AMERICAN SKANDIA TRUST

PRINCIPAL
AMOUNT
(000)

VALUE
(NOTE 2)

TIME DEPOSIT — 0.7%

Bank of America NA

1.50%, 01/03/05(b)

N-CSR 1 dncsr.htm AMERICAN SKANDIA TRUST AMERICAN SKANDIA TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES


Investment Company Act file number:		811-05186

Exact name of registrant as specified in charter:		American Skandia Trust

Address of principal executive offices:		One Corporate Drive
		Shelton, Connecticut 06484

Name and address of agent for service:		Jonathan D. Shain
		Gateway Center 3,
		100 Mulberry Street,
		Newark, New Jersey 07102

Registrant’s telephone number, including area code:		973-802-6469

Date of fiscal year end:		12/31/2004

Date of reporting period:		12/31/2004

Item 1 – Reports to Stockholders – [ INSERT REPORT ]

AMERICAN SKANDIA

TRUST

Financial Statements

For the Annual Period Ended

December 31, 2004

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

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

LOGO

IFS-A087705

A description of the Trust’s proxy voting policies and procedures is available, without charge, upon request. Owners of variable annuity contracts should call 888-778-2888 to obtain descriptions of the Trust’s proxy voting policies and procedures. The description is also available on the website of the Securities and Exchange Commission (“the Commission”) at www.sec.gov. Information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended December 31, 2004 is available on the website of the Commission at www.sec.gov and on the Trust’s website at www.irrc.com/prudential.

The Trust files with the Commission a complete listing of portfolio holdings as of its first and third quarter-end on Form N-Q. Form N-Q is available on the Commission’s website at www.sec.gov or by visiting the Commission’s Public Reference Room. For more information on the Commission’s Public Reference Room, please visit the Commission’s website or call 1-800-SEC-0330. Form N-Q is also available on the Trust’s website at www.americanskandia.prudential.com or by calling 888-778-2888.

TABLE OF CONTENTS


I. American Skandia Trust
Schedules of Investments:
AST JPMorgan International Equity Portfolio		41
AST William Blair International Growth Portfolio		44
AST LSV International Value Portfolio		46
AST MFS Global Equity Portfolio		49
AST State Street Research Small-Cap Growth Portfolio		52
AST DeAM Small-Cap Growth Portfolio		55
AST Federated Aggressive Growth Portfolio		60
AST Goldman Sachs Small-Cap Value Portfolio		64
AST Small-Cap Value Portfolio		70
AST DeAM Small-Cap Value Portfolio		81
AST Goldman Sachs Mid-Cap Growth Portfolio		86
AST Neuberger Berman Mid-Cap Growth Portfolio		89
AST Neuberger Berman Mid-Cap Value Portfolio		92
AST Alger All-Cap Growth Portfolio		95
AST Gabelli All-Cap Value Portfolio		98
AST T. Rowe Price Natural Resources Portfolio		103
AST Alliance Growth Portfolio		106
AST MFS Growth Portfolio		109
AST Marsico Capital Growth Portfolio		113
AST Goldman Sachs Concentrated Growth Portfolio		116
AST DeAM Large-Cap Value Portfolio		119
AST Hotchkis & Wiley Large-Cap Value Portfolio		123
AST Alliance/Bernstein Growth + Value Portfolio		126
AST Sanford Bernstein Core Value Portfolio		129
AST Cohen & Steers Realty Portfolio		133
AST Sanford Bernstein Managed Index 500 Portfolio		135
AST American Century Income & Growth Portfolio		140
AST Alliance Growth and Income Portfolio		145
AST DeAM Global Allocation Portfolio		148
AST American Century Strategic Balanced Portfolio		149
AST T. Rowe Price Asset Allocation Portfolio		160
AST T. Rowe Price Global Bond Portfolio		193
AST Goldman Sachs High Yield Portfolio		207
AST Lord Abbett Bond-Debenture Portfolio		226
AST PIMCO Total Return Bond Portfolio		239
AST PIMCO Limited Maturity Bond Portfolio		251
AST Money Market Portfolio		261
Financial Statements		264

January 31, 2005

Dear Contract Holder:

We hope that you find the annual report for the American Skandia Trust to be a valuable source of information about your investments. Your success is important to us.

As the New Year begins, we are taking this opportunity to remind you of the importance of asset allocation, a strategy that takes a long-term, disciplined approach and can help minimize risk through a diversified portfolio. Investing in a strategic mix of assets can help you avoid the negative impact of a downturn in one asset class and can help better position your investments as asset classes rotate in and out of favor.

Your investment professional can help you create a diversified investment plan that considers your reasons for investing, personal investment horizon and risk tolerance. A carefully chosen and broad mix of assets — reviewed periodically over time — can help you stay focused on meeting your long-term objectives, despite fluctuations in the market.

At Prudential, we are committed to helping you grow and protect your wealth by providing financial solutions that meet your needs — today and in the future. We look forward to continuing our relationship with you and thank you for your confidence in our products.

Sincerely,

LOGO

David R. Odenath, Jr.

President,

American Skandia Trust

IFS-A094832

Performance Information and Commentary

The following pages present information on the investment performance of each Portfolio, which had been in operation for six months or more at December 31, 2004, including comparisons with relevant market indexes. Commentary by each Portfolio’s sub-advisor regarding its performance and relevant market conditions is also provided.

Explanations of Market Indexes

Balanced Blended Index — The Balanced Blended Index is calculated by weighting the S&P 500 Index at 60% and the Lehman Brothers Aggregate Bond Index at 40%. The Lehman Brothers Aggregate Bond Index is an unmanaged index comprised of more than 5,000 government and corporate bonds.

Blended Index — The Blended Index is calculated by weighting the Russell 3000 Index at 50%, the Lehman Brothers Aggregate Bond Index at 40% and the MSCI EAFE Index at 10%. The Russell 3000 Index is an unmanaged capitalization-weighted index which is comprised of 3,000 of the largest capitalized U.S. domiciled companies whose common stock is traded in the U.S. on the New York Stock Exchange, American Stock Exchange and over-the-counter market.

Lehman Brothers Aggregate Bond Index — The Lehman Brothers Aggregate Bond Index is an unmanaged capitalization-weighted measure of treasury issues, agency issues, corporate bond issues and mortgage securities.

Lehman Brothers Global Aggregate Bond Index — The Lehman Brothers Global Aggregate Bond Index is an unmanaged measure of the global investment grade bond markets and is composed of the U.S. Aggregate Index, Pan European Aggregate Index, Asian-Pacific Aggregate Index and treasury obligations of Australia, Canada and New Zealand.

Lehman Brothers U.S. Corporate High Yield Index — The Lehman Brothers U.S. Corporate High Yield Index is an unmanaged index of fixed-rate, non-investment-grade debt securities with at least one year remaining to maturity. It gives a broad look at how high yield (“junk”) bonds have performed.

ML 1-3 Year Index — The Merrill Lynch 1-3 Year Treasury Index is an unmanaged index of treasury issues with maturities ranging from 1-2.99 years.

ML U.S. High Yield Master II Index — The Merrill Lynch U.S. High Yield Master II Index is an unmanaged index of publicly traded non-convertible U.S. bonds rated below investment grade.

MSCI EAFE Index — The Morgan Stanley Capital International Europe, Australasia, Far East Index is an unmanaged capitalization-weighted index generally accepted as a benchmark for major overseas markets.

MSCI World Index — The Morgan Stanley Capital International World Index is an unmanaged capitalization-weighted index which includes the equity markets of Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, Malaysia, Netherlands, New Zealand, Norway, Singapore, Spain, Sweden, Switzerland, United Kingdom and United States.

Performance Information and Commentary (Continued)

NAREIT Equity Index — The NAREIT Equity REIT Index is an unmanaged capitalization-weighted index comprised of all tax-qualifed Real Estate Investment Trusts listed on the New York Stock Exchange, American Stock Exchange and Nasdaq National Market System.

Russell 2000 Index — The Russell 2000 Index is an unmanaged capitalization-weighted index which is comprised of 2,000 of the smallest capitalized U.S. domiciled companies whose common stock is traded in the U.S. on the New York Stock Exchange, American Stock Exchange and over-the-counter market.

Russell 2000 Growth Index is a market cap-weighted index that measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

SB Extended Market Index — The Salomon Brothers Extended Market Index is an unmanaged capitalization-weighted index of the smallest 20%, based on market capitalization, of all institutionally available non-U.S. stocks.

S&P 500 Index — The Standard & Poor’s 500 Index is an unmanaged capitalization-weighted measure of 500 widely held common stocks listed on the New York Stock Exchange, American Stock Exchange, and over-the-counter market.

S&P MidCap 400 Index is a widely accepted, unmanaged total return index measuring the performance of the mid-size company segment of the U.S. stock market.

All index returns assume reinvestment of dividends and, unlike Portfolio returns, do not reflect any fees or expenses. It is not possible to invest directly in an index.

AST JPMorgan International Equity Portfolio

For the year ended December 31, 2004, the AST JPMorgan International Equity Portfolio had a total return of 17.11%, compared with the return of 20.25% for the unmanaged MSCI EAFE Index, and 17.94% for the Lipper (VIP) International Core Funds Average. Management of the Portfolio was transferred from Strong to JPMorgan Fleming on February 23, 2004.

JPMorgan managed the Portfolio for most of the year, and accounted for most of its underperformance of the MSCI EAFE Index. The Index ended on a strong note, gaining more than 15% in the fourth quarter of 2004. With oil drifting back from its highs and a clear victory in the U.S. general election, markets rallied. The dollar moderated its precipitous slide toward the end of the term, but still posted significant falls against major currencies. The Portfolio’s underperformance was due primarily to selection among consumer discretionary and industrial stocks. Within the consumer discretionary sector, Koninklijke Philips Electroniss hurt performance most. The stock was overweighted and posted a double-digit negative return. In industrials, positions in Adecco and Deutsche Post were the largest detractors. The Portfolio’s strongest performance was in healthcare and consumer staples. In consumer staples, overweight positions in Altadis and Tesco boosted performance. Altadis ended the year with better-than-expected third quarter earnings. Tesco shares rallied as the market reacted positively to its expansion into new markets such as South Korea. In healthcare, the Portfolio benefited from not having a position in AstraZeneca, as the stock plunged after the Food and Drug Administration announced plans to review several of its drugs.

LOGO


	1 Year		5 Year		10 Year
AVERAGE ANNUAL TOTAL RETURNS	17.11	%	–6.66	%	7.12	%

Past performance does not guarantee future returns. Portfolio performance is net of investment fees and fund expenses, but not product charges. If product charges were included, the performance quoted would be significantly lower. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted.

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST William Blair International Growth Portfolio

For the year ended December 31, 2004, the AST William Blair International Growth Portfolio had a total return of 16.15%, compared with a return of 20.25% for the unmanaged MSCI EAFE Index, and 17.36% for the Lipper (VIP) International Growth Funds Average.

Relative performance during 2004 was hampered by the Portfolio’s quality growth discipline, which was not rewarded in the value-led market, as value stocks outperformed their growth counterparts by approximately 8%. As a result, the Portfolio’s focus on Asian cyclical stocks at the expense of European value stocks was the largest driver of its underperformance. Conversely, the Portfolio’s emerging markets and Canadian holdings augmented both absolute and relative results. Overall stock selection was positive for the year, with selection in telecommunication services, financials, and energy adding the most value.

As of year end, the Portfolio remained tilted towards emerging markets and Canada at the expense of Europe and the United Kingdom, which is the direct result of the individual stock selection process. By sector, the Portfolio remained most overweighted in the information technology and consumer discretionary sectors and underweighted in materials, telecommunications, and financials.

LOGO


	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	16.15	%	–6.96	%	7.30	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST LSV International Value Portfolio

For the year ended December 31, 2004, the AST LSV International Value Portfolio (formerly AST DeAM International Equity Portfolio) had a total return of 21.04%, compared with the return of 20.25% for the unmanaged MSCI EAFE Index and 17.94% for the Lipper (VIP) International Core Funds Average. Management of the Portfolio was transferred from Deutsche to LSV on November 19, 2004.

The period Deutsche managed the Portfolio covered most of the year and accounted for its outperformance of the EAFE Index. Capital goods, food beverage & tobacco, and banks were the industry groups that contributed most. A position in SAB Miller rose after its fiscal first-half profit more than doubled. Its earnings in South Africa increased, demand for Miller Lite improved in the United States, and it sold a stake in a Chinese brewery. Amadeus Global Travel Distribution moved higher on news that it had good quarterly earnings and on rumors that the company was looking for potential buyers. Metals and mining-related holdings such as Rautaruukki and BHP Billiton benefited from rising commodity prices. On the negative side the transportation, retailing, and automobiles & components industry groups were the largest detractors from relative performance. Airline companies such as Deutsche Lufthansa and KLM-Kon Luchtwaart declined as higher oil prices hurt their profits.

LSV did not manage the Portfolio for long enough in 2004 to have a material impact on its return for the year. LSV seeks to buy undervalued companies that appear to be emerging from extended periods of poor financial and stock price performance. The Portfolio is kept broadly diversified by country, sector, and industry.

LOGO


	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	21.04	%	–8.67	%	4.93	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST MFS Global Equity Portfolio

For the year ended December 31, 2004, the AST MFS Global Equity Portfolio had a total return of 18.39%, compared with a return of 14.72% for the unmanaged MSCI World Index, 20.25% for the unmanaged MSCI EAFE Index, and 13.84% for the Lipper (VIP) Global Core Funds Average.

Relative to the MSCI World Index, technology, healthcare, retailing, and financial services were the Portfolio’s strongest-performing sectors. The Portfolio benefited from avoiding or underweighting several poor performers in the benchmark. A relative underweighting in the poor-performing technology sector also contributed to results. Positions in several fashion purveyors were among the Portfolio’s top contributors to relative performance, including Hong Kong-headquartered Esprit Holdings, U.K.-based Next, and Stockholm-based Hennes & Mauritz. Selection in the financial services area was helped by positions in OTP Bank in Hungary, Erste Bank in Austria, and Australian insurer QBE Insurance Group. The single largest contributor to relative performance was U.K.-based household products conglomerate Reckitt Benckiser. Since holdings of the Portfolio and its benchmark may be denominated in different currencies, shifts in currency valuations were a significant contributor to performance relative to the benchmark.

Leisure, utilities and communications, and industrial goods and services were the Portfolio’s weakest-performing sectors relative to its benchmark. Holdings in other sectors that held back relative performance included pharmaceutical firm AstraZeneca and financial services company AMVESCAP, both headquartered in the United Kingdom.

LOGO


	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	18.39	%	1.99	%	3.87	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST State Street Research Small-Cap Growth Portfolio

For the year ended December 31, 2004, the AST State Street Research Small-Cap Growth Portfolio (formerly PBHG Small Cap Growth) had a total return of –6.94%, compared with a return of 10.87% for the unmanaged S&P 500 Index, 14.31% for the unmanaged Russell 2000 Growth Index, and 11.71% for the Lipper (VIP) Small-Cap Growth Funds Average. Management of the Portfolio transferred from PBHG to State Street Research (SSR) on May 1, 2004. During the period PBHG managed the Portfolio, it significantly underperformed the Russell 2000 Growth Index as stock selection across sectors and industries reduced its returns.

During the period SSR managed the Portfolio, its return continued to be very disappointing, hurt by substantial disappointments by several holdings, including Alliance Gaming, Corinthian Colleges, Career Education, eCollege.com, Nektar Therapeutics, and Autobytel. All but Nektar Therapeutics were sold from the Portfolio by period-end. Internet search provider Ask Jeeves also declined following the company’s third quarter earnings release. While earnings growth remained positive, investors had expected it to be higher and were disappointed by the company’s conservative forecasts for fourth-quarter sales. SSR remains invested in the position. In addition, the Portfolio’s energy and producer durables holdings lagged. However, many positions in gaming firms such as Boyd Gaming and Pinnacle Entertainment helped absolute and relative returns.

LOGO


	1 Year		5 Year		10 Year
AVERAGE ANNUAL TOTAL RETURNS	–6.94	%	–15.54	%	6.15	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST DeAM Small-Cap Growth Portfolio

For the year ended December 31, 2004, the AST DeAM Small-Cap Growth Portfolio had a total return of 9.44%, compared with a total return of 18.33% for the unmanaged Russell 2000 Index and 11.71% for the Lipper (VIP) Small-Cap Growth Funds Average.

Holdings in the capital goods, software & services, and transportation industry groups detracted most from performance. The largest individual detractors from relative performance were an underweight in OSI Pharmaceuticals and an overweight in Quidel. DeAm’s valuation model showed OSI’s fundamentals were poorer than its peers. Nevertheless the stock moved higher as OSI’s lung cancer drug, Tarceva, performed well in clinical tests. Quidel develops and markets point-of-care rapid diagnostic tests for the detection and management of a variety of medical conditions and illnesses. Its share price fell as patent infringement lawsuits led to downward revisions in earnings estimates.

On the positive side, stock selection in the internet, materials, and diversified financials industry groups added value. A position in Ameristar Casinos was a key contributor to returns with record financial results for the third quarter of 2004.

LOGO


	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	9.44	%	–7.64	%	0.78	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST Federated Aggressive Growth Portfolio

For the year ended December 31, 2004, the AST Federated Aggressive Growth Portfolio had a total return of 23.07%, compared with the return of 10.87% for the unmanaged S&P 500 Index, 18.33% for the unmanaged Russell 2000 Index, 14.31% for the unmanaged Russell 2000 Growth Index, and 11.71% for the Lipper (VIP) Small-Cap Growth Funds Average.

The stock market as a whole rose substantially during 2004. Small-cap companies outperformed large-cap and small-cap value stocks outperformed small-cap growth stocks. Economic indicators during the year were mixed, but generally small-cap companies continued to report strong earnings growth. The best performing small-cap growth sectors were energy, materials, and industrials while, the information technology and utilities sectors lagged.

The Portfolio outperformed the Russell 2000 Growth Index primarily due to strong stock selection in the industrials, consumer discretionary, and healthcare sectors. Companies such as Abx Air, Egl, Innovative Solutions, and Forward Air added to performance in the industrials sector. Consumer discretionary companies Central European Media, Petco Animal Supplies, PetsMart, and Advance Auto Parts also contributed to returns. In the healthcare sector, Alexion Pharmaceuticals and Cytyc made the largest contributions. Although the Portfolio’s stock selection was weakest in the consumer staples and information technology sectors, it was underweight in both. Positions in underperforming stocks such as Quality Distribution, Genus, Conexant Systems, Talk America, and Netopia hurt relative performance.

At year-end, the Portfolio had overweights as compared with the Russell 2000 Growth Index in the consumer discretionary and industrials sectors and was underweight in the information technology, healthcare, and financials sectors. Nearly 72% was invested in three large sectors: consumer discretionary, healthcare, and information technology.

LOGO


	1 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	23.07	%	1.56	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST Goldman Sachs Small-Cap Value Portfolio

For the year ended December 31, 2004, the AST Goldman Sachs Small-Cap Value Portfolio had a total return of 20.18%, compared with the return of 10.87% for the unmanaged S&P 500 Index, 18.33% for the unmanaged Russell 2000 Index, 22.25% for the unmanaged Russell 2000 Value Index, and 17.47% for the Lipper (VIP) Small-Cap Core Funds Average.

The Portfolio posted strong absolute results in 2004, but trailed the Russell 2000 Value Index. The Portfolio’s transportation, financial, and energy stocks contributed positively to relative returns, while its holdings in the industrials and consumer cyclicals sectors trailed the respective sectors of the Russell 2000 Value Index. The performance of its industrial stocks was hurt by the fall in GrafTech International, a manufacturer of graphite and carbon, after earnings estimates were reduced on lower expectations for the price increase on graphite electrodes. Consumer cyclical stocks such as Gymboree and Concord Camera also held down performance. Gymboree, a specialty retailer of children’s apparel, reported weaker-than-expected earnings. Concord Camera, an image capture manufacturer, experienced delays in product introductions that led to market share losses. We sold the position during the period.

On the positive side, energy holding Range Resources, an explorer and developer of oil and gas properties, emerged as a top contributor after it announced the purchase of Appalachian oil and gas properties. Accredited Home Lenders was another strong performer after it issued a better-than-expected 2005 outlook. The California-based mortgage bank benefited from exposure to less-volatile loan origination markets, internal cost discipline, and portfolio growth. OMI, an oil tanker company, was a top transportation performer. While continuing to expand its double hulled fleet, it announced record revenues for the period, benefiting from increased world oil demand.

LOGO


	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	20.18	%	18.09	%	13.97	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST Small-Cap Value Portfolio

For the year ended December 31, 2004, the AST Small-Cap Value Portfolio had a total return of 16.44%, compared with the return of 10.87% for the S&P 500 Index and 14.62% for the Lipper (VIP) Multi-Cap Value Funds Average. The Portfolio was managed by Gabelli Asset Management Company (GAMCO) from January 1 through November 19, when the Portfolio’s assets were divided into three segments. JPMorgan manages the largest portion; Lee Munder Investments, and Integrity Asst Management manage smaller segments.

During the period GAMCO managed the Portfolio it outperformed the Russell 2000 Index of small-cap stocks. Positive contributions came from holdings in the industrial sector, many of which were up in excess of 30% (for example, Material Sciences, representing 0.5% of the portfolio was up 65%; GenCorp 0.8%, + 56%; Idex Corp. 0.7%, +44%; Precision Castparts 1.9%, + 43%; and Thomas & Betts 1.7%, + 38%). Several investments in utilities, gaming and wireless telephony had similar increases (XTO Energy 1.3%, +61%; Aztar 1.3%, +50%; Vimpel Communications 1.1%, +59%; Western Wireless 0.9%, +47%; Kerzner International 0.5%, +46%; and Devon Energy 0.6%, +45%).

November was the strongest month of 2004. Once the uncertainty of the Presidential election was behind us, investors refocused on fundamentals, including improving earnings and outlook, and the declines in oil prices.

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	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	16.44	%	13.31	%	10.14	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST DeAM Small-Cap Value Portfolio

For the year ended December 2004, the AST DeAM Small-Cap Value Portfolio had a total return of 22.11%, compared with the return of 18.33% for the unmanaged Russell 2000 Index, 22.25% for the unmanaged Russell 2000 Value Index. and 20.64% for the Lipper (VIP) Small-Cap Value Funds Average.

Stock selection throughout the Portfolio was the key to outperformance. The healthcare equipment & services, energy, and utilities industry groups contributed most to relative performance. Oil and gas related holdings such as Southwestern Energy, Tesoro, and Range Resources added value. Southwestern Energy is an integrated energy company primarily engaged in the exploration and production of natural gas. Rising energy prices and increased production volumes resulted in surging company revenues. Range Resources is engaged in the exploration, development and acquisition of oil and gas properties. The company saw its cash flows reach a 9-year high during the period. In addition, acquisitions it made to increase production capacity were considered positively by investors.

On the negative side, the consumer durables & apparel, materials, and food & drug retailing industry groups detracted from performance. A position in Callaway Golf declined as a change in overall product mix and the need for competitive sales programs to match those being offered by other manufacturers caused a significant drop in its gross profits. A position in Win-Dixie Stores fell as increased competition from non-traditional grocery retailers such as mass-merchandisers (Wal-Mart), discount clubs, and warehouse stores have had a negative impact on its sales.

LOGO


	1 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	22.11	%	12.14	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST Goldman Sachs Mid-Cap Growth Portfolio

For the year ended December 31, 2004, the AST Goldman Sachs Mid-Cap Growth Portfolio had a total return of 16.36%, compared with the return of 15.48% for the Russell Mid-Cap Growth Index, 16.48% for the unmanaged S&P Mid-Cap 400 Index, and 14.75% for the Lipper (VIP) Mid-Cap Growth Funds Average.

The Portfolio had strong absolute and relative performance, aided by its holdings in the technology, retail, and healthcare sectors. Technology stocks that enhanced results included FLIR Systems, Checkfree, and Tessera Technologies. Many of the Portfolio’s retail holdings, including Harman International Industries, Petco Animal Supplies, and Harrah’s Entertainment, also added significantly to its return. In the healthcare sector, positions in Caremark Rx, Biogen Idec, and Charles River Labs, were significant contributors. The Department of Justice approved Caremark’s proposed merger with Advance PCS and it won a large contract from Medco for the Federal Employee Health Benefit (FEHB) Plan. The merger made a difference as FEHB was attracted to the combined company. Caremark will handle the mail order business and Advance PCS currently handles the retail pharmacy business.

The Portfolio’s position in Adtran fell after the company warned that fourth-quarter earnings and sales would be below expectations. Adtran, which supplies products that enable phone companies to deliver DSL high-speed Internet service, said bookings have been weak in recent months. Goldman Sachs Asset Management, L.P. (GSAM) believes this weakness may be short-lived as consumer demand for broadband services continues to grow and business spending begins to improve. Adtran remains a healthy business with sound management. While several holdings in the media sector have not yet been recognized due to a sluggish radio advertising market, GSAM is encouraged by the sector’s attractive valuations and enduring growth prospects.

LOGO


	1 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	16.36	%	–16.07	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST Neuberger Berman Mid-Cap Growth Portfolio

For the year ended December 31, 2004, the AST Neuberger Berman Mid-Cap Growth Portfolio had a total return of 16.07%, compared with a return of 10.87% for the unmanaged S&P 500 Index, 16.48% for the unmanaged S&P Mid-Cap 400 Index, 15.48% for the unmanaged Russell Mid-Cap Growth Index, and 14.75% for the Lipper (VIP) Mid-Cap Value Funds Average.

Security selection within the consumer discretionary, information technology, financials, and industrials sectors provided the largest contributions to total returns. In the consumer discretionary sector, an emphasis on casinos and gaming added particularly. In technology, the Portfolio benefited from positions in Alliance Data Systems and Apple Computer Inc. An emphasis on the services area within the financials sector helped results, with strong performers such as Capitalsource. Outperforming industrial stocks included JB Hunt Transport Services and Corporate Executive Board. Energy holdings benefited from companies such as XTO Energy, which are able to increase reserves or the production of oil and gas. An overweight in telecommunication services, one of the strongest performing sectors, added to performance. Overall, however, the Portfolio’s sector allocations detracted from its results.

On the downside, stock selection within healthcare had the most negative impact on relative performance. The environment for generic pharmaceuticals was particularly weak given the lack of pricing power in the industry. Stock selection within the materials sector, a relatively small one, also hurt returns.

LOGO


	1 Year		5 Year		10 Year
AVERAGE ANNUAL TOTAL RETURNS	16.07	%	–6.59	%	8.17	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST Neuberger Berman Mid-Cap Value Portfolio

For the year ended December 31, 2004, the AST Neuberger Berman Mid-Cap Value Portfolio had a total return of 22.84%, compared with a return of 10.87% for the unmanaged S&P 500 Index, 16.48% for the unmanaged S&P 400 Index, 23.70% for the unmanaged Russell Mid-Cap Value Index, and 19.03% for the Lipper (VIP) Mid-Cap Value Funds Average.

The Portfolio’s strong return was driven by the performance of its consumer discretionary and financial holdings. Positions in the healthcare and energy sectors also made substantial contributions. No sectors detracted from total return. The Portfolio had no exposure to the materials or telecommunication services sectors during the year.

The strongest performance relative to the Russell Mid-Cap Value Index was in the energy and healthcare sectors. Not only was there an overweight allocation to the top-performing energy sector, the Portfolio’s energy stocks outperformed their Index counterparts. The overweight in the sector was eliminated because Neuberger Berman believes much of the potential gains were already realized. The Portfolio’s selection in healthcare was strong, producing its second-highest sector return whereas the healthcare sector return was the lowest in the Index. However, the Portfolio’s selection of stocks in industrials and financials underperformed their index sector counterparts, the primary reason for its underperformance.

The Portfolio continues to trade at a P/E discount to the Russell Mid-Cap Value Index and has superior growth and a higher return on equity. In Neuberger Berman’s opinion, it has greater return potential than the Index with less risk.

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	1 Year		5 Year		10 Year
AVERAGE ANNUAL TOTAL RETURNS	22.84	%	13.12	%	13.01	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST Alger All-Cap Growth Portfolio

For the year ended December 31, 2004, the AST Alger All-Cap Growth Portfolio had a total return of 8.47%, compared with the return of 10.87% for the S&P 500 Index and 10.40% for the Lipper (VIP) Multi-Cap Growth Funds Average.

The Portfolio’s growth-stock strategy was at a disadvantage in a period in which value stocks outperformed growth. However, it benefited from solid security selection in the consumer staples and information technology sectors, beating the Russell 3000 Growth Index, a broad measure of growth stocks. Yahoo!, eBay, and Research In Motion contributed most. Yahoo! benefited from the rise in Internet advertising. Pay-for-Performance advertising has been a significant revenue driver for Yahoo! and there has been continued strength in core advertising. The eBay position was purchased before their seasonally strongest quarter and benefited from rising revenue and earnings. Research In Motion make the Blackberry. The growing need for mobile communication (including data transfer) has benefited such innovative companies that are providing solutions for wireless connectivity. In the past year, it has doubled its subscriber base by entering new markets and channels, and has continued to introduce compelling new products.

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	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	8.47	%	–11.66	%	–11.66	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST Gabelli All-Cap Value Portfolio

For the year ended December 31, 2004, the AST Gabelli All-Cap Value Portfolio had a total return of 15.32%, compared with the return of 10.87% for the S&P 500 Index and 16.9% for the unmanaged Russell 3000 Value.

Investor uncertainty depressed equity returns for most of the first ten months of 2004. Early in the year it was the economy, as anemic job growth caused investors to question the strength and endurance of the recovery. As we headed into the spring it was interest rates, as surprisingly strong March employment data convinced investors the Federal Reserve would soon begin tightening. Then the economy remained soft through early fall. Throughout this period, rapidly rising oil prices and political uncertainty also undermined investor confidence. Late in October, the market started to improve. Oil prices declined significantly and the economy regained momentum. The conclusive Republican victory eliminated uncertainty regarding certain government policies. Investors focused on the sturdy economy and respectable corporate earnings growth and stocks took off.

Almost 90% of the Portfolio’s holdings posted positive returns, with nearly 60% gaining 10% or more. In general, investments in the hotel/gaming, housing, and utilities industries performed very well. In addition, eleven holdings were the subject of merger and acquisition activity (completed deals, pending deals, and companies putting themselves up for sale) or major restructurings. This had a direct impact on Portfolio performance and helped increase the values of other holdings in the same industry groups as well. The lackluster performance of advertising-supported media stocks, a sector in which the Portfolio has substantial commitments, prevented it from achieving even better returns.

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	1 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	15.32	%	4.99	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST T. Rowe Price Natural Resources Portfolio

For the year ended December 31, 2004, The AST T. Rowe Price Natural Resources Portfolio had a total return of 31.19%, compared with a return of 10.87% for the unmanaged S&P 500 Index, and 20.32%% for the Lipper (VIP) Natural Resources Funds Average.

Energy was a strong sector for the Portfolio. Several deep-water drilling holdings, including Diamond Offshore Drilling and Transocean, benefited from improving fundamentals and better pricing. Amerada Hess, a domestic integrated oil company, rebounded from earlier weakness to post strong results. The company is in the midst of revitalizing its asset portfolio, and its Gulf of Mexico exploration program showed increased promise. Management is also taking steps to improve its credibility with investors. The agriculture sector was a significant contributor to performance, reflecting continued good fundamentals and strong commodity prices. Fertilizer company Potash Corp./Saskatchewan was the Portfolio’s largest contributor, rising over 90% for the one-year period. Agricultural products maker IMC Global benefited from lower input costs and better margins. In addition, the company signed an agreement to combine with Cargill Crop Nutrition to create a new publicly traded company (Mosaic - a stock we now own), which we expect will bolster earnings and cash flow over the next several years.

Positions in metal stocks were top contributors as well. Expanding demand from China, along with a pick-up in world-wide economic activity, has pushed up commodity prices and significantly aided those firms whose earnings are closely tied to them. Nucor, a steel stock with excellent fundamentals and sustainable earnings trends, advanced almost 90%. The Russian government’s intervention into the future of oil giant Yukos was disturbing, and the Portfolio’s position detracted from performance. It was sold.

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	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	31.19	%	16.14	%	14.12	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST Alliance Growth Portfolio

For the year ending December 31, 2004, the AST Alliance Growth Portfolio had a total return of 5.75%, compared with the return of 10.87% for the unmanaged S&P 500 Index, 6.30% for the unmanaged Russell 1000 Growth Index and 8.04% for the Lipper (VIP) Large-Cap Growth Funds Average.

The Portfolio lost most ground relative to the Russell 1000 Growth Index in the healthcare sector due to poor stock selection. A mid-sized position in Forest Laboratories (–27.4%) detracted most. The Portfolio gained most relative performance in the consumer discretionary stocks due to both good stock selection and overweighting this outperforming sector. It held, on average, about 26% in the sector compared with about 18% in the Russell 1000 Growth Index. Large positions in eBay (+80.1%) and Yahoo (+67.4%) accounted for most of the outperformance. The Portfolio also benefited from good selection in the technology sector, where a mid-sized position in Marvell Technology Group (+87.0%) contributed most. Good stock selection in the financial services sector also helped. A small position in Franklin Resources (+34.6%) accounted for most of the outperformance.

Alliance believes that investors are underestimating the outlook for the U.S. economy and corporate profitability, providing us with an unusual opportunity to buy superior growth companies at little valuation premium. In an environment that seems conducive to further economic and earnings expansion, the premium for growth stocks relative to the broad market is as low as it has been in the past 25 years.

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	1 Year		5 Year		10 Year
AVERAGE ANNUAL TOTAL RETURNS	5.75	%	–7.86	%	4.21	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST MFS Growth Portfolio

For the year ended December 31, 2004, the AST MFS Growth Portfolio had a total return of 10.69%, compared with a return of 10.87% for the unmanaged S&P 500 Index, 6.30% for the unmanaged Russell 1000 Growth Index, and 8.04% for the Lipper (VIP) Large-Cap Growth Funds Average.

Selection in the healthcare, technology, and retailing sectors were the strongest contributors to the Portfolio’s outperformance of the Russell 1000 Growth Index. In healthcare, an underweight in the pharmaceutical company Pfizer (which was sold entirely from the Portfolio by period-end) contributed to relative performance, as did a slightly overweighted position in Caremark Rx. In technology, overweighted positions in software company Symantec and internet giant eBay, and an underweight in Intel (which was sold entirely from the Portfolio by period-end) helped relative returns. The Portfolio was helped by a position in Marvell Technology Group, a stock not in the Russell 1000 Growth Index. Other individual contributors to relative performance included Monsanto, Tyco International, and Carnival, none of which were in the benchmark, and an underweight position in The Coca-Cola Company (which was sold by period-end).

The chief detractors from relative performance were a slight underweighting and poor stock selection in the financial services and miscellaneous sectors. Losses on March & McLennan and Corinthian Colleges (both since sold) hurt performance. An overweighting and stock selection in the leisure sector also detracted from relative performance. Not having a position in Starbucks particularly hurt. The largest individual detractors were VERITAS Software, IAC/InterActiveCorp (sold by period-end), and an underweight position in QUALCOMM.

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	1 Year		5 Year		10 Year
AVERAGE ANNUAL TOTAL RETURNS	10.69	%	–6.48	%	–4.01	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST Marisco Capital Growth Portfolio

For the year ending December 31, 2004, the AST Marsico Capital Growth Portfolio had a total return of 15.67%, compared with the return of 10.87% for the unmanaged S&P 500 Index, 6.30% for the unmanaged Russell 1000 Growth Index, and 8.04% for the Lipper (VIP) Large-Cap Growth Funds Average.

The Portfolio’s strong performance as compared to the Russell 1000 Growth Index was primarily due to its stock selection in the healthcare, consumer discretionary, information technology, and financials sectors and in the capital goods industry, while selection in telecommunications services and an underweight in the top-performing energy sector hurt. In healthcare, it overweighted the equipment & services industry and underweighted the pharmaceuticals & biotechnology industry. This significantly enhanced its return. UnitedHealth Group (+51%) and Genentech (+16%) were among its largest holdings and the largest positive contributors to overall performance. Its strength in the consumer discretionary sector was largely due to holdings in the hotels, restaurants & leisure industry, including Wynn Resorts (+139%). Having little exposure to semiconductors helped its technology performance. It also had a good selection of hardware & equipment stocks, including QUALCOMM (+58%) and Dell (+24%). Among capital goods stocks, General Electric (+21%), Tyco International (+36%), and Caterpillar (+20%) were among the largest contributors, while SLM Corp. (+44%), Countrywide Financial (+48%), and Chicago Mercantile Exchange (+38%) were the main reasons for strength in financials.

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	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	15.67	%	–2.88	%	9.34	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST Goldman Sachs Concentrated Growth Portfolio

For the year ended December 31, 2004, the AST Goldman Sachs Concentrated Growth Portfolio had a total return of 3.69%, compared with the return of 10.87% for the unmanaged S&P 500 Index, 6.30% for the Russell 1000 Growth Index, and 8.04% for the Lipper (VIP) Large-Cap Growth Funds Average.

The Portfolio’s exposure to the Media sector detracted from its return. Clear Channel Communications and Viacom were weak as companies exposed to the radio market underperformed. A sluggish national radio market hurt these businesses as automotive, retailers, and telecommunications companies spent less money in 2004 in comparison to 2003. We remain confident that Clear Channel’s business can rebound as it is making changes to its advertising structure, which should result in less ad time and firmer pricing. The Portfolio’s underweight in the energy and cyclical sectors also hurt its relative performance. Typically, businesses in these sectors do not have the pricing power and strong business franchises that GSAM prefers, but their stocks were very strong this year.

The Portfolio’s positions in high-quality technology companies performed well, including QUALCOMM, Dell, Yahoo!, and eBay. QUALCOMM’s stock enjoyed a strong run in 2004. Demand for third generation (3G) wireless capability, which wholly depends on the Code-Division Multiple Access (CDMA) technology QUALCOMM licenses, continues to increase. The Portfolio’s consumer staples holdings PepsiCo and Wm. Wrigley Jr. were also top contributors.

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	1 Year		5 Year		10 Year
AVERAGE ANNUAL TOTAL RETURNS	3.69	%	–15.54	%	9.83	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST DeAM Large-Cap Value Portfolio

For the year ended December 31, 2004, the AST DeAM Large-Cap Value Portfolio had a total return of 18.17% compared with the return of 10.87% for the unmanaged S&P 500 Index, 16.49% for the unmanaged Russell 1000 Value Index, and 14.62% for the Lipper (VIP) Multi-Cap Value Funds Average.

The Portfolio outperformed the Russell 1000 Value Index primarily because of good stock selection, particularly in the materials, diversified financials, and media industry groups. Holdings such as Monsanto and United States Steel added value in the materials group. Monsanto provides agricultural products and integrated solutions for farmers worldwide. A weakening U.S. dollar substantially aided its overseas sales. It increased the dividend payment, as well as its earnings projections for 2005. United States Steel increased net sales through all four quarters of 2004 due to the impact of strong global economic growth on demand for steel.

On the negative side, the pharmaceuticals & biotechnology and healthcare equipment & services industry groups detracted most from relative performance. The Portfolio’s underweight in Humana hurt its relative performance in healthcare. Humana is one of the nation’s largest publicly traded health benefits companies. Its stock price increased as launch of a new product, a high-deductible health insurance plan, helped it capture market share.

The individual position that hurt relative performance most was an underweight in ChevronTexaco, which benefited from higher oil prices. However, energy positions such as Occidental Petroleum and Apache, which appeared more attractive on DeAm’s valuation model, more than offset the impact of not holding ChevronTexaco.

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	1 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	18.17	%	4.01	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST Hotchkis & Wiley Large-Cap Value Portfolio

For the year ended December 31, 2004, the AST Hotchkis & Wiley Large-Cap Value Portfolio had a total return of 15.45%, compared with the return of 10.87% for the unmanaged S&P 500 Index, 16.49% for the unmanaged Russell 1000 Value Index, and 13.64% for the Lipper (VIP) Equity Income Funds Average. Management of the Portfolio was transferred from INVESCO to Hotchkis & Wiley on May 1, 2004.

During the period INVESCO advised the Portfolio, it trailed the broad S&P 500 Index and the style-specific Russell 1000 Value Index, which differed only immaterially in total return. It underperformed the Russell 1000 Value Index primarily because of poor stock selection, including positions in Fannie Mae and Radian Group Cisco Systems, and Amgen. The Portfolio also emphasized underperforming industries within sectors, particularly in the technology sector, and large companies during a period when stocks of smaller firms performed better.

During the period Hotchkis & Wiley advised the Portfolio, it benefited from stock selection within the consumer discretionary sector. The Portfolio’s strongest contributor during this period, Sears Roebuck, initially surged in November after Vornado Realty Trust took a significant stake in the company. Following this, Kmart announced its plan to acquire/merge with Sears, increasing the stock’s price another 20%. Other contributors to performance included Aetna and Electronic Data Systems. The latter beat third quarter earnings expectations and also benefited from news of improvements on its Navy contract.

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	1 Year		5 Year		10 Year
AVERAGE ANNUAL TOTAL RETURNS	15.45	%	1.81	%	10.04	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST Alliance/Bernstein Growth + Value Portfolio

For the year ended December 31, 2004, the AST Alliance/Bernstein Growth + Value Portfolio had a total return of 10.07%, compared with the return of 10.87% for the S&P 500 Index and 8.59% for the Lipper (VIP) Large-Cap Core Funds Average.

Energy stocks led the market as record high oil prices lifted industry profits. Technology and consumer growth stocks were the major underperforming sectors. The market favored value rather than growth in 2004. Much of this can be attributed to the outsized outperformance for most of the year of commodity- and interest-rate-sensitive sectors, which make up a much bigger proportion of the value benchmark than the growth. With technology and consumer-growth stocks rallying strongly in the fourth quarter, however, the relative performance of the two style indexes was much closer.

The value component of the Portfolio outperformed the S&P 500 Stock Index while the growth component trailed the Index. The late year rally in technology stocks was particularly beneficial to the Portfolio’s relative returns in the fourth quarter, as both value and growth segments had significant commitments to the sector. For the year, strong stock selection in technology and energy was offset by the underperformance of large holdings in the media, Internet-related, and health care industries.

Notable contributors to performance during the year included Yahoo, Ebay, UnitedHealth Group, Nortel Networks and Norfolk Southern. Detractors included Veritas Software, Viacom, Avon Products, Broadcom and Comcast.

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	1 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	10.07	%	0.32	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST Sanford Bernstein Core Value Portfolio

For the year ended December 31, 2004, the AST Sanford Bernstein Core Value Portfolio had a total return of 13.92%, compared with the return of 10.87% for the S&P 500 Index and 14.62% for the Lipper (VIP) Multi-Cap Value Funds Average.

Equity markets enjoyed another strong year in 2004. Value and smaller company stocks outperformed growth and large company stocks, resulting in the Portfolio’s outperformance of the S&P 500 Index. Late in the year, electronics manufacturing services stocks came under pressure due to cautious guidance statements or weak sales. Bernstein believes that the industry’s earnings growth will improve as these companies streamline operations, improve capacity utilization, and benefit from a recovery in spending for technology. An overweight in consumer cyclicals, particularly General Motors and several auto-parts companies, also hurt returns. Bernstein’s research suggests that investors are overly gloomy about GM’s long-term earnings power and they continue to expect auto-parts suppliers to benefit from continued growth in content per vehicle and market-share gains outside of the US.

The Utilities sector contributed significantly to performance, led by Sprint Corp, Bellsouth and SBC Communications. Positions in railroad companies Norfolk Southern and Burlington Northern also strongly outperformed; they continue to benefit from insufficient capacity in the trucking industry and strong demand for transportation in the US.

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	1 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	13.92	%	7.09	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST Cohen & Steers Realty Portfolio

For the year ended December 31, 2004, the AST Cohen & Steers Realty Portfolio had a total return of 37.95%, compared with the return of 10.87% for the unmanaged S&P 500 Index, 31.58% for the NAREIT Index, and 33.71% for the Lipper (VIP) Real Estate Funds Average.

The Portfolio’s major theme all year, and the primary driver of REIT stock price appreciation, has been the resurgence in both cash flow and dividend growth. Cohen & Steers’s believes that performance this year demonstrated that real estate fundamentals are what matter most. Within the REIT sector, regional mall companies continued to lead the industry. It was the greatest single contributor to the Portfolio’s outperformance because of the Portfolio was overweight in this sector selected stocks well within it. The apartment sector was the second largest contributor because of stock selection and also the decision to move from an underweight to an overweight earlier in the year. Manufactured housing was the weakest sector, as lower apartment rents and affordable housing for sale continued to disadvantage this low-priced housing alternative.

Looking ahead, Cohen & Steers anticipates that economic fundamentals in 2005 will be substantially similar to 2004 and even better in a few ways. This should provide a continued positive backdrop for real estate, producing higher occupancies, rents, and cash flows for most property types in most regions of the country.

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	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	37.95	%	20.36	%	11.71	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST Sanford Bernstein Managed Index 500 Portfolio

For the year ended December 31, 2004, the AST Sanford Bernstein Managed Index 500 Portfolio had a total return of 9.98%, compared with a return of 10.87% for the unmanaged S&P 500 Index, and 8.59% for the Lipper (VIP) Large-Cap Core Funds Average.

The Portfolio performed well on an absolute basis, but lagged the broad market due to a combination of sector and security selection. Selection among consumer cyclical stocks was the largest contributor to the Portfolio’s relative performance over the period. It had large positions in eBay (+80.1%) and Yahoo (+67.4%). Finance and industrial commodities holdings also performed well. UnitedHealth Group (+51.4%), Wellpoint Health (+43.1%), and US Steel (+47.2%) were noteworthy positive performers. The largest detractors were investments in medical stocks such as Pfizer and Forest Labs. In the capital equipment sector, General Motors also hurt performance.

Although the Portfolio’s sector weightings were generally close to those of the S&P 500 Index, differences in sector weights nonetheless detracted from performance. Because the energy sector had by far the Index’s highest return, almost 31%, the Portfolio’s underweight of energy was the largest detractor from its relative performance.

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	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	9.98	%	–1.83	%	5.08	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST American Century Income & Growth Portfolio

For the year ended December 31, 2004, the AST American Century Income & Growth Portfolio had a total return of 12.59%, compared with the return of 10.87% for the S&P 500 Index, and 14.62% for the Lipper (VIP) Multi-Cap Value Funds Average.

The year 2004 marked the second straight year of positive performance for the U.S. stock market — the first time that has happened since 1998-99. Stocks were mired in a narrow trading range for most of the year, held in check by concerns ranging from soaring oil prices and weak job growth to terrorism and a potentially contentious presidential election. However, a number of these concerns were resolved during the last three months of the year, allowing stocks to finish the year with a strong rally.

The top contributors to the Portfolio’s return were sectors that typically benefit from a strong economy, including financial, energy, and consumer-oriented stocks. The only two sectors of the portfolio to decline during the year were healthcare and information technology. Stock selection was the key to the Portfolio’s outperformance of the S&P 500. It worked best in the consumer staples and materials sectors where selections among beverage and chemicals stocks provided the greatest lift to relative performance. The financial sector also contributed positively to relative results thanks to favorable stock selection in commercial banks and insurance. On the downside, stock selection detracted from relative performance in the healthcare and information technology sectors.

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	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	12.59	%	–1.02	%	6.09	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST Alliance Growth & Income Portfolio

For the year ending December 31, 2004, the AST Alliance Growth & Income Portfolio had a total return of 11.01%, compared with the return of 10.87% for the unmanaged S&P 500 Index and 16.49% for the unmanaged Russell 1000 Value Index.

The Russell 1000 Value Index showed remarkable strength in 2004. It is heavily skewed to the commodity-related and interest-sensitive stock groups that led the market in 2004, areas of the market that Alliance’s high quality bias typically avoids. The Portfolio’s underperformance was attributed to both sector and security selection. Overweights in media (notably Viacom), property and casualty insurance (American International Group and ACE), and healthcare (Pfizer and Boston Scientific) were the primary detractors from relative performance. These groups were hit by intense negative publicity throughout the year. Underweights in financials and utilities also held back relative performance. The largest individual detractors included Viacom, Pfizer, Clear Channel Communications, Forest Laboratories and Union Pacific. On the other hand, the Portfolio benefited from not being exposed to Merck, the worst-performing drug stock in 2004, and from several energy and managed-care positions. Notable individual contributors to performance included, Bank One, WellPoint Health Networks, Burlington Northern and ConocoPhillips.

Alliance believes that style and size anomalies such as we saw in 2004 cannot persist indefinitely. Markets return to emphasizing fundamentals, and the Portfolio’s holdings, on average, have better earnings stability, higher dividend growth, and healthier balance sheets than the Russell 1000 Value Index. Moreover, after the long-running outperformance of smaller-cap, lower-quality companies, the stocks it favors are selling at unusually low valuations.

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	1 Year		5 Year		10 Year
AVERAGE ANNUAL TOTAL RETURNS	11.01	%	3.44	%	11.35	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST DeAM Global Allocation Portfolio

For the year ended December 31, 2004, the AST DeAM Global Allocation Portfolio had a total return of 11.09% compared with the return of 9.73% for the custom-blended index (50% Russell 3000 Index, 40% Lehman Brothers Aggregate Index, and 10% MSCI EAFE Index), and 8.25% for the Lipper (VIP) Flexible Portfolio Funds Average.

The year 2004 was surprising in the financial markets in many ways. First, the economic recovery, while continuing to move forward, did not engender the type of bullish sentiment strategists expected, despite a very powerful profits recovery. Second, U.S. and global bond interest rates were largely unchanged for the calendar year despite very strong economic performance. Much of this unusual market behavior was due to the headwinds of perniciously high energy prices, geopolitical concerns, a third-quarter temporary soft patch in economic growth, and an uncertain U.S. election outcome. As these factors relented around the U.S. November presidential election, the markets breathed a sigh of relief and delivered a solid rally. Despite this appetite for financial assets, the U.S. dollar weakened significantly over the period due to concerns over the growing budget and trade deficits. This helped international equities outperform U.S. equities. Although tactical asset allocation was a positive contributor to the Portfolio’s performance in the first, second, and fourth quarters, the third quarter’s negative asset allocation contribution offset much of the benefit. Tactical asset allocation moves contributed only slightly for the year. The Portfolio outperformed its customized benchmark and its Lipper peers through the period, primarily because of the performance of its U.S. equity managers and, to a lesser extent, its fixed income manager.

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	1 Year		5 Year		10 Year
AVERAGE ANNUAL TOTAL RETURNS	11.09	%	–1.06	%	7.63	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST American Century Strategic Balanced Portfolio

For the year ended December 31, 2004, the AST American Century Strategic Balanced Portfolio had a total return of 8.99%, compared with the return of 8.29% for the S&P 500/Lehman Brothers Aggregate 60/40 benchmark, and 8.55% for the Lipper (VIP) Balanced Funds Average.

Equities generally languished in a range-bound trading pattern for much of 2004, paralyzed by investor concerns about soaring energy prices, the threat of higher inflation, rising interest rates, a slowing pace of economic growth, terrorism alerts, the outcome of the U.S. presidential election, and the declining U.S. dollar. By the end of the third quarter, the S&P 500 Index had gained only 1.51%, while the Lehman Aggregate — on its way to having a surprisingly good year — was up 3.35%. But the stock market finished 2004 with a flourish. The S&P 500 Index gained 10.7% from October 25 to year end as oil prices plummeted and President Bush was re-elected, reducing investors’ uncertainty.

The Portfolio’s equity segment made the largest contribution to its total return, led by its consumer discretionary holdings. Homebuilder NVR (+65%) and Black & Decker (+81%) were the largest contributors. The Portfolio beat its benchmark because its equity segment outpaced the S&P 500 Index. The largest contributors to that outperformance were overweightings and favorable stock selection in the utilities sector, particularly an overweight in electric utility TXU (+178%). In the bond segment, the best-performing major sector was corporate securities, followed by mortgage-backed and Treasury securities.

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	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	8.99	%	1.74	%	6.81	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST T. Rowe Price Asset Allocation Portfolio

For the year ended December 31, 2004, the AST T. Rowe Price Asset Allocation Portfolio had a total return of 11.17%, compared with a return of 8.25% for the 60/40 blend of the unmanaged S&P 500 Index and the unmanaged Lehman Brothers Government Credit Index, and 8.55% for the Lipper (VIP) Balanced Funds Average.

U.S. stocks rose in 2004, though they struggled to make headway for much of the year as economic growth moderated amid surging energy costs and a heated presidential campaign. Stock prices rose as oil prices backed away from their late-October peak of $55 per barrel, and gains accelerated following the re-election of President Bush. U.S. bonds generated less robust returns. Short-term interest rates rose in tandem with the federal funds rate — which the Federal Reserve gradually increased from 1.00% to 2.25% — but long-term rates declined in the second half of the year after peaking in the spring. High-yield bonds fared best, but long-term government and investment-grade corporate bonds also produced good returns. Other fixed-income sectors lagged. Non-U.S. stocks strongly outperformed their U.S. counterparts, thanks partially to a weakening U.S. dollar.

The Portfolio was overweighted in stocks relative to bonds throughout 2004, and the overweighting was increased to 7% over the year. This was a strong contributor to its outperformance as stocks performed better than bonds for the year. The S&P 500 Index returned 10.87% versus 4.19% for the Lehman Brothers U.S. Government/Credit Index. The Portfolio’s overweighting in international stocks was also beneficial.

LOGO


	1 Year		5 Year		10 Year
AVERAGE ANNUAL TOTAL RETURNS	11.17	%	3.32	%	9.77	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST T. Rowe Price Global Bond Portfolio

For the year ended December 31, 2004, the AST T. Rowe Price Global Bond Portfolio had a total return of 8.64%, compared with a 9.27% gain on the Lehman Brothers Global Aggregate Index.

The Portfolio benefited from a generally weaker U.S. dollar, currency selection, country and duration positioning, and a rally in European government bonds. Most of the Portfolio’s relative value was derived from currency selection, particularly an overweight exposure to the Polish zloty that strengthened versus the euro. The Portfolio’s emerging-market currency exposures were increased during the fourth quarter of 2004 in light of the weaker U.S. dollar. Overweight positions in the Mexican peso and Turkish lira (both versus the U.S. dollar) were particularly helpful to the Portfolio’s relative return. The Mexican peso benefited from central bank rate hikes and strong oil prices, while Turkish bond and currency markets were buoyed by the European Union’s decision to set a fixed date (October 2005) to start membership discussions with Turkey.

Positioning in the Japanese yen against the euro and U.S. dollar had the most negative impact on the Portfolio’s relative performance. The Japanese recovery seemed to be gaining momentum in the first half of the year, which was expected to aid the yen. But post fiscal year end selling, expectations of Federal Reserve rate hikes, and concern about the impact of higher oil prices weakened the yen in the second and third quarters.

From a country/duration perspective, spread trades against the U.S. market were the most successful for the Portfolio. Given uncertainties surrounding trends in economic data in the United States during 2004, the Portfolio looked to diversify most of its U.S. short duration position against Europe, Canada, and Mexico. The European position added the most value to the Portfolio, with a strong euro currency and weaker economic data supporting bonds, particularly at the short-end.

LOGO


	1 Year		5 Year		10 Year
AVERAGE ANNUAL TOTAL RETURNS	8.64	%	7.58	%	5.60	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST Goldman Sachs High Yield Portfolio

For the year ended December 31, 2004, the AST Goldman Sachs High Yield Portfolio had a total return of 11.08%, compared with an 11.13% for the Lehman Brothers U.S. Corporate High Yield Index (the Index). From January 1, 2004 through April 30, 2005 — the first four months of the year — the Portfolio was managed by Federated Investment Management Company, which was replaced by Goldman Sachs Asset Management, L.P. as of May 1, 2004.

Federated Investment Management Company

For the first four months of 2004, high yield bonds (commonly called “junk” bonds) were supported by improvement in corporate profitability and credit quality. The Portfolio benefited during the period from having a duration that was shorter than that of the Index. Volatile intra-period cash flows within the Portfolio negatively affected its relative performance. In addition, the Portfolio was hurt by its exposure to Qwest Communications (Telecommunications), Dex Media and its affiliates (Non-Cable Media), El Paso Corp. and Calpine Corp. (Utilities), and New World Pasta Company (Food & Beverage), which defaulted during the period. The factors that aided the Fund’s performance included its underweight exposure to the Airline and Utility sectors and its overweight position in the Consumer Products and Textile sectors. Among its positions that benefited the Fund were Neenah Corp. (Industrial), Land O’ Lakes (Food & Beverage), MMI Products (Building & Construction), and XM Satellite Radio (Media Non-Cable).

Goldman Sachs Asset Management, L.P.

For most of the remaining eight months of the year, the high yield market had very strong performance, supported by robust technical factors and strength in the riskier segments of the market. The Portfolio’s results were positively affected by its underweight to BB-rated debt securities, as this rating category was adversely affected by the considerable volatility in the U.S. Treasury market. The Portfolio also benefited from its overweight exposure to the Chemicals sector and certain Cyclical debt securities. However, this was partially offset by an underweight to the riskier segments of the high yield market, as they rallied sharply toward the end of the reporting period. In particular, the Portfolio’s lack of exposure to the Utilities, Airline, and Wireline Telecommunications sectors late in the year detracted from its return.

LOGO


	1 Year		5 Year		10 Year
AVERAGE ANNUAL TOTAL RETURNS	11.08	%	4.09	%	7.03	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST Lord Abbett Bond-Debenture Portfolio

For the year ended December 31, 2004, the AST Lord Abbett Bond-Debenture Portfolio had a total return of 7.42%, compared with a 10.87% return for the unmanaged Merrill Lynch US High Yield Master II Index (the Index).

Lower-rated bonds outperformed higher-rated bonds across all sectors of the high yield corporate bond market in 2004. (High yield bonds are commonly called “junk” bonds because of their below-investment-grade ratings.) Within the high yield market, C-rated bonds outperformed B-rated bonds, which outperformed the higher quality BB-rated bonds. In the convertible market, speculative-grade issues also beat investment-grade issues. Even in the high-grade portion of the market, the lower-quality investment-grade companies led that sector’s advance.

The Portfolio benefited from its large allocation to high yield corporate bonds, which represented over 60% of the Portfolio. However, performance was held back versus the Index due to the higher overall quality of the Portfolio. The Portfolio had an average credit quality of BB- versus B for the Index. A “shortage of yield” continued to support the mid- and lower-quality segments of the fixed income market. Within its high yield holdings, the Portfolio’s emphasis on lower-rated bonds proved beneficial during the year. It was overweight B-rated debt securities, which tended to outperform BB-rated debt securities.

Among its convertible holdings the Portfolio had an investment-grade bias, which held back performance along with other investment-grade corporate bonds and mortgage-backed securities. Convertible securities benefited from rising earnings and participation in the stock market uptrend.

LOGO


	1 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	7.42	%	7.22	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST PIMCO Total Return Bond Portfolio

For the year ended December 31, 2004, the AST PIMCO Total Return Bond Portfolio had a total return of 4.96%, compared with a 4.34% return for the unmanaged Lehman Brothers U.S. Aggregate Bond Index.

During the early part of the year, concern about the durability of the U.S. economic recovery pushed interest rates lower and demand for relatively safe assets also rose amid renewed fears of terrorist attacks after the Madrid bombing. However, from April through June, employment reports showed strength, which convinced markets that the Federal Reserve (the Fed) would soon begin a tightening campaign. On June 30, 2004, the Fed met market expectations with a 25 basis point increase in the federal funds rate and raised rates a total of five times in 2004 to end the year at 2.25%.

Signs of rising inflation fueled anxiety that central banks may need to move aggressively to combat it. Inflation concerns were driven by higher oil prices as well as slower productivity growth. The Fed helped to calm markets by commenting that it would raise rates gradually. Economic data releases suggested moderate economic growth, as job numbers, inflation and consumer confidence all fell short of analyst expectations.

The Portfolio outperformed its benchmark for its reporting period. Diversifying beyond core index sectors helped protect the Portfolio during difficult market periods and also added to returns in sectors where interest rates actually fell. Overall, below index U.S. duration was positive for returns as short- and intermediate-term rates rose in the United States. Additionally, Euroland duration contributed to returns as intermediate- and long-term rates fell. Active management across a variety of strategies, including “rolling down” a steep yield curve, active security selection of mortgage-backed securities and corporate bonds, exposure to Treasury Inflation Protected Securities, Euroland exposure, and emerging-market exposure all contributed to the Portfolio’s performance during the year.

LOGO


	1 Year		5 Year		10 Year
AVERAGE ANNUAL TOTAL RETURNS	4.96	%	7.96	%	7.92	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST PIMCO Limited Maturity Bond Portfolio

For the year ended December 31, 2004, the AST PIMCO Limited Maturity Bond Portfolio had a total return of 2.07%, compared with a 0.91% return for the unmanaged Merrill Lynch 1-3 Year Treasury Index.

During the early part of the reporting period, concern about the durability of the U.S. economic recovery pushed interest rates lower and in addition demand for relatively safe assets also rose amid renewed fears of terrorist attacks after the Madrid bombing. However, from April through June, employment reports showed strength, which convinced markets that the Federal Reserve (the Fed) would soon begin a tightening campaign. On June 30, 2004, the Fed met market expectations with a 25 basis point increase in the federal funds rate and raised rates a total of five times in 2004 to end the year at 2.25%.

The Portfolio outperformed its benchmark during its reporting period. Diversifying beyond core index sectors helped protect the Portfolio during difficult market periods and also added to returns in sectors where interest rates actually fell. Overall, below index U.S. duration was positive for returns as short- and intermediate-term rates rose in the United States. Additionally, Euroland duration contributed to returns as intermediate- and long-term rates fell. Active management across a variety of strategies, including “rolling down” a steep yield curve, active security selection of mortgage-backed securities and corporate bonds, Euroland exposure, and emerging-market exposure all contributed to the Portfolio’s performance during the year.

LOGO


	1 Year		5 Year		Since Inception
AVERAGE ANNUAL TOTAL RETURNS	2.07	%	5.56	%	5.48	%

Performance is historical, assumes reinvestment of all dividends and capital gains, and is not indicative of future results.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

AST Money Market Portfolio

For the year ended December 31, 2004, the AST Money Market Portfolio returned 0.84% compared with a return of 0.83% for the Lipper VP Money Market Funds Average.

The general level of interest rates increased over the year. At the end of 2003, the federal funds rate stood at 1.00%. By the end of 2004, that rate had risen to 2.25% after being increased by 0.25% at each of five consecutive meetings of the Federal Open Market Committee beginning on June 30, 2004. Longer-term money market yields began to rise at the end of March 2004.

The Portfolio’s average maturity decreased from 72 days at the end of 2003 to 38 days by June 30, 2004. This increased the sensitivity of the Portfolio’s yield to changes in interest rates and greatly enhanced performance. As rates continued to increase, the Portfolio’s average maturity was gradually increased, further adding incremental yield. By the end of 2004, the Portfolio’s average maturity stood at 55 days.

The portion of the Portfolio invested in very short-term securities (those maturing within two weeks) increased from 12% on December 31, 2003 to 34% on December 31, 2004. At the end of its fiscal year, the largest sector exposures was commercial paper at 44% of the Portfolio’s assets. Other large sector exposures were corporate obligations, bank time deposits and certificates of deposit. The Portfolio’s investment in the somewhat higher yielding, but marginally less liquid variable-rate note sector fell from 28% of the Portfolio to 23%.

LOGO


	1 Year		5 Year		10 Year
AVERAGE ANNUAL TOTAL RETURNS	0.84	%	2.50	%	3.79	%
Money Market 7-day current net yield	1.70	%

Performance is historical, assumes reinvestment of all dividends and capital gains. The Yield quotation more closely reflects the performance of the ASR Money Market Portfolio than the total return.

An investment in the American Skandia Trust Money Market Portfolio is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Portfolio seeks to preserve the values of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio.

For a complete listing of holdings, please refer to the Schedule of Investments section of this report.

Fees and Expenses (unaudited)

As a contract owner investing in Portfolios of the Fund through a variable annuity or variable life contract, you incur ongoing costs, including management fees, distribution and service (12b-1) fees, and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other investment options. This example does not reflect fees and charges under your variable annuity or variable life contract. If contract charges were included, the costs shown below would be higher. Please consult the prospectus for your contract for more information about contract fees and charges.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2004 through December 31, 2004.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the Portfolio expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the Portfolio expenses you paid on your account during this period. As noted above, the table does not reflect variable contract fees and charges.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other investment options. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other investment options.

Please note that the expenses shown in the table are meant to highlight your ongoing Portfolio costs only and do not reflect any contract fees and charges, such as sales charges (loads), insurance charges or administrative charges. Therefore the second line of the table is useful to compare ongoing investment option costs only, and will not help you determine the relative total costs of owning different contracts. In addition, if these contract fee and charges were included, your costs would have been higher.


America Skandia Trust Portfolios		Beginning Portfolio Value July 1, 2004		Ending Portfolio Value December 31, 2004		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six- Month Period*

AST JP Morgan International Equity Portfolio (Class I)	Actual	$	1,000	$	1,149	1.13	%	$	6.10
AST JP Morgan International Equity Portfolio (Class I)	Hypothetical	$	1,000	$	1,019	1.13	%	$	5.73

AST William Blair International Growth Portfolio (Class I)	Actual	$	1,000	$	1,135	1.12	%	$	6.01
	Hypothetical	$	1,000	$	1,020	1.12	%	$	5.69

AST LSV International Value Portfolio (Class I)	Actual	$	1,000	$	1,160	1.25	%	$	6.79
AST LSV International Value Portfolio (Class I)	Hypothetical	$	1,000	$	1,019	1.25	%	$	6.34

AST MFS Global Equity Portfolio (Class I)	Actual	$	1,000	$	1,117	1.37	%	$	7.29
AST MFS Global Equity Portfolio (Class I)	Hypothetical	$	1,000	$	1,018	1.37	%	$	6.95


America Skandia Trust Portfolios		Beginning Portfolio Value July 1, 2004		Ending Portfolio Value December 31, 2004		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six- Month Period*

AST State Street Research Small-Cap Growth Portfolio (Class I)	Actual	$	1,000	$	987	1.17	%	$	5.84
	Hypothetical	$	1,000	$	1,019	1.17	%	$	5.94

AST DeAM Small-Cap Growth Portfolio (Class I)	Actual	$	1,000	$	1,072	1.03	%	$	5.36
AST DeAM Small-Cap Growth Portfolio (Class I)	Hypothetical	$	1,000	$	1,020	1.03	%	$	5.23

AST Federated Aggressive Growth Portfolio (Class I)	Actual	$	1,000	$	1,124	1.18	%	$	6.30
AST Federated Aggressive Growth Portfolio (Class I)	Hypothetical	$	1,000	$	1,019	1.18	%	$	5.99

AST Goldman Sachs Small-Cap Value Portfolio (Class I)	Actual	$	1,000	$	1,139	1.19	%	$	6.40
AST Goldman Sachs Small-Cap Value Portfolio (Class I)	Hypothetical	$	1,000	$	1,019	1.19	%	$	6.04

AST Small-Cap Value Portfolio (Class I)	Actual	$	1,000	$	1,087	1.08	%	$	5.67
AST Small-Cap Value Portfolio (Class I)	Hypothetical	$	1,000	$	1,020	1.08	%	$	5.48

AST DeAM Small-Cap Value Portfolio (Class I)	Actual	$	1,000	$	1,139	1.12	%	$	6.02
AST DeAM Small-Cap Value Portfolio (Class I)	Hypothetical	$	1,000	$	1,020	1.12	%	$	5.69

AST Goldman Sachs Mid-Cap Growth Portfolio (Class I)	Actual	$	1,000	$	1,097	1.11	%	$	5.85
AST Goldman Sachs Mid-Cap Growth Portfolio (Class I)	Hypothetical	$	1,000	$	1,020	1.11	%	$	5.64

AST Neuberger Berman Mid-Cap Growth Portfolio (Class I)	Actual	$	1,000	$	1,080	1.10	%	$	5.75
AST Neuberger Berman Mid-Cap Growth Portfolio (Class I)	Hypothetical	$	1,000	$	1,020	1.10	%	$	5.59

AST Neuberger Berman Mid-Cap Value Portfolio (Class I)	Actual	$	1,000	$	1,137	1.03	%	$	5.53
AST Neuberger Berman Mid-Cap Value Portfolio (Class I)	Hypothetical	$	1,000	$	1,020	1.03	%	$	5.23

AST Alger All-Cap Growth Portfolio (Class I)	Actual	$	1,000	$	1,019	1.17	%	$	5.94
AST Alger All-Cap Growth Portfolio (Class I)	Hypothetical	$	1,000	$	1,019	1.17	%	$	5.94

AST Gabelli All-Cap Value Portfolio (Class I)	Actual	$	1,000	$	1,100	1.21	%	$	6.39
AST Gabelli All-Cap Value Portfolio (Class I)	Hypothetical	$	1,000	$	1,019	1.21	%	$	6.14

AST T. Rowe Price Natural Resources Portfolio (Class I)	Actual	$	1,000	$	1,207	1.16	%	$	6.44
AST T. Rowe Price Natural Resources Portfolio (Class I)	Hypothetical	$	1,000	$	1,019	1.16	%	$	5.89

AST Alliance Growth Portfolio (Class I)	Actual	$	1,000	$	1,034	1.09	%	$	5.57
	Hypothetical	$	1,000	$	1,020	1.09	%	$	5.53

AST MFS Growth Portfolio (Class I)	Actual	$	1,000	$	1,065	1.05	%	$	5.45
	Hypothetical	$	1,000	$	1,020	1.05	%	$	5.33

AST Marsico Capital Growth Portfolio (Class I)	Actual	$	1,000	$	1,128	1.01	%	$	5.40
AST Marsico Capital Growth Portfolio (Class I)	Hypothetical	$	1,000	$	1,020	1.01	%	$	5.13

AST Goldman Sachs Concentrated Growth Portfolio (Class I)	Actual	$	1,000	$	1,056	1.00	%	$	5.17
	Hypothetical	$	1,000	$	1,020	1.00	%	$	5.08

AST DeAM Large-Cap Value Portfolio (Class I)	Actual	$	1,000	$	1,124	0.99	%	$	5.29
AST DeAM Large-Cap Value Portfolio (Class I)	Hypothetical	$	1,000	$	1,020	0.99	%	$	5.03

AST Hotchkis & Wiley Large-Cap Value Portfolio (Class I)	Actual	$	1,000	$	1,143	0.89	%	$	4.79
	Hypothetical	$	1,000	$	1,021	0.89	%	$	4.52


America Skandia Trust Portfolios		Beginning Portfolio Value July 1, 2004		Ending Portfolio Value December 31, 2004		Annualized Expense Ratio Based on the Six-Month Period		Expenses Paid During the Six- Month Period*

AST Alliance/Bernstein Growth + Value Portfolio (Class I)	Actual	$	1,000	$	1,060	1.23	%	$	6.37
	Hypothetical	$	1,000	$	1,019	1.23	%	$	6.24
AST Sanford Berstein Core Value Portfolio (Class I)	Actual	$	1,000	$	1,093	0.99	%	$	5.21
AST Sanford Berstein Core Value Portfolio (Class I)	Hypothetical	$	1,000	$	1,020	0.99	%	$	5.03

AST Cohen & Steers Realty Portfolio (Class I)	Actual	$	1,000	$	1,287	1.04	%	$	5.98
AST Cohen & Steers Realty Portfolio (Class I)	Hypothetical	$	1,000	$	1,020	1.04	%	$	5.28

AST Sanford Berstein Managed Index 500 Portfolio (Class I)	Actual	$	1,000	$	1,063	0.77	%	$	3.99
	Hypothetical	$	1,000	$	1,021	0.77	%	$	3.91

AST American Century Income & Growth Portfolio (Class I)	Actual	$	1,000	$	1,077	0.96	%	$	5.01
	Hypothetical	$	1,000	$	1,020	0.96	%	$	4.87

AST Alliance Growth & Income Portfolio (Class I)	Actual	$	1,000	$	1,079	0.87	%	$	4.55
AST Alliance Growth & Income Portfolio (Class I)	Hypothetical	$	1,000	$	1,021	0.87	%	$	4.42

AST DeAM Global Allocation Portfolio (Class I)	Actual	$	1,000	$	1,074	0.14	%	$	0.73
AST DeAM Global Allocation Portfolio (Class I)	Hypothetical	$	1,000	$	1,024	0.14	%	$	0.71

AST American Century Strategic Balanced Portfolio (Class I)	Actual	$	1,000	$	1,064	1.08	%	$	5.60
	Hypothetical	$	1,000	$	1,020	1.08	%	$	5.48

AST T. Rowe Price Asset Allocation Portfolio (Class I)	Actual	$	1,000	$	1,079	1.07	%	$	5.59
AST T. Rowe Price Asset Allocation Portfolio (Class I)	Hypothetical	$	1,000	$	1,020	1.07	%	$	5.43

AST T. Rowe Price Global Bond Portfolio (Class I)	Actual	$	1,000	$	1,100	1.08	%	$	5.70
AST T. Rowe Price Global Bond Portfolio (Class I)	Hypothetical	$	1,000	$	1,020	1.08	%	$	5.48

AST Goldman Sachs High Yield Bond Portfolio (Class I)	Actual	$	1,000	$	1,093	0.93	%	$	4.89
AST Goldman Sachs High Yield Bond Portfolio (Class I)	Hypothetical	$	1,000	$	1,020	0.93	%	$	4.72

AST Lord Abbett Bond-Debenture Portfolio (Class I)	Actual	$	1,000	$	1,076	0.93	%	$	4.85
AST Lord Abbett Bond-Debenture Portfolio (Class I)	Hypothetical	$	1,000	$	1,020	0.93	%	$	4.72

AST PIMCO Total Return Bond Portfolio (Class I)	Actual	$	1,000	$	1,044	0.77	%	$	3.96
AST PIMCO Total Return Bond Portfolio (Class I)	Hypothetical	$	1,000	$	1,021	0.77	%	$	3.91

AST PIMCO Limited Maturity Bond Portfolio (Class I)	Actual	$	1,000	$	1,018	0.78	%	$	3.96
AST PIMCO Limited Maturity Bond Portfolio (Class I)	Hypothetical	$	1,000	$	1,021	0.78	%	$	3.96

AST Money Market Portfolio (Class I)	Actual	$	1,000	$	1,006	0.58	%	$	2.92
	Hypothetical	$	1,000	$	1,022	0.58	%	$	2.95

Fund expenses for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended December 31, 2004, and divided by the 366 days in the Fund’s fiscal year ended December 31, 2004 (to reflect the six-month period).

AST JPMORGAN INTERNATIONAL EQUITY PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 90.2%
COMMON STOCK
AUSTRALIA — 1.6%
BHP Billiton Ltd.	310,900	$	3,738,589
News Corp., Inc. — CDI (Class “B” Stock)	121,150		2,327,707
Woodside Petroleum Ltd.	7,375		116,204

			6,182,500

BELGIUM — 1.2%
Dexia	195,400		4,493,908

BRAZIL — 1.1%
Companhia Vale do Rio Doce [ADR]	147,414		4,276,480

FINLAND — 1.0%
Nokia Oyj	239,200		3,778,040

FRANCE — 10.6%
Axa SA	203,000		5,016,365
BNP Paribas SA	74,100		5,368,397
Compagnie de Saint-Gobain	95,200		5,735,033
Dassault Systemes SA	53,900		2,718,078
Imerys SA	50,000		4,196,683
Lafarge SA	32,800		3,165,421
Total SA	65,000		14,198,044

			40,398,021

GERMANY — 5.2%
BASF AG	41,700		3,004,078
Bayerische Motoren Werke AG	112,200		5,063,259
Deutsche Post AG	165,900		3,810,942
Schering AG	39,600		2,960,984
Siemens AG	58,200		4,934,778

			19,774,041

IRELAND — 0.8%
Bank of Ireland	179,200		2,983,825

ITALY — 3.2%
Eni SpA	489,100		12,245,782

JAPAN — 18.4%
Canon, Inc.	126,000		6,799,843
Chugai Pharmaceutical Co. Ltd.	134,700		2,226,816
Credit Saison Co. Ltd.	49,300		1,794,564
Daikin Industries Ltd.	77,000		2,224,261
Fanuc Ltd.	38,700		2,530,399
Honda Motor Co. Ltd.	110,700		5,736,478
Hoya Corp.	40,200		4,539,026
Kao Corp.	121,000		3,093,784
Matsushita Electric Industrial Co. Ltd.	165,000		2,618,230
Mitsubishi Corp.	209,000		2,700,459
Mitsubishi Tokyo Financial Group, Inc.	400		4,059,725
Nikko Cordial Corp.	589,000		3,121,177
Nintendo Co. Ltd.	19,200		2,411,477
Nippon Telegraph and Telephone Corp.	300		1,346,736
Nippon Paper Group, Inc.	300		1,346,736
Nitto Denko Corp.	49,100		2,692,905
Secom Co. Ltd.	68,000		2,720,796
Sharp Corp.	138,000		2,253,089
Shin-Etsu Chemical Co. Ltd.	68,600		2,811,750
SMC Corp.	20,700		2,369,581
Sumitomo Corp.	429,000		3,700,947
Takefuji Corp.	29,250		1,978,164
Yamanouchi Pharmaceutical Co. Ltd.	120,700		4,699,843

			69,776,786

KOREA — 1.6%
Posco [ADR]	35,337		1,573,557
Samsung Electronics Co. Ltd. [GDR]*	14,500		3,155,066
SK Telecom Co. Ltd. [ADR]	68,600		1,526,350

			6,254,973

MEXICO — 0.5%
Fomento Economico Mexicano SA de CV [ADR]	35,400		1,862,394

NETHERLANDS — 5.4%
ABN AMRO Holding NV	186,700		4,946,016
Fortis Bank*	120,800		3,344,700
ING Groep NV	110,800		3,352,464
Koninklijke (Royal) Philips
Electronics NV	129,600		3,436,857
Reed Elsevier NV	199,500		2,719,838
Wolters Kluwer NV	129,400		2,597,850

			20,397,725

RUSSIA
Yukos [ADR]	42,200		109,720

SPAIN — 2.6%
Altadis SA	85,800		3,930,216
Banco Popular Espanol SA	90,600		5,972,679

			9,902,895

SWEDEN — 0.5%
Ericsson, (L.M.)
Telefonaktiebolaget (Class “B” Stock)	627,000		2,000,241

SWITZERLAND — 10.1%
Adecco SA	81,100		4,083,172
Holcim Ltd.	74,128		4,465,542
Nestle SA	23,800		6,226,805
Novartis AG	131,800		6,641,579
Roche Holding AG	55,900		6,435,063
UBS AG	82,700		6,934,698
Zurich Financial Services AG	22,000		3,668,279

			38,455,138

AST JPMORGAN INTERNATIONAL EQUITY PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
UNITED KINGDOM — 26.4%
Allied Domecq PLC	257,200	$	2,533,187
Aviva PLC	235,500		2,839,419
Barclays PLC	605,200		6,808,878
BG Group PLC	692,400		4,705,863
British Land Co. PLC	230,800		3,970,295
Centrica PLC	507,330		2,301,131
GlaxoSmithKline PLC	409,500		9,607,361
HSBC Holdings PLC	582,300		9,963,836
Intercontinental Hotels Group PLC	175,179		2,177,708
Kingfisher PLC	593,300		3,528,293
National Grid Transco PLC	389,000		3,704,335
Reckitt Benckiser PLC	103,700		3,133,737
Royal Bank of Scotland Group PLC	181,900		6,118,512
Schroder PLC	202,700		2,922,622
Smith & Nephew PLC	258,576		2,646,028
Standard Chartered PLC	175,900		3,270,728
Tesco PLC	1,069,100		6,604,134
Vodafone Group PLC	4,298,900		11,658,021
William Morrison Supermarkets PLC	1,381,000		5,488,365
Wolseley PLC	303,600		5,674,358

			99,656,811

TOTAL INVESTMENTS — 90.2% (Cost $288,659,155; Note 5)			342,549,280
OTHER ASSETS IN EXCESS OF LIABILITIES — 9.8%			37,011,121

NET ASSETS — 100.0%		$	379,560,401

AST JPMORGAN INTERNATIONAL EQUITY PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004

THE FOLLOWING ABBREVIATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

ADR	American Depository Receipt

GDR	Global Depository Receipt

THE FOLLOWING ANNOTATION IS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

The industry classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2004 was as follows:


Financial — Bank & Trust	16.9	%
Oil & Gas	8.9
Pharmaceuticals	8.6
Building Materials	6.2
Telecommunications	5.4
Electronic Components & Equipment	4.4
Insurance	3.9
Food	3.4
Conglomerates	3.2
Automobile Manufacturers	2.8
Financial Services	2.6
Retail & Merchandising	2.4
Chemicals	2.2
Medical Supplies & Equipment	1.9
Office Equipment	1.8
Consumer Products & Services	1.6
Metals & Mining	1.5
Printing & Publishing	1.4
Semiconductors	1.3
Beverages	1.2
Commercial Services	1.1
Real Estate	1.1
Farming & Agriculture	1.0
Transportation	1.0
Utilities	1.0
Business Services	0.7
Broadcasting	0.6
Entertainment & Leisure	0.6
Hotels & Motels	0.6
Machinery & Equipment	0.6
Paper & Forest Products	0.3

	90.2
Other assets in excess of liabilities	9.8

Total	100.0	%

See Notes to Financial Statements.

AST WILLIAM BLAIR INTERNATIONAL GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 98.9%
COMMON STOCK — 97.6%
AUSTRALIA — 4.3%
Macquarie Bank Ltd.	704,400	$	25,676,390
Toll Holdings Ltd.	1,131,600		11,345,539
Wesfarmers Ltd.	679,700		21,206,158

			58,228,087

AUSTRIA — 2.1%
Erste Bank der Oesterreichischen Sparkassen AG	534,200		28,536,170

BERMUDA — 2.0%
Accenture Ltd. (Class “A” Stock)*	983,200		26,546,400

CANADA — 6.2%
Alimentation Couche-Tard, Inc. (Class “B” Stock)*	207,700		6,153,946
Canadian National Railway Co.	219,000		13,355,865
Manulife Financial Corp.	283,200		13,094,587
Precision Drilling Corp.*	150,100		9,460,879
Research in Motion Ltd.*	191,500		15,787,981
Shoppers Drug Mart Corp.*	257,600		8,012,980
Suncor Energy, Inc.	490,600		17,361,299

			83,227,537

CHINA — 1.3%
CNOOC Ltd.	33,738,500		18,122,176

FRANCE — 7.3%
Dassault Systemes SA	264,100		13,318,078
Essilor International SA	187,400		14,684,804
Hermes International Designs	33,800		6,744,380
JC Decaux SA*	273,200		7,976,534
LVMH Moet Hennessy Louis Vuitton SA	91,998		7,046,469
Sanofi-Aventis	597,800		47,778,496

			97,548,761

GERMANY — 10.3%
Celesio AG	338,900		27,565,279
Continental AG	340,740		21,643,034
Depfa Bank PLC	110,745		1,859,047
E.ON AG	376,100		34,281,998
Puma AG Rudolf Dassler Sport	35,510		9,764,405
SAP AG	240,570		42,967,104

			138,080,867

GREECE — 2.6%
Coca-Cola Hellenic Bottling Co. SA	320,500		7,832,799
EFG Eurobank Ergasias SA	384,000		13,194,944
National Bank of Greece SA	417,660		13,783,858

			34,811,601

HONG KONG — 5.1%
Esprit Holdings Ltd.	2,379,000		14,385,349
Li & Fung Ltd.	1,040,000		1,752,801
Standard Chartered PLC	2,070,430		38,498,089
Techtronic Industries Co. Ltd.	6,234,660		13,595,982

			68,232,221

HUNGARY — 0.9%
OTP Bank Rt	375,000		11,557,638

INDIA — 1.8%
HDFC Bank Ltd.	592,400		7,070,778
Infosys Technologies Ltd.	353,136		16,970,350

			24,041,128

IRELAND — 0.9%
Anglo Irish Bank Corp. PLC	513,922		12,477,620

ISRAEL — 0.1%
Teva Pharmaceutical Industries Ltd. [ADR]	67,247		2,007,995

ITALY — 1.5%
Banco Popolare di Verona e Novara Scrl	1,021,700		20,775,631

JAPAN — 20.1%
Askul Corp.	88,700		5,453,401
Canon, Inc.	782,400		42,223,793
Denso Corp.	1,192,700		31,950,440
Fast Retailing Co. Ltd.	180,100		13,709,183
Hino Motors Ltd.	2,072,000		15,387,840
Hoya Corp.	173,200		19,556,202
Keyence Corp.	61,300		13,735,220
Nidec Corp.	110,000		13,407,827
Orix Corp.	155,100		21,069,503
Sharp Corp.	1,889,100		30,842,825
Shinsei Bank Ltd.	1,978,000		13,473,641
SMC Corp.	121,600		13,919,859
Sumitomo Trust & Banking Co. Ltd.	2,960,000		21,404,899
Toto Ltd.	594,000		5,669,289
Yamada Denki Co. Ltd.	212,000		9,082,463

			270,886,385

KOREA — 4.4%
Hyundai Motor Co. Ltd.*	472,490		25,331,525
Samsung Electronics Co. Ltd.	76,980		33,500,280

			58,831,805

MEXICO — 2.2%
America Movil (Class “L” Stock) [ADR]	89,840		4,703,124
America Movil SA de CV	4,311,600		11,329,215
Wal-Mart de Mexico SA de CV	3,922,500		13,477,326

			29,509,665

AST WILLIAM BLAIR INTERNATIONAL GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
NORWAY — 2.0%
Statoil ASA	1,719,600	$	26,972,336

RUSSIA — 0.4%
Mobile Telesystems [ADR]	39,018		5,404,383

SOUTH AFRICA — 1.4%
MTN Group Ltd.	302,990		2,339,483
Standard Bank Group Ltd.	1,366,402		15,959,042

			18,298,525

SPAIN — 0.9%
Grupo Ferrovial SA	231,100		12,351,301

SWEDEN — 2.4%
Ericsson, (L.M.) Telefonaktiebolaget (Class “B” Stock)	9,933,070		31,688,248

SWITZERLAND — 3.2%
Nestle SA	16,740		4,379,694
Serono SA (Class “B” Stock)	18,600		12,251,693
Synthes, Inc.*	24,000		2,691,056
UBS AG	276,460		23,182,184

			42,504,627

UNITED KINGDOM — 14.2%
BG Group PLC	5,576,500		37,900,415
British Sky Broadcasting Group PLC	212,290		2,290,577
Capita Group PLC	2,407,700		16,906,967
Carnival PLC	573,210		34,974,108
Man Group PLC	241,545		6,826,292
Next PLC	418,590		13,260,252
Reckitt Benckiser PLC	1,102,685		33,322,317
Smith & Nephew PLC	259,000		2,650,367
Tesco PLC	6,883,790		42,523,123

			190,654,418

TOTAL COMMON STOCK (Cost $1,052,052,951)			1,311,295,525

PREFERRED STOCK — 1.3%
BRAZIL
Banco Itau Holding Financeira SA (Cost $11,349,376)	115,940		17,417,191

TOTAL LONG-TERM INVESTMENTS (Cost $1,063,402,327)			1,328,712,716

TOTAL INVESTMENTS — 98.9% (Cost $1,063,402,327; Note 5)			1,328,712,716
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.1%			14,166,087

NET ASSETS — 100.0%		$	1,342,878,803

THE FOLLOWING ABBREVIATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

ADR	American Depository Receipt

THE FOLLOWING ANNOTATION IS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

The industry classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2004 was as follows:


Financial — Bank & Trust	16.8	%
Oil & Gas	8.2
Pharmaceuticals	7.7
Electronic Components & Equipment	5.8
Retail & Merchandising	5.2
Computer Services & Software	4.5
Telecommunications	4.1
Automotive Parts	4.0
Financial Services	4.0
Medical Supplies & Equipment	3.9
Food	3.5
Conglomerates	3.3
Office Equipment	3.1
Automobile Manufacturers	3.0
Business Services	3.0
Consumer Products & Services	2.9
Entertainment & Leisure	2.6
Utilities	2.5	%
Machinery & Equipment	2.0
Transportation	1.8
Commercial Services	1.3
Clothing & Apparel	1.2
Computer Hardware	1.2
Insurance	1.0
Construction	0.9
Advertising	0.6
Beverages	0.6
Broadcasting	0.2

	98.9
Other assets in excess of liabilities	1.1

Total	100.0	%

See Notes to Financial Statements.

AST LSV INTERNATIONAL VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 96.7%
COMMON STOCK
AUSTRALIA — 4.0%
Bluescope Steel Ltd.	209,900	$	1,357,463
CSR Ltd.	539,900		1,125,788
David Jones Ltd.	598,000		1,040,677
Santos Ltd.	217,300		1,444,499
Suncorp-Metway Ltd.	97,800		1,332,448
Telstra Corp. Ltd.	368,600		1,418,726

			7,719,601

AUSTRIA — 0.4%
Boehler-Uddeholm AG	6,000		758,298

BELGIUM — 1.3%
Dexia	111,000		2,552,834

DENMARK — 1.0%
Danisco AS	12,400		756,795
Danske Bank AS	38,400		1,177,075

			1,933,870

FINLAND — 1.3%
Rautaruukki OYJ	83,600		993,155
Sampo OYJ	109,700		1,514,954

			2,508,109

FRANCE — 8.9%
BNP Paribas SA	46,200		3,347,099
Bouygues SA	42,400		1,959,494
Ciments Francais SA	8,400		785,538
CNP Assurances	25,800		1,848,117
Compagnie Generale des Establissements Michelen (Class “B” Stock)	31,200		2,001,261
Natexis Banques Populaires	5,700		780,196
PSA Peugeot Citroen SA	26,200		1,663,096
Renault SA	16,100		1,346,955
Suez SA	104,500		2,786,856
Total SA	3,400		742,667

			17,261,279

GERMANY — 6.8%
BASF AG	42,500		3,061,710
Deutsche Bank AG	35,700		3,169,667
Fresenius AG	9,800		916,860
MAN AG	34,700		1,336,683
Rheinmetall AG	15,000		782,928
Salzgitter AG	56,300		1,090,492
Schering AG	13,600		1,016,904
ThyssenKrup AG	85,700		1,887,101

			13,262,345

HONG KONG — 1.7%
Chaoda Modern Agriculture Holdings Ltd.	1,976,000		730,891
CNOOC Ltd.	1,349,000		724,597
Orient Overseas International Ltd.	277,552		1,051,618
Shanghai Industrial Holdings Ltd.	368,000		785,930

			3,293,036

IRELAND — 1.1%
Allied Irish Banks PLC	103,500		2,159,474

ITALY — 4.2%
Benetton Group SpA	61,200		809,401
Enel SpA	215,000		2,112,886
Eni SpA	133,200		3,334,978
Parmalat Finanziaria SpA* (cost $1,180,359; purchased 04/11/02-11/25/03)(g)	448,250		67,021
Riunione Adriatica di Sicurta SpA	83,400		1,886,334

			8,210,620

JAPAN — 21.0%
Alpine Electronics, Inc.	72,600		976,313
Alps Electric Co. Ltd.	61,900		922,429
Asahi Breweries Ltd.	63,800		790,106
CMK Corp.	56,000		792,974
Cosmo Oil Co. Ltd.	332,000		981,712
Denki Kagaku Kogyo Kabushiki Kaisha	328,000		1,091,519
Hitachi Koki Co. Ltd.	127,000		1,122,885
Hitachi Ltd.	393,000		2,723,041
Hokkaido Electric Power Co., Inc.	57,900		1,138,563
Hokuetsu Paper Mills Ltd.	179,000		1,009,681
Honda Motor Co. Ltd.	35,900		1,860,340
Hosiden Corp.	95,500		1,057,797
Japan Securities Finance Co. Ltd.	112,000		729,033
Kaken Pharmaceutical Co. Ltd.	136,000		895,872
Marubeni Corp.	507,000		1,405,172
Mitsubishi Chemical Corp.	463,000		1,409,739
Nippon Telegraph and Telephone Corp.	600		2,693,471
Nipro Corp.	46,800		784,187
Nissan Motor Co. Ltd.	212,000		2,304,753
NSK Ltd.	286,000		1,437,396
Okasan Holdings, Inc.	191,000		1,064,321
Osaka Gas Co. Ltd.	447,700		1,398,107
Rengo Co. Ltd.	215,000		965,161
Sumitomo Osaka Cement Co. Ltd.	411,200		1,007,233
Sumitomo Trust & Banking Co. Ltd.	109,000		788,221
Taiheiyo Cement Corp.	288,100		716,946
Takefuji Corp.	27,300		1,846,287
Tanabe Seiyaku Co. Ltd.	107,000		1,102,684
Tostem Inax Holding Corp.	41,500		753,699
Toyota Motor Corp.	103,800		4,224,123
UNY Co. Ltd.	66,000		754,231

			40,747,996

LIECHTENSTEIN — 0.6%
Verwaltungs Und Privat Bank AG	6,500		1,068,947

AST LSV INTERNATIONAL VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES		VALUE (NOTE 2)
NETHERLANDS — 5.1%
ABN AMRO Holding NV		79,900	$	2,116,693
ING Groep NV		112,800		3,412,978
Koninklijke (Royal) KPN NV		130,800		1,242,751
Koninklijke Luchtvaart Maatschappij NV* (cost $512,052; purchased 03/18/04)(g)		24,790		366,273
Royal Dutch Petroleum Co.		48,900		2,814,891

				9,953,586

NORWAY — 0.7%
Norsk Hydro ASA		17,800		1,401,864

PORTUGAL — 0.6%
Energias de Portugal SA		375,900		1,139,401

SINGAPORE — 0.7%
Mobileone Ltd.		608,220		678,118
Singapore Telecommunications Ltd.		501,000		730,446

				1,408,564

SPAIN — 3.7%
Banco Santander Central Hispano SA		93,300		1,157,848
Compania Espanola de Petroleos SA		19,600		791,246
Endesa SA		115,600		2,716,765
Repsol YPF SA		43,700		1,138,089
Union Fenosa SA		50,400		1,325,595

				7,129,543

SWEDEN — 2.6%
Billerud Aktiebolag		59,700		1,064,563
Nordea Bank AB		266,700		2,688,913
Skanska AB		100,000		1,200,078

				4,953,554

SWITZERLAND — 6.0%
Ciba Specialty Chemicals AG		19,300		1,468,165
Georg Fischer AG		3,400		880,573
Rieter Holdings AG		3,700		1,073,784
Sulzer AG		2,400		954,533
Swisscom AG		1,900		748,571
UBS AG		56,000		4,695,805
Zurich Financial Services AG		10,500		1,750,770

				11,572,201

UNITED KINGDOM — 25.0%
Arriva PLC		117,900		1,222,325
Aviva PLC		232,500		2,803,248
BAE Systems PLC		185,100		819,137
Barclays PLC		328,900		3,700,330
Big Food Group PLC		421,100		759,962
Boots Group PLC		152,000		1,912,913
Bradford & Bingley PLC		239,600		1,544,478
Britannic Group PLC		134,600		1,178,390
British Vita PLC		203,600		1,055,408
BT Group PLC		725,200		2,826,395
Dixons Group PLC		456,200		1,331,306
Firstgroup PLC		170,600		1,142,279
GlaxoSmithKline PLC		48,600		1,140,214
HBOS PLC		213,700		3,479,200
Kelda Group PLC		138,900		1,686,715
Lloyds TSB Group PLC		373,600		3,392,712
Mitchells & Butlers PLC		246,500		1,609,070
Northern Foods PLC		341,400		1,122,466
Northumbrian Water Group PLC		367,500		1,245,320
Old Mutual PLC		714,900		1,818,612
Pilkington PLC		544,700		1,150,348
Scottish Power PLC		267,500		2,070,986
Severn Trent PLC		86,000		1,596,629
Shanks Group PLC		409,400		1,092,551
Shell Transport & Trading Co. PLC		457,500		3,899,897
Tate & Lyle PLC		78,100		708,862
TT Electronics PLC		267,500		991,197
Viridian Group PLC		72,300		1,013,305

				48,314,255

TOTAL LONG-TERM INVESTMENTS (Cost $176,937,129)				187,349,377


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENT — 0.3%
U.S. TREASURY OBLIGATIONS
U.S. Treasury Bills
1.87%, 01/27/05 (Cost $499,325)	$	500		499,343

TOTAL INVESTMENTS — 97.0% (Cost $177,436,454; Note 5)				187,848,720
OTHER ASSETS IN EXCESS OF LIABILITIES — 3.0%				5,818,199

NET ASSETS — 100.0%			$	193,666,919

AST LSV INTERNATIONAL VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004

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, $433,294, represents 0.22% of net assets.

The industry classification of long-term portfolio holdings, short-term investments, and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2004 was as follows:


Financial — Bank & Trust	20.2	%
Utilities	9.7
Oil & Gas	9.6
Insurance	7.6
Automobile Manufacturers	5.9
Telecommunications	5.9
Chemicals	4.2
Metals & Mining	3.9
Retail & Merchandising	3.8
Electronic Components & Equipment	3.3
Building Materials	2.9
Financial Services	2.7
Pharmaceuticals	2.1
Transportation	1.7
Construction	1.6
Machinery & Equipment	1.6
Automotive Parts	1.5
Food	1.4
Paper & Forest Products	1.0
Business Services	0.7
Environmental Services	0.6
Finance — Brokerage	0.6
Industrial Products	0.6
Entertainment & Leisure	0.5
Healthcare Services	0.5
Aerospace	0.4
Beverages	0.4
Clothing & Apparel	0.4
Conglomerates	0.4
Farming & Agriculture	0.4
Medical Supplies & Equipment	0.4
Short-Term Investments	0.3
Airlines	0.2

	97.0
Other assets in excess of liabilities	3.0

Total	100.0	%

See Notes to Financial Statements.

AST MFS GLOBAL EQUITY PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 96.2%
COMMON STOCK
AUSTRALIA — 0.8%
QBE Insurance Group Ltd.	110,153	$	1,325,459

AUSTRIA — 1.0%
Erste Bank der Oesterreichischen Sparkassen AG	31,740		1,695,504

BRAZIL – 0.4%
Brasil Telecom Participacoes SA [ADR]	17,130		653,510

CANADA — 2.5%
BCE, Inc.	32,789		791,435
Canadian National Railway Co.	22,831		1,398,399
EnCana Corp.	32,840		1,874,770

			4,064,604

FRANCE — 9.2%
Axa SA	90,580		2,238,337
Business Objects SA*	28,560		721,279
Groupe Danone SA	5,700		526,458
L’Air Liquide SA	21,748		4,020,290
Sanofi-Synthelabo SA	34,600		2,765,366
Schneider Electric SA	23,597		1,642,200
Total SA	10,650		2,326,295
Veolia Environnement	29,920		1,083,009

			15,323,234

GERMANY — 2.0%
Bayerische Motoren Werke AG	35,340		1,594,791
Schering AG	23,110		1,727,989

			3,322,780

HONG KONG — 1.1%
Esprit Holdings Ltd.	151,500		916,091
Hutchison Telecommunications International Ltd.*	1,041,000		937,512

			1,853,603

HUNGARY — 0.8%
OTP Bank [GDR]	19,880		1,225,417

IRELAND — 0.4%
Irish Life & Permanent PLC	36,420		683,153

ITALY — 1.0%
Riunione Adriatica di Sicurta SpA	72,180		1,632,561

JAPAN — 9.7%
Asahi Glass Co. Ltd.	29,000		319,801
Bridgestone Corp.	75,000		1,493,120
Canon, Inc.	47,000		2,536,450
Chugai Pharmaceutical Co. Ltd.	66,100		1,092,743
KDDI Corp.	157		845,750
Nintendo Co. Ltd.	13,800		1,732,161
Nitto Denko Corp.	33,600		1,842,803
NOK Corp.	26,000		814,482
Sekisui Chemical Co. Ltd.	120,000		877,135
Shinsei Bank Ltd.	123,000		837,845
Tokyo Broadcasting System, Inc.	44,700		728,932
Tokyo Gas Co. Ltd.	204,000		836,147
Toray Industries, Inc.	155,000		726,066
Toyota Motor Corp.	36,700		1,493,501

			16,176,936

KOREA — 1.3%
Samsung Electronics Co. Ltd.	5,040		2,193,315

NETHERLANDS — 0.9%
Reed Elsevier NV	107,710		1,468,440

POLAND — 0.3%
Powszechna Kasa Oszczednosci Bank Polski SA*	49,300		457,548

SINGAPORE — 2.1%
DBS Group Holdings Ltd.	146,500		1,444,897
Singapore Telecommunications Ltd.	767,357		1,118,788
United Overseas Bank Ltd.	113,000		955,281

			3,518,966

SPAIN — 3.7%
Banco Bilbao Vizcaya Argentaria SA	96,210		1,706,593
Iberdrola SA	71,870		1,826,789
Telefonica SA	142,586		2,686,207

			6,219,589

SWEDEN — 5.2%
Atlas Copco AB (Class “A” Stock)	46,300		2,090,168
Ericsson, (L.M.) Telefonaktiebolaget (Class “B” Stock)	527,290		1,682,148
Hennes & Mauritz AB (Class “B” Stock)	51,700		1,801,028
Sandvik AB	74,910		3,021,019

			8,594,363

SWITZERLAND — 6.3%
Nestle SA	6,400		1,674,435
Novartis AG	32,270		1,626,129
Roche Holding AG	28,980		3,336,101
Syngenta AG	7,806		829,272
Synthes, Inc.*	3,250		364,414
UBS AG	32,208		2,700,759

			10,531,110

UNITED KINGDOM — 15.1%
Amvescap PLC	236,980		1,459,343
AstraZeneca PLC	48,860		1,772,003
BOC Group PLC	109,770		2,093,778
BP PLC	149,790		1,460,917
British Sky Broadcasting Group PLC	58,190		627,861
Diageo PLC	202,175		2,883,999
Kingfisher PLC	439,059		2,611,038
Next PLC	44,070		1,396,066

AST MFS GLOBAL EQUITY PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES		VALUE (NOTE 2)
Reckitt Benckiser PLC		192,380	$	5,813,579
Royal Bank of Scotland Group PLC		30,117		1,013,036
Vodafone Group PLC		788,104		2,137,229
William Hill PLC		168,860		1,828,458

				25,097,307

UNITED STATES — 32.4%
Accenture Ltd. (Class “A” Stock)*		108,570		2,931,390
Air Products & Chemicals, Inc.		20,880		1,210,414
American Express Co.		60,650		3,418,840
Burlington Northern Santa Fe Corp.		33,030		1,562,649
Caremark Rx, Inc.*		31,987		1,261,232
Cisco Systems, Inc.*		40,700		785,510
Citigroup, Inc.		49,660		2,392,619
Colgate-Palmolive Co.		16,200		828,792
Dell, Inc.*		64,220		2,706,231
Dentsply Corp.		22,010		1,236,962
Disney, (Walt) Co.		57,880		1,609,064
DST Systems, Inc.*		41,850		2,181,222
EOG Resources, Inc.		10,890		777,110
Fisher Scientific International, Inc.*		36,010		2,246,304
Genzyme Corp.*		35,090		2,037,676
Goldman Sachs Group, Inc.		11,800		1,227,672
Janus Capital Group, Inc.		43,680		734,261
Johnson & Johnson		44,530		2,824,092
MBNA Corp.		60,160		1,695,910
Medtronic, Inc.		30,740		1,526,856
News Corp., Inc. — CDI (Class “B” Stock)		97,713		1,877,402
Noble Corp.*		32,220		1,602,623
Oracle Corp.*		185,480		2,544,786
PepsiCo, Inc.		20,170		1,052,874
Praxair, Inc.		17,440		769,976
Symantec Corp.*		32,020		824,835
The Home Depot, Inc.		30,130		1,287,756
Thermo Electron Corp.*		39,100		1,180,429
Time Warner, Inc.*		88,490		1,720,246
TJX Cos., Inc.		105,840		2,659,759
Viacom, Inc. (Class “B” Stock)		60,720		2,209,601
Waters Corp.*		20,910		978,379

				53,903,472

TOTAL COMMON STOCK (Cost $130,134,974)				159,940,871

WARRANTS*
UNITED STATES
Lucent Technologies (Cost $285)		185		292

TOTAL LONG-TERM INVESTMENTS (Cost $130,135,259)				159,941,163


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENT — 3.8%
U.S. GOVERNMENT AGENCY OBLIGATIONS
Federal National Mortgage Assoc.
1.25%, 01/03/05 (Cost $6,338,560)	$	6,339		6,338,560

TOTAL INVESTMENTS — 100.0% (Cost $136,473,819; Note 5)				166,279,723
OTHER ASSETS IN EXCESS OF LIABILITIES				38,902

NET ASSETS — 100.0%			$	166,318,625

THE FOLLOWING ABBREVIATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

ADR	American Depository Receipt

EUR

Euro

GDR	Global Depository Receipt

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

AST MFS GLOBAL EQUITY PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004

Foreign currency exchange contracts outstanding at December 31, 2004:

PURCHASE CONTRACT


SETTLEMENT MONTH	TYPE	CONTRACTS TO RECEIVE	IN EXCHANGE FOR		CONTRACTS AT VALUE		UNREALIZED APPRECIATION
Jan 05	Buy EUR	88,148	$	119,611	$	119,815	$	204

SALE CONTRACT


SETTLEMENT MONTH	TYPE	CONTRACTS TO DELIVER	IN EXCHANGE FOR		CONTRACTS AT VALUE		UNREALIZED APPRECIATION
Jan 05	Sell EUR	23,296	$	31,735	$	31,666	$	69

The industry classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2004 was as follows:


Pharmaceuticals	8.7	%
Financial Services	7.0
Telecommunications	7.0
Financial — Bank & Trust	6.7
Chemicals	6.5
Retail & Merchandising	5.9
Broadcasting	5.3
Oil & Gas	5.3
Machinery & Equipment	4.1
Consumer Products & Services	4.0
Electronic Components & Equipment	4.0
Medical Supplies & Equipment	3.5
Insurance	3.1
Computer Hardware	2.9
Beverages	2.4
Entertainment & Leisure	2.1
Computer Services & Software	2.0
Automobile Manufacturers	1.9
Business Services	1.8
Transportation	1.8
Utilities	1.7
Office Equipment	1.5
Automotive Parts	1.4
Food	1.3
Healthcare Services	1.2
Printing & Publishing	0.9
Conglomerates	0.6
Construction	0.5
Internet Services	0.5
Clothing & Apparel	0.4
Building Materials	0.2
Short-Term Investments	3.8

	100.0
Other assets in excess of liabilities	0.0

Total	100.0	%

See Notes to Financial Statements.

AST STATE STREET RESEARCH SMALL-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 99.7%
COMMON STOCK
BROADCASTING — 1.3%
Citadel Broadcasting Co.*	131,000	$	2,119,580
Entravision Communications Corp. (Class “A” Stock)*	102,200		853,370

			2,972,950

BUSINESS SERVICES — 6.3%
Advisory Board Co. (The)*	37,300		1,375,624
Corporate Executive Board Co. (The)(a)	51,900		3,474,186
LECG Corp.*	177,800		3,315,970
Resources Connection, Inc.*(a)	111,000		6,028,410

			14,194,190

COMPUTER HARDWARE — 0.7%
Mobility Electronics, Inc.*	194,400		1,667,952

COMPUTER SERVICES & SOFTWARE — 9.5%
Anteon International Corp.*	122,000		5,106,920
BEA Systems, Inc.*	324,300		2,873,298
CACI International, Inc. (Class “A” Stock)*	60,600		4,128,678
Epicor Software Corp.*	102,100		1,438,589
Hyperion Solutions Corp.*	71,200		3,319,344
Quest Software, Inc.*	83,200		1,327,040
Sybase, Inc.*	162,500		3,241,875

			21,435,744

CONSUMER PRODUCTS & SERVICES — 1.5%
Aaron Rents, Inc.(a)	136,550		3,413,750

ELECTRONIC COMPONENTS & EQUIPMENT — 4.1%
ESCO Technologies, Inc.*	14,900		1,142,085
Essex Corp.*	40,200		814,050
Harman International Industries, Inc.(a)	47,800		6,070,600
Teradyne, Inc.*(a)	77,300		1,319,511

			9,346,246

ENTERTAINMENT & LEISURE — 8.1%
Boyd Gaming Corp.	154,100		6,418,265
Pinnacle Entertainment, Inc.*	258,300		5,109,174
Shuffle Master, Inc.*(a)	54,000		2,543,400
Station Casinos, Inc.(a)	76,600		4,188,488

			18,259,327

FINANCIAL — BANK & TRUST — 4.3%
East West Bancorp, Inc.	46,900		1,967,924
Southwest Bancorporation of Texas, Inc.	156,700		3,649,543
UCBH Holdings, Inc.	91,600		4,197,112

			9,814,579

FINANCIAL SERVICES — 5.6%
Affiliated Managers Group, Inc.*	93,500		6,333,690
Capital Source, Inc.*(a)	166,600		4,276,622
Collegiate Funding Services*	137,900		1,943,011

			12,553,323

HEALTHCARE SERVICES — 6.5%
AmSurg Corp.*(a)	46,900		1,385,426
Community Health Systems, Inc.*	111,800		3,116,984
Cooper Companies, Inc. (The)(a)	32,700		2,308,293
LifePoint Hospitals, Inc.*	93,400		3,252,188
United Surgical Partners International, Inc.*	110,100		4,591,170

			14,654,061

INSURANCE — 1.2%
Bristol West Holdings, Inc.	131,700		2,634,000

INTERNET SERVICES — 2.5%
Ask Jeeves, Inc.*(a)	106,300		2,843,525
Avocent Corp.*	40,100		1,624,852
Jupitermedia Corp.*	50,900		1,210,402

			5,678,779

MEDICAL SUPPLIES & EQUIPMENT — 10.6%
Advanced Medical Optics, Inc.*(a)	99,700		4,101,658
Animas Corp.*	96,700		1,511,421
Cutera, Inc.*	137,750		1,719,120
Inamed Corp.*	68,300		4,319,975
Invitrogen Corp.*(a)	40,100		2,691,913
LCA-Vision, Inc.	83,850		1,961,252
Martek Biosciences Corp.*(a)	79,600		4,075,520
Protein Design Labs, Inc.*	112,600		2,326,316
Wright Medical Group, Inc.*	45,800		1,305,300

			24,012,475

METALS & MINING — 1.5%
AK Steel Holding Corp.*(a)	84,300		1,219,821
CONSOL Energy, Inc.	51,300		2,105,865

			3,325,686

OIL & GAS — 4.0%
Cabot Oil & Gas Corp.	25,700		1,137,225
Newpark Resources, Inc.*	371,100		1,911,165
Patterson-UTI Energy, Inc.	81,600		1,587,120
Pride International, Inc.*(a)	146,700		3,013,218
Tidewater, Inc.(a)	36,500		1,299,765

			8,948,493

PERSONAL SERVICES — 1.6%
Laureate Education, Inc.*	83,300		3,672,697

AST STATE STREET RESEARCH SMALL-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES		VALUE (NOTE 2)
PHARMACEUTICALS — 4.2%
Abgenix, Inc.*		126,000	$	1,302,840
Alkermes, Inc.*(a)		158,700		2,236,083
Covance, Inc.*		65,000		2,518,750
ICOS Corp.*		63,600		1,798,608
MGI Pharma, Inc.*		56,600		1,585,366

				9,441,647

RESTAURANTS — 2.3%
Applebee’s International, Inc.		56,200		1,486,490
RARE Hospitality International, Inc.*		114,100		3,635,226

				5,121,716

RETAIL & MERCHANDISING — 4.3%
Aeropostale, Inc.*		53,800		1,583,334
Cost Plus, Inc.*		30,600		983,178
Guitar Center, Inc.*		71,600		3,772,604
West Marine, Inc.*		133,600		3,306,600

				9,645,716

SEMICONDUCTORS — 8.3%
ATMI, Inc.*		64,500		1,453,185
Cree, Inc.*		34,700		1,390,776
Cymer, Inc.*		117,900		3,482,766
Genesis Microchip, Inc. (Canada)*		85,100		1,380,322
Helix Technology Corp.		101,900		1,772,041
Mattson Technology, Inc.*		120,700		1,359,082
Micrel, Inc.*		121,800		1,342,236
Microsemi Corp.*		194,000		3,367,840
NVIDIA Corp.*		80,600		1,898,936
O2Micro International Ltd.*		124,100		1,419,704

				18,866,888

TELECOMMUNICATIONS — 11.3%
Aeroflex, Inc.*		138,900		1,683,468
American Tower Corp. (Class “A” Stock)*(a)		355,500		6,541,199
Anaren, Inc.*		133,100		1,724,976
Andrew Corp.*		103,500		1,410,705
Ditech Communications Corp.*		82,700		1,236,365
Polycom, Inc.*		279,900		6,527,269
Scientific-Atlanta, Inc.		59,300		1,957,493
SpectraLink Corp.		225,200		3,193,336
SpectraSite, Inc.*		26,800		1,551,720

				25,826,531

TOTAL LONG-TERM INVESTMENTS (Cost $196,217,840)				225,486,750


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 22.8%
CERTIFICATES OF DEPOSIT
Canadian Imperial Bank of Commerce
2.372%, 01/31/05(b)(c)	$	8		8,486

COMMERCIAL PAPER — 3.0%
Citigroup, Inc.
2.304%, 01/10/05(b)		2,777		2,771,056
UBS Finance, Inc.
2.20%, 01/03/05		4,020		4,019,508

				6,790,564

CORPORATE OBLIGATIONS — 2.9%
Bear Stearns
2.28%, 01/03/05(b)(c)		1,000		1,000,037
Merrill Lynch & Co., Inc.
2.38%, 01/03/05(b)(c)		3,119		3,119,012
Morgan Stanley
2.33%, 01/03/05(b)(c)		2,325		2,325,437
Swedbank NY
2.362%, 01/18/05(b)(c)		157		157,297

				6,601,783

TIME DEPOSIT — 1.9%
Bank of America NA
1.50%, 01/03/05(b)		4,184		4,183,730


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 15.0%
BlackRock Institutional Money Market Trust(b)(j)		33,910,655		33,910,655

TOTAL SHORT-TERM INVESTMENTS (Cost $51,495,218)				51,495,218

TOTAL INVESTMENTS — 122.5% (Cost $247,713,058; Note 5)				276,981,968
LIABILITIES IN EXCESS OF OTHER ASSETS — (22.5%)				(50,850,527	)

NET ASSETS — 100.0%			$	226,131,441

AST STATE STREET RESEARCH SMALL-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004

THE FOLLOWING ANNOTATION IS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

(a)	All or a portion of securities on loan. Securities on loan have an aggregate market value of $45,829,298; cash collateral of $47,475,710 (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.

The industry classification of long-term portfolio holdings, short-term investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2004 were as follows:


Telecommunications	11.3	%
Medical Supplies & Equipment	10.6
Computer Services & Software	9.5
Semiconductors	8.3
Entertainment & Leisure	8.1
Healthcare Services	6.5
Business Services	6.3
Financial Services	5.6
Financial — Bank & Trust	4.3
Retail & Merchandising	4.3
Pharmaceuticals	4.2
Electronic Components & Equipment	4.1
Oil & Gas	4.0
Internet Services	2.5
Restaurants	2.3
Personal Services	1.6
Consumer Products & Services	1.5
Metals & Mining	1.5
Broadcasting	1.3
Insurance	1.2
Computer Hardware	0.7
Short-Term Investments	22.8

	122.5
Liabilities in excess of other assets	(22.5	)

	100.0	%

See Notes to Financial Statements.

AST DEAM SMALL-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 99.2%
COMMON STOCK
ADVERTISING — 0.3%
ADVO, Inc.(a)	32,300	$	1,151,495

AEROSPACE — 1.8%
Orbital Sciences Corp.*	174,200		2,060,786
Teledyne Technologies, Inc.*	134,700		3,964,221

			6,025,007

AIRLINES — 1.5%
ExpressJet Holdings, Inc.*	215,500		2,775,640
Pinnacle Airlines Corp.*	172,300		2,401,862

			5,177,502

AUTOMOBILE MANUFACTURERS — 1.0%
A.S.V., Inc.*	16,800		804,720
Monaco Coach Corp.	119,600		2,460,172

			3,264,892

AUTOMOTIVE PARTS – 0.8%
Wabash National Corp.*	106,200		2,859,966

BUILDING MATERIALS — 0.3%
Drew Industries, Inc.*	3,700		133,829
NCI Building Systems, Inc.*	24,100		903,750

			1,037,579

BUSINESS SERVICES — 3.6%
Catalina Marketing Corp.	13,100		388,153
CoStar Group, Inc.*	33,800		1,560,884
CSG Systems International, Inc.*	76,200		1,424,940
Dionex Corp.*	16,100		912,387
LECG Corp.*	46,000		857,900
Navigant Consulting, Inc.*	130,300		3,465,980
PDI, Inc.*	80,100		1,784,628
TeleTech Holdings, Inc.*	55,800		540,702
Ventiv Health, Inc.*	59,200		1,202,944

			12,138,518

CABLE TELEVISION — 0.4%
Insight Communications Co., Inc. (Class “A” Stock)*	75,500		699,885
Mediacom Communications Corp.*	95,600		597,500

			1,297,385

CHEMICALS — 1.5%
Georgia Gulf Corp.	74,950		3,732,510
MacDermid, Inc.	41,000		1,480,100

			5,212,610

CLOTHING & APPAREL — 1.5%
Guess, Inc.*	98,700		1,238,685
J. Jill Group, Inc.*	149,300		2,223,077
Wolverine World Wide, Inc.	55,300		1,737,526

			5,199,288

COMMERCIAL SERVICES — 0.1%
Quanta Services, Inc.*	35,300		282,400

COMPUTER HARDWARE — 0.3%
Dot Hill Systems Corp.*	95,500		748,720
Merge Technologies, Inc.*	7,900		175,775

			924,495

COMPUTER SERVICES & SOFTWARE — 8.2%
Altiris, Inc.*	16,800		595,224
ANSYS, Inc.*	37,000		1,186,220
Aspen Technology, Inc.*	260,400		1,617,084
Cerner Corp.*(a)	63,600		3,381,611
Concur Technologies, Inc.*	57,500		512,325
Epicor Software Corp.*	84,700		1,193,423
FactSet Research Systems, Inc.	8,600		502,584
Intergraph Corp.*	14,600		393,178
Kronos, Inc.*	77,250		3,949,792
Macrovision Corp.*	62,800		1,615,216
MatrixOne, Inc.*	143,100		937,305
Micros Systems, Inc.*	19,400		1,514,364
Parametric Technology Corp.*	350,900		2,066,801
Progress Software Corp.*	51,000		1,190,850
SeaChange International, Inc.*	12,600		219,744
SS&C Technologies, Inc.	110,550		2,282,858
THQ, Inc.*	71,300		1,635,622
Transaction Systems Architects, Inc. (Class “A” Stock)*	79,700		1,582,045
Tyler Technologies, Inc.*	24,900		208,164
Websense, Inc.*	27,400		1,389,728
Wind River Systems, Inc.*	19,200		260,160

			28,234,298

CONSTRUCTION — 0.5%
Cal Dive International, Inc.*	28,900		1,177,675
Dycom Industries, Inc.*(a)	15,700		479,164

			1,656,839

CONSUMER PRODUCTS & SERVICES — 2.9%
Aaron Rents, Inc.(a)	109,950		2,748,750
Coinstar, Inc.*	101,400		2,720,562
Nu Skin Enterprises, Inc. (Class “A” Stock)(a)	78,100		1,982,178
Viisage Technology, Inc.*	254,900		2,296,649

			9,748,139

CONTAINERS & PACKAGING — 1.7%
Crown Holdings, Inc.*	110,600		1,519,644
Silgan Holdings, Inc.	68,000		4,145,280

			5,664,924

ELECTRONIC COMPONENTS & EQUIPMENT — 4.5%
Advanced Energy Industries, Inc.*	90,800		829,004
BEI Technologies, Inc.	93,900		2,899,632
Belden CDT, Inc.	12,500		290,000
II-VI, Inc.	7,700		327,173

AST DEAM SMALL-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
Littelfuse, Inc.*	94,600	$	3,231,536
Microtune, Inc.*	43,900		268,229
Rayovac Corp.*	19,100		583,696
Sonic Solutions, Inc.*(a)	90,500		2,030,820
TTM Technologies, Inc.*	88,300		1,041,940
Varian, Inc.*	59,300		2,431,893
Vicor Corp.	28,600		374,946
WESCO International, Inc.*	30,800		912,912

			15,221,781

ENTERTAINMENT & LEISURE — 3.6%
Alliance Gaming Corp.*(a)	317,700		4,387,437
Ameristar Casinos, Inc.(a)	80,600		3,474,666
Argosy Gaming Co.*	49,900		2,330,330
RC2 Corp.*	36,400		1,186,640
Winnebago Industries, Inc.	25,600		999,936

			12,379,009

ENVIRONMENTAL SERVICES — 0.5%
Casella Waste Systems, Inc.*	39,100		572,424
Waste Connections, Inc.*	33,050		1,131,963

			1,704,387

EQUIPMENT SERVICES — 0.4%
Global Imaging Systems, Inc.*	36,300		1,433,850

FINANCIAL — BANK & TRUST — 5.8%
Accredited Home Lenders Holding Co.*	68,400		3,398,112
East West Bancorp, Inc.	107,000		4,489,720
First Bancorp	6,300		400,113
First Midwest Bancorp, Inc.	8,400		304,836
Flagstar Bancorp, Inc.(a)	41,900		946,940
Independent Bank Corp.	35,367		1,054,998
Pacific Capital Bancorp	13,933		473,583
R&G Financial Corp. (Class “B” Stock)	93,600		3,639,168
Silicon Valley Bancshares*	32,600		1,461,132
Southwest Bancorporation of Texas, Inc.	27,000		628,830
Texas Regional Bancshares, Inc. (Class “A” Stock)	59,580		1,947,074
Wintrust Financial Corp.	19,100		1,087,936

			19,832,442

FINANCIAL SERVICES — 0.2%
Euronet Worldwide, Inc.*	13,700		356,474
National Financial Partners Corp.	7,300		283,240

			639,714

FOOD — 0.2%
Wild Oats Markets, Inc.*	80,800		711,848

FURNITURE — 0.5%
Tempur-Pedic International, Inc.*	73,800		1,564,560

HEALTHCARE SERVICES — 5.0%
Allscripts Healthcare Solutions*	96,300		1,027,521
Amedisys, Inc.*	100,000		3,239,000
America Service Group, Inc.*	29,400		787,038
Apria Healthcare Group, Inc.*	68,100		2,243,895
Centene Corp.*	63,200		1,791,720
Magellan Health Services, Inc.*	21,000		717,360
NDCHealth Corp.	6,500		120,835
NeighborCare, Inc.*(a)	12,900		396,288
Pediatrix Medical Group, Inc.*	21,200		1,357,860
Psychiatric Solutions, Inc.*	25,500		932,280
Sierra Health Services, Inc.*(a)	70,500		3,885,255
United Surgical Partners International, Inc.*	12,100		504,570

			17,003,622

INSURANCE — 0.9%
Philadelphia Consolidated Holdings Corp.*	32,500		2,149,550
Zenith National Insurance Corp.	16,800		837,312

			2,986,862

INTERNET SERVICES — 5.3%
CNET Networks, Inc.*(a)	105,600		1,185,888
Cybersource Corp.*	99,200		709,280
Digi International, Inc.*	69,300		1,191,267
Digital Insight Corp.*	59,100		1,087,440
Digital River, Inc.*	40,700		1,693,527
EarthLink, Inc.*(a)	145,500		1,676,160
eResearch Technology, Inc.*	109,350		1,733,197
eSPEED, Inc. (Class “A” Stock)*	55,600		687,772
F5 Networks, Inc.*	35,300		1,719,816
InfoSpace, Inc.*(a)	28,800		1,369,440
Openwave Systems, Inc.*	99,300		1,535,178
Priceline.com, Inc.*(a)	37,683		888,942
RSA Security, Inc.*(a)	72,400		1,452,344
S1 Corp.*	29,700		269,082
WebEx Communications, Inc.*	39,100		929,798

			18,129,131

MACHINERY & EQUIPMENT — 3.3%
Cognex Corp.	57,800		1,612,620
Maverick Tube Corp.*	38,300		1,160,490
Middleby Corp.	43,900		2,226,608
Nordson Corp.	9,800		392,686
Terex Corp.*(a)	79,100		3,769,115
Toro Co. (The)	23,300		1,895,455
Wabtec Corp.	13,100		279,292

			11,336,266

MEDICAL SUPPLIES & EQUIPMENT — 7.6%
Advanced Medical Optics, Inc.*	31,700		1,304,138
Align Technology, Inc.*	204,100		2,194,075
Biosite, Inc.*(a)	53,100		3,267,774
Cypress Bioscience, Inc.*	12,200		171,532

AST DEAM SMALL-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
Digene Corp.*	11,600	$	303,340
Haemonetics Corp.*	40,800		1,477,368
Immucor, Inc.*	158,325		3,722,221
Integra LifeSciences Holdings Corp.*(a)	56,300		2,079,159
Kensey Nash Corp.*	6,500		224,445
Merit Medical Systems, Inc.*	71,022		1,085,216
Serologicals Corp.*	99,200		2,194,304
Sybron Dental Specialties, Inc.*	28,300		1,001,254
Third Wave Technologies, Inc.*	175,500		1,509,300
Ventana Medical Systems, Inc.*	64,700		4,140,153
VISX, Inc.*	46,400		1,200,368

			25,874,647

METALS & MINING — 2.0%
Century Aluminum Co.*	111,000		2,914,860
Hecla Mining Co.*	156,200		910,646
Steel Dynamics, Inc.	75,200		2,848,576

			6,674,082

OFFICE EQUIPMENT — 0.1%
Imagistics International, Inc.*	12,600		424,116

OIL & GAS — 5.1%
Cabot Oil & Gas Corp.	400		17,700
Comstock Resources, Inc.*	178,600		3,938,130
Denbury Resources, Inc.*	102,200		2,805,390
KCS Energy, Inc.*	229,400		3,390,532
Penn Virginia Corp.	7,400		300,218
Remington Oil & Gas Corp.*	51,900		1,414,275
Stone Energy Corp.*(a)	76,900		3,467,421
Veritas DGC, Inc.*	69,800		1,564,218
Whiting Petroleum Corp.*	12,100		366,025

			17,263,909

PERSONAL SERVICES — 0.2%
Bright Horizons Family Solutions, Inc.*	9,700		628,172

PHARMACEUTICALS — 7.3%
Connetics Corp.*(a)	73,700		1,790,173
Enzon Pharmaceuticals, Inc.*	181,300		2,487,436
First Horizon Pharmaceutical Corp.*	75,100		1,719,039
Kos Pharmaceuticals, Inc.*	56,000		2,107,840
Nabi Biopharmaceuticals*	23,100		338,415
Noven Pharmaceuticals, Inc.*	109,900		1,874,894
Perrigo Co.	157,000		2,711,390
POZEN, Inc.*	92,400		671,748
Regeneron Pharmaceuticals, Inc.*	27,100		249,591
Salix Pharmaceuticals Ltd.*	31,900		561,121
SFBC International, Inc.*	75,250		2,972,375
United Therapeutics Corp.*	88,900		4,013,835
Valeant Pharmaceuticals International(a)	132,800		3,499,280

			24,997,137

PRINTING & PUBLISHING — 0.5%
Banta Corp.	13,400		599,784
Consolidated Graphics, Inc.*	16,600		761,940
Nelson, (Thomas), Inc.	14,600		329,960
Readers Digest Association, Inc.	4,500		62,595

			1,754,279

REAL ESTATE — 1.3%
Alexandria Real Estate Equities, Inc. [REIT](a)	12,100		900,482
Essex Property Trust, Inc. [REIT]	13,400		1,122,920
New Century Financial Corp. [REIT](a)	18,100		1,156,771
Washington Real Estate Investment Trust [REIT]	34,200		1,158,354

			4,338,527

RESTAURANTS — 1.9%
CEC Entertainment, Inc.*(a)	98,500		3,937,045
CKE Restaurants, Inc.*(a)	177,000		2,568,270

			6,505,315

RETAIL & MERCHANDISING — 4.3%
Aeropostale, Inc.*	94,200		2,772,306
Cash America International, Inc.	24,600		731,358
Charlotte Russe Holding, Inc.*	57,000		575,700
Coldwater Creek, Inc.*	23,950		739,337
Dick’s Sporting Goods, Inc.*	32,800		1,152,920
Genesco, Inc.*	41,300		1,286,082
Gymboree Corp. (The)*	60,800		779,456
Pantry, Inc. (The)*	9,700		291,873
Select Comfort Corp.*	67,600		1,212,744
Stein Mart, Inc.*	135,300		2,308,218
Tractor Supply Co.*	20,400		759,084
Yankee Candle Co., Inc.*	65,400		2,169,972

			14,779,050

SEMICONDUCTORS — 6.6%
Axcelis Technologies, Inc.*	52,600		427,638
Cirrus Logic, Inc.*	339,800		1,872,298
Helix Technology Corp.	76,600		1,332,074
Integrated Device Technology, Inc.*	219,500		2,537,420
Kulicke & Soffa Industries, Inc.*	42,900		369,798
Micrel, Inc.*	200,900		2,213,918
Microsemi Corp.*	165,200		2,867,872
Omnivision Technologies, Inc.*(a)	54,900		1,007,415
Photronics, Inc.*(a)	115,900		1,912,350
Pixelworks, Inc.*	74,800		848,232
Silicon Image, Inc.*(a)	155,200		2,554,592
Skyworks Solutions, Inc.*(a)	275,200		2,595,136
Standard Microsystems Corp.*	108,600		1,936,338

			22,475,081

AST DEAM SMALL-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES		VALUE (NOTE 2)
TELECOMMUNICATIONS — 5.1%
Alamosa Holdings, Inc.*(a)		153,300	$	1,911,651
Aspect Communications Corp.*		190,300		2,119,942
C-COR, Inc.*		235,900		2,193,870
Ditech Communications Corp.*		57,900		865,605
Golden Telecom, Inc.(a)		93,700		2,475,554
InterDigital Communications Corp.*		155,200		3,429,920
Ptek Holdings, Inc.*		246,900		2,644,299
RF Micro Devices, Inc.*		135,800		928,872
USA Mobility, Inc.*		19,135		675,657

				17,245,370

TRANSPORTATION — 0.6%
Knight Transportation, Inc.		87,600		2,172,480

TOTAL LONG-TERM INVESTMENTS (Cost $289,228,638)				337,950,974


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 15.5%
CERTIFICATES OF DEPOSIT — 1.8%
Canadian Imperial Bank of Commerce
2.372%, 01/31/05(b)	$	240		239,952
1.72%, 05/25/05(b)		2,869		2,868,528
Skandinaviska Enskilda Banken
2.35%, 01/28/05(b)		1,200		1,200,271
UBS Bank
2.315%, 01/18/05(b)		1,664		1,663,978

				5,972,729

CORPORATE OBLIGATIONS — 2.7%
Merrill Lynch & Co., Inc.
2.38%, 01/03/05(b)(c)		1,745		1,745,440
Morgan Stanley
2.33%, 01/03/05(b)(c)		1,852		1,851,992

Sedna Finance Corporation
2.372%, 01/14/05(b)(c)		442		441,914
Swedbank NY
2.362%, 01/18/05(b)(c)		5,241		5,240,027

				9,279,373

TIME DEPOSIT — 0.7%
Bank of America NA 1.50%, 01/03/05(b)		2,479		2,479,002

U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.2%
U.S. Treasury Bills
1.87%, 01/27/05(k)		300		299,606
1.91%, 01/27/05(k)		260		259,658
1.93%, 01/27/05(k)		70		69,908

				629,172


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 10.1%
BlackRock Institutional Money Market Trust(b)(j)		34,541,076		34,541,076

TOTAL SHORT-TERM INVESTMENTS (Cost $52,901,319)				52,901,352

TOTAL INVESTMENTS — 114.7% (Cost $342,129,957; Note 5)				390,852,326
LIABILITIES IN EXCESS OF OTHER ASSETS — (14.7%)				(50,043,689	)

NET ASSETS — 100.0%			$	340,808,637

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 securities on loan. Securities on loan have an aggregate market value of $50,307,165; cash collateral of $52,272,180 (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.

AST DEAM SMALL-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004

(k)	Securities with an aggregate market value of $629,172 have been segregated with the custodian to cover margin requirements for the following open futures contracts at December 31, 2004:


NUMBER OF CONTRACTS	TYPE	EXPIRATION MONTH	VALUE AT TRADE DATE		VALUE AT DECEMBER 31, 2004		UNREALIZED APPRECIATION
LONG POSITIONS:
15	Russell 2000	Mar 05	$	4,733,065	$	4,904,625	$	171,560


Computer Services & Software	8.2	%
Medical Supplies & Equipment	7.6
Pharmaceuticals	7.3
Semiconductors	6.6
Financial — Bank & Trust	5.8
Internet Services	5.3
Oil & Gas	5.1
Telecommunications	5.1
Healthcare Services	5.0
Electronic Components & Equipment	4.5
Retail & Merchandising	4.3
Business Services	3.6
Entertainment & Leisure	3.6
Machinery & Equipment	3.3
Consumer Products & Services	2.9
Metals & Mining	2.0
Restaurants	1.9
Aerospace	1.8
Containers & Packaging	1.7
Airlines	1.5
Chemicals	1.5
Clothing & Apparel	1.5
Real Estate	1.3
Automobile Manufacturers	1.0
Insurance	0.9
Automotive Parts	0.8
Transportation	0.6
Construction	0.5
Environmental Services	0.5
Furniture	0.5
Printing & Publishing	0.5
Cable Television	0.4
Equipment Services	0.4
Advertising	0.3
Building Materials	0.3
Computer Hardware	0.3
Financial Services	0.2
Food	0.2
Personal Services	0.2
Commercial Services	0.1
Office Equipment	0.1
Short-Term Investments	15.5

	114.7
Liabilities in excess of other assets	(14.7	)

	100.0	%

See Notes to Financial Statements.

AST FEDERATED AGGRESSIVE GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 103.1%
COMMON STOCK — 103.0%
ADVERTISING — 1.3%
Getty Images, Inc.*	10,400	$	716,040
Lamar Advertising Co.*	27,700		1,185,006
Monster Worldwide, Inc.*	54,460		1,832,035
Valueclick, Inc.*	51,040		680,363

			4,413,444

AEROSPACE — 2.9%
DRS Technologies, Inc.*	78,411		3,348,934
Innovative Solutions and Support, Inc.*	198,600		6,625,296

			9,974,230

AUTOMOTIVE PARTS — 7.2%
Advance Auto Parts, Inc.*	449,772		19,646,041
Monro Muffler Brake, Inc.*	207,731		5,255,594

			24,901,635

BROADCASTING — 0.7%
Citadel Broadcasting Co.*	57,000		922,260
Entercom Communications Corp.*	6,080		218,211
SKY Perfect Communications, Inc. (Japan)	1,256		1,360,555

			2,501,026

BUILDING MATERIALS — 0.2%
Simpson Manufacturing Co., Inc.	20,520		716,148

BUSINESS SERVICES — 5.4%
Arbitron, Inc.*	16,400		642,552
Cogent, Inc.*	55,900		1,844,700
CoStar Group, Inc.*	42,257		1,951,428
Ctrip.com International Ltd. [ADR] (China)*	61,600		2,834,832
Discovery Partners
International*	266,500		1,265,875
Exponent, Inc.*	30,635		842,156
Indus International, Inc.*	226,400		484,270
Infocrossing, Inc.*	204,200		3,457,107
Informatica Corp.*	95,095		772,171
Iron Mountain, Inc.*	30,900		942,141
NuCo2, Inc.*	124,600		2,764,874
Onvia, Inc.*	20,500		129,560
Visual Networks, Inc.*	180,980		629,810

			18,561,476

CABLE TELEVISION — 5.4%
Central European Media Enterprises Ltd. (Class “A” Stock)*	442,888		17,264,660
Lodgenet Entertainment Corp.*	88,971		1,573,897

			18,838,557

CHEMICALS — 0.8%
Cabot Microelectronics Corp.*	65,770		2,634,089


CLOTHING & APPAREL — 1.2%
Carter’s, Inc.*	84,900		2,885,751
Celebrate Express, Inc.*	58,900		1,119,100

			4,004,851

COMMERCIAL SERVICES — 0.7%
20-20 Technologies, Inc. (Canada)* 144A	264,800		1,480,749
TNS, Inc.*	46,800		1,022,580

			2,503,329

COMPUTER HARDWARE — 2.4%
Komag, Inc.*	98,800		1,855,464
Maxtor Corp.*	743,200		3,938,960
Mobility Electronics, Inc.*	123,500		1,059,630
SanDisk Corp.*	16,380		409,009
Seagate Technology	57,600		994,752

			8,257,815

COMPUTER SERVICES & SOFTWARE — 8.1%
Altiris, Inc.*	69,168		2,450,622
Business Objects SA [ADR] (France)*	100,080		2,536,027
Cognos, Inc. (Canada)*	16,778		739,239
Epicor Software Corp.*	152,900		2,154,361
FileNET Corp.*	72,856		1,876,771
Fundtech Ltd*	67,600		572,572
Hummingbird Ltd. (Canada)*	35,300		942,863
Hyperion Solutions Corp.*	60,700		2,829,834
Magma Design Automation, Inc.*	116,040		1,457,462
MicroStrategy, Inc. (Class “A” Stock)*	26,850		1,617,713
Motive, Inc.*	122,900		1,398,602
NAVTEQ Corp.*	45,800		2,123,288
NetIQ Corp.*	34,800		424,908
Niku Corp.*	121,800		2,455,488
Pervasive Software, Inc.*	186,744		905,708
Quest Software, Inc.*	116,000		1,850,200
SS&C Technologies, Inc.	28,100		580,265
SupportSoft, Inc.*	151,500		1,008,990
Telvent GIT S.A. (Spain)*	18,500		235,875

			28,160,788

CONSUMER PRODUCTS & SERVICES — 1.4%
1-800-Flowers.com, Inc.*	224,400		1,887,204
51job, Inc. [ADR] (China)*	16,300		847,111
Concorde Career Colleges, Inc.*	45,100		915,530
Dollar Thrifty Automotive Group, Inc.*	41,410		1,250,582

			4,900,427

EDUCATION — 0.3%
Educate, Inc.*	69,600		921,504

AST FEDERATED AGGRESSIVE GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
ELECTRONIC COMPONENTS & EQUIPMENT — 2.7%
American Power Conversion Corp.	19,267	$	412,314
CEVA, Inc.*	129,978		1,183,710
Digital Theater Systems, Inc.*	38,900		783,057
M-Systems Flash Disk Pioneers Ltd. (Israel)*	60,400		1,191,088
PowerDsine Ltd. (Israel)*	205,200		2,812,266
Sonic Solutions, Inc.*	94,800		2,127,312
Vicor Corp.	76,256		999,716

			9,509,463

ENTERTAINMENT & LEISURE — 1.3%
International Speedway Corp. (Class “A” Stock)	23,128		1,221,158
JAMDAT Mobile, Inc.*	8,500		175,525
Speedway Motorsports, Inc.	73,300		2,871,894
Winnebago Industries, Inc.	4,100		160,146

			4,428,723

FINANCIAL — CONSUMER — 0.5%
Advance America Cash Advance Centers, Inc.*	69,500		1,591,550

FINANCIAL SERVICES — 1.8%
Affiliated Managers Group, Inc.*	17,287		1,171,021
Bankrate, Inc.*	35,700		494,445
Federal Agricultural Mortgage Corp. (Class “C” Stock)	31,938		744,155
IndyMac Bancorp, Inc.	17,480		602,186
QC Holdings, Inc.*	98,300		1,883,428
SFGC Co. Ltd. (Japan)	5,000		1,263,785

			6,159,020

FOOD — 0.4%
B&G Foods Holding Corp.	37,700		564,746
Centerplate, Inc.	50,600		669,438

			1,234,184

HEALTHCARE SERVICES — 1.6%
Adeza Biomedical Corp.*	16,700		293,085
Magellan Health Services, Inc.*	45,200		1,544,032
Northfield Laboratories, Inc.*	43,600		983,180
TLC Vision Corp. (Canada)*	58,500		610,155
United Surgical Partners International, Inc.*	49,090		2,047,053
VCA Antech, Inc.*	13,100		256,760

			5,734,265

HOTELS & MOTELS — 0.3%
Orient-Express Hotels Ltd.	52,793		1,085,952

INDUSTRIAL PRODUCTS — 0.4%
Interline Brands, Inc.*	48,200		847,838
Roper Industries, Inc.	11,300		686,701

			1,534,539

INSURANCE — 0.7%
Endurance Specialty Holdings Ltd.	18,400		629,280
Mercury General Corp.	10,500		629,160
Philadelphia Consolidated Holdings Corp.*	19,224		1,271,475

			2,529,915

INTERNET SERVICES — 3.0%
Blackboard, Inc.*	143,900		2,131,159
Digital Impact, Inc.*	463,750		658,525
eCollege.com, Inc.*	82,066		932,270
Macromedia, Inc.*	21,000		653,520
Mediagrif Interactive Technologies, Inc. (Canada)*	159,800		1,433,752
NIC, Inc.*	185,792		943,823
Online Resources Corp.*	257,159		1,959,552
Online Resources Corp. (Germany)* 144A	61,000		464,820
S1 Corp.*	124,900		1,131,594
Stamps.com, Inc.	6,300		99,792

			10,408,807

MEDICAL SUPPLIES & EQUIPMENT — 7.9%
ArthroCare Corp.*	30,800		987,448
Cambridge Heart, Inc.*	431,400		250,212
Ciphergen Biosystems, Inc.*	273,300		1,175,190
Conceptus, Inc.*	800		6,492
Cytyc Corp.*	128,148		3,533,040
Digirad Corp.*	66,300		586,755
Endocardial Solutions, Inc.*	106,400		1,244,880
Endologix, Inc.*	89,300		609,919
Illumina, Inc.*	74,100		702,468
Inamed Corp.*	124,030		7,844,899
Kyphon, Inc.*	72,574		1,869,506
MannKind Corp.*	82,200		1,294,650
Orthofix International NV (Netherlands)*	175,834		6,941,750
Stratagene Corp.*	18,800		145,700
Symmetry Medical, Inc.*	3,400		71,570
Zoll Medical Corp.*	6,200		213,280

			27,477,759

PHARMACEUTICALS — 9.7%
Abgenix, Inc.*	361,200		3,734,808
Acadia Pharmaceuticals, Inc.*	14,900		100,873
Acusphere, Inc.*	176,100		1,079,493
Adaltis, Inc. (Canada)* 144A	41,000		187,865
Adaltis, Inc. (Canada)*	36,900		169,078
Alexion Pharmaceuticals, Inc.*	220,804		5,564,260
Auxilium Pharmaceuticals, Inc.*	82,400		721,000
Biovail Corp. (Canada)*	89,400		1,477,782
Cubist Pharmaceuticals, Inc.*	79,700		942,851
Dynavax Technologies Corp*	358,700		2,869,600
Genaera Corp.*	596,900		2,041,398
I-Flow Corp.*	40,500		738,315

AST FEDERATED AGGRESSIVE GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
Neurochem, Inc. (Canada)*	221,400	$	3,881,142
Penwest Pharmaceuticals Co.*	109,300		1,307,228
Point Therapeutics, Inc.*	350,000		1,876,000
PRA International*	11,600		287,448
Progenics Pharmaceuticals, Inc.*	107,400		1,842,984
Regeneron Pharmaceuticals, Inc.*	36,500		336,165
Spectrum Pharmaceuticals, Inc.*	67,700		450,205
Transkaryotic Therapies, Inc.*	25,200		639,828
Vertex Pharmaceuticals*	128,200		1,355,074
Vical, Inc.*	369,400		1,736,180
Xenova Group PLC [ADR] (United Kingdom)*	135,900		176,670
YM Biosciences, Inc. (Canada)*	121,900		362,195

			33,878,442

REAL ESTATE — 1.9%
BioMed Realty Trust, Inc. [REIT]	10,400		230,984
First Potomac Realty Trust [REIT]	75,000		1,710,000
Global Signal, Inc. [REIT]	21,100		581,094
HouseValues, Inc.*	50,800		763,016
U-Store-It Trust [REIT]	21,900		379,965
Wetherspoon, (J.D.) PLC (United Kingdom)	540,916		2,648,189
ZipRealty, Inc.*	21,800		389,566

			6,702,814

RESTAURANTS — 2.3%
Applebee’s International, Inc.	19,500		515,775
Buffalo Wild Wings, Inc.*	53,000		1,844,930
Cheesecake Factory, Inc. (The)*	139,542		4,530,929
Texas Roadhouse, Inc. (Class “A” Stock)*	42,700		1,261,785

			8,153,419

RETAIL & MERCHANDISING — 11.0%
A.C. Moore Arts & Crafts, Inc.*	149,900		4,318,619
Cabela, Inc.*	41,100		934,614
Cache, Inc.*	184,000		3,315,680
Cost Plus, Inc.*	38,500		1,237,005
Design Within Reach, Inc.*	26,600		387,030
Dick’s Sporting Goods, Inc.*	160,654		5,646,988
LKQ Corp.*	54,900		1,101,843
New York & Company, Inc.*	164,800		2,722,496
PC Mall, Inc.*	96,200		2,152,956
PETCO Animal Supplies, Inc.*	367,500		14,508,899
PETsMART, Inc.	5,950		211,404
Select Comfort Corp.*	102,900		1,846,026

			38,383,560

SEMICONDUCTORS — 5.7%
ARM Holdings PLC [ADR] (United Kingdom)	130,829		807,215
ATI Technologies, Inc. (Canada)*	86,670		1,680,531
CSR PLC (United Kingdom)*	767,700		5,748,244
Integrated Device Technology, Inc.*	54,100		625,396
MEMC Electronic Materials, Inc.*	199,000		2,636,750
Microsemi Corp.*	143,300		2,487,688
MKS Instruments, Inc.*	51,600		957,180
Sigmatel, Inc.*	83,400		2,963,202
Ultratech Stepper, Inc.*	109,700		2,067,845

			19,974,051

TELECOMMUNICATIONS — 2.7%
ADTRAN, Inc.	98,300		1,881,462
Foundry Networks, Inc.*	38,464		506,186
Intrado, Inc.*	55,537		671,998
MasTec, Inc.*	102,300		1,034,253
Orckit Communications Ltd. (Israel)*	16,200		409,374
RADVision Ltd. (Israel)*	221,010		2,983,635
TALK America Holdings, Inc.*	108,800		720,256
Western Wireless Corp. (Class “A” Stock)*	44,200		1,295,060

			9,502,224

TRANSPORTATION — 10.9%
ABX Air, Inc.*	1,691,480		15,037,257
CNF, Inc.	36,800		1,843,680
Expeditors International of Washington, Inc.	59,996		3,352,576
Forward Air Corp.*	135,500		6,056,850
Overnite Corp.	163,500		6,088,740
Quality Distribution, Inc.*	465,200		3,926,288
Ryder System, Inc.	29,900		1,428,323

			37,733,714

UTILITIES — 0.2%
Cherokee International Corp.*	37,800		363,258
Consolidated Water Co. Ltd.	13,600		421,328

			784,586

TOTAL COMMON STOCK (Cost $290,900,687)			358,096,306

WARRANTS* — 0.1%
PHARMACEUTICALS
Point Therapeutics, Inc., Expiring on 09/25/ 2008(o) (Cost $0)	175,000		472,500

TOTAL LONG-TERM INVESTMENTS (Cost $290,900,687)			358,568,806

SHORT-TERM INVESTMENTS — 7.9%
REGISTERED INVESTMENT COMPANIES — 0.2%
BlackRock Provident Institutional Funds TempCash Portfolio(j)	386,915		386,915
BlackRock Provident Institutional Funds TempFund Portfolio(j)	386,915		386,915

			773,830

AST FEDERATED AGGRESSIVE GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
REPURCHASE AGREEMENTS — 7.7%
Greenwich Capital Markets, Inc. 1.25%, dated 12/31/04, maturing 01/03/05, repurchase price $26,649,776 (Collateralized by U.S. Treasury Bonds, 7.25%, par value $21,645,000, market value $26,661,552, due 05/15/16)	$	26,647	$	26,647,000

TOTAL SHORT-TERM INVESTMENTS (Cost $27,420,830)				27,420,830

TOTAL INVESTMENTS — 111.0% (Cost $318,321,517; Note 5)				385,989,636
LIABILITIES IN EXCESS OF OTHER ASSETS — (11.0%)				(38,256,239	)

NET ASSETS — 100.0%			$	347,733,397

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.

(j)	Security available to institutional investors only.

(o)	Fair valued security.


Retail & Merchandising	11.0	%
Transportation	10.9
Pharmaceuticals	9.8
Computer Services & Software	8.1
Medical Supplies & Equipment	7.9
Automotive Parts	7.2
Semiconductors	5.7
Cable Television	5.4
Business Services	5.4
Internet Services	3.0
Aerospace	2.9
Electronic Components & Equipment	2.7
Telecommunications	2.7
Computer Hardware	2.4
Restaurants	2.3
Real Estate	1.9
Financial Services	1.8
Healthcare Services	1.6
Consumer Products & Services	1.4
Advertising	1.3
Entertainment & Leisure	1.3	%
Clothing & Apparel	1.2
Chemicals	0.8
Broadcasting	0.7
Commercial Services	0.7
Insurance	0.7
Financial — Consumer	0.5
Food	0.4
Industrial Products	0.4
Education	0.3
Hotels & Motels	0.3
Building Materials	0.2
Utilities	0.2
Short-Term Investments	7.9

	111.0
Liabilities in excess of other assets	(11.0	)

	100.0	%

See Notes to Financial Statements.

AST GOLDMAN SACHS SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 97.4%
COMMON STOCK — 94.1%
AIRLINES
Frontier Airlines, Inc.*	11,239	$	128,237

AUTOMOTIVE PARTS — 0.1%
Autoliv, Inc.	8,800		425,040

BASIC MATERIALS — CHEMICAL — 2.8%
Agrium, Inc. (Canada)	206,694		3,482,794
Albemarle Corp.	48,991		1,896,442
Minerals Technologies, Inc.	30,021		2,002,401
NuCo2, Inc.*	17,369		385,418
Penford Corp.	23,888		375,758
Rohm & Haas Co.	21,300		942,099

			9,084,912

BASIC MATERIALS — FOREST — 2.2%
Caraustar Industries, Inc.*	267,013		4,491,159
Packaging Corp. of America(a)	32,625		768,319
Universal Forest Products, Inc.	36,822		1,598,075
Wausau-Mosinee Paper Corp.	15,290		273,079

			7,130,632

BASIC MATERIALS — MINING — 2.3%
Commercial Metals Co.	74,825		3,783,152
Maverick Tube Corp.*	55,566		1,683,650
Nucor Corp.(a)	11,898		622,741
Oregon Steel Mills, Inc.*	49,988		1,014,257
Schnitzer Steel Industries, Inc. (Class “A” Stock)	10,993		372,992

			7,476,792

BUSINESS SERVICES — 0.2%
LECG Corp.*	28,426		530,145

COMPUTER SERVICES & SOFTWARE — 0.4%
MTS Systems Corp.	3,175		107,347
Tech Data Corp.*(a)	14,500		658,300
Ultimate Software Group, Inc. (The)*	39,616		502,331

			1,267,978

CONSUMER CYCLICALS — CONSTRUCTION — 2.4%
Beazer Homes USA, Inc.(a)	10,947		1,600,560
ElkCorp	28,830		986,563
Lennar Corp. (Class “A” Stock)	24,400		1,382,992
Lennox International, Inc.	44,922		914,163
Standard Pacific Corp.	21,798		1,398,124
Texas Industries, Inc.	12,712		792,975
WCI Communities, Inc.*	17,916		526,730

			7,602,107

CONSUMER CYCLICALS — CONSUMER DURABLES — 0.6%
Mohawk Industries, Inc.*(a)	5,600		511,000
Select Comfort Corp.*	48,927		877,750
Stanley Works	9,900		485,001

			1,873,751

CONSUMER CYCLICALS — HOTELS — 0.2%
Hilton Hotels Corp.	23,207		527,727

CONSUMER CYCLICALS — LEISURE & ENTERTAINMENT — 2.0%
Argosy Gaming Co.*	40,488		1,890,789
Fossil, Inc.*(a)	42,561		1,091,264
Harrah’s Entertainment, Inc.(a)	10,044		671,843
JAKKS Pacific, Inc.*(a)	55,887		1,235,662
K2, Inc.*	85,152		1,352,214
RC2 Corp.*	9,036		294,574

			6,536,346

CONSUMER CYCLICALS — MOTOR VEHICLE — 1.9%
American Axle & Manufacturing Holdings, Inc.	47,363		1,452,150
ArvinMeritor, Inc.	46,410		1,038,192
Lear Corp.	9,349		570,382
Lo-Jack Corp.*	49,610		601,769
Methode Electronics, Inc. (Class “A” Stock)	36,522		469,308
Monaco Coach Corp.	25,851		531,755
Tenneco Automotive, Inc.*	89,512		1,543,187

			6,206,743

CONSUMER CYCLICALS — RETAIL APPAREL — 4.8%
Aaron Rents, Inc.(a)	102,212		2,555,299
Abercrombie & Fitch Co.	33,900		1,591,605
Brookstone, Inc.*	80,478		1,573,345
Charlotte Russe Holding, Inc.*	45,166		456,177
Federated Department Stores, Inc.	16,820		972,028
Gymboree Corp.*	174,508		2,237,192
K-Swiss, Inc. (Class “A” Stock)	32,647		950,681
Kellwood Co.	38,046		1,312,587
OshKosh B’Gosh, Inc. (Class “A” Stock)	13,447		287,766
Penney, (J.C.) Co., Inc.	19,100		790,740
Ross Stores, Inc.	15,300		441,711
Sharper Image Corp.*	30,780		580,203
Too, Inc.*	17,977		439,717
Zale Corp.*	41,523		1,240,292

			15,429,343

CONSUMER PRODUCTS & SERVICES — 0.1%
Reynolds, (R.J.) Tobacco Holdings, Inc.(a)	6,000		471,600

AST GOLDMAN SACHS SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
CONSUMER STAPLES — FOOD & BEVERAGE — 1.8%
American Italian Pasta Co. (Class “A” Stock)(a)	36,029	$	837,674
Archer-Daniels-Midland Co.	25,100		559,981
Hain Celestial Group, Inc.*	44,967		929,468
Pepsi Bottling Group, Inc.	9,400		254,176
Sensient Technologies Corp.(a)	130,744		3,136,549

			5,717,848

CONSUMER STAPLES — HOME PRODUCTS — 2.0%
Clorox Co.	18,000		1,060,740
Elizabeth Arden, Inc.*	101,147		2,401,230
Helen of Troy Ltd.*	49,520		1,664,367
Jarden Corp.*	13,477		585,441
Lauder, (Estee) Cos., Inc. (Class “A” Stock)	6,075		278,053
Oneida Ltd.*(a)	106,919		327,172

			6,317,003

CONSUMER STAPLES — RESTAURANTS — 1.0%
BUCA, Inc.*	128,322		893,121
California Pizza Kitchen, Inc.*	39,550		909,651
Total Entertainment Restaurant Corp.*	71,670		854,306
Yum! Brands, Inc.	13,400		632,212

			3,289,290

ENERGY — DIVERSIFIED ENERGY — 0.7%
Western Gas Resources, Inc.	24,500		716,625
Williams Cos., Inc.	89,300		1,454,697

			2,171,322

ENERGY — ENERGY RESOURCES — 3.4%
EOG Resources, Inc.(a)	17,900		1,277,344
Parallel Petroleum Corp.*	45,545		245,943
Patina Oil & Gas Corp.	56,529		2,119,838
Range Resources Corp.	247,747		5,068,903
Whiting Petroleum Corp.*	77,397		2,341,259

			11,053,287

ENERGY — OIL REFINING — 0.6%
Frontier Oil Corp.	70,718		1,885,342

ENERGY — OIL SERVICES — 0.9%
Hydril Co.*	12,791		582,118
Patterson-UTI Energy, Inc.	56,000		1,089,201
Petroleum Development Corp.*	10,562		407,376
W-H Energy Services, Inc.*	11,767		263,110
Willbros Group, Inc. (Panama)*	29,504		680,067

			3,021,872

ENTERTAINMENT & LEISURE
Atari, Inc.*	20,146		59,028

FINANCIAL — BANKS — 9.1%
Alabama National Bancorp	28,250		1,822,125
Alliance Bankshares Corp.*	20,161		313,504
Bancorp Bank (The)*	81,219		1,299,504
Berkshire Hills Bancorp, Inc.	22,946		852,444
Brookline Bancorp, Inc.(a)	82,905		1,353,010
Cardinal Financial Corp.*	51,436		573,511
Citizens Banking Corp.	81,246		2,790,799
Commerce Bancshares, Inc.	8,995		451,549
First Community Bancorp	35,347		1,509,317
First Niagara Financial Group, Inc.(a)	157,944		2,203,318
First Oak Brook Bancshares, Inc.	15,764		510,911
Firstmerit Corp.	31,300		891,737
IBERIABANK Corp.	22,700		1,506,372
Interchange Financial Services Corp.	7,456		193,260
KeyCorp	17,200		583,080
M&T Bank Corp.	10,963		1,182,250
Main Street Banks, Inc.	32,507		1,135,470
Millennium Bankshares Corp.*	56,405		507,645
Northern Trust Corp.(a)	11,300		548,954
Pacific Continental Corp.	744		11,718
PFF Bancorp, Inc.	72,806		3,373,101
Placer Sierra Bancshares	33,956		965,709
Prosperity Bancshares, Inc.	17,573		513,307
Regions Financial Corp.	38,600		1,373,774
Southcoast Financial Corp.*	21,849		566,637
Sterling Bancorp	21,146		597,375
Sun Bancorp, Inc.*	9,833		245,628
Texas United Bancshares, Inc.	22,677		447,871
United Community Banks, Inc.	35,661		960,351
West Coast Bancorp	5,122		130,150

			29,414,381

FINANCIAL — BROKERS — 0.7%
Bear Stearns Cos., Inc.(a)	6,122		626,342
Knight Trading Group, Inc.*(a)	137,401		1,504,541

			2,130,883

FINANCIAL — SECURITIES/ASSET MANAGEMENT — 0.6%
Affiliated Managers Group, Inc.*	29,088		1,970,421

FINANCIAL — THRIFTS — 2.3%
BankUnited Financial Corp.*	68,165		2,177,872
Fidelity Bankshares, Inc.	40,931		1,750,210
IndyMac Bancorp, Inc.	47,714		1,643,747
Irwin Financial Corp.	36,164		1,026,696
NetBank, Inc.	91,454		952,036

			7,550,561

FINANCIAL SERVICES — 2.9%
Accredited Home Lenders Holding Co.*	94,742		4,706,783
American Capital Strategies Ltd.	20,100		670,335
Apollo Investment Corp.	61,271		925,192
CIT Group, Inc.	24,200		1,108,844
Financial Federal Corp.	47,420		1,858,864

			9,270,018

AST GOLDMAN SACHS SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
HEALTH CARE — BIOTECHNOLOGY — 1.1%
Cell Therapeutics, Inc.*(a)	125,273	$	1,019,722
MedImmune, Inc.*	25,300		685,883
Nabi Biopharmaceuticals*	20,130		294,905
Renovis, Inc.*	39,252		564,444
United Therapeutics Corp.*	24,030		1,084,954

			3,649,908

HEALTH CARE — DRUGS — 0.5%
Charles River Laboratories International	9,300		427,893
PAREXEL International Corp.*	28,848		585,614
Watson Pharmaceuticals, Inc.*	14,800		485,588

			1,499,095

HEALTH CARE — MEDICAL PRODUCTS — 1.7%
Abaxis, Inc.*	46,326		671,264
Conceptus, Inc.*	127,946		1,038,282
Hillenbrand Industries, Inc.	3,900		216,606
NDCHealth Corp.	73,239		1,361,513
PSS World Medical, Inc.*	87,485		1,094,875
Thermogenesis Corp.*	174,966		1,109,284

			5,491,824

HEALTH CARE — MEDICAL PROVIDERS — 0.9%
Psychiatric Solutions, Inc.*	11,867		433,858
Radiologix, Inc.*	230,088		1,012,387
Symbion, Inc.*	21,902		483,596
United Surgical Partners International, Inc.*	26,314		1,097,294

			3,027,135

INDUSTRIALS — COMPONENTS — 3.5%
Actuant Corp.*	45,465		2,371,000
American Standard Cos., Inc.*	11,386		470,470
Applied Industrial Technologies, Inc.	14,802		405,575
Eaton Corp.	13,600		984,096
Hughes Supply, Inc.	61,792		1,998,971
Lindsay Manufacturing Co.	9,011		233,205
Wabash National Corp.*	177,387		4,777,031

			11,240,348

INDUSTRIALS — DEFENSE/AEROSPACE — 0.9%
Ducommun, Inc.*	48,622		1,013,769
EDO Corp.	36,581		1,161,447
Rockwell Collins, Inc.	21,828		860,896

			3,036,112

INDUSTRIALS — DIVERSIFIED — 1.9%
GrafTech International Ltd.*	260,620		2,465,466
Lydall, Inc.*	118,384		1,404,034
Mueller Industries, Inc.	73,926		2,380,417

			6,249,917

INDUSTRIALS — ELECTRICAL EQUIPMENT — 0.9%
Amphenol Corp.*	12,700		466,598
Baldor Electric Co.	18,292		503,579
Cummins, Inc.	8,100		678,699
Franklin Electric Co., Inc.	26,430		1,116,932

			2,765,808

INDUSTRIALS — MACHINERY — 0.6%
Terex Corp.*	38,009		1,811,129

INSURANCE — 1.0%
Everest Re Group Ltd.	10,300		922,468
PartnerRe Ltd.	14,623		905,749
PMI Group, Inc. (The)	7,400		308,950
PXRE Group Ltd.	49,708		1,253,138

			3,390,305

INSURANCE — HEALTH INSURANCE — 0.4%
Health Net, Inc.*(a)	39,800		1,149,026

INSURANCE — LIFE INSURANCE — 0.7%
StanCorp Financial Group, Inc.	21,747		1,794,128
Torchmark Corp.	10,400		594,256

			2,388,384

INSURANCE — PROPERTY INSURANCE — 2.9%
Ambac Financial Group, Inc.	7,400		607,762
Donegal Group, Inc.	19,158		439,293
Hub International Ltd. (Canada)	30,806		567,138
Navigators Group, Inc.*	22,615		680,938
NYMAGIC, Inc.	19,329		489,024
ProAssurance Corp.*	39,879		1,559,668
Procentury Corp.	86,330		1,070,492
RenaissanceRe Holdings Ltd.	20,469		1,066,026
RLI Corp.	40,642		1,689,487
Willis Group Holdings Ltd. (United Kingdom)(a)	25,789		1,061,733

			9,231,561

INTERNET SERVICES — 0.1%
WebMD Corp.*(a)	48,600		396,576

METALS & MINING — 0.1%
Peabody Energy Corp.	4,100		331,731

REAL ESTATE — 0.2%
Omega Healthcare Investors, Inc. [REIT]	22,379		264,072
Spirit Finance Corp. [REIT]*(a)	26,557		335,946

			600,018

AST GOLDMAN SACHS SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
REAL ESTATE INVESTMENT TRUST — APARTMENT — 1.6%
Apartment Investment & Management Co. (Class “A” Stock) [REIT](a)	25,500	$	982,770
Gables Residential Trust [REIT]	17,589		629,510
Post Properties, Inc. [REIT]	19,289		673,186
Summit Properties, Inc. [REIT]	87,458		2,847,633

			5,133,099

REAL ESTATE INVESTMENT TRUST — HOTELS — 0.4%
LaSalle Hotel Properties [REIT]	40,465		1,288,001

REAL ESTATE INVESTMENT TRUST — MORTGAGE — 0.4%
MFA Mortgage Investments, Inc. [REIT]	136,981		1,208,172

REAL ESTATE INVESTMENT TRUST — OFFICE INDUSTRIAL — 2.3%
AmeriVest Properties, Inc. [REIT]	38,200		244,480
Brandywine Realty Trust [REIT]	26,433		776,866
Corporate Office Properties Trust [REIT]	8,824		258,984
Lexington Corp. Properties Trust [REIT]	64,702		1,460,971
Parkway Properties, Inc. [REIT]	42,854		2,174,841
Prentiss Properties Trust [REIT]	67,680		2,585,376

			7,501,518

REAL ESTATE INVESTMENT TRUST — OTHER REIT — 4.0%
Affordable Residential Communities, Inc. [REIT]	36,965		530,448
BioMed Realty Trust, Inc. [REIT]	39,426		875,651
Capital Automotive [REIT]	55,805		1,982,472
Commercial Net Lease Realty, Inc. [REIT]	76,222		1,570,173
Correctional Properties Trust [REIT]	57,936		1,673,192
Entertainment Properties Trust [REIT]	27,423		1,221,695
iStar Financial, Inc. [REIT]	39,103		1,769,802
Plum Creek Timber Co., Inc. [REIT]	20,118		773,336
RAIT Investment Trust [REIT]	74,405		2,081,107
U-Store-It Trust [REIT]	29,023		503,549

			12,981,425

REAL ESTATE INVESTMENT TRUST — RETAIL — 0.8%
Acadia Realty Trust [REIT]	44,714		728,838
Agree Realty Corp. [REIT]	28,394		899,806
Developers Diversified Realty Corp. [REIT]	19,200		851,904

			2,480,548

SERVICES — ENVIRONMENTAL — 0.6%
Republic Services, Inc.	18,646		625,387
TRC Cos., Inc.*	21,128		359,176
Waste Connections, Inc.*	25,522		874,128

			1,858,691

SERVICES — INDUSTRIAL SERVICES — 1.7%
Harsco Corp.	12,025		670,274
Infrasource Services, Inc.*	48,566		631,358
ITT Educational Services, Inc.*	28,398		1,350,324
Medical Staffing Network Holdings, Inc.*	110,142		902,063
PRG-Schultz International, Inc.*	189,368		952,521
School Specialty, Inc.*	22,182		855,338

			5,361,878

SERVICES — MEDIA — 1.0%
ADVO, Inc.	32,614		1,162,689
Emmis Communications Corp. (Class “A” Stock)*	37,300		715,787
Lamar Advertising Co.*(a)	16,774		717,592
Regent Communications, Inc.*	148,039		784,607

			3,380,675

SERVICES — PUBLISHING — 0.4%
Belo Corp. (Class “A” Stock)	18,862		494,939
Journal Register Co.*	48,526		938,007

			1,432,946

SERVICES — TELEPHONE — 1.6%
CenturyTel, Inc.	12,100		429,187
Cincinnati Bell, Inc.*	208,513		865,329
Iowa Telecommunications Services, Inc.	28,311		610,668
West Corp.*	94,788		3,138,431

			5,043,615

TECHNOLOGY — COMPUTER HARDWARE — 2.0%
CDW Corp.	8,800		583,880
Ditech Communications Corp.*	173,576		2,594,960
Hutchinson Technology, Inc.*(a)	47,138		1,629,561
Insight Enterprises, Inc.*	74,930		1,537,564

			6,345,965

TECHNOLOGY — COMPUTER SOFTWARE — 1.9%
Activision, Inc.*	62,450		1,260,241
Citadel Security Software, Inc.*(a)	159,921		415,795
OPNET Technologies, Inc.*	120,937		1,018,290
Take-Two Interactive Software, Inc.*(a)	60,054		2,089,278
Viisage Technology, Inc.*	159,006		1,432,644

			6,216,248

TECHNOLOGY — INFORMATION SERVICES — 1.6%
BearingPoint, Inc.*	54,200		435,226
Lionbridge Technologies, Inc.*	420,187		2,823,657
MTC Technologies, Inc.*	61,474		2,063,682

			5,322,565

TECHNOLOGY — INTERNET — 0.4%
Autobytel, Inc.*	221,185		1,335,957

AST GOLDMAN SACHS SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES		VALUE (NOTE 2)
TECHNOLOGY — SEMICONDUCTORS — 0.8%
Power Integrations, Inc.*		16,955	$	335,370
Tessera Technologies, Inc.*		60,440		2,248,972

				2,584,342

TECHNOLOGY — SUPPLY CHAIN — 0.1%
ScanSource, Inc.*		2,858		177,653

TECHNOLOGY — WIRELESS — 0.2%
EFJ, Inc.*		65,955		636,466

TRANSPORTATION
Forward Air Corp.*		2,805		125,384

TRANSPORTATION — AIRLINES — 0.4%
AirTran Holdings, Inc.*(a)		122,789		1,313,842

TRANSPORTATION — TRUCK FREIGHT — 1.9%
Heartland Express, Inc.		48,550		1,090,919
OMI Corp.		141,138		2,378,175
SCS Transportation, Inc.*		74,881		1,749,969
Teekay Shipping Corp.		11,300		475,843
Yellow Roadway Corp.*		10,400		579,384

				6,274,290

UTILITIES — ELECTRICAL UTILITIES — 3.8%
Avista Corp.		25,492		450,444
Central Vermont Public Service Corp.		10,519		244,672
Edison International		10,000		320,300
El Paso Electric Co.*		144,670		2,740,049
Entergy Corp.		10,489		708,952
FirstEnergy Corp.		21,187		837,098
MGE Energy, Inc.		4,198		151,254
PG&E Corp.*		26,100		868,608
Pinnacle West Capital Corp.		5,900		262,019
PNM Resources, Inc.		63,873		1,615,348
PPL Corp.		33,044		1,760,584
Southern Union Co.*		36,514		875,595
Westar Energy, Inc.		41,969		959,831
Wisconsin Energy Corp.		11,700		394,407

				12,189,161

UTILITIES — GAS UTILITIES — 2.8%
AGL Resources, Inc.		93,251		3,099,663
Atmos Energy Corp.		35,333		966,358
Energen Corp.		15,765		929,347
Northwest Natural Gas Co.		57,592		1,943,154
Piedmont Natural Gas Co., Inc.		19,653		456,736
South Jersey Industries, Inc.		13,063		686,591
WGL Holdings, Inc.		28,293		872,556

				8,954,405

TOTAL COMMON STOCK (Cost $232,096,192)				303,948,332

EXCHANGE TRADED FUND — 3.2% Ishares Russell 2000 Value Index Fund(a) (Cost $9,093,093)		53,837		10,374,390


	PRINCIPAL AMOUNT (000)
CORPORATE OBLIGATIONS — 0.1%
METALS & MINING
Mueller Industries, Inc., Sub. Notes 6.00%, 11/01/14 (Cost $383,000)	$	383		377,255

TOTAL LONG-TERM INVESTMENTS (Cost $241,572,285)				314,699,977

SHORT-TERM INVESTMENTS — 10.9%
CERTIFICATES OF DEPOSIT — 0.7%
Banco Santander PR
2.315%, 01/07/05(b)(c)		2,185		2,185,094

COMMERCIAL PAPER — 0.1%
Citigroup Inc.
2.304%, 01/10/05(b)		342		341,161

CORPORATE OBLIGATIONS — 1.6%
Merrill Lynch & Co., Inc.
2.38%, 01/03/05(b)(c)		2,538		2,538,256
Natexis Banque NY
2.297%, 01/03/05(b)(c)		1,239		1,239,335
Sedna Finance Corporation
2.372%, 01/14/05(b)(c)		252		251,796
Swedbank NY
2.362%, 01/18/05(b)(c)		1,210		1,210,208

				5,239,595

TIME DEPOSIT — 0.5%
Bank of America NA
1.50%, 01/03/05(b)		1,485		1,484,598


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 8.0%
BlackRock Institutional Money Market Trust(b)(j)		25,892,178		25,892,178

TOTAL SHORT-TERM INVESTMENTS (Cost $35,142,626)				35,142,626

TOTAL INVESTMENTS — 108.3% (Cost $276,714,911; Note 5)				349,842,603
LIABILITIES IN EXCESS OF OTHER ASSETS — (8.3%)				(26,737,674	)

NET ASSETS — 100.0%			$	323,104,929

AST GOLDMAN SACHS SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004

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 securities on loan. Securities on loan have an aggregate market value of $33,533,789; cash collateral of $35,142,626 (included with liabilities) 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.


Financial — Banks	9.1	%
Consumer Cyclicals — Retail Apparel	4.8
Real Estate Investment Trust — Other REIT	4.0
Utilities — Electrical Utilities	3.8
Industrials — Components	3.5
Energy — Energy Resources	3.4
Exchange Traded Fund	3.2
Financial Services	2.9
Insurance — Property Insurance	2.9
Basic Materials — Chemical	2.8
Utilities — Gas Utilities	2.8
Consumer Cyclicals — Construction	2.4
Basic Materials — Mining	2.3
Financial — Thrifts	2.3
Real Estate Investment Trust — Office Industrial	2.3
Basic Materials — Forest	2.2
Consumer Cyclicals — Leisure & Entertainment	2.0
Consumer Staples — Home Products	2.0
Technology — Computer Hardware	2.0
Consumer Cyclicals — Motor Vehicle	1.9
Industrials — Diversified	1.9
Technology — Computer Software	1.9
Transportation — Truck Freight	1.9
Consumer Staples — Food & Beverage	1.8
Health Care — Medical Products	1.7
Services — Industrial Services	1.7
Real Estate Investment Trust — Apartment	1.6
Services — Telephone	1.6
Technology — Information Services	1.6
Health Care — Biotechnology	1.1
Consumer Staples — Restaurants	1.0
Insurance	1.0
Services — Media	1.0
Energy — Oil Services	0.9
Health Care — Medical Providers	0.9
Industrials — Defense/Aerospace	0.9	%
Industrials — Electrical Equipment	0.9
Real Estate Investment Trust — Retail	0.8
Technology — Semiconductor	0.8
Energy — Diversified Energy	0.7
Financial — Brokers	0.7
Insurance — Life Insurance	0.7
Consumer Cyclicals — Consumer Durables	0.6
Energy — Oil Refining	0.6
Financial — Securities/Asset Management	0.6
Industrials — Machinery	0.6
Services — Environmental	0.6
Health Care — Drugs	0.5
Computer Services & Software	0.4
Insurance — Health Insurance	0.4
Real Estate Investment Trust — Hotels	0.4
Real Estate Investment Trust — Mortgage	0.4
Services — Publishing	0.4
Technology — Internet	0.4
Transportation — Airlines	0.4
Business Services	0.2
Consumer Cyclicals — Hotels	0.2
Real Estate	0.2
Technology — Wireless	0.2
Automotive Parts	0.1
Consumer Products & Services	0.1
Internet Services	0.1
Metals & Mining	0.2
Technology — Supply Chain	0.1
Short-Term Investments	10.9

	108.3
Liabilities in excess of other assets	(8.3	)

	100.0	%

See Notes to Financial Statements.

AST SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 101.3%
COMMON STOCK — 101.1%
ADVERTISING — 0.5%
Advo, Inc.	72,440	$	2,582,487
R.H. Donnelley Corp.*	37,790		2,231,500

			4,813,987

AEROSPACE — 1.3%
AAR Corp.*	37,400		509,388
BE Aerospace, Inc.*	85,000		989,400
CPI Aerostructures, Inc.* (cost $734,050; purchased 12/08/04-12/29/04)(g)	68,400		783,180
Curtiss-Wright Corp.	48,080		2,760,273
Ducommun, Inc.*	11,200		233,520
Esterline Technologies Corp.*	41,200		1,345,180
Heico Corp.	18,700		422,433
Kaman Corp. (Class “A” Stock)	69,400		877,910
Moog, Inc. (Class “A” Stock)*	65,700		2,979,495
Orbital Sciences Corp.*	44,800		529,984
Triumph Group, Inc.*	21,300		841,350

			12,272,113

AIRLINES — 0.8%
Alaska Air Group, Inc.*	43,800		1,466,862
Continental Airlines, Inc. (Class “B” Stock)*(a)	50,200		679,708
ExpressJet Holdings, Inc.*	147,500		1,899,800
Northwest Airlines Corp.*(a)	113,150		1,236,730
SkyWest, Inc.	118,600		2,379,116

			7,662,216

AUTOMOBILE MANUFACTURERS — 0.5%
Oshkosh Truck Corp.	64,100		4,383,158

AUTOMOTIVE PARTS — 2.1%
Aftermarket Technology Corp.*	53,900		867,790
American Axle & Manufacturing Holdings, Inc.	51,020		1,564,273
Asbury Automative Group, Inc.*	99,400		1,369,732
Cooper Tire & Rubber Co.(a)	19,200		413,760
CSK Auto Corp.*	123,520		2,067,725
Goodyear Tire & Rubber Co. (The)*(a)	216,900		3,179,754
Hayes Lemmerz International, Inc.*	77,900		687,857
Keystone Automotive Industries, Inc.*	17,100		397,575
Pep Boys — Manny, Moe & Jack, Inc.	63,600		1,085,652
Sonic Automotive, Inc.	13,400		332,320
Superior Industries International, Inc.(a)	22,400		650,720
Tenneco Automotive, Inc.*	151,700		2,615,308
Tower Automotive, Inc.*(a)	64,100		153,199
TRW Automotive Holdings Corp.*	30,530		631,971
Visteon Corp.(a)	242,600		2,370,202
Wabash National Corp.*	37,900		1,020,647

			19,408,485

BIOTECHNOLOGY — 0.4%
Applera Corp.-Celera Genomics Group*	24,600		338,250
Bio-Rad Laboratories, Inc. (Class “A” Stock)*	18,700		1,072,819
Cell Genesys, Inc.*	16,100		130,410
Cytokinetics, Inc.*	51,900		531,975
Genelabs Technologies, Inc.*	262,200		314,640
Human Genome Sciences, Inc.*	64,100		770,482
Telik, Inc.*	44,000		842,160

			4,000,736

BROADCASTING — 0.5%
4Kids Entertainment, Inc.*	5,400		113,508
Belo Corp. (Class “A” Stock)	47,540		1,247,450
Gray Television, Inc.	47,780		740,590
Liberty Corp. (The)	34,600		1,521,016
Media General, Inc. (Class “A” Stock)	8,300		537,923
Sinclair Broadcast Group, Inc. (Class “A” Stock)	13,400		123,414

			4,283,901

BUILDING MATERIALS — 1.4%
Apogee Enterprises, Inc.	57,100		765,711
Eagle Materials, Inc.	9,650		813,495
Florida Rock Industries, Inc.(a)	10,800		642,924
Genlyte Group, Inc.*	7,400		634,032
Modine Manufacturing Co.	18,000		607,860
NCI Building Systems, Inc.*	23,000		862,500
Texas Industries, Inc.	47,690		2,974,902
USG Corp.*(a)	69,400		2,794,738
York International Corp.(a)	50,470		1,743,234

			12,944,676

BUSINESS SERVICES — 1.1%
Century Business Services, Inc.*	68,400		298,224
Charles River Associates, Inc.*	10,100		472,377
Clark, Inc.*	18,100		280,912
Harland, (John H.) Co.	48,100		1,736,410
Informatica Corp.*	61,048		495,710
InfoUSA, Inc.*	11,800		132,042
Labor Ready, Inc.*	56,220		951,242
MAXIMUS, Inc.*	8,500		264,520
MPS Group, Inc.*	86,660		1,062,452
Navigant International, Inc.*	49,200		598,764
PAREXEL International Corp.*	19,700		399,910
PDI, Inc.*	23,000		512,440
Safeguard Scientifics, Inc.*	62,500		132,500
Spherion Corp.*	117,500		987,000

AST SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
TeleTech Holdings, Inc.*	91,300	$	884,697
UniFirst Corp.	28,400		803,152

			10,012,352

CABLE TELEVISION — 0.4%
Charter Communications, Inc. Class “A” Stock)*(a)	257,500		576,800
Insight Communications Co., Inc. (Class “A” Stock)*	59,300		549,711
Lodgenet Entertainment Corp.*	91,900		1,625,711
Mediacom Communications Corp. (Class “A” Stock)*	215,300		1,345,625

			4,097,847

CHEMICALS — 3.6%
Airgas, Inc.	33,880		898,159
Arch Chemicals, Inc.	37,780		1,087,308
Crompton Corp.	67,300		794,140
Cytec Industries, Inc.	86,870		4,466,855
FMC Corp.*	55,000		2,656,500
Fuller, (H.B.) Co.	66,200		1,887,362
Georgia Gulf Corp.	91,250		4,544,251
Grace, (W.R.) & Co.*	165,100		2,247,011
Hercules, Inc.*	242,280		3,597,858
Lyondell Chemical Co.(a)	18,785		543,262
Minerals Technologies, Inc.	25,700		1,714,190
NewMarket Corp.*	47,000		935,300
Octel Corp.	41,600		865,696
Olin Corp.	76,260		1,679,245
OM Group, Inc.*	13,400		434,428
PolyOne Corp.*	364,300		3,300,558
Schulman, (A.), Inc.	500		10,705
Sensient Technologies Corp.(a)	13,400		321,466
Valhi, Inc.	36,900		593,721
Wellman, Inc.	84,400		902,236

			33,480,251

CLOTHING & APPAREL — 1.2%
Brown Shoe Company, Inc.	32,000		954,560
Hilfiger, (Tommy) Corp.*	48,100		542,568
J. Jill Group, Inc.*	24,000		357,360
Kellwood Co.	94,530		3,261,285
Kenneth Cole Productions, Inc. (Class “A” Stock)	27,300		842,478
Phillips-Van Heusen	15,900		429,300
Quiksilver, Inc.*	38,500		1,146,915
Reebok International Ltd.	52,970		2,330,680
Warnaco Group, Inc. (The)*(a)	44,190		954,504

			10,819,650

COMMERCIAL SERVICES — 0.3%
Arbitron, Inc.*	20,300		795,354
NCO Group, Inc.*	16,600		429,110
Source Interlink Cos., Inc.*	94,000		1,248,320
Vertrue, Inc.*	6,500		245,505

			2,718,289

COMPUTER HARDWARE — 0.8%
Gateway, Inc.*	155,500		934,555
Hutchinson Technology, Inc.*	46,500		1,607,505
Insight Enterprises, Inc.*	53,280		1,093,306
Komag, Inc.*	16,100		302,358
Maxtor Corp.*	117,500		622,750
MTS Systems Corp.	21,900		740,439
PalmOne, Inc.*(a)	50,000		1,577,500
Quantum Corp.*	130,900		342,958
StorageNetworks, Inc.* (cost $0; purchased 11/04/03)(g)	300,000		0

			7,221,371

COMPUTER SERVICES & SOFTWARE — 3.1%
Agilysys, Inc.	81,700		1,400,338
BISYS Group, Inc. (The)*	149,360		2,456,972
Black Box Corp.	25,700		1,234,114
CACI International, Inc. (Class “A” Stock)*	15,500		1,056,015
Ciber, Inc.*	70,500		679,620
E.piphany, Inc.*	27,300		131,859
FileNET Corp.*	21,330		549,461
Gartner, Inc. (Class “A” Stock)*(a)	75,400		939,484
Hyperion Solutions Corp.*	3,200		149,184
Inter-Tel, Inc.	86,420		2,366,180
Intergraph Corp.*	12,300		331,239
Magma Design Automation, Inc.*	9,600		120,576
Mantech International Corp. (Class “A” Stock)*	23,500		557,890
Manugistics Group, Inc.*	32,500		93,275
McDATA Corp. (Class “A” Stock)*	134,700		802,812
NetIQ Corp.*	86,390		1,054,822
Parametric Technology Corp.*	530,640		3,125,469
Performance Technologies, Inc.*	93,780		872,154
Perot Systems Corp. (Class “A” Stock)*	103,100		1,652,693
Pomeroy IT Solutions, Inc.*	82,500		1,254,825
Progress Software Corp.*	34,700		810,245
Radisys Corp.*	24,600		480,930
Redback Networks, Inc.*	36,400		195,104
SafeNet, Inc.*	28,900		1,061,786
Silicon Graphics, Inc.*(a)	278,800		482,324
Sybase, Inc.*	114,610		2,286,470
Sykes Enterprises, Inc.*	43,200		300,240
Synnex Corp.*	6,900		166,014
Systemax, Inc.*	55,500		407,370

AST SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
THQ, Inc.*	39,560	$	907,506
Tyler Technologies, Inc.*	48,600		406,296

			28,333,267

CONGLOMERATES — 0.4%
Griffon Corp.*	122,650		3,311,550

CONSTRUCTION — 1.5%
Astec Industries, Inc.*	13,400		230,614
Beazer Homes USA, Inc.(a)	13,400		1,959,214
Building Materials Holdings Corp.	18,700		716,023
Dycom Industries, Inc.*(a)	26,520		809,390
Insituform Technologies, Inc. (Class “A” Stock)*	60,320		1,367,454
Levitt Corp. (Class “A” Stock)	34,800		1,063,836
Meritage Homes Corp.*	19,700		2,220,190
URS Corp.*	29,400		943,740
Washington Group International, Inc.*	38,500		1,588,125
WCI Communities, Inc.*	86,600		2,546,041

			13,444,627

CONSUMER PRODUCTS & SERVICES — 3.0%
Aaron Rents, Inc.(a)	79,500		1,987,500
American Greetings (Class “A” Stock)(a)	138,870		3,520,355
Applica, Inc.*	34,200		206,910
Aviall, Inc.*	89,700		2,060,409
Callaway Golf Co.	126,600		1,709,100
Department 56, Inc.*	19,700		328,005
Dimon, Inc.	50,200		337,344
Dollar Thrifty Automotive Group, Inc.*	56,600		1,709,320
Integrated Electrical Services, Inc.*	146,205		707,632
Interpool, Inc.	28,900		686,375
Jacuzzi Brands, Inc.*	123,400		1,073,580
Jakks Pacific, Inc.*	55,760		1,232,854
K2, Inc.*	46,500		738,420
National Presto Industries, Inc.	16,450		748,475
Nautilus Group, Inc.	20,840		503,703
Playtex Products, Inc.*	60,400		482,596
Regis Corp.	41,020		1,893,073
Rent-Way, Inc.*	82,800		663,228
Revlon, Inc. (Class “A” Stock)*	93,500		215,050
Steinway Musical Instruments, Inc.*	28,400		821,896
Tupperware Corp.	68,900		1,427,608
Universal Corp.	97,800		4,678,751
Water Pik Technologies, Inc.*	16,100		285,453

			28,017,637

CONTAINERS & PACKAGING — 1.1%
Chesapeake Corp.	30,400		825,664
Crown Holdings, Inc.*	198,200		2,723,268
Greif, Inc. (Class “A” Stock)	42,200		2,363,200
Packaging Corp. of America(a)	24,950		587,573
Silgan Holdings, Inc.	64,100		3,907,536

			10,407,241

DIVERSIFIED OPERATIONS — 0.4%
Ameron International Corp.	17,100		648,090
Blount International, Inc.*	59,930		1,043,981
Walter Industries, Inc.(a)	64,100		2,162,093

			3,854,164

ELECTRONIC COMPONENTS & EQUIPMENT — 2.5%
Ametek, Inc.	28,470		1,015,525
Analogic Corp.	29,500		1,321,305
Anixter International, Inc.	37,400		1,346,026
Arris Group, Inc.*	148,340		1,044,314
Artesyn Technologies, Inc.*	44,850		506,805
Avnet, Inc.*(a)	54,150		987,696
Bel Fuse, Inc. (Class “B” Stock)	24,600		831,234
Belden CDT, Inc.	54,310		1,259,992
Benchmark Electronics, Inc.*	52,900		1,803,890
C-COR, Inc.*	16,100		149,730
Checkpoint Systems, Inc.*	35,300		637,165
Coherent, Inc.*	69,370		2,111,622
CTS Corp.	80,100		1,064,529
Electro Scientific Industries, Inc.*	23,000		454,480
Electronics for Imaging, Inc.*	33,100		576,271
ESCO Technologies, Inc.*	16,100		1,234,065
Hypercom Corp.*	20,300		120,176
Littelfuse, Inc.*	21,700		741,272
Methode Electronics, Inc. (Class “A” Stock)	59,360		762,776
Rayovac Corp.*	58,800		1,796,928
REMEC, Inc.*	25,100		180,971
Stoneridge, Inc.*	56,100		848,793
Synopsys, Inc.*	60,430		1,185,637
Sypris Solutions, Inc.	30,200		462,362
Trimble Navigation Ltd.*	11,000		363,440
TTM Technologies, Inc.*	20,800		245,440

			23,052,444

ENTERTAINMENT & LEISURE — 1.1%
Argosy Gaming Co.*	23,000		1,074,100
Boyd Gaming Corp.(a)	25,100		1,045,415
Carmike Cinemas, Inc.	40,420		1,475,330
GameStop Corp. (Class “A” Stock)*	19,700		440,492
Hollywood Entertainment Corp.*	76,400		1,000,076
Isle of Capri Casinos, Inc.*	19,700		505,305
Marinemax, Inc.*	16,910		503,242
Movie Gallery, Inc.	83,470		1,591,772
Penn National Gaming, Inc.*	20,190		1,222,505

AST SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
Six Flags, Inc.*	62,500	$	335,625
World Wrestling Entertainment, Inc.	62,000		752,060

			9,945,922

ENVIRONMENTAL SERVICES — 0.4%
Mine Safety Appliances Co.	29,900		1,515,930
Tetra Tech, Inc.*	62,050		1,038,717
WCA Waste Corp.*	100,840		1,053,778

			3,608,425

EQUIPMENT SERVICES — 0.4%
General Cable Corp.*	40,600		562,310
Global Imaging Systems, Inc.*	5,900		233,050
RPC, Inc.	50,800		1,276,096
United Rentals, Inc.*	31,700		599,130
Universal Compression Holdings, Inc.*	23,000		802,930
Watsco, Inc.	17,100		602,262

			4,075,778

FINANCIAL — BANK & TRUST — 11.3%
ABC Bancorp	17,100		359,100
Accredited Home Lenders Holding Co.*	32,600		1,619,568
Amcore Financial, Inc.	61,010		1,963,302
AmericanWest Bancorp*	13,400		271,350
Bancfirst Corp.	9,600		758,208
Bank Mutual Corp.	120,870		1,470,988
Bank Of The Ozarks, Inc.	22,400		762,272
BankAtlantic Bancorp, Inc. (Class “A” Stock)	105,200		2,093,480
Banner Corp.	11,200		349,328
Capital Bancorp Ltd.	22,400		788,928
Capital Corp of The West	7,400		347,807
Cardinal Financial Corp.*	123,230		1,374,015
Cathay Bancorp, Inc.	24,000		900,000
Chemical Financial Corp.	73,820		3,168,354
City Holding Co.	43,030		1,559,407
Colonial Bancgroup, Inc.	77,900		1,653,817
Columbia Banking Systems, Inc.	21,700		542,283
Commercial Capital Bancorp, Inc.	30,500		706,990
Commercial Federal Corp.	54,260		1,612,065
Community Bank Systems, Inc.	76,400		2,158,300
Community Trust Bancorp, Inc.	18,742		606,491
Corus Bankshares, Inc.	85,500		4,104,855
CPB Financial Corp.	33,600		1,215,312
Cullen/Frost Bankers, Inc.(a)	49,200		2,391,120
EuroBancshares, Inc.*	44,200		928,200
Financial Institutions, Inc.	5,400		125,550
First Citizens Bancshares, Inc. (Class “A” Stock)	9,180		1,360,935
First Financial Holdings, Inc.	12,800		419,072
First Indiana Corp.	60,787		1,368,315
First Niagara Financial Group, Inc.(a)	35,700		498,015
First Oak Brook Bancshares, Inc.	9,900		320,859
First Republic Bank	36,900		1,955,700
FirstFed Financial Corp.*	38,210		1,981,953
FirstMerit Corp.	91,560		2,608,544
Flagstar Bancorp, Inc.(a)	52,900		1,195,540
Gold Banc Corp, Inc.	141,600		2,070,192
Great Southern Bancorp, Inc.	17,700		619,500
Greater Bay Bancorp	97,360		2,714,397
Hancock Holding Co.	41,850		1,400,301
Hudson River Bancorp, Inc.	101,400		2,006,706
IBERIABANK Corp.	57,800		3,835,608
Independent Bank Corp. (MA)	64,800		2,187,000
Independent Bank Corp. (MI)	66,400		1,980,712
Irwin Financial Corp.	77,900		2,211,581
MAF Bancorp, Inc.	68,640		3,076,445
Mainsource Financial Group, Inc.	12,915		308,410
MB Financial, Inc.	13,000		547,950
Mercantile Bank Corp.	22,900		904,550
Mid-State Bancshares	44,300		1,269,195
Nara Bancorp, Inc.	5,400		114,858
Newalliance Bancshares, Inc.	71,360		1,091,808
Ocwen Financial Corp.*	51,300		490,428
Old Second Bancorp, Inc.	9,900		315,612
Oriental Financial Group, Inc.	47,520		1,345,291
Peoples Bancorp, Inc.	12,900		353,847
Prosperity Bancshares, Inc.	29,900		873,379
Provident Bancshares Corp.	43,800		1,593,006
R&G Financial Corp. (Class “B” Stock)	74,300		2,888,784
Rainier Pacific Financial Group, Inc.	68,790		1,231,341
Republic Bancorp, Inc (MI)	182,000		2,780,960
Republic Bancorp, Inc. (KY) (Class “A” Stock)	9,500		244,150
Royal Bancshares Of Pennsylvania, Inc. (Class “A” Stock)	13,158		355,529
SCBT Financial Corp.	9,555		320,761
Silicon Valley Bancshares*	21,300		954,666
Simmons First National Corp. (Class “A” Stock)	18,800		544,260
Southside Bancshares, Inc.	18,400		420,440
Southwest Bancorp, Inc.	14,900		364,752
State Financial Services Corp (Class “A” Stock)	25,800		776,580
Sterling Financial Corp. (PA)	38,700		1,109,529
Sterling Financial Corp./Spokane*	99,700		3,914,222
Summit Bancshares, Inc.	20,800		780,000
Sun Bancorp, Inc.*	11,800		294,764
Susquehanna Bancshares, Inc.	9,630		240,269
Taylor Capital Group, Inc.	24,600		824,100
TierOne Corp.	39,700		986,545
Trico Bancshares	16,700		390,780

AST SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
UMB Financial Corp.	42,940	$	2,432,980
Umpqua Holdings Corp.	27,300		688,233
United Bancshares, Inc.	55,000		2,098,250
West Coast Bancorp	106,800		2,713,788
Western Sierra Bancorp*	8,000		306,840

			104,513,322

FINANCIAL SERVICES — 3.0%
Advanta Corp. (Class “B” Stock)	88,610		2,150,565
Affiliated Managers Group*	25,780		1,746,337
Dime Community Bancshares	103,690		1,857,088
Hanmi Financial Corp.	116,400		4,183,415
Investment Technology Group, Inc.*	97,130		1,942,600
ITLA Capital Corp.*	12,300		723,117
Jones Lang Lasalle, Inc.*	32,600		1,219,566
Lakeland Financial Corp.	2,700		107,190
MBT Financial Corp.	16,100		374,647
Metris Companies, Inc.*	36,300		462,825
National Financial Partners Corp.	15,810		613,428
Partners Trust Financial Group, Inc.	35,300		411,245
Raymond James Financial, Inc.	43,800		1,356,924
Sky Financial Group, Inc.	39,160		1,122,717
Technology Investment Capital Corp.	105,100		1,577,551
Trustmark Corp.	33,750		1,048,613
W Holding Co., Inc.	82,008		1,881,264
Whitney Holdings Corp.	29,530		1,328,555
World Acceptance Corp.*	91,900		2,528,169
WSFS Financial Corp.	20,900		1,260,688

			27,896,504

FINANCIAL — BROKERAGE — 0.7%
Greenhill & Co., Inc.	2,700		77,490
LaBranche & Co., Inc.*	36,300		325,248
Instinet Group, Inc.*	263,620		1,589,629
Knight Trading Group, Inc. (Class “A” Stock)*(a)	281,350		3,080,782
Piper Jaffray Cos., Inc.*	34,130		1,636,534

			6,709,683

FOOD — 0.8%
Chiquita Brands International, Inc.	82,800		1,826,568
Corn Products International, Inc.	24,600		1,317,576
Flowers Foods, Inc.	23,000		726,340
Great Atlantic & Pacific Tea Co., Inc.*	35,300		361,825
J&J Snack Foods Corp.	11,200		549,136
Nash Finch Co.	15,500		585,280
Ralcorp Holdings, Inc.	21,300		893,109
Sanderson Farms, Inc.	19,200		830,976
Smart & Final, Inc.*	33,100		476,309

			7,567,119

FURNITURE — 0.1%
Furniture Brands International, Inc.	15,000		375,750
Kimball International, Inc. (Class “B” Stock)	44,800		663,488

			1,039,238

HEALTHCARE SERVICES — 1.8%
AMERIGROUP Corp.*	16,600		1,255,956
Angelica Corp.	86,600		2,342,530
First Health Group Corp.*	59,800		1,118,858
Gentiva Health Services, Inc.*	56,600		946,352
Kindred Healthcare, Inc.*	93,800		2,809,310
Magellan Health Services, Inc.*	16,600		567,056
National Dentex Corp.*	30,570		930,887
Pediatrix Medical Group, Inc.*	42,200		2,702,910
Province Healthcare Co.*	23,000		514,050
Res-Care, Inc.*	87,800		1,336,316
Sierra Health Services, Inc.*	8,000		440,880
Triad Hospitals, Inc.*	30,680		1,141,603
Universal Health Services, Inc. (Class “B” Stock)	18,050		803,225

			16,909,933

HOTELS & MOTELS — 0.5%
Ameristar Casinos, Inc.	17,100		737,181
Ashford Hospitality Trust, Inc.	56,470		613,829
Aztar Corp.*	80,600		2,814,552
La Quinta Corp.*	78,100		709,929

			4,875,491

INDUSTRIAL PRODUCTS — 1.4%
Actuant Corp. (Class “A” Stock)*	41,430		2,160,574
Acuity Brands, Inc.	66,540		2,115,972
AMCOL International Corp.	43,520		874,317
Aptargroup, Inc.	33,550		1,770,769
Barnes Group, Inc.	73,700		1,953,787
Kronos Worldwide, Inc.	1,200		48,900
Robbins & Myers, Inc.	68,230		1,625,921
Watts Water Technologies, Inc. (Class “A” Stock)	65,240		2,103,338

			12,653,578

INSURANCE — 5.5%
AmerUs Group Co.(a)	87,600		3,968,279
Argonaut Group, Inc.*	63,600		1,343,868
Baldwin & Lyons, Inc. (Class “B” Stock)	11,900		318,801
Delphi Financial Group, Inc. (Class “A” Stock)(a)	112,040		5,170,645
Direct General Corp.	27,700		889,170

AST SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
Donegal Group, Inc.	45,560	$	1,044,691
Horace Mann Educators Corp.	60,520		1,154,722
Infinity Property & Casualty Corp.	34,200		1,203,840
LandAmerica Financial Group, Inc.	50,800		2,739,644
Midland Co.	23,500		734,845
Nationwide Financial Services, Inc. (Class “A” Stock)	5,400		206,442
Navigators Group, Inc.*	35,970		1,083,057
NYMAGIC, Inc.	12,300		311,190
Odyssey Re Holdings Corp.(a)	40,940		1,032,097
Ohio Casualty Corp.*	57,850		1,342,699
Phoenix Companies, Inc.	29,400		367,500
Platinum Underwriters Holdings Ltd.	66,750		2,075,925
PMA Capital Corp. (Class “A” Stock)*	251,100		2,598,885
PMI Group, Inc. (The)	37,420		1,562,285
ProAssurance Corp.*	40,600		1,587,866
PXRE Group Ltd.	74,320		1,873,607
RLI Corp.	49,290		2,048,985
Safety Insurance Group, Inc.	45,900		1,429,785
Selective Insurance Group, Inc.(a)	45,400		2,008,496
State Auto Financial Corp.	17,000		439,450
Stewart Information Services Corp.	77,400		3,223,710
Triad Guaranty, Inc.*	15,460		935,021
United Fire & Casualty Co.	20,200		680,942
United Insurance Cos., Inc.	46,500		1,576,350
Universal American Financial Corp.*	124,970		1,933,286
Zenith National Insurance Corp.	72,700		3,623,368

			50,509,451

INTERNET SERVICES — 0.6%
Adaptec, Inc.*	162,900		1,236,411
aQuantive, Inc.*	37,900		338,826
EarthLink, Inc.*(a)	150,100		1,729,152
eSpeed, Inc. (Class “A” Stock)*	5,900		72,983
Harris Interactive, Inc.*	14,400		113,760
Homestore, Inc.*	176,800		535,704
Internet Security Systems, Inc.*	8,000		186,000
ProQuest Co.*	13,400		397,980
United Online, Inc.*	40,900		471,577

			5,082,393

MACHINERY & EQUIPMENT — 3.8%
Albany International Corp. (Class “A” Stock)	41,570		1,461,601
Applied Industrial
Technologies, Inc.	212,400		5,819,760
Briggs & Stratton Corp.(a)	33,900		1,409,562
Cascade Corp.	26,200		1,046,690
Flowserve Corp.*	25,100		691,254
Gardner Denver, Inc.*	5,900		214,111
JLG Industries, Inc.	157,600		3,093,688
Joy Global, Inc.	68,400		2,970,612
Kadant, Inc.*	61,460		1,259,930
Kennametal, Inc.	34,660		1,725,028
Lennox International, Inc.	109,000		2,218,150
Lone Star Technologies, Inc.*	23,500		786,310
Nacco Industries, Inc. (Class “A” Stock)	12,800		1,349,120
Penn Engineering & Manufacturing Corp.	16,100		291,410
Regal-Beloit Corp.	61,790		1,767,194
Sauer-Danfoss, Inc.	32,600		711,006
Smith, (A.O.) Corp.	97,000		2,904,180
Tecumseh Products Co. (Class “A” Stock)	19,200		917,760
Terex Corp.*	27,300		1,300,845
Toro Co.	35,800		2,912,330
Westinghouse Airbrake Technologies Corp.	29,461		628,109

			35,478,650

MEDICAL SUPPLIES & EQUIPMENT — 2.1%
Computer Programs and Systems, Inc.	30,400		703,760
CONMED Corp.*	55,800		1,585,836
Cooper Cos., Inc. (The)(a)	8,970		633,192
CTI Molecular Imaging, Inc.*	25,700		364,683
Cypress Bioscience, Inc.*	104,700		1,472,082
Dade Behring Holdings, Inc.*	13,480		754,880
DJ Orthopedics, Inc.*	37,120		795,110
Invacare Corp.	23,540		1,088,960
Kyphon, Inc.*	29,900		770,224
Mettler-Toledo International, Inc.*	38,750		1,988,263
Owens & Minor, Inc.	46,420		1,307,651
Palatin Technologies, Inc*	67,300		179,018
Per-Se Technologies, Inc.*	65,300		1,033,699
PSS World Medical, Inc.*	68,900		862,284
Schein, (Henry), Inc.*	13,720		955,461
Sola International, Inc.*	68,400		1,883,736
Steris Corp.*	27,300		647,556
SurModics, Inc.*(a)	3,200		104,032
Sybron Dental Specialties, Inc.*	65,110		2,303,592

			19,434,019

METALS & MINING — 3.1%
AK Steel Holding Corp.*(a)	143,200		2,072,104
Brush Engineered Materials, Inc.*	30,955		572,668
Century Aluminum Co.*	47,350		1,243,411
CIRCOR International, Inc.	93,840		2,173,334
Commercial Metals Co.	52,510		2,654,906
Encore Wire Corp.*	47,300		630,509
Kaydon Corp.	90,800		2,998,216
NN, Inc.	64,000		845,440

AST SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
NS Group, Inc.*	30,400	$	845,120
Quanex Corp.	47,500		3,257,075
Reliance Steel & Aluminum Co.	75,900		2,957,064
Ryerson Tull, Inc.	67,800		1,067,850
Schnitzer Steel Industries, Inc. (Class “A” Stock)	21,300		722,709
Steel Dynamics, Inc.	129,160		4,892,580
Valmont Industries, Inc.	74,800		1,878,228

			28,811,214

OFFICE EQUIPMENT — 0.5%
Imagistics International, Inc.*	41,200		1,386,792
United Stationers, Inc.*	64,900		2,998,380

			4,385,172

OIL & GAS — 5.5%
AGL Resources, Inc.	125,740		4,179,598
Atlas America, Inc.*(a)	29,830		1,066,423
Brigham Exploration Co.*	131,280		1,181,520
Cal Dive International, Inc.*	10,100		411,575
Cimarex Energy Co.*	27,800		1,053,620
Comstock Resources, Inc.*	53,900		1,188,495
Denbury Resources, Inc.*	88,200		2,421,090
Energy Partners Ltd.*	30,400		616,208
Hanover Compressor Co.*	29,900		422,487
Houston Exploration Co.*	36,300		2,044,053
Magnum Hunter Resources, Inc.*(a)	253,630		3,271,827
NATCO Group, Inc.*	65,840		579,392
Northwest Natural Gas Co.	11,800		398,132
Oceaneering International, Inc.*	21,300		794,916
Oil States International, Inc.*	66,700		1,286,643
Oneok, Inc.(a)	40,420		1,148,736
Southwestern Energy Co.*	129,300		6,554,216
Spinnaker Exploration Co.*	31,940		1,120,136
Stone Energy Corp.*(a)	45,900		2,069,631
Swift Energy Co.*	92,620		2,680,423
Tesoro Corp.*	118,600		3,778,596
Todco (Class A Stock)*	67,800		1,248,876
Unit Corp.*	15,640		597,604
Veritas DGC, Inc.*	91,730		2,055,669
Vintage Petroleum, Inc.(a)	172,970		3,924,689
W-H Energy Services, Inc.*	90,420		2,021,791
Warren Resources, Inc.*	78,120		710,892
WGL Holdings, Inc.	28,490		878,632
World Fuel Services Corp.	11,800		587,640

			50,293,510

PAPER & FOREST PRODUCTS — 1.1%
CSS Industries, Inc.	8,800		279,488
Glatfelter, (P.H.) Co.	80,590		1,231,415
Rock-Tenn Co. (Class “A” Stock)	25,100		380,516
Schweitzer-Mauduit International, Inc.	105,300		3,574,935
Universal Forest Products, Inc.	78,900		3,424,260
Wausau-Mosinee Paper Corp.	84,400		1,507,384

			10,397,998

PERSONAL SERVICES — 0.8%
Alderwoods Group, Inc.*	41,200		468,856
CompuCredit Corp.*(a)	43,200		1,181,088
Geo Group, Inc.*	49,200		1,307,736
Stewart Enterprises, Inc (Class “A” Stock)*	518,230		3,622,428
Volt Information Sciences, Inc*	14,400		423,216

			7,003,324

PHARMACEUTICALS — 0.9%
Adolor Corp.*	48,400		480,128
Alexion Pharmaceuticals, Inc.*	5,400		136,080
Alpharma, Inc. (Class “A” Stock)	18,700		316,965
Andrx Corp.*	23,320		509,076
Atherogenics, Inc.*(a)	56,700		1,335,852
AVANIR Pharmaceuticals, Inc. (Class “A” Stock)*	462,100		1,575,760
Covance, Inc.*	22,690		879,238
Cubist Pharmaceuticals, Inc.*	95,100		1,125,033
Rigel Pharmaceuticals, Inc.*	6,900		168,498
United Therapeutics Corp.*	24,000		1,083,600
Valeant Pharmaceuticals International(a)	37,400		985,490

			8,595,720

PRINTING & PUBLISHING — 1.0%
Banta Corp.	60,850		2,723,646
Bowne & Co., Inc.	79,600		1,294,296
Consolidated Graphics, Inc.*	13,400		615,060
Courier Corp.	23,446		1,217,316
Journal Register Co.*	24,600		475,518
Pulitzer, Inc.	15,500		1,005,175
Valassis Communications, Inc.*(a)	41,270		1,444,863

			8,775,874

RAILROADS — 0.4%
Genesse & Wyoming, Inc. (Class “A” Stock)*	98,930		2,782,901
RailAmerica, Inc.*	85,000		1,109,250

			3,892,151

REAL ESTATE — 11.5%
Affordable Residential Communities, Inc. [REIT]	85,500		1,226,925
Alexandria Real Estate Equities, Inc. [REIT]	22,400		1,667,008
American Financial Realty Trust [REIT]	261,200		4,226,216
American Home Mortgage Investment, Corp. [REIT]	111,900		3,832,575

AST SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
Anthracite Capital, Inc. [REIT]	242,000	$	2,991,120
Arbor Realty Trust, Inc. [REIT]	87,540		2,148,232
Bedford Property Investors, Inc. [REIT]	57,700		1,639,257
Brandywine Realty Trust [REIT]	29,930		879,643
Capital Automotive [REIT]	101,260		3,597,262
Capital Trust, Inc. (Class “A” Stock) [REIT]	23,000		706,330
CarrAmerica Realty Corp. [REIT]	245,200		8,091,599
CBL & Associates Properties, Inc. [REIT]	29,050		2,217,968
Corporate Office Properties Trust [REIT]	48,300		1,417,605
Cresent Real Estate Equities Co. [REIT]	34,700		633,622
Equity Inns, Inc. [REIT]	185,900		2,182,466
FelCor Lodging Trust, Inc. [REIT]*	59,300		868,745
First Potomac Realty Trust [REIT]	27,050		616,740
Forest City Enterprises, Inc. (Class “A” Stock)	10,160		584,708
Gables Residential Trust [REIT]	111,700		3,997,743
Government Properties Trust, Inc. [REIT]	75,900		748,374
Highland Hospitality Corp. [REIT]	96,010		1,079,152
Highwoods Properties, Inc. [REIT]	105,910		2,933,707
IMPAC Mortgage Holdings, Inc. [REIT](a)	99,900		2,264,733
Innkeepers USA Trust [REIT]	214,200		3,041,640
LaSalle Hotel Properties [REIT]	45,900		1,460,997
Lexington Corp. Properties Trust [REIT](a)	205,200		4,633,415
LTC Properties, Inc. [REIT]	87,100		1,734,161
MeriStar Hospitality Corp. [REIT]*	484,160		4,042,736
MFA Mortgage Investments, Inc. [REIT]	69,600		613,872
Mid-America Apartment Communities, Inc. [REIT]	138,300		5,700,725
National Health Investors, Inc. [REIT]	125,000		3,647,500
New Century Financial Corp. [REIT](a)	23,000		1,469,930
Novastar Financial, Inc. [REIT](a)	32,000		1,584,000
Parkway Properties, Inc. [REIT]	29,900		1,517,425
Pennsylvania Real Estate Investment Trust [REIT]	86,000		3,680,800
Prentiss Properties Trust [REIT]	101,790		3,888,378
RAIT Investment Trust [REIT]	97,200		2,718,684
Ramco-Gershenson Properties Trust [REIT]	28,340		913,965
Saul Centers, Inc. [REIT]	60,400		2,310,300
Senior Housing Properties Trust [REIT]	127,600		2,416,744
SL Green Realty Corp. [REIT]	29,240		1,770,482
Summit Properties, Inc. [REIT]	33,250		1,082,620
Sun Communities, Inc. [REIT]	53,900		2,169,475
Urstadt Biddle Properties (Class “A” Stock) [REIT]	13,400		228,470
Ventas, Inc. [REIT]	84,400		2,313,404
Winston Hotels, Inc. [REIT]	176,060		2,079,269

			105,570,722

RESTAURANTS — 1.0%
Bob Evans Farms, Inc.	4,300		112,402
Brinker International, Inc.*	19,810		694,737
California Pizza Kitchen, Inc.*	30,930		711,390
CEC Entertainment, Inc.*(a)	22,980		918,511
Jack in the Box, Inc.*	56,100		2,068,407
Landry’s Restaurants, Inc.(a)	98,900		2,874,033
Lone Star Steakhouse & Saloon, Inc.	31,790		890,120
Papa John's International, Inc.*	16,600		571,704
Ryan’s Restaurant Group, Inc.*	15,000		231,300

			9,072,604

RETAIL & MERCHANDISING — 3.6%
Aeropostale, Inc.*	46,800		1,377,324
Casey’s General Stores, Inc.	101,130		1,835,510
Cash America International, Inc.	126,600		3,763,817
Charming Shoppes, Inc.*(a)	284,200		2,662,953
Dress Barn, Inc.*	104,100		1,832,160
Foot Locker, Inc.	72,630		1,955,926
Genesco, Inc.*	26,700		831,438
Goody’s Family Clothing, Inc.	18,700		170,918
Jo-Ann Stores, Inc.*	36,200		996,948
Linens ‘n Things, Inc.*	3,200		79,360
Lithia Motors, Inc. (Class “A” Stock)	52,900		1,418,778
Movado Group, Inc.	25,100		468,115
Pathmark Stores, Inc.*	42,000		244,020
Paxar Corp.*	9,600		212,832
Payless Shoesource, Inc.*	74,300		913,890
PC Connection, Inc.*	8,500		80,920
RC2 Corp.*	39,000		1,271,400
School Specialty, Inc.*	37,970		1,464,123
Sharper Image Corp.*	42,170		794,905
ShopKo Stores, Inc.*	102,500		1,914,700
Sports Authority, Inc. (The)*	9,700		249,775
Stage Stores, Inc.*	29,300		1,216,536
The Men's Wearhouse, Inc.*	73,060		2,334,998
Too, Inc.*	50,800		1,242,568
United Auto Group, Inc.	16,600		491,194

AST SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
West Marine, Inc.*	32,410	$	802,148
Winn-Dixie Stores, Inc.(a)	151,200		687,960
Zale Corp.*	51,680		1,543,682

			32,858,898

SEMICONDUCTORS — 1.3%
Actel Corp.*	17,100		299,934
Axcelis Technologies, Inc.*	102,000		829,260
Cohu, Inc.	24,000		445,440
Credence Systems Corp.*	8,500		77,775
Cypress Semiconductor Corp.*(a)	73,980		867,785
DSP Group, Inc.*	28,900		645,337
DuPont Photomasks, Inc.*	21,720		573,625
ESS Technology, Inc.*	9,100		64,701
Exar Corp.*	18,700		265,353
Fairchild Semiconductor International, Inc.*	45,170		734,464
Integrated Silicon Solution, Inc.*	39,600		324,720
Lattice Semiconductor Corp.*	81,700		465,690
MKS Instruments, Inc.*	15,000		278,250
MRV Communications, Inc.*	106,800		391,956
ON Semiconductor Corp.*	83,900		380,906
Photronics, Inc.*	41,600		686,400
Richardson Electronics, Ltd.	157,140		1,667,256
Silicon Storage Technology, Inc.*	40,600		241,570
Skyworks Solutions, Inc.*(a)	69,400		654,442
Standard Microsystems Corp.*	51,780		923,238
Ultratech Stepper, Inc.*	29,320		552,682
Vitesse Semiconductor Corp.*	64,500		227,685

			11,598,469

TELECOMMUNICATIONS — 1.5%
AsiaInfo Holdings, Inc.*	15,500		92,380
Brightpoint, Inc.*	70,820		1,383,823
Broadwing Corp.*	50,800		462,788
Cincinnati Bell, Inc.*	399,500		1,657,925
Commonwealth Telephone Enterprises,	15,500		769,730
CT Communications, Inc.	103,400		1,271,820
Ditech Communications Corp.*	34,700		518,765
General Communication, Inc. (Class “A” Stock)*	48,100		531,024
Mastec, Inc.*	91,900		929,109
North Pitsburgh Systems, Inc.	23,000		568,790
Premiere Global Services, Inc.*	346,080		3,706,517
Primus Telecommunications Group, Inc.*	95,700		304,326
Sycamore Networks, Inc.*	75,400		306,124
Talk America Holdings, Inc.*	44,500		294,590
Time Warner Telecom, Inc. (Class “A” Stock)*	72,400		315,664
Unova, Inc.*	24,000		606,960

			13,720,335

TRANSPORTATION — 2.4%
Amerco, Inc.*	15,500		712,690
Arkansas Best Corp.	15,500		695,795
CNF, Inc.	16,070		805,107
Covenant Transportation, Inc. (Class “A” Stock)*	28,900		601,698
GATX Corp.	70,500		2,083,980
Greenbrier Companies, Inc.	17,700		599,145
HUB Group, Inc. (Class “A” Stock) (Canada)*	26,290		1,372,864
Kansas City Southern*	80,200		1,421,946
Offshore Logistics, Inc.*	32,600		1,058,522
Overnite Corp.	59,960		2,232,910
Overseas Shipholding Group, Inc.	41,200		2,274,240
Pacer International, Inc.*	26,760		568,918
Quality Distribution, Inc.*	51,040		430,778
SCS Transportation, Inc.*	64,700		1,512,039
Sirva, Inc.*	44,930		863,555
Swift Transportation Co., Inc.*	20,800		446,784
U.S. Xpress Enterprises, Inc. (Class “A” Stock)*	37,100		1,087,030
USF Corp.	21,900		831,105
Werner Enterprises, Inc.	111,440		2,523,001

			22,122,107

UTILITIES — 6.1%
Allete, Inc.	23,190		852,233
American States Water Co.	16,600		431,600
Atmos Energy Corp.	27,800		760,330
Avista Corp.	67,800		1,198,026
Black Hills Corp.	20,300		622,804
California Water Service Group	16,600		624,990
Cascade Natural Gas Corp.	39,930		846,516
CH Energy Group, Inc.	33,600		1,614,480
Cleco Corp.	49,700		1,006,922
CMS Energy Corp.*(a)	307,700		3,215,465
Comfort Systems USA, Inc.*	82,740		635,443
Duratek, Inc.*	41,380		1,030,776
El Paso Electric Co.*	118,600		2,246,284
EMCOR Group, Inc.*	10,100		456,318
Energen Corp.	87,300		5,146,334
Idacorp, Inc.(a)	100,240		3,064,337
Massey Energy Co.	17,280		603,936
New Jersey Resources Corp.	118,620		5,140,990
PNM Resources, Inc.(a)	117,000		2,958,930
Sierra Pacific Resources*	397,900		4,177,950
SJW Corp.	4,900		178,360
South Jersey Industries, Inc.	57,700		3,032,712
Southern Union Co.*	156,200		3,745,676
Southwest Gas Corp.	120,200		3,053,080
UGI Corp.	23,010		941,339
UIL Holdings Corp.	19,200		984,960
Unisource Energy Corp.	140,500		3,387,455
Vectran Corp.	24,750		663,300

AST SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES		VALUE (NOTE 2)
Westar Energy, Inc.		90,270	$	2,064,475
Wisconsin Energy Corp.		49,420		1,665,947

				56,351,968

TOTAL COMMON STOCK (Cost $888,226,476)				932,289,534

EXCHANGE TRADED FUNDS — 0.2%
iShares Russell 2000 Index Fund(a) (Cost $1,774,948)		13,870		1,796,165

RIGHTS*
FINANCIAL SERVICES
Technology Investment Capital Corp., expiring 01/25/05(a) (Cost $0)		105,100		52,550

TOTAL LONG-TERM INVESTMENTS (Cost $890,001,424)				934,138,249


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 8.8%
CERTIFICATES OF DEPOSIT
Westdeutsche Landesbank
1.50%, 01/10/05(b)	$	94		94,287

CORPORATE OBLIGATIONS — 0.6%
Bank of America NA
2.30%, 01/03/05(b)(c)		1,459		1,459,151
Merrill Lynch & Co., Inc.
2.38%, 01/03/05(b)(c)		3,259		3,259,290
Morgan Stanley
2.33%, 01/03/05(b)(c)		554		554,093

				5,272,534

TIME DEPOSIT — 0.5%
Bank of America NA
1.50%, 01/03/05(b)		4,301		4,300,541


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 7.7%
BlackRock Institutional Money Market Trust(b)(j)		71,571,700		71,571,700

TOTAL SHORT-TERM INVESTMENTS (Cost $81,239,062)				81,239,062

TOTAL INVESTMENTS — 110.1% (Cost $971,240,486; Note 5)				1,015,377,311
LIABILITIES IN EXCESS OF OTHER ASSETS — (10.1%)				(93,242,312	)

NET ASSETS — 100.0%			$	922,134,999

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 securities on loan. Securities on loan have an aggregate market value of $77,030,483; cash collateral of $81,239,062 (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 the illiquid securities is $734,050. The aggregate value, $783,180, represents 0.08% of net assets.

(j)	Security available to institutional investors only.

AST SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


Real Estate	11.5	%
Financial — Bank & Trust	11.3
Utilities	6.1
Insurance	5.5
Oil & Gas	5.5
Machinery & Equipment	3.8
Chemicals	3.6
Retail & Merchandising	3.6
Computer Services & Software	3.1
Metals & Mining	3.1
Consumer Products & Services	3.0
Financial Services	3.0
Electronic Components & Equipment	2.5
Transportation	2.4
Automotive Parts	2.1
Medical Supplies & Equipment	2.1
Healthcare Services	1.8
Construction	1.5
Telecommunications	1.5
Building Materials	1.4
Industrial Products	1.4
Aerospace	1.3
Semiconductors	1.3
Clothing & Apparel	1.2
Business Services	1.1
Containers & Packaging	1.1
Entertainment & Leisure	1.1
Paper & Forest Products	1.1
Printing & Publishing	1.0
Restaurants	1.0
Pharmaceuticals	0.9
Airlines	0.8
Computer Hardware	0.8
Food	0.8
Personal Services	0.8
Financial — Brokerage	0.7
Internet Services	0.6
Advertising	0.5
Automobile Manufacturers	0.5
Broadcasting	0.5
Hotels & Motels	0.5
Office Equipment	0.5
Biotechnology	0.4
Cable Television	0.4
Conglomerates	0.4
Diversified Operations	0.4
Environmental Services	0.4
Equipment Services	0.4
Railroads	0.4
Commercial Services	0.3
Exchange Traded Funds	0.2
Furniture	0.1
Short-Term Investments	8.8

	110.1
Liabilities in excess of other assets	(10.1	)

	100.0	%

See Notes to Financial Statements.

AST DEAM SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 92.8%
COMMON STOCK ADVERTISING — 0.1%
DoubleClick, Inc.*	17,000	$	132,260

AEROSPACE — 2.2%
DRS Technologies, Inc.*	28,900		1,234,319
Esterline Technologies Corp.*	12,300		401,595
Moog, Inc. (Class “A” Stock)*	17,300		784,555

			2,420,469

AIRLINES — 1.4%
Continental Airlines, Inc. (Class “B” Stock)*(a)	66,200		896,348
Frontier Airlines, Inc.*	62,900		717,689

			1,614,037

AUTOMOBILE MANUFACTURERS — 0.5%
Arctic Cat, Inc.	19,900		527,748

AUTOMOTIVE PARTS — 1.2%
Tenneco Automotive, Inc.*	46,100		794,764
Wabash National Corp.*	22,100		595,153

			1,389,917

BUILDING MATERIALS — 0.5%
American Woodmark Corp.	4,100		179,088
Genlyte Group, Inc.*	4,200		359,856

			538,944

BUSINESS SERVICES — 0.9%
CSG Systems International, Inc.*	44,300		828,410
UniFirst Corp.	5,200		147,056

			975,466

CHEMICALS — 3.6%
FMC Corp.*	22,900		1,106,070
Georgia Gulf Corp.	24,700		1,230,060
NewMarket Corp.*	24,000		477,600
Octel Corp.	31,000		645,110
Terra Industries, Inc.*(a)	68,000		603,840

			4,062,680

CLOTHING & APPAREL — 4.3%
Cato Corp. (Class “A” Stock)	41,500		1,196,030
Skechers USA, Inc. (Class “A” Stock)*	62,700		812,592
Too, Inc.*	36,500		892,790
Warnaco Group, Inc. (The)*(a)	17,000		367,200
Wolverine World Wide, Inc.	47,600		1,495,592

			4,764,204

COMMERCIAL SERVICES — 0.8%
NCO Group, Inc.*	35,800		925,430

COMPUTER SERVICES & SOFTWARE — 4.2%
Agilysys, Inc.	49,700		851,858
BISYS Group, Inc. (The)*	66,300		1,090,635
Borland Software Corp.*(a)	75,400		880,672
E.piphany, Inc.*	33,300		160,839
Internet Security Systems, Inc.*	10,700		248,775
Parametric Technology Corp.*	127,400		750,386
THQ, Inc.*	29,600		679,024

			4,662,189

CONSTRUCTION — 0.9%
Dycom Industries, Inc.*(a)	19,800		604,296
WCI Communities, Inc.*	12,400		364,560

			968,856

CONSUMER PRODUCTS & SERVICES — 4.1%
Buckeye Technologies, Inc.*	57,300		745,473
Chemed Corp.	19,600		1,315,356
Dollar Thrifty Automotive Group, Inc.*	30,300		915,060
Nu Skin Enterprises, Inc. (Class “A” Stock)(a)	40,400		1,025,352
Stewart Enterprises, Inc.*	79,400		555,006

			4,556,247

CONTAINERS & PACKAGING — 0.7%
Silgan Holdings, Inc.	12,200		743,712

ELECTRONIC COMPONENTS & EQUIPMENT — 0.2%
Woodward Governor Co.	2,800		200,508

ENTERTAINMENT & LEISURE — 0.9%
Argosy Gaming Co.*	21,300		994,710

EQUIPMENT SERVICES — 0.4%
United Rentals, Inc.*	21,300		402,570

FINANCIAL — BANK & TRUST — 10.9%
BankUnited Financial Corp.*	29,800		952,110
Banner Corp.	8,400		261,996
Central Pacific Financial Corp.	14,300		517,231
Commercial Capital Bancorp, Inc.(a)	19,100		442,738
Corus Bankshares, Inc.	10,100		484,901
First Republic Bank Corp.	17,900		948,700
FirstFed Financial Corp.*	28,200		1,462,734
FNB Corp.(a)	16,600		337,976
Harbor Florida Bancshares, Inc.	15,800		546,838
PFF Bancorp, Inc.	11,600		537,428
Prosperity Bancshares, Inc.	22,900		668,909
Provident Bancshares Corp.	26,300		956,531
Republic Bancorp, Inc.	26,500		404,920
Sterling Bancshares, Inc.	28,500		406,695
Sterling Financial Corp.*	41,604		1,633,373
Texas Regional Bancshares, Inc. (Class “A” Stock)	11,700		382,356
Umpqua Holdings Corp.	15,300		385,713
United Bancshares, Inc.	13,700		522,655
Wesbanco, Inc.	8,400		268,548

AST DEAM SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
WestAmerica Bancorp	2,300	$	134,113
Yardville National Bancorp	2,600		89,076

			12,345,541

FINANCIAL SERVICES — 2.8%
Compucredit Corp.*	31,000		847,540
Downey Financial Corp.	21,200		1,208,400
ITLA Capital Corp.*	5,900		346,861
West Coast Bancorp	3,100		78,771
WSFS Financial Corp.	10,000		603,200

			3,084,772

FOOD — 2.9%
Corn Products International, Inc.	24,400		1,306,864
J&J Snack Foods Corp.	5,000		245,150
Lance, Inc.	51,600		981,948
Nash Finch Co.	18,100		683,456

			3,217,418

FURNITURE — 0.6%
Haverty Furniture Co., Inc.	34,500		638,250

HEALTHCARE SERVICES — 0.8%
Res-Care, Inc.*	56,200		855,364

INDUSTRIAL PRODUCTS — 2.3%
Brady Corp. (Class “A” Stock)	7,600		475,532
Oregon Steel Mills, Inc.*	45,700		927,253
Tredegar Corp.	59,600		1,204,516

			2,607,301

INSURANCE — 2.9%
American Physicians Cap, Inc.*	5,500		198,110
Commerce Group, Inc.	7,400		451,696
LandAmerica Financial Group, Inc.(a)	15,800		852,094
Navigators Group, Inc.*	19,500		587,145
Stewart Information Services Corp.	27,800		1,157,870

			3,246,915

INTERNET SERVICES — 0.2%
EarthLink, Inc.*(a)	13,000		149,760
Interwoven, Inc.*	8,700		94,656

			244,416

LUMBER & WOOD PRODUCTS — 0.1%
Deltic Timber Corp.	3,000		127,350

MACHINERY & EQUIPMENT — 3.9%
Kennametal, Inc.	21,400		1,065,078
Rofin-Sinar Technologies, Inc.*	22,800		967,860
Stewart & Stevenson Services, Inc.	56,500		1,142,995
Terex Corp.*	25,200		1,200,780

			4,376,713

MEDICAL SUPPLIES & EQUIPMENT — 1.6%
Haemonetics Corp.*	33,600		1,216,656
Sola International, Inc.*	20,100		553,554

			1,770,210

METALS & MINING — 1.7%
Hecla Mining Co.*	84,900		494,967
Quanex Corp.	20,900		1,433,113

			1,928,080

OIL & GAS — 8.9%
Cimarex Energy Co.*	39,900		1,512,210
Energen Corp.	33,600		1,980,720
Houston Exploration Co.*	27,800		1,565,418
Meridian Resource Corp. (The)*	104,400		631,620
Piedmont Natural Gas Co., Inc.	10,200		237,048
Southwestern Energy Co.*	30,700		1,556,183
Tesoro Petroleum Corp.*	29,200		930,312
Vintage Petroleum, Inc.	39,300		891,717
Whiting Petroleum Corp.*	22,900		692,725

			9,997,953

PAPER & FOREST PRODUCTS — 1.8%
Pope & Talbot, Inc.	34,400		588,584
Potlatch Corp.(a)	27,600		1,396,008

			1,984,592

PHARMACEUTICALS — 2.3%
Alpharma, Inc. (Class “A” Stock)	51,700		876,315
Enzon Pharmaceuticals, Inc.*	56,300		772,436
Perrigo Co.	5,500		94,985
Valeant Pharmaceuticals International(a)	30,500		803,675

			2,547,411

PRINTING & PUBLISHING — 1.2%
Consolidated Graphics, Inc.*	14,000		642,600
Readers Digest Association, Inc.	51,000		709,410

			1,352,010

REAL ESTATE — 11.2%
Alexandria Real Estate Equities, Inc. [REIT](a)	5,200		386,984
American Financial Realty Trust [REIT]	29,900		483,782
Amli Residential Properties Trust [REIT]	9,400		300,800
Brandywine Realty Trust [REIT]	10,200		299,778
Capital Automotive [REIT]	11,800		419,195
CarrAmerica Realty Corp. [REIT]	14,200		468,600
Colonial Properties Trust [REIT]	7,300		286,671
Commercial Net Lease Realty, Inc. [REIT]	18,700		385,220
Corporate Office Properties Trust [REIT]	12,000		352,200
Cousins Properties, Inc. [REIT]	10,400		314,808

AST DEAM SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES		VALUE (NOTE 2)
Equity Lifestyle Properties, Inc.		5,200	$	185,900
Essex Property Trust, Inc. [REIT]		5,100		427,380
First Industrial Realty Trust, Inc. [REIT]		12,000		488,760
Gables Residential Trust [REIT]		10,600		379,374
HealthCare Realty Trust, Inc. [REIT]		12,000		488,400
Heritage Property Investment Trust [REIT]		7,300		234,257
Highwoods Properties, Inc. [REIT]		15,200		421,040
Home Properties of New York, Inc. [REIT]		8,400		361,200
IMPAC Mortgage Holdings, Inc. [REIT](a)		12,200		276,574
Jones Lang Lasalle, Inc.* [REIT]		12,200		456,402
Kilroy Realty Corp. [REIT]		9,800		418,950
Lexington Corp. Properties Trust [REIT]		17,500		395,150
Mid-America Apartment Communities, Inc. [REIT]		8,100		333,882
Nationwide Health Properties, Inc. [REIT]		18,700		444,125
Novastar Financial, Inc. [REIT](a)		7,700		381,150
Pennsylvania Real Estate Investment Trust [REIT]		8,400		359,520
Post Properties, Inc. [REIT]		700		24,430
Prentiss Properties Trust [REIT]		11,700		446,940
RAIT Investment Trust [REIT]		11,500		321,655
Realty Income Corp. [REIT]		10,800		546,264
Redwood Trust, Inc. [REIT](a)		6,400		397,376
Senior Housing Properties Trust [REIT]		17,300		327,662
Sovran Self Storage, Inc. [REIT]		7,400		311,836
Taubman Centers, Inc. [REIT]		5,200		155,740
Washington Real Estate Investment Trust [REIT]		9,300		314,991

				12,596,996

RESTAURANTS — 1.2%
Dave & Buster’s, Inc.*		41,000		828,200
Landry’s Restaurants, Inc.(a)		18,900		549,234

				1,377,434

RETAIL & MERCHANDISING — 1.5%
Cash America International, Inc.		32,000		951,360
Charming Shoppes, Inc.*(a)		49,100		460,067
Movado Group, Inc.		16,100		300,265

				1,711,692

SEMICONDUCTORS — 1.8%
Integrated Device Technology, Inc.*		59,700		690,132
Photronics, Inc.*(a)		43,100		711,150
Standard Microsystems Corp.*		32,600		581,258

				1,982,540

TELECOMMUNICATIONS — 1.4%
Commscope, Inc.*		28,300		534,870
CT Communications, Inc.		18,700		230,010
General Communication, Inc.*		71,800		792,672

				1,557,552

TRANSPORTATION — 2.3%
Kirby Corp.*		25,000		1,109,500
Overseas Shipholding Group, Inc.(a)		27,000		1,490,400

				2,599,900

UTILITIES — 1.6%
PNM Resources, Inc.		42,100		1,064,709
Sierra Pacific Resources*		18,400		193,200
South Jersey Industries, Inc.		2,800		147,168
Southern Union Co.*		15,600		374,089

				1,779,166

TOTAL LONG TERM INVESTMENTS (Cost $93,801,785)				103,809,523


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 10.0%
CERTIFICATES OF DEPOSIT — 0.1%
Canadian Imperial Bank of Commerce
2.372%, 01/31/05(b)(c)	$	6		5,827
UBS Bank
2.315%, 01/18/05(b)		149		148,672

				154,499

CORPORATE OBLIGATIONS — 1.9%
Merrill Lynch & Co., Inc.
2.38%, 01/03/05(b)(c)		954		954,349
Morgan Stanley
2.33%, 01/03/05(b)(c)		214		213,949
Sedna Finance Corporation
2.372%, 01/14/05(b)(c)		377		376,714
Swedbank NY
2.362%, 01/18/05(b)(c)		586		586,289

				2,131,301

TIME DEPOSIT — 0.4%
Bank of America NA
1.50%, 01/03/05(b)		486		485,753


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 7.0%
BlackRock Institutional Money Market Trust(b)(j)		7,668,211		7,668,211

AST DEAM SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.6%
U.S. TREASURY BILLS
1.84%, 01/27/05(k)	$	20	$	19,974
1.87%, 01/27/05(k)		500		499,343
1.91%, 01/27/05(k)		50		49,934
1.93%, 01/27/05(k)		25		24,967
1.98%, 01/27/05(k)		100		99,857

				694,075

TOTAL SHORT-TERM INVESTMENTS (Cost $11,133,839)				11,133,839

TOTAL INVESTMENTS — 102.8% (Cost $104,935,624; Note 5)				114,943,362
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.8%)				(3,124,262	)

NET ASSETS — 100.0%			$	111,819,100

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 securities on loan. Securities on loan have an aggregate market value of $10,034,977; cash collateral of $10,439,764 (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 $694,075 have been segregated with the custodian to cover margin requirements for the following open futures contracts at December 31, 2004:


NUMBER OF CONTRACTS	TYPE	EXPIRATION MONTH	VALUE AT TRADE DATE		VALUE AT DECEMBER 31, 2004		UNREALIZED APPRECIATION
LONG POSITION:
21	Russell 2000	Mar 05	$	6,670,604	$	6,866,475	$	195,871

AST DEAM SMALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


Real Estate	11.2	%
Financial — Bank & Trust	10.9
Oil & Gas	8.9
Clothing & Apparel	4.3
Computer Services & Software	4.2
Consumer Products & Services	4.1
Machinery & Equipment	3.9
Chemicals	3.6
Food	2.9
Insurance	2.9
Financial Services	2.8
Industrial Products	2.3
Pharmaceuticals	2.3
Transportation	2.3
Aerospace	2.2
Paper & Forest Products	1.8
Semiconductors	1.8
Metals & Mining	1.7
Medical Supplies & Equipment	1.6
Utilities	1.6
Retail & Merchandising	1.5
Airlines	1.4
Telecommunications	1.4
Automotive Parts	1.2
Printing & Publishing	1.2
Restaurants	1.2
Business Services	0.9
Construction	0.9
Entertainment & Leisure	0.9
Commercial Services	0.8
Healthcare Services	0.8
Containers & Packaging	0.7
Furniture	0.6
Automobile Manufacturers	0.5
Building Materials	0.5
Equipment Services	0.4
Electronic Components & Equipment	0.2
Internet Services	0.2
Advertising	0.1
Lumber & Wood Products	0.1
Short-Term Investments	10.0

	102.8
Liabilities in excess of other assets	(2.8	)

	100.0	%

See Notes to Financial Statements.

AST GOLDMAN SACHS MID-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 103.0%
COMMON STOCK
AEROSPACE & DEFENSE — 1.9%
Alliant Techsystems, Inc.*	81,825	$	5,349,719

APPAREL/SHOES — 3.5%
Chico’s FAS, Inc.*(a)	108,875		4,957,079
Reebok International Ltd.	108,975		4,794,900

			9,751,979

AUTO PARTS & RELATED — 2.0%
Gentex Corp.(a)	152,250		5,636,295

BANKS — 1.1%
M&T Bank Corp.	27,925		3,011,432

BIOTECHNOLOGY — 1.6%
Biogen Idec, Inc.*	20,650		1,375,497
Eyetech Pharmaceuticals, Inc.*	31,675		1,441,213
MedImmune, Inc.*	56,950		1,543,914

			4,360,624

BROADCASTING & CABLE/SATELLITE TV — 7.5%
Cablevision Systems New York
Group (Class “A” Stock)*(a)	215,775		5,372,798
Citadel Broadcasting Co.*(a)	322,979		5,225,800
EchoStar Communications Corp. (Class “A” Stock)(a)	94,950		3,156,138
Entravision Communications Corp. (Class “A” Stock)*	432,280		3,609,538
Univision Communications, Inc. (Class “A” Stock)*(a)	118,000		3,453,860

			20,818,134

COMMERCIAL SERVICES — 5.8%
ARAMARK Corp. (Class “B” Stock)	196,475		5,208,552
Iron Mountain, Inc.*(a)	146,865		4,477,914
Moody’s Corp.(a)	32,925		2,859,536
Pitney Bowes, Inc.	72,750		3,366,870

			15,912,872

COMPUTER HARDWARE — 2.2%
Avocent Corp.*	151,520		6,139,590

COMPUTER SERVICES — 1.7%
Fiserv, Inc.*(a)	114,700		4,609,793

COMPUTER SOFTWARE — 4.7%
Cognos, Inc. (Canada)*	83,075		3,660,284
Manhattan Associates, Inc.*	120,194		2,870,233
Mercury Interactive Corp.*(a)	49,900		2,272,945
NAVTEQ Corp.*	25,100		1,163,636
Salesforce.com, Inc.*(a)	182,000		3,083,080

			13,050,178

DRUGS & MEDICINE — 2.0%
Amylin Pharmaceuticals, Inc.*(a)	61,090		1,427,062
OSI Pharmaceuticals, Inc.*	55,100		4,124,235

			5,551,297

GAMING/LODGING — 4.0%
GTECH Holdings Corp.	112,400		2,916,780
Harrah’s Entertainment, Inc.(a)	78,475		5,249,192
Las Vegas Sand Corp.*	10,800		518,400
Marriott International, Inc. (Class “A” Stock)	38,475		2,423,156

			11,107,528

HOUSEHOLD/PERSONAL CARE — 1.1%
Energizer Holdings, Inc.*(a)	60,700		3,016,183

INSURANCE — 4.0%
Ambac Financial Group, Inc.	37,050		3,042,917
RenaissanceRe Holdings Ltd.	56,000		2,916,480
Willis Group Holdings Ltd. (United Kingdom)(a)	125,325		5,159,630

			11,119,027

INTERNET & ONLINE — 3.2%
CheckFree Corp.*	144,175		5,490,184
CNET Networks, Inc.*(a)	308,000		3,458,840

			8,949,024

MANUFACTURING — 0.7%
American Standard Cos., Inc.*	47,850		1,977,162

MEDICAL PRODUCTS — 4.7%
Allergan, Inc.	31,025		2,515,197
Bard, (C.R.), Inc.	21,900		1,401,162
Fisher Scientific International, Inc.*(a)	79,916		4,985,160
St. Jude Medical, Inc.*	100,800		4,226,544

			13,128,063

MOVIES & ENTERTAINMENT — 0.5%
Lodgenet Entertainment Corp.*	81,350		1,439,082

NETWORKING/TELECOM EQUIPMENT — 4.4%
ADTRAN, Inc.	190,700		3,649,998
FLIR Systems, Inc.*(a)	81,800		5,218,022
Juniper Networks, Inc.*(a)	121,600		3,306,304

			12,174,324

OIL & GAS — 0.9%
XTO Energy, Inc.	73,600		2,603,968

OTHER CONSUMER DISCRETIONARY — 4.1%
Harman International Industries, Inc.	38,450		4,883,150
ITT Educational Services, Inc.*	92,925		4,418,584
Select Comfort Corp.*	109,300		1,960,842

			11,262,576

AST GOLDMAN SACHS MID-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES		VALUE (NOTE 2)
OTHER ENERGY — 1.8%
Smith International, Inc.*(a)		93,450	$	5,084,615

OTHER HEALTH CARE — 6.6%
Caremark Rx, Inc.*(a)		173,975		6,859,834
Charles River Laboratories International		140,075		6,444,851
Millipore Corp.*(a)		97,510		4,856,973

				18,161,658

OTHER PRODUCER GOODS & SERVICES — 3.5%
Global Payments, Inc.		63,300		3,705,582
Grainger, (W.W.), Inc.		90,925		6,057,424

				9,763,006

OTHER TECHNOLOGY — 1.6%
Amphenol Corp.*		117,500		4,316,950

PUBLISHING — 4.5%
Lamar Advertising Co.*(a)		157,050		6,718,599
Scripps, (E.W.) Co. (Class “A” Stock)		119,160		5,753,045

				12,471,644

REAL ESTATE — 1.4%
MoneyGram International, Inc.		176,800		3,737,552

RESTAURANTS — 1.6%
Chang’s China Bistro, (P.F.), Inc.*(a)		79,414		4,474,979

RETAILING — 9.2%
Bed Bath & Beyond, Inc.*(a)		62,300		2,481,409
CarMax, Inc.*(a)		151,500		4,704,074
Dollar Tree Stores, Inc.*(a)		123,225		3,534,093
Ethan Allen Interiors, Inc.(a)		76,025		3,042,521
PETCO Animal Supplies, Inc.*		177,070		6,990,723
Williams-Sonoma, Inc.*(a)		125,475		4,396,644

				25,149,464

SEMICONDUCTORS/SEMI CAP — 7.7%
KLA-Tencor Corp.*(a)		92,225		4,295,841
Linear Technology Corp.		134,996		5,232,444
Marvell Technology Group Ltd.*		123,400		4,376,998
Microchip Technology, Inc.		50,050		1,334,333
Tessera Technologies, Inc.*		165,500		6,158,254

				21,397,870

TELECOMMUNICATIONS — 1.4%
Crown Castle International Corp.*		239,875		3,991,520

TOBACCO — 1.3%
UST, Inc.		73,725		3,546,910

TRANSPORTATION — 0.8%
Robinson Worldwide, (C.H.), Inc.(a)		38,750		2,151,400

TOTAL LONG-TERM INVESTMENTS (Cost $243,318,339)				285,216,418


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 32.5%
CERTIFICATES OF DEPOSIT — 7.5%
Banco Santander PR
2.315%, 01/07/05(b)(c)	$	5,099		5,099,084
Canadian Imperial Bank of Commerce
2.372%, 01/31/05(b)(c)		1,619		1,619,178
First Boston Corp.
2.36%, 01/24/05(b)		12,046		12,046,198
Skandinaviska Enskilda Banken
2.35%, 01/28/05(b)		1,780		1,780,407
UBS Bank
2.315%, 01/18/05(b)		292		291,625

				20,836,492

CORPORATE OBLIGATIONS — 13.4%
Bank of America NA
2.30%, 01/03/05(b)(c)		2,202		2,202,450
Bear Stearns
2.28%, 01/03/05(b)(c)		2,145		2,145,403
2.28%, 01/03/05(b)(c)		3,699		3,699,478
Merrill Lynch & Co., Inc.
2.38%, 01/03/05(b)(c)		10,714		10,714,200
Morgan Stanley
2.33%, 01/03/05(b)(c)		4,449		4,448,966
Natexis Banque NY
2.297%, 01/03/05(b)(c)		1,285		1,284,915
Sedna Finance Corporation
2.372%, 01/14/05(b)(c)		6,549		6,549,195
Swedbank NY
2.362%, 01/18/05(b)(c)		6,020		6,019,142

				37,063,749

TIME DEPOSIT — 1.1%
Bank of America NA
1.50%, 01/03/05(b)		3,077		3,076,799

AST GOLDMAN SACHS MID-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
NON-REGISTERED INVESTMENT COMPANY — 10.5%
BlackRock Institutional Money Market Trust(b)(j)	28,920,212	$	28,920,212

TOTAL SHORT-TERM INVESTMENTS (Cost $89,897,252)			89,897,252

TOTAL INVESTMENTS — 135.5% (Cost $333,215,591; Note 5)			375,113,670
LIABILITIES IN EXCESS OF OTHER ASSETS — (35.5%)			(98,372,567	)

NET ASSETS — 100.0%		$	276,741,103

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

(a)	All or a portion of securities on loan. Securities on loan have an aggregate market value of $86,696,831; cash collateral of $89,897,252 (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.


Retailing	9.1	%
Semiconductors/Semi Cap	7.8
Broadcasting & Cable/Satellite TV	7.5
Other Health Care	6.6
Commercial Services	5.8
Computer Software	4.7
Medical Products	4.7
Publishing	4.5
Networking/Telecom Equipment	4.4
Other Consumer Discretionary	4.1
Gaming/Lodging	4.0
Insurance	4.0
Apparel/Shoes	3.5
Other Producer Goods & Services	3.5
Internet & Online	3.2
Computer Hardware	2.2
Auto Parts & Related	2.0
Drugs & Medicine	2.0
Aerospace & Defense	1.9
Other Energy	1.8
Computer Service	1.7	%
Other Technology	1.6
Restaurants	1.6
Biotechnology	1.6
Real Estate	1.4
Telecommunications	1.4
Tobacco	1.3
Banks	1.1
Household/Personal Care	1.1
Oil & Gas	0.9
Transportation	0.8
Manufacturing	0.7
Movies & Entertainment	0.5
Short-Term Investments	32.5

	135.5
Liabilities in excess of other assets	(35.5	)

	100.0	%

See Notes to Financial Statements.

AST NEUBERGER BERMAN MID-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 96.3%
COMMON STOCK
ADVERTISING — 1.2%
Getty Images, Inc.*(a)	70,000	$	4,819,500

AEROSPACE — 0.6%
Rockwell Collins, Inc.	56,500		2,228,360

BEVERAGES — 0.6%
Constellation Brands, Inc. (Class “A” Stock)*	48,500		2,255,735

BROADCASTING — 1.1%
Univision Communications, Inc. (Class “A” Stock)*	65,500		1,917,185
XM Satellite Radio Holdings, Inc.*(a)	68,500		2,576,970

			4,494,155

BUSINESS SERVICES — 5.4%
Alliance Data Systems Corp.*(a)	196,000		9,306,080
Corporate Executive Board Co. (The)(a)	107,500		7,196,050
Hewitt Associates, Inc. (Class “A” Stock)*(a)	100,000		3,201,000
Robert Half International, Inc.	69,500		2,045,385

			21,748,515

CHEMICALS — 0.4%
Air Products & Chemicals, Inc.(a)	30,500		1,768,085

CLOTHING & APPAREL — 1.8%
Coach, Inc.*	128,000		7,219,200

COMMERCIAL SERVICES — 0.3%
Jackson Hewitt Tax Service Inc.	42,500		1,073,125

COMPUTER HARDWARE — 1.2%
Apple Computer, Inc.*	75,500		4,862,200

COMPUTER SERVICES & SOFTWARE — 8.9%
Adobe Systems, Inc.(a)	53,000		3,325,220
AutoDesk, Inc.	70,000		2,656,500
CACI International, Inc. (Class “A” Stock)*	35,000		2,384,550
Cerner Corp.*(a)	38,500		2,047,045
Cognizant Technology Solutions Corp. (Class “A” Stock)*	159,000		6,730,470
Cognos, Inc. (Canada)*	72,000		3,172,320
Mercury Interactive Corp.*(a)	134,000		6,103,700
NAVTEQ Corp.*	40,000		1,854,400
NCR Corp.*	33,500		2,319,205
TIBCO Software, Inc.*	399,000		5,322,660

			35,916,070

CONSUMER PRODUCTS & SERVICES — 0.8%
Fortune Brands, Inc.	40,000		3,087,200

CONTAINERS & PACKAGING — 1.1%
Pactiv Corp.*	171,600		4,339,764

ELECTRONIC COMPONENTS & EQUIPMENT — 5.3%
Garmin Ltd.	20,000		1,216,800
Harman International Industries, Inc.	41,000		5,207,000
Jabil Circuit, Inc.*	78,000		1,995,240
Zebra Technologies Corp. (Class “A” Stock)*(a)	228,000		12,831,840

			21,250,880

ENTERTAINMENT & LEISURE — 3.1%
Royal Caribbean Cruises Ltd.	119,500		6,505,580
Station Casinos, Inc.(a)	108,500		5,932,780

			12,438,360

FINANCIAL SERVICES — 7.5%
Capital Source, Inc.*(a)	165,500		4,248,385
Chicago Mercantile Exchange Holding, Inc.	14,500		3,316,150
First Marblehead Corp.*	89,000		5,006,250
Investors Financial Services Corp.(a)	116,000		5,797,680
Legg Mason, Inc.	63,750		4,670,325
Moody's Corp.	62,100		5,393,385
Providian Financial Corp.*	112,000		1,844,640

			30,276,815

FINANCIAL-BROKERAGE — 0.8%
Ameritrade Holding Corp.*	211,500		3,007,530

FOOD — 1.1%
Archer-Daniels-Midland Co.	100,500		2,242,155
Hershey Foods Corp.	35,700		1,982,778

			4,224,933

HEALTHCARE SERVICES — 2.9%
AMERIGROUP Corp.*	30,500		2,307,630
PacifiCare Health Systems, Inc.*	38,500		2,176,020
Stericycle, Inc.*	95,000		4,365,250
VCA Antech, Inc.*	131,500		2,577,400

			11,426,300

HOTELS & MOTELS — 2.0%
Marriott International, Inc. (Class “A” Stock)(a)	69,000		4,345,620
MGM Mirage, Inc.*	50,000		3,637,000

			7,982,620

INDUSTRIAL PRODUCTS — 3.1%
Donaldson Co., Inc.(a)	128,300		4,180,014
Fastenal Co.	98,500		6,063,660
Nucor Corp.(a)	41,500		2,172,110

			12,415,784

INTERNET SERVICES — 4.3%
Check Point Software Technologies Ltd.*	157,400		3,876,762
F5 Networks, Inc.*	67,500		3,288,600
Juniper Networks, Inc.*(a)	143,500		3,901,765
Macromedia, Inc.*	69,000		2,147,280

AST NEUBERGER BERMAN MID-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES		VALUE (NOTE 2)
McAfee, Inc.*		102,500	$	2,965,325
VeriSign, Inc.*		33,500		1,122,920

				17,302,652

MACHINERY & EQUIPMENT — 5.6%
Danaher Corp.		109,000		6,257,690
Eaton Corp.		53,500		3,871,260
Grainger (W.W.), Inc.		46,500		3,097,830
National Oilwell, Inc.*(a)		52,500		1,852,725
Terex Corp.*		65,000		3,097,250
Thermo Electron Corp.*		139,000		4,196,410

				22,373,165

MEDICAL SUPPLIES & EQUIPMENT — 11.1%
Bard, (C.R.), Inc.		89,000		5,694,220
Cytyc Corp.*		147,000		4,052,790
Genzyme Corp.*		65,000		3,774,550
Invitrogen Corp.*		55,000		3,692,150
Kinetic Concepts, Inc.*		90,500		6,905,150
Kyphon, Inc.*		107,000		2,756,320
Martek Biosciences Corp.*(a)		63,500		3,251,200
Protein Design Labs, Inc.*		163,500		3,377,910
ResMed, Inc.*		72,500		3,704,750
Varian Medical Systems, Inc.*		100,500		4,345,620
Zimmer Holdings, Inc.*		42,800		3,429,136

				44,983,796

METALS & MINING — 0.6%
Peabody Energy Corp.		29,000		2,346,390

OIL & GAS — 3.7%
Canadian Natural Resources Ltd.		65,000		2,780,050
Quicksilver Resources, Inc.*(a)		40,000		1,471,200
Smith International, Inc.*		67,700		3,683,557
XTO Energy, Inc.		191,800		6,785,884

				14,720,691

PHARMACEUTICALS — 2.3%
Celgene Corp.*(a)		148,500		3,939,705
Gilead Sciences, Inc.*		149,000		5,213,510

				9,153,215

RESTAURANTS — 1.1%
Starbucks Corp.*(a)		70,000		4,365,200

RETAIL & MERCHANDISING — 7.3%
Abercrombie & Fitch Co.		68,000		3,192,600
Bed Bath & Beyond, Inc.*		84,500		3,365,635
Dick’s Sporting Goods, Inc.*		30,000		1,054,500
Nordstrom, Inc.		45,000		2,102,850
PETsMART, Inc.		185,000		6,573,050
Staples, Inc.		118,500		3,994,635
Whole Foods Market, Inc.(a)		53,000		5,053,550
Williams-Sonoma, Inc.*(a)		106,000		3,714,240

				29,051,060

SEMICONDUCTORS — 4.8%
Altera Corp.*(a)		87,000		1,800,900
ATI Technologies, Inc. (Canada)*		154,000		2,986,060
KLA-Tencor Corp.*		60,000		2,794,800
Marvell Technology Group Ltd.*		88,500		3,139,095
Microchip Technology, Inc.		126,000		3,359,160
Microsemi Corp.*		231,300		4,015,368
Varian Semiconductor Equipment Associates, Inc.*		28,000		1,031,800

				19,127,183

TELECOMMUNICATIONS — 4.2%
American Tower Corp. (Class “A” Stock)*		112,500		2,070,000
Avaya, Inc.*		131,000		2,253,200
Nextel Partners, Inc. (Class “A” Stock)*		425,000		8,304,500
Western Wireless Corp. (Class “A” Stock)*(a)		150,000		4,395,000

				17,022,700

TRANSPORTATION — 2.1%
C.H. Robinson Worldwide, Inc.(a)		42,500		2,359,600
J.B. Hunt Transport Services, Inc.		133,000		5,965,050

				8,324,650

TOTAL LONG-TERM INVESTMENTS (Cost $278,833,164)				385,605,833


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 18.9%
CERTIFICATES OF DEPOSIT — 1.9%
Banco Santander PR
2.315%, 01/07/05(b)(c)	$	3,178		3,177,789
Canadian Imperial Bank of Commerce
2.372%, 01/31/05(b)(c)		1,471		1,471,101
First Boston Corp.
2.36%, 01/24/05(b)		598		598,136
Skandinaviska Enskilda Banken
2.35%, 01/28/05(b)		2,232		2,231,840

				7,478,866

COMMERCIAL PAPER — 1.3%
Citigroup, Inc. 2.304%, 01/10/05(b)		5,353		5,342,736

CORPORATE OBLIGATIONS — 6.0%
Goldman Sachs Group, Inc.
2.33%, 01/03/05(b)(c)		5,041		5,040,536
Merrill Lynch & Co., Inc.
2.38%, 01/03/05(b)(c)		5,406		5,406,421

AST NEUBERGER BERMAN MID-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Morgan Stanley
2.33%, 01/03/05(b)(c)	$	4,307	$	4,306,763
2.33%, 01/03/05(b)(c)		2,286		2,286,354
Natexis Banque NY
2.297%, 01/03/05(b)(c)		1,116		1,115,486
Sedna Finance Corporation
2.372%, 01/14/05(b)(c)		1,518		1,517,709
Swedbank NY
2.362%, 01/18/05(b)(c)		4,405		4,404,259

				24,077,528

TIME DEPOSIT — 0.8%
Bank of America NA
1.50%, 01/03/05(b)		3,094		3,093,857


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 4.9%
BlackRock Institutional Money Market Trust(b)(j)		19,786,575		19,786,575

REGISTERED INVESTMENT COMPANIES — 4.0%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		8,031,993		8,031,993
BlackRock Provident Institutional Funds TempFund Portfolio(j)		8,031,992		8,031,992

				16,063,985

TOTAL SHORT-TERM INVESTMENTS (Cost $75,843,547)				75,843,547

TOTAL INVESTMENTS — 115.2% (Cost $354,676,711; Note 5)				461,449,380
LIABILITIES IN EXCESS OF OTHER ASSETS — (15.2%)				(60,896,485	)

NET ASSETS — 100.0%			$	400,552,895

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

(a)	All or a portion of securities on loan. Securities on loan have an aggregate market value of $57,914,924; cash collateral of $59,779,562 (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. The interest rate shown reflects the rate in effect at December 31, 2004.

(j)	Security available to institutional investors only.


Medical Supplies & Equipment	11.1	%
Computer Services & Software	8.9
Financial Services	7.5
Retail & Merchandising	7.3
Machinery & Equipment	5.6
Business Services	5.4
Electronic Components & Equipment	5.3
Semiconductors	4.8
Internet Services	4.3
Telecommunications	4.2
Oil & Gas	3.7
Entertainment & Leisure	3.1
Industrial Products	3.1
Healthcare Services	2.9
Pharmaceuticals	2.3
Transportation	2.1
Hotels & Motels	2.0
Clothing & Apparel	1.8
Advertising	1.2
Computer Hardware	1.2	%
Broadcasting	1.1
Containers & Packaging	1.1
Food	1.1
Restaurants	1.1
Consumer Products & Services	0.8
Financial-Brokerage	0.8
Aerospace	0.6
Beverages	0.6
Metals & Mining	0.6
Chemicals	0.4
Commercial Services	0.3
Short-Term Investments	18.9

	115.2
Liabilities in excess of other assets	(15.2	)

	100.0	%

See Notes to Financial Statements.

AST NEUBERGER BERMAN MID-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 99.7%
COMMON STOCK
AUTOMOTIVE PARTS — 10.5%
Advance Auto Parts, Inc.*(a)	625,600	$	27,326,208
AutoNation, Inc.*(a)	459,500		8,826,995
AutoZone, Inc.*(a)	364,300		33,264,233
BorgWarner, Inc.(a)	621,600		33,672,072
Lear Corp.(a)	562,800		34,336,428

			137,425,936

BEVERAGES — 1.7%
Constellation Brands, Inc. (Class “A” Stock)*(a)	475,600		22,120,156

BUSINESS SERVICES — 2.3%
Manpower, Inc.(a)	623,400		30,110,220

CLOTHING & APPAREL — 6.4%
Liz Claiborne, Inc.	567,200		23,941,512
Reebok International Ltd.(a)	745,400		32,797,600
VF Corp.	490,300		27,152,814

			83,891,926

COMPUTER HARDWARE — 2.7%
Western Digital Corp.*	3,235,600		35,073,904

COMPUTER SERVICES & SOFTWARE — 1.9%
Computer Associates International, Inc.(a)	814,600		25,301,476

CONGLOMERATES — 2.3%
Johnson Controls, Inc.(a)	472,700		29,988,088

CONSUMER PRODUCTS & SERVICES — 4.0%
Black & Decker Corp.(a)	196,800		17,383,344
Whirlpool Corp.(a)	505,100		34,957,971

			52,341,315

FINANCIAL — BANK & TRUST — 8.3%
Astoria Financial Corp.	493,700		19,733,189
Commerce Bancorp, Inc.(a)	374,700		24,130,680
First Horizon National Corp.(a)	763,100		32,897,241
North Fork Bancorp, Inc.	1,113,849		32,134,544

			108,895,654

FINANCIAL SERVICES — 10.9%
Ambac Financial Group, Inc.	379,150		31,139,590
Bear Stearns Cos., Inc.(a)	306,300		31,337,553
CIT Group, Inc.	685,500		31,409,610
IndyMac Bancorp, Inc.	869,000		29,937,050
Waddell & Reed Financial, Inc. (Class “A” Stock)	833,700		19,917,093

			143,740,896

FOOD — 2.3%
Del Monte Foods Co.*	551,400		6,076,428
Fresh Del Monte Produce, Inc.(a)	824,400		24,410,484

			30,486,912

FURNITURE — 1.7%
Mohawk Industries, Inc.*(a)	244,700		22,328,875

HEALTHCARE SERVICES — 8.9%
Coventry Health Care, Inc.*(a)	671,900		35,664,452
Omnicare, Inc.(a)	962,100		33,307,902
Triad Hospitals, Inc.*	881,300		32,793,173
Universal Health Services, Inc. (Class “B” Stock)	333,200		14,827,400

			116,592,927

INDUSTRIAL PRODUCTS — 4.4%
Ingersoll-Rand Co., Ltd. (Class “A” Stock)(a)	304,200		24,427,260
SPX Corp.(a)	814,000		32,608,840

			57,036,100

INSURANCE — 14.3%
Arch Capital Group Ltd.*	470,300		18,200,610
Endurance Specialty Holdings Ltd.	294,500		10,071,900
Jefferson-Pilot Corp.	62,500		3,247,500
PartnerRe Ltd.	429,000		26,572,260
PMI Group, Inc. (The)(a)	711,000		29,684,250
Radian Group, Inc.	611,600		32,561,583
RenaissanceRe Holdings Ltd.	594,200		30,945,936
WellChoice, Inc.*	245,500		13,109,700
WellPoint, Inc.*	201,000		23,115,000

			187,508,739

MACHINERY & EQUIPMENT — 0.3%
Briggs & Stratton Corp.(a)	80,000		3,326,400

OIL & GAS — 6.0%
Pioneer Natural Resources Co.(a)	570,600		20,028,060
Sunoco, Inc.(a)	287,800		23,516,138
XTO Energy, Inc.(a)	976,257		34,539,973

			78,084,171

RESTAURANTS — 3.3%
Darden Restaurants, Inc.	662,400		18,374,976
Ruby Tuesday, Inc.(a)	928,600		24,217,888

			42,592,864

RETAIL & MERCHANDISING — 7.5%
Dollar Tree Stores, Inc.*(a)	350,159		10,042,560
Foot Locker, Inc.	1,199,000		32,289,070

AST NEUBERGER BERMAN MID-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES		VALUE (NOTE 2)
NBTY, Inc.*		1,010,700	$	24,266,907
Pier 1 Imports, Inc.(a)		1,601,400		31,547,580

				98,146,117

TOTAL LONG-TERM INVESTMENTS (Cost $1,082,565,794)				1,304,992,676


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 31.1%
CERTIFICATES OF DEPOSIT — 5.5%
Banco Santander PR
2.315%, 01/07/05(b)(c)	$	29,061		29,061,329
Canadian Imperial Bank of Commerce
1.72%, 05/25/05(b)		1,731		1,730,461
First Boston Corp.
2.36%, 01/24/05(b)		2,549		2,549,149
Fortis Bank
2.055%, 06/08/05(b)		600		599,413
UBS Bank
2.315%, 01/18/05(b)		25,102		25,101,891
Westdeutsche Landesbank
1.50%, 01/10/05(b)		13,342		13,338,431

				72,380,674

COMMERCIAL PAPER — 0.1%
Citigroup, Inc.
2.304%, 01/10/05(b)		1,154		1,151,565

CORPORATE OBLIGATIONS — 7.6%
Bank of America NA
2.30% 01/03/05(c)		3,197		3,197,444
Bear Stearns
2.28%, 01/03/05(b)(c)		19,591		19,590,678
Goldman Sachs Group, Inc.
2.33%, 01/03/05(b)(c)		14,554		14,554,369
Merrill Lynch & Co., Inc.
2.38%, 01/03/05(b)(c)		14,655		14,655,322
Morgan Stanley
2.33%, 01/03/05(b)(c)		16,200		16,199,913
2.33%, 01/03/05(b)(c)		1,353		1,352,910
Natexis Banque NY
2.297%, 01/03/05(b)(c)		12,921		12,919,772
Sedna Finance Corporation
2.372%, 01/14/05(b)(c)		3,103		3,102,742
Swedbank NY
2.362%, 01/18/05(b)(c)		13,617		13,614,470

				99,187,620

TIME DEPOSIT — 1.2%
Bank of America NA
1.50%, 01/03/05(b)		15,591		15,591,326

	SHARES
NON-REGISTERED INVESTMENT COMPANY — 13.8%
BlackRock Institutional Money Market Trust(b)(j)		181,910,556		181,910,556

REGISTERED INVESTMENT COMPANY — 2.9%
BlackRock Provident Institutional Funds		37,544,652		37,544,652

TOTAL SHORT-TERM INVESTMENTS (Cost $407,766,393)				407,766,393

TOTAL INVESTMENTS — 130.8% (Cost $1,490,332,187; Note 5)				1,712,759,069
LIABILITIES IN EXCESS OF OTHER ASSETS — (30.8%)				(402,972,805	)

NET ASSETS — 100.0%			$	1,309,786,264

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

(a)	All or a portion of securities on loan. Securities on loan have an aggregate market value of $359,332,590; cash collateral of $370,221,741 (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.

AST NEUBERGER BERMAN MID-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


Insurance	14.3	%
Financial Services	10.9
Automotive Parts	10.5
Healthcare Services	8.9
Financial — Bank & Trust	8.3
Retail & Merchandising	7.5
Clothing & Apparel	6.4
Oil & Gas	6.0
Industrial Products	4.4
Consumer Products & Services	4.0
Restaurants	3.3
Computer Hardware	2.7
Business Services	2.3
Conglomerates	2.3
Food	2.3
Computer Services & Software	1.9
Beverages	1.7
Furniture	1.7
Machinery & Equipment	0.3
Short-Term Investments	31.1

	130.8
Liabilities in excess of other assets	(30.8	)

	100.0	%

See Notes to Financial Statements.

AST ALGER ALL-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 98.5%
COMMON STOCK
AEROSPACE — 3.2%
General Dynamics Corp.	23,400	$	2,447,640
Lockheed Martin Corp.	45,400		2,521,970
United Technologies Corp.	54,400		5,622,240

			10,591,850

BIOTECHNOLOGY — 2.4%
Biogen Idec, Inc.*	34,600		2,304,706
Genentech, Inc.*(a)	60,200		3,277,288
OSI Pharmaceuticals, Inc.*	32,000		2,395,200

			7,977,194

BUSINESS SERVICES — 0.9%
Fair Isaac Corp.	78,300		2,872,044

CHEMICALS — 1.0%
Lubrizol Corp. (The)	94,400		3,479,584

CLOTHING & APPAREL — 1.1%
Coach, Inc.*(a)	65,700		3,705,480

COMMUNICATION EQUIPMENT — 0.4%
Research in Motion Ltd. (Canada)*(a)	15,250		1,256,905

COMPUTER HARDWARE — 1.9%
Apple Computer, Inc.*	73,700		4,746,280
Palmone, Inc.*(a)	46,800		1,476,540

			6,222,820

COMPUTER SERVICES & SOFTWARE — 9.2%
Automatic Data Processing, Inc.	72,300		3,206,505
Brocade Communications Systems, Inc.*(a)	463,600		3,541,904
Cognos, Inc. (Canada)*	59,900		2,639,194
Kanbay International, Inc.*	49,300		1,543,090
Mercury Interactive Corp.*(a)	75,300		3,429,915
Microsoft Corp.	319,000		8,520,489
NAVTEQ Corp.*	81,400		3,773,704
Oracle Corp.*	311,600		4,275,152

			30,929,953

CONGLOMERATES — 1.8%
Tyco International Ltd.	164,000		5,861,360

CONSUMER FINANCE — 1.5%
First Marblehead Corp.*	86,400		4,860,000

CONSUMER PRODUCTS & SERVICES — 1.6%
Johnson & Johnson	82,800		5,251,176

DIVERSIFIED — 1.5%
General Electric Co.	135,300		4,938,450

ELECTRONIC COMPONENTS & EQUIPMENT — 1.8%
Garmin Ltd.(a)	46,900		2,853,396
Zebra Technologies Corp. (Class “A” Stock)*	57,650		3,244,542

			6,097,938

ENERGY EQUIPMENT — 2.2%
National-Oilwell, Inc.*(a)	210,900		7,442,661

ENERGY SERVICES — 1.9%
Peabody Energy Corp.	77,600		6,278,616

ENTERTAINMENT & LEISURE — 5.2%
DreamWorks Animation SKG, Inc.*	7,200		270,072
Royal Caribbean Cruises Ltd.(a)	48,700		2,651,228
Shanda Interactive Entertainment Ltd. [ADR] (China)*(a)	113,400		4,819,500
Time Warner, Inc.*	367,200		7,138,368
Viacom, Inc. (Class “B” Stock)	71,500		2,601,885

			17,481,053

FINANCIAL — BANK & TRUST — 2.5%
Bank of New York Co., Inc. (The)	98,000		3,275,160
East West Bancorp, Inc.	64,650		2,712,714
Wells Fargo & Co.	39,700		2,467,355

			8,455,229

FINANCIAL SERVICES — 3.5%
Capital Source, Inc.*(a)	14,000		359,380
Investors Financial Services Corp.	17,600		879,648
Lehman Brothers Holdings, Inc.	47,400		4,146,552
Merrill Lynch & Co., Inc.	106,300		6,353,551

			11,739,131

HEALTH CARE PROVIDER & SERVICES — 0.5%
Wellpoint, Inc.*	14,600		1,679,000

HEALTHCARE SERVICES — 4.6%
AMERIGROUP Corp.*	41,900		3,170,154
Caremark Rx, Inc.*	114,750		4,524,593
PacifiCare Health Systems, Inc.*	61,200		3,459,024
UnitedHealth Group, Inc.	48,900		4,304,667

			15,458,438

HOTELS & MOTELS — 2.0%
Hilton Hotels Corp.	296,500		6,742,410

INSURANCE — 0.6%
CIGNA Corp.(a)	24,200		1,973,994

INTERNET SERVICES — 6.5%
Check Point Software Technologies Ltd.*	198,550		4,890,287
eBay, Inc.*(a)	44,150		5,133,762
VeriSign, Inc.*	79,550		2,666,516
Yahoo!, Inc.*(a)	242,300		9,129,863

			21,820,428

AST ALGER ALL-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
INTERNET SOFTWARE & SERVICES — 3.9%
Google, Inc. (Class “A” Stock)*(a)	34,700	$	6,700,570
MicroStrategy, Inc. (Class “A” Stock)*	40,150		2,419,038
Netease.com, Inc. [ADR] (China)*(a)	74,800		3,951,684

			13,071,292

MEDICAL SUPPLIES & EQUIPMENT — 5.5%
Beckman Coulter, Inc.	42,300		2,833,677
Fisher Scientific International, Inc.*	66,100		4,123,318
Genzyme Corp.*	66,650		3,870,366
Kinetic Concepts, Inc.*	67,900		5,180,770
Serologicals Corp.*	115,300		2,550,436

			18,558,567

OIL & GAS — 4.8%
BP PLC [ADR] (United Kingdom)	61,900		3,614,960
EOG Resources, Inc.(a)	53,900		3,846,304
Patterson-UTI Energy, Inc.	170,300		3,312,335
Schlumberger Ltd.	36,000		2,410,200
Talisman Energy, Inc. (Canada)	102,200		2,755,312

			15,939,111

PHARMACEUTICALS — 8.1%
Allergan, Inc.	20,700		1,678,149
Gilead Sciences, Inc.*	183,300		6,413,666
IVAX Corp.*(a)	245,350		3,881,437
Novartis AG [ADR] (Switzerland)	37,100		1,875,034
Pfizer, Inc.	173,540		4,666,491
Sanofi-Sythelabo SA [ADR] (France)	61,400		2,459,070
Schering-Plough Corp.(a)	174,700		3,647,736
Sepracor, Inc.*	44,100		2,618,217

			27,239,800

RAILROADS — 1.1%
Burlington Northern Santa Fe Corp.	78,800		3,728,028

RETAIL & MERCHANDISING — 4.9%
Abercrombie & Fitch Co.	73,000		3,427,350
Bed Bath & Beyond, Inc.*	101,400		4,038,762
CVS Corp.	119,400		5,381,358
Lowe’s Cos., Inc.	59,400		3,420,846

			16,268,316

SEMICONDUCTORS — 4.5%
Advanced Micro Devices, Inc.*(a)	118,900		2,618,178
ATI Technologies, Inc. (Canada)*	251,000		4,866,890
Broadcom Corp. (Class “A” Stock)*	26,750		863,490
Intel Corp.	105,000		2,455,950
Skyworks Solutions, Inc.*(a)	435,800		4,109,594

			14,914,102

TELECOMMUNICATIONS — 5.1%
Motorola, Inc.	195,000		3,354,000
Nokia Corp. (Class “A” Stock) [ADR] (Finland)(a)	393,200		6,161,444
Qualcomm, Inc.	95,800		4,061,920
SpectraSite, Inc.*	62,100		3,595,590

			17,172,954

TRANSPORTATION — 2.8%
FedEx Corp.(a)	38,000		3,742,620
UTI Worldwide, Inc. (British Virgin Islands)	83,100		5,652,462

			9,395,082

TOTAL LONG-TERM INVESTMENTS (Cost $288,253,310)			329,402,966


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 17.8%
CERTIFICATES OF DEPOSIT — 0.3%
Banco Santander PR
2.315%, 01/07/05(b)(c)	$	5	4,631
First Boston Corp.
2.36%, 01/24/05(b)		524	524,327
Fortis Bank NY
2.055%, 06/08/05(b)		588	587,531

			1,116,489

COMMERCIAL PAPER — 0.1%
Ticonderoga Funding, LLC
2.35%, 01/14/05(b)		215	215,058

CORPORATE OBLIGATIONS — 6.0%
Goldman Sachs Group, Inc.
2.33%, 01/03/05(b)(c)		551	550,598
Merrill Lynch & Co., Inc.
2.38%, 01/03/05(b)(c)		4,525	4,524,631
Morgan Stanley
2.33%, 01/03/05(b)(c)		8,559	8,558,728
Natexis Banque NY
2.297%, 01/03/05(b)(c)		4,473	4,472,305
Sedna Finance Corporation
2.372%, 01/14/05(b)(c)		1,953	1,953,288

			20,059,550

TIME DEPOSIT — 0.8%
Bank of America NA
1.50%, 01/03/05(b)		2,523	2,522,597

AST ALGER ALL-CAP GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
NON-REGISTERED INVESTMENT COMPANY — 9.0%
BlackRock Institutional Money Market Trust(b)(j)	30,443,276	$	30,443,276

REGISTERED INVESTMENT COMPANIES — 1.6%
BlackRock Provident Institutional Funds TempCash Portfolio(j)	2,595,589		2,595,589
BlackRock Provident Institutional Funds TempFund Portfolio(j)	2,595,589		2,595,589

			5,191,178

TOTAL SHORT-TERM INVESTMENTS (Cost $59,548,148)			59,548,148

TOTAL INVESTMENTS — 116.3% (Cost $347,801,458; Note 5)			388,951,114
LIABILITIES IN EXCESS OF OTHER ASSETS — (16.3%)			(54,520,647	)

NET ASSETS — 100.0%		$	334,430,467

THE FOLLOWING ABBREVIATION IS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

ADR	American Depositary Receipt

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

(a)	All or a portion of securities on loan. Securities on loan have an aggregate market value of $51,878,979; cash collateral of $54,356,970 (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.


Computer Services & Software	9.2	%
Pharmaceuticals	8.1
Internet Services	6.5
Medical Supplies & Equipment	5.5
Entertainment & Leisure	5.2
Telecommunications	5.1
Retail & Merchandising	4.9
Oil & Gas	4.8
Healthcare Services	4.6
Semiconductors	4.5
Internet Software & Services	3.9
Financial Services	3.5
Aerospace	3.2
Transportation	2.8
Financial — Bank & Trust	2.5
Biotechnology	2.4
Energy Equipment	2.2
Hotels & Motels	2.0
Computer Hardware	1.9
Energy Services	1.9	%
Conglomerates	1.8
Electronic Components & Equipment	1.8
Consumer Products & Services	1.6
Consumer Finance	1.5
Diversified	1.5
Clothing & Apparel	1.1
Railroads	1.1
Chemicals	1.0
Business Services	0.9
Insurance	0.6
Health Care Providers & Services	0.5
Communication Equipment	0.4
Short-Term Investments	17.8

	116.3
Liabilities in excess of other assets	(16.3	)

	100.0	%

See Notes to Financial Statements.

AST GABELLI ALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 97.9%
COMMON STOCK
AEROSPACE — 1.1%
Curtiss-Wright Corp. (Class “B” Stock)	1,400	$	78,764
General Dynamics Corp.	2,000		209,200
Northrop Grumman Corp.	12,400		674,064
Sequa Corp. (Class “A” Stock)*	12,000		733,800
Titan Corp.*	30,000		486,000

			2,181,828

AUTOMOBILE MANUFACTURERS — 2.0%
DaimlerChrysler AG (Germany)(a)	40,000		1,922,000
Monaco Coach Corp.	8,000		164,560
Navistar International Corp.*(a)	35,000		1,539,300
PACCAR, Inc.	4,500		362,160

			3,988,020

AUTOMOTIVE PARTS — 3.9%
AutoNation, Inc.*(a)	80,000		1,536,800
AutoZone, Inc.*(a)	2,000		182,620
BorgWarner, Inc.	27,000		1,462,590
Dana Corp.	147,000		2,547,510
Genuine Parts Co.	40,000		1,762,400
Midas, Inc.*	10,000		200,000

			7,691,920

BEVERAGES — 1.6%
Coca-Cola Co.	30,000		1,248,900
Coca-Cola Hellenic Bottling Co. SA [ADR] (Greece)	2,000		47,300
Fomento Economico Mexicano SA de CV [ADR] (Mexico)	35,000		1,841,350
Pernod Ricard SA (France)	500		76,594

			3,214,144

BROADCASTING — 10.0%
Beasley Broadcast Group, Inc.*	7,500		131,475
Belo Corp. (Class “A” Stock)	10,000		262,400
Crown Media Holdings, Inc.*	58,000		498,800
Fox Entertainment Group, Inc. (Class “A” Stock)*	75,000		2,344,500
Gray Television, Inc.	20,000		310,000
Grupo Televisa SA [ADR] (Brazil)	22,000		1,331,000
Liberty Corp. (The)	5,000		219,800
Liberty Media Corp. (Class “A” Stock)*(a)	380,000		4,172,400
Liberty Media Corp. (Class “B” Stock)*	500		5,800
Liberty Media International, Inc. (Class “A” Stock)*(a)	35,000		1,618,050
Liberty Media International, Inc. (Class “B” Stock)*	30		1,468
Lin TV Corp. (Class “A” Stock)*	30,000		573,000
Media General, Inc. (Class “A” Stock)	20,000		1,296,200
Mediaset SPA (Italy)	11,000		139,500
Meredith Corp.	6,000		325,200
Modern Times Group AB (Class “B” Stock) (Sweden)*	1,600		43,579
News Corp Inc., (Class “A” Stock)	49,366		921,170
News Corp Inc., (Class “B” Stock)(a)	7,000		134,400
Paxson Communications Corp.*	80,000		110,400
Publishing & Broadcasting Ltd. (Australia)	12,000		164,619
Scripps, (E.W.) Co. (Class “A” Stock)	56,000		2,703,680
UnitedGlobalCom, Inc. (Class “A” Stock)*	213,509		2,062,497
Young Broadcasting, Inc. (Class “A” Stock)*	25,000		264,000

			19,633,938

BUILDING MATERIALS — 0.6%
Bouygues SA (France)	1,750		80,875
CRH PLC (Ireland)	5,000		133,750
Skyline Corp.	15,000		612,001
Thomas Industries, Inc.	10,000		399,200

			1,225,826

CABLE TELEVISION — 2.4%
Cablevision Systems New York Group (Class “A” Stock)*	100,000		2,490,000
Comcast Corp. (Class “A” Stock)*	20,000		665,600
DIRECTV Group, Inc. (The)*	40,000		669,600
EchoStar Communications Corp. (Class “A” Stock)(a)	25,000		831,000
Nippon Television Network Corp. (Japan)	400		60,076
PrimaCom AG [ADR] (Germany)*	14,400		14,093

			4,730,369

CHEMICALS — 2.4%
Albemarle Corp.	10,000		387,100
Dow Chemical Co.	16,000		792,160
Great Lakes Chemical Corp.(a)	33,000		940,170
Hercules, Inc.*(a)	95,000		1,410,750
Sensient Technologies Corp.(a)	50,000		1,199,500

			4,729,680

CLOTHING & APPAREL — 0.1%
Dior, (Christian) SA (France)	1,400		95,243
Swatch Group AG (Switzerland)	700		102,743

			197,986

COMPUTER HARDWARE — 0.2%
Hewlett-Packard Co.	17,365		364,144

COMPUTER SERVICES & SOFTWARE — 0.3%
Microsoft Corp.	20,000		534,200

AST GABELLI ALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
CONGLOMERATES — 3.1%
Alleghany Corp.*	1,800	$	513,450
Cendant Corp.	27,800		649,964
Honeywell International, Inc.	109,000		3,859,690
ITT Industries, Inc.	12,000		1,013,400

			6,036,504

CONSTRUCTION — 0.8%
Fleetwood Enterprises, Inc.*	100,000		1,346,000
Sekisui House Ltd. (Japan)	6,000		69,913
Technip-Coflexip SA (France)	400		73,943

			1,489,856

CONSUMER PRODUCTS & SERVICES — 2.9%
Altadis SA (Spain)	3,000		137,420
Church and Dwight Co., Inc.	18,000		605,160
Clorox Co.	8,000		471,440
Energizer Holdings, Inc.*	42,000		2,086,980
Gallaher Group PLC [ADR] (Great Britain)	1,000		60,710
Mattel, Inc.	15,000		292,350
Procter & Gamble Co.	26,000		1,432,080
Rayovac Corp.*	15,000		458,400
Secom Co., Ltd. (Japan)	1,500		60,018

			5,604,558

CONTAINERS & PACKAGING — 0.1%
Greif, Inc. (Class “A” Stock)	4,000		224,000

DIVERSIFIED MANUFACTURING OPERATIONS — 0.2%
General Electric Co.	9,000		328,500

ELECTRONIC COMPONENTS & EQUIPMENT — 1.8%
Agere Systems, Inc. (Class “B” Stock)*	100,000		135,000
AMETEK, Inc.	18,000		642,060
CTS Corp.	35,000		465,150
Keyence Corp. (Japan)	400		89,626
Magnetek, Inc.*	22,000		151,800
Molex, Inc.	20,000		533,000
Thomas & Betts Corp.*	45,000		1,383,750
Tokyo Electron Ltd. (Japan)	800		49,263

			3,449,649

ENTERTAINMENT & LEISURE — 6.5%
Disney, (Walt) Co.	80,000		2,224,000
Dover Downs Gaming & Entertainment, Inc.	15,365		201,282
Dover Motorsports, Inc.	30,000		171,900
Gaylord Entertainment Co. (Class “A” Stock)*	18,000		747,540
Gemstar-TV Guide International, Inc.*	170,000		1,006,400
Greek Organization of Football Prognostics (Greece)	3,000		83,023
Hilton Group PLC (United Kingdom)	20,000		109,242
Kerzner International Ltd.*	4,000		240,200
MGM Mirage*	15,000		1,091,100
Pixar, Inc.*	100		8,561
Time Warner, Inc.*	200,000		3,888,000
Viacom, Inc.	38,000		1,409,040
Vivendi Universal SA [ADR] (France)*	46,500		1,491,255

			12,671,543

ENVIRONMENTAL SERVICES — 1.2%
Waste Management, Inc.	80,000		2,395,200

FINANCIAL — BANK & TRUST — 2.1%
Bank of America Corp.	5,000		234,950
Bank of Ireland [ADR] (Ireland)	1,700		113,458
Bank of New York Co., Inc. (The)	23,000		768,660
Deutsche Bank AG [ADR] (Germany)	13,000		1,157,130
Lloyds TSB Group PLC (Great Britain)	6,000		54,487
UBS AG [ADR] (Germany)	1,600		134,144
Wilmington Trust Corp.	45,000		1,626,750

			4,089,579

FINANCIAL SERVICES — 5.8%
American Express Co.(a)	96,000		5,411,520
BKF Capital Group, Inc.	7,000		265,300
Citigroup, Inc.	8,000		385,440
Countrywide Financial Corp.(a)	13,998		518,066
Irish Life & Permanent PLC (Ireland)	4,000		74,106
J.P. Morgan Chase & Co.	13,500		526,635
Lehman Brothers Holdings, Inc.	4,000		349,920
Merrill Lynch & Co., Inc.	15,000		896,550
Nikko Securities Co. Ltd. (Japan)	15,000		79,487
PNC Financial Services Group	15,000		861,600
Price, (T. Rowe) Group, Inc.	30,000		1,866,000

			11,234,624

FOOD — 7.6%
Ajinomoto Co., Inc. (Japan)	5,000		59,530
Albertson’s, Inc.(a)	35,000		835,800
Archer-Daniels-Midland Co.	140,000		3,123,400
Del Monte Foods Co.*	10,000		110,200
Diageo PLC [ADR] (Great Britain)	26,500		1,533,820
Flowers Foods, Inc.	52,000		1,642,160
General Mills, Inc.	47,000		2,336,370
Heinz, (H.J.) Co.	30,000		1,169,700
Kellogg Co.	5,000		223,300
Safeway, Inc.*(a)	80,000		1,579,200
Weis Markets, Inc.	15,000		578,550
Wrigley, (Wm., Jr.) Co.	25,000		1,729,750

			14,921,780

HOTELS & MOTELS — 0.2%
Hilton Hotels Corp.	15,000		341,100

AST GABELLI ALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
INDUSTRIAL PRODUCTS — 3.6%
Cooper Industries Ltd. (Class “A” Stock)	50,000	$	3,394,500
Crane Co.(a)	65,000		1,874,600
Ingersoll-Rand Co., Ltd. (Class “A” Stock)	4,000		321,200
Myers Industries, Inc.	25,000		320,000
Precision Castparts Corp.	17,000		1,116,560

			7,026,860

INSURANCE — 1.0%
Allianz AG [ADR] (Germany)	4,000		53,160
Argonaut Group, Inc.*	14,000		295,820
Aviva PLC (United Kingdom)	6,000		72,342
Hartford Financial Services Group, Inc. (The)	5,000		346,550
Leucadia National Corp.	4,000		277,920
Marsh & McLennan Cos., Inc.	10,000		329,000
Riunione Adriatica di Sicurta SpA (Italy)	3,800		85,948
St. Paul Cos., Inc.	4,501		166,852
White Mountain Insurance Group	600		387,600

			2,015,192

INTERNET SERVICES — 0.2%
Checkfree Corp.*	3,000		114,240
eBay, Inc.*	200		23,256
InterActiveCorp*(a)	6,000		165,720

			303,216

MACHINERY & EQUIPMENT — 1.9%
Deere & Co.	20,000		1,488,000
Flowserve Corp.*	16,000		440,640
Gencorp, Inc.	30,000		557,100
Thermo Electron Corp.*	39,000		1,177,410

			3,663,150

MEDICAL SUPPLIES & EQUIPMENT — 2.4%
Baxter International, Inc.	8,000		276,320
Bio-Rad Laboratories, Inc.*	2,000		114,740
DENTSPLY International, Inc.	3,000		168,600
ICU Medical, Inc.*(a)	15,000		410,100
Inamed Corp.*	15,000		948,750
Invitrogen Corp.*	6,000		402,780
Owens & Minor, Inc.	15,000		422,550
Patterson Companies, Inc.*	3,000		130,170
Schein, (Henry), Inc.*	10,000		696,400
Smith & Nephew PLC (Great Britain)	1,000		51,760
Straumann Holding AG (Germany)	320		66,415
Sybron Dental Specialties, Inc.*	27,000		955,259
Synthes, Inc. (Switzerland)*	700		78,489
William Demant Holdings A.S (Denmark)*	1,000		46,962

			4,769,295

METALS & MINING — 0.7%
Alcan, Inc. (Canada)	8,000		392,320
Alcoa, Inc.	17,000		534,140
Harmony Gold Mining Co. [ADR] (South Africa) (a)	7,000		64,890
Newmont Mining Corp.	7,000		310,870

			1,302,220

OIL & GAS — 5.1%
Baker Hughes, Inc.(a)	8,200		349,894
Burlington Resources, Inc.	50,000		2,175,000
ConocoPhillips	18,563		1,611,825
Devon Energy Corp.(a)	30,000		1,167,600
El Paso Corp.	56,000		582,400
Eni SpA [ADR] (Italy)(a)	1,000		125,840
ENSCO International, Inc.	4,000		126,960
Equitable Resources, Inc.(a)	5,000		303,300
Halliburton Co.(a)	7,000		274,680
Kerr-McGee Corp.(a)	20,000		1,155,800
National Fuel Gas Co.	18,000		510,120
ONEOK, Inc.	30,000		852,600
Petroleo Brasileiro SA (Brazil)	1,000		39,780
Questar Corp.	10,000		509,600
Total SA [ADR] (France)	1,100		120,824

			9,906,223

PAPER & FOREST PRODUCTS — 0.1%
International Paper Co.	5,000		210,000

PHARMACEUTICALS — 1.6%
AstraZeneca PLC [ADR] (United Kingdom)	1,200		43,668
Bristol-Meyers Squibb Co.	20,000		512,400
GlaxoSmithKline PLC [ADR] (United Kingdom)	1,500		71,085
Merck & Co., Inc.(a)	10,000		321,400
Novartis AG [ADR] (Switzerland)	2,300		116,242
Pfizer, Inc.	48,000		1,290,720
Roche Holding AG (Switzerland)	900		103,606
Sanofi-Sythelabo SA [ADR]	2,575		103,129
Takeda Chemical Industries Ltd. (Japan)	1,500		75,534
Wyeth	10,000		425,900

			3,063,684

PRINTING & PUBLISHING — 5.2%
Knight-Ridder, Inc.	14,000		937,160
McGraw-Hill Cos., Inc.	5,000		457,700
New York Times Co. (Class “A” Stock)(a)	30,000		1,224,000
Pearson PLC [ADR] (Great Britain)	5,300		64,448
PRIMEDIA, Inc.*	40,000		152,000
Pulitzer, Inc.	30,000		1,945,500

100

AST GABELLI ALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
Readers Digest Association, Inc.	20,894	$	290,636
Tribune Co.	80,000		3,371,200
Washington Post Co. (Class “B” Stock)	1,700		1,671,134

			10,113,778

REAL ESTATE
Cheung Kong Holdings Ltd. (Hong Kong)	5,000		49,854

RETAIL & MERCHANDISING — 0.9%
Big 5 Sporting Goods Corp.	5,000		145,700
Compagnie Financiere Richemont AG (Switzerland)	3,700		123,160
Matsumotokiyoshi Co. Ltd. (Japan)	2,100		59,842
Neiman Marcus Group, Inc. (Class “A” Stock)	17,000		1,216,180
Tiffany & Co.	5,000		159,850

			1,704,732

SEMICONDUCTORS — 1.0%
Applied Materials, Inc.*(a)	15,000		256,500
Freescale Semiconductor, Inc. (Class “B” Stock)*	12,000		220,320
Rohm Co. Ltd. (Japan)	600		62,067
Texas Instruments, Inc.(a)	61,000		1,501,820

			2,040,707

TELECOMMUNICATIONS — 10.3%
AT&T Corp.(a)	20,000		381,200
BCE, Inc.	25,000		603,250
BT Group PLC [ADR] (Great Britain)	15,000		592,950
CenturyTel, Inc.(a)	65,000		2,305,550
Cincinnati Bell, Inc.*	140,000		581,000
Commonwealth Telephone Enterprises	14,490		719,573
Corning, Inc.*(a)	180,000		2,118,600
France Telecom SA [ADR] (France)	1,000		33,080
Ito-Yokado Co. Ltd. (Japan)	2,000		83,927
KDDI Corp. (Japan)	16		86,191
Lucent Technologies, Inc.*(a)	150,000		564,000
MMO2 PLC [ADR] (Great Britain)*	60,000		1,414,200
Motorola, Inc.	105,000		1,806,000
Nextel Communications, Inc. (Class “A” Stock)*(a)	10,000		300,000
Nextel Partners, Inc. (Class “A” Stock)*	15,000		293,100
Nortel Networks Corp. (Canada)*	130,000		453,700
Price Communications Corp.*	31,500		585,585
Qualcomm, Inc.	4,000		169,600
Qwest Communications International, Inc.*	280,000		1,243,200
Sprint Corp.	95,000		2,360,749
Telecom Italia SPA (Italy)	25,000		102,284
Telefonica Moviles SA (Spain)	7,700		96,917
Telephone & Data Systems, Inc.	16,000		1,231,200
United States Cellular Corp.*	35,000		1,566,600
Verizon Communications, Inc.	3,000		121,530
Vodafone Group PLC [ADR] (United Kingdom)	4,000		109,520
Western Wireless Corp. (Class “A” Stock)*(a)	10,000		293,000

			20,216,506

UTILITIES — 7.0%
AES Corp.*	52,500		717,675
Allegheny Energy, Inc.*	100,000		1,971,000
Aquila, Inc.*	80,000		295,200
CH Energy Group, Inc.	7,000		336,350
Cinergy Corp.	36,000		1,498,680
Constellation Energy Group, Inc.	30,000		1,311,300
DPL, Inc.	18,000		451,980
Duquesne Light Holdings, Inc.(a)	30,000		565,500
El Paso Electric Co.*	37,000		700,780
Great Plains Energy, Inc.(a)	40,000		1,211,200
Mirant Corp.*	200,000		72,100
Northeast Utilities	70,000		1,319,500
PPL Corp.	2,000		106,560
Sierra Pacific Resources*	30,000		315,000
Teco Energy, Inc.(a)	35,000		536,900
Unisource Energy Corp.	30,000		723,300
Wisconsin Energy Corp.	18,000		606,780
Xcel Energy, Inc.	50,000		910,000

			13,649,805

TOTAL LONG-TERM INVESTMENTS (Cost $147,930,712)			191,314,170


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 19.9%
CERTIFICATES OF DEPOSIT — 5.6%
Banco Santander PR
2.315%, 01/07/05(b)(c)	$	1,800	1,800,113
First Boston Corp.
2.36%, 01/24/05(b)		5,373	5,373,027
Skandinaviska Enskilda Banken
2.35%, 01/28/05(b)		1,503	1,503,361
UBS Bank
2.315%, 01/18/05(b)		2,353	2,353,108

			11,029,609

CORPORATE OBLIGATIONS — 7.9%
Bear Stearns
2.28%, 01/03/05(b)(c)		728	728,365
Goldman Sachs Group, Inc.
2.33%, 01/03/05(b)(c)		4,540	4,540,176
Merrill Lynch & Co., Inc.
2.38%, 01/03/05(b)(c)		728	727,935

101

AST GABELLI ALL-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Morgan Stanley
2.33%, 01/03/05(b)(c)	$	2,538	$	2,537,674
Natexis Banque NY
2.297%, 01/03/05(b)(c)		3,283		3,282,973
Sedna Finance Corporation
2.372%, 01/14/05(b)(c)		1,348		1,347,953
Swedbank NY
2.362%, 01/18/05(b)(c)		2,207		2,206,495

				15,371,571

TIME DEPOSIT — 0.7%
Bank of America NA
1.50%, 01/03/05(b)		1,380		1,380,244


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 3.5%
BlackRock Institutional Money Market Trust(b)(j)		6,842,068		6,842,068

REGISTERED INVESTMENT COMPANIES — 2.2%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		2,157,264		2,157,264
BlackRock Provident Institutional Funds TempFund Portfolio(j)		2,157,264		2,157,264

				4,314,528

TOTAL SHORT-TERM INVESTMENTS (Cost $38,938,020)				38,938,020

TOTAL INVESTMENTS — 117.8% (Cost $186,868,732; Note 5)				230,252,190
LIABILITIES IN EXCESS OF OTHER ASSETS — (17.8%)				(34,870,034	)

NET ASSETS — 100.0%			$	195,382,156

THE FOLLOWING ABBREVIATIONS ARE 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 securities on loan. Securities on loan have an aggregate market value of $33,207,455; cash collateral of $34,623,492 (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.


Telecommunications	10.3	%
Broadcasting	10.0
Food	7.6
Utilities	7.0
Entertainment & Leisure	6.5
Financial Services	5.8
Printing & Publishing	5.2
Oil & Gas	5.1
Automotive Parts	3.9
Industrial Products	3.6
Conglomerates	3.1
Consumer Products & Services	2.9
Cable Television	2.4
Chemicals	2.4
Medical Supplies & Equipment	2.4
Financial — Bank & Trust	2.1
Automobile Manufacturers	2.0
Machinery & Equipment	1.9
Electronic Components & Equipment	1.8
Beverages	1.6
Pharmaceuticals	1.6
Environmental Services	1.2
Aerospace	1.1	%
Insurance	1.0
Semiconductors	1.0
Retail & Merchandising	0.9
Construction	0.8
Metals & Mining	0.7
Building Materials	0.6
Computer Services & Software	0.3
Computer Hardware	0.2
Diversified Manufacturing Operations	0.2
Hotels & Motels	0.2
Internet Services	0.2
Clothing & Apparel	0.1
Containers & Packaging	0.1
Paper & Forest Products	0.1
Short-Term Investments	19.9

	117.8
Liabilities in excess of other assets	(17.8	)

	100.0	%

See Notes to Financial Statements.

102

AST T. ROWE PRICE NATURAL RESOURCES PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 96.6%
COMMON STOCK
BUILDING & REAL ESTATE — 3.7%
AMB Property Corp. [REIT]	36,100	$	1,458,079
Archstone Smith Trust [REIT]	32,500		1,244,750
Boston Properties, Inc. [REIT]	18,700		1,209,329
Camden Property Trust [REIT](a)	22,700		1,157,700
Catellus Development Corp. [REIT]	40,985		1,254,141
Duke-Weeks Realty Corp. [REIT]	36,030		1,230,064
Saint Joe Corp.	20,300		1,303,260

			8,857,323

CHEMICALS — 9.3%
Agrium, Inc. (Canada)	87,800		1,479,430
Dow Chemical Co.	62,300		3,084,473
DuPont, (E.I.) de Nemours & Co.	48,500		2,378,925
Lyondell Chemical Co.(a)	97,090		2,807,843
Nova Chemicals Corp. (Canada)	30,300		1,433,190
Potash Corp. of Saskatchewan, Inc. (Canada)	87,900		7,300,974
The Mosaic Co.*	146,900		2,397,408
UAP Holding Corp.*	71,000		1,226,170

			22,108,413

CONTAINERS & PACKAGING — 1.7%
Packaging Corp. of America(a)	79,800		1,879,290
Smurfit-Stone Container Corp.*(a)	117,962		2,203,530

			4,082,820

DIVERSIFIED METALS — 6.0%
Companhia Vale Do Rio Doce (Class “A” Shares) [ADR] (Brazil)	66,600		1,623,708
Companhia Vale Do Rio Doce [ADR] (Brazil)	155,200		4,502,352
Inco Ltd. (Canada)*	52,600		1,934,628
Nucor Corp.(a)	120,200		6,291,268

			14,351,956

ENERGY SERVICES — 1.6%
Massey Energy Co.(a)	33,100		1,156,845
Peabody Energy Corp.	19,000		1,537,290
W-H Energy Services, Inc.*	44,800		1,001,728

			3,695,863

EXPLORATION & PRODUCTION — 6.5%
Devon Energy Corp.(a)	132,714		5,165,229
Encore Acquisition Co.*	39,700		1,385,927
Kerr-McGee Corp.(a)	42,026		2,428,683
Murphy Oil Corp.	76,400		6,146,379
Nexen, Inc. (Canada)	6,800		276,420

			15,402,638

FARMING & AGRICULTURE — 0.7%
Delta and Pine Land Co.	65,300		1,781,384

GAS TRANSMISSION & DISTRIBUTION — 0.4%
Gazprom [ADR] (Russia) 144A (cost $513,074; purchased 07/02/03-08/04/04)(g)	25,000		887,500

INTEGRATED PETROLEUM — 17.1%
Amerada Hess Corp.	35,500		2,924,490
Baker Hughes, Inc.(a)	125,200		5,342,284
BP PLC [ADR] (United Kingdom)	103,400		6,038,560
ChevronTexaco Corp.	54,756		2,875,238
ENI Co. SpA [ADR] (Italy)(a)	27,000		3,397,680
Exxon Mobil Corp.	129,800		6,653,547
Lukoil [ADR] (Russia)	7,600		922,640
Marathon Oil Corp.	41,400		1,557,054
Royal Dutch Petroleum Co.	105,000		6,024,900
Total Fina SA [ADR] (France)	43,900		4,821,976

			40,558,369

MACHINERY & EQUIPMENT — 5.1%
Bucyrus International, Inc. (Class “A” Stock)	24,400		991,616
Cooper Cameron Corp.*(a)	59,800		3,217,838
Deere & Co.	51,200		3,809,280
Grant Prideco, Inc.*	67,300		1,349,365
Hydril Co.*	55,100		2,507,601
Joy Global, Inc.	7,800		338,754

			12,214,454

METALS & MINING — 12.5%
Alcoa, Inc.	62,384		1,960,105
Arch Coal, Inc.	92,500		3,287,450
BHP Billiton Ltd. (Australia)	494,800		5,949,996
JSC MMC Norilsk Nickel [ADR] (Russia)	23,700		1,315,350
Newmont Mining Corp.	160,526		7,128,960
Rio Tinto PLC (United Kingdom)	117,300		3,452,385
Teck Cominco Ltd. (Class “B” Stock) (Canada)*(a)	216,800		6,679,608

			29,773,854

NON-FERROUS METALS — 0.7%
Phelps Dodge Corp.(a)	16,100		1,592,612

OIL & GAS — 10.1%
Bill Barrett Corp.*	10,700		342,293
Diamond Offshore Drilling, Inc.(a)	129,500		5,186,475
GlobalSantaFe Corp.(a)	50,900		1,685,299
Helmerich & Payne, Inc.	11,700		398,268
Nabors Industries Ltd.*	20,000		1,025,800
Petroleo Brasileiro SA [ADR] (Brazil)	34,500		1,249,245
Premcor, Inc.	29,100		1,227,147
Schlumberger Ltd.	58,200		3,896,490

103

AST T. ROWE PRICE NATURAL RESOURCES PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
Statoil ASA (Norway)	211,800	$	3,322,134
Tidewater, Inc.(a)	21,600		769,176
Transocean, Inc.*	116,100		4,921,479

			24,023,806

PAPER & FOREST PRODUCTS — 6.9%
Abitibi-Consolidated, Inc. (Canada)*	162,100		1,121,732
Bowater, Inc.	52,300		2,299,631
International Paper Co.	94,800		3,981,600
Kimberly-Clark Corp.	35,200		2,316,512
MeadWestvaco Corp.	80,500		2,728,145
Neenah Paper, Inc.*	1,066		34,752
Potlatch Corp.(a)	37,100		1,876,518
Weyerhaeuser Co.	32,500		2,184,650

			16,543,540

PETROLEUM EXPLORATION & PRODUCTION — 11.4%
Anadarko Petroleum Corp.	23,400		1,516,554
BG Group PLC (United Kingdom)	261,800		1,779,311
BJ Services Co.	75,600		3,518,424
Burlington Resources, Inc.	73,600		3,201,600
Canadian Natural Resources Ltd. (Canada)	65,200		2,788,604
ConocoPhillips	57,139		4,961,379
FMC Technologies, Inc.*	34,000		1,094,800
Noble Corp.*(a)	47,500		2,362,650
Pioneer Natural Resources Co.	16,400		575,640
Smith International, Inc.*(a)	55,200		3,003,432
Ultra Petroleum Corp.*	6,900		332,097
Unocal Corp.	38,900		1,682,036
XTO Energy, Inc.	9,457		334,589

			27,151,116

PRECIOUS METALS — 2.1%
Impala Platinum Holdings, Ltd. (South Africa)	10,200		867,238
Meridian Gold, Inc.*	108,600		2,060,142
Placer Dome, Inc. (Canada)	107,400		2,025,564

			4,952,944

RAILROADS — 0.8%
Burlington Northern Santa Fe Corp.	27,700		1,310,487
Union Pacific Corp.	9,800		659,050

			1,969,537

TOTAL LONG-TERM INVESTMENTS (Cost $178,209,383)			229,948,129


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
SHORT-TERM INVESTMENTS — 18.0%
CERTIFICATE OF DEPOSIT — 1.5%
Banco Santander PR
2.315%, 01/07/05(b)(c)	$	623	$	622,756
CS First Boston Corp.
2.36%, 01/24/05(b)		2,295		2,294,519
Skandinaviska Enskilda Banken
2.35%, 01/28/05(b)		591		590,972
				3,508,247
COMMERCIAL PAPER — 2.7%
Citigroup Inc.
2.304%, 01/10/05(b)		4,427		4,418,019
Wal-Mart Funding Corp. 2.37%, 01/20/05 144A (cost $1,997,498; purchased 12/21/04)(g)(h)		2,000		1,997,498
				6,415,517
CORPORATE OBLIGATIONS — 4.5%
Goldman Sachs Group, Inc.
2.33%, 01/03/05(b)(c)		2,951		2,950,872
Merrill Lynch & Co., Inc.
2.38%, 01/03/05(b)(c)		1,599		1,598,859
Morgan Stanley
2.33%, 01/03/05(b)(c)		1,880		1,879,931
Natexis Banque NY
2.297%, 01/03/05(b)(c)		2,081		2,080,495
Sedna Finance Corporation
2.372%, 01/14/05(b)(c)		1,549		1,549,171
Swedbank NY
2.362%, 01/18/05(b)(c)		730		730,223

				10,789,551

TIME DEPOSIT — 0.7%
Bank of America NA
1.50%, 01/03/05(b)		1,644		1,644,465


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 6.1%
BlackRock Institutional Money Market Trust(b)(j)	14,642,379		14,642,378

REGISTERED INVESTMENT COMPANY — 2.5%
BlackRock Provident Institutional Funds TempCash Portfolio(j)	5,911,459		5,911,459

TOTAL SHORT-TERM INVESTMENTS (Cost $42,911,617)			42,911,617

TOTAL INVESTMENTS — 114.6% (Cost $221,121,000; Note 5)			272,859,746
LIABILITIES IN EXCESS OF OTHER
ASSETS — (14.6%)			(34,770,449	)

NET ASSETS — 100.0%		$	238,089,297

104

AST T. ROWE PRICE NATURAL RESOURCES PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004

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 a portion of securities on loan. Securities on loan have an aggregate market value of $34,032,616; cash collateral of $35,002,660 (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 $2,510,572. The aggregate value, $2,884,998, represents 1.21% of net assets.

(h)	Indicates a restricted security; the aggregate cost of the restricted securities is $1,997,498. The aggregate value, $1,997,498, is approximately 0.84% of net assets.

(j)	Security available to institutional investors only.


Integrated Petroleum	17.1	%
Metals & Mining	12.5
Petroleum Exploration & Production	11.4
Oil & Gas	10.1
Chemicals	9.3
Paper & Forest Products	6.9
Exploration & Production	6.5
Diversified Metals	6.0
Machinery & Equipment	5.1
Building & Real Estate	3.7
Precious Metals	2.1
Containers & Packaging	1.7
Energy Services	1.6
Railroads	0.8
Farming & Agriculture	0.7
Non-Ferrous Metals	0.7
Gas Transmission & Distribution	0.4
Short-Term Investments	18.0

	114.6
Liabilities in excess of other assets	(14.6	)

	100.0	%

See Notes to Financial Statements.

105

AST ALLIANCE GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 100.2%
COMMON STOCK
BROADCASTING — 1.9%
Scripps, (E.W.) Co. (Class “A” Stock)	101,900	$	4,919,733

COMPUTER HARDWARE — 7.0%
Apple Computer, Inc.*	45,000		2,898,000
Dell, Inc.*	286,900		12,089,966
Network Appliance, Inc.*	89,800		2,983,156

			17,971,122

COMPUTER SERVICES & SOFTWARE — 10.6%
Cisco Systems, Inc.*	249,600		4,817,280
Electronic Arts, Inc.*	148,000		9,128,640
EMC Corp.*	34,400		511,528
Microsoft Corp.	258,900		6,915,219
SAP AG [ADR] (Germany)(a)	78,100		3,452,801
Symantec Corp.*	95,300		2,454,928

			27,280,396

CONGLOMERATES — 1.3%
Tyco International Ltd.	90,300		3,227,322

CONSTRUCTION — 0.8%
Lennar Corp. (Class “A” Stock)	16,000		906,880
Pulte Corp.	17,300		1,103,740

			2,010,620

CONSUMER PRODUCTS & SERVICES — 3.5%
Avon Products, Inc.	135,700		5,251,590
Procter & Gamble Co.	66,500		3,662,820

			8,914,410

ELECTRONIC COMPONENTS & EQUIPMENT — 2.8%
General Electric Co.	200,700		7,325,550

ENTERTAINMENT & LEISURE — 3.4%
Carnival Corp.(a)	105,200		6,062,676
Time Warner, Inc.*	142,000		2,760,480

			8,823,156

FINANCIAL SERVICES — 10.3%
Citigroup, Inc.	131,200		6,321,216
Franklin Resources, Inc.	54,200		3,775,030
J.P. Morgan Chase & Co.	116,000		4,525,160
Legg Mason, Inc.	9,900		725,274
MBNA Corp.	251,800		7,098,242
Schwab, (Charles) Corp.	339,700		4,062,812

			26,507,734

HEALTHCARE SERVICES — 1.5%
UnitedHealth Group, Inc.	44,000		3,873,320

INSURANCE — 4.6%
AFLAC, Inc.	73,900		2,944,176
American International Group, Inc.	110,100		7,230,267
Wellpoint, Inc.*	15,900		1,828,500

			12,002,943

INTERNET SERVICES — 13.3%
eBay, Inc.*	102,740		11,946,607
Google, Inc. (Class “A” Stock)*(a)	13,000		2,510,300
Juniper Networks, Inc.*(a)	275,000		7,477,250
Yahoo!, Inc.*(a)	336,500		12,679,320

			34,613,477

MEDICAL SUPPLIES & EQUIPMENT — 11.2%
Alcon, Inc. (Switzerland)	59,000		4,755,400
Amgen, Inc.*	128,800		8,262,520
Boston Scientific Corp.*	184,900		6,573,195
St. Jude Medical, Inc.*	158,800		6,658,484
Zimmer Holdings, Inc.*	33,400		2,676,008

			28,925,607

OIL & GAS — 4.1%
Baker Hughes, Inc.	56,500		2,410,855
Halliburton Co.(a)	93,000		3,649,320
Nabors Industries Ltd.*	89,000		4,564,810

			10,624,985

PHARMACEUTICALS — 3.2%
Gilead Sciences, Inc.*	29,100		1,018,209
Pfizer, Inc.	92,100		2,476,569
Teva Pharmaceutical Industries Ltd. [ADR] (Israel)(a)	156,000		4,658,160

			8,152,938

RESTAURANTS — 0.5%
Starbucks Corp.*(a)	22,500		1,403,100

RETAIL & MERCHANDISING — 6.1%
Lowe’s Cos., Inc.	154,500		8,897,655
Target Corp.	110,000		5,712,300
Whole Foods Market, Inc.(a)	12,100		1,153,735

			15,763,690

SEMICONDUCTORS — 6.0%
Altera Corp.*	59,700		1,235,790
Broadcom Corp. (Class “A” Stock)*	138,500		4,470,780
Marvell Technology Group Ltd.*	149,700		5,309,859
Taiwan Semiconductor Manufacturing Co. Ltd. [ADR] (Taiwan)	512,100		4,347,729

			15,364,158

106

AST ALLIANCE GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
TELECOMMUNICATIONS — 7.3%
Corning, Inc.*	705,100	$	8,299,027
Qualcomm, Inc.	212,200		8,997,280
Research in Motion Ltd. (Canada)*(a)	19,500		1,607,190

			18,903,497

TRANSPORTATION — 0.8%
United Parcel Service, Inc. (Class “B” Stock)	24,700		2,110,862

TOTAL LONG-TERM INVESTMENTS (Cost $224,289,895)			258,718,620


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 13.1%
CERTIFICATES OF DEPOSIT — 0.7%
Canadian Imperial Bank of Commerce
1.72%, 05/25/05(b)	$	1,259	1,258,628
First Boston Corp.
2.36%, 01/24/05(b)		445	444,813

			1,703,441

COMMERCIAL PAPER — 2.6%
Citigroup Inc.
2.304%, 01/10/05(b)		6,096	6,083,954
Ticonderoga Funding, LLC
2.35%, 01/14/05(b)		562	560,885

			6,644,839

CORPORATE OBLIGATIONS — 5.4%
Bank of America NA
2.30%, 01/03/05(b)(c)		499	499,456
Goldman Sachs Group, Inc.
2.33%, 01/03/05(b)(c)		5,959	5,958,850
Morgan Stanley
2.33%, 01/03/05(b)(c)		5,690	5,690,289
Natexis Banque NY
2.297%, 01/03/05(b)(c)		1,233	1,233,290
Sedna Finance Corporation
2.372%, 01/14/05(b)(c)		312	311,803
Swedbank NY
2.362%, 01/18/05(b)(c)		420	420,124

			14,113,812


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 3.7%
BlackRock Institutional Money Market Trust(b)(j)	9,564,670		9,564,670

REGISTERED INVESTMENT COMPANIES
BlackRock Provident Institutional Funds TempCash Portfolio(j)	7,475		7,475
BlackRock Provident Institutional Funds TempFund Portfolio(j)	7,476		7,476

			14,951

TOTAL SHORT-TERM INVESTMENTS (Cost $33,760,647)			33,760,647

TOTAL INVESTMENTS — 113.3% (Cost $258,050,542; Note 5)			292,479,267
LIABILITIES IN EXCESS OF OTHER
ASSETS — (13.3%)			(34,343,890	)

NET ASSETS — 100.0%		$	258,135,377

107

AST ALLIANCE GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004

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 securities on loan. Securities on loan have an aggregate market value of $32,523,825; cash collateral of $33,745,696 (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.


Internet Services	13.3	%
Medical Supplies & Equipment	11.2
Computer Services & Software	10.6
Financial Services	10.3
Telecommunications	7.3
Computer Hardware	7.0
Retail & Merchandising	6.1
Semiconductors	6.0
Insurance	4.6
Oil & Gas	4.1
Consumer Products & Services	3.5
Entertainment & Leisure	3.4
Pharmaceuticals	3.2
Electronic Components & Equipment	2.8
Broadcasting	1.9
Healthcare Services	1.5
Conglomerates	1.3
Construction	0.8
Transportation	0.8
Restaurants	0.5
Short-Term Investments	13.1

	113.3
Liabilities in excess of other assets	(13.3	)

	100.0	%

See Notes to Financial Statements.

108

AST MFS GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 103.0%
COMMON STOCK
ADVERTISING — 0.3%
Omnicom Group, Inc.	18,100	$	1,526,192

AEROSPACE — 0.3%
Northrop Grumman Corp.	25,640		1,393,790

BEVERAGES — 1.6%
PepsiCo, Inc.	163,240		8,521,128

BIOTECHNOLOGY — 5.3%
Amgen, Inc.	157,510		10,104,267
Celgene Corp.*(a)	108,620		2,881,689
Genzyme Corp.*	198,830		11,546,058
ImClone Systems, Inc.	86,840		4,001,587

			28,533,601

BROADCASTING — 1.3%
Grupo Televisa SA [ADR] (Brazil)	84,220		5,095,310
News Corp Inc. (Class “A” Stock)	61,100		1,140,126
Univision Communications, Inc. (Class “A” Stock)*	31,570		924,054

			7,159,490

BUSINESS SERVICES — 2.0%
Accenture Ltd. (Class “A” Stock)*	290,900		7,854,300
Fiserv, Inc.*	65,040		2,613,958

			10,468,258

CABLE TELEVISION — 1.3%
Comcast Corp. (Class “A” Stock)*	214,592		7,141,622

CHEMICALS — 0.5%
Dow Chemical Co.	57,900		2,866,629

CLOTHING & APPAREL — 1.1%
NIKE, Inc. (Class “B” Stock)	62,200		5,640,918

COMPUTER HARDWARE — 4.1%
Dell, Inc.*	409,020		17,236,102
International Business Machines Corp.	49,320		4,861,966

			22,098,068

COMPUTER SERVICES & SOFTWARE — 13.4%
Cerner Corp.*(a)	31,800		1,690,806
Cisco Systems, Inc.*	708,480		13,673,663
Electronic Arts, Inc.*	151,070		9,317,998
EMC Corp.*	738,930		10,987,889
Mercury Interactive Corp.*(a)	176,180		8,024,999
Microsoft Corp.	423,330		11,307,144
Oracle Corp.*	726,660		9,969,775
Symantec Corp.*	170,990		4,404,702
Veritas Software Corp.*	71,181		2,032,218

			71,409,194

CONGLOMERATES — 4.1%
3M Co.	71,010		5,827,791
General Electric Co.	47,750		1,742,875
Tyco International Ltd.	405,480		14,491,855

			22,062,521

CONSUMER PRODUCTS & SERVICES — 4.1%
Avon Products, Inc.	42,590		1,648,233
Gillette Co.	63,970		2,864,577
Procter & Gamble Co.	235,660		12,980,153
Reckitt Benckiser PLC (United Kingdom)	148,070		4,474,565

			21,967,528

ELECTRONIC COMPONENTS & EQUIPMENT — 0.3%
Nintendo Co. Ltd. (Japan)	12,200		1,532,292

ENTERTAINMENT & LEISURE — 5.0%
Carnival Corp.(a)	170,860		9,846,662
Disney, (Walt) Co.	207,340		5,764,052
Harley-Davidson, Inc.(a)	143,050		8,690,288
Time Warner, Inc.*	117,480		2,283,811

			26,584,813

FARMING & AGRICULTURE — 1.6%
Monsanto Co.	158,300		8,793,565

FINANCIAL SERVICES — 5.7%
American Express Co.(a)	142,119		8,011,248
Countrywide Financial Corp.(a)	82,050		3,036,671
Goldman Sachs Group, Inc.	72,240		7,515,850
Legg Mason, Inc.	31,340		2,295,968
SLM Corp.(a)	183,760		9,810,946

			30,670,683

FOOD — 0.8%
SYSCO Corp.	109,190		4,167,782

HEALTHCARE SERVICES — 2.9%
Caremark Rx, Inc.*	189,080		7,455,424
HCA, Inc.(a)	21,660		865,534
WellPoint, Inc.*	62,740		7,215,100

			15,536,058

HOTELS & MOTELS — 0.4%
Starwood Hotels & Resorts Worldwide, Inc.	35,740		2,087,216

INSURANCE — 1.9%
AFLAC, Inc.	98,700		3,932,208
American International Group, Inc.	90,050		5,913,584

			9,845,792

INTERNET SERVICES — 3.8%
Check Point Software Technologies Ltd. (Israel)*	125,630		3,094,267
eBay, Inc.*(a)	85,650		9,959,382

109

AST MFS GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES		VALUE (NOTE 2)
Google, Inc. (Class “A” Stock)*(a)		15,640	$	3,020,084
Yahoo!, Inc.*(a)		116,920		4,405,546

				20,479,279

MACHINERY & EQUIPMENT — 2.3%
Caterpillar, Inc.		69,260		6,753,543
Danaher Corp.		48,330		2,774,625
Grainger (W.W.), Inc.		44,170		2,942,605

				12,470,773

MEDICAL SUPPLIES & EQUIPMENT — 5.7%
Boston Scientific Corp.*		56,710		2,016,041
Fisher Scientific International, Inc.*(a)		127,740		7,968,421
Guidant Corp.		45,960		3,313,716
Kinetic Concepts, Inc.*		20,970		1,600,011
Medtronic, Inc.		154,360		7,667,061
Waters Corp.*		45,490		2,128,477
Zimmer Holdings, Inc.*		68,760		5,509,051

				30,202,778

OIL & GAS — 2.1%
BJ Services Co.		87,120		4,054,565
Halliburton Co.(a)		183,430		7,197,793

				11,252,358

CONSUMER SERVICES — 1.0%
Apollo Group, Inc. (Class “A” Stock)*(a)		46,820		3,778,842
Career Education Corp.*(a)		34,350		1,374,000
				5,152,842
PHARMACEUTICALS — 10.5%
Abbott Laboratories		207,540		9,681,741
Allergan, Inc.		14,310		1,160,112
Johnson & Johnson		350,868		22,252,048
Lilly, (Eli) & Co.		112,860		6,404,805
Roche Holding AG (Switzerland)		39,470		4,543,684
Wyeth		278,060		11,842,575

				55,884,965

PRINTING & PUBLISHING — 1.1%
McGraw-Hill Cos., Inc.		65,560		6,001,362

RAILROADS — 0.4%
Burlington Northern Santa Fe Corp.		48,580		2,298,320

RESTAURANTS — 0.6%
Yum! Brands, Inc.		62,920		2,968,566

RETAIL & MERCHANDISING — 9.5%
Abercrombie & Fitch Co.		50,960		2,392,572
Bed Bath & Beyond, Inc.*		42,600		1,696,758
Best Buy Co., Inc.		118,500		7,041,270
CVS Corp.		162,960		7,344,607
Kohl’s Corp.*(a)		22,050		1,084,199
Lowe’s Cos., Inc.		146,690		8,447,877
Penney, (J.C.) Co., Inc.		35,820		1,482,948
PETsMART, Inc.		24,070		855,207
Staples, Inc.		108,220		3,648,096
Target Corp.		243,040		12,621,067
Tiffany & Co.		43,060		1,376,628
TJX Cos., Inc.		114,230		2,870,600

				50,861,829

SEMICONDUCTORS — 3.5%
Analog Devices, Inc.		78,160		2,885,667
KLA-Tencor Corp.*		59,830		2,786,881
Marvell Technology Group Ltd.*		65,660		2,328,960
Maxim Integrated Products, Inc.(a)		66,240		2,807,914
Taiwan Semiconductor
Manufacturing Co. Ltd. [ADR] (Taiwan)		407,280		3,457,807
Texas Instruments, Inc.(a)		67,180		1,653,972
Xilinx, Inc.		99,090		2,938,019

				18,859,220

TELECOMMUNICATIONS — 3.2%
Amdocs Ltd.*		170,820		4,484,025
America Movil SA de CV (Class “L” Stock) [ADR] (Mexico)		87,180		4,563,873
Corning, Inc.*		73,380		863,683
QUALCOMM, Inc.		45,260		1,919,024
Research in Motion Ltd. (Canada)*(a)		25,500		2,101,710
Vodafone Group PLC (United Kingdom)		1,243,170		3,371,304

				17,303,619

TRANSPORTATION — 1.3%
United Parcel Service, Inc. (Class “B” Stock)		82,920		7,086,343

TOTAL LONG TERM INVESTMENTS (Cost $497,198,619)				550,829,394


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 12.2%
CERTIFICATES OF DEPOSIT — 1.6%
First Boston Corp. 2.36%,
01/24/05(b)	$	6,745		6,745,279
Skandinaviska Enskilda Banken
2.35%, 01/28/05(b)		476		475,873
Societe Generale 2.357%,
01/14/05(b)		1,385		1,384,281

				8,605,433

110

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SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
COMMERCIAL PAPER — 0.7%
Citigroup Inc.
2.304%, 01/10/05(b)	$	3,411	$	3,403,843
Ticonderoga Funding, LLC
2.35%, 01/14/05(b)		175		174,967

				3,578,810

CORPORATE OBLIGATIONS — 5.0%
Goldman Sachs Group, Inc.
2.33%, 01/03/05(b)(c)		6,512		6,511,717
Merrill Lynch & Co., Inc.
2.38%, 01/03/05(b)(c)		1,538		1,538,199
Morgan Stanley
2.33%, 01/03/05(b)(c)		2,979		2,979,450
Natexis Banque NY
2.297%, 01/03/05(b)(c)		9,019		9,017,718
Sedna Finance Corp.
2.372%, 01/14/05(b)(c)		1,039		1,039,014
Swedbank NY
2.362%, 01/18/05(b)(c)		6,239		6,237,826

				27,323,924

TIME DEPOSIT — 0.5%
Bank of America NA
1.50%, 01/03/05(b)		2,519		2,518,730


U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.6%
Federal National Mortgage Assoc.
1.25%		13,666		13,665,051


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 1.8%
BlackRock Institutional Money Market Trust(b)(j)		9,733,259		9,733,259

REGISTERED INVESTMENT COMPANIES
BlackRock Provident Institutional Funds TempCash Portfolio(j)		34,885		34,885
BlackRock Provident Institutional Funds TempFund Portfolio(j)		34,884		34,884

				69,769

TOTAL SHORT-TERM INVESTMENTS (Cost $65,494,976)				65,494,976

TOTAL INVESTMENTS — 115.2% (Cost $562,693,595; Note 5)				616,324,370
LIABILITIES IN EXCESS OF OTHER ASSETS — (15.2%)				(81,400,174	)

NET ASSETS — 100.0%			$	534,924,196

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 securities on loan. Securities on loan have an aggregate market value of $49,940,121; cash collateral of $51,760,156 (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.

111

AST MFS GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004

Foreign currency exchange contracts outstanding at December 31, 2004:


Computer Services & Software	13.4	%
Pharmaceuticals	10.5
Retail & Merchandising	9.5
Medical Supplies & Equipment	5.7
Financial Services	5.7
Biotechnology	5.3
Entertainment & Leisure	5.0
Consumer Products & Services	4.1
Computer Hardware	4.1
Conglomerates	4.1
Internet Services	3.8
Semiconductors	3.5
Telecommunications	3.2
Healthcare Services	2.9
Machinery & Equipment	2.3
Oil & Gas	2.1
Business Services	2.0
Insurance	1.9
Beverages	1.6
Farming & Agriculture	1.6
Broadcasting	1.3
Cable Television	1.3
Transportation	1.3
Clothing & Apparel	1.1
Printing & Publishing	1.1
Consumer Services	1.0
Food	0.8
Restaurants	0.6
Chemicals	0.5
Hotels & Motels	0.4
Railroads	0.4
Advertising	0.3
Aerospace	0.3
Electronic Components & Equipment	0.3
Short-Term Investments	12.2

	115.2
Liabilities in excess of other assets	(15.2	)

	100.0	%

See Notes to Financial Statements.

112

AST MARSICO CAPITAL GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 100.0%
COMMON STOCK
ADVERTISING — 0.7%
Getty Images, Inc.*	219,584	$	15,118,358

AEROSPACE — 1.8%
General Dynamics Corp.	279,666		29,253,063
Lockheed Martin Corp.	234,412		13,021,587

			42,274,650

BEVERAGES — 0.7%
PepsiCo, Inc.	301,496		15,738,091

CLOTHING & APPAREL — 2.1%
NIKE, Inc. (Class “B” Stock)	533,667		48,398,260

COMPUTER HARDWARE — 3.0%
Dell, Inc.*(a)	1,638,417		69,042,892

COMPUTER SERVICES & SOFTWARE — 3.1%
Electronic Arts, Inc.*(a)	1,003,301		61,883,606
Microsoft Corp.(a)	386,292		10,317,859

			72,201,465

CONGLOMERATES — 1.9%
Tyco International Ltd.(a)	1,244,914		44,493,226

CONSTRUCTION — 3.6%
KB Home	177,656		18,547,286
Lennar Corp. (Class “A” Stock)(a)	661,424		37,489,513
Lennar Corp. (Class “B” Stock)	36,910		1,927,071
MDC Holdings, Inc.	284,603		24,601,083

			82,564,953

CONSUMER PRODUCTS & SERVICES — 2.4%
Procter & Gamble Co.	1,015,180		55,916,114

ELECTRONIC COMPONENTS & EQUIPMENT — 5.0%
General Electric Co.	3,145,171		114,798,742

ENTERTAINMENT & LEISURE — 5.9%
Brunswick Corp.	95,088		4,706,856
Harley-Davidson, Inc.	152,047		9,236,855
Royal Caribbean Cruises Ltd.(a)	756,843		41,202,533
Wynn Resorts Ltd.*(a)	1,185,639		79,342,962

			134,489,206

FARMING & AGRICULTURE — 0.5%
Monsanto Co.(a)	223,701		12,426,591

FINANCIAL — BANK & TRUST — 0.4%
UCBH Holdings, Inc.	201,609		9,237,724

FINANCIAL SERVICES — 16.1%
Chicago Mercantile Exchange Holding, Inc.(a)	136,917		31,312,918
Citigroup, Inc.	1,689,164		81,383,922
Countrywide Financial Corp.	1,887,352		69,850,898
Goldman Sachs Group, Inc.(a)	350,690		36,485,788
Merrill Lynch & Co., Inc.	837,032		50,029,403
SLM Corp.(a)	1,836,451		98,048,118

			367,111,047

HEALTHCARE SERVICES — 9.3%
PacifiCare Health Systems, Inc.*	168,709		9,535,433
Quest Diagnostics, Inc.(a)	304,040		29,051,022
UnitedHealth Group, Inc.(a)	1,955,986		172,185,448

			210,771,903

HOTELS & MOTELS — 2.5%
Four Seasons Hotels, Inc. (Canada)(a)	545,714		44,633,948
MGM Mirage, Inc.*(a)	160,782		11,695,283

			56,329,231

INSURANCE — 0.8%
Aetna, Inc.	57,696		7,197,576
Wellpoint Inc.*	101,163		11,633,745

			18,831,321

INTERNET SERVICES — 3.8%
eBay, Inc.*(a)	759,818		88,351,637

MACHINERY & EQUIPMENT — 3.1%
Caterpillar, Inc.	732,537		71,429,683

MEDICAL SUPPLIES & EQUIPMENT — 6.7%
Boston Scientific Corp.*	753,124		26,773,558
Medtronic, Inc.	707,551		35,144,058
St. Jude Medical, Inc.*	1,062,542		44,552,386
Wright Medical Group, Inc.*	98,083		2,795,366
Zimmer Holdings, Inc.*	564,877		45,257,945

			154,523,313

METALS & MINING — 0.1%
United States Steel Corp.	52,638		2,697,698

PHARMACEUTICALS — 6.7%
Cardinal Health, Inc.	122,420		7,118,723
Genentech, Inc.*(a)	1,839,001		100,115,215
Pfizer, Inc.	1,750,235		47,063,819

			154,297,757

RESTAURANTS — 2.1%
Starbucks Corp.*(a)	386,908		24,127,583
Yum! Brands, Inc.	491,763		23,201,378

			47,328,961

RETAIL & MERCHANDISING — 6.1%
Bed Bath & Beyond, Inc.*	484,047		19,279,592
CVS Corp.(a)	434,143		19,566,825
Lowe’s Cos., Inc.	1,004,065		57,824,104
Target Corp.(a)	618,546		32,121,094
Tiffany & Co.	358,151		11,450,087

			140,241,702

113

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SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES		VALUE (NOTE 2)
SEMICONDUCTORS — 0.1%
Freescale Semiconductor, Inc. (Class “B” Stock)*		112,645	$	2,068,162

TELECOMMUNICATIONS — 7.6%
Motorola, Inc.(a)		1,020,205		17,547,526
Qualcomm, Inc.		2,617,138		110,966,651
Telefonaktiebolaget LM Ericsson [ADR] (Sweden)*		673,963		21,223,095
Verizon Communications, Inc.		614,028		24,874,274

				174,611,546

TRANSPORTATION — 3.9%
FedEx Corp.		904,705		89,104,395

TOTAL LONG-TERM INVESTMENTS (Cost $1,665,142,642)				2,294,398,628


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 18.7%
CERTIFICATES OF DEPOSIT — 3.6%
Canadian Imperial Bank of Commerce
2.372%, 01/31/05(b)(c)	$	2,061		2,060,380
First Boston Corp.
2.36%, 01/24/05(b)		47,930		47,930,192
Societe Generale
2.357%, 01/14/05(b)		24,711		24,701,978
UBS Bank
2.315%, 01/18/05(b)		7,028		7,028,254

				81,720,804

COMMERCIAL PAPER — 0.4%
Ticonderoga Funding, LLC
2.35%, 01/14/05(b)		9,058		9,043,715

CORPORATE OBLIGATIONS — 5.1%
Bank of America NA
2.30%, 01/03/05(b)(c)		25,281		25,281,338
Bear Stearns
2.28%, 01/03/05(b)(c)		1,183		1,182,573
2.28%, 01/03/05(b)(c)		5,250		5,249,904
Goldman Sachs Group, Inc.
2.33%, 01/03/05(b)(c)		274		274,147
Merrill Lynch & Co., Inc.
2.38%, 01/03/05(b)(c)		25,812		25,811,598
Morgan Stanley
2.33%, 01/03/05(b)(c)		16,614		16,613,950
2.33%, 01/03/05(b)(c)		2,405		2,404,968
Sedna Finance Corporation
2.372%, 01/14/05(b)(c)		3,105		3,105,297
Swedbank NY
2.362%, 01/18/05(b)(c)		39,226		39,219,741

				119,143,516

TIME DEPOSIT — 0.6%
Bank of America NA
1.50%, 01/03/05(b)		14,626		14,625,832


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 4.6%
BlackRock Institutional Money Market Trust(b)(j)		104,535,196		104,535,196

REGISTERED INVESTMENT COMPANIES — 4.4%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		50,407,447		50,407,447
BlackRock Provident Institutional Funds TempFund Portfolio(j)		50,407,446		50,407,446

				100,814,893

TOTAL SHORT-TERM INVESTMENTS (Cost $429,883,956)				429,883,956

TOTAL INVESTMENTS — 118.7% (Cost $2,095,026,598; Note 5)				2,724,282,584
LIABILITIES IN EXCESS OF OTHER ASSETS — (18.7%)				(429,262,898	)

NET ASSETS — 100.0%			$	2,295,019,686

THE FOLLOWING ABBREVIATIONS ARE 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 securities on loan. Securities on loan have an aggregate market value of $318,667,131; cash collateral of $329,069,063 (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.

114

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SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


Financial Services	16.1	%
Healthcare Services	9.3
Telecommunications	7.6
Medical Supplies & Equipment	6.7
Pharmaceuticals	6.7
Retail & Merchandising	6.1
Entertainment & Leisure	5.9
Electronic Components & Equipment	5.0
Transportation	3.9
Internet Services	3.8
Construction	3.6
Computer Services & Software	3.1
Machinery & Equipment	3.1
Computer Hardware	3.0
Hotels & Motels	2.5
Consumer Products & Services	2.4
Clothing & Apparel	2.1
Restaurants	2.1
Conglomerates	1.9
Aerospace	1.8
Insurance	0.8
Advertising	0.7
Beverages	0.7
Farming & Agriculture	0.5
Financial — Bank & Trust	0.4
Metals & Mining	0.1
Semiconductors	0.1
Short-Term Investments	18.7

	118.7
Liabilities in excess of other assets	(18.7	)

	100.0	%

See Notes to Financial Statements.

115

AST GOLDMAN SACHS CONCENTRATED GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 99.3%
BEVERAGES — 3.5%
PepsiCo, Inc.	648,100	$	33,830,820

BROADCASTING & CABLE/SATELLITE TV — 17.4%
Cablevision Systems New York Group (Class “A” Stock)*(a)	1,387,124		34,539,388
Clear Channel Communications, Inc.(a)	991,500		33,205,335
Comcast Corp. (Special Class “A” Stock)*	618,040		20,296,434
EchoStar Communications Corp. (Class “A” Stock)(a)	537,955		17,881,624
Entravision Communications Corp. (Class “A” Stock)*	549,655		4,589,619
Univision Communications, Inc. (Class “A” Stock)*(a)	1,574,600		46,088,541
Westwood One, Inc.*	439,200		11,827,656

			168,428,597

COMMERCIAL SERVICES — 4.9%
McGraw-Hill Cos., Inc.	365,402		33,448,899
Moody’s Corp.(a)	158,598		13,774,236

			47,223,135

COMPUTER HARDWARE — 2.6%
Dell, Inc.*	609,000		25,663,260

COMPUTER SERVICES — 4.2%
First Data Corp.	839,480		35,711,479
Sabre Holdings Corp.	230,479		5,107,415

			40,818,894

COMPUTER SOFTWARE — 4.5%
Electronic Arts, Inc.*	12,000		740,160
Microsoft Corp.	1,611,894		43,053,689

			43,793,849

DRUGS & MEDICINE — 3.4%
Pfizer, Inc.	1,234,200		33,187,638

ELECTRICAL EQUIPMENT — 0.7%
General Electric Co.	55,200		2,014,800
Tyco International Ltd.	121,600		4,345,984

			6,360,784

FINANCIALS — 11.9%
Fannie Mae	481,626		34,296,587
Freddie Mac	585,080		43,120,396
MBNA Corp.	337,700		9,519,763
Schwab, (Charles) Corp.	2,375,700		28,413,372

			115,350,118

FOODS — 1.8%
Wrigley, (Wm., Jr.) Co.	254,756		17,626,568

GAMING/LODGING — 6.3%
Carnival Corp.(a)	56,300		3,244,569
Harrah’s Entertainment, Inc.(a)	660,690		44,193,554
Starwood Hotels & Resorts Worldwide, Inc.	227,433		13,282,087

			60,720,210

HOUSEHOLD/PERSONAL CARE — 0.1%
Procter & Gamble Co.	15,800		870,264

INTERNET & ONLINE — 4.8%
eBay, Inc.*(a)	157,120		18,269,914
Google, Inc. (Class “A” Stock)*(a)	76,900		14,849,390
Yahoo!, Inc.*(a)	360,800		13,594,944

			46,714,248

MANUFACTURING — 0.1%
3M Co.	11,800		968,426

MOVIES & ENTERTAINMENT — 8.0%
Time Warner, Inc.*	1,131,724		22,000,715
Viacom, Inc. (Class “B” Stock)	1,524,800		55,487,472

			77,488,187

NETWORKING/TELECOM EQUIPMENT — 2.2%
Cisco Systems, Inc.*	1,103,900		21,305,270

OTHER CONSUMER DISCRETIONARY — 5.2%
Cendant Corp.	2,136,915		49,961,073

OTHER HEALTHCARE — 2.9%
Caremark Rx, Inc.*(a)	718,505		28,330,652

PUBLISHING — 1.1%
Scripps, (E.W.) Co. (Class “A” Stock)	220,208		10,631,642

RETAILING — 5.7%
Family Dollar Stores, Inc.	494,200		15,433,866
Lowe’s Companies, Inc.(a)	307,800		17,726,202
Wal-Mart Stores, Inc.	413,000		21,814,660

			54,974,728

SEMICONDUCTORS/SEMI CAPITAL EQUIPMENT — 7.0%
Intel Corp.	62,100		1,452,519
Linear Technology Corp.	258,600		10,023,336
QUALCOMM, Inc.(a)	1,334,400		56,578,560

			68,054,415

TELECOMMUNICATIONS — 1.0%
Crown Castle International Corp.*	588,230		9,788,147

TOTAL LONG-TERM INVESTMENTS (Cost $830,455,167)			962,090,925

116

AST GOLDMAN SACHS CONCENTRATED GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
SHORT-TERM INVESTMENTS — 17.1%
CERTIFICATES OF DEPOSIT — 2.4%
Canadian Imperial Bank of Commerce
2.372%, 01/31/05(b)(c)	$	2,838	$	2,837,989
First Boston Corp.
2.36%, 01/24/05(b)		1,705		1,704,785
Fortis Bank NY
2.055%, 06/08/05(b)		19,116		19,112,710

				23,655,484

COMMERCIAL PAPER — 0.3%
Citigroup Inc.
2.304%, 01/10/05(b)		2,799		2,793,027

CORPORATE OBLIGATIONS — 8.5%
Goldman Sachs Group, Inc.
2.33%, 01/03/05(b)(c)		16,089		16,089,078
Merrill Lynch & Co., Inc.
2.38%, 01/03/05(b)(c)		34,291		34,290,569
Morgan Stanley
2.33%, 01/03/05(b)(c)		14,427		14,426,719
Natexis Banque NY
2.297%, 01/03/05(b)(c)		9,165		9,163,988
Sedna Finance Corporation
2.372%, 01/14/05(b)(c)		2,860		2,859,670
Swedbank NY
2.362%, 01/18/05(b)(c)		5,727		5,725,632

				82,555,656

TIME DEPOSIT — 0.6%
Bank of America NA
1.50%, 01/03/05(b)		5,535		5,535,099


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 5.3%
BlackRock Institutional Money Market Trust(b)(j)		50,946,693		50,946,693

TOTAL SHORT-TERM INVESTMENTS (Cost $165,485,959)				165,485,959

TOTAL INVESTMENTS — 116.4% (Cost $995,941,126; Note 5)				1,127,576,884
LIABILITIES IN EXCESS OF OTHER ASSETS — (16.4%)				(158,799,191	)

NET ASSETS — 100.0%			$	968,777,693

117

AST GOLDMAN SACHS CONCENTRATED GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

(a)	All or a portion of securities on loan. Securities on loan have an aggregate market value of $160,709,768; cash collateral of $165,485,959 (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.


Broadcasting & Cable/Satellite TV	17.4	%
Financials	11.9
Movies & Entertainment	8.0
Semiconductors/Semi Capital Equipment	7.0
Gaming/Lodging	6.3
Retailing	5.7
Other Consumer Discretionary	5.2
Commercial Services	4.9
Internet & Online	4.8
Computer Software	4.5
Computer Services	4.2
Beverages	3.5
Drugs & Medicine	3.4
Other Healthcare	2.9
Computer Hardware	2.6
Networking/Telecom Equipment	2.2
Foods	1.8
Publishing	1.1
Telecommunications	1.0
Electrical Equipment	0.7
Household/Personal Care	0.1
Manufacturing	0.1
Short-Term Investments	17.1

	116.4
Liabilities in excess of other assets	(16.4	)

	100.0	%

See Notes to Financial Statements.

118

AST DEAM LARGE-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG TERM INVESTMENTS — 95.4%
COMMON STOCK
AEROSPACE — 2.4%
General Dynamics Corp.	16,300	$	1,704,980
Raytheon Co.	75,600		2,935,548

			4,640,528

AUTOMOTIVE PARTS — 2.0%
American Axle & Manufacturing Holdings, Inc.	67,400		2,066,484
Autoliv, Inc. (Germany)	38,600		1,864,380

			3,930,864

BEVERAGES — 1.3%
Coors, (Adolph) Co. (Class “B” Stock)(a)	30,300		2,292,801
PepsiAmericas, Inc.	6,300		133,812

			2,426,613

CHEMICALS — 0.7%
Eastman Chemical Co.	24,600		1,420,158

CLOTHING & APPAREL — 1.1%
VF Corp.	37,200		2,060,136

COMPUTER HARDWARE — 2.0%
Hewlett-Packard Co.	14,000		293,580
Ingram Micro, Inc. (Class “A” Stock)*	67,200		1,397,760
International Business Machines Corp.	21,600		2,129,328

			3,820,668

COMPUTER SERVICES & SOFTWARE — 2.9%
Computer Sciences Corp.*	37,400		2,108,238
Oracle Corp.*	24,800		340,256
Sun Microsystems, Inc.*	305,700		1,644,666
Unisys Corp.*	144,500		1,471,010

			5,564,170

CONGLOMERATES — 2.3%
Altria Group, Inc.	28,300		1,729,130
Cendant Corp.	115,600		2,702,728

			4,431,858

CONSTRUCTION — 0.1%
Ryland Group, Inc. (The)	3,200		184,128

CONSUMER PRODUCTS & SERVICES — 1.4%
Clorox Co.	10,800		636,444
Loews Corp. — Carolina Group	9,200		266,340
UST, Inc.	35,600		1,712,716

			2,615,500

CONTAINERS & PACKAGING — 1.0%
Owens-Illinois, Inc.*	81,500		1,845,975

ELECTRONIC COMPONENTS & EQUIPMENT — 4.1%
Emerson Electric Co.	9,200		644,920
General Electric Co.	199,500		7,281,750

			7,926,670

ENTERTAINMENT & LEISURE — 4.4%
Brunswick Corp.	9,800		485,100
Disney, (Walt) Co.	116,600		3,241,480
Time Warner, Inc.*	129,200		2,511,648
Viacom, Inc. (Class “B” Stock)	58,300		2,121,537

			8,359,765

FARMING & AGRICULTURE — 1.4%
Monsanto Co.	46,700		2,594,185

FINANCIAL — BANK & TRUST — 11.6%
Associated Banc-Corp.	5,600		185,976
Bank of America Corp.	167,500		7,870,825
Golden West Financial Corp.(a)	47,800		2,935,876
National City Corp.	105,400		3,957,770
U.S. Bancorp(a)	147,000		4,604,040
UnionBanCal Corp.	300		19,344
Wachovia Corp.	6,100		320,860
Wells Fargo & Co.	37,100		2,305,765

			22,200,456

FINANCIAL SERVICES — 9.2%
Capital One Financial Corp.	21,600		1,818,936
CIT Group, Inc.	17,100		783,522
Citigroup, Inc.	96,875		4,667,437
Freddie Mac	56,200		4,141,940
Goldman Sachs Group, Inc.	1,400		145,656
JP Morgan Chase & Co.	104,484		4,075,921
Morgan Stanley Dean Witter & Co.	28,900		1,604,528
Providian Financial Corp.*	23,200		382,104

			17,620,044

FOOD — 1.1%
Tyson Foods, Inc. (Class “A” Stock)(a)	118,100		2,173,040

HEALTHCARE SERVICES — 0.8%
Caremark Rx, Inc.*(a)	40,200		1,585,086

INSURANCE — 5.7%
Alleghany Corp.*	500		142,625
Berkley, (W.R.) Corp.	64,750		3,054,258
Chubb Corp.(a)	7,300		561,370
Fidelity National Financial, Inc.	17,200		785,524
Loews Corp.	44,100		3,100,230
MetLife, Inc.	73,500		2,977,485
Progressive Corp. (The)	2,700		229,068

			10,850,560

119

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SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
MACHINERY & EQUIPMENT — 2.8%
Cummins, Inc.	26,400	$	2,212,056
Eaton Corp.	31,600		2,286,576
Stanley Works(a)	18,300		896,517

			5,395,149

MEDICAL SUPPLIES & EQUIPMENT — 1.0%
AmerisourceBergen Corp.	31,700		1,860,156

METALS & MINING — 2.2%
Phelps Dodge Corp.(a)	23,300		2,304,836
United States Steel Corp.(a)	37,200		1,906,500

			4,211,336

OIL & GAS — 11.6%
Anadarko Petroleum Corp.(a)	45,200		2,929,412
Apache Corp.	56,000		2,831,920
Burlington Resources, Inc.	69,700		3,031,950
Chesapeake Energy Corp.(a)	43,200		712,800
ChevronTexaco Corp.	5,300		278,303
El Paso Corp.	6,300		65,520
Exxon Mobil Corp.	127,200		6,520,272
Newfield Exploration Co.*	28,900		1,706,545
Noble Energy, Inc.(a)	44,600		2,750,036
Pioneer Natural Resources Co.	7,700		270,270
Valero Energy Corp.	25,000		1,135,000

			22,232,028

PAPER & FOREST PRODUCTS — 1.1%
Louisiana-Pacific Corp.(a)	63,800		1,706,012
Rayonier, Inc.	9,600		469,536

			2,175,548

PHARMACEUTICALS — 1.6%
Bristol-Meyers Squibb Co.(a)	84,400		2,162,328
Merck & Co., Inc.(a)	30,300		973,842

			3,136,170

REAL ESTATE — 2.2%
Apartment Investment & Management Co. (Class “A” Stock) [REIT](a)	9,800		377,692
Avalonbay Communities, Inc. [REIT]	5,300		399,090
Boston Properties, Inc. [REIT]	3,400		219,878
Equity Office Properties Trust [REIT]	23,800		693,056
Equity Residential Properties Trust [REIT](a)	17,900		647,622
Federal Realty Investment Trust [REIT]	2,100		108,465
Kimco Realty Corp. [REIT]	4,200		243,558
Mills Corp. (The) [REIT](a)	2,700		172,152
Pan Pacific Retail Properties, Inc. [REIT]	1,900		119,130
Public Storage, Inc. [REIT]	2,400		133,800
Simon Property Group, Inc. [REIT](a)	10,500		679,035
Vornado Realty Trust [REIT](a)	6,200		472,006

			4,265,484

RESTAURANTS — 1.8%
McDonald’s Corp.	107,200		3,436,832

RETAIL & MERCHANDISING — 2.7%
BJ’s Wholesale Club, Inc.*(a)	31,500		917,595
Circuit City Stores, Inc.	53,400		835,176
Costco Wholesale Corp.(a)	56,900		2,754,529
Nordstrom, Inc.	13,400		626,182
SUPERVALU, Inc.	3,400		117,368

			5,250,850

SEMICONDUCTORS — 1.3%
Advanced Micro Devices, Inc.*(a)	50,400		1,109,808
Micron Technology, Inc.*(a)	114,800		1,417,780

			2,527,588

TELECOMMUNICATIONS — 4.9%
ALLTEL Corp.	21,400		1,257,464
SBC Communications, Inc.(a)	19,700		507,669
Sprint Corp.	95,600		2,375,660
Verizon Communications, Inc.	130,800		5,298,708

			9,439,501

TRANSPORTATION — 1.3%
FedEx Corp.(a)	15,500		1,526,595
Ryder System, Inc.	21,500		1,027,055

			2,553,650

UTILITIES — 5.4%
American Electric Power Co., Inc.(a)	64,900		2,228,666
Duke Energy Corp.(a)	50,600		1,281,698
Exelon Corp.(a)	96,700		4,261,569
PG&E Corp.*	35,600		1,184,768
PPL Corp.	3,600		191,808
Sempra Energy	25,600		939,008
Southern Co. (The)	6,100		204,472

			10,291,989

TOTAL COMMON STOCK (Cost $161,672,989)			183,026,685

120

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SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY'S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
CORPORATE OBLIGATIONS RETAIL & MERCHANDISING
Ames Department Stores, Inc., Sr. Notes*
10.00%, 04/15/06 (cost $13,156; purchased 11/17/00- 01/30/01)(g)(i)	NR	$	40	$	4

TOTAL LONG-TERM INVESTMENTS (Cost $161,686,145)					183,026,689

SHORT-TERM INVESTMENTS — 21.0%
CERTIFICATES OF DEPOSIT — 2.6%
Banco Santander PR
2.315%, 01/07/05(b)(c)			1,453	$	1,452,899
Canadian Imperial Bank of Commerce
2.372%, 01/31/05(b)(c)			151		151,359
First Boston Corp.
2.36%, 01/24/05(b)			929		928,585
Fortis Bank
2.055%, 06/08/05(b)			1,256		1,255,437
Skandinaviska Enskilda Banken
2.35%, 01/28/05(b)			1,147		1,146,556

					4,934,836

CORPORATE OBLIGATIONS — 11.0%
Bear Stearns
2.28%, 01/03/05(b)(c)			1,818		1,817,998
2.28%, 01/03/05(b)(c)			4,763		4,763,489
Goldman Sachs Group, Inc.
2.33%, 01/03/05(b)(c)			4,880		4,880,298
Merrill Lynch & Co., Inc.
2.38%, 01/03/05(b)(c)			3,110		3,109,903
Natexis Banque NY
2.297%, 01/03/05(b)(c)			6,391		6,390,104

					20,961,792

TIME DEPOSIT — 0.8%
Bank of America NA
1.50%, 01/03/05(b)			1,623		1,622,540

U.S. TREASURY OBLIGATIONS — 0.4%
U.S. Treasury Bills
1.84%, 01/27/05(k)			10		9,987
1.87%, 01/27/05(k)			600		599,212
1.91%, 01/27/05(k)			50		49,934
1.93%, 01/27/05(k)			70		69,908
1.95%, 01/27/05(k)			30		29,959

					759,000


		SHARES
NON-REGISTERED INVESTMENT COMPANY — 6.2%
BlackRock Institutional Money Market Trust(b)(j)			11,941,271		11,941,271

TOTAL SHORT-TERM INVESTMENTS (Cost $40,219,406)					40,219,439

TOTAL INVESTMENTS — 116.4% (Cost $201,905,551; Note 5)					223,246,128
LIABILITIES IN EXCESS OF OTHER ASSETS — (16.4%)					(31,381,162	)

NET ASSETS — 100.0%				$	191,864,966

THE FOLLOWING ABBREVIATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

NR	Not Rated by Moody's or Standard & Poors.

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 securities on loan. Securities on loan have an aggregate market value of $38,144,442; cash collateral of $39,460,439 (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 the illiquid security is $13,156. The aggregate value, $4, represents 0.0% of net assets.

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

121

AST DEAM LARGE-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004

(k)	Securities with an aggregate market value of $759,000 have been segregated with the custodian to cover margin requirements for the following open futures contracts at December 31, 2004:


NUMBER OF CONTRACTS	TYPE	EXPIRATION MONTH	VALUE AT TRADE DATE		VALUE AT DECEMBER 31, 2004		UNREALIZED APPRECIATION
LONG POSITIONS:
27	S&P 500	Mar 05	$	8,051,912	$	8,192,475	$	140,563


Financial — Bank & Trust	11.6	%
Oil & Gas	11.6
Financial Services	9.2
Insurance	5.7
Utilities	5.4
Telecommunications	4.9
Entertainment & Leisure	4.4
Electronic Components & Equipment	4.1
Computer Services & Software	2.9
Machinery & Equipment	2.8
Retail & Merchandising	2.7
Aerospace	2.4
Conglomerates	2.3
Metals & Mining	2.2
Real Estate	2.2
Automotive Parts	2.0
Computer Hardware	2.0
Restaurants	1.8
Pharmaceuticals	1.6
Consumer Products & Services	1.4
Farming & Agriculture	1.4
Beverages	1.3
Semiconductors	1.3
Transportation	1.3
Clothing & Apparel	1.1
Food	1.1
Paper & Forest Products	1.1
Containers & Packaging	1.0
Medical Supplies & Equipment	1.0
Healthcare Services	0.8
Chemicals	0.7
Construction	0.1
Short-Term Investments	21.0

	116.4
Liabilities in excess of other assets	(16.4	)

	100.0	%

See Notes to Financial Statements.

122

AST HOTCHKIS AND WILEY LARGE-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 98.7%
COMMON STOCK
AEROSPACE & DEFENSE — 4.1%
Lockheed Martin Corp.	261,400	$	14,520,770
Raytheon Co.	304,800		11,835,384

			26,356,154

AUTO COMPONENTS — 2.0%
Delphi Corp.(a)	680,900		6,141,718
Lear Corp.	104,600		6,381,646

			12,523,364

COMMERCIAL BANKS — 2.2%
KeyCorp	168,700		5,718,930
UnionBanCal Corp.	131,800		8,498,464

			14,217,394

COMMERCIAL SERVICES & SUPPLIES — 3.9%
Cendant Corp.(a)	572,000		13,373,360
Waste Management, Inc.	386,000		11,556,840

			24,930,200

DIVERSIFIED FINANCIAL SERVICES — 5.1%
CIT Group, Inc.	278,700		12,770,034
Principal Financial Group, Inc.	475,300		19,458,782

			32,228,816

ELECTRIC UTILITIES — 8.7%
Alliant Energy Corp.	230,500		6,592,300
Entergy Corp.	141,500		9,563,985
FirstEnergy Corp.	428,900		16,945,839
FPL Group, Inc.(a)	297,600		22,245,600

			55,347,724

FOOD & STAPLES RETAILING — 2.5%
Albertson's, Inc.(a)	679,900		16,236,012

FOOD PRODUCTS — 3.3%
Kraft Foods, Inc. (Class “A” Stock)(a)	174,500		6,213,945
Sara Lee Corp.	265,400		6,406,756
Unilever Plc [ADR](GBP)	205,600		8,125,312

			20,746,013

HEALTHCARE PROVIDERS & SERVICES — 5.9%
Aetna, Inc.	141,700		17,677,075
HCA, Inc.(a)	156,100		6,237,756
Tenet Healthcare Corp.*	1,227,400		13,476,852

			37,391,683

HOTELS, RESTAURANTS & LEISURE — 4.3%
Caesars Entertainment, Inc.*(a)	666,400		13,421,296
Mandalay Resort Group(a)	21,000		1,479,030
Yum! Brands, Inc.	264,800		12,493,264

			27,393,590

HOUSEHOLD DURABLES — 4.1%
Lennar Corp. (Class “A” Stock)(a)	460,800		26,118,144

INDUSTRIAL CONGLOMERATES — 2.0%
Tyco International Ltd.(a)	359,700		12,855,678

INSURANCE — 15.0%
Allmerica Financial Corp.*	243,800		8,003,954
Allstate Corp. (The)	252,100		13,038,612
MetLife, Inc.	768,000		31,111,680
St. Paul Cos., Inc.	562,100		20,837,047
UnumProvident Corp.(a)	1,262,200		22,643,868

			95,635,161

IT SERVICES — 5.0%
Electronic Data Systems Corp.	1,382,500		31,935,750

LEISURE EQUIPMENT & PRODUCTS — 1.7%
Eastman Kodak Co.(a)	345,100		11,129,475

MACHINERY — 1.0%
SPX Corp.(a)	153,600		6,153,216

METALS & MINING — 1.7%
Alcoa, Inc.	349,600		10,984,432

MULTILINE RETAIL — 5.1%
Sears, Roebuck and Co.(a)	630,300		32,164,209

OIL & GAS — 2.4%
Sunoco, Inc.(a)	155,200		12,681,392
Teekay Shipping Corp.(a)	56,900		2,396,059

			15,077,451

PAPER & FOREST PRODUCTS — 1.2%
Weyerhaeuser Co.(a)	118,100		7,938,682

REAL ESTATE — 3.4%
Apartment Investment & Management Co. (Class “A” Stock) [REIT](a)	196,600		7,576,964
New Century Financial Corp. [REIT](a)	120,900		7,726,719
Plum Creek Timber Co., Inc. [REIT]	162,100		6,231,124

			21,534,807

ROAD & RAIL — 0.8%
Union Pacific Corp.	71,900		4,835,275

SOFTWARE — 4.0%
Computer Associates International, Inc.(a)	828,400		25,730,104

TEXTILES, APPAREL & LUXURY GOODS — 1.0%
Jones Apparel Group, Inc.(a)	177,500		6,491,175

THRIFTS & MORTGAGE FINANCE — 4.1%
Freddie Mac(a)	226,200		16,670,940
Washington Mutual, Inc.(a)	223,900		9,466,492

			26,137,432

123

AST HOTCHKIS AND WILEY LARGE-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES		VALUE (NOTE 2)
TOBACCO — 4.2%
Altria Group, Inc.		440,700	$	26,926,770

TOTAL LONG-TERM INVESTMENTS (Cost $552,063,506)				629,018,711


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 29.8%
CERTIFICATES OF DEPOSIT — 8.8%
Canadian Imperial Bank of Commerce
1.72%, 05/25/05(b)	$	1,621		1,620,265
First Boston Corp.
2.36%, 01/24/05(b)		30,328		30,327,744
Skandinaviska Enskilda Banken
2.35%, 01/28/05(b)		5,089		5,088,870
Societe Generale
2.357%, 01/14/05(b)		6,158		6,156,304
UBS Bank
2.315%, 01/18/05(b)		9,366		9,365,924
Westdeutsche Landesbank
1.50%, 01/10/05(b)		3,406		3,404,801

				55,963,908

CORPORATE OBLIGATIONS — 9.8%
Bank of America NA
2.30%, 01/03/05(b)(c)		1,047		1,047,417
Bear Stearns
2.28%, 01/03/05(b)(c)		2,657		2,656,602
2.28%, 01/03/05(b)(c)		10,085		10,085,423
Goldman Sachs Group, Inc.
2.33%, 01/03/05(b)(c)		12,071		12,070,902
Merrill Lynch & Co., Inc.
2.38%, 01/03/05(b)(c)		11,303		11,303,078
Morgan Stanley
2.33%, 01/03/05(b)(c)		408		407,701
2.33%, 01/03/05(b)(c)		2,671		2,671,189
Natexis Banque NY
2.297%, 01/03/05(b)(c)		21,381		21,379,158
Swedbank NY
2.362%, 01/18/05(b)(c)		485		484,747

				62,106,217

TIME DEPOSIT — 1.5%
Bank of America NA
1.50%, 01/03/05(b)		9,402		9,402,055


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 9.7%
BlackRock Institutional Money Market Trust(b)(j)		62,127,414		62,127,414

TOTAL SHORT-TERM INVESTMENTS (Cost $189,599,594)				189,599,594

TOTAL INVESTMENTS — 128.5% (Cost $741,663,100; Note 5)				818,618,305
LIABILITIES IN EXCESS OF OTHER ASSETS (28.5%)				(181,808,686	)

NET ASSETS — 100.0%			$	636,809,619

THE FOLLOWING ABBREVIATION IS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

ADR	American Depository Receipt

GBP	British Pound

REIT	Real Estate Investment Trust

THE FOLLOWING ANNOTATION IS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

(a)	All or a portion of securities on loan. Securities on loan have an aggregate market value of $182,140,758; cash collateral of $189,599,594 (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.

124

AST HOTCHKIS AND WILEY LARGE-CAP VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


Insurance	15.0	%
Electric Utilities	8.7
Healthcare Providers & Services	5.9
Diversified Financial Services	5.1
Multiline Retail	5.1
IT Services	5.0
Hotels, Restaurants & Leisure	4.3
Tobacco	4.2
Aerospace & Defense	4.1
Household Durables	4.1
Thrifts & Mortgage Finance	4.1
Software	4.0
Commercial Services & Supplies	3.9
Real Estate	3.4
Food Products	3.3
Food & Staples Retailing	2.5
Oil & Gas	2.4
Commercial Banks	2.2
Auto Components	2.0
Industrial Conglomerates	2.0
Leisure Equipment & Products	1.7
Metals & Mining	1.7
Paper & Forest Products	1.2
Machinery	1.0
Textile, Apparel & Luxury Goods	1.0
Road & Rail	0.8
Short-Term Investments	29.8

	128.5
Liabilities in excess of other assets	(28.5	)

	100.0	%

See Notes to Financial Statements.

125

AST ALLIANCE/BERNSTEIN GROWTH + VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 96.3%
COMMON STOCK
AEROSPACE — 0.7%
Boeing Co.	10,800	$	559,116

AUTOMOTIVE PARTS — 0.8%
Magna International, Inc. (Class “A” Stock)	7,700		635,635

BEVERAGES — 0.6%
PepsiCo, Inc.	9,600		501,120

BROADCASTING — 1.0%
Scripps, (E.W.) Co. (Class “A” Stock)	16,800		811,104

CABLE TELEVISION — 0.8%
Comcast Corp. (Special Class “A” Stock)*(a)	19,100		627,244

CLOTHING & APPAREL — 0.7%
Jones Apparel Group, Inc.	10,200		373,014
VF Corp.	3,600		199,368

			572,382

COMPUTER HARDWARE — 5.0%
Dell, Inc.*	65,600		2,764,384
Hewlett-Packard Co.	52,750		1,106,168

			3,870,552

COMPUTER SERVICES & SOFTWARE — 6.4%
Cisco Systems, Inc.*	37,300		719,890
Electronic Arts, Inc.*	22,100		1,363,128
Microsoft Corp.	93,700		2,502,727
Symantec Corp.*	16,000		412,160

			4,997,905

CONGLOMERATES — 1.9%
Altria Group, Inc.	11,950		730,145
Textron, Inc.	10,600		782,280

			1,512,425

CONSUMER PRODUCTS & SERVICES — 2.5%
Avon Products, Inc.(a)	22,900		886,230
Kimberly-Clark Corp.	4,425		291,209
Procter & Gamble Co.	13,400		738,072

			1,915,511

CONTAINERS & PACKAGING — 0.6%
Smurfit-Stone Container Corp.*(a)	25,600		478,208

ELECTRONIC COMPONENTS & EQUIPMENT — 5.1%
Flextronics International Ltd.*(a)	35,800		494,756
General Electric Co.	81,600		2,978,400
Solectron Corp.*	87,697		467,425

			3,940,581

ENTERTAINMENT & LEISURE — 1.6%
Carnival Corp.(a)	7,000		403,410
Time Warner, Inc.*	44,000		855,360

			1,258,770

FINANCIAL — BANK & TRUST — 4.2%
Bank of America Corp.	24,794		1,165,070
National City Corp.	21,700		814,835
SunTrust Banks, Inc.	7,300		539,324
Wachovia Corp.	14,650		770,590

			3,289,819

FINANCIAL SERVICES — 11.4%
Citigroup, Inc.	67,000		3,228,059
Fannie Mae(a)	11,500		818,915
Freddie Mac	7,000		515,900
Goldman Sachs Group, Inc.	3,300		343,332
JP Morgan Chase & Co.	32,500		1,267,825
Lehman Brothers Holdings, Inc.	7,200		629,856
MBNA Corp.	70,200		1,978,938

			8,782,825

FOOD — 1.2%
Safeway, Inc.*(a)	28,275		558,149
Unilever NV	6,000		400,260

			958,409

HEALTHCARE SERVICES — 4.9%
Caremark Rx, Inc.*(a)	10,500		414,015
HCA, Inc.(a)	14,600		583,416
Medco Health Solutions, Inc.*	16,300		678,080
UnitedHealth Group, Inc.	24,000		2,112,720

			3,788,231

INDUSTRIAL PRODUCTS — 0.5%
Cooper Industries Ltd. (Class “A” Stock)	6,300		427,707

INSURANCE — 5.1%
American International Group, Inc.	21,200		1,392,204
Chubb Corp.(a)	14,500		1,115,050
MetLife, Inc.	14,500		587,395
St. Paul Cos., Inc.	12,698		470,715
Torchmark Corp.	1,200		68,568
XL Capital Ltd. (Class “A” Stock)(a)	4,300		333,895

			3,967,827

INTERNET SERVICES — 7.0%
eBay, Inc.*(a)	16,200		1,883,736
Google, Inc. (Class “A” Stock)*(a)	2,300		444,130
Juniper Networks, Inc.*(a)	34,800		946,212
Yahoo!, Inc.*(a)	56,800		2,140,224

			5,414,302

126

AST ALLIANCE/BERNSTEIN GROWTH + VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES		VALUE (NOTE 2)
MEDICAL SUPPLIES & EQUIPMENT — 5.6%
Alcon, Inc. (Switzerland)		11,000	$	886,600
Amgen, Inc.*		29,600		1,898,840
Boston Scientific Corp.*		12,500		444,375
St. Jude Medical, Inc.*		9,400		394,142
Zimmer Holdings, Inc.*		9,600		769,152

				4,393,109

OIL & GAS — 5.7%
BP PLC [ADR] (United Kingdom)		13,900		811,760
ChevronTexaco Corp.		13,700		719,387
ConocoPhillips		12,800		1,111,424
Nabors Industries Ltd.*		14,900		764,221
Occidental Petroleum Corp.		18,200		1,062,152

				4,468,944

PAPER & FOREST PRODUCTS — 1.0%
International Paper Co.		7,000		294,000
MeadWestvaco Corp.		14,600		494,794
Neenah Paper, Inc.*		1		33

				788,827

PHARMACEUTICALS — 3.4%
GlaxoSmithKline PLC [ADR] (United Kingdom)		6,200		293,818
Pfizer, Inc.		57,700		1,551,553
Teva Pharmaceutical Industries Ltd. [ADR] (Israel)(a)		26,300		785,318

				2,630,689

RAILROADS — 3.7%
Burlington Northern Santa Fe Corp.		19,000		898,890
CSX Corp.		18,900		757,512
Norfolk Southern Corp.		33,400		1,208,746

				2,865,148

RESTAURANTS — 1.3%
McDonald's Corp.		18,000		577,080
Starbucks Corp.*		6,600		411,576

				988,656

RETAIL & MERCHANDISING — 5.4%
Bed Bath & Beyond, Inc.*(a)		7,000		278,810
Federated Department Stores, Inc.		4,600		265,834
Kroger Co. (The)*(a)		34,000		596,360
Lowe's Cos., Inc.(a)		20,300		1,169,077
Office Depot, Inc.*		23,300		404,488
Target Corp.		20,400		1,059,372
Wal-Mart Stores, Inc.		7,900		417,278

				4,191,219

SEMICONDUCTORS — 1.5%
Broadcom Corp. (Class “A” Stock)*		24,500		790,860
Marvell Technology Group Ltd.*		11,100		393,717

				1,184,577

TELECOMMUNICATIONS — 4.3%
Corning, Inc.*(a)		74,300		874,511
Nortel Networks Corp. (Canada)*		36,700		128,083
Qualcomm, Inc.		29,000		1,229,600
Research in Motion Ltd. (Canada)*(a)		4,400		362,648
Sprint Corp.		19,100		474,635
Tellabs, Inc.*		30,700		263,713

				3,333,190

UTILITIES — 2.4%
American Electric Power Co., Inc.(a)		21,600		741,744
Entergy Corp.		9,900		669,141
Sempra Energy(a)		12,500		458,500

				1,869,385

TOTAL LONG-TERM INVESTMENTS (Cost $63,605,220)				75,023,417


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 20.9%
CERTIFICATES OF DEPOSIT — 4.5%
Banco Santander PR
2.315%, 01/07/05(b)(c)	$	1,688		1,687,929
First Boston Corp.
2.36%, 01/24/05(b)		779		779,625
Skandinaviska Enskilda Banken
2.35%, 01/28/05(b)		482		481,688
Societe Generale
2.357%, 01/14/05(b)		564		563,966

				3,513,208

COMMERCIAL PAPER — 2.7%
Citigroup, Inc.
2.304%, 01/10/05(b)		1,749		1,745,363
Ticonderoga Funding, LLC
2.35%, 01/14/05(b)		335		334,720

				2,080,083

CORPORATE OBLIGATIONS — 8.5%
Goldman Sachs Group, Inc.
2.33%, 01/03/05(b)(c)		2,969		2,969,376
Merrill Lynch & Co., Inc.
2.38%, 01/03/05(b)(c)		2,409		2,408,753
Natexis Banque NY
2.297%, 01/03/05(b)(c)		1,180		1,179,637
Swedbank NY
2.362%, 01/18/05(b)(c)		53		53,099

				6,610,865

TIME DEPOSIT — 0.7%
Bank of America NA
1.50%, 01/03/05(b)		579		578,634

127

AST ALLIANCE/BERNSTEIN GROWTH + VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
NON-REGISTERED INVESTMENT COMPANY — 2.5%
BlackRock Institutional Money Market Trust(b)(j)	1,952,725	$	1,952,725

REGISTERED INVESTMENT COMPANIES — 2.0%
BlackRock Provident Institutional Funds TempCash Portfolio(j)	777,502		777,502
BlackRock Provident Institutional Funds TempFund Portfolio(j)	777,501		777,501

			1,555,003

TOTAL SHORT TERM INVESTMENTS (Cost $16,290,518)			16,290,518

TOTAL INVESTMENTS — 117.2% (Cost $79,895,738; Note 5)			91,313,935
LIABILITIES IN EXCESS OF OTHER ASSETS — (17.2%)			(13,392,146	)

NET ASSETS — 100.0%		$	77,921,789

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 securities on loan. Securities on loan have an aggregate market value of $14,205,920; cash collateral of $14,735,515 (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. The interest rate shown reflects the rate in effect at December 31, 2004.

(j)	Security available to institutional investors only.


Financial Services	11.4	%
Internet Services	7.0
Computer Services & Software	6.4
Oil & Gas	5.7
Medical Supplies & Equipment	5.6
Retail & Merchandising	5.4
Electronic Components & Equipment	5.1
Insurance	5.1
Computer Hardware	5.0
Healthcare Services	4.9
Telecommunications	4.3
Financial Bank & Trust	4.2
Railroads	3.7
Pharmaceuticals	3.4
Consumer Products & Services	2.5
Utilities	2.4
Conglomerates	1.9
Entertainment & Leisure	1.6
Semiconductors	1.5	%
Restaurants	1.3
Food	1.2
Broadcasting	1.0
Paper & Forest Products	1.0
Automotive Parts	0.8
Cable Television	0.8
Aerospace	0.7
Clothing & Apparel	0.7
Beverages	0.6
Containers & Packaging	0.6
Industrial Products	0.5
Short-Term Investments	20.9

	117.2
Liabilities in excess of other assets	(17.2	)

	100.0	%

See Notes to Financial Statements.

128

AST SANFORD BERNSTEIN CORE VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 96.5%
COMMON STOCK
ADVERTISING — 0.5%
Interpublic Group of Cos., Inc. (The)*(a)	116,500	$	1,561,100

AEROSPACE — 1.5%
Boeing Co.	27,900		1,444,383
General Dynamics Corp.	6,700		700,820
Goodrich Corp.	40,800		1,331,712
Northrop Grumman Corp.	16,600		902,376

			4,379,291

AUTOMOBILE MANUFACTURERS — 0.1%
General Motors Corp.(a)	7,900		316,474

AUTOMOTIVE PARTS — 2.3%
American Axle & Manufacturing Holdings, Inc.	16,000		490,560
Autoliv, Inc. (Germany)	31,100		1,502,130
BorgWarner, Inc.	16,400		888,388
Cooper Tire & Rubber Co.(a)	22,100		476,255
Dana Corp.	47,700		826,641
Lear Corp.(a)	18,000		1,098,180
Magna International, Inc. (Class “A” Stock)	14,800		1,221,740

			6,503,894

BEVERAGES — 0.8%
Coors, (Adolph) Co. (Class “B” Stock)(a)	11,400		862,638
PepsiCo, Inc.	27,100		1,414,620

			2,277,258

BUILDING MATERIALS — 1.0%
Martin Marietta Materials, Inc.	14,800		794,168
Masco Corp.	20,600		752,518
Vulcan Materials Co.	23,500		1,283,335

			2,830,021

CABLE TELEVISION — 0.9%
Comcast Corp. (Class “A” Stock)*	75,000		2,496,000

CHEMICALS — 1.4%
Dow Chemical Co.	4,700		232,697
DuPont, (E.I.) de Nemours & Co.	60,400		2,962,620
Eastman Chemical Co.(a)	15,300		883,269

			4,078,586

CLOTHING & APPAREL — 0.9%
Jones Apparel Group, Inc.	35,000		1,279,950
VF Corp.	23,100		1,279,278

			2,559,228

COMPUTER HARDWARE — 2.0%
Hewlett-Packard Co.	196,424		4,119,011
Ingram Micro, Inc. (Class “A” Stock)*	26,500		551,200
International Business Machines Corp.	10,000		985,800

			5,656,011

COMPUTER SERVICES & SOFTWARE — 2.2%
Electronic Data Systems Corp.	81,400		1,880,340
Microsoft Corp.	130,400		3,482,984
Tech Data Corp.*(a)	18,850		855,790

			6,219,114

CONGLOMERATES — 4.3%
Altria Group, Inc.	116,800		7,136,480
Honeywell International, Inc.	59,800		2,117,518
Textron, Inc.	22,700		1,675,260
Tyco International Ltd.(a)	39,800		1,422,452

			12,351,710

CONSUMER PRODUCTS & SERVICES — 1.8%
Kimberly-Clark Corp.	25,400		1,671,574
Newell Rubbermaid, Inc.	71,700		1,734,423
UST, Inc.	38,600		1,857,046

			5,263,043

CONTAINERS & PACKAGING — 0.8%
Bemis Co., Inc.	12,800		372,352
Smurfit-Stone Container Corp.*	87,600		1,636,368
Sonoco Products Co.	6,200		183,830

			2,192,550

ELECTRONIC COMPONENTS & EQUIPMENT — 7.3%
Agere Systems, Inc. (Class “A” Stock)*	298,800		409,356
Arrow Electronics, Inc.*(a)	3,150		76,545
Avnet, Inc.*(a)	20,700		377,568
Celestica, Inc. (Canada)*	72,700		1,025,797
Eastman Kodak Co.(a)	36,300		1,170,675
Flextronics International Ltd.*(a)	67,800		936,996
General Electric Co.	375,000		13,687,500
Hubbell, Inc. (Class “B” Stock)	14,500		758,350
Parker-Hannifin Corp.	7,400		560,476
Sanmina-SCI Corp.*	69,900		592,053
Solectron Corp.*(a)	227,350		1,211,776
Vishay Intertechnology, Inc.*	6,200		93,124

			20,900,216

ENTERTAINMENT & LEISURE — 1.8%
Disney, (Walt) Co.	15,200		422,560
Time Warner, Inc.*	234,800		4,564,512
Viacom, Inc. (Class “B” Stock)	8,700		316,593

			5,303,665

129

AST SANFORD BERNSTEIN CORE VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
FINANCIAL — BANK & TRUST — 10.0%
Astoria Financial Corp.	13,200	$	527,604
Bank of America Corp.	199,476		9,373,377
BB&T Corp.(a)	13,200		555,060
Comerica, Inc.	31,300		1,909,926
Huntington Bancshares, Inc.(a)	70,300		1,742,034
National City Corp.	63,650		2,390,058
SunTrust Banks, Inc.	31,200		2,305,056
U.S. Bancorp	80,100		2,508,732
Wachovia Corp.	99,100		5,212,660
Wells Fargo & Co.(a)	33,700		2,094,455

			28,618,962

FINANCIAL SERVICES — 14.1%
Capital One Financial Corp.	3,100		261,051
Citigroup, Inc.	247,200		11,910,095
Fannie Mae(a)	18,700		1,331,627
Freddie Mac	49,500		3,648,150
Goldman Sachs Group, Inc.	24,600		2,559,384
JP Morgan Chase & Co.	137,400		5,359,974
KeyCorp(a)	43,475		1,473,803
Lehman Brothers Holdings, Inc.	26,400		2,309,472
MBIA, Inc.(a)	19,300		1,221,304
Mellon Financial Corp.(a)	59,300		1,844,823
Merrill Lynch & Co., Inc.	39,000		2,331,030
Morgan Stanley Dean Witter & Co.	40,000		2,220,800
PNC Financial Services Group	19,800		1,137,312
Washington Mutual, Inc.(a)	71,775		3,034,647

			40,643,472

FOOD — 2.8%
Albertson’s, Inc.(a)	65,900		1,573,692
Archer-Daniels-Midland Co.	10,200		227,562
Kraft Foods, Inc. (Class “A” Stock)(a)	38,000		1,353,180
Safeway, Inc.*(a)	88,300		1,743,042
Sara Lee Corp.	70,700		1,706,698
Unilever NV	20,800		1,387,568

			7,991,742

HEALTHCARE SERVICES — 0.8%
HCA, Inc.(a)	14,300		571,428
Medco Health Solutions, Inc.*	42,900		1,784,640

			2,356,068

INDUSTRIAL PRODUCTS — 0.8%
Cooper Industries Ltd. (Class “A” Stock)	13,900		943,671
Crane Co.(a)	8,600		248,024
Ingersoll-Rand Co., Ltd. (Class “A” Stock)	9,700		778,910
SPX Corp.(a)	8,200		328,492

			2,299,097

INSURANCE — 6.2%
ACE Ltd.	15,100		645,525
Allstate Corp. (The)	43,500		2,249,820
American International Group, Inc.	14,800		971,916
Chubb Corp.(a)	20,700		1,591,830
Genworth Financial, Inc.	53,300		1,439,100
Hartford Financial Services Group, Inc. (The)	32,000		2,217,920
Manulife Financial Corp. (Canada)	39,233		1,812,565
MetLife, Inc.	34,225		1,386,455
MGIC Investment Corp.(a)	19,300		1,329,963
PartnerRe Ltd.	6,200		384,028
St. Paul Cos., Inc.	62,440		2,314,650
Torchmark Corp.	2,225		127,137
XL Capital Ltd. (Class “A” Stock)(a)	17,800		1,382,170

			17,853,079

MACHINERY & EQUIPMENT — 0.7%
Eaton Corp.	21,600		1,562,976
Stanley Works	8,500		416,415

			1,979,391

METALS & MINING — 1.0%
Alcoa, Inc.	36,900		1,159,398
United States Steel Corp.	35,500		1,819,375

			2,978,773

OIL & GAS — 10.1%
BP PLC [ADR] (United Kingdom)	19,400		1,132,960
ChevronTexaco Corp.	110,800		5,818,108
ConocoPhillips	47,843		4,154,208
Exxon Mobil Corp.	270,000		13,840,199
Marathon Oil Corp.	53,400		2,008,374
Occidental Petroleum Corp.	37,300		2,176,828

			29,130,677

PAPER & FOREST PRODUCTS — 2.1%
Georgia-Pacific Corp.	41,625		1,560,105
International Paper Co.	35,300		1,482,600
MeadWestvaco Corp.	46,100		1,562,329
Temple-Inland, Inc.	19,300		1,320,120

			5,925,154

PHARMACEUTICALS — 1.2%
AstraZeneca PLC [ADR] (United Kingdom)(a)	23,900		869,721
Merck & Co., Inc.(a)	78,000		2,506,920

			3,376,641

RAILROADS — 1.8%
Burlington Northern Santa Fe Corp.	38,775		1,834,445
CSX Corp.	23,500		941,880
Norfolk Southern Corp.	64,450		2,332,446

			5,108,771

130

AST SANFORD BERNSTEIN CORE VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES		VALUE (NOTE 2)
RESTAURANTS — 1.1%
McDonald’s Corp.		101,100	$	3,241,266

RETAIL & MERCHANDISING — 3.5%
Federated Department Stores, Inc.		26,175		1,512,653
Gap, Inc.(a)		59,700		1,260,864
Kroger Co. (The)*(a)		118,900		2,085,506
Limited Brands, Inc.		70,700		1,627,514
Nordstrom, Inc.		12,900		602,817
Office Depot, Inc.*		96,900		1,682,184
SUPERVALU, Inc.(a)		1,625		56,095
Target Corp.		26,100		1,355,373

				10,183,006

TELECOMMUNICATIONS — 5.6%
ADC Telecommunications, Inc.*(a)		241,400		646,952
BellSouth Corp.(a)		29,900		830,921
Corning, Inc.*(a)		111,300		1,310,001
Nortel Networks Corp. (Canada)*		220,800		770,592
SBC Communications, Inc.(a)		91,900		2,368,263
Sprint Corp.		142,950		3,552,308
Tellabs, Inc.*		121,100		1,040,249
Verizon Communications, Inc.		138,000		5,590,380

				16,109,666

UTILITIES — 5.1%
Alliant Energy Corp.		23,900		683,540
American Electric Power Co., Inc.(a)		52,200		1,792,548
Constellation Energy Group, Inc.		19,500		852,345
Edison International Co.		19,000		608,570
Entergy Corp.		20,400		1,378,836
Exelon Corp.(a)		46,800		2,062,476
FirstEnergy Corp.		29,400		1,161,594
Northeast Utilities		41,700		786,045
PPL Corp.		26,900		1,433,232
Sempra Energy(a)		46,100		1,690,948
Wisconsin Energy Corp.		30,700		1,034,897
Xcel Energy, Inc.(a)		65,100		1,184,820

				14,669,851

TOTAL LONG-TERM INVESTMENTS (Cost $227,217,075)				277,353,777


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 19.7%
CERTIFICATES OF DEPOSIT — 3.3%
Banco Santander PR
2.315%, 01/07/05(b)(c)	$	1,703		1,703,161
First Boston Corp.
2.36%, 01/24/05(b)		4,839		4,839,178
Skandinaviska Enskilda Banken
2.35%, 01/28/05(b)		1,334		1,334,083
Societe Generale
2.357%, 01/14/05(b)		481		481,146
UBS Bank
2.315%, 01/18/05(b)		1,201		1,200,650

				9,558,218

CORPORATE OBLIGATIONS — 9.5%
Bank of America NA
2.30%, 01/03/05(b)(c)		940		940,013
Bear Stearns
2.28%, 01/03/05(b)(c)		5,087		5,086,992
2.28%, 01/03/05(b)(c)		1,426		1,425,750
Goldman Sachs Group, Inc.
2.33%, 01/03/05(b)(c)		2,985		2,985,186
Merrill Lynch & Co., Inc.
2.38%, 01/03/05(b)(c)		9,102		9,102,100
Morgan Stanley
2.33%, 01/03/05(b)(c)		1,726		1,726,381
Natexis Banque NY
2.297%, 01/03/05(b)(c)		5,244		5,243,377
Swedbank NY
2.362%, 01/18/05(b)(c)		811		810,502

				27,320,301

TIME DEPOSIT — 0.7%
Bank of America NA
1.50%, 01/03/05(b)		2,004		2,003,648


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 1.3%
BlackRock Institutional Money Market Trust(b)(j)		3,683,314		3,683,314

REGISTERED INVESTMENT COMPANIES — 4.9%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		7,034,277		7,034,277
BlackRock Provident Institutional Funds TempFund Portfolio(j)		7,034,277		7,034,277

				14,068,554

TOTAL SHORT-TERM INVESTMENTS (Cost $56,634,035)				56,634,035

TOTAL INVESTMENTS — 116.2% (Cost $283,851,110; Note 5)				333,987,812
LIABILITIES IN EXCESS OF OTHER ASSETS — (16.2%)				(46,504,260	)

NET ASSETS — 100.0%			$	287,483,552

131

AST SANFORD BERNSTEIN CORE VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004

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 securities on loan. Securities on loan have an aggregate market value of $40,931,383; cash collateral of $42,565,481 (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. The interest rate shown reflects the rate in effect at December 31, 2004.

(j)	Security available to institutional investors only.


Financial Services	14.1	%
Oil & Gas	10.1
Financial — Bank & Trust	10.0
Electronic Components & Equipment	7.3
Insurance	6.2
Telecommunications	5.6
Utilities	5.1
Conglomerates	4.3
Retail & Merchandising	3.5
Food	2.8
Automotive Parts	2.3
Computer Services & Software	2.2
Paper & Forest Products	2.1
Computer Hardware	2.0
Consumer Products & Services	1.8
Entertainment & Leisure	1.8
Railroads	1.8
Aerospace	1.5
Chemicals	1.4
Pharmaceuticals	1.2
Restaurants	1.1
Building Materials	1.0
Metals & Mining	1.0
Cable Television	0.9
Clothing & Apparel	0.9
Beverages	0.8
Containers & Packaging	0.8
Healthcare Services	0.8
Industrial Products	0.8
Machinery & Equipment	0.7
Advertising	0.5
Automobile Manufacturers	0.1
Short-Term Investments	19.7

	116.2
Liabilities in excess of other assets	(16.2	)

	100.0	%

See Notes to Financial Statements.

132

AST COHEN & STEERS REALTY PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES		VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 95.9%
COMMON STOCK
APARTMENT/RESIDENTIAL — 18.9%
Affordable Residential Communities [REIT]		94,200	$	1,351,770
Apartment Investment & Management Co. (Class “A” Stock) [REIT](a)		77,200		2,975,288
Archstone-Smith Trust [REIT]		296,500		11,355,950
Avalonbay Communities, Inc. [REIT]		296,600		22,333,980
BRE Properties, Inc. [REIT]		230,400		9,287,424
Equity Residential Properties Trust [REIT](a)		391,100		14,149,998
Essex Property Trust, Inc. [REIT]		73,700		6,176,060
GMH Communities Trust [REIT]		76,700		1,081,470
Post Properties, Inc. [REIT]		186,700		6,515,830
Summit Properties, Inc. [REIT]		137,600		4,480,256

				79,708,026

DIVERSIFIED — 6.8%
Sun Communities, Inc. [REIT]		143,100		5,759,775
Vornado Realty Trust [REIT](a)		303,200		23,082,616

				28,842,391

HEALTH CARE — 1.4%
Ventas, Inc. [REIT]		215,000		5,893,150

HOTELS & MOTELS — 7.5%
Hilton Hotels Corp.		277,300		6,305,802
Host Marriott Corp. [REIT](a)		865,100		14,966,230
Starwood Hotels & Resorts Worldwide, Inc.(a)		183,000		10,687,200

				31,959,232

INDUSTRIAL — 9.6%
AMB Property Corp. [REIT]		195,900		7,912,401
Catellus Development Corp. [REIT]		263,952		8,076,931
ProLogis [REIT]		572,600		24,810,758

				40,800,090

OFFICE — 22.0%
Arden Realty, Inc. [REIT]		132,600		5,001,672
Biomed Realty Trust, Inc. [REIT]		53,900		1,197,119
Boston Properties, Inc. [REIT](a)		447,000		28,907,490
Brandywine Realty Trust [REIT]		75,500		2,218,945
Brookfield Properties Corp. (Canada)		302,800		11,354,842
CarrAmerica Realty Corp. [REIT]		148,900		4,913,700
Equity Office Properties Trust [REIT]		281,000		8,182,720
Highwoods Properties, Inc. [REIT]		90,500		2,506,850
Kilroy Realty Corp. [REIT]		108,000		4,617,000
Mack-Cali Realty Corp. [REIT]		103,600		4,768,708
Maguire Properties, Inc. [REIT]		154,000		4,228,840
Prentiss Properties Trust [REIT]		97,400		3,720,680
SL Green Realty Corp. [REIT]		176,200		10,668,910
Trizec Properties, Inc. [REIT]		34,400		650,848

				92,938,324

OFFICE/INDUSTRIAL — 2.8%
Liberty Property Trust [REIT](a)		121,300		5,240,160
Reckson Associates Realty Corp. [REIT]		202,700		6,650,587

				11,890,747

REGIONAL MALL — 17.8%
CBL & Associates Properties, Inc. [REIT]		86,100		6,573,735
General Growth Properties, Inc. [REIT]		325,100		11,755,616
Macerich Co. [REIT]		167,500		10,519,000
Mills Corp. (The) [REIT](a)		236,600		15,085,616
Simon Property Group, Inc. [REIT](a)		360,500		23,313,535
Taubman Centers, Inc. [REIT]		273,000		8,176,350

				75,423,852

SELF STORAGE — 4.8%
Public Storage, Inc. [REIT]		195,600		10,904,700
Shurgard Storage Centers, Inc. (Class “A” Stock) [REIT]		216,700		9,536,967

				20,441,667

SHOPPING CENTERS — 4.3%
Developers Diversified Realty Corp. [REIT]		117,700		5,222,349
Federal Realty Investment Trust [REIT]		116,000		5,991,400
Pan Pacific Retail Properties, Inc. [REIT]		65,600		4,113,120
Regency Centers Corp. [REIT]		52,200		2,891,880

				18,218,749

TOTAL LONG TERM INVESTMENTS (Cost $290,781,746)				406,116,228


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 17.2%
CERTIFICATE OF DEPOSIT — 0.4%
Canadian Imperial Bank of Commerce
2.372%, 01/31/05(b)(c)	$	1,881		1,880,905

COMMERCIAL PAPER — 0.8%
Citigroup Inc.
2.304%, 01/10/05(b)		3,358		3,351,633

133

AST COHEN & STEERS REALTY PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
CORPORATE OBLIGATIONS — 4.8%
Bear Stearns
2.28%, 01/03/05(b)(c)	$	3,148	$	3,147,895
2.28%, 01/03/05(b)(c)		3,442		3,441,989
Goldman Sachs Group, Inc.
2.33%, 01/03/05(b)(c)		1,269		1,269,401
Natexis Banque NY
2.297%, 01/03/05(b)(c)		3,750		3,749,589
Swedbank NY
2.362%, 01/18/05(b)(c)		8,786		8,784,788

				20,393,662

TIME DEPOSIT — 0.6%
Bank of America NA
1.50%, 01/03/05(b)		2,619		2,618,880


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 7.0%
BlackRock Institutional Money Market Trust(b)(j)		29,535,952	$	29,535,952

REGISTERED INVESTMENT COMPANIES — 3.6%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		7,554,233		7,554,233
BlackRock Provident Institutional Funds TempFund Portfolio(j)		7,554,232		7,554,232

				15,108,465

TOTAL SHORT-TERM INVESTMENTS (Cost $72,889,497)				72,889,497

TOTAL INVESTMENTS — 113.1% (Cost $363,671,243; Note 5)				479,005,725
LIABILITIES IN EXCESS OF OTHER ASSETS — (13.1%)				(55,525,825	)

NET ASSETS — 100.0%			$	423,479,900

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 a portion of securities on loan. Securities on loan have an aggregate market value of $56,117,279; cash collateral of $57,781,032 (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.


Office	22.0	%
Apartment/Residential	18.9
Regional Mall	17.8
Industrial	9.6
Hotels & Motels	7.5
Diversified	6.8
Self Storage	4.8
Shopping Centers	4.3
Office/Industrial	2.8
Health Care	1.4
Short-Term Investments	17.2

	113.1
Liabilities in excess of other assets	(13.1	)

	100.0	%

See Notes to Financial Statements.

134

AST SANFORD BERNSTEIN MANAGED INDEX 500 PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 99.5%
COMMON STOCK
ADVERTISING — 0.1%
Interpublic Group of Cos., Inc. (The)*(a)	61,100	$	818,740

AEROSPACE — 1.8%
Boeing Co.	71,300		3,691,201
Goodrich Corp.	28,700		936,768
United Technologies Corp.	51,100		5,281,185

			9,909,154

AUTOMOBILE MANUFACTURERS — 0.6%
General Motors Corp.(a)	81,000		3,244,860

AUTOMOTIVE PARTS — 0.3%
Delphi Corp.(a)	177,600		1,601,952

BEVERAGES — 1.7%
Coca-Cola Co.	61,700		2,568,571
PepsiCo, Inc.	135,100		7,052,220

			9,620,791

BROADCASTING — 0.4%
Univision Communications, Inc. (Class “A” Stock)*	50,000		1,463,500
Westwood One, Inc.*	28,900		778,277

			2,241,777

BUILDING MATERIALS — 1.0%
American Standard Cos., Inc.*	57,000		2,355,240
Masco Corp.	66,400		2,425,592
Sherwin-Williams Co. (The)	13,900		620,357

			5,401,189

BUSINESS SERVICES — 0.1%
Fiserv, Inc.*	19,000		763,610

CABLE TELEVISION — 0.4%
Comcast Corp. (Class “A” Stock)*	64,800		2,156,544

CHEMICALS — 1.5%
Dow Chemical Co.	24,200		1,198,142
DuPont, (E.I.) de Nemours & Co.	52,200		2,560,410
Eastman Chemical Co.	9,000		519,570
FMC Corp.*	11,300		545,790
Hercules, Inc.*(a)	44,600		662,310
Lubrizol Corp.	35,700		1,315,902
PPG Industries, Inc.	22,000		1,499,520

			8,301,644

CLOTHING & APPAREL — 0.3%
VF Corp.	34,375		1,903,688

COMPUTER HARDWARE — 3.7%
Dell, Inc.*	195,185		8,225,096
Hewlett-Packard Co.	239,760		5,027,767
Ingram Micro, Inc. (Class “A” Stock)*	33,200		690,560
International Business Machines Corp.	70,600		6,959,748

			20,903,171

COMPUTER SERVICES & SOFTWARE — 6.7%
Cisco Systems, Inc.*	306,400		5,913,520
Electronic Arts, Inc.*	50,000		3,084,000
Electronic Data Systems Corp.	29,300		676,830
EMC Corp.*	143,400		2,132,358
Mercury Interactive Corp.*(a)	16,900		769,795
Microsoft Corp.	600,800		16,047,368
Oracle Corp.*	322,600		4,426,072
Symantec Corp.*	110,600		2,849,056
Tech Data Corp.*(a)	33,000		1,498,200

			37,397,199

CONGLOMERATES — 3.4%
3M Co.	13,900		1,140,773
Altria Group, Inc.	154,900		9,464,390
Cendant Corp.	93,000		2,174,340
Honeywell International, Inc.	44,900		1,589,909
Textron, Inc.	20,000		1,476,000
Tyco International Ltd.	88,100		3,148,694

			18,994,106

CONSTRUCTION — 0.3%
Lennar Corp. (Class “A” Stock)	15,700		889,876
Pulte Homes, Inc.	12,800		816,640

			1,706,516

CONSUMER PRODUCTS & SERVICES — 4.2%
Avon Products, Inc.	74,000		2,863,800
Fortune Brands, Inc.	12,100		933,878
Johnson & Johnson	101,800		6,456,156
Newell Rubbermaid, Inc.	41,400		1,001,466
Procter & Gamble Co.	189,500		10,437,660
Reynolds, (R.J.) Tobacco Holdings, Inc.(a)	26,800		2,106,480

			23,799,440

CONTAINERS & PACKAGING — 0.1%
Sonoco Products Co.	20,500		607,825

ELECTRONIC COMPONENTS & EQUIPMENT — 5.3%
Avnet, Inc.*(a)	28,700		523,488
Eastman Kodak Co.(a)	47,700		1,538,325
Emerson Electric Co.	14,000		981,400
Flextronics International Ltd.*(a)	31,000		428,420
General Electric Co.	641,670		23,420,955
Hubbell, Inc. (Class “B” Stock)	21,000		1,098,300
Solectron Corp.*(a)	260,000		1,385,800
Vishay Intertechnology, Inc.*	25,000		375,500

			29,752,188

135

AST SANFORD BERNSTEIN MANAGED INDEX 500 PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
ENTERTAINMENT & LEISURE — 3.0%
Carnival Corp.(a)	30,900	$	1,780,767
Disney, (Walt) Co.	47,100		1,309,380
Harley-Davidson, Inc.(a)	50,600		3,073,950
International Game Technology Group, Inc.(a)	59,000		2,028,420
Time Warner, Inc.*	358,000		6,959,520
Viacom, Inc. (Class “B” Stock)	50,400		1,834,056

			16,986,093

FARMING & AGRICULTURE — 0.3%
Bunge Ltd.(a)	32,300		1,841,423

FINANCIAL — BANK & TRUST — 5.5%
Bank of America Corp.	213,252		10,020,711
Comerica, Inc.	43,300		2,642,166
Commerce Bancorp, Inc.(a)	25,000		1,610,000
Huntington Bancshares, Inc.(a)	34,200		847,476
National City Corp.	95,400		3,582,270
North Fork Bancorp, Inc.	31,950		921,758
Regions Financial Corp.	15,176		540,114
SunTrust Banks, Inc.	45,000		3,324,600
U.S. Bancorp	71,000		2,223,720
Wachovia Corp.	62,800		3,303,280
Wells Fargo & Co.	30,800		1,914,220

			30,930,315

FINANCIAL SERVICES — 9.6%
American Express Co.(a)	61,000		3,438,570
Bank of New York Co., Inc. (The)	30,300		1,012,626
Citigroup, Inc.	342,900		16,520,921
Fannie Mae	9,500		676,495
Franklin Resources, Inc.	900		62,685
Goldman Sachs Group, Inc.	26,900		2,798,676
JP Morgan Chase & Co.	196,776		7,676,232
KeyCorp(a)	76,000		2,576,400
Legg Mason, Inc.	21,750		1,593,405
Lehman Brothers Holdings, Inc.(a)	41,300		3,612,924
MBNA Corp.	183,500		5,172,865
Merrill Lynch & Co., Inc.	59,000		3,526,430
Morgan Stanley Dean Witter & Co.	46,900		2,603,888
PNC Financial Services Group	39,100		2,245,904

			53,518,021

FOOD — 1.3%
Albertson’s, Inc.(a)	23,200		554,016
Archer-Daniels-Midland Co.	52,808		1,178,146
Dean Foods Co.*	20,800		685,360
General Mills, Inc.	63,500		3,156,585
Safeway, Inc.*(a)	86,100		1,699,614

			7,273,721

HEALTHCARE SERVICES — 2.4%
Caremark Rx, Inc.*(a)	85,700		3,379,151
HCA, Inc.(a)	24,200		967,032
Health Management Associates, Inc. (Class “A” Stock)(a)	80,000		1,817,600
UnitedHealth Group, Inc.	86,000		7,570,580

			13,734,363

INDUSTRIAL PRODUCTS — 0.2%
Cooper Industries Ltd. (Class “A” Stock)	13,900		943,671

INSURANCE — 6.4%
ACE Ltd.	42,500		1,816,875
AFLAC, Inc.	21,300		848,592
Allstate Corp. (The)	32,000		1,655,040
American International Group, Inc.	183,487		12,049,591
Axis Capital Holdings Ltd.	45,400		1,242,144
Chubb Corp.(a)	33,900		2,606,910
CIGNA Corp.	20,200		1,647,714
Hartford Financial Services Group, Inc. (The)	47,100		3,264,501
Lincoln National Corp.	44,800		2,091,264
St. Paul Cos., Inc.	64,695		2,398,244
WellPoint, Inc.*	35,300		4,059,500
XL Capital Ltd. (Class “A” Stock)(a)	30,500		2,368,325

			36,048,700

INTERNET SERVICES — 3.3%
eBay, Inc.*	82,800		9,627,984
Juniper Networks, Inc.*(a)	67,100		1,824,449
Yahoo!, Inc.*(a)	182,200		6,865,296

			18,317,729

MACHINERY & EQUIPMENT — 0.4%
Eaton Corp.	28,700		2,076,732

MEDICAL SUPPLIES & EQUIPMENT — 4.2%
Abbott Laboratories	17,700		825,705
Alcon, Inc. (Switzerland)	16,600		1,337,960
Amgen, Inc.*	132,200		8,480,630
Applera Corp. — Applied Biosystems Group	55,000		1,150,050
Beckman Coulter, Inc.	22,200		1,487,178
Boston Scientific Corp.*	124,200		4,415,310
St. Jude Medical, Inc.*	68,000		2,851,240
Zimmer Holdings, Inc.*	40,400		3,236,848

			23,784,921

METALS & MINING — 0.9%
Alcan, Inc. (Canada)	19,000		931,760
Alcoa, Inc.	29,800		936,316
United States Steel Corp.(a)	50,400		2,583,000
Worthington Industries, Inc.	29,200		571,736

			5,022,812

136

AST SANFORD BERNSTEIN MANAGED INDEX 500 PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
OFFICE EQUIPMENT — 0.1%
Pitney Bowes, Inc.	13,000	$	601,640

OIL & GAS — 6.5%
Baker Hughes, Inc.	47,400		2,022,558
BP PLC [ADR] (United Kingdom)	18,100		1,057,040
ChevronTexaco Corp.	127,876		6,714,769
ConocoPhillips	56,453		4,901,814
El Paso Corp.	79,500		826,800
Exxon Mobil Corp.	256,900		13,168,694
FMC Technologies, Inc.*	16,100		518,420
Marathon Oil Corp.	48,000		1,805,280
Nabors Industries Ltd.*	36,500		1,872,085
Occidental Petroleum Corp.	38,300		2,235,188
XTO Energy, Inc.	46,000		1,627,480

			36,750,128

PAPER & FOREST PRODUCTS — 0.5%
Georgia-Pacific Corp.	14,700		550,956
International Paper Co.	38,600		1,621,200
Temple-Inland, Inc.	9,100		622,440

			2,794,596

PERSONAL SERVICES — 0.5%
Apollo Group, Inc. (Class “A” Stock)*(a)	33,400		2,695,714

PHARMACEUTICALS — 3.4%
Bristol-Meyers Squibb Co.(a)	60,600		1,552,572
Cephalon, Inc.*	24,000		1,221,120
Forest Laboratories, Inc.*(a)	54,600		2,449,356
Lilly, (Eli) & Co.	6,500		368,875
Merck & Co., Inc.(a)	41,200		1,324,168
Pfizer, Inc.	461,120		12,399,517

			19,315,608

PRINTING & PUBLISHING — 0.3%
Donnelley, (R.R.) & Sons Co.	48,000		1,693,920

RAILROADS — 0.7%
Burlington Northern Santa Fe Corp.	15,000		709,650
CSX Corp.	47,300		1,895,784
Norfolk Southern Corp.	38,400		1,389,696

			3,995,130

REAL ESTATE — 0.5%
Equity Office Properties Trust [REIT]	44,500		1,295,840
Equity Residential Properties Trust [REIT]	35,000		1,266,300

			2,562,140

RESTAURANTS — 1.4%
McDonald’s Corp.	63,200		2,026,192
Starbucks Corp.*(a)	69,000		4,302,840
Wendy’s International, Inc.	33,000		1,295,580

			7,624,612

RETAIL & MERCHANDISING — 7.1%
Bed Bath & Beyond, Inc.*	31,400		1,250,662
Federated Department Stores, Inc.	33,900		1,959,081
Home Depot, Inc.	178,700		7,637,638
Lowe’s Cos., Inc.(a)	108,400		6,242,756
May Department Stores Co.(a)	39,500		1,161,300
OfficeMax, Inc.	21,400		671,532
Rite Aid Corp.*	183,100		670,146
Saks, Inc.(a)	30,000		435,300
SUPERVALU, Inc.	31,900		1,101,188
Target Corp.	94,300		4,896,999
TJX Cos., Inc.	100,100		2,515,513
Wal-Mart Stores, Inc.	171,200		9,042,784
Williams-Sonoma, Inc.*	51,500		1,804,560

			39,389,459

SEMICONDUCTORS — 1.5%
Broadcom Corp. (Class “A” Stock)*	36,900		1,191,132
Freescale Semiconductor, Inc. (Class “B” Stock)*	8,612		158,116
Intel Corp.	268,880		6,289,104
Marvell Technology Group Ltd.*	26,600		943,502

			8,581,854

TELECOMMUNICATIONS — 4.3%
ALLTEL Corp.	14,000		822,640
BellSouth Corp.	76,000		2,112,040
Corning, Inc.*	78,000		918,060
Lucent Technologies, Inc.*	259,000		973,840
Motorola, Inc.	78,000		1,341,600
Nextel Communications, Inc. (Class “A” Stock)*(a)	67,400		2,022,000
Qualcomm, Inc.	124,000		5,257,600
SBC Communications, Inc.	145,200		3,741,804
Sprint Corp.	64,000		1,590,400
Tellabs, Inc.*	70,000		601,300
Verizon Communications, Inc.	117,700		4,768,027

			24,149,311

TRANSPORTATION — 1.1%
United Parcel Service, Inc. (Class “B” Stock)(a)	71,600		6,118,936

UTILITIES — 2.2%
American Electric Power Co., Inc.(a)	61,160		2,100,234
Constellation Energy Group, Inc.	20,700		904,797
DTE Energy Co.(a)	42,000		1,811,460
Entergy Corp.	26,500		1,791,135
FirstEnergy Corp.	50,500		1,995,255
FPL Group, Inc.	5,600		418,600
PPL Corp.	15,900		847,152

137

AST SANFORD BERNSTEIN MANAGED INDEX 500 PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES		VALUE (NOTE 2)
Progress Energy, Inc.		42,500	$	1,922,700
Sempra Energy		22,900		839,972

				12,631,305

TOTAL LONG-TERM INVESTMENTS (Cost $486,326,325)				558,507,248


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 10.4%
CERTIFICATES OF DEPOSIT — 1.0%
Canadian Imperial Bank of Commerce
1.72%, 05/25/05(b)(c)	$	3,026		3,025,125
First Boston Corp.
2.36%, 01/24/05(b)		1,263		1,262,630
Societe Generale
2.357%, 01/14/05(b)		955		954,405
UBS Bank
2.315%, 01/18/05(b)		105		105,118

				5,347,278

COMMERCIAL PAPER
Citigroup, Inc.
2.304%, 01/10/05(b)		22		21,786

CORPORATE OBLIGATIONS — 7.4%
Bear Stearns
2.28%, 01/03/05(b)(c)		2,460		2,459,670
2.28%, 01/03/05(b)(c)		180		179,928
Goldman Sachs Group, Inc.
2.33%, 01/03/05(b)(c)		8,692		8,691,531
Merrill Lynch & Co., Inc.
2.38%, 01/03/05(b)(c)		11,625		11,624,810
Morgan Stanley
2.33%, 01/03/05(b)(c)		3,174		3,174,290
2.33%, 01/03/05(b)(c)		4,655		4,655,074
Natexis Banque NY
2.297%, 01/03/05(b)(c)		7,008		7,007,179
Sedna Finance Corporation
2.372%, 01/14/05(b)(c)		479		478,899
Swedbank NY
2.362%, 01/18/05(b)(c)		3,987		3,986,611

				42,257,992

TIME DEPOSIT — 0.5%
Bank of America NA
1.50%, 01/03/05(b)		2,554		2,554,326


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 1.0%
BlackRock Institutional Money Market Trust(b)(j)		5,597,143		5,597,143

REGISTERED INVESTMENT COMPANIES — 0.5%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		1,370,653		1,370,653
BlackRock Provident Institutional Funds TempFund Portfolio(j)		1,370,653		1,370,653

				2,741,306

TOTAL SHORT-TERM INVESTMENTS (Cost $58,519,831)				58,519,831

TOTAL INVESTMENTS — 109.9% (Cost $544,846,156; Note 5)				617,027,079
LIABILITIES IN EXCESS OF OTHER ASSETS — (9.9%)				(55,361,321	)

NET ASSETS — 100.0%			$	561,665,758

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 securities on loan. Securities on loan have an aggregate market value of $53,818,285; cash collateral of $55,778,525 (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.

138

AST SANFORD BERNSTEIN MANAGED INDEX 500 PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


Financial Services	9.6	%
Retail & Merchandising	7.1
Computer Services & Software	6.7
Oil & Gas	6.5
Insurance	6.4
Financial — Bank & Trust	5.5
Electronic Components & Equipment	5.3
Telecommunications	4.3
Consumer Products & Services	4.2
Medical Supplies & Equipment	4.2
Computer Hardware	3.7
Conglomerates	3.4
Pharmaceuticals	3.4
Internet Services	3.3
Entertainment & Leisure	3.0
Healthcare Services	2.4
Utilities	2.2
Aerospace	1.8
Beverages	1.7
Chemicals	1.5
Semiconductors	1.5
Restaurants	1.4
Food	1.3
Transportation	1.1
Building Materials	1.0
Metals & Mining	0.9
Railroads	0.7
Automobile Manufactures	0.6
Paper & Forest Products	0.5
Personal Services	0.5
Real Estate	0.5
Broadcasting	0.4
Cable Television	0.4
Machinery & Equipment	0.4
Automotive Parts	0.3
Clothing & Apparel	0.3
Construction	0.3
Farming & Agriculture	0.3
Printing & Publishing	0.3
Industrial Products	0.2
Advertising	0.1
Business Services	0.1
Containers & Packaging	0.1
Office Equipment	0.1
Short-Term Investments	10.4

	109.9
Liabilities in excess of other assets	(9.9	)

	100.0	%

See Notes to Financial Statements.

139

AST AMERICAN CENTURY INCOME & GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 98.5%
COMMON STOCK — 98.0%
AEROSPACE — 1.1%
Boeing Co.(a)	81,217	$	4,204,605
Northrop Grumman Corp.	8,665		471,029
United Technologies Corp.	878		90,741

			4,766,375

AIRLINES — 0.1%
Delta Air Lines, Inc.*(a)	6,780		50,714
Southwest Airlines Co.	32,255		525,112

			575,826

AUTOMOBILE MANUFACTURERS — 2.5%
Ford Motor Co.(a)	788,287		11,540,524

AUTOMOTIVE PARTS — 0.3%
Magna International, Inc. (Class “A” Stock)	17,556		1,449,248

BEVERAGES — 0.7%
Coca-Cola Co.	5,888		245,117
Coors, (Adolph) Co. (Class “B” Stock)(a)	33,102		2,504,829
PepsiCo, Inc.	7,217		376,727

			3,126,673

BROADCASTING — 0.1%
Clear Channel Communications, Inc.(a)	5,377		180,076
Fox Entertainment Group, Inc. (Class “A” Stock)*	7,236		226,197

			406,273

BUSINESS SERVICES
Fiserv, Inc.*(a)	1,121		45,053

CABLE TELEVISION
Comcast Corp. (Class “A” Stock)*(a)	1,344		44,728
EchoStar Communications Corp. (Class “A” Stock)(a)	1,342		44,608

			89,336

CHEMICALS — 0.2%
Dow Chemical Co.(a)	7,750		383,703
PPG Industries, Inc.	5,219		355,727
Praxair, Inc.	2,235		98,675

			838,105

COMPUTER HARDWARE — 4.9%
Dell, Inc.*(a)	2,351		99,071
Hewlett-Packard Co.(a)	277,919		5,827,961
Ingram Micro, Inc. (Class “A” Stock)*	84,327		1,754,002
International Business Machines Corp.(a)	145,289		14,322,590
Lexmark International, Inc.*(a)	1,677		142,545

			22,146,169

COMPUTER SERVICES & SOFTWARE — 3.8%
Cisco Systems, Inc.*(a)	97,726		1,886,112
Computer Sciences Corp.*(a)	105,376		5,940,045
Microsoft Corp.	332,718		8,886,898
Tech Data Corp.*(a)	7,018		318,617
Veritas Software Corp.*	3,305		94,358

			17,126,030

CONGLOMERATES — 3.2%
Altria Group, Inc.(a)	76,287		4,661,136
Cendant Corp.(a)	243,035		5,682,158
Tyco International Ltd.(a)	110,950		3,965,353

			14,308,647

CONSUMER PRODUCTS & SERVICES — 6.9%
American Greetings Corp. (Class “A” Stock)	20,265		513,718
Black & Decker Corp.(a)	22,525		1,989,633
Colgate-Palmolive Co.	1,865		95,413
Johnson & Johnson(a)	238,923		15,152,497
Kimberly-Clark Corp.	52,031		3,424,160
Newell Rubbermaid, Inc.(a)	11,546		279,298
Procter & Gamble Co.	59,054		3,252,694
Reynolds, (R.J.) Tobacco Holdings, Inc.(a)	64,292		5,053,351
Whirlpool Corp.(a)	19,408		1,343,228

			31,103,992

ELECTRONIC COMPONENTS & EQUIPMENT — 1.9%
Arrow Electronics, Inc.*(a)	44,152		1,072,894
Eastman Kodak Co.(a)	143,783		4,637,001
General Electric Co.	75,903		2,770,460

			8,480,355

ENTERTAINMENT & LEISURE — 4.4%
Disney, (Walt) Co.(a)	274,060		7,618,868
Harley-Davidson, Inc.(a)	725		44,044
Regal Entertainment Group (Class “A” Stock)(a)	91,850		1,905,888
Time Warner, Inc.*(a)	449,557		8,739,387
Viacom, Inc. (Class “B” Stock)	41,684		1,516,881

			19,825,068

FARMING & AGRICULTURE — 0.3%
Monsanto Co.(a)	27,610		1,533,736

FINANCIAL — BANK & TRUST — 9.7%
Bank of America Corp.(a)	460,605		21,643,828
Comerica, Inc.	9,342		570,049
Flagstar Bancorp, Inc.(a)	20,990		474,374
Fremont General Corp.(a)	17,800		448,204

140

AST AMERICAN CENTURY INCOME & GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
National City Corp.	299,481	$	11,245,511
Wachovia Corp.	113,081		5,948,061
Wells Fargo & Co.(a)	65,564		4,074,803

			44,404,830

FINANCIAL SERVICES — 4.7%
American Express Co.(a)	6,523		367,702
Capital One Financial Corp.(a)	50,884		4,284,941
Citigroup, Inc.(a)	82,000		3,950,760
Countrywide Financial Corp.	243,104		8,997,278
Fannie Mae(a)	22,293		1,587,485
Goldman Sachs Group, Inc.(a)	2,775		288,711
Legg Mason, Inc.(a)	2,328		170,549
Lehman Brothers Holdings, Inc.	4,172		364,967
Merrill Lynch & Co., Inc.(a)	5,754		343,917
Raymond James Financial, Inc.	25,996		805,356

			21,161,666

FOOD — 1.8%
Corn Products International, Inc.	32,522		1,741,878
Pilgrim’s Pride Corp.	31,740		973,783
Sanderson Farms, Inc.	17,036		737,318
Tyson Foods, Inc. (Class “A” Stock)(a)	255,541		4,701,955

			8,154,934

HEALTHCARE SERVICES — 0.1%
Humana, Inc.*	13,091		388,672

INDUSTRIAL PRODUCTS — 0.2%
SPX Corp.(a)	24,080		964,645

INSURANCE — 6.4%
ACE Ltd.(a)	105,438		4,507,475
American Financial Group, Inc.	23,905		748,466
American International Group, Inc.(a)	6,111		401,309
AON Corp.(a)	83,311		1,987,800
Berkley, (W.R.) Corp.(a)	51,407		2,424,868
CIGNA Corp.(a)	131,285		10,708,917
Fidelity National Financial, Inc.(a)	18,486		844,256
First American Corp.	136,304		4,789,723
Hartford Financial Services Group, Inc. (The)(a)	6,420		444,970
Lincoln National Corp.	31,750		1,482,090
St. Paul Cos., Inc.(a)	22,766		843,936

			29,183,810

INTERNET SERVICES — 1.8%
CheckFree Corp.*(a)	10,071		383,504
EarthLink, Inc.*(a)	380,350		4,381,631
Sabre Holdings Corp. (Class “A” Stock)(a)	74,997		1,661,934
United Online, Inc.*	131,651		1,517,936
VeriSign, Inc.*(a)	9,911		332,217

			8,277,222

MACHINERY & EQUIPMENT — 0.5%
Caterpillar, Inc.	2,689		262,204
Cummins, Inc.	21,636		1,812,881
Eaton Corp.	4,298		311,003

			2,386,088

MEDICAL SUPPLIES & EQUIPMENT — 2.2%
Abbott Laboratories	7,238		337,653
AmerisourceBergen Corp.	72,814		4,272,725
Amgen, Inc.*(a)	6,348		407,224
Applera Corp. — Applied Biosystems Group	88,792		1,856,641
Bard, (C.R.), Inc.	2,666		170,571
Baxter International, Inc.	5,701		196,913
Becton, Dickinson & Co.	43,153		2,451,090
Genzyme Corp.*	2,576		149,588
Guidant Corp.	1,510		108,871

			9,951,276

METALS & MINING — 0.9%
Phelps Dodge Corp.(a)	33,194		3,283,551
United States Steel Corp.	14,329		734,361

			4,017,912

OFFICE EQUIPMENT
Xerox Corp.*	7,037		119,699

OIL & GAS — 8.6%
ChevronTexaco Corp.	405,242		21,279,257
ConocoPhillips	40,303		3,499,509
Exxon Mobil Corp.	98,457		5,046,906
Halliburton Co.	1,358		53,288
National Fuel Gas Co.	5,234		148,332
Nicor, Inc.(a)	83,019		3,066,722
Occidental Petroleum Corp.	28,472		1,661,626
Schlumberger Ltd.	2,724		182,372
Sunoco, Inc.	54,985		4,492,824
Unocal Corp.	5,735		247,981

			39,678,817

PAPER & FOREST PRODUCTS — 2.0%
Georgia-Pacific Corp.(a)	74,049		2,775,357
Louisiana-Pacific Corp.(a)	146,264		3,911,099
Weyerhaeuser Co.(a)	38,438		2,583,802

			9,270,258

PHARMACEUTICALS — 6.3%
Allergan, Inc.	450		36,482
Bristol-Meyers Squibb Co.(a)	243,478		6,237,906
Cardinal Health, Inc.	33,704		1,959,888
Gilead Sciences, Inc.*	4,786		167,462
Kos Pharmaceuticals, Inc.*	31,435		1,183,213
Lilly, (Eli) & Co.	1,548		87,849
Merck & Co., Inc.(a)	277,197		8,909,112

141

AST AMERICAN CENTURY INCOME & GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
Pfizer, Inc.(a)	366,501	$	9,855,212
Wyeth	2,909		123,894

			28,561,018

PRINTING & PUBLISHING
New York Times Co. (Class “A” Stock)(a)	899		36,679

RAILROADS — 0.5%
Burlington Northern Santa Fe Corp.	14,388		680,696
CSX Corp.	5,621		225,290
Norfolk Southern Corp.	16,150		584,469
Union Pacific Corp.(a)	12,541		843,382

			2,333,837

REAL ESTATE — 2.3%
Apartment Investment & Management Co. (Class “A” Stock) [REIT]	4,623		178,170
CBL & Associates Properties, Inc. [REIT]	80,529		6,148,389
Colonial Properties Trust [REIT]	25,713		1,009,750
Equity Office Properties Trust [REIT]	67,876		1,976,549
Trizec Properties, Inc. [REIT]	43,112		815,679
Vornado Realty Trust [REIT]	3,001		228,466

			10,357,003

RESTAURANTS — 1.4%
McDonald’s Corp.(a)	191,540		6,140,772

RETAIL & MERCHANDISING — 4.7%
Barnes & Noble, Inc.*	53,008		1,710,568
Charming Shoppes, Inc.*(a)	11,060		103,632
CVS Corp.(a)	1,514		68,236
Federated Department Stores, Inc.(a)	62,851		3,632,159
Gamestop Corp. (Class “A” Stock)*	19,835		444,502
Home Depot, Inc.(a)	7,867		336,236
Kmart Holding Corp.*	23,060		2,281,787
May Department Stores Co.(a)	202,629		5,957,293
SUPERVALU, Inc.(a)	197,314		6,811,280
Target Corp.(a)	1,865		96,849

			21,442,542

SEMICONDUCTORS — 3.1%
Analog Devices, Inc.	3,608		133,207
Freescale Semiconductor, Inc. (Class “B” Stock)*	35,316		648,402
Intel Corp.(a)	560,727		13,115,404
Novellus Systems, Inc.*	1,404		39,158
Texas Instruments, Inc.(a)	13,487		332,050

			14,268,221

TELECOMMUNICATIONS — 5.4%
ALLTEL Corp.	60,850		3,575,546
Aspect Communications Corp.*	2,995		33,364
AT&T Corp.(a)	43,228		823,926
BellSouth Corp.	142,377		3,956,657
Harris Corp.(a)	698		43,129
Motorola, Inc.(a)	319,855		5,501,507
Nextel Communications, Inc. (Class “A” Stock)*(a)	39,267		1,178,010
Nortel Networks Corp. (Canada)*	21,837		76,211
SBC Communications, Inc.(a)	127,460		3,284,644
Sprint Corp.(a)	58,241		1,447,289
Verizon Communications, Inc.	112,899		4,573,538

			24,493,821

TRANSPORTATION — 1.1%
FedEx Corp.(a)	10,293		1,013,758
United Parcel Service, Inc. (Class “B” Stock)(a)	44,463		3,799,808

			4,813,566

UTILITIES — 3.9%
American Electric Power Co., Inc.	19,886		682,885
CenterPoint Energy, Inc.(a)	163,114		1,843,188
Constellation Energy Group, Inc.	31,881		1,393,519
Dominion Resources, Inc.(a)	1,988		134,667
Duke Energy Corp.(a)	3,350		84,856
Entergy Corp.(a)	4,090		276,443
Exelon Corp.(a)	35,749		1,575,458
FirstEnergy Corp.	214,371		8,469,798
FPL Group, Inc.(a)	8,316		621,621
Great Plains Energy, Inc.(a)	23,968		725,751
OGE Energy Corp.	52,239		1,384,856
TXU Corp.	4,250		274,380
UGI Corp.	1,734		70,938

			17,538,360

TOTAL COMMON STOCK (Cost $406,038,498)			445,307,058

PREFERRED STOCK — 0.5%
AUTOMOBILE MANUFACTURERS — 0.1%
General Motors Corp. (Class “B” Stock) 5.25%* [CVT]	18,144		418,582

FINANCIAL SERVICES — 0.2%
Ford Motor Co. Capital Trust II 6.50%* [CVT]	14,767		779,550

142

AST AMERICAN CENTURY INCOME & GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES		VALUE (NOTE 2)
OFFICE EQUIPMENT — 0.2%
Xerox Corp.
6.125% [CVT]		6,311	$	932,829

TOTAL PREFERRED STOCK (Cost $1,917,277)				2,130,961

TOTAL LONG-TERM INVESTMENTS (Cost $407,955,775)				447,438,019


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 47.0%
CERTIFICATES OF DEPOSIT — 10.9%
Banco Santander PR
2.315%, 01/07/05(b)(c)	$	168		168,278
Canadian Imperial Bank of Commerce
2.372%, 01/31/05(b)(c)		6,558		6,556,684
1.72%, 05/25/05(b)		6,257		6,256,071
First Boston Corp.
2.36%, 01/24/05(b)		20,480		20,479,561
Fortis Bank
2.055%, 06/08/05(b)		1,550		1,549,367
Fortis Bank NY
1.775%, 06/06/05(b)		391		390,781
Skandinaviska Enskilda Banken
2.35%, 01/28/05(b)		12,963		12,962,524
UBS Bank
2.315%, 01/18/05(b)		843		842,535
Westdeutsche Landesbank
1.50%, 01/10/05(b)		179		178,995

				49,384,796

COMMERCIAL PAPER — 2.1%
Citigroup, Inc.
2.304%, 01/10/05(b)		1,934		1,929,703
Ticonderoga Funding, LLC
2.35%, 01/14/05(b)		7,530		7,517,784

				9,447,487

CORPORATE OBLIGATIONS — 15.2%
Bank of America NA
2.30%, 01/03/05(b)(c)		44		43,859
Bear Stearns
2.28%, 01/03/05(b)(c)		1,819		1,819,358
2.28%, 01/03/05(b)(c)		6,217		6,217,304
Goldman Sachs Group, Inc.
2.33%, 01/03/05(b)(c)		14,095		14,095,129
Merrill Lynch & Co., Inc.
2.38%, 01/03/05(b)(c)		15,205		15,204,764
Morgan Stanley
2.33%, 01/03/05(b)(c)		2,835		2,834,958
2.33%, 01/03/05(b)(c)		304		303,512
Natexis Banque NY
2.297%, 01/03/05(b)(c)		19,117		19,115,102
Sedna Finance Corporation
2.372%, 01/14/05(b)(c)		5,937		5,936,897
Swedbank NY
2.362%, 01/18/05(b)(c)		3,809		3,808,013

				69,378,896

TIME DEPOSIT — 2.4%
Bank of America NA
1.50%, 01/03/05(b)		10,837		10,836,791

U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.3%
Federal Home Loan Banks
1.25%, 01/03/05		5,700		5,699,604


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 14.9%
BlackRock Institutional Money Market Trust(b)(j)		67,543,195		67,543,195

REGISTERED INVESTMENT COMPANIES — 0.2%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		445,666		445,666
BlackRock Provident Institutional Funds TempFund Portfolio(j)		445,666		445,666

				891,332

TOTAL SHORT-TERM INVESTMENTS (Cost $213,182,101)				213,182,101

TOTAL INVESTMENTS — 145.5% (Cost $621,137,876; Note 5)				660,620,120
LIABILITIES IN EXCESS OF OTHER ASSETS — (45.5%)				(206,708,552	)

NET ASSETS — 100.0%			$	453,911,568

143

AST AMERICAN CENTURY INCOME & GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004

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 securities on loan. Securities on loan have an aggregate market value of $199,475,384; cash collateral of $206,591,165 (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.

Cash of $176,000 has been segregated with the custodian to cover requirements for the following open futures contracts at December 31, 2004:


NUMBER OF CONTRACTS	TYPE	EXPIRATION MONTH	VALUE AT TRADE DATE		VALUE AT DECEMBER 31, 2004		UNREALIZED APPRECIATION
LONG POSITION:
11	S&P 500	Mar 05	$	3,264,800	$	3,337,675	$	72,875


Financial — Bank & Trust	9.7	%
Oil & Gas	8.6
Consumer Products & Services	6.9
Insurance	6.4
Pharmaceuticals	6.3
Telecommunications	5.4
Computer Hardware	4.9
Financial Services	4.9
Retail & Merchandising	4.7
Entertainment & Leisure	4.4
Utilities	3.9
Computer Services & Software	3.8
Conglomerates	3.2
Semiconductors	3.1
Automobile Manufacturers	2.6
Real Estate	2.3
Medical Supplies & Equipment	2.2
Paper & Forest Products	2.0
Electronic Components & Equipment	1.9
Food	1.8
Internet Services	1.8
Restaurants	1.4	%
Aerospace	1.1
Transportation	1.1
Metals & Mining	0.9
Beverages	0.7
Machinery & Equipment	0.5
Railroads	0.5
Automotive Parts	0.3
Farming & Agriculture	0.3
Chemicals	0.2
Industrial Products	0.2
Office Equipment	0.2
Airlines	0.1
Broadcasting	0.1
Healthcare Services	0.1
Short-Term Investments	47.0

	145.5
Liabilities in excess of other assets	(45.5	)

	100.0	%

See Notes to Financial Statements.

144

AST ALLIANCE GROWTH AND INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG TERM INVESTMENTS — 100.0%
COMMON STOCK AEROSPACE — 2.1%
General Dynamics Corp.	73,200	$	7,656,720
Northrop Grumman Corp.	300,000		16,308,000
United Technologies Corp.	196,500		20,308,275

			44,272,995

BROADCASTING — 1.5%
Clear Channel Communications, Inc.(a)	474,900		15,904,401
Westwood One, Inc.*(a)	648,100		17,453,333

			33,357,734

BUILDING MATERIALS — 0.9%
American Standard Cos., Inc.*(a)	457,200		18,891,504

BUSINESS SERVICES — 1.0%
Fiserv, Inc.*(a)	525,000		21,099,750

CABLE TELEVISION — 1.9%
Comcast Corp. (Class “A” Stock)*(a)	600,000		19,968,000
Comcast Corp. (Special Class “A” Stock)*(a)	625,000		20,525,000

			40,493,000

CHEMICALS — 2.4%
Air Products & Chemicals, Inc.	410,000		23,767,700
DuPont, (E.I.) de Nemours & Co.	584,200		28,655,010

			52,422,710

COMPUTER HARDWARE — 0.8%
Hewlett-Packard Co.	790,600		16,578,882

COMPUTER SERVICES & SOFTWARE — 4.0%
Microsoft Corp.	3,199,400		85,455,974

CONGLOMERATES — 5.3%
3M Co.	247,700		20,328,739
Altria Group, Inc.	1,250,000		76,375,000
Johnson Controls, Inc.	275,000		17,446,000

			114,149,739

CONSTRUCTION — 0.6%
D.R. Horton, Inc.	199,200		8,029,752
Pulte Corp.	89,500		5,710,100

			13,739,852

CONSUMER PRODUCTS & SERVICES — 5.2%
Avon Products, Inc.(a)	1,125,000		43,537,500
Fortune Brands, Inc.	220,900		17,049,062
Loews Corp. — Carolina Group	600,000		17,370,000
Procter & Gamble Co.	600,000		33,048,000

			111,004,562

ELECTRONIC COMPONENTS & EQUIPMENT — 4.7%
Emerson Electric Co.(a)	200,000		14,020,000
General Electric Co.	2,358,400		86,081,600

			100,101,600

ENTERTAINMENT & LEISURE — 6.6%
Harley-Davidson, Inc.(a)	250,000		15,187,500
Royal Caribbean Cruises Ltd.(a)	100,000		5,444,000
Time Warner, Inc.*	1,750,000		34,020,000
Viacom, Inc. (Class “B” Stock)	2,424,600		88,231,194

			142,882,694

FINANCIAL — BANK & TRUST — 4.7%
Bank of America Corp.	1,348,700		63,375,413
North Fork Bancorp, Inc.	641,000		18,492,850
Wachovia Corp.	380,000		19,988,000

			101,856,263

FINANCIAL SERVICES — 12.7%
Citigroup, Inc.	1,994,000		96,070,920
Fannie Mae(a)	255,800		18,215,518
J.P. Morgan Chase & Co.	2,025,200		79,003,052
MBNA Corp.	883,600		24,908,684
Merrill Lynch & Co., Inc.	702,600		41,994,402
Morgan Stanley Dean Witter & Co.	282,900		15,706,608

			275,899,184

FOOD — 0.4%
Dean Foods Co.*	258,000		8,501,100

HEALTHCARE SERVICES — 1.9%
Caremark Rx, Inc.*(a)	383,900		15,137,177
Health Management Associates, Inc. (Class “A” Stock)(a)	406,600		9,237,952
UnitedHealth Group, Inc.	195,500		17,209,865

			41,584,994

INDUSTRIAL PRODUCTS — 0.9%
Ingersoll-Rand Co., Ltd. (Class “A” Stock)	239,800		19,255,940

INSURANCE — 12.5%
ACE Ltd.	1,240,800		53,044,200
AFLAC, Inc.	200,000		7,968,000
Allstate Corp. (The)	313,800		16,229,736
American International Group, Inc.	1,288,900		84,642,063
Axis Capital Holdings Ltd.(a)	800,000		21,888,000
MetLife, Inc.	397,100		16,086,521
Wellpoint, Inc.*	597,200		68,678,000

			268,536,520

MACHINERY & EQUIPMENT — 0.1%
Deere & Co.	33,900		2,522,160

145

AST ALLIANCE GROWTH AND INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES		VALUE (NOTE 2)
MEDICAL SUPPLIES & EQUIPMENT — 3.4%
Applera Corp. — Applied Biosystems Group		445,000	$	9,304,950
Beckman Coulter, Inc.		63,700		4,267,263
Boston Scientific Corp.*		1,659,700		59,002,335

				72,574,548

METALS & MINING — 0.7%
Alcoa, Inc.		513,500		16,134,170

OIL & GAS — 11.4%
Baker Hughes, Inc.(a)		456,100		19,461,787
BP PLC [ADR] (United Kingdom)		550,000		32,120,000
ConocoPhillips		757,200		65,747,676
EnCana Corp. (Canada)		333,900		19,052,334
Exxon Mobil Corp.		600,000		30,756,000
FMC Technologies, Inc.*		268,900		8,658,580
Nabors Industries Ltd.*(a)		347,500		17,823,275
Noble Energy, Inc.(a)		200,000		12,332,000
Occidental Petroleum Corp.		300,000		17,508,000
Schlumberger Ltd.		312,600		20,928,570

				244,388,222

PHARMACEUTICALS — 2.2%
Forest Laboratories, Inc.*(a)		283,200		12,704,352
Pfizer, Inc.		671,300		18,051,257
Wyeth		369,900		15,754,041

				46,509,650

RAILROADS — 3.2%
Burlington Northern Santa Fe Corp.		388,700		18,389,397
Union Pacific Corp.		750,000		50,437,500

				68,826,897

RESTAURANTS — 0.5%
Wendy’s International, Inc.		269,700		10,588,422

RETAIL & MERCHANDISING — 3.5%
Bed Bath & Beyond, Inc.*(a)		203,400		8,101,422
Home Depot, Inc.(a)		1,245,000		53,211,300
Lowe’s Cos., Inc.(a)		252,400		14,535,716

				75,848,438

TELECOMMUNICATIONS — 1.7%
BellSouth Corp.(a)		489,300		13,597,647
Corning, Inc.*(a)		438,100		5,156,437
Verizon Communications, Inc.		422,100		17,099,271

				35,853,355

UTILITIES — 3.2%
Dominion Resources, Inc.(a)		100,000		6,774,000
Entergy Corp.		250,000		16,897,500
Exelon Corp.(a)		433,200		19,091,124
PPL Corp.		325,000		17,316,000
Sempra Energy		250,000		9,170,000

				69,248,624

TOTAL LONG TERM INVESTMENTS (Cost $1,821,297,440)				2,152,579,483


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 11.1%
CERTIFICATES OF DEPOSIT — 1.5%
Banco Santander PR
2.315%, 01/07/05(b)(c)	$	17,602		17,601,691
First Boston Corp.
2.36%, 01/24/05(b)		5,243		5,243,269
Skandinaviska Enskilda Banken
2.35%, 01/28/05(b)		6,535		6,535,240
UBS Bank
2.315%, 01/18/05(b)		2,789		2,788,544

				32,168,744

CORPORATE OBLIGATIONS — 4.2%
Bear Stearns
2.28%, 01/03/05(b)(c)		20,217		20,217,240
Goldman Sachs Group, Inc.
2.33%, 01/03/05(b)(c)		2,868		2,867,671
Merrill Lynch & Co., Inc.
2.38%, 01/03/05(b)(c)		26,342		26,341,546
Morgan Stanley
2.33%, 01/03/05(b)(c)		2,120		2,119,821
Natexis Banque NY
2.297%, 01/03/05(b)(c)		31,131		31,127,615
Swedbank NY
2.362%, 01/18/05(b)(c)		7,896		7,894,323

				90,568,216

TIME DEPOSIT — 0.3%
Bank of America NA
1.50%, 01/03/05(b)		5,496		5,496,388

146

AST ALLIANCE GROWTH AND INCOME PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
NON-REGISTERED INVESTMENT COMPANY — 0.4%
BlackRock Institutional Money Market Trust(b)(j)	8,686,413	$	8,686,413

REGISTERED INVESTMENT COMPANIES — 4.7%
BlackRock Provident Institutional Funds TempCash Portfolio(j)	50,636,983		50,636,983
BlackRock Provident Institutional Funds TempFund Portfolio(j)	50,636,983		50,636,983

			101,273,966

TOTAL SHORT TERM INVESTMENTS (Cost $238,193,727)
			238,193,727

TOTAL INVESTMENTS — 111.1% (Cost $2,059,491,167; Note 5)			2,390,773,210
LIABILITIES IN EXCESS OF OTHER ASSETS — (11.1%)			(238,567,073	)

NET ASSETS — 100.0%		$	2,152,206,137

THE FOLLOWING ABBREVIATION IS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

ADR	American Depositary Receipt

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

(a)	All or a portion of securities on loan. Securities on loan have an aggregate market value of $131,690,715; cash collateral of $136,919,761 (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.


Financial Services	12.7	%
Insurance	12.5
Oil & Gas	11.4
Entertainment & Leisure	6.6
Conglomerates	5.3
Consumer Products & Services	5.2
Electronic Components & Equipment	4.7
Financial — Bank & Trust	4.7
Computer Services & Software	4.0
Retail & Merchandising	3.5
Medical Supplies & Equipment	3.4
Railroads	3.2
Utilities	3.2
Chemicals	2.4
Pharmaceuticals	2.2
Aerospace	2.1
Cable Television	1.9
Healthcare Services	1.9
Telecommunications	1.7	%
Broadcasting	1.5
Business Services	1.0
Building Materials	0.9
Industrial Products	0.9
Computer Hardware	0.8
Metals & Mining	0.7
Construction	0.6
Restaurants	0.5
Food	0.4
Machinery & Equipment	0.1
Short-Term Investments	11.1

	111.1
Liabilities in excess of other assets	(11.1	)

	100.0	%

See Notes to Financial Statements.

147

AST DEAM GLOBAL ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 98.4%
REGISTERED INVESTMENT COMPANIES
AST Alliance Growth Portfolio*	5,603,060	$	49,475,019
AST DeAM Large-Cap Value Portfolio	4,730,478		54,589,711
AST DeAM Small-Cap Growth Portfolio*	551,477		4,604,837
AST DeAM Small-Cap Value Portfolio	391,584		5,031,857
AST LSV International Value Portfolio	1,337,172		17,797,754
AST PIMCO Total Return Bond Portfolio	8,028,400		96,421,089

TOTAL INVESTMENTS — 98.4% (Cost $209,643,638; Note 5)			227,920,267
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.6%			3,806,891

NET ASSETS — 100.0%		$	231,727,158

THE FOLLOWING ANNOTATION IS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

See Notes to Financial Statements.

148

AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 104.3%
COMMON STOCK — 58.7%
AEROSPACE — 1.0%
Boeing Co.	44,792	$	2,318,882

AIRLINES — 0.1%
Southwest Airlines Co.	11,604		188,913

AUTOMOBILE MANUFACTURERS — 1.0%
Ford Motor Co.(a)	162,595		2,380,391

AUTOMOTIVE PARTS — 0.4%
Goodyear Tire & Rubber Co.(The)*(a)	15,733		230,646
Magna International, Inc. (Class “A” Stock)	7,311		603,523

			834,169

BEVERAGES — 0.7%
Pepsi Bottling Group, Inc.	62,756		1,696,922

BUILDING MATERIALS
USG Corp.*(a)	2,161		87,023

BUSINESS SERVICES — 0.8%
Acxiom Corp.(a)	15,185		399,366
Equifax, Inc.	48,973		1,376,141

			1,775,507

CHEMICALS — 0.7%
Georgia Gulf Corp.	30,733		1,530,503

CLOTHING & APPAREL — 0.1%
VF Corp.	2,516		139,336

COMPUTER HARDWARE — 2.0%
Dell, Inc.*	3,819		160,933
Hewlett-Packard Co.	18,210		381,864
International Business Machines Corp.	42,389		4,178,707

			4,721,504

COMPUTER SERVICES & SOFTWARE — 2.4%
Cisco Systems, Inc.*	73,070		1,410,251
Computer Sciences Corp.*	26,750		1,507,898
Microsoft Corp.	68,052		1,817,669
Oracle Corp.*	56,306		772,518

			5,508,336

CONGLOMERATES — 1.3%
Cendant Corp.	46,082		1,077,397
Tyco International Ltd.(a)	53,436		1,909,803

			2,987,200

CONSTRUCTION — 1.0%
NVR, Inc.*(a)	3,065		2,358,211

CONSUMER PRODUCTS & SERVICES — 3.6%
American Greetings Corp. (Class “A” Stock)	10,626		269,369
Black & Decker Corp.(a)	14,684		1,297,038
Gillette Co.	50,627		2,267,077
Johnson & Johnson(a)	69,119		4,383,527
Reynolds, (R.J.) Tobacco Holdings, Inc.	2,630		206,718

			8,423,729

CONTAINERS & PACKAGING
Silgan Holdings, Inc.	219		13,350

ELECTRONIC COMPONENTS & EQUIPMENT — 0.6%
Eastman Kodak Co.(a)	29,726		958,663
Parker-Hannifin Corp.	4,751		359,841
WESCO International, Inc.*	3,080		91,291

			1,409,795

ENTERTAINMENT & LEISURE — 2.8%
Disney, (Walt) Co.	102,761		2,856,756
Regal Entertainment Group (Class “A” Stock)	19,258		399,604
Time Warner, Inc.*	152,481		2,964,230
Viacom, Inc. (Class “B” Stock)	7,226		262,954

			6,483,544

ENVIRONMENTAL SERVICES — 0.1%
Republic Services, Inc.	4,293		143,987

EXCHANGE TRADED FUNDS — 1.7%
iShares GS $ InvesTop Corporate Bond	36,100		4,026,233

FINANCIAL — BANK & TRUST — 5.2%
Bank of America Corp.	74,466		3,499,156
Comerica, Inc.	33,309		2,032,515
Fremont General Corp.(a)	8,792		221,383
National City Corp.	61,135		2,295,619
U.S. Bancorp	4,630		145,012
Wachovia Corp.	51,769		2,723,049
Wells Fargo & Co.(a)	17,831		1,108,197

			12,024,931

FINANCIAL SERVICES — 3.6%
American Express Co.(a)	48,608		2,740,033
Capital One Financial Corp.(a)	27,955		2,354,091
Compucredit Corp.*	8,569		234,276
Countrywide Financial Corp.	64,703		2,394,658
Raymond James Financial, Inc.	20,103		622,791
WFS Financial, Inc.*	3,391		172,195

			8,518,044

149

AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
FOOD — 1.3%
Corn Products International, Inc.	15,161	$	812,023
Pilgrim’s Pride Corp.	38,919		1,194,035
Sanderson Farms, Inc.	5,122		221,680
Tyson Foods, Inc. (Class “A” Stock)(a)	48,029		883,734

			3,111,472

HEALTHCARE SERVICES — 0.1%
Humana, Inc.*	9,222		273,801

INSURANCE — 2.9%
American Financial Group, Inc.	4,276		133,882
American International Group, Inc.	10,626		697,809
Berkley, (W.R.) Corp.	36,943		1,742,601
Chubb Corp.	6,558		504,310
CIGNA Corp.	31,538		2,572,555
First American Corp.	10,874		382,112
Principal Financial Group, Inc.	8,615		352,698
Safeco Corp.(a)	5,801		303,044
Selective Insurance Group, Inc.	298		13,184

			6,702,195

INTERNET SERVICES — 1.1%
EarthLink, Inc.*(a)	163,539		1,883,969
Sabre Holdings Corp. (Class “A” Stock)	20,178		447,144
United Online, Inc.*	17,607		203,009

			2,534,122

MACHINERY & EQUIPMENT — 0.6%
Cummins, Inc.	13,329		1,116,836
Hydril Co.*	4,303		195,830
Stanley Works	3,615		177,099

			1,489,765

MEDICAL SUPPLIES & EQUIPMENT — 1.8%
AmerisourceBergen Corp.	19,059		1,118,382
Amgen, Inc.*	17,196		1,103,123
Applera Corp. — Applied Biosystems Group	2,673		55,892
Becton, Dickinson & Co.	35,502		2,016,515

			4,293,912

METALS & MINING — 0.8%
Phelps Dodge Corp.(a)	14,376		1,422,074
United States Steel Corp.(a)	9,773		500,866

			1,922,940

OFFICE EQUIPMENT — 0.5%
Xerox Corp.*	75,293		1,280,734

OIL & GAS — 4.2%
Baker Hughes, Inc.	4,053		172,942
ChevronTexaco Corp.	64,058		3,363,686
ConocoPhillips	3,272		284,108
Exxon Mobil Corp.	66,791		3,423,706
Premcor, Inc.	7,341		309,570
Sunoco, Inc.	25,962		2,121,355
Valero Energy Corp.	2,865		130,071

			9,805,438

PAPER & FOREST PRODUCTS — 1.4%
Georgia-Pacific Corp.(a)	3,009		112,777
Louisiana-Pacific Corp.(a)	53,345		1,426,446
Potlatch Corp.(a)	16,000		809,280
Weyerhaeuser Co.	12,268		824,655

			3,173,158

PHARMACEUTICALS — 3.0%
Cardinal Health, Inc.	16,532		961,336
Kos Pharmaceuticals, Inc.*	15,913		598,965
Merck & Co., Inc.(a)	65,925		2,118,830
Pfizer, Inc.	127,616		3,431,594

			7,110,725

RAILROADS — 0.1%
Burlington Northern Santa Fe Corp.	1,303		61,645
Union Pacific Corp.	3,331		224,010

			285,655

RESTAURANTS — 1.2%
Jack in the Box, Inc.*	2,658		98,000
McDonald’s Corp.	81,108		2,600,323

			2,698,323

RETAIL & MERCHANDISING — 3.4%
7-Eleven, Inc.*	3,425		82,029
Barnes & Noble, Inc.*	6,672		215,305
Circuit City Stores, Inc.	1,874		29,309
Costco Wholesale Corp.(a)	24,936		1,207,152
Federated Department Stores, Inc.	28,581		1,651,696
Gamestop Corp. (Class “A” Stock)*	5,694		127,603
Home Depot, Inc.	46,555		1,989,760
Kmart Holding Corp.*	1,424		140,905
Penney, (J.C.) Co., Inc.	23,970		992,358
SUPERVALU, Inc.	45,938		1,585,780

			8,021,897

SEMICONDUCTORS — 1.8%
Freescale Semiconductor, Inc. (Class “B” Stock)*	15,193		278,943
Intel Corp.	161,310		3,773,042
MEMC Electronic Materials, Inc.*	15,737		208,515

			4,260,500

150

AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


		SHARES		VALUE (NOTE 2)
TELECOMMUNICATIONS — 2.6%
ALLTEL Corp.			3,388	$	199,079
AT&T Corp.(a)			8,375		159,628
BellSouth Corp.			21,020		584,146
CenturyTel, Inc.			1,398		49,587
Commonwealth Telephone Enterprises, Inc			2,772		137,658
Motorola, Inc.			133,143		2,290,059
Nextel Communications, Inc. (Class “A” Stock)*(a)			11,884		356,520
SBC Communications, Inc.			21,079		543,206
Sprint Corp.			15,232		378,515
Verizon Communications, Inc.			34,061		1,379,811

					6,078,209

TRANSPORTATION — 0.5%
FedEx Corp.			1,318		129,810
United Parcel Service, Inc. (Class “B” Stock)			11,082		947,068

					1,076,878

UTILITIES — 2.3%
Constellation Energy Group, Inc.			28,664		1,252,903
Exelon Corp.			20,998		925,382
FirstEnergy Corp.			52,461		2,072,734
TXU Corp.(a)			17,534		1,131,995

					5,383,014

TOTAL COMMON STOCK (Cost $120,147,789)					137,073,248


		PRINCIPAL AMOUNT (000)
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 17.9%
Federal Home Loan Mortgage Corp.
4.50%, 01/01/19		$	1,494		1,493,040
5.00%, 01/15/19			1,900		1,929,093
5.50%, 12/01/33			612		622,723
6.50%, 06/01/16			309		326,682
7.00%, 06/01/14-08/01/29			334		354,770

					4,726,308

Federal National Mortgage Assoc.
3.25%, 08/15/08			300		296,296
3.75%, 05/17/07			3,100		3,106,113
4.50%, 05/01/19-06/01/19			951		949,624
5.00%, 01/15/19			5,255		5,338,754
5.50%, 12/01/16-01/15/34			10,661		10,884,010
5.75%, 02/15/08			200		213,190
6.00%, 12/01/13-09/25/32			8,305		8,593,445
6.50%, 01/01/32-12/15/35			4,993		5,237,006
6.625%, 10/15/07			700		759,098
7.00%, 05/01/11-06/01/32			988		1,048,800
7.50%, 03/01/27-09/01/30			144		154,706

					36,581,042

Government National Mortgage Assoc.
6.00%, 04/15/28-05/15/28			97		101,734
6.50%, 03/15/28-04/15/28			86		90,197
7.00%, 12/15/27-05/15/31			248		263,660
7.50%, 05/15/30			50		54,051
8.00%, 03/15/27			11		11,553
8.75%, 04/15/27			12		13,640

					534,835

TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $41,648,966)					41,842,185


	MOODY’S RATING (UNAUDITED)
CORPORATE OBLIGATIONS — 10.6%
AUTOMOBILE MANUFACTURERS — 0.2%
DaimlerChrysler NA Holding Corp., Gtd Notes
7.30%, 01/15/12	A3		330		375,156

BEVERAGES — 0.2%
Fosters Financial Corp., Notes
4.875%, 10/01/14 144A (cost $207,917; purchased 10/01/04)(g)	Baa1		210		209,181
Miller Brewing Co., Notes
4.25%, 08/15/08 144A (cost $303,910; purchased 01/06/04)(g)	Baa1		300		302,979

					512,160

151

AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY'S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
BROADCASTING — 0.3%
Clear Channel Communications, Inc., Notes
4.25%, 05/15/09	Baa3	$	160	$	158,537
Clear Channel Communications, Inc., Sr. Notes
5.00%, 03/15/12	Baa3		260		257,937
News America Holdings Co., Gtd. Notes
7.75%, 01/20/24	Baa3		150		178,357

					594,831

CABLE TELEVISION — 0.3%
Comcast Corp., Gtd. Notes
5.50%, 03/15/11	Baa3		600		635,005
CSC Holdings, Inc., Sr. Notes
6.75%, 04/15/12 144A (cost $144,976; purchased 08/05/04)(g)	B1		150		155,250

					790,255

COMPUTER SERVICES & SOFTWARE — 0.1%
Computer Associates International, Inc. Sr. Notes
4.75%, 12/01/09	Ba1		260		262,187

CONSTRUCTION — 0.1%
KB Home & Broad Home Corp.
6.375%, 08/15/11	Ba1		250		263,750

CONSUMER PRODUCTS & SERVICES — 0.2%
General Electric Co., Notes
5.00%, 02/01/13	Aaa		350		359,681

CONTAINERS & PACKAGING — 0.1%
Ball Corp., Gtd. Notes
7.75%, 08/01/06	Ba3		250		263,750

DIVERSIFIED OPERATIONS — 0.6%
Morgan Stanley Traded Custody Receipts Series 2002-2, Sub. Notes
7.719%, 03/01/32 144A (cost $1,127,294; purchased 03/15/02—08/28/02)(f)(g)	Baa1		1,071		1,308,842

ENTERTAINMENT & LEISURE — 0.4%
Disney, (Walt) Co., Notes
5.50%, 12/29/06	Baa1		400		417,262
Park Place Entertainment, Inc., Sr. Sub. Notes
7.875%, 12/15/05	Ba2		300		312,000
Royal Caribbean Cruises, Sr. Notes
6.875%, 12/01/13	Ba2		200		217,000

					946,262

ENVIRONMENTAL SERVICES — 0.1%
Waste Management, Inc. Sr. Notes
7.00%, 07/15/28	Baa3		210		237,580

FINANCIAL — BANK & TRUST — 0.8%
Bank of America Corp., Sr. Notes
4.375%, 12/01/10	Aa2		600		602,563
Citigroup, Inc., Sub. Notes
5.00%, 09/15/14 144A (cost $1,106,639; purchased 04/23/03—09/09/04)(g)	Aa2		1,108		1,115,467
Washington Mutual Bank
5.50%, 01/15/13	A3		230		237,906

					1,955,936

FINANCIAL — BROKERAGE — 0.5%
Credit Suisse First Boston, Inc., Notes
2.79%, 06/19/06	Aa3		300		301,186
Goldman Sachs Group, Inc., Notes
5.25%, 10/15/13	Aa3		500		512,445
Merrill Lynch & Co., Inc., Notes
2.07%, 06/12/06	Aa3		350		347,291

					1,160,922

FINANCIAL SERVICES — 2.8%
American General Finance, Notes
4.50%, 11/15/07	A1		300		305,855
Deutsche Telekom International Finance BV, Gtd. Notes (Netherlands)
8.50%, 06/15/10(l)	Baa1		320		381,665

152

AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Federal Home Loan Bank, Notes
3.375%, 09/14/07	Aaa	$	2,000	$	1,999,496
Ford Motor Credit Co., Notes
7.375%, 10/28/09	A3		600		647,857
Ford Motor Credit Co., Sr. Notes
5.80%, 01/12/09	A3		275		281,339
Freddie Mac, Notes
3.75%, 08/03/07(a)	Aaa		2,820		2,824,224
General Electric Capital Corp., Sr. Notes
4.25%, 12/01/10	Aaa		230		230,171
Morgan Stanley, Notes
4.25%, 05/15/10	Aa3		150		150,195

					6,820,802

INSURANCE — 0.3%
Genworth Financial, Inc., Notes
5.75%, 06/15/14	A2		300		317,950
Monumental Global Funding II, Notes
3.85%, 03/03/08 144A (cost $350,000; purchased 02/05/03)(g)	Aa3		350		351,170

					669,120

INTERNET SERVICES
IAC Interactive Corp., Notes
7.00%, 01/15/13	Baa3		50		55,239

MEDICAL SUPPLIES & EQUIPMENT — 0.3%
Beckman Coulter, Inc., Gtd. Notes
7.45%, 03/04/08	Baa3		400		441,018
Schering-Plough Corp., Notes
5.30%, 12/01/13	A3		150		157,049

					598,067

OIL & GAS — 0.7%
Anadarko Petroleum Corp., Debs.
7.95%, 04/15/29	Baa1		250		319,701
Devon Energy Corp., Sr. Notes
2.75%, 08/01/06	Baa2		300		296,597
Enterprise Products Operation, Sr. Notes
4.625%, 10/15/09 144A (cost $272,568; purchased 10/08/04—10/15/04)(g)	Baa3		270		269,863
Enterprise Products Operations, Sr. Notes
5.60%, 10/15/14 144A (cost $160,980; purchased 10/04/04)(g)	Baa3		160		161,721
Kerr-McGee Corp., Gtd. Notes
6.875%, 09/15/11	Baa3		280		315,730
XTO Energy, Inc., Sr. Notes
6.25%, 04/15/13	Baa3		250		274,047

					1,637,659

RAILROADS — 0.4%
Canadian National Railways Co., Bonds
6.25%, 08/01/34	Baa1		300		325,755
Norfolk Southern Corp., Bonds
7.80%, 05/15/27	Baa1		250		314,057
Norfolk Southern Corp., Notes
7.05%, 05/01/37	Baa1		300		352,009

					991,821

RESTAURANTS — 0.3%
Yum! Brands, Inc., Sr. Notes
8.875%, 04/15/11	Ba1		650		804,090

RETAIL & MERCHANDISING — 0.5%
CVS Corp., Notes
4.00%, 09/15/09	A3		160		159,417
May Department Stores
Co., Notes
4.80%, 07/15/09	Baa2		500		508,918
Safeway, Inc., Notes
6.50%, 03/01/11	Baa2		350		383,804

					1,052,139

TELECOMMUNICATIONS — 0.7%
AT&T Broadband Corp., Gtd. Notes
8.375%, 03/15/13	Baa3		48		59,280
AT&T Wireless Services, Inc., Sr. Notes
7.875%, 03/01/11	Baa2		300		353,545

153

AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
British Telecom PLC, Notes (United Kingdom)
7.00%, 05/23/07(l)	Baa1		$	270	$	289,671
Deutsche Telekom International Finance, Gtd. Notes (Germany)
5.25%, 07/22/13(l)	Baa3			100		103,037
France Telecom SA, Notes (France)
8.75%, 03/01/11(l)	Baa3			100		119,437
Nextel Communications, Sr. Notes
5.95%, 03/15/14	B2			290		301,600
Sprint Capital Corp., Notes
8.375%, 03/15/12	Baa3			240		292,763

						1,519,333

UTILITIES — 0.7%
CenterPoint Energy Resources Corp., Debs.
6.50%, 02/01/08	Ba1			350		375,549
Dominion Resources, Inc., Notes
4.125%, 02/15/08	Baa1			300		302,282
Firstenergy Corp., Notes
6.45%, 11/15/11	Baa3			260		282,876
Pacific Gas & Electric, First Mortgage
6.05%, 03/01/34	Baa2			100		104,224
Tampa Electric Co., Notes
6.375%, 08/15/12	Baa1			300		330,976
Virginia Electric & Power Co., Notes
5.25%, 12/15/15	A3			300		305,696

						1,701,603

TOTAL CORPORATE OBLIGATIONS (Cost $24,206,918)						24,881,185

ASSET-BACKED SECURITIES — 6.6%
ABSC NIMS Trust, Series 2004-HE5, Class A1
5.00%, 08/27/34 144A (cost $101,349; purchased 06/22/04)(g)	BBB+	(d)		102		101,336
Accredited Mortgage Loan Trust, Series 2004-4, Class A2A
2.567%, 01/25/35	Aaa			834		833,825
Ameriquest Finance NIM Trust, Series 2004-RN4, Class A
4.60%, 07/25/34	BBB+	(d)		64		63,660
Ameriquest Finance NIM Trust, Series 2004-RN5, Class A
5.193%, 06/25/34 144A (cost $68,334; purchased 06/24/04)(g)	BBB+	(d)		68		68,194
Ameriquest Mortgage Securities, Inc., Series 2004-R8, Class A2
2.578%, 09/25/34	Aaa			885		885,236
Argent NIM Notes, Series 2004-WN9, Class A
5.19%, 10/25/34 144A (cost $87,921; purchased 09/09/04)(g)	BBB	(d)		88		87,923
Argent NIM Trust, Series 2004-WN10, Class A
4.212%, 11/25/34 144A (cost $85,988; purchased 10/19/04)(g)	A-	(d)		86		86,125
Argent NIM Trust, Series 2004-WN2, Class
4.55%, 04/25/34	BBB	(d)		33		33,464
Argent NIM Trust, Series 2004-WN8, Class
4.70%, 07/25/34	BBB+	(d)		64		63,789
Asset Backed Funding Corp. NIM Trust, Series 2003-OPT1, Class Notes
6.90%, 07/26/33	BBB	(d)		19		18,804
Asset Backed Funding Corp. NIM Trust, Series 2004-OPT4, Class N1
4.45%, 05/26/34	A-	(d)		71		71,201

154

AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Capital One Prime Auto Receivables Trust, Series 2004-2, Class A4
2.462%, 03/15/10	Aaa		$	1,125	$	1,126,853
Centex Home Equity, Series 2004-C, Class AF1
2.82%, 01/25/19	Aaa			431		429,660
CIT RV Trust, Series 1998-A, Class A4
6.09%, 02/15/12	Aaa			25		25,394
CNH Equipment Trust, Series 2004-A, Class A3A
2.473%, 10/15/08	Aaa			225		225,181
Countrywide Asset-Backed Certificates Series 2004-11N, Class-N
5.25%, 04/25/36 144A (cost $53,762; purchased 10/27/04)(g)	BBB+	(d)		54		53,675
Countrywide Asset-Backed Certificates, Series 2004-11, Class-A1
2.371%, 09/25/21	BBB+	(d)		1,865		1,867,041
Countrywide Asset-Backed Certificates, Series 2004-13, Class AV1
2.543%, 12/25/34	Aaa			820		820,000
Countrywide Certificates, Series 2004-5N, Class N1
5.50%, 10/25/35	BBB+	(d)		72		72,145
Countrywide Partnership Trust Series 2004-EC1 Class 2A1
2.377%, 05/25/24	NR			795		795,578
Equifirst Mortgage Loan Trust Series 2004-3 Class A1
2.578%, 12/25/34	Aaa			418		418,277
Finance America NIM Trust, Series 2004-1, Class A
5.25%, 06/27/34	BBB+	(d)		49		49,217
First Franklin NIM Trust, Series 2004-FF1, Class N1
4.50%, 09/25/05	BBB	(d)		65		65,324
Ford Credit Auto Owner Trust, Series 2002-A, Class B
4.79%, 11/15/06	Aa1			350		353,070
Ford Credit Floorplan Master Owner Trust, Series 2004-1, Class A
2.442%, 07/15/09	Aaa			4,400		4,406,040
Fremont NIM Trust, Series 2004-B, Class Notes
4.703%, 05/25/34 144A (cost $54,920; purchased 05/20/04)(g)	BBB+	(d)		55		54,726
GSAMP Trust, Series 2004-Min1, Class N1
5.50%, 09/25/34 144A (cost $89,048; purchased 09/20/04)(g)	BBB	(d)		89		88,964
Long Beach Asset Holdings Corp., Series 2004-5, Class Notes
5.00%, 09/25/34 144A (cost $76,573; purchased 09/15/04)(g)	A-	(d)		76		76,289
Master NIM Trust, Series 2004-CI3, Class N1
4.45%, 02/26/34 144A (cost $21,702; purchased 05/18/04)(g)	A	(d)		21		21,020
Merrill Lynch Mortgage Investors, Inc., Series 2003-OP1N, Class N1
7.25%, 07/25/34	B	(d)		29		29,074

155

AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Morgan Stanley Capital I, Series 2004-NC2N, Class Notes
6.25%, 12/25/33 144A (cost $26,237; purchased 03/16/04)(g)	BBB+	(d)	$	26	$	26,101
Park Place Securities, Inc., Series 2004-WHQ2, Class A3B
2.578%, 02/25/35	Aaa			1,528		1,528,444
Residential Asset Securities Corp., Series 2004-KS2, Class MI1
4.71%, 03/25/34	Aa2			110		108,378
Sail Net Interest Margin Notes, Series 2004-8A, Class A
5.00%, 09/27/34 144A (cost $114,795; purchased 09/13/04)(g)	A-	(d)		115		114,279
Sail Net Interest Margin Notes, Series 2004-BNCA, Class A
5.00%, 09/27/34	A-	(d)		70		70,173
Sharps SP I LLC Net Interest Margin Trust, Series 2004—OP1N, Class NA
5.19%, 04/25/34 144A (cost $86,827; purchased 06/09/04)(g)	BBB	(d)		87		86,608
WFS Financial Owner Trust, Series 2004-3, Class A1
1.725%, 08/17/05	A	(d)		190		190,515

TOTAL ASSET-BACKED SECURITIES (Cost $15,405,820)						15,415,583

U.S. TREASURY OBLIGATIONS — 5.4%
U.S. Treasury Bonds
8.00%, 11/15/21				1,000		1,373,008
6.25%, 08/15/23(a)				2,200		2,576,321
6.125%, 11/15/27				1,200		1,401,892
5.375%, 02/15/31(a)				495		535,412
U.S. Treasury Inflationary Bonds [TIPS]
2.00%, 07/15/14(c)				1,100		1,149,732
U.S. Treasury Notes
4.00%, 06/15/09(a)				3,080		3,139,554
4.375%, 08/15/12				1,700		1,741,106
4.75%, 05/15/14(a)				400		416,969
4.25%, 08/15/14(a)				240		240,610

TOTAL U.S. TREASURY OBLIGATIONS (Cost $12,463,304)						12,574,604

COLLATERALIZED MORTGAGE OBLIGATIONS — 5.0%
Ameriquest Finance NIM Trust, Series 2003-N11A, Class Notes
7.143%, 10/25/33	BBB+	(d)		19		18,609
Banc of America Commercial Mortgage, Inc., Series 2004-1, Class XP [IO]
0.83%, 11/10/39	AAA	(d)		5,857		175,446
Bear Stearns Commercial Mortgage Securities Series 2004-T16, Class-X2
0.81%, 08/13/46 [IO]	AAA	(d)		7,500		330,239
Bear Stearns Commercial Mortgage Securities, Series 2004-BA5A, Class A1
2.54%, 09/15/19 144A (cost $1,100,000; purchased 12/15/04)(g)	NR			1,100		1,100,000
Citigroup Commercial Mortgage Trust, Series 2004-FL1, Class A1
2.533%, 07/15/18	Aaa			3,588		3,594,668
Commercial Mortgage Acceptance Corp., Series 1998-C2, Class X
1.01%, 09/15/30 [IO]	AAA	(d)		7,387		274,306
Commercial Mortgage Pass-Through, Series 2004-HTL1, Class A1
2.643%, 07/15/16	Aaa			850		851,706

156

AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Federal National Mortgage Assoc., Series 2003-52, Class KF
2.817%, 07/25/17(c)	Aaa		$	565	$	566,572
First Franklin Mortgage Loan Asset Backed, Series 2004-Ff11 2A1
2.557%, 01/25/35	NR			1,200		1,200,000
GMAC Commercial Mortgage Securities, Inc., Series 2002-C2, Class A1
4.321%, 10/15/38	Aaa			429		433,989
LB-UBS Commercial Mortgage Trust, Series 2003-C5, Class A2
3.478%, 07/15/27	AAA	(d)		1,100		1,083,349
Master Alternative Loans Trust, Series 2003-8, Class 4A1
7.00%, 12/25/33	Aaa			245		257,208
NationsLink Funding Corp., Series 1998-2, Class A1
6.001%, 08/20/30	Aaa			61		61,536
Washington Mutual, Series 2004-AR4, Class A6
3.813%, 06/25/34	Aaa			850		837,220
Washington Mutual, Series 2004-AR9, Class A7
4.24%, 08/25/34	Aaa			950		951,342

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $11,716,670)						11,736,190

MUNICIPAL BONDS — 0.1%
ILLINOIS
Illinois State Taxable Pension
5.10%, 06/01/33 (Cost $306,948)	Aa3			300		288,171

TOTAL LONG-TERM INVESTMENTS (Cost $225,896,415)						243,811,166

SHORT-TERM INVESTMENTS – 16.2%
CERTIFICATES OF DEPOSIT — 1.3%
Banco Santander PR
2.315%, 01/07/05(b)(c)				1,619		1,618,933
First Boston Corp.
2.36%, 01/24/05(b)				306		306,464
Skandinaviska Enskilda Banken
2.35%, 01/28/05(b)				739		738,861
UBS Bank
2.315%, 01/18/05(b)				431		431,445

						3,095,703

CORPORATE OBLIGATIONS — 4.4%
Bear Stearns
2.28%, 01/03/05(b)(c)				494		493,536
Goldman Sachs Group, Inc.
2.33%, 01/03/05(b)(c)				203		202,985
Merrill Lynch & Co., Inc.
2.38%, 01/03/05(b)(c)				5,057		5,057,402
Morgan Stanley
2.33%, 01/03/05(b)(c)				247		247,311
Natexis Banque NY
2.297%, 01/03/05(b)(c)				729		728,764
Swedbank NY
2.362%, 01/18/05(b)(c)				3,560		3,559,297

						10,289,295

TIME DEPOSIT — 2.3%
Bank of America NA
1.50%, 01/03/05(b)				1,123		1,122,926
Chase Manhattan Bank(b)
1.25%, 01/03/05				4,224		4,224,233

						5,347,159

U.S. GOVERNMENT AGENCY OBLIGATIONS — 5.0%
Federal Home Loan Banks
1.25% 01/03/05				11,500		11,499,201

157

AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE
NON-REGISTERED INVESTMENT COMPANY — 3.2%
BlackRock Institutional Money Market Trust(b)(j)	7,548,158	$	7,548,158

TOTAL SHORT-TERM INVESTMENTS (Cost $37,779,516)			37,779,516

TOTAL INVESTMENTS — 120.5% (Cost $263,675,931; Note 5)			281,590,682
LIABILITIES IN EXCESS OF OTHER ASSETS — (20.5%)			(47,896,211	)

NET ASSETS — 100.0%		$	233,694,471

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

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 securities on loan. Securities on loan have an aggregate market value of $25,489,579; cash collateral of $26,280,315 (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 & Poors rating.

(f)	A TRACER (Traded Custody Receipts). Rate shown reflects the weighted average rate of the underlying securities as of December 31, 2004.

(g)	Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $5,641,740. The aggregate value, $5,839,713, represents 2.50% of net assets.

(j)	Security available to institutional investors only.

(l)	US$ Denominated Foreign Bonds. Cash of $64,000 has been segregated with the custodian to cover requirements for the following open futures contracts at December 31, 2004:


NUMBER OF CONTRACTS	TYPE	EXPIRATION MONTH	VALUE AT TRADE DATE		VALUE AT DECEMBER 31, 2004		UNREALIZED APPRECIATION
LONG POSITION:
4	S&P 500	Mar 05	$	1,187,200	$	1,213,700	$	26,500

158

AST AMERICAN CENTURY STRATEGIC BALANCED PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


U.S. Government Agency Mortgage-Backed Securities	17.9	%
Asset-Backed Securities	6.6
Financial Services	6.4
Financial — Bank & Trust	6.0
U.S. Treasury Obligations	5.4
Collateralized Mortgage Obligations	5.0
Oil & Gas	4.9
Retail & Merchandising	3.9
Consumer Products & Services	3.8
Telecommunications	3.3
Entertainment & Leisure	3.2
Insurance	3.2
Pharmaceuticals	3.0
Utilities	3.0
Computer Services & Software	2.5
Medical Supplies & Equipment	2.1
Computer Hardware	2.0
Semiconductors	1.8
Exchange Traded Funds	1.7
Restaurants	1.5
Paper & Forest Products	1.4
Conglomerates	1.3
Food	1.3
Automobile Manufacturers	1.2
Construction	1.1
Internet Services	1.1
Aerospace	1.0
Beverages	0.9
Business Services	0.8
Metals & Mining	0.8
Chemicals	0.7
Diversified Operations	0.6
Electronic Components & Equipment	0.6
Machinery & Equipment	0.6
Financial — Brokerage	0.5
Office Equipment	0.5
Railroads	0.5
Transportation	0.5
Automotive Parts	0.4
Broadcasting	0.3
Cable Television	0.3
Environmental Services	0.2
Airlines	0.1
Clothing & Apparel	0.1
Containers & Packaging	0.1
Healthcare Services	0.1
Municipal Bonds	0.1
Short-Term Investments	16.2
	120.5

Liabilities in excess of other assets	(20.5	)

	100.0	%

See Notes to Financial Statements.

159

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 98.3%
COMMON STOCK — 67.5%
ADVERTISING — 0.2%
Aegis Group PLC (United Kingdom)	84,770	$	175,770
Getty Images, Inc.*(a)	1,900		130,815
Lamar Advertising Co.*(a)	2,100		89,838
Monster Worldwide, Inc.*	3,200		107,648
Publicis Groupe SA (France)	6,233		202,062
WPP Group PLC (United Kingdom)	17,952		197,491
WPP Group PLC [ADR] (United Kingdom)	2,600		142,090

			1,045,714

AEROSPACE — 0.9%
BAESystems PLC (United Kingdom)	46,337		205,059
Boeing Co.	11,600		600,532
European Aeronautic Defence and Space Co. (France)	9,426		274,055
General Dynamics Corp.	4,600		481,160
Goodrich Corp.	2,000		65,280
Lockheed Martin Corp.	8,300		461,065
MTC Technologies, Inc.*	1,900		63,783
Raytheon Co.	5,800		225,214
Rockwell Collins, Inc.	10,500		414,120
Triumph Group, Inc.*	1,400		55,300
United Technologies Corp.	8,300		857,804

			3,703,372

AIRLINES — 0.1%
Frontier Airlines, Inc.*	9,200		104,972
Qantas Airways Ltd. (Australia)	22,219		64,619
SkyWest, Inc.	8,600		172,516
Southwest Airlines Co.	17,500		284,900

			627,007

AUTOMOBILE MANUFACTURERS — 0.8%
General Motors Corp.(a)	14,900		596,894
Honda Motor Co. Ltd. (Japan)	3,900		202,098
Mitsubishi Corp. (Japan)	23,000		297,180
Oshkosh Truck Corp.	3,400		232,492
PACCAR, Inc.	5,700		458,736
Porsche AG (Germany)	355		226,550
PSA Peugeot Citroen SA (France)	2,922		185,480
Renault SA (France)	3,114		260,523
Toyota Motor Corp. (Japan)	23,100		940,050

			3,400,003

AUTOMOTIVE PARTS – 0.3%
Autoliv AB (Sweden)	7,300		349,324
Autoliv, Inc. (Germany)	2,800		135,240
Koito Manufacturing Co. Ltd. (Japan)	16,000		144,120
Lear Corp.	3,700		225,737
O’ Reilly Automotive, Inc.*	3,400		153,170
TRW Automotive Holdings Corp.*	18,000		372,601

			1,380,192

BEVERAGES — 1.3%
Allied Domecq PLC (United Kingdom)	24,234		238,683
Anheuser-Busch Cos., Inc.	9,400		476,862
Asahi Breweries Ltd. (Japan)	12,000		148,609
Coca-Cola Co.	50,900		2,118,968
Cott Corp. (Canada)*	15,500		383,315
Kirin Brewery Co. Ltd. (Japan)	22,000		216,629
Lion Nathan Ltd. (New Zealand)	32,444		217,235
PepsiCo, Inc.	36,500		1,905,300

			5,705,601

BROADCASTING — 0.6%
Astro All Asia Networks PLC (Malaysia)* 144A (cost $33,668; purchased 12/18/01—03/20/02)(g)	31,200		44,337
Cox Radio, Inc. (Class “A” Stock)*	3,000		49,440
Emmis Communications Corp. (Class “A” Stock)*	3,900		74,841
Fox Entertainment Group, Inc. (Class “A” Stock)*	3,200		100,032
Gestevision Telecinco SA (Spain)*	1,258		25,957
Liberty Media Corp. (Class “A” Stock)*	85,224		935,760
Liberty Media International, Inc. (Class “A” Stock)*(a)	1,246		57,603
Meredith Corp.	2,100		113,820
News Corp Inc., (Class “A” Stock) When Issued	56,400		1,052,423
Radio One, Inc. (Class “D” Stock)*	7,900		127,348
Scripps, (E.W.) Co. (Class “A” Stock)	2,000		96,560

			2,678,121

BUILDING MATERIALS — 0.6%
Aggregate Industries PLC (United Kingdom)	94,488		189,571
American Standard Cos., Inc.*	4,300		177,676
Boral Ltd. (Australia)	84,842		456,909
Bouygues SA (France)	7,151		330,480
Cemex SA de CV (Mexico)	44,648		326,038
Hughes Supply, Inc.	2,200		71,170
Lafarge SA (France)	1,070		103,262
Nobia AB (Sweden)	10,434		172,712
Pilkington PLC (United Kingdom)	90,187		190,465
RMC Group PLC (United Kingdom)	11,905		194,051

160

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
SCP Pool Corp.	4,012	$	127,983
Trex Co., Inc.*	2,100		110,124

			2,450,441

BUSINESS SERVICES — 0.7%
Accenture Ltd. (Class “A” Stock)*	8,800		237,600
Advisory Board Co. (The)*	16,900		623,272
ChoicePoint, Inc.*	2,266		104,213
Corporate Executive Board Co. (The)	3,100		207,514
Downer EDI Ltd. (Australia)	25,109		93,101
Fair Isaac Corp.	3,797		139,274
First Data Corp.	16,400		697,656
Fiserv, Inc.*	4,700		188,893
Forrester Research, Inc.*	2,800		50,232
Indra Sistemas SA (Spain)	12,686		216,750
Iron Mountain, Inc.*(a)	5,125		156,261
Manpower, Inc.	5,500		265,650
Robert Half International, Inc.	3,700		108,891
Wireless Facilities, Inc.*	7,300		68,912

			3,158,219

CABLE TELEVISION — 0.4%
Cable & Wireless PLC (United Kingdom)	35,643		81,604
Comcast Corp. (Class “A” Stock)*	25,400		845,312
DIRECTV Group, Inc. (The)*	11,455		191,757
EchoStar Communications Corp. (Class “A” Stock)(a)	4,200		139,608
Rogers Communications, Inc. (Class “B” Stock)*(a)	17,600		460,240

			1,718,521

CHEMICALS — 1.3%
Agrium, Inc. (Canada)	2,700		45,495
Arch Chemicals, Inc.	4,450		128,071
BASF AG (Germany)	7,134		513,935
Cabot Corp.	8,600		332,648
Degussa AG (Germany)	8,906		375,028
Dow Chemical Co.(a)	22,700		1,123,877
DuPont, (E.I.) de Nemours & Co.	20,259		993,704
Ferro Corp.	4,400		102,036
Great Lakes Chemical Corp.(a)	1,300		37,037
Kaneka Corp. (Japan)	19,000		215,087
Lyondell Chemical Co.	4,370		126,380
Minerals Technologies, Inc.	2,400		160,080
Mitsubishi Gas Chemical Co., Inc. (Japan)	40,000		188,543
Potash Corp. of Saskatchewan, Inc. (Canada)	6,300		523,278
Symyx Technologies, Inc.*	5,300		159,424
The Mosaic Co.*	17,000		277,440
Valspar Corp.	1,200		60,012
Yara International ASA (Norway)*	2,366		31,154

			5,393,229

CLOTHING & APPAREL — 0.2%
Adidas-Salomon AG (Germany)	1,016		163,994
Cintas Corp.(a)	3,200		140,352
Pacific Sunwear of California, Inc.*	4,200		93,492
World Co. Ltd. (Japan)	3,000		105,397
Yue Yuen Industrial Holdings Ltd. (Hong Kong)	52,500		144,544

			647,779

COMMERCIAL SERVICES
Jackson Hewitt Tax Service, Inc.	1,500		37,875

COMPUTER HARDWARE — 1.7%
Dell, Inc.*	85,800		3,615,612
Gateway, Inc.*	12,000		72,120
Hewlett-Packard Co.	28,885		605,718
Insight Enterprises, Inc.*	4,800		98,496
International Business Machines Corp.	24,250		2,390,565
Lexmark International, Inc.*	4,300		365,500
Mercury Computer Systems, Inc.*	3,500		103,880
Storage Technology Corp.*	4,900		154,889

			7,406,780

COMPUTER SERVICES & SOFTWARE — 3.6%
Activision, Inc.*	4,300		86,774
Automatic Data Processing, Inc.	19,500		864,825
Avid Technology, Inc.*	1,900		117,325
Borland Software Corp.*	2,800		32,704
CACI International, Inc. (Class “A” Stock)*	500		34,065
Cadence Design Systems, Inc.*	3,500		48,335
CDW Corp.	8,900		590,515
Cisco Systems, Inc.*(a)	129,900		2,507,070
Cognizant Technology Solutions Corp. (Class “A” Stock)*	1,100		46,563
Creative Technology Ltd. (Singapore)	5,500		82,210
DST Systems, Inc.*(a)	2,800		145,936
Electronic Arts, Inc.*	4,300		265,224
FactSet Research Systems, Inc.	1,400		81,816
Global Payments, Inc.	1,400		81,956
Henry, (Jack) & Associates, Inc.	3,400		67,694
Inforte Corp.*	6,500		51,220
Intuit, Inc.*	10,200		448,902
Logica PLC (United Kingdom)	21,153		78,279
Macrovision Corp.*	3,100		79,732
MatrixOne, Inc.*	22,600		148,030
Mercury Interactive Corp.*(a)	2,600		118,430
Microsoft Corp.	226,100		6,039,130

161

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
NEC Soft Ltd. (Japan)	3,900	$	123,695
NetIQ Corp.*	17,900		218,559
Oracle Corp.*	113,500		1,557,220
Red Hat, Inc.*(a)	30,300		404,505
SAP AG (Germany)	2,130		380,430
SERENA Software, Inc.*	4,000		86,560
SRA International, Inc. (Class “A” Stock)*	1,100		70,620
Tech Data Corp.*(a)	1,600		72,640
TIBCO Software, Inc.*	6,900		92,046
TRANS COSMOS, Inc. (Japan)	4,000		137,016
Trend Micro, Inc. (Japan)*	2,500		134,918
Verity, Inc.*	16,800		220,416
Websense, Inc.*	1,900		96,368

			15,611,728

CONGLOMERATES — 2.1%
Altria Group, Inc.	50,800		3,103,880
Cendant Corp.(a)	18,600		434,868
Cycle & Carriage Ltd. (Singapore)	4,379		28,435
DCC PLC (Ireland)	9,055		203,082
Guiness Peat Group PLC (New Zealand)	71,617		112,252
Honeywell International, Inc.	35,800		1,267,678
Hutchison Whampoa Ltd. (Hong Kong)	21,400		200,297
ITT Industries, Inc.	3,400		287,130
Jenoptik AG (Germany)	8,711		91,882
Mitsubishi Heavy Industries Ltd. (Japan)	52,000		147,672
Norsk Hydro ASA (Norway)	2,389		188,149
SembCorp Industries Ltd. (Singapore)	236,000		234,207
Sumitomo Corp. (Japan)	13,000		112,150
Tyco International Ltd.(a)	75,800		2,709,092

			9,120,774

CONSTRUCTION — 0.3%
Balfour Beatty PLC (United Kingdom)	31,684		191,767
D.R. Horton, Inc.	3,771		152,009
Grupo Acciona SA (Spain)	3,551		314,217
Insituform Technologies, Inc. (Class “A” Stock)*	4,300		97,481
JGC Corp. (Japan)	12,000		109,730
NCC AB (Sweden)	16,214		214,710
Technip-Coflexip SA (France)	489		90,396
Toll Brothers, Inc.*	3,200		219,552
WCI Communities, Inc.*	2,800		82,320

			1,472,182

CONSUMER PRODUCTS & SERVICES — 2.6%
Bausch & Lomb, Inc.	900		58,014
Clorox Co.	6,056		356,880
Colgate-Palmolive Co.	11,800		603,688
Dollar Thrifty Automotive Group, Inc.*	3,500		105,700
Engineered Support Systems, Inc.	1,600		94,752
Fortune Brands, Inc.	2,700		208,386
Fossil, Inc.*(a)	4,500		115,380
Gillette Co.	20,600		922,468
Hasbro, Inc.	5,700		110,466
Johnson & Johnson(a)	56,946		3,611,515
Kimberly-Clark Corp.	8,900		585,709
L'Oreal SA (France)	1,228		93,223
Lauder, (Estee) Cos., Inc. (Class “A” Stock)	2,300		105,271
Mattel, Inc.	2,900		56,521
Maytag Corp.(a)	4,800		101,280
Newell Rubbermaid, Inc.	14,900		360,431
Procter & Gamble Co.	59,200		3,260,736
Rent-A-Center, Inc.*	1,150		30,475
SEB SA (France)	657		70,460
Whirlpool Corp.(a)	2,400		166,104

			11,017,459

CONTAINERS & PACKAGING
Smurfit-Stone Container Corp.*	4,400		82,192

ELECTRONIC COMPONENTS & EQUIPMENT — 3.0%
Advanced Energy Industries, Inc.*	4,500		41,085
AVX Corp.	3,200		40,320
Belden CDT, Inc.	1,150		26,680
C & D Technologies, Inc.	3,500		59,640
Cyberoptics Corp.*	1,500		22,305
Digital Theater Systems, Inc.*	8,900		179,157
Fanuc Ltd. (Japan)	3,500		228,847
Flextronics International Ltd.*(a)	16,000		221,120
General Electric Co.	237,400		8,665,099
Gentex Corp.(a)	3,000		111,060
Jabil Circuit, Inc.*	11,900		304,402
Kaba Holdings AG (Switzerland)	330		102,300
Koninklijke (Royal) Philips Electronics NV (Netherlands)	6,549		173,673
Kyocera Corp. (Japan)	1,200		92,398
Littelfuse, Inc.*	2,400		81,984
NEC Corp.	14,000		87,030
Neopost SA (France)	1,975		153,554
Nikon Corp. (Japan)	10,000		123,548
Pioneer Corp. (Japan)	8,700		169,806
Plexus Corp.*	5,500		71,555
Sagem SA (France)*	8,075		172,103
Siemens AG (Germany)	6,178		523,833
Sony Corp. (Japan)	10,000		386,455
Sumitomo Electric Industries Ltd. (Japan)	12,000		130,575
TDK Corp. (Japan)	1,900		140,734
Teleflex, Inc.	4,300		223,342

162

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
Toshiba Corp. (Japan)	33,000	$	141,700
TTM Technologies, Inc.*	9,800		115,640

			12,789,945

ENTERTAINMENT & LEISURE — 1.6%
Brunswick Corp.	9,200		455,400
Caesars Entertainment, Inc.*(a)	3,500		70,490
Carnival Corp.(a)	14,100		812,583
Disney, (Walt) Co.	4,092		113,758
Harley-Davidson, Inc.	2,000		121,500
Heiwa Corp. (Japan)	3,700		61,817
Hilton Group PLC (United Kingdom)	20,349		111,149
International Game Technology Group, Inc.	14,300		491,634
Mandalay Resort Group	600		42,258
Marvel Enterprises, Inc.*(a)	4,600		94,208
Royal Caribbean Cruises Ltd.(a)	6,900		375,636
Station Casinos, Inc.(a)	5,200		284,336
Time Warner, Inc.*	107,700		2,093,687
Viacom, Inc. (Class“B” Stock)	40,100		1,459,239
Whitbread PLC (United Kingdom)	10,045		163,251
WMS Industries, Inc.*	7,200		241,488

			6,992,434

ENVIRONMENTAL SERVICES — 0.1%
Republic Services, Inc.	5,200		174,408
Waste Connections, Inc.*	2,100		71,925
Waste Management, Inc.	7,159		214,340

			460,673

FARMING & AGRICULTURE
Sunopta, Inc.*	12,100		86,878

FINANCIAL — BANK & TRUST — 5.5%
ABN AMRO Holding NV (Netherlands)	12,832		339,942
Australia & New Zealand Banking Group Ltd. (Australia)	27,803		448,755
Australia & New Zealand Banking Group Ltd. [ADR] (Australia)	1,800		145,656
Babcock & Brown Ltd. (Australia)*	25,221		215,106
Banca Intesa SpA (Italy)	54,392		261,720
Banco Santander Central Hispano SA (Spain)	31,595		392,092
Banco Santander Chile [ADR] (Chile)	6,178		209,187
Bank Austria Creditanstalt (Austria)	4,401		397,807
Bank of America Corp.(a)	59,476		2,794,777
Bank Of Ireland (Ireland)	17,592		292,921
Bank of Yokohama Ltd. (Japan)*	37,000		233,259
BankAtlantic Bancorp, Inc. (Class “A” Stock)	9,200		183,080
Barclays PLC (United Kingdom)	81,856		920,931
Barclays PLC [ADR] (United Kingdom)	700		31,976
BNP Paribas SA (France)	8,415		609,650
Bradford & Bingley PLC (United Kingdom)	42,314		272,759
City National Corp.	1,000		70,650
Comerica, Inc.	25,400		1,549,908
Commerce Bancshares, Inc.	2,814		141,263
Credito Italiano SpA (Italy)	42,560		244,704
DBS Groupo Holdings (Singapore)	35,236		347,525
Dexia (France)	8,303		191,069
East West Bancorp, Inc.	3,300		138,468
First Horizon National Corp.(a)	3,600		155,196
HBOS PLC (United Kingdom)	28,524		464,393
HSBC Holdings PLC (United Kingdom)	19,427		327,849
Joyo Bank, Ltd. (Japan)	33,000		161,023
Macquarie Bank Ltd. (Australia)	10,597		386,276
Mercantile Bankshares Corp.	2,800		146,160
National Australia Bank Ltd. (Australia)	21,722		490,745
Nordea AB (Sweden)	54,051		544,951
NSK Ltd. (Japan)	15,000		75,388
Popular, Inc.	5,000		144,150
Royal Bank of Scotland (United Kingdom)	27,394		921,443
Skandanaviska Enskilda Banken (Sweden)	17,416		336,768
Southwest Bancorporation of Texas, Inc.	5,000		116,450
State Street Corp.	26,300		1,291,856
Sumitomo Mitsui Financial Group, Inc. (Japan)	43		312,628
SunTrust Banks, Inc.	5,800		428,504
Svenska Handlesbanken (Class “A” Stock) (Sweden)	19,749		514,127
Synovus Financial Corp.	10,600		302,948
TCF Financial Corp.	2,600		83,564
Texas Regional Bancshares, Inc. (Class “A” Stock)	4,972		162,485
The 77 Bank Ltd. (Japan)	19,000		133,688
U.S. Bancorp(a)	98,400		3,081,887
UCBH Holdings, Inc.	4,400		201,608
Wachovia Corp.	22,300		1,172,980
Wells Fargo & Co.	19,900		1,236,785
Wilmington Trust Corp.	3,500		126,525

			23,753,582

163

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
FINANCIAL SERVICES — 5.4%
Aiful Corp. (Japan)	1,950	$	214,468
Alliance & Leicester PLC (United Kingdom)	14,265		249,773
American Express Co.(a)	24,300		1,369,791
Capital Source, Inc.*(a)	16,800		431,256
Citigroup, Inc.	110,341		5,316,229
Countrywide Financial Corp.	6,700		247,967
Credit Suisse Group (Switzerland)*	10,775		452,946
Doral Financial Corp.	3,125		153,906
Eaton Vance Corp.	2,400		125,160
Fannie Mae(a)	13,500		961,335
First Marblehead Corp.*	1,500		84,375
Franklin Resources, Inc.(a)	5,600		390,040
Freddie Mac	9,700		714,890
Goldman Sachs Group, Inc.	9,700		1,009,188
Grupo Financiero Banorte SA de C.V. (Mexico)	104,800		659,995
Hypo Real Estate Holding AG (Germany)*	9,213		381,944
IndyMac Bancorp, Inc.	4,300		148,135
ING Groep NV (Netherlands)	12,241		370,375
Investors Financial Services Corp.(a)	15,000		749,700
JP Morgan Chase & Co.	90,068		3,513,553
Legg Mason, Inc.	5,850		428,571
Lehman Brothers Holdings, Inc.(a)	6,000		524,880
MBNA Corp.	14,500		408,755
Merrill Lynch & Co., Inc.	21,000		1,255,170
Mitsubishi Tokyo Financial Group, Inc. (Japan)	19		192,837
Moody’s Corp.(a)	2,500		217,125
Morgan Stanley Dean Witter & Co.	20,200		1,121,504
Providian Financial Corp.*	5,500		90,585
Schwab, (Charles) Corp.	39,300		470,028
SLM Corp.	15,700		838,223
Waddell & Reed Financial, Inc. (Class “A” Stock)	3,300		78,837

			23,171,541

FINANCIAL-BROKERAGE — 0.3%
Ameritrade Holding Corp.*	77,500		1,102,050

FOOD — 1.1%
Associated British Foods PLC (United Kingdom)	15,608		233,883
Campbell Soup Co.(a)	12,500		373,625
Compass Group PLC (United Kingdom)	10,431		49,315
Dean Foods Co.*	3,350		110,383
General Mills, Inc.	14,400		715,823
Heinz, (H.J.) Co.	3,550		138,415
Hershey Foods Corp.	4,000		222,160
J. Sainsbury PLC (United Kingdom)	26,581		138,044
Kellogg Co.	8,800		393,008
Koninklijke Wessanen NV (Netherlands)	11,125		142,900
Kraft Foods, Inc. (Class “A” Stock)(a)	4,100		146,001
Nestle SA (Switzerland)	2,138		559,366
Performance Food Group Co.*(a)	1,300		34,983
SYSCO Corp.	13,200		503,844
Tesco PLC (United Kingdom)	44,430		274,457
Tootsie Roll Industries, Inc.	2,016		69,814
Unilever PLC (United Kingdom)	44,644		438,417
United Natural Foods, Inc.*	3,400		105,740

			4,650,178

FURNITURE
Mohawk Industries, Inc.*(a)	800		73,000

HEALTHCARE SERVICES — 0.9%
AmSurg Corp.*	1,600		47,264
Caremark Rx, Inc.*	8,300		327,269
Community Health Systems, Inc.*	13,400		373,592
Coventry Health Care, Inc.*	2,150		114,122
DaVita, Inc.*	3,450		136,379
HCA, Inc.(a)	7,300		291,708
Laboratory Corp. of America Holdings*(a)	5,600		278,992
LifePoint Hospitals, Inc.*	1,500		52,230
Medco Health Solutions, Inc.*	3,084		128,294
Omnicare, Inc.	3,600		124,632
Stericycle, Inc.*	500		22,975
Symbion, Inc.*	3,200		70,656
Triad Hospitals, Inc.*	1,378		51,275
United Surgical Partners International, Inc.*	1,800		75,060
UnitedHealth Group, Inc.	20,900		1,839,827

			3,934,275

HOTELS & MOTELS — 0.1%
Fairmont Hotels & Resorts, Inc.	2,600		90,064
Marriott International, Inc. (Class “A” Stock)(a)	4,800		302,304

			392,368

INDUSTRIAL PRODUCTS — 0.4%
Actuant Corp.*	4,300		224,245
Glory Ltd. (Japan)	5,000		78,413
Harsco Corp.	1,600		89,184
Illinois Tool Works, Inc.	1,600		148,288
Nucor Corp.(a)	22,400		1,172,416
Roper Industries, Inc.	2,200		133,694

			1,846,240

164

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
INSURANCE — 3.3%
Aioi Insurance Co., Ltd. (Japan)	39,000	$	180,023
Allstate Corp. (The)	4,300		222,396
American International Group, Inc.	53,130		3,489,047
Assurant, Inc.	5,300		161,915
Aviva PLC (United Kingdom)	16,067		193,720
AXA (France)	20,751		512,781
Axis Capital Holdings Ltd.	15,600		426,816
CNP Assurances (France)	4,884		349,853
Gallagher, (Arthur J.) & Co.	2,200		71,500
Genworth Financial, Inc.	17,600		475,200
Hannover Rueckversicherungs AG (Germany)	3,267		127,669
Hartford Financial Services Group, Inc. (The)	11,600		803,996
Insurance Australia Group Ltd. (Australia)	28,415		143,225
Markel Corp.*	300		109,200
Marsh & McLennan Cos., Inc.	26,600		875,140
Mercury General Corp.	900		53,928
MGIC Investment Corp.(a)	4,700		323,877
Mitsui Marine & Fire (Japan)	19,000		165,024
PMI Group, Inc. (The)	3,200		133,600
Progressive Corp. (The)(a)	5,400		458,136
Protective Life Corp.	2,800		119,532
QBE Insurance Group Ltd. (Australia)	15,463		186,065
Radian Group, Inc.	9,200		489,808
Royal & Sun Alliance Insurance Group PLC (United Kingdom)	90,377		134,474
Safeco Corp.(a)	10,300		538,072
St. Paul Cos., Inc.	48,699		1,805,272
StanCorp Financial Group, Inc.	1,500		123,750
Triad Guaranty, Inc.*	2,700		163,296
Unipol SpA (Italy)	50,105		229,515
WellChoice, Inc.*	1,600		85,440
WellPoint, Inc.*	5,200		598,000
XL Capital Ltd. (Class “A” Stock)(a)	6,900		535,785

			14,286,055

INTERNET SERVICES — 1.0%
CNET Networks, Inc.*(a)	23,200		260,536
Digital Insight Corp.*	3,800		69,920
EarthLink, Inc.*(a)	6,800		78,336
eBay, Inc.*	12,400		1,441,872
F5 Networks, Inc.*	1,100		53,592
Google, Inc. (Class “A” Stock)*(a)	1,700		328,270
IAC/InterActiveCorp*(a)	21,900		604,878
Juniper Networks, Inc.*(a)	11,300		307,247
VeriSign, Inc.*	3,200		107,264
Yahoo!, Inc.*(a)	26,100		983,448

			4,235,363

MACHINERY & EQUIPMENT — 0.6%
Briggs & Stratton Corp.	2,000		83,160
Cooper Cameron Corp.*	1,100		59,191
Danaher Corp.	10,000		574,100
Deere & Co.	13,600		1,011,840
Grant Prideco, Inc.*	9,400		188,470
Maverick Tube Corp.*	3,800		115,140
National Oilwell, Inc.*(a)	1,200		42,348
Nordson Corp.	2,100		84,147
Noritsu Koki Co. Ltd. (Japan)	4,000		91,929
Pall Corp.	8,900		257,655

			2,507,980

MEDICAL SUPPLIES & EQUIPMENT — 2.1%
Abbott Laboratories	25,900		1,208,235
AmerisourceBergen Corp.	3,700		217,116
Amgen, Inc.*	28,600		1,834,690
Bard, (C.R.), Inc.	3,400		217,532
Baxter International, Inc.	11,200		386,848
Becton, Dickinson & Co.	4,000		227,200
Biomet, Inc.	5,400		234,306
Boston Scientific Corp.*	16,200		575,910
Charles River Laboratories International,	2,000		92,020
Computer Programs and Systems, Inc.	7,000		162,050
Cytyc Corp.*	6,200		170,934
DENTSPLY International, Inc.	2,350		132,070
Digene Corp.*	2,600		67,990
Edwards Lifesciences Corp.*	1,300		53,638
Elekta AB (Sweden)*	4,495		129,532
Guidant Corp.	5,400		389,340
Inamed Corp.*	1,000		63,250
Invitrogen Corp.*	1,462		98,144
Martek Biosciences Corp.*(a)	1,300		66,560
Medtronic, Inc.	25,200		1,251,684
Merit Medical Systems, Inc.*	3,300		50,424
Patterson Cos., Inc.*	1,800		78,102
Shimadzu Corp. (Japan)	36,000		217,820
St. Jude Medical, Inc.*	8,400		352,212
STERIS Corp.*	4,700		111,484
Stryker Corp.	8,200		395,650
Techne Corp.*	1,700		66,130
Thoratec Corp.*	1,500		15,630
Zimmer Holdings, Inc.*	4,000		320,480

			9,186,981

METALS & MINING — 0.8%
Alcoa, Inc.	19,000		596,981
Anglo American PLC (United Kingdom)	7,743		183,147

165

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
BHP Steel Ltd. (Australia)	76,901	$	497,333
Broken Hill Proprietary Co. Ltd. (Australia)	37,600		452,142
Newmont Mining Corp.	12,400		550,684
Nippon Steel Corp. (Japan)	151,000		369,874
SKF AB (Class “B” Stock)(Sweden)	2,937		130,820
SSAB Svenskt Stal AB Series A (Sweden)	12,828		308,857
Steel Dynamics, Inc.	4,100		155,308
Voestalpine AG (Austria)	2,771		215,254

			3,460,400

OFFICE EQUIPMENT — 0.2%
Canon, Inc. (Japan)	6,000		323,802
Herman Miller, Inc.	4,700		129,861
Pitney Bowes, Inc.	4,400		203,632

			657,295

OIL & GAS — 5.0%
Anadarko Petroleum Corp.	5,806		376,287
Australia Gas & Light (Australia)	10,811		116,104
Baker Hughes, Inc.(a)	9,300		396,831
BJ Services Co.	4,100		190,814
BP PLC [ADR] (United Kingdom)	13,100		765,040
British Petroleum Co. PLC (United Kingdom)	27,233		265,606
Centrica PLC (United Kingdom)	81,377		369,107
ChevronTexaco Corp.	45,222		2,374,607
Comstock Resources, Inc.*	4,500		99,225
ConocoPhillips	15,500		1,345,865
Devon Energy Corp.	3,400		132,328
Eni SpA [ADR] (Italy)(a)	2,500		314,600
Ente Nazionale Idrocarburi SpA (Italy)	16,651		416,897
EOG Resources, Inc.	3,800		271,168
Exxon Mobil Corp.	128,766		6,600,546
FMC Technologies, Inc.*	9,959		320,680
Grey Wolf, Inc.*	16,200		85,374
Helmerich & Payne, Inc.	1,400		47,656
Inpex Corp. (Japan)	8		40,363
Murphy Oil Corp.	7,700		619,465
Nabors Industries Ltd.*(a)	3,100		158,999
National Fuel Gas Co.	4,700		133,198
Newfield Exploration Co.*	2,400		141,720
Occidental Petroleum Corp.	3,500		204,260
OMV AG (Austria)	138		41,584
Patterson-UTI Energy, Inc.	6,600		128,370
Petroleo Brasileiro SA [ADR] (Brazil)	14,200		514,182
Pioneer Natural Resources Co.	4,400		154,440
Premcor, Inc.	1,500		63,255
Schlumberger Ltd.	16,500		1,104,675
Shell Transport & Trading Co. [ADR] (United Kingdom)	11,200		575,680
Shell Transport & Trading Co. PLC (United Kingdom)	25,438		216,843
Statoil ASA (Sweden)	28,013		439,391
Toho Gas Co., Ltd. (Japan)	70,000		250,024
Tonen General Sekiyu K.K. (Japan)	10,000		91,051
Total SA (France)	3,654		798,148
Total SA [ADR] (France)	4,300		472,312
Transocean, Inc.*(a)	12,139		514,572
WGL Holdings, Inc.	2,800		86,352
Williams Cos., Inc.	3,100		50,499
Woodside Petroleum Ltd. (Australia)	9,927		156,414

			21,444,532

PAPER & FOREST PRODUCTS — 0.4%
Bowater, Inc.	3,500		153,895
International Paper Co.	11,800		495,600
MeadWestvaco Corp.	7,900		267,731
Potlatch Corp.(a)	6,600		333,828
UPM-Kymmene Oyj (Finland)	4,257		94,664
Weyerhaeuser Co.(a)	3,500		235,270

			1,580,988

PERSONAL SERVICES — 0.1%
Apollo Group, Inc. (Class “A” Stock)*(a)	3,200		258,272
Career Education Corp.*	1,500		60,000
Corinthian Colleges, Inc.*(a)	2,300		43,344
DeVry, Inc.*	2,300		39,928
Education Management Corp.*	3,400		112,234

			513,778

PHARMACEUTICALS — 3.6%
Abgenix, Inc.*	3,500		36,190
Accredo Health, Inc.*	4,200		116,424
Alkermes, Inc.*(a)	3,800		53,542
Alliance Unichem PLC (United Kingdom)	8,252		119,536
AstraZeneca PLC [ADR] (United Kingdom)	6,400		232,896
Biogen Idec, Inc.*	7,100		472,931
Bradley Pharmaceuticals, Inc.*	2,600		50,440
Cardinal Health, Inc.	10,850		630,928
Celgene Corp.*(a)	2,400		63,672
Cephalon, Inc.*	3,628		184,593
Chiron Corp.*	3,900		129,987
CSL Ltd. (Australia)	3,027		69,406
Eisai Co. Ltd. (Japan)	4,400		144,706
Elan Corp. PLC [ADR] (Ireland)*	5,000		136,250
Eon Labs, Inc.*	1,800		48,600
Forest Laboratories, Inc.*(a)	7,200		322,992

166

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
Gehe AG (Germany)	2,985	$	242,792
Genentech, Inc.*	8,500		462,740
Gilead Sciences, Inc.*	12,300		430,377
GlaxoSmithKline PLC (United Kingdom)	17,171		402,852
GlaxoSmithKline PLC [ADR] (United Kingdom)	9,900		469,161
Hisamitsu Pharmaceutical Co. (Japan)	6,000		116,405
Human Genome Sciences, Inc.*	3,800		45,676
Kobayashi Pharmaceutical Co. Ltd. (Japan)	4,000		107,934
Lilly, (Eli) & Co.	24,400		1,384,700
Medicis Pharmaceutical Corp. (Class “A” Stock)(a)	2,800		98,308
MedImmune, Inc.*	7,500		203,325
Merck & Co., Inc.(a)	41,700		1,340,238
Neurocrine Biosciences, Inc.*	2,000		98,600
Novartis AG (Switzerland)	17,095		861,440
Noven Pharmaceuticals, Inc.*	4,800		81,888
Novo Nordisk AS (Class “B” Stock) (Denmark)	1,767		96,542
Pfizer, Inc.	138,185		3,715,795
Priority Healthcare Corp. (Class “B” Stock)*	1,000		21,770
Sanofi-Synthelabo SA (France)	8,285		662,169
Schering-Plough Corp.(a)	16,400		342,432
Suzuken Co. Ltd. (Japan)	2,500		67,093
Takeda Chemical Industries Ltd. (Japan)	4,500		226,603
Watson Pharmaceuticals, Inc.*	3,500		114,835
Wyeth	30,100		1,281,959

			15,688,727

PRINTING & PUBLISHING — 0.4%
Dow Jones & Co., Inc.	3,300		142,098
Gannett Co., Inc.	6,000		490,200
McGraw-Hill Cos., Inc.	3,500		320,390
New York Times Co. (Class “A” Stock)(a)	4,700		191,760
Scholastic Corp.*	3,300		121,968
Singapore Press Holdings Ltd. (Singapore)	19,750		55,654
Washington Post Co. (Class “B” Stock)	200		196,604

			1,518,674

RAILROADS — 0.3%
CSX Corp.	17,300		693,384
Union Pacific Corp.(a)	6,500		437,125

			1,130,509

REAL ESTATE — 1.0%
Archstone-Smith Trust [REIT](a)	3,800		145,540
Arden Realty, Inc. [REIT]	3,500		132,020
Boston Properties, Inc. [REIT]	2,300		148,741
Camden Property Trust [REIT]	3,000		153,000
Catellus Development Corp. [REIT]	2,078		63,587
China Overseas Land & Investment Ltd. (Hong Kong)	542,000		133,884
Corio NV (Netherlands)	2,958		173,290
Duke-Weeks Realty Corp. [REIT]	3,500		119,490
EastGroup Properties, Inc. [REIT]	2,000		76,640
Equity Office Properties Trust [REIT]	11,500		334,881
Equity Residential Properties Trust [REIT](a)	8,100		293,058
General Property Trust (Australia)	88,689		260,018
Goldcrest Co. Ltd. (Japan)	2,770		191,929
LaSalle Hotel Properties [REIT]	4,500		143,235
Levitt Corp. (Class “A” Stock)	2,075		63,433
Mills Corp. (The) [REIT](a)	2,900		184,904
Mirvac Group (Australia)	29,863		114,707
Persimmon PLC (United Kingdom)	13,927		184,763
Reckson Associates Realty Corp. [REIT]	2,400		78,744
Redwood Trust, Inc. [REIT]	1,300		80,717
Regency Centers Corp. [REIT]	3,200		177,280
Simon Property Group, Inc. [REIT]	3,500		226,345
SL Green Realty Corp. [REIT]	2,700		163,485
Sun Hung Kai Properties Ltd. (Hong Kong)	20,000		200,059
Vornado Realty Trust [REIT]	2,500		190,325
Weingarten Realty, Inc. [REIT]	3,200		128,320
Wheelock and Co. Ltd. (Hong Kong)	55,000		90,573

			4,252,968

RESTAURANTS — 0.6%
CEC Entertainment, Inc.*(a)	2,150		85,936
Cheesecake Factory, Inc. (The)*(a)	1,350		43,835
McDonald’s Corp.	21,500		689,289
Mitchells & Butlers PLC (United Kingdom)	21,849		142,623
P.F. Chang’s China Bistro, Inc.*(a)	1,000		56,350
Panera Bread Co. (Class “A” Stock)*(a)	9,800		395,136
RARE Hospitality International, Inc.*	9,300		296,298
Ruby Tuesday, Inc.	2,300		59,984
Sonic Corp.*	3,350		102,175

167

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
Starbucks Corp.*(a)	8,800	$	548,768

Yum! Brands, Inc.	4,700		221,746

			2,642,140
RETAIL & MERCHANDISING — 3.9%
A.C. Moore Arts & Crafts, Inc.*	4,100		118,121
Amazon.com, Inc.*(a)	1,500		66,435
Best Buy Co., Inc.	7,750		460,505
Casino Guichard-Perrachon SA (France)	3,481		278,215
Charles Voegele Holding AG (Switzerland)	1,737		77,906
Chico’s FAS, Inc.*(a)	2,700		122,931
Coles Myer Ltd. (Australia)	19,001		146,864
Cost Plus, Inc.*	3,000		96,390
CVS Corp.	9,400		423,658
Dixons Group PLC (United Kingdom)	48,887		142,665
Dollar Tree Stores, Inc.*(a)	3,300		94,644
Espirit Holdings Ltd. (Hong Kong)	19,000		114,889
Family Dollar Stores, Inc.(a)	16,700		521,541
Fred's, Inc.	3,100		53,940
Hibbett Sporting Goods, Inc.*	1,600		42,576
Home Depot, Inc.	42,600		1,820,723
Hot Topic, Inc.*(a)	24,600		422,874
Kesa Electricals PLC (United Kingdom)	11,660		63,241
Kohl’s Corp.*(a)	23,200		1,140,744
Lowe’s Cos., Inc.	15,100		869,609
Matsumotokiyoshi Co. Ltd. (Japan)	4,000		113,985
Metro AG (Germany)	10,405		572,650
PETsMART, Inc.	6,000		213,180
Ross Stores, Inc.	22,700		655,349
Staples, Inc.	7,600		256,196
Target Corp.	33,000		1,713,690
TJX Cos., Inc.	15,100		379,463
Wal-Mart de Mexico SA de CV (Mexico)	76,400		262,503
Wal-Mart Stores, Inc.(a)	77,200		4,077,703
Walgreen Co.	25,800		989,946
Whole Foods Market, Inc.	1,000		95,350
Williams-Sonoma, Inc.*	2,600		91,104
York-Benimaru Co. Ltd. (Japan)	3,600		111,721

			16,611,311

SEMICONDUCTORS — 1.8%
Analog Devices, Inc.	17,900		660,868
Applied Materials, Inc.*(a)	31,100		531,810
ASM Lithography Holding NV (Netherlands)*	10,081		161,828
ATMI, Inc.*	1,900		42,807
Cymer, Inc.*	2,400		70,896
Intel Corp.	140,200		3,279,278
Intersil Corp. (Class “A” Stock)(a)	5,600		93,744
KLA-Tencor Corp.*	6,900		321,402
Linear Technology Corp.	9,400		364,344
Microchip Technology, Inc.	2,300		61,318
Mykrolis Corp.*	3,400		48,178
National Semiconductor Corp.	32,500		583,375
Novellus Systems, Inc.*(a)	8,500		237,065
Omnivision Technologies, Inc.*(a)	2,700		49,545
QLogic Corp.*	13,800		506,874
Rohm Co. Ltd. (Japan)	500		51,722
Semiconductor Manufacturing International Corp. [ADR] (China)*	4,400		47,388
Semtech Corp.*	5,100		111,537
Tessera Technologies, Inc.*	3,000		111,630
Varian Semiconductor Equipment Associates, Inc.*	600		22,110
Xilinx, Inc.	17,000		504,050
Zoran Corp.*	4,612		53,407

			7,915,176

TELECOMMUNICATIONS — 3.6%
Aeroflex, Inc.*	3,800		46,056
America Movil SA de CV (Class “L” Stock) [ADR] (Mexico)	7,000		366,450
Andrew Corp.*	2,700		36,801
Avaya, Inc.*	2,600		44,720
China Telecom Corp. Ltd. (China)	542,000		198,734
China Unicom Ltd. (Hong Kong)	72,000		56,969
Cia de Telecomunicaciones de Chile SA [ADR]	11,500		129,260
Comverse Technology, Inc.*	4,700		114,915
Corning, Inc.*	38,000		447,260
Crown Castle International Corp.*	3,400		56,576
Inter-Tel, Inc.	2,800		76,664
KDDI Corp. (Japan)	66		355,538
Koninklijke (Royal) KPN NV (Netherlands)	32,335		307,220
Lucent Technologies, Inc.*(a)	54,000		203,040
MM02 PLC (United Kingdom)*	227,311		535,699
Motorola, Inc.(a)	44,700		768,840
Netcom AB (Class “B” Stock) (Sweden)	4,554		178,860
Nextel Communications, Inc. (Class “A” Stock)*(a)	26,100		783,000
Nextel Partners, Inc. (Class “A” Stock)*	27,700		541,258
Nokia Corp. (Class “A” Stock) [ADR] (Finland)(a)	11,200		175,504
Nokia OYJ (Finland)	9,360		147,836
Plantronics, Inc.	2,500		103,675
Polycom, Inc.*	6,100		142,252

168

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES	VALUE (NOTE 2)
Qualcomm, Inc.	32,600	$	1,382,240
Research in Motion Ltd. (Canada)*	2,700		222,534
SBC Communications, Inc.	25,100		646,827
SpectraSite, Inc.*	3,200		185,280
Sprint Corp.(a)	55,200		1,371,720
Tele Danmark AS (Denmark)	4,868		206,149
Tele Norte Leste Participacoes SA [ADR] (Brazil)	12,200		205,814
Telecom Italia Mobile SpA (Italy)	66,408		496,458
Telenor ASA (Norway)	36,129		328,085
Telephone & Data Systems, Inc.	800		61,560
Telus Corp. (Canada)	9,700		351,334
Telus Corp. (Non Voting Shares) (Canada)*(a)	28,700		829,430
Thomson Multimedia (France)	14,866		393,018
Verizon Communications, Inc.	59,784		2,421,849
Vodafone Group PLC [ADR] (United Kingdom)	24,800		679,024
Western Wireless Corp. (Class “A” Stock)*	1,400		41,020

			15,639,469

TRANSPORTATION — 0.7%
Arriva PLC (United Kingdom)	24,176		250,644
Expeditors International of Washington, Inc.	1,500		83,820
Nippon Express Co. Ltd. (Japan)	19,000		93,637
Nippon Yusen Kabushiki (Japan)	50,000		269,347
Old Dominion Freight Line, Inc.*	3,100		107,880
TPG NV (Netherlands)	5,886		159,851
United Parcel Service, Inc. (Class “B” Stock)	24,000		2,051,040
UTI Worldwide, Inc. (British Virgin Islands)	2,600		176,852

			3,193,071

UTILITIES — 2.0%
Alliant Energy Corp.	3,500		100,100
American Electric Power Co., Inc.(a)	6,400		219,776
Black Hills Corp.	2,100		64,428
CMS Energy Corp.*(a)	6,300		65,835
Constellation Energy Group, Inc.	3,600		157,356
Duke Energy Corp.(a)	35,700		904,282
Dynegy, Inc.*	20,800		96,096
E.ON AG (Germany)	8,431		768,496
Edison International Co.	9,100		291,473
El Paso Electric Co.*	10,200		193,188
Electric Power Development Co., Ltd. (Japan) 144A (cost $26,709; purchased 09/27/04)(g)	1,100		30,809
Energy East Corp.	4,800		128,064
Entergy Corp.	5,100		344,709
Exelon Corp.(a)	14,000		616,980
FirstEnergy Corp.	17,400		687,474
Great Plains Energy, Inc.(a)	5,000		151,400
Hong Kong Electric Holdings Ltd. (Hong Kong)	20,000		91,345
Iberdrola SA (Spain)	12,810		325,604
NiSource, Inc.	14,000		318,920
OGE Energy Corp.	5,800		153,758
PG&E Corp.*	12,800		425,984
Pinnacle West Capital Corp.	5,200		230,932
PPL Corp.	9,200		490,176
RWE AG (Germany)	2,961		163,807
Sempra Energy(a)	2,400		88,032
Southern Co. (The)(a)	9,300		311,736
Teco Energy, Inc.(a)	12,600		193,284
Tohoku Electric Power Co., Inc. (Japan)	12,600		226,252
TXU Corp.(a)	12,100		781,176
United Utilities PLC (United Kingdom)	15,962		193,066

			8,814,538

TOTAL COMMON STOCK (Cost $237,622,364)			291,190,308

PREFERRED STOCK
CLOTHING & APPAREL
Anvil Holdings, Inc. 13.00% Series B (cost $26,721; purchased 12/18/01-07/30/04)(g)	1,966		20,148

HEALTHCARE SERVICES
Fresenius AG 2.24% (United Kingdom)	1,709		159,889

TOTAL PREFERRED STOCK (Cost $108,250)			180,037


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)
CORPORATE OBLIGATIONS — 11.5%
ADVERTISING — 0.1%
Advanstar Communications, Inc. Sr. Sec’d. Notes
10.75%, 08/15/10	B3	$	50	56,688
Advanstar Communications, Inc., Gtd. Notes
12.00%, 02/15/11	Caa2		25	27,094
Advanstar, Inc., Gtd. Notes, Zero Coupon (until 10/15/05)
15.00%, 10/15/11	NR		50	42,563

169

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
R H Donnelley Finance Corp. I, Gtd. Notes
8.875%, 12/15/10	B1	$	25	$	28,000
10.875%, 12/15/12	B2		150		178,874
Vertis, Inc., Gtd. Notes, Series B
10.875%, 06/15/09	B3		25		27,250
Vertis, Inc., Sub. Notes
13.50%, 12/07/09 144A (cost $24,015; purchased 12/08/03)(g)	Caa1		25		26,469

					386,938

AEROSPACE — 0.2%
Aviall, Inc., Sr. Notes
7.625%, 07/01/11	B1		50		53,500
BE Aerospace, Inc., Sr. Notes
8.50%, 10/01/10	B3		50		55,250
BE Aerospace, Inc., Sr. Sub. Notes
8.00%, 03/01/08	Caa3		50		50,313
8.875%, 05/01/11 Series B	Caa3		75		78,750
Boeing Co., Debs.
8.75%, 08/15/21	A3		235		314,803
Gencorp, Inc., Sr. Sub. Notes
9.50%, 08/15/13	B2		100		112,000
Sequa Corp., Sr. Notes
9.00%, 08/01/09	B1		50		56,625
TD Funding Corp., Gtd. Notes
8.375%, 07/15/11	B3		25		26,938
Vought Aircraft Industries, Inc., Sr. Notes
8.00%, 07/15/11	B2		100		97,750

					845,929


AIRLINES
Northwest Airlines, Inc., Gtd. Notes
9.875%, 03/15/07	Caa1		25		22,688

AUTOMOBILE MANUFACTURERS — 0.2%
Daimlerchrysler NA Holdings Corp., Gtd. Notes
6.50%, 11/15/13	A3		220		239,020
Daimlerchrysler NA Holdings, Corp., Gtd. Notes
2.94%, 09/10/07(c)	A3		155		155,627
General Motors Corp., Debs.
8.375%, 07/15/33	Baa1		320		332,465
Navistar International Corp., Sr. Notes
7.50%, 06/15/11	Ba3		50		53,875

					780,987

AUTOMOTIVE PARTS — 0.2%
Advanced Accessory System, Sr. Notes
10.75%, 06/15/11	B3		50		47,750
Eagle-Picher Industries, Inc., Sr. Notes
9.75%, 09/01/13	B3		75		75,375
J.B. Poindexter & Co., Inc., Sr. Notes
8.75%, 03/15/14 144A (cost $77,224; purchased 03/04/04 - 09/29/04)(g)	B1		75		80,063
Lear Corp., Gtd. Notes
5.75%, 08/01/14 144A (cost $79,844; purchased 07/29/04)(g)	Baa3		80		80,906
Rexnord Corp., Gtd. Notes
10.125%, 12/15/12	B3		125		141,875
TRW Automotive, Inc., Sr. Notes
9.375%, 02/15/13	B1		156		181,739
TRW Automotive, Inc., Sr. Sub. Notes
11.00%, 02/15/13	B2		58		70,180
Visteon Corp., Notes
7.00%, 03/10/14	Ba1		25		24,000

					701,888

BEVERAGES — 0.1%
Le-Natures, Inc., Sr. Sub. Notes
10.00%, 06/15/13 144A (cost $103,944; purchased 06/18/03—12/11/03)(g)	B3		100		111,000
Miller Brewing Co., Notes
5.50%, 08/15/13 144A (cost $238,862; purchased 08/11/04—09/14/04)(g)	Baa1		240		251,289

					362,289

170

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
BROADCASTING — 0.1%
Chancellor Media Corp., Gtd. Notes
8.00%, 11/01/08	Ba1	$	100	$	112,372
Fisher Communications, Inc., Sr. Notes
8.625%, 09/15/14 144A (cost $51,125; purchased 09/15/04)(g)	B2		50		54,250
Hearst-Argyle Television, Inc., Sr. Notes
7.00%, 01/15/18	Baa3		135		151,708
News America Inc., Bonds
6.20%, 12/15/34 144A (cost $119,047; purchased 11/30/04 - 12/15/04)(g)	BAA3		120		122,038
Sinclair Broadcast Group, Inc., Gtd. Notes
8.00%, 03/15/12	B2		75		80,063
XM Satellite Radio, Inc., Sec’d. Notes
12.00%, 06/15/10	Caa1		87		103,204

					623,635

BUILDING MATERIALS — 0.2%
Associated Materials, Inc., Gtd. Notes
9.75%, 04/15/12	B3		125		140,313
Associated Materials, Inc., Sr. Disc. Notes, Zero Coupon (until 03/01/09)
11.25%, 03/01/14	Caa1		100		72,500
Building Materials Corp., Sr. Notes
7.75%, 08/01/14 144A (cost $50,000; purchased 07/21/04 - 10/15/04)(g)	B2		50		50,688
Masco Corp., Notes
5.875%, 07/15/12	Baa1		265		284,432
Norcraft Companies L.P., Sr. Sub. Notes
9.00%, 11/01/11	B3		75		81,375
Riverside Forest Products Ltd., Sr. Notes
7.875%, 03/01/14	B2		100		110,500
RMCC Acquisition Co., Sr. Sub. Notes
9.50%, 11/01/12 144A (cost $50,000; purchased 10/28/04)(g)	Caa1e		50		50,125
Texas Industries, Inc., Sr. Notes
10.25%, 06/15/11	B1		50		58,750
US Concrete, Inc., Sr. Sub. Notes
8.375%, 04/01/14	B3		75		81,188
WII Components, Inc., Sr. Notes
10.00%, 02/15/12	B2		75		75,375

					1,005,246

BUSINESS SERVICES — 0.1%
Affinity Group, Inc., Sr. Sub. Notes
9.00%, 02/15/12	B3		50		54,375
Brand Intermediate Holdings, Inc., Sr. Sub. Notes
13.00%, 10/16/13 144A [PIK] (cost $58,788; purchased 07/27/04 - 08/04/04)(g)	NR		53		56,711
Brickman Group Ltd., Gtd. Notes, Series B
11.75%, 12/15/09	B2		50		58,750
Cie Generale de Geophysique, Sr. Notes (France)
10.625%, 11/15/07(l)	Ba3		50		52,813
Crystal US Holdings, Sr. Disc. Notes, Zero Coupon (until 10/01/09)
10.50%, 10/01/14 144A (cost $31,870; purchased 10/15/04 - 11/02/04)(g)	Caa2		50		34,500
IESI Corp., Gtd. Notes
10.25%, 06/15/12	B3		75		88,125
Invensys PLC, Sr. Notes (United Kingdom)
9.875%, 03/15/11 144A(l) (cost $49,641; purchased 02/27/04)(g)	B3		50		54,000

171

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
IPC Acquisition Corp., Gtd. Notes
11.50%, 12/15/09	B3		$	100	$	109,999
US Oncology, Inc., Sr. Notes
9.00%, 08/15/12 144A (cost $75,656; purchased 08/04/04)(g)	B2			75		84,188
Worldspan L.P./WS Financial Corp., Sr. Notes
9.625%, 06/15/11	B2			50		50,000

						643,461

CABLE TELEVISION — 0.2%
Cablevision Systems Corp., Sr. Notes
8.00%, 04/15/12 144A (cost $79,010; purchased 09/14/04 - 09/15/04)(g)	B3			75		80,438
Charter Communications Holdings LLC, Sr. Notes
8.75%, 11/15/13	B3			125		129,687
Charter Communications Operating LLC, Sr. Notes
8.00%, 04/30/12 144A (cost $99,385; purchased 04/20/04 - 05/06/04)(g)	B2			100		104,500
CSC Holdings, Inc., Debs., Series B
8.125%, 08/15/09	B1			25		27,469
CSC Holdings, Inc., Sr. Notes
7.875%, 12/15/07	B1			25		26,938
8.125%, 07/15/09	B1			25		27,469
Echostar DBS Corp., Gtd. Notes
6.625%, 10/01/14 144A (cost $124,057; purchased 09/20/04 - 09/21/04)(g)	Ba3			125		127,188
General Cable Corp., Sr. Notes
9.50%, 11/15/10	B2			25		28,375
Mediacom Broadband LLC, Gtd. Notes
11.00%, 07/15/13	B2			50		54,000
Rogers Cable, Inc., Sec’d. Notes (Canada)
5.50%, 03/15/14(l)	Ba2			165		156,337
Rogers Cablesystems of America, Inc., Sr. Notes, Series B (Canada)
10.00%, 03/15/05(l)	Ba2			125		127,343

						889,744

CHEMICALS — 0.3%
Arco Chemical Co., Debentures
9.80%, 02/01/20	B1			25		28,625
Compass Minerals International, Inc., Sr. Disc. Notes, Zero Coupon (until 6/1/08)
12.00%, 06/01/13 (cost $84,402; purchased 05/19/03 - 07/24/03)(g)	B-	(d)		125		101,875
Dow Chemical Corp., Notes
6.125%, 02/01/11	A3			115		126,122
Huntsman International LLC, Gtd. Notes
9.875%, 03/01/09	B3			100		110,250
Huntsman LLC, Gtd. Notes
11.625%, 10/15/10	B2			100		118,750
IMC Global, Inc., Sr. Notes
10.875%, 08/01/13	B1			25		31,375
Koppers Industry, Inc., Gtd. Notes
9.875%, 10/15/13	B2			50		57,250
Lyondell Chemical Co., Gtd. Notes
9.50%, 12/15/08	B1			50		54,500
MacDermid, Inc., Gtd. Notes
9.125%, 07/15/11	Ba3			125		139,374
Omnova Solutions, Inc., Sec’d. Notes
11.25%, 06/01/10	B2			50		56,500
Resolution Performance LLC, Sr. Notes
9.50%, 04/15/10	B3			75		81,563

172

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Rhodia SA, Sr. Notes (France)
7.625%, 06/01/10(l)	B3	$	25	$	25,188
10.25%, 06/01/10(l)(a)	B3		100		113,000
Rockwood Specialties, Inc., Sr. Sub. Notes
10.625%, 05/15/11	B3		75		86,625

					1,130,997

CLOTHING & APPAREL
Dyersburg Corp., Gtd. Notes, Series B
9.75%, 09/01/07 (cost $184,978; purchased 02/04/98)(g)(i)	NR		175		0

COMPUTER HARDWARE
International Business Machines Corp., Notes
4.25%, 09/15/09	A1		200		202,580

COMPUTER SERVICES & SOFTWARE
Sungard Data Systems, Inc., Notes
3.75%, 01/15/09	Baa2		115		111,794

CONGLOMERATES
Hutchison Whampoa International Ltd., Gtd. Notes
5.45%, 11/24/10 144A (cost $129,708; purchased 11/19/03)(g)	A3		130		134,841

CONSTRUCTION
Centex Corp., Sr. Notes
4.55%, 11/01/10	Baa2		150		149,435

CONSUMER PRODUCTS & SERVICES — 0.3%
American Achievement Corp., Sr. Sub. Notes
8.25%, 04/01/12	B3		50		52,125
Bunge Ltd. Finance Corp., Co. Gtd. Notes
4.375%, 12/15/08	Baa3		205		206,759
Chattem, Inc., Sr. Sub. Notes
7.00%, 03/01/14	B2		50		51,750
Coinmach Corp., Sr. Notes
9.00%, 02/01/10	B2		54		56,700
FTD, Inc., Gtd. Notes
7.75%, 02/15/14	B3		50		51,750
Invista Co., Notes
9.25%, 05/01/12 144A (cost $128,562; purchased 04/23/04 - 10/27/04)(g)	B1		125		140,000
Jostens Holdings Corp., Sr. Disc. Notes, Zero Coupon (until 12/01/08)
10.25%, 12/01/13	Caa2		175		125,125
Jostens IH Corp., Sr. Sub. Notes
7.625%, 10/01/12 144A (cost $50,000; purchased 09/23/04)(g)	B3		50		52,250
Rayovac Corp., Sr. Sub. Notes
8.50%, 10/01/13	B3		25		27,875
Riddell Bell Holdings, Sr. Sub. Notes
8.375%, 10/01/12 144A (cost $25,000; purchased 09/23/04)(g)	B3		25		26,000
UST, Inc., Notes
6.625%, 07/15/12	A3		260		290,753

					1,081,087

CONTAINERS & PACKAGING — 0.3%
AEP Industries, Inc., Sr. Sub. Notes
9.875%, 11/15/07	B3		25		25,563
BWAY Corp., Sr. Sub. Notes
10.00%, 10/15/10	B3		50		52,250
Constar International, Inc., Sr. Sub. Notes
11.00%, 12/01/12(a)	Caa1		25		26,063
Crown European Holdings SA, Sec’d. Notes
10.875%, 03/01/13	B2		175		207,812
Graham Packaging Co., Sr. Notes
8.50%, 10/15/12 144A (cost $101,406; purchased 09/29/04)(a)(g)	Caa1		100		105,500

173

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Graham Packaging Co., Sub. Notes
9.875%, 10/15/14 144A (cost $102,188; purchased 09/29/04 - 10/14/04)(a)(g)	Caa2	$	100	$	107,250
Graham Packaging International, Sr. Sub. Notes
9.50%, 08/15/13	B3		25		28,563
Greif, Inc., Gtd. Notes
8.875%, 08/01/12	B2		50		55,875
Owens-Brockway Glass Containers Corp., Gtd. Notes
8.875%, 02/15/09	B1		150		163,687
7.75%, 05/15/11	B1		25		27,188
8.25%, 05/15/13	B2		50		55,250
Owens-Brockway Glass Containers Corp., Sec’d. Notes
8.75%, 11/15/12	B2		25		28,313
Owens-Illinois, Inc., Sr. Notes
7.35%, 05/15/08	B3		25		26,375
Plastipak Holdings, Inc., Gtd. Notes
10.75%, 09/01/11	B3		50		56,500
Pliant Corp., Sec’d. Notes, Zero Coupon (until 12/15/06)
11.125%, 06/15/09	B3		25		23,219
Sealed Air Corp., Sr. Notes
5.375%, 04/15/08 144A (cost $146,615; purchased 04/09/03 - 06/26/03)(g)	Baa3		145		150,768
Silgan Holdings, Inc., Sr. Sub. Notes
6.75%, 11/15/13	B1		25		26,125
Smurfit Capital Funding PLC, Notes (Ireland)
6.75%, 11/20/05(l)	Ba3		50		51,250
Smurfit-Stone Container Corp., Sr. Notes
8.375%, 07/01/12	B2		75		82,125
Stone Container Finance, Co. Gtd. (Canada)
7.375%, 07/15/14(l)	B2		75		80,250
Tekni-Plex, Inc., Sec’d. Notes
8.75%, 11/15/13 144A (cost $50,438; purchased 11/12/03 - 11/13/03)(g)	B2		50		50,000

					1,429,926

DIVERSIFIED MANUFACTURING OPERATIONS
Borden US Finance Nova Scotia, Sec’d. Notes
9.00%, 07/15/14 144A (cost $50,250; purchased 08/04/04)(g)	B3		50		55,750
ELECTRONIC COMPONENTS & EQUIPMENT — 0.2%
Freescale Semiconductor Inc., Sr. Notes
6.875%, 07/15/11	Ba2		100		107,750
7.125%, 07/15/14	Ba2		100		109,000
New ASAT Finance Ltd., Sr. Notes
9.25%, 02/01/11 144A (cost $25,000; purchased 01/16/04)(g)	B3		25		22,813
Sanmina — SCI Corp., Gtd. Notes
10.375%, 01/15/10	Ba2		100		115,250
Solectron Corp., Sr. Notes
9.625%, 02/15/09	B1		125		138,124
Stats Chippac, Inc. Sr. Notes
6.75%, 11/15/11 144A (cost $25,000; purchased 11/05/04)(g)	Ba2		25		24,875
Stratus Technologies, Inc., Notes
10.375%, 12/01/08	B3		125		113,438
Superior Essex Communications LLC, Sr. Notes
9.00%, 04/15/12	B3		100		103,500

174

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
TNP Enterprises, Inc., Sr. Sub. Notes
10.25%, 04/01/10	Ba3	$	50	$	53,625
UGS Corp., Sr. Sub. Notes
10.00%, 06/01/12 144A (cost $104,201; purchased 07/05/95 - 11/22/03)(g)	B3		100		114,250

					902,625

ENTERTAINMENT & LEISURE — 0.5%
American Casino & Entertainment Properties LLC Finance Corp. Sec’d Notes
7.85%, 02/01/12	B2		75		80,063
Ameristar Casinos, Inc., Gtd. Notes
10.75%, 02/15/09	B2		50		56,000
AMF Bowling Worldwide, Inc., Sr. Sub. Notes
10.00%, 03/01/10	B3		75		80,438
AOL Time Warner, Inc., Gtd. Bonds
7.625%, 04/15/31	Baa1		160		194,169
Argosy Gaming Co., Sr. Sub. Notes
9.00%, 09/01/11	B2		25		28,000
7.00%, 01/15/14	B1		50		55,500
Belo Corp.
8.00%, 11/01/08	NR		90		101,788
Boyd Gaming Corp., Sr. Sub. Notes
6.75%, 04/15/14	B1		325		342,062
Cinemark USA, Inc., Sr. Sub. Notes
9.00%, 02/01/13	B3		25		28,656
Cinemark, Inc., Sr. Disc. Notes, Zero Coupon (until 03/15/09)
9.75%, 03/15/14	Caa1		100		76,000
Gtech Holdings Corp., Notes
4.50%, 12/01/09 144A (cost $119,793; purchased 11/16/04)(g)	Baa1		120		120,123
K2 Corp., Sr. Notes
7.375%, 07/01/14 144A (cost $76,050; purchased 06/24/04 - 06/25/04)(g)	Ba3		75		82,500
LCE Acquisition Corp., Gtd. Notes
9.00%, 08/01/14 144A (cost $49,880; purchased 07/22/04 - 07/23/04)(g)	B3		50		54,375
MGM Mirage, Inc., Sr. Notes
6.75%, 09/01/12	Ba1		125		132,187
MGM Mirage, Inc., Unsec’d. Notes
6.75%, 02/01/08	Ba1		25		26,406
Penn National Gaming, Inc., Gtd. Notes, Series B
11.125%, 03/01/08	B3		75		80,438
Premier Entertainment Biloxi LLC, First Mortgage
10.75%, 02/01/12	B3		50		54,875
Resorts International Hotel & Casino, Inc., Gtd. Notes
11.50%, 03/15/09	B2		25		29,500
Six Flags, Inc., Notes
8.875%, 02/01/10	B3		50		50,875
Speedway Motorsports, Inc., Sr. Sub. Notes
6.75%, 06/01/13	Ba2		50		52,875
Station Casinos, Inc., Sr. Notes
6.00%, 04/01/12	Ba3		100		102,375
Town Sports International, Inc., Gtd. Notes
9.625%, 04/15/11	B2		25		26,438
Turning Stone Casino Resort Enterprises, Sr. Notes
9.125%, 12/15/10 144A (cost $25,000; purchased 12/10/02)(g)	B1		25		27,188

175

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY'S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Venetian Casino Resort LLC, Gtd. Notes
11.00%, 06/15/10	B3	$	175	$	200,593
Warner Music Group, Sr. Sub. Notes
7.375%, 04/15/14 144A (cost $77,189; purchased 04/01/04)(g)	B3		75		77,250

					2,160,674

ENVIRONMENTAL SERVICES — 0.1%
Allied Waste North America Co., Gtd. Notes, Series B
8.875%, 04/01/08	Ba3		75		80,625
Allied Waste North America, Inc., Sr. Notes
7.875%, 04/15/13	Ba3		125		128,750
Casella Waste Systems, Inc., Sr. Sub.
9.75%, 02/01/13	B3		100		111,000
Synagro Technologies, Inc., Sr. Sub. Notes
9.50%, 04/01/09	B3		125		136,875

					457,250

FARMING & AGRICULTURE
AGCO Corp., Gtd. Notes
9.50%, 05/01/08	Ba3		50		53,500

FINANCIAL — BANK & TRUST — 0.4%
ABN AMRO Bank NV, Sub. Notes
7.125%, 06/18/07	A1		145		156,996
Bank of America Corp., Sr. Notes
4.875%, 09/15/12	Aa2		225		230,150
Bank of Nova Scotia, Sub. Debs. (Canada)
6.25%, 09/15/08(l)	A1		50		53,679
BB&T Corp., Sub. Notes
6.50%, 08/01/11	A2		70		78,185
BCP Caylux Holdings Luxembourg SCA, Sr. Sub. Notes (Luxembourg)
9.625%, 06/15/14 144A (cost $184,031; purchased 06/03/04 - 09/24/04)(g)(l)	B2		175		198,188
Citigroup, Inc., Sub. Notes
5.00%, 09/15/14 144A	Aa2		390		392,627
International Nederland Bank NV, Sub. Notes (Netherlands)
5.125%, 05/01/15 144A (cost $252,157; purchased 02/04/04)(g)(l)	Aa3		250		251,111
Northern Trust Co., Sub. Notes
4.60%, 02/01/13	A1		115		113,346
US Bank NA, Notes
2.87%, 02/01/07	Aa2		175		173,572
Wachovia Corp., Sub. Notes
6.40%, 04/01/08	A1		80		86,818
Webster Bank, Sr. Notes
5.125%, 04/15/14	Baa3		180		179,198

					1,913,870

FINANCIAL SERVICES — 1.4%
Alamosa Delaware, Inc., Gtd. Notes
11.00%, 07/31/10	Caa1		74		87,505
Alamosa Delaware, Inc., Sr. Notes
8.50%, 01/31/12	Caa1		25		27,438
Arch Western Finance, Sr. Notes
6.75%, 07/01/13	BA3		50		51,875
Bank One Corp., Sub. Notes
5.25%, 01/30/13	A1		270		277,738
Capital One Bank, Sub. Notes
6.50%, 06/13/13	Baa3		125		136,810
CIT Group, Inc., Sr. Notes
2.875%, 09/29/06	A2		90		89,100
7.75%, 04/02/12	A2		175		207,443
Couche-Tard Corp., Sr. Sub. Notes
7.50%, 12/15/13	Ba3		50		53,875
Countrywide Home Loan, Inc., Notes
4.125%, 09/15/09	A3		200		199,314
Dollar Financial Group, Gtd. Notes
9.75%, 11/15/11	B3		75		81,750

176

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Duke Capital Corp., Notes
4.302%, 05/18/06	Baa3	$	100	$	101,241
Ford Motor Credit Co., Notes
3.24%, 02/16/05	A3		105		104,928
5.625%, 10/01/08(a)	A3		450		460,359
Franklin Resources, Inc., Notes
3.70%, 04/15/08	A2		55		54,912
General Electric Capital Corp., Notes
6.125%, 02/22/11	Aaa		280		307,102
6.00%, 06/15/12	Aaa		185		201,962
General Motors Acceptance Corp., Notes
7.25%, 03/02/11	A3		230		241,099
Global Cash, Sr. Sub. Notes
8.75%, 03/15/12	Caa1		100		108,250
Goldman Sachs Group, Inc., Sub. Notes
6.345%, 02/15/34	A1		380		397,034
HBOS PLC, Sub. Notes (United Kingdom)
6.00%, 11/01/33 144A(l) (cost $168,002; purchased 10/22/03)(g)	Aa3		170		177,680
Household Finance Corp., Notes
6.375%, 11/27/12	A1		125		138,327
International Lease Finance Corp., Notes
6.375%, 03/15/09	A1		185		200,540
John Deere Capital Corp., Notes
7.00%, 03/15/12	A3		190		219,379
John Hancock Global Funding II, Notes
5.625%, 06/27/06 144A (cost $239,430; purchased 06/20/01)(g)	Aa3		240		247,440
MBNA America Bank NA, Notes
4.625%, 08/03/09	Baa1		190		193,652
MBNA America Bank NA, Sub. Notes
7.125%, 11/15/12	Baa2		80		91,140
Morgan Stanley, Notes
3.625%, 04/01/08	Aa3		300		298,584
Orion Power Holdings, Inc., Sr. Notes
12.00%, 05/01/10	B2		75		95,625
Pemex Project Funding Master Trust, Gtd. Notes
7.375%, 12/15/14	Baa1		125		139,250
Refco Finance Holdings LLC, Gtd. Notes
9.00%, 08/01/12 144A (cost $53,107; purchased 09/15/04 - 09/21/04)(g)	B3		50		55,000
Verizon Global Funding Corp., Notes
7.75%, 12/01/30	A2		165		205,792
Wells Fargo & Co., Notes
2.59%, 03/23/07(c)	Aa1		225		225,243
Williams Scotsman, Inc., Gtd. Notes
9.875%, 06/01/07	B3		25		25,125

					5,502,512

FOOD — 0.2%
Agrilink Foods, Inc., Gtd. Notes
11.875%, 11/01/08 (cost $25,908; purchased 09/11/02 - 02/10/04)(g)	B3		25		26,156
B&G Foods Holding Corp., Sr. Notes
8.00%, 10/01/11	B2		125		133,750
Dole Foods Co., Sr. Notes
8.875%, 03/15/11	B2		100		109,250
Kraft Foods, Inc., Notes
5.625%, 11/01/11	A3		195		206,786
McCormick & Co., Inc., Notes
6.40%, 02/01/06	A2		260		269,739
Pinnacle Foods Holding Corp., Sr. Sub. Notes
8.25%, 12/01/13 144A (cost $52,450; purchased 02/05/04 - 04/01/04)(a)(g)	B3		50		47,875
8.25%, 12/01/13 144A (cost $26,547; purchased 03/31/04)(a)(g)	B3		25		23,938

177

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Wornick Co., Sec’d Notes
10.875%, 07/15/11	B2	$	50	$	54,500

					871,994

FURNITURE
Interface, Inc., Sr. Notes
10.375%, 02/01/10	Caa1		75		86,625
Sealy Mattress Co., Sr. Sub., Notes
8.25%, 06/15/14	Caa1		50		53,250

					139,875

HEALTHCARE SERVICES — 0.2%
AmeriPath, Inc., Gtd. Notes
10.50%, 04/01/13	B3		50		53,375
AmerisourceBergen Corp., Sr. Notes
8.125%, 09/01/08	Ba3		75		83,813
Concentra Operating Corp., Gtd. Notes
9.50%, 08/15/10	B3		25		28,375
Concentra Operating Corp., Sr. Sub. Notes
9.125%, 06/01/12 144A (cost $74,984; purchased 05/25/04)(g)	B3		75		85,125
Genesis Healthcare Corp., Notes
8.00%, 10/15/13	B3		75		81,750
Highmark, Inc., Notes
6.80%, 08/15/13 144A (cost $150,532; purchased 08/14/03 - 10/12/04)(g)	Baa3		145		158,416
InSight Health Services Corp., Gtd. Notes
9.875%, 11/01/11	B3		50		50,750
Inverness Medical Innovations, Inc., Sr. Sub. Notes
8.75%, 02/15/12 144A (cost $25,000; purchased 02/05/04)(g)	Caa1		25		26,250
Quintiles Transnational Corp., Notes
10.00%, 10/01/13	B3		50		56,250
Tenet Healthcare Corp., Notes
7.375%, 02/01/13(a)	B1		50		48,750
Tenet Healthcare Corp., Sr. Notes
9.875%, 07/01/14 144A (cost $25,973; purchased 07/13/04)(g)	B3		25		27,375
Triad Hospitals, Inc., Sr. Sub. Notes
7.00%, 11/15/13	B3		100		102,750
Vanguard Health Holdings I, Sr. Disc. Notes, Zero Coupon (until 10/01/09)
11.25%, 10/01/15 144A (cost $29,257; purchased 09/17/04)(g)	Caa2		50		33,000
Vanguard Health Holdings II, Sr. Sub. Notes
9.00%, 10/01/14 144A (cost $50,000; purchased 09/17/04)(g)	Caa1		50		53,750
Vicar Operating, Inc., Gtd. Notes
9.875%, 12/01/09	B3		75		82,500

					972,229

HOTELS & MOTELS — 0.1%
Hammons, (John Q.) Hotels L.P., First Mortgage
8.875%, 05/15/12	B2		100		113,500
Harrahs Operating Co., Inc., Gtd. Notes
5.50%, 07/01/10	Baa3		100		103,635
Hilton Hotels Corp., Notes
7.625%, 12/01/12	Ba1		25		29,280
Host Marriott L.P., Gtd. Notes
9.50%, 01/15/07	Ba3		50		55,000
La Quinta Properties, Sr. Notes
8.875%, 03/15/11	Ba3		125		140,000

					441,415

178

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
INDUSTRIAL PRODUCTS — 0.1%
Brand Services, Inc., Gtd. Notes
12.00%, 10/15/12	B3	$	75	$	84,375
Collins & Aikman Corp., Gtd. Notes
9.75%, 02/15/10	Caa1		75		81,000
Euramax International PLC, Sr. Sub. Notes
8.50%, 08/15/11	B2		25		26,813
Massey Energy Co., Sr. Notes
6.625%, 11/15/10	Ba3		75		78,750
Mobile Mini, Inc., Sr. Notes
9.50%, 07/01/13	B2		75		87,750
National Waterworks, Inc., Gtd. Notes
10.50%, 12/01/12	B3		100		113,000
Shaw Group, Inc., Unsec’d. Sr. Notes
10.75%, 03/15/10	Ba2		50		55,375

					527,063

INSURANCE — 0.5%
Ace INA Holdings, Inc., Notes
5.875%, 06/15/14	A3		155		159,079
AIG SunAmerica Global Financing XII,
5.30%, 05/30/07 144A (cost $274,840; purchased 05/15/02)(g)	Aaa		275		285,871
Allstate Financial Global Funding LLC,
5.25%, 02/01/07 144A (cost $179,699; purchased 01/24/02 - 02/10/04)(g)	Aa2		180		186,155
Fund American Cos., Inc., Notes
5.875%, 05/15/13	Baa2		195		198,788
Genworth Financial, Inc., Notes
5.75%, 06/15/14	A2		185		196,069
Metlife, Inc., Sr. Notes
6.125%, 12/01/11	A2		200		217,663
Nationwide Financial Services, Inc., Sr. Notes
5.90%, 07/01/12	A3		205		216,800
Nationwide Mutual Insurance Co., Bonds
6.60%, 04/15/34 144A (cost $104,770; purchased 03/31/04)(g)	A2		105		105,461
NLV Financial Corp., Sr. Notes
7.50%, 08/15/33 144A (cost $121,251; purchased 08/20/03 - 12/03/03)(g)	Baa3		120		128,964
Principal Life Global Funding I, Notes
5.125%, 10/15/13 144A (cost $183,954; purchased 06/22/04)(g)	Aa3		185		187,875
Security Benefit Life Insurance Co., Notes
7.45%, 10/01/33 144A (cost $79,821; purchased 09/26/03)(g)	Baa1		80		83,917
XL Capital Ltd., Gtd. Notes
6.50%, 01/15/12	A2		170		186,335

					2,152,977

MACHINERY & EQUIPMENT — 0.1%
Case New Holland, Inc., Sr. Notes
9.25%, 08/01/11 144A (cost $49.399; purchased 07/29/03)(g)	Ba3		50		55,875
Cummins, Inc., Sr. Notes
9.50%, 12/01/10	Ba2		25		28,500
Dresser-Rand Group, Inc., Sr. Sub. Notes
7.375%, 11/01/14 144A (cost $25,000; purchased 10/15/04)(g)	B3		25		25,625
JLG Industries, Inc., Sr. Sub. Notes
8.375%, 06/15/12(a)	B3		100		107,500

179

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Maax Corp., Sr. Sub. Notes (Canada)
9.75%, 06/15/12 144A (cost $76,188; purchased 05/27/04)(g)(l)	B3	$	75	$	79,688
Manitowoc Co., Inc., Sr. Notes
7.125%, 11/01/13	B1		50		54,375
Trimas Corp., Gtd. Notes
9.875%, 06/15/12	B3		100		106,500

					458,063

MEDICAL SUPPLIES & EQUIPMENT — 0.2%
Fisher Scientific International, Inc., Sr. Sub. Notes
8.125%, 05/01/12	B2		65		72,475
Fresenius Medical Capital Trust II, Gtd. Notes
7.875%, 02/01/08	Ba2		250		271,874
Hospira, Inc., Notes
4.95%, 06/15/09	Baa3		190		194,285
Medquest, Inc., Gtd. Notes
11.875%, 08/15/12	B3		25		29,500
VWR International, Inc., Sr. Notes (Germany)
6.875%, 04/15/12 144A (cost $25,000; purchased 04/07/04)(g)(l)	B2		25		26,250
VWR International, Inc., Sr. Sub. Notes (Germany)
8.00%, 04/15/14 144A (cost $180,579; purchased 04/29/04 - 05/19/04)(g)(l)	B3		175		187,688

					782,072

METALS & MINING — 0.3%
Alcan, Inc., Bonds (Canada)
6.125%, 12/15/33(l)	Baa1		175		185,862
Algoma Steel, Inc., Sec’d. Notes
11.00%, 12/31/09	NR		25		27,938
Allegheny Technologies, Inc., Notes
8.375%, 12/15/11	B2		75		83,625
Alpha Natural Resources, Sr. Notes
10.00%, 06/01/12 144A (cost $75,000; purchased 05/13/04)(g)	B3		75		85,875
Autocam Corp., Sr. Sub. Notes
10.875%, 06/15/14	B3		50		49,750
California Steel Industries, Inc., Sr. Notes
6.125%, 03/15/14	Ba3		25		24,938
Century Aluminum Co., Sr. Notes
7.50%, 08/15/14 144A (cost $75,625; purchased 08/10/04 - 08/12/04)(g)	B1		75		80,250
Compass Minerals Group, Inc., Gtd. Notes
10.00%, 08/15/11	B3		25		28,250
Foundation PA Coal Co., Sr. Notes
7.25%, 08/01/14 144A (cost $75,969; purchased 07/21/04)(g)	B1		75		80,250
Freeport-McMoRan Resource Partners, Inc. L.P., Sr. Notes
7.00%, 02/15/08	Caa1		175		183,750
Gerdau Ameristeel Corp., Sr. Notes (Canada)
10.375%, 07/15/11(l)	B2		125		147,188
Hawk Corp., Sr. Notes
8.75%, 11/01/14 144A (cost $50,563; purchased 10/25/04)(g)	B2		50		51,500
Ipsco, Inc., Sr. Notes (Canada)
8.75%, 06/01/13(l)	Ba3		25		28,750
Ispat Inland ULC, Sec’d. Notes
9.75%, 04/01/14	B3		33		40,920

180

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Jorgensen, (Earle, M.) Co., Sec’d. Notes
9.75%, 06/01/12	B2		$	175	$	197,749
Neenah Corp., Sec’d. Notes
11.00%, 09/30/10 144A (cost $27,024; purchased 10/15/03)(g)	B2			25		27,750
Russel Metals, Inc., Sr. Notes (Canada)
6.375%, 03/01/14(l)	Ba3			75		76,500
Valmont Industries Inc., Sr. Sub. Notes
6.875%, 05/01/14	B+	(d)		50		52,250

						1,453,095

MISCELLANEOUS
Reddy Ice Holdings, Inc., Sr. Disc. Notes, Zero Coupon (until 11/01/12)
10.50%, 11/01/12 144A (cost $33,789; purchased 10/19/04)(g)	Caa1			50		34,750

OIL & GAS — 0.9%
Amerada Hess Corp., Bonds
7.875%, 10/01/29	Ba1			135		160,208
ANR Pipeline, Inc., Notes
8.875%, 03/15/10	B1			25		28,125
Baker Hughes, Inc., Sr. Notes
6.875%, 01/15/29	A2			200		234,187
Buckeye Partners L.P., Notes
6.75%, 08/15/33	Baa2			75		83,027
Buckeye Partners L.P., Notes
5.30%, 10/15/14	Baa2			55		55,812
Chesapeake Energy, 7.00%, 08/15/14 Sr. Notes
7.00%, 08/15/14	Ba3			25		26,750
ConocoPhillips, Gtd. Bonds
5.90%, 10/15/32	A3			245		257,227
Denbury Resources, Inc., Gtd. Notes
7.50%, 04/01/13	B2			75		81,375
Devon Financing Corp. LLC, Gtd. Notes
7.875%, 09/30/31	Baa2			145		183,145
Diamond Offshore Drilling, Inc., Sr. Notes
5.15%, 09/01/14 144A (cost $125,437; purchased 09/09/04-11/15/04)(g)	Baa2			125		126,652
Duke Capital LLC, Sr. Notes
6.25%, 02/15/13	Baa3			175		189,439
Dynegy-Roseton Danskamme Corp., Gtd. Notes
7.27%, 11/08/10	Caa2			50		50,625
Encana Holdings Financial Corp., Gtd. Notes (Canada)
5.80%, 05/01/14(l)	Baa1			200		213,603
Encore Acquisition Co., Gtd. Notes
8.375%, 06/15/12	B2			50		55,875
Ferrellgas Partners L.P., Sr. Notes
8.75%, 06/15/12	B2			100		109,500
Forest Oil Corp., Sr. Notes
8.00%, 12/15/11	Ba3			25		28,688
Halliburton Co., Notes
2.86%, 01/26/05 144A (cost $190,000; purchased 05/07/04)(c)(g)	Baa2			190		190,182
Hanover Compressor Co., Sr. Notes
9.00%, 06/01/14	B3			25		27,938
Hanover Equipment Trust, Sec’d. Notes
8.50%, 09/01/08	B2			25		27,000
Hilcorp Energy I L.P., Sr. Notes
10.50%, 09/01/10 144A (cost $75,000; purchased 08/05/03)(g)	B3			75		85,125
Kaneb Pipeline Operating Partnership L.P., Sr. Notes
7.75%, 02/15/12	Ba1			90		104,232
Kinder Morgan, Inc., Sr. Notes
6.50%, 09/01/12	Baa2			180		198,153

181

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Magnum Hunter Resources, Inc., Gtd. Notes
9.60%, 03/15/12	B2	$	33	$	37,620
Panhandle Eastern Pipe Line Co., Sr. Notes
4.80%, 08/15/08	Baa3		70		71,551
Pemex Project Funding Master Trust, Notes
3.79%, 03/15/05 144A (cost $188,739; purchased 06/08/04)(g)	Baa1		190		195,415
Petroleum Geo-Services ASA, Notes (Norway)
10.00%, 11/05/10(l)	B1		75		85,875
Pioneer Natural Resource Co., Sr. Notes
5.875%, 07/15/16	Baa3		95		99,456
Plains All American Pipeline L.P., Gtd
7.75%, 10/15/12	Ba1		70		82,005
Pride International, Inc., Sr. Notes
7.375%, 07/15/14	Ba2		50		54,875
Range Resources Corp., Sr. Sub. Notes
7.375%, 07/15/13	B3		50		53,875
Swift Energy Co., Sr. Notes
7.625%, 07/15/11	B1		50		54,250
Transocean, Inc., Notes
7.50%, 04/15/31	Baa2		110		135,828
Williams Cos., Inc., Debs
7.50%, 01/15/31	B3		250		260,000
XTO Energy, Inc., Sr. Notes
6.25%, 04/15/13	Baa3		130		142,504

					3,790,122

PAPER & FOREST PRODUCTS — 0.2%
Boise Cascade LLC, Sr. Sub. Notes
7.125%, 10/15/14 144A (cost $101,344; purchased 10/15/04)(g)	B2		100		106,250
Celulosa Arauco Y Constitucion SA, Notes (Chile)
5.125%, 07/09/13(l)	Baa2		160		158,781
Graphic Packaging International Corp., Sr. Notes
8.50%, 08/15/11	B2		25		27,438
JSG Funding PLC, Sr. Notes (Ireland)
9.625%, 10/01/12(l)	B2		150		168,000
Longview Fibre Co., Sr. Sub. Notes
10.00%, 01/15/09	B2		100		109,750
MDP Acquisitions PLC, Sub. Notes (Ireland)
15.50%, 10/01/13 [PIK] (cost $28,704; purchased 10/04/04)(g)	B3		25		29,375
Weyerhaeuser Co., Debs
7.375%, 03/15/32	Baa2		40		47,586
Weyerhaeuser Co., Notes
6.75%, 03/15/12	Baa2		90		101,561

					748,741

PHARMACEUTICALS — 0.2%
Abbott Laboratories, Notes
5.625%, 07/01/06	A1		360		372,327
Amgen, Inc., Sr. Notes
4.00%, 11/18/09 144A (cost $124,759; purchased 01/15/04-03/31/04)(g)	A2		125		124,749
Biovail Corp., Sr. Sub. Notes (Canada)
7.875%, 04/01/10(l)	B2		50		52,000
GlaxoSmithKline Capital, Inc., Gtd. Notes
5.375%, 04/15/34	Aa2		125		124,623
Wyeth, Bonds
6.50%, 02/01/34	Baa1		115		123,107

					796,806

182

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
PRINTING & PUBLISHING — 0.3%
Canwest Media, Inc. Sr. Sub. Notes (Canada)
8.00%, 09/15/12 144A (cost $130,006; purchased 11/18/04)(g)	B2		$	137	$	148,152
Canwest Media, Inc., Sr. Sub. Notes
10.625%, 05/15/11	B2			100		112,750
CBD Media, Inc., Gtd. Notes
8.625%, 06/01/11	B3			50		53,125
Dex Media East LLC, Gtd. Notes
9.875%, 11/15/09	B2			25		28,594
12.125%, 11/15/12	B3			98		119,928
Dex Media West Finance, Sr. Sub. Notes
9.875%, 08/15/13	Caa1			73		84,498
Dex Media West LLC, Sr. Notes
8.50%, 08/15/10	B3			25		27,938
Dex Media, Inc., Notes
8.00%, 11/15/13	B3			50		54,375
Houghton Mifflin Co., Sr. Disc. Notes, Zero Coupon (until 10/15/08)
11.50%, 10/15/13	Caa1			100		74,000
Houghton Mifflin Co., Sr. Sub. Notes
9.875%, 02/01/13	B3			75		82,500
Liberty Group Operating, Inc., Gtd. Notes
9.375%, 02/01/08	Caa1			50		51,000
Primedia, Inc.
8.00%, 05/15/23	B	(d)		25		25,844
Primedia, Inc., Sr. Notes
8.875%, 05/15/11	B3			50		53,125
Quebecor Media, Inc., Sr. Notes (Canada)
11.125%, 07/15/11(l)	B2			150		172,124
Reader’s Digest Assoc., Sr. Notes
6.50%, 03/01/11	Ba3			50		52,500
Sun Media Corp., Gtd. Notes (Canada)
7.625%, 02/15/13(l)	Ba3			50		54,813
Vertis, Inc., Sec’d. Notes
9.75%, 04/01/09	B2			25		27,250

						1,222,516

RAILROADS
Canadian National Railways Co., Bonds
6.25%, 08/01/34	Baa1			195		211,741

REAL ESTATE — 0.5%
BF Saul, Sec’d. Notes
7.50%, 03/01/14	B3			25		25,875
Developers Diversified Realty Corp., Notes
3.875%, 01/30/09	Baa3			145		142,425
EOP Operating LP, Notes
4.65%, 10/01/10	Baa2			145		145,845
Geo Group, Inc. (The), Sr. Notes
8.25%, 07/15/13	B1			25		26,875
Lennar Corp., Notes
5.50%, 09/01/14 144A (cost $145,353; purchased 08/05/04-10/07/04)(g)	Baa3			145		147,246
LNR Property Corp., Sr. Sub. Notes
7.625%, 07/15/13	Ba3			75		85,500
NVR, Inc., Sr. Notes
5.00%, 06/15/10	Baa3			150		150,750
Omega Healthcare Investors, Inc., Sr. Notes
7.00%, 04/01/14 [REIT]	B1			50		51,625
Pulte Homes, Inc., Gtd. Notes
7.875%, 08/01/11	Baa3			150		174,240
Reckson Operating Partnership L.P., Notes
5.15%, 01/15/11	Ba1			180		181,789
Rouse Co., Notes
8.43%, 04/27/05	Baa3			350		354,852
Simon Property Group L.P., Notes
3.75%, 01/30/09	Baa2			190		187,163
Universal City Development, Notes
11.75%, 04/01/10	B2			150		177,938

183

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
WCI Communities, Inc., Gtd. Notes
9.125%, 05/01/12	Ba3	$	50	$	55,750
Williams Scotsman, Inc., Sec’d. Notes
10.00%, 08/15/08	B2		50		55,750

					1,963,623

RESTAURANTS — 0.1%
El Pollo Loco Inc., Sec’d. Notes
9.25%, 12/15/09	B2		50		52,875
EPL Intermediate, Inc., Sr. Disc. Notes, Zero Coupon (until 3/15/09)
12.50%, 03/15/10	Caa1		50		33,000
Perkins Family Restaurants L.P., Sr. Notes
10.125%, 12/15/07	B1		75		77,063
Yum! Brands, Inc., Sr. Notes
7.70%, 07/01/12	Baa3		185		219,496

					382,434

RETAIL & MERCHANDISING — 0.2%
Adesa Corp., Sr. Sub. Notes
7.625%, 06/15/12	B1		50		53,000
Asbury Automotive Group, Inc., Gtd. Notes
9.00%, 06/15/12	B3		25		26,375
Asbury Automotive Group, Inc., Sr. Sub. Notes
8.00%, 03/15/14	B3		50		49,750
CVS Corp., Notes
4.00%, 09/15/09	A3		105		104,617
Federated Department Stores, Sr. Notes
6.625%, 04/01/11	Baa1		150		167,933
Jean Coutu Group Pjc, Inc., Sr. Notes
7.625%, 08/01/12 144A (cost $78,481; purchased 10/14/04-10/28/04)(g)	B2		75		79,688
Kroger Co., Gtd. Notes
8.05%, 02/01/10	Baa2		180		210,924
May Department Stores Co. Notes
3.95%, 07/15/07	Baa2		55		55,126
Pantry, Inc., Sr. Sub. Notes
7.75%, 02/15/14	B3		50		53,500

					800,913

SEMICONDUCTORS — 0.1%
AMI Semiconductor, Inc., Gtd. Notes
10.75%, 02/01/13	B3		33		38,940
Amkor Technology, Inc., Sr. Notes
9.25%, 02/15/08(a)	B3		50		51,375
Fairchild Semiconductor International Corp., Sr. Sub. Notes
10.50%, 02/01/09	B2		200		212,000

					302,315

TELECOMMUNICATIONS — 1.0%
America Movil SA de CV, Company Gtd. (Mexico)
5.50%, 03/01/14	Baa1		115		113,897
AT&T Broadband Corp., Gtd. Notes
8.375%, 03/15/13	Baa3		205		253,174
AT&T Corp., Sr. Notes
9.05%, 11/15/11	Ba1		125		144,531
Call-Net Enterprises, Inc., Gtd. Notes
10.625%, 12/31/08	Caa3		100		100,500
Centennial Communications Corp., Gtd. Notes
10.125%, 06/15/13	Caa1		50		56,375
Deutsche Telekom International Finance BV, Gtd. Notes (Netherlands)
8.75%, 06/15/30(l)	Baa3		160		211,903
Echostar DBS Corp., Sr. Notes
9.125%, 01/15/09	Ba3		3		3,315
Eircom Funding, Sr. Sub. Notes (Ireland)
8.25%, 08/15/13(l)	B1		100		111,000

184

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Fairpoint Communications, Inc., Sr. Sub. Notes
12.50%, 05/01/10	Caa1		$	125	$	135,625
France Telecom SA, Notes (France)
8.50%, 03/01/11(l)	Baa3			155		185,128
Horizon PCS, Inc., Sr. Notes
11.375%, 07/15/12 144A (cost $76,000; purchased 07/08/04)(g)	B3			75		84,375
Inmarsat Finance PLC Co. Gtd. (United Kingdom)
7.625%, 06/30/12	B2			25		26,125
Insight Midwest L.P., Sr. Notes
10.50%, 11/01/10	B2			75		82,500
Ipcs Escrow Co., Sr. Notes
11.50%, 05/01/12 144A (cost $52,063; purchased 07/13/04-08/10/04)(g)	B3			50		57,000
Lucent Technologies, Inc., Notes
5.50%, 11/15/08(a)	Caa1			75		77,438
MCI, Inc., Sr. Notes
6.688%, 05/01/09	B	(d)		125		129,688
7.735%, 05/01/14	B	(d)		75		80,813
Nextel Communications, Inc., Sr. Notes
6.875%, 10/31/13	B2			175		190,749
7.375%, 08/01/15	B2			150		165,750
Nortel Networks Ltd., Notes (Canada)
6.125%, 02/15/06(l)	B3			75		76,688
Primus Telecommunications Group, Inc., Sr. Notes
8.00%, 01/15/14	B3			100		88,500
Qwest Services Corp., Notes
14.00%, 12/15/10 144A (cost $204,257; purchased 06/17/04-06/24/04)(g)	Caa1			175		211,312
Rogers Wireless, Inc., Sec’d. Notes
9.625%, 05/01/11(l)	Ba3			75		88,313
Rogers Wireless, Inc., Sr. Sec’d. Notes (Canada)
6.375%, 03/01/14(l)	Ba3			150		149,250
Sprint Capital Corp., Co. Gtd
6.90%, 05/01/19	Baa3			220		246,687
Telefonos de Mexico SA, Notes (Mexico)
4.50%, 11/19/08(l)	A3			95		95,871
Telex Communications, Inc., Sec’d. Notes
11.50%, 10/15/08	B3			75		82,125
Telus Corp., Notes (Canada)
8.00%, 06/01/11(l)	Baa3			135		160,191
Time Warner Telecom LLC, Sr. Notes
9.75%, 07/15/08(a)	B3			150		152,625
TSI Telecommunication Services, Inc., Gtd. Notes
12.75%, 02/01/09	B3			75		85,875
Ubiquitel Operating Co., Sr. Notes
9.875%, 03/01/11	Caa1			50		56,375
United States Cellular Corp., Notes
6.70%, 12/15/33	Baa1			110		114,333
US Unwired, Inc., Sec’d. Notes
10.00%, 06/15/12	Caa1			75		84,938
Western Wireless Corp., Sr. Notes
9.25%, 07/15/13	Caa1			125		136,563

						4,039,532

TRANSPORTATION — 0.2%
CHC Helicopter Corp., Sr. Sub. Notes
7.375%, 05/01/14	B2			25		26,500
Laidlaw International, Inc., Sr. Notes
10.75%, 06/15/11	B2			150		175,875
Petroleum Helicopters, Inc., Gtd. Notes, Series B
9.375%, 05/01/09	B1			75		82,500
Travelcenters of America, Inc., Gtd. Notes
12.75%, 05/01/09	B3			175		199,063

185

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Union Pacific Corp., Notes
6.50%, 04/15/12	Baa2	$	200	$	223,082
Union Tank Car Co., Notes
7.125%, 02/01/07	A2		150		159,648

					866,668

UTILITIES — 1.2%
AES Corp., Sec’d. Notes
9.00%, 05/15/15 144A (cost $102,297; purchased 05/01/03-09/10/03)(g)	B2		100		115,000
AES Corp., Sr. Notes
9.375%, 09/15/10	B3		75		87,563
8.875%, 02/15/11	B3		125		143,438
7.75%, 03/01/14	B3		25		27,250
Alabama Power Co., Sr. Notes
1.94%, 02/25/05	A2		175		175,214
Allegheny Energy Supply Co. LLC, Notes
7.80%, 03/15/11	B3		25		27,375
Appalachian Power Co., Sr. Notes, Series E
4.80%, 06/15/05	Baa2		185		186,585
Black Hills Corp., Notes
6.50%, 05/15/13	Baa3		150		153,980
Canadian Natural Resources Ltd., Notes (Canada)
7.20%, 01/15/32(l)	Baa1		300		355,619
CE Electric UK Funding Co., Sr. Notes (United Kingdom)
6.995%, 12/30/07 144A(l) (cost $165,717; purchased 03/03/04)(g)	Baa3		155		165,911
Centerpoint Energy, Inc., Sr. Notes Series B
5.875%, 06/01/08	Ba2		145		151,843
Chesapeake Energy Corp., Gtd. Notes
9.00%, 08/15/12	Ba3		100		114,750
Cleveland Electric Illuminating Co., Sr.
5.65%, 12/15/13	Baa3		155		161,034
CMS Energy Corp., Sr. Notes
9.875%, 10/15/07	B3		100		112,250
8.50%, 04/15/11	B3		400		456,499
Dominion Resources, Inc., Sr. Notes
5.00%, 03/15/13	Baa1		135		136,056
Edison Mission Energy, Sr. Notes
9.875%, 04/15/11	B2		100		119,000
Exelon Generation Co. LLC, Notes
5.35%, 01/15/14	Baa1		155		159,218
Markwest Energy, Sr. Notes
6.875%, 11/01/14 144A (cost $25,000; purchased 10/19/04)(g)	B1		25		25,500
NRG Energy, Inc., Sec’d. Notes
8.00%, 12/15/13 144A (cost $131,832; purchased 12/17/03-09/14/04)(g)	B2		125		136,875
Pacific Gas & Electric, First Mortgage
6.05%, 03/01/34	Baa2		150		156,335
Pacific Gas & Electric, Notes
2.72%, 04/03/06(c)	Baa2		60		60,054
Pinnacle West Capital Corp., Sr. Notes
6.40%, 04/01/06	Baa2		150		154,423
PPL Capital Funding, Gtd. Notes
4.33%, 03/01/09(c)	Baa3		190		187,965
Progress Energy, Inc., Sr. Notes
6.75%, 03/01/06	Baa2		130		134,933
PSE&G Power LLC
8.625%, 04/15/31	Baa1		100		133,184
Public Service Co. of New Mexico, Sr. Notes
4.40%, 09/15/08	Baa3		155		156,428
Puget Sound Energy, Inc., Notes
2.37%, 07/14/06(c)	Baa2		195		195,164
Sempra Energy Co., Notes
6.00%, 02/01/13	Baa1		180		192,419

186

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)			VALUE (NOTE 2)
Sierra Pacific Resources, Sr. Notes
8.625%, 03/15/14	B2	$	175		$	198,625
TXU Energy Co. LLC, Notes
2.838%, 01/17/06(c)	Baa2		45			45,137
Westar Energy Inc., First Mortgage
7.875%, 05/01/07	BA1		110			120,169
Williams Cos., Inc., Notes
8.75%, 03/15/32	B3		25			28,844
WPD Holdings UK, Jr. Unsub. Notes (United Kingdom)
6.875%, 12/15/07 144A(l) (cost $112,014; purchased 11/06/03)(g)	Baa2		110			117,435

						4,892,075

TOTAL CORPORATE OBLIGATIONS (Cost $47,235,068)						49,400,665

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 8.5%
Federal Home Loan Mortgage Corp.
4.50%, 11/01/18-04/01/19			449			449,467
4.579%, 09/01/32(c)			133			134,610
5.00%, 12/01/08-12/01/33			3,811			3,857,703
5.50%, 12/01/33			185			187,841
6.00%, 05/01/17-01/01/35			2,269			2,349,568
6.625%, 09/15/09			1,000			1,119,480
7.00%, 11/01/30-06/01/32			171			180,528

						8,279,197

Federal National Mortgage Assoc.
4.375%, 09/15/12			450			450,915
4.50%, 05/01/18-11/01/33			2,983			2,976,339
5.00%, 03/01/18-03/01/34			1,721			1,721,337
5.50%, 04/01/18-12/01/34			11,853			12,097,723
6.00%, 05/15/08-11/01/34(a)			3,446			3,590,702
6.50%, 05/01/17-12/01/32			2,142			2,258,611
7.00%, 01/01/31-04/01/32			18			19,094

						23,114,721

Government National Mortgage Assoc.
2.946%, 03/16/19			260			252,782
5.00%, 07/15/33-03/20/34			1,910			1,911,967
5.50%, 01/20/34-05/20/34			1,513			1,545,320
6.00%, 02/15/26-01/01/35			458			473,743
6.50%, 02/15/28-12/20/33			224			236,081
7.00%, 03/15/13-08/15/26			404			431,483
8.00%, 12/15/16-07/15/23			48			51,025
8.50%, 06/15/16-10/15/26			136			149,195
9.50%, 10/15/09-03/15/19			4			4,274
12.00%, 09/15/13			—	(p)		188

						5,056,058

TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $36,104,993)						36,449,976

U.S. TREASURY OBLIGATIONS — 6.6%
U.S. Treasury Bonds
7.50%, 11/15/16			750			958,682
8.50%, 02/15/20			115			162,339
6.25%, 08/15/23(a)			170			199,079
7.625%, 02/15/25			300			406,395
6.00%, 02/15/26			1,375			1,575,504
6.25%, 05/15/30(a)			865			1,034,453
5.375%, 02/15/31(a)			1,745			1,887,464
U.S. Treasury Inflationary Bonds
2.25%, 01/15/25 [TIPS]			890			964,144
U.S. Treasury Notes
1.50%, 02/28/05			2,465			2,464,039
1.625%, 04/30/05			220			219,527
6.50%, 08/15/05(a)			1,830			1,875,108
1.875%, 11/30/05			385			382,113
1.50%, 03/31/06			945			929,866
3.25%, 08/15/07(a)			3,450			3,456,199
3.00%, 11/15/07(a)			2,000			1,988,282
3.375%, 11/15/08(a)			1,300			1,296,903
3.375%, 12/15/08(a)			1,965			1,959,398
4.00%, 06/15/09(a)			2,880			2,935,688
5.00%, 08/15/11(a)			2,630			2,800,642
4.25%, 11/15/13(a)			845			850,579

TOTAL U.S. TREASURY OBLIGATIONS (Cost $28,059,742)						28,346,404

187

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
COLLATERALIZED MORTGAGE OBLIGATIONS — 2.3%
Banc of America Commercial Mortgage, Inc. Series 2004-6 Class A1
3.801%, 12/10/42	AAA	(d)	$	105	$	105,096
Bank of America Commercial Mortgage, Inc., Series 2003-1, Class A2
4.648%, 09/11/36	AAA	(d)		350		351,568
Bank of America Mortgage Securities Series 2004-H, Class 2A2
4.814%, 09/25/34	Aaa			204		205,307
Bank of America Mortgage Securities, Series 2003-L, Class 2A2
4.312%, 01/25/34(c)	Aaa			616		616,405
Bank of America Mortgage Securities, Series 2004-A, Class 2A2
4.148%, 02/25/34(c)	AAA	(d)		351		345,343
Bank of America Mortgage Securities, Series 2004-D, Class 2A2
4.23%, 05/25/34(c)	AAA	(d)		126		125,347
Bank of America Mortgage Securities, Series 2004-I, Class 3A2
5.005%, 10/25/34(c)	Aaa			232		231,689
Bear Stearns Commercial Mortgage Securities, Series 2004-PWR6, Class A1
3.668%, 11/11/41	Aaa			80		80,066
Bear Stearns Commercial Mortgage Securities, Series 2004-T14, Class A2
4.17%, 01/12/41	Aaa			900		906,216
Citigroup Commercial Mortgage Trust, Series 2004-C2, Class A1
3.787%, 10/15/41	Aaa			75		74,906
Fannie Mae, Series 2002-74, Class PJ
5.00%, 03/25/15	Aaa			575		587,557
Fannie Mae, Series 2003-40, Class NI
5.50%, 04/01/33 [IO]	Aaa			227		16,079
Fannie Mae, Series 2003-92, Class NM
3.50%, 04/25/13	Aaa			300		300,161
Federal Home Loan Mortgage Corp., Series 2882, Class YB
5.00%, 10/15/27	Aaa			250		254,528
Federal Home Loan Mortgage Corp., Series 2890, Class PB
5.00%, 11/15/27	Aaa			750		763,584
Federal National Mortgage Assoc., Series 319, Class 2
6.50%, 02/01/32 [IO]	Aaa			109		20,904
Freddie Mac, Series 2614, Class IH
4.50%, 05/15/16 [IO]	Aaa			390		59,781
Freddie Mac, Series 2631, Class IG
4.50%, 07/15/11 [IO]	Aaa			625		51,143
Freddie Mac, Series 2631, Class PC
4.50%, 03/15/16	Aaa			750		762,981
Freddie Mac, Series 2686, Class JG
5.50%, 04/15/28	Aaa			800		820,961

188

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
General Electric Capital Commercial Mortgage Corp., Series 2001-1, Class A2
6.531%, 05/15/33	Aaa		$	390	$	434,195
GMAC Commercial Mortgage Securities, Inc., Series 2001-C2, Class A2
6.70%, 04/15/34	AAA	(d)		375		420,788
Greenwich Capital Commercial Funding Corp., Series 2004-GG1A, Class A2
3.835%, 10/08/08	Aaa			335		336,020
J.P. Morgan Chase Commercial Mortgage Finance Corp., Series 2001-CIBC, Class A3
6.26%, 03/15/33	AAA	(d)		425		467,360
J.P. Morgan Chase Commercial Mortgage Finance Corp., Series 2001-CIB2, Class A2
6.244%, 04/15/35	AAA	(d)		325		347,852
LB-UBS Commercial Mortgage Trust, Series 2004-C2, Class A2
3.246%, 03/01/29	Aaa			475		462,484
LB-UBS Commercial Mortgage Trust, Series 2004-C4, Class A2
4.567%, 05/15/29(c)	Aaa			750		764,733
Washington Mutual Mortgage, Series 2004-AR1, Class A
4.229%, 03/25/34	Aaa			207		205,733

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $10,229,174)						10,118,787

ASSET-BACKED SECURITIES — 1.0%
BankBoston Home Equity Loan Trust, Series 1998-1, Class A6
6.35%, 02/25/13	Aaa			222		226,679
Capital Auto Receivables Asset Trust, Series 2002-2, Class CTFS
4.18%, 10/15/07	Aaa			141		141,617
Chase Funding Mortgage Loan Asset-Backed, Series 2002-2, Class 1M1
5.599%, 09/25/31	Aa2			80		81,566
Chase Manhattan Auto Owner Trust, Series 2003-A, Class A4
2.06%, 12/15/09	Aaa			285		278,035
Citibank Credit Card Issuance Trust, Series 2001-C1, Class C1
2.68%, 01/15/10(c)	Baa2			235		240,028
Citibank Credit Card Issuance Trust, Series 2004-C1, Class-C1
3.053%, 07/15/13(c)	Baa			625		630,660
Countrywide Asset - Backed Certificates, Series 2003-5, Class AF3
3.613%, 04/25/30	Aaa			315		314,841
Countrywide Home Loans, Series 2003-60, Class 2A1
4.986%, 02/25/34	Aaa			85		85,725
Fannie Mae Whole Loan, Series 2003-W16, Class AF3
2.91%, 07/25/29	Aaa			230		229,368
Hyundai Auto Receivables Trust, Series 2003-A, Class A4
3.02%, 10/15/10	Aaa			175		173,138

189

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Hyundai Auto Receivables Trust, Series 2003-A, Class D
4.06%, 10/15/10	Baa2		$	80	$	80,533
MBNA Master Credit Card Trust, Series 2000-D, Class C
8.40%, 09/15/09 144A (cost $314,460; purchased 07/13/04)(g)	BBB	(d)		300		329,861
Morgan Stanley Auto Loan Trust, Series 2004-HB1, Class C
2.88%, 10/15/11	Baa2			122		121,683
PECO Energy Transition Trust, Series 2001-A, Class A1
6.52%, 12/31/10	Aaa			475		528,051
Reliant Energy Transition Bond Co. LLC, Series 2001-1, Class A4
5.63%, 09/15/15	Aaa			350		374,630
World Financial Network Credit Card Master Trust, Series 2003-A, Class A2
2.773%, 01/18/05(c)	Aaa			375		377,441

TOTAL ASSET-BACKED SECURITIES (Cost $4,164,909)						4,213,856

U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.7%
Federal Home Loan Bank
5.75%, 05/15/12				300		328,862
Federal Home Loan Mortgage Corp.
2.75%, 03/15/08				350		342,490
5.125%, 07/15/12				565		594,926
Federal National Mortgage Assoc.
7.125%, 02/15/05				160		160,836
3.25%, 02/15/09(a)				700		687,042
6.00%, 05/15/11				325		358,040
Student Loan Marketing Assoc.
2.30%, 01/26/09(c)				225		225,261
3.66%, 04/01/09(c)				155		154,673

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $2,774,249)						2,852,130

FOREIGN GOVERNMENT BONDS — 0.2%
Republic of Chile (Chile)
5.50%, 01/15/13	Baa1			165		173,778
Republic of South Africa (South Africa)
6.50%, 06/02/14	Baa2			100		109,750
United Mexican States (Mexico)
2.752%, 01/13/09(c)	Baa2			150		152,213
6.375%, 01/16/13	Baa2			205		218,837

TOTAL FOREIGN GOVERNMENT BONDS (Cost $614,673)						654,578

MUNICIPAL BONDS
KANSAS
Kansas State Development Finance Authority, Revenue Bonds
5.501%, 05/01/34	Aaa			125		126,838

OREGON
Oregon State Taxable Pension, General Obligation Unlimited
5.892%, 06/01/27	Aa3			60		64,074

TOTAL MUNICIPAL BONDS (Cost $185,000)						190,912

			UNITS
WARRANTS*
ENTERTAINMENT & LEISURE
Mikohn Gaming Corp., expiring 08/15/08 144A (cost $0; purchased 01/16/02)(g)(o)				75		14

190

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	UNITS		VALUE (NOTE 2)
RETAIL & MERCHANDISING
Barneys New York, Inc., expiring 04/01/08 144A (cost $0; purchased 09/30/03)(g)		25	$	1,633

TRANSPORTATION
Travelcenters of America, expiring 05/01/09 (cost $0; purchased 03/16/01)(g)		525		2,887

TOTAL WARRANTS (Cost $0)				4,534

TOTAL LONG-TERM INVESTMENTS (Cost $367,098,422)				423,602,187


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 17.3%
CERTIFICATES OF DEPOSIT — 3.9%
Banco Santander PR
2.315%, 01/07/05(b)(c)	$	156		155,866
Canadian Imperial Bank of Commerce
2.372%, 01/31/05(b)(c)		423		423,155
First Boston Corp.
2.36%, 01/24/05(b)		13,974		13,973,820
Skandinaviska Enskilda Banken
2.35%, 01/28/05(b)		218		217,696
Societe Generale
2.357%, 01/14/05(b)		446		445,940
UBS Bank
2.315%, 01/18/05(b)		441		441,485
Westdeutsche Landesbank
1.50%, 01/10/05(b)		1,164		1,164,068

				16,822,030

COMMERCIAL PAPER — 0.1%
Citigroup, Inc.
2.304%, 01/10/05(b)		260		259,658

CORPORATE OBLIGATIONS — 4.3%
Bank of America NA
2.30%, 01/03/05(b)(c)		171		170,907
Bear Stearns
2.28%, 01/03/05(b)(c)		616		616,350
2.28%, 01/03/05(b)(c)		2,892		2,891,899
Goldman Sachs Group, Inc.
2.33%, 01/03/05(b)(c)		876		875,816
Merrill Lynch & Co., Inc.
2.38%, 01/03/05(b)(c)		3,912		3,911,829
Morgan Stanley
2.33%, 01/03/05(b)(c)		727		726,835
2.33%, 01/03/05(b)(c)		1,597		1,597,240
Natexis Banque NY
2.297%, 01/03/05(b)(c)		5,572		5,571,384
Sedna Finance Corporation
2.372%, 01/14/05(b)(c)		1,494		1,493,560
Swedbank NY
2.362%, 01/18/05(b)(c)		803		802,402

				18,658,222

TIME DEPOSIT — 3.1%
Bank of America NA
1.50%, 01/03/05(b)		3,741		3,741,055
Chase Manhattan Bank
1.25%, 01/03/05(b)		9,679		9,678,545

				13,419,600


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 4.4%
BlackRock Institutional Money Market Trust(b)(j)		19,023,927		19,023,927
REGISTERED INVESTMENT COMPANIES — 1.5%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		3,130,187		3,130,187
BlackRock Provident Institutional Funds TempFund Portfolio(j)		3,130,186		3,130,186

				6,260,373

TOTAL SHORT-TERM INVESTMENTS (Cost $74,443,810)				74,443,810

TOTAL INVESTMENTS — 115.6% (Cost $441,542,232; Note 5)				498,045,998

LIABILITIES IN EXCESS OF OTHER ASSETS — (15.6%)				(67,302,707	)

NET ASSETS — 100.0%			$	430,743,291

191

AST T. ROWE PRICE ASSET ALLOCATION PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004

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

USD	United States Dollar

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

*	Non-income producing security.

(a)	All or a portion of securities on loan. Securities on loan have an aggregate market value of $66,213,904; cash collateral of $68,183,437 (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 the illiquid security is $8,322,538. The aggregate value, $8,516,946, represents 1.98% of net assets.

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

(j)	Security available to institutional investors only.

(l)	US$ Denominated Foreign Bonds.

(o)	Fair valued security.

(p)	Less than 1,000 par.


U.S. Government Agency Mortgage-Backed Securities	8.5	%
Financial Services	6.8
U.S. Treasury Obligations	6.6
Financial — Bank & Trust	5.9
Oil & Gas	5.9
Telecommunications	4.6
Retail & Merchandising	4.1
Pharmaceuticals	3.8
Insurance	3.8
Computer Services & Software	3.6
Electronic Components & Equipment	3.2
Utilities	3.2
Consumer Products & Services	2.9
Medical Supplies & Equipment	2.3
Collateralized Mortgage Obligations	2.3
Conglomerates	2.1
Entertainment & Leisure	2.1
Semiconductors	1.9
Computer Hardware	1.7
Chemicals	1.6
Real Estate	1.5
Beverages	1.4
Food	1.3
Aerospace	1.1
Healthcare Services	1.1
Metals & Mining	1.1
Automotive Manufacturers	1.0
Internet Services	1.0
Asset-Backed Securities	1.0
Transportation	0.9
Building Materials	0.8	%
Business Services	0.8
Broadcasting	0.7
Machinery & Equipment	0.7
Printing & Publishing	0.7
Restaurants	0.7
U.S. Government Agency Obligations	0.7
Cable Television	0.6
Paper & Forest Products	0.6
Automotive Parts	0.5
Industrial Products	0.5
Advertising	0.3
Construction	0.3
Containers & Packaging	0.3
Financial — Brokerage	0.3
Railroads	0.3
Clothing & Apparel	0.2
Environmental Services	0.2
Hotels & Motels	0.2
Office Equipment	0.2
Foreign Government Bonds	0.2
Airlines	0.1
Personal Services	0.1
Short-Term Investments	17.3

	115.6
Liabilities in excess of other assets	(15.6	)

	100.0	%

See Notes to Financial Statements.

192

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)#		VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 74.5%
FOREIGN BONDS — 47.8%
AUSTRALIA — 0.2%
Eurofima, Sr. Notes
6.50%, 08/22/11	Aaa	AUD	985	$	806,257

AUSTRIA — 2.0%
Republic of Austria, Notes
5.25%, 01/04/11	Aaa	EUR	700		1,057,143
Republic of Austria, Unsub. Notes
4.00%, 07/15/09	Aaa	EUR	4,400		6,230,464

					7,287,607

BELGIUM — 0.3%
Belgium Kingdom, Notes
5.00%, 03/28/35	Aa1	EUR	740		1,119,050

CANADA — 2.7%
Alcan, Inc., Bonds
6.125%, 12/15/33	Baa1		190		201,794
Canadian Government, Bonds
6.00%, 06/01/11	Aaa	CAD	800		742,678
5.25%, 06/01/12	Aaa	CAD	1,905		1,704,221
5.25%, 06/01/13	Aaa	CAD	900		805,647
5.00%, 06/01/14	Aaa	CAD	5,200		4,573,085
5.75%, 06/01/29	Aaa	CAD	815		768,507
Canadian Natural Resources Ltd., Notes
7.20%, 01/15/32	Baa1		195		231,153
Canadian National Railway Co., Bonds
6.25%, 08/01/34	Baa1		180		195,453
Encana Holdings Finance Corp., Gtd. Notes
5.80%, 05/01/14	Baa1		205		218,943
Ford Credit Canada, Sr. Notes
7.25%, 12/07/07	A3	GBP	90		177,616
Telus Corp., Notes
8.00%, 06/01/11	Baa3		135		160,191

					9,779,288

CHILE — 0.1%
Celulosa Arauco y Constitucion SA, Notes
5.125%, 07/09/13	Baa2		225		223,286

DENMARK — 1.8%
Kingdom of Denmark, Bonds
8.00%, 03/15/06	Aaa	DKK	33,350		6,487,623

FINLAND — 1.2%
Finland Government, Bonds
5.00%, 07/04/07	Aaa	EUR	3,000		4,310,307

FRANCE — 5.1%
BNP Paribas SA, Sub. Notes
5.625%, 08/07/08	Aa3	EUR	150		221,161
5.25%, 12/17/12	Aa3	EUR	100		150,110
Credit Lyonnais SA, Sub. Notes
5.00%, 11/15/12	A1	EUR	300		430,842
Dexia Credit Local, Notes
5.25%, 04/25/08	Aa2	EUR	270		393,365
France Telecom SA, Notes
8.50%, 03/01/11	Baa3		170		203,043
France Telecom SA, Sr. Unsub. Notes
7.00%, 12/23/09	Baa3	EUR	435		684,791
French Government, Bonds
5.50%, 04/25/10	Aaa	EUR	3,500		5,313,758
5.00%, 04/25/12	Aaa	EUR	3,500		5,242,745
4.75%, 10/25/12	Aaa	EUR	2,155		3,189,388
5.50%, 04/25/29	Aaa	EUR	1,280		2,069,609
5.75%, 10/25/32	Aaa	EUR	330		555,056
Vivendi Environment, Sr. Notes
5.875%, 06/27/08	Baa1	EUR	100		148,012

					18,601,880

GERMANY — 10.9%
German Government, Bonds
5.00%, 05/20/05	Aaa	EUR	4,450		6,109,643
6.00%, 01/05/06	Aaa	EUR	4,200		5,918,312
6.00%, 07/04/07	Aaa	EUR	2,800		4,112,129
4.25%, 02/15/08	Aaa	EUR	2,200		3,124,404
4.75%, 07/04/08	Aaa	EUR	5,350		7,733,705
5.25%, 01/04/11	Aaa	EUR	1,730		2,609,951
5.00%, 01/04/12	Aaa	EUR	3,000		4,495,001
4.25%, 01/04/14	Aaa	EUR	1,250		1,783,196
5.50%, 01/04/31	Aaa	EUR	2,400		3,893,507

					39,779,848

193

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)#		VALUE (NOTE 2)
GREECE — 0.5%
Greek Government, Bonds
6.50%, 01/11/14	A+	(d)	EUR	1,075	$	1,767,201

IRELAND — 0.9%
Irish Government, Bonds
4.25%, 10/18/07	Aaa		EUR	2,000		2,833,057
Irish Life & Permanent PLC, Sub. Notes
6.25%, 02/15/11	A2		EUR	200		309,626

						3,142,683

ITALY — 4.5%
Italy Treasury, Bonds
5.00%, 10/15/07	Aa2		EUR	3,320		4,794,031
5.50%, 11/01/10	Aa2		EUR	1,525		2,322,726
5.25%, 08/01/11	Aa2		EUR	1,170		1,768,907
7.25%, 11/01/26	Aa2		EUR	660		1,273,537
6.00%, 05/01/31	Aa2		EUR	840		1,428,290
Italy Treasury, Debs.
6.75%, 07/01/07	Aa2		EUR	2,920		4,366,589
UniCredito Italiano SPA, Sub. Notes
6.10%, 02/28/12	Aa3		$	150		233,208

						16,187,288

JAPAN — 7.7%
Japanese Government, Bonds
0.60%, 09/20/09	A2		JPY	1,177,500		11,514,312
1.30%, 06/20/11	A2		JPY	86,700		870,052
1.40%, 03/20/12	A2		JPY	186,400		1,869,104
1.10%, 09/20/12	A2		JPY	380,000		3,709,192
1.00%, 12/20/12	A2		JPY	614,100		5,927,788
1.30%, 12/20/13	A2		JPY	81,900		798,918
2.00%, 06/20/22	A2		JPY	305,500		3,027,905

						27,717,271

MEXICO — 1.4%
America Movil SA de CV, Company Gtd. Notes
5.50%, 03/01/14	Baa1			115		113,897
Mexican Government, Bonds
9.00%, 12/20/12	A-	(d)	MXN	56,800		4,936,851
Telefonos de Mexico SA de CV, Notes
4.50%, 11/19/08	A3			105		105,962

						5,156,710

NETHERLANDS — 2.1%
Deutsche Telekom International Finance BV, Gtd. Notes
8.75%, 06/15/30	Baa2			185		245,014
Deutsche Telekom International Finance BV, Gtd. Notes
7.50%, 05/29/07	Baa3		EUR	390		585,115
E.ON International Finance BV, Gtd. Notes
5.75%, 05/29/09	A1		EUR	200		300,165
ING Bank NV, Sub. Notes
5.125%, 05/01/15 144A (cost $111,769; purchased 05/06/03)(g)	Aa3			110		110,489
Netherlands Government, Bonds
5.75%, 02/15/07	Aaa		EUR	660		955,468
5.00%, 07/15/12	Aaa		EUR	1,205		1,810,617
4.25%, 07/15/13	Aaa		EUR	2,220		3,172,406
Telecom Italia Fin NV
5.875%, 01/24/08	Baa2		EUR	250		366,381

						7,545,655

SPAIN — 0.8%
Spanish Government, Bonds
6.00%, 01/31/29	Aaa		EUR	1,130		1,938,284
5.75%, 07/30/32	Aaa		EUR	560		939,816

						2,878,100

SWEDEN — 0.3%
Swedish Government, Bonds
5.00%, 01/28/09	Aaa		SEK	7,400		1,192,050

UNITED KINGDOM — 5.3%
Abbey National PLC, Sub. Notes
4.625%, 02/11/11	A1		EUR	200		288,172
HBOS PLC, Sub. Bonds
6.00%, 11/01/33 144A(cost $177,884; purchased 10/22/03)(g)	Aa3			180		188,132
HBOS Treasury Services PLC, Gtd. Notes
4.75%, 02/06/07	Aa2		EUR	300		424,908

194

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)#			VALUE (NOTE 2)
Imperial Tobacco Finance, Gtd. Notes
6.375%, 09/27/06	Baa3			EUR	250	$	359,926
Merrill Lynch & Co., Sr. Unsub. Notes
7.375%, 12/17/07	Aa3			GBP	90		184,030
Monumental Global Funding, Sec’d. Notes
5.75%, 03/20/07	Aa3			GBP	120		234,149
NGG Finance PLC, Gtd. Notes
5.25%, 08/23/06	Baa1			EUR	200		282,759
Rio Tinto Finance PLC, Gtd. Notes
5.125%, 05/10/07	Aa3			EUR	200		285,626
Union Bank of Switzerland London, Sub. Notes
8.00%, 01/08/07	Aa3			GBP	207		421,101
United Kingdom Treasury, Bonds GBP
5.75%, 12/07/09	Aaa			GBP	4,525		9,169,523
5.00%, 03/07/12	AAA	(d)		GBP	950		1,878,629
4.25%, 06/07/32	Aaa			GBP	2,620		4,895,908
United Utilities Water PLC, Gtd. Notes
6.625%, 11/08/07	A2			EUR	200		298,749
WPD Holdings UK, Jr. Unsub. Notes
6.875%, 12/15/07 144A (cost $122,197; purchased 11/06/03)(g)	Baa2		$		120		128,111

							19,039,723

TOTAL FOREIGN BONDS (Cost $146,924,097)							173,021,827

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 7.8%
FEDERAL HOME LOAN MORTGAGE CORP.
4.50%, 07/15/11 - 05/01/19					1,138		1,042,152
4.571%, 09/01/32					188		189,592
5.00%, 12/01/08 - 12/01/33					2,338		2,347,796
6.00%, 05/01/17 - 10/01/32					584		606,224
7.00%, 10/10/30 - 11/01/30					69		73,590

							4,259,354

FEDERAL NATIONAL MORTGAGE ASSOC.
2.91%, 07/25/29					275		274,244
4.50%, 05/01/18					466		465,253
5.00%, 03/01/18 - 04/01/34					4,238		4,243,813
5.50%, 04/01/17 - 12/01/34					7,537		7,714,349
6.00%, 05/01/33 - 11/01/34					3,515		3,637,840
6.50%, 09/01/10 - 12/01/32					2,244		2,359,652
7.00%, 12/01/29 - 01/01/31					116		123,229

							18,818,380

GOVERNMENT NATIONAL MORTGAGE ASSOC.
5.00%, 07/15/33 - 02/20/34					1,996		1,997,541
5.50%, 01/20/34					357		364,885
5.50%, 01/01/34 [TBA]					822		838,954
6.00%, 01/01/33					275		284,969
6.50%, 05/15/16 - 12/20/33					973		1,035,670
7.00%, 03/15/13 - 12/15/13					270		288,037
7.50%, 09/15/30 - 11/15/32					275		295,618

							5,105,674

TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $28,010,018)							28,183,408

CORPORATE OBLIGATIONS — 6.0%
AEROSPACE
Boeing Co., Debs.
8.75%, 08/15/21	A3				125		167,449

AUTOMOBILE MANUFACTURERS — 0.2%
DaimlerChrysler NA Holding Corp., Gtd. Notes
2.94%, 09/10/07	A3				150		150,607
Daimlerchrysler NA Holding Corp., Notes
6.50%, 11/15/13	A3				235		255,317
General Motors Corp., Debs.
8.375%, 07/15/33	Baa1				275		285,712

							691,636

195

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)#		VALUE (NOTE 2)
AUTOMOTIVE PARTS
Lear Corp., Gtd. Notes
5.75%, 08/01/14 144A(cost $74,853; purchased 07/29/04)(g)	Baa3	$	75	$	75,849

BROADCASTING — 0.1%
Chancellor Media Corp., Gtd. Notes
8.00%, 11/01/08	Ba1		100		112,372
Hearst-Argyle Television, Inc., Sr. Notes
7.00%, 01/15/18	Baa3		180		202,278
News America Inc., Bonds
6.20%, 12/15/34 144A(cost $109,126; Purchased 11/30/04)(g)	Baa3		110		111,868

					426,518

BUILDING MATERIALS — 0.1%
Masco Corp., Notes
5.875%, 07/15/12	Baa1		245		262,967

CHEMICALS
Dow Chemical Co., Notes
6.125%, 02/01/11	A3		150		164,507

COMPUTER HARDWARE — 0.1%
International Business Machines Corp., Notes
4.25%, 09/15/09	A1		230		232,967

COMPUTER SERVICES & SOFTWARE
Sungard Data Systems, Inc., Notes
3.75%, 01/15/09	Baa2		110		106,933

CONSTRUCTION
Centex Corp., Sr. Notes
4.55%, 11/01/10	Baa2		140		139,472

CONSUMER PRODUCTS & SERVICES — 0.1%
Bunge Limited Finance Corp., Gtd. Notes
4.375%, 12/15/08	Baa3		205		206,759
UST, Inc., Notes
6.625%, 07/15/12	A3		190		212,473

					419,232

CONTAINERS & PACKAGING — 0.1%
Sealed Air Corp., Sr. Notes
5.375%, 04/15/08 144A(cost $217,231; purchased 04/09/03 - 06/26/03)(g)	Baa3		215		223,555

ENTERTAINMENT & LEISURE — 0.1%
AOL Time Warner, Inc., Gtd. Bonds
7.625%, 04/15/31	Baa1		210		254,848
Belo Corp.
8.00%, 11/01/08	Baa3		80		90,478
Gtech Holdings Corp., Notes
4.50%, 12/01/09 144A(cost $119,805; purchased 11/16/04)(g)	Baa1		120		120,123

					465,449

FINANCIAL — BANK & TRUST — 0.4%
ABN AMRO Bank NV, Sub. Notes
7.125%, 06/18/07	A1		215		232,787
Bank of America Corp., Sr. Notes
6.125%, 12/16/10	Aa2	GBP	215		435,997
Bank One Corp., Sub. Notes
5.25%, 01/30/13	A1		285		293,168
BB&T Corp., Sub. Notes
6.50%, 08/01/11	A2		90		100,523
Northern Trust Co., Sub. Notes
4.60%, 02/01/13	A1		155		152,770
US Bank NA, Notes
2.87%, 02/01/07	Aa2		140		138,857
Webster Bank, Sr. Notes
5.125%, 04/15/14	Baa3		205		204,087

					1,558,189

FINANCIAL SERVICES — 1.7%
Capital One Bank, Sub. Notes
6.50%, 06/13/13	Baa3		125		136,810
CIT Group, Inc., Sr. Notes
7.75%, 04/02/12	A2		235		278,566
Countrywide Home Loan, Inc., Notes
4.125%, 09/15/09	A3		185		184,365

196

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)#		VALUE (NOTE 2)
Duke Capital Corp., Notes
4.302%, 05/18/06	Baa3	$	100	$	101,241
Ford Motor Credit Co., Notes
3.24%, 11/16/06	A3		100		99,931
5.625%, 10/01/08	A3		450		460,359
Franklin Resources, Inc., Notes
3.70%, 04/15/08	A2		80		79,872
General Electric Capital Corp., Notes
6.125%, 02/22/11	Aaa		145		159,036
General Electric Capital Corp., Sr. Unsub. Notes
5.125%, 06/20/07	Aaa	EUR	425		609,751
General Electric Capital Corp., Unsub. Notes
6.00%, 06/15/12	Aaa		240		262,004
General Motors Acceptance Corp., Notes
7.25%, 03/02/11	A3		250		262,065
General Motors Acceptance Corp., Notes
6.00%, 07/03/08	A3	EUR	190		268,279
Goldman Sachs Group, Inc., Sub. Bonds
6.345%, 02/15/34	A1		395		412,707
Household Finance Corp., Unsub. Notes
5.125%, 06/24/09	A1	EUR	100		146,243
International Lease Finance Corp., Notes
6.375%, 03/15/09	A1		170		184,280
John Deere Capital Corp., Notes
7.00%, 03/15/12	A3		280		323,295
John Hancock Global Funding Ltd., Sec’d. Notes
3.875%, 02/08/06	AA	EUR	200		275,289
JPMorgan Chase & Co., Notes
3.875%, 12/03/08	A1	EUR	250		349,377
MBNA America Bank NA, Notes
4.625%, 08/03/09	Baa1		175		178,364
MBNA America Bank NA, Sub. Notes
7.125%, 11/15/12	Baa2		80		91,140
Morgan Stanley, Notes
3.625%, 04/01/08	Aa3	$	170		169,198
Morgan Stanley, Sr. Notes
4.375%, 03/01/10	Aa3	EUR	200		284,157
Verizon Global Funding Corp., Notes
7.75%, 12/01/30	A2		245		305,571
Wells Fargo & Co., Notes
2.59%, 03/23/07(c)	Aa1		235		235,253

					5,857,153

FOOD — 0.1%
McCormick & Co., Inc., Notes
6.40%, 02/01/06	A2		310		321,612

FOREST PRODUCTS
Weyerhaeuser Co., Debs.
7.375%, 03/15/32	Baa2		45		53,535

HEALTHCARE SERVICES
Highmark, Inc., Notes
6.80%, 08/15/13 144A(cost $137,863; purchased 08/14/03- 10/12/04)(g)	Baa3		135		147,491

HOTELS & MOTELS
Harrahs Operating Co., Inc., Gtd. Notes
5.50%, 07/01/10	Baa3		90		93,271

INSURANCE — 0.4%
Ace INA Holdings, Inc., Notes
5.875%, 06/15/14	A3		155		159,079
Allstate Financial Global Funding LLC,
5.25%, 02/01/07 144A(cost $264,556; purchased 01/24/02)(g)	Aa2		265		274,062
Fund American Cos., Inc., Notes
5.875%, 05/15/13	Baa2		200		203,885
Genworth Financial, Inc., Notes
5.75%, 06/15/14	A2		185		196,069
Nationwide Financial Services, Inc., Sr. Notes
5.90%, 07/01/12	A3		200		211,513

197

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)#		VALUE (NOTE 2)
Nationwide Mutual Insurance Co., Bonds
6.60%, 04/15/34 144A(cost $114,748; purchased 03/31/04)(g)	A2	$	115	$	115,505
NLV Financial Corp., Sr. Notes
7.50%, 08/15/33 144A(cost $146,368; purchased 08/20/03-12/03/03)(g)	Baa3		145		155,831
Security Benefit Life Insurance Co., Notes
7.45%, 10/01/33 144A(cost $94,788; purchased 09/26/03)(g)	Baa1		95		99,651
XL Capital Ltd., Gtd. Notes
6.50%, 01/15/12	A2		170		186,335

					1,601,930

MEDICAL SUPPLIES & EQUIPMENT — 0.1%
Hospira, Inc., Notes
4.95%, 06/15/09 144A	Baa3		195		199,398

OIL & GAS — 0.9%
Amerada Hess Corp., Bonds
7.875%, 10/01/29	Ba1		135		160,208
Baker Hughes, Inc., Sr. Notes
6.875%, 01/15/29	A2		300		351,281
Buckeye Partners L.P., Notes
6.75%, 08/15/33	Baa2		95		105,168
Buckeye Partners, Notes
5.30%, 10/15/14	Baa2		50		50,739
ConocoPhillips, Gtd. Bonds
5.90%, 10/15/32	A3		180		188,983
Devon Financing Corp. ULC, Gtd. Bonds
7.875%, 09/30/31	Baa2		210		265,245
Diamond Offshore Drilling, Inc., Sr. Notes
5.15%, 09/01/14 144A(cost $115,402; purchased 11/30/04)(g)	Baa2		115		116,520
Duke Capital LLC, Sr. Notes
6.25%, 02/15/13	Baa3		190		205,677
Halliburton Co., Notes
2.85%, 01/26/07 144A(cost $198,811; purchased 05/07/04)(g)	Baa2		200		200,191
Kaneb Pipe Line Operating Partnership L.P., Sr. Notes
7.75%, 02/15/12	Ba1		145		167,929
Kinder Morgan, Inc., Sr. Notes
6.50%, 09/01/12	Baa2		235		258,699
Panhandle Eastern Pipe Line Co., Sr. Notes
4.80%, 08/15/08	Baa3		90		91,994
Pemex Project Funding Master Trust, Gtd. Bonds
7.375%, 12/15/14	Baa1		130		144,820
Pemex Project Funding Master Trust, Notes
3.79%, 06/15/10 144A(cost $193,707; purchased 06/08/04)(g)	Baa1		195		200,558
Pioneer Natural Resource Co., Sr. Notes
5.875%, 07/15/16	Baa3		90		94,221
Plains All American Pipeline L.P., Gtd.
7.75%, 10/15/12	Ba1		75		87,862
Transocean, Inc., Notes
7.50%, 04/15/31	Baa2		130		160,524
XTO Energy, Inc., Sr. Notes
6.25%, 04/15/13	Baa3		130		142,504

					2,993,123

PAPER & FOREST PRODUCTS
Weyerhaeuser Co., Notes
6.75%, 03/15/12	Baa2		105		118,488

198

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)#		VALUE (NOTE 2)
PHARMACEUTICALS — 0.1%
Amgen, Inc., Sr. Notes
4.00%, 11/18/09 144A(cost $109,788; purchased 11/15/04- 12/14/04)(g)	A2	$	110	$	109,779
GlaxoSmithKline Capital, Inc., Gtd. Notes
5.375%, 04/15/34	Aa2		140		139,578
Wyeth, Inc., Bonds
6.50%, 02/01/34	Baa1		115		123,107

					372,464

REAL ESTATE — 0.3%
Developers Diversified Realty Corp., Notes
3.875%, 01/30/09	Baa3		145		142,425
EOP Operating L.P., Notes
4.65%, 10/01/10	Baa2		135		135,786
Lennar Corp., Notes
5.50%, 09/01/14 144A(cost $130,323; purchased 08/05/04- 10/07/04)(g)	Baa3		130		132,014
NVR, Inc.
5.00%, 06/15/10	Baa3		140		140,700
Pulte Homes, Inc., Gtd. Notes
7.875%, 08/01/11	Baa3		165		191,663
Reckson Operating Partnership L.P., Notes
5.15%, 01/15/11	Ba1		180		181,789
Simon Property Group L.P., Notes
3.75%, 01/30/09	Baa2		190		187,164

					1,111,541

RETAIL & MERCHANDISING — 0.1%
CVS Corp., Notes
4.00%, 09/15/09	A3		95		94,654
Federated Department Stores, Inc., Sr. Notes
6.625%, 04/01/11	Baa1		145		162,335
Kroger Co., Gtd. Notes
8.05%, 02/01/10	Baa1		170		199,207
May Department Stores Co. Notes
3.95%, 07/15/07	Baa2		50		50,114

					506,310

TELECOMMUNICATIONS — 0.2%
AT&T Broadband Corp., Gtd. Notes
8.375%, 03/15/13	Baa3		200		247,000
Sprint Capital Corp., Gtd. Notes
6.90%, 05/01/19	Baa3		210		235,475
United States Cellular Corp., Notes
6.70%, 12/15/33	Baa1		115		119,530

					602,005

UTILITIES — 0.9%
Alabama Power Co., Sr. Notes	A2		165		165,202
1.94%, 02/25/05
Appalachian Power Co., Sr. Notes
4.80%, 06/15/05	Baa2		225		226,928
Black Hills Corp., Notes
6.50%, 05/15/13	Baa3		230		236,103
Centerpoint Energy, Inc., Sr. Notes Series B
5.875%, 06/01/08	Ba2		130		136,135
Cleveland Electric Illuminating Co., Sr.
5.65%, 12/15/13	Baa3		190		197,397
Dominion Resources, Inc., Sr. Notes
5.00%, 03/15/13	Baa1		130		131,017
Exelon Generation Co. LLC, Notes
5.35%, 01/15/14	Baa1		170		174,626
Pacific Gas and Electric Co., First Mortgage Notes
2.72%, 04/03/06(c)	Baa2		60		60,054
6.05%, 03/01/34	Baa2		150		156,335
Pinnacle West Capital Corp., Sr. Notes
6.40%, 04/01/06	Baa2		190		195,602
PPL Capital Funding, Gtd. Notes
4.33%, 03/01/09	Baa3		195		192,911
Progress Energy, Inc., Sr. Notes
6.75%, 03/01/06	Baa2		115		119,364
PSE&G Power LLC, Gtd. Bonds
8.625%, 04/15/31	Baa1		110		146,503

199

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)#		VALUE (NOTE 2)
Public Service Co. of New Mexico, Sr. Notes
4.40%, 09/15/08	Baa3		$	185	$	186,704
Puget Sound Energy, Inc., Notes
2.37%, 01/15/05	Baa2			180		180,151
Sempra Energy Co., Notes
6.00%, 02/01/13	Baa1			240		256,558
TXU Energy Co., Notes
2.838%, 01/17/06	Baa2			43		43,131
Westar Energy Inc., First Mortgage Notes
7.875%, 05/01/07	Ba1			100		109,245

						2,913,966

TOTAL CORPORATE OBLIGATIONS (Cost $20,520,443)						21,827,010

U.S. TREASURY OBLIGATIONS — 5.8%
U.S. Treasury Bonds
7.50%, 11/15/16				580		741,381
8.50%, 02/15/20				150		211,746
6.25%, 08/15/23				260		304,474
6.00%, 02/15/26				970		1,111,446
6.50%, 11/15/26				615		747,346
6.25%, 05/15/30				525		627,847
5.375%, 02/15/31				1,255		1,357,459
U.S. Treasury Inflationary Bonds
2.25%, 01/15/25 TIPS				860		931,645
U.S. Treasury Notes
1.50%, 02/28/05				3,645		3,643,578
1.625%, 04/30/05				395		394,152
6.50%, 08/15/05				250		256,162
1.875%, 11/30/05				665		660,013
3.50%, 11/15/06				840		847,351
3.375%, 11/15/08				1,265		1,261,987
3.375%, 12/15/08(k)				1,655		1,650,282
4.00%, 06/15/09				4,325		4,408,629
5.00%, 08/15/11				725		772,040
4.25%, 11/15/13				1,035		1,041,833
4.75%, 05/15/14				145		151,151

TOTAL U.S. TREASURY OBLIGATIONS (Cost $21,022,715)						21,120,522

COLLATERALIZED MORTGAGE OBLIGATIONS — 2.8%
Banc of America Commercial Mortgage, Inc. Series 2004-6 Cl-A1
3.801%, 12/10/42	AAA	(d)		95		95,086
Bank of America Commercial Mortgage, Inc., Series 2003-1, Class A2
4.648%, 09/11/36	AAA	(d)		500		502,240
Bank of America Mortgage Securities, Series 2003-L, Class 2A2
4.311%, 01/25/34	Aaa			688		688,923
Bank of America Mortgage Securities, Series 2004-A, Class 2A2
4.147%, 02/25/34	AAA	(d)		351		345,343
Bank of America Mortgage Securities, Series 2004-D, Class 2A2
4.222%, 05/25/34	AAA	(d)		139		138,874
Bank of America Mortgage Securities, Series 2004-H, Class 2A2
4.814%, 09/25/34	Aaa			191		191,918
Bank of America Mortgage Securities, Series 2004-I, Class 3A2
5.005%, 10/25/34	AAA	(d)		185		185,352
Bear Stearns Commercial Mortgage Securities, Series 2002-Top8, Class A2
4.83%, 08/15/38	AAA	(d)		935		947,809
Bear Stearns Commercial Mortgage Securities, Series 2004-Pwr6, Class A1
3.688%, 11/11/41	AAA	(d)		75		75,062

200

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)#		VALUE (NOTE 2)
Citigroup Commercial Mortgage Trust, Series 2004-C2, Class A1
3. 787%, 10/15/41	Aaa		$	70	$	69,913
CS First Boston Mortgage Securities Corp., Series 2004-C5, Class A4
4.829%, 11/15/37	Aaa			475		472,409
DLJ Commercial Mortgage Corp., Series 1999-CG2, Class A1B
7.30%, 06/10/32	Aaa			450		506,386
Fannie Mae REMIC Trust Series, 2003-92, Class NM
3.50%, 04/25/13	Aaa			300		300,161
Fannie Mae REMIC Trust, Series 2002-74, Class PJ
5.00%, 03/25/15	Aaa			700		715,287
Fannie Mae Strip, Series 319, Class 2
6.50%, 02/01/32 IO	Aaa			69		13,265
Fannie Mae, Series 2003-40, Class NI
5.50%, 04/01/33 IO	Aaa			343		24,264
Freddie Mac, Series 2614, Class IH
4.50%, 05/15/16 IO	Aaa			303		46,445
Freddie Mac, Series 2627, Class IE
4.50%, 04/15/18 IO	Aaa			156		18,486
Freddie Mac, Series 2631, Class KI
4.50%, 01/15/15 IO	Aaa			540		44,579
Freddie Mac, Series 2631, Class LI
4.50%, 06/15/11 IO	Aaa			248		13,580
Freddie Mac, Series 2631, Class PC
4.50%, 03/15/16	Aaa			1,000		1,017,306
Freddie Mac, Series 2686, Class JG
5.50%, 04/15/28	Aaa			925		949,237
Freddie Mac., Series 2882, Class Yb
5.00%, 10/15/27	Aaa			225		229,075
Freddie Mac., Series 2890, Class Pb
5.00%, 11/15/27	Aaa			700		712,678
General Electric Capital Commercial Mortgage Corp., Series 2001-1, Class A2
6.531%, 05/15/33	Aaa			550		612,327
Government National Mortgage Assoc., Series 2004-23, Class B
2.946%, 03/16/19	Aaa			240		233,337
GS Mortgage Securities Corp., Series 2004-GG2, Class A2
4.293%, 08/01/38	Aaa			140		141,730
JP Morgan Chase Commercial Mortgage Finance Corp., Series 2001-CIB2, Class A2
6.244%, 04/15/35	AAA	(d)		225		240,820
JP Morgan Chase Commercial Mortgage Finance Corp., Series 2001-CIBC, Class A3
6.26%, 03/15/33	AAA	(d)		440		483,855
Washington Mutual Mortgage Securities Corp., Series 2004-AR1, Class A
4.229%, 03/25/34	Aaa			207		205,733

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $10,299,621)						10,221,480

ASSET-BACKED SECURITIES — 1.8%
BankBoston Home Equity Loan Trust, Series 1998-1, Class A6
6.35%, 02/25/13	Aaa			244		249,346
Capital Auto Receivables Asset Trust, Series 2002-2, Class CTFS
4.18%, 10/15/07	Aaa			76		76,255
Chase Funding Mortgage Loan Asset-Backed, Series 2002-2, Class 1M1
5.599%, 09/25/31	Aa2			60		61,175

201

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)#		VALUE (NOTE 2)
Chase Funding Mortgage Loan Asset-Backed, Series 2003-1, Class 1A6
4.458%, 03/25/14	Aaa		$	500	$	500,785
Chase Manhattan Auto Owner Trust, Series 2001-B, Class CTFS
3.75%, 05/15/08	A1			75		75,601
Chase Manhattan Auto Owner Trust, Series 2003-A, Class A4
2.06%, 12/15/09	Aaa			455		443,880
Citibank Credit Card Issuance Trust, Series 2000-A3, Class A3
6.875%, 11/15/09	Aaa			825		898,376
Citibank Credit Card Issuance Trust, Series 2001-A1, Class A1
6.90%, 10/15/07	Aaa			150		154,576
Citibank Credit Card Issuance Trust, Series 2001-C1, Class C1
3.15%, 01/15/10(c)	Baa2			250		255,349
3.053%, 07/15/13	Baa2			300		302,716
Countrywide Asset-Backed Certificates, Series 2003-5, Class AF3
3.613%, 04/25/30	Aaa			340		339,829
Countrywide Home Loans, Series 2003-60, Class 2A1
4.986%, 02/25/34	Aaa			94		94,298
Greenwich Capital Commercial Funding Corp., Series 2004 - GG1A, Class A2
3.835%, 10/08/08	Aaa			375		376,142
Harley-Davidson Motorcycle Trust, Series 2001-1, Class B
5.29%, 01/15/09	A2			66		66,314
Hyundai Auto Receivables Trust, Series 2003-A, Class A4
3.02%, 10/15/10	Aaa			200		197,872
Hyundai Auto Receivables Trust, Series 2003-A, Class D
4.06%, 10/15/10	Baa2			90		90,600
MBNA Master Credit Card Trust, Series 2000-D, Class C
8.40%, 09/15/09 144A (cost $690,017; purchased 05/16/02 - 12/06/02)(g)	BBB	(d)		650		714,700
Morgan Stanley Auto Loan Trust, Series 2004-HB1, Class C
2.88%, 10/15/11	Baa2			130		129,795
PECO Energy Transition Trust, Series 2001-A, Class A1
6.52%, 12/31/10	Aaa			475		528,051
Reliant Energy Transition Bond Co. LLC, Series 2001-1, Class A4
5.63%, 09/15/15	Aaa			275		294,352
World Financial Network Credit Card Master Trust, Series 2003-A, Class A2
2.773%, 05/15/12(c)	Aaa			500		503,254

TOTAL ASSET-BACKED SECURITIES (Cost $6,323,141)						6,353,266

U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.7%
Federal Home Loan Bank
5.75%, 05/15/12				675		739,938
Federal Home Loan Mortgage Corp.
2.75%, 03/15/08				2,100		2,054,942

202

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)#		VALUE (NOTE 2)
Federal National Mortgage Assoc.
3.25%, 08/15/08			$	1,850	$	1,827,158
6.00%, 05/15/11				485		534,307
4.375%, 09/15/12				450		450,915
Student Loan Marketing Assoc.
2.30%, 01/26/09(c)				240		240,278
3.78%, 04/01/09(c)				155		154,673

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $5,911,483)						6,002,211

MUNICIPAL BONDS — 0.6%
CALIFORNIA — 0.1%
California State Economic Recovery Series B
5.00%, 07/01/23	Aa3			90		95,508
5.00%, 07/01/23	Aa3			95		102,723
California State Variable Purpose GO
5.25%, 04/01/34	Baa1			105		109,200

						307,431

KANSAS
Kansas State Development Finance Authority, Revenue Bonds
5.501%, 05/01/34	Aaa			125		126,838

MASSACHUSETTS — 0.1%
Massachusetts State Bonds, Series B
5.25%, 08/01/15	AAA	(d)		370		417,719

NEW YORK — 0.1%
New York State Urban Development Corp. Series A
5.25%, 01/01/09	Aa-	(d)		200		217,584

NORTH CAROLINA — 0.2%
North Carolina State Public Impt. Series A
5.25%, 03/01/13	Aa1			645		733,771


PUERTO RICO — 0.1%
Puerto Rico Public Finance Corp. Series A
5.25%, 08/01/29	Aaa			395		437,703

TOTAL MUNICIPAL BONDS (Cost $2,216,124)						2,241,046

SOVEREIGN ISSUES — 0.2%
CHILE — 0.1%
Republic of Chile, Bonds
5.50%, 01/15/13	Baa1			225		236,970

MEXICO — 0.1%
United Mexican States, Notes
2.752%, 01/13/09(c)	Baa2			140		142,065
6.375%, 01/16/13	Baa2			260		277,550

						419,615

SOUTH AFRICA
Republic of South Africa, Notes
6.50%, 06/02/14	Baa2			100		109,750

TOTAL SOVEREIGN ISSUES (Cost $718,938)						766,335


			UNITS
WARRANTS
Central Bank of Nigeria, expiring on 11/15/20 (Nigeria) (cost $0; purchased 09/15/98)(g)(o)				250		0
Republic of Venezuela, expiring on 04/15/20 (Venezuela) (cost $0; Purchased 01/12/99)(g)(o)				1,250		0
Travelcenters of America, expiring on 05/01/09 (cost $0; purchased 02/07/01)(g)				750		4,125

TOTAL WARRANTS (Cost $0)						4,125

TOTAL INVESTMENTS — 74.5% (Cost $241,946,580; Note 5)						269,741,230
OTHER ASSETS IN EXCESS OF LIABILITIES — 25.5%						92,275,742

NET ASSETS — 100.0%					$	362,016,972

203

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004

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.
ARS		Argentine Peso
AUD		Australian Dollar
CAD		Canadian Dollar
CNY		Chinese Yuan
DKK		Danish Krone
EUR		Euro
GBP		British Pound
IO		Interest Only
JPY		Japanese Yen
KRW		Korean Won
MXN		Mexican Peso
NOK		Norwegian Krone
PLZ		Polish Zloty
RUB		Russian Rouble
SEK		Swedish Krona
SGD		Singapore Dollar
TRL		Turkish Lira
TBA		Security purchased on a forward commitment basis
TIPS		Treasury Inflation Protection Securities

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

#		Principal amount is shown in U.S. dollars unless otherwise stated.
(c)		Indicates a variable rate security. The maturity date presented for these instruments is the 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 $3,129,235. The aggregate value, $3,228,554, represents 0.89% of net assets.
(k)		Securities with an aggregate market value of $55,840 have been segregated with the custodian to cover margin requirements for the following open futures contracts at December 31, 2004:


NUMBER OF CONTRACTS	TYPE	EXPIRATION MONTH	VALUE AT TRADE DATE		VALUE AT DECEMBER 31, 2004		UNREALIZED DEPRECIATION
SHORT POSITIONS:
	U.S. Treasury 5 Year Note
69		Mar 05	$	7,534,664	$	7,557,656	$	(22,992	)
	U.S. Treasury 10 Year Note
92		Mar 05		10,262,148		10,298,250		(36,102	)

							$	(59,094	)


(o)		Fair valued security.

204

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004

Foreign currency exchange contracts outstanding at December 31, 2004:

PURCHASE CONTRACTS


SETTLEMENT MONTH	TYPE	CONTRACTS TO RECEIVE	IN EXCHANGE FOR		CONTRACTS AT VALUE		UNREALIZED APPRECIATION (DEPRECIATION)
May 05	Buy ARS	3,922,512	$	1,292,000	$	1,319,600	$	27,600
Feb 05	Buy AUD	757,004		580,282		589,054		8,772
Feb 05	Buy CAD	4,507,916		3,681,465		3,751,982		70,517
Jul 05	Buy CNY	19,479,348		2,380,000		2,353,573		(26,427	)
Feb 05	Buy EUR	6,742,711		8,881,558		9,138,674		257,116
Feb 05	Buy GBP	198,016		380,000		377,999		(2,001	)
Feb 05	Buy JPY	4,166,916,744		39,837,213		40,782,448		945,235
Feb 05	Buy KRW	3,000,959,155		2,736,553		2,898,626		162,073
Feb 05	Buy MXN	36,376,725		3,149,919		3,233,789		83,870
Feb 05	Buy NOK	2,025,000		325,097		333,229		8,132
Feb 05	Buy PLZ	8,723,348		2,623,563		2,877,556		253,993
May 05	Buy RUB	73,045,500		2,562,997		2,635,116		72,119
Feb 05	Buy SEK	57,552,029		8,337,582		8,649,500		311,918
Feb 05	Buy SGD	466,675		283,590		286,231		2,641
Feb 05	Buy TRL	1,951,488,000,000		1,232,000		1,408,323		176,323
Mar 05	Buy TRL	2,022,107,300,000		1,387,000		1,439,663		52,663
Jun 05	Buy TRL	2,108,422,250,000		1,397,000		1,439,841		42,841

			$	81,067,819	$	83,515,204	$	2,447,385

SALE CONTRACTS
SETTLEMENT MONTH	TYPE	CONTRACTS TO DELIVER	IN EXCHANGE FOR		CONTRACTS AT VALUE		UNREALIZED APPRECIATION (DEPRECIATION)
Feb 05	Sell CAD	8,381,548	$	6,896,292	$	6,976,043	$	(79,751	)
Jul 05	Sell CNY	19,479,348		2,414,784		2,353,573		61,211
Feb 05	Sell DKK	27,854,061		4,864,063		5,075,653		(211,590	)
Feb 05	Sell EUR	23,582,459		30,774,338		31,962,275		(1,187,937	)
Feb 05	Sell GBP	2,397,919		4,415,673		4,577,475		(161,802	)
Feb 05	Sell JPY	1,319,911,006		12,593,360		12,918,233		(324,873	)
Feb 05	Sell MXN	31,083,489		2,724,470		2,763,235		(38,765	)
Feb 05	Sell PLZ	8,723,348		2,657,558		2,877,556		(219,998	)
Feb 05	Sell RUB	73,045,500		2,602,260		2,635,116		(32,856	)
Mar 05	Sell TRL	1,951,488,000,000		1,325,739		1,408,323		(82,583	)

			$	71,268,537	$	73,547,482	$	(2,278,944	)

205

AST T. ROWE PRICE GLOBAL BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


Foreign Bonds	47.8	%
U.S. Government Agency Mortgage-Backed Securities	7.8
U.S. Treasury Obligations	5.8
Collateralized Mortgage Obligations	2.8
Asset-Backed Securities	1.8
Financial Services	1.7
U.S. Government Agency Obligations	1.7
Oil & Gas	0.9
Utilities	0.9
Municipal Bonds	0.6
Financial — Bank & Trust	0.4
Insurance	0.4
Real Estate	0.3
Automobile Manufacturers	0.2
Sovereign Issues	0.2
Telecommunications	0.2
Broadcasting	0.1
Building Materials	0.1
Computer Hardware	0.1
Consumer Products & Services	0.1
Containers & Packaging	0.1
Entertainment & Leisure	0.1
Food	0.1
Medical Supplies & Equipment	0.1
Pharmaceuticals	0.1
Retail & Merchandising	0.1

	74.5
Liabilities in excess of other assets	25.5

	100.0	%

See Notes to Financial Statements.

206

AST GOLDMAN SACHS HIGH YIELD PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 95.0%
CORPORATE OBLIGATIONS — 94.4%
AEROSPACE — 1.6%
Argo-Tech Corp., Sr. Notes
9.25%, 06/01/11	B3	$	2,000	$	2,205,000
BE Aerospace, Inc., Sr. Sub. Notes
8.00%, 03/01/08	Caa3		625		628,906
8.875%, 05/01/11	Caa3		1,000		1,050,000
K & F Acquisition, Inc., Sr. Sub. Notes
7.75%, 11/15/14 144A	Caa1		3,000		3,112,500
Sequa Corp., Sr. Notes
9.00%, 08/01/09	B1		1,750		1,981,875
Standard Aero Holdings, Inc., Sr. Sub. Notes
8.25%, 09/01/14 144A	Caa1		1,250		1,356,250
TransDigm, Inc., Gtd. Notes
8.375%, 07/15/11	B3		2,000		2,155,000
Vought Aircraft Industry, Sr. Notes
8.00%, 07/15/11	B2		500		488,750

					12,978,281

AIRLINES — 0.2%
Continental Airlines, Inc., Notes
8.00%, 12/15/05	Caa2		1,000		980,000
Northwest Airlines, Inc., Gtd. Notes
10.00%, 02/01/09	Caa1		1,000		847,500

					1,827,500

AUTOMOTIVE PARTS — 2.9%
Accuride Corp., Sr. Sub. Notes, Series B
9.25%, 02/01/08	Caa1		800		816,000
Advanced Accessory System, Sr. Notes
10.75%, 06/15/11	B3		2,250		2,148,750
Affinia Group, Inc., Sr. Sub. Notes
9.00%, 11/30/14 144A	Caa1		1,500		1,571,250
Allied Holdings, Inc., Gtd. Notes, Series B
8.625%, 10/01/07	Caa1		1,000		806,250
Collins & Aikman Products, Sr. Sub. Notes
12.875%, 08/24/12 144A	B3		250		217,188
Dana Corp., Notes
9.00%, 08/15/11	Ba3		550		679,454
Delco Remy International, Inc., Sr. Sub. Notes
9.375%, 04/15/12	B3		2,250		2,317,500
Foamex L.P., Gtd. Notes
9.875%, 06/15/07	Caa2		325		268,125
10.75%, 04/01/09	B3		1,525		1,498,313
Goodyear Tire & Rubber Co., Notes
7.857%, 08/15/11	B2		3,000		3,059,999
Schefenaccker AG, Sr. Sub. Notes (Netherlands)
9.50%, 02/11/14	B2	EUR	1,000		1,165,557
Stoneridge, Inc., Gtd. Notes
11.50%, 05/01/12	B2		750		875,625
Tenneco Automotive, Inc., Sr. Sub. Notes
8.625%, 11/15/14 144A(cost $500,000; purchased 11/09/04)(g)	B3		500		522,500
TRW Automotive, Inc., Sr. Sub. Notes
11.00%, 02/15/13	B2		3,721		4,502,409
United Components, Inc., Sr. Sub. Notes
9.375%, 06/15/13	B3		1,750		1,907,500


					22,356,420

BUILDING MATERIALS — 3.4%
ACIH, Inc., Sr. Disc. Notes, Zero Coupon (until 12/15/07)
11.50%, 12/15/05 144A(cost $628,461; purchased 12/21/04)(g)	Caa3		875		636,563

207

AST GOLDMAN SACHS HIGH YIELD PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Associated Materials, Inc., Gtd. Notes
9.75%, 04/15/12	B3	$	1,125	$	1,262,813
Associated Materials, Inc., Sr. Disc. Notes, Zero Coupon (until 03/01/09)
11.25%, 03/01/14	Caa2		2,650		1,921,250
Culligan Finance Corp. BV, Sr. Notes (Netherlands)
8.00%, 10/01/14 144A(cost $1,395,131; purchased 09/21/04)(g)	B3	EUR	1,125		1,613,259
8.00%, 10/01/14 144A(cost $155,028; purchased 09/21/04)(g)	B3	EUR	125		179,251
Erico International Corp., Sr. Sub. Notes
8.875%, 03/01/12	B3		1,875		1,978,125
FIMEP SA, Sr. Notes (France)
10.50%, 02/15/13(l)	B1		3,500		4,165,000
Goodman Global Holdings, Sr. Sub. Notes
7.875%, 12/15/12 144A(cost $625,000; purchased 12/15/04)(g)	Caa1		625		621,875
Grohe Holding GMBH, Sr. Notes (Germany)
8.625%, 10/01/14	B3	EUR	5,000		7,339,949
Norcraft Cos. LLC, Sr. Sub. Notes
9.00%, 11/01/11	B3		1,350		1,464,750
Norcraft Holdings, Sr. Disc. Notes, Zero Coupon (until 09/01/08)
9.75%, 09/01/12	Caa1		750		566,250
Nortek, Inc., Sr. Sub. Notes
8.50%, 09/01/14 144A	B3	$	2,000		2,100,000
Sanitec International SA, Sr. Notes (Luxembourg)
9.00%, 05/15/12	B3	EUR	2,000		3,044,719

					26,893,804

CAPITAL GOODS — OTHERS — 0.7%
Altra Industrial Motion, Sec’d. Notes
9.00%, 12/01/11 144A (cost $883,750; purchased 11/22/04-12/21/04)(g)	B3		875		892,500
Columbus Mckinnon Corp., Sec’d. Notes
10.00%, 08/01/10	B3		425		480,250
Mueller Group, Inc., Sr. Sub. Notes.
10.00%, 05/01/12	Caa1		1,525		1,669,875
Rexnord Corp., Gtd. Notes
10.125%, 12/15/12	B3		2,700		3,064,500

					6,107,125

CHEMICALS — 9.0%
Avecia Group, Gtd. Notes (United Kingdom)
11.00%, 07/01/09(l)	Caa3		750		776,250
BCP Caylux Holdings LUX SCA, Sr. Sub. Notes (Luxembourg)
9.625%, 06/15/14 144A(l)	B2		4,000		4,530,000
Borden US Financial/ Nova Scotia, Sec’d. Notes
9.00%, 07/15/14 144A	B3		1,000		1,115,000
Compass Minerals Group, Inc., Gtd. Notes
10.00%, 08/15/11	B3		1,625		1,836,250

208

AST GOLDMAN SACHS HIGH YIELD PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Compass Minerals International, Inc., Sr. Disc. Notes, Zero Coupon (until 06/01/08)
12.00%, 06/01/13	B-	(d)	$	3,950	$	3,219,250
Compass Minerals International, Inc., Sr. Notes, Zero Coupon (until 12/15/07)
12.75%, 12/15/12	B-	(d)		1,900		1,634,000
Crompton Corp., Sr. Notes
9.875%, 08/01/12 144A	B1			875		1,006,250
Crystal US Holdings, Sr. Disc. Notes, Zero Coupon (until 10/01/09)
10.50%, 10/01/14 144A (cost $2,515,994; purchased 10/05/04 - 10/28/04)(g)	Caa2			4,000		2,760,000
Dynea International Oy Co., Gtd. Notes (Finland)
12.25%, 08/15/10	Caa2		EUR	1,875		2,625,051
Equistar Chemical L.P., Gtd. Notes
10.125%, 09/01/08	B2			2,100		2,430,750
FMC Corp., Sec’d. Notes
10.25%, 11/01/09	Ba2			1,000		1,152,500
FMC Corp., Sr. Sub. Notes
7.75%, 07/01/11	Ba2			275		292,188
HMP Equity Holdings Corp., Sr. Disc. Notes, 05/15/08	CCC+	(d)		2,000		1,332,500
Huntsman Advanced Materials, Inc., Sec’d. Notes
11.00%, 07/15/10 144A	B2			1,975		2,360,125
Huntsman ICI Chemicals LLC, Gtd. Notes
10.125%, 07/01/09	B2			2,383		2,520,023
Huntsman International LLC, Sr. Sub. Notes (Luxembourg)
10.125%, 07/01/09	Caa1		EUR $	2,000		2,888,406
Huntsman LLC Co., Gtd. Notes
11.625%, 10/15/10	B2			1,500		1,781,250
Invista Co., Notes
9.25%, 05/01/12 144A	B1			3,500		3,920,000
Kranton Polymers LLC, Sr. Sub. Notes
8.125%, 01/15/14 144A	B3			2,500		2,618,750
LBC Luxembourg Holdings SA, Gtd. Notes (Luxembourg)
11.00%, 05/15/14	Caa1		EUR	1,375		2,074,555
Lyondell Chemical Co., Gtd. Notes
9.50%, 12/15/08	B1			3,000		3,270,000
10.875%, 05/01/09	B3			2,500		2,656,250
Lyondell Chemical Co., Sec’d. Notes
9.875%, 05/01/07	B1			298		313,645
Rhodia SA, Sr. Notes (France)
7.625%, 06/01/10(l)	B3			550		554,125
10.25%, 06/01/10(l)	B3			1,750		1,977,500
Rhodia SA, Sr. Sub. Notes (France)
8.875%, 06/01/11(l)	Caa1			2,000		2,025,000
9.25%, 06/01/11(l)	Caa1			4,250		5,935,673
Rockwood Specialties, Inc., Sr. Sub. Notes
10.625%, 05/15/11	B3			2,375		2,743,125
7.625%, 11/15/14 144A (cost $5,322,991; purchased 11/05/04-12/13/04)(g)	B3			4,000		5,606,904

209

AST GOLDMAN SACHS HIGH YIELD PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
United Agricultural Products Holding Corp., Sr. Disc. Notes, Zero Coupon (until 01/15/08)
10.75%, 07/15/12 144A	B3	$	3,250	$	2,567,500
United Agricultural Products Holding Corp., Sr. Notes
8.25%, 12/15/11 144A	B3		655		705,763

					71,228,583

CONGLOMERATES — 2.8%
Amsted Industries, Inc., Sr. Notes
10.25%, 10/15/11 144A	B3		1,500		1,702,500
Blount, Inc., Sr. Sub. Notes
8.875%, 08/01/12	Caa1		1,375		1,498,750
Bombardier, Inc., Notes (Canada)
6.75%, 05/01/12 144A(l)	Ba2		5,000		4,612,500
Eagle Picher Industries, Inc., Sr. Notes
9.75%, 09/01/13	B3		2,000		2,010,000
Invensys PLC, Sr. Notes (United Kingdom)
9.875%, 03/15/11 144A(l)	B3		3,000		3,240,000
Mark IV Industries, Inc., Sr. Sub. Notes
7.50%, 09/01/07	Caa1		2,750		2,695,000
Noma Luxembourg SA, Sr. Notes (Luxembourg)
9.75%, 07/15/11	B3	EUR	1,500		2,039,140
Park-Ohio Industries, Inc., Sr. Sub. Notes
8.375%, 11/15/14 144A	Caa1		1,500		1,507,500
Polypore, Inc., Sr. Disc. Notes, Zero Coupon (until 10/01/08)
10.50%, 10/01/12 144A (cost $802,918; Purchased 12/02/04-12/20/04)(g)	Caa2	$	1,250		806,250
Polypore, Inc., Sr. Sub. Notes
8.75%, 05/15/12	Caa1		1,000		1,050,000
8.75%, 05/15/12	Caa1		750		1,062,763

					22,224,403

CONSUMER CYCLICAL — SERVICES — 1.4%
Brand Services, Inc., Gtd. Notes
12.00%, 10/15/12	B3		1,625		1,828,125
Brickman Group Ltd., Gtd. Notes, Series B
11.75%, 12/15/09	B2		2,000		2,350,000
Interline Brands, Inc., Sr. Sub. Notes
11.50%, 05/15/11	Caa1		1,750		1,977,500
United Rentals NA, Inc., Sr. Notes
7.75%, 11/15/13	B2		4,000		3,940,000
Williams Scotsman, Inc., Gtd. Notes
9.875%, 06/01/07	B3		1,250		1,256,250

					11,351,875

CONSUMER PRODUCTS — 6.0%
Aearo Co., Sr. Sub. Notes
8.25%, 04/15/12	B3		1,125		1,164,375
Alltrista Corp., Gtd. Notes
9.75%, 05/01/12	B2		1,500		1,672,500
Ames True Temper, Inc., Sr. Sub. Notes
10.00%, 07/15/12	Caa1		1,500		1,545,000
Bombardier Recreational, Sr. Sub. Notes (Canada)
8.375%, 12/15/13(l)	B3		1,000		1,072,500
Briggs & Stratton Corp., Gtd. Notes
8.875%, 03/15/11	Ba1		2,125		2,565,938

210

AST GOLDMAN SACHS HIGH YIELD PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Chattem, Inc., Sr. Sub. Notes
7.00%, 03/01/14	B2	$	1,500	$	1,552,500
FTD, Inc., Gtd. Notes
7.75%, 02/15/14	B3		1,950		2,018,250
Johnsondiversey Holdings, Inc., Disc. Notes, Zero Coupon (until 05/15/07)
10.67%, 05/15/13	B3		1,625		1,413,750
Jostens Holding Corp., Sr. Disc. Notes, Zero Coupon (until 12/01/08)
10.25%, 12/01/13	Caa2		4,500		3,217,499
Jostens IH Corp., Sr. Sub. Notes
7.625%, 10/01/12 144A	B3		2,625		2,743,125
Leiner Health Products, Sr. Sub. Notes
11.00%, 06/01/12	B3		750		823,125
Norcross Safety Products, Sr. Sub. Notes
9.875%, 08/15/11	B3		1,500		1,665,000
NSP Holdings Capital Corp., Sr. Notes
11.75%, 01/01/12 144A(cost $500,000; purchased 12/16/04)(g)	Caa1		500		507,500
Playtex Products, Inc., Gtd. Notes
9.375%, 06/01/11	Caa1		2,875		3,083,438
Prestige Brands, Inc., Sr. Sub. Notes
9.25%, 04/15/12 144A	Caa1		1,625		1,734,688
Rayovac Corp., Sr. Sub. Notes
8.50%, 10/01/13	B3		1,625		1,811,875
Reddy Ice Group, Inc., Sr. Sub. Notes
8.875%, 08/01/11	B3		2,150		2,332,750
Safilo Capital International SA, Sr. Notes (Luxembourg)
9.625%, 05/15/13	Caa2	EUR	5,500		7,681,459
Sealy Mattress Co., Sr. Sub. Notes
8.25%, 06/15/14	Caa1	$	1,750		1,863,750
Simmons Co., Sr. Disc. Notes, Zero Coupon (until 01/01/10)
9.625%, 12/15/14 144A (cost $848,153; purchased 12/10/04)(g)	Caa2		1,375		845,625
Sleepmaster LLC, Gtd. Notes
11.00%, 05/15/09(i) (cost $896,931; purchased 11/15/02)(g)	NR		1,000		272,500
Solo Cup Co., Sr. Sub. Notes
8.50%, 02/15/14	B3		1,500		1,567,500
True Temper Sports, Inc., Sr. Sub. Notes
8.375%, 09/15/11	B3		425		397,375
United Industries Corp., Gtd. Notes, Series D
9.875%, 04/01/09	B3		2,575		2,706,969
WH Holdings Ltd., Sr. Notes
9.50%, 04/01/11	B3		2,000		2,210,000

					48,468,991

DEFENSE — 0.9%
Alliant Techsystems, Inc., Gtd. Notes
8.50%, 05/15/11	B2		2,000		2,200,000
Communications & Power Industry, Sr. Sub. Notes
8.00%, 02/01/12	B3		1,500		1,597,500
DRS Technologies, Inc., Sr. Sub. Notes
6.875%, 11/01/13	B2		1,300		1,365,000
L-3 Communications Corp., Gtd. Notes
6.125%, 07/15/13	Ba3		2,000		2,075,000

					7,237,500

211

AST GOLDMAN SACHS HIGH YIELD PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
ELECTRIC — 3.6%
AES Corp., Sr. Notes
9.50%, 06/01/09	B2		$	1,000	$	1,142,500
Allegheny Energy Supply Co. LLC, Notes
8.25%, 04/15/12 144A	B3			2,000		2,245,000
Caithness Coso Funding Corp., Sec’d. Notes
9.05%, 12/15/09	Ba2			2,447		2,703,837
Calpine Canada Energy Finance Corp., Gtd. Notes (Canada)
8.50%, 05/01/08(l)	Caa1			4,225		3,485,625
Calpine Corp., Sec’d. Notes
8.75%, 07/15/13 144A	B	(d)		1,000		830,000
Calpine Corp., Sr. Notes
8.50%, 02/15/11	Caa1			1,900		1,458,250
CMS Energy Corp., Sr. Notes
8.90%, 07/15/08	B3			1,250		1,385,938
8.50%, 04/15/11	B3			1,000		1,141,250
Dynegy Holdings, Inc., Sec’d. Notes
10.125%, 07/15/13 144A	B3			1,500		1,725,000
Dynegy Holdings, Inc., Sr. Notes
8.75%, 02/15/12	Caa2			2,000		2,105,000
Midwest Generation LLC, Notes
8.75%, 05/01/34	B1			5,500		6,269,999
NRG Energy, Inc., Sec’d. Notes
8.00%, 12/15/13 144A	B2			2,250		2,463,750
Reliant Resource, Inc., Sec’d. Notes
9.25%, 07/15/10	B1			1,000		1,120,000
9.50%, 07/15/13	B1			750		855,938

						28,932,087

ENERGY — 1.9%
El Paso Production Holding Co., Gtd. Notes
7.75%, 06/01/13	B3			3,275		3,446,938
Evergreen Resources, Inc., Sr. Sub. Notes
5.875%, 03/15/12	Ba3			350		366,110
Foundation PA Coal Co., Sr. Notes
7.25%, 08/01/14 144A	B1			1,750		1,872,500
Inergy L.P. Finance, Sr. Notes
6.875%, 12/15/14 144A (cost $1,000,835; purchased 12/17/04)(g)	B1			1,000		1,010,000
Key Energy Services, Inc., Sr. Notes
6.375%, 05/01/13	Ba2			1,000		1,022,500
Pride International, Inc., Sr. Notes
7.375%, 07/15/14	Ba2			1,500		1,646,250
Magnum Hunter Resources, Inc., Gtd. Notes
9.60%, 03/15/12	B2			715		815,100
Swift Energy Co., Sr. Sub. Notes
9.375%, 05/01/12	B3			2,675		3,009,375
Tesoro Petroleum Corp., Gtd. Notes, Series B
9.625%, 11/01/08	B3			2,275		2,491,125

						15,679,898

ENTERTAINMENT — 1.7%
AMC Entertainment, Inc., Sr. Sub. Notes
9.875%, 02/01/12	Caa1			1,625		1,779,375
Six Flags, Inc., Sr. Notes
9.75%, 04/15/13	B2			1,875		1,912,500
Universal City Development Partners Ltd., Sr. Notes
11.75%, 04/01/10	B2			4,000		4,745,000

212

AST GOLDMAN SACHS HIGH YIELD PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Warner Music Group, Sr. Sub. Notes
7.375%, 04/15/14 144A	B3	$	2,000	$	2,060,000
WMG Holdings Corp., Sr. Disc. Notes, Zero Coupon (until 12/15/09)	Caa2		3,500		2,253,125
9.50%, 06/15/05 144A (cost $2,238,841; purchased 12/17/04–12/23/04)(g)
WMG Holdings Corp., Sr. Notes
6.905%, 03/15/05 144A(c) (cost $1,010,000; purchased 12/23/04)(g)	Caa2		1,000		1,012,500

					13,762,500

ENVIRONMENTAL — 0.9%
Allied Waste North America Co., Gtd. Notes, Series B
9.25%, 09/01/12	Ba3		4,000		4,350,000
Allied Waste North America, Sec’d. Notes
6.125%, 02/15/14	Ba3		2,000		1,890,000
Waste Services, Inc., Sr. Sub. Notes
9.50%, 04/15/14 144A (cost $1,017,500; purchased 05/04/04)(g)	Caa1		1,000		1,000,000

					7,240,000

FINANCE — 0.5%
Refco Finance Holdings LLC, Sr. Sub. Notes
9.00%, 08/01/12 144A	B3		4,000		4,400,000

FOOD — 4.7%
American Seafood Group LLC, Gtd. Notes
10.125%, 04/15/10	B3		3,225		3,466,875
Del Monte Corp., Gtd. Notes, Series B
9.25%, 05/15/11	B2		2,625		2,887,500
Dole Foods Co., Inc., Gtd. Notes
7.25%, 06/15/10	B2		1,000		1,032,500
Dole Foods Co., Inc., Sr. Notes
8.625%, 05/01/09	B2		4,000		4,370,000
Dominos, Inc., Sr. Sub. Notes
8.25%, 07/01/11	B3		602		660,695
Eagle Family Foods, Inc., Gtd. Notes, Series B
8.75%, 01/15/08	Caa2		2,200		1,705,000
Land O Lakes, Inc., Sec’d. Notes
9.00%, 12/15/10	B2		750		825,000
Land O’ Lakes, Inc., Sr. Notes
8.75%, 11/15/11	B3		2,250		2,250,000
Landry’s Restaurants, Inc., Sr. Notes
7.50%, 12/15/14 144A (cost $3,124,688; purchased 12/15/04- 12/20/04)(g)	B2		3,125		3,117,188
Michael Foods, Sr. Sub. Notes
8.00%, 11/15/13	B3		1,450		1,537,000
National Beef Packaging Co., Sr. Notes
10.50%, 08/01/11	B2		1,025		1,081,375
Pilgrim’s Pride Corp., Gtd. Notes
9.625%, 09/15/11	B1		2,200		2,486,000
Pilgrim’s Pride Corp., Sr. Sub. Notes
9.25%, 11/15/13	B2		2,250		2,531,250
Pinnacle Foods Holding Corp., Sr. Sub. Notes
8.25%, 12/01/13 144A (cost $919,581; purchased 11/09/04)(g)	B3		1,000		957,500
8.25%, 12/01/13 144A	B3		1,000		957,500

213

AST GOLDMAN SACHS HIGH YIELD PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Smithfield Foods, Inc., Sr. Notes
8.00%, 10/15/09	Ba2	$	1,600	$	1,780,000
7.75%, 05/15/13	Ba2		1,000		1,117,500
Swift & Co., Gtd. Notes
10.125%, 10/01/09	B1		1,250		1,400,000
Swift & Co., Sr. Sub. Notes
12.50%, 01/01/10	B2		1,950		2,213,250
United Biscuits, Co., Gtd. Notes (United Kingdom)
10.625%, 04/15/11	B1	EUR	750		1,090,798

					37,466,931

GAMING — 6.2%
Boyd Gaming Corp., Sr. Sub. Notes
8.75%, 04/15/12	B1		3,000		3,352,500
Global Cash Account/Finance Corp., Sr. Sub. Notes
8.75%, 03/15/12	Caa1		950		1,028,375
Herbst Gaming, Inc., Sr. Sub. Notes
7.00%, 11/15/14 144A (cost $1,513,350; purchased 11/05/04)(g)	B3		1,500		1,526,250
Isle of Capri Casinos, Inc., Gtd. Notes
9.00%, 03/15/12	B2		1,400		1,550,500
Isle of Capri Casinos, Inc., Sr. Sub. Notes
7.00%, 03/01/14	B2		675		691,875
Mandalay Resort Group, Sr. Notes
9.50%, 08/01/08	Ba2		1,500		1,721,250
Mandalay Resort Group, Sr. Sub. Notes
10.25%, 08/01/07	Ba3		425		482,375
9.375%, 02/15/10	Ba3		4,550		5,323,500
MGM Grand, Inc., Gtd. Notes
8.375%, 02/01/11	Ba2		5,900		6,681,749
MGM Mirage, Inc., Sr. Notes
5.875%, 02/27/14	Ba1	$	3,000		2,962,500
Mohegan Tribal Gaming Authority, Sr. Sub. Notes
8.00%, 04/01/12	Ba3		1,100		1,199,000
MTR Gaming Group, Inc., Gtd. Notes, Series B
9.75%, 04/01/10	B2		2,350		2,596,750
Park Place Entertainment Corp., Sr. Sub. Notes
7.875%, 03/15/10	Ba2		4,000		4,525,000
Penn National Gaming, Inc., Gtd. Notes, Series B
11.125%, 03/01/08	B2		1,850		1,984,125
Pinnacle Entertainment, Inc., Sr. Sub. Notes
8.25%, 03/15/12	Caa1		1,000		1,067,500
River Rock Entertainment, Sr. Notes
9.75%, 11/01/11	B2		950		1,069,938
Seneca Gaming Corp., Sr. Notes
7.25%, 05/01/12	B2		750		793,125
Station Casinos, Inc., Sr. Sub. Notes
6.875%, 03/01/16	B1		2,250		2,354,063
Sun International Hotels Ltd., Gtd. Notes
8.875%, 08/15/11	B2		2,750		3,018,125
Venetian Casino/LV Sands, Gtd. Notes
11.00%, 06/15/10	B2		2,000		2,292,500
Wynn Las Vegas, LLC Corp., First Mortgage
6.625%, 12/01/14 144A	B2		4,000		3,980,000

					50,201,000

214

AST GOLDMAN SACHS HIGH YIELD PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
HEALTH CARE — 3.4%
Alliance Imaging, Sr. Sub. Notes
7.25%, 12/15/12 144A (cost $1,002,020; purchased 12/09/04)(g)	B3	$	1,000	$	1,022,500
AmeriPath, Inc., Gtd. Notes
10.50%, 04/01/13	Caa1		2,375		2,535,313
CDRV Investors, Inc., Sr. Disc. Notes, Zero Coupon (until 01/01/10)
9.625%, 01/01/15 144A (cost $2,782,114; purchased 12/08/04)(g)	Caa2		4,500		2,818,125
Concentra Operating Corp., Gtd. Notes
9.50%, 08/15/10	B3		600		681,000
Fisher Scientific International, Inc., Sr. Sub. Notes
8.00%, 09/01/13	B2		4,200		4,788,000
Medical Device Manufacturing, Inc., Sr. Sub. Debs.
10.00%, 07/15/12 144A	Caa1		1,500		1,623,750
Nyco Holdings, Sr. Notes (Denmark)
11.50%, 03/31/13	B3	EUR	750		1,208,033
Quintiles Transnational Corp., Sr. Sub.
10.00%, 10/01/13	B3		2,000		2,250,000
Sybron Dental Specialties, Inc., Gtd. Notes
8.125%, 06/15/12	B2		1,625		1,779,375
Tenet Healthcare Corp., Notes
7.375%, 02/01/13	B1		1,750		1,706,250
Tenet Healthcare Corp., Sr. Notes
9.875%, 07/01/14 144A	B3		1,500		1,642,500
US Oncology, Inc., Sr. Notes
9.00%, 08/15/12 144A	B2	$	1,750		1,964,375
Vanguard Health Holdings II, Sr. Sub. Notes
9.00%, 10/01/14 144A	Caa1		1,500		1,612,500
VWR International, Inc., Sr. Sub. Notes (Germany)
8.00%, 04/15/14 144A(l) (cost $1,256,250; purchased 04/07/04-06/02/04)(g)	B3		1,250		1,340,625

					26,972,346

LODGING — 1.3%
Cornell Cos., Inc., Sr. Notes
10.75%, 07/01/12	B3		1,000		1,075,000
Gaylord Entertainment Co., Sr. Notes
6.75%, 11/15/14 144A	B3		1,000		1,010,000
HMH Properties, Inc., Gtd. Notes, Series B
7.875%, 08/01/08	Ba3		928		958,160
Host Marriott L.P., Sr. Notes
7.00%, 08/15/12 144A	Ba3		1,500		1,593,750
Starwood Hotels & Resorts Worldwide, Inc., Gtd. Notes
7.375%, 05/01/07	Ba1		4,125		4,418,906
7.875%, 05/01/12	Ba1		1,500		1,721,250

					10,777,066

215

AST GOLDMAN SACHS HIGH YIELD PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
MEDIA — BROADCAST TOWERS — 0.7%
American Tower Corp., Sr. Notes
7.125%, 10/15/12 144A (cost $506,250; purchased 11/29/04)(g)	Caa1	$	500	$	513,750
7.50%, 05/01/12	Caa1		2,000		2,110,000
Crown Castle International Corp., Sr. Notes
7.50%, 12/01/13	B3		3,000		3,240,000

					5,863,750

MEDIA — BROADCASTING & RADIO — 0.7%
Sinclair Broadcasting Group, Inc., Gtd.
8.00%, 03/15/12	B2		3,650		3,896,375
XM Satellite Radio, Inc., Sec’d. Notes, Zero Coupon (until 12/31/05)
14.00%, 12/31/09	Caa1		1,782		1,826,977

					5,723,352

MEDIA — CABLE — 5.3%
Adelphia Communications Corp., Sr. Notes
10.25%, 06/15/11 (cost $2,500,000; purchased 07/14/04-12/23/04)(g)(i)	NR		2,500		2,543,750
Cablevision Systems Corp. Holdings, Inc., Sr. Notes
7.875%, 12/15/07	B1		2,000		2,155,000
8.125%, 07/15/09	B1		2,200		2,417,250
Cablevision Systems Corp., Sr. Notes
8.00%, 04/15/12 144A	B3		3,000		3,217,500
Charter Communications Holdings LLC, Sr. Disc. Notes, Zero Coupon (until 05/15/06)
11.75%, 05/15/11	Ca		4,950		3,663,000
Charter Communications Holdings LLC, Sr. Notes
10.25%, 09/15/10	Caa1		3,750		3,993,750
10.00%, 05/15/11	Ca		7,000		6,019,999
CSC Holdings, Inc., Sr. Sub. Notes
10.50%, 05/15/16	B2		425		484,500
Ono Finance PLC, Gtd. Notes (United Kingdom)
10.50%, 05/15/14	Caa2	EUR	2,000		3,119,478
10.50%, 05/15/14	Caa2	EUR	1,500		2,339,609
Rogers Cablesystems Ltd., Gtd. Notes
11.00%, 12/01/15	Ba3		750		840,000
Tele Columbus AG & Co., Sr. Notes (Germany)
9.375%, 04/15/12	B3	EUR	1,250		1,805,254
Tele Columbus AG & Co., Sr. Sub. Notes (Germany)
9.375%, 04/15/12	B3	EUR	1,500		2,166,304
Telenet Communication NV, Sr. Notes (Belgium)
9.00%, 12/15/13	B3	EUR	3,750		5,708,849
Telenet Group Holdings NV, Disc. Notes, Zero Coupon (until 12/15/08) (Belgium)
11.50%, 06/15/14 144A(l)	Caa2		3,250		2,486,250

					42,960,493

216

AST GOLDMAN SACHS HIGH YIELD PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
MEDIA — NON CABLE — 1.2%
DIRECTV Holdings LLC, Sr. Notes
8.375%, 03/15/13	B1		$	3,000	$	3,378,750
Echostar DBS Corp., Sr. Notes
5.75%, 10/01/08	Ba3			2,000		2,035,000
Lamar Media Corp., Gtd. Notes
7.25%, 01/01/13	Ba3			1,525		1,654,625
PanAmSat Corp., Sr. Notes
9.00%, 08/15/14 144A	B1			2,500		2,803,125

						9,871,500

METALS — 2.0%
AK Steel Corp., Gtd. Notes
7.75%, 06/15/12	B3			3,000		3,105,000
Almatis Holding BV, Sr. Notes (Netherland)
9.00%, 07/15/12	B3		EUR	500		762,337
Euramax International PLC, Sr. Sub. Notes
8.50%, 08/15/11	B2			3,000		3,217,500
Neenah Corp., Sec’d. Notes
11.00%, 09/30/10 144A	B2			2,000		2,220,000
OM Group, Inc., Gtd. Notes
9.25%, 12/15/11	Caa1			2,250		2,407,500
Ryerson Tull, Inc., Notes
9.125%, 07/15/06	B1			1,900		1,947,500
United States Steel Corp., Sr. Notes
9.75%, 05/15/10	B1			1,956		2,239,620

						15,899,457

PACKAGING — 4.6%
Clondalkin Industries BV, Sr. Notes (Netherlands)
8.00%, 03/15/14	B3		EUR	1,500		2,171,401
Consolidated Container Co., Gtd. Notes
10.125%, 07/15/09	Caa2			1,500		1,477,500
Constar International, Inc., Sr. Sub. Notes
11.00%, 12/01/12	Caa1		$	1,000		1,042,500
Crown European Holdings SA, Sec’d. Notes (France)
9.50%, 03/01/11(l)	B1			3,000		3,435,000
Crown European Holdings SA, Sec’d. Notes (France)
10.25%, 03/01/11	B+	(d)	EUR	1,500		2,385,483
Graham Packaging Co. Sub. Notes
9.875%, 10/15/14 144A	Caa2			6,500		6,971,250
Graham Packaging International Corp., Sr. Sub. Notes
9.50%, 08/15/13	B3			3,500		3,998,750
Huntsman Packaging Corp., Gtd. Notes
13.00%, 06/01/10	Caa2			2,800		2,744,000
Impress Group BV, Sr. Notes (Netherland)
10.50%, 05/25/07	B2		EUR	1,600		2,346,520
Owens-Brockway Glass Container, Inc., Gtd. Notes
8.875%, 02/15/09	B2			1,150		1,254,938
8.25%, 05/15/13	B3			4,500		4,972,500
Owens-Illinois, Inc., Sr. Notes
8.10%, 05/15/07	Caa1			2,000		2,140,000
Pliant Corp., Sec’d. Notes
11.125%, 09/01/09	B3			500		547,500
Portola Packaging, Inc., Sr. Notes
8.25%, 02/01/12	Caa1			500		397,500
Russell Stanley Holdings, Inc., Sr. Sub. Notes
9.00%, 11/30/08 [PIK] 144A (cost $967,227; purchased 02/05/99-11/30/04)(g)(o)	NR			341		0

217

AST GOLDMAN SACHS HIGH YIELD PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Tekni-Plex, Inc., Gtd. Notes
12.75%, 06/15/10	B3	$	625	$	596,875
Tekni-Plex, Inc., Sec’d. Notes
8.75%, 11/15/13 144A (cost $741,330; purchased 11/15/04-12/01/04)(g)	B2		750		750,000

					37,231,717

PAPER — 2.9%
Ainsworth Lumber Ltd., Sr. Notes (Canada)
7.25%, 10/01/12(l) 144A	B2		1,000		1,022,500
Boise Cascade LLC., Sr. Notes
7.125%, 10/15/14 144A	B2		1,000		1,062,500
Georgia-Pacific Corp., Gtd. Notes
9.375%, 02/01/13	Ba2		7,000		8,189,999
Jefferson Smurfit Corp., Gtd. Notes
7.50%, 06/01/13	B2		1,200		1,287,000
Jefferson Smurfit Corp., Sr. Notes (Ireland)
9.625%, 10/01/12(l)	B3		1,750		1,960,000
Jefferson Smurfit Corp., Sub. Notes (Ireland)
15.50%, 10/01/13 [PIK](l)	Caa1		2,105		2,473,862
JSG Funding PLC, Sr. Notes (Ireland)
10.125%, 10/01/12	B3	EUR	1,000		1,549,545
Riverside Forest Products Ltd., Sr. Notes
7.875%, 03/01/14	B2		975		1,077,375
Stone Container Finance, Gtd. Notes
7.375%, 07/15/14	B2		500		535,000
Stone Container Corp., Sr. Notes
9.75%, 02/01/11	B2	$	1,500		1,650,000
Tembec Industries, Inc., Gtd. Notes
8.50%, 02/01/11(l)	Ba3		2,500		2,525,000

					23,332,781

PIPELINES — 4.0%
El Paso Corp., Notes
7.875%, 06/15/12	Caa1		6,500		6,833,124
El Paso Corp., Sr. Notes
6.95%, 12/15/07	Caa1		1,000		1,052,500
8.05%, 10/15/30	Caa1		1,575		1,531,688
7.80%, 08/01/31	Caa1		5,000		4,824,999
Pacific Energy Partners L.P., Sr. Notes
7.125%, 06/15/14	Ba2		1,750		1,872,500
Southern Natural Gas Co., Notes
8.00%, 03/01/32	B1		750		822,188
Tennessee Gas Pipeline Co., Bonds
8.375%, 06/15/32	B1		1,575		1,783,688
Tennessee Gas Pipeline Co., Debs.
7.50%, 04/01/17	B1		1,750		1,938,125
Transcontinental Gas Pipe Co., Sr. Notes, Series B
8.875%, 07/15/12	B1		1,875		2,289,844
Williams Cos., Inc., Notes
8.125%, 03/15/12	B3		2,000		2,320,000
7.625%, 07/15/19	B3		4,000		4,420,000
7.875%, 09/01/21	B3		2,000		2,240,000

					31,928,656

PUBLISHING — 6.9%
Advanstar Communications, Inc., Gtd. Notes
12.00%, 02/15/11	Caa2		2,000		2,167,500
Advanstar Communications, Inc., Sec’d. Notes
10.75%, 08/15/10	B3		425		481,844

218

AST GOLDMAN SACHS HIGH YIELD PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Advanstar, Inc., Gtd. Notes, Zero Coupon (until 10/15/05)
15.00%, 10/15/11 (cost $919,806; purchased 02/14/01-12/12/03)(g)	NR		$	1,000	$	851,250
Advertising Direct Solutions, Sr. Notes
9.25%, 11/15/12 144A (cost $1,411,711; purchased 10/28/04)(g)	Caa1			1,375		1,450,625
American Media Operations, Inc., Gtd. Notes, Series B
10.25%, 05/01/09	B2			1,650		1,746,938
Dex Media East LLC, Gtd. Notes
12.125%, 11/15/12	Caa1			2,437		2,982,279
Dex Media West Finance, Sr. Sub. Notes
9.875%, 08/15/13	Caa1			4,395		5,087,213
Dex Media, Inc., Disc. Notes, Zero Coupon (until 11/15/08)
9.00%, 11/15/13	B3			7,500		5,915,624
Houghton Mifflin Co., Sr. Disc. Notes, Zero Coupon (until 10/15/08)
11.50%, 10/15/13	Caa1			1,325		980,500
Houghton Mifflin Co., Sr. Sub. Notes
9.875%, 02/01/13	B3			1,000		1,100,000
Lighthouse International Co. SA, Sr. Notes (Luxembourg)
8.00%, 04/30/14	B3		EUR	3,500		4,923,882
8.00%, 04/30/14	B3		EUR	5,500		7,737,528
Quebecor Media, Inc., Sr. Disc. Notes, Zero Coupon (until 07/15/06)
13.75%, 07/15/11	B2		$	1,700		1,691,500
Quebecor Media, Inc., Sr. Notes
11.125%, 07/15/11	B2			2,475		2,840,063
Vertis, Inc., Gtd. Notes, Series B
10.875%, 06/15/09	B3			1,750		1,907,500
Vertis, Inc., Sec’d. Notes
9.75%, 04/01/09	B2			750		817,500
Yell Finance BV, Sr. Disc. Notes, Zero Coupon (until 08/01/06) (Netherlands)
13.50%, 08/01/11(l)	B1			1,360		1,343,000
Yell Finance BV, Sr. Notes (Netherlands)
10.75%, 08/01/11(l)	B1			1,137		1,318,920
Ziff Davis Media, Inc., Gtd. Notes, Series B
12.00%, 08/12/09 [PIK]	CC	(d)		414		444,553
WDAC Subsidiary Corp., Sr. Notes
8.375%, 12/01/14 144A	B2			1,000		991,250
8.50%, 12/01/14 144A	Caa1		EUR	6,500		8,790,947

						55,570,416

REAL ESTATE
CB Richard Ellis Service, Sr. Notes
9.75%, 05/15/10	B1			439		502,655

219

AST GOLDMAN SACHS HIGH YIELD PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
RETAILERS — 0.9%
General Nutrition Center, Sr. Sub. Notes
8.50%, 12/01/10	B3	$	1,225	$	1,163,750
PCA International, Inc., Sr. Notes
11.875%, 08/01/09	B3		1,200		1,062,000
Penney, (J.C.) Co., Inc., Notes
9.00%, 08/01/12	Ba3		3,000		3,712,500
Victoria Acquisition III BV, Sr. Notes (Netherlands)
7.875%, 10/01/14 144A	B3	EUR	1,000		1,372,842

					7,311,092

RETAILERS — FOOD & DRUG — 1.1%
Brake Brothers Finance PLC, Sr. Notes (United Kingdom)
12.00%, 12/15/11	B3	GBP	1,000		2,227,086
Couche-Tard Corp., Sr. Sub. Notes
7.50%, 12/15/13	Ba3		1,500		1,616,250
Jean Coutu Group (PJC), Inc., Sr. Sub. Notes (Canada)
8.50%, 08/01/14 144A(l)	B3		1,750		1,802,500
Rite Aid Corp., Sec’d. Notes
8.125%, 05/01/10	B2		1,500		1,593,750
6.875%, 08/15/13	Caa1		2,025		1,832,625

					9,072,211

TECHNOLOGY — 3.0%
Activant Solutions, Sr. Notes
10.50%, 06/15/11	B2		2,025		2,187,000
AMI Semiconductor, Inc., Gtd. Notes
10.75%, 02/01/13	B3		1,500		1,770,000
Amkor Technology, Inc., Notes
5.00%, 03/15/07	B3		375		355,313
9.25%, 02/15/08	B3		1,250		1,284,375
Flextronics International Ltd., Sr. Sub. Notes
6.25%, 11/15/14 144A	Ba2	$	750		746,250
Lucent Technologies, Debs.
6.45%, 03/15/29	Caa1		2,250		2,047,500
Lucent Technologies, Inc., Notes
5.50%, 11/15/08	Caa1		1,000		1,032,500
Nortel Networks Ltd., Notes (Canada)
6.125%, 02/15/06(l)	B3		1,000		1,022,500
Riverdeep Group Ltd., Sr. Notes (Ireland)
9.25%, 04/15/11	B3	EUR	750		1,100,992
Telex Communications, Inc., Secd. Notes
11.50%, 10/15/08	B3		800		876,000
TSI Telecommunication Services, Inc., Gtd. Notes
12.75%, 02/01/09	B3		1,250		1,431,250
Worldspan L.P., Sr. Notes
9.625%, 06/15/11	B2		3,000		3,000,000
Xerox Corp., Gtd. Notes
9.75%, 01/15/09	B1		5,000		5,900,000
Xerox Corp., Sr. Notes
7.625%, 06/15/13	B1		1,250		1,378,125

					24,131,805

TELECOMMUNICATIONS — 2.7%
Alaska Communications Systems Holdings, Inc., Gtd. Notes
9.875%, 08/15/11	B2		1,525		1,647,000
Cincinnati Bell, Inc., Gtd. Notes
7.25%, 07/15/13	B2		1,000		1,032,500
Cincinnati Bell, Inc., Sr. Sub. Notes
8.375%, 01/15/14	B3		3,000		3,052,500

220

AST GOLDMAN SACHS HIGH YIELD PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Citizens Communications, Sr. Notes
6.25%, 01/15/13	Ba3	$	1,000	$	1,012,500
Eircom Funding, Sr. Sub. Notes (Ireland)
8.25%, 08/15/13(l)	B1		1,000		1,110,000
Inmarsat Finance II Ltd, Gtd. Notes, Zero Coupon (until 11/15/08)
10.375%, 11/15/12 144A	Caa1		2,000		1,450,000
Inmarsat Finance PLC, Gtd. (United Kingdom)
7.625%, 06/30/12(l)	B2		1,000		1,045,000
Qwest Capital Funding Co., Gtd. Notes
7.90%, 08/15/10	Caa2		1,000		1,015,000
Qwest Corp., Notes
9.125%, 03/15/12 144A	Ba3		3,000		3,480,000
Qwest Services Corp., Notes
14.00%, 12/15/10 144A	Caa1		5,750		6,943,125

					21,787,625

TELECOMMUNICATIONS — CELLULAR — 3.6%
Alamosa Delaware, Inc., Gtd. Notes, Zero Coupon (until 7/31/05)
12.00%, 07/31/09	Caa1		750		817,500
Alamosa Delaware, Inc., Notes
8.50%, 01/31/12	Caa1		2,000		2,195,000
American Cellular Corp., Sr. Notes, Series B
10.00%, 08/01/11	B3		1,750		1,509,375
Centennial Cellular Operating Co., Gtd. Notes
10.125%, 06/15/13	Caa1		1,500		1,691,250
Horizon PCS, Inc., Sr. Notes
11.375%, 07/15/12 144A	B3		500		562,500
Nextel Communications, Inc., Sr. Notes
7.375%, 08/01/15	B2		6,750		7,458,750
Nextel Communications, Sr. Notes
5.95%, 03/15/14	B2		2,500		2,600,000
Nextel Partners, Inc., Sr. Notes
12.50%, 11/15/09	Caa1		838		953,225
8.125%, 07/01/11	Caa1		2,000		2,230,000

Oskar Mobil AS, Sec’d. Notes (Czech Republic)
7.50%, 10/15/11 144A	B1	EUR	750		1,118,832
Rogers Wireless, Inc., Sr. Sec’d. Notes
6.375%, 03/01/14	Ba3		1,875		1,865,625
Rogers Wireless Communications, Inc., Sec’d. Notes
7.50%, 03/15/15 144A	Ba3		1,000		1,060,000
Rogers Wireless Communications, Inc., Sr. Sub. Notes
8.00%, 12/15/12 144A	B2		500		531,250
Triton PCS, Inc., Gtd. Notes
8.75%, 11/15/11	B3		1,000		795,000
8.50%, 06/01/13	B2		1,750		1,697,500
US Unwired, Inc., Sec’d. Notes
10.00%, 06/15/12	Caa1		1,750		1,981,875

					29,067,682

TEXTILE — 1.0%
Collins & Aikman Corp., Gtd. Notes
9.75%, 02/15/10	B2		1,375		1,485,000
Phillips Van Heusen Corp., Sr. Notes
8.125%, 05/01/13	B2		1,000		1,090,000
Propex Fabrics, Inc., Sr. Notes
10.00%, 12/01/12 144A (cost $1,750,000; purchased 11/23/04)(g)	Caa1		1,750		1,824,375

221

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SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Russell Corp., Gtd. Notes
9.25%, 05/01/10	B1	$	1,050	$	1,131,375
Warnaco Group, Inc., Sr. Notes
8.875%, 06/15/13	B2		2,000		2,210,000

					7,740,750

TRANSPORTATION — 0.7%
Petroleum Helicopters, Inc., Gtd. Notes, Series B
9.375%, 05/01/09	B1		2,425		2,667,500
Stena AB, Sr. Notes (Sweden)
9.625%, 12/01/12(l)	Ba3		1,500		1,702,500
7.50%, 11/01/13(l)	Ba3		1,000		1,052,500

					5,422,500

TOTAL CORPORATE OBLIGATIONS (Cost $705,960,997)					759,524,752


		SHARES
COMMON STOCK CHEMICALS
General Chemicals Industry Products* (cost $854,314; purchased 01/27/00 - 11/07/02)(g)(o)			386		107,621

PACKAGING
Russell Stanley Holdings, Inc.* (cost $523,314; purchased 02/05/99-03/30/99)(g)(o)			39,000		0

TOTAL COMMON STOCK (Cost $1,377,628)					107,621

PREFERRED STOCK — 0.5%
PUBLISHING — 0.5%
Primedia, Inc., Series D, 10.00%			8,475		851,738
Primedia, Inc., Series F, 9.20%			17,250		1,664,625
Primedia, Inc., Series H, 8.625%			13,100		1,205,200
Ziff Davis Media, Inc., Series E, 10.00%			108		7,479

					3,729,042


		SHARES
RETAILERS
General Nutrition Center, Series A, 12.00% [PIK]*			1,000		97,250

TOTAL PREFERRED STOCK (Cost $4,738,381)					3,826,292


		UNITS
RIGHTS*
CAPITAL GOODS — OTHERS
Simonds Industries, Inc. (cost $340,716; purchased 03/08/01)(g)			10,428		104,280

CONSUMER PRODUCTS
Sleepmaster, Inc.(o)			1,055		0

TOTAL RIGHTS (Cost $340,716)					104,280

WARRANTS* — 0.1%
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., Series B, expiring 04/30/11 (cost $0; purchased 01/27/00-11/07/02)(g)(o)			165		0

ENTERTAINMENT
AMF Bowling Worldwide, Inc., Series B, expiring 03/09/09 (cost $761,617; purchased 01/08/97-04/06/99)(g)(o)			10,136		0

MEDIA — BROADCASTING & RADIO
XM Satellite Radio, Inc., expiring 03/15/10 144A (cost $354,375; purchased 08/31/00)(g)			2,000		172,000

METALS — 0.1%
ACP Holding Corp., expiring 10/07/13 144A (cost $0; purchased 09/26/03)(g)			321,453		570,579

PACKAGING
Pliant Corp., expiring 06/01/10 144A (cost $0; purchased 09/29/00)(g)			1,000		10

PAPER
MDP Acquisitions PLC, expiring 10/01/13 (Ireland) 144A (cost $0; purchased 09/23/02)(g)			900		25,650

222

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SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	UNITS	VALUE (NOTE 2)
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		11,880

			11,902

TOTAL WARRANTS (Cost $1,116,190)			780,141

TOTAL LONG-TERM INVESTMENTS (Cost $713,533,912)			764,343,086


	SHARES
SHORT-TERM INVESTMENTS — 2.9%
REGISTERED INVESTMENT COMPANIES
BlackRock Provident Institutional Funds TempCash Portfolio(j)	11,654,208		11,654,208
BlackRock Provident Institutional Funds TempFund Portfolio(j)	11,654,207		11,654,207

TOTAL SHORT-TERM INVESTMENTS (Cost $23,308,415)			23,308,415

TOTAL INVESTMENTS — 97.9% (Cost $736,842,327; Note 5)			787,651,501
OTHER ASSETS IN EXCESS OF LIABILITIES — 2.1%			16,937,614

NET ASSETS — 100.0%		$	804,589,115

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 of cost of illiquid securities is $42,570,394. The aggregate value, $40,248,332 represents 5.00% of net assets.

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

(j)	Security available to institutional investors only.

(l)	US$ Denominated Foreign Bonds.

(o)	Fair valued security.

223

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DECEMBER 31, 2004

Foreign currency exchange contracts outstanding at December 31, 2004:

PURCHASE CONTRACTS


SETTLEMENT MONTH	TYPE	CONTRACTS TO DELIVER	IN EXCHANGE FOR		CONTRACTS AT VALUE		UNREALIZED APPRECIATION
Feb 05	Buy EUR	3,465,288	$	4,617,584	$	4,696,144	$	78,560

SALE CONTRACTS

SETTLEMENT MONTH	TYPE	CONTRACTS TO DELIVER	IN EXCHANGE FOR		CONTRACTS AT VALUE		UNREALIZED DEPRECIATION
Feb 05	Sell EUR	72,190,120	$	94,088,493	$	97,831,606	$	(3,743,113	)
Feb 05	Sell GBP	857,875		1,580,897		1,638,445		(57,548	)

			$	95,669,390	$	99,470,051	$	(3,800,661	)

224

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SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004

The industry classification of long-term portfolio holdings, short-term investments and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2004 were as follows:


Chemicals	9.0	%
Publishing	7.4
Gaming	6.2
Consumer Products	6.0
Media — Cable	5.3
Food	4.6
Packaging	4.6
Pipelines	4.0
Electric	3.6
Telecommunications — Cellular	3.6
Automotive Parts	3.3
Building Materials	3.3
Health Care	3.3
Technology	3.0
Paper	2.9
Conglomerates	2.7
Telecommunications	2.7
Metals	2.1
Energy	1.9
Entertainment	1.7
Aerospace	1.6
Consumer Cyclical — Services	1.4
Lodging	1.3
Media — Non Cable	1.2
Retailers — Food & Drug	1.1
Textile	1.0
Defense	0.9
Environmental	0.9
Retailers	0.9
Capital Goods — Others	0.7
Media — Broadcast & Radio	0.7
Media — Broadcast Towers	0.7
Transportation	0.7
Finance	0.5
Airlines	0.2
Short-Term Investments	2.9

	97.9
Liabilities in excess of other assets	2.1

	100.0	%

See Notes to Financial Statements.

225

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 108.4%
CONVERTIBLE BONDS — 19.4%
AEROSPACE/DEFENSE — 1.3%
Alliant Techsystems, Inc.
2.75%, 02/15/24(a)	B2		$	2,500	$	2,659,375
Lockheed Martin Corp.
2.04%, 08/15/33(c)	Baa2			3,000		3,118,560

						5,777,935

BUILDING & CONSTRUCTION — 0.8%
Fluor Corp.
1.50%, 02/15/24(a)	A3			3,000		3,435,000

COMPUTER HARDWARE — 0.3%
ASML Holding N.V. (Netherlands)
5.75%, 10/15/06(l)	B2			1,000		1,137,500

DIVERSIFIED CAPITAL GOODS — 0.4%
Tyco International Group SA (Luxembourg)
2.75%, 01/15/18(l)	Baa3			1,000		1,590,000

ELECTRONICS — 0.6%
FLIR Systems, Inc.
3.00%, 06/01/23	B+	(d)		600		978,000
RF Micro Devices, Inc.
1.50%, 07/01/10	B-	(d)		1,500		1,717,500

						2,695,500

ENERGY — EXPLORATION & PRODUCTION — 0.4%
Quicksilver Resources, Inc.
1.875%, 11/01/24 144A	NR			1,500		1,606,875

FOOD — WHOLESALE — 1.0%
Bunge Ltd. Finance Corp.
3.75%, 11/15/22	Baa3			1,500		2,705,625
Nestle Holding, Inc. (Switzerland)
3.00%, 05/09/05(l)	AAA	(d)		1,500		1,695,000

						4,400,625

GAMING — 0.5%
International Game Technology, Zero Coupon
0.00%, 01/29/33	Baa2			3,000		2,306,250

HEALTH SERVICES — 3.6%
Advanced Medical Optics
2.50%, 07/15/24(a)	B3			1,100		1,201,750
Fisher Scientific International, Inc.
2.50%, 10/01/23(a)	Ba2			3,000		4,477,499
Lifepoint Hospital Holdings, Inc.
4.50%, 06/01/09	B3			2,750		2,760,312
Medtronic, Inc.
1.25%, 09/15/21	A1			2,500		2,540,625
SFBC International, Inc.
2.25%, 08/15/24 144A	B-	(d)		2,000		2,457,500
Universal Health Services, Inc.
0.426%, 06/23/20	Baa3			2,750		1,598,438

						15,036,124

HEALTHCARE SERVICES — 0.3%
Invitrogen Corp.
1.50%, 02/15/24(a)	NR			1,500		1,413,750

HOTELS — 1.0%
Fairmont Hotels & Resorts, Inc. (Canada)
3.75%, 12/01/23(l)	NR			4,000		4,530,000

HOUSEHOLD & LEISURE PRODUCTS — 0.4%
Costco Wholesale Corp., Zero Coupon
0.00%, 08/19/17	A3			1,500		1,653,750

MACHINERY — 0.5%
Agco Corp.
1.75%, 12/31/33	B1			1,750		2,056,250

MEDIA — BROADCASTING — 0.2%
Sinclair Broadcast Group, Inc.,
4.875%, (until 01/15/2011) 2.00%, 07/15/18	B3			1,000		963,750

MEDIA — DIVERSIFIED — 1.4%
Disney, (Walt) Co.
2.125%, 04/15/23	Baa1			2,500		2,793,750
Liberty Media Corp.
3.25%, 03/15/31(a)	Baa3			3,500		3,451,875

						6,245,625

MEDIA — SERVICES — 0.5%
Lamar Advertising Co.
2.875%, 12/31/10(a)	B2			2,000		2,217,500

226

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SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
METALS & MINING EXCLUDING STEEL — 0.7%
Placer Dome, Inc.
2.75%, 10/15/23(a)	Baa2		$	2,500	$	3,078,125

OIL FIELD EQUIPMENT & SERVICES — 0.8%
Schlumberger Ltd.
1.50%, 06/01/23	A1			3,000		3,300,000

PHARMACEUTICALS — 1.8%
Allergan, Inc., Zero Coupon
0.00%, 11/06/22(a)	A3			1,500		1,473,750
Amylin Pharmaceuticals, Inc.
2.50%, 04/15/11	NR			1,000		1,035,000
Teva Pharmaceuticals Financial
0.375%, 11/15/22	BBB	(d)		1,150		1,676,125
0.50%, 02/01/24	BBB	(d)		585		598,894
Watson Pharmaceutical, Inc.
1.75%, 03/15/23	Ba1			3,000		3,105,000

						7,888,769

SOFTWARE/SERVICES — 2.0%
DSTSystems, Inc.
4.125%, 08/15/23(a)	NR			3,000		3,922,500
EMC Corp.
4.50%, 04/01/07(a)	BBB	(d)		1,250		1,412,500
Manugistics Group, Inc.
5.00%, 11/01/07	NR			1,250		1,153,125
Mentor Graphics Corp.
6.875%, 06/15/07	NR			1,750		1,848,438

						8,336,563

SUPPORT-SERVICES — 0.3%
Armor Holdings, Inc., 2.00%, (until 11/01/11)
0.00%, 11/01/24	B1			1,000		1,141,250

TELECOM — WIRELESS — 0.2%
Nextel Communications, Inc.
5.25%, 01/15/10	Ba3			1,000		1,028,750

TELECOMMUNICATIONS EQUIPMENT — 0.4%
LSI Logic Corp.
4.00%, 05/15/10(a)	B	(d)		2,000		1,887,500

TOTAL CONVERTIBLE BONDS (Cost $78,085,151)						83,727,391

CORPORATE OBLIGATIONS — 77.6%
AEROSPACE/DEFENSE — 1.9%
DRS Technologies, Inc., Sr. Sub. Notes
6.875%, 11/01/13	B2			1,500		1,575,000
Esterline Technologies Corp., Sr. Sub. Notes
7.75%, 06/15/13	B1			500		548,750
L-3 Communications Corp., Sr. Sub. Notes
6.125%, 01/15/14	Ba3			1,500		1,552,500
Raytheon Co., Notes
4.85%, 01/15/11	Baa3			3,000		3,077,805
Titan Corp., Gtd. Notes
8.00%, 05/15/11	B2			1,500		1,605,000

						8,359,055

APPAREL & TEXTILE — 0.5%
Invista, Notes
9.25%, 05/01/12 144A	B1			1,750		1,960,000

AUTO LOANS — 0.4%
Ford Motor Credit Corp., Notes
7.25%, 10/25/11	A3			1,500		1,610,807

AUTOMOTIVE PARTS & EQUIPMENT — 1.6%
Affinia Group, Inc., Sr. Sub. Notes
9.00%, 11/30/14 144A	Caa1			700		733,250
Cooper Standard Automotive Corp., Notes
8.375%, 12/15/14 144A	B3			1,275		1,278,188
Cummins, Inc., Sr. Notes
9.50%, 12/01/10	Ba2			750		855,000
Delco Remy International, Inc., Gtd. Notes
11.00%, 05/01/09(a)	B3			1,175		1,257,250
Eagle-Picher Industries, Inc., Sr. Notes
9.75%, 09/01/13	B3			1,625		1,633,125

227

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DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Stanadyne Corp., Sr. Sub. Notes
10.00%, 08/15/14 144A	Caa1	$	500	$	542,500
Tenneco Automotive, Inc., Sr. Sub. Notes
8.625%, 11/15/14 144A	B3		500		522,500

					6,821,813

BANKING — 0.1%
Wachovia Corp., Sub. Notes
6.605%, 10/01/25	A1		325		361,367

BEVERAGES — 0.3%
Le-Natures, Inc., Sr. Sub. Notes (9.50% until 12/20/03)
10.00%, 06/15/13 144A	Caa1		1,000		1,110,000

BUILDING & CONSTRUCTION — 1.1%
Beazer Homes USA, Inc., Sr. Notes
6.50%, 11/15/13	Ba1		1,000		1,017,500
D.R. Horton, Inc., Sr. Notes
6.875%, 05/01/13	Ba1		1,000		1,087,500
Schuler Homes, Inc., Gtd. Notes
9.375%, 07/15/09	Ba1		500		540,000
Shaw Group, Inc. (The), Unsec’d. Sr. Notes
10.75%, 03/15/10(a)	Ba3		1,000		1,107,500
William Lyon Homes, Inc., Gtd. Notes
10.75%, 04/01/13	B2		750		846,563

					4,599,063

BUILDING MATERIALS — 0.7%
Ainsworth Lumber Ltd, Sr. Notes (Canada)
7.25%, 10/01/12(l) 144A	B2		2,000		2,045,000
Jacuzzi Brands, Inc., Sec’d. Notes
9.625%, 07/01/10	B3		1,000		1,115,000

					3,160,000

CHEMICALS — 3.9%
Airgas, Inc., Sr. Sub. Notes
6.25%, 07/15/14	Ba2		1,600		1,640,000
Crompton Corp., Sr. Notes
9.875%, 08/01/12 144A	B1		1,875		2,156,250
Hercules, Inc., Gtd. Notes
6.75%, 10/15/29	Ba3		2,250		2,334,374
Huntsman International Holdings, Sr. Disc. Notes, Zero Coupon
0.00%, 12/31/09	Caa2		1,700		960,500
Huntsman LLC, Gtd. Notes (11.50% until 11/19/04)
11.75%, 07/15/12 144A	B3		1,000		1,187,500
IMC Global, Inc., Gtd. Notes, Series
11.25%, 06/01/11	B1		700		812,000
Lyondell Chemical Co., Sec’d. Notes, Series A
9.625%, 05/01/07	B1		750		828,750
Nalco Co., Sr. Sub. Notes
8.875%, 11/15/13(a)	Caa1		2,000		2,204,999
Nova Chemicals Ltd., Sr. Notes
6.50%, 01/15/12	Ba2		850		905,250
Rhodia SA, Sr. Sub. Notes (France)
8.875%, 06/01/11(a)(l)	Caa1		1,475		1,493,438
Rockwood Specialties Group, Sub. Notes
7.50%, 11/15/14 144A	B3		1,525		1,589,813
Terra Capital, Inc., Sec’d. Notes
11.50%, 06/01/10	Caa1		650		744,250

					16,857,124

CONSUMER PRODUCTS — 2.3%
Aearo Co., Sr. Sub. Notes
8.25%, 04/15/12	B3		675		698,625

228

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DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Church & Dwight Co., Inc., Sr. Sub. Notes
6.00%, 12/15/12 144A	Ba3		$	250	$	255,625
Elizabeth Arden, Inc., Gtd. Notes
7.75%, 01/15/14	B2			3,000		3,195,000
Playtex Products, Inc., Gtd. Notes
9.375%, 06/01/11(a)	Caa2			2,250		2,413,125
Rayovac Corp., Sr. Sub. Notes
8.50%, 10/01/13	B3			3,000		3,345,000

						9,907,375

DIVERSIFIED CAPITAL GOODS — 1.3%
J.B. Poindexter & Co., Inc., Sr. Notes
8.75%, 03/15/14 144A	B1			1,500		1,601,250
Park-Ohio Industries, Inc., Sr. Sub. Notes
8.375%, 11/15/14 144A	Caa1			1,000		1,005,000
Sensus Metering Systems, Sr. Sub. Notes
8.625%, 12/15/13	Caa1			2,000		2,060,000
Trinity Industries, Inc., Sr. Notes
6.50%, 03/15/14	Ba3			1,000		1,005,000

						5,671,250

ELECTRIC — GENERATION — 3.5%
AES Corp., Sr. Notes
7.75%, 03/01/14	B2			2,000		2,180,000
Calpine Corp., Sec’d. Notes
8.50%, 07/15/10 144A(a)	B	(d)		3,000		2,587,500
Calpine Generating Co., Sec’d. Notes
11.50%, 04/01/11	B3			500		477,500
Dynegy Holdings, Inc., Sec’d. Notes
9.875%, 07/15/10 144A	B3			1,000		1,122,500
Dynegy Holdings, Inc., Sr. Notes
6.875%, 04/01/11(a)	Caa2			3,500		3,386,249
NRG Energy, Inc., Sec’d. Notes
8.00%, 12/15/13 144A	B1			2,200		2,409,000
Reliant Energy, Inc., Sec’d. Notes
6.75%, 12/15/14	B1			1,225		1,223,469
Reliant Resource, Inc., Sec’d. Notes
9.50%, 07/15/13	B1			1,000		1,141,250
Texas Genco LLC Financing, Sr. Notes
6.875%, 12/15/14 144A	B1			575		597,281

						15,124,749

ELECTRIC — INTEGRATED — 2.6%
Duke Energy Corp., Sr. Notes, Series B
5.375%, 01/01/09	Baa1			2,500		2,622,562
Midwest Generation LLC, Sec’d. Notes
8.75%, 05/01/34	B1			1,500		1,710,000
Mission Energy Holding Co., Sec’d. Notes
13.50%, 07/15/08	B3			750		939,375
Nevada Power Co., General Finance Mortgage
5.875%, 01/15/15 144A	Ba2			1,200		1,215,000
Northwestern Corp., Sec’d. Notes
5.875%, 11/01/14 144A	Ba1			150		154,196
PPL Energy Supply LLC, Sr. Notes
6.40%, 11/01/11	Baa2			500		550,551
Teco Energy, Inc., Sr. Notes
7.50%, 06/15/10	Ba2			1,300		1,443,000
Virginia Electric & Power Co., Notes
4.50%, 12/15/10	A3			2,400		2,420,500
7.00%, 01/01/24
	A2			300		306,860

						11,362,044

ELECTRONICS — 0.9%
Amkor Technology, Inc., Sr. Notes
7.125%, 03/15/11(a)	B3			1,000		945,000

229

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SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Communications & Power Industries Holding Corp., Sr. Sub. Notes
8.00%, 02/01/12	B3	$	1,000	$	1,065,000
Freescale Semiconductor, Inc., Sr. Notes
7.125%, 07/15/14	Ba2		800		872,000
Sanmina — SCI Corp., Gtd. Notes
10.375%, 01/15/10	Ba2		1,000		1,152,500

					4,034,500

ENERGY — EXPLORATION & PRODUCTION — 2.4%
Chesapeake Energy Corp., Sr. Notes
7.00%, 08/15/14	Ba3		1,700		1,819,000
6.375%, 06/15/15 144A	Ba3		500		516,250
Exco Resources, Inc., Gtd. Notes
7.25%, 01/15/11	B2		3,000		3,224,999
Forest Oil Corp., Sr. Notes
8.00%, 06/15/08	Ba3		350		388,063
Harvest Operations Corp., Sr. Notes
7.875%, 10/15/11 144A	B3		1,000		1,012,500
Houston Exploration Co., Sr. Sub. Notes
7.00%, 06/15/13	B2		1,000		1,065,000
KCS Energy, Inc., Sr. Notes
7.125%, 04/01/12	B3		1,000		1,055,000
Range Resources Corp., Sr. Sub. Notes
7.375%, 07/15/13	B3		1,025		1,104,438

					10,185,250

ENVIRONMENTAL — 1.0%
Allied Waste North America, Inc., Sec’d. Notes
6.125%, 02/15/14(a)	B2		1,750		1,653,750
Allied Waste North America, Inc., Sr. Notes
7.875%, 04/15/13	B2		2,750		2,832,500

					4,486,250

FOOD & DRUG RETAILERS — 1.8%
Ingles Markets, Inc., Gtd. Notes
8.875%, 12/01/11	Ba3		1,000		1,075,000
Jean Coutu Group PJC, Inc., Sr. Sub. Notes (Canada)
8.50%, 08/01/14 144A(a)(l)	B3		825		849,750
Rite Aid Corp., Debs.
7.70%, 02/15/27	Caa1		2,500		2,068,750
Rite Aid Corp., Sec’d. Notes
8.125%, 05/01/10	B2		2,000		2,125,000
Stater Brothers Holdings, Inc., Sr. Notes
8.125%, 06/15/12	B1		1,500		1,593,750

					7,712,250

FOOD — WHOLESALE — 2.2%
Chiquita Brands International, Inc., Sr. Notes
7.50%, 11/01/14 144A	B2		2,500		2,543,750
Dole Foods Co., Debs. (7.875% until 03/28/03)
8.75%, 07/15/13	B2		2,000		2,245,000
Land O’ Lakes, Inc., Sr. Notes
8.75%, 11/15/11(a)	B3		1,500		1,500,000
Michael Foods, Sr. Sub. Notes
8.00%, 11/15/13	B3		1,500		1,590,000
Pinnacle Foods Holding Corp., Sr. Sub. Notes
8.25%, 12/01/13 144A(a)	B3		1,525		1,460,188

					9,338,938

FORESTRY/PAPER — 3.1%
Boise Cascade LLC, Sr. Sub. Notes
7.125%, 10/15/14 144A	B2		600		637,500
Bowater, Inc., Notes
6.50%, 06/15/13	Ba3		2,500		2,512,855
Buckeye Technologies, Inc., Sr. Sub. Notes
8.00%, 10/15/10	Caa1		2,500		2,512,500

230

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SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY'S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Jefferson Smurfit Corp., Gtd. Notes
8.25%, 10/01/12	B2	$	1,000	$	1,095,000
JSG Funding PLC, Sr. Notes (Ireland)
9.625%, 10/01/12(l)	B3		750		840,000
Longview Fibre Co., Sr. Sub. Notes
10.00%, 01/15/09	B2		500		548,750
Norske Skog Corp., Sr. Notes (Canada)
7.375%, 03/01/14(l)	Ba3		2,000		2,095,000
Tembec Industries, Inc., Gtd. Notes (Canada)
8.625%, 06/30/09	Ba3		1,000		1,010,000
7.75%, 03/15/12	Ba3		2,000		1,945,000

					13,196,605

GAMING — 5.0%
Boyd Gaming Corp., Sr. Sub. Notes
8.75%, 04/15/12	B1		1,500		1,676,250
Hard Rock Hotel, Inc., Notes
8.875%, 06/01/13	B3		1,840		2,042,400
Isle of Capri Casinos, Inc., Gtd. Notes
9.00%, 03/15/12	B2		1,250		1,384,375
Isle of Capri Casinos, Inc., Sr. Sub. Notes
7.00%, 03/01/14	B2		1,800		1,845,000
Mandalay Resort Group, Sr. Sub. Notes
9.375%, 02/15/10	Ba3		600		702,000
MGM Mirage, Inc., Sr. Notes
6.75%, 09/01/12	Ba1		1,700		1,797,750
Park Place Entertainment Corp., Sr. Notes
7.50%, 09/01/09	Ba1		350		391,125
Park Place Entertainment Corp., Sr. Sub. Notes
9.375%, 02/15/07	Ba2		1,000		1,105,000
Penn National Gaming, Inc., Sr. Sub. Notes
6.875%, 12/01/11	B2		1,250		1,306,250
Premier Entertainment Biloxi/Finance, First Mortgage
10.75%, 02/01/12	B3		575		631,063
River Rock Entertainment, Sr. Notes
9.75%, 11/01/11	B2		2,005		2,258,130
Scientific Games Corp., Sr. Sub Notes
6.25%, 12/15/12 144A(a)	B1		1,225		1,252,563
Seneca Gaming Corp., Sr. Notes
7.25%, 05/01/12	B2		500		528,750
Station Casinos, Inc., Sr. Sub. Notes
6.50%, 02/01/14	B1		2,000		2,064,999
Turning Stone Casino Resort Enterprise, Sr. Notes
9.125%, 12/15/10 144A	B1		500		543,750
Venetian Casino Resort LLC, Gtd. Notes
11.00%, 06/15/10	B2		500		573,125
Wynn Las Vegas LLC Corp., First Mortgage Notes
6.625%, 12/01/14 144A	B2		1,500		1,492,500

					21,595,030

GAS DISTRIBUTION — 2.4%
El Paso Corp., Sr. Notes
7.00%, 05/15/11(a)	Caa1		1,500		1,524,375
7.75%, 01/15/32(a)	Caa1		1,000		962,500
Ferrellgas Partners L.P., Sr. Notes
6.75%, 05/01/14	Ba3		2,000		2,065,000
Markwest Energy, Sr. Notes
6.875%, 11/01/14 144A	B1		1,500		1,530,000

231

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Northwest Pipeline Corp., Gtd. Notes
8.125%, 03/01/10	Ba2	$	500	$	555,625
Sonat, Inc., Notes
7.625%, 07/15/11	Caa1		1,000		1,040,000
Suburban Propane Partners L.P., Sr. Notes
6.875%, 12/15/13	B1		1,500		1,537,500
Williams Cos., Inc., Notes
7.875%, 09/01/21	B1		1,000		1,120,000

					10,335,000

HEALTH SERVICES — 6.1%
Alliance Imaging, Sr. Sub. Notes
7.25%, 12/15/12 144A(a)	B3		1,500		1,533,750
AmeriPath, Inc., Gtd. Notes
10.50%, 04/01/13	Caa1		2,000		2,135,000
Ardent Health Services LLC, Sr. Sub. Notes
10.00%, 08/15/13	B3		1,750		1,846,250
Beverly Enterprises, Inc., Sr. Sub. Notes
7.875%, 06/15/14 144A	B2		1,500		1,616,250
Bio-Rad Laboratories, Inc., Sr. Sub Notes
6.125%, 12/15/14 144A	Ba3		1,000		1,012,500
Hanger Orthopedic Group, Inc., Gtd. Notes
10.375%, 02/15/09(a)	B3		1,000		1,037,500
HCA, Inc., Notes
6.375%, 01/15/15	Ba2		1,500		1,508,838
HEALTHSOUTH Corp., Sr. Notes
8.375%, 10/01/11(a)	NR		1,910		1,991,175
Medex, Inc., Sr. Sub. Notes
8.875%, 05/15/13	B3		2,000		2,339,999
National Mentor, Inc., Sr. Sub. Notes
9.625%, 12/01/12 144A	B3		575		613,813
National Nephrology Associates, Inc., Sr. Sub. Notes
9.00%, 11/01/11 144A	B1		335		389,438
Pacificare Health Systems, Inc., Gtd. Notes
10.75%, 06/01/09	Ba3		640		742,400
PerkinElmer, Inc., Gtd. Notes
8.875%, 01/15/13	Ba3		1,500		1,717,500
Tenet Healthcare Corp., Notes
7.375%, 02/01/13(a)	B3		1,500		1,462,500
Tenet Healthcare Corp., Sr. Notes
9.875%, 07/01/14 144A	B3		2,000		2,189,999
Triad Hospitals, Inc., Sr. Sub. Notes
7.00%, 11/15/13	B3		1,500		1,541,250
UnitedHealth Group, Inc., Notes
4.875%, 04/01/13	A3		1,500		1,515,099
Vanguard Health Holdings II, Sr. Sub. Notes
9.00%, 10/01/14 144A	Caa1		775		833,125

					26,026,386

HOTELS — 1.0%
Felcor Lodging L.P., Gtd. Notes
(8.50% until 06/20/03)
9.00%, 06/01/11	B1		700		796,250
Host Marriott L.P., Gtd. Notes
9.25%, 10/01/07	Ba3		1,000		1,120,000
Host Marriott L.P., Sr. Notes
7.00%, 08/15/12 144A	Ba3		2,350		2,496,875

					4,413,125

HOUSEHOLD & LEISURE PRODUCTS — 0.3%
Fedders North America, Inc., Sr. Notes
9.875%, 03/01/14	Caa1		1,750		1,435,000

232

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
LEISURE — 1.2%
Gaylord Entertainment Co., Sr. Notes
8.00%, 11/15/13	B3	$	3,000	$	3,255,000
6.75%, 11/15/14 144A(a)	B3		1,000		1,010,000
Six Flags, Inc., Sr. Notes
9.50%, 02/01/09(a)	Caa1		1,000		1,045,000

					5,310,000

MACHINERY — 0.9%
AGCO Corp., Gtd. Notes
9.50%, 05/01/08	Ba3		1,000		1,070,000
JLG Industries, Inc., Gtd. Notes
8.25%, 05/01/08	B2		600		651,000
Manitowoc Co., Inc., Sr. Notes
7.125%, 11/01/13(a)	B1		2,015		2,191,313

					3,912,313

MEDIA — BROADCASTING — 2.2%
Allbritton Communications, Sr. Sub. Notes
7.75%, 12/15/12	B3		2,200		2,288,000
Clear Channel Communications, Inc., Sr. Notes
4.625%, 01/15/08	Baa3		2,500		2,540,403
Emmis Operating Co., Sr. Sub. Notes
6.875%, 05/15/12	B2		1,500		1,576,875
Paxson Communications Corp., Gtd. Notes
10.75%, 07/15/08(a)	Caa1		2,000		2,110,000
Sinclair Broadcast Group, Inc., Gtd. Notes
8.75%, 12/15/11	B2		1,000		1,093,750

					9,609,028

MEDIA — CABLE — 4.1%
Charter Communications Holdings II, Sr. Notes
10.25%, 09/15/10	Caa1		2,000		2,130,000
Charter Communications Holdings LLC, Sr. Notes
10.00%, 04/01/09	Ca		3,500		3,167,499
CSC Holdings, Inc., Debs., Series B
8.125%, 08/15/09	B1		1,500		1,648,125
DIRECTV Holdings LLC, Sr. Notes
8.375%, 03/15/13	B1		1,250		1,407,813
Echostar DBS Corp., Sr. Notes
6.375%, 10/01/11	Ba3		1,500		1,541,250
Insight Communications Co., Inc., Sr. Disc. Notes, Zero Coupon (until 02/15/06)
12.25%, 02/15/11(a)	Caa2		4,000		3,909,999
Mediacom LLC Capital Corp., Sr. Notes
9.50%, 01/15/13(a)	B3		1,625		1,639,219
Mediacom LLC Capital Corp., Sr. Notes, Series B
8.50%, 04/15/08(a)	B3		2,175		2,229,375

					17,673,280

MEDIA — DIVERSIFIED — 0.4%
Block Communications, Inc., Gtd. Notes
9.25%, 04/15/09	B2		1,550		1,697,250

MEDIA — SERVICES — 0.8%
Interpublic Group of Cos., Inc., Notes
7.25%, 08/15/11	Baa3		500		545,311
6.25%, 11/15/14	Baa3		640		650,790
Warner Music Group, Sr. Sub. Notes
7.375%, 04/15/14 144A	B3		2,000		2,060,000

					3,256,101

METALS & MINING EXCLUDING STEEL — 0.3%
Peabody Energy Corp., Sr. Notes
5.875%, 04/15/16	Ba3		1,500		1,500,000

233

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
NON-ELECTRIC UTILITIES — 0.9%
Semco Energy, Inc., Sr. Notes
7.125%, 05/15/08	Ba2	$	1,750	$	1,881,726
7.75%, 05/15/13	Ba2		2,000		2,206,250

					4,087,976

NON-FOOD & DRUG RETAILERS — 1.5%
Couche-Tard Corp., Sr. Sub. Notes
7.50%, 12/15/13	Ba3		1,450		1,562,375
Penny, (J.C.) Co., Inc., Notes
6.875%, 10/15/15	Ba2		1,000		1,087,500
Saks, Inc., Gtd. Notes
9.875%, 10/01/11	Ba3		1,000		1,190,000
7.375%, 02/15/19	Ba3		2,600		2,587,000

					6,426,875

OIL FIELD EQUIPMENT & SERVICES — 1.5%
Hanover Compressor Co., Sr. Notes
8.625%, 12/15/10	B3		1,000		1,097,500
Key Energy Services, Inc., Gtd. Notes
8.375%, 03/01/08	B1		500		526,250
Key Energy Services, Inc., Sr. Notes
6.375%, 05/01/13	B1		2,500		2,556,250
McDermott, (J.Ray) SA, Sec’d. Notes
11.00%, 12/15/13 144A	Caa1		1,000		1,120,000
Pride International, Inc., Sr. Notes
7.375%, 07/15/14	Ba2		1,000		1,097,500

					6,397,500

PACKAGING — 3.6%
AEP Industries, Inc., Sr. Sub. Notes
9.875%, 11/15/07	B3		1,000		1,022,500
BWAY Corp., Sr. Sub. Notes
10.00%, 10/15/10(c)	B3		1,000		1,045,000
Constar International, Inc., Sr. Sub. Notes
11.00%, 12/01/12(a)	Caa1		1,925		2,006,813
Crown Cork & Seal Co., Inc., Debs.
7.375%, 12/15/26(a)	B3		3,500		3,307,499
Graham Packing Co., Sr. Notes
8.50%, 10/15/12 144A(a)	Caa1		1,600		1,688,000
Owens-Brockway Glass Containers Corp., Gtd. Notes
8.875%, 02/15/09	B1		2,500		2,728,125
7.75%, 05/15/11	B1		1,500		1,631,250
Portola Packaging, Inc., Sr. Notes
8.25%, 02/01/12	Caa1		550		437,250
Solo Cup Co., Sr. Sub. Notes
8.50%, 02/15/14	B3		1,000		1,045,000
Stone Container Finance, Gtd. Notes (Canada)
7.375%, 07/15/14(l)	B2		550		588,500

					15,499,937

PHARMACEUTICALS – 1.1%
Alpharma, Inc., Sr. Notes
8.625%, 05/01/11 144A	B3		1,500		1,575,000
Biovail Corp., Sr. Sub. Notes (Canada)
7.875%, 04/01/10(a)(l)	B2		2,500		2,600,000
Elan Finance PLC, Sr. Notes (Brazil)
7.75%, 11/15/11(l) 144A	B3		425		454,750

					4,629,750

PRINTING & PUBLISHING — 1.6%
Dex Media, Inc., Notes
8.00%, 11/15/13(a)	B3		3,000		3,262,500
Houghton Mifflin Co., Sr. Notes
8.25%, 02/01/11	B3		2,500		2,675,000
Primedia, Inc., Sr. Notes
8.875%, 05/15/11	B3		850		903,125

					6,840,625

RESTAURANTS — 0.7%
Denny’s Corp., Inc., Sr. Notes
10.00%, 10/01/12 144A(a)	Caa1		1,250		1,351,563

234

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Friendly Ice Cream Corp., Sr. Notes
8.375%, 06/15/12(a)	B2	$	1,900	$	1,873,875

					3,225,438

SOFTWARE/SERVICES — 0.6%
Electronic Data Systems Corp., Notes, Series B
6.50%, 08/01/13	Ba1		2,500		2,644,073

SUPPORT-SERVICES — 2.0%
Iron Mountain, Inc., Gtd. Notes
7.75%, 01/15/15	Caa1		2,500		2,550,000
6.625%, 01/01/16	Caa1		4,000		3,750,000
JohnsonDiversey, Inc., Gtd. Notes, Series B
9.625%, 05/15/12	B2		750		841,875
United Rentals NA, Inc., Sr. Sub. Notes
7.75%, 11/15/13(a)	B2		1,500		1,477,500

					8,619,375

TELECOM — FIXED LINE — 0.3%
Level 3 Financing, Inc., Sr. Notes
10.75%, 10/15/11 144A(a)	Caa1		1,600		1,456,000

TELECOM — INTEGRATED/SERVICES — 2.3%
Cincinnati Bell, Inc., Sr. Sub. Notes
8.375%, 01/15/14(a)	B3		2,500		2,543,750
MCI, Inc., Sr. Notes
7.69%, 05/01/09	B2		970		1,006,375
8.74%, 05/01/14	B2		831		895,403
Qwest Capital Funding Co., Gtd. Notes
7.90%, 08/15/10(a)	Caa2		3,750		3,806,250
Qwest Services Corp., Notes
14.00%, 12/15/10 144A	Caa1		1,500		1,811,250

					10,063,028

TELECOM — WIRELESS — 2.6%
Airgate PCS, Inc., Sec’d. Notes
9.375%, 09/01/09	Caa1		1,250		1,353,125
5.85%, 10/15/11(c) 144A	B2		500		516,250
Centennial Communications Corp., Gtd. Notes
10.125%, 06/15/13	Caa1		2,000		2,255,000
Dobson Communications Corp., Sr. Notes
10.875%, 07/01/10(a)	Ca		500		390,000
8.875%, 10/01/13(a)	Ca		775		548,313
Nextel Communications, Inc., Sr. Notes
7.375%, 08/01/15	Ba3		1,000		1,105,000
Nextel Partners, Inc., Sr. Notes
8.125%, 07/01/11	B3		1,400		1,561,000
Rodgers Wireles Communications, Inc., Sec’d. Notes (Canada)
7.25%, 12/15/12 144A(l)	Ba3		400		426,000
Rural Cellular Corp., Sr. Notes
9.875%, 02/01/10(a)	Caa1		1,500		1,533,750
Rural Cellular Corp., Sr. Sub. Notes
9.75%, 01/15/10	Caa2		300		273,000
Ubiquitel Operating Co., Sr. Notes
9.875%, 03/01/11 144A(a)	Caa1		550		620,125
Western Wireless Corp., Sr. Notes
9.25%, 07/15/13(a)	Caa1		550		600,875

					11,182,438

TELECOMMUNICATIONS EQUIPMENT — 0.3%
Lucent Technologies, Debs.
6.45%, 03/15/29	B2		1,500		1,365,000

THEATERS & ENTERTAINMENT — 1.1%
AMC Entertainment, Inc., Sr. Sub. Notes
8.00%, 03/01/14	B3		2,500		2,500,000
Carmike Cinemas, Inc., Sr. Sub. Notes
7.50%, 02/15/14	Caa1		550		565,813

235

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Cinemark USA, Inc., Sr. Sub. Notes
9.00%, 02/01/13	B3	$	500	$	573,125
Loews Cineplex, Sr. Sub. Notes
9.00%, 08/01/14 144A	B3		1,200		1,305,000

					4,943,938

TRANSPORTATION EXCLUDING AIR/RAIL — 1.2%
CHC Helicopter Corp., Sr. Sub. Notes
7.375%, 05/01/14	B2		2,000		2,120,000
Hornbeck Offshore Services, Inc., Sr. Notes
6.125%, 12/01/14 144A	Ba3		1,180		1,191,800
Offshore Logistics, Inc., Gtd. Notes
6.125%, 06/15/13	Ba2		1,825		1,861,500
Stena AB, Sr. Notes (Sweden)
7.00%, 12/01/16 144A(l)	Ba3		150		149,250

					5,322,550

TOTAL CORPORATE OBLIGATIONS (Cost $322,877,481)					335,325,456


		SHARES
COMMON STOCK — 0.7%
AEROSPACE/DEFENSE — 0.4%
Northrop Grumman Corp.			30,000		1,630,800

TELECOMMUNICATIONS EQUIPMENT — 0.3%
Avaya, Inc.*			84,248		1,449,066

TOTAL COMMON STOCK (Cost $2,888,132)					3,079,866

PREFERRED STOCK — 4.5%
AGENCY — 0.1%
Fannie Mae 5.375% [CVT]			6		636,000

AUTOMOTIVE — 0.3%
Ford Motor Co. Capital Trust II 6.50%[CVT]			25,000		1,319,750

BEVERAGES — 0.2%
Constellation Brands, Inc. 5.75% [CVT]			20,000		752,400

ELECTRIC — DISTR/TRANS — 0.5%
FPL Group, Inc. 8.00% [CVT]			35,000		2,108,400

ENERGY — EXPLORATION & PRODUCTION — 0.5%
Chesapeake Energy Corp. 4.125% [CVT]			2,000		2,327,500

FOOD & DRUG RETAILERS — 0.4%
Albertson’s, Inc. 7.25% [CVT]			65,000		1,651,000

FORESTRY/PAPER — 0.3%
Temple-Inland, Inc. 7.50% [CVT]			25,000		1,407,500

HEALTH SERVICES — 0.3%
Omnicare, Inc. 4.00% [CVT]			25,000		1,379,000

INTEGRATED ENERGY — 0.5%
Williams Cos., Inc. 5.50% [CVT]			25,000		2,100,000

MEDIA — BROADCASTING — 0.3%
Sinclair Broadcast Group, Inc. 6.00% [CVT]			30,000		1,304,700

PHARMACEUTICALS — 0.3%
Schering Plough Corp. 6.00% [CVT]			23,000		1,290,300

PRINTING & PUBLISHING — 0.8%
Interpublic Group of Cos., Inc. Series A 5.375% [CVT]			60,000		2,940,000

TOTAL PREFERRED STOCK (Cost $18,091,025)					19,216,550

236

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED
SECURITIES — 5.2%
Federal Home Loan Mortgage Corp.
6.00%, 04/01/33	$	4,679	$	4,841,194

Federal National Mortgage Assoc
5.50%, 04/01/33 – 07/01/33		7,612		7,736,444
6.00%, 05/01/33 – 08/01/34		9,359		9,689,976

				17,426,420

TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $22,225,973)				22,267,614

U.S. TREASURY — 1.0%
U.S. Treasury Notes
5.00%, 02/15/11(a) (Cost $4,270,651)		4,000		4,256,408

TOTAL LONG-TERM INVESTMENTS (Cost $448,438,413)				467,873,285

SHORT-TERM INVESTMENTS — 24.7%
CORPORATE OBLIGATIONS — 2.0%
Natexis Banque NY
2.297%, 01/03/05(b)(c)		8,599		8,598,046

TIME DEPOSITS — 1.5%
Bank of America NA
1.50%, 01/03/05(b)		4,816		4,815,507
Chase Manhattan Bank
2.25%, 01/03/05(b)		1,828		1,828,164

				6,643,671


	SHARES
NON-REGISTERED INVESTMENT COMPANY — 16.6%
BlackRock Institutional Money Market Trust(b)(j)		71,290,398		71,290,398

REGISTERED INVESTMENT COMPANIES — 4.6%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		9,988,637		9,988,637
BlackRock Provident Institutional Funds TempFund Portfolio(j)		9,988,637		9,988,637

				19,977,274

TOTAL SHORT-TERM INVESTMENTS (Cost $106,509,389)				106,509,389

TOTAL INVESTMENTS — 133.1% (Cost $554,947,801; Note 5)				574,382,674
LIABILITIES IN EXCESS OF OTHER ASSETS — (33.1%)				(142,869,848	)

NET ASSETS — 100.0%			$	431,512,826

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

THE FOLLOWING ANNOTATIONS ARE USED THROUGHOUT THE SCHEDULE OF INVESTMENTS:

(a)	All or a portion of securities on loan. Securities on loan have an aggregate market value of $84,570,979; cash collateral of $86,532,115 (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.

237

AST LORD ABBETT BOND-DEBENTURE PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


Healthcare Services	6.7	%
Gaming	5.5
U.S. Government Agency Mortgage-Backed Securities	5.2
Media — Cable	4.1
Chemicals	3.9
Health Services	3.6
Packaging	3.6
Electric — Generation	3.5
Forestry/Paper	3.4
Energy — Exploration & Production	3.3
Aerospace/Defense	3.2
Food — Wholesale	3.2
Pharmaceuticals	3.2
Telecom — Wireless	2.8
Media — Broadcasting	2.7
Electric — Integrated	2.6
Software/Services	2.6
Printing & Publishing	2.4
Gas Distribution	2.4
Consumer Products	2.3
Oil Field Equipment & Services	2.3
Support — Services	2.3
Telecom — Integrated/Services	2.3
Food & Drug Retailers	2.2
Hotels	2.0
Building & Construction	1.9
Media — Diversified	1.8
Diversified Capital Goods	1.7
Automotive Parts & Equipment	1.6
Electronics	1.5
Non-Food & Drug Retailers	1.5
Machinery	1.4	%
Media — Services	1.3
Leisure	1.2
Transportation Excluding Air/Rail	1.2
Theaters & Entertainment	1.1
Environmental	1.0
Metals & Mining Excluding Steel	1.0
Telecommunications Equipment	1.0
U.S. Treasury Obligations	1.0
Non-Electric Utilities	0.9
Building Materials	0.7
Household & leisure Products	0.7
Restaurants	0.7
Apparel & Textile	0.5
Beverages	0.5
Electric — Distr/Trans	0.5
Integrated Energy	0.5
Aerospace	0.4
Auto Loans	0.4
Automotive	0.3
Computer Hardware	0.3
Telecom — Fixed Line	0.3
Agency	0.1
Banking	0.1
Short-Term Investments	24.7

	133.1
Liabilities in excess of other assets	(33.1	)

	100.0	%

See Notes to Financial Statements.

238

AST PIMCO TOTAL RETURN BOND PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	MOODY’S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 58.9%
ASSET-BACKED SECURITIES — 4.7%
Bear Stearns Asset Backed Securities, Inc., Series 2001-A, Class AIII
2.723%, 02/15/31(c)	Aaa		$	787	$	788,439
CCCA LLC, Series 2000
7.80%, 10/15/08 144A (cost $1,060,272; purchased 0521/02-02/12/03)(g)	AAA	(d)		1,000		1,082,794
CDC Mortgage Capital Trust, Series 2002-HE2, Class A
2.708%, 01/25/33(c)	Aaa			1,418		1,419,227
Citibank Omni-S Master Trust, Series 2002-1, Class A
2.502%, 02/18/09(c)	Aaa			20,700		20,711,101
Citibank Omni-S Master Trust, Series 2002-4, Class A
2.533%, 08/18/09(c)	Aaa			23,000		23,031,639
Contimortgage Home Equity Loan Trust, Series 1997-5, Class A8
2.703%, 03/15/24(c)	Aaa			345		346,812
Countrywide Asset-Backed Certificates, Series 2004-7, Class 2AV1
2.567%, 12/25/22	Aaa			14,121		14,129,946
EMC Mortgage Loan Trust, Series 2001-A, Class A
2.788%, 05/25/40 144A(c)	Aaa			10,867		10,887,273
Equity One ABS, Inc., Series 2004-2, Class AF1
2.527%, 07/25/34(c)	Aaa			13,120		13,128,521
Fremont Home Loan Trust, Series 2004-2, Class 2A1
2.567%, 07/25/34(c)	Aaa			5,196		5,199,238
Home Equity Mortgage Trust, Series 2004-4, Class A2
2.567%, 12/25/34	Aaa			9,570		9,578,120
Nelnet Student Loan Trust, Series 2004-4, Class A1
2.017%, 01/25/05(c)	Aaa			6,900		6,901,001
Novastar NIM Trust, Series 2004-N1, Class Notes
4.458%, 02/25/34 144A	A-	(d)		259		259,358
Wells Fargo Home Equity Trust, Series 2004-2, Class A-31
2.578%, 06/25/19(c)	Aaa			2,215		2,217,099

TOTAL ASSET-BACKED SECURITIES (Cost $109,581,112)						109,680,568

COLLATERALIZED MORTGAGE OBLIGATIONS — 4.0%
Bank of America Mortgage Securities, Series 2004-1, Class 5A1
6.50%, 09/25/33	AAA	(d)		1,321		1,343,460
Bear Stearns Trust,
Series 2002-11, Class A-1 5.638%, 02/25/33 [ARM](c)	Aaa			950		949,272
Series 2002-11, Class A-2 5.325%, 01/25/33 [ARM](c)	Aaa			2,630		2,665,396

239

AST PIMCO TOTAL RETURN BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY'S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Series 2002-9, Class 2A 5.261%, 10/25/32 [ARM](c)	Aaa	$	416	$	417,107
Fannie Mae Whole Loan,
Series 2003-W1, Class 1A1 6.50%, 12/25/42	Aaa		2,640		2,750,596
Series 2004-W2, Class 2A2 7.00%, 02/25/44	Aaa		826		874,608
Series 2004-W2, Class 5A 7.50%, 03/25/44	Aaa		838		897,967
Series 1993-70, Class Z 6.90%, 05/25/23	Aaa		220		227,408
Fannie Mae,
Series 2002-55, Class KY 4.75%, 04/25/28	Aaa		72		71,778
Series 2002-56, Class MC 5.50%, 09/25/17	Aaa		476		490,266
Series 2003-122, Class TU 4.00%, 05/25/16	Aaa		770		777,996
Series 2003-25, Class KP 5.00%, 04/25/33	Aaa		20,745		20,619,863
Series 2003-33, Class PU 4.50%, 05/25/33	Aaa		687		687,241
Series 2003-63, Class A2 2.34%, 07/25/44	Aaa		315		314,424
Freddie Mac,
Series 2064, Class ZA 6.50%, 05/15/28	Aaa		5,648		5,884,034
Series 2145, Class MZ 6.50%, 04/15/29	Aaa		14,262		14,870,593
Series 2378, Class PE 5.50%, 11/15/16	Aaa		665		692,675
Series 2504, Class L 5.50%, 03/15/15	Aaa		42		41,689
Series 2513, Class QK 5.00%, 08/15/28	Aaa		146		146,335
Series 2649, Class QA 3.50%, 03/15/10	Aaa		1,179		1,183,052
Series 2662, Class DG 5.00%, 10/15/22	Aaa		1,300		1,295,455
Series 2694, Class QH 4.50%, 03/15/32	Aaa		1,265		1,219,359
Series 2721, Class PE 5.00%, 01/15/23	Aaa		525		519,673
Series 2724, Class PT 3.75%, 05/15/16	Aaa		578		579,316
Series 2728, Class TC 4.00%, 02/15/23	Aaa		1,060		1,059,686
Series 2734, Class PG 5.00%, 07/15/32	Aaa		909		904,283
Series 2737, Class XG 4.00%, 11/15/22	Aaa		530		529,843
Series 2737, Class YD 5.00%, 08/15/32	Aaa		600		597,332
Series 2750, Class NB 4.00%, 12/15/22	Aaa		1,426		1,425,003
Series 2759, Class AU 3.50%, 05/15/19	Aaa		610		608,702
Series 2786, Class PA 3.50%, 10/15/10	Aaa		595		596,835
GS Mortgage Securities Corp. II,
Series 2001-1285, Class A2 6.526%, 08/15/18 144A	Aa1		2,000		2,229,191
GSR Mortgage Loan Trust, Series 2004-7, Class 1A1
3.464%, 06/01/34	Aaa		16,618		16,396,695
Indymac Trust, Series 2001-H2, Class A2
6.598%, 01/25/32 [ARM](c)	Aaa		197		197,607

240

AST PIMCO TOTAL RETURN BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY'S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Nationslink Funding Corp., Series 1999-SL, Class A4
6.654%, 11/10/30	Aaa		$	349	$	357,644
Prime Mortgage Trust, Series 2004-CL1, Class 1A2
2.58%, 02/25/34(c)	AAA	(d)		2,712		2,717,787
Prime Mortgage Trust, Series 2004-CL1, Class 2A2
2.58%, 02/25/19(c)	AAA	(d)		689		690,002
Residential Funding Mortgage Securities, Series 2002-SA2, Class A1
5.586%, 09/25/32(c)	Aaa			507		505,921
Rothschild, (L.F.) Mortgage Trust, Series 2, Class Z
9.95%, 08/01/17	AAA	(d)		196		207,876
Structured Asset Securities Corp., Series 2002-1A, Class 4A
6.112%, 02/25/32(c)	Aaa			276		275,989
Washington Mutual,
Series 2002-AR11, Class A1 5.145%, 10/25/32(c)	Aaa			2,155		2,185,293
Series 2004-CB1, Class 4A 6.00%, 06/25/34	Aaa			753		773,368

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $90,229,313)						91,778,620

CORPORATE OBLIGATIONS — 4.2%
AIRLINES — 0.2%
United Air Lines, Inc., Equipment Trust,
Series 91C 10.36%, 11/13/12 144A (cost $8,052,231; purchased 01/03/96)(g)(i)	NR			6,925		3,358,625
Series 91E 10.36%, 11/27/12 144A (cost $582,741; purchased 01/03/96)(g)(i)	NR			500		242,500
United Air Lines, Inc., Pass-Thru Cert., Series 91A2
10.02%, 03/22/14 144A (cost $1,00,630; purchased 03/01/95)(g)(i)	NR			1,000		385,495

						3,986,620

AUTOMOBILE MANUFACTURERS — 0.3%
Daimlerchrysler NA Holding Corp., Notes
2.96%, 05/24/06	A3			5,900		5,931,388

CONGLOMERATES — 0.1%
Altria Group, Inc., Debs.
7.75%, 01/15/27	Baa2			1,700		1,913,348

ENTERTAINMENT & LEISURE
Time Warner, Inc., Notes
8.11%, 08/15/06	Baa1			510		547,246

FINANCIAL SERVICES — 2.0%
Duke Capital Corp., Notes
4.302%, 05/18/06	Baa3			595		602,382
Ford Motor Credit Co., Notes
2.51%, 01/18/05	A3			4,500		4,497,480
7.60%, 08/01/05	A3			6,200		6,345,581
6.875%, 02/01/06	A3			431		444,131
Ford Motor Credit Co., Sr. Notes
5.80%, 01/12/09	A3			860		879,823

241

AST PIMCO TOTAL RETURN BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY'S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
General Motors Acceptance Corp., Notes
7.50%, 07/15/05	Baa1		$	11,400	$	11,636,344
6.75%, 01/15/06	A3			1,475		1,513,546
6.125%, 09/15/06	A3			780		799,962
4.375%, 12/10/07	A3			380		374,901
6.875%, 09/15/11	A3			510		523,341
Pemex Project Funding Master Trust, Gtd. Notes
8.50%, 02/15/08	Baa1			490		553,700
8.00%, 11/15/11	Baa1			2,700		3,114,450
8.625%, 02/01/22	Baa1			2,300		2,681,800
Phoenix Quake Ltd., Notes
4.05%, 07/03/08 144A (cost $1,200,000; purchased 06/18/03)(c)(g)	Baa3			1,200		1,241,832
Phoenix Quake Wind Ltd., Notes
4.05%, 07/03/08 144A(c) (cost $1,200,000; purchased 06/18/03)(g)	Baa3			1,200		1,241,832
5.10%, 07/03/08 144A(c)	Ba1			550		456,786
Qwest Capital Funding Corp., Gtd. Notes
7.25%, 02/15/11	Caa2			153		150,705
Sr. Wind Ltd., Notes, Series A1
7.51%, 02/10/05 144A(c) (cost $4,000,000; purchased 04/30/01)(g)	BB+	(d)		4,000		4,030,560
Sr. Wind Ltd., Notes, Series A2
8.01%, 02/10/05 144A (cost $2,000,000; purchased 04/30/01)(c)(g)	BB+	(d)		2,000		2,022,200
UFJ Finance Aruba AEC, Gtd. Notes
6.75%, 07/15/13	Baa1			2,900		3,236,989
Verizon Global Funding Corp., Notes
7.25%, 12/01/10	A2			900		1,032,377

						47,380,722

OIL & GAS — 0.6%
El Paso Corp., Sr. Notes
7.75%, 01/15/32	Caa1			14,940		14,379,750

TELECOMMUNICATIONS — 0.8%
France Telecom SA, Notes (France)
8.20%, 03/01/06(c)(l)	Baa2			5,000		5,251,280
GTE Hawaiian Telephone, Debs.
7.375%, 09/01/06	Aaa			585		620,436
Qwest Corp., Debs.
7.20%, 11/10/26	Ba3			8,950		8,636,750
8.875%, 06/01/31	Ba3			500		525,000
Sprint Capital Corp., Gtd. Notes
6.00%, 01/15/07	Baa3			3,500		3,664,833

						18,698,299

UTILITIES — 0.2%
AEP Texas Central Co., Notes
3.54%, 02/15/05(c)	Baa2			1,600		1,599,987
Appalachian Power Co., Sr. Notes, Series E
4.80%, 06/15/05	Baa2			1,585		1,598,582
Cleveland Electric Co., Notes
7.13%, 07/01/07	Aaa			1,570		1,696,332

						4,894,901

TOTAL CORPORATE OBLIGATIONS (cost $101,740,269)						97,732,274

FOREIGN GOVERNMENT BONDS — 3.1%
Republic of Brazil (Brazil)
3.063%, 04/15/06 [BRB](c)	B2			1,687		1,691,322
11.50%, 03/12/08	B2			7,000		8,249,500
3.125%, 04/15/09	B2			106		105,087
3.125%, 04/15/09 [BRB](c)	B2			937		930,024

242

AST PIMCO TOTAL RETURN BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY'S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
8.299%, 06/29/09	B1	$	100	$	117,875
11.00%, 01/11/12	B2		7,080		8,630,520
Republic of Panama (Panama)
9.375%, 01/16/23	Ba1		4,400		5,104,000
8.875%, 09/30/27	Ba1		400		442,000
Republic of Peru (Peru)
9.125%, 01/15/08	Ba3		3,000		3,427,500
9.125%, 02/21/12	Ba3		6,500		7,596,875
9.125%, 02/21/12	Ba3		1,375		1,608,750
9.875%, 02/06/15	Ba3		2,500		3,075,000
4.50%, 03/07/17	Ba3		4,000		3,720,200
Republic of South Africa (South Africa)
9.125%, 05/19/09	Baa2		800		950,000
Russian Federation (Russia) 5.00%,
03/31/30(c)	Baa3		13,800		14,288,521
United Mexican States (Mexico)
9.875%, 02/01/10	Baa2		600		738,900
8.375%, 01/14/11	Baa2		2,800		3,295,600
6.375%, 01/16/13	Baa2		2,490		2,658,075
8.125%, 12/30/19	Baa2		200		235,200
8.30%, 08/15/31	Baa2		5,100		5,989,950

TOTAL FOREIGN GOVERNMENT BONDS (Cost $64,748,305)					72,854,899

MUNICIPAL BONDS — 1.5%
CALIFORNIA — 0.2%
Golden State Tobacco Securitization Corp. Series 2003-A-1
6.25%, 06/01/33	A3		5,300		5,313,356

ILLINOIS — 0.1%
Chicago Illinois Refunding — Emergency Telephone System
5.25%, 01/01/13	Aaa		2,000		2,240,600
Illinois State Taxable — Pension General Obligation Bond
4.95%, 06/01/23	Aa3		570		555,197

					2,795,797

MARYLAND — 0.3%
Prince George’s Country Maryland General Obligation Bond Series B
5.00%, 10/01/13	Aa2		5,570		6,180,806

NEVADA — 0.3%
Las Vegas Water Authority (MBIA Insured) Series B
5.00%, 06/01/25	Aaa		3,840		3,992,294
5.00%, 06/01/27	Aaa		2,200		2,265,032

					6,257,326

NEW JERSEY — 0.1%
City of Trenton General Obligation Bond
4.80%, 04/01/14	Aaa		990		989,931
Jersey City Municipal Utilities Authority Water Revenue Bond Series A
4.81%, 05/15/14	Aaa		1,000		993,250

					1,983,181

NEW MEXICO
Jicarilla New Mexico Apache Nation Revenue Bonds
3.85%, 12/01/08	NR		435		431,255

NEW YORK — 0.1%
New York City Transitional Financial Authority Series E
5.00%, 02/01/28	Aa2		1,200		1,230,396

OREGON
Portland Oregon River District Urban Renewal and Redevelopment Revenue Bonds Series B
3.35%, 06/15/10	Aaa		1,020		965,308

WISCONSIN — 0.4%
Badger Tobacco Asset Securitization Corp.
6.00%, 06/01/17	Baa3		10,100		10,111,312
Wisconsin State General Revenue Bond
5.70%, 05/01/26	Aaa		510		531,527

					10,642,839

TOTAL MUNICIPAL BONDS (Cost $35,273,266)					35,800,264

243

AST PIMCO TOTAL RETURN BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
U.S. GOVERNMENT AGENCY
MORTGAGE-BACKED SECURITIES — 21.5%
Federal Home Loan Mortgage Corp.
5.00%, 10/01/18-05/01/34	$	8,687	$	8,813,142
5.50%, 01/01/34		3,630		3,691,564
6.00%, 02/01/16-02/01/33		9,465		9,832,530
8.25%, 08/01/17		20		22,217

				22,359,453

Federal National Mortgage Assoc.
3.705%, 08/01/29(c)		299		300,867
3.974%, 05/01/36(c)		17,259		17,467,579
4.094%, 01/01/24(c)		15		15,177
4.297%, 11/01/35(c)		5,354		5,444,520
4.50%, 09/01/18-09/01/33		1,931		1,918,594
4.537%, 01/01/28(c)		225		227,473
5.00%, 10/01/08-01/13/35		275,050		277,609,959
5.50%, 08/01/16-01/13/35		107,145		109,826,743
6.00%, 08/01/13-01/01/34		28,128		29,495,470
6.375%, 01/01/09		1,831		1,967,193
6.50%, 09/01/16-11/01/33		1,544		1,633,112

				445,906,687

Government National Mortgage Assoc.
2.75%, 01/20/32-02/20/32(c)		11,049		10,833,212
3.375%, 03/20/17-05/20/30(c)		4,966		4,944,524
3.50%, 07/20/30(c)		2,920		2,908,186
3.75%, 08/20/23-09/20/24(c)		1,219		1,230,471
4.00%, 10/20/29-11/20/29(c)		5,030		5,087,953
4.625%, 10/20/23-12/20/26(c)		1,875		1,916,404
6.00%, 01/15/34		192		199,332
7.00%, 02/15/24		19		19,862

				27,139,944

TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $493,747,803)				495,406,084

U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.8%
Small Business Administration
7.449%, 08/01/10		1,616		1,745,587
6.344%, 08/01/11		12,427		13,096,309
4.915%, 09/10/13		13,600		13,728,091
5.13%, 09/01/23		1,622		1,661,705
5.52%, 06/01/24		10,396		10,834,731

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $39,661,608)				41,066,423

U.S. TREASURY OBLIGATIONS — 17.6%
U.S. Treasury Bonds
8.875%, 02/15/19		2,900		4,172,943
U.S. Treasury Inflationary Bonds [TIPS]
3.375%, 01/15/07(k)		2,300		2,935,998
3.625%, 01/15/08		3,300		4,248,758
3.875%, 01/15/09		61,200		79,868,672
4.25%, 01/15/10		8,100		10,663,878
0.875%, 04/15/10		33,900		33,839,438
3.50%, 01/15/11		104,400		130,087,673
3.375%, 01/15/12(c)		2,400		2,937,900
3.00%, 07/15/12		24,500		29,035,857
1.875%, 07/15/13		400		427,815
U.S. Treasury Notes
2.50%, 09/30/06		9,300		9,222,624
3.50%, 11/15/09		1,500		1,493,439
3.50%, 12/15/09		100,500		100,044,635

TOTAL U.S. TREASURY OBLIGATIONS (Cost $405,962,729)				408,979,630

	NUMBER OF CONTRACTS
OPTIONS CALL OPTIONS
U.S. Treasury Note Futures, Strike Price 115, Expires 02/18/05*		530		28,984
U.S. Treasury Note Futures, Strike Price 116, Expires 02/18/05*		240		8,250

TOTAL OPTIONS (Cost $67,633)				37,234

	SHARES
PREFERRED STOCK — 0.4%
FINANCIAL SERVICES
Fannie Mae, 7.00% (Cost $8,740,000)		174,800		9,952,675

244

AST PIMCO TOTAL RETURN BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	UNITS		VALUE (NOTE 2)
RIGHTS* — 0.1%
United Mexican States Value Recovery Rights
Series C (Mexico)		49,719	$	708,496
Series D (Mexico)		49,629		1,191,096
Series E (Mexico)		35,410		757,774

TOTAL RIGHTS (Cost $737,487)				2,657,366

TOTAL LONG-TERM INVESTMENTS (Cost $1,350,489,525)				1,365,946,037


	PRINCIPAL AMOUNT (000)
SHORT-TERM INVESTMENTS — 59.4%
BANK LOAN — 0.3%
Morgan Stanley
2.65%, 08/19/05 144A (cost $6,300,000; purchased 06/28/04)(g)	$	6,300		6,274,252

CERTIFICATES OF DEPOSIT — 7.1%
Bank of America
1.995%, 01/18/05		200		200,000
2.03%, 02/04/05		1,700		1,700,000
2.36%, 03/14/05		44,800		44,799,678
2.44%, 03/23/05		500		499,998
2.44%, 03/28/05		11,700		11,699,981
Citibank NA
2.465%, 03/29/05		50,000		49,999,958
2.465%, 03/29/05		9,000		8,999,993
HSBC Bank
2.41%, 04/01/05		46,400		46,399,436
Wells Fargo
2.065%, 01/11/05		600		600,000

				164,899,044

COMMERCIAL PAPER — 7.3%
Bank of Ireland
1.96%, 01/27/05 144A (cost $39,344,227; purchased 09/27/04)(h)		39,400		39,345,900
Ford Motor Co.
2.52%, 04/07/05		11,400		11,322,594
General Motors Acceptance Corp.
2.404%, 03/22/05		3,800		3,779,446
2.495%, 04/05/05		2,500		2,483,540
2.535%, 04/05/05		2,300		2,284,614
HBOS Treasury Services
1.955%, 01/25/05		43,200		43,146,668
1.96%, 01/25/05		1,800		1,797,772
UBS Finance, Inc.
2.20%, 01/03/05		50,000		49,993,889
2.20%, 01/03/05		14,900		14,898,179

				169,052,602


	SHARES
REGISTERED INVESTMENT COMPANIES — 1.2%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		14,048,660		14,048,660
BlackRock Provident Institutional Funds TempFund Portfolio(j)		14,048,659		14,048,659

				28,097,319

	PRINCIPAL AMOUNT (000)
U.S. GOVERNMENT AGENCY OBLIGATIONS — 43.0%
Federal Home Loan Bank
1.00%, 01/03/05(n)	$	20,800		20,798,844
1.00%, 01/03/05(n)		20,800		20,798,844
1.00%, 01/03/05(n)		50,000		49,997,222
1.00%, 01/03/05(n)		50,000		49,997,223
1.00%, 01/03/05(n)		50,000		49,997,223
1.00%, 01/03/05(n)		50,000		49,997,223
1.00%, 01/03/05(n)		50,000		49,997,222
1.00%, 01/03/05(n)		8,700		8,699,517
1.00%, 01/03/05(n)		50,000		49,997,222
1.00%, 01/03/05(n)		50,000		49,997,223
1.05%, 01/03/05(n)		14,900		14,899,131
1.05%, 01/03/05(n)		50,000		49,997,083
1.95%, 01/14/05(n)		22,900		22,885,339
1.95%, 01/14/05(n)		17,200		17,188,989
1.95%, 01/14/05(n)		22,900		22,885,339
Federal Home Loan Mortgage Corp.
1.98%, 01/18/05(n)		22,900		22,879,819
1.985%, 01/25/05(n)		6,800		6,791,086
1.985%, 01/25/05(n)		23,000		22,969,851
1.985%, 01/25/05(n)		23,000		22,969,851
2.19%, 02/15/05(n)		23,100		23,038,567
2.19%, 02/15/05(n)		23,100		23,038,567
2.19%, 02/15/05(n)		13,100		13,065,161
2.11%, 03/01/05(n)		23,000		22,912,054
2.30%, 03/01/05(n)		22,200		22,117,808
2.13%, 03/07/05(n)		8,000		7,968,760
2.20%, 03/08/05(n)		23,000		22,905,828

245

AST PIMCO TOTAL RETURN BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
2.315%, 03/08/05(n)	$	1,900	$	1,891,814
2.22%, 03/11/05(n)		21,100		21,008,918
2.26%, 03/14/05(n)		900		895,876
Federal National Mortgage Assoc
2.20%, 01/24/05(n)		23,100		23,069,350
2.20%, 01/26/05(n)		9,000		8,986,696
2.285%, 02/23/05(n)		1,600		1,594,463
2.305%, 03/02/05(n)		22,200		22,113,294
2.31%, 03/02/05(n)		22,000		21,913,888
2.335%, 03/09/05(n)		23,400		23,296,793
2.34%, 03/09/05(n)		8,800		8,761,104
2.34%, 03/09/05(n)		8,700		8,661,546
2.345%, 03/09/05(n)		14,400		14,336,216
2.35%, 03/09/05(n)		23,500		23,395,686
2.395%, 03/16/05(n)		23,500		23,382,745
2.40%, 03/16/05(n)		23,500		23,382,500
2.39%, 04/15/05(n)		23,400		23,236,882
2.485%, 05/25/05(n)		9,000		8,909,919

				997,628,686

U.S. TREASURY BILLS — 0.5%
U.S. Treasury Bills
2.00%, 03/17/05(n)(k)		710		707,002
2.145%, 03/17/05(n)(k)		2,130		2,121,003
2.195%, 03/17/05(n)		500		497,683
2.205%, 03/17/05(n)(k)		1,420		1,414,002
2.205%, 03/17/05(n)		2,860		2,847,919
2.21%, 03/17/05(n)(k)		3,500		3,485,216

				11,072,825

TOTAL SHORT-TERM INVESTMENTS (Cost $1,377,055,569)				1,377,024,728

TOTAL INVESTMENTS, BEFORE OUTSTANDING OPTIONS WRITTEN — 118.3% (Cost $2,727,545,094; Note 5)				2,742,970,765


	NUMBER OF CONTRACTS/ SWAP NOTIONAL AMOUNT $(000)
OUTSTANDING OPTIONS WRITTEN — (0.2)%
CALL OPTIONS — (0.2%)
Swap 3-Month LIBOR & Fixed, Strike Price
5.50%, Expires 01/07/05*		24,500		(1,753,220	)
Swap 3-Month LIBOR & Fixed, Strike Price
6.00%, Expires 06/09/05*		38,300		(3,471,857	)
U.S. Treasury Note Futures, Strike Price 114, Expires 02/18/05*		1,629		(381,797	)

				(5,606,874	)

PUT OPTIONS
3-Month Euro-Euribor Interest Futures Strike Price 94.25, Expires 06/15/05*		134		0
Eurodollar Futures, Strike Price 97.75, Expires 06/13/05*		319		(184,280	)
Swap 3-Month LIBOR & Fixed, Strike Price
6.70%, Expires 06/09/05*		22,300		(1,249	)
Swap 3-Month LIBOR & Fixed, Strike Price
7.00%, Expires 01/07/05*		24,500		0
U.S. Treasury Note Futures, Strike Price 108, Expires 02/18/05*		1,137		(106,594	)

				(292,123	)

TOTAL OUTSTANDING OPTIONS WRITTEN (Premium Received $4,233,189)				(5,898,997	)

TOTAL INVESTMENTS, NET OF OUTSTANDING OPTIONS WRITTEN — 118.1% (Cost $2,723,311,905)				2,737,071,768
OTHER LIABILITIES IN EXCESS OF OTHER ASSETS — (18.1%)				(418,848,319	)

NET ASSETS — 100.0%			$	2,318,223,449

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
BRL		Brazilian Real
CLP		Chilean Peso
EUR		Euro

246

AST PIMCO TOTAL RETURN BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


GBP		British Pound
HKD		Hong Kong Dollar
INR		Indonesian Rupiah
JPY		Japanese Yen
KRW		Korean Won
MXN		Mexican Peso
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:

*	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 $26,955,013. The aggregate value, $24,361,073 represents 1.05% 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. At the end of the current reporting period, the aggregate cost of such securities was $39,344,227. The aggregate market value of $39,345,900, is approximately 1.70% 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 $10,663,221 have been segregated with the custodian to cover margin requirements for the following open futures contracts at December 31, 2004:


NUMBER OF CONTRACTS	TYPE	EXPIRATION MONTH	VALUE AT TRADE DATE		VALUE AT DECEMBER 31, 2004		UNREALIZED APPRECIATION (DEPRECIATION)
LONG POSITIONS:
1,638	Euro-Bund	Mar 05	$	264,516,739	$	264,034,824	$	(481,915	)
554	Euro Dollar	Jun 05		134,167,250		134,102,625		(64,625	)
2,345	Euro Dollar	Sep 05		569,293,000		566,376,125		(2,916,875	)
1,063	Euro Dollar	Dec 05		256,446,975		256,289,300		(157,675	)
25	Japanese Government 10 Year Bond	Mar 05		33,677,383		33,756,221		78,838
3,250	U.S. Treasury 10 Year Note	Mar 05		362,894,500		363,796,875		902,375
143	U.S. Treasury 15 Year Bond	Mar 05		15,790,172		16,087,500		297,328

							$	(2,342,549	)

(l)	US$ Denominated Foreign Bonds.

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

247

AST PIMCO TOTAL RETURN BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004

Foreign currency exchange contracts outstanding at December 31, 2004:

PURCHASE CONTRACTS


SETTLEMENT MONTH	TYPE		CONTRACTS TO RECEIVE	IN EXCHANGE FOR		CONTRACTS AT VALUE		UNREALIZED APPRECIATION (DEPRECIATION)
Jan 05	Buy	BRL	1,303,830	$	436,355	$	490,900	$	54,545
Feb 05	Buy	BRL	1,361,634		473,447		512,663		39,216
Mar 05	Buy	BRL	1,500,000		522,375		564,759		42,384
Feb 05	Buy	CLP	385,171,053		645,402		693,038		47,636
Mar 05	Buy	CLP	303,010,000		511,172		545,206		34,034
Jan 05	Buy	EUR	10,010,000		13,389,765		13,600,981		211,216
Jan 05	Buy	GBP	1,093,000		2,094,604		2,095,891		1,287
Jan 05	Buy	HKD	3,512,275		452,502		452,539		37
Mar 05	Buy	INR	34,232,000		777,467		787,483		10,016
Jan 05	Buy	JPY	4,255,061,000		39,805,830		41,583,860		1,778,030
Jan 05	Buy	KRW	523,611,000		456,653		505,756		49,103
Feb 05	Buy	KRW	533,341,000		498,072		515,154		17,082
Mar 05	Buy	KRW	590,000,000		554,845		569,881		15,036
Feb 05	Buy	MXN	4,869,827		422,141		432,213		10,072
Mar 05	Buy	MXN	5,606,000		492,099		495,654		3,555
Feb 05	Buy	PEN	1,567,673		472,444		478,095		5,651
Mar 05	Buy	PEN	1,740,000		526,874		530,650		3,776
Feb 05	Buy	PLZ	3,324,488		1,043,284		1,096,204		52,920
Jan 05	Buy	RUB	12,981,636		452,953		468,313		15,360
Feb 05	Buy	RUB	13,057,580		458,241		471,052		12,811
Mar 05	Buy	RUB	15,239,000		544,931		549,747		4,816
Jan 05	Buy	SGD	761,437		455,650		466,712		11,062
Feb 05	Buy	SGD	774,318		471,254		475,003		3,749
Mar 05	Buy	SGD	853,000		520,011		523,687		3,676
Feb 05	Buy	SKK	14,838,569		494,536		518,305		23,769
Mar 05	Buy	SKK	16,715,000		578,693		583,716		5,023
Feb 05	Buy	TWD	15,168,502		468,307		478,651		10,344
Mar 05	Buy	TWD	16,605,000		514,404		523,981		9,577

				$	68,534,311	$	71,010,094	$	2,475,783

SALE CONTRACTS


SETTLEMENT MONTH	TYPE		CONTRACTS TO DELIVER	IN EXCHANGE FOR		CONTRACTS AT VALUE		UNREALIZED APPRECIATION (DEPRECIATION)
Jan 05	Sell	EUR	17,800,000	$	23,896,396	$	24,184,832	$	(288,436	)
Jan 05	Sell	GBP	203,000		394,977		389,740		5,237
Jan 05	Sell	JPY	797,734,000		7,775,370		7,785,006		(9,636	)

				$	32,066,743	$	32,359,578	$	(292,835	)

Interest rate swap agreements outstanding at December 31, 2004:


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)(g)(2)	Apr 05	$	4,200	$	17,689
Receive fixed rate payments of 4.00% and pay variable rate payments on the three month LIBOR-BBA floating rate. (cost $541,780; purchased 12/06/04)(g)(6)	Jun 07		89,200		(71,021	)
Receive fixed rate payments of 4.00% and pay variable rate payments on the three month LIBOR-BBA floating rate.(8)	Jun 10		104,900		326,241
Receive fixed rate payments of 4.00% and pay variable rate payments on the three month LIBOR-BBA floating rate.(1)	Jun 10		221,300		(329,328	)
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		(108,360	)
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		219,359
Receive variable rate payments on the three month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%.(6)	Jun 15		107,500		150,141

248

AST PIMCO TOTAL RETURN BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


DESCRIPTION	EXPIRATION MONTH		NOTIONAL AMOUNT (000)	UNREALIZED APPRECIATION (DEPRECIATION)
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost ($12,806); purchased 02/12/02)(g)(3)	Mar 17	EUR	11,200		675,733
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost $51,787; purchased 05/15/02)(g)(7)	Mar 32	EUR	5,300		403,473
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost $2,816; purchased 03/25/02)(g)(4)	Mar 32	EUR	6,600		564,111
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month EUR-EURIBOR floating rate. (cost $218,789; purchased 11/08/04)(g)(5)	Jun 34	EUR	2,800		133,625
Receive fixed rate payments of 6.00% and pay variable rate payments on the six month LIBOR-BBA floating rate. (cost $756,773; purchased 07/02/2004)(g)(4)	Jun 34	EUR	15,400		1,187,593
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%.(3)	Mar 17	GBP	6,500		(110,518	)
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%.(4)	Mar 32	GBP	3,600		(139,676	)
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		(142,754	)
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%.(6)	Jun 34	GBP	3,400		(27,896	)
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%.(1)	Jun 34	GBP	3,600		(147,564	)
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 5.00%.(7)	Jun 34	GBP	4,300		(203,732	)
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		(463,943	)
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		(770,649	)
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		(60,898	)
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		(147,639	)

				$	953,987

Broker/Counterparty:

(1)	Barclays Bank PLC

(2)

Citigroup

(3)	Goldman Sachs

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

(5)	Merrill Lynch

(6)	Morgan Stanley

(7)	UBS — Warburg

(8)	RBS Greenwich Capital

(9)	Lehman Brothers Specialty Financing, Inc.

249

AST PIMCO TOTAL RETURN BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004

Credit default swap agreements outstanding at December 31, 2004:


DESCRIPTION	EXPIRATION MONTH	NOTIONAL AMOUNT (000)		UNREALIZED APPRECIATION
Receive a fixed rate equal to 1.10% and the Portfolio will pay to the counterparty at par in the event of default of Republic of Panama 8.875% due 09/30/27. (cost $0; purchased 06/07/04)(g)(6)	Jun 05	$	1,200	$	3,375
Receive a fixed rate equal to 1.80% and the Portfolio will pay to the counterparty at par in the event of default of Republic of Panama 9.375% due 04/01/29. (cost $0; purchased 05/30/03)(g)(6)	Jun 05		500		3,044
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)(g)(4)	Aug 05		3,300		4,223

				$	10,642

Broker/Counterparty

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

(6)	Morgan Stanley


U.S. Government Agency Mortgage-Backed Securities	21.5	%
U.S. Treasury Obligations	17.6
Asset-Backed Securities	4.7
Collateralized Mortgage Obligations	4.0
Foreign Government Bonds	3.1
Financial Services	2.4
U.S. Government Agency Obligations	1.8
Municipal Bonds	1.5
Telecommunications	0.8
Oil & Gas	0.6
Automobile Manufacturers	0.3
Airlines	0.2
Utilities	0.2
Conglomerates	0.1
Rights	0.1
Options Written	(0.2	)
Short-Term Investments	59.4

	118.1
Liabilities in excess of other assets	(18.1	)

	100.0	%

See Notes to Financial Statements.

250

AST PIMCO LIMITED MATURITY BOND PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	MOODY'S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
LONG-TERM INVESTMENTS — 32.8%
ASSET-BACKED SECURITIES — 3.8%
Advanta Mortgage Loan Trust, Series 1994-4, Class A
2.793%, 11/25/29(c)	Aaa	$	1,795	$	1,795,525
Ameriquest Mortgage Securities, Inc., Series 2002-4, Class A2
2.857%, 01/25/05(c)	Aaa		106		105,880
Argent Securities, Inc., Series 2004-W11, Class A2
2.598%, 11/25/34(c)	Aaa		4,004		4,006,788
Bear Stearns Asset Backed Securities, Inc., Series 2003-3, Class A1
2.618%, 01/25/05	Aaa		1,454		1,455,873
Bear Stearns Asset Backed Securities, Inc., Series 2004-HE9, Class 1A1
2.361%, 01/25/05(c)	Aaa		3,387		3,390,411
Capital Auto Receivables Asset Trust, Series 2002-5, Class A4
2.92%, 04/15/08	Aaa		1,446		1,444,299
Chase Credit Card Master Trust, Series 2002-2, Class A
2.453%, 07/16/07(c)	Aaa		4,300		4,303,307
Chase Funding Loan Acquisition Trust, Series 2001-C2, Class IIA1
2.658%, 07/25/30(c)	Aaa		315		314,835
Series 2003-C1, Class 2A2
2.748%, 01/25/05(c)	Aaa		199		199,645
Citibank Omni-S Master Trust, Series 2002-5, Class A
2.783%, 11/17/09	Aaa		4,300		4,305,698
Credit Suisse First Boston Mortgage Securities Corp., Series 2001-HE30, Class A2
2.768%, 07/25/32	Aaa		352		353,155
Series 2002-HE1, Class
2.551%, 08/25/32(c)	Aaa		296		296,886
First Franklin Mortgage Loan, Series 2003-FF5, Class A2
2.82%, 03/25/34(c)	Aaa		1,178		1,174,193
Master Asset Backed Securities Trust, Series 2004 - WMC1, Class A4
2.28%, 02/25/34(c)	Aaa		284		284,256
Merrill Lynch Mortgage Investors, Inc., Series 2004 - WMC4, Class A2B1
2.558%, 01/25/05(c)	Aaa		1,821		1,822,269
Morgan Stanley ABS Capital, Series 2004-HE9, Class-A3A
2.567%, 01/25/05(c)	Aaa		4,237		4,235,946
Nelnet Student Loan Trust, Series 2004-4, Class A1
1.92%, 01/25/05(c)	Aaa		2,600		2,600,377
Novaster Home Equity Loan, Series 2001-2, Class A2
2.511%, 09/25/31(c)	Aaa		412		412,536

251

AST PIMCO LIMITED MATURITY BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY'S RATING (UNAUDITED)		PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Park Place Securities, Inc., Series 2004-MCW1, Class A3
2.618%, 10/25/34(c)	Aaa		$	1,214	$	1,215,132
Renaissance Home Equity Loan Trust, Series 2004-3, Class AV2A
2.777%, 01/25/05(c)	Aaa			2,138		2,139,733
Residential Asset Mortgage Products, Inc., Series 2003-RS11, Class AIIB
2.748%, 01/25/05(c)	Aaa			1,601		1,602,291
Series 2004-RS9, Class AII1
2.578%, 01/25/05(c)	Aaa			4,110		4,112,756
Residential Asset Securities Corp., Series 2001-KS3, Class AII
2.648%, 01/25/05(c)	Aaa			359		359,296
SVO Timeshare Mortgage Corp., Series 2001-AA, Class A
5.47%, 10/20/13 144A	Aaa			1,909		1,941,485
Wells Fargo Home Equity Trust, Series 2004-2, Class AI1A
2.587%, 02/25/18(c)	Aaa			3,247		3,249,627

TOTAL ASSET-BACKED SECURITIES (Cost $47,056,977)						47,122,199

COLLATERALIZED MORTGAGE OBLIGATIONS — 5.7%
Bank of America Mortgage Securities, Series 2002-K, Class 2A1
5.597%, 10/20/32(c)	AAA	(d)		2,210	$	2,242,119
Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-8, Class 2A1
4.905%, 01/25/34(c)	Aaa			3,323		3,318,641
Bear Stearns Alt-A Trust, Series 2003-7, Class IIA1
2.697%, 02/25/34(c)	Aaa			1,260		1,260,563
Bear Stearns Trust, Series 2002-2, Class
6.936%, 06/25/31 [ARM](c)	Aaa			241		254,148
Countrywide Alternative Loan Trust, Series 2003-J3, Class 2A1
6.25%, 12/25/33	AAA	(d)		1,724		1,766,829
Countrywide Home Loans Series 2004-25 Cl-2A1
2.71%, 02/25/35(c)	Aaa			4,200		4,201,970
Series 2003-R4, Class 1A1B
4.879%, 07/25/19 144A	Aaa			545		545,693
Series 2003-R4, Class 2A
6.50%, 01/25/34 144A	Aaa			1,425		1,478,392
Credit Suisse First Boston USA, Inc., Series 2002, Class P-3A
2.695%, 09/27/32 144A	Aaa			5,552		5,509,483

252

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SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY'S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
Series 2003-8, Class 5A1
6.50%, 04/25/33(c)	Aaa	$	775	$	789,294
Fannie Mae, Series 1988-22, Class A
3.21%, 08/25/18(c)	Aaa		17		17,436
Series 1996-39, Class H
8.00%, 11/25/23	Aaa		198		206,048
Series 2002-76, Class PD
5.00%, 08/25/22	Aaa		633		633,384
Series 2003-54, Class TH
3.50%, 05/25/09	Aaa		2,249		2,254,183
Series 2004-41, Class PB
3.50%, 04/25/17	Aaa		2,071		2,067,852
FHLMC Structured Pass Through Securities, Series T-57, Class 1A1
6.50%, 07/25/43	Aaa		7,219		7,552,573
Series T-59, Class 1A2
7.00%, 10/25/43	Aaa		4,016		4,254,925
First Republic Mortgage Loan Trust, Series 2002-FRB1, Class A
2.703%, 08/15/32(c)	Aaa		10,326		10,332,107
Freddie Mac, Series 2538, Class CA
5.00%, 04/15/16	Aaa		3,606		3,662,588
Government National Mortgage Assoc., Series 1998-15, Class C
6.50%, 06/20/28	Aaa		4,873		5,083,627
GSR Mortgage Loan Trust, Series 2004-7, Class 1A1
3.46%, 06/25/34	Aaa		1,456		1,436,824
Merrill Lynch Mortgage Investors, Inc., Series 1995-C2, Class B
6.925%, 06/15/21(c)	Aaa		329		336,674
Residential Funding Mortgage Securities, Series 2002-SA2, Class A1
5.586%, 09/25/32(c)	Aaa		974		972,925
Saco I, Inc., Series 2004-2, Class A2
2.607%, 01/25/05(c) 144A	Aaa		2,072		2,051,066
Structured Asset Securities Corp., Series 2001-13, Class 2A
7.00%, 10/25/16	Aaa		505		508,615
Series 2004-S1, Class A1
2.547%, 01/25/05(c)	Aaa		1,467		1,467,864
Travelers Mortgage Securities Corp., Series 1984-1, Class Z2
12.00%, 03/01/14	Aaa		410		414,904
Washington Mutual, Series 2002-AR11, Class A1
5.145%, 10/25/32(c)	Aaa		2,155		2,185,293
Series 2002-AR2, Class A
3.181%, 01/25/05(c)	Aaa		769		770,378
Series 2003-R1, Class A1
2.451%, 01/25/05(c)	Aaa		2,882		2,880,341

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $70,079,820)					70,456,739

253

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SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY'S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
CORPORATE OBLIGATIONS — 9.3%
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	$	84,060
6.932%, 09/01/11 144A (cost $1,100,000; purchased 08/10/01)(g)(i)	NR		1,100		335,972
United Air Lines, Inc., Pass-Thru Cert., Series 97A
2.02%, 03/02/05(c)	NR		2,992		2,553,062

					2,973,094

AUTOMOBILE MANUFACTURERS — 0.4%
DaimlerChrysler NA Holding Co., Notes
7.40%, 01/20/05	A3		4,960		4,969,126

AUTOMOTIVE PARTS — 0.1%	BAA3
Lear Corp., Gtd. Notes
7.96%, 05/15/05	Baa3		800		812,848

CABLE TELEVISION — 0.4%
Continental Cablevision, Inc., Sr. Notes
8.875%, 09/15/05	Baa3		400		415,695
Cox Communications, Inc., Notes
3.04%, 03/14/05(c)144A	Baa3		3,250		3,258,287
Rogers Cablesystems of America, Inc., Sr. Notes, Series B (Canada)
10.00%, 03/15/05(l)	Ba2		880		896,500

					4,570,482

CONGLOMERATES — 0.4%
Tyco International Group, Gtd. Notes (Luxembourg)
6.375%, 06/15/05(l)	Baa3		4,670		4,738,654

ELECTRONIC COMPONENTS & EQUIPMENT — 0.2%
PP&L Capital Funding, Sr. Notes
7.75%, 04/15/05	Baa3		3,000		3,036,111

ENTERTAINMENT & LEISURE — 0.3%
Time Warner, Inc., Notes
7.75%, 06/15/05	Baa1		3,600		3,668,188

FINANCIAL — BANK & TRUST — 0.2%
Household Finance Corp., Notes
6.70%, 01/19/05	A1		2,300		2,365,980

FINANCIAL SERVICES — 1.8%
Chrysler Financial Co. LLC, Sr. Notes
2.26%, 01/27/05	A3		1,000		996,999
Duke Capital LLC, Sr. Notes, Series A
6.25%, 07/15/05	Baa3		1,500		1,525,050
Ford Motor Credit Co., Notes
7.60%, 08/01/05	A3		5,700		5,833,842
6.875%, 02/01/06	A3		4,000		4,121,864
General Motors Accept Corp., Notes
3.185%, 02/18/05(c)	A3		5,100		5,078,437
Nisource Finance Corp., Notes
2.909%, 11/23/09	Baa3		4,300		4,299,845

					21,856,037

FOOD — 0.1%
Nabisco, Inc., Notes
6.375%, 02/01/05	A3		1,710		1,713,251

HEALTHCARE SERVICES — 0.2%
HCA, Inc., Notes
6.91%, 06/15/05	Ba1		2,000		2,029,528

254

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SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY'S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
HOTELS & MOTELS — 0.4%
MGM Grand, Inc., Notes
6.95%, 02/01/05	Ba1	$	2,400	$	2,406,000
Park Place Entertainment, Sr. Notes
8.50%, 11/15/06	Ba1		1,760		1,914,000

					4,320,000

OIL & GAS — 0.6%
Centerpoint Energy, Notes
8.125%, 07/15/05	Ba1		1,950		2,001,622
Enterprise Products Operations, Gtd. Notes
8.25%, 03/15/05	Baa3		1,000		1,008,844
Kerr-McGee Corp., Gtd. Notes
5.375%, 04/15/05	Baa3		2,000		2,013,000
Pioneer Natural Resources, Sr. Notes
8.875%, 04/15/05	Ba1		2,420		2,457,382

					7,480,848

PAPER & FOREST PRODUCTS — 0.2%
Georgia-Pacific Corp., Notes
7.50%, 05/15/06	Ba3		2,350		2,473,375

RETAIL & MERCHANDISING — 0.1%
Delhaize America, Inc., Gtd. Notes
7.375%, 04/15/06	Ba1		740		780,683

TELECOMMUNICATIONS — 1.8%
British Telecom PLC, Notes (United Kingdom)
7.875%, 06/15/05(l)	Baa1		8,400		8,763,107
Deutsche Telekom International Finance Corp., Gtd. Notes (Germany)
8.25%, 06/15/05(l)	Baa2		5,000		5,117,085
France Telecom SA, Notes (France)
8.20%, 03/01/06(c)(l)	Baa2		2,500		2,625,640
Qwest Corp., Notes
6.625%, 09/15/05	Ba3		800		820,000
SBC Communications, Inc., Notes
4.206%, 06/05/21 144A	A1		4,470		4,496,167
Sprint Capital Corp., Gtd. Notes
7.90%, 03/15/05	Baa3		2,170		2,193,590

					24,015,589

UTILITIES — 1.9%
AEP Texas Central Co., Notes
3.54%, 02/15/05(c)	Baa2		10,000		9,999,920
Dominion Resources, Inc., Sr. Notes, Class B
7.625%, 07/15/05	Baa1		3,000		3,071,625
Duke Energy Corp., Sr. Notes
2.89%, 03/08/05(c)	Baa1		500		501,086
GPU, Inc., Notes, Series A
7.70%, 12/01/05	Baa3		500		518,083
Niagara Mohawk Power Corp., Notes
7.75%, 05/15/06	Baa2		4,590		4,862,724
Ohio Edison Co., Notes
5.647%, 06/15/09 144A	Baa2		500		516,782
Ohio Edison Co., Sr. Notes
4.00%, 05/01/08	Baa2		1,205		1,205,615
Pacific Gas & Electric, Notes
2.72%, 04/03/06(c)	Baa2		2,351		2,353,104

					23,028,939

TOTAL CORPORATE OBLIGATIONS (Cost $116,554,165)					114,832,733

255

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SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	MOODY'S RATING (UNAUDITED)	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
FOREIGN GOVERNMENT BONDS — 2.2%
Republic of Brazil (Brazil)	B1
8.299%, 03/29/05	B1	$	1,000	$	1,178,750
3.125%, 04/15/05 [BRB](c)	B2		150		144,644
3.125%, 04/15/06 [BRB](c)	B2		2,736		2,742,684
3.125%, 04/15/09 [BRB](c)	B2		1,487		1,478,942
12.00%, 04/15/10	B2		700		868,000
11.00%, 01/11/12	B2		2,000		2,438,000
8.00%, 04/15/14 [BRB]	B2		2,195		2,260,220
Republic of Panama (Panama)
9.625%, 02/08/11	Ba1		3,000		3,555,000
9.375%, 07/23/12	Ba1		1,000		1,190,000
8.875%, 09/30/27	Ba1		900		994,500
Republic of Peru (Peru)
9.125%, 01/15/08	Ba3		1,200		1,371,000
9.125%, 02/21/12	Ba3		875		1,023,750
9.125%, 02/21/12	Ba3		500		585,000
9.875%, 02/06/15	Ba3		1,000		1,230,000
5.00%, 03/07/17	Ba3		484		464,664
Republic of South Africa (South Africa)
9.125%, 05/19/09	Baa2		2,650		3,146,875
Russian Federation (Russia)
8.25%, 03/31/10	Baa3		1,250		1,389,750
United Mexican States (Mexico)
11.375%, 09/15/16	Baa2		150		221,775
8.125%, 12/30/19	Baa2		850		999,600

TOTAL FOREIGN GOVERNMENT BONDS (Cost $23,965,113)					27,283,154


		SHARES
PREFERRED STOCK — 0.6%
FINANCIAL SERVICES
Fannie Mae, 7.00% (Cost $6,220,000)			124,400		7,083,025

RIGHTS* — 0.0%
United Mexican States Value Recovery Rights Series C (Mexico) 0.00%			5,500		78,375
Series D (Mexico) 0.00%			5,500		132,000
Series E (Mexico) 0.00%			5,500		117,700

TOTAL RIGHTS (Cost $0)					328,075


		PRINCIPAL AMOUNT (000)
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 3.8%
Federal Home Loan Mortgage Corp.
4.064%, 12/01/26		$	100		103,184
6.00%, 08/01/29-04/01/33			11,147		11,535,262
8.50%, 01/01/25-01/01/25			648		714,010

					12,352,456

Federal National Mortgage Assoc.
2.184%, 02/11/05(c)			10,000		9,997,639
2.333%, 01/28/05(c)			8,200		8,200,253
3.239%, 01/01/25(c)			28		28,192
4.135%, 05/01/25(c)			215		214,096
4.936%, 03/01/17(c)			643		655,216
5.00%, 09/01/18			3,518		3,578,616
5.50%, 01/13/35[TBA]			200		203,062
6.00%, 04/01/12-11/01/17			4,873		5,111,217

					27,988,291

Government National Mortgage Assoc.
3.375%, 05/20/24-06/20/26(c)			890		885,892
3.75%, 07/20/17-07/20/24(c)			187		188,817
4.00%, 11/20/29(c)			885		895,153
6.50%, 04/15/26-06/15/29			470		495,470
7.00%, 01/15/24-08/15/25			152		163,087
8.00%, 06/20/30-01/20/32			2,788		3,015,675
8.50%, 10/15/29-01/15/31			714		780,443

					6,424,537

TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $46,500,391)					46,765,284

256

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SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES		VALUE (NOTE 2)
U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.0%
Small Business Investment Cos., Series 1997-P10B, Class 1
7.31%, 05/10/07 (Cost $574,682)		575	$	608,343

U.S. TREASURY OBLIGATIONS — 7.4%
U.S. Treasury Notes
3.50%, 12/15/09 (Cost $91,097,142)		91,400		90,985,867

TOTAL LONG-TERM INVESTMENTS (Cost $402,048,290)				405,465,419

SHORT-TERM INVESTMENTS — 40.0%
CERTIFICATES OF DEPOSIT — 3.3%
Bank of America
2.30%, 03/16/05		20,800		20,799,728
UBS Bank AG
1.93%, 07/05/05		20,000		19,997,258

				40,796,986

COMMERCIAL PAPER — 6.5%
CDC Corp.
2.02%, 02/07/05 144A (cost $23,551,003; purchased 10/13/04)(h)		23,600		23,552,880
2.07%, 02/23/05 144A (cost $897,257; purchased 10/27/04)(h)		900		897,179
Fortis Funding		3,500		3,491,537
1.93%, 01/25/05 144A (cost $3,495,497; purchased 09/24/04)(h)
General Electric Capital Corp.
2.32%, 02/24/05		12,000		11,940,702
2.34%, 03/01/05		100		99,444
2.42%, 03/14/05		8,600		8,548,548
2.42%, 03/15/05		3,700		3,677,615
General Motors Acceptance Corp.
2.495%, 04/05/05		3,760		3,735,244
Rabobank USA
2.17%, 01/03/05		22,200		22,197,324
Skandi Ensk Bank
2.04%, 01/27/05 144A (cost $1,597,643; purchased 10/27/04)(h)		1,600		1,597,713

				79,738,186


	PRINCIPAL AMOUNT (000)
U.S. GOVERNMENT AGENCY OBLIGATIONS — 29.4%
Federal Home Loan Bank
1.00%, 01/03/05(n)	$	24,300		24,298,650
1.05%, 01/03/05(n)		22,200		22,198,705
1.958%, 01/05/05(n)		18,900		18,900,000
1.96%, 01/14/05(n)		3,900		3,897,503
1.97%, 01/19/05(n)		14,500		14,486,304
1.985%, 01/21/05(n)		17,200		17,181,723
2.10%, 01/25/05(n)		13,600		13,601,210
2.295%, 03/02/05(n)		2,500		2,490,675
Federal Home Loan Mortgage Corp.
1.94%, 01/04/05(n)		8,600		8,599,519
1.955%, 01/11/05(n)		23,300		23,289,307
1.98%, 01/18/05(n)		8,600		8,592,421
1.985%, 01/25/05(n)		8,600		8,588,727
1.985%, 01/25/05(n)		6,400		6,391,611
2.06%, 02/01/05(n)		15,400		15,372,772
2.11%, 03/01/05(n)		3,200		3,187,764
2.13%, 03/07/05(n)		2,100		2,091,493
2.20%, 03/08/05(n)		5,600		5,576,950
Federal National Mortgage Assoc.
1.25%, 01/03/05(n)		36,500		36,497,464
1.65%, 01/03/05(n)		24,300		24,297,773
1.96%, 01/03/05(n)		20,000		20,000,000
2.20%, 01/24/05(n)		3,200		3,195,996
2.20%, 01/26/05(n)		8,300		8,288,520
2.26%, 02/23/05(n)		3,200		3,189,550
2.303%, 03/02/05(n)		6,100		6,077,247
2.305%, 03/02/05(n)		8,100		8,069,787
2.305%, 03/02/05(n)		8,100		8,069,787
2.34%, 03/09/05(n)		6,000		5,974,920
2.34%, 03/09/05(n)		4,700		4,680,354
2.34%, 03/09/05(n)		8,200		8,165,724
2.36%, 03/09/05(n)		100		99,582
2.39%, 03/16/05(n)		8,100		8,062,497
2.395%, 03/16/05(n)		8,100		8,062,497
2.40%, 03/16/05(n)		1,300		1,293,981
2.39%, 04/15/05(n)		8,200		8,143,896

				360,914,909

U.S. TREASURY BILLS — 0.3%
U.S. Treasury Bills
2.18%, 03/03/05(n)(k)		3,000		2,989,872
2.21%, 03/17/05(n)		600		597,466

				3,587,338

257

AST PIMCO LIMITED MATURITY BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	SHARES		VALUE (NOTE 2)
REGISTERED INVESTMENT COMPANIES — 0.5%
BlackRock Provident Institutional Funds TempCash Portfolio(j)		3,344,463	$	3,344,463
BlackRock Provident Institutional Funds TempFund Portfolio(j)		3,344,462		3,344,462

				6,688,925

TOTAL SHORT-TERM INVESTMENTS (Cost $491,728,535)				491,726,344

TOTAL INVESTMENTS, BEFORE OUTSTANDING WRITTEN OPTIONS — 72.8% (Cost $893,776,825; Note 5)				897,191,763


	SWAP NOTIONAL AMOUNT ($000)
WRITTEN OPTIONS — 0.0%
CALL OPTION
Swap 3-Month LIBOR, Strike Price	$	50,700		(760	)
4.00%, Expires 01/07/05*

PUT OPTION
Swap 3-Month LIBOR, Strike Price		50,700		(1	)
7.00%, Expires 01/07/05*

TOTAL WRITTEN OPTIONS (Premium Received $(929,078)				(761	)

TOTAL INVESTMENTS, NET OF OUTSTANDING OPTIONS WRITTEN — 72.8% (Cost $892,847,748)				897,191,002
OTHER ASSETS IN EXCESS OF LIABILITIES — 27.2%				335,629,075

NET ASSETS — 100.0%			$	1,232,820,077

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

GBP	British Pound

JPY	Japanese Yen

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

SEK	Swedish Krona

TBA	Security 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 $4,010,498. The aggregate value, $2,795,900, represents 0.21% 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 $29,541,400. The aggregate market value of $29,539,309 is approximately 2.40% 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.

258

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SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004

(k)	Securities with an aggregate market value of $2,989,872 have been segregated with the custodian to cover margin requirements for the following open futures contracts at December 31, 2004:


NUMBER OF CONTRACTS	TYPE	EXPIRATION MONTH	VALUE AT TRADE DATE		VALUE AT DECEMBER 31, 2004		UNREALIZED DEPRECIATION
LONG POSITIONS:
874	Euro Dollar	Dec 05	$	210,851,275	$	210,721,400	$	(129,875	)

(l)	US$ Denominated Foreign Bonds.

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

Interest rate swap agreements outstanding at December 31, 2004:


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 $1,023,426; purchased on 12/13/04)(g)(1)	Jun 07		160,000		(179,015	)
Receive variable rate payments on the six month EURO-EURIBOR floating rate and pay fixed rate payments of 4.00%. (cost $13,738; purchased on 09/15/04)(g)(2)	Jun 10	EUR	2,700		98,595
Receive variable rate payments on the six month LIBOR-BBA floating rate and pay fixed rate payments of 4.25%.(g)(3)	Mar 05	GBP	96,500		(284,425	)
Receive variable rate payments on the three month STIBOR floating rate and pay fixed rate payments of 4.50%. (cost ($73,334); purchased on 06/02/04)(g)(2)	Jun 08	SEK	254,000		1,344,190

				$	979,345

Brokers/Counterparties

(1)	Barclays Bank PLC

(2)	Merrill Lynch

(3)	Morgan Stanley

Credit default swap agreement outstanding at December 31, 2004:


DESCRIPTION	EXPIRATION MONTH	NOTIONAL AMOUNT (000)		UNREALIZED APPRECIATION
Receive a fixed rate equal to 1.00% and the Portfolio will pay to the counterparty at par in the event of default of Russian Federation 5.00% due 03/31/30. (cost $0; purchased 03/11/04)(g)(5)	Mar 05	$	3,200	$	1,600

Broker/Counterparty

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

Foreign currency exchange contracts outstanding at December 31, 2004:

PURCHASE CONTRACTS


SETTLEMENT MONTH	TYPE	CONTRACTS TO RECEIVE	IN EXCHANGE FOR		CONTRACTS AT VALUE		UNREALIZED APPRECIATION
Jan 05	Buy EUR	501,000	$	664,028	$	680,708	$	16,680
Jan 05	Buy JPY	951,956,000		8,905,489		9,303,276		397,787

			$	9,569,517	$	9,983,984	$	414,467

259

AST PIMCO LIMITED MATURITY BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004

SALE CONTRACTS


SETTLEMENT MONTH	TYPE		CONTRACTS TO DELIVER	IN EXCHANGE FOR		CONTRACTS AT VALUE		UNREALIZED DEPRECIATION
Jan 05	Sell	JPY	549,104,000	$	5,360,413	$	5,366,284	$	(5,871	)
Jan 05	Sell	SEK	8,343,000		1,249,195		1,255,455		(6,260	)

				$	6,609,608	$	6,621,739	$	(12,131	)


U.S. Treasury Obligations	7.4	%
Collateralized Mortgage Obligations	5.7
U.S. Government Agency Mortgage-Backed Securities	3.8
Asset-Backed Securities	3.8
Financial Services	2.4
Foreign Government Bonds	2.2
Utilities	1.9
Telecommunications	1.8
Oil & Gas	0.6
Automobile Manufacturers	0.4
Cable Television	0.4
Conglomerates	0.4
Hotels & Motels	0.4
Entertainment & Leisure	0.3
Airlines	0.2
Electronic Components & Equipment	0.2
Financial — Bank & Trust	0.2
Healthcare Services	0.2
Paper & Forest Products	0.2
Automotive Parts	0.1
Food	0.1
Retail & Merchandising	0.1
Short-Term Investments	40.0
	72.8
Other assets in excess of liabilities	27.2

	100.0	%

See Notes to Financial Statements.

260

AST MONEY MARKET PORTFOLIO

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2004


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
COMMERCIAL PAPER — 44.2%
Banco Bilbao Vizcayza Argentaria Puerto Rico
2.25%, 01/03/05 (cost $38,245,219; purchased 12/31/04)(h)	$	38,250	$	38,245,219
Bank of Ireland
2.445%, 03/23/05 144A (cost $45,746,943; purchased 12/21/04)(h)		46,000		45,746,943
Irish Life & Permanent Corp.
2.55%, 06/02/05 144A (cost $44,713,347; purchased 12/07/04)(h)		45,200		44,713,347
Nationwide Building Society
2.31%, 02/07/05 144A (cost $44,693,637; purchased 12/06/04)(h)		44,800		44,693,637
Network Rail Corp. Finance PLC
1.99%, 01/10/05 144A (cost $45,977,115; purchased 10/07/04)(h)		46,000		45,977,115
San Paolo
2.30%, 01/06/05		38,250		38,237,781
Santander Century Hispanic Financial
2.09%, 03/24/05		60,000		59,714,367
Spintab AB
2.28%, 02/01/05		42,000		41,917,540
Stadshypotek Delaware
2.32%, 02/08/05 144A (cost $49,877,556; purchased 12/08/04)(h)		50,000		49,877,556
Swedish National Housing Finance
2.38%, 03/08/05 144A (cost $49,781,833; purchased 12/08/04)(h)		50,000		49,781,833
UBS Finance Delaware, Inc.
2.38%, 01/05/05		40,250		40,239,356
Unicredit Delaware, Inc.
2.39%, 03/08/05		28,000		27,877,313
Washington Gas Light Co.
2.30%, 01/03/05		12,500		12,498,403
Westpac Capital Corp.
2.06%, 02/22/05		61,700		61,516,408

TOTAL COMMERCIAL PAPER (Cost $705,535,996)				601,036,818

EURO TIME DEPOSITS — 14.6%
Branch Banking & Trust
2.125%, 01/03/05		38,250		38,250,000
Chase Manhattan Bank USA NA
2.125%, 01/03/05		43,100		43,100,000
Ixis Corp. & Investment Bank
2.40%, 01/04/05		40,250		40,250,000
Key Bank NA Cayman Island
2.125%, 01/03/05		38,250		38,250,000
National City Bank of Indiana
2.188%, 01/03/05		38,250		38,250,000

TOTAL EURO TIME DEPOSITS (Cost $198,100,000)				198,100,000

CORPORATE OBLIGATIONS — 22.0%
3M Co.
5.674%, 12/12/05 144A		9,000		9,234,189
American General Finance
2.402%, 01/06/06 144A(c)		5,000		5,000,000
American Honda Finance Corp.
2.46%, 03/20/05 144A(c)		58,500		58,500,000
Bank of America Corp.
7.875%, 05/16/05		12,000		12,265,305
General Electric Capital Corp.
6.80%, 11/01/05		25,700		26,594,106
HBOS Treasury Services PLC
2.09%, 01/12/05 144A(c)		18,000		18,009,223
Lehman Brothers Holdings, Inc.
7.75%, 01/15/05		18,000		18,042,840
2.19%, 01/22/05(c)		41,000		41,026,910
Nationwide Building Society
2.36%, 12/14/05 144A(c)		5,000		5,000,000
Northern Rock PLC
2.023%, 01/13/05 144A(c)		46,000		45,999,178
U.S. Bank NA
2.038%, 01/23/05(c)		42,000		41,997,067
Wal-Mart Stores
5.006%, 06/01/05		18,000		18,216,770

TOTAL CORPORATE OBLIGATIONS (Cost $195,386,410)				299,885,588

CERTIFICATES OF DEPOSIT — 9.2%
Discover Bank
2.55%, 10/27/05		23,000		22,997,174
Lloyds TSB Bank PLC
2.00%, 01/25/05(c)		60,000		59,972,723
Natexis Banque Populair Corp.
2.342%, 01/18/05(c)		42,000		41,988,160

TOTAL CERTIFICATES OF DEPOSIT (Cost $124,958,057)				124,958,057

U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.9%
Federal National Mortgage Assoc.
1.87%, 03/02/05 (Cost $66,791,183)		67,000		66,791,183

261

AST MONEY MARKET PORTFOLIO

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2004


	PRINCIPAL AMOUNT (000)		VALUE (NOTE 2)
YANKEE CERTIFICATES OF DEPOSIT — 3.3%
Nordea Bank Finland NY
2.37%, 03/07/05 (Cost $45,200,000)	$	45,200	$	45,200,000

SOVEREIGN ISSUES — 1.5%
CANADA Ontario (Province of)
7.00%, 08/04/05 (Cost $19,788,077)		19,266		19,788,077

TOTAL INVESTMENTS — 99.7% (Cost $1,355,759,723)+				1,355,759,723
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%				3,428,096

NET ASSETS — 100.0%			$	1,359,187,819

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.

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 $319,035,650. The aggregate market value of $319,035,650 is approximately 23.47% of net assets. These securities have been deemed to be liquid under procedures established by the Board of Trustees.

The following is a breakdown of the money market portfolio by industry classification, as of December 31, 2004. Percentages are based on net assets.


INDUSTRY
Financial Services	31.2	%
Bank	24.2
Euro Time Deposits	14.6
Certificates of Deposits	9.2
U.S. Government	8.5
Industrial	6.3
Yankee Certificates of Deposits	3.3
Sovereign Issue	1.5
Utilities — Gas	0.9

	99.7
Liabilities in Excess of Other Assets	0.3

	100.0%

See Notes to Financial Statements.

262

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263

AMERICAN SKANDIA TRUST

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 2004


	PORTFOLIO
	AST JPMORGAN INTERNATIONAL EQUITY			AST WILLIAM BLAIR INTERNATIONAL GROWTH			AST LSV INTERNATIONAL VALUE			AST MFS GLOBAL EQUITY			AST STATE STREET RESEARCH SMALL-CAP GROWTH
ASSETS
Investments at value(A), including securities on loan(D)	$	342,549,280		$	1,328,712,716		$	187,848,720		$	166,279,723		$	276,981,968
Cash		5,021,230			58,171,579			5,604,843			169,781			—
Foreign currency at value(B)		7,750			18,761,465			14			—			—
Swap contracts, outstanding		—			—			—			—			—
Receivable for:
Securities sold		150,836			8,840,424			—			31,708			25,022
Dividends and interest		789,324			1,359,265			346,075			215,055			14,340
Fund shares sold		31,534,146			1,423			2,028			295			235
Futures variation margin		—			—			571,879			—			—
Unrealized appreciation on swap agreements		—			—			—			—			—
Unrealized appreciation on foreign currency forward contracts		—			—			—			273			—
Prepaid expenses		5,572			21,780			3,093			2,116			4,688

TOTAL ASSETS		380,058,138			1,415,868,652			194,376,652			166,698,951			277,026,253

LIABILITIES
Payable to custodian		—			—			—			—			117,020
Written options outstanding, at value(C)		—			—			—			—			—
Swap contracts, outstanding		—			—			—			—			—
Unrealized depreciation on swap agreements		—			—			—			—			—
Unrealized depreciation on foreign currency forward contracts		—			—			—			—			—
Payable to broker for collateral for securities on loan		—			—			—			—			47,475,710
Payable for:
Securities purchased		—			5,060,461			—			119,821			1,379,054
Fund shares redeemed		236,628			67,242,072			542,464			145,727			1,761,421
Futures variation margin		—			—			—			—			—
Advisory fees		183,075			331,873			94,699			62,982			93,404
Shareholder servicing fees		1,904			7,707			1,053			908			1,258
Deferred trustees’ fees		7,559			18,941			3,028			877			7,944
Accrued expenses and other liabilities		68,571			173,822			68,489			50,011			59,001
Withholding tax		—			154,973			—			—			—
Dividends and distributions		—			—			—			—			—

TOTAL LIABILITIES		497,737			72,989,849			709,733			380,326			50,894,812

NET ASSETS	$	379,560,401		$	1,342,878,803		$	193,666,919		$	166,318,625		$	226,131,441

COMPONENTS OF NET ASSETS
Common stock, at $.001 par value	$	20,730		$	111,820		$	14,551		$	13,739		$	16,070
Paid-in capital in excess of par		441,741,178			1,369,105,350			306,277,590			139,308,773			390,157,501

		441,761,908			1,369,217,170			306,292,141			139,322,512			390,173,571
Undistributed net investment income (loss)		4,429,643			(855,659	)		2,748,715			460,456			(7,944	)
Accumulated net realized gain (loss) on investments		(120,558,851	)		(291,935,762	)		(125,802,247	)		(3,277,315	)		(193,303,096	)
Accumulated unrealized appreciation (depreciation) on investments and foreign currencies		53,927,701			266,453,054			10,428,310			29,812,972			29,268,910

NET ASSETS, DECEMBER 31, 2004	$	379,560,401		$	1,342,878,803		$	193,666,919		$	166,318,625		$	226,131,441

Shares of common stock outstanding		20,730,243			111,820,186			14,550,972			13,739,208			16,070,296
Net asset value, offering and redemption price per share	$	18.31		$	12.01		$	13.31		$	12.11		$	14.07

(A) Investments at cost	$	288,659,155		$	1,063,402,327		$	177,436,454		$	136,473,819		$	247,713,058

(B) Foreign currency at cost	$	7,537		$	17,589,899		$	14		$	—		$	—

(C) Premiums received for written options	$	—		$	—		$	—		$	—		$	—

(D) Securities on loan at value	$	—		$	—		$	—		$	—		$	45,829,298

264


	PORTFOLIO
	AST DEAM SMALL-CAP GROWTH			AST FEDERATED AGGRESSIVE GROWTH			AST GOLDMAN SACHS SMALL-CAP VALUE		AST SMALL-CAP VALUE		AST DEAM SMALL-CAP VALUE		AST GOLDMAN SACHS MID-CAP GROWTH			AST NEUBERGER BERMAN MID-CAP GROWTH			AST NEUBERGER BERMAN MID-CAP VALUE
ASSETS
Investments at value(A), including securities on loan(D)	$	390,852,326		$	385,989,636		$	349,842,603	$	1,015,377,311	$	114,943,362	$	375,113,670		$	461,449,380		$	1,712,759,069
Cash		4,379,684			—			8,383,678		34,898,209		6,874,565		9,208,795			—			—
Foreign currency at value(B)		—			—			—		—		—		—			—			—
Swap contracts, outstanding		—			—			—		—		—		—			—			—
Receivable for:
Securities sold		—			2,997,224			285,985		6,645,785		—		—			—			438,256
Dividends and interest		70,620			22,431			371,912		1,354,589		128,047		54,266			78,542			779,750
Fund shares sold		1,192			1,776			63,759		7,407		380,371		1,839			2,601			2,598
Futures variation margin		3,375			—			—		—		4,725		—			—			—
Unrealized appreciation on swap agreements		—			—			—		—		—		—			—			—
Unrealized appreciation on foreign currency forward contracts		—			—			—		—		—		—			—			—
Prepaid expenses		6,329			4,717			5,755		15,322		1,214		4,865			6,660			20,564

TOTAL ASSETS		395,313,526			389,015,784			358,953,692		1,058,298,623		122,332,284		384,383,435			461,537,183			1,714,000,237

LIABILITIES
Payable to custodian		—			—			—		—		—		—			—			—
Written options outstanding, at value(C)		—			—			—		—		—		—			—			—
Swap contracts, outstanding		—			—			—		—		—		—			—			—
Unrealized depreciation on swap agreements		—			—			—		—		—		—			—			—
Unrealized depreciation on foreign currency forward contracts		—			—			—		—		—		—			—			—
Payable to broker for collateral for securities on loan		52,272,180			—			35,142,626		81,239,062		10,439,764		89,897,252			59,779,562			370,221,741
Payable for:
Securities purchased		—			8,475,725			129,638		4,565,765		—		5,809,191			—			2,192,630
Fund shares redeemed		2,069,270			32,598,460			357,232		49,883,787		321		11,810,340			995,542			31,215,315
Futures variation margin		—			—			—		—		—		—			—			—
Advisory fees		92,047			151,432			143,679		359,242		34,365		72,123			139,495			458,991
Shareholder servicing fees		1,880			2,069			1,771		5,046		608		1,575			2,267			7,314
Deferred trustees’ fees		8,521			549			5,294		7,958		135		999			7,191			14,213
Accrued expenses and other liabilities		60,991			54,152			68,523		102,764		37,991		50,852			60,231			103,769
Withholding tax		—			—			—		—		—		—			—			—
Dividends and distributions		—			—			—		—		—		—			—			—

TOTAL LIABILITIES		54,504,889			41,282,387			35,848,763		136,163,624		10,513,184		107,642,332			60,984,288			404,213,973

NET ASSETS	$	340,808,637		$	347,733,397		$	323,104,929	$	922,134,999	$	111,819,100	$	276,741,103		$	400,552,895		$	1,309,786,264

COMPONENTS OF NET ASSETS
Common stock, at $.001 par value	$	40,820		$	33,420		$	15,061	$	50,438	$	8,702	$	62,754		$	28,145		$	61,501
Paid-in capital in excess of par		553,382,309			251,967,734			199,918,459		664,690,614		92,255,482		303,993,786			667,978,054			901,585,415

		553,423,129			252,001,154			199,933,520		664,741,052		92,264,184		304,056,540			668,006,199			901,646,916
Undistributed net investment income (loss)		(8,521	)		(773,698	)		945,479		758,238		161,322		(1,000	)		(7,191	)		1,866,876
Accumulated net realized gain (loss) on investments		(261,499,900	)		28,837,822			49,098,239		212,498,884		9,189,985		(69,212,516	)		(374,218,782	)		183,845,590
Accumulated unrealized appreciation (depreciation) on investments and foreign currencies		48,893,929			67,668,119			73,127,691		44,136,825		10,203,609		41,898,079			106,772,669			222,426,882

NET ASSETS, DECEMBER 31, 2004	$	340,808,637		$	347,733,397		$	323,104,929	$	922,134,999	$	111,819,100	$	276,741,103		$	400,552,895		$	1,309,786,264

Shares of common stock outstanding		40,819,704			33,419,561			15,060,961		50,437,840		8,701,625		62,754,082			28,144,563			61,501,009
Net asset value, offering and redemption price per share	$	8.35		$	10.41		$	21.45	$	18.28	$	12.85	$	4.41		$	14.23		$	21.30

(A) Investments at cost	$	342,129,957		$	318,321,517		$	276,714,912	$	971,240,486	$	104,935,624	$	333,215,591		$	354,676,711		$	1,490,332,187

(B) Foreign currency at cost	$	—		$	—		$	—	$	—	$	—	$	—		$	—		$	—

(C) Premiums received for written options	$	—		$	—		$	—	$	—	$	—	$	—		$	—		$	—

(D) Securities on loan at value	$	50,307,165		$	—		$	33,533,789	$	77,030,483	$	10,034,977	$	86,696,831		$	57,914,924		$	359,332,590

See Notes to Financial Statements.

265

AMERICAN SKANDIA TRUST

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 2004


	PORTFOLIO
	AST ALGER ALL-CAP GROWTH			AST GABELLI ALL-CAP VALUE			AST T. ROWE PRICE NATURAL RESOURCES		AST ALLIANCE GROWTH			AST MFS GROWTH
ASSETS
Investments at value(A), including securities on loan(D)	$	388,951,114		$	230,252,190		$	272,859,746	$	292,479,267		$	616,324,370
Cash		—			—			—		—			175
Foreign currency at value(B)		—			—			—		—			—
Swap contracts, outstanding		—			—			—		—			—
Receivable for:
Securities sold		2,141,350			15,967			67,600		4,139,247			7,954,887
Dividends and interest		143,310			204,250			285,406		116,279			345,297
Fund shares sold		118,912			1,236			38,048		616			262
Futures variation margin		—			—			—		—			—
Unrealized appreciation on swap agreements		—			—			—		—			—
Unrealized appreciation on foreign currency forward contracts		—			—			—		—			—
Prepaid expenses		6,882			3,421			3,022		5,000			10,344

TOTAL ASSETS		391,361,568			230,477,064			273,253,822		296,740,409			624,635,335

LIABILITIES
Payable to custodian		—			—			—		—			—
Written options outstanding, at value(C)		—			—			—		—			—
Swap contracts, outstanding		—			—			—		—			—
Unrealized depreciation on swap agreements		—			—			—		—			—
Unrealized depreciation on foreign currency forward contracts		—			—			—		—			—
Payable to broker for collateral for securities on loan		54,356,970			34,623,492			35,002,660		33,745,696			51,760,156
Payable for:
Securities purchased		688,164			—			—		4,048,856			5,020,273
Fund shares redeemed		1,698,706			356,010			177		653,152			32,649,780
Futures variation margin		—			—			—		—			—
Advisory fees		123,013			70,080			103,893		94,196			191,679
Shareholder servicing fees		1,838			1,062			1,299		1,419			3,110
Deferred trustees’ fees		6,968			1,710			2,715		5,590			9,444
Accrued expenses and other liabilities		55,442			42,554			53,781		56,123			76,697
Withholding tax		—			—			—		—			—
Dividends and distributions		—			—			—		—			—

TOTAL LIABILITIES		56,931,101			35,094,908			35,164,525		38,605,032			89,711,139

NET ASSETS	$	334,430,467		$	195,382,156		$	238,089,297	$	258,135,377		$	534,924,196

COMPONENTS OF NET ASSETS
Common stock, at $.001 par value	$	62,175		$	16,243		$	10,521	$	29,233		$	66,238
Paid-in capital in excess of par		685,661,858			178,454,249			167,620,103		493,670,704			924,360,482

		685,724,033			178,470,492			167,630,624		493,699,937			924,426,720
Undistributed net investment income (loss)		(6,968	)		738,826			691,301		(5,590	)		50,323
Accumulated net realized gain (loss) on investments		(392,436,254	)		(27,210,786	)		18,028,625		(269,987,695	)		(443,186,683	)
Accumulated unrealized appreciation (depreciation) on investments		41,149,656			43,383,624			51,738,747		34,428,725			53,633,836

NET ASSETS, DECEMBER 31, 2004	$	334,430,467		$	195,382,156		$	238,089,297	$	258,135,377		$	534,924,196

Shares of common stock outstanding		62,174,732			16,243,032			10,520,692		29,232,752			66,237,986
Net asset value, offering and redemption price per share	$	5.38		$	12.03		$	22.63	$	8.83		$	8.08

(A) Investments at cost	$	347,801,458		$	186,868,732		$	221,121,000	$	258,050,542		$	562,693,595

(B) Foreign currency at cost	$	—		$	—		$	—	$	—		$	—

(C) Premiums received for written options	$	—		$	—		$	—	$	—		$	—

(D) Securities on loan at value	$	51,878,979		$	33,207,455		$	34,032,616	$	32,523,825		$	49,940,121

266


	PORTFOLIO
	AST MARSICO CAPITAL GROWTH		AST GOLDMAN SACHS CONCENTRATED GROWTH			AST DEAM LARGE-CAP VALUE			AST HOTCHKIS & WILEY LARGE-CAP VALUE			AST ALLIANCE/ BERNSTEIN GROWTH + VALUE			AST SANFORD BERNSTEIN CORE VALUE		AST COHEN & STEERS REALTY		AST SANFORD BERNSTEIN MANAGED INDEX 500
ASSETS
Investments at value(A), including securities on loan(D)	$	2,724,282,584	$	1,127,576,884		$	223,246,128		$	818,618,305		$	91,313,935		$	333,987,812	$	479,005,725	$	617,027,079
Cash		—		13,129,756			5,963,441			10,637,418			—			—		—		—
Foreign currency at value(B)		—		—			—			—			—			—		—		—
Swap contracts, outstanding		—		—			—			—			—			—		—		—
Receivable for:
Securities sold		1,081,276		—			1,775,725			4,376,424			2,096,667			198,375		12,870		—
Dividends and interest		1,545,067		873,088			240,446			987,239			82,405			554,383		2,229,223		718,716
Fund shares sold		5,107		6,268			186,589			4,372			29,125			6,865		210,512		7,534
Futures variation margin		—		—			—			—			—			—		—		—
Unrealized appreciation on swap agreements		—		—			—			—			—			—		—		—
Unrealized appreciation on foreign currency forward contracts		—		—			—			—			—			—		—		—
Prepaid expenses		34,166		19,025			2,704			10,540			1,275			4,127		5,150		10,980

TOTAL ASSETS		2,726,948,200		1,141,605,021			231,415,033			834,634,298			93,523,407			334,751,562		481,463,480		617,764,309

LIABILITIES
Payable to custodian		—		—			—			—			—			—		—		—
Written options outstanding, at value(C)		—		—			—			—			—			—		—		—
Swap contracts, outstanding		—		—			—			—			—			—		—		—
Unrealized depreciation on swap agreements		—		—			—			—			—			—		—		—
Unrealized depreciation on foreign currency forward contracts		—		—			—			—			—			—		—		—
Payable to broker for collateral for securities on loan		329,069,063		165,485,959			39,460,439			189,599,594			14,735,515			42,565,481		57,781,032		55,778,525
Payable for:
Securities purchased		20,217,805		—			—			4,375,052			798,833			4,578,029		16,533		—
Fund shares redeemed		81,660,945		6,954,199			59			3,585,533			361			1,367		6,892		181,016
Futures variation margin		—		—			6,750			—			—			—		—		—
Advisory fees		821,019		249,167			37,675			174,295			28,142			67,261		114,113		70,349
Shareholder servicing fees		13,029		5,524			1,047			3,535			426			1,568		2,425		3,087
Deferred trustees’ fees		22,587		42,540			1,294			14,662			436			1,795		2,739		9,337
Accrued expenses and other liabilities		124,066		89,939			42,803			72,008			37,905			52,509		59,846		56,237
Withholding tax		—		—			—			—			—			—		—		—
Dividends and distributions		—		—			—			—			—			—		—		—

TOTAL LIABILITIES		431,928,514		172,827,328			39,550,067			197,824,679			15,601,618			47,268,010		57,983,580		56,098,551

NET ASSETS	$	2,295,019,686	$	968,777,693		$	191,864,966		$	636,809,619		$	77,921,789		$	287,483,552	$	423,479,900	$	561,665,758

COMPONENTS OF NET ASSETS
Common stock, at $.001 par value	$	128,501	$	44,800		$	16,621		$	38,214		$	7,824		$	23,468	$	24,670	$	46,916
Paid-in capital in excess of par		1,954,053,477		1,755,442,838			170,370,359			608,417,454			69,841,285			228,606,618		269,231,833		639,067,894

		1,954,181,978		1,755,487,638			170,386,980			608,455,668			69,849,109			228,630,086		269,256,503		639,114,810
Undistributed net investment income (loss)		(22,586)		4,402,631			1,866,747			5,764,961			455,649			3,380,904		5,935,924		6,886,856
Accumulated net realized gain (loss) on investments		(288,395,691)		(922,748,333	)		(1,869,901	)		(54,366,215	)		(3,801,166	)		5,335,860		32,952,991		(156,516,831	)
Accumulated unrealized appreciation (depreciation) on investments		629,255,985		131,635,758			21,481,140			76,955,205			11,418,197			50,136,702		115,334,482		72,180,923

NET ASSETS, DECEMBER 31, 2004	$	2,295,019,686	$	968,777,693		$	191,864,966		$	636,809,619		$	77,921,789		$	287,483,552	$	423,479,900	$	561,665,758

Shares of common stock outstanding		128,500,514		44,799,540			16,621,079			38,213,907			7,823,763			23,467,627		24,669,798		46,915,834
Net asset value, offering and redemption price per share	$	17.86	$	21.62		$	11.54		$	16.66		$	9.96		$	12.25	$	17.17	$	11.97

(A) Investments at cost	$	2,095,026,598	$	995,941,126		$	201,905,551		$	741,663,100		$	79,895,738		$	283,851,110	$	363,671,243	$	544,846,156

(B) Foreign currency at cost	$	—	$	—		$	—		$	—		$	—		$	—	$	—	$	—

(C) Premiums received for written options	$	—	$	—		$	—		$	—		$	—		$	—	$	—	$	—

(D) Securities on loan at value	$	318,667,131	$	160,709,768		$	38,144,442		$	182,140,758		$	14,205,920		$	40,931,383	$	56,117,279	$	53,818,285

See Notes to Financial Statements.

267

AMERICAN SKANDIA TRUST

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 2004


	PORTFOLIO
	AST AMERICAN CENTURY INCOME & GROWTH			AST ALLIANCE GROWTH AND INCOME			AST DEAM GLOBAL ALLOCATION			AST AMERICAN CENTURY STRATEGIC BALANCED			AST T. ROWE PRICE ASSET ALLOCATION
ASSETS
Investments at value(A), including securities on loan(D)	$	660,620,120		$	2,390,773,210		$	227,920,267		$	281,590,682		$	498,045,998
Cash		176,000			36,631			2,699,799			855,570			112
Foreign currency at value(B)		—			—			—			—			—
Swap contracts, outstanding		—			—			—			—			—
Receivable for:
Securities sold		—			1,654,920			—			1,292,807			1,445,984
Dividends and interest		691,877			3,164,070			2,429			834,963			1,879,021
Fund shares sold		562			1,723			1,130,767			1,273,158			1,432,071
Futures variation margin		—			—			—			—			—
Unrealized appreciation on swap agreements		—			—			—			—			—
Unrealized appreciation on foreign currency forward contracts		—			—			—			—			—
Prepaid expenses		8,276			35,496			5,536			4,162			6,953

TOTAL ASSETS		661,496,835			2,395,666,050			231,758,798			285,851,342			502,810,139

LIABILITIES
Payable to custodian		—			—			—			—			—
Written options outstanding, at value(C)		—			—			—			—			—
Swap contracts, outstanding		—			—			—			—			—
Unrealized depreciation on swap agreements		—			—			—			—			—
Unrealized depreciation on foreign currency forward contracts		—			—			—			—			—
Payable to broker for collateral for securities on loan		206,591,165			136,919,761			—			26,280,315			68,183,437
Payable for:
Securities purchased		—			17,295,280			—			25,712,025			3,345,263
Fund shares redeemed		754,365			88,514,847			182			51			305,722
Futures variation margin		2,750			—			—			1,000			—
Advisory fees		146,173			549,079			10,456			79,028			108,849
Shareholder servicing fees		2,482			12,306			—			1,269			2,367
Deferred trustees’ fees		7,058			24,865			6,805			3,443			5,080
Accrued expenses and other liabilities		81,274			143,775			14,197			79,740			116,130
Withholding tax		—			—			—			—			—
Dividends and distributions		—			—			—			—			—

TOTAL LIABILITIES		207,585,267			243,459,913			31,640			52,156,871			72,066,848

NET ASSETS	$	453,911,568		$	2,152,206,137		$	231,727,158		$	233,694,471		$	430,743,291

COMPONENTS OF NET ASSETS
Common stock, at $.001 par value	$	34,120		$	110,281		$	19,057		$	16,819		$	25,628
Paid-in capital in excess of par		511,096,365			2,068,941,800			298,011,559			221,412,435			364,233,836

		511,130,485			2,069,052,081			298,030,616			221,429,254			364,259,464
Undistributed net investment income (loss)		7,177,404			26,786,245			7,418,160			3,655,598			7,758,351
Accumulated net realized gain (loss) on investments		(103,952,399	)		(274,914,232	)		(91,998,248	)		(9,331,664	)		2,216,615
Accumulated unrealized appreciation (depreciation) on investments		39,556,078			331,282,043			18,276,630			17,941,283			56,508,861

NET ASSETS, DECEMBER 31, 2004	$	453,911,568		$	2,152,206,137		$	231,727,158		$	233,694,471		$	430,743,291

Shares of Common Stock Outstanding		34,119,503			110,281,042			19,057,449			16,818,969			25,627,769
Net Asset Value, Offering and Redemption Price Per Share	$	13.30		$	19.52		$	12.16		$	13.89		$	16.81

(A) Investments at Cost	$	621,137,876		$	2,059,491,167		$	209,643,638		$	263,675,931		$	441,542,232

(B) Foreign Currency at Cost	$	—		$	—		$	—		$	—		$	—

(C) Premiums Received for Written Options	$	—		$	—		$	—		$	—		$	—

(D) Securities on Loan at Value	$	199,475,384		$	131,690,715		$	—		$	25,489,579		$	66,213,904

268


	PORTFOLIO
	AST T. ROWE PRICE GLOBAL BOND		AST GOLDMAN SACHS HIGH YIELD			AST LORD ABBETT BOND-DEBENTURE		AST PIMCO TOTAL RETURN BOND		AST PIMCO LIMITED MATURITY BOND		AST MONEY MARKET
ASSETS
Investments at value(A), including securities on loan(D)	$	269,741,230	$	787,651,501		$	574,382,674	$	2,742,970,765	$	897,191,763	$	1,355,759,723
Cash		13,242,949		—			—		70,225		34,536		—
Foreign currency at value(B)		410,642		292,144			—		8,111,932		71,304		—
Swap contracts, outstanding		—		—			—		—		963,831		—
Receivable for:
Securities sold		301,358		—			—		—		—		—
Dividends and interest		4,522,845		14,626,367			7,044,192		10,914,593		2,780,189		3,327,868
Fund shares sold		78,324,628		6,558,528			1,003		—		422,213,537		3,596,582
Futures variation margin		224,845		—			—		2,300,366		76,475		—
Unrealized appreciation on swap agreements		—		—			—		3,688,607		1,444,385		—
Unrealized appreciation on foreign currency forward contracts		2,537,024		78,560			—		2,481,020		414,467		—
Prepaid expenses		4,234		19,051			6,681		39,574		15,698		32,852

TOTAL ASSETS		369,309,755		809,226,151			581,434,550		2,770,577,082		1,325,206,185		1,362,717,025

LIABILITIES
Payable to custodian		—		—			—		—		—		2,821,867
Written options outstanding, at value(C)		—		—			—		5,898,997		761		—
Swap contracts, outstanding		—		—			—		5,470,624		—		—
Unrealized depreciation on swap agreements		—		—			—		2,723,978		463,440		—
Unrealized depreciation on foreign currency forward contracts		2,368,583		3,800,661			—		298,072		12,131		—
Payable to broker for collateral for securities on loan		—		—			86,532,115		—		—		—
Payable for:
Securities purchased		4,761,976		500,000			—		395,309,966		91,599,199		—
Fund shares redeemed		66		14,352			63,193,808		41,849,413		5,406		408,350
Futures variation margin		—		—			—		—		—		—
Advisory fees		99,948		220,822			125,649		543,653		187,169		92,743
Shareholder servicing fees		1,541		4,355			2,696		12,871		4,429		7,207
Deferred trustees’ fees		3,002		10,293			1,822		34,163		14,567		45,047
Accrued expenses and other liabilities		57,667		86,553			65,634		211,896		99,006		153,992
Withholding tax		—		—			—		—		—		—
Dividends and distributions		—		—			—		—		—		—

TOTAL LIABILITIES		7,292,783		4,637,036			149,921,724		452,353,633		92,386,108		3,529,206

NET ASSETS	$	362,016,972	$	804,589,115		$	431,512,826	$	2,318,223,449	$	1,232,820,077	$	1,359,187,819

COMPONENTS OF NET ASSETS
Common stock, at $.001 par value	$	29,773	$	89,925		$	36,461	$	192,996	$	110,871	$	1,359,298
Paid-in capital in excess of par		324,218,646		910,799,118			386,205,532		2,183,359,358		1,204,636,123		1,357,913,397

		324,248,419		910,889,043			386,241,993		2,183,552,354		1,204,746,994		1,359,272,695
Undistributed net investment income (loss)		9,098,990		48,592,328			20,445,329		63,743,320		17,102,941		(45,047	)
Accumulated net realized gain (loss) on investments		510,796		(202,046,042	)		5,390,631		56,031,960		5,372,511		(39,829	)
Accumulated unrealized appreciation (depreciation) on investments		28,158,767		47,153,786			19,434,873		14,895,815		5,597,631		—

NET ASSETS, DECEMBER 31, 2004	$	362,016,972	$	804,589,115		$	431,512,826	$	2,318,223,449	$	1,232,820,077	$	1,359,187,819

Shares of Common Stock Outstanding		29,772,652		89,925,435			36,460,770		192,996,086		110,871,320		1,359,297,837
Net Asset Value, Offering and Redemption Price Per Share	$	12.16	$	8.95		$	11.83	$	12.01	$	11.12	$	1.00

(A) Investments at Cost	$	241,946,580	$	736,842,327		$	554,947,801	$	2,727,545,094	$	893,776,825	$	1,355,759,723

(B) Foreign Currency at Cost	$	408,078	$	290,873		$	—	$	7,881,162	$	70,334	$	—

(C) Premiums Received for Written Options	$	—	$	—		$	—	$	4,233,189	$	929,078	$	—

(D) Securities on Loan at Value	$	—	$	—		$	84,570,979	$	—	$	—	$	—

See Notes to Financial Statements.

269

AMERICAN SKANDIA TRUST

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2004


	PORTFOLIO
	AST JPMORGAN INTERNATIONAL EQUITY			AST WILLIAM BLAIR INTERNATIONAL GROWTH			AST LSV INTERNATIONAL VALUE			AST MFS GLOBAL EQUITY			AST STATE STREET RESEARCH SMALL-CAP GROWTH
INVESTMENT INCOME:
Interest	$	47,395		$	674,622		$	92,802		$	63,201		$	53,366
Dividends		8,879,391			15,390,808			4,353,206			2,289,855			597,593
Income from securities loaned, net		—			—			—			—			47,911
Foreign taxes withheld		(1,010,973	)		(1,455,331	)		(479,944	)		(195,582	)		(83	)

Total Income		7,915,813			14,610,099			3,966,064			2,157,474			698,787

EXPENSES:
Advisory fees		2,838,631			10,224,182			1,719,328			1,222,784			2,331,618
Distribution fees		4,172			358,671			—			—			58,056
Shareholder servicing fees and expenses		321,000			1,022,000			172,000			122,000			259,000
Administration and accounting fees		272,000			448,000			172,000			122,000			235,000
Custodian fees and expenses		104,000			613,000			174,000			101,000			62,000
Audit and legal fees		37,000			61,000			45,000			47,000			29,000
Trustees’ fees		16,000			19,000			14,000			11,000			16,000
Printing expense		—			45,000			—			—			—
Interest expense		699			—			2,233			269			1,990
Miscellaneous		38,217			60,785			62,823			25,934			23,097

Total Expenses		3,631,719			12,851,638			2,361,384			1,651,987			3,015,761
Less: Advisory fee waivers and expense reimbursements		—			(1,063,560	)		(257,899	)		—			—
Less: Fees paid indirectly		(4,172	)		(358,671	)		—			—			(58,056	)

Net Expenses		3,627,547			11,429,407			2,103,485			1,651,987			2,957,705

Net Investment Income (Loss)		4,288,266			3,180,692			1,862,579			505,487			(2,258,918	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		69,166,468			74,963,193			40,393,669			8,807,104			31,564,967
Futures		—			—			1,280,777			—			—
Options written		—			—			—			—			—
Swap agreements		—			—			—			—			—
Foreign currencies		148,942			(631,562	)		(334,992	)		(34,310	)		—

		69,315,410			74,331,631			41,339,454			8,772,794			31,564,967

Net change in unrealized appreciation (depreciation) on:
Investments		(21,899,406	)		107,021,135			(9,077,450	)		13,521,171			(50,716,500	)
Futures		—			—			(310,397	)		—			—
Options written		—			—			—			—			—
Swap Agreements		—			—			—			—			—
Foreign currencies		(29,277	)		1,430,135			(270,348	)		(1,013	)		—

		(21,928,683	)		108,451,270			(9,658,195	)		13,520,158			(50,716,500	)

Net gain (loss) on investments and foreign currencies		47,386,727			182,782,901			31,681,259			22,292,952			(19,151,533	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	51,674,993		$	185,963,593		$	33,543,838		$	22,798,439		$	(21,410,451	)

270


	PORTFOLIO
	AST DEAM SMALL-CAP GROWTH			AST FEDERATED AGGRESSIVE GROWTH			AST GOLDMAN SACHS SMALL-CAP VALUE			AST SMALL-CAP VALUE			AST DEAM SMALL-CAP VALUE			AST GOLDMAN SACHS MID-CAP GROWTH			AST NEUBERGER BERMAN MID-CAP GROWTH			AST NEUBERGER BERMAN MID-CAP VALUE
INVESTMENT INCOME:
Interest	$	60,276		$	196,843		$	41,654		$	494,204		$	75,597		$	48,926		$	12,083		$	86,736
Dividends		1,107,711			588,812			5,144,985			9,608,749			1,052,743			1,263,754			1,328,494			13,386,686
Income from securities loaned, net		104,459			—			87,081			142,678			8,638			51,549			79,025			227,651
Foreign taxes withheld		(4,564	)		(6,102	)		(4,910	)		(9,480	)		(261	)		—			(5,500	)		(21,004	)

Total Income		1,267,882			779,553			5,268,810			10,236,151			1,136,717			1,364,229			1,414,102			13,680,069

EXPENSES:
Advisory fees		3,329,908			2,428,067			3,007,975			7,517,906			672,828			2,114,611			3,227,666			10,054,756
Distribution fees		—			—			95,799			—			—			156,867			158,715			566,800
Shareholder servicing fees and expenses		351,000			256,000			317,000			835,000			71,000			211,000			359,000			1,130,000
Administration and accounting fees		289,000			233,000			270,000			445,000			71,000			205,000			295,000			468,000
Custodian fees and expenses		63,000			47,000			95,000			98,000			26,000			34,000			47,000			130,000
Audit and legal fees		29,000			35,000			30,000			18,000			39,000			36,000			31,000			12,000
Trustees’ fees		15,000			12,000			15,000			22,000			12,000			12,000			18,000			27,000
Printing expense		—			—			—			—			—			—			—			—
Interest expense		1,063			4,410			—			—			—			307			2,433			317
Miscellaneous		27,725			19,613			25,116			47,986			14,669			15,650			20,993			41,658

Total Expenses		4,105,696			3,035,090			3,855,890			8,983,892			906,497			2,785,435			4,159,807			12,430,531
Less: Advisory fee waivers and expense reimbursements		(525,711	)		—			—			—			(106,033	)		(251,551	)		(41,862	)		(64,751	)
Less: Fees paid indirectly		—			—			(95,799	)		—			—			(156,867	)		(158,715	)		(566,800	)

Net Expenses		3,579,985			3,035,090			3,760,091			8,983,892			800,464			2,377,017			3,959,230			11,798,980

Net Investment Income (Loss)		(2,312,103)			(2,255,537	)		1,508,719			1,252,259			336,253			(1,012,788	)		(2,545,128	)		1,881,089

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		38,163,293			31,714,359			50,503,621			221,204,501			7,619,038			15,765,813			20,087,966			186,401,919
Futures		693,861			—			—			—			1,477,718			—			—			—
Options written		—			—			—			—			—			—			—			—
Swap agreements		—			—			—			—			—			—			—			—
Foreign currencies		—			(29,005	)		—			—			—			—			—			—

		38,857,154			31,685,354			50,503,621			221,204,501			9,096,756			15,765,813			20,087,966			186,401,919

Net change in unrealized appreciation (depreciation) on:
Investments		(9,467,901	)		30,229,268			5,052,697			(91,399,533	)		5,889,540			21,394,926			36,796,535			51,114,048
Futures		140,316			—			—			—			95,670			—			—			—
Options written		—			—			—			—			—			—			—			—
Swap Agreements		—			—			—			—			—			—			—			—
Foreign currencies		—			—			—			—			—			—			—			—

		(9,327,585)			30,229,268			5,052,697			(91,399,533	)		5,985,210			21,394,926			36,796,535			51,114,048

Net gain (loss) on investments and foreign currencies		29,529,569			61,914,622			55,556,318			129,804,968			15,081,966			37,160,739			56,884,501			237,515,967

Net Increase (Decrease) in Net Assets Resulting from Operations	$	27,217,466		$	59,659,085		$	57,065,037		$	131,057,227		$	15,418,219		$	36,147,951		$	54,339,373		$	239,397,056

See Notes to Financial Statements.

271

AMERICAN SKANDIA TRUST

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2004


	PORTFOLIO
	AST ALGER ALL-CAP GROWTH			AST GABELLI ALL-CAP VALUE			AST T. ROWE PRICE NATURAL RESOURCES			AST ALLIANCE GROWTH			AST MFS GROWTH
INVESTMENT INCOME:
Interest	$	49,019		$	2,045		$	53,699		$	1,287		$	266,848
Dividends		2,777,968			2,985,762			3,058,994			2,642,547			5,750,459
Income from securities loaned, net		158,577			38,472			37,681			19,711			68,837
Foreign taxes withheld		(20,046	)		(32,443	)		(108,866	)		(51,272	)		(28,057	)

Total Income		2,965,518			2,993,836			3,041,508			2,612,273			6,058,087

EXPENSES:
Advisory fees		3,430,092			1,774,598			1,652,904			2,255,999			5,053,539
Distribution fees		769,690			—			13,851			90,818			62,209
Shareholder servicing fees and expenses		361,000			187,000			184,000			251,000			562,000
Administration and accounting fees		295,000			187,000			181,000			230,000			364,000
Custodian fees and expenses		45,000			30,000			52,000			39,000			97,000
Audit and legal fees		26,000			34,000			37,000			37,000			22,000
Trustees’ fees		17,000			12,000			12,000			14,000			21,000
Printing expense		—			—			—			—			—
Interest expense		9,701			3,154			4,835			5,190			510
Miscellaneous		21,878			25,230			18,181			20,459			31,103

Total Expenses		4,975,361			2,252,982			2,155,771			2,943,466			6,213,361
Less: Advisory fee waivers and expense reimbursements		—			—			—			(75,125	)		(159,291	)
Less: Fees paid indirectly		(769,690	)		—			(13,851	)		(90,818	)		(62,209	)

Net Expenses		4,205,671			2,252,982			2,141,920			2,777,523			5,991,861

Net Investment Income (Loss)		(1,240,153	)		740,854			899,588			(165,250	)		66,226

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		45,226,925			4,590,022			22,678,036			6,464,542			40,791,942
Futures		—			—			—			—			—
Options written		—			—			—			—			—
Swap agreements		—			—			—			—			—
Foreign currencies		—			(313	)		(61,475	)		—			5,266

		45,226,925			4,589,709			22,616,561			6,464,542			40,797,208

Net change in unrealized appreciation (depreciation) on:
Investments		(19,019,358	)		20,232,463			27,061,108			7,640,416			15,175,689
Futures		—			—			—			—			—
Options written		—			—			—			—			—
Swap agreements		—			—			—			—			—
Foreign currencies		—			(128	)		—			—			881

		(19,019,358	)		20,232,335			27,061,108			7,640,416			15,176,570

Net gain (loss) on investments and foreign currencies		26,207,567			24,822,044			49,677,669			14,104,958			55,973,778

Net Increase (Decrease) in Net Assets Resulting from Operations	$	24,967,414		$	25,562,898		$	50,577,257		$	13,939,708		$	56,040,004

272


	PORTFOLIO
	AST MARSICO CAPITAL GROWTH			AST GOLDMAN SACHS CONCENTRATED GROWTH			AST DEAM LARGE-CAP VALUE			AST HOTCHKIS & WILEY LARGE-CAP VALUE			AST ALLIANCE/ BERNSTEIN GROWTH + VALUE			AST SANFORD BERNSTEIN CORE VALUE			AST COHEN & STEERS REALTY			AST SANFORD BERNSTEIN MANAGED INDEX 500
INVESTMENT INCOME:
Interest	$	133,488		$	34,650		$	68,268		$	967,848		$	48		$	99		$	4,614		$	512
Dividends		18,788,855			14,536,267			3,371,237			10,596,562			1,287,498			5,627,296			14,813,926			11,092,793
Income from securities loaned, net		333,381			130,179			17,567			21,365			13,406			32,229			27,435			43,970
Foreign taxes withheld		(57,054)			—			—			—			(6,532	)		(14,220	)		(29,513	)		(4,186	)

Total Income		19,198,670			14,701,096			3,457,072			11,585,775			1,294,420			5,645,404			14,816,462			11,133,089

EXPENSES:
Advisory fees		17,125,762			9,213,248			1,316,848			4,457,421			618,479			1,715,705			3,221,036			3,289,927
Distribution fees		560,317			391,133			—			—			—			120,110			31,673			242,565
Shareholder servicing fees and expenses		1,903,000			1,024,000			155,000			594,000			69,000			229,000			322,000			548,000
Administration and accounting fees		545,000			455,000			155,000			373,000			69,000			217,000			273,000			181,000
Custodian fees and expenses		165,000			91,000			31,000			64,000			15,000			28,000			41,000			65,000
Audit and legal fees		9,000			30,000			35,000			18,000			41,000			36,000			33,000			24,000
Trustees’ fees		36,000			31,000			13,000			22,000			12,000			14,000			16,000			19,000
Printing expense		—			67,000			—			—			—			—			—			—
Interest expense		—			2,225			—			2,044			—			2,703			3,464			10,742
Miscellaneous		67,495			50,315			16,011			33,478			13,855			20,298			19,864			49,141

Total Expenses		20,411,574			11,354,921			1,721,859			5,563,943			838,334			2,382,816			3,961,037			4,429,375
Less: Advisory fee waivers and expense reimbursements		(510,113)			(707,863	)		(188,118	)		(195,269	)		—			—			(356,672	)		—
Less: Fees paid indirectly		(560,317)			(391,133	)		—			—			—			(120,110	)		(31,673	)		(242,565	)

Net Expenses		19,341,144			10,255,925			1,533,741			5,368,674			838,334			2,262,706			3,572,692			4,186,810

Net Investment Income (Loss)		(142,474	)		4,445,171			1,923,331			6,217,101			456,086			3,382,698			11,243,770			6,946,279

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		61,602,018			42,580,023			19,453,943			48,115,688			1,877,289			7,698,383			25,274,404			6,382,969
Futures		—			—			650,129			—			—			—			—			—
Options written		—			—			—			—			—			—			—			—
Swap agreements		—			—			—			—			—			—			—			—
Foreign currencies		(327,163)			—			—			—			—			—			(509	)		—

		61,274,855			42,580,023			20,104,072			48,115,688			1,877,289			7,698,383			25,273,895			6,382,969

Net change in unrealized appreciation (depreciation) on:
Investments		245,076,470			(17,509,798	)		5,836,908			31,554,521			4,406,550			19,408,283			68,830,737			34,494,253
Futures		—			—			(68,633	)		—			—			—			—			—
Options written		—			—			—			—			—			—			—			—
Swap agreements		—			—			—			—			—			—			—			—
Foreign currencies		261,312			—			—			—			—			—			—			—

		245,337,782			(17,509,798	)		5,768,275			31,554,521			4,406,550			19,408,283			68,830,737			34,494,253

Net gain (loss) on investments and foreign currencies		306,612,637			25,070,225			25,872,347			79,670,209			6,283,839			27,106,666			94,104,632			40,877,222

Net Increase (Decrease) in Net Assets Resulting from Operations		$306,470,163		$	29,515,396		$	27,795,678		$	85,887,310		$	6,739,925		$	30,489,364		$	105,348,402		$	47,823,501

See Notes to Financial Statements.

273

AMERICAN SKANDIA TRUST

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2004


	PORTFOLIO
	AST AMERICAN CENTURY INCOME & GROWTH			AST ALLIANCE GROWTH AND INCOME			AST DEAM GLOBAL ALLOCATION		AST AMERICAN CENTURY STRATEGIC BALANCED			AST T. ROWE PRICE ASSET ALLOCATION
INVESTMENT INCOME:
Interest	$	62,619		$	79,129		$	31,202	$	3,388,316		$	6,102,818
Dividends		10,938,329			43,768,424			5,498,190		2,692,370			5,615,841
Income from securities loaned, net		138,591			120,578			—		45,904			43,542
Foreign taxes withheld		(976	)		(70,669	)		—		(70	)		(177,275	)

Total Income		11,138,563			43,897,462			5,529,392		6,126,520			11,584,926

EXPENSES:
Advisory fees		2,933,112			14,754,011			244,392		1,967,485			3,276,291
Distribution fees		—			661,107			—		—			—
Shareholder servicing fees and expenses		391,000			1,967,000			—		231,000			385,000
Administration and accounting fees		309,000			552,000			43,000		219,000			310,000
Custodian fees and expenses		100,000			180,000			12,000		85,000			155,000
Audit and legal fees		65,000			8,000			34,000		50,000			33,000
Trustees’ fees		15,000			39,000			14,000		15,000			17,000
Printing expense		21,000			—			—		—			—
Interest expense		1,619			1,474			—		—			—
Miscellaneous		30,290			68,467			5,172		31,181			139,256

Total Expenses		3,866,021			18,231,059			352,564		2,598,666			4,315,547
Less: Advisory fee waivers and expense reimbursements		—			(483,601	)		—		(79,495	)		(184,576	)
Less: Fees paid indirectly		—			(661,107	)		—		—			—

Net Expenses		3,866,021			17,086,351			352,564		2,519,171			4,130,971

Net Investment Income (Loss)		7,272,542			26,811,111			5,176,828		3,607,349			7,453,955

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		42,396,806			61,723,758			15,804,533		18,263,719			20,449,650
Futures		249,186			—			—		93,082			—
Options written		—			—			—		—			—
Swap agreements		—			—			—		—			—
Foreign currencies		2,741			—			—		4,887			27,447

		42,648,733			61,723,758			15,804,533		18,361,688			20,477,097

Net change in unrealized appreciation (depreciation) on:
Investments		269,259			125,226,936			3,909,800		(2,253,275	)		14,214,375
Futures		5,750			—			—		(52,337	)		—
Options written		—			—			—		—			—
Swap agreements		—			—			—		—			—
Foreign currencies		959			—			—		31			(5,904	)

		275,968			125,226,936			3,909,800		(2,305,581	)		14,208,471

Net gain (loss) on investments and foreign currencies		42,924,701			186,950,694			19,714,333		16,056,107			34,685,568

Net Increase (Decrease) in Net Assets Resulting from Operations	$	50,197,243		$	213,761,805		$	24,891,161	$	19,663,456		$	42,139,523

274


	PORTFOLIO
	AST T. ROWE PRICE GLOBAL BOND		AST GOLDMAN SACHS HIGH YIELD			AST LORD ABBETT BOND– DEBENTURE			AST PIMCO TOTAL RETURN BOND			AST PIMCO LIMITED MATURITY BOND			AST MONEY MARKET
INVESTMENT INCOME:
Interest	$	8,983,044	$	58,216,767		$	22,917,958		$	61,856,172		$	22,037,430		$	27,766,931
Dividends		—		748,105			1,055,511			1,302,974			206,406			2,598
Income from securities loaned, net		—		—			162,976			—			—			—
Foreign taxes withheld		—		—			—			—			—			—

Total Income		8,983,044		58,964,872			24,136,445			63,159,146			22,243,836			27,769,529

EXPENSES:
Advisory fees		1,967,449		5,470,793			3,156,878			14,364,170			5,924,396			9,976,603
Distribution fees		—		—			—			—			—			—
Shareholder servicing fees and expenses		246,000		729,000			395,000			2,210,000			912,000			1,996,000
Administration and accounting fees		228,000		401,000			311,000			576,000			437,000			277,000
Custodian fees and expenses		71,000		88,000			54,000			277,000			122,000			195,000
Audit and legal fees		49,000		22,000			35,000			40,000			14,000			5,000
Trustees’ fees		14,000		26,000			16,000			50,000			27,000			50,000
Printing expense		—		—			—			102,000			—			—
Interest expense		—		26,227			1,200			2,521			—			—
Miscellaneous		67,409		52,333			43,414			176,807			64,341			73,200

Total Expenses		2,642,858		6,815,353			4,012,492			17,798,498			7,500,737			12,572,803
Less: Advisory fee waivers and expense reimbursements		—		—			(195,038	)		(605,091	)		(254,510	)		(997,652	)
Less: Fees paid indirectly		—		—			—			—			—			—

Net Expenses		2,642,858		6,815,353			3,817,454			17,193,407			7,246,227			11,575,151

Net Investment Income (Loss)		6,340,186		52,149,519			20,318,991			45,965,739			14,997,609			16,194,378

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments		299,757		6,703,319			5,617,774			20,629,058			6,048,149			(39,829	)
Futures		146,739		—			—			41,502,214			3,084,009			—
Options written		—		—			—			4,887,090			59,319			—
Swap agreements		—		—			—			11,959,274			(564,528	)		—
Foreign currencies		2,726,062		(3,546,862	)		—			3,503,223			227,190			—

		3,172,558		3,156,457			5,617,774			82,480,859			8,854,139			(39,829	)

Net change in unrealized appreciation (depreciation) on:
Investments		10,610,344		24,934,941			4,618,109			(11,842,844	)		(8,031,818	)		—
Futures		(29,681)		—			—			(11,042,749	)		(1,307,581	)		—
Options written		—		—			—			(1,980,227	)		831,580			—
Swap agreements		—		—			—			330,587			1,766,290			—
Foreign currencies		632,886		(3,655,388	)		—			2,656,902			408,149			—

		11,273,550		21,279,553			4,618,109			(21,905,331	)		(6,333,380	)		—

Net gain (loss) on investments and foreign currencies		14,446,108		24,436,010			10,235,883			60,575,528			2,520,759			(39,829	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	20,786,294	$	76,585,529		$	30,554,874		$	106,541,267		$	17,518,368		$	16,154,549

See Notes to Financial Statements.

275

AMERICAN SKANDIA TRUST

STATEMENTS OF CHANGES IN NET ASSETS


	PORTFOLIO
	AST JPMORGAN INTERNATIONAL EQUITY						AST WILLIAM BLAIR INTERNATIONAL GROWTH
	YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003			YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003
OPERATIONS
Net investment income (loss)	$	4,288,266		$	3,597,767		$	3,180,692		$	1,711,134
Net realized gain (loss) on investments and foreign currencies		69,315,410			(8,430,018	)		74,331,631			12,024,056
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(21,928,683	)		103,596,542			108,451,270			119,096,652

Net Increase (Decrease) in Net Assets Resulting from Operations		51,674,993			98,764,291			185,963,593			132,831,842

DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income		(3,597,872	)		(2,687,610	)		(7,604,485	)		—
Distributions from net realized gains		—			—			—			—

Total Dividends and Distributions		(3,597,872	)		(2,687,610	)		(7,604,485	)		—

FUND SHARE TRANSACTIONS
Net proceeds from shares sold(b)		66,608,802			265,111,169			719,145,204			332,531,656
Net asset value of shares issued in reinvestment of dividends and distributions		3,597,872			2,687,610			7,604,485			—
Cost of shares redeemed		(77,762,221	)		(341,028,716	)		(203,778,980	)		(142,646,114	)

Increase (Decrease) in Net Assets from Fund Share Transactions		(7,555,547	)		(73,229,937	)		522,970,709			189,885,542

Net Increase (Decrease) in Net Assets		40,521,574			22,846,744			701,329,817			322,717,384
NET ASSETS
Beginning of Year		339,038,827			316,192,083			641,548,986			318,831,602

End of Year(a)	$	379,560,401		$	339,038,827		$	1,342,878,803		$	641,548,986

(a) Includes Undistributed Net Investment Income of:	$	4,429,643		$	3,590,307		$	—		$	1,090,742

(b) Includes Value of Shares Issued in Merger	$	—		$	—		$	371,141,306		$	—
SHARES ISSUED AND REDEEMED
Shares sold		3,877,910			20,500,466			28,858,342			35,495,958
Shares issued in reinvestment of dividends and distributions		229,018			236,170			722,172			—
Shares issued in merger		—			—			35,850,785			—
Shares redeemed		(4,820,971	)		(25,177,543	)		(15,035,523	)		(16,833,929	)

Net Increase (Decrease) in Shares Outstanding		(714,043	)		(4,440,907	)		50,395,776			18,662,029

See Notes to Financial Statements.

276


	PORTFOLIO
	AST LSV INTERNATIONAL VALUE						AST MFS GLOBAL EQUITY						AST STATE STREET RESEARCH SMALL- CAP GROWTH
	YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003			YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003			YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003
OPERATIONS
Net investment income (loss)		$1,862,579		$	1,726,606		$	505,487		$	239,532		$	(2,258,918	)	$	(1,824,690	)
Net realized gain (loss) on investments and foreign currencies		41,339,454			6,044,625			8,772,794			(734,192	)		31,564,967			18,185,601
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(9,658,195)			35,350,874			13,520,158			19,986,060			(50,716,500	)		85,575,566

Net Increase (Decrease) in Net Assets Resulting from Operations		33,543,838			43,122,105			22,798,439			19,491,400			(21,410,451	)		101,936,477

DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income		(2,339,322)			(787,176	)		(221,874	)		(121,731	)		—			—
Distributions from net realized gains		—			—			—			—			—			—

Total Dividends and Distributions		(2,339,322	)		(787,176	)		(221,874	)		(121,731	)		—			—

FUND SHARE TRANSACTIONS
Net proceeds from shares sold(b)		52,122,908			144,252,913			65,618,377			47,812,795			30,829,098			315,265,468
Net asset value of shares issued in reinvestment of dividends and distributions		2,339,322			787,176			221,874			121,731			—			—
Cost of shares redeemed		(64,059,074	)		(144,319,525	)		(25,036,294	)		(24,533,163	)		(121,477,890	)		(333,037,514	)

Increase (Decrease) in Net Assets from Fund Share Transactions		(9,596,844	)		720,564			40,803,957			23,401,363			(90,648,792	)		(17,772,046	)

Net Increase (Decrease) in Net Assets		21,607,672			43,055,493			63,380,522			42,771,032			(112,059,243	)		84,164,431
NET ASSETS
Beginning of Year		172,059,247			129,003,754			102,938,103			60,167,071			338,190,684			254,026,253

End of Year(a)	$	193,666,919		$	172,059,247		$	166,318,625		$	102,938,103		$	226,131,441		$	338,190,684

(a) Includes Undistributed Net Investment Income of:	$	2,748,715		$	2,173,635		$	460,456		$	211,153		$	—		$	—

(b) Includes Value of Shares Issued in Merger	$	—		$	—		$	—		$	—		$	—		$	—

SHARES ISSUED AND REDEEMED
Shares sold		4,474,755			16,124,899			6,051,804			5,416,991			2,072,826			25,415,423
Shares issued in reinvestment of dividends and distributions		208,496			103,168			21,334			16,361			—			—
Shares issued in merger		—			—			—			—			—			—
Shares redeemed		(5,562,873	)		(16,185,413	)		(2,371,855	)		(2,841,031	)		(8,368,356	)		(27,462,413	)

Net Increase (Decrease) in Shares Outstanding		(879,622)			42,654			3,701,283			2,592,321			(6,295,530	)		(2,046,990	)

277

AMERICAN SKANDIA TRUST

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2004


	PORTFOLIO
	AST DEAM SMALL-CAP GROWTH						AST FEDERATED AGGRESSIVE GROWTH
	YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003			YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003
OPERATIONS
Net investment income (loss)	$	(2,312,103	)	$	(650,051	)	$	(2,255,537	)	$	(990,021	)
Net realized gain (loss) on investments and foreign currencies		38,857,154			51,185,190			31,685,354			13,170,761
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(9,327,585	)		79,918,938			30,229,268			40,158,594

Net Increase (Decrease) in Net Assets Resulting from Operations		27,217,466			130,454,077			59,659,085			52,339,334

DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income		—			—			—			—
Distributions from net realized gains		—			—			(4,045,919	)		—

Total Dividends and Distributions		—			—			(4,045,919	)		—

FUND SHARE TRANSACTIONS
Net proceeds from shares sold(b)		28,814,141			168,312,065			182,870,868			223,259,628
Net asset value of shares issued in reinvestment of dividends and distributions		—			—			4,045,919			—
Cost of shares redeemed		(118,652,777	)		(188,633,759	)		(82,361,753	)		(127,105,498	)

Increase (Decrease) in Net Assets from Fund Share Transactions		(89,838,636	)		(20,321,694	)		104,555,034			96,154,130

Net Increase (Decrease) in Net Assets		(62,621,170	)		110,132,383			160,168,200			148,493,464
NET ASSETS
Beginning of Year		403,429,807			293,297,424			187,565,197			39,071,733

End of Year(a)	$	340,808,637		$	403,429,807		$	347,733,397		$	187,565,197

(a) Includes Undistributed Net Investment Income of:	$	—		$	132,924		$	—		$	—

(b) Includes Value of Shares Issued in Merger	$	—		$	—		$	—		$	—

SHARES ISSUED AND REDEEMED
Shares sold		3,733,903			27,138,716			20,069,092			32,404,016
Shares issued in reinvestment of dividends and Distributions		—			—			462,920			—
Shares issued in merger		—			—			—			—
Shares redeemed		(15,790,806	)		(31,038,640	)		(8,887,584	)		(18,312,306	)

Net Increase (Decrease) in Shares Outstanding		(12,056,903	)		(3,899,924	)		11,644,428			14,091,710

See Notes to Financial Statements.

278


	PORTFOLIO
	AST GOLDMAN SACHS SMALL-CAP VALUE						AST SMALL-CAP VALUE						AST DEAM SMALL-CAP VALUE
	YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003			YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003			YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003
OPERATIONS
Net investment income (loss)	$	1,508,719		$	1,217,697		$	1,252,259		$	197,511		$	336,253		$	152,092
Net realized gain (loss) on investments and foreign currencies		50,503,621			14,463,894			221,204,501			6,055,694			9,096,756			4,965,824
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		5,052,697			87,538,179			(91,399,533	)		170,461,501			5,985,210			4,356,184

Net Increase (Decrease) in Net Assets Resulting from Operations		57,065,037			103,219,770			131,057,227			176,714,706			15,418,219			9,474,100

DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income		(696,491	)		(2,448,006	)		(42,814	)		(998,184	)		(121,670	)		(20,010	)
Distributions from net realized gains		(4,161,394	)		—			—			—			(2,928,706	)		—

Total Dividends and Distributions		(4,857,885	)		(2,448,006	)		(42,814	)		(998,184	)		(3,050,376	)		(20,010	)


FUND SHARE TRANSACTIONS
Net proceeds from shares sold(b)		10,011,757			24,078,465			179,244,384			296,681,802			70,772,927			66,691,597
Net asset value of shares issued in reinvestment of dividends and distributions		4,857,885			2,448,006			42,814			998,184			3,050,376			20,010
Cost of shares redeemed		(87,413,873	)		(98,957,367	)		(162,582,637	)		(200,050,371	)		(26,352,092	)		(37,604,247	)

Increase (Decrease) in Net Assets from Fund Share Transactions		(72,544,231)			(72,430,896	)		16,704,561			97,629,615			47,471,211			29,107,360

Net Increase (Decrease) in Net Assets		(20,337,079)			28,340,868			147,718,974			273,346,137			59,839,054			38,561,450
NET ASSETS
Beginning of Year		343,442,008			315,101,140			774,416,025			501,069,888			51,980,046			13,418,596

End of Year(a)		$323,104,929		$	343,442,008		$	922,134,999		$	774,416,025		$	111,819,100		$	51,980,046

(a) Includes Undistributed Net Investment Income of:		$945,479		$	1,233,112		$	758,238		$	490,083		$	161,322		$	148,516

(b) Includes Value of Shares Issued in Merger		$ —		$	—		$	—		$	—		$	—		$	—

SHARES ISSUED AND REDEEMED
Shares sold		519,968			1,549,548			10,827,345			22,211,822			6,113,740			6,932,419
Shares issued in reinvestment of dividends and Distributions		268,540			199,837			2,690			90,825			279,851			2,741
Shares issued in merger
Shares redeemed		—			—			—			—			—			—

Net Increase (Decrease) in Shares Outstanding		(4,684,602)			(7,104,738	)		(9,705,838	)		(16,207,684	)		(2,374,562	)		(3,983,864	)

279

AMERICAN SKANDIA TRUST

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2004


	PORTFOLIO
	AST GOLDMAN SACHS MID-CAP GROWTH						AST NEUBERGER BERMAN MID-CAP GROWTH
	YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003			YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003
OPERATIONS:
Net investment income (loss)	$	(1,012,788	)	$	(507,024	)	$	(2,545,128	)	$	(2,582,570	)
Net realized gain (loss) on investments and foreign currencies		15,765,813			5,796,922			20,087,966			21,580,775
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		21,394,926			21,374,255			36,796,535			62,914,518

Net Increase (Decrease) in Net Assets Resulting from Operations		36,147,951			26,664,153			54,339,373			81,912,723

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income		—			—			—			—
Distributions from net realized gains		—			—			—			—

Total Dividends and Distributions		—			—			—			—

FUND SHARE TRANSACTIONS
Net proceeds from shares sold(b)		111,638,653			87,872,685			63,034,623			223,429,606
Net asset value of shares issued in reinvestment of dividends and distributions		—			—			—			—
Cost of shares redeemed		(31,594,068	)		(15,361,738	)		(76,831,248	)		(232,790,046	)

Increase (Decrease) in Net Assets from Fund Share Transactions		80,044,585			72,510,947			(13,796,625	)		(9,360,440	)

Net Increase (Decrease) in Net Assets		116,192,536			99,175,100			40,542,748			72,552,283
NET ASSETS
Beginning of Year		160,548,567			61,373,467			360,010,147			287,457,864

End of Year(a)	$	276,741,103		$	160,548,567		$	400,552,895		$	360,010,147

(a) Includes Undistributed Net Investment Income of:	$	—		$	—		$	—		$	—

(b) Includes Value of Shares Issued in Merger	$	—		$	—		$	—		$	—

SHARES ISSUED AND REDEEMED
Shares sold		28,236,277			26,125,346			4,873,186			21,029,402
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares issued in merger		—			—			—			—
Shares redeemed		(7,842,533	)		(5,080,380	)		(6,098,875	)		(22,258,356	)

Net Increase (Decrease) in Shares Outstanding		20,393,744			21,044,966			(1,225,689	)		(1,228,954	)

See Notes to Financial Statements.

280


	PORTFOLIO
	AST NEUBERGER BERMAN MID-CAP VALUE						AST ALGER ALL-CAP GROWTH						AST GABELLI ALL-CAP VALUE
	YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003			YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003			YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003
OPERATIONS:
Net investment income (loss)	$	1,881,089		$	1,182,774		$	(1,240,153	)	$	(1,955,251	)	$	740,854		$	513,629
Net realized gain (loss) on investments and foreign currencies		186,401,919			49,678,777			45,226,925			32,943,906			4,589,709			(5,064,919	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		51,114,048			206,833,309			(19,019,358	)		76,563,619			20,232,335			43,074,019

Net Increase (Decrease) in Net Assets Resulting from Operations		239,397,056			257,694,860			24,967,414			107,552,274			25,562,898			38,522,729

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income		(1,190,224	)		(1,718,079	)		—			—			(512,677	)		(880,134	)
Distributions from net realized gains		(26,886,646	)		—			—			—			—			—

Total Dividends and Distributions		(28,076,870	)		(1,718,079	)		—			—			(512,677	)		(880,134	)
FUND SHARE TRANSACTIONS
Net proceeds from shares sold(b)		187,485,189			177,071,018			46,585,861			149,224,395			49,786,781			175,383,709
Net asset value of shares issued in reinvestment of dividends and distributions		28,076,870			1,718,079			—			—			512,677			880,134
Cost of shares redeemed		(144,470,285	)		(168,365,058	)		(139,627,353	)		(177,557,709	)		(61,841,238	)		(145,589,930	)

Increase (Decrease) in Net Assets from Fund Share Transactions		71,091,774			10,424,039			(93,041,492	)		(28,333,314	)		(11,541,780	)		30,673,913

Net Increase (Decrease) in Net Assets		282,411,960			266,400,820			(68,074,078	)		79,218,960			13,508,441			68,316,508
NET ASSETS
Beginning of Year		1,027,374,304			760,973,484			402,504,545			323,285,585			181,873,715			113,557,207

End of Year(a)	$	1,309,786,264		$	1,027,374,304		$	334,430,467		$	402,504,545		$	195,382,156		$	181,873,715

(a) Includes Undistributed Net Investment Income of:	$	1,866,876		$	1,176,011		$	—		$	—		$	738,826		$	510,962

(b) Includes Value of Shares Issued in Merger	$	—		$	—		$	—		$	—		$	—		$	—

SHARES ISSUED AND REDEEMED
Shares sold		9,960,559			11,610,879			9,180,722			35,493,768			4,546,658			19,789,079
Shares issued in reinvestment of dividends and distributions		1,570,294			136,366			—			—			48,549			118,938
Shares issued in merger	$	—		$	—		$	—		$	—		$	—		$	—
Shares redeemed		(7,735,737	)		(12,191,352	)		(28,179,863	)		(42,691,556	)		(5,746,999	)		(17,129,623	)

Net Increase (Decrease) in Shares Outstanding		3,795,116			(444,107	)		(18,999,141	)		(7,197,788	)		(1,151,792	)		2,778,394

241

AMERICAN SKANDIA TRUST

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2004


	PORTFOLIO
	AST T. ROWE PRICE NATURAL RESOURCES						AST ALLIANCE GROWTH
	YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003			YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003
OPERATIONS:
Net investment income (loss)	$	899,588		$	867,608		$	(165,250	)	$	(326,953	)
Net realized gain (loss) on investments and foreign currencies		22,616,561			380,603			6,464,542			(17,957,900	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		27,061,108			32,880,858			7,640,416			68,385,477

Net Increase (Decrease) in Net Assets Resulting from Operations		50,577,257			34,129,069			13,939,708			50,100,624

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income		(1,843,388	)		(1,610,638	)		—			—
Distributions from net realized gains		—			(2,249,299	)		—			—

Total Dividends and Distributions		(1,843,388	)		(3,859,937	)		—			—

FUND SHARE TRANSACTIONS
Net proceeds from shares sold(b)		91,830,070			63,090,052			81,916,908			82,964,366
Net asset value of shares issued in reinvestment of dividends and distributions		1,843,388			3,859,937			—			—
Cost of shares redeemed		(75,178,286	)		(49,044,554	)		(74,777,073	)		(136,498,812	)

Increase (Decrease) in Net Assets from Fund Share Transactions		18,495,172			17,905,435			7,139,835			(53,534,446	)

Net Increase (Decrease) in Net Assets		67,229,041			48,174,567			21,079,543			(3,433,822	)
NET ASSETS
Beginning of Year		170,860,256			122,685,689			237,055,834			240,489,656

End of Year(a)	$	238,089,297		$	170,860,256		$	258,135,377		$	237,055,834

(a) Includes Undistributed Net Investment Income of:	$	691,301		$	1,878,344		$	—		$	—

(b) Includes Value of Shares Issued in Merger	$	—		$	—		$	—		$	—

SHARES ISSUED AND REDEEMED
Shares sold		4,711,892			4,117,098			9,853,712			11,735,266
Shares issued in reinvestment of dividends and Distributions		105,578			305,133			—			—
Shares issued in merger		—			—			—			—
Shares redeemed		(4,089,071	)		(3,675,349	)		(9,014,318	)		(18,959,206	)

Net Increase (Decrease) in Shares Outstanding		728,399			746,882			839,394			(7,223,940	)

See Notes to Financial Statements.

282


	PORTFOLIO
	AST MFS GROWTH					AST MARSICO CAPITAL GROWTH						AST GOLDMAN SACHS CONCENTRATED GROWTH
	YEAR ENDED DECEMBER 31, 2004		YEAR ENDED DECEMBER 31, 2003			YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003			YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003
OPERATIONS:
Net investment income (loss)		$66,226	$	(1,082,134	)	$	(142,474	)	$	(2,677,864	)	$	4,445,171		$	(2,943,541	)
Net realized gain (loss) on investments and foreign currencies		40,797,208		60,316,628			61,274,855			12,823,587			42,580,023			(16,368,661	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		15,176,570		52,297,178			245,337,782			345,910,557			(17,509,798	)		267,349,182

Net Increase (Decrease) in Net Assets Resulting from Operations		56,040,004		111,531,672			306,470,163			356,056,280			29,515,396			248,036,980

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income		—		—			—			—			—			(3,836,920	)
Distributions from net realized gains		—		—			—			—			—			(3,836,920	)

Total Dividends and Distributions		—		—			—			—			—			3,836,920

FUND SHARE TRANSACTIONS
Net proceeds from shares sold(b)		29,685,612		90,882,329			480,032,518			585,870,757			73,692,664			185,939,240
Net asset value of shares issued in reinvestment of dividends and distributions		—		—			—			—			—			3,836,920
Cost of shares redeemed		(144,108,452)		(135,191,566	)		(202,064,369	)		(312,446,929	)		(285,630,024	)		(430,389,058	)

Increase (Decrease) in Net Assets from Fund Share Transactions		(114,422,840)		(44,309,237	)		277,968,149			273,423,828			(211,937,360	)		(240,612,898	)

Net Increase (Decrease) in Net Assets		(58,382,836)		67,222,435			584,438,312			629,480,108			(182,421,964	)		3,587,162
NET ASSETS
Beginning of Year		593,307,032		526,084,597			1,710,581,374			1,081,101,266			1,151,199,657			1,147,612,495

End of Year(a)		$534,924,196	$	593,307,032		$	2,295,019,686		$	1,710,581,374		$	968,777,693		$	1,151,199,657

(a) Includes Undistributed Net Investment Income of:		$50,323	$	—		$	—		$	—		$	4,402,631		$	—

(b) Includes Value of Shares Issued in Merger	$	—	$	—		$	—		$	—		$	42,536,344		$	—

SHARES ISSUED AND REDEEMED
Shares sold		3,969,455		13,930,579			30,104,296			43,295,979			1,535,694			10,352,347
Shares issued in reinvestment of dividends and Distributions		—		—			—			—			—			246,749
Shares issued in merger		—		—			—			—			2,089,499			—
Shares redeemed		(19,022,477)		(21,235,914	)		(12,388,470	)		(24,718,870	)		(14,035,812	)		(24,061,450	)

Net Increase (Decrease) in Shares Outstanding		(15,053,022)		(7,305,335	)		17,715,826			18,577,109			(10,410,619	)		(13,462,354	)

283

AMERICAN SKANDIA TRUST

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2004


	PORTFOLIO
	AST DEAM LARGE-CAP VALUE						AST HOTCHKIS & WILEY LARGE-CAP VALUE
	YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003			YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003
OPERATIONS:
Net investment income (loss)	$	1,923,331		$	1,261,229		$	6,217,101		$	9,253,490
Net realized gain (loss) on investments and foreign currencies		20,104,072			2,619,192			48,115,688			23,922,416
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		5,768,275			22,762,597			31,554,521			77,110,024

Net Increase (Decrease) in Net Assets Resulting from Operations		27,795,678			26,643,018			85,887,310			110,285,930

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income		(1,225,279	)		(898,632	)		(9,262,013	)		(15,175,707	)
Distributions from net realized gains		—			—			—			—

Total Dividends and Distributions		(1,225,279	)		(898,632	)		(9,262,013	)		(15,175,707	)

FUND SHARE TRANSACTIONS
Net proceeds from shares sold(b)		68,697,775			31,355,971			52,611,206			105,728,038
Net asset value of shares issued in reinvestment of dividends and distributions		1,225,273			898,632			9,262,013			15,175,707
Cost of shares redeemed		(38,449,494	)		(34,172,073	)		(141,800,738	)		(236,435,297	)

Increase (Decrease) in Net Assets from Fund Share Transactions		31,473,554			(1,917,470	)		(79,927,519	)		(115,531,552	)

Net Increase (Decrease) in Net Assets		58,043,953			23,826,916			(3,302,222	)		(20,421,329	)
NET ASSETS
Beginning of Year		133,821,013			109,994,097			640,111,841			660,533,170

End of Year(a)	$	191,864,966		$	133,821,013		$	636,809,619		$	640,111,841

(a) Includes Undistributed Net Investment Income of:	$	1,866,747		$	1,235,341		$	5,764,961		$	9,247,336

(b) Includes Value of Shares Issued in Merger	$	—		$	—		$	—		$	—

SHARES ISSUED AND REDEEMED
Shares sold		6,638,607			3,646,802			3,609,679			8,213,537
Shares issued in reinvestment of dividends and Distributions		122,283			121,765			650,422			1,294,857
Shares issued in merger		—			—			—			—
Shares redeemed		(3,723,950	)		(4,200,036	)		(9,720,869	)		(18,447,824	)

Net Increase (Decrease) in Shares Outstanding		3,036,940			(431,469	)		(5,460,768	)		(8,939,430	)

284


	PORTFOLIO
	AST ALLIANCE/BERNSTEIN GROWTH + VALUE					AST SANFORD BERNSTEIN CORE VALUE						AST COHEN & STEERS REALTY
	YEAR ENDED DECEMBER 31, 2004		YEAR ENDED DECEMBER 31, 2003			YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003			YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003
OPERATIONS:
Net investment income (loss)	$	456,086	$	229,423		$	3,382,698		$	2,999,662		$	11,243,770		$	11,594,978
Net realized gain (loss) on investments and foreign currencies		1,877,289		(859,322	)		7,698,383			5,741,748			25,273,895			4,076,614
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		4,406,550		11,294,315			19,408,283			41,119,213			68,830,737			53,524,346

Net Increase (Decrease) in Net Assets Resulting from Operations		6,739,925		10,664,416			30,489,364			49,860,623			105,348,402			69,195,938

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income		(229,760)		(201,627	)		(3,001,313	)		(1,344,832	)		(7,684,744	)		(6,935,947	)
Distributions from net realized gains		—		—			(5,245,992	)		—			(4,721,132	)		(4,037,564	)

Total Dividends and Distributions		(229,760)		(201,627	)		(8,247,305	)		(1,344,832	)		(12,405,876	)		(10,973,511	)

FUND SHARE TRANSACTIONS
Net proceeds from shares sold(b)		20,326,548		49,406,446			114,497,710			171,733,899			121,458,367			125,402,990
Net asset value of shares issued in reinvestment of dividends and distributions		229,760		201,627			8,247,305			1,344,832			12,405,876			10,973,511
Cost of shares redeemed		(12,981,600)		(28,298,575	)		(50,050,864	)		(228,223,123	)		(92,828,844	)		(82,617,074	)

Increase (Decrease) in Net Assets from Fund Share Transactions		7,574,708		21,309,498			72,694,151			(55,144,392	)		41,035,399			53,759,427

Net Increase (Decrease) in Net Assets		14,084,873		31,772,287			94,936,210			(6,628,601	)		133,977,925			111,981,854
NET ASSETS
Beginning of Year		63,836,916		32,064,629			192,547,342			199,175,943			289,501,975			177,520,121

End of Year(a)	$	77,921,789	$	63,836,916		$	287,483,552		$	192,547,342		$	423,479,900		$	289,501,975

(a) Includes Undistributed Net Investment Income of:	$	455,649	$	229,323		$	3,380,904		$	2,999,519		$	5,935,924		$	12,322,596

(b) Includes Value of Shares Issued in Merger	$	—	$	—		$	—		$	—		$	—		$	—

SHARES ISSUED AND REDEEMED
Shares sold		2,180,350		6,108,916			10,046,608			18,419,257			8,515,874			11,467,639
Shares issued in reinvestment of dividends and distributions		25,416		29,221			757,329			162,814			902,902			1,194,070
Shares issued in merger
Shares redeemed		(1,412,752)		(3,530,277	)		(4,578,037	)		(24,050,334	)		(7,171,624	)		(7,906,893	)

Net Increase (Decrease) in Shares Outstanding		793,014		2,607,860			6,225,900			(5,468,263	)		2,247,152			4,754,816

See Notes to Financial Statements.

285

AMERICAN SKANDIA TRUST

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2004


	PORTFOLIO
	AST SANFORD BERNSTEIN MANAGED INDEX 500						AST AMERICAN CENTURY INCOME & GROWTH
	YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003			YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003
OPERATIONS:
Net investment income (loss)	$	6,946,279		$	4,712,777		$	7,272,542		$	3,739,754
Net realized gain (loss) on investments and foreign currencies		6,382,969			(22,904,344	)		42,648,733			(14,708,272	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		34,494,253			129,067,539			275,968			74,483,016

Net Increase (Decrease) in Net Assets Resulting from Operations		47,823,501			110,875,972			50,197,243			63,514,498

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income		(4,631,826	)		(5,460,558	)		(3,630,621	)		(3,198,975	)
Distributions from net realized gains		—			—			—			—

Total Dividends and Distributions		(4,631,826	)		(5,460,558	)		(3,630,621	)		(3,198,975	)

FUND SHARE TRANSACTIONS
Net proceeds from shares sold(b)		167,380,415			356,927,914			175,729,951			89,193,923
Net asset value of shares issued in reinvestment of dividends and distributions		4,631,826			5,460,558			3,630,621			3,198,975
Cost of shares redeemed		(195,030,248	)		(367,481,124	)		(77,825,976	)		(106,020,156	)

Increase (Decrease) in Net Assets from Fund Share Transactions		(23,018,007	)		(5,092,652	)		101,534,596			(13,627,258	)

Net Increase (Decrease) in Net Assets		20,173,668			100,322,762			148,101,218			46,688,265
NET ASSETS
Beginning of Year		541,492,090			441,169,328			305,810,350			259,122,085

End of Year(a)	$	561,665,758		$	541,492,090		$	453,911,568		$	305,810,350

(a) Includes undistributed net investment income of:	$	6,949,361		$	4,634,908		$	7,177,404		$	3,639,612

(b) Includes Value of shares issued in merger	$	—		$	—		$	108,397,180		$	—

SHARES ISSUED AND REDEEMED
Shares sold		14,970,341			37,789,818			5,525,672			8,664,497
Shares issued in reinvestment of dividends and distributions		424,551			661,084			306,640			361,876
Shares issued in merger		—			—			9,098,089			—
Shares redeemed		(17,787,384	)		(39,584,221	)		(6,392,267	)		(10,968,072	)

Net Increase (Decrease) in Shares Outstanding		(2,392,492	)		(1,133,319	)		8,538,134			(1,941,699	)

286


	PORTFOLIO
	AST ALLIANCE GROWTH AND INCOME						AST DEAM GLOBAL ALLOCATION						AST AMERICAN CENTURY STRATEGIC BALANCED
	YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003			YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003			YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003
OPERATIONS:
Net investment income (loss)	$	26,811,111		$	13,703,539		$	5,176,828		$	2,865,266		$	3,607,349		$	3,138,699
Net realized gain (loss) on investments and foreign currencies		61,723,758			6,271,686			15,804,533			(7,921,590	)		18,361,688			1,714,993
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		125,226,936			360,635,846			3,909,800			51,799,545			(2,305,581	)		29,832,013

Net Increase (Decrease) in Net Assets Resulting from Operations		213,761,805			380,611,071			24,891,161			46,743,221			19,663,456			34,685,705

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income		(13,715,428)			(15,225,927	)		(2,868,023	)		(3,336,217	)		(3,257,861	)		(4,190,899	)
Distributions from net realized gains		—			—			—			—			—			—

Total Dividends and Distributions		(13,715,428)			(15,225,927	)		(2,868,023	)		(3,336,217	)		(3,257,861	)		(4,190,899	)

FUND SHARE TRANSACTIONS
Net proceeds from shares sold(b)		337,350,352			593,298,760			4,188,371			8,946,825			29,157,046			76,199,419
Net asset value of shares issued in reinvestment of dividends and distributions		13,715,428			15,225,927			2,868,023			3,336,217			3,257,861			4,190,899
Cost of shares redeemed		(235,435,244	)		(307,078,572	)		(62,160,128	)		(75,244,539	)		(50,944,326	)		(54,434,994	)

Increase (Decrease) in Net Assets from Fund Share Transactions		115,630,536			301,446,115			(55,103,734	)		(62,961,497	)		(18,529,419	)		25,955,324

Net Increase (Decrease) in Net Assets		315,676,913			666,831,259			(33,080,596	)		(19,554,493	)		(2,123,824	)		56,450,130
NET ASSETS
Beginning of Year		1,836,529,224			1,169,697,965			264,807,754			284,362,247			235,818,295			179,368,165

End of Year(a)	$	2,152,206,137		$	1,836,529,224		$	231,727,158		$	264,807,754		$	233,694,471		$	235,818,295

(a) Includes undistributed net investment income of:	$	26,786,245		$	13,690,562		$	7,418,160		$	2,859,857		$	3,655,598		$	3,254,418

(b) Includes Value of shares issued in merger	$	—		$	—		$	—		$	—		$	—		$	—

SHARES ISSUED AND REDEEMED
Shares sold		18,587,095			38,000,229			364,495			920,270			2,222,427			6,454,629
Shares issued in reinvestment of dividends and distributions		771,830			1,185,818			256,303			369,458			251,962			392,407
Shares issued in merger		—			—			—			—			—			—
Shares redeemed		(12,801,079	)		(21,657,584	)		(5,479,553	)		(7,687,978	)		(3,905,055	)		(4,698,189	)

Net Increase (Decrease) in Shares Outstanding		6,557,846			17,528,463			(4,858,755	)		(6,398,250	)		(1,430,666	)		2,148,847

See Notes to Financial Statements.

287

AMERICAN SKANDIA TRUST

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2004


	PORTFOLIO
	AST T. ROWE PRICE ASSET ALLOCATION						AST T. ROWE PRICE GLOBAL BOND
	YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003			YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003
OPERATIONS:
Net investment income (loss)	$	7,453,955		$	5,424,142		$	6,340,186		$	5,620,309
Net realized gain (loss) on investments and foreign currencies		20,477,097			(2,775,356	)		3,172,558			13,484,118
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		14,208,471			61,791,721			11,273,550			6,225,980

Net Increase (Decrease) in Net Assets Resulting from Operations		42,139,523			64,440,507			20,786,294			25,330,407

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income		(5,760,759	)		(7,112,841	)		(14,361,174	)		(7,341,835	)
Distributions from net realized gains		—			—			(4,039,501	)		(393,861	)

Total Dividends and Distributions		(5,760,759	)		(7,112,841	)		(18,400,675	)		(7,735,696	)

FUND SHARE TRANSACTIONS
Net proceeds from shares sold(b)		65,060,701			64,071,924			154,138,660			149,353,234
Net asset value of shares issued in reinvestment of dividends and distributions		5,760,759			7,112,841			18,400,675			7,735,696
Cost of shares redeemed		(36,609,042	)		(37,479,431	)		(42,537,993	)		(154,647,282	)

Increase (Decrease) in Net Assets from Fund Share Transactions		34,212,418			33,705,334			130,001,342			2,441,648

Net Increase (Decrease) in Net Assets		70,591,182			91,033,000			132,386,961			20,036,359
NET ASSETS
Beginning of Year		360,152,109			269,119,109			229,630,011			209,593,652

End of Year(a)	$	430,743,291		$	360,152,109		$	362,016,972		$	229,630,011

(a) Includes undistributed net investment income of:	$	7,758,351		$	5,501,091		$	9,098,990		$	14,585,175

(b) Includes Value of shares issued in merger	$	—		$	—		$	—			—

SHARES ISSUED AND REDEEMED
Shares sold		4,155,151			4,550,475			12,950,265			13,142,102
Shares issued in reinvestment of dividends and distributions		374,562			589,300			1,625,501			703,886
Shares issued in merger		—			—			—			—
Shares redeemed		(2,351,005	)		(2,819,253	)		(3,775,219	)		(13,760,980	)

Net Increase (Decrease) in Shares Outstanding		2,178,708			2,320,522			10,800,547			85,008

288


	PORTFOLIO
	AST GOLDMAN SACHS HIGH YIELD						AST LORD ABBETT BOND-DEBENTURE						AST PIMCO TOTAL RETURN BOND
	YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003			YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003			YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003
OPERATIONS:
Net investment income (loss)	$	52,149,519		$	58,033,720		$	20,318,991		$	12,592,832		$	45,965,739		$	64,377,650
Net realized gain (loss) on investments and foreign currencies		3,156,457			(19,650,074	)		5,617,774			5,070,483			82,480,859			43,742,046
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		21,279,553			108,667,975			4,618,109			16,561,547			(21,905,331	)		5,637,237

Net Increase (Decrease) in Net Assets Resulting from Operations		76,585,529			147,051,621			30,554,874			34,224,862			106,541,267			113,756,933

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income		(58,039,833	)		(48,256,122	)		(12,614,602	)		(6,806,378	)		(85,249,707	)		(81,937,642	)
Distributions from net realized gains		—			—			(1,277,546	)		—			(15,173,281	)		(84,016,359	)

Total Dividends and Distributions		(58,039,833	)		(48,256,122	)		(13,892,148	)		(6,806,378	)		(100,422,988	)		(165,954,001	)

FUND SHARE TRANSACTIONS
Net proceeds from shares sold(b)		444,975,172			877,747,441			217,843,768			290,840,802			451,098,235			614,483,072
Net asset value of shares issued in reinvestment of dividends and distributions		58,039,833			48,256,122			13,892,148			6,806,378			100,422,988			165,954,001
Cost of shares redeemed		(585,482,945)			(732,728,601	)		(163,298,095	)		(143,591,943	)		(347,328,191	)		(875,375,595	)

Increase (Decrease) in Net Assets from Fund Share Transactions		(82,467,940	)		193,274,962			68,437,821			154,055,237			204,193,032			(94,938,522	)

Net Increase (Decrease) in Net Assets		(63,922,244	)		292,070,461			85,100,547			181,473,721			210,311,311			(147,135,590	)
NET ASSETS
Beginning of Year		868,511,359			576,440,898			346,412,279			164,938,558			2,107,912,138			2,255,047,728

End of Year(a)	$	804,589,115		$	868,511,359		$	431,512,826		$	346,412,279		$	2,318,223,449		$	2,107,912,138

(a) Includes undistributed net investment income of:	$	48,592,328		$	58,029,504		$	20,445,329		$	12,612,780		$	63,743,320		$	85,294,834

(b) Includes Value of shares issued in merger	$	—		$	—		$	—		$	—		$	112,868,287		$	—

SHARES ISSUED AND REDEEMED
Shares sold		52,363,464			109,361,578			19,174,087			26,854,491			28,503,530			51,497,661
Shares issued in reinvestment of dividends and distributions		7,112,725			6,556,538			1,250,420			698,090			8,532,118			14,355,889
Shares issued in merger		—			—			—			—			9,825,426			—
Shares redeemed		(68,634,777	)		(89,910,309	)		(14,256,032	)		(13,634,182	)		(29,613,934	)		(74,286,875	)

Net Increase (Decrease) in Shares Outstanding		(9,158,588)			26,007,807			6,168,475			13,918,399			17,247,140			(8,433,325	)

See Notes to Financial Statements.

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STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2004


	PORTFOLIO
	AST PIMCO LIMITED MATURITY BOND						AST MONEY MARKET
	YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003			YEAR ENDED DECEMBER 31, 2004			YEAR ENDED DECEMBER 31, 2003
OPERATIONS:
Net investment income (loss)	$	14,997,609		$	22,396,135		$	16,194,378		$	15,784,301
Net realized gain (loss) on investments and foreign currencies		8,854,139			20,971,015			(39,829	)		514
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(6,333,380	)		(7,068,932	)		—			—

Net Increase (Decrease) in Net Assets Resulting from Operations		17,518,368			36,298,218			16,154,549			15,784,815

DIVIDENDS AND DISTRIBUTIONS:
Dividends from net investment income		(29,754,321	)		(23,900,815	)		(16,221,849	)		(15,784,301	)
Distributions from net realized gains		(11,277,977	)		(14,225,392	)		—			(1,531	)

Total Dividends and Distributions		(41,032,298	)		(38,126,207	)		(16,221,849	)		(15,785,832	)

FUND SHARE TRANSACTIONS
Net proceeds from shares sold(b)		588,058,113			524,100,846			6,476,121,235			5,378,146,107
Net asset value of shares issued in reinvestment of dividends and distributions		41,032,298			38,126,207			16,221,849			15,785,832
Cost of shares redeemed		(378,680,783	)		(613,317,888	)		(6,895,204,565	)		(6,376,530,695	)

Increase (Decrease) in Net Assets from Fund Share Transactions		250,409,628			(51,090,835	)		(402,861,481	)		(982,598,756	)

Net Increase (Decrease) in Net Assets		226,895,698			(52,918,824	)		(402,928,781	)		(982,599,773	)
NET ASSETS
Beginning of Year		1,005,924,379			1,058,843,203			1,762,116,600			2,744,716,373

End of Year(a)	$	1,232,820,077		$	1,005,924,379		$	1,359,187,819		$	1,762,116,600

(a) Includes undistributed net investment income of:	$	17,102,941		$	29,739,752		$	—		$	—

(b) Includes Value of shares issued in Merger	$	—		$	—		$	—		$	—

SHARES ISSUED AND REDEEMED
Shares sold		52,844,163			46,460,972			6,476,121,230			5,378,147,673
Shares issued in reinvestment of dividends and Distributions		3,726,815			3,431,701			16,221,851			15,784,266
Shares issued in merger		—			—			—			—
Shares redeemed		(34,149,061	)		(54,611,298	)		(6,895,204,565	)		(6,376,530,695	)

Net Increase (Decrease) in Shares Outstanding		22,421,917			(4,718,625	)		(402,861,484	)		(982,598,756	)

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NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2004

1. ORGANIZATION

American Skandia Trust (the “Trust”) a Massachusetts business trust, organized on October 31, 1998, is an open-end management investment company, registered under the Investment Company Act of 1940, as amended. The Trust is composed of thirty-seven Portfolios (“Portfolio” or “Portfolios”), each with a separate series of capital stock.

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

The Portfolios of the Trust have the following investments objectives:

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

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

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

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

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

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

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

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

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

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DECEMBER 31, 2004

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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DECEMBER 31, 2004

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

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

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

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

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

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

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

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

AST Goldman Sachs High Yield Portfolio (“Goldman Sachs High Yield”), formerly known as AST Federated High Yield Portfolio: High current income by investing primarily in lower quality fixed income securities rated BBB and below.

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

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

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

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

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2004

2. SIGNIFICANT ACCOUNTING POLICIES

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

Security Valuation

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

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

Restricted and Illiquid Securities

Subject to guidelines adopted by the Board of Trustees of the Trust, each Portfolio may invest up to 15% of its net assets in illiquid securities (except for the AST Money Market Portfolio, which is limited to 10% of net assets, and the AST Alliance/Bernstein Growth + Value Portfolio, the AST Sanford Bernstein Core Value Portfolio and the AST Sanford Bernstein Managed Index 500 Portfolio, which is limited to 5% of its net assets). Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, cannot be

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2004

sold within seven days in the ordinary course of business at approximately the amount at which the Portfolio has valued the investment. Therefore, a Portfolio may find it difficult to sell illiquid securities at the time considered most advantageous by its Sub-advisor and may incur expenses that would not be incurred in the sale of securities that were freely marketable. Certain securities that would otherwise be considered illiquid because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. These Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act, may be deemed liquid by the Portfolio’s Sub-advisor under the guidelines adopted by the Board of Trustees of the Trust. However, the liquidity of a Portfolio’s investments in Rule 144A securities could be impaired if trading does not develop or declines.

Foreign Currency Translation

Portfolio securities and other assets and liabilities denominated in foreign currencies are translated each business day into U.S. dollars based at the current rates of exchange. Purchases and sales of Portfolio securities and income and expenses are translated into U.S. dollars on the respective dates of such transactions. The Portfolios do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with net realized and unrealized gain or loss from investments.

Net realized foreign exchange gains and losses include gains and losses from sales and maturities of foreign currencies, gains and losses realized between the trade and settlement dates of foreign securities transactions, and the difference between the amount of net investment income accrued on foreign securities and the U.S. dollar amount actually received. Net unrealized foreign exchange gains and losses include gains and losses from changes in the value of assets and liabilities other than Portfolio securities, resulting from changes in exchange rates.

Forward Currency Contracts

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

Options

The Portfolios (except for Money Market) may either purchase or write options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates or foreign currency exchange rates with respect to securities or financial instruments which the Portfolio currently owns or intends to purchase. The

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DECEMBER 31, 2004

Portfolio’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Portfolio purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Portfolio writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option.

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

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

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

Financial Futures Contracts

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

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2004

Short Sales

Certain portfolios of the Trust may make short sales of securities as a method of hedging potential price declines in similar securities owned. The Portfolio may sell a security it does not own in anticipation of a decline in the market value of that security (short sale). When the Portfolio makes a short sale, it will borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Portfolio may have to pay a fee to borrow the particular security and may be obligated to return any interest or dividends received on such borrowed securities. The fee may be referred to as the “initial margin.” Subsequent payments known as “variation margin,” are made or received by the Portfolio each day, depending on the daily fluctuations in the value of the security sold short. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain or loss. A gain, limited to the price at which the Portfolio sold the security short, or a loss, unlimited as to dollar amount, will be recognized upon the termination of a short sale if the market price at termination is less than or greater than the proceeds originally received, respectively, and is presented in the Statements of Operations as net realized gain or loss on short sales.

Repurchase Agreements

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

Swap Agreements

The Portfolios may enter into swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The Portfolios may enter into interest rate, forward swap spread lock and credit default swap agreements to manage its exposure to interest rates and credit risk. Interest rate swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest. Forward spread lock swap agreements involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread, multiplied by the notional amount times the duration of the swap. The swap spread is the difference between the benchmark swap rate (market rate) and the specific Treasury rate. In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate issues or sovereign issues of an emerging country, on its obligation. Dividends and interest on the securities in the swap are included in the value of the exchange. The swaps are valued daily at current market value and any unrealized gain or loss is included in the net unrealized appreciation or depreciation on investments. Gain or loss is realized on the termination date of the swap and is equal to the difference between the Portfolio’s basis in the swap and the proceeds of the closing transaction, including fees. During the period that the swap agreement is open, the Portfolio may be subject to risk from the potential inability of the counterparty to meet the terms of the agreement.

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DECEMBER 31, 2004

Risks

Forward currency contracts, written options, financial futures contracts, and swap agreements involve elements of both market and credit risk in excess of the amounts reflected on the Statements of Assets and Liabilities. Lower rated or unrated (i.e., high yield) securities are more likely to react to developments affecting market risk (general market liquidity) and credit risk (an issuer’s inability to meet principal and interest payments on its obligations) than are more highly rated securities, which react primarily to movements in the general level of interest rates. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by economic developments in a specific industry or region.

Delayed Delivery Transactions

Certain Portfolios may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Portfolio will set aside and maintain until the settlement date in a segregated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Portfolio may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Portfolio has sold a security on a delayed delivery basis, the Portfolio does not participate in future gains and losses with respect to the security.

Security Loans

The Portfolios may lend their portfolio securities to broker-dealers. Security loans are limited to 33¹/3% of the total assets of the respective portfolio. The loans are secured by collateral at least equal at all times to the market value of the securities loaned. Loans are subject to termination at the option of the borrower or the Portfolios. Upon termination of the loan, the borrower will return to the lender securities identical to the loaned securities. Should the borrower of the securities fail financially, the Portfolios have the right to repurchase the securities using the collateral in the open market. The Portfolios recognize income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The Portfolios also continue to receive interest and dividends or amounts equivalent thereto, on the securities loaned and recognize any unrealized gain or loss in the market price of the securities loaned that may occur during the term of the loan.

Securities Transactions and Net Investment Income

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

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DECEMBER 31, 2004

Taxes

For federal income tax purposes, each Portfolio in the Trust is treated as a separate taxpaying entity. It is each Portfolio’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains are recorded net of reclaimable amounts, at the time the related income is earned.

Dividends and Distributions

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

Estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

The Portfolios have entered into investment management agreements with American Skandia Investment Services, Inc. and Prudential Investments LLC the co-managers (together the “Investment Manager”) which provide that the Investment Manager will furnish each Portfolio with investment advice and investment management and administrative services. The Investment Manager has engaged the following firms as Sub-advisers for their respective Portfolios:

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

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

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

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

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

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DECEMBER 31, 2004

Federated Investment Counseling for Federated Aggressive Growth;

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

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

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

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

Integrity Asset Management for a portion of Small-Cap Value (formerly Gabelli Small-Cap Value);

J.P. Morgan Investment Management, Inc. for JPMorgan International Equity (replaced Strong Capital Management, Inc. on February 23, 2004) and a portion of Small-Cap Value (formerly Gabelli Small-Cap Value);

Lee Munder Investments, Ltd. for a portion of Small-Cap Value (formerly Gabelli Small-Cap Value);

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

LSV Asset Management for LSV International Value (replaced Deutsche Asset Management, Inc. on November 19, 2004);

Marsico Capital Management, LLC for Marsico Capital Growth;

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

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

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

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

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

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

T. Rowe Price International, Inc. for T. Rowe Price Global Bond;

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

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

Advisory Fees and Expense Limitations

The Investment Manager receives a fee, computed daily and paid monthly, based on an annual rate of the value of each Portfolio’s average daily net assets. The Investment Manager pays each Sub-adviser a fee as compensation for advisory

300

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2004

services provided to the Portfolios. All amounts paid or payable to the Portfolios by the Investment Manager, under the agreement, are reflected in the Statements of Operations.


	ADVISORY FEES		EFFECTIVE ADVISORY FEES NET OF WAIVER		EXPENSE LIMITATIONS
JPMorgan International Equity	1.00	%	0.8851	%	1.75	%
William Blair International Growth	1.00	%	0.8960	%	1.75	%
LSV International Value	1.00	%	0.8500	%	1.50	%
MFS Global Equity	1.00	%	1.0000	%	1.75	%
State Street Research Small-Cap Growth	0.90	%	0.9000	%	1.30	%
DeAM Small-Cap Growth	0.95	%	0.8001	%	1.35	%
Federated Aggressive Growth	0.95	%	0.9500	%	1.35	%
Goldman Sachs Small-Cap Value	0.95	%	0.9500	%	1.35	%
Small-Cap Value	0.90	%	0.9000	%	1.30	%
DeAM Small-Cap Value	0.95	%	0.8000	%	1.15	%
Goldman Sachs Mid-Cap Growth	1.00	%	0.8810	%	1.35	%
Neuberger Berman Mid-Cap Growth	0.90	%	0.8883	%	1.25	%
Neuberger Berman Mid-Cap Value	0.90	%	0.8845	%	1.25	%
Alger All-Cap Growth	0.95	%	0.9500	%	1.45	%
Gabelli All-Cap Value	0.95	%	0.9500	%	1.45	%
T. Rowe Price Natural Resources	0.90	%	0.9000	%	1.35	%
Alliance Growth	0.90	%	0.8700	%	1.45	%
MFS Growth	0.90	%	0.8716	%	1.35	%
Marsico Capital Growth	0.90	%	0.8732	%	1.35	%
Goldman Sachs Concentrated Growth	0.90	%	0.8309	%	1.35	%
DeAM Large-Cap Value	0.85	%	0.7500	%	0.99	%
Hotchkis & Wiley Large-Cap Value	0.75	%	0.7171	%	1.20	%
Alliance/Bernstein Growth + Value	0.90	%	0.9000	%	1.35	%
Sanford Bernstein Core Value	0.75	%	0.7500	%	1.25	%
Cohen & Steers Realty	1.00	%	0.8893	%	1.45	%
Sanford Bernstein Managed Index 500	0.60	%	0.6000	%	0.80	%
American Century Income & Growth	0.75	%	0.7500	%	1.25	%
Alliance Growth and Income	0.75	%	0.7254	%	1.25	%
DeAM Global Allocation	0.10	%	0.1000	%	0.35	%
American Century Strategic Balanced	0.85	%	0.8157	%	1.25	%
T. Rowe Price Asset Allocation	0.85	%	0.8021	%	1.25	%
T. Rowe Price Global Bond	0.80	%	0.8000	%	1.75	%
Goldman Sachs High Yield	0.75	%	0.7500	%	1.15	%
Lord Abbett Bond-Debenture	0.80	%	0.7506	%	1.20	%
PIMCO Total Return Bond	0.65	%	0.6226	%	1.05	%
PIMCO Limited Maturity Bond	0.65	%	0.6221	%	1.05	%
Money Market	0.50	%	0.4500	%	0.65	%

301

AMERICAN SKANDIA TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2004

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

During the year ended December 31, 2004, the Investment Manager has voluntarily agreed to waive a portion of its advisory fees equal to an annual rate of 0.05% of the average daily net assets in excess of $1 billion of each of the portfolios other than the waivers disclosed below:


	YEAR ENDED DECEMBER 31, 2004 (% OF THE AVERAGE DAILY NET ASSETS)
	UP TO $1 BILLION		OVER $1 BILLION
William Blair International Growth	0.10	%	0.15	%
LSV International Value	0.15	%	0.20	%
DeAM Small-Cap Growth	0.15	%	0.20	%
DeAM Small-Cap Value	0.15	%	0.15	%
Goldman Sachs Concentrated Growth	0.07	%	0.05	%
DeAM Large-Cap Value	0.10	%	0.10	%
Money Market	0.05	%	0.05	%


	JANUARY 1 THROUGH MAY 31, 2004 (% OF THE AVERAGE DAILY NET ASSETS)	JUNE 1 THROUGH DECEMBER 31, 2004 (% OF THE AVERAGE DAILY NET ASSETS)
		UP TO $1 BILLION		OVER $1 BILLION
Goldman Sachs Mid-Cap Growth	0.10%	0.13	%	0.18	%
Neuberger Berman Mid-Cap Growth	0.05% over $1 billion	0.02	%	0.07	%
Alliance Growth	0.05% over $1 billion	0.05	%	0.10	%
MFS Growth	0.05% over $1 billion	0.05	%	0.10	%
Marsico Capital Growth	0.05% over $1 billion	0.03	%	0.03	%
Cohen & Steers Realty	0.05% over $1 billion	0.18	%	0.23	%
American Century Strategic Balanced	0.05% over $1 billion	0.06	%	0.11	%
T. Rowe Price Asset Allocation	0.05% over $1 billion	0.08	%	0.13	%
Lord Abbett Bond-Debenture	0.05% over $1 billion	0.08	%	0.13	%
PIMCO Limited Maturity Bond	0.05% over $1 billion	0.05	%	0.10	%

302

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2004

Until November 18, 2004, the Trust utilized a Distribution Plan (the “Plan”) under Rule 12b-1 of the Investment Company Act of 1940. The Plan permitted American Skandia Marketing, Incorporated (“ASMI”) to receive brokerage commissions in connection with purchases and sales of securities by the Portfolios, and to use these commissions to promote the sale of variable contracts, the premiums for which were invested in shares of the Trust. Under the Plan, securities transactions for a Portfolio were directed to certain brokers for execution (“clearing brokers”) who agreed to pay part of the brokerage commissions received on these transactions to ASMI for “introducing” transactions to the clearing broker. In turn, ASMI used the brokerage commissions received as an introducing broker to pay various distribution-related expenses, such as advertising, printing of sales materials, and payments to dealers. The Distribution Plan was terminated by the Board of Trustees of the Trust effective November 18, 2004.

Commissions received by ASMI under the Plan are reflected in the cost of securities purchased and the proceeds from the sale of securities. These commissions are shown in the Statements of Operations as “Distribution Fees” and a corresponding reduction “Fees Paid Indirectly”. Net expenses of the Portfolios are unaffected by these commissions. For the year ended December 31, 2004, commissions received by ASMI totaled $4,342,553.

The Trust excluding DeAM Global Allocation Portfolio has entered into an agreement with American Skandia Life Assurance Corporation (“ASLAC”) pursuant to which it pays ASLAC a shareholder servicing fee at an annual rate of 0.10% of each Portfolio’s average daily net assets. Certain officers and Trustees of the Trust are officers or directors of the Investment Manager. The Trust pays no compensation directly to its officers or interested Trustees. The Investment Manager also pays for occupancy and certain clerical and administrative expenses. The Trust bears all other costs and expenses.

4. PORTFOLIO SECURITIES TRANSACTIONS

The aggregate cost of purchases and the proceeds from the sales of securities (excluding government securities and short-term issues) for the year ended December 31, 2004 were as follows:


	COST OF PURCHASES		PROCEEDS FROM SALES
JPMorgan International Equity	$	287,670,192	$	330,036,585
William Blair International Growth		1,147,836,084		870,683,402
LSV International Value		401,281,604		402,757,543
MFS Global Equity		95,247,414		56,832,049
State Street Research Small-Cap Growth		604,875,815		684,504,218
DeAM Small-Cap Growth		498,629,904		586,179,978
Federated Aggressive Growth		307,101,176		193,630,600
Goldman Sachs Small-Cap Value		191,292,846		269,726,361
Small-Cap Value		1,071,107,970		966,398,046
DeAM Small-Cap Value		184,040,906		135,680,787

303

AMERICAN SKANDIA TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2004


	COST OF PURCHASES		PROCEEDS FROM SALES
Goldman Sachs Mid-Cap Growth	$	205,709,122	$	111,925,073
Neuberger Berman Mid-Cap Growth		317,448,449		339,728,368
Neuberger Berman Mid-Cap Value		824,069,454		758,864,005
Alger All-Cap Growth		614,473,458		708,240,645
Gabelli All-Cap Value		48,263,964		47,148,470
T. Rowe Price Natural Resources		128,369,784		114,141,305
Alliance Growth		245,868,543		237,860,493
MFS Growth		1,092,783,712		1,177,040,435
Marsico Capital Growth		1,692,095,554		1,310,779,145
Goldman Sachs Concentrated Growth		179,653,845		427,290,563
DeAM Large-Cap Value		308,851,204		274,818,323
Hotchkis & Wiley Large-Cap Value		742,855,192		827,017,709
Alliance/Bernstein Growth + Value		31,104,359		24,980,550
Sanford Bernstein Core Value		138,456,803		73,967,958
Cohen & Steers Realty		132,397,521		100,269,637
Sanford Bernstein Managed Index 500		223,016,652		240,935,747
American Century Income & Growth		376,770,341		378,844,602
Alliance Growth and Income		1,183,947,179		955,353,868
DeAM Global Allocation		224,545,461		278,760,244
American Century Strategic Balanced		208,225,599		198,960,161
T. Rowe Price Asset Allocation		179,771,413		143,877,287
T. Rowe Price Global Bond		133,920,429		94,885,473
Goldman Sachs High Yield		464,174,453		573,737,370
Lord Abbett Bond-Debenture		324,756,130		155,312,218
PIMCO Total Return Bond		250,121,965		263,513,570
PIMCO Limited Maturity Bond		166,944,986		136,976,138

304

AMERICAN SKANDIA TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2004

Written options transactions, during the year ended December 31, 2004, were as follows:


	PIMCO TOTAL RETURN BOND					PIMCO LIMITED MATURITY
	NUMBER OF CONTRACTS/ SWAP NOTIONAL AMOUNT $(000)		PREMIUM			NUMBER OF CONTRACTS/ SWAP NOTIONAL AMOUNT $(000)		PREMIUM
Balance at beginning of period	257,792		$	8,096,548		101,400		$	929,078
Written options	8,615			4,416,339		112			59,080
Written swap options	11,400			60,486		—			—
Expired options	(71,874	)		(5,427,581	)	(112	)		(59,080	)
Expired swap options	(52,200	)		(1,467,072	)	—			—
Closed options	(84	)		(76,623	)	—			—
Closed swap options	(40,830	)		(1,368,908	)	—			—

Balance at end of period	112,819		$	4,233,189		101,400		$	929,078

At December 31, 2004, PIMCO Total Return Bond and PIMCO Limited Maturity had sufficient cash and/or securities at least equal to the value of written options.

5. TAX AND DISTRIBUTION INFORMATION

Each Portfolio intends to qualify as a regulated investment company under the Internal Revenue Code and to distribute all of its taxable income, including any net realized gains on investments, to shareholders. Accordingly, no provision for federal income or excise tax has been made.

Income and capital gains of the Portfolios are determined in accordance with both tax regulations and accounting principles generally accepted in the United States of America. Such determinations may result in temporary and permanent differences between tax basis earnings and earnings reported for financial statement purposes. Temporary differences that result in over-distributions for financial statement purposes are classified as distributions in excess of net investment income or accumulated net realized gains or loss. Permanent differences in the recognition of earnings are reclassified between undistributed net investment income and accumulated net realized gain or loss or to additional paid-in capital, as appropriate. Distributions in excess of tax-basis earnings are recorded as a return of capital.

Distributions to shareholders, which are determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles, are recorded on the ex-dividend date. In order to present undistributed net investment income and accumulated net realized capital gains or losses on the Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to undistributed net

305

AMERICAN SKANDIA TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2004

investment income, accumulated net realized gain or loss on investments and paid-in capital. For the year ended December 31, 2004 the adjustments were as follows:


PORTFOLIO	UNDISTRIBUTED NET INVESTMENT INCOME			ACCUMULATED NET REALIZED GAIN OR LOSS			PAIN-IN CAPITAL
JPMorgan International Equity(c)	$	148,942		$	(148,942	)	$	—
William Blair International Growth(c)(g)(i)(j)(k)(l)(m)		2,477,392			(103,260,917	)		100,783,525
LSV International Value(c)(g)(i)		1,051,823			(1,319,461	)		267,638
MFS Global Equity(c)		(34,310	)		34,310			—
State Street Research Small-Cap Growth(a)(h)		2,251,759			23,570			(2,275,329	)
DeAM Small-Cap Growth(a)(h)		2,170,658			181,017			(2,351,675	)
Federated Aggressive Growth(a)(c)(g)(h)		1,609,280			(1,609,280	)		—
Goldman Sachs Small-Cap Value(h)(i)		(1,099,861	)		1,346,605			(246,744	)
Small-Cap Value(h)		(941,290	)		941,290			—
DeAM Small-Cap Value(h)(i)		(201,777	)		201,560			217
Goldman Sachs Mid-Cap Growth(a)		1,012,788			—			(1,012,788	)
Neuberger Berman Mid-Cap Growth(a)(i)		2,545,129			—			(2,545,129	)
Alger All-Cap Growth(a)		1,240,153			—			(1,240,153	)
Gabelli All-Cap Value(c)		(313	)		313			—
T. Rowe Price Natural Resources(c)(h)		(243,243	)		243,243			—
Alliance Growth(a)		165,250			—			(165,250	)
MFS Growth(c)		5,266			(5,266	)		—
Marsico Capital Growth(a)(c)(i)		532,346			327,163			(859,509	)
Goldman Sachs Concentrated Growth(k)(l)		(770	)		(213,736	)		214,506
DeAM Large-Cap Value(h)		(66,645	)		66,645			—
Hotchkis & Wiley Large-Cap Value(c)(h)		(437,463	)		437,463			—
Cohen & Steers Realty(c)(h)		(9,945,701	)		9,945,701			—
Sanford Bernstein Managed Index 500(h)		(62,505	)		62,505			—
American Century Income & Growth(c)(h)(j)(k)(l)		(104,129	)		(33,258,688	)		33,362,817
DeAM Global Allocation(i)(n)		2,249,498			(2,248,145	)		(1,353	)
American Century Strategic Balanced(c)(d)		51,692			(51,692	)		—
T. Rowe Price Asset Allocation(c)(d)(g)(h)(i)		564,064			(564,201	)		137
T. Rowe Price Global Bond(c)(d)(i)		2,534,803			(2,761,805	)		227,002

306

AMERICAN SKANDIA TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2004


PORTFOLIO	UNDISTRIBUTED NET INVESTMENT INCOME		ACCUMULATED NET REALIZED GAIN OR LOSS		PAIN-IN CAPITAL
Goldman Sachs High Yield(c)	(3,546,862	)	3,546,862		—
Lord Abbett Bond-Debenture(d)	128,160		(128,160	)	—
PIMCO Total Return Bond(c)(d)(f)(k)(l)	17,732,454		(17,977,403	)	244,949
PIMCO Limited Maturity Bond(c)(d)(f)(i)	2,119,901		(2,185,355	)	65,454
Money Market(b)	1,347		—		(1,347	)

(a)	Reclassification of tax operating loss.

(b)	Reclassification of overdistribution of ordinary income.

(c)	Reclassification of net foreign currency exchange gain or loss.

(d)	Reclassification of paydown gain and loss.

(e)	Reclassification of bifurcation on the sale of foreign bonds.

(f)	Reclassification of swap income.

(g)	Reclassification of book to tax differences on Passive Foreign Investment Companies.

(h)	Reclassification of book to tax differences on Real Estate Investment Trusts.

(i)	Reclassification due to other adjustments.

(j)	Reclassification of capital loss carryover from merger.

(k)	Reclassification of deferred directors compensation from merger.

(l)	Reclassification of disallowed wash sales from merger.

(m)	Reclassification of Passive Foreign Investment Company mark-to-market from merger.

(n)	Reclassification of short-term capital gains to ordinary income.

For the year ended December 31, 2004, the tax character of the dividends paid, as reflected in the Statements of Changes in Net Assets were:


PORTFOLIO	ORDINARY INCOME		LONG-TERM CAPITAL GAIN		TOTAL DISTRIBUTIONS
JPMorgan International Equity	$	3,597,872	$	—	$	3,597,872
William Blair International Growth		7,604,485		—		7,604,485
LSV International Value		2,339,322		—		2,339,322
MFS Global Equity		221,874		—		221,874
Federated Aggressive Growth		4,045,919		—		4,045,919
Goldman Sachs Small-Cap Value		696,491		4,161,394		4,857,885
Small-Cap Value		42,814		—		42,814
DeAM Small-Cap Value		1,486,307		1,564,069		3,050,376

307

AMERICAN SKANDIA TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2004


PORTFOLIO	ORDINARY INCOME	LONG-TERM CAPITAL GAIN	TOTAL DISTRIBUTIONS
Neuberger Berman Mid-Cap Value	1,190,224	26,886,646	28,076,870
Gabelli All-Cap Value	512,677	—	512,677
T. Rowe Price Natural Resources	1,843,388	—	1,843,388
DeAM Large-Cap Value	1,225,279	—	1,225,279
Hotchkis & Wiley Large-Cap Value	9,262,013	—	9,262,013
Alliance/Bernstein Growth + Value	229,760	—	229,760
Sanford Bernstein Core Value	8,247,305	—	8,247,305
Cohen & Steers Realty	7,684,744	4,721,132	12,405,876
Sanford Bernstein Managed Index 500	4,631,826	—	4,631,826
American Century Income & Growth	3,630,621	—	3,630,621
Alliance Growth and Income	13,715,428	—	13,715,428
DeAM Global Allocation	2,868,023	—	2,868,023
American Century Strategic Balanced	3,257,861	—	3,257,861
T. Rowe Price Asset Allocation	5,760,759	—	5,760,759
T. Rowe Price Global Bond	16,891,538	1,509,137	18,400,675
Goldman Sachs High Yield	58,039,833	—	58,039,833
Lord Abbett Bond-Debenture	13,892,148	—	13,892,148
PIMCO Total Return Bond	85,249,707	15,173,281	100,422,988
PIMCO Limited Maturity Bond	35,683,588	5,348,710	41,032,298
Money Market	16,221,849	—	16,221,849

For the year ended December 31, 2003, the tax character of the dividends paid, as reflected in the Statements of Changes in Net Assets were:


PORTFOLIO	ORDINARY INCOME		LONG-TERM CAPITAL GAIN		TOTAL DISTRIBUTIONS
JPMorgan International Equity	$	2,687,610	$	—	$	2,687,610
LSV International Value		787,176		—		787,176
MFS Global Equity		121,731		—		121,731
Goldman Sachs Small-Cap Value		2,448,006		—		2,448,006
Small-Cap Value		998,184		—		998,184
DeAM Small-Cap Value		20,010		—		20,010
Neuberger Berman Mid-Cap Value		1,718,079		—		1,718,079

308

AMERICAN SKANDIA TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2004


PORTFOLIO	ORDINARY INCOME	LONG-TERM CAPITAL GAIN	TOTAL DISTRIBUTIONS
Gabelli All-Cap Value	880,134	—	880,134
T. Rowe Price Natural Resources	1,610,638	2,249,299	3,859,937
Goldman Sachs Concentrated Growth	3,836,920	—	3,836,920
DeAM Large-Cap Value	898,632	—	898,632
Hotchkis & Wiley Large-Cap Value	15,175,707	—	15,175,707
Alliance/Bernstein Growth + Value	201,627	—	201,627
Sanford Bernstein Core Value	1,344,832	—	1,344,832
Cohen & Steers Realty	6,935,947	4,037,564	10,973,511
Sanford Bernstein Managed Index 500	5,460,558	—	5,460,558
American Century Income & Growth	3,198,975	—	3,198,975
Alliance Growth and Income	15,225,927	—	15,225,927
DeAM Global Allocation	3,336,217	—	3,336,217
American Century Strategic Balanced	4,190,899	—	4,190,899
T. Rowe Price Asset Allocation	7,112,841	—	7,112,841
T. Rowe Price Global Bond	7,341,835	393,861	7,735,696
Goldman Sachs High Yield	48,256,122	—	48,256,122
Lord Abbett Bond-Debenture	6,806,378	—	6,806,378
PIMCO Total Return Bond	125,943,541	40,010,460	165,954,001
PIMCO Limited Maturity Bond	33,374,842	4,751,365	38,126,207
Money Market	15,785,832	—	15,785,832

The tax character of distributable earnings at December 31, 2004 was:


PORTFOLIO	UNDISTRIBUTED ORDINARY INCOME		UNDISTRIBUTED LONG-TERM CAPITAL GAIN
JP Morgan International Equity	$	4,437,202	$	—
William Blair International Growth		14,181,104		—
LSV International Value		2,852,382		—
MFS Global Equity		461,319		—
Federated Aggressive Growth		18,518,250		11,034,745
Goldman Sachs Small-Cap Value		10,502,160		41,411,910
Small-Cap Value		17,304,347		196,537,368

309

AMERICAN SKANDIA TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2004


PORTFOLIO	UNDISTRIBUTED ORDINARY INCOME	UNDISTRIBUTED LONG-TERM CAPITAL GAIN
DeAM Small-Cap Value	6,820,040	2,685,750
Neuberger Berman Mid-Cap Value	71,192,660	117,238,620
Gabelli All-Cap Value	746,664	—
T. Rowe Price Natural Resources	1,741,601	19,787,244
MFS Growth	59,767	—
Goldman Sachs Concentrated Growth	4,445,171	—
DeAM Large-Cap Value	1,868,041	—
Hotchkis & Wiley Large-Cap Value	5,779,623	—
Alliance/Bernstein Growth + Value	456,085	—
Sanford Bernstein Core Value	5,096,098	5,160,571
Cohen & Steers Realty	7,423,269	27,914,051
Sanford Bernstein Managed Index 500	6,896,193	—
American Century Income & Growth	7,184,462	—
Alliance Growth and Income	26,811,111	—
DeAM Global Allocation	7,424,965	—
American Century Strategic Balanced	3,659,041	—
T. Rowe Price Asset Allocation	8,879,620	2,605,257
T. Rowe Price Global Bond	14,171,304	271,889
Goldman Sachs High Yield	49,411,104	—
Lord Abbett Bond-Debenture	22,671,957	3,192,803
PIMCO Total Return Bond	93,816,996	29,905,832
PIMCO Limited Maturity Bond	18,086,112	6,894,871

These amounts differ from undistributed net investment income on the Statement of Assets and Liabilities primarily due to timing differences. Such timing differences include tax adjustments on Real Estate Investment Trusts, Passive Foreign Investment Companies, foreign exchange contracts, deferred compensation and deferred losses on wash sales and straddles.

310

AMERICAN SKANDIA TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2004

At December 31, 2004, the following Portfolios had, for federal income tax purposes, capital loss carryforwards available to offset future net realized capital gains:


	EXPIRATION DECEMBER 31,
PORTFOLIO	TOTAL(A)		2007		2008		2009		2010		2011		2012
JPMorgan International Equity	$	120,488,699	$	—	$	—	$	33,661,765	$	76,213,067	$	10,613,867	$	—
William Blair International Growth		290,071,424		32,777,655		31,207,105		49,141,273		132,003,291		44,942,100		—
LSV International Value		125,352,964		—		3,643,047		107,473,503		14,236,414		—		—
MFS Global Equity		2,683,552		—		—		—		—		2,683,552		—
State Street Research Small-Cap Growth		190,750,738		—		—		124,469,583		66,281,155		—		—
DeAM Small-Cap Growth		260,044,582		—		—		176,759,403		83,285,179		—		—
Goldman Sachs Mid-Cap Growth		68,597,283		—		—		42,654,750		25,942,533		—		—
Neuberger Berman Mid- Cap Growth		373,728,413		—		—		250,206,155		122,095,636		1,426,622		—
Alger All-Cap Growth		392,409,864		—		12,145,781		208,714,661		171,549,422		—		—
Gabelli All-Cap Value		23,634,292		—		—		—		18,685,440		4,948,852		—
Alliance Growth		263,976,123		—		—		134,760,953		95,931,726		31,458,198		1,825,246
MFS Growth		426,177,505		—		—		227,753,394		198,424,111		—		—
Marsico Capital Growth		286,152,317		—		—		151,632,671		134,519,646		—		—
Goldman Sachs
Concentrated Growth		911,061,881		—		113,078,776		465,068,305		179,588,458		153,326,342		—
DeAM Large-Cap Value		1,328,484		—		—		—		—		1,328,484		—
Hotchkis & Wiley
Large-Cap Value		54,378,701		—		—		—		54,378,701		—		—
Alliance/Bernstein
Growth + Value		3,705,536		—		—		—		2,514,238		1,191,298		—
Sanford Bernstein
Managed Index 500		154,475,129		—		—		54,895,895		69,268,601		30,310,633		—
American Century
Income & Growth		84,973,518		—		6,181,763		27,940,814		34,446,133		16,404,808		—
Alliance Growth and Income		263,266,046		—		—		—		201,742,522		61,523,524		—

311

AMERICAN SKANDIA TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2004


	EXPIRATION DECEMBER 31,
PORTFOLIO	TOTAL(A)	2007	2008	2009	2010	2011	2012
DeAM Global Allocation	90,862,127	—	2,111,164	35,338,513	48,177,607	5,234,843	—
American Century Strategic Balanced	6,643,762	—	—	—	4,057,905	2,585,857	—
Goldman Sachs High Yield	202,014,666	—	15,283,720	61,793,618	87,452,429	37,484,899	—
Money Market	26,493	—	—	—	—	—	26,493

(a)	It is uncertain whether the Fund will be able to realize the full benefit prior to the expiration date.

The following Portfolios expect to elect to treat post-October losses incurred in the period November 1, 2004 through December 31, 2004 as having occurred on January 1, 2005.


	POST OCTOBER LOSSES
PORTFOLIO	CURRENCY		CAPITAL
Federated Aggressive Growth	$	30,048	$	—
Gabelli All-Cap Value		602		—
T. Rowe Price Natural Resources		5,238		—
Alliance Growth		—		253,026
Cohen & Steers Realty		948		—
Goldman Sachs High Yield		4,530,584		—
PIMCO Total Return Bond		—		3,484,365
PIMCO Limited Maturity Bond		—		2,218,503
Money Market		—		13,335

At December 31, 2004, the cost and unrealized appreciation or depreciation in value of the investments for federal income tax purposes, were as follows:


PORTFOLIO	TAX BASIS		GROSS UNREALIZED APPRECIATION		GROSS UNREALIZED (DEPRECIATION)			NET UNREALIZED APPRECIATION (DEPRECIATION)		OTHER TEMPORARY DIFFERENCES
JPMorgan International
Equity	$	288,729,307	$	59,003,726	$	(5,183,753	)	$	53,819,973	$	(7,559	)
William Blair International
Growth		1,080,284,487		249,564,880		(1,136,651	)		248,428,229		(18,941	)
LSV International Value		177,986,375		11,404,599		(1,542,254	)		9,862,345		(3,028	)
MFS Global Equity		137,067,582		30,242,184		(1,030,043	)		29,212,141		(877	)

312

AMERICAN SKANDIA TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2004


PORTFOLIO	TAX BASIS	GROSS UNREALIZED APPRECIATION	GROSS UNREALIZED (DEPRECIATION)		NET UNREALIZED APPRECIATION (DEPRECIATION)	OTHER TEMPORARY DIFFERENCES
State Street Research Small-Cap Growth	250,265,416	30,232,448	(3,515,896	)	26,716,552	(7,944	)
DeAM Small-Cap Growth	343,413,715	58,758,179	(11,319,568	)	47,438,611	(180,081	)
Federated Aggressive Growth	319,779,791	76,730,748	(10,520,903	)	66,209,845	(30,596	)
Goldman Sachs Small-Cap Value	278,579,970	78,144,948	(6,882,315	)	71,262,633	(5,294	)
Small-Cap Value	971,817,120	55,200,510	(11,640,319	)	43,560,191	(7,958	)
DeAM Small-Cap Value	104,894,101	10,654,579	(605,318	)	10,049,261	(196,006	)
Goldman Sachs Mid-Cap Growth	333,830,823	45,494,212	(4,211,365	)	41,282,847	(999	)
Neuberger Berman Mid-Cap Growth	355,167,080	108,305,277	(2,022,977	)	106,282,300	(7,191	)
Neuberger Berman Mid-Cap Value	1,493,036,788	224,160,076	(4,437,795	)	219,722,281	(14,213	)
Alger All-Cap Growth	347,827,849	44,448,397	(3,325,131	)	41,123,266	(6,968	)
Gabelli All-Cap Value	190,450,752	45,622,649	(5,821,211	)	39,801,438	(2,312	)
T. Rowe Price Natural Resources	223,921,965	49,170,991	(233,210	)	48,937,781	(7,953	)
Alliance Growth	263,809,088	34,695,514	(6,025,335	)	28,670,179	(258,616	)
MFS Growth	579,702,770	49,935,399	(13,313,799	)	36,621,600	(9,444	)
Marsico Capital Growth	2,097,269,972	629,734,923	(2,722,311	)	627,012,612	(22,587	)
Goldman Sachs Concentrated Growth	1,007,627,578	180,133,555	(60,184,249	)	119,949,306	(42,540	)
DeAM Large-Cap Value	202,306,404	21,839,921	(900,197	)	20,939,724	(141,857	)
Hotchkis & Wiley Large-Cap Value	741,650,613	81,928,100	(4,960,408	)	76,967,692	(14,662	)
Alliance/Bernstein Growth + Value	79,991,368	12,895,703	(1,573,136	)	11,322,567	(436	)
Sanford Bernstein Core Value	285,389,219	51,199,217	(2,600,624	)	48,598,593	(1,795	)
Cohen & Steers Realty	360,115,961	119,004,440	(114,676	)	118,889,764	(3,687	)
Sanford Bernstein Managed Index 500	546,887,858	97,876,285	(27,737,064	)	70,139,221	(9,337	)
American Century Income & Growth	640,043,883	46,300,106	(25,723,869	)	20,576,237	(79,933	)
Alliance Growth and Income	2,071,139,354	343,112,690	(23,478,834	)	319,633,856	(24,865	)

313

AMERICAN SKANDIA TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2004


PORTFOLIO	TAX BASIS	GROSS UNREALIZED APPRECIATION	GROSS UNREALIZED (DEPRECIATION)		NET UNREALIZED APPRECIATION (DEPRECIATION)	OTHER TEMPORARY DIFFERENCES
DeAM Global Allocation	210,779,758	17,140,509	—		17,140,509	(6,805	)
American Century Strategic Balanced	266,337,334	18,541,779	(3,288,431	)	15,253,348	(29,942	)
T. Rowe Price Asset Allocation	443,047,062	62,346,170	(7,347,234	)	54,998,936	(5,080	)
T. Rowe Price Global Bond	246,872,390	23,236,959	(368,119	)	22,868,840	92,403
Goldman Sachs High Yield	736,873,706	58,978,062	(8,200,267	)	50,777,795	(818,776	)
Lord Abbett Bond-Debenture	554,974,778	22,337,456	(2,929,560	)	19,407,896	(1,822	)
PIMCO Total Return Bond	2,727,549,700	24,212,695	(8,791,630	)	15,421,065	(3,942,943	)
PIMCO Limited Maturity Bond	893,776,824	6,781,099	(3,366,160	)	3,414,939	(2,505,531	)
Money Market	1,355,759,723	—	—		—	(58,382	)

The differences between book and tax basis of investments are primarily attributable to deferred losses on wash sales and straddles, as well as tax adjustments on investments in Passive Foreign Investment Companies, Real Estate Investments Trusts, foreign exchange contracts, and other temporary differences.

6. LINE OF CREDIT

The Portfolios and other affiliated funds participated in a $200 million unsecured, committed line of credit, provided by a syndication of banks, under a line of credit agreement. Borrowings may be made for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Any borrowings must be repaid within 30 days of their receipt. Interest is charged to each Portfolio, based on its borrowings, at a premium above the Federal Funds Rate. In addition, a commitment fee, equal to an annual rate of 0.09% of the average daily unused portion of the line of credit, is allocated among the participants at the end of each quarter. The expiration date of the line of credit was April 30, 2004. On May 1, 2004, a new line of credit of $250 million was provided by PNC Bank and the expiration date of the new credit agreement was October 29, 2004. Effective October 29, 2004, a new line of credit was increased to $500 million, and the commitment fee is reduced to 0.075%. The expiration date of the new credit agreement is October 28, 2005. The following Portfolios utilized the line of credit during the year ended December 31, 2004.


PORTFOLIO	AVERAGE ADVANCES OUTSTANDING DURING THE PERIOD		AVERAGE INTEREST RATE		NUMBER OF DAYS ADVANCES OUTSTANDING DURING THE PERIOD	OUTSTANDING BORROWINGS AT DECEMBER 31, 2004
JPMorgan International Equity	$	2,287,500	1.543	%	8	—
LSV International Value		5,300,000	2.504	%	6	—
MFS Global Equity		2,066,667	1.563	%	3	—
State Street Research Small-Cap Growth		3,463,636	1.889	%	11	—

314

AMERICAN SKANDIA TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2004


PORTFOLIO	AVERAGE ADVANCES OUTSTANDING DURING THE PERIOD		AVERAGE INTEREST RATE		NUMBER OF DAYS ADVANCES OUTSTANDING DURING THE PERIOD	OUTSTANDING BORROWINGS AT DECEMBER 31, 2004
DeAM Small-Cap Growth	$	3,585,714	1.524	%	7	—
Federated Aggressive Growth		3,506,897	1.526	%	29	—
Goldman Sachs Mid-Cap Growth		1,116,667	1.649	%	6	—
Neuberger Berman Mid-Cap Growth		2,525,926	1.515	%	27	—
Neuberger Berman Mid-Cap Value		3,800,000	1.500	%	2	—
Alger All-Cap Growth		4,183,673	1.704	%	49	—
Gabelli All-Cap Value		1,996,774	1.834	%	31	—
T. Rowe Price Natural Resources		3,681,481	1.751	%	27	—
Alliance Growth		1,290,411	1.983	%	73	—
MFS Growth		3,000,000	1.563	%	3	—
Goldman Sachs Concentrated Growth		2,702,778	1.643	%	18	—
Hotchkis & Wiley Large-Cap Value		2,159,091	1.549	%	22	—
Sanford Bernstein Core Value		3,550,000	1.523	%	18	—
Cohen & Steers Realty		5,453,333	1.516	%	15	—
Sanford Bernstein Managed Index 500		4,923,684	1.810	%	38	—
American Century Income & Growth		2,807,692	1.610	%	13	—
Alliance Growth and Income		7,020,000	1.512	%	5	—
Goldman Sachs High Yield		15,984,615	1.515	%	39	—
Lord Abbett Bond-Debenture		4,800,000	1.500	%	6	—
PIMCO Total Return Bond		46,000,000	2.000	%	1	—

7. REORGANIZATION

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

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

315

AMERICAN SKANDIA TRUST

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2004

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


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

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


MERGED FUNDS	TOTAL NET ASSETS		UNREALIZED APPRECIATION/ (DEPRECIATION)			CAPITAL LOSS CARRYFORWARDS*
AST American Century International Growth	$	371,141,306	$	38,629,432		$	273,879,330
AST DeAM Large-Cap Growth		42,536,344		748,131			—
AST MFS Growth with Income		108,397,180		4,953,701			28,897,863
AST DeAM Bond		112,868,287		(833,488	)		—


ACQUIRING FUNDS
AST William Blair International Growth	$	747,572,780
AST Goldman Sachs Concentrated Growth		1,029,307,448
AST American Century Income & Growth		308,408,872
AST PIMCO Total Return Bond		2,097,077,107

*	The future utilization of the acquired capital loss carry forwards may be limited under certain conditions defined in the Internal Revenue Code of 1986, as amended.

8. OWNERSHIP

As of December 31, 2004, more than 99% of each Portfolio was owned of record by American Skandia Life Assurance Corporation (“ASLAC”) on behalf of the owners of the variable insurance products issued by ASLAC.

316

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317

AMERICAN SKANDIA TRUST

FINANCIAL HIGHLIGHTS

PER SHARE DATA (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)


				INCREASE (DECREASE) FROM INVESTMENT OPERATIONS
PORTFOLIO	PERIOD ENDED	NET ASSET VALUE BEGINNING OF PERIOD		NET INVESTMENT INCOME (LOSS)			NET REALIZED & UNREALIZED GAIN (LOSS)			TOTAL FROM INVESTMENT OPERATIONS
AST JPMorgan International Equity	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00	$	15.81 12.22 15.07 22.03 34.23	$	0.22 0.14 0.10 0.08 0.22		$	2.46 3.56 (2.87 (4.75 (8.09	) ) )	$	2.68 3.70 (2.77 (4.67 (7.87	) ) )
AST William Blair International Growth	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00	$	10.44 7.46 10.39 18.72 25.10	$	0.06 0.06 0.11 0.12 (0.04	)	$	1.62 3.04 (2.71 (3.73 (6.03	) ) )	$	1.68 2.98 (2.60 (3.61 (6.07	) ) )
AST LSV International Value	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00	$	11.15 8.38 10.10 14.91 24.63	$	0.13 0.11 0.06 (0.01 (0.07	) )	$	2.19 2.71 (1.78 (4.80 (5.10	) ) )	$	2.32 2.82 (1.72 (4.81 (5.17	) ) )
AST MFS Global Equity	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00	$	10.25 8.08 9.21 10.23 11.03	$	0.04 0.02 0.02 — 0.01		$	1.84 2.17 (1.15 (1.02 (0.79	) ) )	$	1.88 2.19 (1.13 (1.02 (0.78	) ) )
AST State Street Research Small-Cap Growth	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00	$	15.12 10.41 15.87 20.30 42.61	$	(0.14 (0.09 (0.13 (0.07 (0.22	) ) ) ) )	$	(0.91 4.80 (5.33 (1.27 (18.08	) ) ) )	$	(1.05 4.71 (5.46 (1.34 (18.30	) ) ) )


	LESS DISTRIBUTIONS
PORTFOLIO	FROM NET INVESTMENT INCOME			FROM NET REALIZED GAINS			TOTAL DISTRIBUTIONS
AST JPMorgan International Equity	$	(0.18 (0.11 (0.08 (0.03 (0.07	) ) ) ) )	$	— — — (2.26 (4.26	) )	$	(0.18 (0.11 (0.08 (2.29 (4.33	) ) ) ) )
AST William Blair International Growth	$	(0.11 — (0.33 (0.82 (0.13	) ) ) )	$	— — — (3.90 (0.18	) )	$	(0.11 — (0.33 (4.72 (0.31	) ) ) )
AST LSV International Value	$	(0.16 (0.05 — — —	) )	$	— — — — (4.55	)	$	(0.16 (0.05 — — (4.55	) ) )
AST MFS Global Equity	$	(0.02 (0.02 — — (0.01	) ) )	$	— — — — (0.01	)	$	(0.02 (0.02 — — (0.02	) ) )
AST State Street Research Small-Cap Growth	$	— — — — —		$	— — — (3.09 (4.01	) )	$	— — — (3.09 (4.01	) )

(1)	Annualized for periods less than one year.

(2)	Commenced operations on January 3, 2000.

(3)	Commenced operations on May 1, 2000.

(4)	Commenced operations on October 23, 2000.

(5)	Commenced operations on May 1, 2001.

(6)	Commenced operations on May 1, 2002.

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

**	These annual total returns do not consider the effect of sales load or insurance contract charges.

+	Amount represents less than $.005 per share.

See Notes to Financial Statements.

318


		SUPPLEMENTAL DATA						RATIOS OF EXPENSES TO AVERAGE NET ASSETS(1)*
NET ASSET VALUE END OF PERIOD		TOTAL RETURN**		NET ASSETS AT END OF PERIOD (IN 000'S)		PORTFOLIO TURNOVER RATE		AFTER ADVISORY FEE WAIVER AND EXPENSE REIMBURSEMENT		BEFORE ADVISORY FEE WAIVER AND EXPENSE REIMBURSEMENT		RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS(1)
$	18.31 15.81 12.22 15.07 22.03	17.11 30.60 (18.42 (22.75 (26.53	% % )% )% )%	$	379,560 339,039 316,192 444,271 637,131	91 50 50 162 86	% % % % %	1.13 1.14 1.21 1.09 1.16	% % % % %	1.13 1.14 1.21 1.14 1.16	% % % % %	1.34 1.02 0.84 0.45 0.63	% % % % %
$	12.01 10.44 7.46 10.39 18.72	16.15 39.95 (25.67 (23.55 (24.62	% % )% )% )%	$	1,342,879 641,549 318,832 587,377 1,094,019	94 88 94 74 75	% % % % %	1.15 1.24 1.32 1.24 1.18	% % % % %	1.26 1.34 1.32 1.24 1.19	% % % % %	0.31 0.46 0.41 0.64 (0.02	% % % % )%
$	13.31 11.15 8.38 10.10 14.91	21.04 33.91 (17.03 (32.21 (30.28	% % )% )% )%	$	193,667 172,059 129,004 154,991 276,037	242 138 354 712 514	% % % % %	1.22 1.12 1.34 1.66 1.34	% % % % %	1.37 1.27 1.44 1.60 1.38	% % % % %	1.08 1.22 0.59 (0.07 (0.44	% % % )% )%
$	12.11 10.25 8.08 9.21 10.23	18.39 27.14 (12.26 (9.97 (7.19	% % )% )% )%	$	166,319 102,938 60,167 55,882 29,514	48 54 74 89 100	% % % % %	1.35 1.40 1.41 1.50 1.56	% % % % %	1.35 1.40 1.41 1.40 1.87	% % % % %	0.41 0.32 0.25 0.02 0.08	% % % % %
$	14.07 15.12 10.41 15.87 20.30	(6.94 45.24 (34.41 (6.47 (48.16	)% % )% )% )%	$	226,131 338,191 254,026 494,900 592,038	237 107 123 136 85	% % % % %	1.16 1.20 1.23 1.16 1.07	% % % % %	1.16 1.20 1.23 1.16 1.07	% % % % %	(0.87 (0.65 (0.74 (0.51 (0.54	)% )% )% )% )%

319

AMERICAN SKANDIA TRUST

FINANCIAL HIGHLIGHTS

PER SHARE DATA (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)


					INCREASE (DECREASE) FROM INVESTMENT OPERATIONS
PORTFOLIO	PERIOD ENDED		NET ASSET VALUE BEGINNING OF PERIOD		NET INVESTMENT INCOME (LOSS)			NET REALIZED & UNREALIZED GAIN (LOSS)			TOTAL FROM INVESTMENT OPERATIONS
AST DeAM Small-Cap Growth	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00		$	7.63 5.17 7.03 11.72 15.59	$	(0.06 (0.01 (0.01 (0.05 (0.08	) ) ) ) )	$	0.78 2.47 (1.85 (2.95 (2.90	) ) )	$	0.72 2.46 (1.86 (3.00 (2.98	) ) )
AST Federated Aggressive Growth	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00	(4)	$	8.61 5.09 7.22 9.10 10.00	$	(0.07 (0.05 (0.04 (0.03 0.01	) ) ) )	$	2.03 3.57 (2.05 (1.85 (0.91	) ) )	$	1.96 3.52 (2.09 (1.88 (0.90	) ) )
AST Goldman Sachs Small-Cap Value	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00		$	18.12 12.96 15.55 14.55 10.87	$	0.11 0.08 0.11 0.08 0.01		$	3.50 5.19 (1.21 1.34 3.67	)	$	3.61 5.27 (1.10 1.42 3.68	)
AST Small-Cap Value	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00		$	15.70 11.59 13.07 13.02 11.39	$	0.02 0.01 0.03 0.04 0.10		$	2.56 4.13 (1.23 0.84 2.23	)	$	2.58 4.14 (1.20 0.88 2.33	)
AST DeAM Small-Cap Value	12/31/04 12/31/03 12/31/02	(6)	$	11.10 7.75 10.00	$	0.03 0.03 0.02		$	2.31 3.33 (2.27	)	$	2.34 3.36 (2.25	)
AST Goldman Sachs Mid-Cap Growth	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00	(3)	$	3.79 2.88 3.97 6.64 10.00	$	(0.02 (0.01 (0.02 (0.03 0.01	) ) ) )	$	0.64 0.92 (1.07 (2.64 (3.37	) ) )	$	0.62 0.91 (1.09 (2.67 (3.36	) ) )


	LESS DISTRIBUTIONS
PORTFOLIO	FROM NET INVESTMENT INCOME			FROM NET REALIZED GAINS			TOTAL DISTRIBUTIONS
AST DeAM Small-Cap Growth	$	— — — — —		$	— — — (1.69 (0.89	) )	$	— — — (1.69 (0.89	) )
AST Federated Aggressive Growth	$	— — — — —	+	$	(0.16 — (0.04 — —	) )	$	(0.16 — (0.04 — —	) ) +
AST Goldman Sachs Small-Cap Value	$	(0.04 (0.11 (0.06 — —	) ) )	$	(0.24 — (1.43 (0.42 —	) ) )	$	(0.28 (0.11 (1.49 (0.42 —	) ) ) )
AST Small-Cap Value	$	— (0.03 (0.06 (0.07 (0.07	) ) ) )	$	— — (0.22 (0.76 (0.63	) ) )	$	— (0.03 (0.28 (0.83 (0.70	) ) ) )
AST DeAM Small-Cap Value	$	(0.02 (0.01 —	) )	$	(0.57 — —	)	$	(0.59 (0.01 —	) )
AST Goldman Sachs Mid-Cap Growth	$	— — — — —	+	$	— — — — —		$	— — — — —	+

(1)	Annualized for periods less than one year.

(2)	Commenced operations on January 3, 2000.

(3)	Commenced operations on May 1, 2000.

(4)	Commenced operations on October 23, 2000.

(5)	Commenced operations on May 1, 2001.

(6)	Commenced operations on May 1, 2002.

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

**	These annual total returns do not consider the effect of sales load or insurance contract charges.

+	Amount represents less than $.005 per share.

See Notes to Financial Statements.

320


		SUPPLEMENTAL DATA						RATIOS OF EXPENSES TO AVERAGE NET ASSETS(1)*
NET ASSET VALUE END OF PERIOD		TOTAL RETURN**		NET ASSETS AT END OF PERIOD (IN 000'S)		PORTFOLIO TURNOVER RATE		AFTER ADVISORY FEE WAIVER AND EXPENSE REIMBURSEMENT		BEFORE ADVISORY FEE WAIVER AND EXPENSE REIMBURSEMENT		RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS(1)
$	8.35 7.63 5.17 7.03 11.72	9.44 47.58 (26.46 (28.43 (20.95	% % )% )% )%	$	340,809 403,430 293,297 537,324 791,839	145 185 132 196 136	% % % % %	1.02 1.02 1.00 1.16 1.11	% % % % %	1.17 1.17 1.15 1.17 1.13	% % % % %	(0.66 (0.19 (0.12 (0.64 (0.67	)% )% )% )% )%
$	10.41 8.61 5.09 7.22 9.10	23.07 69.16 (29.19 (20.61 (9.00	% % )% )% )%	$	347,733 187,565 39,072 49,489 1,938	81 96 250 244 49	% % % % %	1.19 1.22 1.35 1.35 1.35	% % % % %	1.19 1.22 1.38 1.78 7.22	% % % % %	(0.88 (0.99 (1.02 (0.84 2.67	)% )% )% )% %
$	21.45 18.12 12.96 15.55 14.55	20.18 41.08 (7.93 9.91 33.85	% % )% % %	$	323,105 343,442 315,101 432,511 227,759	61 67 129 159 67	% % % % %	1.22 1.26 1.27 1.18 1.15	% % % % %	1.22 1.26 1.27 1.18 1.15	% % % % %	0.48 0.40 0.62 0.69 (0.13	% % % % )%
$	18.28 15.70 11.59 13.07 13.02	16.44 35.78 (9.38 6.98 21.86	% % )% % %	$	922,135 774,416 501,070 538,479 333,586	124 26 24 59 88	% % % % %	1.08 1.10 1.10 1.08 1.12	% % % % %	1.08 1.10 1.10 1.08 1.12	% % % % %	0.15 0.04 0.20 0.54 0.87	% % % % %
$	12.85 11.10 7.75	22.11 43.46 (22.50	% % )%	$	111,819 51,980 13,419	215 193 122	% % %	1.13 1.15 1.15	% % %	1.28 1.36 1.48	% % %	0.47 0.62 0.43	% % %
$	4.41 3.79 2.88 3.97 6.64	16.36 31.60 (27.46 (40.17 (33.60	% % )% )% )%	$	276,741 160,549 61,373 71,039 65,098	54 59 162 203 55	% % % % %	1.20 1.31 1.31 1.34 1.28	% % % % %	1.32 1.41 1.33 1.34 1.28	% % % % %	(0.48 (0.54 (0.65 (0.63 0.18	)% )% )% )% %

321

AMERICAN SKANDIA TRUST

FINANCIAL HIGHLIGHTS

PER SHARE DATA (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)


				INCREASE (DECREASE) FROM INVESTMENT OPERATIONS
PORTFOLIO	PERIOD ENDED	NET ASSET VALUE BEGINNING OF PERIOD		NET INVESTMENT INCOME (LOSS)		NET REALIZED & UNREALIZED GAIN (LOSS)		TOTAL FROM INVESTMENT OPERATIONS
AST Neuberger Berman Mid-Cap Growth	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00	$	12.26 9.39 13.65 21.63 24.03	$	(0.09) (0.09) (0.13) (0.06) (0.04)	$	2.06 2.96 (4.13) (5.02) (1.74)	$	1.97 2.87 (4.26) (5.08) (1.78)
AST Neuberger Berman Mid-Cap Value	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00	$	17.80 13.09 15.41 16.85 13.32	$	0.03 0.02 0.03 0.08 0.02	$	3.94 4.72 (1.56) (0.60) 3.60	$	3.97 4.74 (1.53) (0.52) 3.62
AST Alger All-Cap Growth	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00(2)	$	4.96 3.66 5.70 6.84 10.00	$	(0.02) (0.02) (0.04) (0.02) —	$	0.44 1.32 (2.00) (1.12) (3.16)	$	0.42 1.30 (2.04) (1.14) (3.16)
AST Gabelli All-Cap Value	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00(4)	$	10.46 7.77 9.86 10.09 10.00	$	0.04 0.04 0.06 0.04 0.03	$	1.56 2.72 (2.09) (0.25) 0.06	$	1.60 2.76 (2.03) (0.21) 0.09
AST T. Rowe Price Natural Resources	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00	$	17.45 13.56 15.12 16.50 13.16	$	0.10 0.12 0.07 0.15 0.17	$	5.28 4.25 (0.85) (0.04) 3.31	$	5.38 4.37 (0.78) 0.11 3.48
AST Alliance Growth	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00	$	8.35 6.75 9.78 15.15 18.95	$	(0.01) (0.01) (0.03) (0.02) —	$	0.49 1.61 (3.00) (1.93) (2.24)	$	0.48 1.60 (3.03) (1.95) (2.24)

				LESS DISTRIBUTIONS
PORTFOLIO				FROM NET INVESTMENT INCOME		FROM NET REALIZED GAINS		TOTAL DISTRIBUTIONS
AST Neuberger Berman Mid-Cap Growth				$	— — — — —	$	— — — (2.90) (0.62)	$	— — — (2.90) (0.62)
AST Neuberger Berman Mid-Cap Value				$	(0.02) (0.03) (0.08) (0.02) (0.04)	$	(0.45) — (0.71) (0.90) (0.05)	$	(0.47) (0.03) (0.79) (0.92) (0.09)
AST Alger All-Cap Growth				$	— — — — —	$	— — — — —	$	— — — — —
AST Gabelli All-Cap Value				$	(0.03) (0.07) (0.06) (0.01) —	$	— — — (0.01) —	$	(0.03) (0.07) (0.06) (0.02) —
AST T. Rowe Price Natural Resources				$	(0.20) (0.20) (0.24) (0.20) (0.14)	$	— (0.28) (0.54) (1.29) —	$	(0.20) (0.48) (0.78) (1.49) (0.14)
AST Alliance Growth				$	— — — — —	$	— — — (3.42) (1.56)	$	— — — (3.42) (1.56)

(1)	Annualized for periods less than one year.

(2)	Commenced operations on January 3, 2000.

(3)	Commenced operations on May 1, 2000.

(4)	Commenced operations on October 23, 2000.

(5)	Commenced operations on May 1, 2001.

(6)	Commenced operations on May 1, 2002.

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

**	These annual total returns do not consider the effect of sales load or insurance contract charges.

+	Amount represents less than $.005 per share.

See Notes to Financial Statements.

322


		SUPPLEMENTAL DATA						RATIOS OF EXPENSES TO AVERAGE NET ASSETS(1)*
NET ASSET VALUE END OF PERIOD		TOTAL RETURN**		NET ASSETS AT END OF PERIOD (IN 000'S)		PORTFOLIO TURNOVER RATE		AFTER ADVISORY FEE WAIVER AND EXPENSE REIMBURSEMENT		BEFORE ADVISORY FEE WAIVER AND EXPENSE REIMBURSEMENT		RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS
$	14.23 12.26 9.39 13.65 21.63	16.07 30.56 (31.21 (25.79 (8.07	% % )% )% )%	$	400,553 360,010 287,458 518,580 719,405	90 150 104 117 121	% % % % %	1.15 1.17 1.16 1.12 1.09	% % % % %	1.16 1.17 1.16 1.12 1.09	% % % % %	(0.71 (0.83 (0.84 (0.60 (0.55	)% )% )% )% )%
$	21.30 17.80 13.09 15.41 16.85	22.84 36.32 (10.56 (3.03 27.49	% % )% )% %	$	1,309,786 1,027,374 760,973 1,003,034 978,649	68 70 92 221 220	% % % % %	1.09 1.15 1.16 1.22 1.24	% % % % %	1.05 1.15 1.16 1.22 1.24	% % % % %	0.17 0.15 0.20 0.55 0.19	% % % % %
$	5.38 4.96 3.66 5.70 6.84	8.47 35.52 (35.79 (16.67 (31.60	% % )% )% )%	$	334,430 402,505 323,286 743,059 205,079	175 159 182 150 123	% % % % %	1.38 1.40 1.29 1.20 1.24	% % % % %	1.38 1.40 1.29 1.20 1.24	% % % % %	(0.34 (0.53 (0.67 (0.37 (0.05	)% )% )% )% )%
$	12.03 10.46 7.77 9.86 10.09	15.32 35.85 (20.71 (2.18 0.90	% % )% )% %	$	195,382 181,874 113,557 158,886 14,165	27 30 28 68 31	% % % % %	1.21 1.20 1.19 1.20 1.45	% % % % %	1.21 1.20 1.19 1.20 1.59	% % % % %	0.40 0.41 0.63 0.89 2.71	% % % % %
$	22.63 17.45 13.56 15.12 16.50	31.19 33.52 (5.53 0.70 26.79	% % )% % %	$	238,089 170,860 122,686 135,550 134,644	63 43 56 36 96	% % % % %	1.17 1.17 1.16 1.08 1.14	% % % % %	1.17 1.17 1.16 1.11 1.20	% % % % %	0.49 0.77 0.54 0.85 1.13	% % % % %
$	8.83 8.35 6.75 9.78 15.15	5.75 23.70 (30.98 (14.72 (13.74	% % )% )% )%	$	258,135 237,056 240,490 452,984 467,362	95 63 59 106 135	% % % % %	1.14 1.16 1.13 1.13 1.16	% % % % %	1.17 1.16 1.13 1.13 1.16	% % % % %	(0.07 (0.14 (0.31 (0.22 (0.46	)% )% )% )% )%

323

AMERICAN SKANDIA TRUST

FINANCIAL HIGHLIGHTS

PER SHARE DATA (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)


					INCREASE (DECREASE) FROM INVESTMENT OPERATIONS
PORTFOLIO	PERIOD ENDED		NET ASSET VALUE BEGINNING OF PERIOD		NET INVESTMENT INCOME (LOSS)			NET REALIZED & UNREALIZED GAIN (LOSS)			TOTAL FROM INVESTMENT OPERATIONS
AST MFS Growth	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00		$	7.30 5.94 8.27 10.56 11.30	$	— (0.01 (0.02 (0.01 0.01	) ) )	$	0.78 1.37 (2.31 (2.28 (0.75	) ) )	$	0.78 1.36 (2.33 (2.29 (0.74	) ) )
AST Marsico Capital Growth	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00		$	15.44 11.72 13.88 18.10 21.63	$	— (0.02 (0.04 (0.04 (0.01	+ ) ) ) )	$	2.42 3.74 (2.12 (3.84 (3.00	) ) )	$	2.42 3.72 (2.16 (3.88 (3.01	) ) )
AST Goldman Sachs Concentrated Growth	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00		$	20.85 16.71 23.97 35.08 55.21	$	0.10 (0.05 0.06 0.13 (0.06	) )	$	0.67 4.25 (7.18 (11.24 (15.55	) ) )	$	0.77 4.20 (7.12 (11.11 (15.61	) ) )
AST DeAM Large-Cap Value	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00	(4)	$	9.85 7.85 9.30 9.85 10.00	$	0.11 0.09 0.06 0.01 0.03		$	1.67 1.98 (1.48 (0.55 (0.18	) ) )	$	1.78 2.07 (1.42 (0.54 (0.15	) ) )
AST Hotchkis & Wiley Large-Cap Value	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00		$	14.66 12.55 15.59 17.59 18.65	$	0.18 0.24 0.30 0.34 0.38		$	2.05 2.18 (2.96 (1.82 0.32	) )	$	2.23 2.42 (2.66 (1.48 0.70	) )

					LESS DISTRIBUTIONS
PORTFOLIO					FROM NET INVESTMENT INCOME			FROM NET REALIZED GAINS			TOTAL DISTRIBUTIONS
AST MFS Growth					$	— — — — —		$	— — — — —		$	— — — — —
AST Marsico Capital Growth					$	— — — — —		$	— — — (0.34 (0.52	) )	$	— — — (0.34 (0.52	) )
AST Goldman Sachs Concentrated Growth					$	— (0.06 (0.14 — (0.07	) ) )	$	— — — — (4.45	)	$	— (0.06 (0.14 — (4.52	) ) )
AST DeAM Large-Cap Value					$	(0.09 (0.07 (0.03 (0.01 —	) ) ) )	$	— — — — —		$	(0.09 (0.07 (0.03 (0.01 —	) ) ) )
AST Hotchkis & Wiley Large-Cap Value					$	(0.23 (0.31 (0.38 (0.36 (0.36	) ) ) ) )	$	— — — (0.16 (1.40	) )	$	(0.23 (0.31 (0.38 (0.52 (1.76	) ) ) ) )

(1)	Annualized for periods less than one year.

(2)	Commenced operations on January 3, 2000.

(3)	Commenced operations on May 1, 2000.

(4)	Commenced operations on October 23, 2000.

(5)	Commenced operations on May 1, 2001.

(6)	Commenced operations on May 1, 2002.

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

**	These annual total returns do not consider the effect of sales load or insurance contract charges.

+	Amount represents less than $.005 per share.

See Notes to Financial Statements.

324


		SUPPLEMENTAL DATA						RATIOS OF EXPENSES TO AVERAGE NET ASSETS(1)*
NET ASSET VALUE END OF PERIOD		TOTAL RETURN**		NET ASSETS AT END OF PERIOD (IN 000’S)		PORTFOLIO TURNOVER RATE		AFTER ADVISORY FEE WAIVER AND EXPENSE REIMBURSEMENT		BEFORE ADVISORY FEE WAIVER AND EXPENSE REIMBURSEMENT		RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS
$	8.08 7.30 5.94 8.27 10.56	10.69 22.90 (28.17 (21.68 (6.53	% % )% )% )%	$	534,924 593,307 526,085 974,397 82,051	201 262 198 210 243	% % % % %	1.08 1.25 1.18 1.11 1.24	% % % % %	1.11 1.25 1.18 1.11 1.24	% % % % %	0.01 (0.20 (0.28 (0.12 0.08	% )% )% )% %
$	17.86 15.44 11.72 13.88 18.10	15.67 31.74 (15.56 (21.71 (14.25	% % )% )% )%	$	2,295,020 1,710,581 1,081,101 1,252,427 1,770,849	72 82 109 111 118	% % % % %	1.05 1.10 1.09 1.06 1.04	% % % % %	1.07 1.11 1.10 1.08 1.06	% % % % %	(0.01 (0.21 (0.29 (0.25 (0.09	)% )% )% )% )%
$	21.62 20.85 16.71 23.97 35.08	3.69 25.25 (29.84 (31.67 (30.97	% % )% )% )%	$	968,778 1,151,200 1,147,612 2,452,732 4,262,410	18 21 109 46 34	% % % % %	1.04 1.06 1.06 1.04 1.00	% % % % %	1.11 1.13 1.09 1.07 1.04	% % % % %	0.43 (0.26 0.23 0.45 (0.13	% )% % % )%
$	11.54 9.85 7.85 9.30 9.85	18.17 26.59 (15.30 (5.53 (1.50	% % )% )% )%	$	191,865 133,821 109,994 45,357 6,351	189 161 202 134 1	% % % % %	0.99 0.99 1.07 1.35 1.35	% % % % %	1.11 1.09 1.15 1.35 2.41	% % % % %	1.24 1.13 0.96 0.51 3.39	% % % % %
$	16.66 14.66 12.55 15.59 17.59	15.45 19.94 (17.49 (8.59 4.74	% % )% )% %	$	636,810 640,112 660,533 1,029,069 1,173,070	127 100 32 26 55	% % % % %	0.90 0.98 0.95 0.91 0.94	% % % % %	0.94 0.98 0.95 0.92 0.95	% % % % %	1.05 1.50 1.80 2.17 2.25	% % % % %

325

AMERICAN SKANDIA TRUST

FINANCIAL HIGHLIGHTS

PER SHARE DATA (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)


					INCREASE (DECREASE) FROM INVESTMENT OPERATIONS
PORTFOLIO	PERIOD ENDED		NET ASSET VALUE BEGINNING OF PERIOD		NET INVESTMENT INCOME (LOSS)		NET REALIZED & UNREALIZED GAIN (LOSS)			TOTAL FROM INVESTMENT OPERATIONS
AST Alliance/Bernstein Growth + Value	12/31/04 12/31/03 12/31/02 12/31/01	(5)	$	9.08 7.25 9.71 10.00	$	0.06 0.03 0.06 0.01	$	0.85 1.85 (2.47 (0.30	) )	$	0.91 1.88 (2.41 (0.29	) )
AST Sanford Bernstein Core Value	12/31/04 12/31/03 12/31/02 12/31/01	(5)	$	11.17 8.77 10.14 10.00	$	0.12 0.18 0.09 0.04	$	1.38 2.28 (1.43 0.10	)	$	1.50 2.46 (1.34 0.14	)
AST Cohen & Steers Realty	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00		$	12.91 10.05 10.11 10.18 8.36	$	0.41 0.49 0.49 0.50 0.32	$	4.36 3.02 (0.22 (0.23 1.78	) )	$	4.77 3.51 0.27 0.27 2.10
AST Sanford Bernstein Managed Index 500	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00		$	10.98 8.75 11.14 12.63 14.96	$	0.15 0.11 0.11 0.11 0.10	$	0.94 2.24 (2.39 (1.36 (1.40	) ) )	$	1.09 2.35 (2.28 (1.25 (1.30	) ) )
AST American Century Income & Growth	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00		$	11.95 9.41 11.84 13.02 15.65	$	0.21 0.15 0.12 0.10 0.07	$	1.28 2.51 (2.45 (1.19 (1.74	) ) )	$	1.49 2.66 (2.33 (1.09 (1.67	) ) )
AST Alliance Growth and Income	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00		$	17.71 13.57 18.70 21.38 23.50	$	0.24 0.14 0.18 0.12 0.19	$	1.70 4.19 (4.35 (0.15 0.57	) )	$	1.94 4.33 (4.17 (0.03 0.76	) )


	LESS DISTRIBUTIONS
PORTFOLIO	FROM NET INVESTMENT INCOME			FROM NET REALIZED GAINS			TOTAL DISTRIBUTIONS
AST Alliance/Bernstein Growth + Value	$	(0.03 (0.05 (0.01 —	) ) )	$	— — (0.04 —	)	$	(0.03 (0.05 (0.05 —	) ) )
AST Sanford Bernstein Core Value	$	(0.15 (0.06 (0.03 —	) ) )	$	(0.27 — — —	)	$	(0.42 (0.06 (0.03 —	) ) )
AST Cohen & Steers Realty	$	(0.32 (0.41 (0.33 (0.34 (0.28	) ) ) ) )	$	(0.19 (0.24 — — —	) )	$	(0.51 (0.65 (0.33 (0.34 (0.28	) ) ) ) )
AST Sanford Bernstein Managed Index 500	$	(0.10 (0.12 (0.11 (0.11 (0.08	) ) ) ) )	$	— — — (0.13 (0.95	) )	$	(0.10 (0.12 (0.11 (0.24 (1.03	) ) ) ) )
AST American Century Income & Growth	$	(0.14 (0.12 (0.10 (0.09 (0.08	) ) ) ) )	$	— — — — (0.88	)	$	(0.14 (0.12 (0.10 (0.09 (0.96	) ) ) ) )
AST Alliance Growth and Income	$	(0.13 (0.19 (0.13 (0.19 (0.23	) ) ) ) )	$	— — (0.83 (2.46 (2.65	) ) )	$	(0.13 (0.19 (0.96 (2.65 (2.88	) ) ) ) )

(1)	Annualized for periods less than one year.

(2)	Commenced operations on January 3, 2000.

(3)	Commenced operations on May 1, 2000.

(4)	Commenced operations on October 23, 2000.

(5)	Commenced operations on May 1, 2001.

(6)	Commenced operations on May 1, 2002.

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

**	These annual total returns do not consider the effect of sales load or insurance contract charges.

+	Amount represents less than $.005 per share.

See Notes to Financial Statements.

326


		SUPPLEMENTAL DATA						RATIOS OF EXPENSES TO AVERAGE NET ASSETS(1)*
NET ASSET VALUE END OF PERIOD		TOTAL RETURN**		NET ASSETS AT END OF PERIOD (IN 000’S)		PORTFOLIO TURNOVER RATE		AFTER ADVISORY FEE WAIVER AND EXPENSE REIMBURSEMENT		BEFORE ADVISORY FEE WAIVER AND EXPENSE REIMBURSEMENT		RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS
$	9.96 9.08 7.25 9.71	10.07 26.10 (25.00 (2.80	% % )% )%	$	77,922 63,837 32,065 34,007	37 25 43 95	% % % %	1.22 1.15 1.15 1.35	% % % %	1.22 1.15 1.15 1.45	% % % %	0.66 0.50 0.60 0.46	% % % %
$	12.25 11.17 8.77 10.14	13.92 28.31 (13.24 1.40	% % )% %	$	287,484 192,547 199,176 44,100	33 90 28 25	% % % %	1.04 1.14 1.00 1.15	% % % %	1.04 1.14 1.00 1.15	% % % %	1.48 1.55 1.63 1.36	% % % %
$	17.17 12.91 10.05 10.11 10.18	37.95 37.43 2.65 2.85 26.19	% % % % %	$	423,480 289,502 177,520 139,631 132,486	32 34 60 59 59	% % % % %	1.12 1.24 1.26 1.21 1.28	% % % % %	1.23 1.24 1.26 1.21 1.28	% % % % %	3.49 5.43 5.11 5.01 5.21	% % % % %
$	11.97 10.98 8.75 11.14 12.63	9.98 27.32 (20.64 (10.01 (8.82	% % )% )% )%	$	561,666 541,492 441,169 623,363 704,897	41 45 36 54 84	% % % % %	0.81 0.84 0.84 0.77 0.78	% % % % %	0.81 0.84 0.84 0.78 0.78	% % % % %	1.27 1.03 1.04 0.95 0.84	% % % % %
$	13.30 11.95 9.41 11.84 13.02	12.59 28.78 (19.81 (8.44 (10.77	% % )% )% )%	$	453,912 305,810 259,122 374,739 487,880	99 81 83 55 61	% % % % %	0.99 0.99 0.98 0.94 0.94	% % % % %	0.99 0.99 0.98 0.94 0.94	% % % % %	1.86 1.46 1.04 0.76 0.68	% % % % %
$	19.52 17.71 13.57 18.70 21.38	11.01 32.43 (23.28 (0.48 5.52	% % )% )% %	$	2,152,206 1,836,529 1,169,698 1,875,230 1,595,755	50 62 79 103 144	% % % % %	0.90 0.97 0.96 0.94 1.05	% % % % %	0.93 0.99 0.98 0.96 1.06	% % % % %	1.36 1.01 0.99 0.74 0.96	% % % % %

327

AMERICAN SKANDIA TRUST

FINANCIAL HIGHLIGHTS (CONTINUED)

PER SHARE DATA (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)


				INCREASE (DECREASE) FROM INVESTMENT OPERATIONS
PORTFOLIO	PERIOD ENDED	NET ASSET VALUE BEGINNING OF PERIOD		NET INVESTMENT INCOME (LOSS)		NET REALIZED & UNREALIZED GAIN (LOSS)			TOTAL FROM INVESTMENT OPERATIONS
AST DeAM Global Allocation	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00	$	11.07 9.38 11.46 13.30 15.24	$	0.28 0.12 0.11 0.34 0.34	$	0.94 1.69 (1.84 (1.87 (0.89	) ) )	$	1.22 1.81 (1.73 (1.53 (0.55	) ) )
AST American Century Strategic Balanced	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00	$	12.92 11.14 12.62 13.70 15.30	$	0.21 0.18 0.26 0.27 0.32	$	0.94 1.87 (1.47 (0.78 (0.81	) ) )	$	1.15 2.05 (1.21 (0.51 (0.49	) ) )
AST T. Rowe Price Asset Allocation	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00	$	15.36 12.74 15.05 18.12 18.86	$	0.29 0.24 0.34 0.41 0.52	$	1.40 2.73 (1.76 (1.21 (0.63	) ) )	$	1.69 2.97 (1.42 (0.80 (0.11	) ) )
AST T. Rowe Price Global Bond	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00	$	12.10 11.10 9.65 9.40 9.60	$	0.17 0.27 0.05 0.56 0.48	$	0.81 1.12 1.40 (0.31 (0.53	) )	$	0.98 1.39 1.45 0.25 (0.05	)
AST Goldman Sachs High Yield	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00	$	8.77 7.89 8.86 9.71 11.92	$	0.70 0.62 0.69 0.74 1.18	$	0.19 0.95 (0.70 (0.66 (2.23	) ) )	$	0.89 1.57 (0.01 0.08 (1.05	) )


	LESS DISTRIBUTIONS
PORTFOLIO	FROM NET INVESTMENT INCOME			FROM NET REALIZED GAINS			TOTAL DISTRIBUTIONS
AST DeAM Global Allocation	$	(0.13 (0.12 (0.35 (0.31 (0.32	) ) ) ) )	$	— — — — (1.07	)	$	(0.13 (0.12 (0.35 (0.31 (1.39	) ) ) ) )
AST American Century Strategic Balanced	$	(0.18 (0.27 (0.27 (0.25 (0.23	) ) ) ) )	$	— — — (0.32 (0.88	) )	$	(0.18 (0.27 (0.27 (0.57 (1.11	) ) ) ) )
AST T. Rowe Price Asset Allocation	$	(0.24 (0.35 (0.39 (0.52 (0.45	) ) ) ) )	$	— — (0.50 (1.75 (0.18	) ) )	$	(0.24 (0.35 (0.89 (2.27 (0.63	) ) ) ) )
AST T. Rowe Price Global Bond	$	(0.72 (0.37 — — (0.15	) ) )	$	(0.20 (0.02 — — —	) )	$	(0.92 (0.39 — — (0.15	) ) )
AST Goldman Sachs High Yield	$	(0.71 (0.69 (0.96 (0.93 (1.16	) ) ) ) )	$	— — — — —		$	(0.71 (0.69 (0.96 (0.93 (1.16	) ) ) ) )

(1)	Annualized for periods less than one year.

(2)	Commenced operations on January 3, 2000.

(3)	Commenced operations on May 1, 2000.

(4)	Commenced operations on October 23, 2000.

(5)	Commenced operations on May 1, 2001.

(6)	Commenced operations on May 1, 2002.

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

**	These annual total returns do not consider the effect of sales load or insurance contract charges.

+	Amount represents less than $.005 per share.

See Notes to Financial Statements.

328


		SUPPLEMENTAL DATA						RATIOS OF EXPENSES TO AVERAGE NET ASSETS(1)*
NET ASSETS VALUE END OF PERIOD		TOTAL RETURN**		NET ASSETS AT END OF PERIOD (IN 000'S)		PORTFOLIO TURNOVER RATE		AFTER ADVISORY FEE WAIVER AND EXPENSE REIMBURSEMENT		BEFORE ADVISORY FEE WAIVER AND EXPENSE REIMBURSEMENT		RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS
$	12.16 11.07 9.38 11.46 13.30	11.09 19.53 (15.43 (11.73 (4.36	% % )% )% )%	$	231,727 264,808 284,362 481,159 622,641	93 18 160 77 60	% % % % %	0.14 0.14 0.47 0.89 0.95	% % % % %	0.14 0.14 0.47 0.95 0.95	% % % % %	2.12 1.08 0.91 2.68 2.70	% % % % %
$	13.89 12.92 11.14 12.62 13.70	8.99 18.87 (9.74 (3.80 (3.11	% % )% )% )%	$	233,694 235,818 179,368 210,722 217,483	218 145 126 124 125	% % % % %	1.09 1.11 1.10 1.08 1.10	% % % % %	1.12 1.11 1.10 1.08 1.10	% % % % %	1.56 1.57 2.16 2.19 2.33	% % % % %
$	16.81 15.36 12.74 15.05 18.12	11.17 24.02 (9.89 (4.79 (0.48	% % )% )% )%	$	430,743 360,152 269,119 332,791 395,375	83 94 107 103 43	% % % % %	1.07 1.12 1.11 1.10 1.08	% % % % %	1.12 1.12 1.11 1.10 1.08	% % % % %	1.93 1.84 2.37 2.46 2.64	% % % % %
$	12.16 12.10 11.10 9.65 9.40	8.64 12.86 15.03 2.66 (0.45	% % % % )%	$	362,017 229,630 209,594 108,014 122,200	111 196 323 187 171	% % % % %	1.07 1.06 1.06 0.87 1.12	% % % % %	1.07 1.06 1.06 1.08 1.12	% % % % %	2.58 2.57 3.13 4.83 4.35	% % % % %
$	8.95 8.77 7.89 8.86 9.71	11.08 21.59 0.04 0.14 (9.69	% % % % )%	$	804,589 868,511 576,441 525,821 497,882	66 65 41 48 20	% % % % %	0.93 0.93 0.94 0.95 0.96	% % % % %	0.93 0.93 0.94 0.95 0.96	% % % % %	7.15 7.56 9.02 10.22 10.36	% % % % %

329

AMERICAN SKANDIA TRUST

FINANCIAL HIGHLIGHTS (CONTINUED)

PER SHARE DATA (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)


					INCREASE (DECREASE) FROM INVESTMENT OPERATIONS
PORTFOLIO	PERIOD ENDED		NET ASSET VALUE BEGINNING OF PERIOD		NET INVESTMENT INCOME (LOSS)			NET REALIZED & UNREALIZED GAIN (LOSS)			TOTAL FROM INVESTMENT OPERATIONS
AST Lord Abbett Bond-Debenture	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00	(4)	$	11.44 10.07 10.45 10.15 10.00	$	0.53 0.44 0.42 0.39 0.02		$	0.29 1.37 (0.39 (0.08 0.13	) )	$	0.82 1.81 0.03 0.31 0.15
AST PIMCO Total Return Bond	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00		$	11.99 12.24 11.93 11.60 10.99	$	0.23 0.35 0.39 0.56 0.65		$	0.36 0.27 0.66 0.42 0.56		$	0.59 0.62 1.05 0.98 1.21
AST PIMCO Limited Maturity Bond	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00		$	11.37 11.36 11.30 11.07 10.84	$	0.17 0.22 0.24 0.50 0.68		$	0.06 0.14 0.43 0.36 0.17		$	0.23 0.36 0.67 0.86 0.85
AST Money Market	12/31/04 12/31/03 12/31/02 12/31/01 12/31/00		$	1.00 1.00 1.00 1.00 1.00	$	0.01 — 0.01 0.04 0.06	+	$	— — — — —		$	0.01 — 0.01 0.04 0.06	+

					LESS DISTRIBUTIONS
PORTFOLIO					FROM NET INVESTMENT INCOME			FROM NET REALIZED GAINS			TOTAL DISTRIBUTIONS
AST Lord Abbett Bond-Debenture					$	(0.39 (0.44 (0.41 (0.01 —	) ) ) )	$	(0.04 — — — —	)	$	(0.43 (0.44 (0.41 (0.01 —	) ) ) )
AST PIMCO Total Return Bond					$	(0.48 (0.43 (0.52 (0.65 (0.60	) ) ) ) )	$	(0.09 (0.44 (0.22 — —	) ) )	$	(0.57 (0.87 (0.74 (0.65 (0.60	) ) ) ) )
AST PIMCO Limited Maturity Bond					$	(0.35 (0.22 (0.47 (0.63 (0.62	) ) ) ) )	$	(0.13 (0.13 (0.14 — —	) ) )	$	(0.48 (0.35 (0.61 (0.63 (0.62	) ) ) ) )
AST Money Market					$	(0.01 — (0.01 (0.04 (0.06	) + ) ) )	$	— — — — —	+ + + +	$	(0.01 — (0.01 (0.04 (0.06	) + ) ) )

(1)	Annualized for periods less than one year.

(2)	Commenced operations on January 3, 2000.

(3)	Commenced operations on May 1, 2000.

(4)	Commenced operations on October 23, 2000.

(5)	Commenced operations on May 1, 2001.

(6)	Commenced operations on May 1, 2002.

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

**	These annual total returns do not consider the effect of sales load or insurance contract charges.

+	Amount represents less than $.005 per share.

See Notes to Financial Statements.

330


.		SUPPLEMENTAL DATA						RATIOS OF EXPENSES TO AVERAGE NET ASSETS(1)*
NET ASSET VALUE END OF PERIOD		TOTAL RETURN**		NET ASSETS AT END OF PERIOD (IN 000'S)		PORTFOLIO TURNOVER RATE		AFTER ADVISORY FEE WAIVER AND EXPENSE REIMBURSEMENT		BEFORE ADVISORY FEE WAIVER AND EXPENSE REIMBURSEMENT		RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS
$	11.83 11.44 10.07 10.45 10.15	7.42 18.74 0.41 3.04 1.50	% % % % %	$	431,513 346,412 164,939 62,456 6,783	49 84 43 102 9	% % % % %	0.97 1.04 1.04 1.10 1.20	% % % % %	1.02 1.04 1.04 1.10 3.07	% % % % %	5.15 6.31 7.16 7.23 4.39	% % % % %
$	12.01 11.99 12.24 11.93 11.60	4.96 5.32 9.22 8.87 11.57	% % % % %	$	2,318,223 2,107,944 2,255,048 1,638,346 1,258,218	253 222 229 343 365	% % % % %	0.78 0.78 0.78 0.79 0.82	% % % % %	0.81 0.80 0.80 0.81 0.82	% % % % %	2.08 2.85 3.90 5.02 6.14	% % % % %
$	11.12 11.37 11.36 11.30 11.07	2.07 3.28 6.21 7.97 8.43	% % % % %	$	1,232,820 1,005,924 1,058,843 611,197 417,842	103 208 271 445 171	% % % % %	0.79 0.82 0.83 0.83 0.87	% % % % %	0.82 0.82 0.83 0.83 0.87	% % % % %	1.65 1.74 2.87 5.10 6.14	% % % % %
$	1.00 1.00 1.00 1.00 1.00	0.84 0.63 1.29 3.77 6.07	% % % % %	$	1,359,188 1,762,117 2,744,716 2,652,093 2,244,193	N/A N/A N/A N/A N/A		0.58 0.59 0.58 0.59 0.60	% % % % %	0.63 0.64 0.63 0.64 0.65	% % % % %	0.81 0.63 1.27 3.60 5.93	% % % % %

331

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders of

American Skandia Trust:

We have audited the accompanying statements of assets and liabilities of the American Skandia Trust (comprised of AST Alger All-Cap Growth Portfolio, AST Alliance Growth and Income Portfolio, AST Alliance Growth Portfolio, AST Alliance/Bernstein Growth + Value Portfolio, AST American Century Income & Growth Portfolio, AST American Century Strategic Balanced Portfolio, AST Cohen & Steers Realty Portfolio, AST DeAM Global Allocation Portfolio, AST LSV International Value Portfolio, AST DeAM Large-Cap Value Portfolio, AST DeAM Small-Cap Value Portfolio, AST DeAM Small-Cap Growth Portfolio, AST Federated Aggressive Growth Portfolio, AST Goldman Sachs High Yield Portfolio, AST Gabelli All-Cap Value Portfolio, AST Small-Cap Value Portfolio, AST Goldman Sachs Concentrated Growth Portfolio, AST Goldman Sachs Mid-Cap Growth Portfolio, AST Goldman Sachs Small-Cap Value Portfolio, AST Hotchkis & Wiley Large-Cap Value Portfolio, AST Lord Abbett Bond-Debenture Portfolio, AST Marsico Capital Growth Portfolio, AST MFS Global Equity Portfolio, AST MFS Growth Portfolio, AST Money Market Portfolio, AST Neuberger Berman Mid-Cap Growth Portfolio, AST Neuberger Berman Mid-Cap Value Portfolio, AST State Street Research Small-Cap Growth Portfolio, AST PIMCO Limited Maturity Bond Portfolio, AST PIMCO Total Return Bond Portfolio, AST Sanford Bernstein Core Value Portfolio, AST Sanford Bernstein Managed Index 500 Portfolio, AST JPMorgan International Equity Portfolio, AST T. Rowe Price Asset Allocation Portfolio, AST T. Rowe Price Global Bond Portfolio, AST T. Rowe Price Natural Resources Portfolio, and AST William Blair International Growth Portfolio, collectively, the "Funds"), including the schedules of investments, as of December 31, 2004, and the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the years in the two-year period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the periods presented through December 31, 2002 were audited by other auditors, whose report dated February 14, 2003, expressed an unqualified opinion thereon.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2004, by correspondence with custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds constituting the American Skandia Trust as of December 31, 2004, and the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the years in the two-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

New York, New York

February 9, 2005

332

TAX INFORMATION (UNAUDITED)

For the year ended December 31, 2004, the tax character of the dividends paid was:


PORTFOLIO	ORDINARY INCOME		LONG-TERM CAPITAL GAIN		TOTAL DIVIDENDS PAID
JPMorgan International Equity	$	3,597,872	$	—	$	3,597,872
William Blair International Growth		7,604,485		—		7,604,485
LSV International Value		2,339,322		—		2,339,322
MFS Global Equity		221,874		—		221,874
Federated Aggressive Growth		4,045,919		—		4,045,919
Goldman Sachs Small-Cap Value		696,491		4,161,394		4,857,885
Small-Cap Value		42,814		—		42,814
DeAM Small-Cap Value		1,486,307		1,564,069		3,050,376
Neuberger Berman Mid-Cap Value		1,190,224		26,886,646		28,076,870
Gabelli All-Cap Value		512,677		—		512,677
T. Rowe Price Natural Resources		1,843,388		—		1,843,388
DeAM Large-Cap Value		1,225,279		—		1,225,279
Hotchkis & Wiley Large-Cap Value		9,262,013		—		9,262,013
Alliance/Bernstein Growth + Value		229,760		—		229,760
Sanford Bernstein Core Value		8,247,305		—		8,247,305
Cohen & Steers Realty		7,684,744		4,721,132		12,405,876
Sanford Bernstein Managed Index 500		4,631,826		—		4,631,826
American Century Income & Growth		3,630,621		—		3,630,621
Alliance Growth and Income		13,715,428		—		13,715,428
DeAM Global Allocation		2,868,023		—		2,868,023
American Century Strategic Balanced		3,257,861		—		3,257,861
T. Rowe Price Asset Allocation		5,760,759		—		5,760,759
T. Rowe Price Global Bond		16,891,538		1,509,137		18,400,675
Goldman Sachs High Yield		58,039,833		—		58,039,833
Lord Abbett Bond-Debenture		13,892,148		—		13,892,148
PIMCO Total Return Bond		85,249,707		15,173,281		100,422,988
PIMCO Limited Maturity Bond		35,683,588		5,348,710		41,032,298
Money Market		16,221,849		—		16,221,849

333

Pursuant to Section 854 of the Internal Revenue Code, the following percentages of distributions from ordinary income for the year ended December 31, 2004 have been designated as being eligible for the dividends received deduction available to corporate shareholders:


	CORPORATE DIVIDEND RECEIVED DEDUCTION
Goldman Sachs Small-Cap Value	100	%
Small-Cap Value	100	%
DeAM Small-Cap Value	23	%
Neuberger Berman Mid-Cap Value	100	%
Gabelli All-Cap Value	100	%
T. Rowe Price Natural Resources	37	%
DeAM Large-Cap Value	100	%
Hotchkis & Wiley Large-Cap Value	100	%
Alliance/Bernstein Growth + Value	100	%
Sanford Bernstein Core Value	57	%
Sanford Bernstein Managed Index 500	100	%
American Century Income & Growth	100	%
Alliance Growth and Income	100	%
American Century Strategic Balanced	63	%
T. Rowe Price Asset Allocation	21	%
Lord Abbett Bond-Debenture	5	%

Pursuant to Section 853 of the Internal Revenue Code, the following foreign taxes paid and foreign source income have been designated as being paid in connection with dividends distributed from investment company taxable income for the year ended December 31, 2004:


	FOREIGN TAXES	FOREIGN SOURCE INCOME
JPMorgan International Equity	1,010,973	5,448,181
MFS Global Equity	195,582	656,903
LSV International Value	479,944	3,332,326
William Blair International Growth	1,455,331	15,636,435

In addition, JP Morgan International Equity designates $853,782 of foreign taxes and $4,451,648 of foreign source income from 2003 investment company taxable income, which was distributed to shareholders in 2004.

334

MANAGEMENT OF THE FUND

(Unaudited)

Information pertaining to the Directors of the Fund is set forth below. Directors who are not deemed to be “interested persons” of the Fund as defined in the Investment Company Act are referred to as “Independent Directors.” Directors who are deemed to be “interested persons” of the Fund are referred to as “Interested Directors.” “Fund Complex” consists of the Fund and any other investment companies managed by PI.


Name, Address**, and Birthdate	Position with Fund* Term of Office*** Length of Time Served	Number of Portfolios In Fund Complex Overseen by Director	Other Directorships Held by the Director****

Saul K. Fenster, Ph.D. (3/22/33)	Director, Since 2003	74	Member (since 2000), Board of Directors of IDT Corporation

Principal Occupations During Past 5 Years – Currently President Emeritus of New Jersey Institute of Technology (since 2002); formerly President (1978-2002) of New Jersey Institute of Technology; Commissioner (1998-2002) of the Middle States Association Commission on Higher Education; Commissioner (1985-2002) of the New Jersey Commission on Science and Technology; Director (since 1998) of Society of Manufacturing Engineering Education Foundation, Director (since 1995) of Prosperity New Jersey; formerly a director or trustee of Liberty Science Center, Research and Development Council of New Jersey, New Jersey State Chamber of Commerce, and National Action Council for Minorities in Engineering.

Delayne Dedrick Gold (7/15/38)	Director, Since 2003	74	—

Principal Occupations During Past 5 Years – Marketing Consultant (1982-present); formerly Senior Vice President and Member of the Board of Directors, Prudential Bache Securities, Inc.

Julian A. Lerner (11/12/24)	Director Emeritus, Since 2003	74	—

Principal Occupations During Past 5 Years – Senior Vice President and Portfolio Manager (1986-1995); AIM Charter Fund and AIM Summit Fund.

W. Scott McDonald, Jr. (4/19/37)	Vice Chairman and Director, Since 2003	74	—

Principal Occupations During Past 5 Years – Of Counsel (since 2004); formerly Management Consultant (1997-2004) at Kaludis Consulting Group, Inc. (company serving higher education); formerly principal (1995-1997), Scott McDonald & Associates, Chief Operating Officer (1991-1995), Fairleigh Dickinson University, Executive Vice President and Chief Operating Officer (1975-1991), Drew University, interim President (1988-1990), Drew University and former Director of School, College and University Underwriters, Ltd.

Thomas T. Mooney (11/11/41)	Chairman and Director, Since 2003	74	Director (since 1988) of The High Yield Plus Fund, Inc.

Principal Occupations During Past 5 Years – Chief Executive Officer, the Rochester Business Alliance, formerly President of the Greater Rochester Metro Chamber of Commerce, Rochester City Manager; formerly Deputy Monroe County Executive; Director of Blue Cross of Rochester and Executive Service Corps of Rochester; Director of the Rochester Individual Practice Association; Director of Rural Metro Ambulance Rochester (since 2003); Vice President and Director of Hi-tech of Rochester.

Thomas M. O’Brien (12/5/50)	Director, Since 1992	74	Director (December 1996-May 2000) of North Fork Bancorporation, Inc.; Director (since May 2000) of Atlantic Bank of New York.

Principal Occupations During Past 5 Years – President and Chief Executive Officer (since May 2000) of Atlantic Bank of New York; Vice Chairman (January 1997-April 2000) of North Fork Bank; President and Chief Executive Officer (December 1984-December 1996) of North Side Savings Bank.


Name, Address**, and Birthdate	Position with Fund* Term of Office*** Length of Time Served	Number of Portfolios In Fund Complex Overseen by Director	Other Directorships Held by the Director****

John A. Pileski (9/2/39)	Director, Since 2001	74	Director (since April 2001) of New York Community Bank.

Principal Occupations During Past 5 Years – Retired since June 2000; Tax Partner (July 1974-June 2000) of KPMG, LLP.

F. Don Schwartz (8/14/35)	Director, Since 1992	74	—

Principal Occupations During Past 5 Years – Management Consultant (since April 1985).

Interested Directors
Name, Address**, and Birthdate	Position with Fund* Term of Office*** Length of Time Served	Number of Portfolios In Fund Complex Overseen by Director	Other Directorships Held by the Director****

*David R. Odenath (3/8/57)	President and Director Since 2003	74	—

Principal Occupations During Past 5 Years – President of Prudential Annuities (since August 2002); Executive Vice President (since May 2003) of American Skandia Investment Services, Inc; Chief Executive Officer and Director (since May 2003) of American Skandia Life Assurance Corporation, American Skandia Information Services and Technology Corporation and Skandia U.S. Inc.; President, Chief Executive Officer and Director (since May 2003) of American Skandia Marketing, Inc.; Formerly President, Chief Executive Officer, Chief Operating Officer and Officer-In-Charge (1999-2003) of PI; Senior Vice President (since June 1999) of Prudential; formerly Senior Vice President (August 1993-May 1999) of PaineWebber Group, Inc.

*Robert F. Gunia (12/15/46)	Vice President and Director since 2003	167	Vice President and Director (since May 1989) and Treasurer (since 1999) of The Asia Pacific Fund, Inc.

Principal Occupations During Past 5 Years – Chief Administrative Officer (since June 1999) of Prudential Investments LLC (PI); Executive Vice President and Treasurer (since January 1996) of PI; President (since April 1999) of Prudential Investment Management Services LLC (PIMS); Corporate Vice President (since September 1997) of The Prudential Insurance Company of America (Prudential); Director, Executive Vice President and Chief Administrative Officer (since May 2003) of American Skandia Investment Services, Inc, American Skandia Advisory Services, Inc., and American Skandia Fund Services, Inc.; Executive Vice President (since March 1999) and Treasurer (since May 2000) of Prudential Mutual Fund Services LLC; formerly Senior Vice President (March 1987-May 1999) of Prudential Securities Incorporated (Prudential Securities).



Officers
Name, Address**, and Birthdate	Position with Fund* Term of Office*** Length of Time Served	Principal Occupations During Past 5 Years

Grace C. Torres (6/28/59)	Treasurer and Principal Financial and Accounting Officer Since 2003	Senior Vice President (since January 2000) of PI; Senior Vice President and Assistant Treasurer (since May 2003) of American Skandia Investment Services, Inc. and American Skandia Advisory Services, Inc.; formerly First Vice President (December 1996-January 2000) of PI and First Vice President (March 1993-1999) of Prudential Securities.

Jonathan D. Shain (8/9/58)	Assistant Secretary Since 2003	Vice President and Corporate Counsel (since August 1998) of Prudential Insurance; Vice President and Assistant Secretary (since May 2003) of American Skandia Investment Services, Inc. and American Skandia Fund Services, Inc.; formerly Attorney with Fleet Bank, N.A. (January 1997-July 1998).


Officers
Name, Address**, and Birthdate	Position with Fund* Term of Office*** Length of Time Served	Principal Occupations During Past 5 Years

William V. Healey (7/28/53)	Chief Legal Officer Since 2004	Vice President and Associate General Counsel (since 1998) of Prudential; Executive Vice President and Chief Legal Officer (since February 1999) of Prudential Investments LLC; Senior Vice President, Chief Legal Officer and Secretary (since December 1998) of Prudential Investment Management Services LLC; Executive Vice President and Chief Legal Officer (since February 1999) of Prudential Mutual Fund Services LLC; Vice President and Secretary (since October 1998) of Prudential Investment Management, Inc.; Executive Vice President and Chief Legal Officer (since May 2003) of American Skandia Investment Services, Inc., American Skandia Fund Services, Inc. and American Skandia Advisory Services, Inc.; Director (June 1999-June 2002 and June 2003-present) of ICI Mutual Insurance Company; prior to August 1998, Associate General Counsel of the Dreyfus Corporation (Dreyfus), a subsidiary of Mellon Bank, N.A. (Mellon Bank), and an officer and/or director of various affiliates of Mellon Bank and Dreyfus; Assistant Secretary (since June 2004) of The Asia Pacific Fund, Inc.

Edward P. Macdonald (7/4/67)	Assistant Secretary Since 2003	Vice President and Assistant Secretary (since May 2003) of American Skandia Investment Services, Inc.; Chief Counsel, Investment Management of American Skandia, Inc. (ASI) (since July 2002); Senior Counsel, Securities of ASI (September 2000-June 2002); Counsel of ASI (December 1999-August 2000); Senior Associate of Counsel of ASI (April 1999-December 1999); Branch Chief, Senior Counsel and Attorney at the U.S. Securities and Exchange Commission (October 1994-April 1999).

Lee D. Augsburger (6/7/59)	Chief Compliance Officer Since 2004	Vice President and Chief Compliance Officer (since May 2003) of PI; Vice President and Chief Compliance Officer (since October 2000) of Prudential Investment Management, Inc.; formerly Vice President and Chief Legal Officer-Annuities (August 1999-October 2000) of Prudential Insurance Company of America; Vice President and Corporate Counsel (November 1997-August 1999) of Prudential Insurance Company of America.

Maryanne Ryan (10/12/64)	Anti-Money Laundering Compliance Officer Since 2002	Vice President, Prudential (since November 1998), First Vice President Prudential Securities (March 1997-May 1998); Anti-Money Laundering Compliance Officer (since 2003) of American Skandia Investment Services, Inc., American Skandia Advisory Services, Inc. and American Skandia Marketing, Inc.

Helene Gurian (10/25/53)	Acting Anti-Money Laundering Compliance Officer Since 2004	Vice President, Prudential (since July 1997). Vice President, Compliance (July 1997-January 2001); Vice President, Compliance and Risk Officer, Retail Distribution (January 2001-May 2002); Vice President, Corporate Investigations (May 2002-present) responsible for supervision of Prudential's fraud investigations, anti-money laundering program and high technology investigation unit.

* “Interested” Director, as defined in the Investment Company Act, by reason of employment with the Manager (as defined below), and/or the Distributor (as defined below).

** Unless otherwise noted, the address of the Directors and Officers is c/o: Prudential Investments LLC, Gateway Center Three, 100 Mulberry Street, Newark, New Jersey 07102.

*** There is no set term of office for Directors and Officers. The Independent Directors have adopted a retirement policy, which calls for the retirement of Directors on December 31 of the year in which they reach the age of 75. The table shows how long they have served as Director and/or Officer.

**** This column includes only directorships of companies required to register, or file reports with the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Investment Company Act.


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

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

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

B1-1204

Item 2 – Code of Ethics – – See Exhibit (a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 973-802-6469, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant’s Board has determined that Mr. John A. Pileski, member of the Board’s Audit Committee is an “audit committee financial expert,” and that he is “independent,” for purposes of this Item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended December 31, 2004 and December 31, 2003, KPMG LLP (“KPMG”), the Registrant’s principal accountant, billed the Registrant $598,600 and $667,000, respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

None.

(d) All Other Fees

None.

(e) (1) Audit Committee Pre-Approval Policies and Procedures

THE PRUDENTIAL MUTUAL FUNDS

AUDIT COMMITTEE POLICY

Pre-Approval of Services Provided by the Independent Accountants

The Audit Committee of each Prudential Mutual Fund is charged with the responsibility to monitor the independence of the Fund’s independent accountants. As part of this responsibility, the Audit Committee must pre-approve any independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

•

a review of the nature of the professional services expected to be provided,

•

a review of the safeguards put into place by the accounting firm to safeguard independence, and

•

periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund’s independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services. Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants. Proposed services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor’s independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under “Audit Services”, “Audit-related Services”, and “Tax Services” are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services which the Committee (or the Committee Chair) would consider for pre-approval.

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

•

Annual Fund financial statement audits

•

Seed audits (related to new product filings, as required)

•

SEC and regulatory filings and consents

Audit-related Services

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants:

•

Accounting consultations

•

Fund merger support services

•

Agreed Upon Procedure Reports

•

Attestation Reports

•

Other Internal Control Reports

Individual audit-related services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $50,000.

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

•

Tax compliance services related to the filing or amendment of the following:

•

Federal, state and local income tax compliance; and,

•

Sales and use tax compliance

•

Timely RIC qualification reviews

•

Tax distribution analysis and planning

•

Tax authority examination services

•

Tax appeals support services

•

Accounting methods studies

•

Fund merger support services

•

Tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $50,000.

Other Non-audit Services

Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval

pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

•

Bookkeeping or other services related to the accounting records or financial statements of the Fund

•

Financial information systems design and implementation

•

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

•

Actuarial services

•

Internal audit outsourcing services

•

Management functions or human resources

•

Broker or dealer, investment adviser, or investment banking services

•

Legal services and expert services unrelated to the audit

•

Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval of Non-Audit Services Provided to Other Entities Within the Prudential Fund Complex

Certain non-audit services provided to Prudential Investments LLC or any of its affiliates that also provide ongoing services to the Prudential Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those related directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process, will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $50,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to Prudential Investments LLC and its affiliates, the Committee will receive an annual report from the Fund’s independent accounting firm showing the aggregate fees for all services provided to Prudential Investments and its affiliates.

(e) (2) Percentage of services referred to in 4(b)- (4)(d) that were approved by the audit committee –

Not applicable.

(f)	Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater than 50%.

Not applicable.

(g) Non-Audit Fees

Not applicable to Registrant. The aggregate non-audit fees billed by KPMG for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the last fiscal year 2004 was $33,500. There were no non-audit fees billed by KPMG for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal year 2003.

(h) Principal Accountants Independence

Not applicable as KPMG has not provided non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

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

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

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

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 – Submission of Matters to a Vote of Security Holders:

On August 30, 2004, the Board of Trustees adopted the following nominations and communications policy:

Governance Committee: The Governance Committee of the Board of Trustees is responsible for nominating directors and making recommendations to the Board concerning Board composition, committee structure and governance, trustee education, and governance practices. The Board has determined that each member of the Governance Committee is not an “interested person” as defined in the Investment Company Act of 1940.

The Governance Committee Charter is available on the Trust’s website at www.americanskandia.prudential.com.

Selection of Trustee Nominees: The Governance Committee is responsible for considering trustee nominees at such times as it considers electing new trustees to the Board. The Governance Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and will also consider shareholder recommendations. The Governance Committee has not established specific, minimum qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Governance Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and whether the individual is would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Governance Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the diversity of the Board. There are no differences in the manner in which the Governance Committee evaluates nominees for trustee based on whether the nominee is recommended by a shareholder.

A shareholder who wishes to recommend a trustee nominee should submit his or her recommendation in writing to the Chair of the Board (Mr. Thomas T. Mooney) or the Chair of the Governance Committee (Mr. Saul K. Fenster, Ph.D.), in either case c/o American Skandia Trust, P.O. Box 13964, Philadelphia, PA 19176. At a minimum, the recommendation should include:

•

the name, address, and business, educational, and/or other pertinent background of the person being recommended;

•

a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940;

•

any other information that the Trust would be required to include in a proxy statement concerning the person if he or she was nominated;

•

the name and address of the person submitting the recommendation, together with the number of Trust shares held by such person and the period for which the shares have been held.

The recommendation also can include any additional information which the person submitting it believes would assist the Governance Committee in evaluating the recommendation.

Shareholders should note that a person who owns securities issued by Prudential Financial, Inc. (the parent company of the Trust’s investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940. In addition, certain other relationships with Prudential Financial, Inc. or its subsidiaries, with registered broker-dealers, or with the Trust’s outside legal counsel may cause a person to be deemed an “interested person.”

Before the Governance Committee decides to nominate an individual as a trustee, Committee members and other trustees customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company.

Shareholder Communications with Trustees: Shareholders of the Trust can communicate directly with the Board of Trustees by writing to the Chair of the Board, c/o American Skandia Trust, P.O. Box 13964, Philadelphia, PA 19176. Shareholders can communicate directly with an individual trustee by writing to that trustee at, American Skandia Trust, P.O. Box 13964, Philadelphia, PA 19176. Such communications to the Board or individual trustees are not screened before being delivered to the addressee.

Item 11 – 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 12 – Exhibits

(a)

Code of Ethics – Attached hereto

(b)

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

SIGNATURES

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


(Registrant) American Skandia Trust

By (Signature and Title)*		/s/ Jonathan D. Shain
		Jonathan D. Shain
		Assistant Secretary

Date February 18, 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 February 18, 2005

By (Signature and Title)*		/s/ Grace C. Torres
		Grace C. Torres
		Treasurer and Principal Financial Officer
Date February 18, 2005

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