UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS 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:	12/31/2005
Date of reporting period:	3/31/2005

Item 1. Schedule of Investments [INSERT REPORT]

AST JPMorgan International Equity Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 96.4%
COMMON STOCK
Australia – 1.6%
BHP Billiton Ltd.	321,600	$	4,438,414
News Corp., Inc. - CDI (Class “B” Stock)	121,150		2,132,333
			6,570,747
Belgium – 1.3%
Dexia	219,200		5,214,109
Brazil – 1.5%
Companhia Vale do Rio Doce [ADR]	190,914		6,034,792
Finland – 1.2%
Nokia Oyj	302,200		4,685,211
France – 11.9%
Axa SA	213,000		5,674,073
BNP Paribas SA	84,900		6,014,525
Compagnie de Saint-Gobain	112,200		6,835,876
Dassault Systemes SA	73,200		3,453,949
Imerys SA	50,000		3,778,697
Lafarge SA	36,300		3,515,043
Total SA	77,200		18,063,337
			47,335,500
Germany – 5.9%
BASF AG	44,900		3,183,155
Bayerische Motoren Werke AG	132,200		6,006,519
Deutsche Post AG	165,900		4,049,489
SAP AG	12,700		2,046,507
Schering AG	50,500		3,349,079
Siemens AG	62,350		4,934,301
			23,569,050
Ireland – 0.9%
Bank of Ireland	215,700		3,397,269
Italy – 4.0%
Eni SpA	545,300		14,158,588
Mediaset SpA	113,100		1,627,380
			15,785,968
Japan – 17.6%
Canon, Inc.	130,000		6,970,998
Chugai Pharmaceutical Co. Ltd.	134,700		2,068,926
Credit Saison Co. Ltd.	57,300		2,062,650
Daikin Industries Ltd.	125,100		3,149,958
Fanuc Ltd.	40,600		2,540,576
Honda Motor Co. Ltd.	112,900		5,653,949
Hoya Corp.	40,200		4,423,762
Kao Corp.	121,000		2,781,544
Matsushita Electric Industrial Co. Ltd.	165,000		2,431,223
Mitsubishi Corp.	274,000		3,549,249
Mitsubishi Tokyo Financial Group, Inc.	465		4,032,920
Nikko Cordial Corp.	589,000		2,944,176
Nintendo Co. Ltd.	19,200		2,094,936
Nippon Telegraph and Telephone Corp.	440		1,924,461
Nitto Denko Corp.	73,300		3,841,705
Secom Co. Ltd.	68,000		2,828,313
Shin-Etsu Chemical Co. Ltd.	80,300		3,040,362
SMC Corp.	21,700		2,454,733
Sumitomo Corp.	531,000		4,550,863
Takefuji Corp.	29,250		1,969,458
Yamanouchi Pharmaceutical Co. Ltd.	138,600		4,691,952
			70,006,714
Korea – 1.4%
Samsung Electronics Co. Ltd. [GDR]*	16,400		4,053,570
SK Telecom Co. Ltd. [ADR]	73,600		1,451,392
			5,504,962

Mexico – 0.6%
Fomento Economico Mexicano SA de CV [ADR]	41,900		2,243,745
Netherlands – 6.1%
ABN AMRO Holding NV	215,700		5,351,746
Fortis Bank	120,800		3,446,597
ING Groep NV	131,800		3,980,841
Koninklijke (Royal) Philips Electronics NV	160,100		4,410,154
Reed Elsevier NV	252,500		3,806,664
Wolters Kluwer NV	178,400		3,258,437
			24,254,439
Russia
Yukos [ADR]	42,200		95,372
Spain – 2.5%
Altadis SA	99,350		4,063,223
Banco Popular Espanol SA	90,600		5,860,467
			9,923,690
Sweden – 0.9%
Ericsson, (L.M.) Telefonaktiebolaget (Class “B” Stock)	1,283,000		3,610,813
Switzerland – 11.5%
Adecco SA	101,900		5,597,450
Holcim Ltd.	86,128		5,296,363
Nestle SA	28,300		7,743,134
Novartis AG	161,800		7,548,547
Roche Holding AG	59,650		6,393,654
UBS AG	104,200		8,799,130
Zurich Financial Services AG	24,300		4,264,512
			45,642,790
United Kingdom – 27.5%
Allied Domecq PLC	295,200		2,976,155
Barclays PLC	669,200		6,841,605
BG Group PLC	812,400		6,313,652
British Land Co. PLC	245,800		3,734,588
Centrica PLC	890,976		3,885,192
GlaxoSmithKline PLC	464,500		10,647,589
HSBC Holdings PLC	748,700		11,903,249
Kingfisher PLC	827,300		4,514,294
National Grid Transco PLC	450,800		4,176,440
Reckitt Benckiser PLC	68,900		2,190,030
Royal Bank of Scotland Group PLC	210,600		6,702,013
Schroder PLC	202,700		2,708,183
Smith & Nephew PLC	368,744		3,466,752
Standard Chartered PLC	225,900		4,064,040
Tesco PLC	1,290,100		7,716,172
Vodafone Group PLC	5,017,900		13,323,032
William Morrison Supermarkets PLC	1,641,000		6,078,122
Wolseley PLC	352,100		7,372,429
WPP Group PLC	119,975		1,366,006
			109,979,543
Total Investments — 96.4% (Cost $336,442,960 (p))			383,854,714
Other Assets in Excess of Liabilities — 3.6%			14,392,489
Net Assets — 100.0%		$	398,247,203

The following abbreviations are used throughout the Schedule of Investments:

ADR	American Depository Receipt
GDR	Global Depository Receipt

The following annotations are used throughout the Schedule of Investments:

Symbol	description
*	Non-income producing security.
(p)	The United States federal income tax basis of the Fund’s investments was $336,513,112; accordingly, net unrealized appreciation on investments for federal income tax purposes was $47,341,602 (gross unrealized appreciation - $53,890,335; gross unrealized depreciation - $6,548,733). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

The industry classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of March 31, 2005 was as follows:

Industry
Financial-Bank & Trust	18.0	%
Oil & Gas	10.7
Pharmaceuticals	8.7
Telecommunications	6.3
Building Materials	5.7
Conglomerates	5.1
Electronic Components & Equipment	4.1
Food	3.9
Insurance	3.5
Automobile Manufacturers	2.9
Retail & Merchandising	2.7
Metals & Mining	2.6
Chemicals	2.5
Financial Services	2.4
Medical Supplies & Equipment	2.0
Office Equipment	1.8
Printing & Publishing	1.8
Commercial Services	1.4
Beverages	1.3
Consumer Products & Services	1.3
Utilities	1.1
Farming & Agriculture	1.0
Transportation	1.0
Broadcasting	0.9
Business Services	0.9
Real Estate	0.9
Machinery & Equipment	0.6
Computer Services & Software	0.5
Entertainment & Leisure	0.5
Advertising	0.3
	96.4
Other assets in excess of liabilities	3.6
Total	100.0	%

AST William Blair International Growth Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 99.0%
COMMON STOCK – 97.5%
Australia – 6.5%
BHP Billiton Ltd.	2,108,800	$	29,103,632
Macquarie Bank Ltd.	705,379		26,165,098
Toll Holdings Ltd.	1,120,563		12,098,477
Wesfarmers Ltd.	642,552		19,720,748
			87,087,955
Austria – 2.1%
Erste Bank der Oesterreichischen	528,100		27,622,513
Sparkassen AG
Bermuda – 1.9%
Accenture Ltd. (Class “A” Stock)*	1,021,300		24,664,395
Canada – 7.2%
Alimentation Couche-Tard, Inc. (Class “B” Stock)*	468,000		6,789,617
Canadian National Railway Co.	431,100		27,208,800
Manulife Financial Corp.	640,900		30,595,995
Precision Drilling Corp.*	142,200		10,638,257
Research in Motion Ltd.*	174,500		13,373,477
Shoppers Drug Mart Corp.	201,800		6,732,783
			95,338,929
China – 1.4%
CNOOC Ltd.	33,738,500		18,168,166
France – 8.6%
Essilor International SA	179,900		13,001,082
Hermes International Designs	96,000		19,326,186
JC Decaux SA*	501,400		13,688,195
LVMH Moet Hennessy Louis Vuitton SA	42,998		3,216,085
Sanofi-Aventis	574,570		48,449,995
Vinci SA	112,100		16,158,977
			113,840,520
Germany – 7.2%
Celesio AG	338,900		27,707,534
Continental AG	314,440		24,387,106
Depfa Bank PLC	110,745		1,751,408
E.ON AG	430,400		36,929,049
SAP AG	32,270		5,200,062
			95,975,159
Greece – 2.1%
Coca-Cola Hellenic Bottling Co. SA*	142,500		3,583,604
EFG Eurobank Ergasias SA	410,280		12,625,964
National Bank of Greece SA	359,360		12,158,324
			28,367,892
Hong Kong – 3.0%
Esprit Holdings Ltd.	2,379,000		16,242,395
Li & Fung Ltd.	1,040,000		1,893,467
Standard Chartered PLC	372,930		6,709,174
Techtronic Industries Co. Ltd.	7,047,660		15,587,270
			40,432,306
Hungary – 0.8%
OTP Bank Rt	312,600		10,678,210
India – 2.8%
Bharti Tele-Ventures Ltd.*	2,650,000		12,550,716
HDFC Bank Ltd.	592,400		7,382,111
Infosys Technologies Ltd.	335,236		17,289,887
			37,222,714
Ireland – 1.0%
Anglo Irish Bank Corp. PLC	539,422		13,503,368

Israel – 0.2%
Teva Pharmaceutical Industries Ltd. [ADR]	67,247	2,084,657
Italy – 1.4%
Banco Popolare di Verona e Novara Scrl	995,100	18,562,266
Japan – 17.0%
Askul Corp.	88,700	4,715,005
Canon, Inc.	756,400	40,560,477
Denso Corp.	1,050,300	26,152,206
Fast Retailing Co. Ltd.	180,100	10,900,392
Hino Motors Ltd.	698,900	4,392,974
Hoya Corp.	98,000	10,784,295
Keyence Corp.	58,500	13,551,618
Nidec Corp.	110,000	13,694,862
Orix Corp.	146,600	18,689,005
Sharp Corp.	1,907,900	28,859,590
Shinsei Bank Ltd.	2,333,000	13,271,752
SMC Corp.	113,100	12,794,022
Sumitomo Trust & Banking Co. Ltd.	2,937,200	19,146,720
Yamada Denki Co. Ltd.	176,000	9,224,284
		226,737,202
Korea – 2.0%
Samsung Electronics Co. Ltd.	52,880	26,140,581
Mexico – 2.6%
America Movil (Class “L” Stock) [ADR]	89,840	4,635,744
America Movil SA de CV	4,311,600	11,115,505
Desarrolladora Homex SA de CV [ADR]*	225,400	5,540,332
Wal-Mart de Mexico SA de CV	3,925,700	13,775,310
		35,066,891
Norway – 2.0%
Statoil ASA	1,536,600	26,189,359
Russia – 0.5%
Mobile Telesystems [ADR]	192,972	6,790,685
South Africa – 2.1%
MTN Group Ltd.	302,990	2,134,211
Sasol Ltd.	573,200	13,327,501
Standard Bank Group Ltd.	1,266,302	12,746,945
		28,208,657
Spain – 0.5%
Grupo Ferrovial SA	120,700	6,835,854
Sweden – 0.2%
Ericsson, (L.M.) Telefonaktiebolaget (Class “B” Stock)	1,063,470	2,992,979
Switzerland – 6.2%
Nestle SA	16,740	4,580,214
Nobel Biocare Holding AG	32,450	6,830,222
Serono SA (Class “B” Stock)	19,675	14,278,584
Synthes, Inc.	191,100	21,250,199
UBS AG	424,870	35,877,990
		82,817,209
Taiwan – 1.2%
Hon Hai Precision Industry Co. Ltd.	3,681,000	16,356,884
United Kingdom – 17.0%
BG Group PLC	5,931,000	46,093,386
British Sky Broadcasting Group PLC	212,290	2,328,823
Capita Group PLC	2,270,565	16,133,425
Carnival PLC	576,000	31,631,725
Man Group PLC	241,545	6,271,762
Next PLC	446,590	13,435,593
Reckitt Benckiser PLC	1,071,860	34,069,742
SABMiller PLC	2,093,200	32,772,383
Smith & Nephew PLC	259,000	2,434,993
Tesco PLC	6,858,690	41,022,269
		226,194,101
TOTAL COMMON STOCK (Cost $1,109,067,920)		1,297,879,452

PREFERRED STOCK – 1.5%
Brazil – 1.0%
Banco Itau Holding Financeira SA	79,140		12,863,955
Japan – 0.5%
Chiyoda Corp.	700,000		7,291,803
TOTAL PREFERRED STOCK (Cost $13,764,353)			20,155,758
TOTAL LONG-TERM INVESTMENTS (Cost $1,122,832,273)			1,318,035,210
Total Investments — 99.0% (Cost $1,122,832,273(p))			1,318,035,210
Other Assets in Excess of Liabilities — 1.0%			13,007,742
Net Assets — 100.0%		$	1,331,042,952

The following abbreviations are used throughout the Schedule of Investments:

ADR American Depository Receipt

The following annotations are used throughout the Schedule of Investments:

symbol	description
*	Non-income producing security.
(p)	The United States federal income tax basis of the Fund’s investments was $1,124,055,555; accordingly, net unrealized appreciation on investments for federal income tax purposes was $193,979,655 (gross unrealized appreciation - $210,322,585; gross unrealized depreciation - $16,342,930). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

The industry classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of March 31, 2005 was as follows:

Industry
Financial-Bank & Trust	14.4	%
Oil & Gas	8.6
Medical Supplies & Equipment	6.2
Pharmaceuticals	5.9
Electronic Components & Equipment	5.2
Retail & Merchandising	4.9
Automotive Parts	3.8
Financial Services	3.8
Food	3.4
Conglomerates	3.2
Machinery & Equipment	3.2
Office Equipment	3.0
Telecommunications	3.0
Transportation	2.9
Utilities	2.8
Beverages	2.7
Consumer Products & Services	2.6
Business Services	2.4
Entertainment & Leisure	2.4
Insurance	2.3
Computer Hardware	2.2
Metals & Mining	2.2
Construction	2.1
Computer Services & Software	1.7
Clothing & Apparel	1.4
Commercial Services	1.2
Advertising	1.0
Automobile Manufacturers	0.3
Broadcasting	0.2
	99.0
Other assets in excess of liabilities	1.0
Total	100.0	%

See Notes to Financial Statements.

AST LSV International Value Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 96.1%
COMMON STOCK - 95.2%
Australia – 4.2%
Bluescope Steel Ltd.	259,300	$	1,742,244
CSR Ltd.	632,600		1,201,854
David Jones Ltd.	654,900		1,006,504
Santos Ltd.	270,200		1,878,084
Suncorp-Metway Ltd.	97,800		1,467,570
Telstra Corp. Ltd.	538,700		2,117,639
			9,413,895
Austria – 0.5%
Boehler-Uddeholm AG	7,600		1,037,004
Belgium – 1.2%
Dexia	111,000		2,640,356
Denmark – 0.9%
Danisco AS	12,400		839,281
Danske Bank AS	41,700		1,209,868
			2,049,149
Finland – 1.3%
Rautaruukki Oyj	83,600		1,124,882
Sampo Oyj	126,800		1,840,945
			2,965,827
France – 8.8%
BNP Paribas SA	47,700		3,379,184
Bouygues SA	51,800		2,053,387
Ciments Francais SA	8,400		809,043
CNP Assurances	25,800		1,827,736
Compagnie Generale des Establissements	31,200		2,050,530
Michelin (Class “B” Stock)
Natexis Banques Populaires	10,300		1,542,136
PSA Peugeot Citroen SA	29,200		1,855,494
Renault SA	16,100		1,437,966
Societe Generale (Class “A” Stock)	9,500		987,031
Suez SA	104,500		2,812,205
Total SA	3,400		795,536
			19,550,248
Germany – 5.2%
BASF AG	44,400		3,147,708
Deutsche Bank AG	35,700		3,079,780
MAN AG	34,700		1,551,858
Salzgitter AG	56,300		1,201,273
Schering AG	13,600		901,930
ThyssenKrup AG	85,700		1,765,258
			11,647,807
Greece – 0.4%
Motor Oil (Hellas) Corinth Refineries SA	56,600		801,203
Hong Kong – 1.7%
Chaoda Modern Agriculture Holdings Ltd.	2,558,000		1,008,513
CNOOC Ltd.	1,349,000		726,436
Orient Overseas International Ltd.	277,552		1,338,038
Shanghai Industrial Holdings Ltd.	368,000		778,516
			3,851,503
Ireland – 1.1%
Allied Irish Banks PLC	111,200		2,327,988
Italy – 3.9%
Benetton Group SpA	61,200		590,239
CIR SpA	146,600		432,333
Enel SpA	215,000		2,056,830
Eni SpA	133,200		3,458,507

Parmalat Finanziaria SpA*(cost $1,180,359; purchased 11/25/03)(g)	448,250	63,917
Riunione Adriatica di Sicurta SpA	83,400	1,962,213
		8,564,039
Japan – 21.0%
Alpine Electronics, Inc.	55,800	802,941
Alps Electric Co. Ltd.	61,900	985,389
Asahi Breweries Ltd.	63,800	826,431
CMK Corp.	56,000	902,956
Cosmo Oil Co. Ltd.	388,000	1,255,581
Denki Kagaku Kogyo Kabushiki Kaisha	257,000	929,926
Hitachi Koki Co. Ltd.	127,000	1,148,839
Hitachi Ltd.	333,000	2,068,246
Hokkaido Electric Power Co., Inc.	57,900	1,177,115
Hokuetsu Paper Mills Ltd.	159,000	935,643
Honda Motor Co. Ltd.	61,200	3,064,852
Hosiden Corp.	69,500	777,767
Japan Securities Finance Co. Ltd.	142,000	1,087,214
Kaken Pharmaceutical Co. Ltd.	216,000	1,490,628
Kurabo Industries Ltd.	331,000	867,397
Marubeni Corp.	595,000	1,908,794
Mitsubishi Chemical Corp.	559,000	1,782,878
Nippon Telegraph and Telephone Corp.	700	3,061,644
Nipro Corp.	46,800	773,381
Nissan Motor Co. Ltd.	242,700	2,487,432
NSK Ltd.	349,000	1,796,587
Okasan Holdings, Inc.	148,000	877,814
Osaka Gas Co. Ltd.	624,700	1,922,512
Rengo Co. Ltd.	192,000	948,988
Sumitomo Osaka Cement Co. Ltd.	411,200	1,077,564
Sumitomo Trust & Banking Co. Ltd.	109,000	710,538
Taiheiyo Cement Corp.	288,100	808,711
Takefuji Corp.	24,900	1,676,564
Tanabe Seiyaku Co. Ltd.	159,000	1,583,624
Tokyo Ohka Kogyo Co., Ltd.	62,500	1,334,748
Tostem Inax Holding Corp.	41,500	761,653
Toyota Motor Corp.	103,800	3,862,372
UNY Co. Ltd.	66,000	792,763
		46,489,492
Liechtenstein – 0.5%
Verwaltungs Und Privat Bank AG	6,500	1,095,063
Netherlands – 4.9%
ABN AMRO Holding NV	97,700	2,424,041
ING Groep NV	121,700	3,675,784
Koninklijke Luchtvaart Maatschappij	24,790	349,309
NV*(cost $512,052; purchased 03/18/04)(g)(o)
Royal Dutch Petroleum Co.	62,700	3,748,524
Stork NV	17,500	680,554
		10,878,212
Norway – 0.8%
Norsk Hydro ASA	20,400	1,683,729
Portugal – 0.5%
Energias de Portugal SA	416,000	1,159,405
Singapore – 0.9%
Mobileone Ltd.	1,068,200	1,294,199
Singapore Telecommunications Ltd.	501,000	783,026
		2,077,225
Spain – 4.3%
Banco Bilbao Vizcaya Argentaria SA	96,600	1,572,788
Banco Santander Central Hispano SA	93,300	1,135,666
Compania Espanola de Petroleos SA	19,600	792,964
Endesa SA	125,600	2,824,832
Repsol YPF SA	66,400	1,757,629
Union Fenosa SA	50,400	1,496,784
		9,580,663
Sweden – 2.4%
Billerud Aktiebolag	59,700	878,078
Nordea Bank AB	299,200	3,025,470
Skanska AB	118,100	1,428,043
		5,331,591

Switzerland – 5.7%
Ciba Specialty Chemicals AG	23,500		1,520,756
Georg Fischer AG*	3,400		1,058,192
Rieter Holdings AG	4,100		1,295,765
Sulzer AG	3,400		1,463,986
Swisscom AG	1,900		696,585
UBS AG	56,000		4,728,898
Zurich Financial Services AG*	10,500		1,842,691
			12,606,873
United Kingdom – 25.0%
Alliance & Leicester PLC	122,200		2,039,091
Arriva PLC	117,900		1,169,709
Aviva PLC	232,500		2,789,982
BAE Systems PLC	185,100		907,713
Barclays PLC	380,000		3,884,952
Boots Group PLC	152,000		1,790,956
Bradford & Bingley PLC	239,600		1,392,312
Britannic Group PLC	134,600		1,196,131
British Vita PLC	203,600		1,363,951
BT Group PLC	867,000		3,366,943
Dixons Group PLC	456,200		1,316,865
Firstgroup PLC	218,600		1,417,965
GlaxoSmithKline PLC	48,600		1,114,043
HBOS PLC	227,000		3,539,033
House of Fraser PLC	571,800		1,204,825
Kelda Group PLC	158,400		1,790,033
Legal & General Group PLC	433,400		927,538
Lloyds TSB Group PLC	403,300		3,643,015
Mitchells & Butlers PLC	246,500		1,604,763
Northern Foods PLC	341,400		995,161
Northumbrian Water Group PLC	367,500		1,224,028
Old Mutual PLC	714,900		1,817,073
Pilkington PLC	776,100		1,737,964
Scottish Power PLC	267,500		2,067,530
Severn Trent PLC	86,000		1,487,046
Shanks Group PLC	409,400		1,094,735
Shell Transport & Trading Co. PLC	497,600		4,466,619
Tate & Lyle PLC	195,200		1,960,595
TT Electronics PLC	267,500		1,011,017
Viridian Group PLC	72,300		1,035,648
			55,357,236
TOTAL COMMON STOCK (Cost $200,448,378)			211,108,508
PREFERRED STOCK – 0.9%
Germany
Fresenius AG	9,800		1,128,087
Rheinmetall AG	15,000		797,221
TOTAL PREFERRED STOCK (Cost $1,660,745)			1,925,308
Total Investments — 96.1% (Cost $202,109,123(p))			213,033,816
Other Assets in Excess of Liabilities — 3.9%			8,639,954
Net Assets — 100.0%		$	221,673,770

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(g) Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $1,692,411. The aggregate value, $413,226 represents 0.19% of net assets.

(o) Fair valued security.

(p) The United States federal income tax basis of the Fund’s investments was $202,515,444; accordingly, net unrealized appreciation on investments for federal income tax purposes was $10,518,372 (gross unrealized appreciation - $13,536,889; gross unrealized depreciation - $3,018,517). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

The industry classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of March 31, 2005 was as follows:

Industry
Financial-Bank & Trust	20.7	%
Oil & Gas	10.5
Utilities	8.6
Insurance	7.2
Automobile Manufacturers	5.7
Telecommunications	5.6
Chemicals	4.6
Metals & Mining	3.9
Retail & Merchandising	3.5
Electronic Components & Equipment	2.9
Building Materials	2.9
Financial Services	2.5
Pharmaceuticals	2.3
Machinery & Equipment	1.9
Transportation	1.8
Food	1.7
Construction	1.6
Automotive Parts	1.4
Conglomerates	1.0
Industrial Products	0.9
Paper & Forest Products	0.8
Medical Supplies & Equipment	0.8
Clothing & Apparel	0.7
Farming & Agriculture	0.5
Environmental Services	0.5
Internet Services	0.4
Beverages	0.4
Aerospace	0.4
Printing & Publishing	0.2
Airlines	0.2
	96.1
Other assets in excess of liabilities	3.9
Total	100.0	%

AST MFS Global Equity Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 98.1%
COMMON STOCK
Australia – 0.8%
QBE Insurance Group Ltd.	106,489	$	1,224,579
Austria – 1.0%
Erste Bank der Oesterreichischen Sparkassen AG	30,920		1,617,285
Bermuda – 1.6%
Accenture Ltd. (Class “A” Stock)*	107,520		2,596,608
Canada – 2.8%
BCE, Inc.	32,479		812,176
Canadian National Railway Co.	28,651		1,813,895
EnCana Corp.	26,930		1,901,819
			4,527,890
France – 11.4%
Axa SA	89,750		2,390,836
Business Objects SA*	28,250		756,209
Groupe Danone SA	18,190		1,809,733
L’ Air Liquide SA	21,518		3,958,109
LVMH Moet Hennessy Louis Vuitton SA	11,400		852,676
Sanofi-Synthelabo SA	35,880		3,025,542
Schneider Electric SA	25,741		2,017,090
Total SA	11,370		2,660,365
Veolia Environment	28,920		1,025,694
			18,496,254
Germany – 1.0%
Premiere AG*	2,440		101,056
Schering AG	22,930		1,520,681
			1,621,737
Hong Kong – 1.4%
Esprit Holdings Ltd.	150,000		1,024,111
Hutchison Telecommunications International Ltd.*	1,231,000		1,175,845
			2,199,956
Indonesia – 0.3%
PT Bank Central Asia Tbk	1,329,000		477,099
Italy – 1.1%
Riunione Adriatica di Sicurta SpA	74,850		1,761,051
Japan – 9.6%
Asahi Glass Co. Ltd.	129,000		1,359,414
Bridgestone Corp.	74,000		1,360,198
Canon, Inc.	47,000		2,520,283
Chugai Pharmaceutical Co. Ltd.	65,500		1,006,048
Nintendo Co. Ltd.	14,500		1,582,113
Nitto Denko Corp.	34,800		1,823,893
NOK Corp.	4,000		95,309
Sekisui Chemical Co. Ltd.	119,000		864,506
Shinsei Bank Ltd.	216,000		1,228,761
Tokyo Broadcasting System, Inc.	32,200		627,604
Tokyo Gas Co. Ltd.	202,000		813,802
Toray Industries, Inc.	171,000		767,052
Toyota Motor Corp.	42,400		1,577,693
			15,626,676
Korea – 1.5%
Samsung Electronics Co. Ltd.	4,990		2,466,745
Netherlands – 1.0%
Reed Elsevier NV	106,880		1,611,312
Poland – 0.3%
Powszechna Kasa Oszczednosci Bank Polski SA*	50,500		445,534

Singapore – 1.8%
DBS Group Holdings Ltd.	145,500	1,313,312
Singapore Telecommunications Ltd.	989,357	1,546,292
		2,859,604
Spain – 3.7%
Banco Bilbao Vizcaya Argentaria SA	99,960	1,627,494
Iberdrola SA	69,550	1,819,373
Telefonica SA	145,576	2,536,253
		5,983,120
Sweden – 4.7%
Atlas Copco AB (Class “A” Stock)	32,410	1,551,540
Ericsson, (L.M.) Telefonaktiebolaget (Class “B” Stock)	411,160	1,157,149
Hennes & Mauritz AB (Class “B” Stock)	51,160	1,758,175
Sandvik AB	74,190	3,084,736
		7,551,600
Switzerland – 5.5%
Nestle SA	6,330	1,731,945
Roche Holding AG	32,770	3,512,490
Syngenta AG	5,906	616,746
Synthes, Inc.	3,140	349,166
UBS AG	31,911	2,694,713
		8,905,060
Thailand – 0.6%
Bangkok Bank Public Co. Ltd.	315,700	903,845
United Kingdom – 16.2%
Amvescap PLC	234,620	1,479,759
AstraZeneca PLC	48,420	1,908,727
BOC Group PLC	95,230	1,833,803
BP PLC	148,360	1,537,794
Diageo PLC	205,675	2,899,513
Hilton Group PLC	215,000	1,222,953
Kingfisher PLC	434,739	2,372,222
Next PLC	43,720	1,315,310
Reckitt Benckiser PLC	190,520	6,055,798
Royal Bank of Scotland Group PLC	24,267	772,259
Smith & Nephew PLC	127,900	1,202,454
Vodafone Group PLC	781,064	2,073,804
William Hill PLC	173,060	1,801,993
		26,476,389
United States – 31.8%
Air Products & Chemicals, Inc.	20,700	1,310,103
American Express Co.	60,030	3,083,740
Burlington Northern Santa Fe Corp.	15,190	819,197
Caremark Rx, Inc.*	1	24
Cisco Systems, Inc.*	44,000	787,160
Citigroup, Inc.	49,170	2,209,700
Computer Associates International, Inc.	27	732
Dell, Inc.*	66,090	2,539,178
Dentsply Corp.	21,780	1,185,050
Disney, (Walt) Co.	59,740	1,716,330
DST Systems, Inc.*	41,440	1,913,699
EOG Resources, Inc.	21,060	1,026,464
Fisher Scientific International, Inc.*	35,690	2,031,475
Genzyme Corp.*	27,540	1,576,390
Gillette Co.	33,370	1,684,518
Goldman Sachs Group, Inc.	18,860	2,074,411
Harley-Davidson, Inc.	21,400	1,236,064
Janus Capital Group, Inc.	17,090	238,406
Johnson & Johnson	44,120	2,963,098
MBNA Corp.	59,660	1,464,653
Medtronic, Inc.	30,420	1,549,899
News Corp., Inc. - CDI (Class “B” Stock)	100,163	1,762,946
Noble Corp.*	29,430	1,654,260
Oracle Corp.*	203,680	2,541,926
OTP Bank [GDR] (Hungary)	15,750	1,079,477
PepsiCo, Inc.	21,360	1,132,721
Praxair, Inc.	17,270	826,542

Symantec Corp.*	77,630		1,655,848
The Home Depot, Inc.	29,850		1,141,464
Thermo Electron Corp.*	38,700		978,723
Time Warner, Inc.*	84,560		1,484,028
TJX Cos., Inc.	104,760		2,580,239
Viacom, Inc. (Class “B” Stock)	60,080		2,092,586
Waters Corp.*	38,310		1,371,115
			51,712,166
TOTAL LONG-TERM INVESTMENTS (Cost $134,581,195)			159,064,510
Total Investments — 98.1% (Cost $134,581,195 (p))			159,064,510
Other Assets in Excess of Liabilities — 1.9%			3,090,079
Net Assets — 100.0%		$	162,154,589

The following abbreviation is used throughout the Schedule of Investments:

GDR  Global Depository Receipt

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(p) The United States federal income tax basis of the Fund’s investments was $135,110,893; accordingly, net unrealized appreciation on investments for federal income tax purposes was $23,953,617 (gross unrealized appreciation - $25,609,169; gross unrealized depreciation - $1,655,552). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST MFS Global Equity Portfolio

The industry classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of March 31, 2005 was as follows:

Industry
Pharmaceuticals	8.7	%
Financial- Bank & Trust	6.7
Financial Services	6.5
Chemicals	6.4
Oil & Gas	5.9
Telecommunications	5.7
Retail & Merchandising	5.6
Consumer Products & Services	4.8
Broadcasting	4.7
Entertainment & Leisure	4.7
Medical Supplies & Equipment	4.3
Electronic Components & Equipment	4.2
Machinery & Equipment	4.1
Insurance	3.3
Computer Hardware	2.8
Beverages	2.5
Computer Services & Software	2.5
Food	2.2
Utilities	1.8
Business Services	1.6
Transportation	1.6
Office Equipment	1.5
Conglomerates	1.2
Automobile Manufacturers	1.0
Internet Services	1.0
Automotive Parts	0.9
Building Materials	0.8
Clothing & Apparel	0.5
Construction	0.5
Cable Television	0.1
	98.1
Other assets in excess of liabilities	1.9
Total	100.0	%

AST Small Cap Growth Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS – 98.4%
COMMON STOCK
Broadcasting – 1.3%
Citadel Broadcasting Co.*	126,400	$	1,735,472
Entravision Communications Corp. (Class “A” Stock)*	98,600		874,582
			2,610,054
Business Services – 6.3%
Advisory Board Co. (The)*	36,000		1,573,200
Corporate Executive Board Co. (The)	50,000		3,197,500
LECG Corp.*	171,500		3,361,400
Resources Connection, Inc.*(a)	214,300		4,485,299
			12,617,399
Computer Hardware – 0.7%
Mobility Electronics, Inc.*	187,500		1,310,625
Computer Services & Software – 8.3%
Anteon International Corp.*	117,700		4,582,061
BEA Systems, Inc.*	312,800		2,493,016
CACI International, Inc. (Class “A” Stock)*	58,500		3,230,955
Epicor Software Corp.*	98,500		1,290,350
Hyperion Solutions Corp.*	68,700		3,030,357
Quest Software, Inc.*	80,300		1,111,352
Sybase, Inc.*	56,200		1,037,452
			16,775,543
Consumer Products & Services – 1.3%
Aaron Rents, Inc.	131,750		2,635,000
Electronic Components & Equipment – 2.9%
ESCO Technologies, Inc.*	14,300		1,149,005
Essex Corp.*	38,800		633,604
Harman International Industries, Inc.	46,100		4,078,006
			5,860,615
Entertainment & Leisure – 9.5%
Boyd Gaming Corp.	148,600		7,749,490
Pinnacle Entertainment, Inc.*	249,200		4,161,640
Shuffle Master, Inc.*(a)	78,050		2,260,328
Station Casinos, Inc.	73,900		4,991,945
			19,163,403
Financial - Bank & Trust – 4.0%
East West Bancorp, Inc.	45,300		1,672,476
Southwest Bancorporation of Texas, Inc.	151,100		2,772,685
UCBH Holdings, Inc.	88,300		3,523,170
			7,968,331
Financial Services – 5.6%
Affiliated Managers Group, Inc.*(a)	90,200		5,595,106
Capital Source, Inc.*(a)	160,700		3,696,100
Collegiate Funding Services*	133,000		2,072,140
			11,363,346
Healthcare Services – 7.4%
Community Health Systems, Inc.*	107,900		3,766,789
Cooper Companies, Inc. (The)	31,500		2,296,350
LifePoint Hospitals, Inc.*	90,100		3,949,984
United Surgical Partners International, Inc.*	106,300		4,865,351
			14,878,474
Insurance – 1.0%
Bristol West Holdings, Inc.	127,100		1,970,050
Internet Services – 2.3%
Ask Jeeves, Inc.*(a)	102,600		2,881,008
Avocent Corp.*	38,700		993,042
Jupitermedia Corp.*	49,100		761,541
			4,635,591

Medical Supplies & Equipment – 12.4%
Advanced Medical Optics, Inc.*(a)	96,200	$	3,483,402
Animas Corp.*	93,300		1,885,593
Cutera, Inc.*	132,850		2,561,348
Inamed Corp.*	65,900		4,605,092
Invitrogen Corp.*	38,700		2,678,040
LCA-Vision, Inc.	80,950		2,695,635
Martek Biosciences Corp.*(a)	76,800		4,468,992
Protein Design Labs, Inc.*	108,600		1,736,514
Wright Medical Group, Inc.*	44,200		1,060,800
			25,175,416
Metals & Mining – 1.2%
CONSOL Energy, Inc.	49,400		2,322,788
Oil & Gas – 5.1%
Cabot Oil & Gas Corp.	24,800		1,367,720
Newpark Resources, Inc.*	358,000		2,108,620
Patterson-UTI Energy, Inc.	78,700		1,969,074
Pride International, Inc.*(a)	141,500		3,514,860
Tidewater, Inc.(a)	35,200		1,367,872
			10,328,146
Personal Services – 1.7%
Laureate Education, Inc.*(a)	80,400		3,440,316
Pharmaceuticals – 4.1%
Abgenix, Inc.*	121,600		851,200
Alkermes, Inc.*(a)	157,900		1,639,002
Covance, Inc.*	62,700		2,985,147
ICOS Corp.*	61,400		1,379,044
MGI Pharma, Inc.*	54,600		1,379,742
			8,234,135
Restaurants – 2.4%
Applebee’s International, Inc.	54,200		1,493,752
RARE Hospitality International, Inc.*	110,000		3,396,800
			4,890,552
Retail & Merchandising – 4.5%
Aeropostale, Inc.*	51,900		1,699,725
Cost Plus, Inc.*	29,500		792,960
Guitar Center, Inc.*	69,000		3,783,270
West Marine, Inc.*	128,800		2,738,288
			9,014,243
Semiconductors – 6.1%
ATMI, Inc.*	62,200		1,557,488
Cymer, Inc.*(a)	43,300		1,159,141
Helix Technology Corp.	98,300		1,520,701
Mattson Technology, Inc.*	116,400		924,216
Micrel, Inc.*	117,500		1,083,350
Microsemi Corp.*	187,100		3,047,859
NVIDIA Corp.*	77,800		1,848,528
O2Micro International Ltd.*	119,700		1,231,713
			12,372,996
Telecommunications – 10.3%
Aeroflex, Inc.*	134,000		1,250,220
American Tower Corp. (Class “A” Stock)*(a)	343,000		6,252,890
Anaren, Inc.*	128,400		1,557,492
Ditech Communications Corp.*	79,800		995,106
Polycom, Inc.*	270,000		4,576,500
Scientific-Atlanta, Inc.	57,200		1,614,184
SpectraLink Corp.	217,300		3,068,276
SpectraSite, Inc.*	25,900		1,501,423
			20,816,091
TOTAL LONG-TERM INVESTMENTS (Cost $179,080,022)			198,383,114

	Principal Amount (000)		Value
SHORT-TERM INVESTMENTS – 16.3%
Commercial Paper– 4.1%
Countrywide Home Loans	$	5,341	$	5,329,468
2.816%, 04/27/05 (b)
Liberty Funding Corp.		325		323,842
2.80%, 04/22/05 (b)
Skandinaviska Enskilda Banken		2,615		2,615,476
2.80%, 04/17/05 (b) (c)
				8,268,786
Corporate Obligations – 3.7%
Goldman Sachs Group, Inc.		1,351		1,351,437
2.955%, 04/01/05 (b)(c)
Merrill Lynch & Co., Inc.		303		302,760
2.975%, 04/01/05 (b)
Morgan Stanley		4,317		4,316,926
2.82%, 04/01/05 (b)(c)
Natexis Banque NY		1,430		1,430,417
2.925%, 04/01/05 (b) (c)
				7,401,540
Time Deposits – 1.1%
Chase Manhattan Bank		1,920		1,919,618
2.843%, 04/01/05 (b)
Societe Generale NY		324		323,602
2.875%, 04/01/05 (b)
				2,243,220
U.S. Government Agency Obligations – 1.4%
Federal Home Loan Banks		2,900		2,900,000
2.55%, 04/01/05
	Shares		Value
Non-Registered Investment Company – 6.0%
BlackRock Institutional Money Market Trust(b) (j)		11,963,784		11,963,784
TOTAL SHORT-TERM INVESTMENTS (Cost $32,777,330)				32,777,330
Total Investments — 114.7% (Cost $211,857,352 (p))				231,160,444
Liabilities in Excess of Other Assets — (14.7%)				(29,642,889	)
Net Assets — 100.0%			$	201,517,555

The following annotations are used throughout the Schedule of Investments:

symbol	description
*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $29,042,667; cash collateral of $29,877,330 (included with liabilities) 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 next date on which the rate of interest is adjusted.
(j)	Security available to institutional investors only.
(p)	The United States federal income tax basis of the Fund’s investments was $214,304,933; accordingly, net unrealized appreciation on investments for federal income tax purposes was $16,855,511(gross unrealized appreciation - $24,724,055; gross unrealized depreciation - $7,868,544). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST DeAM Small Cap Growth Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 99.5%
COMMON STOCK
Advertising – 0.5%
ADVO, Inc.	32,300	$	1,209,635
ValueClick, Inc.*	35,900		380,899
			1,590,534
Aerospace – 1.6%
Orbital Sciences Corp.*	99,600		964,128
Teledyne Technologies, Inc.*	118,000		3,693,400
			4,657,528
Airlines – 1.6%
ExpressJet Holdings, Inc.*	159,900		1,824,459
Pinnacle Airlines Corp.*	274,300		2,913,066
			4,737,525
Automobile Manufacturers – 0.3%
Monaco Coach Corp.	53,200		859,180
Biotechnology – 0.1%
Geron Corp.*	34,800		212,628
Broadcasting
Sinclair Broadcast Group, Inc.	18,100		145,343
Building Materials – 0.2%
Trex Co., Inc.*	12,600		559,566
Business Services – 4.9%
Administaff, Inc.	31,000		452,600
Catalina Marketing Corp.(a)	200		5,180
CoStar Group, Inc.*	28,300		1,042,855
CSG Systems International, Inc.*	4,400		71,676
DiamondCluster International, Inc.*	52,200		840,420
Dionex Corp.*	2,100		114,450
Hiedrick & Struggles International, Inc.*	23,200		853,064
Korn/Ferry International*	33,300		633,699
LECG Corp.*	18,800		368,480
Navigant Consulting, Inc.*	135,000		3,676,050
PDI, Inc.*	87,600		1,795,800
Per-Se Technologies, Inc.*	25,400		389,890
Portfolio Recovery Associates, Inc.*	7,600		258,628
TeleTech Holdings, Inc.*	188,700		2,438,004
Ventiv Health, Inc.*	73,600		1,692,800
			14,633,596
Cable Television – 0.2%
Insight Communications Co., Inc. (Class “A” Stock)*	40,800		483,480
Mediacom Communications Corp.*	33,900		221,706
			705,186
Chemicals – 1.1%
Airgas, Inc.	11,900		284,291
Georgia Gulf Corp.	36,150		1,662,177
MacDermid, Inc.	12,300		399,750
Mosaic Co.*(a)	61,900		1,056,014
			3,402,232
Clothing & Apparel – 2.2%
Guess, Inc.*	143,900		1,971,430
J. Jill Group, Inc.*	145,800		2,006,208
K-Swiss, Inc. (Class “A” Stock)	21,700		716,751
Wolverine World Wide, Inc.	93,650		2,006,920
			6,701,309
Commercial Services – 0.1%
Quanta Services, Inc.*	57,800		441,014
Computer Hardware – 0.1%
Dot Hill Systems Corp.*	59,100		351,645

Computer Services & Software – 8.8%
Altiris, Inc.*	56,400	1,345,140
ANSYS, Inc.*	33,200	1,135,772
Aspen Technology, Inc.*	153,400	871,312
Cerner Corp.*(a)	65,300	3,428,902
Concur Technologies, Inc.*	42,400	344,288
Covansys Corp.*	50,300	750,225
Epicor Software Corp.*	33,200	434,920
FactSet Research Systems, Inc.	5,650	186,507
Hyperion Solutions Corp.*	14,200	626,362
Kronos, Inc.*	67,650	3,457,591
Magma Design Automation, Inc.*	73,100	867,697
MatrixOne, Inc.*	143,100	682,587
Micros Systems, Inc.*	28,300	1,038,893
Open Solutions, Inc.*	13,800	273,654
Parametric Technology Corp.*	498,900	2,788,851
Perot Systems Corp.*	16,300	219,072
Progress Software Corp.*	51,000	1,337,220
Quest Software, Inc.*	27,100	375,064
SS&C Technologies, Inc.	110,550	2,520,540
Transaction Systems Architects, Inc. (Class “A” Stock)*	16,600	384,290
Websense, Inc.*	24,000	1,291,200
Wind River Systems, Inc.*	17,000	256,360
Witness Systems, Inc.*	73,000	1,281,150
		25,897,597
Construction – 0.4%
Dycom Industries, Inc.*	51,800	1,190,882
Consumer Products & Services – 2.0%
Aaron Rents, Inc.	109,950	2,199,000
Coinstar, Inc.*	82,200	1,742,640
Nu Skin Enterprises, Inc. (Class “A” Stock)(a)	89,000	2,003,390
		5,945,030
Containers & Packaging – 2.0%
Crown Holdings, Inc.*	164,000	2,551,840
Silgan Holdings, Inc.	50,400	3,274,992
		5,826,832
Electronic Components & Equipment – 3.6%
BEI Technologies, Inc.	76,100	1,824,117
Brocade Communications Systems, Inc.*	445,600	2,637,952
EDO Corp.	10,500	315,525
Franklin Electric Co., Inc.	7,900	298,067
Littelfuse, Inc.*	86,700	2,483,955
MIPS Technologies, Inc.*	23,500	270,250
Rayovac Corp.*	11,500	478,400
Sonic Solutions*	51,300	772,065
TTM Technologies, Inc.*	72,700	760,442
Varian, Inc.*	300	11,367
WESCO International, Inc.*	30,800	862,400
		10,714,540
Entertainment & Leisure – 2.4%
Ameristar Casinos, Inc.	54,600	2,985,528
Argosy Gaming Co.*	75,100	3,448,592
Boyd Gaming Corp.	11,400	594,510
RC2 Corp.*	6,300	214,200
		7,242,830
Environmental Services – 0.5%
Casella Waste Systems, Inc.*	31,700	419,391
Waste Connections, Inc.*	33,050	1,148,488
		1,567,879
Equipment Services – 0.3%
Global Imaging Systems, Inc.*	23,200	822,672
Financial - Bank & Trust – 5.1%
Accredited Home Lenders Holding Co.*	44,400	1,608,612
East West Bancorp, Inc.	107,000	3,950,439
First BanCorp	13,500	570,375
Independent Bank Corp.	35,367	1,017,509
Pacific Capital Bancorp	7,933	236,245
R&G Financial Corp. (Class “B” Stock)(a)	97,200	3,029,724

Silicon Valley Bancshares*	43,600	1,921,016
Southwest Bancorporation of Texas, Inc.	27,000	495,450
Texas Regional Bancshares, Inc. (Class “A” Stock)	52,780	1,589,206
Wintrust Financial Corp.	19,100	899,419
		15,317,995
Financial Services – 0.7%
Affiliated Managers Group, Inc.*(a)	11,600	719,548
Euronet Worldwide, Inc.*	46,500	1,327,575
		2,047,123
Food – 0.3%
Wild Oats Markets, Inc.*	80,800	858,904
Furniture – 0.1%
Tempur-Pedic International, Inc.*	18,200	339,612
Healthcare Services – 4.7%
Allscripts Healthcare Solutions*	79,000	1,129,700
Amedisys, Inc.*	67,900	2,053,975
America Service Group, Inc.*	29,400	650,622
Apria Healthcare Group, Inc.*	62,800	2,015,880
Centene Corp.*	104,400	3,130,956
Magellan Health Services, Inc.*	18,300	623,115
Molina Healthcare, Inc.*(a)	17,100	788,139
NeighborCare, Inc.*(a)	22,400	655,200
Pediatrix Medical Group, Inc.*	15,200	1,042,568
Sierra Health Services, Inc.*	27,900	1,781,136
		13,871,291
Industrial Products – 0.9%
Ceradyne, Inc.*	101,600	2,272,792
Hexcel Corp.*	17,500	271,425
Mueller Industries, Inc.	8,000	225,200
		2,769,417
Insurance – 1.1%
Philadelphia Consolidated Holdings Corp.*	32,500	2,519,725
Zenith National Insurance Corp.	16,800	871,248
		3,390,973
Internet Services – 4.7%
CNET Networks, Inc.*(a)	105,600	996,864
Cybersource Corp.*	99,200	510,880
Digi International, Inc.*	59,000	809,480
Digital Insight Corp.*	59,100	969,240
Digital River, Inc.*	41,300	1,286,908
EarthLink, Inc.*	145,500	1,309,500
eResearch Technology, Inc.*	54,150	637,887
F5 Networks, Inc.*(a)	35,300	1,782,297
InfoSpace, Inc.*(a)	28,800	1,175,904
Openwave Systems, Inc.*	99,300	1,210,467
Priceline.com, Inc.*(a)	37,683	949,612
RSA Security, Inc.*	72,400	1,147,540
S1 Corp.*	29,700	206,118
WebEx Communications, Inc.*	43,900	947,801
		13,940,498
Machinery & Equipment – 3.3%
Cognex Corp.	34,900	868,312
IDEX Corp.	25,900	1,045,065
JLG Industries, Inc.	45,300	976,215
Middleby Corp.	39,700	1,961,180
Terex Corp.*(a)	75,300	3,260,490
Toro Co. (The)	19,200	1,699,200
		9,810,462
Medical Supplies & Equipment – 8.6%
Align Technology, Inc.*	272,800	1,702,272
American Medical Systems Holdings, Inc.*	136,000	2,336,480
Biosite, Inc.*(a)	15,500	806,465
Haemonetics Corp.*	63,800	2,689,808
Hologic, Inc.*	8,300	264,563
Immucor, Inc.*	102,825	3,104,286
Integra LifeSciences Holdings Corp.*(a)	62,600	2,204,772
Merit Medical Systems, Inc.*	9,622	115,368
PolyMedica Corp.	61,500	1,953,240

Serologicals Corp.*(a)	113,100	2,764,164
SurModics, Inc.*	23,000	733,930
Sybron Dental Specialties, Inc.*	20,500	735,950
Third Wave Technologies, Inc.*	283,600	1,633,536
Ventana Medical Systems, Inc.*	106,600	3,993,235
VISX, Inc.*	11,600	271,904
		25,309,973
Metals & Mining – 1.5%
Century Aluminum Co.*	16,100	487,186
Hecla Mining Co.*	141,900	777,612
Steel Dynamics, Inc.(a)	91,000	3,134,950
		4,399,748
Oil & Gas – 7.0%
Berry Petroleum Co. (Class “A” Stock)	10,900	560,805
Cabot Oil & Gas Corp.	18,100	998,215
Comstock Resources, Inc.*	131,700	3,785,058
Denbury Resources, Inc.*	87,100	3,068,533
KCS Energy, Inc.*(a)	210,600	3,234,816
Mission Resources Corp.*	39,600	280,368
Penn Virginia Corp.	7,400	339,660
Plains Exploration & Production Co.*	49,500	1,727,550
Remington Oil & Gas Corp.*	51,900	1,635,888
Spinnaker Exploration Co.*	37,700	1,339,481
Stone Energy Corp.*	57,300	2,783,061
Whiting Petroleum Corp.*	28,200	1,149,996
		20,903,431
Pharmaceuticals – 6.5%
Connetics Corp.*	116,200	2,938,698
Enzon Pharmaceuticals, Inc.*	117,700	1,199,363
First Horizon Pharmaceutical Corp.*	91,600	1,546,208
Keryx Biopharmaceuticals, Inc.*	12,500	167,000
Kos Pharmaceuticals, Inc.*	69,300	2,888,424
Ligand Pharmaceuticals, Inc. (Class “B” Stock)*(a)	102,100	585,033
Nabi Biopharmaceuticals*	10,300	128,544
Noven Pharmaceuticals, Inc.*	32,400	549,504
Par Pharmaceuticals Cos., Inc.*(a)	16,800	561,792
Perrigo Co.	54,600	1,045,590
POZEN, Inc.*	44,500	231,845
Salix Pharmaceuticals Ltd.*	83,500	1,376,915
SFBC International, Inc.*	46,850	1,650,994
United Therapeutics Corp.*	42,000	1,919,190
Valeant Pharmaceuticals International	116,100	2,614,572
		19,403,672
Printing & Publishing – 0.6%
Consolidated Graphics, Inc.*	20,800	1,094,080
Nelson, (Thomas), Inc.	14,600	345,290
Valassis Communications, Inc.*	6,300	220,248
		1,659,618
Real Estate – 1.4%
Alexandria Real Estate Equities, Inc. [REIT]	12,100	778,998
Essex Property Trust, Inc. [REIT]	13,400	923,796
Jones Lang Lasalle, Inc.*[REIT]	6,500	303,225
New Century Financial Corp. [REIT]	18,100	847,442
Taubman Centers, Inc. [REIT]	13,500	374,490
Washington Real Estate Investment Trust [REIT]	34,200	983,250
		4,211,201
Restaurants – 2.2%
CEC Entertainment, Inc.*	100,800	3,689,280
CKE Restaurants, Inc.*	177,000	2,805,450
		6,494,730
Retail & Merchandising – 6.0%
Aeropostale, Inc.*	99,200	3,248,800
Cash America International, Inc.	38,000	833,340
Coldwater Creek, Inc.*	51,375	949,410
Dick’s Sporting Goods, Inc.*(a)	40,400	1,483,892
Genesco, Inc.*	18,200	517,244
Gymboree Corp. (The)*	60,800	762,432

Overstock.com, Inc.*(a)		28,300	1,216,617
Pantry, Inc. (The)*		47,000	1,455,590
School Specialty, Inc.*		11,700	458,172
Select Comfort Corp.*		101,400	2,072,616
Stein Mart, Inc.*		154,300	3,471,750
Yankee Candle Co., Inc.		48,500	1,537,450
			18,007,313
Semiconductors – 6.7%
AMIS Holdings, Inc.*		66,300	748,527
Cirrus Logic, Inc.*		290,700	1,313,964
Emulex Corp.*		123,300	2,322,972
Helix Technology Corp.		23,500	363,545
Kulicke & Soffa Industries, Inc.*		71,200	447,848
Micrel, Inc.*		239,400	2,207,268
Microsemi Corp.*		165,200	2,691,108
Omnivision Technologies, Inc.*(a)		132,400	2,005,860
Photronics, Inc.*		114,300	2,068,830
Pixelworks, Inc.*		37,700	307,255
Silicon Image, Inc.*		170,000	1,710,200
Skyworks Solutions, Inc.*		312,400	1,983,740
Standard Microsystems Corp.*		100,600	1,746,416
			19,917,533
Telecommunications – 4.2%
Alamosa Holdings, Inc.*(a)		132,100	1,541,607
Arris Group, Inc.*		171,100	1,182,301
Aspect Communications Corp.*		25,000	260,250
C-COR, Inc.*		84,500	513,760
Golden Telecom, Inc.(a)		89,400	2,288,640
Inter-Tel, Inc.		10,000	245,000
InterDigital Communications Corp.*		127,800	1,957,896
Novatel Wireless, Inc.*		44,500	478,375
Premiere Global Services, Inc.*		259,800	2,940,936
UbiquiTel, Inc.*		161,300	1,080,710
			12,489,475
Transportation – 1.0%
Knight Transportation, Inc.		119,500	2,948,065
TOTAL LONG-TERM INVESTMENTS (Cost $271,774,023)			296,296,582
	Principal Amount (000)
SHORT-TERM INVESTMENTS – 11.8%
Certificate of Deposit – 0.4%
Banco Santander PR	$	1,259	1,258,660
2.72%, 04/07/05 (b)(c)
Commercial Paper – 2.1%
Countrywide Home Loans		2,996	2,988,989
2.816%, 04/27/05 (b)
Skandinaviska Enskilda Banken		3,003	3,002,807
2.80%, 04/17/05 (b)(c)
Nordeutsche Landesbank		443	442,175
2.805%, 04/18/05 (b)
			6,433,971
Corporate Obligations – 0.5%
Goldman Sachs Group, Inc.		555	554,665
2.955%, 04/01/05 (b)(c)
Merrill Lynch & Co., Inc.		875	875,038
2.975%, 04/01/05 (b)
			1,429,703
Time Deposits – 1.5%
Chase Manhattan Bank		3,538	3,537,703
2.843%, 04/01/05 (b)
Societe Generale NY		935	935,276
2.875%, 04/01/05 (b)
			4,472,979

U.S. Government Agency Obligations – 0.2%
U.S. Treasury Bills	630		628,805
2.37%, 04/28/05(k)(n)
Non-Registered Investment Company – 7.1%
	Shares
BlackRock Institutional Money Market Trust(b) (j)	20,951,643		20,951,643
TOTAL SHORT-TERM INVESTMENTS (Cost $35,175,836)			35,175,761
Total Investments — 111.3% (Cost $306,949,859 (p))			331,472,343
Liabilities in Excess of Other Assets — (11.3%)			(33,527,684	)
Net Assets — 100.0%		$	297,944,659

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)	All or a portion of security is on loan. The aggregate market value of such securities is $33,366,718; cash collateral of $34,546,956 (included with liabilities) 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 next date on which the rate of interest is adjusted.
(j)	Security available to institutional investors only.
(k)	Securities with an aggregate market value of $628,805 have been segregated with the custodian to cover margin requirements for the following open futures contracts at March 31, 2005:

Number of Contracts	Type	Expiration Month	Value at Trade Date		Value at March 31, 2005		Unrealized Depreciation
Long Positions:
4	Russell 2000	Jun 05	$	1,270,999	$	1,235,800	$	(35,199	)

(n)	Rates shown are the effective yields at purchase date.
(p)	The United States federal income tax basis of the Fund’s investments was $307,861,632; accordingly, net unrealized appreciation on investments for federal income tax purposes was $23,610,711 (gross unrealized appreciation - $41,864,247; gross unrealized depreciation - $18,253,536). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST Federated Aggressive Growth Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 94.3%
COMMON STOCK – 94.2%
Advertising – 0.9%
Lamar Advertising Co.*	27,700	$	1,116,033
Monster Worldwide, Inc.*	54,460		1,527,603
Valueclick, Inc.*	69,040		732,514
			3,376,150
Aerospace – 3.1%
DRS Technologies, Inc.*	78,411		3,332,468
Innovative Solutions and Support, Inc.*	255,000		8,096,250
			11,428,718
Automotive Parts – 8.3%
Advance Auto Parts, Inc.*	500,000		25,225,000
Monro Muffler Brake, Inc.*	195,531		5,046,655
			30,271,655
Broadcasting – 0.3%
SKY Perfect Communications, Inc. (Japan)	1,256		976,876
Building Materials – 0.2%
Simpson Manufacturing Co., Inc.	20,520		634,068
Business Services – 4.2%
Arbitron, Inc.*	16,400		703,560
CoStar Group, Inc.*	42,257		1,557,170
Ctrip.com International Ltd. [ADR] (China)*	61,600		2,331,560
Discovery Partners International*	266,500		852,800
Exponent, Inc.*	27,035		645,866
Indus International, Inc.*	226,400		552,416
Infocrossing, Inc.*	204,200		3,234,528
NuCo2, Inc.*	161,600		4,250,081
Onvia, Inc.*	122,800		627,508
Visual Networks, Inc.*	183,780		551,340
			15,306,829
Cable Television – 6.8%
Central European Media Enterprises Ltd. (Class “A” Stock)*	442,888		21,905,240
Lodgenet Entertainment Corp.*	88,971		1,676,214
Premiere AG (Germany)*	28,200		1,167,948
			24,749,402
Chemicals – 0.6%
Cabot Microelectronics Corp.*	65,770		2,063,863
Clothing & Apparel – 1.2%
Carter’s, Inc.*	80,800		3,211,800
Celebrate Express, Inc.*	58,900		1,153,851
			4,365,651
Commercial Services – 0.8%
20-20 Technologies, Inc. (Canada)*144A	264,800		2,035,744
TNS, Inc.*	46,800		840,060
			2,875,804
Computer Hardware – 1.9%
Komag, Inc.*	98,800		2,208,180
Maxtor Corp.*	743,200		3,953,824
Mobility Electronics, Inc.*	123,500		863,265
			7,025,269

Computer Services & Software – 7.0%
Altiris, Inc.*	69,168	1,649,657
Business Objects SA [ADR] (France)*	44,780	1,204,134
Cognos, Inc. (Canada)*	16,778	703,669
Epicor Software Corp.*	306,500	4,015,150
FileNET Corp.*	72,856	1,659,660
Fundtech Ltd.*	81,000	810,000
Hummingbird Ltd. (Canada)*	35,300	846,847
Hyperion Solutions Corp.*	73,400	3,237,674
Magma Design Automation, Inc.*	163,240	1,937,659
Motive, Inc.*	122,900	1,229,000
NAVTEQ Corp.*	45,800	1,985,430
Niku Corp.*	121,800	2,198,490
Pervasive Software, Inc.*	186,744	859,022
Quest Software, Inc.*	116,000	1,605,440
SS&C Technologies, Inc.	43,800	998,640
SupportSoft, Inc.*	84,200	444,576
Telvent GIT SA (Spain)*	17,400	173,130
		25,558,178
Consumer Products & Services – 0.9%
1-800-Flowers.com, Inc.*	224,400	1,698,708
Concorde Career Colleges, Inc.*	50,900	865,300
Prestige Brands Holdings, Inc.*	47,200	833,080
		3,397,088
Diversified Operations – 0.2%
RHJ International (Belgium)*144A	20,700	591,674
Education – 0.3%
Educate, Inc.*	69,600	965,352
Electronic Components & Equipment – 2.2%
CEVA, Inc.*	129,978	961,837
M-Systems Flash Disk Pioneers Ltd. (Israel)*	60,400	1,331,216
PowerDsine Ltd. (Israel)*	220,600	2,249,017
Sonic Solutions, Inc.*	176,600	2,657,830
Vicor Corp.	76,256	796,113
		7,996,013
Entertainment & Leisure – 1.5%
Dolby Laboratories, Inc. (Class “A” Stock)*	104,700	2,460,450
JAMDAT Mobile, Inc.*	8,500	146,540
Speedway Motorsports, Inc.	73,300	2,616,810
Winnebago Industries, Inc.	4,100	129,560
		5,353,360
Financial - Consumer – 0.3%
Advance America Cash Advance Centers, Inc.*	69,500	1,075,860
Financial Services – 1.7%
Affiliated Managers Group, Inc.*	17,287	1,072,313
Bankrate, Inc.*	35,700	478,023
Federal Agricultural Mortgage Corp. (Class “C” Stock)	438	7,661
QC Holdings, Inc.*	230,400	3,462,911
SFGC Co. Ltd. (Japan)	5,000	1,217,010
		6,237,918
Food – 0.3%
B&G Foods Holding Corp.	37,700	561,730
Centerplate, Inc.	40,300	511,004
		1,072,734
Healthcare Services – 1.2%
Adeza Biomedical Corp.*	16,700	203,406
Magellan Health Services, Inc.*	45,200	1,539,060
Northfield Laboratories, Inc.*	39,800	447,750
United Surgical Partners International, Inc.*	49,090	2,246,849
		4,437,065
Hotels & Motels – 0.4%
Orient-Express Hotels Ltd.	52,793	1,377,897
Industrial Products – 0.5%
Interline Brands, Inc.*	48,200	921,102
Roper Industries, Inc.	11,300	740,150
		1,661,252

Insurance – 0.8%
Endurance Specialty Holdings Ltd.	18,400	696,256
Mercury General Corp.	10,500	580,230
Philadelphia Consolidated Holdings Corp.*	19,224	1,490,437
		2,766,923
Internet Services – 2.6%
Blackboard, Inc.*	143,900	2,509,616
eCollege.com, Inc.*	82,066	1,061,934
Jupitermedia Corp.*	29,200	452,892
Mediagrif Interactive Technologies, Inc. (Canada)*	132,800	1,086,815
NIC, Inc.*	185,792	886,228
Online Resources Corp.*	257,159	2,265,571
Online Resources Corp.*144A	61,000	537,410
S1 Corp.*	124,900	866,806
		9,667,272
Medical Supplies & Equipment – 6.6%
ArthroCare Corp.*	30,800	877,800
Bioenvision, Inc.*	131,300	754,975
Cambridge Heart, Inc.*	431,400	150,990
Ciphergen Biosystems, Inc.*	341,400	945,678
Conceptus, Inc.*	800	6,240
Cytyc Corp.*	128,148	2,948,685
Digirad Corp.*	66,300	513,825
Endologix, Inc.*	89,300	513,475
Illumina, Inc.*	74,100	598,728
Inamed Corp.*	119,630	8,359,745
Kyphon, Inc.*	72,574	1,826,688
Orthofix International NV (Netherlands)*	161,934	6,339,716
Stratagene Corp.*	18,800	166,004
Zoll Medical Corp.*	6,200	139,686
		24,142,235
Pharmaceuticals – 7.7%
Abgenix, Inc.*	389,000	2,723,000
Acadia Pharmaceuticals, Inc.*	14,900	102,810
Acusphere, Inc.*	176,100	952,701
Adaltis, Inc. (Canada)*144A	41,000	133,876
Adaltis, Inc. (Canada)*	36,900	120,489
Alexion Pharmaceuticals, Inc.*	220,804	4,783,719
Auxilium Pharmaceuticals, Inc.*	102,900	615,342
Biovail Corp. (Canada)*	94,700	1,428,076
Cubist Pharmaceuticals, Inc.*	79,700	846,414
Dynavax Technologies Corp.*	358,700	1,675,129
Eyetech Pharmaceuticals, Inc.*	40,900	1,124,750
Genaera Corp.*	596,900	1,360,932
I-Flow Corp.*	40,500	641,115
Nektar Therapeutics*	20,800	289,952
Neurochem, Inc. (Canada)*	221,400	2,636,874
Penwest Pharmaceuticals Co.*	137,500	1,699,500
Point Therapeutics, Inc.*	350,000	1,417,500
Progenics Pharmaceuticals, Inc.*	107,400	1,805,394
Regeneron Pharmaceuticals, Inc.*	36,500	186,515
Spectrum Pharmaceuticals, Inc.*	104,100	619,395
Transkaryotic Therapies, Inc.*	25,200	629,118
Vical, Inc.*	292,700	1,170,800
Vicuron Pharmaceuticals, Inc.*	58,200	917,232
Xenova Group PLC [ADR] (United Kingdom)*	135,900	129,105
YM Biosciences, Inc. (Canada)*	121,900	312,383
		28,322,121
Real Estate – 1.3%
BioMed Realty Trust, Inc. [REIT]	10,400	214,240
First Potomac Realty Trust [REIT]	58,400	1,334,440
Global Signal, Inc. [REIT]	21,100	632,156
U-Store-It Trust [REIT]	21,900	381,060
Wetherspoon, (J.D.) PLC (United Kingdom)	425,816	2,074,080
ZipRealty, Inc.*	4,000	56,360
		4,692,336

Restaurants – 3.3%
Applebee’s International, Inc.	32,100	884,676
Buffalo Wild Wings, Inc.*	97,300	3,680,859
Cheesecake Factory, Inc. (The)*	134,742	4,776,604
Texas Roadhouse, Inc. (Class “A” Stock)*	98,200	2,757,456
		12,099,595
Retail & Merchandising – 8.8%
A.C. Moore Arts & Crafts, Inc.*	149,900	3,996,334
Cabela, Inc.*	41,100	847,893
Cache, Inc.*	172,600	2,338,730
Cost Plus, Inc.*	69,900	1,878,912
Design Within Reach, Inc.*	26,600	418,551
Dick’s Sporting Goods, Inc.*	151,054	5,548,213
New York & Company, Inc.*	164,800	3,307,536
PC Mall, Inc.*	96,200	1,194,804
PETCO Animal Supplies, Inc.*	350,000	12,883,499
Submarino SA [ADR] (Brazil)*144A	17,500	271,425
		32,685,897
Semiconductors – 5.9%
ARM Holdings PLC [ADR] (United Kingdom)	130,829	784,974
ATI Technologies, Inc. (Canada)*	86,670	1,495,924
Cirrus Logic, Inc.*	322,300	1,456,796
CSR PLC (United Kingdom)*	767,700	4,743,994
Emcore Corp.*	303,800	1,023,806
MEMC Electronic Materials, Inc.*	257,500	3,463,375
Microsemi Corp.*	143,300	2,334,357
MKS Instruments, Inc.*	51,600	819,408
Sigmatel, Inc.*	83,400	3,121,662
Ultratech Stepper, Inc.*	149,000	2,175,400
		21,419,696
Telecommunications – 2.5%
ADTRAN, Inc.	108,600	1,915,704
Foundry Networks, Inc.*	38,464	380,794
Intrado, Inc.*	55,537	683,105
MasTec, Inc.*	102,300	839,883
Orckit Communications Ltd. (Israel)*	30,000	1,669,200
RADVision Ltd. (Israel)*	221,010	2,797,986
Time Warner Telecom, Inc.*	260,600	1,034,582
		9,321,254
Transportation – 9.8%
ABX Air, Inc.*	1,540,980	11,156,694
CNF, Inc.	37,800	1,768,662
Expeditors International of Washington, Inc.	59,996	3,212,786
Forward Air Corp.*	127,500	5,428,950
Kuehne & Nagel International AG (Switzerland)*	1,050	226,496
Landstar System, Inc.*	25,600	838,400
Overnite Corp.	177,200	5,668,628
Quality Distribution, Inc.*	465,200	5,047,420
Ryder System, Inc.	67,600	2,818,920
		36,166,956
Utilities – 0.1%
Consolidated Water Co. Ltd.	13,600	452,880
TOTAL COMMON STOCK (Cost $296,702,983)		344,535,841
WARRANTS* – 0.1%
Pharmaceuticals
Point Therapeutics, Inc., Expiring on 09/24/2008*(o) (Cost $0)	175,000	243,250
TOTAL LONG-TERM INVESTMENTS (Cost $296,702,983)		344,779,091

	Principal Amount (000)	Value
SHORT-TERM INVESTMENTS – 5.0%
Repurchase Agreements
Greenwich Capital Markets, Inc. 2.55%, date 03/31/05, maturing 04/01/05, repurchase price $18,286,295 (Collateralized by U.S. Treasury Bill, par value $18,919,000, market value $18,660,939, due 09/08/05)	18,285		18,285,000
TOTAL SHORT-TERM INVESTMENTS (Cost $18,285,000)			18,285,000
Total Investments — 99.3% (Cost $314,987,983(p))			363,064,091
Other Assets in Excess of Liabilities — 0.7%			2,484,445
Net Assets — 100.0%		$	365,548,536

The following abbreviations 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.

ADR American Depository Receipt

REIT Real Estate Investment Trust

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(o) Fair valued security.

(p) The United States federal income tax basis of the Fund’s investments was $315,662,956; accordingly, net unrealized appreciation on investments for federal income tax purposes was $47,401,135 (gross unrealized appreciation - $67,697,234; gross unrealized depreciation - $20,296,099). The difference between book and tax basis is attributable to deferred losses on wash sales.

AST Goldman Sachs Small-Cap Value Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 98.8%
COMMON STOCK – 98.7%
Basic Materials - Chemical – 3.5%
Agrium, Inc. (Canada)	204,194	$	3,726,541
Albemarle Corp.	56,719		2,062,303
Carlisle Cos., Inc.	2,600		181,402
Minerals Technologies, Inc.	30,021		1,974,781
NuCo2, Inc.*	22,677		596,405
Penford Corp.	35,747		580,889
Rohm & Haas Co.	20,440		981,120
			10,103,441
Basic Materials - Forest – 2.0%
Caraustar Industries, Inc.*	268,820		3,467,778
Packaging Corp. of America(a)	31,308		760,471
Universal Forest Products, Inc.	36,822		1,430,535
Wausau-Mosinee Paper Corp.	15,290		216,201
			5,874,985
Basic Materials - Mining – 2.9%
Commercial Metals Co.	71,939		2,438,012
Maverick Tube Corp.*	31,370		1,019,839
Mueller Industries, Inc.	77,225		2,173,884
Nucor Corp.(a)	8,118		467,272
Oregon Steel Mills, Inc.*	49,988		1,149,724
Peabody Energy Corp.	10,000		463,600
Schnitzer Steel Industries, Inc. (Class “A” Stock)	18,912		637,902
			8,350,233
Consumer Cyclicals - Construction – 3.3%
Beazer Homes USA, Inc.	30,538		1,522,625
Comfort Systems USA, Inc.*	45,061		349,223
ElkCorp	28,830		1,108,802
Jacuzzi Brands, Inc.*	146,263		1,427,527
Lennar Corp. (Class “A” Stock)	23,415		1,327,162
Lennox International, Inc.	44,922		984,690
Modtech Holdings, Inc.*	29,500		250,750
Standard Pacific Corp.	21,798		1,573,597
Texas Industries, Inc.	12,712		683,270
WCI Communities, Inc.*(a)	17,916		538,913
			9,766,559
Consumer Cyclicals - Consumer Durables – 0.8%
Mohawk Industries, Inc.*(a)	9,974		840,808
Select Comfort Corp.*	48,927		1,000,068
Stanley Works(a)	9,500		430,065
			2,270,941
Consumer Cyclicals - Hotels – 0.2%
Hilton Hotels Corp.	22,270		497,735
Consumer Cyclicals - Leisure & Entertainment – 1.5%
Argosy Gaming Co.*	6,096		279,928
Aztar Corp.*	27,605		788,399
Callaway Golf Co.	32,400		414,720
Fossil, Inc.*(a)	26,697		692,120
Harrah’s Entertainment, Inc.	9,638		622,422
K2, Inc.*	117,351		1,613,576
			4,411,165
Consumer Cyclicals - Motor Vehicle – 1.8%
American Axle & Manufacturing Holdings, Inc.	47,363		1,160,393
ArvinMeritor, Inc.	46,410		717,963
Autoliv, Inc.	12,012		572,372
Commercial Vehicle Group, Inc.*	4,090		81,800
Lear Corp.	8,971		397,954
Lo-Jack Corp.*	54,069		744,530

Methode Electronics, Inc. (Class “A” Stock)	36,522	442,281
Tenneco Automotive, Inc.*	89,512	1,115,320
		5,232,613
Consumer Cyclicals - Retail Apparel – 4.5%
Aaron Rents, Inc.	102,212	2,044,241
Big Lots, Inc.*(a)	41,445	498,169
Brookstone, Inc.*	80,478	1,305,353
Dress Barn, Inc.*	26,547	483,686
Federated Department Stores, Inc.	16,141	1,027,213
Gymboree Corp.*	157,079	1,969,771
K-Swiss, Inc. (Class “A” Stock)	32,647	1,078,330
Kellwood Co.	38,046	1,095,344
Penney, (J.C.) Co., Inc.	18,329	951,642
Ross Stores, Inc.	14,682	427,833
Sharper Image Corp.*	49,927	829,287
Talbots, Inc.	13,300	425,334
Zale Corp.*	41,523	1,234,064
		13,370,267
Consumer Staples - Food & Beverage – 2.0%
American Italian Pasta Co. (Class “A” Stock)(a)	36,029	987,195
Archer-Daniels-Midland Co.(a)	24,086	592,034
Hain Celestial Group, Inc.*	44,967	838,185
Pepsi Bottling Group, Inc.	9,020	251,207
Sensient Technologies Corp.(a)	130,744	2,818,840
Smithfield Foods, Inc.*	9,400	296,570
		5,784,031
Consumer Staples - Home Products – 2.0%
Clorox Co.	17,273	1,088,026
Elizabeth Arden, Inc.*	101,147	2,401,229
Helen of Troy Ltd. (Bermuda)*	49,520	1,355,858
Jarden Corp.*	13,477	618,325
Lauder, (Estee) Cos., Inc. (Class “A” Stock)	2,330	104,803
Oneida Ltd.*(a)	106,919	267,298
		5,835,539
Consumer Staples - Restaurants – 0.9%
BUCA, Inc.*	128,322	805,734
California Pizza Kitchen, Inc.*	39,550	927,052
Total Entertainment Restaurant Corp.*	71,670	816,321
Yum! Brands, Inc.	2,759	142,944
		2,692,051
Consumer Staples - Tobacco – 0.2%
Reynolds, (R.J.) Tobacco Holdings, Inc.	5,758	464,037
Energy - Diversified Energy – 1.1%
Cleco Corp.	19,942	424,765
CMS Energy Corp.*	63,841	832,487
Western Gas Resources, Inc.	23,511	809,954
Williams Cos., Inc.	63,294	1,190,559
		3,257,765
Energy - Energy Resources – 4.5%
EOG Resources, Inc.	45,936	2,238,921
Parallel Petroleum Corp.*	62,540	459,669
Patina Oil & Gas Corp.	13,353	534,120
Range Resources Corp.	208,672	4,874,578
Unocal Corp.	17,300	1,067,237
Whiting Petroleum Corp.*	107,150	4,369,577
		13,544,102
Energy - Oil Refining – 0.7%
Frontier Oil Corp.	57,827	2,096,807
Energy - Oil Services – 1.2%
Hydril Co.*	12,791	747,122
Patterson-UTI Energy, Inc.	53,339	1,334,542
Petroleum Development Corp.*	10,562	398,082
W-H Energy Services, Inc.*	11,767	281,584
Willbros Group, Inc. (Panama)*	29,504	595,981
		3,357,311
Financial - Banks – 9.2%
Alabama National Bancorp	28,250	1,748,393
Alliance Bankshares Corp.*	20,161	311,487

Bancorp Bank (The)*	88,157	1,234,198
Berkshire Hills Bancorp, Inc.	22,946	774,428
Brookline Bancorp, Inc.(a)	82,905	1,235,285
Cardinal Financial Corp.*	51,436	473,211
Central Pacific Financial Corp.	34,058	1,146,052
Citizens Banking Corp.	81,246	2,385,382
Commerce Bancshares, Inc.	8,632	416,062
First Community Bancorp	22,685	1,004,946
First Niagara Financial Group, Inc.	157,944	2,086,440
First Oak Brook Bancshares, Inc.	15,764	461,728
Firstmerit Corp.	35,800	958,008
IBERIABANK Corp.	22,700	1,277,102
Interchange Financial Services Corp.	11,184	192,924
KeyCorp	16,505	535,587
M&T Bank Corp.	10,520	1,073,671
Main Street Banks, Inc.	32,507	860,785
Millennium Bankshares Corp.*	56,405	479,443
Northern Trust Corp.	13,044	566,631
PFF Bancorp, Inc.	109,209	3,014,167
Placer Sierra Bancshares	33,956	779,969
Prosperity Bancshares, Inc.	17,573	465,509
Southcoast Financial Corp.*	21,849	532,247
Sterling Bancorp	21,146	513,213
Sun Bancorp, Inc.*	9,833	225,028
Texas United Bancshares, Inc.	22,677	408,186
United Community Banks, Inc.	35,661	846,236
West Coast Bancorp.	5,122	121,904
Zions Bancorporation	12,700	876,554
		27,004,776
Financial - Brokers – 0.8%
Bear Stearns Cos., Inc.	5,875	586,913
Knight Trading Group, Inc.*	137,401	1,324,545
optionsXpress Holdings, Inc.*	20,641	334,178
		2,245,636
Financial - Securities/Asset Management – 0.6%
Affiliated Managers Group, Inc.*	29,088	1,804,329
Financial - Thrifts – 2.2%
BankUnited Financial Corp.	68,165	1,830,912
Fidelity Bankshares, Inc.	61,396	1,410,880
IndyMac Bancorp, Inc.	44,434	1,510,756
Irwin Financial Corp.	36,164	832,495
NetBank, Inc.	91,454	775,530
		6,360,573
Financial Services – 2.6%
Accredited Home Lenders Holding Co.*	94,742	3,432,504
American Capital Strategies Ltd.	19,288	605,836
Apollo Investment Corp.	61,271	1,028,127
CIT Group, Inc.	19,576	743,888
Financial Federal Corp.	47,420	1,677,245
		7,487,600
Health Care - Biotechnology – 0.9%
Cell Therapeutics, Inc.*(a)	125,273	449,730
MedImmune, Inc.*	28,885	687,752
Renovis, Inc.*(a)	72,541	585,406
United Therapeutics Corp.*	19,101	872,820
		2,595,708
Health Care - Drugs – 0.7%
Charles River Laboratories International, Inc.*	8,924	419,785
IVAX Corp.*(a)	28,300	559,491
PAREXEL International Corp.*	28,848	677,928
Watson Pharmaceuticals, Inc.*	14,202	436,427
		2,093,631
Health Care - Medical Products – 1.6%
Abaxis, Inc.*	46,326	409,985
Conceptus, Inc.*	142,811	1,113,926
NDCHealth Corp.(a)	73,239	1,170,360
PSS World Medical, Inc.*	87,485	994,704
Thermogenesis Corp.*	174,966	874,830
		4,563,805

Health Care - Medical Providers – 1.0%
Psychiatric Solutions, Inc.*	11,867	545,882
Radiologix, Inc.*	230,088	987,077
United Surgical Partners International, Inc.*	20,274	927,941
Web MD Corp.*	52,759	448,452
		2,909,352
Healthcare REIT – 0.2%
Omega Healthcare Investors, Inc. [REIT]	61,349	673,612
Industrials - Components – 3.4%
Actuant Corp.*	45,465	2,042,288
American Standard Cos., Inc.	18,926	879,680
Applied Industrial Technologies, Inc.	17,555	477,496
Eaton Corp.	5,351	349,955
Hughes Supply, Inc.	39,093	1,163,017
Lindsay Manufacturing Co.	21,465	409,552
Wabash National Corp.	193,664	4,725,402
		10,047,390
Industrials - Defense/Aerospace – 1.1%
Ducommun, Inc.*	48,622	972,440
EDO Corp.	36,581	1,099,259
Rockwell Collins, Inc.	20,947	996,868
		3,068,567
Industrials - Diversified – 1.1%
GrafTech International Ltd.*	335,324	1,907,994
Lydall, Inc.*	118,384	1,314,062
		3,222,056
Industrials - Electrical Equipment – 0.9%
Amphenol Corp.	12,087	447,702
Baldor Electric Co.	23,532	607,361
Cooper Industries Ltd. (Class “A” Stock)	2,700	193,104
(Bermuda)
CyberOptics Corp.*	29,365	366,475
Franklin Electric Co., Inc.	26,430	997,205
		2,611,847
Industrials - Machinery – 0.5%
MTS Systems Corp.	3,175	92,170
Tennant Co.	7,675	296,946
Terex Corp.*	24,078	1,042,577
		1,431,693
Insurance - Health Insurance – 0.4%
Health Net, Inc.*(a)	32,531	1,064,089
Insurance - Life Insurance – 0.8%
StanCorp Financial Group, Inc.	18,182	1,541,470
Torchmark Corp.	13,480	703,656
		2,245,126
Insurance - Property Insurance – 4.1%
Ambac Financial Group, Inc.	7,101	530,800
Aspen Insurance Holdings, Ltd. (Bermuda)*	27,925	703,989
Donegal Group, Inc.	25,544	464,134
Everest Re Group Ltd. (Bermuda)	9,884	841,227
Hub International Ltd. (Canada)	11,446	220,908
Navigators Group, Inc.*	22,615	749,574
NYMAGIC, Inc.	19,329	458,097
PartnerRe Ltd. (Bermuda)	14,033	906,532
PMI Group, Inc. (The)	10,364	393,936
ProAssurance Corp.*	39,879	1,575,221
Procentury Corp.	86,330	905,602
PXRE Group Ltd. (Bermuda)	49,616	1,272,650
RenaissanceRe Holdings Ltd. (Bermuda)	20,469	955,902
RLI Corp.	40,642	1,684,611
Willis Group Holdings Ltd. (United Kingdom)	17,455	643,566
		12,306,749
Real Estate - Other – 0.2%
Hersha Hospitality Trust [REIT]	20,591	205,292
Spirit Finance Corp. [REIT]	26,557	288,409
		493,701
Real Estate Investment Trust - Apartment – 1.0%
American Campus Communities, Inc. [REIT]	11,089	232,869

Apartment Investment & Management Co.	24,470	910,283
(Class “A” Stock) [REIT]
Gables Residential Trust [REIT]	17,589	585,714
Post Properties, Inc. [REIT]	19,289	598,731
Town & Country Trust [REIT]	20,867	551,932
		2,879,529
Real Estate Investment Trust - Hotels – 0.4%
LaSalle Hotel Properties [REIT]	40,465	1,175,508
Real Estate Investment Trust - Mortgage – 0.4%
MFA Mortgage Investments, Inc. [REIT]	136,981	1,042,425
Real Estate Investment Trust - Office Industrial – 2.6%
AmeriVest Properties, Inc. [REIT]	38,200	197,876
Brandywine Realty Trust [REIT]	46,003	1,306,485
Corporate Office Properties Trust [REIT]	8,824	233,660
Lexington Corp. Properties Trust [REIT]	64,702	1,419,562
Parkway Properties, Inc. [REIT]	42,854	2,001,282
Prentiss Properties Trust [REIT]	66,872	2,284,347
		7,443,212
Real Estate Investment Trust - Other REIT – 4.2%
Affordable Residential Communities, Inc. [REIT]	27,877	352,644
BioMed Realty Trust, Inc. [REIT]	39,426	812,176
Capital Automotive [REIT]	59,679	1,976,568
Commercial Net Lease Realty, Inc. [REIT]	94,506	1,743,636
Correctional Properties Trust [REIT]	57,936	1,462,884
Entertainment Properties Trust [REIT]	23,248	963,165
iStar Financial, Inc. [REIT]	37,524	1,545,238
Plum Creek Timber Co., Inc. [REIT]	19,306	689,224
RAIT Investment Trust [REIT]	74,405	1,995,542
U-Store-It Trust [REIT]	34,220	595,428
		12,136,505
Real Estate Investment Trust - Retail – 0.8%
Acadia Realty Trust [REIT]	44,714	719,001
Agree Realty Corp. [REIT]	35,240	950,775
Developers Diversified Realty Corp. [REIT]	18,425	732,394
		2,402,170
Services - Environmental – 0.6%
Republic Services, Inc.	17,893	599,058
TRC Cos., Inc.*	21,128	310,582
Waste Connections, Inc.*	25,522	886,889
		1,796,529
Services - Industrial Services – 3.0%
Harsco Corp.	3,092	184,314
Infrasource Services, Inc.*	48,566	582,792
ITT Educational Services, Inc.*	36,843	1,786,886
LECG Corp.*	28,426	557,150
Medical Staffing Network Holdings, Inc.*	110,142	728,039
PRG-Schultz International, Inc.*	189,368	948,734
School Specialty, Inc.*	22,182	868,647
West Corp.*	94,788	3,033,215
		8,689,777
Services - Media – 1.3%
ADVO, Inc.	46,796	1,752,510
Emmis Communications Corp. (Class “A” Stock)*(a)	15,894	305,483
Lamar Advertising Co.*(a)	20,097	809,708
Regent Communications, Inc.*	148,039	792,009
		3,659,710
Services - Publishing – 0.6%
Belo Corp. (Class “A” Stock)	1,000	24,140
Dow Jones & Co., Inc.(a)	19,600	732,452
Journal Register Co.*	62,839	1,049,411
		1,806,003
Services - Telephone – 0.9%
Alaska Communications Systems Group, Inc.	61,200	615,060
Cincinnati Bell, Inc.*	208,513	886,179
Iowa Telecommunications Services, Inc.	28,311	552,065
Valor Communications Group, Inc.	42,661	617,305
		2,670,609

Technology - Computer Hardware – 2.3%
CDW Corp.	12,000	680,160
Ditech Communications Corp.*	173,245	2,160,365
Hutchinson Technology, Inc.*(a)	22,300	775,594
Imation Corp.	14,934	518,957
Insight Enterprises, Inc.*	95,984	1,685,479
Mobility Electronics, Inc*	110,498	772,381
		6,592,936
Technology - Computer Software – 2.4%
Activision, Inc.*	68,304	1,010,899
Ariba, Inc.*	14,523	112,698
Atari, Inc.*	514,118	1,624,613
Citadel Security Software, Inc.*(a)	159,921	179,112
E.piphany, Inc.*	32,903	116,806
OPNET Technologies, Inc.*	41,189	344,340
Take-Two Interactive Software, Inc.*	48,617	1,900,924
Ultimate Software Group, Inc. (The)*	75,167	1,201,169
Viisage Technology, Inc.*	139,051	468,602
		6,959,163
Technology - Information Services – 1.7%
BearingPoint, Inc.*	55,511	486,831
Lionbridge Technologies, Inc.*	405,173	2,305,435
MTC Technologies, Inc.*	63,490	2,063,425
		4,855,691
Technology - Internet – 0.4%
Autobytel, Inc.*	219,077	1,104,148
Technology - Semiconductors – 0.6%
Power Integrations, Inc.*	2,423	50,616
Tessera Technologies, Inc.*	39,987	1,728,638
		1,779,254
Technology - Supply Chain – 0.2%
ScanSource, Inc.*	798	41,360
Tech Data Corp.*	16,914	626,833
		668,193
Transportation – 0.1%
Frontier Airlines, Inc.*	37,190	389,751
Transportation - Airlines – 0.5%
AirTran Holdings, Inc.*(a)	173,258	1,567,985
Transportation - Truck Freight – 1.9%
Dryships, Inc.*	10,795	210,395
Forward Air Corp.	5,740	244,409
Heartland Express, Inc.	48,550	929,733
OMI Corp.	94,842	1,816,223
SCS Transportation, Inc.*	74,881	1,392,038
Teekay Shipping Corp.	10,844	487,438
Yellow Roadway Corp.*	7,380	432,025
		5,512,261
Utilities - Electrical Utilities – 4.3%
Avista Corp.	25,492	446,110
Central Vermont Public Service Corp.	10,519	236,467
Cinergy Corp.	7,400	299,848
Edison International	9,596	333,173
El Paso Electric Co.*	144,670	2,748,730
Entergy Corp.	10,065	711,193
FirstEnergy Corp.	20,331	852,885
MGE Energy, Inc.	6,291	208,547
PG&E Corp.	30,346	1,034,799
Pinnacle West Capital Corp.	5,900	250,809
PNM Resources, Inc.	63,873	1,704,132
PPL Corp.	31,710	1,712,023
Southern Union Co.*	36,514	916,855
Westar Energy, Inc.	41,969	908,209
Wisconsin Energy Corp.	11,228	398,594
		12,762,374
Utilities - Gas Utilities – 3.1%
AGL Resources, Inc.	93,852	3,278,250
Atmos Energy Corp.	35,333	953,991

Energen Corp.			15,765		1,049,949
Northwest Natural Gas Co.			57,592		2,083,103
Piedmont Natural Gas Co., Inc.			16,969		390,966
South Jersey Industries, Inc.			13,063		736,753
WGL Holdings, Inc.			20,201		625,423
					9,118,435
TOTAL COMMON STOCK (Cost $239,722,260)					288,151,990
	Moody’s Rating	Principal Amount (000)
CORPORATE OBLIGATION – 0.1%
Basic Materials—Mining
Mueller Industries, Inc., Sub. Notes	NR
6.00%, 11/01/14 (Cost $383,000)		$	383		372,468
TOTAL LONG-TERM INVESTMENTS (Cost $240,105,260)					288,524,458
SHORT-TERM INVESTMENTS – 5.2%
Certificates of Deposit – 0.6%
Banco Santander PR			1,163		1,162,955
2.72%, 04/07/05 (b)(c)
Fortis Bank NY			600		599,894
1.775%, 06/06/05 (b)
					1,762,849
Commercial Paper – 0.5%
Liberty Funding Corp.			81		81,054
2.80%, 04/22/05 (b)
Skandinaviska Enskilda Banken			1,279		1,278,696
2.80%, 04/17/05 (b)(c)
					1,359,750
Corporate Obligations – 0.6%
Bank of America NA			501		501,395
2.80%, 04/01/05 (b)(c)
Goldman Sachs Group, Inc.			561		560,607
2.955%, 04/01/05 (b)(c)
Merrill Lynch & Co., Inc.			210		209,934
2.975%, 04/01/05 (b)
Sedna Finance Corp.			462		461,711
2.78%, 04/15/05 (b)(c)
					1,733,647
Time Deposits – 0.4%
Chase Manhattan Bank			954		953,872
2.843%, 04/01/05 (b)
Societe Generale NY			224		224,386
2.875%, 04/01/05 (b)
					1,178,258
Non-Registered Investment Company – 3.1%
		Shares
BlackRock Institutional Money Market Trust(b)(j)			9,031,529		9,031,528
TOTAL SHORT-TERM INVESTMENTS (Cost $15,066,032)					15,066,032
Total Investments — 104.0% (Cost $255,171,292 (p))					303,590,490
Liabilities in Excess of Other Assets — (4.0%)					(11,733,643	)
Net Assets — 100.0%				$	291,856,847

The following abbreviations are used throughout the Schedule of Investments:

REIT	Real Estate Investment Trust
NR	Not Rated by Moody’s or Standard & Poor’s.

The following annotations are used throughout the Schedule of Investments:

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $14,295,656; cash collateral of $15,066,032 (included with liabilities) 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 next date on which the rate of interest is adjusted.
(j)	Security available to institutional investors only.
(p)	The United States federal income tax basis of the Fund’s investments was $256,855,408; accordingly, net unrealized appreciation on investments for federal income tax purposes was $46,735,082 (gross unrealized appreciation - $58,458,494; gross unrealized depreciation - $11,723,412). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST Small Cap Value Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 96.9%
COMMON STOCK - 96.5%
Advertising – 0.6%
Advo, Inc.	66,390	$	2,486,306
R.H. Donnelley Corp.*	48,690		2,828,402
			5,314,708
Aerospace – 1.2%
AAR Corp.*	37,600		511,360
BE Aerospace, Inc.*	52,380		628,560
CPI Aerostructures, Inc.*	65,200		645,480
Curtiss-Wright Corp.	48,380		2,757,660
Ducommun, Inc.*	11,300		226,000
Esterline Technologies Corp.*	41,500		1,433,825
Heico Corp.	18,800		377,880
Kaman Corp. (Class “A” Stock)	69,900		870,255
Moog, Inc. (Class “A” Stock)*	66,100		2,987,720
Orbital Sciences Corp.*	45,000		435,600
Triumph Group, Inc.*	21,400		833,316
			11,707,656
Airlines – 0.7%
Alaska Air Group, Inc.*	44,100		1,298,304
Continental Airlines, Inc. (Class “B” Stock)*(a)	50,600		609,224
ExpressJet Holdings, Inc.*	148,400		1,693,244
Northwest Airlines Corp.*(a)	48,800		326,472
SkyWest, Inc.	119,400		2,219,646
			6,146,890
Automobile Manufacturers – 0.6%
Oshkosh Truck Corp.	64,600		5,296,554
Automotive Parts – 1.8%
Aftermarket Technology Corp.*	126,590		2,088,735
American Axle & Manufacturing Holdings, Inc.	60,000		1,470,000
Asbury Automotive Group, Inc.*	139,500		2,148,300
Cooper Tire & Rubber Co.(a)	55,570		1,020,265
CSK Auto Corp.*	136,940		2,416,991
Goodyear Tire & Rubber Co.(The)*(a)	218,300		2,914,305
Hayes Lemmerz International, Inc.*	78,300		407,160
Keystone Automotive Industries, Inc.*	17,200		398,352
Sonic Automotive, Inc.	13,500		306,585
Superior Industries International, Inc.(a)	22,500		594,225
Tenneco Automotive, Inc.*	152,600		1,901,396
Wabash National Corp.(a)	51,400		1,254,160
			16,920,474
Biotechnology – 0.2%
Cell Genesys, Inc.*	16,300		73,839
Cytokinetics, Inc.*	52,100		341,776
Genelabs Technologies, Inc.*	265,000		159,000
Human Genome Sciences, Inc.*(a)	64,700		596,534
Telik, Inc.*	44,200		666,536
			1,837,685
Broadcasting – 0.5%
4Kids Entertainment, Inc.*	5,500		121,605
Belo Corp. (Class “A” Stock)	47,320		1,142,305
Gray Television, Inc.	59,671		863,439
Liberty Corp. (The)	37,860		1,535,223
Media General, Inc. (Class “A” Stock)	11,800		729,830
Sinclair Broadcast Group, Inc. (Class “A” Stock)	13,600		109,208
			4,501,610

Building Materials – 1.5%
Ameron International Corp.	17,200	619,200
Apogee Enterprises, Inc.	57,500	821,100
Eagle Materials, Inc.	28,050	2,249,716
Florida Rock Industries, Inc.	10,800	635,256
Genlyte Group, Inc.*	7,500	674,775
Integrated Electical Services, Inc.*(a)	112,570	310,693
NCI Building Systems, Inc.*	37,500	1,447,500
Texas Industries, Inc.	47,990	2,579,463
USG Corp.*(a)	69,900	2,317,884
York International Corp.	54,510	2,135,702
		13,791,289
Business Services – 1.5%
Angelica Corp.	87,200	2,441,600
Century Business Services, Inc.*	68,600	281,260
Charles River Associates, Inc.*	10,200	503,370
Clark, Inc.	18,300	283,284
Harland, (John H.) Co.	48,400	1,663,024
Informatica Corp.*	74,968	619,985
InfoUSA, Inc.	12,000	126,120
Labor Ready, Inc.*(a)	44,860	836,639
MAXIMUS, Inc.	8,600	288,014
MPS Group, Inc.*	129,960	1,365,880
Navigant International, Inc.*	49,600	677,536
PAREXEL International Corp.*	38,620	907,570
PDI, Inc.*	23,100	473,550
Safeguard Scientifics, Inc.*	63,200	89,744
Spherion Corp.*(a)	118,100	884,569
TeleTech Holdings, Inc.*	91,800	1,186,056
UniFirst Corp.	28,600	1,141,140
		13,769,341
Cable Television – 0.4%
Charter Communications, Inc. (Class “A” Stock)*(a)	259,300	414,880
Insight Communications Co., Inc. (Class “A” Stock)*	59,800	708,630
Lodgenet Entertainment Corp.*	92,400	1,740,816
Mediacom Communications Corp. (Class “A” Stock)*	127,100	831,234
		3,695,560
Chemicals – 3.4%
Airgas, Inc.	47,580	1,136,686
Arch Chemicals, Inc.	48,300	1,375,101
Crompton Corp.	67,600	986,960
Cytec Industries, Inc.(a)	88,560	4,804,380
FMC Corp.*	55,400	2,961,130
Fuller, (H.B.) Co.	66,700	1,934,300
Georgia Gulf Corp.	66,050	3,036,979
Grace, (W.R.) & Co.*	166,300	1,416,876
Hercules, Inc.*(a)	204,800	2,965,504
Minerals Technologies, Inc.	25,800	1,697,124
NewMarket Corp.*	47,300	879,780
Octel Corp.	41,900	776,407
Olin Corp.	74,080	1,651,984
PolyOne Corp.*	366,800	3,257,184
Schulman, (A.), Inc.	500	8,710
Sensient Technologies Corp.(a)	13,500	291,060
Terra Industries, Inc.*	66,200	513,712
Valhi, Inc.	37,200	730,980
Wellman, Inc.	85,100	1,230,546
		31,655,403
Clothing & Apparel – 1.1%
Brown Shoe Company, Inc.	32,200	1,103,494
Burlington Coat Factory Warehouse Corp.	54,500	1,564,150
Kellwood Co.	85,270	2,454,923
Kenneth Cole Productions, Inc. (Class “A” Stock)	27,500	801,350
Quiksilver, Inc.*	38,700	1,123,461
Reebok International Ltd.	40,320	1,786,176
Warnaco Group, Inc. (The)*(a)	44,190	1,062,328
		9,895,882

Commercial Services – 0.4%
Arbitron, Inc.	21,300	913,770
NCO Group, Inc.*	16,700	326,485
Quanta Services, Inc.*	108,200	825,566
Source Interlink Cos., Inc.*	93,570	1,052,663
Vertrue, Inc.*	6,600	233,904
		3,352,388
Computer Hardware – 0.7%
Gateway, Inc.*	107,400	432,822
Hutchinson Technology, Inc.*	46,700	1,624,226
Insight Enterprises, Inc.*	29,100	510,996
Komag, Inc.*	27,700	619,095
Maxtor Corp.*	117,500	625,100
MTS Systems Corp.	22,100	641,563
PalmOne, Inc.*(a)	50,300	1,276,614
Quantum Corp.*	131,600	382,956
		6,113,372
Computer Services & Software – 2.6%
Agilysys, Inc.	82,200	1,616,052
BISYS Group, Inc. (The)*	161,710	2,535,613
Black Box Corp.	25,800	965,178
CACI International, Inc. (Class “A” Stock)*	15,600	861,588
Ciber, Inc.*	70,900	515,443
E.piphany, Inc.*	27,500	97,625
FileNET Corp.*	21,330	485,897
Gartner, Inc. (Class “A” Stock)*	75,900	726,363
Hyperion Solutions Corp.*	3,200	141,152
Inter-Tel, Inc.	78,360	1,919,820
Intergraph Corp.*(a)	12,300	354,363
Magma Design Automation, Inc.*	9,800	116,326
Mantech International Corp. (Class “A” Stock)*	23,600	544,452
Manugistics Group, Inc.*	32,400	54,432
McDATA Corp. (Class “A” Stock)*	135,800	511,966
NetIQ Corp.*	86,490	988,581
Parametric Technology Corp.*	634,040	3,544,284
Performance Technolgies, Inc.*	72,730	484,382
Perot Systems Corp. (Class “A” Stock)*	103,800	1,395,072
Pomeroy IT Solutions, Inc.*	68,330	1,018,117
Progress Software Corp.*	35,000	917,700
Radisys Corp.*	24,900	352,584
Redback Networks, Inc.*	36,800	220,064
SafeNet, Inc.*	29,100	852,921
Silicon Graphics, Inc.*(a)	280,800	334,152
StorageNetworks, Inc.*(cost $0; purchased 11/04/03) (g)	300,000	0
Sybase, Inc.*	71,240	1,315,090
Sykes Enterprises, Inc.*	43,700	300,219
Synnex Corp.*	6,900	120,198
Systemax, Inc.*	55,700	303,008
THQ, Inc.*(a)	25,250	710,535
Tyler Technologies, Inc.*	49,000	372,890
		24,676,067
Conglomerates – 0.3%
Griffon Corp.*	126,070	2,699,159
Construction – 1.4%
Beazer Homes USA, Inc.	40,500	2,019,330
Building Materials Holdings Corp.	18,800	836,224
Dycom Industries, Inc.*	31,230	717,978
Insituform Technologies, Inc. (Class “A” Stock)*	63,980	928,350
Levitt Corp. (Class “A” Stock)	35,100	899,964
Meritage Homes Corp.*	39,800	2,345,016
URS Corp.*	29,600	851,000
Washington Group International, Inc.*	38,700	1,741,113
WCI Communities, Inc.*(a)	87,100	2,619,968
		12,958,943

Consumer Products & Services – 3.1%
Aaron Rents, Inc.	80,100	1,602,000
American Greetings Corp. (Class “A” Stock)(a)	144,870	3,691,288
Applica, Inc.*	34,400	174,064
AptarGroup, Inc.	35,190	1,829,176
Aviall, Inc.*	90,300	2,528,400
Department 56, Inc.*	19,900	347,454
Dimon, Inc.	152,600	953,750
Dollar Thrifty Automotive Group, Inc.*	56,900	1,865,182
Interpool, Inc.	29,200	645,320
Jacuzzi Brands, Inc.*	124,300	1,213,168
Jakks Pacific, Inc.*	138,940	2,983,042
K2, Inc.*	46,700	642,125
National Presto Industries, Inc.	16,580	668,174
Regis Corp.	57,760	2,364,117
Rent-Way, Inc.*	83,400	683,880
Steinway Musical Instruments, Inc.*	28,600	856,856
Tupperware Corp.	69,400	1,412,984
Universal Corp.	98,300	4,499,190
Water Pik Technologies, Inc.*	16,300	321,110
		29,281,280
Containers & Packaging – 1.2%
Chesapeake Corp.	30,600	643,212
Crown Holdings, Inc.*	199,500	3,104,220
Greif, Inc. (Class “A” Stock)	42,500	2,961,400
Packaging Corp. of America(a)	24,950	606,036
Silgan Holdings, Inc.	64,600	4,197,708
		11,512,576
Diversified Manufacturing Operations – 0.1%
Blount International, Inc.*	59,660	1,013,027
Diversified Operations – 0.3%
Walter Industries, Inc.	64,600	2,748,730
Electronic Components & Equipment – 2.6%
AMETEK, Inc.	28,470	1,145,918
Anixter International, Inc.*	37,700	1,362,855
Arris Group, Inc.*	148,640	1,027,102
Avnet, Inc.*	58,540	1,078,307
Bel Fuse, Inc. (Class “B” Stock)	24,800	751,440
Belden CDT, Inc.	55,130	1,224,437
Benchmark Electronics, Inc.*(a)	53,200	1,693,356
C-COR, Inc.*	16,200	98,496
Checkpoint Systems, Inc.*	35,600	600,928
Coherent, Inc.*	68,900	2,326,064
Computer Products, Inc.*	58,880	512,845
CTS Corp.	80,700	1,049,100
EDO Corp.	21,320	640,666
Electro Scientific Industries, Inc.*	23,100	447,909
Electronics for Imaging, Inc.*	33,300	594,072
ESCO Technologies, Inc.*	16,200	1,301,670
GrafTech International Ltd.*	155,900	887,071
Hypercom Corp.*	20,500	96,965
Littelfuse, Inc.*	39,040	1,118,496
Methode Electronics, Inc. (Class “A” Stock)	59,360	718,850
Rayovac Corp.*	59,300	2,466,879
REMEC, Inc.*	25,400	134,112
Stoneridge, Inc.*	56,500	689,865
Synopsys, Inc.*	60,160	1,088,896
Sypris Solutions, Inc.	30,500	326,960
Thomas & Betts Corp.*	22,730	734,179
Trimble Navigation Ltd.*	11,100	375,291
TTM Technologies, Inc.*	20,800	217,568
		24,710,297
Entertainment & Leisure – 1.0%
Alliance Gaming Corp.*	76,090	729,703
Argosy Gaming Co.*	23,100	1,060,752
Boyd Gaming Corp.	25,200	1,314,180
Carmike Cinemas, Inc.	41,010	1,528,853
Hollywood Entertainment Corp.*	76,800	1,011,456
Isle of Capri Casinos, Inc.*(a)	19,800	525,492
Marinemax, Inc.*	21,340	665,381

Movie Gallery, Inc.	54,600	1,565,928
Penn National Gaming, Inc.*	23,040	676,915
Six Flags, Inc.*(a)	62,900	259,148
		9,337,808
Environmental Services – 0.3%
Mine Safety Appliances Co.	30,200	1,169,948
Tetra Tech, Inc.*	81,870	1,033,199
WCA Waste Corp.*	100,840	988,232
		3,191,379
Equipment Services – 0.5%
General Cable Corp.*	41,000	494,870
Global Imaging Systems, Inc.*	5,900	209,214
RPC, Inc.	76,800	1,166,592
United Rentals, Inc.*	39,740	803,145
Universal Compression Holdings, Inc.*	23,100	874,797
Watsco, Inc.	17,200	724,120
		4,272,738
Financial - Bank & Trust – 9.9%
ABC Bancorp	20,520	346,583
Accredited Home Lenders Holding Co.*	32,900	1,191,967
Amcore Financial, Inc.	58,403	1,649,885
AmericanWest Bancorp*	13,400	258,218
Bancfirst Corp.	9,600	662,592
Bank Mutual Corp.	123,260	1,456,933
Bank Of The Ozarks, Inc.	22,500	714,375
BankAtlantic Bancorp, Inc. (Class “A” Stock)	105,800	1,840,920
Banner Corp.	11,300	304,761
Capital Bancorp Ltd.	22,500	680,625
Capital Corp of The West	7,400	343,952
Cardinal Financial Corp.*	133,210	1,225,532
Cathay General Bancorp, Inc.	24,200	762,300
Chemical Financial Corp.	58,985	1,917,307
City Holding Co.	26,970	796,559
Colonial Bancgroup, Inc.	78,400	1,608,768
Columbia Banking Systems, Inc.	21,800	517,750
Commercial Capital Bancorp, Inc.(a)	30,500	620,675
Commercial Federal Corp.	25,800	713,370
Community Bank Systems, Inc.	76,900	1,761,779
Community Trust Bancorp, Inc.	18,942	545,719
Corus Bankshares, Inc.	86,000	4,101,339
CPB Financial Corp.	47,100	1,584,915
Cullen/Frost Bankers, Inc.(a)	49,400	2,230,410
EuroBancshares, Inc.*	44,400	750,804
Financial Institutions, Inc.	5,400	106,974
First Citizens Bancshares, Inc. (Class “A” Stock)	2,700	395,226
First Financial Holdings, Inc.	12,900	358,362
First Indiana Corp.	58,057	1,404,979
First Midwest Bancorp, Inc.	33,410	1,085,157
First Niagara Financial Group, Inc.	182,117	2,405,766
First Oak Brook Bancshares, Inc.	10,000	292,900
First Republic Bank	55,650	1,801,391
FirstFed Financial Corp.*	47,510	2,423,485
FirstMerit Corp.	52,930	1,416,407
Flagstar Bancorp, Inc.	53,200	1,040,060
Gold Banc Corp, Inc.	142,500	1,999,275
Great Southern Bancorp, Inc.	17,800	577,966
Greater Bay Bancorp	97,760	2,386,322
Hancock Holding Co.	45,140	1,467,050
IBERIABANK Corp.	58,200	3,274,332
Independent Bank Corp. (MA)	65,200	1,890,800
Independent Bank Corp. (MI)	66,800	1,921,836
Irwin Financial Corp.	78,400	1,804,768
MAF Bancorp, Inc.	73,640	3,059,006
Mainsource Financial Group, Inc.	13,015	286,070
MB Financial, Inc.	13,100	501,730
Mercantile Bank Corp.	22,000	899,360
Mid-State Bancshares	44,400	1,181,040
Nara Bancorp, Inc.	5,600	78,680

Ocwen Financial Corp.*	51,200	413,184
Old Second Bancorp, Inc.	10,000	301,750
Oriental Financial Group, Inc.	47,920	1,122,286
Peoples Bancorp, Inc.	12,900	347,010
Prosperity Bancshares, Inc.	30,100	797,349
Provident Bancshares Corp.	44,000	1,450,240
R&G Financial Corp. (Class “B” Stock)(a)	74,800	2,331,516
Rainier Pacific Financial Group, Inc.	68,790	1,092,385
Republic Bancorp, Inc (MI)	261,520	3,540,981
Republic Bancorp, Inc. (KY) (Class “A” Stock)	10,080	223,927
Royal Bancshares Of Pennsylvania, Inc. (Class “A” Stock)	13,258	301,089
SCBT Financial Corp.	9,655	289,940
Silicon Valley Bancshares*	21,400	942,884
Simmons First National Corp. (Class “A” Stock)	18,900	469,098
Southside Bancshares, Inc.	19,530	407,005
Southwest Bancorp of Texas, Inc.	45,056	826,778
Southwest Bancorp, Inc.	15,000	276,750
State Financial Services Corp. (Class “A” Stock)	26,000	960,700
Sterling Financial Corp. PA	38,900	1,012,178
Sterling Financial Corp. WA*	100,300	3,580,709
Summit Bancshares, Inc.	41,900	714,395
Sun Bancorp, Inc.*	11,800	270,043
Taylor Capital Group, Inc.	24,800	809,720
TierOne Corp.	40,000	940,000
Trico Bancshares	16,900	354,055
UMB Financial Corp.	44,020	2,505,618
Umpqua Holdings Corp.	27,500	642,125
United Bancshares, Inc.	55,400	1,835,956
West Coast Bancorp	107,400	2,556,120
Western Sierra Bancorp*	8,100	276,453
		94,239,224
Financial Services – 2.8%
Advanta Corp. (Class “B” Stock)	88,810	2,042,630
Affiliated Managers Group, Inc.*(a)	21,580	1,338,607
Dime Community Bancshares	118,590	1,802,568
Dollar Financial Corp.*	29,800	354,024
Hanmi Financial Corp.	234,200	3,876,010
Investment Technology Group, Inc.*	74,430	1,302,525
ITLA Capital Corp.*	12,400	619,504
Jones Lang Lasalle, Inc.*	32,800	1,530,120
Lakeland Financial Corp.	2,700	103,815
MBT Financial Corp.	16,300	307,581
Metris Companies, Inc.*	36,600	424,194
National Financial Partners Corp.	15,810	629,238
Partners Trust Financial Group, Inc.	35,600	377,360
Raymond James Financial, Inc.	29,000	878,700
Signature Bank*	53,620	1,421,466
Technology Investment Capital Corp.	141,547	2,116,128
Trustmark Corp.	33,750	978,750
W Holding Co., Inc.	123,612	1,244,773
Whitney Holdings Corp.	29,530	1,314,380
World Acceptance Corp.*	92,500	2,360,600
WSFS Financial Corp.	21,000	1,103,760
		26,126,733
Financial-Brokerage – 0.6%
Greenhill & Co., Inc.	2,700	96,660
Instinet Group, Inc.*	292,920	1,722,370
Knight Trading Group, Inc. (Class “A” Stock)*	271,646	2,618,667
LaBranche & Co., Inc.*	36,600	340,380
Piper Jaffray Cos., Inc.*	14,000	512,260
		5,290,337
Food – 1.1%
Chiquita Brands International, Inc.(a)	100,300	2,686,034
Corn Products International, Inc.	49,600	1,289,104
Flowers Foods, Inc.	23,100	651,651

Great Atlantic & Pacific Tea Co., Inc.*(a)	35,600	530,440
J&J Snack Foods Corp.	25,758	1,206,247
Nash Finch Co.	15,600	592,644
Ralcorp Holdings, Inc.	35,670	1,688,975
Sanderson Farms, Inc.	19,400	838,274
Smart & Final, Inc.*	54,000	656,640
		10,140,009
Furniture – 0.1%
Furniture Brands International, Inc.(a)	15,100	329,331
Kimball International, Inc. (Class “B” Stock)	45,100	653,950
		983,281
Healthcare Services – 1.7%
AMERIGROUP Corp.*	19,755	722,243
Gentiva Health Services, Inc.*	42,000	679,560
Kindred Healthcare, Inc.*	114,150	4,006,664
LifePoint Hospitals, Inc.*	14,690	644,010
Magellan Health Services, Inc.*	16,800	572,040
National Dentex Corp.*(cost $1,113,938; purchased 12/10/04 - 03/08/05) (g)	56,895	1,120,832
Pediatrix Medical Group, Inc.*	42,500	2,915,075
Province Healthcare Co.*	23,100	556,479
Res-Care, Inc.*	128,420	1,606,534
Sierra Health Services, Inc.*	8,000	510,720
Triad Hospitals, Inc.*	27,890	1,397,289
Universal Health Services, Inc. (Class “B” Stock)	19,740	1,034,376
		15,765,822
Hotels & Motels – 0.3%
Ameristar Casinos, Inc.	17,200	940,496
Aztar Corp.*(a)	23,600	674,016
La Quinta Corp.*	126,800	1,077,800
		2,692,312
Industrial Products – 1.2%
Actuant Corp. (Class “A” Stock)*	41,530	1,865,528
Acuity Brands, Inc.	83,060	2,242,620
AMCOL International Corp.	53,680	1,007,037
Barnes Group, Inc.	74,200	2,016,014
Kronos Worldwide, Inc.	1,300	55,263
Robbins & Myers, Inc.	68,910	1,516,709
Watts Water Technologies, Inc. (Class “A” Stock)	65,440	2,133,998
		10,837,169
Insurance – 5.0%
AmerUs Group Co.	88,000	4,158,000
Argonaut Group, Inc.*	87,767	1,862,416
Baldwin & Lyons, Inc. (Class “B” Stock)	12,000	311,280
Ceres Group, Inc.*	109,440	594,259
Delphi Financial Group, Inc. (Class “A” Stock)	112,540	4,839,219
Direct General Corp.	27,800	571,012
Donegal Group, Inc.	1,430	25,983
Horace Mann Educators Corp.	61,120	1,084,269
Infinity Property & Casualty Corp.	34,400	1,075,344
LandAmerica Financial Group, Inc.(a)	51,200	2,561,536
Midland Co.	23,700	746,787
Nationwide Financial Services, Inc. (Class “A” Stock)	5,400	193,860
Navigators Group, Inc.*	35,970	1,192,226
NYMAGIC, Inc.	12,300	291,510
Odyssey Re Holdings Corp.(a)	25,510	638,770
Ohio Casualty Corp.*	57,850	1,329,393
Phoenix Cos., Inc. (The)	29,700	379,566
Platinum Underwriters Holdings Ltd.	70,340	2,089,098
PMA Capital Corp. (Class “A” Stock)*	252,700	2,021,600
PMI Group, Inc. (The)	37,140	1,411,691
ProAssurance Corp.*	40,460	1,598,170
PXRE Group Ltd.	66,520	1,706,238
RLI Corp.	20,900	866,305
Safety Insurance Group, Inc.	46,300	1,433,448

Selective Insurance Group, Inc.	45,700	2,112,711
State Auto Financial Corp.	17,200	457,864
Stewart Information Services Corp.	77,900	2,922,808
Triad Guaranty, Inc.*	15,460	813,351
United Fire & Casualty Co.	20,300	686,749
United Insurance Cos., Inc.	46,800	1,134,900
Universal American Financial Corp.*	105,125	1,818,663
Zenith National Insurance Corp.	73,100	3,790,966
		46,719,992
Internet Services – 0.5%
Adaptec, Inc.*	164,000	785,560
aQuantive, Inc.*	38,200	422,874
EarthLink, Inc.*	151,100	1,359,900
eSpeed, Inc. (Class “A” Stock)*	6,000	55,200
Harris Interactive, Inc.*	14,700	67,767
Homestore, Inc.*	178,000	395,160
Internet Security Systems, Inc.*	8,100	148,230
ProQuest Co.*	13,500	488,025
S1 Corp.*	79,676	552,951
United Online, Inc.*	41,100	430,317
		4,705,984
Machinery & Equipment – 4.1%
Albany International Corp. (Class “A” Stock)	37,900	1,170,352
Applied Industrial Technologies, Inc.	213,800	5,815,361
Astec Industries, Inc.*	13,400	295,470
Briggs & Stratton Corp.(a)	35,690	1,299,473
Cascade Corp.	26,300	920,500
Federal Signal Corp.	62,650	950,401
Flowserve Corp.*	25,200	651,924
Gardner Denver, Inc.*	6,000	237,060
JLG Industries, Inc.	158,600	3,417,830
Joy Global, Inc.	103,200	3,618,192
Kadant, Inc.*	63,360	1,175,328
Kennametal, Inc.	39,660	1,883,453
Lennox International, Inc.	109,800	2,406,816
Lone Star Technologies, Inc.*	23,600	930,548
Nacco Industries, Inc. (Class “A” Stock)	12,900	1,315,026
Penn Engineering & Manufacturing Corp.	16,200	292,410
Regal-Beloit Corp.	61,990	1,784,692
Sauer-Danfoss, Inc.	32,800	742,264
Smith, (A.O.) Corp.	98,360	2,839,653
Tecumseh Products Co. (Class “A” Stock)	19,300	764,473
Terex Corp.*	27,500	1,190,750
Toro Co.	36,000	3,186,000
Westinghouse Airbrake Technologies Corp.	56,503	1,157,746
		38,045,722
Medical Supplies & Equipment – 2.1%
Analogic Corp.	29,600	1,280,200
Applera Corp. - Celera Genomics Group*	24,800	254,200
Bio-Rad Laboratories, Inc. (Class “A” Stock)*	18,800	915,748
Computer Programs and Systems, Inc.	30,600	859,248
CONMED Corp.*	56,200	1,692,744
CTI Molecular Imaging, Inc.*	25,800	522,966
Cypress Bioscience, Inc.*	105,300	962,442
Dade Behring Holdings, Inc.*	9,476	558,421
Invacare Corp.	23,640	1,055,053
Kyphon, Inc.*(a)	30,200	760,134
LCA-Vision, Inc.	34,000	1,132,200
Mettler-Toledo International, Inc.*	34,350	1,631,625
Neurometrix, Inc.*	2,500	23,875
Orthofix International NV (Netherlands)*	33,060	1,294,299
Owens & Minor, Inc.	46,420	1,260,303
Palatin Technologies, Inc*	68,300	159,822
Per-Se Technologies, Inc.*	65,700	1,008,495
PSS World Medical, Inc.*	69,500	790,215
Schein, (Henry), Inc.*	23,460	840,806
Steris Corp.*	27,500	694,375
SurModics, Inc.*(a)	3,200	102,112
Sybron Dental Specialties, Inc.*	53,170	1,908,803
		19,708,086

Metals & Mining – 3.3%
AK Steel Holding Corp.*	144,200	1,594,852
Century Aluminum Co.*	54,620	1,652,801
CIRCOR International, Inc.	94,040	2,318,086
Commercial Metals Co.	171,840	5,823,657
Encore Wire Corp.*	47,700	486,540
Kaydon Corp.	92,860	2,915,804
NN, Inc.	64,500	794,640
NS Group, Inc.*	30,500	958,005
Quanex Corp.(a)	71,750	3,825,710
Reliance Steel & Aluminum Co.	76,400	3,056,764
RTI International Metals, Inc.*	23,000	538,200
Ryerson Tull, Inc.	17,400	220,458
Schnitzer Steel Industries, Inc. (Class “A” Stock)	21,500	725,195
Steel Dynamics, Inc.(a)	129,950	4,476,778
Valmont Industries, Inc.	75,400	1,682,928
		31,070,418
Office Equipment – 0.5%
Imagistics International, Inc.*	41,400	1,446,102
United Stationers, Inc.*	62,770	2,840,343
		4,286,445
Oil & Gas – 5.9%
AGL Resources, Inc.	109,018	3,807,999
Atlas America, Inc.*(a)	23,250	840,953
Brigham Exploration Co.*	70,050	646,562
Cal Dive International, Inc.*	10,200	462,060
Carrizo Oil & Gas, Inc.*	38,130	647,829
Cimarex Energy Co.*(a)	27,900	1,088,100
Comstock Resources, Inc.*(a)	54,300	1,560,582
Denbury Resources, Inc.*	88,800	3,128,424
Energy Partners Ltd.*	77,174	2,004,209
Giant Industries, Inc.*	29,960	769,972
Hanover Compressor Co.*	30,100	363,307
Houston Exploration Co.*(a)	36,500	2,078,675
Magnum Hunter Resources, Inc.*(a)	164,400	2,648,484
Northwest Natural Gas Co.	11,900	430,423
Oceaneering International, Inc.*	21,500	806,250
Oil States International, Inc.*	67,300	1,383,015
Southwestern Energy Co.*	130,200	7,390,151
Spinnaker Exploration Co.*	31,940	1,134,828
Stone Energy Corp.*	46,300	2,248,791
Swift Energy Co.*	93,990	2,673,076
Tesoro Corp.*	119,400	4,420,187
Todco (Class A Stock)*	68,300	1,764,872
Unit Corp.*	23,040	1,040,717
Veritas DGC, Inc.*	92,030	2,757,219
Vintage Petroleum, Inc.	156,790	4,932,613
W-H Energy Services, Inc.*	85,070	2,035,725
WGL Holdings, Inc.	28,360	878,026
Whiting Petroleum Corp.*	30,180	1,230,740
World Fuel Services Corp.	23,800	749,700
		55,923,489
Paper & Forest Products – 1.0%
CSS Industries, Inc.	1,195	43,677
Glatfelter, (P.H.) Co.	80,590	1,188,703
Pope & Talbot, Inc.	26,900	472,902
Rock-Tenn Co. (Class “A” Stock)	25,300	336,490
Schweitzer-Mauduit International, Inc.	105,700	3,546,235
Universal Forest Products, Inc.	79,400	3,084,690
Wausau-Mosinee Paper Corp.	58,000	820,120
		9,492,817
Personal Services – 0.6%
Alderwoods Group, Inc.*	41,300	513,772
CompuCredit Corp.*	43,600	1,160,632
Geo Group, Inc.*	49,500	1,414,710
Stewart Enterprises, Inc. (Class “A” Stock)	391,530	2,407,910
Volt Information Sciences, Inc.*	14,600	352,590
		5,849,614

Pharmaceuticals – 0.8%
Adolor Corp.*	48,700	484,078
Alexion Pharmaceuticals, Inc.*	33,600	727,944
Alpharma, Inc. (Class “A” Stock)	41,000	505,120
Andrx Group*	37,180	842,871
Atherogenics, Inc.*(a)	57,100	747,439
Auxilium Pharmaceuticals, Inc.*	2,000	11,960
AVANIR Pharmaceuticals, Inc. (Class “A” Stock)*	465,200	1,023,440
Cubist Pharmaceuticals, Inc.*	95,700	1,016,334
Encysive Pharmaceuticals, Inc.*	16,900	172,718
Rigel Pharmaceuticals, Inc.*	31,600	506,864
United Therapeutics Corp.*	24,200	1,105,819
Valeant Pharmaceuticals International	25,900	583,268
		7,727,855
Printing & Publishing – 1.2%
Banta Corp.	67,590	2,892,852
Consolidated Graphics, Inc.*	13,500	710,100
Courier Corp.	21,406	1,122,531
Journal Register Co.*	24,800	414,160
Majesco Entertainment Co.*	70,230	813,263
Primedia, Inc.*	84,100	365,835
Pulitzer, Inc.	16,000	1,019,680
Scholastic Corp.*	57,300	2,113,797
Valassis Communications, Inc.*(a)	45,440	1,588,582
		11,040,800
Railroads – 0.4%
Genesse & Wyoming, Inc. (Class “A” Stock)*	109,233	2,830,227
RailAmerica, Inc.*	85,500	1,067,040
		3,897,267
Real Estate – 9.9%
Affordable Residential Communities, Inc. [REIT]	86,100	1,089,165
Alexandria Real Estate Equities, Inc. [REIT]	39,670	2,553,955
American Financial Realty Trust [REIT]	263,000	3,847,690
American Home Mortgage Investment, Corp. [REIT](a)	112,600	3,224,864
Anthracite Capital, Inc.[REIT]	243,600	2,713,704
Arbor Realty Trust, Inc. [REIT]	75,780	1,875,555
Capital Automotive [REIT](a)	101,860	3,373,603
Capital Trust, Inc. (Class “A” Stock) [REIT]	23,200	769,776
CarrAmerica Realty Corp. [REIT]	246,800	7,786,539
CBL & Associates Properties, Inc. [REIT]	29,050	2,077,366
Corporate Office Properties Trust [REIT]	51,600	1,366,368
ECC Capital Corp. [REIT]*	55,300	331,800
Equity Inns, Inc. [REIT]	241,600	2,664,848
FelCor Lodging Trust, Inc. [REIT]*	111,000	1,379,730
First Potomac Realty Trust [REIT]	27,050	618,093
Gables Residential Trust [REIT]	112,400	3,742,920
Government Properties Trust, Inc. [REIT]	76,400	760,944
IMPAC Mortgage Holdings, Inc. [REIT](a)	100,400	1,925,672
Innkeepers USA Trust [REIT]	215,500	2,782,105
LaSalle Hotel Properties [REIT]	46,300	1,345,015
Lexington Corp. Properties Trust [REIT]	206,500	4,530,610
LTC Properties, Inc. [REIT]	87,600	1,519,860
Maguire Properties, Inc.	78,900	1,884,132
MeriStar Hospitality Corp. [REIT]*	495,060	3,465,420
MFA Mortgage Investments, Inc. [REIT]	70,300	534,983
Mid-America Apartment Communities, Inc. [REIT]	139,200	5,080,800
National Health Investors, Inc. [REIT]	125,800	3,268,284
New Century Financial Corp. [REIT]	23,100	1,081,542
Novastar Financial, Inc. [REIT](a)	32,300	1,163,123
Parkway Properties, Inc. [REIT]	30,100	1,405,670
Pennsylvania Real Estate Investment Trust [REIT]	86,500	3,487,680
Prentiss Properties Trust [REIT]	110,490	3,774,338
RAIT Investment Trust [REIT]	97,800	2,622,996
Ramco-Gershenson Properties Trust [REIT]	24,640	668,976

Saul Centers, Inc. [REIT]	60,800	1,945,600
Senior Housing Properties Trust [REIT]	128,400	2,141,712
SL Green Realty Corp. [REIT]	27,450	1,543,239
Sun Communities, Inc. [REIT]	54,200	1,940,360
Taubman Centers, Inc. [REIT]	39,600	1,098,504
Urstadt Biddle Properties (Class “A” Stock) [REIT]	13,400	204,350
Ventas, Inc. [REIT]	85,000	2,121,600
Winston Hotels, Inc. [REIT]	175,260	2,050,542
		93,764,033
Restaurants – 0.9%
Bob Evans Farms, Inc.	4,300	100,835
Brinker International, Inc.*	19,770	716,069
Jack in the Box, Inc.*	56,500	2,096,150
Landry’s Restaurants, Inc.	99,500	2,877,541
Lone Star Steakhouse & Saloon, Inc.	31,790	918,890
O’ Charleys, Inc.*	34,400	747,856
Papa John’s International, Inc.*	16,700	579,824
Ruby Tuesday, Inc.	22,422	544,630
Ryan’s Restaurant Group, Inc.*	15,000	217,950
		8,799,745
Retail & Merchandising – 3.4%
Aeropostale, Inc.*	47,100	1,542,525
Casey’s General Stores, Inc.	101,330	1,820,900
Cash America International, Inc.	127,400	2,793,881
Charming Shoppes, Inc.*	286,200	2,326,806
Dress Barn, Inc.*	124,490	2,268,208
Foot Locker, Inc.	60,980	1,786,714
Genesco, Inc.*	26,900	764,498
Jo-Ann Stores, Inc.*	36,400	1,022,476
Linens ‘n Things, Inc.*	3,200	79,456
Lithia Motors, Inc. (Class “A” Stock)	53,300	1,365,013
Men’s Wearhouse, Inc. (The)*(a)	65,730	2,774,463
Movado Group, Inc.	25,200	466,200
Pathmark Stores, Inc.*	42,200	266,282
Paxar Corp.*	9,600	204,864
Payless Shoesource, Inc.*	74,900	1,182,671
PC Connection, Inc.*	8,500	49,895
RC2 Corp.*	39,200	1,332,800
School Specialty, Inc.*	45,210	1,770,424
Sharper Image Corp.*	44,880	745,457
ShopKo Stores, Inc.*	103,200	2,293,104
Sports Authority, Inc. (The)*	9,800	269,500
Stage Stores, Inc.*	40,200	1,543,278
The Pantry, Inc.*	15,000	464,550
Too, Inc.*	51,200	1,263,104
United Auto Group, Inc.	16,700	464,761
West Marine, Inc.*	26,780	569,343
		31,431,173
Semiconductors – 1.3%
Actel Corp.*	17,100	262,998
Axcelis Technologies, Inc.*	102,700	749,710
Cohu, Inc.	24,100	384,395
Credence Systems Corp.*	8,600	68,026
Cypress Semiconductor Corp.*	70,940	893,844
DSP Group, Inc.*	29,100	749,616
DuPont Photomasks, Inc.*	8,000	213,360
Emulex Corp.*	25,900	487,956
Entegris, Inc.*	93,260	922,341
ESS Technology, Inc.*	9,300	49,011
Exar Corp.*	18,900	253,260
Fairchild Semiconductor International, Inc.*	45,170	692,456
Integrated Silicon Solution, Inc.*	39,700	265,990
Lattice Semiconductor Corp.*	82,100	440,877
MKS Instruments, Inc.*	15,100	239,788
MRV Communications, Inc.*	107,200	346,256
ON Semiconductor Corp.*	84,300	332,985
Photronics, Inc.*	41,900	758,390
Richardson Electronics, Ltd.	164,670	1,691,161
Silicon Storage Technology, Inc.*	40,700	151,404

Skyworks Solutions, Inc.*	69,800	443,230
Standard Microsystems Corp.*	51,980	902,373
Ultratech Stepper, Inc.*	37,950	554,070
Vitesse Semiconductor Corp.*	64,500	172,860
		12,026,357
Telecommunications – 1.6%
AsiaInfo Holdings, Inc.*	15,400	77,308
Brightpoint, Inc.*	71,120	1,332,078
Broadwing Corp.*(a)	51,100	211,554
Cincinnati Bell, Inc.*	401,900	1,708,075
Commonwealth Telephone Enterprises,	36,710	1,730,509
CT Communications, Inc.	104,100	1,096,173
Ditech Communications Corp.*	34,900	435,203
General Communication, Inc. (Class “A” Stock)*	48,400	441,892
Iowa Telecommunications Services, Inc.	28,294	551,733
ITC Deltacom, Inc.*	5,900	4,661
Mastec, Inc.*	92,400	758,604
North Pittsburgh Systems, Inc.	23,100	456,572
Premiere Global Services, Inc.*	392,777	4,446,235
Primus Telecommunications Group, Inc.*	96,200	151,034
Sycamore Networks, Inc.*	75,600	269,136
Talk America Holdings, Inc.*	44,600	287,670
Time Warner Telecom, Inc. (Class “A” Stock)*	72,600	288,222
Unova, Inc.*	24,100	497,665
		14,744,324
Transportation – 2.1%
Amerco*	15,600	722,280
Arkansas Best Corp.	15,600	589,368
Covenant Transportation, Inc. (Class “A” Stock)*	29,200	513,920
GATX Corp.(a)	71,000	2,356,490
Greenbrier Companies, Inc.	17,800	624,602
HUB Group, Inc. (Class “A” Stock) (Canada)*	19,065	1,194,804
Kansas City Southern*	79,730	1,535,600
Offshore Logistics, Inc.*	32,800	1,092,896
Overnite Corp.	65,589	2,098,192
Overseas Shipholding Group, Inc.	41,400	2,604,474
Pacer International, Inc.*	26,760	639,296
Quality Distribution, Inc.*	48,140	522,319
SCS Transportation, Inc.*	65,000	1,208,350
Swift Transportation Co., Inc.*	20,900	462,726
U.S. Xpress Enterprises, Inc. (Class “A” Stock)*	37,300	609,855
USF Corp.	22,100	1,066,546
Werner Enterprises, Inc.	111,940	2,174,994
		20,016,712
Utilities – 6.2%
Allete, Inc.	23,190	970,502
American States Water Co.	16,800	425,040
Atmos Energy Corp.	78,900	2,130,300
Avista Corp.	38,000	665,000
Black Hills Corp.	20,400	674,628
California Water Service Group	16,700	557,279
Cascade Natural Gas Corp.	41,480	827,941
CH Energy Group, Inc.	26,500	1,211,050
Cleco Corp.	50,000	1,065,000
CMS Energy Corp.*(a)	402,300	5,245,991
Comfort Systems USA, Inc.*	82,740	641,235
Duratek, Inc.*	62,190	1,240,691
El Paso Electric Co.*	119,300	2,266,700
EMCOR Group, Inc.*	10,200	477,564
Energen Corp.	84,108	5,601,592
Idacorp, Inc.	84,240	2,389,889
New Jersey Resources Corp.	119,320	5,194,000
PNM Resources, Inc.	117,800	3,142,904
Sierra Pacific Resources*	400,400	4,304,300
SJW Corp.	5,000	175,650

South Jersey Industries, Inc.		58,100		3,276,840
Southern Union Co.*		157,000		3,942,270
Southwest Gas Corp.		121,000		2,923,360
UGI Corp.		23,010		1,045,114
UIL Holdings Corp.		8,500		430,525
Unisource Energy Corp.		141,500		4,382,255
Vectran Corp.		24,750		659,340
Westar Energy, Inc.		85,570		1,851,735
Wisconsin Energy Corp.		46,900		1,664,951
				59,383,646
TOTAL COMMON STOCK (Cost $894,358,758)				905,110,182
EXCHANGE TRADED FUNDS – 0.4%
iShares S&P Small Cap 600/Barra Value Index Fund
(Cost $4,130,564)		35,600		4,199,732
TOTAL LONG-TERM INVESTMENTS (Cost $898,489,322)				909,309,914
	Principal Amount
SHORT-TERM INVESTMENTS – 7.0%
Certificates of Deposit – 0.1%
Eurohypo AG	$	521,487		521,489
2.78%, 04/18/05 (b)
Commercial Paper – 0.8%
Countrywide Home Loans		1,277,848		1,275,054
2.816%, 04/27/05 (b)
Liberty Funding Corp.		1,062,052		1,059,491
2.80%, 04/22/05 (b)
Skandinaviska Enskilda Banken		2,347,341		2,347,341
2.80%, 04/17/05 (b)(c)
Thames Asset Global Securities		2,553,033		2,547,273
2.80%, 04/20/05 (b)
				7,229,159
Corporate Obligations – 1.4%
Bank of America NA		577,820		577,820
2.80%, 04/01/05 (b)(c)
Goldman Sachs Group, Inc.		1,423,635		1,423,635
2.955%, 04/01/05 (b)(c)
Lehman Brothers		6,934,065		6,934,065
2.935%, 04/01/05 (b)(c)
Merrill Lynch & Co., Inc.		1,429,582		1,429,582
2.975%, 04/01/05 (b)
Morgan Stanley		1,871,004		1,871,004
2.82%, 04/01/05 (b)(c)
Nordeutsche Landesbank		882,194		880,409
2.805%, 04/18/05 (b)
				13,116,515
Time Deposit – 0.8%
Chase Manhattan Bank		6,146,567		6,146,567
2.843%, 04/01/05 (b)
Societe Generale NY		1,527,994		1,527,994
2.875%, 04/01/05 (b)
				7,674,561
Non-Registered Investment Company – 3.9%
	Shares
BlackRock Institutional Money Market Trust(b)(j)		36,959,886		36,959,886
TOTAL SHORT-TERM INVESTMENTS (Cost $65,501,610)				65,501,610
Total Investments — 103.9% (Cost $963,990,932 (p))				974,811,524
Liabilities in Excess of Other Assets — (3.9%)				(36,765,063	)
Net Assets — 100.0%			$	938,046,461

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) All or a portion of security is on loan. The aggregate market value of such securities is $63,154,032; cash collateral of $65,501,610 (included with liabilities) 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 next date on which the rate of interest is adjusted.

(g) Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $1,113,938. The aggregate value, $1,120,832 represents 0.12% of net assets.

(j) Security available to institutional investors only.

(p) The United States federal income tax basis of the Fund’s investments was $965,039,900; accordingly, net unrealized appreciation on investments for federal income tax purposes was $9,771,624 (gross unrealized appreciation - $60,649,284; gross unrealized depreciation - $50,877,660). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST DeAM Small Cap Value Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 97.9%
COMMON STOCK
Advertising – 0.1%
DoubleClick, Inc.*	17,000	$	130,900
Aerospace – 1.5%
DRS Technologies, Inc.*	16,300		692,750
Moog, Inc. (Class “A” Stock)*	23,100		1,044,120
			1,736,870
Airlines – 1.4%
Continental Airlines, Inc. (Class “B” Stock)*(a)	78,500		945,140
SkyWest, Inc.	37,900		704,561
			1,649,701
Automobile Manufacturers – 0.8%
Arctic Cat, Inc.	35,300		955,218
Automotive Parts – 2.2%
Goodyear Tire & Rubber Co.(The)*(a)	95,100		1,269,585
Sonic Automotive, Inc.	18,800		426,948
Tenneco Automotive, Inc.*	65,300		813,638
			2,510,171
Building Materials – 1.3%
American Woodmark Corp.	14,400		522,432
Eagle Materials, Inc.	11,700		946,998
			1,469,430
Business Services – 0.7%
UniFirst Corp.	20,600		821,940
Chemicals – 2.8%
Compass Minerals International, Inc.	36,600		931,470
Georgia Gulf Corp.	28,600		1,315,028
Octel Corp.	6,000		111,180
Terra Industries, Inc.*	121,500		942,840
			3,300,518
Clothing & Apparel – 4.3%
Cato Corp. (Class “A” Stock)	36,800		1,186,800
Skechers USA, Inc. (Class “A” Stock)*	62,700		970,596
The Men’s Wearhouse, Inc.*(a)	12,800		540,288
Too, Inc.*	48,300		1,191,561
Wolverine World Wide, Inc.	51,250		1,098,288
			4,987,533
Commercial Services – 0.5%
NCO Group, Inc.*	31,500		615,825
Computer Services & Software – 2.9%
Agilysys, Inc.	49,700		977,102
E.piphany, Inc.*	33,300		118,215
Internet Security Systems, Inc.*	13,600		248,880
MTS Systems Corp.	15,400		447,062
Parametric Technology Corp.*	184,400		1,030,796
Perot Systems Corp.*	38,400		516,096
			3,338,151
Conglomerates – 1.2%
Griffon Corp.*	66,100		1,415,201
Construction – 1.2%
Dycom Industries, Inc.*	30,400		698,896
EMCOR Group, Inc.*	11,200		524,384
WCI Communities, Inc.*	6,700		201,536
			1,424,816
Consumer Products & Services – 4.2%
Buckeye Technologies, Inc.*	71,500		772,200

Chemed Corp.	15,500	1,185,440
Dollar Thrifty Automotive Group, Inc.*	44,600	1,461,988
Geo Group, Inc. (The)*	15,500	442,990
Nu Skin Enterprises, Inc. (Class “A” Stock)(a)	46,900	1,055,719
		4,918,337
Containers & Packaging – 2.3%
Greif, Inc. (Class “A” Stock)	19,700	1,372,696
Silgan Holdings, Inc.	19,200	1,247,616
		2,620,312
Electronic Components & Equipment – 1.1%
Brocade Communications Systems, Inc.*	141,800	839,456
Electro Rent Corp.*	16,400	220,088
ESCO Technologies, Inc.*	2,100	168,735
		1,228,279
Entertainment & Leisure – 1.1%
Argosy Gaming Co.*	28,900	1,327,088
Equipment Services – 1.0%
United Rentals, Inc.*	55,900	1,129,739
Financial - Bank & Trust – 9.6%
BankAtlantic Bancorp, Inc. (Class “A” Stock)	36,000	626,400
BankUnited Financial Corp.	38,900	1,044,854
Banner Corp.	8,400	226,548
Central Pacific Financial Corp.	30,000	1,009,500
Corus Bankshares, Inc.	18,600	887,034
FirstFed Financial Corp.*	35,800	1,826,158
Harbor Florida Bancshares, Inc.	10,500	358,050
PFF Bancorp, Inc.	27,750	765,900
Prosperity Bancshares, Inc.	44,300	1,173,507
Republic Bancorp, Inc.	26,500	358,810
Sterling Financial Corp.*	45,304	1,617,353
Texas Regional Bancshares, Inc. (Class “A” Stock)	11,700	352,287
United Bancshares, Inc.	21,600	715,824
Wesbanco, Inc.	8,400	231,084
		11,193,309
Financial Services – 3.8%
Bancfirst Corp.	3,900	269,178
Compucredit Corp.*	32,100	854,502
Downey Financial Corp.	31,400	1,932,042
Investment Technology Group, Inc.*	19,800	346,500
ITLA Capital Corp.*	5,900	294,764
WSFS Financial Corp.	13,300	699,048
		4,396,034
Food – 2.0%
Lance, Inc.	88,200	1,417,374
Nash Finch Co.(a)	22,400	850,976
		2,268,350
Healthcare Services – 0.9%
Res-Care, Inc.*	78,900	987,039
Industrial Products – 1.8%
Ceradyne, Inc.*	43,900	982,043
Oregon Steel Mills, Inc.*	6,800	156,400
Tredegar Corp.	54,400	917,184
		2,055,627
Insurance – 3.3%
Argonaut Group, Inc.*	29,600	628,112
Commerce Group, Inc.	12,300	762,354
Midland Co.	6,400	201,664
Navigators Group, Inc.*	26,100	865,085
Safety Insurance Group, Inc.	6,000	185,760
Stewart Information Services Corp.	30,300	1,136,856
		3,779,831
Internet Services – 0.2%
EarthLink, Inc.*	13,000	117,000
Interwoven, Inc.*	8,700	67,773
		184,773
Lumber & Wood Products – 0.9%
Deltic Timber Corp.	26,900	1,051,790

Machinery & Equipment – 3.1%
IDEX Corp.	4,800	193,680
JLG Industries, Inc.	50,500	1,088,275
Rofin-Sinar Technologies, Inc.*	29,500	948,130
Stewart & Stevenson Services, Inc.	61,500	1,407,735
		3,637,820
Medical Supplies & Equipment – 2.0%
Cambrex Corp.	39,200	834,960
Haemonetics Corp.*	36,600	1,543,056
		2,378,016
Metals & Mining – 1.4%
Quanex Corp.(a)	31,350	1,671,582
Oil & Gas – 8.7%
Energen Corp.	33,000	2,197,800
Houston Exploration Co.*(a)	16,000	911,200
Key Energy Services, Inc.*	26,200	300,514
Magnum Hunter Resources, Inc.*(a)	43,500	700,785
Meridian Resource Corp. (The)*	128,800	664,608
Plains Exploration & Production Co.*	48,400	1,689,160
Stone Energy Corp.*	29,000	1,408,530
Tesoro Petroleum Corp.*	34,500	1,277,190
Whiting Petroleum Corp.*	22,900	933,862
		10,083,649
Paper & Forest Products – 1.1%
Pope & Talbot, Inc.	70,200	1,234,116
Pharmaceuticals – 1.4%
Alpharma, Inc. (Class “A” Stock)	69,900	861,168
Valeant Pharmaceuticals International	33,900	763,428
		1,624,596
Printing & Publishing – 2.0%
Consolidated Graphics, Inc.*	11,800	620,680
R.H. Donnelley Corp.*	30,000	1,742,700
		2,363,380
Real Estate – 11.8%
Alexandria Real Estate Equities, Inc. [REIT]	6,200	399,156
American Financial Realty Trust [REIT]	21,800	318,934
Amli Residential Properties Trust[REIT]	11,600	317,724
Brandywine Realty Trust[REIT]	13,800	391,920
Capital Automotive[REIT](a)	13,300	440,496
CarrAmerica Realty Corp.[REIT]	18,100	571,055
Colonial Properties Trust [REIT]	10,000	384,100
Commercial Net Lease Realty, Inc.[REIT]	18,700	345,015
Corporate Office Properties Trust[REIT]	16,000	423,680
Cousins Properties, Inc. [REIT]	12,800	331,136
Equity Lifestyle Properties, Inc	7,500	264,375
Essex Property Trust, Inc. [REIT]	6,000	413,640
First Industrial Realty Trust, Inc.[REIT]	13,000	491,790
Gables Residential Trust[REIT]	11,400	379,620
HealthCare Realty Trust, Inc.[REIT]	12,000	437,280
Heritage Property Investment Trust[REIT]	11,900	353,192
Highwoods Properties, Inc.[REIT]	18,100	485,442
Home Properties of New York, Inc.[REIT]	11,100	430,680
IMPAC Mortgage Holdings, Inc.[REIT](a)	26,600	510,188
Jones Lang Lasalle, Inc.*[REIT]	9,400	438,510
Kilroy Realty Corp.[REIT]	10,400	425,464
Lexington Corp. Properties Trust[REIT]	17,500	383,950
Mid-America Apartment Communities, Inc.[REIT]	8,500	310,250
Nationwide Health Properties, Inc.[REIT]	24,100	487,061
New Century Financial Corp. [REIT]	6,000	280,920
Novastar Financial, Inc.[REIT](a)	4,100	147,641
Pennsylvania Real Estate Investment Trust[REIT]	11,800	475,776
Prentiss Properties Trust[REIT]	15,300	522,648
RAIT Investment Trust[REIT]	12,600	337,932
Realty Income Corp.[REIT]	25,400	581,151
Redwood Trust, Inc. [REIT](a)	6,900	353,142
Senior Housing Properties Trust[REIT]	17,300	288,564
Sovran Self Storage, Inc.[REIT]	7,400	293,262

Taubman Centers, Inc. [REIT]		12,100	335,654
Washington Real Estate Investment Trust [REIT]		13,000	373,750
			13,725,098
Restaurants – 2.3%
Dave & Buster’s, Inc.*		53,300	996,710
Jack in the Box, Inc.*		46,200	1,714,020
			2,710,730
Retail & Merchandising – 1.5%
Cash America International, Inc.		53,600	1,175,448
Jo-Ann Stores, Inc.*		19,300	542,137
			1,717,585
Semiconductors – 1.6%
Emulex Corp.*		53,600	1,009,824
Photronics, Inc.*		46,300	838,030
			1,847,854
Telecommunications – 1.0%
CT Communications, Inc.		42,800	450,684
General Communication, Inc.*		77,700	709,401
			1,160,085
Transportation – 2.7%
Arkansas Best Corp.		30,500	1,152,290
Kirby Corp.*		5,600	235,368
Overseas Shipholding Group, Inc.		27,000	1,698,570
			3,086,228
Utilities – 4.2%
Calpine Corp.*(a)		81,300	227,640
New Jersey Resources Corp.		7,900	343,887
PNM Resources, Inc.		71,600	1,910,288
Sierra Pacific Resources*		18,400	197,800
South Jersey Industries, Inc.		4,600	259,440
Southern Union Co.*		76,700	1,925,937
			4,864,992
TOTAL LONG-TERM INVESTMENTS (Cost $109,580,051)			113,602,513
	Principal Amount (000)		(Value)
SHORT-TERM INVESTMENTS – 6.5%
Commercial Paper – 1.0%
Nordeutsche Landesbank
2.805%, 04/18/05 (b)	$	679	677,836
Skandinaviska Enskilda Banken
2.80%, 04/17/05 (b)(c)		451	451,110
			1,128,946
Corporate Obligations – 0.2%
Goldman Sachs Group, Inc.
2.955%, 04/01/05 (b)(c)		37	36,563
Merrill Lynch & Co., Inc.
2.975%, 04/01/05 (b)		189	188,947
			225,510
Time Deposit – 0.8%
Chase Manhattan Bank
2.843%, 04/01/05 (b)		757	756,881
Societe Generale NY
2.875%, 04/01/05 (b)		202	201,954
			958,835
U.S. Treasury Obligations – 0.6%
U.S. Treasury Bills
2.37%, 04/28/05 (k)(n)		695	693,681
	Shares		Value
Non-Registered Investment Company – 3.9%
BlackRock Institutional Money Market Trust(b) (j)		4,524,089	4,524,089

TOTAL SHORT-TERM INVESTMENTS (Cost $7,531,145)		7,531,061
Total Investments — 104.4% (Cost $117,111,196(p))		121,133,574
Liabilities in Excess of Other Assets(k) — (4.4%)		(5,100,451	)
Net Assets — 100.0%	$	116,033,123

The following abbreviations are 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)	All or a portion of security is on loan. The aggregate market value of such securities is $6,622,650; cash collateral of $6,837,380 (included with liabilities) 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 next date on which the rate of interest is adjusted.
(j)	Security available to institutional investors only.
(k)	Securities with an aggregate market value of $693,681 have been segregated with the custodian to cover margin requirements for the following open futures contracts at March 31, 2005:

Number of Contracts	Type	Expiration Month	Value at Trade Date		Value at March 31, 2005		Unrealized Depreciation
Long Position:
10	Russell 2000	Jun 05	$	3,140,110	$	3,089,500	$	(50,610	)

(n)	Rates shown are the effective yields at purchase date.
(p)	The United States federal income tax basis of the Fund’s investments was $117,264,438; accordingly, net unrealized appreciation on investments for federal income tax purposes was $3,869,136 (gross unrealized appreciation - $6,970,220; gross unrealized depreciation - $3,101,084). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST Goldman Sachs Mid-Cap Growth Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 98.8%
COMMON STOCK
Aerospace & Defense – 1.8%
Alliant Techsystems, Inc.*	75,025	$	5,360,536
Apparel/Shoes – 2.8%
Chico’s FAS, Inc.*(a)	209,150		5,910,579
Urban Outfitters, Inc.*	48,000		2,302,560
			8,213,139
Auto Parts & Related – 1.8%
Gentex Corp.(a)	171,845		5,481,856
Banks – 1.2%
M&T Bank Corp.	33,825		3,452,180
Biotechnology – 1.4%
Eyetech Pharmaceuticals, Inc.*	92,029		2,530,797
MedImmune, Inc.*	66,450		1,582,175
			4,112,972
Broadcasting & Cable/Satellite TV – 6.2%
Cablevision Systems New York Group (Class “A” Stock)*(a)	110,375		3,096,019
Citadel Broadcasting Co.*(a)	258,279		3,546,171
EchoStar Communications Corp. (Class “A” Stock)	113,350		3,315,488
Entravision Communications Corp. (Class “A” Stock)*	531,480		4,714,227
Univision Communications, Inc. (Class “A” Stock)*(a)	136,500		3,779,684
			18,451,589
Commercial Services – 7.3%
ARAMARK Corp. (Class “B” Stock)	221,875		5,830,874
ChoicePoint, Inc.*	48,100		1,929,291
Iron Mountain, Inc.*(a)	179,265		5,170,003
Moody’s Corp.	36,325		2,937,240
Pitney Bowes, Inc.	92,250		4,162,320
York International Corp.	44,900		1,759,182
			21,788,910
Computer Hardware – 1.6%
Avocent Corp.*	185,620		4,763,009
Computer Services – 2.4%
Fiserv, Inc.*	182,100		7,247,580
Computer Software – 4.9%
Cognos, Inc. (Canada)*	111,475		4,675,262
Mercury Interactive Corp.*(a)	92,400		4,377,912
NAVTEQ Corp.*	47,000		2,037,450
Salesforce.com, Inc.*(a)	241,200		3,615,588
			14,706,212
Drugs & Medicine – 1.8%
Amylin Pharmaceuticals, Inc.*(a)	135,890		2,376,716
OSI Pharmaceuticals, Inc.*	69,100		2,856,594
			5,233,310
Financial Services – 1.4%
MoneyGram International, Inc.	214,360		4,049,260
Gaming/Lodging – 3.7%
GTECH Holdings Corp.(a)	116,300		2,736,539
Harrah’s Entertainment, Inc.(a)	79,175		5,113,121
Marriott International, Inc. (Class “A” Stock)	47,475		3,174,179
			11,023,839

Insurance – 1.7%
Willis Group Holdings Ltd. (United Kingdom)	135,425	4,993,120
Internet & Online – 2.9%
CheckFree Corp.*	73,575	2,998,917
CNET Networks, Inc.*(a)	454,100	4,286,704
Dolby Laboratories, Inc. (Class “A” Stock)*	64,300	1,511,050
		8,796,671
Manufacturing – 0.7%
American Standard Cos., Inc.(a)	45,850	2,131,108
Medical Products – 6.1%
Allergan, Inc.(a)	35,825	2,488,763
Bard, (C.R.), Inc.	53,300	3,628,664
Fisher Scientific International, Inc.*	85,316	4,856,186
Kinetic Concepts, Inc.*	51,300	3,060,045
St. Jude Medical, Inc.*	114,200	4,111,199
		18,144,857
Medical Supplies & Equipment – 1.9%
Biomet, Inc.	154,100	5,593,830
Movies & Entertainment – 0.5%
Lodgenet Entertainment Corp.*	81,350	1,532,634
Networking/Telecom Equipment – 4.0%
ADTRAN, Inc.	202,200	3,566,808
FLIR Systems, Inc.*(a)	161,500	4,893,450
Juniper Networks, Inc.*(a)	152,700	3,368,562
		11,828,820
Oil & Gas – 1.1%
XTO Energy, Inc.	96,133	3,157,008
Other Consumer Discretionary – 3.6%
Harman International Industries, Inc.	47,850	4,232,811
ITT Educational Services, Inc.*	93,925	4,555,363
Select Comfort Corp.*	102,300	2,091,012
		10,879,186
Other Energy – 2.0%
Smith International, Inc.(a)	94,550	5,931,122
Other Health Care – 5.4%
Caremark Rx, Inc.*(a)	149,175	5,934,182
Charles River Laboratories International,	118,975	5,596,584
Millipore Corp.*(a)	102,910	4,466,294
		15,997,060
Other Producer Goods & Services – 2.5%
Global Payments, Inc.(a)	23,800	1,534,862
Grainger, (W.W.), Inc.	98,425	6,128,925
		7,663,787
Other Technology – 2.6%
Amphenol Corp.	122,100	4,522,584
Zebra Technologies Corp. (Class “A”)	66,100	3,139,089
		7,661,673
Publishing – 4.3%
Lamar Advertising Co.*(a)	170,350	6,863,402
Scripps, (E.W.) Co. (Class “A” Stock)(a)	124,160	6,052,800
		12,916,202
Restaurants – 1.7%
Chang’s China Bistro, (P.F.), Inc.*(a)	87,014	5,203,437
Retailing – 7.8%
Bed Bath & Beyond, Inc.*	68,600	2,506,644
CarMax, Inc.*(a)	111,400	3,509,100
Dollar Tree Stores, Inc.*(a)	130,825	3,758,602
PETCO Animal Supplies, Inc.*	186,770	6,875,003
Williams-Sonoma, Inc.*(a)	179,655	6,602,321
		23,251,670

Semiconductors/Semi Capital Equipment – 8.3%
KLA-Tencor Corp.(a)		102,325	4,707,973
Linear Technology Corp.		164,196	6,290,349
Marvell Technology Group Ltd.*		107,300	4,113,882
Microchip Technology, Inc.		114,650	2,982,047
Tessera Technologies, Inc.*		152,100	6,575,282
			24,669,533
Telecommunications – 1.5%
Crown Castle International Corp.*(a)		279,075	4,481,945
Tobacco – 1.0%
UST, Inc.(a)		55,625	2,875,813
Transportation – 0.9%
Robinson Worldwide, (C.H.), Inc.		54,725	2,819,979
TOTAL LONG-TERM INVESTMENTS (Cost $272,343,792)			294,413,847
	Principal Amount (000)
SHORT-TERM INVESTMENTS – 25.0%
Certificates of Deposit – 1.2%
Banco Santander PR	$	1,544	1,543,819
2.72%, 04/07/05 (b)(c)
Canadian Imperial Bank of Commerce		1,480	1,479,989
1.72%, 05/25/05 (b)
Fortis Bank NY		587	586,480
1.775%, 06/06/05 (b)
			3,610,288
Commercial Paper – 2.7%
Liberty Funding Corp.		152	151,735
2.80%, 04/22/05 (b)
Skandinaviska Enskilda Banken		7,961	7,960,826
2.80%, 04/17/05 (b)(c)
			8,112,561
Corporate Obligations – 11.5%
Falcon Asset Securitization		3,190	3,182,114
2.77%, 04/15/05 (b)
Goldman Sachs Group, Inc.		9,329	9,328,718
2.955%, 04/01/05 (b)(c)
Lehman Brothers		4,607	4,607,365
2.935%, 04/01/05 (b)(c)
Merrill Lynch & Co., Inc.		829	828,615
2.975%, 04/01/05 (b)
Morgan Stanley		8,018	8,017,620
2.82%, 04/01/05 (b)(c)
Natexis Banque NY		679	679,451
2.925%, 04/01/05 (b)(c)
Nordeutsche Landesbank		89	88,919
2.805%, 04/18/05 (b)
Sedna Finance Corp.		7,579	7,579,373
2.78%, 04/15/05 (b)(c)
			34,312,175
Time Deposits – 2.0%
Chase Manhattan Bank		4,993	4,992,930
2.843%, 04/01/05 (b)
Societe Generale NY		886	885,656
2.875%, 04/01/05 (b)
			5,878,586
	Shares
Non-Registered Investment Company – 7.6%
BlackRock Institutional Money Market Trust(b) (j)		22,530,190	22,530,190

TOTAL SHORT-TERM INVESTMENTS (Cost $74,443,800)		74,443,800
Total Investments — 123.8% (Cost $346,787,592 (p))		368,857,647
Liabilities in Excess of Other Assets — (23.8%)		(70,807,950	)
Net Assets — 100.0%	$	298,049,697

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities is $72,339,979; cash collateral of $74,443,800 (included with liabilities) 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 next date on which the rate of interest is adjusted.

(j) Security available to institutional investors only.

(p) The United States federal income tax basis of the Fund’s investments was $347,585,361; accordingly, net unrealized appreciation on investments for federal income tax purposes was $21,272,286 (gross unrealized appreciation - $31,769,331; gross unrealized depreciation - $10,497,045). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST Neuberger Berman Mid-Cap Growth Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 100.1%
COMMON STOCK
Advertising – 1.7%
a Quantive, Inc.*	105,000	$	1,162,350
Getty Images, Inc.*	70,000		4,977,700
			6,140,050
Aerospace – 0.8%
Rockwell Collins, Inc.(a)	56,500		2,688,835
Beverages – 0.7%
Constellation Brands, Inc. (Class “A” Stock)*	48,500		2,564,195
Business Services – 5.5%
Alliance Data Systems Corp.*(a)	196,000		7,918,400
CB Richard Ellis Group, Inc.*	80,500		2,816,695
Corporate Executive Board Co. (The)(a)	107,500		6,874,625
Robert Half International, Inc.	69,500		1,873,720
			19,483,440
Chemicals – 1.3%
Air Products & Chemicals, Inc.	30,500		1,930,345
Airgas, Inc.	112,500		2,687,625
			4,617,970
Clothing & Apparel – 2.5%
Coach, Inc.*	128,000		7,248,640
Warnaco Group, Inc. (The)*	64,500		1,550,580
			8,799,220
Computer Hardware – 2.4%
Apple Computer, Inc.*	110,000		4,583,700
Seagate Technology(a)	196,000		3,831,800
			8,415,500
Computer Services & Software – 9.5%
Adobe Systems, Inc.(a)	53,000		3,560,010
AutoDesk, Inc.	120,000		3,571,200
Cerner Corp.*(a)	58,500		3,071,835
Cognizant Technology Solutions Corp.	150,000		6,930,000
(Class “A” Stock)*
Cognos, Inc. (Canada)*	87,000		3,648,780
Mercury Interactive Corp.*(a)	134,000		6,348,920
NAVTEQ Corp.*	40,000		1,734,000
NCR Corp.*	67,000		2,260,580
TIBCO Software, Inc.*	421,000		3,136,450
			34,261,775
Consumer Products & Services – 1.6%
Fortune Brands, Inc.	46,000		3,708,980
Lauder, (Estee) Cos., Inc. (Class “A” Stock)	45,600		2,051,088
			5,760,068
Electronic Components & Equipment – 5.3%
Harman International Industries, Inc.	43,500		3,848,010
Jabil Circuit, Inc.*	78,000		2,224,560
Rockwell Automation, Inc.	78,500		4,446,240
Zebra Technologies Corp. (Class “A” Stock)*	175,000		8,310,750
			18,829,560
Entertainment & Leisure – 3.6%
Dolby Laboratories, Inc. (Class “A” Stock)*	10,900		256,150
Royal Caribbean Cruises Ltd.	119,500		5,340,455
Station Casinos, Inc.	108,500		7,329,175
			12,925,780

Financial Services – 8.1%
Capital Source, Inc.*	198,000	4,554,000
Chicago Mercantile Exchange Holding, Inc.	20,500	3,977,615
First Marblehead Corp.*	89,000	5,120,170
Investors Financial Services Corp.(a)	111,500	5,453,465
Legg Mason, Inc.(a)	63,750	4,981,425
Moody’s Corp.	60,000	4,851,600
		28,938,275
Healthcare Services – 3.7%
AMERIGROUP Corp.*	61,000	2,230,160
Omnicare, Inc.	53,500	1,896,575
PacifiCare Health Systems, Inc.*(a)	58,500	3,329,820
Stericycle, Inc.*	70,000	3,094,000
VCA Antech, Inc.*	131,500	2,660,245
		13,210,800
Hotels & Motels – 2.3%
Marriott International, Inc. (Class “A” Stock)	69,000	4,613,340
MGM Mirage, Inc.*	50,000	3,541,000
		8,154,340
Industrial Products – 4.2%
Donaldson Co., Inc.(a)	128,300	4,141,524
Fastenal Co.	98,500	5,448,035
Nucor Corp.(a)	54,000	3,108,240
Precision Castparts Corp.	29,500	2,271,795
		14,969,594
Internet Services – 3.2%
F5 Networks, Inc.*	62,500	3,155,625
Juniper Networks, Inc.*(a)	143,500	3,165,610
Macromedia, Inc.*	90,500	3,031,750
VeriSign, Inc.*(a)	76,500	2,195,550
		11,548,535
Machinery & Equipment – 3.7%
Danaher Corp.(a)	109,000	5,821,690
Grainger (W.W.), Inc.	46,500	2,895,555
National Oilwell, Inc.*	94,500	4,413,150
		13,130,395
Medical Supplies & Equipment – 11.2%
Bard, (C.R.), Inc.	89,000	6,059,120
Cytyc Corp.*	201,500	4,636,515
Genzyme Corp.*	65,000	3,720,600
Invitrogen Corp.*(a)	55,000	3,806,000
Kinetic Concepts, Inc.*	91,000	5,428,150
Kyphon, Inc.*(a)	107,000	2,693,190
Martek Biosciences Corp.*(a)	77,000	4,480,630
ResMed, Inc.*	78,000	4,399,200
Varian Medical Systems, Inc.*(a)	100,500	3,445,140
Zimmer Holdings, Inc.*	22,000	1,711,820
		40,380,365
Metals & Mining – 1.3%
Peabody Energy Corp.	97,000	4,496,920
Oil & Gas – 6.2%
Canadian Natural Resources Ltd.	65,000	3,693,300
Murphy Oil Corp.	37,000	3,653,010
Quicksilver Resources, Inc.*	67,400	3,284,402
Smith International, Inc.*	67,700	4,246,821
XTO Energy, Inc.	220,000	7,224,800
		22,102,333
Pharmaceuticals – 2.9%
Celgene Corp.*	160,000	5,448,000
Gilead Sciences, Inc.*	134,000	4,797,200
		10,245,200
Retail & Merchandising – 6.0%
Abercrombie & Fitch Co.	68,000	3,892,320
Dick’s Sporting Goods, Inc.*	30,000	1,101,900
Nordstrom, Inc.	83,000	4,596,540
PETsMART, Inc.(a)	132,500	3,809,375
Staples, Inc.	118,500	3,724,455
Whole Foods Market, Inc.	42,000	4,289,460
		21,414,050

Semiconductors – 6.8%
ATI Technologies, Inc. (Canada)*		154,000	2,658,040
International Rectifier Corp.*		52,500	2,388,750
Marvell Technology Group Ltd.*		123,500	4,734,990
Microchip Technology, Inc.		126,000	3,277,260
Microsemi Corp.*		231,300	3,767,877
National Semiconductor Corp.		132,500	2,730,825
Sigmatel, Inc.*		87,500	3,275,125
Varian Semiconductor Equipment		35,600	1,353,156
Associates, Inc.*
			24,186,023
Telecommunications – 3.4%
American Tower Corp. (Class “A” Stock)*		160,000	2,916,800
Leap Wireless International, Inc.*		83,000	2,162,150
Nextel Partners, Inc. (Class “A” Stock)*(a)		321,000	7,049,160
			12,128,110
Transportation – 2.2%
C.H. Robinson Worldwide, Inc.		42,500	2,190,025
J.B. Hunt Transport Services, Inc.		133,000	5,821,410
			8,011,435
TOTAL LONG-TERM INVESTMENTS (Cost $266,484,482)			357,402,768
	Principal Amount (000)
SHORT-TERM INVESTMENTS – 8.0%
Certificates of Deposit – 0.3%
Banco Santander PR
2.72%, 04/07/05 (b)(c)	$	1,081	1,080,854
Commercial Paper – 1.0%
Skandinaviska Enskilda Banken
2.80%, 04/17/05 (b)(c)		925	925,109
Thames Asset Global Securities
2.80%, 04/20/05 (b)		2,647	2,641,170
			3,566,279
Corporate Obligations – 3.3%
Falcon Asset Securitization
2.77%, 04/15/05 (b)		3,594	3,585,850
Goldman Sachs Group, Inc.
2.955%, 04/01/05 (b)(c)		1,868	1,867,748
Lehman Brothers
2.935%, 04/01/05 (b)(c)		2,996	2,996,031
Merrill Lynch & Co., Inc.
2.975%, 04/01/05 (b)		359	358,912
Morgan Stanley
2.82%, 04/01/05 (b)(c)		944	944,134
Sedna Finance Corp.
2.78%, 04/15/05 (b)(c)		2,000	2,000,064
			11,752,739
Time Deposit – 0.7%
Chase Manhattan Bank
2.843%, 04/01/05 (b)		2,095	2,095,436
Societe Generale NY
2.875%, 04/01/05 (b)		384	383,620
			2,479,056

	Shares
Non-Registered Investment Company – 2.4%
BlackRock Institutional Money Market Trust(b)(j)	8,644,682		8,644,682
Registered Investment Companies – 0.3%
BlackRock Provident Institutional Funds	599,201		599,201
TempCash Portfolio (j)
BlackRock Provident Institutional Funds	599,200		599,200
TempFund Portfolio (j)
			1,198,401
TOTAL SHORT-TERM INVESTMENTS (Cost $28,722,011)			28,722,011
Total Investments — 108.1% (Cost $295,206,493(p))			386,124,779
Liabilities in Excess of Other Assets — (8.1%)			(28,822,477	)
Net Assets — 100.0%		$	357,302,302

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities is $26,608,908; cash collateral of $27,523,610 (included with liabilities) 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 next date on which the rate of interest is adjusted.

(j) Security available to institutional investors only.

(p) The United States federal income tax basis of the Fund’s investments was $295,696,862; accordingly, net unrealized appreciation on investments for federal income tax purposes was $90,427,917 (gross unrealized appreciation - $92,150,866; gross unrealized depreciation - $1,722,949). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST Neuberger Berman Mid-Cap Value Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 97.8%
COMMON STOCK
Automotive Parts – 9.6%
Advance Auto Parts, Inc.*	504,600	$	25,457,070
AutoNation, Inc.*(a)	405,800		7,685,852
AutoZone, Inc.*(a)	394,200		33,782,940
BorgWarner, Inc.	630,600		30,697,608
Lear Corp.(a)	727,600		32,276,336
			129,899,806
Beverages – 1.0%
Constellation Brands, Inc. (Class “A” Stock)*(a)	248,700		13,148,769
Building Materials – 1.1%
Masco Corp.	440,000		15,254,800
Business Services – 2.2%
Manpower, Inc.	680,200		29,602,304
Clothing & Apparel – 6.1%
Liz Claiborne, Inc.	536,700		21,537,771
Reebok International Ltd.(a)	633,800		28,077,340
Timberland Co. (The) (Class “A” Stock)*	89,800		6,369,514
VF Corp.	446,900		26,429,666
			82,414,291
Computer Hardware – 2.9%
Western Digital Corp.*	3,043,100		38,799,525
Computer Services & Software – 2.2%
Computer Associates International, Inc.(a)	1,117,200		30,276,120
Conglomerates – 2.0%
Johnson Controls, Inc.(a)	477,200		26,608,672
Consumer Products & Services – 5.6%
Black & Decker Corp.(a)	228,200		18,025,518
Rent-A-Center, Inc.*	849,071		23,188,129
Whirlpool Corp.(a)	498,900		33,790,497
			75,004,144
Financial - Bank & Trust – 9.1%
Astoria Financial Corp.	798,000		20,189,400
Commerce Bancorp, Inc.(a)	912,600		29,632,122
First Horizon National Corp.	765,300		31,216,587
North Fork Bancorp, Inc.	1,164,749		32,310,137
TCF Financial Corp.(a)	364,300		9,890,745
			123,238,991
Financial Services – 10.5%
Ambac Financial Group, Inc.(a)	388,450		29,036,638
Bear Stearns Cos., Inc.	313,200		31,288,680
CIT Group, Inc.	848,500		32,243,000
IndyMac Bancorp, Inc.(a)	891,900		30,324,600
Waddell & Reed Financial, Inc. (Class “A” Stock)	908,100		17,925,894
			140,818,812
Food – 1.3%
Fresh Del Monte Produce, Inc.	591,400		18,049,528
Furniture – 1.4%
Mohawk Industries, Inc.*(a)	224,400		18,916,920
Healthcare Services – 7.7%
Coventry Health Care, Inc.*	608,200		41,442,748
Health Management Associates, Inc. (Class “A” Stock)	497,500		13,024,550
Omnicare, Inc.	1,019,300		36,134,185
Triad Hospitals, Inc.*	267,800		13,416,780
			104,018,263

Industrial Products – 4.0%
Ingersoll-Rand Co., Ltd. (Class “A” Stock)		264,700	$	21,083,355
SPX Corp.(a)		758,400		32,823,552
				53,906,907
Insurance – 13.9%
Arch Capital Group Ltd.*		488,400		19,555,536
Endurance Specialty Holdings Ltd.		294,500		11,143,880
Jefferson-Pilot Corp.		132,400		6,494,220
PartnerRe Ltd.		418,200		27,015,720
PMI Group, Inc. (The)(a)		777,400		29,548,974
Radian Group, Inc.		648,800		30,973,711
RenaissanceRe Holdings Ltd.		612,000		28,580,400
WellChoice, Inc.*		166,800		8,892,108
WellPoint, Inc.*		192,600		24,142,410
				186,346,959
Machinery & Equipment – 1.5%
Briggs & Stratton Corp.(a)		538,300		19,599,503
Oil & Gas – 5.0%
Sunoco, Inc.		265,100		27,443,152
XTO Energy, Inc.		1,231,809		40,452,608
				67,895,760
Restaurants – 2.7%
Darden Restaurants, Inc.		431,400		13,235,352
Ruby Tuesday, Inc.(a)		933,900		22,684,431
				35,919,783
Retail & Merchandising – 8.0%
Dollar Tree Stores, Inc.*(a)		892,959		25,654,712
Foot Locker, Inc.(a)		928,900		27,216,770
NBTY, Inc.*		986,800		24,758,812
Pier 1 Imports, Inc.(a)		1,655,700		30,183,410
				107,813,704
TOTAL LONG-TERM INVESTMENTS (Cost $1,133,080,203)				1,317,533,561
	Principal Amount (000)		Value
SHORT-TERM INVESTMENTS – 18.2%
Certificates of Deposit – 0.6%
Banco Santander PR	$	6,520		6,519,770
2.72%, 04/07/05 (b)(c)
Canadian Imperial Bank of Commerce		1,650		1,650,087
1.72%, 05/25/05 (b)
				8,169,857
Commercial Paper – 2.2%
Skandinaviska Enskilda Banken		6,545		6,545,133
2.80%, 04/17/05 (b) (c)
Thames Asset Global Securities		23,398		23,345,640
2.80%, 04/20/05 (b)
				29,890,773
Corporate Obligations – 4.3%
Goldman Sachs Group, Inc.		26,959		26,959,110
2.955%, 04/01/05 (b)(c)
Lehman Brothers		7,676		7,676,254
2.935%, 04/01/05 (b)(c)
Merrill Lynch & Co., Inc.		2,534		2,534,386
2.975%, 04/01/05 (b)
Morgan Stanley		12,438		12,438,125
2.82%, 04/01/05 (b)(c)
Natexis Banque NY		5,569		5,569,089
2.925%, 04/01/05 (b) (c)
Sedna Finance Corp.		2,935		2,935,325
2.78%, 04/15/05 (b)(c)
				58,112,289

Time Deposit – 1.2%
Chase Manhattan Bank	$	13,837	$	13,837,075
2.843%, 04/01/05 (b)
Societe Generale NY 2.875%, 04/01/05 (b)		2,709		2,708,852
				16,545,927
	Shares		Value
Non-Registered Investment Company – 7.5%
BlackRock Institutional Money Market Trust(b) (j)		99,728,930		99,728,930
Registered Investment Company – 2.4%
BlackRock Provident Institutional Funds TempCash Portfolio (j)		32,752,724		32,752,724
TOTAL SHORT-TERM INVESTMENTS (Cost $245,200,500)				245,200,500
Total Investments — 116.0% (Cost $1,378,280,703 (p))				1,562,734,061
Liabilities in Excess of Other Assets — (16.0%)				(215,451,259	)
Net Assets — 100.0%			$	1,347,282,802

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities is $206,463,278; cash collateral of $212,447,776 (included in liabilities) 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 next date on which the rate of interest is adjusted.

(j) Security available to institutional investors only.

(p) The United States federal income tax basis of the Fund’s investments was $1,381,108,748; accordingly, net unrealized appreciation on investments for federal income tax purposes was $181,625,313 (gross unrealized appreciation - $196,858,543; gross unrealized depreciation - $15,233,230). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST Alger All-Cap Growth Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 96.2%
COMMON STOCK
Aerospace – 2.4%
General Dynamics Corp.	31,600	$	3,382,780
United Technologies Corp.	37,400		3,802,084
			7,184,864
Beverages – 0.8%
PepsiCo, Inc.	43,700		2,317,411
Biotechnology – 5.3%
Genentech, Inc.*(a)	86,300		4,885,443
Genzyme Corp.*	44,850		2,567,214
Gilead Sciences, Inc.*	133,800		4,790,040
OSI Pharmaceuticals, Inc.*	32,000		1,322,880
Serologicals Corp.*(a)	101,600		2,483,104
			16,048,681
Broadcasting – 2.3%
Entercom Communications Corp.*	49,800		1,768,896
News Corp, Inc., (Class “A” Stock)	300,600		5,086,152
			6,855,048
Chemicals – 1.5%
Huntsman Corp.*	50,900		1,186,988
Lubrizol Corp. (The)	84,800		3,446,272
			4,633,260
Clothing & Apparel – 1.2%
Coach, Inc.*	65,700		3,720,591
Communication Equipment – 0.2%
Research in Motion Ltd. (Canada)*(a)	8,950		683,959
Computer Hardware – 1.8%
Apple Computer, Inc.*	131,000		5,458,770
Computer Services & Software – 8.5%
Automatic Data Processing, Inc.	72,300		3,249,885
Brocade Communications Systems, Inc.*	395,200		2,339,584
Cognos, Inc. (Canada)*	63,000		2,642,220
Mercury Interactive Corp.*(a)	43,700		2,070,506
Microsoft Corp.	201,100		4,860,587
NAVTEQ Corp.*	34,500		1,495,575
Novell, Inc.*	460,100		2,742,196
Oracle Corp.*	480,900		6,001,632
			25,402,185
Conglomerates – 1.8%
Tyco International Ltd.	164,000		5,543,200
Consumer Finance – 0.9%
First Marblehead Corp.*	48,600		2,795,958
Consumer Products & Services – 2.6%
Gillette Co.	78,400		3,957,632
Procter & Gamble Co.	71,200		3,773,600
			7,731,232
Diversified – 1.6%
General Electric Co.	135,300		4,878,918
Energy Equipment – 2.9%
National-Oilwell, Inc.*	188,600		8,807,620
Energy Services – 1.6%
Peabody Energy Corp.	100,800		4,673,088
Entertainment & Leisure – 3.4%
Empire Resorts, Inc.*	16,400		118,572
Royal Caribbean Cruises Ltd.(a)	25,400		1,135,126
Shanda Interactive Entertainment Ltd.	174,900		5,281,980
[ADR] (China)*(a)
Time Warner, Inc.*	219,000		3,843,450
			10,379,128

Financial - Bank & Trust – 1.6%
East West Bancorp, Inc.	71,050	2,623,166
Wells Fargo & Co.	36,200	2,164,760
		4,787,926
Financial Services – 4.6%
Capital Source, Inc.*	65,400	1,504,200
Citigroup, Inc.	65,000	2,921,100
Investors Financial Services Corp.(a)	17,600	860,816
Lehman Brothers Holdings, Inc.	41,600	3,917,056
Merrill Lynch & Co., Inc.	84,900	4,805,340
		14,008,512
Food – 0.7%
Performance Food Group Co.*	71,500	1,979,120
Health Care Provider & Services – 1.3%
Wellpoint, Inc.*	30,300	3,798,105
Healthcare Services – 5.6%
AMERIGROUP Corp.*	69,700	2,548,232
Caremark Rx, Inc.*	95,350	3,793,023
Community Health Systems, Inc.*	63,500	2,216,785
HCA, Inc.	43,200	2,314,224
PacifiCare Health Systems, Inc.*	61,200	3,483,504
UnitedHealth Group, Inc.	27,200	2,594,336
		16,950,104
Hotels & Motels – 2.2%
Hilton Hotels Corp.	296,500	6,626,775
Household Durables – 0.5%
Garmin Ltd.(a)	32,000	1,482,240
Insurance – 3.1%
CIGNA Corp.	22,100	1,973,530
Genworth Financial, Inc.	172,700	4,752,704
St. Paul Cos., Inc.(a)	67,300	2,471,929
		9,198,163
Internet Services – 3.9%
VeriSign, Inc.*	86,150	2,472,505
Yahoo!, Inc.*(a)	270,200	9,159,780
		11,632,285
Internet Software & Services – 1.7%
Google, Inc. (Class “A” Stock)*	8,400	1,516,284
MicroStrategy, Inc. (Class “A” Stock)*	32,750	1,777,343
Netease.com, Inc. [ADR] (China)*(a)	39,350	1,897,063
		5,190,690
Medical Supplies & Equipment – 2.8%
Amgen, Inc.*	28,600	1,664,806
Beckman Coulter, Inc.	47,500	3,156,375
McKesson Corp.	71,400	2,695,350
St. Jude Medical, Inc.*	28,400	1,022,400
		8,538,931
Metals & Mining – 0.3%
Alpha Natural Resources, Inc.*	35,100	1,006,317
Oil & Gas – 2.4%
BP PLC [ADR] (United Kingdom)	50,200	3,132,480
Patterson-UTI Energy, Inc.	65,600	1,641,312
Schlumberger Ltd.	36,000	2,537,280
		7,311,072
Pharmaceuticals – 8.2%
IVAX Corp.*(a)	223,650	4,421,561
Johnson & Johnson	103,300	6,937,627
Novartis AG [ADR] (Switzerland)	63,200	2,956,496
Pfizer, Inc.	219,240	5,759,435
Sanofi-Sythelabo SA [ADR] (France)(a)	61,400	2,599,676
Sepracor, Inc.*	35,300	2,026,573
		24,701,368
Railroads – 1.2%
Burlington Northern Santa Fe Corp.	66,000	3,559,380
Retail & Merchandising – 5.4%
Abercrombie & Fitch Co.	11,600	663,984
Bed Bath & Beyond, Inc.*	101,400	3,705,156

CVS Corp.		164,400	8,650,728
Lowe’s Cos., Inc.		59,400	3,391,146
			16,411,014
Semiconductors – 5.3%
ATI Technologies, Inc. (Canada)*		114,500	1,976,270
Broadcom Corp. (Class “A” Stock)*		44,750	1,338,920
Intel Corp.		126,400	2,936,272
Marvell Technology Group Ltd.*		63,700	2,442,258
MEMC Electronic Materials, Inc.*		220,600	2,967,070
Skyworks Solutions, Inc.*		666,000	4,229,100
			15,889,890
Telecommunications – 3.5%
Arris Group, Inc.*		89,800	620,518
Motorola, Inc.		24,200	362,274
Nextel Partners, Inc. (Class “A” Stock)*(a)		29,200	641,232
Nokia Corp. (Class “A” Stock) [ADR]		338,600	5,224,598
(Finland)(a)
QUALCOMM, Inc.*		62,950	2,307,118
SpectraSite, Inc.*		26,000	1,507,220
			10,662,960
Transportation – 3.1%
FedEx Corp.		38,000	3,570,100
UTI Worldwide, Inc. (British Virgin Islands)		83,100	5,771,295
			9,341,395
TOTAL LONG-TERM INVESTMENTS (Cost $269,584,954)			290,190,160
	Principal Amount (000)
SHORT-TERM INVESTMENTS – 13.6%
Certificates of Deposit
Canadian Imperial Bank of Commerce	$	5	4,688
1.72%, 05/25/05 (b)
Fortis Bank NY		16	15,805
2.055%, 06/08/05 (b)
			20,493
Commercial Paper – 0.7%
Countrywide Home Loans		2,038	2,033,138
2.816%, 04/27/05 (b)
Corporate Obligations – 2.4%
Falcon Asset Securitization		11	10,982
2.77%, 04/15/05 (b)
Goldman Sachs Group, Inc.		2,207	2,206,773
2.955%, 04/01/05 (b)(c)
Lehman Brothers		4,226	4,226,444
2.935%, 04/01/05 (b)(c)
Merrill Lynch & Co., Inc.		730	730,308
2.975%, 04/01/05 (b)
Natexis Banque NY		113	112,867
2.925%, 04/01/05 (b)(c)
			7,287,374
Time Deposits – 1.3%
Chase Manhattan Bank		3,136	3,136,199
2.843%, 04/01/05 (b)
Societe Generale NY		781	780,582
2.875%, 04/01/05 (b)
			3,916,781
U.S. Government Agency Obligations – 2.3%
Federal National Mortgage Assoc.		7,000	6,984,147
2.63%, 05/02/05
	Shares
Non-Registered Investment Company – 5.8%
BlackRock Institutional Money Market Trust(b) (j)		17,486,250	17,486,249

Registered Investment Companies – 1.1%
BlackRock Provident Institutional Funds TempCash Portfolio (j)	1,610,268		1,610,268
BlackRock Provident Institutional Funds TempFund Portfolio (j)	1,610,268		1,610,268
			3,220,536
TOTAL SHORT-TERM INVESTMENTS (Cost $40,948,718)			40,948,718
Total Investments — 109.8% (Cost $310,533,672 (p))			331,138,878
Liabilities in Excess of Other Assets — (9.8%)			(29,660,863	)
Net Assets — 100.0%		$	301,478,015

The following abbreviation is used throughout the Schedule of Investments:

    ADR      American Depository Receipt

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) All or portion of security is on loan. The aggregate market value of such securities is $29,499,114; cash collateral of $30,744,035 (included with liabilities) 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 next date on which the rate of interest is adjusted.

(j) Security available to institutional investors only.

(p) The United States federal income tax basis of the Fund’s investments was $311,324,059; accordingly, net unrealized appreciation on investments for federal income tax purposes was $19,814,819 (gross unrealized appreciation - $28,386,942; gross unrealized depreciation - $8,572,123). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST Gabelli All-Cap Value Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 100.1%
COMMON STOCK
Aerospace – 1.0%
Curtiss-Wright Corp. (Class “B” Stock)	1,400	$	78,960
General Dynamics Corp.	2,000		214,100
Northrop Grumman Corp.	7,400		399,452
Sequa Corp. (Class “A” Stock)*	13,000		674,050
Titan Corp.*	20,000		363,200
			1,729,762
Automobile Manufacturers – 1.9%
DaimlerChrysler AG (Germany)(a)	40,000		1,788,800
Navistar International Corp.*(a)	35,000		1,274,000
PACCAR, Inc.	4,500		325,755
			3,388,555
Automotive Parts – 3.2%
AutoNation, Inc.*(a)	40,000		757,600
BorgWarner, Inc.	27,000		1,314,360
Dana Corp.	95,000		1,215,050
Genuine Parts Co.(a)	50,000		2,174,500
Midas, Inc.*	10,000		228,300
			5,689,810
Beverages – 1.8%
Anheuser-Busch Cos., Inc.	7,000		331,730
Coca-Cola Co.	23,000		958,410
Coca-Cola Hellenic Bottling Co. SA [ADR] (Greece)	2,000		50,100
Fomento Economico Mexicano SA de CV [ADR] (Mexico)	34,000		1,820,700
Pernod Ricard SA (France)	500		69,805
			3,230,745
Broadcasting – 10.4%
Beasley Broadcast Group, Inc.*	7,500		133,350
Belo Corp. (Class “A” Stock)	10,000		241,400
Crown Media Holdings, Inc.*	58,000		522,580
Gray Television, Inc.	18,000		260,460
Grupo Televisa SA [ADR] (Brazil)	22,000		1,293,600
Liberty Corp. (The)	5,000		202,750
Liberty Media Corp. (Class “A” Stock)*(a)	360,000		3,733,199
Liberty Media Corp. (Class “B” Stock)*	500		5,295
Liberty Media International, Inc. (Class “A” Stock)*(a)	35,000		1,530,900
Liberty Media International, Inc. (Class “B” Stock)*	30		1,380
Lin TV Corp. (Class “A” Stock)*	28,000		474,040
Media General, Inc. (Class “A” Stock)	20,000		1,237,000
Mediaset SPA (Italy)	11,000		158,277
Meredith Corp.	6,000		280,500
Modern Times Group AB (Class “B” Stock) (Sweden)*	1,600		48,424
News Corp Inc., (Class “A” Stock)	192,166		3,251,449
News Corp Inc., (Class “B” Stock)	7,000		123,270
Paxson Communications Corp.*	55,000		37,950
Publishing & Broadcasting Ltd. (Australia)	12,000		142,629
Scripps, (E.W.) Co. (Class “A” Stock)	56,000		2,730,000
UnitedGlobalCom, Inc. (Class “A” Stock)*(a)	200,000		1,892,000
Young Broadcasting, Inc. (Class “A” Stock)*	25,000		216,000
			18,516,453
Building Materials – 0.7%
Bouygues SA (France)	1,750		69,371
CRH PLC (Ireland)	5,000		131,379

Skyline Corp.	17,000	654,331
Thomas Industries, Inc.	10,000	396,400
		1,251,481
Cable Television – 2.6%
Cablevision Systems New York Group (Class “A” Stock)*	100,000	2,805,000
Comcast Corp. (Class “A” Stock)*	15,000	506,700
DIRECTV Group, Inc. (The)*(a)	40,000	576,800
EchoStar Communications Corp. (Class “A” Stock)	25,000	731,250
Nippon Television Network Corp. (Japan)	400	62,520
PrimaCom AG [ADR] (Germany)*	14,400	40,320
		4,722,590
Chemicals – 2.5%
Albemarle Corp.	10,000	363,600
Dow Chemical Co.	12,000	598,200
DuPont, (E.I.) de Nemours & Co.	5,000	256,200
Great Lakes Chemical Corp.	25,000	803,000
Hercules, Inc.*	90,000	1,303,200
Sensient Technologies Corp.(a)	50,000	1,078,000
		4,402,200
Clothing & Apparel – 0.1%
Dior, (Christian) SA (France)	1,400	102,083
Swatch Group AG (Switzerland)	700	96,217
		198,300
Commercial Services
PHH Corp.*	1,390	30,399
Computer Services & Software – 0.3%
Microsoft Corp.	22,000	531,740
Conglomerates – 3.4%
Alleghany Corp.*	1,430	396,110
Cendant Corp.	22,800	468,312
Honeywell International, Inc.	107,000	3,981,470
ITT Industries, Inc.	14,000	1,263,360
		6,109,252
Construction – 0.5%
Fleetwood Enterprises, Inc.*	90,000	783,000
Sekisui House Ltd. (Japan)	6,000	64,068
Technip-Coflexip SA (France)	400	66,889
		913,957
Consumer Products & Services – 2.9%
Altadis SA (Spain)	3,000	122,694
Church and Dwight Co., Inc.	18,000	638,460
Clorox Co.	8,000	503,920
Energizer Holdings, Inc.*	34,000	2,033,200
Gallaher Group PLC [ADR] (Great Britain)	1,000	56,990
Mattel, Inc.	12,000	256,200
Procter & Gamble Co.	26,000	1,378,000
Rayovac Corp.*	2,000	83,200
Secom Co., Ltd. (Japan)	1,500	62,389
		5,135,053
Containers & Packaging – 0.2%
Greif, Inc. (Class “A” Stock)	4,000	278,720
Diversified Manufacturing Operations – 0.2%
General Electric Co.	9,000	324,540
Electronic Components & Equipment – 1.9%
Agere Systems, Inc. (Class “B” Stock)*	100,000	142,000
AMETEK, Inc.	15,000	603,750
CTS Corp.	35,000	455,000
Keyence Corp. (Japan)	400	92,661
Magnetek, Inc.*	22,000	117,260
Molex, Inc.	20,000	472,000
Thomas & Betts Corp.*	45,000	1,453,500
Tokyo Electron Ltd. (Japan)	800	45,584
		3,381,755
Entertainment & Leisure – 7.0%
Disney, (Walt) Co.	90,000	2,585,700
Dover Downs Gaming & Entertainment, Inc.	15,365	191,294

Dover Motorsports, Inc.	30,000	151,500
Gaylord Entertainment Co. (Class “A” Stock)*	16,000	646,400
Gemstar-TV Guide International, Inc.*	190,000	826,500
Greek Organization of Football Prognostics (Greece)	3,000	87,422
Hilton Group PLC (United Kingdom)	20,000	113,763
Kerzner International Ltd.*	4,000	244,920
MGM Mirage*	14,000	991,480
Pixar, Inc.*	100	9,755
Time Warner, Inc.*	195,000	3,422,250
Viacom, Inc.	38,000	1,331,520
Vivendi Universal SA [ADR] (France)(a)	63,500	1,943,100
		12,545,604
Environmental Services – 1.3%
Waste Management, Inc.	80,000	2,308,000
Financial - Bank & Trust – 2.2%
Bank of America Corp.	7,000	308,700
Bank of Ireland [ADR] (Ireland)	1,700	107,678
Bank of New York Co., Inc. (The)*	23,000	668,150
Deutsche Bank AG [ADR] (Germany)(a)	13,000	1,120,600
Lloyds TSB Group PLC (Great Britain)	6,000	54,198
UBS AG [ADR] (Germany)	1,600	135,040
Wilmington Trust Corp.	45,000	1,579,500
		3,973,866
Financial Services – 5.7%
American Express Co.(a)	96,000	4,931,520
BKF Capital Group, Inc.	7,000	280,070
Citigroup, Inc.	8,000	359,520
Countrywide Financial Corp.	8,998	292,075
Irish Life & Permanent PLC (Ireland)	4,000	71,037
J.P. Morgan Chase & Co.	13,500	467,100
Lehman Brothers Holdings, Inc.	4,000	376,640
Merrill Lynch & Co., Inc.	15,000	849,000
Nikko Securities Co. Ltd. (Japan)	15,000	74,979
PNC Financial Services Group	15,000	772,200
Price, (T. Rowe) Group, Inc.	30,000	1,781,400
		10,255,541
Food – 7.9%
Ajinomoto Co., Inc. (Japan)	5,000	60,990
Albertson’s, Inc.(a)	35,000	722,750
Archer-Daniels-Midland Co.(a)	140,000	3,441,200
Del Monte Foods Co.*	10,000	108,500
Diageo PLC [ADR] (Great Britain)	26,500	1,507,850
Flowers Foods, Inc.	52,000	1,466,920
General Mills, Inc.	45,000	2,211,750
Heinz, (H.J.) Co.	30,000	1,105,200
Kellogg Co.	5,000	216,350
Safeway, Inc.*	60,000	1,111,800
Weis Markets, Inc.	15,000	553,050
Wrigley, (Wm., Jr.) Co.	25,000	1,639,250
		14,145,610
Hotels & Motels – 0.2%
Hilton Hotels Corp.	15,000	335,250
Industrial Products – 4.2%
Cooper Industries Ltd. (Class “A” Stock)	50,000	3,576,000
Crane Co.(a)	65,000	1,871,350
Ingersoll-Rand Co., Ltd. (Class “A” Stock)	4,000	318,600
Myers Industries, Inc.	25,000	352,750
Precision Castparts Corp.	17,000	1,309,170
		7,427,870
Insurance – 1.1%
Allianz AG [ADR] (Germany)	4,000	50,880
American International Group, Inc.	7,000	387,869
Argonaut Group, Inc.*	13,000	275,860
Aviva PLC (United Kingdom)	5,000	60,000
Hartford Financial Services Group, Inc. (The)	5,000	342,800
Leucadia National Corp.	6,000	206,100
Riunione Adriatica di Sicurta SPA (Italy)	2,800	65,878
St. Paul Cos., Inc.(a)	5,501	202,052

Unipol SpA (Italy)	10,000	43,750
White Mountain Insurance Group	600	365,100
		2,000,289
Internet Services – 0.2%
Checkfree Corp.*	3,000	122,280
eBay, Inc.*(a)	400	14,904
InterActiveCorp*	6,000	133,620
		270,804
Machinery & Equipment – 1.8%
Deere & Co.	20,000	1,342,600
Flowserve Corp.*	16,000	413,920
Gencorp, Inc.	20,000	400,000
Thermo Electron Corp.*	39,000	986,310
		3,142,830
Medical Supplies & Equipment – 2.7%
Baxter International, Inc.	8,000	271,840
Bio-Rad Laboratories, Inc.*	1,000	48,710
DENTSPLY International, Inc.	3,000	163,230
ICU Medical, Inc.*	15,000	532,500
Inamed Corp.*	14,000	978,320
Invitrogen Corp.*	5,000	346,000
Owens & Minor, Inc.	15,000	407,250
Patterson Companies, Inc.*(a)	3,000	149,850
Schein, (Henry), Inc.*	18,000	645,120
Smith & Nephew PLC (Great Britain)	1,000	47,020
Straumann Holding AG (Germany)	320	69,295
Sybron Dental Specialties, Inc.*	27,000	969,300
Synthes, Inc. (Switzerland)	700	77,840
William Demant Holdings A.S (Denmark)*	1,000	49,936
		4,756,211
Metals & Mining – 0.8%
Alcan, Inc. (Canada)	7,000	265,440
Alcoa, Inc.	17,000	516,630
Harmony Gold Mining Co. [ADR] (South Africa)(a)	7,000	54,600
Newmont Mining Corp.	13,000	549,250
Novelis, Inc. (Canada)	800	17,536
		1,403,456
Oil & Gas – 5.9%
Baker Hughes, Inc.	8,200	364,818
Burlington Resources, Inc.	43,000	2,153,010
ConocoPhillips	18,563	2,001,834
Devon Energy Corp.	28,000	1,337,000
El Paso Corp.	30,000	317,400
Eni SpA [ADR] (Italy)(a)	1,000	130,160
ENSCO International, Inc.	4,000	150,640
Equitable Resources, Inc.	5,000	287,200
Halliburton Co.(a)	7,000	302,750
Kerr-McGee Corp.(a)	18,000	1,409,940
National Fuel Gas Co.	18,000	514,620
ONEOK, Inc.(a)	30,000	924,600
Petroleo Brasileiro SA (Brazil)(a)	1,000	44,180
Questar Corp.	8,000	474,000
Total SA [ADR] (France)(a)	1,100	128,953
		10,541,105
Paper & Forest Products – 0.1%
International Paper Co.	5,000	183,950
Pharmaceuticals – 1.6%
AstraZeneca PLC [ADR] (United Kingdom)	1,200	47,436
Bristol-Meyers Squibb Co.	18,000	458,280
GlaxoSmithKline PLC [ADR] (United Kingdom)	1,500	68,880
Merck & Co., Inc.	10,000	323,700
Novartis AG [ADR] (Switzerland)	2,300	107,594
Pfizer, Inc.	43,000	1,129,609
Roche Holding AG (Switzerland)	900	96,468
Sanofi-Sythelabo SA [ADR](a)	2,575	109,026
Takeda Chemical Industries Ltd. (Japan)	1,500	71,482
Wyeth	10,000	421,800
		2,834,275

Printing & Publishing – 4.7%
Knight-Ridder, Inc.	14,000	941,500
McGraw-Hill Cos., Inc.	4,000	349,000
Pearson PLC [ADR] (Great Britain)	5,300	64,978
PRIMEDIA, Inc.*	40,000	174,000
Pulitzer, Inc.	30,000	1,911,900
Readers Digest Association, Inc.	18,000	311,580
Tribune Co.	80,000	3,189,600
Washington Post Co. (Class “B” Stock)	1,700	1,519,800
		8,462,358
Real Estate
Cheung Kong Holdings Ltd. (Hong Kong)	5,000	44,394
Retail & Merchandising – 1.1%
Big 5 Sporting Goods Corp.	5,000	123,500
Compagnie Financiere Richemont AG (Switzerland)	3,700	116,162
Matsumotokiyoshi Co. Ltd. (Japan)	2,100	62,277
Neiman Marcus Group, Inc. (Class “A” Stock)(a)	16,000	1,464,160
Tiffany & Co.	5,000	172,600
		1,938,699
Semiconductors – 1.1%
Applied Materials, Inc.	18,000	292,500
Freescale Semiconductor, Inc. (Class “B” Stock)*(a)	10,000	172,500
Rohm Co. Ltd. (Japan)	600	57,913
Texas Instruments, Inc.(a)	57,000	1,452,930
		1,975,843
Telecommunications – 9.8%
BCE, Inc.	15,000	374,850
BT Group PLC [ADR] (Great Britain)	15,000	584,100
CenturyTel, Inc.	46,000	1,510,640
Cincinnati Bell, Inc.*	130,000	552,500
Commonwealth Telephone Enterprises,	14,490	683,059
Corning, Inc.*	180,000	2,003,400
France Telecom SA [ADR] (France)	1,000	29,870
Ito-Yokado Co. Ltd. (Japan)	2,000	79,828
KDDI Corp. (Japan)	16	79,232
Lucent Technologies, Inc.*(a)	150,000	412,500
Motorola, Inc.	95,000	1,422,150
Nextel Communications, Inc. (Class “A” Stock)*	8,000	227,360
Nextel Partners, Inc. (Class “A” Stock)*(a)	15,000	329,400
Nortel Networks Corp. (Canada)*	130,000	354,900
O2 PLC (Great Britain)*	550,000	1,239,441
Price Communications Corp.*	31,500	551,250
Qualcomm, Inc.*	2,000	73,300
Qwest Communications International,	280,000	1,036,000
Sprint Corp.(a)	95,000	2,161,250
Telecom Italia SPA (Italy)	25,000	94,791
Telefonica Moviles SA (Spain)	7,700	91,231
Telephone & Data Systems, Inc.	16,000	1,305,600
United States Cellular Corp.*	40,000	1,825,200
Vodafone Group PLC [ADR] (United Kingdom)	4,000	106,240
Western Wireless Corp. (Class “A” Stock)*	10,000	379,600
		17,507,692
Utilities – 7.1%
AES Corp.*	25,500	417,690
Allegheny Energy, Inc.*(a)	95,000	1,962,700
Aquila, Inc.*	80,000	306,400
CH Energy Group, Inc.	7,000	319,900
Cinergy Corp.	36,000	1,458,720
Constellation Energy Group, Inc.	30,000	1,551,000
DPL, Inc.	17,000	425,000
Duquesne Light Holdings, Inc.	30,000	537,600
El Paso Electric Co.*	37,000	703,000
Great Plains Energy, Inc.	40,000	1,223,200

Mirant Corp.*(a)		200,000		57,000
Northeast Utilities		65,000		1,252,550
PPL Corp.		1,000		53,990
Sierra Pacific Resources*		30,000		322,500
Teco Energy, Inc.		35,000		548,800
Unisource Energy Corp.		20,000		619,400
Wisconsin Energy Corp.		18,000		639,000
Xcel Energy, Inc.(a)		15,000		257,700
				12,656,150
TOTAL LONG-TERM INVESTMENTS (Cost $139,454,823)				178,545,109
	Principal Amount (000)		Value
SHORT-TERM INVESTMENTS – 16.0%
Certificate of Deposit – 0.8%
Eurohypo AG	$	1,365		1,364,543
2.78%, 04/18/05 (b)
Commercial Paper – 1.8%
Countrywide Home Loans		196		196,048
2.816%, 04/27/05 (b)
Liberty Funding Corp.		716		714,732
2.80%, 04/22/05 (b)
Nordeutsche Landesbank		40		40,331
2.805%, 04/18/05 (b)
Skandinaviska Enskilda Banken		2,185		2,185,157
2.80%, 04/17/05 (b) (c)
				3,136,268
Corporate Obligations – 5.7%
Goldman Sachs Group, Inc.		2,060		2,060,092
2.955%, 04/01/05 (b)(c)
Merrill Lynch & Co., Inc.		423		423,095
2.975%, 04/01/05 (b)
Morgan Stanley		3,428		3,428,188
2.82%, 04/01/05 (b)(c)
Natexis Banque NY		1,461		1,460,730
2.925%, 04/01/05 (b) (c)
Sedna Finance Corp.		2,854		2,853,828
2.78%, 04/15/05 (b)(c)
				10,225,933
Time Deposits – 1.5%
Chase Manhattan Bank		2,197		2,197,349
2.843%, 04/01/05 (b)
Societe Generale NY		452		452,221
2.875%, 04/01/05 (b)
				2,649,570
	Shares
Non-Registered Investment Company – 6.2%
BlackRock Institutional Money Market Trust(b) (j)		11,255,484		11,255,485
Registered Investment Companies
BlackRock Provident Institutional Funds TempCash Portfolio (j)		5,298		5,298
BlackRock Provident Institutional Funds TempFund Portfolio (j)		5,298		5,298
				10,596
TOTAL SHORT- TERM INVESTMENTS (Cost $28,642,395)				28,642,395
Total Investments — 116.1% (Cost $168,097,218 (p))				207,187,504
Liabilities in Excess of Other Assets — (16.1%)				(28,705,257	)
Net Assets — 100.0%			$	178,482,247

The following abbreviation is used throughout the Schedule of Investments:

ADR American Depository Receipt

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities is $27,350,787; cash collateral of $28,631,799 (included with liabilities) 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 next date on which the rate of interest is adjusted.

(j) Security available to institutional investors only.

(p) The United States federal income tax basis of the Fund’s investments was $171,555,008; accordingly, net unrealized appreciation on investments for federal income tax purposes was $35,632,496 (gross unrealized appreciation - $40,132,868; gross unrealized depreciation - $4,500,372). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST T. Rowe Price Natural Resources Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 97.8%
COMMON STOCK
Building & Real Estate – 2.9%
AMB Property Corp. [REIT]	36,100	$	1,364,580
Archstone Smith Trust [REIT]	32,500		1,108,575
Boston Properties, Inc. [REIT]	18,700		1,126,301
Camden Property Trust [REIT]	22,700		1,067,581
Catellus Development Corp. [REIT]	40,985		1,092,250
Duke-Weeks Realty Corp. [REIT]	36,030		1,075,496
Saint Joe Corp.	20,300		1,366,190
			8,200,973
Chemicals – 7.2%
Dow Chemical Co.	72,000		3,589,200
DuPont, (E.I.) de Nemours & Co.	55,500		2,843,820
Lyondell Chemical Co.	111,390		3,110,009
Nova Chemicals Corp. (Canada)	40,000		1,718,000
Potash Corp. of Saskatchewan, Inc. (Canada)	71,000		6,213,210
The Mosaic Co.*(a)	168,500		2,874,610
			20,348,849
Containers & Packaging – 1.5%
Packaging Corp. of America(a)	92,400		2,244,396
Smurfit-Stone Container Corp.*(a)	135,862		2,101,785
			4,346,181
Diversified Metals – 5.7%
Companhia Vale Do Rio Doce [ADR] (Brazil)	143,600		4,539,196
Inco Ltd. (Canada)*	135,900		5,408,820
Nucor Corp.(a)	106,500		6,130,140
			16,078,156
Energy Services – 1.7%
Massey Energy Co.	38,000		1,521,520
Peabody Energy Corp.	43,200		2,002,752
W-H Energy Services, Inc.*	51,800		1,239,574
			4,763,846
Exploration & Production – 6.5%
Devon Energy Corp.	153,414		7,325,519
Encore Acquisition Co.*	45,800		1,891,540
Murphy Oil Corp.	88,300		8,717,859
Nexen, Inc. (Canada)	8,000		439,440
			18,374,358
Farming & Agriculture – 0.5%
Delta and Pine Land Co.	52,100		1,406,700
Gas Transmission & Distribution – 0.3%
Gazprom [ADR] (Russia)144A(cost $619,487; purchased 07/02/03 - 02/22/05)(a)(g)	28,000		943,600
Integrated Petroleum – 18.2%
Amerada Hess Corp.(a)	41,100		3,954,231
Baker Hughes, Inc.	144,700		6,437,703
BP PLC [ADR] (United Kingdom)	119,500		7,456,800
ChevronTexaco Corp.	62,856		3,665,133
ENI Co. SPA [ADR] (Italy)(a)	30,900		4,021,944
Exxon Mobil Corp.	150,100		8,945,960
Lukoil [ADR] (Russia)	8,600		1,164,440
Marathon Oil Corp.(a)	46,900		2,200,548
Royal Dutch Petroleum Co.	121,300		7,282,852
Total Fina SA [ADR] (France)(a)	50,700		5,943,561
			51,073,172
Machinery & Equipment – 6.1%
Bucyrus International, Inc. (Class “A”)	27,600		1,078,056

Caterpillar, Inc.	14,300	1,307,592
Cooper Cameron Corp.*	68,500	3,918,885
Deere & Co.	66,800	4,484,284
Grant Prideco, Inc.*	77,800	1,879,648
Hydril Co.*	46,600	2,721,906
Joy Global, Inc.	13,700	480,322
Terex Corp.*	32,500	1,407,250
		17,277,943
Metals & Mining – 13.0%
Alcoa, Inc.	81,184	2,467,182
Arch Coal, Inc.(a)	106,900	4,597,769
BHP Billiton Ltd. (Australia)	571,900	7,892,814
Harmony Gold Mining Co. Ltd. [ADR] (South Africa)(a)	235,800	1,839,240
JSC MMC Norilsk Nickel [ADR] (Russia)	27,400	1,598,790
Newmont Mining Corp.	185,526	7,838,473
Rio Tinto PLC (United Kingdom)	135,600	4,384,444
Teck Cominco Ltd. (Class “B” Stock) (Canada)*	158,700	5,883,009
		36,501,721
Non-Ferrous Metals – 0.7%
Phelps Dodge Corp.	18,600	1,892,178
Oil & Gas – 12.3%
Bill Barrett Corp.*	17,700	511,707
Diamond Offshore Drilling, Inc.(a)	149,700	7,470,030
GlobalSantaFe Corp.(a)	58,000	2,148,320
Helmerich & Payne, Inc.	13,800	547,722
Nabors Industries Ltd.*	22,600	1,336,564
Petroleo Brasileiro SA [ADR] (Brazil)	39,200	1,508,024
Premcor, Inc.	33,600	2,005,248
Schlumberger Ltd.	67,200	4,736,256
Statoil ASA (Norway)	269,900	4,600,096
Tidewater, Inc.(a)	21,600	839,376
Transocean, Inc.*	134,300	6,911,078
Williams Companies, Inc.	115,100	2,165,031
		34,779,452
Paper & Forest Products – 6.1%
Abitibi-Consolidated, Inc. (Canada)	280,300	1,297,789
Bowater, Inc.	59,500	2,241,365
International Paper Co.	109,600	4,032,184
Kimberly-Clark Corp.	40,300	2,648,919
MeadWestvaco Corp.	78,200	2,488,324
Neenah Paper, Inc.	1,166	39,201
Potlatch Corp.(a)	42,700	2,009,889
Weyerhaeuser Co.	37,600	2,575,600
		17,333,271
Petroleum Exploration & Production – 12.1%
Anadarko Petroleum Corp.	26,900	2,047,090
BG Group PLC (United Kingdom)	298,800	2,322,155
BJ Services Co.	87,300	4,529,124
Burlington Resources, Inc.	85,100	4,260,957
Canadian Natural Resources Ltd. (Canada)	75,300	4,278,546
ConocoPhillips	66,039	7,121,646
FMC Technologies, Inc.*	38,400	1,274,112
Noble Corp.*	54,400	3,057,824
Pioneer Natural Resouces Co.	18,400	786,048
Smith International, Inc.	63,200	3,964,536
XTO Energy, Inc.	14,876	488,528
		34,130,566
Precious Metals – 2.1%
Anglo American (South Africa)	20,000	749,208
Impala Platinum Holdings, Ltd. (South Africa)	11,800	991,740
Meridian Gold, Inc.*	125,600	2,115,103
Placer Dome, Inc. (Canada)	122,000	1,978,840
		5,834,891
Railroads – 0.9%
Burlington Northern Santa Fe Corp.	31,800	1,714,974
Union Pacific Corp.	11,300	787,610
		2,502,584

TOTAL LONG-TERM INVESTMENTS (Cost $217,130,753)				275,788,441
	Principal Amount (000)
SHORT-TERM INVESTMENTS – 11.5%
Commercial Paper – 3.9%
Dexia Delaware LLC
2.67%, 04/19/05	$	5,000		4,993,325
Fairway Finance Corp.
2.74%, 04/12/05 (cost $1,998,326; purchased 03/14/05)(g)(h)		2,000		1,998,326
Liberty Funding Corp.
2.80%, 04/22/05 (b)		76		76,011
Skandinaviska Enskilda Banken
2.80%, 04/17/05 (b)(c)		3,032		3,031,683
Thames Asset Global Securities
2.80%, 04/20/05 (b)		895		892,967
				10,992,312
Corporate Obligations – 1.3%
Bank of America NA
2.80%, 04/01/05 (b)(c)		2,103		2,102,848
Merrill Lynch & Co., Inc.
2.975%, 04/01/05 (b)		612		611,580
Sedna Finance Corp.
2.78%, 04/15/05 (b)(c)		936		936,389
				3,650,817
Time Deposits – 1.1%
Chase Manhattan Bank
2.843%, 04/01/05 (b)		2,536		2,535,666
Societe Generale NY
2.875%, 04/01/05 (b)		654		653,681
				3,189,347
	Shares
Non-Registered Investment Company – 5.2%
BlackRock Institutional Money Market Trust(b)(j)		14,643,470		14,643,471
Registered Investment Company
BlackRock Provident Institutional Funds TempCash Portfolio(j)		15,449		15,449
TOTAL SHORT-TERM INVESTMENTS (Cost $32,491,396)				32,491,396
Total Investments — 109.3% (Cost $249,622,149 (p))				308,279,837
Liabilities in Excess of Other Assets — (9.3%)				(26,306,680	)
Net Assets — 100.0%			$	281,973,157

The following abbreviations 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.
ADR	American Depository Receipt
REIT	Real Estate Investment Trust

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) All or portion of security is on loan. The aggregate market value of such securities is $25,116,456; cash collateral of $25,484,296 (included with liabilities) 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 next date on which the rate of interest is adjusted.

(g) Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $2,617,813. The aggregate value, $2,941,926 represents 1.04% of net assets.

(h) Indicates a restricted security; the aggregate cost of the restricted securities is $1,998,326. The aggregate value, $1,998,326 is approximately 0.71% of net assets.

(j) Security available to institutional investors only.

(p) The United States federal income tax basis of the Fund’s investments was $252,320,911; accordingly, net unrealized appreciation on investments for federal income tax purposes was $55,958,926 (gross unrealized appreciation - $57,884,522; gross unrealized depreciation - $1,925,596). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST AllianceBernstein Large Cap Growth Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 99.8%
COMMON STOCK
Broadcasting – 1.9%
Scripps, (E.W.) Co. (Class “A” Stock)	77,300	$	3,768,375
XM Satellite Radio Holdings, Inc.*(a)	18,900		595,350
			4,363,725
Computer Hardware – 7.7%
Apple Computer, Inc.*(a)	114,100		4,754,547
Dell, Inc.*	255,100		9,800,942
Network Appliance, Inc.*	116,400		3,219,624
			17,775,113
Computer Services & Software – 3.6%
Electronic Arts, Inc.*(a)	116,800		6,047,904
Microsoft Corp.	96,100		2,322,737
			8,370,641
Conglomerates – 0.8%
Tyco International Ltd.(a)	52,100		1,760,980
Construction – 1.5%
Lennar Corp. (Class “A” Stock)	19,300		1,093,924
Pulte Corp.	33,500		2,466,605
			3,560,529
Consumer Products & Services – 4.0%
Avon Products, Inc.	117,100		5,028,274
Colgate-Palmolive Co.	26,900		1,403,373
Procter & Gamble Co.(a)	51,300		2,718,900
			9,150,547
Electronic Components & Equipment – 2.6%
General Electric Co.	166,600		6,007,596
Entertainment & Leisure – 2.3%
Carnival Corp.(a)	100,900		5,227,629
Financial Services – 10.8%
Chicago Mercantile Exchange (The)	3,500		679,105
Citigroup, Inc.	116,200		5,222,028
Franklin Resources, Inc.	46,500		3,192,225
Goldman Sachs Group, Inc.	22,000		2,419,780
Legg Mason, Inc.(a)	35,100		2,742,714
MBNA Corp.	184,100		4,519,655
Merrill Lynch & Co., Inc.	41,200		2,331,920
Schwab, (Charles) Corp.	348,300		3,660,633
			24,768,060
Healthcare Services – 2.9%
Caremark Rx, Inc.*	46,800		1,861,704
UnitedHealth Group, Inc.	49,900		4,759,462
			6,621,166
Insurance – 7.8%
ACE Ltd.	74,400		3,070,488
AFLAC, Inc.	79,500		2,962,170
American International Group, Inc.	151,500		8,394,615
WellPoint, Inc.*	29,100		3,647,685
			18,074,958
Internet Services – 14.3%
eBay, Inc.*	257,900		9,609,354
Google, Inc. (Class “A” Stock)*	30,100		5,433,351
Juniper Networks, Inc.*(a)	275,000		6,066,500
Yahoo!, Inc.*(a)	343,300		11,637,870
			32,747,075
Medical Supplies & Equipment – 9.2%
Alcon, Inc. (Switzerland)	58,700		5,241,323
Amgen, Inc.*	108,800		6,333,248
St. Jude Medical, Inc.*	161,800		5,824,800

Zimmer Holdings, Inc.*		47,800	3,719,318
			21,118,689
Oil & Gas – 6.1%
Baker Hughes, Inc.		9,100	404,859
Halliburton Co.		163,200	7,058,400
Nabors Industries Ltd.*		88,800	5,251,632
Patina Oil & Gas Corp.		36,100	1,444,000
			14,158,891
Pharmaceuticals – 3.4%
Genentech, Inc.*		52,800	2,989,008
Teva Pharmaceutical Industries Ltd. [ADR] (Israel)		159,700	4,950,700
			7,939,708
Restaurants – 1.0%
Starbucks Corp.*		46,300	2,391,858
Retail & Merchandising – 5.8%
Lowe’s Cos., Inc.		107,400	6,131,466
Target Corp.		103,800	5,192,076
Whole Foods Market, Inc.		19,000	1,940,470
			13,264,012
Semiconductors – 6.6%
Advanced Micro Devices, Inc.*		39,000	628,680
Broadcom Corp. (Class “A” Stock)*		173,600	5,194,112
Marvell Technology Group Ltd.*		182,400	6,993,216
Taiwan Semiconductor Manufacturing Co. Ltd. [ADR] (Taiwan)		273,700	2,320,976
			15,136,984
Telecommunications – 7.5%
Corning, Inc.*		663,400	7,383,642
Qualcomm, Inc.*		236,800	8,678,720
Research in Motion Ltd. (Canada)*(a)		17,500	1,337,350
			17,399,712
TOTAL LONG-TERM INVESTMENTS (Cost $213,635,077)			229,837,873
	Principal Amount (000)		Value
SHORT-TERM INVESTMENTS – 7.6%
Certificate of Deposit
Banco Santander PR
2.72%, 04/07/05 (b) (c)	$	3	3,124
Commercial Paper – 0.6%
Nordeutsche Landesbank
2.805%, 04/18/05 (b)		967	965,445
Skandinaviska Enskilda Banken
2.80%, 04/17/05 (b) (c)		351	351,334
			1,316,779
Corporate Obligations – 2.5%
Lehman Brothers
2.935%, 04/01/05 (b)(c)		1,730	1,730,463
Merrill Lynch & Co., Inc.
2.975%, 04/01/05 (b)		352	352,178
Natexis Banque NY
2.925%, 04/01/05 (b) (c)		3,629	3,628,989
			5,711,630
Time Deposits – 0.9%
Chase Manhattan Bank
2.843%, 04/01/05 (b)		1,768	1,768,483
Societe Generale NY
2.875%, 04/01/05 (b)		376	376,422
			2,144,905

	Shares
Non-Registered Investment Company – 3.6%
BlackRock Institutional Money Market Trust(b) (j)	8,432,434		8,432,434
TOTAL SHORT-TERM INVESTMENTS (Cost $17,608,872)			17,608,872
Total Investments — 107.4% (Cost $231,243,949 (p))			247,446,745
Liabilities in Excess of Other Assets — (7.4%)			(16,945,677	)
Net Assets — 100.0%		$	230,501,068

The following abbreviation is used throughout the Schedule of Investments:

ADR American Depository Receipt

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities is $16,896,726; cash collateral of $17,608,872 (included with liabilities) 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 next date on which the rate of interest is adjusted.

(j) Security available to institutional investors only.

(p) The United States federal income tax basis of the Fund’s investments was $234,193,710; accordingly, net unrealized appreciation on investments for federal income tax purposes was $13,253,035 (gross unrealized appreciation - $17,960,334; gross unrealized depreciation - $4,707,299). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST MFS Growth Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 96.0%
COMMON STOCK
Aerospace – 1.3%
Northrop Grumman Corp.	51,360	$	2,772,413
United Technologies Corp.	38,200		3,883,412
			6,655,825
Beverages – 1.9%
PepsiCo, Inc.	189,460		10,047,064
Broadcasting – 1.0%
Grupo Televisa SA [ADR] (Brazil)	41,110		2,417,268
Univision Communications, Inc. (Class “A” Stock)*	94,210		2,608,675
			5,025,943
Business Services – 1.0%
Accenture Ltd. (Class “A” Stock)*	220,700		5,329,905
Cable Television – 1.0%
Comcast Corp. (Class “A” Stock)*	150,522		5,084,633
Chemicals – 0.7%
Praxair, Inc.	54,500		2,608,370
Waters Corp.*	31,890		1,141,343
			3,749,713
Clothing & Apparel – 0.5%
NIKE, Inc. (Class “B” Stock)	31,020		2,584,276
Computer Hardware – 2.0%
Apple Computer, Inc.*(a)	24,420		1,017,581
Dell, Inc.*	239,920		9,217,727
Network Appliance, Inc.*	9,400		260,004
			10,495,312
Computer Services & Software – 13.4%
Cerner Corp.*	19,900		1,044,949
Cisco Systems, Inc.*	936,300		16,750,406
Computer Associates International, Inc.	29		786
Electronic Arts, Inc.*(a)	151,200		7,829,136
EMC Corp.*	555,550		6,844,376
Mercury Interactive Corp.*(a)	69,110		3,274,432
Microsoft Corp.	650,110		15,713,158
Oracle Corp.*	838,850		10,468,848
Symantec Corp.*	406,690		8,674,698
			70,600,789
Conglomerates – 3.5%
3M Co.	50,690		4,343,626
General Electric Co.	180,830		6,520,730
Textron, Inc.	13,800		1,029,756
Tyco International Ltd.(a)	187,370		6,333,106
			18,227,218
Consumer Products & Services – 4.8%
Avon Products, Inc.	71,800		3,083,092
Colgate-Palmolive Co.	77,200		4,027,524
Gillette Co.	67,120		3,388,218
Procter & Gamble Co.	181,580		9,623,739
Reckitt Benckiser PLC (United Kingdom)	154,680		4,916,601
			25,039,174
Electronic Components & Equipment – 0.3%
Garmin Ltd.(a)	10,900		504,888
Symbol Technologies, Inc.	91,030		1,319,025
			1,823,913
Entertainment & Leisure – 5.4%
Carnival Corp.(a)	149,260		7,733,161
Disney, (Walt) Co.	254,820		7,320,979
Harley-Davidson, Inc.(a)	150,030		8,665,732
Time Warner, Inc.*	263,010		4,615,826
			28,335,698

Farming & Agriculture – 1.4%
Monsanto Co.	116,190	7,494,255
Financial Services – 4.4%
American Express Co.(a)	50,909	2,615,195
Countrywide Financial Corp.	56,280	1,826,849
Goldman Sachs Group, Inc.	60,260	6,627,997
Legg Mason, Inc.(a)	32,880	2,569,243
SLM Corp.(a)	183,960	9,168,567
		22,807,851
Food – 0.3%
Groupe Danone (France)	13,500	1,343,123
Healthcare Services – 0.3%
Caremark Rx, Inc.*	34,320	1,365,250
Industrial Products – 0.7%
Illinois Tool Works, Inc.	43,280	3,874,858
Insurance – 3.4%
AFLAC, Inc.	41,480	1,545,545
American International Group, Inc.	114,320	6,334,471
WellPoint, Inc.*	80,650	10,109,478
		17,989,494
Internet Services – 1.5%
eBay, Inc.*(a)	21,000	782,460
Juniper Networks, Inc.*	24,900	549,294
Yahoo!, Inc.*(a)	199,020	6,746,778
		8,078,532
Machinery & Equipment – 1.4%
Caterpillar, Inc.	19,270	1,762,049
Danaher Corp.(a)	64,410	3,440,138
Grainger (W.W.), Inc.	32,890	2,048,060
		7,250,247
Medical Supplies & Equipment – 11.1%
Abbott Laboratories	254,320	11,856,398
Amgen, Inc.*	136,800	7,963,128
Beckman Coulter, Inc.	19,030	1,264,544
Boston Scientific Corp.*	71,560	2,095,992
Fisher Scientific International, Inc.*	129,890	7,393,339
Genzyme Corp.*	184,150	10,540,746
Guidant Corp.	27,790	2,053,681
Medtronic, Inc.(a)	187,500	9,553,125
St. Jude Medical, Inc.*	70,320	2,531,520
Zimmer Holdings, Inc.*	38,000	2,956,780
		58,209,253
Metals & Mining – 0.3%
Companhia Vale Do Rio Doce	43,070	1,361,443
Oil & Gas – 2.4%
EOG Resources, Inc.	56,920	2,774,281
GlobalSantaFe Corp.	71,790	2,659,102
Halliburton Co.	160,150	6,926,487
		12,359,870
Pharmaceuticals – 11.6%
Biogen Idec, Inc.*	47,800	1,649,578
Celgene Corp.*	39,510	1,345,316
Genentech, Inc.*(a)	39,250	2,221,943
Gilead Sciences, Inc.*	147,790	5,290,882
ImClone Systems, Inc.*	47,340	1,633,230
Johnson & Johnson	294,528	19,780,499
Lilly, (Eli) & Co.	81,420	4,241,982
Roche Holding AG (Switzerland)	62,430	6,691,632
Sanofi-Synthelabo SA (France)	13,200	1,113,076
Teva Pharmaceutical Industries Ltd. [ADR] (Israel)	71,400	2,213,400
Wyeth	348,260	14,689,606
		60,871,144
Printing & Publishing – 0.4%
McGraw-Hill Cos., Inc.	24,150	2,107,088
Railroads – 0.5%
Burlington Northern Santa Fe Corp.	50,880	2,743,958

Restaurants – 0.9%
Outback Steakhouse, Inc.		59,750	2,735,952
Yum! Brands, Inc.		36,150	1,872,932
			4,608,884
Retail & Merchandising – 9.4%
Abercrombie & Fitch Co.		41,200	2,358,288
Best Buy Co., Inc.		19,700	1,063,997
CVS Corp.		187,830	9,883,615
Kohl’s Corp.*		97,190	5,017,920
Lowe’s Cos., Inc.		153,840	8,782,726
PETsMART, Inc.(a)		56,440	1,622,650
Staples, Inc.(a)		68,050	2,138,812
Target Corp.		156,250	7,815,625
Wal-Mart Stores, Inc.		205,610	10,303,116
			48,986,749
Semiconductors – 3.7%
Analog Devices, Inc.		214,100	7,737,573
KLA-Tencor Corp.(a)		33,220	1,528,452
Marvell Technology Group Ltd.*		117,700	4,512,618
Taiwan Semiconductor Manufacturing Co. Ltd. [ADR] (Taiwan)		156,400	1,326,272
Texas Instruments, Inc.(a)		61,130	1,558,204
Xilinx, Inc.(a)		86,650	2,532,780
			19,195,899
Telecommunications – 4.5%
Amdocs Ltd.*		225,470	6,403,347
America Movil SA de CV (Class “L” Stock) [ADR] (Mexico)		30,090	1,552,644
Corning, Inc.*		412,020	4,585,783
QUALCOMM, Inc.*(a)		170,210	6,238,197
Sprint Corp.		119,420	2,716,805
Vodafone Group PLC (United Kingdom)		685,540	1,820,178
			23,316,954
Transportation – 1.0%
FedEx Corp.		55,040	5,171,008
TOTAL LONG-TERM INVESTMENTS (Cost $484,669,267)			502,135,323
	Principal Amount (000)
SHORT-TERM INVESTMENTS – 9.2%
Certificates of Deposit – 0.7%
Banco Santander PR
2.72%, 04/07/05 (b)(c)	$	35	35,436
Eurohypo AG
2.78%, 04/18/05 (b)		1,830	1,830,474
Fortis Bank
2.055%, 06/08/05 (b)		62	62,009
Fortis Bank NY
1.775%, 06/06/05 (b)		1,502	1,502,148
			3,430,067
Commercial Paper – 3.1%
Gillette Co.
2.82%, 04/01/05		13,751	13,751,001
Skandinaviska Enskilda Banken
2.80%, 04/17/05 (b)(c)		1,879	1,878,556
Thames Asset Global Securities
2.80%, 04/20/05 (b)		1,338	1,334,620
			16,964,177
Corporate Obligations – 2.6%
Falcon Asset Securitization
2.77%, 04/15/05 (b)		3,170	3,162,437
Goldman Sachs Group, Inc.
2.955%, 04/01/05 (b)(c)		1,235	1,235,388
Lehman Brothers
2.935%, 04/01/05 (b)(c)		6,223	6,223,358
Merrill Lynch & Co., Inc
2.975%, 04/01/05 (b)		442	441,816

Natexis Banque NY
2.925%, 04/01/05 (b)(c)	716		716,176
Nordeutsche Landesbank
2.805%, 04/18/05 (b)	1,577		1,573,718
			13,352,893
Time Deposit – 0.6%
Chase Manhattan Bank	2,701		2,701,391
2.843%, 04/01/05 (b)
Societe Generale NY
2.875%, 04/01/05 (b)	472		472,231
			3,173,622
	Shares
Non-Registered Investment Company – 2.2%
BlackRock Institutional Money Market Trust (b)(j)	11,333,218		11,333,218
TOTAL SHORT-TERM INVESTMENTS (Cost $48,253,977)			48,253,977
Total Investments — 105.2% (Cost $532,923,244 (p))			550,389,300
Liabilities in Excess of Other Assets — (5.2%)			(26,985,600	)
Net Assets — 100.0%		$	523,403,700

The following abbreviation is used throughout the Schedule of Investments:

ADR American Depository Receipt

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities is $33,176,669; cash collateral of $34,502,977 (included with liabilities) 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 next date on which the rate of interest is adjusted.

(j) Security available to institutional investors only.

(p) The United States federal income tax basis of the Fund’s investments was $549,620,337; accordingly, net unrealized appreciation on investments for federal income tax purposes was $768,963 (gross unrealized appreciation - $11,584,207; gross unrealized depreciation - $10,815,244). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST Marsico Capital Growth Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 98.8%
COMMON STOCK
Aerospace – 4.9%
General Dynamics Corp.	324,357	$	34,722,417
Lockheed Martin Corp.(a)	575,100		35,115,606
United Technologies Corp.	456,527		46,410,535
			116,248,558
Beverages – 0.7%
PepsiCo, Inc.	301,496		15,988,333
Clothing & Apparel – 2.1%
NIKE, Inc. (Class “B” Stock)	584,390		48,685,531
Computer Hardware – 2.8%
Dell, Inc.*	1,741,845		66,921,685
Computer Services & Software – 2.4%
Electronic Arts, Inc.*(a)	1,113,678		57,666,247
Construction – 4.7%
KB Home	236,078		27,729,722
Lennar Corp. (Class “A” Stock)(a)	661,424		37,489,512
Lennar Corp. (Class “B” Stock)	36,910		1,945,526
MDC Holdings, Inc.	369,983		25,769,316
Toll Brothers, Inc.*(a)	228,001		17,977,879
			110,911,955
Consumer Products & Services – 5.2%
Johnson & Johnson	553,352		37,163,120
Procter & Gamble Co.(a)	1,620,419		85,882,207
			123,045,327
Electronic Components & Equipment – 5.5%
General Electric Co.	3,145,171		113,414,866
Harman International Industries, Inc.	106,823		9,449,563
Sony Corp.	184,189		7,371,244
			130,235,673
Entertainment & Leisure – 5.7%
Harley-Davidson, Inc.(a)	152,047		8,782,235
Pixar*	121,420		11,844,521
Royal Caribbean Cruises Ltd.(a)	756,843		33,823,314
Wynn Resorts Ltd.*(a)	1,185,639		80,315,185
			134,765,255
Financial - Bank & Trust – 3.1%
UBS AG [ADR] (Switzerland)(a)	736,175		62,133,170
UCBH Holdings, Inc.	262,059		10,456,154
			72,589,324
Financial Services – 11.6%
Chicago Mercantile Exchange Holding, Inc.(a)	136,917		26,566,006
Citigroup, Inc.	826,693		37,151,583
Countrywide Financial Corp.	1,887,352		61,263,446
Goldman Sachs Group, Inc.(a)	505,987		55,653,510
SLM Corp.	1,836,451		91,528,719
			272,163,264
Healthcare Services – 9.7%
PacifiCare Health Systems, Inc.*	168,709		9,602,916
Quest Diagnostics, Inc.(a)	304,040		31,963,725
UnitedHealth Group, Inc.(a)	1,955,986		186,561,946
			228,128,587
Hotels & Motels – 2.8%
Four Seasons Hotels, Inc. (Canada)(a)	545,714		38,581,979
MGM Mirage, Inc.*(a)	378,936		26,836,248
			65,418,227

Insurance – 0.9%
Aetna, Inc.(a)	115,392	8,648,630
Wellpoint Inc.*	101,163	12,680,782
		21,329,412
Machinery & Equipment – 2.6%
Caterpillar, Inc.	670,328	61,294,792
Medical Supplies & Equipment – 6.0%
Medtronic, Inc.	707,551	36,049,723
St. Jude Medical, Inc.*	1,062,542	38,251,512
Zimmer Holdings, Inc.*(a)	861,471	67,031,059
		141,332,294
Oil & Gas – 3.9%
Exxon Mobil Corp.	1,073,231	63,964,567
Schlumberger Ltd.	386,562	27,244,890
		91,209,457
Pharmaceuticals – 5.6%
Genentech, Inc.*(a)	1,839,001	104,105,846
Pfizer, Inc.	1,024,581	26,915,743
		131,021,589
Real Estate – 0.9%
St. Joe Co. (The)	323,568	21,776,126
Restaurants – 3.5%
Starbucks Corp.*(a)	661,628	34,179,702
Yum! Brands, Inc.	909,460	47,119,123
		81,298,825
Retail & Merchandising – 6.2%
CVS Corp.(a)	434,143	22,844,605
Lowe’s Cos., Inc.(a)	1,194,310	68,183,158
Target Corp.	618,546	30,939,671
Walgreen Co.(a)	532,627	23,659,291
		145,626,725
Telecommunications – 3.4%
QUALCOMM, Inc.*	2,173,688	79,665,665
Transportation – 3.6%
FedEx Corp.	904,705	84,997,035
Utilities – 1.0%
TXU Corp.	295,048	23,494,672
TOTAL LONG-TERM INVESTMENTS (Cost $1,839,014,659)		2,325,814,558

	Principal Amount (000)
SHORT-TERM INVESTMENTS – 19.9%
Certificate of Deposit – 0.8%
Societe Generale
2.76%, 04/14/05 (b)	$	18,232	18,225,415
Commercial Paper – 6.5%
Countrywide Home Loans
2.816%, 04/27/05 (b)		48,882	48,774,953
2.826%, 04/28/05 (b)		16,963	16,923,552
Liberty Funding Corp.
2.80%, 04/22/05 (b)		3,739	3,729,593
Skandinaviska Enskilda Banken
2.80%, 04/17/05 (b)(c)		33,642	33,641,735
Thames Asset Global Securities
2.80%, 04/20/05 (b)		52,073	51,955,424
			155,025,257
Corporate Obligations – 3.4%
Bank of America NA
2.80%, 04/01/05 (b)(c)		8,656	8,656,415
Goldman Sachs Group, Inc.
2.955%, 04/01/05 (b)(c)		4,781	4,781,436
Lehman Brothers
2.935%, 04/01/05 (b)(c)		16,598	16,597,957
Merrill Lynch & Co., Inc.
2.975%, 04/01/05 (b)		4,971	4,971,079

Morgan Stanley
2.82%, 04/01/05 (b)(c)	15,125		15,125,050
2.84%, 04/01/05 (b)(c)	26,440		26,440,442
Sedna Finance Corp.
2.78%, 04/15/05 (b)(c)	2,439		2,438,874
			79,011,253
Time Deposit – 1.6%
Chase Manhattan Bank
2.843%, 04/01/05 (b)	31,235		31,234,657
Societe Generale NY
2.875%, 04/01/05 (b)	5,313		5,313,286
			36,547,943
	Shares
Non-Registered Investment Company – 5.3%
BlackRock Institutional Money Market Trust(b) (j)	126,741,100		126,741,100
Registered Investment Companies – 2.3%
BlackRock Provident Institutional Funds TempCash Portfolio (j)	26,796,757		26,796,757
BlackRock Provident Institutional Funds TempFund Portfolio (j)	26,796,757		26,796,757
			53,593,514
TOTAL SHORT-TERM INVESTMENTS (Cost $469,144,482)			469,144,482
Total Investments — 118.7% (Cost $2,308,159,141(p))			2,794,959,040
Liabilities in Excess of Other Assets — (18.7%)			(439,500,162	)
Net Assets — 100.0%		$	2,355,458,878

The following abbreviation is used throughout the Schedule of Investments:

ADR American Depository Receipt

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities is $400,930,498; cash collateral of $415,550,968 (included with liabilities) 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 next date on which the rate of interest is adjusted.

(j) Security available to institutional investors only.

(p) The United States federal income tax basis of the Fund’s investments was $2,311,057,411; accordingly, net unrealized appreciation on investments for federal income tax purposes was $483,901,629 (gross unrealized appreciation - $496,463,763; gross unrealized depreciation - $12,562,134). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST Goldman Sachs Concentrated Growth Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 99.3%
COMMON STOCK
Beverages – 3.6%
PepsiCo, Inc.	568,100	$	30,126,343
Broadcasting & Cable/Satellite TV – 14.2%
Cablevision Systems New York Group (Class “A” Stock)*(a)	589,434		16,533,624
Clear Channel Communications, Inc.(a)	752,740		25,946,948
Comcast Corp. (Special Class “A” Stock)*(a)	396,070		13,228,738
EchoStar Communications Corp. (Class “A” Stock)	414,425		12,121,931
Univision Communications, Inc. (Class “A” Stock)*	1,574,600		43,600,673
Westwood One, Inc.*	424,200		8,632,470
			120,064,384
Commercial Services – 5.2%
McGraw-Hill Cos., Inc.	365,402		31,881,325
Moody’s Corp.	148,598		12,015,634
			43,896,959
Computer Hardware – 2.9%
Dell, Inc.*	636,000		24,435,120
Computer Services – 3.6%
First Data Corp.	764,480		30,051,709
Computer Software – 4.8%
Electronic Arts, Inc.*(a)	12,000		621,360
Microsoft Corp.	1,651,894		39,926,278
			40,547,638
Drugs & Medicine – 1.2%
Pfizer, Inc.	369,920		9,717,798
Electrical Equipment – 0.2%
General Electric Co.	55,200		1,990,512
Financials – 12.7%
Fannie Mae(a)	481,626		26,224,536
Freddie Mac	585,080		36,977,055
MBNA Corp.	868,410		21,319,466
PHH Corp.*	1,210		26,463
Schwab, (Charles) Corp.	2,142,700		22,519,777
			107,067,297
Foods – 1.7%
Wrigley, (Wm., Jr.) Co.	211,756		13,884,841
Gaming/Lodging – 7.0%
Carnival Corp.(a)	165,010		8,549,168
Harrah’s Entertainment, Inc.	595,690		38,469,660
Starwood Hotels & Resorts Worldwide, Inc.	200,433		12,031,993
			59,050,821
Household/Personal Care – 0.1%
Procter & Gamble Co.	15,800		837,400
Internet & Online – 5.2%
eBay, Inc.*(a)	314,240		11,708,582
Google, Inc. (Class “A” Stock)*(a)	101,900		18,393,969
Yahoo!, Inc.*(a)	393,800		13,349,820
			43,452,371
Manufacturing – 0.1%
3M Co.	11,800		1,011,142
Medical Supplies & Equipment – 1.3%
Stryker Corp.	245,950		10,971,830
Movies & Entertainment – 7.5%
Time Warner, Inc.*	971,724		17,053,756
Viacom, Inc. (Class “B” Stock)	1,315,810		45,829,663
			62,883,419

Networking/Telecom Equipment – 2.5%
Cisco Systems, Inc.*		1,150,900	$	20,589,601
Other Consumer Discretionary – 4.6%
Cendant Corp.		1,871,915		38,449,134
Other Healthcare – 4.7%
Caremark Rx, Inc.*(a)		763,505		30,372,229
Medco Health Solutions, Inc.*		175,600		8,704,492
				39,076,721
Publishing – 1.3%
Scripps, (E.W.) Co. (Class “A” Stock)		220,208		10,735,140
Retailing – 6.4%
Family Dollar Stores, Inc.(a)		301,881		9,165,107
Lowe’s Companies, Inc.(a)		284,800		16,259,232
Wal-Mart Stores, Inc.(a)		559,850		28,054,084
				53,478,423
Semiconductors/Semi Capital Equipment – 7.3%
Intel Corp.(a)		62,100		1,442,583
Linear Technology Corp.		238,600		9,140,766
QUALCOMM, Inc.*(a)		1,386,400		50,811,560
				61,394,909
Telecommunications – 1.2%
Crown Castle International Corp.*(a)		588,230		9,446,974
TOTAL LONG-TERM INVESTMENTS (Cost $768,417,408)				833,160,486
	Principal Amount (000)
SHORT-TERM INVESTMENTS – 12.2%
Certificates of Deposit – 2.9%
Banco Santander PR	$	5,545		5,544,950
2.72%, 04/07/05 (b)(c)
Eurohypo AG		17,851		17,850,591
2.78%, 04/18/05 (b)
Fortis Bank NY		965		964,380
2.055%, 06/08/05 (b)
				24,359,921
Commercial Paper – 3.2%
Liberty Funding Corp.		16,134		16,094,867
2.80%, 04/22/05 (b)
Skandinaviska Enskilda Banken		2,787		2,786,762
2.80%, 04/17/05 (b)(c)
Thames Asset Global Securities		8,043		8,024,706
2.80%, 04/20/05 (b)
				26,906,335
Corporate Obligations – 3.9%
Goldman Sachs Group, Inc.		16,869		16,869,327
2.955%, 04/01/05 (b)(c)
Lehman Brothers		7,079		7,078,838
2.935%, 04/01/05 (b)(c)
Merrill Lynch & Co., Inc.		450		449,602
2.975%, 04/01/05 (b)
Natexis Banque NY		7,819		7,819,151
2.925%, 04/01/05 (b)(c)
Nordeutsche Landesbank		1,241		1,238,358
2.805%, 04/18/05 (b)
				33,455,276
Time Deposits – 0.9%
Chase Manhattan Bank		6,852		6,851,997
2.843%, 04/01/05 (b)
Societe Generale NY		481		480,552
2.875%, 04/01/05 (b)
				7,332,549

	Shares
Non-Registered Investment Company – 1.3%
BlackRock Institutional Money Market Trust(b) (j)	10,765,120	$	10,765,120
TOTAL SHORT-TERM INVESTMENTS (Cost $102,819,201)			102,819,201
Total Investments — 111.5% (Cost $871,236,609 (p))			935,979,687
Liabilities in Excess of Other Assets — (11.5%)			(96,413,834	)
Net Assets — 100.0%		$	839,565,853

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities is $99,677,046; cash collateral of $102,819,202 (included with liabilities) 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 next date on which the rate of interest is adjusted.

(j) Security available to institutional investors only.

(p) The United States federal income tax basis of the Fund’s investments was $883,931,303; accordingly, net unrealized appreciation on investments for federal income tax purposes was $52,048,384 (gross unrealized appreciation - $112,271,767; gross unrealized depreciation - $60,223,383). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST DeAM Large-Cap Value Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 95.3%
COMMON STOCK
Aerospace – 4.0%
General Dynamics Corp.	3,700	$	396,085
Lockheed Martin Corp.	57,800		3,529,268
Northrop Grumman Corp.	23,800		1,284,724
Raytheon Co.	75,800		2,933,460
			8,143,537
Automotive Parts – 1.3%
Autoliv, Inc. (Germany)	55,600		2,649,340
Beverages
PepsiAmericas, Inc.	1,800		40,788
Building Materials – 0.5%
Masco Corp.	28,800		998,496
Cable Television
Comcast Corp. (Class “A” Stock)*	2,400		81,072
Clothing & Apparel – 1.4%
VF Corp.	49,400		2,921,516
Computer Hardware – 3.4%
Apple Computer, Inc.*(a)	51,400		2,141,838
Hewlett-Packard Co.	14,000		307,160
International Business Machines Corp.	38,300		3,499,854
Western Digital Corp.*	74,500		949,875
			6,898,727
Computer Services & Software – 2.0%
Computer Sciences Corp.*(a)	44,700		2,049,495
Microsoft Corp.	87,700		2,119,709
			4,169,204
Conglomerates – 1.9%
Altria Group, Inc.	28,300		1,850,537
Textron, Inc.	28,000		2,089,360
			3,939,897
Construction – 0.1%
Ryland Group, Inc. (The)	3,200		198,464
Consumer Products & Services – 2.9%
Clorox Co.(a)	46,800		2,947,932
Loews Corp. - Carolina Group	45,000		1,489,500
UST, Inc.	30,300		1,566,510
			6,003,942
Containers & Packaging – 0.1%
Ball Corp.(a)	4,000		165,920
Electronic Components & Equipment – 3.8%
General Electric Co.	216,200		7,796,172
Entertainment & Leisure – 3.7%
Disney, (Walt) Co.	122,800		3,528,044
Time Warner, Inc.*	225,600		3,959,280
			7,487,324
Environmental Services – 0.8%
Republic Services, Inc.	48,800		1,633,824
Farming & Agriculture – 1.3%
Monsanto Co.	41,500		2,676,750
Financial—Bank & Trust – 10.9%
Bank of America Corp.	193,400		8,528,940
Golden West Financial Corp.(a)	56,000		3,388,000
U.S. Bancorp	113,500		3,271,070
Wachovia Corp.(a)	6,100		310,551
Wells Fargo & Co.	110,200		6,589,960
			22,088,521

Financial Services – 8.6%
Bear Stearns Cos., Inc.	31,000	3,096,900
Citigroup, Inc.	114,275	5,135,519
Franklin Resources, Inc.	26,900	1,846,685
Goldman Sachs Group, Inc.	31,100	3,420,689
JP Morgan Chase & Co.	49,384	1,708,686
Lehman Brothers Holdings, Inc.	7,300	687,368
Providian Financial Corp.*	97,600	1,674,816
		17,570,663
Food – 2.8%
Hershey Foods Corp.	44,600	2,696,516
Kellogg Co.	13,600	588,472
Safeway, Inc.*	126,200	2,338,486
		5,623,474
Healthcare Services – 2.2%
HCA, Inc.(a)	59,200	3,171,344
PacifiCare Health Systems, Inc.*	24,400	1,388,848
		4,560,192
Industrial Products – 1.0%
Nucor Corp.	35,700	2,054,892
Insurance – 5.4%
Alleghany Corp.*	1,428	395,556
Allstate Corp.	3,600	194,616
Berkley, (W.R.) Corp.	64,750	3,211,600
Chubb Corp.	2,100	166,467
Fidelity National Financial, Inc.	33,000	1,087,020
First American Corp.	68,900	2,269,566
Loews Corp.	44,100	3,243,114
MetLife, Inc.	11,700	457,470
		11,025,409
Machinery & Equipment – 1.0%
Eaton Corp.	14,200	928,680
Grainger (W.W.), Inc.	16,700	1,039,909
		1,968,589
Metals & Mining – 2.2%
Phelps Dodge Corp.	24,600	2,502,558
United States Steel Corp.(a)	38,600	1,962,810
		4,465,368
Oil & Gas – 14.6%
Anadarko Petroleum Corp.	10,200	776,220
Apache Corp.	54,700	3,349,281
ChevronTexaco Corp.	5,100	297,381
ConocoPhillips	16,900	1,822,496
Devon Energy Corp.	70,800	3,380,700
El Paso Corp.	134,100	1,418,778
Exxon Mobil Corp.	149,000	8,880,400
Marathon Oil Corp.(a)	71,400	3,350,088
Noble Energy, Inc.(a)	35,500	2,414,710
Occidental Petroleum Corp.	11,200	797,104
Sunoco, Inc.	29,600	3,064,192
		29,551,350
Paper & Forest Products – 0.2%
Rayonier, Inc.	9,600	475,488
Pharmaceuticals – 1.2%
Bristol-Meyers Squibb Co.	41,600	1,059,136
Merck & Co., Inc.	43,000	1,391,910
		2,451,046
Printing & Publishing – 0.9%
Tribune Co.	46,800	1,865,916
Real Estate – 2.1%
Apartment Investment & Management Co. (Class “A” Stock)[REIT](a)	9,800	364,560
Avalonbay Communities, Inc.[REIT]	5,300	354,517
Boston Properties, Inc. [REIT]	3,400	204,782
Camden Property Trust [REIT]	4,100	192,823
Equity Office Properties Trust [REIT]	23,800	717,094
Equity Residential Properties Trust [REIT]	17,900	576,559
Federal Realty Investment Trust[REIT]	2,100	101,535

Kimco Realty Corp.[REIT]			4,200	226,380
Mills Corp. (The) [REIT]			2,700	142,830
Pan Pacific Retail Properties, Inc.[REIT]			1,900	107,825
Public Storage, Inc. [REIT]			2,400	136,656
Simon Property Group, Inc. [REIT]			10,500	636,090
Vornado Realty Trust [REIT](a)			7,500	519,525
				4,281,176
Restaurants – 1.1%
McDonald’s Corp.			72,800	2,266,992
Retail & Merchandising – 2.7%
Barnes & Noble, Inc.*			12,600	434,574
Federated Department Stores, Inc.(a)			38,800	2,469,232
Nordstrom, Inc.			12,800	708,864
Office Depot, Inc.*			88,700	1,967,366
				5,580,036
Semiconductors – 0.6%
Advanced Micro Devices, Inc.*(a)			31,000	499,720
Micron Technology, Inc.*(a)			79,600	823,064
				1,322,784
Telecommunications – 4.1%
Citizens Communications Co.			140,000	1,811,600
SBC Communications, Inc.			12,600	298,494
Sprint Corp.			50,200	1,142,050
Verizon Communications, Inc.			145,800	5,175,900
				8,428,044
Transportation – 1.5%
Ryder System, Inc.			56,000	2,335,200
Yellow Roadway Corp.*			12,200	714,188
				3,049,388
Utilities – 5.0%
Allegheny Energy, Inc.*(a)			64,600	1,334,636
Duke Energy Corp.			66,300	1,857,063
Edison International			89,000	3,090,080
Exelon Corp.			47,400	2,175,186
Sempra Energy(a)			46,200	1,840,608
				10,297,573
TOTAL COMMON STOCK (Cost $179,825,017)				194,731,874
	Moody’s Rating	Principal Amount (000)
CORPORATE OBLIGATION
Retail & Merchandising
Ames Department Stores, Inc., Sr. Notes*
10.00%, 04/15/06(cost $13,156; purchased	NR
11/17/00 - 01/30/01)(g)(i) (Cost $13,156)		$	40	4
TOTAL LONG-TERM INVESTMENTS (Cost $179,838,173)				194,731,878
SHORT-TERM INVESTMENTS – 9.2%
Certificates of Deposit – 0.8%
Banco Santander PR
2.72%, 04/07/05 (b)(c)			913	913,396
Fortis Bank
2.055%, 06/08/05 (b)			368	368,340
Societe Generale			325	324,872
2.76%, 04/14/05 (b)				1,606,608
Commercial Paper – 4.8%
Countrywide Home Loans
2.816%, 04/27/05 (b)			298	297,488
Liberty Funding Corp.
2.80%, 04/22/05 (b)			1,548	1,544,133

Nordeutsche Landesbank
2.805%, 04/18/05 (b)	2,077		2,073,017
Thames Asset Global Securities
2.80%, 04/20/05 (b)	5,763		5,750,383
			9,665,021
Corporate Obligations – 1.5%
Goldman Sachs Group, Inc.
2.955%, 04/01/05 (b)(c)	2,091		2,091,134
Merrill Lynch & Co., Inc.
2.975%, 04/01/05 (b)	88		87,743
Morgan Stanley
2.82%, 04/01/05 (b)(c)	891		891,181
			3,070,058
Time Deposits – 0.6%
Chase Manhattan Bank
2.843%, 04/01/05 (b)	1,198		1,197,866
Societe Generale NY
2.875%, 04/01/05 (b)	94		93,783
			1,291,649
U.S. Treasury Obligations – 0.4%
U.S. Treasury Bills
2.37%, 04/28/05 (k)(n)	760		758,558
	Shares
Non-Registered Investment Company – 1.1%
BlackRock Institutional Money Market Trust (b)(j)	2,327,082		2,327,082
TOTAL SHORT-TERM INVESTMENTS (Cost $18,719,067)			18,718,976
Total Investments — 104.5% (Cost $198,557,240 (p))			213,450,854
Liabilities in Excess of Other Assets (k) — (4.5%)			(9,158,926	)
Net Assets — 100.0%		$	204,291,928

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) All or a portion of security is on loan. The aggregate market value of such securities is $17,607,139; cash collateral of $17,960,418 (included with liabilities) 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 next date on which the rate of interest is adjusted.

(g) Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $13,156. The aggregate value, $4, represents 0.00% of net assets.

(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 $758,558 have been segregated with the custodian to cover margin requirements for the following open futures contracts at March 31, 2005:

Number of Contracts	Type	Expiration Month	Value at Trade Date		Value at March 31, 2005		Unrealized Depreciation
Long Position:
32	S&P 500	Jun 05	$	9,652,842	$	9,471,200	$	(181,642	)

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

(p) The United States federal income tax basis of the Fund’s investments was $198,994,082; accordingly, net unrealized appreciation on investments for federal income tax purposes was $14,456,772 (gross unrealized appreciation - $16,603,329; gross unrealized depreciation - $2,146,557). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST Hotchkis and Wiley Large-Cap Value Fund

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS—98.2%
COMMON STOCK
Aerospace & Defense – 4.5%
Lockheed Martin Corp.	272,500	$	16,638,850
Raytheon Co.	304,800		11,795,760
			28,434,610
Auto Components – 1.7%
Delphi Corp.(a)	757,400		3,393,152
Lear Corp.(a)	168,300		7,465,788
			10,858,940
Commercial Banks – 2.3%
KeyCorp	188,800		6,126,560
UnionBanCal Corp.	131,800		8,072,750
			14,199,310
Commercial Services & Supplies – 3.8%
Cendant Corp.	597,000		12,262,380
PHH Corp.*	28,600		625,482
Waste Management, Inc.	386,000		11,136,100
			24,023,962
Diversified Financial Services – 4.3%
CIT Group, Inc.	228,000		8,664,000
Principal Financial Group, Inc.	475,300		18,294,297
			26,958,297
Electric Utilities – 9.3%
Alliant Energy Corp.	230,500		6,172,790
Entergy Corp.	141,500		9,998,390
FirstEnergy Corp.	428,900		17,992,355
FPL Group, Inc.	595,200		23,897,280
			58,060,815
Food & Staples Retailing – 2.3%
Albertson’s, Inc.(a)	694,100		14,333,165
Food Products – 4.3%
Kraft Foods, Inc. (Class “A” Stock)(a)	238,200		7,872,510
Sara Lee Corp.	265,400		5,881,264
Unilever PLC [ADR](United Kingdom)	326,500		13,060,000
			26,813,774
Healthcare Providers & Services – 5.3%
Aetna, Inc.(a)	129,400		9,698,530
HCA, Inc.(a)	171,300		9,176,541
Tenet Healthcare Corp.*(a)	1,227,400		14,151,922
			33,026,993
Hotels, Restaurants & Leisure – 3.8%
Caesars Entertainment, Inc.*	666,400		13,188,056
Yum! Brands, Inc.	205,300		10,636,593
			23,824,649
Household Durables – 4.2%
Lennar Corp. (Class “A” Stock)	460,800		26,118,144
Industrial Conglomerates – 1.9%
Tyco International Ltd.(a)	359,700		12,157,860
Insurance – 14.2%
Allmerica Financial Corp.*	229,600		8,254,120
Allstate Corp. (The)	205,600		11,114,736
MetLife, Inc.(a)	688,500		26,920,350
St. Paul Cos., Inc.	562,100		20,645,933
UnumProvident Corp.(a)	1,262,200		21,482,644
			88,417,783
IT Services – 4.9%
Electronic Data Systems Corp.	1,499,600		30,996,732
Leisure Equipment & Products – 1.8%
Eastman Kodak Co.(a)	345,100		11,233,005

Machinery – 1.3%
SPX Corp.		183,800	7,954,864
Metals & Mining – 1.7%
Alcoa, Inc.		349,600	10,624,344
Multiline Retail – 3.2%
Sears Holdings Corp.*(a)		152,559	20,316,325
Oil & Gas – 2.3%
Sunoco, Inc.		138,500	14,337,520
Paper & Forest Products – 1.3%
Weyerhaeuser Co.		122,000	8,357,000
Real Estate – 3.7%
Apartment Investment & Management Co. (Class “A” Stock) [REIT] (a)		213,000	7,923,600
New Century Financial Corp. [REIT]		206,600	9,673,012
Plum Creek Timber Co., Inc. [REIT]		162,100	5,786,970
			23,383,582
Road & Rail – 0.9%
Union Pacific Corp.(a)		83,300	5,806,010
Software – 5.3%
BMC Software, Inc.*		513,100	7,696,500
Computer Associates International, Inc.		949,300	25,726,030
			33,422,530
Textiles, Apparel & Luxury Goods – 1.3%
Jones Apparel Group, Inc.(a)		234,400	7,850,056
Thrifts & Mortgage Finance – 4.1%
Freddie Mac(a)		271,500	17,158,800
Washington Mutual, Inc.(a)		223,900	8,844,050
			26,002,850
Tobacco – 4.5%
Altria Group, Inc.		428,500	28,019,615
TOTAL LONG-TERM INVESTMENTS (Cost $565,073,714)			615,532,735
	Principal Amount (000)
SHORT-TERM INVESTMENTS – 24.0%
Certificates of Deposit – 2.2%
Banco Santander PR
2.72%, 04/07/05 (b)(c)	$	2,027	2,027,481
Fortis Bank
2.055%, 06/08/05 (b)		1,249	1,248,833
Fortis Bank NY
1.775%, 06/06/05 (b)		2,354	2,353,690
Societe Generale
2.76%, 04/14/05 (b)		7,945	7,942,208
			13,572,212
Commercial Paper – 4.9%
Countrywide Home Loans
2.826%, 04/28/05 (b)		21,223	21,172,828
Liberty Funding Corp.
2.80%, 04/22/05 (b)		510	509,006
Skandinaviska Enskilda Banken
2.80%, 04/17/05 (b)(c)		591	590,598
Thames Asset Global Securities
2.80%, 04/20/05 (b)		8,677	8,657,419
			30,929,851
Corporate Obligations – 6.3%
Goldman Sachs Group, Inc.
2.955%, 04/01/05 (b)(c)		8,567	8,566,831
Lehman Brothers
2.935%, 04/01/05 (b)(c)		16,089	16,088,750
Merrill Lynch & Co., Inc.
2.975%, 04/01/05 (b)		1,331	1,330,884
Morgan Stanley
2.82%, 04/01/05 (b)(c)		1,775	1,775,185
2.84%, 04/01/05 (b)(c)		812	812,119

Natexis Banque NY
2.925%, 04/01/05 (b)(c)	6,920		6,920,446
Nordeutsche Landesbank
2.805%, 04/18/05 (b)	1,145		1,142,297
Sedna Finance Corp.
2.78%, 04/15/05 (b)(c)	2,694		2,694,136
			39,330,648
Time Deposits – 1.6%
Chase Manhattan Bank
2.843%, 04/01/05 (b)	8,621		8,620,796
Societe Generale NY
2.875%, 04/01/05 (b)	1,423		1,422,502
			10,043,298
	Shares
Non-Registered Investment Company – 9.0%
BlackRock Institutional Money Market Trust(b)(j)	56,715,057		56,715,057
TOTAL SHORT-TERM INVESTMENTS (Cost $150,591,066)			150,591,066
Total Investments — 122.2% (Cost $715,664,780 (p))			766,123,801
Liabilities in Excess of Other Assets — (22.2%)			(139,141,960	)
Net Assets — 100.0%		$	626,981,841

The following abbreviations are used throughout the Schedule of Investments:

ADR	American Depository Receipt
REIT	Real Estate Investment Trust

The following annotations are used throughout the Schedule of Investments:

*	Non-income producing security.
(a)	All or a portion of security is on loan. The aggregate market value of such securities is $145,381,218; cash collateral of $150,591,066 (included with liabilities) 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 next date on which the rate of interest is adjusted.
(j)	Security available to institutional investors only.
(p)	The United States federal income tax basis of the Fund’s investments was $715,672,187; accordingly, net unrealized appreciation on investments for federal income tax purposes was $50,451,614 (gross unrealized appreciation - $65,056,078; gross unrealized depreciation - $14,604,464). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST AllianceBernstein Growth + Value Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 99.1%
COMMON STOCK
Advertising – 0.5%
Interpublic Group of Cos., Inc. (The)*	28,900	$	354,892
Aerospace – 0.9%
Boeing Co.	10,800		631,368
Automotive Parts – 0.7%
Magna International, Inc. (Class “A” Stock)	7,700		515,130
Beverages – 0.7%
PepsiCo, Inc.	9,600		509,088
Broadcasting – 1.1%
Scripps, (E.W.) Co. (Class “A” Stock)(a)	16,800		819,000
Cable Television – 0.9%
Comcast Corp. (Special Class “A” Stock)	19,100		637,940
Clothing & Apparel – 0.8%
Jones Apparel Group, Inc.	10,200		341,598
VF Corp.	3,600		212,904
			554,502
Computer Hardware – 6.2%
Apple Computer, Inc.*(a)	11,000		458,370
Dell, Inc.*	65,600		2,520,352
Hewlett-Packard Co.	52,750		1,157,335
Network Appliance, Inc.*	13,400		370,644
			4,506,701
Computer Services & Software – 5.7%
Electronic Arts, Inc.*(a)	28,700		1,486,086
Electronic Data Systems Corp.	2,900		59,943
Microsoft Corp.	93,700		2,264,729
Symantec Corp.*	16,000		341,280
			4,152,038
Conglomerates – 2.1%
Altria Group, Inc.	11,950		781,411
Textron, Inc.	10,600		790,972
			1,572,383
Consumer Products & Services – 2.7%
Avon Products, Inc.(a)	22,900		983,326
Kimberly-Clark Corp.	4,425		290,855
Procter & Gamble Co.	13,400		710,200
			1,984,381
Containers & Packaging – 0.5%
Smurfit-Stone Container Corp.*(a)	25,600		396,032
Electronic Components & Equipment – 5.6%
Flextronics International Ltd.*(a)	35,800		431,032
General Electric Co.	93,700		3,378,822
Solectron Corp.*	87,697		304,309
			4,114,163
Entertainment & Leisure – 1.8%
Carnival Corp.(a)	14,100		730,521
Time Warner, Inc.*	34,400		603,720
			1,334,241
Financial - Bank & Trust – 4.2%
Bank of America Corp.	24,794		1,093,415
National City Corp.	21,700		726,950
SunTrust Banks, Inc.	7,300		526,111
Wachovia Corp.	14,650		745,832
			3,092,308

Financial Services – 11.5%
Citigroup, Inc.	67,000	3,010,979
Fannie Mae	11,500	626,175
Franklin Resources, Inc.	5,700	391,305
Freddie Mac	7,000	442,400
Goldman Sachs Group, Inc.	3,300	362,967
JP Morgan Chase & Co.	21,500	743,900
Lehman Brothers Holdings, Inc.(a)	5,000	470,800
MBNA Corp.	70,200	1,723,410
Merrill Lynch & Co., Inc.(a)	9,700	549,020
		8,320,956
Food – 1.3%
Safeway, Inc.*	28,275	523,936
Unilever NV	6,000	410,520
		934,456
Healthcare Services – 4.6%
Caremark Rx, Inc.*	10,500	417,690
HCA, Inc.	14,600	782,122
Medco Health Solutions, Inc.*(a)	16,300	807,991
UnitedHealth Group, Inc.	14,200	1,354,396
		3,362,199
Industrial Products – 0.6%
Cooper Industries Ltd. (Class “A” Stock)	6,300	450,576
Insurance – 5.6%
American International Group, Inc.	21,200	1,174,692
Chubb Corp.	14,500	1,149,415
MetLife, Inc.	14,500	566,950
St. Paul Travelers Cos., Inc. (The)(a)	12,698	466,398
Torchmark Corp.	1,200	62,640
WellPoint, Inc.*	3,200	401,120
XL Capital Ltd. (Class “A” Stock)	4,300	311,191
		4,132,406
Internet Services – 7.1%
eBay, Inc.*(a)	55,800	2,079,107
Google, Inc. (Class “A” Stock)*(a)	2,300	415,173
Juniper Networks, Inc.*(a)	34,800	767,688
Yahoo!, Inc.*(a)	56,800	1,925,520
		5,187,488
Medical Supplies & Equipment – 5.8%
Alcon, Inc. (Switzerland)	11,000	982,190
Amgen, Inc.*	29,600	1,723,016
Boston Scientific Corp.*	2,400	70,296
St. Jude Medical, Inc.*	19,700	709,200
Zimmer Holdings, Inc.*	9,600	746,976
		4,231,678
Oil & Gas – 7.0%
BP PLC [ADR] (United Kingdom)	13,900	867,360
ChevronTexaco Corp.	13,700	798,847
ConocoPhillips	11,800	1,272,512
Nabors Industries Ltd.*	14,900	881,186
Occidental Petroleum Corp.	18,200	1,295,294
		5,115,199
Paper & Forest Products – 1.0%
International Paper Co.	7,000	257,530
MeadWestvaco Corp.	14,600	464,572
		722,102
Pharmaceuticals – 1.1%
Teva Pharmaceutical Industries Ltd. [ADR] (Israel)	26,300	815,300
Railroads – 3.7%
Burlington Northern Santa Fe Corp.	14,700	792,771
CSX Corp.	18,900	787,185
Norfolk Southern Corp.	30,400	1,126,320
		2,706,276
Restaurants – 1.2%
McDonald’s Corp.	18,000	560,520
Starbucks Corp.*	6,600	340,956
		901,476

Retail & Merchandising – 5.9%
Federated Department Stores, Inc.(a)		4,600	292,744
Kroger Co. (The)*		34,000	545,020
Lowe’s Cos., Inc.(a)		27,400	1,564,266
Office Depot, Inc.*		23,300	516,794
Target Corp.		28,200	1,410,564
			4,329,388
Semiconductors – 1.6%
Broadcom Corp. (Class “A” Stock)*		24,500	733,040
Marvell Technology Group Ltd.*		11,100	425,574
			1,158,614
Telecommunications – 4.2%
Corning, Inc.*		74,300	826,959
Nortel Networks Corp. (Canada)*		36,700	100,191
Qualcomm, Inc.*(a)		41,200	1,509,980
Sprint Corp.		19,100	434,525
Tellabs, Inc.*		30,700	224,110
			3,095,765
Transportation – 0.5%
United Parcel Service, Inc. (Class “B” Stock)		5,200	378,248
Utilities – 2.0%
American Electric Power Co., Inc.(a)		21,600	735,696
Entergy Corp.		9,900	699,534
			1,435,230
TOTAL-LONG TERM INVESTMENTS (Cost $64,109,002)			72,451,524
	Principal Amount (000)
SHORT-TERM INVESTMENTS – 18.1%
Certificates of Deposit – 1.6%
Banco Santander PR	$	232	232,376
2.72%, 04/07/05 (b)(c)
Canadian Imperial Bank of Commerce		538	538,270
1.72%, 05/25/05 (b)
Eurohypo AG 385,198		385	385,200
2.78%, 04/18/05 (b)
			1,155,846
Commercial Paper – 5.9%
Countrywide Home Loans		479	478,300
2.826%, 04/28/05 (b)
Liberty Funding Corp.		2,080	2,074,099
2.80%, 04/22/05 (b)
Nordeutsche Landesbank		445	443,642
2.805%, 04/18/05 (b)
Skandinaviska Enskilda Banken		231	230,718
2.80%, 04/17/05 (b)(c)
Thames Asset Global Securities		1,084	1,081,424
2.80%, 04/20/05 (b)
			4,308,183
Corporate Obligations – 4.9%
Goldman Sachs Group, Inc.		1,188	1,188,447
2.955%, 04/01/05 (b)(c)
Merrill Lynch & Co., Inc.		107	106,907
2.975%, 04/01/05 (b)
Morgan Stanley		258	258,154
2.84%, 04/01/05 (b)(c)
Natexis Banque NY		2,039	2,038,504
2.925%, 04/01/05 (b)(c)
			3,592,012
Time Deposit – 1.5%
Chase Manhattan Bank		1,016	1,015,700
2.843%, 04/01/05 (b)
Societe Generale NY		114	114,267
2.875%, 04/01/05 (b)
			1,129,967

	Shares
Non-Registered Investment Company – 3.5%
BlackRock Institutional Money Market Trust(b)(j)	2,559,759		2,559,759
Registered Investment Companies – 0.7%
BlackRock Provident Institutional Funds TempCash Portfolio (j)	250,971		250,971
BlackRock Provident Institutional Funds TempFund Portfolio (j)	250,970		250,970
			501,941
TOTAL SHORT-TERM INVESTMENTS (Cost $13,247,708)			13,247,708
Total Investments — 117.2% (Cost $77,356,710 (p))			85,699,232
Liabilities in Excess of Other Assets — (17.2%)			(12,556,240	)
Net Assets — 100.0%		$	73,142,992

The following abbreviation is used throughout the Schedule of Investments:

ADR American Depository Receipt

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities is $12,256,715; cash collateral of $12,745,767 (included with liabilities) 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 next date on which the rate of interest is adjusted.

(j) Security available to institutional investors only.

(p) The United States federal income tax basis of the Fund’s investments was $77,451,649; accordingly, net unrealized appreciation on investments for federal income tax purposes was $8,247,583 (gross unrealized appreciation - $10,539,378; gross unrealized depreciation - $2,291,795). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST AllianceBernstein Core Value Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 97.8%
COMMON STOCK
Advertising – 0.5%
Interpublic Group of Cos., Inc. (The)*	116,500	$	1,430,620
Aerospace – 1.7%
Boeing Co.	27,900		1,631,034
General Dynamics Corp.	6,700		717,235
Goodrich Corp.	40,800		1,562,232
Northrop Grumman Corp.	16,600		896,068
			4,806,569
Automotive Parts – 1.7%
American Axle & Manufacturing Holdings, Inc.	3,400		83,300
Autoliv, Inc. (Germany)	24,600		1,172,190
BorgWarner, Inc.	16,400		798,352
Cooper Tire & Rubber Co.(a)	17,900		328,644
Dana Corp.	47,700		610,083
Lear Corp.	18,000		798,480
Magna International, Inc. (Class “A” Stock)	14,800		990,120
			4,781,169
Beverages – 0.8%
Molson Coors Brewing Co. (Class “B” Stock)	11,400		879,738
PepsiCo, Inc.	27,100		1,437,113
			2,316,851
Building Materials – 1.0%
Martin Marietta Materials, Inc.	14,800		827,616
Masco Corp.	20,600		714,202
Vulcan Materials Co.	23,500		1,335,505
			2,877,323
Cable Television – 1.3%
Comcast Corp. (Class “A” Stock)*	110,200		3,722,556
Chemicals – 2.2%
Dow Chemical Co.	4,700		234,295
DuPont, (E.I.) de Nemours & Co.	60,400		3,094,896
Eastman Chemical Co.	15,300		902,700
PPG Industries, Inc.	27,900		1,995,408
			6,227,299
Clothing & Apparel – 1.0%
Jones Apparel Group, Inc.(a)	46,900		1,570,681
VF Corp.	23,100		1,366,134
			2,936,815
Computer Hardware – 2.1%
Hewlett-Packard Co.	210,624		4,621,091
Ingram Micro, Inc. (Class “A” Stock)*	26,500		441,755
International Business Machines Corp.	10,000		913,800
			5,976,646
Computer Services & Software – 2.0%
Electronic Data Systems Corp.	81,400		1,682,538
Microsoft Corp.	130,400		3,151,768
Tech Data Corp.*	18,850		698,581
			5,532,887
Conglomerates – 4.1%
Altria Group, Inc.	116,800		7,637,552
Honeywell International, Inc.	59,800		2,225,158
Textron, Inc.	22,700		1,693,874
			11,556,584
Consumer Products & Services – 1.9%
Kimberly-Clark Corp.	25,400		1,669,542
Newell Rubbermaid, Inc.(a)	71,700		1,573,098
UST, Inc.	38,600		1,995,620
			5,238,260

Containers & Packaging – 0.5%
Smurfit-Stone Container Corp.*	87,600	1,355,172
Electronic Components & Equipment – 6.5%
Avnet, Inc.*	20,700	381,294
Eastman Kodak Co.(a)	52,000	1,692,600
Flextronics International Ltd.*(a)	67,800	816,312
General Electric Co.	375,000	13,522,500
Hubbell, Inc. (Class “B” Stock)	14,500	740,950
Sanmina-SCI Corp.*	69,900	364,878
Solectron Corp.*	227,350	788,905
Vishay Intertechnology, Inc.*	6,200	77,066
		18,384,505
Entertainment & Leisure – 1.7%
Disney, (Walt) Co.(a)	15,200	436,696
Time Warner, Inc.*	234,800	4,120,740
Viacom, Inc. (Class “B” Stock)	8,700	303,021
		4,860,457
Financial - Bank & Trust – 9.6%
Astoria Financial Corp.(a)	19,800	500,940
Bank of America Corp.	199,476	8,796,892
BB&T Corp.	13,200	515,856
Comerica, Inc.	31,300	1,724,004
Huntington Bancshares, Inc.	70,300	1,680,170
National City Corp.	63,650	2,132,275
SunTrust Banks, Inc.	31,200	2,248,584
U.S. Bancorp	80,100	2,308,482
Wachovia Corp.(a)	99,100	5,045,181
Wells Fargo & Co.	33,700	2,015,260
		26,967,644
Financial Services – 14.3%
Citigroup, Inc.	261,900	11,769,785
Countrywide Financial Corp.	66,000	2,142,360
Fannie Mae(a)	25,500	1,388,475
Freddie Mac	49,500	3,128,400
Goldman Sachs Group, Inc.	24,600	2,705,754
JP Morgan Chase & Co.	124,300	4,300,779
KeyCorp	43,475	1,410,764
Lehman Brothers Holdings, Inc.	26,400	2,485,824
MBIA, Inc.(a)	19,300	1,009,004
Mellon Financial Co.	59,300	1,692,422
Merrill Lynch & Co., Inc.(a)	39,000	2,207,400
Morgan Stanley Dean Witter & Co.	30,900	1,769,025
PNC Financial Services Group	19,800	1,019,304
Washington Mutual, Inc.(a)	71,775	2,835,113
		39,864,409
Food – 2.7%
Albertson’s, Inc.(a)	65,900	1,360,835
Archer-Daniels-Midland Co.(a)	10,200	250,716
Kraft Foods, Inc. (Class “A” Stock)(a)	38,000	1,255,900
Safeway, Inc.*	88,300	1,636,199
Sara Lee Corp.	70,700	1,566,712
Unilever NV	20,800	1,423,136
		7,493,498
Healthcare Services – 1.3%
HCA, Inc.(a)	27,500	1,473,175
Medco Health Solutions, Inc.*(a)	42,900	2,126,553
		3,599,728
Industrial Products – 0.9%
Cooper Industries Ltd. (Class “A” Stock)	13,900	994,128
Crane Co.	24,300	699,597
Ingersoll-Rand Co., Ltd. (Class “A” Stock)	9,700	772,605
		2,466,330

Insurance – 5.6%
ACE Ltd.	15,100	623,177
Allstate Corp.	43,500	2,351,610
American International Group, Inc.	14,800	820,068
Chubb Corp.	20,700	1,640,889
Genworth Financial, Inc.	53,300	1,466,816
Hartford Financial Services Group, Inc.	32,000	2,193,920
MetLife, Inc.	34,225	1,338,198
MGIC Investment Corp.	19,300	1,190,231
PartnerRe Ltd.	6,200	400,520
St. Paul Travelers Cos., Inc. (The)(a)	62,440	2,293,421
Torchmark Corp.	2,225	116,145
XL Capital Ltd. (Class “A” Stock)	17,800	1,288,186
		15,723,181
Machinery & Equipment – 0.5%
Eaton Corp.	21,600	1,412,640
Metals & Mining – 1.0%
Alcoa, Inc.	36,900	1,121,391
United States Steel Corp.	35,500	1,805,175
		2,926,566
Oil & Gas – 12.4%
BP PLC [ADR] (United Kingdom)	24,300	1,516,320
ChevronTexaco Corp.	110,800	6,460,748
ConocoPhillips	47,843	5,159,389
Exxon Mobil Corp.	270,000	16,091,999
Marathon Oil Corp.(a)	53,400	2,505,528
Occidental Petroleum Corp.	37,300	2,654,641
		34,388,625
Paper & Forest Products – 1.7%
Georgia-Pacific Corp.	41,625	1,477,271
International Paper Co.	50,300	1,850,537
Temple-Inland, Inc.	19,300	1,400,215
		4,728,023
Pharmaceuticals – 0.9%
Merck & Co., Inc.	78,000	2,524,860
Railroads – 1.9%
Burlington Northern Santa Fe Corp.	38,775	2,091,136
CSX Corp.	23,500	978,775
Norfolk Southern Corp.	64,450	2,387,872
		5,457,783
Restaurants – 1.1%
McDonald’s Corp.	101,100	3,148,254
Retail & Merchandising – 4.3%
Federated Department Stores, Inc.(a)	26,175	1,665,777
Gap, Inc.(a)	59,700	1,303,848
Kroger Co. (The)*	118,900	1,905,967
Limited Brands, Inc.	70,700	1,718,010
Nordstrom, Inc.	12,900	714,402
Office Depot, Inc.*	96,900	2,149,242
SUPERVALU, Inc.	36,325	1,211,439
Target Corp.	26,100	1,305,522
		11,974,207
Telecommunications – 5.4%
ADC Telecommunications, Inc.*	241,400	480,386
BellSouth Corp.(a)	29,900	786,071
Corning, Inc.*	111,300	1,238,769
Nortel Networks Corp. (Canada)*	220,800	602,784
SBC Communications, Inc.	91,900	2,177,111
Sprint Corp.	142,950	3,252,113
Tellabs, Inc.*	121,100	884,030
Verizon Communications, Inc.	162,200	5,758,100
		15,179,364

Utilities – 5.2%
Alliant Energy Corp.		23,900	640,042
American Electric Power Co., Inc.		60,600	2,064,036
Constellation Energy Group, Inc.		19,500	1,008,150
Edison International		19,000	659,680
Entergy Corp.		30,500	2,155,130
Exelon Corp.		46,800	2,147,652
FirstEnergy Corp.		50,200	2,105,890
Northeast Utilities		41,700	803,559
Sempra Energy(a)		22,800	908,352
Wisconsin Energy Corp.		30,700	1,089,850
Xcel Energy, Inc.(a)		65,100	1,118,418
			14,700,759
TOTAL LONG-TERM INVESTMENTS (Cost $230,010,521)			274,559,584
	Principal Amount (000)
SHORT-TERM INVESTMENTS – 12.5%
Certificates of Deposit – 1.1%
Banco Santander PR
2.72%, 04/07/05 (b)(c)	$	913	912,557
Canadian Imperial Bank of Commerce
1.72%, 05/25/05 (b)		710	709,487
Societe Generale
2.76%, 04/14/05 (b)		1,400	1,399,172
			3,021,216
Commercial Paper – 6.4%
Countrywide Home Loans
2.816%, 04/27/05 (b)		5,239	5,227,200
2.826%, 04/28/05 (b)		1,940	1,935,274
Liberty Funding Corp.
2.80%, 04/22/05 (b)		807	805,207
Nordeutsche Landesbank
2.805%, 04/18/05 (b)		994	992,483
Skandinaviska Enskilda Banken
2.80%, 04/17/05 (b)(c)		1,297	1,297,253
Thames Asset Global Securities
2.80%, 04/20/05 (b)		7,475	7,458,202
			17,715,619
Corporate Obligations – 1.1%
Bank of America NA
2.80%, 04/01/05 (b)(c)		145	144,883
Goldman Sachs Group, Inc.
2.955%, 04/01/05 (b)(c)		614	613,948
Merrill Lynch & Co., Inc.
2.975%, 04/01/05 (b)		91	91,147
Natexis Banque NY
2.925%, 04/01/05 (b)(c)		1,294	1,293,825
Sedna Finance Corp.
2.78%, 04/15/05 (b)(c)		1,077	1,076,878
			3,220,681
Time Deposit – 0.6%
Chase Manhattan Bank
2.843%, 04/01/05 (b)		1,573	1,573,162
Societe Generale NY
2.875%, 04/01/05 (b)		97	97,422
			1,670,584

	Shares
Non-Registered Investment Company – 0.8%
BlackRock Institutional Money Market Trust(b)(j)	2,366,186		2,366,186
Registered Investment Companies – 2.5%
BlackRock Provident Institutional Funds TempCash Portfolio (j)	3,559,863		3,559,863
BlackRock Provident Institutional Funds TempFund Portfolio (j)	3,559,862		3,559,862
			7,119,725
TOTAL SHORT-TERM INVESTMENTS (Cost $35,114,011)			35,114,011
Total Investments — 110.3% (Cost $265,124,532(p))			309,673,595
Liabilities in Excess of Other Assets — (10.3%)			(28,962,149	)
Net Assets — 100.0%		$	280,711,446

The following abbreviation is used throughout the Schedule of Investments:

ADR American Depository Receipt

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities is $27,108,056; cash collateral of $27,994,286 (included with liabilities) 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 next date on which the rate of interest is adjusted.

(j) Security available to institutional investors only.

(p) The United States federal income tax basis of the Fund’s investments was $266,605,126; accordingly, net unrealized appreciation on investments for federal income tax purposes was $43,068,469 (gross unrealized appreciation—$48,387,388; gross unrealized depreciation - $5,318,919). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST Cohen & Steers Realty Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 99.8%
COMMON STOCK
Apartment/Residential – 16.5%
Affordable Residential Communities [REIT]	138,300	$	1,749,495
Apartment Investment & Management Co.	77,200		2,871,840
(Class “A” Stock) [REIT](a)
Archstone-Smith Trust [REIT]	258,300		8,810,613
Avalonbay Communities, Inc. [REIT]	217,900		14,575,331
BRE Properties, Inc. [REIT]	230,400		8,133,120
Equity Residential Properties Trust [REIT]	344,400		11,093,124
Essex Property Trust, Inc. [REIT]	73,700		5,080,878
GMH Communities Trust [REIT]	76,700		898,157
Post Properties, Inc. [REIT]	177,900		5,522,016
			58,734,574
Diversified – 6.3%
Sun Communities, Inc. [REIT]	143,100		5,122,980
Vornado Realty Trust [REIT](a)	250,000		17,317,500
			22,440,480
Health Care – 2.0%
Ventas, Inc. [REIT]	285,200		7,118,592
Hotels & Motels – 7.3%
Hilton Hotels Corp.	172,100		3,846,435
Host Marriott Corp. [REIT](a)	825,800		13,675,248
Starwood Hotels & Resorts Worldwide, Inc.	144,100		8,650,323
			26,172,006
Industrial – 9.5%
AMB Property Corp. [REIT]	196,300		7,420,140
Catellus Development Corp. [REIT]	262,652		6,999,676
ProLogis [REIT]	520,400		19,306,840
			33,726,656
Office – 26.3%
Arden Realty, Inc. [REIT]	152,100		5,148,585
Biomed Realty Trust, Inc. [REIT]	53,900		1,110,340
Boston Properties, Inc. [REIT]	429,800		25,886,854
Brandywine Realty Trust [REIT]	51,100		1,451,240
Brookfield Properties Corp. (Canada)	465,750		11,904,596
CarrAmerica Realty Corp. [REIT]	148,900		4,697,795
Equity Office Properties Trust [REIT]	422,600		12,732,938
Highwoods Properties, Inc. [REIT]	69,700		1,869,354
Kilroy Realty Corp. [REIT]	143,500		5,870,585
Mack-Cali Realty Corp. [REIT]	84,300		3,570,105
Maguire Properties, Inc. [REIT]	154,000		3,677,520
Prentiss Properties Trust [REIT]	80,400		2,746,464
SL Green Realty Corp. [REIT]	168,500		9,473,070
Trizec Properties, Inc. [REIT]	192,200		3,651,800
			93,791,246
Office/Industrial – 2.5%
Liberty Property Trust [REIT]	114,100		4,455,605
Reckson Associates Realty Corp. [REIT]	150,900		4,632,630
			9,088,235
Regional Mall – 17.8%
CBL & Associates Properties, Inc. [REIT]	55,400		3,961,654
General Growth Properties, Inc. [REIT]	295,400		10,073,140
Macerich Co. [REIT]	167,500		8,924,400
Mills Corp. (The) [REIT]	222,800		11,786,120
Simon Property Group, Inc. [REIT]	348,700		21,124,246
Taubman Centers, Inc. [REIT]	273,000		7,573,020
			63,442,580
Self Storage – 6.2%
Public Storage, Inc. [REIT]	221,600		12,617,904

Shurgard Storage Centers, Inc. (Class “A” Stock) [REIT]		228,400		9,359,832
				21,977,736
Shopping Centers – 5.4%
Developers Diversified Realty Corp. [REIT]		146,000		5,803,500
Federal Realty Investment Trust [REIT]		135,100		6,532,085
Pan Pacific Retail Properties, Inc. [REIT]		65,600		3,722,800
Regency Centers Corp. [REIT]		63,300		3,014,979
				19,073,364
TOTAL LONG-TERM INVESTMENTS (Cost $286,688,711)				355,565,469
	Principal Amount (000)		Value
SHORT-TERM INVESTMENTS – 5.0%
Commercial Paper – 2.4%
Skandinaviska Enskilda Banken	$	8,751		8,751,477
2.80%, 04/17/05 (b) (c)
Corporate Obligation – 1.1%
Morgan Stanley		4,040		4,040,395
2.82%, 04/01/05 (b)(c)
Time Deposit – 0.4%
Chase Manhattan Bank		1,408		1,408,475
2.843%, 04/01/05 (b)
	Shares		Value
Non-Registered Investment Company – 0.8%
BlackRock Institutional Money Market Trust(b) (j)		2,858,700		2,858,700
Registered Investment Companies – 0.3%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		461,959		461,959
BlackRock Provident Institutional Funds TempFund Portfolio(j)		461,959		461,959
				923,918
TOTAL SHORT- TERM INVESTMENTS (Cost $17,982,965)				17,982,965
Total Investments — 104.8% (Cost $304,671,676 (p))				373,548,434
Liabilities in Excess of Other Assets — (4.8%)				(17,048,811	)
Net Assets — 100.0%			$	356,499,623

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:

(a) All or portion of security is on loan. The aggregate market value of such securities is $16,022,853; cash collateral of $17,059,047 (included with liabilities) 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 next date on which the rate of interest is adjusted.

(j) Security available to institutional investors only.

(p) The United States federal income tax basis of the Fund’s investments was $306,022,972; accordingly, net unrealized appreciation on investments for federal income tax purposes was $67,525,462 (gross unrealized appreciation - $68,400,274; gross unrealized depreciation - $874,812). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST AllianceBernstein Managed Index 500 Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 100.0%
COMMON STOCK
Advertising – 0.1%
Interpublic Group of Cos., Inc. (The)*	61,100	$	750,308
Aerospace – 2.1%
Boeing Co.	71,300		4,168,198
Goodrich Corp.	28,700		1,098,923
Northrop Grumman Corp.	13,600		734,128
United Technologies Corp.	51,100		5,194,826
			11,196,075
Automobile Manufacturers – 0.5%
General Motors Corp.(a)	81,000		2,380,590
Automotive Parts – 0.2%
Delphi Corp.(a)	177,600		795,648
Beverages – 1.1%
Coca-Cola Co.	61,700		2,571,039
PepsiCo, Inc.	55,400		2,937,862
			5,508,901
Broadcasting – 0.3%
Univision Communications, Inc. (Class “A” Stock)*	50,000		1,384,500
Building Materials – 1.0%
American Standard Cos., Inc.	57,000		2,649,360
Masco Corp.	50,500		1,750,835
Sherwin-Williams Co. (The)	13,900		611,461
			5,011,656
Business Services – 0.3%
Fiserv, Inc.*	35,700		1,420,860
Cable Television – 0.6%
Comcast Corp. (Class “A” Stock)*	85,500		2,888,190
Chemicals – 1.0%
DuPont, (E.I.) de Nemours & Co.	26,800		1,373,232
Eastman Chemical Co.	9,000		531,000
Hercules, Inc.*	6,900		99,912
Lubrizol Corp.	35,700		1,450,848
PPG Industries, Inc.	22,000		1,573,440
			5,028,432
Clothing & Apparel – 0.4%
VF Corp.	34,375		2,032,938
Commercial Services
PHH Corp.*	1,830		40,022
Computer Hardware – 4.3%
Apple Computer, Inc.* (a)	12,600		525,042
Dell, Inc.*	195,185		7,499,008
Hewlett-Packard Co. (a)	239,760		5,260,334
Ingram Micro, Inc. (Class “A” Stock)*	33,200		553,444
International Business Machines Corp.	70,600		6,451,428
Network Appliance, Inc.*	69,600		1,925,136
			22,214,392
Computer Services & Software – 5.8%
Adobe Systems, Inc. (a)	10,600		712,002
Cisco Systems, Inc.*	159,400		2,851,666
Electronic Arts, Inc.* (a)	50,000		2,589,000
Electronic Data Systems Corp.	29,300		605,631
EMC Corp.*	143,400		1,766,688
Mercury Interactive Corp.* (a)	16,900		800,722
Microsoft Corp.	668,500		16,157,645
Oracle Corp.*	322,600		4,026,048

Tech Data Corp.*	33,000	1,222,980
		30,732,382
Conglomerates – 3.5%
3M Co.	13,900	1,191,091
Altria Group, Inc.	154,900	10,128,911
Cendant Corp.	36,600	751,764
Honeywell International, Inc.	44,900	1,670,729
Textron, Inc.	20,000	1,492,400
Tyco International Ltd. (a)	88,100	2,977,780
		18,212,675
Construction – 0.4%
Lennar Corp. (Class “A” Stock)	15,700	889,876
Pulte Homes, Inc.	12,800	942,464
		1,832,340
Consumer Products & Services – 6.2%
Avon Products, Inc.	74,000	3,177,560
Colgate-Palmolive Co.	72,500	3,782,325
Fortune Brands, Inc.	27,400	2,209,262
Johnson & Johnson	118,700	7,971,892
Lauder, (Estee) Cos., Inc. (Class “A” Stock)	32,300	1,452,854
Newell Rubbermaid, Inc.	41,400	908,316
Procter & Gamble Co. (a)	202,100	10,711,300
Reynolds American, Inc.	26,800	2,159,812
UST, Inc.	13,300	687,610
		33,060,931
Containers & Packaging – 0.1%
Sonoco Products Co.	20,500	591,425
Electronic Components & Equipment – 5.7%
Arrow Electronics, Inc.*	28,300	717,405
Avnet, Inc.*	28,700	528,654
Eastman Kodak Co. (a)	47,700	1,552,635
Emerson Electric Co.	14,000	909,020
Flextronics International Ltd.* (a)	31,000	373,240
General Electric Co.	641,670	23,138,620
Hubbell, Inc. (Class “B” Stock)	21,000	1,073,100
Solectron Corp.*	260,000	902,200
Vishay Intertechnology, Inc.*	25,000	310,750
		29,505,624
Entertainment & Leisure – 2.8%
Carnival Corp. (a)	30,900	1,600,929
Disney, (Walt) Co.	47,100	1,353,183
Harley-Davidson, Inc.	50,600	2,922,656
International Game Technology Group, Inc.	59,000	1,572,940
Time Warner, Inc.*	358,000	6,282,900
Viacom, Inc. (Class “B” Stock)	27,900	971,757
		14,704,365
Farming & Agriculture – 0.3%
Bunge Ltd. (a)	32,300	1,740,324
Financial - Bank & Trust – 5.7%
Bank of America Corp.	226,652	9,995,354
BB&T Corp.	15,800	617,464
Comerica, Inc. (a)	43,300	2,384,964
Commerce Bancorp, Inc. (a)	50,000	1,623,500
Huntington Bancshares, Inc.	34,200	817,380
National City Corp.	95,400	3,195,900
North Fork Bancorp, Inc.	31,950	886,293
Regions Financial Corp.	15,176	491,702
SunTrust Banks, Inc.	36,300	2,616,141
U.S. Bancorp	71,000	2,046,220
Wachovia Corp. (a)	62,800	3,197,148
Wells Fargo & Co.	30,800	1,841,840
		29,713,906
Financial Services – 9.4%
American Express Co.	61,000	3,133,570
Bank of New York Co., Inc. (The)*	30,300	880,215
Citigroup, Inc.	342,900	15,409,925
Fannie Mae (a)	9,500	517,275
Franklin Resources, Inc.	900	61,785

Goldman Sachs Group, Inc.	26,900	2,958,731
JP Morgan Chase & Co.	196,776	6,808,450
KeyCorp	76,000	2,466,200
Legg Mason, Inc. (a)	21,750	1,699,545
Lehman Brothers Holdings, Inc.	33,000	3,107,280
MBNA Corp.	183,500	4,504,925
Merrill Lynch & Co., Inc.	59,000	3,339,400
Morgan Stanley Dean Witter & Co.	46,900	2,685,025
PNC Financial Services Group	39,100	2,012,868
		49,585,194
Food – 1.2%
Albertson’s, Inc. (a)	67,500	1,393,875
Archer-Daniels-Midland Co. (a)	52,808	1,298,021
Dean Foods Co.*	40,400	1,385,720
Safeway, Inc.*	86,100	1,595,433
Wrigley, (Wm., Jr.) Co.	11,000	721,270
		6,394,319
Healthcare Services – 2.9%
Caremark Rx, Inc.* (a)	85,700	3,409,146
HCA, Inc. (a)	24,200	1,296,394
Health Management Associates, Inc. (Class “A” Stock)	80,000	2,094,400
UnitedHealth Group, Inc.	86,000	8,202,680
		15,002,620
Industrial Products – 0.2%
Cooper Industries Ltd. (Class “A” Stock)	13,900	994,128
Insurance – 6.7%
ACE Ltd.	42,500	1,753,975
AFLAC, Inc.	21,300	793,638
Allstate Corp.	17,100	924,426
American International Group, Inc.	183,487	10,167,015
Axis Capital Holdings Ltd.	45,400	1,227,616
Chubb Corp.	33,900	2,687,253
Hartford Financial Services Group, Inc. (The)	39,500	2,708,120
Lincoln National Corp.	44,800	2,022,272
Loews Corp.	33,400	2,456,236
St. Paul Travelers Cos., Inc. (The) (a)	64,695	2,376,247
UnumProvident Corp. (a)	93,000	1,582,860
WellPoint, Inc.*	35,300	4,424,855
XL Capital Ltd. (Class “A” Stock)	30,500	2,207,285
		35,331,798
Internet Services – 2.6%
eBay, Inc.*	165,600	6,170,256
McAfee, Inc.*	51,400	1,159,584
Yahoo!, Inc.*	182,200	6,176,580
		13,506,420
Machinery & Equipment – 0.4%
Eaton Corp.	28,700	1,876,980
Medical Supplies & Equipment – 3.6%
Abbott Laboratories	58,600	2,731,932
Alcon, Inc. (Switzerland)	16,600	1,482,214
Amgen, Inc.*	132,200	7,695,362
Applera Corp. - Applied Biosystems Group	55,000	1,085,700
St. Jude Medical, Inc.*	68,000	2,448,000
Zimmer Holdings, Inc.*	40,400	3,143,524
		18,586,732
Metals & Mining – 0.8%
Alcan, Inc. (Canada)	19,000	720,480
Alcoa, Inc.	29,800	905,622
Novelis, Inc. (Canada)	3,800	83,296
United States Steel Corp. (a)	50,400	2,562,840
		4,272,238
Office Equipment – 0.1%
Pitney Bowes, Inc.	13,000	586,560
Oil & Gas – 8.3%
Baker Hughes, Inc.	22,000	978,780
BP PLC [ADR] (United Kingdom)	18,100	1,129,440
ChevronTexaco Corp.	127,876	7,456,450

ConocoPhillips	56,453	6,087,892
El Paso Corp.	79,500	841,110
Exxon Mobil Corp.	256,900	15,311,239
FMC Technologies, Inc.*	16,100	534,198
Halliburton Co.	30,400	1,314,800
Marathon Oil Corp.	48,000	2,252,160
Nabors Industries Ltd.*	36,500	2,158,610
Occidental Petroleum Corp.	38,300	2,725,811
Transocean, Inc. (Cayman Islands)*	15,300	787,338
XTO Energy, Inc.	61,333	2,014,176
		43,592,004
Paper & Forest Products – 0.5%
Georgia-Pacific Corp.	14,700	521,703
International Paper Co.	55,400	2,038,166
		2,559,869
Personal Services – 0.5%
Apollo Group, Inc. (Class “A” Stock)* (a)	33,400	2,473,604
Pharmaceuticals – 2.2%
Bristol-Meyers Squibb Co.	60,600	1,542,876
Cephalon, Inc.*	24,000	1,123,920
Forest Laboratories, Inc.*	54,600	2,017,470
Lilly, (Eli) & Co.	6,500	338,650
Merck & Co., Inc.	20,200	653,874
Pfizer, Inc.	225,720	5,929,664
		11,606,454
Printing & Publishing – 0.3%
Donnelley, (R.R.) & Sons Co.	48,000	1,517,760
Railroads – 0.8%
Burlington Northern Santa Fe Corp.	15,000	808,950
CSX Corp.	47,300	1,970,045
Norfolk Southern Corp.	38,400	1,422,720
		4,201,715
Real Estate – 0.4%
Equity Office Properties Trust [REIT]	44,500	1,340,785
Equity Residential Properties Trust [REIT]	18,000	579,780
		1,920,565
Restaurants – 1.3%
McDonald’s Corp.	63,200	1,968,048
Starbucks Corp.*	69,000	3,564,540
Wendy’s International, Inc.	33,000	1,288,320
		6,820,908
Retail & Merchandising – 6.5%
Federated Department Stores, Inc.	14,900	948,236
Home Depot, Inc.	178,700	6,833,488
Lowe’s Cos., Inc. (a)	108,400	6,188,556
OfficeMax, Inc.	47,000	1,574,500
Rite Aid Corp.*	200,600	794,376
SUPERVALU, Inc.	31,900	1,063,865
Target Corp.	107,500	5,377,150
TJX Cos., Inc.	100,100	2,465,463
Wal-Mart Stores, Inc.	150,100	7,521,511
Williams-Sonoma, Inc.* (a)	51,500	1,892,625
		34,659,770
Semiconductors – 1.6%
Broadcom Corp. (Class “A” Stock)*	36,900	1,104,048
Intel Corp.	268,880	6,246,082
Marvell Technology Group Ltd.*	26,600	1,019,844
		8,369,974
Telecommunications – 4.7%
ALLTEL Corp. (a)	14,000	767,900
BellSouth Corp.	96,200	2,529,098
Corning, Inc.*	78,000	868,140
Lucent Technologies, Inc.* (a)	259,000	712,250
Motorola, Inc.	136,800	2,047,896
Nextel Communications, Inc. (Class “A” Stock)*	48,600	1,381,212
Qualcomm, Inc.*	107,900	3,954,535
SBC Communications, Inc. (a)	168,100	3,982,289

Sprint Corp. (a)		150,400	3,421,600
Tellabs, Inc.*		70,000	511,000
Verizon Communications, Inc.		117,700	4,178,350
			24,354,270
Transportation – 1.0%
United Parcel Service, Inc. (Class “B” Stock)		71,600	5,208,184
Utilities – 1.6%
American Electric Power Co., Inc.		29,460	1,003,408
DTE Energy Co.		42,000	1,910,160
FirstEnergy Corp.		50,500	2,118,475
FPL Group, Inc.		11,200	449,680
Progress Energy, Inc. (a)		42,500	1,782,875
Sempra Energy (a)		22,900	912,336
			8,176,934
TOTAL LONG-TERM INVESTMENTS (Cost $472,828,945)			522,345,484
	Principal Amount (000)
SHORT-TERM INVESTMENTS – 6.2%
Certificates of Deposit – 0.5%
Banco Santander PR
2.72%, 04/07/05 (b)(c)	$	1,112	1,112,215
Fortis Bank NY
1.775%, 06/06/05 (b)		516	516,156
Societe Generale
2.76%, 04/14/05 (b)		1,232	1,231,271
			2,859,642
Commercial Paper – 2.5%
Countrywide Home Loans
2.816%, 04/27/05 (b)		5,380	5,368,305
Falcon Asset Securitization
2.77%, 04/15/05 (b)		416	415,038
Liberty Funding Corp.
2.80%, 04/22/05 (b)		2,524	2,517,767
Nordeutsche Landesbank
2.805%, 04/18/05 (b)		315	314,582
Skandinaviska Enskilda Banken
2.80%, 04/17/05 (b)(c)		4,413	4,412,506
			13,028,198
Corporate Obligations – 1.7%
Bank of America NA
2.80%, 04/01/05 (b)(c)		1,044	1,044,384
Goldman Sachs Group, Inc.
2.955%, 04/01/05 (b)(c)		160	160,325
Lehman Brothers
2.935%, 04/01/05 (b)(c)		505	504,857
Merrill Lynch & Co., Inc.
2.975%, 04/01/05 (b)		204	203,752
Morgan Stanley
2.84%, 04/01/05 (b)(c)		3,707	3,706,788
Natexis Banque NY
2.925%, 04/01/05 (b)(c)		431	431,096
Sedna Finance Corp.
2.78%, 04/15/05 (b)(c)		2,676	2,676,109
			8,727,311
Time Deposits – 0.5%
Chase Manhattan Bank
2.843%, 04/01/05 (b)		2,238	2,238,457
Societe Generale NY
2.875%, 04/01/05 (b)		218	217,778
			2,456,235
	Shares
Non-Registered Investment Company – 1.0%
BlackRock Institutional Money Market Trust(b) (j)		4,970,506	4,970,506

Registered Investment Companies
BlackRock Provident Institutional Funds TempCash Portfolio (j)	67,224		67,224
BlackRock Provident Institutional Funds TempFund Portfolio (j)	67,224		67,224
			134,448
TOTAL SHORT-TERM INVESTMENTS (Cost $32,176,340)			32,176,340
Total Investments — 106.2% (Cost $505,005,285 (p))			554,521,824
Liabilities in Excess of Other Assets — (6.2%)			(32,507,862	)
Net Assets — 100.0%		$	522,013,962

The following abbreviations are used throughout the Schedule of Investments:

ADR	American Depository Receipt
REIT	Real Estate Investment Trust

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities is $31,090,996; cash collateral of $32,041,892 (included with liabilities) 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 next date on which the rate of interest is adjusted.

(j) Security available to institutional investors only.

(p) The United States federal income tax basis of the Fund’s investments was $507,036,638; accordingly, net unrealized appreciation on investments for federal income tax purposes was $47,485,186 (gross unrealized appreciation - $80,301,914; gross unrealized depreciation - $32,816,728). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST American Century Income & Growth Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 99.4%
COMMON STOCK - 99.0%
Aerospace – 1.0%
Northrop Grumman Corp.	73,880	$	3,988,043
United Technologies Corp.	878		89,257
			4,077,300
Airlines – 0.1%
Delta Air Lines, Inc.*(a)	6,780		27,459
Southwest Airlines Co.	25,557		363,932
			391,391
Automobile Manufacturers – 1.3%
Ford Motor Co.(a)	504,782		5,719,180
Automotive Parts – 0.7%
Magna International, Inc. (Class “A” Stock)	42,837		2,865,796
Sonic Automotive, Inc.	3,516		79,848
			2,945,644
Beverages – 0.7%
Coca-Cola Co.	5,888		245,353
Molson Coors Brewing Co. (Class “B” Stock)	31,329		2,417,658
PepsiCo, Inc.(a)	7,217		382,718
			3,045,729
Broadcasting – 0.1%
Clear Channel Communications, Inc.	5,377		185,345
News Corp Inc., (Class “A” Stock)	14,761		249,756
			435,101
Business Services – 0.1%
Fiserv, Inc.*	1,121		44,616
Harland, (John H.) Co.	15,163		521,000
			565,616
Cable Television
Comcast Corp. (Class “A” Stock)*(a)	1,344		45,400
EchoStar Communications Corp. (Class “A” Stock)	1,342		39,254
			84,654
Chemicals – 0.2%
Dow Chemical Co.	7,750		386,337
PPG Industries, Inc.	5,219		373,263
Praxair, Inc.	2,235		106,967
			866,567
Computer Hardware – 4.9%
Dell, Inc.*	2,351		90,325
Hewlett-Packard Co.(a)	251,067		5,508,410
Ingram Micro, Inc. (Class “A” Stock)*	134,083		2,235,164
International Business Machines Corp.(a)	141,509		12,931,092
Lexmark International, Inc.*	1,677		134,110
			20,899,101
Computer Services & Software – 3.2%
Cisco Systems, Inc.*	37,858		677,280
Computer Sciences Corp.*(a)	104,429		4,788,070
Microsoft Corp.	314,112		7,592,086
Tech Data Corp.*	19,315		715,814
Veritas Software Corp.*	3,305		76,742
			13,849,992
Conglomerates – 2.7%
Altria Group, Inc.	72,906		4,767,323
Cendant Corp.	163,694		3,362,275
Tyco International Ltd.(a)	105,826		3,576,919
			11,706,517
Construction – 0.2%
NVR, Inc.*	817		641,345

Consumer Products & Services – 6.2%
American Greetings Corp. (Class “A” Stock)(a)	22,048	561,783
Black & Decker Corp.(a)	20,431	1,613,845
Colgate-Palmolive Co.	1,865	97,297
Johnson & Johnson(a)	219,541	14,744,374
Kimberly-Clark Corp.	35,078	2,305,677
Newell Rubbermaid, Inc.(a)	46,043	1,010,183
Procter & Gamble Co.(a)	22,920	1,214,760
Rent-A-Center, Inc.*(a)	52,258	1,427,166
Reynolds American, Inc.	37,585	3,028,975
Whirlpool Corp.	4,679	316,909
		26,320,969
Containers & Packaging
Silgan Holdings, Inc.	1,247	81,030
Electronic Components & Equipment – 1.7%
Arrow Electronics, Inc.*	16,930	429,176
Eastman Kodak Co.(a)	164,353	5,349,689
General Electric Co.(a)	39,761	1,433,782
		7,212,647
Entertainment & Leisure – 3.8%
Disney, (Walt) Co.(a)	221,291	6,357,690
Harley-Davidson, Inc.(a)	725	41,876
Regal Entertainment Group (Class “A” Stock)	84,350	1,773,881
Time Warner, Inc.*	380,528	6,678,266
Viacom, Inc. (Class “B” Stock)	39,358	1,370,839
		16,222,552
Farming & Agriculture – 0.3%
Monsanto Co.	19,900	1,283,550
Financial - Bank & Trust – 10.0%
Bank of America Corp.(a)	435,566	19,208,461
Comerica, Inc.	9,342	514,557
First Horizon National Corp.	2,992	122,044
Flagstar Bancorp, Inc.	16,933	331,040
Fremont General Corp.(a)	60,221	1,324,260
National City Corp.	373,745	12,520,458
Wachovia Corp.(a)	97,075	4,942,088
Wells Fargo & Co.(a)	57,531	3,440,354
		42,403,262
Financial Services – 4.9%
American Express Co.(a)	6,523	335,087
Capital One Financial Corp.(a)	42,033	3,142,807
Citigroup, Inc.(a)	82,000	3,685,080
Countrywide Financial Corp.(a)	280,800	9,114,768
Edwards, (A.G.), Inc.	12,445	557,536
Fannie Mae(a)	22,293	1,213,854
Goldman Sachs Group, Inc.(a)	2,775	305,222
Legg Mason, Inc.(a)	2,328	181,910
Lehman Brothers Holdings, Inc.(a)	4,172	392,836
Merrill Lynch & Co., Inc.(a)	5,754	325,676
Washington Mutual, Inc.(a)	45,210	1,785,795
		21,040,571
Food – 2.3%
Albertson’s, Inc.(a)	142,998	2,952,909
Archer-Daniels-Midland Co.(a)	65,669	1,614,144
Pilgrim’s Pride Corp.(a)	89,748	3,205,798
Sanderson Farms, Inc.	16,105	695,897
Tyson Foods, Inc. (Class “A” Stock)	80,773	1,347,294
		9,816,042
Healthcare Services – 0.4%
Kindred Healthcare, Inc.*	6,879	241,453
McKesson Corp.	34,884	1,316,871
		1,558,324
Insurance – 6.3%
ACE Ltd.	52,287	2,157,884
American International Group, Inc.(a)	6,111	338,611
AON Corp.(a)	34,704	792,639
Berkley, (W.R.) Corp.	51,407	2,549,787
CIGNA Corp.	93,550	8,354,016

First American Corp.	137,511	4,529,612
Hartford Financial Services Group, Inc. (The)(a)	40,336	2,765,436
Lincoln National Corp.	31,263	1,411,212
Loews Corp.	21,643	1,591,626
Protective Life Corp.	33,803	1,328,458
St. Paul Travelers Cos., Inc. (The)(a)	16,630	610,820
		26,430,101
Internet Services – 1.7%
CheckFree Corp.*(a)	8,950	364,802
EarthLink, Inc.*	440,790	3,967,111
Sabre Holdings Corp. (Class “A” Stock)(a)	74,997	1,640,934
United Online, Inc.*	127,490	1,334,820
		7,307,667
Machinery & Equipment – 1.2%
Caterpillar, Inc.	2,689	245,882
Cummins, Inc.	66,326	4,666,034
Eaton Corp.	4,298	281,089
		5,193,005
Medical Supplies & Equipment – 2.1%
Abbott Laboratories	7,238	337,436
AmerisourceBergen Corp.	62,561	3,584,120
Amgen, Inc.*(a)	4,201	244,540
Applera Corp. - Applied Biosystems Group	90,939	1,795,136
Bard, (C.R.), Inc.	2,666	181,501
Baxter International, Inc.	5,701	193,720
Becton, Dickinson & Co.	43,974	2,568,961
Genzyme Corp.*	2,576	147,450
Guidant Corp.	1,510	111,589
		9,164,453
Metals & Mining – 1.5%
Phelps Dodge Corp.	49,068	4,991,688
United States Steel Corp.(a)	30,053	1,528,195
		6,519,883
Office Equipment
Xerox Corp.*	10,053	152,303
Oil & Gas – 10.3%
ChevronTexaco Corp.	343,156	20,009,426
ConocoPhillips	60,411	6,514,722
Exxon Mobil Corp.(a)	98,457	5,868,037
Halliburton Co.(a)	1,358	58,734
Marathon Oil Corp.(a)	10,356	485,904
National Fuel Gas Co.	14,690	419,987
Nicor, Inc.(a)	88,312	3,275,492
Occidental Petroleum Corp.	24,616	1,751,921
Schlumberger Ltd.	2,724	191,988
Sunoco, Inc.	45,529	4,713,162
Unocal Corp.	5,735	353,792
		43,643,165
Paper & Forest Products – 2.2%
Georgia-Pacific Corp.(a)	66,460	2,358,665
Louisiana-Pacific Corp.(a)	176,448	4,435,903
Plum Creek Timber Co., Inc.	3,361	119,988
Weyerhaeuser Co.(a)	38,438	2,633,004
		9,547,560
Pharmaceuticals – 6.9%
Allergan, Inc.(a)	450	31,262
Bristol-Meyers Squibb Co.(a)	229,547	5,844,267
Cardinal Health, Inc.(a)	33,704	1,880,683
Gilead Sciences, Inc.*	4,786	171,339
Kos Pharmaceuticals, Inc.*	27,925	1,163,914
Lilly, (Eli) & Co.	1,548	80,651
Merck & Co., Inc.(a)	303,503	9,824,391
Pfizer, Inc.	369,111	9,696,546
Wyeth	2,909	122,702
		28,815,755
Printing & Publishing
New York Times Co. (Class “A” Stock)	899	32,885

Railroads – 0.5%
Burlington Northern Santa Fe Corp.	12,556	677,145
CSX Corp.	5,621	234,115
Norfolk Southern Corp.	14,929	553,119
Union Pacific Corp.(a)	12,076	841,697
		2,306,076
Real Estate – 2.9%
Apartment Investment & Management Co. (Class “A” Stock)[REIT](a)	49,447	1,839,428
CBL & Associates Properties, Inc. [REIT]	82,603	5,906,941
Colonial Properties Trust [REIT]	45,037	1,729,871
Cresent Real Estate Equities Co. [REIT]	33,479	547,047
General Growth Properties, Inc. [REIT]	4,452	151,813
HRPT Properties Trust [REIT]	33,213	395,567
Lexington Corp. Properties Trust [REIT]	9,125	200,203
Trizec Properties, Inc. [REIT]	48,553	922,507
Vornado Realty Trust [REIT](a)	12,494	865,459
		12,558,836
Restaurants – 1.4%
McDonald’s Corp.	195,597	6,090,891
Retail & Merchandising – 4.4%
Barnes & Noble, Inc.*	53,008	1,828,246
Charming Shoppes, Inc.*	50,840	413,329
CVS Corp.(a)	1,514	79,667
Dillard’s, Inc. (Class “A” Stock)	20,197	543,299
Federated Department Stores, Inc.(a)	86,467	5,502,760
Gamestop Corp. (Class “A” Stock)*	19,835	442,321
Home Depot, Inc.	7,867	300,834
Limited Brands, Inc.	11,362	276,097
Sears Holdings Corp.*(a)	22,636	3,014,436
SUPERVALU, Inc.(a)	186,050	6,204,767
Target Corp.	1,865	93,287
		18,699,043
Semiconductors – 3.3%
Analog Devices, Inc.	3,608	130,393
Intel Corp.(a)	560,629	13,023,412
MEMC Electronic Materials, Inc.*	3,283	44,156
Novellus Systems, Inc.*(a)	1,404	37,529
Omnivision Technologies, Inc.*(a)	19,474	295,031
Texas Instruments, Inc.(a)	13,487	343,784
		13,874,305
Telecommunications – 4.3%
ALLTEL Corp.(a)	58,569	3,212,510
AT&T Corp.(a)	288,394	5,407,387
Harris Corp.	1,396	45,579
Motorola, Inc.	318,066	4,761,448
Nortel Networks Corp. (Canada)*	21,837	59,615
Sprint Corp.(a)	33,078	752,525
Verizon Communications, Inc.(a)	120,570	4,280,235
		18,519,299
Transportation – 0.9%
FedEx Corp.	9,679	909,342
United Parcel Service, Inc. (Class “B” Stock)(a)	40,635	2,955,790
		3,865,132
Utilities – 4.3%
American Electric Power Co., Inc.(a)	126,935	4,323,406
Constellation Energy Group, Inc.	10,243	529,563
Dominion Resources, Inc.	1,988	147,967
Duke Energy Corp.(a)	37,539	1,051,467
Entergy Corp.	4,090	288,999
Exelon Corp.	36,768	1,687,284
FirstEnergy Corp.	215,908	9,057,341
FPL Group, Inc.	19,248	772,807
Great Plains Energy, Inc.	7,324	223,968
UGI Corp.	1,734	78,758
		18,161,560
TOTAL COMMON STOCK (Cost $397,123,598)		422,049,003

PREFERRED STOCK – 0.4%
Automobile Manufacturers – 0.1%
General Motors Corp. (Class “B” Stock)		18,144	338,930
5.25%*[CVT]
Financial Services – 0.2%
Ford Motor Co. Capital Trust II 6.50%*[CVT]		14,767	669,536
Office Equipment – 0.1%
Xerox Corp. 6.125%[CVT]		6,311	830,401
TOTAL PREFERRED STOCK (Cost $1,917,277)			1,838,867
	Units
WARRANT
Telecommunications
Lucent Technologies, Inc., expiring 12/10/07* (Cost $1,915)		1,408	943
TOTAL LONG-TERM INVESTMENTS (Cost $399,042,790)			423,888,813
	Principal Amount (000)
SHORT-TERM INVESTMENTS – 41.8%
Certificates of Deposit – 6.8%
Banco Santander PR	$	6,838	6,838,252
2.72%, 04/07/05 (b)(c)
Canadian Imperial Bank of Commerce		11,940	11,937,636
1.72%, 05/25/05 (b)
Eurohypo AG		3,648	3,647,851
2.78%, 04/18/05 (b)
Fortis Bank		1,364	1,364,162
2.055%, 06/08/05 (b)
Fortis Bank NY		5,202	5,200,964
1.775%, 06/06/05 (b)
			28,988,865
Commercial Paper – 15.0%
Countrywide Home Loans		4,745	4,734,210
2.816%, 04/27/05 (b)
Falcon Asset Securitization		4,503	4,492,567
2.77%, 04/15/05 (b)
Liberty Funding Corp.		18,763	18,717,294
2.80%, 04/22/05 (b)
Nordeutsche Landesbank		14,449	14,419,877
2.805%, 04/18/05 (b)
Skandinaviska Enskilda Banken		6,925	6,925,223
2.80%, 04/17/05 (b)(c)
Thames Asset Global Securities		14,572	14,538,807
2.80%, 04/20/05 (b)
			63,827,978
Corporate Obligations – 9.2%
Bank of America NA		8,565	8,564,607
2.80%, 04/01/05 (b)(c)
Goldman Sachs Group, Inc.		4,320	4,319,624
2.955%, 04/01/05 (b)(c)
Lehman Brothers		881	881,212
2.935%, 04/01/05 (b)(c)
Merrill Lynch & Co., Inc.		985	984,615
2.975%, 04/01/05 (b)
Morgan Stanley
2.82%, 04/01/05 (b)(c)		6,336	6,336,459
2.84%, 04/01/05 (b)(c)		1,193	1,193,283
Natexis Banque NY		13,665	13,664,514
2.925%, 04/01/05 (b)(c)
Sedna Finance Corp.		3,474	3,473,895
2.78%, 04/15/05 (b)(c)
			39,418,209

Time Deposits – 3.1%
Chase Manhattan Bank	12,002		12,001,675
2.843%, 04/01/05 (b)
Societe Generale NY	1,052		1,052,395
2.875%, 04/01/05 (b)
			13,054,070
U.S. Government Agency Obligation – 0.7%
Federal Home Loan Banks	3,000		3,000,000
2.54% 04/01/05
	Shares
Non-Registered Investment Company – 7.0%
BlackRock Institutional Money Market Trust(b)(j)	29,988,963		29,988,963
Registered Investment Companies
BlackRock Provident Institutional Funds TempCash Portfolio (j)	47,047		47,047
BlackRock Provident Institutional Funds TempFund Portfolio (j)	47,046		47,046
			94,093
TOTAL SHORT-TERM INVESTMENTS (Cost $178,372,178)			178,372,178
Total Investments — 141.2% (Cost $577,414,968(p))			602,260,991
Liabilities in Excess of Other Assets — (41.2%)			(175,643,093	)
Net Assets — 100.0%		$	426,617,898

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) All or a portion of security is on loan. The aggregate market value of such securities is $169,749,364; cash collateral of $175,278,085 (included with liabilities) 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 next date on which the rate of interest is adjusted.

(j) Security available to institutional investors only.

(p) The United States federal income tax basis of the Fund’s investments was $592,555,463; accordingly, net unrealized appreciation on investments for federal income tax purposes was $9,705,528 (gross unrealized appreciation - $26,959,531; gross unrealized depreciation - $17,254,003). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

Cash of $157,500 has been segregated with the custodian to cover requirements for the following open futures contracts at March 31, 2005:

Number of Contracts	Type	Expiration Month	Value at Trade Date		Value at March 31, 2005		Unrealized Depreciation
Long Position:
10	S&P 500	Jun 05	$	2,993,125	$	2,959,750	$	(33,375	)

AST AllianceBernstein Growth and Income Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 99.1%
COMMON STOCK
Aerospace – 1.2%
General Dynamics Corp.	73,200	$	7,836,060
United Technologies Corp.	185,000		18,807,100
			26,643,160
Broadcasting – 2.8%
Clear Channel Communications, Inc.(a)	201,100		6,931,917
News Corp. (Class “A” Stock)	2,211,900		37,425,348
Westwood One, Inc.*	1,000,000		20,350,000
			64,707,265
Building Materials – 0.8%
American Standard Cos., Inc.	400,000		18,592,000
Business Services – 1.6%
Fiserv, Inc.*	900,700		35,847,860
Cable Television – 1.5%
Comcast Corp. (Class “A” Stock)*	500,000		16,890,000
Comcast Corp. (Special Class “A” Stock)*(a)	550,000		18,370,000
			35,260,000
Chemicals – 2.4%
Air Products & Chemicals, Inc.	396,700		25,107,143
DuPont, (E.I.) de Nemours & Co.	584,200		29,934,408
			55,041,551
Computer Services & Software – 5.8%
Microsoft Corp.	4,191,400		101,306,138
Oracle Corp.*	854,200		10,660,416
Symantec Corp.*	954,100		20,350,953
			132,317,507
Conglomerates – 4.0%
3M Co.	125,000		10,711,250
Altria Group, Inc.	965,000		63,101,350
Johnson Controls, Inc.	300,000		16,728,000
			90,540,600
Consumer Products & Services – 6.3%
Avon Products, Inc.(a)	1,109,300		47,633,342
Fortune Brands, Inc.	343,900		27,728,657
Lauder, (Estee) Cos., Inc. (Class “A” Stock)	250,000		11,245,000
Loews Corp. - Carolina Group	600,000		19,860,000
Procter & Gamble Co.	719,900		38,154,700
			144,621,699
Electronic Components & Equipment – 5.5%
Emerson Electric Co.(a)	282,300		18,329,739
General Electric Co.	2,961,300		106,784,478
			125,114,217
Entertainment & Leisure – 6.1%
Harley-Davidson, Inc.(a)	340,000		19,638,400
Royal Caribbean Cruises Ltd.(a)	100,000		4,469,000
Time Warner, Inc.*	2,526,000		44,331,300
Viacom, Inc. (Class “B” Stock)	2,029,700		70,694,451
			139,133,151
Financial - Bank & Trust – 3.6%
Bank of America Corp.	995,700		43,910,370
North Fork Bancorp, Inc.	773,700		21,462,438
Wachovia Corp.	346,300		17,630,133
			83,002,941
Financial Services – 12.9%
American Express Co.	111,400		5,722,618
Citigroup, Inc.	2,116,300		95,106,522
Fannie Mae(a)	900,000		49,005,000

J.P. Morgan Chase & Co.	2,198,400	$	76,064,640
MBNA Corp.	760,700		18,675,185
Merrill Lynch & Co., Inc.	647,000		36,620,200
Morgan Stanley Dean Witter & Co.	282,900		16,196,025
			297,390,190
Food – 0.5%
Dean Foods Co.*	322,600		11,065,180
Healthcare Services – 2.3%
Caremark Rx, Inc.*(a)	264,800		10,533,744
Health Management Associates, Inc. (Class “A” Stock)(a)	951,800		24,918,124
UnitedHealth Group, Inc.	190,300		18,150,814
			53,602,682
Industrial Products – 0.6%
Ingersoll-Rand Co., Ltd. (Class “A” Stock)	167,700		13,357,305
Insurance – 11.7%
ACE Ltd.	1,231,000		50,803,370
AFLAC, Inc.	200,000		7,452,000
Allstate Corp. (The)	258,400		13,969,104
American International Group, Inc.(a)	1,744,800		96,679,368
Axis Capital Holdings Ltd.	825,000		22,308,000
MetLife, Inc.	397,100		15,526,610
WellPoint, Inc.*	484,200		60,694,470
			267,432,922
Machinery & Equipment – 0.1%
Deere & Co.	50,000		3,356,500
Medical Supplies & Equipment – 3.3%
Applera Corp. - Applied Biosystems Group	400,000		7,896,000
Beckman Coulter, Inc.	165,400		10,990,830
Boston Scientific Corp.*	1,897,400		55,574,846
			74,461,676
Metals & Mining – 0.8%
Alcoa, Inc.	600,000		18,234,000
Oil & Gas – 12.0%
Baker Hughes, Inc.	501,000		22,289,490
BP PLC [ADR] (United Kingdom)	326,900		20,398,560
ConocoPhillips	707,800		76,329,152
EnCana Corp. (Canada)	240,300		16,921,926
Exxon Mobil Corp.	691,800		41,231,280
FMC Technologies, Inc.*	300,000		9,954,000
Nabors Industries Ltd.*	346,600		20,497,924
Noble Energy, Inc.(a)	394,500		26,833,890
Occidental Petroleum Corp.	194,500		13,842,565
Patina Oil & Gas Corp.	141,900		5,676,000
Schlumberger Ltd. (Netherland Antilles)	309,600		21,820,608
			275,795,395
Pharmaceuticals – 1.4%
Forest Laboratories, Inc.*	300,000		11,085,000
Pfizer, Inc.	764,000		20,070,280
			31,155,280
Railroads – 2.5%
Burlington Northern Santa Fe Corp.	269,100		14,512,563
Union Pacific Corp.	612,600		42,698,220
			57,210,783
Restaurants – 0.7%
Wendy’s International, Inc.	398,500		15,557,440
Retail & Merchandising – 3.5%
Bed Bath & Beyond, Inc.*	123,800		4,523,652
Home Depot, Inc.	1,600,000		61,184,000
Lowe’s Cos., Inc.(a)	252,400		14,409,516
			80,117,168
Semiconductors – 0.2%
Maxim Integrated Products, Inc.	139,400		5,697,278

Telecommunications – 2.1%
BellSouth Corp.		750,000	$	19,717,500
SBC Communications, Inc.		443,500		10,506,515
Verizon Communications, Inc.		500,000		17,750,000
				47,974,015
Utilities – 2.9%
Entergy Corp.		236,600		16,718,156
Exelon Corp.		387,400		17,777,786
PPL Corp.		327,900		17,703,321
Sempra Energy(a)		350,000		13,944,000
				66,143,263
TOTAL LONG-TERM INVESTMENTS (Cost $2,022,080,964)				2,269,373,028
	Principal Amount (000)
SHORT-TERM INVESTMENTS – 4.9%
Certificates of Deposit – 1.1%
Banco Santander PR
2.72%, 04/07/05 (b)(c)	$	19,566		19,565,624
Eurohypo AG
2.78%, 04/18/05 (b)		2,765		2,764,590
Societe Generale
2.76%, 04/14/05 (b)		2,642		2,641,467
				24,971,681
Commercial Paper – 0.5%
Liberty Funding Corp.
2.80%, 04/22/05 (b)		3,465		3,456,460
Nordeutsche Landesbank
2.805%, 04/18/05 (b)		1,167		1,165,110
Skandinaviska Enskilda Banken
2.80%, 04/17/05 (b)(c)		5,941		5,941,008
				10,562,578
Corporate Obligations – 0.9%
Goldman Sachs Group, Inc.
2.955%, 04/01/05 (b)(c)		14,517		14,517,308
Lehman Brothers
2.935%, 04/01/05 (b)(c)		292		292,286
Merrill Lynch & Co., Inc.
2.975%, 04/01/05 (b)		1,154		1,153,696
Natexis Banque NY
2.925%, 04/01/05 (b)(c)		4,331		4,330,869
				20,294,159
Time Deposits – 0.4%
Chase Manhattan Bank
2.843%, 04/01/05 (b)		6,974		6,973,797
Societe Generale NY
2.875%, 04/01/05 (b)		1,233		1,233,116
				8,206,913
	Shares
Non-Registered Investment Company – 1.1%
BlackRock Institutional Money Market Trust(b) (j)		27,623,728		27,623,728
Registered Investment Companies – 0.9%
BlackRock Provident Institutional Funds TempCash Portfolio (j)		9,863,842		9,863,842
BlackRock Provident Institutional Funds TempFund Portfolio (j)		9,863,841		9,863,841
				19,727,683

TOTAL SHORT-TERM INVESTMENTS (Cost $111,386,742)	$	111,386,742
Total Investments — 104.0% (Cost $2,133,467,706) (p)		2,380,759,770
Liabilities in Excess of Other Assets — (4.0%)		(92,552,723	)
Net Assets — 100.0%	$	2,288,207,047

The following abbreviation is used throughout the Schedule of Investments:

ADR American Depository Receipt

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities is $88,706,200; cash collateral of $91,659,059 (included with liabilities) 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 next date on which the rate of interest is adjusted.

(j) Security available to institutional investors only.

(p) The United States federal income tax basis of the Fund’s investments was $2,143,122,031; accordingly, net unrealized appreciation on investments for federal income tax purposes was $237,637,739 (gross unrealized appreciation - $302,488,129; gross unrealized depreciation - $64,850,390). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST Global Allocation Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 99.3%
EXCHANGE TRADED FUNDS
Registered Investment Companies
AST AllianceBernstein Growth Portfolio*	5,896,829	$	48,471,932
AST DeAM Large-Cap Value Portfolio	4,856,261		55,555,621
AST DeAM Small-Cap Growth Portfolio*	568,518		4,485,604
AST DeAM Small-Cap Value Portfolio	435,069		5,020,693
AST LSV International Value Portfolio	1,751,467		23,259,485
AST PIMCO Total Return Bond Portfolio	7,174,527		79,780,742
TOTAL LONG-TERM INVESTMENTS (Cost $210,028,261)			216,574,077
Total Investments — 99.3% (Cost $210,028,261 (p))			216,574,077
Other Assets in Excess of Liabilities — 0.7%			1,468,497
Net Assets — 100.0%		$	218,042,574

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(p) The United States federal income tax basis of the Fund’s investments was $211,164,382; accordingly, net unrealized appreciation on investments for federal income tax purposes was $5,409,695 (gross unrealized appreciation - $11,557,722; gross unrealized depreciation - $6,148,027). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST American Century Strategic Balanced Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 106.9%
COMMON STOCK – 57.6%
Aerospace
General Dynamics Corp.	120	$	12,846
Airlines – 0.1%
Southwest Airlines Co.	9,047		128,829
Automobile Manufacturers – 0.1%
Ford Motor Co.(a)	20,468		231,902
Automotive Parts – 0.7%
Autoliv, Inc. (Germany)	2,764		131,705
Magna International, Inc. (Class “A” Stock)	19,887		1,330,440
			1,462,145
Beverages – 0.9%
Molson Coors Brewing Co. (Class “B” Stock)	3,358		259,137
Pepsi Bottling Group, Inc.	60,454		1,683,644
PepsiAmericas, Inc.	1,629		36,913
			1,979,694
Building Materials
USG Corp.*(a)	1,730		57,367
Business Services – 1.1%
Acxiom Corp.	19,425		406,565
Catalina Marketing Corp.	956		24,760
Equifax, Inc.	40,216		1,234,230
Harland, (John H.) Co.	21,278		731,112
			2,396,667
Chemicals – 0.2%
Georgia Gulf Corp.	10,398		478,100
Computer Hardware – 2.1%
Apple Computer, Inc.*	13,635		568,170
Dell, Inc.*	3,819		146,726
Ingram Micro, Inc. (Class “A” Stock)*	17,862		297,760
International Business Machines Corp.	39,870		3,643,321
			4,655,977
Computer Services & Software – 1.8%
Cisco Systems, Inc.*	13,353		238,885
Computer Sciences Corp.*(a)	36,479		1,672,562
Microsoft Corp.	46,069		1,113,488
Oracle Corp.*	46,165		576,139
Parametric Technology Corp.*	14,749		82,447
Symantec Corp.*	3,827		81,630
Tech Data Corp.*	5,537		205,201
			3,970,352
Conglomerates – 0.5%
Tyco International Ltd.	31,621		1,068,790
Construction – 1.2%
Cal Dive International, Inc.*	9,567		433,385
Lennar Corp. (Class “A” Stock)	466		26,413
NVR, Inc.*(a)	2,850		2,237,250
			2,697,048
Consumer Products & Services – 3.4%
American Greetings Corp. (Class “A” Stock)	10,117		257,781
Black & Decker Corp.	13,848		1,093,854
Clorox Co.	6,260		394,317
Energizer Holdings, Inc.*	7,944		475,051
Johnson & Johnson(a)	64,964		4,362,982
Rent-A-Center, Inc.*	37,121		1,013,775
			7,597,760
Containers & Packaging – 0.2%
Greif, Inc. (Class “A” Stock)	1,935		134,831
Silgan Holdings, Inc.	3,533		229,574
			364,405

Electronic Components & Equipment – 0.8%
Eastman Kodak Co.(a)	44,726	$	1,455,831
WESCO International, Inc.*	7,550		211,400
			1,667,231
Entertainment & Leisure – 2.7%
Disney, (Walt) Co.(a)	93,506		2,686,427
Pixar*	3,576		348,839
Regal Entertainment Group (Class “A” Stock)	14,355		301,886
Time Warner, Inc.*	137,933		2,420,724
Viacom, Inc. (Class “B” Stock)	3,872		134,862
			5,892,738
Environmental Services – 0.1%
Republic Services, Inc.	6,627		221,872
Exchange Traded Funds – 1.8%
iShares GS $ InvesTop Corporate Bond	36,100		3,956,199
Financial - Bank & Trust – 4.8%
Bank of America Corp.	47,906		2,112,655
Comerica, Inc.	24,037		1,323,958
Fremont General Corp.	43,096		947,681
Golden West Financial Corp.(a)	29,855		1,806,228
Wachovia Corp.	47,613		2,423,977
Wells Fargo & Co.	34,592		2,068,602
			10,683,101
Financial Services – 3.3%
American Express Co.(a)	47,418		2,435,864
Capital One Financial Corp.	26,019		1,945,441
Compucredit Corp.*	9,307		247,752
Countrywide Financial Corp.	61,503		1,996,387
Downey Financial Corp.	2,591		159,424
Edwards, (A.G.), Inc.	10,703		479,494
WFS Financial, Inc.*	4,020		173,463
			7,437,825
Food – 1.8%
Archer-Daniels-Midland Co.(a)	59,657		1,466,369
General Mills, Inc.	8,378		411,779
Hormel Foods Corp.	2,204		68,566
Pilgrim’s Pride Corp.	56,420		2,015,323
			3,962,037
Healthcare Services – 0.7%
Kindred Healthcare, Inc.*	3,221		113,057
McKesson Corp.	40,173		1,516,531
			1,629,588
Insurance – 3.9%
Aetna, Inc.	10,472		784,876
AmerUs Group Co.	3,897		184,133
Berkley, (W.R.) Corp.	34,567		1,714,523
Chubb Corp.	15,141		1,200,227
CIGNA Corp.	27,483		2,454,233
First American Corp.	19,493		642,099
LandAmerica Financial Group, Inc.	3,761		188,163
Loews Corp.	10,286		756,432
Protective Life Corp.	9,063		356,176
Selective Insurance Group, Inc.	1,357		62,734
StanCorp Financial Group, Inc.	3,175		269,177
			8,612,773
Internet Services – 0.5%
EarthLink, Inc.*	125,967		1,133,703
Machinery & Equipment – 1.2%
Cummins, Inc.	15,216		1,070,446
Grainger (W.W.), Inc.	13,048		812,499
Kennametal, Inc.	3,564		169,254
Mettler-Toledo International, Inc. (Switzerland)*	1,543		73,293
Thermo Electron Corp.*	21,470		542,976
			2,668,468

Medical Supplies & Equipment – 2.1%
AmerisourceBergen Corp.	18,121	$	1,038,152
Amgen, Inc.*	16,225		944,457
Applera Corp. - Applied Biosystems Group	20,112		397,011
Becton, Dickinson & Co.	35,216		2,057,319
Haemonetics Corp.*	2,494		105,147
Invitrogen Corp.*	207		14,324
			4,556,410
Metals & Mining – 1.0%
Phelps Dodge Corp.	12,695		1,291,462
United States Steel Corp.(a)	17,822		906,249
			2,197,711
Office Equipment – 0.4%
Xerox Corp.*	51,827		785,179
Oil & Gas – 4.8%
ChevronTexaco Corp.	56,409		3,289,209
ConocoPhillips	6,897		743,772
Exxon Mobil Corp.	66,446		3,960,181
Premcor, Inc.	3,640		217,235
Sunoco, Inc.	23,971		2,481,478
			10,691,875
Paper & Forest Products – 1.1%
Louisiana-Pacific Corp.	48,589		1,221,528
Potlatch Corp.(a)	9,219		433,938
Weyerhaeuser Co.	12,268		840,358
			2,495,824
Pharmaceuticals – 3.0%
Cardinal Health, Inc.	11,352		633,442
Cephalon, Inc.*	15,698		735,137
Kos Pharmaceuticals, Inc.*	19,878		828,515
Merck & Co., Inc.	65,779		2,129,266
Pfizer, Inc.	89,293		2,345,727
			6,672,087
Printing & Publishing – 0.1%
McGraw-Hill Cos., Inc.	1,765		153,996
Wiley, (John) & Sons, Inc.	1,510		53,228
			207,224
Railroads – 0.1%
Burlington Northern Santa Fe Corp.	1,044		56,303
Union Pacific Corp.	3,073		214,188
			270,491
Real Estate – 0.1%
Taubman Centers, Inc. [REIT]	11,942		331,271
Restaurants – 1.5%
Darden Restaurants, Inc.	33,321		1,022,288
McDonald’s Corp.	75,710		2,357,610
			3,379,898
Retail & Merchandising – 3.2%
7-Eleven, Inc.*	3,425		82,269
American Eagle Outfitters, Inc.(a)	32,152		950,092
Barnes & Noble, Inc.*	6,278		216,528
BJ’s Wholesale Club, Inc.*	9,168		284,758
Dillard’s, Inc. (Class “A” Stock)	10,981		295,389
Federated Department Stores, Inc.	26,395		1,679,778
Gamestop Corp. (Class “A” Stock)*	5,037		112,325
Home Depot, Inc.	36,610		1,399,966
Michaels Stores, Inc.	11,421		414,582
Office Depot, Inc.*	2,731		60,574
Sears Holdings Corp.*	1,547		206,014
SUPERVALU, Inc.	41,987		1,400,266
			7,102,541
Semiconductors – 1.6%
Intel Corp.	151,244		3,513,398
MEMC Electronic Materials, Inc.*	7,630		102,624
			3,616,022

Telecommunications – 2.6%
ALLTEL Corp.(a)		3,388		185,832
AT&T Corp.		8,375	$	157,031
BellSouth Corp.		19,337		508,370
CenturyTel, Inc.		1,398		45,910
Commonwealth Telephone Enterprises,		7,305		344,358
Harris Corp.		15,428		503,724
Motorola, Inc.		119,358		1,786,788
Nextel Communications, Inc. (Class “A” Stock)*(a)		11,014		313,018
SBC Communications, Inc.		19,351		458,425
Sprint Corp.(a)		13,082		297,616
Verizon Communications, Inc.		31,139		1,105,435
				5,706,507
Transportation – 0.4%
FedEx Corp.		1,318		123,826
United Parcel Service, Inc. (Class “B” Stock)		10,334		751,695
				875,521
Utilities – 1.7%
Constellation Energy Group, Inc.		17,277		893,221
Entergy Corp.		864		61,050
Exelon Corp.		20,998		963,598
FirstEnergy Corp.		37,593		1,577,027
FPL Group, Inc.		3,212		128,962
TXU Corp.(a)		3,024		240,801
				3,864,659
TOTAL COMMON STOCK (Cost $117,055,568)				127,720,637
	Principal Amount (000)		Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 18.1%
Federal Home Loan Mortgage Corp.
4.50%, 12/15/14 - 01/01/19	$	2,342		2,318,897
5.00%, 04/15/19		1,900		1,900,593
5.50%, 12/01/33		591		593,643
6.50%, 06/01/16		282		295,058
7.00%, 06/01/14 - 08/01/29		311		327,543
				5,435,734
Federal National Mortgage Assoc.
4.50%, 05/01/19 - 06/01/19		926		906,343
5.00%, 07/25/18 - 12/25/34		4,965		4,920,216
5.25%, 04/15/07		3,100		3,174,254
5.50%, 12/01/16 - 01/01/34		8,349		8,425,338
5.75%, 02/15/08(a)		200		208,470
6.00%, 12/01/13 - 04/15/34		8,265		8,452,922
6.125%, 03/15/12		1,000		1,083,593
6.50%, 01/01/32 - 04/15/35		4,950		5,137,786
6.625%, 10/15/07		700		742,644
7.00%, 05/01/11 - 06/01/32		881		926,891
7.50%, 03/01/27 - 09/01/30		123		131,020
				34,109,477
Government National Mortgage Assoc.
6.00%, 04/15/28 - 05/15/28		82		84,165
6.50%, 03/15/28 - 04/15/28		83		86,061
7.00%, 12/15/27 - 05/15/31		213		225,009
7.50%, 05/15/30		50		53,792
8.00%, 03/15/27		11		11,416
8.75%, 04/15/27		12		13,445
				473,888
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $40,061,229)				40,019,099

	Moody’s Rating
CORPORATE OBLIGATIONS – 11.2%
Automobile Manufacturers – 0.1%
DaimlerChrysler NA Holding Corp., Gtd. Notes	A3	$	165	$	180,150
7.30%, 01/15/12
Beverages – 0.1%
Miller Brewing Co., Notes	Baa1		300		297,277
4.25%, 08/15/08 144A
Broadcasting – 0.3%
Cox Communications, Inc.	Baa3		395		384,229
4.625%, 01/15/10 144A
News America Holdings Co., Gtd. Notes	Baa3		150		174,751
7.75%, 01/20/24
					558,980
Cable Television – 0.3%
Comcast Corp., Gtd. Notes	Baa3		600		611,815
5.50%, 03/15/11
Commercial Services – 0.1%
D.R. Horton, Inc., Sr. Notes	Ba1		210		230,494
7.875%, 08/15/11
Computer Services & Software – 0.1%
Computer Associates International, Inc. Sr. Notes	Ba1		260		255,144
4.75%, 12/01/09 144A
Construction – 0.1%
KB Home & Broad Home Corp., Notes	Ba1		250		254,609
6.375%, 08/15/11
Consumer Products & Services – 0.3%
General Electric Co., Notes	Aaa		580		580,086
5.00%, 02/01/13
Containers & Packaging – 0.1%
Ball Corp., Gtd. Notes	Ba3		250		259,063
7.75%, 08/01/06
Diversified Operations – 0.6%
Morgan Stanley Traded Custody Receipts Series 2002-2, Sub. Notes	Baa1		1,071		1,275,715
7.719%, 03/01/32 144A (c)
Entertainment & Leisure – 0.4%
Disney, (Walt) Co., Notes	Baa1		400		408,016
5.50%, 12/29/06
Park Place Entertainment, Inc., Sr. Sub. Notes	Ba2		300		307,125
7.875%, 12/15/05
Royal Caribbean Cruises, Sr. Notes	Ba1		200		209,500
6.875%, 12/01/13
					924,641
Environmental Services – 0.1%
Waste Management, Inc. Sr. Notes	Baa3		210		235,422
7.00%, 07/15/28
Financial - Bank & Trust – 0.8%
Bank of America Corp., Sr. Notes	Aa2		600		591,481
4.375%, 12/01/10
Citigroup, Inc., Sub Notes	Aa2		1,108		1,089,829
5.00%, 09/15/14
Wells Fargo Bank NA, Sub Notes	Aa1		50		48,555
4.75%, 02/09/15
					1,729,865
Financial - Brokerage – 0.5%
Credit Suisse First Boston, Inc., Notes	Aa3		300		301,058
3.33%, 06/19/06 (c)
Goldman Sachs Group, Inc., Notes	Aa3		500		497,546
5.25%, 10/15/13

Merrill Lynch & Co., Inc., Notes	Aa3		$	350	$	342,988
2.07%, 06/12/06
						1,141,592
Financial Services – 3.1%
American General Finance, Notes	A1			300		300,590
4.50%, 11/15/07
American International Group, Inc., Notes	AA	(d)		100		94,090
4.25%, 05/15/13
Capital One Financial, Notes	Baa3			260		252,914
4.80%, 02/21/12(a)
Deutsche Telekom International Finance BV, Gtd. Notes (Netherlands)	Baa1			320		368,418
8.50%, 06/15/10
Fannie Mae, Notes	Aaa			2,820		2,752,512
3.00%, 08/15/07
Federal Home Loan Bank, Notes	Aaa			2,000		1,969,842
3.375%, 09/14/07
Ford Motor Credit Co., Notes	A3			600		603,198
7.375%, 10/28/09
General Electric Capital Corp., Sr. Notes	Aaa			230		224,836
4.25%, 12/01/10
General Motors Acceptance Corp., Notes
6.125%, 08/28/07	Baa2			250		243,912
6.875%, 09/15/11	A3			260		235,554
Morgan Stanley, Notes	Aa3			150		146,429
4.25%, 05/15/10
						7,192,295
Hotels & Motels – 0.1%
Starwood Hotels & Resorts, Debs.	Ba1			160		172,800
7.375%, 11/15/15
Insurance – 0.3%
Genworth Financial, Inc., Notes	A2			300		308,134
5.75%, 06/15/14
Monumental Global Funding II, Notes	Aa3			350		346,107
3.85%, 03/03/08 144A
						654,241
Internet Services
IAC Interactive Corp., Notes	Baa3			50		53,033
7.00%, 01/15/13
Medical Supplies & Equipment – 0.3%
Beckman Coulter, Inc., Gtd. Notes	Baa3			400		431,390
7.45%, 03/04/08
Schering-Plough Corp., Notes	Baa1			150		153,495
5.30%, 12/01/13
						584,885
Oil & Gas – 0.6%
Anadarko Petroleum Corp., Debs.	Baa1			250		319,786
7.95%, 04/15/29
Devon Energy Corp., Sr. Notes	Baa2			300		293,509
2.75%, 08/01/06
Enterprise Product Partners L.P., Sr. Notes	Baa3			430		420,046
4.625%, 10/15/09
Nexen, Inc., Notes	Baa2			260		249,537
5.875%, 03/10/35
						1,282,878
Railroads – 0.3%
Canandian National Railways Co., Bonds	Baa1			300		328,773
6.25%, 08/01/34
Norfolk Southern Corp., Bonds	Baa1			250		313,430
7.80%, 05/15/27
						642,203
Restaurants – 0.4%
Yum! Brands, Inc., Sr. Notes	Baa3			650		779,747
8.875%, 04/15/11

Retail & Merchandising – 0.5%
CVS Corp., Notes	A3		$	160	$	156,271
4.00%, 09/15/09
May Department Stores Co., Notes	Baa2			500		497,414
4.80%, 07/15/09
Safeway, Inc., Notes	Baa2			350		371,371
6.50%, 03/01/11
						1,025,056
Telecommunications – 0.9%
AT&T Broadband Corp., Gtd. Notes	Baa3			48		57,121
8.375%, 03/15/13
AT&T Corp., Sr. Notes	Ba1			280		319,550
9.05%, 11/15/11
AT&T Wireless Services, Inc., Sr. Notes	Baa2			300		341,877
7.875%, 03/01/11
BellSouth Corp., Notes	A2			210		205,468
5.20%, 12/15/16
British Telecom PLC, Notes (United Kingdom)	Baa1			270		283,487
7.00%, 05/23/07 (l)
Deutsche Telekom International Finance, Gtd. Notes (Germany)	Baa1			100		100,453
5.25%, 07/22/13 (l)
France Telecom SA, Notes (France)	Baa1			100		114,560
8.00%, 03/01/11 (l)
Nextel Communications, Sr. Notes	Ba3			290		290,000
5.95%, 03/15/14
Sprint Capital Corp., Gtd. Notes	Baa3			200		260,256
8.75%, 03/15/32
Sprint Capital Corp., Notes	Baa3			240		280,866
8.375%, 03/15/12
						2,253,638
Utilities – 0.8%
CenterPoint Energy Resources Corp., Debs.	Ba1			350		367,326
6.50%, 02/01/08
Dominion Resources, Inc., Notes	Baa1			300		296,792
4.125%, 02/15/08
Firstenergy Corp., Notes	Baa3			310		327,504
6.45%, 11/15/11
Pacific Gas & Electric Corp., 1st Mtge.	Baa1			150		154,554
6.05%, 03/01/34
Tampa Electric Co., Notes	Baa2			300		324,718
6.375%, 08/15/12
Virginia Electric & Power Co., Notes	A3			300		300,195
5.25%, 12/15/15
						1,771,089
TOTAL CORPORATE OBLIGATIONS (Cost $24,884,752)						24,946,718
ASSET-BACKED SECURITIES – 7.6%
ABSC NIMS Trust, Series 2004-HE5, Class A1	BBB+	(d)		71		70,876
5.00%, 08/27/34 144A
Accredited Mortgage Loan Trust, Series 2004-4, Class A2A	Aaa			728		728,338
3.00%, 04/25/05 (c)
Ameriquest Finance NIM Trust, Series 2004-RN4, Class A	BBB+	(d)		44		43,603
4.60%, 07/25/34
Ameriquest Finance NIM Trust, Series 2004-RN5, Class A	BBB+	(d)		51		50,427
5.193%, 06/25/34 144A
Ameriquest Mortgage Securities, Inc., Series 2004-R8, Class A2	Aaa			352		351,929
3.01%, 09/25/34 (c)

Argent NIM Notes, Series 2004-WN9, Class A	BBB	(d)	$	68	$	68,473
5.19%, 10/25/34 144A
Argent NIM Trust, Series 2004-Wn10, Class A	A-	(d)		65		65,421
4.212%, 11/25/34 144A
Argent NIM Trust, Series 2004-WN2, Class	BBB	(d)		20		19,710
4.55%, 04/25/34
Argent NIM Trust, Series 2004-WN8, Class	BBB+	(d)		43		42,841
4.70%, 07/25/34
Asset Backed Funding Corp. NIM Trust, Series 2003-OPT1, Class Notes	BBB	(d)		9		8,854
6.90%, 07/26/33
Asset Backed Funding Corp. NIM Trust, Series 2004-OPT4, Class N1	A-	(d)		56		56,086
4.45%, 05/26/34
Capital One Prime Auto Receivables Trust, Series 2004-2, Class A4	Aaa			1,125		1,126,457
2.87%, 03/15/10 (c)
Centex Home Equity, Series 2004-C, Class AF1	Aaa			345		342,768
2.82%, 01/25/19 (c)
CIT RV Trust, Series 1998-A, Class A4	Aaa			5		5,468
6.09%, 02/15/12
CNH Equipment Trust, Series 2004-A, Class A3A	Aaa			225		225,244
2.88%, 10/15/08 (c)
Countrywide Asset-Backed Certificates Series 2004-11N, Class-N	BBB+	(d)		44		43,912
5.25%, 04/25/36 144A
Countrywide Asset-Backed Certificates, Series 2004-11, Class-A1	AAA	(d)		1,601		1,602,957
3.04%, 09/25/21 (c)
Countrywide Asset-Backed Certificates, Series 2004-13, Class AV1	Aaa			755		755,734
2.99%, 12/25/34 (c)
Countrywide Certificates, Series 2004-5N, Class N1	BBB+	(d)		58		57,395
5.50%, 10/25/35
Countrywide Partnership Trust Series 2004-EC1 Class 2A1	Aaa			595		595,592
3.02%, 05/25/24
Equifirst Mortgage Loan Trust Series 2004-3 Class A1	Aaa			367		367,526
3.01%, 12/25/34 (c)
Finance America NIM Trust, Series 2004-1, Class A	BBB+	(d)		38		37,495
5.25%, 06/27/34
First Franklin Mortgage Loan Asset Backed, Series 2005-FF4, Class 2A1	NR			2,500		2,500,000
2.93%, 04/25/05
First Franklin NIM Trust, Series 2004-FF1, Class N1	BBB+	(d)		38		38,230
4.50%, 09/25/05
Ford Credit Auto Owner Trust, Series 2002-A, Class B	Aaa			350		351,849
4.79%, 11/15/06
Ford Credit Floorplan Master Owner Trust, Series 2004-1, Class A	Aaa			4,400		4,404,627
2.85%, 07/15/09 (c)
Fremont NIM Trust, Series 2004-B, Class Notes	BBB+	(d)		36		36,239
4.703%, 05/25/34 144A
GSAMP Trust, Series 2004-Min1, Class N1	BBB	(d)		67		67,382
5.50%, 09/25/34 144A

Long Beach Asset Holdings Corp., Series 2004-5, Class Notes	A-	(d)	$	58	$	58,188
5.00%, 09/25/34 144A
Long Beach Asset Holdings Corp., Series 2005-1, Class N1	NR			180		180,038
4.115%, 02/25/35 144A
Master NIM Trust, Series 2004-CI3, Class N1	A	(d)		12		12,211
4.45%, 02/26/34 144A
Merrill Lynch Mortgage Investors, Inc., Series 2003-OP1N, Class N1	BBB	(d)		18		18,176
7.25%, 07/25/34
Morgan Stanley Capital I, Series 2004-NC2N, Class Notes	BBB+	(d)		10		9,656
6.25%, 12/25/33 144A
Park Place Securities, Inc., Series 2004-WHQ2, Class A3B	Aaa			1,358		1,358,605
3.01%, 02/25/35
Residential Asset Securities Corp., Series 2004-KS2, Class MI1	Aa2			110		106,034
4.71%, 03/25/34 (c)
Sail Net Interest Margin Notes, Series 2004-8A, Class A	A-	(d)		89		88,264
5.00%, 09/27/34 144A
Sail Net Interest Margin Notes, Series 2004-BNCA, Class A	A-	(d)		53		53,045
5.00%, 09/27/34
Sharps SP I LLC Net Interest Margin Trust, Series 2004-OP1N, Class NA	BBB	(d)		63		63,276
5.19%, 04/25/34 144A
SLM Student Loan Trust, Series 2005-2, Class A1	Aaa			950		948,933
2.73%, 04/25/05 (c)
TOTAL ASSET-BACKED SECURITIES (Cost $16,957,939)						16,961,859
U.S. TREASURY OBLIGATIONS – 6.5%
U.S. Treasury Bonds
8.00%, 11/15/21(a)				1,000		1,358,282
6.25%, 08/15/23				2,700		3,144,552
6.125%, 11/15/27(a)				1,200		1,402,922
5.375%, 02/15/31(a)				1,575		1,717,059
U.S. Treasury Inflationary Bonds [TIPS]				3,300		3,247,915
1.625%, 01/15/15(a)
U.S. Treasury Notes
4.00%, 06/15/09(a)				3,080		3,068,090
4.75%, 05/15/14(a)				400		407,625
TOTAL U.S. TREASURY OBLIGATIONS (Cost $14,441,161)						14,346,445
	Moody’s Rating
COLLATERALIZED MORTGAGE OBLIGATIONS – 5.8%
Ameriquest Finance NIM Trust, Series 2003-N11A, Class Notes	BBB+	(d)		11		10,865
7.143%, 10/25/33
Bank of America Commercial Mortgage, Inc., Series 2004-1, Class XP [IO]	AAA	(d)		5,731		162,098
0.83%, 11/10/39 (c)
Bank of America Large Loan, Series 2005-Boca, Class A1	Aaa			325		325,000
2.95%, 04/15/05 144A (c)

Bank of America Mortgage Securities, Series 2004-F, Class 2A5	Aaa		$	2,000	$	1,958,350
4.174%, 07/25/34 (c)
Bear Stearns Commercial Mortgage Securities, Series 2004-BA5A, Class A1	Aaa			1,080		1,080,210
2.94%, 09/15/19 144A (c)
Bear Stearns Commercial Mortgage Securities, Series 2004-T16, Class-X2	AAA	(d)		7,500		312,718
0.81%, 08/13/46 [IO] (c)
Citigroup Commercial Mortgage Trust, Series 2004-FL1, Class A1	Aaa			3,284		3,288,959
2.94%, 07/15/18 (c)
Commercial Mortgage Acceptance Corp., Series 1998-C2, Class X	AAA	(d)		6,825		256,078
1.01%, 09/15/30 [IO] (c)
Commercial Mortgage Pass-Through, Series 2004-HTL1, Class A1	Aaa			588		588,514
3.05%, 07/15/16 (c)
Federal National Mortgage Assoc., Series 2003-52, Class KF	Aaa			541		542,738
3.25%, 07/25/17 (c)
First Franklin Mortgage Loan Asset Backed, Series 2004-Ff11, Class 2A1	Aaa			984		984,520
3.00%, 04/25/05
GMAC Commercial Mortgage Securities, Inc., Series 2002-C2, Class A1	Aaa			402		403,987
4.321%, 10/15/38
LB-UBS Commerical Mortgage Trust, Series 2003-C5, Class A2	AAA	(d)		1,100		1,068,598
3.478%, 07/15/27
Master Alternative Loans Trust, Series 2003-8, Class 4A1	Aaa			203		207,112
7.00%, 12/25/33
NationsLink Funding Corp., Series 1998-2, Class A1	Aaa			27		26,794
6.001%, 08/20/30
Washington Mutual, Series 2004-AR4, Class A6	Aaa			850		822,462
3.809%, 06/25/34
Washington Mutual, Series 2004-AR9, Class A7	Aaa			950		933,524
4.225%, 08/25/34
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $13,063,482)						12,972,527
MUNICIPAL BONDS – 0.1%
Illinois
Illinois State Taxable Pension	Aa3
5.10%, 06/01/33
(Cost $306,920)				300		286,287
TOTAL LONG-TERM INVESTMENTS (Cost $226,771,051)						237,253,572
SHORT-TERM INVESTMENTS – 14.9%
Certificate of Deposit – 0.1%
Banco Santander PR				240		239,772
2.72%, 04/07/05 (b)(c)
Commercial Paper – 2.0%
Liberty Funding Corp.				363		361,852
2.80%, 04/22/05 (b)

Nordeutsche Landesbank	$	8	$	7,516
2.805%, 04/18/05 (b)
Skandinaviska Enskilda Banken		4,128		4,127,825
2.80%, 04/17/05 (b)(c)
				4,497,193
Corporate Obligations – 5.9%
Bank of America NA		2,463		2,463,067
2.58%, 04/01/05 (b)
Barton Capital Corp.		714		714,093
2.83%, 04/01/05 (b)
Goldman Sachs Group, Inc.		285		284,788
2.955%, 04/01/05 (b)(c)
Merrill Lynch & Co., Inc.		6,732		6,731,984
2.975%, 04/01/05 (b)
Natexis Banque NY		2,941		2,940,802
2.925%, 04/01/05 (b)(c)
				13,134,734
Time Deposits – 1.3%
Chase Manhattan Bank	$	690		690,323
2.843%, 04/01/05 (b)
Societe Generale NY		2,209		2,208,544
2.875%, 04/01/05 (b)
				2,898,867
U.S. Government Agency Obligation – 4.1%
Federal Home Loan Banks		9,100		9,100,000
2.54%, 04/01/05
	Shares		Value
Non-Registered Investment Company – 1.5%
BlackRock Institutional Money Market Trust(b) (j)		3,321,954		3,321,954
TOTAL SHORT-TERM INVESTMENTS (Cost $33,192,520)				33,192,520
Total Investments — 121.8% (Cost $259,963,571 (p))				270,446,092
Liabilities in Excess of Other Assets — (21.8%)				(48,356,183	)
Net Assets — 100.0%			$	222,089,909

The following abbreviations 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.
IO	Interest Only
REIT	Real Estate Investment Trust
TIPS	Treasury Inflation Protection Securities

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities is $23,699,196; cash collateral of $24,092,520 (included with liabilities) was received in 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 next date on which the rate of interest is adjusted.

(d) Standard & Poor’s rating.

(j) Security available to institutional investors only.

(l) US$ Denominated Foreign Bonds.

(p) The United States federal income tax basis of the Fund’s investments was $262,391,362; accordingly, net unrealized appreciation on investments for federal income tax purposes was $8,054,730 (gross unrealized appreciation - $12,057,989; gross unrealized depreciation - $4,003,259). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

Cash of $64,000 has been segregated with the custodian to cover requirements for the following open futures contracts at March 31, 2005:

Number of Contracts	Type	Expiration Month	Value at Trade Date		Value at March 31, 2005		Unrealized Depreciation
Long Position:
4	S&P 500	Jun 05	$	1,197,250	$	1,183,900	$	(13,350	)

AST T. Rowe Price Asset Allocation Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Shares	Value
LONG-TERM INVESTMENTS - 98.5%
COMMON STOCK – 66.6%
Advertising – 0.3%
Aegis Group PLC (United Kingdom)	104,725	$	201,862
Getty Images, Inc.*	1,900		135,109
Lamar Advertising Co.*(a)	2,100		84,609
Omnicom Group, Inc.(a)	4,100		362,932
Publicis Groupe SA (France)	7,849		240,935
WPP Group PLC (United Kingdom)	16,401		186,738
WPP Group PLC [ADR] (United Kingdom)	2,400		136,152
			1,348,337
Aerospace – 1.0%
BAE Systems PLC (United Kingdom)	32,597		159,853
Boeing Co.	15,700		917,822
General Dynamics Corp.	8,100		867,105
Goodrich Corp.	6,200		237,398
Lockheed Martin Corp.	8,300		506,798
MTC Technologies, Inc.*	1,900		61,750
Rockwell Collins, Inc.	10,500		499,695
Triumph Group, Inc.*	1,400		54,516
United Technologies Corp.	8,300		843,778
			4,148,715
Airlines – 0.1%
Frontier Airlines, Inc.*	9,200		96,416
Qantas Airways Ltd. (Australia)	34,272		93,963
SkyWest, Inc.	8,600		159,874
Southwest Airlines Co.	17,500		249,200
			599,453
Automobile Manufacturers – 0.8%
General Motors Corp.(a)	28,600		840,555
Honda Motor Co. Ltd. (Japan)	3,600		180,285
Mitsubishi Corp. (Japan)	21,000		272,023
Oshkosh Truck Corp.(a)	3,400		278,766
PACCAR, Inc.	5,700		412,623
Porsche AG (Germany)	324		235,200
PSA Peugeot Citroen SA (France)	2,670		169,663
Renault SA (France)	2,845		254,100
Toyota Motor Corp. (Japan)	21,100		785,125
			3,428,340
Automotive Parts – 0.3%
Autoliv AB (Sweden)	6,700		319,797
Autoliv, Inc. (Germany)	2,800		133,420
Koito Manufacturing Co. Ltd. (Japan)	15,000		149,538
O’ Reilly Automotive, Inc.*	3,400		168,402
TRW Automotive Holdings Corp. (Restricted)*144A(cost $90,390; purchased 03/08/05)(g)(o)	4,600		84,909
TRW Automotive Holdings Corp.*	18,000		349,740
			1,205,806
Beverages – 1.4%
Allied Domecq PLC (United Kingdom)	22,141		223,222
Anheuser-Busch Cos., Inc.	12,800		606,592
Asahi Breweries Ltd. (Japan)	11,000		142,488
Boston Beer Co., Inc. (Class “A” Stock)*	1,100		24,090
Coca-Cola Co.	50,900		2,121,003
Coca-Cola Enterprises, Inc.	9,500		194,940
Cott Corp. (Canada)*	15,500		375,565
Kirin Brewery Co. Ltd. (Japan)	20,000		194,908
Lion Nathan Ltd. (New Zealand)	29,641		165,354
PepsiCo, Inc.	36,500		1,935,595
			5,983,757

Broadcasting – 0.7%
Astro All Asia Networks PLC	28,200	38,218
(Malaysia)*144A(cost $30,431; purchased 10/13/03)(g)
Cox Radio, Inc. (Class “A” Stock)*	3,000	50,430
Emmis Communications Corp. (Class “A” Stock)*(a)	3,900	74,958
Gestevision Telecinco SA (Spain)	1,149	26,721
Liberty Media Corp. (Class “A” Stock)*(a)	78,324	812,220
Liberty Media International, Inc. (Class “A” Stock)*(a)	1,246	54,500
Meredith Corp.	2,100	98,175
News Corp, Inc., (Class “A” Stock)	62,928	1,064,742
Radio One, Inc. (Class “D” Stock)*	7,900	116,525
Scripps, (E.W.) Co. (Class “A” Stock)(a)	2,000	97,500
Univision Communications, Inc. (Class “A” Stock)*	16,300	451,347
		2,885,336
Building Materials – 0.4%
Boral Ltd. (Australia)	77,512	365,162
Bouygues SA (France)	8,629	342,059
Cemex SA de CV (Mexico)	40,748	295,819
Hughes Supply, Inc.	2,200	65,450
Lafarge SA (France)	1,626	157,451
Nobia AB (Sweden)	9,534	180,004
Pilkington PLC (United Kingdom)	82,396	184,514
SCP Pool Corp.	4,012	127,822
Trex Co., Inc.*	2,100	93,261
		1,811,542
Business Services – 0.8%
Accenture Ltd. (Class “A” Stock)*	16,900	408,135
Advisory Board Co. (The)*	13,700	598,690
Avery Dennison Corp.	2,100	130,053
ChoicePoint, Inc.*	2,266	90,889
Corporate Executive Board Co. (The)	3,100	198,245
Downer EDI Ltd. (Australia)	29,663	119,355
Exel PLC	12,874	206,307
Fair Isaac Corp.	3,797	130,769
First Data Corp.	16,400	644,684
Fiserv, Inc.*	2,100	83,580
Forrester Research, Inc.*	2,800	39,424
Indra Sistemas SA (Spain)	11,590	207,933
Iron Mountain, Inc.*(a)	5,125	147,805
Manpower, Inc.	1,900	82,688
Robert Half International, Inc.	3,700	99,752
Wireless Facilities, Inc.*	7,300	45,625
		3,233,934
Cable Television – 0.6%
Cable & Wireless PLC (United Kingdom)	32,564	79,538
Comcast Corp. (Class “A” Stock)*(a)	47,300	1,597,794
DIRECTV Group, Inc. (The)*(a)	11,455	165,181
EchoStar Communications Corp. (Class “A” Stock)	4,200	122,850
Rogers Communications, Inc. (Class “B” Stock)	21,600	588,384
		2,553,747
Chemicals – 1.1%
Arch Chemicals, Inc.	4,450	126,692
BASF AG (Germany)	4,432	314,204
Cabot Corp.	8,600	287,498
Dow Chemical Co.	20,500	1,021,925
DSM NV (Netherlands)	2,123	149,573
DuPont, (E.I.) de Nemours & Co.(a)	22,959	1,176,418
Ferro Corp.	4,400	82,808
Kaneka Corp. (Japan)	17,000	187,709
Mosaic Co. (The)*(a)	17,000	290,020
Minerals Technologies, Inc.	2,400	157,872
Mitsubishi Gas Chemical Co., Inc. (Japan)	37,000	173,562
Potash Corp. of Saskatchewan, Inc. (Canada)	3,300	288,783

Symyx Technologies, Inc.*	5,300	116,865
Valspar Corp.	1,200	55,848
Waters Corp.*(a)	2,200	78,738
Yara International ASA (Norway)	10,566	160,491
		4,669,006
Clothing & Apparel – 0.2%
Adidas-Salomon AG (Germany)	929	147,425
Aoyama Trading Co. Ltd.	2,300	62,095
Cintas Corp.	3,200	132,192
NIKE, Inc. (Class “B” Stock)(a)	4,300	358,233
Pacific Sunwear of California, Inc.*	4,200	117,516
World Co. Ltd. (Japan)	2,700	97,697
		915,158
Commercial Services
Jackson Hewitt Tax Service, Inc.	1,500	31,380
Computer Hardware – 1.5%
Dell, Inc.*	97,100	3,730,582
Gateway, Inc.*	12,000	48,360
Hewlett-Packard Co.	24,785	543,783
Insight Enterprises, Inc.*	4,800	84,288
International Business Machines Corp.	19,350	1,768,203
Lexmark International, Inc.*	1,100	87,967
Mercury Computer Systems, Inc.*	3,500	96,530
Storage Technology Corp.*	4,900	150,920
		6,510,633
Computer Services & Software – 3.5%
Activision, Inc.*	5,733	84,848
Affiliated Computer Services, Inc. (Class “A” Stock)*(a)	3,900	207,636
Automatic Data Processing, Inc.(a)	15,200	683,240
Avid Technology, Inc.*(a)	1,900	102,828
Borland Software Corp.*	2,800	22,736
CACI International, Inc. (Class “A” Stock)*	500	27,615
Cadence Design Systems, Inc.*	3,500	52,325
CDW Corp.	8,900	504,452
Cisco Systems, Inc.*	125,500	2,245,195
Cognizant Technology Solutions Corp. (Class “A” Stock)*(a)	1,100	50,820
Creative Technology Ltd. (Singapore)	5,050	48,642
DST Systems, Inc.*	2,800	129,304
Electronic Arts, Inc.*	4,300	222,654
EMC Corp.*	73,400	904,288
FactSet Research Systems, Inc.	2,100	69,321
Global Payments, Inc.(a)	1,400	90,286
Henry, (Jack) & Associates, Inc.	3,400	61,166
Inforte Corp.	6,500	35,100
Intuit, Inc.*	3,500	153,195
Logica PLC (United Kingdom)	19,325	64,639
Macrovision Corp.*	3,100	70,649
MatrixOne, Inc.*	22,600	107,802
Mercury Interactive Corp.*(a)	2,800	132,664
Microsoft Corp.	214,100	5,174,798
NetIQ Corp.*	27,300	312,039
Oracle Corp.*	117,200	1,462,656
Red Hat, Inc.*	30,300	330,573
SAP AG (Germany)	1,946	313,583
SERENA Software, Inc.*	4,000	95,040
SRA International, Inc. (Class “A” Stock)*	1,100	66,275
Tech Data Corp.*	1,600	59,296
TIBCO Software, Inc.*	6,900	51,405
TRANS COSMOS, Inc. (Japan)	3,700	139,401
Trend Micro, Inc. (Japan)	2,500	107,479
Veritas Software Corp.*	25,200	585,144
Websense, Inc.*	1,900	102,220
		14,871,314
Conglomerates – 2.3%
3M Co.	14,900	1,276,781
Altria Group, Inc.	50,800	3,321,813
Cendant Corp.	8,500	174,590

Cycle & Carriage Ltd. (Singapore)	4,379	31,037
DCC PLC (Ireland)	13,191	306,763
Honeywell International, Inc.	38,200	1,421,422
Hutchison Whampoa Ltd. (Hong Kong)	30,400	258,223
ITT Industries, Inc.(a)	3,400	306,816
Jenoptik AG (Germany)*	7,959	87,490
SembCorp Industries Ltd. (Singapore)	172,000	202,138
Sumitomo Corp. (Japan)	12,000	102,844
Tyco International Ltd.(a)	69,900	2,362,620
		9,852,537
Construction – 0.3%
D.R. Horton, Inc.	5,028	147,019
Grupo Acciona SA (Spain)	3,602	324,980
Insituform Technologies, Inc. (Class “A” Stock)*	4,300	62,393
JGC Corp. (Japan)	11,000	120,022
NCC AB (Sweden)	14,814	244,075
Saipem SpA (Italy)	8,346	105,809
Toll Brothers, Inc.*	2,200	173,470
		1,177,768
Consumer Products & Services – 2.6%
Bausch & Lomb, Inc.	3,800	278,540
Colgate-Palmolive Co.	12,600	657,342
Dollar Thrifty Automotive Group, Inc.*	3,500	114,730
Engineered Support Systems, Inc.	1,800	96,336
Fossil, Inc.*(a)	4,500	116,663
Gillette Co.	20,600	1,039,888
Hasbro, Inc.(a)	5,700	116,565
Johnson & Johnson(a)	61,246	4,113,280
Kimberly-Clark Corp.	8,900	584,997
L’Oreal SA (France)	1,122	89,812
Lauder, (Estee) Cos., Inc. (Class “A” Stock)	2,300	103,454
Mattel, Inc.(a)	9,300	198,555
Maytag Corp.(a)	4,800	67,056
Newell Rubbermaid, Inc.(a)	4,300	94,342
Pacific Brands Ltd. (Australia)	46,621	90,374
Procter & Gamble Co.	59,200	3,137,600
Rent-A-Center, Inc.*	1,150	31,407
Whirlpool Corp.	2,400	162,552
		11,093,493
Containers & Packaging
Smurfit-Stone Container Corp.*	4,400	68,068
Electronic Components & Equipment – 3.0%
Advanced Energy Industries, Inc.*	4,500	43,515
AVX Corp.	3,200	39,200
Belden CDT, Inc.	1,150	25,542
C & D Technologies, Inc.	3,500	35,175
Cyberoptics Corp.*	1,500	18,720
Digital Theater Systems, Inc.*	8,900	161,179
Fanuc Ltd. (Japan)	3,200	200,242
Flextronics International Ltd.*(a)	24,100	290,164
General Electric Co.(a)	238,900	8,614,733
Gentex Corp.(a)	3,000	95,700
Jabil Circuit, Inc.*	22,700	647,404
Kaba Holdings AG (Switzerland)	302	84,587
Koninklijke (Royal) Philips Electronics NV (Netherlands)	5,984	164,837
Kyocera Corp. (Japan)	1,100	78,476
Littelfuse, Inc.*	2,400	68,760
Neopost SA (France)	1,804	156,213
Nikon Corp. (Japan)	9,000	103,488
Pioneer Corp. (Japan)	7,900	142,116
Plexus Corp.*	5,500	63,305
Siemens AG (Germany)	5,644	446,659
Sony Corp. (Japan)	10,300	410,156
Sumitomo Electric Industries Ltd. (Japan)	11,000	117,047
TDK Corp. (Japan)	1,700	116,367
Teleflex, Inc.	4,300	220,074
Toshiba Corp. (Japan)	61,000	254,854
TTM Technologies, Inc.*	9,800	102,508
		12,701,021

Entertainment & Leisure – 1.6%
Brunswick Corp.	9,200	431,020
Carnival Corp.	15,500	803,055
Disney, (Walt) Co.	4,092	117,563
Dolby Laboratories, Inc. (Class “A” Stock)*	1,600	37,600
Hilton Group PLC (United Kingdom)	18,591	105,748
International Game Technology Group, Inc.	28,300	754,478
Marvel Enterprises, Inc.*(a)	4,600	92,000
RC2 Corp.*	400	13,600
Royal Caribbean Cruises Ltd.(a)	8,900	397,741
Sega Sammy Holdings, Inc. (Japan)	1,200	72,965
Shuffle Master, Inc.*(a)	1,100	31,856
Station Casinos, Inc.	5,200	351,260
Time Warner, Inc.*	107,700	1,890,135
Viacom, Inc. (Class “B” Stock)	40,100	1,396,683
Whitbread PLC (United Kingdom)*	9,177	161,543
WMS Industries, Inc.*(a)	13,100	368,896
		7,026,143
Environmental Services – 0.1%
Allied Waste Industries, Inc.*	7,600	55,556
Republic Services, Inc.	8,700	291,276
Waste Connections, Inc.*	2,100	72,975
Waste Management, Inc.	3,559	102,677
		522,484
Farming & Agriculture – 0.1%
Monsanto Co.	5,700	367,650
Sunopta, Inc.*	12,100	61,710
		429,360
Financial - Bank & Trust – 5.2%
ABN AMRO Holding NV (Netherlands)	11,723	290,860
Allied Irish Banks PLC (Ireland)	7,297	152,764
Australia & New Zealand Banking Group Ltd. (Australia)	25,401	404,508
Australia & New Zealand Banking Group Ltd. [ADR] (Australia)	1,600	127,568
Babcock & Brown Ltd. (Australia)*	23,042	181,691
Banca Intesa SpA (Italy)	49,692	252,509
Banco Santander Central Hispano SA (Spain)	28,865	351,351
Banco Santander Chile [ADR] (Chile)	5,678	188,112
Bank Austria Creditanstalt (Austria)	4,021	396,142
Bank of America Corp.	61,176	2,697,861
Bank of Ireland (Ireland)	16,072	253,134
Bank of Yokohama Ltd. (Japan)*	34,000	207,367
BankAtlantic Bancorp, Inc. (Class “A” Stock)	9,200	160,080
Barclays PLC (United Kingdom)	77,512	792,448
BNP Paribas SA (France)	7,688	544,637
Bradford & Bingley PLC (United Kingdom)	38,659	224,647
City National Corp.	1,000	69,820
Commerce Bancshares, Inc.	2,814	135,635
Credito Italiano SpA (Italy)	38,883	228,329
DBS Groupo Holdings (Singapore)	32,236	290,969
Dexia (France)	7,585	180,424
East West Bancorp, Inc.	3,300	121,836
Fifth Third Bancorp(a)	11,100	477,078
First Horizon National Corp.	9,000	367,110
HBOS PLC (United Kingdom)	26,060	406,287
HSBC Holdings PLC (United Kingdom)	17,748	280,724
Joyo Bank Ltd. (Japan)	37,000	199,095
Macquarie Bank Ltd. (Australia)	9,681	359,104
Mercantile Bankshares Corp.	2,800	142,408
National Australia Bank Ltd. (Australia)	19,845	434,502
Nordea AB (Sweden)	49,381	499,334
Popular, Inc.	5,000	121,600
Royal Bank of Scotland (United Kingdom)	25,027	796,445
Skandianaviska Enskilda Banken (Sweden)	15,912	301,547
Southwest Bancorporation of Texas, Inc.	5,000	91,750

State Street Corp.(a)	30,300	1,324,715
Sumitomo Mitsui Financial Group, Inc. (Japan)	40	270,820
SunTrust Banks, Inc.	5,800	418,006
Svenska Handlesbanken (Class “A” Stock) (Sweden)	18,042	426,115
Synovus Financial Corp.	30,800	858,088
TCF Financial Corp.	2,600	70,590
Texas Regional Bancshares, Inc. (Class “A” Stock)	4,972	149,707
The 77 Bank Ltd. (Japan)	17,000	123,184
U.S. Bancorp(a)	101,600	2,928,111
UCBH Holdings, Inc.	4,400	175,560
Wachovia Corp.(a)	33,500	1,705,484
Wells Fargo & Co.(a)	21,300	1,273,740
Wilmington Trust Corp.	3,500	122,850
		22,576,646
Financial Services – 5.1%
Aiful Corp. (Japan)	2,000	160,030
Aiful Corp. (Japan)* (t)	1,000	78,336
Alliance & Leicester PLC (United Kingdom)	13,033	217,475
American Express Co.(a)	22,700	1,166,099
Capital Source, Inc.*(a)	16,800	386,400
Citigroup, Inc.	143,841	6,464,214
Countrywide Financial Corp.	10,100	327,846
Credit Suisse Group (Switzerland)	9,844	422,632
E*TRADE Group, Inc.*	20,000	240,000
Eaton Vance Corp.	4,800	112,512
Fannie Mae(a)	18,300	996,435
First Marblehead Corp.*	6,600	379,698
Franklin Resources, Inc.	6,700	459,955
Goldman Sachs Group, Inc.	9,700	1,066,903
Grupo Financiero Banorte SA de C.V. (Mexico)	95,746	623,094
Hypo Real Estate Holding AG (Germany)	8,417	350,786
IndyMac Bancorp, Inc.	2,100	71,400
ING Groep NV (Netherlands)	11,184	337,798
Investors Financial Services Corp.(a)	12,300	601,593
JP Morgan Chase & Co.	61,568	2,130,253
Legg Mason, Inc.	5,850	457,119
Lehman Brothers Holdings, Inc.(a)	6,000	564,960
Merrill Lynch & Co., Inc.(a)	19,600	1,109,360
Mitsubishi Tokyo Financial Group, Inc. (Japan)	17	147,440
Moody’s Corp.	4,100	331,526
Morgan Stanley Dean Witter & Co.	23,900	1,368,275
Providian Financial Corp.*	17,800	305,448
Schwab, (Charles) Corp.	39,300	413,043
SLM Corp.	12,200	608,048
Waddell & Reed Financial, Inc. (Class “A” Stock)	2,300	45,402
		21,944,080
Financial-Brokerage – 0.2%
Ameritrade Holding Corp.*	97,700	997,517
Food – 1.1%
Associated British Foods PLC (United Kingdom)	14,259	202,903
Campbell Soup Co.	12,500	362,750
Dean Foods Co.*	3,350	114,905
General Mills, Inc.(a)	14,400	707,761
Heinz, (H.J.) Co.	5,750	211,830
Hershey Foods Corp.	6,400	386,944
J. Sainsbury PLC (United Kingdom)	24,284	132,739
Kellogg Co.	8,800	380,776
Koninklijke Wessanen NV (Netherlands)	10,164	148,752
Kraft Foods, Inc. (Class “A” Stock)(a)	4,100	135,505
Nestle SA (Switzerland)	1,953	534,358
Performance Food Group Co.*	1,300	35,984
SYSCO Corp.	13,200	472,560

Tesco PLC (United Kingdom)	40,591	242,777
Tootsie Roll Industries, Inc.	2,076	62,294
Unilever PLC (United Kingdom)	40,787	403,114
United Natural Foods, Inc.*	3,400	97,342
		4,633,294
Furniture
Mohawk Industries, Inc.*(a)	800	67,440
Healthcare Services – 1.1%
AmSurg Corp.*	1,600	40,480
Caremark Rx, Inc.*	8,300	330,174
Community Health Systems, Inc.*	13,400	467,794
Coventry Health Care, Inc.*	2,150	146,501
DaVita, Inc.*(a)	3,450	144,383
HCA, Inc.(a)	4,100	219,637
Health Management Associates, Inc. (Class “A” Stock)(a)	2,800	73,304
Laboratory Corp. of America Holdings*	5,600	269,920
LifePoint Hospitals, Inc.*	1,500	65,760
Medco Health Solutions, Inc.*(a)	3,084	152,874
Omnicare, Inc.	3,600	127,620
Quest Diagnostics, Inc.	1,100	115,643
Stericycle, Inc.*	500	22,100
Symbion, Inc.*	3,200	68,384
Triad Hospitals, Inc.*	1,378	69,038
United Surgical Partners International, Inc.*	1,800	82,386
UnitedHealth Group, Inc.	22,100	2,107,897
		4,503,895
Hotels & Motels – 0.1%
Marriott International, Inc. (Class “A” Stock)	9,100	608,426
Industrial Products – 0.3%
Actuant Corp.*	4,300	193,156
Glory Ltd. (Japan)	4,500	83,764
Harsco Corp.	1,600	95,376
Illinois Tool Works, Inc.	2,500	223,825
Nucor Corp.(a)	8,200	471,992
Roper Industries, Inc.	2,200	144,100
		1,212,213
Insurance – 3.1%
ACE Ltd.	6,100	251,747
AFLAC, Inc.	9,600	357,696
Aioi Insurance Co., Ltd. (Japan)	39,000	210,221
American International Group, Inc.	55,130	3,054,753
Assurant, Inc.	9,400	316,780
Aviva PLC (United Kingdom)	14,679	176,147
AXA (France)	18,958	505,019
Axis Capital Holdings Ltd.	15,600	421,824
CNP Assurances (France)*	4,462	316,099
Gallagher, (Arthur J.) & Co.	2,200	63,360
Genworth Financial, Inc.	13,900	382,528
Hannover Rueckversicherungs AG (Germany)	2,985	118,057
Hartford Financial Services Group, Inc. (The)(a)	9,200	630,752
Insurance Australia Group Ltd. (Australia)	25,960	127,110
Markel Corp.*	300	103,563
Marsh & McLennan Cos., Inc.	26,600	809,172
Mercury General Corp.	900	49,734
MGIC Investment Corp.	4,700	289,849
Mitsui Marine & Fire (Japan)	17,000	155,843
PMI Group, Inc. (The)	3,200	121,632
Progressive Corp. (The)	7,800	715,728
Protective Life Corp.	2,800	110,040
QBE Insurance Group Ltd. (Australia)	14,127	162,455
Radian Group, Inc.	9,200	439,208
Royal & Sun Alliance Insurance Group PLC (United Kingdom)	82,569	122,487
Safeco Corp.(a)	5,700	277,647
St. Paul Travelers Cos., Inc. (The)(a)	21,399	785,985
StanCorp Financial Group, Inc.	1,500	127,170

Triad Guaranty, Inc.*	2,700	142,047
Unipol SpA (Italy)	45,776	200,270
WellChoice, Inc.*	1,600	85,296
WellPoint, Inc.*	7,900	990,265
Willis Group Holdings Ltd. (United Kingdom)	7,000	258,090
XL Capital Ltd. (Class “A” Stock)	7,200	521,064
		13,399,638
Internet Services – 0.7%
CNET Networks, Inc.*(a)	46,900	442,736
Digital Insight Corp.*	3,800	62,320
drugstore.com, Inc.*	7,100	18,318
EarthLink, Inc.*	6,800	61,200
Eircom Group PLC (United Kingdom)*	55,030	144,810
F5 Networks, Inc.*(a)	1,100	55,539
IAC/ InterActiveCorp*	18,600	414,222
Juniper Networks, Inc.*(a)	15,400	339,724
VeriSign, Inc.*	3,200	91,840
Yahoo!, Inc.*(a)	37,500	1,271,250
		2,901,959
Machinery & Equipment – 0.7%
Briggs & Stratton Corp.	2,000	72,820
Cooper Cameron Corp.*	1,100	62,931
Danaher Corp.(a)	17,500	934,675
Deere & Co.	12,300	825,699
Grant Prideco, Inc.*	15,900	384,144
Maverick Tube Corp.*	3,800	123,538
National Oilwell, Inc.*	4,200	196,140
Nordson Corp.	2,100	77,322
Pall Corp.	8,900	241,368
		2,918,637
Medical Supplies & Equipment – 2.2%
Abbott Laboratories	28,700	1,337,994
Amgen, Inc.*(a)	28,600	1,664,805
Bard, (C.R.), Inc.	3,400	231,472
Baxter International, Inc.	15,000	509,700
Biomet, Inc.	5,400	196,020
Boston Scientific Corp.*	21,200	620,948
Charles River Laboratories International,	2,000	94,080
Computer Programs and Systems, Inc.	6,100	171,288
Cytyc Corp.*(a)	6,200	142,662
DENTSPLY International, Inc.	2,350	127,864
Digene Corp.*	2,600	53,950
Edwards Lifesciences Corp.*(a)	1,300	56,186
Elekta AB (Sweden)*	4,195	151,286
Genzyme Corp.*	3,300	188,892
Guidant Corp.	7,200	532,080
Inamed Corp.*	600	41,928
Invitrogen Corp.*(a)	1,462	101,170
Martek Biosciences Corp.*(a)	1,300	75,647
Medtronic, Inc.(a)	31,600	1,610,020
Merit Medical Systems, Inc.*	3,300	39,567
Patterson Cos., Inc.*	1,800	89,910
Shimadzu Corp. (Japan)	33,000	196,960
St. Jude Medical, Inc.*	8,400	302,400
STERIS Corp.*	4,700	118,675
Stryker Corp.	9,900	441,639
Techne Corp.*	1,700	68,306
Thoratec Corp.*	1,500	18,330
Zimmer Holdings, Inc.*	4,000	311,240
		9,495,019
Metals & Mining – 0.8%
Alcoa, Inc.	21,800	662,501
Anglo American PLC (United Kingdom)	7,804	185,083
BHP Steel Ltd. (Australia)	70,257	472,059
Broken Hill Proprietary Co. Ltd. (Australia)	17,100	235,998
Corus Group PLC*	180,794	184,494
Newmont Mining Corp.	9,900	418,275
Nippon Steel Corp. (Japan)	138,000	348,764
Peabody Energy Corp.	2,400	111,264

SKF AB (Class “B” Stock)(Sweden)	2,683	125,406
SSAB Svenskt Stal AB Series A (Sweden)	13,477	334,500
Steel Dynamics, Inc.(a)	4,100	141,245
Voestalpine AG (Austria)	2,787	215,177
		3,434,766
Office Equipment – 0.1%
Canon, Inc. (Japan)	3,000	160,869
Herman Miller, Inc.	4,700	141,564
Pitney Bowes, Inc.	4,400	198,528
		500,961
Oil & Gas – 5.7%
Anadarko Petroleum Corp.	5,806	441,837
Australia Gas & Light (Australia)	9,877	108,318
Baker Hughes, Inc.(a)	9,300	413,757
BJ Services Co.	4,100	212,708
BP PLC [ADR] (United Kingdom)	11,600	723,840
British Petroleum Co. PLC (United Kingdom)	27,233	282,278
Centrica PLC (United Kingdom)	74,346	324,193
ChevronTexaco Corp.	45,222	2,636,894
Comstock Resources, Inc.*(a)	4,500	129,330
ConocoPhillips	12,700	1,369,567
Devon Energy Corp.	5,600	267,400
Eni SpA [ADR] (Italy)(a)	2,000	260,320
Ente Nazionale Idrocarburi SpA (Italy)	16,651	432,339
EOG Resources, Inc.(a)	7,600	370,424
Exxon Mobil Corp.	130,466	7,775,773
FMC Technologies, Inc.*	9,959	330,440
Forest Oil Corp.*	1,000	40,500
Grey Wolf, Inc.*(a)	9,200	60,536
Helmerich & Payne, Inc.	1,400	55,566
Inpex Corp. (Japan)	8	42,824
Murphy Oil Corp.(a)	5,900	582,507
Nabors Industries Ltd.*(a)	3,100	183,334
National Fuel Gas Co.	4,700	134,373
Newfield Exploration Co.*	2,400	178,224
Occidental Petroleum Corp.	5,200	370,084
Oil Search Ltd.	94,573	176,754
OMV AG (Austria)	267	84,832
Patterson-UTI Energy, Inc.	4,100	102,582
Petroleo Brasileiro SA [ADR] (Brazil)	13,000	500,110
Pioneer Natural Resources Co.	4,400	187,968
Premcor, Inc.	1,500	89,520
Schlumberger Ltd.	19,300	1,360,264
Shell Transport & Trading Co. [ADR] (United Kingdom)	10,000	543,600
Shell Transport & Trading Co. PLC (United Kingdom)	25,438	228,340
Statoil ASA (Sweden)	25,593	436,200
Sunoco, Inc.	1,300	134,576
Toho Gas Co., Ltd. (Japan)	64,000	228,593
Tonen General Sekiyu K.K. (Japan)	9,000	92,241
Total SA (France)	3,633	850,053
Total SA [ADR] (France)(a)	4,300	504,089
Transocean, Inc. (Cayman Islands)*	12,139	624,673
WGL Holdings, Inc.	2,800	86,688
Williams Cos., Inc.	27,300	513,513
XTO Energy, Inc.	7,733	253,952
		24,725,914
Paper & Forest Products – 0.4%
Bowater, Inc.(a)	3,500	131,845
International Paper Co.	13,900	511,381
MeadWestvaco Corp.	7,900	251,378
Potlatch Corp.(a)	4,400	207,108
Smith, (Davis S.) Holdings PLC	79,721	237,278
UPM-Kymmene Oyj (Finland)	3,889	86,206
Weyerhaeuser Co.	3,500	239,750
		1,664,946

Personal Services – 0.1%
Apollo Group, Inc. (Class “A” Stock)*(a)	3,200	236,992
Corinthian Colleges, Inc.*(a)	2,300	36,156
DeVry, Inc.*(a)	2,300	43,516
Education Management Corp.*	3,400	95,030
		411,694
Pharmaceuticals – 3.5%
Abgenix, Inc.*	3,500	24,500
Alkermes, Inc.*(a)	3,800	39,444
Alliance Unichem PLC (United Kingdom)	7,539	110,199
AstraZeneca PLC [ADR] (United Kingdom)	7,400	292,522
Biogen Idec, Inc.*	8,700	300,237
Bradley Pharmaceuticals, Inc.*(a)	2,600	24,856
Bristol-Meyers Squibb Co.(a)	7,000	178,220
Cardinal Health, Inc.(a)	10,850	605,430
Celgene Corp.*	2,400	81,720
Cephalon, Inc.*	3,628	169,899
Chiron Corp.*	3,900	136,734
CSL Ltd. (Australia)	3,832	101,154
Dainippon Pharmaceutical Co. Ltd. (Japan)	9,000	87,205
Eisai Co. Ltd. (Japan)	4,100	139,177
Elan Corp. PLC [ADR] (Ireland)*(a)	8,100	26,244
Eon Labs, Inc.*	1,800	54,432
Gehe AG (Germany)	2,727	222,952
Genentech, Inc.*	10,100	571,761
Gilead Sciences, Inc.*	16,500	590,700
GlaxoSmithKline PLC (United Kingdom)	15,935	365,273
GlaxoSmithKline PLC [ADR] (United Kingdom)	7,700	353,584
Hisamitsu Pharmaceutical Co. (Japan)	6,000	132,892
Human Genome Sciences, Inc.*(a)	3,800	35,036
Kobayashi Pharmaceutical Co. Ltd. (Japan)	3,700	100,928
Lilly, (Eli) & Co.	24,400	1,271,240
Medicis Pharmaceutical Corp. (Class “A” Stock)	2,800	83,944
Merck & Co., Inc.	41,700	1,349,829
Neurocrine Biosciences, Inc.*	2,000	76,120
Novartis AG (Switzerland)	12,494	582,890
Noven Pharmaceuticals, Inc.*	4,800	81,408
Pfizer, Inc.	138,185	3,630,121
Priority Healthcare Corp. (Class “B” Stock)*	1,000	21,630
Sanofi-Synthelabo SA (France)	7,569	638,248
Schering-Plough Corp.	27,700	502,755
Takeda Chemical Industries Ltd. (Japan)	4,200	200,149
UCB SA (Belgium)	5,002	242,050
Watson Pharmaceuticals, Inc.*	3,500	107,555
Wyeth	30,100	1,269,618
		14,802,656
Printing & Publishing – 0.4%
Dow Jones & Co., Inc.(a)	3,300	123,321
Gannett Co., Inc.(a)	6,000	474,480
McGraw-Hill Cos., Inc.	3,500	305,375
Scholastic Corp.*	2,600	95,914
Singapore Press Holdings Ltd. (Singapore)	27,750	76,656
Tribune Co.	6,800	271,116
Washington Post Co. (Class “B” Stock)	200	178,800
		1,525,662
Railroads – 0.3%
CSX Corp.	17,300	720,545
Union Pacific Corp.(a)	8,100	564,570
		1,285,115
Real Estate – 0.9%
Archstone-Smith Trust [REIT]	15,000	511,649
Arden Realty, Inc. [REIT]	3,500	118,475
Boston Properties, Inc. [REIT]	2,300	138,529
Camden Property Trust [REIT]	3,000	141,090
Catellus Development Corp. [REIT]	2,078	55,379
China Overseas Land & Investment Ltd. (Hong Kong)	496,000	110,018
Duke-Weeks Realty Corp. [REIT]	3,500	104,475
EastGroup Properties, Inc. [REIT]	2,000	75,400

Equity Office Properties Trust [REIT]	11,500	346,495
General Property Trust (Australia)	81,027	222,150
Goldcrest Co. Ltd. (Japan)	2,530	146,048
LaSalle Hotel Properties [REIT]	4,500	130,725
Levitt Corp. (Class “A” Stock) [REIT]	2,075	53,203
Mills Corp. (The) [REIT]	2,900	153,410
Mirvac Group (Australia)	27,283	92,922
Persimmon PLC (United Kingdom)	12,723	181,647
Reckson Associates Realty Corp. [REIT]	2,400	73,680
Redwood Trust, Inc. [REIT](a)	1,300	66,534
Regency Centers Corp. [REIT]	3,200	152,416
Simon Property Group, Inc. [REIT]	3,500	212,030
SL Green Realty Corp. [REIT]	2,700	151,794
Sun Hung Kai Properties Ltd. (Hong Kong)	18,000	163,281
Vornado Realty Trust [REIT](a)	2,500	173,175
Weingarten Realty, Inc. [REIT]	3,200	110,432
Wheelock and Co. Ltd. (Hong Kong)	50,000	71,800
		3,756,757
Restaurants – 0.5%
CEC Entertainment, Inc.*	2,150	78,690
Cheesecake Factory, Inc. (The)*(a)	1,350	47,858
McDonald’s Corp.	22,400	697,536
Mitchells & Butlers PLC (United Kingdom)	19,961	129,950
Outback Steakhouse, Inc.	9,500	435,005
P.F. Chang’s China Bistro, Inc.*(a)	1,000	59,800
Panera Bread Co. (Class “A” Stock)*(a)	7,800	440,934
Ruby Tuesday, Inc.	2,300	55,867
Sonic Corp.*	3,350	111,890
Yum! Brands, Inc.	4,700	243,507
		2,301,037
Retail & Merchandising – 3.7%
A.C. Moore Arts & Crafts, Inc.*	4,100	109,306
Amazon.com, Inc.*(a)	1,500	51,405
Best Buy Co., Inc.	7,750	418,578
Casino Guichard-Perrachon SA (France)*	3,180	267,326
Charles Voegele Holding AG (Switzerland)	1,587	94,871
Chico’s FAS, Inc.*(a)	5,400	152,604
Coles Myer Ltd. (Australia)	17,360	126,161
CVS Corp.	9,400	494,628
Dixons Group PLC (United Kingdom)	44,664	128,927
Dollar Tree Stores, Inc.*(a)	3,300	94,809
Espirit Holdings Ltd. (Hong Kong)	17,500	119,480
Family Dollar Stores, Inc.(a)	16,700	507,012
Fred’s, Inc.	3,100	53,227
Hibbett Sporting Goods, Inc.*	1,600	48,064
Home Depot, Inc.(a)	42,600	1,629,023
Hot Topic, Inc.*	22,500	491,625
Kesa Electricals PLC (United Kingdom)	10,653	60,848
Kohl’s Corp.*	26,300	1,357,868
Kroger Co. (The)*	12,000	192,360
Lowe’s Cos., Inc.	15,100	862,059
Matsumotokiyoshi Co. Ltd. (Japan)	3,700	109,727
Metro AG (Germany)	9,506	510,278
PETsMART, Inc.(a)	3,300	94,875
Ross Stores, Inc.	20,300	591,542
Staples, Inc.(a)	7,600	238,868
Target Corp.	25,100	1,255,502
Tiffany & Co.	3,200	110,464
TJX Cos., Inc.	11,700	288,171
Wal-Mart de Mexico SA de CV (Mexico)	69,800	244,929
Wal-Mart Stores, Inc.(a)	70,900	3,552,798
Walgreen Co.	25,800	1,146,036
Whole Foods Market, Inc.(a)	1,000	102,130
Williams-Sonoma, Inc.*	2,600	95,550
York-Benimaru Co. Ltd. (Japan)	3,300	95,095
		15,696,146
Semiconductors – 1.8%
Analog Devices, Inc.	21,700	784,238
Applied Materials, Inc.	3,700	60,125
ASML Holding NV*	26,600	446,082

ATMI, Inc.*	1,900	47,576
Cymer, Inc.*(a)	4,200	112,434
Hamamatsu Photonics K.K. (Japan)	4,900	108,985
Intel Corp.(a)	147,000	3,414,810
Intersil Corp. (Class “A” Stock)	5,600	96,992
KLA-Tencor Corp.(a)	6,900	317,469
Linear Technology Corp.	9,400	360,114
Microchip Technology, Inc.	2,300	59,823
Mykrolis Corp.*	3,400	48,620
National Semiconductor Corp.(a)	27,400	564,714
Novellus Systems, Inc.*(a)	8,500	227,205
Omnivision Technologies, Inc.*(a)	2,700	40,905
Rohm Co. Ltd. (Japan)	500	48,261
Semiconductor Manufacturing International Corp. [ADR] (China)*(a)	4,100	39,975
Semtech Corp.*	5,100	91,137
Tessera Technologies, Inc.*	3,000	129,690
Varian Semiconductor Equipment Associates, Inc.*	600	22,806
Xilinx, Inc.(a)	20,800	607,984
Zoran Corp.*	4,612	47,734
		7,677,679
Telecommunications – 3.2%
Aeroflex, Inc.*	3,800	35,454
America Movil SA de CV (Class “L” Stock) [ADR] (Mexico)(a)	6,400	330,240
China Telecom Corp. Ltd. (China)	356,000	124,381
China Unicom Ltd. (Hong Kong)	66,000	51,196
Cia de Telecomunicaciones de Chile SA [ADR] (Chile)	10,500	116,970
Comverse Technology, Inc.*	4,700	118,534
Corning, Inc.*	38,000	422,940
Crown Castle International Corp.*	34,100	547,646
Inter-Tel, Inc.	2,800	68,600
KDDI Corp. (Japan)	60	297,118
Lucent Technologies, Inc.*(a)	76,500	210,375
Motorola, Inc.	59,200	886,224
Netcom AB (Class “B” Stock) (Sweden)	5,738	189,484
Nextel Communications, Inc. (Class “A” Stock)*(a)	17,400	494,508
Nextel Partners, Inc. (Class “A” Stock)*(a)	28,700	630,252
Nokia Corp. (Class “A” Stock) [ADR] (Finland)(a)	26,700	411,981
Nokia OYJ (Finland)	22,973	356,166
O2 PLC (United Kingdom)*	207,672	467,995
Plantronics, Inc.	2,500	95,200
Polycom, Inc.*	6,100	103,395
QUALCOMM, Inc.*(a)	30,200	1,106,830
Research in Motion Ltd. (Canada)*(a)	5,600	427,952
Sprint Corp.(a)	63,200	1,437,800
Starhub Ltd. (Singapore)*	112,000	85,488
Tele Danmark AS (Denmark)	7,703	324,683
Tele Norte Leste Participacoes SA [ADR] (Brazil)*	11,100	171,717
Telenor ASA (Norway)	55,637	500,471
Telephone & Data Systems, Inc.	800	65,280
Telus Corp. (Non Voting Shares) (Canada)	33,700	1,038,297
Thomson Multimedia (France)	13,581	366,183
Verizon Communications, Inc.	41,284	1,465,583
Vodafone Group PLC [ADR] (United Kingdom)	22,600	600,256
Western Wireless Corp. (Class “A” Stock)*	1,400	53,144
		13,602,343
Transportation – 0.6%
Arriva PLC (United Kingdom)	22,088	219,139
Expeditors International of Washington, Inc.	1,500	80,325
FedEx Corp.	5,700	535,515
Nippon Express Co. Ltd. (Japan)	17,000	89,415
Nippon Yusen Kabushiki (Japan)	45,000	271,100

Old Dominion Freight Line, Inc.*			3,100	96,565
TPG NV (Netherlands)			7,325	208,423
United Parcel Service, Inc. (Class “B” Stock)			10,400	756,496
UTI Worldwide, Inc. (British Virgin Islands)			1,900	131,955
Yamato Transportion Co. Ltd. (Japan)			8,000	114,446
				2,503,379
Utilities – 2.1%
AES Corp.*			6,100	99,918
Alliant Energy Corp.			3,500	93,730
Black Hills Corp.			2,100	69,447
CMS Energy Corp.*(a)			6,300	82,152
Constellation Energy Group, Inc.			5,300	274,010
Dominion Resources, Inc.			4,100	305,163
Duke Energy Corp.(a)			35,700	999,957
Dynegy, Inc.*(a)			20,800	81,328
E.ON AG (Germany)			10,357	888,648
Edison International			12,500	434,000
El Paso Electric Co.*			3,800	72,200
Energy East Corp.			4,800	125,856
Entergy Corp.			5,100	360,366
Exelon Corp.			17,800	816,842
FirstEnergy Corp.			12,800	536,960
FPL Group, Inc.			8,800	353,320
Great Plains Energy, Inc.			5,000	152,900
Hong Kong Electric Holdings Ltd. (Hong Kong)			18,500	82,307
Iberdrola SA (Spain)			11,703	306,141
NiSource, Inc.			14,000	319,060
OGE Energy Corp.			5,800	156,310
PG&E Corp.			6,700	228,470
Pinnacle West Capital Corp.			7,800	331,578
PPL Corp.			7,600	410,324
Southern Co. (The)			4,000	127,320
Teco Energy, Inc.			18,100	283,808
Tokyo Electric Power Co. (Japan)			9,800	237,620
TXU Corp.(a)			5,500	437,965
United Utilities PLC (United Kingdom)			14,583	173,893
Xcel Energy, Inc.			7,500	128,850
				8,970,443
TOTAL COMMON STOCK (Cost $246,357,819)				285,185,594
PREFERRED STOCK
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)			1,561	179,688
TOTAL PREFERRED STOCK (Cost $101,189)				199,836
	Moody’s Rating	Principal Amount (000)
CORPORATE OBLIGATIONS – 9.6%
Advertising
Advanstar Communications, Inc., Gtd. Notes	Caa2	$	25	26,938
12.00%, 02/15/11
Advanstar Communications, Inc., Sr. Sec’d. Notes	B3		50	55,875
10.75%, 08/15/10
Advanstar, Inc., Gtd. Notes, Zero Coupon (until 10/15/05)	NR		50	46,000
15.00%, 10/15/11
Vertis, Inc., Gtd. Notes, Series B	B3		50	48,500
10.875%, 06/15/09(a)
				177,313

Aerospace – 0.1%
Aviall, Inc., Sr. Notes	B1	50	52,250
7.625%, 07/01/11
BE Aerospace, Inc., Sr. Notes	B3	50	54,750
8.50%, 10/01/10
BE Aerospace, Inc., Sr. Sub. Notes
8.00%, 03/01/08	Caa3	50	49,875
8.875%, 05/01/11 Series B	Caa3	75	76,313
Gencorp, Inc., Sr. Sub. Notes	B2	65	72,800
9.50%, 08/15/13
Sequa Corp., Sr. Notes	B1	50	53,750
9.00%, 08/01/09
TD Funding Corp., Gtd. Notes	B3	25	25,781
8.375%, 07/15/11
Vought Aircraft Industries, Inc., Sr. Notes	B2	100	99,000
8.00%, 07/15/11
			484,519
Airlines
Northwest Airlines, Inc., Gtd. Notes	Caa1	25	18,750
9.875%, 03/15/07
Automobile Manufacturers – 0.2%
Daimlerchrysler NA Holdings Corp., Gtd. Notes
3.45%, 09/10/07 (c)	A3	155	155,293
6.50%, 11/15/13	A3	220	229,171
General Motors Corp., Debs.	Baa1	320	274,497
8.375%, 07/15/33(a)
			658,961
Automotive Parts – 0.1%
Advanced Accessory System, Sr. Notes	B3	50	42,000
10.75%, 06/15/11
J.B. Poindexter & Co., Inc., Sr. Notes	B1	50	50,000
8.75%, 03/15/14 144A(cost $52,197; purchased 03/08/04 - 09/29/04)(g)
Lear Corp., Gtd. Notes	Baa3	80	77,061
5.75%, 08/01/14 144A(cost $79,847; purchased 07/29/04)(g)
Rayovac Corp., Sr. Sub. Notes	B3	75	72,188
7.375%, 02/01/15 144A(cost $75,000; purchased 01/21/05)(g)
Rexnord Corp., Gtd. Notes	B3	125	138,125
10.125%, 12/15/12
TRW Automotive, Inc., Sr. Sub. Notes	B2	58	65,250
11.00%, 02/15/13
Visteon Corp., Notes	Ba1	25	21,375
7.00%, 03/10/14
			465,999
Beverages – 0.1%
Le-Natures, Inc., Sr. Sub. Notes	B3	100	109,500
10.00%, 06/15/13 144A(cost $103,938; purchased 06/18/03 - 12/11/03)(g)
Miller Brewing Co., Notes	Baa1	240	244,408
5.50%, 08/15/13 144A(cost $238,887; purchased 05/21/04)(g)
			353,908
Broadcasting – 0.1%
Chancellor Media Corp., Gtd. Notes	Ba1	100	107,864
8.00%, 11/01/08
Fisher Communications, Inc., Sr. Notes	B2	50	53,750
8.625%, 09/15/14
Hearst-Argyle Television, Inc., Sr. Notes	Baa3	135	148,499
7.00%, 01/15/18
News America, Inc., Bonds	Baa3	120	119,051
6.20%, 12/15/34 144A(cost $119,050; purchased 11/30/04)(g)
XM Satellite Radio, Inc., Sec’d. Notes	Caa1	87	101,790
12.00%, 06/15/10
			530,954
Building Materials – 0.1%
Ainsworth Lumber Ltd., Sr. Notes (Canada)	B2	25	24,625
7.25%, 01/10/12 144A(cost $24,625; purchased 03/31/05)(g)(l)

Masco Corp., Notes	Baa1	265	276,142
5.875%, 07/15/12
RMCC Acquisition Co., Sr. Sub. Notes	Caa1	50	49,250
9.50%, 11/01/12 144A(cost $50,000; purchased 10/28/04)(g)
Texas Industries, Inc., Sr. Notes	B1	50	56,875
10.25%, 06/15/11
WII Components, Inc., Sr. Notes	B2	75	77,250
10.00%, 02/15/12
			484,142
Business Services – 0.1%
Affinity Group, Inc., Sr. Sub. Notes	B3	50	52,750
9.00%, 02/15/12
Brand Intermediate Holdings, Inc., Sr. Sub. Notes	NR	53	56,711
13.00%, 10/16/13 144A [PIK](cost $58,788; purchased 07/27/04 - 10/15/04)(g)
Brickman Group Ltd., Gtd. Notes, Series B	B2	50	56,750
11.75%, 12/15/09
Cie Generale de Geophysique, Sr. Notes (France)	Ba3	34	35,955
10.625%, 11/15/07 (l)
Crystal US Holdings, Sr. Disc. Notes, Zero Coupon (until 10/01/09)	Caa2	33	23,265
10.50%, 10/01/14 144A(cost $21,795; purchased 10/15/04 - 11/02/04)(g)
Invensys PLC, Sr. Notes (United Kingdom)	B3	50	51,125
9.875%, 03/15/11 144A (cost $49,653; purchased 02/27/04)(g)(l)
IPC Acquisition Corp., Gtd. Notes	B3	100	110,500
11.50%, 12/15/09
			387,056
Cable Television – 0.1%
Cablevision Systems Corp., Sr. Notes	B3	75	77,438
8.00%, 04/15/12 144A(cost $78,905; purchased 09/14/04 - 09/15/04)(g)
Charter Communications Holdings LLC, Sr. Notes	B3	125	125,625
8.75%, 11/15/13
Charter Communications Operating LLC, Sr. Notes	B2	100	100,000
8.00%, 04/30/12 144A(cost $99,400; purchased 04/20/04 - 05/06/04)(g)
CSC Holdings, Inc., Sr. Notes	B1	25	26,500
8.125%, 07/15/09
Echostar DBS Corp., Gtd. Notes	Ba3	75	72,844
6.625%, 10/01/14 144A(cost $73,031; purchased 03/31/05)(g)
General Cable Corp., Sr. Notes	B2	25	27,625
9.50%, 11/15/10
Mediacom Broadband LLC, Gtd. Notes	B2	50	53,750
11.00%, 07/15/13
Rogers Cable, Inc., Sec’d. Notes (Canada)	Ba2	165	152,212
5.50%, 03/15/14 (l)
			635,994
Chemicals – 0.2%
Arco Chemical Co., Debs.	B1	25	28,375
9.80%, 02/01/20
Dow Chemical Corp., Notes	A3	115	123,231
6.125%, 02/01/11
Equistar Chemicals LP, Notes	B2	75	80,813
8.75%, 02/15/09
Huntsman LLC, Gtd. Notes	B2	65	76,375
11.625%, 10/15/10
IMC Global, Inc., Sr. Notes	B1	25	30,000
10.875%, 08/01/13
Lyondell Chemical Co., Gtd. Notes	B1	50	53,750
9.50%, 12/15/08

Lyondell Chemical Co., Sec’d. Notes, Series A	B1	50	53,875
9.625%, 05/01/07
MacDermid, Inc., Gtd. Notes	Ba3	125	134,687
9.125%, 07/15/11
Resolution Perfomance LLC, Sr. Notes	B3	75	80,250
9.50%, 04/15/10
Rockwood Specialties, Inc., Sr. Sub. Notes	B3	75	83,625
10.625%, 05/15/11
			744,981
Clothing & Apparel
Dyersburg Corp., Gtd. Notes, Series B	NR	175	0
9.75%, 09/01/07(cost $184,978; purchased 02/04/98)(g)(i)
Conglomerates – 0.1%
Hutchison Whampoa International Ltd., Gtd. Notes	A3	130	131,903
5.45%, 11/24/10 144A(cost $129,719; purchased 11/19/03)(g)
Tyco International Group, Gtd. Notes (Luxembourg)	Ba2	225	240,521
6.375%, 10/15/11 (l)
			372,424
Construction
Ryland Group, Inc. Notes	Baa3	80	77,650
5.375%, 01/15/15
Consumer Products & Services – 0.3%
American Achievement Corp., Sr. Sub.	B3	50	52,000
8.25%, 04/01/12
Bunge Ltd. Finance Corp., Co. Gtd. Notes	Baa3	205	202,220
4.375%, 12/15/08
Coinmach Corp., Sr. Notes	B2	54	56,430
9.00%, 02/01/10
Invista Co., Notes	B1	125	138,125
9.25%, 05/01/12 144A(cost $128,460; puchased 04/23/04 - 10/27/04)(g)
Jostens IH Corp. Sr. Sub Notes	B3	50	49,750
7.625%, 10/01/12
Maax Corp., Sr., Sub. Notes (Canada)	B3	75	76,875
9.75%, 06/15/12 (l)
Procter & Gamble Co., Notes	Aa3	375	373,624
4.95%, 08/15/14
Riddell Bell Holdings, Sr. Sub. Notes	B3	25	25,750
8.375%, 10/01/12 144A(cost $25,000; purchased 09/23/04)(g)
UST, Inc., Notes	A3	260	286,077
6.625%, 07/15/12
			1,260,851
Containers & Packaging – 0.2%
BWAY Corp., Sr. Sub. Notes	B3	50	53,375
10.00%, 10/15/10
Graham Packaging Co., Sr. Notes	Caa1	100	100,500
8.50%, 10/15/12 144A(cost $101,406; purchased 09/29/04)(a)(g)
Graham Packaging Co., Sub. Notes	Caa2	50	50,250
9.875%, 10/15/14 144A(cost $51,563; purchased 09/30/04—10/14/04)(g)
Graham Packaging International, Sr. Sub. Notes	B3	25	26,625
9.50%, 08/15/13
Jefferson Smurfit Corp., Gtd. Notes	B2	25	25,813
8.25%, 10/01/12
Owens-Brockway Glass Containers Corp., Gtd. Notes
8.875%, 02/15/09	B1	150	160,874
7.75%, 05/15/11	B1	25	26,313
Owens-Brockway Glass Containers Corp., Sec’d. Notes	B2	25	27,438
8.75%, 11/15/12

Owens-Illinois, Inc., Sr. Notes	B3	25	25,813
7.35%, 05/15/08
Sealed Air Corp., Sr. Notes	Baa3	145	147,541
5.375%, 04/15/08 144A(cost $146,502; purchased 04/09/03 - 06/26/03)(g)
Silgan Holdings, Inc., Sr. Sub. Notes	B1	25	25,375
6.75%, 11/15/13
Smurfit Capital Funding PLC, Notes (Ireland)	Ba3	50	50,375
6.75%, 11/20/05 (l)
Smurfit-Stone Container Corp., Sr. Notes	B2	75	77,813
8.375%, 07/01/12
			798,105
Diversified Manufacturing Operations
Leucadia National Corp., Sr. Notes	Ba2	75	75,188
7.00%, 08/15/13
Electronic Components & Equipment – 0.1%
Freescale Semiconductor, Inc., Sr. Notes	Ba2	100	105,000
7.125%, 07/15/14
New ASAT Finance Ltd. Co. Gtd. Notes	B3	25	20,875
9.25%, 02/01/11
Sanmina - SCI Corp., Gtd. Notes	Ba2	100	112,500
10.375%, 01/15/10
Solectron Corp., Sr. Notes	B1	125	135,313
9.625%, 02/15/09
Stats Chippac, Inc., Sr. Notes	Ba2	25	23,750
6.75%, 11/15/11 144A(cost $25,000; purchased 11/05/04)(g)
Stratus Technologies, Inc., Notes	B3	75	74,625
10.375%, 12/01/08
UGS Corp., Sr. Sub. Notes	B3	100	111,000
10.00%, 06/01/12 144A(cost $104,172; purchased 05/19/04 - 06/18/04)(g)
			583,063
Entertainment & Leisure – 0.3%
Ameristar Casinos, Inc., Gtd. Notes	B2	50	54,875
10.75%, 02/15/09
AMF Bowling Worldwide, Inc., Sr. Sub.	B3	75	77,250
10.00%, 03/01/10
AOL Time Warner, Inc., Gtd. Bonds	Baa1	160	188,541
7.625%, 04/15/31
Argosy Gaming Co., Sr. Sub. Notes
9.00%, 09/01/11	B2	25	27,469
7.00%, 01/15/14	B1	50	54,313
Belo Corp., Sr. Unsub. Notes	Baa3	90	99,429
8.00%, 11/01/08
Cinemark USA, Inc., Sr. Sub. Notes	B3	25	27,250
9.00%, 02/01/13
Cinemark, Inc., Sr. Disc. Notes, Zero Coupon (until 03/15/09)	Caa1	100	71,500
9.75%, 03/15/14
Gtech Holdings Corp., Notes	Baa1	120	117,502
4.50%, 12/01/09 144A(cost $119,802; purchased 11/16/04)(g)
K2 Corp., Sr. Notes	BA3	75	78,000
7.375%, 07/01/14
LCE Acquisition Corp., Gtd. Notes	B3	50	50,000
9.00%, 08/01/14 144A(cost $49,883; purchased 07/22/04 - 07/23/04)(g)
Leslie’s Poolmart, Sr. Notes	B2	75	76,125
7.75%, 02/01/13 144A(cost $75,412; purchased 01/19/05)(g)
Mandalay Resort Group, Sr. Sub. Notes	Ba3	50	54,625
10.25%, 08/01/07
MGM Mirage, Inc., Gtd. Notes	Ba2	25	27,000
9.75%, 06/01/07
Mohegan Tribal Gaming., Sr. Notes	Ba2	25	24,625
6.125%, 02/15/13 144A(cost $25,000; purchased 02/03/05)(g)

Mohegan Tribal Gaming., Sr. Sub. Notes	Ba3	25	24,875
6.875%, 02/15/15 144A(cost $25,000; purchased 02/03/05)(g)
Resorts International Hotel & Casino, Inc., Gtd. Notes	B2	25	28,594
11.50%, 03/15/09
Six Flags, Inc., Notes	B3	25	23,625
8.875%, 02/01/10
Speedway Motorsports, Inc., Sr. Sub. Notes	Ba2	50	50,750
6.75%, 06/01/13
Station Casinos, Inc., Sr. Notes	Ba3	100	99,750
6.00%, 04/01/12
Town Sports International, Inc., Gtd. Notes	B2	25	26,375
9.625%, 04/15/11
Turning Stone Casino Resort Enterprises, Sr. Notes	B1	25	26,094
9.125%, 12/15/10 144A(cost $25,000; purchased 12/10/02)(g)
Warner Music Group, Sr. Sub. Notes	B3	75	77,625
7.375%, 04/15/14
			1,386,192
Environmental Services – 0.1%
Allied Waste North America, Inc., Sr. Notes	Ba3	125	125,313
7.875%, 04/15/13
Casella Waste Systems, Inc., Sr. Sub.	B3	100	110,500
9.75%, 02/01/13
Synagro Technologies, Inc., Sr. Sub. Notes	B3	125	136,562
9.50%, 04/01/09
			372,375
Farming & Agriculture
AGCO Corp., Gtd. Notes	Ba3	50	52,625
9.50%, 05/01/08
Financial - Bank & Trust – 0.5%
ABN AMRO Bank NV, Sub. Notes	A1	145	153,834
7.125%, 06/18/07
Bac Capital Trust VI, Gtd. Bonds	Aa3	240	230,391
5.625%, 03/08/35
Bank of America Corp., Sr. Notes	Aa2	225	224,897
4.875%, 09/15/12
Bank of Nova Scotia, Sub. Debs. (Canada)	A1	50	52,727
6.25%, 09/15/08 (l)
BB&T Corp., Sub. Notes	A2	185	202,144
6.50%, 08/01/11
Citigroup, Inc., Sub. Notes	Aa2	375	368,851
5.00%, 09/15/14
International Nederland Bank NV, Sub. Notes (Netherlands)	Aa3	250	250,966
5.125%, 05/01/15 144A (cost $252,117; purchased 02/04/04)(g)(l)
Northern Trust Co., Sub. Notes	A1	115	111,690
4.60%, 02/01/13
US Bank NA, Notes	Aa2	175	171,603
2.87%, 02/01/07
Wachovia Corp., Sub. Notes	A1	80	85,452
6.40%, 04/01/08
Webster Bank, Sr. Notes	Baa3	180	175,681
5.125%, 04/15/14
			2,028,236
Financial Services – 1.4%
Arch Western Finance, Sr. Notes	Ba3	50	50,500
6.75%, 07/01/13
Bank One Corp., Sub. Notes	A1	270	272,604
5.25%, 01/30/13
Capital One Bank, Sub. Notes	Baa3	125	134,441
6.50%, 06/13/13
CIT Group, Inc., Sr. Notes	A2	330	319,454
5.00%, 02/01/15
Couche-Tard Corp., Sr. Sub. Notes	Ba3	50	52,750
7.50%, 12/15/13

Countrywide Home Loan, Inc., Notes	A3	200	192,895
4.125%, 09/15/09
Dollar Financial Group, Gtd. Notes	B3	75	80,250
9.75%, 11/15/11
Duke Capital Corp., Notes	Baa3	100	100,177
4.302%, 05/18/06
Ford Motor Credit Co., Notes	A3	105	103,967
3.75%, 05/16/05
Ford Motor Credit Co., Sr. Notes	A3	600	573,520
5.80%, 01/12/09
Franklin Resources, Inc., Notes	A2	55	54,072
3.70%, 04/15/08
General Electric Capital Corp., Notes
6.125%, 02/22/11	Aaa	280	299,484
6.00%, 06/15/12	Aaa	185	197,395
General Motors Acceptance Corp., Notes	A3	230	213,792
7.25%, 03/02/11
Global Cash, Sr. Sub. Notes	Caa1	100	106,500
8.75%, 03/15/12
Goldman Sachs Group, Inc., Sub. Notes	A1	380	390,759
6.345%, 02/15/34
HBOS PLC, Sub. Notes (United Kingdom)	Aa3	170	178,603
6.00%, 11/01/33 144A (cost $168,008; purchased 10/22/03)(g)(l)
Household Finance Corp., Notes	A1	125	135,359
6.375%, 11/27/12
Huntington National Bank, Sr. Notes	A2	210	206,057
4.375%, 01/15/10
International Lease Finance Corp., Notes	A1	185	195,918
6.375%, 03/15/09
John Deere Capital Corp., Notes	A3	190	213,661
7.00%, 03/15/12
John Hancock Global Funding II, Notes	Aa3	240	244,344
5.625%, 06/27/06 144A(cost $239,522; purchased 06/20/01)(g)
JSG Funding PLC, Sr. Sub. Notes	Caa1	100	93,500
7.75%, 04/01/15 144A(cost $100,000; purchased 01/14/05)(a)(g)
Lehman Brothers Holdings, Notes	A1	305	297,829
3.50%, 08/07/08
MBNA America Bank NA, Notes	Baa1	190	188,639
4.625%, 08/03/09
MBNA America Bank NA, Sub. Notes	Baa2	80	89,244
7.125%, 11/15/12
Orion Power Holdings, Inc., Sr. Notes	B2	75	91,500
12.00%, 05/01/10
Pemex Project Funding Master Trust, Gtd. Notes	Baa1	125	134,063
7.375%, 12/15/14
Refco Finance Holdings LLC, Gtd. Notes	B3	25	26,625
9.00%, 08/01/12 144A(cost $26,598; purchased 09/21/04)(g)
Verizon Global Funding Corp., Notes	A2	165	200,033
7.75%, 12/01/30
Wells Fargo & Co., Notes	Aa1	225	225,243
3.112%, 03/23/07 (c)			5,663,178
Financial-Brokerage
Vanguard Health Holdings II, Sr. Sub. Notes	Caa1	50	52,875
9.00%, 10/01/14
Food – 0.2%
Agrilink Foods, Inc., Gtd. Notes	B3	25	26,063
11.875%, 11/01/08(cost $25,788; purchased 09/11/02)(g)
B&G Foods Holding Corp., Sr. Notes	B2	125	130,625
8.00%, 10/01/11
Del Monte Corp., Sr. Sub. Notes	B2	25	24,500
6.75%, 02/15/15 144A(cost $25,000; purchased 01/25/05)(g)

Dole Foods Co., Sr. Notes	B2	100	108,000
8.875%, 03/15/11
Kraft Foods, Inc., Notes	A3	195	202,610
5.625%, 11/01/11
McCormick & Co., Inc., Notes	A2	260	266,589
6.40%, 02/01/06
Wornick Co., Sec’d. Notes	B2	50	52,500
10.875%, 07/15/11
			810,887
Furniture
Interface, Inc., Sr. Notes	Caa1	75	84,375
10.375%, 02/01/10
Sealy Mattress Co., Sr. Sub., Notes	Caa1	50	52,375
8.25%, 06/15/14
			136,750
Healthcare Services – 0.1%
AmerisourceBergen Corp., Sr. Notes	Ba3	75	80,813
8.125%, 09/01/08
Concentra Operating Corp., Gtd. Notes	B3	25	26,875
9.50%, 08/15/10
Concentra Operating Corp., Sr. Sub. Notes	B3	75	79,875
9.125%, 06/01/12
Genesis Healthcare Corp., Notes	B3	75	82,125
8.00%, 10/15/13
Highmark, Inc., Notes	Baa3	145	156,264
6.80%, 08/15/13 144A(cost $150,410; purchased 08/14/03 - 10/12/04)(g)
InSight Health Services Corp., Gtd. Notes	B3	50	49,250
9.875%, 11/01/11
Inverness Medical Innovations, Inc. Sr. Sub. Notes	Caa1	25	25,500
8.75%, 02/15/12
Tenet Healthcare Corp., Notes	B1	50	47,375
7.375%, 02/01/13(a)
Tenet Healthcare Corp., Sr. Notes	B3	25	26,125
9.875%, 07/01/14
Vicar Operating, Inc., Gtd. Notes	B3	50	54,375
9.875%, 12/01/09
			628,577
Hotels & Motels
Harrahs Operating Co., Inc., Gtd. Notes	Baa3	100	101,844
5.50%, 07/01/10
Hilton Hotels Corp., Notes	Ba1	25	28,584
7.625%, 12/01/12
Host Marriott L.P., Gtd. Notes	Ba3	50	53,000
9.50%, 01/15/07
Las Vegas Sands Corp., Sr. Notes	B2	25	23,844
6.375%, 02/15/15 144A(cost $24,775; purchased 02/03/05)(a)(g)
			207,272
Industrial Products – 0.1%
Brand Services, Inc., Gtd. Notes	B3	75	83,625
12.00%, 10/15/12
Collins & Aikman Corp., Gtd. Notes	Caa1	75	80,250
9.75%, 02/15/10
Euramax International PLC, Sr. Sub. Notes	B2	25	25,875
8.50%, 08/15/11
Massey Energy Co., Sr. Notes	Ba3	75	75,750
6.625%, 11/15/10
Mobile Mini, Inc., Sr. Notes	B2	75	84,750
9.50%, 07/01/13
National Waterworks, Inc., Gtd. Notes	B3	100	111,750
10.50%, 12/01/12
Shaw Group, Inc., Unsec’d. Sr. Notes	Ba2	50	54,500
10.75%, 03/15/10(a)
			516,500
Insurance – 0.5%
Ace INA Holdings, Inc., Notes	A3	155	158,021
5.875%, 06/15/14

AIG SunAmerica Global Financing XII, Notes	Aaa	275	281,021
5.30%, 05/30/07 144A(cost $274,855; purchased 05/15/02)(g)
Allstate Financial Global Funding LLC, Notes	Aa2	180	183,406
5.25%, 02/01/07 144A(cost $179,733; purchased 01/24/02)(g)
Fund American Cos., Inc., Notes	Baa2	195	198,302
5.875%, 05/15/13
Genworth Financial, Inc., Notes	A2	185	190,016
5.75%, 06/15/14
Metlife, Inc., Sr. Notes	A2	200	213,412
6.125%, 12/01/11
Nationwide Financial Services, Inc., Sr. Notes	A3	205	215,496
5.90%, 07/01/12
Nationwide Mutual Insurance Co., Bonds	A2	105	105,743
6.60%, 04/15/34 144A(cost $104,770; purchased 03/31/04)(g)
NLV Financial Corp., Sr. Notes	Baa3	120	135,396
7.50%, 08/15/33 144A(cost $121,248; purchased 08/20/03 - 12/03/03)(g)
Principal Life Global Funding I, Notes	Aa3	185	185,885
5.125%, 10/15/13 144A(cost $183,977; purchased 10/20/03)(g)
Security Benefit Life Insurance Co., Notes	Baa1	80	89,340
7.45%, 10/01/33 144A(cost $79,822; purchased 09/26/03)(g)
Transamerica Capital II Co., Co. Gtd.	Baa1	95	108,910
7.65%, 12/01/26 144A(cost $109,908; purchased 01/03/05)(g)
			2,064,948
Machinery & Equipment – 0.1%
Case New Holland, Inc., Sr. Notes	Ba3	50	53,500
9.25%, 08/01/11 144A(cost $49,415; puchased 07/29/03)(g)
Cummins, Inc., Sr. Notes	Ba2	25	27,688
9.50%, 12/01/10
Dresser-Rand Group, Inc., Sr. Sub. Notes	B3	25	25,125
7.375%, 11/01/14 144A(cost $25,000; purchased 10/15/04)(g)
JLG Industries, Inc., Sr. Sub. Notes	B3	100	107,000
8.375%, 06/15/12(a)
Manitowoc Co., Inc., Sr. Notes	B1	50	51,750
7.125%, 11/01/13
			265,063
Medical Supplies & Equipment – 0.2%
Fresenius Medical Capital Trust II, Gtd. Notes	Ba2	250	262,812
7.875%, 02/01/08
Hospira, Inc., Notes	Baa3	190	191,380
4.95%, 06/15/09
Medquest, Inc., Gtd. Notes	B3	25	24,625
11.875%, 08/15/12
VWR International, Inc., Sr. Notes (Germany)	B2	25	25,188
6.875%, 04/15/12 (l)
VWR International, Inc., Sr. Sub. Notes (Germany)	B3	175	178,063
8.00%, 04/15/14 (l)
Warner Chilcott Corp., Sr. Sub. Notes	Caa1	50	50,500
8.75%, 02/01/15 144A(cost $50,000; purchased 01/13/05)(g)
			732,568
Metals & Mining – 0.3%
Algoma Steel, Inc., Sec’d. Notes	NR	25	27,375
11.00%, 12/31/09
Allegheny Technologies, Inc., Notes	B2	75	80,625
8.375%, 12/15/11
Alpha Natural Resources, Sr. Notes	B3	75	84,375
10.00%, 06/01/12 144A(cost $75,000; purchased 05/13/04)(g)

Autocam Corp., Sr. Sub. Notes	B3	50	43,750
10.875%, 06/15/14
California Steel Industries, Inc., Sr. Notes	Ba3	25	23,875
6.125%, 03/15/14
Century Aluminum Co., Sr. Notes	B1	75	76,125
7.50%, 08/15/14
Compass Minerals Group, Inc., Gtd. Notes	B3	25	27,313
10.00%, 08/15/11
Foundation PA Coal Co., Sr. Notes	B1	75	76,500
7.25%, 08/01/14
Freeport-McMoRan Resource Partners, Inc. L.P., Sr. Notes	Caa1	175	181,125
7.00%, 02/15/08
Hawk Corp., Sr. Notes	B2	50	51,500
8.75%, 11/01/14
Ipsco, Inc., Sr. Notes (Canada)	Ba3	25	27,938
8.75%, 06/01/13 (l)
Ispat Inland ULC, Sec’d. Notes	B3	33	38,775
9.75%, 04/01/14
Neenah Corp., Sec’d. Notes	B2	25	27,875
11.00%, 09/30/10 144A(cost $26,972; purchased 10/15/03)(g)
Newmont Mining Corp., Notes	Baa1	245	240,915
5.875%, 04/01/35
Russel Metals, Inc., Sr. Notes (Canada)	Ba3	75	73,125
6.375%, 03/01/14 (l)
Valmont Industries, Inc., Sr. Sub. Notes	NR	50	49,750
6.875%, 05/01/14
			1,130,941
Oil & Gas – 0.8%
Amerada Hess Corp., Bonds	Ba1	135	161,840
7.875%, 10/01/29
ANR Pipeline, Inc., Notes	B1	25	27,160
8.875%, 03/15/10
Atmos Energy Corp., Notes	Baa3	210	202,397
4.00%, 10/15/09
Baker Hughes, Inc., Sr. Notes	A2	200	238,764
6.875%, 01/15/29
Buckeye Partners, Notes	Baa2	55	54,573
5.30%, 10/15/14
Chesapeake Energy Corp., Sr. Notes	Ba3	25	25,875
7.00%, 08/15/14
ConocoPhillips, Gtd. Bonds	A3	245	258,631
5.90%, 10/15/32
Denbury Resources, Inc., Gtd. Notes	B2	75	77,250
7.50%, 04/01/13
Devon Financing Corp. LLC, Gtd. Notes	Baa2	145	181,184
7.875%, 09/30/31
Diamond Offshore Drilling, Inc., Sr. Notes	Baa2	125	123,938
5.15%, 09/01/14
Duke Capital LLC, Sr. Notes	Baa3	175	184,955
6.25%, 02/15/13
Dynegy-Roseton Danskamme Corp., Gtd. Notes	Caa2	50	49,125
7.27%, 11/08/10
Encana Holdings Financial Corp., Gtd. Notes (Canada)	Baa1	200	209,304
5.80%, 05/01/14 (l)
Encore Acquisition Co., Gtd. Notes	B2	50	54,250
8.375%, 06/15/12
Ferrellgas Partners L.P., Sr. Notes	B2	100	104,500
8.75%, 06/15/12
Forest Oil Corp., Sr. Notes	Ba3	25	27,625
8.00%, 12/15/11
Grant Prideco, Inc., Co. Gtd.	BA3	25	27,125
9.00%, 12/15/09
Halliburton Co., Notes	Baa2	190	190,004
3.45%, 04/26/05 144A (c)(cost $190,000; purchased 05/07/04)(g)

Hanover Compressor Co., Sr. Notes	B3	25	26,875
9.00%, 06/01/14
Hilcorp Energy I L.P., Sr. Notes	B3	75	83,625
10.50%, 09/01/10 144A(cost $75,000; purchased 08/05/03)(g)
Kaneb Pipeline Operating Partnership L.P., Sr. Notes	Ba1	90	102,144
7.75%, 02/15/12
Kinder Morgan, Inc., Sr. Notes	Baa2	180	193,570
6.50%, 09/01/12
Magnum Hunter Resources, Inc., Gtd. Notes	B2	33	37,125
9.60%, 03/15/12
Panhandle Eastern Pipe Line Co., Sr. Notes	Baa3	70	70,091
4.80%, 08/15/08
Parker Drilling Co., Gtd.	B2	25	26,313
10.125%, 11/15/09
Pemex Project Funding Master Trust, Notes	Baa1	190	194,275
4.31%, 06/15/05 144A(cost $187,464; purchased 06/08/04)(g)
Petroleum Geo-Services ASA, Notes (Norway)	B1	75	84,563
10.00%, 11/05/10 (l)
Pioneer Natural Resource Co., Sr. Notes	Baa3	95	97,353
5.875%, 07/15/16
Plains All American Pipeline L.P., Gtd.	Ba1	70	80,684
7.75%, 10/15/12
Range Resources Corp., Sr. Sub. Notes	B3	50	51,250
7.375%, 07/15/13
Swift Energy Co., Sr. Notes	B1	50	52,000
7.625%, 07/15/11
TGT Pipeline LLC, Notes	Baa2	55	54,828
5.50%, 02/01/17 144A(cost $54,820; purchased 01/12/05)(g)
Transocean, Inc., Notes	Baa2	110	136,254
7.50%, 04/15/31
XTO Energy, Inc., Sr. Notes	Baa3	130	139,878
6.25%, 04/15/13
			3,629,328
Paper & Forest Products – 0.1%
Boise Cascade LLC, Sr. Sub. Notes	B2	100	101,750
7.125%, 10/15/14 144A(cost $101,344; purchased 10/15/04)(g)
Celulosa Arauco Y Constitucion SA, Notes (Chile)	Baa2	160	153,320
5.125%, 07/09/13 (l)
Graphic Packaging International Corp., Sr. Notes	B2	25	26,375
8.50%, 08/15/11
JSG Funding PLC, Sr. Notes (Ireland)	B2	50	54,000
9.625%, 10/01/12 (l)
Weyerhaeuser Co., Debs.	Baa2	40	46,913
7.375%, 03/15/32
Weyerhaeuser Co., Notes	Baa2	90	98,988
6.75%, 03/15/12
			481,346
Pharmaceuticals – 0.2%
Abbott Laboratories, Notes	A1	360	366,805
5.625%, 07/01/06
Amgen, Inc., Sr. Notes	A2	125	121,880
4.00%, 11/18/09 144A(cost $124,770; purchased 11/15/04)(g)
GlaxoSmithKline Capital, Inc., Gtd. Notes	Aa2	125	123,729
5.375%, 04/15/34
Wyeth, Bonds	Baa1	115	124,916
6.50%, 02/01/34
			737,330

Printing & Publishing – 0.2%
Canwest Media, Inc., Sr. Sub. Notes (Canada)
10.625%, 05/15/11 (l)	B2	100	109,500
8.00%, 09/15/12 (l)144A(cost $130,192; purchased 11/18/04)(g)	B2	137	145,403
CBD Media, Inc., Gtd. Notes	B3	50	51,750
8.625%, 06/01/11
Dex Media East LLC, Gtd. Notes
9.875%, 11/15/09	B2	25	27,625
12.125%, 11/15/12	B3	98	116,620
Dex Media West LLC, Sr. Notes	B3	25	26,813
8.50%, 08/15/10
Houghton Mifflin Co., Sr. Notes	B2	25	25,625
8.25%, 02/01/11
Houghton Mifflin Co., Sr. Sub. Notes	B3	50	51,750
9.875%, 02/01/13
Primedia, Inc., Sr. Notes
8.875%, 05/15/11	B3	50	52,375
8.00%, 05/15/23	B2	25	25,625
Sun Media Corp., Gtd. Notes (Canada)	Ba3	50	52,250
7.625%, 02/15/13 (l)
Vertis, Inc., Sec’d. Notes	B2	25	26,250
9.75%, 04/01/09
			711,586
Railroads – 0.1%
Canandian National Railways Co., Bonds	Baa1	195	213,702
6.25%, 08/01/34
Norfolk Southern Corp., Sr. Notes	Baa1	235	246,966
6.00%, 04/30/08
			460,668
Real Estate – 0.4%
BF Saul, Sec’d. Notes	B3	25	26,063
7.50%, 03/01/14
Developers Diversified Realty Corp., Notes	Baa3	145	139,799
3.875%, 01/30/09
EOP Operating L.P., Notes	Baa2	145	141,907
4.65%, 10/01/10
Geo Group, Inc. (The), Sr. Notes	B1	25	25,625
8.25%, 07/15/13
Lennar Corp., Sr. Notes Series B	Baa3	145	142,996
5.50%, 09/01/14
NVR, Inc., Sr. Notes	Baa3	150	148,125
5.00%, 06/15/10
Omega Healthcare Investors, Inc., Sr. Notes	B1	50	50,250
7.00%, 04/01/14
Pulte Homes, Inc., Gtd. Notes	Baa3	150	168,179
7.875%, 08/01/11
Reckson Operating Partnership L.P., Notes	Ba1	180	179,625
5.15%, 01/15/11
Rouse Co., Notes	Baa3	350	350,931
8.43%, 04/27/05
Simon Property Group L.P., Notes	Baa2	190	182,514
3.75%, 01/30/09
Universal City Development, Notes	B2	150	171,750
11.75%, 04/01/10
WCI Communities, Inc., Gtd. Notes	Ba3	50	53,750
9.125%, 05/01/12
			1,781,514
Restaurants – 0.1%
El Pollo Loco, Inc., Sec’d. Notes	B2	50	51,250
9.25%, 12/15/09
EPL Intermediate, Inc., Sr. Disc. Notes, Zero Coupon (until 3/15/09)	Caa1	50	32,750
12.50%, 03/15/10
Perkins Family Restuarants L.P., Sr. Notes	B1	75	76,594
10.125%, 12/15/07
Real Mex Restaurants, Inc., Sec’d Notes	B2	25	26,188
10.00%, 04/01/10 144A(cost $26,490; purchased 02/04/05)(g)
Yum! Brands, Inc., Sr. Notes	Baa3	185	215,396
7.70%, 07/01/12
			402,178

Retail & Merchandising – 0.1%
Adesa Corp., Sr. Sub. Notes	B1	50	50,250
7.625%, 06/15/12
Asbury Automotive Group, Inc., Gtd. Notes	B3	25	25,625
9.00%, 06/15/12
CVS Corp., Notes	A3	105	102,553
4.00%, 09/15/09
Jean Coutu Group PJC, Inc., Sr. Notes (Canada)	B2	75	76,875
7.625%, 08/01/12 (l)
Kroger Co., Gtd. Notes	Baa2	180	202,960
8.05%, 02/01/10
Pantry, Inc., Sr. Sub. Notes	B3	50	52,000
7.75%, 02/15/14
			510,263
Semiconductors
AMI Semiconductor, Inc., Gtd. Notes	B3	33	39,683
10.75%, 02/01/13
Telecommunications – 0.9%
America Movil SA de CV, Co. Gtd. (Mexico)	Baa1	115	110,532
5.50%, 03/01/14 (l)
America Movil SA de CV, Notes (Mexico)	A3	120	109,174
6.375%, 03/01/35 (l)
American Tower Corp., Sr. Notes	B3	50	50,000
7.125%, 10/15/12
AT&T Broadband Corp., Gtd. Notes	Baa3	205	243,951
8.375%, 03/15/13
Call-Net Enterprises, Inc., Gtd. Notes	Caa3	100	105,500
10.625%, 12/31/08
Centennial Communications Corp., Gtd. Notes	Caa1	50	55,500
10.125%, 06/15/13
Deutsche Telekom International Finance BV, Gtd. Notes (Netherlands)	Baa3	160	209,876
8.75%, 06/15/30 (l)
Echostar DBS Corp., Sr. Notes	Ba3	3	3,218
9.125%, 01/15/09
Eircom Funding, Sr. Sub. Notes (Ireland)	B1	100	109,250
8.25%, 08/15/13 (l)
France Telecom SA, Notes (France)	Baa1	155	177,569
8.00%, 03/01/11 (l)
Horizon PCS, Inc., Sr. Notes	B3	25	28,500
11.375%, 07/15/12 144A(cost $28,284; purchased 01/19/05)(g)
Inmarsat Finance PLC, Co. Gtd. (United Kingdom)	B2	25	25,000
7.625%, 06/30/12 (l)
Intelsat Bermuda Ltd., Sr. Notes (Bermuda)	B1	100	102,000
7.794%, 07/15/05 144A(cost $100,000; purchased 01/24/05)(g)(l)
IPCS Escrow Co., Sr. Notes	B3	50	56,500
11.50%, 05/01/12
Lucent Technologies, Inc., Notes	Caa1	75	73,688
5.50%, 11/15/08
Motorola, Inc., Notes	Baa3	215	222,454
5.80%, 10/15/08
New Cingular Wireless Services, Inc., Sr. Notes	Baa2	170	224,957
8.75%, 03/01/31
Primus Telecommunications Group, Inc., Sr. Notes	B3	75	54,375
8.00%, 01/15/14
Rogers Wireless, Inc., Sec’d. Notes (Canada)	Ba3	75	85,500
9.625%, 05/01/11 (l)
Rogers Wireless, Inc., Sr. Sec’d. Notes (Canada)	Ba3	150	146,250
6.375%, 03/01/14 (l)

Sprint Capital Corp., Co. Gtd.	Baa3	220	245,174
7.625%, 01/30/11
Telecom Italia Capital, Gtd. Notes (Luxembourg)	Baa2	155	153,396
5.25%, 11/15/13 (l)
Telefonos de Mexico SA, Notes	A3	150	142,597
5.50%, 01/27/15 144A(cost $146,603; purchased 03/10/05)(g)(l)
Telex Communications, Inc., Sec’d. Notes	B3	75	82,500
11.50%, 10/15/08
Telus Corp., Notes (Canada)	Baa3	135	156,528
8.00%, 06/01/11 (l)
Time Warner Telecom LLC, Sr. Notes	B3	75	73,500
9.75%, 07/15/08(a)
Time Warner Telecom, Inc., Sr. Notes	B3	50	49,500
10.125%, 02/01/11(a)
TSI Telecommunication Services, Inc., Gtd. Notes	B3	75	84,000
12.75%, 02/01/09
Ubiquitel Operating Co., Sr. Notes	Caa1	75	83,063
9.875%, 03/01/11
United States Cellular Corp., Notes	Baa1	110	114,727
6.70%, 12/15/33
US Unwired, Inc., Sec’d. Notes	Caa1	75	83,438
10.00%, 06/15/12
Viacom, Inc., Co. Gtd.	A3	135	151,084
7.70%, 07/30/10
Western Wireless Corp., Sr. Notes	Caa1	125	143,125
9.25%, 07/15/13
			3,756,426
Transportation – 0.1%
CHC Helicopter Corp., Sr. Sub. Notes	B2	25	24,469
7.375%, 05/01/14
Petroleum Helicopters, Inc., Gtd. Notes, Series B	B1	75	80,063
9.375%, 05/01/09
Travelcenters of America, Inc., Gtd. Notes	B3	175	196,874
12.75%, 05/01/09
Union Tank Car Co., Notes	A2	150	157,597
7.125%, 02/01/07
			459,003
Utilities – 1.0%
AES Corp., Sec’d. Notes	B2	100	110,500
9.00%, 05/15/15 144A(cost $102,294; purchased 05/01/03 - 09/10/03)(g)
AES Corp., Sr. Notes
8.875%, 02/15/11	B3	125	135,938
7.75%, 03/01/14	B3	25	25,938
Alabama Power Co., Sr. Notes	A2	175	175,261
3.063%, 08/25/09
Allegheny Energy Supply Co. LLC, Notes	B3	25	26,063
7.80%, 03/15/11
Appalachian Power Co., Sr. Notes, Series E	Baa2	185	185,583
4.80%, 06/15/05
Black Hills Corp., Notes	Baa3	150	154,980
6.50%, 05/15/13
Canadian Natural Resources Ltd., Notes (Canada)	Baa1	300	351,180
7.20%, 01/15/32 (l)
CE Electric UK Funding Co., Sr. Notes (United Kingdom)	Baa3	155	162,384
6.995%, 12/30/07 144A (cost $164,880; purchased 03/03/04)(g)(l)
Centerpoint Energy, Inc. Sr. Notes	Ba2	135	147,761
7.25%, 09/01/10
Chesapeake Energy Corp., Gtd. Notes	Ba3	100	110,875
9.00%, 08/15/12
CMS Energy Corp., Sr. Notes	B3	400	433,999
8.50%, 04/15/11

Edison Mission Energy, Sr. Notes	B2	100	116,000
9.875%, 04/15/11
Exelon Generation Co. LLC, Notes	Baa1	155	155,838
5.35%, 01/15/14
Markwest Energy Partners L.P., Sr. Notes	B1	25	25,125
6.875%, 11/01/14 144A(cost $25,000; purchased 10/19/04)(g)
NRG Energy, Inc., Sec’d. Notes	B2	173	183,813
8.00%, 12/15/13 144A(cost $185,474; purchased 01/27/04 - 01/25/05)(g)
Pacific Gas & Electric Corp., First Mtge.	Baa1	150	154,554
6.05%, 03/01/34
Pacific Gas & Electric, Notes	Baa1	43	43,122
3.26%, 04/03/06 (c)
Pinnacle West Capital Corp., Sr. Notes	Baa2	150	152,127
6.40%, 04/01/06
PPL Capital Funding, Gtd. Notes	Baa3	190	185,017
4.33%, 03/01/09 (c)
Progress Energy, Inc., Sr. Notes	Baa2	130	133,261
6.75%, 03/01/06
Public Service Co. of New Mexico, Sr. Notes	Baa3	245	242,721
4.40%, 09/15/08
Puget Sound Energy, Inc., Notes	Baa2	195	195,300
2.37%, 07/14/06 (c)
Sierra Pacific Resources, Sr. Notes	B2	175	187,250
8.625%, 03/15/14
TXU Energy Co., Notes	Baa2	45	45,006
3.42%, 04/14/05 144A (c)
Utilicorp Canada Finance Corp., Gtd. Notes (Canada)	B2	25	25,875
7.75%, 06/15/11 (l)
Westar Energy, Inc., First Mortgage	BA1	110	117,604
7.875%, 05/01/07
Williams Cos., Inc., Notes	B3	25	29,813
8.75%, 03/15/32
WPD Holdings UK, Jr. Unsub. Notes (United Kingdom)	Baa2	110	114,979
6.875%, 12/15/07 144A (cost $111,858; purchased 11/06/03)(g)(l)
			4,127,867
TOTAL CORPORATE OBLIGATIONS (Cost $40,804,858)			41,256,037
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 9.5%
Federal Home Loan Banks		2,345	2,332,854
2.77%, 06/06/05
Federal Home Loan Mortgage Corp.
4.50%, 11/01/18 - 04/01/19		441	432,234
4.583%, 09/01/32 (c)		115	115,354
5.00%, 12/01/08 - 12/01/33		3,690	3,676,934
5.50%, 12/01/33		176	176,357
6.00%, 10/01/09 - 12/01/33		3,374	3,447,799
6.625%, 09/15/09		1,000	1,087,905
7.00%, 11/01/30 - 06/01/32		153	161,768
			9,098,351
Federal National Mortgage Assoc.
3.25%, 08/15/08		475	459,807
4.375%, 09/15/12		450	440,106
4.50%, 05/01/18 - 11/01/33		5,812	5,685,567
5.00%, 03/01/18 - 03/01/34		1,377	1,359,626
5.50%, 01/01/17 - 12/01/34		10,543	10,620,165
6.00%, 05/15/08 - 11/01/34		3,229	3,319,525
6.50%, 05/01/17 - 12/01/32		1,919	1,999,143
7.00%, 01/01/31 - 04/01/32		15	15,646
7.125%, 06/15/10		535	598,278
			24,497,863
Government National Mortgage Assoc.
2.946%, 03/16/19 (c)		260	248,737
5.00%, 07/15/33 - 03/20/34		1,828	1,805,982

5.50%, 01/20/34 - 05/20/34			1,438		1,451,096
6.00%, 02/15/26 - 01/20/35			436		447,344
6.50%, 02/15/28 - 12/20/33			177		184,948
7.00%, 03/15/13 - 08/15/26			371		393,347
8.00%, 12/15/16 - 07/15/23			45		47,713
8.50%, 06/15/16 - 10/15/26			126		137,580
9.50%, 10/15/09 - 03/15/19			4		4,082
12.00%, 09/15/13			(r	)-	181
					4,721,010
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $40,867,461)					40,650,078
U.S. TREASURY OBLIGATIONS – 8.2%
U.S. Treasury Bonds
7.50%, 11/15/16			750		940,547
8.50%, 02/15/20			875		1,217,788
6.25%, 08/15/23			170		197,990
7.625%, 02/15/25(a)			300		404,285
6.00%, 02/15/26			1,110		1,270,126
6.25%, 05/15/30(a)			865		1,039,554
5.375%, 02/15/31(a)			935		1,019,333
U.S. Treasury Inflationary Bonds
2.00%, 07/15/14 [TIPS]			650		671,847
2.375%, 01/15/25 [TIPS]			1,100		1,197,292
U.S. Treasury Notes
1.625%, 04/30/05			220		219,863
6.50%, 08/15/05			2,845		2,882,787
1.875%, 11/30/05			385		381,692
1.50%, 03/31/06			945		927,393
3.25%, 08/15/07			3,945		3,893,068
3.00%, 11/15/07(a)			2,000		1,957,188
3.375%, 11/15/08			610		596,514
3.375%, 12/15/08(a)			1,965		1,919,715
4.00%, 06/15/09(a)			1,830		1,822,923
3.50%, 02/15/10			145		140,780
5.75%, 08/15/10(a)			5,250		5,635,551
5.00%, 08/15/11(a)			5,325		5,533,841
4.25%, 11/15/13(a)			1,105		1,088,296
TOTAL U.S. TREASURY OBLIGATIONS (Cost $35,123,263)					34,958,373
COLLATERALIZED MORTGAGE OBLIGATIONS – 2.7%
Banc of America Commercial Mortgage, Inc., Series 2004-6 Class A1	AAA	(d)	101		99,648
3.801%, 12/10/42 (c)
Bank of America Commercial Mortgage, Inc., Series 2003-1, Class A2	AAA	(d)	350		343,986
4.648%, 09/11/36 (c)
Bank of America Mortgage Securities, Series 2003-L, Class 2A2	Aaa		564		557,195
4.288%, 01/25/34 (c)
Bank of America Mortgage Securities, Series 2004-A, Class 2A2	AAA	(d)	333		327,917
4.138%, 02/25/34 (c)
Bank of America Mortgage Securities, Series 2004-D, Class 2A2	AAA	(d)	122		120,187
4.23%, 05/25/34 (c)
Bank of America Mortgage Securities, Series 2004-H, Class 2A2	Aaa		191		190,677
4.814%, 09/25/34 (c)
Bank of America Mortgage Securities, Series 2004-I, Class 3A2	Aaa		216		215,036
5.005%, 10/25/34 (c)
Bear Stearns Commercial Mortgage Securities, Series 2004-PWR6, Class A1	Aaa		76		74,979
3.688%, 11/11/41

Bear Stearns Commercial Mortgage Securities, Series 2004-T14, Class A2	Aaa		900	888,480
4.17%, 01/12/41
Citigroup Commercial Mortgage Trust, Series 2004-C2, Class A1	Aaa		72	71,344
3.787%, 10/15/41
CS First Boston Mortgage Securities Corp., Series 2005-C1, Class A2	Aaa		1,175	1,169,385
4.609%, 02/15/38
Fannie Mae, Series 2002-74, Class PJ	Aaa		575	580,843
5.00%, 03/25/15
Fannie Mae, Series 2003-92, Class NM	Aaa		300	294,899
3.50%, 04/25/13
Fannie Mae, Series 2003-40, Class NI	Aaa		212	13,923
5.50%, 04/01/33 [IO]
Federal Home Loan Mortgage Corp., Series 2882, Class YB	Aaa		250	250,320
5.00%, 10/15/27
Federal Home Loan Mortgage Corp., Series 2890, Class PB	Aaa		750	750,960
5.00%, 11/15/27
Federal National Mortgage Assoc., Series 319, Class 2	Aaa		101	22,664
6.50%, 02/01/32 [IO]
Freddie Mac, Series 2614, Class IH	Aaa		390	61,927
4.50%, 05/15/16 [IO]
Freddie Mac, Series 2631, Class IG	Aaa		625	46,139
4.50%, 07/15/11 [IO]
Freddie Mac, Series 2631, Class PC	Aaa		750	741,737
4.50%, 03/15/16
Freddie Mac, Series 2686, Class JG	Aaa		800	810,838
5.50%, 04/15/28
General Electric Capital Commercial Mortgage Corp., Series 2001-1, Class A2	Aaa		390	424,006
6.531%, 05/15/33
GMAC Commercial Mortgage Securities, Inc., Series 2001-C2, Class A2	AAA	(d)	375	410,946
6.70%, 04/15/34
Greenwich Capital Commercial Funding Corp., Series 2004-GG1A, Class A2	Aaa		335	331,506
3.835%, 10/08/08
Greenwich Capital Commercial Funding Corp., Series 2005-Gg3, Class Aab	Aaa		160	157,324
4.619%, 08/10/42
J.P. Morgan Chase Commercial Mortgage Finance Corp., Series 2001-CIB2, Class A2	AAA	(d)	325	340,810
6.244%, 04/15/35
J.P. Morgan Chase Commercial Mortgage Finance Corp., Series 2001-CIBC, Class A3	AAA	(d)	425	456,386
6.26%, 03/15/33
LB-UBS Commercial Mortgage Trust, Series 2004-C2 , Class A2	Aaa		475	453,407
3.246%, 03/01/29
LB-UBS Commercial Mortgage Trust, Series 2004-C4, Class A2	Aaa		750	749,504
4.567%, 05/15/29 (c)
Morgan Stanley Capital I, Inc., Series 2005-T17 Cl-A5	AAA	(d)	275	269,327
4.78%, 12/13/41
Washington Mutual Mortgage, Series 2004-AR1, Class A	Aaa		196	193,508
4.229%, 03/25/34
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $11,710,076)				11,419,808

ASSET-BACKED SECURITIES – 0.9%
BankBoston Home Equity Loan Trust, Series 1998-1, Class A6	Aaa		204	207,398
6.35%, 02/25/13
Capital Auto Receivables Asset Trust, Series 2002-2, Class CTFS	Aaa		109	109,795
4.18%, 10/15/07
Chase Funding Mortgage Loan Asset-Backed, Series 2002-2, Class 1M1	Aa2		80	80,799
5.599%, 09/25/31 (c)
Chase Manhattan Auto Owner Trust, Series 2003-A, Class A4	Aaa		285	275,817
2.06%, 12/15/09
Citibank Credit Card Issuance Trust, Series 2001-C1, Class C1	Baa2		235	239,947
3.74%, 01/15/10 (c)
Citibank Credit Card Issuance Trust, Series 2004-C1, Class-C1	Baa		625	632,917
3.46%, 07/15/13 (c)
Countrywide Asset-Backed Certificates, Series 2003-5, Class AF3	Aaa		315	313,814
3.613%, 04/25/30 (c)
Fannie Mae Whole Loan, Series 2003-W16, Class AF3	Aaa		191	190,255
2.91%, 07/25/29
Hyundai Auto Receivables Trust, Series 2003-A, Class A4	Aaa		175	171,075
3.02%, 10/15/10
Hyundai Auto Receivables Trust, Series 2003-A, Class D	Baa2		80	79,853
4.06%, 10/15/10
MBNA Master Credit Card Trust, Series 2000-D, Class C	BBB	(d)	300	323,134
8.40%, 09/15/09 144A(cost $312,976; purchased 05/16/02)(g)
Morgan Stanley Auto Loan Trust, Series 2004-HB1, Class C	Baa2		89	87,768
2.88%, 10/15/11
PECO Energy Transition Trust, Series 2001-A, Class A1	Aaa		475	515,654
6.52%, 12/31/10
Reliant Energy Transition Bond Co. LLC, Series 2001-1, Class A4	Aaa		350	364,658
5.63%, 09/15/15
World Financial Network Credit Card Master Trust, Series 2003-A, Class A2	Aaa		375	377,262
3.18%, 04/15/05 (c)
TOTAL ASSET-BACKED SECURITIES (Cost $3,947,782)				3,970,146
U.S. GOVERNMENT AGENCY OBLIGATIONS – 0.6%
Federal Home Loan Bank			300	321,015
5.75%, 05/15/12
Federal Home Loan Mortgage Corp.
2.75%, 03/15/08			350	336,446
5.125%, 07/15/12			565	579,650
Federal National Mortgage Assoc.
3.25%, 02/15/09			700	672,852
6.00%, 05/15/11			325	348,396
Student Loan Marketing Assoc.
2.30%, 01/26/09 (c)			225	225,485
4.38%, 04/01/09 (c)			155	153,063
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $2,615,091)				2,636,907
FOREIGN GOVERNMENT BONDS – 0.2%
Republic of South Africa (South Africa)(l)	Baa2		265	278,912
6.50%, 06/02/14
United Mexican States (Mexico)(l)
3.33%, 01/13/09 (c)	Baa2		150	151,763
6.375%, 01/16/13	Baa2		205	213,200
TOTAL FOREIGN GOVERNMENT BONDS (Cost $631,736)				643,875

MUNICIPAL BONDS – 0.2%
Georgia – 0.2%
Atlanta GA Airport Passenger Facility Charge Revenue Bonds	Aaa		440	450,762
5.00%, 01/01/33
Kansas
Kansas State Development Finance Authority, Revenue Bonds	Aaa		125	127,949
5.501%, 05/01/34
Oregon
Oregon State Taxable Pension, General Obligation Unlimited	Aa3		60	64,514
5.892%, 06/01/27
TOTAL MUNICIPAL BONDS (Cost $638,777)				643,225
		Units
WARRANTS*
Entertainment & Leisure
Mikohn Gaming Corp., expiring 08/15/08 144A(cost $0; purchased 01/16/02)(g)			75	20
Transportation
Travelcenters of America, expiring 05/01/09 (cost $0; purchased 03/16/01)(g)			525	2,888
TOTAL WARRANTS (Cost $0)				2,908
TOTAL LONG-TERM INVESTMENTS (Cost $382,798,053)				421,566,787
		Principal Amount (000)		Value
SHORT-TERM INVESTMENTS – 19.6%
Certificates of Deposit – 1.6%
Banco Santander PR		$	1,194	1,193,710
2.72%, 04/07/05 (b)(c)
Canadian Imperial Bank of Commerce			262	261,715
1.72%, 05/25/05 (b)
Eurohypo AG			4,925	4,925,432
2.78%, 04/18/05 (b)
Fortis Bank NY			312	312,005
1.775%, 06/06/05 (b)
Societe Generale			209	208,604
2.76%, 04/14/05 (b)
				6,901,466
Commercial Paper – 2.6%
Countrywide Home Loans			1,500	1,497,195
2.816%, 04/27/05 (b)
Falcon Asset Securitization			152	151,539
2.77%, 04/15/05 (b)
Liberty Funding Corp.			3,509	3,501,024
2.80%, 04/22/05 (b)
Nordeutsche Landesbank			2,560	2,554,371
2.805%, 04/18/05 (b)
Skandinaviska Enskilda Banken			1,223	1,222,940
2.80%, 04/17/05 (b)(c)
Thames Asset Global Securities			2,027	2,022,237
2.80%, 04/20/05 (b)
				10,949,306
Corporate Obligations – 6.8%
Bank of America NA
2.58%, 04/01/05 (b)			246	245,695
2.80%, 04/01/05 (b)(c)			1,345	1,344,655

Barton Capital Corp.	2,471		2,471,281
2.83%, 04/01/05 (b)
Goldman Sachs Group, Inc.	4,096		4,095,719
2.955%, 04/01/05 (b)(c)
Lehman Brothers	1,596		1,595,882
2.935%, 04/01/05 (b)(c)
Merrill Lynch & Co., Inc.	9,476		9,475,966
2.975%, 04/01/05 (b)
Morgan Stanley
2.82%, 04/01/05 (b)(c)	4,223		4,222,911
2.84%, 04/01/05 (b)(c)	432		431,571
Natexis Banque NY	4,901		4,901,162
2.925%, 04/01/05 (b)(c)
Sedna Finance Corp.	321		320,686
2.78%, 04/15/05 (b)(c)
			29,105,528
Time Deposit – 2.8%
Chase Manhattan Bank	4,026		4,026,454
2.843%, 04/01/05 (b)
Societe Generale NY	7,942		7,942,312
2.875%, 04/01/05 (b)
			11,968,766
	Shares
Non-Registered Investment Company – 3.4%
BlackRock Institutional Money Market Trust(b)(j)	14,593,397		14,593,397
Registered Investment Companies – 2.4%
BlackRock Provident Institutional Funds TempCash Portfolio (j)	5,178,406		5,178,406
BlackRock Provident Institutional Funds TempFund Portfolio (j)	5,178,405		5,178,405
			10,356,811
TOTAL SHORT-TERM INVESTMENTS (Cost $83,875,274)			83,875,274
Total Investments — 118.1% (Cost $466,673,327(p))			505,442,061
Liabilities in Excess of Other Assets — (18.1%)			(77,609,626	)
Net Assets — 100.0%		$	427,832,435

The following abbreviations 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.
ADR	American Depository Receipt
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 Protection Securities

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities is $71,392,160; cash collateral of $73,518,463 (included with liabilities) 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 next date on which the rate of interest is adjusted.

(d) Standard & Poor’s rating.

(g) Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $6,849,922. The aggregate value, $6,788,459 represents 1.59% of net assets.

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

(l) US$ Denominated Foreign Bonds.

(o) Fair valued security.

(p) The United States federal income tax basis of the Fund’s investments was $467,815,112; accordingly, net unrealized appreciation on investments for federal income tax purposes was $37,626,949 (gross unrealized appreciation - $ 49,552,882; gross unrealized depreciation - $11,925,933). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

(r) Less than 1,000 par.

(t) When issued security.

AST T. Rowe Price Global Bond Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Moody’s Rating	Amount Principal (000)#	Value
LONG-TERM INVESTMENTS - 90.2%
FOREIGN BONDS – 55.6%
Australia – 0.3%
Eurofima, Sr. Notes	Aaa	AUD 1,570	$	1,240,057
6.50%, 08/22/11
Austria – 1.5%
Republic of Austria, Notes
5.25%, 01/04/11	Aaa	EUR 700		1,004,606
3.80%, 10/20/13	Aaa	EUR 1,800		2,379,384
Republic of Austria, Unsub. Notes	Aaa	EUR 1,800		2,430,023
4.00%, 07/15/09 144A(cost $2,354,055; purchased 05/21/03 - 01/04/05)(g)
				5,814,013
Belgium – 0.3%
Belgium Kingdom, Notes	Aa1	EUR 740		1,094,976
5.00%, 03/28/35
Canada – 3.0%
Canadian Government, Bonds
6.00%, 06/01/11	Aaa	CAD 800		730,826
5.25%, 06/01/12	Aaa	CAD 1,905		1,679,745
5.25%, 06/01/13	Aaa	CAD 900		769,163
5.00%, 06/01/14	Aaa	CAD 5,800		5,036,702
5.75%, 06/01/29	Aaa	CAD 1,115		1,052,849
5.75%, 06/01/33		CAD 1,180		1,131,032
Canadian Natural Resources Ltd., Notes	Baa1	270		316,063
7.20%, 01/15/32
Canandian National Railway Co., Bonds	Baa1	230		252,059
6.25%, 08/01/34
Encana Holdings Finance Corp., Gtd. Notes	Baa1	280		293,026
5.80%, 05/01/14
Ford Credit Canada, Sr. Notes	A3	GBP 90		169,189
7.25%, 12/07/07
Telus Corp., Notes	Baa3	135		156,528
8.00%, 06/01/11
				11,587,182
Chile – 0.1%
Celulosa Arauco y Constitucion SA, Notes	Baa2	225		215,606
5.125%, 07/09/13
Denmark – 1.7%
Kingdom of Denmark, Bonds	Aaa	DKK 33,350		6,105,975
8.00%, 03/15/06
Kingdom of Denmark, Notes	Aaa	DKK 2,750		529,383
5.00%, 11/15/13
				6,635,358
Finland – 1.1%
Finland Government, Bonds	Aaa	EUR 3,000		4,095,953
5.00%, 07/04/07
France – 5.4%
BNP Paribas SA, Sub. Notes
5.625%, 08/07/08	Aa3	EUR 150		210,213
5.25%, 12/17/12	Aa3	EUR 100		142,993
Credit Lyonnais SA, Sub. Notes	A1	EUR 300		409,446
5.00%, 11/15/12
Dexia Credit Local, Notes	Aa2	EUR 270		373,911
5.25%, 04/25/08
France Telecom SA, Sr. Unsub. Notes	Baa3	EUR 435		651,464
7.00%, 12/23/09
France Telecom, Sr. Unsub. Bonds	Baa2	EUR 100		187,192
8.125%, 01/28/33

French Government, Bonds
4.00%, 10/25/09	Aaa		EUR 2,500	3,380,319
5.00%, 04/25/12	Aaa		EUR 5,200	7,441,251
4.75%, 10/25/12	Aaa		EUR 1,150	1,623,859
4.00%, 10/25/14	Aaa		EUR 1,300	1,737,740
5.50%, 04/25/29	Aaa		EUR 1,280	2,014,130
5.75%, 10/25/32	Aaa		EUR 1,790	2,938,766
Vivendi Environment, Sr. Notes	Baa1		EUR 100	140,859
5.875%, 06/27/08
				21,252,143
Germany – 13.1%
German Government, Bonds
5.00%, 05/20/05	Aaa		EUR 4,450	5,788,611
6.00%, 01/05/06	Aaa		EUR 4,200	5,595,882
6.00%, 07/04/07	Aaa		EUR 4,900	6,821,165
4.25%, 02/15/08	Aaa		EUR 2,200	2,970,366
4.75%, 07/04/08	Aaa		EUR 5,350	7,354,708
5.25%, 01/04/11	Aaa		EUR 5,200	7,480,563
5.50%, 01/04/31	Aaa		EUR 3,500	5,540,892
4.75%, 07/04/34	Aaa		EUR 3,175	4,560,356
KfW Bankengruppe, Gtd. Notes	Aaa		GBP 2,643	4,950,577
4.75%, 12/07/10
				51,063,120
Greece – 0.4%
Greek Government, Bonds	A+	(d)	EUR 1,075	1,685,377
6.50%, 01/11/14
Ireland – 0.8%
Irish Government, Bonds	Aaa		EUR 2,000	2,697,889
4.25%, 10/18/07
Irish Life & Permanent PLC, Sub. Notes	A2		EUR 200	296,570
6.25%, 02/15/11
				2,994,459
Italy – 3.4%
Italy Treasury, Bonds
5.00%, 10/15/07	Aa2		EUR 3,320	4,556,033
5.25%, 08/01/11	Aa2		EUR 1,170	1,686,004
7.25%, 11/01/26	Aa2		EUR 660	1,229,155
6.00%, 05/01/31	Aa2		EUR 840	1,386,418
Italy Treasury, Debs.	Aa2		EUR 2,920	4,124,694
6.75%, 07/01/07
UniCredito Italiano SPA, Sub. Notes	Aa3		EUR 150	222,849
6.10%, 02/28/12
				13,205,153
Japan – 5.2%
Japanese Government, Bonds
1.30%, 06/20/11	A2		JPY 206,700	1,995,720
1.10%, 09/20/12	A2		JPY 304,200	2,866,544
1.00%, 12/20/12	A2		JPY 859,700	8,023,984
1.30%, 12/20/13	A2		JPY 216,600	2,043,061
1.50%, 03/20/15	A2		JPY 87,400	828,868
2.00%, 06/20/22	A2		JPY 454,500	4,382,354
				20,140,531
Mexico – 2.8%
America Movil SA de CV, Gtd. Notes	Baa1		115	110,532
5.50%, 03/01/14
America Movil SA de CV, Notes	A3		130	118,272
6.375%, 03/01/35
Mexican Government, Bonds
8.00%, 12/23/10	Baa1		MXN 22,650	1,847,518
9.00%, 12/20/12	A-	(d)	MXN 69,970	6,333,562
8.00%, 12/07/23	Baa1		MXN 13,665	956,279
10.00%, 12/05/24	A	(d)	MXN 11,820	992,210
United Mexican States, Notes
3.33%, 01/13/09 (c)	Baa2		140	141,645
6.375%, 01/16/13	Baa2		380	395,200
				10,895,218
Netherlands – 5.2%
Deutsche Telekom International Finance BV, Gtd. Notes
4.00%, 01/19/15	Baa1		500	639,227
8.75%, 06/15/30	Baa2		185	242,669

E.ON International Finance BV, Gtd. Notes	A1	EUR 200	284,824
5.75%, 05/29/09
ING Bank NV, Sub. Notes	Aa3	110	110,425
5.125%, 05/01/15 144A(cost $111,736; purchased 05/06/03)(g)
Netherlands Government, Bonds
4.00%, 07/15/05	Aaa	EUR 7,400	9,767,821
5.75%, 02/15/07	Aaa	EUR 660	906,560
5.00%, 07/15/12	Aaa	EUR 3,105	4,436,902
4.25%, 07/15/13	Aaa	EUR 2,220	3,032,902
Telecom Italia Capital, Gtd. Notes	Baa2	245	242,464
5.25%, 11/15/13
Telecom Italia Finance NV, Gtd. Notes
5.875%, 01/24/08	Baa2	EUR 250	348,558
6.875%, 01/24/13	Baa2	EUR 250	382,447
			20,394,799
Poland – 2.2%
Polish Government, Bonds
5.75%, 06/24/08	A2	PLZ 4,000	1,279,042
5.00%, 10/24/13	A2	PLZ 8,430	2,589,478
6.25%, 10/24/15	A2	PLZ 13,850	4,666,751
			8,535,271
Russia – 0.1%
Russian Ministry of Finance, Debs.	Ba1	690	546,726
3.00%, 05/14/11
South Africa – 0.4%
Republic of South Africa, Bonds	A2	ZAR 4,900	1,045,053
13.50%, 09/15/15
Republic of South Africa, Notes	Baa2	300	315,750
6.50%, 06/02/14
			1,360,803
Spain – 4.2%
Spanish Government, Bonds
4.95%, 07/30/05	Aaa	EUR 7,500	9,808,071
4.00%, 01/31/10	Aaa	EUR 2,750	3,722,041
6.00%, 01/31/29	Aaa	EUR 1,130	1,889,341
5.75%, 07/30/32	Aaa	EUR 560	919,248
			16,338,701
Sweden – 0.6%
Swedish Government, Bonds	Aaa	SEK 14,800	2,246,662
5.00%, 01/28/09
Turkey – 0.8%
Turkey Government, Bonds
20.00%, 10/17/07	NR	TRL 1,359	1,155,065
15.00%, 02/10/10	B1	TRL 2,400	1,777,455
			2,932,520
United Kingdom – 3.0%
Abbey National PLC, Sub. Notes	A1	EUR 200	275,206
4.625%, 02/11/11
European Investment Bank, Bonds	Aaa	GBP 961	1,874,577
5.50%, 12/07/11
HBOS PLC, Sub. Bonds	Aa3	180	189,109
6.00%, 11/01/33 144A(cost $177,891; purchased 10/22/03)(g)
HBOS Treasury Services PLC, Gtd. Notes	Aa2	EUR 300	403,877
4.75%, 02/06/07
Imperial Tobacco Finance, Gtd. Notes	Baa3	EUR 250	341,147
6.375%, 09/27/06
Merrill Lynch & Co., Sr. Unsub. Notes	Aa3	GBP 90	179,354
7.375%, 12/17/07
Monumental Global Funding, Sec’d. Notes	Aa3	GBP 120	229,303
5.75%, 03/20/07
NGG Finance PLC, Gtd. Notes	Baa1	EUR 200	268,555
5.25%, 08/23/06
Rio Tinto Finance PLC, Gtd. Notes	Aa3	EUR 200	271,434
5.125%, 05/10/07
Union Bank of Switzerland London, Sub. Notes	Aa3	GBP 207	409,742
8.00%, 01/08/07

United Kingdom Treasury, Bonds	Aaa	GBP 3,750	6,744,592
4.25%, 06/07/32
United Utilities Water PLC, Gtd. Notes	A2	EUR 200	283,378
6.625%, 11/08/07
WPD Holdings UK, Jr. Unsub. Notes	Baa2	120	125,432
6.875%, 12/15/07 144A(cost $122,027; purchased 11/06/03)(g)
			11,595,706
TOTAL FOREIGN BONDS (Cost $200,328,165)			215,870,334
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 10.4%
Federal Home Loan Banks		2,500	2,487,053
2.77%, 06/06/05
Federal Home Loan Mortgage Corp.
4.50%, 07/15/11 - 05/01/19 [IO]		1,109	993,683
4.583%, 09/01/32		162	162,472
5.00%, 12/01/08 - 12/01/33		2,251	2,228,013
6.00%, 10/01/32		378	387,551
7.00%, 10/10/30 - 11/01/30		59	62,554
			3,834,273
Federal National Mortgage Assoc.
2.91%, 07/25/29		228	227,479
4.50%, 05/01/18		447	438,363
4.50%, [TBA]		1,300	1,271,156
5.00%, 03/01/18 - 04/01/34		3,427	3,384,327
5.00%, [TBA]		2,800	2,798,250
5.50%, 01/01/17 - 01/01/35		14,044	14,137,122
6.00%, 05/01/33 - 11/01/34		4,067	4,160,874
6.50%, 09/01/10 - 12/01/32		2,007	2,089,573
7.00%, 12/01/29 - 01/01/31		103	108,117
7.125%, 06/15/10		600	670,966
			29,286,227
Government National Mortgage Assoc.
5.00%, 07/15/33 - 02/20/34		1,918	1,893,634
5.50%, 01/20/34 - 01/15/35		1,158	1,169,430
6.00%, 01/15/33		275	282,902
6.50%, 05/15/16 - 12/20/33		897	941,367
7.00%, 03/15/13 - 12/15/13		248	262,362
7.50%, 09/15/30 - 11/15/32		248	266,037
			4,815,732
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $40,686,195)			40,423,285
U.S.TREASURY OBLIGATIONS – 10.2%
U.S. Treasury Bonds
7.50%, 11/15/16		580	727,357
8.50%, 02/15/20		270	375,775
6.25%, 08/15/23		260	302,809
6.00%, 02/15/26		750	858,194
6.50%, 11/15/26		1,485	1,803,231
6.25%, 05/15/30		1,925	2,313,459
5.375%, 02/15/31		330	359,765
U.S. Treasury Inflationary Bonds
2.00%, 07/15/14 [TIPS]		750	775,208
2.375%, 01/15/25 [TIPS]		1,150	1,251,715
U.S. Treasury Notes
1.625%, 04/30/05		3,855	3,852,594
1.25%, 05/31/05		1,145	1,142,630
6.50%, 08/15/05		655	663,700
1.875%, 11/30/05		665	659,286
3.50%, 11/15/06		4,550	4,537,204
3.25%, 08/15/07		2,825	2,787,812
3.375%, 11/15/08		1,035	1,012,117
3.375%, 12/15/08(k)		1,655	1,616,859
4.00%, 06/15/09		4,150	4,133,951
3.50%, 02/15/10		835	810,701

5.75%, 08/15/10		5,000	5,367,189
4.25%, 11/15/13		1,500	1,477,325
4.75%, 05/15/14		2,525	2,573,134
TOTAL U.S.TREASURY OBLIGATIONS (Cost $39,563,148)			39,402,015
CORPORATE OBLIGATIONS – 6.8%
Automobile Manufacturers – 0.2%
Daimlerchrysler NA Holding Corp., Gtd. Notes	A3	270	270,511
3.45%, 09/10/07
Daimlerchrysler NA Holding Corp., Notes	A3	235	244,796
6.50%, 11/15/13
General Motors Corp., Debs.	Baa1	275	235,896
8.375%, 07/15/33
			751,203
Automotive Parts
Lear Corp., Gtd. Notes	Baa3	175	168,572
5.75%, 08/01/14 144A(cost $176,897; purchased 07/29/04 - 01/03/05)(g)
Broadcasting – 0.1%
Chancellor Media Corp., Gtd. Notes	Ba1	100	107,864
8.00%, 11/01/08
Hearst-Argyle Television, Inc., Sr. Notes	Baa3	180	197,998
7.00%, 01/15/18
News America Inc., Bonds	Baa3	210	208,340
6.20%, 12/15/34 144A(cost $211,290; purchased 11/30/04 - 01/03/05)(g)
			514,202
Building Materials – 0.1%
Masco Corp., Notes	Baa1	245	255,301
5.875%, 07/15/12
Chemicals – 0.1%
Dow Chemical Co., Notes	A3	275	294,682
6.125%, 02/01/11
Conglomerates – 0.1%
Tyco International Group SA, Gtd. Notes	Baa3	245	261,900
6.375%, 10/15/11
Construction
Ryland Group, Inc., Notes	Baa3	90	87,357
5.375%, 01/15/15
Consumer Products & Services – 0.1%
Bunge Limited Finance Corp., Gtd. Notes	Baa3	280	276,203
4.375%, 12/15/08
UST, Inc., Notes	A3	245	269,573
6.625%, 07/15/12
			545,776
Containers & Packaging – 0.1%
Sealed Air Corp., Sr. Notes	Baa3	215	218,770
5.375%, 04/15/08 144A(cost $217,075; purchased 04/09/03 - 06/26/03)(g)
Entertainment & Leisure – 0.1%
AOL Time Warner, Inc., Gtd. Bonds	Baa1	210	247,462
7.625%, 04/15/31
Belo Corp., Unsub. Notes	Baa3	80	88,381
8.00%, 11/01/08
Gtech Holdings Corp., Notes	Baa1	120	117,502
4.50%, 12/01/09 144A(cost $119,813: purchased 11/16/04)(g)
			453,345
Financial - Bank & Trust – 0.6%
ABN AMRO Bank NV, Sub. Notes	A1	215	228,099
7.125%, 06/18/07
BAC Capital Trust VI, Gtd. Bonds	Aa3	260	249,590
5.625%, 03/08/35
Bank of America Corp., Sr. Notes	Aa2	GBP 215	425,514
6.125%, 12/16/10

Bank One Corp., Sub. Notes	A1	285	287,749
5.25%, 01/30/13
BB&T Corp., Sub. Notes	A2	205	223,997
6.50%, 08/01/11
Citigroup, Inc., Sub. Notes	Aa2	390	383,605
5.00%, 09/15/14
Northern Trust Co., Sub. Notes	A1	155	150,538
4.60%, 02/01/13
US Bank NA, Notes	Aa2	140	137,282
2.87%, 02/01/07
Webster Bank, Sr. Notes	Baa3	205	200,081
5.125%, 04/15/14
			2,286,455
Financial Services – 1.7%
Capital One Bank, Sub. Notes	Baa3	225	241,994
6.50%, 06/13/13
CIT Group, Inc, Notes	A2	400	387,216
5.00%, 02/01/15
Countrywide Home Loan, Inc., Notes	A3	260	250,764
4.125%, 09/15/09
Duke Capital Corp., Notes	Baa3	100	100,177
4.302%, 05/18/06
Ford Motor Credit Co., Notes	A3	100	99,016
3.75%, 05/16/05
Ford Motor Credit Co., Sr. Notes	A3	680	649,990
5.80%, 01/12/09
Franklin Resources, Inc., Notes	A2	80	78,650
3.70%, 04/15/08
General Electric Capital Corp., Notes	Aaa	270	288,788
6.125%, 02/22/11
General Electric Capital Corp., Sr. Unsub. Notes	Aaa	EUR 425	579,179
5.125%, 06/20/07
General Electric Capital Corp., Unsub. Notes	Aaa	240	256,080
6.00%, 06/15/12
General Motors Acceptance Corp., Notes	A3	400	371,812
7.25%, 03/02/11
General Motors Acceptance Corp., Unsub. Notes	Baa1	EUR 250	320,764
6.125%, 03/15/07
Goldman Sachs Group, Inc., Sub. Bonds	A1	395	406,185
6.345%, 02/15/34
Household Finance Corp., Unsub. Notes	A1	EUR 100	139,519
5.125%, 06/24/09
Huntington National Bank, Sr. Notes	A2	250	245,306
4.375%, 01/15/10
International Lease Finance Corp., Notes	A1	245	259,459
6.375%, 03/15/09
John Deere Capital Corp., Notes	A3	280	314,869
7.00%, 03/15/12
John Hancock Global Funding Ltd., Sec’d. Notes	AA	EUR 200	261,957
3.875%, 02/08/06
JPMorgan Chase & Co., Notes	A1	EUR 250	333,312
3.875%, 12/03/08
Lehman Brothers Holdings, Inc., Notes	A1	340	332,006
3.50%, 08/07/08
MBNA America Bank NA, Notes	Baa1	175	173,747
4.625%, 08/03/09
MBNA America Bank NA, Sub. Notes	Baa2	80	89,244
7.125%, 11/15/12
Morgan Stanley, Sr. Notes	Aa3	EUR 200	271,425
4.375%, 03/01/10
Verizon Global Funding Corp., Notes	A2	245	297,019
7.75%, 12/01/30
Wells Fargo & Co., Notes	Aa1	310	310,335
3.112%, 03/23/07 (c)
			7,058,813

Food – 0.2%
Kraft Foods, Inc., Notes	A3	300	311,708
5.625%, 11/01/11
McCormick & Co., Inc., Notes	A2	310	317,856
6.40%, 02/01/06
			629,564
Forest Products
Weyeraeuser Co., Debs.	Baa2	45	52,777
7.375%, 03/15/32
Healthcare Services – 0.1%
Highmark, Inc., Notes	Baa3	185	199,372
6.80%, 08/15/13 144A(cost $192,578; purchased 08/14/03 - 01/03/05)(g)
Hotels & Motels
Harrahs Operating Co., Inc., Gtd. Notes	Baa3	90	91,660
5.50%, 07/01/10
Insurance – 0.4%
Ace INA Holdings, Inc., Notes	A3	155	158,021
5.875%, 06/15/14
Allstate Financial Global Funding LLC, Notes	Aa2	320	326,055
5.25%, 02/01/07 144A(cost $321,389; purchased 01/24/02 - 01/03/05)(g)
Fund American Cos., Inc., Notes	Baa2	200	203,387
5.875%, 05/15/13
Genworth Financial, Inc., Notes	A2	185	190,016
5.75%, 06/15/14
Nationwide Financial Services, Inc., Sr. Notes	A3	200	210,240
5.90%, 07/01/12
Nationwide Mutual Insurance Co., Bonds	A2	115	115,814
6.60%, 04/15/34 144A(cost $114,748; purchased 03/31/04)(g)
NLV Financial Corp., Sr. Notes	Baa3	145	163,603
7.50%, 08/15/33 144A(cost $146,364; purchased 08/20/03 - 12/03/03)(g)
Security Benefit Life Insurance Co., Notes	Baa1	95	106,091
7.45%, 10/01/33 144A(cost $94,788; purchased 09/26/03)(g)
Transamerica Capital II Co., Gtd. Notes	Baa1	110	126,107
7.65%, 12/01/26 144A(cost $127,261; purchased 01/03/05)(g)
			1,599,334
Medical Supplies & Equipment – 0.1%
Hospira, Inc., Notes	Baa3	195	196,417
4.95%, 06/15/09
Metals & Mining – 0.1%
Newmont Mining Corp., Notes	Baa1	300	294,999
5.875%, 04/01/35
Oil & Gas – 0.9%
Amerada Hess Corp., Bonds	Ba1	210	251,751
7.875%, 10/01/29
Atmos Energy Corp., Notes	Baa3	250	240,949
4.00%, 10/15/09
Baker Hughes, Inc., Sr. Notes	A2	300	358,147
6.875%, 01/15/29
Buckeye Partners, Notes	Baa2	50	49,612
5.30%, 10/15/14
ConocoPhillips, Gtd. Bonds	A3	255	269,188
5.90%, 10/15/32
Devon Financing Corp. ULC, Gtd. Bonds	Baa2	210	262,404
7.875%, 09/30/31
Diamond Offshore Drilling, Inc., Sr. Notes	Baa2	115	114,023
5.15%, 09/01/14
Duke Capital LLC, Sr. Notes	Baa3	240	253,652
6.25%, 02/15/13
Halliburton Co., Notes	Baa2	200	200,004
3.45%, 04/26/05 144A(cost $197,273; purchased 05/07/04)(g)

Kaneb Pipe Line Operating Partnership L.P., Sr. Notes	Ba1	145	164,565
7.75%, 02/15/12
Kinder Morgan, Inc., Sr. Notes	Baa2	235	252,716
6.50%, 09/01/12
Panhandle Eastern Pipe Line Co., Sr. Notes	Baa3	90	90,117
4.80%, 08/15/08
Pemex Project Funding Master Trust, Gtd. Bonds	Baa1	230	246,675
7.375%, 12/15/14
Pemex Project Funding Master Trust, Notes	Baa1	195	199,388
4.31%, 06/15/10 144A(cost $192,399; purchased 06/08/04)(g)
Pioneer Natural Resource Co., Sr. Notes	Baa3	165	169,087
5.875%, 07/15/16
Plains All American Pipeline L.P., Gtd.	Ba1	75	86,447
7.75%, 10/15/12
TGT Pipeline LLC, Notes	Baa2	60	59,812
5.50%, 02/01/17 144A(cost $59,804; purchased 01/12/05)(g)
Transocean, Inc., Notes	Baa2	205	253,927
7.50%, 04/15/31
XTO Energy, Inc., Sr. Notes	Baa3	230	247,477
6.25%, 04/15/13
			3,769,941
Paper & Forest Products – 0.1%
Weyerhaeuser Co., Notes	Baa2	180	197,977
6.75%, 03/15/12
Pharmaceuticals – 0.1%
Amgen, Inc., Sr. Notes	A2	110	107,254
4.00%, 11/18/09 144A(cost $109,798; purchased 11/15/04)(g)
GlaxoSmithKline Capital, Inc., Gtd. Notes	Aa2	190	188,068
5.375%, 04/15/34
Wyeth, Inc., Bonds	Baa1	115	124,916
6.50%, 02/01/34
			420,238
Railroads – 0.1%
Norfolk Southern Corp., Sr. Notes	Baa1	255	267,984
6.00%, 04/30/08
Real Estate – 0.4%
Developers Diversified Reatly Corp., Notes	Baa3	145	139,799
3.875%, 01/30/09
EOP Opreating L.P., Notes	Baa2	210	205,520
4.65%, 10/01/10
Lennar Corp., Notes	Baa3	205	202,166
5.50%, 09/01/14
NVR, Inc., Notes	Baa3	140	138,250
5.00%, 06/15/10
Pulte Homes, Inc., Gtd. Notes	Baa3	240	269,087
7.875%, 08/01/11
Reckson Operating Partnership L.P., Notes	Ba1	230	229,521
5.15%, 01/15/11
Simon Property Group L.P., Notes	Baa2	245	235,347
3.75%, 01/30/09
			1,419,690
Retail & Merchandising – 0.1%
CVS Corp., Notes	A3	95	92,786
4.00%, 09/15/09
Kroger Co., Gtd. Notes	Baa1	220	248,063
8.05%, 02/01/10
			340,849
Telecommunications – 0.4%
AT&T Broadband Corp., Gtd. Notes	Baa3	200	238,002
8.375%, 03/15/13
France Telecom SA, Notes (France)	Baa1	170	194,753
8.50%, 03/01/11 (l)
Motorola, Inc., Notes	Baa3	230	237,974
5.80%, 10/15/08

New Cingular Wirelss Services, Inc., Sr. Notes	Baa2	195	258,039
8.75%, 03/01/31
Sprint Capital Corp., Gtd. Notes	Baa3	210	234,031
7.625%, 01/30/11
Telefonos de Mexico SA, Notes	A3	170	161,610
5.50%, 01/27/15 144A(cost $166,150;
purchased 03/10/05)(g)
United States Cellular Corp., Notes	Baa1	115	119,942
6.70%, 12/15/33
Viacom Inc., Gtd. Notes	A3	130	145,489
7.70%, 07/30/10
			1,589,840
Utilities – 0.6%
Alabama Power Co., Sr. Notes	A2	240	240,358
3.063%, 05/25/05
Appalachian Power Co., Sr. Notes	Baa2	225	225,709
4.80%, 06/15/05
Black Hills Corp., Notes	Baa3	230	237,636
6.50%, 05/15/13
Centerpoint Energy, Inc., Sr. Notes	Ba2	190	207,960
7.25%, 09/01/10
Exelon Generation Co. LLC, Notes	Baa1	170	170,920
5.35%, 01/15/14
Pacific Gas & Electric Corp., Notes	Baa2	200	206,072
6.05%, 03/01/34
Pacific Gas & Electric, Notes	Baa1	44	44,125
3.26%, 04/03/06 (c)
Pinnacle West Capital Corp., Sr. Notes	Baa2	265	268,756
6.40%, 04/01/06
PPL Capital Funding, Gtd. Notes	Baa3	195	189,886
4.33%, 03/01/09
Progress Energy, Inc., Sr. Notes	Baa2	215	220,393
6.75%, 03/01/06
Public Service Co. of New Mexico, Sr. Notes	Baa3	255	252,629
4.40%, 09/15/08
Puget Sound Energy, Inc., Notes	Baa2	180	180,278
2.96%, 04/15/05
TXU Energy Co., Notes	Baa2	43	43,006
3.42%, 04/14/05 144A (c)
Westar Energy Inc., First Mortgage Notes	Ba1	100	106,912
7.875%, 05/01/07
			2,594,640
TOTAL CORPORATE OBLIGATIONS (Cost $26,006,382)			26,561,658
COLLATERALIZED MORTGAGE OBLIGATIONS – 3.2%
Banc of America Commercial Mortgage, Inc. Series 2004-6 Cl-A1	AAA(d)	91	90,158
3.801%, 12/10/42
Bank of America Commercial Mortgage, Inc., Series 2003-1, Class A2	AAA(d)	500	491,408
4.648%, 09/11/36
Bank of America Mortgage Securities, Series 2003-L, Class 2A2	Aaa	630	622,748
4.288%, 01/25/34
Bank of America Mortgage Securities, Series 2004-A, Class 2A2	AAA(d)	333	327,917
4.138%, 02/25/34
Bank of America Mortgage Securities, Series	AAA(d)	135	133,156
2004-D, Class 2A2
4.217%, 05/25/34
Bank of America Mortgage Securities, Series 2004-H, Class 2A2	Aaa	179	178,242
4.801%, 09/25/34
Bank of America Mortgage Securities, Series 2004-I, Class 3A2	AAA(d)	173	172,029
4.996%, 10/25/34
Bear Stearns Commercial Mortgage Securities, Series 2002-Top8, Class A2	AAA(d)	935	927,035
4.83%, 08/15/38

Bear Stearns Commercial Mortgage Securities, Series 2004-Pwr6, Class A1	AAA(d)	71	70,293
3.688%, 11/11/41
Citigroup Commercial Mortgage Trust, Series 2004-C2, Class A1	Aaa	67	66,587
3.787%, 10/15/41
CS First Boston Mortgage Sec. Corp., Series 2005-C1, Class A2	Aaa	1,300	1,293,789
4.609%, 02/15/38
CS First Boston Mortgage Securities Corp., Series 2004-C5, Class A4	Aaa	475	465,757
4.829%, 11/15/37
DLJ Commercial Mortgage Corp., Series 1999-CG2, Class A1B	Aaa	450	493,943
7.30%, 06/10/32
Fannie Mae REMIC Trust Series, 2003-92, Class NM	Aaa	300	294,899
3.50%, 04/25/13
Fannie Mae REMIC Trust, Series 2002-74, Class PJ	Aaa	700	707,113
5.00%, 03/25/15
Fannie Mae Strip, Series 319, Class 2	Aaa	64	14,382
6.50%, 02/01/32 [IO]
Fannie Mae, Series 2003-40, Class NI	Aaa	320	21,011
5.50%, 04/01/33 [IO]
Freddie Mac, Series 2614, Class IH	Aaa	303	48,112
4.50%, 05/15/16 [IO]
Freddie Mac, Series 2627, Class IE	Aaa	152	18,645
4.50%, 04/15/18 [IO]
Freddie Mac, Series 2631, Class KI	Aaa	506	39,537
4.50%, 01/15/15 [IO]
Freddie Mac, Series 2631, Class LI	Aaa	234	11,759
4.50%, 06/15/11 [IO]
Freddie Mac, Series 2631, Class PC	Aaa	1,000	988,983
4.50%, 03/15/16
Freddie Mac, Series 2686, Class JG	Aaa	925	937,532
5.50%, 04/15/28
Freddie Mac., Series 2882, Class Yb	Aaa	225	225,288
5.00%, 10/15/27
Freddie Mac., Series 2890, Class Pb	Aaa	700	700,896
5.00%, 11/15/27
General Electric Capital Commercial Mortgage Corp., Series 2001-1, Class A2	Aaa	550	597,957
6.531%, 05/15/33
Government National Mortgage Assoc., Series 2004-23, Class B	Aaa	240	229,603
2.946%, 03/16/19
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class AAB	Aaa	325	319,564
4.619%, 08/10/42
GS Mortgage Securities Corp., Series 2004-GG2, Class A2	Aaa	140	139,244
4.293%, 08/01/38
JP Morgan Chase Commercial Mortgage Finance Corp., Series 2001-CIB2, Class A2	AAA(d)	225	235,945
6.244%, 04/15/35
JP Morgan Chase Commercial Mortgage Finance Corp., Series 2001-CIBC, Class A3	AAA(d)	440	472,494
6.26%, 03/15/33
Morgan Stanley Capital I, Inc., Series 2005-T17, Class A5	AAA(d)	925	905,917
4.78%, 12/13/41
Washington Mutual Mortgage Securities Corp., Series 2004-AR1, Class A	Aaa	196	193,508
4.229%, 03/25/34
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $12,719,294)			12,435,451

U.S. GOVERNMENT AGENCY OBLIGATIONS – 1.7%
Federal Home Loan Bank		675	722,284
5.75%, 05/15/12
Federal Home Loan Mortgage Corp.		2,100	2,018,675
2.75%, 03/15/08
Federal National Mortgage Assoc.
3.25%, 08/15/08		2,110	2,042,509
6.00%, 05/15/11		485	519,915
4.375%, 09/15/12		1,050	1,026,914
Student Loan Marketing Assoc.
2.90%, 01/26/09 (c)		240	240,517
4.38%, 04/01/09 (c)		155	153,063
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $6,771,695)			6,723,877
ASSET-BACKED SECURITIES – 1.6%
BankBoston Home Equity Loan Trust, Series 1998-1, Class A6	Aaa	225	228,138
6.35%, 02/25/13
Capital Auto Receivables Asset Trust, Series 2002-2, Class CTFS	Aaa	59	59,121
4.18%, 10/15/07
Chase Funding Mortgage Loan Asset-Backed, Series 2002-2, Class 1M1	Aa2	60	60,599
5.599%, 09/25/31
Chase Funding Mortgage Loan Asset-Backed, Series 2003-1, Class 1A6	Aaa	500	494,695
4.458%, 03/25/14
Chase Manhattan Auto Owner Trust, Series 2001-B, Class CTFS	A1	61	60,963
3.75%, 05/15/08
Chase Manhattan Auto Owner Trust, Series 2003-A, Class A4	Aaa	455	440,340
2.06%, 12/15/09
Citibank Credit Card Issuance Trust, Series 2000-A3, Class A3	Aaa	825	878,408
6.875%, 11/15/09
Citibank Credit Card Issuance Trust, Series 2001-A1, Class A1	Aaa	150	152,768
6.90%, 10/15/07
Citibank Credit Card Issuance Trust, Series 2001-C1, Class C1
3.74%, 01/15/10 (c)	Baa2	250	255,263
3.46%, 07/15/13	Baa2	300	303,800
Countrywide Asset-Backed Certificates, Series 2003-5, Class AF3	Aaa	340	338,720
3.613%, 04/25/30
Greenwich Capital Commercial Funding	Aaa	375	371,088
Corp., Series 2004-GG1A, Class A2
3.835%, 10/08/08
Harley-Davidson Motorcycle Trust, Series 2001-1, Class B	A2	56	56,109
5.29%, 01/15/09
Hyundai Auto Receivables Trust, Series 2003-A, Class A4	Aaa	200	195,514
3.02%, 10/15/10
Hyundai Auto Receivables Trust, Series 2003-A, Class D	Baa2	90	89,834
4.06%, 10/15/10
MBNA Master Credit Card Trust, Series 2000-D, Class C	BBB(d)	650	700,124
8.40%, 09/15/09 144A(cost $686,536; purchased 05/16/02 - 12/06/02)(g)
Morgan Stanley Auto Loan Trust, Series 2004-HB1, Class C	Baa2	94	93,619
2.88%, 10/15/11

PECO Energy Transition Trust, Series 2001-A, Class A1	Aaa	475	515,654
6.52%, 12/31/10
Reliant Energy Transition Bond Co. LLC, Series 2001-1, Class A4	Aaa	275	286,517
5.63%, 09/15/15
World Financial Network Credit Card Master Trust, Series 2003-A, Class A2	Aaa	500	503,016
3.18%, 05/15/12 (c)
TOTAL ASSET-BACKED SECURITIES (Cost $6,118,300)			6,084,290
MUNICIPAL BONDS – 0.7%
California – 0.1%
California State Economic Recovery, Series A	Aa3	115	121,190
5.00%, 07/01/16
California State Variable Purpose GO	Baa1	105	109,585
5.25%, 04/01/34
			230,775
Georgia – 0.1%
Atlanta GA Airport Passenger Facility Charge, Revenue Bonds, Series C	Aaa	485	496,863
5.00%, 01/01/33
Kansas
Kansas State Development Finance Authority, Revenue Bonds	Aaa	125	127,949
5.501%, 05/01/34
Nevada – 0.1%
Clark County Nevada School District, Series D	Aaa	240	255,934
5.00%, 06/15/18
New York – 0.1%
New York State Urban Development Corp. Series A	AA-(d)	200	212,084
5.25%, 01/01/21
New York, NY, Series J	A2	130	138,251
3.75%, 03/01/14
			350,335
North Carolina – 0.2%
North Carolina State Public Impt., Series A	Aa1	645	716,227
5.25%, 03/01/13
Puerto Rico – 0.1%
Puerto Rico Public Finance Corp., Series A	Aaa	395	432,343
5.25%, 08/01/29
TOTAL MUNICIPAL BONDS (Cost $2,626,792)			2,610,426

	Shares	Value
WARRANTS
Central Bank of Nigeria, expiring on 11/15/2020 (Nigeria)*(cost $0; purchased 09/15/98)(g)	250		0
Republic of Venezuela, expiring on 04/15/2020 (Venezuela)*(cost $0; purchased 01/12/99)(g)	1,250		0
Travelcenters of America, expiring on 05/01/09*(cost $0; purchased 03/28/05)(g)	250		1,375
Travelcenters of America, expiring on 05/01/09*(cost $0; purchased 02/07/01)(g)	750		4,125
TOTAL WARRANTS (Cost $0)			5,500
TOTAL LONG-TERM INVESTMENTS (Cost $334,819,971)			350,116,836
Total Investments - 90.2% (Cost $334,819,971(p))			350,116,836
Other Assets in Excess of Liabilities – 9.8%			38,081,364
Net Assets – 100.0%		$	388,198,200

The following abbreviations 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.
AUD	Australian Dollar
CAD	Canadian Dollar
DKK	Danish Krone
EUR	Euro
GBP	British Pound
IO	Interest Only
JPY	Japanese Yen
MXN	Mexican Peso
PLZ	Polish Zloty
TBA	Securities purchased on a forward commitment basis
TIPS	Treasury Inflation Protection Securities
TRL	Turkish Lira
ZAR	South African Rand

The following annotations are used throughout the Schedule of Investments:

* Non-income producing security.

(c) Indicates a variable rate security. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted.

(d) Standard & Poor’s rating.

(g) Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $5,899,872. The aggregate value, $6,038,905 represents 1.56% of net assets.

(k) Securities with an aggregate market value of $54,709 have been segregated with the custodian to cover margin requirements for the following open futures contracts at March 31, 2005:

Number of Contracts	Type	Expiration Month	Value at Trade Date		Value at March 31, 2005		Unrealized Appreciation
Short Positions:
68	U.S. Treasury 5 Year Note.	Jun 05	$	7,343,520	$	7,282,375	$	61,145
96	U.S. Treasury 10 Year Note	Jun 05		10,600,938		10,489,500		111,437
							$	172,582

(p) The United States federal income tax basis of the Fund’s investments was $334,972,631; accordingly, net unrealized appreciation on investments for federal income tax purposes was $15,144,205 (gross unrealized appreciation - $17,739,705; gross unrealized depreciation - $2,595,500). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST T. Rowe Global Bond Portfolio

Forward foreign currency exchange contracts outstanding at March 31, 2005:

Purchase Contracts

Settlement Month	Type		Contracts to Receive	In Exchange For		Contracts at Value		Unrealized Appreciation (Depreciation)
May 05	Buy	ARS	5,087,757	$	1,685,000	$	1,744,623	$	59,623
Jan 06	Buy	ARS	5,713,270		1,861,000		1,959,115		98,115
Feb 06	Buy	ARS	5,577,152		1,888,000		1,912,439		24,439
May 05	Buy	AUD	1,273,577		987,022		980,013		(7,009	)
Mar 06	Buy	BRL	3,017,740		968,000		1,130,240		162,240
Apr 06	Buy	BRL	2,502,050		815,000		937,097		122,097
May 05	Buy	CAD	4,692,311		3,879,147		3,881,263		2,116
Jul 05	Buy	CNY	19,479,348		2,380,000		2,353,600		(26,400	)
May 05	Buy	DKK	2,451,860		430,000		427,110		(2,890	)
May 05	Buy	EUR	13,086,379		17,407,483		16,984,915		(422,568	)
May 05	Buy	GBP	3,845,730		7,330,374		7,250,204		(80,170	)
May 05	Buy	ILS	16,275,536		3,732,920		3,725,457		(7,463	)
May 05	Buy	JPY	6,278,671,006		60,209,856		58,861,285		(1,348,571	)
May 05	Buy	KRW	4,303,343,155		4,183,622		4,237,502		53,880
May 05	Buy	MXN	32,443,530		2,837,985		2,875,415		37,430
May 05	Buy	NOK	2,025,000		314,793		319,968		5,175
May 05	Buy	PLZ	4,328,443		1,390,440		1,363,997		(26,443	)
May 05	Buy	RUB	73,045,500		2,562,994		2,620,639		57,645
May 05	Buy	SEK	137,226,846		19,697,060		19,432,378		(264,682	)
May 05	Buy	SGD	818,653		500,662		496,561		(4,101	)
Jun 05	Buy	TRL	3,247,336		2,183,000		2,331,061		148,061
				$	137,244,358	$	135,824,882	($	1,419,476	)
Sale Contracts
Settlement Month	Type		Contracts to Deliver	In Exchange For		Contracts at Value		Unrealized Appreciation (Depreciation)
May 05	Sell	AUD	571,316	$	445,398	$	439,625	$	5,773
May 05	Sell	CAD	8,431,213		6,823,139		6,973,910		(150,771	)
Jul 05	Sell	CNY	19,479,348		2,414,784		2,353,600		61,184
May 05	Sell	DKK	24,919,536		4,351,030		4,340,946		10,084
May 05	Sell	EUR	27,816,941		36,435,946		36,103,825		332,121
May 05	Sell	GBP	2,201,231		4,129,509		4,149,894		(20,385	)
May 05	Sell	ILS	16,275,536		3,763,999		3,725,457		38,542
May 05	Sell	JPY	222,860,601		2,130,158		2,089,274		40,884
May 05	Sell	MXN	94,564,912		8,371,061		8,381,127		(10,066	)
May 05	Sell	PLZ	26,775,327		8,695,974		8,437,556		258,418
May 05	Sell	RUB	73,045,500		2,602,256		2,620,639		(18,383	)
May 05	Sell	SEK	57,972,098		8,517,988		8,209,294		308,694
Jun 05	Sell	TRL	3,247,336		2,381,049		2,331,061		49,988
				$	91,062,291	$	90,156,208	$	906,083

AST Goldman Sachs High Yield Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Moody’s Rating		Principal Amount (000)		Value
LONG-TERM INVESTMENTS - 98.2%
CORPORATE OBLIGATIONS – 97.3%
Aerospace – 2.3%
Argo-Tech Corp., Sr. Notes	B	(d)	$	2,000	$	2,160,000
9.25%, 06/01/11
BE Aerospace, Inc., Sr. Sub. Notes	Caa2			1,000		1,017,500
8.875%, 05/01/11
K & F Acquisition, Inc., Sr. Sub. Notes	Caa1			3,000		2,925,000
7.75%, 11/15/14 144A
K & F Parent, Inc. Sr. Notes.	Caa2			500		492,500
11.50%, 02/01/15 [PIK] 144A(cost $500,000; purchased 02/04/05)(g)
Sequa Corp., Sr. Notes	B1			1,750		1,881,250
9.00%, 08/01/09
Standard Aero Holdings, Inc., Sr. Sub. Notes	Caa1			1,875		1,950,000
8.25%, 09/01/14 144A
TransDigm, Inc., Gtd. Notes	B3			2,000		2,062,500
8.375%, 07/15/11
Vought Aircraft Industry, Sr. Notes	B2			500		495,000
8.00%, 07/15/11
						12,983,750
Airlines – 0.1%
Northwest Airlines, Inc., Gtd. Notes	Caa1			1,000		630,000
10.00%, 02/01/09
Automotive Parts – 3.4%
Accuride Corp., Sr. Sub. Notes, Series	Caa1			1,000		985,000
8.50%, 02/01/15 144A
Advanced Accessory System, Sr. Notes	B3			1,500		1,260,000
10.75%, 06/15/11
Affinia Group, Inc., Gtd. Notes	Caa1			1,000		930,000
9.00%, 11/30/14 144A
Dana Corp., Notes	Ba3			550		605,268
9.00%, 08/15/11
Delco Remy International, Inc., Sr. Sub. Notes	Caa1			2,250		1,901,250
9.375%, 04/15/12
Foamex L.P., Gtd. Notes
9.875%, 06/15/07	Caa2			325		177,125
10.75%, 04/01/09	B3			750		663,750
Goodyear Tire & Rubber Co., Notes	B2			3,000		2,910,000
7.857%, 08/15/11
Navistar International Sr. Notes	Ba3			1,500		1,432,500
6.25%, 03/01/12 144A
Schefenaccker AG, Sr. Sub. Notes (Netherlands)	B2			EUR 1,000		952,776
9.50%, 02/11/14
Stoneridge, Inc., Gtd. Notes	B1			750		834,375
11.50%, 05/01/12
Tenneco Automotive, Inc., Sr. Sub. Notes	B3			500		488,750
8.625%, 11/15/14 144A(cost $500,000; purchased 11/09/04)(g)
TRW Automotive, Inc., Sr. Sub. Notes	B1			3,721		4,186,125
11.00%, 02/15/13
United Components, Inc., Sr. Sub. Notes	B3			1,750		1,754,375
9.375%, 06/15/13
						19,081,294

Building Materials – 4.2%
ACIH, Inc., Sr. Disc. Notes, Zero Coupon (until 12/15/07)	CCC+	(d)	875	621,250
11.50%, 12/15/05 144A
Associated Materials, Inc., Gtd. Notes	Caa1		1,125	1,215,000
9.75%, 04/15/12
Associated Materials, Inc., Sr. Disc. Notes, Zero Coupon (until 03/01/09)	Caa2		2,000	1,400,000
11.25%, 03/01/14
Culligan Finance Corp. BV, Sr. Notes (Netherlands)
8.00%, 10/01/14 144A(cost $155,028; purchased 09/21/04)(g)	B3		EUR 125	168,721
8.00%, 10/01/14 144A(cost $1,395,131; purchased 09/21/04)(g)	B-	(d)	EUR 1,125	1,518,487
FIMEP SA, Sr. Notes (France)	B1		4,000	4,540,000
10.50%, 02/15/13 (l)
Goodman Global Holdings, Sr. Sub. Notes	Caa1		1,000	920,000
7.875%, 12/15/12 144A
Grohe Holding GMBH, Sr. Notes (Germany)	B3		EUR 4,000	5,353,693
8.625%, 10/01/14
Norcraft Cos. LLC, Sr. Sub. Notes	B3		1,350	1,404,000
9.00%, 11/01/11
Norcraft Holdings Capital, Sr. Disc. Notes, Zero Coupon (until 09/01/08)	Caa1		750	536,250
9.75%, 09/01/12
Nortek, Inc., Sr. Sub. Notes	Caa1		3,000	2,910,000
8.50%, 09/01/14
Sanitec International SA, Sr. Notes (Luxembourg)	B3		EUR 2,000	2,845,365
9.00%, 05/15/12
				23,432,766
Capital Goods - Others – 0.9%
Altra Industrial Motion, Sec’d. Notes	B3		875	870,625
9.00%, 12/01/11 144A(cost $883,750; purchased 11/22/04 - 12/21/04)(g)
Columbus Mckinnon Corp., Sec’d. Notes	B3		425	464,313
10.00%, 08/01/10
Mueller Group, Inc., Sr. Sub. Notes	Caa1		1,525	1,654,625
10.00%, 05/01/12
Rexnord Corp., Gtd. Notes	B3		2,000	2,210,000
10.125%, 12/15/12
				5,199,563
Chemicals – 9.9%
BCP Caylux Holdings LUX SCA, Sr. Sub. Notes (Luxembourg)	B3		1,725	1,975,125
9.625%, 06/15/14 144A (l)
Borden US Financial / Nova Scotia, Sec’d. Notes	B3		1,000	1,085,000
9.00%, 07/15/14 144A
Compass Minerals Group, Inc., Gtd. Notes	B3		1,625	1,775,313
10.00%, 08/15/11
Compass Minerals International, Inc., Sr. Disc. Notes, Zero Coupon (until 06/01/08)	B-	(d)	3,200	2,672,000
12.00%, 06/01/13
Compass Minerals International, Inc., Sr. Notes, Zero Coupon (until 12/15/07)	B-	(d)	1,900	1,643,500
12.75%, 12/15/12
Crompton Corp., Sr. Notes	B1		875	1,006,250
9.875%, 08/01/12
Crystal US Holdings, Sr. Disc. Notes, Zero Coupon (until 10/01/09)	Caa2		2,600	1,833,000
10.50%, 10/01/14 144A(cost $1,686,275; purchased 10/12/04 - 10/28/04)(g)
Dynea International Oy Co., Gtd. Notes (Finland)	Caa2		EUR 1,875	2,515,620
12.25%, 08/15/10

Equistar Chemical L.P., Gtd. Notes	B2	2,100	2,331,000
10.125%, 09/01/08
FMC Corp., Sr. Sub. Notes	Ba2	275	292,875
7.75%, 07/01/11
Huntsman Advanced Materials, Inc., Sec’d. Notes	Ba3	1,975	2,276,188
11.00%, 07/15/10 144A
Huntsman International LLC, Sr. Sub. Notes (Luxembourg)	Caa1	EUR 2,000	2,715,736
10.125%, 07/01/09
Huntsman LLC Co., Gtd. Notes	B1	975	1,145,625
11.625%, 10/15/10
Invista Co., Notes	B1	3,500	3,867,499
9.25%, 05/01/12 144A
Kranton Polymers LLC, Sr. Sub. Notes	Caa1	2,500	2,381,250
8.125%, 01/15/14 144A
LBC Luxembourg Holdings SA, Gtd. Notes (Luxembourg)	Caa1	EUR 1,000	1,419,442
11.00%, 05/15/14
Lyondell Chemical Co., Gtd. Notes	B1	3,000	3,225,000
9.50%, 12/15/08
Lyondell Chemical Co., Sec’d. Notes	B1	213	219,390
9.875%, 05/01/07
PQ Corp., Gtd. Notes	B3	2,750	2,722,500
7.50%, 02/15/13 144A
Rhodia SA, Sr. Notes (France)	B3	1,750	1,916,250
10.25%, 06/01/10 (l)
Rhodia SA, Sr. Sub. Notes (France)
8.875%, 06/01/11 (l)	Caa1	2,000	1,955,000
9.25%, 06/01/11 (l)	Caa1	EUR 2,500	3,159,716
Rockwood Specialties Group, Ltd. Notes	B	750	986,804
7.625%, 11/15/14
Rockwood Specialties, Inc., Sr. Sub. Notes
10.625%, 05/15/11	B3	1,875	2,090,625
7.625%, 11/15/14 144A	B3	4,000	5,262,952
United Agricultural Products Holding Corp., Sr. Disc. Notes, Zero Coupon (Until 01/15/08)	B-(d)	3,250	2,600,000
10.75%, 07/15/12
United Agricultural Products Holding Corp., Sr. Notes	B (d)	655	684,475
8.25%, 12/15/11
			55,758,135
Conglomerates – 2.5%
Blount, Inc., Sr. Sub. Notes	Caa1	1,375	1,457,500
8.875%, 08/01/12
Bombardier, Inc., Notes (Canada)	Ba2	2,000	1,785,000
6.75%, 05/01/12 144A (l)
Invensys PLC, Sr. Notes (United Kingdom)	B3	2,000	2,045,000
9.875%, 03/15/11 144A (l)
Mark IV Industries, Inc., Sr. Sub. Notes	Caa1	2,750	2,667,500
7.50%, 09/01/07
Noma Luxembourg SA, Sr. Notes (Luxembourg)	B3	EUR 1,500	2,129,163
9.75%, 07/15/11
Park-Ohio Industries, Inc., Sr. Sub. Notes	Caa1	1,500	1,455,000
8.375%, 11/15/14 144A
Polypore, Inc., Sr. Disc. Notes, Zero Coupon (untill 10/01/08)	Caa2	1,250	731,250
10.50%, 10/01/12 144A
Polypore, Inc., Sr. Sub. Notes
8.75%, 05/15/12	Caa1	EUR 750	972,220
8.75%, 05/15/12	Caa1	1,000	940,000
			14,182,633
Consumer Cyclical - Services – 1.7%
Interline Brands, Inc., Sr. Sub. Notes	B3	1,138	1,303,010
11.50%, 05/15/11
Ray Acquisition SCA Sr. Notes (France)	Caa1	EUR 3,750	4,575,513
9.375%, 03/16/15 144A(cost $5,047,514; purchased 03/11/05)(g)
United Rentals NA, Inc., Sr. Notes	B2	4,000	3,900,000
7.75%, 11/15/13
			9,778,523

Consumer Products – 7.5%
Aearo Co., Sr. Sub. Notes	B3	1,125	1,192,500
8.25%, 04/15/12
Ames True Temper, Inc., Sr. Sub. Notes	Caa1	1,500	1,282,500
10.00%, 07/15/12
Bear Creek Corp., Sr. Notes	B3	1,250	1,243,750
9.00%, 03/01/13 144A
Bombardier Recreational, Sr. Sub. Notes (Canada)	B3	1,000	1,065,000
8.375%, 12/15/13 (l)
Briggs & Stratton Corp., Gtd. Notes	Ba1	2,125	2,433,125
8.875%, 03/15/11
Chattem, Inc., Sr. Sub. Notes	B2	1,500	1,515,000
7.00%, 03/01/14
Del Laboratories, Inc., Sr. Sub. Notes	B3	1,000	965,000
8.00%, 02/01/12 144A
FTD, Inc., Gtd. Notes	B3	1,950	2,008,500
7.75%, 02/15/14
Johnsondiversey Holdings, Inc., Disc. Notes, Zero Coupon (until 05/15/07)	B3	1,625	1,405,625
10.67%, 05/15/13
Jostens Holding Corp., Sr. Disc. Notes, Zero Coupon (until 12/01/08)	Caa2	4,500	3,307,500
10.25%, 12/01/13
Jostens IH Corp. Sr. Sub Notes	B3	1,500	1,492,500
7.625%, 10/01/12
Leiner Health Products, Sr. Sub. Notes	B3	750	810,000
11.00%, 06/01/12
Norcross Safety Products, Sr. Sub. Notes	B3	1,500	1,597,500
9.875%, 08/15/11
NSP Holdings Capital Corp., Sr. Notes	Caa1	500	512,500
11.75%, 01/01/12 [PIK] 144A(cost $500,000; purchased 12/16/04)(g)
Playtex Products, Inc., Gtd. Notes	Caa2	2,375	2,481,875
9.375%, 06/01/11
Prestige Brands, Inc., Sr. Sub. Notes.	NR	975	1,033,500
9.25%, 04/15/12
Rayovac Corp., Sr. Sub. Notes	B3	1,000	962,500
7.375%, 02/01/15 144A(cost $1,022,143; purchased 02/15/05)(g)
Rayovac Corp., Sr. Sub. Notes	B3	1,625	1,681,875
8.50%, 10/01/13
Reddy Ice Group, Inc., Sr. Sub. Notes	B3	2,150	2,402,625
8.875%, 08/01/11
Safilo Capital International SA, Sr. Notes (Luxembourg)	Caa2	EUR 4,500	5,957,280
9.625%, 05/15/13
Sealy Mattress Co., Sr. Sub. Notes	B3	1,750	1,833,125
8.25%, 06/15/14
Simmons Co., Sr. Disc. Notes, Zero Coupon (until 12/15/09)	Caa2	1,375	866,250
10.00%, 12/15/14 144A
Solo Cup Co., Sr. Sub. Notes	B3	2,000	2,010,000
8.50%, 02/15/14
True Temper Sports, Inc., Gtd. Notes	Caa1	425	397,375
8.375%, 09/15/11
WH Holdings Ltd., Sr. Notes	B2	1,200	1,302,000
9.50%, 04/01/11
			41,759,405
Containers & Packaging – 0.7%
Constar International, Inc., Sr. Sub. Notes	Caa1	1,000	1,005,000
11.00%, 12/01/12
Gerresheimer Holdings GMBH, Gtd. Notes (Germany)	Caa1	EUR 1,250	1,567,705
7.875%, 03/01/15 144A(cost $1,688,218; purchased 02/28/05 - 03/07/05)(g)
Tekni-Plex, Inc., Sec’d. Notes	Caa1	1,000	952,500
8.75%, 11/15/13 144A(cost $985,958; purchased 11/15/04 - 02/16/05)(g)
			3,525,205

Defense – 1.0%
Alliant Techsystems, Inc., Gtd. Notes	B2		2,000	2,130,000
8.50%, 05/15/11
Communications & Power Industry, Sr. Sub. Notes	B3		1,500	1,530,000
8.00%, 02/01/12
L-3 Communications Corp., Gtd. Notes	Ba3		2,000	1,985,000
6.125%, 07/15/13
				5,645,000
Electric – 3.3%
Allegheny Energy Supply Co. LLC, Notes	B2		2,000	2,130,000
8.25%, 04/15/12 144A
Caithness Coso Funding Corp., Sec’d. Notes	Ba1		2,447	2,630,430
9.05%, 12/15/09
Calpine Canada Energy Finance Corp., Gtd. Notes (Canada)	Caa1		1,750	1,251,250
8.50%, 05/01/08 (l)
Calpine Corp., Sec’d. Notes	B	(d)	1,500	1,185,000
8.50%, 07/15/10 144A
Calpine Corp., Sec’d. Notes	B	(d)	1,000	760,000
8.75%, 07/15/13 144A
Calpine Corp., Sr. Notes	Caa1		1,000	710,000
8.50%, 02/15/11
Dynegy Holdings, Inc., Sec’d. Notes	B3		750	821,250
10.125%, 07/15/13 144A
Dynegy Holdings, Inc., Sr. Notes	Caa2		1,000	962,500
8.75%, 02/15/12
Midwest Generation LLC, Notes	B1		3,500	3,919,999
8.75%, 05/01/34
NRG Energy, Inc., Sec’d. Notes	B1		1,261	1,339,813
8.00%, 12/15/13 144A
Reliant Resource, Inc., Sec’d. Notes	B1		1,000	1,075,000
9.25%, 07/15/10
Texas Genco LLC Financing, Sr. Notes	B1		1,500	1,511,250
6.875%, 12/15/14 144A(cost $1,589,249; purchased 02/15/05)(g)
				18,296,492
Energy – 2.1%
Chesapeake Energy Corp., Sr. Notes	Ba3		2,500	2,481,250
6.375%, 06/15/15 144A(cost $2,620,690; purchased 02/09/05 - 03/09/05)(g)
El Paso Production Holding Co., Gtd. Notes	B3		2,000	2,035,000
7.75%, 06/01/13
Evergreen Resources, Inc., Sr. Sub. Notes	Baa3		350	356,328
5.875%, 03/15/12
Foundation PA Coal Co., Sr. Notes	B	(d)	1,750	1,785,000
7.25%, 08/01/14
Magnum Hunter Resources, Inc., Gtd. Notes	B2		715	804,375
9.60%, 03/15/12
Pride International, Inc., Sr. Notes	Ba2		1,500	1,597,500
7.375%, 07/15/14
Swift Energy Co., Sr. Sub. Notes	B2		2,675	2,915,750
9.375%, 05/01/12
				11,975,203
Entertainment – 1.7%
Six Flags, Inc., Sr. Notes	Caa1		1,500	1,406,250
9.75%, 04/15/13
Universal City Development Partners Ltd., Sr. Notes	B2		3,250	3,721,250
11.75%, 04/01/10
Warner Music Group, Sr. Sub. Notes	B3		2,000	2,070,000
7.375%, 04/15/14
WMG Holdings Corp., Sr. Disc. Notes, Zero Coupon (until 12/15/09)	Caa2		3,500	2,432,500
9.50%, 12/15/14 144A (c)
				9,630,000

Environmental – 0.8%
Allied Waste North America Co., Gtd. Notes, Series B	B2	1,000	1,075,000
9.25%, 09/01/12
Allied Waste North America, Inc., Sr. Notes
7.875%, 04/15/13	B2	1,000	1,002,500
7.25%, 03/15/15 144A	B2	750	716,250
Waste Services, Inc., Sr. Sub. Notes	Ca	1,000	1,015,000
9.50%, 04/15/14 144A(cost $1,017,500; purchased 05/04/04)(g)
			3,808,750
Finance – 1.0%
JSG Funding PLC., Sr. Sub. Notes (Ireland)	Caa1	EUR 1,000	1,293,053
7.75%, 04/01/15 144A
Refco Finance Holdings LLC, Sr. Sub. Notes	B3	4,000	4,260,000
9.00%, 08/01/12 144A
			5,553,053
Food – 4.6%
American Seafood Group LLC, Gtd. Notes	B3	1,000	1,080,000
10.125%, 04/15/10
Dole Foods Co., Inc., Sr. Notes	B2	3,000	3,165,001
8.625%, 05/01/09
Dominos, Inc., Sr. Sub. Notes	B2	602	632,100
8.25%, 07/01/11
Eagle Family Foods, Inc., Gtd. Notes, Series B	Caa2	1,750	1,461,250
8.75%, 01/15/08
Land O’ Lakes, Inc., Sec’d. Notes	B2	750	813,750
9.00%, 12/15/10
Land O’ Lakes, Inc., Sr. Notes	B3	1,750	1,754,375
8.75%, 11/15/11
Landry’s Restaurants, Inc., Sr. Notes	B2	3,125	3,046,875
7.50%, 12/15/14 144A
Michael Foods, Sr. Sub. Notes	B3	1,450	1,515,250
8.00%, 11/15/13
National Beef Packaging Co., Sr. Notes	B3	1,025	1,050,625
10.50%, 08/01/11
Pilgrim’s Pride Corp., Sr. Sub. Notes	Ba3	1,225	1,353,625
9.25%, 11/15/13
Pinnacle Foods, Inc., Sr. Sub. Notes	B3	2,000	1,720,000
8.25%, 12/01/13
Smithfield Foods, Inc., Sr. Notes
8.00%, 10/15/09	Ba2	1,500	1,597,500
7.75%, 05/15/13	Ba2	1,000	1,065,000
Swift & Co., Gtd. Notes	B1	1,250	1,378,125
10.125%, 10/01/09
Swift & Co., Sr. Sub. Notes	B2	1,950	2,208,375
12.50%, 01/01/10
United Biscuits Finance, Gtd. Notes (United Kingdom)	B3	GBP 500	949,600
10.75%, 04/15/11
United Biscuits, Co., Gtd. Notes (United Kingdom)	B1	EUR 750	1,015,970
10.625%, 04/15/11
			25,807,421
Gaming – 6.1%
Boyd Gaming Corp., Sr. Sub. Notes	B1	2,000	2,175,000
8.75%, 04/15/12
Global Cash Account / Finance Corp., Sr. Sub. Notes	Caa1	950	1,011,750
8.75%, 03/15/12
Herbst Gaming, Inc., Sr. Sub. Notes	B3	1,000	1,000,000
7.00%, 11/15/14 144A(cost $1,001,001; purchased 11/05/04)(g)

Isle of Capri Casinos, Inc., Gtd. Notes	B2	1,000	1,092,500
9.00%, 03/15/12
Isle of Capri Casinos, Inc., Sr. Sub. Notes	B2	675	671,625
7.00%, 03/01/14
Las Vegas Sands Corp., Sr. Notes.	B2	2,000	1,907,500
6.375%, 02/15/15 144A
Mandalay Resort Group, Sr. Notes	Ba2	1,500	1,646,250
9.50%, 08/01/08
Mandalay Resort Group, Sr. Sub. Notes
10.25%, 08/01/07	Ba3	425	464,313
9.375%, 02/15/10	Ba3	2,000	2,225,000
MGM Grand, Inc., Gtd. Notes	Ba2	3,000	3,255,000
8.375%, 02/01/11
MGM Mirage, Inc., Sr. Notes	Ba2	2,000	1,897,500
5.875%, 02/27/14
Mohegan Tribal Gaming. Sr. Notes	Ba2	750	738,750
6.125%, 02/15/13 144A
Mohegan Tribal Gaming Authority, Sr. Sub. Notes	Ba3	1,100	1,171,500
8.00%, 04/01/12
MTR Gaming Group, Inc., Gtd. Notes, Series B	B2	1,500	1,642,500
9.75%, 04/01/10
Park Place Entertainment Corp., Sr. Sub. Notes	Ba2	4,000	4,379,999
7.875%, 03/15/10
Penn National Gaming, Inc., Sr. Sub. Notes	B3	1,000	990,000
6.75%, 03/01/15 144A
Pinnacle Entertainment, Inc., Sr. Sub. Notes	Caa1	1,000	1,005,000
8.25%, 03/15/12
River Rock Entertainment, Sr. Notes	B2	950	1,045,000
9.75%, 11/01/11
Seneca Gaming Corp., Sr. Notes	B2	750	750,000
7.25%, 05/01/12
Station Casinos, Inc., Sr. Sub. Notes	B1	2,250	2,264,063
6.875%, 03/01/16
Wynn Las Vegas, LLC Corp., First Mortgage	B2	3,000	2,865,000
6.625%, 12/01/14 144A
			34,198,250
Health Care – 4.7%
Alliance Imaging, Sr. Sub. Notes	B3	1,000	950,000
7.25%, 12/15/12 144A
AmeriPath, Inc., Gtd. Notes	Caa1	1,375	1,375,000
10.50%, 04/01/13
CDRV Investors, Inc., Sr. Disc. Notes, Zero Coupon (until 01/01/10)	Caa2	4,500	2,733,750
9.625%, 01/01/15 144A
Davita, Inc., Sr. Sub. Notes	B3	1,250	1,231,250
7.25%, 03/15/15 144A(cost $1,250,000; purchased 03/15/05)(g)
Fisher Scientific International, Inc., Sr. Sub. Notes	Ba3	3,000	3,277,500
8.00%, 09/01/13
Medical Device Manufacturing, Inc., Sr.Sub. Debs	Caa1	1,000	1,075,000
10.00%, 07/15/12
Nyco Holdings, Sr. Notes (Denmark)	B3	EUR 750	1,103,470
11.50%, 03/31/13
Quintiles Transnational Corp., Sr. Sub.	B3	2,000	2,260,000
10.00%, 10/01/13
Select Medical Corp., Sr. Sub. Notes	B3	2,750	2,763,750
7.625%, 02/01/15 144A
Sybron Dental Specialties, Inc., Gtd. Notes	B1	1,625	1,750,938
8.125%, 06/15/12
Tenet Healthcare Corp., Notes	B3	1,000	947,500
7.375%, 02/01/13
Tenet Healthcare Corp., Sr. Notes,	B3	1,500	1,567,500
9.875%, 07/01/14
US Oncology, Inc., Sr. Notes	B2	1,750	1,855,000
9.00%, 08/15/12 144A

Vanguard Health Holdings II, Sr. Sub. Notes	Caa1		2,000	2,115,000
9.00%, 10/01/14
VWR International, Inc., Sr. Sub. Notes.	B-	(d)	1,250	1,271,875
8.00%, 04/15/14
				26,277,533
Home Construction – 0.2%
Meritage Homes Corp., Sr. Notes	Ba3		1,000	945,000
6.25%, 03/15/15 144A
Lodging – 1.8%
Cornell Cos., Inc., Sr. Notes	B3		1,000	1,040,000
10.75%, 07/01/12
Gaylord Entertainment Co., Sr. Notes	B3		1,000	952,500
6.75%, 11/15/14 144A
HMH Properties, Inc., Gtd. Notes, Series B	Ba3		928	951,200
7.875%, 08/01/08
Host Marriott L.P., Sr. Notes	Ba3		1,500	1,492,500
7.00%, 08/15/12
Starwood Hotels & Resorts Worldwide, Inc., Gtd. Notes
7.375%, 05/01/07	Ba1		4,125	4,279,688
7.875%, 05/01/12	Ba1		1,500	1,646,250
				10,362,138
Media - Broadcast Towers – 0.8%
American Tower Corp., Sr. Notes	B3		500	500,000
7.125%, 10/15/12
American Tower Corp., Sr. Notes	B3		2,000	2,040,000
7.50%, 05/01/12
Crown Castle International Corp., Sr. Notes	B3		2,000	2,205,000
7.50%, 12/01/13
				4,745,000
Media - Broadcasting & Radio – 0.6%
Radio One, Inc., Sr. Sub. Notes	B2		875	864,063
6.375%, 02/15/13 144A
Sinclair Broadcasting Group, Inc., Gtd.	B2		2,000	2,050,000
8.00%, 03/15/12
XM Satellite Radio, Inc., Sec’d. Notes, Zero Coupon (until 12/31/05)	Caa1		532	545,727
14.00%, 12/31/09
				3,459,790
Media - Cable – 4.6%
Adelphia Communications Corp., Sr. Notes	NR		1,500	1,391,250
10.25%, 06/15/11(cost $1,503,750; purchased 12/23/04)(g)(i)
Cablevision Systems Corp. Holdings, Inc., Sr. Notes	B1		1,000	1,060,000
8.125%, 07/15/09
Cablevision Systems Corp., Sr. Notes	B3		3,000	3,097,500
8.00%, 04/15/12 144A
Charter Communications Holdings LLC, Sr. Disc. Notes, Zero Coupon (until 05/15/06)	Ca		3,000	2,085,000
11.75%, 05/15/11
Charter Communications Holdings LLC, Sr. Notes
10.25%, 09/15/10	Caa1		2,500	2,562,500
10.00%, 05/15/11	Ca		3,500	2,703,750
Ono Finance PLC, Gtd. Notes (United Kingdom)
10.50%, 05/15/14	Caa2		EUR 2,000	2,858,328
10.50%, 05/15/14	Caa2		EUR 750	1,071,873
Tele Columbus AG & Co., Sr. Notes (Germany)	B3		EUR 1,250	1,636,571
9.375%, 04/15/12
Tele Columbus AG & Co., Sr. Sub. Notes (Germany)	B3		EUR 1,500	1,963,885
9.375%, 04/15/12
Telenet Communication NV, Sr. Notes (Belgium)	B3		EUR 2,000	2,910,180
9.00%, 12/15/13
Telenet Group Holdings NV, Disc. Notes, Zero Coupon (until 12/15/08) (Belgium)	Caa2		3,250	2,474,063
11.50%, 06/15/14 144A (l)
				25,814,900

Media - Non Cable – 1.4%
DIRECTV Holdings LLC, Sr. Notes	Ba2		1,000	1,087,500
8.375%, 03/15/13
Echostar DBS Corp., Sr. Notes	Ba3		1,625	1,608,750
5.75%, 10/01/08
Lamar Media Corp., Gtd. Notes	Ba3		1,525	1,593,625
7.25%, 01/01/13
Panamsat Corp., Gtd. Notes	B1		2,500	2,650,000
9.00%, 08/15/14
Panamsat Holding Corp., Sr. Disc. Notes	B3		1,500	982,500
10.375%, 11/01/14 144A
				7,922,375
Metals – 2.1%
AK Steel Corp., Gtd. Notes	B1		2,000	1,935,000
7.75%, 06/15/12
Euramax International PLC, Sr. Sub. Notes	B2		2,000	2,070,000
8.50%, 08/15/11
Neenah Corp., Sec’d. Notes	B2		2,000	2,230,000
11.00%, 09/30/10 144A
Novelis, Inc., Sr. Notes (Canada)	B1		1,000	985,000
7.25%, 02/15/15 144A (l)
OM Group, Inc., Gtd. Notes	Caa1		2,250	2,328,750
9.25%, 12/15/11
Ryerson Tull, Inc., Notes	B2		1,900	1,966,500
9.125%, 07/15/06
				11,515,250
Packaging – 4.1%
Consolidated Container Co., Gtd. Notes	Caa2		1,500	1,402,500
10.125%, 07/15/09
Crown European Holdings SA, Sec’d. Notes (France)	B1		1,250	1,378,125
9.50%, 03/01/11 (l)
Crown European Holdings SA, Sec’d. Notes (France)	B+	(d)	EUR 1,500	2,197,218
10.25%, 03/01/11
Graham Packaging Co. Sub. Notes	Caa2		6,500	6,532,500
9.875%, 10/15/14 144A
Graham Packaging International Corp., Sr. Sub. Notes	B3		3,000	3,195,000
9.50%, 08/15/13
Huntsman Packaging Corp., Gtd. Notes	Caa2		2,250	1,912,500
13.00%, 06/01/10
Owens-Brockway Glass Container, Inc., Gtd. Notes	B3		2,500	2,656,250
8.25%, 05/15/13
Owens-Illinois, Inc., Sr. Notes	B3		2,000	2,080,000
8.10%, 05/15/07
Pliant Corp., Sec’d. Notes	B3		500	502,500
11.125%, 09/01/09
Portola Packaging, Inc., Sr. Notes	Caa1		500	377,500
8.25%, 02/01/12
Russell Stanley Holdings, Inc., Sr. Sub. Notes	NR		348	0
9.00%, 11/30/08 [PIK] 144A(cost $952,945; purchased 02/05/99 - 02/28/05)(g)(o)
Tekni-Plex, Inc., Gtd. Notes	Caa2		625	525,000
12.75%, 06/15/10
				22,759,093
Paper – 2.5%
Ainsworth Lumber Co. Ltd., Sr. Notes (Canada)
7.25%, 10/01/12 144A (l)	B2		1,000	985,000
6.75%, 03/15/14 (l)	B2		1,000	955,000
Boise Cascade LLC., Sr. Notes	B2		1,000	1,017,500
7.125%, 10/15/14 144A
Georgia-Pacific Corp., Gtd. Notes	Ba2		4,000	4,490,000
9.375%, 02/01/13

Jefferson Smurfit Corp., Gtd. Notes	B2		1,200	1,200,000
7.50%, 06/01/13
Jefferson Smurfit Corp., Sr. Notes (Ireland)	B3		1,000	1,080,000
9.625%, 10/01/12 (l)
JSG Holding PLC (Ireland)	Caa2		EUR 1,250	1,490,738
11.50%, 10/01/15 [PIK] 144A
JSG Funding PLC, Sr. Notes (Ireland)	B3		EUR 1,000	1,480,206
10.125%, 10/01/12
Stone Container Finance, Gtd. Notes	B2		500	497,500
7.375%, 07/15/14
Tembec Industries, Inc., Gtd. Notes	B2		1,000	952,500
8.50%, 02/01/11 (l)
				14,148,444
Pipelines – 3.5%
El Paso Corp., Notes	Caa1		6,000	5,999,999
7.875%, 06/15/12
El Paso Corp., Sr. Notes	Caa1		3,000	2,835,000
7.80%, 08/01/31
Southern Natural Gas Co., Notes	B1		750	809,002
8.00%, 03/01/32
Tennessee Gas Pipeline Co., Bonds	B1		1,575	1,758,147
8.375%, 06/15/32
Tennessee Gas Pipeline Co., Debs.	B1		750	809,318
7.50%, 04/01/17
Transcontinental Gas Pipe Co., Sr. Notes, Series B	Ba2		1,875	2,207,813
8.875%, 07/15/12
Williams Cos., Inc., Notes
8.125%, 03/15/12	B1		1,000	1,100,000
7.625%, 07/15/19	B1		3,000	3,262,500
7.875%, 09/01/21	B1		1,000	1,095,000
				19,876,779
Publishing – 5.9%
Advanstar Communications, Inc., Gtd. Notes	Caa2		2,000	2,155,000
12.00%, 02/15/11
Advanstar Communications, Inc., Sec’d. Notes	B3		500	558,750
10.75%, 08/15/10
Advanstar, Inc., Gtd. Notes, Zero Coupon (until 10/15/05)	NR		1,000	920,000
15.00%, 10/15/11 144A(cost $952,663; purchased 02/14/01 - 12/12/03)(g)
Dex Media East LLC, Gtd. Notes	B2		2,437	2,900,030
12.125%, 11/15/12
Dex Media West Finance, Sr. Sub. Notes	B2		2,020	2,262,400
9.875%, 08/15/13
Dex Media, Inc., Disc. Notes, Zero Coupon (until 11/15/08)	B	(d)	4,000	3,060,000
9.00%, 11/15/13
Houghton Mifflin Co., Sr. Disc. Notes, Zero Coupon (until 10/15/08)	Caa1		1,325	927,500
11.50%, 10/15/13
Houghton Mifflin Co., Sr. Sub. Notes	Caa1		1,250	1,293,750
9.875%, 02/01/13
Lighthouse International Co. SA, Sr. Notes (Luxembourg)
8.00%, 04/30/14	B3		EUR 1,125	1,478,383
8.00%, 04/30/14	B3		EUR 3,500	4,599,413
Vertis, Inc., Gtd. Notes, Series B	Caa1		1,750	1,697,500
10.875%, 06/15/09
WDAC Subsidiary Corp., Sr. Notes
8.50%, 12/01/14	Caa1		1,000	1,244,442
8.50%, 12/01/14 144A	Caa1		5,500	6,844,432
Yell Finance BV, Sr. Disc. Notes, Zero Coupon (until 08/01/06) (Netherlands)	B1		1,360	1,360,000
13.50%, 08/01/11 (l)
Yell Finance BV, Sr. Notes (Netherlands)	B1		1,137	1,286,231
10.75%, 08/01/11 (l)
Ziff Davis Media, Inc., Gtd. Notes, Series B	CC	(d)	414	445,070
12.00%, 08/12/09 [PIK]
				33,032,901

Real Estate – 0.1%
CB Richard Ellis Service, Sr. Notes	B1	439	498,265
9.75%, 05/15/10
Retailers – 0.8%
General Nutrition Center, Sr. Sub. Notes	Caa1	1,000	855,000
8.50%, 12/01/10
Penney, (J.C.) Co., Inc., Notes	Ba2	2,250	2,351,250
9.00%, 08/01/12
Victoria Acquisition III BV, Sr. Notes (Netherlands)	B3	EUR 1,000	1,270,368
7.875%, 10/01/14 144A
			4,476,618
Retailers - Food & Drug – 1.2%
Brake Brothers Finance PLC, Sr. Notes (United Kingdom)	B-(d)	GBP 1,000	2,192,112
12.00%, 12/15/11
Couche-Tard Corp., Sr. Sub. Notes	Ba3	1,500	1,582,500
7.50%, 12/15/13
Jean Coutu PJC, Inc. Sr. Sub Note (Canada)	B3	1,750	1,708,438
8.50%, 08/01/14 (l)
Rite Aid Corp., Sec’d. Notes	B2	1,500	1,530,000
8.125%, 05/01/10
			7,013,050
Technology – 2.0%
Activant Solutions, Sr. Notes	B2	1,150	1,230,500
10.50%, 06/15/11
AMI Semiconductor, Inc., Gtd. Notes	B3	1,500	1,803,750
10.75%, 02/01/13
Amkor Technology, Inc., Notes
5.00%, 03/15/07	Caa1	375	330,469
9.25%, 02/15/08	B3	1,250	1,200,000
Lucent Technologies, Debs.	B2	1,750	1,518,125
6.45%, 03/15/29
Riverdeep Group Ltd., Sr. Notes (Ireland)	B3	EUR 750	1,030,554
9.25%, 04/15/11
TSI Telecommunication Services, Inc., Gtd. Notes	B2	283	316,960
12.75%, 02/01/09
Xerox Corp., Gtd. Notes	Ba2	2,000	2,264,999
9.75%, 01/15/09
Xerox Corp., Sr. Notes	Ba2	1,250	1,312,500
7.625%, 06/15/13
			11,007,857
Telecommunications – 2.1%
Alaska Communications Systems Holdings, Inc., Gtd. Notes	B2	500	530,000
9.875%, 08/15/11
Cincinnati Bell, Inc., Gtd. Notes	B1	1,000	1,000,000
7.25%, 07/15/13
Cincinnati Bell, Inc., Sr. Sub. Notes	B3	1,000	990,000
8.375%, 01/15/14
Inmarsat Finance II Plc, Sr. Disc. Notes, Zero Coupon (until 11/15/08)	CCC+ (d)	2,000	1,420,000
10.375%, 11/15/12
Inmarsat Finance PLC, Gtd. (United Kingdom)	B2	1,000	1,000,000
7.625%, 06/30/12 (l)
Qwest Capital Funding Co., Gtd. Notes	Caa2	1,500	1,443,750
7.90%, 08/15/10
Qwest Corp., Notes	Ba3	2,000	2,185,000
9.125%, 03/15/12 144A
Qwest Services Corp., Notes	Caa1	2,750	3,196,875
14.00%, 12/15/10 144A
			11,765,625

Telecommunications - Cellular – 3.8%
Alamosa Delaware, Inc., Notes	Caa1	2,000	2,082,500
8.50%, 01/31/12
American Cellular Corp., Sr. Notes, Series B	Caa1	1,000	925,000
10.00%, 08/01/11
Centennial Cellular Operating Co., Gtd. Notes	Caa1	1,250	1,387,500
10.125%, 06/15/13
Horizon PCS, Inc., Sr. Notes	CCC (d)	500	570,000
11.375%, 07/15/12 144A
Nextel Communications, Inc., Sr. Notes	Ba3	2,500	2,500,000
5.95%, 03/15/14
Nextel Communications, Inc., Sr. Notes	Ba3	3,750	3,979,688
7.375%, 08/01/15
Nextel Partners, Inc., Sr. Notes
12.50%, 11/15/09	B3	838	925,990
8.125%, 07/01/11	B3	2,000	2,135,000
Rodgers Wireless Inc., Sec’d Notes	Ba3	1,500	1,556,250
7.50%, 03/15/15 (l)
Rodgers Wireless Inc., Sr. Sub. Notes (Canada)	B2	500	516,250
8.00%, 12/15/12 (l)
Rodgers Wireless, Inc., Sr. Sec’d. Notes	Ba3	1,875	1,828,125
6.375%, 03/01/14
Triton PCS, Inc., Gtd. Notes
8.75%, 11/15/11	Ca	1,000	702,500
8.50%, 06/01/13	Caa1	1,000	925,000
US Unwired, Inc., Sec’d. Notes	Caa1	1,250	1,390,625
10.00%, 06/15/12
			21,424,428
Textile – 1.0%
Collins & Aikman Corp., Gtd. Notes	Caa1	1,375	1,471,250
9.75%, 02/15/10
Propex Fabrics, Inc., Sr. Notes	Caa1	1,750	1,741,250
10.00%, 12/01/12 144A(cost $1,750,000; purchased 11/23/04)(g)
Russell Corp., Gtd. Notes	B1	1,050	1,120,875
9.25%, 05/01/10
Warnaco Group, Inc., Sr. Notes	B1	1,000	1,077,500
8.875%, 06/15/13
			5,410,875
Transportation – 0.3%
Stena AB, Sr. Notes (Sweden)	Ba3	1,500	1,668,750
9.625%, 12/01/12 (l)
TOTAL CORPORATE OBLIGATIONS (Cost $533,177,934)			545,370,114
		Shares
COMMON STOCK – 0.1%
Chemicals
General Chemicals Industry Products*(cost $854,314; purchased 01/27/00 - 11/07/02)(g)(o)		386	107,621
Metals – 0.1%
ACP Holding Co.*		240,953	487,930
Packaging
Russell Stanley Holdings, Inc.*(cost $523,314; purchased 02/05/99 - 03/30/99)(g)(o)		39,000	0
TOTAL COMMON STOCK (Cost $1,380,037)			595,551
PREFERRED STOCK – 0.8%
Publishing – 0.7%
Primedia, Inc., Series D, 10.00%		8,475	866,569
Primedia, Inc., Series F, 9.20%		17,250	1,733,625
Primedia, Inc., Series H, 8.625%		13,100	1,264,150
Ziff Davis Media, Inc., Series E, 10.00%		108	7,479
			3,871,823

Retailers – 0.1%
General Nutrition Center, Series A, 12.00%*[PIK]	1,000		802,500
TOTAL PREFERRED STOCK (Cost $4,738,381)			4,674,323
WARRANTS*
Chemicals
General Chemical Industry Product, Inc., Series A, expiring 04/30/11(cost $0; purchased 01/27/00 -11/07/02)(g)(o)	223		0
General Chemical Industry Product, Inc.,	165		0
Series B, expiring 04/30/11(cost $0; purchased 01/27/00 - 11/07/02)(g)(o)
Media - Broadcasting & Radio
XM Satellite Radio, Inc., expiring 03/15/10 144A(cost $354,375; purchased 08/31/00)(g)	2,000		142,000
Packaging
Pliant Corp., expiring 06/01/10(cost $0; purchased 09/29/00)(g)(o)	1,000		10
Paper
MDP Acquisitions PLC, expiring 10/01/13 (Ireland)(cost $0; purchased 09/23/02)(g)	900		22,950
Publishing
Advanstar Holdings Corp., expiring 10/15/11 144A(cost $0; purchased 10/09/01)(g)	1,100		22
Ziff Davis Media, Inc., expiring 08/12/12(cost $198; purchased 07/18/00)(g)	19,800		1,980
			2,002
TOTAL WARRANTS
(Cost $354,573)			166,962
TOTAL LONG-TERM INVESTMENTS (Cost $539,650,925)			550,806,950
Total Investments — 98.2% (Cost $539,650,925 (p))			550,806,950
Other Assets in Excess of Liabilities — 1.8%			10,336,047
Net Assets — 100.0%		$	561,142,997

The following abbreviations 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.
EUR	Euro
GBP	British Pound
PIK	Payment-in-kind

The following annotations are used throughout the Schedule of Investments:

*	Non-income producing security.
(c)	Indicates a variable rate security. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted.
(d)	Standard & Poor’s rating.
(g)	Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $28,734,016. The aggregate value, $25,508,634 represents 4.55% of net assets.
(i)	Represents issuer in default on interest payments. Non-income producing security.
(l)	US$ Denominated Foreign Bonds.
(o)	Fair valued security.
(p)	The United States federal income tax basis of the Fund’s investments was $540,140,133; accordingly, net unrealized appreciation on investments for federal income tax purposes was $10,666,817 (gross unrealized appreciation - $23,281,471; gross unrealized depreciation - $12,614,654). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

Forward foreign currency exchange contracts outstanding at March 31, 2005:

Purchase Contract

Settlement Month	Type		Contracts to Receive	In Exchange For		Contracts at Value		Unrealized Depreciation
May 05	Buy	EUR	10,725,047	$	13,945,098	$	13,917,151	($	27,947	)
Sale Contracts
Settlement Month	Type		Contracts to Deliver	In Exchange For		Contracts at Value		Unrealized Depreciation
May 05	Sell	EUR	73,753,202	$	95,153,514	$	95,704,427	($	550,913	)
May 05	Sell	GBP	1,388,330		2,608,558		2,618,324		(9,766	)
								($	560,679	)

AST Lord Abbett Bond-Debenture Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Moody’s Rating		Principal Amount (000)		Value
LONG-TERM INVESTMENTS - 93.4%
CONVERTIBLE BONDS – 17.7%
Aerospace/Defense – 1.2%
Alliant Techsystems, Inc.	B2		$	2,500	$	2,775,000
2.75%, 02/15/24
Lockheed Martin Corp.	Baa2			3,000		3,181,800
2.544%, 08/15/33 (c)
						5,956,800
Brokerage – 0.3%
Morgan Stanley	Aa3			1,300		1,291,875
1.00%, 03/30/12 144A
Building & Construction – 0.7%
Fluor Corp.	A3			3,000		3,405,000
1.50%, 02/15/24(a)
Diversified Capital Goods – 0.3%
Tyco International Group SA (Luxembourg)	Baa3			1,000		1,495,000
2.75%, 01/15/18 (l)
Electronics – 0.3%
Cypress Semiconductor Corp.	B-	(d)		750		802,500
1.25%, 06/15/08
FLIR Systems, Inc.	B+	(d)		500		766,250
3.00%, 06/01/23
						1,568,750
Energy - Exploration & Production – 0.4%
Quicksilver Resources, Inc.	NR			1,500		1,890,000
1.875%, 11/01/24 144A(a)
Entertainment & Leisure – 0.1%
Lions Gate Entertainment Corp.	NR			650		692,250
3.625%, 03/15/25 144A
Food - Wholesale – 0.5%
Bunge Ltd. Finance Corp.	Baa3			1,500		2,527,500
3.75%, 11/15/22
Gaming – 0.5%
International Game Technology, Zero Coupon	Baa2			3,500		2,261,875
0.00%, 01/29/33
Health Services – 2.8%
Advanced Medical Optics	B3			1,100		1,097,250
2.50%, 07/15/24
Fisher Scientific International, Inc.	Ba2			3,000		4,031,249
2.50%, 10/01/23(a)
Lifepoint Hospital Holdings, Inc.	B3			2,750		2,835,937
4.50%, 06/01/09
Medtronic, Inc.	AA-	(d)		1,500		1,503,750
1.25%, 09/15/21
SFBC International, Inc.
2.25%, 08/15/24 144A	B-	(d)		250		285,938
2.25%, 08/15/24	B-	(d)		2,250		2,573,438
Universal Health Services, Inc.	Baa3			2,750		1,705,000
0.426%, 06/30/20
						14,032,562
Healthcare Services – 0.3%
Invitrogen Corp.	NR			1,500		1,350,000
1.50%, 02/15/24
Hotels – 0.9%
Fairmont Hotels & Resorts, Inc. (Canada)	NR			3,000		3,277,500
3.75%, 12/01/23 (l)
Hilton Hotels Corp.	Baa3			1,000		1,162,500
3.375%, 04/15/23
						4,440,000

Household & Leisure Products – 0.3%
Costco Wholesale Corp., Zero Coupon	A3		1,500	1,509,375
0.00%, 08/19/17
Machinery – 0.5%
Agco Corp.	B1		2,500	2,478,125
1.75%, 12/31/33
Media - Broadcasting – 0.2%
Sinclair Broadcast Group, Inc., 4.875% (until 01/15/11)	B3		1,000	877,500
2.00%, 07/15/18
Media - Diversified – 1.3%
Disney, (Walt) Co.	Baa1		2,750	3,035,313
2.125%, 04/15/23
Liberty Media Corp.	Baa3		4,000	3,435,000
3.25%, 03/15/31(a)
				6,470,313
Metals & Mining Excluding Steel – 0.7%
Placer Dome, Inc.	Baa2		3,000	3,225,000
2.75%, 10/15/23(a)
Non-Food & Drug Retailers – 0.3%
Saks, Inc.	B+	(d)	1,500	1,593,750
2.00%, 03/15/24
Oil Field Equipment & Services – 1.2%
Hanover Compress Co.	B3		2,250	2,503,125
4.75%, 01/15/14
Schlumberger Ltd.	A1		3,000	3,292,500
1.50%, 06/01/23
				5,795,625
Pharmaceuticals – 2.2%
Allergan, Inc., Zero Coupon	A3		1,500	1,314,375
0.00%, 11/06/22
Amylin Pharmaceuticals, Inc.	NR		1,000	888,750
2.50%, 04/15/11(a)
Celgene Corp.	NR		1,250	1,875,000
1.75%, 06/01/08(a)
Teva Pharmaceuticals Financial
0.375%, 11/15/22	BBB	(d)	2,250	3,307,499
0.50%, 02/01/24	BBB	(d)	585	585,000
Watson Pharmaceutical, Inc.	Ba1		3,000	2,865,000
1.75%, 03/15/23
				10,835,624
Software/Services – 1.3%
DSTSystems, Inc.	NR		3,000	3,528,750
4.125%, 08/15/23
EMC Corp.	BBB	(d)	1,250	1,276,563
4.50%, 04/01/07
Mentor Graphics Corp.	NR		1,750	1,811,250
6.875%, 06/15/07
				6,616,563
Support-Services – 0.8%
Armor Holdings, Inc., 0.00%, (until 11/01/11)	B1		1,500	1,440,000
2.00%, 11/01/24
Charles River Associates, Inc.	NR		1,650	2,460,563
2.875%, 06/15/34(a)
				3,900,563
Telecom - Wireless – 0.2%
Nextel Communications, Inc.	Ba3		1,000	1,030,000
5.25%, 01/15/10
Telecommunications Equipment – 0.4%
LSI Logic Corp.	B	(d)	2,000	1,805,000
4.00%, 05/15/10(a)
TOTAL CONVERTIBLE BONDS (Cost $85,327,032)				87,049,050

CORPORATE OBLIGATIONS – 65.3%
Aerospace/Defense – 1.6%
DRS Technologies, Inc., Sr. Sub. Notes	B2	1,500	1,507,500
6.875%, 11/01/13
L-3 Communications Corp., Sr. Sub. Notes	Ba3	1,500	1,485,000
6.125%, 01/15/14
Moog, Inc., Class A, Sr. Sub. Notes	Ba3	225	221,625
6.25%, 01/15/15
Raytheon Co., Notes	Baa3	3,000	2,993,727
4.85%, 01/15/11
Titan Corp., Gtd. Notes	B2	1,500	1,567,500
8.00%, 05/15/11
			7,775,352
Apparel & Textile – 0.4%
Invista, Notes	B1	1,750	1,933,750
9.25%, 05/01/12 144A
Auto Loans – 0.3%
Ford Motor Credit Corp., Notes	A3	1,500	1,482,140
7.25%, 10/25/11
Automobile Manufacturers – 0.1%
Accuride Corp., Sr. Sub. Notes	Caa1	575	566,375
8.50%, 02/01/15 144A
Automotive Parts & Equipment – 1.2%
Affinia Group, Inc., Sr. Sub. Notes	Caa1	1,250	1,162,500
9.00%, 11/30/14 144A
Cooper Standard Automotive Corp., Notes	B3	1,575	1,287,563
8.375%, 12/15/14 144A(a)
Cummins, Inc., Sr. Notes	Ba2	750	830,625
9.50%, 12/01/10 (c)
Delco Remy International, Inc., Gtd. Notes	Caa1	1,175	1,086,875
11.00%, 05/01/09(a)
Stanadyne Corp., Sr. Sub. Notes	Caa1	500	517,500
10.00%, 08/15/14 144A
Tenneco Automotive, Inc., Sr. Sub. Notes	B3	1,000	977,500
8.625%, 11/15/14 144A(a)
			5,862,563
Banking – 0.1%
Wachovia Corp., Sub. Notes	A1	325	360,920
6.605%, 10/01/25
Building & Construction – 0.8%
Beazer Homes USA, Inc., Sr. Notes	Ba1	1,000	982,500
6.50%, 11/15/13
Builders Firstsource, Inc., Sec’d. Notes	B3	950	940,500
7.024%, 05/16/05 144A (c)
Schuler Homes, Inc., Gtd. Notes	Ba1	500	526,645
9.375%, 07/15/09
Shaw Group, Inc. (The), Unsec’d. Sr. Notes	Ba3	400	436,000
10.75%, 03/15/10(a)
William Lyon Homes, Inc., Gtd. Notes	B2	750	828,750
10.75%, 04/01/13
			3,714,395
Building Materials – 0.7%
Ainsworth Lumber Ltd, Sr. Notes (Canada)	B2	2,500	2,462,500
7.25%, 10/01/12 144A (l)
Jacuzzi Brands, Inc., Sec’d. Notes	B3	1,000	1,105,000
9.625%, 07/01/10
			3,567,500
Business Services – 0.2%
Harvest Operations Corp., Sr. Notes	B3	1,000	992,500
7.875%, 10/15/11
Chemicals – 3.6%
Airgas, Inc., Sr. Sub. Notes	Ba2	1,600	1,604,000
6.25%, 07/15/14
Crompton Corp., Sr. Notes	B1	1,875	2,156,250
9.875%, 08/01/12 144A
Equistar Chemicals L.P., Debs.	B2	1,500	1,451,250
7.55%, 02/15/26
Hercules, Inc., Gtd. Notes	Ba3	2,500	2,462,499
6.75%, 10/15/29

Huntsman LLC, Gtd. Notes, 11.50% (until 11/19/04), 11.75% (until 2/17/05)	B2		660	775,500
12.00%, 07/15/12 144A
IMC Global, Inc., Gtd. Notes, Series B	Ba3		700	784,000
11.25%, 06/01/11
Lyondell Chemical Co., Sec’d. Notes, Series A	B1		400	431,000
9.625%, 05/01/07
Nalco Co., Sr. Sub. Notes	Caa1		2,000	2,150,000
8.875%, 11/15/13
Nova Chemicals Ltd., Sr. Notes	Ba2		1,350	1,390,500
6.50%, 01/15/12
PQ Corp., Sr. Sub. Notes	B3		450	445,500
7.50%, 02/15/13 144A
Rhodia SA, Sr. Sub. Notes (France)	Caa1		1,475	1,441,813
8.875%, 06/01/11 (a)(l)
Rockwood Specialties Group, Sub. Notes	B3		2,000	2,010,000
7.50%, 11/15/14 144A
Terra Capital, Inc., Sec’d. Notes	Caa1		650	750,750
11.50%, 06/01/10
				17,853,062
Consumer Products – 1.9%
Aearo Co., Sr. Sub. Notes	B3		675	715,500
8.25%, 04/15/12
Elizabeth Arden, Inc., Gtd. Notes	B2		3,000	3,105,000
7.75%, 01/15/14
Playtex Products, Inc., Gtd. Notes	Caa2		2,250	2,351,250
9.375%, 06/01/11(a)
Rayovac Corp., Sr. Sub. Notes	B3		3,000	3,105,000
8.50%, 10/01/13
				9,276,750
Diversified Capital Goods – 1.2%
J.B. Poindexter & Co., Inc., Sr. Notes	B1		1,500	1,500,000
8.75%, 03/15/14 144A
Park-Ohio Industries, Inc., Sr. Sub. Notes	Caa1		1,500	1,455,000
8.375%, 11/15/14 144A
Sensus Metering Systems, Sr. Sub. Notes	Caa1		2,000	2,055,000
8.625%, 12/15/13
Trinity Industries, Inc., Sr. Notes	Ba3		1,000	970,000
6.50%, 03/15/14
				5,980,000
Electric - Generation – 2.3%
Calpine Corp., Sec’d. Notes	B	(d)	1,500	1,185,000
8.50%, 07/15/10 144A
Calpine Generating Co., Sec’d. Notes	B3		500	467,500
11.50%, 04/01/11
Dynegy Holdings, Inc., Sec’d. Notes	B3		1,000	1,076,250
9.875%, 07/15/10 144A
Dynegy Holdings, Inc., Sr. Notes	Caa2		3,500	3,123,750
6.875%, 04/01/11(a)
NRG Energy, Inc., Sec’d. Notes	B1		1,721	1,828,563
8.00%, 12/15/13 144A
Reliant Energy, Inc., Sec’d. Notes	B1		3,500	3,281,249
6.75%, 12/15/14
Texas Genco LLC Financing, Sr. Notes	B1		575	579,313
6.875%, 12/15/14 144A
				11,541,625
Electric - Integrated – 2.2%
Duke Energy Corp., Sr. Notes, Series B	Baa1		2,500	2,562,135
5.375%, 01/01/09
Midwest Generation LLC, Sec’d. Notes	B1		1,500	1,680,000
8.75%, 05/01/34
Mission Energy Holding Co., Sec’d. Notes	B2		750	903,750
13.50%, 07/15/08
Nevada Power Co., General Finance Mortgage	Ba2		1,200	1,176,000
5.875%, 01/15/15 144A
PPL Energy Supply LLC, Sr. Notes	Baa2		500	541,075
6.40%, 11/01/11

PSE&G Energy Holdings, Inc., Sr. Notes	Ba3	1,000	1,080,000
1048.50%, 06/15/11
Virginia Electric & Power Co., Notes
4.50%, 12/15/10	A3	2,400	2,349,029
7.00%, 01/01/24	A2	300	304,882
			10,596,871
Electronics – 0.2%
Communications & Power Industries Holding Corp., Sr. Sub. Notes	B3	1,000	1,020,000
8.00%, 02/01/12
Energy - Exploration & Production – 1.8%
Chesapeake Energy Corp., Sr. Notes
7.00%, 08/15/14	Ba3	1,700	1,759,500
6.375%, 06/15/15 144A	Ba3	500	496,250
Exco Resources, Inc., Gtd. Notes	B2	3,000	3,060,000
7.25%, 01/15/11
Forest Oil Corp., Sr. Notes	Ba3	350	373,625
8.00%, 06/15/08
Houston Exploration Co., Sr. Sub. Notes	B2	1,000	1,020,000
7.00%, 06/15/13
KCS Energy, Inc., Sr. Notes	B3	1,000	1,015,000
7.125%, 04/01/12
Range Resources Corp., Sr. Sub. Notes	B3	1,025	1,050,625
7.375%, 07/15/13
			8,775,000
Environmental – 0.9%
Allied Waste North America, Inc., Sec’d. Notes	B2	1,750	1,570,625
6.125%, 02/15/14(a)
Allied Waste North America, Inc., Sr. Notes	B2	2,750	2,756,875
7.875%, 04/15/13
			4,327,500
Financial Services – 0.8%
American Express Co., 0.00% (until 12/01/2006)	A1	1,500	1,541,250
1.85%, 12/01/33(a)
JSG Funding PLC, Sr. Sub. Notes	Caa1	2,500	2,337,500
7.75%, 04/01/15 144A(a)
			3,878,750
Food & Drug Retailers – 1.7%
Ingles Markets, Inc., Gtd. Notes	Ba3	1,750	1,802,500
8.875%, 12/01/11
Jean Coutu PLC, Inc. (Canada)	B3	825	805,406
8.50%, 08/01/14 (a)(l)
Rite Aid Corp., Debs.	Caa1	2,500	2,075,000
7.70%, 02/15/27(a)
Rite Aid Corp., Sec’d. Notes	B2	2,000	2,040,000
8.125%, 05/01/10
Stater Brothers Holdings, Inc., Sr. Notes	B1	1,500	1,455,000
8.125%, 06/15/12
			8,177,906
Food - Wholesale – 1.5%
Chiquita Brands International, Inc., Sr. Notes	B2	1,600	1,600,000
7.50%, 11/01/14 144A
Dole Foods Co., Debs., 7.875% (until 3/28/03)	B2	2,000	2,150,000
8.75%, 07/15/13
Land O’ Lakes, Inc., Sr. Notes	B3	1,500	1,503,750
8.75%, 11/15/11(a)
Michael Foods, Sr. Sub. Notes	B3	775	809,875
8.00%, 11/15/13
Pinnacle Foods, Inc., Sr. Sub. Notes	B3	1,525	1,311,500
8.25%, 12/01/13 144A
			7,375,125
Forestry/Paper – 2.8%
Boise Cascade LLC, Sr. Sub. Notes	B2	1,000	1,017,500
7.125%, 10/15/14 144A
Bowater, Inc., Notes	Ba3	2,000	1,915,000
6.50%, 06/15/13(a)

Buckeye Technologies, Inc., Sr. Sub. Notes	Caa1	2,500	2,487,500
8.00%, 10/15/10
Jefferson Smurfit Corp., Gtd. Notes	B2	1,000	1,032,500
8.25%, 10/01/12
JSG Funding PLC, Sr. Notes (Ireland)	B3	750	810,000
9.625%, 10/01/12 (l)
Longview Fibre Co., Sr. Sub. Notes	B2	500	540,000
10.00%, 01/15/09
Norske Skog Corp., Sr. Notes (Canada)	Ba3	2,230	2,174,250
7.375%, 03/01/14 (l)
Tembec Industries, Inc., Gtd. Notes (Canada)
8.625%, 06/30/09 (a)(l)	B2	2,000	1,940,000
7.75%, 03/15/12 (l)	B2	2,000	1,830,000
			13,746,750
Gaming – 4.7%
Boyd Gaming Corp., Sr. Sub. Notes	B1	1,500	1,631,250
8.75%, 04/15/12
Hard Rock Hotel, Inc., Notes	B3	1,200	1,299,000
8.875%, 06/01/13
Isle of Capri Casinos, Inc., Gtd. Notes	B2	1,250	1,365,625
9.00%, 03/15/12
Isle of Capri Casinos, Inc., Sr. Sub. Notes	B2	3,500	3,482,499
7.00%, 03/01/14
Las Vegas Sands Corp., Sr. Notes	B2	2,000	1,907,500
6.375%, 02/15/15 144A(a)
MGM Mirage, Inc., Sr. Notes	Ba2	1,500	1,518,750
6.75%, 09/01/12
Park Place Entertainment Corp., Sr. Notes	Ba1	350	378,000
7.50%, 09/01/09
Park Place Entertainment Corp., Sr. Sub. Notes	Ba2	1,000	1,066,250
9.375%, 02/15/07
Penn National Gaming, Inc., Sr. Sub. Notes	B2	1,250	1,259,375
6.875%, 12/01/11
Premier Entertainment Biloxi / Finance, First Mortgage	B3	625	640,625
10.75%, 02/01/12
River Rock Entertainment, Sr. Notes	B2	2,005	2,205,500
9.75%, 11/01/11
Scientific Games Corp., Sr. Sub. Notes	B1	1,525	1,525,000
6.25%, 12/15/12 144A
Seneca Gaming Corp., Sr. Notes	B2	500	500,000
7.25%, 05/01/12
Station Casinos, Inc., Sr. Sub. Notes	B1	1,500	1,496,250
6.50%, 02/01/14
Turning Stone Casino Resort Enterprise, Sr. Notes	B1	500	521,875
9.125%, 12/15/10 144A
Wynn Las Vegas LLC Corp., First Mortgage Notes	B2	2,500	2,387,500
6.625%, 12/01/14 144A
			23,184,999
Gas Distribution – 2.5%
El Paso Corp., Sr. Notes
7.00%, 05/15/11	Caa1	2,500	2,412,500
7.75%, 01/15/32(a)	Caa1	1,250	1,184,375
Ferrellgas Partners L.P., Sr. Notes	Ba3	2,500	2,450,000
6.75%, 05/01/14
Markwest Energy, Sr. Notes	B1	2,000	2,010,000
6.875%, 11/01/14 144A
Northwest Pipeline Corp., Gtd. Notes	Ba2	500	537,500
8.125%, 03/01/10
Sonat, Inc., Notes	Caa1	1,000	992,500
7.625%, 07/15/11
Suburban Propane Partners L.P., Sr. Notes	B1	1,500	1,485,000
6.875%, 12/15/13
Williams Cos., Inc., Notes	B1	1,000	1,095,000
7.875%, 09/01/21
			12,166,875

Health Services – 5.7%
Alliance Imaging, Sr. Sub. Notes	B3	2,000	1,900,000
7.25%, 12/15/12 144A
AmeriPath, Inc., Gtd. Notes	Caa1	2,000	2,000,000
10.50%, 04/01/13
Ardent Health Services LLC, Sr. Sub. Notes	B3	1,750	2,082,500
10.00%, 08/15/13
Beverly Enterprises, Inc., Sr. Sub. Notes	B2	700	777,000
7.875%, 06/15/14
Bio-Rad Laboratories, Inc., Sr. Sub. Notes	Ba3	1,000	985,000
6.125%, 12/15/14 144A
CDRV Investors, Inc., Sr. Disc. Notes, Zero Coupon (until 01/01/10)	Caa2	775	470,813
9.625%, 01/01/15 144A
Hanger Orthopedic Group, Inc., Gtd. Notes	B3	1,750	1,745,625
10.375%, 02/15/09(a)
HCA, Inc., Notes	Ba2	1,250	1,247,053
6.375%, 01/15/15
HEALTHSOUTH Corp., Sr. Notes	NR	2,310	2,286,899
8.375%, 10/01/11
Medex, Inc., Sr. Sub. Notes	B3	2,000	2,269,999
8.875%, 05/15/13
National Mentor, Inc., Sr. Sub. Notes	B3	1,500	1,571,250
9.625%, 12/01/12 144A
National Nephrology Associates, Inc., Sr. Sub. Notes	B1	335	373,106
9.00%, 11/01/11 144A
Pacificare Health Systems, Inc., Gtd. Notes	Ba3	640	710,400
10.75%, 06/01/09
PerkinElmer, Inc., Gtd. Notes	Ba3	1,500	1,687,500
8.875%, 01/15/13
Tenet Healthcare Corp., Notes	B3	1,500	1,421,250
7.375%, 02/01/13(a)
Tenet Healthcare Corp., Sr. Notes	B3	625	626,563
9.25%, 02/01/15 144A
Tenet Healthcare Corp., Sr. Notes,	B3	2,000	2,090,000
9.875%, 07/01/14
Triad Hospitals, Inc., Sr. Sub. Notes	B3	1,500	1,481,250
7.00%, 11/15/13
UnitedHealth Group, Inc., Notes	A2	1,500	1,493,130
4.875%, 04/01/13
Vanguard Health Holdings II, Sr. Sub. Notes	Caa1	1,000	1,057,500
9.00%, 10/01/14
			28,276,838
Hotels – 0.6%
Felcor Lodging L.P., Gtd. Notes (8.50% until 6/20/03)	B1	700	756,000
9.00%, 06/01/11
Host Marriott L.P., Sr. Notes	Ba3	2,350	2,338,250
7.00%, 08/15/12
			3,094,250
Household & Leisure Products – 0.3%
Fedders North America, Inc., Sr. Notes	Caa1	1,750	1,321,250
9.875%, 03/01/14
Leisure – 0.9%
Gaylord Entertainment Co., Sr. Notes
8.00%, 11/15/13	B3	3,000	3,120,000
6.75%, 11/15/14 144A	B3	1,500	1,428,750
			4,548,750
Machinery – 0.8%
AGCO Corp., Gtd. Notes	Ba3	1,000	1,052,500
9.50%, 05/01/08
JLG Industries, Inc., Gtd. Notes	B2	600	639,000
8.25%, 05/01/08
Manitowoc Co., Inc., Sr. Notes	B1	2,015	2,085,525
7.125%, 11/01/13(a)
			3,777,025
Machinery & Equipment – 0.2%
Dresser-Rand Group, Inc., Sr. Sub. Notes	B3	950	954,750
7.375%, 11/01/14 144A

Media - Broadcasting – 1.8%
Allbritton Communications, Sr. Sub. Notes	B3	2,200	2,178,000
7.75%, 12/15/12
Clear Channel Communications, Inc., Sr. Notes	Baa3	2,500	2,472,858
4.625%, 01/15/08
Emmis Operating Co., Sr. Sub. Notes	B2	1,500	1,477,500
6.875%, 05/15/12
Paxson Communications Corp., Gtd. Notes	Caa1	1,650	1,645,875
10.75%, 07/15/08(a)
Sinclair Broadcast Group, Inc., Gtd. Notes	B2	1,000	1,055,000
8.75%, 12/15/11
			8,829,233
Media - Cable – 3.0%
Charter Communications Holdings II, Sr. Notes	Caa1	2,000	2,050,000
10.25%, 09/15/10
Charter Communications Holdings LLC, Sr. Notes	Ca	3,500	2,852,500
10.00%, 04/01/09
DIRECTV Holdings LLC, Sr. Notes	Ba2	1,250	1,359,375
8.375%, 03/15/13
Echostar DBS Corp., Sr. Notes	Ba3	1,500	1,477,500
6.375%, 10/01/11
Insight Communications Co., Inc., Sr. Disc.	Caa2	4,000	3,999,999
Notes, Zero Coupon (until 02/15/06)
12.25%, 02/15/11(a)
Mediacom LLC Capital Corp., Sr. Notes	B3	3,000	3,007,500
9.50%, 01/15/13(a)
			14,746,874
Media - Diversified – 0.3%
Block Communications, Inc., Gtd. Notes	B2	1,550	1,658,500
9.25%, 04/15/09
Media - Services – 0.4%
Interpublic Group of Cos., Inc., Notes	Baa3	640	608,000
6.25%, 11/15/14
Warner Music Group, Sr. Sub. Notes	B3	1,500	1,552,500
7.375%, 04/15/14 144A
			2,160,500
Metals & Mining – 0.2%
Novelis, Inc., Sr. Notes (Canada)	B1	1,200	1,182,000
7.25%, 02/15/15 144A (l)
Metals & Mining Excluding Steel – 0.4%
Peabody Energy Corp., Sr. Notes	Ba3	2,000	1,940,000
5.875%, 04/15/16
Non-Electric Utilities – 0.6%
Semco Energy, Inc., Sr. Notes
7.125%, 05/15/08	Ba2	750	767,153
7.75%, 05/15/13	Ba2	2,000	2,076,338
			2,843,491
Non-Food & Drug Retailers – 1.2%
Couche-Tard Corp., Sr. Sub. Notes	Ba3	1,450	1,529,750
7.50%, 12/15/13
Penny, (J.C.) Co., Inc., Notes	Ba2	1,250	1,143,750
6.875%, 10/15/15
Saks, Inc., Gtd. Notes
9.875%, 10/01/11(a)	Ba3	1,000	1,085,000
7.375%, 02/15/19	Ba3	2,535	2,281,500
			6,040,000
Oil Field Equipment & Services – 1.2%
Hanover Compressor Co., Sr. Notes	B3	1,000	1,050,000
8.625%, 12/15/10
Key Energy Services, Inc., Sr. Notes	B1	2,500	2,425,000
6.375%, 05/01/13
McDermott, (J.Ray) SA, Sec’d. Notes	Caa1	1,000	1,125,000
11.00%, 12/15/13 144A
Pride International, Inc., Sr. Notes	Ba2	1,000	1,065,000
7.375%, 07/15/14
			5,665,000

Packaging – 3.1%
AEP Industries, Inc., Sr. Notes	B2	150	151,387
7.875%, 03/15/13 144A
BWAY Corp., Sr. Sub. Notes	B3	1,000	1,067,500
10.00%, 10/15/10 (c)
Constar International, Inc., Notes	B2	150	150,750
6.149%, 02/15/12 144A
Constar International, Inc., Sr. Sub. Notes	Caa1	1,925	1,934,625
11.00%, 12/01/12(a)
Crown Cork & Seal Co., Inc., Debs.	B3	4,000	3,759,999
7.375%, 12/15/26
Graham Packing Co., Sr. Notes	Caa1	3,250	3,266,250
8.50%, 10/15/12 144A(a)
Owens-Brockway Glass Containers Corp., Gtd. Notes
8.875%, 02/15/09	B1	2,500	2,681,250
7.75%, 05/15/11	B1	1,500	1,578,750
Portola Packaging, Inc., Sr. Notes	Caa1	350	264,250
8.25%, 02/01/12
Stone Container Finance, Gtd. Notes (Canada)	B2	550	547,250
7.375%, 07/15/14 (l)
			15,402,011
Pharmaceuticals – 0.8%
Alpharma, Inc., Sr. Notes	B3	1,500	1,485,000
8.625%, 05/01/11 144A
Warner Chilcott Corp., Sr. Sub. Notes	Caa1	2,500	2,525,000
8.75%, 02/01/15 144A
			4,010,000
Printing & Publishing – 1.2%
Dex Media, Inc., Notes	B3	1,000	1,040,000
8.00%, 11/15/13
Houghton Mifflin Co., Sr. Notes	B3	2,500	2,562,500
8.25%, 02/01/11
Primedia, Inc., Sr. Notes	B3	850	890,375
8.875%, 05/15/11
R.H. Donnelley Corp., Sr. Notes	B3	1,250	1,243,750
6.875%, 01/15/13 144A
			5,736,625
Restaurants – 0.3%
Denny’s Corp., Inc., Sr. Notes	Caa1	1,250	1,318,750
10.00%, 10/01/12 144A(a)
Software/Services – 0.5%
Electronic Data Systems Corp., Notes,	Ba1	2,500	2,560,793
Series B, 6.00% (until 8/01/04)
6.50%, 08/01/13(a)
Steel Producers/Products – 0.3%
Allegheny Ludlum Corp., Debs.	B1	1,275	1,249,500
6.95%, 12/15/25
Support-Services – 1.9%
Iron Mountain, Inc., Gtd. Notes
7.75%, 01/15/15	Caa1	3,250	3,225,625
6.625%, 01/01/16	Caa1	4,000	3,670,000
JohnsonDiversey, Inc., Gtd. Notes, Series B	B2	750	810,000
9.625%, 05/15/12
United Rentals NA, Inc., Sr. Sub. Notes	B2	1,750	1,706,250
7.75%, 11/15/13(a)
			9,411,875
Telecom - Fixed Line – 0.3%
Level 3 Financing, Inc., Sr. Notes	Caa1	1,600	1,412,000
10.75%, 10/15/11 144A(a)
Telecom - Integrated/Services – 1.4%
Cincinnati Bell, Inc., Sr. Sub. Notes	B3	2,000	1,980,000
8.375%, 01/15/14(a)
MCI, Inc., Sr. Notes	B2	1,000	1,102,500
8.375%, 05/01/14
Qwest Capital Funding Co., Gtd. Notes	Caa2	2,000	1,925,000
7.90%, 08/15/10(a)

Qwest Services Corp., Notes, 13.50% (until 12/21/03), 13.75% (until 3/20/04)	Caa1	1,500	1,743,750
14.00%, 12/15/10 144A
			6,751,250
Telecom - Wireless – 2.1%
Airgate PCS, Inc., Sec’d. Notes	Caa1	1,250	1,331,250
9.375%, 09/01/09 144A(a)
Centennial Communications Corp., Gtd. Notes	Caa1	2,000	2,220,000
10.125%, 06/15/13
Dobson Communications Corp., Sr. Notes
10.875%, 07/01/10(a)	Ca	500	445,000
8.875%, 10/01/13	Ca	625	493,750
Nextel Communications, Inc., Sr. Notes	Ba3	1,000	1,061,250
7.375%, 08/01/15
Nextel Partners, Inc., Sr. Notes	B3	1,400	1,494,500
8.125%, 07/01/11
Rural Cellular Corp., Sr. Notes	Caa1	1,500	1,515,000
9.875%, 02/01/10
Ubiquitel Operating Co., Sr. Notes
9.875%, 03/01/11 144A	Caa1	550	609,125
9.875%, 03/01/11	Caa1	450	498,375
Western Wireless Corp., Sr. Notes	Caa1	550	629,750
9.25%, 07/15/13
			10,298,000
Telecommunications – 0.3%
Triton PCS, Inc., Gtd. Notes
9.375%, 02/01/11(a)	Ca	725	516,563
8.75%, 11/15/11(a)	Ca	1,250	878,125
			1,394,688
Telecommunications Equipment – 0.3%
Lucent Technologies, Debs.	B2	1,500	1,301,250
6.45%, 03/15/29
Theaters & Entertainment – 0.6%
AMC Entertainment, Inc., Sr. Sub. Notes	B3	1,500	1,440,000
8.00%, 03/01/14
Carmike Cinemas, Inc., Sr. Sub. Notes	Caa1	550	542,438
7.50%, 02/15/14
Loews Cineplex, Sr. Sub. Notes	B3	1,200	1,200,000
9.00%, 08/01/14 144A
			3,182,438
Transportation – 0.3%
Hornbeck Offshore Services, Inc., Sr. Notes	Ba3	1,680	1,663,200
6.125%, 12/01/14
Transportation Excluding Air/Rail – 0.8%
American Commercial Lines ACL Finance, Sr. Notes	B3	200	207,500
9.50%, 02/15/15 144A
CHC Helicopter Corp., Sr. Sub. Notes	B2	2,000	1,957,500
7.375%, 05/01/14
Offshore Logistics, Inc., Gtd. Notes	Ba2	1,825	1,742,875
6.125%, 06/15/13
			3,907,875
TOTAL CORPORATE OBLIGATIONS (Cost $322,514,710)			320,795,424

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 4.7%

Federal Home Loan Mortgage Corp.	4,300	4,407,985
6.00%, 04/01/33
Federal National Mortgage Assoc.
5.50%, 02/01/33 - 07/01/33	10,048	10,086,306
6.00%, 05/01/33 - 08/01/34	8,631	8,831,551
		18,917,857
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $23,517,620)		23,325,842

U.S. TREASURY – 1.5%
U.S. Treasury Notes
5.00%, 02/15/11(a)		5,000	5,194,730
4.00%, 02/15/15(a)		2,500	2,402,735
TOTAL U.S. TREASURY (Cost $7,698,806)			7,597,465
	Shares
COMMON STOCK – 0.1%
Telecommunications Equipment
Avaya, Inc.*
(Cost $925,979)		60,000	700,800
PREFERRED STOCK – 4.1%
Agency – 0.1%
Fannie Mae 5.375% [CVT]		6	562,270
Automotive – 0.2%
Ford Motor Co. Capital Trust II 6.50%[CVT]		25,000	1,133,500
Beverages – 0.2%
Constellation Brands, Inc. 5.75% [CVT]		20,000	808,200
Electric – Distribution/Transportation – 0.4%
FPL Group, Inc. 8.00%[CVT]		35,000	2,170,350
Electric – Generation – 0.1%
PNM Resources, Inc. 6.75%[CVT](a)		12,075	601,335
Energy – Exploration & Production – 0.7%
Chesapeake Energy Corp. 4.125%[CVT]		2,000	2,887,750
Financial Services – 0.3%
Marshall & Ilsley Corp. 6.50% [CVT]		60,000	1,596,600
Food & Drug Retailers – 0.3%
Albertson’s, Inc. 7.25%[CVT]		75,000	1,696,500
Integrated Energy – 0.5%
Williams Cos., Inc. 5.50%[CVT]		27,500	2,502,500
Media – Broadcasting – 0.3%
Sinclair Broadcast Group, Inc. 6.00%[CVT]		35,000	1,465,625
Pharmaceuticals – 0.4%
Omnicare Cap Trust II, Series-B 4.00%		15,000	773,550
Schering Plough Corp. 6.00%[CVT]		23,000	1,156,900
			1,930,450
Printing & Publishing – 0.6%
Interpublic Group of Cos., Inc. Series A 5.375% [CVT]		60,000	2,728,200
TOTAL PREFERRED STOCK (Cost $19,236,516)			20,083,280
TOTAL LONG-TERM INVESTMENTS (Cost $459,220,663)			459,551,861
	Principal Amount (000)
SHORT-TERM INVESTMENTS – 20.1%
Corporate Obligations – 0.9%
Barton Capital Corp.	$	1,941	1,941,050
2.83%, 04/01/05 (b)
Merrill Lynch & Co., Inc.		2,543	2,542,773
2.975%, 04/01/05 (b)
			4,483,823
Time Deposit – 3.6%
Chase Manhattan Bank		9,154	9,153,982
2.843%, 04/01/05 (b)
Societe Generale NY		8,508	8,508,016
2.875%, 04/01/05 (b)
			17,661,998

	Shares
Non-Registered Investment Company – 12.5%
BlackRock Institutional Money Market Trust(b)(j)	60,883,339		60,883,339
Registered Investment Companies – 3.1%
BlackRock Provident Institutional Funds	7,685,415		7,685,415
TempCash Portfolio(j)
BlackRock Provident Institutional Funds	7,685,415		7,685,415
TempFund Portfolio(j)
			15,370,830
TOTAL SHORT-TERM INVESTMENTS (Cost $98,399,990)			98,399,990
Total Investments — 113.5% (Cost $557,620,653 (p))			557,951,851
Liabilities in Excess of Other Assets — (13.5%)			(66,225,580	)
Net Assets — 100.0%		$	491,726,271

The following abbreviations 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.
CVT	Convertible Security
NR	Not Rated by Moody’s or Standard & Poor’s.

The following annotations are used throughout the Schedule of Investments:

*	Non-income producing security.
(a)	All or portion of security is on loan. The aggregate market value of such securities is $80,725,947; cash collateral of $83,029,160 (included with liabilities) was received with which the portfolio purchased highly liquid short-term investments.
(b)	Represents security purchased with cash collateral for securities on loan.
(c)	Indicates a variable rate security. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted.
(d)	Standard & Poor’s rating.
(j)	Security available to institutional investors only.
(l)	US$ Denominated Foreign Bonds.
(p)	The United States federal income tax basis of the Fund’s investments was $557,648,696; accordingly, net unrealized appreciation on investments for federal income tax purposes was $303,155 (gross unrealized appreciation—$12,410,577; gross unrealized depreciation—$12,107,422). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST PIMCO Total Return Bond Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Moody’s Rating		Principal Amount (000)		Value
LONG-TERM INVESTMENTS - 87.5%
ASSET-BACKED SECURITIES – 4.1%
Bear Stearns Asset Backed Securities, Inc., Series 2001-A, Class AIII	Aaa		$	709	$	710,196
3.13%, 02/15/31 (c)
CCCA LLC, Series 2000	AAA	(d)		1,000		1,048,403
7.80%, 10/15/08 144A(cost $1,056,645; purchased 05/21/02)(g)
CDC Mortgage Capital Trust, Series 2002-HE2, Class A	Aaa			601		601,273
3.14%, 01/25/33 (c)
Citibank Omni-S Master Trust, Series 2002-4, Class A	Aaa			23,000		23,025,177
2.72%, 08/18/09 (c)
Contimortgage Home Equity Loan Trust, Series 1997-5, Class A8	Aaa			303		304,601
2.89%, 03/15/24 (c)
Countrywide Asset-Backed Certificates, Series 2004-7, Class 2AV1	Aaa			10,317		10,325,296
2.80%, 12/25/22
EMC Mortgage Loan Trust, Series 2001-A, Class A	Aaa			10,136		10,177,754
3.22%, 05/25/40 144A (c)
Equity One ABS, Inc., Series 2004-2, Class AF1	Aaa			8,208		8,212,684
2.96%, 07/25/34 (c)
Fremont Home Loan Trust, Series 2004-2, Class 2A1	Aaa			3,743		3,745,754
3.00%, 07/25/34 (c)
Home Equity Mortgage Trust, Series 2004-4, Class A2	Aaa			6,626		6,631,046
2.80%, 12/25/34
Nelnet Student Loan Trust, Series 2004-4, Class A1	Aaa			3,812		3,813,396
2.017%, 04/25/05 (c)
Novastar NIM Trust, Series 2004-N1, Class Notes	A-	(d)		143		142,891
4.458%, 02/25/34 144A(cost $142,814; purchased 01/30/04)(g)
Wells Fargo Home Equity Trust, Series 2004-2, Class A-31	Aaa			1,650		1,651,004
3.01%, 06/25/19 (c)
TOTAL ASSET-BACKED SECURITIES (Cost $70,306,514)						70,389,475
COLLATERALIZED MORTGAGE OBLIGATIONS – 4.8%
Bank of America Mortgage Securities, Series 2004-1, Class 5A1	AAA	(d)		1,169		1,192,091
6.50%, 09/25/33
Bear Stearns Trust, Series 2002-11, Class A-1	Aaa			909		905,729
5.639%, 02/25/33 (c)
Bear Stearns Trust, Series 2002-11, Class A-2	Aaa			2,182		2,205,564
5.348%, 01/25/33 (c)
Bear Stearns Trust, Series 2002-9, Class 2A	Aaa			367		367,432
5.723%, 10/25/32 (c)
Fannie Mae Whole Loan, Series 2003-W1, Class 1A1	Aaa			2,371		2,447,186
6.50%, 12/25/42

Fannie Mae Whole Loan, Series 2004-W2, Class 2A2	Aaa		754	789,665
7.00%, 02/25/44
Fannie Mae Whole Loan, Series 2004-W2, Class 5A	Aaa		778	823,190
7.50%, 03/25/44
Fannie Mae, Series 1993-70, Class Z	Aaa		210	219,388
6.90%, 05/25/23
Fannie Mae, Series 2002-56, Class MC	Aaa		443	449,023
5.50%, 09/25/17
Fannie Mae, Series 2003-122, Class TU	Aaa		770	767,750
4.00%, 05/25/16
Fannie Mae, Series 2003-25, Class KP	Aaa		18,304	17,971,503
5.00%, 04/25/33
Fannie Mae, Series 2003-33, Class PU	Aaa		605	585,669
4.50%, 05/25/33
Fannie Mae, Series 2003-63, Class A2	Aaa		216	215,359
2.34%, 07/25/44
Freddie Mac, Series 2064, Class ZA	Aaa		5,175	5,277,732
6.50%, 05/15/28
Freddie Mac, Series 2145, Class MZ	Aaa		13,211	13,741,499
6.50%, 04/15/29
Freddie Mac, Series 2378, Class PE	Aaa		665	680,664
5.50%, 11/15/16
Freddie Mac, Series 2513, Class QK	Aaa		99	98,590
5.00%, 08/15/28
Freddie Mac, Series 2649, Class QA	Aaa		1,020	1,020,297
3.50%, 03/15/10
Freddie Mac, Series 2662, Class DG	Aaa		1,300	1,278,210
5.00%, 10/15/22
Freddie Mac, Series 2694, Class QH	Aaa		1,265	1,207,309
4.50%, 03/15/32
Freddie Mac, Series 2721, Class PE	Aaa		525	517,323
5.00%, 01/15/23
Freddie Mac, Series 2724, Class PT	Aaa		578	571,481
3.75%, 05/15/16
Freddie Mac, Series 2728, Class TC	Aaa		1,060	1,044,751
4.00%, 02/15/23
Freddie Mac, Series 2734, Class PG	Aaa		909	891,445
5.00%, 07/15/32
Freddie Mac, Series 2737, Class XG	Aaa		530	522,510
4.00%, 11/15/22
Freddie Mac, Series 2737, Class YD	Aaa		600	588,820
5.00%, 08/15/32
Freddie Mac, Series 2750, Class NB	Aaa		1,426	1,404,653
4.00%, 12/15/22
Freddie Mac, Series 2759, Class AU	Aaa		610	605,572
3.50%, 05/15/19
Freddie Mac, Series 2786, Class PA	Aaa		544	543,451
3.50%, 10/15/10
GS Mortgage Securities Corp. II, Series 2001-1285, Class A2	Aa1		2,000	2,177,887
6.526%, 08/15/18 144A
GSR Mortgage Loan Trust, Series 2004-7, Class 1A1	Aaa		15,540	15,293,184
3.454%, 06/01/34 (c)
Indymac Trust, Series 2001-H2, Class A2	Aaa		157	158,101
6.69%, 01/25/32 (c)
Nationslink Funding Corp., Series 1999-SL, Class A4	Aaa		311	316,801
6.654%, 11/10/30
Prime Mortgage Trust, Series 2004-CL1, Class 1A2	AAA	(d)	2,406	2,411,315
3.25%, 02/25/34 (c)
Prime Mortgage Trust, Series 2004-CL1, Class 2A2	AAA	(d)	617	617,831
3.25%, 02/25/19 (c)

Rothschild, (L.F.) Mortgage Trust, Series 2, Class Z	AAA	(d)	185	194,223
9.95%, 08/01/17
Structured Asset Securities Corp., Series 2002-1A, Class 4A	Aaa		248	251,325
6.127%, 02/25/32 (c)
Washington Mutual, Series 2002-AR11, Class A1	Aaa		1,954	1,976,834
5.131%, 10/25/32 (c)
Washington Mutual, Series 2004-CB1, Class 4A	Aaa		714	724,872
6.00%, 06/25/34
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $82,251,884)				83,056,229
CORPORATE OBLIGATIONS – 5.4%
Airlines – 0.2%
United Air Lines, Inc., Equipment Trust, Series 91C	NR		6,925	3,384,594
10.36%, 11/13/12 144A(cost $8,052,232; purchased 01/03/96)(g)(i)
United Air Lines, Inc., Equipment Trust, Series 91E	NR		500	244,375
10.36%, 11/27/12 144A(cost $582,741; purchased 01/03/96)(g)(i)
United Air Lines, Inc., Pass-Thru Cert., Series 91A2	NR		1,000	451,765
10.02%, 03/22/14 144A(cost $1,000,630; purchased 03/01/95)(g)(i)
				4,080,734
Automobile Manufacturers – 0.3%
DaimlerChrysler NA Holding Co., Notes	A3		5,900	5,926,184
3.47%, 05/24/06 (c)
Conglomerates – 0.1%
Altria Group, Inc., Debs.	Baa2		1,700	1,945,744
7.75%, 01/15/27
Entertainment & Leisure
Time Warner, Inc., Notes	Baa1		510	534,496
8.11%, 08/15/06
Financial Services – 2.9%
American General Finance, Notes	A1		1,100	1,100,169
3.092%, 06/23/05 (c)
Duke Capital Corp., Notes	Baa3		595	596,054
4.302%, 05/18/06
Ford Motor Credit Co., Notes
3.10%, 04/18/05	A3		4,500	4,491,936
7.60%, 08/01/05	A3		6,200	6,265,261
6.875%, 02/01/06	A3		431	436,948
Ford Motor Credit Co., Sr. Notes	A3		860	822,046
5.80%, 01/12/09
General Motors Acceptance Corp., Notes
7.50%, 07/15/05	Baa2		11,400	11,492,250
6.75%, 01/15/06	Baa2		1,475	1,485,549
6.125%, 09/15/06	A3		780	776,667
4.375%, 12/10/07	A3		380	349,716
6.875%, 09/15/11	A3		510	462,049
Pemex Project Funding Master Trust, Gtd. Notes
8.50%, 02/15/08	Baa1		490	533,855
8.00%, 11/15/11	Baa1		2,700	2,994,300
8.625%, 02/01/22	Baa1		2,300	2,619,125
Phoenix Quake Ltd., Notes	Baa3		1,200	1,237,836
5.01%, 07/03/08 144A (cost $1,200,000; purchased 06/18/03)(c)(g)
Phoenix Quake Wind Ltd., Notes
5.01%, 07/03/08 144A (cost $1,200,000; purchased 06/18/03)(c)(g)	Baa3		1,200	1,237,836
6.06%, 07/03/08 144A (cost $550,000; purchased 06/18/03)(c)(g)	Ba1		550	464,310

Qwest Capital Funding Corp., Gtd. Notes	Caa2		153	143,438
7.25%, 02/15/11
Sr. Wind Ltd., Notes, Series A1	BB+	(d)	4,000	4,017,120
8.021%, 05/10/05 144A (cost $4,000,000; purchased 04/30/01)(c)(g)
Sr. Wind Ltd., Notes, Series A2	BB+	(d)	2,000	2,009,540
8.521%, 05/10/05 144A (cost $2,000,000; purchased 04/30/01)(c)(g)
UFJ Finance Aruba AEC, Gtd. Notes	Baa1		2,900	3,127,148
6.75%, 07/15/13
Verizon Global Funding Corp., Notes	A2		900	999,963
7.25%, 12/01/10
				47,663,116
Oil & Gas – 0.6%
El Paso Corp., Sr. Notes	Caa1		11,800	11,180,500
7.75%, 01/15/32
Telecommunications – 1.1%
France Telecom SA, Notes (France)	Baa2		5,000	5,155,845
7.95%, 03/01/06 (c)(l)
GTE Hawaiian Telephone, Debs.	Aaa		585	608,882
7.375%, 09/01/06
Qwest Corp., Debs.
7.20%, 11/10/26	Ba3		8,950	8,144,500
8.875%, 06/01/31	Ba3		500	505,000
Sprint Capital Corp., Gtd. Notes	Baa3		3,500	3,599,432
6.00%, 01/15/07
				18,013,659
Utilities – 0.2%
Appalachian Power Co., Sr. Notes, Series E	Baa2		1,585	1,589,994
4.80%, 06/15/05
Cleveland Electric Co., Notes	Aaa		1,570	1,659,603
7.13%, 07/01/07
				3,249,597
TOTAL CORPORATE OBLIGATIONS (Cost $97,811,671)				92,594,030
FOREIGN GOVERNMENT BONDS – 6.6%
Canadian Government (Canada)
5.75%, 06/01/33	Aaa		1,600	1,533,603
3.00%, 12/01/36	Aaa		818	822,873
French Government (France)
5.75%, 10/25/32	Aaa		6,800	11,164,030
4.75%, 04/25/35	Aaa		4,700	6,741,459
4.00%, 04/25/49	Aaa		1,200	1,513,948
German Government (Germany)
5.625%, 01/04/28	Aaa		1,600	2,548,914
5.50%, 01/04/31	Aaa		4,100	6,490,759
4.75%, 07/04/34	Aaa		2,800	4,021,731
Republic of Brazil (Brazil)
3.063%, 04/15/06 [BRB] (c)	B2		1,687	1,686,859
11.25%, 07/26/07	B1		200	224,200
11.50%, 03/12/08	B2		7,000	7,920,500
3.125%, 04/15/09 [BRB] (c)	B2		847	829,205
3.125%, 04/15/09	B2		106	103,651
8.84%, 06/29/09 (c)	B1		100	111,625
11.00%, 01/11/12 [BRB]	B1		7,080	8,035,800
3.125%, 04/15/12 [BRB] (c)	B1		794	750,183
8.00%, 04/15/14 [BRB]	B2		111	110,999
11.00%, 08/17/40	B1		1,550	1,727,088
Republic of Panama (Panama)
9.375%, 01/16/23	Ba1		4,400	4,950,000
8.875%, 09/30/27	Ba1		400	432,000
Republic of Peru (Peru)
9.125%, 01/15/08	Ba3		3,000	3,285,000
9.125%, 02/21/12	Ba3		6,500	7,354,100
9.125%, 02/21/12	Ba3		1,375	1,553,750
9.875%, 02/06/15	Ba3		2,500	2,900,000
4.50%, 03/07/17	Ba3		3,960	3,692,898
Republic of South Africa (South Africa)	Baa1		800	913,000
9.125%, 05/19/09

Russian Federation (Russia)	Baa3	13,800	14,151,900
5.00%, 03/31/30 (c)
Spanish Government (Spain)
5.75%, 07/30/32	Aaa	2,200	3,611,333
4.20%, 01/31/37	Aaa	1,400	1,831,853
United Mexican States (Mexico)
9.875%, 02/01/10	Baa2	600	715,500
8.375%, 01/14/11	Baa2	2,800	3,193,400
6.375%, 01/16/13	Baa2	2,490	2,589,600
8.125%, 12/30/19	Baa1	200	229,700
8.30%, 08/15/31	Baa2	5,100	5,852,250
TOTAL FOREIGN GOVERNMENT BONDS (Cost $108,313,637)			113,593,711
MUNICIPAL BONDS – 1.6%
California – 0.3%
Golden State Tobacco Securitization Corp. Series 2003-A-1	A3	5,300	5,442,358
6.25%, 06/01/33
Illinois
Illinois State Taxable-Pension General Obligation Bond	Aa3	570	551,395
4.95%, 06/01/23
Nevada – 0.4%
Las Vegas Water Authority (MBIA Insured) Series B
5.00%, 06/01/25	Aaa	3,840	3,973,018
5.00%, 06/01/27	Aaa	2,200	2,260,390
			6,233,408
New Jersey – 0.1%
City of Trenton General Obligation Bond	Aaa	990	977,912
4.80%, 04/01/14
Jersey City Municipal Utilities Authority Water Revenue Bond Series A	Aaa	1,000	981,160
4.81%, 05/15/14
			1,959,072
New Mexico
Jicarilla New Mexico Apache Nation Revenue Bonds	NR	435	425,404
3.85%, 12/01/08
New York – 0.1%
New York City Transitional Financial Authority Series E	Aa2	1,200	1,235,928
5.00%, 02/01/28
New York State General Obligation Bond	NR	550	575,850
6.66%, 03/01/30 144A (cost $577,794; purchased 03/24/05)(c)(g)
			1,811,778
Oregon – 0.1%
Portland Oregon River District Urban Renewal and Redevelopment Revenue Bonds Series B	Aaa	1,020	954,893
3.35%, 06/15/10
Wisconsin – 0.6%
Badger Tobacco Asset Securitization Corp.	Baa3	10,100	10,213,625
6.00%, 06/01/17
Wisconsin State General Revenue Bond	Aaa	510	535,704
5.70%, 05/01/26
			10,749,329
TOTAL MUNICIPAL BONDS (Cost $27,482,906)			28,127,637

	Number of Contracts
OPTIONS Put Options
Eurodollar Futures, Strike Price 94.25,		2,139	13,368
Expires 9/19/05*
Eurodollar Futures, Strike Price 95.25,		275	1,719
Expires 6/13/05*
Eurodollar Futures, Strike Price 95.75,		418	2,613
Expires 6/13/05*
Eurodollar Futures, Strike Price 95.875,		400	0
Expires 6/13/05*
Eurodollar Futures, Strike Price 96.00,		500	3,125
Expires 6/13/05*
TOTAL OPTIONS (Cost $37,320)			20,825
	Principal Amount (000)
RIGHTS* – 0.2%
United Mexican States Value Recovery Rights Series C (Mexico)	$	49,719	696,066
0.00%
United Mexican States Value Recovery Rights Series D (Mexico)		49,629	1,290,354
0.00%
United Mexican States Value Recovery Rights Series E (Mexico)		35,410	832,135
0.00%
TOTAL RIGHTS* (Cost $737,487)			2,818,555
	Shares
PREFERRED STOCK – 0.2%
Financial Services
Fannie Mae, 7.00%
(Cost $2,615,000)		52,300	2,905,919
	Principal Amount (000)
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 49.8%
Federal Home Loan Bank		1,400	1,297,271
4.20%, 02/05/07
Federal Home Loan Mortgage Corp.
5.00%, 10/01/18 - 05/01/34		8,388	8,387,058
5.50%, 01/01/34		3,512	3,525,032
6.00%, 02/01/16 - 02/01/33		8,830	9,074,468
8.25%, 08/01/17		20	21,559
			21,008,117
Federal National Mortgage Assoc.
3.796%, 08/01/29 (c)		281	285,030
4.043%, 05/01/36 (c)		16,326	16,714,531
4.275%, 01/01/24 (c)		15	15,095
4.321%, 11/01/35 (c)		5,012	5,132,025
4.50%, 09/01/18 - 09/01/33		7,819	7,646,401
4.548%, 01/01/28 (c)		214	218,565
5.00%, 10/01/08 - 05/13/35		219,829	218,423,059
5.50%, 08/01/16 - 04/13/35		534,563	535,724,127
6.00%, 02/01/17 - 01/01/34		22,439	23,187,240
6.375%, 01/01/09		1,822	1,916,738
6.50%, 09/01/16 - 11/01/33		1,461	1,524,366
			810,787,177

Government National Mortgage Assoc.
2.75%, 01/20/32 - 02/20/32	10,163	9,995,061
3.375%, 03/20/17 - 05/20/30 (c)	4,629	4,624,312
3.50%, 07/20/30 (c)	2,667	2,670,082
3.75%, 08/20/23 - 09/20/24 (c)	1,146	1,163,458
4.125%, 10/20/23 - 11/20/29 (c)	6,269	6,407,641
6.00%, 01/15/34	178	182,823
7.00%, 02/15/24	10	10,462
		25,053,839
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $859,806,911)		858,146,404
U.S. GOVERNMENT AGENCY OBLIGATIONS – 2.3%
Small Business Administration
7.449%, 08/01/10	1,449	1,548,064
6.344%, 08/01/11	11,466	11,964,790
4.915%, 09/10/13	13,600	13,626,568
5.13%, 09/01/23	1,566	1,577,828
5.52%, 06/01/24	10,396	10,664,526
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $38,476,986)		39,381,776
U.S. TREASURY OBLIGATIONS – 12.5%
U.S. Treasury Bonds	3,900	4,102,773
5.25%, 11/15/28
U.S. Treasury Inflationary Bonds [TIPS]
3.375%, 01/15/07(k)	2,300	2,906,927
3.875%, 01/15/09	43,700	56,050,657
4.25%, 01/15/10	7,300	9,420,985
0.875%, 04/15/10	8,900	8,765,752
3.50%, 01/15/11	72,600	88,881,039
3.375%, 01/15/12	1,000	1,205,593
3.00%, 07/15/12	22,800	26,620,405
1.875%, 07/15/13	400	422,667
1.625%, 01/15/15	3,500	3,444,758
2.375%, 01/15/25	10,600	11,537,543
3.625%, 04/15/28	1,500	2,325,138
TOTAL U.S. TREASURY OBLIGATIONS (Cost $217,206,338)		215,684,237
TOTAL LONG-TERM INVESTMENTS (Cost $1,505,046,654)		1,506,718,798
SHORT-TERM INVESTMENTS – 43.3%
Bank Loan – 0.4%
Morgan Stanley	6,300	6,281,127
3.12%, 08/19/05 144A(cost $6,300,000; purchased 06/28/04)(g)
Certificates of Deposit – 5.2%
HSBC Bank	46,400	46,400,000
2.41%, 04/01/05
Wells Fargo	43,200	43,200,000
2.79%, 04/13/05		89,600,000
Commercial Paper – 12.1%
Ford Motor Co.
2.52%, 04/07/05	11,400	11,394,969
General Motors Acceptance Corp.
2.495%, 04/05/05	2,500	2,499,295
2.535%, 04/05/05	2,300	2,299,341
Rabobank USA	47,500	47,500,000
2.82%, 04/05/05
Skandi Ensk Bank	48,000	47,639,640
2.97%, 06/21/05(cost $47,679,240; purchased 03/22/05)(h)
Total Fina Elf Capital
2.83%, 04/01/05(cost $47,500,000; purchased 03/31/05)(h)	47,500	47,500,000

UBS Finance Delaware LLC
2.83%, 04/01/05	47,500	47,500,000
2.775%, 04/25/05	4,300	4,292,045
		210,625,290
Foreign Treasury Bills – 10.6%
France Government Treasury Bills
2.03%, 06/23/05 (n)	7,000	9,031,681
2.06%, 08/04/05 (n)	124,400	160,112,410
2.08%, 09/01/05 (n)	10,000	12,849,513
		181,993,604
Repurchase Agreements – 2.9%
U.S. Treasury Repurchase Agreement	10,000	10,000,000
2.40%, dated 03/31/05, maturing 04/01/05, repurchase price $10,000,000 (Collateralized by U.S. Treasury Inflation Protection Securities 3.625%, par value $7,993,000, market value $10,221,570, due 01/15/08)
U.S. Treasury Repurchase Agreement	39,700	39,700,000
2.50%, dated 03/31/05, maturing 04/01/05, repurchase price 39,700,000 (Collateralized by U.S. Treasury Notes, 3.625%, par value $41,009,000, market value $40,736,024, due 07/15/09)
		49,700,000
U.S. Government Agency Obligations – 10.8%
Federal National Mortgage Assoc.
2.39%, 04/15/05 (n)	19,400	19,381,067
2.575%, 04/20/05 (n)	47,000	46,937,114
2.582%, 04/27/05 (n)	50,000	49,906,288
2.582%, 04/27/05 (n)	28,800	28,746,022
2.485%, 05/25/05 (n)	9,000	8,962,268
2.79%, 05/25/05 (n)	100	99,581
2.80%, 06/01/05 (n)	100	99,521
2.865%, 06/08/05 (n)	25,000	24,866,600
2.915%, 06/22/05 (n)	7,300	7,296,715
		186,295,176
U.S. Treasury Obligations – 0.7%
U.S. Treasury Bills
2.455%, 05/05/05 (n)(k)	95	94,770
2.465%, 05/05/05 (n)(k)	1,800	1,795,633
2.74%, 06/16/05 (n)(k)	3,500	3,480,141
2.74%, 06/16/05 (n)(k)	3,025	3,007,836
2.74%, 06/16/05 (n)(k)	2,860	2,843,772
		11,222,152
Registered Investment Companies – 0.6%
	Shares
BlackRock Provident Institutional Funds TempCash Portfolio (j)	5,288,388	5,288,388
BlackRock Provident Institutional Funds TempFund Portfolio (j)	5,288,388	5,288,388
		10,576,776
TOTAL SHORT –TERM INVESTMENTS (Cost $746,856,530)		746,294,125
Total Investments, Before Outstanding Written Options — 130.8% (Cost $2,251,903,184(p))		2,253,012,923
	Number of Contracts / Swap Notional Amount (000)
OUTSTANDING OPTIONS WRITTEN – (0.2)%
Call Options
Swap 3-Month LIBOR & Fixed, Strike Price 6.00%, Expires 06/09/05*	38,300	(2,604,400	)
U.S. Treasury Note Futures, Strike Price 112, Expires 05/20/05*	35	(2,734	)

U.S. Treasury Note Futures, Strike Price 113, Expires 05/20/05*	467		(14,594	)
U.S. Treasury Note Futures, Strike Price 114, Expires 05/20/05*	217		(3,391	)
U.S. Treasury Note Futures, Strike Price 116, Expires 05/20/05*	238		(29,750	)
U.S. Treasury Note Futures, Strike Price 118, Expires 05/20/05*	15		(469	)
			(2,655,338	)
Put Options
Swap 3-Month LIBOR & Fixed, Strike Price 6.70%, Expires 06/09/05*	22,300		(22	)
U.S. Treasury Note Futures, Strike Price 108, Expires 05/20/05*	1,133		(432,156	)
U.S. Treasury Note Futures, Strike Price 111, Expires 05/20/05*	298		(358,531	)
			(790,709	)
TOTAL OUTSTANDING OPTIONS WRITTEN (Premium Received $3,012,767)			(3,446,047	)
Total Investments, Net of Outstanding Options Written — 130.6% (Cost $2,248,890,417(p))			2,249,566,876
Liabilities in Excess of Other Assets — (30.6%)			(527,247,621	)
Net Assets — 100.0%		$	1,722,319,255

The following abbreviations are used throughout the Schedule of Investments:

ARM	Adjustable Rate Mortgage Security
BRB	Brady Bond
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
INR	Indonesian Rupiah
JPY	Japanese Yen
KRW	Korean Won
MXN	Mexican Peso
NR	Not Rated by Moody’s or Standard & Poor’s.
PEN	Peruvian Sol
PLZ	Polish Zloty
RUB	Russian Rouble
SGD	Singapore Dollar
SKK	Slovak Koruna
TIPS	Treasury Inflation Protection Securities
TWD	Taiwan 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.
(c)	Indicates a variable rate security. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted.
(d)	Standard & Poor’s rating.
(g)	Indicates a security and or swap that has been deemed illiquid. The aggregate cost of illiquid securities is $27,218,904. The aggregate value, $22,987,164 represents 1.33% of net assets.

(h)	Security is a 144A security restricted as to resale and generally is sold only to institutional investors who agree that they are purchasing the security 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 $95,179,240. The aggregate market value of $95,139,640 is approximately 5.52% of net assets. These securities have been deemed to be liquid under procedures established by the Board of Trustees.
(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 $14,129,079 have been segregated with the custodian to cover margin requirements for the following open futures contracts at March 31, 2005:

Number of Contracts	Type	Expiration Month	Value at Trade Date		Value at March 31, 2005		Unrealized Appreciation (Depreciation)
Long Positions:
752	Euro Dollar	Jun 05	$	182,074,613	$	181,391,801	$	(682,812	)
2,483	Euro Dollar	Sep 05		601,732,888		596,075,188		(5,657,700	)
74	Euro Dollar	Dec 05		17,724,850		17,716,525		(8,325	)
37	Euro Dollar	Mar 06		8,843,925		8,844,850		925
25	Japanese Government 10 Year Bond	Jun 05		32,128,772		32,502,565		373,793
1,407	U.S. Treasury 10 Year Note	Jun 05		154,543,344		153,736,735		(806,609	)
527	U.S. Treasury 15 Year Bond	Jun 05		57,989,719		58,694,626		704,907
								(6,075,821	)
Short Positions:
155	Euro-Bobl	Jun 05		22,488,769		22,622,208		(133,439	)
							$	(6,209,260	)

(l)	US$ Denominated Foreign Bonds.
(n)	Rates shown are the effective yields at purchase date.
(p)	The United States federal income tax basis of the Fund’s investments was $2,251,917,638; accordingly, net unrealized appreciation on investments for federal income tax purposes was $1,095,285 (gross unrealized appreciation-$15,225,202; gross unrealized depreciation-$14,129,917). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

Forward foreign currency exchange contracts outstanding at March 31, 2005:

Purchase Contracts

Settlement Month	Type		Contracts to Receive	In Exchange For		Contracts at Value		Unrealized Appreciation (Depreciation)
Apr 05	Buy	BRL	1,304,000	$	463,974	$	488,389	$	24,415
May 05	Buy	BRL	1,362,000		511,165		510,112		(1,053	)
Jun 05	Buy	BRL	1,503,000		533,925		562,921		28,996
Sep 05	Buy	BRL	8,181,000		2,878,329		3,064,045		185,716
May 05	Buy	CLP	315,041,000		553,162		537,586		(15,576	)
Jun 05	Buy	CLP	303,010,000		513,681		517,056		3,375
Aug 05	Buy	CLP	70,130,000		120,575		119,670		(905	)
Apr 05	Buy	EUR	124,400,000		160,323,982		161,342,906		1,018,924
Apr 05	Buy	GBP	668,000		1,277,049		1,260,763		(16,286	)
Apr 05	Buy	HKD	3,513,000		452,560		450,540		(2,020	)
Jun 05	Buy	INR	34,301,000		789,131		785,366		(3,765	)
Apr 05	Buy	JPY	3,457,327,000		32,958,335		32,272,765		(685,570	)
Apr 05	Buy	KRW	523,611,000		506,865		515,600		8,735
May 05	Buy	KRW	533,400,000		519,307		525,239		5,932
Jun 05	Buy	KRW	590,000,000		589,095		580,973		(8,122	)
May 05	Buy	MXN	4,902,000		435,907		433,731		(2,176	)
Jun 05	Buy	MXN	5,606,000		490,700		493,599		2,899
May 05	Buy	PEN	1,568,000		479,804		481,055		1,251
Jun 05	Buy	PEN	1,740,000		533,660		533,824		164
May 05	Buy	PLZ	1,660,000		537,078		522,942		(14,136	)
Jun 05	Buy	PLZ	1,665,000		533,893		523,442		(10,451	)
Apr 05	Buy	RUB	12,982,000		461,253		465,753		4,500
May 05	Buy	RUB	13,058,000		467,692		468,479		787
Jun 05	Buy	RUB	15,239,000		552,938		546,727		(6,211	)
Apr 05	Buy	SGD	762,000		467,685		461,848		(5,837	)
May 05	Buy	SGD	779,000		475,783		472,589		(3,194	)
Jun 05	Buy	SGD	853,000		526,729		517,918		(8,811	)
May 05	Buy	SKK	14,842,000		510,560		498,509		(12,051	)
Jun 05	Buy	SKK	16,715,000		570,809		561,886		(8,923	)
May 05	Buy	TWD	15,170,000		482,812		481,494		(1,318	)
Jun 05	Buy	TWD	16,605,000		546,845		527,041		(19,804	)
				$	211,065,283	$	211,524,768	$	459,485

Sale Contracts

Settlement Month	Type		Contracts to Deliver	In Exchange For		Contracts at Value		Unrealized Appreciation (Depreciation)
Apr 05	Sell	CND	2,834,000	$	2,352,570	$	2,343,490	$	9,080
Apr 05	Sell	EUR	58,050,000		76,959,891		75,283,920		1,675,971
Jul 05	Sell	EUR	124,400,000		161,749,612		161,816,161		(66,549	)
				$	241,062,073	$	239,443,571	$	1,618,502

Interest rate swap agreements outstanding at March 31, 2005:

Description	Expiration Month	Notional Amount (000)		Unrealized Appreciation (Depreciation)
Receive variable rate payments on the Lehman Commercial Mortgage Backed Securities Index and pay fixed rate payment of 1.49% for the initial calculation period and variable rate payments thereafter on the one month LIBOR-BBA floating rate. (cost $0; purchased 09/15/04) (8) (2)	Apr 05	$	4,200	$	(47,956	)
Receive fixed rate payments of 5.00% and pay variable rate payments on the three month LIBOR-BBA floating rate. (4)	Jun 07		19,200		171,182
Receive fixed rate payments of 5.00% and pay variable rate payments on the three month LIBOR-BBA floating rate.(3)	Dec 14		3,600		(16,157	)
Receive variable rate payments on the three month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%. (9)	Jun 15		41,000		466,700
Receive variable rate payments on the three month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%. (6)	Jun 15		10,700		102,581
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost $50,742; purchased 05/15/02) (8) (7)	Mar 32 EUR		5,300		530,825
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost $28,980; purchased 03/25/02) (8) (4)	Mar 32 EUR		5,800		607,451
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month EUR-EURIBOR floating rate. (cost $213,091; purchased 11/08/04) (8) (5)	Jun 34 EUR		2,800		214,570
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost $263,235; purchased 07/02/2004) (8) (4)	Jun 34 EUR		5,500		578,957
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%. (4)	Mar 32 GBP		2,800		(62,055	)
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		(89,582	)
Receive fixed rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 2.00%. (6)	Jun 12 JPY		1,050,000		(615,531	)
Receive fixed rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 2.00%. (7)	Jun 12 JPY		1,625,000		(976,708	)
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 2.00%. (3)	Jun 12 JPY		130,000		(77,791	)
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 2.00%. (3)	Jun 12 JPY		387,100		(216,212	)
				$	570,274

Broker/Counterparty:

(2) Citigroup

(3) Goldman Sachs

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

(5) Merrill Lynch

(6) Morgan Stanley

(7) UBS—Warburg

(8) See note g

(9) Lehman Brothers Specialty Financing, Inc.

Credit default swap agreements outstanding at March 31, 2005:

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 8.875% due 09/30/27. (cost $0; purchased 06/07/04) (8) (6)	Jun 05	$	1,200	$	1,047
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) (8) (6)	Jun 05		500		1,433
Receive a fixed rate equal to 0.98% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation 5.0% due 03/31/30. (cost $0; purchased 08/03/04) (8) (4)	Aug 05		3,300		5,190
				$	7,670

Broker/Counterparty

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

(6) Morgan Stanley

(8) See note g

AST PIMCO Limited Maturity Bond Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Moody’s Rating	Principal Amount (000)		Value
LONG-TERM INVESTMENTS – 34.8%
ASSET-BACKED SECURITIES – 6.8%
Advanta Mortgage Loan Trust, Series 1994-4, Class A	Aaa	$	1,625	$	1,628,562
3.225%, 11/25/29 (c)
Argent Securities, Inc., Series 2004-W11, Class A2	Aaa		3,120		3,121,993
3.03%, 11/25/34 (c)
Bear Stearns Asset Backed Securities, Inc., Series 2003-3, Class A1	Aaa		1,165		1,166,019
3.05%, 04/25/05 (c)
Bear Stearns Asset Backed Securities, Inc., Series 2004-HE9, Class 1A1	Aaa		2,409		2,411,507
3.03%, 04/25/05 (c)
Capital Auto Receivables Asset Trust, Series 2002-5, Class A4	Aaa		1,446		1,438,798
2.92%, 04/15/08
Centex Home Equity, Series 1999-3, Class A2	Aaa		4,283		4,305,742
3.25%, 04/25/05 (c)
Centex Home Equity, Series 2005-A, Class AV1	Aaa		5,714		5,719,536
2.97%, 04/25/05 (c)
Chase Funding Loan Acquisition Trust, Series 2001-C2, Class IIA1	Aaa		315		314,762
3.09%, 07/25/30 (c)
Chase Funding Loan Acquisition Trust, Series 2003-C1, Class 2A2	Aaa		137		137,300
3.18%, 04/25/05 (c)
Citibank Omni-S Master Trust, Series 2002-5, Class A	Aaa		4,300		4,313,152
3.19%, 11/17/09 (c)
Credit Suisse First Boston Mortgage Securities Corp., Series 2001-HE30, Class A2	Aaa		260		260,578
3.20%, 07/25/32 (c)
Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE1, Class	Aaa		273		274,821
3.22%, 08/25/32 (c)
FannieMae Grantor Trust, Series 2004-T5, Class A14	Aaa		1,914		1,914,389
2.617%, 08/29/05 (c)
First Franklin Mortgage Loan, Series 2003-FF5, Class A2	Aaa		967		963,986
2.82%, 03/25/34 (c)
Fremont Home Loan Trust, Series 2005-A, Class 2A1	Aaa		9,846		9,854,395
2.96%, 04/25/05 (c)
Home Equity Mortgage Trust, Series 2005-2, Class A2	Aaa		13,900		13,906,524
2.97%, 04/25/05 (c)
Household Mortgage Loan Trust, Series 2003-HC1, Class A	Aaa		1,480		1,485,651
2.412%, 04/20/05 (c)
Merrill Lynch Mortgage Investors, Inc., Series 2004-WMC4, Class A2B1	Aaa		431		431,443
2.99%, 04/25/05 (c)

Morgan Stanley ABS Capital I, Series 2005-HE1, Class A3A	Aaa		$	2,785	$	2,787,142
2.98%, 04/25/05 (c)
Morgan Stanley ABS Capital, Series 2004-HE9, Class-A3A	Aaa			3,356		3,358,560
3.00%, 04/25/05 (c)
Nelnet Student Loan Trust, Series 2004-4, Class A1	Aaa			1,436		1,436,932
2.69%, 04/25/05 (c)
Novaster Home Equity Loan, Series 2001-2, Class A2	Aaa			351		351,831
3.18%, 09/25/31 (c)
Option One Mortgage Loan, Series 2005-1, Class A2	AAA	(d)		4,700		4,702,136
2.98%, 04/25/05 (c)
Park Place Securities, Inc., Series 2004-MCW1, Class A3	Aaa			776		777,014
3.05%, 10/25/34 (c)
Renaissance Home Equity Loan Trust, Series 2003-3, Class A	Aaa			1,595		1,603,177
1.619%, 04/25/05 (c)
Renaissance Home Equity Loan Trust, Series 2004-3, Class AV2A	Aaa			1,941		1,950,187
3.21%, 04/25/05 (c)
Renaissance Home Equity Loan Trust, Series 2005-1, Class AF1	Aaa			6,500		6,500,000
2.72%, 05/25/35 (c)
Residential Asset Mortgage Products, Inc., Series 2003-RS11, Class AIIB	Aaa			1,360		1,365,919
3.18%, 04/25/05 (c)
Residential Asset Mortgage Products, Inc., Series 2004-RS9, Class AII1	Aaa			3,619		3,621,615
3.01%, 04/25/05 (c)
Residential Asset Securities Corp., Series 2001-KS3, Class AII	Aaa			297		298,184
3.08%, 04/25/05 (c)
SLM Student Loan Trust, Series 2005-2, Class A1	Aaa			6,900		6,892,247
2.73%, 04/25/05 (c)
Soundview Home Equity Loan Trust, Series 2005-1, Class LIA1	Aaa			2,174		2,175,082
9.70%, 04/25/05 (c)
SVO Timeshare Mortgage Corp., Series 2001-AA, Class A	Aaa			1,679		1,697,231
5.47%, 10/20/13 144A
Wells Fargo Home Equity Trust, Series 2004-2, Class AI1A	Aaa			2,879		2,881,139
3.02%, 02/25/18 (c)
TOTAL ASSET-BACKED SECURITIES (Cost $95,952,974)						96,047,554
COLLATERALIZED MORTGAGE OBLIGATIONS – 6.9%
Bank of America Mortgage Securities, Series 2002-K, Class 2A1	AAA	(d)		1,954		1,969,892
5.579%, 10/20/32 (c)
Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-8, Class 2A1	Aaa			3,055		3,012,328
4.88%, 01/25/34 (c)
Bear Stearns Alt-A Trust, Series 2003-7, Class IIA1	Aaa			1,081		1,081,250
2.93%, 02/25/34 (c)
Bear Stearns Trust, Series 2002-2, Class	Aaa			241		242,102
6.937%, 06/25/31 [ARM] (c)

Commercial Mortgage Pass-Through Certificate, Series 2005-F10A, Class MOA1	Aaa		$	9,000	$	9,002,816
3.06%, 04/15/05 144A(cost $9,000,000; purchased 03/23/05)(g)
Countrywide Alternative Loan Trust, Series 2003-J3, Class 2A1	AAA	(d)		1,485		1,511,566
6.25%, 12/25/33
Countrywide Home Loans, Series 2003-J7, Class 4A2	AAA	(d)		769		772,063
3.25%, 04/25/05 (c)
Countrywide Home Loans, Series 2003-R4, Class 1A1B	Aaa			118		118,141
4.879%, 07/25/19 144A
Countrywide Home Loans, Series 2003-R4, Class 2A	Aaa			1,288		1,318,475
6.50%, 01/25/34 144A
Countrywide Home Loans, Series 2004-25, Class 2A1	Aaa			4,125		4,131,267
3.19%, 02/25/35 (c)
Countrywide Home Loans, Series 2005-11, Class-3A1	AAA	(d)		3,683		3,725,457
2.553%, 04/25/35 (c)
Countrywide Home Loans, Series 2005-3, Class 2A1	Aaa			12,728		12,744,047
3.14%, 04/25/05 (c)
Credit Suisse First Boston USA, Inc., Series 2002, Class P-3A	Aaa			4,867		4,818,589
2.839%, 09/27/32 144A
Credit Suisse First Boston USA, Inc., Series 2003-8, Class 5A1	Aaa			634		642,846
6.50%, 04/25/33 (c)
Fannie Mae, Series 1988-22, Class A	Aaa			16		15,908
3.433%, 08/25/18 (c)
Fannie Mae, Series 1996-39, Class H	Aaa			184		197,668
8.00%, 11/25/23
Fannie Mae, Series 2003-54, Class TH	Aaa			1,893		1,892,651
3.50%, 05/25/09
Fannie Mae, Series 2004-41, Class PB	Aaa			1,894		1,884,448
3.50%, 04/25/17
FHLMC Structured Pass Through Securities, Series T-57, Class 1A1	Aaa			6,662		6,905,077
6.50%, 07/25/43
FHLMC Structured Pass Through Securities, Series T-59, Class 1A2	Aaa			3,613		3,782,839
7.00%, 10/25/43
First Republic Mortgage Loan Trust, Series 2002-FRB1, Class A	Aaa			9,565		9,570,944
3.11%, 08/15/32 (c)
Freddie Mac, Series 2538, Class CA	Aaa			3,374		3,391,874
5.00%, 04/15/16
Freddie Mac, Series 2572, Class HA	Aaa			6,220		6,273,450
5.00%, 06/15/13
Government National Mortgage Assoc., Series 1998-15, Class C	Aaa			4,400		4,572,970
6.50%, 06/20/28
GSR Mortgage Loan Trust, Series 2004-7, Class 1A1	Aaa			1,362		1,340,124
3.454%, 06/25/34 (c)
Merrill Lynch Mortgage Investors, Inc., Series 1995-C2, Class B	Aaa			311		314,288
6.484%, 06/15/21 (c)
Saco I, Inc., Series 2004-2, Class A2	Aaa			1,797		1,774,451
3.04%, 04/25/05 (c) 144A
Structured Asset Securities Corp., Series 2001-13, Class 2A	Aaa			131		131,192
7.00%, 10/25/16

Structured Asset Securities Corp., Series 2004-S1, Class A1	Aaa	$	679	$	678,950
2.98%, 04/25/05 (c)
Washington Mutual, Series 2002-AR11, Class A1	Aaa		1,954		1,976,834
5.131%, 10/25/32 (c)
Washington Mutual, Series 2002-AR2, Class A	Aaa		723		720,180
3.433%, 04/25/05 (c)
Washington Mutual, Series 2003-R1, Class A1	Aaa		2,695		2,694,363
2.92%, 04/25/05 (c)
Washington Mutual, Series 2005-AR1, Class A1A	Aaa		297		297,126
3.007%, 04/25/05 (c)
Washington Mutual, Series 2005-AR2, Class 2A1A	Aaa		4,545		4,554,969
2.96%, 04/25/05 (c)
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $97,805,074)					98,061,145
CORPORATE OBLIGATIONS – 10.3%
Airlines – 0.2%
United Air Lines, Inc., Pass-Thru Cert., Series 01-1
6.831%, 09/01/08 144A(cost $1,800,000; purchased 08/10/01)(g)(i)	NR		1,800		229,671
6.932%, 09/01/11 144A(cost $1,100,000; purchased 08/10/01)(g)(i)	NR		1,100		480,540
United Air Lines, Inc., Pass-Thru Cert., Series 97A	NR		2,884		2,665,439
2.63%, 06/02/05 (c)
					3,375,650
Automobile Manufacturers – 0.7%
DaimlerChrysler NA Holding Co., Notes
3.47%, 05/24/05 (c)	A3		500		502,219
3.20%, 06/07/05 (c)	A3		6,890		6,894,679
7.75%, 06/15/05	A3		2,200		2,218,803
					9,615,701
Automotive Parts – 0.1%
Lear Corp., Gtd. Notes	Baa3		800		803,787
7.96%, 05/15/05
Cable Television – 0.6%
Continental Cablevision, Inc., Sr. Notes	Baa3		400		408,796
8.875%, 09/15/05
Cox Communications, Inc., Notes	Baa3		3,250		3,271,525
3.55%, 06/14/05 144A (c)
Lenfest Communications, Inc., Sr. Notes	Baa3		3,585		3,668,197
8.375%, 11/01/05
TCI Communications, Inc., Sr. Notes	Baa3		1,500		1,545,807
6.875%, 02/15/06
					8,894,325
Conglomerates – 0.3%
Tyco International Group, Gtd. Notes (Luxembourg)	Baa3		4,670		4,694,022
6.375%, 06/15/05 (l)
Electronic Components & Equipment – 0.4%
PP&L Capital Funding, Sr. Notes	Baa3		3,000		3,003,384
7.75%, 04/15/05
Southwestern Public Service, Sr. Notes	Baa1		2,900		2,941,719
5.125%, 11/01/06
					5,945,103
Entertainment & Leisure – 0.3%
Time Warner, Inc., Notes	Baa1		3,600		3,630,452
7.75%, 06/15/05

Financial - Bank & Trust – 0.2%
Household Finance Corp., Notes	A1	$	2,300	$	2,339,397
6.70%, 11/13/05
Financial Services – 1.9%
Chrysler Financial Co. LLC, Sr. Notes	A3		1,000		998,132
2.85%, 04/27/05
Duke Capital LLC, Sr. Notes, Series A	Baa3		1,500		1,511,388
6.25%, 07/15/05
Ford Motor Credit Co., Notes
7.60%, 08/01/05	A3		1,250		1,263,158
6.875%, 02/01/06	A3		9,700		9,833,861
General Motors Acceptance Corp., Notes
3.695%, 05/18/05 (c)	A3		5,100		4,991,518
7.50%, 07/15/05	Baa2		5,108		5,149,334
6.75%, 01/15/06	Baa2		200		201,430
Nisource Finance Corp., Notes	Baa3		4,300		4,329,343
3.43%, 11/23/09 (c)
					28,278,164
Financial-Brokerage – 0.6%
Goldman Sachs Group, Inc., Notes	Aa3		8,340		8,341,418
2.73%, 08/01/06
Healthcare Services – 0.1%
HCA, Inc., Notes	Ba2		2,000		2,022,494
6.91%, 06/15/05
Hotels & Motels – 0.1%
Park Place Entertainment, Sr. Notes	Ba1		1,760		1,859,000
8.50%, 11/15/06
Medical Supplies & Equipment – 0.3%
HCA Healthcare Co., Notes	Ba2		3,200		3,308,454
7.125%, 06/01/06
Mallinckrodt, Inc.	Baa3		1,000		1,010,385
6.75%, 09/15/05
					4,318,839
Oil & Gas – 0.5%
Centerpoint Energy, Notes	Ba1		1,950		1,976,276
8.125%, 07/15/05
Kerr-McGee Corp., Gtd. Notes	Baa3		2,000		2,000,790
5.375%, 04/15/05
Pioneer Natural Resources, Sr. Notes	Ba1		2,420		2,423,495
8.875%, 04/15/05
					6,400,561
Paper & Forest Products – 0.2%
Georgia-Pacific Corp., Notes	Ba3		2,350		2,408,750
7.50%, 05/15/06
Retail & Merchandising – 0.1%
Delhaize America, Inc., Gtd. Notes	Ba1		740		765,151
7.375%, 04/15/06
Telecommunications – 1.9%
British Telecom PLC, Notes (United Kingdom)	Baa1		8,400		8,639,779
7.875%, 06/15/05 (l)
Deutsche Telekom International Finance Corp., Gtd. Notes (Germany)	Baa1		5,000		5,048,475
8.25%, 06/15/05 (l)
France Telecom SA, Notes (France)	Baa2		2,500		2,577,923
7.45%, 09/01/05 (c)(l)
Qwest Corp., Notes	Ba3		2,800		2,828,000
6.625%, 09/15/05
SBC Communications, Inc., Notes	A1		7,470		7,483,087
4.206%, 06/05/21 144A
					26,577,264

Utilities – 1.8%
Appalachian Power Co., Sr. Notes, Series E	Baa2		7,350		7,373,159
4.80%, 06/15/05
Dominion Resources, Inc., Sr. Notes, Class B	Baa1	$	6,000	$	6,073,158
7.625%, 07/15/05
Duke Energy Corp., Sr. Notes	Baa1		500		500,206
3.409%, 06/08/05 (c)
GPU, Inc., Notes, Series A	Baa3		500		510,935
7.70%, 12/01/05
Niagara Mohawk Power Corp., Notes	A3		4,590		4,779,530
7.75%, 05/15/06
Ohio Edison Co., Notes	Baa2		500		512,611
5.647%, 06/15/09 144A
Ohio Edison Co., Sr. Notes	Baa2		1,205		1,180,893
4.00%, 05/01/08
Pacific Gas & Electric, Notes	Baa1		1,710		1,714,858
3.26%, 04/03/06 (c)
TXU Energy Co., Notes	Baa2		3,000		3,000,396
3.42%, 04/14/05 144A (c)
					25,645,746
TOTAL CORPORATE OBLIGATIONS (Cost $147,925,556)					145,915,824
FOREIGN GOVERNMENT BONDS – 2.9%
Republic of Brazil (Brazil)
3.125%, 04/15/05	B1		353		333,415
3.125%, 04/15/05 [BRB] (c)	B1		12,813		12,103,781
8.84%, 06/29/05 (c)	B1		1,000		1,116,250
3.125%, 04/15/06 [BRB] (c)	B2		2,736		2,735,447
11.25%, 07/26/07	B1		400		448,400
3.125%, 04/15/09 [BRB] (c)	B2		3,351		3,280,541
12.00%, 04/15/10	B2		700		822,500
11.00%, 01/11/12 [BRB]	B1		2,000		2,270,000
8.00%, 04/15/14 [BRB]	B2		1,454		1,448,548
11.00%, 08/17/40	B1		665		740,976
Republic of Panama (Panama)
9.625%, 02/08/11	Ba1		3,000		3,405,000
9.375%, 07/23/12	Ba1		1,000		1,135,000
8.875%, 09/30/27	Ba1		900		972,000
Republic of Peru (Peru)
9.125%, 01/15/08	Ba3		1,200		1,314,000
9.125%, 02/21/12	Ba3		500		565,000
9.125%, 02/21/12	Ba3		875		988,750
9.875%, 02/06/15	Ba3		1,000		1,160,000
5.00%, 03/07/17	Ba3		468		441,788
Republic of South Africa (South Africa)	Baa1		2,650		3,024,313
9.125%, 05/19/09
Russian Federation (Russia)	Baa3		1,250		1,349,500
8.25%, 03/31/10
United Mexican States (Mexico)
11.375%, 09/15/16	Baa1		150		214,500
8.125%, 12/30/19	Baa1		850		976,225
TOTAL FOREIGN GOVERNMENT BONDS (Cost $38,905,951)					40,845,934

	Shares
PREFERRED STOCK – 0.2%
Financial Services
Fannie Mae, 7.00%
(Cost $2,285,000)	45,700	2,539,206
RIGHTS*
United Mexican States Value Recovery	5,500	77,000
Rights Series C (Mexico)
0.00%

United Mexican States Value Recovery		5,500	$	143,000
Rights Series D (Mexico)
0.00%
United Mexican States Value Recovery		5,500		129,250
Rights Series E (Mexico)
0.00%
TOTAL RIGHTS (Cost $0)				349,250
	Principal Amount (000)
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 1.9%
Federal Home Loan Mortgage Corp.
3.641%, 07/01/29 (c)	$	366		376,611
4.424%, 12/01/26 (c)		88		91,995
6.00%, 08/01/29 - 04/01/33 (c)		10,230		10,486,733
8.50%, 01/01/25 - 01/01/25 (c)		571		624,040
				11,579,379
Federal National Mortgage Assoc.
3.587%, 04/01/32 (c)		105		104,514
3.757%, 01/01/25 (c)		28		27,999
3.889%, 05/01/25 (c)		212		211,147
4.168%, 12/01/29 (c)		135		134,685
4.952%, 04/01/24 (c)		176		179,655
5.00%, 09/01/18 (c)		3,351		3,354,361
5.038%, 03/01/17 (c)		582		597,831
5.50%, 04/13/35 [TBA]		200		200,312
6.00%, 04/01/12 - 11/01/17 (c)		4,413		4,561,834
				9,372,338
Government National Mortgage Assoc.
3.375%, 05/20/24 - 06/20/26 (c)		829		828,786
3.75%, 07/20/17 - 07/20/24 (c)		181		183,146
4.125%, 11/20/29 (c)		805		822,715
6.50%, 04/15/26 - 06/15/29 (c)		427		447,654
7.00%, 01/15/24 - 08/15/25 (c)		133		139,689
8.00%, 06/20/30 - 01/20/32 (c)		2,386		2,563,281
8.50%, 10/15/29 - 01/15/31 (c)		655		713,770
				5,699,041
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $26,633,569)				26,650,758
U.S. GOVERNMENT AGENCY OBLIGATIONS
Small Business Investment Cos., Series 1997-P10B, Class 1
7.31%, 05/10/07
(Cost $515,623)		516		539,405
U.S. TREASURY OBLIGATIONS – 5.8%
U.S. Treasury Notes
3.00%, 12/31/06		65,300		64,491,455
3.50%, 12/15/09		600		583,008
4.00%, 03/15/10		17,500		17,368,768
TOTAL U.S. TREASURY OBLIGATIONS (Cost $82,854,818)				82,443,231
TOTAL LONG-TERM INVESTMENTS (Cost $492,878,565)				493,392,307

SHORT-TERM INVESTMENTS – 74.3%
Certificates of Deposit – 9.1%
Bank of America
2.48%, 04/06/05	$	10,000	$	10,000,000
2.61%, 04/20/05		3,800		3,800,000
2.72%, 05/16/05		200		200,000
Citibank NA
2.63%, 04/22/05		34,600		34,600,000
2.68%, 05/04/05		200		200,000
HSBC Bank USA		25,300		25,300,000
2.75%, 06/27/05
UBS Bank AG		20,000		20,034,876
2.47%, 07/05/05
Wells Fargo
2.68%, 04/01/05		10,900		10,900,000
2.79%, 04/07/05		24,100		24,100,000
				129,134,876
Commercial Paper – 15.0%
ANZ (Delaware)		13,900		13,775,483
2.71%, 05/31/05
Ford Motor Co.		3,350		3,293,366
3.40%, 08/26/05
General Electric Capital Corp.		29,700		29,484,675
2.90%, 06/08/05
General Motors Acceptance Corp.		3,760		3,758,940
2.495%, 04/05/05
HBOS Treasury PLC		13,900		13,859,731
2.65%, 04/28/05
KFW International Finance		13,800		13,780,730
2.535%, 04/14/05(h)
Skandi Ensk		38,500		38,216,640
2.88%, 06/09/05(h)
Svenska Handle		40,000		39,694,357
2.99%, 06/30/05
Total Financial		38,600		38,600,000
2.83%, 04/01/05(h)
Westpac Trust		17,700		17,577,550
2.93%, 06/09/05
				212,041,472
Foreign Treasury Bill – 1.2%
France Government Treasury Bills		13,260		17,094,834
2.04%, 07/07/05
Repurchase Agreements – 21.3%
U.S. Treasury Repurchase Agreements
2.50%, dated 03/31/05, maturing 04/01/05, repurchase price $400,028 (Collateralized by U.S. Treasury Bonds, 7.25%, par value $407,626 market value $409,677, due 02/15/14)		400		400,000
U.S. Treasury Repurchase Agreements
2.51%, dated 03/31/05, maturing 04/01/05, repurchase price $300,020,917 (Collateralized by U.S. Treasury Bills, par value $50,000,000 market value $49,456,917, due 08/11/05) (Collateralized by U.S. Treasury Bills, par value $259,798,000 market value $256,647,300, due 08/25/05)		300,000		300,000,000
				300,400,000
U.S. Government Agency Obligations – 19.6%
Federal Home Loan Bank		41,900		41,893,672
2.88%, 06/13/05 (n)
Federal Home Loan Mortgage Corp.		28,600		28,449,621
2.815%, 06/07/05 (n)
Federal National Mortgage Assoc.
2.48%, 04/06/05 (n)		13,400		13,395,375
2.485%, 04/06/05 (n)		28,700		28,690,094
2.53%, 04/13/05 (n)		15,100		15,087,391
2.39%, 04/15/05 (n)		8,200		8,192,012
2.575%, 04/20/05 (n)		17,500		17,476,585
2.555%, 04/21/05 (n)		2,580		2,579,391
2.582%, 04/27/05 (n)		19,000		18,964,389

2.645%, 05/11/05 (n)	200	$	199,399
2.745%, 05/22/05 (n)	15,400		15,391,130
2.79%, 05/25/05 (n)	200		199,162
2.645%, 06/01/05 (n)	500		497,607
2.82%, 06/06/05 (n)	27,600		27,592,382
2.591%, 06/07/05 (n)	28,000		27,995,576
2.71%, 06/14/05 (n)	12,100		12,029,735
2.915%, 06/22/05 (n)	18,200		18,191,810
3.01%, 08/01/05 (n)	100		98,968
			276,924,299
U.S. Treasury Bills – 7.3%
U.S. Treasury Bills
2.715%, 04/15/05 (n)	$50,000		49,947,208
2.715%, 04/15/05 (n)	50,000		49,947,209
2.71%, 06/02/05 (n)(k)	3,000		2,986,395
			102,880,812
	Shares
Registered Investment Companies – 0.8%
BlackRock Provident Institutional Funds	5,791,062		5,791,062
TempCash Portfolio (j)
BlackRock Provident Institutional Funds	5,791,062		5,791,062
TempFund Portfolio (j)
			11,582,124
TOTAL SHORT-TERM INVESTMENTS (Cost $1,050,108,945)			1,050,058,417
Total Investments, Before Outstanding Written Options — 109.1% (Cost $1,542,987,510 (p))			1,543,450,724
	Number of Contracts
WRITTEN OPTIONS*
Call Options
U.S. Treasury Note Futures, Strike Price 114, Expires 05/20/05	6,350		(9,922	)
Put Options
U.S. Treasury Note Futures, Strike Price 108, Expires 05/20/05	6,350		(257,969	)
TOTAL WRITTEN OPTIONS (Premium Received $392,112)			(267,891	)
Total Investments, Net of Outstanding Options — 109.1% (Cost $1,542,595,398)			1,543,182,833
Liabilities in Excess of Other Assets — (9.1%)			(129,031,067	)
Net Assets — 100.0%		$	1,414,151,766

The following abbreviations 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.
ARM	Adjustable Rate Mortgage Security
BRB	Brady Bond
EUR	Euro

NR	Not Rated by Moody’s or Standard & Poor’s.
SEK	Swedish Krona
TBA	Securities purchased on a forward commitment basis

The following annotations are used throughout the Schedule of Investments:

*	Non-income producing security.
(c)	Indicates a variable rate security. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted.
(d)	Standard & Poor’s rating.
(g)	Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $11,900,000. The aggregate value, $9,713,027 represents 0.69% of net assets.
(h)	Security is a 144A security restricted as to resale and generally is sold only to institutional investors who agree that they are purchasing the security 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 $90,674,847. The aggregate market value of $90,597,370 is approximately 6.41% of net assets. These securities have been deemed to be liquid under procedures established by the Board of Trustees
(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 $2,986,395 have been segregated with the custodian to cover margin requirements for the following open futures contracts at March 31, 2005:

Number of Contracts	Type	Expiration Month	Value at Trade Date		Value at March 31, 2005		Unrealized Appreciation (Depreciation)
Long Positions:
452	Euro Dollar	Jun 05	$	109,360,775	$	109,028,050	$	(332,725	)
452	Euro Dollar	Sep 05		109,095,575		108,508,250		(587,325	)
980	Euro Dollar	Dec 05		236,372,100		234,624,250		(1,747,850	)
69	Euro Dollar	Mar 06		16,476,338		16,494,450		18,112
							$	(2,649,788	)

(l)	US$ Denominated Foreign Bonds.
(n)	Rates shown are the effective yields at purchase date.
(p)	The United States federal income tax basis of the Fund’s investments was $1,543,023,865; accordingly, net unrealized appreciation on investments for federal income tax purposes was $426,859 (gross unrealized appreciation - $4,501,701; gross unrealized depreciation - $4,074,842). The difference between book and tax basis is primarily attributable to deferred losses on wash sales.

AST PIMCO Limited Maturity Bond Portfolio

Forward foreign currency exchange contracts outstanding at March 31, 2005:

Purchase Contracts

Settlement Month	Type		Contracts to Receive	In Exchange For		Contracts at Value		Unrealized Appreciation
Jun 05	Buy	SEK	9,761,000	$	1,382,532	$	1,383,196	$	664

Sale Contracts

Settlement Month	Type		Contracts to Deliver	Exchange For		Contracts at Value		Unrealized Depreciation
Jun 05	Sell	EUR	13,260,000	$	17,160,694	$	17,231,867	($	71,173	)

AST PIMCO Limited Maturity Bond Portfolio

Interest rate swap agreements outstanding at March 31, 2005:

Description	Expiration Month	Notional Amount (000)	Unrealized Appreciation (Depreciation)
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 4.00%. (cost $374,259; purchased on 12/13/04) (g) (1)	Jun 07	127,800		(1,245,026	)
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 4.00%.(2)	Jun 07	52,500		86,416
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 4.00%.(3)	Jun 07	290,900		(2,633,095	)
			$	(3,791,705	)

Brokers/Counterparties

(1) Barclays Bank PLC

(2) Merrill Lynch

(3) Goldman Sachs

AST Money Market Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2005

(Unaudited)

	Principal Amount(000)		Value
COMMERCIAL PAPER – 44.7%
Abbey National	$	62,750	$	62,725,684
2.79%, 04/06/05
Alliance & Leicester PLC		44,000		43,679,680
2.73%, 07/06/05 144A (cost $43,679,680; purchased 01/05/05) (h)
Banco Bilbao Vizcayza Argentaria Puerto Rico		61,750		61,750,000
2.88%, 04/01/05 (cost $61,750,000; purchased 03/31/05) (h)
Barclays US Funding		52,600		51,970,904
2.99%, 08/23/05
CBA (Delaware) Finance		50,000		49,734,792
2.85%, 06/07/05
Credit Suisse USA, Inc.		57,250		57,135,786
2.66%, 04/28/05 144A (cost $57,135,786; purchased 01/28/05) (h)
Greenwich Capital Holdings		55,500		55,500,000
2.76%, 04/14/05 (c)
HBOS Treasury Services		40,000		39,930,133
2.62%, 04/25/05
HSBC Bank Canada		58,000		57,574,667
3.00%, 06/28/05 144A (cost $57,574,667; purchased 03/24/05) (h)
Irish Life & Permanent Corp.		45,200		45,001,497
2.55%, 06/02/05 144A (cost $45,001,497; purchased 12/07/04) (h)
KFW International Finance		50,000		49,470,417
3.10%, 08/02/05 144A (cost $49,470,417; purchased 03/22/05) (h)
Nationwide Building Society		44,750		44,527,592
2.84%, 06/03/05 144A (cost $44,527,592; purchased 03/01/05) (h)
Northern Rock PLC		49,750		49,506,667
2.84%, 06/02/05 144A (cost $49,506,667; purchased 03/01/05) (h)
Spintab AB		54,000		53,434,500
2.90%, 08/09/05
State Street Corp.		62,750		62,750,000
2.85%, 04/01/05
Swedish National Housing Finance		40,000		39,759,100
2.97%, 06/13/05 144A (cost $39,759,100; purchased 03/22/05) (h)
UBS Finance Delaware LLC		61,750		61,750,000
2.79%, 04/01/05
Westpac Capital Corp.		58,750		58,382,878
2.96%, 06/16/05
TOTAL COMMERCIAL PAPER (Cost $944,584,297)				944,584,297
EURO TIME DEPOSITS – 21.1%
Calyon		61,750		61,750,000
2.86%, 04/01/05
Chase Bank USA NA		74,775		74,775,000
2.844%, 04/01/05
Dexia Cred Local de France		59,750		59,750,000
2.80%, 04/04/05
ING Bank NV Amsterdam		61,750		61,750,000
2.80%, 04/05/05

Key Bank NA Cayman Island	62,750	62,750,000
2.844%, 04/01/05
Nordea Bank Finland PLC	61,750	61,750,000
2.86%, 04/01/05
Societe Generale (Canada)	62,750	62,750,000
2.77%, 04/07/05
TOTAL EURO TIME DEPOSITS (Cost $445,275,000)		445,275,000
CERTIFICATES OF DEPOSIT – 15.0%
Discover Bank
2.88%, 06/06/05	23,000	23,000,000
2.55%, 10/27/05	23,000	22,998,025
Lloyds TSB Bank PLC	60,000	59,980,989
2.60%, 04/25/05 (c)
M&I Marshall & Ilsley Bank	50,000	50,000,000
3.02%, 06/29/05
Morgan Stanley Bank	58,000	58,000,000
3.02%, 06/24/05
Natexis Banque Populair Corp.	42,000	41,992,854
2.755%, 04/18/05 (c)
U.S. Bank NA	42,000	41,998,355
2.638%, 04/25/05 (c)
Wal-Mart Stores	18,000	18,087,569
5.006%, 06/01/05
TOTAL CERTIFICATES OF DEPOSIT (Cost $316,057,792)		316,057,792
CORPORATE OBLIGATIONS – 9.5%
3M Co.	9,000	9,173,096
5.674%, 12/12/05 144A
American General Finance	5,000	5,000,000
2.81%, 04/15/05 144A (c)
American Honda Finance Corp.	58,500	58,500,000
3.00%, 06/20/05 144A (c)
Bank of America Corp.	12,000	12,088,435
7.875%, 05/16/05
General Electric Capital Corp.	25,700	26,329,403
6.80%, 11/01/05
Goldman Sachs Group, Inc. Notes	25,000	25,055,996
3.25%, 06/21/05 (c)
HBOS Treasury Services PLC	18,000	18,007,015
2.65%, 04/12/05 144A (c)
Lehman Brothers Holdings, Inc.	41,000	41,014,920
2.793%, 04/22/05 (c)
Nationwide Building Society	5,000	5,000,000
2.745%, 04/07/05 144A (c)
TOTAL CORPORATE OBLIGATIONS (Cost $200,168,865)		200,168,865
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES – 5.5%
Federal Home Loan Mortgage Corp.	57,900	57,470,093
2.97%, 06/30/05 (n)
Federal National Mortgage Assoc.	60,000	59,596,150
2.955%, 06/22/05 (n)
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $117,066,243)		117,066,243
YANKEE CERTIFICATE OF DEPOSIT – 3.1%
BNP Paribas NY Branch
2.93%, 05/31/05
(Cost $65,000,000)	65,000	65,000,000

SOVEREIGN ISSUE – 0.9%
Ontario (Province of)
7.00%, 08/04/05
(Cost $19,569,533)	19,266		19,569,533
ASSET BACKED SECURITY – 0.7%
Daimler Chrysler Auto Trust Series 2005-A Cl-A1
2.63%, 01/08/06 144A
(Cost $15,781,138)	15,781		15,781,138
	Shares
REGISTERED INVESTMENT COMPANIES
BlackRock Provident Institutional Funds	38,205		38,205
TempCash Portfolio (j)
BlackRock Provident Institutional Funds	38,205		38,205
TempFund Portfolio (j)
TOTAL REGISTERED INVESTMENT COMPANIES (Cost $76,410)			76,410
Total Investments — 100.5% (Cost $2,123,579,278 (†))			2,123,579,278
Liabilities in Excess of Other Assets — (0.5%)			(11,096,212	)
Net Assets — 100.0%		$	2,112,483,066

The following abbreviation is 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.

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.
(c)	Indicates a variable rate security. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted.
(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 $448,405,406. The aggregate market value of $448,405,406 is approximately 21.23% of net assets. These securities have been deemed to be liquid under procedures established by the Board of Trustees.
(j)	Security available to institutional investors only.
(n)	Rates shown are the effective yields at purchase date.

Notes to the Schedule of Investments

Securities Valuation: Securities listed on a securities exchange (other than options on securities and indices) 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 asked prices, or at the last bid price on such day in the absence if an asked price. Securities traded via Nasdaq are valued at the Nasdaq official closing price (NOCP) on the day of valuation, or of there was no NOCP, at the last sale price. Securities that are actively traded in the over-the-counter market, including listed securities for which the primary market is believed by Prudential Investments LLC (“Manager”), in consultation with the subadvisers; to be over-the-counter, are valued at market value using prices provided by an independent pricing agent or principal market maker.

Corporate bonds (other than convertible debt securities) and U.S. government securities that are actively traded in the over-the counter market, including listed securities for which the primary market is believed by an adviser in consultation with the Manager to be over-the-counter, are valued by an independent pricing agent or more than one principal market maker (if available, otherwise by a principal market maker or a primary market dealer). Convertible debt securities that are actively traded in the over-the-counter market, including listed securities for which the primary market is believed by an adviser in consultation with the Manager to be over the-counter, are valued by an independent pricing agent or at the mean between the last reported bid and asked prices (or at the last bid price in the absence of an asked price) provided by more than one principal market maker (if available, otherwise by a principal market maker or a primary market dealer).

Municipal securities (including commitments to purchase such securities on a “when-issued” basis) are valued as of the close of trading on the New York Stock Exchange, on the basis of prices provided by a pricing service which uses information with respect to transactions in comparable securities and various relationships between securities in determining values.

Options on securities and indices traded on an exchange are valued on their last sales 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 prices on such exchange or board of trade or at the last bid price in the absence of an asked price.

Securities for which market quotations are not readily available, or whose values have been affected by events occurring after the close of the security’s foreign market and before the fund’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.

Market values of investments traded in a foreign currency are translated into U.S. dollars at the current rates of exchange.

Forward currency contracts are valued daily at current exchange rates.

Swaps are valued by “marking-to-market” the unrealized gains or losses daily.

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

Short-term securities which mature in sixty days or less, are valued at amortized cost, which approximates market value. 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 principal amount due at maturity and cost. Short-term securities which mature in more than sixty days are valued at current market quotations.

Other information regarding each fund is available in the respective fund’s most recent Report of Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

Item 2. 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 3. Exhibits

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 – 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 of the Fund
Date May 26, 2005

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 May 26, 2005

By (Signature and Title)*	/s/    GRACE C. TORRES
	Grace C. Torres Treasurer and Principal Financial Officer
Date May 26, 2005

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