Foreign Currencies		3,866,808			20,971,015			(26,493	)		514
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currencies		(9,255,677	)		(7,068,932	)		—			—
Net Increase (Decrease) in Net Assets from Resulting from Operations		2,071,674			36,298,218			5,343,234			15,784,815
Dividends and Distributions:
Dividends from Net Investment Income		(29,754,321	)		(23,900,815	)		(5,397,235	)		(15,784,301	)
Distributions from Net Realized Gains		(11,277,977	)		(14,225,392	)		—			(1,531	)
Total Dividends and Distributions		(41,032,298	)		(38,126,207	)		(5,397,235	)		(15,785,832	)
Fund Share Transactions
Net Proceeds from Shares Sold (b)		117,075,711			524,100,846			3,960,595,114			5,378,146,107
Net Asset Value of Shares Issued in Reinvestment of Dividends and Distributions		41,032,298			38,126,207			5,397,235			15,785,832
Cost of Shares Redeemed		(240,881,143	)		(613,317,888	)		(3,920,740,623	)		(6,376,530,695	)
Increase (Decrease) in Net Assets from Fund Share Transactions		(82,773,134	)		(51,090,835	)		45,251,726			(982,598,756	)
Net Increase (Decrease) in Net Assets		(121,733,758	)		(52,918,824	)		45,197,725			(982,599,773	)
Net Assets
Beginning of Period		1,005,924,379			1,058,843,203			1,762,116,600			2,744,716,373
End of Period (a)	$	884,190,621		$	1,005,924,379		$	1,807,314,325		$	1,762,116,600
(a) Includes Undistributed Net  Investment Income of:	$	7,445,974		$	29,739,752		$	—		$	—
(b) Includes Shares Issued in  Merger	$	—		$	—		$	—		$	—
Shares Issued and Redeemed
Shares Sold		10,456,700			46,460,972			3,960,543,443			5,378,147,673
Shares Issued in Reinvestment of Dividends and Distributions		3,726,815			3,431,701			4,436,328			15,784,266
Shares Issued in Merger		—			—			—			—
Shares Redeemed		(21,680,872	)		(54,611,298	)		(3,919,728,045	)		(6,376,530,695	)
Net Increase (Decrease) in Shares Outstanding		(7,497,357	)		(4,718,625	)		45,251,726			(982,598,756	)

See Notes to Financial Statements.

216

American Skandia Trust

Notes To Financial Statements

June 30, 2004 (Unaudited)

1.    ORGANIZATION

American Skandia Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended. The Trust was organized on October 31, 1988 as a Massachusetts business trust. The Trust operates as a series company and, at June 30, 2004, issued 37 classes of shares of beneficial interest (collectively the “Portfolios”).

Purchases of shares of the Portfolios may be made only by separate accounts of Participating Insurance Companies for the purpose of investing assets attributable to variable annuity contracts and variable life insurance policies (“Contractholders”), or by qualified plans. The separate accounts of the Participating Insurance Companies place orders to purchase and redeem shares of the Trust based on, among other things, the amount of premium payments to be invested and the amount of surrender and transfer requests to be effected on that day under the variable annuity contracts and variable life insurance policies.

The Portfolios of the Trust have the following investments objectives:

AST JPMorgan International Equity Portfolio (“JPMorgan International Equity”), formerly known as AST Strong International Equity Fund: Capital growth by investing primarily in equity securities of foreign companies.

AST William Blair International Growth Portfolio (“William Blair International Growth”): Long-term capital growth by investing primarily in equity securities of foreign companies.

AST DeAM International Equity Portfolio (“DeAM International Equity”): Capital growth by investing primarily in equity securities of foreign companies represented in the MSCI EAFE Index.

AST MFS Global Equity Portfolio (“MFS Global Equity”): Capital growth by investing primarily in common stocks and related securities of U.S. and foreign issuers.

AST State Street Research Small-Cap Growth Portfolio (“State Street Research Small-Cap Growth”), formerly known as AST PBHG Small-Cap Growth Portfolio: Capital growth by investing in common stocks of small capitalization companies.

AST DeAM Small-Cap Growth Portfolio (“DeAM Small-Cap Growth”): Maximize capital growth by investing primarily in equity securities of small capitalization companies included in the Russell 2000 Growth Index.

AST Federated Aggressive Growth Portfolio (“Federated Aggressive Growth”): Capital growth by investing primarily in stocks of small companies that are traded on national securities exchanges, Nasdaq stock exchange and the over-the-counter-market.

AST Goldman Sachs Small-Cap Value Portfolio (“Goldman Sachs Small-Cap Value”): Long-term capital growth by investing primarily in equity securities of small capitalization companies that are believed to be undervalued.

AST Gabelli Small-Cap Value Portfolio (“Gabelli Small-Cap Value”): Long-term capital growth by investing primarily in stocks and equity-related securities of small capitalization companies that appear to be undervalued.

AST DeAM Small-Cap Value Portfolio (“DeAM Small-Cap Value”): Maximum capital growth by investing primarily in equity securities of small capitalization companies included in the Russell 2000 Value Index.

AST Goldman Sachs Mid-Cap Growth Portfolio (“Goldman Sachs Mid-Cap Growth”): Long-term capital growth by investing primarily in equity securities of medium-sized companies.

AST Neuberger Berman Mid-Cap Growth Portfolio (“Neuberger Berman Mid-Cap Growth”): Capital growth by investing primarily in common stocks of medium capitalization companies.

AST Neuberger Berman Mid-Cap Value Portfolio (“Neuberger Berman Mid-Cap Value”): Capital growth by investing primarily in common stocks of medium capitalization companies.

217

American Skandia Trust

Notes To Financial Statements (continued)

June 30, 2004 (Unaudited)

AST Alger All-Cap Growth Portfolio (“Alger All-Cap Growth”): Long-term capital growth by investing in common and preferred stocks.

AST Gabelli All-Cap Value Portfolio (“Gabelli All-Cap Value”): Capital growth by investing in readily marketable equity securities.

AST T. Rowe Price Natural Resources Portfolio (“T. Rowe Price Natural Resources”): Long-term capital growth by investing primarily in common stocks of companies that own or develop natural resources and other basic commodities.

AST Alliance Growth Portfolio (“Alliance Growth”): Long-term capital growth by investing predominantly in the equity securities of a limited number of large, high-quality U.S. companies.

AST MFS Growth Portfolio (“MFS Growth”): Long-term capital growth and future income by investing primarily in common stocks and related securities.

AST Marsico Capital Growth Portfolio (“Marsico Capital Growth”): Capital growth by investing primarily in common stocks with the majority of the portfolio’s assets in large capitalization stocks.

AST Goldman Sachs Concentrated Growth Portfolio (“Goldman Sachs Concentrated Growth”): Capital growth by investing primarily in equity securities.

AST DeAM Large-Cap Value Portfolio (“DeAM Large-Cap Value”): Maximum capital growth by investing in equity securities of large capitalization companies included in the Russell 1000 Value Index.

AST Hotchkis & Wiley Large-Cap Value Portfolio (“Hotchkis & Wiley Large-Cap Value”), fomerly known as AST INVESCO Capital Income Portfolio: Capital growth and current income by investing primarily in dividend-paying common and preferred stocks, and to a lesser extent in fixed income securities.

AST Alliance/Bernstein Growth + Value Portfolio (“Alliance/Bernstein Growth + Value”): Capital growth by investing approximately 50% of assets in growth stocks of large companies and 50% of assets in value stocks of large companies.

AST Sanford Bernstein Core Value Portfolio (“Sanford Bernstein Core Value”): Long-term capital growth by investing primarily in common stocks of large capitalization companies that appear to be undervalued.

AST Cohen & Steers Realty Portfolio (“Cohen & Steers Realty”): Maximize total return by investing primarily in equity securities of real estate companies.

AST Sanford Bernstein Managed Index 500 Portfolio (“Sanford Bernstein Managed Index 500”): Outperform the S&P 500 Stock Index by investing primarily in common stocks included in the S&P 500.

AST American Century Income & Growth Portfolio (“American Century Income & Growth”): Capital growth and, secondarily, current income by investing primarily in stocks of large U.S. companies selected through quantitative investment techniques.

AST Alliance Growth and Income Portfolio (“Alliance Growth and Income”): Long-term capital growth and income by investing primarily in common stocks that are believed to be selling at reasonable valuations in relation to their fundamental business prospects.

218

AST DeAM Global Allocation Portfolio (“DeAM Global Allocation”): A high level of total return by investing primarily in a diversified portfolio of mutual funds.

AST American Century Strategic Balanced Portfolio (“American Century Strategic Balanced”): Capital growth by investing approximately 60% of its assets in equity securities and the remainder in bonds and other fixed income securities.

AST T. Rowe Price Asset Allocation Portfolio (“T. Rowe Price Asset Allocation”): A high level of total return by investing primarily in a diversified portfolio of equity and fixed income securities.

AST T. Rowe Price Global Bond Portfolio (“T. Rowe Price Global Bond”): High current income and capital growth by investing primarily in high-quality foreign and U.S. dollar-denominated bonds.

AST Goldman Sachs High Yield Portfolio (“Goldman Sachs High Yield”), formerly known as AST Federated High Yield Portfolio: High current income by investing primarily in lower quality fixed income securities rated BBB and below. Lower rated or unrated (i.e., high yield) securities are more likely to react to developments affecting market risk (general market liquidity) and credit risk (an issuer’s inability to meet principal and interest payments on its obligations) than are more highly rated securities, which react primarily to movements in the general level of interest rates. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by economic developments in a specific industry or region.

AST Lord Abbett Bond-Debenture Portfolio (“Lord Abbett Bond-Debenture”): High current income and the opportunity for capital appreciation to produce a high total return by investing primarily in high yield and investment grade debt securities, securities convertible into common stock and preferred stock.

AST PIMCO Total Return Bond Portfolio (“PIMCO Total Return Bond”): Maximize total return, consistent with preservation of capital by investing primarily in higher-quality fixed income securities of varying maturities, so that the portfolio’s expected average duration will be from three to six years.

AST PIMCO Limited Maturity Bond Portfolio (“PIMCO Limited Maturity Bond”): Maximize total return, consistent with preservation of capital by investing primarily in higher-quality fixed income securities of varying maturities, so that the portfolio’s expected average duration will be from one to three years.

AST Money Market Portfolio (“Money Market”): Maximize current income and maintain high levels of liquidity by investing in high-quality, short-term, U.S. dollar-denominated instruments.

2.    SIGNIFICANT ACCOUNTING POLICIES

The following accounting policies are in conformity with accounting principles generally accepted in the United States of America. Such policies are consistently followed by the Trust and the Portfolios in the preparation of their financial statements.

Security Valuation

Securities listed on a securities exchange are valued at the last sale price on such exchange on the day of valuation or, if there was no sale on such day, at the mean between the last reported bid and ask prices, or at the last

219

American Skandia Trust

Notes To Financial Statements (continued)

June 30, 2004 (Unaudited)

bid price on such day in the absence of an asked price. Securities traded via Nasdaq are valued at the official closing price provided by Nasdaq. Securities that are actively traded in the over-the-counter market, including listed securities for which the primary market is believed by the co-managers, in consultation with the subadviser(s); to be over-the-counter, are valued at market value using prices provided by an independent pricing agent or principal market maker. Options on securities and indices traded on an exchange are valued at the last sale price as of the close of trading on the applicable exchange or, if there was no sale, at the mean between the most recently quoted bid and asked prices on such exchange. Futures contracts and options thereon traded on a commodities exchange or board of trade are valued at the last sale price at the close of trading on such exchange or board of trade or, if there was no sale on the applicable commodities exchange or board of trade on such day, at the mean between the most recently quoted bid and asked prices on such exchange or board of trade or at the last bid price in the absence of an asked price. Prices may be obtained from independent pricing services which use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Securities for which market quotations are not readily available, or whose values have been effected by events occurring after the close of the security’s foreign market and before the Portfolio’s normal pricing time, are valued at fair value in accordance with the Board of Trustees’ approved fair valuation procedures. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other mutual funds to calculate their net asset values.

Investments in mutual funds are valued at their net asset value as of the close of the New York Stock Exchange on the date of valuation.

Money Market uses amortized cost to value short-term securities. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principle amount due at maturity and cost. Short-term securities that are held in the other Portfolios which mature in more than 60 days are valued at current market quotations and those short-term securities which mature in 60 days or less are valued at amortized cost which approximates market value.

Restricted Securities

Subject to guidelines adopted by the Trustees of the Trust, each Portfolio may invest up to 15% of its net assets in illiquid securities (except for the AST Money Market Portfolio, which is limited to 10% of net assets, and the AST Alliance/Bernstein Growth + Value Portfolio, the AST Sanford Bernstein Core Value Portfolio and the AST Sanford Bernstein Managed Index 500 Portfolio, which is limited to 5% of its net assets). Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, cannot be sold within seven days in the ordinary course of business at approximately the amount at which the Portfolio has valued the investment. Therefore, a Portfolio may find it difficult to sell illiquid securities at the time considered most advantageous by its Sub-advisor and may incur expenses that would not be incurred in the sale of securities that were freely marketable.

Certain securities that would otherwise be considered illiquid because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. These

220

Rule 144A securities, and well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act, may be deemed liquid by the Portfolio’s Sub-advisor under the guidelines adopted by the Trustees of the Trust. However, the liquidity of a Portfolio’s investments in Rule 144A securities could be impaired if trading does not develop or declines.

Foreign Currency Translation

Portfolio securities and other assets and liabilities denominated in foreign currencies are translated each business day into U.S. dollars based at the current rates of exchange. Purchases and sales of Portfolio securities and income and expenses are translated into U.S. dollars on the respective dates of such transactions.

The Portfolios do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with net realized and unrealized gain or loss from investments.

Net realized foreign exchange gains and losses include gains and losses from sales and maturities of foreign currencies, 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.

Forward Currency Contracts

A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Portfolios, as defined in the prospectus, enter into forward currency contracts in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency. The contracts are valued daily at forward exchange rates and any unrealized gain or loss is included in net unrealized appreciation or depreciation on investments. Gain or loss is realized on the settlement date of the contract equal to the difference between the settlement value of the original and renegotiated forward contracts. This gain or loss, if any, is included in net realized gain or loss on foreign currency transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

Options

The Portfolios (except for Money Market) may either purchase or write options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates or foreign currency exchange rates with respect to securities or financial instruments which the Portfolio currently owns or intends to purchase. The Portfolio’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Portfolio purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Portfolio writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option.

221

American Skandia Trust

Notes To Financial Statements (continued)

June 30, 2004 (Unaudited)

If an option expires unexercised, the Portfolio realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in net realized gain or loss on investment transactions. Gain or loss on written options is presented separately as net realized gain or loss on written options transactions.

The Portfolio, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Portfolio bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Portfolio, as purchaser of an option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts.

When a Portfolio writes an option on a swap, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Portfolio becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Portfolio becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Portfolio will be obligated to be party to a swap agreement if an option on a swap is exercised.

Financial Futures Contracts

A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Portfolio is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments known as “variation margin,” are made or received by the Portfolio each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain or loss. When the contract expires or is closed, the gain or loss is realized and is presented in the Statement of Operations as net realized gain or loss on financial futures contracts. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and underlying hedged assets.

Short Sales

Certain portfolios of the Trust may make short sales of securities as a method of hedging potential price declines in similar securities owned. The Portfolio may sell a security it does not own in anticipation of a decline in the market value of that security (short sale). When the Portfolio makes a short sale, it will borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Portfolio may have to pay a fee to borrow the particular security and may be obligated to return any interest or dividends received on such borrowed securities. The fee may be referred to as the “initial margin.” Subsequent payments known as “variation margin,” are made or received by the Portfolio each

222

day, depending on the daily fluctuations in the value of the security sold short. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain or loss. A gain, limited to the price at which the Portfolio sold the security short, or a loss, unlimited as to dollar amount, will be recognized upon the termination of a short sale if the market price at termination is less than or greater than the proceeds originally received, respectively, and is presented in the Statements of Operations as net realized gain or loss on short sales.

Repurchase Agreements

In connection with transactions in repurchase agreements with United States financial institutions, it is each Portfolio’s policy that its custodian or designated subcustodians under triparty repurchase agreements, as the case may be, take possession of the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transactions, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to ensure the adequacy of the collateral. If the seller defaults and the value of the collateral declines or, if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Portfolio may be delayed or limited.

Swap Agreements

The Portfolios may enter into swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Portfolios may enter into interest rate, forward swap spread lock and credit default swap agreements to manage its exposure to interest rates and credit risk. Interest rate swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest. Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the

duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate. In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. Dividends and interest on the securities in the swap are included in the value of the exchange. The swaps are valued daily at current market value and any unrealized gain or loss is included in the net unrealized appreciation or depreciation on investments. Gain or loss is realized on the termination date of the swap and is equal to the difference between the Portfolio’s basis in the swap and the proceeds of the closing transaction, including fees. During the period that the swap agreement is open, the Portfolio may be subject to risk from the potential inability of the counterparty to meet the terms of the agreement.

Forward currency contracts, written options, financial futures contracts, and swap agreements involve elements of both market and credit risk in excess of the amounts reflected on the Statements of Assets and Liabilities.

Delayed Delivery Transactions

Certain Portfolios may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Portfolio will set aside and maintain until the settlement date in a segregated account, liquid assets in an amount

223

American Skandia Trust

Notes To Financial Statements (continued)

June 30, 2004 (Unaudited)

sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Portfolio may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Portfolio has sold a security on a delayed delivery basis, the Portfolio does not participate in future gains and losses with respect to the security.

Security Loans

The Portfolios may lend their portfolio securities to broker-dealers. Security loans are limited to 33 ¹/3% of the total assets of the respective portfolio. The loans are secured by collateral at least equal at all times to the market value of the securities loaned. Loans are subject to termination at the option of the borrower or the Portfolios. Upon termination of the loan, the borrower will return to the lender securities identical to the loaned securities. Should the borrower of the securities fail financially, the Portfolios have the right to repurchase the securities using the collateral in the open market. The Portfolios recognize income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The Portfolios also continue to receive interest and dividends or amounts equivalent thereto, on the securities loaned and recognize any unrealized gain or loss in the market price of the securities loaned that may occur during the term of the loan.

Securities Transactions and Net Investment Income

Securities transactions are recorded on the trade date. Realized and unrealized gains or losses from security and currency transactions are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on the accrual basis. The Trust’s expenses are allocated to the respective Portfolios on the basis of relative net assets except for expenses that are charged directly at the portfolio level.

Taxes

For federal income tax purposes, each Portfolio in the Trust is treated as a separate taxpaying entity. It is each Portfolio’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to shareholders. Therefore, no federal income tax provision is required.

Withholding taxes on foreign dividends, interest and capital gains are recorded net of reclaimable amounts, at the time the related income is earned.

Dividends and Distributions

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. Distributions to

224

shareholders are recorded on the ex-dividend date. Net realized gains from investment transactions, if any, are distributed at least annually. These dividends and distributions are determined in accordance with federal income tax regulations and may differ from accounting principles generally accepted in the United States of America. Permanent book/tax differences relating to income and gains are reclassified amongst undistributed net investment income, accumulated net realized gain or loss and paid in capital in excess of par, as appropriate.

Estimates

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.

3.    AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

The Portfolios have entered into investment management agreements with American Skandia Investment Services, Inc. and Prudential Investments LLC the co-managers (together 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-advisers for their respective Portfolios:

Alliance Capital Management L.P. for Alliance Growth and Income and Alliance Growth;

Alliance Capital Management, L.P. and Sanford C. Bernstein & Co., LLC co-manager Alliance/Bernstein Growth + Value;

American Century Investment Management, Inc. for American Century Income & Growth and American Century Strategic Balanced;

Cohen & Steers Capital Management, Inc. for Cohen & Steers Realty;

Deutsche Asset Management, Inc. for DeAM Global Allocation, DeAM International Equity, DeAM Small-Cap Growth, DeAM Large-Cap Value and DeAM Small-Cap Value;

Federated Investment Counseling for Federated Aggressive Growth;

Fred Alger Management, Inc. for Alger All-Cap Growth;

GAMCO Investors, Inc. for Gabelli Small-Cap Value and Gabelli All-Cap Value;

Goldman Sachs Asset Management for Goldman Sachs Concentrated Growth, Goldman Sachs Small-Cap Value Goldman Sachs Mid-Cap Growth and Goldman Sachs High Yield (replaced Federated Investment Counseling on May 1, 2004);

Hotchkis and Wiley Capital Management, LLC for Hotchkis & Wiley Large-Cap Value (replaced INVESCO Funds Group, Inc. on May 1, 2004);

J.P. Morgan Investment Management, Inc. for JPMorgan International Equity (replaced Strong Capital Management, Inc. on February 23, 2004);

225

American Skandia Trust

Notes To Financial Statements (continued)

June 30, 2004 (Unaudited)

Lord Abbett & Co. for Lord Abbett Bond-Debenture;

Marsico Capital Management, LLC for Marsico Capital Growth;

Massachusetts Financial Services Company for MFS Global Equity and MFS Growth;

Neuberger Berman Management, Inc. for Neuberger Berman Mid-Cap Value and Neuberger Berman Mid-Cap Growth;

Pacific Investment Management Company LLC for PIMCO Total Return Bond and PIMCO Limited Maturity Bond;

Sanford C. Bernstein & Co., LLC for Sanford Bernstein Managed Index 500 and Sanford Bernstein Core Value;

State Street Research Group for State Street Research Small Cap Growth (replaced Pilgram Baxter & Associates, Ltd. on May 1, 2004);

T. Rowe Price Associates, Inc. for T. Rowe Price Asset Allocation and T. Rowe Price Natural Resources; T. Rowe Price International, Inc. for T. Rowe Price Global Bond;

Wells Fargo Capital Management, Inc. for Money Market; and

William Blair & Company, LLC for William Blair International Growth.

Advisory Fees and Expense Limitations

The Investment Manager receives a fee, computed daily and paid monthly, based on an annual rate of the value of each Portfolio’s average daily net assets. The Investment Manager pays each Sub-adviser a fee as compensation for advisory services provided to the Portfolios. All amounts paid or payable to the Portfolios by the Investment Manager, under the agreement, are reflected in the Statements of Operations.

	Advisory Fees		Expense Limitations
JPMorgan International Equity	1.00	%	1.75	%
William Blair International Growth	1.00	%	1.75	%
DeAM International Equity	1.00	%	1.50	%
MFS Global Equity	1.00	%	1.75	%
State Street Research Small-Cap Growth	0.90	%	1.30	%
DeAM Small-Cap Growth	0.95	%	1.35	%
Federated Aggressive Growth	0.95	%	1.35	%
Goldman Sachs Small-Cap Value	0.95	%	1.35	%
Gabelli Small-Cap Value	0.90	%	1.30	%
DeAM Small-Cap Value	0.95	%	1.15	%
Goldman Sachs Mid-Cap Growth	1.00	%	1.35	%
Neuberger Berman Mid-Cap Growth	0.90	%	1.25	%
Neuberger Berman Mid-Cap Value	0.90	%	1.25	%
Alger All-Cap Growth	0.95	%	1.45	%
Gabelli All-Cap Value	0.95	%	1.45	%

226

	Advisory Fees		Expense Limitations
T. Rowe Price Natural Resources	0.90	%	1.35	%
Alliance Growth	0.90	%	1.45	%
MFS Growth	0.90	%	1.35	%
Marsico Capital Growth	0.90	%	1.35	%
Goldman Sachs Concentrated Growth	0.90	%	1.35	%
DeAM Large-Cap Value	0.85	%	0.99	%
Hotchkis & Wiley Large-Cap Value	0.75	%	1.20	%
Alliance/Bernstein Growth + Value	0.90	%	1.35	%
Sanford Bernstein Core Value	0.75	%	1.25	%
Cohen & Steers Realty	1.00	%	1.45	%
Sanford Bernstein Managed Index 500	0.60	%	0.80	%
American Century Income & Growth	0.75	%	1.25	%
Alliance Growth and Income	0.75	%	1.25	%
DeAM Global Allocation	0.10	%	0.35	%
American Century Strategic Balanced	0.85	%	1.25	%
T. Rowe Price Asset Allocation	0.85	%	1.25	%
T. Rowe Price Global Bond	0.80	%	1.75	%
Goldman Sachs High Yield	0.75	%	1.15	%
Lord Abbett Bond-Debenture	0.80	%	1.20	%
PIMCO Total Return Bond	0.65	%	1.05	%
PIMCO Limited Maturity Bond	0.65	%	1.05	%
Money Market	0.50	%	0.65	%

The advisory fee for JPMorgan International Equity reduces to a rate of 0.85% for average daily net assets in excess of $75 million, and Neuberger Berman Mid-Cap Growth, Neuberger Berman Mid-Cap Value and Alliance Growth reduce to a rate of 0.85% for average daily net assets in excess of $1 billion. Effective June 1, 2004, the Investment Manager has voluntarily agreed to reduce the advisory fee for Neuberger Berman Mid-Cap Value to a rate of 0.80% for average daily net assets in excess of $1 billion, and reduce Alger All-Cap Growth and Gabelli All-Cap Value to a rate of 0.90% for average daily net assets in excess of 500 million.

During the six months ended June 30, 2004, the Investment Manager has voluntarily agreed to waive a portion of its advisory fees equal to an annual rate of 0.05% of the average daily net assets in excess of $1 billion of each of the portfolios other than the following:

	Six Months Ended June 30, 2004 (% of the average daily net assets)
	Up to $1 billion	Over $1 billion
William Blair International Growth	0.10%	0.15%
DeAM International Equity	0.15%	0.20%
DeAM Small-Cap Growth	0.15%	0.20%
DeAM Small-Cap Value	0.15%	0.15%
Goldman Sachs Concentrated Growth	0.07%	0.05%
DeAM Large-Cap Value	0.10%	0.10%
Money Market	0.05%	0.05%

227

American Skandia Trust

Notes To Financial Statements (continued)

June 30, 2004 (Unaudited)

	January 1 through May 31, 2004 (% of the average daily net assets)	June 1 through June 30, 2004 (% of the average daily net assets)
		Up to $1 billion	Over $1 billion
Goldman Sachs Mid-Cap Growth	0.10%	0.13%	0.18%
Neuberger Berman Mid-Cap Growth	0.05% over $1 billion	0.02%	0.07%
Alliance Growth	0.05% over $1 billion	0.05%	0.10%
MFS Growth	0.05% over $1 billion	0.05%	0.10%
Marsico Capital Growth	0.05% over $1 billion	0.03%	0.03%
Cohen & Steers Realty	0.05% over $1 billion	0.18%	0.23%
American Century Strategic Balanced	0.05% over $1 billion	0.06%	0.11%
T. Rowe Price Asset Allocation	0.05% over $1 billion	0.08%	0.13%
Lord Abbett Bond-Debenture	0.05% over $1 billion	0.08%	0.13%
PIMCO Limited Maturity Bond	0.05% over $1 billion	0.05%	0.10%
	January 1 through April 30, 2004 (% of the average daily net assets)	May 1 through June 30, 2004 (% of the average daily net assets)
		Up to $1 billion	Over $1 billion
Hotchkis & Wiley Large Cap Value	0.05% over $1 billion	0.05%	0.10%

The Trust has adopted a Distribution Plan (the “Plan”) under Rule 12b-1 of the Investment Company Act of 1940. The Plan permits American Skandia Marketing, Incorporated (“ASMI”) to receive brokerage commissions in connection with purchases and sales of securities by the Portfolios, and to use these commissions to promote the sale of variable contracts, the premiums for which are invested in shares of the Trust. Under the Plan, securities transactions for a Portfolio may be directed to certain brokers for execution (“clearing brokers”) who have agreed to pay part of the brokerage commissions received on these transactions to ASMI for “introducing” transactions to the clearing broker. In turn, ASMI uses the brokerage commissions received as an introducing broker to pay various distribution-related expenses, such as advertising, printing of sales materials, and payments to dealers. Commissions received by ASMI under the Plan are reflected in the cost of securities purchased and the proceeds from the sale of securities. These commissions are shown in the Statements of Operations as “Distribution Fees” and a corresponding reduction “Fees Paid Indirectly”. Net expenses of the Portfolios are unaffected by these commissions. For the period ended June 30, 2004, commissions received by ASMI totaled $2,841,232. The Trust excluding DeAM Global Allocation Portfolio 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 0.10% 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. The Investment Manager also pays for occupancy and certain clerical and administrative expenses. The Trust bears all other costs and expenses.

228

4.    PORTFOLIO SECURITIES TRANSACTIONS

The aggregate cost of purchases and the proceeds from the sales of securities (excluding government securities and short-term issues) for the six months ended June 30, 2004 were as follows:

	Cost of Purchases		Proceeds from Sales
JPMorgan International Equity	$	267,280,891	$	299,633,417
William Blair International Growth		466,770,953		298,075,079
DeAM International Equity		149,171,775		149,174,208
MFS Global Equity		39,956,832		32,374,522
State Street Research Small-Cap Growth		373,313,696		429,487,042
DeAM Small-Cap Growth		308,011,898		381,265,530
Federated Aggressive Growth		138,719,737		102,588,152
Goldman Sachs Small-Cap Value		106,685,829		152,454,873
Gabelli Small-Cap Value		119,075,597		76,926,186
DeAM Small-Cap Value		82,774,397		68,217,482
Goldman Sachs Mid-Cap Growth		102,933,386		54,629,742
Neuberger Berman Mid-Cap Growth		170,515,706		184,760,162
Neuberger Berman Mid-Cap Value		440,252,553		420,820,483
Alger All-Cap Growth		268,287,137		321,755,858
Gabelli All-Cap Value		31,380,494		21,072,039
T. Rowe Price Natural Resources		50,770,379		69,854,679
Alliance Growth		157,409,037		123,724,457
MFS Growth		513,888,358		561,384,257
Marsico Capital Growth		1,092,251,096		902,153,347
Goldman Sachs Concentrated Growth		119,041,652		250,511,732
DeAM Large-Cap Value		152,367,504		140,953,004
Hotchkis & Wiley Large-Cap Value		638,541,269		713,698,425
Alliance/Bernstein Growth + Value		12,517,218		8,966,379
Sanford Bernstein Core Value		65,521,474		39,913,447
Cohen & Steers Realty		51,644,757		64,930,854
Sanford Bernstein Managed Index 500		154,520,546		112,984,148
American Century Income & Growth		227,378,129		213,854,904
Alliance Growth and Income		667,356,254		579,867,754
DeAM Global Allocation		88,551,469		113,441,253
American Century Strategic Balanced		88,261,420		99,629,786
T. Rowe Price Asset Allocation		91,925,371		73,208,651
T. Rowe Price Global Bond		56,900,385		62,662,027
Goldman Sachs High Yield		219,238,468		429,943,567
Lord Abbett Bond-Debenture		169,366,495		66,322,010
PIMCO Total Return Bond		330,044,179		539,278,345
PIMCO Limited Maturity Bond		135,449,912		169,827,571

229

American Skandia Trust

Notes To Financial Statements (continued)

June 30, 2004 (Unaudited)

Written options transactions, during the six months ended June 30, 2004, were as follows:

	PIMCO Total Return Bond					PIMCO Limited Maturity
	Number of Contracts/ Swap Notional Amount $(000)		Premium			Number of Contracts	Premium
Balance at beginning of period	257,792		$	8,096,548		101,400	$	929,078
Written options	4,491			1,648,246		—		—
Written swap options	9,100			43,407		—		—
Expired options	(4,243	)		(1,454,613	)	—		—
Expired swap options	(65,200	)		(1,010,350	)	—		—
Closed options	(114	)		(76,623	)	—		—
Closed swap options	—			—		—		—
Balance at end of period	201,826		$	7,246,615		101,400	$	929,078

At June 30, 2004, PIMCO Total Return Bond and PIMCO Limited Maturity had sufficient cash and/or securities at least equal to the value of written options.

230

American Skandia Trust

Notes To Financial Statements (continued)

June 30, 2004 (Unaudited)

5.    TAX INFORMATION

At December 31, 2003, the following Portfolios had, for federal income tax purposes, capital loss carryforwards available to offset future net realized capital gains:

	Expiration December 31,
Portfolio	Total		2008		2009		2010		2011
JPMorgan International Equity	$	187,634,414	$	—	$	100,807,480	$	76,213,067	$	10,613,867
William Blair International Growth		262,834,328		—		93,897,621		123,994,607		44,942,100
DeAM International Equity		165,358,319		43,648,402		107,473,503		14,236,414		—
MFS Global Equity		11,078,864		102,871		2,025,569		6,125,096		2,825,328
State Street Research Small-Cap Growth		223,311,073		—		157,029,918		66,281,155		—
DeAM Small-Cap Growth		300,230,534		—		216,945,355		83,285,179		—
Gabelli Small-Cap Value		3,742,822		—		—		3,742,822		—
Goldman Sachs Mid-Cap Growth		84,438,560		—		58,496,027		25,942,533		—
Neuberger Berman Mid-Cap Growth		393,730,075		—		270,207,817		122,095,636		1,426,622
Alger All-Cap Growth		436,369,084		56,105,001		208,714,661		171,549,422		—
Gabelli All-Cap Value		28,106,272		—		1,815,571		21,341,849		4,948,852
T. Rowe Price Natural Resources		2,789,355		—		—		—		2,789,355
Alliance Growth		262,150,877		—		134,760,953		95,931,726		31,458,198
MFS Growth		458,347,610		—		259,923,499		198,424,111		—
Marsico Capital Growth		344,302,754		—		209,783,108		134,519,646		—
Goldman Sachs Concentrated Growth		954,099,195		156,116,090		465,068,305		179,588,458		153,326,342
DeAM Large-Cap Value		21,532,998		—		3,927,079		15,949,510		1,656,409
Hotchkis & Wiley Large-Cap Value		102,862,892		—		16,409,726		86,453,166		—
Alliance/Bernstein Growth + Value		5,284,212		—		—		4,092,914		1,191,298
Sanford Bernstein Managed Index 500		159,385,659		—		59,806,425		69,268,601		30,310,633
American Century Income & Growth		88,982,431		9,602,532		33,041,332		29,933,758		16,404,809
Alliance Growth and Income		316,348,367		—		—		254,824,843		61,523,524
MFS Growth with Income(a)		31,736,461		303,576		11,842,307		15,076,348		4,512,375
DeAM Global Allocation		102,070,572		13,319,609		35,338,513		48,177,607		5,234,843
American Century Strategic Balanced		23,087,262		—		6,031,874		14,469,531		2,585,857
T. Rowe Price Asset Allocation		16,301,159		—		—		11,926,235		4,374,924
Goldman Sachs High Yield(b)		208,313,692		17,797,821		61,793,618		87,452,429		37,484,899

(a) MFS Growth with Income had additional capital loss carryforwards of $1,855 expiring in 2007.

(b) Goldman Sachs High Yield had additional capital loss carryforwards of $3,784,925 expiring in 2007.

231

The following Portfolios elected to treat post-October losses incurred in the period November 1, 2003 through December 31, 2003 as having occurred in the current fiscal year:

	Post October Losses
	Currency		Capital
William Blair International Growth	$	88,218	$	—
MFS Global Equity		9,817		—
Federated Aggressive Growth		126		—
Alger All-Cap Growth		—		1,294,094
Alliance Growth		—		1,178,467
MFS Growth		11,725		—
Marsico Capital Growth		—		389,872
Alliance/Bernstein Growth + Value		—		152,682
Sanford Bernstein Core Value		—		16,153
Sanford Bernstein Managed Index 500		—		514,201
American Century Income & Growth		—		883,892
T. Rowe Price Global Bond		97,518		—

At June 30, 2004, the cost and unrealized appreciation (depreciation) in value of the investments for federal income tax purposes, were as follows:

Portfolio	Tax Basis		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
JPMorgan International Equity	$	297,408,694	$	23,013,397	$	(11,892,321	)	$	11,121,076
William Blair International Growth		892,573,897		175,813,647		(12,903,659	)		162,909,988
DeAM International Equity		151,830,096		15,947,748		(3,661,011	)		12,286,737
MFS Global Equity		101,437,630		16,307,149		(721,602	)		15,585,547
State Street Research Small-Cap Growth		258,167,262		14,289,835		(10,720,546	)		3,569,289
DeAM Small-Cap Growth		344,292,971		36,967,436		(13,105,527	)		23,861,909
Federated Aggressive Growth		224,637,134		45,548,547		(11,184,478	)		34,364,069
Goldman Sachs Small-Cap Value		283,767,742		62,877,020		(8,784,000	)		54,093,020
Gabelli Small-Cap Value		689,101,552		194,960,771		(25,342,329	)		169,618,442
DeAM Small-Cap Value		59,952,024		3,597,025		(881,887	)		2,715,138
Goldman Sachs Mid-Cap Growth		243,172,414		29,645,967		(4,841,910	)		24,804,057
Neuberger Berman Mid-Cap Growth		374,779,220		85,756,683		(4,257,847	)		81,498,836
Neuberger Berman Mid-Cap Value		1,303,528,057		164,158,621		(13,930,207	)		150,228,414
Alger All-Cap Growth		413,997,950		63,829,582		(7,825,245	)		56,004,337
Gabelli All-Cap Value		196,213,687		30,494,745		(5,097,743	)		25,397,002
T. Rowe Price Natural Resources		185,031,274		23,454,096		(2,128,174	)		21,325,922
Alliance Growth		304,307,430		18,762,407		(4,389,093	)		14,373,314
MFS Growth		640,804,299		23,147,392		(9,927,854	)		13,219,538
Marsico Capital Growth		1,856,709,197		384,470,993		(12,724,574	)		371,746,419

232

American Skandia Trust

Notes To Financial Statements (continued)

June 30, 2004 (Unaudited)

Portfolio	Tax Basis		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Goldman Sachs Concentrated Growth	$	1,015,113,608	$	147,382,617	$	(56,385,626	)	$	90,996,991
DeAM Large-Cap Value		152,063,633		10,610,262		(2,163,407	)		8,446,855
Hotchkis & Wiley Large-Cap Value		548,523,753		26,601,043		(9,738,708	)		16,862,335
Alliance/Bernstein Growth & Value		84,111,499		9,423,474		(1,770,411	)		7,653,063
Sanford Bernstein Core Value		241,672,840		31,187,503		(1,197,170	)		29,990,333
Cohen & Steers Realty		270,537,163		45,828,582		(514,167	)		45,314,415
Sanford Bernstein Managed Index 500		647,116,542		72,391,183		(29,776,876	)		42,614,307
American Century Income & Growth		602,948,005		14,290,879		(7,572,224	)		6,718,655
Alliance Growth and Income		1,905,225,392		219,038,425		(29,351,338	)		189,687,087
DeAM Global Allocation		235,918,117		8,300,953		(3,402,191	)		4,898,762
American Century Strategic Balanced		275,748,229		14,145,942		(2,773,747	)		11,372,195
T. Rowe Price Asset Allocation		391,464,459		45,116,062		(7,746,802	)		37,369,260
T. Rowe Price Global Bond		190,471,348		11,209,095		(1,500,125	)		9,708,970
Goldman Sachs High Yield		625,854,124		29,110,118		(27,594,596	)		1,515,522
Lord Abbett Bond-Debenture		417,517,194		10,301,199		(9,809,129	)		492,070
PIMCO Total Return Bond		2,318,221,934		15,849,372		(17,766,628	)		(1,917,256	)
PIMCO Limited Maturity Bond		878,415,582		6,778,223		(3,748,639	)		3,029,584

The differences between book basis and tax basis of investments are primarily attributable to deferred losses on wash sales.

6.    LINE OF CREDIT

Through April 30, 2004, the Portfolios and other affiliated funds participated in a $200 million unsecured, committed line of credit (“Credit Facility”), 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 0.09% of the average daily unused portion of the line of credit, is allocated among the participants at the end of each quarter. The expiration date of the Credit Facility was April 30, 2004. Effective May 1, 2004, the Portfolios and other affiliated funds participate in a $250 million unsecured, committed line of credit provided by PNC Bank (“PNC Facility”) under a line of credit agreement. The expiration date of the PNC Facility is October 29, 2004. For the period ended June 30, 2004, there were 23 Portfolios borrowing under the agreement, by the Trust.

Portfolio	Average Advances Outstanding During the Period		Average Interest Rate		Number of Days Advances Outstanding During the Period	Outstanding Borrowings at June 30, 2004
JPMorgan International Equity	$	2,287,500	1.543	%	8	—
MFS Global Equity		2,066,667	1.563	%	3	—
State Street Research Small-Cap Growth		4,650,000	1.519	%	4	—

233

Portfolio	Average Advances Outstanding During the Period		Average Interest Rate		Number of Days Advances Outstanding During the Period	Outstanding Borrowings at June 30, 2004
DeAM Small-Cap Growth	$	3,585,714	1.524	%	7	$	—
Federated Aggressive Growth		3,968,182	1.510	%	22		—
Goldman Sachs Mid-Cap Growth		2,700,000	1.500	%	2		—
Neuberger Berman Mid-Cap Growth		2,525,926	1.515	%	27		—
Neuberger Berman Mid-Cap Value		3,800,000	1.500	%	2		—
Alger All-Cap Growth		5,390,323	1.554	%	31		—
Gabelli All-Cap Value		3,021,429	1.509	%	14		—
T. Rowe Price Natural Resources		3,805,882	1.519	%	17		—
Alliance Growth		1,109,677	1.526	%	31		—
MFS Growth		3,000,000	1.563	%	3		—
Goldman Sachs Concentrated Growth		3,413,636	1.527	%	11		—
Hotchkis & Wiley Large-Cap Value		2,368,421	1.510	%	19		—
Sanford Bernstein Core Value		4,292,857	1.508	%	14		—
Cohen & Steers Realty		5,453,333	1.516	%	15		—
Sanford Bernstein Managed Index 500		2,621,053	1.535	%	19		—
American Century Income & Growth		3,500,000	1.511	%	7		—
Alliance Growth and Income		7,020,000	1.512	%	5		—
Goldman Sachs High Yield		15,984,615	1.515	%	39		—
Lord Abbett Bond-Debenture		4,800,000	1.500	%	6		—
PIMCO Total Return Bond		46,000,000	2.000	%	1		46,000,000

7.    REORGANIZATION

On November 19, 2003, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the “Plan”) which provides for the transfer of all assets of the following portfolios for shares of the acquiring portfolios and the assumption of the liabilities of the portfolios.

Shareholders approved the Plan at a meeting on April 27, 2004 and the reorganization took place on May 1, 2004.

The acquisition was accomplished by a tax-free exchange of the following shares:

Merged Funds	Shares	Acquiring Funds	Shares	Value
AST American Century International Growth	30,735,036	William Blair International Growth	35,850,785	$	371,141,306
AST DeAM Large-Cap Growth	4,193,423	Goldman Sachs Concentrated Growth	2,089,499		42,536,344
AST MFS Growth with Income	13,118,199	American Century Income & Growth	9,098,089		108,397,180
AST DeAM Bond	11,602,687	PIMCO Total Return	9,825,426		112,868,287

234

American Skandia Trust

Notes To Financial Statements (continued)

June 30, 2004 (Unaudited)

The aggregate net assets and unrealized appreciation (depreciation) of the Merged and Acquiring Funds immediately before the acquisitions and the future utilization of the acquired capital loss carryforwards from the merged funds were as follows:

Merged Funds	Total Net Assets		Unrealized Appreciation/ (Depreciation)			Capital Loss Carryforwards*
AST American Century International Growth Portfolio	$	371,141,306	$	38,629,432		$	288,132,693
AST DeAM Large-Cap Growth Portfolio		42,536,344		748,131			9,151,713
AST MFS Growth with Income Portfolio		108,397,180		4,953,701			31,736,461
AST DeAM Bond Portfolio		112,868,287		(833,488	)		—
Acquiring Funds
William Blair International Growth	$	747,572,780
Goldman Sachs Concentrated Growth		1,029,307,448
American Century Income & Growth		308,408,872
PIMCO Total Return		2,097,077,107

* The future utilization of the acquired capital loss carryforwards may be limited under certain conditions in the Internal Revenue Code 382, as amended.

235

American Skandia Trust

Financial Highlights

Per Share Data (for a share outstanding throughout each period)

(Unaudited)

					Increase (Decrease) from Investment Operations									Less Distributions
Portfolio	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
AST JPMorgan	06/30/04		$	15.81	$	0.17		$	0.14		$	0.31		$	(0.18	)	$	—		$	(0.18	)
International Equity	12/31/03			12.22		0.14			3.56			3.70			(0.11	)		—			(0.11	)
	12/31/02			15.07		0.10			(2.87	)		(2.77	)		(0.08	)		—			(0.08	)
	12/31/01			22.03		0.08			(4.75	)		(4.67	)		(0.03	)		(2.26	)		(2.29	)
	12/31/00			34.23		0.22			(8.09	)		(7.87	)		(0.07	)		(4.26	)		(4.33	)
	12/31/99			22.67		0.05			13.36			13.41			—			(1.85	)		(1.85	)
AST William Blair	06/30/04		$	10.44	$	0.07		$	0.18		$	0.25		$	(0.11	)	$	—		$	(0.11	)
International Growth	12/31/03			7.46		(0.06	)		3.04			2.98			—			—			—
	12/31/02			10.39		0.11			(2.71	)		(2.60	)		(0.33	)		—			(0.33	)
	12/31/01			18.72		0.12			(3.73	)		(3.61	)		(0.82	)		(3.90	)		(4.72	)
	12/31/00			25.10		(0.04	)		(6.03	)		(6.07	)		(0.13	)		(0.18	)		(0.31	)
	12/31/99			13.74		(0.03	)		11.39			11.36			—			—			—
AST DeAM	06/30/04		$	11.15	$	0.11		$	0.37		$	0.48		$	(0.16	)	$	—		$	(0.16	)
International Equity	12/31/03			8.38		0.11			2.71			2.82			(0.05	)		—			(0.05	)
	12/31/02			10.10		0.06			(1.78	)		(1.72	)		—			—			—
	12/31/01			14.91		(0.01	)		(4.80	)		(4.81	)		—			—			—
	12/31/00			24.63		(0.07	)		(5.10	)		(5.17	)		—			(4.55	)		(4.55	)
	12/31/99			13.04		(0.07	)		11.72			11.65			(0.03	)		(0.03	)		(0.06	)
AST MFS	06/30/04		$	10.25	$	0.04		$	0.57		$	0.61		$	(0.02	)	$	—		$	(0.02	)
Global Equity	12/31/03			8.08		0.02			2.17			2.19			(0.02	)		—			(0.02	)
	12/31/02			9.21		0.02			(1.15	)		(1.13	)		—			—			—
	12/31/01			10.23		—			(1.02	)		(1.02	)		—			—			—
	12/31/00			11.03		0.01			(0.79	)		(0.78	)		(0.01	)		(0.01	)		(0.02	)
	12/31/99	(3)		10.00		0.01			1.02			1.03			—			—			—
AST State Street Research	06/30/04		$	15.12	$	(0.07	)	$	(0.80	)	$	(0.87	)	$	—		$	—		$	—
Small-Cap Growth	12/31/03			10.41		(0.09	)		4.80			4.71			—			—			—
	12/31/02			15.87		(0.13	)		(5.33	)		(5.46	)		—			—			—
	12/31/01			20.30		(0.07	)		(1.27	)		(1.34	)		—			(3.09	)		(3.09	)
	12/31/00			42.61		(0.22	)		(18.08	)		(18.30	)		—			(4.01	)		(4.01	)
	12/31/99			17.61		(0.03	)		25.03			25.00			—			—			—

⁽¹⁾ Annualized for periods less than one year.

⁽³⁾ Commenced operations on October 18, 1999.

* Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan, as described in Note 3 to the Financial Statements, for the years ended 1999, 2000, 2001 and 2002.

See Notes to Financial Statements.

236

		Supplemental Data						Ratios of Expenses to Average Net Assets(1)*
Net Asset Value End of Period		Total Return		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		After Advisory Fee Waiver and Expense Reimbursement		Before Advisory Fee Waiver and Expense Reimbursement		Ratio of Net Investment Income (Loss) to Average Net Assets(1)
$	15.94	1.95	%	$	310,558	83	%	1.14	%	1.14	%	1.96	%
	15.81	30.60	%		339,039	50	%	1.14	%	1.14	%	1.02	%
	12.22	(18.42	%)		316,192	50	%	1.21	%	1.21	%	0.84	%
	15.07	(22.75	%)		444,271	162	%	1.09	%	1.14	%	0.45	%
	22.03	(26.53	%)		637,131	86	%	1.16	%	1.16	%	0.63	%
	34.23	64.13	%		770,512	159	%	1.18	%	1.18	%	0.18	%
$	10.58	2.32	%	$	1,141,928	41	%	1.16	%	1.26	%	0.89	%
	10.44	39.95	%		641,549	88	%	1.24	%	1.34	%	0.46	%
	7.46	(25.67	%)		318,832	94	%	1.32	%	1.32	%	0.41	%
	10.39	(23.55	%)		587,377	74	%	1.24	%	1.24	%	0.64	%
	18.72	(24.62	%)		1,094,019	75	%	1.18	%	1.19	%	(0.02	%)
	25.10	82.68	%		1,551,045	76	%	1.23	%	1.23	%	(0.18	%)
$	11.47	4.30	%	$	169,818	91	%	1.20	%	1.35	%	1.78	%
	11.15	33.91	%		172,059	138	%	1.12	%	1.27	%	1.22	%
	8.38	(17.03	%)		129,004	354	%	1.34	%	1.44	%	0.59	%
	10.10	(32.21	%)		154,991	712	%	1.66	%	1.60	%	(0.07	%)
	14.91	(30.28	%)		276,037	514	%	1.34	%	1.38	%	(0.44	%)
	24.63	89.71	%		217,397	309	%	1.29	%	1.29	%	(0.54	%)
$	10.84	5.98	%	$	118,969	31	%	1.33	%	1.33	%	0.90	%
	10.25	27.14	%		102,938	54	%	1.40	%	1.40	%	0.32	%
	8.08	(12.26	%)		60,167	74	%	1.41	%	1.41	%	0.25	%
	9.21	(9.97	%)		55,882	89	%	1.50	%	1.40	%	0.02	%
	10.23	(7.19	%)		29,514	100	%	1.56	%	1.87	%	0.08	%
	11.03	10.40	%		1,291	142	%	1.75	%	2.11	%	0.75	%
$	14.25	(5.75	%)	$	257,970	128	%	1.16	%	1.16	%	(0.84	%)
	15.12	45.24	%		338,191	107	%	1.20	%	1.20	%	(0.65	%)
	10.41	(34.41	%)		254,026	123	%	1.23	%	1.23	%	(0.74	%)
	15.87	(6.47	%)		494,900	136	%	1.16	%	1.16	%	(0.51	%)
	20.30	(48.16	%)		592,038	85	%	1.07	%	1.07	%	(0.54	%)
	42.61	141.96	%		1,443,211	116	%	1.08	%	1.08	%	(0.46	%)

237

American Skandia Trust

Financial Highlights (continued)

Per Share Data (for a share outstanding throughout each period)

(Unaudited)

					Increase (Decrease) from Investment Operations									Less Distributions
Portfolio	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
AST DeAM	06/30/04		$	7.63	$	(0.03	)	$	0.19		$	0.16		$	—		$	—		$	—
Small-Cap Growth	12/31/03			5.17		(0.01	)		2.47			2.46			—			—			—
	12/31/02			7.03		(0.01	)		(1.85	)		(1.86	)		—			—			—
	12/31/01			11.72		(0.05	)		(2.95	)		(3.00	)		—			(1.69	)		(1.69	)
	12/31/00			15.59		(0.08	)		(2.90	)		(2.98	)		—			(0.89	)		(0.89	)
	12/31/99	(2)		10.00		(0.05	)		5.64			5.59			—			—			—
AST Federated	06/30/04		$	8.61	$	(0.04	)	$	0.84		$	0.80		$	—		$	(0.16	)	$	(0.16	)
Aggressive Growth	12/31/03			5.09		(0.05	)		3.57			3.52			—			—			—
	12/31/02			7.22		(0.04	)		(2.05	)		(2.09	)		—			(0.04	)		(0.04	)
	12/31/01			9.10		(0.03	)		(1.85	)		(1.88	)		—	†		—			—	†
	12/31/00	(6)		10.00		0.01			(0.91	)		(0.90	)		—			—			—
AST Goldman Sachs	06/30/04		$	18.12	$	0.02		$	0.97		$	0.99		$	(0.04	)	$	(0.24	)	$	(0.28	)
Small-Cap Value	12/31/03			12.96		0.08			5.19			5.27			(0.11	)		—			(0.11	)
	12/31/02			15.55		0.11			(1.21	)		(1.10	)		(0.06	)		(1.43	)		(1.49	)
	12/31/01			14.55		0.08			1.34			1.42			—			(0.42	)		(0.42	)
	12/31/00			10.87		0.01			3.67			3.68			—			—			—
	12/31/99			9.99		(0.03	)		0.91			0.88			—			—			—
AST Gabelli	06/30/04		$	15.70	$	0.01		$	1.10		$	1.11		$	—	†	$	—		$	—	†
Small-Cap Value	12/31/03			11.59		0.01			4.13			4.14			(0.03	)		—			(0.03	)
	12/31/02			13.07		0.03			(1.23	)		(1.20	)		(0.06	)		(0.22	)		(0.28	)
	12/31/01			13.02		0.04			0.84			0.88			(0.07	)		(0.76	)		(0.83	)
	12/31/00			11.39		0.10			2.23			2.33			(0.07	)		(0.63	)		(0.70	)
	12/31/99			11.44		0.08			(0.03	)		0.05			(0.10	)		—			(0.10	)
AST DeAM	06/30/04		$	11.10	$	0.01		$	0.76		$	0.77		$	(0.02	)	$	(0.57	)	$	(0.59	)
Small-Cap Value	12/31/03			7.75		0.03			3.33			3.36			(0.01	)		—			(0.01	)
	12/31/02	(8)		10.00		0.02			(2.27	)		(2.25	)		—			—			—
AST Goldman Sachs	06/30/04		$	3.79	$	(0.01	)	$	0.24		$	0.23		$	—		$	—		$	—
Mid-Cap Growth	12/31/03			2.88		(0.01	)		0.92			0.91			—			—			—
	12/31/02			3.97		(0.02	)		(1.07	)		(1.09	)		—			—			—
	12/31/01			6.64		(0.03	)		(2.64	)		(2.67	)		—	†		—			—	†
	12/31/00	(5)		10.00		0.01			(3.37	)		(3.36	)		—			—			—

⁽¹⁾ Annualized for periods less than one year.

⁽²⁾ Commenced operations on January 4, 1999.

⁽⁵⁾ Commenced operations on May 1, 2000.

⁽⁶⁾ Commenced operations on October 23, 2000.

⁽⁸⁾ Commenced operations on May 1, 2002.

* Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan, as described in Note 3 to the Financial Statements.

† Amount represents less than $0.005 per share.

See Notes to Financial Statements.

238

		Supplemental Data						Ratio of Expenses to Average Net Assets(1)*
Net Asset Value End of Period		Total Return		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		After Advisory Fee Waiver and Expense Reimbursement		Before Advisory Fee Waiver and Expense Reimbursement		Ratio of Net Investment Income (Loss) to Average Net Assets(1)
$	7.79	2.10	%	$	347,806	83	%	1.02	%	1.17	%	(0.66	%)
	7.63	47.58	%		403,430	185	%	1.02	%	1.17	%	(0.19	%)
	5.17	(26.46	%)		293,297	132	%	1.00	%	1.15	%	(0.12	%)
	7.03	(28.43	%)		537,324	196	%	1.16	%	1.17	%	(0.64	%)
	11.72	(20.95	%)		791,839	136	%	1.11	%	1.13	%	(0.67	%)
	15.59	55.90	%		841,984	133	%	1.14	%	1.14	%	(0.67	%)
$	9.25	9.46	%	$	260,740	49	%	1.20	%	1.20	%	(0.92	%)
	8.61	69.16	%		187,565	96	%	1.22	%	1.22	%	(0.99	%)
	5.09	(29.19	%)		39,072	250	%	1.35	%	1.38	%	(1.02	%)
	7.22	(20.61	%)		49,489	244	%	1.35	%	1.78	%	(0.84	%)
	9.10	(9.00	%)		1,938	49	%	1.35	%	7.22	%	2.67	%
$	18.83	5.50	%	$	315,604	33	%	1.22	%	1.22	%	0.19	%
	18.12	41.08	%		343,442	67	%	1.26	%	1.26	%	0.40	%
	12.96	(7.93	%)		315,101	129	%	1.27	%	1.27	%	0.62	%
	15.55	9.91	%		432,511	159	%	1.18	%	1.18	%	0.69	%
	14.55	33.85	%		227,759	67	%	1.15	%	1.15	%	(0.13	%)
	10.87	8.81	%		74,192	85	%	1.24	%	1.24	%	(0.36	%)
$	16.81	7.08	%	$	847,382	10	%	1.07	%	1.07	%	0.10	%
	15.70	35.78	%		774,416	26	%	1.10	%	1.10	%	0.04	%
	11.59	(9.38	%)		501,070	24	%	1.10	%	1.10	%	0.20	%
	13.07	6.98	%		538,479	59	%	1.08	%	1.08	%	0.54	%
	13.02	21.86	%		333,586	88	%	1.12	%	1.12	%	0.87	%
	11.39	0.58	%		261,493	26	%	1.11	%	1.11	%	0.64	%
$	11.28	7.19	%	$	66,753	133	%	1.15	%	1.31	%	0.20	%
	11.10	43.46	%		51,980	193	%	1.15	%	1.36	%	0.62	%
	7.75	(22.50	%)		13,419	122	%	1.15	%	1.48	%	0.43	%
$	4.02	6.07	%	$	214,364	29	%	1.24	%	1.34	%	(0.38	%)
	3.79	31.60	%		160,549	59	%	1.31	%	1.41	%	(0.54	%)
	2.88	(27.46	%)		61,373	162	%	1.31	%	1.33	%	(0.65	%)
	3.97	(40.17	%)		71,039	203	%	1.34	%	1.34	%	(0.63	%)
	6.64	(33.60	%)		65,098	55	%	1.28	%	1.28	%	0.18	%

239

American Skandia Trust

Financial Highlights (continued)

Per Share Data (for a share outstanding throughout each period)

(Unaudited)

					Increase (Decrease) from Investment Operations									Less Distributions
Portfolio	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
AST Neuberger Berman	06/30/04		$	12.26	$	(0.05	)	$	0.96		$	0.91		$	—		$	—		$	—
Mid-Cap Growth	12/31/03			9.39		(0.09	)		2.96			2.87			—			—			—
	12/31/02			13.65		(0.13	)		(4.13	)		(4.26	)		—			—			—
	12/31/01			21.63		(0.06	)		(5.02	)		(5.08	)		—			(2.90	)		(2.90	)
	12/31/00			24.03		(0.04	)		(1.74	)		(1.78	)		—			(0.62	)		(0.62	)
	12/31/99			17.26		(0.11	)		8.21			8.10			—			(1.33	)		(1.33	)
AST Neuberger Berman	06/30/04		$	17.80	$	0.02		$	1.39		$	1.41		$	(0.02	)	$	(0.45	)	$	(0.47	)
Mid-Cap Value	12/31/03			13.09		0.02			4.72			4.74			(0.03	)		—			(0.03	)
	12/31/02			15.41		0.03			(1.56	)		(1.53	)		(0.08	)		(0.71	)		(0.79	)
	12/31/01			16.85		0.08			(0.60	)		(0.52	)		(0.02	)		(0.90	)		(0.92	)
	12/31/00			13.32		0.02			3.60			3.62			(0.04	)		(0.05	)		(0.09	)
	12/31/99			13.16		0.10			0.60			0.70			(0.24	)		(0.30	)		(0.54	)
AST Alger	06/30/04		$	4.96	$	(0.02	)	$	0.34		$	0.32		$	—		$	—		$	—
All-Cap Growth	12/31/03			3.66		(0.02	)		1.32			1.30			—			—			—
	12/31/02			5.70		(0.04	)		(2.00	)		(2.04	)		—			—			—
	12/31/01			6.84		(0.02	)		(1.12	)		(1.14	)		—			—			—
	12/31/00	(4)		10.00		—			(3.16	)		(3.16	)		—			—			—
AST Gabelli	06/30/04		$	10.46	$	0.02		$	0.49		$	0.51		$	(0.03	)	$	—		$	(0.03	)
All-Cap Value	12/31/03			7.77		0.04			2.72			2.76			(0.07	)		—			(0.07	)
	12/31/02			9.86		0.06			(2.09	)		(2.03	)		(0.06	)		—			(0.06	)
	12/31/01			10.09		0.04			(0.25	)		(0.21	)		(0.01	)		(0.01	)		(0.02	)
	12/31/00	(6)		10.00		0.03			0.06			0.09			—			—			—
AST T. Rowe Price	06/30/04		$	17.45	$	0.05		$	1.45		$	1.50		$	(0.20	)	$	—		$	(0.20	)
Natural Resources	12/31/03			13.56		0.12			4.25			4.37			(0.20	)		(0.28	)		(0.48	)
	12/31/02			15.12		0.07			(0.85	)		(0.78	)		(0.24	)		(0.54	)		(0.78	)
	12/31/01			16.50		0.15			(0.04	)		0.11			(0.20	)		(1.29	)		(1.49	)
	12/31/00			13.16		0.17			3.31			3.48			(0.14	)		—			(0.14	)
	12/31/99			11.97		0.14			2.67			2.81			(0.18	)		(1.44	)		(1.62	)
AST Alliance Growth	06/30/04		$	8.35	$	(0.01	)	$	0.20		$	0.19		$	—		$	—		$	—
	12/31/03			6.75		(0.01	)		1.61			1.60			—			—			—
	12/31/02			9.78		(0.03	)		(3.00	)		(3.03	)		—			—			—
	12/31/01			15.15		(0.02	)		(1.93	)		(1.95	)		—			(3.42	)		(3.42	)
	12/31/00			18.95		—			(2.24	)		(2.24	)		—			(1.56	)		(1.56	)
	12/31/99			16.07		(0.07	)		4.85			4.78			—			(1.90	)		(1.90	)

⁽¹⁾ Annualized for periods less than one year.

⁽⁴⁾ Commenced operations on January 3, 2000.

⁽⁶⁾ Commenced operations on October 23, 2000.

* 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.

240

		Supplemental Data						Ratios of Expenses to Average Net Assets(1)*
Net Asset Value End of Period		Total Return		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		After Advisory Fee Waiver and Expense Reimbursement		Before Advisory Fee Waiver and Expense Reimbursement		Ratio of Net Investment Income (Loss) to Average Net Assets
$	13.17	7.42	%	$	370,715	48	%	1.17	%	1.17	%	(0.72	%)
	12.26	30.56	%		360,010	150	%	1.17	%	1.17	%	(0.83	%)
	9.39	(31.21	%)		287,458	104	%	1.16	%	1.16	%	(0.84	%)
	13.65	(25.79	%)		518,580	117	%	1.12	%	1.12	%	(0.60	%)
	21.63	(8.07	%)		719,405	121	%	1.09	%	1.09	%	(0.55	%)
	24.03	51.37	%		394,325	148	%	1.13	%	1.13	%	(0.71	%)
$	18.74	8.07	%	$	1,134,746	40	%	1.13	%	1.13	%	0.21	%
	17.80	36.32	%		1,027,374	70	%	1.15	%	1.15	%	0.15	%
	13.09	(10.56	%)		760,973	92	%	1.16	%	1.16	%	0.20	%
	15.41	(3.03	%)		1,003,034	221	%	1.22	%	1.22	%	0.55	%
	16.85	27.49	%		978,649	220	%	1.24	%	1.24	%	0.19	%
	13.32	5.67	%		664,383	176	%	1.13	%	1.13	%	0.39	%
$	5.28	6.45	%	$	378,983	70	%	1.43	%	1.43	%	(0.77	%)
	4.96	35.52	%		402,505	159	%	1.40	%	1.40	%	(0.53	%)
	3.66	(35.79	%)		323,286	182	%	1.29	%	1.29	%	(0.67	%)
	5.70	(16.67	%)		743,059	150	%	1.20	%	1.20	%	(0.37	%)
	6.84	(31.60	%)		205,079	123	%	1.24	%	1.24	%	(0.05	%)
$	10.94	4.87	%	$	189,269	12	%	1.20	%	1.20	%	0.29	%
	10.46	35.85	%		181,874	30	%	1.20	%	1.20	%	0.41	%
	7.77	(20.71	%)		113,557	28	%	1.19	%	1.19	%	0.63	%
	9.86	(2.18	%)		158,886	68	%	1.20	%	1.20	%	0.89	%
	10.09	0.90	%		14,165	31	%	1.45	%	1.59	%	2.71	%
$	18.75	8.70	%	$	176,241	32	%	1.18	%	1.18	%	0.44	%
	17.45	33.52	%		170,860	43	%	1.17	%	1.17	%	0.77	%
	13.56	(5.53	%)		122,686	56	%	1.16	%	1.16	%	0.54	%
	15.12	0.70	%		135,550	36	%	1.08	%	1.11	%	0.85	%
	16.50	26.79	%		134,644	96	%	1.14	%	1.20	%	1.13	%
	13.16	28.11	%		102,225	72	%	1.16	%	1.16	%	1.11	%
$	8.54	2.28	%	$	277,504	49	%	1.17	%	1.18	%	(0.36	%)
	8.35	23.70	%		237,056	63	%	1.16	%	1.16	%	(0.14	%)
	6.75	(30.98	%)		240,490	59	%	1.13	%	1.13	%	(0.31	%)
	9.78	(14.72	%)		452,984	106	%	1.13	%	1.13	%	(0.22	%)
	15.15	(13.74	%)		467,362	135	%	1.16	%	1.16	%	(0.46	%)
	18.95	33.91	%		364,454	316	%	1.11	%	1.11	%	(0.50	%)

241

American Skandia Trust

Financial Highlights (continued)

Per Share Data (for a share outstanding throughout each period)

(Unaudited)

					Increase (Decrease) from Investment Operations									Less Distributions
Portfolio	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
AST MFS	06/30/04		$	7.30	$	(0.01	)	$	0.30		$	0.29		$	—		$	—		$	—
Growth	12/31/03			5.94		(0.01	)		1.37			1.36			—			—			—
	12/31/02			8.27		(0.02	)		(2.31	)		(2.33	)		—			—			—
	12/31/01			10.56		(0.01	)		(2.28	)		(2.29	)		—	†		—			—
	12/31/00			11.30		0.01			(0.75	)		(0.74	)		—			—			—
	12/31/99	(3)		10.00		0.01			1.29			1.30			—			—			—
AST Marsico	06/30/04		$	15.44	$	—	†	$	0.39		$	0.39		$	—		$	—		$	—
Capital Growth	12/31/03			11.72		(0.02	)		3.74			3.72			—			—			—
	12/31/02			13.88		(0.04	)		(2.12	)		(2.16	)		—			—			—
	12/31/01			18.10		(0.04	)		(3.84	)		(3.88	)		—			(0.34	)		(0.34	)
	12/31/00			21.63		(0.01	)		(3.00	)		(3.01	)		—			(0.52	)		(0.52	)
	12/31/99			14.20		(0.03	)		7.48			7.45			(0.01	)		(0.01	)		(0.02	)
AST Goldman Sachs	06/30/04		$	20.85	$	(0.02	)	$	(0.36	)	$	(0.38	)	$	—		$	—		$	—
Concentrated Growth	12/31/03			16.71		(0.05	)		4.25			4.20			(0.06	)		—			(0.06	)
	12/31/02			23.97		0.06			(7.18	)		(7.12	)		(0.14	)		—			(0.14	)
	12/31/01			35.08		0.13			(11.24	)		(11.11	)		—			—			—
	12/31/00			55.21		(0.06	)		(15.55	)		(15.61	)		(0.07	)		(4.45	)		(4.52	)
	12/31/99			37.00		0.05			19.65			19.70			—			(1.49	)		(1.49	)
AST DeAM	06/30/04		$	9.85	$	0.06		$	0.45		$	0.51		$	(0.09	)	$	—		$	(0.09	)
Large-Cap Value	12/31/03			7.85		0.09			1.98			2.07			(0.07	)		—			(0.07	)
	12/31/02			9.30		0.06			(1.48	)		(1.42	)		(0.03	)		—			(0.03	)
	12/31/01			9.85		0.01			(0.55	)		(0.54	)		(0.01	)		—			(0.01	)
	12/31/00	(6)		10.00		0.03			(0.18	)		(0.15	)		—			—			—
AST Hotchkis & Wiley	06/30/04		$	14.66	$	0.08		$	0.07		$	0.15		$	(0.23	)	$	—		$	(0.23	)
Large-Cap Value	12/31/03			12.55		0.24			2.18			2.42			(0.31	)		—			(0.31	)
	12/31/02			15.59		0.30			(2.96	)		(2.66	)		(0.38	)		—			(0.38	)
	12/31/01			17.59		0.34			(1.82	)		(1.48	)		(0.36	)		(0.16	)		(0.52	)
	12/31/00			18.65		0.38			0.32			0.70			(0.36	)		(1.40	)		(1.76	)
	12/31/99			17.50		0.36			1.61			1.97			(0.32	)		(0.50	)		(0.82	)

⁽¹⁾ Annualized for periods less than one year.

⁽³⁾ Commenced operations on October 18, 1999.

⁽⁶⁾ Commenced operations on October 23, 2000.

* Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan, as described in Note 3 to the Financial Statements.

† Amount represents less than $0.005 per share.

See Notes to Financial Statements.

242

		Supplemental Data						Ratios of Expenses to Average Net Assets(1)*
Net Asset Value End of Period		Total Return		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		After Advisory Fee Waiver and Expense Reimbursement		Before Advisory Fee Waiver and Expense Reimbursement		Ratio of Net Investment Income (Loss) to Average Net Assets
$	7.59	3.97	%	$	571,635	91	%	1.10	%	1.10	%	(0.34	%)
	7.30	22.90	%		593,307	262	%	1.25	%	1.25	%	(0.20	%)
	5.94	(28.17	%)		526,085	198	%	1.18	%	1.18	%	(0.28	%)
	8.27	(21.68	%)		974,397	210	%	1.11	%	1.11	%	(0.12	%)
	10.56	(6.53	%)		82,051	243	%	1.24	%	1.24	%	0.08	%
	11.30	13.00	%		4,868	60	%	1.35	%	1.35	%	0.76	%
$	15.83	2.53	%	$	1,882,002	53	%	1.08	%	1.10	%	(0.05	%)
	15.44	31.74	%		1,710,581	82	%	1.10	%	1.11	%	(0.21	%)
	11.72	(15.56	%)		1,081,101	109	%	1.09	%	1.10	%	(0.29	%)
	13.88	(21.71	%)		1,252,427	111	%	1.06	%	1.08	%	(0.25	%)
	18.10	(14.25	%)		1,770,849	118	%	1.04	%	1.06	%	(0.09	%)
	21.63	52.58	%		1,723,736	115	%	1.08	%	1.08	%	(0.25	%)
$	20.47	(1.82	%)	$	1,040,149	11	%	1.05	%	1.12	%	(0.17	%)
	20.85	25.25	%		1,151,200	21	%	1.06	%	1.13	%	(0.26	%)
	16.71	(29.84	%)		1,147,612	109	%	1.06	%	1.09	%	0.23	%
	23.97	(31.67	%)		2,452,732	46	%	1.04	%	1.07	%	0.45	%
	35.08	(30.97	%)		4,262,410	34	%	1.00	%	1.04	%	(0.13	%)
	55.21	55.01	%		5,923,778	35	%	1.00	%	1.04	%	0.12	%
$	10.27	5.16	%	$	150,573	106	%	0.99	%	1.12	%	1.25	%
	9.85	26.59	%		133,821	161	%	0.99	%	1.09	%	1.13	%
	7.85	(15.30	%)		109,994	202	%	1.07	%	1.15	%	0.96	%
	9.30	(5.53	%)		45,357	134	%	1.35	%	1.35	%	0.51	%
	9.85	(1.50	%)		6,351	1	%	1.35	%	2.41	%	3.39	%
$	14.58	1.04	%	$	593,369	108	%	0.92	%	0.94	%	0.87	%
	14.66	19.94	%		640,112	100	%	0.98	%	0.98	%	1.50	%
	12.55	(17.49	%)		660,533	32	%	0.95	%	0.95	%	1.80	%
	15.59	(8.59	%)		1,029,069	26	%	0.91	%	0.92	%	2.17	%
	17.59	4.74	%		1,173,070	55	%	0.94	%	0.95	%	2.25	%
	18.65	11.74	%		1,048,064	76	%	0.93	%	0.93	%	2.10	%

243

American Skandia Trust

Financial Highlights (continued)

Per Share Data (for a share outstanding throughout each period)

(Unaudited)

					Increase (Decrease) from Investment Operations								Less Distributions
Portfolio	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)		Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
AST Alliance/Bernstein	06/30/04		$	9.08	$	0.01	$	0.34		$	0.35		$	(0.03	)	$	—		$	(0.03	)
Growth + Value	12/31/03			7.25		0.03		1.85			1.88			(0.05	)		—			(0.05	)
	12/31/02			9.71		0.06		(2.47	)		(2.41	)		(0.01	)		(0.04	)		(0.05	)
	12/31/01	(7)		10.00		0.01		(0.30	)		(0.29	)		—			—			—
AST Sanford Bernstein	06/30/04		$	11.17	$	0.05	$	0.41		$	0.46		$	(0.15	)	$	(0.27	)	$	(0.42	)
Core Value	12/31/03			8.77		0.18		2.28			2.46			(0.06	)		—			(0.06	)
	12/31/02			10.14		0.09		(1.43	)		(1.34	)		(0.03	)		—			(0.03	)
	12/31/01	(7)		10.00		0.04		0.10			0.14			—			—			—
AST Cohen & Steers Realty	06/30/04		$	12.91	$	0.19	$	0.75		$	0.94		$	(0.32	)	$	(0.19	)	$	(0.51	)
	12/31/03			10.05		0.49		3.02			3.51			(0.41	)		(0.24	)		(0.65	)
	12/31/02			10.11		0.49		(0.22	)		0.27			(0.33	)		—			(0.33	)
	12/31/01			10.18		0.50		(0.23	)		0.27			(0.34	)		—			(0.34	)
	12/31/00			8.36		0.32		1.78			2.10			(0.28	)		—			(0.28	)
	12/31/99			8.41		0.33		(0.15	)		0.18			(0.23	)		—			(0.23	)
AST Sanford Bernstein	06/30/04		$	10.98	$	0.05	$	0.33		$	0.38		$	(0.10	)	$	—		$	(0.10	)
Managed Index 500	12/31/03			8.75		0.11		2.24			2.35			(0.12	)		—			(0.12	)
	12/31/02			11.14		0.11		(2.39	)		(2.28	)		(0.11	)		—			(0.11	)
	12/31/01			12.63		0.11		(1.36	)		(1.25	)		(0.11	)		(0.13	)		(0.24	)
	12/31/00			14.96		0.10		(1.40	)		(1.30	)		(0.08	)		(0.95	)		(1.03	)
	12/31/99			12.78		0.08		2.56			2.64			(0.06	)		(0.40	)		(0.46	)
AST American Century	06/30/04		$	11.95	$	0.07	$	0.47		$	0.54		$	(0.14	)	$	—		$	(0.14	)
Income & Growth	12/31/03			9.41		0.15		2.51			2.66			(0.12	)		—			(0.12	)
	12/31/02			11.84		0.12		(2.45	)		(2.33	)		(0.10	)		—			(0.10	)
	12/31/01			13.02		0.10		(1.19	)		(1.09	)		(0.09	)		—			(0.09	)
	12/31/00			15.65		0.07		(1.74	)		(1.67	)		(0.08	)		(0.88	)		(0.96	)
	12/31/99			13.47		0.09		2.84			2.93			(0.11	)		(0.64	)		(0.75	)
AST Alliance	06/30/04		$	17.71	$	0.08	$	0.43		$	0.51		$	(0.13	)	$	—		$	(0.13	)
Growth and Income	12/31/03			13.57		0.14		4.19			4.33			(0.19	)		—			(0.19	)
	12/31/02			18.70		0.18		(4.35	)		(4.17	)		(0.13	)		(0.83	)		(0.96	)
	12/31/01			21.38		0.12		(0.15	)		(0.03	)		(0.19	)		(2.46	)		(2.65	)
	12/31/00			23.50		0.19		0.57			0.76			(0.23	)		(2.65	)		(2.88	)
	12/31/99			21.68		0.23		3.04			3.27			(0.25	)		(1.20	)		(1.45	)

⁽¹⁾ Annualized for periods less than one year.

⁽⁷⁾ Commenced operations on May 1, 2001.

* 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.

244

		Supplemental Data						Ratios of Expenses to Average Net Assets(1)*
Net Asset Value End of Period		Total Return		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		After Advisory Fee Waiver and Expense Reimbursement		Before Advisory Fee Waiver and Expense Reimbursement		Ratio of Net Investment Income (Loss) to Average Net Assets
$	9.40	3.88	%	$	70,698	14	%	1.21	%	1.21	%	0.23	%
	9.08	26.10	%		63,837	25	%	1.15	%	1.15	%	0.50	%
	7.25	(25.00	%)		32,065	43	%	1.15	%	1.15	%	0.60	%
	9.71	(2.80	%)		34,007	95	%	1.35	%	1.45	%	0.46	%
$	11.21	4.25	%	$	230,314	19	%	1.08	%	1.08	%	1.29	%
	11.17	28.31	%		192,547	90	%	1.14	%	1.14	%	1.55	%
	8.77	(13.24	%)		199,176	28	%	1.00	%	1.00	%	1.63	%
	10.14	1.40	%		44,100	25	%	1.15	%	1.15	%	1.36	%
$	13.34	7.18	%	$	293,282	18	%	1.21	%	1.24	%	3.24	%
	12.91	37.43	%		289,502	34	%	1.24	%	1.24	%	5.43	%
	10.05	2.65	%		177,520	60	%	1.26	%	1.26	%	5.11	%
	10.11	2.85	%		139,631	59	%	1.21	%	1.21	%	5.01	%
	10.18	26.19	%		132,486	59	%	1.28	%	1.28	%	5.21	%
	8.36	2.26	%		56,697	51	%	1.27	%	1.27	%	4.95	%
$	11.26	3.46	%	$	582,916	20	%	0.82	%	0.82	%	0.89	%
	10.98	27.32	%		541,492	45	%	0.84	%	0.84	%	1.03	%
	8.75	(20.64	%)		441,169	36	%	0.84	%	0.84	%	1.04	%
	11.14	(10.01	%)		623,363	54	%	0.77	%	0.78	%	0.95	%
	12.63	(8.82	%)		704,897	84	%	0.78	%	0.78	%	0.84	%
	14.96	21.23	%		633,567	101	%	0.79	%	0.77	%	0.74	%
$	12.35	4.55	%	$	434,072	62	%	1.02	%	1.02	%	1.46	%
	11.95	28.78	%		305,810	81	%	0.99	%	0.99	%	1.46	%
	9.41	(19.81	%)		259,122	83	%	0.98	%	0.98	%	1.04	%
	11.84	(8.44	%)		374,739	55	%	0.94	%	0.94	%	0.76	%
	13.02	(10.77	%)		487,880	61	%	0.94	%	0.94	%	0.68	%
	15.65	22.98	%		360,630	125	%	0.98	%	0.98	%	0.86	%
$	18.09	2.88	%	$	1,950,106	31	%	0.91	%	0.94	%	0.95	%
	17.71	32.43	%		1,836,529	62	%	0.97	%	0.99	%	1.01	%
	13.57	(23.28	%)		1,169,698	79	%	0.96	%	0.98	%	0.99	%
	18.70	(0.48	%)		1,875,230	103	%	0.94	%	0.96	%	0.74	%
	21.38	5.52	%		1,595,755	144	%	1.05	%	1.06	%	0.96	%
	23.50	16.09	%		1,498,306	69	%	0.92	%	0.94	%	1.09	%

245

American Skandia Trust

Financial Highlights (continued)

Per Share Data (for a share outstanding throughout each period)

(Unaudited)

				Increase (Decrease) from Investment Operations								Less Distributions
Portfolio	Period Ended	Net Asset Value Beginning of Period		Net Investment Income (Loss)		Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
AST DeAM	06/30/04	$	11.07	$	0.25	$	0.13		$	0.38		$	(0.13	)	$	—		$	(0.13	)
Global Allocation	12/31/03		9.38		0.12		1.69			1.81			(0.12	)		—			(0.12	)
	12/31/02		11.46		0.11		(1.84	)		(1.73	)		(0.35	)		—			(0.35	)
	12/31/01		13.30		0.34		(1.87	)		(1.53	)		(0.31	)		—			(0.31	)
	12/31/00		15.24		0.34		(0.89	)		(0.55	)		(0.32	)		(1.07	)		(1.39	)
	12/31/99		14.13		0.32		2.30			2.62			(0.35	)		(1.16	)		(1.51	)
AST American Century	06/30/04	$	12.92	$	0.09	$	0.23		$	0.32		$	(0.18	)	$	—		$	(0.18	)
Strategic Balanced	12/31/03		11.14		0.18		1.87			2.05			(0.27	)		—			(0.27	)
	12/31/02		12.62		0.26		(1.47	)		(1.21	)		(0.27	)		—			(0.27	)
	12/31/01		13.70		0.27		(0.78	)		(0.51	)		(0.25	)		(0.32	)		(0.57	)
	12/31/00		15.30		0.32		(0.81	)		(0.49	)		(0.23	)		(0.88	)		(1.11	)
	12/31/99		13.66		0.20		1.56			1.76			(0.12	)		—			(0.12	)
AST T. Rowe Price	06/30/04	$	15.36	$	0.14	$	0.32		$	0.46		$	(0.24	)	$	—		$	(0.24	)
Asset Allocation	12/31/03		12.74		0.24		2.73			2.97			(0.35	)		—			(0.35	)
	12/31/02		15.05		0.34		(1.76	)		(1.42	)		(0.39	)		(0.50	)		(0.89	)
	12/31/01		18.12		0.41		(1.21	)		(0.80	)		(0.52	)		(1.75	)		(2.27	)
	12/31/00		18.86		0.52		(0.63	)		(0.11	)		(0.45	)		(0.18	)		(0.63	)
	12/31/99		17.47		0.44		1.32			1.76			(0.36	)		(0.01	)		(0.37	)
AST T. Rowe Price	06/30/04	$	12.10	$	0.10	$	(0.23	)	$	(0.13	)	$	(0.72	)	$	(0.20	)	$	(0.92	)
Global Bond	12/31/03		11.10		0.27		1.12			1.39			(0.37	)		(0.02	)		(0.39	)
	12/31/02		9.65		0.05		1.40			1.45			—			—			—
	12/31/01		9.40		0.56		(0.31	)		0.25			—			—			—
	12/31/00		9.60		0.48		(0.53	)		(0.05	)		(0.15	)		—			(0.15	)
	12/31/99		11.46		0.33		(1.25	)		(0.92	)		(0.71	)		(0.23	)		(0.94	)
AST Goldman Sachs	06/30/04	$	8.77	$	0.46	$	(0.32	)	$	0.14		$	(0.71	)	$	—		$	(0.71	)
High Yield	12/31/03		7.89		0.62		0.95			1.57			(0.69	)		—			(0.69	)
	12/31/02		8.86		0.69		(0.70	)		(0.01	)		(0.96	)		—			(0.96	)
	12/31/01		9.71		0.74		(0.66	)		0.08			(0.93	)		—			(0.93	)
	12/31/00		11.92		1.18		(2.23	)		(1.05	)		(1.16	)		—			(1.16	)
	12/31/99		12.65		1.03		(0.77	)		0.26			(0.91	)		(0.08	)		(0.99	)

⁽¹⁾ Annualized for periods less than one year.

* 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.

246

		Supplemental Data						Ratios of Expenses to Average Net Assets(1)*
Net Asset Value End of Period		Total Return		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		After Advisory Fee Waiver and Expense Reimbursement		Before Advisory Fee Waiver and Expense Reimbursement		Ratio of Net Investment Income (Loss) to Average Net Assets
$	11.32	3.42	%	$	244,097	35	%	0.15	%	0.15	%	4.16	%
	11.07	19.53	%		264,808	18	%	0.14	%	0.14	%	1.08	%
	9.38	(15.43	%)		284,362	160	%	0.47	%	0.47	%	0.91	%
	11.46	(11.73	%)		481,159	77	%	0.89	%	0.95	%	2.68	%
	13.30	(4.36	%)		622,641	60	%	0.95	%	0.95	%	2.70	%
	15.24	20.85	%		499,571	154	%	1.00	%	1.00	%	2.37	%
$	13.06	2.47	%	$	229,977	122	%	1.10	%	1.11	%	1.40	%
	12.92	18.87	%		235,818	145	%	1.11	%	1.11	%	1.57	%
	11.14	(9.74	%)		179,368	126	%	1.10	%	1.10	%	2.16	%
	12.62	(3.80	%)		210,722	124	%	1.08	%	1.08	%	2.19	%
	13.70	(3.11	%)		217,483	125	%	1.10	%	1.10	%	2.33	%
	15.30	12.97	%		216,748	104	%	1.10	%	1.10	%	1.93	%
$	15.58	3.04	%	$	383,103	48	%	1.08	%	1.09	%	1.82	%
	15.36	24.02	%		360,152	94	%	1.12	%	1.12	%	1.84	%
	12.74	(9.89	%)		269,119	107	%	1.11	%	1.11	%	2.37	%
	15.05	(4.79	%)		332,791	103	%	1.10	%	1.10	%	2.46	%
	18.12	(0.48	%)		395,375	43	%	1.08	%	1.08	%	2.64	%
	18.86	10.28	%		447,542	17	%	1.07	%	1.07	%	2.65	%
$	11.05	(1.27	%)	$	234,957	69	%	1.07	%	1.07	%	2.54	%
	12.10	12.86	%		229,630	196	%	1.06	%	1.06	%	2.57	%
	11.10	15.03	%		209,594	323	%	1.06	%	1.06	%	3.13	%
	9.65	2.66	%		108,014	187	%	0.87	%	1.08	%	4.83	%
	9.40	(0.45	%)		122,200	171	%	1.12	%	1.12	%	4.35	%
	9.60	(8.33	%)		138,144	106	%	1.11	%	1.11	%	3.51	%
$	8.20	1.66	%	$	638,757	31	%	0.93	%	0.93	%	7.24	%
	8.77	21.59	%		868,511	65	%	0.93	%	0.93	%	7.56	%
	7.89	0.04	%		576,441	41	%	0.94	%	0.94	%	9.02	%
	8.86	0.14	%		525,821	48	%	0.95	%	0.95	%	10.22	%
	9.71	(9.69	%)		497,882	20	%	0.96	%	0.96	%	10.36	%
	11.92	2.00	%		623,788	39	%	0.94	%	0.94	%	9.09	%

247

American Skandia Trust

Financial Highlights (continued)

Per Share Data (for a share outstanding throughout each period)

(Unaudited)

					Increase (Decrease) from Investment Operations									Less Distributions
Portfolio	Period Ended		Net Asset Value Beginning of Period		Net Investment Income (Loss)			Net Realized & Unrealized Gain (Loss)			Total from Investment Operations			From Net Investment Income			From Net Realized Gains			Total Distributions
AST Lord Abbett	06/30/04		$	11.44	$	0.25		$	(0.27	)	$	(0.02	)	$	(0.39	)	$	(0.04	)	$	(0.43	)
Bond-Debenture	12/31/03			10.07		0.44			1.37			1.81			(0.44	)		—			(0.44	)
	12/31/02			10.45		0.42			(0.39	)		0.03			(0.41	)		—			(0.41	)
	12/31/01			10.15		0.39			(0.08	)		0.31			(0.01	)		—			(0.01	)
	12/31/00	(6)		10.00		0.02			0.13			0.15			—			—			—
AST PIMCO Total	06/30/04		$	11.99	$	0.10		$	(0.03	)	$	0.07		$	(0.48	)	$	(0.08	)	$	(0.56	)
Return Bond	12/31/03			12.24		0.35			0.27			0.62			(0.43	)		(0.44	)		(0.87	)
	12/31/02			11.93		0.39			0.66			1.05			(0.52	)		(0.22	)		(0.74	)
	12/31/01			11.60		0.56			0.42			0.98			(0.65	)		—			(0.65	)
	12/31/00			10.99		0.65			0.56			1.21			(0.60	)		—			(0.60	)
	12/31/99			12.02		0.58			(0.71	)		(0.13	)		(0.52	)		(0.38	)		(0.90	)
AST PIMCO Limited	06/30/04		$	11.37	$	0.10		$	(0.07	)	$	0.03		$	(0.35	)	$	(0.13	)	$	(0.48	)
Maturity Bond	12/31/03			11.36		0.22			0.14			0.36			(0.22	)		(0.13	)		(0.35	)
	12/31/02			11.30		0.24			0.43			0.67			(0.47	)		(0.14	)		(0.61	)
	12/31/01			11.07		0.50			0.36			0.86			(0.63	)		—			(0.63	)
	12/31/00			10.84		0.68			0.17			0.85			(0.62	)		—			(0.62	)
	12/31/99			11.08		0.59			(0.22	)		0.37			(0.61	)		—			(0.61	)
AST Money Market	06/30/04		$	1.00	$	—	†	$	—		$	—	†	$	—	†	$	—	†	$	—
	12/31/03			1.00		—	†		—			—	†		—	†		—	†		—
	12/31/02			1.00		0.01			—			0.01			(0.01	)		—	†		(0.01	)
	12/31/01			1.00		0.04			—			0.04			(0.04	)		—	†		(0.04	)
	12/31/00			1.00		0.06			—			0.06			(0.06	)		—	†		(0.06	)
	12/31/99			1.00		0.04			—			0.04			(0.04	)		—	†		(0.04	)

⁽¹⁾ Annualized for periods less than one year.

⁽⁶⁾ Commenced operations on October 23, 2000.

* Includes commissions received by American Skandia Marketing, Inc. under the Portfolio’s Distribution Plan, as described in Note 3 to the Financial Statements.

† Amount represents less than $0.005 per share.

See Notes to Financial Statements.

248

		Supplemental Data						Ratios of Expenses to Average Net Assets(1)*
Net Asset Value End of Period		Total Return		Net Assets at End of Period (in 000’s)		Portfolio Turnover Rate		After Advisory Fee Waiver and Expense Reimbursement		Before Advisory Fee Waiver and Expense Reimbursement		Ratio of Net Investment Income (Loss) to Average Net Assets
$	10.99	(0.21	%)	$	368,654	24	%	1.01	%	1.02	%	5.17	%
	11.44	18.74	%		346,412	84	%	1.04	%	1.04	%	6.31	%
	10.07	0.41	%		164,939	43	%	1.04	%	1.04	%	7.16	%
	10.45	3.04	%		62,456	102	%	1.10	%	1.10	%	7.23	%
	10.15	1.50	%		6,783	9	%	1.20	%	3.07	%	4.39	%
$	11.50	0.51	%	$	2,181,820	90	%	0.78	%	0.81	%	1.97	%
	11.99	5.32	%		2,107,944	222	%	0.78	%	0.80	%	2.85	%
	12.24	9.22	%		2,255,048	229	%	0.78	%	0.80	%	3.90	%
	11.93	8.87	%		1,638,346	343	%	0.79	%	0.81	%	5.02	%
	11.60	11.57	%		1,258,218	365	%	0.82	%	0.82	%	6.14	%
	10.99	(1.09	%)		1,005,763	227	%	0.82	%	0.82	%	5.46	%
$	10.92	0.23	%	$	884,191	39	%	0.81	%	0.82	%	1.56	%
	11.37	3.28	%		1,005,924	208	%	0.82	%	0.82	%	1.74	%
	11.36	6.21	%		1,058,843	271	%	0.83	%	0.83	%	2.87	%
	11.30	7.97	%		611,197	445	%	0.83	%	0.83	%	5.10	%
	11.07	8.43	%		417,842	171	%	0.87	%	0.87	%	6.14	%
	10.84	3.37	%		406,604	178	%	0.86	%	0.86	%	5.51	%
$	1.00	0.27	%	$	1,807,314	N/A		0.58	%	0.63	%	0.53	%
	1.00	0.63	%		1,762,117	N/A		0.59	%	0.64	%	0.63	%
	1.00	1.29	%		2,744,716	N/A		0.58	%	0.63	%	1.27	%
	1.00	3.77	%		2,652,093	N/A		0.59	%	0.64	%	3.60	%
	1.00	6.07	%		2,244,193	N/A		0.60	%	0.65	%	5.93	%
	1.00	4.60	%		2,409,157	N/A		0.60	%	0.65	%	4.52	%

249

American Skandia Trust

Semiannual Report

June 30, 2004

Board of Directors
Saul K. Fenster, Ph.D.	Thomas M. O’Brien
President Emeritus,	President and Chief Executive Officer,
New Jersey Institute of Technology	Atlantic Bank of New York
Delayne Dedrick Gold	David R. Odenath, Jr.
Marketing Consultant	President,
	Prudential Annuities
Robert F. Gunia	John A. Pileski
Executive Vice President and	Retired Tax Partner,
Chief Administrative Officer,	KPMG, LLP
Prudential Investments LLC
W. Scott McDonald, Jr., Ph.D.	F. Don Schwartz
Management Consultant,	Management Consultant
Kaludis Consulting Group, Inc.
Thomas T. Mooney
Chief Executive Officer,
The Rochester Business Alliance

American Skandia Life	PRESORTED STD U.S. POSTAGE PAID LOUISVILLE KY PERMIT 1051
Assurance Corporation
Tower One Corporate Drive
Shelton, CT 06484

Annuities are sold by prospectus, which contains complete information on risk factors, fees and surrender charges, as well as conditions, limitations and terms for keeping it in force that may apply. Your licensed financial professional can provide you with costs and complete details. Annuities are issued by American Skandia Life Assurance Corporation (“American Skandia”) and distributed by American Skandia Marketing Incorporated.

American Skandia is solely responsible for its respective financial conditions and contractual obligations. Guarantees are based on the claims-paying ability of the issuing company. Both companies are located at One Corporate Drive, P.O. Box 883, Shelton, Ct 06484. All are Prudential Financial companies.

B1-0604

Item 2 – Code of Ethics – – Not required as this is not an annual filing.

Item 3 – Audit Committee Financial Expert – Not applicable with semi-annual filing

Item 4 – Principal Accountant Fees and Services – Not applicable with semi-annual filing.

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 8 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 9 – Submission of Matters to a Vote of Security Holders: None.

Item 10 – Controls and Procedures

    (a)   It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

    (b)   There have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 11 – Exhibits

    (a)   Code of Ethics – Not applicable with semi-annual filing.

    (b)   Certifications pursuant to Section 302 and 906 of the Sarbanes-Oxley Act – Attached hereto

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	American Skandia Trust
By (Signature and Title)*	/s/ Jonathan D. Shain
	Jonathan D. Shain
	Assistant Secretary

Date August 19, 2004

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ David R. Odenath
	David R. Odenath
	President and Principal Executive Officer

Date August 19, 2004

By (Signature and Title)*	/s/ Grace C. Torres
	Grace C. Torres
	Treasurer and Principal Financial Officer

Date August 19, 2004

^* Print the name and title of each signing officer under his or her signature.