Edgar Filing: ALLMERICA SECURITIES TRUST

	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549



	FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number			811-02338
Allmerica Securities Trust
(Exact name of registrant as specified in charter)
440 Lincoln Street Worcester, Massachusetts				01653
(Address of principal executive offices)				(Zip code)

George M. Boyd, Trust Secretary Allmerica Financial 440 Lincoln Street Worcester, MA 01653
(Name and address of agent for service)

Registrant's telephone number, including area code:			(508) 855-1000

Date of fiscal year end:	December 31

Date of reporting period:		March 31, 2005

Item 1. Schedule of Investments.

ALLMERICA SECURITIES TRUST

PORTFOLIO OF INVESTMENTS - March 31, 2005 (Unaudited)

Par Value			Moody’s Ratings	Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS (h) - 0.2%

		Freddie Mac - 0.2%
$	73,082	5.00%, 05/15/21	NR	$	73,565
131,477		6.00%, 10/15/07	NR	134,092
				207,657

		Total U.S. Government Agency Mortgage-Backed Obligations (Cost $213,473)		207,657

Par Value			Moody’s Ratings	Value
U.S. GOVERNMENT OBLIGATIONS - 1.1%

		U.S. Treasury Bond - 0.6%
500,000		5.38%, 02/15/31 (a)	NR	544,941

		U.S. Treasury Note - 0.5%
375,000		5.00%, 08/15/11 (a)	NR	389,590

		Total U.S. Government Obligations (Cost $880,260)		934,531

Par Value			Moody’s Ratings	Value
CORPORATE NOTES AND BONDS - 79.6%

		Auto Manufacturers - 1.8%
500,000		DaimlerChrysler North America Holding Corp.
		7.30%, 01/15/12	A3	545,176
500,000		DaimlerChrysler North America Holding Corp.
		8.50%, 01/18/31	A3	603,326
500,000		General Motors Acceptance Corp.
		7.00%, 02/01/12	Baa1	451,658
				1,600,160

		Banks - 10.3%
880,000		Bank of America Corp.
		4.88%, 09/15/12	Aa2	878,237
500,000		Bank of America Corp.
		5.25%, 12/01/15	Aa3	500,900
450,000		Bank of New York Co., Inc.
		3.75%, 02/15/08	Aa3	442,220
1,000,000		Bank of New York Co., Inc.
		6.38%, 04/01/12	A1	1,070,565
450,000		BB&T Corp. (b)
		6.38%, 06/30/05	A2	453,455
655,000		Fifth Third Bank
		4.50%, 06/01/18	Aa3	602,502
500,000		Firstar Bank
		7.13%, 12/01/09	Aa2	551,661
450,000		HSBC Bank USA, Inc.
		4.63%, 04/01/14	Aa3	434,416
450,000		Marshall & Ilsley Corp.
		4.38%, 08/01/09	A1	445,350

$	420,000	National City Bank of Indiana
		4.88%, 07/20/07	Aa3	$	426,274
350,000		PNC Funding Corp.
		6.13%, 02/15/09	A3	366,427
125,000		Suntrust Banks, Inc.
		7.75%, 05/01/10	A1	141,975
500,000		U.S. Bancorp, MTN
		5.10%, 07/15/07	Aa2	509,890
455,000		U.S. Bank National Cincinnati
		6.50%, 02/01/08	Aa2	479,394
475,000		Wachovia Bank N.A.
		4.85%, 07/30/07	Aa2	483,137
450,000		Wachovia Corp.
		4.95%, 11/01/06	Aa3	455,608
450,000		Wells Fargo & Co.
		5.13%, 09/01/12	Aa2	455,956
440,000		Zions Bancorporation
		5.65%, 05/15/14	Baa1	446,624
				9,144,591

		Beverages - 1.1%
450,000		Anheuser-Busch Cos., Inc.
		4.63%, 02/01/15	A1	436,320
500,000		Bottling Group LLC
		4.63%, 11/15/12	Aa3	491,119
				927,439

		Chemicals - 0.8%
200,000		Du Pont (E.I.) De Nemours and Co.
		8.25%, 09/15/06	Aa3	211,378
500,000		Praxair, Inc.
		6.63%, 10/15/07	A3	523,388
				734,766

		Cosmetics & Personal Care - 2.3%
500,000		Kimberly-Clark Corp.
		7.10%, 08/01/07	Aa2	532,975
300,000		Procter & Gamble Co.
		4.75%, 06/15/07	Aa3	304,153
1,000,000		Procter & Gamble Co.
		8.50%, 08/10/09	Aa3	1,157,852
				1,994,980

		Diversified Financial Services - 14.4%
500,000		American Express Co.
		3.75%, 11/20/07	A1	492,355
580,000		Bear Stearns Cos., Inc.
		4.00%, 01/31/08	A1	572,511
725,000		Capital One Bank
		4.88%, 05/15/08	Baa2	730,212
900,000		CIT Group, Inc., MTN
		5.13%, 09/30/14	A2	888,363
500,000		Citifinancial
		6.75%, 07/01/07	Aa1	526,767

$	460,000	Ford Motor Credit Co.
		6.50%, 01/25/07	A3	$	464,666
400,000		Ford Motor Credit Co.
		6.88%, 02/01/06	A3	405,439
825,000		Ford Motor Credit Co.
		7.25%, 10/25/11	A3	814,132
500,000		General Electric Capital Corp.
		8.75%, 05/21/07	Aaa	545,734
500,000		General Electric Capital Corp., MTN
		4.25%, 01/15/08	Aaa	498,134
350,000		Goldman Sachs Group, Inc.
		3.88%, 01/15/09	Aa3	340,854
450,000		Goldman Sachs Group, Inc.
		5.70%, 09/01/12	Aa3	463,275
500,000		Household Finance Corp.
		8.00%, 07/15/10	A1	571,984
425,000		J. Paul Getty Trust
		5.88%, 10/01/33	Aaa	443,089
222,011		Jones (Edward D.) & Co., LP (c) (d)
		7.95%, 04/15/06	NR	231,018
500,000		Lehman Brothers Holdings, Inc.
		4.00%, 01/22/08	A1	493,509
605,000		MBNA Corp., MTN
		4.63%, 08/03/09	Baa1	600,084
350,000		MBNA Corp., MTN
		6.25%, 01/17/07	Baa2	361,388
85,000		MBNA Corp., MTN
		7.50%, 03/15/12	Baa2	95,846
1,630,000		Morgan Stanley
		4.75%, 04/01/14	A1	1,551,954
495,000		Morgan Stanley
		6.60%, 04/01/12	Aa3	540,330
550,000		Pitney Bowes Credit Corp.
		8.55%, 09/15/09	Aa3	631,148
500,000		Toyota Motor Credit Corp.
		5.50%, 12/15/08	Aaa	517,541
				12,780,333

		Electric - 5.6%
550,000		AmerenEnergy Generating
		7.75%, 11/01/05	A3	563,018
505,000		Centerpoint Energy, Inc. (a)
		5.88%, 06/01/08	Ba2	520,521
375,000		Consolidated Edison Co. of New York
		4.70%, 06/15/09	A1	377,017
425,000		Detroit Edison Co.
		6.13%, 10/01/10	A3	451,973
563,466		East Coast Power LLC
		7.07%, 03/31/12	Baa3	588,771
250,000		Entergy Gulf States, Inc.
		3.60%, 06/01/08	Baa3	242,609
450,000		FirstEnergy Corp.
		6.45%, 11/15/11	Baa3	474,770
500,000		FirstEnergy Corp.
		7.38%, 11/15/31	Baa3	566,351

$	225,000	Florida Power & Light
		6.88%, 12/01/05	Aa3	$	229,840
450,000		Pacific Gas & Electric Co.
		6.05%, 03/01/34	Baa1	462,067
450,000		TXU Energy Co.
		7.00%, 03/15/13	Baa2	492,470
				4,969,407

		Environmental Control - 1.1%
450,000		Allied Waste North America (a)
		6.50%, 11/15/10	B2	436,500
500,000		Allied Waste North America
		8.50%, 12/01/08	B2	512,500
				949,000

		Food - 4.9%
1,500,000		Delhaize America, Inc.
		8.13%, 04/15/11	Ba1	1,667,282
460,000		General Mills, Inc.
		6.00%, 02/15/12	Baa2	489,146
470,000		Kroger Co.
		5.50%, 02/01/13	Baa2	476,428
350,000		Kroger Co.
		6.38%, 03/01/08	Baa2	365,279
450,000		Safeway, Inc.
		6.50%, 03/01/11	Baa2	476,892
830,000		Unilever Capital Corp.
		5.90%, 11/15/32	A1	868,809
				4,343,836

		Forest Products & Paper - 1.7%
1,000,000		Georgia-Pacific Group
		7.25%, 06/01/28	Ba3	1,030,000
500,000		International Paper Co.
		5.50%, 01/15/14	Baa2	508,658
				1,538,658

		Health Care-Products - 0.2%
120,000		Johnson & Johnson
		6.73%, 11/15/23	Aaa	140,767

		Health Care-Services - 0.4%
300,000		UnitedHealth Group, Inc.
		7.50%, 11/15/05	A2	305,971

		Home Builders - 1.7%
920,000		D.R. Horton, Inc.
		5.00%, 01/15/09	Ba1	895,996
500,000		Pulte Homes, Inc.
		8.13%, 03/01/11	Baa3	563,795
				1,459,791

		Lodging - 1.0%
$	500,000	Harrah’s Operating Co., Inc.
		7.13%, 06/01/07	Baa3	$	525,373
350,000		Park Place Entertainment Corp.
		8.13%, 05/15/11	Ba2	387,625
				912,998

		Media - 5.3%
550,000		AOL Time Warner, Inc.
		6.88%, 05/01/12	Baa1	600,646
270,000		Belo Corp.
		8.00%, 11/01/08	Baa3	298,053
450,000		Continental Cablevision, Inc.
		8.30%, 05/15/06	Baa3	467,586
505,000		Cox Communications, Inc.
		7.13%, 10/01/12	Baa3	550,750
700,000		Echostar DBS Corp.
		5.75%, 10/01/08	Ba3	689,500
500,000		News America Holdings, Inc.
		7.38%, 10/17/08	Baa3	540,348
300,000		Time Warner Cos., Inc.
		7.57%, 02/01/24	Baa1	347,226
450,000		Time Warner Entertainment Co.
		7.25%, 09/01/08	Baa1	483,925
180,000		Viacom, Inc.
		5.50%, 05/15/33	A3	161,779
450,000		Viacom, Inc.
		7.88%, 07/30/30	A3	534,524
				4,674,337

		Metal Fabricate & Hardware - 1.1%
1,000,000		Precision Castparts Corp.
		5.60%, 12/15/13	Baa3	1,004,690

		Office & Business Equipment - 0.8%
750,000		Pitney Bowes, Inc.
		4.75%, 05/15/18	Aa3	714,738

		Oil & Gas - 7.2%
900,000		Atmos Energy Corp.
		4.00%, 10/15/09	Baa3	866,533
375,000		Burlington Resources Finance Co.
		7.40%, 12/01/31	Baa1	456,459
580,000		Conoco Funding Co.
		5.45%, 10/15/06	A3	592,395
500,000		Conoco Funding Co.
		7.25%, 10/15/31	A3	614,876
450,000		Devon Financing Corp.
		6.88%, 09/30/11	Baa2	495,463
450,000		Devon Financing Corp.
		7.88%, 09/30/31	Baa2	560,536
920,000		Pioneer Natural Resources Co.
		5.88%, 07/15/16	Baa3	940,853
600,000		Texaco Capital, Inc.
		8.25%, 10/01/06	Aa3	636,146
780,000		Valero Energy Corp. (a)
		4.75%, 06/15/13	Baa3	760,190
400,000		XTO Energy, Inc.
		7.50%, 04/15/12	Baa3	458,203
				6,381,654

		Packaging & Containers - 4.0%
$	750,000	Illinois Tool Works, Inc.
		6.88%, 11/15/08	Aa3	$	811,286
1,750,000		Packaging Corp. of America
		5.75%, 08/01/13	Ba1	1,732,764
970,000		Sealed Air Corp. (e)
		5.63%, 07/15/13	Baa3	981,099
				3,525,149

		Pharmaceuticals - 3.1%
700,000		Bergen Brunswig Corp. (f)
		7.25%, 06/01/05	BB	704,375
750,000		Lilly (Eli) & Co.
		7.13%, 06/01/25	Aa3	905,918
710,000		Medco Health Solutions, Inc.
		7.25%, 08/15/13	Ba1	784,803
330,000		Zeneca Wilmington
		7.00%, 11/15/23	Aa2	391,048
				2,786,144

		Pipelines - 1.1%
500,000		Duke Energy Field Services Corp.
		7.50%, 08/16/05	Baa2	507,179
500,000		Magellan Midstream Partners
		5.65%, 10/05/16	Ba1	497,898
				1,005,077

		Retail - 2.8%
595,000		Home Depot, Inc.
		3.75%, 09/15/09	Aa3	576,260
500,000		J.C. Penney Co., Inc.
		7.38%, 08/15/08	Ba2	507,500
900,000		J.C. Penney Co., Inc. (a)
		7.95%, 04/01/17	Ba2	855,000
450,000		Wal-Mart Stores, Inc.
		7.55%, 02/15/30	Aa2	579,514
				2,518,274

		Savings & Loans - 1.0%
455,000		Washington Mutual Bank FA
		5.50%, 01/15/13	A3	464,328
450,000		Washington Mutual, Inc.
		4.38%, 01/15/08	A3	448,265
				912,593

		Telecommunications - 3.1%
500,000		BellSouth Corp.
		6.88%, 10/15/31	A2	556,562
500,000		Nextel Communications, Inc.
		5.95%, 03/15/14	Ba3	497,500
400,000		SBC Communications, Inc.
		5.10%, 09/15/14	A2	389,872

$	680,000	Sprint Capital Corp.
		6.13%, 11/15/08	Baa3	$	710,743
120,000		Sprint Capital Corp.
		6.88%, 11/15/28	Baa3	128,471
450,000		Verizon Florida, Inc.
		6.13%, 01/15/13	A1	467,674
				2,750,822

		Transportation - 2.8%
900,000		CSX Transportation, Inc.
		6.30%, 03/15/12	Baa2	965,364
189,000		CSX Transportation, Inc.
		9.75%, 06/15/20	Baa2	265,703
261,000		Norfolk Southern Corp.
		9.75%, 06/15/20	Baa1	366,591
255,000		Union Pacific Corp.
		5.38%, 06/01/33	Baa2	241,041
380,000		Union Pacific Corp.
		6.50%, 04/15/12	Baa2	411,852
250,000		Union Pacific Corp.
		6.63%, 02/01/08	Baa2	264,234
				2,514,785

		Total Corporate Notes and Bonds (Cost $70,080,215)		70,590,960

Par Value			Moody’s Ratings	Value
ASSET-BACKED AND MORTGAGE-BACKED SECURITIES (h)-4.9%

1,000,000		American Airlines, Inc., Pass-Through Trust, Series 1991-C2
		9.73%, 09/29/14	Caa2	702,610
780,000		Bear Stearns Commercial Mortgage Securities, Inc., Series 2002-PBW1, Class A2
		4.72%, 11/11/35	Aaa	769,599
250,000		Bear Stearns Mortgage Securities, Inc., Series 1999-WF2, Class A2, CMO
		7.08%, 07/15/31	Aaa	272,353
300,000		Citibank Credit Card Issuance Trust, Series 2000-A3, CMO
		6.88%, 11/16/09	Aaa	319,233
710,000		General Electric Capital Commercial Mortgage Corp., Series 2002-1A, Class A3, CMO
		6.27%, 12/10/35	Aaa	765,062
500,000		GS Mortgage Securities Corp. II, Series 1997-GL, Class A2D, CMO
		6.94%, 07/13/30	Aaa	525,413
250,000		MBNA Master Credit Card Trust, Series 1995-C, Class A
		6.45%, 02/15/08	Aaa	251,701
750,000		Morgan Stanley Dean Witter Capital I, Series 2003-T0P9, Class A2, CMO (f)
		4.74%, 11/13/36	AAA	739,694
		Total Asset-Backed and Mortgage-Backed Securities (Cost $4,702,417)		4,345,665

Par Value			Moody’s Ratings	Value
FOREIGN GOVERNMENT OBLIGATIONS (i) - 2.3%

$	450,000	Province of British Columbia
		5.38%, 10/29/08	Aa2	$	466,185
550,000		Province of Manitoba
		4.25%, 11/20/06	Aa2	553,474
500,000		Province of Quebec
		6.13%, 01/22/11	A1	535,330
450,000		Province of Quebec
		7.00%, 01/30/07	A1	472,628
		Total Foreign Government Obligations (Cost $1,966,588)		2,027,617

Par Value			Moody’s Ratings	Value
FOREIGN BONDS (i) - 10.7%

500,000		Alberta Energy Co., Ltd.
		7.38%, 11/01/31	Baa2	604,780
700,000		British Sky Broadcasting Group, Plc
		7.30%, 10/15/06	Baa2	731,216
450,000		British Telecom, Plc (g)
		8.13%, 12/15/10	Baa1	522,810
300,000		Calpine Canada Energy Finance (a)
		8.50%, 05/01/08	Caa1	213,000
355,000		Canadian Pacific Ltd.
		9.45%, 08/01/21	Baa2	503,968
450,000		Canadian Pacific Railroad
		5.75%, 03/15/33	Baa2	459,717
450,000		Diageo Capital, Plc
		3.50%, 11/19/07	A2	441,772
890,000		Domtar, Inc.
		5.38%, 12/01/13	Baa3	838,691
450,000		Norske Skog Canada, Ltd.
		7.38%, 03/01/14	Ba3	436,500
790,000		Royal Bank of Scotland Group, Plc
		4.70%, 07/03/18	Aa3	743,764
1,000,000		St. George Bank, Ltd., Yankee Debenture (e)
		7.15%, 10/15/05	A3	1,016,269
435,000		Stora Enso Oyj
		7.38%, 05/15/11	Baa1	490,110
500,000		Telus Corp.
		7.50%, 06/01/07	Baa3	532,212
460,000		Tembec Industries, Inc.
		8.50%, 02/01/11	B2	435,850
490,000		Tyco International Group S.A.
		6.38%, 10/15/11	Baa3	523,099
450,000		Tyco International Group S.A.
		6.88%, 01/15/29	Baa3	504,406
500,000		Vodafone Group, Plc
		6.25%, 11/30/32	A2	536,833
		Total Foreign Bonds (Cost $9,362,460)		9,534,997

Shares		Moody’s Ratings	Value
INVESTMENT COMPANY - 0.0%

26,435	Marshall Money Market Fund	NR	$	26,435
	Total Investment Company (Cost $26,435)		26,435

Total Investments - 98.8% (Cost $87,231,848)			87,667,862
Net Other Assets and Liabilities - 1.2%			1,071,378
Total Net Assets - 100.0%			$	88,739,240

(a)		All or a portion of this security is out on loan at March 31, 2005; the value of the securities loaned amounted to $3,463,752. The value of collateral amounted to $3,543,748 which consisted of cash equivalents.

(b)		Variable rate security. The rate shown reflects rate in effect at period end.

(c)		Security is valued by management.

(d)		Restricted Security - Represents ownership in a private placement investment which has not been registered with the Securities and Exchange Commission under the Securities Act of 1933. At March 31, 2005, these securities amounted to $231,018 or 0.3% of net assets.

(e)		Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, to qualified institutional buyers. At March 31, 2005, these securities amounted to $1,997,368 or 2.3% of net assets.

(f)		Standard & Poor’s (S&P) credit ratings are used in the absence of a rating by Moody’s Investors, Inc.

(g)		Debt obligation initially issued in coupon form which converts to a higher coupon form at a specified date and rate. The rate shown is the rate at period end. The maturity date shown is the ultimate maturity.

(h)		Pass Through Certificates.

(i)		U.S. currency denominated.

CMO		Collateralized Mortgage Obligation (Pay Through Certificate)

MTN		Medium Term Note

NR		Not Rated

FEDERAL INCOME TAX INFORMATION

At March 31, 2005, the aggregate cost of investment securities for tax purposes was $88,065,909. Net unrealized appreciation (depreciation) aggregated $(398,047) of which $1,266,553 related to appreciated investment securities and $(1,664,600) related to depreciated investment securities.

OTHER INFORMATION

The composition of ratings of both long-term and short-term debt holdings as a percentage of total value of investments in securities is as follows:

Moody’s Ratings						S&P Ratings